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f
1
TWO
ONE
V
■
\
ommerrta
WJ
,
Bank &
SECTIONS—^SECTION
INCLUDING
Quotation Section
Railway &
Railway Earnings Section
COPYRIGHTED
IN
1921 BY
WILLIAM B.
VOL 113.
DANA
COMPANY,
Industrial Section
Bankers'Convention
NEW YORK.
Issued Weekly
$10.00 Per Year
ENTERED AS
NEW
SECOND-CLASS MATTER
Electric
Section
Railway Sectitte
City Seerier
State and
JUNE 23, 1879, AT THE
POST OFFICE
AT NEW
YORK,
NEW
YORK, UNDER THE
ACT OF
MARCH 3
YORK, OCTOBER 8, 1921.
1879
NO. 2937.
^financial
Jfinattrial
Jfinamfal
CHARTERED 1822
fHE
FARMERS'LOAN
HARVEY FISK
& TRUST
Harris, Forbes
& SONS
INCORPORATED
32
COMPANY
18
16, 18, 20
and 22 William
475 Fifth
Avenue,
NEW
at 41st
OTHER OFFICES
17 EAST
Street
Street
BOSTON
45TH ST.,
CHICAGO
Drapers Gardens,
London, E. C.
HARRIS, FORBES
NEW YORE
&
CO.,
Ine.
BOSTON
PHILADELPHIA
YORK
A Co.
Pine Street, Corner
William
NEW YORK
NASSAU ST., NEW YORK
HARRIS TRUST &
SAVINGS BANK
BUFFALO
CHICAGO
MANAGEMENT
OF
ESTATES
Act
GOVERNMENT, MUNICIPAL,
Government,
PUBLIC UTILITY AND
CARE OF
SECURITIES
munici¬
pal, railroad and
public utility
INDUSTRIAL SECURITIES
DOMESTIC AND FOREIGN
BANKING
^
fiscal agents for
munici¬
palities and
corporations and
deal in
as
BONDS FOR
List
on
INVESTMENT
Application
Cable Address
SABA, NEW YORK
FOREIGN
EXCHANGE
American Express company
LETTERS OF CREDIT
COMMERCIAL LETTERS
ACCEPTANCES
INTERNATIONAL
Established 1810
SECURITIES
The
Mechanics
LONDON
PARIS
FOREIGN
and
COMMERCIAL
National Bank
OF THE CITY
OF NEW
YORK
Member Federal
Reserve System
and New York
Clearing House
LETTERS
65
Capital, Surplus, Profits
Deposits, June 30,1921
fohn L. Williams &
Sons
Foreign Exchange
BANKERS
CREDIT
Telephono
Whitehall 2000
$27,000,000
-
$196,000,000
Trust
Edward B. Smith & Co
Service
-
Bond
Corner 8th and Main Streets
i
■*
....
V
•
.
i
Membera New York and
Department
Stock
RICHMOND, VA.
R.
OF
BROADWAY,
NEW YORK
Established 1874.
Baltimore
EXCHANGE
Metals
..."
Philadelphia
Exchange!
'
■
;
Correspondents:
LANCASTER WILLIAMS
&
CO.. Inc.
!■
"
Investment Securities
GARFIELD"
The New York
NATIONAL BANK
23rd
STREET,
FIFTH
Crosses
gapftal,
A
Bank for
Surplus,
the
Trust
AVENUE
Broadway
$1,000,000
-
where
-
Builders of Business
Capital, Surplus &
Established 1784
Undivided
The Bank of New
York
Profits
$26,000,000
National Banking
Association
We Act
Company
$1,000,100
Philadelphia
The Chase National Bank
of the
City of New York
57
service
of
experience
our
is
100
the
Broadway
Samuel H. Miller
Carl J.
Schmidlapp
Gerhard M. Dahl
Reeve Schley
depositors
FIrst National Bank
BARTON
Vice-Presidents
Fifth Avenue Office
of
57th St. & Fifth Ave.
Alfred C. Andrews
Robert I. Barr
Sherrill Smith
Comptroller
Thomas Ritchie
Philadelphia
A. Barton Hepburn
Albert H. Wiggin
John J. Mitchell
CHARTER NO. 1
Member Federal Reserve
a.
N. Y.
law,
President
HEPBURN
Assistant Vice-President
Edwin A. Lee
William E. Purdy
George H. Baylor
M. Hadden
Hoyell
Cashier
William P. H
directors
Henry W. Cannon
wm.
20,578,00®
290,959,005
ALBERT H. WIGGIN.
President
Main Office
at
—$15,000,00$
officers
A.
as
years'
-
SURPLUS AND PROFITS
DEPOSITS (Sept. 6,
1921)
Chairman of the
Advisory Board
Corporations
137
BROADWAY
CAPITAL-
Trustee for
Foreign and
Domestic
Our
New Yor*
System and
Clearing House Association
Guy E. Tripp
James N. Hffl
Daniel C. Jackllng
„
Charles
Samuel
Edward
Edward
M. Schwab
H. Miller
R. Tinker
T.Nichols
Newcorab Carlton
Frederick H. Ecker
Eugene V. R. Thayei
Carl J.
Schmidlapp
Gerhard M. Dahl
Andrew Fletcher
Wm. Boyce
Thampeo
Reeve Schley
Kenneth F. W
H.
o
Wendell Endleo
William M.Wood
[VOL. 113.
the cheonicle
n
©ratotns of ^otefgn Cxrfjangt
Iflfcestmettt lirafe* ana
Maitland, Coppel! & Co.
MORGAN & CO.
I. P.
rC
on
Mallet Freres & Cie,
Messrs.
Bank of
Agents for the
In all
Letters of Credit
Mexico.
Principal Places in
Cable Transfers.
Circular Letters -for Travelers, available
parts of the world.
Paris,
and
sold on Commission.
Commercial Credits.
Foreign Exchange,
NEW YORK
Commercial and T:ravellers
CO., PARIS The National Provincial & Union
England, Ltd., London,
14 Place Vendome
Securities bought and
18 Broad St
BOSTON
Telegraphic Transfers,
M °
I
Broad Street
HARJES
SOBOAH,
115 Devonshire St
Issue Loans*
LONDON ElMs of Exchange,
8SOBGAN, GRENFELL & CO.,
No. 22 Old
of
Act as agents
and Chestnut Street*
Corner of 5th
all Investment Securities.
Corporations and negotiate and
Orders executed for
PHILADELPHIA
CO.,
&
KIDDER, PEABODY & CO.
NEW YORK
NEW YORK
iJBEXEL
STREET
62 WILLIAM
of Broad
Wall Street, Corner
on
Bank of Australasia.
CREDIT
TRAVELERS' LETTERS OF
LTD,
BARING BROTHERS & CO.
LONDON
BROWN BROTHERS & CO.
NEW YORK
Philadelphia
m
Belmont & Co.
August
Bosroit
,
43
Members New
ALEX. BROWN &
' '
\
i
i
i——
h,—,i
Messrs.
i
ROTHSCHILD,
LAZARD FRERES
|
and Vienna
London, Paris
''
;
York Stock Exchange.
alnd Correspondents of the
Agents
SONS, Baltimore
NEW YORK
EXCHANGE PLACE,
19
LETTERS OF CREDIT
ISSUE
Securities
Investment
Foreign Exchange
Accounts
Deposit
of the world.
Available In all parts
Draw
Transfers
Commercial Credits
and make Telegraphic
bills of Exchange
Nassau Street
NEW YORK
for Travelers
FRERES
LAZARD
CIE,
&
Pari.
Pillet-Wil)
Rue
5
<
Execute orders
for the purchase
Stocks.
and sale of
LAZARD BROS. & CO.,
Bonds and
11
Old
Ltd., London
Broad Street
Travelers' Credits
—
BBOWN,
11 —
■
ii
i
ii
Lazard
Equipment Bonds
ioNDON
Foreign
RAILROAD
Letters of Credit
Company
Freeman &
TAILER&CD
Stock Exchange
Members New York
84 PINE
10 Pine Street,
,
INDUSTRIAL
James G. Wallace
Granville Kane
Exchangfe
Sold on Commission
Securities Bought and
TANK CAR
T. Suffern Taller
Antwerp
Fr&res & Cie, Mayence
Brothers & Co., Ltd.,
azard
SHIPLEY & CO.
Madrid
& Co., (Espana)
Lazard Brothers
-i'i
NEW YORK
STREET,
New York
Mmonii&fto.
Philadelphia
New York
Pittsburgh
Investment
Securities
Co.
Lawrence) Turnure
Wilmington
Washington
Baltimore
64-66 Wall Street,
New York
Investment
bought and sold on com¬
mission.
Travelers' credits, available through¬
out the United States, Cuba, Puerto Rico, Mexico,
Central America and Spain.
Make collections
In and issue drafts and cable transfers on above
Securities
Investment* securities
Winslow, Lanier & Co.
59 CEDAR
STREET
NEW YORK
Midland
Subject
Co.
on
Bought
Deposits,
and
Sold
Interest
Draft.
to
Securities
on
Commission.
'
Pittsburgh Stock Exchanges
Bank, Limited.
Paris Bankers: Heine &
Allowed
'
London Joint City &
Bankers:
London
BANKERS.
Received
Philadelphia and
countries.
/
(Deposits
Members
New York,
Graham. Parsons & Co
foreign Exchange, Letters of
Credit
435 CHESTNUT
30
ST.
tnrfestmenk
MUNICIPAL
BONDS
Foreign Bonds & Investment
Cable Transfers on
NOTES
RAILROADS,
INDUSTRIAL
FREDK HUTH & CO., London
UTILITIES AND
CORPORATIONS
and
on
the Continent or
Europe.
of
lPiibshur£h.
NewTforlC
Exchange,
BONDS.
AND
of
Kerni, Taylor &> Co.
Securities,
Commercial Credits, Foreign
of
Issues
New York
30 Pine Street
Purchase
Deal in and
HUTH & CO.
YORK
Securities
Investment
Bonds foi*
PINE ST.
NEW
PHILADELPHIA
ESTABLISHED
Cable Address
VALUE
"Graco,"
HE1DELBACH, ICKELHEIMER & CO.
Philadelphia.
37 William Street.
John Munroe & Co.
30
PINE
STREET,
NEW YORK
BOISSEVAIN & CO.
63
Letters of Credit for
Travelers
Cable
Foreign .Exchange,
Transfers.
MUNROE &
PARIS
YORK
Members of the New York Stock
MEMBERS
N.
Y.
Execute orders for
Exchange
STOCK
\
COMMERCIAL
FOREIGN
purchase and sale of
•..
MESSRS.
CO.,
PATJ
DEPARTMENT
EXCHANGE
PIERSON & CO.
Amsterdam, Holland.
EXCHANGE
Stocks and Bonds.
INVESTMENT SECURITIES
Deposi^ Accounts
Oammerd&l Credits
BROADWAY. NEW
i
v' ■. -;"
Foreign Exchange Bought and Sold./'
Issue Commercial and
Travelers' Credit
the world. ♦
available in all parts of
Oct. 8
1921.]
THE
CHRONICLE
m
ilnbegtment anb ffinanria! ffiogge*
Goldman, Sachs
NEW
Millett, Roe
YORK
187 So. La Salle Street
60
Investment Bankers
14
BOSTON
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
Hoge Building
SEATTLE, WASH.
Title Insurance
LOS
Chicago
INVESTMENT SECURITIES
PHILADELPHIA
411 Olive Street
ST. LOUIS
Boston
Building
MEMBERS
ANGELES, CAL.
Members of New York and
Chicago
Higginson & Co.
80,
Lombard
Stock
,,
St.
NEW
Exchanges
Securities
bought and
sold
commission
on
Foreign Exchange
Commercial
&
available
42
'
YORK STOCK
EXCHANGE
Commercial Paper
London, E. C.
Hornblower
Hagen1
&
Congress Street
CHICAGO
New York
& Co.
60 Wall Street
Lee, Higginson & Co.
52
Travelers'
in
all
Letters
parts of the
of
WILLIAM ST.
NEW YORK
Credit
world
& Weeks
BROADWAY, NEW
YORK
RAILWAY
EQUIPMENT BONDS
Investment Securities
Bonds
Short Term Notes
MEMBERS
NEW YORK, BOSTON
AND
CHICAGO STOCK EXCHANGES
Direct wires to
all
EVANS, STILLMAN
Membera New York Stock
principal markets
60
Boston
& CO.
Acceptances
Exchange
Iain
Office:
National
Uptown Branch: 42nd
BROADWAY
NEW
YORK
City
St.
&
Bank
Building
Madison
A*
Offices in 60 Cities
Chicago
Oetroit
Providence
Established
Portland
Robinson & Co.
1888
Investment Securities
U. S. Government Bonds
Investment Securities
J. & W.
Seligman & Co,
W. A. Harriman & Co.
26
Exchange Place
New Yor^
Members New York Stock
Exchange
INCORPORATED
NS-54 Wall Street
'
Nbw York
NEW YORK
Boston
Conservative
Syracuse
Investment Securities
Yielding 6%
Underwriters
IfcRsrrBRos. &. Ca
Howe, Snow,
Corrigan & Bertles
Investment Bankers
blajstkjeils
MEMBERS
GRAND
PHILADELPHIA 8TOCK EXCHANGE
RAPIDS,
EST. 1865
866
1421 CHESTNUT STREET
PHILADELPHIA
DAVIS & CO., LTD.
Buenos
Montevideo
Aires
137.SOUTH LA SALLE STREET
Foreign
Exchange
,
CHICAGO
Santos
Br„ilian
I Argentine
STREET
\
-
Fiscal Agents for
Companies
PURCHASED
Tel. Hanover 394
RAILROAD, INDUSTRIAL,.
FOREIGN
CO.
■
'
&
TURNER
■
■
-
INVESTMENT
BONDS
GOVERNMENT
AND
HARPER
INVESTMENT
Street
MHrei,
Cedulas
Sterling Issues
COUPONS
49 Wall St.
Wall
New York
Public Utility and Hydro-Electrf«
|
PESO
40
Uruguayan Pesos
B°"d«
'
New York
ALDRED & CO.
Argentine Pesos
T
NEW YORK
HOLTZ &
Chicago
Madison Ave.,
Sao Paulo
Rio de Janeiro
Marshall Held, Glore, Ward & Co.
T.
INC. 1918
BANKERS' BROKERS
Now York
H.
Peabod;^
Houglitclmg &Co.
10 So. La Salle St.
Securities
WALL
8%
MICH.
Investment
14
to
Distributers
MUNICIPAL BONDS
FOR
INVESTMENT
"
BANKERS
STOCK EXCHANGE
BUILDING
WALNUT STREET ABOVE BROAD
39
SOUTH
LA
SALLE STREET
CHICAGO
PHILADELPHIA
Members Philadelphia Stock
Exchange
Parker &
49 Wall
Street,
Company
New York
[YOL. llfc
cheonicle
the
IV
JtoautoX
^financial
Jffnandal
*******i" WW *I*^i* * I*i -1*1-
r<ri r
WE^
ESTABROOK & CO.
Members New York and
Stock Exchanges
I
Power
Electric
prises with
Boston
J5 State Street,
BONDS
we offer
Bankers
BOSTON
-
chase & company
I
earnings.
INVESTMENT SECURITIES
and
Proven Power
NEW YORK
24 Broad Street,
and Light Enter¬
records of established
K
Investment Dealers
19 CONGRESS
BOSTON-
ST.,
and Light Securities
Correspondence Solicited
SPRINGFIELD
PROVIDENCE
HARTFORD
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,500,000)
SIMON
BORG & CO.,
71 BROADWAY,
We Offer
NEW YORK
HIGH-GRADE
Uembert of New
.4
o.
40 Cedar
York Stock Exchange
Street
-
•
MUNICIPAL AND RAILROAD
New York
BONDS
For
HIGH-GRADE
yield 9
to
cent'
j. s. farlee & co.
EST. 1882
R. L. Day
35 Congress
ESTABLISHED 1865
^xc/WsJCl^et^CCo
6 Nassau
per
Conservative Investment
INVESTMENT SECURITIES
MEMBERS NEW
STOCK
PFD. RAILROAD
New York
& Co.
St., Boston
66
NEW YORK
BROADWAY
Tel. 9695-9699
Bowling Green
Correspondents
REMICK, HODGES & CO.
St., N. Y.
YORK STOCK EXCHANGE
Deal In
Underlying Railroad Bonds
and
Tux-exempt Guaranteed &
>
Preferred
Stocks*
PARKINSON & BURR
Railroad & Telegraph Co.
Members of the New York and
Boston Stock Exchanges
stocks and bonds
sold for cash, or carried
conservative terms.
Inactive and unlisted securities.
Inquiries invited.
benght
;
and
WiHiamR.jorn^onjo.
:
on
INVESTMENT BONDS
53
State
BOSTON
Street
14 Wall
Street, New York
Cincinnati
New Orleans
St. Louis
finch & tarbell
Chicago
Members New York Stock Exchange.
110
BROADWAY,
NEW YORK
BONDS
H.MOUNTAGUE VICKERS
49
Wall
Street
Baker, Ayiing & Young
Guaranteed Stocks
Bonds
BOSTON
PHILADELPHIA
Municipal Bonds
Texas
High Yield
Short-Term County Notes
BERTRON, GRISCOM & CO. INC.
INVESTMENT
40
SECURITIES
l. arlitt
j.
141
ttewbar
Broadway. New York
Tel. Rector 4614
Texa«Bankers*
Association
Land Title Building
Wall Street
PHILADELPHIA
NEW YORK
INVESTMENTS
V
/
A. B. Murray & Co.
14 Wall Street
Phone 1 Of3 Rector
New York
/FOUNDED 1854
Municipal, Railroad,
Public Utility
FACTORS
and
Industrial SecuHties
Main Office
225 4th Ave
-
-
New York
WATKINS & CO.
7 Wall
Cable Address
-
Quomakel
Street
NEW YORK
40 State St.
BOSTON
j
I
OCT. 8
1921.]
the
chronicle
Canabfan
BANK OF MONTREAL THE
CANADIAN BANK
Established
100 Years
Canadian
over
Government and Municipal
OF COMMERCE
Bonds
bonds
These
offer
Capital Paid Up
exceptional
oppor¬
tunities for sound investment.
If purohased now they will yield from
Total Assets
Particulars
C-21
President,
v
Head
Sir
:
New York
Buy
Manager.
■Incorporated
WALL
STREET, NEW YORK
Toronto, Winnipeg, Montreal, London, Eng.
L.
J.
At
In
made
1
FOSTER,
}: Agents
STEPHENSON,}
and Sell
Sterling
and Cable
Paris,
Bank
of
Mexico City.
at
Montreal
(France).
In
the United States—New
York (64 Wall
Street), Chicago, Spokane, San Francisco—
British American Bank
(owned and controlled
by the Bank of Montreal).
West
Indies,
British
Guiana
and
at
LONDON
OFFICE—2 Lombard
Street, >.
West
The
Bank
The
Bank
Lloyd's
(2o
United Financial Corporation
Total Assets
INVESTMENT BANKERS
Montreal
Montreal
$19,000,000
19,000,00(9
Reserve Funds
London
Toronto
Chicago
Affiliated with
Guaranty Trust
Co.
Head Office
--Montreal
HOLT, President
PEASE, Vice-Pres. & Man. Direct*)
O. E.
NEILL, General Manager
730
Branches throughout
CANADA and NEW¬
FOUNDLAND, in CUBA,
PORTO
RIOO.
DOMINICAN
REPUBLIC, HAITI, C0STJ
RICA, COLOMBIA and
ISH
of
New
York.
.-550,000,060
SIR HERBERT S.
E. L.
TMfork
'Toronto
Limited.
Established 1860
Municipal & Corporation
?4Tskoadxvay
Bank,
Capital Paid Up
(f?ean<9di<art
VlctoriaUC
England,
Scotland,
ROYAL BANK OF CANADA
Limited
Securities
of
of
the
,
&
©
BANKERS IN GREAT
BRITAIN
Montreal).
Orfahluthcd 1889
Mendtar* Toronto Stock.
Continent*!
Collect!-* r
of Credit Issue*
available In all parts of
the world.
Banking and Exchange business
of evm
description transacted with
Canada.
Africa—The
Colonial
Bank
(of
London),
(in which an interest is owned
by the Bank
of
'Jinxes
and
Transfer*.
all points.
Travelers' Cheques and
Letters
and Newfoundland.
London, England, and
$15,000,000
FRANCIS,
Exchange
Throughout Canada
$15,000,000
O.V.O., LL.D., D.O.
Office, 16 Exchange Piaos
B.
C.
C.
Williams-Taylor
request.
Wood, Gimdy & Co.
F.
Office—MONTREAL
Frederick
CAPITAL...
Sir Edmund
Walker,
General Manager, Sir
John Aird.
>
Assistant General
Manager, H. V. P. Jones
MEREDITH, Bart., President.
Branches and Agencies:
14
PAID UP
RESERVE
507,199,946
General
on
23,531,927
SIR CHARLES
GORDON, G.B.E., Vice-Pres.
Principal and interest payable In
United States funds
$22,000,000
Rest & Undivided Profits
SIR VINCENT
6i/2% to 7i/2%
Full
HEAD OFFICE,
TORONTO
and FRENCH
VEOTZUELA, BRIT¬
WEST
ES&ES,
BRITISH
HONDURAS and BRITISH
GUIANA.
ARGENTINA—Buenos
Aires.
BRAZIL—Rio de Janeiro,
Santos, Sao Pauls
URUGUAY—Montevideo.
.
RURNEfT
A.
Daly
tk
Co.
CANADIAN
GOVERNMENT, MUNICIPAL
&- ee
AND CORPORATION BONDS
MqRbenMtfiiwlStodl5icha^j«
IT St. John Street
SPAIN—Barcelona.
LONDON OFFICE—Princes
Street, E. O.
NEW YORK
AGENCY—68 William St.
/ F. T. Walker, J. A.
Beatson, E. B. Mclnerny
and J. D. Leavltt,
Agents.
FRENCH AUXILIARY:
The Royal Bank a*
Canada (France).
PARIS, 28 Rue de
Quatre-Septembre.
Montreal!
Bank of Toronto
THE DOMINION BANK
Building
TORONTO, ONT.
STOCK AND BOND BROKERS
HEAD
Paid
Canadian
Government,
cial, Municipal and
Provin«
Corporation
Bonds
Up
Total
7,819,000
126,000,000
Sir Edmund Osier,
Clarence A. Bogert,
General Mana g
President
Members
SECURITIES
Dealers
Montreal Stock Exchange.
in
Canadian
Bond
17 St.
John
hsuee,
Street, Montreal
BANKER*
New York Agency, 51
Broadway
C. S. Howard,
Agent
London
CANADIAN
CANADA
CANADIAN
Branch, 73 Cornhill
S. L. Jones,
Manager
AND
FOREIGN
EXCHANGE
BOUGHT AND SOLD
INVESTMENT SECURITIES
Offerings
TRAVELERS' AND COMMERCIAL
on
Request
LETTERS
OF
CREDIT
Correspondence Invited
McDonagh, Somers & Co.
Dominion Bank
A BUSINESS
Building
TORONTO, CANADA
HERDMAN & COMPANY
tembers
EXECUTIVE
.
'a..,'
■
.
.
.
■■
.
and capable head for
any
one
of your
be obtained
the
CANADIAN BONDS
&
Brokers
Express Building
MONTREAL
through
Chronicle
R. C. Matthews & Co.
LIMITED
BOND
(opposite
Dominion
Departments
Financial
Classified
Montreal Stnck Exchange
Bankers
1
can
Department
DEALERS
Canadian Pacific
Railway Building
CANADIAN
TORONTO
inside
back
BONDS
cover).
Nesbitt, Thomson &
Use and Consult It.
c r
GREEN SHIELDS & GO.
CANADIAN
TORONTO
$6,000,000
Assets
Bought—Sold—Quoted
INVUTMENT
OFFICE, TORONTO
Capital
Reserve Funds & Undivided
Profits
Limited.
Co.f
Canadian
Municipal, Public Utility &
Industrial
S2S St. James St.,
Hamilton
Toronto
bonds
MONTREAL
London, Ont.
^Emilius
Jarvis & Co
INVESTMENT BAN-KEK&
5 st* Wished
/
1891
[VOL, 11S.
CHRONICLE
THE
Vi
jforefgti
and
Australia
Zealand!
New
LONDON JOINT CITY AND
BANK OF
LIMITED
BANK
MIDLAND
WALES
NEW SOUTH
cESTABLISHED 1817.)
CHAIRMAN:
The
Right
McKENNA
R.
Hon.
JOINT MANAGING DIRECTORS:
.$378,462,443
-
•
10,860,565
OFFICE:
OVER
STREET, LONDON,
THREADNEEDLE
5,
OFFICES
1JSO
371,322,381
-
Deposits (June 30th, 1921)HEAD
AND
ENGLAND
IN
OVERSEAS BRANCH: 65 & 66, OLD BROAD STREET,
Atlantic Offices
THE UNION BANK OF
AUSTRALIA, Limited
♦
ana
£2,750,000
Reserve Fund
of
Reserve Liability
Proprietors.. *...
£5,000,000
LAND.
Head
UNION BANK OF ENGLAND,
Cornhill, London, E C.
Office: 71,
J. Essame.
Asst. Mgr.,
Secretary, G. T. Tobltt.
Manager, W.
and
The NATIONAL PROVINCIAL
and 46 In NEW ZEA-
3 In TASMANIA
Total, 182.
TRALIA,
*
OVER 160 OFFICES IN SCOTLAND
IRELAND
OVER 110 OFFICES IN
^'fnrt'nnn
5'ISa
Capital Paid Up
THE CLYDESDALE BANK LTD.
BELFAST BANKING CO. LTD.
Capital Authorized
Capital Issued
" Mauretania "
AFFILIATED BANKS'
Incorporated 1880.
Established 1837.
EC Z.
WALES
LONDON, E.C.2.
" Berengaria "
" Aquitania "
:
WOOLLEY
10,860,565
-
-
Fund
Reserve
London Office
W.
£38,116,815
-
Paid-up Capital
BRANCHES and AGENCIES in the
Australian States, New Zealand. Fiji, Papua
ISTew Guinea) and London.
The Bank transacts
svery description of Australian Banking Business.
Wool and other Produce Credits arranged.
E.
HYDE
F.
Subscribed Capital
358
Head Office
MURRAY
8.
S.
$66,777,000
Aggregate Assets 31st March, 1321
OSCAR LINES,
General Manager.
Limited.
W. A. Lalng.
1833.
Established
OFFICE:
HEAD
BISHOPSGATE,
15,
ENGLAND.
LONDON,
THE
($5
Commercial Banking Company
Subscribed
Paid
of Sydney
=
£1.)
-
Fund
Reserve
S 217,235,400
-
Capital
Capital
Up
8 46,547,080
8 44,390,205
-
-
LIMITED
Incorporated in New South Wales.
Paid-Up
description
Every
Established 1834.
HAS NEARLY ONE
BANK
THE
....£2,000,000
H'SiS'SSS
Capital..
Reserve
Fund
Reserve
Liability of Proprietors
of
Agencies
with
together
THOUSAND
in
transacted.
Business
Banking
OFFICES IN ENGLAND
all
parts
of
AND WALES,
the World.
2,000,000
£6,040,000
Drafts
Oredtt
©n demand, and Letters
Issued by the London Branch on
of
payable
are
Hong Kong & Shanghai International Banking Corporation
the
Branches and Agencies of the Bank
In Australia and elsewhere.
Bills on Australasia
Head Office.
negotiated or collected.
Head Office,
Paid up
Wales
Birchin
Lane,
Street, E.
Lombard
(Hongkong Curr.)H$21,500,000
Reserve Fund in Gold
C.
Sterling.
_
WALL
60
HSIo.000,000
Capital (Hongkong Currency)
Reserve Fund in Silver
London Office:
18,
CORPORATION
BANKING
Remittances cabled.
Sydney, New South
£2,500,000
LETTERS OF CREDIT
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN, PHILIPPINES, STRAITS SET¬
STREET,
FOREIGN MONEY
J.
JEFFREY,
A.
St.,
Wall
36
Agent,
New
York
Est.
1867
of London,
/
NEW YORK
Lyons
San
Java
Panama
India
Philippines
Japan
Straits
Santo Domingo
Spain
Head
London.
Telegraphic A.ddress, UdLsco:
Capital
Subscribed.flO,000,000
-
-
Reserve Fund
$5=£1
NOTICE
CAPABLE MEN
RATES
At
Classified Department
I
of
the
Capital
Reserve
taservp Fund and Undivided Profits...
£785,199
Branches In India, Burma, Ceylon, Straits Bettli-
GIVEN
allowed
INTEREST
that the
for
money
nents, Federated
few
York
Malay States, China and Maurltlai •
R. A. Edlundb, 04 Wall Strw?.
Agency,
Per Cent.
At Call, 3H
fill vacancies In your
Japltal Authorised and Subscrlb«dMM21,5fO,t£«
Paid Up
£755, W»
Liability of Shareholders
£75«,M9
5,000,000
STERLING
HEREBY
Offic$
Gracechurch Street, London
deposit are as follows:
on
organization through the
IS
OF
15
5,000,000
Up
Paid
The Mercantile Bank of India Ltd
Limited
CORNHILL
39
Capital Authorized &
to
Francisco
London
China
The Union Discount Co.
Telephone 1337-8 John
LOCATE
In
Settlements
HANDY and HARM AN
CEDAR STREET
$4,000,000
Branches
BOUGHT and SOLD
59
CITY.
$10,000,000
Profits
Undivided
GRANT DRAFTS, ISSUE
TLEMENTS, INDIA.
NEW YORK
Capital and Surplus..
3
to
The
Days
7
Company
mercantile
acceptances,
Per Cent.
3%
Notice,
discounts
approved bank and
money on
receives
de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
CHRISTOPHER
R.
NUGENT,
Manager.
NATIONAL BANK OF INDIA Limited
tankers to the Government in
Africa and Uganda
British East
Head Office: 26, Bishopsgate, London,
branches
FINANCIAL CHRONICLE
Our Classified
Department faces the
Inside back
Colony
National
The
cover.
Limited
Company,
35
Discount
LONDON, E. C.
CORNHILL
Cable Address—Natdis
Subscribed
Subscribed Capital...
£4,000,000
Paid-Up
Capital
.£2,000,000
Reserve
Fund
—£2,600.000
The Bank conducts every description of banklac
and exchange business.
London.
$21,166,625
4,233,325
Capital
Paid Up Capital
2,500,000
Reserve Fund
ArnoldGilissen &Co
($o=£l STERLING.)
Lincoln Menny
Oppenheimer
NOTICE is hereby given
INTEREST
as
BANKERS
Cable
Address
GERMANY
"Openhym"
for
80 81 Datnrak
that the RATES
money
on
FOREIGN
EXCHANGE
AKASTERDAK
Deposit are
Cable
per annum at
call.
Address:
Achilles-Amsterdam
THE HAGUE
ROTTERDAM
3H% at 7 and 14 days' notice.
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
time to time; and for fixed periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
from
INVESTMENT SECURITIES
OF
follows:
3H%
FRANKFORT-o-M.,
allowed
E« C
In
India,
Burma.
Ceylon, Kenye
and at
Aden and Zanzibar.
PHILIP
HAROLD
WADE,
Manager
Established
1871
BANKERS AND STOCKBROKER!
FOREIGN
EXCHANGE
Oct. 8
1921.]
THE
CHRONICLE
Til
Jforeigtt
Jtoeign
BANCO DI ROMA
ESTABLISHED 1880
Head
Office: Rome,
Italy-
Banque Rationale de Credit
Capital Fully Paid and Surplus
Total
Resources
.
$34,000,GOO
Capital
$1,000,000,000
_
Over 250 Branches
frs.
Deposits
throughout Europe, Asia
.....
Head Office
PARIS
MONTHLY BULLETIN
interest
to
American
Copy mailed
of business
Bankers,
upon
request.
Wall
1 Old
KONIG
Head
INSTITUTIONS
COMMERCIALE
ITALIANA
(France)
-—Paris, Marseilles and branches
COMMERCIALE ITALIANA E BULGARA
ROMENA
Reserve
UNGARO-ITALIANA—Budapest
BANQUE
FRANCAISE
L'AMERIQUE
Sao
E
DU
&
ITALIENNE
SUD—Paris,
Buenos
Paulo,
Rio de Janeiro and
DELLA SVIZZERA
BANCA
Aires,
branches
and branches
BANCO ITALIANO—Lima and
SOCIETA
ITALIANA
DI
Trieste
FRANCES
DE
| BANCO FRANCES
E
end
ITALIANO
DE
—Bogota
CREDIT
oranchea
ANVERSOIS—Anrers,
30EHMISCHE
COMMER¬
brenches
CHILE—Santiago,
paraiso
7
and
NEDERLANDSCHE HAN0EL-MAATSGHAPPY
KING
Val-
ROTTERDAM
COLOMBIA
Brussals
and
ROTTERDAMSCHL
BANKVEREENIGING
Rotterdam
COMMERCIAL BANK OF
SCOTLAND, LM
Established 1810
Amsterdam
Subscribed
Hague
Paid up
F.110,000,00f
Capital
Fund
Representative for the U. S. of
Rotterdamsche
Up Capital and Reserves exceed
$21,000,000
Offers'to American banks and
bankers its superior
facllitie b for the extension of
trade
and com¬
merce
between this
country and Africa.
New York
Agency
-
J.
14
1,000,00
.....
.
.
.
1
1,760,608
41,000,06
Office, 14 George Street,
Edinburgh
Magnus Irvine, Secretary
New York Agents
American Exchange National Bank
th«
KOLFF
Street, New York City.
IF YOU ARE A
SOCIETE ANONYME
BANK MAN
ZURICH
and
Established 1894
SOCIETE GENERALE ALSACIENNE
DE BANQUE
/
£8,800,098
....
Bankvereeniging
BREDA
van
.
BANQUE GUYERZELLER
44 Beaver St.
-
G.
Wall
f.
.
London Office, 62 Lombard
Street
Glugow Office, 113 Buchanan Street
233 Branches and Sub Offices
throughout, Scotland
PURCHASE AND SALE OF
STOCKS AND SHARES
Over 800 Branches In Africa
.
Alex. Robb, Gen'l Manager
LETTERS OF CREDIT
FOREIGN EXCHANGE
AFRICA, Ltd.
.
Deposits (Nov. 1920)
Head
COLLECTIONS
The NATIONAL BANK
of SOUTH
Capital
Reserve
BANK—Prague
CAPITAL AND
SURPLUS
Paid
BROTHERS, LONDON
AGENCY
WILLIAM ST.,
LONDON, E. C., 4, ENGLAND.
The
UNION
Travellers
branches
CREDITO
CIALE— Vienna,
BANCO
AND
6
KONIG
£2,000,000
LONDON
and
on
£3,000,000
Fund
POUR
ITALIANA—Lugano
&
Letters of Credit
under
Capital, fully paid
—Sophia and branches
BANCA
Commercial
Egyptian
La*
June, 1898, with the exclusive right
Issue Notes
payable at sight to bearer
BANCA
BROTHERS
160 Pearl Street, NEW YORK
Office—Cairo
Established
AFFILIATED
COMMERCIALE ITALIANA
—Bucarest and branches
Rhenish Provinoea
EGYPT
of
branches in Italy, at all the
principal points in the Kingdom
BANCA
the
York
Constantinople
80
BANCA
Branches In
NATIONAL BANK
St., N. Y. C.
Street, E. C. 9
Broad
4
Representative
New
Head Office,
Milan, Italy
New York
Agency, 62-64 William
London Office,
in Italy of
distribution.
Kindly address
Street
LIT.
400,000,680
.LIT.
176,000,000
.LIT .4,978,847,867
.
for
American
BANCA COMMERCIALS IT ALLAN A
CAPITAL
SURPLUS
DEPOSITS
ready
350 Branches In
Franoe
GENERAL BANKING
BUSINESS
Rodolfo Bolla
One
developments
is
92,000,000
.f rs.2,420,000,000
_
and Africa
The September Number
of Our
containing information
500,000,000
..frs.
Surplus
(Five Lire—One Dollar)
are
tions,
Paid up
Capital Frs. 6,000,000
seeking
use
Financial
fied
Fondee In 1881
Every description of banking bullae* >
Siege social:
and
new
Chronicle
Department
transaoted.
inside
back
connec¬
consult
the
Classi¬
(opposite
cover.)
Strasbourg
4, Rue Joseph Massol
Capital, 180 millions de francs
antieramant
Ionian
86 Axences notamment
fiULHOUSE
a
METZ
COLOONE
MAYENQE
LUDWIOSHAFEN
Bank,
Limited
Incorporated by Royal Charter.
verses
Offers every banking facility for
transaction
fvitsh Greece, where it has been
established for
80
years,
and
has
Branches
throughout
Country.
,
_
the
,
Also
at
Alexandria, Cairo, &c..
Head Office: Basildon
House,
In
BANK OF JUGOSLAVIA, Ltd.
Egypt.
HEAD
Moorgate Street,
LONDON, E. C. 2.
FRANCFORT
OFFICE, ZAGREB
New
SARREBRUCK
York
LOTHAR
English Scottish and Australian Bank, Ltd.
Head
PRAGUE
CREDIT
BANK
Gracechurch St.,
Authorized Capital
Office:
Prague, Czechoslovakia.
Subscribed Capital
Paid-up Capital
Further Liability of Proprietors.
-
Branches throughout
Czechoslovakia
Established
Capital and Reserves
in
1870.
CaK 121,000,000
SORGER,
Sub-Agent
.
_
.
£3,000,000
0
1,085,000
0
2,495,525
0
1,247,762 10
CVETNIC,
Sub-Agent
_
1.247,762
10
0
0
JANION, Manager.
Subscribed
0
0
Capital..J.K.200,000,000
Reserve.
50,000,003
0
Remittances made Dy
Telegraphic Transfer.
Bills Negotiated or forwarded for
Collection,
anking and Exchange business of
every de¬
scription transacted with Australia.
E. M.
N.
London, E. C.
Reserve Fund
Head
Agent
LEO
Office:
5
Agency
BERKS,
25
Broadway,
Cable
New York
Address "Jugobnnk*
CHRONICLE
THE
VIII
J5eto $ork
gtanfeer* anfc JSrofeers
CHICAGO
MILWAUKEE
CHICAGO
Investment Securities
EDGAR, RICKER &. CO.
Underwritten
East Water and Mason Streets
MILWAUKEE,
[VOL. 113.
Distributed!
&
WIS.
WANTED
Goodrich Transit Co. 1st 8s, 1935
A. G. Becker & Co.
Federal Securities
Wisconsin Municipal Issues
Corporation
COMMERCIAL PAPER
38 South Dearborn Street
INVESTMENT SECURITIES
CHICAGO
Financing of Milwaukee
South La Salle Street
187
CHICAGO
and Wisconsin Industries.
Investment Securities
D.
Lacey Timber Co.
LOS ANGELES
FRANCISCO
SAN
JAMES
SEATTLE
ST. LOUIS
YORK
NEW
TIMBER
BONDS
based
always upon
expert
verification
Bought and Sold.
of
underlying assets
882 SOUTH MICHIGAN AVE., CHICAGO
First Wisconsin Company
Investment
Securities
WISCONSIN
MILWAUKEE
Greenebaum Sons
InvestinentCeffiH
SCOTT
&
INVESTMENT
lu.
1855
Safe Investment* Since
HI
W.
STITT
BONDS
Monro*
and Madison Sts.
S. E. Cor. LaSalle
St.
CHICAQO
Safe First Mortgage
Real Estate Serial Bonds
Ssmnd Ward Savings Bank Bldg,
Banks, Insur¬
Investments for
Suitable
Second Ward Securities Co.
Companies, Estates and Individuals
ance
Approved and Recommended by the
HOUSE
BANKING
OLDEST
IN
CHRISTIAN I PARSONS CO.
CHICAQO
Commercial
MILWAUKEE
Collateral
MUNICIPAL BONDS
168 So. La Salle St.
CHICAGO
First
158 5, U Sails St.
and
Industrial
89
Note Issues
CHICAGO
La Salle St
South
A. G.
& Go*
Emerson
Hyney,
High Grade Investments
Slaughter & Co.
Members
&
Chicago Stock Exchange
Chicago Board of Trade
WEST MONROE STREET
m
Fletcher American Company
-
$1,500,000
Specializing in
Industrial and Railroad
Bonds and Notes
Powell, Garard & Co.
South La
188
INVESTMENT SECURITIES
Specializing In Indiana and Indl&nap-
i
39
South
;f?i?0 Corporation and Municipal bonds
fimA itooks.
La
Salle Street
SPRINGFIELD, ILL.
St. Louie
Philadelphia
Matheny, Dixon, Cole & Co.
SPRINGFIELD, ILLINOIS.
I BREED, ELLIOTT & HARRISON
Dealers
INDIANAPOLIS
,
3til*sftanatl
Detroit
Chicago
Salle Street,
CHICAGO, ILLINOIS
Chicago
bonds
|
RAY, Inc.
ILL.
CHICAGO
INDIANAPOLIS
Capital
FINNEY, CAMMACK
New York Stock Exchange
INDIANAPOLIS
Chicago, in.
Term
Short
Wisconsin Municipals
Investment Securities
Mortgage
Corporation Bonda
Specialists in
Milwaukee
Paper
Loans
0 COMPANY
SOAPIER
Formerly
Investment Securities
BHAPKKR. WALLER 8c OO.
Municipal Bonds
£84
SOUTH
LA
SALLE
Municipal
and
and
Illinois
in
Corporation
Farm
Bonda
Mortgages
STREET
CHICAGO
MINNEAPOLIS
Indiana Corporation Securities
NEWTON
TODD
John Burnham & Co.
Local Securities and
Indiana Corporation
Bonds and Stocks
INDIANAPOLIS
Oil Lemcke Bldg.
Stevens & ffo,
ESTABLISHED
Investment Securities
La
Salle
Chicago
and Monroe
"CORPORATION
•
BEND,
BONDS
1
COMME RCJAL PAftER_> »
ST.RAU1»J "
MINNEAPOLIS
SOOTH
1QIO
1TONICJP.AL RAILROAD
IND.
L.Kaufmann & Co State Bank
Goss-Geyer-Ross Company
FOREIGN
r/-£
GOVERNMENT, MUNICIPAL &
CORPORATION BONDS
SECURITIES
'5£a,5/a//e 5/1.
Foreign
Exchange
Securities
nlon
Trust Bldg.
SOUTH BEND, IND.
a
DEPARTMENT
/o/ucaffo,
and
Foreign
Specialty.
USE AND CONSULT
The Financial
Classified
(Opposite
Chronicle
Department
Inside
Back
Cover)
OCT. 8
1921.]
THE
CHKONICLE
IX
JBankerx anb ^Brokers ©utstttit JJeto|>ort
CLEVELAND
MICHIGAN
MICHIGAN
Members of Detroit Stock
Exchange
TheGundling-Jones Company
HUGHES, GORDON, BRASIE & CO.
Charles A. Pa reel Is & Co.
High Grade Bonds
INVESTMENT SECURITIES
STOCKS—BONDS—NOTES
HANNA
BUILDING,
CLEVELAND
DIME BANK
BLDG.
DETROIT
PENOBSCOT BUILDING,
DETROIT, MIC
OTIS & COMPANY
Stocks
Acceptances
Members Detroit Stock
Exchange
Bonds
WATLING, LERCHEN & COMPANY
Members of New York, Boston, Cleveland,
Chicago
and Detroit Stock Exchanges, the New York
Cotton Exchange and the Chicago Board
Richard Brand
Company
Michigan Municipal Bonds
Local
Specializing Detroit Securities
Corporation Bonds and Stocks
of Trade.
We
CLEVELAND
New York
Boston
Detroit
Cincinnati
Youngstown
Columbus
Toledo
Akron
Dayton
Denver
Invite
We
Inquiries
Colorado Springs
Members
Detroit
Stock
CO.
Stocks
INVESTMENT SECURITIES
Union
CLEVELAND, O.
Dayton
Municipal Bonds Corporation Bonds
CHANNER & SAWYER
Bod Floor National City Bldg.
Trust
Members Detroit Stock
Exchange
2054
Bldg.,
Penobscot Building
Bucyrus
Ohio
Securities—Municipal Bondo
New
York
Stocks and
Bonds
FENTON, DAVIS & BOYLE
#
Unlisted
-
Inactive
-
Investment Bankers
DEALERS IN
Stocks & Bonds
INVESTMENT SECURITIES
Chicago
ALBERT
Leader Newo
FOYER
Bldg.
DETROIT
CINCINNATI, OHIO
Warren
Listed
Bldg., Detroit)
WHITTLESEY, McLEAN & CO.
CINCINNATI
INVESTMENT SECURITIES
inquiries
your
Exchange
THE
KLIPFEL-WASHBURN-BERKLEY
invite
1721-3 Dime Bank
DETROIT
Detroit
Grand Rapid*
IRWI Nf BALLMANN & CO.
823-330-332
CLEVELAND, O.
Walnut St.
,
KEANE, HIGBIE & CO<
CINCINNATI, OHIO
MUNICIPAL BONDS
HUNTER GLOVER & CO.
DETROIT
EDGAR
Investment Securities
ERIE
BUILDING.
DEALER
Cincinnati
CLEVELAND
Philadelphia
Ashtabula
Cincinnati
New York
FRi EDLANDER
431
NEW YORK
GRISWOLD ST.
120 BROADWA
IN
Securities
CINCINNATI
KAY & CO.
Inc.,
OH it
Springfield
INVESTMENT BANKER
Penobscot
PITTSBURGH
TOLEDO
Bldg.
Members
GORDON
TUCKER, ROB I SON A CO
Successors
Bankers—Established 1870
Gardner Building,
fembers Pittsburgh Stock Exchange
Bank
Building,
Phone
3264-6
INVESTMENT BANKERS
UNION
LYON, SINGER & CO.
Securities of Pittsburgh District
MUNICIPAL BONDS
Pennsylvania Municipal Bonds
GARDNER BUILDING
A. E.
MASTEN & CO.
Established 1891
Now York Stock
Boston Stock
BUFFALO
JOHN T.STEELE
123 Fourth
Ave.,
DETROIT, If ICRs
Joel Stockard
A Co,,
I no.
INVESTMENT BANKERS
Municipal, Government &
Corporation Bonds
Members
ALWAYS
to
icle
Penobscot
Detroit
Bldg.,
-
Stock Exchange
DETROIT
-
Cherry!I "ft
the Financial Chron¬
Trading
Department
when you wish to
buy
bonds
or
or
unlisted
or
sell
Harris Small & Lawson
inactive
100
stocks.
Exchange
Wheeling, W. Va.
refer
BUFFALO, N. Y.
CO.
Stock
Motor Stocks, Public Utilities & Oilfi
Pittsburgh, Pa
'SPECIALISTS IN
Square
Detroit
1010 Penobscot Bldg.,
Branch Office—
Biffirii and Western New York Securities
T9 Ellicott
HAMLIN
Members
Exchange
Chicago Board of Trade
New York Cotton Exchange
Government, Municipal
and Corporation Bonds
STOCKS! AND BONDS
W. A.
Exchange
Members Pittsburgh Stock
Exchange
Chicago Stock Exchange
BUFFALO, N. Y.
LESSER
DETROIT,
PITTSBURGH
Graves, Blanche! & Thomburgh
OHIO
TRUST BLDG.
Members Detroit Stock Exchange
BANKERS
Commonwealth Bldg.,
T.
Established 1893
PITTSBURGH, PA.
Court
INVESTMENT
IRVING
GEORGE M. WEST & COMPANY
.
Union
Securities
TOLEDO, OHK
TOLEDO
Exchange
INVESTMENT BANKERS
Mmielgal, Railroad and Corporation Bond!
Ohio
Stock
COMPANY
to
David Roblson Jr. & Sons
Toledo and
&
DETROIT, MICfff
Detroit
CONGRESS ST.,
DETROIT
W
THE
CHRONICLE
[VOL. 118.
JBanberfl anb Probers ©utsibe Jleto gorb
PACIFIC
COAST
PACIFIC
COAST
MACON
Pacific Coast Securities
W. M. DAVIS & COMPANY
BONDS
Southern Municipal Bonds
of MUNICIPALITIES AND
Howard Throckmorton
Guaranteed Stocks
securities
california
(Government
'
Municipal
Corporations
MACON
Corporation
San
GEORGIA
having substantial assets
and
Franqisco
Commercial
Alaska
fc
AND
■
earning
power.
ATLANTA
Building
WILLIAM R. STAATS CO.
LOS
SAN
Quotations
Information Furnished
and
Pacific Coast
ANGELES
FRANCISCO
PASADENA
Established
Securities
MUNICIPAL
SUTRO &
1894.
AND]|CORPORATION
1858
Established
INVESTMENT
THE ROBINSON-HUMPHREY CO.
on
BONDS
CO.
Hunter,Dulin 6. Co.
ATLANTA
QEORQIA
BROKERS
Members
San Francisco
San Francisco Stock
10 Montgomery St.
and Bond
Private Wire
AUGUSTA
Exchange
government
municipal and
d/"v\iric
corporation
DEN VCR
dlhnljo
JOHN W. DICKEY
Augusta, Ga.
Municipal and
California
Issues
Specialty
a
Southern
Securitiea
Corporation Bonds
■fltabliabed
H. WADE
WILL
INVESTMENT
Los
Francisco
San
Diego
Oakland
Stoond Floor U. 8. National Bank Bldo.
San
Pasadena
COMPANY
BANKERS
Santa Barbara
1888.
Angeles
WM. E. BUSH & CO.
DENVER
Augusta, Ga.
PORTLAND,
SOUTHERN SECURITIES
ORE.
Ws
specialize in California
Municipal
A
Corporation
COTTON
MILL
STOCKS
BONDS
ISTASUSHtO >»'J
HALL & COMPANY
NORTH
CAROLINA
DRAKE, RILEY &. THOMAS
INVESTMENT BONDS
Van
Nuys Building
Wachovia Bank & Trust Company
LOS ANGELES
Loaal and Paolflo Coaat Securities
BOND DEPARTMENT
LEWIS
BUILDING
PORTLAND. ORIQGI
North Carolina
R. H. MOULTON & COMPANY
DALLAS, TEXAS
CALIFORNIA MUNICIPALS
Title Insurance
Building,
American Natl
Bank Bldg.,
1801 Praetorian Bldg., j
W. F. SHAFFNER & CO.
CHAPMAN DE WOLFE CO.
DALLAS, TEXAS
Winston-Salem, N. C.
San Francisco
Municipal Bonds
Texas and Oklahoma
Company Securities
LOS ANGELES
BREG, GARRETT & CO.
Farm and City Mortgages
Municipal Notes and Bonds.
R. J. Reynolds Tobacco
861-888 Montgomery
SAN
FRANCISCO,
Winston-Salem,
v
'
•
.
"I
N. C.
.'V '•
" '
•
;
Southern Investment
Street,
CALIF!
Securities
Stocks and Bonds
Information
and
Quotations
on
all
Pacific
Coast Securities
Texas Municipal Bonds
and
Warrants
Distributors
of
Entire
solicit
Inquiries
banks
and
from
A. M.
NASHVILLE
Issues
yielding from 6% to 8%
We
SPARTANBURG, S. C.
Members San Francisco Stock A Bond Exchange
LAW & CO.,
Inc.
,
dealers,
investors
DEALERS IN
American
GEO. L. SIMPSON & CO.
DALLAS
National
Securities Company
Stocks
and
Bonds
Southern Textiles
a
Specialty
NASHVILLE, TENN.
SPARTANBURG, S. C.
SAN ANTONIO,
Railroad and Corporation Securities
TEXAS
Tennessee Municipal Bonds
NORFOLK,
J. E.JARRATT& COMPANY
Investment
Caldwell & Company
MOTTU
SOUTHERN MUNICIPALS
Bankers
Cumberland Tel. & Telep. Co. 5a
Nashville Chattanooga & St. Louis Ry.
Nashville & Decatur Ry.
Nashville Railway & Light Co. Securities
Municipal Bonds
San Antonio, Texas
NASHVILLE, TENN.
814 Union Street
ST.?LOUIS/MO.
Security Bldg.
Investment Bankers
NORFOLK, VA.
Correspondents: E. & C. Randolph, New York
817
BALTIMORE
CHATTANOOGA
COMPANY
LEWIS BURKE A CO.
R. Lancaster Williams & Co., Inc.
LOCAL AND SOUTHERN
INVESTMENT SECURITIES
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN
MUNICIPAL
AND
CORPORATION BONDS
& CO.
Established 1892
ALABAMA
WIARX &
VA.
SECURITIES
Equitable Building
James Building
CHATANOOGA
BALTIMORE
MARYLAND
OCT. 8
1921.]
THE
CHRONICLE
XI
^Bankers anb ^Brokers <©utsi&e JTeto gotfe
Two Year
Philadelphia
7%
Treasury Gold Notes
THAYER, BAKER & CO.
of the
ARGENTINE
£.OI.£larli&£0.
NATION
To Yield Over
BANKERS
7.20%
521
Argentine:
Leads
South
volume
of
National
American
INVESTMENTS
in
Chestnut St.,
Philadelphia
foreign trade.
secured
currency
80% Gold Reserve;
in the
countries
by
Established J 837
Commercial Truit Bid,,
about
of the soundest
one
PHILADELPHIA
world.
National wealth exceeds
$13,800,000,000.
We
recommend
Treasury
Notes
Circular
Stock
for
investment.
for
Members New York and
Philadelphia.
these
Exchanges
BORDEN & KNOBLAUCH
Ask
CC-91.
American Gas & Eiec. Co. Securities
H. M.
Byllesby & Co.
119
Incorporated
New York
111
Chicago
Broadway
Members
208 S. LaSalle St.
Providence
10
S.
FOURTH
STREET
PHILADELPHIA
Boles&Westwooo
Philadelphia Stock Exchange
Members Philadelphia Stock
Exchange
Boston
Weybociet St.
14 State Street
Pennsylvania Tax Free Bonds
investment
PAUL & CO.
geo. b.
edwards
1421 Chestnut Street
PHILADELPHIA
INVESTMENTS
71
FOR
Securities
Members Philadelphia Stock
Exchange
Lari TlUa
BltUIng,
■
PHILADELPHIA
.
Trinity Place, NEW YORK, N. T.
SALE—Timber, Coal, Iron, Ranch
other
Confidential
Telephone Locust 4721
READING
and
properties.
Negotiations
Investigations
Urchases of Propelty.
Settlements and
United States
West Indies
Canada
Aparrv&rdt
10.
\-± InvestmentSecurities
NEW ORLEANS
_
Second Nat. Bank Bldg.
We
Southern
Municipals
Reading Pa.
,
BONDS
Offer
WHITE STAR CEMENT & COAL CO.
SECURITIES
ST. LOUIS
Herndon Smith
Short Term Notes
W.
Moore
Municipal
Burg
Railroad
SMITH, MOORE & CO.
Preferred Stocks
INVESTMENT BONDS
Commercial Paper
Bankers
Charles
William H.
OLIVE ST.,
Public
ST. LOUIS, MISSOUR
Industrial
Acceptances
st.
Utility
louis service
MARK C. STEINBERG & CO.
Members New York Stock
Members St. Louis Stock
Hibernia
Securities
Company
300
N.
Broadway
Exchange
Exchange
ST.
Harrison, Smith & Co.
LOUIS
(Incorporated)
INVESTMENT SECURITIES
121 SOUTH 5TH STREET
PROVIDENCE
PHILADELPHIA
New Orleans
BODELL
New York Office
44 Pine
Direct Private
Street
Wire
10
Service
LOMBARD 6100
& CO.
WEYBOSSET STREET
PROVIDENCE
York
New
s.
CONSERVATIVE
a. trufant
INVESTMENT
SECURITIES
718 Common
The United States Life
Street
Member of New Orleans
Insurance Co.
THE
CITY OF
INVESTMENT SECURITIES
List upon request
F.M. CHADBOURNE & CO.
Stock Exchange
IN
NEW
NEWARK. N. J.
Boston
FIREMEN'S
NEW YORK.
ORLEANS, LA.
INSURANCE
NEWARK.
BUILDING
N. J.
Organized 1850.
bonds
stocks
securities
Oil
-
Properties and
Louisiana, Arkansas
Timber
Lands,
Leases
and
Plantations
Estate
Real
Phones—Main
4078
New
Non-Participating Policies only.
Forty-Five Million Dollars Paid to Policy¬
holders.
JOHN
Country
Good
Orleans, La.
Long Distance 63
KRAFT, Lawyer
County, Municipal and Corporation
Texas
and
F. WML
Specializing in Examination & Preparation of
In
j. edw. crusel &. co.
784 Common Street
Over
P.
MUNN, M. D., PRESIDENT
territory
producers,
Company.
open
under
for
direct
high
class
contracts
Bonds, Warrants and Securities and
personal
with
the
Address Home Office, 105-107 Fifth
Avenue. New York Oity.
Proceedings Authorizing Same.
Rooms 517-420, 111 W. Monroe St.
Harris Trust Building
CHICAGO#
ILLINOIS
CHRONICLE
THE
XII
[VOL. 113.
TRADING DEPARTMENT
loFffRIN&Sj
•gar
Bonds, Notes and
Theodore
New
Bronson & Co.
L.
Members
120
York
Bank "Stock & Rts."
Brooklyn Rapid Transit 4s, 2004
We have actual markets at all times in
securities
9980-5
6922-3
American Power & Light
8%, due 1941
1st
Co.
due 1933
Co. of Indianapolis
1st ref.
5%,
Co.
Consolidated Gas, El. Lt. & Pr.
1st
1st
and
1st
1st
6%,
Cuba Railroad Imp.
714%,
ref.
5%,
due
Co.
1st
7%,
due
Valley Railroad
1941
7*4%,
,
due
5% Guaranteed Stock
1931
& Equip. 5s, 1960
Telephone—Broad 3500
Spencer Trask & Co.
Sloss-Sheffield Steel & Iron 6s, 1929
United Rys. of St. Louis 4s, 1934 &
Wickwire Spencer Steel 7s, 1935
MEMBERS
E. F. Leland & Co.
New York
Broadway
Ctfs.
25 Broad Street,
ALBANY
N. Y. Stock Exch.
Chicago Stock Exch.
Members
Chicago Bd. of Trade.
DIRECT
Chicago,
St.
New
York
Stock
WIRES TO
Cleveland
Louis
Will Buy or
We
Chicago, Milwaukee
& St. Paul Ry.
That
the
men
in
their
use
and
Financial
15-Year Deb. 4s, 1925
fied
efficient
use
Sell
SECURITIES
CO.
Illinois Cent. Stock Coll. 4s
respective
the
consult
Chronicle
this
mind for
sion
RAILROAD
Classi¬
Hartshorne & Battelle
Department.
Keep
JOSEPH EGBERT
know
most
fields
European Loan
Exchange
Members Chicago Stock Exchange
and other Financial Centres.
do you
St.,
CHICAGO
.
N. Y. Cotton Exch.
Bowling Green 2940
New York
BOSTON
WANTED
Rector
N.Y.
1933
Springfield Ry. & Light 5s, 1933
2
Securities
25 Broad St.,
1940
Kelly Springfield Tire 8s, 1931
Peerless Truck & Motor 6s, 1925
St. Louis Transit 5s, 1924, & Ctfs.
Phone
Oil
River Railroad 5s, 1927
Current
61
Standard
Light Co.
due
United Fuel Gas Co.
Fuel Co.
due 1926
ref.
7M%, due 1941
Toledo Edison Co.
due 1936
Empire Gas &
.Dealers in
Phones 4860-1-2-3-4 Broad
Standard Gas & Electric Co.
V
7y2%, due 1945
5%,
CARL H. PFORZHEIMER & CO.
Boston
1st ref. 7%, due 1951
San Antonio Water Supply
Pennsylvania Rys. Co.
1st
to
Philadelphia
Penn-Ohio Power &
1942
due
Vacuum Oil Co 7s, 1936
Pennsylvania Power & Light Co.
Power Co.
6%,
Gas
S. O. of New York 7s, 1925-1931
©roahtnajj, SNero lock
111
Catawba
Phones
Private
Jlubltc Utility &eturltiea
9723-7
Humble Oil & Ref. 7s, 1923
ank Brooklyn.
local to New York
IBerbell Urotyera
Phones Rector
Gulf Oil Corp. 7s, 1933
Bklyn. City & Newtown 5s, 1939
Penn. Public Service 7^s, 1935
Second Ave. RR. Receivers Ctfs.
Central Aguirre Sugar
Brooklyn City Railroad
Eastern
Railway 5s, 1947
Lt. 5s, 1930
Power &
Pacific
& Ltg.
Companies
Brooklyn Union Gas 5s, 1945
Texas Electric
Ramapo Railroad
Central Sugar Corporation
Citizens
Conservative
Oil
7580
Rector
Paterson &
Safety Car Heating
Alliance Realty
Stock Exchange
Broadway, New York
Phone
Chase Nat.
Preferred Stocks of
in
Department
when the
Member* New Yerl Stock Exchange,
IB Braad St.
occa¬
Tat. Broad 7748
NEW
YORK
arises.
Tel. Rector 9261
N. Y.
Specialist in all
Aluminum Co.
of Amer.
General Baking Com. &
American Brass
[1454]
Mengel Co. Common
Chase Nat'l Bank
Pfd,
Niles-Bement-Pond
Atlas Portland Cement
Canadian Securities
National Casket
Rights
Carbon Steel Com.
& Pfd.
Central Aguirre Sugar
Eastman Kodak Com. & Pfd.
Equitable Trust
R. J.
Reynolds Tobacco
14551
Telephones 14561-Bowling Green
14571
I1458j
alfred f.i ngold&co.
S. H. Kress Pfd.
Singer Manufacturing
Ward Baking, Com. & Pfd.
74
N.
Y.
GLOVER & MACGREGOR
345
Bought— Sold—Quoted
Broadway,
Fourth
Ave.,
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
U
Stone, Prosser & Doty
William St., New York
'Phone Hanover 7733
Gulf Oil
Corporation 7s, 1933
West Penn Power 7s,
1946
Armstrong Cork 7s, 1931
OCT. 8
1921.]
THE
CHRONICLE
Acadia Sugar serial 7s
General
Arizona Power Co. 6s, 1923
Central Power & Light 6s, 1946
Clearfield Bitum. Coal
4*/2s> 1932
Continental Motors serial 7s
Fonda
Johns.
& Gl.
Island
6s,
Amer. Cyanamid Stock
Home Insurance
Continental Insurance
McCall Corp. Stock
Phelps-Dodge
Guaranty Trust
1922
J•
Refining Corp. 7s, 1929
36
Lake Shore Elect.
Royal Baking Powder Stocks
K.
Wall St., N.
RICE,
Y.
JR.
fit
Phones John 4000
5s, 1933
Louisville Gas & Elec.
Baking Stocks
E. W. Bliss Stocks
4^8, 1952
Hale & Kilburn 1st 6s, 1939
Hecker-Jones-Jewell
XIll
CO.
4010 and
to
5915
to
5919
7s, 1923
Mississippi River Power 7s, 1935
Baltimore & Ohio
Ry. 5s, 1995
Ches. & Ohio Conv.
41/£s, 1930
Lake Shore 4s, 1928 & 1931
Parr Shoals Power 5s, 1953
Royster Guard Co. 8s, 1941
Susquehanna Silk Mills 6s, 1922
Seaboard Ref. 4s, 1959
Union Pacific Ref.
4s, 2008
Mexican Govt. Securities
Morion Iachenbruch& Co
42 Broad Street, NewYork
4RTHUR E. FRANK & €0.
Private Wires to, CHICAGO-PHILADELPHIA-ST. DDUJ5
EnTSRII PCH-DETROIT- CLEVELAND-GRAND RAPID5
Members of New York Stock
Exchange
100
Eastern
Broadway. N. Y.
Tel. Rector 5300
Mfg. Preferred
Lockwood Common
Brown
Company 6s
Bangor & Aroostook 4s & 5s
Cumberland
Co.
Pr.
&
Lt.
5s,
BEYER & SMALL
208 MIDDLE
Private
ST.,
1
Graphophone 8s
PORTLAND, ME.
Wire to Potter Bros., New
Chicago Great Western 4s, 1959
Chicago Mil. & Puget Sd. 4s, '49
Columbia
1942
Grand Trunk Pac. 3s &
4s, 1962
Due 1925
York
Seaboard ref. 4s, 1959
Cuban
California Elec.
Generating pfd.
Crowell & Thurlow
Steamship
Treasury 6s, 1929
Prov. of Saskatchewan
6s,
Bought, Sold & Quoted
1927
Draper Corporation
Emerson Shoe Co. 1st preferred
C. C. Kerr & Co.
Fisk Rubber Co. 1st preferred
Gillette Safety Razor Co.
2 Rector
St., N.Y,
Phone 6780 Rector
Graton & Knight Mfg. preferred
Liggett's International pfd.
New England Oil com. & pfd.
Sharp Manufacturing
MILLER & COMPANY
Members N. Y. and Phlla. Stock
Exchanges
120
Broadway
Phone 7500 Rector, N. Y
common
WALTER S. PLACE
35 Congress St.,
Private
BOSTON, MASS.
tmmmvmrmam
Railroad
Telephone New York and Philadelphia
"Fort Hill 7140."
We
Bond
10M So.
Caro.
& Southw.
10M Union Term.
(Dallas), 5s,'42
25M New Orleans Terminal
STREET, NEW YORK
Cotton
Ft. Dodge Des Moines & So. 5s
Danville, Champaign & Dec. 5s
Cent.
Ark.
Ry. & Ltg. 5s, 1928
Shaffer Oil & Ref. 6s,
1927
Utah
1926
Gas
&
Coke
Central
North.
7s,
Ice
7s,
any
Georgia Power 5s, 1938
Ont.
Ltg. & Pr. 6s, 1931
American Power & Light 8s, 1941
Electric
5s, 1946
1929
Canadian Bond
Dept.
Ontario 6s, 1943
,
'
5s, 1922
Ref.
5s,
Dept.
Mills
LOCATE
firm
4s,'53
6s, 1930-34
Ref.
Merchants
l
Ohio State Telephone 5s, 1944
Mobile
Industrial Bond
Island
disposal
J^s, 1929
Utility Dept.
5s, 1937
American
the
5
6s, 1928
Mobile
'
& Ga.
10M Buffalo
J
Grace SS.
'
1941
10M Houston Belt Term.
Telephone Hanover 5731
..
Omaha 3,'^s,
5s, 1925
HERBERT M. SOLOMON & BRO.
BROAD
4s, 1945
10M Ga. Carolina & No.
5s, 1929
10M Phila. Harrisb. & P.
Mexican j
French [BONDS
15
Public
offer, subject to prior sale:
25M Florida Southern
15M Wabash
Italian
Dept.
6s, 1937
Newfoundland
Toronto
SjTs, 1928 & 1936
Harbor
Alberta 6s,
4}/os,
1953
1931
'
that
has
an
Industrial Stock
TitusVille
what
insert
for
you
ad In the
Massachusetts
General
J.
Classified Department
Iron
All
C.
Dept.
Works, Pfd.
Baking stocks
Baking Com. & Pfd.
RR.
DepV
Mechanics & Metals Nat.
Bank
Guaranty Trust
Bankers
Trust
Equitable Trust
Penney Pfd.
Guaranteed
Bank Stock
Stocks
National
Bank of Commerce
of The Financial Chron¬
icle
(faces
back cover.)
the
Inside
CARRUTHERS, PELL &
15
Broad Street, New York
Philadelphia Phone, Locust 572
CO.
Phones 5101 to 5169 Hanover
Bait. Phone, St. Paul 9389
THE
CHRONICLE
[Vol. 113.
tifiS trading department?!*®
F.
J. LISMAN & CO.
Ohio
Freeport (111.) Water Co. 5s
BROADWAY, NEW YORK
61
Central
Refunding
Vermont
Chic. Terre Haute & So. East.
WE deal in
Kansas City
Lake
Erie
Mason
New
2nd
5s,
5s,
Birmingham Water Co. 5s, 1939
Clinton, Iowa, Water Co. 5s
Joplin Water Co. 5s
5s, 1960
N. Y. Interurban Water Co. 5s
1955
Racine Water Co. 5s
Wichita Water Co. 5s
1941
New
1927
5s,
1st
Arkansas
&
Louisiana
Peoria Water Works 4s & 5s
1930
Memphis & Birm. 5s, 1934
Western
&
1st
Va.
West
&
5s,
& Imp. 5s, 1960
Cuba Railroad Equip.
Kanawha
1937
4s,
1st
Railway
Philippine
Queens County Water Co. 5s
St. Joseph Water Co. 5s, 1941
1953
43^s,
1st
Connecting
h. c. spiller & co.
Tol. St. Louis & West. Coll. Tr. 4s, 1917
Railroad
Wabash
INCORPORATED
Issues)
(All
17
Wheeling
Lake
&
Issues)
(All
Erie
Albany Water Co. 5s
Delaware Water Co. 5s
City & Fort Dodge 1st 4s, 1955
York
Valley Water Co. 5s
Phila. & Eastern Certificates
Members New York Stock Exchange
l
Water
St.,
63 Wall
Boston 9, Mass.
St.,
New York City
and all railroad and steamship securities
Gt. Northern 7s, 1936
Underlvillff
./*
Chic.
Burl.&QuincyJt.6y2s,'36
Penna. sy2s, 1936
R&llroad
American
1
Tobacco Scrip
§
Geo. W. Helme
Bonds
Mengel (Box) Co.
NEWBORG &CO.
Members New York Stock
60
R. J.
Telephone 4390 Bowling Green
st
to
Specialists in All Tobacco Securities
Bush Terminal 4s, 1952
/•>
e
& Colum.
1
pi
a
NEW
4s, 1940
1
i
r.
0
,
p-
n i
New York Telephone 41/28,
Iron & RR. 5s
Tenn. Coal
t\
_
.
__
.
.
_
.
Members New York Stock Exchange
SIXTY BROADWAY
Tel.
I
1939
McKinley & Morris
*
Atlantic **oj
rltlautlL 4r
,u
»
1
1955
JL *jDD
,
A
,
1
»
,
D
t
.
.
,
,Q.
81
'
-
A
Florida Central & Renin. 5s, 1930
Grand Trunk Pacific 3g
Grand
1962
Trunk We8tern 4s>
G T
Prairie
1950
Sec_ 4
1955
N. Y. Chic. & St. LouU 2d 6.,
SECURITIES
1931,
Current River RR. 1st 5s, 1927
Wabash—Toledo & Chic. 1st 4s, 1941
^awin\ga"wat'p ^;58;5^Q6s
Wisconsin Cent. Kef
4s, 1959
Evansville Ind. & Terre Haute 1st 7s, 1950
g
New York Susq.
NEW YORK
\ o o A o A ** xl
Members
Asheville Pr. & Lt. 1st 5s, 1942
New
27
St., n. y.
York
Stock
VjV/.
Raymond M. Smith & Co.
Exchange.
Incorporated
t#i. broad ms
Investment
Bell Tel. of Canada 5s & 7s, 1925
Carolina Pr. & I
t.
43
l-lAVi?
RANK"
FOR SALE ?
Nebraska Power 1st 5s, 1949
Ohio State^Tel. Co. 5s & 7s
84 Ptna
o
&
........
'Pfione
5691-4
Albany Southern 5s, 1939
Cincinnati Gas & Elec. 5s, 1933
Clearfield Bitum. Coal iy2s, 1932
Eastern Mich. Edison
5s, 1931
5s, 1914 def.
New Jersey Zinc 4s, 1956
Nevada-Calif. Pow. 6s, 1927
Internat. Gt. Nor.
Then consult the Financial
Chronicle Classified Depart(opposite in.ide back
..
REYNOLDS
Investment Securities
Street
New York
WANTED
FIYTlIRFS
AliR F1A. 1 UIvEsO
Michigan State Tel. 5s, 1924
.....
IUU
york
John
vniT
HAVIL
Great Western Pr. Deb. 6s, 1925
a
new
Telephone 3723
Cuyahoga Telephone Co. 7s, '21
^.
Securities
cedar street
1st
5«, 19TR
Chicago, Ind. & Louis. 5s, 1947
Chi., Northwests. F.5s,&6s,'29
G1LMAN
& Western Ref. 5s, 1937
Cleveland Akron & Col. 1st 5s, 1927
<"*0
AO RAH A ITl CX
Bowling Green 2150 to 2157
i
}20. KfoaAvJay l£L Phone-- Rector 4594
YORK
Carthage & Adirondack 1st 4s,
%,
19511!
1940
Wheeling Terminal 4s,
,
r
iaot
Houston & Texas Cent. 5s, 1937
\r
tr
1
m
a,
t
New York Telephone 6s
1949
m
Canada
vttuaUa
!
4 aa/%
g%
Empire Gas & Fuel 6s, 1926
wt
Bristol ^ Bauer
5 Naaaau Street
Central Pacific 314s, 1929
Consolidation Coal 5s, 1950
P
jj
wire
Loms
STR|,THFRf{ & nn
V^Ieve. Akron
Reynolds Tob.
1
BROADWAY, N. Y.
private
|
8
Mac Andrews & Forbes
Exchange
me„t
cover).
St. L. Spring. & Peo. Ry. 5s, 1939
Wisconsin Edison 6s, 1924
City
John
HANSON & HANSON
Investment
•
72
GARDNER
20 BROAD
STREET, N. Y.
N. Y. & Erie 3rd
|j
4l/2s
&
USE AND CONSULT
the
South Pacific Coast 4s__1937
Sunbury & Lewis. 1st 4s_1936 Denver & Rio Grande 4s_1936
St. Louis Bridge 7s
_1929 Chicago & West Ind. 4s__1952
Long Island Con. 4s
1931 Chicago & Erie 5s
__f1982
j Chicago & Eastern 111. 6s_ 1934 Ala. Gt. So. 1st 5s
Classified Department of
the
Financial Chronicle
1
-
_
Our
Tel.Whitehall 1051
CO.
Tel. Rector 7430
1923
Securities
Trinity Place,N.Y.
1927
Classified Department faces Che
inside back
•
'
.
1
■
cover.
1
OCT. 8
1921.]
THE
CHRONICLE
xv
BROOKLYN CITY & NEWTOWN 1st
5s, 1939
BROOKLYN CITY RAILROAD CO. 1st
5s, 1941, & Stock
Butler (Pa.) Water Co. 5s
BROOKLYN UNION ELEVATED RR. 1st
5s, 1950
City of New Castle (Pa.) Water Co. 5s
COLUMBUS & NINTH AVENUE 1st
5s, 1993
Arkansaw Water
Co.
6s
Birmingham (Ala.) Water Co. 5t
Chattanooga Water Co. 6s
Clinton
(la.) Water Co. 5s
E. St. L. & Interurban Water Co. 5s
Joplin (Mo.) Water Co. 5s
Wichita
Muncie
(Kan.) Water Co. 5s
(Ind.) Water Co. 5s
St. Joseph
Warren
(Mo.) Water Co. 5s
CONEY ISLAND & BROOKLYN CONSOL.
4s, 1948
DRY DOCK EAST BROADWAY &
BATTERY Gen. 5s,
KINGS COUNTY ELEVATED RR. 1st
4s, 1949
LEXINGTON AVENUE & PAVONIA FERRY
1st 5s, 1993
NASSAU ELECTRIC RR. CONSOL.
4s, 1951
(Pa.) Water Co. 5s
Racine
Wm.
(Wis.) Water Co. 5s
Indianapolis Water Co.
and 5s
Carnegie Ewen
Tel. Reetor 3273-4-5-6
2 Wall
Street, New York
Huntington (W. Va.) Water Co. 5s
Wanted
HOTCHKIN
53 State
Main 460
St.,
Mass.
Boston 9,
ALL
BULL & ELDREDGE
Members of the New
20 Broad
A. T. & T.
BOND ISSUES
York Stock Exchange
St., N. Y.
Tel. Rector 8460
4^s, 1933 ($100 Bonds)
Bell Tel. of Canada 5s, 1925
Bell Tel. of- Canada 7s, 1925
Cumberland
Tel.
&
Tel.
Cuban Tel. 1st Conv.
Chicago & East. 111. RR.
Mo. Kansas & Texas
Ry.
Pittsburgh Shawmut & No.
Specialists In
5s,
1937
Short Term
Securities
5s, 1951
I;..,; ■ •'
C. & P. Tel. of Va. 5s, 1943
Houston Home Tel. 5s, 1935
Foreign Government Bonds
New
Home Tel. & Tel. of
Spokane 5s, '36
Michigan State Tel. Pref. Stock
Michigan State Tel. 5s, 1924
New York Tel.
York
New
York
Lehigh Valley Coal Sales
Woodward Iron
City Bonds
State
Federal Farm
4^s, 1939
Ohio State Tel. 5s, 1944
Southern Bell Tel. & Tel. 5s,
Western Union Telegraph
Bonds
Loan
Wm. C. ORTON & CO.
Bonds
Specialists Reorganisation Securities
•4 Wall
1941
4)^8,
Street. N. Y.
^
52
U/M.
MacDonald
Broadway, N. Y.
Tel. Hanover 9690-9697
1950
CONSTABLE S FLEMING
T. L.
Offerings
& CO.
Telephone
1932
66
Tel. Broad 2357-8-9
—*
-
kTEfc»
Reefer 727$?
Dallas & Waco 1st 5s, 1940
Falls & N. W. 1st 5s,
Wich.
Consumers El. Lt. & Pr. 5s, 1936
Jacksonville Ry. & Lt. 5s, 1951
R. J.
K. L. FLEMING rjR~>
CONSTABLE
Broadway N Y
Reynolds
Tobacco
B
1939
;
Stock
Wich. Falls & N. W. 1st ref. 5s, 1940
Chicago & Erie 1st 5s, 1982
Bought & Sold
Memphis St. Ry. 5s, 1945
Milwaukee Coke & Gas
7V2S, '33
DO YOU KNOW
Public Util. of Evansville 6s, '29
That
Utica Gas & Electric 5s, 1957
U. S. Public Service 6s, 1927
the
fields
'
most
their
in
men
use
MacQuoid
efficient
respective
Members New
and consult the
Financial Chronicle Clas¬
14 Wall
sified Department?
Louis Levenson
mind for
St., N. Y.
Stock
Coady
Exchange
Tel. Rector 9970
Keep this Department in
Public
&
York
Utility—Industrial Bonds
Short
Term
Tel. Broad 4931
Securities.
casion
use
when the
oc¬
arises.
27 William St.. N. Y.
Boston
Argentine 2-Year 7s, 1923
Securities
Sup. Cal. Farm Lands Adj. 6s
Twin F. No. S. Ld. & W. 6s Ct.
Dep
Twin F. S. River Ld. & W. 6s, Ct.D
Twin F.
Oakley Ld. & W. 6s, Ct.D.
West Penn Traction 1st 5s, 1960
South Pittsburgh Water 5s,
1955
Pitts.
McKeesp. & Conn. 5s, 1931
J, S. Bache & Co.
Rutland Ry., Lt. & Pow. 5s, 1946
Members New York Stock Exchange
Dayton Power & Light Common
New York
St. Joseph Water 5s, 1941
OTTO
17 Wall St., N. Y.
BILLO
Phone Hanover 6297
EDWIN
BANCKER & CO.
Chicago
INVESTMENT
|
Providence & Springfield 5s, 1922
Hudson & Manhattan Com. & Pf.
Hudson Cos.
Pref.—Greeley Hud.
Manhattan 4^s, 1957
Cincinnati
Cleveland
Pittsburgh
Rochester
St. Louis
Kansas City
New Orleans
Syracuse
Philadelphia
Troy
SECURITIES
118 Broadway
Hudson &
TeL, 6400 Broad
BRANCHES and CORRESPONDENTS
Albany
Baltimore
Boston'
Buffalo
New York
City
Rwctor 0944-6-6
Current River 1st 5s
Adams Express 4s,
Illinois Central Reg. 4s, 1951
Fla. Central & Penin. 5s & 6s
1947
Portland Ry., Light & Power 5s, 1942
Augusta Aiken Ry. & Electric 5s
Atlantic & Danville 1st 4s, 1948
Fonda Johnstown & Glo.
4)/£s, '52
Chic. Terre Haute & So. E. Incomes
Northwest. 5s, 1933
St.
Houston Belt & Terminal 5s
Two Rector Street 6s
Philippine Railway 4s, 1937
S.
Union
Term,
of
Dallas
5s,
1942
Central Vermont 1st 5s, 1930
Boston & N. Y. Air Line 4s, 1955
Cuba RR.
& Eqpt.
5s
Lackawanna Iron & Steel 5s, 1926
Louis Transit 5s
Trinity Bldgs. 5)^8
New York Shipbuilding 5s
R.-Mobile & Ohio Coll. 4s
'41
WOLFF & STANLEY
Telephone Rector 2920
72
Trinity PUco, N. Y.
Telephone 5s
Portland Ry., Light & Pr.
Erie
M. St. P. & SS. Marie C. T.
4s,
Baltimore & Ohio 6s, 1924
New York Chicago & St. Louis 6s
Seaboard Air Line 7s, 1923
Gulf States Steel
& Jersey 6s
Cuban Govt.
Internal 5s
Cuban
new
Pfd.
1st Pfd.
Missouri Kansas & Texas—all issues
Mexican Govt. 5s,
large and small denominations.
SAM'L
Phone 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
THE
XVI
CHRONICLE
[VOL. 113.
TELEPHONE RECTOR 4061
We
w
1
A
GOVERNMENT
Beaver Board 8s, 1933
Brighton Mills
Bucyrus po. Pfd.
H
V
Liggett's Intern'l Com. "A"
R
D
Cincinnati Abattoir 8s,
Hershey Choc. 7 ^s, 1930
Manhattan Elec. Supply Co
Mich. Stamping
O
RAILROAD
Consol. Utilities 8s, 1925
Foundation Co.
E
Buy and Sell
BONDS
STOCKS
E
Welch Grape Juice 8s,
INDUSTRIAL
1925
PUBLIC UTILITY
Holden Evans SS. 7s, 1924
AND
1931
OIL
Stocks and Bonds
E
R
DEPT.
UNLISTED
S
Melhuish & Co.
RASMUSSEIM & COMPANY
N
Members
111
New
Broadway
CHICAGO
West
Penn
Power
5s,
1946
West
Penn
Power
6s,
Established 1884
41 Wall Street
Chicago Board of Trade
York
New York
Branch Offices and Correspondents in 30 Cities
SECURITIES
1924
American Power &
Quoted
Soli
Bought,
Light 6s, 2016
Central Vermont Rway. 5s, 1930
BABCOCK, R0SHT0N & CO.
Yoi
York, Chicago
Exchangee
New
era
fladbera
and
Boston
Stock
Stock
aOMB LNS.BLDG.
7 WALL STRBBY
OHfOAOO
NEW
YORK
Japanese Govt. 4s, 4Y2s &■ 5s
Argentine Govt. 4s & 5s
Brazilian Govt. 4s, 41/28 & 5s
Buenos Aires 6s, 1926
Goodyear Tire & Rubber Com.
Costa Rica 5s
Goodyear Tire & Rubber Pfd.
Chinese Government 5s
ALL
V
A. R. Smith &
2
NEW
Company
C.
Broadway
YORK
FOREIGN
A.
C.
CHUCKS
Central Pacific 4s (francs)
New Haven 4s (francs)
St. Paul 4s (francs)
Inquiries Invited
Building
from Banks and Brokers
BON
CLEVELAND. OHIO
M
COWEN & CO.
CURRENCIES
Specialists in
CHICAGO
South
Exchange Place, N. Y. Tel. Rector 1701
SECURITIES
ROBERTS, HISCOX & COMPANY
29
87
N
Salle
La
R.A.SOICH &CO.
16=18
Street
Exchange Place
New York
Telephone: Bowling Green 3841-55
THE OUTLOOK
CHICAGO, ILL.
Progress being made toward restoration
business activity and its relation to
Mmbiyraph, K YT-
of
,'G. BENSINGER CO
17
Guaranteed Stocks
Whitehall Street
Write
CABLE CODES
■■*.<
°
ec.ow
'
'
Larg«t getting code—uted
#ivaa more than
50%
over
current
This
for
Quotation Sheets.
issue
article
should be
of
all over the world—
„
,
.
P
plain English cabling,
' **'
f7,w-
eer ASK FOR IMPORTANT CODE CIRCULAR NO. 339 "9%
BENSINGER—PHONE—BOWL. GR. 6989
Sent
fyOBVjpU Walker
Merribei
(embers New
II
on
%ons
New York
Broadway
42 New
request for C-651
Bonds
-
Are you
position
B. J.Van Ingen&Co,
or
Barnes
&
Specialists
the
Chronicle
Company
UNDERWRITERS
BROADWAY
have you need for one?
consult
partment
HEYWOOD BROOKS & CO.
149
NEW
Cleveland
Milwaukee
as a
Foreign
Then you should use and
Royalties Co.
Market
Pittsburgh
Chicago
a
Grain
BANK OFFICIAL
New York
Telephone John 6364
Curb
seeking
-
New York
Street,
Philadelphia
BONDS
United
which
E. D. DIER & CO.
Stocks
Cedar St.
Review.
information
York Stock Exchange
MUNICIPAL
46
Market
our
contains
helpful at the present time.
ofrt»
"BENTLEY COMPLETE PHRASE CODE"
m
te so
^
witTScJsssrsjJSStT,
the trend of securities is discussed in the
back
Financial
Classified
De¬
Bonds
Inquiries invited from
banks, brokers and dealers
(opposite inside
Jerome B. Sullivan
cover.)
YORK
FOREIGN
•
CT
GOVERNMENT,
/Vv
MUNICIPAL G
Ol Ul.
R.R.BONDS
44 BROAD STREET, NEWYORK.
Tel.
Government,
Public
Municipal,
Utility
Broad
1723-1;
7130-4;
5ts34-5
Railroad
Industrial
DUNHAM
& CO.
SPECIALISTS
Investment Bonds
South
American
Sterling Issues
.
A. B. Leach &
Investment
82 Cedar
hiladelphia
Soranton \
St., New York
Boston
Hartford
Argentine 4s, 1897
Co., Inc.
Argentine Recission 4s
Argentine 5s, 1945
Securities
Brazil
Cleveland]
Pittsburgh
Detroit
St. Louis
4s,
Brazil
Recission
Brazil
105 So. La Salle St., Chicago
5s,
1889
4s
1895
Minneapolis
Milwaukee
43
Exchange Place,
New
York.
Telephones 8300-16 Hanover
Oct. 8
1921.]
THE
CHRONICLE
XVII
Market St. El. Pass. Ry* 1st 4s, 1955
Lehigh Val. Ry. of N. Y. 1st 4 J^s, 1940
United
Kingdom
Pine Creek Ry. Co. 1st 6s, 1932
Midvaie Steel 5s,
& St. Louis Equip. 5s, 1931
N. Y. C.
Lehigh Valley RR.
1929 & 1937
Argentine Government 4s & 5s
New York Central Cons. 4s,
1923
6s,
cons.
5Vfes,
1936
Brazilian Govt. 4s, 4^s & 5s
1998
New York Central 7s, 1930
City of Tokio 5s
Pittsburgh Cleve. & Toledo 6s, 1922
St. L. Iron Mtn. & So.
Japanese Govt. 4s, 4^s & 5s
Lehigh Valley RR* Annuity 6s
United N. J. & Canal 4s, 1944
Mexican Government 4s & 5s
United States Rubber 5s, 1947
Uruguay 5s, 1919
Phila. & Reading
Terminal 5s, 1941
Biddle & Henry
South
104
Fifth
L. M. PRINCE & CO.
Street
Members New
Philadelphia
Prints Wirt to New York
Rfg. 4s, '29
20 Broad
Call Canal 8487
York Stock
Exchange
Tel.
Street, New York
Rector 9830
Established 1865
Co.
Bioren &
Aluminum Co. of Amer. 7s, 1933
Aluminum Co. of Amer. 7s, 1925
Gulf Oil Co. 6s, 1923
Chestnut St., Philadelphia
410
Members
New
of
York
and
Philadelphia
Stock Exchanges.
Gulf Oil Co.
Little Schuylkill RR. & Navig. Co.
Pittsb. Ft.
7s,
H. J.
Heinz 7s,
Vacuum Oil 7s,
Wayne & Chicago, Pref.
Dom.
of
Canada
5s, Mar. 1937
Govt, of Newfoundland
Grand Trunk RR.
6^s, '28-'36
6s, 1936
Prov. of Ontario |6s, Sept. 15 1943
1933
1930
Prov. of Ontario
5s, May 28 1922
Spanish River Pulp & Paper 8s, 1941
193£
Pennsylvania Tank Line Equipments
CANADIAN SECURITIES
Roanoke Traction & Light 5s, 1958
Consolidated Lt., Ht. & Pow. 5s, 1946
Indiana Service
Corporation
Bought, Sold & Quoted
Securities
Dodge 1st 4s, 1955
& No. Ry. 1st 5s, 1940
Jackson Consolidated Traction 1st 5s, 1934
Waterloo
Horn
&
Cedar Falls
Eastern
1943
Lehigh Valley Transit 4s, 5s, 6s
American Light & Traction 6s, 1925
Lukens Steel 8s, 1940
AjgCowii&Co.
Land
Philadelphia Stock Exchange
Title
Bldg., Philadelphia
CANAL 4845
York Telephone
We offer, subject to prior
ELEVATED
UNION
CHICAGO
%
1ST
sale:
OF
RY.
Atch.
Rocky Mountain 4s, 1965
Chicago & Alton 3s, 1949
Long Island Ref. 4s, 1949
Chic.
Erie
Minn. St. P. & S. S. M.
cons.
4s, 1938
A.
&
No.
West.
P-L 4s,
C.
Ext.
4s,
1926
1998
L., L. & N. Coll. 4s, 1952
Virginia
Ry.
& Power 5s,
1934
Nashv. Chatt. & St. Louis 5s, 1928
New Orleans Terminal 4s, 1953
Rockford Veloit & Janesville 5s, 1930
St. Louis Bridge 7s, 1929
Tol. & Ohio Cent. West. Div. 5s, 1935
Utah & Northern 5s, 1926
RAILROAD
80 Broad St.
Prince & Whitely
Members N. Y. Stock
52 Broadway
New York
S. P. LARKIN & CO.
1945
5S,
& INT.
55
Union Bank Bldg., Pittsburgh
Wire Connection.
Direct Private
Georgia Carolina & Northern 5s, '29
Kanawha & Michigan 2d 5s, 1927
Mobile & Birmingham 5s, 1945
Province of Ontario 6s,
Members
Pittsburgh Stock Exchanges.
Chic. St. P. Minn. & Om. deb. 5s, '30
Philadelphia
Telephone Lombard 6414
New
York and
Broadway New York.
Pennsylvania, Rys. Common & Pref.
Lafayette Building
5M
New
Stock
Gas & Electric Preferred
george n. fleming
811
Members
61
Hardart of New York Common
Associated
HOLMES & CO.
J. H.
Mason City & Fort
BONDS
Now York City
Private Wires
Telephone: Broad 3484
Exchange
173 Orange St.
New Haven
to
Philadelphia, Baltimore,
Richmond, New Haven
ARTHUR C. RICHARDS & CO.
PHILADELPHIA
DREXEL BLDG.
Bell: Lom. 7056
Keystone: Main 6711
Bank of Commerce
Guaranty Trust Co.
hBUSINESS EXECUTIVE
First National Bank
and
BONDS
capable head for
of your
any one
Departments
can
FRANK J.
be
Government
DILLON
M.
NEW YORK, N. Y
Broadway
Tel. 6460 Bowling Green
obtained by inserting a small
Municipal
71
ad in the Classified Department
WILL
of the
Railroad
Corporation
BUY
FINANCIAL CHRONICLE
G. H. WALKER & CO.
Members New
inside
SELL
or
ctfs.
Specialists
Tire and Rubber Stocks
Motor Stocks
Our Classified
OR
Willys Corp. 1st pfd.
Maxwell Motors undep. com. & 1st pfd.
11. H. Franklin Mfg. Com. and Pfd.
Carlisle Tire Corp. units
Chalmers Motor 6s, 1922
Department faces the
back
R. B.
cover.
Hathaway & Co.
Tel. John 5080
SO Nassau St.,
York Stock Exchange
N. Y.
ST. LOUIS
Broadway and Locust
WANTED
St. Louis Transit 5s, Ctfs. of Dep
Un. Rys. of
St. L. 4s, Ctfs. of Dep
STIX
&
CO.
Members St. Louis Stock Exchange
109 OLIVE ST.
ST.
LOUIS
111. Cent. Collat. 4s, 1953
West Penna. Power 6s, 1924
Reading, J. C. Coliat. 4s, 1951 Pub. Ser. of No. 111. 5s, 1956
C. B. & Q. III. Div. 4s, 1949
Amer. Gas & El. deb. 6s, 2014
L. & N. So. Ry. Monon
Jts.,'52 Lehigh Power Secur. 6s, 1927
M. K. & T. 1st 4s, 1990
Cleve. Elec. Ilium, deb. 7s, '41
New Orleans Terminal 1st 4s
Lake Shore 4s, 1928
Puget Sd. Pow. & Lt. 7l/2s, '41
Penna. Water & Pow. 5s, 1940
Pennsylvania's, 1948, stamped
N. Y.
Susq. & West, 5s, 1937
Chic.
St.
P.
M.
&
Montgomery
Telephone
Broad 8068
O.
6s,
1930
Bros.
85 Broad St.,
New
York
Vilas & Hickey
Members of New
49
Railroad Dept. Tel.
Wall
Hanover 8317
York Stock Exchange
St.,
New York
Public
Utility Dept. Tel. Hanover 193
[VOL. 113.
CHRONICLE
THE
XVIII
TRADING DEPARTMENT
Specialists in
New Edition
CHICAGO PUBLIC UTILITIES
City & Connect. 5s, 1927
City Railway 5s, 1927
Gas Light Coke 5s, 1937
Railways 1st 5s, 1927
Railways Series A 5s, 1927
Railways Series B 5s, 1927
Chicago
Chicago
Chicago
Chicago
Chicago
Chicago
Manual of
Chicago Telephone
5s, 1923
Commonwealth Edison 5s, 1943
Commonwealth Edison 6s, 1943
Consumers Gas 5s, 1936
Northwestern Elevated 5s, 1941
South Side Elevated 43^8, 1924
Sugar Companies
A handbook
giving statistics on earn¬
ing power and financial position, to¬
gether with description of property
and
management.
Free upon re¬
quest for pamphlet 138.
PYNCHON & CO.
Members
111
:
,
New
FARR & CO.
York Stock Exchange
Broadway, New York
Telephone Rector
Chicago—Milwaukee—London—Liverpool—Paris
Private Wires to principal cities of United States and Canada
Members
970
York
New
133 Front St.
Telephone
Stock
Exchange
(Cor. Pine)
John 6428.
Y
FOR IMMEDIA TE DELIVER
Anglo Austrian Bank shs.
Vienna 4s, 41/^s & 5s
Austrian Treasury 6s
Berlin 4s
Austrian Real Estate
4^s
CINCINNATI
'
Hamburg 41/2®
SECURITIES
Budapest 4s & 41/*>s
Frankfurt 4s
Prague 4s
Stuttgart 4s
Hoechster Farbwerke 41/^s
Salzburg 5s
Westheimer & Company
Members of the
BROAD
25
416, 417,
Stock
Chicago
Baltimore
658, 3978, 4308
Representatives of J Anglo Austrian Bank, Vienna and
IHardy & Co., G.m.b.H.
Board
Stock
Exchange
Exchange
of
Trade
Exchange
CINCINNATI, OHIO
NEW YORK
STREET,
Phones—Broad
Stock
New
BAUER & CO.
M.
R.
York
Cincinnati
BALTIMORE, Md.
all its branches
BERLIN
Northern Calif. Power 5s, 1948
Yosemite
Investment
SUTRO BROS. & CO.
120
BROADWAY,
NEW YORK
Members of New
Stock
.
Bowling Green 2538
St., N. Y.
xchange
WE WILL BUY
Davies, Thomas&Co.
Y.
York Stock
Nehemiah Freidman & Co.
60 Beaver
Telephone: Rector 7350
Members N.
AND BONDS
Bought & Sold
Securities
Utica Gas & Electric
Exchange
5 Nassau St.
GERMAN STOCKS
Valley RR. 1st 5s, 1936
Market St. Ry. 5s, 1924—Scrip
New York
Utica Gas & Electric 5s
Telephone Rector 6620
Mohawk Valley Investment
Corp.
Organized Under New York State Banking Laws
225
Good
are
Utica,
HIGH-GRADE BONDS
are
FOR INVESTMENT
These firms want
men
.Semi-Monthly Investment
those who are tak¬
the Babson Course in Investments
and Security Selling.
Circular
ing
in
Investments
Free
on
ENGLAND
Request
and
Bond Salesman"together with an
outline of
VENEZUELA
NICARAGUA
SALVADOR
MEXICO
minimum.
Our leaflet "What the Investor Likes in a
GUATEMALA
SAN
URUGUAY
training in sellingsecurities which takes the place of years
of experience, saves costly hard knocks
a
ECUADOR
ARGENTINA
PERU
Broadway, New York
This Course gives a man a
and reduces Lost Sales to
COLOMBIA
CHILE
100
Security Selling is the Standard Course
used by scores of well known firms for
training their salesmen.
•
BRAZIL
FRANCE
SPAIN
who have had the
best type of training—
Course
Affiliations
Branches
More Trained Men Needed
Babson
Abroad
this
constantly receiving
betters from good firms asking us to
i jcommend good salesmen to them.
The
Remitting Money
N. Y.
L. A. HUGHES & CO.
wanted by many firms at
We
St.
Security
Salesmen
time.
Genesee
If There Is A Market We Can Find It
this Special Course will be sent on request.
Simply Ask for Booklet 60KH
We
hold
sales
of
stocks
Correspondents
Italy,
in
Belgium,
Switzerland,
Holland„
Germany,
eto.
f I
Babson Institute
Over
and bonds every
Wednesday
charging $1.50 entrance fee
WcKsHsl"3'
for
Rfl^ °f the Banks in
New
NATIONAL
York City
SAFETY
.
use
PAPER
each item.
Our weekly
catalogues and postal card service
reach every market.
We take
pleasure in furnishing quotations.
FOR THEIR
CHECKS
New York
& Lofland
Stock Brokers & Auctioneers
George La Monte & Son
Broadway
Anglo-South American
"Bank, limited
New York Agency, 49
Barnes
61
Telephone Whitehall 700
147
S. 4th
St.,
Philadelphia
Broadway
OCT. 8
THE
1921.]
CHRONICLE
Jffttandal
XIX
financial
Secured Seasoned Southern Pacific
The
Outstanding
Bonds
Financial Institution
Central
of the
Railway
Due
March
1,
1946.
Principal and interest guaranteed
Niagara Frontier
Southern
Free from the
by endorsement by the
Pacific
Co.
regular United States Income Tax,
Semi-annual coupons
bonds
on
the
par
value
£19:6 shillings
and September 1 in Paris or in
Belgium and Switzerland at the current rate on Paris, and
Cbc
^
Pacific
4% European Sterling-Franc Loan of 1911.
payable March 1
in LONDON at the
Jeanne "Crust
FIXED rate of 7 shillings 10% pence
sterling per French francs 10 coupon.
Additionally secured by pledge of $83,985,800 'American
stocks and bonds of subsidiary and allied companies.
At present prices,
of Buffalo
this is
an
investment opportunity
Inquiries are invited.
Capital and Surplus, #17,000,000
American Express Company
65
BROADWAY—NEW YORK
SECURITIES
TELEPHONE
WHITEHALL
Department
A"-• AA 'A'
^
When
H<
Adrian
Purchasing
Find
OFFICE
if
first
out
they
are
fundamentally sound. For
dollar
we
date
the
Son
Muller
AUCTIONEERS
Bonds
to
unbiased opinion
Reg u lar Weekly Salee
IS' i
on
bond issue.
any
ESTABLISHED
STREET
Street
Fine
one
will send you an up
security of
WILLIAM
No. H
Corner
W-or
-
Stocks
Investment Registry of America, Inc.
©
Bonds
and
EVERY WEDNESDAY
1910
At the Exchange
i
608 Chestnut Street,
Philadelphia
14-16 Veser
Sale* Rooms
,
Street
1838
Chartered
HE GIRARD Trust
New Jersey
Edward E. Hall & Co.
Securities
(ZatabUahed 1866)
OUTWATER & WELLS
If Exchange Pisco
Tel. 2$ Montgomery
dividuals the services of
Insurance Brokers
M MAIDEN
LANE
NEW
its Real Estate
Are
Jlotires
jrour
Holdup
and
Bonds,
Fire, Automobile,
Liability policies properly
written?
Market Street Railway Company
Advice
given
on
policy contracts, Hsro
protection and loss adjustments.
Mortgage Coupon Bonds
Notice is hereby given that the Market Street
Railway Company invites bids for the sale to
Prompt
oovarage
procured
for the
wherever
desired.
it on Tuesday, October 11th, 1921, of a sufficient
number of Market Street Railway Company's
First Consolidated Mortgage five per cent gold
bonds for the investment of One Hundred Sixty
vicinity.This
Department com
bines every advantage of a
real estate agency with th<
added
security
1894.
Each
numbers
bid
of
must
the
state
bond
the
or
serial
bonds
lowest
bends
Hundred
bids
or
tenders
redeemed
One
and
to
be
made
on
surrender
that date.
Dated,
all
said
One
bonds
cease
bonds
said
Francisco, Cal.,
accepted
October
after
BTREET
m
mm
APPRAISALS
Bond
"•
REPORTS
this subject ever written."
cash with order.
Descriptive
Published and for sale by
the Investment House of
Price
DESIGN
Salesmanship
'The Human Side of Business' Is
best
book
on
$3,
circular free.
September 28th,
RAILWAY COMPANY,
By WM. VON PHUL, President.
Attest: GEO. B. WILLCUTT, Secretary.
7
Broad & Chestnut Sts., Philadelphia
NEW YORK
INVESTIGATIONS
accepted
bonds
1921.
MARKET
WOOLWORTH BLDG.,
Dollars
*
San
Sugar Engineering Corp.
accepted
of
20-100
will
of
be
Thousand
extent
Sixty
Fifty-three and
Interest on all
($160,153.20).
under
any
bid or tender
11th,
1921.
Payment for
will
will
the
Hundred
TRUSTC0MPANY
number
price asked, and must be delivered
to the undersigned at its office, 58 Sutter Street,
Room
707,
San
Francisco, California, or
to
LADENBURG.
THALMANN
&
CO.,
25 Broad Stteet, New York City, New York,
at or before
12 o'clock noon on said 11th day
of October,
1921, in a sealed envelope marked
"Tender of Bonds of the Market Street Railway
Company."
of
trust
GIRARD
tendered,
the
The
a
One
or
sum
of
company.
Hundred
and
Fifty-thiee and
($160,153.20) now in the sinking
for in the mortgage or deed of
trust executed by said Market Street Railway
Company to Union Trust
Company of
San
Francisco, as Trustee, under date of July 12,
and
and
examination of proper¬
ties in Philadelphia and
20-100 Dollars
fund provided
and
Depart¬
care
TORE
Tel. John 4276
First Consolidated
Company offers to
banks, bankers and in¬
ment
Jersey City, N. J.
Thousand
l.OOO
Frederick Peirce & Co.
1421 Chestnut Street,
Philadelphia
i'l.iomii'—f.j.ifi
[Vol. 113.
CHRONICLE
THE
XX
Engineer*
financial
The
Bank
First National
STONE & WEBSTER
INCORPORATED
of Boston
VALUATIONS
REPORTS
EXAMINATIONS
commercial banking
Transacts
of
business
ON
nature.
every
INDUSTRIAL
AND
England correspondent
Make it your New
PUBLIC
SERVICE
PROPERTIES
Capital, Surplus and Profits, $37,500,000
In
offer
Pittsburgh
domestic and
comprehensive banking service, both
a
out-of-town
to
a.
william
banks, corporations, and individuals.
Our knowledge of business and industrial affairs in the Pittsburgh
District makes this service especially valuable.
Your corres¬
foreign,
Chicago
Boston
Complete Banking Service
A
We
New York
.
BAEHR
organization
ENGINEERS
pondence is invited.
MELLON NATIONAL BANK
Public Utility
PITTSBURGH, PA.
Capital and Surplus
Specialists
$11,000,000.00
-
-
Electric
Gas and
Management and Operation,
Counsel and Reports,
Illinois Trust & Savings Bank
La Salle at Jackson
Capital and Surplus
sun pr
Utilities
*
Design and Construction of
$15,000,000
-
central station and
power
Pays Interest
on
Has
Time
Deals In
Accounts.
change.
Transacts
hand at all times a variety of ex-
on
a
OF
INTERESTED
ALFRED
B.
IN
THE
CLEMENTS.
OFFICE
OF
the following securities,
par
shares
of
value of
the capital
METROPOLITAN
NATIONAL
BANK OF THE CITY OF NEW YORK" in
the CITY of NEW YORK in the County of
NEW YORK and State of NEW YORK has
$50
stock
of the
Canada Creosoting Company,
without nominal'or par value
100 shares of preferred stock of the
United
States
Wood
Preserving
Company of the par value of
__$100
130 shares of the common stock of the
United
States
Wood
Preserving
each
Company of the par value of
.$100 each
1,250 shares of the common stock of the
Railway
Tie
Treating
Company of
$100 each
auction by Adrian H.
Muller & Son, Auctioneers, at the Exchange
Sales Room, No. 14-1G Vesey Street, New York
City, at 12:30 o'clock P. M., on Wednesday,
October 26th,
1921, by the Administratrix of
the said estate in compliance with an order of
the
Surrogate's
Court,
Westchester
County,
the par value of
will be sold at public
dated the 27th day of June.
1921.
MAE ALLEN CLEMENTS,
1
Administratrix of the Estate of
Alfred B.
Clements, deceased.
NILES & JOHNSON,
Attorneys for Administratrix,
51 Wall Street,
New York City.
CORPORATION
that
"The
five per cent ten-year bond
of the
Amateur Billiard Club of New York
of the
1921.
WHEREAS,
by
satisfactory
evidence pre¬
sented to the undersigned, it has been made to
Washington, D. C., September 24,
appear
___
41
I G. WHITE ENGINEERING
CURRENCY.
NOTICE that
belonging to said estate, to-wit:
1 share Sea View Golf Club of the par
value of
$100
1
THE
12021.
DEPARTMENT.
COMPTROLLER OF THE
TREASURY
DECEASED.
TAKE
Chicago
om Building
and
Mothtz
No.
PERSONS
ALL
ESTATE
Peoples
Corporation Bond#.
General Trust Business.
Mot itts
TO
Municipal
Government,
Foreign Ex-
industrial
plants and gas plants.
WILLIAM A. BAEHR Organization
Buys and sells
oellent securities.
Deposlts, Current and Reserve
Relations,,
Public
Valuation and Rates,
Chicago
•
.
Accounting and Purchasing,
complied with all the provisions of the Statutes
of the United States, required to be complied
with before an association shall be authorized to
commence
the business of Banking;
NOW THEREFORE I, D. R. CRISSINGER,
Comptroller of the Currency, do hereby certify
that
"THE
METROPOLITAN
NATIONAL
BANK OF THE CITY OF NEW YORK" in
the CITY of NEW YORK
in the County of
NEW
YORK and
State
of NEW YORK is
authorized to commence the business of Banking
as
provided in Section Fifty-one hundred and
sixty-nine of the Revised Statutes of the United
Constructor*
£ngineers
Buildings—Industrial Units
Public
Utilities
Reports—Valuations—Estimates
42 EXCHANGE
PLACE, NEW YORK
States.
CONVERSION
with
6
branches
hattan,
and
1
County
branch in
County of
Kings
"Metropolitan
Bank"
Borough of Man¬
State of New York,
the Borough of Brooklyn,
of
in
the
and
and
State of New
H.
D.
R.
M. CHANCE
&, CO.
York.
TESTIMONY
WHEREOF witness my
hand and
Seal of office this TWENTYFOURTH day of SEPTEMBER, 1921.
IN
Mining
Engineer*
and Geologist*
COAL AND MINERAL PROPERTIES
CRISSINGER,
Comptroller of tjie Currency.
Bureau.
Seal of the Comptroller
(Currency
the Currency, Treasury Department.)
of
Examined,
Drexel
BIdg,
Managed, Appraised
PHILADELPHIA
OCT. 8
THE
1921.]
CHRONICLE
XXI
1
Sfbttienb*
jffnandal
New York, October 5,
1921.
Holders of
To the
Prior Preference Stock of
Pere Marquette
Railway Company
Directors
of
Board
The
of
Pere
Marquette
Company,
at a regular meeting of
board held
October 5,
1921, declared a
Railway
said
There Are Good Reasons
quarterly dividend of $1.25 per share (1M%)
upon the Prior Preference Stock of said Com¬
pany, payable November 1, 1921, to stockholders
of record
October 15,
of the transfer books.
without the closing
1921,
E. M. HEBERD, Secretary.
the foregoing notice, the Voting
the receipt of the dividend
therein mentioned, cause the same to be dis¬
tributed pro rata among the holders of Voting
Trust Certificates for Prior Preference Stock of
Referring to
will,
Trustees
THE REASONare being bought by AmericanMoody's
WHY over 20,000 copies of bankers
Rating Books
upon
and investors this year,
Pere
Marquette Railway Company as the same
appear on the books of the Voting Trustees at
the close of business on October 15, 1921, with¬
out the closing of the transfer books.
Checks
will be mailed to such holders.
Dated, New York, October 5. 1921.
BEE KM AN WINTHROP,
:
:
Secretary of Voting Trustees.
1,000 copies in 1909
ACTUAL
50,000
Municipals and Government obliga¬
Every bond or stock which has any market what¬
in this country
of governments the
quarterly dividend of ONE (1) PER CENT
day been declared upon the Preferred
of
current fiscal year, payable October 15. 1921,
is rated, including the obligations
world over.
this
has
USERS OF THESE BOOKS are protected against all
Stock of this Company, from surplus earnings
the
to stockholders
of record
the dangers
at 3:00 o'clock P. M..
September 30, 1921.
Checks in payment thereof will be mailed to
stockholders
at
in
furnished the
the addresses last
G.
HAND.
C.
of
a
borrower.
YORK,
WOULD YOU not like to know how your securities are
September 27, 1921.
cent. ($2 per share)
on the Common Stock of this Company has been
declared, payable on Monday, October 17, 1921,
dividend
A
purchasing new investments, just as the merchant or
protected when looking up the rating or credit
banker is
Secretary.
ONTARIO
AND
WESTERN
RAILWAY CO.
Grand Central Terminal.
NEW
which confront those who do not know the
of their investments; they are protected
true character
Transfer Agent.
to
on over
Utilities,
ever
RAILWAY COMPANY.
No. 25 Broad St., New York, Sept. 20, 1921.
A
INVESTMENT RATINGS
security issues, including Railroads, Industrials,
Public
CITY SOUTHERN
KANSAS
compared with only about
distinct
tions.
THE
as
is that the books contain
of
two
rated in these books ?
per
stockholders of record at the close of business
at twelve
o'clock,
noon,
on
Saturday, October 8.
1921,
R. D. RIOKARD,
AURORA
ELGIN
JOHN MOODY, President
RAILWAY.
CHICAGO
&
Interest
Moody s Investors Service
Secretary.
Payment.
35 Nassau Street, New
The U. S. District Court has ordered Receiver
K. Choate to pay the coupon on the
Elgin & Chicago Railway First 5s, which
was due April 15, 1921, and the necessary funds
have been deposited with the Trustee.
York City
Joseph
Federal Acceptance
565
Fifth
PHILADELPHIA
BOSTON
Aurora
Real Estate Trust
101 Milk Street
CHICAGO
First National Bank Bldg.
Bldg.
Corporation
Ave.
York.
New
The Board of Directors of the Federal
WE desire to
Acceptance Corporation have declared the
announce
that
our
regular quarterly dividend of two per cent
the Preferied Stock of the
on
Corporation,
stockholders of record October 1, 1921,
to
payable October 15th, 1921.
Checks for
MR.
dividends will be mailed.
LOCOMOTIVE
WORKS,
INCORP.
East 42nd Street, New York City.
LIMA
17
J.
BLEIBTREU
COOKE, Treasurer.
(>.
G.
has this
day been elected
of the New York Stock
Sept. 29, 1921.
The Board of Directors has .this day declared a
dividend of seven
(7%)
per
cent, upon the
Common
Stock
of the Company,
payable in
installments, as follows:
1%% December
1,
1921
to stockholders
of
a member
Exchange.
record at the close of business Nov. 15 1921.
Abraham & Co.
l%% March 1, 1922 to stockholders of record at
the close of business February 15, 1922.
1%% June 1, 1922 to stockholders of record at
the close of business May 15, 1922.
l%% September 1,
1922, to stockholders of
record at the close of business August 15.
Members New
27
1922
L.
A.
Vice-President
Treasurer.
record
of
October
the
at
Telephone Broad 3785
close
A.
Vice-President
Board
The
at
a
declared
a
Directors
meeting
CASH
Treasurer.
OF
held
of
the
October
above
of
one
share
Common
of
One Hundred (100) shares of
Common
Stock
outstanding,
all
payable
November 1st, 1921.
\
Books
will
close
The
Directors
have
declared
a
quarterly
dividend of 2lA% on the COMMON stock of
the
corporation,
payable
to
stockholders of record
Checks will be mailed.
A.
VON
November
October
at
3
o'clock
P/M. on October 14th, 1921, and will reopen
at 10 o'clock A. M. on October 28th, 1921.
C. N. JELLIFFE, Secretary.
POWER
STOCK
& LIGHT CO. I
DIVIDEND NO. 20.
A quarterly dividend of one-half of one per
cent, on the Common Stock of the Carolina Power
&
Light
Company
has
been
declared,
payable
November 1, 1921, to common stockholders of
record at the close of business October 15, 1921.
WILLIAM
REISER,
1921,
1921.
SCHLEGELL, Treasurer.
OFFICE
$3.00
quarterly dividend is
payable NOV. 1, to Stockholders
of record OCT. 15, 1921.
Stone & Webster, Inc.,
General Manager
THE
CONSOLIDATION
New York, NT.
OF
COAL
Treasurer.
COMPANY
Y., Sept. 27, 1921.
The Board of Directors has declared a
quarterly
dividend of One and a Half Dollars ($150)
per
share on the Capital Stock, payable Oct. 31st,
1921, to the stockholders of record at the close of
business Oct. 15th, 1921.
The transfer books will
remain open.
Dividend checks will be mailed.
T. K. STUART, Assistant Treasurer.
INTERNATIONAL PAPER
CAROLINA
COMMON
1,
15,
A
1921,
every
Transfer
Dividend No. 108
Detroit, Michigan, September 30, 1921.
Com¬
4th,
Fall River Gas Works Co.
MOTOR CAR CORPORATION
LARSEN,
and
dividend of 1Per Cent
Stock, and CASH dividend
the Common Stock, and a
1 Per Cent on
dividend at the rate
of
on
HUPP
on
Light & Traction Co.
of
Preferred
the
business
NOTICE
DIVIDEND
American
of
Transfer books do not close.
15, 1921.
L.
The
York
East
holders
Stock
New
Street
LARSEN,
and
September 26, 1921.
The Board of Directors has this day declared a
quarterly dividend of one and three-quarters
(1 M%) per cent, upon the Preferred stock of this
Company for the three months ended September
30, 1921, payable November 1, 1921, to stock¬
on
Exchange
LOCOMOTIVE WORKS, INC.
42nd Street, New York.
LIMA
17
pany
William
York Stock
UTILITIES CORPORATION
Broadway, New York.
STOCK DIVIDEND NO. 46.
The regular quarterly dividend of one and
one-quarter (\lA%) per cent on the Preferred
Stock of the ELECTRICAL UTILITIES COR¬
PORATION has been declared, payable Octo¬
ber 15,
1921, to the preferred stockholders of
record at the close of business October 6, 1921.
ELECTRICAL
71
PREFERRED
A.
COMPANY
New York, September 28th, 1921.
The Board of Directors have declared
a regular
quarterly dividend of one and one-half per cent.
UM %) on the preferred capital stock of this
Company, payable October 15th, 1921, to pre¬
ferred stockholders of record at the close of busi¬
ness October 7th, 1921.
OWEN SHEPHERD, Treasurer.
E.
SMITH.
Treasurer.
CRUCIBLE STEEL COMPANY OF AMERICA.
DIVIDEND NO. 10.—RESOLVED, That a
dividend of one per cent (1%) be declared out
of undivided profits upon the Common Stock of
this Company,
payable October 31, 1921, to
stockholders of record, October 15, 1921.
W.
R.
JORALEMON. Secretary.
>
chronicle
the
XX I
[VOL. 113.
39ib<lirnt>#
tffnattcfal
Exchange
Buffet
Corporation
35th CONSECUTIVE
The First National
Corporation
QUARTERLY DIVIDEND
Boston, U. S. A.
The Board
Directors
of
has
this
quarterly dividend
of $2.00, per share on the capital
stock of the Corporation, payable
October 31, 1921, to stockholders
day declared
Capital
500,000
Surplus and Undivided Profits
a
of record at
$r*000,000
the close of business
October 20, 1921.
Transfer
will not be closed.
WE take pleasure in announcing the opening of a
A.
II.
Chicago Office
FREAM,
books
Treasurer.
October 5, 1921
'
at
4
KELLY-SPRINGFIELD TIRE CO.
Monroe Street,
111 West
under the management
of
Coggeshall, Junior.
Mr. James
Through private wire connections with our
Boston and New York offices we are
prepared
to
furnish every
facility for the purchase
and
v
of
Directors
has
this day de¬
quarterly Stock Dividend of Three
(3%) on the Common Stock of this
Board
The
clared
a
Per Cent
payable in Common Stock of the
November 1, 1921. to stockholders
Company,
Company
of
record
the
at
of business
close
1921.
A certificate of Common
Stock
October
or
a
14,
Warrant
representing
a
fractional share of Common
Stock, or both, in payment of the Stock Divi¬
dend will be mailed.
STEWART-SUTHERLAND, Secretary.
New York, October 4, 1921.
C. P.
Dated,
sale of
KELLY-SPRINGFIELD TIRE CO.
Bankers Acceptances,
A
Liberty Bonds and
November
Certificates
United States Treasury
Dividend
Quarterly
TWO
of
DOLLARS
($2.00) PER SHARE on the Eight Per Cent
Preferred
Stock
of this
Company has been
declared payable November 15, 1921, to stock¬
holders
of
record
at
the
close of business
1921.
1,
STEWART-SUTHERLAND, Secretary.
C. P.
New York, October 4, 1921;
OFFICE
or
CHICAGO,
weekly quotation lists
will be mailed
regularly
The Board of Directors
application
on
BYLLESBY &
M.
H.
Daily
and
COMPANY
ILLINOIS
of the Ottumwa Railway
declared the regular
three-quarters per
has
Company
Light
1
OF
quarterly dividend of one and
cent (1 %%) on the preferred
stock of the Com¬
payable by check October 15, 1921, to
stockholders of record as of the close of business
September 30, 1921.
pany,
Telephone, Central 363
OFFICE
H.
Capital Stock
owned by
Secretary.
OF
BYLLESBY
M.
CHICAGO,
Entire
GRAF,
J.
ROBERT
&
COMPANY
ILLINOIS
The Board of Directors
of the Shaffer Oil and
Refining
Company has
declared the regular
quarterly dividend of one and three-quarters per
(1%%) on the preferred stock of the Com¬
,
cent
payable by check October 25, 1921, to
of the close of business
pany,
stockholders of record as
The First National
Bank of Boston
September 30, 1921.
ROBERT
H.
The Board of
Power Company
of
Secretary.
OF
BYLLESBY &
M.
CHICAGO,
dividend
GRAF,
J.
OFFICE
COMPANY
ILLINOIS
Directors of the Northern States
has declared the regular quarterly
and three-quarters per cent
one
(1M%) on the
preferred stock of the Company,
by check October 20, 1921, tb stock¬
record as of the close of business
September 30, 1921.
payable
of
holders
GRAF,
ROBERT J.
H.
D.
FELLOWS
OFFICE
H.
Directors of The Western States
Electric Company of Delaware has
The Board of
Gas
and
dividend of one
the regular quarterly
three-quarters per
cent
declared
GROSSER
Announce the
COMPANY
CHICAGO, ILLINOIS
THEO. M. KERKHOFF
F. A.
BYLLESBY &
M.
Secretary.
OF
and
{\%%) on the
preferred stock of the Company, payable by check
October 15, 1921, to stockholders of record as of
the close of business September 30, 1921.
Incorporation
GRAF, Secretary.
ROBERT J.
.Z.
THE
ATLANTIC REFINING COMPANY
3144
Pas.vunk Avenue
Philadelphia
October 3, 1921.
meeting of the Board of Directors held
October 1, 1921, a dividend of $1.75 per share
was
declared on the Preferred Stock of the
At
H. D. Fellows
Company
i
'
a
Company,
navable November 1, 1921, to Stockthe close of business October
Checks will be mailed.
holders of record at
i
loth, 1921.
\V.
INVESTMENT BONDS
/
•
1
•
-f
f'
;
20 SOUTH
chicago
Secretary.
DIVIDEND NO. 21
STREET
233 Broadway,
;
ANDERSON,
UNITED VERDE EXTENSION
MINING COMPANY
'
LA SALLE
D.
The
New York, September 30,
1921.
of the United Verde
Board of Directors
has this day declared
a dividend of twenty-five cents per share on the
outstanding capital stock, payable November 1st,
1921 to stockholders of record at the close of
business
October
10th, 1921.
Stock transfer
Extension Alining Company
books do not close.
^
C.
P.
m
SANDS, Treasurer.
oCT. 8
xxm
CHRONICLE
THE
1921.]
jfinancial
$12,659,800
54% Loan
Dated October 26,
Interest Payable January 1 and July 1
1921
$8,804,000—20-50-Year Registered and Coupon Bonds, Due
with the option to
tion of twenty
and accrued interest at the expira¬
from the date of issue of this loan, or at any interest
the City to redeem at
(20)
years
October 26, 1971,
par
period thereafter.
October 26, 1936
$3,855,800—15-Year Registered and Coupon Bonds, Due
Free of All Taxes in Pennsylvania
Free from Tax Under Income
Tax Act of Congress
Legal Investment for Trust Funds
Bonds of the City of
Philadelphia enj oy
by savings funds, trust estates and
Negotiable Interim Certificates will be issued
certificates.
interchangeable
be registered
as
owned largely
'
-
-
registered to coupon,
to form from
as
registered, and re-exchangeable from one to the other
form may
are
if desired, pending engraving of permanent
'
/
Loan certificates
They
high investment standing.
a
conservative institutions.
or
from coupon to
from time to time at option of holder, and coupon
to principal.
of $100 and its multiples, in registered form; and in the
Sealed proposals will be received at Mayor's Office until Wednes¬
May be bought in denominations
of $1000 in coupon form.
sum
Bids must be on form which may be had on application
certified check for 5% of par value of the amount
of loan bid for.
The right is reserved by the undersigned to reject any or all bids, or to award any
portion of the loan for which bids shall be received, as they may deem best for the interests of the City.
day, October 26, 1921, at 12 o'clock noon.
Mayor's Office, and must be accompanied by
to
Full
descriptive circular furnished on application to the
Mayor's Office.
HAMPTON
J.
MOORE, Mayor
HADLEY, City Controller
DAVID J. SMYTH, City Solicitor
WILL
B.
©tofoenbtf
American
Telephone & Telegraph Co.
Three-Year
Six
Due
Cent
Per
1,
October
Gold
Coupons from these Bonds, payable by
terms on
To Institution Executives
Notes
1922.
^WTrustees
their
October 1, 1921, at the office or agency
New York or in Boston, will
of the Company in
be paid in New
We
arc
particularly well equipped to
Corporation Treasury Securities.
York at the Bankers Trust Com¬
in Boston at The
Wall Street, or
Merchants National Bank.
16
pany,
UNITED
SMITH, Treasurer.
BLAIR
H.
A
per
Company
ber
NO.
dividend
of two
quarterly
dollars
of
close
share)
on
has been
1921,
15,
This service includes:
Collecting income promptly. Preparing requisite
FRUIT COMPANY
DIVIDEND
to
business
the
"income
89.
tax
certificates "
Crediting collected income, or remitting.
per
cent
(two
Rendering regular statements of securities
capital stock of this
held
and income collected.
declared, payable on Octo¬
Any of
stockholders of record at the
September
C.
safeguard
B.
20,
1921.
to
TAYLOR, Treasuer.
as
v,
our
officers will welcome the
fully explain this complete
opportunity
COMPANY
October 4, 1921.
MINING
DIVIDEND
NO.
547
Insurance
Treasurer of
iACIs
Institutions
as
tympanies
Qustodian
Board of Directors has to-day declared
monthly dividend of twenty-five cents (25c.)
per share, payable October 25,
1921, to stock¬
holders of record at the close of business Octo¬
The
a
ber
1921.
20,
Checks will be mailed by COLUMBIA TRUST
COMPANY,
Dividend Disbursing Agent.
.
FRED
CLARK,
UNITED STATES RUBBER
1790 Broadway,
New
Secretary.
COMPANY.
October 6,
The
Board
of Directors
of the
(2%)
on
the First Preferred Stock of the Com¬
to Stockholders of record at 12 m. on
Saturday, October 15, 1921; payable, without
closing of the Transfer Books, October 31, 1921.
W. H. BLACKWELL, Treasurer.
PI.AZA
OFFICE
8o
broadway,
new
york
4znd street office
St
Maduon Ave. te 4 and
1921.
United States
Rubber Company has this day declared from its
net profits a quarterly dividend of two per cent
pany,
CentralUnionTrusi Gdmpany
of New York
jth Ave. tc 60th St
York.
as
Foreign
^Assistant
HOMESTAKE
lAfls
Trusteefor
service.
Qapitaf Surplus and Unaivided Troftts over 30
CWtmber Federal Reserve
System
cHiCillion ^Dollars
THE
XXXV
CHRONICLE
[Vol. 113.
jfinamial
Reorganization
of the
THE
OF
MAY, A.
D.
BETWEEN
1921,
CREDITORS'
THE
COMMITTEE AND THE HOLDERS AND OWNERS OF
NOTES,
ACCOUNTS,
CLAIMS
DEMANDS
BEEN
AND
SAID
THE
MOLINE PLOW COMPANY
NOTICE THAT AGREEMENT DATED THE 27TH DAY
SEVEN
OPERATIVE
THAT
AND
PLAN
A
1,
1918,
OF
To such
Gold
OF
1918,
and
the
against
D.
27th
the
Frank O.
Plow
Depositors
of
any
day of May, A.
Illinois
the
D.
and
all
owners
Moline
Plow
of
Company,
against
nature
any
Illinois
an
Depositors under said Agreement
and
the
Corporation,
:
YOU AND EACH OF YOU ARE HEREBY NOTIFIED
that enough depositors have been obtained by the
of their claims under the agreement dated the 27th
deposit
day of
May, A. D. 1921, by and between Frank 0. Wetmore,
Ralph Van Vechten, Edmund D. Hulbert, C. E. Mitchell,
R. I. Barr, E. A. Potter, Jr., Samuel Vauclain, Alfred L.
Aiken, Festus J. Wade, C. T. Jaffray and C. P. Coffin, and
the holders and owners of notes, accounts, claims and any
and all other demands of any nature against the Moline Plow
Company, Depositors under said agreement, to warrant the
Committee constituted by said agreement in declaring the
said agreement operative and to warrant the said Committee
in acting for the Depositors thereunder; and
YOU AND EACH OF YOU ARE HEREBY FURTHER
NOTIFIED that
a
Plan of
Reorganization has been prepared
and has been approved by the said Committee, a copy of
which Plan of Reorganization and of the Reorganization
Agreement, prepared in
of said plan, has been filed
Savings Bank, 68 West Monroe
Street, Chicago, Depositary, and may there be inspected
by you and each of you; and
with
the First
pursuance
Trust and
YOU AND EACH OF YOU ARE HEREBY FURTHER
NOTIFIED that fifteen days' time from the date hereof will
bo given to each of you to notify the Committee of and de¬
liver to the Committee in writing the objections, if
any you
have, to such plan, and that unless objections are filed with
the Committee within fifteen days, the assent of such de¬
positors as do not file objections in writing will be assumed,
and that unless within
thirty days from the date hereof
who
J.
to and
I.
R.
BARR,
SAMUEL
ALFRED
i
L. BURR,
VAUCLAIN,
L.
C.
C.
SCHWARTZ & FRANK,
76 West Monroe Street, Chicago,
Counsel for Creditors' Committee.
FIRST TRUST
West
P.
COFFIN
PERCY
New York,
of
their
as
notes
SAVINGS
New York
under
of
the
Depositary,
Agreement dated the 8th day of
Herndon
Smith,
holders of said
and
notes
Harold
as
Stanley
deposited their
Depositary for inspection by the Depositors
bearing date the 8th day
as
aforesaid Agreement
June, 1921.
AND
YOU
ARE
HEREBY
FURTHER
NOTIFIED
that all
Depositors under said Agreement of the 8tli day
of June, 1921, who shall not oil or before the seventh
day of November, 1921, exercise the right to withdraw
the notes and coupons represented by their certificates of
deposit under and in accordance with the terms of said
Agreement of the 8th day of June, 1921, (which will include
the payment for the expenses of the Committee of 85 for
each 81,000 of principal of notes so withdrawn), shall be
deemed
to
have
assented
said
to
Plan
and
shall
thereby without further act or notice, and that
the undersigned will be authorized to use their notes and
coupons for the purpose of carrying out the aforesaid Plan
of Reorganization, and will be authorized to deposit their
thereunder.
notes
October 4th,
W.
W.
1921.
HOFFMAN, Secretary.
RONALD M. BYRNES, Chairman,
55 Wall Street, New York City.
SAMUEL
SHEARMAN & STERLING,
(
J.
L.
FULLER,
HERTDON
oilDSCi
THE
NATIONAL
56
Wall
SMITH,
HAROLD STANLEY, Committee.
55 Wall Street, New York City.
CITY
Street,
BANK
OF
NEW
YORK,
New York City,
Depositary.
J.
H.
BEEN
APPROVED
STOCKHOLDERS'
STITUTED
BY
owners
dated
M.
CON¬
DATED THE
17TH
BETWEEN THE SAID COMMIT¬
or
holders of the First Preferred Stock
Company
as
became parties
the 17th day of June,
between
to the
Agreement
1921, between Alfred
David R. Forgan, Arthur
Heard, B. W.Jones and G. Herrmann Kinnicutt
owners
and holders of the First Preferred
Stock of Moline Plow Company
holders
1921,
COMMITTEE
AGREEMENT
Jaretzki, Stanley Field,
agreement
HAS
PREFERRED
First Preferred Stockholders' Protective
JOHNSTON,
stock
june,
PROTECTIVE
AN
of Moline Plow
and
notice that a plan of reorganization
has
been approved by the serial note
of
FIRST
PREFERRED STOCK OF MOLINE PLOW COMPANY.
To such
MOLINE PLOW COMPANY
day
THE
TEE AND THE OWNERS OR HOLDERS OF THE FIRST
BANK,
the
BY
DAY OF JUNE, 1921,
Chicago,
Depositary.
by
be
bound
Street,
constituted
as
with
Chairman; Percy H. Johnston, Ronald M. Byrnes, Robert I.
Barr and C. P. Coffin, and that the said Plan and Agreement
for Reorganization has been approved and adopted
by the
undersigned, the Committee constituted by the said Agree¬
ment bearing date the 8th day of June, 1921, and that a
copy of said Plan and Agreement of Reorganization has been
lodged and deposited with The National City Bank of
and such
Company
deposited
Moline Plow Company has been prepared by a Reorganiza¬
tion Committee consisting of Messrs. Frank O.
Wetmore,
Committee.
AND
Monroe
T.
AIKEN,
WADE,
JAFFRAY,
FESTUS
LKVINSON, BECKER,
8TH
Trust
1,
the
to
MOLINE PLOW COMPANY
GEORGE
EDWARD E. BARKER, Secretary,
1208 South LaSalle Street, Chicago.
the
Company,
September
NOTICE THAT A PLAN OF REORGANIZATION
WETMORE,
Chairman,
RALPH VAN
VECHTEN,
EDMUND D. HULBERT,
C. E. MITCHELL,
dated
Plow
dated
you mil be
approved the
FRANK O.
committee
Moline
thereunder.
notes
you
October 4th, 1921.
68
Serial
YOU AND EACH OF YOU ARE HEREBY NOTIFIED
that a Plan and Agreement for the Reorganization of the
withdraw from the Creditors' Agreement
bearing date the
27th day of May, 1921, heretofore signed by
you,
conclusively assumed to have assented
reorganization plan and agreement.
Respectfully,
of
Agreement
have
certain
a
Fuller,
Festus J.
of notes, accounts, claims and any
demands
other
Cent.
by the Moline Plow Company
Union
and such
Hulbert, C. E. Mitchell, R. I. Barr, E. A. Potter,
Aiken,
Per
June, 1921, between Ronald M. Byrnes, Samuel L.
between
Wade, C. T. Jaffray and C. P. Coffin, and holders
made
under
Wetmore, Ralph Van Vechten, Edmund
Jr., Samuel Vauclain, Alfred L.
OF
NOTES,
COMPANY.
The National City Bank of New York
agreement
1921,
PLOW
1918,
an
Central
nature
an
Company,
under
1,
under
Trustee,
accounts, claims
demands
other
Moline
corporation,
dated
of notes,
owners
all
HOLDERS
GOLD
holders of the Seven
September
COMMITTEE CONSTITUTED BY SAID AGREEMENT.
any
THE
SERIAL
Notes, Series "C," "D," "E" and "F," dated
issued
and
AND
CENT.
MOLINE
of the
REORGANIZATION HAS BEEN APPROVED BY THE
To the holders and
PER
SERIES "C," "D," "E," AND "F," DATED SEPTEMBER
AGAINST THE MOLINE PLOW COMPANY, HAS
DECLARED
COMMITTEE
certificates
as
deposited their
thereunder:
YOU AND EACH OF YOU ARE HEREBY NOTIFIED
that the assents of enough owners or holders of the shares
of First Preferred stock of the Moline PlowCompany have
been
i
obtained to warrant the undersigned in carrying the
Oct. 8
1921.]
THE
CHRONICLE
XXV
^financial
Reorganization of the MOLINE PLOW COMPANY—ConcWeJ.
said
First
Preferred
dated the
17th
Stockholders'
day of June,
Protective
Vechten,
R.
AND YOU AND EACH OF YOU ARE HEREBY FUR¬
NOTIFIED that a Plan and Agreement for the
THER
of
so
H.
B.
&
Smith
DAVID
JARETZKI,
FIELD,
R. FORGAN,
M.
W.
G.
Wall
16
JONES,
KINNICUTT,
CLEAVELAND, Committee.
COMPANY,
New York City.
Street,
NATIONAL CITY
South
105
agreement,
dated
the
8th
Company,
(2)
or
day
to
of
the
June,
and
Harold
Stanley and such
Plow
dated the 17th
Company
or
deposited
as
their
(3) to the Deposit Agreement
day of June, 1921, between Alfred
and
cutt
such
owners
or
holders of the first pre¬
ferred stock of Moline Plow
Company
their
thereunder,
the
certificates
of
stock
as
deposited
or
(4)
to
Protective Agreement, dated August 1, 1921,
between
John
E.
Adriance,
Francis H.
and Ruthven A. Wodell and such
Adriance
owners or
holders
of the Second Preferred stock of Moline Plow Com¬
deposited their certificates of stock there¬
BANK
OF CHICAGO,
Street, Chicago,
Depositaries.
Dearborn
PLOW COMPANY:
YOU AND EACH OF YOU ARE HEREBY NOTIFIED
HERRMANN
BANKERS TRUST
Vauclain,
Chairman,
HEARD,
B.
H. H.
Samuel
under, AND TO THE COMMON STOCKHOLDERS
ARTHUR
Counsel for First Preferred
Stockholders' Protective Committee.
Van
Mitchell,
Serial Gold Notes, Series "C,"
"F" dated September 1st, 1918, of
OF SAID MOLINE
CROMWELL;
Ralph
E.
the 7%
thereunder,
pany as
ALFRED
49 Wall Street.
New York City,
C.
Jaretzki, Stanley Field, David R. Forgan, Arthur
M. Heard, B. W. Jones and G. Herrmann Kinni-
STANLEY
THE
of
Moline
notes
1921.
WATT, Secretary,
SULLIVAN
said
Agreement
"D," "E" and
withdraw.
16 Wall Street,
New York City.
Potter, Jr.,
under
Herndon
the
Respectfully,
October 4,
A.
Wetmore,
Hulbert,
nature against the Moline Plow
holders
by filing with that Depositary from which his certifi¬
cate of deposit was received written notice of such dissent
and of his desire to withdraw, will be held to have ratified
and confirmed said plan of reorganization and the said
plan
will be held to be binding upon each and
every such depositor
not
E.
O.
D.
1921, between Ronald M. Byrnes, Samuel L. Fuller,
J.
Plan
shall
any
Deposit
twenty-sixth day of October, 1921, withdraw from
Agreement of June 17, 1921, and dissent from such
who
Barr,
Depositors
AND YOU AND EACH OF YOU ARE HEREBY FUR¬
THER NOTIFIED that all Depositors under said
Agreement
of the 17th day of June, 1921, who shall not on or before
the
II.
Frank
Edmund
Alfred L. Aiken, Festus J. Wade, C. T.
Jaffray and
C. P. Coffin and holders and owners of
notes,
accounts, claims and any and all other demands
reorganization of the said Moline Plow Company has been
prepared by a Reorganization Committee consisting of
Messrs. Frank 0. Wetmore, Percy H.
Johnston, Ronald M.
Byrnes, Robert I, Barr, and C. P. Coffin, and that said
Plan and Agreement for Reorganization has been
approved
and adopted by the undersigned, the Committee constituted
by the said Agreement bearing date the 17th day of June
1921; and that copies of said Plan and Agreement have been
filed with the Bankers Trust
Company, 16 Wall Street,
New York City, and The National
CityBank of Chicago,
105 South Dearborn Street, Chicago,
Depositaries; and that
copies thereof have been left with the said Depositaries for
distribution to the Depositors under the aforesaid
Agree¬
ment bearing date of the 17th
day of June, 1921;
said
between
1921,
Agreement
1921, into effect.
that a plan and agreement for the
reorganization of the
Moline Plow Company has been prepared by a
reorganization
committee consisting of the undersigned Frank 0.
Wetmore,
Chairman; Percy H. Johnston, Ronald M. Byrnes, R. I.
Barr, and C. P. Coffin, and that a copy of said plan and
agreement of said reorganization has been lodged and
deposited with The Central Trust Company of Illinois,
125
West
where the
Monroe
same
Street, Chicago, Illinois,
be inspected by you.
Depositary,
may
YOU AND EACH OF YOU ARE HEREBY NOTIFIED
Creditors of the Moline Plow
Company, other
that:
MOLINE PLOW COMPANY
than
To the holders of certificates of
Loan
& Trust
holders'
Company issued under the Stock¬
Protective
for second
1921,
deposit of the Farmers'
Agreement
preferred
dated
stock of
August
Moline
1,
Plow
Company:
NOTICE
IS HEREBY GIVEN that the undersigned
Committee has approved and adopted a plan and agreement
for
the
reorganization of Moline Plow Company, and has
filed a copy thereof with The Farmers' Loan & Trust Com¬
pany, the Depositary of the Committee, where the same
may be inspected by you.
Holders" of certificats
of deposit will
be conclusively
presumed to have assented to said plan and agreement
unless within twenty days from the date of this notice they
file with the Depositary notice in writing of their dissent
therefrom and withdraw from the Stockholders' Protective
Agreement in accordance with the provisions thereof.
New York, October 5th, 1921.
RUTIIVEN A. WODELL. Secretary.
68 William Street, N. Y. City.
JOHN
McADOO, COTTON &
FRANKLIN, Counsel,
43 Exchange Place, N. Y. City.
FRANCIS
THE
FARMERS'
22
LOAN
E.
ADRIANCE,
Chairman,
RUTHVEN
H.
A.
ADRIANCE,
WODELL,
Committee.
AND
TRUST
COMPANY,
William Street, New York City,
Depositary.
those holding negotiable instruments,
may be¬
parties to said reorganization plan and agreement by
signing copies of said plan and agreement and indicating
under their signatures the amount and nature of their
claims and depositing the said copies so signed with The
Central Trust Company of Illinois, 125 West Monroe
Street,
Chicago, Illinois, Depositary, on or before the 4th day
of November, 1921.
come
Creditors
holding negotiable instruments other than
7% Serial Gold Notes, Series "C," "D," "E," and "F"
September 1, 1918, may become parties to said
reorganization plan and agreement by signing a copy of
said plan and agreement and depositing it and such instru¬
ments with The Central Trust Company of
Illinois, 125 West
Monroe Street, Chicago, Illinois, Depositary, on or before
the 4th day of November, 1921.
the
dated
Holders of seven per cent. Serial Gold Notes, Series
"C," "D," "E" and "F" issued under an agreement dated
September 1, 1918, between Moline Plow Company and
Central Union Trust Company of New York as
Trustee,
may become parties to said reorganization plan and agree¬
ment by depositing their notes with the interest
coupons due
September 1, 1921, and subsequent thereto, with The
Central Trust Company of Illinois, 125 West Monroe Street,
Chicago, Illinois, as Depositary or with The National City
Bank of New York, 55 Wall Street, New York
City, as agent
of said Depositary, in either case, on or before the 4th
day of November, 1921.
Owners
1
MOLINE PLOW COMPANY
NOTICE
THE
TO CREDITORS AND
MOLINE
BECOME
PLOW
PARTIES
STOCKHOLDERS
COMPANY
EITHER
Moline
TO
WHO
THE
HAVE
OF
NOT
CREDITORS'
AGREEMENT DATED THE 27TH DAY OF MAY, 1921,
SERIAL
NOTEHOLDERS'
DEPOSIT AGREE¬
THE
of
or
holders of the first preferred stock of the
Plow
said
Company, of the second preferred stock
and of the common stock of said
may become parties to said plan and agreement
company
company,
by signing a cppy of said plan and agreement and depositing
it and their said~ stock with The Central Trust Company of
Illinois, 125 West Monroe Street, Chicago, Illinois, De¬
positary, on or before the 4th day of November, 1921.
MENT DATED JUNE 8, 1921, THE FIRST PREFERRED
Said certificates when
STOCKHOLDERS'
by the persons in whose name they stand.
DATED, October 4, 1921.
PROTECTIVE
AGREEMENT
DATED JUNE 17,1921, FOR THE SECOND PREFERRED
STOCKHOLDERS'
PROTECTIVE
;
SECOND
PREFERRED
as
have not become parties either
(1) to the
Creditors' Agreement dated the 27th day of May,
O.
WETMORE,
PERCY
H.
JOHNSTON,
Chairman,
WALTON, Secretary,
38 South Dearborn Street, Chicago.
STOCKHOLDERS OF THE MOLINE PLOW COM¬
PANY
FRANK
LYMAN A.
To such of THE CREDITORS AND FIRST PREFERRED
AND
deposited shall be assigned in blank
AGREEMENT
DATED AUGUST 1, 1921.
STOCKHOLDERS
so
R
LEVINSON, BECKER,
SCHWARTZ & FRANK,
76 West Monroe Street, Chicago,
_
Counsel for
Reorganization
Committee.
THE
I
BARR
RONALD
r
M.'
BYRNES,
rnFFiN
p
r*
'
.
Reorganization
D
..
Committee.
CENTRAL TRUST COMPANY OF ILLINOIS,
125 West Monroe Street, Chicago.
D6p08lt£lfy«
xxvi
[Vol. 113.
CHEONICLE
THE
:
.
JBattfe Statements
Man
Bank Statement that any
A
or
Woman
Understand
can
The Corn Exchange Bank
new
york
Statement of October
his assets
V
as
to be able to meet any
;
;/;■,/
For this
[1]
so
.
■
'
■;t
Cash
Checks
on
one
.
.
.
.
.
.
.
Payable in
.
.
$33,146,579.15
.
Specie] and with legal depositories returnable on demand.
Other Banks
.
.
.
.
.
.
.
15,441,125.47
.
.
day.
U. S. Government Securities
v;/iV'/. \
[3]
Loans to Individuals and
58,210,372.28
1
.'
...
[4]
i.
Purpose We Have:
[Gold, Bank Notes and
[2]
indebtedness in mind, and he arranges
request for payment.
always has this
A conservative banker
$197,119,192.76
Depositors
The Bank Owes to
;
1, 1921
Corporations
.
33,346,349.06
.
by collateral of greater value than
Payable when we ask for them, secured
the loans.
[5]
Bonds
.
.
.
.
Ofirailroads and other corporations, of first
[6]
Loans
.
.
.
.
.
.
.
.
.
Payable in less than three months on the average,
Bonds and Mortgages and Real Estate
[8]
Twenty-four Banking Houses
located
in
New
York
This Leaves
a
Surplus of
Which becomes the property
itors
are
paid, and is
a
48,050,227.39
.
.
.
877,656.50
.
3,884,036.91
•
.
1
City.
Total to Meet Indebtedness
[9]
.
largely secured by collateral.
[7]
All
21,369,032.31
.
quality and easily salable.
.
.
.
.
•
$214,325,379.07
.
.
.
.
.
$17,206,186.31
debts to the depos¬
solicit new deposits and
of the Stockholders after the
guarantee fund upon which we
retain those which have been lodged with us for many years.
Our listed resources,
enumerated in this statement, do not and can not
include those assets of
personnel of its board of directors, its offi¬
cers and employes. These are assets which pay dividends to our patrons in service and satisfaction.
friendliness and
helpfulness which this bank has in the
The Corn
Exchange Bank Supplies Banking and
Only Through Its Forty-six Offices Located in
Trust Service
Greater New York
OCT. 8
1921.]
CHRONICLE
THE
XXV H
Jflnatuial
NEW ISSUE
$1,500,000
Los
Angeles Gas and Electric Corporation
General and
Refunding Mortgage 7% Gold Bonds
Series "C"
j
Dated
September 1, 1921.
Due June 1, 1931.
-
Coupon bonds of SI,000 and S500 denominations with privilege of legistration as to principal.
Redeemable as a whole or in part
upon ninety days'notice, at the following prices and accrued interest: June 1, 1926, 105; June 1, 1927, 1041^; June 1, 1928, 104;
June 1, 1929, 1033^; June 1, 1930, 103. ' Interest payable on June 1 and December 1, in New York, San Francisco and Los Angeles.
The Company agrees to pay interest without deduction for any Normal Federal Income Tax up to 4% which it may lawfully pay at
the source.
-■■/■/%
Mercantile Trust
Company, San Francisco
Security Trust & Savings Bank, Los Angeles
) Trustees
/
IN CALIFORNIA
EXEMPT FROM PERSONAL PROPERTY TAX
Application will be filed with the Superintendent of Banks to certify these bonds
legal investments for California Savings Banks
as
CAPITALIZATION
As at
September 1, 1921
(After giving effect to present financing)
Authorized
_$10,000,0(X)
20,000,000
Capital Stock
*Preferred 6% Cumulative
Common
—
___
Bonded
Debt
(in hands of public)
General and Refunding Bonds—Series "A"
V
Series "B"
,
issue)
Underlying Bonds (closed mortgages).
______
Mortgage Bonds.
♦Of the $3,000,000
to
$2,500,000
3,500,000
1,500,000
8,510,000
_
Series "C" (this
Total
Outstanding
(*)
$10,000,000
$16,010,000
— ____
authorized by the Railroad Commission for issuance, $1,234,600 (par value) had been sold
September 1, 1921.
CONSUMERS
of December 31,
As of December 31,
As
1900
1910
As of December 31, 1920
As of September
1, 1921
11,531
108,903
216,550
233,741
Population of territory served
over
800,000.
EARNINGS STATEMENT
(For
year
ending August 31, 1921)
Gross
Earnings
Operating Expenses and Taxes
Net
_
.1
_
_ _,
:___
-dL
Balance for
Dividends and Surplus
Depreciation,
Requirements for
a
full
year on
$9,158,864.12
7,150,166.39
$2,008,697.73
556,971.12
!_
Earnings
Bond Interest
Interest
V
.
I
$1,451,726.61
all bonds in hands of public including
this issue.
$970,500.00
Average Net Earnings for past five calendar years____
1,991,076.00
(Equivalent to more than 2.05 times Interest Requirements.)
|
This issue is secured under the General Mortgage by property which, including the
additions provided for by this financing, is conservatively valued at over $33,500,000,
or
more
than 2.09 times the Company's total funded debt, including this issue.
All proceedings incident to the issuance of these bonds
Ehrman, White & McAuliffe, San Francisco.
Bonds
are
offered
subject to the approval of Messrs. Heller,
are
and when issued and received by us, subject to authorization of issue by the
It is anticipated that permanent bonds will be ready for
about October 12, 1921.
if,
as
Railroad Commission of the State of California.
delivery
on or
Application will
Bond Exchange.
be made in due
course
to list this issue
We recommend these bonds for
the San Francisco Stock and
investment
1
—_
Price 99 and Interest,
i
on
Bond
&
to Yield
Goodwin
**
Approximately 7.15%
&
Tucker
INCORPORATED
AMERICAN
NATIONAL BANK BUILDING
SAN FRANCISCO
LOS
PORTLAND
SEATTLE
ANGELES
Principal Corrctpondent Officer:
BOSTON
CHICAGO
PHILADELPHIA
NEW YORK
This information and these statistics are not guaranteed,
All the above Bonds having been
ST. PAUL
MINNEAPOLIS
but have been obtained from
sold, this advertisement
PITTSBURGH
sources we
appears as a
ATLANTA
believe to be accurate.
matter of
record only
CHRONICLE
THE
XXVIII
[VOL. 113
^financial
Two New Issues
$12,000,000
of
Queensland
(Australia)
Twenty-Year 7% Sinking Fund External Loan Gold Bonds
These Bonds
Dated
October
1,
Due
1921
October
1,
1941
payable April 1 and October 1
Interest
Coupon
Non-Callable
are
bonds in denominations of $1,000 and $500, registerable as to principal only.
Principal and interest payable in
New York City, in United States gold coin of the present standard of weight and fineness, at The National
City Bank of New York, Fiscal Agent of the Loan, without deduction for any Australian or Queens¬
land taxes, present or future, and payable as well in time of war as in time of peace,
H irrespective of the nationality of the holder.
Sinking Fund, the State of Queensland agrees to pay to The National City Bank of
Agent of the Loan, $400,000 per annum, during the first five years, in equal
quarterly instalments beginning January 1, 1922, and during each of the remaining fifteen
years sums sufficient to retire at 102)^ at least
one-fifteenth of the principal amount of
bonds outstanding December 31, 1926.
Sinking Fund payments shall be applied to the
purchase of bonds in the open market, if obtainable, at not exceeding par and accrued
interest to and including December 31, 1926, and at not exceeding 1023^ and accrued interest
thereafter; the unapplied moneys in the Sinking Fund to revert to Queensland.
As
a
New York, Fiscal
We offer these
99 and
bonds if,
as
and when issued and received by us, subject to approval of counsel, at
Interest, to Yield about 7.10% to Maturity
$4,000,000
Cuban
Telephone Company
First Lien and
Refunding Mortgage Gold Bonds
Series A,
due 1941
7%%
(Non-redeemable for ten years)
Dated
Interest
Due
September 1, 1921
September 1, 1941
payable March 1 and September 1.
Principal and interest payable,'without deduction for Cuban taxes, in United
States gold coin at The National City Bank of New York.
Coupon Bonds in denominations of
$100, $500 and $1,000, registerable as to principal only and interchangeable with fully
registered Bonds in denominations of $1,000, $5,000 and multiples of $5,000.
the option of the Company on any interest payment date upon thirty days' prior notice,
107H and accrued interest between September 1, 1931 and September 1, 1936, both inclusive, and at 105
and accrued interest thereafter but prior to maturity.
Redeemable in whole or in part at
at
THE
Interest
NATIONAL
are
BANK
OF
NEW YORK,
TRUSTEE
States Federal Income Tax
Pennsylvania refunded
payable without deduction for United
Four
Bonds
CITY
offered when,
as
Mills
Tax
and if issued
in
and received by us, and
up to
2%
subject to approval of counsel.
p
Price 95 and accrued interest,
yielding
over
8%
The National City Company
Main Office: National City
Uptown Office: National City
Offices in
The above information is derived
more
as
a
Bank Building
(42nd St. at Madison Ave.)
than 50 cities in the United States
from sources which we regard as
All Bonds o£each of the above issues
Building.
reliable.
and Canada
We do not guarantee but believe it to be correct.
having been sold, this advertisement appears
of record only,
matter
OCT. 8
THE
1921.]
CHRONICLE
jftaatidal
NEW
ISSUE
Exempt From Federel, State, Municipal and Local Taxation
$60,000,000
"H
10-20 Year
Federal Land Bank 5%
Dated May 1, 1921
Bonds
Due May 1, 1941
Not
redeemable
before
May 1, 1931
1 and November 1 at any Federal Land Bank or Federal Reserve Bank.
Principal payable at the Bank of Issue.
Coupon and registered bonds (interchangeable)
in denominations of .110,000, $5,000, $1,000, $500, $100 and $40.
Redeem¬
able at par and interest at any time after ten years from date of issue.
Interest payable May
_
The Supreme Court of the United States has held, (a) that these Banks were
legally created as part of the banking system of the United States, and (b) that
the Bonds issued by the Banks are instrumentalities of the United States Govern¬
ment and are exempt from Federal, State, municipal and local taxation.
outstanding bonds dated prior to May, 1921, are redeemable five years
In order to meet the demand for longer term securities Congress
Issues of
from the date of issue.
a statute authorizing the redemption period on new issues to begin in the eleventh
from date of issue instead of in the sixth as heretofore. The Bonds now offered
issued under this authority.
enacted
year
are
Special attention is directed to the following
Statement of Secretary of the Treasury Mellon:
"In view of the very
satisfactory financial condition of the Banks themselves,
of the exemption of the bonds issued by these Banks from Federal, State,,
municipal and local taxation everywhere in the United States, and of
the very adequate security back of these Bonds,
they should prove an
attractive security to investors large and small throughout thee ountry f
Acceptable by Treasury: These Bonds are acceptable by the United States Treasury
as security for Government deposits, including Postal Savings Funds.
Legal for Trust Funds: They are lawful investments for all fiduciary and trust funds
under the jurisdiction of the United States Government.
They are eligible under the
laws of many of the States for investment of all public and private funds, and have
been officially held eligible for investment by savings banks in the following States:
Alabama
Idaho
Mississippi
Oklahoma
Utah
Arkansas
Indiana
Missouri
Vermont
California
Kentucky
Nebraska
Oregon
Pennsylvania
Colorado
Louisiana
New
Rhode Island
Hampshire
Jersey
Virginia
Washington
Delaware
Maine
New
South Carolina
West
Florida
Maryland
North Carolina
South Dakota
Wisconsin
Minnesota
Ohio
Tennessee
Wyoming
Georgia
Texas
Massachusetts
The United States Government
Loan
The Banks themselves
Board,
At the
a
are
$6,500,000 of the capital stock of the Banks
purchased over $183,000,000 Federal Land Bank
owns over
and the United States Treasury has
Bonds.
Virginia
under the direction and control of the Federal Farm
Bureau of the Treasury Department of the United States Government.
request of the Federal
Farm
Federal
Land
of
the
.
Loan Board in co-operation with and on behalf
Banks,
we
offer these bonds at:
I
,
Price 100 and
accrued
.
•
■-
■
interest, yielding 5%
Harris, Forbes & Co.
Alex. Brown & Sons
Brown Brothers & Go.
Lee, Higginson & Co.
The National City
Guaranty Company of New York
Company
The statements contained herein, while not
information
and advice which we
guaranteed,
are
based upon
believe to be accurate and reliable.
THE
XXX
CHKONICLE
[Vol. 113.
financial
$12,000,000
City of Rio de Janeiro
(Federal District of the United States of Brazil)
Sinking Fund Gold Bonds
8%
Twenty-Five Year
Interest
Dated
October
payable April 1 and October 1
Due October 1,
1921
1,
1946
Principal and interest payable in New York City in United States gold coin at the office of Dillon, Read & Co., free of all
Coupon bonds of $1,000 and $500 denominations, registerable
present and future Brazilian taxes.
called in
the life
are
not
whole
if obtainable at
Federal
principal.
callable until October 1, 1931, on which date and
any interest date thereafter the issue may be
months' notice at 105 and interest. As a Sinking Fund, the Government of the
District agrees to provide a sum sufficient to buy $240,000 principal amount of bonds semi-annually during
of the loan, which payments will be applied by Dillon, Read & Co. to the purchase of bonds in the market
The bonds
Federal
as to
or
or
in part on six
below 105 and accrued interest.
Any balance unexpended at the end of six months
reverts to the
District.
These bonds will be
a
direct obligation of the
City of Rio de Janeiro (Federal District of the United
States of Brazil) and their issue, as required by law, has been duly authorized by the Brazilian Govern¬
ment.
The City of Rio de Janeiro is the capital of the United States of Brazil and is controlled by,
and administered under the
supervision of, the Brazilian Government.
It has a population of approxi¬
mately 1,200,000 and is the second largest city in South America.
The harbor of the City, which
is one of the finest in the world, is equipped with modern docks and warehouses and handles over 40%
of the total imports and exports of Brazil.
The
total
funded debt
$24,332,700
was
Revenues of the
The
revenue
of
external.
the City outstanding on December 31, 1920 was $49,423,300, of which
The City has always met the principal and interest of its funded debt in cash.
City are chiefly derived from taxes on real property, licenses, vehicles, cattle, etc.
City, at exchange rates then current, was approximately $11,000,000 in 1918 and
of the
$13,000,000 in 1920.
*
The proceeds of this loan are to be chiefly employed for permanent and revenue producing municipal
improvements, including the removal of Castle Hill and the construction of a municipal slaughter
house.
Castle Hill is situated in the center of the principal business section of the city between the
Avenida Rio Branco and the bay.
We are informed that all property on this hill has been acquired by
the city, and that property in the immediate vicinity has been sold at a price as high as $11 per square
foot.
The removal of this hill, which is already under way, will make available approximately 4,840,000
square feet of land.
All of this land, other than that required for governmental purposes, will be offered
for sale by the City, and all of the proceeds from such sale up to an amount sufficient to retire by purchase
or call this entire issue will be
deposited in trust for that purpose.
The receipts from the Vehicles Tax, the Sanitary Tax, and the Imposto de Laudemios (a realty tax),
and the equity in the Licenses Tax, Cattle Tax and Property Transmission Tax will be allocated to
the service of this loan.
The average annual return for the last two calendar years from these taxes
amounted^ to $2,615*630 with prior charges of $909,247. The receipts from the operation or rental of
municipal slaughter house to be constructed with part of the proceeds of this issue will also be allocated
the
to the servloe of this loan.
(Computations of foreign
otherwise indicated, are made at the rate of 12.5 cents per milreis and $3.75 to the
Average value of the milreis in 1920 was over 20 cents).
money, except as
pound sterling.
We
offer the above bonds for delivery when, as and if issued and
by us, subject to approval of legal proceedings by counsel.
received
Price
9734 and Interest. To Net
over
8.20%
Dillon, Read & Co.
Lee, Higginson & Co.
Continental and Commercial
Trust & Savings Bank
The information contained in this advertisement has been obtained from sources which we consider
it is accepted
'
'
by
us
as
reliable. While not guaranteed,
accurate
'
'
-
Orders have been received in
offered.
■
excess
-
'
.
of the amount of bonds
This advertisement appears as a matter
of record
•
Oct. 8
XXXI
CHRONICLE
THE
1921.]
^financial
Exempt from all Federal Income
Taxes
$2,000,000
City of Cleveland, Ohio
Water Works Bonds
5
Dated
July 1, 1921
Legal Investment for Savings Banks and Trust
Funds in New York,
Massachusetts, Connecticut and other
Eastern States
Cleveland has
a
Net Debt of about
33^% of the Assessed Valuation.
Population, 1920—796,841
These bonds,
issued for Water Works purposes,
tions of the
are
direct obliga-
.
City of Cleveland.
MATURITIES
,
$60,000 due each
year
from July 1, 1923, to July 1, 1932, inclusive.
$70,000 due each
year
from July 1, 1933, to July 1, 1952,
inclusive.
PRICES TO YIELD
1923 to 1925
inclusive—5.50%
1932 to 1934 inclusive—-5.25%
1926 to 1928
inclusive—5.40%
1935 to 1937 inclusive—5.20%
1929 to 1931
inclusive—5.30%
1938 to 1942 inclusive—5.10%
1943 to 1952
inclusive—5.05%
Legality to be approved by Messrs.
Kissel, Kinnicutt & Co.
First National Bank
Squire, Sanders & Dempsey, Cleveland
New York
New York
We do not guarantee the statements
sources
and figures presented herein, but they are
which
we
believe to be reliable.
taken from
XXXII
THE
CHRONICLE
[Yeii. 113.
jTitumcfal
We offer
subject to prior sale and change in price
limited
a
amount of
Joint Stock Land Bank 5% Bonds
"INSTRUMENTALITIES OF THE UNITED STATES GOVERNMENT"
(Issued Under the Federal Farm Loan Act)
Dated May
1, 1919.1
Dated Nov. 1,
1919.
Due May
j
Redeemable at par and accrued interest
Bonds
fully
registerable
and
on any
interest date after five
interchangeable.
Interest payable semi-annually,
1, 1939.
Due Nov. 1, 1939.
\
years
Denomination
from date of issue.
$1,000
and
Coupon
$500.
May 1st and November 1st.
Exempt from All Federal, State, Municipal and Local Taxation
Excepting only Inheritance Taxes
TAX EXEMPTION
By Act of Congress, approved July, 1916, and confirmed by
Court of the United States February
1921, these bonds
are
the Government of the United States and free from all
Local
a
decision of the Supreme
declared instrumentalities of
Federal, State, Municipal, and
Taxation, excepting only Inheritance Taxes.
SECURITY
Secured
obligations.
by either first mortgages
Mortgages
value of permanent,
are
on
farm
lands
or
United
States
Government
limited to 50% of the value of the land and 20% of the
insured improvements, such values to be determined by
an
ap¬
praiser of the Federal Farm Loan Board.
LEGAL INVESTMENTS.
Legal investments for fiduciary and
Government
and
acceptable
as
trust funds under
jurisdiction of the Federal
security for Postal Savings Deposits.
YIELD
The
yield from these 5% bonds, selling at
than that from U. S.
same
extent.
a material discount, is over 1% higher
Liberty 3}^s and U. S. Victory 3%s, which are
tax-exempt to the
U. S.
Liberty 3^8
U. S.
Victory 33^8 "
Joint Stock Land
at current prices
"
Bank 5s
Price 94$ and
The
"
"
yield
.4.23%
"
__________4.13%
"
5.50%
Interest—Yielding
at Least 5^%
EQUITABLE
TRUST COMPANY
OF NEW YORK
Bond
222
Broadway
Department, 37 Wall Street, N. Y.
Madison
Ave.
at
45th
Street
Published
VOL.113
OCTOBER 81921
every Saturday morning by WILLIAM B. DANA COMPANY.
Presi¬
dent, Jacob Selbert Jr.: Vice-President, Arnold G. Dana; Bu8iness Manager, William
D. Rlgga; Secretary, Herbert D
Selbert.
Addreea of all. Office of the Company.
N0.2937
CLEARINGS FOR SEPTEMBER, SINCE JANUARY 1, AND
September.
FOR WEEK ENDING OCTOBER
Nine Months.
1
Week ending October 1.
Clearings alInc. or
1921.
1920.
Inc. or
Dec.
1921.
Dec.
1920.
$>%
New
York.
15,078,886,311 18,601,529,099
Philadelphia
Pittsburgh
1,646,000,000]
Baltimore.
274,010,837
139,364,638
Buffalo
Albany
Washington..
66,754.029
Rochester
33,610,864
Scranton
Reading
Wilmington
Wilkes-Barre
Wheeling
19,497,474
14,218,031
8,781,883
10,354,024
11,748,862
16,484,284
Trenton
14,233,3371
Harrisburg
14.022.851
16.200,520]
Syracuse
York
5,253,728|
Erie
8,074,799
Greensburg
4,860,745|
Blnghamton
Chester
3,477.700
4.043,014
Altoona
15,118,229,473
5,567,302,491
2,825,685,007
1,344,266,704
165,259,964
775,853,142
419,609,008
188,612,510
20,490,033
65,663,286
48,934,143
21,326.973
18,619,479
11,062,993
12,877,590
11,605,091
22,358,264
18,018,970
17,342,173
—22.5
1,720,841,225
—21.9
12.7
3,004,600
—4.8
16,243,444
8,382,197
4,612,412
3,717,141
9,642,468
Beaver County, Pa...
NotrLstown
2.414,675|
Montclalr
1,965,965|
Oranges
Hagerstown
3,432,641
2,525,739
Bethlehem t
Huntington
Camden
Xeba non.
2.225,475
3,578,664
3,322,327
16,276,416
7,980,570
29,046,979
3.198.239
9,962,157
6,432,671
20,047,971
2,2 2,331
4,450,001
4,102,124
.........
_V-
.
Niagara Falls
Jamestown fv
-
» -
- -—
Total Middle
Chicago
—
475,000
526,722
-9.7
421,222
366,226
3,325,618
1,486,263
4,874,261
1,831,499
—31.8
—20.6
|6,442,493,654
4,530,796,899
—25.2
606,493,799
59,413,308
120,182,250
97,329,965
28,766,878
521,614,132
59,334,441
—9.9
37,342,5741
927,172
—21.0
4,738,240,391
—22.9
48 473 682
69 967,499
—30.7
—30.4
5,189,967,697
4,668,903,267
1,309,715,083
724,018,000
130,586,476
115,238,974
—43.6
22,074,748
13,447,138
—14.4
20,270.435
150,440,350,
—17.4
9,095,339
42.618,000
—16.7
1,755,408
249,008,000'
452,390,000,
—45.0
6,227,000
11,799,993
71,940,184'
105,692,090
93,232,337
—31.9
1,482,675]
—40.3
1,100,400
1,018,824
1,250,000
2,465,301
1,066,708
4,60 *,'}96
1,064,483
6,092,751
7,310,631
4,790,777,
.....
Bloomington
5,375,653;
7,728,547] —30.5|
13,864,370]
21,406.470,
Springfield, Ohio.....
5,948,0221
6,708,410]
South
8,803,7171
8,672,908
4,712,314
7,025,156
7,678,335
3.504,244
7,614,683
Bend
Decatur
Mansfield
5,596,759
Danville
Jacksonville, 111
3,094,999
5,063,748
1,391,059
Lima
3,276.946
Ann Arbor
2,601,801
826,602
Jackson
Adrian
Lansing
2,599,056]
4.331,537
2,442,494
998,029
11,064,000
1,192,828
Owenabcro
3.818,529
7,136,931
942.946
10,996,080
New Albany
2.101,695
527,253
386,336
Paducah
6,594,211
Hamilton..
1,404,171
3,697,163
8,784,478
Aurora
Haute
Total Middle West.
3,591,136,215]
Francisco
551,600,000
336,748,000
131,887,323
141,181,490
Los Angeles..
Seattle
Portland...
Spokane
48,221,332]
Salt Lake City
52,574,301
13.255,243
43,564,704
...
Oakland
Sacramento
24,737,310
11,360,844
22,945,376
21,801,300
San Diego
Fresno :
Stockton..
San Jose
7,618,580
Boise
4,816.432
...
Pasadena
11,881,575|
i
...
Reno.
6,553,246
....
Ogden
,
2,803,518
6,817,084
Long Beach..
14,387,532
Bakersfleld.
4,365,116
1,800,000
1,339,011
14.452.924
Riverside
Eugene..
...
........
Barbaraf--—--
3,298,335
3,287,173
1,813,288
2.000,000
Modesto t
Santa Rosa
Bellinghamf
Pacific
175,874,389
186,346,491
57,662,700
69,379,374
20,234,981
48,619,772
31,733,654
13,263,728
25.544,382
25.043,400
11,222,286
7,390,076
12,718,404
7,176.115
3,859,486
10,406,077
15,410,066
6,059,478
2,166,936
1,732,400
;
on
page 1545.
+ 18.9
—30.0
—28.4
—
12.4
16,747,000
14,326,400
13,022,147
4,910,481
6,802,600
—24.6
19.6
—
12.8
—
—24.8
14,816
—23.7
13,018,455
—28.7
4,477,032
6,541,349
—15.5
4,138,055]
—20.7
4,714,842]
5,497,813
—29.6
4,338,093
3,061,554| —45.2]
2,690,038
4,935,769
1,836,148
4,371,503
1,839,887
8,724,000
—28.6
9,890,000
2,525,611
1.5 0,000
,
—49.2
—41.3
2,617,808]
1,627.861
1,763,400
4,329.980
1,706,066
—4.6
1,582,414
=I?;I]
1
—2).l
-31J|
1,814,574|
+ 154.0
1,502,380
1,770,418
852,645
844,304]
1,763,067
4,202,393
1,529,447
1,429,229
1,522,664
1,600,000
—29.2
—38.8]
—21.9
892,0051
98,901,863
70,470,426
32,166,817
14,680,000
11.938,100
12,821,217
6,013,750
5,441,119
4,250.710
3,480,371
2,107,890
3922,349
1,346,886
4,500,000
1,933,889
953,299
1,382,813
1,468,747
1,900,000
1,157,599
1,464,933
1,104,063
1,263,442
650,980
—44.7
—20.4
300,227
800,000
—3.1
500.000
—34.4
197,092
2,500,000
—5.2
—45.7
—
241,356
598,239
—49".8
714,697
562,410
1,050,000
452.560
220,818
-23.8
1,284,147
884,378
400,000
2,100,000
366,017
+
—
480,000
135,862
1,750,000
529,8751
10.6]
10.5
+19.0
—34.2
90,000
1,107,023
697,991
13.9
—47.8
—27.3
6,313,437
75,583,762
28,724,888
—20.6
37,672,502|
Not Included
35,704,061
—26 2
1,083,388
665,588
32,835,325]
—28.8
17,040,775]
—27.8
—22.2
—8.9
In total
33,421,300,364
43,576,149,193
—23.3
817,3
4,864,700,000
3,061,786,000
1,109,362,714
1,105,568,473
379,099,398
471,104,561
6,077,714,809
2,903,839,000
—20.0
140.000,000
171,800,000
79,979,000]
1,604.932.360
—30.9
1,421,676,161
492,888,727
—22.2
—23.1
10,037,747
647,166,915]
—27.2
126,755,086
201,655,187
—37.1
11,773,338
2,571,730
390,961,752
411,554,178
—5.0
199,101,893
232,549,038
114,559,848
187,408,308
219,049,100
84,900,298
—14.4
80,838,000
41,532,122
39,375,415
13,358,811
17,935,609
4,209,012
11,249,473
6,758,687
2,897,304
6,019.871
103,353.686]
148,385,330
186.467,200
63,152,320
71,935,438]
39,695,984|
88,437^001
65,074,054
33,520,605
97,192,437
115,296,602
49,876.028
119,232,293
45,276,336
25,684,462
64,577,837
133,828,210
45,975,044
19,440,508
10,750,800
4,992,102
2,518,325
25,312,184
14,650,700
19,640,501
31,445,090]
Clearings by Telegraph
on
page
+ 5.4
—9.8
—20.8
14.9
10,077,898
5,821,857
2,181,069
4,935,361
4,665,600
870,011,638
169,295,194
47,197,000
44,384,048
39,816,618
15,874,529
16,991,407
4,588,481
9,920,895
6,000,000
2,056,948
5,312,310
2,767,664
3,015,227
114,390,565
—18.5
—1.1
—30.3
—18.1
—24.9
—34.9
—38.9
—
—
10.4
13.4
—24.7
—18.0
14,540,832
6,278,191
7,500,000
4,951,032
1,989,347
3,108,870
1,949,672
1,386,475
—33.7]
2,674,935
1,660,783
2,625"838
+T.9
1,467*561
970,453
—30.5
+ 3.1
675,000
900,000
—25.0
1,892,216
e90,478
998,033
—23.4
2,990,889
3,462",307
-13.6
2,022,972
964,092
863,138
-22.7
—43.4
+ 34.8
1,610,217,
634,884
—33.6
+ 15.6
—7.8
+7.1
—
--T
—17.9
667",598
J
:::::::
-1.5
20,128,374]
15,288,238,7331—16.0
1544.
10,900.000
—20.7
—29.0
12,761,482
*14,876,625
31,243.000
50,115,921
33,370,384
5,880,300,
14,657,998
!
28,009,111
32,235,787
—26.5 1,017,372,033
2,861,792]
—25.6
111,668,178
I
>3,356jl,111, 712,382
1,897,361]
—
27,366,947
13,100,089
119,607,317
t Not included in total; comparison incomplete.
—21.8
.
62,939,330]
11,588,831
1,478,525,529] 1,800,500,214} —17.91 12,847/17,106
Clearings continued
—32,8
—31.4
—33.6
68,130,835
37,383,223
66,405,398
24,687,754
41,660,699
23,057,483
75,317,471
29,410,432
53,276,406
107,327,629
13,592,714
3,985,030
3.280,149
—22.2
34,316,120
Not included
346,945,000
—
22,815,846
4,047,504]
712,000,000
75,072,013
4,555,006
58,782,250
7.243,949
2,715,465
4.863,119,260
—21.7
76,063,304
77,450,064
204,173,846
71,427,056
7,598,511j
6,199,524
Flint
55,714,484
51,105,369
53,251,127
135.550,582
55,897,353
89,236,447
44,011,158
48,793,144
32,665,261
47,319,726
13,641,540
33,161,019
71,396,0001
15,963,958
45,851,810
55,968,861
12.381,621
1,972,532
—18.0
81,758,225
22,352,243
8,943,165]
Gary
Lorain
666,069,165
2,222,682
—26.0
203,231,085
111,542,656
182,085,270
68,150,843
-13.1
497,971,765|
5,745,892
4,352,060
1,709,400
—18.8
—21.4
24,626,205,513
2,715,034,302
7,353,723
Canton
1,067,956
5,966,540,400|
3,280,852
3,871,295
1,677,352
24,690.000!
7,433,775,
—42.0
+ 1.1
21,148,771
18.0
Fort Wayne
Rockford
695;
—23.5
17,232,684;
Akron
900 000
—18.2
—21.5
Younpstown
;
-ii:!
18.3
194,362,294
Springfield, III
Total
-it;®
35,749,176
30,183,890
52,514,689
72,641,946
*219,201,116
30,752,871
271,569,926
19,637,424
9,753,393
EvansvilJe
Berkeley
2,911,235
159,487,313;
158,314,503
95,487.905
19.527,573
Santa
3,524,218
213,031,603,
16,421,913]
Yakima
-24.7
3,500,000
24,935,926'
Rapids
Dayton
Taeoma
3,239,852
—35.1
21,545,385
28.990,318
San
18.0
1 200
9,934,880
14,857,928
e
152,155
—24.6
Peoria.
1,313*678
1,466.055]
—11.6
63,284,325
1,620,528
2,851,828
1
593,635,098
223,498,212
45,371,021
19.4
—12.5
558,601,000!
55,470,700]
Toledo
+ 0.4
—
—41.4]
447,499,224
145,066,627
148,604,689
77,036,000
63,830,500
+ 10.7
—24.0
2,462,326
1,000,000
890,500
1,748,859
1.045,332
73,660,202
86,935,789
26,384,619
14,600,000
10,766.300
406,698,242
115.795,485
65,306,000
—25.5
—27.1
—22.0
7,860,277i 216,314,692,110
2,094,164,324
3,611,667,301
3,452,847,598
1,073,418,471
567,497,000
493,773,500
Indianapolis
Ten
—
21,658,132]
37,744.940
35,547,054
305,183,008
Columbus
Lexington
Quincy
121,040,832
31,980.565
33,044,801
23,530,857
222,602,789
358,723,169
Milwaukee
—9.7]
,618,488,486 3,787,091,993
467,427,389, 429,928,167
148,370,300
139,703,672
81,167,176
37,695,569
25,472,082
5,191,247
5,645,428]
16,270,489
14.842,776
11,649,485
8,328,622
5,199,901
5,145,622
5,500,000
5,933,245|
3,180,936
3,005,823
3,508,737
3,463,642
2,957,363
2,347,748
4,880 173
6,362,615]
3,000,000
3,678,154]
—21.4
19,357,186,182
Detroit
Grand
2,439,133
23,943,237|
179,201,615]
592,519,013
561,592,941
4,017,025
1918.
—59.4
2,722.838,437
Cleveland
2,602,836
5,611,609
3,852,183
4,000.000
1,715.044
32,152,921
+ 1.5
—34.5
—36.0
2,788,445
1,500,000
1,256,900
1,644,360
—8.0
—33.7
-ill
—42.9
1,382,571'
-—35.2
—25.9
3,044,997
3,425,371
2,212,771
1,000,000
728,200
963,501
1 050,000
'353
—20.5
6,507,950]
—16.2
40,449,613
2,072,916,031
Cincinnati
15,996,990,
12,797,775
5,1(9,526
-—20.5
48,429,000
61,502,188
17,011,691
—19.3 170,9
101,157,796
42,285,456
4,643,372
2,929,444]
—5.1
1919.
%
189,040,323, —17.51
4.,089,618
—10.5
•,041.372,999
503.443,483
60,109,096
32,311,842
24,675,0 7
108,994,315
65,472,472
4,506,632
5,010,053
18,093,013,682 122,429,023,153
10.3
—20.8
—
18,814,174
99,240,154
24,931,293
24,903,127
3,580,495
378,000,000|
1,947,544
2,753,235
2,873,157
13,047,7691
3,534,536
2.713,783
—31.2
4,008,531,760
104,211,402
53,422,267
45,951,422
35,466,621
39,834,782
37,192,208
Lancaster...
—21.8
111,166,473
82,820,4151
2,924,749
12,790,121
—21.6
135,493,756]
145,929,498
50,369,014
1,732,487
—8.8
209,601,124
150,141,021
153,706,168
134,409,872|
4,111,103
—22.8
119,284,944
93,178,398
1,186.826
—
195,835,179
191.845.079
99,738,082|
4,298,194
—14.4
442,531,371
166,078,844
6,425,011
5,203,000
6,280,558
4,941,143
—19.7
189,377,446
667,419,880
150,334.777
93,303,251
Frederick
\
3,647,007,811
*156,000,000
67,087,783
31,066,802
341,811,516
178,596,436
Franklin
•
182,058,877,271
18,821,024,332
6,502,723,403
or
Dec.
"f
—21.5
635,013,218
6,181,488
12,010,122
1920.
%
1143,006,203,283
2.053,379,187
*640,000,000
Inc.
1921.
♦Incomplete.
...—.
342,855,064
412.177,896
—
16.8
373,293,548
284,351,701
CHRONICLE
THE
1498
[Vou 113.
the smaller volume of trade
THE FINANCIAL SITUATION.
The
Pennsylvania Railroad makes
ment which would be of casual and
in
quence
the
significant.
The road's
purpose, says
some
mercantile
passing
lower price
on a
lines of late there has not been lack¬
and
industrial
provement is still
situation of
contending with is at once timely
now
In
ing evidence of revival in business, but speaking of
announce¬
an
ordinary conse¬
normal situation, but in the situation
a
country is
and
basis.
affairs
absent,
a
unemployment
tion continues of moderate
Mr. Rea,
in
general, im¬
fact that the current
^oes to prove.
proportions
Specula¬
the stock
on
is to
co-operate to the utmost possibility with Presi¬
exchanges of the country, and has played
dent
Harding's efforts to lessen unemployment; it is
in the
well to
repeat this assurance, yet it so agrees with
the conduct of the
railway properties
hardly
vania
that we
their owners
to
ligible in amount, and in
began, adds Mr. Rea,
ward in traffic has
be found at
Since the summer
question its sincerity.
hand, at
small seasonal swing up¬
a
in
was
the
the low
point
need further
the system, against 185,625 at
on
to be
men are
put at
This intention has
its
The
own.
idle
82,149
without
without
ent
point and
a
Pennsylvania,
significance of
a
repairs.
None of these
a
are
thus laid by
a
not
assisting at
in President
eral
a
feel,"
as
the
gen¬
,
of
as
well
ment this
Dealings
suggests to thoughtful readers how much
on
were
the New York Stock Exchange in Sep¬
the
fair amount to
a
aggregate of the month in 1920.
stocks
restraint of
against '15,296,356 shares
it
dered
necessity to be business-like, because
fall back upon
the country when it has blun¬
into financial
can
quagmires; the delusion that
Government is
the most
.......
its
yoke is
desirable
.
•
i
and its burden
easy
"boss," because
'
.,
a
less.
can
Another
suggestion which
Rea's statement
not
delusion
caused the
none
of intention and condition is
number
of
idle
cars
222
the
that
carters has
to be
for
greater
the
dealt in
Railroad
more
turnover of
particular
ing
are
and
after
we are
shown,
the ill effects of
how
hard
it
is
be better but for the Gov¬
At every turn and in every
to
having wandered
over
and over, how endur
an erroneous
public policy
get back to the right path
millions
ton
clearings in the United States for Septem¬
ber 1921 differ in
for all recent
a
no
essential
diminution in
the
totals
country and for all but
individual
particular from those
previous months, showing
cities,
for
a very
all
as
they do
sections
of
the
less
no
bonds
a
were
Liberty
Victory
bonds
a year
and
On the other
month
earlier,
was
below last
all classes of bonds reached
par
year
more ac¬
year.
a
The
total of
value, against approximately 287
while for the nine months it
ago,
2,242 millions against 2,759 millions.
At Bos¬
operations in stocks in September amounted to
shares.
stock
year,
and
2,504,917 shares against 4,198,-
Chicago
also reports less activity in
trading in the month this year, sales reaching
277,874 shares, against 308,916 shares in 1920, and
for the
tween
period since January 1 the contrast is be¬
3,004,207 shares and 4,414,404 shares.
limited number of the
compared with the correspond¬
ing period of either 1920 or 1919, and thus reflecting
as
industrial
284,080 shares, against 341,594 shares last
686
Bank
a
$336,924,300
was
shares,
and
expansion compared with
for the nine months
from it.
away
and
at an advancing level of values.
the physical condition
now
ago,
hand, trading in foreign securities, while
been left with their
owners,
handling.
in.
showed noticeable
tive than
equipment would
12,924,080
year
freely during the month than in 1920,
transactions
and
present had the roads
of
a
the transactions have been only 126,996,-
805 shares.
ago
totaled
to
Operations in
shares, against 166,764,842 shares, and 224,410,-
than it would have been at
ernmental
month
measure up
24,141,830 shares in 1919. For the nine months,
moreover,
■
be read in Mr.
if the Governmental seizure of the
even
than
the worker is
on
light, is quite prevalent, but it is
7%,
moderately greater than those for Au¬
employer than under Government, which loses the
a
gain
a
loss of 18.9% is
contrasted with last year, and of 13.6%
gust, but failed by
private and business-like
a
a
1919, while at the outside cities 24% and
tember
subject of employment and unemploy¬
better off labor is under
as
1918, however, there is
9%; at New York
over
respectively, represent the decreases.
and old-fashioned loyalty.
the
little
a
from
and maintain esprit de
up
Contrasted with
disclosed,
business-like
as
period in 1920 and 10.7% below that cf
same
1919.
already said, is obviously sin¬
operation and build
As to
For the nine months since January 1 the current
222, but this is 22.6% less than the aggregate for
sistent effort to be "human"
corps
aggregate at $13,212,149,-
by 24.5% and behind 1919 by
17.4%.
,
and in line with the road's consistent and per¬
cere
behind 1920
runs
falling off of 18.9% from
time when aid is most needed
Harding's endeavor to improve the
statement,
a
year's total for the 192 cities reaches $262,633,041,-
a
employment situation."
The
we
The Greater New York total of
revival in business but
only be prepared for
shall be
spring; "but
Fort
and
and 23.1% from two years ago, while for
year ago,
195
put them in order we shall
we
Norfolk
country the September ag¬
the 191 outside cities the
likely to be needed in this pres¬
Mr. Ilea, "that if
20.6%.
$15,078,886,311 exhibits
autumn, and it would probably be safe to let
says
Nashville,
whole
of clearings at $28,291,035,506 contrasts
$36,088,818,886 in 1920, showing, consequently,
loss of
21.6%, and, compared with 1919, there is a
decline of
Mr. Rea, now has
cars
For the
with
of which 46,691 have been stored
cars,
repairs
says
the larger cities
gregate
repair work.
once upon car
them remain untouched until
in
Worth.
A later announcement is that
fore winter sets in.
615
Richmond, Atlanta,
increase, and intend to use additional
chiefly in putting the equipment in order be¬
men
notably heavy.
are
among
they to
are
On the other
City, St. Louis, New Orleans, Louisville, Houston,
The management hope to
May 15.
on
points the declines
many
a
Baltimore, Buffalo, Rochester, Detroit, Cleve¬
land, Cincinnati, Toledo, Seattle, Boston, Kansas
City, Omaha, St. Paul, Denver, St. Joseph, Sioux
spring has been increased about 14,000,
199,000
now
instances
no
over
are neg¬
are
normal, yet in the last five months the force as it
being
they
cases
leading centres of trade.
Conspicuous in this regard
occurred; it has been less than
clearings
our
September exhibit gains
and in practically all
year ago,
can
the bitterest critic of the Pennsyl¬
suppose
can
Only 11 of the 192 cities included in
compilations for
management since the return of
part
no
clearings totals.
The Canadian
show
Clearing House returns continue to
decrease at almost all
points; in fact, in the
■
Oct. 8
1921.]
THE
current statement Brandon alone makes
exhibit.
from
The
which
decline
of
a
CHRONICLE
contrary
aggregate for the twenty-seven cities
have
we
comparative results shows
16.7% from last
a
and of 6% from
year,
1499
and with the
deficiency of fertilizers shortened the
fibre and lessened the
w£
yield.
Over most of the belt,
told, there will be little middle
are
practically
top crop.
no
and
crop
Boll weevils have advanced
1919, while for the nine months of the current cal¬
almost to the limits of the
endar year
as
the decrease from 1920 is 12.6%, but
compared with two years ago there is an increase of
A slight gain in activity
9.9%.
Stock
sales
Exchange in September is to be noted, the
reaching 115,061 shares, but this
than
less
no
the Montreal
on
shares in 1919.
a
The
aggregate for the nine months,
is only 1,629,373 shares, against 3,424.845
moreover,
shares
with
compares
258,977 shares in 1920 and 432,676
belt, doing such damage
experienced since the period of init¬
Army and other worms, the report,
has not been
invasion.
ial
which is drawn in the
gloomiest terms, goes on to
have been present in damaging numbers in most
say,
territory from Mississippi westward, stripping the
leaves from the plants over
large areas. With labor
practically and relatively cheap, and the weather
favorable,
larger
a
proportion
of
the
before.
The condition of cotton, as officially
interpreted
In
fact, it is averred that in
picking is completed, and that it will be finished in
much of the Central and Eastern territories
Agriculture, suffered further deterioration during
November
September
weather has favored
the
and
year ago,
but well under 1919, when it had been
announced to be the lowest
given.
much lower than
very
record for the date
on
This under ordinary circumstances would
be in the nature of
calamity, especially consider¬
a
ing the large decrease in
but, due to the
acreage,
in
supply of cotton exists, and
this gave a carry-over at
cient to assure,
stricted
the end of July last suffi¬
in conjunction with this season's
production,
re¬
supply of the staple ample to
a
meet any
and all consumptive requirements of 1921-
22.
as
But
stocks
as1 the
duced
basis
seems
will
advances
season
as
estimated
report,
as
given out
Monday
only 42.2% of
a
normal,
or
production,
Crop
42.2
acre,
ten-year
average
Reporting
of 62.4.
Board's
Sept. 25 foreshadows
on
a
a
condition of
yield of 118 lbs.
per
and this, applied to the Government's approxi¬
mation of
to be
area
harvested, indicates an
aggre¬
gate production of only 6,537,000 bales of 500 lbs.
each, not including linters, this being
bales less than the prospect
status, and the smallest
500,000
some
held out by the Aug. 25
crop
in about 30
to
Sept. 25
was no
through
years,
years.
on
States
12,040,532 bales in 1918-19,
in the
totals
All of the States make
three preceding
a
poorer
showing
Aug. 25, the deterioration in the Atlantic
ranging from 8 points in Georgia and North
Carolina to 10
Gulf from 4
in Texas 4
sas
11,420,-
and the 16,134,930 bales high record yield of
1914-15.
than
smaller
points in South Carolina, along the
points in Louisiana to 9 in Mississippi,
points, Oklahoma 10, Arizona 24, Arkan¬
and California 10 and Tennessee 12
trasted with last year
duction, such
as
points.
Con¬
the outlook is less favorable
everywhere, and especially
so
in States of large
pro¬
Explanatory of this Sept. 25 report, the Crop Re¬
Aug. 25
able weather of
tire cotton belt.
ness
was
rendered
September
worse
over
by the unfavor¬
practically the en¬
Record extremes of heat and
forced the unprecedented
maturity of the
seems
propor¬
In fact the only States in
to have progressed slowly are
The report
is
so
lugubrious
to suggest the possibility that the in¬
may
have been overdrawn.
While
this
on
,
subject of cotton it is of interest to
observe that the
Federation
compilations of the International
of Master Cotton
dry¬
crop,
Spinners' and Manu¬
facturers' Associations for the half year
31 1921
are
now
ended July
available, and they afford gratify¬
ing confirmation of results
nual
Cotton
upon
such information
we
presented in
Crop Report issued Aug. 27.
as we
our
An¬
Based
had then been able to
made the consumption of cotton in the
secure, we
world, not including Brazil, from which dependable
as
now
total
of
were
at
not obtainable, 15,808,830 bales of
The Federation's returns,
weight each.
hand, and including Brazil, furnish a
15,077,658 bales,
or
000 bales of 500 lbs. average
some
15% to
million
the
cover
approximately 13,940,weight.
Adding to this
missing returns (those from 23
spindles out of 152 millions, according to
Federation's statement)
and deducting the ag¬
gregate consumption in Brazil, we have a total
of
15,821,000 bales, differing from ours, therefore, by
less than
13,000 bales.
In the matter of spindles,
also, there is close agreement when proper adjust¬
is made.
ment
In
fact, revising our aggregate for
Great Britain to agree
which we, of course,
Texas, Georgia and Oklahoma.
porting Board remarks that the record bad condi¬
tion of
as
jury suffered
statistics!
moderately
less than 65%% of the estimated
California and Arizona.
all
500 lbs. net
763 bales two years ago,
observe that in Texas the
55%, Alabama 49%, Louisiana 40%,
ginning
Census Bureau of
year,
simi¬
put into marketable shape up
yield of the State, and that in Georgia the
Comparison is with the final compilations of the
13,439,603 bales last
less
or
a
corre¬
According to the
formula,
moreover, we
amount that had been
sponding time in 1920, 54.4 in both 1919 and 1918,
a
or
Comparing the detailed gin¬
Mississippi 39%.
7.1 points lower than
Aug. 25, and comparing with 59.1 at the
and
percentage in 1919.
was
crop
ning statement with the Department's forecast of
and
Sept.
report,
44%% of the
above, against 2,249,606 bales,
reached
morn¬
crop on
condition
or
17%, in 1920, and 1,835,214 bales,
which
on
the
2,907,950 bales,
tion
reasonably well assured.
The official
on
less than
price
remunerative
a
announcement of
no
a
by the Census Bureau, just prior
re¬
naturally be materially
ing, made the condition of the cotton
25
the
to
lar
reserve
rapidity in picking, the amount of the staple
statement issued
war
a
quality.
ginned from August 1 to Sept. 25, according to
than
Europe,
by early
crop,
and the
subsequent to the breaking out of the
lier years
weather
Dry
ear¬
one or
auspicious
continues.
two
surplus production of 1920-21, and
if
Reflecting the forced early maturity of the
of insects, and the status of the
ravages
at this time is not only
crop
a
result of adverse climatic conditions
ever
sections
some
by the Crop Reporting Board of the Department of
as a
it is
crop,
stated, lias probably been picked to date than
year ago.
with that of the Federation,
accept as authoritative, we have
151,635,111 spindles, against their total of 152,317,054
spindles.
The
over,
receipt of the Federation's statistics, more¬
enables
carry-over
peared in
us
to further revise the statement
of cotton July 31 1921,
our
of
which first ap¬
Annual Crop Report Aug. 27, but was
1500
CHRONICLE
THE
corrected in the "Chronicle" of Sept. 3, page
In those statements
we
1066.
estimated the stock of Amer¬
ican cotton in mills other than the United States
at
900,000 bales, believing at the time that it would
be proven
000
to $>e well under rather than over the ac¬
Now
tual.
have the Federation's result of
we
977,-
bales, with returns from 15% of the spindles
missing.
Allowing for that 15%,
1,124,000 bales.
we
Adopting that total
have a total of
abroad,
we
(1 inters excluded)
in
at
three hours to-day
[Sept. 30] the discussion of the
reply to Premier Lloyd George's invitation occu¬
pied only a short period of the proceedings. Deci¬
sion
the
on
reply to the Premier
argumentative points
1921
1920 and
with
comparison
1920.
Bales.
1919.
Bales.
1,358,147
2,055,015
1,303,418
2.208,367
451,000
52,000
292,000
387,017
500,000
200,COO
1921.
Bales.
Liverpool
685,000
700,000
75,000
119,000
360,C00
162.657
947,572
200,000
At Manchester.
At Continental ports..
506,000
Afloat for Europe
386,720
Mills other than in United Htate?.—-1,124,000
Japan and China ports and afloat..250,G00
;
-
Elsewhere in United States—
-
--1,650.000
1 50,000
775,000
9,335,620
6,052,391
6,168,802
Total lint cotton
As
regards the stocks of other varieties of cotton
in the world
July 311921, the visible supply
date stood at
mill stocks
on
that
approximately 2,028,000 bales, and the
ignored."
An Associated Press cablegram
London, dated Oct. 1, said that "England was
to-day filled with hope that a settlement of the
Irish
problem would follow the meeting of the Brit¬
representatives of Sinn
Fein Ireland in this
Oct. 11.
statement, 1,923,612 bales.
Without
city
certain,
and they recognized
that his
Announcement
Lloyd George said:
clear, therefore, that with such
to draw upon
meet the
1921-22,
there will be
a reserve
a
decided
At the
the
as
same
season
July 31 1922
pared with
of
time, however, there
steady and important cutting down of
reserves
carry-over
season
with the yield in the United States
even
should be
supply
dearth of cotton to
consumptive requirements of the
greatly decreased.
a
no
a year
progresses,
leaving the
much reduced
very
as com¬
earlier, unless there should be
slump in consumption.
There
was
general relief, but not surprise,
Lloyd George's invitation to
Irish
question
on
Oct. 11.
a
centuries
Britain."
ed to be
old
a
conference
on
"thus clear¬
problem between Ireland and Great
He added that "the conference is
expect¬
unprecedented in the history of Great Brit¬
Premier
would
After
not
be
failed in the
check my
past failures.
All that I
who enter it make up
a
contemplation of
usefully
can
the conference is this: it
of their
own
extremists, who
either side."
essentially
are
irreconcilable
Wednesday and devoted the greater part of
on
day to the unemployment problem, according to
London advices.
Preparations for the Washington Conference
the Limitation of Armaments
interest in the
are
It has been definitely set¬
tled, according to Washington dispatches, that the
American
delegation shall be limited to four.
tive to the interest
on
the
London
said that "an indication of the interest that is be
to
attend
the
correspondent of the New York "Tribune"
was
ex¬
to send one
in Ireland lie will have achieved greater honors
Washington."
Early in
official statement had been made,
said to have been understood in the British
capital that the Sinn Fein delegates to the confer¬
Oct. 11 would be "Arthur
of the Sinn Fein; Michael
Collins, Finance Minister
and commander of the Irish
ton, who has been
a
Griffith, founder
Army; Robert C. Bar¬
leading figure in the negotia¬
seen
nearly every important London
British
ence on
Rela¬
part of the British, the
able
George is successful in the task of bringing about
was
on
going forward and
gathering, both in this country and
abroad, is increasing.
pressed in high quarters to-night that if Mr. Lloyd
it
on
The Prime Minister returned to Lon¬
ing taken here in the conference is
no
common
people and not try to reconcile
asserting that the
situation, he stated that "the belief
week, while
about
only if those
their minds definitely, cour¬
cision of
the
say now
succeed
can
ageously and resolutely to trust each to the
sense
ef¬
past, that I find myself compelled to
native hopefulness by
Irish
than could be attained at
so many
question; all of which have
Washington conference in November, because of the
peace
even
Tuesday, Premier
"There have been
forts to settle the Irish
the
momentous attempt to settle the
ain, if not in Europe."
British
as
member, and would not
a
of Premier
The Associated Press
correspondent in London spoke of it
ing the way for
over
Monday
Oct. 10 and that Eamonn de
on
In his speech at Inverness on
don
acceptance by Eamonn de Valera
on
to London at that time.
the
the
Dublin
delegation would leave for the
the amount in warehouses in
It
made in
was
that the Sinn Fein
go
of 200,000 bales.
peace
ability in negotiations would be equal to
Consequently the carry-over of all varieties of cot¬
ton July 31 1921 was about
13,387,232 bales, plus
excess
to
way
the task of reconciliation."
returns, we have an aggregate of 3,951,612 bales.
in
the
patience in handling the trouble¬
preliminaries, and there hope was expressed
London conference
was
news¬
for his skill and
some
Valera would not be
date, which
London
might be long and difficult, but hope abounded, even
if complete confidence was
lacking. Prime Minis¬
ter Lloyd George received
praise in some quarters
increasing this latter item 15% to allow for missing
Japan, China, etc., at
on
papers to-day did not assume that a settlement was
(mainly East Indian) according to the
Federation's
the
consent having
ish Cabinet members and the
hint—
is
unanimous, all
was
general
been
In U. 8. consuming establishments__1,025,046
In U. 8. public storage. &c
6,633.254
that
by
from
1919.
At
were
consuming
of American lint cotton July 31
carry-over
to have been the
delegates to the confer¬
Inverness, which was called off by Premier
Lloyd George." According to a Dublin dispatch,
"although the Dail Eireann Cabinet sat for nearly
men
ence
have the following as the
of the stock of American cotton in
ure
establishments
true meas¬
as a
[Vol. 113.
or more
delegation.
fices in America
in the de¬
newspaper
special correspondents with the
Even the
are
newspapers
sending special men."
with of¬
In dis¬
cussing the interest in disarmament at the Geneva
Assembly of the League of Nations the Newr York
"Times"
men
navy
in
of
correspondent at that centre said: "Spokes¬
two
nations wdiich
have,
one
the greatest
in the world, and the other the greatest
the
army
world, declared before the Assembly of the
League of Nations this afternoon that their coun¬
tries had the
deepest faith in the possibility of gen¬
tions; Eamonn J. Duggan, Sinn Fein member of
eral
Parliament, and George Gavin Duffy, who has been
Governments
representative of the Sinn Fein abroad."
speeches by the delegates of England and France
sociated
Press
The As¬
correspondent claimed that "these
wrere
disarmament and
sincere
promised
on
behalf of their
efforts to that end.
greeted with enthusiastic applause.
These
The adop-
Oct. 8
tion of
a
coming
1921.]
League disarmament work
program
CHRONICLE
for the
attended by other speeches, many
placed large hopes in the Washington con¬
year was
of which
ference.
ment
THE
i
All the Allied nations
joined in disarma¬
pledges except the Japanese,
none
of whom
spoke."
As to the
ability of Premier Lloyd George to leave
conference, the London representative
of the New York "Times" .said that "it has
always
Washington, and if he can
been his desire to go to
possibly fit in
visit to America with the domestic
a
demands upon
him he will undoubtedly do
At
so.
present, however, the prospect of his being able to
absent himself from
intimation has been
ton that
head
England is
the Prime Minister is
the
"Tribune"
small that the
so
conveyed officially to Washing¬
British
altogether unlikely
delegation."
representative,
The New
York
Tuesday morning that "Premier Lloyd George now
is hopeful that he can
journey to the United States
for the later sessions of the
tation
conference,
as
Washington
probabilities of
arms
limi¬
early tenta¬
an
tivesettlement of the Irish problem increase.
colleages in the Cabinet
the
are
His
urging him to attend
meeting of the Powers, and he is laying his plans
in that direction."
According to London advices
yesterday morning he has practically decided that
it will not be
ment
Announce¬
come.
made that the Dominions will have
was
half of
possible for him to
the six
British
delegates.
one-
George Foster
the nations in this summary of soldiers
actually under arms, about Sept. 1 1921 being cred¬
ited
with
strife in the number of
French
and
France
will
men
the British
is
far
by civil
with the colors.
Germany last, with 100,000.
stands
France
distressed
The
strength is placed at 1,034,000 men,
Empire standing next with 740,500, and
The United
thirteenth, with 149,000
men
States
in the regular
army,
exceeding only Germany, while Italy has
350,000 and Japan 300,000 active troops. Figures
for other Powers include:
Russia, 538,000; Poland,
450,000; Greece, 255,000; Spain, 253,000; Switzer¬
land, 170,000; Turkey, 152,000; Czecho slovakia,
150,000."
The Berlin
correspondent of the New York "Her¬
ald" cabled at the
same time that
"Germany is no
longer attempting to keep fragments of her old army
together, hoping by some miracle to face the world
again, in the opinion of
observers.
Stories that
000 soldiers in secret
are
Allie^l military experts and
Germany is supporting 800,-
organizations for this purpose
contrary to facts."
He added, "that does not
Germany has renounced the idea of re¬
that
mean
building her
despite the Allies.
army
Freitag Lor-
inghaven said that Germany must have
meet her defensive needs.
This means,
an army
to
according to
military circles,
Such
army
at
pretensions in the East, notably in Upper Silesia.
an
raise
Washington the question of the adherence of the
an army of some 300,000.
would, according to the opinion here,
pre-war
the Poles and to maintain German
There is not
United States to the League of
cided
upon
of the
at
Nations,"
was
de¬
of the sessions of the Assembly
one
League of Nations this wreek, according to
special cablegram to the New York "Times."
t
The
correspondent added that "they do not consider that
it will be
necessary
to add any item to the existing
agenda of the November conference, but will bring
up
the League under the discussion of disarmament,
and
particularly land disarmament.
stood that the initiative will
"
troops,
not
army
suffice to face
Britain
active
the nations
German
represent Australia.
"Great
1,370,000
among
to
Pearce, Minister of Defense, has been named
That
."While China stands
:
first among
the other hand, cabled
on
thq following details of the military forces
embraced in the above total
ahead
home for the
to
then gave
1501
representatives at Washington.
The line of
reason¬
ing the Allied delegates will probably offer is that
far
so
land disarmament goes
as
agreement of the
smaller force.
a
The
permission which the Allies
the Germans to keep certain fortress guns in
gave
East Prussia is
being used
place antiquated
Under
no
cannon
as an
in the
opportunity to
re¬
with lighter modern pieces.
circumstances could
face the Allies
an
army
of this size
opinion of German military
experts."
It is under¬
from the British
come
of
enough artillery to supply an army of
standards, but sufficient to meet the needs
Definite announcement
days
ago
that-Marshal
United States
American
on
Oct. 22
was
made in Paris
Foch
a
as
would
sail
a
few
for
the
special guest of the
Legion; that Premier Briand and other
French
delegates to the Washington Conference will
great Powers to disarm by no means solves the prob¬
leave
week
lem.
this
f
England and France feel that possession of
top-heavy military equipment by small States
stitutes
as
great, if not greater, danger to
peace
con¬
than
possession of large armies by the big Powrers with
more
poise and
to lose by rushing into war.
more
a
country
other
later, and that;the Premier will leave
on
members
the return trip about Nov. 22.
of
the
French
The
delegation had not
been announced at that
time, but a Paris dispatch
yesterday morning stated that they would be Pre¬
mier
Briandy former Premier Viviani, Senator Al¬
Sarrant, Jules J. Jusserand and General Ber-
Quarrels of little nations embroil big nations, and
bert
thus many
thelot.
able
a
war
in history has
proportions.
armament must be
not the
only,
to formid¬
grown
Therefore, they
argue,
In
real dis¬
a
speech at Inverness
alf embracing, and the best, if Lloyd George,
means
to assure that is through the
ference, said:
on
Tuesday
Premier
in referring to the Washington Con¬
"With regard to the conference at
League of Nations, for which the small nations have
Washington, if it is wisely approached and
such enthusiasm."
ducted in
Regarding the problems with which the Washing¬
ton
conference will be called upon to
Associated Press
discuss, the
correspondent at Washington said
that "active armies of the fourteen most
nations of the world
six million men,
and
regarded
as
to-day include approximately
according to figures obtained here,
reasonably correct.
elusion of land armaments in the
coming Conference
these
are
assembled
the
important
on
of
Armaments,
figures with wThich it is expected the
commissioners
will
have
one
of
broad,
far
shall
as
which should
history for generations to come.
the British Government is
certainly do all in
our
con¬
spirit, it will consti¬
thosel outstanding events
affect human
as
courageous
And,
concerned,
power to
we
make it
a
success, feeling in doing so that we shall be inter¬
preting the wishes of
every
citizen throughout the
With the in-i Empire."
agenda of the forth¬
Limitation
tute
a
to
deal."
He
In
discussing the military position in France and
the stand that her
delegates will take at the Wash¬
ington Conference, the Associated Press correspond¬
ent at Paris said in
a
cablegram Thursday morning ^
THE
1502
the Frence
of
aim
"the
that
Washington Conference on
CHRONICLE
Government at the
Armaments
and Far
[Vol. 113.
starvation, but the
the
national
measure
resources."
of relief depends
According to
upon
London
a
delegates of other
dispatch to the New York "Tribune" Wednesday
Gov¬
ernment, that France is not unduly armed, and that
her security requires the number of men now in ac¬
morning "a riot in the centre of London's West End,
Eastern affairs is to convince the
nationalities, especially those of the American
Mashal Foch will be
tive service.
the conference every
before
prepared to lay
particular concerning
General
collaborating
present land armaments of France.
the
Weygand and General Degoutte are
with General Desticker, who will accompany Foch,
preparation of documents which will be sub¬
Washington Conference by the Mar¬
in the
in which
many
policemen and jobless persons wTere
injured, ended to-day what the police describe as
the
largest demonstration
known in the
by
English capital."
unemployed
thousand idle persons from the East End
a
organized
hunger march this afternoon with the intention
of
parading at Spring Gardens, where the London
County Council
in session discussing the
was
mitted to the
ployment problem. The columns of workless,
shal."
them many women, some
assembled
Assembly of the League of Nations,
session at Geneva for several
The second
ever
He added that "ten
on
unem¬
among
with babies in their
arms,
the banks of the Thames from various
parts of the city."
which had been in
at 6 o'clock.
President Van Karnebeek, in summing up the work
of the session, said that "those who had expected
from the League miracles which would transform
the world suddenly into a paradise would be disap¬
On
weeks, adjourned Wednesday evening
pointed, but the pessimists who had
result of
the
upon
predicted the
League would be confounded by
dissolution of the
work
the
He dwelt
accomplished."
of
the technical organizations
the importance of the International Court
Justice, and also upon
by the Assembly, as marking real progress
toward the kind
of internationalism which the
set
up
League
counts
organized to bring about.
Press ac¬
"The opinions of a majority of the
was
said:
Tuesday the German Cabinet voted to ratify
the Weisbaden
with France.
reparation
Later it
Affairs Committee of the
in
it
the
secret session.
York
New
German
wide
is
it
cretly—and
nations to make a beginning in this
the large
for
direction
proper
and hence,
it is held, Washington is the
place for such a beginning, since there all the
greatest armed nations will be gathered.
also considerable
There is
skepticism, but most of the dele¬
gates are hopeful. The delegates of the nations more
less
or
ference
I
-
-
directly interested in the results of the con¬
are
other with
•.
-
.
r,;..
politicians have been
se¬
one an¬
reopened for full transactions
Wednesday, after having been closed since the
A large accumulation of orders
A report was in circulation that
reported.
was
industrial
"German
and
banking circles
are
now
taking active steps to raise a loan of between a
billion and
a
billion and
Government and
the
an
half gold marks abroad,
a
association
representing
banking and business interests having approved the
A German industrial board has been ap¬
scheme.
On this board are
pointed in connection with it.
Dr.
von
tric
Siemens, head of the German General Elec¬
Company; Herr Boersig, a locomotive manufac¬
turer ;
a
Unemployment continues a live topic in the lead¬
apple of discord
being pro-French and pro-English, and
The Berlin Bourse
.
.
l
Weis¬
beginning to draw partisan lines accordingly."
are
The Ber¬
Hugo Stinnes and Herr Kraemer."
correspondent of the New York "Herald" quoted
lin
reticent."
an
"the
openly—charging
are now more
previous Thursday.
ferent
as
that
Though it sounds unbelievable,
delegations regarding the work of the League are
according to the situation of the dif¬
countries.
The small States hold that it is
big
fact that German
divided, but the net results apparently give general
satisfaction.
The attitudes of the delegates to the
ments varied
correspondent of
asserted
politics, which now-a-days have world¬
on
Washington Conference on the Limitation of Arma¬
Berlin
The
"Times"
significance.
a
Foreign
Reichstag, which discussed
baden convention looms
in
convention concluded
submitted to the
was
of
member
received
the board
saying that "they had
as
large offers of credit from American bank¬
ing countries of Europe, as well as in the United
ing concerns, and with Max Warburg they are study¬
States.
ing the matter and the possibility and
Many
suggestions
Washington conference.
work upon a
President
have come
from the
Committees are still at
comprehensive study of the situation.
Harding
to Governors and
on
Monday addressed an appeal
A
a
delegation of British business
men
had
meeting with Premier Lloyd George at Gairloch,
with
respect to their unemployment problem.
cording to
off
Ac¬
subsequent dispatch, "the discussions
by the Labor Exchange, there has been
improvement recently.
the
were
It
was
stated that
20,000 this week and 20,000 last week
unemployed registers, leaving the total at
In his
speech at Inverness on Tuesday, Premier
Lloyd George dealt with unemployment,
the
as
well
as
Washington Conference and the Irish situation.
He asserted that
tion."
those
spondent
"unemployment is a world condi¬
He added that "national honor demands that
willing but unable to work must be saved from
at
Geneva.
Bolshevism
is
He also said that "charges
responsible
are
the
Rus¬
the cause of the hesitation on the
part of the Governments to
of the
provide for the feeding
starving Russians were made."
further what took place at
In narrating
that particular session
correspondent said that "Dr. Fridtjof Nansen,
High
tee
for
famine, and counter-charges that political con¬
siderations
o
last week Friday's
according to the Associated Press corre¬
session,
the
1,445,000."
political situations in Russia were
League of Nations Assembly" at
possible." According to figures made available
"there
to begin shortly."
outstanding features of a violent debate at the
sian
some
are
The food and
"the
that
in London
Anzeiger' says
bankers
cans
extremely helpful, but no definite decisions
were
were
a
"the 'Lokal
Mayors "to give immediate aid in
carrying out the recommendations of the confer¬
ence."
practicability
He added that
conferences with Ameri¬
closing the negotiations soon."
of
Commissioner of the International Commit
for
Russian
charges, was
Relief,
who
made
the
,
1
counter¬
upheld in his efforts, however, and
a
paragraph was introduced into the committee report
which stated the League could not appeal to the
nations for funds to
feed Russia, expressing confi-
Oct. 8
1921.]
THE
dence in him and in the
adopted,
prospect of his
committee
the
CHRONICLE
As
success.
report leaves the Govern¬
mental action with reference to Russian relief to be
1503
rent total up
to
£125,666,000,
975 in 1920 and
result of the strain
before.
year
As
a
accompanying the heavy Oct. 1
decided by the Brussels conference, while appealing
dividend and interest
to
items
private charity and welfare organizations
ally for aid for Russia."
charges that the
He said he
work.
to fear in
would
some
in league with the
should
such
quarters
that
would
be
the
be, he asked, "is that
ing 20,000,000
At the
val
the
relief
for
time
a
but
due
was
Russia
He did
even
if it
for allow¬
special dispatch from the Re-
correspondent of the New York "Herald"
made
public, that had
sen^ assertions.
workers in
Soviet
In
Russia
part he said:
"American relief
being
watched
are
spies, because of
members will
vism.
was
direct bearing on Dr. Nan-
a
closely
by
suspicion that individual
a
intrigue for the overthrow of Bolshe¬
Every
they make is systematically
move
noted, their conversations
are
frequently overheard,
and their communications which reach the
proportion of
foreign
Extraordinary Commission.
daily life
most
are
stood
The
Government securities increased
on
loans
on
other
of
gold
which
£88,126,694 in
fore the Executive Committee of
in
and
Commissars, he
7
j
in
of whose agents might, he said,
1919.
ex-
last year.
discount
from
of
statement
the Bank of
BANK
of
New
York
conference
ENGLAND'S
5.
Oct.
£
Circulation.
there
leaders
recently
Public deposits——
Other deposits
considered
developing Russia through
granting of foreign concessions, still were unsuc¬
cessful, and proposed recognition
of
the
Czarist
condition that French financiers would al¬
Bolshevist lead¬
negotiate with French capital¬
ample foreign credit to Russia.
authorized him to
ists and to
owed
now
promise to
pay
interest
on
by Russia in fiye or ten years.
the old debts
Krassin is
negotiating with French financiers in this con¬
£
19,266,000
There has been
no
change in official discount rates
leading European centres from 5% in Berlin and
5J^% in Paris and London; 6% in Rome,
Denmark, Sweden, Norway and Madrid;
Holland, and 4% in Switzerland.
4)4% in
In London the
private discount rate for short bills is a shade higher
at
4J4%> against 4 3-16%, while three months' bills
are
4^%, in comparison with4}/g% last week.
money
as
in
Paris and
Call
Open market discounts
Switzerland continue to be quoted at
week
a
84,405,790
21,249,755
23,151,037
10.
£
62,796,035
41,678,315
28,327,818
42,186,150
137,585,970 119,625,251
63,789.255
57.231,013
59,243,045
58,271,720
96,018,994
81,707,450
95,511,344
88,944,306
13,841,479
22,170,904
28,762,971
32,260,444
88,126,694
73,109,006
55,488,759
reserve
liabilities
14.40%
8.87%
15.50%
17.30%
19.90%
5y2%
The
Bank
reports
7%
5%
5%
5%
of
France
reported another trifling reduction in its gold holdings,
£526.
On
because
of
continued
the
lation, registered
a
This
the
other hand total reserve,
expansion in note circu¬
namely
weekly
statement
Bank's
gold holdings,
5,523,303,775 francs,
against 5,481,107,716 francs at this time last
and
5,574,47^,216 francs the
amounts
both
1921
1919.
year
1,948,367,056 francs
and
and
1920
previous; of these
were
held abroad in
1,978,278,416 francs in
During the week, silver gained 291,000 francs,
advances
rose
101,523,000 francs, and Treasury de¬
posits increased 12,000 francs.
the
as
year
other
Bills discounted,
on
hand, fell off 186,560,000 francs, while
general deposits
were
reduced 147,746,000 francs.
A
expansion of 662,871,000 francs occurred in
circulation, bringing the total outstanding
316,105 francs
and with
on
up to
This contrasts with 39,567,-
37,792,328,000 francs.
the corresponding date last year
Just prior
36,726,249,370 francs in 1919.
to the outbreak of war,
in 1914, the amount
6,683,184,785 francs.
Comparisons of the various
was
only
items in this week's return with the statement of last
week and
as
corresponding
crates in 1920 and 1919 are
follows:
BANK
FRANCE'S
OF
Changes
COMPARATIVE STATEMENT.
—
—:
Status
as
of
for Week.
Oct. 6 1921.
Oct. 7 1920.
Francs.
Francs.
Francs.
Gold Holdings—
Oct. 9 1919.
Francs.
208,000
3,574,936,719
3,532,740,660
No change
1,948,367,056
1,948,367,056
3,596,196,800
1,978,278,416
Inc.1
208,000
5,523,303.775
5,481,107,716
5,574,475,216
...Inc.
In France
291,000
277,619,495
256,453.192
290,602,883
Inc.
Sliver.
2,330,453,162
928,666,958
Inc. 101,523,000
2,290,037,000 2,090,723,289
1,320,016,725
Note circulation.—Inc.662,871,000 37,792,328,000 39,567,316,105 36,726,249,370
Treasury deposits..Inc.
12,000
35,037,000
45,600,652
56,711,927
Bills discounted
Dec 186,560,000
2,273,709,298
General deposits.._Decl47,746,000
2,326,330,000
Advances
3,156,484,153
2,762,460,785
further decline of £695,000 to
compares
with £13,841,479 last
and £22,170,904 in 1919.
The gain in note
circulation totaled £694,000, which brings the cur¬
its
The
aggregate
now
Abroad
England in its statement for the week
in
further small gain of 208,000 francs in its
a
Total
The Bank of
year
£
58,541,000
ago.
5% and 4%, respectively.
£21,197,000.
£
1917.
Oct.
9.
bullion--.128,413,841 123,195,454
is also firmer, having been advanced to 4%%.
against 4%
Oct.
84,948,000
Proportion of
note
Belgium;
1918.
8.
21,197,000
_
Reserve notes & coin
further
nection."
at
Oct.
127,771,000 134,762,490 120,331,701
Govt, securities
a
foreign credit for the Soviet Government. Kras¬
sin said efforts to aid in
ers
1919.
6.
125,666,000 127,803.975
therefore,
low
tabular
a
COMPARATIVE STATEMENT.
1920.
gold item this week.
on
We append
England return:
OF
and
debts
made in the Bank's official
was
concessions in connection with the old Czarist debts
the
£790,403,000,
and £883,379,000
"Herald," before Gregory Krassin
Bolshevist
of
ago
special dispatch from Reval to
a
Soviet Government left Moscow
the
£84,£96,018,994
comparisons of the principal items of
Bank rate-
the
totaled
week
a
aggregate
was
Clearings through the
week
5J^%.
1921.
to
intrigues."
According to
the
No change
rate
now
the total
£81,707,450.
banks for
Other securities.,
engage
Loans
ago
against £585,196,000
as
Coin and
some
1919
London
£128,413,841,
£123,195,454 last year and
with
year
■v.:
pressed decided distrust of the Hoover organiza¬
tion,
A
hand amounts to
on
compares
948,000.
£25,181,000 and
£4,454,000. The Bank's
securities
Oct.
Speaking of the famine relief be¬
Trotzky.
to
8.87%.
In public deposits there was an
expansion of £7,035,000, while other deposits showed
the sensationally large gain of
£22,351,000. Loans
man
responsible for this system of espionage is
Leon
reduced;
was
at
Their visits and their
constantly under suspicion.
liabilities
to
reserve
14.40%, in comparison with 18.61% a week ago and
17.39% a week earlier. Last year the reserve ratio
at Riga, are immediately communicated to an
press
disbursements/all the deposit
increased, in consequence of which the
were
stock
any reason
to starve?"
persons
same
case,
cam¬
of his
sueces^
thought this campaign
strengthen the Soviet Government.
think
not
gener¬
Dr. Nansen repeated his
press was
paign of falsehood to prevent
1
against £127,803,-
as
£84,405,790 the
In its statement,
Bank of
upon
issued
as
of Sept. 30, the Imperial
Germany showred drastic changes consequent
preparations for the usual month-end settle-
/
Probably the feature which attracted the
ments.
most attention was an
of
less than
no
expansion in note circulation
4,025,346,000 marks, which carried
already unwieldy totall to another
that
CHRONICLE
THE
1504
This unsatisfactory showing,
86,203,711,000 marks.
which is attributed very
in wages and
prices
as
largely to recent increases
well
heavy cash payments
as
abroad and fresh taxation demands which
aging renewed hoarding,
week of 1920 of
compares
are encour¬
with
total of
a
in circulation in the corresponding
currency
paper
high of
new
61,735,489,000 marks, 29,784,100,000
the year
previous to that and 1,890,893,000 marks
in
of
July
marks
Gold declined nominally 1,000
1914.
and
coin
total
Treasury certificates
and
bullion
marks.
152.000
member banks reduced their
borrowings at the Re¬
Bank, in round numbers, $37,146,000, and
serve
this, together with the expansion in deposits, brought
about a loss in surplus of
$43,557,160, thereby wriping
<^ut last week's
excess reserve and leaving a deficit
$10,898,230.
These changes, how-ever, attracted
only perfunctory notice as they are regarded as little
of
than
more
book-keeping transactions and almost
certain
to
week.
The
basis
readjusted in the
the
1,023,704,000 marks, which
with 1,091,-
compares
for
member
banks
of
the
analysis of the Federal Reserve Bank state¬
in spite of the advance in the
yesterday afternoon from 4}/£%
5%, and then to 5}^%.
So far as could be learned,
to
there
development.
well in
attaching special significance,
Call
of the demand.
change in
veals the fact that
accommodations
the
Broadly speaking, they
although
further gain in gold is
a
recorded for the system as a
whole, the New York
loss in gold reserves of $48,-
said to have been made
are
smaller for the twelve
were
that the total of the bill holdings is
$1,440,191,000,
in comparison with $1,441,-
792,000 last week and $3,101,361,000
There
was
contraction in aggregate
a
kinds of $21,000,000,
ratio remained the
In the
is, 69.0%.
Bank, bill holdings
of $20,000,000
a
year ago.
deposits of all
but Federal Reserve notes in
actual circulation increased
reserve
re¬
$25,000,000, while the
same as
a
week ago,
that
of the New York Reserve
case
are now
$294,889,000,
for the week.
increase
an
Total earning assets
expanded $26,000,000, but deposits fell off $32,000,The ratio of
000.
to
80.0%,
as
reserve
against 82.4%
has been lowered
a
week
note circulation increased
serve
ago.
slightly,
Federal Re¬
Saturday's New York Clearing House bank
statement
changes
Loans
reflected
and
interest
were
disbursements
and
Oct.
1
sharp
noted in nearly all of the principal items.
expended
were
reserve,
the strain incidental to
dividend
$55,081,000,
while
surplus
owing to augmentation of deposits and the
drawing down of member bank
Federal Reserve
thus leaving
Bank,
reserves
with
the
completely eliminated,
for the seventh time this year a deficit.
In net demand
was
deposits the gain totaled $44,801,000,
$3,664,644,000. This
which carried the amount up to
is exclusive of Government
a
deposits of $216,191,000,
decline in the latter of $6,328,000 for the week.
Net
time
deposits
the
States and
municipalities.
Commerce
of
stabilized
be
countries
are
if
counted
as
of members of
the
Federal
$3,378,000, to $66,626,000 (not
reserve), an increase in reserves of State
banks and trust companies in own vaults of
$23,000
of loans.
the
currencies
neces¬
Secretary
of
the
large offerings of
appears
for
European
The
Notwithstanding
issues the prevailing opinion
to be that the money market will be easy
some
cles
new
other
time to
come.
In
some
local financial cir¬
materially lower rates for call funds than
a
are
predicted for the first quarter of next
matter of
fact,
venture a guess,
in the
on
must
firm basis again.
problem is how to accomplish1 this.
no one can
would be
as
a
do much
because of the
general situation.
rapidly,
many
more
now
year.
than
uncertainties
If business should improve
is forecast by
some
authorities, there
fresh demand for funds.
This, coupled
requirements abroad, might bring about a fairly
firm money market.
No one can tell when improve¬
ment in business will begin on a larger
scale, and how
with
rapid the expansion will be when it does
Referring to the
call loans covered
as
more
a range
come.
specific rates for money,
this week of 434@5A%,
against 5@6% last week, for both mixed collateral
and
all-industrial
own
vaults
some
currency,
speech in this city
a
to be put on a
in cash in
of
corporations,
feeling in
Thursday evening, said that the German mark
there
Bank
a
European countries, it will be
Hoover, in
Among the other changes
Reserve
There is
financial assistance in the way
last week.
decrease
noticeable than
for United States bankers to extend considerable
sary
Monday the high
were a
more
domestic
commercial and industrial conditions in South Amer¬
ica and in various
however, only nominally
changed, being $217,904,000, against $217,252,000
were,
of
account
banking circles that in order to stabilize
As
Last
for
obtain
$11,000,000.
low
as
Probably the volume at that figure was
relatively small.
This week the offerings of foreign
those
Redis-
funds.
5%.
as
government issues have been
Washington.
time
53/£@53^%, although
are
to its credit with the Gold Settlement Fund held
the Federal Reserve Board at
There has been
for
rates
000,000, due entirely to transfers from the amount
by
has renewed and
money
4J^% and it is claimed that the supply
excess
material
no
for
was no reason
to this
ment, made public late on Thursday afternoon, re¬
so
Reserve
call money quotation
was
now
Federal
The general trend of the
money market has been
toward greater ease,
loaned freely at
before.
porting banks,
of another
enormous
577,000 marks in 1920 and 1,096,580,000 marks the
counting operations
course
figures here given for surplus are on the
13% surplus reserves above legal require¬
of
ments
be
Saturday last.
gain of
9,417,142,000 marks.
Advances were cut 45,327,000
marks, but other liabilities showed an expansion of
1,527,209,000 marks and investments 20,779,000
marks.
The Bank's gold holdings are now reported
a
As noted above,
marks,
registered
institution sustained
kept by State
reserve
In bills
while
An
$527,000 in the
6,080,000 marks.
was an
year
decline of
increase of 15,808,000
discounted there
as
a
institutions in other depositories.
System,but do not include cash in vault amounting
to
$66,626,000 held by these member banks on
reduced 497,368,000 marks
were
and notes of other banks
deposits
and
[Vol. 113.
newal figure,
loans
was
without
5}^>%, which
while the low
and 5%
was
differentiation.
was
5%.
also the
re¬
On Tuesday
the only rate quoted.
Wednesday and Thursday there was a further easing
was no range
was
to
4}/2%, although renewals continued to be made
at
5%, the high.
Call loans renewed at 43^%
Friday, the minimum figure, but for
a
on
brief period
Oct. 8
1921.]
advance to
an
drawals
there
by
is
THE
534%
little
very
against 534%
week
a
In
No
time
important
decline to
a
Four, five and six
ago.
All-industrial
in, is put through,
figures just given.
534@5%%,
whenever dealt
money,
usual, at 34 of 1% above the
as
Mercantile paper rates
shade easier and
are a
endorsed bills receivable and six months'
choice
names
character, against 5%% last week.
well
known still
previous week.
at
now
from 534@5%% for sixty and ninety days'
range
less
trades
5%@5%%,
months' money continues to be
quoted at
unchanged.
money
maturity, though for sixty and
ninety days there has been
as
result of with¬
as a
banks.
doing.
recorded in any
were
scored
was
out-of-town
CHRONICLE
require 6%, the
of
Names
same
the
as
The bulk of the business passing is
5%%, with 534% asked usually for New England
mill paper.
Out-of-town institutions
the prin¬
were
cipal buyers.
Banks' and bankers'
acceptances have ruled firm
and unchanged.
A better demand was noted and
the
volume
larger.
of
business
Savings banks
the market and
the
call
until demand bills touched 3
78%.
This was mainly
higher cabled quotations from London
favorable impression
produced by the more
in response to
and the
hopeful utterances of Premier Lloyd George
regard¬
ing the outlook for the exchanges and the forthcom¬
ing arms conference in Washington,
which;, in his
opinion, is likely to have a far-reaching effect on
world affairs.
but there
volume
Later
of
prices sagged off slightly,
strength at the close.
The
on
renewed
was
business
has
been
although attention continues
marks.
Little,
if
commercial bills
appreciably
to centre
increase
any,
in
against
of
in this respect is
regarded as, to a considerable extent,
responsible for the steadiness 'in currency values.
Large operators, however, continue to adopt
servative policy and the market
as
waiting
a
one
a con¬
best be described
can
with much of the business that is
actions in the aggregate only moderate.
loans
upon
supply
offering is noted, and the scarcity
active in
as
larger,
chiefly
the
passing daily of
largely responsible for
For
turnover.
Following a quiet opening, with rates practically
unchanged in the initial transactions, firmness de¬
veloped and the price level began to move
upward
therefore
was
reported
were
in fact
were
increased
transacted
1505
a
speculative character and
trans¬
It is appar¬
ently agreed that the reparations question is likely
to dominate.exchange affairs for a
good while to come
bankers' acceptances the posted rate of the American
and
Acceptance Council is still 434%-
continue
Council makes the discount rates
acceptances
Reserve
eligible
Banks
for
The Acceptance
prime bankers'
on
purchase
by
the
Federal
5% bid and 4%% asked for bills
running
120 days; 4%@4%% for ninety days;
4%@4%% for sixty days, and 4%@4%% for thirty
days.
Open market quotations follow:
SPOT
DELIVERY.
90
FOR
DELIVERY
Days.
60 Days.
30
...47A®4%
Prime eligible bills...._______
47A®4%
47A@4»A
WITHIN
THIRTY
Days.
DAYS.
5A bid
...
Ineligible bank bills
5% bid
Following the action two weeks
ago
of the Federal
Reserve banks of New York and Boston, the Federal
Reserve Bank of
Philadelphia,
ered its rediscount rate
for all maturities from
Federal
live
on
stock
Reserve
on
on
of
commercial paper,
On the 6th inst.
Minneapolis reduced
and
Victory
schedule of rates
of paper at
on paper
now
The
notes.
following
is
the
in effect for the various classes
3
to
72%@3 7234
EFFECT
OCTOBER
bills
within 90
7
days; trading
BANKS
3
transfers
creased
Agricul¬
accep¬
Treasury
Liberty
Other¬
Trade
tances
notes) secured by—
accep¬
disc'ted
and
3
3
tances
slock
paper
mtes and
bonds
wise
for
and
seemed
member
within
of
became
Victory
and
banks
90 days
days
notes
unsecured
maturing malurlno
6
5
5
5
5
5
5
6
5
5
5
5
Philadelphia
5
5
5
5
5
which demand
5A
5A
5A
5A
5A
5A
6
6
Atlanta
6
6
6
6
6
6
Chicago
6
6
6
6
6
6
St. Louis
6
6
6
5A
6
6
Minneapolis
Kansas City
6
6
6
6
6
6
Dallas
6
San
5A
Francisco
6
6
6
6
6
—
bills
In¬
Tuesday,
on
moved
up
in
to
sixty days to 3 67%@3 68 11-16; business, how¬
continued apathetic.
On Wednesday a vigor¬
rally
took
place,
mainly in
response
to
the
optimistic remarks of the British Premier, and sterling
rates
advanced
demand,
3
nearly 2c.,
3 75%@3 77%
69%@3 7134
sixty
for
3 74%@3 77%
to
for
cable
days.
transfers
Extreme
Thursday's dealings, but prices
and
the
range
for
and
dulness
were
well
3 76%@3 78%
to
rose
demand, 3 76%@3 7934 f°r cable transfers and
70%@3 72% for sixty days.
strength
was
On Friday renewed
manifested, with demand
6
6
6
6
6
6
6
6
6
5K
5H
5A
6A
5H
up
to 3 7734®
3
78%, cable transfers 3 78@3 79% and sixty days
3
71%@3 72%.
Closing quotations
were
3 7234 for
sixty days, 3 78% for demand and 3 78% for cable
5
Cleveland
6
evident
73@3 74 7-16, cable transfers to 3 7334@3 74 15-16
and
91 to 180
edness
Richmond
advance to
an
tural and
live
certificate
of indebt¬
York
firmer with
was
66%@3 67% for sixty days.
firmness
consequence
for
maturing
Federal Reserve
3 72%@
72%@3 7334 for demand, 3 72%@3 74 for cable
maintained
1921.
Bankers'
demand,
6634@3 66% for sixty
not active.
Monday's market
was
though still quiet
marked
days (incl. mem¬
ber banks' 15-day collateral
for
3 73 for cable transfers and 3
3
Discounted
Boston
difficulty in making payment next month.
Referring to the day-to-day rates sterling exchange
on
Saturday last was easier and there was a fractional
ous
the different Reserve Banks:
IN
New
able
un¬
secured by Treas¬
DISCOUNT RATES OF THE FEDERAL RESERVE
Bank of—
though on the other hand, some bankers are
opinion that Berlin is likely to have consider¬
ever,
notes and Certificates of Indebtedness, Liberty
ury
of the
trade acceptances and
from 634 to 6%, continuing
paper
changed at 6% the rate
bonds
ments;
all classes of paper and
534 to 5%.
Bank
the 5th inst. low¬
Germany has been some¬
forcing the Allies to
modify the original terms of the reparations agree¬
5lA bid
Eligible non-member banks
the
that the financial collapse of
what overdone with the idea of
decline
Eligible member banks.
the rate
Germany's ability to maintain her payments
a
subject of keen discussion.
Not a few feel
transfers.
Commercial
sight bills closed at 3 77%,
sixty days at 3 70%, ninety days at 3 68%, docu¬
ments for
payment (sixty days) at
day grain bills at 3 77.
ment
finished
at
3
3?72% and
seven-
Cotton and grain for pay¬
There is apparently no
77%.
letup in the steady influx of gold to this port and
consignments this week comprise—
The
sterling exchange market displayed
an
im¬
proving tendency both in point of activity and under¬
tone, and the result of the,, week's operations is
dvante of about5 cents from the close
on
a
net
Friday last.
—about
$400,000
the
$4,000,000
on
Bayern
from
from
Calcutta,
on
the
Drottningholm from Sweden,
Carmania
the
from
Hamburg,
$1,400,000
Liverpool, $300,000
$2,300,000
on^the
on
the
France, from
on
Haimon
French
CHRONICLE
THE
1506
Paris from France, and 37 cases
ports, $4,120,000 op the
gold from Egypt on the Clearwater.
Lesser amounts
from South America and elsewhere included $16,089 on the
of
gold coin
packages
Indies, 6
Trini¬
bar gold and 29gold bars, also 4 cases silver
gold and gold coin on the Mattira from
the Colon from Panama; 1 case
on
gold and
packages
8
the Commewyne from the West
on
raw
dad, 5 packages
coin
America,
Central
from
Calamares
specie
the Phila¬
on
silver
currency on the Monterey from Mexico and
12 bars of
gold on the Lake Fariston from Colombia.
'The steamer
delphia from Curacao, 80 bars silver and 2 cases
gold coin valued
Mount Clinton has arrived with three cases
at
8,000,000
the
marks from Hamburg, while shipments
paper
yellow metal
expected from various sources.
are
Fluctuations
of
a
week ago, were
0.06 for cable transfers/
week
at
cable
transfers, which
3.99
last week.
for
on
the
sight bills and 4.00 for
with 3.98 and 3.99
compares
Exchange
finished
lire
Italian
bankers'
Czecho-Slovakia closed at
1.07J4, against 1.06; Bucharest at 0.8734? against
0.90J4; Poland at 0.02, against 0.0148, and Finland
at
1.50
(unchanged).
Greek
remained
drachma
without essential change from the low levels of the
previous week until the close, when there
to another
low record at 4.45
new
4.50 for cable
for
was a
drop
checks
and
remittances, against 4.75 and 4.80
a
week ago.
though
exchange,
Continental
in
less erratic than those of
[Vol. 113,
somewhat
There
is
practically nothing
of moment to
new
report in the former neutral exchanges.
Variations
As in the in rates were not especially important, although the
case of sterling, trading was comparatively l'ghtin
trend was generally higher.
Dutch guilders, Swiss
the early part of the week, but later on there was a
francs, as well as Copenhagen and Swedish remit¬
perceptible broadening in the demand for all classes tances, were all strong and registered fairly good
irregular with occasional sharp changes.
of remittances and substantial
4.05 for
the
very
week
a
close to the low
ago, a
better
iioted and moderate advances took
was
result of short covering operations. A
the week's dealings was the diminution in
a
as
feature of
a
at
prevailing
prices
undertone
the
As to mark exchange, though
sight bills.
quotation continues
record
place
recorded.
steady, alternating between 3.97 and
about
ruled
were
and
7.31
to
gains
Belgian francs gained about 25 points
and 7.36 for checks, respectively.
Lire
French
had played
offerings of marks which
so
large
This
other recent weeks.
part in trading in
was
withdrawal, for the time being at
attributed to the
least, of the German Government as a seller of ex¬
change, not
much possibly because of the fact
so
requirements for the next installment payment
that
Nov. 15 have been met,
but because of the demoral¬
ization in values attendant upon
sell upon an
apathetic not to
persistent efforts to
panicky market.
say
Attempts to force sales on the part of private holders
also less
were
still
in
proceeding
evidence, although speculation is
on
a
more
less extensive scale.
or
gains.
Norwegian exchange
and continued
steady.
moved up steadily
until 0.8234
buying, however, to
reached.
was
Spanish pesetas
Trading throughout
exception
the low levels
was
quiet and feature¬
Bankers'
sight
Amsterdam
on
closed
at
32.40,
against 31.79; cable transfers at 32.45, against 31.84;
commercial
commercial
sight bills at 32.35, against 31.74, and
sixty days at 31.99, against 31.38
Closing quotations for Swiss francs
ago.
for bankers'
in
a
sight bills and 17.80 for cable transfers,
comparison
with
17.34
and
17.36
last
week.
Copenhagen checks closed at 18.70 and cable
fers at 18.75,
against 17.83 and 17.87.
against 22.17 and 22.22, while checks
12.24
in
the
commitments, the inquiry for legitimate
poses
preceding week.
against
Spanish
pesetas finished the week at 13.18 for checks and
13.20 for cable transfers.
and 13.03
a
BUYING
CABLE
This compares with 13.01
week ago.
RATES
FIXED
BY
FEDERAL
RESERVE
BANK,
SEPT. 30 1921 TO OCT. 6 1921, INCLUSIVE.
Noon Buying Rale for Cable Transfers in New YorkValue in
United
States Money.
Country and Monetary Unit.
regard the present situation
extensive
rency
EUROPE—
too unsettled to risk
operations in this direction, and there
who
some
as
predict still lower levels for German
before the bottom is reached, unless
are
cur¬
some
ad¬
justment in the method of indemnity settlements is
arrived
result
The
at.
is
a
market
nervous
and
hesitant in the extreme, ready to respond to good or
bad
news
the
case
rates
on
by violent changes either
be.
may
the Central
Austrian
up
or
kronen,
Oct. 1.
Oct. 3.
Oct. 4.
Oct. 5.
$
$
$
%
S
Oct. 6.
pur¬
light, since .conservative interests
very
was
on
22.85,
Norway
on
closed at 12.05 and cable remittances at 12.10,
and
trans¬
Checks
Sweden finished at 22.80 and cable transfers at
12.22
week
17.78
were
Sept. 30.
short
pre¬
about
wqre
less.
Aside
over-extended
cover
proved the
near
or
vailing in recent weeks.
Opening at 0.77 for Berlin checks the quotation
from the
heavy at
down
as
likewise the
European republics, moved in
.0006
$
.000693
.000659
.000591
.000606
.000605
.0703
.0700
.0699
.0701
.0713
.0710
Bulgaria, lev...
- —
Czecho-Slovakia, krone...
.006925
.007183
.00706
.006917
.006867
.0072
.010425
.010439
.010188
.010438
.010481
.010718
Denmark, krone
.1782
.1794
.1802
.1832
.1866
.1873
3.7329
3.7288
3.7303
3.7396
3.7698
.0143
.0149
8.7227
.014771
.014907
Austria, krone
Belgium,
franc
pound
England,
....
Finland, markka
.01435
.014186
France, franc
.0714
.0709
.0707
.0711
.0724
.0722
.008531
.007936
.007853
.008033
.008065
.008243
.0478
.0477
.0477
.0463
.0429
.0430
Germany,
-
—
relchsmark
Greece, drachma
i..
Holland, florin or guilder
Hungary,
.3199
.3209
.3212
.3222
.3239
.001435
.001473
.001479
.001461
.001621
.0398
.0398
.0397
.0398
.0401
.0402
.00445
Jugoslavia, krone
Norway, krone..
.004388
.004368
.004364
.004329
.004318
.1227
Sweden, krona
—
franc
.1200
.1204
.000158
.000156
.000195
.0977
.0982
.0996
.0969
.0984
.0090
.008595
.0086
.008545
.008870
.017738
.01755
.01735
.017500
.017225
.1303
.1303
.1303
.1309
.1312
.2224
.2229
.2231
.2236
.2247
.2271
.1731
Serbia, dinar
Spain, peseta
.1193
.000163
.009188
.017867
Portugal, escuda——
Rumania, leu
.1232
.000166
.0980
—
.000163
.1302
Poland, Polish mark—
Switzerland,
.3177
.001469
krone.
Italy, lira
.1736
.1740
.1744.
.1760
.1769
.5654
.1227
ASIA—
sympathy with German exchange, but to
a
lesser
.5605
extent, and losses were confined to small fractions.
India, rupee
The official London check rate
on
Paris finished
Japan, yen
Java, florin or
at
52.35,
bills
compared with 52.06
as
herd
the
on
French
a
week
centre
ago.
closed
at
Sight
7.23
cable transfers at 7.24,
against 7.12%; and commercial sight bills at 7.21,
against 7.11
against
a
7.09}^;
against 7.0334-
week
ago;
commercial
sixty
days
at
Antwerp francs closed at 7.04 for
checks and 7.06 for cable remittances. ; This
pares
tions
with 6.99 and 7.05}^ last week.
on
7.15,
German marks
were
com¬
Final quota¬
0.8034 for demand and
0.8134 for cable transfers, against 0.84 and 0.85.
Austrian
kronen
closed
at
0.0534 for
checks and
Manila,
.5690
.7945
1.7935
.5775
.4782
-
.5719
.2735
Hong Kong, dollar
Shanghai, tael..
Shanghai, Mexican dollar.
.5650
.5663
.5588
.7925
.7910
.7833
.7623
.5720
.5740
.5709
.5605
.2709
.2709
.2706
.2719
.2735
.4780
.4791
.4774
.4769
.4780
1
.3160
.3142
.3174
.3176
.3168
.3190
.4250
guilder.....
.4267
.4275
.4267
.4300
.4250
.908984
peso—
Singapore, dollar
NORTH AMERICA—
-
— —
Newfoundland dollar...
SOUTH
.909609
.908281
.909687
.997292
.995425
.995217
.994800
.488125
.485469
.486625
.489344
.484531
.486375
.906875
.90625
.906354
.905417
.906667
.905313
.7293
.7370
j7376
.7328
.7337
.7354
.1256
.1260
.1255
.1249
.1258
.1277
.6668
Mexico, peso.
.90875
.995212
Canada, dollar—
Cuba, peso.
.6667
.6707
.6735
.6671
.6686
.909167
«
AMERICA-
Argentlna, peso
mflreis
(gold) — —
Brazil,
Uruguay, pe*o
As to South
tone was
American quotations
a
slightly better
noted and the rate for checks on Argentina
cable transfers 33.25, against
finished at 33.00
and
32.00 and 32.25 a
week earlier.
no
.9948
For Brazil there
was
change from 13.00 for checks and 13.25 for cable
Oct. 8 192i.]
THE
Chilian
transfers.
exchange
shade firmer at
was a
11%, against 11%, but Peru
CHRONICLE
story was that the newly-inducted Internal Revenue
Commissioner
steady at 3.49.
was
tended
against 3.39.
Eastern
Far
exchange
continues
firm,
Chinese and Indian currencies, and the
follpws:
as
was
Hong
57^{@58,
Kong,
called
notably
closing
1507
a
warning against
taxation.
to foresee such
The
pre¬
mis¬
our
Commissioner
activity by those pretend¬
that he deemed it proper to state
ers
against
issued
making returns under
on
"system" of
said
was
range
had
experts
56}/4@56J^; Shanghai, 81 ^@82, against 8134©82;
"persons who knowingly offer advice
Yokohama, 48%@48% (unchanged); Manila, 4834@
by which the income tax law
49
publicly that
which eventually lead the
(unchanged); Singapore, 44J^@44j^ (unchanged)
Bombay, 28%(@28% (unchanged); arid Calcutta,
28%@29, against 29@29J4.
with the extreme
ance
penalties provided by law";
lie added that in the last 30
New
The
York
Clearing House banks, in their
operations with interior banking institutions, have
from
rollment
result of the
cur¬
days
over
forty attor¬
arid agents for taxpayers had been disbarred
neys
gained $3,702,850 net in cash
as a
be evaded, and
may
taxpayer into difficulties
Government, will be dealt with in accord¬
with the
.«
■
suggestions
or
practice before the Treasury, that
a
new
en¬
system had been adopted and all applicants
rency
movements for the week ending October G.
for leave to appear
Their
receipts from
ability to render clients any valuable service; also
while
$5,090,448,
387,598,
the
aggregated
that
shipments have reached $1,-
RECEIPTS
SHIPMENTS
AND
BY
NEW
YORK
BANKING
has
Into
Out of
Bail/is.
power-of-attorney from the principals must
a
Ga in
.
Banks.
or
•
The later
INSTITUTIONS.
Week ending Oct. d.
must satisfy a committee of their
be shown.
the following table:
as per
CURRENCY
the interior have
is that the corrupt practitioner
story
developed
within the Tax Office.
even
ing to this narrative,
Loss
$5,090,448
-
$1,387
Sub-Treasury
eral Reserve Bank
show
to
the
the
on
effect
taken
was
Dec.
of
G, it is
£98
over
$3,702,850
Government
Clearing House institutions."
Bank of New York
serve
ing House each day
as
by the Fed¬
outside resident of
wrote to
longer possible
no
operations
either
on
The Federal Re
shortly be made
or
Washington, and the latter
victim, early in this
a
him.;
upon
error)
expenses were
to
come
AT CLEARING HOUSE.
Saturday,
Monday,
1.
Tuesday,
Wednesday,
Oct. 3.
Oct. 4.
Oct. 5.
5
Oct.
$
$
$
Thursday,
Friday,
Aggregate
Oct. 7.
for Week.
Oct. 6.
S
$ r
$
51.900,000 44.80C.0C0 53,.'00,000 52/00,000 77,300,000 46,000,000 Cr. 326,400.000
The
foregoing heavy credits reflect the huge
of checks which
come
mass
to the New York Reserve Bank
lar case and
I
received,
also
advising of
from all parts of the country, in the operation of
000
the Federal Reserve
not sent.
These
with the
sent
results of the Reserve
one
side of the account,
the Reserve Bank itself
the
Bank's
Clearing House institutions.
only
upon
to
collection scheme.
par
large credit balances, however, show nothing
to the
as
System's
bank
and
never
go
are
operations
They
repre¬
checks drawn
as
presented directly
through the Clearing
was
an
The
following table indicates the amount of bul¬
Oct. 7 1920.
Gold.
Silver.
Total.
Gold.
Silver.
France
a
__
Germany
19 8
128.413.841
..
142.997,469
51.185,200
_
Aus.-Hun.
10.944.000
803 ,200
2,369 000
141,309,626
51 ,988.400
54,578,700
13
,313,000
10,944,000
24,977 000125 .0.50,000
98,107,000
32,229,000
100,073.000
Italy
2,974, 000
36 ,377,000
NetherPds.
33.403,000
50.497,000
797, 000
10,663,000
1,595, 000
4,961, 000
,294,000
,258,000
,751,000
,337,000
,837,000
,115,000
123 195,454
10,240 ,000 151 ,549,626
361 ,000. 54 939,700
2,369 ,000' 13 ,313,000
23,774 ,000121 881,000
2,998 ,000. 35 227,000
53,029,000
Nat. Belg.
21,617,000
14,614,00(>
Swltz'land.
21,790.000
15,337.000
Denmark
12.642.000
.
Norway
8,115,000
Total week586.060,510
Prev. week 586,487,766
a
Gold
195,000
10,660,000
1,449
made
was
to
,000j
54 478,000
,000, 11 747,000
3,780 ,000! 25 397,000
14 614,000
145 ooo;
8,119,
12 788,000
8, 119,000
....
49,751,200635,811,710581,045,7SG 46,203.000 627,248,780
45,261,750635,749,516 579,892,97ll 46,129,700626,022,671
holdings of the Bank ot
France this year are exclusive of
£77,934,682
TAXES TO
DEVELOP
HOSTILITY
TO
GET THEM REDUCED.
Probably little public attention
was
cases
was
of the Tax
in
that about ten
Office, posing
he would
days
as
all
the
of the
no
parties.
representing the "corne¬
on
the inside did not
a
later
overcome,
returns, which, if destroyed,
and
record of any
liability against
of wished-for evasion
or
of attempted
by persons who are hit
severely by taxation is probably exaggerated, there
things be
some
of it; hence the
a
upon
month
which
ago.
the "Chronicle"
The former
news
without
occasion, and the story above condensed is wholly
ment is
As
now
already said, the warning announce¬
a
strong indictment of direct taxation as we
have
it, and this later tale of blackmail repeats
wrong
dispatch
any
Sufficient evidence having now been
Now while the extent of successful
or even
partment; yet this recalls and gives
importance
and
hour, bringing
obtained, the arrests followed.
truth is that
about
The next
special agent
off the papers from the Tax Office in
papers
would leave
assistant bureau chief in the Internal Revenue De¬
another
peace.
ago a
met the working partner of the
himself return at
and
to
an
"re¬
to three other selected
$40,000 for silence and
the case,
very recent Washington news item, relating the
discovery of attempted fraud and blackmail by an
new
was
being about V/> millions) if each of the four
credible.
attracted by
a
commented
the assessment
Collector's warning notice is not entirely
MUST
writ¬
another,
taxpayers (the amount put in question in the four
must in the nature of
held abroad.
PUBLIC
was
of which
course
hand back
turn" and the like
papers as
1,087
12,643.000
to
Then the intended victim began to move ;
daylight, yet this reluctance could he
Spain
Sweden...
tenor
reply,
no
£
,413,841 123,195,454
11,080 ;6o6i54 ,077,469
as
Total.
£
En^Iand
arrange
further expected assessment for $253,-
a
like to carry
of-
same
having brought
scheme, who said his friend
Oct. 6 1921.
Banks
so
No reply having been
suggested negotiations, in
offer
ous"
principal European banks:
friend
agent of his appeared before the letter writer
and
incident
lion in the
a
written, but, according to the narrative,
would stand
House.
could be induced to
second letter of the
a
this
ten;
by
handling this particu¬
was
make payment unnecessary.
he
paid,
Washington;
furnished the writer
within the Tax Office who
on
would
The writer said
the addressee himself could
was
that
year,
demand based
unintentional
or
addressee, if his
the information
BANK
quiet partnership with
a
$250,000 (i.e.,
intentional
would visit the
follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
selected
a
assessment of
an
creditor at the Clear¬
was
per¬
to Banks.
Gain
an
As the
Accord¬
assistant chief of the
ail
sonal audit section formed
Banks' interior movement
•
.
emphasizes that indictment.
cause
our
taxation
is
The discreditable
responsible
for such
conduct, since it is a direct and inevitable
rif
law-breaking.
imported article invites
A too-heavy duty on any
and
produces
smuggling
and under-valnations.
Any attempt to enforce stat¬
utes which
over-severe, or
unjust,
are
sustained
not
evasion
for any cause
by public opinion, leads to corrupt
surely
as
the fruit conforms to the seed.
as
The 18th amendment and the Volstead law
instance in
an
to enforce it
point;
keep
furnish
agents paid and sworn
some
cupped hand behind them for
a
[Vol. 113.
CHRONICLE
THE
1508
they cannot understand how that which is not
constitutional
here,
how
nor
tution
in
there
happens to be
each detective and spe¬
agent is liable to need another to watch him,
and then the watcher himself needs to be watched,
same
outbreak of
watched in his
and the watcher of the watched to be
turn, and so the line stretches on in corrupt demor¬
Nobody should be surprised to be told
alization.
(as
officer
enforcement
Volstead
been
for
arrested
New
Britain
chief detective in
the
bribery,
held
is
Connecticut has
for
charge of collusion with
on
bootleggers, and Attorney-General Daughterty
the
demanded
in
has
resignation of the Federal marshal
State.
that
Enacting
wrong
impracticable
or
opportunity and temptation for
statutes furnishes
that our direct tax laws are unjust, in¬
say
structive in
that their authors
written
as
almost to suggest
deliberately made them hateful—
to say
this is only to repeat what many of us have
heard
or
verely
thought already and has been borne se¬
some
upon
of
which has not
But
one
thing must be said
yet been said, at least with the fre¬
and emphasis it requires, namely : that our
quency
taxation is not
there is
likely to be genuinely reformed until
real change
a
State this
before
and
by personal occasion for
us
wrathful endurance.
in public opinion respecting
more
bluntly but not less truthfully,
can
get tax reform we must really
we
Similar
election.
other States where
some
constitutional restrictions
no
In Washington the
Congress talk
guessed at
This
trifle not
were a
led
only be
the
to
16th
restrictions upon
away
direct taxation and authorized
can
needing hesitation.
even
strange shift of feeling
Amendment, which swept
any
if commitment
as
outlay of billions whose number
an
Congress to impose
rate upon all incomes, "from whatever source
derived."
foreseen
In less than two years
fell
war
of seizure and
both
Federal
ation, and
the
afterwrard the un¬
world, and the wild dance
Why is it that
expenditure began.
State
legislators
recklessly willing
so many
are
even
so
slow to
to advance tax¬
State and municipal officials are
to increase profligacy wiiile consenting
then talk
and
now
on
and
so
to
of revenue, so
sources
it.
to
economically de¬
working, and hence tending to dry up the
indignation,
consti¬
people as ex¬
by the President and Secretary Mellon, and some
almost eager
provocative of just
in
a
un¬
such
folly has been with difficulty halt¬
of its advocates in
capable of inconsistent interpretations,
volved and
the
of
be
can
called
paper
of tax money.
uses
reduce and
fraud.
To
ed
told this week) that the head Federal
we are
will
pressed nominally in a general
such
cial
the
bonuses have been voted,
upon
bribe and "division" money;
of
a mere scrap
obstruct
can
States
other
some
It is not because
economy?
politicians have become less willing
please the people; the fault
or
desirous to
the
with
is
people.
Using that be-mouthed term in the broadest and
commonest
"the
meaning,
people" have
is because they have
ing been drilled
which taxes
excessive
which
benefits to be
as one:
deeply into them by false
idea of three things: the sources
drawn, the economic effects
are
taxes
the
produce, and
possible
popularly shared by the redisbursing
These three may he
of tax funds.
cisely
to love taxation, and this
gathered—original errors hav¬
more
teachers—a wrong
from
have to face the fact that
we
grown
stated
more con¬
the pestilential delusion that the rich
hate taxation.
That taxes cannot be entirely abol¬
pay
the taxes, whereas they both pay them and col¬
ished,
than evil
be, is of course merely
lect
them, mainly the latter.
a
any more
truism; but
of
is
hatred
can
to either and both a fixed feeling
as
almost
condition
a
precedent to im¬
The time has been in
our
national history when
that this
sometimes told
country
in
we
were
the
happy state of getting on without taxation; the
declaration
was
admittedly
a
bit
wras
rhetorical, yet
people half-accepted it, because the taxing of that
The inherent defect and
day was chiefly indirect.
danger of indirect taxes is that they conceal them¬
therefore
selves and
provoke
nobody.
For
many
and until somewhat recently, lawmakers de¬
sired to avoid "direct"
them
cover
power
taxes; the people would dis¬
and dislike them,
and
the party in
so
sought to make capital by some more
or
less
shifty, method of rubbing on without them. To have
spent or so bungled as to make a direct tax (or
so
some
able
increase of such tax)
was
a
not
uncommon
almost
or
quite inevit¬
indictment of "our op¬
The reversal of this attitude of the
the most remarkable
lators and holders
as
that it is both
the
are
or
men
facing
more,
pushed
State at
service
of the
politicians is
years.
principal offices
heavy and irrational.
we are
400 millions
tions
change in recent
Legis¬
now
be¬
though taxation were desirable in the degree
New York
while
up
large,
and
an expense
Eight here in
budget of
some
and the tax rate and the valua¬
alternately, if not together.
an
indiscriminate bonus to
women
In
ex-
has just been temporarily
halted, while some of the disappointed protest that
scrapers;
the
so
will
more
come
and into every
people, especially of
false and mischievous conception
Do not taxes get into rents
other commodity necessary to exist¬
When surtaxes wrest millions from the rich
ence?
there
the tops of the sky¬
the wray of the
more
be caught up.
could
high to reach his humble
upon
"doesn't touch me," he says to himself,
more is seized from the "plutocrats" the
No
"labor."
smashing
are
two inevitable consequences:
unfruitful
lower
much of that
is wasted, like water spilt upon the sand, by
money
public
which
expenditures
governmental
efficiency
and
inevitably
service;
also
(and equally bad) the money is diverted from pro¬
ductive
taken.
operations that might otherwise be under¬
Is it not as clear as primary
what our
up
wealthy
arithmetic that
and corporations must give
men
in drastic taxes cannot be put into
trading development
ponents" in campaign time.
have
which he thinks flies too
and
The common man is
pleased than otherwise by the income tax,
abode
provement.
years,
rather
industrial and
In the Conference over Un¬
employment now being held is it not plain (if people
would only open their eyes to see the truth) that if
less
capital were seized by the tax-gatherer and its
wrere thus left with more ability and more
owners
confidence
mand for
there would be increased use and
The conclusion is
that we must exorcise this de¬
lusion that the rich pay
may
the taxes and that the poor
benefit by spending them.
indiscriminate
grown
de¬
industrial employment?
common
We, the great and
people,
to approve taxes and
have
gradually
look on them as a bless-
Oct. 8
1921.]
ing which
THE
they
grows as
CHRONICLE
must learn, on the
grow; we
contrary, to hate them and then and thus to resolve
their reform
upon
should
be
politicians
so,
and
reduction—not
that
under the
are
delusion,
or,
if not
obsessed by it.
They
same
they believe the people
Our
are
naturally like heavy taxing and spending, for the
obvious
hence
political advantage held out for themselves;
they will change and
only
move
as
they
are
taken hold of and constrained.
forget
men
'■
work.
that
there
is
" '
Scandal-mongers there
Bolshevists
port.
who gloat over evil re¬
are
there
who, measuring
by their thumb-nail theories, strive for
velop the
of
germ
Prophets
war.
of
evil,
they
thought of coming disaster.
the sick-bed
natures
some
Sowers of
of
ers
to the
An
things.
English
leader
labor
sow¬
(Peter
Councilor of the Seamen's and Firemen's
a
Union of Great
reported in
as
side of
suffering these are—who should be
solace.
Wright,
dark
the
on
trait in
a
Britain, speaking at Ottawa, Can.,
special dispatch to the New York
a
"Times" in its issue of
Sept. 26) indulges in
prophecy of world-war in 1931, based
ing out of alleged facts
as
a
dire
upon or grow¬
follows:
U
\
"1.
Germany blames the United States for her
difficul¬
ties; the United States has built up a world trade
We
Germany's expense.
"2. Japan views the United States with unveiled
hostility. California and its laws are a thorn in her
side.
The United States policies, both foreign and
domestic, are looked upon by Japanese statesmen
and financiers as directly aimed against Japanese
expansion and ideals.
"3.
Bolshevist Russia hails the United States
as
the seat of
capitalism. Apart from this fact, Russia
is in an economic chaos, and needs money in the
worst possible way; the United States is a golden
treasury, waiting to be plundered."
are
at
are
pains to quote this reported statement,
not because of the
of the soundness of the facts.
cause
need bother
is
a
fair
ance
prominence of its author,
us
gets into the public prints.
least, "food for thought."
tionalism" become
are
to
come
ples of earth much
tions
chessboard.
the
Not only has "interna¬
with
fad
certain
who in their
classes, but
expanded
own
the nations and the peo¬
move
as
And it is, at
the player,
Divisions
are
lasting
moves
are
It is
On
hand, it must be said, in simple justice,
or
events and
embryo movements is derelict in duty.
But
world-war is inevitable?
of nations
of the
Who shall sit in
Infinite?
Britain, France, Japan,
Glibly
as
in the hands of unbridled
aye, on
if they
the
well be asked if the
in this school of
on
common
mind
upon
very pur¬
talk of Great
men
but
were
It is
egotism.
purpose
judgment
confusing governments with peoples.
certain
another
Why this sweeping vision
advancing peoples of earth,
poses
that
gathering strength only for the
of wreck and ruin?
the
note of passing
no
croaking
wThy this continual
a
pawns
fault of
And it
was
may
not trained
thinking by the towering wills of
"representatives" who sat in solemn council
the ruins of the late great
will bring it.
human being
ture wars,
peace
an<i
The light of honest
for
Is there any
want
are
Does
If
war?
things seeds of fu¬
If mankind is
forearmed against those
not
we
en¬
more
"resumption"?
anywhere
must they be cultivated ?
forewarned,
the Limita¬
on
spirit of
felt in the midst of these
power
there be in the constitution of
policies which have always brought war?
But the world has grown
dividual
"little
egotist
grown so
"so small" and the in¬
large, that
men,
though of
knowledge," must be dangerous to society
when
they coddle themselves with intelligence, and
combine States of the world to set them at each oth¬
er's throats—and all for their
conscious
in
war
glory.
sight?
he is
or
In all reason, is there
any
It matters not how im¬
inconsequential the individual
happen—and with
not in
the
may
earth, good¬
on
"prepare" for
is
of love that finds
faith in the power
in
save
be,
no cause.
spirit of "peace
will to man" that States
no
world-
prophet of evil who predicts the worst that
a
may
selfish and self-
own
Why then insinuate this fear into
the consciousness of man?
portant
war.
single people, and that one's
a
There
good
no
If
own.
peoples trust each other their representatives will
follow.
The
never
and
will
of
wars
great conflict.
They
come
to-day
are
not
are
but echoes of the
another world-war if all
preparations
cease
And there
new wars.
utterly.
And
predictions
the uni¬
once
versal will rises to its flood-tide of faith and
will the
of
causes
war
good¬
will be obliterated forever.
war?
NEWSPAPER AND MUNICIPALITY.
Whether
even
the citizen
subject who takes
Conference
How shall the
potent desire than that
of
ease
acknowledged statesmen who play it!
other
imagining^.
upon a
the pieces
great game—and
a
poison the thoughts
breaking everywhere.
any sane
de¬
an¬
The universal will for universal
peace
deavor is
who
are
may
Prophets of
created, combina¬
formed, attacks projected, with the
practiced players.
there
a
many persons
minds have
upon a
Neither of these
sample of the irresponsible individual utter¬
that
there
be¬
But the pronouncement
much.
very
nor
benign
false alarms ?
It is
We
entering
its
make
resulting chaos
rev¬
paralyze the governments of earth by
tion of Armaments.
present position, especially her economic
at
and
men
their dire and witless
From the kill-joy at
world-pessimist it is
look
to
to enjoy the
seem
of
all
are
New Order.
a
other world-war there
good who predict another
no
at
,
of learning a lesson?
Why change hope into de¬
spair, confidence into fear, and loving into hating?
Harpies there were of old who feasted upon carrion.
olution and riot that from
They do the world
Purpose
,
versal
progress
EVIL PROPHETS OF WAR.
Divine
a
'
.y
Why anticipate that which is contrary to the uni¬
desire?
Why stamp mankind as incapable
they
lightened, but that they shall be.
1509
Too much all
in
a
newspaper can
fact it did do so,
courts.
And
comment.
any
particular
suit in
can
a
city and whether
case
facts
a
we
and
civic
make no
equities of
broad field that the
enough established that a private corpora¬
be
libeled, and there are specific laws pro¬
But it is novel, if not entirely
can
civic
cor¬
be wronged and its credit destroyed
false statement.
that you
a
a
being tried out in the
to assert, by an action at law, that a
poration
by
the
there is
case
libel
particular
outside
viding for relief.
new,
now
question brings under renewed observation.
It is well
tion
the
on
But
is
There is a well-known axiom
cannot "indict a whole people."
Just what
corporation may have aside from its capac¬
ity to represent a whole
mined by this case.
The relation
and
munity, while it is
communtiy may be deter¬
1
duty of a newspaper to a com¬
a
part of this cause celebre, is a
♦subject of continuing interest
And this relation and
duty
determination.
only be established
and
can
the growth of the press and the
by
OH iONICLE
THE
1510
We doubt that there has been
case
a
community.
of municipal
exposure
of which has not been
facilitated by the newspaper.
Yet civic corruption
mismanagement the
has been
a
freely charged
gages
in
a
campaign of
bias of
a
gerously
cam¬
ation has any
there is
question whether
a
political corpor¬
being outside the people it represents,
doubt that
no
a
a
in its relation
newspaper
mission
if it
the "independent press"
as
is
It is
proof of the assertion.
that the newspaper
tacit announcement
a
finds its community duty not in
to
the
consciousj duty
a
attitude
newspaper's
It fails in its
commerce.
does not have
convictions and freely
But it is not compelled, as an organ
well
as
as
reflecting "public opinion,"
to become identified with
any
ments" of the time,
own
growth of what is known
as
a
That is,
party.
a
of the so-called public questions in
them.
influencing
life
And the constant
partisan politics.
applies
many
economics, finance and
community's welfare must separate itself from
of
this
toward
bonds
a
the
agent of
really "independent"
express
libeling each other.
near
If it is still
to
and
charge
be
than the
more
community.
And
must needs look
For parties, it would seem, approach dan¬
paign.
administration, it cannot become the tool of
"reform"
it
partisan political
a
rent
to
exposure
of presenting to its constitu¬
means
operandi of city government and the facts of cur
if
carefully to its own action if it keep itself free from
the
being the
ents, drawn from all classes and parties, the modus
party organ and en¬
a
for acrid criticism and violent comment.
no room
parties in power, and
upon
that becomes
newspaper
is
And
[Vol. 113.
depended
many
"move¬
"settlement" according to its
upon a
judgment.
of the
if its life and the communal
as
It is
part of
no
the
even
citizens
duty to compel the universal acceptance of his
own
ideas and ideals—much less the duty of the news¬
In
paper.
a
word, there
be
can
denial that the
no
partisan appeal but in community representation.
journal does its whole duty to its constituents and
And
the
here, in
general
a
munity to discuss its
the freedom of the com¬
way,
internal civic affairs must
own
lend sanction to the newspaper
doing the same thing
—provided only that it do
in
impartial
so
a
calm, dignified,
municipal election
a
not find the
community
that does
comes 011
"taking sides"
newspapers
temperately discusses facts, conditions,
movements,
leaving to its readers the duty of "mak¬
their
up
instituting
own
means
minds," of "taking sides," and of
and methods.
Those that still
cling to the "party
and be done with the matter.
organ"
often
violently
new
Those also
(and it
often
may*
become
become
the
organs
be unconsciously) that
partisan.
of "reforms"
are
themselves
filled with bias and not seldom the tools of
manipulation.
"investigations" trumped
be the
of
means
charges that
political
For instance, to fill its columns with
for political effect
up
It should calm the
turmoil rather than excite it. It should
in the results.
status
(facts in the easa)
news
and when it
ing
manner.
Hardly
community when it accurately, impartially and
comprehensively prints the
world.
And each
old and the new;
that the
and
common
good of the past
a
Each
day it is
"say its say"
day it fronts
a
link between the
a
"golden chain" when it holds
"advance" is dependent upon the
as
the
upon
prescience of
the
present.
may
unduly emphasizing purely political
are
not only unjust to an administra¬
tion but to the watchcare and elevation of the citi¬
THE PACIFIC
QUESTION AND THE CONFER¬
ENCE FOR THE LIMITATON OF
It is
zenry.
To
difficult line to draw.
a
proclaim "independence" is
practice it.
It is the
ARMAMENTS.
not
always
to
Secretary Hughes has taken
We cannot escape our political system.
only
of rule
have.
And since
municipal finance is the major part of
.our govern¬
means
ing, it is impossible to free
we
our
politics from charge
and
counter-charge
the
and
ernment to settle
attaining of freedom from political bias here
as
shown, does not assert
that, having
is
once
free from
party
line is
to
a
or a
freedom and independence,
"taken sides,"
being by
cause
proxy
proves a newspaper
rank partisan of
a
popular reform.
difficult to establish.
so
advocate and
a
But
and methods.
means
judge at the
How to become
same
a
Here again the
time is the
an
ques¬
tion.
What
known
was
for
a
as
"yellow
time, it is
the matter
journalism" has
Sensationalism
now
may
sell
realized, but the
quent slump in circulation is
in
a
few
a
conse¬
costly matter.
And
of exposure as an antecedent to
form, it should also be
now
realized, that the
munity is the only arbiter of its
re¬
com¬
destiny1 by its
"administration." No "inde¬
power (
own
to change an
pendent" newspaper can he assured in advance that
the
and
succeeding party will be better than its prede¬
cessor, or
that the
work,"
that
proposed theoretical reform "will
very
suggestive
our
Gov¬
amicably the controversy
Yap; and the overture
already met favorable response from Japan.
It
in
is
itself far too small
matter
a
ever
to lie
occasion for controversy between two great
open as
nations like
Japan and the United States.
nishes, however,
an
opportunity for
our
which extended the call, and is to act
as
It fur¬
Government
host for the
representatives of other nations who will assemble
at Washington
in the Conference
Armaments, to greet them in
nearly disappeared.
papers
soon
the title to the island of
over
has
a
timely step in expressing the desire of
generous
move
attitude and, in
from
their
minds
some
an
on
a
the Limitation of
large-minded and
degree at least,
re¬
impression which has
spread somewhat that America is far from disinter¬
ested and unselfish in her efforts to secure peace.
i
Indeed, it is
gates
highly probable that the foreign dele¬
and the large body of their accompanying
friends
are
more
concerned to discover, if possible,
the real mind of our
people than they
formal conclusions the Conference
may
are
in
any
reach. Any¬
thing, therefore, that may be done in advance to
create
a
favorable atmosphere even in Washington ;
majority of the community actually
desires the "reform."
It is limited, therefore, to a
calm, impartial discussion of the issues, nof over¬
cannot fail to be
weighted by
a
ence.
presented.
It is-held down by the law and facts in
the
or
case
and
a
one-sided preponderance of the "news"
must be both
judge and jury.
There
important.
Yap, in any case, may be left to be disposed of
privately and, if possible, in advance of the Confer¬
But mention of it brings up at once the whole
question of the Pacific, and that is not to be settled
lightly,
or even
dismissed.
This will surely be
up-
Oct. 8
1921.]
THE
1511
IONICLE
perraost in the thoughts of the people residing on its
have unless it meets
shores and in the back
and Christian relations and
of the minds of everybody
else.
It is easy
The nations
bordering the Pacific contain
400,000,000 people belonging to the yellow
164,000,000 to the white
12,000,000
noted
are
and
race
Of the latter only
race.
actually dwelling
as
some
the
on
coast, with nearly one-half of them living in Aus¬
and
tralia
known
Zealand.
New
Comparatively little is
yet of the capacity for amalgamation
as
absorption in the different
have
to
considerable extent
a
past and
doing it
are
scale with
on
The white
races.
what the ultimate result will be.
conquered and
Manchus
more
and
has
succeeded
extensive
no means
clear
China has beep
by Tartars,
overrun
races
intermingled in the
even
an
to-day, though it is by
us
or
and
maintaining
in
Mongols
her
original characteristics and racial stock to such
a
or
of
his
to say of
tion of
decide it?
and "have
us?"
created
The
rests.
cannot be
ethnic and
There is
comes
in contact with
one
strong advanced race
a
weaker and less advanced
and South Africa and with the
It proves
Europeans in India.
equally pressing when
with inherent
vigor driven by its
gins to overflow into
a numerous
political, and has
light of immediate
forces
than
country, however advanced,
a
in which it finds that it
can
immediately and
haps permanently supply its needs.
uation in the Pacific.
known to have
mercial
necessities be¬
own
This is the sit¬
The Chinese have
long been
great power of industrial and
and of
success
per¬
com¬
tled
maintaining their national
many
they
Great
and
races
great
to-day,.if they
Now that
we
are
be settled at all, in the
are to
consider others with
limited wisdom
our
for less
correspondingly for
furnaces
"look
there
less, and his
more.
quest and domination of the islands of the Yellow
Sea
seems
for centuries to have
satisfied, if not
ex¬
like
few that they are said
men are so
police guarding the machinery."
education
with the Portuguese, the
ago
Is
address, said:
use
of their
In
Society of Civil
"If the Americans
America, they must
call to their aid the work which the brains of Eur¬
ope,
and before long those of Asia, will contribute
and it is
peoples beginning long
an
to make the best
In the
the entrance of Western European
culture have affected them?
and
Engineers, in
to the
way
of brain
anywhere monopoly of brains, except so far
hausted, their power and desire of further expansion.
same
power
To-day in great
producing several thousand tons of
day
a
and
"Age
Power," man's physical force
counts
iron
have to
in the full advance of the
counts
pig iron
we
ourselves, lest both be injured.
of Man's Creation of
are
have
knowledge and to civiliza¬
1895 the President of the American
con¬
less
Questions affecting humanity have to be set¬
as
under similar conditions.
Mighty
civilizations
The Japanese
power
in
Each has left its testimony and made
neighbors and
showing like
nor
in their advance and racial continu¬
are
characteristics in contact with their
Coming originally from the Continent their
hand,
individual demands. His¬
or
apart from accession of territory.
are
and varied rela¬
We cannot fight against Nature,
light of the past. With
to
Christian that this
at work in the movements of men, no
are
tion.
God
decision
final
hope successfully to disregard her laws.
nor
race
far
so
the
earth,";
one
Moreover, it is also economic,
its contribution, both to
individuality.
difficulty arises when
with the whites and blacks in the United States
as
where
question is
tory gives us stay.
ever}7 na¬
Father; hath not
It is not to be decided out of
tions.
the
one
forgotten.
one
all the face of the
on
not all
we
ance.
The
in the United States,
Africa, that he must "know
God "made of
to dwell
men
passed away.
of her
responsibility.
place," but who knows what is "his place"; and
who shall
degree that she is not only the oldest nation but she
permanence
requirements of civilized
a negro
"native" in South
a
ranks with any
for the distinctness and
the
general benefit of mankind."
more
strikingly
so
If that is true,
to-day, we have much
Intermarriage and close
prejudice to get rid of.
Spaniards and the Dutch, and later with the Eng¬
intermingling of the cultivated and the crude, as
lish and
with the Eurasians in
French,
in India and Cochin-China, has
as
little beyond the effect
gone
the migrating
upon
people themselves.
To-day
of their
ing
a
a new
With the growth
population, the increased difficulty of mak¬
by
occa¬
(the war awakening men's minds, arousing
their ambitions
and
desires, and, with the opening
lized;
but
known.
In
numerous
of intercourse, great numbers of
that of
beginning to
life and
into territory
move
relative brain
power
of the races
all directions
individual instances are
enough to give us pause.
We need to be
reminded that the civilisation of Asia is older than
of many new ways
are
the
when under similar conditions is not determined or
Asiatic
people
Penin¬
sula, and with the whites in both North and South
America, has certainly wrought harm to the civi¬
situation arises.
living at homeland the general upheaval
sioned
India and the Malay
Europe, and that both developed from savage
on
wholly independent lines.
Their differ¬
already pre-empted by Europeans.
The South Af¬
ences,
though great, tend to disappear when they
rican Union is in
importation of
know
each
Indian
a
coolie
and
Zealand
are
Empire
upon
:
over
and
the
Australia and
their need of
ritory.
New
staking their continuance in the British
their right entirely to exclude Japa¬
and Chinese labor from their
nese
shores, great as is
help to people and work their vast ter¬
In the United States and Canada, where
possession is
have small
so
much older and
reason
atic labor is either
der
tumult
labor
severe
more
complete as to
to fear disastrous
overflow, Asi¬
already prohibited
constriction.
In
time
or
the
placed
South
un¬
and
Central American States will have to deal with the
same
adopted?
brain
It must needs be
What
one
policy will
that will have
general application and approval, which it cannot
well,
Mental
power.
will be much
more
and may become indistin¬
intellectual
and
obstacles
difficult to overcome than
purely
physical obstacles, but if they are surmounted, as
they
are
ethical and spiritual, they should carry the
as well as the economic and
ethnic and the racial
the social with them.
In
any
case
•
the appeal of the hour and
of the
world to America is to all that is best in the
and heart
of
our
demands from
freedom from
question.
What then is to be determined ?
be
other
guishable, especially in the higher functioning of
mind
civilization and our religion.
the start
prejudice
an
openness
which
It
of mind and
puts aside
conde¬
scending "tolerance," and is frankly human, and, if
brotherhood must be left for individual decision,
will
secure
sincere mutual
respect.
1512
Col.
THE
CHRONICLE
Thomas
Lawrence, the English officer who
single-handed and alone entered Arabia and organ¬
ized the Arab forces which
Turkish
the
Army, said:
defeated the German-
"When
point of view of another
you can
understand
civilized
race you are a
being."
[Vol. 113.
be offered.
no
In
Illinois, the Legislature "shall have
to propose amendments to
power
article of this constitution at the
to the same article oftener than
Arkansas, Kansas and Montana
THE TREATMENT OF STATE
CONSTITUTIONS
—WITH SPECIAL REFERENCE TO NEW
YORK.
Inasmuch
as
the last election added cumulative
evidence of the constant
of
timely interest to investigate
the
practice of the other States in this important
particular.
Constitutions may
be changed by special conven¬
tion for the purpose, or
•
time.
No
such
by amending from time to
legislative body in the country
order
can
convention; the most that any can do is to
a
put to the people the question of holding one.
has
gress
make
initiative
no
call
a
that, but must
upon even
Legislatures.
In this State, the question of
a con¬
vention must be put to the people in every twentieth
following 1916, "and also at such times
year
Legislature
dozen
put it to the
requires
legislative majority
a
people. Nebraska
exceptionally
three-fifths vote in the Legislature, and
a
sixteen States require two-thirds.
amend¬
once
in five
After getting a twolegislative branches, an amend¬
ment is
the General
Assembly voting thereon"; then, if a
majority of each legislative house "shall, after such
election
an
and
amendment
by
another,
•.
Delaware is
only
before
yeas and nays,
valid.
come
ratify the
the
same
said
shall" be¬
-.
more
peculiar, for her referendum is
the question of holding a convention and
on
amending rests exclusively with the Legislature,
changes becoming valid by a two-thirds vote of both
branches of two successive
Legislatures.
tion of her constitution follows
lution,
some
Pennsylvania
referred and it must be
approved by "a ma¬
jority of electors qualified to vote for members of
United
In
and
South Carolina is peculiar.
question must be submitted at
the
specified intervals; in nine,
may
the
allow only three;
and in Tennessee the interval required is six.
half-
by law provide."
may
States
as
years."
proposition reject¬
a
proposed oftener than
thirds vote in both
Con¬
application by two-thirds of the State
on
in four
polls cannot be offered again within five
In New Jersey
years,
dangers lurking in the man¬
changing the constitution in this State, it
has been deemed of
ed at the
years.
ments cannot be
[first article.]
one
nor
Colorado allows only six
proposals at one session;
Kentucky allows only two, and
ner
once
than
session,
more
same
One
sec¬
closely that of the
States, by providing that "every order, reso¬
vote" requiring action by both branches
or
(except a question of adjournment) must go to the
Governor; but another article, relating solely to
amendments and
conventions, declares that "no bill
resolution
The popular de¬
or
a majority, but Ken¬
tucky has the loose provision that the convention is
or
quire for its validity the approval of the Governor,
ordered if the votes favor
and the
cision
ber
the
on
question is by
it, and if their total
num¬
equal one-fourth of those voting at the last pre¬
quite well known, Congress may propose
time and in unrestricted num¬
same
Section
Here
vious election.
As is
passed by the General Assembly under
pursuant to the provisions of this article shall re¬
inal
shall be exempt
18 of Article
published bear title
pended
become
the
valid
"when"
Legislatures,
of the
ing
States,
no
as
or
ratified
by conventions in three-fourths
Congress
never
determine, there be¬
may
time limit whatever.
of ratification has
by three-fourths of
But the latter mode
been
used,
nor
has
stitutional convention been held since the
original
in 1787.
In
In
seven
the vote
be
must
chosen; if
body
three-fifths, and in six¬
In
Vermont,
on
a
amendments,
concur, they
Assembly then next
majority in each branch of
a
in
any
people.
two-
that
proposition it shall be
But there is
an
frequency, for the section of the
constitu¬
relating to it begins by saying that the
sion of the General
course
ment has
quantity.
passed
by another,
one
veto
the
or
In Indiana, when
on
fre¬
an amend¬
ac¬
when it has passed twice and is
no more
propositions
can
action
or
amendments
may
be
overcome
customary
by three-
two-thirds;
this
Maryland, Nebras¬
a
majority
over¬
Alabama, Arkansas, Connecticut, Indiana,
Kentucky, New Jersey, Tennessee and West Vir¬
goes
providing that while
elected is
required to
thirds suffices to
The
a
strange step farther by
a
majority
bill,
pass a
overcome
a
of
a
the
members
majority of two-
veto.
larger concern is with the popular referendum.
In this
cessive
State, after getting
a
majority in two
Legislatures, amendments
go
suc¬
"to the people
for
approval in such
the
Legislature shall prescribe," and become valid if
manner
approved and ratified "by
a
voting thereon"; there is
no
and at such times
literalness
and
legality
would answer, were
of
a
as
majority of the electors
limit whatever to the
smallness of the total number thus
single
voting, and in
affirmative
vote
it solitary.
This "thereon" rule
interesting checks
Legislature and is awaiting
awaiting the referendum,
thereof
in
ginia, while Iowa
thereafter."
Some other States have
quency and
ses¬
Assembly of this State follow¬
ing that of A. D. 1910, and at the session
every tenth year
re¬
interesting
prescribed may be taken "at the fifth biennial
tion
of
comes
two-thirds.
concur
ferred to the
tion
instead
ka, Ohio and Rhode Island, and
be
no
or
to the Executive.
single majority vote
shall be referred to the General
limit
concerning conventions
In Delaware any
fifths
to be given su¬
seems
submit amendments.
thirds vote in the Senate
may propose
and if a majority in the other branch
next
"every"
Alabama provides that
a
the majority vote
repeated in the next following Legislature;
teen it must
to be
resolution
in bill form and have ap¬
may
eight (this State being one)
must be
in
half-dozen States
legislative branch
Constitution."
"Approved March 17,1913,"
as
three-fifths rule also prevails in
some
in each
perior force.
shall go
as
note, such
a
the inclusive word
a con¬
this
conflicting provisions in the same orig¬
instrument; but as the amendments made and
ber, by
two-thirds vote in each branch, and they
from the provisions of
of
two
are
amendments at any
a
III
prevails in the great majority
States, for while the language used is neither uni¬
form
nor
quite clear it cannot in most of them be
construed otherwise than that the
handful voting is determinative.
larger half of
any
For example, in
Georgia there must be acceptance "by
a
majority of
"
Oct. 8
1921.]
the electors
General
THE
qualified to vote for members of the
Assembly voting thereon."
necticut there is
thought for
a
tion; the proposals
of every
CHBONICLE
In staid Con¬
more
public atten¬
to be sent to the town clerk
are
town, who shall "present the
inhabitants
thereof,
to the
same
for their consideration,
at
town
meeting legally warned and held for that
pose,
and if it shall
nated
by law, that
ent at such
in
appear,
pres¬
some room
requires for the adoption of
tional amendment
at
In Tennessee the
ratify such amendment
improve¬
an
people must "approve and
amendments by a major¬
or
proposed constitu¬
a
majority of the electors voting
election at which members of the General As¬
an
sembly
elected, and not,
are
appellants,
eral
a
as contended by the
majority of the votes cast for the Gen¬
a
Assembly."
and stands out
ment for
This is the present rule in Illinois,
instance of
as one
a
positive require¬
really full vote.
a
Rhode Island is
for doubt is
left, and in at least two there is clearly
The Court held that "Section 2 of Article XIY
tors.
meetings shall have approved," etc.
Yet in at least five States
ment.
pur¬
to be desig¬
a manner
majority of the electors
a
a
1513
made to insure
distinguished both by the effort
public knowledge and the exception¬
ally large affirmative vote required
After
having
on
referendum.
majority in the Legislature, a propo¬
published in the newspapers, arid the
a
sition must be
ity of all citizens of the State voting in their favor."
Secretary of State must send printed copies, with
In
the
Idaho, the proposals
to the people, "and if
go
majority of the electors shall ratify the
amendment
amendments shall
or
Indiana, proposals
and if
a
such
same,
become," etc.
In
"to the electors of the State,
go
majority of said electors shall ratify the
a
such amendment
same,
a
amendments shall become
or
part of the constitution."
In Minnesota, the
posals become valid "if it shall
appear
that
pro¬
a ma¬
jority of all the electors voting at said election have
voted
for and
ments."
This
question,
ratified
amend¬
or
apparently, though not beyond
means a
Inquiry
alterations
such
majority of
a
some
full vote.
judicial interpretation has been given to "majority,"
and, if
none
The Idaho
Secretary of State replied that "a major¬
ity of the votes cast at
mines
ratification
general election deter¬
any
defeat,"
or
and he inclosed
a
for the next town and ward
the electors
when
ed
If
the State's vote for
four of the five
Only the
are
Harding and Cox alone; yet as
reported
as
carried the majority
to be "thereon."
seems
From
Wyoming the
mode
is that there has been
ing is that "any amendment must secure a majority
of the votes cast at each
voters voted for
This
tion."
or
election, whether
not the
or
against the amendment in ques¬
means
majority of
a
From Tennessee the
a
reply is that there has been
judicial ruling but the practice has been to re¬
no
quire "a majority of all the votes cast for members
of the
to the
propositions
shall be
put
tors shall
amendment
an
State, and if
v.
has the
on
convention; the other fourteen leave this
a
same
was
adopted
In
on
But
v.
of
an
af¬
March
14,1881, and declared
March 24, 1881."
bad to
"majority" to
mean
that proportion of
highest legislative vote cast at the same election.
a
test suit
was
brought, three years ago (People
Stevenson, 281 111. Supreme Court Reports, p. 17)
and the facts shown
ment in
of the
question had
were
a
that
although the amend¬
total vote exceeding one-half
highest vote for General Assembly, it did not
have one-half the number
number cast
for; Governor
on
or
submitted
as a
unpalatable that the people rejected
the
work, which had cost about $450,000.
mention, for
in her
no
a
special paragraph of honor¬
change whatever has been made
present constitution of 1870 and only two
have been
To have escaped infection bv
attempted.
uneasiness
of
the times
fundamental law alone
a
was
few exceptions, and this tagging of
a
Tennessee deserves
able
un¬
in New
good, in the ever-abominable "rider" method,
so
whole
as
by the convention of
largely because it
was
whole, with
marked and
a
to have let their
and
during
a
half-century is both
unique distinction for the people
of that State.
In
Illinois
convention met in
a
and took
the
a recess
then
Governor
January of last
to Sept. 8 1921; an 180-page
the
poll list
or
of the
for Presidential elec¬
wras
vail, the present rule
Court will
ana, on
to
as
head,
and
if
probably be left undisturbed.
have been
any
In
In Indi¬
difficulty in amending, a retro¬
gressive proposal to unmistakably adopt
been
those pre¬
laid down by the Supreme
the contrary, although there does not seem
(but with
Illinois, the canvassing officers for many years
construed
the
Want
majority of the vote cast at the election;
on
to legislative discretion,
or
The failure of the draft
1915 here
solitary referendum
pamphlet of "suggestions" was compiled and issued
ratify," etc.—an amendment on suffrage
re-submitted
rule for her
by the "Legislative Reference Bureau," of which
Swift, in May of 1880, for
firmative
it
time they
"to the
goes
by that of 1879; but it was "held not adopted, in
State
one
majority of said elec¬
a
proposed by thq Legislature of 1877 and again
was
submitted at
are
to be voted separately, and Dela¬
so as
ware
year
Indiana—where
In
electors of the
meetings."
or more
Legislature which submitted the amendment
people."
approved by three-
present and voting thereon in
Thirty-three States have provided that when two
the
full vote.
Representatives! shall
it must be "then
town and ward
judicial ruling, but the generally accepted mean¬
no
shall
provided by the act of approval; in order to
fifths of the electors
was
answer
the clerks
included) "before
repeat the former vote, the proposition shall be
York.
bonddssue.
one
vote, pro and con, equal to one-half
nays
published and be submitted to the electors in the
statement of the voting, in November last, on four
a
They
notices
majority of the legislators then elect¬
a
amendment
proposals and
(yeas and
the election of Senators and
be had."
or
meetings in April; and
have assembled
read it all to them
provided for,
latter received
legislators voting and the list of
to all town and city clerks.
nays,
shall insert this matter in the warrants
has been, what is the understanding
the best citizens, especially among the Bar.
among
and
become valid
made of several States as to what
was
of all
names
yeas
separate vote for
a
through
our
occasions
one
own
in
"thereon"
eacljL proposition) has
Legislature.
State, there were seven referendum
1894-1909
tions, of which only
inclusive, with 24 proposi¬
one was
rejected; that related
to the forest preserves,
than two to
one.
In
and was voted down by more
1910, there was one, which was
rejected by 292 votes.
and all
carried.
carried
In 1911, there were seven,
rejected; in 1913, there were four, and
One in
by
a
all
1914, anticipating the convention, was
handful, but interested only 21.22% of
Buenos
In 1915, the new
regular voters.
the Ml number of
than two to
constitution draft was rejected by more
and four other propositions
one,
the total vote has
larger; in 1916-19 inclusive, it ranged from
58.7% to 77.7% of the Presidential vote of 1916
Coming down to last November, the total on the
one amendment presented was 62.3% and the total
on the bonus was 73.4%
of the Presidential vote
the large bonus vote, pro and con, being readily in
telligible. Yet, after all the active campaigning for
the bonus, and the extraordinary publicity thus
given to it, more than one-fourth the people took no
notice of it at the polls.
It was carried by more
than two to one, and a little over 68% of the total
been
it
had a
barely have pulled through
would
required.
the full vote been
the
this subject will form a
situation in this State on
concluding article.
second and
New industrial investment
under date of Sept.
23, said:
figures was the enormous de¬
amounted to almost four billions.
This
indicates the unwillingness of capitalists to invest heavily in shares whose
returns are bound to be variable at the present time of industrial stagnation
and
decreasing prices.
number of new enterprises is disclosed by the
in issues cf new organizations, compared
to 1,172 millions of increased capital for established enterprises.
Invest¬
ment offerings of coal mining companies, mainly bonds, led the list.
The
details are given in the following table:
A
comparatively
small
returns, which show 480 millions
French Investment Offerings.
New
mortgage-loan
and
Banks
Sept. 17,
1197, was noted in the
page
following Associated
Bankers and brokers were over¬
for the first time since last Thursday.
whelmed
the
by
all-round
an
industrial
in
recovery
orders, which
Prussian Chamber of Commerce, of
activity
and increased outputs in
volume of accumulated buying
enormous
stimulated by a report from the
were
full business transactions,
1.200,000,000
local railroads. _
25.700,000
3,200,000
42,700,000
60,000,000
1,000,000
24,500,000
28.900,000
15 700,000
____
35.400,000
19.000,000
1,200,000
32,500,000
67,500,000
62,800,000
171,400,000
4,000,000
9,100,000
46,900,000
19.500,000
156,900,000
396,800,000
30,000,000
works..
'—
— _
....... - _ —
aviation....
— „ . . .
... _, —
_
102,000,000
28,300,000
500,000
warehouses
Canals, public
700,000
8.2CO.OOO
135,000,000
205,600,000
55.400,000
20,500,000
products
-
_ _.
34,100,000
118,400,000
3,000,000
—
18,000,000
1,220,200,000
39,900,000
176,000,000
—
3,000,000
Navigation.
6.600,000
133,000,000
...— .
Coal mines..
...
33,400,000
48,400,000
73,900,000
Foodstuffs
111,200,000
32,300,000
Commerce,
43,900,000
Rubber,
opened to-day for the purpose of
10,000,000
14,500,000
„
companies, ports, docks,
Ore mines
Press advices from Berlin Oct. 5:
The Bourse
and Bonds.
19,400,000
companies.
Tramways and
Water
Obligations
Capital,
so¬
francs
cieties
Insurance
Increase of
Enterprises.
Building materials
BOURSE,
1
velopment of bond issues, which
Chemical
reopening of the Berlin Bourse, the closing of which
been referred to in our issues of Sept. 10, page 1090 and
amounted to
striking feature presented by the
The most
Oil
The
issues in France
first six months
of the current year, according to figures just received by
the Bankers' Trust Company of New York from its French
Information Service.
With regard thereto the Company,
M etallurgy
and giscttssious
IN FRANCE
ISSUES
approximately 5% billion francs during the
Electricity
had
made with a view to
DURING PAST SIX MONTHS.
Gas
REOPENING OF BERLIN
No
the
this point.
on
INVESTMENT
INDUSTRIAL
Automobile,
(SAxxxmt %vmts
will be done, but inquiries have been
company
advising manufacturers
Real estate,..
with especial respect to
observations
Some
that it
majority of
of the Presidential vote, so
only 50.17%
at
affirmative was
affirmative; yet that
was
said to be over 300,000,000 kilowatt-hours.
the present time as to how the buying for
plants is
is available
C'
failed with it.
part, but in more recent years
on
Aires
information
new
twenty-two occasions in 1872-1914 there were only
seven in which one-half thb regular voters took any
vote
[Vol. 113.
CHRONICLE
THE
1514
manufactories
14,500,900
tobacco
7,200,000
27,100,000
35.400,000
7,700,000
37,900,000
37,500,000
23.500,000
35,200,000
80,300,000
7,600,000
19,000,000
15,600,000
Printers, paper
Miscellaneous societies
French societies abroad
societies..
Foreign
480,900,000
1.172,000,000 3,845,700,000
different parts of the country.
Reichsbank
The
German
currency,
acted to
some
indicating a further immense inflation of
statement,
counter¬
credit, which, it was
induced higher quotations for foreign paper,
extent by rumors
of American offers of
considered, would improve the value of the
Later in the day the Bourse
became quieter on
The Bourse committee will decide tomorrow
profit-taking sales.
whether to reopen on Friday
GERMANY TO PA Y EXPORT TAX DUE
ARBITRAL
EMPIRE AND
TRIBUNALS BETWEEN BRITISH
AUSTRIA AND HUNGARY.
"Weekly Official Intelli¬
following announcements by
the Board of Trade respecting the mixed Arbitral Tribunal
between the British Empire and Austria:
Stock
London
The
Exchange
gencer" of Sept. 5 printed the
only for limited operations.
for the usual business or
MIXED
mark should they materialize.
ALLIES NOV. 15.
AUSTRIA.
reprint from the New York "Tribune" of the 2nd inst.,
We
following copyright advices from Berlin Oct. 1: \
the
sion
and
the
German
after the
Treasury
It is
be gone over
on
had audited the
commission
beginning
The books will
fiscal
government's accounts for the first quarter of the
May 1.
commis¬
This announcement came simultaneously from the
15.
Nov.
on
three-day session of representatives of the
a
year
this period that payment is to be based.
again by the commission.
TRANSFER TO SPANIARDS OF GERMAN ELECTRICAL
HOLDINGS
From
IN
UTILITIES.
AMERICAN
SOUTH
information
contained
the
in
19 number of
Sept.
(published by the Bureau of Foreign
Domestic Commerce at Washington)
and
lowing
:
take the fol¬
we
Hammorschlag.
the work of the tribunal will be to decide upon
claims in respect of debts und"er Section III of Part X of the Treaty where
a
difference arises between British and Austrian Nationals, or between the
British and Austrian Clearing Offices.
It has also jurisdiction under Sec¬
tion IV ("Property, Rights and Interests"), Section V ("Contracts, Pre¬
scriptions, judgments"), Section VI ("Mixed Arbitral Tribunal") and Sec¬
tion VII ("Industrial Property") of Part X of the above Treaty.
By the Treaty the High Contracting Parties have agreed that their courts
and authorities shall render to the Tribunal direct all the assistance in their
member Dr.
.
the City Coun¬
cil of Buenos Aires has just recently agreed to transfer to the HispanoAinerican Electric Co. the franchise for the supply of electric light and
from various sources,
According to information received
in
power
Atlantic
The
the City
Buenos Aires,
of
in succession to the German Trans-
Electric Co., to which a 50-year franchise had been given
Hispano-American Electric Co.
was
Claudio
Don
in its
have not been
direct
no
The
to
systems
or
appears
over
line
in
way
system in Santiago, Chile, but this
The
German
company
during the war; it is understood the
As
the
indication
Argentine,
of
Chile,
Buenos Aires alone is
in
process
the magnitude
and
at
of installation
Uruguay,
was
on
is
about
Loder, LL.D., Judge of the Supreme Court of the Netherlands, the British
member is Mr. Heber Hart, K.C., LL.D., and the Hungarian member Hons.
the
over
Mesdozo",
electric street-car
an
lighting and rail¬
by the Government
is making every effort to
of the German corporation.
of the Hispano-American holdings in
the total capacity of the plants in
order;
kilowatts, with
the present
66,000 kilowatts
annual
output
of
the
de
An
Co.
successors
present 125,190
or
owned
taken
new company
the return of this property as
an
Tribunal
Bela
Hispano-American Electric
by the
lighting and street railway systems in Valparaiso, and
secure
to
that effect.
taken
HUNGARY.
of Article 239 of the Treaty of Trianon, the mixed Arbitral
between the British Empire and Hungary has been constituted and
to commence work in London.
The President is Mr. B. C. J.
In pursuance
at
less comments in South America
consist of three plants in Buenos Aires, a light and power plant is
Montevideo.
are
feeling in the Argentine that the German interests
a
been given to the provisions of the Treaty in this
in Council of the 13th August, 1920 (Statutory Rules
and Orders, 1920, No. 1613).
The British Government has provided headquarters for the tribunal at
Winchester House, 21/ St. James's Square, S.W.I.
Mr. Claud Mullins,
Barrister-at-Law, is the British Secretary.
The Rules of Procedure which have been adopted by the Tribunal may
be obtained on application to the Secretariat of the Tribunal, price 6d.
country by an Order
some
is to all indications entirely Spanish
company
entirely eliminated, although on the surface there
evidence
various
of
up
Comillas, and the home offices
composition, there have been more
which would indicate
be
the
While
particularly as regards transmitting notices an$ collecting evidence;
agreed to regard the decisions of the Tribunal as final
to render them binding upon their nationals.
they have also
and conclusive and
Spain. The president of board of directors is
Lopez Bru, Marquis of
Spain.
Madrid,
in 1907.
founded in 1920 by the Banks of
Madrid, Barcelona and Bilboa, and has a board of directors made
of the most influential men of
and
jur Paul
important part of
An
Statutory effect has
1
■
Germarn-en-Laye, the
and Austria has been
constituted and is about to commence work in London.
The President is
Mr. B. C. J. Loder, LL.D., Judge of the Supreme Court of the Netherlands,
the British member is Mr. Hebert Hart, K.C., LL.D., and the Austrian
power,
"Commerce Reports"
of Article 256 of the Treaty of St.
Aribtral Tribunal between the British Empire
pursuance
mixed
Berlin Government and
of the Inter-Allied Guaranty Commission it was announced officially to-day
that Germany would pay in full the first export tax payment due the Allies
After
In
Zoltan,
formerly Minister of Justice in Hungary.
important part of the work of the
Tribunal will be to decide upon
Section III of Part X of the Treaty, where
and Hungarian Nationals, or between
the British and Hungarian Clearing Offices.
The Tribunal has also juris¬
diction under Section IV ("Property, Rights and Interests"), Section Y
claims in respect of debts under
a
difference
arises
("Contracts,
Tribunal")
above
between British
Prescriptions, Judgments"),
Section VII ("Industrial
and
Section
VI
Property")
("Mixed
Arbitral
of Part X of the
Treaty.
By the Treaty the High Contracting Powers have agreed that their courts
the Tribunal direct all the assistance in their
and authorities shall render to
power,
particularly as regards transmitting notices and collecting evidence,
Oct. 8
1921.]
THE
decisions
and
they have also agreed to regard the
and
CHRONICLE
conclusive, and to render them binding upon their nationals.
The
British
Winchester
has
Government
Barrister-at-Law,
St.
21,
House,
provided headquarters
James's
British
the
is
of the Tribunal
Square,
Mr.
Mr. Mellon said it is not possible to fix dates of
maturity in the
Claud
in
Mullins,
Secretary.
other loans and their
other
maturity dates in the fixing of maturity dates for our
-V AY
\
loans.
adopted by the Tribunal may be
application to the Secretariat of the Tribunal, price 5d.
on
funding
owe
governments large sums and careful consideration must bo given to these
The Rules of Procedure which have been
obtained
refunding of the loans because most of the Governments
or
Tribunal
for the
S.W.I.
final
as
1515
The Secretary
estimated that private banking, corporate and industrial
interests in this country held about $4,000,000,000 of foreign
obligations
and said that it might be well to defer interest payments on the debts oil
account of business
conditions.
SECRETARY OF TREASURY MELLON URGES FUNDING
OF ALLIED WAR DEBTS—RUSSIAN DEBT HOPELESS.
TO BRITISH OWNERS OF ATCHISON STOCK
RETURN
The enactment of
Allied
loans
war
Mellon
and
funded
the
out
to
Ways and Means
Secretary Mellon stated that "the loans should
refunded
straighten
answer
was
the 6th inst. before the House
on
Committee.
be
legislation for funding and refunding the
urged anew by Secretary of the Treasury
question
a
the
at
earliest
time possible
to
Among
Treasury."
other
in
to whether he hoped to collect from
as
Russia, Secretary Mellon stated that "it
The
question
as
things,
hopeless."
seems
to whether there is "any intention
the
on
part of the Conference on the Limitation of Armaments to
discuss
his
debts,"
war
From
dis¬
a
Speaking for himBelf and the President, the Secretary told the Oommittee
considered
was
conduct
these
President's
necessary
negotiations,
approval,
that the Secretary of the Treasury, who will
should
have the
fullest
authority,
to handle the negotiations for
with
the
refunding of the
a
foreign debt.
There has been
opposition in Congress
thority and the power of negotiation to
dences of such
to the
Stock
and there
as
amounting to $84,093,963, obligations for
transfers
can
There is
authority to
no
arranging for payment of indebtedness
consider the indebtedness of one Allied nation to another.
have to work with the other creditor nations
By reason of the lack of any authority
as to a
we
In other words,
To do this it is essential that the department have full
au¬
or rates
the time for the
the indebtedenss to be refunded.
payment of interest on
,
Act,
V
:'
■
ST A TUS OF MEXICO'S EXTERNAL 0BLIGA TIONS.
Thomas W. Lamont of J. P.
It is also of
Morgan & Co., whose
pro¬
posed visit to Mexico to discuss the status of Mexico's
obligations
was
referred to in
1199, arrived at Mexico City
page
on
issue of Sept. 17
our
the 5th inst. with those
accompanying, and with his arrival issued as tatement saying:
My visit to Mexico City is made in response to the gracious invitation
extended
by President Obregon's Government for me to discuss with it
relating to the Mexican Government's financial obligations abroad.
The International Committee of Bankers of Mexico, of which I am Acting
was
formed two years ago to act in behalf of investors who hold
Government's external
Mexican
a
countries
as
well.
glad of this opportunity to visit Mexico to meet some of its public
I am
men, to
bear
and consequently the Com¬
bonds,
representatives not only of the United St.ates but of
the leading European
and
form
refunding obligations, the rate
the maturity dates and the right to extend
of interest,
1887.
ARRIVAL OF T. W. LAMONT IN MEXICO TO DISCUSS
matters
part of these foreign obliga¬
to determine the
says:
■.
mittee is made up of
such foreign indebtedness,
ACT,
which Stock has been issued to the National Debt Commis¬
fairly with the debtor nations and at the same time protect the interest of
terms of the settlements and of the
LOANS
pursuant to the Section 13 (5) of the National Debt and Local Loans
Cent Stock,
have to
plan of settlement.
on a
19
LOCAL
Exchange Weekly Official Intelli¬
1887, they havedirectedt.be creation of £6,500,000 Local Loans Three Per
Chairman,
to all
one
Lords Commissioners of His Majesty's Treasury give notice that,
The
the
as
Treasury Register will close
the date specified, and no further
AND
Stock
gence" of Sept.
impossible in any refunding under the varying conditions that exist, to deal
this country.
The
DEBT
"London
The
tions and. the restrictions upon the existing authority as to the others, it is
thority
1921, from which date the additional
then be accepted.
NATIONAL
external
amounting to about $565,000,000.
accept bonds or other currency than our own in payment of the debts.
we
15
cease.
calendar month before
obligations received from the
possible time to straighten out the Treasury.
certain extent, in
the
au¬
"The loans," said Secretary Mellon, "should be refunded at the earliest
a
in
notice
still evi¬
were
held by the Grain Corporation and obligations received
from the Secretaries of War and Navy
"To
Dee.
on
as
allowance will
The bill advocated by the Secretary would
American Relief Administration
about $56,000,000
TREASURY.
B, of returning Atchison Topeka & Santa Fe Ry. Common
him to cpnvert or refund loans under the various Liberty bond
aggregating $9,435,225,329, as well
acts
BRITISH
Commissioners give
sioners.
granting of such wide
one man
opposition in the questions put to Secretary Mellon to-day
by members of the Committee.
empower
TO
Debt
"London Gazette" of Sept. 13 1921 that the British Treasury
have decided to exercise the option, under Clause 3 of Scheme
patch from Washington to the New York "Times" Oct. 6
we take the following:
it
National
The
also put to Secretary Mellon, and
was
"none at all that I know of."
was
answer
LOANED
observe at first hand its economic and commercial conditions and to
message
of good will and friendship from the banking and business
community of America to that of Mexico.
importance that the department should have adequate authority to adjust
and settle claims against
of bonds or
forces of
obligations,
foreign Governments which
in the form
are not
FINANCIAL
Secretary Mellon expressed the opinion that Governments of Europe,
which
owe
by
any
Since
foreign Government, he said, for the cancellation of its debt.
1919 there had been no interest collected
on
Mr. Mellon told the Committee that there
collect interest
the loans.
Mellon
on
was no
intention to attempt to
interest in negotiating arrangements for the refunding
In response to
of
take/care of their payments
than the smaller nations.
"There has been
as
debtors,
or
"of
It is
our
but only a
intention to
so
fund
them until
on
""A
\AAA\;'
■
thought, Mr. Mellon declared, of accepting repayment for
was no
these loans except
in American currency.
The different loans
are
backed
by various kinds of securities, one of the Austrian loans being a lien on
He stated that it had been urged that the United States
public property.
relinquish this lien and accept other security in order to let
Government
Austria go ahead with plans for
In
financing itself.
of $187,729,750, which
country before the
Bolshevik! came into
Russia
"Collection from
Oct. 4 that Dwight W. Morrow of
of
survey
The New York
the financial situation.
'Times" of that date said:
It is expected that the loan which Cuban has
observations of Mr.
the
General
Enoch
Morrow
and
Mr.
requested will depend upon
Davis,
will confer with.
who
Crowdor, representative of the Government in Cuba, as
seems
Partners of the
consideration.
Morgan firm said
a loan
to Cuba was not
The Morgan firm purchased
this Government made to that
under immediate
and resold a loan to Cuba in
Cuban officials
1914 and since last December has been negotiating with
this loan.
over
in
needs of the island.
|
Several months ago it was proposed that a
this country.
$60,000,000 loan be sold in
Although they desired to scale it down somewhat the
bankers
willing to attempt such financing, but failure to receive formal per¬
were
mission from Washington has held the negotiations
for
of Cuba, aided
and the present
Mr. Davis, then with the Trust Company
the negotiations and is familiar with Cuban finances
It was reported that the Cuban Government
reply to a question whether this country expected to collect from
Russia, the loan
hand
general substi¬
a
to insure regular payments of interest
as
maturity."
There
on.
of Government securities,
shifting of the character of the securities.
foreign debts
on
Co. and. Norman II. Davis, formerly Assist¬
well as with Cuban officials.
thought," Mr. Mellon went
no
tution of Governments
announced
TO STUDY CUBAN
SITUATION.
Secretary of the Treasury had gone to Cuba for a first¬
ant
questions by members of the Committee, Mr.
expressed the opinion that the principal Allied Powers, England.
was
J. P. Morgan &
the foreign debt.
France and Italy, were in a better position to
these
It
about nine-tenths of all the debt, would bo in condition in another
meet their payments of interest, and there had been no suggestion
year to
MORROW
DWI GUT W.
for example the claim for costs of our military
as
occupation."
a
in abeyance.
had applied to bankers
temporary loan of $3,500,000 to tide tlmm over until
financing
was
arranged
.
here
the permanent
This, however, was not confirmed,
Mellon replied:
power, Mr.
arther hopeless just now."
Representative "Watson of Pennsylvania, who asked this question, was
desirous of knowing whether we expected to collect from Czecho¬
OFFERING
OF
STATE
$12,000,000
OF QUEENSLAND
also
slovakia.
"Conditions," replied the Secretary, ' are better in Czechoslovakia."
Representative Frear criticized the idea of placing such vast power in the
hands of the Secretary for
there
was
any
intention
to discuss
Armaments
funding the loan, and wanted to know whether
on
the part of the Conference
foreign
war
Frear asked whether there was any objection to
of
on
the Limitation of
debts.
Mellon replied that he knew of no such intention,
Mr.
the
(AUSTRALIA) BONDS.
v
debt
refunding legislation
Mellon did not regard that
Governments
were
whereupon Mr.
putting over the passage
until after the conference.
plan as wise.
He said that
negotiating settlements
some
themselves
among
the United States Government, in his opinion, should be
Secretary
of the foreign
and
that
prepared to par¬
An
(
(Australia)
twenty-year 7% Sinking Fund External Loan gold bonds
was announced
by the National City Co. of this city on the
6th inst.
The bonds were quickly absorbed, the subscrip¬
tion books having been closed early in the forenoon yesterday
(Oct.
offering of $12,000,000 State of Queensland
7).
The bonds
were
offered at 99 and interest, to
yield about 7.10% to maturity.
it is announced,
The proceeds of the loan,
construction, rail¬
will be used for railway
ticipate with them for the protection of its own interests, even if for no
way
equipment, harbor improvements, water
other reason, and there were in his judgment other
and
irrigation, and other Government purposes.
conservation
The o mds
due Oct. 1 1941.
The bonds
good
why the
reasons
legislation should be passed promptly.
He defended the request for the vesting of such broad powers
in the hands
ipf the Secretary of the Treasury, subject, of course, to the approval of the
President'.
He explained that other foreign Governments had placed the
matter cf refunding in the hands of their fiscal officers, who were experts,
an
in
said it
ts
was
with these experts that the Treasury, would have to deal
negot ations.
"I would not
t
me
in the negotia¬
tions," said the Secretary, "but division of authority by this Government
would complicate and
delay the negotiations and
a
dated Oct. 1 1921 and
in coupon form in
are
registerable
as
are
denominations of $1,000 and $500 and
to principal
(April 1 and October 1)
are
oply.
Principal and interest
payable in New York City, in
United States gold coin of the present
:
object to having others associated with
are
are
and fineness,
at
fiscal agent of the loan,
settlement."
i
standard of weight
The National City Bank of New York,
without deduction for any Australian
and payable as well
irrespective of the nation¬
Queensland taxes, present or future,
or
iA time of
in time of war as
peace,
The bonds are non-callable,
ality of the holder.
the offering states:
circular announcing
and the
1
Queensland agrees to pay to The National
Fiscal Agent of the Loan, $400,000 per annum,
in equal quarterly instalments beginning Jan. 1
1922, and during each of the remaining fifteen years sums sufficient to
retire at 102}4 at least one-fifteenth of the principal amount of bonds
outstanding Dec. 31 1926.
Sinking Fund payments shall be applied to the
purchase of bonds in the open market, if obtainable, at not exceeding par
and accrued interest to and including Dec. 31 1926, and at not exceeding
10214 and accrued interest thereafter; the unapplied moneys in the Sinking
As
a
Sinking Fund, the State of
City Bank of New York,
during the first five years,
These bonds are the
State of
issue, offer for public
direct credit obligations of the
if, in the future, it shall
Queensland,
subscription
loan secured by any
charge or pledge on or of any revenues or assets of the State, the service
of this loan shall be secured equally and ratably with such subsequent loan.
Queensland is the second largest State on the continent of Australia.
It
is as large as the entire area of the United States east of the Mississippi,
excluding the States of Florida, Alabama and Georgia.
The coast line is
about 3,000 miles.
The relation of the Australian States to the Common¬
wealth of Australia is similar to that of the States of the United States to
the Federal Government.
Owing to the very extensive natural resources
still awaiting development, including practically every important mineral
and farm and pasturage lands and forests, continued expansion of trade and
in any manner
or
Sanitary Tax, and the Imposto
and the equity in the Licenses
de
Tax, Cattle Tax
the service of this loan.
calendar years from these
$909,247. The receipts
from the operation or rental of the municipal slaughter house to be con¬
structed with part of the proceeds of this issue, will also be allocated to the
and Property
Transimssion Tax will be allocated to
The
annual
average
taxes amounted to
return
for the last two
$2,615,630 with prior charges of
service of this loan.
otherwise indicated, are made
pound sterling.
Aver¬
(Computations of foreign money, except as
at the rate of 12.5 cents per
value of the milreis in
age
milreis and $3.75 to the
1920
was over
20 cents.)
VENEZUELA DOUBLED.
IMPORTS OF
doubled in 1920 as com¬
the Minister of
Finance, which has just been issued.
We are advised of
this by the Venezuelan Commercial Agency of this city,
pared with 1919, according to the report of
The circular also states:
which agrees that
from the Vehicles Tax, the
The receipts
Laudemois (a realty tax),
Imports of Venezuela more than
Queensland.
Fund to revert to
[Vol. 113.
CHRONICLE
THE
1516
dispose of any bonds or contract any
which says:
The nation's total
foreign trade was 20% more than in
the previous year.
52 and in 1919 $75,055,919 34.
Of the $59,375,377 42 imports, approximately half, or $29,291,005,
were from this country.
In 1919 the country's entire import trade, $25,303,490 85, did not equal in value the goods received from the United
States last year.
Nearly half the exports—$15,507,396 28 out of a total of
$32,315,164 10—went to American importers.
The exports, however,
due to the worldwide financial readjustment, showed a decrease from this
Last year
the figure reached was $91,690,541
of the
Four
during
of
debt
the bolivar,
London
interest rate, or lower.
Queensland boars a 4%
representative issues sold at annual average prices to yield 4.22%
five years prior to 1914.
The eight loans now outstanding in London,
issued between 1884 and 1914, were offered at prices to yield from 3.12%
existing loan on any revenue or asset of the State.
17 years revenues, excluding loans,
have exceeded expenditures except three years during the war.
During
the last two fiscal years revenues have exceeded expenditures.
Debt & Wealth—Over 82% of the funded debt of Queensland up to
June 30 1920 had boon issued for public improvements, such as railroads,
necessary to secure any
Revenues—During each of the last
though at a discount as
lines, water supply systems, harbor
The total debt both funded
and floating, June 30 1921, was $392,940,700.
About 60% of the debt
has been issued to build the 5,752 miles of railways owned by the State.
Prior to 1914 the railways earned a surplus after all expenses and interest.
Even from 1915 to 1921, inclusive, the deficit after all expenses and interest
averaged only $4,000,000.
The total wealth of Queensland, including
private and public property was authoritatively estimated at $1,217,300,000
in 1915. or $1,776 per capita, compared with a per capita wealth of $1,965
in the United States as reported in the 1910 Census (the latest official
A
and public buildings.
$12,000,000
OF
Janeiro (Federal
Brazil) twrenty-five
8%
year
bonds was announced yesterday, the
syndicate headed by Dillon, Read & Co.,
fund gold
Continental & Commercial
Savings Bank of Chicago.
The closing of the
Lee, Iligginson & Co. and the
&
Trust
books was reported later in the day, the bonds having been
net about
due
Tho bonds
8.20%.
Oct.
1
ex-service
of
the
While
(April
interest
and
and
1
payable in New York City in United States
gold coin at the office of Dillon, Read & Co., free of all
Coupon bonds of $1,000
denominations, registerable as to principal.
The
present and future Brazilian taxes.
official circular stated:
bonds are not
The
any
•.
callable until Oct.
,
1931,
1
which date and
on
on
interest date thereafter the issue may be called in whole or in part on
six months' notice at 105 and interest.
of the Federal District agrees to
As
provide
a
sinking fund, the Government
a sum
sufficient to buy $240,000
principal amount of bonds semi-annually during the life of the loan, which
n
market if obtainable at or below
the
105 and accrued interest.
of the loan, the funded debt, etc., the
circular said in part:
These bonds will
be
a
direct obligation of the City of Rio de Janeiro
(Federal District of the United States of Brazil), and their issue,
as
by law, has been duly authorized by the Brazilian Government.
of Rio de Janeiro is the
It
has
second largest city
The
United States
cpital of the
required
The City
of Brazil and is
con¬
by, and administered under the supervision of, the Brazilian Gov¬
ernment.
a
met the
population
of appxoimately
1,200,000,
and
is
debt of the city outstanding
of which
$24,332,700
was
external.
on
Dec. 31
The
principal and interest of its funded debt in cash.
The revenue
1920,
city has
was
always
Revenues of the
of the
city, at exchange rates then current,
was
affiliated
purchases "until the causes of
municipal
improvements
Hill and the construction of
property on
immediate
a
including
the
removal
municipal slaughter house.
of
Castle
Ayenida Rio Branco and the bay.
We are informed that all
the hill has been acquired by the city, and that property in the
vicinity has been sold at a price as high
as
$11
per square foot.
The removal of this hill, which is already under way, will make available
approximately 4,840,000 square feet of land.
that required for governmental purposes,
All of this land, other than
will be offered for sale by the
city, and all the proceeds from such sale, up to an amount sufficient to
to retire
have disap¬
debts
their
of
also
three days a list
abroad with exact data concerning the creditor firms and
the nature of currency in which the accounts are payable.
firms to forward within
Chamber also requested all
The
regarding
NEW CURRENCY
SYRIA—ESTABLSHMENT OF
FOR
BANK OF SYRIA.
is from
following
The
the
weekly "Commerce Imports"
issued by the Bureau of Foreign
(Sept. .19)
Commerce at
and Domestic
Washington:
Empire, has been the
return of the country
to normal.
Trade and commerce have been limited to the necessities of
life, though there has been some imports of automobiles and certain cotton
goods.
A French High Commission has been established in Beirut, which
is laying plans for the financial control, economic and commercial develop¬
ment, and administration of the country.
One of the first steps taken
in this direction was the establishment of
the Bank of Syria, a quasiSyria,
like other portions of the former Turkish
activities which have retarded the
centre of military
institution.
Governmental
the
and
postal, telegraph and telephone
under Government control.
The
systems
railroads were also placed
Prior to the war
Egyptian currency and Turkish gold and
throughout Syria,
but with the French
silver were in
occupation the Syrian pound
(paper) was issued and orders given making it the currency of the country.
The Syrian pound is equal to 100 piasters, each piaster being equivalent
to 20 French centimes.
The Syrian Bank notes are exchangeable in Paris
the
at
fixed rate of
20 francs to the
subject entirely to the fluctuation of
been forbidden in money other than
gradually all the Egyptian pounds
new
paper pound.
pound.
This currency is therefore
the French franc.
Transactions have
the legal tender of the country, and
and sterling will be replaced by this
by purchase or call this entire issue, will be deposited in trust for
that purpose.
AFFECTED
REVENUES
TURKISH
From
Assistant Trade Commissioner
July 21, are
Foreign and Domestic Commerce
Sept. 19:
By the Treaty of
its
Julian E. Gillespie,
Constantinople, the following advices, dated
reported by the Bureau of
on
TREATY OF
COMMISSION.
BY
SEVRES—PRO VISIONAL FINANCIAL
at
Hill is situated in the centre of the principal business section of the city
between the
sudden rise of foreign exchange
peared."
ap¬
proceeds of this loan are to be chiefly employed for permanent and
revenue-producing
Castle
Chamber of Commerce has instructed all Serbian firms
with it to hold up payments of sums owed abroad for post-war
Belgrade
the
proximately $11,000,000 in 1918 and $13,000,000 in 1920.
The
daily papers Sept. 25 said:
Paris cablegram to the
A
The
city are choifly derived from taxes on real property, licenses, vehicles, cattle,
etc.
OWED ABROAD UNTIL
in South America.
total funded
$49,423,300,
in war time, the
displayed full agreement with the
discharge all obligation* to its ex-
characterized those to much larger loans
SERBIANS STOP PAYMENTS
Any
unexpended at the end of six months reverts to the Federal District.
As to the purposes
trolled
not come
soldiers.
use
balance
did
public, the announcement notes, has
fixed policy of the Commonwealth to
payments will be applied by Dillon, Read & Co. to the purchase of bonds
i
loan for further measures in
subscribed, it was announced to-day.
in with the same degree of spon¬
has been fully
men
subscriptions
taneity which
interest, to
dated Oct. 1 1921 and are
are
Prnicipal
1946.
October 1) are
and $500
Sept.
$50,000,000
Government's
Australian
The
aid
The offering price was 97% and
disposed of.
advices to the daily papers
(Australia)
Melbourne
19 said:
RIO BE JANEIRO BONDS.
$12,000,000 offering of City of Rio de
7th inst., by a
I
VETERANS' LOAN OF
$50,000,000.
EXCHANGE DROPS.
District of the United States of
sinking
coin.
AUSTRALIAN GOVERNMENT'S
figures available).
OFFERING
compared to the dollar, is stronger than
other South American or European
any
telephone and telegraph
tramways,
and river developments
this excess of imports over exports
was
not been
has been such that it has
The credit of the State
4.11%.
to
high mark of $49,752,428 49,
It
:7?v Credit—Heretofore, Queensland external loans have been sold in
and constitute trustee investments in Great Britain.
Over 60%
funded
reached in 1919.
which subjected Venezuelan
finance and commerce to such a severe strain during the year, but in every
case merchants loyally made every sacrifice to meet their engagements.
The result is that business in Venezuela to-day is on a stable footing, while
assured in Queensland.
increase in wealth appears
European
Greece.
Asia
Sevres the Imperial Ottoman
Empire was shorn of all
possessions and the hinterland of Constantinople given to
Minor, Syria, and Cilicia were declared to be the French
sphere of influence, Palestine was placed under Great Britian, and Adalia
was
created as the Italian zone of influence.
Military operations in Asia
Minor
trade.
been
been
taxes,
have
resulted
in almost
a
complete closing of Anatolia to foreign
Turkish Government at Constantinople has therefore
cut off from the major part of its revenue-producing areas and has
dependent for funds upon the local customs receipts, consumption
The
Central
and special municipal taxes.
Obviously these have bee* insufficient
OCT. 8
or
from the Administration of the
needs, and loans have been sought
its
for
Debt
Public
Ottoman
the Agricultural
and
with little
Turkey is primarily an agricultural and stock-raising country,
no industrial life
either in Constantinople or in the interior.
amounted
to
Turkish Empire has virtually
the
this
reason
the
ifcnports
amounting
1919
for
than
more
£T92,762,375
to
and the
£T28,427,672, while for 1920 the respective aggregates were
and
Business
American
and
(France
Italy
£T4,988,487
United
States
in
exported to the United States.
in
1920
the bulk
£T25,953,810,
to
Imports from
these
of
the
The
v
been
has
however,
by
handicapped
American
adverse rate of
an
the Turkish
pound in July 1920 to 58 cents in December 1920, and on June 30
1921
Turkish
rate
94
from
to
cents
69% cents.
was
States
United
fluctuated
has
money
both the
position with
favored
a
is
anxious
most
and American
into
enter
with
relations
bonds
8%, 25-year sinking fund gold
of
capital
The offering was referred to in these columns
October 23 1920, page
Chief
these projects
among
and
Sivas
natural
are
thence to Angora and from
electrical
plants
water
Adalia
at
and
in
power
have
activities
and
delayed
It
30 1921, for the listing of the bonds, said in part:
around
will be
Adalia
that the
used
furnish
to
the
electricity for that city.
$1,000,000 in denomination of $500, Nos. D 1-D 2000, inclusive.
Authority for Issue.
there
According to reliable reports,
large stocks of wheat, tobacco,
are
authorized in accordance with the laws of the Republic of
The bonds were
Switzerland under which the City is authorized to take up loans for exter¬
nal
by action of its Board of Municipal Administration on Oct
needs,
1920, resolution of the Big Board of
Oct.
seaboard.
need
The bonds
1920.
12
interior
almost
and
entirely
require only
The
stored
the
of
varieties
the
in natural
return
of
it would
peace
naturally depends
trade with Anatolia
political
and
As
peace
is
re¬
of
all
sorts,
goods
manufactured
and
goods
opened for American manufacturers
the set¬
upon
as
soon
implements and machinery
agricultural
cotton
issues.
of
many
and exporters.
Constantinople will in all probability regain its position
as
Like¬
the chief
direct liability
a
Provisional
mission
cure
is provided for
loan
a
back
the
Financial
of the
the
from
salaries
of
similar permanent financial
com¬
in the Treaty of Sevres—in order that it might se¬
of the Ottoman Public Debt to pay
Administration
of
Provisional
tration
Commission—a
Government
Financial
employees
Commission
and
the
are
officials.
The
and the City will incorporate
the loan,
of
service
the
for
of the
sinking fund and
loan, including interest,
borne
by the City under the agreement.
of this
loan
and
nances
II.
Messrs.
of
tures
Junod,
issued by the City and
are
Trust Company
The bonds
and
bear
are
representative.
at
on
1922,
Campbell,
Henry
Consul
the American
at
Asuncion,
recently reported to the Department of Commerce at Wash¬
ington.
The latter, in making known these advices Aug. 22,
and
the
rate
of
administration
of the
controller chosen
a
the
tween
on
controller
bank
during this period will be in the hands
by the creditors of the bank.
the
and
creditors
will
be
Any disagreement be¬
referred
to
the
Minister
of
(SALTILLO) RESUMES PAYMENT OF
INTEREST—STATE
TO
V
St.
OF
COAHUILA
ALSO
RESUME.
advised by H. M. Noel &
are
Co., investment bankers
Louis, that they have received the first payment of
interest
City
on
of
Saltillo,
of
State
Coahuila,
bonds, which have been in default since 1913.
1900 the firm purchased in Mexico,
Mexico,
In 1899 and
$235,000 City of Saltillo,
Coahuila, Mexico, 6% Waterworks Bonds, due in 1929, in¬
terest payable June and
December 1 at the National Bank
of Commerce in New York City; also
huila de Zaragoza
$752,000 State of Coa¬
6% gold bonds, due in 1940, interest
pay¬
able April and October 1 at the National Bank of Commerce
in New York
1
City.
1913, and the
1913.
As
the past
a
The city defaulted
State defaulted
result of
summer,
a
an
on
on
their
their bonds June
bonds October
1
trip made by Charles Noel to Saltillo
agreement was reached with the city
to make payment on the Waterworks Bonds some time dur¬
ing the month of
obtained
from
September,
the
State
bonds not later than
to be made
the first of November.
collection.
resumption of payments,
bonds which it
owns
on
M.
To
Noel
Harold
agreement
an
was
on
also
their
Remittance
is
direct to the firm, and bondholders should for¬
pound interest
H.
and
providing for payment
ward to it their coupons for
this
due Oct. 15 1945,
per
annum,
payable
The bonds
are
in
as
to principal.
The coupons bear the engraved
said Mayor, Director of Finances
Swiss
of
the
bonds
and
the
interest thereon and the premium
the redemption of the bonds will be paid without deduction for
Governmental
or
municipal
taxes or other
Swiss taxes,
present
future, at the offices of Hallgarten & Co., and Blair & Co., fiscal agents
loan, in the Borough of Manhattan, City of New York, State of New
United
America
Oct.
15
of
or
1920,
States
of
America,
equal
to
the
and
in
standard
gold
coin
of
the United
of weight and
will be payable as well
States
of
fineness existing on
in time of war as in time of
irrespective of the nationality of the holders thereof.
peace
,
Sinking Fund; Purchase and Redemption of Bonds.
MEXICAN CITY
We
are
of the
Finance.
at
1920,
of 8%
April 15 and Oct. 15.
signatures of
principal
payable
any
authenticated by
Secretary.
The
or
are
York,
also said:
The
15
form, of the denominations of $1,000 and $500, and
registerable
granted to the Banco Mercantil del Paraguay
They
of New York as Registrar.
Oct.
dated
interest
fac-simile
by the law of Nov. 11 1920 has been extended to May 16
bear the engraved fac-simile signa¬
Secretary, respectively, and are manually countersigned by Louis
its duly authorized
Central Union
coupon
moratorium
to be
Naegeli, Streuli and Bollinger, its Mayor, Director of Fi¬
delegates of the Adminis¬
Act of Congress of Paraguay of May 28 1921 the
expenses
Description.
The bonds
EXTENSION OF PARAGUAYAN MORATORIUM.
an
other
any
The City will apply the proceeds
principally for the reduction of its floating debt.
semi-annually
By
annually in its
Budget of Expenditure the sum necessary to meet in full the yearly service
members
the Ottoman Public Debt
and obligation of the City, which
terms of the bonds and of the agreement, and otherwise
cordance with the
Owing to the state of its treasury, the Imperial Ottoman Government in
February 1921 relinquished the control and administration of its finances
a
an
pledges its good faith and credit for the punctual payment of the principal
and interest of the loan, and the premium payable on redemption, in ac¬
distributing point for the Black Sea ports, South Russia and the Caucasus.
to
issued pursuant to the provisions of
Security and Application of Proceeds.
constitutes
loan
The
resources
for capital invested in Turkey to bring returns.
years
trucks,
be
and with
undeveloped,
for
and
will
The country is rich
Turkey.
military
market
a
automobiles
wise,
few
a
of
resumption of
tlement
are
Adequate transportation facilities are probably the greatest
the
of
6
on
agreement dated Nov. 15 1920, between the City of Zurich and Hallgarten
& Co. and Blair & Co., Inc. (hereinafter called the agreement).
wool, mohair, licorice root and nuts in Anatolia awaiting transportation to
the
the City Administration of Zurich
and decree of the Government Council of the Canton of Zurich
8 1920,
Oct.
on
the Great Need.
Transportation Facilities
/
$5,000,000 in denomination of $1,000, Nos. M 1-M 5000 inclusive,
work
contemplated
is
The application by the authori¬
The bonds have been issued as follows:
"Vari¬
Adalia to Konia, and the installation
Angora.
1612.
of Zurich to the Stock Exchange under date
ties of the City
firms
thereon.
the building of railroads from Samsun to
military
continued
and
ex¬
coupon
admitted to the New York Stock Exchange list
was
Sept. 19.
on
Central
capitalists for the future development of the interior.
BONDS LISTED
$6,000,000 City of Zurich, Switzerland, municipal
The
ternal loan of 1920,
The lat¬
business
American
(SWITZERLAND)
ON NEW YORK STOCK EXCHANGE.
projects have been studied by the Nationalist Assembly, and only lack
ous
of
to
ZURICH
OF
of July
occupies
Turkish Government and the Nationalist Government at Angora.
ter
great deal towards furthering friendly relations and establish¬
a
credits between Mexico and the United States.
new
Against these imports, merchandise to
States.)
was
jumped
Turkey,
exchange;
paper
ing
all other
that country who have debt obligations in the United States, and
do
should
CITY
Capital Wanted.
purchases consisting of flour, sugar, petroleum and automobiles.
trade
Coahuila places them ahead of the Government of Mexico and
of
States in
£T8,085,the only two countries whose imports ex¬
were
those of the United
the value of
the
resumption of interest payments by the City of Saltillo and State
imports from the United States in 1919 amounted to
Turkish
062.
This
£T47,S44,327.
267-and.
ceeded
exports to
£T169,396,-
have succeeded.
to
sider
With the
Constantinople since the Armistice.
For
imports have exceeded the exports by about three to one,
nothing
working with the city and State officials for many months in our behalf,
without his efforts it would have been next to impossible for an out¬
and
Bank.
producing portion of the country closed, the
1517
CHRONICLE
THE
1921.]
& Co.
Playter,
and
th'e
In consideration of
firm has agreed for the
represents not to collect any com¬
the past due coupons.
In
a
letter to us,
add:
American
Consul
at
having succeeded in making the negotiations
Saltillo,
as
belongs the credit
above stated.
of
He has been
j
The bonds contain among other provisions the
following;
1
The City agrees to pay to the fiscal agents of the loan
semi-annually
twenty days before April 15 and Oct. 15 in each of the five years beginning:
with 1921 and ending with 1925, as a sinking fund for the
purchase of
bonds of this issue, a sum of money equal to 2% of the
original principal
amount of bonds taken at
107% of their principal amount, to be applied'
by the fiscal agents of the loan to the purchase of bonds of this issue at
prices not exceeding 107% of principal amount and accrued interest if"
bonds are purchasable in the market at or below such
price; subject, how¬
ever, to the condition that the City shall not be required to have on
deposit
with the fiscal agents of the loan for the
purposes of said sinking fund-'
at any one time
If during said
more than the sum of two of said semi-annual payments.
five-year period ending October 15 1925 bonds should be so*
acquired by the sinking fund at prices less than 107 and interest, the City
shall be credited with the difference in respect of its subsequent obligation*
to
the
sinking fund.
are redeemable by the City on April 15, 1926, or
subsequent semi-annual interest date, at 107% of their principal amount
accrued interest.
The City agrees to pay semi-annually to the fiscal
agents of the loan, twenty days before April 16 1926, and each semi-annual
interest date thereafter in each year during the life of the loan,
including
the year 1945, as a
sinking fund to be used for the redemption of bonds by
lot on the interest date next
following the date of payment, funds equal to
at least 2% of the
original amount of bonds taken at 107% of their princi¬
pal amount.
The City also agrees that if on or prior to Oct. 15 1925 bonds
have not been purchasable
by the fiscal agents of the loan as above pro¬
vided in the market at or below the price of 107 and interest in an aggre¬
gate amount equal to 20% of the original principal amount of bonds, the
City in each ease will add to the installment of sinking fund applicable to
the redemption of bonds on
April 15 1926 funds equal to 107% of the prin¬
cipal amount of the bonds which have not been so purchasable (any bal¬
ance of
sinking fund moneys in the hands of the fiscal agents of the loan
not applied to the
purchase of bonds on or before Oct. 15 1925 to be used
and credited for this
purpose).
All amounts so paid to the fiscal agents
of the loan for the
sinking fund shall be applied to the redemption of bonds
of this issue.
Notice of redemption, specifying if part only of the outstand¬
ing bonds are designated for redemption the numbers of the bonds so desig¬
nated will be published
by the fiscal agents of the loan on behalf of the
City at least twice a week for two weeks preceding the redemption date in
two newspapers in the City of New York.
Bonds so called for redemption
will be paid at 107% of their principal amount and accrued interest on
The bonds of this issue
any
and
presentation and surrender thereof to the fiscal agents of the loan,
tice
of
and
no¬
redemption having so been given, they will cease to bear interest
redemption date.
The fiscal agents of the loan will also send
notice of redemption to the registered holders of registered bonds drawn for
redemption at their addresses on the books of the registrar and transfer
agent.
Bonds to be redeemed must be presented and surrendered with all
the coupons maturing on and after the redemption date.
from
such
The amounts paid to the fiscal agents of the loan for the purchase or
redemption of bonds as above provided shall also include interest on the
purchased or redeemed bonds to the date of purchase or redemption, ami
shall be in United .States gold coin of the standard aforesaid,
feaid pay¬
ments will be sufficient to redeem all of the bonds of this issue at 1"^/<?
maturity,
the
except through
the operation of the sinking fund after Oct. 15 1925, but the City may in¬
crease the amount of any sinking fund payment after the said date.
Bonds
purchased or redeemed by the sinking fund will fie canceled.
of
principal amount and accrued interest at or befbre
not be subject to any compulsory retirement
their
shall
bonds
[Vol. 113.
CHRONICLE
THE
1518
F.
TP.
ON
GEHLE
PROBLEMS
RECON¬
EUROPE'S
OF
STRUCTION—GERMANY'S INDEMNITY.
Frederick
W.
Gehle,
Manager
Business
New
the
of
Department of The Mechanics & Metals National Bank
returned last week from a iwo months' trip through Eng¬
The three great problems of
land, France and Germany.
Europe's reconstruction, according to Mr. Gehle, are the
ISSUE OF $00,000,000
NEW
establishment of
FEDERAL
BONDS.
RANK
LAND
adjustment
the
3rd inst. of $60,000,000 ten-twenty year Federal Land Bank
5% bonds came from Secretary of the Treasury Mellon on the
Announcement of
The bonds
inst.
1st
general offering to be made on
a
were
offered simultaneously in every
distributing group com¬
investment centre of the country, a
prising
than
more
thousand investment bankers, having
throughout the United
one
been formed to handle the offering
purchase at the
Federal Land hanks and
States, the bonds were made available for
offices
which
The
Associations.
managers
Harris, Forbes & Co.,
Alex. Brown A Sons,
are
the group,
of
of the Federal Farm Loan
formed at the request
was
Board,
bankers.
investment
of
Loan
Farm
National
City Company, and the Guaranty Company of New York
Brown Brothers &
As
of
indicated in
we
issue of Sept. 17, page 1204, Secretary
our
made known
Sept. 16, the
on
1, in
offer the bonds about Oct.
intention to
Trade and credit
statement
a
People dwelling in harmony with
not
well
In
the
on
be
&
wholesome
no
(Si
"The public faith in the Farm Loan bonds was
last
The
when
quickly alisorbed."
offering of these bonds
$40,000,000
this week
was
brought out.
were
made on May 1,
The bonds offered
dated May 1 1921, are due May 1 1941
are
redeemable before May 1 1931.
not
are
clearly manifested by the
In view of improved conditions this
and
Interest is payable
May 1 and Nov. 1 at any Federal Land Bank or Federal
principal is payable at the bank of issue.
Bank;
Reserve
The bonds
are
in coupon and registered form (interchange¬
able) in denominations of $10,000, $5,000, $1,000, $500,
$100 and $40.
any
They
time after ten
100
are
redeemable at
and
offered
at
circular
announcing the offering
and
and interest at
legally created as part of the banking system of the United States,
taxation.
and local
Issues
term
period
are
redeemable
In order to meet the demand for longer
Congress enacted
securities,
1921
bonds dated prior to May
date of issue.
a
statute authorizing the redemption
issues to begin in the eleventh year from date of issue instead
on new
of in the sixth
as
The bonds
heretofore.
now
offered
are
issued under this
x
authority.
The twelve
Government
increased
Land banks
Federal
with
an
original
were
which has since
through the operation of the system to over §25,000,000.
Security.
These bonds, in addition to
all
twelve of which are
principal
on
primarily liable for interest and ultimately for the
each bond,
are
secured by collateral consisting of
an
amount of United States Government bonds or mortgages on farm
equal
lands,
far
so
of the value of the permanent improvements
appraised
as
by United States appraisers;
(б) Limited to $10,000 on any one mortgage;
(c) Guaranteed by the local National Farm Loan Association of which
the borrower is a member and stockholder.
carries
a
The stock of these associations
United States Treasury
as
security
They are lawful investments for all fiduciary and trust funds under the
laws of many
They
are eligible under the
of the States for investment of all public and private funds
and have been
Trade Financing
Foreign
Corporation
in
now
credits in those countries
thoroughly responsible, I have
doubt that
no
Europe is concerned,
between America and
is.
it
of long-term
,
industrial centres
the other
and
the people and
the
only
wish
be
to
when
idle,
disabled.
are
the
locomotives
day
and
and
other
busy with other industries.
are
he
surface
is busy
Hamburg
is busy turning
Others centres
below
looks1
who
or
Essen
equipment.
one
Almost liter¬
unemployment in Germany; the only people idle are those
no
building ships.
night
railroad
is amazed at the activity of
that has not got its unemployment problem.
one
ally there is
who
Germany,
Among the leading industrial countries of the world Germany
production.
is
of
the tremendous efforts that are being put forth to stimulate
Yet,
out
mistake
cannot
hollowness
the
of
Germany's industrial boom.
Her finances are in a precarious condition;
the printing of paper marks to the extent of millions every day, the fail¬
the
of
ure
Government
its
meet
to
ganization
mark
to
in
work
its
any
The
England
is
inevitable.
production
You
thrift.
and
is
none
pleaded
witli
it.
Bankers
frankly in favor of some form of
are
indignant
an
at
reor¬
in
the
create
cannot
Economic
laws
for
up
time that the
same
of
England and
in
out of the proceeds
there is danger
purpose
English, French arid American competition.
production,
and
France is
it
would
Rightly
to the
laid
be
not
future to take the initiative towaqd
near
to
men
heavy payments
of
so
will inundate the markets of the world to the
goods
cheap
present
in the
the
comes
business
ameliorating Ger¬
of
effects
the indemnity, it will do
exports, and if it exports sufficient for
German
one
and
adjustment; in France
an
protest against the suggestion
the
If Germany pays
feared.
its
that
obligation,
many's
tliat
the in¬
and
decline
considering the whole question of Germany's indemnity,
there
of
by
crisis.
a
prodigious problems for the future.
conclusion
the
are
absolutely
was
other way than
to
inexorably, and Germany by defying economic laws, has stored
itsself
In
level
present
taxation
definite plan of financial
any
directly
leading Germany
is
out of
expenses
ability of the Government to institute
doors
surprising
of
detri¬
wrongly,
or
Germany's
England
were
remedying this phase of the
situation.
Europe's
there must be
ideals.
social
and
economic
problems
conciliation of national
is true that the United
It
stand
a
ideas
States
be
can
and
properly
settled
fusing of international
a
a
nation has definitely taken a
politics, but this country cannot
entirely free from the consequences of those* politics.
as
against interfering with European
after all consider itself
we
like
determination of
to
our
think
so
or
not,
Europe is
a
major influence
in the
economic welfare, and we cannot miss the logic of the
existing situation or ignore the conclusion; from the point of view of
own selfish
interest, if from no other, we are vitally concerned in the
States
United
conditions
normal
of
turn
abroad.
Europe's
is absolutely necessary to
leaders
to
gain
accurate
leaders
maintain
Europe's recuperation.
knowledge
of
the
there is warranted in America
trade,
with,
and there is warranted further
the
for
a
re¬
the
in
which
Upward of $18,a
tremendous
outlet through export
an
study of the facts
an
that
our
It behooves
degree
000,000,000 is outstanding to our credit in Europe, and with
productive capacity in the United States seeking
for Government deposits including Postal Savings funds.
jurisdiction of the United States Government.
Business is hampered because ot
Europe's recuperation is absolutely necessary to ourselves.
(d) Reduced each year by payment of part of the mortgage debt.
These bonds are acceptable by the
a
Germany is to-day the most interesting spot on the map of the world.
An American who visits Berlin, Hamburg, Essen, Dusseldorf, Hanover,
American
double liability;
From
materials, especially those of Ameri¬
raw
extension
trade
as
be far better than
would
Whether
(а) First mortgages to an amount not exceeding 50% of the value of the
their best.
to do
time when the countries of Europe
a
long-term credit.
people who are
which must be:
land and 20%
was
materials, and
facilitate the
to
Before
being obligations of the Inderal Land banks
never
$100,000,000
unemployment
organized by the United States
§9,000,000 capital stock,
Politicians who are preach¬
the plans of the American Bankers Association perfected,
Were
situation,
ment
Issuing Banks.
there
responsibility rests entirely
the business leaders
for
now
need of
in
those
to
the
in
of outstanding
five years from the
is
the
were
existence
that the bonds issued by the banks are instrumentalities of the
(6)
United States Government and are exempt from Federal, State, municipal
The
production, cannot be bought in the desired quantities because of credit
value
say3:
Court- of the United States has hold (a) that these banks
The Supreme
were
par
from date of issue.
The bonds are
accrued interest, yielding 5%.
The
years
normal evolution.
or
viewpoint there
more
for
up
country the propaganda of hate and suspicion are doing their
it
the shortage of raw
can
and
on
-
sale of the last issue in a hard market.
issue should be
were
Oct. 1, Secretary
issue
is held
Until the complex spirit of self-righteousness, self-
Europe's leaders of business and finance.
upon
and
new
>
everywhere.
hindrances.
commenting
and
commerce
pity and distrust that moves the people of each country is changed,
can
The selling price and the amount of
fa
Mellon, said:
finance,
the others afterward, hence the faultiness of the Peace Treaty
execration
financial
.
which
trouble is that each country is thinking for itself first and for
with the general plan
of financing of the Federal Land banks as announced in connection with
their last issue, and in harmony with suggestion recently made, the Federal
Land banks will about Oct. 1, make another general offering of Federal
the issue wiJl be announced later.
degree in
the
the victors.
as
The great
and
Loan bonds.
another in the United States can¬
one
industry are
Socially and
politically there is an unrest throughout Europe which stands in the way
of a return to stability.
There is an atmosphere of nervous exaggeration
that manifests itself wherever you go, and one of the most startling surprises
is the spirit of vengeful anger "that is disclosed among the vanquished as
appreciate
brought under the dominance of other than economic factors.
every
These bonds will i>ear 5% interest.
the ex¬
normal progress of reconstruction.
worst;
Farm
down to full and profitable
overwrought and unhealthy state of mind is delaying Europe's
an
ing in
&
says:
But quite as much as the material effects of the war,
production.
istence of
among
reconstructed that scores of millions
present so
of people of the Continent of Europe cannot get
saying:'
Secretary Mellon to-day stated that in accordance
Mr. Gehle
are at
position
Germany's
of
the
the
and
commercial relations,
and
understanding
nations of Europe.
Co., Lee, Higginson & Co., The
Treasury Mellon,
the
definite
the people,
normal state of mind among
a
credit
of
exercising of
our
we
have
to
economic
deal
power
world's betterment.
officially held eligible for investment by savings banks in
the following States:
Mississippi
Oklahoma
Utah
Indiana
Missouri
Oregon
Vermont
California
Kentucky
Nebraska
Pennsylvania
Virginia
Colorado
Louisiana
N. Hampshire
Rhode Island
Washington
Delaware
Maine
New Jersey
So. Carolina
West
Florida'»
Maryland
No. Carolina
So. Dakota
Wisconsin
until further notice it had fixed
Georgia
Minnesota
Ohio
Tennessee
Wyoming
bankers
Alabama
Idaho
Arkansas
Virginia
of the banks and the United States Treasury has purchased
000.000 Federal Land Bank bonds.
and
control of the
The banks themselves
Federal Farm Loan
Board,
Treasury Department of the United States Government.
The War Finance
or
Texas
Massachusetts
a
over
are
CORPORATION
FIXES
ADVANCES AT IDA AND
The United States Government owns over $6,500,000 of the capital stock
direction
FINANCE
WAR
$183.-
under the
bureau of the
trust companies
rate of
on
Oct. 1 that
5>2% to banks,
all advances under Section 24,
a
This rate will
loan
on
ON
maturity of not exceeding six months, and carrying
renewal privilege.
The Corporation states:
having
no
Corporation announced
a
RATES
6%.
companies
privilege.
also apply on advances known
maturing
within
six
months
as
and
feeder loans to
carrying
no
cattle
renewal
The rate on other advances to cattle loan companies to be 6%.
OCT. 8
of
ADVANCE ON ACCOUNT OF LIVE
BY
1519
CHRONICLE
THE
1921.]
STOCK APPROVED
political news from countries where blocs are as common as parliaments.
bloc in Congress.
We now have a bloc of our own, namely, the farmer
WAR FINANCE CORPORATION.
Ordinarily the members of
a
bloc
representatives of a particular
are
interest, a political theory or of a certain school of economic
The War Finance
Corporation approved
Section 24 of the Act, an advance of
on
SI75,868 40 to a financial
of that amount
institution of Chicago which had made loans
on
Oct. 4, under
livestock in Idaho.
who
men
largely from the adherence of a number of senators and representatives
comes
who think that it is wise and
expedient and enhances their own power to
train with an aggressive and coherent group.
.
The farmer bloc is easily the most influential single facor in Congress
It has succeeded, on the one hand, in
WISCONSIN COMMITTEE OF AGRICULTURAL
LOAN
TO FUNCTION.
READY
AGENCY
Corporation Law,
Finance
the
Wisconsin Committee of
Agricultural Loan Agency of the War Finance Corpora¬
organization meeting and is ready to receive
tion has held its
the
The law under which the War
applications for loans and to make recommendations to
United States Government.
Corporation is created authorizes "the making of
Finance
advances to any
bank, banker
have made advances for
nected with the
trust company which may
or
agricultural purposes," that is, "con¬
the breeding,
cluding "any note, draft, bill of exchange or other negotiable
instrument issued for an agricultural purpose."
Under the
included "any
reputable and responsible financing institution incorporated
under the laws of any State or of the United States, with
resources adequate to the undertaking contemplated."
The
"bank, banker
trust company," are
or
members of the Wisconsin committee are
Vice-President
Assistant
of
F. K. McPherson,
the Committee;
Moehlenpah, President of the Investors Finance Cor¬
poration,
who is Vice-Chairman; Ernest
du Lac National Bank, of
Dean H. L. Russell, of the State Agricultural
Milwaukee,
of
Perry, President of the First Fond
Fond du Lac;
College, of Madison; and J. R. Wheeler, President of the
& Merchants Union Bank, of Columbus.
Refer¬
Farmers
Wisconsin Committee was made in our issue of
to the
ence
It has often been charged that
If
so
GOVERNMENT
SUGAR
until its own demands have been satisfied.
OPENING OF ASSOCIATED BANKERS CORPORATION,
INC., IN THIS CITY.
I
TO
LEND $4,000,000
TO
PLANTERS.
pay
National
associates recently took over the
the plan, and decided to enlarge its
scope, and to include directors from every part of the United States. They
elected as President, Clarence M. Sherwood, a former Chemical National
and National City Bank man, who for the last year and a half has been
president of the Foreign1 Trade Banking Corporation.
Mr. Sherwood was
planning a new discount company to perform some of the special services
offered by Associated Bankers when he was invited to become the active
his
and
Manson
Mr.
deposits.
ceive
minority interest of the originator of
head
executive
of the out-of-town
bankers' organization.
Manson is quoted as saying:
bankers realize the need of an organization that will supple¬
Mr.
but
one
in
its
of
banking service.
Associated Bankers
and promote the interests of
community.
Through co-operative efforts a
local
objective—to build up
main
bank
local
the
with
compete
not
have
its
own
banks can make it possible for each to serve the
going into consolidations in which
largest customers without
individuality
disappears.
principal functions of Associated
"The
Bankers will be to discount and
banks affiliated with it, and the commercial paper
whose requirements the local bank cannot now meet;
acceptances of
of
co-operate with local banks in underwriting and furnishing a wide
market for local bond and preferred stock issues which the affiliated banks
the United States.
Bank
was
article
f
are
BILL TO PROVIDE AGRICULTURAL
Finance
War
for
producers
of
Congress amending
Corporation Act, and to provide"
and
dealers in agricultural
relief
products,'
regarding which it said:
This measure
financial
from prior policies of
markets and
have such an important effect upon
operations that it is worthy of careful study.
extraordinary Act will depend largely upon its inter¬
The effects of this
pretation by those empowered to administer it.
It should be pointed out,
however, that the Act as it stands sets up for possible use a system of
variance with accepted methods.
finance and credits entirely at
producer
a
carry
who does not care to sell at the market may
entire year.
A bank unwilling
(or dealer)
loan to carry his product for an
loans for producers or dealers beyond the
ordinary sound pract ice may shift the
whose credit
is to be used
Under these
time limit dictated by
burden to a Government agency
transaction is not con¬
when the basis of the
sidered sound enough to attract
private credit.
conditions, it is pertinent to inquire what
liquidation of "frozen" loans
will be the progress
which has constituted such a
difficult
problem In the past year.
question is, What will be the result in
sell?
Operations of this character if carried to their logica conclusion, would
eventually involve the use of Government credit for any private industry,
which has enough political
market prices
They will not benefit
aid is not strong epough to
Influence to command it.
producer in the long run, for Government
Influence
if goods are carried until there is an
unnaturally
One result to be expected would be the main¬
tenance of artificially high prices for a limited length of time with a constant
accumulation of unsold products carried by Government aid.
Sooner
or later natural forces would make themselves felt and the result might be a
disastrous and sudden fall in prices which would wipe out any temporary
large surplus awaiting sale.
gain which the producers realized under
The
'Bloc" is
a
term seldom
such a scheme.
Farmer Bloc.
\
encountered heretofore in the nomenclature
legislatures in the United States,
a
position by themselves to
of
although the word is familiar to readers
undertake."
CHICAGO TRANSFER THEIR
BUSINESS.
Board of Trade firm of
business on Wednesday
(Oct. 5) that all open grain trades on their
Simons, Day & Co., a prominent
Chicago, announced after the close of
of
this week
books would be transferred to
final
settlement,
Commerce"
of
Faroll Bros, of
Chicago for
to the Chicago "Journal of
In making the announcement, it
according
Oct.
6.
reported, Charles Baker, the President of
the firm, said
forced to this extreme because
of losses sustained in the market the past several weeks, it
did not mean that the firm was bankrupt or owed debts it
that while the company was
could not
liquidate.
quoted Mr. Baker
We
are
as
The Chicago "Journal of
mean
holders may come out even,
doing
our
Commerce"
follows:
transferring our open interests at
settlements that would
this time to prevent forced
We stock¬
serious losses to our customers.
and again we may suffer losses,
utmost to safeguard
but we are
the interests of our clients.
According to the "Journal of Commerce," Simons, Day
a firm that has been active in the grain trade for
& Co. is
many
years
this market.
prices to the consuming
public if producers and dealers in foodstuffs are at liberty to sell their
products only at what they may consider to be the top of the market and
may fall back on Government credit for an entire year if they do not choose
Another
in
SIMONS, DAY & CO. OF
is
represents so marked a departure
the Government and may
not
•
recently consolidated, contain among other, an
the
customers
'
the Act recently passed by
on
their
also to
16th number of "The Index" issued by the New
Company,, with which the Liberty National
Trust
the
banks.
which more
The Sept.
to
other corpora¬
need money
York
in the
many
of Associated Bankers. An
corporation was launched a year ago as a mutual service for in¬
It operates under a commercial charter and does not re¬
The
terior
market
CREDITS.
A
of
and
official announcement says:
planters in
their sugar crop.
N. Y. TRUST CO. ON
obtain
Society
tions, is Chairman of the Board
year's crop has not been sold and the planters
than half goes to
to
Assurance
Life
able
their
annual
The
John T. Manson, President of the First
Bank of New Haven, and a director of the Equit¬
Street, this city.
their workmen. Avhom they owe four months' wages.
production is approximately 225,000 tons, of
Most of last
to
of 35 Wail
quarters on the 6th inst. on the ground floor
large number of smaller
dispatch from Manila on Oct. 3 said:
to save
in Dela¬
$5,000,000 authorized capital, opened its head¬
with
ware
ment
—
Philippine Government will lend §4,000,000 to sugar
islands
Bankers Corporation, chartered
The Associated
needs
The
Up to the present at least this group has sought
far shown itself to be.
legislative action solely in its own interests and has not hesitated to prevent
indefinitely action on questions of vital concern to the country as a whole
will
the
capitalistic influences dominated Congress.
capitalistic bloc existed it would be more sensitive to the interests of
whole, and broader in its vision than the farmer bloc has
a
the country as a
"Interior
S 5*
A press
in the sole
Again and again newspapers
accordance with the "whim of the agricultural bloc."
Saturday last, page 1411.
PHILIPPINE
described elsewhere in the issue,
It has manifested firm determination to have
with tax revision and the tariff.
found estimating the chances of one piece of legislation or another in
are
the First Wisconsin National
Bank, of Milwaukee, who is Chairman of
H. A.
agriculturists.
its own way
raising, fattening and marketing of live stock; or which may
have discounted or rediscounted agricultural paper," in¬
terms
to-day.
of the railroad
passage
growing, harvesting, preparation for markets
marketing of agricultural products, or
and
preventing the
funding bill, and, on the other hand, in passing an amendment to the War
interest of
Announcement is made that the
It
Its strength
representatives of agricultural communities.
are
thought.
That is composed only in part of
the farmer bloc.
is not so with respect to
and has always stood among the foremost in
In addition to being members of the Chicago
of the St. Louis,
Their interests,
however, it is said, largely centred in Chicago and the
Northwest.
Mr. Baker was a director of the Chicago
Board of Trade, for a number of years and Joseph Simons,
the Treasurer of the firm, is now a director of the Exchange.
In addition to Mr. Baker and Mr. Simons, the members of
the suspended firm, it is said, are Winfield S. Day, J. George,
R. Graham, Moses J. Bloom and Elmer C. Kimball.
It is
further stated in the Chicago "Journal of Commerce" that
announcement was made that Faroll Bros, will take over
the present quarters of Simons, Day & Co. in the Postal
Telegraph Building and take care of open grain futures
transferred, that the cash grain obligations on the books of
Board of
Trade, it is said, they are members
Minneapolis and Winnipeg grain exchanges.
CHEONICLE
THE
1520
k firm yet to be selected
Simons, Day & Co. will be handled by
stock and cotton
show profits and therefore will be easily liquidated
said,
and also that, it is
trades
most
the
of
by the firm themselves.
printed in "Financial America" states that Simons, Day &
Co. were busy Oct. 6 (Thursday) paying all demand from
all
having balances, and will continue to meet
customers
The net balance of the trades, it is stated, trans¬
was 750,000 bus. short grain.
obligations.
farm paper was reduced even
on
this would find reflection in
to
The
ferred to Faroll Bros,
FAIL.
McGOVERN & CO., PHILADELPHIA,
the United
date of
a
dispatch from Philadelphia under
press
4% per annum,
of foreign exchanges, which has made
shipments of gold which have come to this country.
As
States
produces
Sept.| 29, a petition in bankruptcy was filed on that
trading
day by Joseph F. McGovern, individually, and
a
surplus both of
factured products, it is the belief of
increase in
our
some
that
materials and of manu¬
raw
a
part, at least, of the recent
holdings of gold should be regarded
credit transactions which
is to continue.
If,
on
seem
might well be the
necessary
if
our
as a
basis for long-time
trade with.other countries
the other hand, our present large gold holdings were
deliberately made the basis
case
if
for
our
undue extension of domestic credits, as
an
discount rates
made
were
so
low
as
to offer an
alluring profit to almost all member banks in borrowing from their Federal
States.
might develop
No small part of the
is to make
According to
as
granted by member banks
;
"
"
large increase in the gold holdings of the Federal Reserve banks is
necessary the large
Reserve bank, there
JOSEPH F.
low
as
much lower rate
a
individual borrowers."
due to the demoralized conditions
/
dispatch from Chicago dated yesterday (Oct. 7)
A press
discount rate
[VOL. 113.
sure
a very
dangerous condition in the United
responsibility of the Federal Reserve System
that the consequences of this flood of gold are not
speculation and unsound banking practices.
Sincerely yours,
W.
P.
G.
as
wild
"v
.V'"'
HARDING, Governor Federal Reserve Board.
Joseph F. McGovern & Co. at 1430 South -Penn Square,
Philadelphia, before Judge Thomspon in the United States
District Court.
H. J. J. O'Neill, the dispatch states, was
bond of $10,000.
The firm was a member of the Philadelphia Stock Exchange
and maintained a branch office at 32 Broadway, this city.
appointed
receiver under
temporary
JOHN SKELTON
TION
a
Since
HARDING OF FEDERAL RESERVE BOARD
IN REPL Y TO SENA TOR SIIEP PA RD ON LO WE RING
Currency
of
RESERVE
in
SYSTEM.
issue of Sept.
our
24, page
Federal
Williams
Reserve
the administra¬
against
System,
letter
a
has
question of reducing the rediscount rate of the Federal
banks, which had previously been the subject of
of Texas and
Senator Sheppard
been
brought to our attention, addressed by Mr. Williams to the
(Fla.)
former
the
Sunday "Tribune" of Sept 25.
in
Reserve
correspondence between
Skelton
John
the
Editor of the Tampa
OF REDISCOUNT RATE.
The
published
1307, dealing with criticisms by former Comptroller of the
tion
GOVERNOR
item
the
WILLIAMS ANEW ON ADMINISTRA¬
OF FEDERAL
which
an
editorial which appeared in the "Tribune" Sept. 10.
had
newspaper
Comptroller took issue, in part, with
commented
therein
The.
the $66,094,000
on
in¬
represented by livestock and agricultural paper ac¬
crease
Secretary of the Treasury Mellon and Comptroller of the
cepted by Federal Reserve banks of this country during the
Currency Crissinger, has also been the subject of communi¬
period July 1 1920 to July 1 1921.
cations between the Senator and Governor Harding of
Mr.
Federal Reserve
named
first
three
Board.
the
The correspondence between the
cured by
Liberty bonds to 3Vi%, and
commercial paper to
434%.
In
agricultural and
on
thereto the belief is
answer
expressed by Governor Harding that "when and
banks
a
generally begin to look around for loans and to compete
with each other for paper,
such
market rates will decline and that
decline will be reflected in the rediscount rates of the
a
While Governor Harding's advices
to Senator
Sheppard bear date Aug. 26, they
not made
were
public until Oct. 4, when the Senator had the letter read into
Congressional
the
Record.
The letter follows:
Williams
Mr.
My dear Senator Sheppard:—I acknowledge receipt of
banks
these
and
on
loan
restrict
they had
the loans
paper to
v'V4
discount
in
Federal Reserve bank
v;"%
should be initiated by the directors of
rates
rather than by the Federal Reserve Board.
Mr. Williams also states—and
the review
to
and determination
of the Federal
Reserve
with
touch
close
cut down
ever
proposed by
fixed
a
a
money
rate over the protest
do
of the directors of
a
Board
not recall
words,
on
Mr. Williams's showing, the Federal Reserve System
be used—for the benefit of all in¬
over—but is slipping into the control of the big bank¬
being used not as it was intended to
is
and their friends.
give Mr. Williams's letter
We
a
Each
corporations, but merely rediscount
endorsement, it does not follow
the discount rate of
the public.
to
of all
a
Federal
The Federal
paper
Editor,. Tampa "Morning Tribune
Dear Sir:
I have before me a copy of the
taining
of course, that
as a matter
Reserve bank would
Reserve
mean
Board makes
questions bearing upon rediscount rates and
a
cheaper credit
continuous survey
a
information is that
our
meinber banks generally throughout the country are not yet disposed to
make any concessions in their rates.
Some of them justify their position
the theory that they have losses which must be charged off, and
they are still over-loaned.
The statistical facts quoted in your
upon
others say
letter
are
impressive and
rateB for money.
are
used by
around for loans and to compete
will
decline
and
of Federal
rates
There will be
which
is
a
a
that such
a
in predicting lower market
many
I think that when and
banks generally begin to look
as
with each other for
paper, market rates
decline will be reflected in the rediscount
very
long of the Federal Advisory Council,
Federai
statutory body composed of one member from each
Reserve district, and which has the power, under the
law, to confer directly
with the Federal Reserve Board
information
and
to
make
on
general business conditions, to call for
recommendations
in
regard
to discount
rediscount business, and the general affairs of the Reserve
At
this
meeting,
business conditions
and
rediscount
system!
banking
rates
will
rates,
be
fully
discussed, to the exclusion, I think, of all other topics.
Mr. R. L. Ball
Chairman of the board of directors of the National Bank of
Commerce of
San Antonio, Texas, is the member of the Federal
Adyisory Council from
your
much
It
the
as
banks.
the rates of interest charged by the local
member
If merchants generally would institute such
furnish the Board with
would have
a
cities to inquire
to what the effect of lower rediscount rates at
the Federal
on
a
synopsis of what they
valuable line
on
an
learn, 1
inquiry and
think
the
rate at the Federal Reserve Bank
figures which you
Credits were being
alone, between July 1
Take
1920 and
pyramiding of credits was
paper
quote as to the increase in "agricultural"
and
taken by Reserve banks have very little meaning unless
with other loans made by the Federal Reserve
connection
in
System on the dates indicated.
It is quite true that the
"agricultural"
and "livestock" paper in the
Federal Reserve banks
increased from $168,038,000 in June 1920 to $234,-
132,000 in June 1921.
This is an increase of, say, $66,094,000 in twelve
months.
It is also
true, as you quote Governor Harding as
saying, that the "live¬
held by all the Reserve banks increased from $33,693,000 on
1920 to $84,845,000 at the end of June 1920.
Did the Governor
stock" paper
30
Jan.
though, to the fact that on June 30 1921, "live¬
held by the Reserve banks as only $76,258,000, or $8,687,000
less than it was a year before?
But this boasted increase in the aggregate of "agricultural" and "live¬
forget to call attention,
stock"
as
a source
our
re¬
of $66,094,000 does not mean that either the farmers of the
"country" banks were getting one dollar more of accommo¬
Reserve banks in June 1921 than in June 1920.
It simply
of the paper which the Federal Reserve banks held in June
that
means
1921,
which
amounting to about $2,000,000,000, the total amount of the paper
was classed as "agricultural" and "livestock" paper was only $234,-
132,000. which is a little more than one-tenth of the whole; although
of the country represent about 43% of our population.
the
farmers
the
known that the
well
is
strained
country
"country" banks and the farmers throughout
themselves to buy Liberty bonds and Victory notes
during the war, and that they used these bonds sometimes in making loans
with the banks.
We also know that Federal Reserve bank authorities used
know
of
"if
paper
country or the
dation from the
pressure
a
the stock
and without regard to final reckonings.
livestock loans,
and
1921, as an indication of what the
"livestock"
considered
would
additional profit to them¬
letter this morning from Judge
Ramsey, Federal Reserve
Agent and Chairman of the board of directors of the Federal Reserve
Bank
of Dallas, in which he
says that he doubts seriously whether
I have
from
doing."
The
Board
the situation.
Reports which have already
been received indicate that in the smaller towns
especially banks are not
disposed to reduce their interest charges and would look upon a reduced
selves.
loans
farm
July 1
It
might be well, however, for merchants in the principal
of their banks
took
recommend it to the sane business man.
to
pyramided recklessly
district.
Reserve Bank would be
system
stock" paper
Reserve banks.
meeting before
•
.
banking
gambler and money manipulator of Wall.Street the power to squeeze
country. ... Even its mooted order for deflation has
or
reduction in
which I note the
-
this
of
the banks of the
that it has
individuals, firms
Virginia, Sept. 16 1921.
"Tribune" of Sept. 10, con¬
editorial on the Federal Reserve System, in
an
following paragraph:
"The establishment
rates of
for member banks, with their
herewith:
Richmond,
Federal Reserve bank.
As Federal Reserve banks do not make loans direct to
far in
their share.
of
other
In
quotes figures—to show that the "country"
smaller cities and communities which are in
the farming and livestock interests, were compelled to
speculation, were allowed the use of Federal Reserve money
excess
bank for each class of paper."
Federal Reserve bank, I
Liberty loan and Victory
considerably their credits, while the great banks of the East,
is used more largely for corporation investment, and for
very
the
market
While the Federal Reserve Board has occasionally modified rates that have
been
on
is banks in the
banks, that
Federal Reserve bank is authorized, "to establish from time to time, subject
discount to be charged by the Federal Reserve
made
the Government's own securities issues, and which bonds were
paper,
considerably shrunk in value because of this act.
ers
It seems clearly to be the intent of the Federal Reserve Act (Section 14)
that changes
"Tribune," but he
letter of the
your
agricultural and commercial
"A.r
•
in the
quoted
figures
eration to the advisability of lowering the rediscount rate on paper secured
by Liberty bonds to 3J^%
Tampa
forced, under orders of the Federal Reserve Board, to very con¬
were
siderably
25th inst., and note your suggestion that the Board give immediate consid¬
4H%.
the
16)
;
confirms
dustry the country
August 20 1921.
Sept.
quotes figures to show that while these loans to the farming and livestock
interests showed a 'considerable increase, that during the same period the
where
Federal Reserve banks."
In printing the letter of
date
bears
"Tribune" says:
printed in these columns Sept. 3,
was
As we have already noted, Senator Sheppard
advocated the lowering of the rediscount rate on paper se¬
1002.
page
(which
Williams
U.
to force the payment of loans secured by Liberty bonds.
We also
May 28 1920 and May 25 1921, the "Discounted Bills"
that between
which
all Federal Reserve banks which were secured by
obligations shrank from $1,447,962,000 to $793,951,000
shrinkage of $654,011,000 ; and we also know that a large
held
were
by
S. Government
—an
actual
note
ties was
tural"
shrinkage was in the loans made to the "country" banks.
that the actual contraction in the loans on Government securi¬
this
part of
Please
the increase in the loans on "agricul¬
The contraction in loans on Government
about ten times as great as
and
"livestock"
paper.
OCT. 8
obligations was kept up and by June 15 1921 they had been reduced to
a shrinkage in these loans from June 11 1920 of $776,000,000.
In' the' Dal'laa district—a large agricultural district—we know that the
$644,000,000,
System on June 4 1920 was lending $42,801,000 on Gov¬
Reserve
Federal
25 1921, these loans had been reduced to
securities, and by May
ernment
$11,296,000,
shrinkage of $31,505,000 in that one district in loans on
a
Government securities.
We
"agricultural" and "livestock"
amount of
that the total
know
also
held by the Federal Reserve Bank of Dallas in May 1920 was $16,-
paper
"agricultural" and "livestock" paper
by the Dallas Reserve Bank at the beginning of May 1921 was only
242,000 and that the total amount of
held
$35,301,000.
of
find that between May
therefore
We
in
increase
the "agricultural"
$19,149,000; and
that
district
same
that
same
In
his
which
for
In the
loans
the
before
it
quote,
additional
So much
there
was
an
in the Dallas district
secured
by U. S.
Government securities in
in
results
Committee,
have
Harding failed
distinct
a
bearing
and from
the situation.
upon
loans
to
loans secured
$31,266,000—an
secured
brought to
securities
Was
by
bear
actual
Government
by Government obligations
there
Louis
The
them
$27,193,000
of
largely
sell
to
their
that
total
period?
the
in
pressure
Government
amount
Reserve
amount of
liquidation by
of
material increase in the
a
held by the Federal Reserve Bank of
paper
"livestock"
"Bulletin" for June
such
"livestock"
and
"agricultural"
held by the
paper
(page 747 Fed¬
1920) amounted to $3,384,000
held by the St.
paper
held
paper
practically the
In
tions of $27,193,000.
1921
held
only $4,954,000,
was
compared with
as
contrac¬
a
period in loans secured by Government obliga¬
In other words, the contraction in loans secured by
Reserve
Bank
Chicago, which, at the beginning of May
"agricultural" and "livestock" paper than any other
bank, the amount
bank
showed
Joans secured
held being $58,103,000, showed
so
loans
shrinkage in
or
increase
an
of $32,263,000
paper
the
same
as
but this
;
period
in its
by Government obligations of $47,378,000, the contraction in
by Government obligations being about 50% more than the
secured
increase in
contraction
a
loans secured
by "agricultural" and "livestock" paper.
May 1920 the total amount of "agricultural" and "live¬
stock" paper held by the Federal Reserve Bank of
Richmond, which is a
large agricultural district, was only $2,646,000.
About the first of May
At
the
1921
in
end
of
this had been increased to
practically the
the bills secured
to
$39,080,000,
ment
the
and
$9,801,000—an increase of $7,155,000; but
from May 28 1920 to May 25 1921,
period,
same
or, say,
by U. S. Government obligations shrank from $59,837,000
contraction of $20,757,000 in notes secured by Govern¬
compared
"livestock"
with
increase
an
held
paper
of
only
in
the
amount
$7,155,000.
of
"agricul¬
In other
words,
shrinkage which had been brought about in the holdings of notes se¬
by Government bonds in the Richmond district was about three times
cured
great
as
It is also
Reserve
of
the
and
had
compare
granted
"livestock"
and
"livestock"
time
States,
Central
to
that
all
is
Reserve
15
1920
to
the
national
banks
rediscounted)
to
the
"country"
all
say,
national banks
national
banks
outside
banks
was
the
of
Reserve
the
in
total
New
amounted
amount of
York
to
"Loans
City alone
and
Discounts"
held
by
(exclusive of notes and bills
$2,364,831,000
But
the
accommodations
"acceptances,"
if included,
774,000, which
would
was
materially swell the total) amounted to $629,equal to 20.6% of the total loans and discounts (ex¬
clusive of notes and bills
New
York
rediscounted) then held by the national banks in
City.
On the same date the total
notes
and
tional
bills
banks
banks had
and
notes and
loans
These
the
48
amount
States
of
of
were
the
Union
amounted
accommodations which
bill
was
and
na¬
$5,611,277,000,
"country"
national
the Federal Reserve System
rediscounted (other than bank
through bills payable
"acceptances," of which
maall) aggregated only $493,071,000,
discounts
figures
these
to
(exclusive of
"country"
(exclusive
therefore
show
of
that
8.8% of their to¬
or
rediscounts).
instead
of
the
resources
in New
national
banks
were
modations
from
loans
of
the
Re¬
pleading
earnestly for relief,
so
were
"country"
receiving accom¬
discounts
and
much
as
nil
time.
same
They also
the
Federal
Reserve
System, in proportion to their total
(exclusive of rediscounts) more than three times as
the 8,123
"country" national banks were receiving at the
These figures are official.
prove
that if
the
Reserve
System had granted to the 8,123
"country" national banks, accommodations in the same
proportion to their
total
loans
time
same
member
and
South
amily, largely
than the Reserve Bank of Richmond
"agricultural"
on
banks
Carolina
and
surprise
(which
City
New
York
New
you
in
was
and
discounts, that the Federal Reserve System
was
accommo-
turn
gotten
System
is
$1,494,283,000,
what
or
more
than
a
thousand
from
million
the
dollars
Re¬
in
they did receive!
also
worthy of note that at the time of every call, from
Sept. 12
April 28 1921, the official figures show that the Federal
Reserve
System was lending on "Bills Payable" to the 45 national banks
in New
1919
time
same
director in
a
from
certain
a
the Federal Reserve
banking institution in New
heavy debtor of the Reserve Bank of
a
a
including all of the New England States, the States of New York, Penn¬
Delaware, Arkansas, and parts of Missouri, Illinois,
Kentucky, Tennessee and Mississippi?
This seems inconceivable,
Indiana,
but
is nevertheless
it
these
not
whether
not the
or
solemn fact.
a
figures
furnish
v
decisive
a
of
resources
reply
the
to
the Federal Reserve
;
«
>
question
'
to
as
System have been ap¬
plied "equably, impartially and fairly"?
Yours
truly,
very
(Signed)
JOHN
SKELTON WILLIAMS.
GOVERNOR HARDING OF FEDERAL RESERVE BOARD
IN REPLY TO GOV. MCKELVIE REGARDING
FARMERS' CREDITS.
Further
correspondence has developed between Governor
W. P. G.
Harding,
Governor of the Federal Reserve Board, anent the
subject
of credit relief for farmers, since the publication of thenletters
early last month in
our
issue of Sept. 24,
1304.
page
In his letter to Governor
Harding under date of Sept. 12
(given in the issue referred to) Gov. McKelvie declared that
"the urgent
demand for liquidation and the contraction
of
credit during the past twelve months has imposed unusual
and extraordinary hardships upon the farmers and cattle¬
and he asked whether "this policy of enforced
liquidation
men
is to be continued, or whether the farmer is
going to be aided
encouraged in the successful conduct of his business
and
through the extension of reasonable credit
that he
afford to
can
under date
at
a
rate of interest
Governor Harding, replying
Sept. 15, stated among other things that
of
pay."
"the liquidation which has taken place, at least so far
as
this
Reserve banks, shows that the reduction in loans has been
mainly in the large cities and in industrial centres."
to
York, Chicago and St.
Louis,
than to all the 8,000 "country"
national banks.
And they also show that at
every call during this period
the "rediscounts" obtained
by the 45 national banks in the three cities
more
money
He
added:
Federal
reserve
ndividuals, firms
banks
or
are
Federal
Reserve
not
permitted by law to make loans direct to
corporations and they
bears the endorsement of
a
can
member bank.
rediscount only paper which
Consequently, in order for
a
bank to render financial assistance to those engaged In
the raising of live stock, it is necessary that the loans first be
negotiated with member banks.- Neither the Federal Reserve Bank nor the
or
Federal Reserve Board has any control over the loan policy of
any member
We cannot compel a member bank to make a loan which It does not
bank.
desire to make
nor
can
we
restrain
it from making a loan which
is not
forbidden by law.
In addressing Governor Harding further in the matter on
Sept. 22, Gov. McKelvie made the assertion that "from
Federal Reserve System is not
this district.
The
functioning
demands for
as
liquidation
the extreme, in view of the fact that this is
it should in
were
an
harsh in
agricultural
region and the borrowers here could not easily conform to the
same
requirements that
non-agricultural
were
imposed
regions."
upon
Governor
semi-agrioultural
Harding in fur¬
thering answering Gov. McKelvie
upon
on the Sept. 29 enlarges
his previous remarks regarding the functioning of the
Federal Reserve
Banks.
Gov. McKelvie Mr.
Answering
the
contentions
loans of the Federal Reserve Bank of Kansas
ber
banks
of
Harding states that "it is true that the
in Nebraska
are
now
City to
only about 11
mem¬
million
dollars against 38^ millions last October, but" he continues,
"it does not follow necessarily that this has been the result
Reserve Bank of Kansas
It
also
more money
of harsh demands for
banks in New York City on Nov. 15
1920, that the
"country" national banks, instead of receiving from notes rediscounted and
payable, the sum of $493,071,000, would have
of
lending
than the four Reserve Banks of New York, Boston,
Philadelphia and St. Louis (all combined) were lending at that time on
"agricultural" paper to the 2,468 member banks in those great districts,
York)
daitng the national
excess
to learn that at that
was
borrowing
was
bills
serve
specula¬
on
was
"livestock"
paper to ALL the
States of Virginia, West Virginia, North
Maryland?
prominent stock operator, who
of
and
the great
in
it not also
Would
or
System being "equitably and evenly" distributed, the national banks
York City alone on Nov. 15 1920 at the
time when the
serve
and
information that I have, I am altogether convinced that the
discounts
held by the 8,123
received from
the amount
tal
amount of loans and
rediscounted) which
in
the total
and
that
at
agriculture
which the Federal Reserve Bank of New York had
granted on that date to
the national banks in New York
City (exclusive of bank
which,
chief executive officer and his immediate
own
tive securities, more money
in
granting
throughout the
cities.
On the date named
national
of
the al¬
by the Re¬
being Ingenious.
the accommodations which the Federal
Nov.
on
upon
held
paper
City with the accommodations which the System
same
United
the
"agricultural"
emphasis which has been placed
"agricultural"
interesting to
System
York
and
these facts the
increase
banks does not impress me as
New
have
I
gambler
liquidation is reflected in the statements of the Federal
view of
leged
serve
at
amount of
held.
paper
In
the increase in the
as
which
stock
increase
a
obligations,
tural"
from
"the
"power to
Samuel R. McKelvie of Nebraska and
of
compared with May 1920 in that class of
same
the
the
view of
Louis Reserve Bank about the be¬
same
Reserve
more
divested
say
and the
;
held by the Reserve Bank of St. Louis.
paper
Federal
editorial,
your
manner in which Governor
Harding expatiated upon the
in the accommodations granted by the Federal Reserve
banks on "agricultural" and "livestock" paper, is it not a little
strange
to find that just a year ago, a big banking institution in New York
City,
which was borrowing heavily from the Reserve System, was
lending to its
Government obligations for the year was five times as great as the increase,
which Governor Harding boasts, in the amount of "agricultural" and
The
country," I regret to
great
of
"livestock"
in
has
Wall Street" of
squeeze the banks
that this hope cannot be fully realized un¬
less our great Federal Reserve System is administered
wisely, impartially
and courageously.
of the
-Do
ginning of May 1921 (page 734 Federal Reserve "Bulletin" for June 1921)
was
only $8,338,000—the increase for the period in "agricultural" and
tion for
expressed
Reserve System
our
manipulator of
money
York
I will give you the official figures.
Federal Reserve Bank of St. Louis at the end of May 1920
eral
the
to
expectation
that
sylvania, New Jersey,
offset to this
any
in
the
to
on
and pay up.
"agricultural" and "livestock"
St.
contraction
obligations—owing
the banks to force
upon
As
Bank
May 28 1920 amounted to $58,459,000, and by May 25 1921 this had been
reduced
with the Reserve banks.
8,000)
quoted,
to emphasize
Dallas district.
the
Louis district the
which you refer,
to
that Governor
which
facta
the
St.
the
appears
named, likewise exceeded the rediscounts of fill the "country" banks (about
609
period of about $31,505,000.
statement
you
these
May 1921
paper
the other hand there was an actual reduction in
on
in
1920 and
and "livestock"
1521
CHRONICLE
THE
1921.]
liquidation
on
the part of the Federal
Governor Harding adds:
City."
Is it not possible that there has been a great deal of voluntary
made
were
last October.
now as
Cer¬
they
While it may be true that the Federal Reserve Bank of
Kansas City, mindful of its responsibility
cordance with the dictates of ordinary
unde£ the law and acting in
banking prudence,
occasion at times to call the attention of some of the
to the
liquidation,
possible by sales of farm products or by increased deposits?
tainly credit conditions generally are by no means as stringent
may
ac¬
have had
larger borrowing banks
necessity of working themselves into a stronger position, the Federal
Reserve Board has yet to be shown that the Federal Reserve Bank has
ever
[Vol. 113.
f
undertaken to say to a member
paid or ask to have
to be
bank what particular loans
it should require
reduced.
Reserve Bank o
Omaha Branch wi.
show that no member bank has been urged to liquidate
rapidly its discount on live stock and that neither the heat
office nor the Branch has ever suggested to a member bank
the
Federal
the
of
Governor
City that the records of the
Kansas
policy it should adopt towards requiring
what
Governor Harding declares that "the'Federal
Board has always been keenly desirous to have
Reserve banks do all they could legitimately to aic.
Reserve
Federal
credit requirements of those
the member banks in neeting the
engaged in agricultural and the raising of live stock.
trouble, however, lies largely in the fact that the
The
larger
operations in farming and cattle raising are carried on in
sections where the deposits are seasonal and where the
their own resources is
following is Governor Harding's letter in full
lending ability of the banks out of
The
limited."
September 29 1921
A/cA'eleie:—-Last Saturday I
Dear Gozcrmr
acknowledged receipt of your
length I wish
to invite your attention to some of the underlying principles of the Federal
Reserve Act which govern the operations of the Federal Reserve banks.
Following that I will submit some facts relating to the operations of the
Branch of the Federal Reserve Bank of Kansas City at Omaha, in which you
letter of the 22ud inst.,
and in replying to it now at greater
The law does not
busi¬
with
trust
1.
ness
permit Federal Reserve banks to compete for
each other or with the National banks, State banks and
They are not allowed to receive deposits from
the public nor are they permitted to make loans or advances direct to in¬
dividuals, firms or corporations.
In their rediscount operations they are
limited to notes and bills defined as "eligible", which bear the endorsement
of a member bank.
It follows, therefore, that Federal Reserve banks
companies of the country.
discount accommodations to the
cannot extend any
medium of
a
member bank, with which
lend the public
banks acting as brokers. A Federal
initiative in making loans to a member
through the instrumentality of member
Bank does not take the
Reserve
of enabling the member bank to distribute the funds
its customers.
The Federal Reserve Bank lends to the
bank for the purpose
advanced to
so
member bank against transactions
the member bank to restore
loans and
the
attention to the fact that the Federal
your
its member banks
but that it cannot compel a member bank to make a
make nor prevent it from making one which
with respect to loans
loan which it does not desire to
Neither can
it wishes to make. •
a
In case of State banks the interest
regulated by the laws of the respective States
rate is
limited
members
When it is remembered that the
of the Currency, on Aug.
amounted to $59,177,000, it would seem that the advances last
of over $38,000,000 by the Kansas City bank to member bahks
1907
October
Nebraska alone would indicate very
n
of
bank.
that
You
panic which occurred in the
panic developed credit con¬
stringent as they have ever been in this country.
were as
Federal Reserve Bank of Kansas City to
It is true that the loans of the
member banks in Nebraska are now only
dollars
effective functioning on the part
the severe
recall
will
and for several weeks before the
fall of 1907,
ditions
about eleven and a quarter million
October, but it
against thirty-eight and a quarter millions last
as
this has been tho result of harsh demands
does not follow necessarily that
City.
liquidation,
of farm products or by increased deposits?
Cer¬
generally are by no means as stringent now as they
the part of the Federal Reserve Bank of Kansas
for liquidation on
possible that there has been a great deal of voluntary
Is it not
made possible by
sales
tainly credit conditions
While it may be true that the Federal Reserve Bank
last October.
mindful of Its responsibility under the law and acting in
of Kansas City,
accordance with the dictates of ordinary
banking prudence, may have had
occasion at times to call the attention of some of
the larger borrowing banks
Federal
necessity of working themselves into a stronger position, the
to the
Reserve Board has yet to be shown that the
paid
or
ask to have reduced.
Federal
August,
transactions by the Omaha Branch
1920, and
Bank of Kansas City during October,
Reserve
One table shows the total amount of bills
1921.
prepared
Board's Division of Reports and Statistics has
At my request the
two tables which relate to the discount
of the
Federal Reserve Bank has ever
particular loans it should require
undertaken to say to a member bank what
to be
United States,
payable of all National banks in the
by the official report of the Comptroller
shown
22
borrowing from
S30.068.992 and on Oct. 30 1920, 168 Nebraska
borrowing $38,294,175.
were
total rediscounts and bills
as
At that
rediscounting to the extent
On June 3 1920, 135 Nebraska banks were
1,263,345.
the Federal Reserve Bank
discounted for
the borrow¬
the amount at each
percentage of paper taken at each rate to the total amount.'
You will understand, of course, that this relates only to the rates of interest
charged by member banks on the particular notes which they in turn remember banks
during these months, the rate of interest charged
ing customers by the rediscounting member banks,
rate and the
volume
charged by the member banks on their
to tho rates
as
loans
of
The
customers.
to
I have no
Omaha.
discounted with the Federal Reserve Bank Branch at
entire
number of
other table shows the
discounted by the Omaha Branch during
!the rate charged customers by the borrowing bank in
separate notes or pieces of paper
the
same
each
months and
case.
TABLE
BILLS
DISCOUNTED
A.
MEMBER
FOR
BRANCH OF THE KANSAS CITY
OMAHA
BY THE
BANKS
FEDERAL RESERVE BANK
AUGUST
AND
1920
OCTOBER
DURING
1921.
Aug. 1921.
Oct. 1920.
discount (id:
Amount of paper
16,800,179
Customers' bills and notes
be uniform in all districts.
Each
Bank is authorized by paragraph (d) of Section 14 of the
$6,562,685
7,308,203
—$16,058,68$
banks' collateral notes
Member
The Federal Reserve
dealings with its own member banks.
should occasion arise:
in Nebraska.
the Federal Reserve Bank.
permitted in the States in which they are located.
rediscount paper for member banks out¬
Federal Reserve District.
Its rediscount transactions are
own
to
of SI
and in the case of
No Federal Reserve Bank can
side of its
129 Nebraska member banks were at that time
permits those institutions to charge up to
National banks the Federal law
the maximum rates
3.
Aug. 31 1921 there were 203 member banks
On
time 74 of these banks were not borrowing from
Federal Reserve bank control the rate
member banks.
of interest charged by
have not rediscounted
with the Federal Reserve Bank would hesitate to do so
information
given no control over the policy of
Bank is
Reserve
enabling
increased
deposits.
have already called
I
2.
already made for the purpose of
its reserve to the legal requirement, after
impaired or is about to be impaired because of
has been
reserve
Federal Reserve banks.
Nor is it to be doubted that the member banks which
public except through the
institutions the loans must first be
Reserve banks have no funds to
Federal
negotiated.
Reserve System.
apply for membership in the
and these banks in turn have rediscounted with the
were
interested.
people are particularly
md your
generally patronizing the Federal
not deemed it advisable to
its customers
liquidate."
to
informed that the hanks in your district are
You say that you are
It is true that a
themselves, have
Federal Reserve
System and there are also a considerable number of member banks which
have had no occasion up to this time to rediscount with the Federal Reserve
Bank.
Many of the non-member State banks, however, have borrowed
money from their correspondents in Omaha; Kansas City and other cities
not
large majority of State banks, for reasons satisfactory to
has been "informec
Governor Harding also states that he
by
district.
Act does not require rates of discount to
Federal Reserve
Federal Reserve Act "to establish from
time to time, subject to review and
determination of the Federal Reserve Board, rates of
by the Federal Reserve Bank for each
with
Member banks' collateral
class of paper, which shall be fixed
and which, subject
approval, review and determination of the
be graduated or progressed on the
may
discount to be charged
accommodations
and discount
tho borrowing
relates to
ex
Federal Reserve Board,
basis of the amount of the advancas
tended by the Federal Reserve Bank to
Total
in
by Congress
"progressive rate," which has now been
Average rate of discount
member
Federal
provided that the
Reserve Board should
notify each Federal reserve bank what its
Reserve banks and that it should
out in a later draft of the bill
language above quoted.
the
discount
rates
the respective Federal
This provision
was
stricken
and the Act as finally passed contains the
It seems, therefore, to be the intent of Congress
not ordinarily be initiated by the Federal
shall
respective Federal reserve banks.
but
regional banking system,
a
comprised of twelve independent
units.
This theory is based upon the presumption that the
Federal
reserve
bank
rates for money in
Washington
are more
directors of
their respective districts than the Federal Reserve Board
can
10.87%
1,650,100
22.58%
15.34%
1,977,400
27.06%.
9.154,100
54.49%
1,870,400
25.59%
30,000
528,200
3.14%
400
0.01%
9__
1,077,500
6.41%
460,900
6.31%
94
130,300
0.77%
1,192,900
23,800
7.10%
796,800
10.90%
0.14%
6,100
0.08%
100.00%
$7,308,200
100.00%
-----
84
84
-
~ -
-
-
—
- - - -
10
12
While the Federal Reserve Board
be expected to be.
undoubtedly has power to direct any Federal reserve bank which persists in
maintaining
discount rate which is clearly
a
conditions to change that rate, the Board so
initiate
a
rate for any
In considering
$16,800,200
not warranted by general
far has had
no
TABLE
occasion to
NUMBER
Federal reserve bank.
the proper level of discount rates, the directors
of the Federal
reserve
for member banks but if artificailly low rates should be established
the result would probably be an
unhealthy stimulation of loans by member
banks, which, I understand from your letter of Sept. 12. is
OF
PIECES
something that
B.
OF
WHICH
ON
August
——October 1920
It is the pur¬
banks t|o afford a ready means of rediscounting
0.18%
PAPER DISCOUNTED BY OMAHA
DISCOUNTING MEMBER BANKS
CHARGED THEIR CUSTOMERS A RATE OF:
BRANCH
of the
Federal reserve banks have taken into consideration not only the reserve
position of the bank but also current local rates for money.
7.47%
$546,100
1,825,800
a
conversant with credit conditions and current
0.04%
2,576,600
74
8
Reserve Board but by the directors of the
This is consistent with the theory of the Act which does not create a central
0.51%
% Total.
0.89%
6,100
1921
-August
Amount.
0.12%
85,000
—
6.0%
discounting
of—
% Total.
150,200
6H-Il----------- ----•
which
on
1920-
$19,700
-----
—
145
7.10%
—— —
Amount.
6M-
1,988
179
paper
54
4,089
—
discounted by Omaha Branch
banks charged their customers a rate
of
drafts of the Federal Reserve Bill which was considered
1913
discount rates would be for the ensuing week.
paper
-
charged member banks
by Omaha Branch
Amount
Reserve Districts in which it was formerly
each week fix the rates of discount to be charged by
pose
3,647
accommodated
——October
One of the early
in
255.:
1,733
442
—_—
....
,—
Number of member banks
effective.
bank
notes
Customers'bills and notes....
The last sentence of the paragraph quoted above
bank."
what is known as the
abolished in the four Federal
that
discounted:
view of accommodating commerce and business
a
to the
$32,858,865 $13,870,888
Total.-.-.....
Number of pieces of paper
Number.
Rate—
% of Total.
3
20
0.25%
1
0.03%
237
6
6.50%
1921—
% of Total
0.55%
9
5 >4-
6 34
Number.
0.08%
1.50 %
'
you
for
do not desire, for you say in that letter
a
moment
courage
an
that
I
would have the Federal
extension of credit
speculation."
The
"Nor would I have you believe
Reserve Bank System
with
the Federal Reserve System operate as an agency
time when it is most urgently needed,
reserve
your
desire
to
—
en¬
that would rseult in unwise inflation or
Board is entirely in accord
6X~
see
for financial relief at
a
and in order to keep the Federal
banks in position to extend such relief it is necessary that a policy
»
-
-
~
67
w
_
3.87%
229
6.28%
95
.5.48%
2,022
2.022
74
55.44%
468
27.00%
•
8
2
1
0.06 %
5.46%
152
8.77%
11
0.30%
800
21.94%
913
52.68%
3
9
3.04%
199
84- — —
0.05%
111
84
0.08%
11
0.64%
3,647
3,647
100.00%
1,738
100.00%
'
be adopted
which will not encourage an undue expansion of loans made
for the sake of the
reserve
profit to be derived by rediscounting with the Federal
bank.
In your letter
that the
94
10.
12
of the 22nd inst.,
Federal
you say
Reserve System
—
-
-
that you are altogether convinced
is not functioning as it should in your
Total
Oct. 8 1921. ]
CHRONICLE
THE
It should be borne in mind that, due to the operation of the progressive
rate last October the average rate of
banks
discount which the borrowing member
paid the Omaha Branch during that month
was
7.10%, while in
August 1921 the progressive rate having been abolished, the discount rate
paid in all cases was 6%.
It is interesting to note
,
.
the changes in the percentages of rediscounted
by the member banks was 10.87 against 22.58 in August 1921.
The per¬
centage of 7M % paper was 15.34 agaisnt 27.06 and the percentage of 8%
54.49 against 25.59.
paper was
The percentage of 9% paper was 6.41
The percentage of 10% paper, which
against 6.31.
7.10 in October
was
1920. increased, however, to 10.90% in August 1921.
that in October
see
Looking at Table
1920 the percentage of rediscounted paper taken by
55.44 against 27.00 in August 1921, 9%.
was
5.45 against 8.77, and 10% paper 21.94 against 52.68.
by correspondent banks on loans that
which
was
rediscounted by the Omaha Branch for N ebraska member banks
their customers at
a
taken by the borrowing banks from
was
10% rate, but this amount
made up of 913 separate
was
Bank
Reserve
can
of Directors of that
charged
rediscounted through the Federal
are
intensely interesting.
are
X am not prepared to say that
margins have given any unusual profit to the banks that have boon
these
patronizing the Federal Reserve System, but 1 do feel that there is
some¬
thing radically wrong with a system which requires such wide margins.
I
Also,
convinced that this and other hampering influences must be
am
remedied before the system will bo very useful to agricultural borrowershere.
I am further informed that the banks in this district are not generally*
patronizing the Federal Reserve System.
It would
seem
that if the margins-
indicated in your letter are profitable to the correspondent banks,
would be
Carrying the analysis further we will see that of the total of $7,308,200
during August 1921, only $796,800
Ramsay, Chairman of the Board
I wish that you might also bo present.
bank.
"B," which relates to the number of pieces of paper discounted, you will
the member banks at 8%
of interest that he
rate
a
I have invited Governor Miller of thei Kansas City Federal
Reserve Bank and Mr.
The facts that you give regarding the rate of interest that is being
In October 1920 the percentage of 7% paper discounted
member banks.
afford to pay.
.
which had been taken at varying ratos of interest by the borrowing
paper
of reasonable credit to the fanner at
source
1523
!
there-
general patronage of the Federal Reserve Bank,
The
to this seems to be indicated in a telegram that I have Just
reoeiyed
answer
a
more
from a member bank at Genoa, Nebraska, as follows:.
<
"The Farmers State Bank Joined the Federal Reserve Bank two years
ago and for the past six months has rediscounted 10% interest-bearing
pieces of paper, more than one-half of the total number of notas taken during
notes.
the
owing to their changes of rules and rediscount rates."
The
month.
customers had been
charged 10%
August 1921 about $807.
The
rediscounted
of the
amount
average
was
notes
which
on
in October 1920 about $1,490 and in
the rediscounted notes
average amount of
which customers had been charged 8% was in October 1920, about
on
and in August
October 1920 about $7,700 and in August 1921, about $24,625.
All this would
indicate at least
so
far as the rediscounted notes are con¬
slight reduction in rate but
a
the reduced volume of loans the number of transactions at
10%
was
reflection upon or a criticism of the banks of Nebraska.
as a
with the rest of the banks of the country,
common
is in¬
In
they have had very serious
days, withdrawn from membership in the Federal Reserve System.
functioning
as
it should in this district.
in which
The demands-
harsh ih the extreme, in view of the fact that this is an
that
requirements
imposed
were
In conclusion I desire to suggest the
semi-agricultural or non-
upon
all of the agencies that have
desirability of
of Federal Reserve funds in this district.
obtains now,
close co-operation
a
controlling influence
a
the handling
over
This is not the condition that
and I am sincerely hopeful that something will be done to
May I anticipate
bring it about.
hearty interest in that direction?
your
problems to contend with and they are entitled to great credit for the
manner
territory have, within the
agricultural regions.
among
There is nothing in this letter or in my letter of Sept. 15, which
tended
profits
no
agricultural region and the borrowers here could not easily conform to thesame
greater
in August 1921 than in October 1920.
have made
we
From information that I have, I am altogether convinced that the Federal
Reserve System is not
for liquidation were
there is nothing to show that the smaller borrowers are, for notiwthstanding
in saying that
mo
also informed that certain banks in this
am
last sixty
$4,520
1921 about $4,000, and the average of 7% notes was in
cerned, that the larger borrowers are getting
I
Our records justify
Very truly
they have met the strain which has been imposed upon
SAMUEL
R.
'
yours,
McKELVIE, Governor.
them, but I wish to call your attention to the fact that the Federal Reserve
Bank of Kansas City, like all other banks has had its
problems too and its
rediscount facilities have certainly been of great assistance to the banking
Board is watching the rate situation closely
I
lower level of interest rates to the public.
a
your letter of Sept.
that question
will be
thought
a
reduction in
I see nothing, however, in
22 which bears on this inquiry and I will now withdraw
and ask instead whether
improved by
a
you
think conditions in your State
reduction in the Federal Reserve Bank rate and I
I
informed by the Governor of the Federal Reserve
am
Bank of Kansas
City that the records of the Omaha Branch will show that no member bank
urged to liquidate rapidly its discount line and
head office
Branch has ever suggested
the
nor
thatlneither the
to a member bank what
policy it should adopt towards requiring its customers to liquidate.
reduced their loans from the Federal Reserve Bank by about
but of this amount
approximately $19,000,000
was
$25,000,000
liquidated by banks in
Omaha and Lincoln, while the loans of all other member
were
Be¬
and Juno 30 1921 the member banks in Nebraska have
tween Oct. 39 1920
banks in Nebraska
impressions may exist to the contrary, it is a fact that the
Reserve Board has
Federal
banks do all they
reserve
always been keenly desirous to have Federal
could legitimately to aid the member banks in
meeting the credit requirements of those engaged in agriculture and the
The trouble, however, lies largely in the fact that the
aising of live stock.
the U. S. Shipping:
the debate
the
.
gling in the
operations.
The Joint Commission of Congress of
months past
the
Agricultural Inquiry has been for
investigating thoroughly the credit situation as related
farming and live stock industries and I
will be made
public before
illuminating and will
sending
am
very
no
long.
I
with this letter
you
it will be most interesting
am sure
doubt contain
informed that its report
am
some
of Bulletin No. 999, entitled
a copy
Department of Agriculture, which contains
a
Vital interest to farmers and to all who live in
I wish in conclusion to thank you for the
that I have replied to them in
say
great deal of
"at
find
we
Sena¬
Oct. 1.
up
the
walks of life,
common
that
time when economy
a
"the money
the little fellows, strug¬
the
are
.
.
.
ones
He also asserted
be employed and
should
the
Reserve Bank
Federal
officials of New York
recklessly raising their salaries, not by the hundreds of dol¬
lars but
for the
have written me and
you
controversial spirit whatever.
in
City, who
and directors
are more
of the
directly responsible
policies and operat ions of the Federal Reserve Bank than the Federal
Reserve Board is.
directors of
long
as
a
It is difficult for the Board to admonish the officers and
Federal
complaints
reserve
are
bank
as
to their proper
policies and conduct
merely general in their nature.
It is the earnest
desire of the Federal Reserve Board that all Federal reserve banks
function
as
they are intended by law and if
what respects
the Omaha Branch
or
you
should
will let me know just in
the Federal Reserve Bank of Kansas
City is not functioning properly, the information will be appreciated.
I have sent
a
of the Federal
copy
of this letter to the Chairman of the Board of directors
Reserve Bank of Kansas
City, with the request that it be
ready to the directors at their next meeting.
Very truly
the other side
."v;:
The
P.
following is
the
letter
of
HARDING, Governor.
G.
OF
Gov.
McKehie,
which
NEBRASKA
;':r
Sept. 22 1921.
W. P. G.
Harding, Governor, Federal Reserve Beard, Washington, D. C.
My dear Governor Harding:—I
The facts which
you set
out
am
greatly obliged to you for the informa¬
Sept. 15.
are
that I have called a con¬
ference of the Council of the Nebraska Bankers' Association and the officials
of certain Federal and private financing agencies to be held in
7:30 p.
m.,
Sept. 26.
these questions in
The
purpose
Omaha at
of this conference will be to dfscu
detail and to determine what
the
may
up
be done to effect
and asking that
unreason¬
.
living
wage
introduced
a
the
of
be
and seek out
".
.
squandering the people's
a
of the country, I
poor wago earners
money
in the high
Senator
the Editor of the
letter addressed to
"Manufacturers' Record"
by John Skelton Williams, former
Currency,
the increases in
showing
certain officers of the Federal Reserve Bank
York, and we quote in part his remarks, and the
salaries paid to
of New
debate
submission
the
followed
which
of
Mr.
(Williams'
letter to the Senate:
Now, let me suggest to Senators on the other
retrenchment and reform aro much needed.
At
a
side
a matter
where real
The Federal Reserve Bank of
salaries that shock and astound the
New York is reveling in increased
average man.
time when economy should be employed and
practiced
Federal
and especially by all Government officials, we find the
by all,
bank officials of New York recklessly raising
reserve
the hundreds of dollars but by
their salaries, not by
the thousands and tens of thousands.
They
Federal Reserve
Then they raised Pierre-
placed the salary of Benjamin Strong, Governor of the
Bank at
$30,000 and then raised it to $50,000.
Jay's salary from $16,000 to $30,000.
They
raised E. R.
Kenzel's salary from $4,000 to $25,000
raised A. W. Gilbert's salary
G.
L.
Harrison's
from $1,800 to $12,000.
but will
and they
They have increased
They have increased
I will not read the entire list
salary from $4,000 to $22,000.
>V. Jones's salary from $2,500 to $12,000.
print it in the "Record".
But listen (Senators, the salaries
paid to about 30 officers by the New York Federal Reserve
Bank, exclusive
amount to about as much as
the combined
salaries of one-half of the members of the United States Senate,
salaries of the President and Vice-President of;the United States.
plus the
Here is
Skelton Williams:
[From the Manufacturers' Record, September 22 1921.}
Amazing Waste of Public Money in Increase of Salaries to Officers and
Employees of New York Federal Reserve Bank.
complete list in
a
letter written by Hon. Jolm
Richmond.
Va.,
September
12
1921.
Editor Manufacturers' Record:
I
of such vital importance and suggest
other leads of even equal or greater importance,
continued, "aro
invade Wall Street
to
are
Comptroller
the
;vExecutive Office—Lincoln
tion contained in your letter of
rising
of the salaries of other employees,
prompted the above:
STATE
them
Heflin
J.
McKehie, Governor of Nebraska, Lincoln, Nebraska.
he
York,
salaries of bank clerks and other bank officials."
now
A.
are
taken away from
yours,
Hon. Samuel R.
New
able, inexcusable, and indefensible, and while Senators on
and I hope that you will have an
opportunity sometime of talking with the officers
Federal Reserve Bank of Kansas
the
information of
These
by the thousands and tens of thousands."
increases
agricultural States.
letters
no
1 am sure that we have a common purpose
Hon.
declaring
plans
to escape, but
constructive suggestions.
"Prices of Farm Products in the United States," recently issued by
as
on
(Democrat), who brought
practiced by all, and especially by all Government officials,
those who
to
subjected to criticism during
were
going to load these taxes upon."
you are
that
are
.
.
want
I
taxation
proposed
kings
certain farming
and
Board
tax revision bill in the Senate
on
Heflin of Alabama
tor
in sections
deposits are seasonal and where the lending ability of the banks
out of their own resources is limited.
Then again, many banks do not like
to lend their money for as long a term as it is nedeed in cattle raising and in
operations in farming and cattle raising are carried on
arger
where the
to
officers
of the Federal Reserve Bank of New York and members of
reduced only by about $6,300,000.
Whatever
some
;
•»
question of Federal Reserve salaries in New York, denounced
would appreciate a frank expression of your views.
has been
V. S.
AND
relationship to current rates
you
the discount rate of the Federal Reserve Bank of Kansas City would result
in
BANK
The "high" salaries, which it is alleged are paid to
previous letter whether
my
RESERVE
SHIPPING BOARD.
respective districts.
inquired in
OF
SALARIES PAID OFFICERS
HIGH
OF
FEDERAL
Y.
N.
and is anxious to have the rates
of each Federal reserve bank bear the proper
in the'r
CRITICISM
The Federal Reserve
community and through the banks to the public.
my
have your letter of the 10th instant referring to statements made in
recent speech.at Augusta, Ga., concerning the extravagant manageme
of the Federal Reserve Bank of New
York, and asking for further inform
tion in that connection.
It is, I believe, entirely true that the
Bank of New York has been distinctly
of the
A
management of the Federal Reserve
extravagant.
Despite the reticence
officials in this connection, I think I can give you some facts and
figures which may be of interest to your
readers on this subject.
been that when it suits
My observation has
fly the
sharing the
of front
and they promptly proclaim their independence.
As is well known, the
salaries and compensation of all employees of the United States Government
from the President down, are published, and I see no reason why there
should be any secrecy as to the salaries or compensation paid to the officers
Uosorvo IBstnk'Eiut/liorit/jtes*
List of salaries paid to
■ ■';
certain officers of the Federal
1
Reserve Bank of
indicating increases in salaries from the time of their employ¬
ment to 1920-21.
(The reserve banks were started in November 1914):
$2,500 to $12,000
Beni. Strong
$30,000 to $50,COO J. D. Higgins
J.W.Jones.2.500 to 12.000
Piei*e Jay.!
16,000 to 30,000
™
2,000 to 12,000
20.000 to 30.0C0 L. R. Rounds
J. H. Case
9,000 to 12.000
4.000 to 25,000 J. L. Morris
E. R. Kenze!L«-~
to 12.000
25,000 Chas. Snyder
7,COO to
Li. F. Sailer
1,500 to 10,000
4,000 to 22,000 W. D. Matteson.
G. L. Harrison—
1,500 to 10,000
to
20,000 A. J. Dins
Francis Oakev_.«
1,500 to
9,000
18,000 G. E. Chapin.....
6,000 to
L. H. Hendricks.
3,000 to
8.000
18,000 W. H. Jefferson..
to
H. A. Hopf
1,500 to
7.500
15,000 J.E.Crane
5,000 to
Shepard Morgan.
W.H.Hamilton.
1,500 to
7,500
New York,
.
i.
..
....to
E. H. Hart......
1,800 to
A.W.Giibart
15,000
12,000
R. M.
O'Hara..
1,500 to
7,500
certain salaries were raised above the figures shown in this
list, which is intended to show the salaries paid to 24 or the officials of the
New York Reserve Bank some months ago.
It will be observed that each
one of these "officiate" draws a salary as large, if not larger, than United
States Senators, one of them as much as six Senators.
The list also shows,
from the best data available, the enormous increases which have been made
Mr. Smoot: I certainly have.
It will be
observed that these salaries have been
increased in numerous
have been told that 60% of these "officers"
$2,500 before they came to the reserve bank,
but they are now drawing salaries as high as those paid to Cabinet officers.
The salaries paid to about 30 "officers1' by the New York Federal Reserve
Bank, exclusive of the salaries of other employees, amount to about as
much as the combined salaries of one-half of the members of the United
States Senate, plus the salaries of the President and Vice-President of the
never
100 to 500%.
I
reached over $1,500 to
from
^^^Soadvised that
banks for
"publicity" and "propaganda" and for the
printing and distribut¬
the auspices of the
public
Mr.
King:
Board here in
Mr.
Was that done with the approval of the Federal Reserve
Washington?
Why certainly. The Federal Reserve Board has the
Heflin:
power to remove
the Governor and other
officers of the Reserve Bank of
New York.
Mr. King:
Mr. Heflin:
There has been no protest
from them ?
Not that I know of.
whether corresponding increases have
been made in the Federal reserve districts 7
Mr. Heflin:
I am not suro about that, but I think that the salaries of
•he officers of the other reserve banks have been increased.
But these
Increases in New York are unreasonable, inexcusable, and indefensible, and
while Senators on the other side are rising up and asking that a living wage
be taken away from the poor wage earners of the country I want them to
Invade Wall Street, the wicked source from which comes your campaign
funds.
Go to Wall Street and seek out those who are squandering the
people's money in the high salaries of bank clerks and other bank officials.
This bank is under control of the Federal Reserve Board and you are in
power.
You are charged with responsibility for the conduct of every branch
of the Government and not one of you protest against this conduct per¬
mitted by your Federal Reserve Board.
Not one of you protest against the
conduct of the New York Federal Reserve Bank in raising salaries sky high.
The next time one of you Republican Senators feel called on to get up here
Mr. King:
Does the Senator know
attend to that.
Mr. Smoot:
It is for the Federal Reserve Board to
Mr. Heflin:
And the Senator proposes to leave it to
Mr. Smoot:
the pleasure and
it has been tot years past.
Senator from Alabama to try to make politics out of
The Board is exactly the same as
It does not behoove the
because of action
that at this time and rant about the Republican Party
that
was
taken,
far
so
Mr. Heflin:
called,
just
and
as
I know, before the Republican Party was in power.
I do the Republicans.
honest
trying to play politics with this
It is too important for that.
the Federal Reserve Board.
on
administration
majority provide for
an
of
There are some Democrats,
I criticize and condemn them
I play no favorites in may demnd for clean
the
people's affairs.
Let the Republican
immediate investigation of this whole disgraceful
Will the Senator from Utah,
the other side, demand an investigation?
Will the
The Republican Party is in power.
affair.
one
as
Mr. President, I am far from
serious question.
so
of the leaders
Senator
vote
for
on
an
York and bring this
enactment of
investigation of the Federal Reserve Bank in New
question of salaries up for consideration, looking to
in future.
that those salaries are not
effort made to see
paid in the future.
magnitude should not be thrown aside
A question of this
Mr. Heflin:
with the suggestion that the Senator
some
the salaries being
I do not think there is any dispute as to
Mr. Smoot:
paid: I have not heard of it; and I think there will be an
made
the
such unreasonable and outrageous salaries
law to prevent
a
from being paid
thinks that an effort will or may be
of such salaries.
We are going
time to prevent the payment
We are going into that
purse-proud plutocrats of
Republican
approval is upon their faces, and yet the Senator from Utah has not chal¬
lenged their right to use the Government's money to increase their salaries
into the slender purse
of the American masses.
daily in the consideration of this tax bill, but the
Wall Street
walking with heads high in air, while the light of
are
they have done.
as
Is the Senator quite
Mr. Fletcher:
pass a
found
confident that even if Congress should
law providing for a limitation of
some way
to get around it?
those salaries there would not be
Recently we passed a deficiency appro¬
Shipping Board and we
be used to pay the
compensation of any attorneys unless the contract of employment has been
approved by the Atotrney General.
My understanding is that the General
Counsel of the Shipping Board instructs the officers of that organization to
proceed to pay all lawyers engaged for $11,000 a year or less, and to give no
attention whatever to that provision of the act which requires that the
Attorney General shall pass upon the question.
I do not know what we
are coming to with a procedure of that sort being indulged in,
an act of
priation billl providing for certain sums to go to the
incorporated
officers
ing of numerous publications which are gotten out under
Reserve System, directly or indirectly, and paid for out of
moneys.
I have reason to believe that the waste in this direction has been enormous.
na™ reomm WW. v
JOHN SKELTON WILLIAMS.
taken to bring those enormously
sweet will of the Federal Reserve Board?
a
provision that no part of that sum should
Ignored.
Congress apparently absolutely
although Cabinet officers and other high
Government, and national bank examiners, are limited in their
expenses to $5 per day, that the expense allowances of officers and em¬
ployees including bank examiners or the Federal reserve banks, are prac¬
tically unlimited, and that an inspection of some of the expense accounts of
the Federal reserve banks would be decidedly edifying to a Congressional
committee if they should be looked into.
Ithink it would also be interesting to the public to be informed as to the
payments made by the Federal Reserve Board and the Federal Reserve
of the
.
What steps has the Senator
Mr. Heflin:
high salaries down?
I understand
fin s&l&riofii*'
the Federal Reserve
Board?
of the Federal reserve banks.
reports of the Federal Reserve Board
show that in the calen¬
dar year of 1920 the Federal Reserve Bank of New York's pay roll amounted
to $1,639,273.
For the calendar year 1918 the pay roll was S3.104,830,
an actual increase in pay roll since the close of the war of $1,534,443.
The actual number of officers and employees in 1918 was 2,657The
number of employees and officers in 1920 was 2,936, an increase of 279
employees.
In other words, the number of employees increased about 10%
while the salaries increased about 50%.
It is also interesting to note that in the years of acute deflation, from 1919
to 1920, the pay roll of the New York Reserve Bank (see Annual Report
Federal Reserve Board 1920, p. 272). increased $777,309, or from $3,861,964
in 1919 to $4,639,273 in 1920, although the number of employees on Dec. 31
1920. was only 2,936 as compared with 2,963 a year before.
Owing to the secretive policy of the Reserve Board concerning some
matters of public interest which ought to be in the open and above board,
it is impracticable for me to give you the up-to-date information which you
desire regarding the salaries of reserve-bank officers and employees, but I
am submitting for your information and for the information of your readers
a list which was prepared from information furnished me some time ago
which I have reason to believe is substantially correct, although I think
that it probably understates rather than overstates salaries paid at this
time.
Ir. however, it is not entirely correct, it can be readily corrected by
Heflin: Has the Senator made any protest to
Mr.
and other employees
The official
I think it was about two weeks ago.
Mr. Smoot:
their purposes to pose as
Government institutions the reserve banks are ready enought to
Federal colore, but when it comes to assuming responsibilities or
restrictions which apply to Government agencies there is a change
cases
[Vol. 113.
THE CHBONICLE
1524
Furthermore, we gather from the newspapers
$30,000
advise
a
an
operators,
that recently the Chairman
financial expert at
$30,000 a year to
$84,000 a year Shipping Board and a $95,000 a year board of
composed of three members, and $100,000 a year staff of lawyers
of the Shipping
Board has found it necessary to engage a
year.
So we have now a financial expert at
how to arrange and manage
Mr. King:
their financial affairs.
May I correct the Senator?
One hundred thousand dollars
the staff that is employed by Mr. Lasker.
I think the Senator is entirely correct, but I wanted to
will not begin to pay
Mr. Fletcher:
thoroughly within the bounds when I
be
named $100,000 as the amount, and I
engaged in
various portions of the country besides.
Some of these sums are being
paid out to lawyers engaged to advise other lawyers what their duties are;
officers and experts are engaged to advise other officers and experts how
to get along and manage their affairs, at enormous cost and expense.
An
enormous amount of money is paid out for this purpose and the whole thing
only had in mind the staff
is
here in Washington; not the lawyers
being made, I think, largely a
political machine.
of taking off ships,
where they have
spent money to build up and develop trade, and tying them up and fast
making a corpse of the American merchant marine.
We are gradually
approaching the time when the American merchant marine, much heralded
everywhere is becoming merely "painted ships upon a painted ocean."
Then I call attention to
for instance, where
J.
the present policy of the Board
they have been put upon new routes,
HERBERT CASE ON FEDERAL
AND
DEVELOPMENT OF
RESERVE SYSTEM
TRADE.
FOREIGN
According: to J. Herbert Case, Deputy
Federal Reserve Bank of
Governor of the
New York, "if we are really serious
follow the ex¬
in investing abroad the profits of trade.
This advice by Mr. Case was preceded by the statement that
'and lambast labor, I suggest that you dean up the high-salary scandal at
"we have new and serious problems facing this country as
the Reserve Bank in New York.
4Mr. Smoot:
Mr. President, does the Senator think that a Senator can
a result of our ohange from a debtor to a creditor nation."
object to the raising of those salaries?
What law is there under which a
Mr. Case added that "if we are not to permit the balance
Senator could do that or under whicn any official in the Government itself
due us to be liquidated by imports of merchandise, it is all
could do it?
Those salaries are not fixed by Congress.
I was surprised
to learn the other day that they had been raised as they have been, but the
the more imperative for us to import securities; in other words
Senator certainly to not finding fault with Congress?
to invest our balances abroad."
Declaring that "past war
Mr. Heflin:
Certainly I am.
Mr. Smoot:
Why?
conditions confronting
the world are ~indeed serious,"
Mr. Heflin:
Because you have the power to prevent such extravagant
Mr. Case added that "the people of the world are so burdened
and outrageous salaries and you dare not do it.
with debt as to raise the question whether the social, econ¬
Mr. Smoot:
That is an easy thing to say. but I do not see by what law
have a right to fix those salaries.
omic and financial structure can survive unless the impor¬
Mr. Heflin:
Does the Senator pretend to say to the Senate that he does
tant trading nations of the world are ready at once to help
not believe that a law could be passed saying that no Governor of a Federal
one another, and above all else to put out of their minds aU
Reserve bank shall receive more than a certain amount ?
The salary of the
Governor and other members of the Federal Reserve Board is fixed by law!
thought of future wars."
Mr. Case in his address, which
Why should the Governor of the Federal Reserve Bank of New York be per¬
mitted to raise at will its salaries higher and higher ?
Why should these men was delivered before the Twelfth Annual Convention of the
American Manufacturers Export Association in this city on
be given unlimited authority to thus use and misuse the funds of the people
In raising their own salaries?
Oct. 6, contrasted the present banking system with the old
Mr. Smoot:
I was asking the Senator if there is any law that Congress
and characterized the rigidity of J;he latter as its principal
could enforce to prevent the raising of salaries in the Federal Reserve
banks in the different districts of the country.
Congress does not fix the outstanding defeot.
Mr. Case 'stated that "instead of
about
developing our foreign trade, we must
ample of England"
we
the power to fix the salaries, and Congress has no
rigid credit and rigid currency we now have elastic credit
specific legislation passed by Congress to limit the
Board. Those salaries that are being paid in the city | and elastic currency"—the elastic element in our currency,
of New York were never made public until just the other day.
I he observed, being composed of Federal Reserve notes, the
Mr. Heflin:
Congress has the power to limit these salaries.
How long i
volume of these in circulation increasing as the demands for
since the Senator knew that these salaries had been so greatly increased?
salaries.
power
'
powers
The Board has
unless there is
of the Federal
OCT.
currency
When the demands subside he essayed,
increase.
4'the member banks turn in their surplus notes at the Federa
the
Reserve banks in just
same
that
way
a
storekeeper
The following is his
deposits currency with his bank."
speech in full:
will recognize, I am sure, how diffi¬
institution to decline to carry out a
cult it is for one of the officers of an
Unfortunately for my peace of mind, Mr.
President, when I asked myself why Mr. Saunders should have asked me to
request from one of his directors.
occurred to me that Mr. Saunders is among
talk yo you, the unholy thought
compressed air.
But, seriously, it is a real privilege to meet with a great organization
like the American Manufacturers Export Association for the purpose of dis¬
other things an authority on
a
subject of mutual interest namely, our Federal Reserve Banking
System, which has now been in successful operation nearly seven years.
While the officers of the Federal Reserve banks have recognized the
pose
impor¬
understanding
joint aims and objects, we also fully appreciate the impor¬
the workings of the System thoroughly understood by our
of becoming better acquainted and to achieve a mutual
with them of
tance of
our
having
business
in the last analysis,
who,
men
Reserve banks
as
well
as
It has been estimated that the annual income of
it would be fair to
the American people is
represented
production rather than in services as distinct from
your
problems would be relatively so simple as to furnish you
much time and
opportunity to further develop your golf game.
I
not
am
lems,
much, and I
so
so
which
labor prob¬
transportation, about which you know
little, but I would like to ask you to consider with me the
important matter of providing a.steady, dependable flow of
is
most
essential
to
well-balanced business
a
credit,
a
factor
I said a
program.
represented in pro¬
duction amounts to $60,000,000,000, and it is pertinent that about one-half
of that amount is always revolving between the producer on the one hand,
moment
and the
ago
that the annual income of the country
consumer on
that is, 30 billion dollar's worth
the other;
of stuff is
constituting
a reserve supply, partly on the shelves of our merchants and manufacturers
both wholesale and retail, constituting a current supply, and partly in
transit, being transported by our railroads and motor trucks throughout this
big country of ours.
It is significant to note in this connection that the
partly in
process
of production, partly stored in warehouses,
total of all commercial loans in the 30,000 banks
in America approximates
the fact that the
does depend very
largely on banking credit.
But, unfortunately, we do not have that happy
degree of stabilization to which I just alluded.
On the contrary, our
charts clearly show that we have to reckon periodically with unstable
conditions which calls for the keenest sort of business judgment and a good
just 30 billion dollars, clearly emphasizing and visualizing
production,
and distribution of goods
transportation
bit of Dave Harum's homely
philosophy.
about a complete
structure from
disarrangement of the whole social, political and economic
patient endeavor to recover.
which it usually takes years of steady
we
cannot have
Let
see
war
penalties.
and then hope to escape its
consider but
us
one
We
It is perfectly clear that
it go in the discard forever.
phase of this disarrangement of the
structure, the effect upon commodity
economic
It is perfectly clear now what
prices.
Pond first
that they were in
happened in America when our substantial neighbors across the
down to the water's edge and hallooed over to us
came
goods in their emergency,
trouble, that they wanted great quantities of our
and that they might want us to take their paper
in payment for some of the
We wer glad to accommodate them, of course, but that was
goods.
the
exist are
rapidly follows.
This in
turn usually means temporarily greater profits for the manufacturers, then
rising labor and material costs, the necessity for more credit, swollen bank
loans and expanding currency and high prices arc well under way, creating
beginning of inflation.
It is axiomatic that if more goods than
wanted, and wanted quickly, a bidding-up price
Important economic and banking problems.
This
condition,
United
funds
was
1915, was greatly accentuated after
beginning in
States entered
the war.
The Government's need
insistent, and the extent to which certificates of
the
for goods and
indebtedness and
the banks
Liberty Loan bonds could not be purchased out of current savings,
either directly or
The
absorb.
the 1919 report of the Federal Reserve
indirectly through loans to their customers, had to
following quotation from
Bank of New York is worth recalling:
resulted in
seller's market.
The year closed with the speculative
Eerience in prices and determined to satisfy their desiies regardless of price
ave
a
decreased but with the demancs of industry,
increasing price levels, absorbing the credit released by lessened
speculation.
The credit reservoir was at its lowest point
and average
commodity prices at their highest."
demands for credit somewhat
ever
The effect of all of the foregoing on
shows that from
a
This situation is
commodity prices and bank loans
base of 100% in 1915. prices rose to a
1920, while bank loans
now
more
fortunately changing; after the difficulties
comes
from
a
commodi¬
inquiry for certain lines of
goods, give rise to the expectation of continued improvement.
encouragement
and dis¬
the great decline in com¬
slowing-up of the crop in
ties, and up-turn in security prices, and a better
of the
Not a little
unprecedented
they
without disarranging the financial
realization that the
price declines and the losses, the shut-downs, and the unemployment
had
occasioned,
have all
taken place
Now
a
word
Federal
as to our new
banking system
Reserve banks
are
:
patterned somewhat after the
banks of Europe in that they are "bankers' banks"
and economic resources of the country.
Central
and do not compete with
develop the busi¬
The Federal Reserve banks
other banks for general business but rather assist them to
ness
ica's entrance into the war, the needs fo our own Government alone called
for the flotation within a
comparatively short
20 billions of Government securities.
these securities without, a
space of
To effect
a
time of upwards of
successful distribution of
breakdown of our banking machinery would be
achievement for any banking system.
an
familiar with our old defective banking systce must recog¬
The principal outstanding defect
in the old system may be summarized in one word, "rigidity—"
Any one at all
nize its inadequacy for so large a task.
that existed
had in that system:
we
1.
A lack of elastic credit and currency.
Immobility of reserves in Central
proper use
3.
lack of centralization and means of
A
effective cooperation on the
their own and public Interests in times of stress.
exchange and transfer system.
4. A cumbersome
5.
Reserve Cities preventing their
in times of trouble.
part of banks to protect
handling Government finances.
A defective machinery for
of Congress in enacting new banking legislation, as stated
title of the Federal Reserve Act, was to provide for the establish¬
The pu *pose
in the
afford
effective
Reserve banks to furnish an elastic currency, to
ment of Federal
of rediscounting commercial paper,
means
to establish a more
supervis'on of banking in the United States and for other purposes.
The
outstanling change that was brought about by the new system may be
summarized in two words, Strength and Flexibility.
banks
The Federal Reserve
are
In reality great financial service
organiza¬
of painstaking study here
by the so-called Aldrich Commission. You will recall the painful
tions and were organized only after several years
and abroad
times of 1907, when we had what has come to
be known as a currency panic.
experience in the last two or three years has convinced us that In so far
the troubles of 1907 were attributed to a shortage of currency, they
Our
Indeed, it was the currency
need not recur under the new system.
1907 that caused the nation to awaken to
of
an
panic of
the fact that we were the victims
and would not stand up under
obsolete inelastic system that could not
factor of
banking. Let me be more
explicit and consider how the outstanding defects of the old banking system
strain.
great
The Federal Reserve System introduced a new
safety into our currency and into American
have been relieved or eliminated under
In the first
the new Federal Reserve System.
disintegrated every-mangenuinely cooperative or¬
place we have substituted for the old
for-himself and every-bank for-itself system
a
I need not dwell in a gathering such as this upon
the advantages which accrue through organization.
You see, in your daily
affairs how much better a group can function than can the individuals
ganization of the banks.
As I understand it, group action Is the
organization. In the Federal Reserve Sys¬
about one-third of
measured by their resources much in excess of
composing it acting separately.
very purpose?
behind
your own
upwards of 9,500 banks, in number
tem there are now
the banks in the country, but
that
proportion
or, say,
All of the national banks and many
70%.
of tho
members of the System, but I
eligible for membership
their capital and surplus do not oome up to the minimum for
banks, which is the standard prescribed in the Federal Reserve Act.
larger State banks and trust companies are
should add that of the non-members many are not
because
national
old system the reserves of all
reservoirs, represented by tho 12
districts.
The picture
Instead of decentralized reserves under the
banks
member
are
merged in 12
now
Federal reserve banks in
the
12
Federal reserve
is that of 12 water systems,
which I would like to present to you
each with its
by huge aqueducts through
which water may be pipe from a reservoir where the level is high to any other
reservoir where the level is low.
In the difficult times of 1920 our own bank
in New York at certain seasons of tho year was a lender to other Federal
reserve banks, where the level of their reserves was low; and at other times
own
supply, but connected with one another
in the year, when the level
fell In New York, our
reservoir was replenished
where the level was higher.
rigid currency we now have elastic credit and
elastic currency.
Under the new system, the reserves of member banks are
kept solely with the Federal reserve banks.
These reserves constitute the
bulk of the deposits of the Federal reserve banks where they are maintained
in liquid form though they may be relent to member banks for short periods.
The procedure of a Reserve Bank loan is simply this:
When a member
bank requires additional reserves or currency to meet the expanding needs
of its customers it brings to the Federal reserve banks for rediscount prime
commercial paper approaching maturity, which it has heretofore discounted
for its customers.
Or it may make its loans at the Federal reserve banks o»
by borrowing from other Federal reserve banks,
Instead of rigid credit and
its
own
notes secured
by such paper or Government
So, limited
securities.
that the reserve banks them¬
relioved and member banks are
only by the moderate reserve requirements
selves
must
credit strains are
observe,
permitted to meet the increased or exceptional
requirements of their cus¬
ratio called for the
prevailed during a
extraordinary credit
demands which then prevailed and the Federal Reserve Bank in its circular
of June 1 1920 announcing tho 7% rate then effective stated that the action
The
expansion in loans and the lowering of the resorvo
application of higher interest rates.
part of 1920 and 1921 was a
had
been
taken
"in
The 7 % rate which
natural sequence to the
order that bankers,
generally may find in the discount rato of
their customers
and the public
this bank a reflection
of existing
credit conditions."
Now
as
to currency.
reserve
The elastic element
notes, a creation of
notes or the Government's own
in our currency is
the Federal Reserve
precedent in this country before the Act was
passed.
composed of
Act and without
Unlike national bank
greenbacks and silver certificates, the volume
is instantly responsive to the currency
of Federal reserve notes in circulation
requirements of the country.
find their way into circulation
bank which must maintain
A
member bank secures
a
They are obligations of tho Government and
through the mechanism of the Federal Reserve
reserve of at least 40% of gold against them.
Federal reserve notes
banks in exactly the same way
from the Federal reserve
that an individual secures currency
from his
simple. A member bank draws a
check against its deposit and if its deposit is inadqeuate it may borrow from
the Federal reserve bank thus refreshing its reserve, using paper of the sort
own
machinery of the country.
The
matter of history, but it is worth remembering that following Amer¬
Federal
couragements of a year ago which culminated in
year, a
That the new banking system responded nobly to this demand is
Europe.
now a
level of 270% in
than doubled.
modity and security prices this
abroad
people we
called upon to assist in financing the imperative needs of a large part of
tomers.
"Throughout the lattei half of the year the supply of most goods has been
wholly inadequate to the demand; competition in most industries has been
non-existent; and the insistent demands of a class of buyers without ex-
at
were
War, we know from our recent
experience, disorganizes not only all business but brings
should all like to
Like Topsy, the Federal
remarkable growth and it is undeniably a for¬
broke out, because in addition to the requirements of our own
as
going to discuss the matter of production costs, of
the subject of distribution or
or
a
thing for this country that the system could be so promptly set up
and established in good working order when the great conflagration
Perhaps for the purposes of my discussion
that about $60,000,000,000 is income
assume
had
Reserve System has
tunate
2.
production.
The
production and distribution of American products represented in this $60,000,000,000 of income constitute an American problem to be solved by our
producers, merchants and bankers.
In a sense, the interests of the pro¬
ducer, the banker, and the consumer are one, and I think it is a fair state¬
ment that all of these groups would welcome that degree of stabilization
in production and distribution that would insure an orderly marketing of the
goods produced.
The ideal economic condition is one that would insure a
steady production of raw material, a plentiful supply of labor, adequate
transportation facilities and an ample supply of credit, all at fair and stable
cost.
Given these four essentials in appropriate amounts, plus a reason¬
able tariff and a tax which the average business man could understand, the
incidence and amount of which are definite, and may be predetermined, and
in
required to permit them to meet the needs of their customers, leaving it
as
for the commercial banks of the country.
about $70,000,000,000 a year.
banks
entirely to the option of the member bank as to the form of credit the re¬
the business for Federal
create
the
legal reserves of all member banks, and through rediscounts they mobilize
and create reserves for member banks and furnish currency to these
holding meetings from time to time with our bankers for the pur¬
tance of
do they
therefore do not take moneys at interest on their own account nor
accept bills of exchange, but they do act as a reservoir for the deposit of
discount shall take, whether deposits or notes.
Committee, is a director
Mr. Saunders, the Chairman of your Speakers
of the Federal Reserve Bank, and you
cussing
1525
THE CHRONICLE
81921.]
bank.
The
to which 1 have
procedure is most
already referred.
in circulation increases
demands
subside
the
as
Thus the volume of
member
Federal reserve notes
increase.
When these
banks turn J in their surplus xnotes at the
the demands for currency
'
THE
1526
Federal reserve banks in just the same way
•currency
that
CHRONICLE
storekeeper deposits
a
As member hanks deposits increase beyond their
with his bank.
legal reserve requirements they are used to pay off loans at the Federal
[Vol; 113.
theless.
there is a pronounced
feeling that the theories of the situation
have already been
correctly diagnosed, and that only by a general applica¬
tion of these agreed
principles can real improvement be effected.
"Each country must, to a
great extent, work out its own salvation, for
,
bank.
reserve
The reason why the member banks are
their surplus notes to
moment, is because notes in their
"They cannot be counted
bank
they
interest.
vaults arc of no value to them.
own
as reserve; yet
by returning them to the Reserve
be used to reduce loans
may
inclined to turn in
the Federal reserve banks at the earliest possible
At this time after allowing for the legal reserves
the Federal Reserve Bank of New York
has
paying!
which the banks are
upon
against deposist
its
of gold again.-t
a reserve
notes in circulation amounting to 135%.
X
spoke of
fourth defect in the old system, namely the cumbersome
a
in Chicago liaving
Only a few years
bill to pay in New York would usually buy
a
New York exchange in just the same way as a New York
Lqndon exchange in the
merchant buys
Under the Federal Re¬
of overseas trade.
course
System checks drawn upon all of its members and upon all
serve
banks, except in
merchant may receive full and immediate
in remote parts of the
country'- subject
the Interest on the
money during the
collection.
non-member
Thus a
few of the Southern States, are collectible at par.
a
credit for checks drawn upon banks
barriers
in collecting checks has been
thereby in itself providing a great saving to the mer¬
Post-war
they handle about 275,000 checks
The work goes
banks
reserve
are received from the banks
to thoir
through
destinations, to other
individual banks,
funds
On the
days many
then sorted,
recorded and
In spite of the great volume
more
day's transaction.
than
of
few cents' on a
a
-
,
closely allied
on some
banks, local clearing houses or
checks handled differences seldom amount to
A service
limitation of armaments.
much in
furthering this
workable plan
some
cumstances
for the benefit
banks.
This is especially important to business men having
establishments in widely separated parts of the
country.
Under the Reserve
System domestic shipments of gold and currency for the
purpose of settling
balances have been almost wholly eliminated.
The medium through
balances are settled between Federal Reserve districts is the
at present
about $415,000,000.
Treasurer of the United States and constitutes
the 12 Federal Reserve banks.
is
It
If a'merchant In New York wishes to make
$50,000 in Ban Francisco
as
a
payment of, say
certain day, the payment is accomplished
His bank would charge his account and at the same time
follows:
on
a
instruct the New York Federal Reserve Bank to
telegraph the Ban Francisco
Reserve Bank to place $50,000 to the credit of the Ban Francisco merchant
in his
own
all maturities from
OF
PHILADELPHIA
AND
Boston, noted in
of New York and
issue of Sept. 24, page 1306.
our
still adhered to
6)4% rate, reduced the rate
a
trade acceptances and agricultural
The rate of 6%, which had applied
6%.
Minneapolis,
the only one of the Reserve banks which
was
paper,
Philadelphia
and for
olA to 5%, thus following the action two
On the 6th inst. the Federal Reserve Bank of
which
.
all classes of paper
on
weeks ago of the Federal Reserve banks
had
commercial
on
from 6)4
paper
on paper secured
by Treasury notes and certificates of indebtedness,
bankers' acceptances, continues unchanged.
STATE INSTITUTIONS ADMITTED
RESERVE
The
following institutions
and
TO FEDERAL
SYSTEM.
admitted to the Federal
were
Reserve System in the week
ending Sept; 30:
Total
District No.
6—
Capital.
Surplus.
Resources.
The Greenville Banking Co., Greenville,Ga> $65,000
$100,000
$571,205
Morgan County Bank, Madison, Ga
Rhine
180,363
50,000
Banking Co., Rhino, Ga
District No. 12—
25,000
.
98,186
■
.
Bank of Commerce, Oregon City, Ore-----
100,000
26,000
1,064.959
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
or
the local
pays
BOARD
San Francisco
The
Thus the transaction is
completed.
large
RATES
reduced its rediscount rate
York Reserve Bank to that of the Ban
Francisco Reserve Bank, which credits
for
do
may come
Under the cir¬
bank.
The New York member bank is charged $50,000 on the
books of the Reserve Bank and $50,000 in the
gold settlement fimd passes
from the ownership of the New
bank.
deliberations
On the 5th inst. the Federal Reserve Bank of
part of the gold reserves of
a
Hie portion of the fund which each Reserve
volume of settlements of all kinds made
through the fund averages nearly
$300,000,000 a day, and in the course of the year amounts to an immense
about
I sincerely trust that the conference may
program and that out of its
IN
lodged with the
changes each business day, and those changes are recorded
the books of the bank and noted
by the Federal Reserve Board.
The
suin.
The
question
survive unless the
can
have been discussing it appears to me to offer the one major
we
REDUCTION
which
Bank owns
on
to raise the
as
that all nations may subscribe to.
gold settlement
containing
serious.
hope for the world's reconstruction.
transferring of
of member
fund
burdened with debt
so
indeed
are
are ready at once to help one another
and above all else to
put out of their minds all thought of future wars.
President Harding has
pointed the way by calling the conference for the
to
to the collection of checks is the
the private wires of the Federal Reserve
System
over
1
confronting the world
are
and short-sighted
important trading nations of the world
special station of the post
a
are
reserve
the case may be.
as
day and
a
day and night with three shifts of employees.
on
office established in the Reserve Bank, and
on
conditions
the erehtibn of tariff
as
narrow
'
"
people of the world
the country is
400 persons to carry on the New York bank's share in this work.
Checks
*
MINNEAPOLIS FEDERAL RESERVE BANKS.
handled for collection 447,000.000 checks,
having a value of $157,000,000,000.
At the Federal Reserve Bank of New York it
requires a force of about
sent
adoption of other similarly
time when the check is in process of
A very large proportion of all the checks
circulating in
handled by the Federal reserve banks.
In 1920 the 12
average
the
policies."
chants of the country.
more.
and
only to a charge which approximates
On the average the time taken
reduced ono-half,
by helping them to help them¬
selves and by
avoiding such obstructive actions
whether the social,
economic, and financial structure
method of collecting checks and of transferring funds.
ago a man
the richer nations can
only assist the poorer
to make
sums;
equally well have
Usually such transactions are
large number of small transfers which might
a
the
boon made by check, would
clog unduly the
system of the reserve banks
Reserve Board
TRUST POWERS.
has
granted permission to
following institutions to exercise trust
powers:
The
First
The
private wire
hamper the efficiency of the sendee*
and
TO EXERCISE
Federal
Metropolitan National Bank, New York, N. Y.
National
Bank of Attleboro,
Mass.
For the year 1920 such transfers
were made in the number of more than
147,000 and the' amount transferred reached the immense total of $17,-
JOHN
000,090,000.
Now,
a
word
stimulated
or two as to our
export trade.
The World War enormously
WANAMAKER'S PROPOSALS FOR REFUNDING
OF LIBERTY BONDS TO STIMULATE BUSINESS.
our
months ended
of time in tho
productive capacity.
(The output of goods for the twelve
July 1 1920, Was undoubtedly the largest in any similar space
history of
our
country).
As
a
result of the development of our
A
suggestion that
the
people
larger capacity for foreign trade, manufacturers and bankers alike established
foreign offices and agencies to facilitate the handling of the business.
This
bonds,
raises
them as
a
question
demand.
The
as
to whether
simple facts
we
did not confuse world need with world
are that the World War has left the
nations staggering under debt with
and so serious a
depreciation in the
a
European
maladjustment between industries,
foreign exchanges that, whether or not
we like it, world
readjustment undoubtedly contemplates a temporarily
diminished volume of commercial intercourse.
Part of the
trouble with
prevailing prices in America
to
buy rather than from
We have
our
we ar-c now
from the
inability of the rest of the world
This
our
average annual export balance approximated $500-
excess
of exports
just about enough to pay interest
foreign-held American securities and to pay for
banking, Insurance, and
shipping services.
6%,"
equivalent
sum
and
the United States-
owes
annually, chiefly for interest
by which balances due
field shipments,
Imports of merchandise,
on
borrow¬
us
may be
upon
settled
are:
or
Britain
Great
invested abroad the profits of her trade.
According to estimates
made in 1910, the total outside
investments of the United
Kingdom were
years
substantial
(1904-1913)
nest-egg
Great
import balance of £145,000,000,
annual export balance
during the
The United States,
If
we
are not
to
now
or
not
same
for
an
Britain
emergency.
had
much
so
During
annually
more
than
the
an
average
our
average
period.
the creditor nation,
permit the balance due
us to
merchandise, it is all the
more
other words, to invest
must do
be
as
England did.
liquidated by imports of
to import securities; in
balances abroad.
in export
a
our
imperative for
us
Those most closely interested
trade should be leaders in this movement, and
themselves invest
portion of their profits in foreign countries.
One of the
important British bank reviews recently pointed out the
truth
"In considering
fclte value
the
Bankers
Liberty
issues of long-term Government
new
for
bringing about
bankers
strongly
Liberty
standing
Mr.
toward
as
a
of
John
oppose
bonds into
6%,
rate of
coupon
As to the atti¬
Wanamaker's
Sept. 28 said
Wanamaker's
thirty,
sixty
proposals,
:
suggestion
and
discus¬
a
revival of business
a
refund
to
ninety-year
out¬
with
issues
a
of solving unemployment problem.
means
"Nothing whatever should be done, about Liberty bonds," said a leading
Mr. Wanamaker's plan.
"The weak holder, the
banker, when asked about
who
really
held
now
needs help,
the
to
nature of
employers.
don't
of
ment
has
his
sold
Liberties.
by people who do not need help.
would be in the
know
a
Government
of
These
are
now,
dole, not to the unemployed, but
'
anything better calculated to
move.
a
securities
To raise, the interest rate
'
.
unemployed than such
the manifold difficulties
of,international cooperation must
now
ment has in
the
"A
not
obstructing world trade,
not be
underestimated;
never¬
was
no
issued at
were
low; there
way
arouse
the
just resent¬
o
suggestion to help the
appeal to
many
banker
Another
low
a
was no
be
who
bought them
trick in offering them.
The Govern¬
fulfilled
poor
people."
said,
ployment problem bv
People
rate.
broken faith with Holders.
bond should be and will
to
The agreement
the
as
stated in
letter.
by giving something to the investor will
; ;
"Mr.
Wanamaker's
raising the
coupon
rate
plan
on
for
solving
the
unem¬
Liberties is simply class
legislation.
"The
problem
unemployment
is
gradually
solving
itself.
In
the
analysis unemployment is tiie result of difference of opinion about
between employer and
facturer,
more
And
tions
when it said:
1
of
knew the rate
foreign countries.
years.
pre-war
all
par
made by John Wanamaker last week in
measures
"Liberty Bonds
we are
£3,653,000,000—a
on
the "Wall Street Journal"
"I
really serious al>out developing our foreign trade, we must follow
the example of
England—the great creditor nation of past
ten
at
-
Our investment in securit ies of
If
in
remedying the employment situation.
tude
man
ings in this country.
Meantime, we are reducing our dependence
foreign countries for banking, insurance and shipping
charges.
The three chief methods
payments
was
sion of
was
At present, the situation is
reversed, and the world
an
"take
except those in the hands of speculators, and apply
bonds, to run thirty, sixty and ninety years, at interest at
-
approximately
in order to revive the confidence of
Government
(
problems facing this country as a result of
debtor to a creditor nation.
To all practical purposes;
the only free
gold market in the world.
During the ten pro-war
a
(1904-1913)
000,000.
comes
lack of credit faeil Ities.
and serious
new
change from
years
any
the
or
help
the
the unemployed.
are
regard
to Mr.
Wanamaker,
labor could be
sold
There is not
who would
at
a
a
not
reasonable
likely to be persuaded to increase their
they must sell their goods at
With
28:
or
including Mr.
the product of
manufacturers
few
if
employed,
merchant,
if
a
loss."
Wanamaker's suggestions,
last
wages,
manu-
employ
profit.
opera¬
y
we
.
take
following from the New York "Tribune" of September
.
.
-
OCT. 8
greatest business revivals the country
the
the
future.
near
have
"I
,
connection, "than at any time in my sixty years
merchant."
a
bond situation to-day is one of the most discouraging
Liberty
the public, and especially is it distressing
They gave freely of their savings for Liberty
giving all they had, on the supposition that
phases of our economics facing
of limited means.
to persons
bonds
during the war, many
Government behind the bonds they
the
•with
par.
Yet
,
resulting loss of faith has had a very appreciable effect on
a
Many persons are facing the
and coincidentally on employment.
business,
them.
on
in fear and trepidation.
future
"It
to
seems
follow
that the sanest plan that the Government could
me
present to revive the confidence of the people and show them that their
Liberty bonds,
at
Government is behind them would be to take in at par all
except those in the hands of speculators, and to apply them as payments on
hew issues of long-term Government bonds to run thirty, sixty and ninety
at interest at 6%.
years
I
to
seems
on
business,
an
incentive
that this would
me
it would
as
to
have
public confidence, stimulate buying and be
renew
begin improvements
of course,
"Such
instead of maintaining a
immediately
A great increase in employ¬
'
would follow.
plan also would permit the Government to take down many of
a
taxes which
war
be
removed
oppressing business and the public, and these should
are
immediately.
necessities to the
"Even
criminal offense to sell many
It is actually a
public without
tax, and this has a deterrent effect
a war
though time and expediency were largely responsible, the fact
mains that it
putting
of livelihood.."
means
a
Now the Government should do every¬
to restore business conditions to normal and to aid the
power
unemployed to
Need
Faith
went
into
then
Wanamaker
Mr.
re¬
government management which had the most to do with
was
prices during the war.
up
thing in its
and
have existed
assured
improvements
"Each
work to
another
phase
business
of
who
man
can
and
men
should do what he
instead of
women
"If
ten
conditions
to
can
improve business and give
saying what his neighbor should do,"
should
men
get
together
jobs for
many more
he agrees
to
idle.
men now
Also
mean
agree
to
$1,000,000 and
make good contracts if
a man can
ahead with improvements
go
and each
now
spend $100,000 in improving his property, that would
for the sake of relieving un¬
now
"Some
has to lead in such
one
stories
this
on
is largely
"It
New
York's
has
building, twice
building
gray
foremost
been
never
merchant
surpassed
though constructed
the
on
in this movement,
me
although conditions in South America were not so favorable.
Both of these men are conservative and careful thinkers, and the optimism
they cautiously expressed may be regarded as significant.
agreement upon a tentative tax revision program by
An
Republican Senate leaders as a result of a series of confer¬
on Oct. 6, was reported in tlie Washing ton press dis¬
ences
patches of that date, which stated that as a result the belief
held by the leaders that the threatened break in the
was
Senate party
lines would be averted and that the proposals
would likewise prove
same
late
for
T.
A.
Stewart,
years
storekeeping.
and it
ago,
Even
our
new
1906, is not an improvement, al¬
as
general lines.
reporting the proposals agreed upon on the 6th inst., said:
in
As the result of several
conferences last night and lo-day a compromise
the Tax bill has been decided upon, which President Harding
program upon
approved to-day.
features of the program for changes in the tax hill are as
The leading
follows:
Increase of the
maximum surtax rate from 32%,
^
carried in the Senate
and reduction of the surtax rates on incomes from $6,000 to
in the Senate bill.
Retention! of
Senate
capital stock tax as in the House bill, but repealed in the
a
measure.
1
•
,
Repeal of all transportation taxes at the end of the present calendar year.
Senate bill retained freight and passenger taxes, this year, with the
The
The House bill repealed all these taxes.,
rate cut in half.
Increase of the tax on alcohol or whisky withdrawn from
nal
or
other purposes
bond for medici¬
from $2 40 to $4.
j
Repeal of the majority of the "nuisance" taxes, exactly which is not
yet settled.
changes are under discussion, butdefinite terms have not
These relate to corporation and inheritance taxes.
been concluded.
The
progressive group is inclined to favor a graduated corporation tax
impose a 10% tax on net incomes of $50,000 and a 15% tax
which would
net incomes of
corporations in excess of $50,000.
proposal is to increase from 25 to 40 % as a maximum tho tax
Another
all estates of $10,000,000 or more.
Senator Penrose and his associates are
only waiting the completion of the
He assured the spokesman for the group that
Committee.
he would accept
and hoped that the compromise would make it possible to pass
the tax bill without further delay.
The Finance Committee will meet to¬
He started it in
let his
never
discuss the suggestions, which aro
morrow to
likely to be offered as Com¬
mittee amendments to the bill.
plenty of work for all if
we
show
our
faith, not by relax¬
efforts, holding back in fear, putting on blue glasses, and keeping
in our pockets, but by making needed improvements, starting to
build and rebuild, buy and sell—putting to work our energies, our brains,
The formation of the new group is
credited to Senator McCormlck, who
ing
our
objected to the trend of the bi-partisan agricultural bloc and took
our
money
bring together some of the members to consider other
our
money;
"How
everything
can
any one
a
have—for the good of the country.
pessimist about this country ?
Why,
France
even
England and Germany—all harder hit by the
to shame in
us
we
be
Finance
the progressives to place their suggestions before the
program of
the program
faith go down for a moment.
'There will be
acceptable to the Republicans in the
The New York " Times" account from Washington
House.
on
day, built it fifty
facilities
as
Street?
gloomy reconstruction days after the Civil War and he
and
Mc-
there were clear indications of a business upturn in the next few
He said that his company was doing a fair business in Europe,
dustry
on
"Well, Stewart made that store the greatest in America.
the
to put three
agree
in America.
Ninth
across
his
of
in!
large, built
as
might
times along.
question of faith—of faith
a
that
see
you
I
movement.
a
building if others would join
it would help good
"Do
industry
index, and Cyras F.
months.
Other important
employment.
and
in the meat
the Board of International Harvester Corporation,
conditions of depression still prevailed in this in¬
of
that while
me
of fairly diffi¬
two yet
or
$50,000, 1 to 2% on the average below the rates
their property at this time.
on
declared.
more
industry is another good
Chairman
Cormick,
month
a
for a year or eighteen months.
machinery
farm
bill, to 50%
America.
in
unemployment—the timidity shown by many business men in making
he
months, feel that their feet are
all indications pointed to better times
going,
buying.
on
and the farm
encouraging sign when I learned
many
that although there might be
me
The
as an
agriculture and the
packing
Swift,
F.
cult
I regarded it
the meat
are
ground and that they are headed in the direction of better times.
President of Swift & Company, expressed this opinion.
He
firmer
told
it
packers, for the first time in
that the
L.
with
TAX REVISION BILL IN SENATE.
tremendously beneficial effect
a
possibly disastrous policy of watchful waiting.
the
concerned
machinery industries.
Buying.
'
double their par value.
ment.
closely
book.
plan is similar to that of Jay Cook during the reconstruction days
following the Civil War, who issued thirty-year bonds at 7%. These soon
became in such great demand that for a time they sold at $186, or nearly
"It
the most important indexes to conditions in
industries
on
American
Argentine are being forced to comply with these demands.
the
business men might well take a leaf from the Englishman's
•
Would Stimulate
"This
vessels by
specifying that all cargoes they import be carried in British-owned ships.
found out in Chicago that American packers who are shipping meat from
than
15% below
to-day Liberty bonds are selling
"Naturally,
could not lose
their merchant marine in every way.
I
Two of
said:
Wanamaker
British business men are supporting
They are wielding their buying power for the benefit of British
Distressing.
Situation
Government financial aid for the public, Mr.
Outlining his plan for
"The
I
j
Bond
'
to-day and more expectation ' for the
in America
faith
more
future," he said, in this
as
he believes that one
known awaits it in
details of his proposal, after asserting that
has ever
He gave
of
1527
CHRONICLE
THE
1921.]
war than we—are putting
taking off their coats and getting to work."
It
stated yestereay
was
action to
methods.
that estate tax rates would be
the present 25%, the
increased to a: maximum of 50% over
$100,-
highest rates to apply in the ease of estates valued at
000,000
The rates between 25 and 40 would be
or more.
graduated.
/•'•
O.
MUNSON REPORTS IMPROVED
:
Lines,
C.
Munson, President of the Munson Steamship
who recently returned from
Middle West,
the
where he
the interior in relation to
cheerful
more
ment
feeling prevailing there, according to
a
which I
There
provement.
and
decidedly
a
distinct
visited,
are
many
the small
have
industrial
reached the
now
instance, the atmosphere is much clearer than it
Some
the
relief
has
come
ished
feel
Middle West,
in
foreign
to
the
agricultural
making marked
These conditions are
In Chicago,
few months ago.
was a
areas
progress
rising
through
that
the
this
banking
credits
communtiy
and
that
has
with
grain
formerly
certain
conservatism,
they
other direction.
the
of
now
improved, is renewing its in¬
gone
our
too
huge gold
country the United States is in
place in international finance
a
seem
aston¬
country's exports.
They
far
in
holdings
men
restriction
its
in
now
position to take
of
existence
much larger
a
thajn it now occupies. They say that whereas
may I have been lacking somewhat in
large banks
appear
to
have traveled
entirely
too
far
in
the
They point out that although England and Germany rank
far below the United States in
credit resources, they are going
ahead at the
present time, extending long-term credits, using discrimination, of course,
but
with
'directions,
the
...
result
that the
f
tion
American
exporters
are
losing ground in
all
revision
that
on
day at
succession of conferences between
a
It was
and House leaders.
further said:
What
position the President may take regarding substitution of a sales tax
pending bill was not disclosed, those
for the miscellaneous excises in the
saw
Mr.
Harding declaring that he was keeping an open
mind on the
subject for the present.
In
a
statement
measure
was
emphasizing the fact that the pending
merely of
ter, Senator Smoot,
a temporary
and emergency charac¬
Chairman of th,e Senate Finance
Com¬
ought to be
From his statement as given in
mittee, declared that further revenue legislation
enacted
in liquidating their, loans
Many Middle Western business
shrinkage in the volume of
stated in the Washington press
President Harding and Senate
the
with the home situation
trade.
at the rapid
international
in
im¬
turning point to
farming communities.
The
terest
are
was
legislation had been given the attention of the Administra¬
who
evidences of activity and moderate prosperity
feeling of growth in these directions.
prices, and the banks
in
state¬
like those
towns,
naturally reflected in the business situation in the large cities.
for
a
by him, made public Sept. 24, in which he says:
Wisconsin
in
trip in
business conditions in
foreign trade, found
The agricultural communities and
,
three weeks'
a
studied
it
On the 5th inst.
dispatches that the tangle in Congress over tax
MIDDLE WEST.
■
Frank
CONDITIONS IN
as soon as
possible.
"Journal of Commerce" of the 5th inst., we
take the
following:
I
listening to the suggestions
debate.
approach these things with an open mind for the best
As Chairman of the Finance
am
entirely willing to
brought forward.
I
I think I ought to
Committee, I am keeping an open mind.
listen and have been
may or may
not have something to say in the
interest of the public.
That is that this is not
While it is true that the
Republicans had a nominal majlrity in the Senate in the last Congress, they
had no co-operation or support in the Executive department, and were
unable to advance any constructive legislation in the domain of revenue
matters or any others.
It Is very clear that the first practical opportunity
the Republican Party has had to function in this connection has been since
March 4. a comparatively brief period.
In my opinion, during this period
When I
necessarily
talk I
a
intend
to refer to
permanent measure for
one
thing.
all time.
remarkable record of brilliant
of lees than one year a very
be held.
to
soon
.
bill
The revenue revision
of its being reported
and
hension
it
purposes
there has been no
'
.
was
taken up
was
Certainly
the unfinished business of the Senate.
delay and any talk of delay shows a
decided misappre¬
The bill will pass
with
a
Excise
in excise taxes means
If there is an insistent demand
People must not make the mistake that a change
anything more than ashuffling of the cards.
strike
through
direct taxation, for the change does not
objectionable form of
the
at
But it is
be made up by the Government
of the bill.
structure
speedily, and we can hardly avoid
with which the people are accustomed
and used to.
soon
possible, further revenue revision ought to be considered and
being made to reduce certain taxes
as
In the meanwhile the effort is
enacted.
like
following methods
and which the people are accustomed
that for another taxable year, or
It must hot be forgotten
excess
business and work
time
profits taxes, which are admittedly injurious to
hardship, and to alleviate conditions wherever possible, at the same
a
securing revenue for the Government.
I believe there are many sources
and I intend to
address the Senate on this particular subject.
I hope to show how this
system of direct taxation can be treated with radical innovations, with
beneficial results, but there is no use to advance novel or untried sugges¬
tions of taxation at a time when promptness of action of some kind is the
slogan.
VV!:■■■':'
•
Just as soon as the bill becomes a law I hope to submit to the considera¬
tion of some tribunal, either a special taxation committee or the committees
Com¬
of the House and Senate—Finance Committee and Ways and Means
mittee—the Treasury Department and the authorities throughout
the coun¬
try connected with institutions of learning and business forces who have
written
on
the
number of suggestions that may be fruitful.
tax matters, a
In the meantime
we
have only one
thing to do—get the country out of
depth into which it has been plunged and restore business and industrial
activity and employment and correct inconveniences as much as possible.
In another item to-day we refer to
proposals submitted
on
program
Senate
the Smoot taxation
On the 6th inst., it
Sept. 30.
stated that the Republican leaders in
framing the
fight for the sales plan
the floor of the
Besides the Smoot amendments, of
promised.
was
on
the 30th, Senator Simmons on the same
day offered
a pro¬
providing for:
gram
corporations, ranging from 123-2 to 25% in
profits tax.
excess
Restoration of the income surtax rates to
a
maximum of 52% on incomes
Repeal of the transportation taxes
freight,
on
passenger
and
Pullman
accommodations.
Senator
claim
Simmons,
on
groups
according to
of taxpayers would be
the
Washington
parity
on a
an
press
agreement
so
that the several
as
proposed in the
tion tax, properly safeguarded, as a substitute for all of the
miscellaneous taxes imposed under the present law.
reporting that comparatively little
had been made
the
on
day's action
The
most
corporations with few stockholders, and the
by charging
progress on
Monda^ last, the 3rd inst.,
furnished
was
as
an
follows in the
investigate, and
in such
that
upon
A compromise has been effected.
In
tion accumulated prior to March 1
unless selling the stock.
Under the provision
exceeded the market value of the stock
On the 4th inst. several amendments to the bill,
to stimulate construction of homes were
Calder, of New York, head of
a
Senate Committee which
One amendment would
provide that profits from the sale of dwellings
amount of the net
outline of
if used in
constructing other dwellings within
the sale.
allowed
Another
would
exemption
an
interest
Senator Reed attacked the
that
ment
this
would
building
proposal to reduce the maximum
amendment to the bill,
15%
income, and permitting the taxpayer to make
tion for debts ascertained to be worthless and
charged off within
a
a
reduc¬
taxable
year.
amendments
were
Democrat of Utah, offered
a
proposed
from
the
floor.
Senator
King,
substitute for his previous surtax amendment
under which the maximum rate would be
40% on that
in excess of $70,000.
The rate on the first
crease
of
on
the next $1,000 3%;
1%
for each
additional
that
on
portion of the income
the next $1,000 4%, with
|$1,000
up
to
$8,000.
Then
an
the
in¬
rate
would be Increased 1
% for each additional $2,000.
Under it all estates valued
Repeal of the freight,
and
passenger
Pullman taxes
was
by tax free securities.
Under another amendment by Senator
and to the United States
purposes
would be taxed at
a
or
an
agreed
on
earnings of corporations
$20,000 and ending at $25%
on
holdings
to
the
**'Journal
of
Commerce"
dividends
earned
by corporations prior to March 1 1913, and retained
by them will not be taxable under the income tax provisions
of
the
revenue
laws
when
$10,000,000.
embodying minority views of the Senate Finance
on
the bill
was
submitted
Senator La Follette filed at the
views in which he expressed
Oct. 5
on
same
himself
by the fol¬
time separate
as
far
so
minority
"in general accord
with the economic sections of the report of the
minority in
they criticise the proposals of the majority to reduce
as
the super-taxes upon
large individual incomes, to repeal the
profits tax and the capital stock tax, to retain the
excess
disparity between corporation and individual and partnership
Senator La Follette also said:
taxes."
I feel,
however, that the recommendations and proposed amendments
finally distributed if Congress
do little
more
than palliate
any
some
of the monstrous
of its fundamental evils.
The correct title of the proposed bill [H. R. 8245] should be "An Act to
One single
costs
and
Enterprise.-"
principle dominates the entire bill, to lift the burden of
war
Government extravagances from the backs of individuals and
corporations of great wealth and transfer this burden to those whose indus¬
try and productivity is
taxes upon
are
essential to the nation's prosperity.
Not only
are
the incomes of multi-millionaires cut in half, and the
the profiteering of corporations abolished, but
provided by which, in the future, American capitalists
more
new
loopholes
can more
and
completely escape taxation.
I shall not at this time attempt to
fiscal system.
deal with all the
errors
and evils of
our
In the course of the consideration of the bill by the Senate.
I shall, however,
take occasion to point out some of the
defects and
more
glaring and
demonstrate that if these evils and abuses
are
corrected and proper measures adopted it would be easily possible to raise
the burden from
productive industry and individual enterprise and at the
time greatly reduce the taxes upon the individual.
same
The
minority report, signed by Senator Simmons, in stat¬
ing that the bill affords no present relief, said:
There is nothing to be gained by the forced and inconsiderate enactment
of the present
be
no
accumu¬
lated before Mar. 1 1913, will not be taxable in the hands
of stockholders
of such corporations unless and until such
stockholders sell their
According
sub-divisions for political
sliding rate, beginning at 1%
Williams, Jones of Nex Mexico, Gerry, Reed and Walsh.
proposed by
Georgia},, who also gave notice that he would
amendment proposing that where income is derived from
the labor
or
personal service of the individual taxpayer, the rate on the
first $4 000
should be 2%, and that on the second $4,000
4% .
Under another amendment
offer
in addition to the present
Walsh, gifts other than for charity, educational and religious
indefensible
Senator Lodge proposed that deductions be allowed to
corporations for
rents received from
buildings of any character to the extent of 6% "of the
fair market value of such
buildings and the land on which they stand."
Senator Harris, Democrat of
some revenue
that portion of the estate represented
$2,000 of net income would be
2%; that
"a subterfuge"
On the 6th inst.
on
the super-taxes upon
Several
argu¬
proposed by Senator Walsh
was
than $50,000 would pay,
more
was
analysis.
designed to bring in
securities
(Democrat), Massachusetts.
at
declaring the
keep the rich from evading taxes
that would not stand the test of
an
as
purchasing dwellings.
or
through investment in tax-free securities
from tax exempt
after
to $2,000 on money received
up
funds loaned for
on
one year
provide that taxpayers shall be
income surtax rate from 65% to 32%,
dispatches
return, regardless of the
a
between
Jan. 1 1922 and Jan. 1 1927 shall be exempt from taxation
Untax Wealth and Penalize Industry and
to make
designed
proposed by Senator
investigated building conditions.
argreed to include those requiring individual
a year
that date, a tax would have to
on
transportation taxes, and to greatly exaggerate the existing
the bill
over for the second time.
income of $5,000
profits
reported to the Senate,
as
be paid on the difference if the accumulations are distributed.
passed
a gross
a corpora¬
pay a tax on any
if amounts received out of the earnings accumulated prior to March 1 1913
iniquities of this bill, without curing
Committee amendments
will earnings of
no case
of the minority will
having
Department could
stated make the proper
1913 be taxable in the hands of stock¬
those proposing
corporations and increasing exemptions to heads of families
having net incomes of less than $5,000 and on account of dependents, were
15%
as
holders, and such stockholders will not have to
on
tax of
1913. did not fairly
The experts met this
the Treasury
cases
finding the facts to be
important committee amendments reached,
a
of March 1
as
lowing Democratic members: Senators Simmons, John Sharp
Democratic program he personally would be willing to give
serious consideration to a manufacturers' sale or
consump¬
In
the nature of close
Committee
incomes below $20,000.
equitable readjustment of the taxes
an
occurs.
Kellogg pointed out that the lumber companies involved were
A report
exemptions be confined to incomes below $20,000.
liqujIda-
amount in excess of the
an
should pay a tax on such excess in the year the
allowances.
on
advices, told the Senate that if there could be
for
stockholders getting
latter feel that the value of their stock
Repeal of the $2,000 exemption allowed corporations.
That individual
in
more
that the stock
of liquidation or partial
case
reflect the capital and surplus of the corporations.
Retention of the corporation capital stock tax.
Slight reductions in the normal rates
or
1913, should he the basis in all cases for
purposes
of $500,000.
excess
Senator
estate taxes
A graduated Income tax on
lieu of the
in
was
new tax
referred to above, had rejected the Smoot plan,
and that active
liquidation
of revenue and methods of taxation that
ought to be considered at an early date by the Congress,
of liquidation
cases
the Finance Committee proposed
to
owned by the holder on March 1
determining gain and loss, and in the
<
important to remember that this bill is to meet an emergency
and must be passed
as
easily
transportation taxes be abolished it simply means that they can
be elipainated, but the money must
less
prior to March 1 1913, either in
partial liquidation of the corporation, should be allowed to be distributed to
cost of value on that date,
Taxes.
quoted said:
i|n all cases earnings that could be shown to
the stockholders free of taxation.
tion of the corporation,
agreed upon.
some
have been earned
Experts attached
and it will be con¬
frame work substantially as originally
the Senate before the end of October,
curred in by the conference
that
The paper
Senator Kellogg urged that
to the facts.
as
amendment proposed by Senator Kellogg of
an
the 3rd inst.
on
within a few days
for consideration and is now to all
[Vol. 113.
Minnesota and approved by the Senate Finance Committee,
Com¬
just one month before the Finance
to
agrees
reported to the Senate, and then
mittee when it was
Intents
achievement has
conference
ending with the limitation of armament
accomplished,
been
CHBONICLE
THE
1528
bill.
The bill affords no relief to the country.
There will
reductions effective during this calendar year—nine months after
the advent to full power of the party which promised immediate relief from
Practically every change in the rates or repeal of present
postponed until Jan. 1 1922, and the reductions made after Jan 1
oppressive taxes.
taxes is
1922 are to be accomplished through promised cust in expenditures that
may
not materialize, with contingent borrowings in that event as well as
borrowings to pay the $170,000,000 estimated to meet savings
certain
stamp) and Pittman
Act redemptions and expenditures.
We will refer further to this report
another week,
Oct. 8
THE
1921.]
SENATOR SMOOT'S TAX REVISION
Senator
Smoot's
oath administered to Mr. Taft
PROPOSALS.
proposal for the levying of a manu¬
presented to the
amendment to the
facturers* Bales tax of 3% was formally
Senate
on
Sept. 30, in the nature of an
pending tax revision bill. Senator Smoot's proposals also
eall for the repeal of the excess profits tax as of Jan. 1 last,
instead of Jan. 1 next, as proposed by both the House and
the Senate Finance Commitee, and the retention of the
corporation tax at 10%. Senator Smoot would make no
changes in the present tobacco, liquor and inheritance
taxes and customs duties.
In submiting his amendments
Senator Smoot said
patches from Washington
The administration of the
of
a
which is simplified from the
Treasury viewpoint as well as that of the taxpayer.
In other words, I
have viewed the taxation problem as a business problem from the stand¬
The
public wants to get rid of all these annoying taxes, and
eliminated for the sole reason, if for no other, that
only
as war-emergency
provide in substance:
Repeal of the excess profits tax, effective
House bill.
with reference to net income
provided in the
The only result that will follow the imposition of the excess
for the year 1921 will be to further burden small or moderatepostponing the repeal until Jan. 1 1922, as
of 1921, instead of
profits tax
they should be
they were resorted to
taxes.
The amendments which I offer
1.
the taxpayer
sized business in this country, for
the great corporations will have no excess
judicial oath, the final step in the induction
The oath binds the Chief Justice "to administer
justice without respect to persons and do equal rights to the poor
and
the rich."
-
-
The Chief Justice and the Associate Justices at the conclusion of
these
followed the custom established years ago and went to the
ceremonies
White House to pay
GOVERNORS
RECOMMENDATIONS
ADOPT
TO
MAYORS
White House.
ASKS
HARDING
PRESIDENT
The President received
their respects to the President.
the Justices in the Presidential section of the
AND
OF
NA TIONAL UNEMPLOYMENT CONFERENCE
.
Treasury Department, and second, a system
July 11, the press dis¬
on
Oct. 3, added:
on
Chief Justice, was attended by the traditional ceremony of the
new
nation's highest tribunal.
My plan for a revision of the taxation system has as Its foundation two
fundamental thoughts: First the raising of the necessary revenue for the
point of all three interested groups—the Treasury Department,
and the ultimate bearer of all taxes, the consuming public.
1529
CHRONICLE
Co-operation of governors and mayors throughout the
into effect the recommendations of the
country in carrying
National Conference on Unemployment, made in its pre¬
liminary report Sept. 30, was
urged by President Harding
public statement issued on Oct. 3. The conference
President Harding said in his statement, had demonstrated
that an unusual volume of unemployment exists and that,
in
a
pending the recuperation of trade, the situation could not be
met, "in due regard to our obligations and necessities, with¬
out a much more than usual organization throughout those
municipalities where unemployment has reached
States and
I mean bus ness con¬
cerns that depend not so much on their capital for their
prof ts as they do
upon the personal efforts of the owners in directing the business.
I favor this repeal because I believe that in the last election the American
people expressed their desire to have this obnoxious and unintelligible form
of taxation immediately abolished.
There is every reason why this tax
should be wiped from the statutes, and I know of no sound reason why it
should be retained.
It was a war necessity, clumsy, unfair, inequitable,
unscientific, and difficult of administration.
Every reason for its repeal
on Jan. 11922 is equally applicable to its repeal as of Jan. 1 1921.
Business
expected that it would be immediately repealed after March 4 1921, and so
in figuring prices did not take into consideration any element for the excess
considerable proportions."
profits tax.
dent's statement on Oct. 3 was as
profits to tax.
By small or moderate-sized business
Repeal erf all the various other war
2.
taxes—the excise taxes, luxury
telegraph and insur¬
cosmetics, the taxes on
admissions and dues, and all of the other "57 varieties" of obnoxious, dis¬
criminatory forms of taxation, the repeal of these to be effective on Jan. 1
1922.
I postpone this repeal so as to afford the Treasury Department
ample time to provide the necessary forms and regulations for the substitute
taxes, stamp taxes,
taxes,
ance
measure
capital stock tax, transportation,
the taxes on soft drinks, ice cream,
of which I shall later speak;
Any higher
particularly in
connection with the repeal of the excess profits tax.
The House bill with
the Senate amendment makes the corporation tax 15 %| instead of 10%,
but as the large majority of corporations do not pay the excess profits tax
a flat 15% tax would mean a 50%
increase in taxes for the corporations
which are least able to bear it.
Such an imposition would mean relieving
the burden of the excess profits tax from one group of corporations, those
having net income in excess of about 11 % of their invested capital and plac¬
ing that burden on corporations having net income below 11%.
As my amendments will raise ample revenue with a flat 10% tax on the
net income of corporations, I can perceive no justification for merely trans¬
posing *an inequity to a corporation which is least able to bear it.
4. My amendments contemplate no change in the present tobacco, liquor
and inheritance taxes and customs duties as provided for under tariff
Retain the corporation tax at its present
3.
rate of 10%.
income would be unjustified,
rate of taxation upon corporate
legislation.
In substitution for the various taxes
5.
tion
or
sales tax
repealed I provide for a
produc¬
in the following language:
"That in addition to all other taxes
there shall be levied,
assessed, col¬
lected, and paid upon every commodity manufactured or produced, when
sold, leased, or licensed for consumption or use without further process of
manufacture, a tax equivalent to 3% of the price for which such com¬
modity is sold, leased or licensed: such tax to be
producer."
paid by the manufacturer
or
It should be noted that as the tax is imposed
tax
a
only when articles are
cities stating that
boiler will
a
the conference, already
sold to
other commodities would not
order
to
The Presi¬
had been undertaken.
follows:
Washington to ad vise as to
demonstrated that an unusual volume of
which I recently summoned to
The conference
unemployment situation has
the
exists and that, pending the recuperation of trade, the
situation cannot be met, in due regard to our obligations and necessities,
without a much more than usual organization throughout those States and
unemployment
municipalities where unemployment has reached considerable proportions.
The conference has recommended a plan of organization which has had the
commercial, manufacturing, professional and labor representa¬
It is highly necessary that more accurate knowledge
had, through such organization, of the volume and necessities of
support of
tives of the country.
should be
co-opertaion of all sections of
such organization to
provide work and assistance that we may pass through the coming winter
without great suffering and distress.
It is of national importance that
every community should at once undertake such organization in order that
the
It is essential that the
unemployed.
each community
should be brought into action behind
protected as a whole.
the nation may be
commitment to such a task
Moreover, the thorough
thousand activities which will add to our common
is sure to start a
welfare.
and Mayors of the u.ation that they
should take the steps recommended by the conference.
In order that there may be unity of action by all the forces which may be
I, therefore, appeal to the Governors
governmental or private, the unemployment
in Washington through which appro¬
through which reports on progress
and suggestions may be given general circulation and cooperation.
I
trust this agency will be supported in this endeavor.
brought to bear, whether
conference is
establishing
an agency
priate coordination can be promoted, and
WARREN
The
HARDING.
G.
National Conference on
which the President referred, is quoted at
preliminary report of the
Unemployment, to
Likewise, crude oil sold
refinery for the making of gasoline
a
be taxable.
avoid administrative difficulties
columns to-day.
$6,000 during one year.
This will exclude about 1% of the manufactured goods in the country,
according to the census of manufacturers.
It will practically exempt all
the agricultural products since the average value of products of farms for
this year has been estimated by the Department of Agriculture at between
$1,000 and $2,000 but, as most agricultural products would find their way
into manufactured products, they would be exempt any way under the
ADOPTED
BY
NATIONAL
UNEMPLOYMENT CONFERENCE.
National
The
Conference
President Harding at
relief program on
and
with small sales, the bill
provides for an exemption of all sales of less than
PROGRAM
EMERGENCY
business.
coke bearing a tax when sold.
for fuel would be taxable, but if
In
the work of forming organizations repre¬
communities, as requested by
sentative of all elements of the
sold
There ;will be but one tax.
of manu¬
will be imposed.
For example, coal sold for consumption
be taxable, but coal sold for the manufacture of coke will
not be taxable, the
or
spirit in the efforts to relieve unemployment, announced
that messages had been received from mayors of several
commodity is sold for consumption or use in a further process
facture, no tax
in
ance
or use
advantage over the non-Integrated
If
issuance
length under another heading in these
without further process of manufacture," that the
will be non-cumulative in effect and will give the integrated business no
"for consumption
of the President's
Hoover, who in accord¬
With the President's designation has been the guiding
the
with
Simultaneously
statement, Secretary of Commerce
appointed
Unemployment called by
an emergency
recommendations
several committees which had
Sept. 30, embodying the
composite views of the
been
on
Washington adopted
to
study
various phases of the unem¬
ployment situation.
report
chair¬
man of the organization committee, is primarily a community
problem, and the responsibility for leadership, therefore,
definition of the tax.
rested with the Mayor and "should be immediately assumed
Provision is made for
like tax
similar imported commodities so
that there
be
discrimination against American products.
by him."
A committee representing the various elements
in the community should be organized, the report added, to
JUDICIAL OATH ADMINISTERED TO
develop and carry through a community plan for meeting
the emergency, using existing agencies and local groups as
WILLIAM II. TAFT.
far
possible.
The conference, after adopting the report,
With the reconvening of the U. S. Supreme Court for the
adjourned until Oct. 11, when it "will consider a permanent
fall term, on Oct. 3, the judicial oath was administered to
unemployment policy and suggestions for the return of
William Howard Taft, the new Chief Justice of the United
meeting the emergency, said the
M. Robinson,
upon
a
can
The problem of
submitted to the conference by Henry
no
as
States.
on
D.
/The oath
was
administered by Joseph McKenna,
Mr. Taft
June 30 last, as Chief Justice to succeed the late Edward
White, was referred to in these columns, July 2, page 28;
Senior
Associate Justice.
The appointment of
140, and July 16, page 250.
In stating that the
oath of the 3rd inst. was supplemental to the Constitutional
July 9,
page
business
mittees
reference
tween
and
are
was
made
co
normal.
Meanwhile, its com¬
details of these subjects. Particular
by the conference to the connection be¬
on
the country's economic
drastic economic readjust¬
now passing," the emergency
prices and the solution of
questions.
ment
commerce
working
"During the period of
through which we are
said, "the continued efforts of
program
CHRONICLE
THE
1530
One of the important
consistency should be condemned.
obstacles to
removed
efficient
producing and distributing cost plus reasonable
We therefore strongly
profit.
urge
wholesalers who may not yet have
so,
terms of
prices reach replacement values in
but it is essential to the
into effect that retail
success
all manufacturers and
adopted this policy to do
When
wholesaler.
complied with,
The report stated that "the conference finds
that there are, from various estimates, from
5,500,000 unemployed,
statisticians find
shown by
as
pay
3,500,000 to
rolls, while some
5,535,000, and there is a much
many as
There has been an
greater number dependent upon them.
improvement, but pending general trade revival this cannot
positive organization of the
definite and
without
met
The report
in considerable part is
as
primarily
problem of meeting the emergency |Of unemployment is
problem.
The responsibility fo
leadership is
The basis of
organization should he
the various elements in
and
through
carry
far
so
our
they
as
an emergency
with the
S.
U.
CHAMBER
TO
AID
IN
With
the
groups as
committee representing
of both
men
should be to coordinate and establish efficient
and to register all those
using
them
into
of the
Registration for relief should be entirely
various charitable Institutions.
COMMERCE
GOMPERS
the part
on
URGES
BUSINESS
UNEMPLOYMENT—
ON
LABOR
an emergency program on
approving the
separate from that for employment.
:
AID.
Un¬
on
Sept. 30, spokes¬
organized labor and capital
the program and
forward
came
on
embodied in
measures
expressing desire to cooperate in carrying
In
effect.
an
appeal to the business
and
men
Chambers of Commerce of the country to actively support
the program, Joseph II. Defrees, President of the Chamber of
Commerce of the United
States, declared that 4'business has
great responsibility in the situation; it must furnish
a
em¬
Samuel Gompers, President of the American
his
com¬
munity will join energetically in the effort to assist in the task
providing work for the thousands who
Both
idle."
are
Mr.
Defrees and Mr.
ence
and assisted in drafting the emergency program.
to
members of the Confer¬
are
the business
the
to offer
men
in their communities immediate assistance in order
mayors
speed
the establishment of employment committees
up
national
a
Gompers
Defrees called upon
Mr.
public employment agencies
It should co-ordinate the work
desiring work.
OF
Oct. 1 with statements
One immediate step
far as practicable.
spirit of patriotic patience
adoption by the National Conference
employment of
This committee should develop
the community.
a
RELIEVING
SAMUEL
of
community plan for meeting the emergency,
a
existing agencies and local
applied in
are
people."
confidence that "the trade union movement in each
Mayor and should be immediately assumed by him.
'
of all
Federation of Labor, in a formal statement, expressed
follow^:
community
a
only in
ployment."
country."
The
in part, inaugurated the
or
put same into use, wherever practicable, at the earliest possible opportunity.
<g) Specific methods for solution of our economic problems will be effective
we are
companies and consequently reducing the number of un¬
employed."
employers have already, in whole
when put
of these measures
confident
that the public will increase their purchases, thereby increas¬
ing the operations of the mills, factories and transportation
be
A number of
principles have been recognized
and the recommendations
lower number of days
a
recommendations herein set forth, and for this
they are to be commended,
it is earnestly urged
upon those employers who have not done so to
prices shall promptly and fairly reflect
these
(d) Reduction of the number of hours of labor
(e) The reduction of the work week to
and
price adjustment of the producer, manufacturer and the
the
their regular work.
day.
per
during the present period of industrial depression,
if) That employees
and employers
co-operate in putting these recommendations into effect.
resumption of normal business activity will be
a
as
than
to profit
any one
beyond the requirements of safe business practice or economic
[Vol. 113.
basis.
"The
situation
be
cannot
on
without
met
The
personnel of the employment agencies should be selected with con¬
sideration to fitness only and should be directed to find the right job for
proper
the right man and should
problem.
actively
opportunities for employment.
canvass
and organize the community for
The registry for employment
should be
surrounded
with
residents.
Employers should give preference to the emgerency employment
safeguards and should give priority in employment tc
The emergency committee should regularly
publish the numbers depend¬
Begging and uncord inated solicitation of funds
should be prevented.
situation by
doing their repairs, cleaning and alterations during the winter instead cf
waiting until spring when employment will be more plentiful.
Public construction, is better than relief.
The municipalities should ex¬
pand their school, street, sewage and repair work and public
building to the
city.
American
labor,
44whole-hearted
of all
Mr.
have
must
Gompers
an
immediate
declared,
the unemployed.
to
indorse every
$700,000,000 of municipal bonds the largest amount in history, have been
other
Of these
1921.
$106,000,000
were
' *
The Governor should unite all state
the superior officer,
as
agencies for support of the mayors
should insist upon the responsibility
of c'ty
expedition
amounting to
of millions of dollars, already made in expec¬
many tens
tation of and dependence on
of
amount
The
as to
recommends
may go
under
kinds
and
people
our
same
earnest
spirit in which they
tre¬
a
eliminating the great
pressing problems of the unemployed.
on
are
short
are
more
far
than
behind
a
million homes;
National
is in the
The Senate Com¬
Reconstruction and Production, in March of this year, estimated
between ten and twenty
Considering all branches of the construction industries,
million people could be
employed if construction
than two
Undue
resumed.
largely to this unemployment situation.
these matters have been cleaned up.
affront to public decency.
In
much
Where
as can
In some places
In other places they have not and are
some
In others costs have been adjusted.
as
were
more
malignant combinations have made proper expansion impossible
and contributed
places these things have not existed.
Some materials have been reduced in
a
need of
community action in provision of capital on terms
that will encourage home building.
Where the costs are still above the
other economic levels of the
community there should be searching inquiry
and action in the situation.
We recommend that the Governors summon
representative committees with the co-operation of the mayors or otherwise
as they may determine to
(a) determine facts, (5) to organize committee
action in securing adjustments in cost, including removal of freight dis¬
criminations and clean-out campaigns against combinations, restrictions
effort and unsound practices where they exist, to the end that
fully resumed.
Manufacturers
'
can
building
of
may
,
contribute to relieve
the
present
acute
unemploy¬
situation by:
(a) Part-time work, through
as
possible manufacturing
for
stock,
or
(c) Taking
is possible, with the consequent transfer of
(&) As
rotation of jobs.
advantage
present opportunity to do as much plant construction, repairs and
with
the
Under
many
of the
cleaning
employees to
otj^
In
new
declared that
try to-day,
TO
COME
DOWN
organized labor with
more
than any other
is the view of
the
leadership
of
respect
one
to
wage
factor to retard
Senator Nelson of
Samuel
Gompers
a
speech
on
the Floor of the Senate dealing
tax revision bill
Senator Nelson
tjiere would not be many
men
on
Oct.
idle in this
"if union labor would come down to
a
1,
coun¬
reasonable
'igure in conformity with what is oecuring in other lines of
business and in other directions."
Until we reach a lower-
prices in connection with union labor said Senator-
Nelson, and until we get more effective service, it is hopefless
to
expect a complete and fair revival of the industries and the
prosperity of this country.
Senator Nelson's speech
was
quoted at length in Washington dispatches to the N. Y.
4 4
Times"
Senator
as
follows:
1
Nelson of Minnesota in a speech on the tax bill in tho Senate
for the prevailing industrial depression and unemploy¬
organized labor and its leaders.
The latter, he said, were advising
strikes rather than submission to reduced wages, and this tended to keep
to-day put the blame
ment on
the business
world constantly disturbed.
Mr. Nelson
reduced time
LABOR
organized labor has sought to uphold the economic fallacy
that "it is better to resist (wage cuts) and lose, than not to
level of
be expected.
conditions have been righted construction should proceed, but
there still is
of
of industry
Minnesota.
resist at all."
billion dollars.
price
the revival
during and since
all klnds of building
necessity.
the total construction shortage in the
country at
cost and
attitude
reductions has done
construction
mittee
ORGANIZED
TO INDUSTRIAL REVIVAL SA YS SEN. NELSON.
The
Congressional action in the present situation in order that work
We
OF
TO REASONABLE WAGES THE CHIEF OBSTACLE
necessity for economy,
construction industry, which has been artificially restricted
up as
all
formulated and adopted, it seems certain that
REFUSAL
existing circumstances, notwithstanding various
the character of the legislation and the
forward.
the war.
far
and
Federal aid, would make available a large
The greatest arrangement for immediate relief of unemployment
ment
recommendations with the
were
employment.
conference
opinions
be
of
Congressional appropriation for roads, together with State appropriar
tions
an
If mayors, commuinties, employ¬
dealers
mendous impetus will be given toward
The Federal authorities, including the Federal Reserve banks, should
expedite the construction of public buildings and public works covered by
existing appropriations.
\
1
and
manufacturers,
generally, will undertake to put into effect the conference
officials, should do everything compatible with circumstances in
of construction of roads. State buildings, &c.
A
takes the work in earnest.
ers,
Beyond question
solve the problem of unemployment if it under¬
sold by 333 municipalities in
Municipalities should give short-timei employment the same as
employers.
and,
can
to
"will
constructive feature of the report which the
America
August.
which
"Labor" he said,
existing circumstances
sold in
its
give
opportunity for the cooperative action
unemployment conference has adopted.
are
would
the agencies and institutions in each community
bring relief
a
attention."
emergency program,
fullest possible volume compatible
with the existing circumstances.
That
favorable is indicated by the fact that over
community
effort to meet the si-
every
support" to the
provided
a
through his organization
The existing unemployment presents
which
problem,
he said,
Private houses, hotels, offices, etc., can contribute to the
man,
individually, should make
them for employment and relief, that the community may be ap¬
prised of Its responsibility.
"It is primarily
The local business
uation in his
real
agencies.
ent upon
and
organization," ho said.
men
charged that building operations were halted because work¬
declined to adapt their wage scale to the present situation.
that there
would
Ho held
would not be many idle men in this country to-day if union labor
accept reduced wages
made in the cost
in conformity with reducions that are being
In his opinion there would be
of manufactured articles.
Oct. 8
real revival of the industries and
no
service
was
prosperity of the country until effective
obtainable and workmen accepted reduced pay.
'
PRESIDENT HARDING.
discussing the provision in the tax bill to exempt interest
Union labor insists
situation.
The
"It is nothing in
building and loan investments.
to the extent of $500 on
the world other than the labor
on
was
signed by President Harding,
as we
grain
on
indicated
While the newly enacted
August 27, page 906, on Aug. 24.
cost of labor are those
so.
Capper-Tincker bill for regulating trading
exchanges
wartime
with the result that the only ones who build in these times of high
who are actually driven as a matter of necessity to do
wages,
FUTURES BILL AS SIGNED BY
TEXT OF GRAIN
.
building operations to-day in this country?" asked
"What is retarding
Senator Nelson,
1531
CHKONICLE
THE
1921.]
law taxes both contracts for the sale of
grain for future
\
delivery and options for such contracts and provides for the
in the building trades, the carpenters, the brick¬
"If the men engaged
layers; the masons and the plasterers,
regulation of boards of trade, the intention is merely to reach
fair wages, we would see the greatest
speculative and illegitimate transactions, ,and there are
provisions in the Act to that effect. For instance
no tax is imposed "where such contracts are made by or
would come down to reasonable and
building boom that has ever been
experienced In this country, and there would not be an idle mechanic in
the
artisans
express
Where, however, bricklayers, masons and other
building trades to-day.
asking for $1 to $1 50 per hour, although in many instances
are
they refuse to do the maximum work they ought to
do, they are retarding
through
building in this country.
country to-day as
and a reasonable basis of employment.
to reasonable wages
"In the
case
Senate
the same scale that they were accustomed
told by the
was
"We all know that the unions do not allow men to
do the maximum amount of work, but they are
bricks
"If
could get labor and
we
"But how Is it in reference to the operators of our
as
down to
come
a
reasonable figure in conformity
proposition is apparent to any one.
One season of the year limitation
grain is reasonable, and at another season of tho year it
would oe unreasonable.
In one year certain limitations would bo reason¬
that
lower level of prices in
the friends of the measure to
m-event
"I
am aware
Secretary of Agriculture had the power
I
am
we
manipulation.
connection with union labor, until we get more
complete and fair revival of the
Ajs the oill
an
old man,
this country.
take heed.
"We are
j
They have taken the
the whole country by the throat
at the time the Adamson law prevailed.
vote, and they are posing as ready to take
again,
they were
as
I do not know but that it
railroad men should start a
strike.
Let the people of this country understand once for all what these
men mean by their striking.
Let the people realize that they will be
deprived of their food supply, their fuel and everything else.
If the employ¬
"I
getting tired of these strike threats.
am
would be
ees ever
a
good thing for the country If these
embark
such a strike;
on
leading to such results, I venture the pre¬
diction that the American people
will rise in their might and wipe them
from the face of the earth.
within
a
rule stronger
people of the United States.
We cannot afford a government
government.
We cannot afford to let any people take our country
by the throat and say:
'You must do as we want or we will destroy every¬
thing in this country.
We will hold up the entire transportation system
of the country,
fuel supply and
"It is
deprive the cities and counties and towns of their food,
their
everything else, unless you do as we want.'
time, Mr. President, that we taught these men a lesson that they
bigger than the Government of the United States."
are not
ASSIST
TO
LEGION
AMERICAN
IN
EFFORTS
TO
SECURE WORK FOR UNEMPLOYED EX-SERVICE MEN.
Following
a
announcement
special meeting at Indianapolis on Sept. 30
was made by the American
Legion that it
work for all ex-service
wohld assist in endeavoring to obtain
who
men
was
are
called by
national
been
out of
The conference, which
employment.
Commander John G
officers
and members of
Emery ,
.
was
attended by
the
legion.
Data gathered by the committee and
presented at the meeting showed it was said, that approxi¬
mately 900,000 veterans
were
ing the date of the meeting.
the
ex-service
men
were
ployed: had experienced
since
the
war.
out of work two weeks
It
was
an average
decision of the Legion and
preced¬
shown that 21.3% of
unemployed and; that those em¬
President
cut in wages of 32.5 %
was notified of
the
Harding
instructions for taking care of the
jobless World War veterans were sent to the 11,000 legion
posts.
The instructions to the posts asked that every effort
secure employment "for our buddies and see that
be made to
they have food and shelter."
Attorney-General to pass
of Agriculture before they
the
designation
From
my
as a
on
the facts as presented Dy the Secretary
would cancel
marketing place.
or
take away from market ing places
*
standpoint, having been au advocate of controlling the
Ex¬
it strengthened the bill in so far
getting support for it is concerned, and I want to pass the legislation,
t
hold to the theory that this legislation should have been passed a quarter
of a century ago; that it would have been passed and that the grain markets
would not have been manipulated by gamblers for a quarter of a century
changes, it did not strengthen the bill, but
as
had it not been for the fact that there wero two elements
tion—one element that
was
fighting the
American Congress could be pre¬
I will say frankly that tho sentiment
vailed upon to agree to.
legisla¬
against any regulation and one element that was
drastic that it wanted legislation that no
seemed to be
of one man.
Agriculture wo would
satisfied, but they cited instances wheie Secretaries of Agricul¬
ture have been more or less drastic, and thoy wanted this safeguard, and I
v/anted the bill, and I agreed to that change in the bill, which I am sure does
not destroy its effectiveness.
I am satisfied that the Secretary of Commerce
or the Attorney-General at the present time would not question the good
judgment of the Secretary of Agriculture, if he decided that the market was
being manipulated and asked to take a license nr designation away from that
market, and I suppose it is fair to presume that condition will remain. At
lease tnerc are two sides to that proposition, and I am one man who can
always agree that the other fellow has some right to his opinion.
It will have no effect whatever on produce exchanges, or on any board of
trade that wants to do a legitimate business, such as tho representatives of
the several boards of trade represented before the Committee on Agriculture,
that they
did not want to put too much power in the hands
Everybody said so long as Mr. Wallace is Secretary of
be perfectly
that they
upon
wanted to
such exchanges.
views from
the
engage
Committeo in
before
our
taking
away
from
in.
effect,
notice inter¬
It will not close up or have any
Since the bill passed the Senate I have
different
representatives of the exchanges that appeared
the House and they say that with
this change
one man
absolutely cancel their right to do
bill.
the power to
business, they will function under tho
committee which had
a
appointed to investigate unemployment among mem¬
bers of
and the
so
"We cannot tolerate in this country a Government or a
than the
Tho Senate Committee held
proposition and finally agreed to compose the
Commission of tho Secretary of Agriculture, the Secretary of Commerce,
against the bill when we passed it before.
extensive hearings on that
all over the country will
,
.
threatened with a railroad strike.
now
opposi¬
in tho bill occasioned most of tho
term"the ultra conservatives of the House."
I
They said it was putting too much power in one man, and that was the
opposition and accounted for at least 50 of tho 59 votes that were cast
tion by what we
if for nothing else, I feel at liberty to express my honest
throughout the whole country and that union labor
That provision
of certain facts.
stepping on the toes of some of these
organizations; but; Mr. President,
I do not expect to be with you very long, and
I trust that the convictions I have expressed may permeate
convictions.
.....
passed the House it empowers tho Secretary of Agriculture
of the market place on tho finding
alone to cancel the designation or license
of the fact that I may be
getting to be
manipulation, the
to require rules and regulations ©n
of the Exchange to prevent manipulation of prices, and, perhaps,
could not afford to complain of tho fact that there was no definition ©f
the part
gentlemen, the leaders of these labor
for that reason,
and I finally agreed to these changes on
that so long as there was no legal definition of
this theory
manipulation
I attended the hearings in the Senate and the
debate on the floor of the Senate,
with what is occurring
It was deemed best by
give the Secretary of Agriculture the power to
Tho question of tho definition of the
manipulations.
of the market came up.
effective service, it is hopeless to see a
industries and the prosperity of
it would be unreasonable.
able and another year
railroads?" he asked.
and until we reach a
in other lines of business and in other directions;
places and required the Exchange co file an application in which
in transactions in
figures.
Landis the other day made
a reasonable reduction for the building trades in Chicago—I though it was
very moderate and reasonable—yet they protested and threatened to strike.
Under such conditions, if they find themselves in a state of idleness they
are themselves to blame.
*
"There would not be many idle men in this country to-day if union labor
would
market
they would include limitations upon tradings
In the Senate they had con¬
siderable discussion over that proposition, and, of course, the difficulty of
down* and when Judge
come
followed the bill will agree that the only
in the Senate are changes in the language, that the gentle¬
man from Pennsylvania (Mr. Kelly) called attention to.
As the bill passed
the House it authorized the Secretary of Agriculture to designate places
Farm labor also had come down.
"They have not
Aug. 23,
on
changes made
down to
He said the farmer had had to submit to lower
the bill in the House
on
I think every member who has
the building trades ar fair and reasonable
themselves as they did In the old times, you
would see the greatest building boom that you have ever seen in this coun¬
try.
I am a friend of the laboring man, but these men are themselves to
blame if there is any lack of employment."
f
Senator Nelson advised employees in the building trades to come down
to $4 or $5 a day instead of charging $10 to Si5.
He also urged railroad
reasonable wages.
With the changes made
Aug. 9.
Representative Tincher said:
wages and men would exert
employees who are threatening the country with a strike to come
the discussions
In
only allowed to lay so many
day, or to do so much work along other lines a day, and no more.
a
tie
issue' of
May 13 while the
by the House on Aug. 23 by a vote of 341 to 9 while the
Senate agreed to it on the same date without a record vote.
brick¬
eight hours' work,"
junior Senator from New York, Mr. Calder, that
added Senator Nelson.
on
on
some
industry to revive and continued handicap on the farmers.
"I
passed the bill
earlier
Aug. 15, when the Senate substitute was agreed to with
minor changes.
The conference report was adopted
on
high freight rates would mean failure of
layers in the city of New York were asking $14 a day for
an
agreement was reached by the Senate and House conferees
Director General.".
Senator Nelson said continued
announced in
we
the bill in the Senate the measure went to conference;
to
during the war, during the administration of Mr. McAdoo as
to receive
board of trade which has been
as a 'contract
a
"Chronicle", the bill passed the House
high cost of operation arising from excessive wages
which their operatives demand on
As
marketV'
All over the
aresuffering because of that situation.
of railroad transportation the railroads are unable to reduce
United States we
the rates because of the
member of
a
designated by the Secretary of Agriculture
industrial revival in this
the attitude of organized labor In refusing to come down
"My opinion is there is nothing that so retards
Representative Haugen had the following to say
House
on
in the
Aug. 23 in regard to the bill:
Certainly then/and that by inserting the words "or the
cornering of grain"
accomplish by tho language
under Section 5 is given, authority
to reject applications for designation unless tho governing hoard provide
for the prevention of the manipulations of prices or tho cornering of any
grain.
The cornering of grain can, of course, only be accomplished by the
buying of large quantities.
Hence, it seems clear that it is in the power of
the Secretary to prescribe limitations.
Tho Commission provided for in
Section 6 (a) is given the power to suspend or revoke the designation upon a
showing that such board of trade has failed or is failing to comply with the
above requirements or is not enforcing its rules of government made a
condition of its designation as set forth in Section 5, which conditions are
as stated in paragraph (d) of Section 5 that it provide for the prevention
of. tho manipulation of prices or the cornering of grain.
Hence the Com¬
mission will have the power to suspend and revoke designations upon a
will accomplish exactly wrhat was sought to
stricken from the bill; that the Secretary,
CHRONICLE
THE
1632
showing that such board of trade permits tbe buying and selling of unlimited
quantities of grain, resulting in the manipulation of prices or the
of any grain.'
It
announced
was
on
Aug. 28 that Scoretary of Agricul¬
Henry C. Wallace would not take
ture
steps toward the
any
enforcement of the Grain Futures Act for at least a
Press
cornering
month.
administration
of the new law, ant he will submit an estimate of the expense to
Congress
It was sold at the Department that in
the
for
meantime the Act will be referred to the Solicitor of the Department
preparation of
tentative draft of regulations, which will be laid before the
makes the
a
Secretary and will be ready for promulgation when Congress
appropriation to
necessary
We also quote
the Act into effect.
carry
the following from the Chicago 'Tost" of
Aug. 25:
law by President
Warding
flood of Inquiries to-day to grain exchanges as to whether con¬
before the measure becomes
a
tracts for future deliveries must be closed out
effective.
new
law," said Secretary John R. Mauff of the Chicago
statement
a
replying to the inquiries, "recognizes the
Neither the tax nor the penal¬
financial responsibilities as other members.
ties of the law
are to
be imposed until after four
spread reports that
"It is unfortunate that critics of the exchanges have
law is to eliminate futures
new
tracts for future
The
association.
When the governing board shall provide for making effective the final
decisions entered
or
The economic value of con¬
trading.
delivery has been recognized in this law."
following is the text of the bill
as
That any board of trade desiring to be designated a "contract
market" shall make application to the
Secretary ef Agriculture for such
designation and accompany the
to
finally adopted by
period not to exceed six months
as a
failed
or
its rules
title of "The Future Trading
.
°
'
of this Act "contract of sale" shall be held
include sales, agreements of sale, and agreements to sell.
fifteen days
after such suspension
such board of trade
That the word
singular and shall include
wheat, corn,
on
oration,
or
the act,
selling grain
or
or
receiving the
same
individual, association, partnership,
any
or
or
corp¬
trust,
failure of such individual, association, partnership.,
well
as
of such official, agent,
as
Sec. 3. That in addition to the taxes now
a
exchange or asso¬
trust within the scope of his employment or office shall be deemed
omission,
corporation,
levied
mean any
The words
The act, omission or failure of any official, agent,
consignment.
other person acting for
or
herein, shall not
delivery.
unincorporated, of persons who shall be
engaged in the business of buying
for sale
That the
oats, barley, rye,
The term "future delivery," as used
or
tax
amounting to 20 cents
per
bushel
court
written
a
be set aside
bond in
a
or
sum
as
or
other person.
each bushel involved therein,
whether the actual commodity is intended to 1x3 delivered or
known
or
to
only nominally
trade
"indemnities,"
or
"privileges," "bids," "offers,"
as
tax of 20 cents
a
"puts and calls,"
each contract of sale of
a
bushel
on
now
imposed by law there is hereby
every
bushel involved therein,
upon
copy
or
In
the
grain for future delivery except—
ef the actual physical property covered thereby, or is grower thereof,
case
same
grain,
or
a
either party to the contract is the owner or renter of land
on
which
member thereof, and the said commission
order.
The
duly certified and filed
be considered
ceedings in such
by the court
cases
and shall be
cause
the evidence, and the report and
testimony and evidence taken
as
as
or
submitted before the said
aforesaid
as
part of the record,
expedited in
Such
every way.
a
of trade which has
been
made by or through a member of a board
designated by the Secretary of Agriculture
as a
a
preferred
court may affirm or
direct it to modify its
No such order of the said commission shall be modified
or
set aside
court of appeals unless it is shown by the board of trade that
by the weight of the evidence
or was
issued without
due notice and
a
of trade for
hearing, or infringes the Constitution of the United States,
a
reasonable opportunity having been afforded to such
is beyond the jurisdiction of said commission: Provided further,
or
if the Secretary of Agriculture
any
shall refuse to designate
as a
board
That
contract market
board of trade that has made application therefor, then such board of
trade may appeal from such refusal to the commission described
consisting
of the Secretary
of Agriculture,
and the Attorney General of the United States, with the right to
provided for in other
cases
therein,
the Secretary of Commerce,
in this section, the decision
on
appeal as
such appeal to be
interested.
(b) That if the Secretary of Agriculture has
reason
to believe that any
is violating any of the provisions of this Act, or is attempting to
person
manipulate the market price of any grain in violation of the provisions of
Section 5 hereof, or of any of the rules or regulations made
requirements, he
may serve upon
in that respect, to
such person
a
notice of hearing,
specifying
a
pursuant to its
complaint stating his charge
which complaint shall be attached
or
contained therein
day and place not less than three days
after the service thereof, requiring such person to show cause why an
should not be made directing that all contract markets until further
Said hearing
order
notice
such person.
be held in Washington, District of Columbia, or else¬
may
where, before the said commission, or before
a
referee designated by
the
Secretary of Agriculture, who shall cause all evidence to be reduced to
Chairman of the said
are
The pro¬
case.
in the circuit court of appeals shall be made
set aside the order of the said commission or may
order.
a
the evidence in the
writing and forthwith transmit the same to the Secretary of
renters of land: or
or
directs.
petition is filed shall immediately "
of such
owners
so
thereof to be delivered to the Secretary of Agriculture, Chair¬
of said commission, or any
is to be grown, or is an association of such owners, or growers of
(b) Where such contracts
with
conditioned that such
of the said commission refuse all trading privileges thereon to
(a) Where the seller is at the time of the making of such contract the
owner
stated in the petition, together
shall forthwith prepare, certify, and file in the court a full and accurate
a
"up and downs."
Sec. 4. That in addition to the taxes
levied
transaction^
sale of grain, intending hereby to tax only the
the
manner
the court may determine,
final and binding on all parties
referred te, upon each and every privilege or option for a contract either of
purchase
revocation by the said commission
petition praying that the order of the said commission
modified in the
such
The clerk of the court in which such
cause a
imposed by law there is hereby
on
or
appeals to the circuit court of appeals for the circuit in
by the circuit
"board of trade" shall be held to include and
set forth
which it has its principal place of business by filing with the clerk of such
the order is unsupported
ciation, whether incorporated
board of
any
That such suspension or revocation shall be final and conclusive unless within
individuals, associations, partnerships, corporations and trusts.
mean
designation of
Such suspension or revocation shall only be after a notice to
word
"grain" shall be construed to
to revoke the
of government made a condition of its designation as
in Section 5.
That this Act shall be known by the short
include any sale of cash grain for deferred shipment or
or
"contract market" upon a showing that such board of trade has
is failing to comply with the above requirements or is not enforcing
board of trade, a copy of the charges,
Act."
flax, and sorghum.
that it will continue
comply with the above requirements.
shall
or
showing that it complies with
assurance
transcript of the record in such proceedings. Including the notice to the
Representatives of the United States
"person" shall be construed to import the plural
a
(a) A commission composed of the Secretary of Agriculture, the Secretary
of Commerce, and the
Attorney General is authorized to suspend for a
of America in Congress assembled.
Sec. 2. That for the purposes
with
same
the above conditions, and with a sufficient
commission
to
(b)
Sec. 6.
man
Congress and signed by President Harding:
Be it enacted by the Senate and House of
pursuant to the previsions of paragraph
Section 6 of this Act.
board of trade will pay the costs of the proceedings if the court
months.
'
the
a
contract market against
rebating commisriors?hall apply to the dis¬
tribution of earnings among the bona fide members of
any such cooperative
the officers of the board of trade affected and upon a
hearing: Provided,
.v-
•
Board of
legality of
futures trading.
It provides regulations for grain exchanges
under a
commission composed of the Secretary of Agriculture, Secretary of Com¬
merce and the Attorney-General of the United States.
It provides that co¬
operative bodies that become members of exchanges must assume the same
"The
Trade In
producers having adequate financial responsibility: Provided, That no rule
of
trade
P Signing of the Oapper-Tincher grain marketing
brought
on such boards of trade any duly authorized
represen¬
tative of any lawfully formed and conducted
cooperative associations of
orders
He ha$ found that Congress failed to provide funds for the
when it reconvenes Sept. 21.
(e) When the governing board thereof admits to membership thereof and
all privileges thereon
(f)
dispatches from Washington also said:
[Vol. 113.
commission.
Agriculture as
ef¬
That for the purpose of securing
fective enforcement of the provisions of this Act the provisions,
penalties of Section
including
12 of the Inter-State Commerce Act, as amended,
"contract market," as hereinafter provided, and if such contract is evidenced
relating to the attendance and testimony of witnesses, the production of
by a memorandum in writing which shows the date, the parties to such
documentary evidence, and the immunity of witnesses, are made applicable
contract and their addresses, the
to the power,
terms of
the said commission, or said referee in proceedings under this
property covered and its price, and the
delivery, and provided that each board member shall keep such
memorandum for
'
a period of three years from
the date thereof, or for
longer period if the Secretary of Agriculture shall so direct, which record
shall at all times be open to the
inspection of any representative of the
United States Department of Agriculture
or
the United States Department
of Justice.
subject to its provisions.
designate boardB of trade
such boards of trade
(a) When located
as "contract markets"when, and only when,
comply with the following conditions and requirements:
at
a
terminal market upon which cash grain is sold in
sufficient volumes and under such conditions as
fairly to reflect the general
value of the grain and the difference in value between the various
grades of
Upon evidence received the said com¬
all trading
mission may require all contract markets to refuse such person
privileges thereon for such period as may be specified in said order.
Notice
of such order shall be sent forthwith by registered mail or delivered to the
offending person and
Sec. 5. That the Secretary of Agriculture is
hereby authorized and directed
to
persons
jurisdiction, and authority of the Secretary of Agriculture,
Act, and to
to the governing boards of said contract markets.
After the issuance of the order by the commission, as aforesaid, the person
against whom it is issued may obtain a review of such order or such
a
petition praying that the order of the commission be set aside.
written
A copy of
such petition shall be forthwith served upon the commission by
grain, and having recognized official weighing and inspection service.
(b) When the governing board thereof provides for the making and filing
delivering such copy to its chairman, or to auy member thereof,
by the board
of
or any
member thereof,
as
the Secretary of Agriculture may
direct, of reports in accordance with the roles and regulations, and in such
maimer
and form and at such times
as
may
be prescribed by the Secretary
of Agriculture, showing the details and terms of all
transactions entered
into by the board, or the members thereof, either in cash
transactions con¬
summated at, on, or in a board of trade, or transactions for future
delivery,
and when such governing board
provides, in accordance with such roles and
regulations, for the keeping of a record by the board or the members of the
board
of trade,
the Secretary of Agriculture may direct
showing the
details and terms of all cash and future transactions entered into
by them,
consummated at, on, or in a board of trado, such record to be in
permanent
as
form, showing the parties to
transactions
are
all such transactions,
fulfilled, discharged,
or
terminated.
any
assignments
manner
or
in which said
Such record shall be
required to be kept for a period of three years from the date thereof, or for
a longer
period if the Secretary of Agriculture shall so direct, and shall at
all times be open to the
inspection of any representative of the United
States Department of Agriculture or United States
Department of Justice
(c) When the governing board thereof prevents the dissemination, by
the board
upon
and there¬
the commission shall forthwith certify and file in the court a transcript
record theretofore made, including evidence received.
Upon the
the
filing of the transcript the court shall have jurisdiction to
aside,
manner
affirm, to set
modify the order of the commission, and the findings of the com¬
or
mission
as
to the facts, if supported by the weight of evidence,
be conclusive.
shall in like
In proceedings under paragraphs (a) and (b) the
the same shall be
certiorari, as provided in
judgment and decree of the court shall be final, except that
subject to review by the Supreme Court upon
Section 240 of the Judicial Code.
Sec. 7.
,
transfers thereof, with the parties thereto, and the
other
equitable relief as to the court may seem just by filing in the United States
circuit court of appeals of the circuit in which the petitioner is doing business
That the tax provided for herein shall be paid by the
such tax shail be collected
method
as
may
have
seller, and
either by the affixing of stamps or by such other
been prescribed by the Secretary of the Treasury
and such regulations shall be published at such times and in |
shall be determined by the Secretary of the Treasury.
Sec. 8. That any board of trade that has been designated a contract
market, in the manner herein provided, may have such designation vacated
and set aside by giving notice in writing to the Secretary of Agriculture
by regulations,
such manner as
requesting that its designation as a contract market be vacated, which
notice shall lxs served at least ninety days prior to the date named therein,
as
the
date
when
the
vacation of designation shall
take effect.
Upon
member thereof, of false, misleading, or inaccurate report,
concerning crop or market information or conditions that affect or tend to
receipt of such notice the Secretary of Agriculture shall forthwit h order the
vacation of the designation of such lx>ard of trade as a contract market,
affect the price of commodities.
effective upon the day named in the
or
any
(d) When the governing board thereof provides for the prevention of
or the cornering of any grain, by the dealers or
of the notice and
manipulation of prices,
the date upon
operators upon such board.
can
notice, and shall forthwith send a copy
From and after
his order to all other contract markets.
which the vacation became effective,
th^ said board of trade
thereafter be designated again a contract market by making
application
Oct. 8
Secretary of Agriculture in the manner herein
to the
application.
of boards of trade
and
may
therefrom, as he may deem of
person,
in this
may
make such investigations
and
such
statistical
information
gathered
interest to the public, except data and infor¬
transactions of any
and trade secrets or names of customers: Provided, That nothing
section shall be construed to prohibit the Secretary of Agriculture
issuing such reports
from making or
to the
Agriculture
which would separately disclose the business
mation
When the
he may deem necessary, relative
as
conduct of any board of trade, or of the transactions of any person
violating the provisions of this Act under the proceedings
found guilty of
prescribed in section 6 of this Act: Provided further, That the Secretary of
Agriculture in any report may include the facts as to any actual transaction.
The Secretary of Agriculture, upon his own initiative or in co-operation
with existing governmental agencies,
of grain and
for these
tion
shall investigate marketing conditions
grain products, and by-products, including supply and demand
commodities, cost to the consumer, and handling and transporta¬
and distributors, by means of regular and special reports, or by
such methods as he may
deem most effective, information respecting the
grain markets, together with information on supply, demand,
this and other countries that affect the markets.
other conditions, in
That any person who shall
Sec. 10.
prices, and
by a memorandum in
writing,
keep the record, cr make a report, or
provided in sections 4 and 5 hereof, or who
or to
who shall fail to pay the tax, as
shall pay in addition
to the tax a penalty equal to 50% of the tax levied against him under this
Act and shall be guilty of a misdemeanor, and upon conviction thereof, be
shall fail to pay the tax required in section 3 hereof,
fined not
than $10,000
more
or
both, together with the costs of
any person or
imprisoned for not more than one year, or
circumstances is held invalid, the validity of the remainder of
application of such provision to other persons and circum¬
the Act and of the
stances shall not be
That
Sec. 12.
after
its
no
passage,
tax shall be imposed by
and
no
this Act within four months
fine, imprisonment, ©r other penalty shall be
occurring within four months after
The Secretary of Agriculture may co-operate
misleading, or inaccurate information.
with any depart¬
District, or pos¬
session, or department, agency, or political subdivision thereof, or any
person; and shall have the power to appoint, remove, and fix the com¬
pensation of such officers and employees, not in conflict with existing law,
and make such expenditures for rent outside the District of Columbia,
printing, telegrams, telephones, law books, books of reference, periodicals,
furniture, stationery, office equipment, travel, and other supplies and
expenses as shall be necessary to the administration of this Act in the
District of Columbia and elsewhere, and there
is hereby authorized to be
appropriated, out of any moneys in the Treasury not otherwise appro¬
priated, such sums as may be necessary for such purposes.
Approved Aug. 24 1921.,
annex
of the House to
the statement of the Managers on the part
indicate the adjustments in conference:
dis¬
amendment of the Senate to the
bill (H. R. 5670) entitled "An Act taxing contracts for the sale of grain for
future delivery, and options for such contracts, and providing for the
regulation for boards of trade, and for other purposes," submit the following
statement in explanation of the effect of the action agreed upon by the
conference committee and submitted in the accompanying conference
The managers on the part
of the House at the conference on the
agreeing votes of the two Houses on the
report as to the
amendment of the Senate, to which the House recedes
with
Subdivision (d) of section 5 relates to the prevention of the manipulation
of
The Senate amended this subdivision by inserting the words
prices.
"undue or unfair" before the word
cornering of
the
"or
words
This was not changed by the Senate.
Section 2 defines certain terms.
The Senate inserted the following:
"The term 'future delivery,' as used herein, shall not include any sale of
cash grain for
short title.
deferred shipment."
To this amendment the House
amendment inserting after the word
recedes
"shipment" the words "or
"prices."
The
reasonable limitation
'open trades' in speculative transactions."
The Heme
recedes with an amendment striking out the words "undue or unfair" con¬
in
tained
Senate amendment,
the
so
that subdivision
follows:
(d)
will read
as
'
,
governing board thereof provides for the prevention of manipu¬
prices or the cornering of any grain by the dealers or operators upon
When the
board.
such
Subdivision (e) of Section 5 relates to the admission
on
boards of trade of
of co-operative associations of producers.
representatives
The Senate
tuting "representative" for the words "executive officer," by striking out
the House proviso
That
no
and substituting therefor
rule of
a
a new
proviso,
as
follows:
contract market against rebating commissions sbaB
co-operative association.
such
The House recedes.
The Senate further amended Section 5 by inserting a new subdivision,
as
:y ^
follows:
When the governing board shall provide for making effective the final
orders or decisions entered pursuant to the provisions of paragraph (b).
Section 6, of this Act.
(f)
The House recedes.
Section 6 relates to the procedure involved in the designation and the
suspension or revocation of the designation of any board of trade as a eontract market.
The Senate amendments to this section relate primarily
establishment of a commission composed of the Secretary of Agri¬
to the
the Secretary of Commerce, and the Attorney-General to act in
culture,
lieu
of the Secretary of Agriculture in snch proceedings.
at the
follows:
the following:
"(a) A commission composed of the Secretary of Agriculture,
the Secretary of Commerce,
sentence of Section
the
words
made in four places
Section 4 imposes a tax on contracts
of sale of grain for future delivery
The Senate
amended the first paragraph of this section by striking out the words "made
at, on, or in an exchange, board of trade, or similar institution or place
of business."
forth in subdivisions (a) and (b).
The House recedes.
the
such longer
direct a permanent record of
such contract for future delivery," and substituted therefor the following:
"such memorandum for a period of three years from the date thereof, or
for a longer period If the Secretary of Agriculture shall so direct, which record
shall at all times bs ©pen to the inspection of any representative of the
United States Department of Agriculture and United States Department
•f Justice."
The House recedes with an amendment substituting the
word "or" f#r the word "and" following the words "United States Depart¬
The Senate amended subdivision
words "for a period of three years
(b) of this section by striking out
from the date thereof and for
period as the Secretary of Agriculture may
Agriculture."
designation for boards of trade as "contract
in subsdivisions (a) to (f), inclusive.
amended subdivision (a) of section 5 by inserting at the end
Section 6 provides that the
markets" upon certain conditions set out
The Senate
thereof the following words: "and
having adequate storage facilities
and
recognised official weighing and inspection service."
The House recedes
with an amendment striking out the words "adequate storage facilities and."
of records
subdivision by striking out all of
the House provision and substituting therefor a nerw provision, as follows:
When the governing board thereof provides for the making and filing, by
the board or any member thereof, as the governing board may elect, of
reports in accordance with the rules and regulations, and in such manner
and form as may be prescribed by the Secretary of Agriculture, and when¬
ever in his opinion the public interest requires it, showing the details and
terms of all transactions entered into by the board, or the members thereof,
either in cash transactions consummated at, on, or In a board of trade, or
transactions for future delivery, and when such governing board provides
for the keeping of a record by the members of the board of trade showing
the details and terms of all cash and future transactions entered into by
them, consummated at, on, or in a board of trade, such record to be in
permanent form, showing the parties to all such transactions, any assign¬
ments or transfers thereof, with the parties thereto, and the manner in
which said transactions are fulfilled, discharged, or terminated.
Such
record shall be required to be kept for a period of three years from the date
thereof, or for a longer period if the Secretary of Agriculture shall so direct,
and shall at all times be open to the inspection of any representative of the
United States Department of Agriculture and United States Department of
The subdivision (b) of
and reports.
section 5 relates to the making and filing
The Senate amended this
Justice.
House
recedes
with
amendments
said sentence.
The same change is subsequently
in the remainder of the section.
In the fourth sentence
of Agriculture" the words
of Section 6 insert after the words "Secretary
making the
subdivision read
thereof."
At the end of
Section 6 of the House bill insert a proviso as follows:
Provided further. That if the Secretary of Agriculture shall refuse to desig¬
as a contract market any board of trade ' hat has made application
nate
therefor, then such board of trade may appeal from such refusal to the com¬
mission described therein, consisting or the Secretary of Agriculture, the
and the Attorney-General of the United States,
appeal as provided for In other cases in this section, the
final and binding on all parties interested.
Secretary of Commerce,
on
such appeal to bo
Following said proviso insert a subdivision as follows:
That if the Secretary of Agriculture has reason to
(b)
person
is violating any of the provisions of this Act, or
believe that any
is attempting to
manipulate the market price of any grain in violation of the provisions of
Section 5 hereof, or of any of the rules or regulations made pursuant to its
requirements, he may serve upon such person a complaint stating hit
charge in that respect, to which complaint shall be attached or contained
therein a notice or hearing, specifying a day and place not less than three
days after the service thereof, requiring such person to show cause why an
order should not be made directing that all contract markets until further
notice of the said commission refuse all trading privileges thereon to rack
person.
Said hearing may be held in Washington,
District of Columbia, or
elsewhere, before the said commission or before a referee designated by the
Secretary of Agriculture, who shall cause all evidence to bo reduced to
writing and forthwith transmist the same to the Secretary of Agriculture
as chairman of the said commission.
Any member of the said commission
or said referee shall have authority to administer oaths to witnesses.
Upon
evidence received the said commission may require all contract markets to
refuse such person all tradingjprivileges thereon for such periods as may be
specified in said order.
Notice'of such order shall be sent fertkwitn to
the offending person and to the governing boards of said contract markets.
After the issuance of the order by the commission, as aforesaid, tbo person
against whom It is issued may obtain a review of such order or tuck other
equitable relief as to the court may seem just by filing in the United 8ta.tea
Circuit Court of Appeals of the circuit In which/the petitioner ui doing
business a written petition praying that the order of the commission be
set aside.
A copy of such petition shall be forthwith served upon the
commission by delivering such copy to its chairman, or to any member
thereof, and thereupon the commission shall forthwith certify and rile in
the court a transcript of the record theretofore made, including evidence
received.
Upon the filing of the transcript the court shall have jurisdiction
to affirm, to set aside, or to modify the order of the commission, and the
findings of the commission as to the facts, if supported by the weight or
evidence, shall In like manner be conclusive.
In proceedings under para¬
graphs (a) and (b) the judgment and decree of the court shall be final,
except that the same shall be subject to review by the Supreme Court upon
certiorari as provided in Section 240 of the Judicial Code.
,
inserting the words "using
recedes on all other Senate amend¬
ments to Section 6 with amendments as follows:
At the end of the last
sentence of Section 6 of the House bill substitute the words "said com¬
mission" for the words "Secretary of Agriculture."
in subdivision (b) of
The
Senate
recedes
as
reasonable diligence in."
the Senate amendment
commission
or
to
its amendment
The House
strike out the sentence
said referee shall
"Any member of the said
have authority to
administer oaths to wit¬
"That for the pur¬
enforcement of the provisions of this Act the
provisions, including penalties, of Section 12 of the inter-State Commerce
Act, as amended, relating to the attendance and testimony of witnesses,
the production of documentary evidence, and the immunity of witnesses,
nesses" and substitute therefor
pose
are
follows:
In the second
In the third sentence strike out the
Agriculture" and substitute the words "said commis¬
in two places in
with the right to
with certain exceptions set
and the Attorney-General."
6 insert the words "using reasonable diligence in" before
"enforcing its rules."
words "Secretary of
sion '
These amend¬
Strike out the words "The Secretary ef Agriculture"
beginning of the second sentence of Section 6 and substitutes therefor
decision
The
a
unfulfilled or unsettled at any one time by or on behalf of the same person
commonly called
"privileges," "bids," "offers," "puts and calls."
"indemnities," and "ups and downs."
This was not changed by the Senate.
Section 3 imposes a tax on
as
after the word
the total quantity of grain of the same kind covered by contracts
upon
delivery."
ment of
"manipulation" and by inserting the
grain"
any
struck out the following: 'including
"chairman of said commission or any member
amendment which is a substitute therefor:
Section 1 provides a
with an
Th©
House recedes.
ments are as
an
The Senate amended this
subdivision by substituting the word "false" for the word "fake".
of the Government, any State, Territory,
ment or agency
We also
_
(c) of section 5 of the bill relates to the dissemination of
Subdivision
false,
apply to the distribution of earnings among the bona fide members of any
passage.
Sec. 13.
regulations, for the keeping of a record by the board or the members of the
board of trade, as the Secretary of Agriculture may direct, showing the
details and terms of all cash and future transactions entered into by them,
consummated at, on, or in a board of trade, such record to be in permanent
form, showing the parties to all such transactions, any assignments or
transfers thereof, with the parties thereto, and the manner in which said
transactions are fulfilled, discharged, or terminated.
Such record shall be
required to bekeptfora period of three years from the date thereof, or for
a longer period if the
Secretary 0f Agriculture shall so direct, and shall at
all times be open to the inspection of any representative of the united States
Department of Agriculture or United States Department of Justice.
amended the subdivision by correcting a typographical error, by substi¬
affected thereby.
enforced for any violation of this Act
its
Agriculture, showing the details and terms of all transactions entered into
by the board, or the members thereof, either in cash transactions consum¬
mated at, on, or in a board of trade, or transactions for future delivery,
and when such governing board provides, in accordance with such rules and
of
lation of
prosecution.
provision of this Act or the application thereof to
Sec. 11. That if any
governing board thereof provides for the making and filing, bu^
any member thereof, as the Secretary of Agriculture may
or
Senate also
fail to evidence any such contract
1533
direct, of reports in accordance with the rules and regulations, and In such
manner and form and at such times as may be prescribed by the Secretary
He shall likewise compile and furnish to producers, con¬
charges.
sumers,
board
the
publish from time to time, in his discretion, the
investigation,
such
of
provided for an original
deem necessary to ascertain the facts regarding the operations
he may
result
CHRONICLE
.
That the Secretary of
Sec. 9.
as
THE
1921.]
the following sentence:
of securing effect! ve
made applicable to
the power,
jurisdiction, and authority of the Secr<K
1534
THE
CHRONICLE
under this Act, and to persons subject to its provisions."
"sent forthwith" the words
in the fifth sen¬
under
taxes
action.
Act,
the
number of
newly completed wells (50% since Jan. 1), and
compared with July 1921, a decline of nearly
60%. in imports:
words
or
The
in
delivered."
followed in col¬
of trade
a new
section 7 providing a method by which a
voluntarily relinquish its designation
can
The House recedes with
an
amendment
Iiarrels.—
market."
"contract
as a
952
July. .40,328,000
8,046,000 538,000
167,400,000 41.500,000
1,157
161,000.000
42,800.000
1,471
May..42 C00,000
9,100,000 900,000
153,800,000 41,500.000
1,401
"except data and information which
April .40.100.000
10,000.000 700.000
145,000.000 42,500,000
1,224
March 41,000,000
1,452
12,300,000 700,000
138,200,000 45.200.000
Feb—35.300,000 11,400,000 800.000
130,900,000 39,300,000
1,574
124,300,000 48,300.000
1,832
reports as he may
Provided
and trade
That nothing in this section
transaction
to any actual
as
names
Secretary of Agriculturo.
on any
of the persons therewith
upon
his
own
initiative
July. .38,200,000
6,800.000 700,000
1919. July. .33,900.000
4,500,000 200.000
141,700,000 32,100,000 1,509
2.800,000 500,000
135,100.000 36.900,000
grain and grain products and by-products, including supply and
demand
for these commodities, cost to the consumer, and handling and transpor¬
Pipe line and tank farm stocks
a
The
connected.
existing governmental agencies, shall investigate marketing conditions of
tation charges.
held in U. 8.
by importers.
wells
(2)
completed during the month.
PRODUCTION
No. 1.000 Bbl.
markets."
the second proviso of the Senate amendment, "on any board of trade
divulging the
with¬
of the persons therewith connected."
names
Section 9 of the House bill provides penalties for violations of the
Act.
Production
10 of the House bill relates to the interpretation of the
tutionality
of
the
Act.
This
section
remains
it becomes Section 11 in consequence of the
unchanged
consti¬
except
that
changes in the numbering of the
preceding sections.
Section 11 of the Hottse bill relates to the enforcement of the Act.
Senate amendment
"sixty days."
of the
substitutes the
words
"four
months"
the
for
1920.
1921.
1921.
.10,247
10,026
8,997
80,854
67,703
32,338
21,261
10,205
3,418
Texas Cen.& N. 5,523
Nor. La. & Ark. 3,401
10,217
5,253
3,742
9,371
3,375 170,842 164.075 ( 89,586
6,148 (M id-Continent 1
9,753
3,371
68,293
7.535
2,852
2,264
after
La.
tax shall
be
passage.
124
128
23
Kentucky.....
West Virginia..
Pennsylvania
706
727
566
786
675
640
403
444
469
81
87
207
215
805
846
9241
77
78
Tot.(l,000lbs.).40,328
40,964
..
Lima-Indiana
__
Illinois.
(3)
ESTIMATED
681
average
.
.
TURN
Jan. 1 1921 to %2 25
20 to 25 cents
were
this week in many
sylvania crude
on
June 28, came to an end,
on
made in most, if not all, of the
on
if not all districts.
Oct. 7 reached S3,
compared with earlier
leading
The price of Penn¬
an
advance of 75 cents,
Corning
.,.$300
SI 90
3.....
-
Cabell
SI 86
—-
Somerset
Ragland No.Texas Mid-Conl
SI 90
....
....
V
1 61
1 65
2 50
1 45
1 41
1 45
1 25
1 20
111
2 50
1 40
131
June
2 75
1 65
1 56
2 00
1 91
1 25
1 25
75
1 00
1 25
Feb.
26
3 00
Feb.
23
..........
Feb.
21
Feb.
16
Feb.
15
Feb.
14
Feb.
11
....
190
3 25
3 75
...
2 00
1 15
1 80
108,130 8,046,840
31.....
Jan.
21
Jan-
18
Jan.
8
3 00
5 00
5 50
3 50
2 25
1 15
2 50
3 46
3 00
1 50
3 75
1 75
4 00
2 00
3 75
4 21
4 25
4 50
1
1921
6 10
4 25
4 46
1920
5 00
3 50
3 42
175
2 00
....
2 50
3 00
L
1,339,774
1,379,355.
2 60
3 50
3 50
3 25
1 75
2 75
2 75
4 00
3 85
2 77
2
2 32
2 25
2 25
Jan.
1
1918
3 75
2 80
2 70
2 55
1 20
200
200
60,
by Carl H. Pfcrzheimer & Co., specialists in oil issues.)
following statistics show important facts bearing on
notably the reduced production and
the price movement,
1920.
1921.
1920.
1921-
1920.
462
447
393
339
837
714
160
137
-2,573 2,178
.——
-
Lubric-aling
1921.
980
1,120 4,785 3,934
441
502
2,646 1,373
1,459 5,622 4.648
601
642
(100.000 Gallons)Stocks Jan. 1.
Production
-Kerosene- Gas & Fuel.
—Gasoline—
15
—
—
1921.
1920.
21
•
Totals—— ——3,050
Domestic
136
63
2
2
202
297
261
133
380
10
9
consumption.1,999
1,846
549
852
56
613 3.319 3,098
750
504
435
421
poss'ns.
639
*991
6
286
15
to insular
-
419
286
Deduct—Exports..
Balance, stocks June 30-
*
1,249
Includes fuel or bunker oil for vessels engaged in
207
foreign trade: 1920,
;
13,397,198 bbls.
1921.
•if.
OF
TERRA
COTTA INDICTED
UNDER SHERMAN LAW.
Indictments
charging criminal violation of the Sherman
returned by the Federal Grand
several corporations and individ¬
engaged in the manufacture of terra cotta. Announce¬
effect was made on Sept. 28 by William Hay-
"This is
a
jvery
aggravated case," said Colonel Hay-
members of the National
Terra Cotta Society and the Atlan¬
section known as the Eastern
tion
being indicted separately.
der direction
The indictments followed a
extending from coast to coast un¬
of David L. Podell, assistant to Colonel Hay-
ward.
"This is
ward.
"These
States
Terra Cotta Association.
indictments, the members of each associa¬
There were two
nation-wide investigation
2 25
1919
42.760,000
1,426,567
1,339,581
(Unit of 100,000 Gallons).
tic
1
The
41,533.000
2 00
Jan.
(Compiled
July 1921.
42,797,000
Production, &c.—
ward.
300
—
5 75
1
August 1921.
June 1921.
..
1 25
Jan.
6,234,526
Exported Petroleum.
1
ment to this
2 96
Jan.
17,353* 5,850,197
'
uals
3 96
537,958
28.542
Jury in this city against
2 50
....
56.568,081;
259,576 77,675,943
anti-trust law were recently
....
25....
Jan.
1
1 00
i 75
4 75
3,977
1,070
1
108,136 8,046,861
PRODUCTION AND CONSUMPTION FOR FIRST HALF OF 1920 & 1921)
(5
....
2 46
259,575 77.674,873 56,564,104
21
—
Jan.-Aug.'
Jan.-Aug.
Average, incl., 1921. ind., 1920.
41,527,000
150
..."
....
_
2 00
3 71
....
150
....
9.....
4
4 25
1 96
2 21
2 55
Daily
July
1921.
1 25
1 86
OF FOREIGN <fc DOMESTIC COMM.).
Daily
MANUFACTURERS
—-
220
1 96
2 25
J.
-
2 16
2 15
Sept. 3.
1,292,270
May 1921.
10,874,918 bbls.;
...
----
3 25
Sept. 10.
Sept. 17.
1 25
1 95
2
Sept.24.
1 00
1 00
1 55
3 25
3 50
(AMERICAN
....
....
April 18
150
60
2 25
—
7,738
124,368
SI 75
150
85
June 28......
KUr
$175
----
1 65
June 16
May 17-...
PRODUCTION
1,166.050 1.276,900 1.275.040
Average.
884,816
Total.
do
2 75
..
CRUDE
Estimated Total Consumption of Domestic and
Imports —
year3:
Pennsylvania
Jan.
168,023
Sept. 27, when advances of
25%, in the last ten days.
Feb.
39.055.317.974 288,618
11
Daily average—.
being,
The following table sets forth tho changes in the price of
some of the principal
grades of crude since Jan. 1 1921 as
Feb.
3,062
,
Total-.......'.--3,352,229
Further advances of like amounts have followed
April 25,..
1,012
6.396
1921.
Exports—....
Sept. 27
1,264
7,718
Oct. I.
'.
countries..
persistent decline in crude oil prices, which had
brought down the price of Pennsylvania crude from $6 10
4
1,609
7,312
UPWARD—
The
at least for the time
3,501
f
August
Imports—
STATISTICAL POSITION.
,
7..
4,138
1,664
EXTORT MOVEMENT (BUREA U
Other
Oct.
20,1551
(Appalachian) /
20,798
51
in barrels...1,156,600
Mexico .........3,352.218
°ct-
2,014
(4) IMPORTS OF CRUDE OIL FROM MEXICO AND ELSEWHERE AND THE
...
PRICES
727
(Rocky Mt.)
Crude production, daily
This section remains unchanged except that it becomes
CRUDE OIL
Oct.
935
\
(Rocky Mt.)
PETROLEUM INSTITUTES).
icle'' of Aug. 13, page 692.
or;
11.198/
688
AVERAGE
DAILY
Weeks ending—
•'..■•'•h-;.'; '
Our previous reference to the bill appeared in the "Chron¬
grades.
13,863
1,5241
5.209 '
,
Section 13 in consequence of tho changes in the numbering of the preceding
on
11,266
(Gulf Coast)
77
195
16,360
774
Cont. & E. Ohio
Jan. 31
,
Imposed by this Act within four month1
..
appropriations.
barrel
16,160f
(Gulf Coast)
(
133
1,472
Mex. importers.
no
operate with other agencies and provides the necessary authority for making
a
Aug.Zl
22.641
144
149
1,144
Section 12 of the House bill authorizes the Secretary of Agriculture to co¬
sections.,
3,337
2,557
Coastal.
Wyoming
The House
That
passage, and no fine, imprisonment, or other penalty shall be
enforced for any violation of this Act occurring within four months after
its
Texas Coastal..
South w. Indiana
changes in tho numbering of the preceding sections.
12.
its
....
The number of the section is changed to 12 in consequence
recedes with amendments making the section read as follows:
Sec.
The
words
on—
1921.
First 8 Months
N. Y. & Tenn._
of the changes In the numbering of the preceding sections.
Section
Stocks
Aug.
1920.
Mont. & Colo..
This section remains unchanged except that It becomes Section 10 in conse¬
AT
Aug.
Kansas
the end of
SOURCES
1921.
Oklahoma
the
SAME
July
California
affect
FROM
1921.
(42 U.S.Gal.)
The
that
,
STOCK
END OF MONTH.
House recedes with amendments changing the number of the section, so
other countries
b The number of producing
,
FIELDS-NET
BY
—
that it will be Section 9, and striking out the following words at
and
1,687
plus Mexican petroleum
Figures in 1921 not directly comparable with stocks
previous years; for comparison add 17,800,000 bbls.
such
respecting the grain
of domestic petroleum
for
market, together with information on supply, demand, prices, and other
in this
130,800,000 43,400.000 1,859
oil
He shall likewise compile and furnish to producers, con¬
and distributors, by means of regular or, special reports, or by
he may deem most effective, information
47.100.000 2,465
board of trado
in co-operation with
or
115,100,000
1918, July..31,800,000
of violat ing
Section 6 of
Provided further. That the Secretary of Agriculture in any report
the
1920, Aug ..39,100,000 10,800,000 500,000
deem necessary relative to the conduct of any
of the transactions of any person found guilty
or
include the facts
quence
Wells-
Jan...37,900.000 13,200.000 700,000
without divulging
out
sumption.
Last Day.
the end
the provisions of this Act under the proceedings prescribed in
conditions,
Exports.
prohibit the Secretary of Agriculture from making or issuing
be construed to
as
Imports.
Production.
b New
shall
secrets or names of customers:
methods
.
Est. Con-
on
168,000,000 42,800.000
words "arid
would separately disclose the business transactions of any person,
sumers,
(iGEOLOGICAL SURVEY)
a Stocks
June..40,400.000 10,200,000 600.000
"boards of trade" for "future exchanges," by striking out the
may
Total
3,352,000 884,000
the words
such parts of reports made to him under this Act" and by adding at
this Act:
Total
>
1921. Aug ..40,964,000
of the House provision the following:
board of trade
Domestic
Month—
changing the number of the section
The Senate amended Section 8 of the House bill by substituting
such
IN AUGUST
&.C.,
(Compiled from "Oil Paint & Drug Reporter" for Oct. 3.)
board
that it will be Section 8.
so
CRUDE OIL PRODUCTION,
as
out this
Senate amendment struck
The Senate recedes.
The Senate inserted
August
{I)
"by registered mail
Section 7 of the House bill relates to the procedure to be
lecting
quickened consumption of recent weeks, the decrease in
the said commission, or said referee in proceedings
tary of Agriculture,
tence of the subdivision (b) of the Senate amendment insert after t he
[Vol. 113.
a very
men
into certain
trarily and with as
German General
aggravated case," said Colonel Hay-
got together and divided
the United
definite divisions of territory as arbi¬
complete and definite discipline as the
Staff used in dividing the western front
Oct. 8
Southern District of New York.
Hayward said the investigation of the terra
Pres.
to
This
lished the text of the
his
conclusions
ion in
city by common agreement.
second count more directly charges price fixing through the medium
of
and
by
has
monopolized the industry.
"The
the
of
law
Sherman
the
It contains all
the
on
where
and adds a further count charging the Eastern group with elimina¬
tion of competition and price fixing through the medium of an allotment
and division of business among themselves.
In the monopoly count against
the Eastern group it is charged that they completely controlled the terra
cotta industry in the Eastern States, and by reason of their unfair and
illegal practices through the price fixing, elimination of competition and
by various other methods violated the monopoly section of the Sherman
"No
one
Territory.
.
Eastern
They
territory.
that
felt
to
their
and
territory.
own
pains
great
exceeded
its
"That
were
no
were
were
were
violating
secretary or outsider was ever permitted to enter and of which no minutes
records of any
or
of
instances
not
"■
"The
<
,
upshot.of it all has been that the price of terra cotta in recent
has risen from approximately $40 to $300 and $400 per ton and, in
years
of so-called additions, as
case
"I believe
we
high
$700 and $800
as
ton.
per
striking at the root of the present shortage of housing
are
until building materials
brought down to reasonable prices will there be any extensive building
prevalent
are
We find that with the possible exception
a single manufacturer has increased his
kept.
were
They took pains to see that the supply never equaled the
capacity..
demand.
the
isolated
and
rare
kiln
kind
in the
in every
large
est of
a
Not
I want to make it clear that the efforts of this office
larger centres.
do not constitute
effort to
in the land.
city
drive
against business, big or little, but it is an honest
separate the sheep from the goats and it is as much in the inter¬
legitimate manufacturers
it is in the interest of consumers."
as
The defendants named in the indictments are:
The American Terra Ootta and Ceramic Co.,
Ootta
Co., East Point, Ga.; Atlantic
Perth
Amboy, N.
Cal.;
C-onklin-Armstrong Terra
ton
J., and
Clay and Coal
Col.;
ver,
Bean &
Ind.;
Cotta Co.,
Terra
Woodbridge,
Co.,
Cotta
Brick
Pressed
Clay Co.,
St.
Auburn,
Louis
Cotta
Wash.;
Company,
South
Company,
Terra
Cotta
Co., St. Louis, Mo.;
Cotta
&
Ceramic
Co.; William
Clark &
Co.;
Mc-*
Gotta
Terra
Long Island City, N. Y.; Northern
Terra
St.
Amboy,
Oo.; H.
Co.,
Cotta Co.,
Louis,
New
Chicago,
The South
Mo.;
Jersey;
Tropico
111.;
Amboy
Potteries,
B.
Kansas
City,
Mo.;
The Wipkle
Terra
D. Gates, President of the American Terra
W.
Vice-President of Atlantic Terra Cotta
Wey,
H. Powell, President of Atlantic Terra Cotta Co.; F. G. Ev-
att, Vice-President of Atlantic
Terra
Gladding,
Midland
Cal.; Washington Brick, Lime & Sewer Pipe Co., Clayton,
Western
Cotta
Renton
J.;
Cal.;
Terra Cotta Co., Perth Amboy, N.J.;
Northwestern
Cotta
Terra
Inc., Glendale,
Wash.;
N.
N.
Los Angeles,
Co.,
New York Architectural Terra Cotta Co.,
Terra
Denny-Ren-
Co., Lincoln, Cal. ; The Indianapolis Terra Cotta Co., Indianapolis,
Los Angeles
Cofcta Co., Cicero, 111.; The New Jersey
the
Clark & Sons, Alameda,
N.
Philadelphia, Pa.;
The Denver Terra Cotta Co., Den¬
Co., Seattle, Wash.;
Federal
Chicago, 111.; Atlanta Terra
Terra Cotta Co., Tottenville, N. Y.,
Hill, N. J.;
Rocky
Sons;
Co.;
Thomas F.
Terra
Cotta Co.;
G.
Clark,
D.
Secretary of
Armstrong, President of Conklin-Armstrong
S. Geijsheek,
Manager of Terra
Cotta
Dept.
of
Denny-
Clay & Coal Co.; G. R. Facht, Vice-Pres. of the Denver Terra Cotta
De Forest Grant,
King, Asst. Sec.
President of
of Federal
Terra
Federal
Cotta
Terra
Cotta
Co.;
Co.; Athol McBean,
Harry Lee
Secretary of
President
Frost,
President
Secretary of Los
Midland
Terra
Cotta
of
Los
Angeles
Angeles Pressed
Co.;
E.
V.
Pressed
Brick
Eskerson,
Co.;
Brick
H.
Co.;
Mendus,
President and
Gen.
or
a
(2)
it is
that the
recogni¬
a
moral obligation
fact that services ren¬
United
States * incidentally
be said to be a public one, on its face it shows an
remarks follows:
two months, are,
under tlie Act, to be paid
month for each month of service,
kind or perils of the service, or the
■
forbidden
..
,
issued under the authority
If
injury suf¬
only question before us is the validity of Chapter 872 of
1920.
The defendant was the successful bidder for $25,000
the Laws
of bonds
It later, refused to accept them.
The
of
All resi¬
reward.
The complete text of Judge Andrews's
by the Constitution.
the Act
of that Act..
submission the plaintiff is entitled
is constitutional under the
of the Appellate Division in its favor.
succeed.
I The Act
provides for the issue of $45,000,000 of bonds by the State.
Their proceeds are to be paid into the State treasury and expended for a
bonus to persons who served in the military or naval service of the United
States at any time between April 6 1917 and November 11 1918.
These
moneys, therefore, must be applied for this object and for no other pur¬
pose whatever
(Constitution, Art. 7, Sec. 4).
"Every person, male or
female, who was enlisted, inducted, warranted or commissioned, and who
served honorably in active duty in the military or naval service of the
United States at any time" during the war "for a period longer than two
months, and who at the time of entering into such service was a resident
of the State of New York, and is a resident at the time this Act takes
effect, and who was honorably separated or discharged from such service,
or
who is still in uctive service, or has been retired, or has been furto
If
affirmance
an
of the judgment
not, the defendant should
each month of active service,
If dead, the same amount
shall be paid to the relatives of the deceased.
As required by its terms
this Act was submitted to the people and was approved by a vote of
1,117,546 in its favor as against 630,365 in opposition.
The logic of this opinion is not that the Legislature is unauthorized to
aid the wounded.
We cannot too clearly emphasize at the outset of our
discussion that this is not an Act to cure for and restore to health and
usefulness those who became disabled in the performance of their duty.
To do this is a sacred trust.
Every human impulse prompts us to its full
accomplishment.
Neglect here kpells disgrace.
Yet by this Act help for
the wounded is at least postponed.
For them as a class nothing is done.
Whatever right the State may have to use its moneys in making these the
subject of its first and devoted consideration, this right finds no expression
in the present statute.
The wounded are not a reason or a ground for its
exceeding, however, $250 in the aggregate.
not
enactment.
in
is to receive $10 for
to a reserve,"
loughed
a
He who
occupied
perilous service.
as
it
is
nition
prompt
The
written.
of
the power
and
statute
States
for
into
This court, of
What
includes
care
bonus
should
be
accepted.
considers the purpose of the Act
has no bearing upon and is no defi¬
course,
say
to provide for the disabled, for whose
there is an insistent and righteous demand.
every
one
indiscriminately who served the United
circumstances of his or her induc¬
in fulfillment of any promise made 'to
months, whatever the
service.
enlistment.
no
may
of a more
of the State
adequate
two
the
we
desk
with that
perfectly safe, although highly useful
a
department, stands on a level, under this Act's provisions,
comes back to us shattered
in mind or body because
other who
encourage
Howard
Potter,
be given
This, says the Court, is a gratuity, and is
fered.
Cotta
Co.;
not
While the purpose of the Act in ques¬
without regard to the
tion
B.
shall
To create
command of the
the
at
Gladding, McBean & Co.; George Lacy, Manager of the Indianapolis Terra
H.
(Laws of
individual (Const., Article VII,
hardships endured, or the physical or mental
knew
the law is apparent from the fact that these schemes
liatched behind barred doors at secret weekly meetings at which no
they
the two
on
might in fairness be asked to respond.
State
indiscriminately $10 a
!
.
men
the State
through the sale of State bonds
scheme and the
technical violations and that these
mere
of
dents of the State who served more than
I
Each concern was allotted a quota of business,
taken by ail the others to see that none of them
respective percentages.
there
credit
moral obligation.
a
tion may
divide the business among themselves
stifling of competition they had to
in
price-fixing
their
control
judgment
that the Act of the Legislature
(1)
attempt not to pay a claim, but to give a
not satisfied with a division of territory, but
were
completely
more
separate opin¬
a
is violative of the Constitutional provi¬
benefit every State.
single manufacturer in the so-called Central or West¬
York or any part of the
group or
Hiscock
Judges Car-
Soldiers' and Sailors' Bonus Law
the
the
dered
territory would have dared to come into New
ern
in by Chief Judge
Gratitude is not enough, nor is the
law.
Eastern
(p. 1073)
injury suffered by the claimant under (Circumstances
some
in
group,
Divided
issue of Sept 3
justifying an expenditure of public funds, there must be
some direct benefit received by the State as a
State, or
directly with the violations
the Eastern group of manufacturers.
the indictment against the national
part of
set forth
counts
of
tion
.
indictment concerns itself more
second
our
Act cannot be sustained on the ground that
violated the Sherman law
Bonus Law of
1; Art. VIII, Sec. 9), and furthermore
Sec.
of
territory and elimination of competition has
and
Monday, Sept. 12, pub¬
McLaughlin and Crane.
points, namely
that
sion
of the evil practices in price fixing, division
reason
YORK
written by Judge Andrews, and
was
loaned to or in aid of any
The indictment alleges that the asso¬
the terra eotta industry in the
industry of the United States.
controlled more than 95%
on
dissent, and each submits
1920, Chap. 872)
dictate his own price to the builder or owner of the build¬
ciation
States
of the
support of his position.
known as the
ing who desired to make any extensions or to erect any adjacent struc¬
tures.
The fourth count of the indictment charges monopoly of the terra
United
Vice-Pres.
Hewitt,
The majority of the Court rests its
main
price plan," he continued; ■ "The details of the business of each
concern, it is charged, were disseminated among all other concerns.
The
third count charges an elimination of all competition on the subject of socalled additions so that the one manufacturer who had erected the original
of the open
cotta
G.
reproduce the opinion further
we
concurred
are
Judges Hogan,
dozo and Pound
had refrained from making any sales or ship¬
York market and
prevailing opinion
and
in such a manner that the
of the terra cotta manufacturers refused to enter and compete in
structure could
J.
opinion of the decision of the New
pointed out in
the
ments to this
"The
the North¬
UNCONSTITUTIONAL.
invalid, and
As
below.
the terra cotta manufacturers in the
the Sherman law.
Prior to the or¬
all
State
this
cording to Col. Hayward, divided the country
majority
Co.;
Court of Appeals holding the Soldier
York
ganization of the trade associations, it was said, the terra cotta manufac¬
turers competed freely throughout the country.
The national society, ac¬
the New
Vice-Pres. and
MacMichael,
S.
*
BONUS LAW
four violations of
States with
Cotta
The "New York Law Journal"
City Isolated.
charged
first indictment
P.
COURT OF APPEALS HOLDING SOLDIER
Subpoenas were issued in all important
cities.
.
,
The
Jr.,
Co.;
OPINION IN DECISION OF NEW
OF
TEXT
and
'
United
Terra
Western
of
President
cotta manufacturers.
terra
Cotta
F. Grady, Vice-Pres. of St. Louis Terra Cotta
W inkle Terra Cotta Co.
of the Department of
co-operatijon
the
officials had
Justice in most of the large
direct
Geer,
Walter
Ortman,
B.
cotta industry revealed a
properly be classed as next in importance to steel
Federal
Co.;
Peter O. Olsen, Secretary of the South Amboy Terra Cotta Co. J F.
Vice-Pres. of Tropico Potteries, Inc.; V. E. Piollet, Viceof Washington Brick, Lime & Sewer Pipe Co.; William Timmerman,
Co.;
the building industry," he added.
local
cities
Terra Cotta Co.; R.
western
"We find that this vast in¬
dustry reaching from here to the Coast has been within the complete and
arbitrary control of about twenty-three men throughout the United States.
Those men are banded together and operate almost as one."
The
Cotta
Architectural Terra
in the building trades, he said.
than overstated conditions
cement in
Terra
York
President of the Northern Clay Co.; Harry J. Lucas, Vice-Pres. of
startling situation.
In this, as in other branches of the building trades,
Samuel Untermyer, counsel to the Lockwood committee, rather understated
may
New
of
Treasurer
torney for the
"Terra cotta
Architectural
York
corporations and twenty-seven individuals, accused of mo¬
nopolizing the terra cotta business of the United States and of increasing
prices from $40 to $400 a ton, have been indicted by the Federal Grand
Jury on charges of criminally violating the Sherman Anti-Trust law, it
was
announced yesterday by Colonel William Hayward, United States At¬
Twenty-two
Mr.
Jersey Terra Cotta Co.; Richard F.. Dalton, President of New
of the New
with regard to the indictments:
had the following to say
Secretary
Manager of the New Jersey Terra Cotta Co.; Karl Mathiasen, Jr.,
The New York "Times," on Sept. 29,
into combat sectors."
1535
CHKONICLE
THE
1921.]
be
Nor
The
is
it
Selective Service Act expressly
It called
upon
every
provided that,
and that no substitute should
citizen of the United States between
given for that purpose
THE
1536
certain
number
by
were
the
and
beneficiaries
the
of
Cut off from
render his full obligation to the nation.
The only excep¬
those made in the Act itself.
It is also true that the
to
ages
tions allowed
[Vol. 113.
tutional
definite.
is
It
court,
equally true that a far larger sum will be required to make the
payments designed.
We all know how often, when an issue of bonds is
proposed, the amount that will be required in the end is underestimated.
More than once we have had that experience.
Nor is there any assurance
money
to
freely
resort
of publie
to grants
Therefore in
the Consti¬
renewed to deprive it of
was
Sanford E. Church, later the distinguished chief judge of this
from the committee of finance a proposed article of the
in
It contained
section numbered eleven:
a
"Neither the credit,
property of the State shall in any manner be given or loaned to
or
aid
is
Debates,
of
individual,
any
association
or
(Proceedings of
corporation"
adopted.
proposed.
It
debts
greater
less than others?
We see no limit to
may be burdened.
the
declared in this Act, these considerations are not for us.
They serve
but to admonish us to scrutinize our constitution with the greater care, to
the
incur indebtedness under its
may
fine
when and why New York
To that question we con¬
deciding how and
in
caution
greater
limitations.
the basis of
idea
our
the relation of the citizen to the
to
as
State is
Whether or not the Legislature is
curbed by any constitution formula no tax may be imposed except it be for
a
public purpose.
Otherwise, however, unless for some constitutional re¬
striction the taxing power is plenary.
Except for such restriction the
outstanding principle of taxation.
one
Legislature
appropriate public moneys for private corporations or for
the public welfare is promoted (Town of Guil¬
may
if
individuals
nor
village
or
association,
substitute
for
does.
the
to
pension
within
been
survivor
last
that
of
given to
was
ten
object for which
deciding whether the
In
purpose.
By Section 220 of the Military Law a
war.
member of the militia who had been disabled
any
A pension policy has long
in the performance of duty.
years
been
and Acts similar to ours have
the United States
adopted by
passed in at least nineteen other States.
the people, showing that the State is
of
made
sacrifices
for
ment
to defend
the country
is
not
clearly
it,
made
one
the courts may not
arbiter
(Jones
194
Rep.,
793
distinction
sion.
Rep., 489;
is
one
other such
We
to
are
State
rel. Atwood
ex
reward
a
such
reward
a
the Justices,
of
un¬
or
176
Johnson,
interest,
were
where
to
public
debt
paid, and
precarious.
repudiation.
when
comment,
the
waste
same
remedies.
Reliance
nomic
The
to
power
the committee
thereof."
future
This
which
report,
ations, became
part of
a
8tate
was
Article
loaned
to
deficits
or
In aid of any
the
as
"abuses
rail¬
storm
a
of
be
curbed
Something
delegated
There
protest
required
before
more
finally reported
and
and
debt might be
a
poses
in
an
within
ment
eighteen
This article
Legislature
property of
ments
or
debts.
to
the
State
No
the
eco¬
So
or
verbal
alter¬
manner
be given
corporation.
or
To meet
some specific object dis¬
certain way, approved by the people,
its
repay¬
did not touch
It
the money
gifts to individuals
or
it might raise by
corporations
It
was
so
long
as
taxation
such
proposed to limit this
for
pay¬
payments
power
or
also.
Charles O'Connor
"Nor
shall
any
suggested the addition to the section of the provision.
gift of public moneys or property be made, except as a
This
or
by the release of escheats and forfeitures."
objected to, however, and
was
the effort
was
as
abandoned and the section
(Debates of the Convention,
p.
722).
the
it
was
convention
useful
person
the evil apparently
the people
to
provisions
more
effectually to
was
P>
1547).
allowed to stand
not serious,
as
reported
In the address by the members
said:
secure
and property against the abuses of
Journal,
was
"They have incorporated
the people
in
their
delegated power"
of
many
rights oi
(Convention
a
the
nor
in aid of any association,
or
Still
later the word
"other"
"cuts
all subject to the same objec¬
are
dertaking"
efforts to
(Art.
in any
not
Sec.
8, Sec. 9).
the
or
They
of the State.
moneys
be given or loaned
manner
"Neither the credit
loaned to
or
9).
in aid of
or
both
the Legis¬
on
They both relate
always implied.
was
the credit
given
8,
constitution (Art.
our
individual" (Art 7, 8ec. 1).
also
.
.
"The
to
the money
nor
any
private
the
triumph
.
represent
is
or
un¬
of
prevent improvidence, to make
us less any pressure from special
interests, to safeguard the credit of the State, and the interests of the peo¬
ple
whole.
They
not to be brushed aside.
They are to be fairly
object for which they were intended.
As in 1846,
so to-day, economy,
public and private, is one of our pressing needs.
Upon
it depends the prosperity of the State and its inhabitants.
The crushing
as a
oonstrued
load
of
to obtain
are
the
taxation—national,
State
and
ture
him
of
who
does.
Now
then
as
authorized if payment is postponed.
is easy.
that
Nor do
be done.
future
a
municipal—now
as
direct taxes
as
future, the future of him who pays
our
cash.
the
scrutinize
we
We all
is
in
true
no
great
legislative
public matters.
to be
is
evaded.
protection
of
children
our
would hesitate had
The
which
pressure
We incur
to pay the
we
will
when
come
Conscious of this human weekness, to
it wise to limit the
to it that their intentions
see
And this is true
approved by the voters.
the
the fu¬
be lightly
expenditures may
tendency in private life.
we
The courts must
power.
or
threatens
as
closely the expenditures to be made if
so
recognize this
obligation matures is ignored.
frustrated
then
well
To place the burden upon
obligation cheerfully, where
It
not
are
if the action questioned seems
even
One of the chief objects of the constitution
minorities
against the hasty acts of the majority.
the well-considered, unimpassioned and deliberate judgment of
It expresses
the people.
It is not to be amended informally.
Twice two Legislatures,
newly elected members in each house, must pass upon such a proposal
with
before it is submitted to the voters.
Whether the purpose
to
as
the
proper
in
served
is
a
particular
one
public
the
of
use
gift
or
However
way.
loan of credit to
a
do to say
because the
gift
or
individual
an
is public, the
purpose
loan.
a
To do
important public
would
so
Act
have been
Die
in
can
Here there is
implied,
If not
such
bonds
be
a
gifts and
an
prohibited.
eo ware
as
bonus to those whe
a
no
such situation.
transferred
We have
object.
one
loan.
a
The bonds
absolutely with
gift
a
or
A loan implies
issued for full
art
promise,
no
also
seen
Is this
of return.
express
•
gift of the 8tate's credit?
a
form of the tranaaction is immateriaL
mere
a
railroad
it undoubtedly would be—then
would be
a
the provision
distinctly before the Legisla¬
was
Clearly it is not
corporation
would
so
be
would
be
issue
of
an
condition that their prqpeeds should
express
given to the same corporation.
The evasion of. the constitutional
pro¬
palpable, and it could not and should not be permitted.
important question is therefore whether under this Act the provisions
made
We
meaningless
the proceeds applied
by the State with the
The
a
It will not
adopted cannot be called
loan, then, does this Act contemplate
gift—and
hibition
the
Gifts of credit to railroads served
gift of the bonds of the State to
a
useful
corporation.
a
make
be used only for this
Their proceeds are
value.
to
military service of the United 8tatee.
proceeds
repayment
or
rot be
may
however
not be accomplished by
may
means
to
purpose
loan of the credit of the State?
a
purpose
provides that $45,000,000 shall be raised by
the State upon its bonds and
the
a
important,
or
Yet they were still
have seen, this
we
be
1846.
That
purpose.
ture that made them.
that
they
longer the sole test
no
8uch
that the character of the act is to be judged by its main object—
that
As
therefore, is
one,
State's credit
objects designed by the Legislature,
for
the soldiers and sailors Is
have held that
a
payment to
grift to them
a
or
individual is not
an
a
a
gift in their aid.
gift if it be made
.in recognition of a claim, moral or equitable, which he may have against
the State.
"The Legislature, however, is not prevented from recognizing
claims
founded
been
have
equity and justice
on
enforced
in
from suit" (Munro v.
the courts
have
thorized
are
Y.,
N.
State?
In
many.
work
proved defective
was
the
State
are
had
not such
Y.,
What is
claims
some,
;
equitable
an
moral obli¬
or
have been allowed where
or
was
(Wheeler
v.
v.
moral
State,
cases
money
State of N. Y.,
(O'Hara
Y.,
some
In all
indication of what
direct benefit
some
direct injury
suffered by
we
was
the
mean
when
v.
or
(Le¬
State of
speak of
we
received by the State
claimant
under
the
a
mere
as
a
a
circum¬
in fairness the State might be asked to respond; where
thing more than
are
of
406);
Y., 205).
give
some
stances where
We
State
v.
for land the title to
190 N.
v.
obligation.
or
au¬
State of N. Y., 102 N.
furnished it
the State received
been
beneficial
Canal Board, 204 N. Y., 471).
In another class of
Legislature has authorized payment where the claimant had been
RR.
108 N.
These
immune
Instances where such payments have
injured by the negligence of the servants of the State (Splittorf
N.
could
as
been
not
done, the expense of which in equity the State should bear
high Valley
cases
they
if the
performed for the State (Cole
Y., 112 N. Y., 146)
which
though
of law
others where property
in
48) ;
court
a
State of N.Y., 223 N.Y. 208, 215). What meaning, then,
given to these terms?
gation agianst the
services have been
confined solely to limiting the power of the
the power to appropriate the
was
regard for military services,
State shall
the State shall be
of
restraint
longer under
direct tax sufficient to provide for
gifts subserved the public good.
Mr.
a
the
either of
answering this question the
years.
reported
as
as
a
loans
or
that
one
the
incurred at all only for
Act passed in
gifts
the
to
If
came.
credit
others, two limitations imposed
In
State
containing provisions for
addition
in
stands
now
among
the
might contract debts not exceeding at any time
$1,000,000 in the aggregate.
It might also contract debts to repel in¬
vasion, suppress insurrection or for defense in war.
Except for these pur¬
tinctly named,
but they
drastic
ruin
in
immaterial
or
if
Later
and all loaning of the credit of the State to all other
money
find, therefore,
aid of any
little
article entitled "on
an
the constitution.
individual, association
was
needed.
was
liabilities
with
adopted
but
to how this
of
charged.
circumstances might the credit of the State in any
casual
solvent,
the public spirit and
upon
of
as
rated
was
repre¬
finance
much discussion
cause
debts
7
dollars
to
The existing evil
Legislature.
to
of
debts which,
loans could be wasted with
would
the State finances
create
still
used
the future
debts must
create
the
of
on
to
power
was
in
taxation.
might not be solely placed
knowledge
Six million
Gross extravagance
had to be raised by
moneys
railroads
Moneys raised by
contracted
had been
credit
There
loaned to
in aid of any
or
the
city,
county,
any
whatever."
"Neither
undertaking."
adopted by the convention of
our
In the Constitutional onvention
to how
as
power" should be prevented.
of
once,
limitations in
any
are
the State had
$2,700,000,
was
be
pen¬
a
payable at
services
$38,000,000.
some
the
insolvent;
may a
Act provides and
our
as
Nor
Legislature which affect the matter be¬
none.
that
found
was
whose condition
should
What
608).
payable in installments.
amounted
instances
then
roads
it
Mass.,
211
past military
determine, therefore, whether there
however,
sented
bonus
a
for
institution
accepted:
or
of
or
loaned to
or
In the report it was said that this proposed amendment
this form the section
We
rel. Atwood
ex
v.
should be slow to declare wrongful.
we
Originally there
us.
1846,
any
that view
haa sanctioned, what the weight of judicial author¬
constitution upon the powers of the
the
such
least there iB
at
That they believe the action unwise
be made between
The
fear
payment
a
As to that question the Legislature is the final
Opinions
;
usage
ity has approved, that
with
interest,
City of Portland, 245 U. S., 217; State
v.
long custom and
fore
and an encourage¬
Even if such
Rep.v 224; Gustafson v. Rhinow, 144 Minn., 415; State v. Clauson,
Pac.
the
the general
interfere.
175 N. W.
Johnson,
v.
in future conflicts.
in
is immaterial.
necessary
to patriotism
incitement
an
mindful of those who have
the elaim that where the Legislature has accepted
ground for
N. W.
is
private
State
guard against public bankruptcy the people thought
bonus for past services showing the grati¬
The payment of a pension or a
tude
length, but it was not
tion, and appropriations to them of the money of the State are liable to
the same abuses.
They must all stand or fall together" (Journal, p. 462).
In
credit of
it
such
private
was
association, corporations, &c.,
taxation is imposed
is for a public object the court "must be governed mainly by the course
and usage of the government, the objects for which taxes have been cus¬
tomarily and by long course of legislation levied, what objects or pur¬
poses have been considered necessary to the support and for the proper
use
of the government, whether State or municipal.
Whatever lawfully
pertains to this and is sanctioned by time and the acquiescence of the
people may well be held to belong to a public use, and proper for the maintenence of good government, though this may not be the only criterion of
rightful taxation" (Loan Ass'n v. Topeka, 20 Wall., 655, 665).
In this
State the granting of pensions and gratutities for military service is not a
new experiment.
By the Act of May 11 1784, public land was granted to
Revolutionary veterans.
By Chapter 8 of the Laws of 1814 pay in ad¬
dition to that granted by the United States was given to soldiers of the
War of 1812.
By Chapter 178 of the Laws of 1904 a pension was granted
It is said that this Act serves no
other
or
the
be given
manner
proposal
other
or
gifts of
lature in
Supervisors, Chenango County, 13
of
this
of
property
or
corporation
deleted.
off all
thereby
Board
v.
money
of the State shall be given
money
was
N. Y., 143.)
We think, however, that
ford
the
town shall in any
corporation
ourselves.
At
debated at
was
right of the State with regard to gifts and loans of its property.
The
on
sectarian appropriations reported a clause:
"Neither the
credit
pose
use
This proposal
committee
debt for the pur¬
however, the Legislature has the power to create a
If,
791).
p.
This constitution
having been rejected by the people, a commission wa6
appointed in 1872 to consider amendments.
It was again proposed to limit
the
State
the
which
with
indebtedness
not be incurred if a second bonus
may
may
already been asked, do
it has
•
give the credit of the State, however,
or
reported
constitution.
or
loan
to charitable associations.
Convention of that year the attempt
be said, and said truly, that $10 a month will not
compensate our soldiers for their sacrifices.
Elsewhere the sum of $15
or more has been allowed under somewhat similar Acts.
Should New lork,
and
other
that
1
the right to
Legislature had begun
that power.
It
It may be so.
suffice.
will
$45,000,000
that
assumed
now
ie
may
the
funds to railroads and
is in¬
receive
will
they
amount
1867
some¬
gratuity was involved.
referred, however, to
three
cases
terpretation was given to this doctrine.
where it is said
This
we
a
far wider
believe to be
a
in¬
mistake.
Oct. 8
1921.]
Munro
State of N. Y.
In
THE
CHRONICLE
(223 N. Y., 208) Munro was employed by the
State in what has been defined as a hazardous
employment in connection
with
v.
State hospital
a
Laws,
chap.
struck
by
of two
keepers,
Sabilski,
ceded
that
sec.
of
a
of eighteen insane patients, who, under the
gang
repairing
were
who
but
road.
a
him,
assaulted
there
with
gang
67,
one
negligence
was
in
attendants.
two
clear moral
He
be
to
care
dangerous,
and
also
these
circumstances
there
been
was
N.
for
Y.,
222)
the
change
by
of
retroactive
town to
a
borne
for
City
Fund
and
might
The
"
continued and
were
so
for
Under the circumstances
was
bonus
turn
used
these
funds
to
aid
tution
said that this
we
not
was
gift.
a
It
in
own;
justice the State
obligation
and
in
should
past until its objects
because of
arose
maintain
this
fund
accomplished.
were
in
the
future
In every case
that
As
of
ence
which
element
the
ceived
its
would
payment
State
is
for
or
act
done
under
obligation—something
There must be
its
that
duty,
a
those
compensate
to
obligation,
Upon its
ceded
one
of
the
a
in
law,
gratitude
owe
life.
is
at
the
It
one.
than this.
do act
it
the
United
States
were
equally interested
in
in
not
is
It
'
respect servants of the State.
any
lead them to battle.
or
said
that
soldiers
It did
It did
not call
nothing.
them
It exercised
the
actor.
Neither it nor its servants injured any one.
It received no
for which it has not paid.
Nor were services rendered to it in
sense that services were not rendered to
every city in the land.
That
property
any
services
rendered
the
foundation for
no
as
he will with his
tion forbids.
ties
caused
had
its
finances
amount
individual
an
New York may
One may
not
do
Its constitu¬
Federal
to equalize among its citizens inequali¬
legislation.
For that equalization resort must be
Government
It intends to
permit
And
the
Federal
diacharge the obligation
payments
between
to
to reward his benefactor.
The State of
own.
Federal
claim.
States incidentally benefited
every State is
obligation, however great the gratitude due.
of
It may not attempt
by
the
to
the
United
claim
a
Gratitude may impel
be
to
are
$3,000,000,000
receives popular approvaL
and
made
Government recognizes
its own.
As soon as
as
that
it
is
$5,000,000,000.
estimated
This
will
proposition
It ia not forbidden by
our national constitution.
Thus and thus only can
every one, in whatever State he may reside, receive
an equal
reward for equal services.
And when the time comes for this
distribution, New
York,
part of the
a
as
United
States, will bear
a
very
large proportion of the total
expense involved.
So it will aid in repaying
obligation which is due from the country to its defenders.
But
the moral
under this Act it will bear
for
once
the
State,
here will receive
under
the nation.
than if he chanced
more
citizens will pay twice—
soldier
to live
who
happens to reside
in Florida.
Is New York
us
we
we
obligation to make this second satisfaction ?
give the words "moral obligation' the broad
meaning urged
may
go
far.
More
through sheer patriotism, have
the
Its
A
moral
a
Should
upon
double burden.
a
for
once
United
comfort
States
Have
at
they
great
a
than
gone
cost
moral
to
once
men
of
whom
we
are
proud,
to Washington and served us in serving
themselves in money and health and
claim
against
the
State?
It
is
said
they
were
voluntary agents, that they were not compelled to do what
they did.
Is the obligation less towards one who aids us
of his free will than towards
one
whom
On
give
its
face the
whatever
their
are
tions.
Did
law
reward.
a
safety
the
the
act
as
a
whether
alike.
reward,
No
not
an
ia
attempt not to
made
their
duties
attempt is
a
between
led
made
payment,
the
to
one
pay
a
and
them
to
claim, but to
another.
danger
All,
or
to
adjust economic condi¬
public
rightly regards it.
majority favor the Act because they believed they were
discharg¬
raise
discussing whether
that moral obligation
(State
Clausen, 194 Pac.
v.
recent
a
message of the
anderstanding
President of the
says:
'
*
our
by tax and
Such
'
men
In
1892
each
pay
received
never
'
<
-
decisions
own
Act
an
man
was
drafted
bounty.
a
"
'
We have Psed
passed
in
They
the
were
the majority of the soldiers and sailors of this war
of the National Government
granting them no com¬
military
these
We
pay.
said
and that
men
National
our
Government
they had
or
was
cannot
there
was
be treated
dictum.
as
And
If
there
in fact it does
none
be¬
no
is
such
a
moral
a
ground the
obligation exists, the court
not.
may
Legislature must determine
But the prohibitions of the consti¬
Arbitrary action
an
ebHgatkm exists
may not convert a wrong
right
■
Such,
if
equitable claim against a county
against the State.
The same reason should
legislative decision tliat
into
.
believe, is the situation here.
we
The State proposes to give its
credit to the soldiers and sailors not to
satisfy any obligation that it owes
them, but as a gratuity.
The Act is therefore prohibited by Section 1 of
Article
7
of
the
Constitution.
s
-
The
judgment appealed from should be reversed and judgment should be
in favor of the defendant
against the plaintiff dismissing this
submission, with costs in this court.
rendered
Judge Cardozo, in his dissenting opinion says:
"The credit of the
•
in
or
aid
of
any
New York, Art
its
State
shall
individual,
7, Sec.
history (2 Lincoln,
not
in
any manner be
or
corporation" (Constitution of
The purpose of the prohibition is revealed in
Constitutional History of New York, p. 87).
The
to the
use
of the credit of the State in
the
growth of private enterprise and business.
gives understanding of the remedy.
I do not
to be limited to the
particular evil that
to evils of
in aid of
kindred
a
compensation.
tion
to
nature.
The
individual who has
an
It
effect
may
given or loaned to
association
1).
purpose was to put an end
no
be pledged
inspired it
credit of the
claim
fostering
That is the mischief which
mean
that the prohibition is
It is limited, however,
State
may not
be pledged
in justice or morals to relief
in recognition
of
an
or
honorable obliga¬
proportionate and equitable distribution of the burdens of
public service (Munro v. State of N. Y., 223 *.
T., 208, 210; Matter of
Borup, 182 N. Y., 222 ; Trustees of Exempt Firemen's Bencvulent Fund v.
Rome, 93 N. Y., 313, 326).
Payments so made ur promised are in one
sense gifts, for
they are the voluntary assumption of liabilities not thereto¬
a
fore imposed by law.
They are not gifts, however, in the sense of the
prohibition under discussion, for their
animating purpose is not benefac¬
tion, but requital.
We
told that requital, if due at
all, is due not from the State, but
nation, which summoned the host to service.
I find myself un¬
able to define
by bounds so artificial the claims of equity and honor.
The
are
from
the
service
that
preserved
the
life and safety of the nation preserved at the
safety of the States (Opinion of the Justices, 190
Mass., 611, 615; Gilbert v. Minnesota, 254 U. S., 325
828; Gustafson v.
Rhinow, 144 Minn., 415, 175 N. W. Rep., 903 ; State v. Johnson, 170
Wis., 211, 175 N. W. Rep., 589).
If something is still due beyond the let¬
time
same
ter
as
the
life
and
of the bond
(Opinion of the Justices, 175 Mass., 599), State, as well
nation, will not rest till justice has been done.
Neither can silence con¬
science by
referring the claimant to the other.
argument
that
New
York,
Each
reparation,
is due in
State may
done
so.
One
nation—possessing
which
ent
does
in her
I
hold
in
our
not
if
equal
due
measure
from
as
it
hard
not of
listen unmoved
the
am
not convinced
of
to
by the
residents
Maine and
of
California.
own.
Most have already
they have, all of them, been
It is
the State rather than
residuary
is to be viewed
to
I
Legislature
of its
that
concern.
the State does
Federal system
care
believe
to
their
our
to residents
fairly be left to take
finds
meddling in matters
itself shows
merits,
treated
And
constrains?
No distinction
But in
say
by the assertion that such
their
taken
were
was
consti¬
v. Board of Supervisors,
Orange Ou., 160 N. Y., 213).
forgetful of the fact that if there is any reasonable
ground
intervene.
authority.
from homes and
occupations and
compelled to risk their lives for inadequate pay while others earned
large
wages in safety—that the statute attempts in a small
way to distribute
more fairly the
public burden.
It is all true, but again the State was not
our
the
(Bush
not
are
when
victory;
from
no
in
was
no claim, legal or
county where the money was to be raised.
under conscription
only discharged their obligation to
there
seem
the
a
that while serving hte United States our soldiers and
sailors were also pro¬
tecting New" York.
We were all vitally interested in the war.
Defeat
spelled unspeakable calamity.
Yet the men who gained the victory were
homes
ours
be found of the
general
whether the claim shall be
recognized.
tution may not be evaded
not
forget the love and admiration that they have
of
John¬
v.
to pay a
necessary
They did nothing more than fulfill their duties as
called the proposed grant a
gratuity.
It is true the case
upon another ground alone.
As a fact it was not
we
not
con¬
State,
Government
money
like
State
'
the circumstances
would
We
won and
We know that when the United States declared
it declared it for the whole
country; that the Government of the
war
as
their
served
for
the gratitude that' is theirs.
the
who
of
cause
ignore the splendid services and the great patriotism not
only of the Ameri¬
Expeditionary Forces, but of those who remained on this side of the
We
a
ours
that the purpose of the loan
clause
the
on
as can
Therefore, what this court said
a
can
sea.
as
to
might have been decided
finds
do
to
Act
an
except
be applicable
we
A
further than
$300.
serve,
citizens, and
soldiers and sailors the payment
from the State?
This is the ultimate question.
And in discussing it
of
sum
Those
But
so
similar
the general government
our
dissenting opinions.
a
an
Gratitude is not enough.
is
held
<
equitable, against the town
spending of
It
»
had the right to call upon
morals.
It is entirely to be praised.
in relation to the
Minnesota the
was
He
go no
its
implied
in
*
served, under
re¬
of
treats the bonus
constitution
language under like circumstances.
same
pensation
The desire to
natural
a
acts
least
that terra
use
has
its
public, the court did
was
Congress.
however,
compelled to
because of
or
have
we
nq£
we
we
more
because of
or
have used the term
it
In
It
be found in
may
to
directing supervisors
where
cases
which
depends the validity of the Act of 1920.
answer
in
benefits
doty not enforcible.
common
obligation due them
an
are
binds—if
whom
when
means
authority
we
Under these decisions is the bonus to
of
for
They
if it is
even
expression every day in
public funds,
cause
compensation
So far at least when
servants.
moral
legal
a
make
to
States
Civil War
element the pres¬
of action and where without that
injuries which have been suffered in its service
acts
or
give
the
small
might still be morally required.
allowed
bonus
a
Johnson, 175 N. W. Rep., 589, State
compensation rested
a
We need,
foundation of
the State itself, however imperfect,
in all there was some
obligation, not enforcible against it, perhaps because it might not be sued,
perhaps because the maxim of respondeat superior may not be invoked
some
a
"I have oommended the policy of
general treatment of the nation's defenders, | not as a part of
any contract,
not as a payment of a debt that is
owing, but as a mark of the nation's
claim against
against it, perhaps because of the absence of
such
was not
5, Art. 8) was not referred to.
the Act
gratitude."
the
of
10,' Art.
subject
United
the acts of
was
danger
violated, not because the
obligation, but because the money was to be
an
v.
striking an illustration
this
of
Again, however, this
have found, therefore, there
we
the
Rep., 793).
the unpaid service of the firemen.
a
show
of the opinion that
money
believe, for it
in
8),
the Act constitutional.
(Sec.
to make
•
the State.
The State but fulfilled,
should, its implied promise under whiph it had obtained
honor it
so
article
Rep., 224).
constitution (Sec.
it
as
W.
the purpose of
formance of ita equitable obligation by the State.
The firemen had enlisted
With this provision in view;
they were disbanded without fault of their
had in the
made
were
9), but this phase of the matter seems not to have
been argued.
Certainly it was not referred to in the opinion (Gustafson
v.
Rhinow, 175 N. W. Rep., 908).
Again, in Washington a bonus was to
be financed by an issue of bonds.
Again, too, a similar clause in the
them
the per¬
was
payment of
to be borrowed.
was
public and
the provisions as to this tax.
were
in
176 N.
son,
corporation representing them for their
in
did not
an
by taxation (State
limited time
a
court
Further,
bonus
a
been
(Wisconsin Constitution, Sec. 3, Art.
they became disabled and indigent.
When the paid fire department
into being and the volunteer firemen were disbanded
the exemptions
came
that the
gratuity.
raised
corporation
have
as
under its
authority.
In Trus. Exempt
(93 N. Y., 313), volunteer firemen in New
Roome
We
have al¬
we
pay
inference is
mere
served without pay, and to partly compensate them for
years
exempted from certain public duties and also a tax upon
foreign
benefit.'
decisions
Under such
a
So
In considering the
constitutionality of this act the court held
notwithstanding the soldiers served the United
States, they also served
Wisconsin, and that as the object was to promote
loyalty the Act served
a
public purpose.
But the question we must
decide, whether any moral
obligation rested on the State to make
compensation, did not arise.
The
done
acts
v.
by the State.
Such
moral claim existed to
compen¬
insurance companies was paid to
when
Legislature
elsewhere.
that
(182
For the benefit of the public a private injury must
compensation.
We carefully pointed out that the indi¬
affirmative
were
use
Borup
it where the owner's
property
harmed by a public work authorized
was
York
the
of
street, although at the time of
The law in this respect was, to the
recovery was possible.
without
Firemen's Ben.
they
Matter
a
circumstances it might fairly be said that
sation
In
statute
assume
change of the grade of
a
no
fault.
idea, unjust.
common
vidual
that
require
or
injured by
was
irrespective
held
we
liability
assume
be
accident,
an
testimony of their gratitude?
one
to veterans.
compen¬
sation
a
been passed
might
lawfully be raised by taxation to pay veterans of the Civil
War, but they
speak of such a payment as a gratuity (Opinion of the
Justices, 211 Mass.,
208).
In Wisconsin money was to be raised by taxation to
a
Munro was injured by the negligence of the State's
engaged in the kind of work which, had the employer
individual, would have, our Legislature has said, required
an
It is
their vote
was
statutes have
In Massachusetts the
justices
course.
a
was
Or
that similar
tution.
con¬
permitting him to be working in
Under
told
thing, however, to quote such practices as
illustrating
those fundamental principles common to
free Governments as we have
quoted
them.
It is another to use them as
defining the distinction between a gift
and the payment.of an obligation
necessitated by the language of our consti¬
the trial that
on
an
ready said.
obligation.
employees.
The State conceded
known
was
obligation?
ing
are
for the insane (Workmen's Compensation Law, Cons.
2, group 7). -While engaged in his work he was
1537
as
power
parens
the necessities of her
sons
the
of Government—
patriae.
The par¬
who have fought
defense.
pass,
then, to the question whether the Legislature might
reasonably
who in greatly serving had also greatly suffered, gained
that men,
THE
1538
thereby
for their suffei'ing.
cHam to reparation
a
in
claim
justice
equity or morals or honor.
or
I mean, of course, a
Great achievement and
meagrely rewarded. The perils of battle, the hard¬
ship© of camp and trench, may he poorly paid at any price; few will
assert that they are recompensed at the rate of $1 a day.
Even for those
who did not reach the firing line, there were the pangs of separation from
home and kindred, the,anxieties and the strain of a new and hazardous ad¬
venture.
Legislature and people, beneficiaries of this devotion, have
heard the call of a moral duty to mitigate the disparity between suffering
and requital.
But the catalogue of suffering does not end with pain of
mind and body.
There was money loss as well, or so at least a Legisla¬
ture, looking at average conditions, might not unreasonably believe.
Its
judgment in such matters must prevail unless wholly arbitrary and baseless
(Matter of Stubbe v. Adamson, 220 N. Y., 459, 469).
Labor in the market
was paid
with no such modest stipend as these men received for labor in
submarine and trench.
Even with food and housing added to the stipend,
we
cannot say that there is mere caprice in a finding of the lawmakers
that compensation was inadequate.
Often the stipend was sent home for
the benefits of relatives who, if not wholly dependent on the absent one,
had need of something more if they were to be maintained in his absence
according to the standards of the past.
Lost also were indefinite oppor¬
tunities for profit and advancement.
While soldiers and sailors risked their
live6 abroad, wages abnormally high were the reward of those who stayed
behind.
The losses did not end with peace.
Men wlio had left their call¬
ings overnight, breaking up the old relations of business and employment,
found on their return that business must be rebuilt and employment sought
anew.
Then, too, the shock and strain provoked a period of reaction, in
which idleness was inevitable,
New losses must be suffered till work
could be resumed and life adjusted to the ways of peace.
It is significant,
I think, that the statute limits the bonus to soldier and sailors of the lower
grades, i.e., to those whose pay was smallest, and who are most in need
of aid.
Of these some may bear a loss more easily than others, but for
many, if not for all, there will be loss in some degree.
Legislation in such
matters must take note of average conditions (Tenement House Dep't, N. Y.
City v. McDevitt, 216 N. Y., 160, 167).
The problem is too complex, the
difficulty of proof too great, for investigation of the individual case and
adjustment of reward accordingly.
We take judicial! notice of these things
(People ex rel. Durham Realty Co. v. La Fetra, 230 N. Y., 429 ; People v.
Schweinler Press, 214 N. Y., 395; Matter of Stubbe v. Adamson, 220 N. Y.,
459).
We take judicial notice, too, that since the beginnings of our his¬
tory, a sense of the moral obligation to give aid to the returning soldier
lias been felt and acted on by Government (United States v. Hall, 98 U. S.,
343, 346).
The call of these and kindred equities has been heard and an¬
swered in the past.
Are the equities so feeble, is their summons so plainly
an illusion, that we may answer
them no more ?
We have held that the Legislature is still free, with all the restrictions
imposed by the constitution upon gifts of money or of credit, to assume lia¬
bility in law when liability may be found in equity or honor (Lehigh
Valley RR. v. Canal Board, 204 N. Y., 471.
Equity and honor are the
same as in olden
days.
The constitution does not define them nor seek to
circumscribe their content
An employee in a State hospital was injured
by the assault of a patient confided to his care (Munro v. State of N. Y.,
223 N. Y., 208).
A statute after the event declared that upon a finding
by the Court of Claims that the injuries "were so sustained" damages
therefor should "constitute a legal and valid claim against the State."
We held that the right to reparation was so rooted in equity and fairness
that the Legislature was free to recognize it by assuming liability.
We
did not put our decision, as the Legislature did not base the statute, upon
any theory of negligence in the conduct of the enterprise.
The claimant had
been injured by an "unforeseen accident." (p. 216) as the result of service
to the State, and that was thought enough, though the State was not at
fault.
If a hospital attendant, serving in times of peace, has a moral
great sacrifice have been
claim
indemnified against the risks of an
be
to
employment which he was
lias at least an equal
of N. Y. (supra), a bonus
incapacitated would be the recognition and
injured in
accept or reject, the soldier
free to
a war
I cannot doubt that under Munro v. State
equity.
to the maimed or
fulfillment of a moral obligation, and not a largess or donation, the
pension
or
dole of
The conscience of the State would listen with little
patience to the argument that wounded and disabled had no claim upon
its bounty because wounds and disabilities were suffered in the service of
the nation.
This the prevailing opinion apparently concedes, though I
cannot reconcile the concession with the logic of its theorem.
Relief in
such circumstances would not rest upon the narrow ground that the in¬
charity
benevolence.
or
It would be
morality, though
were self-supporting.
Aid to men thus stricken is not benevolence to
poor.
It is an attempt, however feeble, with sacrifice outweighing
jured
all
the
disabled might be in danger of becoming paupers.
or
due, if
the Legislature should read the promptings of
so
payment, to set
If
the
when
conscience
in other
can
of
is
at all
Pay
so
money
or
to be almost nominal does not greatly change
life of B, or of B's child, and in so doing
as
has saved the
Many
a man
in B's case would feel that the loss should
"That which would have been merely a charity or a gift is not
army.
such by reason
N.
The grip is indeed weaker, and yet
We deal here with a like sen-ice, not of one man, but of an
repaired.
able
inadequate
A
of the service given, the consideration rendered, the honor¬
obligation incurred" (Trus. Exempt Firemen's Ben. Fund v. Roome, 93
We err when we envisage the soldier's relation to the Govern¬
Y., 326).
ment in
the category of
contract.
Contract in the true
sense
there is
none,
conscripted by the sovereign, and, even though not conscripted,
but service
its will.
rewarded at
here.
In
That is
why payment of the
founded
lature
by
a
is
unequal
an
man
one
and
pressure
of the burdens and the
The readjustment of
others.
upon
illu¬
unless the Legislature
legal liability
there
equity is a legitimate func¬
long
as
justice to its citizens remains its chief concern
v.
State of N. Y., 226 N. Y., 351).
as
led, therefore, to the conclusion that the payment of
am
but
earned
money
thing which
received,
not
is
not
wholly without
^
this bonus, as
in some¬
support
Legislature might estimate as a moral or honorary
the
obli¬
estimate, for such a
conception of equity and justice, the courts must yield to the judgment of
the Legislature that it is worthy of recognition.
The question is, then,
one
that the Legislature must determine for itself (United States v. Realty
Co., 163 U. S., 427, 444; Oswego & Syracuse RR. v. State of N. Y., supra,
at p. 357).
"Its decision
can rarely, if ever, be the subject of review
by the judicial branch of the Government" (United States v. Realty Co.,
supra; ef. Opinion of the Justices, 175 Mass., 599, at p. 602).
Some may
think the service so far beyond requital that the attempt should be sur¬
rendered for mere futility.
Others may think that high and unselfish
sacrifice is cheapened when repaid in money.
Others, again, may think
gation.
If there is any reasonable basis for such an
.
that
the
for
losses
.
economic
sake of
political
to answer them.
I
or
date
stability
of the
tion
that
legislative expediency.*
or
Act,
commonwealth
moreover,
no
These
attempt
valid
upon
or
invalid
the hope
or
at
aid, at some indefinite period hereafter, may be granted by
Nevada, New Jersey ,New
I
submitted to the electors.
concurring acts
were
that the conception,
(Italy, France, Great Britain, Canada and Aus¬
too, is the vote
Impressive,
tralia).
Wisconsin and Wyoming), as
Vermont, Washington,
in foreign countries
as
in favor of our own statute, when
cannot bring myself to believe that all these
unmoved by any conception of honor or of duty, or
if held, had no basis in reality.
If there be the possi¬
bility of conflicting motives, those that vitiate are to be rejected, and
validate
W
of others
recognition
thetical situations are
in
those
presumed.
warned that the recognition of
are
e
the
Massachusetts, Michigan, Minnesota, Mon¬
Hampshire, North Dakota, Oregon, Rhode
(California, Connecticut, Maine,
Island, South Dakota,
that
the
expecta¬
Impressive is the list of like statutes to be found in other States
nation.
tana.
either
was
I make
judgment for the judgment of
Its validity cannot turn
of its enactment.
well
financial
not. to substitute my
am
The
lawmakers.
the
.
already suffered should be left to lie where they have fallen.
questions of
are
I
terrorem.
am
this equity may be followed by the
still weaker and more rarified.
All sorts of hypo¬
suggested in the briefs of counsel and held before us
not swerved by these
forebodings.
I do not know the
equity that is incapable of being reduced to an absurdity
when extended
Here, as often in the
Most
of
these imaginary problems will never in fact arise.
They assume a
Legislature and an electorate without responsibility or conscience.
The
public credit is not pledged in these cases by the Legislature alone.
The
pledge is invalid unless ratified by the vote of the electors (Const., Art. 7,
Sec.
4).
I find little opportunity here for the charlatan or the cheat.
Something more than a bizzare and shadowy pretense, some service stirring
the deep currents of public gratitude and loyalty, will be needed before
these protecting dykes and dams are overcome and flooded.
But the existenee
of a power is not refuted by demonstrating the opportunity for its
by
some
process
of analogy to varying conditions.
law, the difference between right
175
tices,
Mass.,
I
wisely.
is a difference of degree.
when it arises (Opinion of the Jus¬
We may not nullify a statute from
of Legislature and people to use their power
persuaded that hundreds of thousands of earnest men and
justice and equity demand the payment of this bonus.
am
believe that
women
They
wrong
602).
at p.
599,
mistrust of the capacity
mere
and
The abuse must be dealt with
abuse.
be wrong.
may
I do not know.
It is enough that I cannot charac¬
of the mind, and idle dreain or phantasy, an
terize their belief as a vagary
irrational
None
Bush
v.
pretense.
the
of
previous
in this State
cases
Board of Supervisors
should receive, many years
as
case
before us.
those who had hired a substitute that they
after the Civil War, a bounty equal to that paid
for volunteering,
reward
a
controls the
Orange Co. (159 N. Y., 212) is not decisive.
The claim of drafted men or of
had small support in morals
(cf. opinion of
id., 608). That
decision, moreover, could stand on the single ground tliat the debt, con¬
tracted by a county, was not one for county purposes, and that there was
surely no moral obligation resting on the county, even though upon some
strained theory we might ascribe one to the State.
The Mahon case (Mat¬
ter of Mahon v. Board of Education, N. Y. City, 171 N. Y., 263) does not
control, for the teachers were servants of the municipality, who has made
a
voluntary contract, and the constitution prohibits the grant of extra
compensation to public officers, servants, agents or contractors of the State,
or
of its civil subdivisions (Art. Ill, Sec. 28).
That provision is inappli¬
cable here, for it postulates a contract to which the State or the munici¬
Justices, 190 Mass., 611; Opinion of the Justices, 211
the
pality was a party, and not
agency
submission 'to a mandate, issued by another
sense
of
Our ruling in Matter of Borup (182 N. Y., 222)
in that truth.
We held that it was in the power of the Legis¬
retroactive statute to assume liability to a landowner injured
of
other cases so
the
v.
Canal Bd., 204 N. Y., 471).
The dictum is coupled with
is for the recognition of the claims of
concession that room there still
the
equity and justice (pp.
V.
Roome
475, 476).
(93 N. Y., 313), and
Trus. of Exempt Firemen's Ben. Fund
Munro v. State of N. Y. (223 N. Y., 208)
There
If the
soldiers had not suffered, and the sole purpose of the bonus were to reward
them above others, the reward might be said to have no basis except grati¬
tude, a free offering of thanksgiving, untouched by the admixture of any
sentiment of justice.
Their service has been coupled with sacrifice, and
from the union of the two there is born the equity that prompts to repara¬
show
is
a
and comprehensive is the content of those terms.
difference, not to be ignored, between profit and indemnity.
how plastic
tion.
The
judgment should be affirmed,
with costs.
taking issue with the majority opinion,
brief, and puts his dissent as follows:
Judge Pound, in
is very
The New
burden undischarged.
was
there
upon
equity there and a mere cobweb, an
an
is
along the lines of equality and
of the State
I
does not always
wage
distributed oppresses those who profit by it with the
fice unevenly
of
case
(Oswego & Syracuse RR.
satisfy the conscience that there has been payment of the debt.
The con¬
stitution does not silence these mutterings of spiritual disquiet when sacri¬
a
burdens
tion
each
In
one.
basis
of government
power
these
the
neither
Valley RR.
is the basis of its
Few would doubt this if the soldiers had received no pay
loss.
suffered
find
sion,
if there is an equity in suffering of body or
that there is none
the balance.
would
assumes
I cannot yield to an appraisal of values
remedy when suffered.
a
that
in economic suffering, the loss of
cannot say,
I
without
Government, where volition is excluded.
What was said in
far as it is applicable here was obiter.
We may even
assume in accordance with the rather sweeping dictum of Cullen Ch.J., that
there is no longer room for the play of mere gratitude and charity (Lehigh
sacrifice unrequited,
suffering of body or of mind.
be felt.
mind,
has
disturbed.
another, but merely
money's warth.
be
when
it is for the Legislature to declare
Not this form of sacrifice or that to the
I cannot say that there is an equity in unrequited wounds and none
power.
of
be recast by adjusting recompense to suffering
disparity disturbs the conscience,
exclusion
it
the balance true.
the account may
[Vol. 113.
CHRONICLE
of
York Constitution, Article
the State
any
7, Section 1, provides: 'The credit
loaned to or in aid of
shall not in any manner be given or
individual, association or corporation."
I am unable to agree with
associates that this limitation prohibits the creation of a debt upon
to the people, pursuant to Article 7, Section 4, for the pur¬
by a change of grade, though at the time of
my
value
submission
loss
damage without wrong.
was
was
the price
the change the impairment of
Under the law before the statute the
of life in organized society.
It
part of
pose
which the citizen must pay for the benefits of Government.
We
Legislature might readjust the incident of the burden, might
the incidents
was
held that the
establish
of raising money to pay
pose
of
one
a
more
equitable
distribution
between
public, through the voluntary acceptance of
the
individual and the
liability for
a
loss which
was
soldiers' bonuses or for any other public pur¬
which is to be carried out by the State itself without the intervening
of an individual, association or corporation.
The credit of the State is not given to or in aid of the recipients of the
State's bounty under Chapter 872, Laws of 1920.
It is not given or loaned
agency
Oct. 8 1921.]
•/"in any manner."
the provisions of Article 8,
any
.
.
the
Section 9.
individuals for
It may not be given "to
Except for
public
any
such
Five
"in
purpose
of
pursuance
owned.
in aid
or
limitation,
it
an appro¬
(b) The values,
to
tions
matter of
a
State
borrow
may
by benevolence
tion
.
indifference to the court.
or
public
for its
money
by moral constraint,
private undertaking receives
or
vote to affirm.
What to
recognition of
long
the
act
an
an
association,
as no
money
seems
equity.
But the
whether moved thereto
purposes,
so
one
,
,
called,
so
to
seem
consist
principally of the estimated
reproduction less depreciation, which is based
and
mission
corpora-
is thereby aided.
or
so-called
"normal"
certain
on
assump¬
unit
proceeds to depreciate the carrier's property by the
straight-line
assigning different service lives to the constituent items of the
method,
I
carrier's
physical property.
The methods adopted do not determine the
existing depreciation of the property at the time of the
Inventory
present, but only report the estimated theoretical depreciation or
the estimated expiration of service lif4 at the date of the
inventory. This
estimate is treated as if it were actual
depreciation, with the result that
the valuations report the existence of an excessive
amount for
*
-
,
prices as of June 30, 1914.
To this
estimate there appears to have been added the
"present value" of carrier
lands and the amount of working
capital and materials and supplies on
valuation date (which dates for these tentative valuations are as
of June 30,
for the years 1914 to 1917, as the case
may be).
(c) After making the estimate of the cost of reproduction new the Com¬
prevailed with the Legislature and the people as the impulse of the
legislation, whether the bonus is to be regarded as alms or honorarium, thus
gratitude becomes to another the
of
cost
tion
becomes
4
ownership.
supplement the pay of the soldiers and thereby to promote military
zeal in the future.
Whether the sense of gratitude or the sense of obliga¬
of
*
,
Under these two classifications the valuations
purport to show the value
of the carrier property which it
owns, without regard to its use, and the
value of the property which it uses in
transportation, irrespective of its
may
priation by law," but not otherwise (Const., Art. 3, Sec. 21).
The payment of soldiers' bonuses is or may be recognized as being for a
public purpose and a public undertaking.
The purpose and the undertaking
are
1539
classifications are made, the two
major ones being, (1) th]e total
owned, both used and not used; and (2) the total used, both owned and not
of the State and is held subject to
money
undertaking."
private
.
be given to
CHRONICLE
It is sold in the market to the purchasers of the bonds.
The borrowed money becomes
of
THE
't
actual
at
nor
FURTHER SALES OF EQUIPMENT OBLIGATIONS BY
U. S. GOVERNMENT—OUTLOOK VERY ENCOURAGING.
and proper
tions
that
were
short time.
Recent
.
This, he Considers
issues
Government's
sales of
$97,266,000,000
Sept. 24,
have
Oct. 1,
Preliminary and location
Cost
for
Cost
1212;
p.
of
Cost of
its total sales of railroad
equipment notes and equipment
Appreciation
City,
up to
$98,967,800,
as
of Oct. 7, viz.:
Washington Southern last eight installments sold
& Co. and
■
-
to J. F.
1
Wilkin
—$393,400
Washington Terminal Co...l.——
-—
50,400
«.
as
above, further
the carrier
The
As
result of sales already made, the Administration has sufficient funds
a
carriers where final agreement has been reached
as to
the respective amounts owed to each other by the Government and the rail¬
roads.
;
t
The
Railroad
Administration
had
$360,000,000] of equipment trust certificates.
$100,000,000,
or a total of at least
the next few weeks.
be marketed
about
$380,000,000
It is believed that
lor
second
a
$200,000,000, will have been sold within
The certificates pay 6% return in interest and must
highest importance.
reproduction
At present negotiations arc in progress with several
railroads which should provide them with funds for increasing repair and
new
companies
which
Accounts
Value"
are
706
contained
the valuations
as
in
are
707,
the
Get. 1 1921
by the Director-General of Railroads
to
up
Texas
of
&
the
operated.
not
are
tentative
Such
valuation
in
of
the
controlled
or
investments
included
carried
are
figure of
"Final
the
controlling company
being made separately for each owning and operating
Mexico
can
be
in the valuation of the New
seen
Railway Co.
securities
may
have been
issued
for
or
used
to
purchase
;
Best
Course
to
Pursue if
From the above it will be
careful
seen
Making Any Such Comparison.
that in attempting to. make
comparisons,
consideration must be given
to all the facts reported; and that an
between Final Value and Investment in Road and
Equip¬
exact comparison
ment,
or
with capitalization, is almost
impossible/ and should only be
by those fully informed as to the facts in each case.
If, however, a comparison is attempted of
any of the totals of the classi¬
given elsewhere in this Department.
are
listed
are
property carried under "Miscellaneous Physical
Property," Account 705,
which is not included in toe
"Value," nor in the Investment in Road and
Equipment accouht.
.
claims
and
An illustration of this
company.
Orleans
separately
and
ditions.
road
of which
some
been issued to procure funds to make
investments in affiliated
maintenance work and generally aid the gradual revival of industrial con¬
[
Interesting particulars regarding the settlement of rail¬
Equipment account does, however, contain
equivalent is reported in the estimate of
no
in "Final Value,"
nor
as
Some
The fact that, the Administration now has sufficient funds to meet the
Road and
being omitted or not reported.
(g) The capitalization will be found under General Balance Sheet Ac¬
counts 751 to 753 and 755 to 757.
In many Instances securities have
by the Government at par or better.
present requirements for settlements with the carriers is considered of the
the date of valuation.
on
Investment in
cost of
in
originally
highway changes off the right of way.
costs.
Crossings built for other carriers.
items of cost for which
above
says:
'
to make payments to
street or
Company's
.........—107,800
A special dispatch on Oct. 3 to the "New York Times"
quoting Mr. Mellon
construction.
new
Investment in Road and Equipment
(including that held under contract for
purchase) in existence at the date of the balance sheet or on the books of
many
'
temporary
Assessments for public improvements.
(f) The Investment in Road and Equipment account is
general balance
701 of the I. C. C. classification of
income, profit and loss,
and general balance sheet accounts.
This account includes the
751,200
—
...........
other structures from the right of way.
structures actually used but not
or
other
sheet account
Equitable Trust Co. of Baltimore
/Southern Pacific C<?_
Portions of sundry other issues.,
toe fol¬
Contingencies.
far. as shown by records in New York
so
and
considered essential for the
recently been marketed bringing
certificates,
railroad,
a
are
surveys.
removing buildings
trestles
the following blocks have
trust
reported in the estimate,
lowing:
total of
a
17,
not
the business after
in the construction of
occur
not
or
or
,
.
(e) Among the items of cost that
In addition to these,
1428).
p.
Sept.
of
anything for the development of the properly
date.
but which have been omitted
the
reported
equipment securities to
issues
include
that
a very
encouraging.
very
"Chronicle"
(compare
1324;
p.
the
of
property under usual
bringing the property into existence and ready for operation, and does
considerate additional amount, at least
a
accord with the actual condition of the
maintenance.
(d) The estimate of the cost of reproduction new is based on certain
theoretical assumptions and many items of
cost, incurred in the construc¬
tion of the property, are omitted.
It is moreover limited to the cost of
these securities had thus far been sold and that the indica¬
$100,000,000, would probably be disposed of within
depreciation,
not at all in
Referring to the recent sales of railroad equipment, obliga¬
tions by the United States Treasury Secretary Mellon was
quoted on Oct. 3 as saying that more than $100,000,000 of
made
fications reported under
VALUATIONS
AN
On pages
AS
TENTATIVELY
ADDITIONAL
44
FOR
COMPLETED
"Final Value"-with
the Investment in* Road
and
Equipment,
or the capitalization, it would seem
that the total of the fig¬
reported under the caption "Total Owned" for each
particular company
and its subsidiaries would be
more
nearly comparable therewith than those
of any other
classifications.
ures
RAILROADS.
1008 to 1011 of the "Chronicle" for Sept. 3
we
published, In somewhat abridged form, the elaborate table
of valuations for 106
railroads, large and small,
compiled
as
by the Railroad Presidents' Conference Committee
on
Fed¬
eral Valuation from the reports of valuation served by
Inter-State Commerce
in
Commission
the
the
several carriers
submits similar data for
In
an
were
badly garbled in recent press
p.
1250.)
summarize below in precisely the same form as
&
First:
in
In
detail
to
with
common
date, the
such
the
Reported,
Values
Account
or
Capitalization.
Comparisons
the
carrier's
will
probably be attempted of
Investment
in
Road
and
the reported
"values" with
Equipment account and its capitali¬
zation.
While
should
and
such
be
comparisons
Equipment
account,
things and, therefore,
some
(a)
of
can,
of
course,
be
given to the fact that the "Values,"
which
and
are
not
the
capitalization
made,
the
of
proper
consideration
Investment
a
carrier
in
are
Road
different
strictly comparable for a number of reasons,
follow:
Under the title of "Final Value" the Commission states that it is
reporting the
"Values,"
as
that term is used in the Inter-State
.Act, of the property of the carrier.
like
an
that
It
is
Docket
at the
a.m.
No.
20,
office of
Valuation of Land.
referred
proposed
they will read
to
to
the
as
relates
it
by Congressman
Committee
Inter-
on
Sections First and
amend
follows:
as
far
'
/
^
piece of property, other than land,* owned
or
used by
carrier for its purposes as a common carrier, the
original cost
reproduction
new,
the cost of reproduction less deprecia¬
analysis of the methods by which these several costs
for
reason
their differences,
if
ob¬
are
The commission shall
any.
value,
of
Investment
in
of
with
10:30
investigation said commission shall ascertain and report
cost of
tained, and the
Comparing
Angeles & Salt Lake RR.
;
The bill has been
so
to each
as
tion, and
of
3, at
Valuation Act Regarding
Foreign Commerce.
Second fo the Act
said
Danger
Los
proposing to amend the Valuation Act so
land, has been introduced in Congress (H. R. 8009)
Evans of Nebraska.
Sept. 30, supplements his explanatory statement of July 20
following cautionary observations:
to
and
2
Another bill,
to
State
roads
Pedro
Angeles & Salt Lake Ry.—ED.], Valuation
postponed until Nov. 1,
Amendment
adopted for the initial 106 roads), Mr. Lee, under date of
the
the San
Commission, Washington, D. C.
aforesaid Committee,
(Compare "Chronicle" of Sept. 17,
we
and
[now Los
been
additional 44 roads, among
presenting the valuations of the 44 additional
(which
4,
Co.
the! Chicago Rock Island & Pacific Ry., the facts re¬
garding whose valuation
reports.
(Oct. 5, 6 and 7) fixed ,by the Commis¬
property of the Kansas City Southern Railway,
Valuation Docket No.
the
Frederick H. Lee, Secretary of the
them
Valuation of K. C. Southern and Los
Angeles tc Salt Lake Rys.
on
The date for the oral
argument
sion in the valuation of the
has
on
question^
now
Hearings
the
manner
ascertain
and
report separately
other values, and elements
if any, of the property of such common carrier, and an
analysis
methods of valuation employed, and of the reasons for
any differ¬
ences between
any such value and each of the foregoing cost values.
Second:
Such investigation and report shall state in detail and
separ¬
ately from improvements the original cost of all lands, rights of
terminals
owned
ascertained
value of
as
Ithe
demnation
or
of
same.
used
the
for
time
the
purposes
of 1 dedication
of
to
the
common
public
use,
way,
carrier,
and
present
[, and separately the original and present cost of con¬
and
damages
present value.]**
or
of purchase in
excess
of such original cost
Commerce
Note.—*Jtalics
and
[and]
the
show
words
added.
**[
]show
words
omitted.
or
t
Capitlzon
of
(as
2,34 ,0 50 .0 0 60 .60 2 6,0 0
(Bonds, TYust Recivrs' Certifcaes).
Equip.
|Debt
Valution).
and
s
Acounti g Section's Restae¬ ment.
iRInacnoensfmdtn of Valution).
E(quaipmsent of
1
,
46.0 0 £>0. 0 10 .0 0
15.3 3 6,798
95,783 73,863
1,VO '. O
ported
,
9
*1*27",
"
t
in
704",968
46 1,9 3.297 *59140 479,824 1,8 .058 438,163
1,83.947 *439* 92 5 8, 64 745,4 5 4,524,089 "2 9*139 412,346
1,2 8,612 39,16587 7 6,406
"
repots
I
+r«
912,0 0
45,18 602
211
Not
Total
,
4
„
of.
97.741 546.528
07.689
562.5 3 242.351 435.8 8 436.529 .718 1 3.0 0 946.980 202.04 79.802 1,9 ,82 1,07 .140 518.148 1,84 .653 450.348 2,684. 92 353,074 703, 68 1,279.512 978.437 1.682.60 592.308 427.657 1,081, 72 s.i ejs t276, 34 603.503
45,897,658 23.6 14 48,207.859
67.430 28 26.803 10,279.34
2,68 .1 0 403.236 641.975 582.928 149.237 136.316 5,13 ,2 3 234.305 159,3 2 13 .796 564. 91 1,421.895 1. 63. 1 431.91 751.761 4,719.604
Total Used.
—
50 ,0 0
20 ,0 0 064,950 439,50 350. 0 30 .0 0 420. 0
50. 0 10 ,0 30 ,0 0 40 .0 0 409.0 0 10 .0
°.0,36249.750 150. 0 10 .0 0 0°'f. -•750. 138,30 ™.0 IO'10, 0 60 .0 970, 0 6.01,80 3,4 8,60 *250. 10, 0 0,52.t7f482.53 '125,0 16.827,50 1.708,0 0'^1.50.0 50. 0
50.0 0 10 .0 0 987.0 0 20 .0 0 10 ,0 0 10.0 0 10 .0 0 30.0 0
re
Not
2 3,512
None
"
o
50, 0 <0. 10 ,0 0 108.60 750. 0 950. 0 950. 0 S94.S0 950. 0 15 .0 0 303.0 0 150, 0 3-£6.849 109,40
"
6 2.853 781, 72
578.503
190,26 60 .0 0 174,50
56,1S9250 1,085,0 512,758 1,34,653 450. 0 24.80936 2,612,956 15 ,174 842,40 408*6 425,0 0 694,935 31,79 0 20,81.0 4.720. 0 t250, 0 37,0. 23,8049 2,750. 0 15,86.482 13.4632 12.69045 10 .0 0 1,437.460 17,3 742 -2.07 Contrled
157,51 3,4 0,435 40 .4S0 154,628 "eb'do 936,745 137,207 95,482 2,30 ,30
1
.
.
2,67 ,160 398,104 57 *576
5
Bo ks.
Caries*
Date
4,752.0 10 .0 0
A
950. 0
(Com on Pref d.) '0. 120. 0
of 'Stock
Date
6,791 25.0 0
359,519
52,320 351.241
235.867,019 6,720.53 32,57.9 14.86 781 2.781 63 *178*917 1,4.960 1,56.0 1,0 .0 17,3.674
7 ~,506
48.750 347,467
39,758 5 8.394 243.542 62 ,528 429,83 147.865 1 6.0 0 1 9, 28
64,027
1. 87. 10
1,20.35 507,463 130.906 565.14S 841.864 138, 34 8.09 .704 151, 63 174.071 192,09 496.7S5 686.4 4 1.925.0 160.4C4 381,619 354,94 2.9 4.120 490.697
S
70.5 1
2,07 .91 29,072.49
507.032 1 8.60 565,148 641.864 134, 23 62,972 7,02 .530 150. 0 174,071 192.057 496.780 686.4 4 1,750. 0 160.404 368,769 354.94 23.516 5 8.394 3. 69. 73 484,983 241.41 340. 0 429.83 147.865 1 6.0 0 1,260.793 1 9.0 0
70,5 1
2.07,91 26,7924 60 .0 0 424,0 0 1.32,0 42 ,067 23.81,40 2.150. 0 153,840 80 .0 5.298,52 1,28913 676,408 1, 7,328 45 ,50 490, 0 43,29.815 7 0, 0 21,50 0 3,850, 0 46,931.47 1,20 0 25,062.90 3.46 .95S 35,0 10.75 0 8,40,0 215,0 213,0 70 ,0 0 1,650 70 ,0 0 13,8 406
1, 2 ,306
Otcned.
28,09 3 *153*846 825,645 5,298.596 1,289.13 676.408 1,53,985 45 ,50 490,21 4,6240 25,36*84 47,6 143 32,7 596
424,(67
13.2 67
7 ,50
48.750 317,17
5
14
Used But
Text.)
Not
4.411 1,373
2 ,306
Otcned.
1,074,174
1,163
12,850 16,242 72,4 7
_ 175,0 0
m-
2.131
5.714 282,528
»—-- 2,35 , 5 •W.*-
.
*-
2,198.108
•m.rn-
•
(See
1,301
36,657
25,645
*318
Owned
•«•
Bttt
75.50 60 ,0 0 424,0 0
72,983
518,60
Used.
Not
1, 2 .306
and
507.032 108,60 565,148 641.864 134, 23 62,654 7,02 ,530 150. 0 174.071 192,057 496,780 68 ,4 1,750, 0 160,404 368,769 354,94 23,516 5 8,394 2.851.673 484,983 241,41 340, 0 429.83 147.865 1 6.0 1, 87. 10 1 9.0
25,172
S
Whollv Otcned Used.
7,032 5,148 20.240 3,834 4,654
«
Working Capital.
208.123
None
4.071 20,08
49,818 7 0, 0
1.321,0 2,150. 0
70.5 1
42 .067
2,07,91 26,71 924
*153*840 80 ,0 0 5,298.5 2 1,289,1 3 676,408 1, 7,328 45 ,50 490, 0 43,279 7
23,81 3
353
30,37 5,810
40.067 2.840
None None 16 ,876 535,808 None None None 140,685 None None 320,202 291,43
5.291
4,140 2,865
23,079 40.839 5,243 2,362 3.059 None 28,209 16.873 23,386 1,411 1,679
None
759
589
2 .13* None None Non6V
Materials Bup iUe.
and
suplemnta
m
m
■:'m
■
3,856* 6 1,20 , 0 252,937 3,46 .958 35.0 0 10,75.0 8,40 , 0 215,0 0 213,0 0 70 ,0 0 1,650, 0 70 .0 0 621, 01
CGoRUAnmuitarsrjlnxeu.od.y.,- 9scALRItbopvinq%skufci,g.pitkd,l I&Patmcnswaycmol.spajkt,f,ry
RWG&BCbnoerCRaIPtpsahtwernyqol.yuch.digka,.l-mjfugyAhwtuoegrowpenfrasSlhUipBVcuit"vgI&CLLRCRhAbFEqCeoroundynag.dl.liedRPitzpoysechpidkurlgTGtAOhCARbkCi.—.fcphVa14p1V051980n89tho3agr7.;u7sedyp40.
0vxu/1*.v.j.
v.
-v*.
21750*6 * 7 ",50 46,931 47 251,869 3
13,2 305
48.750 317,17
150
458
925
lNaouptesr.—leoUdncit
30,290
70,47613 rnm mmm "•-.» m.'-rn m•m m mm
.
"Final
navtleumntiaonisvreopcoedswuticmtfiang
1, 82,4 3 3,850, 84 m^'
328,585
6
Valu6" s Cformoismon
Jbmtossbaudyemt.iryen13td9eulnopahrm0ircoeca4spafulntisfnd
362
714,196 mmm
rnm-
CIbndoemt-SmycinMOFaoatrheengrsd.i
4.049
212
928
42
431
414. 07 None None
None
5.185
6.407 5.885
1.969 6.427 13.365 29,602
None
4.035
34.80 6,597 21.748 9,693
None
N°£«0 N°n.M1 681.H6 None None None
"
841. 46
78.380
None None None _
None
1.031
681, 15 None 397,915 None 838,372 None 3.204.673 None None None None None None None None None 85.590 None
28.2 0 None 598. 82 None 4 3,601 None None,5.93.575 None
5,605,310
None None None None None None None None None
_126,710 None
2,027
CLRaSnoy.dt.0mowjnl1erirtsyhipCRSoute.rntChROrouhygi.o"TOshtoaclk.iun8vetord., cwwmhnpisacyCRP1ACRo..GAOkulyahlfwcocamapitpslsnyon;V11vp623.72..;,
C.aC. through bContryled aMobile capitl Uipnrop.erty Co.,bContryled Choctaw 1to74;
C.
v
Co.
by
by
725
Bte s
7,693
1,861 4,906 3,288 6.458 8,428
102,480 13,396 39,621 1 .708 1.540,219 28,193 4 ,643 8 ,154 48,0 2
t
Com.
6,075 3,824 4,854 29,420 81,456 34.694 6,766 3,752 4.535 2,103
4 0,312
1 0,260
2 ,19 3,842
72,801 140,842 46,631 21,254
3,1 3.913 "~692*,i74 2.607,264 29",*824, 8
6 0.630
3.790
92,121 431,516 90,3 8 62,631 1 6,026 30,56 17,727
3,8 4, 9 *616*5 3 4. 09,548 30*.940 52
625, 17
92*70
4 .395
""
10.765
*
l.ss
Cla
Lands
Used.
760
Present Value.
S
6.500 8.811 1.102 4,873
215.0 0 10.4 2 56.496
2.619.0 3
Ownnedd Note
a
2.005 4,908 6.139 23.532 36,358 75.651 51.9 9 3,762 2.534 3.152 2 ,912 68.274 24,715 3,945 2,048
257,618
3,141 6,088
2,401 1,344
3,091
102,0
826,3 1 18,316 728,0 3 2, 48,2 7
(.See
107
1.408
Orignal
Cost.
152,530
712,074
04,963 64,580
468,207 97,924 39 ,307 570.591 124,270 49,548 8,497,6 7 143,530 16 .0 8 153,184 4 3,201 680, 61 1,5 348 94,414 3 5,986 342,827 20.364 463, 62 2.591, 8 402. 54 305, 17 134. 53 134,236 1 4,13 306.238 1, 4 35 21,83 914
ciaton. 767.3 5
375,386
28,92
f
R6f¬e productin Depr¬
Con
15.015 *2*903 *2*6*43
None
14,897
1.308
"340*012
69 ,857 841,096 5 2,1 4 934.040 376.3 9 4 8.924
35,21583 i9182,136", 76*257 38,56982 *479.1141
19.46045 142,97 4,10836<
1.735,613
~"
"
'
Loos
42.902 287.648
25
24
Land)
U(EPxrocpluedrtinigs saendd. •N*o.t"e)
32
22
37
25
28
20
22
28
28
28
22
21
20
19
23
23
"2
14
2l
11
28
20
22
24
27
28
20
26
10
30
of Bepro- dmaum
New.
t
1,034,819
581,015 143,813 4 3,203 781.725 18 .842 78,190 4,861.038 192,50 2 9,8 6 159,47 529,384 786.47 1,9372 9 128,451 487.628 47 ,12 27.908 619.691 3.195 03 514,721 295,230 426,936 186,305 185,159 154,038 384.874 13 ,04 8 ,659 1. 80745
41 ,350
28,62 7
7 ,869
916,826 679,29 439.028 694,58
25,761 23 *21 *6 9 5,218,012 1,052.361 1,20124 46.784,167 24,69 786 43,61538
14,679.021
254,16 21
"
86,1 2
OriHnsl to Dots.
69,908
369,394
t2 5,415
438,056
(i)
.CCCo.a. Ro. b_—RWoilmn.gtoSuhw Co.dRy —.RSuperiof R.g RNyat_ches .— .Ry—RCham.pln Ry . CDUenopio.It Ry.nRyREasterJn —Ry.JCTeor.mjin—alReyx.TRye.jx—as h —RWe.pst REaster.n yqR— R-t. CTeorm.iunalRPcfiRy.vGRuwlLois.anLRShowrt y. SRouthwern.Tymi\al RVayl.erGulfw ..
RSouyth.earn DM&oeinessAOklahom AIrskansl. DAIasrdlanenlidSAltusglar.MIselmapnhids RBliaveckrARIsloacndkRTermiynal
BuKeTiTrN.CaRyTermin.l HRood IAsloanthd ermnal &un l AGerentwnaobdg Rye.lct Terminal SEtercetri PRAinceto RCWesitytrnyR&Upto.n MLAaanlsktiqeue RAWMoinvetpelelrsir VRMoashaleeucyk AONartlelabnnsy N&Oorthuwaecshinta NBAorlthuefn PSAancyidfer ALJoabnkseury RLanyd AATlehxoanrndrtic RAEKaesnttewyrond RFreig.hkt RCAWhaoschtinaygwto RDelta RATermyin.al R .m RMiyled.gmvile TUernmiional SLoutohweusirsn Arkans SPouathragsounld TPeromiinnatl ASBhrreidvgpoert SoLuthoweusirsn 8N.AStephn.vile RBAirkvlaunesfrl RS&en.oca R&WBaestrnyGBAKerweaaunnye R&West.rpn ACLJoaneikstbeoyr VW&aableshy PACiltasrefnodrod ROhi.or RAArost k MSNeoaaritphnoeerrtn CBBruidige.etn RCEoaaysstt CE&oaasstt AIRsloancdk C&KPaaitnuy.l VBaurleeay RVRayleye
Car ier
Peoria Mount Gideon Gulf Hocsac Muncie Portland Conway Fordyce Garden Gralton
Fine Roscoe Sugar
A
4
St.
Wichita
Sardis Dal as Monroe
Union
7
New
Central
Gray's
Pine
St.
St.
War ior
Kanka e Green Abnape Chicago MAbo ile Bangor
Van
Atlantic Keokuk Choctaw Rock
Florida Chicago
St.
Rock Rock Rock
26
9
15
39
25
15
39
49
49
15
23
29
21
26
14
11
119
271
899 122
841
147
Afile* All Tracks
69
43
13
78
16
923
747 126
28
53
29
20
43
55
41
36
54
20
96
28
7
1,278
hi
PAroe ia WAte Chicago Morris MAlar on
4
4
2
5
7
5
2
7,338
186
1,348
23
69
22
70
561
465 234
of
Owned, and Used.
Used
Not
4
2
7
2
5
2
14
96
6
8
42
43
50
28
33
34
24
14
24
13
10
60
23
or
Road.
„
24
15
13
36
19
42
26
1
21
10
Miles
17
14
18
128
old
a
to
1172
bnenoohwtnoeudd,l"ti.t
Com
N(Soete
P.
and
19
atien
Coil
Otcned (See
13
27
24
32
25
21
pre t-
11
82
35
IX-
22
25
28
Ry.
b"uusetd
9
3
4
31
entire
3,500 8,516
2,32,530 " *7",760
2,150.28 "l ".4 l 120,59 439,403 107,802
357,635 1.705,432
r
622
37
13
697
j
10
(231 35 33
[
t
(023 14 (580 58
I
}:s
{
1
5,365
62
■
978 385 193
21
18
62
"47
466
I
-
R"eCporcduatfnlhisAwqk,g.bCoreydthnufsipR¬aBPvcwl,
b"ulnoasrwepnepro—ddcteivstily,,Cf"oOtrcbihaVg"aplouFm,ilrnfketnaTV-DPLpac.iredne"sndtsIAPaml—rtERhMCRbSaCyoubunoy.whrendel.esdhip,CotciLRrStmlpwinjkyfurts.gtipcsaACpwfoskb,groylcekdS,LhRVtha.—mnEudgn8tbIMABCeIboyos.rnnydleeCsRdO.CoYNHabkrlduf.th*NRqCLoAucitigsalvoandsc
Rrespc.ting cuanpdtioenr Re"p0Crduoc1tieont "ilawnndeds") tsehtrqooucuakgl CAby. coeapnittirflCRMaoin.e asctnaopcditkl eetaonpctiikr.lbCnmryoled
dTheat
*
shown New," (embraced Co. Contrled ownership &oB ston entire ofership Corp.
are
RR.
RR.
c
Oct.
81921.]
CLAIMS AGAINST
RAILROAD
MINISTRATION FILED,
A statement
RAILROAD AD¬
C. Davis,
Oot. 4 shows that
on
Oct. 1, sundry
up to
aggregating $856,000,000 growing out of
claims
Federal
operation, had been filed by the carriers with the DirectorGeneral on final settlement with the Administration.
As
78.705% of the entire mileage which
these claims represent
recently under Federal control, the total amount of
was
Claims
aggre¬
gating $387,000,000 have thus far been finally adjusted and
settled
amount
by payment of $117,715,000 or 30,416% of the
claimed.
Substantially all of these settlements
have been made since Jan. 1,1921.
The official statement
dispatch
a press
says:
"Up to Oct. 1 1921, an aggregate of $856,033,588 65 in claims had been
filed by sundry
carriers
The total mileage recognized as under Federal con¬
road Administration.
trol
miles,
Claims filed represent
241,000 miles.
was
or
"If the
final settlement with the United States Rail¬
on
remainder
be taken off the streets of our
junked.
been
On the other hand the Commission
adjusted
up
1921,
mileage of all roads that have,filed
mileage of all roads under Federal control.
claims and 37.705% of the total
paid in settlement of these claims Is $117,715,840 43, or
The amount
30.416% of the amount claimed.
which have been filed, and, when it is under¬
all of these settlements have been made since
substantially
that
1921, you will appreciate the progress we are
making In the matter
of final settlement."
continue the five-cent
it is difficult to
see
how
one-cent increase would be necessary at the worst, and that even
this would not be long continued under the proposed reorganization plan.
Every increase of 1 cent in the fare would mean
$25,000,000 and therefore, if the fare
was
additional income of
an
increased to tide
critical
over a
period it would soon drop back to the basic figure.
Valuation.—In relation to'the statement by the Mayor that
?
i
one
of the
of the Commission was to dump antiquated and useless railroad
properties on the city, attention was called to the report of the Commission
which especially
provided that
lines be taken into the proposed consoli¬
no
dation unless they were needed for the public service, and only then at their
actual value.
Futility of Mayor's Plan.—Concerning the Mayor's proposal that the
The nature of the accounts at issue between the Admin¬
as
Up to June 30 private investors had put $145,500,000 in the subway
lines
operated by the Interborough Rapid Transit Co. and $43,300,000 in
lines of the Brooklyn Rapid Transit Co., besides $74,310,000
the subway
in the latter's elevated lines.
Amounts still to be contributed by these
companies to complete the dual system will bring the total to more than
two
investors represented by the Issue of $145,000,000 of
There are 18,000
bonds of the Interborough and 7,000
investors hold other forms of securities
Holders of securities issued by the B. R. T. number
This
means
that
$200,000,000
invested
approximately 10,000.
in the lines
is private money;
Earnings.—A statement frequently made by the Mayor that the Inter¬
borough earned
follows:
between the railroads and the Railroad Administra¬
"The open accounts
of the period of Federal control, are extensive and com¬
tion growing out
buses, it was said that the rapid transit lines could not be taken over by the
this fact is believed to dispose of the Mayor's suggestion.
istration and the carriers is stated
They include items like materials and supplies, maintenance of
and structures, maintenance of equipment, depreciation, retirement,
way
points out:
can to
any event
$200,000,000.
"This indicates that the Railroad Administration has up to this time set¬
tled nearly 50% of the claims
plicated.
be successful and in
city without payments to those who have invested in them.
to Oct. 1
The mileage for which claims have been
$387,017,099 12.
aggregates
1
a
It could
/
Fares.—The Commission will do all that it
than
and should
Most of them should long since have
,
fare and it hopes to
can
The city will not buy them.
gift.
a
traffic, and that the remainder of the traffic could be accommodated by
claims that would be filed against the Rail¬
settled is 90,944 miles, or 47.907% of the
Jan.
city.
accept them as
remaining percentage of mileage files claims on the same basis
"The amount of claims on final settlement
stood
Surface lines that have become obsolete
mobile buses.
not afford to
The
be better accommodated by the operation of modern auto¬
78.705% of the total mileage under Federal control.
Administration would aggregate $1,087,633,476 06.
road
can
city-owned subways be turned back to the city for municipal operation at a
five-cent fare, that theso lines carry more than two-thirds of all of the city
those already filed, the total
as
total mileage of 189,394
a
These
lines carry more than two-thirds of all the passengers in the city.
purposes
quoted, in
as
private operators turn the city-owned
subways back to the city for municipal operation at a five-cent fare.
more
expected to reach $1,087,000,000.
claims is
earning profits at five-cent fares.
Our recommendation is that the
the United States Railroad
of
City of New York by linking these lines with the city-owned subways that
are now
AND PAID.
filed with President Harding by Director-
General James
Administration
S.
U.
ADJUSTE
1541
CHRONICLE
THE
-
replacement, these being all matters of controversy.
With those roads
that did not make a standard contract there is also a controversy over the
and
is quite
surplus of $2,600,000 last year from its subway lines
a
incorrect; this was the surplus two years ago, and last year's surplus
only $1,129,000.
was
This surplus,
594,000
on
it
explained, went toward meeting
was
a
deficit of $5,Some
the elevated lines leased from the Manhattan company.
of the annual payments
due under this lease are $4,200,000 rental, repre¬
interest of $1,800,000 on
senting 7% on $60,000,000;
a
$45,000,000 bond
,
.
issue, and $2,000,000 in taxes.
question of compensation."
authorative
An
stands
financially
statement
how
to
as
the
United
States
This statement
which President Harding is stiU urging Congress to pass.
published in the "Chronicle" of Aug. 27, p. 910 to 914.
was
one
Government
result of its attempt at Federal operation of railroads
as a
given out in connection with the discussion of the Railroad Relief Bill
was
thing that
as
of
a recent
It shows for
date there had been paid the carriers $430,000,-
Transportation Act of 1920 for the
half year period ended Aug. 31 1920 and that there was an estimated bal¬
ance of Ipproximately $ 70,000.000 yet to be paid under the aforesaid
guaranty.
The "Wall Street Journal" (issue of Oct. 6) understands that
settlements under the guaranty clause have of late been held up owing to
000 under the guaranty
the
provisions of the
pendancy of the Relief Bill and furthermore that the Railroad
Adminf
Istration, changing its former policy, is now refusing to entertain any claims
based upon
the so-called inefficiency of labor, comparing the six months'
period March-August, 1920, with the three-year test period.
been made by the
All of these payments, it was said, halve
Interborough except the $2,000,000 due for taxes.
Passengers.—-For the year ended June 30 1920, the total traffic on all of
the
rapid transit lines was 1,424,166,581 and on the surface lines 940,608,
486,
so
carried
that the statement of the Mayor that two-thirds of the traffic was
on
owned subway lines varied greatly from the fact.'
the city
[The Commission showed amusement
over
the Mayor's suggestion that the
940,608,486 passengers carried by the surface lines could be
by buses.]
"
m
/
accommodated
>
Improved Service.-—The Commission's chief engineer, Robert Ridgway.
has just
returned from abroad after
a
study of the subway systems of
He has much informa¬
London, Paris, Berlin, Hamburg and other cities.
tion
about
the
methods
of
operating
these railroads, and
which he is to make many new suggestions for improvement
here will appear.
in
report
a
of the service
•
that if its plan went through the
The Commission said
be to improve the service immediately by
first step would
restoring runs and increasing
trains that had been cut down for economical reasons.
Bonus.—Under the plan the
TRANSIT LINES
MERGER PLAN FOR GREATER N. Y
increase of interest
tentative
The
"essential"
merger
and
readjustment plan lor the
transit lines of Greater New York, which was
brought out last week by the New York City Transit Com¬
mission
(see "Chronicle" of Oct. 1,
believed by many competent
p.
1431 to 1434), while
and disinterested observers to
offer much of value to the residents of the
city and its sub¬
urbs, has received the expected hearty disapproval of the
Mayor and members of his Administration.
[y
The appointment of the Commission under the Transit
condemned by the Mayor at the time as an
Act of 1921, was
attempt to set aside home rule and the plan now presented
he condemns
as
an
underhanded method of increasing the
Interborough Company would have to sur¬
render its preferentials and that this sacrifice
on
could only be made up by an
the bonds of from 5%
would have to be earned before it would be
to 6H.
The extra 1M%
paid.
News
[As to the lease of the Manhattan Railway, see the Investment
Department
on
another page and compare statement by J.
& Co. in "Chronicle" of Sept.
The Commission is
10, p. 1155.
P. Morgan
,
having its own valuation made of the various prop¬
presented
9.
Zimmermann, Inc., on the Interborough system
dated Nov. 1 1919, was cited at length in the "Chronicle" of Nov. 29 1919,
p. 2070, and Dec. 6, p. 2167, and the report of Stone & Webster was out¬
lined in the "Chronicle" of Dec. 20 1919, p. 2356 artd Dec. 27 1919, p. 2436.
Reports of importance in the New York Railways will be found in the
"Chronicle" of Feb. 15 1919, p. 677 and Oct. 30 1920, p. 1746; also see Stone
& Webster's reports V. 110, p. 74 and V. 109, p. 1080.
Regarding the
Brooklyn Rapid Transit System, see "Chronicle" of Feb. 12, p. 647 and
Feb. 19 1921, p. 740—Ed. J' • v
.';rV
v
:•
erties.
In the meantime it is
by Stone &Webster
as
interesting to notice the valuations
reproduced in the "Wall Street Journal" of Oct. 3, p.
The report of Day &
'
rate of fares and
high
candidate for
upon
the city
poor
properties at
a
Henry H. Curran, the coalition
Mayor, has stood firm for the 5-cent fare, and
valuation.
'
it is
foisting
Mr.
suggested would hardly
it is modified to
ensure
approve
the
merger
the retention of fares
on
Transit Commission is not
a
constitutional body and inti¬
mates that if the Court of
Appeals dismisses the city's appeal
the lower courts ("Chronicle" V.
113,
p.
418; Y. 112,
p.
2306), the matter will he carried to
States Supreme
Court.
He
"It
says:
is'
very
probable that the legal issues involved will not be settled
finally until these litigations and others yet to follow have
reached
the United States Supreme
Mayor Hylan
:t
said in
his
Court."
first campaign speech
on
Oct. 5
a
we
shall have home
State Transit Commission, whose apparent purpose
nullify the subway contracts and take away the five-cent fare, shall be
upheld or repudiated.
I say
NEGOTIATIONS
advisedly that
between David
of the purposes of the new transit law is to dump
old elevated railroad, owned by
private interests,
upon
the taxpayers of the
TO
which has recently been in progress
Lloyd George, the British Prime
and Eamonn de Valera,
the so-called President
Minister,
of the Irish
Republic, has resulted in the acceptance by. the latter
invitation
extended
by
George
to a
In his
he extended
invitation, Premier Lloyd George
the
of an
conference in
communication of Sept. 29, in which
Lloyd
London Oct. 11.
made it
into a conference
correspondence which grew out of the
plain that Great Britain could not enter
upon
the basis of the
20, and which,
proposed conference at Inverness on Sept.
as we
be
"recognized
as
17, page
canceled as a result of
have already indicated (Sept.
the insistence in behalf of the
and
one
antiquated, overcapitalized, broken-down surface railway system and an
LOOKING
PROBLEM—CONFERENCE
1213, and Sept. 24, page 1327) was
issue of this campaign is whether or not
rule—whether cm* not
an
IN
IRISH
The correspondence
invitation to the
part:
The supreme
is to
in
OF
AT LONDON OCT. 11.
that basis.
from adverse decisions in
the United
SOLUTION
plan unless
Corporation Counsel John P. O'Brien contends that the
-
DEVELOPMENTS
the
sovereign State."
Sinn Fein delegates that they
representatives of an independent
Premier Lloyd George proposed his
"fresh invitation" to the Oct. 11
conference "with a view to
ascertaining how the association of Ireland
with the com-
Empire may best
be reconciled with Irish national aspirations."
The text
of his note, made public at London on Sept. 29, follows:
munity of nations known as the British
" have given close and earnest consider¬
since their invita¬
—Hifl
Majesty's Government
to the
correspondence which has passed between us
ation
at Inverness.
and in spite of the more con-
to send delegates to a conference
tion to you
spite of their sincere desire for peace,
In
latest communications, they cannot enter into a
conference upon the basis of this correspondence.
Notwithstanding your personal assurance to the contrary, which they
tone" of
'ciliatory
your
asserted
appreciate, it might be argued in the future that the acceptance of
conference on this basis had involved them in a recognition which no
much
guard themselves
be served by any fur¬
communications upon
this subject.
The position taken up by His Majesty's Government is
fundamental to the existence of the British Empire, and they cannot alter
On this point they must
British Government can accord.
against any possible doubt
There is no purpose to
ther interchange of explanatory and argumentative
it.
'y
■
could
I remain, however, keenly anxious to make, in co¬
delegates, another determined effort to explore every
possibility of a settlement by personal discussion.
1 -V
The proposals which
we have already made have been taken by the
whole world as proof that our endeavors for reconciliation and settlement
My. colleagues and
operation with your
are
empty form, and we feel that conference, not
no
most
hopeful way to an understanding
practical and
desire to achieve.
herewith
you
people whom you represent, with a view of ascertaining how the asso¬
of Ireland with the community of nations known as the British
the
ciation
Yours
—would
George
GEORGE.
reconciled with
munity of nations known as the British Empire may best be
national
Irish
to
respective positions have been stated and understood and we agree
conference, not correspondence, is the most practical and hopeful way
Our delegates will meet you in London on the
the invitation.
and
mentioned
date
Associated
The
explore
possibility of a settlement by personal
every
Winston
here
much in favor of
as very
He felt there was
a
being reached by personal interviews than by correspondence, he said, and
it
because of this he
was
was
anxious for
a
conference—the only thing, he
declared, which stood between the Government and complete rupture of
the Irish negotiations.
•
Eamonn de Valera, Mr. Churchill said, had made it very doubtful whether
was
chance of
a
"Willfully,
conference.
successful
a
BRITISH RECOGNITION OF IRISH
The
Government,
the
pedantry, hair-splitting
when its fundamental
to make it
the
tho representatives of a foreign State.
as
Colonial
would
asserted,
Secretary
principles
challenged, he declared, it was well
were
quite clear there could bo
further concession on the part of
no
Government.
Mr. Churchill warned his hearers that if the truce came to an end. a war
of
independent Ireland would lead to civil
an
The
he declared.
war,
Secretary for the Colonies, however, through his declaration that
there would be insistence upon allegiance to the King, whether as "King of
Great Britain
of
or
Ireland,"
scheme
by which
King to be
a
considered by
was
of his hearers to have
many
separate kingdom along the
a
Hugh Cecil last May when he brought forward a
Ireland would
be made an independent kingdom, the
member of the Windsor family, probably the Prince of Wales,
appointed by the King of England.
Mr, Churchill said that the British Government had gone to the utmost
limit possible in its offer to the Sinn Fein, and that if
it
lie said that the Government
tether," he declared.
our
Griffith,
conference
Minister
were
Lloyd
interview with the
in an
George,
of the Sinn Fein claims.
entrance
give Ireland
Ireland
those
have
the
conference
opinions
-
conference,"
have
leaders
-
Ireland," Mr. Churchill continued, "she
upon
to clear away all
our
none
If
possible misunderstanding.
the less is called upon
our
offer is rejected, we
countrymen wiU support the Empire, as will
sincere
and
them
they
anything
to
she
not
at
dation
finding
solution
a
England.
The
The
opinions
which
which
only
to
that
the
enter
would
thing
expressed
be
would
On
offered
the
end
mattered
during the
conference
else.
anyone
between
quarrel
bo
would
the
for
conference would
be
purpose
Ireland
final
the
of
and
agreement.
merely
a
the
for
conference, but
peace or merely
The Associated
as
Irish
the
answer
on
worked in turn
Irish
"An
was
a
reply to Mr. de Valera's last letter," he added, "will
to
that
question.
If
it
seeks
to
impose
preliminary
conclusive proof of its belief that
Ireland the confidence trick of its predecessors—successfully
on the Ireland of O'Conncll, Butt and Redmond.
representative who would permit his hands to be tied
in
any
by the British Cabinet before he sat down to negotiate would be
helpless as a fly in a spider's parlor and less deserving of sympathy.
"Obviously there
can
fettered
conference,
fettered
conference
be
and
it
no
a
question
as
be covered
"If
want
a
to whether
issues of navy and -free trade,
not
settlement unless
if the British
does not
as
an
outcome
Government
does
settlement.
It
not
is
as
of
an
un¬
want
an
un¬
only play acting
hope of Receiving the world."
Replying to
the
a
settlement should
cover
the
great
Mr. Griffith replied: "All such issues should
by treaty.
long conflict is to be ended," he continued,
temporarily
vaguely,
"it must be ended
but
permanently and definitely.
There is a
real chance to-day of ending the oldest war in the world and
establishing
an
enduring amity between the combatants.
There will be no chance toMiorrow
if the
stood.
The
vices
conference,
with
Winston'
wants a
successful
dealing
Spencer
Mr.
Churchill
or
British Government tries to play false."
S.
CHURCHILL
TO
SAYS
KING MUST BE
IRELAND'S
INSISTED
ALLEGI¬
UPON.
Winston Spencer Churchill, Secretary for the British Col¬
onies, in
that
a
a
Dublin press ad¬
Churchill's
recent
conference because British interests
Ireland also Is anxious for
a
determination,
no
will have to wait
as
only bo one in which
position and yield up the right to self-
and British Interests
successful conference is possiblo,
on
But if,
successful conference.
Churchill suggests, a successful conference can
Ireland must surrender her national
British justice.
CONVENTION
OF
AMERICAN BANKERS'
ASSOCIATION.
The annual deliberations of the American Bankers' Asso¬
ciation this week
occupied the attention of the bankers of
The meeting had been in progress at Los
country.
Angeles since Monday last (Oct. 3), the final sessions closing
yesterday (Oct. 7).
Of the
topics of interest to the
many
general public discussed, three are of importance to every
business
man
in the country.
First, there
speech
on
Sept. 24, at Dundee, Scotland, declared
the Government was
"profoundly disappointed by De
Valera's rejection of the offer of Dominion home rule," and
was an
illuminat¬
the effects of the greatly depreciated
currency of foreign nations upon the business and manuacturing interests of the country.
Second, remedies were
ing
discussion
of
presented to curtail the growing habit of private hoarding
of currency
cussion
in
our own
country.
Third,
an
interesting dis¬
had relative to the economies v/hieh
was
put into effect at Washington
looking toward
a
governmental expenses.
The subject of branch banking also loomed
are
being
lowering of
up
as
an
important one; following a speech before the State Bank
Division
on
the 5th inst. by Oscar W. Schaeffer of Girard,
A discussion of the matter resulted
ANCE
he
Sept; 28 expressed the desire for
and, according to
Kan., who declared an "octopus"
WINSTON
and he still was
proposed conference,
between the Government and
speech, said:
the
^
way
in the
real sacrifice and no longer was a
He could not see much real foun¬
sincerely
gold brick.
'
-"The Government's
play
a
opinions,
Press, in stating this in advices from Dub¬
conditions to the conference that will be
can
leaders
The "Irish Bulletin" of
successful
stating that the
trying to sell Ireland
lin, added:
it
real war—not
successful one," he declared.
failure.
ANNUAL
reported
was
question was whether the British Government
the
Not peace, he said, but a
a
the only thing which stood
was
t
indicate
•
separate foreign republic in
wiped out by that agreement."
Sept. 20 Mr. Griffith
seeking
a
optimism which prevailed, he asserted,
where
uncertain
declared,
Mr.
has
immediately.
effect
,
the setting up of
Ulster, Mr. Churchill said, had made
stultify its attitude by abandoning its standpoint.
Fein
into
King of Great Britain or of Ireland, must,
stumbling-block to the rest of Ireland.
demand it.
Sinn
carried
be
bush-ranging—would follow such a course.
"We want
Nevertheless, it would be unjust and high handed to ask the Sinn Fein to
"The
as
Ireland?" Mr. Churchill asked.
to
holding of
mere
from
holds
entitled
were
but the
could
he said.
upon,
agree to
we
•
said the British Government's offer was gonerous,
and
unanimous
•
"would
on,
that
position
contended
opinion,
own
entitle
not
he went
If the conference broke down
status.
international
same
holding their
would
corres¬
recognition
V
Republican
Irish
the
'
conditionless
a
fresh international
any
would
present.
enter
to
Mail's"
"Daily
not imply British
previous guarantees or conditions would
"Our
declared Arthur
He added that entering the conference with¬
pondent in Dublin yesterday.
out
asked by the Sinn Fein,
never
member of the delegation chosen at Dublin to confer with Prime
a
-
"profoundly disappointed by de Valera's
was
rejection of the offer of dominion home rule."
mere
dated Sept. 24:
recognition of Irish claims of independence as a preliminary con¬
a
rejected the
was
Government had not anything else to give.
however, be insisted
the following to say in a Lon¬
The Associated Press had
to
establishment
serious than heretofore faced them in Ireland, while the
more
/"How could
British
allow
not
quibbling to stand in the way of peace, but
or
Allegiance to the King, whether
IS SOUGHT.
CLAIMS
dition
else under
or
duress," Mr. Churchill declared. Mr. de Valera had proclaimed that his
delegates would attend
The Colonial Secretary
don cablegram
address
an
conference on the
much better chance of an agreement
a
the opinion of the civilized world."
GRIFFITH, SINN FEIN DELEGATE, DENIES
THAT
in
Secretary for the Colonies,
Spencer Churchill,
to-day expressed himself
Irish question.
have the conviction that
discussion.
ARTHUR
Prpss fur¬
"Although Great Britain could unquestionably enforce the existing law
understanding.
an
We accept
course.
"We have reached the end of
aspirations
Our
that
a
such
following account of Mr. Churchill's speech at
Dundee:
to be
letter of invitation to a conference in London Oct. 11
how the association of Ireland witli the com¬
your
follow
the
lines suggested by Lord
Lloyd
Mr.
sent to
was
to ascertaining
view
a
Yalera
De
LLOYD
Sept. 30, and was as follows:
on
We received
with
All*.
of
answer
real war—"not mere bush-ranging"
virtually held out the prospect to Ireland of
faithfully,
I).
The
I am sir,
with Irish national aspirations.
Empire may best be reconciled
Not peace, he is re¬
a
saying, but
as
nished
"How
insisted upon.
separate foreign republic in Ireland?"
V
invitation to a conference in
delegates as the spokesmen of
fresh
a
11, where we can meet your
Oct
on
^
send
therefore
We
London
correspondence, is the
such as we ardently
of Ireland," must be
or
agree," said Mr. Churchill, "to the setting up of a
we
ported
there
..
"allegiance to the King, whether as King of
that
Great Britain
.
a
[Vol. 113.
CHRONICLE
THE
1543
menaced State banks.
in the adoption of
a
motion
placing the Division on record as "absolutely opposed to
branch banking," -with the
understanding that the question
would be taken before the general session on the following
day.
Los
tion
On the 6th inst., according to the dispatches from
Angeles,
was
a
threatened split in the ranks of the Associa¬
averted by the announcement that the Executive-
Oct.
8.1921.]
THE
CHRONICLE
Council of the organization had reversed the earlier decision
has
favoring the establishment, of branches of national banks
125 feet
under certain conditions.
Company's
The announcement
The press advices added:
made by John
was
S.
Drum, the President, at to¬
day's general session of the Association's convention.
Mr.
the motion in the Council which resulted in the reversal.
He said that there
Drum
the subject.
on
so
permit
national bank to operate
a
permitted to operate branches.
launched
of
on
ernment expenses
without giving the public anything of value.
agitation
protesting against
any
enlarged
an
of
system
legislation to that end.
,
and
proper function of the
a
which is to be defrayed by taxation.
The
of
the
Treasury
under
President
Cleveland.'
1904, at which timo Otto T. Bannard
among
the
to which
as
following
discussions
numerous
The
Liberty National Bank
was
formed in
1891.
the officers of
are
-{Mi<¥
both
now
members of the firm of J. P..
President of the Bankers Trust Co., and
Harvey D. Gibson, who succeeded Mortimer N. Buckner as President of
now
pany
with the bank.
pany
the
Bannard is now Chairman of the
advisory committee of the
and Mr. Buckner Chairman of the board of trustees.
The statement of condition of the New York Trust Co.
showed
the
Stock
tables
Exchange
*
The statement for the third quarter
week.
ETC.
made at
were
Extensive
reporting bid and asked quotations, deposits, surplus,
in
$72,770,000.
of 1921 made
New York
City bank and trust
quotations for all
company
stocks
published weekly in another department of this
will bo found
to-day
also
are
paper,
and
1546.
on page
Trust Co. of this
become
city, to succeed Charles H. Sabin, who has
and the election of two
Chairman of the Board,
members of the firm of J. P.
the
President of the Guaranty
as
Guaranty,
Morgan & Co.
as
directors of
made known in the following statement
issued by Mr. Sabin on the 5th inst.:
was
At to-day's regular
succeed
Mr.
meeting, Mr. "W. C. Potter
Sabin, and Mr.
of the Board.
Two
new
Sabin
directors
was
chosen President to
unanimously elected Chairman
was
ant
was
elected: Edward R. Stettinius and
were
for many years,
in its
actively associated with the management of the
and his ability and judgment
upbuilding.
activity.
were real factors in
He is thoroughly familiar with its affairs, and
dent has recognized capacity
an
as
company
executive will
have
a
helping
Presi¬
as
wider field of
As Chairman of the Board, I shall continue to devote
entire
my
time to the management of the company and shall maintain close touch
with its affairs and its customers.
The removal of the Liberty Office (120 Broadway, for¬
merly the office of the Liberty National Bank) and main
office (26 Broad Street) of the New York Trust Company
of this city to the new main office at 100 Broadway, was
effected
two
last
Saturday Oct.
downtown
offices
of
office represents one of the
building.
Cash
$3,000,000,000
2 p. in.- on
more
and
were
were
transferred.
securities
unit accompanied
own
in
assembled in the
the
p. m. on
of' about
amount
new
Sunday.
vault between
Extraordinary
and
more
cash
removed
were
than two boxes at
a
from
the
time, each
by special guards of the bank under the
officials
of the bank.
special guards,
a
In
addition
to
the
large force of private de¬
tectives and members of the city's police were detailed to
guard the transfer of this huge
sum.
provide for the Trust Company
houses
in
the
country.
from the American
one,
The
The Trust Company has leased
period of 21
a
the basement and first three floors of the
building at KX) Broadway,
quarters will
of the finest banking
Surety Company for
directly opposite Trinity
new
on
the
corner
Churchyard.
new
years,
and enlarged
of Pine Street and
The
new
building
currency
and
porations throughout the United States during the year 1919
an aggregate of
$854,986,121 of bank and bankers' accep¬
trade bills;
during the
year
1920
$1,780,943,651, and for the first nine months of 1921 $1,319,907,940—a total turn-over of $3,955,837,712 in 33 months.
Every acceptance in this vast volume, it is stated, was paid
promptly, which the officials consider "a great testimonial
to the soundness and
efficiency of the acceptance method of
The director and officers of the' corporation
financing."
George W. Davison, President Central Union
are:
Co.; Francis L. Hine. President First National
W.
McGarrah, President
Bank; John
tional
Mechanics & Metals
McHugh, Charles E.
City Bank; J. P.
Trust
Bank; Gates
National
Mitchell, President Na¬
Morgan, J.
P. Morgan & Co.;
James H. Perkins, President Farmers' Loan & Trust Co.;
Seward Prosser, President Bankers
Trust
V
Co.; Charles H.
Sabin, President Guaranty Trust Co.; A. H. Wiggin, Presi¬
dent Chase National Bank; John McHugh, President, E. C.
Wagner, Vice-President, Jerome Thralls, Secretary-Trcas- V
urer,
Dudley H. Mills and
M. Greaxien
Briggs, Assistant
Secretaries.
,
t
•
'
' '
'
Kenneth P. Budd, of Wm. Iselin & Co. of this city, has
been elected
director of the National Park Bank of New
a
York.
''v
new
taken to insure the safety of the valuables
Securities
eharge of two
main
world
commerce and industry
through the services of
corporation is evidenced by its turn-over.
It discounted
and resold to investors—banks, individuals, firms and cor¬
Officers and employees
are
transferred to the
vaults in units of not
company's
than 500
Saturday and 7
precautions
new
largest operations of its kind in
the financial district in recent years.
to the number of
in its
company
a
The valuable aid given to
this
The consolidation of the
1.
the
and
ogranized
American
George Whitney, both of J. P. Morgan & Co.
Mr. Potter
was
stabilizing and further developing the
discount market—a feature of banking vitally import¬
in the financing of international trade and
absolutely
tances and bank endorsed
The election of W. C. Potter
$6,873,316
open
the peer of the pound sterling.
Bid and asked
public
4 shows
January 1919 by leading commercial and financial inter¬
essential in order to make the dollar
published monthly in the "Bank and
Quotation" Section, the October issue of which accompanies
Oct.
ests with the view of
the United States
are
of
on
This corporation
&c., of banks and trust companies in all important cities in
to-day's "Chronicle."
com¬
of June 30 1921
capital, surplus and undivided profits of more than $26,000,000,
excess of $152,000,000 and total resourcs of $210,000,000.
by the Discount Corporation of New York
stocks
at auction this
or
as
deposits in
BANKS, TRUST COMPANIES,
trust company
1919 it absorbed
Among its Presidents have been Henry
Davison and Thomas Cochran,
Morgan & Co.; Seward Prosser,
assets over
or
In
Some of the most noted names in American finance have been
connected
capital, surplus and undivided profits
No sales of bank
elected President
was
the Scandinavian Trust Co., founded in 1917.
will give more
we
Vice-President, Walter W. Head, of Omaha,
ABOUT
formerly
Fairchild
Mr.
On April 1 1921 the New York Trust Co. and the
Liberty National Bank
consolidated under the former name.
*
President, Thomas B. Me Adams, of Richmond, Va.; First
Vice-President, John H. Puelicher, of Milwaukee; Second
ITEMS
and in 1905
the New York Trust Co. at the time of the consolidation of the Trust
Com¬
the 6th inst.:
on
.
,
and continued in this office until Januar
yl916.
At that time Mr. Bannard
made Chairman of the board of trustees and was
succeeded s President
Mr.
also
figured at the meeting,
hereafter.
.
.
1904 it merged with the Continental Trust
Co.
was
P.
Association elected
"
The first President of the company was Charles S.
Fairchild,
The resolu¬
The "Ter Meulen Bond Scheme," by Sir D. Drummond
details
c
official
formed in 1889 under the title New York"
•
was
an
name was
served until
postal
increased rate of interest
an
of this Division that it is not
Eraser, of London,
.
company,
:
was
with the Liberty National Bank.
sense
feet.
by Mortimer N. Buckner.
Government to engage in a competitive system of savings
banking, the
which
square
changed to the New York Trust Co., under which title it has
continued to the present date.
Oct. 6 adopted resolutions
on
tion said:
expense of
is 31,500
were
for
savings banking paying
It is the
was
former President
a
such extension and would only increase Gov-
any
The Savings Bank Division
deprecating
Savings Bank system
A. E. Adams of Youngstown, Ohio,
to-day.
theAssociation, said that
March
In
the
Secretary
the extension of the Postal
Broadway and
on
The total floor space for the Trust
Security & Trust Co.
to
as
branches within the corporate limits in which the head office of the bank is
Another attack
use
The New York Trust Co.
located and that this be limited to States in which State chartered banks
are
Pine Street.
on
notice says:
The National Bank Division adopted a resolution requesting Congress to
amend the National Bank Act
frontage of approximately 122 feet
Regarding the development of the
made
"unalterable conflict" between the national and State bank divisions
was
of the Association
a
1543
The
—♦
'
Equitble Trust Co. of New York has announced the
appointment of R. C. Hoffman, Jr.,
Baltimore, Md.
as
For
a
as
its correspondent in
number of years Mr. Hoffman served
Vice-President of the R. C. Hoffman Co., Inc., of Balti¬
more,
dealers and exporters in iron and steel, later becoming
President
the
of
Maryland
Bolt
trustee of the New York Rubber
of the Baltimore Gas
&' Forge Co.
He is
a
Co., Chairman of the Board
Appliance Manufacturing Co. and a
director in several financial institutions.
Mr. Hoffman,
as
correspondent of the Equitable Trust Co. of New York, will
be located at 511-12 Keyser
Building, Calvert and Redwood
streets in the heart of the financial section of
plans to do
a
the city.
He
general security business with bankers and
investment dealers, to transact a foreign
of credit business and
exchange and letter
perform other banking services made
possible through the facilities and resources of the Equitabk
Trust Co. of New York.
[Vol. 113.
THE CHRONICLE
1544
Vice-President of the Bank of
William J. Montgomery,
SS. Cedric,
month visiting Belgium and France.
America, of thia oity, has left for Europe on the
to be away
for
a
Per
Clearings—Returns by Telegraph.
Week ending Oct. 8.
New York
Cent.
1920.
1921.
*—18.2
$3,801,343,538
$3,187,000,000
the Park
Trust O., af Worcester, Mass., on Oct. 3, it was voted to
increase the capital of the institution from $300,000 to $1,000,000 by the issuance of 7,000 shares of additional stock.
The new stack, it is understood,is to be offered to present
shareholders at par ($100 per share) pro rata to their holdings.
The action of the stockholders in increasing the capital of
the bank to $1,000,000 is in accordance with a plan looking
speoial meeting of the stockholders of
toward the consolidation of the institution with
556.986,709
—18.8
330,000.000
403,290,267
—18.2
Boston
a
452.081.685
Philadelphia
At
Chicago
230,958,486
275,187,471
Kansas City..
124,150,516
118,600.000
113.000,000
184.315,772
—32.6
136,393.463
—13.0
137,400.000
—17.8
St. Louis
San Francisco
•127,000.000
153,870,408
—17.5
77.951,700
61,468,868
50,518,613
110.000,000
—20.9
82.831,923
61,491,187
—25.8
$4,878,747,868
—17.4
967,928,467
$5,903,110,738
1.340.299,907
Total all cities, 5 days..
All cities, I day
$5,846,670,335
1.175,246,921
$7,243,416,645
1,425,467,121
—19.3
Total all cities for week
$7,021,923,256
$8,668,883,766
—19.0
Pittsburgh
Detroit
is consummated the
have
total
deposits of approximately $21,000,000 and
of about
sources
operated
will
re¬
_
Eleven cities, 5 days..Other cities, 5 days
the Merch¬
enlarged Merchants National Bank
_
New Orleans
When the consolidation
Worcester.
_
Baltimore
*
ants National Bank of
Bank and its employees
*.
..
Frank A. Drury is Presi¬
retained.
monthly detailed statement of transactions on
Exchange is appended.
The results
the nine months of 1921 and 1920 are given below:
for
9 Mos.. 1921.
Baltimore
of Baltimore,
Bank
Stock/Shares...
\Par value
William C. Schmidt has also
Vice-President of the bank.
Vice-President, to succeed the late John Stroh-
been elected
v
mer.
•
.
.....
.
Bank
The
value
City (Mo.)
of that
transactions
of
in
share
properties on the
Exchange each month since Jan. 1 in
1921 and 1920 is indicated in the following:
Stock
York
New
8TOCK8 AT THE NEW YORK
SALES OF
V
y
STOCK
EXCHANGE.
1921.
Security State Bank of Kansas
No.
Par Values.
Shares.;
795,420,453
21,865,303
1,178,823,470
29,008.749
$1,781,060,200
1,929.409,800
2,585,053.326
70,754.218
$6,295,523,325
$1,327,513,750
16,144,876
10,169,671
16.321,131
.
February-.u.March
The
capital of $1,000,000 with
1920.
Par Values.
Shares.
42.635.678j $3,301,757,673
Month of January
merged with the Continental National Bank
was
$11,788,581,324 $17,438,678,175
——
.
—
volume
166,764,842
$9,546,535,084 $14,679,217,375
490,472.000
662,475,600
2,050,879,600
1.367,362,440
218.107,800
212,208,200
1,400
,
No.
Effective Sept. 29, last, the
Par Value.
126.996,222
...
stocks..
Total par
succeed the late
to
Frederick W. Hoffman has been elected
G. Edward Reahl.
a
Aid.,
9 Mos., 1920.
Par Value.
Description.
State, foreign, &c., bonds
West
t-17.8
the New York Stock
United States Government bonds.
Henry Buohsbaum has been elected President of the
—27.8
Estimated.
Railroad bonds
dent of both institutions.
—17.8
Our usual
branch of the enlarged Merchants National
as a
.
The Park Trust Co. will be
$28,000,000.
—13.9
19.880.166
place under the title of the latter institution.
Continental National Bank has
a
It is located at
surplus and undivided profits of $250,000.
W. S. Woods, heretofore Chairman of
917 Walnut Street.
the Board of the
Security State Bank has been elected
a
director of the Continental National Bank and C. W. Shel¬
don, formerly
a
has been made
L.
bank.
S.
Vioe-President of the Security State Bank,
Total first quarter
Critohell is
Chairman
of
the
Board
of
17,236,995
18.264,671
Total second quarter..
51.031,375
$3,632,799,707
93,667.053
$6,934,557,380 125,197,966 $11,081,514,525
June.
Six
months..
11.117.035
877.306,068
September
12,924,080
1,003,466,032
12,541,922 $1,103,006,150
13,728,598
1,172,753,800
15,296,3561
1,321.942,900
2,611,977,704
41.566.876
3,597,702,850
9,546,535.084 166,764,842
14,679.217.375
9,288,054
Total third
in
Increase
the
was
capital stock of the Bank of Italy to
forecast in
resolution adopted
a
on
Sept. 28
$731,205,604
33,329,169
quarter...
126.996,222
Nine months.
$25,000,000
$4,785,991,200
August
Month ol July
the
Continental National Bank and J. F. Meade its President.
54,443,748
—
May
v
Vice-President and director of the enlarged
a
28,447,239 $2,534,782,100
16.642,242
1,434,029,950
9,354,267 j
815,179,150
$1,044,593,548
1,218,686,698
1.369,519,461
15,529,709
Month of April
since Jan. 1 in 1921 and 1921:
.
MONTHLY CLEARINGS.
by the Executive Committee of that institution and ad¬
dressed to the bank's Board of Directors.
as
set forth
The
proposal,
1921.
It is
capital of $10,000,000.
up
contemplated that this additional capital stock will
be issued in suoh
will
quantities and at such times as the Board
designate, beginning with an immediate issue of 50,000
shares at $200 per share.
A. P. Giannini, President of the
bank, referring to the action said:
$
-
It
so.
now
serves
a
Feb... 26.637,072.624 33,3 -7,265,390 —20.0 12,10
March 31,01»,896.613 41,33 2,257,091 —25.0 14,332,908,350 18,99>,994,830 —24.6
1st
qu.joi,24- ,896,443
41,4 <5,248,782 52,63
116 3 3 418952 —21.6
large part of California,
but it is
our
intention,
Italy service to every section of
fornians
Bank of Italy stock,
own
State.
our great
we are
more
going to ask
our
Californians
an
present stock¬
holders to waive their prior rights to at least one-third of the contemplated
now
issue.
.780.853 105 550876 591 —23.4
4l17.8'<5,84r,,097
—27.9
28,15 >,997,04U37,6 8,14 „303 —25.1 12,795.76 ,5'
31,835 —22.7
August 2 V'63 081 2 0 34,4 »,23 V40 —2 -.6 1 \Qn7, 40.327 10,560
—24.5
Sept.. 28,291,035.506 36,088,818.886 — 21.6 13.212.14 .195 17.487.289,787
July
..
,
3d
the
805,113,836 108205203 129 —22.6 38.81
qu. 8
,057.086 61.884,066,719 —25.2
—22.6! 19 6
6 837 939 157434 943 310 —24.0
22 339493 820 581
9 mos. 262 03 <041
course
of bank
clearings at leading cities of the country
September and since Jan. 1 in each of the
is shown in the subjoined statement:
for the month of
the bank to maintain an adequate
increasing deposits and paid in capital.
The bank intends to provide adequate buildings for its
ast four years
branches at Los Angeles, Sacramento, Stockton and Fresno,
as well as in several of the smaller cities where their
present
New
quarters have been outgrown.
policy of
BANK CLEARINGS AT
ratio between its
•—
1921.
(000,000s
omitted.)
$
September
1920.
$
15,079 18.602
York
2,723
1919.
$
the whole State
to
will
stock
therefore
residents of
new
be
of
It also intends to extend its
California.
necessary
More
available
with which to interest
communities entered.
When this additional
capital stock of the Bank of Italy has been sold, its com¬
bined capital, surplus and undivided profits, together with
those of the Auxiliary Corporation, will aggregate $50,000,The
000.
latest
statement
of
the
Bank
of
2,073
Boston
1.083
1,444
Philadelphia
St. Louis
1,646
491
640
2,053
678
776
1,912
717
644
552
Cincinnati
223
274
712
305
420
963
582
267
407
126
662
282
381
Baltimore
Kansas
City......
acquired institutions at Bakersfield.
New Orleans
327
Minneapolis
Louisville.
Detroit.
—
Los Angeles.
Providence
Omaha
—
Buflalo
St.
Paul
—
Indianapolis
Denver
Richmond
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
—The subjoined table, covering clearings for the current
Memphis
Seattle
Hartford
Salt Lake City
week, usually
account
once
a
other
of
appears on
the length of
month.
the first
page
of each issue, but
the other tables is crowded
94
407
116
337
38
176
139
133
65
80
158
70
132
38
53
1,080
511
247
228
65
-Jan. 1 to Sept. 30-
——
1918.
S
1,611
624
516
451
238
292
855
361
204
1921.
234
2,455
149
417
125
88
268
121
889
3,453
1,073
347
47
245
189
190
77
177
230
74
176
46
69
208
43
295
161
85
72
150
282
79
202
36
73
121
42
256
104
68
62
109
212
60
174
32
56
3,062
381
1.474
1,344
1,234
567
895
1,493
535
1,109
340
471
562
1920.
1919.
1918.
$
S
$
$
143,006 182,059 165,523 129,353
19,357
24,626
21,467
19,174
10.376
14,261
12,593
11,193
15,118
18,821
15,880
14,276
4,520
6,329
5,964
5,737
5,567
6,503
5,230
3,993
4.865
6,078
5,092
4,018
2,094
2,715
2,279
2,079
2,825
3,647
3,147
2.306
5.786
9,126
8,089
7,360
3,612
5,179
3,886
3,122
1,611
2,535 - 2,143
1,913
2,808
930
4,669
1,309
2,904
520
2,474
1,721
1,355
724
1,433
2,321
926
1,605
397
647
1,553
706
3,111
1,133
1,604
399
2,263
1,118
675
5 90
1,139
2,022
689
1,466
325
561
1,239
872
2,250
1,071
1,123
438
2,105
828
563
590
861
1,642
507
1,312
311
480
on
Total
out
The figures are received by telegraph from
leading cities.
688
359
198
Cleveland
Milwaukee
Italy showed
of
approximately $190,000,000, not including the
Hideout Banks of the Sacramento Valley and the
recently
resources
Chicago
Pittsburgh
LEADING CITIES.
19,610 13,664
2,570
2,061
1,441
1,135
San Francisco
service
III888
87,57',030,943 11496 i 198 508 —32.8 39,3 «.532.071 52,9 .4,495,029 —25.6
2d qu.
The
The Executive Committe in its action has followed
established
—21.2
At present 4,000 Cali-
but in order to give
opportunity to become interested,
.381.562
April- 28,90 ,388,782 39.6 ',843.476—27.1 13,30 ,573,631 17,87 .399,381
May,. 28.69 .983,121 36,841,151,356 —22.4 12.745,678.413 17.19t'.627,351
June.. 30,080,659.040 38.44 ,203,678 —21.8 13.231.280.027 17.94 -.468,297
6 mos. 1788 17 927386 231 288617452 —22.7 80,81
with the approval of the duly constituted authorities, to extend Bank of
%
$
f
I
The Bank of Italy is essentially the people's bank and we propose to keep
it
York.
1920.
33,59 ,927,206 41,683.893.871 —19.4 15,02 ',882,881 18,471,173.765 —18.7
,457,551 15,163,212,967 —20.2
Jan
present authorized, fully paid
$
1921.
%
I
-
proceedings at its next
meeting to increase the capital stock of the bank from its
1920.
$
by the Exeouive Committee, asked the Board of
Directors to initiate the necessary
Clearings Outside New
Total All.
Clearings,
Month.
Other
25,669 32,636 32.578 24,019 239,512 308,622 270,462 220,716
cities-.3.022
Total aU
—28 2
3,453
3,029
2,356
23 ,
21
30,872
23,758
19,415
1 36,089 35,607 26,375 262,633 339,494 294,220 240,131
Outside New York.13,212 17.487
15,997 12.711 119,627 157,435 128,697 110,77»
OCT. 8
1921.]
THE
BANK
CHRONICLE
1545
CLEARINGS—CONTINUED PAGE 11,97.
If
September.
Nine Months.
Week ending October 1.
Clearings
Inc. or
1921.
1920.
Inc. or
Bee.
1921.
Dec.
1920.
%
Boston
1,083.312,162
Providence-
1,444,426,909
47,401,000
45,646,706
25,124,869
20,701.391
12,061,660
New Haven..
Portland
—25.0
14,534,411
Springfield
Worcester
13,310,038
*
Fall River
7.075,252
New Bedford
5.654,161
Lowell
4,338,174
Holyoke
10,376,413,721
2,858,551
14,260,673,356
—27.2
—19.3
381,038,8C(
520,157,300
—26.7
—17.4
396,779,343
247.150 580
—14.4
—17.6
339,649,339
208,273,226
—15.7
—13.5
104,515.872
118,704,473
—11.9
—28.3
159,235,776
18,745,118
7,230,537
7,426,467
4,232,924
4,459,068
3,904,553
—29.0
198,582,244 —19.8
177,283,107 —24.9
96,224,539 —42.2
78,792,779 —35.4
49,121,840 —16.0
38,650.857 —14.2
—5.1'
34,.560,975
76,270,900 —22.0
34,229,271 + 165.9
—2.1
133,174,158
55,603,087
—23.9
50,884,172
+ 2.5
41,244,169
—35.9
Banger
3,041,817
Water bury
5,442,400
8,369.500
—35.0
33,145,564
32,801,731
59,488,200
10,013,613
4,952.611
13,238,820
—24.4
-91,008,309
——
Stamford
-
Lynn—
Total New England
Kansas City
Mimmeapolis
Omaha
Joseph..
Des Moines.
City
Wichita
Lincoln
Topeka
Cedar Rapids
..............
Sioux Falls
Colorado Springs
Pueblo
Fremont
Hastings
Aberdeen
Helena
...
Waterloo
40,116,798
13,396,630
12,143,224
7,555,200
8,018,840
8,617,625
4,308,547
3,213,931
1,897,578
2,607,706
5,339,297
15,557,840
5,527.045
Billings
Lawrence
Iowa
1,443,634
Lewistown
Great Falls
Rochester.
1,661,153
1,966 711
Minot
Springfield, Mo..
Mason City.
Pittsburg, Kan
1,969,861
2,732,950
Total other West..
St.
—
........
Houston
Galveston. ..'
Richmond
L.,..
Savannah.
Worth..
Atlanta....
Memphis
...
...
.
Nashville
Noriolk
Birmingham
—39.1
—24.5
—22.4
—39.6
—35.9
—27.5
—7.4
2,448,809,786
—28.9
491,300,000
197,886,465
94,415,832
120,757,820
38,049,072
158,136,666
677,538,061
267,393,637
126,356,937
163,324,075
39,500,300
229,576,858
—27.4
41,483.973
80,810,884
237,068,617
74,434,302
—45.2
176,588,987
69,770,635
64,419,066
25,845,458
Chattanooga
Little Rock
Charleston
Oklahoma
Columbia
—
Austin
Beaumont
—34.6
—25.5
—6.3
—41.9
—9.4
—35.5
6,014,314
—32.8
4,942,007
20,183,120
8,061,354
7,416,935
4,039,274
3,799,987
—31.9
14,216,834
136,336,542
31,296,351
11,486,343
8,440,094
105,839,764
......i—
—3.7
—31
46,560,543
24,127,293
6,377,134
42,196,760
8,7,54,640
Mobile
—26.1
10.978.265
12,063,248
32,839,839
Jacksonville
—26.0
—25.4
96.571,226
38.977.264
80,386,782
13,291,584
17,711,138
15,528,939
35,440,443
80,363,190
12,365,614
Augusta
Knoxville
Macon
—23.2
22,724,397
52,828,536
New Orleans
Fort
—33.0
1,741,845, 16
Louis
Louisville
6,423,987
-
.
—30.0
—
2,803,141
18,165,946
2,162.454
5,068.848
Kansas City, Kan
—55.2
—28.1
11.899.897
5,466,618 —21.2
—34.0
4,866,613
3,261,745 —41.5
3,665,845 —28.9
10,572,269 —49.5
7,653.010 + 103.3
8,650,264 —36.1
5,942,029 —51.4
7,752,364 —46.5
8,076,000 —33.4
1,980,948 —27.1
12.2
2,837,890
—6.8
3,006,794
23,138,000 —21.5
3,385,832 —36.1
9,231,655 —45.1
5,241,240 —68.3
+ 5.0
1,872,581
—33.1
9,613,804
—38.7
3,211,341
—2.7
2,807,271
2,490,053
City.........—
Oehkosh
2,474 ,252,920
1,354 .747,437
1,433 ,358,865
—19.7
—27.6
5,376.000
Forks....—--
1,473,919,383
1.234,664,765
894,773,475
404,001,963
338,496,509
223,280.321
—28.6
11,063,010
40150,746
Grand
16,327 .181,564
13.107.896
11,784,489
2.889,973
Joplin
26,011,388
12,066,476,124
5,785,927,450
2,454,863,808
'
22,268,195
......
total
—24.4
177,549,072
63,108,106
46.866,887
36,547,588
64,870,082
51,678,182
22,166,816
48,953 768
Duluth
in
407,186,960
245,510,192
190,048.770
36,010,599
-
—22.1
1.664,419,820
963,187,726
1.258.323.024
688,329,496
327,238,609
133,095,895
79,550,410
42.308,073
Sioux
Fargo
Not included
176.484,9.54
...
St. Paul....
Denver
St.
>
—23.1
—33.3
—33.6
—0-03
—7.0
—31.9
—27.9
41
,786,354
244.728.305
133.067.118
108,490,963
80.829,835
73,732,591
86,751,173
37,242,511
31,749,952
19,510,104
22,713.970
45,998,909
El Paso
Jackson
...
Tulsa
Outside New York
35,,676,274
68 .324,868
70 ,553,898
—36.3
549,499
842 ,252
—34.8
—32.7
1,260,108
3,700,000
2,019, 493
—37.6
—42.9
1,391, 779
—55.8
716,104
2,147,134
2,688,645
2,087,365
1,378,741
608,546
801,262
707,761
571,721
2,373,239
2,481,115
1,460,392
+ 58.8
27 ,519,666
—
29,,147,811
176,,528,399
1,201,795
614,734
1,849 ,168 + 100.1
2,012 ,324 —40.3
J
1,637,160
18.4
—10.8
—10.8
—45.0
160,951,442
—36.4
68,792,514
—37.0
28,800,176
39,018,011
11,560,926
53,744,695
11.540,950
13,307,292
54,670,281
17,459,001
21,000,000
9,144,960
18,532,653
3,250,528
3,017,228
10,270,156
7,022,407
—25.8
—31.4
25,453.174
1,492,812,274
170,286,855
452,051.419
1,516,784,269
534,647.770
624,623,645
261,572,103
637,834,081
74,653,729
111,557,001
371,122,541
200,327,385
61,798,887
337,538.304
18,646,661
44,685,173
145,041,053
92,262,903
15,196,083
83,055,819
—27.6
—36.1
11,846,284
17.387,450
6,489,329
—38.5
39,993,141
3,055, 25
18.8
26,234,630
2,128,191,140
2,882,946,653
-26.2
18,579.985,333
—21.6 1262,63 .,011,-2
9,195 17 '*87,289,787
382,640
2,535,398,517
929,953,396
1.095,723,488
275,973,307
2,321,493,317
374,143,967
767,837,180
2,468,258,159
925,505,676
896,233,859
406,813,474
736,877,370
166,240,744
132,875,622
474,712,394
888,811,775
878,771,517
288,760,967
15,462,512
1,851,060
3,165.000
13,212,1
624,753
448,358,474
—0.2
06 36,088,818,886
729,138
780,195
—18.5
—40.7
162,797,751
63,401,816
16,414,812
1,609,244
,
699,446
—39.0
38 ,954,697
32 ,901,835
487.526,705
—13.3
28,291.035
—20.0
—23.4
2,479,558
......
1,000 000
1,023 014
669 829
47 .321,987
—32.0
4,000,000
Total all
800",000
—39.2
156,574,229
2,021,024
Total Southern...
3,204,637
—21.3
142 ,789,738
522,247,304
18,220,629
17,215,525
—
—45.2
120,000,000
43,318,415
21,374,126
26,767,262
10.139,635
38,541,327
6,271,924
11,496,251
45,475,440
—24.5 119,626.837,939
—4.4
—
19.8
+ 4.6
—36.1
—54.5
—41.1
—38.6
—42.2
—30.3
—35.7
—
13.4
—55.1
—16.0
21,288.279
15,000,000
5,812,72(.
19,368,907
3,165,250
—12.3
8,809,462
—28.3
68,737,058
15,980,341
17,004,184
77,218.100
22,377,663
17,160,709
9,050,403
15,827,082
5,900.000
3,565,026
—45.7
—13.6
—16.8
+ 21.9
—28.6
—36.4
+ 4.5
—2.7
—19.4
49,785.563
21,000,000
20,115,511
8,005,478
63.989,069
12,056,149
16,605,515
67,041,867
18,350,632
18,624,139
8,343,987
10,462,862
5,696,546
3,206,032
4,645,406
+ 38.3
2,433,968
8,000,000
4,275,382
1,500,000
10,606.762
2,200,000
24,017,277
—46.3
4,333,379
6,873,832
—36.9
10,321,071
4,200,000
13,822,233
8,000,000
1,~650",666
1,858",250 —lV.2
2.bib~6io
2,602",126
494,861
—21.8
314,548.586
97,795,307
457,849,813
—36.3
—36.8
—26.3
183,540,665
654,320,626
293,913,178
134,837,239
62,782,739
58,055,396
44,050,108
16,043,988
260.218,046
27,229,316
506,913,428
174,999,436
2,917,459
5,487,905
—
3,270,260
355,300,687
7,297,000
Meridiant
—10.9
1,791,004
—28.6
2.494,375
Asbeville
2,685.804
2,249.983
—32.4
6,329,428,851
4,520,429.698
1,611,466,595
—11.1
—52.7
2,337,983
2,005,986
—16.7
—33.2
—7.9
—58.2
1,341,957
—20.0
121 ,049,676
109, ,157,465
—44.2
—31.1
54,581,100
19,943.361
149,932,451
7,319,179
135 ,366,399
15,627,265
8,516,949
6,148,481
3,469,321
2,959,752
—32.1
14,799,502,0:0, 21,499,229,600
8,210,718
...——
12,051,879
19,105.892
16.112.835
10,397,556
9,160,105
9,054,287
23,876,122
4,711,102
2,638,777
2,288,105
3,624,139
—32.4
49,131,595
86,320,824
Wichita Falle
—33.7
—34.8
—35.5
201,080,246
23,,774,215
20,536.449,
McAleeter
64,697,440
52,081,209
18,889,472
—28.6
69.663,231
22,649,640
22,959,450
15,323,764
12,596,602
—23.0
10.5
Lawton
—42.0
13 ,658,419
—56.2
—
229 ,571,493
12,523,330
4,901,059
85,,231,513
37,,739,876
—22.1
Port Arthur..
—34.4
—43.1
8,309,534
15,486,050
10,532,452
37,603,646
20,750,945
21,893,725
25,879,190
—9.8
58,991.910
—14.8
—9.1
14,841,200
1,606,465
403.445.962
232,338,250
362,617,317
—32.4
—24.3
—38.7
5,509,127
739,671
—39.2
+ 16.5
16,443,965
—28.4
14,362,982
11,270,213
8,509,314
2,732,717
850,000
f
—36.5
—
—
,
•'
in total
35,000.000
10,197, 65
26,,469,534
—29.4
Shreveport...
415,191,681
211.489,939
92,197,082
53,557,525
44,135.684
—20.6
66, ,455,236
1,622.4.56
Waco
1,100,000 Not included
—25.6
21,,103,198
2,887,971
14.5
1,734,125
2,629,517
—45.9
16,093.822
27,326,010
+ 6.4
—3.0
2.421.308
887,925
564 ,169,349
17,985,926
42,175,071
96,093,269
—
5,230.901
4,500.451
+
—28.7
19,281,710
3,363,970
22,807,399
12,321,080
5,832,3.50
1,033,900
307 ,981,539
17,,563,624
3,462.855
...
1,889,659 ;»—9.0
1.624.001
—29.9
—46.1
6,985,755
Raleigh
3,700.000
—37.6
—33.4
—25.6
1,515,049
Tampa
—26.3
11.474,700
9,114,228
6,095,112
4,087,023
4,368,852
4,224,831
2,225,112
2,380,129
1,130,562
6,954,171
2.461", 352
412 549,156
62, ,472 400
6,250,578
Texarkana
—25.1
316.837,225
11,377,375!
—41.7
8,052,869
72 ,538,048
27,937,665
11,178,965
198.873, 53
116,826,952
—....
1918.
352,822.427
11.679,700
—25.2
—33.9
46,475,262
12,514,.569
22,449,254
25,985,977
157,513,158
Newport News
Dallas.
—24.6
1,200,000
—38.0
39,130.746
904,777,464
157,966,164
74.282.392
52,142,219
40.761.393
—38.2
—28.5
—35.5
1.058,091
671 ,749,459
511 ,063.482
—8.9
13.277,100
14,137,040
6,225,912
4.070.000
5,586,649
4,882,349
790,997
69,822,918
35,103,273
28,489,143
19,921,102
8,799,182
—37.6
357,577,463
7,000.000
142,895,475
—40.5
1919.
1,117,579
1,020,000
12.6
—
—41.2
Montgomery
—
1,139,273
1,002.131
297 471,345
49 ,163.833
287,626,5.50
123,506,156
919,006,403
Muskogee—
255,827,904
10,313,700
9,115,835
4,662,924
3,000,000
3,488.709
3.250,000
1,718.520
—36.6
9,126 ,202,116
2,808 ,060,676
or
Dee.
%
—26.1
—37.0
1,475,701
Columbus, Ga.
Vicksburg
total
in
84,,091,499
—38.4
—12.1
Not ibciuded
112,039,588
52,940.954
28,887,466
—22.4
—29.0
1920.
%
13.936,742
20.276.607
38,269,600
37,709,794
-
Hartford
Inc.
1921.
—47.6
—22.1
—39.1
2.824,580
—46.9
9,903,622
4,000,000
31,227,061
•1+7.1
—23.1
—45.0
8,538,721
6,166,329
1,677,687
5,253,236
1,657,926
5,389,464
4,000,000
12,748,126
3,133,807
—44.9
—
16.9
—29.8
—38.6
—30.3
433,402
346,424
+ 25.1
476,821
—5.0
77~ ~000
+"4.:»
821~,311
872,500
—43.2
5,041,695
3,342.525
32,308 861
624,325
12,900,617
4,786,697
39 988,236
—60.9
11,338,592
7,699,793
—30.2
4,407,877
2,433,925
—19.2
40.456.418
29,358,153
4,313,425
4,127,553
+ 4.5
3,913,637
3,790,862
493,251,212
647.067,104
3.8
645.837.718
558,115,026
—23.6
—29.4
1,396,116,124
—34.3
37,224,152
76,785,732
95,920,284
28.492.789
62,470,630
195,199,274
122,402,209
—44.8
—34.6
15,679.775
—3.1
185,486,874
14,743,787
27.585,000
54,717,802
—55.2
5.8 2,
—36.0
—10.0
—28.5
—25.7
—24.6
—19.6
—37.0
—27.0
8
26,437,391,684
-29.7
'339,493,820,581
-22.6
7,044,472.055 9,074,936,767
3,035,940,295 4,033,513,768
157.434,943,310
—24.0
4,240,218,739
3,692,675,846
1,782,640,653
5,245,288,366
3,939,599,048
1,768,188,144
—19.2
—21.5
531,619.142
—21.4
297,549,807
—22.9
228,629,021
134,789,215
■22.4 9 369
61 624 7.054,151,055
—24.7 3,751,373,138 3,267.059,062
Canadian—
417,352,371
Montreal
Vancouver
Quebec
—
Hamilton
St. John.........—
London.......
—
17,274,935
3,562,319
3,167,271
8,383,917
6,337,760
5.059,506
3,479,562
2,457,956
Regina
Brandon
Letbbridge
Saskatoon
Moose Jaw.
Brantford
William
New Westminster
Medicine
Hat
...
Peterborough..
-
Kitchener
Windsor
.
Moncton*
Kingston*
Canada
IffMo!
2q'Z?Z>457
—21.8
....
?'?i6'i05
2'182,754
*
'
ft'ZZ'0l2
91,718,468
—1.4
187,283,822
—5.7
141,064,840
28,010,732
iVr7-'7^
i'*G8.692
5
fio?'936
+ 11.9
—19.4
13.0
25,828.783
70,894,679
—17.9
52,482,743
—23.0
46,294.898
31,619,871
—
—20.1
—29.8
—18.3
f'S-035
—33.7
':P%
—16.2
—18.2
+ 29.2
in
total
1,601,877.8141 —16.7i
Not included in total; comparison
inoomplete.
+ 0.8
108,714.304
—28.9
—8.6
3,863,634
12,777,289
4,543,724
3,276,742
6?9'346
p™2,660
9
1,731,076
3,460,228
1,334.181,041
119,983,131
—20.1
—40.5
ilf.i'293
3,663,637
Sherbrooke.
223,493,243
109,664,379
248,588,266
—6.3
648,432,368
365,245,688
267,457,658
192,106,424
281,457,221
134,691,886
301.094,801
143,848,396
—10.7
9.368,854
22,393,455
..L.—
Edmonton
*
—26.1
13,345,726
22,643,531
11,832,331
26,944,524
11,475,785
Calgary
Victoria
$8fg
23,623,912
...
Halifax
Total
—5.7
2&983,823
27,898,003
Ottawa
—8.4
oJ?'156>433
231,934,636
60.788,234
Winnipeg
Fort
414'}PS'83*
37,360,589
Toronto
—25.0
22,933,884
15,744,325
33,583,901
—18.1
—18.5
—14.5
91,154 ,344
95,457 ,712
57,975 ,172
12,654 625
5,484 ,935
4,805 ,389
123,907,264
94,490,155
75,935,611
—26.4
+ 1.0
—23.7
17 002 296
—25.6
14 296 878
7,473,921
—26.6
6,134,106
—21.7
4,728 ,530
4,708,581
7,372,675
—
—36.0
13,829,381
5,391,071
4,623,741
6,483,938
2 533 ,122
3,009,030
—15.8
2,789,100
10 471,565
—29.8
3,008 ,044
—20.6
—18.5
14.9
—17.4
6,149 ,101
—41.3
7,589,108
—16.6
2 446 600
3,170,784
—22.8
—15.6
1,912 ,975
-29.3
216,913,685
—13.2
+ 35.7
3,326,791
2,427,374
4,815,051
158,828,068
28,334,085
—11.2
6,555 826
3,337 ,242
2,705,857
4,829,666
4.047.304
—17.5
5,138,698
62.075,841
12.480.670
7,567,600
4,940,867
3,829,032
5,886,276
2,324,478
7,367,477
2,757,076
1.857 806
3,540,374
—1.2
672 ,293
742.939
—9.6
32;173.121
—19.7
828, 207
913,062
—11.8
1,016,677
2,304,816
—18.5
80,394,717
63,615,888
—20.3
2,202,250
—17.5
2,024,663
—35.4
2,033,748
2.034,899
55,639,165
—16.8
—29.7
1,292,448
1,074,057
—5.6
985, 111
891, 846
1.402.305
33,.503,851
21,122,790
18,309,350
37.090,395
855,115
+ 4.2
958.300
—15.4
545, 567
705,064
—!~22.7 i
1,000,000
650,348
11,837, 771
1,308 052
867,437
653,008
—0.1
1,900,000
980,300
372,700,462
280,022,611?
967,686
—18.2
47,271,601
—10.3
769, 143
—42.0
46,367.802
123,368,338
6,965,259
—19.4
875, 888
121,490,715
42,814,489
—1.1
3,011, 569
1,326,415
1,098,534
3,014,717
16,947,101
Notincluded i
14,365,057,1401 —12.6
590.343
—20.3
626,124
790, 291
total
589.562
1,041,866
400 530
—9.5
n
974 908
552,939
890,105
919,329
—36.0
12,558,577,530
91,763,240
66,541,056
4,824,632
780,448
859,470
1,932,997
—14.0
42,380,719
37,393,788
39,182,392
88,644,385
59,965,080
771,119
+ 28.0
767,911
982, 435
689, 511 Not included in total
312,102,320
382,111,681' —18.3
1546
compilation made
stood
are set out in the following.
The figures are taken
from the daily statement of the United States
holdings of the Government as the items
The cash
•
TREASURY CURRENCY HOLDINGS.—The following
CURRENT LIABILITIES.
AND
TREASURY CASH
Sept. 30
entirely
Government state¬
the daily
from
up
ments, shows the currency holdings of the Treasury at the
beginning of business
the first of July, August, September
on
and Oetuber 1921:
Treasury for Sept. 30:
■■
Gold coin
—
bullion-
$
Liabilities—
259,417,170 53 Gold ctfs. outstanding
—
—...,.
;>
July
f
Board
887,004,56!) 00
..
as
Net Fed. Reserve notes..
reserve
4.031.479
*
2,888,781,628' 54
.
Total
Assets—
*484,918,775
152,979,026
152,979,026
Cash balance In Sub-Treas
387,482,925
344,634,502
337,194,162
331,939,750
393,289.000
97,685,000
186,861,000
79,813,108
52,472,776
65,934,856
602,285,000
2,500,000
84,921,375
9,497,962
11,711,618
7,946,635
8,416,992
To credit dlsb. officers.
15,000,479
12,998,458
i
Total
Total
21,209,580
22.917,114
:
To credit Treas. U. 8...
243,119,831 00
-
8,919,502
14,637,576
7,598,341
21,415,450
7,557,841
23,557,078
8,056.639
54,04^,572
4,470,685
3,893,177
3,613,961
943,897,824
394,219,718
529,808,418
022,856,486 1,056,150,869
299,093,971
289,764,041
298,475,638
549,678,106
230.714,447
333.092,445
757.675,231
Deposits In Foreign Depte.
FUND.
$
lAabilities—
$
Assets—
.
Dep. In national banks:
Cash in Phllipj lne Islands
GENERAL
2,593,507
11,587.229
6,850,060
„
226,610,663 00
1,562,464 00
14,946,704 00
Silver dollars In gen. Id.
243.119.831 00
2,962,222
Dep. in i;pec. depositories:
Dep. In Fed. Res. banks..
S
Treas. notes of 1890 out.
Total
16,815,334
Dep. in Fed. Land banks.
Silver ctfs. outstanding.
243.119.831 00
5,067,051
Less gold reserve fund
Acet certs, of Indebt—.
DOLLARS.
Liabilities—
Stiver dollars
61,776,863
2,952,147
6,056,300
Treasury.
SILVER
63,859,373
'
490,173,188
2,888,781,528 54
-
notes of 1890 outstanding.
i
379,497,020
225,527,994 0o
Note.—Reserved against $346,681,016 of U. 8. notes and $1,562,464 of Treasury
Treasury notes are also secured by silver dollars in the
,
S
383,347.076
383,114,510
67,495,521
3,966,029
19,664,830
3,986,327
2,627,128
9,909,123
497,613,528
152,979,026
Net subsidiary sliver
Minor coin, Ac
Total cash In Sub-Treas
—
Oct. 1 1921.
1921.
540,461,951
152,979,026
13,739.861
4,217,103
2,422,847
9,671,247
23,509,623
Net Fed. Res. bank notes.
^
-—
jGold In general fund
,
1
$
14,924,277
3,349,063
1,025,593
10,970,304
7,508,605
1,622,279,939 86
152,979,025 63
_,J
1917)
—
1921. Sept.
1
$
416.040,542
66,826,249
Net United States notes..
Net national bank notes-
-21
June
amended
I Gold
Not gold coin and bullion
Net silver coin and bullion
of
(Act
1913,
23
Dec.
Total
1921. Aug.
$
.
2,629.364,340 01 Gold fund, Federal Re¬
serve
>•
1
GOLD.
?
Assets—
Gold
;j
Holdings in
Sub-Treasuries.
AND LIABILITIES.
ASSETS
CURRENT
226,517,994 05
Treas. checks outstand'g
341,887 11
Net cash In banks & sub-
Depos. of Govt, officers:
Post Office Dept
12,347,886 26
Deduct current liabilities.
Fed. Res. bank notes...
14,946,704 00
5,067,051 00
3,349,063 50
1.825,593 50
National bank notes
14,924,276 51
7,333,705
Gold (see above)
Sliver dollars (see above)
United States notes
Federal Reserve notes..
Minor coin
tal Savs. System—
46,830,159 20
Subsidiary silver coin...
Comptroller
currency,
44,921.374
Depos.In Fed Res.banks
Deposits In special de¬
1,660,808 23
as
Redemption
of F. R.
notes(5 % fund,gold)
7,917,696 55
Redemption of nat.bk.
notes (5% fund)...
19,569,415 00
To credit of oth. Gov¬
2,943,886 28
Retirement
8,919,501 67
circulat'g
To credit of oth. Gov¬
add'l
of
7,333,705 56
Oct. S.
Oct. 4.
Oct. 5.
Oct. 6.
Sat.
Mon.
Tues.
Wed.
Thurs.
53,580 00
7.394,576 65
coin, Ac
48%
88%
88%
89%
—..
81 %
81%
81%
I
89%
89%
81%
55.70
81.45
56.15
French War Loan (in Paris) fr.
._
_
_
55.60
81%
55.70
81.45
81.45
price of silver in New York on the same day
The
49
89%
81%
55.80
81.45
49
81.45
French Rentes (In Paris)._fr.
41%
41%
49
48%
...
British 4% per cents..
42%
42%
48%
...
Oct. 7.
Fri.
110s. 6d. 109s. 8d. 108s. 7d. 108s. 8d.
110s.
110s.
Gold, per line ounce.
298,475,638 62
757,675,230 61
Net balance..
42%
>_d- 42%
Silver, per oz_
British 5 per cents.
notes.Act
Exchanges of currency
To credit Treas. U. 8.
Oct. 1.
London,
Consols, 2% per cents
May 30 1908
14,637,576 31
Depos. in Philip. Treas.:
reported by cable, have been as follows the past week:
Week ending Oct. 7.
Redemption
Deposits in nat. bunks.:
daily closing quotations for securities, &c., at London
217,342,547 50
of F. It.
bank notes (5% fd.)
670.074 77
officers...
CABLE.
FINANCIAL MARKETS—PER
ENGLISH
The
24,663,720 18
Ac
officers,
To credit Treas. U. 8.
Ac., not Included In statement "Stock of Money."
disbursing
courts,
81
Deposits for:
officers
37,508.604 49 minor coins.,
Includes, Oct. 1, $46,830,159 20 silver bullion ami
insolv¬
ent banks
602,285,000 00
Depoe. In foreign depos.:
To credit Treaa. U. 8.
ernment
Cur¬
for
*
balance.
Postmasters, clerks of
positaries acc't of sales
of etfs. of Indebted'®).
ernment
80,294 77
of
of
creditors
4,970,811 28
2,500,00000
Ac.).......
7,103,226 37
agent
rency,
Unclassified (unsorted
Depos. In Fed. Land bks_
Available cash
5% reserve..
Other deposits
10,970,303 58
2,537,793 21
Silver bullion
Treasuries
Board of Trustees,Pos¬
has been:
Silver in N. Y., per cz. (cts.):
Total— .-—..-....1,056,150,869 23
'
1,056,150,869 23
Total
Note.—The amount to the credit of disbursing officers and agencies
$852,081,695 67.
held by
to-day was
the United States amount to
lawful money for the
bank notes are paid
the Treasury as miscellaneous receipts, and these
the Acta mentioned
was
99 %
99%
99%
99%
99%
70%
70
70%
70%
G9%
70%
$35,738,629 05.
Under the Acts of July 14 1890 and Deo. 23 1913 deposits of
into
99%
Foreign
Book credits for which obligations of foreign Governments are
retirement of outstanding national bank and Federal Reserve
■
Domestic...
a
part of the public debt.
©ommetxial audHtisceU/tricarts Houns
obligations are made under
The amount of such obligations to-day
New York
$36,615,924.
$672,857 In Federal Reserve notes, $1,825,593 in Federal Reserve
bank
and $14,834,176 In national bank notes are In the Treasury in process of
and are charges against the deposits for the respective
L
the public
of
statement
United States for Sept. 30 1921, as
made
of the
as
daily Treasury statements, is
Total gross debt Aug. 31
up
debt of the
on the basis
Public debt receipts Sept. 1 to 30 1921--.
-
Battery Park.
Bowery*
Broadway Cen
172
share.
York
American
242
210
Manhattan *.
192
196
Bankers Trust
300
306
140
150
Mech A Met.
300
310
Central Union
332
336
425
450
Mutual*
510
5/5
Columbia
2/5
283
Nat American
150
160
Commercial..
Nat
308
3 3
130
150
N
120
Y
80
90
150
160
New
Park*
City..—
Neth*..
130
New York Co
140
New
Cent Mercan.
190
Pacific*
Chase.
280
290
Park
405
Chat A Phen.
240
2.5
135
....
300
310
255
262
Farm L A Tr.
300
York
--
--
Empire
415
155
130
175
■
Equitable Tr.
140
400
145
Butch A Drov
$1,175,621,202 12
Ask
Bid
Trust Co.'s
New
182
175
235
*-
Bor
Ask
Irving Nat of
Bronx Nat—
Bronx
Bryant
follows:
...........$23,922,329,666 47
1921.
per
Bid
Banks
190
Exch-.
Amer
Atlantic
,
Ask
178
Bid
Banks—N Y
DEBT STATEMENT OF UNITED STATES SEPT. SO 1921.
preliminary
prices dollars
All
redemption
5% redemption funds.
America*
The
City Banks and Trust Companies.
notes,
355
206
Inter
198
Fulton
235
250
415
Guaranty Tr.
215
220
Fidelity
170
f
■
Total gross debt Sept. 30 1921
by the Treasurer
balance held
free of current obligations, and without any deduction on
foreign Governments
1,778,458 59
...-$23,924,108.125 06
Note.—Total grooS debt before deduction of the
account
of obligations of
other investments, was as follows:
or
1
Bonds:
Hudson
235
460
245
Law Tit A Tr
104
480
Lincoln
Trust
155
Coal A Iron-
215
225
Standard*...
209
225
Mercantile Tr
275
309
350
State*
235
Metropolitan.
290
310
Panamas of 1916-1936....
48,954,180 00
Panamas or 1918-1938...
23d Ward*-.
190
223
Unlon
Exch..
165
175
United States*
1:8
1- 8
Efts*—
325
350
Continental..
Corn
...
Third Liberty Lpan
—
N
Y
A
105
125
560
570
2C 0
...
Life
297
Ins
Trust...
N Y Trust
900
Title Gu A Tr
420
925
*
322
U S Mtg A
_
Tr
260
268
States
875
900
415
425
United
Brooklyn
327
150
165
Coney Island*
145
First
850
870
First
215
230
215
225
Greenpolnt...
175
185
Brooklyn
190
200
Homestead*..
80
100
Kings County
660
670
240
255
Mechanics**..
85
95
Manufacturer
205
215
People's
270
.
.
155
1
3,314,680,700 00
78
805
Montauk*
125
350
360
Nassau
Imp A TradIndustrial*—
505
North Side*..
195
205
155
160
People's
150
Tr.
160
280
220
495
Brooklyn
*
>
•
Banks marked with
-
j
1
(*) are State banks. I New stock, x
Ex-dividend. yEx-rights.
3.609,801.450 00
,
Fourth Liberty Loan......—
-
170
Harrlman
$1,952,198,250 00
.....
-
Hanover
$883,784,050 00
First Liberty Loan..
Yorkville*..
V
Greenwich*
11,774,02000
Second Liberty Loan.
Wash
100
*
Gotham
28,894,500 00
Postal Savings bonds.............
330
90
Chester
■'
Fifth
50.000,000 00
Conversion bonds
130
320'
Exch*.
165
Mutual (West
200
236
215
.
109
Garfield
U
25,947,400 00
Panamas of 1961.
Tradesmen's *
165
232
Com'nwealth*
Fifth Avenue*
"18,489.900 00
"
155
Commerce.
Columbia*
East River—
S599.724.050 00
„
Loan of 1925...
-
248
Second
Cosmo p'tan*
Consols of 1930
.
238
Seaboard
500
Chelsea Exch*
_........
—
Public
100
485
Colonial*
Jncreaso for period
1,173,842,743 53
75
Chemical
Public debt disbursements Sept. 1 to 30 1921..
—
6,352,406,050 00
15,229,092,450 00
Total
bonds
....
—
New York City
...$16,112,876,500 00
Notes:
All
Victory Liberty Loan
3,709,108,600 00
......
Bid
Ask
Bid
Ask
!
Bid
Ask
Allian R'lty—
72
78
i
Lawyers Mtg"
122
127
(Brooklyn).
93
103
Surety.
62
65
|Mtge Bond-
75
81
U 8 Casualty.
145
160
Bond A M G.
23
218
8urety__
187
192
U 8 Tltl Guar
50
65
IN
70
80
!
Treasury notes—
Series A—1924—
$311,191,600 00
_
Series B—-1924
Amer
390,706,100 00
701,897,700 00
Treasury Certificates:
Tax...
Realty and Surety Companies.
prices dollars per share.
City Investing
Prefprrp'*
—
jNat
Y
Title
Assoc
80
90
145
155
West A Bronx
A
Mortgage..
Realty
112
Title A M G
$1,416,576,500 00
...
boon.
890,861,000 00
Pittman Act
172,375,000 00
GOVERNMENT REVENUE AND EXPENDITURES.
2,479,812,500 00
War Savings securities
(net cash receipts)
.p.
Total interest-bearing debt
Debt
on
which interest has ceased
15,713,140 26
...
Non-lntercet-bearlng debt
Total gross debt
....
,
672,331,447 97
$23,676,024,747 97
_
—
232,370,236 83
$23,924,108,125 06 >
—Through the courtesy of the Secretary of
are
Government receipts
we
and disbursements for September 1921
and 1920, and the three
and
the Treasury,
enabled to place before our readers to-day the details of
1920-21.
months of the fiscal
years
1921-22
Oct. 8
1921.]
THE
Receipts—!
■
v
Ordinary—
<histomS——.
Sept. 1921.
Sept. 1920.
'
5
23,356,692
$
*3 Mos. 1921.
*3 Mos. 1920.
S
.
24,036,200
CHRONICLE
$
69,602,045
84,058,025
By Messrs. Wise, Hobbs & Arnold, Boston:
Stocks.
Shares.
Income and profits tax.
Miscellaneous
116,626,663
16,602,275
840,653,321
399,728,192
15 Hamilton Mfg., full pd. receipts.
1 Prov. & Worcester Rlt
71,902,681
214,542,817
50 Eastern Mass. St. Ry., com
2,844,204
1,093,903
1,140,839,902
1,540,074,263
'Panama Canal tolls, &c._
1,250,217
Total ordinary........
689,328,260
911,307,072
revenue
766,443,000
390,706,100
1,207,450,450
Lib. bonds & Vict, notes.
War Savings securities...
3,425
1,814,706
1,083,602
Postal Savings bonds
.
_
al,300
17,490
6,405,490
3,807,907
55,780
_
72,800
Deposits for retirement of
bank
Res.
notes
14 1890
Dec. 23 1913)
July
Stocks.
(Acts
and
2
1 Warren Nat. Bank,
Peabody—120
25 Hamilton Woolen.
732,297
30,930,290
1,180,698
3 Peppcrell Mfg.
3 Mass.
1,175,621,202 1,210,000,878
Grand total receipts...1,864.949.462
2.121,307,950
1,588,304,277 2,167,842,928
2,729,144,178
3,707,917.191
.138%
194%
Ry., adj. stk...
Co., preLLighting Cos., com
Elec., Ltd., com
1 Cape Breton Elec., Ltd., pref...
(less bals. repaid, &c.).
Int.
on
public debt paid-.
Panama
paid
180,071,275
85,729,898
Canal:
Checks
(less balances
406,097,598
73,017,397
7 Peoples
730,849,202
147,324,119
1,044,628,889
136,351,254
722.760
708,339
1,327.028
2,965,341
foreign Governments..
.j.
—
—
15,732,166
i.
57,201,634
Loan bonds:
i
Principal
Accrued interest
Total ordinary
266,523,933
9,600,000
879,500,349
Public Debt—
1,250,849,557
,
Ponds, int-bearing note3,
and certificates retired. 1,159,352,384
Nat. bank notes and Fed.
1,446,203,499
-
1.615,224,344
(Acts
of July
14
•and Dec. 231913)
Grand total disburse'ts.
*
a
Shares.
Stocks.
$ persh-
20%
11 Nat. Bank of North Phlla...130
4 Land Title & Trust
14 Germautown Trust
RR__107%
307
200
100 West End Trust
_$2 lot
1,000 El Palmarite Leasing..
149%
in
200 Right
reserved
assets
of
Marconi Wireless of Amer.$5 lot
1,020 German marks
3 Contincntal-Eqult. T, &
$10 lot
70
85
1
.
1,594 El Palmarito Min. stk. tr. ctfs$8 lot
200 Radio Corp. of Amer. com..
2
1%
Holmesburg Trust.
15 Clinch Vat. Coal & Iron, pf.
30 Clinch Val. Coal & Iron, com.
$8 lot
Amer., pref..
■
480%
18 Manayunk Trust
Bonds.
l
Per cent.
$200 Interstate Rys
coll. tr 4s 1943.
30%
$1,000 Phila. & Read. (Del. River
Terminal Extension) 1st 5s, 1942. 95%
$5,000 Detroit
United
Ry.
Co.
T—103%
1st coll. 8s, 1941
—-
98%
DIVIDENDS.
first
14,490,360
grouped in two separate tables.
In the
bring together all the dividends announced the cur¬
we
are now
1,113,375
26,422,360
3,923,636
1,173.842,744 1,447,316,874
1,641,646.704
2,379,808,266
we
1,440,366^676
2,521,147,054
3,630,657,823
have not yet
1,944,093,528
Included.
are
Then
week.
we follow with a second table, in which
dividends previously announced, but which
show the
been paid.
•
The dividends announced this week
national banks is from the
following information regarding
office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS
TO
(Steam).
Payable.
RECEIVED.
Preferred
Sept. 30
1
Sept. 30
Oct.
1
1%
Oct.
1
3
Georgia RR. & Banking (quar.)
♦1%
Oct.
«
„
—
»
15
W.-r'
Oct.
2
Oct.
14
♦Holders of rec. Oct.
7
to
Meadville-Conneaut Lalcc& Lineoville..
2
Oct.
1
Norwich & Worcester, preferred (quar.).
2
Oct,
1
Holders of rec. Sept. 15a
Holders of rec. Sept. 14a
Pere Marquette,
25,000
1%
Nov.
1
Holders of rcc. Oct.
Oct.
1
prior preferred (quar.).
85,000
Georgia Light, Pow. & Rys., pref. (qu.).
25,000
-
15a
Electric Railways.
Street and
ISSUED.
—
1
Oct.
2
(quar.)._
Oct.
2
Manhattan Ry. (quai.)_..
Sept. 26—12022—The Laurel Springs National Bank, Laurel
-Springs, N, J-i.--.---.—'ia-.
_-a-aa: :
President, H. K. Lippincott; Cashier, B. E. Zelley.
Sept. 27—12023—The Lamb's National Bank of Michigan City,
,
Closed.
3%
Belt RR. & Stock Yds., Ind., com. (qu.)
Capital.
$25,000
Books
Days Inclusive.
C
Preferred
Sept. 26—The First National Bank of Walnut Park, Calif.
Correspondent, R. W. Sanders, 301 Florence Ave.,
Huntington Park, Calif.
Sept. 28—The First National Bank of Riverton, Iowa
Correspondent, E. A, Miner, Riverton, Iowa.
Sept. 30—The Rosedale National Bank, Rosedale, Miss
Correspondent, E. R. Nobles, Rosedale, Miss.
CHARTERS
Railroads
When
Cent.
Company.
Bangor & Aroostook, com
\
ORGANIZE
Name of
\
are:
Per
National Banks.—The
Kansas City Power Securities, pf. (qu.).
Pine Bluff Co., preferred (quar.).......
1%
Holders of rec. Sept. 24a
Oct.
1
Holders of
1%
Oct.
1
Sept.16
5
Nov.
1
Holders of
$1.25
rec.
to
Sept. 20a
Sept. 30
Banks.
D
N.
56%
25c
5 Philadelphia National Bank_305
Street Nat. Bank..280
121
2,375,884,630
Receipts and disbursements for June reaching the Treasury in July
Counter entry (deduct).
.
90
10 Fourth
325 J. S. Alston Mfg
rent
—
94%
$50 East. Mass. St. Ry. 5s, 1948...
$10 Ctfs. of int. N.Y. Inv. Sec., pf.
22
Dividends
— ..
.
per cent
-
1890
Total.
Bonds.
^
Res. bank notes retired
,
lot,
85%
Nat. Fire Ins
Trust
78 Phi la. Germ: & Norris.
102,439
496,776,655
"
$ per sh.
200 Radio Corp. of
1,200,000
21,155
;
12
dep.)
$1,000 Boston Elec. Lt. 5s, 1924.._
$100 Boston City Club 5s, 1923
100 Camden & Trenton Ry......$5 lot
Purchase of obligations of
Purchase of Federal Farm
4%
.35-35%
3 Fire Association of Phila
paid. &c)
25c
3 East. Mass. St. Ry. opt.
warr}$84
$44 East. Mass.St.Ry.Jrac.scrip
$100 PJast. Mass. St. Ry. 5s, '48
J
12%
50%
5 Parkway
■
re¬
$ per sh.
15
90
10
3 Central Trust & Savings
'Checks and warrants paid
i
Slocks.
59 Mutual Trust.
Ordinary—
Slocks.
8 Klpawa Co., Ltd., com
By Messrs. Barnes & Lofland, Philadelphia.
Shares.
Disbursements—
Shares.
•
-...186
1 Mass. Cotton Mills.
2 Cape Breton
Total
6%
196%
130 %
10 Caracus Sugar, $50 each
12 Mass. El. Cos., pf., ctfs.
for com. stock only
70
2 East. Mass. St.
17,388,500
88%
——_
-
33 Nassau Lt. & Power.
$ per sh.
10 Hemphill
.....
1 Berkshire Cotton Mfg.
182-182>6
1 Worcester Cons. St. Ry., 1st pf.
,
$ persh.
—
12*4
5 Naumkeag Steam Cotton
Nat. bank notes & Fed.
Stocks.
10 Wm. Whitman, Inc., pref
10LaconiaCar,com
92
50 Fidelity Trust.....
1,162,805,500 2,160,166,450
Shares.
By Messrs. E. L. Day & Co., Boston:
50 Nat. Union Bank, Boston..
390,706,100
notes
88
9
10 Caracus Sugar, $50 each
Shares.
Public Debt—
Certfs. of Indebtedness..
;of
201%
632,089,028
364,401,944
23,734,477
8,285
•
$ per sh.
716,183,758
147,344,343
537,492,413
Treasury
".'•■Vr:-'..-.
5 Nat. Shawmut Bank
Internal revenue:
"Miscellaneous
1547
25,000
Corn Exchange
(quar.).
rec.
Oct.
31
Conversion of the Nelson County State Bank, Michigan
Miscellaneous.
City (P. O. Michigan).
,
President, J. M. Lamb: Cashier, G. F. Lamb.
Sept. 28-—12024—The Winner National Bank, Winner, S. D
President, M. P. Dougherty: Cashier, J. U. Steichen.
12025—The First National Bank of Greer. S. C
Succeeds the Peoples Bank of Greer, 8. C.
President, J. T. Smith; Cashier, R, 11. Bourdon.
Sept. 30—12026—The Dakota National Bank of Fargo, N. D
Conversion of the Dakota Savings Bank of Fargo.
;
President, Alex Stern: Cashier, J. L. Cline.
v
12027—The Union National Bank of Marquette, Mich.
President, John M. Longyear; Cashier, F. J. Jennison.
Oct.
1—12028—The First National Bank of Spurgeon, Ind____
President, Albert Jordan; Cashier, John Jordan.
12029—First National Bank of Jerome, Pa
President, T. W. Guthrie; Cashier, W. D. Rummel.
Amalgamated OIL (quar.)__-
EXISTENCE
1 ♦Holders of rec. Oct.
1 ♦Holders of rcc.
Sept. 15
1
Nov.
1
Oct.
15
to
Oct.
27
/I
Nov.
1
Oct.
15
to
Oct.
27
Nov.
1
Oct.
15
to
Oct.
27
Common (payable in common stock).
Preferred
100,000
100,000
25,000
Automatic Electric Co.
25,000
—
1
CONSOLIDATION.
Capital.
,
1918 and under the charter and corporate title of "The
Dexter Horton National Bank of Seattle" (9798) with
Of
-
OF
y
VOLUNTARY
Oct.
<
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Price.
$10 each
$1*4 persh.
Knob
Copper
&
Devel., Ltd., pf., $10 ea_ $18 lot
00 White
85 Paterson&Hud. Riv. RR.„
$50 each
$48 per sh.
187 Holt-Welles, Inc., pref
765 Stanley
Court
Realty
Construction
$10 lot
&
$50 persh.
381% Seaboard Finance & Inv_$100 lot
3,017 N.Y.Sanitary UtIlization.4c.per sh.
225 Colonial Land
$15 lot
228 Acme Orchard, Inc., $50 ea.$100 lot
Impt...
Stocks.
Price.
2,000 Oklahoma Cuba Oil Corp.l
preL,
-
Shares.
4,000 Okla. Cuba Oil opt.
$10 lot
Corp., pref 1 $45 lot
Corp., com/
245 Haytian Amer. Corp., pref $38 lot
30 Union Hotels Co., pref..$25 per sh.
687M Seaboard Finance & Inv.S245 lot
Per cent.
cons.
4s___-
7% notes.-.-
39%
Finance
&
a
1 ♦Holders of rec. Nov. 12
Dec.
*1
Oct.
15 ♦Holders of rec. Oct.
Oct.
15
1%
2%
Nov.
Nov.
71
$67,500 Seaboard Finance & Inv.7%
notes 1923, temp
ctfs
50
1
10
10
Nov.
1
*3
Nov.
Fisher Body Corp.. com.
Preferred
Homestake Mining
__
com.
Oct.
9
rec.
Oct.
24
2 ♦Holders of rec. Oct.
15
Holders of rec. Oct.
20
1 ♦Holders of rec. Oct.
15
1
♦1%
Oct.
15 ♦Holders of
1%
Oct.
*1%
*3
Nov.
Oct.
Nov.
1
rec.
Sept.!30
1 ♦Holders of
rcc.
Oct.
15
Holders of rec. Oct.
1
Holders of rec. Oct.
Preferred (quar.)
2la
Holders of rec. Oct,
21a
Nov.
1
♦S3
*1%
Mulline Body Corp., pref.
_
—.
(quar.)......
♦Holders of rec. Oct.
15
1 ♦Holders of rec. Oct.
21
rec. Oct.
21
1 ♦Holders ol
Holders of rec. Oct.
20
25c. Nov.
1
Holders of rec. Oct.
15
50c. Oct.
7
Holders of rec. Sept. 30
25
Oct.
1 ♦Holders of rec. Sept. 30
7
20 ♦Holders of rec. Oct.
Oct.
31
Oct.
Plant (Thomas G.) Co., pref.
(quar.)...
(monthly).....——-j
St. Joseph Stock Yards (quar.).-.—...
Steel Co. of Canada, com. (quar.)..
(quar.)..
Holders of rec. Oct.
Holders of rec. Oct.
Nov.
Oct.
15 ♦Holders of rec. Sept.
-—.J
14a
17
30
Nov. 15 ♦Holders of rec. Oct.
31
Holders of rec. Oct.
14
Nov.
1
Nov. 15
Holders"bf
rec. Nov.
X
31 ♦Holders of
rec.
Dec.
16
♦/. 54 Dec. 31 ♦Holders of
rec.
Dec.
16
31 ♦Holders of
rcc.
Dec.
♦3
Dec.
Dec.
Nov.
Oct.
15
3
Oct.
18
Oct.
18
1
50c. Nov. 15
♦Holders of rcc. Oct.
16
20
Holders or rec. Sept. 30
Holders of rec. Oct.
Holders of rec. Oct.
Holders of rcc. Nov.
3
3
la
♦SI
Nov.
1
Holders of rec. Oct.
15
*2
Nov.
1
♦Holders of rec. Oct.
15
Holders of rec. Oct.
20c. Oct.
National Oil, preferred (quar.)
National Tool, preferred (quar.)
Preferred
Nov.
1%
—
....
...
20
Holders of rec. Oct.
♦5
...
6
17
20a
I ♦Holders of rec. Oct.
*1%
Miami Copper (quar.)
Midwest Refining (quar.)..
Oct.
1
*1
Preferred (quar.)
rec.
1
2
Kress (S. H.) Co., corn, (quar.)
Lanett Cotton Mills
Holders of
Nov.
... „_ —
Common (payable in common stock)..
31
15
Nov.
Independent Brewing, Pittsb., pref.... ♦S3
Ingersoll-lland Co., common (quar.)...
♦2%
pref. (quar.).....
1%
Internat. Teleph. & Teleg. (quar.).—
*1%
*2
Kaminlstiquia Power (quar.)
/ 75c.
Kelly-Springrield Tire, common (quar.).
—
5
25a
15 ♦Holders of
Nov.
International Nickel,
;
Holders of rec. Oct.
1%
25c. Oct.
Preferred (quar.)
Holders of rec. Sept. 20a
1 ♦Holders of rec. Oct.
5
1%
♦1%
Kresge (S. S.) Co., common
rec.
30
Sept. 30
♦1%
(quar.)...
(quar.)
9
to
15 ♦Holders of rec. Sept.
Hurley Machine, common (quar.)L.....
Preferred
Oct.
to
Nov.
(monthly)......
Hupp MotorCar Corp.,
5
Holders of
Oct.
*$2.50 Nov.
(quar.)
(quar.)
to
*2
Oct.
.
6
*2
2
.
Oot.
Sept. 30
Sept. 30
Nov.
a
15
16
Oct.
Oct.
........
Oct.
20
Oct.
1%
.
rec.
1 ♦Holders of rec. Oct.
1%
Nov.
Holders of
Oct.
2
2
Ranger Texas Oil
Inv.
1 ♦Holders of rec. Nov. 12
♦13%
Electrical Utilities, pref. (quar.).......
Northwestern Electric Co., pref. (quar.)
$10,000 Coney Isl. & Bklyn RR. 1st
$33,000 Seaboard
East Bay Water, pref.. class A (quar.)..
Edbon Elcc. III. of Boston (quar.)......
Maple Leaf Milling, common (quar.)
ctfs./
10 Mountain Lake
-V 10 Mountain Lake
Bonds.
Dec.
*1
Fall River Gas Works (quar.)..........
$100,000
Auction
Stocks.
...
...
Liquidating Agent, E. C. Aldwell, King City, Calif,
Assets purchased by the Bank of Italy, San Francisco, Calif.
1—10018-—The First National Bank cf Hayward, Calif._
100*000
Effective Sept. 12 1921.
Liquidating Agent. E. C. Aldwell. Hayward, Calif.
Business acquired by the Bank of Italy, San Francisco. Calif.
500 U, S. Light & Heat Corp..
*1%
pref. (quar.). •e 20c. Nov.
Federal Sugar Refining, common (quar.)
Preferred (quar.)
not
Shares.
Dixie Terminal, preferred (quar.)
Dominion Oil (monthly)..
50,000
LIQUIDATION.
7
15
1 ♦Holders of rec. Oct.
5
_. „..
Cuban Telephone, common (quar.).....
Preferred (quar.)
A
Exchange Buffet Corp., preferred (quar.)
Fajardo Sugar (quar.
CHARTER.
Sept. 28—10972—The First National Bank of King City, Calif..
1
Effective July 27 1921.
•i
Clift-on Co., Ltd
du Pont Chemical, com. &
2 ♦Holders of rec. Oct.
Nov.
Eureka Pipe Line (quar.)..
6231—The Megunticook National Bank of Camden, Maine
Expired by limitation close of business Sept. 27 1921.
v
-.
1,000,000
— _ —
EXPIRATION
Central Oil «fc Gas Stove, pref. (quar.)...
Chevrolet Motor.--, .v.—. a a
15
*1
♦
Brown Shoe, preferred (quar.)
Commonwealth-Edison Co. (quar.)
Sept. 30 1911
*$1.50 Nov.
3
Preferred (quar.) ——-a-—A—
RE-EXTENDED.
1%
(quar.).
California Wine Assn., common (quar.).
9798—The Dexter-Horton National Bank of Seattle, Wash.Sl,200,000 and
12007—The Horfcon National Trust & Savings Rank of Seattle-400,000
Consolidated Sept 27 1921 under the Act of Nov. 7
y
capital
(quar.)
Amoskeag Mfg. (quar.)
Assoc iated Dry Goods, common (quar.).
First preferred (quar.)
Second preferred (quar.)—
Atlantic Refining, preferred (quar.)....
Atlantic Terra Cotta, preferred (quar.)..
—„
EXTENDED.
2572—The Farmers National Bank of Cambridge, III
2609—The First National Bank of Saltsburg, Pa__
5a
Nov.
Oct.
Until Close of Business.
6000—The First National Bank of Castlewood, 8. D
Oct.
1 1941
6002—The First National Bank of Fort Gaines, Ga
Oct.
2 1941
CORPORATE
Holders of rec. Oct.
♦2
*1%
50,000
.
EXISTENCE
15
American Cigar, common (quar.)
American Grain & Feed Corp., pref—_
American Light & Trac., com. (quar.)..
.
CORPORATE
75c. Oct.
60,000
4
15
Oct.
1
Oot.
1
Oct.
31
Holders of rec. Oct.
1
'Holders of rec. Oct.
14
1%
1H
♦1
2
Nov.
Sept. 30
Sept. 21
Sept. 25
Sept. 21
la
to
Oct.
to
Sept. 30
to
2
17a
15
Sept. 30
10
♦13%
Nov.
1
Oct.
*1H
Nov.
1
Oct. 10
THE
1548
Per
Miscellaneous
—
United Eastern Mining (quar.)
60c. Oct.
20
Holders of rec. Oct.
IX
Oct.
15
Holders of rec.
Oct.
28 •Holders of rec.
2
prf. (quar.)
1
Oct.
31
Holders
of rec.
Holders of rec.
-
Oct.
Oct.
give the dividends announced m previous weeks
yet paid.
This list does not include dividends
announced this week.
Per
Cent.
Name of Company.
Books Closed.
When
Days Inclusive.
Payable
(Steam)
Atchison Topeka & Santa Fe. com. (qu.)
1*
Dec.
Holders of rec. Oct. 2?a
Clev. Cin. Chic. & St. Louis, pref. (qu.).
Delaware Lackawanna & West. (quar.).
1*
Oct.
Holders of ree. Sept. 30a
Holders of rec. Oct.
$1.50 Oct.
Kansas City Southern, pref. (quar.)—
8
Oct.
13
Oct.
1
Nov.
Holder
Holders of rec. Oct.
of rec. Oct.
31a
IX
Nov.
Holders of rec. Oct.
3a
Philadelphia A Trenton (quar.)
Pittsburgh A West Va., pref. (quar.)
Reading Company, common (quar.)
2X
Oct.
Oct.
1X
♦1X
$1
Holders of rec. Sept. 30a
Nov.
United N. J. RR. A Canal Cos. (quar.)..
Western Pacific RR. Corp., pref. (qu.)__
to
Oct.
11
♦Holders of rec. Nov. 11
Nov.
Holders of rec. Oct.
18a
Holders of rec. Sept.
Nov.
50c. Oct.
Second preferred (quar.)..
1
8a
27a
Sept. 30
2*
Oct.
Sept. 21
134
Oct.
Holders of rec. Oct.
to
8a
Electric Railways.
Oct.
♦Prefeired
(quar.)
Duqueane Light, preferred (quar.)
Kentucky Securities Corp.. pref. (quar.)
Manchester Tr., L. A Power (quar.)
Monongabela Power A Ry., pref. (quar.)
Philadelphia Co., common (quar.)
Six per cent cumulative pref. (quar.).
Philadelphia A Western Ry., pref. (qu.)
Puget Sound Pow. A Lt., pref. (quar.)..
.......
IX
15
Oct.
1
to
Oct.
16
Oct.
1
to
1H
Oct.
2
Oct.
16
Oct.
16
Holders of rec.
Oct.
1
16
Holders of rec
Sept. 30j
Nov.
IX
Oct.
15
Holders of rec
Oct.
37Xo. Oct.
8
Holders of rec
Sept. 30a
75o. Oct.
31
Holders of rec,
Oct.
la
Holders of
Oct.
la
$1.60 Nov.
62Xc Oct. 15
rec,
Holders of rec. Sept. 30a
IX
Oct.
15
Holders of rec
Oct.
1
Trinidad Electric Co., Ltd. (quar.)
1
Oct.
10
Oct.
1
Oct.
to
la
11
Holders of
reo,
Sept. 23
Holders of
rec,
Oct.
15
Holders of
rec
Oct.
21 a
15
Holders of
rec.
Holders of rec. Oct.
Oct. 16
1X
Washington Water Power, Spokane (qu.)
Nov.
West Penn Power, preferred (quar.)
1X
York Ryu., prei. (quar.)
52Xo. Oct. 31
Air Reduction
u ui.)
$1
j
Oct.
IX
Allied Chemical A Dye Corp., com. (qu.)
Aliis-CbaJiuers Mfg., oomwon (quar.)..
Oct.
14
2
All America Cables (quar.)
Alliance Realty (quar.)
Oct.
18
1
Nov.
$1
Nov
*1X
ylOC. Oct.
15
Holders of rec. Sept. 30
20c. Oct.
15
Oct.
J5
Holders of
reo.
Oct
I./
Holders of rec. Sept. do
IX
$1
American Fork A Hoe, 1st pref
American Gas A Electrie, pref. (quar.)..
3X
Oct.
IX
Nov.
American Glue, common
American Ioe, com. (quar.)
4
Nov.
works, com
A pref.
American Bank Note, com. (quar.)
Sept. 24a
30
Holders of rec. Oct.
22
Holders of rec. Sept.
24a
Oct.
15
Holders of
Nov
1
,
Nov.
Holders of rec. Oct.
16a
19a
Holders of rec. Oct.
la
tiu
Oi.
IX
IX
Dot.
.
.
_
—
(quar.)....
Preferred
rec.
Holders of
rec.
Sept. 30a
Sept. 30a
31
Oct.
Hoi Uers of rec. Jan.
Holders of
roc.
31a
Apr. 29»
OJt.
lo
Holders of
rec.
Sept. 30a
Oct.
15
Holders of
rec.
Sept. 30a
1
Holders of
rec.
Oct.
16
15*
Oct.
15
Oct.
$i.oO
Oct.
10
Holders of
rec.
50c. Dec. 31
Holders of
rec. Dec.
rec.
Nov.
la
Pemnauj, n,ui., common (quar.)
15
Oct.
6
to
Oct.
14
75c. Oct.
15
Holders of
rec.
Oct.
2X
Oct.
16
Holders ol
rec.
Sept. 20u
1
Oct.
16
Holders of rec. Oct.
lua
Oct.
lo
Holders of rec. Oct.
loa
IX
Oct.
15
Sept. 16
to
la
Sept. 26
31
Holders of
rec.
Oct.
14a
Holders of
rec.
Oct.
14a
rec.
Associated Industrials Corp. lstpf. (qu.)
2
Associated Oil (quar.)
IX
Oct.
25
Holders of
rec.
Sept. 30a
Preferred (quar.)
2
Pi eferred
..................
1
Holders of rec. Oct.
IX
Nov.
2
Oct.
15
Holders of
IX
Oct.
15
Holders of rec. Oct.
2
Oct.
15
Holders of rec. Sept. 30
IX
Dec.
id
Holders of rec. Dec.
Oct.
16
Sept. 18
NOV.
rec.
to
26a
Sept. 30a
Oct.
la
la
16
Huiders
rec.
Sept. 3(Ju
Holders of rec. Sept. 30a
Holders of rec. Sept. 30 /
Oct.
IX
Oct.
IX
Oct.
16
Celluloid Co., preferred (quar.)
2
Nov. 16
Central Coal A Coke. com. (quar.)
Preferred (quar.)
IX
Oct.
IX
Oct.
Central Illinois Public Serv., pref. (qui).
IX
Chicago Pneumatic Tool (quar.)
1
oi
Holders of
rec.
Oct.
31a
Oct.
20a
rec.
Oct.
7a
reo.
Oct.
7a
1
20 ♦Holders of reo. Oct.
1
Oct.
31
Holders of
Oct.
31
Holders of rec.
3
15a
15a
15a
Oct.
15
Holders of
rec.
rec.
Oct.
8pet.30
76c. Oct.
15
Holders of
rec.
Sept. 30
Oct.
15
Holders of
rec.
Oct.
la
»l
Oct.
lii
Holders of
roc.
Sept. 2»»o
$1
Oct.
15
Holders of
rec.
Oct.
10a
IX
Oct.
31
Holders of
rec.
Oct.
3/j
Oct.
id
Holders of
rec.
Sept.3ua
♦$1.25
Oct.
lb ♦Holders of rec. Sept. l.Y<
Oct.
15
Oct.
31
Oct.
2d
Holders of rec. Oct.
50c.
Oct.
20
Holders of
Oct.
4a
IX
Oct.
15
Holders of rec. Oct.
4a
Holders of
1
62Xc. Nov.
1
12Xc. Nov.
9
Holders of
to
rec.
Oct.
16a
10
4a
rec.
Oct.
3u
rec.
Oct.
3'i
15
1 ♦Holders of rec. Oct.
15
25* Oct.
Doc.
lx
Oct.
Id
Holders or
2
Oct.
20
Holders of rec. Oct.
$1
(qdai.)
75c
&
Superior Steel Corp., 1st A 2d pf. (qu.).
60
Tonopah Mining
l'uckeot
rec.
Sept. 30a
Holders of
rec.
Sept. 30a
rec.
Sept. 30a
Nov.
1
Holders of
reo.
1
Holders of rec. Nov. 15
Ltd. (Canada)pf. (qu.)
vVeste/'u Power >Jorp., pie»ei'iea iqUu>' >-
.-U, i>ru»ie njaai .j
Westlnghouse Elec. A Mfg., com. (quar.)
vVeaingnouse
to
Oct.
14
IX
Oct.
15
Oct.
6
to
Oct.
14
Wiuoiiene- -HayUeu,
1
Oct.
31
Holders of rec. Oct.
16a
Worthlngton Pump A
$1.25 Oct.
15
Holders of
rec.
Oct.
Hoi lers of
ree.
Sept. 30/
to
books
OcU
16
to
Dominion Textile, preferred (quar.)
IX
Oct.
15
Holders of
rec.
Debenture stock (quar.)
du Pont de Nemourt Powde?r, com. (qu.)
Preferred vuuar.)
IX
Oct.
25
Holders of
rec.
IX
Nov.
Eagle-Plcher Lead, preferred (quar.)
IX
Oct.
Eastman Kodak, common (extra)
Electrical Securities, preferred (quar.)
5
Nov.
1
Holders of
IX
Nov.
1
Holders of rec. Oct.
Nov.
l
Nov.
1
Sept. 30
du Pout (E. 1.) de Neuioura A Co—
Oct.
20
20
14
rec.
to
rec.
ree.
1
Holders of
rec.
2
Nov.
IX
Oct.
IX
Nov. 15
15
10
Holders of rec, Oct.
10
Famous Players-Lasky Corp., pref. (qu.)
Oct.
Oct.
Holders of
Firestone Tire A Rubber, 6% pf. (quar.)
Seven per cent preferred (quar.)
•
lt>
6
Oct.
Sept. 30a
Dec.
Oct.
18a
la
15a
Holders of rec. Oct.
la
Holders of
1
rec.
rec.
Nov. 30a
20
Holders of rec.
15
Holders of
15
Holders ol rec.
Sept. 30
Sept. 30a
Sept. 30a
I -4
87 5*c
Oct.
O A
1,
Oct.
15
1
50C. Nov.
Holders of
roc.
H j, Itil'i of reo. Sjpo. 30a
Holders of rec. Oct.
6a
Oct.
15
Oct.
15
Oct.
l
to
Oct.
5
OCt.
15
Oct.
1
to
Oct.
5
Oct-
21
Holders of
15* Oct.
>
lc%
15
Oct.
15* Oct.
15
Holders of rec. Sept. 30
15
Holders ol rec. Sept. 26a
10
15*
15* Oct.
$1.7o
$1
i
>
Holders of
1
rec.
rec.
to
Sept. 30a
5
Oct.
H». lers of rec. Sept. 30a
LR.
3i
l.iidere oi
reo.
Oct.
31
Holders of
rec.
t
Sept. 30a
Sept. 30a
Oct.
15
Holders of rec. Sept. 30a
Oil A Ref. (quar.)
50c
Oct.
10
Holders of
mo., prei. (qu.tr.)-
87
>*c.
11
50c
15*
JR.
Oct.
rec.
Sept. 30a
>
25a
H i.ders of reo. or.
15
Holders of rec. Oct.
2
5a
Nov.
i
Holders of reo. Oct.
Jan.
1
Holders of rec.
25
Dec. 25
Sept.30
will not be
Holders of
Holders of rec.
15a
Oct.
Sept. 20a
Sept. 30a
$1
oPrelerred (q uar.)
Oct.
IX
Dec.
oWrhiie,)
15
Holders ol reo.
(quar.)
Mach., com. (qu.)
(vVm.) Jr. Co., com. (mthiy.).
Homers of rec. Sept. 30''
Holders of rec. Sept. 30a
Dome Mines, Ltd. (quar.)
Dominion v,oai, yreierred (quar.)
Dominion Steel Corp., pref. (quar.)___.
1
White Eagle
Oct.
15
Holders of
oct.
1/4.
Gas A Elec., pref. (qu.).
Western Union Telegraph (quar.).
6
15
•
Western States
Oct.
Nov.
600
Oct.
Co. of Delaware,
15
9a
Oct.
Holders of
15*
Firsi auu lejoua preierre i v1 a^> .)
Oct.
1
—
_.
1
1
Jan.n21a
16
15*
.)
Min.. pref. (quar.).
Ventura Cons. OH Fields (quar.)
...
Victor Talking Machine, common
Preferred
rec.
to
50c. Oct.
:
10
1
lo
87 >*o. Dec. 15
10
Holders of reo. Nov.
Holders of
Oct.
lo
(quar.).
U. 8. Smelt., Ref. A
Western Grocers,
15
Oct.
15* Dec.
uoouot. prel. iq ia
Warren (Charles)
10
Oct
OR.
U. 8. Can common (quar.)
Preferred (quar.)
to
8
Oct.
Sept. 30a
Oct.
2
(quar.)
Preferred (quar.)
1
rec.
154
U. S. Automotive Corp.. prei. (quar.)..
U.S. luuusni.i
21
Oct.
to
1
(quar.)....
United Gas Improvement, com.
Preferred
Nov. 15
Oct.
6
Holders of
25*
—-
Oct.
1
10
15*
i'ooaoco, L,td., common (quar.)
Preferred (quar.)
to
Nov.
Sept. 23
15 ♦Holders of reo. Sept. 30
$1.20 Feb.21a
Swift International
1
1
rec.
15
Oct.
Id
Sept. 22a
Oct.
10
.NOV.
rec.
Holders of rec. Sept. 30
1/4.
(quar.)
Oct.
15 ♦Holders of rec.
Holders ol
Oct.
IX
20
16
2o
>>
Oct.
Oct.
rec.
10
to
Oct.
1
NOV.
♦Ho, acre oi
.
OR.
1
25c. Oct.
Holders ol rec. Sept. 30
1 ♦Holders of rec. Oct.
*15* Nov.
*oi1.
*1/*
Oct.
Oct.
la
Holders of rec. Sept. 30a
Oct. 12
to
Sept. 25
15
3
-O., COinuiOU
l>.)
10
1
15
Holders of rec. Oct.
50c. Oct.
«let.
31
*1X Nov.
Second pref. (quar.)
United Fruit (quar.)
Holders of
Oct.
Oct.
15* Oct.
2
15
Oct.
Holders of rec. Oct.
Sept. 30a
Sept. 30a
154 Oct.
rec.
Holders of rec. Oct.
rec.
(quar.)..
Holders of
1
25
Spanish River Power, com. A pi. (quar.)
Standard Underground Cable (quar.)..
25
1
Sept. 30a
*15* Oct.
Oct.
1
rec.
Holders of
com.Apf.(qu.)
Southern Canada Power, pref.
United Drug, 1st prel.
Nov.
Holders ol
10 ♦Holders of rec. Sept. 30
Got.
Shawinlgan Water a Power (quar.)
Smith (Howard) Paper M.,
Sept. 30/
Nov.
15
Holders of
—
(quar.)
Quaftci oats, preiOiVed (quar.)....
Scott A Williams, Inc., common
rec.
Nov.
Oct.
5
21
rec.
.....—
Preferred
Holders of
ax
OR.
8 ♦Haiders of rec. Oct.
(quar.)
Public Service of No. Ills., com. (quar.).
Id
OX
rec.
3
Public Service Co. of Quebec
Oct.
01X
Nov.
Ho''lire of
Oct.
Union Natural Gas (quar.)
Cities Service—
KOtiiCi'S of rec.
I
♦$1
Prairie Pipe Line (quar.)..
Procter A Gamble, preferred (quar.)
15
16a
1
lo
Nov.
2
Holders of reo. Sept. 30a
Holders of rec. Sept. 30a
15
15
Holders of
—
Sullivan Machinery
30
lx
Canadian Explosives, common (quar.)..
Preferred (quar.)
Oct.
Sept. 21a
♦3
Extra
15
Oct.
to
Sept. 30a
15* Oct.
Plymouth Cordage (quar.)
Prairie Oil A Gas (quar.)
SieuiUa (P.
rec.
IX
1
rec.
15* Nov. 1
15* Oct. 25
(quar.)
14
Holders ol
1
British Empire Steel, 1st pref. Ser. B
Canada Cement, Ltd., common (quar.).
Holders of
Oct.
♦5
Perm. Transf. A Whse. (quar.).
Pittsb.
Id
xNOV.
ix
$1.25
/snaffer Oil & Kenning, prei. (quar.)
Spindler—
rec.
Holders of
Nov. 15
Uol.
16
pr.oerred u.juar.)
Holders of
15
15*
Oct.
orp
Holders of rec. Sept. 30a
15
IX
Holders of
7oo.
15
2
1
v
Oct.
Oct.
Otis Elevator, common (quar.)...,
l
co.il
15
Oct.
Prefei red (quar.)
—
Pacific Gas A Electric, common (quar.).
Pacific Teleph. A Teleg., pref. (quar.)..
Oct.
Elk Horn
Sept. 30
IX FeU.idH
Peerless Truck A Motor, com. (quar.)..
IX
Oct.
rec.
to
la
Holders of rec. Oct.
__
17
to
1
1
roOc Oct.
154
Pan-Amer. Petrol A Tr., comAcmB (qu.)
IX
Oct.
6a
7a
2
Oct.
15a
7a
*1X
Holders of
16
Oct.
Homers or
Dictograiui Prod ictsCorp., pret. (quar.)
20
Oct.
16
Detroit Motor Bus
2U
Nov.
Oct.
2
Oct.
rec.
lo
(quar.)..
Se.it. 20
Sept. 30a
rec.
10c. Nov. 30
quar.)
rec.
ree.
ere
Oct.
15*
31
Oct.
of
i«
rec.
Oct.
Detroit r.di-toii
15
Holders of
id
Oct.
Holders of
15c, Oct.
.
10a
Sept. 30a
Holders of
Oct.
lu'ii'i*.)
Sept. 30a
Holders of
IX
rjiii"<011
Sept. 30
.
1
IX
(quar.)
Holders ol rec
8e.it. 30
15
1*.
Preferred
Hold ore of rec,
15
Sept. 30a
Sept. 30a
,
Nov. 15
loa
Crucible theei.
20
15* Oct.
.....
16a
Delaware Lack. A West. Coal
Hoi le -» of rec
2
(quar.)
Holders of rec. Oct.
Crocker-Wheeler Co., com. (quar.)
Sept. 21a
IX May Ida
Preierreu
Holders of rec. Oct.
(quar.)
Holders of rec
Holders of rec.
lo
3
bonds..
1
Preferred
.
.
15
62 5* c
1
Creamery Package Mfg., com. (qu.)
Nov. 15
15
15*
-
Nov.
Common (par value 85) (quar.)
Holders ofrec. Sept. 30a
Holders of rec Oct. 31a
t ;*>.
1M
pref. (quar.)..
pref. (quar.).
Nova Scotia Steel A Coal,
Ohio Brass, pref. (quar.) .
Nov.
(quar.)
Cosden A Co., no par val. common (qu.)
Holders of rec
16
rec.
IX
Preferred
.
10
Oct.
Oct.
2X
Corn Prouucta Kenning, com. (quar.)__
Common (extra)
Holders of rec. Sep*,. 26
O it.
Oct.
♦2
-
rec.
IX
1J
30a
.
Oct.
...
IX
...
Holders of rec. Sept. 26
15* Oct.
Niagara Falls Power, pref. (quar.)
Nipping Mines Co. .Ltd. (quar.)....—
Philadelphia A Camden Ferry (quar.)—
Phillips-Jones Corp., pref. (quar.)
Plttsourgh Coal, com. (quar.).
Continental Motors Corp., pref. (quar.).
Holders of reo. Sept. 30a
15
Nov. 10 ♦Holders of
New Jersey Zinc (quar.)
-New
ioiii
lVauSu
Pennsylvania Salt Mfg. (quar.)
Consumers Gas. Toronto (quar.)
Holders of rec. Sept.
15
rec.
15a
Consumer.-) Co., pieie. ,ed
15
Oct.
Hoi lers of
Oct.
Congoleum Co., common (quar.)..
Consolidation Coal (quar.)
Oct.
Oct.
$1
Holders of rec. Sept. 30a
Sept. 30a
q.e>-or<nu* vqu.>.
,
Holders of ree. Deo.
Sept. 3ua
Computing-1 aOin.kinii
Holders of rec. Sept. 30a
Id
Holders of
$1
Oct. 15
16
Holders of roc. Oct.
$1.50
,
Oct.
rec.
...
of rec. Sept. 30
Deo. 31
25
Commonwealth Gas A EJec. Cos., pf .(qu.)
lere
Oct.
25
Commonwealth Finance Corp.,com.(qu.)
Common (extra)
id
2
rec.
Pref. A pref. B (m'thly) (pay. in scrip)
Holders of reo. Nov. 15a
2>/i
rec.
Common (payable in scrip)
1
15a
Holders of rec. Oct.
25*
........
Holders of
Common (monthly, payable in scrip).
Dec.
la
Holders of rec .dOct.
2
Type, common A pf. (qu.)
Oct.
20
1
Oct.
Sept. 30
Nat. Paper &
Holders of
/
.
National Fuel Gas (quar.)
Holders of
(quar.)J
.
Hold ore of reo. Nov. 10a
1
preferred
Holders of rec
Holders of rec
Nov. 30
lo
Co.,
20a
15
15
1
Nov.
Nov.
1
15*
15* Oct. 15
..........
16
Bourne Scrymser Co. (annual)..
Holders of reci. Oct.
Oct.
15*
Common (quar.)
Preferred
(quar.)
Nov.
Borden
26a
.
Oct.
Oct.
Bell Telephone ol Canada (quar.)
7a
Oct.
Holders of rec
15*
Oct.
First and second preferred (quar.)
Bayuk Bros., Inc., 1st A 2d pref. (qu.)..
Beech-Nut Packing, pref. B (quar.)
1
Oct.
rec.
Oct.
15*
(quar.).
Oct.
a
rec.
Nat. Ruamsuiig A Stamping
IX
Barnbart Bros,
20
♦Holders of
National Biscuit, common
IX
Asbestos Corp. of Canada, com. (quar.).
Preferred (quar.)
15
Oct.
1
2
(qu.).
—
1 ♦Holders of rec. Oct.
Holders of rec. Sept.
...
Preferred (quar.)
American Shipbuilding, common (quar.)
t
Common (extra)
American Woolen, com. and pref. (quar.)
II
Oct.
,
Montreal i'ciegrapu iquur.....
Mountain States Power, pref. (quar.)..
Amer. Seeding Machine, common
Art Metal Construction (quar.)
Extra
.
Holders of ree. Sent. 30
15
2
Nov. 15
(quar.)
rec,
Holders of rec. Sept. 30
15
Nov .15
*15*
Elgnt per cent preferred (.quar.)
Oct.
Preferred
3a
10a
Oct.
3
Mexican Petroleum, com. (quar.)
Michigan Limestone A Chem., pf. (qu.) 435*C
Middle West Utilities, pref..........
15*
50c
Midway Gas, com. (quar.)..
$1.40
Preferred
(quar.)
IX
(quar.)
American relephoue A. Telegraph (quar.)
Amer. Type Founders, com. (quar.)
,
15
Nov
2
...
IX
(quar.)
rec.
3a
.
1 ♦Holders of
.
IX Nov.
(r.) <sc Sons .^onst. (.qoui.).
MacAndrews A Forbes, com. (quar.)..
25c
Amer. Steel Foundries, com.
,
3a
Oct.
.
Oct.
12Xc
u/uu
Am. La France Fire Eng..Inc., com.(qu.)
Amer. Laundry Machinery, pref. (qu.)
'Preferred
.
rec
Oct.
IX
Loose-Wiles Biscuit, 2d pref. (quar.)
Louisville Gas A Elec., pref. (quar.)
IX
(quar.)
.
.
IX
Ontario Steel Products, pref. (quar.)—
reo. Oct.
.
Oct.
IX
1
Preferred
(quar.)
Manufacturers' Light A Heat (quar.).
Massachusetts Ltg. Cos., 6% pf. (qu.)__
Nov
.
Oct.
$2
.
24a
Holders of
Sept. 30a
Holders of rec, uct.
♦2
Ohio Fuel Supply (quar.)..
Com. (special) pay in Victory
Nov. 16
Holders of
Hodgman Rubber, preferred (quar.)
8
1
(qu.)
Preferred
3a
15
20
Illinois Northern Utilities, prel. (quar.).
Imperial Oil, common (monthly),..
Preferred
(quar.)
Indiana Pipe Line (quar.)
internal. Harvester, common (quar.)...
Internationa) Paper, preferred (quar.)
Kayser (Julius) A Co.—
vi si .u
kjcouiJ p eferred (quar.)
Kelsey Wheel, pref. (quar.)..
Kerr Lakes Mines, Ltd. (quar.)
17
rec.
Oct.
Hillcrest Collieries, common (quar.)
Preferred (quar.)
Oct.
Holders of
Holders of rec,
Oct.
Holders of rec. Oct.
IX
Pref en ed (quar.)
American Arf
Sept. 30a
1
Oct.
Northern States Power,
Miscellaneous.
Holders of
1*
*15*
IX
IX
.....
Cin. Newport A Cov. L. A Tr., com.Cqu.)
1
IX
tturowoii- walker Retract, prel. (quar.)
Harris Bros. Co., preferred (quar.)
Liggetts International, Ltd. (quar.)
Lima Locomotive Works, com. (quar.)..
Preferred (quar.)
2
3a
Holders of rec
Nov
Holders of rec.
Norfolk A Western,adj. preJ.(quar.)
Northern Pacific (quar.)
9a
1
IX
Seven per cent debenture stock (quar.)
Oct.
New York Ontario A Western
H
4a
Sept.
Nov
Laurentlde Power (quar.)
3
Oct.
reo
Holders of rec
IX
Holders of rec. Sept.
Minn. St. Paul A 8.8. Marie, com. A pf.
New York Central RR
(quar.)
reo
Holders of
Nov
Sept. 24
30a
Sept. 30a
Holders of
1
IX
Six per
Six per
Nov.
to
11
15
Nov
Oct.
IK
Great Northern (quar.)
Street and
Days Inclusive.
25c.
(quar.)
cent preferred (quar.)..
cent debenture stock (quar.)..
Globe-Wernicke Co., pref. (quar.)
we
RaUroads
$2
Mineral Motors, common
5
10a
Oct.
5
Oct.
8
Oct. 10a
Oct. 15
1 ♦Holders of rec. Oct.
25c. Nov.
United Verde Extension Mining
not
Payable
2
Fisher Body Ohio Co., pref. (quar.)
General Electric (quar.)
♦15c.
(quar.)
Truscon Steel, common
and
Nov.
Books Closed.
When
Cent.
Name of Company.
Miscellaneous (Concluded)
(quar.).
Transue A Williams Steel Forg.
Below
Days Inclusive.
*1X
Per
Book* Closed.
Payable.
(Concluded).
Texas Chief OH (monthly)
U. S. Rubber, 1st
When
Cent.
Name of Company.
[Yol. 113
CHRONICLE
Nov
e
From
unofficial sources,
not
t The New York Stock Exchange has ruled that
stoek
quoted ex-divldend on thiB date and not until further notice,
a Transfer
closed for this dividend,
b Less British Income tax.
d Correction.
J Payable in common stock, a Payable In scrip,
ft On ac.
accumulated dividends,
i Payable In Liberty or Victory Loan bonds
Payable In stock.
count of
t
I Declared 4%
payable in quarterly installments beginning with Oct. 15 1921.
n1922.
o
Dividends of 50c. a month declared on common stock, payable on the first day
holders of record on the 25th day of the month preceding date of
Also three quarterly dividends of IX % each on the preferred stock;
Oct. 1 and Jan. 1 1922 to holders of record June 25, Sept. 25 and
25. resoeRiv ;ly.
of each month to
payment.
payable July 1,
Dec
s
on common stock payable in qua terly Installments as follows:
Dec. 1 1921, March 1 1922, June 1 1922 and Sept. 1 1922, to holders
15 1921, Feb. 151922, May 15 1922 and Aug. 161922, respectively.
Declared 7%
IX% each on
of record on Nov.
/
Oct. 8
Transactions at tlie New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 1553.
Railroad,
6c Foreign
Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
V. s.
Bonds.
Bonds.
Oct. 7 1921
Par Value.
Shares.
Boston
mary
State, Mun.
Ac.,
Bonds.
Stockt.
Week ending
1549
CHKONICLE
THE
1921.]
BOSTON CLEARING
$1,733,000
3,632,000
509.610
$25,927,167
31.479.000
32,199.950
Monday
373.750
545.345
Tuesday
Saturday
——
4,632,000
527.9 1 0
37,726.000
3,760,000
495.062
33,835.200
3,288,000
51
35.018,800
2.747,500
2,971,182 $196.186.1.7
Wednesday
$19,792,600
.......
Thursday
Friday
-
,70
»
$534,500
•
Changes from
previous week.
Sept. 24.
1921.
Sept. 17.
1921.
$
$4,012,000
1,527,500
2,001,500
MEMBERS.
HOUSE
Oct. 1.
$
$
$
12,382,000
10,180,000
13,065,000
1,043,500
1,350,000
15,550,000
12,279,150
1,465,500
2,614 000 Inc.
Circulation
1921.
2,601.000
13,000
2,599,000
3,491,000 527.835,000 520,848,000
3,352,000 370,932.000 378,536,000
Loans, dlsc'ts & investments. 524,344 000 Dec.
Individual deposits, Incl. U.S. 374,284 000 Inc.
Due to banks
Total
$7,922,500 $67,468,150
84,724 000 Dec.
984,000
85.708,000
Time deposits
22,354, 000 Dec.
31,976 000 Dec.
77,000
640,000
22,431,000
32,016,000
United States deposits
Sales at
Par value
Bank shares, par
Bonds.
Government
:■
$67,486+50
bonds.._
33,233,500
220,130,700
082,268, 00
$95,183,150
$92,339,800
$2,337,129,390
1
RR. and misc. bonds..
Total bonds
...
$2,123,101,750
274,880,000
$1,434,730,590
$53,512,300
5,594,000
,500
7,9 J ,500
State, mun., Ac., bonds
,79
TRANSACTIONS
DAILY
177,200.884
$9,742,721,201 $15,171,503,075
$1,400
129,"67.604
9,571.267
2, "71,382
$190,186,117 $401,955,200
AT
BOSTON,
THE
520,951,000
$2,918,832,750
2,394,000
2,207,000
12,787,000
52,064 000
55,119,000
40,260, 000 Dec.
402,000
40,662,000
41,496,000
63,000
7,073,000
7,247,000
618,000
870,000
720,000
7,136, 000 Inc.
13,937,000
I
252,000 Dec.
Statement of New York City
Clearing House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Oct. 1.
The figures for the
and Trust
separate banks are the average of the daily results.
In the
case of totals, actual figures at end of the week are also given;
AND
PHILADELPHIA
20,192,000
15,181 000 Inc.
50,457 000 Dec.
House
banks
Reserve in Fed. Res. Banks..
Cash In bank and F. R. Bank
Reserve excess In bank and
Federal Reserve Bank
Due from other
1920.
1921.
1920.
1921.
Exchange.
8tock8—No. shares...
.
Exchanges for Clearing
Jan. 1 to Oct. 7.
Week ending Oct. 7.
■
■
York Stock
New
91.588,000
22.319,000
BALTIMORE EXCHANGES.
NEW
YORK WEEKLY CLEARING
HOUSE RETURNS.
omitted.)
(Stated in thousands of dollars—that is. three ciphers [000
Baltimore
Philadelphia
Boston
Week ending
Shares
Bond Sales
Shares
Oct. 7 1921
Bond Sales
1,670
1,015
$26,000
27,550
1,361
49,100
74,000
42,200
946
55,000
18,000
1,2 0
30,000
$352,550
7,483
$258,900
Shares
14,349
25,963
Tuesday..
16,590
10,857
71,930
82,200
71,900
Wednesday
Thursday
13,148
13,323
Friday
5,966
6,367i
9,077,
6,815
3,537
10,000
24,800
Invest¬
Sept, 6
(,000 omitted.
Sept. 6
Week ending State,
Tr .cos., Sept. 6
Ovt. 1 1921
Nat'l,
Bank
Y,NBA
Manhattan Co.
Mech A Metals.
RETURN OF NON-MEMBER
INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
three ciphers 000 omitted.
Net
17,555
172,074
51,848
470.231
117.708
NON-MEMBERS!
Week ending
Oct. I
Tr. cos.
1921
Sept. 6
Members of
$
1,481
200
809
W R Grace & Co..
500
1,053
Yorkville Bank...
200
839
2,997
4,926
12,468
112,155-
547
13,995
TotaI._....w-.-
2,400
4,184
2,500
7,500
Nat
1,500
National Park.
10,000
East River Nat
4,841
38,650
11,550
Circu¬
Second Nat—
posits.
First National-
10.000
Irving
769
954
43,285
4,454
28,268
2,295
876
•
1,000
809
Seaboard Nat-
3,000
Coal A Iron
1,500
1,000
Union Exch Nat
State Banks
16,474
15,784
4,981
1,451
1,589
51,664]
15,298
16,324,
31,715239,094
49,020
384,411
18.674
70,817
37,506
1,652
Brooklyn Tr Co
Bank of Wash Hts
100
428
3,603
505-
225
600
1,777
15,932
2,120
1,463
16,873
700
2,205
19,535
2,625
1,688
20,519
Total
2,789
20,000
19,6l2|
3,000
4,171
16,131
1,698
USMtgATr Co
Guaranty Tr Co
30
3,646
Colonial Bank
1,500
Bankers Tr Co.
25,000
Fidel-Int Tr Co
1,600
Columbia Tr Co
30
5,000
7,728
1,500
10,000
2,001
People's Tr Co.
Trust Companies
573
200
Moch Tr, Bayonne
310
9,348
266
200
573
9,348
310
266
3,802
5,477
3,300
Total.
6,963
72,168
16,264
195
—79
—506
+ 26
+1
Or'd aggr. Sept, 24
3,300
3,837
3,917
a53,095
16,238
5,000
3,300
6,656
4,015
3,747
15,032
16,161
16,138
193
6,656' 72,160
6,031
6,434
6,269
a54,888
3,300
deposits deducted,
72.041
a53,367
a53,208
194
197
S.
payable, rediscounts, acceptancs
$.9,1 0 increase.
and other liabilities, $1,513,000.
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.
4'Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 10% on demand deposits and includes
with legal depositaries" and "Cash in vaults."
1 4,297,170
Totals, actual co nditlon Oct.
,243,431
Totals, actual co nditlon Sept .2
,239.646
Totals, actual co nditlon Sept.r
"Reserve
1921.
Total.
$37,975,0
107,545.0
653 824.0
$37,975,0
$37,725,0
107,143.0
107,100,0
656.019.0
654.774,0
banks
$33,475.0
94.097.0
$4,500,0
13,448,0
620.452.0
33,372.0
23,510,0
478.0
23.988,0
24.671,0
25,14
91,598.0
Surplus and profits
Loans, dlac'ta A lnveatm'ts
Exchanges for Clear. House
Due from
Sept. 17
1921.
Trust
F.R.Sgstem Companies
Capital
380j
41,326)
769
69
624
1,498
418
407
489
2.128
3.543
11,003
16,609
26,112
*215,014
290
389
795
343
28.460
6,913
38,378
2,277
1,029
554
1,676
25.0
91,623.0
87.759.0
44,859
*383,502
17,571
956
9.129
69.769
1,228!
3,523
34,936
116,104
20,283
610|
393
244
3,306
8,589
793
16,499
589
2,284
1,352
2,061
626
22,322
633
18.202
10.671
711
12,382
606
2,762
12,808
*102,079
21,079
1,013 18,645
*168,310
236
60
605
71,366 476,843 cJ,647,153 169,214 32,501
00,6216456 ,793 c3,567,728 169,982 32,431
70,004 493 ,939 c3,624,302 169,369 32,389
69,24:2 525 ,618 c3,694,077 167,550 32,323
60)
1,656
17,177
635
310
3,309
1,860
5,164
27,618
40~,67i
46,721
2,722
6,708
68,685
6,066
3,826
49.959
99,822
6.680
3,727,
61,191
46,698
49,963
48,495
46,419
873
Trust Cos.
3,750
98.262
6,650
4,159
97,471
0,532
3,475
>/F. R. Bk.;
Not Me mbersoj
46,662)
Title Guar A Tr
13,080
46,257
1,387
4,000
6,393
23,670!
829
3,181
1,457
30.451
6,000
Lawyers TIA Tr
19,474
69.927
2,216
4,638
45.251
1,230
1,224
1,231
1,275
Avge. Oct. I...
10,000
1
Totals, actual co nditlon Oct.
Totals, actual co nditlon Sept .24
Totals, actual co nditlon Sept.17
Oct, 1 1921.
Sept. 24
omitted. Members of
1,712
5,044
12,666
928
1
Totals, actual co nditlon Oct.
Totals, actual co nditlon Sept .24
Totals, actual co nditlon Sept.17
69,842
2,169
4,710
70.000
2,176
4,805
45,725
45,578
2.147]
4,746
45,381
Gr'd aggr., act'l cond 'n Oct.
Comparison, pre vlous w eek.
3.042.363217,16632,601
+11,2831 +742 +109
4,460,834 75,475465.230 3,664,044 217.904
+44.801| +652
+ 55.081 -3,355-37,673
Sept.244.411.753
Gr'd aggr., act'l cond'n
Gr'd aggr., act'l cond'n
80,248 484,307
6,930
+ 481
357
14,800]
09.344
Gr'd aggr. avge 286,150 477 ,7264,428,735
;
+23,721
Comparison, pre vlous w eek
Week ending
(00)
36
306
2,836
1,303
4,260,123
Avge. Oct. 1_— 272,400 451,543
Avge. Oct. 1—
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Oct. 1 with comparative
ciphers
18.420!
8,645]
15,132
-
Excess reserve.
Two
1,144
2,270
2,582
2.945
>fF. R. Bk
State Banks. Not Me mbersoj
16,708
2,046
Greenwich Bank
1,000
5,521
833
Bowery
250
76,456
3,828
State Bank—
2,500
$1,45 .000.
aU.
Bills
Equitable Tr Co
9,649 1,077
488
15.952
139,099
1,000
100!
514
786
608
194
3,3(0
6.963, 72.948
6,656] 72,834
6,487
Gr'd aggr. Sept. 19
Gr'd aggr. Sept. 10
Or'd aggr. Sept. 3
Comparison prevlo
us
196
4,944 29.660
693
16,817
2,000
Columbia
a52,589
—780
3,889
+52
0,408
week
Grand aggregate.
2,481
663
386
2,000
Metropol Tr Co
NassauNat, Bkn
Farm L A Tr Co
5,477
3,802
2,000
615
2,662
856
27,192
15,767
130.811
24,865
138,718
Lincoln Tr Co
Federal Reserve Bank
50
83
168,915
12.847
6,038
222,781
118|
21,6101
16,907
1,221
3,407
1,516
11,929
.,718
12,000
N Y Trust Co-
Not Members of the
5,339
1.336]
6.208] 7,297
15,000
400
51
2,037
15,804
20,578
500
100
16,694
35)
192,907J
1,694
Avenue-.
4,466
"467
2,463
21.926
National
185
26,726
721
Fifth
238
764
6,180
Chase
979
626
7,214
262,226
19,112
8,229
1,000
Not Members of the
21,643
12.910
National.
Federal Reserve Bank
12,758
0,202
169.342
Garfield Nat—
10,757
1,319
6,860
806
1,331
8,913
195
3,249
16,797
358
2,678^
497
12,500
1,000
Nat
363
Fifth
722
1,217
96,058
49,557
147,806
24.768
128,298
1,000
National
Continental—
Commonwealth
195
150
7,433
9,539
2,479
8,817
1,370
435
1,516
15,373
961
111,112
lation.
1 133
20,906
88,732
1,758
De¬
133
283
20
518
3,072
8,682
Time
11,040
235,775
21,296
4,574
9,995
8,746
23,692
De¬
4,894
17,189
$
Bank.
4.777
35,485
Demand
10,162
Res.
Battery Park Nat.
Mutual Bank
2,482
25.000
N Y County
1,500
Fed'l
294
78,6101
10,138
30,692
Bank
Average Average Average Average Average Average
9
$
$
$
$
70
1,262
1,486
with
posits.
350
785
7,951
Nat'l
tories.
1,882
12,922
3,891
5,000
Legal
Deposi¬
92,956
1,755]
592:
in
Vault,
12,224
111
1,000
1,000
cfee.
1,380
319
47,027
101,612
39,507
160,922
11,349
20,795
251,459
"988
1;271
5,018
98,215
305,417
22,396
1.000
$
1,359
2,277
16,467
7,000
3,000
$
939
14,252
20,545
249
Nat-
Average Avge.
25,476
97,646
138,816)
1,144
Phenix
Average
47,414
*483,931
500
Pacific Bank--
la¬
tion.
51,287
1,000
Chat A
Circu¬
7,258
4,500
Dr
Amer Exch Nat
Nat Bk of Com
Cash
counts,
1,866 13,305]
8.823 18,539
1,584
6,239
Chemical NatAtlantic Nat..
Imp A Trad
Nat.bks.Sept.6 Invest¬
Statebks.Sept.6 ments,
122.417
3,387
5,879
65,745
15,191
Nat Butch A
Bana
De¬
$
$
574
40,000
Net
Net
Reserve
Dis¬
Average Average
$
5,500
Time
posits.
tories.
37,287
10,000
Net
Demand
Deposi¬ Deposits.
Ac.
5,000
Metropolltan.-
Loans,
Capital. Profits
Vault.
7,333
17,362
Corn Exchange
CLEARING
ments,
National Clty.
Hanover
(Staled in thousands of dollars—that is,
$
$
2,000
Bk of N
Bank of Amer..
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:
New York City
in
Average
Members of
Fed. Res.
34,570
$316,780
94,230
Total..
with
Legal
Cash
Capital. Profits. Discount,
HOUSE
Saturday
Monday
Reserve
Loans,
MEMBERS.
1,201
Net
CLEARING
$78,200
102,650
83,950
Bond Sales
2,808
$36,800
43,950
32,431
+ 42
77,921 533.739
79,811 488 372
3.619,843 217.252 32.389
3,687.953215.244 32,323
3,634.901214.485 32,433
73+31 471,446
3.02^24 210,96332,523
78,830 502,903
92,428.0
.0
205 0
104.835.0
102.331.0
14,212,0
14.523.0
14.262.0
472.654,0
13.409,0
Total
deposits
567,418.0
18,871,0
586,289.0
580.808.0
29.413.0
30.056.0
Sept.
Gr'd aggr., act'l cond'n
34.337,703
106.486,0
464.275.0
deposits
18.295.0
311,0
466.931,0
Time
Gr'd aggr.,
Sept.17 4,406.451
act'l cond'n Sept. 10 4,329,312
Bank
104,570.0
448.636.0
deposits
Individual deposits
U. 8. deposits (not incl.)..
with V
K
2,680.0
45,883.0
1.739.0
46.761.0
47.
819.0
10.125.0
10.359.0
10.601.0
55.189.0
3 499 0
58.688.0
58.859.0
60.202.0
44.235.0
BaiiK
Tetal reserve and cash held
Reserve
required
Excess res. A cash In vault
*
Cash in vaults not
2,181.0
2.680.0
9,306.0
2,723.0
46.958.0
40.710.0
47.470,0
10.904.0
776.0
11.680.0
12,149.0
12,732,0
Reserve with legal deposit's
Cash In vault*
45.883.0
oounted as reserve for Federal Reserve
^spayabi^redi^unt^
592.549,0
28.938.0
members.
0.0
^^o^Qjj^anty ^st
in foreign branches not included in
$99,836,000; Bankers Trust Co., $11,203^
Loan A Trust Co., $10,438,000, tquitaoie lrusi
$23!l65.600.' Bankers carried in banks in {^|g" c^a Trutt
deposits were: National City Bank, $33,226,000, Bankers
Eouitable
Guaranty Trust Co.. $15,216,000: Farmers Loan A Trust Co., $1,093 000, Equitable
♦
Includes deposits
National City Bank,
Co
Sftl
466 nnn-
Farmers
Co^l l^OOO
Trust Co.,
$5,425,000.
c
Deposits in foreign
branches not Included.
1550
THE
CHRONICLE
STATEMENTS OP RESERVE POSITION OF CLEARING HOUSE BANKS
COMBINED
[Vot.u 113.
RESULTS
OF
BANKS
AND
TRUST
'
AND
TRUST COMPANIES.
,
i
*
COMPANIES
IN
GREATER NEW YORK.
Loans and
Demand
•Total Cash
Reserve"in
Investments.
Averages.
Cash
Deposits.
in Vaults.
Depositaries.
Reserve
Reserve
in
Total
Reserve
Surplus
in Vault.
Depositaries
Reserve.
Required.
Week ended—
Reserve.
$
$
S
.
Reserve banks
State banks*..
o",666,666
Trust companies....
2,216,000
''Mi-
475,843.000 475.843,000 466.206,310
3.826,000
10,492,000
8,992,620
4.638,000
0,854,000
6,787,650
5,035 ,730,400
20
4,998 .030.100
4,964 ,541.000
4,149 ,772,900
Aug. 27
66,350
13..
4,241 ,523,600
4,191 ,083,000
4,128 .636,500
Sept.
1,499,380
5,012 ,064.900
5,074 ,549.200
Aug.
9,636,690
6..
Aug.
%
$
$
30...
Aug.
Members Federal
%
July
4,968 ,682,700
4,230 ,740,700
3
Sept. 10.
Total Oct.
1
11,202,420
Total Sept. 17
Total Sept. 10
Sept. 17
Sept. 24
5,031 ,886,400
20,123,930
7,691,070
Oct.
5,061, ,236,500
*
1
This item includes gold,
Reserve notes.
666,326,300559,269,800
551,389,400
105,260,300
103,028,500
103,148,400
100,232,500
102,597,500
4,179 ,9.50,800
4,940 ,375,800
4.988 ,175,700
18,589,450
8,882,000 484.307,000 493,189.000 481,986,580
8,800 000 490,237,000 499,043,000 480,453,550
8,720,000 497,402,000 506,122,000 485,998,079
8,529,000 478,426,000 i486,955,000 479,263,330
Total Sept. 24....
108,482,600
107,530,100
4,216 ,287,200
553,046,600
557,963,400
561,932,200
527,490,400
4,235 ,251.500
105,157.700
4.226,,641,100
4,246,,794,000
102.581,900
574,216,900
103,500,000
567,838,500
581.887,700
silver, legal tenders, national bank notes and Federal
Actual Figures.
Cash
b
Reserve
Reserve
in
Total
Reserve
in Vault.
Depositaries
Total
Reserve'.
$
$
?
Surplus
v
Condition of the Federal Reserve Bank of New York.
following shows the condition of the Federal Reserve
Reserve
-—The
Members
Federal
Reserve banks....
State banks*
6,6~80"666
Trust companies-
2,169,000
Total Oct.
1
4.56,793,000 4.56,793,000 468,901,100 -12,111,100
3,727,000 10,407,000
9,214,380
1,192,620
4.710,000
6,879,000
20,250
6,858,750
8,849,000 465,230,000 474,079,000 484,977,230 -10,898,230
8,820,000 502,903,000 511,729,000 479,070,070 32,658,930
Total Sept. 24
Total Sept. 17
■'
%
%
8,679,000 533,739,000 542,418,000 487,792,760!
8,897,000 488,372,000 497.269,000 >480,900,0701
Total Sept. 10
54,625,240
10,368,930
Bank of New York at
the close of business Oct. 5
1921, in
comparison with the previous week and the corresponding
date last year:
Oct. 6 1921.
$
Resources—
Gold and gold certificates.
Gold settlement fund—F. R. Board-.-.
Gold with foreign agencies.
Oct. 8 1920.
Sept. 28 1921.
$
357,209,927
32,473,657
$
348,565,816
88,846,619
133,402,000
389,683,585'
437.412,434"
575,827,978
15,000,000
576,066,268
204,065,000
235,642,000
37,925,000
37,807,000
32,856,000
____
*
Not members of Federal Reserve Bank.
Total gold held by bank
Gold with Federal Reserve Agent
This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve banks
Gold redemption fund
includes al30 amount of reserve required on net time deposits, which was as follows:
Oct. 1, $5,076,420; Sept. 24, $5,054,310; Sept. 17, $5,011,530; Sept. 10, $4,953,600.
Total gold reserves
Legal tender notes, silver, <fec-._.._
a
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. 1, $5,099,460; Sept. 24, $5,080,770; Sept. 17, $5,026,500; Sept. 10, $5,006,460.
15,000,000
980,511,563 1,028,478,713
61,538,115
Total reserves
127,834,000
1,089,797384"
.1,042,049,678
Bills discounted: Secured by U. 8. Government obligations—for members...
477,632,000
61,319,171
605,466,000
Companies Not in Clearing
Banking Department reports weekly-
State
figures showing the condition of State banks and trust
panies in New York City not in the Clearing House
as
com¬
follows:
Furnished
hy
State
Banking
Differences fr om
Oct. 1.
Loans and luvefitments,—
—
previous week.
6,679,400
16,572,600
51,296,700
........
Currency and bank notes
Deposits with Federal Reserve Bank of New York..
Total deposits
660,187,700
*
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits.
49,276,000
15,801,000
-
All other resources
Total
Dec.
426,700
230,400
Inc.
7,428,700
Inc.
Capltal paid in
920,000
27,088,100
25,294,000
59,318,368
51,308,000-
19,859,010
19,903,010
Dec.
12,644,968
16,978,000
667,054,302
11,741,204
726,592,000
11,025,767
AU0ther.w^^...2.—...
Total deposits
F. R. notes in actual circulation
-—Trust Companies—
18,960,589
629,764,901
—-
Member banks—Reserve account
--
F. R. bank notes in circul'n—net liability
Deferred availability items
15.12%
$50,443,200
05.57 %
23.361.000
14.37%
06.65%
20.09%
$73,794,200
21.02%
Ratio
....
of
total
Ratio
of
companies in Greater New York City outside of
39,113,000
108,667,000:
4,432.399
38,254,000
.1,553,206,337 1,543,182,711
reserves
to
total reserves
to
liability
on
1,886,434,000"
deposit and=
F.
R.
38.5%
82.4%
80.0%
notes
126.3%
Note.—In conformity with the practice of
ton, method of computing
the return for March 18.
that
41.3%
134.3%
12,122,035
12,563,32 1
—
bills purchased
6,079,571*
the Federal Reserve Board at Washing¬
ratios of reserves to liabilities was changed beginning with
Instead of computing reserves on the basis of net deposits—
is, Including in the total of deposits "deferred availability items" but deducting
new method Is to disregard both amounts and figure the
"uncollected Items"—the
deposits.
For last year, however,
old basis; that is, reserve percentages are calculated-on
In circulation.
percentages entirely on the gross amount of the
the computations are on the
follows:
758,903,000
864,895,000
27,434,200
82,416,233
In circulation after setting aside 35%
Banks and Trust
Companies in New York City.—The
of the New York City Clearing House banks and
companies combined with those for the State banks
61»,440,475"
4,406,032
for foreign correspondents
averages
15,333,000
631,129,924
659,751,247
642,293,384
29,284,200
111,208,444
All other liabilities
against deposit liabilities
are as
3,083,914
1,543,162,711 1,886,434,000
27,085,650
59,318,368
Contingent
Clearing House,
158,049,000
Reserved for Government Franchise Tax
F. R. note liabilities combined
the
4,028,000
2,528.000.
106,992,529
Surplus
8,869,900
11,300
Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Oct. 1 were $51,296,700.
trust
5,593,876
1,596,210
1,553,206,337
resources
*
and trust
336,098,200 1,115,443,00<b
Llabillties-
10,400
Total liabilities
$32,989,300
...;
12,682.000
434,576,000
97,752,000
,
State Banks
Total
59,276,004
9,021,000
362,492,811
5,776,901
1,791,510
138,016,785
3,078,650
Uncollected Items
Inc. $5,629,100
RESERVE.
....*$24,105,500
Deposits In bankB & trust companies
8,883,800
49,276,000
—
—
Bank premises
Percentage of reserve, 20.9%.
Cash in vaults
1,512,000-
One-year certificates (Pittman Act
Total earning asset3
Deposits:
' 1. Government.........
604,431,000
106,783,500
*
3,026,500
.
U. S. certificates of Indebtedness—
Inc.
Inc.
$632,501,500
Gold
973,000
2,526,500
TJ. S. Government bonds and notes
5% redemp. fund agst. F. R. bank note3
Department.)
274,774,796
509,645,000
3,605,000
Total bills on hand
All others
(Figures
150,232,797
17,604,908
80,216,390
—
Bills bought in open market
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT,
434,576,000
294,889.311"
For other Federal Reserve banks
State Banks and Trust
509,645.000
146,627,797
.
All other—For members
House.—The
26,720,700
159,714,002
18,667,209
_
106,937,090
159,714,002
T
96,990,099
19,518,000
116.508.099
For other Federal Reserve banks.
basis of net deposits and Federal Resetve notes
.
.
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Oct. 6*.'
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 weeks 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
The
transactions in Federal Reserve notes between the
Comptroller and Reserve Agents and between the
Reserve banks.
In commenting
upon the return for the latest week the Federal Reserve Board says:
Aggregate increases of $25,100,000 in Federal Reserve note circulation as
against a total decline of about $21,000,000 in deposits and a further
gain
of $4,300,000 in cash reserves, are indicated in the Federal
Reserve Board's
weekly consolidated statement issued
The banks'
reserve
as at close of business
ratio remains unchanged at
69%.
on
Oct. 5 1921.
Federal Reserve bank holdings of bills secured
by United States Govern¬
ment obligations show an increase for the week of
$4,900,000, while other
discounts on hand declined by $9,700,000.
Holdings of acceptances pur¬
chased m
open market are shown $3,200,000 larger than the week before,
those of United States bonds and notes sho'sv a decline of
$1 000 000 Pittman certificates used as cover for
Federal Reserve bank note
circulation
show a further reduction for Ithe week of
$8,000,000, while other Treasury
certificates, largely held under repurchase agreements by the New York
Reserve Bank, show an increase for the week of
$6,700,000.
Total earning
before'
aS a rCSUlt °f the changes noted- were $3,900,000 less than the week
Of the total holdings of $495,900,000 of bills
secured by United States
Government obligations, $342,360,000, or 69%, were secured
by Liberty
and other United States bonds; $123,500, or
24.9%, bv Victorv notes$7,500,000, or 1,5%, by Treasury notes, and $22,600,000, or 4
6%
bv
Treasury certificates, compared witb $346,900,000, $110,800,000, $6
300 000 and $20,900,000 reported the week before.
".°w,uw,
Combined Resources
and
Liabilities
Oct. 5 1921.
RESOURCES.
Gold and gold certificates
Gold settlement, F. R. Board
Gold with foreign agencies
Total gold held by banks
Gold wltb Federal Reserve agents
Gold redemption fund
Total gold reserve—
$
448,472,000
415,175,000
of
the
A substantial decrease from $65,300,000 to $48,800,000
"
442,707,000
415,765,000
428,030.000
411,210,COO
in
the
$24,900,000 to $19,500,000; Atlanta reports a reduction in bills rediscounted.
with the Boston and Cleveland banks from $20,100,000 to $17,200,000;
Minneapolis was able to redeem the entire amount of $5,400,000 of paper
held under rediscount with the New York Bank on tho previous Wednesday,
while Dallas shows a reduction of its rediscounts from $14,900,000 to >
$12,100,000, the latter amount all held by the Boston Bank.
Government deposits are stated $1,800,000 larger than the week before,
deposits show a decrease of $22,400,000, while other deposits, com¬
posed largely of non-meaibers' clearing accounts and cashier s checks, show
reserve
a
reduction of $400,000.
Federal Reserve note
*■
.
circulation
shows
increase
an
for the
week of
$25,100,000, New York, Atlanta and San Francisco reporting the largest
additions to their outstanding note circulation.
Net liabilities of the
Reserve banks on Federal Reserve bank notes in circulation, on the other
hand, show a farther decline of $1,800,000, the
1918 falling below the SIOG.OOO.OOO mark.
total for the first time since
gain of $61600,000 is shown in the gold reserves, the Oct. 5 total
of $2,732,599,000 indicating a gain since Jan. 1 of $669,800,000, as against
a loss of $40,500,600 in other cash reserves, l. e., silver and Jegals.
A further
Federal Reserve Banks
S
is shown
of paper held under rediscount for other reserve banks by the
Boston, New York and Cleveland banks.
Rediscounts of the Richmond <
Bank with the New York Reserve Bank show a reduction for the week from
amount
Sept. 28 1921. Sept. 21 1921. Sept. 14 1921.
$
latter and Federal
S
at the
Sept. 7 1921.
S
Close
of
Business Oct. 5 1921.
Aug. 31 1921. Aug. 24 1921. Aug. 17 1921.
S
$
S
Oet. 8 1920.
$
446,642.000
430.5S5.000
413,900,000
425,699,000
407,452,000
216,763,000
441,109,000
438.590,000
428,075,000
426,454,000
418,738,000
391,974,000
90,409,000
863,647,000
858,471,000
852,153,000
826,190,000
699,146,000
869,175,000
841,975,000
839,248,000
887,751,000
1,756,582,000 1,759,065,000 1,777,529,000
1,694,301,000 1,677,195,000 1,694,523.000 1,646,109,000 1,660,062.000 1,142,412,000
112,370,000
108,429,000
114,043,000
154,766,000
120,818,000
94.353,000
110,008,000
104,563.000
102,449,000
2,732,699,000 2,725,966,000 2,711.128,000 2,684,501.000 2,656,378.000 2.641.061.0C0 2,619,078,000 2.600.295,000 1,996,324,000
THE
CHRONICLE
Legal tender notes, sliver, &c—
Total reserves.—
Bills discounted:
Secured by U. S. Govt,
obligations.—
All other
—
Bills bought In open
market
Total bills on hand
U. S. bonds and notes
U. S. certificates of Indebtedness:
One-year certificates (Plttmun Act)..
AU other
Total earning assets.
—
Bank premises
—
5% redemp. fund agst. F. R. bank notes
Uncollected items
All other resources...
Total resources
.....
LIABILITIES.
Capital paid in
Surplus
——.
Reserved for Govt, franchise tax—
— —
Deposits—Government
Member banks—reserve account.
....
Allother
Total
—
F. R. notes in actual circulation
F.R. banknotes in circulation—netliab.
Deferred availability items
......
All other liabilltiies
...
Total liabilities..
of
Ratio
gold
5,107,126,000
—
reserves
to
deposit and
65.3%
F. R. note liabilities combined—
Ratio
of
total
reserves
to
deposit
and
69.0%
F. R. note liabilities combined
Ratio of total reserves to F. R. notes in
circulation
after
35%
aside
setting
against deposit liabilities
Distribution by Maturities—
%
market.
discounted.
1-15 days U. S. certlf. of indebtedness.
16-30 days bills bought in open market.
16-30 days bills discounted
16-30 days U. S. certlf. of indebtedness.
31-60 days bills bought in open market.
31-60 days bills discounted.... —
31-60 days U. 8. certif. of Indebtedness.
61-90 days bills bought in open market.
61-90 days bills discounted
61-90 days U. 8. certif. of indebtedness.
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
22,847,000
813,342,000
19,129,000
6,229,000
161,863.000
12.500,000
7,271,00 0
1-15 days bills bought in open
1-15 days bills
— r
S
$
3
23,864.000
832.181.000
8,702.000
168.007.000
16.686,000
5,704,000
246.313.000
17,280.000
2.342.000
148,124,000
27,294,000
878,094,000
20,430,000
6,243,000
172.739,000
23,689,000
7,804,000
275,915,000
16,063,000
3.579,000
153.695,000
33'J2?'222
11,689.000
180,000
32,780.000
137.510,000
17.013,000
100.000
33,537,000
135,617.000
28,044,000
131,978,000
161,000
32»339«°°0
116,489,000
21,082,000
I
$
19,876,000
859,576,000
10,354,000
5,619.000
155,111,000
15,506,000
6,987,000
279,433,000
30,107,000
2,838,000
164,105,000
18,351,000
854,606.000
9,000.000
7,375,000
149.549.000
17,333,000
5,892,000
291,860;000
30.690.000
3,588,000
162,983,000
9,800,000
14,701,000
3,000
36,353.000
132,951,000
15,799,000
.—
33,710,000
130,458,000
$
24,264,000
121,443,000
860,478.000 1,618,998,000
19,026.000
19,547,000
8,472,000
55,922.000
157,136,000
281,399,000
12,397,000
14,§00,000
4,813,000
105,890,000
273,237,000
516,868,000
32,663,000
22,284,000
4,358,000
22,435,000
181,32O.O0» 356,532,000
13,659,000
22,328,000
3,000
■<
39,946,000
21,874,009
133,506,060
195,792,000
...-2,482,313,000 2,457,196,000 2,474,676,000 2.491,661,000 2,517.563,000 2,481,466,000 2,485,914,000 2.503,642.000 3,322,123,009
In actual circulation-
Amount chargeable to Fed. Res. agent
In hands of Federal Reserve
$
12,509,000
781,238,000
16,984,000
10,980,000
166,165,000
11,563,000
6,070,000
244.633,000
15,700,000
3,775,000
162,421,000
- *
9****
2,795,943,000 2.817,678,000 2.837,667,000 2.862.670.000 2,852.311,000 2,849,721,000 2,854,623.000 2.885,217,000 3,625,726,009
313.630,000
360,482,000
362,991,000
371.019.000
334,748,000
368.255,000
368,709,000
381,575,000
303.603,000
Federal Reserve Notes—
Outstanding
Held by banks
235,802,000
11,006,000
5,652,000
154,862.000
18,850.000
71,000
32,252,000
124,944,000
S
19,782.000
801,282.000
12,669,000
8,582,000
162.980,000
15,708,000
6,677,000
240.134,000
9,801.000
3,687.000
Agent.—
3,633,702,000 3,650,957.000 3,667,177,000 3,706.770.000 3,688,605,000 3,701,036,000 3,694,122,000 3,714,661.000 4,098,239,009
837,759,000
833,279,000
829,510,000
844,100,000
836,294,000
851,315,000
839,499,000
829,344,000
472,513,000
2,795,943,000 2.817,678,000 2,837,667,000 2,862,670,000 2,852,311,000 2,849.721,000 2,854,623,000 2,885,217,000 3,625,726,000
Issued to Federal Reserve banks
How Secured—
450,163,000
447,337,000
447,337,000
402.737.000
402,738,000
400,992,000
371,992,000
373,992,000
279,276,000
1,039,361,000 1,058.613,000 1,060,138.000 1,168,389,000 1,175,116,000 1,155.198,000 1,208,514,000 1,225,155,000 2,483,314,900
120,199,000' 110,566,000
117,912.000
113.195.000
113,842,000
113.709,000
109,417,000
125,650,900
115,081,009
Federal Reserve Board......----- 1,186.220,000 1,201,162,000 1,212.280,000 1,178.369,000 1,160.615,000 1,179.822,000 1,164,700,000 1,160,629,090
748,055,000
By gold and gold certificates
By eligible paper
Gold redemption fund
With
Total...
..—
—
——
Eligible paper delivered to F. R. Agent.
2,795,943,000 2,817,678,000 2,837.667,000 2,862.670,000 2,852,311,000 2.849,721,000 2,854,623,000 2,885,217,000 3,625,726,009
1,403,142,000 L398J53,000 1,376.725,000 1,427,915.000 1,507,187,000 1,479,891,000 1.490.547,000
WEEKLY STATEMENT OF RESOURCES
Two ciphers (00)
omitted.
Boston,
Federal Reserve Bank of—
RESOURCES.
Gold and gold certificates
Gold settlement fund—F. R. B'd
Total gold held by banks
Gold with F. R. agents
Gold redemption fund
1
Total gold reserves
Legal tender notes, silver, Ac...
Total
o
Bills
reserves....
Secured
discounted:
by
U. S. Govt, obligations
All
other
Bills bought In open market—.—
Total bills on hand
—
U. S. Bonds and notes
i
U. S. certificates of Indebtedness:
One-year ctfs.
All
(Plttman Act).
other
Total earning assets
Bank
premises......
5% redemption fund against Fed¬
eral Reserve bank
notes
Uncollected Items
All other
resources
Total resources
...
LIABILITIES.
Capital paid In....
Surplus
Reserved for Govt, franchise tax.
Doposits: Government
Member bank—reserve acc t_.
All
other
Total deposits
F. R. notes In actual circulation.
F. R. bauk notes In circulation—
net liability
Deferred availability items
AU other liabilities.
Total liabilities
L506,343,00013^027,140,000
AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 5 1921
Phtia
Cleveland, Richmond
Atlanta
Chicago
St. Louis
Minneap
Dallas,
San Fran.
THE
1552
LIABILITIES (Concluded)—
Two ciphers (00)
Boston.
Neto York.
9
Cleveland. Richmond
Phila.
S
omitted.
$
Memoranda.
[You 113.
CHRONICLE
Atlanta.
Chicago.
$
%
$
$
Dallas.
$
$
San Fran.
$
St. Louis. Minneap. Kan.City.
%
%
;
Total.
$
Ratio of total reserves to deposit
and F. R. note liabilities com¬
bined,1
80.0
73.1
12,122,0
2,676,0
2,743.0
21,840,0
19,518.0
41.7
17,195.0
1,639,0
1.204,0
68.7
2,442,0
43.1
19,518,0
78.5
per cent
69.4
58.5
41.6
53.2
3,931,0
1,572,0
903,0
1,606,0
67.1
69.0
1,539,0
33,297,0
41.4
Contingent liability as endorser on
discounted paper redlsoounted
with other F. R. banks...
Contingent liability on bills pur¬
chased for foreign oorrespond'ts
a
bills
Includes
discounted
870,6
for
ether F. R. banks, vis.:
STATEMENT OP
Federal Reserve notes on band
RESERVE AGENTS' ACCOUNTS
.......
Collateral security for Federal Reserve notes
Oold and gold oertlfleates
Chicago
71?873
St. L.
Minn.
K. City
Dallas
San Ft.
Total.
%
%
%
326,700 20,220 44.080 20,249
742.986 229.839 245,078 117,358 139,788
%
%
%
%
%
S
159.080
28,260
10,945
4,440
467,731 128.292
60,310
81,574
20,452
31,960
837,789
45,874 284,325 2,795,943
outstanding:
18,375
13,906
161,000 130,389 145,000
29,000
76,486
82,4871 67,797
102,255;
5,096 64,433
85,284
396,925!
5.600
Oold settlement fund—Federal Reserve Board.....
Eligible paper/Amount required
\Exoees amount held..
16,983
17,903
167,158
5,586
.............
3,400
2,491
3,074
150.000
20.613
Gold redemption fund
.....
AT CLOSE OP BUSINES8 OCT. 5 1921.
Richm'd Atlanta
S
9
%
99.500
252,699
Federal Reserve notes outstanding
Cleve.
Phtla.
Boston. New York
(In Thousands of Dollars)
Resources—
48.821,0
7,643,0
PEDERAL
Federal Reserve Agent at—
Total
48,821,0
12,108,0
16,623
6,110
3,528
13,052
15,751
1,072
3,297
292,645
46,931
2,234 148,961 1,186,220
71,723
4,995
4,200
41.986
32.360
159,335
43,500
90.486
14,528
45,917
27,377
24,198:116,524 1,039,361
25,936! 10.791
363,781
59,579
6,701
26.582
2,741
450.163
18,840
120,199
610,484 1,914,927 484,994 598,669 271,588 366,155 1,154,121 289,839 158,147 194,965 138,136 611,401 6,793,426
Liabilities—
Ret
of Federal
amount
from
reoelved
Reserve notes
Comptroller of the Currency
Collateral received from
/Oold ...
federal
Reserve
Bank I Eligible paper
Total..................—
.......
82,072!
...........
Federal Reserve notes outstanding.....
.........
86,014
66,326 316,285 3,633,702
35,657
68.568
73,294
11,6761167,801 1,756,582
60,134;i27,315,1.403.142
76,718
610,484 1,914,927,484,994 598,669.271,588,366,155 1,154,121 289,839 158,147 194,965 138,136 611,401 6,793,426
742,986 229,839 245,078 117,358 139,877
100,893 24,5751 21,210j
7,711
5,813
252,699
234,7181
Federal Reserve notes In actual circulation
71.255
18,324
308.396
269,4131 87,563 132,230 101,907,105,014
17,981
Federal Reserve notes held by banks...
626,811 156,552
56,569
218.914
352,199 1.069,686 250,059 289,158 137,607 211,750
176,213
575.828 147,372 177,281. 32,0741 49.391
Member Banks of the Federal Reserve
467.731 128,292
44,586 24,876
60,310
2.382
81,574
7,870
45,8741284,325 2,795,943
3,8001 52,133
313.630
'223,868 109.647 T34.064
423,145 103,416
57,928
73,704
42,074 232,192 2,482,313
642,293 205,264
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
in the statement were given in the statement of Deo. 14 1917, published in the "Chronicle" Deo. 29 1917, page 2523.
Board
LIABILITY ITEMS OP REPORTINO MEMBER BANKS IN PEDERAL RESERVE
STATEMENT SHOWINd PRINCIPAL RESOURCE AND
BANK AND BRANCH CITIES AND ALL
OTHER REPORTINQ BANKS AS AT CLOSE OP BUSINESS SEPT. 28 1921.
than the week before, while in New York City the corresponding increase
for the week was $22,000,000.
Aggregate increases of $28,000,000 in loans and of $32,000,000 in demand
deposits are indicated In the Federal Reserve Board's weekly consolidated
statement of condition on Sept. 28 of 809 member banks in leading cities.
In the investment block, a total liquidation, largely through sales to custom¬
ers, of $47,000,000 of Treasury notes and certificates, offset in part by
additions of $7,000,000 to holdings of United States bonds and of $23,000,000 to corporate securities on hand is shown.
Loans secured by United States Government obligations show a reduction
of $16,000,000 for the week, while loans secured by corporate securities
increased by $17,000,000, and all other loans and discounts, largely of a
commercial character, by $28,000,000.
For member banks in New York
City an increase of $31,000,000 in commercial loans and decreases of $4,000,000 in loans secured by Government obligations and of $8,000,000 in
loans secured by corporate stocks and bonds are noted.
Of the total liquidation of short term Treasury obligations, $15,000,000
represent
notes
Accommodation
an
show an increase of $32,000,000 for all reporting
banks and of $44,000,000 for member banks in New York City, the latter
reporting large additions to balances of correspondent banks.
Government
deposits show a reduction of $2,000,000—all outside of New York City—
while time deposits increased by $9,000,000, the increase for New York City
members being $1,000,000.
Reserve balances of the reporting institutions with the Federal Reserve
banks are shown $52,000,000 larger than the week before, the increase
in New York City alone being $54,000,000.
Cash in vault Increased by
$3,000,000, $1,000,000 of which is shown for the New York City members.
District at close of business Sept. 28 1921.
85
58
112
49
Number of reporting banks
Reserve banks shows
from 2.8 to 3.2%.
Net demand deposits
Atlanta.
New York Philadel. Cleveland. Richm'd.
Boston
Federal Reserve District.
Federal
shown $12,000,000 larger
Data for all reporting member banks In each Federal Reserve
1.
banks at
5.8 to 5.9%.
In New York City accommodation at the local Reserve bank
increased from $130,000,000 to $150,000,000 and the ratio of accommodation
banks in New York City report an increase of $5,000,000 in their holdings
of Treasury notes, and a decrease of $7,000,000 in certificates.
Total
loans and investments of all reporting banks are
of member
increase from $860,000,000 to $875,000,000 for the week, the ratio of
accommodation to the banks' total loans and investments increasing from
Member
certificates of indebtedness.
and $32,000,000
items
Chicago.
43
82
Three ciphers (090) omitted.
St. Louis. Minneap
112
Kan. City
Dallas.
San Fran
52
79
35
37
Total.
65
809
Loans and discounts, Including bills re
Loans see. by U. 8. Govt,
Loans secured by
$
9
%
$
discounted with F. R. bank:
$
$
$
76,805
6,837
26.790
118,731
65,659
303,959
12,544
30.200
242,563
18,431
437,047
369,683
37,484
206,447
141,986
747,379
916,155 11,572,893
101,735
877,894
15,292
166,064
7,443
149,320
20.646
169,296
165,274 2,021,789
336,708
109,298
590,603 2,687,314
664,825
332.380
813,668 4,197,594
311,997
37,996
5,611
83,738
83,582
5,111
All other loans and discounts
Total loans and discounts
CJ. 8. bonds
U. 8. Victory notes
U. 8. Treasury notes
609,915 1,057,528
465,157
61,039
4,707
389,575 1,691,725
58,802
7,422
146.649
U. 8. certificates of Indebtedness
Other bonds, stocks and securities
*
11
18,184
52,016
55,995
192.108
357,18
225,493
32,422
19,038
441,728
285,307
453,773
250,768
30,285
71,642
26,970
15,957
31,859
34,811
2,143
27,300
1,970
673
2,770
1.319
2,404
1,596
6,331
4,007
20,615
47,124
9,518
46,093
15,161
15.588
12,390
155,589
8,786
8,220
267
12,732
274,306
3,752
51,597
2,786
33.458
4,566
36,572
343,265
67,324
844,955 1,476,023
Total loans, dlec'ts A investments, lncl.
bills redlseounted with F. R. Bank
1,016,457 5,439,669
1
609.610
72.021
Reserve balance with F. R. Bank
107,510
5,380
703,956
594,472
461,628 2,178,663
26,503
171,097
52,686
9,120
208,776 1,254,017
649,618
139,440
545,297
328.614
543,453
38,418
7.523
16,820
35,747
6.415
12,971
279,108
3,6.58
2,739
11,273
58,293
89,508
28,300
101,446
16,638
29,343
Net demand deposits
697,313 4,477,486
599,735
792,700
14,256
288,181
168.823
354,240
Time deposits
182,604
447,295
43,680
425,100
121,833
145,679
67,672
100,066
43,651
248,750
44,462
45,650
17,398
6,655
61,860
17,806
17,817
12,170
9,989
54,200
23,510
14,856
22,460
14,298
26,299
12,379
3,345
1,057
Government
deposits
Bills payable with Federal Reserve Bank:
Secured by U. 8. Govt, obligations
6,521
28,172
478
396
303
2,482
56,255
16,434
35,892
594,339
177
27
AH other
576,626
2,996.667
7,999,600
301.480 1,226,545 14.957,256
20,116
75,231 1,241,664
23,625
304,912
10.110
182,808
562,412 9,865,599
59,829
542.372 2,925,188
9.456
21,496
547,173
8,580
20,779
Cash In vault
$
$
319,375 1,177,873
23,479
60,608
190.643 1,284,787
obligations.
stocks and bonds..
$
$
$
223.609
1,078
Bills redlsoounted wl h F. R. Bank:
4,113
2.
8,370
15,334
6,711
2,115
5,377
29,669
Scoured by U. 8. Govt, obligations...
All other
133,655
24,928
67,525
47,003
44,663
Data of reporting member banks in
New York CUy.
Three ciphers
2,778
842
29,9961
5,917
99,5841
31,861
1,913
33,1191
Federal Reserve Bank ahd branch cities and all other reporting banks.
Total.
All F. R. Bank CUies. F. R. Branch Cities. AllOther Report. Bks.
CUy of Chicago.
(000) omitted.
Sept.
28. Sept.
21. Sept.
70
70
Number of reporting banks
28. Sept.
51
21.
Sept. 28.
51
Sept. 21.
Sept.
21. Sept.
28. Sept.
318
212
211
280
280
28. Sept.
21.
Sept. 28.
Sept. 21.
Oct.
1
810
809
318
*20.
820
Leans and discounts, lncl. bills redis
3
counted with F. R. Bank:
$
I
$
S
t
$
$
1
%
I
3
S
592.842
949,015
2,996.667
2,979,307
3.100,173
7,999.600
7.972,016
576,626
207.090
66.769
Loans secured by stocks A bonds
1,120,496 1.128^542
317.076
57,053
305,461
404,230
2,113,426
AH other loans and discounts
2,391,393 2,359,793
756,258
769.869
5,175,149
76,658
78,205
95.738
95,895
419,854
416,740
463.387
464,235
5,161,971 1.467,397 1,459,630 1,357.054 1,350.415
3,714.648 3,695.425 1,130,102 1,132.383
266,252
18.501
267,796
17.979
76,354
74.889
11,865
11,474
7,692.805
7,679.045 2,026,522 2,019.760 1,853,566 1,845,360 11,572.893 11,544,165
Loans sec. by U. 8. Govt. obUg'Qs
202,759
418,742
2,098.332
a
.
Total loans and discounts
U. 8. bonds
U. 8. Victory notes..
449.504
440.007
212.935
210.970
215,455
215,767
877,894
870,744
102,035
100,265
38,323
40,015
25,706
26,096
29,444
166,263
164.685
38,339
39,402
18,242
22,264
349,669
166,064
149,320
23,539
349.071
169,296
200,914
325,704
1.096,211
115,443
137,973
1,086,805
25,983
19,798
190.769
104,982
2,021,789
1,998,655
9.554.230
9,563,538 2,918,124
78,091
U. 8. Treasury notes
U. 8. certificates oi Indebtedness..
Other bonds, stocks and securities.
Total loans A dlsc'ts, A lnvest'ts
lncl. bills redlsc'ted with F.R.Bk
Reserve balance with F. R. Bank..
Cash In vault
'
Net demand deposits
72.740
3,627
6.812
63,692
529.088
60,623
20.227
28.283
108,693
528,181
134.180
134,914
4,719,669 4,698,110 1.318,502 1,330.845
514,189
123,384
568,276
122,764
87,392
30,126
88,608
30,252
4,018.072 3.973.769
Time deposits
278.403
Government deposits
238,554
277.290
238,446
37,322
37,275
928,752
172,314
874,529
309,947
881.067
310,069
6.954,938
43,216
44,497
430.014
4,722
4,263
104,261
1,368,617
575.909
562,779
872,450
a
2,902.3^0 2.484,902 2,479,518
180.435
132,477
183,216
872,102
73,751
57,446
58,847
170,067
6,918,348 1,523,266 1,523,318 1,387.395
904.260
650.647
905.924
1,361,570
71,426
45.858
71,301
431,689
14,957,256 14.945,426 17,144,386
133,938 1,241,664 1,189,256 1,343,551
304,912
73,932
301,445
351,157
1,391,530 9.865,599 9,833,196 11.230.074
649,829 2,925.188 2,915,659 2.793,861
547.173
46,016
549.131
275.037
Bills payable with F. R. Bank:
102,462
All other.
77,294
79,329
42,054
42,532
223,609
224,323
603
Sec'd by U. S. Govt, obligations.
319
475
475
1,078
794
4,705
269,537
1,246,435
644,772
Bills redlsoounted with F. R. Bank:
105,885
11,883
81,169
4,073
48.990
3,675
54,330
3.2
2.8
4.4
4.7
7,217
Sec'd by U. S. Govt, obligations.
All other
14,003
13,061
7,346
7,203
56.255
65.286
347.580
45,022
335,804
117,178
114,849
129,571
119,624
594,329
570,277
5.1
5.1
7.2
7.2
7.2
6.8
5.9
5.8
34,906
Ratio of bills payable A rediscounts
with
F.
R.
Bank
an'1 lm *ct rrerttu
a
to
total
loan-
ppr r»*>nt
comparable figures not avoila^m.
12-6
Oct. 8
1921.]
THE
Iktnhcvs'
Wall
Railroad
and
CHRONICLE
The
(Gazette,
Sto6ks.-^Interest in the
stock market has
lagged this week and prices have declined
simply from inertia, while the bond market has attracted
increasing attention. The daily transactions in stocks have
averaged somewhat larger than last week but the market
now, as then, has been of a strictly professional type and
therefore the decline of prices which has geen
general,
including all classes, has practically no real significance.
The Government cotton crop report, issued early in the
week, although showing a condition 7% lower than the
September report and an estimated yield the smallest in
than 30 years, was less unfavorable than had been
more
expected, causing liberal sales and a substantial reaction
from the high prices then prevailing in that market. Several
items of news indicate increasing
activity in as many different
departments of industry.
Reports of railway earnings for
August show in many cases a wonderful improvement in net
results and the number of
the
largest in nearly
cars
loaded last week is said to be
Pig iron production in Sep¬
August output by more than 30,000
tons, 12 more blast furnaces were in operation at the end of
the month than at the beginning and 7 more to be started
soon.
The foreign exchange market has
improved, sterling
advancing to $3 78 or higher and the New York Federal
Reserve Bank statement suggests that funds are
perhaps
being drawn into the channels of trade.
tember exceeded
As
on
at least one
day of the week have
$12,000,000, par value, and in several important
cases
a
new
high record of values has been established.
Of the latter class Liberty Loan issues have been the out¬
standing feature.
a year.
United
operations in the stock market
practically
the entire active list ha3 declined.
Several
industrial issues have lost from 2 to 4 points, while of the
railway group only 2 or 3 have dropped as much as a point.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
States
Bonds.—-Sales of Government bonds at
limited to the various
Liberty Loan issues..
the Board
are
Daily Record of
Liberty Loan Prices. \Oct.
First
Sales
Range for Week.
for
Week.
Par. Shares
American Bank Note. 50
Range since Jan. 1.
Lowest.
Highest.
$ per share.
Lowest,
$ per share.
51
Oct
$ per
51
Oct
100
47%
Oct
47%
Oct
Am Brake s & f pref.100
100
88%
Oct
88%
Oct
American Chicle,
.no par
600
7
Oct
9
Oct
American Radiator...25
American Snuff.....100
300
70
Oct
70
Oct
400 105
Oct
110
Oct
95
Oct
47
Oct
48
Preferred
50
100
Am Teleg& Cable...100
45
Am Water w & Elec.100
600
First prof
(7%)... 100
PartJeip pref (6%)
Am Wholesale, pref. .100
Assets Realization
10
Atlantic Petroleum...25
Atlantic Refg pref... 100
Atlas
Tack
800
47
2
46%
43%
83%
Oct
6
Oct
4
59
Oct
48
400
13
Oct
13%
Oct
8%
200
92
Oct
92
Oct
90%
1.000
7,700
20 106
Oct
1%
Oct
1
Oct
1%
15
18%
Oct
10
Oct
106
Oct
par
200
50
400
Barnsdali class b_.__.25
1,600
Batopilas Mining
20
Brookiyn Union Gas. 100
1,100
%
Oct
%
66%
Oct
68%
Oct
3%
51%
103%
Oct
800
Oct
Corp.no
Auto Sales
.....
14
75%
Jan 112%
May
May
Apr
Jan
Aug. 54
6
Septi
88.34
88.50
88.70
88.50
88.40
88.72
(First 3% s)
88.46
88.62
88.86
88.50'
88.58
89.20
226
738
550
i Close
Total sales In si ,000 units
Converted
4%
274
off High
1,071
90.90
92.00
92.20
{ Low
bonds
90.90
91.50
92.20
90.90
92.00
92.20
(Close
Total sales in si,000 units
Case (j i) Plow
no par
Chicago & Alton
100
Cleveland & Pitts. ...50
100
4
4
Oct
6%
Oct
62
Oct
6%
Oct
6
2
90.88
90.96
91.50
91.40
91.98
92.90
90.80
90.80
90.96
91.00
91.40
92.50
(Close
90.82
90.90
91.02
91.28
28
119
934
227
146
...
Total sales in $1,000 units
Second
Converted
bonds
of
Second
1932-47
4%s)
Loan
Liberty
High
(Second
Converted
1927-42
bonds
(Second 4%e)
4%%
8%
Apr
60% Aug
36% June
62
Jan
Oct
Oct
Oct
70
Oct
95
Feb
Oct
23
Mar
44
May
Apr
Preferred
100
Fisher Body pref
.100
Fisher Body Ohio pf.100
Gen Am Tank Car no par
100
24%
Oct
200
98
62%
Oct
70
Oct
70
Oct
92
Oct
96
Oct
4
May
July
96
4
24%
Sept
Jan
80
Oct
Oct
:
40
Oct
May
9% May
Jan
Oct
24%
99%
95
June 100
600 p60
Oct
63
Oct
57
Sept
63
Sept
200
41%
Oct
41%
Oct
40% June
53
Jan
100
60
Oct
60
Oct
60
500
56
Oct
57%
Oct
49%
Oct
7%
Oct
900
7%
1,100
7,900
75
80
Oct
4%
Oct
Oct
75
6%
Oct
4%
Jan
Oct! 60
Oct
61
May
Mar
7% June
Oct
Jan
15%
85
Jan
May
6%
Oct
Oct
100
70
Oct
70
Oct
70
May
80
June
Kelsey Wheel ibc
100
1,400
56
Oct
57%
Oct
35
Mar
62
May
Kiesge (s s)._
100
2,700 157
Oct
170
Oct
130
Jan 170
Oct
Lima Locomo Works. 100
100
76
Oct
76
Oct
64
Mailinson (h R)..nop*r
Market Street Ry___100
100
17
Oct
17
Oct
10
Jan
18
500
4
Oct
4%
Oct
3
May
7
Oct
34%
Oct
27
Aug
Prior preferred
100
400
Second preferred.. 100
Marland Oil..
no par
3,400
18
100
14
Martin Fa rry..
Maxwell
w
_
«« par
_
Metor
Class b
300
33%
Oct
6
Oct
4%
Oct
12%
Aug
Oct
14
Sept
100
8%
Oct
8
Oct 3
9%
Oct
Oct 4
4%
94%
Oct
Oct 4
8%
100
200
Ontario Silver Mg
100
1,900
Otis Elevator.
100
800
92
Oct 4
...5
100
9
Oct 3
100
300
49
Oct 4
Pacific Mail 83
Pacific Tel & TeJ
Parish & Bingham.no par
9
4%
9
Oct
8
Oct
50%
Jan
14
Aug
Oct
11%
64%
Oct 7
200
Oct 4
64%
Oct
20%
Oct 5
21%
Oct 3!
37%
20%
24
Oct 6
24
Oct 6
19
.
1,200
100
Oct
Sept
Apr
1,100
no
l!
Remington, 1st pref.100
Sears, Roebuck pref.100
100
52
Oct 7
52
Oct 71
52
300
94%
Oct 4
95
Oct 5
93
Shattuek
.10
600
6%
So Porto Rico Sugar.100
100
29
Oct 7
Standard Milling....100
110
96
Oct 7
10
74
Oct 3
Arizona.
__
Preferred
..100
Superior Steel 1st pf.100
100
96
Temtor c & f p cl A
200
Oct
7
no
par
Tex Pac Land Trust. 100
Ry___100
Oct l;
4%
29
Oct 7
27%
96
Oct 7
88
74
Oct 3
75
96
Oct 5
Oct
7%
.
lj
;
Oct 4
Oct 6 210
Oct 6,
13
15
Oct
1
Toledo St l & w tr rects.
200
9%
Oct 6
10
200
15%
Oct 4
15%
Oct 4
12%
Oct 4
Preferred tr rects.....
Underwood t'writer. 100
15
100125
Oct 5125
Unit Cig Stores, pref.100
100100
Oct 7 100
Oct 5 121%
Oct 7 100
United Drug 1st pref..50
Weber & Heilbr'r.no par
400
40
Oct
Oct
Oct 3;
Oct 3i
80
Oct 6'
8
200
12
Wilson & Co pref.
] 00
150
80
Wright Aeronaut,
.no par
900
For volume
7%
of business
on
phia and Boston exchanges,
and
Railroad
have been
5
40%
12%
New
Apr! 77%
Oct; 21%
26% Sept
Jan
Sept 80
June
Aug 104
Jan
7% May
Apr
Jan
Aug 103
Aug ill
Apr
June; 79% Sept
92% June. 97%
4% Aug 25%
Oct 6 260
10 260
1,000
Oct
1
7%
1
Jan
Aug; 17%
Jan' 51%
38%
9% June' 15%
Oct
par
State
Oct
22
21
10% Aug
8% Sept 13% May
6
3% Aug
May
87
Aug 148
May
Producers & Ref Corp.50
Rand Mines Ltd .no par
Avenue
May
8% May
June
Oct
13
Norfolk Southern
Third
Sept
May
45%
Aug
22
79% May
Ccrpn
..no par
Phillips Jones
Aug
Oct
5%
Jan 255
'
Jan
Jan
Sept
18
90.56!
90.70
91.20
91.14
91.70
92.20
90.66
§0.96
91.12
91.70
91.70
92.10
(
91.80"
91.80
91.801
P:.
l
90.52
90.64
390
1,010
1.4721
1,446!
1,292
High
93.96
94.02
94.20
§4.50
94.90
Low
93.84
93.96
94.00
§4.20
94.50
95.10"
94.84
Close
93.96
94.00
94.86!
95.04
325
1,246
723
2,057
1,624
High
90.94
90.98
91.50
91.48
92.16
92.70
Low
90.72
90.90
91.00
91.22
91.40
92.20
Blose
90.90
90.96
91.30
91.40
92.16'
92.60
268
1.832
2,190
1,447
2,802
High
99.48
99.48
99.44
99.42
99.40
99.40
Low
99.44
99.40
99.38
99.36
99.36
99.30
(Victory 4%8)
(Close
Total sales in $1,000 units...
99.46
99.42
99.40
99.40
99.40
2,104
5,568
4,295
7,707
6.292
3,606
3%% notes of 1922-23
(Victory 3%s)
99.46
99.46
99.46
99.40
99.40
99.42
.
4%% bonds of 1928
(Third 4% s)
Total sales in $1,000 units
Fourth
Loan
Liberty
bonds of 1933-38
4%%
4% s)
(Fourth
otal sales in $1,000 units
Victory Liberty Loan
4% % notes of 1922-23
•
(High
Note.—The
91.02
937
94.42
94.20
4%s
4%s
4%s
1,482
2,161
99.40
99.44
99.42
99.38
99.38
99.38
99.36
99.44
Low
CiOSG
99.42
99.40
99.38
99.40
99.42
1,350
584
439
3,075
above
1,063
table
includes
only sales of
Transactions in registered bonds were:
bonds.
6 1st
90.98
471
■
Total sales in $1,000 units
-.90.50 to 91.30 i 62 4th 4%s
———.90.30 to 91.06 1558 Victory 4%s
93.66 to 94.801207 Victory 3%s
82 sd
49 3d
Quotations for Short-Term
coupon
90.76 to 92.24:
99.20 to 99.28 .;
U.
S.
Govt.
Dec.
15 1921-.-
1922.,..
15 1922
Bid.
100%
100%
100%
i
June
15 1924
100%,
100%,
100%,
Mar.
15 1922
'100%, Sept.
15 1922
5%%
5%%
Asked
100
100%
Aug
1
Jan
Feb
York, Boston, Philadel¬
1549.
bonds
Asked.
100%,
100
5%%
5%%
101%
100%
100%
100%
%
101%
100%
.
100%
100%
Foreign Exchange.—
(Friday's) actual rates for sterling exchange we>e 3 71%@
days, 3 77%@3 78% for cheques and 3 78@3 79% for
on
banks, sight 3 77 @3 78 %, sixty days 3 69%©
3 70%, ninety days 3 67% (5)3 68%
and documents for payment (sixty
days) 3 71 % @3 72%.
Cotton for payment 3 77@3 78% and grain for
payment 3 77(«)3 78%.
To-day's (Friday's) actual rates for Paris bankers' francs were 7.14@7.16
for long and 7.20@7.22 for short.
German bankers' marks are not yet
quoted for long and short bills.
Amsterdam bankers' guilders were 31.95©
32.06 for long and 32.31 @32.41 for short.
Exchange at Paris on London 52.35 fr.; week's range 52.03 fr.high and
To-day's
3 72%
for sixty
Commercial
cables.
,
fr. low.
The range for
52.75
1
foreign exchange for the week follows:
Sterling Actual—
High for the week
Sixty Dt
Cheques.
Cables.
3 72%
Low for the week
3 66%
3 78%
3 72%
3 79%
3 72%
7 31
7 05
7 32
0.082%
0.083
Paris
Bankers'
Francs—
High for the week
7 23
Low for the week
6 97
Germany Bankers' Marks—
High lor the week.
Low for the week
:
0.077
7 06
0.078
Amsterdam Bankers' Guilders—
High for the week
Low for the week
Domestic
31.48
Exchange.—Chicago,
discount.
Boston,
£1,000 premium.
The
Curb
Curb
32.46
31.89
32.05
par.
San
Cincinnati,
par.
Francisco,
par.
32.51
31.94
St. Louis, 15@25c. per $1,000"
par.
Montreal, $99,375 per
k
-'-x!:'Y:;
Market.—The first half of the week in the
Market
was
decidedly active and good gains were
prices.
Thereafter there was a decided falling off
in speculation with the undertone unsettled.
Oil stoeks
made in
absorbed the bulk of the attention.
Ohio Oil advanced from
250 to 272,
dropped to 255 and sold finally at 265.
Carib
Syndicate rose from 4% to 534. reacted to 434 and ends the
week at 4%.
Elk Basin Petroleum gained about a point
to 6 %, with the final figure to-day at 6.
Internat. Petroleum
from 113*4 on heavy transactions advanced to 1434. then
weakened to 1334In to-day's market it again touched
the
high(figure, but fell off thereafter to 13%.
Oil
rose
Maracaibo
from
19% to 2134, with a filial recession to 19%.
Salt Creek Producers advanced from 1034 to 11^.
Simms
Petroleum improved from 6% to 7% and closed to-day at
7%.
Skelly Oil from 4% reached 6%, thenl fell back to
534To-day it recovered to 634 and closed at 634In
the industrial and miscellaneous group
July
...
Sept. 15 1924
100^
Bid.
5%%
5%%
5%
1922
out
Feb
Rate.,
Maturity.
Jan
July 1 06
36% July! 47
Oct 3;
Jan! 13
8%
Oct 3. 79%
Aug; 89%
Oct 6 j
9%
6% June
Jan
Jan
Obligations.
Jnti
Rate.
Maturity.
Feb
of State
.99.20 to 99.24
.Int.
"
Aug 160%
reported at the Board this week.
^
The general bond market has, as noted above, occupied
very interesting
position in Stock Exchange operation
6
Mar
5 i
sales
18
20%
Apr! 12%
Aug5 20
Aug
see page
Bonds.—No
168!
off High
Liberty Loan
Mar. 15
40
4
91.50
Total sales in $1,000 units.
Third
June
70
70
91.08
91.00
90.58
Jan
40%
92
91.50
90.90
90.86
90.40
Apr
Oct; 20
Oct
35
91.00
90.76
90.62
Low
tOlOSC
5%%
Oct
100
91.00
90.56
90.52
Total sales In $1,000 units
151922
39
500
90.62
90.26
17,
4s)
10 1922
38%
Emerson Branting'm 100
90.52
Low
(Close
bODds of 1927-42
4%
Mar.
70
Deere & Co pref.....100
Detroit Edison.
100
74-
Total sales in $1,000 units
Second
Feb.
200
Oct
92.60
f High
(Firstl Low
(Close
Jan
300
1,300
.
4%%
Apr
6
Oct
Oct
62
1
4%% bonds off High
1932-47 (First 4% s)
(Low
Converted
3%
Aug
.
Oct
89.50
558
1932-47 (First 4s)
23%
July 110%
July}
Oct
Oct
7.
88.68
0%
5%%
22
Oct
6. oa.
88.86
Feb
Sept
Sept 59
Oct
Scpti 13% Sept
Jan 96% June
Oct
18
5. Oct.
88.88
Mar
92%
2% Sept!
4%
Jan
14 % June! 35
Jan
% Aug
1
Jan
51
Jan
72% May
2% Aug
5%
Jan
41%
Jan 53
May
4
June 10%
Apr
3%
Keliy-Springf 6% pf.100
48%
29
14
50%
Indian Refining
10
Internat Nickel pref.100
Kansas & Gulf.
Jan
Jan
Oct
Oct
100
Green Bay& West
100
Homestake Mining..100
share.
Feb
Oct
200
Cluett Peabody & Co 100
Cuban Am Sugar pref 100
Davison Chemical.no par
per
54
14%
2%
Brunswick Terminal. 100
67
Jan
Oct
Oct
2%
Calumet & Arizona...10
100
share.'$
4. Oa.
88.88
Highes\.
Jam
7
Oct
5%
57
j
3.0a.
88.46
•;V.V
STOCKS.
Week ending Oct. 7.
1.0a.
Liberty Loan
High
3%% bonds of 1932-47..-•
Low
the
result of the week's
a
transactions
exceeded
Street, Friday Night, October 7 1921.
Miscellaneous
1553
Cities Service stood
of a steady advance in the com¬
mon from 122 to 140 and in the pref. from 45 to 54.
The
final figures to-day were 13834 and 53, respectively.
Inter¬
est was shown in Wm. Farrell & Son, an early advance of two
prominently by
reason
points to 19 being recorded.
It then fell off to 15% and sold
finally at 16%.
Burns Bros. com. B was also active and
sold up three points to 31 %, reacting to 27% an(l with a
final improvement to 283*4New York New Haven &
Hartford 6s were specially active and jumped up from 5534
to 72 and as rapidly dropped to 62, the close to-day being at 65
1554
Exchange—Stock Record, Daily, Weekly and Yearly
New York Stock
OCCUPYING THREE PAGES
ofv»ncka u<uiI!t loicHvq
For sales dti'lnfi th» w
or<*cedio<» n-*<*e
soe
PER
PER SHARE
LOW 8ALB PRICE—PER
AND
HIGH
NOT PER CENT.
SHARE.
STOCKS
Sales
NEW
for
Saturday
Monday
Tuesday
Thursday
Friday
Oct.Z.
Oct. 4.
Oct. 5.
Oct. 6.
Oct. 7.
Week.
$ per share
$ per share
$ per share
On basis of 100-share
$ per share
% per share
86%
86'4
*81
86%
81
81
2%
238
38%
*86
*61%
52
7
734
7%
3
*1*2
2%
3
*1%
*1%
*714
712
17
*714
*1634
25l2
40
25*4
39*4
40%
70
70
119
33%
69%
*103
34
*79
7»2
33*4
*78%
80
16%
25-%
40%
2584
2%
84%
84%
84%
38
38%
62
734
39%
2%
2%
7%
17
1
26%!
40%
69
70
103
33%
34%
67%
68
I
*79%
80
67%
*39%
07%
38*4
52
7%
7%
4%
4%
113% 113%
5534
56
2%
2%
*2
2%
7%
7%
16%
16%
25%
39%
69%
25%;
40%
70%
I 102*4 103
34%
80
68
32*4
80
34%
80
68%
68%
<
51*4
734
*4%
2%
5
112% 113
55
55%
*2
2%
*2
2%
$ per share
86%
86%
*2%
84%
2*4
84%
300
38
38%
6,400
*51%
7%
*4%
52%
7%
5
300
3,600
550
113%
4,800
Canadian Pacific
55%
2,200
700
Chesapeake <fc Ohio
113
54%
2%
*1
*1
2%
7%
*7%
*16%
*79
200
25%
39%
69%
7%
17
25%
40*8
66*4
800
1,100
4,500
9,800
3,000
101%
100
2,350
34,700
80
33%
♦78*4
3334
80
67%
*67
68
400
70
j
67%
Do
600
17
25%
39%
Atch Topeka <fc Santa Fe._100
81
7%
39%
Par,
81
*16%
25%
69%
69%
101% 102%
32%
33%
5,100
700
37
pref.
...100
Atlanta Blrm & Atlanta... 100
Atlantic Coast Line RR..1001
Baltimore &
1,000
Ohio
100
Do
pref-.._-..w-^_-„-100
Brooklyn Rapid Transit..100
$ per share
2
77
30% Mar 11
101
46
pref
Chicago Milw & St Paul.. 100'
pref
100
Chicago <fc North Western. 100
37%
52%
104
*102
108
300
101% *101
103% 103%
108% 108%
108%
100
52%
107%
4,100
10534
*3
4
400
*5
7
200
13%
13%
*13%
13%
3,200
19
19%
13*4
75%
*18%
♦13%
74%
20
2,100
*13%
75
*27*4
*8%
*19%
20
*95
28
29
200
14
6,600
76%
28%i
1,100
28
98
31
32
June 21
7%'
20
19%
I
25%
*10%
12
*10%
60%
13
*19%
22
*19%
*66%
3
Duluth 8 S & Atlantic
Do
pref
Erie
*1%
2%
Do
1st pref...
Do
2d pref..
100
Great Northern pref....-.100
Iron Ore properties.No par
19*4
20
41%
4%
4*4
2%
20%
42%
*6
9
434
4%
1,400
4,200
52
52
52
63%
54%
59
73%
72%
54%
73%
73
55*4
54%
73%
54%
65
*61
65
*61
65
*60
65
*61
57
*55
57
*54
57
*55
700
65
*55
25,800
57
13*4
14%
22*4
22%
96%
276%
96%
77%
36%
*56
60
*55
60
*34
40
*34
40
26%
*75%
20%
72%
77
20
26%
*75%
14%
13%
2234
22%
*95%
12,200
14%
22%
37%
20%
22%
....100
35
2034
77
24%
23%
23%
36%
36%
37
36%
23%
32%
23%
23%
36%
23%
33%
32%
23%
32%
*5
*32
6
534
*9
10%
*9
10%
*9
79%
20%
80
79%
20%
80%
79%
20%
20%
6,600
36%
37
1,100
23%
23%
23%
1,600
34
33
33%
700
6
9%
400
79*8
26,200
5%
9%
20%
78
20%
*5%
9%
78%
20%
46%
22*4
79
20%
20%
*46
46%
47
47
47%
47%
46%
46
*22%
23
22*4
22*4
22%
2334
22%
22%
40%
22%
*38
43
*8
17
17
62%
20
22%
22%
*60
8%
*15
26
43
121% 122*4
*65*4 66%
*8%
12
9
*18
9*4
*16*4
22*4
02%
*38
43
122*4
65*4
19
19
*38
43
121%
121
121%
*65*4
66%
*8%
8%
*19%
19
7%
7%
7%
7%
21%
20%
21%
16
14
14
20%
*13*4
9%
*1334
9%
9%
17%
23%
62%
*22%
62%
8%
8%
8%
*15
16
26%
26
20%
"l7"
17
23
17%
23%
02%
8»4
I
*38.
7%
9*4
1st pref.
2d
23%
78%
63
8%j
*38
7%!
~17~~
Do
Texas &
700
100
300
j
*13%
*9%
50
50*4
pref.
United Railways Invest.-.100
Do
pref—.—.100
17%
700
22%
1,500
8%
14%
15%
62
500
800
15%
200
28
*26
8*4
300
Do
pref
100
pref
Wisconsin Central
49
49
3,700
13%
*13%
14%
14%
*13
14
*13
14
100
38
*36
39
39
*36%
3734
*36%
37*4
100
*35
39
*23*
23%
%
~2~3~
*21%
%
*4
----
%
46%
%
45%
■
9%
*33%
33%
3334.
*35~
36*
35%
45
89%
3334
2*2% *5*,000
°s
1,200
%
45%
%
8,900
Alaska Juneau
45%
5,700
Allied Chem 4 Dye
89
89%
33*4
3*4%
*34
351?,
"1*266
61%
*61%
63%
300
33%
27%
27
27
27
27
*55
65
65
*50
65
*50
65
*27%
27%
*27%
27%
63%
*2*7%
81%
82
128% *128
11034
19*4)
110
18%
129%
35
3334
27%
27%
83
*81%
128% 128%
110
110
82
110
18*4
18%
18%
5%
434
5%
44
5%
127
*124
50%
127%
10%
10%
49
49%
60
60
65%
32
*65%
34% j
9% |
23
|
48%
91
108
4*4
33
22%
22%
22%
8%
*22%
24
89%
*104
*46
49
4%
8%
89%
*89
90%
88%
88%
*105
i*104% 108
108
434
4%
4%
4%
4%
53s
5%!
76
77
3884
78%'
5%
3734
*77
64%
2334
Feb
84% Nov
Feb
65
69
50
Apr
73%
Oct
41% May
70
Oct
15%
Dec
16
Sept
6l%Ser>t
23% Jan
1% Sept
104% Feb
10
6
31
June
Oct
88
12
30
Oct
6
50
45
Jan
6
37
Dec
57%
32
Jan 10
21%
Feb
39%
Aug
5
89% Jan 15
66%
Aug
64*4
Feb
103
Nov
3 % Mar
33% Mar
I j% Feb
21% Jan
61
Oct
79
7
Feb
2534 Aug 3
3812 July 30
30%May 9
41
Jan 13
7%May 9
12%May 10
101 '
3
Jan
II
Feb
20% May
5% Dec
8%
88%
18
60
Dec
Feb
Feb
Oct
Oct
8434 Sept
65%
Oct
33%
48%
Oct
Oct
40
Sept
49%
Oct
11%
Oct
20% Oct
118% Nov
33%
Oct
Oct
Jan 13
50
Feb
66%
27%May 16
14
Dec
47
Mar
36% Jan 10
June 21
55% Apr 7
123% Sept 24
43
Oct
110
62% July 18
67*4 Mar 10
111
6
Aug 24
27% June
Feb
129% Nov
61% May
69%
Jan
7% Aug
15%
32%
Oct
Oct
13
Oct
Oct
12% Mar
3
26
3
14
Aug
May 9
24%May 10
7
May
17
Dec
34%
12% Mar 12
15%M ay
5
12%
Dec
8% Aug 26
ll%.May
9
6
8%
Feb
23% Oct
15% Sept
27% Oct
40
Sept
17
Aug
27!
9
Mar 11
Mar 11!
21
May
30%May 9
70% Jan 10
14%June23
20% Aug 24
58
Mar
Aug 22
11
July
20%
Feb
64%
Feb
78
Nov
8%
Dec
16
Oct
May
28
Oct
July 22
25
May
48
Oct
26% Jan
3
5034 Oct
4
22
Dec
42%
Apr
100
11
2
35
Aug 17
19*4 Jan
8
52% Feb 17.
46% Mar
—.100
No par
60
30
June 21
100
25
17
ll%May
Swot
Sm
M
40
2
14
Dec
40
Dec
72
24
Deo
88*4 Jan
2% Mar
Jan
Jan 12
39% Jan 111
9
%
1*4 Feb 9
55% Jan 13
93% Jan 26
34
Deo
Dec
43%
.....
Dec
62% Sept
84%
Dec
28% Aug 24
39%May
2
26%
Dec
92% Nov
53% Jan
67% Aug 26
26% Aug 291
51
Aug 29|
Mar 23
65% Jan
100
100
2534June 23
65 June 22
10
No par
.100
100
100
oref
Amer Agricultural Chem.. 100
pref
Beet Sugar
pref
1% Feb
%May 25
10
—
34 Oct
Gold Mln'g
6
34
Aug 15
83
June 23
83
3
Mar
67%
Dec
92
Jan
6
51
Deo
95
Jan
90
Jan 20
79
Dee
96%
Jan
51
Feb 15
32*4
Dec
103*4
Apr
75
Oct
93
Jan
128%
Jam
74% Jan
5
65%May 2
32*4 Jan 29
45%
Dec
21*4
Dec
88
7284
Dec
101
Jan
133
Dec
147%
400
105% July
6C0
American
115%June17
108
May 23
15%June 23
35% July 5
116%
54%
Apr
Feb
Jam
1,000
Do
Do
Can
pref
100
Cotton Oil
1,900
Amer Druggists Syndicate.
100
10
American Express
100
700
16,300
4.100
700
100
3,400
American Hide 4 Leather. 100,
Do
Do
Jan
10
100
pref
100
..100
American
Safety Razor—
25
Feb 25
15%
59%
Dec
6%
Dec
135
95
Feb
5
Dec
61
30%
Mar
Jan
Mar
Jan
35
Dec
Aug
65% Oct
8
3
53
Feb
68
30%
8*4
Dec
120%
Jan
Dec
14%
42
Dec
95
Jan
Apr
80
Aug
74
Dec
53%May 6
113a Apr 18
62% Jan 31
93
Jan 29
93% Sept
0
107% Feb 26
10
Jan
14
3% Aug JO
Jan 20
6
1,200
Am Ship 4
9,300
Amer Smelting 4 Refining-100
29% Aug 25
4434May
79
76
76
800
100
63% Aug 26
83
4% Aug 19
Ex-dlvidend.
15%
37
38
x
86
175
Jan
4
*5*4
pref
61%
Oct
37*4
Do
Dee
May 9
13%May 18
57*4May 18
5%
No pan
111
Apr 26
38%
Coram
10
884 Jan 11
2
57
Se,n
67
Apr 14
21% Aug 25
7% Aug 23
17% Aug 24
39% Aug 20
73%Juhe 20
98%June20
Jan 20
23% Jan 28
Jan 25
—100
American Locomotive
pref
8
42
American La France F E._
Do
July 15
40% Feb
Amer International Corp-.100
American Linseed
114
114
June 13
100
..100
pref
4
1>01
pref
American Ice
Do
*5*.800
pref
1 Ex-rights.
| Less than 100 snares,
a Ex-dividend and rights,
to stock of Glen Alden Coal Co. at $5 per share and ex-dlvidend
(100% in stock Aug. 22).
Feb
Oct
Oct
Oct
884
65%
7634June 25
106
38%
Bid and asked prices; no sales on tnia day.
3*3%
Dec
29% Aug 10
300
"32%
834
3%
23%June 21
1,300
33%
Feb
31%
55%
Dec
100
American Car 4 Foundry. 100
Do
pref
100
200
50%
18
Dec
100
11
50%
Feb
100
pref
American
7
11
15
Allls-Chalmers Mfg
Do
Oct
Nov
11%
33%
Jan 31
95
American
300
*10
*8%
6%
share for share,
Do
Oct
80% June
2% Dec
384 Dec
Jan 11
Amer Bosch Magneto.-No par
3,000
2,000
8%
*47%
|
"V.ooo
127
65
32%
8
23
39%
•
AJax Rubber Inc
Alaska Gold Mines
Do
125
60
10%
2,800
1,160
5
Inc
*2
Do
-
pref
%
1,100
5,600
90*4
Jan
Oct
19%May
37%May
...100
22*4
45%
89%
33%
21
Feb
63
Dec
Miscellaneous
22%
%
1.
21
14
23
11
100
Advance Rumely
Do
65%
8%
9
9
9
-
Express
Air Reduction,
34%
61%
*26%
.
Adams
8c
Oct
5#% Nov
6% Feb 71
77% Feb I7i
74% Jan 12
61% Sepl 9
7%June 21!
13%June 2l!
Wheeling 4 Lake Erie Ry.100
Do
40
112%
38% July
9
9
584 Jan 10
June21j
18
pref B
100
Western Maryland (new).. 100
Do
2d pref
100
Western Pacific
...100
Oct
Oct
Oct
27%
Aug
24% Jan 13
100
pref A
Feb
94
52%
24%
5
Do
*36
24
.........100
16
Feb
3984 May
3
17%June 20
16% Jan
Do
17
Jan 25
44% Oct
May
8%
42
100
1,100
Mar 11
67%June 21
3,900
22%
*58%
*8%
49
-.100
40
23%May 18
Sept 22.
8% Mar ll!
7
9*4
6
3
5
100
02%
48*4
....100
Aug
8% Dec
13% May
Jan 25
73%May
19%June 23
June 24
Wabash
22%
14%
49
100
........
Pacific
Industrial
50
..100
3
Mar 30
93
28
2,400
15
Oct
1484May
6034June 20
7*8
02
26%
100
Twin City Rapid Transit.. 100
Union Pacific..
.100
Do
Oct
97% Oct
6% Oct
17% Nov
July 6
58% Jan 25
24% June 21 i
70
Mar ll!
21%,
7%
8%
16
pref..
17%
3584
Feb
55
100
pref
Southern Pacific Co
Southern Railway
1,200
Jan
Dec
57*4 Jan 15
—.100,
Do
4,100
20
21
15%
Do
pref
Seaboard Air Line
6,800
7
80%
36%June 24
.100
22*4 Sept
91% Nov
41% Mar
18%
38% Aug 26
19% Mar lit
27%June 23
Preferred A trust ctfs.—100
St Loui3 Southwestern
100
20%
*7*,000
.
Dec
1
50
...
24%
l%May 10
50
pref...
St Louis-San Fran tr ctfs
46%
23%'
42%
120*4 121%
66%
66%
*8%
8%
*19
19
300
22%
2334
63
66%'
21
50
Do
Do
23%
80%
Reading
1,000
Dec
12
6584 June
Jan 19
40
*2534
*75
23%
•
Dec
Oct
*34
23%
27
Oct
16%
Feb
26%
77
2,700
260% Sept
Feb
40
22,500
May
44
*75%
71%
43%
43%
Feb
3
68
*34
26%
73
165
32
77
72
Oct
Dec
27%
100
108
58
50
1
83% June
Oct
Apr 29
100
t c
Dee
36%
95% Nov
100
v
Oct
46
Dec
58
pref
54
Aug
14
58
pref
Feb
July
23%May 18
60
Do
20
46
35
105% Nov
*55
Do
Oct
4134 Jan 12
100
Pittsburgh & West Va.--.100
Oct
Feb
4,200
100
69
84% June
20
"2^600
Dec
6634 June
37% May
20%
Pere Marquette v t c
Do
prior pref vtc
60
Oct
19
Pennsylvania
50
Sept
Jan 28
16,550
100
..100
82
37% Sept
27% Oct
13%June 23
36*4
43%
..
.100
36*8
19%
71%
43%
20%
N Y N H & Hartford
37%
45*4
*14
June 24
30*4
19%
45
16
54
16
45%
7*g
preferred....... 100
88%June
61%June
32%June
1534 Mar
45
7*4
July 16
N Y Ontario 4 Western.-.100
45
20%
58
Dec
Oct
28
June 20
100
31%
8
59% Oct
June 21!
39
84%
71%
12%
118
64%June 21
100
Norfolk 4 Western...;
Northern Pacific.
72%
18%
46
100
1,400
45
121%
65*4
New Orl Tex 4 Mex v t C--100
New York Central
N Y Chicago 4 St Louis
First preferred .a..
Feb
21% Sept
30% Oct
14% Jan 13
16
Mar 11!
33%Mar IF
3% July 28
4,400
44%
23%
*38
Do
pref
100
Missouri Pacific trust ctfs. 100
Do
pref trust ctfs..... 100
Nat Rys of Mex 2d pref... 100
12,400
96%
44%
122% 122%
65% 66
8%
*8%
Minn St P 4 S S Marie...100
Do
pref
...100
Missouri Kansas 4 Texas. 100
Apr 14
35% * ..*"31
7% Oct 5
63
Aug 24
83
Aug 22
1% Aug 25
2% Aug 25
41
Feb
54
Feb
52
17% Aug 25
47%June 21
97
77
72
20%
50!
76%
97
44
0
100
77%
72%
44%
*36
100
Leblgh Valley
Louisville & Nashville
Dec
64
3
28%May
Mar 11!
77
*96
43%
23%
24
10
Mar
21%
9%
16
1
100
Oct
65
91% Mar
120
Jam
2
5% Jan 25
45% Jan 25
Lake Erie & Western
Do
pref
Oct
Oct
44% Nov
Dec
1
71
100
Second
14%
5% Oct
18% Feb
pref..
100
26,300
*53
14%
22%
96%
78%
37%
20%
Do
100
42%
72%
53
72%
100
Manhattan Ry guar
8.400
19%* 19%
41
65
*61%
June 14
25% June 24
pref..............100
Mlnneap 4 St L (new)
1,700
3%
1934
41%
2%
Do
17% Sept
5%
1% Aug 30
"**800
1*4
*53
23%
*%
%
45%
11% Apr 14
60
Jaa
70% Nov
15
Sept
15%May 9
2234May 9
15% JaD 12
79% Jan 29
32% Mar 4
16%June21)
100
13% Mar
134
7% Jan 17
4% Jan
11% Mar 12
...........100
1,500
1%
40%
4%
13%
Apr 14
693
Aug 25
1% Mar 24
4% Oct 7,
100
5,900
2
3%
49
90
100
.....
47% July 7
104% Sept 23
249 May 10
Interboro Cons Corp..No par
Do
pref
...100
Kansas City Southern
100
100
40%
*14
8
Feb
500
70
20%
1834
*7%
2034
Sept 28
39%May 6
53% Apr 27
Aug
57*800
3%
*5
67
Jan 26
Delaware & Hudson
100
Delaware Lack & Western. 50
5
Jan 20
26
58%
59%'
109*4 10934
40%
41%,
9
9%
40%
4*4
44%
Jan
Jan
42
Sept 11
Sept 26
% Oct
98
100
*19%
20
June
6% Aug 10
19% Oct 4
j
2
373a
Dee
98
85i2 Mar 12
900
22
57% 59%
10934 109*4
40-% 41
9%
9%
*67% 69%
22%
96%
7734
60
100
4,200
*50
14%
38% Dec
Jan 11
Illinois Central
"""166
26
51
72%
27
49
Gulf Mob & Nor tr ctfs
*6%
*18%
1,300
26
*60
*49
100
Dee
Jan 24
3 5
3
100
21
71
June 21
100!
Dec
46% Jan 12
4,500
♦6%
*19%
1%
5%
"*1%
Jan 12
48
pref
9
9
110
95
1st pref
Dec
14%
June 20
2d
109%
33%
22
Do
Mar
Dec
32
Colorado & Southern
17
384
6%
9%May
20%May
Feb
9% Aug
)■ 6% Sept
15% Dec
June 18
60
Oct
6% Jan 31
14
80
100
Oct
54
Feb
6
pref
Oct
49%
4
50i&June 21
preferred
Feb
40% June
•
634 Jan 29
% Apr 28
% Apr 28
6%June 23
6834 Mar 12
7%
0%
27%
12% Sept
Feb
100
Chic Rock rsl 4 Pac
104%
47
100
.......100
Dec
Dec
9
preferred..........100
Clev Cln ChJc & St Louis.. 100
pref
Jan 25
65%May
2,300
7%
1%
5%
25%
28%
7%
10
119% Jan 11
60% Apr 14
July 1
22% Mar 11
Do
Jam
4%
*82
Jan 11
14% Jan 25
June 20
100
shan
per
90% Nov
82
'
June 20
100
Feb
May
54
Mar 14
634Sept 30
3%Sept 10
Chicago Great Western...100
Do
1
Apr 27
.100
76
72
2
6
7% Jan 4
89% July 28
423sMay 9
Highest
share t
per
87% Aug
i 47
Chic & East Illinois trust recta
Do
pref trust rects
Do
Scot
¥
81% Oct
77%June 24
75% Jan 3
Certificates of deposit-.
Do
36%
Lowest
Highest
3 per share
Do
37
SHARE
Range for Previous
-
Year 1920
Lowest
Railroads
Shares
42
*65%
6734
38
j *51%
7*4
6 |
103
70
112
81%
*2%
52
2%
*1%
7%
88%
84%
39%
17
26
*103
2*2
86%
81%':
2%
113% 114%
66%
56%
SOU
86%;
88%
*81
87%
2%
7%
*4%
6
j
|
81%
*2%
52
113% 114
56
81
88%
38*4
52
8
*4
412
41g
11334 113*4
56'2 56%
87
81
*86
88
38%
38l2
*5132
86%
2%
*2%
88
*86
86%
82
Wednesday
1
lots
EXCHANGE
the
Oct. 1.
Range Since Jan. 1
YORK 8TOCK
b
7
2
Jan 20
Ex-ngnts
96%June
6% Dec
7% Dec
29% Dec
64% Dec
(Jane
151
to
122
Jan
53% Mar
99%
109%
107
Jam
Jan
Apr
Mar
17%June
30% Jaa
72
100%
Jan
Jan
subscribe
1555
New York stock Record—Continued—Page 2
For
during the
of stocks usually Inactive, see second preceding page.
PER
SHARE
PER
SHARE
Sales
SHARE, NOT PER CENT.
AMD LOW BALE PRICE—PER
STOCKS
Range Since Jan. 1
Range for Previous
for
HIGH
NEW YORK STOCK
On basis of 100-share lots
Year 1920
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Oct. 1.
Oct. 3.
Oct. 4.
Oct. 5.
Oct. 6.
Oct. 7.
Week.
$ per share
70
*68
% per share
70
70
$ per share
S per share
$ per share
$ per share
Shaw
25
25
25
*71
*73
25
25
25
*70
*71
24%
25
24%
72
24*2
24%
Lowest
Indus. & Miscell. (Con.)
Par
100
Am Smelt Secur pref ser A.100
3,600
24%
Am Steel Fdry tern ctfs.33 1-3
Highest
$ per share
$ per share
Lowest
|
Highest
I
63
Jan 11
18
Aug 24
72*8June 6
31% Jan 11!
78
Aug27
91
Mar
7j
96
Jan
19,
61
Deo
83
Mar
26
Nov
50
Mar
"
■"'
**
•
'm
'-'"'L 'm
'■
-
.v.--
—
59*4
85*2
60*8
85%
56%
81
85
403s
41*4
40*2
51%
79
*70
91
91
*122
123
75%
74
97
91
*96
*96
24
*10
11
10
31
30
35
40
*29*2
40%
*31
35
30
30
41%
32
*65
70
*52
60
*90
_
_
;' .'i
-
.
2%
i84
28%
28%
*22
23
-
*3%
97
107
108
4%
4*2
400
Do
56
56
57
57
*55
65
200
Do
*92
94
93
93
*91
95
100
2
2
2
26*2
20*4
20*4
21%
*9
10
*9
10
*55
9834
4«4
14
12%
6634
66
66
11*4
65%
40*8
38%
40
11%
65%
38*2
75
75
75
29*4
12%
12
36
2534
35*8
25
25
60*4
5934
4%
'
-
-
30
40*8
53
53
53
*51
53
53
53
19
37
30
70
90
12
11%
25%
12*8
11%
12
17,500
253.
26%
25%
35%
34%
35
13,400
4,500
24%
24%
26%
35%
24*2
00%
6"l
60%
61
34%
24%
60%
*26
27
*26
27%
26
26
400
§70'
*68
70
65
1
17*4 "18
17
45
45
95
16%
45*2
16%
46
47
95
*89
95
45
■
'
167)
*89
19
19
3.
*%
"34
%
76
763.
78
78% *76% 77%
107
107
*104*2 10)3
*104% 106
2 684
273.
r2?% 28
27*2 28%
63%
62% 63
64%
63*4 64*2
83
83
*82% 84*2 *8.3*2
67)
5%
0*8
5%
¥%
6%
14*2
15*;
13%
1334
16*4
16*4
11
12
11%
12*4
12%
1234
19
19
1834
18%
*18
19
*18
79
106% 10684
27*8
27%
63*2
64
*82*2
6%
16*4
84
1284
13
7*8
17
6484
6478
6484
'-."U
'•
-
53%
„•
55
79
w
79
734
22%
22%
*80
9
"4,606
17,700
27*2
62%
75% 76%
106% 105%
27% 28%
62% 64*8
91
*83
76*i
75%
105*2 105%
27
62
*82%
6*4
V
6%
15%
62%
64%
64
54
57%
56%
57%
79
79
79
600
*6
8
9
*6
9
100
24
24*2
23%
237)
*22
24%
85
85
85
*81
87
12
11
11*4
13*4
I334
14%
14
%
.5334
%
14%
%
88*2
53%
59
89
59
58%
91
00
92
*88
125
125*4
88*4
59%
92
88%
123«4 124*2
10%
10*2
-
~
»
~
-
125"
124% 125
*10
*64
-
10
10%
*64*4
•
~
«.
—
10%
.
9%
10
66
63
63
*61
65*2
*62
75
75
*72
73%
73*4
32%
32%
32
¥2"
31%
32
7484
76
75
75*4
75*4
20
20*8
1384
20
22
2434
24%
7*4
20*4
13*4
24%
7%
*19
1384
75*4
20%
12%
24
*22
65*2
*7*2
,
t.
-
*63
~
\
20
12%
*22
67
39%
58%
*58"
*15
:~
75
72
72
72
72
31
31%
3084
31%
76
35%
36%
35*2
8
8
8
8
3
*37
39%
77
77%
102
'
3
3*4
39
40
787g
79%
102
39*2
79%
102*4 102*4
10%
10%
*38
39
76%
78%
14
14%
49
14%
4934
49%
♦68
9%
*24%
2
10*4
39
*21
42%
*84
20%
*10%
41%
10*4
28
2*4
10*4
39*2
22%
43%
86
22*4
11*4
41%
1034
2
26%
26%
*150
160
*101
102
13%
13%
9%
9%
*32*2
*98
•
33
115
37%
76%
37%
77%
17,200
2,700
Internat Motor Truck..No par
Do
1st pref
100
Do
2d pref
100
14
13%
14%
47*2
09*2
12
11%
47%
69*2
11%
2*8
1G%
11
41*2
22
22*8
44%
42
43%
88
*84%
12
11*8
•
—
2*8
—
-
•*.
10%
2*4
10%
42*4
42
42
23
23
23%
41%
42
*84%
88
88
—'
*•<
"2
10*8
•l00
13%
4784
14*8
48%
68%
11,100
*68%
11%
12%
29,700
„
2%
10%
3
2%
10%
10%
43
*41%
24
25%
1,500
4,600
41%
42%
19,500
10%
10%
9%
41%
4034
21*4
*98
115
»og
*16
Bkl and asked prices; no sales on this day.
61,200
3,100
41%
41%
50
„
42
11%
*46
-
.
21
*47
88
88
*84%
21%
21
10%
41%
9%
41%
50
♦07*»
115
21%
9%
41%
Jan
51%
Dec
80
Aug
70
Dec
89%
Aug
71'4
Dec
16
Dec
93% Mar
46*4 Apr
52
Dec
10
Nickel (The)25
100
International Paper
Do
stamped pref
100
Invincible OH Corp..
50
Iron Products Corp ....No par
Island Oil & Transp vtc.. 10
Jewel Tea, inc
1
Do
pref
100
100
Jones Bros Tea, Inc
Dec
105*4
97
Dec
107
24i2
Dec
43%
Apr
107% Jan 11
70
Dec
278*2
Apr
Dec
100
91
Jan 17
26
Feb 14
81'2
.100
Jan
44% July 21
82*2 Apr 29
40
Dec-
95
Jan
74% July 22
5%June 18
90
66
Dec
91%
Apr
5
Dec
217s
Dec
16*2 Mar
4434 May
78
Dec
134% Mar
10
Dec
48
12%
Dec
Dec
Dec
Dec
36*2
Jan
19*2
Jan
43
Dec
79*2
Dec
51
Dec
7538
Jan
7834
Dec
9484
Jan
30
21
4f
75
June 28
-
8% Aug
Aug 25
Jan
3
80*8 Apt 25
100
9
Apr
0
27j
Mar 23
29*2 Jan 28
90
Jan 11
19%May
20*2 Jan
5% Jan
78%May
117%May
62*2 Ja i
'
0
4.
>
5
17
13
5
5
20
1 *2
32*2
71%
30
109*2 Aug 22
9% Aug 24
63
June 21
71% Apr 18
60
Aug 22
70% Jan 13
69
A ug
16*2 Deo!
12 •% Dec
64*2 Nov
58% Dec
138*2 Mar 18
20
26%June 24
62%June 23
15
Aug 16
Jan
9
6
16% Jan 11
Dec
94
Dec
70
Dec
85%
10234
15
Deo
Jan 26
16% Jan
48%May
13
June 30
2
29% Mar 12
6
Aug )1
33
>» Aug >1
67% Aug 22
99%June 20
7% Aug 24
36
Aug 25
Oct
26
7
66% Aug 26
3,300
1,200
100
Loew's Incorporated
Loft Incorporated.
100
No par
No par
Loose-Wiles Biscuit tr ctfs.100
Do
Ex-rights,
pref
2d
nrofprrod...... 100
a Ex-dlv. and rights.
Dec
65*2
4984
Dec
38*8
20*2 Aug
8478 Jan
78*4 July
8*2
3
8
6
7% Jan
11*4
Jan
Dec
Dec
28
Dec
Dec
9%
7
17% Jan 11
Jan
Dec
Nov
5184
11178
Jan
Jan
10*4
I
44
Dec
170
84
Apr
Jan
Dec
Dec
Dec
71
Apr
2684
Jan
Dec
79%
19
Dec
47*4 July
27%
Dec
Jan
7*4 July
2134 Jan
45*4 Jan
68
Jan 11
11%
8
4
Dec
6
11% Mar 17
3
Dec
8*2 Jan
4
3
427s Oct
8% Jan
3
June 23
Jan
3
17% Jan 14
138% Jan 22
97% Jan 3
10
June
7
7% Aug 25
3
22%May 11
l?78May 2
58% Jan 11
57%May
29% Apr
162% •*« »<
105*2 Feb
21*2 Mar
1234 Jan
7% Sept
Dec
30
Jan
Dec
152*2
Jan
75
Dec
105
Jan
14%
Dec
584
Dec
45
Dec
33*2
48*2
9184
35
Aug
57*2
Jan
Jan
Oct
387s
Jan
10
42
Jan 31
ion
15%
Dec
0 Old stock,
207
Apr
Jan
Dec
1907s
Jan
Dec
36
9% NOV
28
Apr
Jan
70
Jan
95
14*2
2>
,
Mir 11
«Par value 1100.
Jan
51*2
13
127*4 Nov
Aug 25
9134 Mar
25*2
17
30
19
8
28
Q1*»I'Iup 23
30
Apr
Nov
28*2
40
25% Jan 27
547jMay 5
94
Jan 25
Apr
Apr
115
Jan
14*2 Jan
Apr
88%
142%
9
434 Jan
Apr
27
Apr
Nov
5
Sept 26
23*4
934
817s
Nov
*4
38*2
69*4
2
4
Apr
116*2 Sept
88
4
73%May 17
75
Jan 20
26
Jan 20
»c
46*4
Jan
Jan
Jan
100
100% Feb 10
Jan 29
110
547g
22%
Dec
55*4 Dec
9*4 Dec
5% Aug
2
8
63% Jan 11
42 May 6
76
Jan 18
Dec
51*8
12*2
37%May 18
13% Jan U
57
Dec
25
64% Apr 25
17
May 2
5634June 22
11% Aug 24
38% Aug 24
67
Aug 25
5% Aug
16%May
Jan
Jan
Apr
Jan
Jan
15
1634 Mar 23
6
June 21
85*4
69
25*2May
Oct
7
Jan
Mar
8934
27
25
Jan
42
Jan 24
82
Jan
172
44*8 Jan li
85
Jan
7
July 21
40
Do
Apr
Jan
100
Lee Rubber & Tire
No par
150, Liggett & Myers Tobacco. 100
Jan
Apr
Jan
104
32
11,300
5938
85%
Jan
Dec
.100
200
Apr
61
84
Lackawanna Steel
Louis)
Jan
Apr
Sept 3 »
107% S'- ■ 28
43% Apr 29
79
Jan
6,800
LacledeGas (St
14*2
147
2,800
13,400
Apr
IO284
Dec »605
70%May 31
16
Mar 11
Kelly-Springfield Tire
98
9734 June
338 Dec
21%
Temporary 8% pref
100
Kennecott Copper
No par
Keystone Tire & Rubber.. 10
115
|JLeaa tban loo shares.
International
100
..100
Jan
Mar 26
Dec
32% Aug 24
49
*47
*97'^
56
Dec
25
100
28
273
28% 29
26% 26%
26%
28%
26*2 26%
160
*151
151
160
156
151
5156
*152*4 160
102
*101
*101
102
102
101% 101% *101
102
*101
13%
13%
13*2
13%
13%
13%
13%
1334
13*2
13%
10
9%
*9%
9%
8%
9%
9%
9%
9%
9%
*32
33
*32% 33
32% 32%
*32% 33
*3212 33
115
300
24
42
50
'
*150
*98
6,900
42
21%
*45
57%
23%
41*4
*84%
10%
41%
5
21
—
21
22*2
11%
41%
5C.0
57%
'
2*4
Internat Harvester (new).. 100
Do
pref (new)
....100
69
69
28
Inspiration Cons Copper.. 20
Internat Agricul Corp
100
Do
pref...
100
28
48%
11*4
*24*2
10
5
26
14
12%
500
200
Hupp Motor Car Corp
indiahoma Refining..
*66
69
Dec
Dec
25
68
47%
41%
*47
38
14%
42%
41%
700
70
21%
20%
10%
8*2
49%
2%
1078
42%
*84
35%
*7%
137s
*68
•
10%
3%
35*2
8
48%
70
Jan
34
25% Apr 25
86 May 6
36
58
9284
June 20
1,300
6,800
9,500
*55
Dec
47
Guantanamo Sugar....No par
Gulf States Steel tr ctfs...l00
29
60
29*2
65*2
52i2
40*2 Aug 25
10%June 21
14,600
11%
3%
.
68%
*57
Dec
2
Sept 12
19
67*2
*67
60
May
9
13
Copper.. 100
28*2
69
13*2
Do
Int Mercantile Marine
Do
pr f
69
31%
...100
2,200
5,900
*57
*29%
(6%)... 100
(7%)... 100
47*4
70
Dec
50
28
77
Cananea
Jan
22
Dec
54
Deb stock
67
6
Jan 29
914 May
100
Deb stock
44%
Jan
Jan
13'%
..100
Debenture pref—.....100
General Electric..
.—.100
Do
Jan
4034
16'2
39% Aug 25
Do
Jan
41%
Dec
54
General Asphalt——100
Goodrich Co (B F)
21*4
Dec
18
68*2 Feb 28
No par
10%
59
714 Nov
16%
3
3
9*2 Aug 24
%
ept 2
General Motors Corp..No par
Do
pref
.100
Jan
16434 Mar
111% Apr
12% Jan 8
62% Feb 10
42%May 9
59% Jan 11
80
Feb 18
5
General Cigar, Inc..
Nov
60
12% Feb 10
27%May 11
37%Sept 27
Jan
47
*67
Jan
87
10%
*56
*10*8
45*8
61%
69%May
No par
Jan
595s
5
25
46
Jan
Jan
1
Apr 30
70% Jan 11
Jan
preferred (8%).... 100
pref
Jan
Dec
5514 Dec
155s Nov
9>8
Jan 12
86
52
Federal Mining & Smelting 100
Do
pref
100
Fisher Body Corp
No par
Do
Jan
29*4
28*4
85*2
32*2 Jan 20 |
25%May
100
Rubber
26
Dec
21% Apr 21
47
58
30
pref
Jan
Dec
8
33% Feb 25
10%
70
4734
—...
11*2
10
Jan
5
46
*.56
46
13% Oct
129
Dec
Dec
Dec
Dec
3
10*4
*30
10%
48%
30*8
June 15
Jan
Apr
Apr
30i2
80*4
24U
Jan 24
45*2
29%
*67
47%
96
22% Aug 22
49
Aug 25
77
June 27
5% Oct
3
Jan
15
9684
Jan
Jan
Oct
Famous Players-Lasky.No par
Do
June 20
114
75*2
16
...
60*2
11%
76%
3®4 Dec
Apr
102*2 Jan
9688 May
102*2 Jan
102*4 Feb
20"%
10484
108*2
10% Jan
11
10%
47%
31%
*10%
Endicott-Johnson
Do
59
Dec
148*2
Dec
Houston Oil of Texas.....100
18
57%
.
21%June 24
65
Apr 19
%Sept *7
77*2 Jen
5
1234 Aug 26
Dec
70
0l34Sept 1 k
•
~
9% Aug 24
28% June 21
Dec
Dec
82
Jan
Nov
50%June 20
76
8
2% Aug 24
9914
234
176*2
Aug
4
Haskell & Barker Car..No par
Hendee Manufacturing
100
2%
35%
7%
3
35%
8
9
Feb 24
Aug
20*4
63
800
400
38
3
35%
Mar
9
19% Mar 30
May
7*2 Jan
43% Jan
1,900
-
3%
11*4
673s Sept
49%May
Dec
90
8
1938 Apr
Dec
4878
2
2
19
27
14
13
8
19
7
-
57%
11%
56%
11%
Jan
Aug
15%May
59
7
*14
58
6
28
Deo
Dec
47
584 Jan 27
May
6
112
Sept 29
1-
Greene
18
56
*11
Mar 10
78
92
95
10
1,100
*14
*14
June
50
50
1,100
5,000
6*2
82
Dec
5778
94% Jan 11
102% Jan 25
62%May 6
65 May
6
93% Jan 11
112
s»! . 29
10
Mines. Ltd
Horn Coal Corp......
12
18%
8
3%
2,700
800
21%
*58"
36%
Elk
24
7
18
100
pref..
12
20*2
58
11%
3*8
35%
300
900
77
37%
60
Do
Cuba Cane Sugar..—No par
Do
pref..—.
100
*22
7
11
..100
12*2
37%
57*2
pref
24*4
58
*14
18%
Do
Cosden & O0.........No par
Crucible Steel of America. 100
*12
21
May
7
*22
*19
Jan
24
Jan
12
21
76
Dec
5
24%
12
39
11%
49%
*75'
77
5
Dec
8
% Aug 26
pref....
100
Granby Cons M, Sm & PowlOO
Gray& Davis, Inc
25
*74
58%
58
10
72%
*5*4
11
10*8
62'%
7,802
42,200
31%
72%
*31%
58%
57
*47*2
*60%
63
10
66
8
11
76%
9%
*64%
60*4
57%
39%
123% 124%
*7*2
11
----
1,800
91
58%
¥8%
55*4
2%
35*2
*784
400
59
39
8
39*2
58%
13*4
*
89
59
123% 124%
10
9%
64*2 64%
Jan
68*2 Jan
42
Contlnt'l Candy Corp .No par
Corn Products Refining...100
87,700
*88
60%
*64%
126%
600
*86*2
89
25
7
13% Jan 12
70
Jan 21
6
53%
53
•
3% Aug 24
3
10%June 20
734 Aug 22
53% July 28
14*2 Jan
44*2 Jan
Jan
%
34
51%
*86*4
59*2
8
3
98
_
Freeport Texas Co
Gaston. W <fe W, Inc
14%
53%
81% Jan
Jan
82*2 Aug 25
2,300
1,500
14
%
8
Jan
76
6%
71%
34Aug 16
Flsk
11*8
14*2
%
35,000
100
10%
%
Jan
Jan
3
100
100
.
Continental Can, Inc
Do
pref
8,100
11
14
.
%
51%
87
*81
10%
*88
55%
*86
89
*57
*88
„
5534
56%
*5%
24
59
_
79
7*2
11%
90
5,300
„
*81
*58
64*4
w
*22
*88
200
•
55%
39%June 24
41%June 23
87 June 13
Apr
Jan
91%May 17
2178 Jan 7
06
Jan 29
Dome
04 h
-
Gas (N Y)_.100
Consolidated Textile
No par
Cuban-American Sugar...
64%
-
.100
pref
Consolidated
1,100
20
12*2
55*8
25,900
12
*17%
•
Do
Consol Distributors, Inc No par
6,500
*11*8
■
June 27
95
125
Jan
9
96
Co nputlng-Tab-Recording 100
Consolidated Cigar....No par
22,100
11%
79
*84
53*8
14,000
200
67s
18"
%
15®4June 17
8%June13
50% Aug 6
62%June 24
19
16
18"
■J
7%
500
28,700
85
6%
15%
14%
85
*81
89
%
*%
%
June 17
18
No par
—...
11*8
12%
*86
1,200
18%
¥334
52%
7,400
48
18*8
13
12*4
13*4
17%
*45%
23*2
23
84
'
79
79
*5*2
••••
"55%
¥5%
54%
*76
*5*2
'
17
48
65*2
6434
"
1,700
4,800
20
*18
65
90
%
%
20
2,700
*%
89%
16%
%
Dec
Dec
107*2 Mar 23
63
900
90%
Dec
Sept 27
134 Oct 1
32%May
37%
70
84
91
July 29
37*8
%
7534
June 20
38
90
Dec
52
*34
1
38
22
38
70
61
Columbia Graphophone No par
Do
pref..—.....i..—100
14
91
5
Jan
Columbia Gas & Electrlc.-lOO
1238
*68%
Jan
45
Colorado Fuel & Iron...-.100
14%
VrlU
89%
Jan
74%
400
30
1
67*4
9,200
14
70
Dec
32,400
17
Jan
Dec
6
6
May 21
4*8
4%
Jan
Dec
57% Aug 24
...
Coca Cola..
Jan
6138
21*2
18
100
pref..
105*2
4978
79
10
Jan
Jan
30
4
384 Aug 25
22% Aug 24
..100
165*3
Jan
June
35%May
68*2 Oct
100
pref
97a?
210
43%May 11
61%
4
4
15
89%
17%
California Packing
No par
California Petroleum.....100
283
6
Jan26
Chicago Pneumatic Tool..100
Chile Copper.
25
Chlno Copper....
5
11%
%
5
...100
v t c.
Jan 14
Jan
142S8 Apr
11834
Jan
10684 Mar
105
Apr
10084 Mar
55% J&n
200
37
89%
24
Aug 20
..100
1
93%
59*3
66*2
3
.
June
33
33% Oct 7
47
Aug 25
18*2
*68*2
.
98
2278 Aug 22
31% Aug 25
23
35%
27*2
Zinc
*
Jan 31
39% Jan 20
10% Oct
1
Cerro de Pasco Copper.No par
61%
27*2
Feb 21
Chandler Motor Car...No par
25%
4%
93
94
Dec
Dec
92*8 May
10418 Dec
85% May
100t8 Deo
55i2 Dec
88ts Dec
28% Dec
584 Dec
25i2 Dec
127%May 23
82%May 5
20% Aug 12
6% S > •
1
88
Butte & Superior Mining.. 10
Caddo Central Oil & Ref__100
Do
Feb 21
9,000
12*8
18%
%
600
57
20,000
26%
35%
25*2
*33
%
78*4
24
38%
3
June 24
Central Leather
*62
27
100
Butterlck
3,600
29%
45
.
Butte Copper &
^ i,
...
27*2
63
*88
44
-
1,500
Do
■
Jan
No par
Booth Fisheries
Burns Bros
900
A 1
Deo
79
91% Feb 17
Dec
Deo
65
ll
12984May 24
90
8% pref. 100
Callahan Zinc-Lead
41%
4*2
cum eonv
3,400
30%
5
Do
100
6,400
4%
27%
29
5*4
pref
39%
77*2
4%
76%
63
61%
Steel Corp
100
Class B common. .100
39%
40
25
Do
Bethlehem
1,700
64
1178
25%
35*8
*24*2
60*2
4*4
100
65*2
42
36
Locomotive Wks.100
pref
*64%
29*4
*51
Do
6,200
4*4
27%
27%
100
pref
Baldwin
12%
76
4*4
—100
pref
Brooklyn Edison, Inc
100
41%
*68
T7I4
17
44
-
37%
76
4*4
28%
Do
5,300
64
%
*88%
1*4
'
300
"
4%
29
*27%
69
*%
65
Atl Gulf & W I SS Line...100
14
42%
19
*68
11*8
.No par
11%
13%
11%
65*2
38*4
29%
434
30
4*2
"l4"
.100
Atlantic Fruit..
¥,666
66
*63
12%
26*2
'
""*126
105
105
53
26
*27
96%
28%
42%
65
30%
*51
16,800
3*2
3%
*94
Oil—
Associated
Do
300
5584
91*2
98%
i,
"l3%
76
4%:
27%
53
200
43
65
2834
42%
'•
37%
*74.
4%
28%
28%
*33
m,. »
4%
4*4
66
W' W
•
*
4%
30*8
43*4
4*2
4
96*2
105
105*2
4%
4*4
25%
11%
983g
*94
104% 106
13%
38%
60
3%
96*2
*4*4
75
*24
3%
*94
25*2
*72
11%
4
98*2
50
100
1st preferred......100
2d preferred..
100
Do
62",400
98
54*2
*90*8
*98*4
54%
91%
Associated Dry Goods
Austin, Nichols & Co ..No par
86%
53
52
53%
*90*8
§98%
*3%
1,100
62%
85%
*95
100
*50
55*4
91%
14*4
6534
24%
35%
53%
*95
26
67
54
53
*90%
98*2
96*2
4*4
*24*2
14*4
4%
•
*6634
38*2
*51
*51%
105% 107
12%
42*2
97
*3*2
11
29
85*8
86%
*55
62*2
80*2
*55
62%
85%
*95
91%
9834
*94
10%
*63
*55
53*2
56*4
*98
10%
29*4
62*2
88%
100
55*4
*90*8
14%
29*4
16,500
10
*51%
4%
28%
27%
20*2
91%
*72
4,400
*9
56%
14%
4*2
26%
2%
20%
54
15*2
39*4
26
27
1%
26%
10
86%
14*2
4*2
2%
25
pref._..i.w...--.—w 25
Anaconda Copper Mining.
2,900
75
22
4
Do
32
33.400
...100
Mar
lll%June2l
81
pref.
88
108% Mar 29
110
1 >0
791s
8218
9778
107% Jan 27i
3
^_._100
Woolen of Mass
Do
70%June 20
Class B._.100
common
Amer Zinc. Lead & Smelt.
40%
41%
40*4
100
Amer Writing Paper pref. .100
27%
*95
-
300
*9
88
Vi"":
35
22
97*2
4%
:
;
•
"i",606
*20*4
107% 108
100,
10"
94
27
97
Amer
40%
10
*94
15,900
32
28%
21%
*3%
*p4
Do
2
*98
'
1,400
WW''''
*30
pref
2,400 American Tobacco
Do
700
pref (new)
*65
2
54
56
55%
.V-.-
9534 Jan
32
2
55*2
*90*8
v
-
Amer Telephone & Teleg.. 100
68%
*90%
62*2
8,200
38.400
68
32
93*2
97
•
36%
9%
35
*27
100
Amer Sumatra Tobacco...100
Do
pref..............100
6
68*2
60
8634
100
'Wm,
5
70
*53
*55
-
88
8634
*95
—
-
73*8 Oct
31% ttct
Do
41
21%
'
—
.100
7.300
91
91%
121% 122%
74% 75
96%
36*4
9*2
5
32%
*66
27%
-
68
*9
-—.w
—
•
"9%
American Sugar Refining..100
32%
33%
2
■
_
...100
53*4 Oct
67.800
107% 107%
122% 123
74%
otfs
Pref tem
40*4
41
40%
31%
67%
41%
*30
_
75
*65
122
74
56%
74%
34%
91%
122
lo"
■
10*2
*91
-
*23
10%
V'iiriw-'iii'-
10%
54*o
73% 74%
34% 39
*65% 68
107% 107%
123% 124
97
91
75*2
■"
40*4
Vij':;'- ;V' :|
w
55
53%
77
70*2 70*2
10778 108
107% 108
125
125
125% 125%
*91
91%
*90% 91%
124
123% 123*2 *122
75
74*4
75% 76*8
79
122*8 123
75*2
9%
38*2
*70
107% 108
124% 12.5%
*123*2 125
73%
38*4
53*4
57*2
7034
*70
107% 108
79
54%
74%
41%
54%
59%
W"
Dec
« Ex-dlvldead,
1556
New York Stock Record—Concluded—Page 3
stocks usually inactive, see third preceding page
For sales during the week of
PER
STOCKS
Sales
HIGH AND LOW SALE PRICE—PER SHARE, NOT PER CENT.
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Oct. 3.
Oct. 4.
Oct. 5.
Oct. 6.
Ooct. 7.
Week.
$ per share
I per share
8 per share
% per share
% per share
$ per share
Shares
68I2
*60
*68%
70
70
*69
80
69
09
*55
56
*55
55%
55%
21%
2,300
Manatl Sugar..
85
2,900
May Department Stores-.lOO
Do
pref.
100
95
Mexican Petroleum
100
84% Aug 25
100
84
56
*55
26
22
83
83%
83%
*100
•
21%
85%
,
85
*83
*100
100% 102%
*
85
*100
94% 100
*
85
,
21/
22
84
23
9134
26i2
22%
"21%
22%
22%
22%
"22%
13%
13
13%
1234
1234
13%
12%
25%
26%
25%
55%
26
13%
25%
22%
13%
24%
93
*92
93
*92
93
18%
18%
18
18
14%
18%
*14%
19
14%
1434
14%
14%
25
25
25
4,700
54
53
53
300
93
93
93
18
18
18%
3,600
14%
14%
14%
900
18
*14
*115
119
*115
119
*116
118
*114
119
*110
113
*108
117
*110
116
*110
115
*17
20
*17
20
*17
20
*17
20
*17
*4884
53
4834
*45
65
*45
55
*45
1
38
90
1
37%
38%
*34
39%
1234
90
*84
80
*84
90
76
76
*75
76%
*75%
76%
♦102
106
110
*103
12%
12%
110
*28
30
*28
31
51
51
*46
53
39%
35«4
41
40
39%
24
*12
1214
2
23j
9l2
28i2
110
74%
*103
74%
11%
12
61
61
27
28
25%
27
"27"
27"
*46
53
53
*47
53
*46
40%,
40%
35%
36
26
35%
*23%
3534
26
*24
12%
12%
234
2%
12%
2%
*12%
2%
♦11
"5734 ~5~I
37%
68
12
*1
68%
38%
37%
46%
47%
46
58%
2
9%'
i3
28%
*1
3 12
37%
3 1
46%
4312
•
9%
*11%
1,000
;
38%
39%
4C%
35%
24%
1234
35%
*23%
2%
2%
*12
4134
Dec
47%
Dec
Jan
Jan
Jan
Jan
Aug25
93
Nat
June 15
98
June 15
93
Dec
par
14% Aug 25
25
May
2
12%
Dec
49
Mar
13%June 23
30
Jan
4
25%
Dec
40
Mar
96
Dec
125
Jan
103% July
116
1134
105
Aug;25
100
15
Sept 13
35% Jan 18
25%
Dec
80
Jan
100
40-%
35%
24%
1234
2%
pref
46
Sept 21
79%May 16
59%
Dec
102%
Jan
Jan 10
2
Dec
13
Apr
Do
pref..
Nevada Consol Copper
New York Air Brake
Lead
Feb 14
100
10.900. North American Co
37%
46%
37%
38%
43
44%
39%
26,400 Oklahoma Prod &Ref of Am
300 Orpheum Circuit, Inc
1.400
35,200
49,500
Otis
Steel
1
25
100
Pacific Oil
27%Mar 12
43%
4
1
1
<
38%
934
10
9%
934
40%
10%
12,250!
8,200
Penn-Seaboard St'l
61
52%
51%
5234
51
5134
50%
51%
5,800
30
30
30%
30%
*29%
2934
*29%
25
25%
25%
26%
2534
26
I
People's G L & C (Chic).. 100
Philadelphia Co (Pittsb).. 50
Phillips Petroleum.....No par
11%
24%
11*2
11
11%
10%
11
25%
934
30%!
26
i
29%
24%
30%
24%
10«4
52%
30%
4334
10%
43
10%
10%
I
22
24%
22«4
23
21
22%
7
7
7%
6%
9%
21%
6%
10
25
*48
56
g'I"
60
60
"60%
*85
88
87
87
87
14%
*14
14%
58
14%
7
45
*60
14%
23
59
58%
60%
47
58%
59
*86
87
*40
5834
7%
43
21,500
5834
*57%
59%
700
88
*84
88
200
*13%
15
500
Pressed
14%
57%
57%
14
58%
18,300
11,500
*62
92%
92%
93
95
27
27
25%
25%
27%
27»4
84
84
25%
92%
27%
27
84»4
♦103
*83%
*100
13%
14
13*4
*100
Yt"
*23
24
*22
25
13%
23%
*23
24
23
23
23%
£2%
*80%
52%
45%
46%
52%
*80
85
*62
69%
94
93%
27%
27
„
27%
26%
85
Do
1,400
13%
84%
23%
*23
24
52%
53
13%
*22%
23%
53%
23-%
13%
51%
81%
81%
*81%
10%
11
11%
10%
Do
pref..
47%
12%
45%
1134
2
*1%
*2
2%
*9
11
*2%
234
68%
6834
19%
3334
1934
20
12%
2
2%
*9%
234
10
71%
20%
21%
|
234
20%
60%
19»4
3334
20%
*37
38
37
37
*65
80
*65
75
75
I
75%
I
♦138% 141
107% 107%
67% 67%
*24%
25
*29
30
73%
*94
|
I
74%
140
7684
143
74%
99
32
21%'
3734
3734
20%
37%
*70
80
| *65
77
7734
142% 145%
107% 107%
6634
6634
25
25
*29
*95
I
74%'
99
334
334
3«4
384
»334
3%'
5
5
5
5%
5%
5%;
8
8
8
37
37
38
37%
38
2334
65%
2234
24%
22%
23%
65%
8%
36%
2034
65%
*85
8»4
36
45
*80
90
8%
35
8%
*38
8
64
g4fl|
9%
*85
834
8
88
9%
34%
33
33
25
25
29%
71«4
*94
*9
19%
30%
20
52
52%
*14%
"43%
43%
*5%
6%
13%
47
16
*42
44
*5%
12%
4434
*80
"51%
14%
*43
6%
13%
*5%
46%
44
92
51%
5034
51%
49%
51%
50%
88
88
90
91%
33%
34
49%
59%
109% 109%
51% 52 «4
12%
*80
15%
44
6%
13%
45%
63
49
80%
51
52%
*8%
10
31
31%
30%
*30
16,100
8534
834
46,500
75
8
62%
64
Fruit
United
Retail
49%
39.400
6%
1,000
82%
82%
86
*44%
Stores..No par
Do
200
8
77
8%
12,100
U S Industrial Alcohol
Do
92
100
100
pref.
52%
52%
53%
"3",660
48%
48%
4934
92
90%
90%
21,300
2.5C0
United States Rubber
90
34
34
79%
80
77
51%
52%
10%
30%
10%
31%
29%
30
75
75%
77
77
82
84
84
84
84
86
86%
86%
*86
1,300
45
4434
45
3434
"78% "79%
110% 110-%
51 s4
53%
*9%
10%
30%
3034
29% 2934
78%
79%
110% 110%
52%
52%
*9%
10%
31
31%
534
0%
18
6
45
45%
3334
5%
26
26
26
26
*26
36
35
35
35
113% 114% *112
115
10%
41~
8%
29%
1,500
74%
1,200
79
600
8
8
3,600
62%
62%
8%
65
*62
64%
85
*83%
85
82%
44%
9%
*13%
6
5%
45
44%
44%
10%
""9% Yo"
18
*13
6
*534
18
6
45
45%
3434
934
10%
*13
5%
26
26
26
26
26
35
34
34
*33
35
34
114% 11034 *113
117
*106
"40%
84
400
2,300
114% 115%
'106
35
Apr
34
115% 116%
600
*39
40
39
39"
74
*70
73
*71
73
*70
73
*70
73
*70
60
*56
60%
*56
60%
*56
60%
*56
60%
♦56
60%
4 asked prices: no sale on this day.
| Less than 100 shares.
10% Apr 26
Jan 10
13
Dec
13%
40
Dec
Dec
46
Dec
80
Dec
Mar
#57*4
22
6%
Dec
Dec
Jan
53% July
95%
106
3834
66%
Jan
Jan
Jan
Jan
Apr 25
5%
44% Apr 25
34%
Jan 13
61'4
19%
27%
Dec
Dec
Dec
127
25%May 19
53
Jan
91
Dec
148
Jan
176
Feb
Oct
Jan
Jan
75
34
Jan
4
106
Jan 19
207
Jan
7
62%May 23
19 May
6
50
Mar 24
7
Jan 13
27% Jan 19
74%May
102
Mar
3
8
5 8% May 18
79% Apr 30
103% Jan 4
35% Jan 27
38
Apr
Jan
Dec
224%
96%
10% Nov
25%
Dec
Apr
Jan
Apr
Jan
Jan
45%
15
Dec
56ia
Dec
55%
37%
78*8
116%
90
Aug
103*4
35% Nov
6934
14334
116%
38
534
Dec
53
Dec
95%
Dec
29
Dec
Dec
44% Jan
3
86%May
6
39%
76%
76
Apr
Jan
Jan
Jan
47% Mar
Dec
109
Jan
Jan
Oct
41
Apr
Virginia-Carolina Chem.._100
Do
pref
100
100
No par
Wells Fargo Express
100
Western Union Telegraph. 100
42% Jan 11
Dec
Dec
97
2034 July 30
28%
2434
57% July 30
102% Jan 18
8834
Virginia Iron, C & C
Vivadou (V)
White Oil Corporation.No par
Wlckwire Spencer
Steel...
Willys-Overland (The)
Do
pref {new)
5
25
100
Wilsou 4 Co. Inc, v t c.No par
Woolworth Co (F W)
100
105
59
June 21
Aug 17
5% Mar 11
4
76
Aug 10
81%Se,». 8
38% Aug 22
29%June23
7
July 16
9% Aug 25
5% Jan 3
23
Aug 26
31
July 15
105
Aug 25
49% Jan
112
95
Jan 11
Jan 25
9%May 11
80% July
96% Jan 14
49% Mar 29
89% Nov
44
30%
May
2
8
a
Ex-div. and rights,
x
Ex-div.
Aug
8
Jan
69% Mar
25% Oct
32% Sept
32
Jan
3
26
Dec
93
Jan
Jan
7
34%
Dec
82%
Jan
117% Apr 11
81
54
Oct
Jan
55%
May
70% Aug 15
pref B__
Dec
Nov
Mar
119
47
100
100
Do
Dec
13%
19
June
76
92%
42
5
"""166
Dec
21
4
2
pref A
40
Apr
Jan
10%May
Feb
June 24
120% Sept
Apr 12
55%May
105
Feb
Dec
Nov
94
30% Aug 25
100
pref
Dec
Jan 20
17% Jan
Jan
76
72
18% Jan 11
8034
80%
112%
5*4
46*4
Worthlngton P & M v t C..100
Do
X Ex.rlghts,
Feb
25%June 21
73
60
"Y.ioo
Oct
41
..No par
Do
39%
Jan
14
20% Sept
60
Apr
14
*108
*39%
101%
Dec
Dec
11534
50
3,000
Dec
Dec
Dec
White Motor
1,200
76
Aug
2,100
26%
Dec
7
50
6,100
77
44%
Westinghouse Elec & Mfg.
6
100% June
104%
6,000
100
Dec £212% Mar
1133s Mar
91%June
24% Dec
51% Mar
118% Apr
22% Dec
126% Apr
3734 Dec
«142%
100
50
20,700
1
37
Aug 9
70%June 23
Jan-.
Apr
Jan 27
Westingbouse Air Brake—
18
*70
Aug 27
82%
94%
12% Mar 17
Vanadium Corp
79
40% Aug
74
100
10
pref
Copper
4,200
74%
84
July
41% Mar
26
50
Utah Securities v t c
29%
8%Sept
4334 Oct
50
States Steel Corp.. 100
1,000
77
Aug
5%June
Jan
Apr
23% Nov
90% Jan
48'% Jan
59% Jan 19
Do
Utah
76
8
38
3
25
20
23
5
29
11
27
21%
243
41% Aug 25
7
Aug 5
2,100
77
11% Jan
100
pref..
United
21,400
*74%
27%
40%
Do
48,300
100
pref
200
18
*106
*106
*8%
35
9%
*13
*34
4034
8%
1 at
Do
U S Smelting, Ref & M...
40%
87
834
2:9534 June 20
46% Aug 22
U S Express
100
U 8 Food Products Corp.. 100
4734
*63
*13
Sept 0
15% Aug 25
19
June 8
46
S s >1 13
.100
pref
"l3", 850
June 25
57
U S Cast Iron Pipe & Fdy.100
90
34
•Bid
100
Aug 25
28
100
48%
65
"4034 ~40%
United
48
6
No par
8984
64
6%
United
Mar 22
76%June 28
No par
"5", 100
3.000
44
Oil
Alloy Steel
Drug
108%
45
100
Union Bag & Paper Corp.. 100
Union
United
108
44%
pref
25% June
83% Apr
8%
36% Jan 21 j
72
Sept 13
91
Jan 13;
48
8%
6434
14
800
24,600
27
13%
45%
Do
Dec
11%
45
Transcontinental Oil...No par
Transue A Williams St.No par
10
7i
1534 Aug 24
Tobacco Products Corp.-.100
200
400
6% Aug 26
June 21
16% Dec
49% Dec
13% Jan 11'
48
Jan 13
10% Jan
29
91
*73
.76
6
62
Jan
Apr 30
93% Apr 29
97%Sept 13!
10
34%
78%
79%
110% 111
7
25
(The)
49%
110% 110%
51%
52%
10
9%
31% 32
29%
29%
75%
75%
*7%
14
Superior Steel Corp'n
100
Tenn Copp <fe C tr ctfs.No par
1734
*80
Jan 24
334 Aug 29
17
2,200
June
334 Aug 10
26 June 20
18%
"52%
Feb
5
.
No par
*31%
*64%
.
82
83
21
A,
No par
!.
31%
65%
«
110
100
99
8%
33
67
53""
Jan 20
3
23
46
8
-
66
37
(The)
*85
*51
105% Jan
100
8%
4334
124%June 13
25
voting
pref non
90
79%
80%
110% 110%
53
52%
10
*8%
3134
32%
29%
30%
76
*75%
75
"8% ~~8%
Do
6
600
34
76
*62
Standard Oil of N J
4,700
U S Realty & ImprovementlOO
*75
1J0% 110%
2,100
8534
39
"79%
Dec
77% Oct 4
167% Jan 13
64
92
51%
Dec
6734June 24
3
44
Dec
25
"1,200
42% Jan
12%
84
12t34 Jan
10634 Jan.
5534 Jan.
123% May
17% Apr
Dec
25% Aug 24
*5%
Dec
75
par
44
55 %
20
100
6%
12%
Jan
93% July
43
56
Studebaker Corp
Do
pref
45
Jan
94
Dec
6
8%
*5%
12%
4334
2234
Dec
Jan 11
8534
*42
Nov
73% Feb 28
63%
6%
10
28%May
pref
Standard oil of Cal
Jan
Apr
Nov
21%
68%June 29
Do
107
Jan
Apr
Feb
30
100
Sloss-Shefiield Steel & Iron 100
StrombergCarburetor..No
15
106%
30% Oct "
16% Aug 25
32%June 29
400
700
*14%
50%
Dec
4,100 Shell Transp & Trading... £2
81,400 Sinclair Cons OH Corp. No par
5% Feb 16
900
59
Dec
73
Dec
Oct
Dec
Texas Company
12«4
44%
May 111
3834May 11
39% Jan 12
73% Jan 13
96% Mar 2
27%
11334
104%
29%
92% May
85%
14%
33%
Superior OJI
44
3
20% Jan 17
49
May 9
8% Oct
100'
Copper.
Texas Pacific Coal & Oil..
12
15
Mar
12% Mar 11
Seneca
60,400
*5%
36%May 61
90% May 10
109
No par
9,600 Sears. Roebuck & Co
90,300
*43
70%May 19
110% Jan 21
51% Jan IF
Dec
Submarine Boat
52%
14%
Dec
Dec
38
14%
41%Juue 23
79%June 22
10
25
51
Jan
83
72% Sept
91% Jan
2%
20,500
108% 109%
Jan
98
Feb
634 Apr 30
98% Jan 3
"Y,406
57%
23%
Dec
51 %
2%Sept22
5P% Aug 23
734
58% 59
107% 10834
49%
51%
14%
14%
Dec
7\
Dec
4%
59%
Dec
72
9
Lead
734
59
Dec
2%
12,300
Oct
9
23% Jan 11
1,400
45
15
3
88% Jan 19
16%May 6
62,100
6534
19%
Dec
36%
42% Jan
44% July
82% Jan
108% Jan
59
64%May
72%
33
26'4
6
Joseph
6
65%
-17%
Jan
Dec
24% Jan 25
69%May 5
13
Jan 12
4%
*26
58%
17%June 20
18 June 21
100
Republic iron & Steel
2234
60%
8534
8%
17
58%
108% 109%
11
36%
18%
21% Aug 25
Ray Consolidated Copper. 10
Remington Typewriter v t c 100
Replogle Steel... j....No par
7%
67%
87
25
37%
18
78
30%
11134
8!
Mar 28
11% Jan
Aug
Jan
22%
67%
88
8
2
6%
27
Apr
21%
61%
lg%
Jan 17
Deo
Apr
Apr
Apr
Mar
36%
67
64%
17
57%May 17
35% Jan 11
Jan
41%
1163s
68
37%
17«4
71% Jan 12
Dec
Dec
Dec
120
Apr 21
Mar 12
534
*31
Dec
69%
124
July 28
4%
87
35
Dec
98
5%
64
Jan
79% Feb 17
29%
7%
78
61%
Dec
24
25%June 11
67
4
7%
Jan
Dec
Dec
89% Aug
50
100
*94
8
65
1034
41% May
40
Aug
100
5%
*95
28'4 Sept
41% Jan-
95%
pref
4
97
Dec
Dec
19% Jan 8
Sept 23
41% Jan 4
60
Steel & Tube of Am pref.. 100
Stewart-Warn Sp Corp.No par
25
Nov
12
52
23%
66%
52
46%
29
71%
23
z42%
Jan 15
7%
36%
21%
31%
64%
56%
109% 109%
13%
29%
72%
Jan 11
8
Aug 13
42%Sept2!
10% Aug 26
1% Oct 6
80
*24
29%
71%
16
54% Jan 11
54
100
...
Savage Arms Corp
100
Saxon Motor Car Corp.No par
77
77%
14434 14434
107% 107%
67% 6734
30% Apr 29
Apr
5% Mar
Dec
San Cecilia Sugar v t c-No par
*65
22%
Dec
Dec
St
80
77%
Dec
2%
Dec
600
38
Dec
9
7
12
900
21%
26
8
72
300
38
Jan
90%
2
38
4
Jan 24
11
20%
32%
12% Jan
Jan 24
Royal Dutch Co (N Y shares).
2%
3
96
21,800
19%
31%
Jan
Oct
Jan
104
45%
200
July 16
82% Jan 8
12% Mar 15
Do
pref
.....100
Republic Motor Truck.No par
69
Jan
25
4.400
12%
61
June 22
834
2%
08%
19%
31
20%
I
27
5134
12%
2%
68%
19%
52
43%
*12
45%
Dec
83
Company
99
3%
5%
173s
17%
*1%
I
2%
67%
29%
72%
66
66
*24%
56%
i
4,400
5
30% Aug 22
8%
10
*75% 78
*75%
77%
141% 144
*14J% 144
107
107%
107% 107%
69
*60
,
67% 67%
32
7234
85
9
*65
33
20%
I
107% 107%
67%
24% 25 |
*29
32
i
*94
100
32
34%
*81%
2
80
19%
51%
52
1%
*37
68
19%,
400
8%
234
70%
19%
32%
20%
37%
70%'
300
24
8134
2%
"13% "7",300
24
52
Jan
35%
Jan
48
Railway Steel Spring
Do
*2234
|
12
800
*22
V-
8%
43%
*1184
10
19%
11,000
8134
*2%
-
27%
Punta Alegre Sugar
Pure Oil (The).A...
j
84
*9%
"69%
*60
73%
|
9%'
—
80
34%
9%
Pullman
13%
14%
48%
42%May
Oct
5% Aug 22
10
5,100
*100
22%
—
Dec
100
Car...
2,100
51%
46%
*12
4534
12%
....
16%
May 19
57%May 13
9% Aug 26
Public Service Corp of N J. 100
66
84
39
Jan
..100
Steel
pref
94
*82
84%
117%
31% Jan
21
...100
26%
26%
....
17%
Dec
June 17
16
100
Pittsburgh Coal of Pa
27%
1
10%
4434
10%
*2
13%
22%
,
52%
46
84
*100
3
26% Aug 26
33% Jan
100
pref
93%
27%
93%
27
26%
<
-
*62
66
93%
85
—
*62
27
2634
*84%
....*100
I
66
92%
27%
6%June 20
t c No par
Plerce-Arrow M Car...No par
Do
pref
100
Pieice Oil Corporation
25
Do
27
v
Pond Creek Coal..
900
53
*13%
14
58
50
634
42%
634
38% Aug 25
34% Aug 17
50
B
26%
10%
22%
*86
15
17,600
Class
25%
9%
21%
88
59
800
Pan-Am Pet & Trans
Do
8
134May 31
16% Aug 25
9
Sept 26
2612 Aug 25
8% Aug27
46% Jan 19
No par
61%
6%
Jan 26
8% Mar
5
43
7%
Jan
Nov
36% Sept 30
39
Mar 29
1034
7
110
8
66
31% Aug 31
5134
30
Dec
13%May 11
Feb 19
20'2June 10
No par
10i2
;
10O
89
Nunnally Co. (The)
51
42%
Jan
Apr
pref
50
Nova Scotia Steel <fe Coal.. 100
Pacific Development
Pacific Gas & Electric
43%
39%
89%
102%
93%
300
100
37%
Dec
3C0
7.200:
37%
41%
38%
9%
46
Nov
63%
41
Owens Bottle
11%
88
7
4
32% Aug 31
800
58
Nov
9
50
Do
1,000
*11
45
Mar
May
May
9
45
Jan
81
108
20% Feb
Jan 26
95
65
47% Aug 17
...100
9'
*56
5
5
100
pref
19%
57%
120
6734 July 28
100 June 20
9
Mar 31
...100
28
3 11%
1
12l%Sept 14
100
1,700, New, York Dock
Do
Jan
%Sept 19
26
Aug 25
89 June 11
...100
"ft", 700
100:
4
102
Enam'g «fe Stamp'g__100
Do
Jan
100
pref
27%
*834
it
37%
:47%
28%
June 21
Jan
100
National
200
2
::
58%
83% Jan 4
56% Jan 11
7134
5234
69%
100%
95%
50
"""800
110
12
28%
Aug
43
National Biscuit
90
62%
12%
2%
:3
10
39%
*84
76
35%
2
15% Apr 25
39%
39%
90
26
9%
10
Nat Conduit & Cable..No par
12
28%
Jan
300
36
*9
26
1
25
28%
Dec
...100
1
*9
28l«
14%
1
35%
2%
Apr 26
1
*11
2%
24
10
3
July 20
100
24
*23
Jan
1534 Jan
55
*103
107
40
105
*45
76
Dec
Dec
107
55
*84
65
222
National Cloak & Suit
Do
pref....
*34
39%
56
63% Dec
Oct
22
MontWard&CoIllsCorp No
Do
2
Jan
Aug
50
National Acme
100
Dec
Mar
June 17
100
pref
56
88
20
1134
4034
Do
200
Sept 22
110% Jan
6934 Jan
64% Mar
151% Apr
137% Apr
148
*17
62%
53
Mldvale Steel & Ordnance.
Montana Power
Dec
Jan 11
5
Corp...
share
183%
97
120%
94
20
28%
28%
Miami Copper
Middle States OH
Maris
per
Dec
3
Feb
89% Feb 14
93% Apr 18
65% Jan
Highest
per share $
101% Apr 7
167% Jan 13
120
12%
*46
3934
3534
*103
pref....
118
119
62%
12%
*60
100
110% 110% *110
1
39
Companies
*115
*112
*84
75%
1212
38%
38
1
56,200
*92
*50
1412
4834
5,206
100
pre!
Do
*50
2434
55%
18%
*102
96% 264,900
~22
*92
93
75i2
93
Do
"
1412
*37
95%
pref
Mackay
100
*100
....
85
18
*84
21%
*83
85
22%
r
*50
J
56
21%
12
*49i2
*02
56
/
....
99% 101%
*
12
57% Feb
Oct
*69
23
11%
*2512
June
21
104
*55
22
55
100
143
*99
56
22
100
143
104
82
21*4
70
145%
*99
29
85
59% Jan
144
104
82
9812 100%
107
146%
*99
*55
*100
164% Feb 28
146
104
"""206
$
Jan
149
Do
Lowest
% per share
100
148
89%
Year 1920
Highest
*99
♦26
*_...
1,300
SHARE
Range for Previous
8 per share
136
Feb
3
69
*99
104
Lowest
Indus. & Mlscell. (Con.) Par
Lorillard (P)__
.100
104
147% 147%
147% 147%
*09
1
On basis of 100-share lots
EXCHANGE
the
Oct. 1.
PER
SHARE
Range Since Jan.
YORK STOCK
111
Feb 11
65% Mar
4
5%
Dec
145
Apr
Dec
116
Jan
35%
Dec
95
Jan
73
Dec
9334
Jan
53%
Dec
76
Jan
100
June
102
e Reduced 10 basis of $25 par.
» Par $100.
New York Stock Exchange—BOND Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of
P
BONDS
Week ending Oct. 7
U.
Week's
BONDS
Range
Range or
Since
Oct. 7
Last Sale
Jan. 1
Bid
Government.
S.
Price
Friday
SI
Y.STOCK EXCHANGE
quoting bonds was changed and prices are now—"and interest"—except for
Atk Low
No.
Hiob
Low
N
J
D
89.20 Sale
D
92.20 Sale
J
D
92.60 Sale
J
D
J
88.40
89 00 2517
90.90
9 85.24 92.20
92.90 1528 85.40 92 90
90 80
94 50 Sept 21
94.00 100.50
D
25-vear s f deb 6*$s—;
1946
MN
91.80 Sale
90 26
MN
92.2 J Sale
90.46
228 85.34 9180
92 20 6517 85.30 92.20
ot 1928.
MS
95.04 Sale
93.84
95.10 7457
91 80
41
registered...L—
92.60 Sale
99,40 Sate
99.36
100
185
87
97%
96'4 102%
93% 101%
Djv lat eon g 4s...1989
2d conaol gold 4s
1989
Greenbrier Ry let gu g 4s. 1940
101
Warm
M
IOOI2
1941 F
1945 MN
8738 Sale
99i2 Sale
84%
83%
99%
33
734
93%
92%
93
9334
94%
102
85%
83%
87%
98
181
92
47
47
93%
4734
Sale
Sale
1j034 S Oe
371
20
96
93%
73
102
40%
94% 102
49
F
s
1958 M
Ohio A E 111 ref A Imp 4s g-1955 J
General 4a.
General oonsol 1st 5s
10
63
95% 103
39
102*4
10334
134
78
6
7834
99
95% 103
95% 104
70%
8334
96
101%
685
100
95% 1902
93%
«9934 gale
8 >84 saie
84%
69%
84%
84%
281
913s
97
Sale.4! 96%
8958 Sale
107
SUe
5
55
1915
F
A
S
91%
—1945
A
O
5914'
73
10
74%
85
Gen ref
35
74
392
40
85
59
Convertible 4*$s
Permanent 4s
205
29
4334
134
903s 107%
94
102
1
102
Sale
101%
39
102
94
192%
Ser B
5s..—a2014!F
Cona exteuded
83
8134
MN
92
IV! N
92
M N
7 434
S
j
Sale
i
823.4
9234
42«4
76%
....
*89
84
78%
92%
93
87%
9234
7434
92'%
86%
7434
72
90
Stamped
gold 4s
•Conv 4a Issue of 1910
1980 J
D
East Okla Dlv 1st g 4s
1928 M
8
J
Rocky Mtn Dlv lat 4s
1965 J
Trans Con Short L 1st 4a. 1958 J
Gal-Ariz 1st A ref 4 *$s" A" 1962
8 Fe Pres A Pb 1st g 58—1942
M S
M S
*1952iM S
10-year secured 7a
1930 M N
Gen unified 434a.—......1964; J D
Ala Mid 1st gu gold 5s
1928 M N
Bruns A W 1st gu gold 4a. .1938 J
Charles A 8av 1st gold 7s_ .1936 J
LAN ooll gold 4s
al952 M N
Bav F A W 1st gold 6s
1934 A O
1st gold 5a
1934, A O
Halt A Ohio prior 334s
1925 J
All Coast L 1st gold 4s
.*1925 Q
1st 50-year gold 4a
Registered
J
..*19481A
Registered
O
*1948|Q
10-yr conv 434a
.1933
Refund A gen 5s Series A—1995 J
-—-
Temporary 10-yr 6a
_
©
1929 J
Pitts Juno lat gold 6s
1922 J
P June A M Dlv 1st y 3 348.1925! M N
P L E A W Va Sysref 4s..l94i;M N
89
Apr'21;
63%
51.%
78% Sale
71%
Oct'20 ——!
Dec'20
54
l
72%
~84% ~8l%
72%
86%
87
87%
73
7634
76*4!
88
8)
Sale
7634 Sale
81% 82%
8/%
79
102
82
87
79% t7838
101% 03%
55
79%
77%
67%
73%
U—.1988
Refunding gold 4a
...1934
R I Ark A Loula 1st 4*48-1934
68
74
Burl C R A
67%
75
79
87
|
6
87%'
3
83
73
j
7
65
5,
72%
1
i
*.
87%
73
77%
77
34%
Aug'2l
86%
88
79%
104
73%
81
101%
7834
78
92%
95
79
Jaa'21
108%
129%
Aug'15
73% Sale
100%
7234
99
Jaly'21
7234
100% Nov'20j
81
83
79
91
89
88
8334
72%
79% Mar'21
"71" Sale"
"71 " Sale"
70%
78%
"66% "7 4"
13
J
"89 " "89%
85
Cl Lor A W
88%
82%
89%
Tol A Cln div 1st ref 4s A—1959 J
56
Sale
94
79%
973«
92
108
87%
94
82
Sale
1943 J
J
Rocb A Pitts Con 1st g 6a
1922 J
D
85%
9934
*88% "HI"
35
61%
70
44
73%
84%
"86% "91%
92% Sept'21
85
92%
Feb*2L
84
84
95%
96%
57
93
73«4
53
55%
91% Sept'21
82
50%
89%
82
71
85
79
85
71
May 21
71
Apr'20
9934
3
Debenture 5a
99% 100%
1930 M
Oj
Aj
D
D
S
J
Superior Short L 1st 5a g._el930 M S
Ohio T H A So East 1st 5s..1980 J
O
Ohio A Weat Ind gen g 8s._el932 Q M
Oonsol 50-year 4a
1952 J
J
15 ye ir 8 f 7*43.....
1935 M S
Cln H A D 2d gold 4 *48
1937 J
Jj
O Find A Ft W 1st gu 4a g.1923
Day A Mich 1st cona 4 Ha, 1931
M
J
Clev Cln Ch A St L gen 4a..1993 J
20-year deb 4*40.........1931 J
Income 4s
Cleve Short L 1st gu 4*<a
Colorado A Sou lat g 4a
Refund A Ext 4 Via
1*t 50-vear
48—.1943
6* g
asked. aDue Jan. dDue April. cDue May. 0Due June. ADue July. *Due Aug.
68
.1952
oDue
1
91%
I
71
68
70
8
2
73
78
66
70
Aug 21,
71
I
64
64
75ii
5712
76
91
68%
65%
65%
75:^
58%
71%
57%
94
62%
68
71%
78
72%
77%
87%
96%
99%
96
93% Jiily'/J. —:
Feb'21
1
97
90
90
98%
90%
99%
99%
Sept'21
'
94%
Feb'20
Feb'2li-i—
98
Mar'19
!
*87% "91%
89% Sept'21
....
90% Nov'20
101" Sale"
103%
.
u
1.13% Sale
75'»
89
2
10
99%
78%
102%
09
15
|
98%
"of" ZZZZ
91%
91
99%
68
95%
93
101%
84%
85%
84%
Sept'21
67% Sept 21
08
Jan'21
94
91
84%
98%
74%
100
68%
65
"76% "81%
89
77
98%
89%
59%
Siet'2I
74%
68%
97%
Jan'21
76%
78%
55%
20
72
70
—-
72%
02%
—
79%
02
July'21!
71% Sale
78
71%
"57% *61"
13/
55
46
136
6
23
777,
May'21
93
90
Sept 21
63% 63%
03%
102
Sept'lO
67%
68
71%
63%
13
59% Aug'21
90
71
68
Feb'16'
771,
57%
....
98%
81%
70
71% Sept'21'
83
90%
"47% '"S4 "
70
54
98%
103%
'
30 *99%
105%
i'00%
101%
102%
26
104
96% 104
Oct'19
101% Sept 21
joiij
....
70
....
67%
;
93%....
91
June'21
99%
99%
99
Mar'2l
....
98% Juue*2t|
Sept'21
.....
75%
81%
82
88%
91
74
74%
9 )% Sept 21
73%
75
6i
74%
69
71% Saie
71% Sale
87%
92
70%
70%
80
97%
lo" ZZZZ
70
66%
93%
91
99
90%
74
——1
99
98%
——
82
85%
90
07
341
41
June'21
j
75
69
04
'
07%
64
7
Aug'2l!
72%
71%
70
66'g
Mar'2l|
06% Aug'21
72%
71%
85%
80
!
Feb'19
86
80
1
*79%
86
73
03
66
03%
04
69%
8
62%
70%
69
70
9
70
61%
9734 102%
101% 101%
101% Sept'21
80%
81%
Jan'2l
83%
79
68
81%
84% Sept'21
Nov'lOj
118
....
83
95
67
81%
84%
64
...
96%
May'18
75
68
May'21
101% 102% 101% Aug'21
62% Sale
62%
63
97%
98
97
73%
77
N; "7*7% ZZZZ
Jj
09% Sale
D,
80% 81
J
84
88
81
Aug'21
100% 101%
53
63
93% 100
72%
77
Mar'17
D.
J
J
1990 Apr
1901
1929
1935
68—1921
Ft W A Den C 1st g
IConn A Paa Rlvs 1st g
68
78
Aug'21
75
J!
J
St L Dlv 1st coll tr g 4a._._I990 M N;
Spr A Col Dlv lat g 4a
1940 M S
W W Val Div lat g 4s—1940 J
■»!
O I 3t L A C lat g 4a
*1936 Q
Reglatered........
*1938 Q
Cln 8 A Cl cons 1st g 58— .1928
C C C A I gen cons g 0a...1934
Ind B A W 1st pref 4a
1940
O Ind A W 1st pref 5s-_-dl938
Peoria A East lat cons 4s._ 1940
Otlha RR
•No price Friday; latest bid and
S
North Wisconsin lat 6a....1930 J
Cairo Div 1st gold 4s_.._.1939
Cin W A M Dlv lat g 4a...1991
Jan'12
83% Sept 21;
66%
68%'
83%
83%
85
Mar'20
Ohic St P M A O oona 6a
1930 J
Cona 6a reduced to 3*4s_.1930 J
Genera! 5s Series B.....^.1993 J
Ref A lmpt 6a Series A.
1929
9334
92%
Keok A Des Moines lat 5a_1923 A
St Paul A K O Sh L lat 4*49-'41 F
71%
63%
71%
74
O
.OR I FA N W lstgu 58-1921 A O!
Oh Okla A G cona 5a
1952 M N i
64%
64%
66
95% May*21
91
70%
!
J
J
x
79%
05
84
1937jM S
1957, M N
1998! A O
39
Reglatered
89
79%
7934
J
36% J xl/'2l
Ohio River RR 1st g 5s...1936! J D
General gold 5s
1937 A O
Pitts Clev A Tol 1st g 6a..I922iA O
All A West 1st g 4s gu
Clear A Mab 1st gu g 5s
.
67
112
Sale
"54
..
"90
93% Sale
97%
Sale
79
7334
73
68
95
68% Sept 21
70%
73%
73% Sale
83%
71
79
91
June'21
8884 Sale
O
50
13
73%;
82
lat 5a.....1934 A
Aahland Dlv lat g 88—1925
Mich Dlv 1st gold 8s...1924
Mil Spar A N W 1st gu 4a. 1947
St L Peo A N W lat gu 5a. 1948
Chic R I A P—Ry gen 48—1988
N
O
J
J
A
3
J
S
J
3
73% Sale
73
72%
S
J
J
F
M
J
M
J
J
J
A
M
2
72%
53
"76% Safe"
O
73%
215
Mar'17
79
67
1933 M N
75
54
77%
78%
75% July'21
"73" Sale"
73
1921 A
Mllw A S L 1st gu 3 *4a—1941
Mil L 8 A Weat imp g 58-1929
July'20
90%
O
Man G B A N W lat 3*48.1941
101
101
75%
63
1921 A
Reglatered
...1933 M N
10-year secured 7a g—.1930 J D
15-year secured 6
g ....1936 <W S
July'20,
95
1987 M N
©
O
1879-1929 A ©;
...1879-1929 A O,
1879-1929 A
Reglatered
70
78
84%
90%
*85%
1879-1929: A
5a..
50
Sept'21
99% June'21
1987 M N
Sinking fund deb 58—.
Sept'20
84
Buffalo RAP gen g 5a
Cousol 4348—
Registered
68% May'21
90
90
____
77%
1987,MN
F
1987 M N,
De8 Plalnea Val lat gu 4*4a..'47 M
Frem Elk A Mo V lat 68-1933 A
93
Southw Dlv 1st gold 334a..1925
Cent Ohio lat o % 434a—1930
J
M S
5a. .1933! A O
Sinking fund 5s
Dec'20
34
95%
90%
77%
General 58 stamped
7 434
78%
81%
93%
pl987 Q
Sinking fund 0a
Registered
Debenture
35%
79
Sale
63
1886-1926 F
Stamped 4a
84%
84%
83%
93%
93%
101
53
0
0
*1995 Nov
*1995 Nov
1955 J D
Adjustment gold 4s
lat g
79
j
Railroad,
*1990 Q
AtcbTop ASFo-—Gengis -.1995 A
Registered
1995 A
con
87%
8734
87%
82%
82%
26
Sept 21
Sept 21
79
Sale
«'%
Ex 4g_..1886-'26 F
N'west
General 4a_.
88
88%
88
93%
92 %
94
82%
97
ctfs—| —
Ann Arbor 1st g 4s
Conv
*88
83
87%
87
87
8534 Sept'21
Sept 21
91
9014 Sept'21
9034 Sept 21
82%
82%
82^2
82%
83
83%
81% Apr'21
*89
J
Highway Irnprov't 4348—1963 M S
Highway Irnprov't 434a —1965 M S
Virginia funded debt 2-8s...1991;J
5a deferred Brown Bros
82%
MN
IW
J
1960 J
87 U
82% Sale |
M N
4% Corporate stock
1957
4% Corporate stock reg
1956
New 434s
1957
*X% Corporate stock...1957
834% Corporate stock
1954
« Y State—4s....
1961
Canal Improvement 4a
1961
Canal Improvement 4s
87% Sale
8/I4 8734
8/14 8734
92
92»4
92
9234
92
9234
28
It
j
Aug'2l;
98
1934 J
5a.....1921%
Registered
City—-434s Corp stock.1960
4*ia Corporate stock
1984
dHn Corporate atock._--.1966'A
4Mb Corporate stock July 1967J
4Mb Corporate stock
.1985 J
434s Corporate stock
1963 M
4% Corporate stock.
1959 M N
4% Corporate stock.
1958'MN
28
28
90%
53'4 Sale
4*£s
General gold 3*48—
N Y
"74%'~82"
Sept 21
91%
75% Sale
1925. J
Registered
City Securities.
23
....
65
....1932 J
Wia A Minn Div g
t These are prices on the basis of 35 to
69%
!
79%
28
57% Sale
64% Sale
Mllw A Nor 1st ext 4 ^s—1934 J
Chic A
30%
Oct'19
79
Sale
78
Fargo A Sou asaum g Qa—-1924' J
9S% 10')%
91
90%
Sale
00
C M A PugetSd lstgu 4a.. 1949; J
63
43
861a
91
41
82%'
91
92%
25-year debenture 4a..—..1934 J
Chic A L Sup Div g 5S
1921 J
Chic A Mo Rlv Dlv 5s
1926 J
75
77%
74%
47%
39%
76%
84%
82%
Sale
71
87%
87
99%
69
73%
70
76%
56
60
67
69
98%
71%
1950
75%
75%
'
97%
82
71
35
107%
60
63
July'21
Apr'21
Apr'21
46%
47%
37%
38%
75
73%
|
80
68
32
99%
60
8134 90
107 102% 10i
82
74%
83
Registered
.el989
Gen'l gold 3 **s 3er B—_.«1989
General 4*$s Series C—..el989
Gen A ref Ser A 4**s._...ct lOHl A
95
70
70"" "74"
98%
Cb M A St P gen g 4s ser A.«1989
119
70%
73
*—
85
65
69
"53" Sale"
Chic L S A East 1st 4«s—1969
90%
26
80%
79
07
32
J
99%
90
106%
93% Sale
J
Refunding gold 5s
1947
Refunding 4s Series C....1946
Ind A Loulav 1st gu 4s
1956
81
97%
8334
J
Chic Ind A Loulav—Ref 0s._1947 J
86
102
39%
79%
71%
65
93%
82%
82%
Chioago Great West 1st 4a... 1959 M
94
99%
J
1936
Ohio A Ind C Ry 1st 5s
conv
71%
1
70% June'21
ZZZZ "30"
O
—
44
70
91
424
86
•
43
Ohio Ind A Sou 50-yr 4s
84%
58%
54i2
J
74
...
Sale
Stamped
97% 100
83
90%
Sop 21
85%
85%
70%
84%
Mar'17—
78%
Sale
June'19
Guar Tr Co otfs of dep
98%! 456
98 ig
8434
75
90
9034
90
100
9934
89i2
A
U 8 Mtg A Tr Co otfs of dep
98
95
2
H
93%
78% June'20;—
76%
77%
13
~79" Safe"
1937 MN
99% Sale
8 wis ^ Confederation 20-yr s f 8s '40 J
Tokyo City 5s loan of 1912—— M
State and
S
81
71%
A
D
..1939 J
18a).
M N
75%
33
1
69
91
75
63%
102%
93
....
73%
81%
75
102%
93%
83
75% 84
92% 100%
94
97%
99
100
78
80
79
85
87
93%
13
94
May'21
108% 100% June'21
80
Aug'21
85
85
66%
79%
47% Sale
33% Sale
S
80
66%
97
" "87%
83
Sept'21
72%
1930
102
97%
87
Apr'21
Sept'21
97%
82
65%
1st conaol gold 6s
102
85
79%
83%
84%
70% Sept'21
70
Aug'21!.
61
U S Mtg A Tr Co cts of dep....
Sale
87% Aug'21
183
80
82
26
67%
83% Sale
70%
68%
1949
....1927
«
86
7~9%
Extension 4s...1927 M N
Registered.....
3
85
"77% Sale"
3
82%
106'2
(City of) 5-year 6s....1921
3an Paulo (State) ext a f 8a. 1936
Uruguay Repub ext 8s
M
Railway lat lien 3*4s—...1950
Chic Burl A Q-IU Div 3Xa.l949
Illinois Dlv 4s......
1949
Nebraska
86%
I
80%
84%
—
92%
72
42%
107%
Paris
Zurich (City ot) a
85
J
1
69%
69%'
90
May'18
94%
71
M N
76
1940 A
Sweden 20-year 6a
J
M N
6
84234 Sale
106>8 Sale
1954 J
f 8s
79%
183
•fisaly (Kingdom of) Ser A 6*<a.'25
t 85
Sale
Japanese Govt—£ loan 4 34 s. 1925 F
X 84% SUe
Seoond series 434s
-.1925 J
J X 6912 Sale
Sterling loan 4s
1931 J
84% Sale
Lyons (City of) 15-yr 6s.. .1934 M N
s84
Sale
Marseilles (City of) 15-yr 68.1934 MN
Mexloo—Exter loan £ 5a of 1899 Q J X 57°s Sale
Norway external
ZZZZ
78%
9084 Sale
983s sale
P1922 F
Qold debt 4s of 1904
J
80%
91
—1929 F
89
95
69%
M S
77
78>4 7834
9938 Sale
9414 Sale
1921 MN
5*is_.1937 F
94
J
J
Springs V lat g 5s..1941
Chic A Alton RR ref g 3a
Qt Brit A Ireland (0 K of)—
5-year 5H% notes
20-year gold bond
10-year conv 5Xb
3-year oonv 534 a
Q
100%
7934
65% Sale
20-year extern loan 7*$s -.1941
94
J
79
102
French Republic 25-yr ext 8a. 1945
95%
4
R A A
104
16
J
—
95%
10138 Sale
1033s Sale
Dominican Rep Cons Adm sf 5a '58
85%
86%
(VI N
7412
1945
3
J
Sale
0
1946
76
91
86 %
69%
82%
79%
82%
81%
97%
78
1949
f 8s
31
Sale
94
I
Danish Cun Municipal 8a "A "1946
s
49
9858 Sale
Exter dt of 5s 1914 ser A.1949
Denmark external
264
102
99%
94%
93
f 5*$s._1944
Series B
101%
101%
99%
100%
S>we
Sale
Salej 101
63%
94 >8 Sale
Cuba—External debt 5s of 1904.
External loan 4
95%
101
—.1931
—1929
Chile (Repubillc) ext af 8a
1941
Chinese (Hukuang Ry) 5s of 1911
Christian la (City) a f 8a
1945
yr s
102%
101
10-year 5Xb
Copenhagen 25
24
95
79%
75
100%
Sale
"76%
73%
72%
9518 Sale
J
July'18
71%
72i4 Sale
(City of) a f 8a..
1945 M N
Bordeaux (City of) 15 yr 69.1931 MN
Brazil, U 8 extern 8a
...1941 J D
Canada (Dominion of) g 5a—1926 A O
do
99
76l2 Sept'21
75
July'2L
7612
Berne
do
I<H%
68
91
M N
92% 102
74
84%
97
101%
105%
7012
25-yr ezt a f 7 J* s g-1945 J
Jan 1925
104"
102% 101%
100
100
10034
Foreign Government.
Argentine Internal 5a of 1909... IB
5-year 6% notes
20-year s f 8s
Bergen (Norway) e f 8a
100
104l2 10512 IOB4 Juiy'21
IOO
10012
Juiy'21
..1925
Put Canal 10-30-yr 2s
*1930
Fan Canal 10-30-yr 2a res
1938 Q N
Panama Canal 3s g
1961 Q M
Registered...........
1961 Q M
100
96% 102%
75% Sept 21
J
288
95.80 99.90
101
78
941;
86% Sale
J
72%
95% 104%
99.46 6932
June'21
10034 10I«4 100% June'20
10 412 1-3312 104'2 Au j'21
..1925
4b ooupon
Belgium
lOiU 100
85.34 9 2.70
99.48 29572 95.55 99.50
9L36
99.42 Sale
101%' 235
88%
75%
D
1946
Cent RR A B of Ga coll g 68.1937
Cent of N J gen gold 5s
1987
Registered
.61987
Am Dock A Imp gu 58—..1921
N Y A Long Br gen g 4s—.1941
Cbeaa A O fund A lmpt 58—1929
1st oonsol gold 5s
—1939
Registered
1939
General gold 4M»s——1992
Registered
1992
20-year convertible 4M%--1930
30-year oonv secured 5s...1946
Big Sandy lat 4s..—
1944
Coal itlver Ry lstgu 4s...1945
Craig Valley 1st g 5b
1940
Potts Creek Br 1st 4s
1946
92 70 W510
90.72
No. Low Jflfl
7 81% 88%
94 99% 105%
Hioh
105
92
Mobile Div 1st g 5s
A O
4X% ot 1933 1938.—
Victory Liberty Loan—
4 M% Notes of 1922 1923
394% Notes ot 1922 1923
9f oonsol registered
<11930
Si eonaol coupon....
.41930
Since
Jan. 1
92
pl945 F A
1945 M N
10-yr temp scour 6s June.. 1929
Cbatt Div pur money g 48.1951
Mao A Nor Div 1st g 5S..1946
Mid Ga A Atl Div 5s
1947
88.00 95.10
Fourth Liberty Loan—
Atl Low
Mano
or
101% dale
D
Oeeond Liberty Loan—
Range
87% Sale] 87%
104% Sale 103%
J
Car Clinch A Ohio 1st 30-yr 6s.38
Central of Ga 1st gold 5s
Conaol gold 5s
4% of 1927 1942
Oonv 4 H % of 1927 1942
Tblrd Liberty Loan—
Week's
Last Sale
Bid
O
Canadian North deb a f 7s—1940
92.20
86.00 93.50
1557
bonds.
Price
Week ending Oct. 7
Canada Sou oona gu A 5a...1982
8M% oI 1932 1947
...—
Conv 4% of 1932 1947
Oonv KM% of 19321947
2d oonv 4K% of 1932 1947—
and defaulted
Friday
Oct. 7
II
Y. STOCK EXCHANGE
High
Writ Liberty Loan—
dH%
income
A
O
F
A
M N
J
D
A
69
7934
82
....
94
dele
77%
93%
78%
67%
70
75
77
84
"79% ~85%
-
-
•
77
69%
80 I
94%
24
8
82%
"88"% *89%
90
99
1
72
Z*1
83%
j
J
1
June'21,
85%
95
73
77%
62%
65%
71
68
97
—
77
69
Nov'10!
75%
75%
85%
90
98%
99%
Sept'19,
Aug'2l!
99% Sept'21
69%
72%
75
65%
81
75% July'21 —
-
81
81
..
June'21!
77% Sept 21
68% Sept 21
69%
69%
69%
•
98
|
60%
61
20
23%
Nov'20
62
54" """"
"60%
86
24
Sen.21
85
84
85%
74
Sept'21
....
18
79
26
85
85%
86
77
86
77% Sale
77%
78
72
99% Saie
99%
78%
99%
93
O
T
I
Oct.
~65
Sale
05%
6~7~
59%
pDue Nov. fDiw Deo. tOptlonsale.
73
1558
New York BOND
Record—Continued—Page 2
5 *
BONDS
a. T.
Oct.
end'ng
?rtc<
7
Waek'i
Friday
I
STOCK EXCHANGE
Mange or
La<( Salt,
Oct. 7
A»k Lotc
Bid
Dai Lack A Western—
Morris A Essex 1st gu 34a2000 J
D
68
N Y Lack A
A
9
W 5s
1923 F
Term A Improve 4a
1st lien
1922 J
1st A ret 4s
30-year
98%
1935
8634 Sale
10418 SRe
9734
.
91
95
Aug"2l
Feb 08
4«—1930 J
J
104'8
75%
73%
Alt) A 8usq conv 34fl
1946 A O
Renw A Saratoga 20-yr6a.l9ll W N
cona g
8i34
O
D
A
1930 J
10-year secured 7b
Den A R Gr—1st
70%
95
Registered
73
96%
74%
9*%
8)84
78
87
Long laid lat
Sept 21
68%
-
Ferry gold 44a
*62 " "70"
"6734 Safe" "1T7I2 """68 J
Gold
4a
Unified gold 4a
1936 J
J
72
Sale
j
66%
72
Improvement gold 5s
1928 J
D
71
Hale
70
71
|
07%
7234
Debenture gold 6a
A
45
Sale
4434
45
!
41
43
7D4
77
8
...1956 F
29%
18%
57'2
57
67
57
57
50
50
7934
Mav'2l!79%
80%
74%
95
Sept 21
-
92%
92% Sept'21
-
87%
50
74
N Y A Erie 1st ext g 4s
1947 IVI N
3rd ext gold 4^0.
8
1923 fVB
.1920 A
O
5th ext gold 4«
..1928 J
I>
N Y L E A W lit 7fi ext ..1930 M
5
Erie 1st cone g 4s prior
J
1996 J
Registered
105%
O
4th ext gold 6a
"74"" "78 '
89%
73i8
Registered.....
39
43% iSale
4314
8u»4
J
80i2
J
77
80
Long Dock consol g 68—..1936 A O
Coal A RR let cur gu 68...1922 M N
1943
1946 MN
80%
If Y Susq A W 1st ref 5a—1937 J
2d gold 4 4b
1937 F
General gold 6b
Terminal
1st
1940 F
gold
1940 A
WJIk A East latgu g 6a—..1942
Ev A Ind 1st cons gu g 6a
1926
EransATH »stgen g 6a...1942
77
85
A
4114
41%
45%
83
O
77
76
Green
71
..1937
"7 8"
J
60
70
734
8
66'4
74%
—
1952 M
S
1952 A
1952 J
s74% Sale
J
*78% Safe"
67%
73% Sale
1934 J
J
~93% Sale"
193 i J
J
104% dale
73%
75
5
I960
61
%
66%
59%
Litchfield Div lat gold 3e..l95l
Loulav Div A Term g 3 4a. 1953
1961
70
67%
81
8*.
83%
68
74%
%
DeC20
34«
1951
06%
Western Lines lat g 4a
Registered
1951
74%
Bellev A Car lat 6a.
1923
61
69
.
..
75
73%
68
90%
86%
Registered
1951 J
Gold 3 48
1951 J
Joint lat ref 6s Series A.1963 J
..
92%
....
64%
84
Sale
70%
1951 J
80%
73%
92
James Frank A Clear 1st 4s..1959 J
D
74%
Kansas City 8ou 1st gold 3s._1950 A
Registered..
1950 A
O
59
Sale
94
79%
Sale"
74
Sale
75
J
I960 J
1937 J
8
1941 j
%
71
North Ohio 1st guar g 5a_.1945 A
84%
8134
70
51%
Lab Val N Y lat gu g 44a... 1940 j
Registered
1940J
Lehigh Val (Pa) oons g 4a—.2003 m n
General cona 44a
2003 m N
73%
82%
36
5
2
and
"79*
68
Sept'21
«<()%
89%
93
102
75% sale
<2% Sale
71
72%
95
o7I2
95
62
6334
64
Sept' 1
7834
7834
S3
95
77%
Sale
93%
95
66%
Sale
57
69
"75*"
N Y Cent RR conv deb 68—.1935 IVI N
M S
1930
Consol 4a 8erles A
1998
F
A
* "94"
2013
A
O
88%
"87*"
73
76%
751j
59%
93
"72 ' "70%
"A"
1997
1934 IVI
Registered
1934 IVI
30-year deb 4a
1942 J
Lake Shore coll g 34a
1998 F
Registered
1998 F
Mich Cent coll gold 348—1998 F
Registered
......1998 F
Battle Cr A 8tur lat gu 38.1989 J
Beech Creek let gu g 4a—1936 J
Registered
1936 J
2d guar gold 5a
1936 J
Beech Cr Ext lat g 34a.61951 A
Cart A Ad lat gu g 4e
1981 J
Gouv A Oawe lat gu g 58—1942 J
Debenture gold 4a
75
83
64
72
Ka A A
65
65
Lake Shore gold 34«
Q
R lat gu g 58.-1935
83
86
Debenture gold
1997
Registered
80
72«4
"*3
07%
72%
81%
8134
81«4
1
72%
84
1997
..1928
4a
—.1931
25-year gold 4a...
Registered
6 Due Feb.
0 Due June,
ft Due July,
J
J
J
M
M
95%
103%
70
J
"74% "77"
64
A
A
A
A
D
J
J
J
60
60%
65
57
52%
60
7S%
91%
95
16
99%
26%
30
i
18%
28%
30%
17%
5
16%
33
^
66
Sept'21
59
_
66%
_
17
70%
61%
67%
58%
37
99%
0478
95%
94
87
97
103%
75
98
105
53
65
72%
11
71
82
68
Aug'21
36
62%
01%
69%
67%
81%
*23
71
82%
72" * "76%
"27
59%
Aut*'2l
65
64%
56
68
57
June'21
61
59
"2
62
Feb'20
81%
*76% IIII
28
90
»««.
49
Apr'21
81%
76% July'21
80%
76l2
104
69
June'21
73
73
76%
Juce'20
Sept 21
*8*1%
May'16
62%
*59
"59%
|l 64%
71%
76%
82%
67%
t 70
70
64%
D
D
S
N
Sept.
63%
Sale
61
O
D
D
J
.1991 M S
sale
57
85
72
Sept' 21
6«% June'2U
75% Sepf 21
6334
64%
N
77
1
19
SI
81
75%
*i
98
81
81% sale
04
75%
'
72
67%
64%
95
57
22%
71
sale
J
N
1931 M N
n Due
68
J
1997
79
I
95% Sale
>4
100
90
3
Julv'2!
22%
26
li-3% Sale
71% Sale
77%
81
New York Cent A Efud River—
Mortgage 34a
Registered
9l»
23%
3C
59
94
i
77%
91
99%
23
"64% "72%
7
7*%
77% Sale
o
93
j
52
95
70% 8ept'2i
.1935
80
79%
"41 "0*6% "75"%
Sept 21
73
Non-cum Income 5a A
75%
'
79%
6! S3
Sept%0
99% Sept'21
95
58%
.—'{
87
90
yj% 101
66
1925
57%
"if *75%
j
4
75%
Oof 17
94
N O Tex A Mexico lat 6a
96%
87%
i
-"""i
!
65
61
*447
82
86%
81%
50%
.
91%
July
74%
80%
83
J
32
75%
71
*
July'7
89% sale
----
J
05
June'19
80
o
80
Due Jan.
57%
86
D
71%
a
Oct'18
Aug'21
1928
New Orleans Term lat 4a....1953
72%
asked this week
1
0%'
56%
7834
Mob A Mai latgu g 4a.
No price Friday; latest bid
8
82
'
71
60%
o
69
55
30
1
'
78%
J
58
52%
55
|
87% Sept'21
"7384
J
69%
6
Julv"21
79%
95%
8834
71
O
NO A N'Elat ref A Impt 44«A '52
55
-
11
65
57% da.e
J
42
37
96% Sale
1927
lat consol 4a
-
May'21
69
4
54
"H1
85
85
80
32
80% Sale
1931
58%
72
76
65
65
86
84
...
64
50
8734
St L A Cairo guar g 4a
68
68%
88%
—
July'21
04%
—
-
42
52
——
— —
17%
"75*" "so"
82%
Sept'21
3 >
78%
67%
74
Sept'21
58
60
1
18%
87%
Sept 21
75
TO
31
"8*6% "91%
Sept'21
71%
63
0 >%
76%
Ref A Impt 4 4a
Aug'21
Oct'09
51%
June'22
15%
94
Sept'21
79
43
60
IIII
A
10-year coll tr 7s
863j June'21
78
O
37
*7%
69%
59
18%
I
41% Aug'21
J
64%
65% July'18
84%
85
74
17
o
Mar'19
58%
33
_!
1951
73
Nov* 10
93
48%
30%
Nat of Mex prior lien 44a—1926
56%
68% .1 • il v*21
lot A Great Nor 1st g ext 7a._1922 M N
2
4
24
49
43
43
Jaaper Branch lat g 6a
50
May'21
80
43
Nat Rya of Mex pr lien 4
Guafanteed general 4a
73%
71% July'21
Nnv'17
IIII
10
42%
41
69%
65
1951 j
Bt Louis Sou 1st gu g 48—1931 M S
Ind III A Iowa lat g 4s
1950 j
J
60
Montgomery Div 1st g 5a. 1947
64%
68%
87%
60
43%
7434
Nov'16
94
Sale
60%
58%
1
O
58
"*2
71 »4 Sept'21
73
37
49%
—
.
100% 104%
24
57% Sept'11
89%
25
Sept
*85% *94%
Jan'21
61
34
I
41
J
1977
43
62
——
J
1923
48.1957
67
34%
19
65%
*9
104%
103
42
70%
56
59
J
5a
92
70%
407
34
s
Naabv Chatt A St List
8834
•
.
67
66%
*44
93%
92
"95% IIII
72
"71% "79 "
58% Sept'21
1961
Oarb A Shaw lat gold 4a.—1932
Ohio BtLANO gold 58—1951 J
43
75%
Sept'21 cm
July *21
41% Sept'21 --..I
St Loula Div 5a
67%
92
34
1938
gold 4a
99% 100%
41%
51927
1st ext gold 68
92%
85
70
40
O
1927
84%
87
■
Sale
64%
J
o
76
44
75%
102
64%
40%
68%
62%
A
1929
88
38%
13
81
■
mi
63%
Rlv A G Div 1st g 46—1933 M N
1926 M 8
General
12
.
64%
D
1929
Registered
|
16
20
-
39
80%
92%
99%
37
Verdi V I A W IBt g 5b
Dec"20
92%
1948 J
Unified A ref gold 4e
47
74
73
20
S
193H J
Mob A Ohio new gold 6s
75%
95% Sept'19
78
78%
65% May' 21
73%
7334
61
68%
Sprlngf Div let
Apr 1950 J
74%
'
40
58
Gen con stamp gu g 68—1931
83%
Nov'15
70%
84
76
8
Sa'e
43
1938 M N!
St L Ir M A 8 gen con g 6a. 1931
68%
44
67%
00
1945
Cent Br U P lat g 4b__
48
43
43
A
1975 M
2d extended gold 5a
Aug'21
\ug'2l
85
4a
Missouri Pac 40 year 4a
3d 7a extended at 4%
Pao R Of Mo lat ext g 4a—.1938 F
67% Sept'21
59%
8t Louis Div A Term g 3a.. 1961
Gold 34a
1961
2d gold 5s__
67%
83% Sept'21
74% Sopi221
68
1953 M N
Kansas City Term lat 4a
Lake Erie A West 1st g 5a
72
80" JuFy'09
O
1953 MN
Ref A Impt 5s
65
refunding 5e Ser C—1926 F
General
8%
73%
84
8
L N O A Texas gold 4a
Registered
70
1951 A
1956 M N
Memph Div lat g 4s
90
57$
45
39
30
A
90
7% Sept 21 Sept'21 j —
7334
71%
73% June'18
38
2
13
1
62
A
lat A refunding 5e Ser B.al923 F
65
Jan'21;-F*b'2l!--
70
82
7u%—
1st refunding 4a
Purchased lines 34b
g
lat A refunding 5e Ser A.. 1965 F
8
39
41
latgu g 6S..1942 M S
let A
3
<-6% Sale
41% Sale
A
A Tof T
76
SeJa
<0
"76 "
13
99% Sale
80%
91%
A
94%
90
Oct'18
68% Aug'21
71%
*62%
1951 J
Omaha Div lat gold 3a
9''%
90% 103
72
84% Sale
8234
1961 A
15-year secured 64a
15-year secured 6%s g
Cairo Bridge gold 4a
99
92
92
90
70
O
M K
70%
----
——
39
D
Sber Sh A So lat gu g 58...1942 J
D
Texas A Okla lat gu g 58..1943,M S
Mlaaourl Pacific (reorg Co)—
|
64%
—-
....
81
J
80
88
:-8
43% Sale
J
"75 " '80
"""»
85
94%
8f»%
39
40
M K A Okla 1st guar 5a... 1942 IVI N
80
81
91
J,
Se
95
.
1942 A
*90" "90
June'21
69
70
73%
38% Sale
M N
Kan City A Pac let g 4a...1990 F
t
71%
1
1
77
92%
Mo K A E lat gu g 5s
"79" * "85%
Sale
1
i
99
Dall A Waco lat gu g 5a...1940 M N
-
102%
68%
1961 J
Registered
102%
7 1
1956; F
Houston Belt A Term lat 6a.l937 J
Illinois Central 1st gold 4a...1961 J
Registered
1961 J
Collateral trust gold 4s
Registered.
90%
*60% *73*
1948jA
1961 M
"8*5% *92*
88
88%
1
t
75
2001 AO
5% secured notes "ext"... 1916
M-ir'21
74%
.—1999 J
lat gold 3s sterling
99% 103%
85
94%
..
t
88%
82%
64%
"I
J;
72
80
F
90
98%
1944 M N
St Louia Div lat ref 4a
70
83
70
26
Truat Co certfa of deposit...
136>4 MaVOd!-D
Feb
Extended lat gold 3Ha
Registered
"81% "85%
55
70%
40
s
lat ext gold 5a
75
5>%
09%
Aug'21
....
69
lat A refunding 4a
2004 M S
Truat Co certfa of deposit...
Gen sinking fund 44s
1936 j" j
Mar'20
99
67%
75
4
88% Sept 21
82% Sepr"21
91%
87%
J
96% 104%
77
84%
Sept'21
Feb
lat
71
Mo Kan A Tex—lat gold 4a. .1990 J
2d gold 4a
01990 F
Truat Co ctfa of deposit
90%
101%
100* lOo"
71%
84%
79%
9 %
J
1949 J
106
13,
8e
76
.
95
9
M 8 S M A A lat g 4a lnt gu'26 J
53%
76%
100
.
7034 Sale
D
99% 105%
Mar'21
80
"92% HI!
1937 J
1938, J
00
61%
90%
83
102% Sale
1937!J
Mississippi Central 1st 5a
66
8'% Sept 21
102%
102%
99
Sept .0
98
..1922 J
78
62%
120% May'16
81
Sept'21
1941
69%
100
1
75
53%
74
S
\i
71%
67
90
1st Chic Term 8 f 4s
71
H
"01
F
If31
18
"II
75
5 j.%
Sale
73%
88a4
83%
8
60%
69%
71
77%
1940
gold 3 4a
Registered
Apr'2i
1
1934 M N
10-year coll tr GI26
(1
98
1977 M S
1949 M
92
80
O
gold 5a
78
85%
*i>%
S
Refunding gold 4a
11951 M
M St P AS 8 M con g 4a lnt gu'38 J
lat cona 5a_
1938
*88*" "88%
Apr'21
Apr*2l
Sept'21
80
1937 J
—
Jan'17
71
Sale
"82 " "84"
Gulf A 8 I lat ref A t g 6a__61952 J
Hocking Va. iBt cona g 448—1999 J
Registered
"if "54""
Apr'21
78
79
85% 87
102% dale
4a.. 1948!A
Col A H V lat ext g 4a
Col A Tol 1st ext 4a
82%
66
""
|
81%
103% Sale 103
103% Sale 103%
81
81% 81%
82%
9o
June' 16
1937
ctfa "B"
Aug'21
Nov'19
69%
"90% Sale"
Bay A W Deb otfa "A"
Debenture
44%
50
69%
64
Reduced to gold 448—1933
Registered
1933
..
Aug'21
52% Sept'21
——
71%
lat consol
,io
75
D
lat A refunding gold 4a
84%
78
1
%
10 84
100
53%
1936 iW N
Ref A ext 50-yr 6e Ser A
1962 Q
Des M A Ft D lat gu 4a...1935 J
Iowa Central let gold 68—1938 J
78%
5
8".
g8%
75
j
.1977 M
"50
S,1 %
'
A
f g 5a„1925 J
72%
'
O
1945 ivi
77%
~90" "93%
S3
9Z%
j
1927 J
a
Minn St Loula 1st 7s
*55" "6l""
72
53%
1933
Will A 8 F let gold 6e
Midland Term—lat
40
88
1933
let guar gold 6a.
Stamped guaranteed
99
40
23%
1961
Registered
La A Jef Bdge Co gu g 4s
Manila RR—Sou lines 4s.
Mex Internal lat cons g 4a
83
....
83
63%
-
wo
s
N A C Bdge gen gu 4 48—1945 j
S A N Ala cons gu g 68....1936 F
Gen cona gu 50-yr 5a....1963 a
41
82%
-
52%
1933
Minn Union lat g fla
Mont C lat gu g 6s
:
97
Apr'21
1961
Pacific ext guar 4s £
K Minn Nor Div lat g
81%
7e"~ "fs'%
Sept 21
40
1930
Registered
45%
75
Jan'18
55
G*lv Hous A Hend 1st 6a
1933
Grand Trunk of Can deb 7s..1940
Mont ext let gold 4a
37
Jan 18
56
Ft Worth A Rio Gr lat g 4a„1928
Registered
40>;
so
Apr'2i
40
7|1%
53 %
1st consol g 6a
Juue'21
78%
53i2
53%
76%
Registered
75
35%
34%
"7*6% "88**
81
38
J
Mt Vernon 1st gold 6fl—.1923
*t Paul M A Man 4fl
39
72%
Jan 17
97
103
Bui Co Branch let g 6b
1930
Florida E Coaat 1st 4Kb
1069
Fort 8t U D Co let g 44*8—1941
Groat Nor Gen 7a ser A
1st A ref 4
Series A
14;
Sept'21
A
68—1943 M N
MldofNJlatext5a
9
44
81%
82
79
If Y A Green L gu g 6a
10«%
80>4
99 '2
Dock A Impt lar ext 6a
79
38 '4
dale
Erie A Jersey 1st s f 6s
1955
Gencwee River 1st 0 f 6e_—1957
25
'31%
83
75%
—
70
....
Lex A East lBt50-yr 5a gu.1965 \ O
L A N A M A M lat g 4 4a. 1945 M S
LAN South M Joint 4s
1952 J
J
Registered
.....51952 Q
j
N Fla A S 1st gu g 5a
1937 F A
"39% "45 *
*84 " *87
87
83% Sale
j
m
68
09%
----
7534
8
j
Kentucky Central gold 4a. 1987 j
57%
64
S3
90%
72
68
6
*93% IIII
1931 m N
Hendor Bdge lat e f g 6e_..1931
58%
51
39
Sept' '1
1963 A
81
1*02
Atu?'2l|
75
38%
90
"63" "0s"
—
81
80-$
34
105% a
75
91%
'
68
83%
Paducab A Mem Div 4a
A
St Louis Div 2d gold 3s ...1980 ftl 8
Atl Knoxv A Cln Div 4a
1955 m n
Atl Knox A Nor lat g 5a..-1946 j
D
95%
86%
If
6934
72%
83%
66
91
66
70%
91
85%
72
|
~8-°>34 "92"
1930 wi N
j
I
7u%
"70" *7*1%
82%
——
95
j
1930 j
1946 f
7H
68,
69%
j
1930
93%
91%
—
I
68
70%
72
O
j
"95*% ioo%
I'—-
65
g
1940 j
91%
99%
68
8
1931 m n
2d gold 68
Oct'20!
43%
39% Sale
3812 Sale
Chic A Erie let gold 6a
1982 M N
CleveA Mabori Vail g 6S..1938 i
J
"43
55%
%
43
91"
—.1940
L Cln A Lex gold 44b
NOAM 1st gold 6a
Nov'15
55
78*
"76 *
J
2
"97" III"
557s
*
83
89%
94% 100
8)
9)34
55
"
Jan'20
89
«9
1953 A
do Series B
Gen conv 4e Series D
83
86%
95% Sept'21
86'4
43% Sale
1996 J
'21
100
^0
96
Unified gold 4a
Registered
Collateral trust gold 5s
10-year secured 7a
-
86% June'21
100
58
Penn coll trust gold 4s. .1951 F
50-year conv 4s Ser A... 1953 A
M»r 08
Feb
83
92
9912
,1996 J
let consol gen lien g 4a..1996 J
•
98%
—
70
88
68
n
5a_1935| a
73
9.%
1927 m S
Nor Sb B lat con g gu 5a.ol932
q
j
Louisiana A Ark 1st g 5a
1927 m S
Louisville A Naabv gen 6a...1930 j d
Gold 58
1937 m
80%
95
92%
I
May 21
57
—
90
Dul Sou Shore A Atl g 6a——1937 1
f
Elgin Jollet A Eaat 1st g 58—1941 Tfl N
Erie 1st oorjso! gold 7s ext ..1930 M S
N Y B A M B let con g
NY ARB lat gold 6a
-
31
i
93
84
70%
d
1949 m
High
90% 92
—
1
~87% "7"d"
71
81
—.1937 rvi N
1949 rv) g
Registered..
-
70
57%
9,%
Dul A Iron Range 1st 5a—..1937 AO
-.1937 A
75%
61%
47%
5034
Det Rlv Tun Ter Tua 44e..mi M N
Dul MisBftbe A Nor gen 58—1941 i
J
Registered
72%
91
60'2
——1995 i
Guar refunding gold 4a
7014
57
48%
•
Dec'20
70
lo
Mtge. A coll trust 4e A.. 1949 A
Det A Mack—iBtllen g 4b„_.!995 J
4b—
40
47%
35
deb 5a
8
J
99
93%
91
j
1934 j
40%
rn
(
~-
.1
j
—.1949 m
20-year p
>
43
Sept'21
75% Sept 21
61% Apr'l 1
1940 J
Guaranteed
1940 J
Bio Gr West 1st gold is...1939 J
Gold
72
6878
Trust Co certlfs of deposit...
Rio Gr June 1st gu 6a
.1939 J
Rio Gr Sou 1st gold 4a
71%
S
Lorn
....
1
I
105
1922 m 8
1932 j
d
Consol gold 44a
1st A refunding 6e
99% Sale t
93% 94%
Sinn
Jan. 1
{
No
i
y2
j
51931 q
1938 j
General gold 4e
73%
Aik L090
....
j
1945 m
4s
*
113
}"~j
gold 5s__51931 Q
cone
lat consol gold
100% 105
104i8
Latt Sale
92
O
Manet
«<|
Mange or
Oct. 7
O
1933 j
1933 j
let Int reduced to 4a..
Leh A N Y lat guar g 4a
(3
Friday
Bt 1
Leh V Term By latgu g 5a—.1941
a
Registered..
1941 a
Leh Val RR 10-yr coll 6»..nl928
Leb Val Coal Co 1st gu g 5a..1933
98'2 8ept*2l'«
8114 Sept'21 .
v6
8612
99
81
J
—--.1943 Wl N
5«
conv
66%
4
44s
g
HiO A
■
Price
it.
Week ending oct. 7
1
-
9)
Hudson—
equip
If.T.STOCK EXCHANGE
NoXjjOtt:
High
1021a
59%
A
BONDS
Sine«
/an
j
683$ 81 pt'21
9734 Sept'21
9812
96
1923 W» N
Warren 1st ref gu g 3 4«---2Q00 F
Delaware A
707«
\
Si
Mange
g%
'
67% Sep'*21
68
...']
87% Sate
63%
67%
87%
87%
36
82
88%
85% Sale
85
85%
3i.
78%
86
80
July'2l
80
82
69
Dec'20
"
72%
IIT_
?Due Oct.
3
Option sale.
1559
New York BOND Record—Continued—Page 3
Price
Week'e
Fridav
Oct. 7
Range or
La*t Sale
BONDS
N. Y. STOCK EXCHANGE
Week
Oct. 7
ending
i,
5a.
J
Michigan Central 5s.
V Registered
90%
1940, J
—.1940, J
48
Registered
3XS-.-1951 M
lBt gold 3^8.
1952iM
20-year debenture 4s
19291A
N J June RR guar 1st 4s—1938 F
JLA8 1st gold
NY A Harlem g 3X8
N Y A Northern 1st g
High
93% May'20
87%
1931 M S
1931 Q 1*1
6a—.1934 J
Mahon C'l RR let
A»k Low
Bid
N T Cent A H R RR (Om)—
J
J
S
N
O
75%
78h
72
66 *8
7034
82%
82
71'4
70%
6«%
91%
48-1993 A
1932, J
R W AOoon latest58.
_
D
10 J%
9U%
1941 J
J
J
5b %
Rut-Canada 1st gu g 4s. 1949 J
J
4Xs
St Lawr A Adlr 1st g 5s.__1998 J
J
2d gold 6s—
.1990 A
Utlca A Blk Rlv gu g 4s___1922 J
Pitts A L Erie 2d g 5s
al928 A
Pitts McK A Y 1st gu 6s. .1932 J
O
2d guaranteed 6s
O
60
76
103
83
90
9<h
130%
94'4
j
4s-__1937 A
1937 \
73%
N Y Connect 1st gu 4X8
N Y N H A Hartford—
A..1953 p
72
Non-oonv deben 3X8
Non-oonv deben 3Xs_
76
8
_J955 j
j
1950 j
J
Cons Rf non-conv 4s.___.1930 F
A
1955 J
J
deben 4s
Non-conv deben 4s
1950 J
J
Harlem R-Pt Ches 1st 4a._1954 M N
4s.__1956 F
57
51
New England eons 5s
1945 J
1945 J
4s
29
68%
8
___1955 J
D
Norfolk Sou 1st 4 ref A 5s.__1961 F
A
General 4a
Norfolk 4 Sou 1st gold 5s
Norf 4 West gen gold 6s
1941 Ml N
N
1931 M
Improvement A ext g 0s.__1934 F
New River 1st gold 6b
1932 A
N 4 W Ry 1st cons g 4s_..1990 A
Registered
1990 A
DlvT 1st lien 4 gen g 48.1944 J
1932 J
M
M
M
10-25-year oonv 4a
10-20-year oonv 4s
1932
10-26-year conv 4X8—1938
10-year conv 6s
..1929
Pocah C 4 C Joint 4s
1941
O
O
O
J
D
S
S
S
J
D
gold 5S..1922 J
J
SdO V 4 N E 1st gu g 48
way 4
A
198,9 M N
prior lien
land grant
ral 1997
1997
a2047
__o2047
g 4s
Registered
General lien gold 3s.
Registered
Ref 4 Impt 6s ser B
2047
Ref A Imp 4Xs ser A
_2047
St Paul-Dulutb Dlv g 4s. .1996
N P-Gt Nor Joint 6 Xb-1930
.
-
St P 4 N P gen
Q J
Q J
Q F
Q F
J
J
J
J
J D
J
J
F A
Q A
gold 6s
1923
certificates. .1923
St Paul 4 Duluth 1st 6a___1931 Q
Registered
1st oonso! gold 48
F
1968 J D
1948 Q IW
Wash Cent 1st gold 4s
Nor Pac Term Co 1st g 0s___1933 J
J
Oregon-Wash let 4 ref 4s
1961 J
J
1940 J D
1955 J
J
4s.._1923 IW N
Pacific Coast Co let g 5s
Paducah 4 Ills 1st
s
f 4 His
Pennsylvania RR 1st
Consol gold 4a.
Consol gold 4s
g
__1943 M N
1900 F
1965 J
10-year secured 7b_
15-year secured 0*48--
A
D
1908 J
General 4>4s
General 5s
D
1930
1936
Alleg Valgen guar g 4s
1942
; D R RR 4 B'ge let gu 4s g-1930
Pennsylvania Co—
Guar 3J4a coll trust reg A_ 1937
Guar 3Xs coll trust Ser B.I941
Guar 3Xs trust ctfs C
1942
Guar 3Xb trust ctf D
1944
_
Guar 15-26-year
A O
F A
M 8
F A
M S
F A
J D
J D
gofd 4s.—1931 A O
40-year guar 4s otfs*8er E..1952 IW N
CI 4 Mar 1st gu g
CI 4 P gen gu
1942 M N
4J4s.___1935 IW N
4s g
4j4b Ser A__1942 J
J
1942 A
O
1942 A
O
Series B
Int reduced to 3X8
Series C
1948 M N
I960 F A
3X8—
Series D 3>48
Erie 4 Pitts gug3>4i B__. 1940 J
Series C
1940 J
Gr R 4 I ex 1st gu g
Ohio Connect 1st gu
J
J
4X8--1941 J
J
4s
1943 M s
Pitts Y 4 Ash 1st eons 5s. .1927 M N
Tol W V 4 O gu 4 >48 A
Series
1931 J
B 4 >4s
Series C
J
1933 T
J
1942 M S
4s
P C C 4 St L gu
guar
4>4i A...1940 A O
1942 A O
Series C guar
1942 M N
Series B
Series D
1945 M N
4s guar
Series E 3 >4s guar
gold_.1949, F
1953 J
A
4
C St L 4 P 1st cons g 5f
1932 A
1943.M N
1924 J
4s...1944 IW
Sodus Bay 4 Sou 1st g 5s
N J RR 4 Can sen
1st Ser A 58.1950 J
let Series B 4a
*
66
73
1st terminal A
71%
78%
61%
45
—1956,J
O
J
8
74
77%
80
72%
103% Sale
78% 80
79%
103% Sale
93%
7-%
a->%
86%
83%
Seaboard A Roan 1st 6b___1920 j
3
87%
51
July'14
Aug'13
35
Gold 4s (Cent Paoooll)__-tl949 J
63%
80
D
.*1949 J
72
*39% "63" "
70%
conv
90
33%
01929 M S
4s
1934 J
20-year conv 5s
72
78%
9 %
43
193! J
65
56
Waco A N W diV 1st g
*49% "59" "
73
92% 104%
J
1937 J
6S—L930 IW N
A A N W 1st gu g 5s
1941 J
No of Cal guar g 5s
1938
A
O
Ore A Cal 1st guar g 5s
So Pac of Cal—Gu g 5s
J
J
So Pac RR 1st rel 4a._
1927
1937
1937
1943
1956
1950 A
So Pao Coast 1st gu 4s g
Nov'16
101%
"97%
78
73%
101%
80%
Oct'20
74" *80 "
78
Sept'21
105%
70%
98%
73%
Tex A N O con gold 5s
Southern—1st cons g 5s
Registered
80
98%
Sept 21
Atl A Charl A L, 1st A
▲la Gt Sou 1st
96% 104%
98% 100%
99% 100
91% 92
May'21
July'21
75%
75%
68
68
68
Sept'21
73%
7S
48
...
82i4
83
Sep'21,
8684
fg,
88%
Sale
104
l<*2
101%
Sale
87%
81%
89
jo>%
102%
80
77
44
71
229
84
76%
85%
83
9212
74%
86
81
92
100
106
94% 103
Feb'20
68
72
73%
67%
81%
80
07%
67%
69
70
8t%
80
80%
....
76%
69%
75
Feb'20
*80% "80%
Apr'21
S8%
91
188%
Feb'21
88%
91
04
Dee* 15
70
96%
90%
70
82%
69%
88%
82%
80
Jan'21
IL
82
—
"84% IIII
81
Dec'20
85%
"76% "H"
82
84%
90
94%
80
84
82%
...
81
82
84%
84%
*80 " "8l""
83%
18
85
Sale
84
85
J
68
23
6
0
79
87
96
80
69%
5 Due Feb.
83%
95%
81
Sept 21
102
Jan'03
80% June*21
Due Jan.
88%
75%
Auv 21
69*2 Sale
a
88%
83%
Apr*20
May'21
83% Aue'2l
85%
87
~87~ Sale"
t
85
87
83% Sept 21
84%
81%
82% Sept 21
79%
84
84
Sept'21
Sept 21
88
85%
85%
67
*78% "82%
July'21
77
82%
67
Mar*10
84
94
86
86
sept 21
82% Sept 21
85%
81
80%
77%
63
*80 "
85
70
Due June,
73%
85%
86
82%
68%
02%
----| 83
69%
161
5
Sept'21
1
83% Sept'21
90%
07%
57
89%
89%
67% Sept 21
81% Mar'10
95
67% Feb 21
92
Sept'21
>8
80
89
80
85
82
52%
52
<2
8,%.—06
89
Aug'21
Sept'21
99%
99%
96
Aug'21
75% Aug'21
65
Aug'19
89
May'21
68
91%
Apr'21
91%
92
....
8»%
Dec'20
87%
....
90
Jan21
91%
86%
—-
92
98
80% July'21
80
Jul.v'21
86%
69
69
,
85% Mar 21
80
71
Aug'21
87
82
Aug'21
90% Sept'21
73%
74
,81% Sale
81%
45
50
J
6s_193<HF—A
J
O
J
J
O
A
75
00
86
July'20
81%
hi
50
*8
Sep .'21
Sept'21
71
----
90
106% Nov'04
82% July'21
80%
83
"
75
Feb'2i
75
80
75
Sept'21
68%
71
71
Aug'21
84
89
86
Sept'21
Feb' 19
36
70% Sale
47
47%
76%
46%
15%
1
16u June'21
19
67%
79%
49%
...
81%
81% Sale
....
'
76%
16
47
16
Sept'21
63% June 21
82
Sept 21
52
May'21
85
95
50
82%
J
Auu'21
88%
78%
36
81
77%
43
73
100%
8^*2 Sale
78% Sale
Is 0% Sale
81
82
78
88
81%
100%
17
97%
..
81
81
6
75
Sj 9%
100
9o%
9'l78
8
97%
13
Sale
Sale
93
93
1
85%
84%
85
24
93% Sale
95
95
6
80
79% Sept'21
75
74% Sept'21
72i2
Jan'21
85
75
27%
85%
28
88
88%
78
30
79
86% S Oe
87% Sale
79
79%
67%
90
58%
CO
62
Des Moines Dlv 1st g
Om Dlv 1st g 3 X8
Tol A Ch Dlv « 48
56%
90
60%
71
61
J J
J
J
is
1939 J J
—1941 A O
1941 IW 8
Due Oct.
...J
68% Se.n'21
1st lien 50 yr g term 4a....1954
Det A Cb Ext 1st g 6s
1941
0
18
29
Sept 21
59%
62%
59
A
Vers Ctub A P 1st gu 4XS...1934 J
J
Virginian 1st 5s series A
1902 *1 N
Wabash 1st gold 5s
..1939 IW N
2d gold 58
1939 F A
Debenture series B 0s._.1939 J
J
k Due Aug.
78
83
59% Sale ;
62% 63%
90
D
D
1st refunding g 4a
1952 A O
Union Pacific 1st g 4s_
1947 J
J
Registered.
1947J
J
20-year conv 4s
I.
1927 J
J
1st A refunding 4s
02008 M S
10-year perm secured 6s..1928 J
J
Ore RR A Nav con g 4s
1946 J D
Ore Short Line 1st g 60
.1922 F A
1st oonso! g 5a.........1940 J
J
Guar refund 4s
1929 J D
Utah A Nor gold 5s
1920 J
J
1st extended 4«
1933 J
J
Vaadalta eons g 4s Ser A
1965 F A
Consols 4b Series B
...1957 M N
h Due July,
88
77
73
Sale
J
1950 A
1917 F
23
June 21
85
Trust 00 ctfs of deposit
Tor Ham A Buff 1st g 4a
*1946 J
Ulster A Del 1st eons g 5s_.__1928 J
Sept'20
93
.....
90%
-
85
Apr'20
79% May'19
82
82%
....
73
4s
93% Sale
Sept'21
92%
93%
73% Sale
8%
2
2d 20-year 5s
Tol P A W 1st gold 4s
1917 J
Tol St L A W pr Hen g 3 X8.1925 J
60-year gold
Jan'21
92
b9%
.1935 J D
1990 A O
1927 J
J
Coll trust 4b g Ser A__
Dec'12
67
88%
Feb'12
70
88%
Mar*19
84
....
92
69
J
1931 J
General gold 5s
94
72
<?2000 Mar
Kan A M 1st gu g 4s
74%
J
F
Tol A Ohio Cent 1st gu 5a___1936 J
Western Dlv 1st g 5s
1935 A
67
80%
2003 J
1958 A
1st cons gold 5s
1894-1944
Gen refund a f g 4s
__1963
St L M Bridge Ter gu g 6a. 1930
Texas A Pac 1st gold 5a_
^2000
68
May'21
Apr'21
81% Sep' 21
74%
75
s
1924 F
Spokane Internat 1st g 5s
1955 J
Term Assn of St L 1st g 4X0-1939 A
70
84%
73
Va A 8o'w'n 1st gu 5s
1st cons 60-year 5a
W O A W 1st cy gu 4e
85
99% i00
96%
86%
.1930 IW N
69
68%
67%
71%
1920 tw
F 5s
W Mln W A N W 1st gu
67%
S
1940 A
2nd gold income 5s
La Dlv B L 1st g 5s_
69% Mar'20
68
1938 IW
General 5s
80
7
May *21
83
____
81%
Series
79%
95%
93%
Sept 21
82
75
Mar'21
86% June'2
51
I960 MN
So Car A Ga 1st extd 5X8-1929 M N
Virginia Mid Ser E 5s
1920 !W S
76%
Sepi21
79% 8ept'2l
94% May'21
July'21
86
....
90
4,)%
64%
91%
Mortgage gold 4s
1945 J
Rich A Dan deb 5s stmpd.1927 A
Rich A Meek 1st g 5s._L.1948 M N
74%
83
86
66%
Ga Pao Ry 1st g 0s
1922 J
Knoxv A Ohio 1st g 0s
1925 J
Mob A Blr prior Hen g 5s__1945 J
67%
89
93%
85%
8-%--.J 77% June'21
1948 J
65
7o
...
104% 106%
92
72
89
1944 J
Atl A Danv 1st g 4e__
88
81
92% Sept'21
88
Sept 31
95
Sept 21
84%
1943
4X8-1944 J
Cons 1st gold 6s
E Tenn reorg lien g 5s
Ga Midland 1st 3s
72
93
...
1951
eons A 5b..
"6
2
73%
91%
86
2d 4s
.1948 J
Atl A Yad 1st g guar 4s___1949 A
E T Va A Ga Dlv g 5s
1930 J
81%
88
2
84
116
73% Sale
A
75
59%
73
92%
91%
76% Sale
82
1994
1994 J
79
54%
96% IO384
102%
9z%
75%
76%
87% Sept'10
81%
82%
91
73
Sept 21
77% Sale
J
J
St Louis dlv 1st g 4s
77
75% May'21
104% Sale
80%
J
J
74%
52%
54%
57 %
84
70
J
MN
J
73
77%
Aue'2(
103%
99% Sept 21
87% Sale
8 % Sale
89
J
1933 IW N
San Fran Term! 1st 4s
547s
73%
39
83%
72%
1933 IW N
H A T C 1st g 5s Int gu
99
72%
83% da!.*
81% Sale
Gila V G A N 1st gu g 6s__1924 M N
32
1st guar 6s red
lu3
72%
Nov'25
s73% Sale
.
1949 F
Mort guar gold 3Xs___*1929
Through St L 1st gu 4s. .1954
Hous E A W T 1st g 58
45
105% Sept'21
76
92
....
j
2d exten 5s guar
26%
62
84
80
D
Cant Pao 1st ref gu g 4s._.1949 F
Registered
79% Sept 2J
87%
'87%
7334
79%
84
73% Sept'21
Aug'21
D
Registered
69
20-year
70%
80
98% July'21
92
....
93
Southern Pacific Co—
80
....
68%
106%
85%
76
1
99
100
80
78%
5s._.1929'j
Consol gold 5s
104
99% 100
98
05%
83%
77
J
Ga Car A No lsr,gu g
103%
87
55
73
J
Ga A Ala Ry 1st con 5s—©1945 J
72%
Mob A Ohio coll tr g 4s_..1938 M S
J
Mem Dlv 1st g 4Xs-5e..._1996 J
82
43
73%
194311
45
Develop A gen 4s Ser A...1950
i02%
39%
45
63%
96%
89%
81%
49%
76% Sept 21
103"" mi
57
36
91
59%
63%
53
90
64
09%
63% Sept 21
63% May'21
95% Sept'21
84
84
62
35
1
96
7-1
56%
60
24%
S
60%
39%
'
106
1
47
fe4%
57%
i*58 " "6*6%
? '
16
—-
45
J
35%
! 62
39
1st land grant ext g 5a. .1930 J
80%
56%
37
50
40
92%
76%
Sale
95%
75
Sale
Sale
5)% Sept 21
53
54%
24%
25%
____
J
1st 30-year 5s Ser B
77
6
Sale
Fla Cent A Pen 1st ext 6s..1923 J
90
"57% Safe"
37
06%
'<5% Sale
1945
Apr'21
102
64%
37
Apr'2i
77%
Sale
24
90
____
40
66%
Jan'1.1
54
9284
....
65%
.
45
101% Aug'21
122
71
June'21
31%
38*2
J
No price Friday; latest bid and asked
60%
1959
0s Sbrles A
55
65%
66%
Oi*4
73% June'21
77%
7/% Sale
99
65
AUK '21
08%
59%
Sale
28.
08%
84
Sale
A
97
63%
J
59% Nov'20
58%
59
1% 102% 101%
77%
7778 Sale
80%
1947
63'8
Jan'2i
97
6684 Sale
_ol949
Adjustment 5s
Refunding 4s_,
cons
59
1943
1960
1950
_
Gold 4s stamped.
*70% 76"%
71
65
unifying 5s. 1952
Seaboard Air Line g 4a
82
j
1932
Consql gold 4s
Dec'19
82%
phlla Bait 4 W 1st g 4s
O
74%
77%
80
D
Fere Marquette
...
90
4
98
1949. J
74%
81
1970 J
8ertes
67%
Feb'18
81
A
6s
90
Sept'17
D
Series I cons guar 4>4l_.1963 F
General
80%
Gray's Pt Ter 1st gu g 5s.
Sept 21
__1957|M N
Series F guar 4s gold
Series G 4e guar
1
O
77
...
Sale
5
11
93
Oot'20
Caro Cent 1st con g 4s
88%
63
6%
41
67
40%
70
46*2 Sale
70%
101%
10»%
1
O
92%
35
32
45
...i
"55" ~69~
1948 IW N
Consol
Cln Leb 4 Nor gu
62
1947 A
GHASAMAP 1st 6S_._193J M N
55
W 4 Con East 1st
4X8—1943 j
j
N Y O 4 W ref 1st g 4b_
01992 M 8
Registered $5,000 only. —01992 M S
83
34%
55
J
1957 IW N
1950 iw
Pacific
93
K C A M R A B 1st gu 5s__ 1929
67
J
Providence Term 1st 4s
Northern
102
68%
77%
S A A A Pass 1st gu g 4s
70% July'21
34% Sale
J
Providence Secur deb 4a
004T 1st guar
99
69
Oct'19
90*2
O
659
99
51%
99
J
July'18
87
50
o
Oct'17
48%
Sale
8*1*
Apr'M
641}- Nov'20
70*8
57*2
Naugatuok RR 1st 4s-.__.1954 M N
„
6
63% June'21
68
18 i'
51
Apr'21
49
"60% *73 ~
A
67
Atl A Btrm 30-yr 1st g 4s.el933 M S
60
mi "40"
j
Houaatonlc Ry cons g 5«__1937 M N
Boston 4s.__.1942 A
35%
53%
66
46
38% Sept 21
riaie
146
Sale
88
2d g 4s Income bond ctf8.pl989 i
Sept,'21
39%
%
37
50
Cent New Eng 1st gu 4s.__1961 j
N Y W'cbes A B 1st Ser 14 Xs *48 J
Sale
3 %
40
35% Sale
j
1948 j
40
1950 rvv N
debenture 3Xs
Oonv debenture 6s._
35
"37" II11
240
7
93
j
St L S W 1st g 4s bond ctfs.__1989 m. n
78%
37
....
63%
7;>%
j
1st g 5s
71
June'21
90%
j
Southw Dlv
77
79%
62%
1931 j
5s
50
91
Auk'21
Sale
84%
17
Sept'21
35
40
A1960 Oct
Htih
61
Sale
8ale
K c Ft S A M Ry ref g 4s._1936 a
Nov'17
78%
O
81%
63%
76%
91%
66%
K C Ft S A M cons g 0S...1928 IVI N
Sept 21
76
76%
78% Sale
A
Conv
Consol
81
81%
o
Non-conv deben 4e
N Y Prov A
78
Feb" 19
85
80
O
1947 m g
1954 a O
Non-conv deben 4a
B A N Y Air Line 1st
76
76%
59
93"" "93"
72
99*2
A
J
35%
Dec'17
79%
St L A 8 F RR cons g 4s.__1990 j
General gold
50
1st A
Non-oonv deben 4s_—..1947 iw
Non-conv
50
74%
72
A1955
97%
St Louis A 8an Fran gen 6S..1931 jr
*55% "60" "
97*2 June'20
1931 M N
Debenture 4s
Cum adjust Ser A 6s
Income Series A 6s
June'2i
*60 " IIII
J
J
Low
8
47%
90
Sale
No
HiOh
45
73
J
__1928
48
"79% "80%
1950 J
Prior lien Ser B 5s.
Jan'09
75
1997
1997
77
Prior lien Ser C 6s
97~% "99"%
May'2i
71
j
94%
73
95% June'20
74%
84%
St Louis A San Fran (reorg Co)—
Prior Hen Ser A 4s.__.
1950 J
70%
70
63
Jan'21
6s...1920-22 M N
Equip trust 4His...1920-1925 j j
Registered
7012
Apr'21
Nov'10
93
j
827s
68
Feb"21
'90
1943
Jersey Central collg 4s
1951
Atlantlo City guar 4s g
1951 J
St Joa A Grand Isl 1st g 4s_—1947 J
73
92%
July'21
50
89%
Reading Co gen gold 4s
Registered
May* 15
60
NYC Lines eq tr
N Y Chic A St L let g
62
June'21
97%
J
2301 j
2301 J
...
8312
"72%
74
82is
Aug'21
73*2
J
1934 j
"Vest 8faore 1st 4s guar
Registered
73
99% Sept 21
71*2 Nov'20
55
1940
—
:■
99*2
70%
Og A LCham l8tgu4sg-1948.J
113
45
Pitta 8h & L E 1st g 5a_
1st consol gold 5a
72%
Range or
Atk Low
Philippine Ry 1st 30-yr sf 4s. 1937
Aug'21
71% Sept'21
73
O
.61922, A O
68
Week'e
Latt Sale
Bid
High
90* *90%
94
Pine Creek reg guar fls
oon g
No. Low
Price
FridaV
Oct. 7
If
N. Y. STOCK EXCHANGE
Week ending oct. 7
Mar'20
73
A
BONDS
re
Since
90>s June'21
98% Nov'18
72^2 Sept'21
7414 Sept'20
2000 M N
5a. .1923 A O
NYA Pi] 1st eons gu g
Rutland 1st
Ri
Jan. I
84
55
65
p Die Nov.
10
86%
22
|
6
78%
82%
72
Aug 18
Feb'21
Sept
21'
56% Aug'21
May*21
58% May*21
0
Due Dec.
t Option sale.
1560
New York BOND
3
Week's
Price
BONDS
Record—Concluded—Page 4
Range
BONDS
If. Y. 8TOCK EXCHANGE
Friday
Week ending Oct. 7
Range or
Since
Oct. 7
a. Y. STOCK EXCHANGE
Last Sale
Jan. 1
Alt Low
Bid
High
No. LOW
Week ending
High
1945 F
A
69
69
Sept'21
66%
69
-1945 F
1952 A
1937 J
A
78
June'21
78
79%
O
77i8
5578 Sale
51%
56%
83
O
88b
e5%
8 8%
—1943 A
8G<8
64%
06
00%
89%
66
75%
"88"
Wash Terml lstgu 3Ha
1st 40 JT guar 4a
West Maryland 1st g 4b
Weet N Y A Pa lat g 5fl
Gen gold 4a
J
553s
88%
1946 Ml
Wheeling AL E 1st g 5b.....1926 A
Wheel Dlv lat gold 5a
1928 J
8
"8058 Sale'
O
83
80%
58
J
1930 F
Refunding i'Ae series A
RR lat conaol 4s
1966 M s
84
Sept'21
84
90% Mar'17
61
51
57
Sale
60%
82
~
m
70
71%
68
71%
70% Sept'21
65
73
2712
34
33
22%
34
Sup A Dul dlv A term 1st 4b'36 M N
Street Railway
Brooklyn Rapid Tran g 5s...1945 A O
1st refund oonv gold 4b
2002 J
J
3 yr 7% secured notes...41921 J
Certificates of deposit
71
....
Certificates of deposit atmpd..
Bk City lat cons 6«..1916 1941 J
J
Bk Q Co A S oon gu g 5b...1941 M N
35
2814
56'2
30
59
'87S
5778
5478
53
5212
66
52
Sept 21
60%
5S%
.
Bklyn Q Co A 8 1st 5a
Bklyn Un El lat g 4 5b
Stamped guar 4 5s
1941 j
64
1950 F
A
70l4
1956 f
A
Kings County E 1st g 4a..1949 F
A
70 I4
59
68
59
Stamped guar 4b
1949 F
Nassau Eleo guar gold 4b._1951 j
Chicago Rya lat 5a
Conn Ry A L 1st A ref
Stamped guar 43^0
Det United 1st
eons g
A
j
1927 f
A
1951 J
1951 J
4H§..1932 j
j
g 4>4b
J
j
Ft Smith Lt A Tr 1st g 6a... 1936 m g
Hod A Manhat 5b aer A
1957 F A
1957
1932 F
Adjust Income 5s
N Y A Jersey 1st 6a
Interboro Metrop coll 4J48..1966 A
Certificates of deposit
A
O
O
1990 A
O
j
Manila Eleo Ry A Lt s f 5s..1953 an 8
Market St Ry 1st cons 5s
1924 M S
Metropolitan Street Ry—
Bway A 7th Aviate g 5s. .1943 j o
Col A 9th Av lat gu g 6a..1993 M s
Lex Av A P P 1st gu g 5S..1993 M S
Me; W 8 El (Chic) 1st g 4s..1938 F A
MUw Eleo Ry A Lt oons g 58.1926 F A
Refunding A exten
434s...l931| j
j
Montreal Tram 1st A ref 5s._194l!j
j
New Orl Ry A Lt gen
4^8—19351J
J
N Y Munlolp Ry lsti
6bA.1966 j
J
N Y Rys 1st R E A ref
Certificates of deposit
4«._.1942j J
___|
J
80 year adj lno 5s..
<j1942,a
Certificates of deposit
|
O
■t Paul City Cab oons g 53.. 1937 J
Third Ave 1st ref 4s
1960 j
Adj Inoome 5s
Third Ave Ry 1st g 5s
J
j
a1960 a
1937 J
J
Tri City Ry A Lt 1st s f 53-1923 A
Undergr of London 434s
1933 J
Income 6s
1948
O
O
j
United Rya 8t L 1st g 4a
St Loula Transit gu 5a
United RRa San Fr
a
1934 j
j
1924 A
Union Tr (N Y) otfs dep
Eqult Tr (N Y) inter ctfa...
J
Bklyn Edison lno gen Sa A..1949 J
J
J
General 6s series B
..1930 J
General 7a series C ......1930 J
General 7a series D
Bklyn Un Gas lat oons
1940 J
g
J
D
5s__1945 Wl N
Olnoin Gas A Eleo 1st A ref 5s 1956 A
Columbia G A E 1st 5s
O
1927 J
J
Stamped
....1927 J
Columbus Gas 1st gold 5s...1932 J
J
Detroit Edison 1st coll tr 5b„1933 J
1st A ref 6a
ser
J
80
73%
1932 J
J
94
Sale
86%
"58 ~ "70%
58
61
60
Convertible deb 6a
1925 frt
S
Ed El 111 Bkn 1st oon g 4s. 1939 J
Lao Gas L of St L Ref A ext 5s '34 A
O
O
J
Milwaukee Gas L 1st 4s
1927,111 N
Newark
1948 J
D
1948;J
D
Purchase money g 4s
1949 F
Ed Eleo 111 lat oona g 5b._.1995 J
58-1930; F
A
J
A
Corp unifying A ref 5a
1937 |M N
J
Pat A Passaic G A El 5s
A
1949 M 8
Peop Gas A O 1st oons g 68—1943 A
Refunding gold 5s
__1947iM
ChG LA Coke lat gu g 5s. 1937 J
Con G Co of Ch 1st gu g 58.1936 J
O
S
J
J
Ind Nat Gas A Oil 30 yr 5a. 1936 M N
Mu Fuel Gaa 1st gu g 5a..1947 M N
56
58
Jan'20
70% Sale
43'2 Sale
08
70%
2 »3
44
28
87
86
Philadelphia Co conv g 5b_—1922 M N
Tennessee Cop 1st conv 6S..1925
lj
Aug'21
"12
m
-
-
-
Union Eleo Lt A P lat g
Refunding A extension 5s._1933 Ml N
United Fuel Gas 1st s f 6a._.3.936 J
J
Utah Power A Lt 1st 6s
1944 F
M N
46%
82
86
11%
21%
8%
48%
19%
58%
96
96%
52%
58
Am Cot Oil debenture 5s
1931
72% Sale
72%
73
52%
60
Am 3m A R lat 30-yr 5a aer A 1947
79% Sale
79
Am
1939
69% Sale
69%
10-year conv
1928 J
f 6s...
a
Manufacturing and lndu«trial
Am Agrlo Chem 1st 0 5a....19 ts
57%
63% May'21
63%
63%
7734 dale
76%
78%
68%
78%
Writ Paper a f 7-6s
At! is Powder conv 7%s g
Baldw Loco Works 1st 5s
1940 M
92% Sale
92%
4612
46%
46%
37
46%
Cent Foundry lat a f 6s
1931 F
70
70
20
23
12
20
Cent Leather 20-year g 5s
1925 A
90
21%
2512
Corn Prod Refg s f g 5s_.__.1931 M
lat 25-year a I 5a
1934 M
Cuba Caue Sugar conv 7s
1930 J
89
2
89
s
98
Sale
105
Sale
18i2
9
25
July'21
54
Dec'11
73
71 %
"75% "93"
75% Sept'21
June'21
74%
74%
74
2212
57
7
27
24i2
23
23
75
Diamond Match
50
Distill Seo Cor
6%
7%
714
21
8
8%
22
7%
2
5434 Sale
SO'2
80
80
1
7012
71%
73
11
90%
"l"7% "27%
16
27%
--
~76~" "91 "
5U3
54%
35
.
3414
8312
81
94
Sale
93%
66i2
5
51%
107
38
Aug'21
"iij
94
67
Sept'21
52% AUg'21
01
6712 Sale
48
67
46%
57
80
76
"74% "74%
4')%
54'%
25
39%
75
8H2
88%
95
62%
08
51
52%
65
70
47
Mar'21
67%
8412 Sale
26
36
26%
36%
Sharon Steel Hoop lsj 8s ser
Standard Milling 1st 5s
60
69
Steel A Tube gen s f 7s
84%;
14
76
8
87
1
102%
102%
36
86
75
97
Sale
97
102% dale
94%
!
72%
73
t
1
97% 104%
71
75%
80
86%
8
9
108
|
%
9
4
10
87
97
4
90
97%
1
85
88%
91%
95%
1931'J
2
80
Sale
8)
1930 F
100
Sale
100%
75
75
conv
63.. 1926
70%
92
88
95%
Westlngh
E A M 7a
1931
101
98%
lu.i%
92%
103
112
93
5
90
73
98% Sale !
92% Sale
--
1926 J
Beth Steel 1st ext a f 5a
J
92
83
1936 J
79%
79%
81%
100
J
Sept'21
95
95
Col Indus 1st A coll 5a gu_.i'.1934
78%
73
78%
Cone Coal of Md 1st A ref 5b.
1950; J
68%
Elk Horn Coal
1925 J
92%
101%
79
Buff A Susq Iron 8
42
71
12
89
89%
71%
Aug'21
"81 " "91 "
6434
86%
71%
90
78% May'20
____
73
88%
81%
83
80%
105
82
93
93
78
77%
83
77%
100
89,
"75" mi
98%
Sale
6
48
2
82%
75%
73%
93%
83%
82
July 17
94
77
96%
1943 F
79% Sale
conv
60
83
-io *84" "93"
11
2
63%
72%
78
83
Apr'17
70
F
79>s
75
May'19
98%
88
93%
88
88
81
88
Aug'21
78
78
Apr'21
81%
81%
72
79%
71
Dee'14
71
02%
79
94
*78 " "82 ~
79%
74%
72
Sept'21
93
79
Feb'19
86
94
14
91
97
S
79% Sale
77%
79%
14
70%
Lehigh C A Nav 8 f 444s A..1954 J
J
Mldvale Steel A O oonv a f 5a 1936' M. S
85%
82%
Aug'21
78% Sale
78%
1st
cona
1950. M
5s series A
a
f
58..1928IJ
J
Pocah Con Colliers 1st a f 68.1957
Repub I A 8 10-30-yr 5s 8 f—19401A
8t L Rock Mt A P 5s stmpd-1955 J
Tenn Coal I A RR gen
5s.—1951 J
.11963 MN
U S Steel Corp— (coup.
8
J
92
77%
89
70
89%
95
93
72
91%
Sale
__
Victor Fuel 1st 8 f 5s
31
li
76
" "83%
79%
...I
83
83
49
79
79
73
79%
July'21
Aug'21
79
Sept'21
69% Sept'21
86% Sept'21
94%
95
80
76%
80%
80
66
89
93
<11963 M N
1953 J
J
f 10-60-year Sajreg
82%
80
80
J
O
J
J
75
86
185
92%
Sept'21
93
89
91
96%
,95%
75
52
Jan'21
52
52
86
84
Sept'21
81
85
M 9
84%
Am Telep A
J
J
84
1936 Ml
Telepl
S
74
M
3
89%
J
D
88% Sale
87%
F
A
10 ?% Sale
102%
A
O
106% Sale
106
J
O
• n«
1929
Tel ooll tr 4s
Convertible 4s
73
78%
83%
80
80
85
81
85
Commercial Cable 1st g 4e
2397 Q
76
83%
Cumb T A T 1st A gen 58...1937 J
J
Sale
90%
J
20-year conv 4 44a
68%
June'21
Sep'2l
S3
35
~08%
1924
77
77
28
55%
South Bell Tel A T l3t s f 58-1941
N Y Telep 1st A gen a f
4448.1939
F
30-year deben a f 6s.-Feb 1949
Northwest'n Bell T 1st 7a A-1941 F
82
82%
40
75
83
West Union coll tr our 5a
26
25
26%
36
27
73
Fund A real eat g 444a
47
98% 103
10
Aug'2l
103
Paclflo Tel A Tel lat 5a
15-year 6%s g.
84%
73% Sept 21
89%
89%
86
8fr%
102%
83%
84%
91%
Feb'21
83%
84%
92%
A
76
240
73%
84%
63
77
80
-
90
77% 89
94% 102%
100% 108%
86
86%
64%
64%
78
84%
"85 " "92%
8 >% Sale
75
95
87% 97
96% 104%
80
88%
80% 86
83
89%
77% 84
99
102%
Sale
A
104% Sale
J
87% Sale
J
J
85% Sale
1938 J
J
1950
1936
113
...
71
107
June'21
64%
1937 J
10
82% dale
12% Sept'21
87%
83%
J
A
M N
F
69
69
1984
1984
90
82%
78
96
73
102%
95
78%
74%
87
16
90%
Telegraph &
Mar'21
10%
86%
30
81
y.>%
May'21
13%
1
83%
90%
77
12
92
79%
9 /% S ile
73%
10%
92
81%
90%
5a
69
10%
95
82% Sale
1st
1933
30-year temp coll tr 5s
1946
7-year convertible 6a
1925
Bell Teleph of Pa s f 7a A
1945
Cent Dlat Tel lat 30-year 58—1943
67
9434 103%
1940 A O
1952 Ml N
8teel
S
Sale
,
5b__1923|A O
Illinois Steel deb 444s
Lackawanna 8teel lat g
Va IrouCc^lA Coke 1st g 58.1949
98
73
27
95%
93%
87,2
92% 100
81
83% Sept 21
8)
Sept'll
83%
98%
95%
85
Mar'17
70% Nov'20
"73" IIII
<
101
1922 J
Pleasant Val Coal 1st
88
83%
al926 M
Colo F A I Co gen 8 f 5b
Indiana
90%
1932 J
f 5b
5s
Debenture
Cahaba C M Co let gu 6s
86
Apr'17j
90
1
25
81%
79
80%
81%
80%
80% July'211
71% Sale
88% Sale
82% Sale
81%
92%
Sale
1942 M N
20 yr p m A Imp 8 f £8
100
90% Sale
....
Sale
102% Sale
M.
93
81%
80%
89%
93
75
95
22
92%
94%
73%
43
93%
93
87
80%
8s%
67
92%
85%
75
79%
63
101%
79%
9478 100
75
80%
95% 102
94%
89%
16
80%
85%
94% Sept'2i
86
83
80
94
99%
& Siacd
Iron
1st A ref 5s guar A
100
86%
92%
85% SaleJ
1932 M
1922 J
Wfckwlre Spen Steel lat 78—1935
Coal,
"66" "75 "
71% Sept'21
75
Aug'21
85
86%
85
86
92%
92% Sale7 >J2
93% Sale ! 93
F
J
el924 A
Conv deb 6a
12-year 8 f 7 44 a
West Electrio lat 5s Dec
87%
89%
88
10-year 7 44s
80
Jan'21
9212 Sale
99.4 Sale
U 8 Smelt Ref A M
89%
91%
94% 100%
Nov'20
92
1922 J
Va-Caro Chem 1st 15 yr 58—1923
98% 103
87%
1947 J
86
93%
40
85
89%
100%
86
97
78.
J
88
78
Sep; 21'
1
1930 J
Union Oil Co of Cal 1st 5s
87%
90
88
1
Stamped
88%
108%
87%
24
U 8 Realty A I coav deb g 58-1924
1
.
103
i
93
U S Rubber 5-year sec 7a
1st A ref 5s series A
85%
77%
Sept'2 i
%
108%
102
22
108%
99%
92%
16
81
D
M N
87%
88%
83% Sale
102% Sale
Feb* 18
•No price Friday; latest bid and asked. aDueJan. b DueApril.
90%
09% 102%
84%
81
4
Apr'2U
89% Sept'21!
90%
91%
78%
....
84
24
94
09%
96
88
67
71
187
fr 3
85
Miscellaneous
o
99%
90%
70
87%
92%
83%
80%
11
I
84%
79
i
102% Sale
89%
66
1930 J
Westchester Ltd gold 5s..—1950 J
Atlantic Refg deb 6 4*8
Booth Fisheries deb s i fla... .1926 *
99
C.195F J
95% 105
"98
102
~90 " IIIl!
Sale
219
"~5
ser
Keystone Telephone 1st. 5s__1935 J
D
1931|M 8
96
86 %
Sale
Mich State Teleph 1st 68
deb 7s A. 1934j J
8
103
91%
90
A
A '41 M
1930 M
Nov'19
conv
86
86%
103% S ile
8)%
99%
108
79%
100
79
82%
107%
% S lie
8 J
.-1942 M
Mar'20
Atlantic Fruit
/
77
"
188
I
72
9S%
80%
Motor Car 10-yr 8s. 1931
71
Sept'2 L'
102%
82%
S
58
99%
7 i%
82
102
90
101% 106
'
99
98% Sale
10
51
30
i
.1
Y Air Brake 1st conv 6s.. 1938 Wl
9512 102%
54
86%
86
A
8
77
91%
Packa 'd
'87 "
93
89%
618
99
....
73
93
88%
92
86%
89%
Feb'21
National Tube let 5s
Sale
93%
77%
83%
72'2
70
86%
69
99%
84% Sept 21
68%
68%
8^
S ile I 88
81%
101% Sale 100%
101%
104
Sale
lli3%
r»4
1
M
70
56
92
N
86
76
93%
88
36
87
83%
99%
91
Aug'21
50%
33% Sept'21
83% Jiliv'2ll
>5
8
96%
87%
90%
30%
102%
84
90
99%
92%
Mar'2i!
89
29
93%
102%
1031s
99%
99-
Sale
90%
...1944 A
1951 F
30
84
1U234 dale
90%
76%
Union Bag A Paper 1st 58
93% Sale
70
67
Nat Enam A Stampg iat 58—1929 J
Nat Starch 20-year deb 5s
1930 J
Apr'2l!
30%
30*4
05
Lorlllard Co (P) 7s
5a..
69%'
105%
Sept'21
74% Sept 21
68l2 Sale
Int Agrlo Corp 1st 20-yr 58--1932 M
International
Paper 5e
1947 J
Kelly-Springfield Tire 8s
1931 M
Liggett A Myeru Tobao 7J ...1944 A
5s
.1951 IF
30%
29%
2 »%'
07
Scpt'21 j
"30" ~30%
91
f8a'1941
a
80
58
78
..Feb 1940 F
20-year deb 6s
Goo iyear TlreA Rub 1st
73
8i% Scpt'21
99% Sale
99
75
80
Mar'21
51
99
05
90%
98%
104%
98%
92%
I
89%
95
87%
88
92
89%
40%
J
du Pont de Nemours A Co 744s '31 M
Fisk Rubber 1st s f 8s
..1941 M
Gen Electric deb g 344a...—1942 F
Debenture 5s
1952 M
69
80%
Sale
40
General Baking 1st 25-yr 6s. .1936 J
May'2J.j
31%
—
9
47
69i2
83
10
67%
Pont Powder 444s—-1936
99
Sale
2
55% Sale
A
7%
36
....
675s
I "1
1st g 5s. 1927
3%
56
74% June'2l
54%
dale
9
55
f deb 7443.1036!
3
Feb'17
54%
73
s
conv
91%
92
Sale
99
1936, F
Cuban Am Sugar 1st roll 8s 1931! M
E I du
23
Salt;
91%
96
.1941
74
July*19
23
7%b g
71%
67%
Feb'JL
25
ref s
50
50
"30 " un
lat
91%
77%
56%
83% "83%
82% Sale
D
82%
5814
16i2
99%
103%
100
5634 Sale
30
94%
9012
139
11
105
84
515
1
78
101
23%
87
1926 M
104% Sale
83% 87
90% Sale
83% 84
95
1925 M
90%
O
D
95
Conv deb 6s series B
93% Sale
70%
94%
70%
76
Alaska Gold M deb 6b A
57%
"59"
75
Armour A Co 1st real est 4 Ma 1939. J
Sale
A
77%
...1948 M
94
70
Union Tank Car equip 7s...1930 F
Wilson A Co lat 25-yr s f 6a..1941 A
J
4s
87
97% Sale
103
Sale
J
tr g
Sale
A
1950 J
Adams Ex ooll
83
82
1931 F
.1957 J
Utloa Eleo LiP 1st g 58
Utioa Gas A Eleo ref 6s
83
75%
07%
77
60%
88
J
76
81%
56
76%
1949 IVI 8
58..1932 M S
89
12
D
Trenton G A El lat g 5s
94%
83
55%
D
f 6a
O
7%s...l925 M N
Standard Oil of Cal 7s
aI931 F
4
Tide Water Oil 6t4s
90
....
92
conv
62
....[
A
93
94%
88%
82% Sale
£6
1926 J
oonv s
A O
80%
5534 Sale
5634
5734
Syracuse Lighting 1st g 6s... 1951! J
Syracuse Light A Power 5s..1954 J
Stand Gaa A El
Sinclair Con Oil
5s
63%
Pacific Q A E Co—Ca Q A E—
Paclflo Q A E gen A ref 5a...1942, J
Pao Pow A Lt 1st A ref 20 yr 5s '30 F
Transmission
57
Feb'18
1937, A O
Nor 8tatea Power 25-yr 5a A.1941
57%
24'
94
1997 A
O
June'21
95
Purchase money 6s
al932 A
61
61% 8ept 21
52
O
_
58
91%
95%
Kan City (Mo) Gaa lBt g 5a_.1922 A
con g
62
£9
22
91
J
NYAQ El LAP lat
A
64
91% dale
95% dale !
8
Con Gas g 5s
1951;F
65
84%!
1952 F A
1949 m N
lYGELAPgga
56
37
64i4
83%
oona g 5s...1932 M
g 6S
90
71%
Sale
Pub Serv Corp of N J gen 5s.. 1959 A
11
Duquesne Lt 1st A ooll 68—1949 J
Havana Eleo oonsol g 5a
Hudson Co Gas 1st g 6s
82
80
24%
66%
84% Sale
Eq G L N Y 1st
Kings Co El L A P
33
11940 M 8
1st A ref 6a aeries B
92%
87% Sale
73
18
62
89%
J
Ref A gen 6b
*1940 M S
A
82
77%
88%
J
Sept'21
04%
J
Oonsol Gas 5 yr oonv 7s
1925 Q F
ConB Gas ELAP of Bait 5 yr5s '21 M N
Detroit City Gaa gold 5s
1923 J
J
"79" ~84~
1943 J
22
11
82
87
78% 80
87% 90
83% Sale
91%
94% Sale
1939 J
35
12
82%
80%
80
77
77
Morris A Co 1st sf 444 s
22
14
66
Montana Power 1st 5s A
Pan-Amer. P.AT.lst 10-yr73l930
13%
96%
90
N Y Dock 50 yr 1st g 4a
Niagara Faila Power 1st 5s.
54%
41%
109%
101
35
53
94
"77" ~83%
83
107% Sale
96% Sale
76% 8ale
81
81%
58%
70
1334 Sale
76
60%
1945 M N
59
82%
77%
40%
1943 F
6012
77%
110% Sale
39
Ontario
68
87%
78
77%
104% 111%
67%
67%
84
97%
99%
Ontario Power N F lat 5a
30
Va Ry Pow 1st A ref 5s
1634 J
Gas and Elactric Light
j
1925 M N
55
O
O
....1928 M N
69
6112
High
80
70
75%
77%
con 6a A 1928 M N
53
50
f 4a.... 1927 A
J
Niag Lock A O Pow 1st 5a...1954 M N
55
_
United Rys Inv 6s Pitts 180—1926 M N
f 6s..1941 J
a
O
63
45s
N Y State Rya lat sons 4^8.1962 M N
Portland Ry«lat A ref 6a
1930 M N
Portld Ry Lt A P 1st ref 60—1942 F A
Portland Gen Eleo 1st 5s..1935 J
J
70%
Sept'21
1932 A
Juiy'2l
51% June'21
11
Interboro Rap Tran 1st 5s. .1966 j
Manhat Ry (N Y) cons g 4s.. 1990 A
Stamped tax exempt
68
J
J
Great Falls Pow lat s f 5a
1940 M N
Inter Mercan Marine s f 6a—1941 A O
Marland OH sf 8s series A ..1931 A O
Mexican Petroleum s f 8S...1930JMN
Dec'20
70%
A
aer
Conv deben 83
May'18
24
....
Stamped
72%
Dec'20
80
90
j
Low
25
47
20
23
£6
71
63%
72%
34
5612
J
Co 1 tr A conv 6s
m
Granby ConaMSAP
7134 Sale
Sale
78
I
86%
I 76
O
Cerro de Pasco Cop 8a
59
J
87%
76
in*
J
Ohio C A Conn Rys s f 6e._.1927 A
Chio Un Sta'n 1st gu 444s A.1963 J
IL.X
51%
J
86
75%
O
r
Computing Tab Reo
Winston Salem 8 B 1st 4b...I960 J
Alt Low
A
ex...I960 A
*» «u
56
Wis Cent 50 yr 1st gen 4b
1949 J
Building
"47"
57
June'21
Since
Jan. 1
O
J
Range
Mange or
Last Sale
Bid
Braden Cop M ooll tr ■ f fl§..1931 F
Buah Terminal 1st Is
1952 A
Conaol 5s
1955 J
1st Ser C 6 Hs (otfs)
1963 J
J
Chile Copper 10 yr oonv 78—1923 M N
85
Oct'20
5312
61
1949 M s
80%
81
81%
Ezten A Inapt gold 5a
A
Oct'17
36
__pl943 Nov
Income 6a.—.
Western Pao lat aer A 5s
56
Week's
Price
Friday
Oct. 7
2*
Oct. 7
cDueMay.
g
Due June,
1 Due
July.
?
Due Aug*
0 Due Oct.
Due Dec.
s
Option sale.
85%
BONDS
BOSTON STOCK EXCHANGE—Stock Record
HIGH
AND LOW SALE PRICE—PER SHARE, NOT PER CENT.
STOCKS
Salts
BOSTON
lor
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Oct. 1.
Oct. 3.
Oct. 4.
Oct. 5.
Oct. 6.
Oct. 7.
71
12334 12384
73
7212
*87
90
177,8
*87
*17%
1812
*18
23
*119
120
21%
124
{ 124
125
7334
73
89l2
71%
*86
73%
89
89%
124
124%
72%
124%|
71
•
87
v
86
Lowest
*17
18
22
*-—
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1812
119
*17
21% *
*
22
*119
12434
145
Boston &
71
935
Boston Elevated—
85
J
85
41
1778 *
22
17%
22
,*
!
*112
Last Sale
*130
*130
73
*70
73
*37
38% *
"l4%
3812
14%
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14
70
5512
i
*70
14
14%
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55%
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*
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73
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14%
14
.
i
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56"
I
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59
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59
20
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76
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4412
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54
54
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15
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108
98
*
53%
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14%
107
46
44
54
.25
3%
14%
41
1C8%'
14%
108%
100
100%
80
Te"
108
9912 100%
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16
15%
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1
.35
16
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15%
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80
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16
17
15%
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1
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53%
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t25
il
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92
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31
11
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31
31
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11
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3184
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32
10512 10512*106
110
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153
152
1
110
153
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| 152%
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12
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60
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Last
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31
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,
23
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41
78%'
*75
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4
4
10
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2%
734
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14
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233.
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8
13
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734
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j
;
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|
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56
j
60
60
60
59
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I
*120% 121% *121
122% *120%
14
14%
14%
15
1534:
15% 1534
15%
6%
68%
6%
6%
6
6%;
6%
6%
5
¥ 5
5
|
4%
4%
4%
5%
5%
10234 10234
102% 102%
101% 102
101% 102%
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-
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60
r
-
.
«
,
14%
®
5%
102
15%
18
£4
5%
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102
Last Sale 7
20
20
|
164% 166
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1*164
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!
5
93
9334
49%
49%
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165
i*164
166 | 165
20%
166
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13%
16
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*4
5
92%
49%
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49%
92%
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I
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3434
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166
|*184
.
.
|
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j
5
92%
49%
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34%
23%
9334
49%
....
16
j
!
5
92%
93%
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49%
35%
35%
36
23%
17%
21%
934
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17%
2378
17%
18
18%
18
21%
21%
21%
21%
21%
10
11
10
11
11
11
11
11
*11
934
9
*8%
14%
19
*16
*12
20
20
20
16
*16
20
*16
20
*16
20
14
14
14%
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14
54%
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.40
55
*.25
j
.05
15%
55%
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9
ii
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"¥"
134
13%
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9
2%
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240
242
15
15%
9%
9
7%
7
934
2%
134
1
134
.75
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.75
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65%
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85
82
82
j
21
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22
|
;
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85
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20
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i
234
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134
2
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*2
3
3%
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54
54
14%
14%
1
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50
78
.99
278!
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2%
3%
2%
1S4
3
3%
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2%
3
j
3
2
334
2%
54
53
53
15
14%
9%
9%
13
240
i
*
*35
10%
5%
11%
11%:
5%
11%
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.50
*.25
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*.25
1%
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24
2
*1%
24
24
28
28%
,
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85
*83
21
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21
*3%
3%
2%
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53%
2%
54
1434
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*.08
5%
11
*.25
3
I
*2%
1*4
3
*2%
2
1%
2%'
*.40
2%,
*3%
138
1%
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12
*.35
334i
13g
1%.45
.50
2
.44
.50
.45
*2%
2%
*1%
.50
I *11%
*.35
4
4
4
1%
*1%
1%
1%
1%.
VA
.50
.50
.50
12
.50
Bid and aaked prices,
11%
11%
*.35
.60
.50
*11
*.35
1%
.50
12
j
.50
d Ex-dividend and rights,
8
6884
4
64
May
Sept 22
122
Oct
59
102 Sept 28
Oct
6
4
7
25
25
5
10
146
Jan
3
80
Mar
8
Dec
13
17%
Novj
Dec'
5
Nov;
4% Sept22
9%May
10534 Jan 12
_
Dec
July 12
33
Sept 1
22% Apr 1
22
Jan 10
21
Nov|
28
16% July 16
16% Jan 5
7
50
16
Oct
3
5
8
July 12
.4
Mar 29
8
40
Aug 22
.15 July
16
Apr
5
5
l%Sept2L
6% Jan
3
Mar
10
8
10
.03
210
8
Jan
6
5
11% July 29
Apr
39% Jan
32%
Deo
26
Jan 14
19
Mar
22% Sept
12% Feb
22
May 18
15
Dec
14%
Dec
Feb 18
14
Dec
22% Apr 28
29% Apr 18
19%
27
Dec
Deo
33
30
Jan 11
25
Deo
35
Jan
18% Jan 11
15
Deo
32
Sept
40c
Aug
Jan
17
.75 Mar
57
Oct
40%
Dec,
.50 Apr
23% Feb 11
20c
15
Dec
334 Jan
10
Apr 28
2
14
Oct
4
Jan
16% Jan 17
7
Jan
4
10
27
Jan
3
3634May
20
2
Sep'
7
Davis-Daly Copper
10
5% Mar 28
East Butte Copper
Mining
Franklin
10
7
25
1% Apr
2
3%
25
!%-•.'
7
Helvetia..
25
I
25
June 20
1
.25 Mar 18
Dec
14%
7%
Dec
16
50c
Jan
Aug
•95May 27
60
6
85
75
Nov
82
16% Jan
3
Dec
38
2
Sept :3
3% Jud 8
Mohawk
25
5
25
5
5
1% Aug
43% Jan
12% Sept
9
4
3
2j
.50 Apr 25
5% Jan
8
3%May
5
55
1%
*13g
1%
*13g
334
1%
134
*13g
1%
.50
.55
.60,
Oct
12% Jan
21% Apr
80c
Jan
Mar 23
12% Feb 21
15
8
.15 Aug 11,
.50 Jan
7
1
1% Jan
6
11
14
3
26
1
Dominion Co
Aug 18
25
—....
15% Jan
25
21
Quincy
25
Mary's Mineral Land.. 25
3
33
May
33% Aug 25
28
Jan 3
43
May
40
Apr
Jan
25
1
Jan 22
5
.04 Mar
l%July
3
4
Ex-dlvldend.
Dec
Dec
Jan 18
10c
Mar
8
3c
Dec
.12 Jan
2
t
Jan
2% |Apr
25ciJan
6
Jan
1
Dec
6%
Jan
33c
Dec
4
Feb 15
.34 Aug 19,
.75 Jan 17
134 Aug 16
Jan
3
3% Oct
Jan
,40May
4;
4
25'
25'
.35
61
25
«
Dec
50c
4. Jan
2*4 Dec
8
25
Wyandotte
ft Ex-rights.
34%
2%
37%. Jan
58
.Jan
65
£.Jan
68
kJan
4% Feb 11
.95
Wolverine...
20% Dec
2% Feb 17
1
——...
Deo
Sept 'O:
Utah Metal & Tunnel
Winona
Oct
Dec
15
Jan
7%
June 23,
3
Victoria
Dec
24
1
1
250
1,
1
2534
1% Oct
2
8
Dec
2
Utah Consolidated
2,300
25% July
Aug 10
.75
Mar
Jan
72
Dec
25
10
60
40% Dec
12% Nov
7
25
St
1,050
Deo
Jan
Jan
Jan
Sept
8% Jan 20
Shannon
450
134
11%
7%
05
July 14
Superior
25
775 Superior & Boston Copper. 10
1,095 Trinity Copper Corp
5
1,200 Tuolumne Copper.
5
3,840 Utah-Apex Mining
5
3%
6%
Dec
48
North Lake
South Utah M & S
.50
Jan
Dec
Feb
4
South Lake
3
3
134
3%
90cj Dec
Mar
95
North Butte
Mining
Jan
Apr
Jan
79
57
170
3
2%
4%
3%
1% Dec
1% Dec
21
4
Sept 21
250
*.40
5
Dec
May 10
Mar
7
40
77
5
Nipissing Mines
Dec
1%
35c
100
Feb
2%
Sept
June
Jan
Mar
May 6
16% Apr 25
.95 Jan 7
100
pref
15
Jan
%
Feb
Jan
Jan 22
271
Nov
75
1%
41
38%
1%
Aug'21
25c
Jan
5% Apr
6% Mar
4
Jan
39
OJlbway
*1A
Aug
Dec
2% Aug 11
40
4%
4%
.55 Apr
*38
16%
48%
6834June 16
Sept 2 J
Jan
Jan
Jan
Jan
Mar
Jan
40%
3
2% Mar 14
Jan
40c
409
Jan
5
Osceola
Apr
1534 Jan
10% Apr
48
25
Jan
Jan
4%
1
Copper.—II
Jan
%
42
7% Jan
25
Old
1% Feb
10% Oct
25
Do
Dec
3% Dec
Jan
77
1
Royale Copper
New Cornelia
Oct
Dec
10% Nov
6% Dec
25
Jan 18
Consolidated
Mayflower-Old Colony
Michigan
"150
2c
200
3% Jan
2% Jan
Jan 28
4%
Mass
200
Aug
5% Dec
6% Mar
.08May 25
259
25
Island Creek Coal
Do
pref
39% June
Deo
25
Consolidated.—I
19
23% Apr
44% Jan
26
Feb
17
I
Aug 25
Apr
Jan
Feb
Mar
49
25
~
.
25% Apr
Jan
76
Mar
133
50
pref....
_
34% Mar
176% Jan
99
Jan
16
Jan
55
Jan
Feb 15
2d
Copper Range Co
Daly-West
Jan
36%
61
328
2,575
97% Nov
Nov
101
June 16
2% Feb U
.30
146% Dec
85
Jan 25
250
Dec
Jan 10
Do
1
Deo
Feb 17
12:
25
9
Mar 23
Aug
;
87
82% May
2334
14
17
5
May 9
10% Jan
30% Apr 29
167% Feb 18
24
Jan 29
11
Copper..
Dec
7% Dec
Nov
88
6384 Nov
138% Jan
53
Jan
12
July
Aug 18
17
50
Consolidated.... 25
15
9% Jan 13
12% Apr 14
50
25
35% Apr 25
105
pref..
Mining
Consolidated.. 25
Nov
3
1st
Manufacturing. 20
57
118
6
July 26
Aug 25
June'
9
5
95% Jan
Feb
Jan 26
Aug 26
17
June
1%
11%
Sept'21
*23%
24
Aug'21
Jan
18
25
.30
Assessment paid,
el2% Sept
101% Jan
85
5334Sept27
Do
6
3%
e
»9% Apr
89% Dec
13
4
11%
Last Sale .50
10% Nov
7
3
Jan
June 15
117
10
Jan 11
92% Feb 23
7%June21
Jan
720
12
Dec
100
New Idrla Quicksilver
New River Company..
78
*11%
4
27
2
470
11
4% Mar 18
Sep
25
116
4
11
2
.98
1,230
14%
.50
1%'
10
6%
80% Feb
8% Apr
31% Apr
25
30
.50
Dec
Sept 21
Sept 21
Apr 13
Watch
Jan
June
May
40
24
100
*3%
2%
Jan
Dec
7
Copper
Lake Copper Co
La Salle Copper
Mason Valley Mine
38
*.4C
,
1%
1%
pref..
Ventura Consol OH Fields.
Waldorf
Systeralnc
Keweenaw
Sept'21
Last Sale 2
Sept'21
2
*1%
2
*17g
9
* 9
*2
2%
.45
2%
4
1%
Jan
8
5
Do
Kerr Lake..
Last Sale .08
2%
96
Jan
12
Union Twist Drill.—
United Shoe Mach Corp..
Isle
5%
Last Sale 1
Deo
Jan
88% July 11
765
2834
1%
Oct
Jan
80
Sept 20
22
May 11
4
Sept 17
134 Apr 12
3% Feb 16
40
*IA
2
2
.
29%
74%
Mar 28
32
47
Indiana Mining
5%
.50
Dec
Sep; 2)
10
Carson Hill Gold
Centennial
*
Last Sale 1%
3
2
2%
*2%
.44,
2%
12
2
5%
11%
40
Sept 10
25
360
2%
*76
60
7
10
Torrlngton
9,400
5
3234 Dec
16
Apr
41% Feb
8
13
—.100
Calumet & Hecla
832
36% Jan 17
26% Apr 18
3
Jan
86
—
""""66
Uis
26
36%
Aug 19
Root & V Dervoort CI A No par
Si mms Magneto
5
Swift & Co
100
Arcadian
100
6
Deo
8
2
25
""""26
3
164
8
Jan
75
25
July'21
78
Oct
July
19
Nov
May
15% Deo
17
23% Apr 12
June 20
1
Pacific Mills
205
Last Sale .40
22
Jan
7
14*4 Sept
6% Mar
36% Jan
28% May
88
Apr
36
Algomah Mining
Allouez.
Apr'21
*76
140
Orpheurn Circuit Inc
1
54
145g
Jan 25
100
Linotype
Investment Inc..
3%
Last Sate .50
.10
*2%
*2
*53
164
5
6
8
100
Do
pref
Mergenthaler
Adventure
900
*3%
6
Ahmeek
2%
334
Oct
634 Oct
9% Sept
5% Mar
Wlckwire Spencer Steel...
3%
1%
2%
54
Corp.
Warren Bros..
2%
1%
145
Dec
Apr
10
100
Theatres
Walworth
2
*2%
3%
Dec
Aug
Massachusetts Gas Cos...100
"""98
2%
1%'
15%
62
No par j
pref
WaJthara
2%
38
.10,
133
*2%
40
*.08
2,131
3
39
*.50
124
21
7
6
Jan
12% Apr
3% Jan
100
pref
Plant (Thos G) pref
Reece Button Hole
1,369
23
Dec
7
Ohio Body & Blower...Wo par
*2%
*134
40
1%
.10
237
Nov
3®8
8
National Leather
10,
New England Oil Corp
|
New England Telephone.. 100
""*50
Deo
12
Oct
Mexican
401
49c
13% Jan 10
4% Feb 11
Apr
35% Apr
50
Internat Products
Do
3% Dec
Oct
25,
pari
Internat Cement Corp. Wo
Do
8
Jan
Jan
1,890
*2%
*134
*1%
2%
334
2%
2%;
334
Deo
34
2,545
*.96
38
*.50
1,695
1
*1%
*112
*2%
14
110
73
*.99
2%
Apr
Oct
ell
305
21
*3%
38
Jan 17
10
*.96
3834
1%
Greenfield Tap & Die
Bingham Mines
Butte-Balaklava
21
_
Nov
Jan 10
25
■
3%
Jan
10
16
No par|
50
Arizona Commercial
.
19
10
No par j
Motor
1,074
1%
Sept'21
65%
66
83
100
Edison Electric Ilium
Elder Corporation
Gardner
1,670
85
1%
1%
2
134
167
Dec
lc
70
5j
1st pref. 100
Last Sale .00
66%
10034 Sept
Nov
25
pref
Hancock
41
*.50
Do
1,900
65%
Apr
Nov
100
Manufacturing.—
Eastern SS Lines Inc..
2%
134
80
70
1% Jan 10
3,088
.75
20
7% Mar
3% Nov
13% Nov
Dec
9%
3
7
2
Apr 29
Sept
Feb
Feb
Nov
2,830
2%
14% Sunt
10
1
5
7%
2%
Jan 21
Dec
8934 Nov
4534 Jan
65% Jan
5
60c
1,055
2%
12
Jan
Mar 30
3o
4
205
14%
.07
4% Apr 30
May 2
15
6% Jan 3
.95 Jan 10
9%
j
10
5
Jan 21
4% Mar 18
9%
2%
*2%
*1%
2%'
Inc..
.04 Aug
.50June24
*7
3
Construe
Atlas Tack Corporation No par
Beacon Chocolate
10
934
7%
9%
2%
2%
*1%
7%;
10
40
1%
Metal
280
29
1%
9
1,510
28
*1%
|
.16 Feb
9
29
1%
41
6
35
28%
38%
38
70
*8%
24
1%
39
9
*2
24
28%
3
81%July
34%
5%
11%
28%
40
39
100% Oct
9
25
24
3
Feb 24
2%
7%
2
5%
109
Jan
73
35%
8%
.50
*1%
*5%
I
3
74
*2
78
78
96% Jan
No par
pref-————.No par
Anglo-AmCommlCorp.No par
10(
Amoskeag Mfg..
35
50
*77
50
*76
5%
11%
Amer Telephone & Teleg—100
9%
37
j
2%
.50
*35
i
5
3
14
*84
*53
Jan
8% Jan
15
67
20%
*3%
3
2
1334
14
Oct
50
pref
13%
14%
Apr
27%
June
251
Do
*9%
9%
14
86
Jan
70
Amer Pneumatic Service..
AmerOil Engineering
215
2
Dec
15
9
Dec
1
Last Sale .05
Sept'21
240
242
240
240
14%
.50
*134
60
Jan 12
Feb
July
100
*20
Jan 19
Jan
76
48
183
Sept'21
14%
134
2%
53
9
66
3%
1%
3 I
14%
!
.50 *
*76
2%
3%
*.96
27S
*1%
*1%
*2%
3%
2%
7%'
9%
*2%
*2%
*1%
20
1
9
9%
*2
*82
334
14%
3478
67
1
240
2%
7%
10%
2%
1%
15%
.05
36%
2% 2%
*.60
j
13%
*.04
*2
10
9
2
21
37% Sept
86
Jan
89
July
36
McElwain (W H)
7,071
56
July
1534
9
Loew's
Aug'21
*53
Last Sale .35
21
*134
8%
13%
241
56
Deo
77
3
Llbby. McNeill & Libb—
2,182
14
76
Jan 27
Oct
108
20
13«4
Last Sale .60
*53
*20
36
2%
75
.40
2%
2%'
1%
55%
*16
Feb 23
76
Aug
572
18%
10
Dec
75
45
Island Oil & Transp
21%
Last Sale 13
Sept'21
20
20
20
.75
65%
36%
66
*3%
:
9%
67
66
.40
*.50
35%
23%
Sept
54
390
45
*19
j
*.25
.
I
.05
36
10
*60
.75
57
13%
15%
36%
2%
7%
1%
*50
134
934
13%
238
9
*2
134
*.04
245
35%
9%
2%
.75
55%
13%
Q
13%
6%
14%
13
G
8%
13%
*2
14%
*20
-
*.04
14%
14
*.50
2
934
*8%
834
14
20
.75
54%
245
*8%
834
14%
*12
!
*.50
*1%
23%
18%
21%
16
15
—
*8%
35
23%
20
*13
21
*19
8%
35
23%
j *18
19
*14%
812
9
34%
23%
Jan
75
8
4
June'21
35""
86
Dec
3
Internat Cotton Mills
20
18%
21%
23%
18%
21%
18%
22
237a
18%
2134
24
144
13%
35
23%
35%
""i04
188
Sept'21
92%
94%
49%
49%
93
49%
13%
20%
132
Dec
32
Se >t. 19
21
Eastern
Aug'21
Sept'21
Last Sale 13
Last Sale 20
Last Sale 5
13%
*13
*
16
,*
102%
Julv'21
Last Sale 80
—i
16
"*4"
*1934
5I0
Jan
65%
43% Feb 3
23% Jan 12
75
75
635
3,320
120
6%
5
Mar
Jan
20
18
6%
Mar
Apr 23
May 24
3% Sept 28
4
59
130
Oct
7
11
Mar 31
9% July 27
30
Sept'21
13%June 18
60
April
52
Aug 16
10
12
59
.
,^f^l2
Feb 26
63%Jnne 16
36% Mar 19
10
815
2%
2%
734
8
*9%
13
Last Sale 80
Sept'21
55%
55%
55%
56
130
Mar
25
Dec
3
Oct
143
Nov
75c
Jan 28
334 Feb 16
130
Feb 26
49
Jan
Jan
Gorton-Pew Fisheries
12
.99
3% Jan 19
10
210
23
24
24
Last Sale 40
Sept'21
*75
78%
Jan 29
Dec
49
65
22.2,5"22 AV>\
•22U
23
I
.75
89% Nov
40
Sept
Dec
10c
Connor (John T)
East Boston Land—
Last Sale
22%
24
41
11
25
124
Jan
.25 Jan 29
Century Steel of Amer Inc.
45
i
5%'
*40
148
11
4
Jan 21
30
133
150
180
110
147
8
Jan 29
.15 July 25
.25 Mar
9
20
34
no
Oct
2534 Feb
40
10
Boston MexPetTrusteesNo par
11
4%
1034
Nov
68
Bigheart Prod & Refining.
Aug'21
Mar'21
Sept'21
134
50
Art
170
4i4
Feb
50/
pref...———
Do
17
Highest
May
74% Dec
13% Dec
-
Do
275
435
Last Sale ,20
11
23%
...J
60
54%
113s
590
2,716
90
60
Miscellaneous
1,500
June'21
I7, 1 *15
Sale
151% 152%
634
6*4
11
*1034
7%
1138
I4
119
7334 Oct 3
Sep?17
90
Juue22
West End Street
pref
129% Feb 25
June22
70
190
*80
10%
30% 31%
110
t
*106
153
153
*
3%
10753108
*80
"".35
11
*3%
548
44
Lowest
.25
—.100
100
Old Colony.—
7
20
58
15
Rutland
k25
*42
433.
Jan
110
Vermont & Massachusetts. 100
70
59
Sept'21
53%
1
.35
.35
.35
11
Norwich & Worcester pref. 100
44
15%
*.25
100
Northern New Hampshire. 100
14% Sept'21
*.70
N Y N H & Hartford
7
Last Sale 10
Last Sale
.35
—.100
100!
50
43%
16
100
pref
1438
59
Last Sale
*1034
334
211
Sept'21
.25
1
"*.25
Do
Maine Central-.------
53
Last Sale 17
4
*3-%
*13%
14%
10784 108%
99
99%
*80
100,
60
59
53
*.10
*.10
100
14%
43
59
45""
pref
60
*50
20
15% June 20
*50
*61
*5234
4
14%
14
78
100
Chic June Ry & U S Y
Aue'21
*70
.25
4:
8H4
*1334
19%
14
*60
53
*7012
44%
*3%
*14%
Sept'21
14%
Apr 16
61% Jan 11
100
Boston & Providence
Sept'21
Last Sale 33
60
*17
53
Last Sale 130
Last Sale 73
*59
"59"
60
Mar'21
73
Do
119
100
.100,
pref
Boston & Maine
Boston Suburban Elec.No par
|
Do
pref
No pari
Bost & Wore Elec pref.Wo par]
Feb'21
3i2
Albany..-;
Do
2
5
Jan'21
38%
*49%
*60
*
*59
130
Us
115
Last Sale 25
Last Sale .75
Year 1920
Highest
Railroads
71
124
72
86
*
Range for Previous
Jan. 1
EXCHANGE
Share"
.
Range Since
STOCK
Week.
*12314 12412
1561
Sat next page
,25.1'inp 23
Jan
8%July
5
Par value 610 per ahare.
5
7
Jan 12
2 7A* Jan 31
1
Nov
Dec
Oct
9«4
Feb
3% .Jan
3%
Jan
S.pt
2
Jan
8
Dec
23
Jan
Jan 13
15o
Oct,
.80 Mar
.48
2c
l%fcJan
4
Feb 21
2% Feb 17
14
l'At Aug
42% Dec
4
25c
1% Mar
CHRONICLE
THE
1562
[Vol. 113.
Sales
Friday
Outside Stock
Exchanges
Last
Week's Range
Rale.
Stocks
(Concluded')
Par
Price.
of Prices.
High.
Low.
Range since Jan. 1.
for
Week.
Shares
Low.
High.
Boston Bond Record.—Transactions in bonds at Boston
Stock
Railways Co General...10
Reading
50
Exchange Oct. 1 to Oct. 7, both inclusive:
iMHl
Rale.
Bonds-
Price.
1st preferred
Rales
Friday
Week's Range
of Prices.
High.
Low.
20
44%
225
88.04
88.86
62,900
85.84 June
92.90
Jan
90.44
90.44
50
85.44 Mar
90.44
Oct
163
Oct
175
Feb
151
151
10
151
Oct
151
Oct
__
.50
1
1%
1%
Tonopah Mining.
l
Union Passenger Ry......
1%
Union Traction
....50
United Cos of N J
.100
United Gas Improv't___50
35
25
May
Feb
1.078
29
Aug
38
May
49%
7%
Jan
50
May
Feb
8%
Apr
27
June
37%
Feb
10
35
50
Jan
9
10
8
Sept
Aug
9
Jan
30
13
28% Sept
30
Jan
85,000
Oct
93.64
94.72
Jan
94.72
Oct
90.24
91.98
31,650
78,950
88.10
4th Lib L'n 4 %s. 1933-38
85.34
Jan
91.98
Oct
Victory 4%s
1922-23
Victory 3 %s._ —1922-23
99.24
99.44
26,650
95.78
Jan
99.48 Sept
Warwick Iron & Steel... 10
8
8%
37
99.30
99.30
10.000
98.18 July
99.30
Oct
31
31%
373
83 %
84%
102 X 102%
78
78
19.000
75%
Jan
84%
Oct
41
41
10,000
95%
Feb
102%
Oct
West Jersey A Sea Shore.50
Wm Cramp & Sons....100
York Railways.........50
9
30
4s................1940
68 %
Miss Riv Power 5s.... 1951
82 %
N E Telephone 6s....1932
73% June
71%
Oct
45%
Aug
99
5,000
1,000
90
Jan
80
74
Apr
67%
81%
68%
6,000
82%
87
11,500
5,000
63% May
74%
Jan
86%
Carson Hill Gold 7s.. 1923
Chic JuncA US Y 58.1940
5.500
4,000
51,000
80
53 >4
55
99
1995
.
Adjustment 4s stamped.
AtlG&W ISP L.58.. 1959
71%
53%
71%
79%
Jan
78
Oct
71%
Oct
62
Jan
94
Jan
98
10,000
94
Jan
102
85%
87
4.000
80%
Jan
July
78
Jan
91.80
Oct
84.40
Jan
91.18
Oct
93.84
94.40
50,150
69,100
88.20 Jan
94.40
Oct
4tb Lib L'n 4%s. 1933-38
90.78
92.08
77,850
85.60 Jan
92.08
Oct
Victory 4%8___. 1922-23
99.28
99.42
20,250
94.50
Amer Gas & Elec 5s...2007
do
small
2007
76%
76%
99.58 Sept
77
Sept
76
76
Oct
87
10.000
14,000
86.87 July
86.47 Mar
92.44
4,000
91.18
Oct
;82%
98
86%
88.82
91.80
Oct
102
85%
88.82
91.34
68%
98
Oct
87%
87
Apr
Sept
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Oct. 1 to Oct. 7, both inclusive,
compiled from official sales lists:
Last
Rale.
Stocks
Week's Range
of Prices.
BeiI
Telcp of Pa 7S...1945
for.
Week.
1,000
A mertcan
Itadiator
Price
Low.
High.
Shares.
Low.
100
70
70
917
American Shipbuilding. 100
Preferred
100
75
75
25
60
76
260
50 1
90%
12%
9%
91%
12%
10%
360
84
Jan
293
12
July
15%
425
8
42
Feb
,
Armour A
^ .100
90%
15
Co, pref
12%
Armour Leather
Beaver
Board.
Briscoe,
Case
-(*
_
common
(J I)
.
.
i
.
.
.
.
Chic CAC Ry pref.
"io"
-<*>
4
4
37
37
<*)
Chicago Elev Ry, pref. 100
_
,
Chic Pneumatic Too!
5%
,
1%
.100
Chicago Rys part ctf
ser
52
2
1%
Commonwealth Edison. 100
Continental
Motors
.10
.
Crane Co, pref
.100
Deere A Co, pref.—... 100
.
.
60
2,000
60
J
99%
99%
2,000
99%
Oct
57
56%
56%
56%
103% 103%
68%
68%
86%
87%
86%
86%
72% 72%
4,000
53
Jan
57
Oct
500
50
Mar
57
Apr
do
small... .1945
Great Northern 7s
1936
Keystone Telep 1st 5s. 1935
87%
1,000
59
Jan
Feb
Oct
July
Sept
60
Oct
Oct
88%
Oct
94%
Apr
102%
5,000
2.000
Match .....100
Godschaux Sugar, com.(*)
Great Lakes D A D—100
Illinois
Mitchell Motor Co.
.(*)
ic
......
com... 100
July
105
23
..100
94%
15
Thompson, J R, com...25
Union Carbide A Carbon 10
United Iron Works v t c_50
~44%
8
United Paper Bd, com. 100
Wahl Co....
(«)
Ward, Montg, A Co w i.20
Western Knitting Mills. (*)
*45"
18
10
375
11%
200
58%
7%
35
4
20%
42%
45
6
102
Oct
2,890
Aug
8%
Jan
16% May
Aug
67%
7% June
80
4
1,300
June
Apr
Sept
4
June
80
100
Aug
Oct
6%
18%
825
15
350
81
275
68
Jan
83
25
79
Aug
125
34
24%
92%
21%
43%
44%
8
13%
| 44%
17%
23
2,985
480
13%
45%
10
18%
10%
81
78%
44%
44%
46%
82
Chicago City Ry 5s... 1927
Chicago Rys 5s
1927
82
13
15
Aug
Jan
8%
50
78
1,245
1,290
Jan
"Jan
105%
31%
Jan
fMay
J?in
15%
86
Aug
Oct
78%
49%
45
Mar
23 %
Jan
50%
Feb
24% May
32%
Jan
July
72%
1,000
2,000
Apr
Oct
Sept
78% rMar
rjan
67%
61% rjan
66% May
30
Oct
30
Oct
78%
Jan
88
"Jan
97%
Sept
98% |Oct
3,000
77
July
83
1,000
80%
Jan
1,000
88 %
Oct
66%
64%
64%
30
86%
98%
86%
98%
8,000
8,000
5,000
4,000
83
86
86
88%
.
g5s_ 1944
Wilson A C ols 16s... 1941
36 %
62
236% June
290
83
Peoples Gas Lt A Coke-
Feb
40% June
50
Mar
87
46
JulySept
Jan
27%
Jan
8
Apr
149
July
Oct
Mar
9%
Jan
30% Apr
57% May
19%
Apr
81% Sept
85% Mar
88%
21%
980
30
'86%
June
9%
106
27%
1,570
66
"64%
Purchase money 5s.
Commonw Edison 5s. 1943
Commonw Edison 6a. 1943
Aug
17
59% Aug
21% June
450
10
Aug
83
4,970
6,650
45
Jan
10
1,445
44
Aug
34%
200
Jan
24
100
930
Jan
7%
45
19%
18%
70%
25%
94%
13
Jan
52
18%
Jan
Mar
15%
24%
320
19%
50%
14%
125
34% May
94% May
4%
10%
500
82
Taxi
Bonds—
x
Oct
Jan
50
13,125
76
Armour A Co 4%s—1919
value."
10
61
25
6%
81
10
Wilson A Co, pref.....100
Wrigley Jr, com
_..25
82
500
81
Jan
1st s f 4s..........i960
66
66
3,000
56
Feb
June
Readln
gen
4s._ —1997
United Rys gold tr ctf 4s '49
United Rys Invest 5s. 1926
West N Y A Pa Ist5g.l937
88%
60
77
7,000
72
43
8,000
33
Jan
69
69
5.000
65
87%
87%
3,000
86-
Sept
Sept
77
.
|
82% Sept
87%
90%
Apr
fOct
Apr
Jan
Last
Stocks—
Par.
Week's Range
for
Sale.
of Prices.
Price.
Low.
Am Vitrified Prod, com.50
Class B
9%
.—..25
195
18% June
35
22
300
17%
3%
July
35
Jan
Sept
8
Feb
Feb
9%
160
'
Carnegie Lead A Zinc....5
23
Guffey-Gillesple Oil—Sf e T IdalOs
—
Preferred
age
—...
Mfrs
Nat
100
2
Aug
12
Feb
100
85
Oct
100
Mar
3
285
3
1%
Feb
3%
Jan
16% June
11
Oct
440
26
Jan
48%
139
42
June
53
Jan
8%
595
6
Jan
9
Mar
17%
385
12
Jan
18
Mar
5%
8
645
American
Gas
...100
American Railways.____50
American Stores
no
-par
1st preferred.
100
2d
preferred
3
76%
100
Cambria Iron:
60
102
20e
June
2,960
7
Aug
220
113
June
3
70
75
27
June
40
Oct
Sept
5
June
Jan
83
3
76%
98% 102
50
1)9
7
Aug
83
Sept
97%
120
9
Jan
14
Mar
Indep Brewing 68—1955
69
69
84,000
41
Feb
75
Sept
St Clair Water 6s...
94%
79%
94%
79%
94%
75%
Oct
94%
Oct
Jan
79%
Oct
13%
8%
14
9
Bonds—
1931
West Penn Rys 5s
500
1,000
Exchange.—Record of transactions at
Baltimore Stock
Exchange, Oct. 1 to Oct. 7, both inelusive, compiled from official sales lists:
Baltimore Stock
Sales
Par.
Stocks—
Range since Jan.
Arundel Corporation
Week's Range
for
Sale.
of Prices.
Low.
High.
Price.
1
Oi ' A G S.....5
<
s
.60
.35
1
2%
1
3,082
2j0
65
2%
.35 Sept
1
OCt
2%
Sept
Apr
Jan
Sept
.95 Jan
1
Oct
7
Jan
44
43%
44
47
39
Jan
87
83
87
221
80
Aug
92
84
85
July
88%
Jan
4%
Apr
/
3%
40
Chemical.-»o par
2
6
79
46% June
Jan
4
202
40
1,109
23
Mar
43% May
3%
July
Houston Oil pf tr
ctfs.. 100
72
71%
72
145
67
Jan
I Benesch A Son,
pref
24
23%
27%
24
96
23
Aug
Jan
83
Jan
24
Sept
27%
25
23
Jan
29
Apr
166
108% 110%
208% 208%
7%
6%
65%
7%
6%
7
65
68
50
56%
59%
73
45
Jan
LAP, pt.no par
Pennsyl Salt Mfg
__50
47
47
66%
36%
66%
37%
98
98
26
26%
31%
32
22%
26%
22%
26%
50%
Penn Cent
36%
Philadelphia City Pass..50
Phlla Co. (Pi ts) pi.(5% 50
Pref (cumulative 6% .50
2?%
26%
50
par
~17~
53
16%
52%
Common, .no par
Oct
166
Oct
92
25
Jan
119
Apr
Monon Vail Trac,
Oct
208%
Oct
Preferred
27%
585
7
5%
71
Feb
59741
Oct
Alabama Cons C A
79%
Jan
Chicago Ry 1st 5s
47
Oct
47
June
70
Mar
40
Jan
64%
32%
Jan
74%
Apr
42
10
98
Oct
98
' Oct
400
26
Jan
28
June
35
90
'
764
30% Sept
34
21
22%
28%
52%
25%
Apr
Apr
50
June
15
Aug
51
81
Jan
62
808
15sl933
1927
City A Subur 1st 5s.. 1922
Consolidated Gas Co._ 1939
General 4%s_._
1954
Cons G, E L A P 4%s.l935
10
5
1.483
90
May
Mar
Mar
Jan
Jan
Sept
Feb
Jan
19% May
57
May
_
_
17
27
53
1
86%
9)
200
9%
13%
985
13
100
.50
50
Oct
10
17
53
17
100
Pennsyl Wat A Power.
United Ry A Electric.
Wash Bait & Annap
30
465
525
pref. .25
t r
Apr
3,653
4,340
v
July
Aug
July
85
27%
Mt V-Woodberry Mills-
208%
10
2,51
Do
166
2,370
73
.60
28%
83%
24
Oct
381
50
Philadelphia Traction...50
Oct
37
50
Phlla Rapid Transit
Mar
95
Lehigh Valley.
.no
75
23
Oct
30
25
Mar
18
42
June
29
25
21%
80
23
34
29%
Preferred..
Phlla Insul Wire..
High.
80
25
23
CosdenA Co, preferred..5
Davison
150
Low.
95
225
Phlla Electric of Pa
25
Consoi Gas, E LAPow.100
Consolidation Coal
100
Commercial Credit.
25
Shares.
23
50
—
1.
Week.
87
55
___50
Jan
Jan
16
North
Pennsylvania
Oct
Feb
10
10
Pennsylvania
7% Aug
6% June
1,011
52
100
50
Oct
195
"13%
3,195
2,790
35%
"53%
Keystone Telephone—50
Superior Corp
Lehigh Navigation
Sept
106% Sept
Jan
180
125%
9%
8
95
100
Lake
44
Mar
Sept
12
35%
166
Frank St So'wark Pass..50
General Asphalt
Insurance Co of N A
2%
2,246
9
40c
95
Citizens Passenger Ry__50
Elec Storage Battery. .100
4)
40
Jan
7,600
8
13
122
'
Cent Teresa Sug, pref—.10
Jan
5
33c
7%
87,%
Cha m
High.
19
Aug
12%
Celestine Oil
Apr
Mar
1%
87
Week.
IjOW
Mar
4:
2
795
132
West PennTrAWP.comlOO
of Prices.
Low..
High.
17
3%
300
2%
1,045
2,121
West'house Air Brake...50
Tidal-Osage OH (no par)...
Transcont'l Oil
.(no par)
Baltimore Brick, pref. .100
74
Jan
Sept
2%
30C
""7%
Atlan Coast L (Conn)..100
Shares.
Jan
Mar
30%
2%
6%
_
for
18%
19
50
Sept
19%
2%
""2%
■■
Salt Creek Cons Oil.
Sales
18
Sept
June
17%
15
46
19%
125%
9%
29%
10%
Pittsburgh Plate
Week's Range
Price.
11%
40
13%
44%
50
Sale.
par.
Oct
1,280
8
Pittsb A Mt Shast Cop...1
Last
Ramge since Jan. 1.
Oct
11
5
5
GlasslOO
Oct
2%
25
"19%
Preferred...
5
30
Oct
9
"14%
Pittsburgh Oil A Gas
Jan
Aug
2%
17
.1
Pittsburgh Brew, corn..50
3
17
Jan
48
Ohio Fuel Supply......25
Oklahoma Natural Gas.25
Okoahoma Prod A Ref
250
1,737
1,850
Sept
85
2%
50
Ohio Fuel OIL-
400
Jan
9%
22
.
"~25~
Light A Heat
50
Fireprooflng, com..50
Preferred
Oil below
2%
2%
85
50
...25
2%
2%
Indep Brewing, com....50
Lone Star Gas..
4%
30
23
2%
Hablrshaw El Cab.(no par)
Harb-Walk Refrac, preflOO
3%
3%
3%
"3%
Consolidated Ice, corn..50
Preferred.
50
Duauesne Oil......
Jau
12
115
18%
23
50
High.
7% Sept
49% June
6% Aug
69
20%
'"9%
——i-
Low.
11,585
67%
9
.
Range since Jan. 1.
Shares.
23
9%
Am Wind Glass Mach.100
Arkansas Nat Gas, com. 10
Barnsdail Corp CI. A-..25
High.
Last
Stocks—
Oct
Jan
Jan
Week.
Friday
Exchange.—Record of transactions
at Philadelphia Stock
Exchange, Oct. 1 to Oct. 7, both
inolusive, compiled from official sales lists:
Alliance Insurance._____10
43
70
88%
Sales
Friday
Ex-dividend.
Friday
Jan
39
43
.
Mar
67%
Swift A Co..
Swift International
par
95
83
125
33,000
88
87%
sive compiled from official sales lists:
50
80
50%
88,
87
small
Feb
83%
4%
Feb
76%
87
1966
do
July
91
100
4,000
Aug
.
Jan
7%
104
June
5%
24%
No
4% Sept
Sept
110%
70
6%
joo
Chic Gas L A C Is t'S e'37
1,125
Sept
79%
79%
77
Sept
82% May
82% May
88% Aug
88% Aug
66% Mar
84%
Feb
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Oct. 1 to Oct. 7, both inclu¬
Jan
Oct
100
1,000
Oct
Sept
Oct
Sept
Oct
Jan
Aug
1%
77
68%
87%
86%
72%
Jan
Aug
48
41
103
102
.
.100
Swift A Co Is
1%
100
270
30
20
Stewart-Warner Bp, com 100
*
125
Apr
130
4
-
Yellow
1%52
Apr
fOct
70
7%
44%
Drpheum Circuit, Inc
.1
Peoples Gas Lt A Coke. 100
Pig Wig Stores Inc "A" (*)
Pub Serv of No III, com 100
Sears-Roebuck,
Sept
Mar
10%
103
4
.100
Preferred...........
4
24
37
103
7%
Carbon, pref (new) 100
National Leather.
.10
Quaker Outs Co
Reo Motor..
100
1%
1%
109% 110%
5
4%
4%
.100
,
5%
11
Nat
_
Oct
58%
-.100
.
July
102
77
do
stpd sf A red- .1951
Phila Electric 1st 5s.. 1966
4
10
Llbby, McNeill A Libby. 10
Lindsay Light..... .10
Mid West Utll, com.
Preferred
w
Jan
9%
83
.10
.
Brick
Feb
37
2,290
101% 101%
Sugar...10
Hupp Motor
77
94 %
100
4%
102
1,000
1,500
coil tr 5s'51
Oct
84
88%
cons A
103%
86%
68%
57%
88%
60
1936
Oct
103%
Oct
1,000
2,000
88%
6%s___
n
8,000
60
PhiJa Co
170
12
37
Feb
60
Feb
70
103
.
Diamond
Holland-Amer
10
-(*>
.100
...
1st prefcircd
Oct
63%
Sept
Sept
du Pont de Nem 7%s.l931
Elec A Peop tr ctfs 4s. 1945
85
Aug
Seot
80
77%
55
Aug
107
1,000
73%
Aug
76
Jan
Aug
80
66% June
Mar
Mar
80
Jan
_
Jan
68
101
Leh Vai Tr refAimp 5S.1960
High.
68%
200
25,000
Penn RR general 5e._.1968
Par.
-
Jan
Beth Steel pur mon 59.1936
Consoi Trac N J 1st 58.1932
Registered 4%s_.__1954
Lehigh VaJ gen cons4s.2003
Range since Jan. 1.
106% 106%
106%
Leh CAN cons4%s__1954
Rales
Friday
Bonds——
U S Lib Loan 3 %s. 1932-47
1st Lib L'n 4%8.1932-47
90.52
Jan
102
50
4
2d Lib Loan 4 %s 1927-42
3d Lib Loan 4%s.._1928
Sept
82
Seneca Copper 8s..... 1925
Swift A Co 1st 5s.
1944
Western Tel & Tel 58.. 1932
169% 170
33
33%
49%
49%
Oct
100%
Ppnd Creek Coal 6s.. .1923
Preferred.......
Oct
33
Oct
91.44
Atch Top & 8 Fe 4a..
Mar
170
91.38
Jan
"4l"
100%
Jan
Jan
85.54
3§"
Jan
1%
Jan
July
85.62
9,100
50
June 1 11-16
1-16 July
83%
29%
163
1,500
91.44
Preferred
I
Oct
8
422
91.38
90.34
31%
Oct
1
2,570
1% 1 9-16
100% 100%
31
31%
90.64
1925
Jan
25
1st Lib L'n 4 %s. 1932-47
Convertible 6s.
Jan
163
44%
2d Lib L'n 4%s.. 1927-42
3d Lib Loan 4%g—i.1928
84%
88
51%
44%
163
Tono-Belmont Devel
U S Lib Loan 3%S_1932-47
2d Lib Loan 4s..1027-42
Am Tel A Tel coll 4fc._1929
2% June
13th A 15th Sts Pass.
High.
Low.
Shares.
13
2% June
62% June
38% Aug
preferred..
50
Second & Third Sts Pass.50
fr-
Week.
71%
45%
..50
2d
Range since Jant 1.
for
60
2%
72%
45%
44%
2%
8%
55
19
Fell
62%
Feb
77%
Sept
Jan
7%
Sept
12%
Jan
Jan
14%
Mar
81
Oct
85
Apr
60,
94'
Jan
65
May
Jan
98%
Sept
86
Apr
68% June
72% June
90
8ept
78%
Oct
94%
99%
Sept
16%
40
12
Jan
90
Oet
Bonds—
81
64% $20,000
98%
98%
90
90
75%
75%
78%
12.000
99%
1,500
78
5% notes..
6% notes.
S5.000
81
64
98
—
7% notes
7%% notes....
Consol'n Coal ref 5s. .1950
Cosden A Co conv s f
Davison Sulphur 6s..
.
1927
99%
1)1
8'%
96
98
98%
99%
100% 101
80
80%
95%
96
91
91
2,000
1,000
2,000
20.000
27,000
16,000
6,000
19,000
1,000
Jan
Jan
93%
Jan
95% June
92%
72
90%
89
76
98
99%
101
Jan
Oct
Oct
Sept
Oct
Jan
80%
Jan
97% May
92% June
July
Oct. 8
1921.J
THE
CHRONICLE
1563
Friday
Friday
Last
Week's Range
Sale.
Bonds (Concluded!)
of Prices.
Price.
Elkhorn Coal Corp 68.1925
Fair & Clarks Trac 58.1938
Ga Caro & Nor 1st 58.1929
82
Monon Vail Trac 5b.. 1942
Low.
70
Pennsy W & P 5s
Last
Other
Low.
High.
$12,000
89
Jan
; 94
Oct
82
4,000
77
Mar
82
85%
5.000
84
June
70
1,000
86
1,000
64%
65
2-h 000
44
45%
101% 101%
1936
63
7 % % notes
63
102H
63%
102% 102%
Oct
Boone
S6
Oct
Boston-Wyoming
65%
47%
Jan
Jan
101%
Oct.
41
1,000
99%
June
5,100
4,000
60%
June
Jan
94
4,000
70
71
19,000
67%
102%
Jan
95
Jan
Mar
71%
May
New York Curb Market.—Official transactions in the
New York Curb Market from Oct. 1 to Oct. 7
Friday
Week ending Oct. 7—
Week's Range
Sale.
Par.
Stocks—
*
Sales
Last
of Prices.
Price.
Low.
High.
Packing
^1
lo
Aetna
...
...
94c
85c
Lax.
High.
Chemical
Audubon
1,200
100
25
230
20
10
1%
1%
5%
20C
1
.
32%
Oct
Sept
May
Mar
40
Sept
July
Jan
16%
.
Sept
10
10
12%
23
July
6% He
Fob
10
Jan
Oct
1%
May
10
£1
11%
107%
Burns Bros com A w i
Common B w l...
10%
100
10
Oct
40
Feb
11%
11%
1,900
11
Ai|
14
Jan
108%
300
11%
107
575
Mar
13%
Feb
Oct
11%
108%
Oct
32%
Sept
5%
SK
Ffb
107
28%
31%
17,300
27%
( ct
3K
5%
12,350
2%
Sept
1%
3,700
75-
IlllV
3
3%
800
2K
July
6
July
102
98 K
June
103%
May
July
1 1-1G GGl;/:'
Row....25
Car Lighting A
27 K
5%
Crushed Fruit-1
California
8%
30%
24%
14%
Apr
11%
•
.£1
Ordinary.
100
10
1 ^-..ii
com_(f)
Brit-Am Tobord bear.
300
23
Amer Public Utilities.. 100
Beaver Board Cos,
12
7%
.10
Oct
■
Carlisle Tire
Celluloid Co preferred-.100
10
Preferred.
Chic & E ill new com..100
New
13%
138 %
100
303
IK
100
2
100 ■';•"
13%
30%
3%
pref...........100
Chicago Nipple Mfg c) A10
Cities Service com
103%
IK
2
103%
Cent Teresa Sugar oom.-lO
122
14%
31
5%
3,550
12% June
15
Sept
Sept
200
28% June
32%
Mar
Aug
7%
Jan
2%
140
3,057
191
...100
53
54
4,900
35
45%
10
Preferred B
4%
Cities Serv Bankers' sh.(t)
15%
Cleveland Automobile..'+>
24%
4%
200
14%
24%
15%
500
50
50
Colombian Emerald Syrut
Comm'w'th Finance com(f)
1
1 9-16
^
220
40c
76c
87c
4%
6%
11%
July
31%
50
13,000
5
2)4
2%
Cosden & Co old com ...5
1,800
m
3%
3%
Continental
Petrol
Preferred
Creole
_
.5
5
Syndicate
Cushing Petrol Corp
5
Apr
50
Jf^n
80
May
hQe
4%
Au"
47
100
16
Apr
14
400
11
June
5
2,400
71
Jan
Sept
19%
Jan
Sept
Aug
8
Jrv.
2
July
20c
35c
600
20c
Sept
60c
Aug
100
65c
75c
900
50c
Si pt
22
24%
1,924
16%
15%
22
4,520
19
22,900
Durant Motors
(no par)
Empire Food Products, (f)
FarrHl
1%
"24"
17
(Wm)ARon rnm.fti
16%
Garland Steamship (no par)
145%
Glen Alden coal..(no par)
Goldwyn Pictures (nobar)
3%
10
4
National Leather, com. .10
p,-
«
New America Pulp & P. (t)
wi.
U.
m
-»
f.1
•
Packard Mot Car, com.. 10
100
-
Preferred.'..•^
5
Republic Rubber..(no par)
Reynolds (R J) Tob B.26
Saguenay P & P
67c
io
Swift & Co
.15
Tobacco
10
Prod Corp
Todd Shipyards
-
U S Light &
Heat
com.. 10
Preferred
U S Steamship..
Wayne Coal
5
...
Chemical
West End
...1
White Rock Mineral 8pg_.
W iilya Gorp, com., (no par)
First preferred..
....
Standard
Former
6
Jan
54
Jan
75
June
July
Sept
July
1%
1%
8)4
in
1-
1%
1
imperial OH (Del)
V
Imperial Oil (Canada)....
(nhernat Petrol
(no par)
"13%
Lance Creek
1
•
Magna Oil & Refining_
a | uria-.aibo
Oil Ex pi
Marland
_
_
_
5
10
......
„
Ohio «anger
A
Piiar « Ml
<
72c
24c
23c
24c
35%
1%
37%
1%
1%
""52"
52
2
52
Red Rock Oil & Gas
Ryan Consol..
1
(no par)
Salt, Creek Producers new
6
Sapulpu Refining
OH.
-...10
.
South Petrol & Refin
Pa*on o||«
2
2
18
100
G
-
Wilcox Oil & Gas.
.
5
Woodburn Oil Corp
Y" Oil A Gas
(t)
96c
74c
1
56c
55c
70c
42c
38c
44c
27%
5
5
6
60%
62%
31c
1%
5%
38c
1%
10
m
-
-
33c
Jan
Howe Hound Co
1%
1%
Mar
Kerr Lake
Jan
Knox Divide
June
Aug
2%
1% 1 5-16
34,200
55c
Aug 1 13-16 May
11
La Rose Consol Mine
250
40
Oct
Lone
Oct
3
Jan
Jan
MacNamara
8
Sept
25%
Star
...
15%
15
72
16
73
3,200
14
210
72
Aug
Oct
22
85
May
July
Marsh
Mason Valley Mines
50
81
83
50
69
June
86
Mar
253
272
235
223
Au-
320
Aug
Motherlode Copper Min. 10
Motherlode Coalition..(t)
25
20
18
20
225
18
Oct
20
Aug
National
196
191
197
810
160
June
202
Mar
Nevada
60
70
Sept
103
20
165
July
259
Jan
"0% Jllll"
77
May
570
Oct
72
•
"i
100
i"d>.
73%
>
Vacuum
Oil.
195
72%
570
Standard OH (Kansas). 100
Standard OH of N Y...100
Standard Oil (Ohio)...100
74
193
Southern Pipe Line....100
8tand'rd
"336"'
336
73%
570
336
9,1*00
10
200
570
296
384% 384%
20
384%
265
100
10
250
265
Oct
June
Oct
June
385
Mar
Apr
Allied
Oil—
Oil, com
Amer Fuel
Preferred
Arkansas Nat Gas.
60c
5,500
3c
4c
41,400
31c
33c
4,000
1
57c
1
10
....10
4c
32c
2%
2%
com.io'
9
8%
50c
2%
10%
400
6,300
20c
,
Aug
i
N Y & Hondur Rosarlo-.IO
NlpissiuM Mines
5
Ray Hercules............
Rex Consolidated Min
1
Rochester
20c
Jan
July
Sept
2%
Oct
Aug
18%
Apr
Silver
Jan
1
Mar
Cop..
..
Aug
48c
50c
21.300
36c
Sept
50c
Oct
7c
4,500
3c
Oct
lie
F b
44c
49c
46,300
20c
June
50c
Sept
22c 123,500
18c
42,200
6c
Sept
26c
Feb
7c
May
31c
Feb
3K
5%
IK
Jan
July
May
4 1-16 4 K
6K
2
1,300
7
2K
600
K
5,700
K
4)4
7
3K
)4
17c
1
600
12c
Jun
25c
25,200
10c
iJune
25c
3c
10c
18c
13c
"21c'
4c
2,000
3c
Sept
12c
2
July
7%c
K
Jan
3K
700
9c
lie
30,500
31c
3K
1,500
Feb
12o
Sent
31c
May
July
8
3
1,600
17
IK
400
IVs
21c
1,500
17,800
6%
6K
200
3%
4K
9,300
1 9-16
IK
20c
"Ik
19c
25 Ms
11c
1
June
IK June
Julv
Ho
4K
Apr
3% June
61c
75c
62.900
7-16
Mar
38c
39c
17,500
lflc
June
5K
5
5
32c
30c
30
30
Aug
July
Jan
Sept
7
4K
1 9
May
lb
Oct
May
42?
Sept
16c
June
14K
July
6c
34,000
15
150
12
Sept
205
110
July
158
Jan
5
100
3-K
July
9
Jan
4
.inly
8%
20c
Sent
5K
3,900
33c
24,000
100
30
25c
8,700
8c
lie
73.100
17c
3c
IK
IK
30c
Feb
May
.122%
19c
"9c"
Oct
M tr
July
38c
5
c
3c
67c
110
Feb
20c
3,000
1,000
37c Sept
Apr
8
24,000
4c
Feb
Aug
Mar
June
8c
22 K
Feb
July
June
15c
4c
Feb
Sept
Feb
4
14c
21K
3K
24c
Jan
2c
8c
17c
Corp
Mar
16c
17c
1,000
30
15c
35c
K
July
Jan
'Sent
Oct
30
Feb
Jan
!4<;
Apr
14c
Sept
Sept
18c
June
Jul
75c
I
5C
5c
200
3c
40c
40c
2.000
25c
9c
9c
4.0001
Oct
4c
Suvei* King«kmsoddatedJSilver Pick Corns._
1
Silver King of Arizona
9-16 Jan
500
4c
Feb
27C
2
30c
8c
100
Pitt* a- Mt Shasta
July
2
Aug
June
15
Zinc...
Portland Gold Min.......
Sept
June
53c
14c
Nevada Silver Hills
Oct
1%
June
80c
700
4%
New Cornelia...
New Jersey
Jan
3c
6%
Corp....50c
Ophlr.......
325
14c
2
1
384%
Other Od Stocks
Allen OH..
Tin
8c
24c
1,400
1
16c
1
Jan
May
100
34,200
3c
6
Mclntyre Porcupine
McKinlev-Darragh-Sav.
51
183
Aug
Mar
May
50c 392,300
1 3-16
*
July
2K
Aug
30c
Copper.........5
Mining
1
June
IK
85c
15c
31
Apr
1
21c
16c
39c
1 1-16
...
140
Mar
65c
2,000
35
16
15
40c
4,400
200
10Ko Feb
Sept
3c
35
Oct
84
Apr
June
6C
164
265"
41c
July
Jan
2c
18c
5c
35
76c
6lc
20c
3c
158
.2
"17c"
Jan
Oct
500
25c
100
Aug
Oct
Jan
July
Mar
2
36 K
1,000
1
Mining
Magma Chief
2K
Oct
May
IK
5
M acN amara Crescent
Aug
Sept
32Hi June
20c
IK
Oct
12,100
..._1
Oct
34 c
•
9c
Sept
25c
1
I0e
83c
78
4K
31c 110.800
IK
U..6
40
1,200
1
10,300
IK
25c
10c
Jan
%
77
Blossom
125
Oct
39
.'•56c
IK 1 1M6
5
Jerome Verde Copper
Jumbo Extension
Jun
IK
JaD
7-16June
25c
"26c"
"2K
Jan
50c
40
Iron
10c
.,25c
3c
100
50c
Holllngor Cons GM
Jan
28,500
19c
Jan
3,300
lc
1
Divide
16
Apr
200
1
84c
44c
9
Aug
K
IK
80c
Consol Mines. 10
35
9,600
35c
Forty-Nine Mining
Golden 8tate Mine
1
100
20c
Copper...5
Gold Zone Divide
11,465
34c
FLtt National
v
83c
19-16
7-32May
Oot
Jan
3,000
IK
36 K
75c
1
Feb
1% 1 5-16
40
..1
Goldiield Florence
1%
1%
10
~
34c
Croesus..
Harmlll
% May
5c
IK
12c
9,800
.5
Holly
Heeia Mining
1
100
30c
31c
Eureka
Eureka
Jun
1,000
10,000
23,900
IK
5
Esperanza
Jan
.
Jith
lc
__--l
%
Oct
21c
Divide Extension.
1%
Aug
IHe
100
69c
1
June
5
26,500
1K
4K
Mining..
El Salvador Silver Mines. 1
72
39c
v
91c
Silver
Jan
Aug
11%
7
July
29c
5
Corp Mines of Amer
Goldfield
12c
36
Mav
28% May
1%
Apr
28% Sept
33,200
IK
Range
June
Jan
27c
5c
Consul Copper
Dolores
June
Sept
23c
Boy...
Mar
10c
21
19c
1 7-16
Jan
Mav
Sept
Jan
6c
27c
26c
Coniagas Mines Ltd
Crystal Copper Co
800
1%
Jan
4
Oct
52c
2.000
2
Jan
8,300
1%
Cash
39,800
70c
13c
'24c'
River Corp
'%
58%
Jan
Feb
Jan
K
6c
IK
i
Cr-'sson < "on Gold M & M. I
6%
21%
1%1 7-16
5%
Aug
12,800
117,400
6c
..6
Jan
500
K June
60c
Sept
Oct
1
2%
5,600
2
l
,Ju!y
1%
1
Aug
9
5
Sept
Feb
10c
Mining.
Crackerjack
Aug
Jan
1
450
m
Cortez
106
Oct
18
Jan
Oct
3%
Oct
Mar
37c
(Feb
9,000
21
Jan
60
Feb
2%
Jan
June
Mar
IK 267,935
Sept
Apr
Feb
Oct
65c
1
2%
July
Oct
30
July
2%
1
Sept
Aug
July
43
Sept
3K
I
Sept
June
3c
Carson
1%
Feb
13c
Sept
3Vu
9%
Oct,
2,723
canrtalaria Silver
39
K
21o
Jan
May
7,000
Jan
1%
1%
18
6%
12 K
15c
Aug
4
IK
Sept
Sept
44c 323,750
Sept
23%
55c
36
8K
Canada < topper Co
1
May
10c
1%
1,200
8%
Canario Copper
31
Jan
11%
27c
Oct
400
IK
14)4
10c
60c
26%
14,100
Feb
Aug
June
Feb
33c
Jan
7,400
Jan
Oct
Jan
& Tungsten.__1
Amer Tin
Copper
July
5K
600
2K
2
...1
"
Sent
K
Jan
K
6
Mining Stocks
Feb
>.
5
Sept
2%
M ar
Mines
Copper Canyon.
75c
260,000
Sept
w.
10,850
100
40c
200
18
_
18,625
8,550
6,400
IK
4,200
65c
1
June
2K
June
3
37,700
55c
Feb
27 K
2%
65c
Apr
75c
2
Tuceny OH Corp
United Royalty
Ventura Cons Oil Fields.
12
22
6%
Jan
July
Apr
Mar
2K
5%
31,300
July
1%
July
Sept
23
8,200
7%
13%
76
1,265
3%
3%
6%
4%
13%
Apr
21%
3%
7%
6%
420
69c
Aug
75c
22%
36
14
Sept
90
28
82c
j
102
9)4
9.000
10
93%
22%
4K
Tidal Osage OH...(no par)
6%
Jari
15c
800
6,000
8,000
2,100
Aug
2
1,000
;
5%
43c
Sept
K
6c
th
Aug
11%
5
2%
-1
i ;.
I .and
15c
15c
57c
17
41%
3
10%
5%
11%
Salt Creek Producers...25
5%
200
.!"
2,800
35c
6
1,100
Jul'
July
76c S
32,200
49c
Feb
14,800
7c
2c
5%
Alvarado Min & Mill...20
2%
1%
Apr
Aug
3K June
July
Jan
2%
25c
2%
Jan
92%
2%
July
1,200
July
Jan
July
4%
1%
Aug
3
13c
13-16
4
13
y
4.000
Sept
Sept
i
Oct
400
22c
5
13
4%
June
14c
140,950
3%
20c
1
75c
600
3K
12 Mi
Aug
1
W>Mlners__. in
Pfnd'ieers A-
Alaska-Brit Col Metals..; I
19
Aug
VietoriaOH...... I
13
3,325
3%
-
2
6% Sept
900
8)4
4
40%
-
1,700
3,000
Oct
6
38
-
16c
Jan
Feb
2
2K
8%
Oct
2
13c
Feb
6%
Oct
100
Feb
06
15c
Aug
K June
8%
July
■
2
Jan
July
13%
90c
1,000
3K
9K
2%
SK
2%
75c
IK 243,600
90c
3
9
1,300
Aug
Mar
3)4
8%
2
22
90c
16c
6K
8,000
1 6-16 2
90c
Sept
8%
4
300
8%
Jan
Sept
32 w
1
Bo
100
62.700
May
3% May
Pittsb Oil & Gas......100
700
200
7%
Aug
5
300
5%
16c
1-16 Apr
4%
Calumet & Jerome Cop
2%
21H
IK
1 3-16 April
5
....
Oct
60
10 Hi
IK
7c
1.500
2
2%
5%
4,160
19 K
10c
16,900
100
59
K
2c
Caledonia
700
700
10c
Oct
2,500
July
IK 1 5-16
1%
7c
49c
6%
1%
1 K
25,100
2o
Sept
1%
Sept
1 1-16
78c
00
:'£] 6
Jan
78c
92c
8c
600
100
3%
95c
49c
17
Jan
Mar
45o
K April
3.600
..1
14%
1%
2% Jim.'.
Oct
17%
UK
1
:
2K
Western States OH & Gas.l
2%
89
Aug
8,100
jL.'..lo
10
Sept
Aug
Sept
July
-
.'
Oct
May
Feb
Sept
.
Jan
5,600
9%
4
14
1
96c
3%
16%
9%
Aug
78
65
11-16
Aug
2c
1
Gas
Pennok Oil
5,900
4,150
Aug
20o
Prod.....
Okmulgee
6K
7c
6,000
10
OIL.
Jan
May
22,300
National Oil of N J, com. 10
I
Jan
9 %
10c
71,700
5)4
Jan
July
2K
4c
1
,.v ..1
Noble Oil A- Gas.
55,200
8%
89
14 K
24
42c
"Ik
Preferred.
28e
Jan
15
Aug
2K Sent.
3c
Aug
2,000
2
^.10
Mountain Prod
7c
2%
Aug
1
55c
4c
7%
OH Corp...
800
IK Juno
6
1,000
Aug
Mar
30c
2
10
Mexican Panuco Oil..._ 10
Midwest Oil, com
3K
$1
"40c"
Merrltt OH Corp
Mexico
27,000
28c
1 11-16 Apr
75c
(t >
Refining
Meridian Petrol.
2,000
Apr
"93c"
1
4
6
11%
1 1-16
Petroleum
yoos
13,800
5
Livingston Petrol.__.(t)
Sept
3%
85K
Royalties. __1
Livingston OH Corp..
35c
''4:
7%
/Kansas & Gulf Co .....10
2,000
.
14c
8%
75c
3
15c
-.25
Keystone Ranger Devel-.l
1%
10
m
IK
3K
6c
Great Western Petrol of Col
Big Ledge Copper Co
6
Boston & Montana Dev..5
2%
1%
in
100
South Pe. n OH
10
(t)
..i.i... .10
100
Fuel
Sept
lc
Magnia
Prairie Pipe Line
5
25o
Eureka Pipe Line
Galena-Signal, com
Penn-Mex
23,400
82
■
Mar
4%
7%
35%
100
_£1
Oil....
6%
26c
Illinois Pipe Line
Ohio
Jan
Aug
5%
1%
10
July
Subsidiaries
Indiana Pipe Line.
3K
July
June
2%
Oil
Anglo-Amer OH
Sept
1
11
1% Sept
11%
Aug
100
2
10
.10
10
May
396
1%
Corp._(t)
U S Ship Corp
50
1%
IK
(t)
Triangle Film Corp v t c._5
United Profit Sharing..25c
Un Retail stores C'nndy. (f)
U S Distrib Corp com...50
Aug
Aug
8
2%
Tenn Ry L & Pow com. 100
Texas Gulf Sulphur
Apr
5% Aug
% May
1
July
2%
100
Swift International
147
10
2K
5
..
B.(f)
Oct
Jan
82
65c
"38%
Perfection Tire & Rubb.10
Radio Corp of Amer.. __(t)
.
1
1,300
4,000
Apr
Aug
17
New Mexico & Ariz Land.l
South'"*!! f'O'l a iron
100
m
30.500
1%
15%
Aug
5%
pref.-.50
Peerless Trk & Mot Corp50
July
Oct
1%
4
""3%
Ltu P
Preferred
2%
1
279,800
Hudson Oil
Jan
2%
2o
Orannda Oil Corn CI A
K
10
1%
36c
Rkellv
•1%
2%
Aug
27c
25c
2%
June
lc
50c
65
Apr
Jan
Sept
7
26c
Jan
175
400
4K
IK
So;
27c
21
200
1%
7%
July
2c
Slmnis Petroleum, (no par)
2
2,100
4K
31c
..
Oct
Aug
7
400
20,100
7)4
2K
Oct
Aug
27c
Aug
10
8%
Aug
June
21
400
Maxwell Motor 1st pref
Stand Com'l Tob, CI
200
1,300
20
Sweets Co of America..
27
1
(no par)
1%
Mar
3K
2,500
rn'mm-
Marconi Wireless Tel. Ltd.
•
2,140
1%
Jan
July
3%
3K
5,400
10c
Mar
10%
I
Aug
30 K
9%
—
LocomoblleCo.com (no par)
Nat Fireproofing
6,200
'•/ :7 ':
"7
«in <Sc Lt'>by. 1<»
,
41
16%
90c
Jan
IK
July
1
29%
1%
16%
LakeTorpedoBoatpref....
..
110
9
Imp Tob of G B A Ire. £1
Intercontinental Ruhb.100
_
Empire Ky Oil
3%
2%
6
5
Basin Petrol
33
82
4'-
;
1%
16%
Heyden (.'hem
(no par)
Holbrook (H F) Inc(no par)
Morris (Phi lp) ( o
146
1%
Hercules Powder pref. .100
Mercer Motors.
5
Elk
Jan
10
._(+)
Manhattan Tr,- nsit
100
2,800
2%
7c
Oct
Oct
3K
July
44c
100
Apr
41K
Aug
July
15c
900
7%
Edmonds Oil & Refining.. 1
Apr
1%
7K
K
13 K
130
144
Goodyear Tire & R pref 100
Libby. N»
15%
13
39%
3%
40%
Kay County Gas
88c
13%
4%
1%
100
26%
Gillette Safety Razor...(f)
Grant Motor Car
1%
88c
"14%
Gibson-Howell Co...
Griffith (1> W) (nc
2%
10c
10
Northwest
Denver & Rip Gr RR..100
Preferred
Oomlnlon Oil
North Star Oil & Gas
Antr
13%
4%
Continenth,I
Motors.;. Ji<
Curtlss Aero & Mot (no par)
133,600
118,500
High.v
25%
Oct
2%
23,800
Feb
Sept
23%
•
5
41
300
5%
Feb
71
July
47
Conley Tin Foil...(no par)
Fell
255
3%
9,250
25%
I-.IOO
Preferred
2%
J uiy
June
■
Preferred
2
Aug
> Sept
2
4,700
110
3%
78c
Gilliluud Oil. com..
2
Mar
Au#'
750
9
May
30%
7K
..100
Preferred
Amer Hawaiian SS
4,800
%
17%
11K
17%
'
r
U
-
(O
AmalgamLeather.com
2,100
1%
1
Explosives..(no par)
Aluminum Mfrs com...(f)
1
4114
214
27c
Gienrock Oil.
Goal.
Acme
3%
1
Federal, oll..;-.'!..'^w-'.;.
6
Fensland OH
(no par)
Week.
Industrial & Miscell.
Acme
35
LOW.
6K Sept
Fay Petroleum
Range since Jan. 1,
Shares.
3,600
Ramge tince Jan. 1.
for
Fneineers Petrol Co
G
for
9%
7%
5
Oil
Duquesne Oil
June
Shares.
4%
Feb
65
Oil
Week.
High.
9
5
Oarih-Syndicate
Jan
Aug
Sept
60%
49,000
(t)
com
(old)
70
..94
6% notes....
Atlantic Petrol
Jan
80%
Price.
35
63% June
.
Week't Range
of Prices.
Lots.
Salt.
Par
Preferred
86%
99%
91%
Wash Bait & Annap 5s 1941
Stocks
Atlantic Lnbos OH
Sept
86
1949
94
70
65
Oil
(Concluded)
85%
Car trust 8s
5s
Range since Jan. 1.
for
82
1940
Income 4s
Sales
Week.
93%
United Ry & Elec 4S..1949
Funding
High.
Sales
3
Apr
10c
16
July
Aug
July
Sales
Friday
Last
Par.
Week's Range
of Prices.
Range Since Jan. 1.
for
Sale.
Mining (Concl.)—
Week.
Price.
[Vol. 113.
CHEONICLE
THE
1561
Low.
High.
Quotations for Sundry Securities.
AH bond
High.
Low.
Shares.
prices
are
South Amer Gold A P__ 10
10c
Stewart Mining
8c
4c
3.000
3c
June
2.200
2.300
Tonopab Belmont Dev
1
Tonopah Dlvide..—__1
1% Sept
Tonopah Extension
m
United
Mining
Eastern
78,700
500
UB( Continental Mines new
Vindicator Cons Mia-
1 %
Apr
2.500
2
6.600
5
1 11-16 Ma-
Aug
2%
15.550
27
200
49c
300
15c
150
15c
6
Aug
% May
3
My
24
Sept
uue
Aug
22
% .Tur"-
3,300
4%
J
2
11-16
Sept
7%
4%
650
i
A ui-
1
86e
1
7.300
18c
18c
2.000
15c
Aug
40c
3c
3,500
2c
Sept
10c
1%
12,000
2c
6
1%
i
Bonds—
Jan
3-16 My
18c
Western Utah Copper-...1
White Caps Mining
10c
Apr
Oct
15c
Oct
15c
Apr
Jul*
Aug
15c
June
35c
45c
15c"
1%
July
3.500
4%
Yukon Gold Co
1 7-16
Sept
5c
Unity Gold Mines...
West End Consol'd...
Sept
1%
9c
50c
2%
26%
"47c"
Oct
54c
1% 17-16
United Verde Exten.-.50c
Aug
19-16
4c
l x2 5-10
2%
July
41c
45c
July
10c
98c
1,600
11c
lie
5
.1
Tonopah North Star..
Tuolume Copper
81c
1% 17-16
66c
75c
1
Tonopah Midway.———.
Tonopah Mining.,——1
.
Jan
3fl6 Jan
Sept
1% i 9- 6
—
42,850
———
Tintlc Stan Mining
12C
4c
1
6%
Feb
3%
700
1% 1 15-16
Silver-Lead
Standard
5
4%
May
Jar
1% May
% April
*
Allied Pack conv deb 6s '39
47
44
47
890.000
38
May
60
Ja
Certificates of deposit...
45
43%
99%
91%
99%
47
53,000
35
Sept
47
37.000
2,000
99%
88,000
100%
5,000
99% 118.000
98%
66,000
100%
5.000
101%
9,000
95% 131,000
96
Mar
92
85
Atlantic
£1
new.
Refining
108
108
325
350
50
80
82
Buckeye Pipe Line Co.—
Aluminum MPs
J925
90 u
Amer Light A Trac 6s. 1925
91 y
AlumlnumMfgofAm7s.'33
ggy
7s.
Amer Pow A Light 8s. 1941
Amer Tel & Tel 0s
100%
1922
99 u,
99%
1924
6s......
ggy
98%
100%
101 ^
101%
95^
94%
1922
Amer Tobacco 7s.
--1923
7s
Anaconda Con Mln
7s.'29
6% notes 8erles A.. 1929
Anglo-Amer Oil 7^8—1925
Arraour&Co
Barnsdall
Corp 8«
90
goy
99% 100%
97%
98
99^
97^
1931
91%
101 % 102
io|2
notes. *30
7%
Beaver Board Cos 8s.. 1933
75
75%
Beth Steel 7% notes.. 1922
100
100%
7% notes
—
Equipment 7s.
1923
■
1935
-
_
19241
ggy
Chic A East 111 RR 5s 1951
63 34
Cities Serv deb 7s,SerC.*66
76
Col Graphopbone 8s.1925
Cons Gas of N Y 8s
43%
43u
(0?)
100
1003^
ConsGasElLAPBalt 7s *31
10114
Cuban Tel 1st 7^8—1941
Deere & Co
7#s
1931
"95
95
9714
Galena-Signal Oil 7s.. 1930
General Asphalt 8s.— 1930
96%
100
Goodrich (B F) Co7s
.1925
Grand Trunk Ry 6 >4s. 1936
94 %
Gulf Oil Corp 78.
1933
Heinz (H J) Co 78.... 1930
99 Vi
97%
100%
94%
99%
99%
99%
100% 100%
_
Humble Oil A Ref 7s.. 1923
95%
99
.
78%
1931
81
76
80
76
76
95%
93%
95%
96%
98
1921
8s J P M receipts
Invincible Oil 8s
97%
76%
77%
Interboro R T 7s
..
Kennecott Copper 7s .1930
96%
Laclede Gas Light 7s
94
Llbby McNei & Libby 7s '31
Liggett & Myers Tob 6s '21
Morris & Co 7
76
44
100%
97%
97%
100% 101
101% 101%
102% 102%
95
95%
94%
95
Copper Exp Assn 8»—1923
8% notes Feb 15...1924
8% notes Feb 15... 1925
98%
96%
102
1 102%
98%
98%
63% 64%
95 yt
102
Canadian Nat Ry* 78—19351
Canadian Pac Ry 6s.
98%
95 %i
s.....
Nat Cloak A Suit 8s
97
1930
90
National Leather 8s.. 1925
98
N Y N H & Hartf 4s.. 1922
65
97%
55%
Otis Steel 8s
99
99
..........
J 01'
Reynolds (R J) Tob 6s 1922
Sears, Roebuck A Co 7s '22
7% ser notes. —Oct 15*23
Bolvay et Cle 8s —1927
South Ry 6 % notes..
94
97
100
100%
101% 102
193( t
Procter A Gamble 7s.. 1922
98%
100%
100%
98%
97%
99% 100
„
100^
......
98
'
1922
9,000
169,000
87,000
90,000
5,000
81,000
2.000
53.000
10.000
7,000
46,000
3,000
262,000
37,000
20,000
3,000
21,000
33,000
_
.
7%
7%
ser gold deb
ser gold deb
7% ser gold deb
......
1927
1928
102%
1920
104%
gold deb—1930
105%
7%
ser
7%
ser gold deb
1931
106%
Sun Co 7s
—1931
Swift A Co 7s
1926
7s
Aug 15 1931
94%
TcxasOo7% equ'nts. 1923
Toledo Edison Co 7s w 1941
Toledo Tr L & P 7a... 1922
United
Drug 8s
1941
United Oil Producers 8s 31
United Rye of Hav 7%s '36
Vacuum oil 7s
1936
Western Elec conv 7s. 1925
Winch Repeat Arms 7 % s '41
100
99%
100%
97 %
J
98%
1
94
99% June
101%
95%
83
Jan
91%
2%
97% June
1(
Oct
Sept
93%, June
90
I July
101
Sept
98
May
Feb
99%
100%
Caro Clinch field A Ohio 5s..
7.50
6.75
98
112
Central of Georgia 4%s
6.75
6.00
Chesapeake A Ohio 6%fl—
6.20, 5 85
28
127
Equipment 5s
Chicago A Alton 4%s, 5s.
Chicago A Eastern Dl 5 ME—
Chic Ind A loulsv 4%s
Crescent Pipe Line Co
60
Cumberland Pipe Line
100
Eureka Pipe Line Co
100
Galena Signal Oil com...100
Preferred old—
99%
94%
Sept
97
Aug
Sept
99%
July
Jan
94
58%
Aug
99
Sept
80
100
101
Mar
Mar
101%
101%
Mar
102%
Oct
June
95%
98%
Sept
Aug
Sept
Sept
Oct
Mar
9i%
July
98
Sept
98%
Sept
102%
New York Cent 4%s, 5b
87%
84%
91 %
99
76
Oct
96%
94%
J an
Jan
Oct
Sept
Norfolk A Western 4%B
6.40 6.90
}
380
108
30
3
Northern Pacific 7s
6
)
)
99%
j
>
—
,*110
Midwest Refining
Tobacco Stocks—
73
78
105
American Tobacco scrip..
*11%
100%
Jan
103
100
Jan
102%
9%
42
70
100
100
5s, 1934—.—
AAO
Carolina Pow A Lt, com. 100
Cities Service Co, 00m
100
65
Scrip.
scrip.
106
Oct
106%
Oct
89% June
96
93% June
65,000
41.000
97%
98 %
Aug
100%
100%
Jan
100%
43,000
4.000
96%
98%
Sept
98% 172,000
93%
Sep 1
5.000
98%
103%
63.000
91
71,000
99% June
100% 101%
92
95%
46,000
97%
14,000
89% June
Aug
June
Jan
99%
99% 258,000
03,000
10%
91.000
7%
99'A
Oct
10%
Oct
101%
6%
Oct
7
Oct
16%
12%
Aug
7
Oct
12
Aug
{Frankfort 4s
7%
French VJctory 5s.... 1931
Premium 6s
7% 055,000
55
55
67%
67%
10
{German Gen El 4%s
{German Govt 5s
10
96%
1921
{Prussian Govt 3-3 Ms
Queensl'd (State Aus) 7s '41
Rio de Janeiro (City) 8e '46
Russian Govt 6%s ctfs '19
5%
5%
99
97%
61 4
Jan
67%
6% 031,000
6
060,000
Oct
15
Feb
8% 0125000
7% 050,000
7%
7%
7%
9%
96%
5%
7% 030,000
7% 050,000
9% 010,000
5% 050,000
12
5%
5% 050,000
21,000
99%
98%
52,000
99
99
9' %
15
36,000
6
Oct
Jan
7%
Oct
17%
7%
7%
9%
96%
Oct
14
Jan
July
Oct
16
Jan
5%
15
2,000
97%
12%
5,000
06,000
54,000
Oct
14
Jan
Sept
98
Aug
Jan
21
5%
99%
98%
Oct
Oct
Oct
Oct
Oct
Mar
20
12
Jan
21
Oct
15%
Jan
91
Elec Bond A Share, pref.100
Federal Light A Traction, 100
Preferred
....100
—
—
Jan
0100000
88c
Sept
75c
50,000
75c
Oct
Feb
70
Preferred
10%
—
—
—
—
Sugar Stocks
17
*46
49
*%
50
70
48
95
90
95
60%
27%
138
63
29
139
52%
53%
8
11
71
75
7
9
24
26
82
84
50
93
13
100
Preferred
United Lt A Rys, com—.100
1st
100
preferred
Western
Power Corp
Preferred
100
....100
—
Short Term
8
9
56
60
89
"13"
12
66%
68
82
82%
95%
93%
*2
10
10
25
42
45
78
82
76
80
70
72
80
81
16
17
78
ioo~
99
5
6
16
20
91
93
97
100
*7
9
*32%
1
33%
2
434
6
22
24
63
65
28%
30
71
73
Securities—PeT Cent
42
Am Cot Oil 6e
1924..MAS2
90%
90%
50
75
Amer Tel A Tel 0s 1924.FAA
96
99
98%
99%
99%
10
20
*15
Savannah Sugar, com (no par)
6% notes 1922
A AO
MAN
7% notes 1922
10034 101
70
188
192
1321
Industrial & Miscellaneous
—100
American Hardware—..100
American Brass
101
Anglo-Amer Oil 7% 8*26 A AO
200
G5
100
7% notes 1923
MAN
AnacondaCop Mln 6s'29_ JAJ
7s 1929 Series B
JAJ
42
100
Fin, com. 100
99
Amer Tobacco
20
38
100
Preferred
115
37
Santa Cecilia Sug Corp, pflOO
West India Sug
100
Tennessee Ry, L A P.comlOO
'
14
9
National Sugar Refining. 100
Preferred
100
...100
Preferred
60
105
100
Sugar
...M&Nj
—
Preferred
94
Juncos Central
Preferred
Standard Gas & El (Del)..SO
*9
Holly Sug Corp, com (no par)
pref-lOOj
South Calif Edison, com. 100
70
90
1941
Gen m 7%s
10
45
Great Western Sug, com .100
Pacific Gaa A EI, 1st
Republic Ry A Light
1%
65
Preferred
Fajardo Sugar
Federal Sugar Ref, com. .100
100
Puget Sound Pow A Lt—100,
Preferred
100:
mmmm
2
100
North Texas Eleo Co,com 100
Preferred
1%
♦15
Central Sugar Corp. (no par)
par)
100
Preferred
—
%
1935.. MAN
Northern Ohio Elec. (no
Preferred
1
i
100
North'n States Pow, com.100
-
so"
70
Rubber....
Mississippi Rlv Pow, com 100
Preferred
27
Mohawk
Great West Pow 6b 1946.JAJ
8 f g deb 7s
50~
102
Arm'r ACo7sJuly
90%
95%
101%
91%
95%
11025%
15'30JAJ15
99%
99%
Deb 6s J'ne 15 *23 .J&D15
98
99
85
Deb 6s J'ne 15'24.JAD15
97
98
*22
Bliss (E W) Co, new—no par
Deb 6s J'ne 15 '22 .JAD15
43
80
Typefounders, con
Preferred
137
39
25
Beth St 7e July 15 '22.JAJ16
100
*50
Amer
60
7% notes July 15 '23 JAJ15
Canadian Pac 6s 1924. MAS2
100%
98% 93%
88% 98%
95
Celluloid
97
86
Preferred
88
Federal Sug Ref 6s 1924MAN
96%
96%
101
103
Goodrich(B F)Co 7s'25.AAO
95
95%
Hocking Valley 6b 1924.MAS
Interboro R T 7b 1921..MAS
93
97
79%
80%
—
Company.
84%
9(3%
111
du PontCE I) de Nem&colOO
67 %
1
Havana Tobacco Co
8
%
98%
114
K C Term Ry 6s
68%
2
4
6
/45
2% May
48
'23-MAN15
Qft
yo
6%s July 19.31 —
JAJ
Laclede Gas 7s Jan 1929 FAA
99
100%
94
94%
72
72%
Lehigh Pow Sec 6s 1927.FAA
LlggettAMyerSTob6B'21 JAD 109% 100%
Odd lots,
t No par value.
I Listed on the Stock Exchange this week, where
additional transactions will be found.
0 New stock,
w When Issued,
x Ex-dividend;
y Ex-rlghts.
2 Ex-stock dividend,
t Dollars per 1,000 lire, flat.
{Dollars
Marks,
iMining last
week
at 3c.
Only
6c., 3,400 shares.
Salt.
/66
5s, 1951
*
International Silver, pref.100 *-
60%
Pub Ser Corp N J 7b
'22.MAS
96
96%
68
Sloss Sheff 8 A 16s '29..FAA
87
89
90
Southern Ry 6s
98%
Lehigh Valley Coal Sales.50
*
k Correction
sales of MacNamara Crescent
—
First Mtge 5s, 1951—-JAJ
10%
Sept
3
88c
Com'w'th Pow, Ry A Lt.100
Preferred
100
76
Mar
7%
79%
14
100
Preferred
93
—
Aug
89%
14%
Colorado Power, con* ...100
Preferred
100
and vr ices)
*60
Mar
Oct
7%
89%
8
Oct
17%
75c
4s
§58
6
Sept
88c
89%
Oct
6
14
1921
{Stuttgart 4s
Switzerland Govt 5%s 1929
Aug
Sept
7%
Philippine Govt 5%S—1941
Jan
Jan
12
7%
j
49%
18%
Sept
6
4s
49 %
Oct
12
6
{Hamburg 4%s
§4s
'
1,000
1,000
025,000
7%
Jan
60
13%
93
88
Preferred
Sent
Oct
99% Sept
18% Mar
57%'
-
Sept
107% Aug
101% July
104% Sent
101% Sept
97% May
6
preferred
1st
86
Sept
93% Sept
98% Sept
100% June
Sept
5
100
90
Oct
Feb
15%' 18%
Participating pref
85
July
Aug
100
80
Sept
101%
11
60
Oct
100%
74
7
Amer Wat Wks A El
85%
1' 5
72
83
73
103%
100
38
Preferred
72
103
com..100
Preferred
81
Jan
82
65
78
MacAndrews A
91
80
62
Amer Public Util, com...100
186
Jan
Jar
89
100
Hot-'
Sept
190%
Amer Power 4b Lt,
Preferred
104
Sept
Sept
100%
*40
100
Preferred
99
Jan
100%
50
100
Preferred
160
94% May
50 *101% 102%
Amer Gas A Elec, com...
80
154
Sept
6.00
6.25
Utilities
Amer Lt A Trao, 00m
93
Sept
5.76
6 50
Ry 6b
Public
16
*9
6.10
Virginian
100
99%
98%
6.50, 6.00
7 00
Union Pacific 7a
12
91
102%
99%
09%
103%
6.50; 6.00
Toledo A Ohio Central 48...
12
*11%
*14
95
05,000
69%
International
.
43%
—
1st gold
100
Singer Manufacturing-—100
Singer Mfg, Ltd
...£1
New York
City Banks and Trujst Cos.—See
New York
City Realty and Surety Cos.—See
page
155
165
1922—MAS
Swift A Co 7% '25..AA015
7% notes Aug 15 1931
—
78
82
Texas Co 7s 1923
81
83
U S Rubber 7%s 1930—FAA
*92
94
Utah Sec Corp 6s '22.MAS15
•2
2%
MAS
West Elec conv 7s 1925-A AO
98%
99% 100%
95% 100%
100% 100%
101
101%
92% 93%
100% 101%
1546
•
p.
~68 "
Phelps Dodge Corp
100
Royal Baking Pow. com. 100 '
Preferred
107
100
01,000
at
150
Oct
7
were
125
1
Sept
Mar
6.10; 5.75
Equipment 7b
3
May
June
5.90
Southern Railway 4%b
78
72
94%
5 80
6.75
Equipment 5a
97
100%
6 20
7.25
Southern Pacific Co 4%a
150
98%
Mar
Mar
5.86
5.85
6 37
Equipment 4%s
16
Apr
97%
94%
5.75
6.40
6.40'
7.25 6.75
7.30 6 90
7.30 6 90
6.40 5.90
Seaboard Air Line 5s
8
*14%
7%
6.60
30j5.89
6.15
Pacific Fruit Express 7c
Reading Co 4%b
182
*7%
Aug
Oct
Sept
Oct
7.25
St Louis Iron Mt A Sou 5s..
86
'*84
128
5
93%
7
I There were no
30
47
7
0
275
80
99%
.....
Pittsburgh A Lake Erie 6%s
37%
7
1.000 marks.
>5
Stocks
Merritt OH Corp
_
4%S—
St Louis A San Francisco 5s,
)
Other OH
7s
Equipment 4s
*3i>%
6%
5%s
88
265
*25
Preferred
Equipment
Pennsylvania RR 4%S—..
95
*,0
100
10%
{Dresden 4%s
5%s
35
Aug
fCoblenz 4s
{Munich
no.
85
MunlrlDaHHes.
{Leipzig 6s
0
Sep;
101
6.30. 5.80
N Y Ontario 4b Weet
102
Air.'
6.45' 6.15
7.00; 6.40
0.30 5.86
338
101
July
6.75
142 145
107% 107%
Jar
98%
7 25
334
Oct
99%
6.00
7.50; 6.76
1
Mar
Sept
00, 0.40
6 50
Missouri Kansas A Texas 5s.
Missouri Pacific 6s
...
June
87
7
Equipment 6%s A 7e
97
96
5.80
6.20; 5.80
)
5
Preferred
54
{Badlsche Anil Soda 4%s_.
sales
155
Oct
} Berlin 4s
per
Equipment 6%s
Mobile A Ohio 4%s. 6s
145
Godchaux Sug Inc.-(no par)
Argentine Nation 7s._1923
{Vienna
495
1
June
80
Oct
76
83
Foreign Government
and
575
)
6.20
Equipment 0%s
57
94% June
Jan
6.25
6.50, 6.00
Minn St P A 8 S M 4%sA 6e
77%
73%
67
Aug
5.80
7.00
Michigan Central 5s, 6s
94
69%
6.20
*73
555
385
100%
30.000
95.000
97%
Equipment 7b A 6%s
Michigan 4%a—
6.00
Louisville A Nashville 6fl
*77
90
Jan
6.50
5
Oct
98% Sept
94%
6.25
tt(Y
a
6.50' 6.00
Equipment 4%s—
158
100
6.75
—
Illinois Central 5s__
80
153
Mar
8,000
4,000
106
Hocking Valley 4%s, 5b
192
Sept
94
6.70
370
Sept
Sept
5,000
106%
98%
Apr
6.75
7.12|
Southern 5s.
188
53
99%
Jan
92% June
6,000
14,000
105
94%
99% 100%
99% 100
100% 100%
103
98
6.50
7.60
Erie 4%s, 5s A 6s
350
75
)
7.00
Kanawha A
97
83
Jan
102%
103%
Colorado A
)
..
6.00
6.00
)
Standard Oil (Indiana)
6.35
5.80
200
j
6.25
6.50
196
3
7.00
7.00
7.00
6.25
3
South Penn Oil
6.06
7.50
Equipment 6%s
Chicago R I A Pac 4%s, 5s__
520
June
90
Chic St Louis A N O 5S—...
6.65
7.50
Chicago A N W 4%8—
j
Apr
Jan
Sept
95
90
80
160
*81
83
165
84
*13% 1*
*-«
28
New York Transit Co.—100
148
1 ;2
Northern Pipe Line Co..100
85
88
Ohio Oil Co
26 *264
268
Penn Mex Fuel Co..
25 *18% 20
Feb
Oct
35
98%
—
Mar
76
June
97
Aug
99% Sept
70
98%
97%
98%
98%
97
98
103%
...
80
42
85
..100
new
Illinois Pipe Line
100
Indiana Pipe Line Co
50
International Petrol.(no par)
National Transit Co. —12.50
Aug
June
5.85
155
Feb
99
65
6.20
96
Feb
95
5 75
5.75
145
Sept
Sept
92
6.000
102% Sept
Jan
48,000
28,000
102%
Sept
Mar
13.000
99,000
102%
102%
102%
103%
104%
105%
99%
91
99%
98%
98
97%
101 %
Jan
97
100% 101
103%
Jan
92%
36,000
98 %
98 )4
102%
38,000
12,000
34,000
40,000
32,000
16,000
15,000
16,000
131,000
39,000
12.000
94%
Sept
100%
Oct
100
Sept
5.76
6.00
108
26
122
75
39
Aug
100
6 00
6.00
Equipment 4s
Equipment 6b
.100
new
Sept
92
Oct
Oct
102% 102%
102% 102%
100
Southw Bell Telep 7s -1926
Stand Oil of N Y deb 6%s '33
7% ser gold deb 7s
19 '5
7% ser gold deb
1926
90
98
72
99%
100%
100%
98%
98
17,000
56.000
53.000
63.000
10.000
8,000
43,000
58.000
9,000
48,000
137,000
7,000
24.000
40,000
99%
Jan
99%
100%
Equipments—Per Ct. Basis. I
6.501 6.00
—100
Chesebrough Mlg new...100
Continental Oil
Preferred
RR.
Baltimore A Ohio 4 %s
Buff Roch A Pittsburgh 4%e
Canadian Pacific 4mb A 6s.
100
100
Preferred
Borne Scrymiser Co
Preferred
Ask.
*15% 16
840 875
100
Oct
99%
Anglo American Oil
"and interest" except where marked "f.r
Bid.
Standard OH StochsPar
1546
per
share,
/Flat price,
t Basis,
kLast sale.
tf Purchaser also pays accrued
»
Nominal,
• Ex-dlvWend.
dividend.
»
Ex-rlghts.
• Now
stock
and
RAILROAD
The
1565
gaikcrad Jnlelligmce.
GRQSS EARNINGS
earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
are brought together
separately on a subsequent page.
following table shows the
gross
Week
Current
Vicksb. August
Alabama &
Year.
297,055
Month.
Previous
Year.
or
310,213
}
230.888
215,509
752,749
2,253,747
2,154,138
Baltimore & Ohio__ August
B & O Ch Term-- August
Bangor & Aroostook August
Bellefonte Central.. July
Belt Ry of Chicago. August
Bessemer & L Erie.
August
Bingham & Garfield August
Boston & Maine.
August
Bklyn E D Term... August
Buff Roch & Pittsb. 4th wkSept
Buffalo & Susq
August
Canadian Nat Rys. 4th wkSept
Canadian Pacific.__ 4tlc wkSept
Caro Clinch & Ohio. August
Central of Georgia.
August
Central RR of N J.
August
Cent New England Jjuly
_
__
_
.
'August
Charleston & W Car August
Ches & Ohio Lines. _jAugust
Chic Burl &
Quincy.'August
Chicago & East 111.
August
Chicago Great West August
Chic Ind & Louisv. August
Chicago Junction.. August
Chic Milw & St Paul August
Chic & North West. August
Chic Peoria & St L_ August
.
August
Chic R I & Gulf.. August
Chic St P M & Om. August
Cine Ind & Western August
Colo & Southern
4,573
550,193
1,696,766
12,058
1,629,569
4,551,464
1,273,476
4,074,026
59.270
2,662.201
40,976
3,486,004
9,108,219
8,183,636
128,707
1,261,653
7,240,749 8,189,327 50.931J01 54,161.218
110,528
116,079
397,520
742,389
252,834
3,291,757
6,849.000
600,841
2,117,810
5,038,245
152,173
3,463,382
5,915.000
607,280
1,729,685
4,887,844
693,315
631,27.5
246,055
7,086.883
677,246
643,451
871,422
345,232
3d wk Sept
712,646
11,04#.505 16,759.068
1,313,902
1,838,276
78,551,865 74,107.168
133368000 144722000
4,833,955 4,590,502
14,913,640 16,709,199
34,668,197 30,912,382
4.802.9K
3 50?,387
4,258,139 4,358.279
2,196.628 2,374,809
56,960,647 53,761,378
20,189,008 18,588,141
344,457
7,615,757
3.091,248 2,618,421
16494580 15486356 108921 172
,2,574,973 2.855,077 17,613,395
2,320,927 2,149,576'15,952,505
1,363,190 1,528,5621 9,963.862
322.777
469,585
3,363,798
14381660 14158568 94,348.780
14875967 15287252 94,697,431
275.842
195,579
1,331,053
12922058 126.34768 86,818,462
529,814
5,144.12.?
872,953
2,822,486 2,803,630 18,129,997
'August
Chic R I & Pac
396,884
2.351,052
713,192 18,461,791
114807771
18.965,767
15,100,557
9,888,557
2.100,913
105640277
102930480
1.678,203
86,653,601
4,314,672
20,256,826
2.837.343
20,975,385
7,994,391
1,174,148
1,095,035
511,906
27,117,304
49,451,486
20.661,698
1.747,145
1,254.464
3.068.362
555,802
1,062.607 1,180,374
7,319,328
174,113
308,257
1,876,870
162,962
131,495
1,057,2.57
88,281
974,506
100,925
Delaware & Hudson August
4.137.445 4.311,324 30,513,775
Del Lack & Western August
7,599,717 7,629,678 57,374,406
Denv & Rio Grande July
2,738,016 3,419,764 16,978,783
Denver & Salt Lake August
300,567
325.681
1./64.899
Detroit & Mackinac August
192,456
199,/93
1,300,598
Detroit Tol & Iront. August
399,142
763,840
4,541,411
Det & Tol Shore L.. August
161,006
291,737
1,720,677
1,332,663
Dul & Iron Range.. August
791,428 1.626.536
3,700,772 6.985.449
Dul Missabe & Nor
August
2,188,959 2.925.537
8,754,680 12,215,918
Dul Sou Shore & Atl 3d wk
132,070 3,285,582 4,016.449
Sept
91,067
Duluth Winn & Pac August
141-.870
198,927
1,638,226
1,569,233
East St Louis Conn.
August
138,061
130,294
1,062,144
865,784
Eastern SS Lines.
691.49
July
753,698
2,628.62*
2,311,25?
Elgin Joliet & East. August
1,454,091 2,124,756 13.129.540 14,845,057
El Paso & Sou West August
729,969 1,182,155
7,709,972 9,429,093
Erie Railroad...
August
9,360,470 9,481,442 67.460,494 64,797.910
Chicago & Erie.. August
990.889 1,227,247
7,031.203 7,807.734
N J & N Y RR
August
122,188
135,850
991,609
836,861
Florida East Coast
August
707,393
837,022
9,728.443 9,099,129
Fonda Johns & Glev August
119,226
134,161
S98.273
938,212
Ft Smith & Western August
166,184
125,576
1,153,232 1,162,404
Galveston Wharf.
August
193.444
338,727
1.869,613
1,010,404
Georgia Railroad... August
423.117
.542,329 3,476,574 4,266,850
Georgia & Florida.. August
105,531
132,317
925,194
922,758
Grand Trunk 8yst._ 4th wk Sept
2,940,151 3,334,566
Atl & St Lawrence August
187,667
265,187
1,906,887
1,939", 362
ChDetCanGTJct August
214,977
165,011
1,246,351
1,174,250
Det G H & Milw. August
538.847
502.063
2,810,300 2,952,197
Grand Trk West. August
1,552,329 2,558,489
9,736,724 11,064,291
Great North System August
9,606,158 10533312 59,652.907 76,280,947
Green Bay & West. August
124,440
109,136
919,363
806,891
Ft W &
Den City August
Trin & Brazos Val August.
Wichita Valley... August
Cumb Val & Martins August
__
Gulf Mobile & Nor. August
Gulf & Ship Island. August
Hocking Valley
Illinois
August
Central
Internat & Grt Nor
Internat Ry of Me.
K C Mex Sc Orient.
_
K C Mex Sc O of Tex
Kansas
City South.
Texark & Ft Sm__
Total System
Kansas City Term..
Kan Okla & Guif...
Lake Sup & Ishpem
Lake Term Ry
Lehigh & Hud Rive
Lehigh & New Eng.
Lehigh Valley
Los Ang & Salt Lake
Louisiana & Arkan.
August
August
August
August
August
August
August
August
August
August
August
August
r August
August
August
August
August
Louisiana Ry Sc Nav August
Louisville & Nashv^ August
Louisv Hend Sc St L August
324,650
313,364
2,693,417 2,366.846
236,428
261,197
1.861,883
1,894,580
1,435.031 1,629,919
9,171,558 9,602.500
12386163 12488633 92,828,040 89,914,786
1,405,157 1,446,937 12,466,737 11,053,673
172.280
189,632
1,919,624 1.917.363
239,461
146,854
1,225,605
1,048.896
207 583
162,651
1,426,683
1,155,488
1,679,784 1,612,034 13,298,298 11,902,049
206,873
179,872
1,468,259
1,353,185
1,882.143 1,909.449 14.741.541 13,542.710
109,671
142,515
1,014,775
993,676
176,863
227,672
1,530,201
1,571,701
71,633
282,148
175,889
1,095,388
85,570
114,828
857,733
846,371
267,681
277,899 2,133,657
1.767,504
437,362
396,319
3.048,067 2,923,015
6,587,340 7,130.353 49,689.364 44,853,836
1,597,533 1,932,547 13,187,688 13,141,572
261,001
333,575
2,196,297 2,677,328
456.159
10239879
263,948
Maine Central
August >
1,669,586
Midland Valley
August
369,540
Mineral Range
3d wk Sept
3,854
Minneap & St Louis 4th wkSept
324,143
Minn StP&SSM. August
3,959,470
Mississippi Central. August
94,033
Missouri Kan Sc Tex August
3,257,209
427.759
2,618,915
2.715.437
11272073 77,454.579 81.303.721
289,473
1,892,969 2,019,375
1,888,258 13,697.048 12,809,907
466.445
2,955.613 3.133,342
10,437
225,794
470,170
466,751 11,714,698 12,231,189
4.465,270 26,872.985 30.074,370
100,097
693,862
639,750
3,656,234 22,097.621 25,673,232
AGGREGATE OF GROSS
*
3d
4th
1st
2d
Current
Weekly Summaries.
week July
week July
week Aug
week
3d
week
4th week
1st
week
2d
week
3d ' week
4th
(20
(19
(19
(19
roads).
roads).
roads).
Aug
roads).
Aug (19 roads).
Aug (10 roads).
Sept (18 roads).
Sept (17 roads).
Sept (18 roads).
week Sent
/11
roads).
Total
I Previous
Year.
Year.
Increase
Current
Previous
Year.
Year,
Year.
2,379,554 2,408,100 17,964,669 17,864,733
6.035,298 6,331,421 41,966,412 45,314,358
1,782
186,291
653,530
1,304,303
10591860 10243487 71,952,075 73,854,231
August
4th wk Sept
449,985
590,775 13,381.364 13,386,952
101.99/
August
139,384
1,173,405
957,116
363,275
438,482
2,557,671
2,480,311
August
272,064
August
49,719
2,039,893
462,814
100,756
167,738
August
869,703
1,014,225
1,807,919 1,941,109 13.757,230 15,795,340
August
11.443
12.559
1st wk Sept
249.513
218,130
16,823
162,338
240,261
1,270,857
August
155,950
101,259
831,755
1,068,222
August
247,970
1,711.631
1,696.141
233,339
August
212,581
321,881
1,729,535
1,747,688
August
191,431
1,482.635
184,057
1,386,607
August
712,797
4,011,798 4,696,018
590,272
August
27636014 33715149 211457856 229500914
August
756,304
926,707
5,834,588 5,463,957
August
5,992,294 7,431,302
833,914 1.091,451
August
6,713.198 8,306,147 47,544,257 55,379,972
August
7,091,001 7,945,179 52,927,268 55,406,591
August
350,523
402,246
2,480,912! 2,215,561
August
1,694,007 3.359.594 15,575,403 18,872,532
August
7.719,792
1,047,499 1.353,300
6,971,789
August
481,093
458,582
3.178,034
3,191,738
August
2.383.358 2,666,717 17,632,207 17,320,504
August
265.774
578,450
125,001
2,327,096
August
10231624 11730439 75,333,512 77,488,750
August
August
system
Missouri Pacific
Mobile & Ohio
Columb & Greenv
Nashv Chatt & St L
152,030
424.734
11,287
410,605
1,652,351
181,281
Jan. 1 to Latest Date.
Previous
Mo & North Arkan. August
Monongahela
Monongahela Conn.
232,3G3
404.116
Current
Year.
Mo K & T Ry of Tex August
.:
17933438 191443291130702162 138003473
___
Chicago & Alton
489.802
or
Month.
Year.
Year.
2.000,124
3.873.436
288,878
1,670,749 2,009,166
850,991. 3,371,196 3,392,172
4.175.444 5,744,865 45,193,753 48,455,333
Atlantic City
August
Atlantic Coast Line August
Central Vermont
Week
RONDS.
Previous
Current
Ann Arbor
3d wk Sept
124,502
120,996
3.491,154 3.724.342
Atch Topeka & S Fe'August
17908777 19939620 122591692 137492643
Gulf Colo & S Fe. August
3,359,902 2,258,044 20,109,891 16,301,883
Panhandle S Fe__ August
955,548s 6,075,828 5,749,934
1,106,343
Atlanta Birm & Atl. August
Atlanta & West P't_ August
Latest Gross Earnings.
Jan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Montour
Nevada-Calif-Ore
Nevada Northern..
-
_
Newburgh & Sou Sh
New Orl Great Nor.
N O Texas & Mex__
Beaum S L & W__
St L Browns & M
New York Central.
Harbor Belt.
Iud
Lake Erie & West
Michigan
Central
Cleve C C & St L
Cincinnati North.
Pitts
& Lake Erie
Tol & Ohio Cent.
Kanawha & Mich
N Y Chic & St Louis
N Y
Connecting
—
N Y N H & Hartf..
•
N Y Ont & Western August
N Y
Susq & West.. August
Norfolk
Southern._ August
Norfolk & Western. August
Northern Pacific.
_
_
August
NorthwesternPacific August
Pennsylv RR & Co. August
Bait Ches & Atl.. August
Cine Leb & Nor.. August
Grand Rap & Ind August
August
Long Island
Mary Del & Va_. August
N Y Phila & Norf August
Tol Peor & West. August
W Jersey & Seash August
Pitts C C & St L_ August
Peoria & Pekih Un. August
1,578,680 1,582,215
373,847
400,831
9,714,477
2,879,238i
8,439,085
2,823.710
610,644
673,935
5,231,451
5,088,996
6,806.597 7.491,820 52.785,016 52,854,636
8,921.239 9,652,139 57,225,813 69,829,624
959,848, 877,577 5,609,266 5,046,616
42818588 51512/14 332653133 337362258
216.597
212,800
1,025,846
1,133,072
798,020
104,412
100,078
747.173
968,268
808,804
5,609,966 5,944,255
3.199,965 3,011,381 19,282,531 16,658,293
183,172
827,802
846,935
5,196,487
885,472
4,150,120
1,395,712
150,218
238,417
1,085,340
9,161,697
1,829,662 2,2/3,910
9,003,458
8,189,114 7,383,815 63,710,814 67,816,176
156,741
477,556
134.'>21,
146.703
!,H87,674
1,021.111
4,010,500 3.711,230 24,318,046 25,010.358
//2,645
852,478
98,145) 117,314
Phila & Reading
7,122,009 7,607.424 56,254,958 55,922,071
August
/ 88,033
1,039.379
Pittsb & Shawmut-. August
132,709
96,/98
86,957
122,811
Pitts Shaw & North July
683,169
798,644
174.886
265,155
Pittsb & West Va_. August
1.288,943
1,444,408
Port Reading
166,6/5
161.684
1,114,11V
1,503,200
August
124,142
860,009
118,773
847,298
Quincy Om & K C.. August
Rich Fied & Potom. August
705.140
880,854 6,920,849
7,334,100
Rutland
543,874
574,270
3,632,533
3,853,240
August
326.100
St Jos & Grand Isl'd August
296,928
2,111,007
2.088,739
St Louis San Fran
7,515,558 8,100,832 54,034,447 58,028,517
August
Ft W & Rio Grande August
167,866
170,370
1,234,664
1,137,039
St L-S F of Texas. August
169,453
177,031
1,092,410
1,231.202
St Louis Southwest. August
1,323.935 1.843,238 10,950,955 13,343,510
St L S W of Texas August
639,292
8(6,246
5.751,021
4,894,927
Total system
456,670
3d wk Sept
662,890 17,047.824 21,059,888
St Louis Transfer.. August
90,436
124,728
877,812
744,712
San Ant & AranPass August
400.017
658,324
4,028,425
3,240,732
San Ant Uvalde & G August
125,166
134,930
991,078
843,759
Seaboard Air Line.. August
2,9/8.606 3.619.595 28.330,796 31,916,922
Southern Pacific
17544289 17518559 126086011 125112976
August
Southern Pacific Co August
24212913 23841265 177088786 173210705
Atlantic S S Lines August
910.391
495.446
6,869,808
3,490,998
Arizona Eastern. July
176,424
343,914
1.763,422
2,348,207
Galv Harris & S A August
2,153,292 2,461,181 16,803,557 16.470,652
Hous & Tex Cent August
962,166
8,887,077
7,211,501
1,213,870
Hous E & W Tex. August
278,554
223,842
1,890,380
1,900,215
Louisiana Western August
432,343
443,113
2.908,635
3,458,052
707,031
Morg La & Texas August
781.832
5,694,336 6,665,225
Texas & New Orl August
921.505 5.676,823 6.356,149
713,387
Southern Railway.. 4th wk Sept 4,033,917 5,365,413 123476938 144507745
Ala Great South. August
751.653 1,118,079 6,207.828
7,364,260
Cin N O & Tex P. August
1,361,332 2,007,672 11,567,208 13,231,729
Georgia Sou & Fla August
372,769
3,488,449
473,492 2,989,647
New Orl & Nor E_ August
519,638
727,413 4,266,987 5,019,366
North'n Alabama August
69,571
123,938
572.711
995,446
118,611
Spokane Internat-1. August
128,782
857,340
1,000,445
930.332
Spok Port & Seattle August
688,918
4,873,053
5,773,803
Staten Island R T_. August
248.010
237,739
1,688,132
1,538,376
Term Ala & Georgia 3d wk Sept
89,703
1,551
4,940
140,096
Tennessee Central.. August
202,884
252,557
1,559,806 1,881,875
Term RR Assn of StL August
392.733
406,108
2,915,256 2,917,618
St L Mer Bdge T_ August
390,616
318,185
2,338,065 2,546,042
Texas & Pacific
3d wk Sept
660,346
907,867 25,307,615 28,623,208
Toledo i-t L & West August
5.982.490
888,005 1,197,435
7,482.413
Ulster & Delaware.
200,848
250,572
August
1,184,386
925,833
Union Pacific.
12004160 12542760 70,031.399 79,034,117
August
Total system
18444007 19581695 110342219 128846408
August
Oregon Short. Line August
3,537,404 4,036.698 21,780,680 28,274,562
Ore-Wash RR & N August
2,898.442 3,002,237 18,530,140 21,537,728
Union RR (Penn)__ August
937,626
821,481
6,540,534
6,232,916
Utah
95,033
181,430
721,478
1,216,024
August
Vicks Shrev & Pac__ August
361.367
351.327
2,722,117 2,960,329
Virginian Railroad. August
1,448,6.54 1,676.133 12,594,828 10,498,820
Wabash Railroad.. August
5,406.857 5.761.056 39,101,778 36,552,106
Western Maryland. 3d wk Spet
312,936
506.703 12,927,549 12,568,423
Western Pacific
1,238,034 1,688,915 7,811,654 9,811,781
August
Western Ry of Ala.. August
1,637,741
1,826,905
214,841
251,237
Wheel & Lake Erie. August
9.808,359 10,453,395
1,582,179 1,716,781
Wichita Falls & NW August
1,904,123
1,776.389
398,535!
267,087
Yazoo & Miss Valley August
1.583,219; 2,899,304 13,080,885 19,630,599
Pere Marquette.
Perkiomen
August
August
....
_
„
EARNINGS—Weekly and Monthly.
or
Decrease.
Current
%
*Monthly Summaries.
Mileage.
13.598.294
18.335.255
13,508,904
14.213,116
14,019.071
17,389.500
14,508,570
14,895,215
15.663.906
15,925.854
21.923.022
15,671,922
16.527.565
16,587.168
19,310,156
16,462.977
17,296.330
17,499,614
-2,327.560 14.61
17 52i OQ3
20.690.651
-3.587,767 16.37
-2,16.3,018 13.80
-2,314,449
-2,568.097
-1,920.656
-1.954,407
-2.401,115
-1.835,708
-3.166,553
14.00
15.48
9 95
11.87
Curr.Yr.
October
..231,439
November -235,213
December.. -229.422
.
January
February
March
1388
April
May
10.49
June
15.30
July
...
-232.492
-235.653
-234,832
-220,340
.235.333
.235,208
-230,991
Year.
Previous
Year.
Increase
or
Decrease.
%
Prev.Yr
633,852,568 503.281.630 +130570938
592,277,620 438.038.048 + 154239572
539.197.615 443.124,176 +96.073,439
469,784,542 503.011,129 —33,226,587
405,001.273 424,172,348 —19,171,075
456.978.940 458.462,330 —1,483,390
411.279.831 381,112,844 +30.166,987
234.916 444,028.885 457,243,216 —13,214,331
235,059 460.582.512 494,164,607 —33,582,095
66,407,116
230,410 460,989,697 527,396,813
229,935
233,839
228,134
231.513
234.510
233,839
219,743
25.94
35.21
21.68
6.60
4.52
00.32
7.91
2.89
6.79
12.59
1566
THE
CHRONICLE
-Gross from Railway
1921.
1920.
Latest Gross
Earnings by Weeks.—In the table whien
separately the earnings for the fourth
week of September.
The table covers 11 roads and shows
15.30% decrease in the aggregate from the same week last
follows
we
sum
up
year:-
[Vol. 113.
%
■Net from Railway
-Net after Taxes—-
1921.
1920.
1921.
$
%
$
$
1920.
S
Georgia A FloridaAugust....
105,531
From Jan 1
925,194
—139.816
—7,563
132,317
922,758
—62,198
—654,963 —125,470
265,187
1,939,362
—94,274
—226,487
—825,972
-107,672
—247,149
Chicago Detroit Can Grand Trunk Junction—
August....
165,Cll
214.977
43,676
1,246,351
1,174,250
354,072
49.048
37,162
369,306
44,446
121,394
—93,235
—475,797
412
—146,418
—706,272
Grand Trunk System—
Atlantic A St Lawrence—
Fourth Week
of September,
1921.
Decrease.
Increase.
192p.
August
187.667
From Jan 1
1,906.887
-396,101
—244,211
—971,363:
•?
Buffalo Rochester &
Pittsburgh
397,520
3,403,382
5,915,000
Canadian National Rys__.,____
Canadian
Pacific
v
~
_
.
_
_
.344,869
742,389
171,625
3,291,757
0,849,000
934",000
Grand Trunk of Canada.
2,940,151
Canada Atlantic
3,384,566
444,415
324,143
Grand Trunk Western......
Detroit Grand Haven & Mil
466,751
142,608
Iowa Central
August
538,847
502,083
135,562
—90.133
129,271
2,810,300
From Jan 1
2.952,197
—7,790
—449,979
—53,286
109,136
806,891
18,635
160,422
20
Mobile & Ohio....
_....
_
10,835
—7,616
32,543
101 794
—23,085
313,364
2,366,846
39,053
152,008
—454,952
16,003
—470,293
—868,070
2,554
-984,365
47,149
—237,215
—252,069'
Green Bay A Western-
August....
(
5,365,413
590,775
,331,496
17,524,098; 20,690,651
171,625 3,338,178
3.166,553
4,033,917
449,985
_..
Railway
140,790
124,440
From Jan 1
919,363
Gulf Mobile A Northern—
August....
Total (11 roads).....
.......
Net decrease (15.30%).
Net earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of 8TEAM railroad and industrial companies
reported this week:
\
—Gross
•Net from
from Railway—
1921.
1920.
$
Add
—Net after
Railway—
$
1920.
1921.
S
1921.
Taxes—
1920.
S
$
469,445
134.080
395,774
113,661 *-145,871
-128,336
3,215,852
—3,657
238,261
—184,034
Atchison Topeka A Santa Fe System-
2,258.044
2,020.918—1.684,709
16,301.883
5,903,974—1,033,051
1.949,237- -1,771,861
5,301,088- -1,730,664
Panhandle Santa Fe—
August
....
From Jan 1
Atlanta &
955,548
615,608
-490.424
593.403
6 075,828
From Jan 1
—718,008
5,749,934
1,540,037
-554,642
1,379,213
215,609
288,878
48.457
89.540
40,741
80,612
1,670,749
2,009,166
206,081
466.698
97,577
395,276
....
From Jan 1
752,749
3,371,196
850,991
345,174
3,392,172
639,534
335,445
641,753
328,443
486.545
Baltimore A Ohio Chicago Terminal
232.303
152,030
August
From Jan 1
1.629,569
31,719
-152,776
1,273,476
Bangor A Aroostook—
August....
404,116
From Jan 1
424,734
81,278
4,074,026
4,551,464
12,058
128,707
August....
From Jan 1
573,385
-213,641
-954,936
314,358
—6,636 —244 810
-450,741- -1,210,526
47,917
—94,730
290,684
-76,889
204,737
181,281
1,201,653
-25,713
45.876
-173,195
352,839
35,417
290,398
—32,151
—216,909
116,079
36,955
-36,781
30.606
—42,975
712,646
255,9.54
-208,012
202,379
—257,798
Charleston & West Carolina-
f.
246,055
From Jan 1
344,457
352
-154,764
2,374,809
-139.331
-192,018
Chicago Burlington A Quincy—
August
16,494,680 15,486,356
From Jan 1 108921172
114807771
—9,842
—220,836
—166,389
—285,147
5,415.114-3,873.025
4,375,960*—4536998
8,673,893 19,004,488
2,968,313
25,659,115
469,585
322,777
2,100,913
156,386 —196,257
869,032—1,237,729
132,784
—199,472
674,562—1,263,878
7,439
-149,680
—3,842
-156,780
-287.788
-361,862
-366,715
-416,678
Chicago Rock Island & Gulf—
872.953
529,814
From Jan 1
5,144,123
4,314,672
AugUBt
August
345,232
—255,729
364,734
607,805
1,093,563
473,931
—30,763
—248,789
—45,194
—262,238
—268,773
—409,298
—575,087
—530,074
—698,487
246,486
1,638,321
—368,420
875,312
188,561
—428,259
949,432
394 983
462,903
2,402,440
—113,908
404,297
718,277
2,147,859
531,405
102,435
—228,617
94,195
211,421
—530,115
154,141
—235,827
—593,042
162,962
1,095,035
52,383
315,209
—5,774
155,122
41,600
264,485
—10,841
110,225
,137,445
4,311.324
From Jan 1 30^513,775 27,117,304
921,510
4,952,119
221,169
842,675
133,084
156,979
4,238,448
—541,695
368,483
2,487,439
—693,676
3,368,934
218,186
—828,927
1,299,051
2,295,178
1,159,381
1,366,731
From
8,476,635
9,357,557
1,062,607
1,180,374
From Jan 1
7,319,328
7,994,391
—
138,462
1,057,257
Delaware A Hudson-
August.... I
3,114,322
3,692,960
Fiom Jan 1 20,093,104
24,354,668
'
325,681
300,567
51,882
9,618
1,764,899
1,747,145
—49,870
—706,549
192,456
1,254,464
57,951
102,798
—27,677
46,951
—38,584
—69,378
8,704
—175,011
159,692
—50,266
240,771
145,630
497,796
—60,266
—10,192
—17,857
—25,858
—19,303
—
43,882
113,991
606
—784,971
Detroit A Mackinac—
199,793
1,300,598
291,737
161,006
1,720,677
1,332,663
627,861
198,927
1,569,233
—9,509
59,350
130,987
Duluth Winn A Pacific-
116,131
33,424
130,294
.
1,062,144
138,061
866,784
45,173
302,966
103,858
42.481
—254,360
279,716
—
—104,186
—274,421
729,969
7,709,972
130,065
—620,020
41,561
9,429,093
1,653,907
1,935,492
915,195
—720,444
1,211,542
122,188
836,861
24,569
133,884
—33,127
—2,000
21,652
110,427
-35,056
-19,327
Florida East Coast—
August
From Jan 1
707,393
9.728,443
August
119,226
898,273
837.022
9.099,129
—226,159
1,969.445
—319,838
—274,724
2,349,611
1,476,051
60.910
343,918
43,438
262,253
—369,039
*1,961,738
134,162
49,013
938,212
306,853
166,184
4,717
—37,797
-£-4,100
55,835
303,668
Fort Smith A Western—
August
From Jan 1
125,576
1,153,232
August
1,162,404
From Jan 1
193,444
189.477
—302
913,765
162,651
2,987
—270,394
—3 163
—275 969
155 488
-318,847
—777,661
—368,072
—828,986
206,873
179,872
105,022
4,135
96,845
1,468,259
1,353,185
512,132
453J743
452,376
—3,935
364,182
142,515
133,368
234,328
—123,181
—-110,979
—13.245
—150,536
993,676
21,936
—336,721
176,863
227,672
14,754
101 599
5 685
—109 603
1,530 201
From Jan 1
August
1,571,701
47,529
—215,501
—25,342
—301,256
282,148
29,502
1,095,388
—211,714
144,016
506,963
24,143
—255,520
139,082
458,978
109,671
1,014.775
From Jan 1
Kansas Oklahoma A Gulf-
August
From Jan 1
August....
71,633
175.889
From Jan 1
267.681
277,899
—
1,767,504
—92,739
63,052
51,955
468,971
341,561
3,140,121
1,170,.545
75,203
2,133,657
566,183
August....
From Jan 1
—
101,339
—17,220
'
August....
'•
1,932,547
13,141,572
1,597,533
From Jan 1 13,187,688
203,444
1,945,063
96,783
261,001
From Jan 1
232,795
2,457,019
')
333,575
28,595
2,196,297
2,677,328
310,192
August
427,759
2,715,437
456,159
August
From Jan 1
2,618,915
August
289.473
2,019,375
263,948
From Jan 1
1,892,969
4,465,270
30,074,370
3,959.470
From Jan 1 26,872,985
—45,122
630,516
12,237
177,535
—63,265
490,640
191,407
101,118
525,351
242,557
175,313
396,472
129,546
82,534
323,853
—16,483
75,166
264,764
—23,719
249,934
86,692
284,867
630,951 -1,141,165
367,876 -1,533,201
469,040
2,157,350* -1,776,268 —408,767
Mississippi Central-
94,033
From Jan 1
100.097
639,750
693,862
—4 398
—93,025
10,478
—98,036
—.53,442
—420,147
—104,254
—454,971
2,017,902
8,.567,353
958,064
2,341,433
1,662,718
6,858,699
1,116,048
3,778,816
—31,082 j —116,410
—364,977 —264,899
—35,479
—401,084
—110,482
—301,165
—
Missouri Kansas A Texas Lines—
6,331,421
45,314,358
6,035,298
From Jan 1 41,966,412
Missouri A Nor Arkansas-
1.782
653,530
186.291
1,304,303
363,275
438,482
2,480.311
162,525
527,459
162,338
1,270,851
—7,267
-36,747
Newburgh A South Shoie—
August
101,259
155,950
From Jan 1
831,755
1,068,222
19,929
82,994
—44,242
42,630
263,159
—119,976
55,608
62,665
139,187
39,870
50,483
298,189
44,077
-10,925
195,767
38,752
355,136
327,086
-13,775
173,900
256,186
928,732
70,089
442,196
240,983
809,588
346,844
From Jan 1
Monongahela—
From Jan 1
2,557.671
—10,973
166,025
—17,266
—91,846
475,459
—142,190
Nevada Northern-
16,823
240,261
From Jan 1
32,133
—12,306
11,300
438,825
—110*463
357,927
3,394
1,272
—155,945
—88,460
—
—53,061
New Orleans Great Northern-
247.970
1,696,141
233,339
1,711,631
From Jan 1
—98,285
24,142
134,583
—132,229
—193,915.
New Orleans Texas A Mexico—
321,881
1,747,688
212,581
1,729,535
From Jan 1
429,809
Beaumont Sour Lake A Western—
191,431
1,386,607
184.057
1,482,635
August....
From Jan 1
St Louie Brownsville A
42,934
Mexico—
712,797
590,272
4,011,798
From Jan 1
4,696,018
57,769
/
New York Central—
350,523
2,215,561
402,246
August
2,480,912
From Jan 1
926,707
5,463,957
756,304
August
5,834,588
From Jan 1
458,582
481.093
3,191,738
August....
From Jan 1
3,178,034
1,091,451
7.431,302
833,914
August....
From Jan 1
148,997
90,422
131,167
655,661
310,664
528,400
237,056 —593,102
1,060.647 -1,840,135
219,098
—603,800
884,121
-1,927,539
96,116
—109,848
79,406
226,095
5,992,294
1,047,499
1,353.300
From Jan 1
6,971,789
7,719,792
N Y Chicago A
—56,153
—267,998
138.876
—50,862
86,540
—88,100
—550,081
91,102
—111,685
—344,043
New York
245,290
992,403
—152,389
76,743
178.769
—8,169
536,979
94,458
—337,780
2,666,717
666.996
457,925
464.095
17,320,504
3,881,611
4,159,694
2,950,308
177,695
2,664,493
bonnecting—
265.774
125,001
202,379
—7,339
164,636
—37,839
2,327,096
578,450
1,660,933
—67,178
1,347,458
—310,935
3,199,965
3,011,381
16,658,293
1,323,341
3,435,588
-356,204
19,282,531
1,078,689
2,410,511
—576,346
—855.264
—6,214
—288,512
-140.180
—16,139
—368.627
—148,680
.—
From Jan 1
18,560
—80,374
August
—36,670
From Jan 1
Pennsylvania RR A Co—
Island—
49,265
'
Toledo
30,864
—10,352
244,357
St Louis-
August
2,383,358
From Jan 1 17.632,207
172,477
1.
542,329
4,266,850
127,681
184.966
Toledo A Ohio Central—
777,697
98,913
207,583
August
7,794
—44,660
—
—68,374
1,010,404
423,117
3,476,574
—221,464
—630,818
1,426,683
From Jan 1
Long
338,727
1,869,613
Georgia RailroadAugust
—225,086
Kansas City Southern—
August
12,794
Galveston WharfFrom Jan 1
65,666
—569,154
August....
Fonda Johnstown A Gloversville—
From Jan 1
—213,764
146,854
1,048,896
Lake Erie A Western-
New Jersey A New York RR—
135,850
991,609
73,706
—160,734
239.461
Kanawha & Michigan—
1,182.155
Erie Railroad—
August
—381,542
Indiana Harbor Belt—
El Paso A Southwestern—
From Jan 1
—40,794
—1,713
Cincinnati Northern-
141,870
1,638,226
East St Louis Connecting—
August
—44,931
—283,942
1,225,605
August
Detroit A Toledo Shore Line—
From Jan 1
—28,594
118,287
August....
August
Denver A Salt Lake—
August
—29,931
Kansas City Mexico A Orient of Texas—
August
Denver A Rio Grande—
From Jan 1
189.632
1,917,363
August
-
131,495
August
172,280
August
Trinity A Brazos Valley
August....
308,257
174,113
From Jan 1
1,876,870
1,174,148
August
124,673 —731 002
653 542 -2,007,737
1,919,624
August....
City
August
August
164.574 —705,789
951,884 -1 757 385
1,446,937
11 053 673
Kansas City Mexico A Orient—
August
Southern—
August....
Wichita Valley
1,405,157
12.466,737
..
From Jan 1
August
396,884
2,837,343
2,351,052
Fort Worth A Denver
15,387,937 zl,972,762z- 4,672,677
1,180,835—5,572,554
3,963,342 11,286,087—1,830,020
International Ry in Maine-
August....
377,644
1,196,232
Cincinnati Ind A Western—
From Jan 1
August....13,969,381
From Jan 1 105908.924 109545,385zl7,506.617z
Minn St Paul A Sault Ste Marie—
Chicago Rock Island A Pacific-
August
-147,568
Louisville Henderson A St Louis—
Chicago Peoria A St LouisAugust
195,579
275,842
From Jan 1
1,331,063
1,678,203
From Jan 1
90,933
Louisiana Ry & Navigation-
3,363,798
August....
From Jan 1
414,431
Louisiana A Arkansas-
Chicago Junction—
August....
762.968
Illinois Central System—
Los Angeles A Salt Lake—
2,196,628
August
From Jan 1
49,180
9,620,500
—475,390
Lehigh & Hudson River—
110,628
August
386,749
Lake Superior A Lshpeming—
871,422
From Jan 1
108.975
—3,680
From Jan 1
^an 1
—301,783
Kansas City Terminal—
August....
Colorado A
265,303
467,022
526, ..21
Brooklyn E D Terminal-
From Jan 1
1,894,580
1,629,919
Texarkana A Ft Smith-
Bingham & Garfield—
From Jan 1
1,861.883
From Jan 1
August....
Atlantic CityAugust
261,197
Hocking ValleyAugust
1,435,031
From Jan 1
9,171,558
—510,701
West Polntr-
August....
/:•28,013
108,784
From Jan 1
1,106,343
)
236,428
From Jan 1
3.359.902
From Jan 1 20,109,891
....
August....
August....
Gulf Colorado A Santa Fe—
August
2,693,417
Ship Island—
August
496.935
3,213,904
....
From Jan 1
324,650
From Jan 1
Gulf &
International A Great Northern—
Arbor—
August
82,111
Detroit Grand Haven A Milwaukee—
_
Minneapolis & St Louis.______
Southern
From Jan 1
—185,034
24,901
—187,949
—58,225
—190,987
—235,595
Peoria A
August
From Jan 1
Western-
150,218
238,417
1,085,340
1,395,712
-148,302
—216,320'
Oct. 8
1921.]
THE
—Gross from Railway—
-Net from
Railway—
-Net after
1921.
1920.
1921.
1920.
%
%
$
5
1920.
:'V
$
58.175.539 66.299,454
From Jan 1 440551597 444895447
98,145
117,314
772,645
37,485
423,953
46,765
324,098
368,570
300,397
132,709
1,039,379
2,777
—107,610
—59,444
2,621
35.878
—116,509
—66,692
27,803
161.864
67,414
681,332
8,909
82,155
53,259
569,115
Pittsburgh & Shawmut—
August.
96,798
From Jan 1
788,033
Port Reading—
August
From Jan 1
10,319 ■;
43,316
■
166,675
1,503.200
1.114,117
Quincy Omaha & Kansas CityAugust
124,142
118,773
From Jan 1
860,009
847,298
2,431
19,169
—49,082
—128,389
—112,344
—310,076
—53,232
—162,055
—116,266
—341,207
705,140
From Jan 1
St
880.854
7,334.100
6.920,849
170,435
1,373,633
157,392
2,128,517
132,825
124,931
1,874,958
1,094,219
Louis, San Francisco & Subsidiary Lines—
August
7,881.594
2,638,844
13,854,340
From Jan 1 56,552,318
2,220,335
11,058,679
August
From Jan 1
639,292
4.894.927
806,246
5.751,021
—57,626
—217.362
-81,752
—805.633—1,694,823
—240,384
-998,425—1,887,680
St Louis Tiansfer—
August
90,436
744,712
From Jan 1
124,728
877,812
47,044
327,000
—20,681
46,563
—21,295
166,030
322,638
163,532
San Antonio & Aransas Paes—
August
From Jan 1
San
658,324
4,028.425
Antonio Uvalde
August
From Jan 1
&
400.047
180,621
—22,372
3,240,732
—79,904
—678,083
166,469
—131,282
—93,793
—696,252
Gulf—
125,166
134,930
40.615
843,759
991,078
201,471
9,043
—227,310
43,800
6,745
—246,465
178,770
Seaboard Air Line—
Augusts... 2,978.606
3,619,595
From Jan 1 28,330,796 31,916,922
80,173—1,310,141
2,854,015—2,535.422
Southern Paciiic—
Galveston Harrisburg & S A—
August
2,153.292
2,461,181
499,080
—70,768- -1,446,206
1,644,041- -3,711,590
16,470,652
2,376,910
1,158,009
989,047
Houston & Texas Central—
August
1,213,870
962,166
From Jan 1
8,887,077 7,211,501
220,759
884,804
-228,083
—63,115
....
From Jan 1 16,803,557
457,413
2,030,877
1,080,351
316,121
192,490
563,508
—328.425
—475,295
Houston E A W Texas—
August
278,554
From Jan 1
223,842
1.890.380
1,900,215
78,744
244,479
82.194
73,701
211,427
74,883
—218,467
3,680
823,856
152,771
—126.341
456,989
526,625
38,685
1,100,403
178
—50,543
677,347
—142,190
Louisiana Western—
August....
432,343
443,113
From Janl
2,908.635
3,458,152
Morgan's Louisiana & Texas—
August....
707,031
781,832
From Jan 1
5,694,336
176,543
669,980
34 750
6 665,225
26,057
921,505
6,356,149
—69,182
—316,661
Texas & New Orleans-
August
Southern
713.387
....
From Jan 1
5,676,823
103,547
—195,700
128,245
86,216 - -249,645
-228,930 *- -365,041
—
Railway System—
Georgia Southern & Florida-
August....
From Jan 1
New
372,769
2.989.647
473,492
5,003
3,488,449
-254,110
195,740 *—391,344
—11,102
247,484
185,021
—62,372
943,794
—114,445
36,401
—12,032
17,065
*40,216
Orleans <fc Northeastern—
August
From Jan 1
519,638
4,266.987
N Y Consol (Receiv). June
South Brooklyn
June
727,413
5,019,366
141,285
603,439
Northern Alabama—
Cities Service Co.... August
Citizens Trac & subsid July
City Gas Co, Norfolk August
Cleve Painesv & East July
Power
August
Columbia Gas & Elec May
Columbus Electric... July
Com'w'th P, Ry & Lt August
Connecticut Pow Co. August
Consumers Power Co August.
Curnb County P & Lt July
Dayton Pow & Lt Co. July
August
Duluth-Sup Trac Co. August
Duquesne Lt Co subs
light & power cos.. August
E St Louis & Suburb. August
East Texas Elec Co.. August
Eastern Shore Gas & El July
Eastern Texas El Co. July
Edison El 111 of Brock August
Elec Lt & Pow Co of
Abington & Rockl'd August
El Paso Electric Co.. August
ErieLt. Co &si bsid. July
Fall River Gas Works August
Federal Lt & Trac Co July
Ft Worth Pow & Lt.. August
Galv-HoustonElecCo August
Gen G & El & SubCos August
Georgia Lt & Power.. June
Grear West Power Sys August
Harrisburg Ry Co... July
Havana Elec Ry & Lt August
Haverhill Gas Lt Co
.[August
Honolulu R T & LandlAugust
Houghton Co El Lt Co August
Houghton Co Trac— August
H udson & Manhattan July
Huntington Dev& Gas August
Idaho Power C0..4.. August
Illinois Traction Co.. August
luterboro Rap Tran—
Total system
May
Keokuk Electric Co.. August
Keystone Telep Co.. August
Key West Electric Co August
Lake Sh Elec Ry Syst July
Long Island Elec Co. May
Lowell Elec Lt Corp. August
Manhat Bdge 3c Line May
Manh & Queens(Rec) May
fM irket street Ry.. July
Metropolitan Edison. August
Milw Elec Ry & Lt Co August
Miss River Power Co. August
Munic Serv Co & sub. July
Nashville Ry & Lt Co August
Nebraska Power Co.
August
Nevada-Calif Edison- August
N Eng Co Pow Sys._ June
New Jersey Pow & Lt August
Newp N & II Ry G & E August
,
_
August
69,571
123,938
15,058
22,198
11,249
18,281
672,711
From Jan 1
995,446
61,202
180,983
33,755
145,078
128,782
33,252
234,605
41,251
25,625
175.986
35,975
332,591
167,927
765,964
—135,166
540.217
Spokane International—
August
118,611 ?
From Jan 1
857,340
1,000.445
373,809
August
688,918
930.332
4,873,053
From Jan 1
5,773,803
262,942
1,463,299
—17,618
1,284,265
Tennessee Central—
August
202,884
1,559,806
From Jan 1
252,557
1,881,875
9,748
—99,548
15,337
5,144
7,319
—137,900
—37,638
—225,582
171,072
17,780
289,140
—257,789
—147,392
70.653
—318,040
236,474
—649,096
—
1
—21,076
Terminal RR Assn of St Louis—
August
392,733
2 915 256
From Janl
406,108
122,514
2.917,618
727,618
St Louis Merchants Bridge Terminal
August
318.185
From Jan 1
390,616
98,472
2.338,065
2,546,042
368,830
—267,777
—521,606
Toledo St Louis & Western—
August
888.005
From Jan 1
1,197,435
7.482,413
295,517
1,196,184
200.848
5,982,490
95,673
119,237
82,436
259,100
1,138,803
51,436
417*218.
890,608
Ulster & Delaware-
August
250,572
1,184,386
...
From Jan 1
925,833
—67,743
88,033
—72,743
—195,191
63,057
—235,589
—24,456
—19,957
393,657
Utah-
N Y & Queens County June
b N Y Railways
June
65,584
626,445
From Jan 1
155,183
1,034,593
—17,408
37,685
60,055
440,230
1,676,133
10,498,820
474,386
4,418,013
365,214
368,661
301,736
2,461,826
3,621,312
1,963,092
358,765
1,003,738
216,323
263,857
2,180,264
309,062
149,309
1,777,018
53,882
Virginian RR—
August
1,448.654
From Jan 1 12,594,828
Paciiic—
August
1,238.034
1,688,915
From Janl
7,811,654
9,811,181
Western Ry of Alabama-
August
From Janl
214,841
250,237
44,805
1,637,741
1,826,905
172,498
1,582,179
1,716,781
9,808,359 10,453,395
1,963,710
40.701
38,688
33,526
311,774
107,359
254,307
—428,107
057,820
369,151
1,322,442
—496,917
;
Wheeling & Lake Erie—
August
From Janl
478.201
118,622
Corrected
Net earnings here given include uncollectible
railway revenues.
figures.
ELECTRIC
1
.
RAILWAY AND
Latest Cross
Name of Road
or
Company.
Month.
PUBLIC
Earnings.
Current
Year.
Previous
Year.
.
Jan.
1
Pine Bluff Co
August
Portland Gas & Coke. August
Portland Ry, Lt& Pow August
Puget Sd Pow & Lt Co August
ReadingTran&LtCo August
Republic Ry & Lt Co. August
Richmond Lt & RR__ June
Rutland Ry, Lt & P. August
Sandusky Gas & EICo August
Sayre Electric Co--,. August
Second Avenue
June
17th St Incl Plane Co August
Sierra Pa ific Elec Co August
Southern Cal Edison. July
South Can Power Co.
August
Tampa Electric Co.. August
COS.
to Latest Date.
Twin City Rap Tr Co August
United Gas & El Corp August
Utah Power & Light. August
Year.
Previous
Year.
I Utah Securities
Corp August
Corp. August
Virginian Ry & Pow. August
Winnipeg Electric Ry June
Yadkin River Pr Co.. August
Youngs & Ohio RivRR August
Ver't Hydro El
Adirondack P&LCorp August
Alabama Power Co.. August
I Airier Pow & Lt Co. August
Appalachian Pow Co. August
Asheville l'r & Lt Co. August
Atlantic Shore Ry... July
Bangor Ry & Elec Co August
fcBarcelonaTrac,
P AUgUSt
396,381
387,556
361,855 349,417
1904,282 1724,064
205.263
200,696
79,088
77,234
23.789
117,561
2923.804
Baton
43,839
Beaver
49,383
73.060
Rouge Elec Co August
Valiey Tract. August
Binghamton l, H & P August
Blackstone V G & El. August
/BrazilianTrL&P.Ltd July
Bklyn Rap Tran Syst
aBrooklyn City RK-. .June
aBrooklyn Weights R RJune
Bklyn Q Co & Subur. June
Coney Isl & Brooklyn June
Coney Isl & Graves'd June
Nassau Electric. June
300,332
3,036,813
2.768,534
2,960,514
2,497.456
*24656776
*19381819
1,773.442
*853,640
*747,103
2.284,213
2,102,521
14577000 11745000 95,676,000 72,785.000
996,154
6,079
213,477
267,507
16,294
929,385
7,571
5,630,724
36,510
165.114
416,752
571,858
1,078.121
1,313,514
45,907
2,294,376
239,541
15.611
1
to Latest
Date.
Current
Previous
Year.
Year.
56,886
442,907
397.490
124,601 *1,661,085 *1,490,696
40,765
337.138
317,768
107,817
882,179
863,887
2014,224 9,397,283 16,875,439
91,374
563,528
559,358
65,677
622,061
5/1,725
86,785
452,490
449,039
91,63" *1,102,160 *1,071,098
1139.390 0.805,308
0.467.439
132,185
999,881
915.889
140,994
2372,209 2627,694 20,593,588 20,178.684
123,889
119,512
956,406
949,609
1068,10
1168.063
9,265,10
9,102,419
283,508 296,428
1,863,391
1,726,197
295.485
277.933
2.380,509 2,068,143
1732.53
142,916
1681.82
159,968
15,028 O i
13.672.948
1,197,360
1,290,807
1209,994 1125,916 10,749.628
9,534,863
294,108
135,598
376,321
145,136
39.144
39.004
138.389
140,089
91,809
28,989
187,746
61,842
86,594
365,704
99,497
799,695
37,482
219,531
1,518,753
•592,633
653,054
2.797.074
1.500 249
2,521,800
7,405,609
840,889
4,81 i ,KU6
291,203
8,454.897
155.410
90,065
73,780
358.075
209,777
253.681
316,201
904,998
129,573
985.177
602,930
42,530
1045,458
39,5291
77.4221
40,417
17,679
2,556,931
1,134,946
287.238
999.348
339,860
132,687
596.096
35.507
793,107
35,777
67.21 "
46,619
28,221
827.907
775.754
84,959
219.555
7,409,439
6iQ.
61
357,341
174,748
6,043.942
2,683,991
1,042,918
274,056
897,782
868,928
232,225
1,223,204
670,206
560,850
2,616,364
1,507,923
2,437,857
7,110.287
828,144
3,969.323
255,084
7,350,392
6,557,285
54/.5/4
335,733
217,522
231,509
5,028.970
117,708
708,967 1,044,315
1.500,126
1.508,701
1745,698 1683,290 14,363,617 13,288.629
4730.491 4597,479 23,675.145 22,986.332
30,779
30,344
241,735
226,331
142.486
143,919
1,163.940 1,149.421
18,841
22,091
175,282
171,768
262.858
335,516 1,512.894
1.918.941
35.854
31,850
133,341
114,669
85,541
106.076
752,023
8-1,613
25.093
23,773
118,<83
109,181
33,337
26,861
136,257
102,787
757,584
3,112,173
204,006 227,115
1,730,433 1,768.300
1419.284 1679.145 *18803313 *17586084
221,729
241,995
1,811,504
1,757,613
196,391
300,604
205,650 *2,595,405 *2,255,995
278.192 2,517,245 2,427,307
224,382
2,026,993
1,837,689
281,621
2,203,068 2,086,360
427,406
486,254
37,139
41,105
267,132
513,604
49,229
106,709
677.418
301,421
246,633
227,436
421,946
54,109
96,099
38,400
87,967
2.587,061
290,788
1,835,565
2,760,159
283,355
1,824.584
3,920,479
3,738,035
236,619
278,450
616,631
4,710,0-5
595,356
272,5', 0
731,750
561,300
3,889,190
460,684
165,952
659,471
7,497,432
818,179
183,518
935.193
5,800.547
55,665
289.315
311,897
336,192
2,417,080 2,682,263
29,308
10 7,365
90.169
214,682
1,660.980 1,434,842
39,943
343,458
314,533
192,314 *2,411.412 *2,104,378
186,271
1.542,233
1.400,021
668,009 *9,438,791 •7,668,771
162,840
1,025,308
861,865
434,284
902,134
35.141
41,050
182,188
186,862
7,053,093 10,043,874
51,285
128,475
768,303
1,177,619
70,453
78,068
532 285
511,980
3276,322 2911.154 28.170 °50 24.760.574
75.208
250,658
781,547
758,039
259,039
560,84
*785.882
*699.637
81,586
198,895 2.342,759
1,632,906
807,751
6.620,735 6,120,882
764,234 6.640,381
6,439,593
266.611
1,998,182 2.010.942
737,310 *7,916,312 *7.695.379
244,2^6
61.092
285,907
54.287
359.127
355,277
62,364
445,249
452,330
13,683
124,492
100,781
87.514
457.181
362,885
4.546
28.440
29,733
74.205
45,279
37,633
14,108
91006
4,380
76.683
66,084
1529.825 1524,458
66,539
60,187
760.870 731 86*
139,004
190,836
523,511
578.851
516,471
9,186,014
7,619.456
*10201^40 *7,6"° 7" 756
113.022
203,466
1,142.474
1,578.689
1.600.522
503,835
4,341,903
4,221,941
890.587
235.064
304.395 *3,15/300 *3.327.008
351,832 362,763
2,779,275 2,405,926
1165,143 1108,361
9.667,411
7,965.609
1103.276 1043,869
9.230.471
8,243,111
952,282
962.314 *12502395 *11563165
549,280 531,642 4,410,402
4,246,086
686.642
695,212 *8,766,982 *8,077,363
362.081
316,293
38,474
53,348
832,216
858.386
6,771 .901
6,362,001
2.645.743
407.625
446.209
2.856,715
*782,643
69,260 *1,032,376
92,180
49,452
58,943
367,930
397,506
1.511.701
29,162
129,100
119,582
110,199
911,727
787,965
2715.00 23,868,/ / 6 20,061.804
36,622
366,705
302,901
61,008
469.830
455,862
64,796
446.378
567,839
256,753
81,250
79,541
1197.409
246,084
Co. Augu t
Penn Cent Lt & Pow. July
Penn Edis Co & Subs. August
Pennsylv Pr & Lt Co. August
Pennsylv Util System May
Philadelphia Co and
Subsid Nat Gas Cos August
Philadelphia Oil Co.. August
Phila& Western
August
Paducah Electric
Texas Elec Ry
August
Texas Pow & Lt Co.. July
Third Avenue System_ August
Current
112.360
731,011
75,546
57,122
Ocean Electric Co
June
Pacific Power & Light July
Tennessee Power Co. August
Tennessee Ry, L & P. August
UTILITY
42,604
Nor'n Ohio Elec Corp August
Northw Ohio Ry & P. August
North Texas Elec Co. August
b Eighth Avenue._ June
b Ninth Avenue.
June
No Caro Pub Serv Co August
/Southwest P & I t Co Jnly
*
x
65.047
126.359
114,578
847,788
104,728
46,376
88,010
684,610
49,759
279,135
Phila Ran Transit Co August
July
Western
New York Dock Co.. August
N Y & Long Island.. June
Spokane Portland & Seattle—
Year.
Jan.
1896,158 1763,610 11,040,717 10,461,584
91,521
85.005
445.148
432.318
Cape Breton Elec Co. August
Carolina Pr & Lt Co. August
CentMissVallElecCo August
Chattanooga Ry & Lt August
Detroit Edison Co,iV
St Louis S W of Texas-
Year.
Previous
$
Colorado
Richmond Fred & Potomac—
August
Current
10,802,333—33867336
7,245,630 37,115,277
50,544,674—55668632 31,686,152—73024538
852,478
From Jan 1
Company.
Month.
Perkiomen
August
Latest Cross Earnings.
Name of Road
or
Pennsylvania System—
August
1567
Taxes—
1921.
S
CHRONICLE
5,135,865
41,467
912.349
1,196,530
44.408
3,121,347
a The Brooklyn
City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR; Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. has been operated by its owners.
.6 The Eighth Avenue and Ninth Avenue RR. companies were formerly
eased to the New York Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately,
c Includes Milwaukee Light,
Heat and Traction Co.
d In¬
cludes
aJl
sources,
e Includes
constituent
or
subsidiary
companies.
Earnings given in milreis
g Subsidiary cos. only,
h Includes Tennessee
Railway. Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co.
/In¬
cludes both subway and elevated lines,
j Of Abington & Rockland IMass.).
k Given in pesetas.
I These were the earnings from operation of the proper¬
ties of subsidiary companies.
* Twelve months ended July 31.
t Started
operations April 1 1921.
>
Electric Railway and Other Public Utility
——Net Earnings-—
-Gross Earnings
Previous
Current
Year.
Year.
Companies.
American Power & Light Co
(Subsid
cos
^
Aug 1,904.282
only)
Sept. 1 '20 to Aug 31 '21
24,656.£76
1921.
476,199
7,024,936
383,673—8,147,219
2,128.612—26115146
1,3001322
1,104",785
192",875
302,963
1,3061671"
1,2001902
4451807
348,729
New England Power Co .June
July 1 '20 to June 30 '21
4,3451814
3,7361300
1.3251350
August
(subsid cos only)
Sept 1 '20 to Aug 31
StanS {WAWM^34,7^254
TUraj^°20 to jKfto SP 1.768;,545
From Jan 1
Earnings.
1.717;»78
42
2,
7?:if
?*21
20
'21
23,789
119,583
58,704
AU?:U
i'o.199
»
31 ;21
1,386.540
12— ending Aug
535,251
AUB
'20
111:601
130409
12 mos ending Aug 31
t'21
1.661.085
,645.756
CT&r?r
Chattanooga
Aug
Railway & Light Co
12 mos ending Aug 31
'21
20
21
'20
112,360
1,346,203
477,4(0
432,620
1,258,018
Cleveland Elec Ilium Co—
12 mos ending Aug 31 '21
32,454
,107,817
—2,409
3,581
—40,124
—41,717
23,728
o 10,778
27,618
21,817
269,599
227,770
7,344
7,197
50,867
50,421
,^.935
29,162
129.100
'20
25,174
24,649
258.200
193,099
22,303
(
277,051
261.209
17,815
17,835
14,863
12,574
433,806
387,815
211,950
201,003
22,003
20,967
258,185
252,753
9,313
11,487
219,285
*
5:3,350.085
2,865,052
2,110,3/0
179,867
59,100
296,956
1,702,698
1,239.715
26,975
66,498
387,066
Cumberland Co
Aug'21
Power & Light Co
'20
12 mos ending Aug 31 '21
303,3(6
3,244,781
122,171
1,072,502
685,436
'20
3,022,361
1,039.681
667.208
372,473
Aug '21
294,108
376,321
50,993
—3,383
55.673
'20
ending Aug 31 '21
4,240,924
918,273
'20
3,899,013
882.809
54,376
54,319
653,807
650,349
Aug '21
209,777
253.681
2,821,956
295.504
16,786
East St Louis &
Suburban Co System
Ft Worth Power
& Light
'20
Co
12 mos ending Aug 31 '21
'20
Aug '21
Havana Electric
Ry, Lt & Power Co
8 mos ending Aug 31
'20
'21
*20
Aug '21
Develop & Gas Co
'20
12 mos ending Aug 31 '21
Huntington
89,883
35,564
264,466
232,460
78,718
50,110
943,725
792,508
272,672
16,562
21,143,550
2966,046
173,538
1,045,458
2474,820
793.107
2357,003
8,454,897 23,790,137
7,350,392 23,686,770
234.927
122,076
2,225,460
1,939,495
1,564,677
1.747,275
15,396
37,189
269,052
2,083,822
199,825
309.238
84,959
33,029
17,633
117,708
16,090
165,582
'20
1,161,528
1,434,050
53,279
469.500
645,154
200,448
197,243
447,911
Market Street
Aug '21
792,289
2139,091
65,683
73,408
Railway Co
'20
'21
3,905,262
1647,559
331,610
315,949
301,421
278,192
3.765,155
3,559,486
52,095
21,712
726,342
744,394
38,997
40,224
475,401
478,270
13,098
—18,512
250,941
*95,716
*56,374
3,076,723 *1,018.421
.2,738,824
*981,507
50,514
32,560
501,480
387,795
23,814
516,941
593,712
12 mos ending Aug 31 '21 29,273,255*10,985,315
'20 25,941,034 2:9,749,044
4,961,206
4,519,596
6,024,108
5,229,448
13,995
8,021
10,278
132,425
129,997
5 mos ending Aug 31
:.Y,
Aug '21
Nashville Rail-
'20
& Light Co
12 mos ending Aug 31
'21
'20
Aug '21
Nebraska
'20
Power Co
12 mos ending Aug 31 '21
'20
246,633
224,382
266,124
45,202
North American Co—
88,010
87,967
1,097,987
971,804
22,016
23,860
299,284
287.885
3,091,751
3,213,593
'21 25,046,278
*20 22,465,802
1,117,617
981,680
9,048,087
7,553,740
3,480,292
3,161,170
701,348
559,083
5,567,795
4,392,570
*122.125
269,702
229,724
*103,666
2,930.075 *1,388.736
2,459,890 *1,125,921
57,988
50,285
658,469
535,521
64,137
53,381
730,267
590,400
818,179
*251,684
668,009
*198,232
9,438,791 *3,035.006
7,668,771 *2,310,849
86,143
1,260,935
997,699
1,774,071
1,313,150
40,385
32,015
426,904
363,503
32,776
48,329
515,003
639,009
186,472
187,508
26,990
48,510
2,237,438
2,257,798
989,710
543,453
52,899
53.540
629,051
642,791
127,998
129,276
15,876
11,912
195,894
280,564
27,700
—6,4.30
528,772
North Carolina
Aug '21
Pub Serv Co
'20
12 mos ending Aug 31 '21
'20
Pacific Gas &
Aug '21
Electric Co
'20
8
ending Aug 31
mos
Pacific Power
Aug '21
'20
& Light Co
12
mos
ending Aug 31 '21
*20
Pennsylvania Pow
Aug '21
& Light Co
'20
12 mos ending Aug 31 '21
'20
Portland Gas &
Aug '21
Coke Co
'20
12 mos ending Aug 31
'21
'20
L
250,658
*73,161
198,895
*80,344
3,323,177
*941,907
2,432,684 *1,002,512
Portland Rail-
781,547
Aug '21
807,751
Lt & Power Co
'20
12 mos ending Aug 31 '21 10,064,468
way
""
*20
Tennessee
Aug '21
,
'20
Power Co
12 mos ending Aug 31 '21
'20
Tennessee Ry,
Aug '21
Light & Power Co
'20
12 mos ending Aug 31 '21
'20
Texas Power
Aug '21
& Light Co
'20
12 mos ending Aug 31 '21
'20
Yadkin River
Aug'21
""
9,042,269
213,462
236,018
3,227,148
2,801,251
190,836
68,775
203,466
65.452
2,436,997
824,945
2,325,107
923,355
523,511
155,698
122.846
503,835
6,563,376
2,070,207
7,174,274
2,139.549
362,388
*114.043
*64.974
408,034
5,184,051 *1,576,316
4,151.119 *1,287,526
92.180
-----
-*35.083
'20
69,260
12 mos ending Aug 31 '21
1,032,376
782,643
*25,205
*443.569
Power Co
'20
Youngstown &
Ohio River Ry Co
8
mos
Aug '21
'20
'21
ending Aug 31
'20
*
After allowing for
b Net earnings
75,735
19,552
3,107,559
1,032,904
905,842
691,774
605,884
55,886
17,036
603,423
120,982
7,195
85,609
11,259
52,055
19,628
7,117
85,233
74,457
697,425
13,582
166.859
158,888
416,269
423,597
117,024
1,541,435
1,536,741
64.003
58,420
734,572
669.561
14,697
14,688
180,346
178,201
5,000
5,000
40,000
40,000
other income received.
here given
49.452
58,943
367,930
397,506
*372,670
12,536
13,126
97,144
100,525
are
before
deducting
1,464
Central Miss Val Elec Co—
August——
42,604
40,765
10,749
10,104
510,353
From Jan 1
473,641
127,171
103,343
7,258
Connecticut Power Co—
August
119,512
37 652
33,341
17,646
13,726
1,406,892
123,889
1,480,396
584,891
585,033
344,249
328,340
25,762
390,576
39,035
421,980
r.
Eastern Texas Elec—
135,598
145,133
44,271
56,049
1,711,272
1,543,721
610,175
587,868
August
From Jan 1
August
91,809
99,497
24,458
21,982
23,302
1,233,467
From Jan 1
1.270.201
324,308
420,883
293,094
18,731
366,423
39,849
565,416
470,179
El Paso Electric Co—
August
187,746
155,410
52,152
47,598
2,227,180
1,797,090
693,072
573,907
taxes.
134,660
112,089
602,808
50.040
6,554
841,744
617,965
20,386
10,517
263,223
194,469
7,536
8,126
57,144
60,525
36,693
Elec Lt & Pow Co of Ablngton & Rockland-
28,989
37.482
4,359
9,163
3,643
8,386
344,282
From Jan 1
345,252
56,704
61,790
46,458
54,542
3,757
199,053
Fall River Gas Works-
July
85,818
74,347
23,073
3,760
22,946
989,090
From Jan 1
841,814
184,660
201,395
182,910
Fall River Gas Works-
86,594
73,780
20,392
364
20,239
361
1,001,905
847,095
204,687
184,987
202,788
182,904
August
From Jan 1
Galveston-Houston Elec Co—
316,201
339,860
83,093
114,116
47,708
3,892,895
August....
From Janl
3,487,675
1,077,914
944,958
653,567
78,782
523,145
6,251
75,025
3,130
65,331
—3,233
5,599
3,181
98,949
Haverhill Gas Light Co-
39,529
35,777
7,145
3,660
490,514
440,181
84,910
73,471
August——
From Jan 1
Houghton County Elec Lt Co—
37,846
37,453
2.058
7,511
599,986
491,666
70.030
146,752
July.......
From Janl
Houghton County Elec Light Co-
46,619
506,243
40,417
August
From Jan 1
593,764
7,105
6,081
1,802
1,097
71,054
145,897
6,264
97.035
Houghton County Trac Co—
August....
28,221
315,927
17.679
From Jan 1
277,647
—1.543
4.238
—8.015
—162
6,724
71,036
—46,978
21,514
Keokuk Electric Co—
30,779
30,344
7,707
7,449
4,080
4,909
367,577
345,545
82,219
69,556
41,648
40,399
8,764
2,280
55,299
6,858
70,903
August
From Janl
19208
Key West Electric Co—
22,091
4,161
247,448
78,024
103,076
1,173,063
19,414
13,299
16,929
10,544
308,411
317,417
288,014
292,252
187,102
2,098,928
59,084
86,758
835,130
886,843
18,841
263,526
August....
From Jan 1
94,934
y;
Lowell Elec Lt Corp—
August....
85,541
From Janl
1,176,288
Miss River Power Co—
221,729
241,995
162.550
2,789,262
2,668,651
2,039,562
August
From Jan 1
Northern Texas Elec Co—
336,192
August —279,135
From Jan 1
3,835,532
3,786,468
99,232
73.902
128,059
1,298,495
1,480,341
10,816
11,443
103,124
992,693
1,182,198
2,220
5,079
Paducah Electric Co—
39,943
41,050
August
From Jan 1
133,701
512,493
43,951
Puget Sound Pow & Lt Co—
764,234
9,631,199
758,039
August
From Jan 1 10,201,218
285,922
292,735
140,666
134,662
4,245,239
3,975,471
2,399,051
2,130,334
30,779
291,594
293,127
Sierra Pacific Electric Co—
76,683
66,084
36,928
28,702
841,624
777,421
366,709
364,944
August
From Janl
22,552
Tampa Electric Co—
139,004
113.022
56,316
36,920
51,871
1,658,558
1,413,642
637.424
549,493
585,150
August
'20
way
44,814
From Jan 1
A
13,323,158 *4,567,7o0
'20 11,(00.465
12 mos
168,868
3,448,601
From Jan 1
$
5,188
62,165
62,159
127.005
July
SB
Charges.
,331.764
ending July 31
Balance,
Surplus
Fixed
*5,058
853.640
Railway
mos
7941260
UMU
Net after
Taxes.
,|1
ending Ang 31
Atlantic Shore
7
160,274
439,836
Cape Breton Elec Co, Ltd—
August
65,047
Y,944380 796335 76717883
^ 'H
A«t^er
103,121
6,121
124,756
103,578
August-...
Gross
10,200
256,753
534,992
From Jan 1
^OSfi^SS
$
10,223
300,332
August
203,777
3,080,296
30.297319 11 Mm 10,9071873
UnitedElecttlc
1920.
$
14,555
36,622
43,839
From Jan 1
323,736
3,969,559
775,362
7,990,266
Aug
1921.
Edison Elec Ilium Co of Brockton—
r>
776,480
'21.-10,202,348
—
—Surp, after Charges—
$
8
Blackstone Val Gas <fe Elec Co—
1,081~,328
Co
Southwestern Power & Lt
$
Baton Rouge Elec Co—
Fall River Elec Light.-June
July 1 '20 to June 30 '21
1920.
S
Year.
692,071
8,416,659
1.724,064
19.381,819
American Ry Express.-Junel6,403,191 15,508,802
Jan 1 to June 30
103,099.444 82,399,541
Cambridge Elec Light--June
July 1 '20 to June 30 '21
Previous
-—Net after Taxes1921.
1920.
-Qross-
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:
Current
[Vol. 11S.
CHRONICLE
THE
1568
From Janl
32,810
496,007
FINANCIAL REPORTS.
Financial Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been
published during the preceding month will be given
Saturday of each month.
This index will not
in the issue of the "Chronicle" in which it is
published.
The latest index will be found in the issue of
Sept. 24.
The next will appear in that of Oct. 28.
on
the last
include reports
Grand
Trunk
Railway Co. of Canada.
(Report for Fiscal Year ending Dec. 31 1920.)
President Howard G.
Kelley
says
in substance:
Results.—The operating revenues (the largest in the history of the com¬
pany), were $81,442,647, an increase as compared with 1919 of $12,698,289
or 18.47%.
Operating expenses however were $76,213,815, an increase of
$15,839,384 or 26.23%.
This increase was entirely due to increased rates
of wages and prices of fuel, materials and supplies, etc.
Railway taxes
and uncollectibles aggregated $1,303,067, [$1,170,850 in 1919,] leaving
railway operating iucome,
Non-operating income was
$3,925,764 contrasting with $7,199,077.
$7,706,273, against $6,146,800 in and the 1919
income $6,231,142 against $12,982,607, making the net
income transfeired to profit and loss a deficit of $4,599,104, contrasting with
deductions
from
surplus of $363,270 in 1919.
Revenue from freight traffic was $58,102,053, an increase of $9,788,502
or 20.25%.
Revenue tons carried one mile increased 448,305,090 or 9.79%,
and the average haul per revenue ton was 191.04 miles, a decrease of 2.85%.
Freight revenue per train mile was $5.27, an increase of 76c. or 16-85%.
Average revenue per ton mile was 1.155 cts. an increase of 0.1 cts. or
^
Itfevenue from
or
passenger traffic was $16,948,180, an increase of $1,823,328
The number of passengers carried was 12,206,977, an increase
12.05%,
of 586,387 or 5.04%.
an
increase
of
.498
Average revenue per passenger mile was 3.199 cts.
or
18.47%,
Average haul per passenger was
cts.
43.40 miles, a decrease of 9.94%.
Operating Expenses.—Maintenance of way and structures increased
$2,527,096 or 26.66%; maintenance of equipment increased $4,565,595 or
27.61%; traffic expenses increased $302,795, or 30.24%, and transportation
expenses increased $7,804,331 or 25.41%.
Average load per freight train
mile was 455.89 tons, an increase of 27.97 tons or 6-54%.
Increased Wages and Rates.—The U. S. Laboi Board awarded an increase
in wages to employees of approximately 23.5%, effective May 1
1920,
which award was accepted by the Canadian
Railways.
The increases
in rates authorized by the Canadian Railway Commission and the I. S. C.
Commission of the United States to meet this advance in wages did not
become effective until Sept. 13 1920, and Aug. 26 1920. respectively.
No.
Pay Rolls—
-
Total
Employees. Pay Roll
25,342 $30,152,476
30,617
31,686
42,617,416
53,375,737
Increase %
Over 1918.
41.34%
77.02%
Oct. 8
1921.]
Taxes.—Taxes
THE
werel$l,280,062, anl in crease
1919
over
CHRONICLE
of $114,752
The
or
9 85%.
Capital Stock.—The stock outstanding Dec. 311920,
still $241,237,589
viz.: 4%
Guaranteed, $60,833,333; 1st Pref., $16,644,000; 2nd Pref.,
$12,312,667; 3rd Pref., $34,884,535; Ordinary stock, $116,563,053.
[The
decision of the Valuation Board in 1921 was cited in V.
113, p. 1155,
1250, 1471.
The majority of the board held that the shares, both common
and all classes of preferred, were without value and therefore the Dominion
Government need make no payment fof ownership of same.
Hon. William
H. Taft, one of the board, dissented.
An appeal is proposed.
was
Debenture Stock.—The Debenture stock outstanding at Dec. 31
1920,
still $155,373,808 viz.: Grand Trunk 5%, $20,782,492; Great Western
5%, $13,252,323; Giand Trunk 4%, $119,839,014; Northern Ry. 4%,
$1,499,980.
Funded Debt.—Principal retirements during the year were
$12,166,667
5H% 5-year Secured Notes, due July 1 1920.
Principal issues during the year were $25,000,000 7 % 20-year Sinking
Fund Gold Debenture Bonds dated Oct. 1 1920
(V- 111, P- 1473; V. 113,
p. 960) $898,500 6% 15-year Equipment Tiust Notes, dated Jan. 15 1920,
maturing serially.
$20,192,275 loan from Dominion Government under
Appropriation Act 1920-21.
Capital Expenditure.—The Capital Expenditure was $3,994,345.
[Chief
$1,026,133 for land and land drainage and $2,950,495 for rolling stock,
etc.]
Financing by Dominion Government.—Under the terms of the above agree¬
was
ment the Government have since
the company.
May 21 1920, financed the obligations of
[For sale of $25,000,000 Debenture 15-year, 6s dated Sept. 21
1250 and the $12,000,000 6Equipment Trusts dated
V. 112, p. 257,372.
p.
RESULTS
Operating Statistics—
Miles oper. (inCanada).
Passengers carried
3,611
1921
President
3,616
10,018,717
23,292,706
5,028,651
280,968
4,580,346
5,028,293
Not
compiled
4,703,165
$9,209,097
$9,577,590
Includes lines east of St. Clair and Detroit
Rivers, and the Detroit and
for fiscal years ending dec. 31.
1920,
Mail
Express
Other passenger train
Milk
Switching
Dining & buffet.
Demurrage
.
.
.
.
elevator
Rents of
.
578,057
201,217
135,940
.......
:
...
buildings and other property
Miscellaneous
;Total operating revenues...
Railway Operating Expenses—
$12,005,384
1,001,311
38,518,233
30,713,902
392,541
2,251,646
Cr. 1,084
501,361
...
General expenses...—
2,787,700
Cr.6,392
Transportation for investment
:
$9,478,288
16,537,827
21,103,422
1,304,107
t.__
Transportation rail line.
Miscellaneous operations...
Total operating expenses
Net
revenue from railway operations
Railway tax accruals
Uncollectible railway revenues.......
.......
Total operating income
$76,213,815 $60,374,431
$5,228,832
$8,369,927
1,280,062
1,165,310
23,005
5,540
-
Non-operating Income—
freight cars—Cr. Balance
Rent from equipment
;.
Joint facility rent income
$3,925,765
$7,199,077
$675,862
653,035
871,376
10,000
179,592
90,823
141,986
2,150,914
1,464,400
1,468,283
$271,417
420,290
610,091
10,000
131,686
37,185
698,397
2,021,168
Hire of
_
_
,...
.....
Income from lease of road...
Miscellaneous rent income
Miscellaneous non-operating physical
property
Dividend income
...
...
Income from funded securities
Income from unfunded securities & accounts
Miscellaneous income
....
...
y
The
income..-------
....
Deductions from Gross Income—
Rent for equipment.
$638,725
101,868
474,459
....
Miscellaneous rents
"
....
Interest on unfunded debt
Amortization of discount on funded debt.
Miscellaneous income charges.
$454,108
368,456
134,178
496,256
232,934
68,716
770,637
253,934
942,195
292,084
def$4,599,105sur $363,270
990,869
599,743
1,935,156
872,951
lines
.......
Interest
on
funded Debt—
6,555,300
313,244
_____
Equipment bonds, $43,187; equip, notes, $270,057Canada Atlantic 1st M. bonds.____
Other underlying bonds.
640.004
32,500
218,750
Sinking fund gold debenture bonds.
Secured notes
*
—
____.
Total deductions from gross income....
CONDENSED
BALANCE
SHEET
$16,231,142 $12,982,607
AT
DECEMBER
(See Previous Report Figured in Pounds in V. 110, p
Assets—
$
440,697,914
Sinking funds.
Miseel. physical property
18,493
324,100
1,223,703
41,724,288
Investments in affiliated cos.
Other investments.
659,365
_
Cash
deb .888,567
Special deposits
15,759
Traffic & car serv. bal. rec__
7,424,711
Net bal. rec. agts. & conduc.
3,556,273
Miscell. accounts receivable.
.
Material and supplies...
Interest and divs. receivable.
Discount
on
in adv
funded debt
Total
stock
155,373,808
Grants in aid of construction.
Funded debt unmatured
Dominion Government loans.
Non-negot. debt to affil.
Loans and bills
co3_
assumed—unpledg
15,142,633
66,429,952
21,340,809
1,758,059
payable.850,000
Traffic &
car service bal. pay
10,843,402
Audited accts. & wages pay.. 26,577,921
Miscel. accounts payable....
86,405
45,491
Funded debt matured unpaid
102,713
753
Unmatured rents accrued
462,733
504,178
Other current liabilities
Liability fo, provident funds.
1,747,774
Other deferred liabilities
Tax liability
Insurance & casualty res....
10,553.216
187,459
1,493,863
9,340,076
unadjusted debits
Sec, iss. or
Debenture
...241,237,589
1,548,811
3,519,365
65,547
Insurance and other funds
Other
Capital stock
192,301
Other deferred assets
Rents & ins. prem. paid
$
Interest matured unpaid....
Dividends matured unpaid..
•
Working fund advances
1920.
2286).
18,937,451
18,647,445
receivable..
Other current assets
31
Liabilities—
Capital expenditure acct
Impts. on leased ry prop
Rents
9,468,454
1,502,583
771,451
20,750
Dominion Government loans
Sundry
157,655
that
,
66 cents
the
The
prevailing rate should
men
went
on
per hour
conditions to remain the same.
increase
This
Operating
reserves
Other unadjusted credits
Profit and loss deficit..
215,729
6,804,491
Dr. 1.605
1,500,881
20,428
6,089,609
Dr.4,282,841
.
Total
556,125,072
The results for the Grand Trunk Pacific Ry. were
given in V. 113, p. 727
1471.—V. 113. p. 1471.
on
be
was
tenth drawing of the bonds of 1892, took
place
June 22
on
$2,275,360.
[For details regarding the sale of the radial and power interest of
the
Company to the Hydro-electric Power Commission, see under "General
Investment News" on another page, and also Y. 113, p.
1472, 1157, 1054
850; V. Ill, p. 2424 ]
The income* account for years 1917-20
V. 113, p.
published in
was
1473.
109A
1Q1Q
1919.
1920.
Assets
1920.
$
Advances
sub¬
to
1,341,345
sidiary cos
1,454,150
Guaranty Toronto
hand
478,000
152,551
508,533
311,166
116,622
Accts. receivable..
434,858
Cash
109,087
,
Total
-.21,683,174 22,572,281
-V. 113, p.
'"<-•$
-v/s
Capital.........
12,000,000 12,000,000
Bonds outstanding 2,274,360
2,502.307
Short-term notes.
Accrued interest..
34,209
Accounts & wages.
Injuries fund
478,000
70,000
37,637
1,031,634
352,908
758,962
5,161,101
722,086
322,646
861,078
5,578,527
.
"70.000
Mortgages
Power Co__
on
1919.
Liabilities—
Road, equip., &c_19,681,262 19,667,881
Renew. &oth. res.
Profit and loss
Total
21,683,174 22,572,281
1472.
Pittsburgh & Lake Erie Railroad.
(Report for Fiscal
Year ending
Dec.
31
1920.)
President Alfred H. Smith, New York, says in substance:
Rates.—The Inter-State Commerce Commission
on July 29 1920
granted
Increase, effective Aug. 26 1920, in freight rates in Eastern group terri¬
of 33 1-3% between points in Eastern group territory and
It also granted an increase in passenger rates of
20%,
with a surcharge on Pullman fares of 50% accruing to the carriers.
These
increases were not immediately allowed by several of the States as to intra¬
state rates, so that the full effect of the advance was not measured by the
an
tory of 40% and
other territories.
percentages for inter-State traffic, although, in most instances, they
subsequently allowed under further orders of the Commission.
were
Traffic.—There were carried 38,500,819 tons of revenue freight, an
increase of 2,485,201 tons over 1919.
There were marked increases at
follows: bituminous coal 1,309,000 tons, ores 1,060,000 tons, manufactures
and miscellaneous 1,158,000 tons.
While these commodities attained more
nearly a normal basis there was a falling off of 1,045,000 tons in other
products of mines, due chiefly to (1) an abnormal coke tonnage in 1919 of
between 500,000 and 600,000 tons, and (2) as to clay, gravel, sand,
stone,
asphaltum, &c., the switchmen's strike of the second quarter of 1920 and
the slowing down of building activities during the year.
Labor.—The substantial increases in pay and the changes in
working
conditions during and since Federal control have created a situation which
is giving the company grave concern.
The abolition of piece work in our
yhops has also been the cause of heavy additional expense.
Equipment.—The condition of the company's equipment at the end of
Federal control has caused an unusual outlay for repairs, which
are
still
under way.
Coal.—There
S.
was a
substantial increase in the cost of fuel.
Settlement.—Final settlement of accounts with the U. 8. Railroad
Administration for the period of Federal control and the settlement also
8. Government for the guaranty period—six months, March
to
Aug.
1920—is still in progress.
& Equipment Trusts.—The financing of the 15 locomotives
Equipment
allotted to us by the Director-General is being carried out through
Equip¬
ment Trust No. 49, dated Jan. 15 1920.
The cost will be between $700,000
and $800,000; notes of $582,000 have been issued (V. 113, p. 1213, 1324).
The company is also to acquire from the N Y. Central RR. Co. 5 loco¬
motives and 11
passenger-train cars covered by that company's equiphlent
15 1920.
The estimated cost is $637,367 and we are to
rata share of the trust and also the cost not financed
through the trust.
The company's share of the certificates issued to cover
approximately 75% of the cost of the equipment sub-let to it is $477,844.
Equipment trust agreement dated Oct. 1 1920 covers 1,375 steel hopper
cars of 55-ton capacity, estimated to cost $3,222,887.
A part of the cost
of these cars was financed by the sale of $2,400,000 of 6H% equipment
trast certificates, the balance to be paid in cash; 875 of the cars, in the
construction of which used trucks were employed, are being acquired for
the use of the company at an estimated cost of $1,997,887.
Of these cars
300 were delivered during the year.
The remaining 500 cars, to cost
approximately $1,225,000, are being acquired by the Pittsburgh McKeesport & Youghiogheny RR. Co. under a sub-lease providing that the
sub-lessee shall bear its share of the equipment trust certificates and pay
the additional cost of the cars above that financed through the trust (V.
trust
of
assume
11
April
our
pro
Anf arrangement
has
been made for the construction of an additional
125 steel hopper cars, in which used trucks are to be employed, at a cost
These cars will be divided between this
Pittsburgh McKeesport & Youghiogheny RR.
of approximately $285,412.
pany and the
com¬
Purchase.—During the year we acquired 193 shares (par value $9,650) of
the Common stock of the Pittsburgh McKeesport & Youghiogheny RR Co.
Its total holdings in this stock at the close of 1920 were 31,337 shares,
par value $1,566,850, or 39% of the amount outstanding.
Ihe N. Y,
Central RR. Co. owns a like amount of this stock.
Floating Debt — The company's liability for loans and bills payable has
roduced $1,575,000 by payment at maturityThe amount due
been
Dec.
31
1920
was
$2,975,000, including $700,000 in favor of the U.
S.
Government.
Deductions .—Rent for leased roads shows an increase
of $157,614 caused
& \ oughiogheny Equipment
Director-General of Railroads.
by the interest on the Pittsburgh McKeesport
Trust Notes issued in favor of the
in war taxes is the result of a change in method
of accounting since Aug. 31 1920, war taxes for the last four months of the
The decrease of $727,528
SSSSdV® •attributable
oT^dS'dc™
^^heoff237.776
to
various
shows
to
the decreased amount accrued account loans and bills payable outstanding,
and account balances with the
mainly due
Dir^tor-General of Railroads^
....556,125,072
strike
as mediators recom¬
granted, all other working
accepted by the men
who
returned to work on Sunday, June 27 having been on strike
four'davs
The increase amounted to approximately $400,000
per annum.
mended that 5 cents
63,443
_■_■■■'
Balance, deficit or surplus
New England Lines
Debenture stock.
recommended
with the U.
Joint facility rents
Rent for leased roads
Western
Board
the end of the franchise.
Thereupon the Municipal Board Acting
Junje 23.
1,866,841
79,724
$11,632,037 $13,345,876
—
Conciliation
continue up to
U:
Gross
and
war
earnings,
'Wages.—Notwithstanding the large increase in wages granted to
em¬
ployees referred to in our last report, the company had to face
another
heavy increase this year.
When the agreement made by the
Ontario
Railway and Municipal Board, under which we were
paying 50 52K and
55 cents per hour expired in June last, the men demanded in
the first
instance a flat rate of 85 cents per hour and later a
maximum of
314,962
$81,442,647 $68,744,359
Maintenace of way & structures
Maintenance of equipment
Traffic expenses
^
1
$31,766; (c) Payments to City—Percentage
$1,308,340; pavement charges, $98,782, and
general taxes
$152,746; balance deficit carried forward $417;426.
*
axes'
on
421,458
251,194
218,837
579,185
.....
Grain
1919.
$58,102,0.54 $48,313.551
16,948,180
15,124,852
580,239
548,781
2.659,572
2,129,706
289,474
231.263
233,951
209,984
785,347
591,270
349,430
388,499
Passenger
'/
reported
Provincial Government taxes,
Stores
Income account
1920.)
30
Results.—While the
Michigan Air Lines.
Railway Operating Revenues—
Freight.
31
Sept.
BALANCE SHEET DECEMBER 31.
1155 cts.
1.055 cts.
.9 cts.
,76 cts.
$81,442,647 $68,744,359 $61,588,760 $52,197,345
76,213,815
60,374,434
52,379,663
42,619,755
$8,369,925
Dec.
on
gross revenue for the year
increased over 1919 bv
$674,996 the charges exceeded the said revenue by
$417,426, as followsThe gross earnings amounted to $7,909,892,
charges for operating'
maintenance, etc., aggregated $6,626,508, leaving net
balance from opera¬
tion, $1,283,384; other charges—(a) bond interest,
$109,175; (5)
24,905,484
25,272,449
compiled
x3,954
12,132,884
Company.
ended
in substance:
Not
$5,228,832
Railway
William ^MacKenzie
'Bonds.—The
1917.
26,322,423
3,162,686
Net earns., bef. taxes.
Toronto
(29th Annual Report—Year
There has been drawn to date a total of
1918.
3,616
11,620,590
Non-revenue tons
x
1
YEARS.
1919.
12,206,977
Non-revenue
Tons one mile (000)—
Revenue freight
per ton mile
Total earnings..
Total expenses
CALENDAR
1920.
Tons freight carried—
Revenue freight.....
Average
FOR
V. 113,
see
Feb.
1569
The decrease in corporate general expenses of $103,344
change in distribution which occurred with the end of
items for 1920, subsequent to Feb. 29 being carried to the
group of operating expenses.
_
.
is caused by the
Federal controj
general epens^
THE
1570
CONSOL.
RESULTS FOR CALENDAR YEARS.
1920.
1919.
1918.
.
Miles operated
224
224
Tons (revenue) freight._ 38,500,819
36,015,618
Company's freight
2,930,880
2,686,527
Revenue tons 1 mile
2435656891 2187691,000
Company freight 1 mile. 109,422,307 128,657.318
Bituminous coal
14,101,683
12,792,437
Coke
4,896,468
5,484.380
Ores
6,117.204
5,056.065
Stone, sand, &c.
3,704,900
3,912,315
Passengers carried
6,782,863 _6,029,053
mile....141,311,211 121,384,998 110,518,582
1 205cts.
1.059 cts
0-982 cts.
1,614
1,464
1,577
earnings per mile.
$159,160
$124,841
$146,920
Passengers one
Ears, per ton per mile..
Ton load (all).........
Gross
1920.
1919.
.....$29,345,511 $23,158,642
Passenger
3,343,099
2,669,148
Mail, express, &c__
1,909,232
1,258,067
Incidental, &c__
1,143,109
948,331
Earnings—
Freight...
...
— _
revenue..$35,740,951 $28,034,188 $32,992,273
Expenses—
$114,097
$25,621,654
$4,374,228
7,038,496
187,253
10,217,617
547,590
$2,893,049
4,795,678
194,455
8,254,964
514,357
$34,086,017 $24,057,266 $22,365,184
P. C.exp. to earnings...
(95 37)
(85.81)
(67 79)
Net rev. rail operations. $1,654,934
$3,976,922 $10,627,089
$16,6.52,502
(64-99)
$8,969,152
•
*
"
'
*
Maint. of way & struc..
Maint. of equipment
Traffic
expenses
Transportation expenses
General & misc. expense
$4,290,031
8,830,756
$6,593,910
12,705,389
265,704
13,704,117
816,897
180,686
10,078,328
677,464
SIX MONTHS
YEARS.
CORPORATE INCOME ACCOUNT FOR CALENDAR
1920.
1919.
1918.
plants and industries. $2,494,893
Net from mining prop-.def. 77,132
$6,678,412
2,070,773
$5,285,698
428,081
$7,360,025
1.133,457
Total net earnings
$2,417,761
Int., rents, divs,, corn's,
Ac.
(net).
30,805
$8,749,185
$5,713,779
$8,493,482
941,902
307,905
1,252,043
$2,448,566
$461,681
64,094
$9,691,087
49,681
$6,021,684
$481,995
40,695
$9,745,525
$461,718
67,446
3,776
502,771
412,355
791,201
795,188
796,793
29,276
39,070
96,701
819,536
Bal, for deprec. & divs.. $1,001,838
Deprec. & depl. of ore res
2,103,669
$6,819,494
2,788,653
$4,289,846
2,140,686
$6,731,383
2,587,562
1921.
Net
Smelt. & Ref.
earns.
...
Gross income
Administrative
.
_
_.
expenses
Research & exam. exp,_
taxes
(incl.
Federal taxes).
Corp.
on
5s
Misc.
profit & loss adjust
Employees' ins. fund
75,000
>1,750,000
1,750.000
1,750,000
1,750,000
"A"dividends ______(3%)283,554
Am. Sm. Sec* Co. pf. B
287,982
292,146
290,409
____(2j^ %)68,581
77,435
82,518
84,600
dividends
Am.
-
Co.
Sec.
Sm.
dividends
(3
pref.
dividends...
Bal.,
sur.
-
for 6 mos.def.$3,203,967
(2)1,219,960(2)1,219,960(3)1,829,940
CONSOLIDATED BALANCE SHEET JUNE 30
June 30 '21.
$
$35,590
93,432
155,261
668,913
222
dec 34
Ac
Sees, of oth. cos.
Ore bullion,
f45,213,810
3,030,892
Secured loans...
443
53,814,012
4,157,750
270,964
Notes and accts.
242,716
.$10,664,697 $10,171,600
$490,205
$647,878
3,203
4,015
Miscellaneous rents
-i.;—
1,313
1,145
Miscellaneous tax accruals.....
327,514
403,926
Interest on funded debt
1,340,092
612,564
War taxes accrued
618,494
856,271
Interest on unfunded debt
5,097
Amort, of discount on funded debt..
"""550
1
351
Maint. of investment organization.
1,143,041
1.024,337
Income transferred to other cos
6,706
11,521
Miscellaneous income charges
129,960
26,616
Corporate general expenses
$493,097
$157,614
.
812
dec. 168
76,412
dec 727.528
dec.237,777
5,097
dec. 199
_
.
dec.118,704
4,815
dec. 103,344
Pref. stock....
50,009,000
50,000,000
Common
60,998,000
60,998,000
c9,451,800
9,451,800
2,848,200
5,785,911
Acceptances
Adv. to affil. cos
65,462
2,220,194
Mater. A supp..
6,233,615
7,728,238
291,244
1,885,326
7,506,997
Liberty bonds..
2,444,550
3,282,450
Pref. "B" stock d2,707,700
Bonds:
Am. S. A Ref. .e31,625,700
Ac.,
Int.
Acer,
payable..
Balance.
Add
revs.
—
37,270
45,465
...
404,148
405,705
payable._
1,131,012
1,749,188
bond
1,169,733
1,024,012
Divs.
884,679
478,923
884,679
478,923
Acer,
Life insur. fund.
2,397
2,502
due
taxes
int.
not
(war taxe3
1.558,317
Other reserves..
199,304,309 214,338,511
3,000,000
3,105,808
25,987,292
Res. for enlarge¬
ment A extern.
Total
1,825,739
3,000,000
estimated)
cash
with trustees.
Total..
3,046,017
22,783,320
199,304,309 214,338,511
& exp. applic. to the period
prior to Jan. 11918, settled for acct.
ofthecorp. by the U. S. RR. Adm.
175,984
757,191
$8,241,927
$3,598,560
$2,193,258
—
$6,048,669
$3,598,560
Surplus to profit and loss........
$4,643,367
$2,450,109
$2,193,258
Net corporate income
Dividends (10%)
depreciation and additions
c After deducting $6,121,M. bonds and $1,426,900
deposited with trustees for redemption under stock retirement agreement,
d After deducting $27,292,300 pledged as collateral security for Am. Sm.
& Ref. Co.'s 1st M. bonds in treasury,
e After deducting $1,987,500 held
by trustees in sinking fund and $68,000 in treasury,
f Not including
a
933,175
a
22,346,613
unclaimed.
Profit and lews..
$4,298,915 dec$942,969
$5,872,685
$1,436,066
$3,355,945
$7,308,751
1,021,500
11,678,290
Accounts, drafts,
taxes, Ac
Pension fund...
fund
31,553,200
882,700
Co. Col. 6s.._
not due
Prepaid insur'ce,
Sink,
stock
Rosita C. A C.
receivable
—
Dec. 31 *20.
$
Amer. S. 8. Co.:
Pref. "A" stock
Ac.,
metal stocks
Cash.
dec. 13,987
91
June SO '21.
Liabilities—
Am. Sm. A Ref.
A subsid.
.129,738,924 131,225,157
1,792,502
1,786,256
cos;,
$509,305
dec $2,853
$9,218,313
1921 & DEC. 31 1920.
Amer. Smelters Secur. Co.)
Dec. 31 '20.
$
Assets
$113,872
$695,464df$l ,195,464
sur.$22,783,326 $26,670,035 $25,864,765 $27,069,266
aCost of plants,
...—
533
Total deductions
358,738
—
Am. Sm. & Ref. Co. pref.
prop.
income—
812,902
.
Rosita Coal &
Coke Co. Coll. 6s____
(Incl. American Smelting & Refining Co. and
Total (compared with compensation
acrued in 1919)
$9,727,618
$32,737
Miscellaneous rent income.
93,654
Dividend income
155,227
Income from funded securities..
654,927
Income from unfunded sec. & accts..
Gross
1,313,338
Am. Sm. & R. Co.
on
1st M.
Int.
$665,347
est.
Total profit & loss
Increase.
1919.
1920.
Compensation accrued Jan. & Feb— $1,496,703
Add. compen. accrued acct. completed
add'ns & betterments—Jan. & Feb.
25,060
Guaranty Mar. 1 to Aug. 31
a4,537.398
Net oper. inc. Sept. 1 to Dec. 31
3,608,450
Rent for leased roads.
ENDING JUNE 30AND AMER.
Am. Sm. & Ref. Co. com.
Total expenses
Miscellaneous income
ACCOUNT
SMELTERS SECURITIES CO.
Int.
1 1918 to March 1 1920 ]
1918.
1917 ■
$28,513,514 $21,139,925
2,287.179
2.349,133
1,180,263
1.237,991
1,011,317
894,605
[Road operated by U. 8. RR. Administration Jan.
Total oper.
123,065,216
0-830 cts.
YEARS.
FOR CALENDAR
OPERATING RESULTS
11,436,692
7.565,704
5,711,041
4.257.109
5,847,334
15,185,695
7.849,856
6,913,930
3,931.784
5,453,380
——
INCOME
INCL. AMER. SMELTING & REFINING CO.
224
224
45,893,680 41.544.661
2,573,213
2,364,211
2904287,224 2545787,537
85,990,209 96,981,824
—
[Vol. 113.
CHEONICLE
Guaranty aggregated $4,592,415, from which was deducted operating
items audited March 1 to Aug. 31, inclusive, applicable to the
Includes additions and improvements, less
and improvements written off to profit and loss,
300 held as security for Am. Sm. & Ref. Co. 1st
metals
treated
on
toll
basis.—V. 113, p. 1363.
income
period prior to Jan. 1 1918.
American
GENERAL BALANCE SHEET DECEMBER 31.
1920.
1919.
Road & equipm't.47,420,302
46,806,066
Capital stock
$
Piem.on stock sold
285
285
9,318,107
6,123,729
Accounts A wages.
3,04 >,636
337,870
Advances
16,736,894 15,840,697
2,500,000
2,500,000
Other investments 1,005,003
1,005,003
Loans A bills pay.
2,975,000
4,550,000
Bonds..
Traffic bals. pay..
Int. accrued, Ac..
1,949,095
2,069
7,772,028
Stocks
.
880,658
Notes
Funded
debt
256,512
159,924
57,772
3,402,824
Dividends declared
1,799,280
4,883,239
Traffic bah receiv. 1,283,707
Mlscell. accounts. 2,194,101
Accr.int.,divs.,Ac.
630,343
Other curr't assets. 3,570,408
740,036
1,892
Taxes accrued
2,273,107
1,799,280
1,606,557
Int. A divs. mat'd.
45,881
574,874
Miscellaneous
60,250
4,026,129
Misc. phys. prop..
Cash
Def'd credit items.
223,694
2,816,711
Reserves
2,365
781,460
Deprec'n
1,890,710
Special deposits... 1,809,074
432,970
Agts. A conductors
Mat'l A supplies.. 5,961,813
Compensation due
from U.S.
6,445,142
379,794
60,080
2,209,105
124,517
U. S. Govt. Hab.—
Other advances...
Unadjusted debits.
49,312
gross tons
Prior expenses..
767,112
1,508,974
7,066,840
572,793
Materials A supp 6,570,171
Other items
433,026
355",664
P.McK.AY.RR.
1,053.020
Acc. dep. cq'p
3,537,714
Unadj. acc'ts. 3,579,641
221,e95
2,250,201
Additions
3,694,333
Other items
2,627,380
Guaranty due
3,694,333
782,734
6,873,140
through
income A
surp.,
P.AL. E.RR..
Profit A loss
2,818,933
2,818,933
30,247,474 25,818,092
6,171,683
Deferred assets.
already built.
of the company's
19,809
Corporate acc'ts 1,595,909
Llab. pd.Dec.T7 7,117,645
5,493,547
271,794
2,564,393
5,648
Ships Built, Sold and Oxcned.—During the year eight cargo ships, of 66,200
carrying capacity, were completed for company account.
Four
were bulk lake carriers and four of general cargo
ocean type.
The four lake ships have been sold at fair prices.
Notwithstanding
negotiations with foreign interests for the sale of a number of the ocean type
ships were closed, the buyers either refused or were unable to carry out
their part of the transaction.
The Independent Steamship Co. still holds title to the ten ocean type
ships, all of which are in first-class condition and now in ordinary.
Repair Work.—There were 260 vessels, aggregating 1,134,492 gross tons,
dry-docked at the various plants of the company during the year.
The
repair departments have been kept moderately busy repairing and recon¬
ditioning vessels and rebuilding railroad equipment.
The prospects for
repair and replacement work during the coming year are fair.
of these
at
Total
-V.
_
112,
p.
128,430,548106.702,266
Total
128,430,548106.702,266
850.
Plant, Ac., Abandoned.—The West Milwaukee plant, and
Cleveland, having become obsolete, were abandoned.
Four Plants
waukee,
These
American
Smelting
&
There are few inquiries for new tonnage, and the prospects
securing new business in the immediate future are not
encouraging.
Agents A conduc 1,325,482
retired.
Outlook.—The
understood,
3,802,002
Materials Asupp 5,748,834
Cash subsequent
to Dec. 1917.
is not greatly in excess of the tonnage in 1913.
cost of ship construction is still high, which it must be
bears no relation to the low prices now quoted for vessels
poorly constructed,
4,235,804
641,699
544,412
Equlp't
in consequence shipbuilding, are better than were expected.
The
shortage of cargoes in the deep-sea trade is largely responsible for the
slump in water shipping at the present time.
The impression prevails that the present depression in water shipping is
caused solely by an over-production of vessels.
Statistics recently pub¬
lished by Lloyd's Register prove that the world's steam tonnage, after
eliminating wooden vessels and those obsolete, improperly designed and
4,338,775
Ac..
544,412
Assets Dec.31'17
Results—Depression Not Due to Over-Production.—The
results from
operation for the fiscal year just ^nded, in view of the setback in shipping,
5,487,645
(equip't)
Additions,
9,123,439
1921.)
in substance:
and
Rev.priorJan.T8
530
U .8 .Govt .assets—
Cash taken over.
President M. E. Farr says
35,985,600 35,985,600
7,762,458
880,658
Inv. in affil. cos.—
Shipbuilding Co., Cleveland.
(22d Annual Report—Year ended June 30
1919.
$
Liabilities—
$
j
Assets**"*
1920.
Refining
Co.,
New
York.
Closed.—On account of lack of business,
Detroit
plants ivill
warrant
Dry Dock No. 3
the Superior, Mil¬
and Wyandotte plants have been closed temporarily.
be reopened as soon as there is sufficient business to
their operation.
,
,
„
depreciation and ore depletion.
Additions, &c.—During the year a total of $248,044 was expended for
equipment, replacements and changes in various plants.
Financial Status.—The property is in good condition and free of encum¬
brance.
The cost of replacing property damaged by fire amounted to
$121,490, which with the exception of one item of $838, was fully covered
by insurance.
The indebtedness shown in the balance sheet is current, and
there are no known contingent liabilities.
Inventories, except broken lots, obsolete and surplus materials left over
from the war program, have been taken on a basis of cost, but not in excess
The Preferred dividend being cumulative and the conservative policy of
the management in the past having built up in more prosperous times a
Marked reduction in prices
(23d Semi-Annual Report—Half Year Ended June 30 1921.)
President Simon Guggenheim says in substance:
After paying bond interest and before deducting depreciation and ore
depletion, there was available for the payment of dividends the sum of
$1,001,838.
Preferred stock dividends were paid aggregating $2 102 *135
This left
a
net deficit for the six months of $1,100,297, before
deducting
large surplus for such periods as the company is now passing through the
directors felt justified in continuing the payment of the Preferred dividend
All of the properties are in excellent condition and their management is
entitled to much credit for the heroic manner in which they have reduced
and still
are
reducing
expenses.
The present depression of our business is entirely due to the lack of
demand for metals, many of which at the present time are selling beiow the
cost of production, causing the complete shut down of many mines and the
drastic curtailment of production in those still operating.
Our smelting
and refining operations are proportionately reduced.
This condition is, naturally, only temporary; in fact, a slight improvement
s already perceptible,
and we have every reason to believe that in due
course the Smelting Co. will be able to give as good an account of itself
n
the future as it has in
the past.
See also news item on a subsequent
page—Ed.]
of the
prevailing market prices.
Sales of surplus material were satisfactory.
will be necessary to move the remainder of this
stock
Negotiations with United Stales.—-Negotiations with the Government for
amortization of the cost of plant expansion for war work, it is hoped,
before the close of the present year.
London Office Closed.—The London office, opened in May 1919, was
closed in November 1920.
Dividend Outlook—Retirement of Preferred Slock Recommended—Many in¬
quires have been received concerning the continuance of dividends on the
outstanding common and preferred stock.
Unfortunately, dividends on
the Preferred stock are non-cumulative; that is, payable only when the
earnings for the current fiscal year are sufficient, to pay all or a part of the
fixed 7%.
The records of the company show that considerable of this stock
is owneti by educational, charitable and benevolent institutions.
Your President sincerely hopes that a elan to retire this stock may be
agreed upon, which can now be done and leave ample capital or normal
the
will be concluded
^
Oct. 8
The liquidation of the outstanding preferred stock [$7,~
900,000] would remove a yearly dividend requirements of $553,000, stabilize
the common stock, and end the differences between the common and
preferred interests, which have existed in the past.
The company is strong
and sound, and its property in excellent condition to carry on construction
and repair work with economy and speed, yet its shares are persistently
offered at less than one-half the amount its assets would bring through
Results.—The consolidated operating account shows
requirements.
liquidation.
K-'V
v
1571
CHRONICLE
THE
1921.]
net loss of $1,062,-
a
394.
All inventories have been marked down by $1,170,575, leaving a
deficit for the year of $2,232,969, which leaves us with a surplus as of
1921 of $1,350.683..
fall the indications
30
June
Until
last
were
that
the
market a normal tonnage at reasonable prices.
fertilizer
industry would
In October and continuing
till June 30 1921 the fertilizer industry experienced a very severe depression.
As is customary, we contracted for our usual supply of raw materials durinJ
,
[The accounts include the following subsidiary companies; Detroit Ship
Building Co., Detroit; Chicago Ship Building Co., Chicago; Superior Ship
Building Co., Superior, Wis.; Buffalo Dry Dock Co., Buffalo; Milwaukee
Dry Dock Co., Milwaukee; The Independent SS. Co.. Cleve.l
ACCOUNTS FOR YEARS ENDING
INCOME AND PROFIT AND LOSS
JUNE 30.
The low prices
of farm products Educed the purchasing
power
of the
farmer, who, in turn, found it necessary to curtail his purchases of fertilizer.
With the large inventories in the factories of fertilizer manufacturers and
restricted demand, prices declined to a low level.
The decreased con¬
sumption of fertilizer necessarily reduced the use of phosphate rock from
our
mines in Florida and Tennessee.
^
1
Ample reserves have been set up for such accounts as are of doubtful value.
a
1920-21.
1919-20.
1918-19.
$2,391,127 $11,039,803 $20,875,057
Add—Interest earned
697,954
839,696
690,989
Adj. of Liberty bonds to market vaL
170,776
Miscellaneous (net)
98,121
93,906
Years ending June 30—
Net earnings all prop, after mfg. exp-
late spring and early summer months.
At the time the depression
arrived these raw materials were largely in the form of manufactured fer¬
tilizer for the spring trade.
the
^
,
Our inventories have been taken at cost or market value as of June 30
1921, whichever was the lower.
.
Business Curtailed.—The fertilizer industries of European
experienced a like depression which has made it necessary for us
,large tonnage of phosphate rock until con¬
Many European countries are desirous of
purchasing our phosphate rock but find themselves unable to do so owing
to conditions created by the World War.
Outlook.—The demand for fertilizer and our shipments in the winter
wheat section are substantially ahead of last year at satisfactory prices.
The poor grade and the small yield of cotton this year have conclusively
proven the necessity of using sufficient fertilizer to produce good, staple
cotton.
The advance in the price of cotton should enable the planter to
buy the necessary quantity of fertilizer for his next year's planting.
Additions Completed.—The construction of the new phosphate rock plant
in Tennessee and the improvements to our Florida phosphate rock proper¬
ties, as referred to last year, have been entirely completed.
No new con¬
struction is contemplated nor are extensive improvements necessary during
European
.Total income.......
:
Deduct—General, &c., expenses
State, county and miscellaneous taxes
Prov. for amort. & demob, exp. (est.)
Sundry charges (net)
Depreciation
Maintenance and repairs
Federal taxes, &c. (estimated)
Amort, of perm, assets to pre-war val.
Adjustment of Liberty bonds
$3,357,979 $11,879,499 $21,659,951
1,899.097
2,624,518
784,525
315,366
386,683
261,277
2,059,506
32,107
377,612
181,436
500,665
313,896
150,000
1,395,886
2,000,000
$1,166,180
12,821,424
$2,995,294
11,856,988
$3,784,434
9,947,829
482,724
Total
--$13,132,320 $14,852,282
Net charge against surplus account-$261,857
Preferred dividends (7%)__
553,000
553,000
$14,214,988
,
_
Net income for year
Previous surplus
-
-.
__
"733~314
deb. a8.55,284
Adjustments (net)-
dividends
Common
945,931
3,606,011
7,000,000
2,949,511
434,181
adjustment of inventories as of June 30 1920,
$588,351; overhead deferred at June 30 1920, subsequently charged off,
$151,753; plant property previously abandoned, but proper adjustment
determined susbequent to June 30 1920, $98,647; additional capital stock
taxes for prior periods, $16,534; total as above, $855,284.
Note.—In connection with the foregoing statement of income, year
1920-21, it should be noted that there has been included as charges against
the year's operating income a considerable amount as yet not definitely
determined, representing charges, items of expense and outlay not applicable
to the current year's business but incident to the completion of the war
contracts and the transition from a war to a peace basis.
Includes
a
the
1921.
SHEET JUNE 30.
$
1917-18.
1918-19.
1919-20.
Gross profit on operations $1,798,511
Operating, &c., expenses
2,312,906
$5,735,652
2,704,590
$4,734,553
1,969,709
$4,504,583
1,908,860
loss$514,395
$3,031,062
217,650
$2,764,844
80,170
$2,595,723
130,955
loss$514,395
470,950
$3,248,712
491,569
$2,845,014
511,097
$2,726,678
633,237
def$985,345
},757,143
$2,333,917
$2,193,441
ganization exp., &c
186,612
Profit on bonds purch.*. Cr. 109,563
Reserve for contingencies
Res. for loss on investm't
207,256
Cr.79,602
500,000
196,059
Cr.69,547
600,000
Cr. 123,337
Net
earnings.
'
s
Bond interest.
Balance, surplus.
Amort, of bond disc., or¬
—
248,508
400,000
500,000
Inven.
1921.
$
adjus. (to cost or
market, whichever is
1920.
$
1920.
%
YEARS ENDING JUNE 30.
1920-21.
additional
CONSOLIDATED BALANCE
coming year.
INCOME ACCOUNT FOR
$11,363,320 $12,821,424 $11,856,988
Profit and loss balance forward
postpone the delivery of a
ditions become more normal.
to
553.000
(16%)1,216,000 (16)1216,000(2334)1805000
__
countries
■
lower).
1,170,575
Preferred dividends._(3M%)489,581
-
•
Assets—
Liabilities—
Inventory
1,041,727
Acc'ts & notes rec.
1,346,851
913,200
Cash.
—
-
Work under constr
138,25b
stock.
304,000
148,752
148,752
Unpaid pref. dlvs.
3,500
Securities owned
138,250
304,000
Fire insurance..
8,414,107
do
2,713,723
1,014,690
2,800,695
8,151,577
com.
152,998
& adj. amort.
6,500,000
205,100
4,297,366
Contlng'y, &c._
—
Add'l cost ships
accrued interest.
174,481
delivered
12,821",424
11,363,320
Surplus...
2,157,800
Bonds, stocks and
Total
33,294,796 37,456,474
Total
33,294,796 37,456.474
....
equipment, &c., built and
on account of war production, $9,417,198; less reserve for amorti¬
zation, $8,307,481.—V. 113, p. 1474, 1363.
x
This amount includes buildings, machinery,
installed
Net operating profit
$624,449
(4%)572,000
-
-
paid....
:
Balance, surplus
The directors in Sept. last decided to defer payment of the Oct.
In April and July last quarterly dividends of 2%
pare
V. 113,
p.
1367.
Dec.31'20.
A-SSCUh——
lines,
20,466,940
&c..
under construc'n
641,682
950,926
980,294
Inventories
1,150,947
Accts. receivable..
461,945
868,448
926,718
926,268
170,375
Depart, investm'ts
U. S. Lib. bds., &c
Deferred charges..
13,675
128,5.54
Cash....
115,866
Treasury
stock...
Total...
WITH DEC. 13 1920.)
J'ne 30'21.
Liabilities—
Dec.31'20.
473
85
U. S. Liberty bds.
Overburden
from
50,000
298,763
764,344
8,690
9,618
.24,217,973 24,327,973
1,653,959
Res. for taxes,
&c
1,438,215
...
543,893
Deprec. & deplet'n 3,494,622
709,811
3,494,622
Total
6% gold bonds.—V. 113, p.
International
2,943,695
197,803
3,065,960
111,365
....24,217,973 24,327,973
1367.
Agricultural Corporation.
(12th Annual Re-port—Year ended June 30
President Stephen
B. Fleming
says
1921.)
in substance:
Loans—More Time to Planters.—The great decline in
the price of cotton
period last fall made
for the company to extend to the planters and farmers addi¬
tional time in which to pay for their fertilizer, which made necessary the
increasing of our current borrowings to supply us with funds to extend the
farmers this accommodation and to provide cash to finance the spring
and farm products coming at the time of our collection
it necessary
business.
.Bonds.—During the year we have retired $434,000 of our bonds outstand¬
ing (V. 112, p. 2311), making a total reduction in the outstanding issue of
$3,957,100.
There are treasury bonds available for future use in the
amount of $6,766,500.
Pref. Dividend Not Paid.—The directors in June decided that it was for
the best interest of the company to omit the dividend on the Cumulative
Preferred stock (V. 112, p. 2542).
1,230,163
1,341,163
Interest
and
on
4,590,000
163,194
bonds
loans
ac¬
crued, &c
389,619
Special reserves... 2,535,711
Surplus
1,350,683
....48,762,841 43,072,162
—V.
are
also
453,420
2,416,626
4,073,234
112,
Total
.....48,762,841 43,072,162
contingent liabilities consisting of endorsements
of
notes
jointly owned
p. 2542.
corporations,
$417,500, not included above.
Punta Alegre Sugar
Go.
(6th Annual Report-—Year ended May 31 1921.)
President Edwin F. Atkins, Boston, Oct. 1, wrote in subs.:
During the year ended May 31
the sugar industry suffered an unpre¬
cedented collapse, through the decline in price of raw sugar between June
and December from 22J^c. to 3j^c. per pound, with a further decline later
to 2c.
Plans had been made, contracts let, and work started so that full
production could be obtained in order to take advantage of .sugar prices
which were expected to be considerably above normal.
When prices
was too late, and impossible, immediately to adjust
production costs, as materials and labor entering into such costs did not
decline as rapidly as the price for sugar.
The Government of the United States chose that time to increase the
tariff on Cuban sugars to a figure representing an ad valorem duty of 80%,
and at this date it is impossible to predict the effect on the industry.
At the company's estates expenses have been reduced wherever possible,
and economies now in force will enable the company to compete favorably
started to decline it
the production of low price sugars.
Sugar of the Estates Output (Bags)—
Raw
Punta
San
1920-21.
1919-20.
663,709
;
623,620
324,867
253,896
84,946
Juan..
Central Florida
-
Trinidad
Total
284,566
258,462
80,592
at Punta San Juan was high, a promising
The company plantations supplied 22 % of the
cane ground.
The construction work has been substantially completed
the greater part of the expense was incurred in connection with the railroad,
now
in first rate condition, with suitable wharf and terminal facilities
Of the cane ground at Florida the company plantationsjsupplied 25% •
The unit is now complete^ equipped; the construction work during the
year included a new electric plant, boiler, railroad extension, etc.
High
operating costs at the Trinidad mill reflected the shortage of cane, due to
unfavorable weather conditions, and the high cost of cultivating the com¬
pany plantations, which supplied 60% of the total cane ground.
On account of market conditions large areas of young cane at Punta
San Juan and at Florida were left until next crop»
Anticipating the difficulty of disposing of raw sugars in 1921 the manage¬
ment, through E. Atkins & Co., entered into an arrangement with the
Pennsylvania Sugar Co whereby the production of the Punta Alegre Sugar
Co. could be disposed of through a refinery as refined sugar.
This contract
has permitted the regular shipment of sugar from Cuba, and constant
liquidation, so that on Sept 1 only 200,000 bags of sugar remained on hand,
which it is expected will be disposed of before the end of the year.
These
sugars are included in the balance sheet at 2.60c. per pound.
Latest advices indicate a good cane supply for the next crop, and a
substantial reduction in operating costs.
In spite of the losses on last year's crop the company remains in strong
financial condition, free from bonded debt or preferred stock liens.
Fi¬
nancing for the present dead season has been arranged through the usuabank loans against the current crop.
[The directors in June last, voted to omit payment of the dividend
usually paid July 15—V- 112, p 2649 ]
The sugar content of the cane
Surplus from prop.
appraisal
Surplus...
..14,135,000
payable
356,734
property
Central
int.,
1,582,689
notes
Dividends payable
Jointly
Total
Central
payable
and
unmined phosph.
in
a Consists
of $593,000
Oklahoma Natural Gas Co. 6% gold bonds:
$349,000 Caney River Gas Co. 6% gold bonds and $142,000 Enid Natural
Gas Co.
Cash in sink. fund.
Capital stock
14*300,000 14,300,000
1,208,000
debt.....al,084,000
Funded
9,042,000
992,829
Accounts payable-
1,697,506
from
Accts. & gas purch.
$
$
Plant equipment..20,725,010
Well,
$42,449
dividend.
Com¬
each were paid.
BALANCE SHEET OF JUNE 30 1921 (COMPARED
J'ne 30'21.
First mtge. bonds.
Loans
3,615,056
1,037,888
Deferred charges.. 1,498,994
65,704
$633,076
deb.8,627
operating income (gas)
Net operating income (oil and gasoline)
7,260,600
9,476,900
stock
1,825.592
2,635,880
S
7,260,600
Common
9,860,895
3,452,896
1920
13,055,500
2,089,590
Inventories
170,228
Net
%
Preferred stock... 13,055,500
(less res've). 11,600,647
Cash.....
1,790,629
$881,999; total....
Operating expenses, $908,630; gas purch.
Taxes: Fed. Capital stock, $7,148; prop. (1921), $118,080; Fed.
income (1921), $45,000; total.
Int. on notes payable, $24,819; int. on funded debt, $32,770;
other deductions, $8,114; total
...
Dividends
1921.
Liabilities—
$2,659,636
$2,652,733)
INCLUDING AFFILI¬
COMPANIES.
OWNED)
1920.
est.,plant,Ac.23,974,037 22,335,003
Investments
678,916
1,490,380
on
PROFIT & LOSS ACCOUNT FOR THE 6 MOS. ENDING JUNE 30 1921.
gas
100%
A$$6t8~~~*
Note.—There
(Report for Six Months ending June 30 1921.)
(from sale of
e.,
Real
Tulsa, Oklahoma.
Oklahoma Natural Gas Co.,
Gross earnings
(i.
owned corp'ns..
Other companies
25,814
127,993
Other assets
x
1921.
rec.
$1,168,270
canceled under operation
Includes five quarterly dividends of l}4% each.
ATED
Due
688,655
accrued Interest.
$791,437
$1,476,715
bonds purchased at a discount and
Accts., notes, &c.,
'
Notes receivable &
on
of sinking fund,
991,290
Est.
1,339,174
39,851
Profit
com-
pens'n insure. 1,009,355
Fed'l taxes
M
mach'y,
equipm't, &c_xl,109,717
Prepaid exp., &c_.
57,647
Completed ships._ 5,401,753
*
CONSOLIDATED BALANCE SHEET JUNE 30,
Workmen's
Bldgs.,
Balance, surplus._.def.$2,722,550
694,655
Reserves:
Deferred assets;
—
(5)652,775(6^)815,969x
7,600,000
Stock, preferred..
Govern't securities
(market value). 7,907,883
7,900,000
Stock, common... 7,600,000
Accounts payable.
245,262
Acer, int.,taxes,&c
114,009
7,461,177
5,492,166
Plants, prop., &c. 7,049,405
Goodwill, patents. 5,492,166
7,900,000
indication for future crops.
,
STATEMENT.
1918-19.
1917-18.
$3,017,622
$1,822,979
$8,900,657
CALIFORNIA RY.
CONSOLIDATED PROFIT AND LOSS
1920-21.
loss$l,162,461
Operating profit
Interest
660,913
plant._
on
75,355
loans
on
bonds—_—
Interest on
196.574
VGeneral admin, exp_—
Miscellaneous
Cr.26,436
.........
Net profit.
...loss$2,068,867
Estimated U. S. & Cuban
inc.
&
381,694
522,692
216,141
332,063
270,000
270,000
62,611 In operating
Cr.2,431
29,823
750,393
395,904
94,102
192,263
Cr.13,490
853,019
193,600
$763,975
226,913
,
.loss$2.068,867
$6,628,466
$1,573,519
Adjustments
Proportion of organ, exp
Res. for loans on plant¬
ings & doubtful accts.
Res. for shrinkage in val.
774,423
Cr.62,186
13,837
Cr.39,598
37.151
of mat'ls in warehouse
174,017
Available profit...
_ .
Deduct—
$5,646,708
1,000
$9,136,016
$2,416,523
1920.
1921.
Assets—
*14,279,130 $12,109,231
677,203
1,000
296,341
674,953
Stock in oth. cos
stock_____
416,577
475,581
Organ,
expenses
Mtges. receivab.
Live
2,000
80,000
1,348,600
3,780
17,426
780
$11,637,150
64,751
65,872
308.298
311,528
payablepurchase
278,222
3,683,422
13,819,581
2,337,836
1,049,793
808,488
plant¬
ed, etc
129,238
....
63,750
34,127
39,867
___
Miscellaneous.
2,144
Prof. & loss df.
57,864
_____
--49,340,732 49.772.2771
STATEMENT
OF
INCOME OF MARKET
STREET RY.
THREE MONTHS ENDED
JUNE 30
1921.
459,000
Passenger, $2,338,617; other. $16,772
$2,355,389
structures. $178,961; maintenance
power, $372,194; transportation and
traffic. $929,525; general, $188,037; total, $1,837,146; less,
transportation for investment, $31,913__-1,805.234
Taxes.
150,000
___
Gross income after adding other income, interest, rents, etc $9,004
Deductions from income: Rent for leased roads, $158: miscel¬
laneous taxes,
$1,764: interest on funded debt. S196,928;
unfunded debt, $95; miscellaneous, $1,097
on
accept¬
$209,117
MARKET STREET RAILWAY, SAN FRANCISCO—BALANCE SHEET
JUNE 30 1921.
Liabilities—
Road
and equipment
Sinking funds.
Prior
__$46,766,091
Stocks of affiliated cos..____
Stocks and bonds of other cos.
5,325,000
Cash
~22~224
Mlscel.
receivable
accts.
& Cuban taxes
578,019
853,019
Materials and supplies
Int. and rents receivable.
Unrep. credits..
Accts.
payable.
65,556
1,136,644
4,589,260
230.115
Other
2,305,498
Deferred
9,136,016
5-year 6% Coll. Trust Notes. y4,650,000
Equipment trust certificates.
30,000
Current Liabilities
Accounts
Reconstruction <fc betterments
U.
Surplus
Total (each
8.
i_
2,017
3,782
asset
Other.
in substance:
looking to keeping said stocks together for the benefit of all concerned
therein and fixing their relative interests with the expectation on behalf of
the California Railway & Power Co. that not less than two-thirds thereof
and or two-thirds of the proceeds therefrom, are ultimately to be and
become vested in California Railway & Power Co.
Some definite plan in
Total
x
1Effect on Cal. Ry. & Power Co.—The Profit
shown in the General Balanoe Sheet for 1920 has
any
Sale.—The
proposition as to the sale by the company of the Coast
Valleys Gas & Electric Company stocks referred to in the last Annual
Report has been consummated and said-stocks delivered to the purchaser.
Power Co. Lease.—The lease of the operative property of the Sierra &
Francisco
Power
Co.
to
Pacific Gas & Electric Co.
in effect 18 months, during which time many of the
Company have been
was
at
June
30
problems of the Sierra
solved, and its situation materially improved, thereby
improving your affairs also.
The lessee has paid to the Sierra Company the sums stipulated to be
paid in cash to it; and, while there are many unsettled matters as between
the lessor and the lessee, as well as otherwise it is hoped that they may
be settled
to
a
very
considerable extent during 1921.
State "Water Commission has rendered an
in
For instance, the
important decision (not yet final)
the matter of the determination of the rights, based upon
prior appro¬
priation of the various claimants, to the waters of the Stanislaus River and
its tributaries.
practically no revenue and seriously unfavorable condi¬
tions attending its subsidiaries,
your company has nevertheless been able
to avoid disaster, and show noticeable improvement during a very trying
Status.—With
assets-
After
Earnings of Cal. Ry.
it is believed, should end Dec. 31.
Expenses,
taxes,
—
etc
Net deficit..
1919-20.
$3,457
27,295
$13,192
$23,838
34,027
$34,027
$71,056
97,388
P. & L. surplus
1917-18.
$28,529
$57,864
57,864
deficit
Claims agst. sub. cos
1918-19.
$1,166
14,358
Previous deficit
Total
v
& Power Co. for Years ended June 30.
1920-21.
Total income—
$26,332
'
$131
28,660
5,498
$222
10,278
$10,056
sur
4,558
$5,498
def.$57,864 def.$34,027 def. $5,498
A-
624,728
8,911
217,495
Total
$48,534,459
deducting $18,000
collateral security for
liabilities
$48,534,459
held by company and $5,200,000
6% notes,
y
deposited
After deducting $550,000 held by Co.
SIERRA & SAN FRANCISCO POWER CO.—STATEMENT OF INCOME
FOR
YEAR ENDED JUNE 30
1921.
Rentals for properties, $51,185; miscellaneous, $12; total income..$51,198
Salaries and wages, legal fees, engineering, taxes ($1,257); office
41,970
etc
expenses,
earnings.
Int.
on
Gross
$9,226
of other companies, $6,560; interest
$1,524; miscellaneous, $2,252
10,336
bonds
bank balances, etc.,
!
income.
Income charges: Inventory expenses,
$1,138
laneous,
$19,563
$6,736; interest, $180; miscel¬
8,054
;
Net income (see foot note to balance sheet below)..
OF SIERRA
BALANCE SHEET JUNE 30
1921.
Liabilities—
2d M. "B" bds. in
37,000
2d M. bds Ser "A"
1,000,000
1,000,000
18,225
38,000
2d Mt. Ser. "B"__
8,500,000
8,500,000
89,250
Pac.
43,825
for mat. int.
Bonds owned..
G.
&
El.—
224,867
16,585
522,620
Interest.
14,755
269,115
Acc. int., taxes &c.
1,321
177,651
Notes & accts. rec.
x91,969
436,273
342.058
Cap. exp._
Accounts payable-
Materials and sup.
10,457
326,891
Matured
Cash
21,827
Unamortized
disc.
& exp. on secur.
45,000
"
9",887
2,504
Miscellaneous
235,317
Profit & loss def
2d
M.
"B" pay in
135,184
93,802
Bond disc. fund...
bds.
Mat.
int.
Pacific
Gas
&
Electric Co.
agrees,
16,813
16,813
168,361
Miscellaneous
299,232
21,351
Dep., &e., reserves
100,224
Profit and loss sur_
___37,502,244 38,385,655
Total
1920.
$
$
.20,000,000 20,000,000
1st Mtge. bonds.. 7,500,000
7,500,000
Capital stock
83,350
treasury
do
& SAN FRAN. POWER CO
1921.
$
37,091,285 36,735,794
Property
$11,510
1920.
$
Assets—
38,192
37,502,244 38,385,655
Total
commencing Jan.
Dec. 31 1919, the
1 1920, to assume
liability for interest on outstanding bonds of Sierra and San Francisco
Power Co. and pay such interest as it becomes due.
Liability for such
interest is, therefore, omitted from the above balance sheet.
Claims for capital expenditure charges presented by lessee are not in¬
cluded in the above General Balance Sheet pending investigation and
approval thereof,
x
Includes $40,000 Cal. Ry. & Power Co. since paid.
GENERAL INVESTMENT NEWS.
RAILROADS,
INCLUDING
ELECTRIC
ROADS.
General Railroad and Electric Railways News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Railroads
Warned of Big Car Demand for
Fruit, Vegetables & Perishable
Crops.—(Am. Ry. Ass'n)—"Times" Oct. 3, p. 23.
Progress of Federal Settlements of RR. Claims.—See "Current Events" above
Idle Cars Further Decreased.—The total number of freight cars idle on
Sept 23 was 414,698, compared with 433,536 on
Sept. 23, 201,153 (decrease 18,838) were serviceable
545 were in need of repairs.
About First of Month, on April
In Thousands—
Good order
Bad order
Aug.
321
227
Sept. 23. Sept.
201
246
213
221
426 to 432.
Loaded.—The total
Sept. 16. p.
Cars
Sept. 15. Of the total
freight cars, while 213,-
8 (Peak) and on Sept. 23.
June. May.Apr.8.
Jan.
394
482
507
198
Not reported
of British Railways Act 1921.—"Railway Gazette" London,
Idle Cars on or
Summary
year.
Fiscal Year.—The fiscal year,
249,447
Note.—In accordance with terms of the lease dated
and Loss deficit $57,864
been changed to a surplus
of $26,332, principally by the collection of a substantial amount of cash as a
result of the above named reorganization, thereby eliminating from the
Balance Sheot as shown In 1920 the items "United Railroads of San Fran¬
cisco $39,867" and "Unadjusted Credits $34,127."
The amount hitherto
shown as "Notes Receivable—United
Railroads of San Francisco $1,925.000" has been transferred and included in the Company's interest in
Market Street Railway Co. stocks.
Market Street Railway Co.—This company has been in operation as an
independent operating company only three months but we may say in
general that its physical condition as to track and equipment is good and
constantly improving; that the service rendered the public is admirable and
satisfactory, so far as that company can make it; and that although the
company has operated and is continuing to operate upon a 5 cent fare, its
gross receipts continue to show some increase over those of its predecessor
for the preceding year, notwithstanding the many adverse factors with
which it has to contend, which as you well know are affecting similar com¬
panies throughout the United States.
San
as
forthcoming annual meeting.
contributed in
95,936
Tax liability
Profit and loss—surplus
connection with the foregoing it is well to bear in mind that the Cal¬
ifornia Railway & Power Co. has not, up to this time,
substantial way toward the cost of the reorganization.
2.344
liabilities
Deferred
119.011
Other.
on
Market Street Ry.—Our stockholders are to be congratulated upon the
consummation of the reorganization of the United RRs. of San Francisco
and that the Market Street Ry. Co., successor thereto was enabled to com¬
mence operations April 1
1921.
(See fuil statement to N. Y. Stock Ex¬
change V. 112, p. 2093 to 2097, and plan V. 109, p. 1367.]
In accordance with the long pending Plan of Reorganization the property
of said railroads was sold on March 21 1921 at judicial sale and the successor
company The Market Street Railway Go. issued to the Junior security
holders
(a)
Preferred stock,1 $3,825,000; (&) Second Preferred stocky
$2,350,000; (c) Common stock, $6,000,000.
Disposition of Said Stock of Street Railway.—A divirion of said stocks as
between California Railway & Power Co., United Railways Investment Co.
and The Railroads & Power Development Co., has not been made, but on
the advice of able representatives or the Prior Preference Stockholders, the
above named Market Street Railway Co. stocks are being held together
and negotiations are being conducted with the other Holding Companies
12,460
221,497
Accrued Int. and rents
23,051
Other income;
(Report for Fiscal Year ending June 30 1921.)
President Mason B. Starring Sepfc. 1 wrote
163,412
122,229
Reserves
Net
& Power Company.
($521,941)—
payable
Wages payable..
Matured int. and rents.
509.278
elde)$23,516,417 $30,345,422
,
respect thereof may be expected at the
4,700,000
10,700,000
gold bonds x9,986,000
8'ock
Common
824,632
22,450
94,800
Loans and notes receivable..
$11,750,000
5,000,000
stock..
Second Preferred stock
13,505
155,088
Current Assets ($1,456,960)—
Int. & rents accr.
for
Preference stock
Preferred
1/53
1st Con. Mtge. 5%
4,490,915
142,167
28,979
$409,159
200,042
income
secured
Sept. 1 1921, unsold balance of sugar securing notes was
200,000 bags, inventoried at 2 6 cents per pound, F. O B Cuba.
x Mill buildings and machinery, $7,778,155, increase over 1920, $811,166:
railroad and shipping equipment, $4,399,574, increase $1,635,201; houses
and buildings, &c
$1,718,260, increase $587,404: steam plows, carts, tools,
furniture, &c., $325,747; total, $14,221,736.
Less, reserve for deprecia¬
tion. $2,383,428; plant under construction;
$130,542; lands, pastures,
roads and wells, $1,364,951, increase $84,996: cane fields and other plantings,
including ditches, $945,329, increase $128,301.
Contingent liability for $523,829 being notes given by planters to banks
for advances made, repayment of which is guaranteed by the Compania
Azucarera Florida.—V. 113, p. 1478.
In
THE
revenue:
Note.—At
\
FOR
of way and
equipment, $168,429;
uncompleted ($76,782) etc.
California Railway
49,340,732 49,772,277
Total..
a Includes (1) Market St. Ry. Co. stock amount undetermined (see text
above); (2) Sierra & San Francisco Power Co., $19,999,000 capital stock out
of $20,000,000. and (3) San Francisco Elec.
Rys., $9,997,500 capital stock,
b $75,000 of this paid since June 30.
c Eliminated since June 30.
by sugars, see
Prov.
notes
Cash
ances
Other notes pay.
• securing
Due from
planters, etc
Contra
Stores at cost...
Sugar
to
1
470,678.
adv.
agst.
72,240
20,241
305,622
_
6,874,400
40,000,000
c40,000
26,332
payable
Unadj. credits
Assets—
1927......
132,726
Mat'ls in transit
& def. Items.
6 874,400
stk.40,000,000
payable yearly
Notes &
Exp. 1921 crop.
stock.__
Notes
RRs.
of
San
Fran__
Interest
232,823 sharesSll,641,150
Land
to
at cost
Pref.
Common
Un.
Net
Mtgs.
Res.
present values
2,800 000
1920.
1921.
Liabilities—
house, approx.
Sugar in process
pref. stk. 2,400,000
Capital stock
Supplies in ware¬
841,825
$812,019
MAY31.
CONSOLIDATED BALANCE SHEET AT
Fixed assets
$700,666
141,352
842,019
$4,589,260
Surplus May 31-
Prior
of
$1,574,504
2.416,523
1,072,785
Surplus pd. Li on stk. iss
1920.
$
$
Liabilities—
own'd49,143,229 47,738,229
Notes receiv_.
bl75,000
1,925,000
Cash on depos
11.317
20,360
Operating
"l",462
Balance, surplus
def.$4,547,756
Previous surplus....—
9,136.016
1921.
1920.
$
Maintenance
38,611
divs......(13%)l,513.449(7^)791,496
Common
26,158
37,151
.
200,000
17,000
dividends....
Preferred
Assets—
BALANCE SHEET JUNE 30.
CO,
POWER
aSecur.
Total
profits
excess
$975,575
$1,800,433
$7,481,485
&
1921.
$
1919-20.
Lew-
Depreciation
[Vol. 113.
CHRONICLE
THE
1572
.
July.
374
,
number of cars loaded with revenueTfreight
during the week ended Sept. 24 was 873,305.
This is the largestjweek's
loading since Nov. 20 1920, and it is aiso an increase of 19,543 cars over the
week of Sept. 17, but as compared with 192C it shows a loss of 134,804 cars.
The principal changes as compared with the week before were as follows:
Merchandise and miscellaneous freight, total cars loaded 533,069, increase
10,635;
cars
grain and grain products, 51,848 a decrease of 3,483 (but 7,079
than 1920); live stock, 32,933 cars, an increase of 2,534; coal,
more
43,959 cars less than in week of 1920); forest
2,230; ore, 30,333, increase 2,118; coke, 4,946
171 474, increase 5,416 (but
products, 48,702, increase
cars, increase 93.
Oct. 8
Total Number of Cars Loaded
Weeks ended
873,305
1,008,109
995,901
1921
1920
1919
-
With Revenue Freight.
Total Year
-Weekly Avae.to Date.
1 st Qu.
2 a Qu.
693,297
744,154
28,235,407
883.415
817,601
834,488
32,801,711
946,970
704,035
761,511 300,010,755
Sept. 10
748,118
Sept. 17
853,762
991,166
994,991
Sept 24
'Chronicle
Matters Covered in
(a) RR. Consolidation plan
of Oct. 1.(I.-S. C. Commission plan based on plan of Prof, Ripley), p. 1429 to 1431.
The "Ry. Age" of Oct. 1, p. 613 to 616 and 633 to 635, contains an
abstract of Prof. Ripley's plan, and the "Ry. Review" of same date furn¬
ished, along with extracts from that report, small reproductions of the
maps that accompany the Ripley report.
Compare "Times" Oct. 1, p. 21.
(b) Increased earnings due to deferred maintenance, &c. (Ass'n of Ry.
Executives), p. 1434.
(c) Additional RR. equipment obligations sold by U. S. Govt., p. 1428.
Compare V. 113, p. 1212, 1324.
See also "Current Events" in this issue.
(cc) RR. and El. Ry. capital flotations in Aug. 1921 and the 8 mos.,
p. 1405 to 1408.
(d) Penn. RR. Co. disputes authority of Labor Board as to management
of employees, p. 1429, 1399.
(e) V.-Pres. Atterbury of Penn. RR. says there must be further wage
reductions, p. 1428.
(f) Possibility of trainmen's strike, p. 1428.
(gr) Ry.
executives to meet Oct. 14, p. 1429.
(h) RR. relief necessary for economic
recovery,
p. 1429.
(i) Plan for merger and city control of N. Y. transit lines (Transit
Commission) p. 1431 to 1434.
See also "Current Events" in this issue.
will be found under "Current Events" along with the valuations shown
capitalization,
a
—
The International Trust Co., trustee, Denver, Colo., will until Oct. 14
receive bids for the sale to the Arkansas Valley Ry., Light & Power Co. of
50 First Mtge. Sinking Fund gold bonds of the Pueblo & Suburban Traction
1
1902,
at
not exceeding 104
and int.—V.
was
made Oct.
4
City & Suburban St. Ry., Brunswick.—Sale
was
by Geo. M. Shriver, Senior V.-Pres.,
awarded contract for 500 of the box
cars
and- 500 of the steel
hopper
cars, which are to be built at its Baltimore (Curtis Bay) plant.
The balance will be distributed, 500 box cars to American Car & Foundry
Co. and 500 steel hopper cars to the Cambria Steel Co.
Delivery of the
cars should be started within four months from date at the rate of 100 to
125
cars
a
day.—V. 113,
p.
1469, 1154.
The I.-S. G. Commission has authorized the company to
113,
p.
Railroads.—V.
113,
p.
1470,
1354.
Columbus (O.) Ry., Pow. & Lt. Co.—Purchase—Earns.
The
company, it is announced, has acquired the stock control of the
Albany & Johnstown Traction Co., owning 6.1 miles of
extending the system to Gahanna, Ohio.
Earnings of Columbus Railway,
Boston Elevated RR.—Status at End of Public Control.—
automatically revert to private operation at the end of 10 years, as many
suppose.
In fact, Section 12 or the Act provides that public operation
shall continue indefinitely after the expiration of the 10-year period until
the State elects to discontinue the arrangement; also that the State must
give two years' notice by appropriate legislation of its decision to terminate
the contract.
In other words, the 10 years mentioned in the Act (dating from July 1
1918) is a minimum period.
Public operation may and conceivably will
have greater longevity than many persons suppose at this time.
This is one matter of vital interest to investors in the Boston Elevated
even
should
Total passengers
Kilowatt hours sold
Number of customers—
Revenues—
1919.
1918.
75,112,652
16,647,663
71,962,308
15,481,522
54,455,621
11,131,350
57,258,697
passengers
91,760,315
87,443,830
65,586,971
63,939,641 101,434,834
42,200
38,807
$
$
74,839,725
32,878
69,825,731
29,975
2,397,890
2,208,211
4,842
Gross income
funded debt
unfunded debt..
Other deductions.
Preferred dividends
Common dividends
on
Int.
on
2.481,529
2,516,442
4,136
2,119,163
2,128,301
17,021
6,728,120
4,672,292
5,002,107
4,264.485
3,299,457
3,113,068
1,364,895
482,033
1,875
70,742
Oper. expenses & taxes..
3,523,768
3,200,608
3,744
3,246,048
—
Total gross
Int.
Balance,
$
$
4,610,943
Non-operating.
2,055,828
713,288
3,187
72,894
1,702,649
1,151,417
693.288
595,176
64,367
4,868
81,616
35,913
76,880
352,500
sur.
for
528,000
480,000
222,181
457,745
year.
738,459
442,887
156,900
fAccording to finding submitted to Common Pleas Court Sept. 30 by
Master Commissioner George B. Okey, appointed by the Court in a suit
for accounting filed by stockholders to investigate charges of misappropria¬
tion of funds, former fiscal agents disbursed less than $300,000 illegally ]
—V. 113, p. 182.
Community Traction Co.—Fares Not Increased Oct. 1.—
The company Sept. 30 rescinded its resolution to increase fares.
The
present rate will remain in effect at least until Nov. 1 to give Commissioner
Cann opportunity to prove his contention that no further fare increase
is necessary and that operating expenses, interest charges and the fare
stabilizing fund can be paid and maintained out of the proceeds of the
schedule now in effect—7 cents each, with 6 tokens for 40 cents—V. 113,
1470, 1359.
p.
Crawford County Railways Co.
(1921).—Reorganized.—
An official statement to the "Chronicle" states in substance;
vote to
Brooklyn Rapid Transit Co —Status Defined.— :
Judge Mayer in the U S District Court on Oct. 5 handed down an opinion
defining the status of the lien of the gold 5s of 1945, as a first lien in equity
upon the property acquired with the proceeds of $2,125,000 of the bonds,
and upon property acquired with later proceeds amounting to $889,705,
and such property acquired by the B. R. T. as is subject to the lien of the
1st & Ref. Mtge. dated July 1 1902.
The opinion was confined solely to
the question of the priority liens as between the trustees of the two mort¬
gages.—V. 113, p. 1469, 530.
Years ending Dec. 31
1920.
46,150,639
11,108,058
passengers
Transfer
the Legislature
return the property to the directors at the end of the minimum
10-year period, the road will still operate under the service-at-cost plan
which permits it to charge fares sufficient to produce dividends of 6 % on
the Common stock.
The only substantial change consequent upon the
termination of public control would be the lapsing of the State guaranty
of dividend payments.
But in this connection it is worth remembering
that Bcston Elevated paid dividends of from 5% to 6% for a great many
years when it was held down by statute to a 5-cent fare—(Boston "News
Bureau" Oct. 1).—V. 113, p. 1469, 1052.
Power & Light Co.—Calendar Years.
8 Mos. end.
Aug. 31 '21.
729.
One feature of the Boston Elevated public control Act concerning which
confusion previously existing has not yet been entirely dispelled is the
status of the road after 10 years of public operation.
The road does not
Another is the factr that
issue $811,000
$2,689,000 Ser. "B" Refunding & Impt. Mtge. bonds to be
pledged as collateral security for a 6% promissory demand note of $3,500,000
issued by the company Aug. 4 1921 to the order of the Director-General of
Depreciation
See Valuation Table under "Current Events" above.—V.
system securities.
Pledge Bonds.—
Ser. "A" and
Bangor & Aroostook RR.—Valuation.-
,
—
.
Cleve. Cine. Chic. & St. Louis Ry.—To
Power, light and heat__
that the company has awarded contracts for the purchase of 2,000 new
freight cars, comprising 1,000 box cars and 1,000 steel hopper cars, involv¬
ing an expenditure of $2,200,000, which will .be taken care of by financing
arranged through the National Railway Service Corp.
The Standard Steel
Car Co.
was greatly changed by the reorganization
1887; V. 108, p. 1172, 1174; V. 112, p. 1627.
Oliver C. Lisman, receiver, has been appointed master, by an order of
Judge Evans, to sell the entire property at public auction on Nov. 1 at the
Court House in Brunswick, Ga.—V. 113, p. 1359, 959.
Railway
Baltimore & Ohio RR.—Purchase of 2,000 Cars.—
Announcement
p.
Cincinnati Traction Co.—No Referendum.—
Revenue
Arkansas Valley Ry., Light & Power Co .—Tenders
Lighting Co., dated Dec.
113, p. 182.
Is well known,
The Ohio Supreme Court Sept. 29 refused the writ of mandamus filed
by Eli Frankenstein on behalf of a citizens committee seeking to compel
the Cincinnati City Auditor to certify petitions for a referendum on the
ordinance to amend the franchise of the company .—V. 113, p. 1250, 959,
track,
total surplus of $306,250.—V. 113, p. 1250.
&
as
Compare V. 103.
113, p. 1470.
of 1917.
—V.
The annual report for the calendar year 1920 shows corporate net income
after taxes and charges of $73,508.
The estimated amount due from the
Government on account of the six months' guaranty period is $232,742,
making
of
43 other companies in this or a subsequent issue, is the capitalization, both
stock and debt, as it existed in 1915, the date of the valuation.
This
Columbus New
Arbor RR.—Annual Report.—
Ann
1573
CHRONICLE
THE
1921.]
Organization.—Reorganization of the Crawford County Rys. Co. (1920)
(compare Northwestern Pennsylvania Ry. in V. Ill, p. 2229), the property
of which was sold at judicial sale on April 30 1921, and purchased by A. O.
Chapin, Erie, Pa., attorney for bondholders' protective committee which
reorganized company in accordance with a plan under which approximately
90% of the First Mtge. bonds of company had been deposited.
Property
was reorganized under date of June 20 1921.
Capitalization.—Capital stock authorized, $100,000 (par $100). Indebt¬
edness authorized, $370,000 1st Mtge. 6% Gold Bonds, dated July 1 1921,
due July 1 1961.
Denom. $1,000 and $500 (c*).
Int. payable J. & J.
Secured by 1,450 shares of $100 each of the People's Incandescent Light Co.
Contingent sinking fund.
Bonds are tax-exempt in Pennsylvania. Callable
at par on any interest period.
Columbia Trust Co., New York, trustee.
The People's Incandescent Light Co. has a total indebtedness of $150,000,
bearing interest at 7% due Dec. 1 1925.
Int. June and Dec. 1, Delaware
Trust Co., Chester, Pa., trustee.
The interest and sinking fund are
.
„
_
,
*
protected by following leases of prop¬
Co. to the North¬
erty: (a) Lease of the property of Crawford County Rys.
Pennsylvania Ry. Co. for 99 years from Jan. 1 1921 at an annual
rental of $9,000.
(6) Lease of the property of the People's Incandescent
Light Co. to Northwestern Electric Service Co. of Pa. for 99 years at an
annual rental of $26,000.
western
Canadian Northern
Railway.—Bonds Called.—
One hundred thirty-two (£66,000) First Mtge.
4% Land Grant bonds of
1909, and 427 bonds of £100 each, have been called for payment Jan. 1
1922 at 103 and interest at the Canadian Bank of Commerce, 2 Lombard
St., E. C., or Lazard Bros. & Co., Ltd., 11 Old Broad St., E. C., London.
—V. 113, p. 530, 182.
all
under.
It is not clear
the
yet whether the increase in business activity and
resulting traffic during the pa.,t few months is due merely to the fact
that business was so long below that created by the minimum
requirements
of the people and is now expanding only to meet those requirements, or
represents a larger development.
There is no doubt that until recently
merchants everywhere were selling from stock and all classes were using
what they had, postponing replacements.
Now we have come to the time
when the country must at least cover its current needs.
Rates & Wages—A good many demands for lower rates are being made,
but many reductions
have already been made.
Extensive rate reductions
The
do.
The
correction
of
Paul
that
is
situation
in
will
have
to
be
left
to
a
very
of all but
a
small amount of the 7 % Cumulative
Florida & East
Coast Ry .—Valuation.—
See Valuation Table under "Current Events"
Franklin & Pittsylvania
The company through C.
B.
Dudley, receiver, has filed an
mlt should be noted that the capitalization as shown in the statement of
tentative valuation whicblappeared in last week's "Chronicle" and which
application
with the I.-S. C. Commission seeking authority to abandon 29
road between Rocky Mountain and Pittsville, Va.
The property,
for 40 years, has had a deficit every year, the receiver declared.
miles or
operated
Georgia Ry. & Power Co.—Validity of Contracts Upheld.
The Georgia Supreme Court Sept. 27
handed down a decision upholding
the validity of contracts between the towns of College Park and Decatur
and the company, under which the company is not permitted to charge
more
pl
than 5 cents fare to these places.
The company sought to establish
7-c6nt fxir©
With all the justices concurring, the Court upheld the validity of
tracts that these contracts are binding and declined to reverse its
the con¬
original
opinion rendered in 1918 holding that the Georgia Railroad Commission
had no jurisdiction over the cases in view of the contracts existing.—V. 11.2,
p. 2413, 2083.
Green Bay &
Western RR.—Valuation.—
See Valuation Table under "Current
—
above.—V. 113, p. 730.
RR.—Would Abandon Road.—
*
& Chicago Rock Island & Pacific Ry.-— Valuation, &c
Adjustment
their bonds for its 4 % 10-Year Secured Notes, the committee has terminated
the agreement of deposit, dated June 1 1917, and fixed Yt of 1% of the
principal of the deposited .bonds and bond scrip as the ratable proportion
of the indebtedness, expenses and liabilities of the committee to be paid
in respect of such deposited bonds and bond scrip.
The New York Trust Co., depositary, will deliver deposited adjustment
bonds and bond scrip to depositors on surrender of their certificates of
deposit, and the payment of lA of 1 % of the principal of deposited adjust¬
ment bonds and bond scrip.
[The total amount of the bonds exchange
amounts to $5,175,000 out of a total of $10,000,000 outstanding]—V. 113,
p. 1250, 959.
time
comfortable cash position,
the result of improving net earnings, combined with the restricted purchasing
policy which the road had been following for some months.
Vouchers
for materials and supplies have been brought down to current business and
the road has no overhanging debts
St. Paul has made its settlement with the Government, in which expendi¬
tures for additions and betterments on the road during Federal control
were funded
In that respect the road has no interest in the pending
railroad relief bill, although its loans from the new revolving fund set up
by the Act of 1920 will probably be funded for 10 to 15 years if the relief
bill should pass —V. 113, p. 627, 291.
now
owners
were deposited with the committee, having accepted
the offer of the Western Pacific RR. Corp (see V. 111, p 990) and exchanged
Mortgage Gold Bonds
public opinion.
Financial—The St.
627.
RR.—Adjustment Bonds Exchanged
for Western Pacific 4a.—Arthur O'Brien, Sec. of the bond¬
holders protective committee, in a notice says:
Both rates and wages will in the long run be governed by the attitude of
that
.
Denver & Rio Grande
are impossible on the present level of costs if the railroads are to
be kept fit to do the country's business.
Just now they have ample capacity,
but of course traffic is off.
and
.
Co.—Valuation.—
See Valuation Table under "Current Events" above.—V. 113, p.
however,
the public.
We railroad men think that wages and rates are both too high
for the commercial health of the country.
The Transportation Act requires
the carriers to take the first step in initiating a reduction in wages.
So
far as the St. Paul is concerned, we do not contemplate taking the steps
toward another wage reduction and I do not know of any other companies
of
Dallas Terminal Ry. & Union Depot
Chicago Milwaukee & St. Paul Ky.—Status—Outlook.—
President H. E. Byram is quoted as saying in substance:
Traffic.—The wheat movement was heavy and early this year and has
now rather passed its peak, which
usually comes in October.
This leaves
proportionately less wheat to move during the remainder of the fall and
the winter but there isi still a great volume of grain to move.
This is
particularly true as respects corn, which still waits movement.
It will
come to the railroads, either as corn or as finished cattle and
hogs, when
the demand improves.
Crops have been large and in the West business
is gaining.
Our traffic as a whole is under that of a year ago, but not so very much
v
,,
F. Curtze (Pres.), Chas. M. Hatch (Vice-Pres.) A. A.
(Treas.), Geo. W. Kunz (Sec.), A. A. Claus, Frederick Curtze,
Erie, Pa.
See V. 112, p. 1751, 2227.
Directors.—F.
Culbertson
Jonesboro Lake City
Events" above.—V. 113, p. 848.
& Eastern RR.—Valuation.—
See Valuation Table under "Current Events"
above.—V. 110, p. 167.
Kansas
[Vol. 113.
CHRONICLE
THE
1574
City Mexico & Orient Ry.—To Build Bridge.
words, the city, with its control over all public thoroughfares,
Commission, with its control over operation, would soon find a
In other
and the
in conjunction with the National Railways of Mexico
it is stated, contemplates the construction of an international bridge spanning
the Rio Grande between Del Rio, Tex., and Las Varas, Mex.—V. 112, p
holders of all leases which
1740.
tax on
This
company
?vv
,
' V./
:
''^EYVYY
.
Lehigh Valley RR.—Plan to Segregate Coal Properties.
Oct. 5 filed with the U. S. District Court a
plan to segregate its coal properties in accordance with the
decree of the U. S. Supreme Court Dec. 6 1920 (V. Ill, p.
2292).
The proposed plan calls for no assessment from the
stockholders and results in no sacrifice of their equity in the
coal company investment.
The segregation also makes no
change in the value of the property subject to the mortgage
The company on-
lien of the General Consolidated mortgage.
of
Digest
Statement
Authorized
The stockholders, through the
by
E. E.
President
Loomis.
must sever its control of the latter two companies
On Jan. 10 1921
the directors and officers.of the railroad company and the two coal-mining
companies were changed, eliminating all interlocking directors and officers.
(V. 112, p. 373.)
Each company now has a separate and distinct set of
officers and board of directors in accordance with the decision of the Su¬
pany
preme Court.
I
In considering its stockholders the management recognizes a particular
responsibility because of the fact that they are 19,122 in number, repre¬
senting an average holding of 63 shares.
The management, in seeking a
solution of this problem, has kept constantly in mind the necessity of com¬
plying fully with the letter and spirit of the decision of the Supreme Court
arid at the same time protecting the interests of its many small stockholders
as well as those of the owners of bonds issued under the General Consolidated
Mtge.
In other words, the management conceives it as its duty to see
that the stockholders of the company shall receive full consideration and
that the bondholders and their trustee are assured that the values subject
to the mortgage lien are not impaired.
To accomplish these results the
management has offered the following plan:
of Segregation of Coal Properties.
Lehigh Valley Coal Co. to Issue $30,000,000 Pref. Stock as Div. to Railroad Co.
The Lehigh Valley Coal Co. will issue $30,000,000 7% non-cumulative
preferred stock (with no voting rights), par $100, which will be turned
over to the Lehigh Valley RR. in the form of a stock dividend declared out
of surplus.
The $2,100,000 annual income rom this preferred stock will
payable to the railroad company.
,
Railroad Stockholders to Receive One Share of Coal Co.
Five Shares Held.
Common[ Stock for Each
all of its interests in the [$9,465,000]
which will then issue,
holders of the Railroad Co. stock,
242,432 certificates of interest in the common stock of the Coal Co. iif the
ratio of one certificate for every five shares of common or pref. railroad stock.
These certificates of interest will be dividend-bearing, based on the divi¬
dends earned by the Coal Co. on its common stock, and in addition will
give their holders the same voting rights as if they actually held the Coal
Co. stock.
The trustee, under the General Consolidated Mortgage, will
give the new trustee a proxy, such as it has given the railroad in the past,
enabling the new trustee to vote the stock as directed or authorized by the
holders, of tho certificates of interest.
Y
These certificates of interest are evidences that, upon the maturity of the
General Consolidated Mortgage and the release of the Coal Co. stock
pledged thereunder, the holders will bo entitled to a pro rata distribution
The railroad company
common
will
convey
stock of Lehigh Valley Coal Co. to a trustee,
at the direction of the railroad, to the
of the shares of the Coal Co. stock.
General
So far
as
Consolidated
Mortgage Lien
Not
Disturbed.
the trustee under the General Consolidated Mortgage
is
con¬
cerned, the segregation makes no change in the value of the property subject
to the mortgage lien.
Coxe Bros. & Co., Inc., Stock to Be Sold at Maturity of Collateral Trust Bonds.
[$2,910,150] stock of Coxe Bros. & Co., Inc., will remain as at present
1 1926, of the Collateral Trust Agreement under
pledged, except that the voting power in tho meanwhile will be
assigned to a trustee to be appointed by the U. S. District Court.
After
that time the stock is to be sold, the proceeds to go into the treasury of the
Lehigh Valley RR.
The
until the maturity, Feb.
which It is
Valley RR. under the provision of the Inter-State Commerce Act, which
permits the Commission to allow consolidation of railroads, notwithstanding
the anti-trust laws.
In the meanwhile, the voting power of this stock will
be assigned to a trustee, as in the case of Coxe Bros. & Co., Inc.
Lehigh
Valley
Coal
Sales
Co. To
Negotiate
This plan leaves the Lehigh Valley Coal Sales Co.
contract with the mining companies.
New Contract.
in position to negotiate
Regular Quarterly
Supreme Court in the case of the Union Pacific and Southern Pacific segre¬
gation is cited as showing that the Anti-Trust Act calls for the placing of
control of a segregated company in the hands of independent interests.—
V. 113, p. 960, 533.
Long Island RR.—Operating Results.—
The company's "Information Bulletin" published for the patrons and
employees of the road, reports:
Results for the 8 Months ended Aug. 31 1921 (July & August estimated).
Gross earnings, $19,283,466; oper. expenses, $15,971,201;
net
operating revenues
$1,005,309;
uncollectible revenues, $20,456;
equipment & joint rents, $373,965; total..
Operating income..
Other income (interest on investments and rentals, &c.)
Taxes,
must be
accompanies by a due bill for the dividend.—V. 113, p. 1471, 1156.
Market Street
Railway, San Francisco.—Earnings, etc.—
See CaL Railway & Power Co
under " Reports" above.
,58 Sutter St., San Francisco or Laden burgh, Thalman &
Co.. 25 Broad St.. N. Y. City, will, until Oct. 11, receive bids for the sale
to them of First Con sol. Mtge. 5% gold bonds to an amouht sufficient to
exhaust $160,153.
Until Sept. 23 last, the Union Trust Co. of San Fran¬
cisco. was to receive bids for the sale to it of sufficient 5-year 6% Coll.
The company,
Trust gold notes,
to absorb $160,000.—V. 113, p.
of
1,399,730
1,912,535
423,400
1471, 1360.
Milledgeville Railway.—To Exchange Stock for Bonds.—
The
Commission
C.
I.-S.
Sept.
24
authorized the company
issue
to
$30,000 common stock and to exchange the stock for a like amount of the
outstanding first mtge. bonds which mature May 1 1946.
Unpaid interest
on the bonds has accrued in the sum of $36,000.
The bonds are owned by
Louisville & Nashville RR. and Atlantic Coast Line RR., which companies
acquired them on or about April 24 1899.
entire outstanding $30,000 capital stock.
date of the exchange is to be canceled.
These companies also own the
Unpaid interest accrued to the
above.—V. Ill, p. 2423.
See Valuation Table under "Current Events"
Missouri Kansas & Texas Ry.—Amendment.—
A modification and amendment of the deposit agreement, dated Nov. 10
1915, of the Missouri Kansas & Texas Ry., St. Louis Div. 1st mtge. Ref. 4s,
is proposed by the committee, Edwin S. Marston, Chairman.
The pro¬
posed modification and amendment modifies and amends Article 13 of the
agreement as heretofore modified and amended, so as to read in substance:
In the event that no notice of the preparation or approval and adoption
of any plan and agreement of reorganization or readjustment shall be given
by the committee within six years and three months from the date or this
agreement, to wit, on or before Feb. 9 1922, any holder of a certificate of
deposit may, after the expiration of said period, withdraw from this agree¬
ment upon surrender of his certificate of deposit and upon the payment of
his pro rata share for the compensation and indebtedness, obligations, lia¬
bilities and expenses of the committee.—V. 113, p. 1360.
■
.
Missouri
quoted
RR.
Pacific
-Outlook.-
PrestT"B. F. Bush is
follows:
as
in Southwest have shown an extraordinary improvement
six months so that prospects for the territory in general, as well
as for our property in particular, are incomparably better.
"Carloadings on our lines to Sept. 26 show increase of 3,460 compared
with same period last year, and cars received from connections a decrease
of 2,330 or a net increase of 1,130.
During last few days cars received from
connections have begun to increase.
"Missouri Pacific made favorable settlement with the Government for
"Conditions
in the past
the period of Federal control in the course of which all our short-term
obligations to the Director-General were canceled.
In addition, settle¬
ment left us in a strong cash position and we have even anticipated some of
our
near
maturities.
"August earnings leave us with only a nominal debit, after interest for
the eight months, and, as we have four of best months of the year ahead of
us. we shall have no difficulty in1 covering our fixed charges for 1921 with a
substantial surplus applicable to preferred stock."
("Wall Street Journal.")
—V.
113,
960. 849.
p.
&
Mobile
Ohio RR .—Valuation.—
under "Current Events" above.—V. 113, p. 1251.
See Valuation Table
Montpelier
Wells River RR.—Valuation.—
&
See Valuation Table
under "Current Events" above.—V. 104, p. 362.
N. Y. New Haven & Hartford RR.—New Legal Staff.—
C. M. Sheafe, Jr., New York, has been appointed General Solicitor to
succeed J. C. Sweeney.
J. M. Gibbons has been appointed General
Attorney in New York succeeding N. W. Smith.
W. L. Barnett succeeds
Mr. Sheafe as Counsel in New York.
E.J. Phillips has been made Counsel
for Rhode Island and W. M. Meyer, Commerce Counsel.—V.
113, p.
1471,
1245.
Pennsylvania Railway.—Leases,
Northwestern
County Railways above.—V. 112, p.
&c.—
1519, 162.
Oklahoma & Arkansas Ry.—Contract.—
awarded a contract for the construction of a 40-mile
Salina to Kansas, Okla., to J. W. Hoffman, Kansas City, Mo.
This company has
line from
See
V.
113, p.
1361,
1471.
Ottumwa Railway & Light Co.—To Pay Off Bonds.—
H. M. Byllesby & Co. announce that the company has deposited funds
with the U. S. Mortgage & Trust Co. as trustee for the Ottumwa, Iowa
Traction & Light Co. 1st Mtge. 5% bonds due Oct. 1 1921, to take up the
outstanding balance of $238,000, of the original issue of $500,000.—V. 112,
p. 2306.
'
Pennsylvania RR.—The Railroad Labor Board—V.-Pres.
Says Wages Must be Further Reduced—Company
$3,312,265
hire
declaration of
quarterly dividend (guaranteed by the Interborough Rapid
Transit Co.) of 1M%, payable to holders of record Oct. 7.
The date of
payment has not as yet been fixed.
The Committee on Securities of the Stock Exchange rules that the stock
shall not sell ex-dividend on Oct. 7 and that all deliveries after that date
regular
See Crawford
The Government has filed objection to the plan on the ground that the
proposed segregation does not dispose of the stock of the Coal Co. to per¬
not connected or interested in the Railroad Co.
The ruling of the
payment of a
would also be
Dividend.—
The New York Stock Exchange has received notice of the
the
Objection to Plan.—
sons
than 50 years liable to
lease is perpetual.
It
case the court would have the power of abrogating the lease.
Compare plan for readjustment and merger of street railways and rapid
New York City in V .113, p. 1431. and compare
also statement by member of J. P. Morgan & Co. before U. S, District
Court under Interborough Rapid Transit Co. in V. 113, p. 1155.
a new
Government Files
more
the Interborough thrown into bankruptcy, in
transit lines of Greater
To Consolidate Delaware
Susquehanna & Schuylkill RR.
The [$1,500,000] stock of the Delaware Susquehanna & Schuylkill RR.,
owning a small branch line in the coal regions, which is also pledged under
the Collateral Trust Agreement, to be held until Feb. 1 1926, the maturity
date of the agreement, and in the meanwhile application to be made to the
I.-S. C. Commission for authority to consolidate this line with the Lehigh
rim
The Manhattan
said to have
was
which
Plan
Proposed
the return.
possible, it
capital
railroad company, own the entire
stock of the Lehigh Valley Coal Co. and of Coxe Brothers & Co., Inc.
The U. S. Supreme Court on Dec. 6 1920 declared that the railroad com¬
be
to convince the Manhattan owners that an assured 5% was much
better than no return at all.
It was said there was a law which made the
way
Atterburq
Disputes Labor
See
Board's Authority in Co.'s Management.—
editorial last week's "Chronicle," p.
113, p. 1471, 1361.
1399, and "Current Events"
1428 and 1429.—V.
Gross income....
$2,335,935
3,213,707
Fixed charges.
Net deficit for eight months of 1921
Revenue and
$877,772
....
Expenses per Passenger per Mile for Seven Months July 31 1921.
v(In Cents).
Jan.
Feb.
Mar. April. May. June. July.
Revenue
1.438
1.474
1.559
1.549
1.685
1.597
2.055
2.034
2.096
1.944
1.698
1.413
provide funds for additional
1.608
Expense
Compare V. 113, p. 730.
Pennsylvania-Ohio Pr. & Lt. Co.—Stock Application.—
The company has made application to the Ohio P. U. Commission for
permission to issue $1,000,000 8% Cumulative Preferred stock.
This,
will be used, it is stated, to reimburse the treasury for expenditures, and^tol
1.048
Manhattan
Peoria Railway
See Valuation
lease of the elevated lines to the Interborough Co. ?
This lease calls for 7% interest on an arbitrary valuation of $60,000,000
and is in effect a perpetual lease.
It is pointed out that the holders of
these securities would surely not consent to sacrifice
7% return for a 5%
prospect of having their holdings cut in two through
the squeezing out of water.
It also is pointed out that the Interborough
had spent about $48,000,000 in third-tracking and extending the elevated
lines and that it would be impossible to separate the property and still leave
return with the added
the lines of great public service.
The Commission in reply to these
questions states that if the Interborough
consented to turn over its property and the Manhattan Co. refused to
relinquish its lease, it might be possible to convince holders of Manhattan
securities that they would not get 7% for more than a year, and that later
they might be compelled to come in on much harder terms than those
proposed at present.
Table under "Current Events" above.—V. 107, p.
1004.
Philadelphia Rapid Transit Co.—To Discontinue Freight
(Elevated) Ry.—Lease Situation.—
Regarding the lease of the Manhattan (Elevated) Ry. to the Interborough
Rapid Transit Co., a readjustment of which no the basis of a revaluation
s one of the features of the proposed rehabilitation of New York
City's
transit system (see V. 113, p. 1431-34), a question that may arise is, how
could the Transit Commission compel the Manhattan Ry. to let go of the
improvements.—V. Ill, p. 1753, 1950.
Terminal Co.—Valuation.—
Oct. 3. notified the Pennsylvania P. S. Commission that
new tariff with the Commission discontinuing all freight
lines effective Oct. 31.—V. 113, p. 1472, 1054.
The Companv,
it
has
filed
a
service on its
Portland Terminal Co.—Valuation.—
Valuation Table under "Current Events" above.—-V. 108, p. 2023.
See
Providence & Danielson Ry.—Negotiations
for Sale.—
It is stated that negotiations for the sale of this road to the newly re¬
organized United Electric Rys. have been called off, as the price of $120,000,
asked by D. F. Sherman (who purchased the property for $100,000 at
receiver's sale in Sept. 1920) is too excessive.
The property that Mr. Sherman bought for $100,000 included the trolley
lines from the Providence city border to East Killingly and the branch to
Chepachet.
In the fall of 1920 Mr. Sherman sold the East Killingly line
beyond North Scituate for junk.
In October operation of the remaining
lines was suspended and has not been resumed.
Although the Northern
Rhode Island Railway Co. was chartered at the last session of the General
Assembly with power to
acquire the Chepachet branch, it never carried
through "the deal.—V. 112,
p.11144.
Oct. 8
THE
1921.]
Western Pacific RR.
Public Service Corp. of New Jersey.—Bonds Retired.—
The Phila. Stock Exchange on Sept J 29, struck off the regular list $307,000 General Mtge. 5% bonds, due 1959, reported purchased for account of
the sinking fund, leaving the amount listed at this date $34,520,000, and
making a total of $2,980,000 of said bonds acquired for the sinking fund to
V.
Sept. 26 1921.
St.
113,
p.
1361, 961-
Johnsbury & Lake Champlain RR.—-Valuation.—
See Valuation Table under "Current Events" above.—V.
St. Louis Southwestern
113,
p.
Ry.—Valuation.-—
Savannah (Ga.) Electric Co.—Successor Company, &c.—
Savannah
Electric &
Corp.- -Bonds Exchanged.-
See Denver & Rio Grande RR. above.- -V. 113, p. 1055.
Wisconsin-Minnesota
Light
&
Pwr
Co .—Station,—
Permission has been granted to the company by the Federal Power Com¬
mission for the construction of a hydro-electric power station on the Chip¬
River, Sawyer County, Mich.—V. 112,p 1618.
pewa
Wyoming & Missouri River RR.—Sold.—
629.
See Valuation Table under "Current Events" above.—V. 113, p. 523,534.
See
1575
CHRONICLE
"
|
This railroad which operates
between Aladdin and Belle Fourche, S. Dak.,
sold to Mahlon S. Kemmerer of Pittsburgh, Sept. 20 for
$51,200.
The sale was ordered to satisfy a Federal court judgment of
$348,000 held by Mr, Kemmerer.
1
• •••
v:
18 miles,
was
.
Power Co. below and compare reorganization
plan in V. 113, p. 184.
Electric & Power Co .—Bonds Offered.—
Higginson & Co. and Stone & Webster, Inc., New York
and Boston, are offering at 973^ and int. to yield about
7M%, $1,750,000 1st & Ref. Mtge. 7Ks, Series A.
INDUSTRIAL AND MISCELLANEOUS.
Savannah
General
Lee
Dated Oct. 1 1921.
Due Oct. 1 1941.
Int. payable A. & O. in New
York, Boston and Chicago without deduction for normal Federal income tax
to 2%
Commonwealth Trust Co. of Boston, Trustee.
Denom. $1,000,
$500 and $100 (c*&?*.) $1,000 and authorized multiples.
Not callable
during first ten years.
Callable all or part on any int. date after Oct. 1
1931; during 1932 at 105. and thereafter decreasing }4 of 1% m each year
to 101 in 1940, and at 300 in 1941.
Sinking fund of 2% per annum on the
total amount of Series A bonds issued, first payment Nov. 1 1923, will
retire bonds at 105 up to and incl. Oct. 1 1932 and thereafter at call price.
up
Industrial
and Public
Utility News.—The
table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
fell owing
•
From
Data
Pres.
A.
A.
Lawrence,
Company.—Incorporated in
Savannah,
Georgia Aug.
12
Ga.,
October 5 1921.
1921; to acquire ail the
properties formerly owned or controlled by Savannah Electric Co. (per plan
of reorganization in V. 113. p. 184).
It will thus own and operate the great¬
er part of the electric light and power business and the entire electric rail¬
way
business in Savannah and suburbs.
Population about 90.000.
Electric properties include a main generating station of modern con¬
struction having a present installed capacity of 13,000 h. p.; an additional
generating station of 3.000 h. p. capacity, and an extensive distribution
system.
The railway system includes over 60 miles of track and 97 cars.
Department"), either concurrently
after the matter
or as
early
as
practicable
becomes public.
Steel and
Iron Production,
Prices,
&c.
Age" of Oct. 6
STEEL AND IRON MARKETS.—"Iron
says
in brief:
Output Still Gaining, with Pig Iron Leading—Operations at 35 to 40%.
(1) Pig Iron a Favorable Index.—"For the second time since the low dip
in July pig iron production is an index of definite improvement in the steel
industry.
The pig iron total for September was 985,529 tons for 30 days,
or
32,850 tons per day, as compared with 954,193 tons in the 31 days
of August, or a daily rate of 30.780 tons,
t
"The daily capacity of the 82 furnaces active on Oct. 1 is estimated at
35,650 tons, as against 30,770 tons for the 70 furnaces in blast Sept. 1.
The
Steel Corporation blew in six furnaces last month, in view of the increased
steel
production required by recent large orders in sheets and wire products.
[Compare production table on another page.—Ed.]
"Seven blast furnaces are scheduled to blow in in the first half of October.
Capitalization Outstanding Upon Completion of Present Financing.
(2)
Steel Company Operations.—'"Steel Corporation operations are now
of capacity as against 35% last week.
In the Chicago dis¬
Steel Co. is on a 39% basis this week and the Inland Steel
Savannah El. & Pwr. Co. 1st & Ref. M. 7H Ser. A
at
Savannah Thunderbolt & Isle of
trict the Illinois
(this issue)r_$l ,750,000
Hope Ry. 1st M. 4s 1947(closed) 1,000,000
Savannah El. Co. IstConsol. M.5s 1952 (closed)
2,147,000
Debenture stocK, 8% Cumulative, Series A
1,300.000
Preferred stock, 6% (Cumulative after Oct. 1 1926)-1,000,000
Common stock
2.500.000
Sept. 30'2l. Dec. 31 '20.
$1,824,598
$1,835,550
1,135,580
1,145,401
Earnings 12 Months Ending—
earnings-....
Operating Expenses and taxes.
Gross
Net
$689,018
$690,149
(including this issue)
$278,600
plan the unfunded debt of Savannah Electric
Co., incurred for the construction of the 13,000 h. p. steam station and
other additions, has been substantially reduced through tne acceptance of
$1,300,000 8% debenture stock by the holders of a large portion of the debt,
in full payment of their claims.
Purpose.—Proceeds from the sale of these bonds will retire the entire
balance of the floating debt.
This Issue.—Authorized issue not limited.
Bonds may be issued at any
time to refund, par for par, underlying bonds or 1st & Ref. Mtge. bonds
of any series.
Series A 714% bonds are limited to $2,500,000 in authorized
amount, comprising the present issue of $1,750,000 and $750,000 reserved
to be issued for future additions and improvements.
Further bonds of other
series may be issued from time to time to ar amount equal to 75% of future
additions, &c., when annual net earnings are 1 % times total annual interest
requirements on all outstanding and proposed bonds.
Franchises.—Franchises are without time limit and are free from burden¬
some
restiictions.
Compare reorganization plan of Savannah Electric
Co. in V. 113, p. 184.—V. 113, p. 961.
earnings
Annual interest
on
bonds
Under the reorganization
Southern Ry.—To Issue Bonds.—
has applied to the I.-S. C. Commission for authority to
issue
not less than 81, $5,655,000 1st Consol. Mtge. 5% gold
bonds due July 1 1994, proceeds to be used to redeem a like amount of
1st mtge. 6% gold bonds of Georgia Pacific Railway due Jan. 1 1922.—
V. 113, p. 1157, 850.
1
company
and sell at
Sugar Pine Railway.—Abandonment.—
The I.-S. C. Commission, Sept. 24,
authorized the company to abandon
with
The
road was originally constructed as a plant facility of the Standard Lumber
Co. of Sonora, Calif.
It has no passenger traffic and very little commercial
freight tonnage.
It serves no towns, villages or settlements along its line,
but merely operates for the lumber company through cut-over timber
its road, which extends in a northeasterly direction from its junction
the Sierra Ry. at Ralph, Calif., to Lyons, Dam. Calif., 14.15 miles.
Ill, p. 2230.
Tennessee Central RR.—Sale
.
at 40%.
(3) Orders.—"There is little change from ohe recent aliemment of demand
activity to wire, sheet, tin plate and pipe mills, with¬
out betterment in the rail, plate, shape and bar total.
The advance in
sheets, it now appears, was preceded by bookings of about 260,000 tons by
Steel Corporation and independent mills.
"The sjze of unrolled orders on the books of some of the rail mills is not
calculated to hasten rail contracting for 1922,
There are other rail mills
that would welcome an early settlement of next year's rail prices and of
freight reductions that they might get to work.
"Structural steel lettings of the week covering sizable projects aggregate
fully 18,000 tons, with an 8,000-tcn structure for a Masonic temple
Co.
which brought larger
at.
Detroit,
(4) RR. Business.—"The Chic. Milw. & St. Paul Ry. is about to buy
3,000 cars and is inquiring for 1,000 steel underframes for its repair work.
(5) Prices.—"Testimony is not uniform as to the recent effort to advance
plates, shapes and bars.
At least the decline in these products appears
to have been checked and some independent nroducers are making sales at
1.60c. for bars and 1.65c. for plates and shapes (as against over 3c. in Oct.
19201.
The Chicago district still shows continued sharp competition
in all three lines.
"In steel making iron 9,000 tons of basic has been sold in the Philadelphia
district at $20 50, delivered, an advance of $1 25 over the price paid for the
last considerable tonnage of this grade [as against $19 25 Sept. 27 and $19
,
Sept. 20 1921 and $51 26 Oct. 5 1920].
The selling of iron bought on specu¬
has had a somewhat depressing effect at Chicago, and resale iron
has been a factor in the East, but for the most part recent advances have
been maintained.
lation
(6) Foreign.—"Importers with connections in Germany cannot get mills
to accept round orcers from American buyers for wire nails.
The
speculative feature of the exchange situation may account for the reported
filling of German seaport warehouses, but business is apparently being
diverted from the United States to South America and the Far East.
"British steei makers repor< less trouble from Continental competition,
owing mainly to slow deliveries from the Continent and partly to stiffening
prices.
Activity is increasing; 18 Cleveland district blast furnaces are
now active, compared with 11a month ago.
(7) Iron Ore.—"Ore shipments fell off during September, the Lake move¬
ment being 3,913,122 gross tons as compared with 4.329,158 tons during
August.
The total movement to Oct. 1 was 18,661,194 tons as compared
with 44,273,356 tons during the same period last year.
The shipping season
will be practically over by Nov. 1, or a month earlier than usual,
Lake
Superior ore on hand at furnaces and Lake Erie docks Sept. 1 amounted to
approximately 35,500,000 tons as compared with approximately 32,000,000
Dock and furnace yard stocks were about 3,000,000 tons
tons Sept. 1.
"Furnace stocks on Sept. 1 amounted to
larger on Sept. 1 than on Aug. 1.
there
The
lands.—V.
about 38%
Postponed, &c.—
road, scheduled for Oct. 1, has been further postponed
/
John
special master, has filed his report "with the Court
showing the total indebtedness of the receivers as $1,109,963, as follows;
Taxes for 1920, $43,396; interest, $1,149; taxes for 1921, $60,000; re¬
ceivers' and general attorneys' fees,
$41,742; judgments for damages,
$78,409; judgments and interest on which receiver's certificates were issued,
$46,113; claims liquidated but unpaid, $12,965; wages as back pay, $66,168;
current salaries, $95,000; Mississippi Valley Trust Co., $13,781; interest on
same,
$4,341; cross-tie certificates, $2,545; Nashville terminals, $75,000;
interest on same, $1,800; traffic balances, $105,574; miscellaneous claims,
$347,806; suits, $93,800; other claims, $5,000.—V. 113, p. 72, 294.
approximately 26,200,000 tons."
The sale of this
to
Dec.
1. ;■
H. Dewitt,
Toronto Street
With
"Clean-Up"
Ry.—Directors Given Authority to Proceed
Sale With the City—Annual Report.—
The shareholders on Sept. 30 empowered the directors to continue to a
completion the negotiations for the final clean up sale of the properties to
city of Toronto and the Hydro-Electric Power Commission of Ontario.
The proposals cover all of the interests which the Toronto Railway Co.
has in its subsidiary companies, known as: (1) The Toronto Power Co. (and
through it the Electrical Development Co. of Ont., Ltd., the Toronto &
Niagara Power Co. and the Toronto Electric Light Co., Ltd.)
(2) Toronto
& York Radial Railway Co. which owns the radial railway lines running
north, east and west from the city, known as the Metropolitan, Scarborough,
Mimico and Schomberg divisions, respectively.
Robert J. Fleming, Mgr., at the annual meeting Sept. 30 informed share¬
holders that the floating debt of about $3,500,000 mentioned in the annual
report (see under "Annual Reports" on a preceding page) was made up
principally of $2,300,000 owing to the Bank of Commerce, for bonds that
they lifted for the Metropolitan Railway, about $400,000 rentals due, and a
number of judgments against the company, Federal taxes and sundry
accounts payable.—V. 113, p. 1472, 1157.
*
Union Pacific
RR.—Application.—
applied to the I.-S. C. Commission for authority
position of director of Baltimore & Ohio and Illinois Central, while
time holding position of director and officer of Union Pacific
W. Averill Harriman has
to hold
at the
same
System.
This is the first application of the kind filed with the Commis¬
12 of Section 20 A of the Inter-State
and is made under paragraph
Commerce Act.—V. 112, p. 2407.
sion
United Electric Rys., Providence, R.
I.—President, cSee.
Albert E. Potter, General Manager, has also b6en elected President
succeeding Zenas W. Bliss, who was made temporary President when the
new
company was
organized.
Mr. Potter has also
been elected
succeeding Richard B. Comstock.
Cliffoid Whipple,
has been elected a Vice-President.—V. 113, p. 1252.
a director
General Conusel,
United Rys. & Electric Co., Bait.—New Director.—
Thomas Hildt, President of the Merchants' National Bank, has been
elected director to succeed the late John B. Ramsay.—V. 112, p. 1736.
Coal
Production, Prices,
Shipments,
WEEKLY REVIEW.—"Coal Age," New York, Oct.
&cj
4, reports in brief:
(1) Outlook.—"Optimism not all hope has made its appearance in the coal
market this week.
There is nothing in the coal market itself to justify
this state of mind as yet, but other business is looking good, and it is other
business that gives the coal man the orders.
Production of coal, also, is
going steadily upward.
From 8,000,000 tons to 8,500,000 tons the week
of Sept. 24 is the latest jump.
"The Pittsburgh district, in particular, reflects the better tone in iron
and steel, and the resumption of more than 70 mills in Ohio has helped the
feeling there.
Seasonal autumn buying of coal is slowly gathering momen¬
tum and contracts that were not closed last spring are now being reconsidererl.
-'.'V*
■'
"The tonnage of railroad fuel Is increasing, both because of increased
traffic and because of increases in storage preparatory to winter.
Lake
,
f
■
shippers are due for a temporary spurt because the improved upper dock
trade has made room for additional cargoes and the fact that
reduced
tariffs from the mines to lower ports will end Oct. 31.
Money is easier.
That may help some buyers of coal to come into market for winter storage.
"The South is enjoying a good autumn trade in everything but coal,
which will surely follow.
From Cleveland, Minneapolis, Baltimore, Phila¬
delphia and New York the reports are in much the same optimistic vein
—'encouraging industrial resumption; not much increase in current orders,
but more interest shown in quotations for October delivery.
(2) Prices.—"Coal prices are not following suit, however;
Coal Age
of spot prices of bituminous coal at the mines this week dropped two
points—from 90 on Sept. 27 to 88 on Oct. 3.
Domestic sizes are moving
fairly well and the trade is slashing screenings as a result in order to move
them.
In the Central West the buyer is playing the market for all he is
worth, in possession of full knowledge that on steam coal he still has the
long end of it.
Mine-run is feeling the pressure on screenings. [At Chicago
on Oct. 4 Pocahontas mine-run was quoted at $2 25 to $3, against $2 85
index
Sept. 27, and Franklin. Ill., mine-run at $2 to $3 50. against $2 95 Sept. 27.]
"Retail stocks of prepared sizes are growing top-heavy, as evidenced by
cutting of prices at the mines to move prepared coal.
In Illinois the
competition of Kentucky and West Virginia grades at lower prices is caus¬
ing operators some uneasiness.
.
.
"Interests serving the New England market apparently are determined
to stop the bargain business that has prevailed there for some tune.
This
attitude is producing firmer prices, although the volume of business closed
is smaller, both all-rail and through Hampton Roads fat Boston on Oct. 4
Clearfield mine-run was quoted at $1 70 to $2 15 against $1 90 Sept. 27,
and Somerset mine-run at $1 50 to $2 10 against $1 7o -l
(3) Shipments.—"The all-rail movement to New England during the week
ended Sept, 24 was 2,894 cars, as compared with 2,530 cars week preceding.
"Exporting is now practically a memory.
During the week ended
Sept. 24 there were dunlped at Hampton Roads only 27,850 net tons for
foreign cargoes and 27,173 for bunkers.
Shipments were less than onetenth of the weekly June average in overseas movement.
Total dumpings
for all accounts during the week ended Sept. 29 were 217,223 gross tons,
nearly 20,000 increase over the week preceding, showing to what extent
the coa twise market is being utilised
some
,
,
_
CHRONICLE
THE
1576
"The Northwest
now
Alex. M. Howatt Goes to Jail for Calling Coal Strike in Kansas—Iclem.
Cement Dealers.—15
firms, 30
persons indicted at Cincinnati—Idem,
hand and distri¬
has comfortable dock supplies on
bution is progressing more satisfactorily,
although in smaller lots than in
N. Y. City Valuation for Taxation.—Preliminary figures, see "State &
City Dept."; also comparative table "Times" Oct. 2u p. 14.
U. S. Shipping Board.—(a) Bids for wooden vessels rejected—"Times"
Sept. 30, p. 14.
(b) Divorced from Emergency Fleet Corp.—Idem Oct.
1, p. 12.
(c) "London Times" claims the Board is waging rate war.,
,
volume of business
stocks are becoming depleted.
"Lake movement of anthracite was stronger during the week ended
Sept. 28, when 100.320 net tons of cargo coal were forwarded.
(4) Anthracite.—" Production of hard coal continues steady.
During the
week ended Sept. 24 the total output was 1,754,000 net tons.
Demand
is holding well, in spite of the unseasonably warm weather.
Independent
Quotations on the larger sizes range up to 50c. or more above company
circular.
[At wholesale at New York Oct. 6 'independent anthracite was
quoted f o b. at mines as follows: Stove, $8 25 to $8 75, against $8 2o to
$8 60 Sept. 27; chestnut, $8 to $8 50, against $8 to $8 25; 'company stove
and chestnut are quoted at $7 90
to $8 10,
as
for some time past.
—Ed. "Chronicle. 1
Steam sizes are in better position, although the
smaller producer is shading his prices because of the lack of storage facilities
developing is evidence that
now
reserve
.
Estimates of Production (Net
Sept.
Sept.
Sept.
10
17.&
24.a....
a
8,193,000
year...
Subject to revision,
Anthracite
and
65,699,000
England,
Receipts in New
Bituminous Coal
—
All-rail.
Total.
Anthracite Coal
Net Tons—Tidewater
January...
315,000
February..
350,000
March
304,000
April
306,000
374,000
387,000
May
June
July
309,000
....
All-rail.
January-July 1921.
Tidewater.
Total
644,000
959,000
764,000 1,114,000
899,000 1,203,000
599,000
905,000
' 667,000 1,041,000
68.5,000 1,072,000
652,000
961,000
1,688,000
1,265,000
981,000
721,000
741,000
707,000
544,000
594,000
604,000
588.000
759,000
612,000
1,335,000
1,190,000
1,238,000
1,558,000
1,246,000
586,000
650,000
799,000
634,000
Total
1918
Total
1919
Total
1920
......
......
8,231,000
5.658,000
6,072,000
9,520,000
15,879,000
9,986,000
11,853,000
......
......
......
Oil, Oil Products, Production, Prices, &c.
For marked advance in prices of crude oil and for
figures, production,
consumption, &c,, of both crude oil and refined products, see "Current
Events
on a preceding
page.
Other Prices, Wages & Trade Matters.
Harding Appeals for Aid of Stales on Unemployment.-—"Times" Oct. 4, p. 1
Chicago Building Trades Council Accede to Landis's Wage Cut.—Decision
concurred in by the
carpenters' and plumbers' unions, which rejected the
original
10.
>
18.
for
(c) Meat Packers' Act in full; purposes of same (Sec. Wallace), p. 1421.
(a) Chicago building trade award in full (Judge Landis). p. 1425 to 1427.
(e) Portland cement production and shipments in July, Ac.
(f) U. 8. Shipping Board reduces employment force, p. 1427.
(g) Arbitration plan for wage demands of N. Y. printers, p. 1421.
(h) Unemployment conference in session, p. 1419 to 1421.
(t) War Finance Corporation loans, &c., p. 1409 to 1411.
Allegheny
Pittsburgh
Co.—Guaranteed
Coal
Bonds
Offered.—Halsey, Stuart & Co., Inc., and A. B. Leach &
Co., Inc., New York, are offering at par and int. SI,500,000
Guaranteed Mortgage 20-Year 8% Sinking Fund Gold
19280-.
Bonds (Series "A").
Guaranteed principal, interest and sink¬
ing fund by endorsement by West Penn Power Co.
*
Dated Sept.
Halsey,
15 1921.
Due Sept. 15 1941.
Int. payable M. & S. at
& Co., Inc., New York and Chicago without deduction
Stuart
for normal Federal income tax not in excess of 2%.
Free of Penn. 4-mi!ls
tax.
Denom. 81,000, 8500 and 8100 (c+).
Red. all or part cn any int.
date upon 30 days notice at 110 to March 15 1922, less % of 1% for each
year
ending March 15 thereafter to maturity.
Data
Total...2,345,000 4,910,000 7,255,000 4,408,000 5,112,000
5. p.
(b) Comparison of Senate and House tax bills with present law (Senate
finance Committee)< p. 1412 to 1419.
For changes agreed upon Oct. 6
"Current Events" above and "Times" Oct. 7, p. 1-
b Revised from last report.
Bituminous
Oct.
5;
p.
see
562,000
718,000
1,701,000
64,038,000
1,508,000
1,778,000
1,754,000
8,506,000
11,851,000
..288,454,000 388,586,000
7.
Grand Street-Williamsburg Ferry Now a Municipal Line—Idem Oct.2, p.
Plan to Control World's Wireless—"Times" Oct. 1.
p. 1.
Matters Covered in "Chronicle" of Oct. 1.—(a) New capital flotations
August and the 8 mos., p. 1405 to 1408.
Tons).
10,685,000
11,654,000
7,083,000
-
Calendar
—Idem Oct.
-—-—Bituminous Coed-'—- ———Anthracite Coal——
1921.
1920.
1921.
1920.
Weekended—
22.
p.
normal years.
The iron ranges are using stocks of coal moved from mines
that are closed down.
The general tendency, as in other sections or the
country, has been to delay purchasing, and the better
[VOL. 113.
From
Letter
of
Pres.
A.
M.
Pittsburgh.
Lynn,
Sept.
22.
Company.—Organized in October 1918 by West Penn Power Co. which
all the capital stock excepting directors' qualifying shares.
West
Penn Power Co. located the Springdale power plant on its present site
because of the accessibility to an abundance of a very excellent quality of
coal, and because of the numerous advantages due to tbi; location the Power
company will contract for the entire production of the Coal company for a
period extending well beyond the maturity of this issue.
The Springdale
Power Plant is one of the princpial sources of supply of electric power for the
West Penn Power Co. and its ultimate generating capacity is designed for
owns
an output of from 250.000 k. w. to 300,000 k. w.
Allegheny Pittsburgh Coal Co. owns leases and rights upon approximately
3,750 acre3 of unmined coal lands, containing according to independent
engineers
about
controlled is
31,000,000
tons.
lease
The
Capital
wage scale committee to proceed with arrangements.—"Times" Oct.
15.
Compare "Chronicle" V. 113, p. 1421.
which
under
entirely advantageous and operates for
The hoisting engineers objecting, expelled from the
Post" Oct. 1, p. 1.
Compare Landis's decision "Chron¬
icle" Oct. 1, p. 1425.
N. Y. Job & Book Printers
Agree to, Arbitration Plan.—"Big Six"
a
the
land
is
period of 70 years.
hereafter owned,
agreement.
Trades Council.-—
empowers
3,
p.
Mayor flylan Vetoes Wage Rise, Warns of Pay Cut.—Idem, Oct. 4,
p. 3.
Miscellaneous .—(a) Several thousand N. Y. and Hoboken longshoremen
quit Opt. 1 .objecting to pay cut; and men desert union to
fight same. "Times'
Oct. 2, p. 1; Oct.
3, p. 15; Oct. 5. p. 19. (b) Chicago Packers' employees to
vote to-day, Oct.
8, on strike against open shop. Idem, Oct. 2, p. 1.
(e)
F^tory workers' earnings in N.
Y. State in August. Idem. Sec. 2, p. 1.
Lose.—Demand for higher wage and fewer hours of
by Conference Board.—"Times" Oct. 5, p. 12.
British
Idleness.—Unemployment drops to 1,469,700 from 2,177,899
June.—"Times" Oct. 2 Sec. 2, p. 6.
mW. Y. Milk Drivers
work rejected
in
Speaking at Sunderland Oct. 2, James Henry Thomas, General
Secretary
Nat, Union of Railwaymen and Labor Member of
Parliament, warned
or the
J™, worklem against a social upheaval
as a remedy for unemployment,
At no time during the war, did the situation look so black and
dangerous as now.
The next few months will be the most difficult
period
for the leaders."—Idem.
Oct. 3, p. 1.
Move in Switzerland to End S-Hour
Day.—Dislocation of industry results
saying
<? a Fan
o0C»
p,
amend the Constitution for 54-hour week.—"Times"
1,
Oct. 2,
Premie- Promises Jobless in Britain Won't Go
Hungry.—Idem. Oct. 5.
X,
„„re.Kn
1.
1921 and 350 Jan. 7 1920.
Corn also on Oct. 5 sold at 65 agst. 96% Jan. 3
1921 and 231%
May 15 1920. "Times" Oct. 4 to 7.
Copper.—On reports oi bettor demand, price cf copper at wholesale
Y*,has„?ee;n advanced from 12.25 cts. a week ago to 13 cts., as also
vP
.
fl
t
Deca"2 I9i|
contrasting with 19.50 cts. Jan. 5 1920 and 34.50 cts.
S*
Ge°l°Sical Survey reports the total available on Sept. 1 as
405,051 short tons (nearly one-half held
by the Copper Expoit Association),
including pig at smelters and refined ready for
shipment, but excluding
stocks in transit and in
process of refining, which are apparently reduced
to a minimum
("Times' Oct. 6, p. 25).
Total sales in Sept. are said to
Ta ,)out 190,000,000 lbs., against a monthly average of
75,000,000 lbs. in July and August t"Times" Oct.
5).
«rrAc^ Average
l lines
ni„„0
Oct.
,
Weekly Meat
2—
,,
Price Range
Bureau
Week
Week.
of
Markets),
Month
lg
Steers, good
Vea!
(Fed'l
Last
.
Class and Grade—
@20
Before.
Previous.
14%@16
15@16
19
@22
21@22
Af>
@18
17
13% @15%
good
te-bi' X00<!-uriu--
Pork loins. 8-10 lbs
(d) BrickatN. \
Touches
<^20
18@20
Year
Before.
22@25
27@28
24@25%
28
@29
29
@30
27@29
42@43
816; Lumber Higher, Too. "Times" Oct. 3, p.17
(e) Denatured alcohol again advanced, No. 5 to 4 cts—"Fin. Am."
3. P- u.
(f) Agricultural implements again reduced, see International
Harvester Co. \ .113, p. 1471.
(g) At Government sale of wool in auction
_
Pr,ces showed an advance of 5 to
Oct
5
W
10%—"Times" Oct. 7,
p.
5.
ln car"l°a<i lots reduced from 7|0 to 67 cts.—"Fin. Am."
s
Miscellaneous.
Important Bills.—Harding asks action before adjournment on
(1) Tax
(2) Tariff; (3) Railroad relief; (4) Funding of the
foreign debt
(5) Anti-beer; (6) Good roads; (7) Maternity relief;
(8) Ratification of
three treaties by the Senate.
"Sun" Oct. 5, p. 1.
Senator Penrose Chairman
of Finance Committee Will Push Tariff —
Idem Oct. 4, p.
17.
Industrial Supreme Court.—Senator
Kenyon plans legislation to establish
"Times" Oct
5
°jg ndustnal Kelations to bring capital and labor
N. Y. Stale Tax to be Cut; No Extra
Session.—"Times" Oct
mS*' an
S1920
Earnings of West Penn Power Co.,
Year—
1916-..--
1919-
K 92 Billions in 1920 (Census
5
p
^n«^CnVAZ]AlnestabJ,shl?ents of tiie
and whose
844,b78,911,000
1
were
valued
being three times 1910's total and five times 1900's.
«ir£t0Un^r&i
limes
Oct.
at
862.910 202 000
"Times" Oct. 5
n'
—
—
—
Power
Available
on
For This
Guarantee.
$9(6.917
1,188,257
1,398,412
Funded Debt
(Dec. 31)
$425,000
816,380
883,380
1,170,425
Taxes.
81,371,917
2,001,637
2,286.792
2,572,053
3,326,543
1,401,638
1,915,638
1,389,905
Co.
(Contract).—Allegheny Pittsburgh Coal Co. will
enter into a contract with the West Penn Power Co., which will stipulate,
amongst other things, that the Power Co. will purchase from the Coal Co.
at least an amount'of coal annually at prices sufficient to meet all operating
costs, taxes, royalties, etc., and the interest and sinking fund payments on
these bends.
Allen Motor Co.—To
The creditors
Liquidate.—
Sept. 27 decided to recommend to receivers/William C.
with tho sale of the plant
and liquidate the proprety.
This was in line with the recommendation of
the receivers, who submitted a report of the operation of the plant and the
business since they have been in charge.
The report stated that under
present existing conditions it was impossible to put the company back in a
Willard
on
and George A. Archer, that they proceed
sound financial
The total amount
condition.
claims is e;ti»
of creditors'
mated
at $1,250,000.
It is stated that stockholders
nothing from the sale of the plant.—Y. Ill, p. 1280.
likely will receive
Aluminum Co. of America.—Further Data.—
In connection with the offering of 818,000,000 12-year 7%
Debenture Gold Bonds at 99% and int.
V. Davis further says:
(see
Y. 113,
p.
Sinking Fund
1474) Pres. Arthur
Company.—Company together with subsidiaries,
owns,
except directors' qualifying shares—was
it
all of whose stock
established in 1888
of aluminum
Owns large fabricating plants in which
and consists of the mining of the ore of aluminum smelting
therefrom
and
its
fabrication.
aluminum sheet, wire, tubes and other fabricated forms are made, also
large water power plants for production of electricity required by its smelt¬
ers.
Principal plants are located at East St. Louis, ill.; Niagara Falls,
N. Y.; Massena, N. Y.; Edgewater, N. J.; New Kensington, Pa.; Shawinigan Falls, Que.; Badin, N. C.; and Maryville, Tenn.
Provisions.—The
trust
indenture
will
provide (a)
Company shall not
secured debt upon or against its properties (incl. properties of
This provision shall not prevent future purchase of property
subject to mortgage, or the creation of purchase money mortgages upon
property hereafter purchased; (b) Current assets shall be maintained equal to
the aggregate amount of debt including tho amount of these bonds then
create
any
subsidiaries).
outstanding.
Condensed Balance Sheet
(Incl. Subsidiaries as of July 31 1921)
Present
Financing.)
(but before
1
Liabilities—
f\.SSCtS
—818,729,600
8,000,000
Capital stock
less deprec*n.$89,077,253
2,398,404
3,621,117
Bills and accounts receivable.
7,297,150
Bonds & mtges. of sub. cos..
Invesements in
Bills
Cash
—
U. S. Government bonds
19
Note (No Silk Threads) on Fed. Res. Bk. of Minneapolis —
4, p. 20.
Isaac II. Smith Now Assay Office Head at N.
Y.—"Times" Sept 9 p 6
Participation in World Settlement Urged by Returning Committee
ofU S
Chamber of Commerce.—"Times" Oct. 5,
p. 5.
.1900% Surcharge for German Tariff Owing to Mark's Fall.—Because of
the depreciation of the
mark, it is semi-officially announced in Berlin that
the surcharge on import duties will be raised on
Oct. 20 from 900 to 1 900 %
Idem Oct. 5, p. 19.
Hearing as to Relation of Int. Merc. Marine Co. to British Govt.—"Times"
Oct. 5, p. 10; Oct., and
caption of that company below.
Only 420 Shipping Board Ships in Service.—Of the 1,464 steel
ships under
ccuto"01 of the Shipping Board only 420 are in
service, it was announced
officially Oct. 3; 25 are listed as "undergoing repairs," and 1,019 either
have been withdrawn or are about to
go to "dead mooring".
"Times"
Oct. 4, p. 1.
Americans Acquire Bolivian Oil Lands.—See "Braden
Copper" below and
Times" Oct. 4, p. 21.
Trade Gains During Sept.—Distinct
Encouragement.—(Fed. Res. Board)
Times" Oct. 1, p. 15.
'
,
Penn
Net After
Earnirujs,
$3,022,257
5,670,767
6,203,109
8,314,220
end.Aug.31) 9,381,907
—
.
Calendar Years.
Int.
Gross
Plant & equip.,
Bureau).—In
^ntry. whose capitalization totaled
products
—
West
nearer.
average of 9,103,200 wage earners were
employed in the 289 768
1,000,000
1,000,000
Security.—(a) First mortgage lien on all the land, equipment, &c., now or
(b) A direct first lien on all the mining rights and leases
now or hereafter owned, including mining rights,
(c) The unconditional
guarantee of principal, interest and sinking fund payments We3t Penn
Power Co.
(a) Coal purchase contract of West Penn Power Co.
Sinking Fund.—Sinking fund is provided of 10 cents per net ton on all coal
mined from tho property now or hereafter o wned, leased or controlled, but in
no event shall the total semi-annual amounts so apolisd be les3 than an
amount necessary to retire this issue by maturity.
Sinking fund will retire
845,000 bond^ (at the callable price) in each of the years ending Seot. 15
1922 to 1926, incl.; 865,000 Sept. 15 1927 to 1931, incl.; and $95,0.00
Sept. 15 1932 to 1941, incl.
Legislation, Taxation and
revision;
Authorized
Outstanding.
83,509,000
81,500,000
—
stock..,
1921 (12 mos.
p.
Wholesale grain prices reach new low records, wheat
on ,°cfc. 5 getting down to 122% agst. 146% July 14
Kry'n
1Q91
Capitalization After This Financing—
mortgage bonds (this issue)
Guaranteed
marketable
x
allied cos. and
securities..
Inventories .!
—
—...
13,973,508
33,394,772
Prep. exp. & def. chgs. t o oper
2,866,258
x
6% Serial Note3, 1922-1923
7% Notes, 1925
payable
Accounts payable
Contingent
12,000,000
reserves
Deferred credits & accruals.
Surplus
Total (each
—
—
_
648,989
17,208,150
1,349,409
1,206,542
1,331,911
92,153,861
i
—$152,628,462
side)
after adjustments to market values,
y Sufficient funds
from the proceeds of the 818,000,000 present issue will be deposited with
Union Turst Co., Pittsburgh, for payment of these notes at par and int.
Compare offering in V. 113, p. 1474.
xAt
cost,
or
Amalgamated
Oil Co.—Dividend Decreased.—
quarterly dividend of 75 cents per share (% of l%)has been declared
the outstanding $5,000,000 Capital stock, par $100, payable Oct. 15 to
holders of record Oct 5.
This compares with 81 50 per share paid quarterly
A
on
.
from Jan.
1920 to July 1921, inclusive.—V.
American
Chicle
Co.—Deferred
109, p. 982.
Debentures
and
Stock
Offer to Stockholders.—
"The company is offering not to exceed $600,000 8% Deferred Debentures.
multiples thereof.
Dated Odt. 1 1921, due Oct. 1 1928.
Denom. $100 and
Oct. 8
1921.]
THE
CHRONICLE
The Debentures
are subordinate to the 6% Serial Notes, dated Oct. 1
1919,
equally with other liabilities of the company except loans up to a
and rank
1577
American Telephone & Telegraph
Co.-—Agreement.—
stated amount.
See Cuban Telephone Co. below.—V.
113, p. 1254.
The company offers to
tures at 90 and interest,
each stockholder the right to subscribe for deben¬
and Common Stock (without par value) at $10
per share—but only if such subscriptions are for Debentures in $100 or
multiples thereof and if each subscription for Debentures is accompanied J
by a subscription for one share of common stock for each $100 of Debentures
American Wholesale
1921
Sept.
1920.
$4,276,240
$3,344,654
|
Corporation.—September Sales.—
Increase. 1 1921
9Mos.—1920.
$931,586|$26,863,156 $31,456,766
Decrease.
$4,593,610
subscribed for.
Arizona Copper Co., Ltd.—Sale to
Phelps Dodge Corp.
Approved—Financial Statement—Production, &c.—
Stockholders who desire to accept this offer must on or before Oct. 20
file at office of company, 19 W. 44th St., N. Y. City, a statement of the
and
debentures
of
amount
stock
desired, accompanied by payment in
New York funds at the rates above stated.
Provision may be made for
installment payments upon application.
If the subscriptions exceed the
authorization
total
prorata.
of
The shareholders on Oct.. 3 confirmed an agreement dated
Sept. 21 1921
between the company and Phelps Dodge Corp., the
leading terms of which
are summarized in a circular letter as of that
date as follows:
debentures, then all subscriptions will be reduced
I
This offer of debentures and stock has been underwritten
by certain of
the directors to the extent of $275,000 of debentures and
2,750 shares of
stock, at the above prices.—V. 113, p. 630.
ence
As
tanning
capacity, it will not materially interfere with the business.
amply covered by insurance.—V. 113, p. 630.
The loss
was
Corp.—Sells United Fruit Shs.
this year the 100% stock dividend which American International
received
for its United Fruit ownership was disposed
of, but the
original block was
half-year.
(Boston "News
held intact up to the opening of the second
Bureau" Sept. 30.)—V. 113, p. 1474, 1363.
Co.—Progress in Liquidating.—
.
plant at
Watertown, Wis., has been sold.
The trustees now have $275,000 in cash,
equivalent to slightly more than $5 a share on the 51,700 shares of
capital
stock outstanding.
When they took charge there were outstanding $290,000 1st Mtge. bonds due in 1926.
These were paid off at 105 last June.
Trustees have succeeded in working off the
inventory consisting of grain
and malt on hand left over when the
company went out of the malting
business.
It was part of these funds which was used to
pay the liquidating
dividend of $7 a snare paid last May .
There are now held by trustees bids for the four
remaining plants.
If
the trustees sell these plants at the minimum
prices asked by them for the
plants they could still pay a dividend of approximately $20 a share on the
capital stock.
Only two bids are being considered seriously.
The largest
an
pires Oct. 15.
which they
low.
(3) The company is to have the right to nominate a director of the corp.
In order that the shareholders may retain a free market for their
shares,
it is proposed to keep up the present Arizona Copper Co., Ltd., but as it
will practically be an investment company only, the expenses of manage¬
ment will be very considerably reduced.
Further
considering.
a
firm bid for the
Bids
on
the
two
too
Kensington plant at Chicago
other plants are considered
Company is making money.
There is just now a demand for storage
grain, and trustees are making enough to pay cost of earrving all
plants, pay taxes and leave a margin to spare by grain storaee.
The
Buffalo plant has now in storage close to
2H million bushels of grain.
Passage of the bill legalizing 2>75% beer would have a
far-reaching effect
on the affairs of the
company.
It would give its plants a value from three
to four times present selling figures, the trustees
say.
•
Pending the disposal of the plants on what the trustees consider equitable
prices, they will continue to use the plants for grain storage.
With the
present demand for grain storage facilities the Buffalo plant
operated to
capacity can, it is estimated, show earnings above operating
expenses close
to $200,000 annually.
In the event that any of the plants are
sold, it is the intention of the
trustees to declare another substantial
liquidating dividend as soon as they
are in possession of the additional funds.
R. H. Landale, former President, since the
dissolution of the company
the
Jan.
1
112,
1921
p.
has
been
Chairman
of the
board
of trustees
in
liquidation.
2086.
American
Shipbuilding Company .—Dividend Outlook
Suggests Retirement of Entire $7,900,000
Preferred Stock.—,
—President Fan
See under "Financial
Amer.
Reports" above.—V.
11^, p. 1474.
Smelting & Refining Co.—Annual Report, &c
fact, supplement the report, which is cited fully
on a
to
—
be based
preceding page:
Conditions Improving.—During the last few weeks lead and silver
have
shown much improvement in price, cost of
supplies is coming down, while
considerable lowering in smelting costs is under
way so that August and
September earnings are much better.
Moderate cuts in wages have been
made.
Work in Mexico.—Mexican operations are about the
same as
six months
the rise in silver price has been too recent to have much influence
as yet upon foreign ore
shipments.
All the smelters of the company in
Mexico, except the Asarco and the Monterey plants are in
operation.
American Refineries, &c.—The Pueblo plant is still shut down as a result
of the flood, while the Perth Amboy copper
refinery has been shut down for
several months, the copper refining being now done at Tacoma for
Western
ago
as
ores and at the Baltimore works for Eastern
receipts.
The Perth Amboy
lead refinery and the copper and lead blast furnaces are still
operating.
In Colorado the Arkansas Valley plant at Leadville and the
Durango
lead smelters are both in fairly active
operation, three furnaces are still
running at the Garfield smelter, and the Tacoma plant is working about at
capacity upon Alaska and South American ores.
The Hayden smelter,
which was operating mainly on Ray and
Magma ores, and the El Paso
plant, which was treating principally Chino output, have been shut down
for several months.
Five furnaces are in operation on lead-silver ores at
Murray, as the
Pitman Act has stimulated mining greatly in the
territory served by that
Also at the East Helena plant four furnaces are
busy on lead ores.
Bolivia—The company's tin refinery at Perth
smelter.
but
the Bolivian
Amboy is still operating,
mines have ceased shipping
concentrates, owing to dis¬
couraging prices prevailing
on
tin.—V.
113,
p.
1363.
American Sugar Refining Co.—No
Financing Plans.—
Vice-President W. E. Foster, Oct. 5, informed the ''Chron¬
icle'' that the "company has no plans under consideration for
any
Production
long
period of years.
Several of the bankers who will take a prominent part in
the negotiations are still in Europe, and it is deemed
extremely unlikely
that any final action will be taken pending their return."
•
Number
of Stockholders
Dcc.1'16.
(Preferred and Common)
Dec. 1'17.
19,565
18,949
1 9,758
V. 113, p. 734, 296.
Dec.2'18.
Dec.2'19.
20,877
Since
Dec. 1 1915.
Dec.1'20. Aug. 11*21.
20,665
22,311
26,538
American Sumatra Tobacco Co.—Omits Dividend.—
The directors
Nov.
dividends of 2% each, as compared with 2
1918 to Feb. 1921, incl.
An official statement says:
"A general
company
paid
Aug.
"paid quarterly from
readjustment which affected
business reached the tobacco trade somewhat later than other industries.
a consequence of general trade conditions, the directors have deemed
it conservative to stop the payment of dividends on the Common stock
As
in order to insure the maintenance of its present asset
p.
1475, 1159.
Dated
Sept.
21.
position."—V. '113,
;
of Copper, Fiscal
Years
ended
1918-19.
Sept.
30.
1917-18.
1916-17.
Armour & Co.—Text
Packers and
of Meat Packers Bill, Known
Stockyards Act of 1921.—
as
The
See "Current Events." "Chronicle," Oct. 1, p. 1422-24.—V. 113, p. 297.
Art Metal
Construction Co.—Extra Div.—Status, &c.
An extra dividend of 10 cents per share (1%^
has been declared onTthe
stock along with the regular quarterly of 15 cents.
The regular dividend is
payable Oct. 31 and the extra payable Nov. 30, both to holders of record
Oct. 14.
A like amount was paid extra in March, May and August last
and in November 1920.
i
Hayden, Stone & Co., in their circular dated Sept. 30, say in part: In
the six months to June 30 the company shipped to customers slightly over
$2,500,000 of products, compared with about $2,650,000 in 1920.
The
selling price of the company's products has been reduced approximately
one-third in the last 12 months, so that the actual volume of shipments for
the first six months of the present year is in excess of the output for the first
six months of 1920.
Shipments for the last half of 1920 were the largest
history, and it is hardly likely that 1921 shipments will
in the company's
equal the
1920 total of $6,204,335.
•
In the first half of this year incoming orders amounted to
slightly more
On June 30, how¬
the company had unfinished business of approximately $1,100,000,
was increased during July and August to $1,235,000.
The corporation has continuously been in strong financial position, but
even the strong working capital balance shoAvn in the 1920 statement has
been improved by over 10% since Jan. 1.
On June 30 last the company
had net quick assets of $2,810,000 as compared with $2,505,733 Dec. 31
1920.
The inventory, Avhich at its peak in October 1920 amounted to
$2,600,000, has since been reduced to half that amount, and any inventory
shrinkage which has since occurred has been charged off and absorbed in
the cost of operation.
than $2,500,000, as compared with $3,700,000 in 1920.
ever,
this total
The company has on hand at present over $600,000 in U. S. Treasury
certificates in addition to its working cash balances.
For the year 1920 Art Metal realized net profits after Federal taxes and
after $561,000 of inventory depreciation of $326,613, a sum equal to $1 per
share on the 320,570 shares of $10 par outstanding.
The 1920 dividend
disbursement was $276,853, so that $49,7.59 was carried to surplus.
In the
half-year to June 30 1921 Art Metal has already earned net a sum in excess
of the entire year's dividends at $1 per share.
The company has passed through the trying period of readjustment
without having to draw upon its surplus for either dividends or inventory
losses.
It has aided to an already strong capital position and has paid off
all of its floating indebtedness.—V. 113,
p. 74.
Austin
Machinery Corp.—Canadian Subsidiary.—
The company announces that the Canadian Austin Machinery, Ltd.,
Woodstock, Ont., incorporated under the laws of Canada, will henceforth
act as sole manufacturers and distributors in Canada of the complete Austin
Line of earth-moving and concrete-mixing equipment.
The manufacture of Austin Machinery at Woodstock. Ont,. enables the
Canadian Austin Machinery, Ltd., to supply this broad line of contractors
requirements for construction, good road making, reclamation, excavation
and irrigation promptly, and to furnish service in maintenance.
The Austin Machinery Corp., with offices at Chicago, New York, and
12 other cities in the United States is
capitalized at $15,000,000 Preferred
stock and 200,000 shares Common stock,.
The
directors
are
Ralph Crews, Pres
B
A.
Linderman, Samue
McRoberts, C. A. Peckham, Clay H. Hollister; John Ross Shaw, VicePres.; and Clarence Watson.—Compare V. Ill, p. 694, 1185, 1371.
Baltimore Dry Dock & Shipbuilding Co.—Sale.—
See Bethlehem Steel
Corp. below.—Y. Ill,
p.
1185.
Bethlehem Steel Corp.—Acquires Baltimore
Dry Dock.
It was announced Sept, 27 that the Bethlehem Shipbuilding Corp., Ltd.,
had purchased the Baltimore
Dry Dock & Shipbuilding Co. interests in
Baltimore (V. Ill, p. 1185).
*«l
President Eugene G. Grace in announcing the purchase said:
The
properties will be continued in operation, principally on ship repair work.
These additional facilities, located in the main harbor of Baltimore, supple¬
menting the Sparrows Point plant,! give the Bethlehem Corporation a com¬
plete equipment of dry docks and marine railroads to accomplish alljunds
of ship repair work in Baltimore.—V. 113, p. 1254, 1159.
,
Bethlehem
Shipbuilding
See Bethlehem Steel
Oct.
5 decided to eliminate the dividend usually paid
1 on the Common stock.
In May and Aug. last the
on
Circular
1920-21(8 mos.) 1919-20.
financing whatsoever."
The above statement is an answer to the
following which appeared in the
New York "Times" Oct. 4: "Bankers say that the
steps which have been
taken thus far for refinancing the company can hardly be dignified
by calling
them negotiations.
However, conversations between the bankers and the
company executives are going on and it is probable that the financing will
be attempted before the turn of the year.
Wall Street has heard that the
amount will be approximately $25,000,000, and that it will be for a
Dec. 1T5.
Official
Cop. prod.(lbs.)_ 18,550,000 35,770,000 36,460,000 40.468,000 42,482,000
—V. 113, p. 630.
and
The following published data, believed
by the "Chronicle
on
from
£244 124.
space for
—V.
Data
of Industry Closed Mines.—The copper industry has, for a
been in a serious condition, oAving to accumulation of
stocks, and decrease in consumption leading to a heavy fall in the price
of the metal.
As the falling off in consumption exceeded the reduction in
production, the stocks on hand, already excessive, increased.
Production,
therefore, had to be further curtailed.
Even this did not relieve the diffi¬
culty caused by the accumulation of stocks; and consequently prices continued
to fall, so that the cost of production exceeded the market price.
In the
early part of the year it became obvious that the only remedy was to close
down, which the company did on May 31 1921 (V. 112, p. 2308)
Results for Year 1920.—Operations for the year to Sept. 30 1920 resulted
in a loss of £319,673.
It is anticipated that the amount paid by the com¬
pany for British excess profits duty (amounting to £292,373, as wellfas
£96,575, representing provision made in previous years for Federal taxes,
beyond Avhat is now found to be required), will be recovered.
This leaves a
surolus, after Preference dividends, of £44,745.
Results for Eight Months of 1921.—For the 8 months to May 31 1921, the
company reports a deficit of £309,234, which, after deducting the profit
and loss, surplus, forward, of £65,110; leave a net deficit May 31 1921 of
considerable time,
a storage capacity of 2,300,000 bushelsoption ex¬
of grain,
option on this plant at $450,000.
The
Trustees have
are
(5)
capital will then be 500,000 shares of $100 each,
(c) The purchaser assumes
all the liabilities, other than undisclosed contingent
liabilities, not incurred
in the ordinary course of business.
It is believed that all liabilitiesihave
been disclosed.
.v ■
Condition
,
The following published statement revised for the
"Chronicle" has been
pronounced substantially correct:
Progress is being made in liquidating affairs of the
company
Practically
everything has been converted into cash with the exception of four
plants
negotiations for the sale of which are now under way.
A small
?lant, at have given
Buffalo, has
'rustees
shares and stock
.
We understand that American International has
disposed of all of its
holdings of United Fruit stock, estimated to be at least 15,000, and
prob¬
ably 17,600 shares.
These have been sold in the last month or two.
Early
American Malt & Grain
The price is: (a) Payment, of the dividends on the [£40,000] A Prefer¬
shares (par 5s.) and [£316,530] Preference stock and retirement of these
(at the expense of that corporation) within five years,
50,000 fully paid shares of $100 each of the corporation, of which the
(2)
American Hide & Leather Co.—Fire Loss.—
The Milwaukee plant of the company was damaged
by fire Sept. 28.
this plant represents but a small percentage of the
company's
American International
(1) The whole undertaking (including the railway) is sold to Phelps
Dodge Corp., excepting the Edinburgh office, a sum of about £35,000, and
the right (subject to making good if required certain
expected Federal tax
recoveries) to certain British tax recoveries.
Corp.,
Ltd.—Acquisition.—
Corp. below.—V. 113, p. 852.
Braden
Oil
Copper Mines Co .—Americans Acquire Bolivian
Lands—Contracts for $10,000,000 Electrical Equipment.
A group of American and Bolivian capitalists, headed by
Braden Copper Mines Co., and his son,
founder of the
have
purchased
William Braden,
Spruille Braden,
comprising a new oil field in Bolivia.
The price paid for the property in cash ts reported to be 15,000,000 pesos
or nominally $3,000,000 or at
present valued at between $2,000,000 and
$2,500,000.
Two wells have been drilled on the property, and, according
5,320,000
acres,
,
of oil cover it. Announcement
3 by Spruille Braden, who said:
have just purchased I look to see developed
into one of the most productive in the world.
Tests show that the oil is
paraffin base running as high as 45.8 Baumc, and that it is perhaps one of
the highest grades of oil ever found.
There was keen competition lor the
control of the field on the part of European interests, particularly an English
Earnings Jan.
interested in the syndicate, seepages
to those
[Vol. 113.
CHRONICLE
THE
1578
1
1921.
1921 to June 30
Earnings from operation
Loss on inventory adjustments (but before deductions for
tion & depletion, or provision for abandoned leases)
of the purchase was made Oct
"The new oil field which we
Deficit—for
'
/ (•'
'-...•/ • ■ ^*• . v,
* •,
competed sharply for the big railroad and equipment con¬
tracts, aggregating some $10,000,000, which were secured several
ago, and include the most important railroad electrification
the world since the beginning of the war in 1914, and as a matter of fact is
the largest ever undertaken outside of the United
States b> American
months______
conditions continue, the
If existing
should show
six
a
marked
deprecia¬
$231,390
460,056
—
$228,666
results for the balance of the year
improvement.—V. 113, p. 1363.
concern,
"The Germans
days
contract in
awarded
associates, Errazuriz, Simpson &
Co., and myself and the Westinghouse Electric International Co. [See
latter company below].
It calls for the electrification in the first-of four
zones of the Government railways, or the line from the Vort ot Valparaiso
to Santiago, the capital of Chile, and to Los Andes, the Chilean terminal
of the transcontinental line to Buenos Aires.
Argentina. Le«des the
American electrical equipment for the Chilean rarlways, there are important
in^This
contract
was
to my
Action
United States
the American
locomotives, cars, copper, steel, &c.,
represent.
Some of ^hese interestsi
averaging 1.75% copper; in the preceding quarter 581,644 tons, averag¬
ing 1 64% copper, were treated
The recovery during this quarter was
92 165%, compared with 88.873% for the quarter ended March 31 1921.
Production for the quarter averaged 4,000,624 lbs. per month, compared
per month during the first quarter of 1921.
produced during the quarter was 11 971 cts. per
and delivery expense, but excluding depreciation
Federal taxes and with no credit for miscellaneous income, compared
11.012 cts. per lb. for the previous quarter.
with 6.002.258 lbs.
Montana Development
Allen, the new mill is
Boston &
completed within two or
line should be
Co—New Mill.—
practically completed and
The poles for the Power hne
of the distance and the power
three weeks.—V. Ill, p. 1U86.
only the power to start production.
in place, and wires are strung over most
Corp.—Name Charged to Earl Motors, Inc.
Capital—Directors, &c.—
plans were announced Oct. 2 whereby $5,000,000 of additional capi¬
be put into the business immediately and the name changed to Earl
New
tal will
MIn°making
announcement, Clarence
the
Miscellaneous
Vice-Pres.
President last
end
The
plans also
closed models of
involve the marketing
which will be ready for
book
Cities Service Co.—Oil Contract.—•
Empire Refineries, Inc., a subsidiary, has closed a contract with the
Topeka & Santa Fe for the delivery of fuel oil at Ponca City,
Okla., for one year.
The Ponca City refinery of Empire Refineries, Inc.,
which has been closed down since last Feb., started up on Oct. 1 to supply
this contract —V, 113, p. 1364, 1159.
Atchison
Extended.—
shares of Dominion Steel Corp.,
& Steel Co , 7 % Pref. stock of Dominion
of Nova Scotia Steel & Coal Co., 6%
Co. and 7% Preference stock of Halifax
"B," stock of the
15 1921.—V. 113,
1475. 421.
Columbia Graphophone Mfg.
additional
(See
Earnings—
Expenses, incl. taxes
1921.
1920.
1919.
...$15,579,479 $13,308,868 $10,850,114
and
for
renewals
replacements
1918.
$8,854,302
i
reserve
6,162,445 |
11,209,586
10,225,919
7,499,102
$4,369,893
Interest and discount...
1,882,928
Dividends, &c
1,388,932
Employees'profit sharing
________
Contingencies, &c
518,186
$3,082,949
1,420.333
1,387,366
$3,351,012
1,088,448
1,381,650
$2,691,856
898,677
1,374,216
and
Gross income
106,756
...
456,149
121,534
199,620
$153,353
$318,007
$97,809
Canada Bread Co., Inc.—Annual Report.—
ending June—
1921.
1920.
1919$307,122
$293,881
$176,208
17,953
16,237
19,944
1918.
$205,772
20,434
$226,206
Surplus for the year..
p. 538, 421.
121,897
$579,847
:
—V. 113,
^
:
Years
Revenuea
Interest from invest
$325,075
Total income
Deprec. & bond purch..
$310,118
$196,152
$72,500
$72,714
$50,000
See
Bond interest
67,199
a
Common dividends
67,989
__
Preferred divs. (7%)...
Patriotic donations
87,500
87,500
87,500
Income tax
15,278
13,828
950
39,818
$149,797
Balance & surplus
a
In
after
1921,
$68,877 def.$50,105
gold bonds outstanding, $1,104,400;
surplus and reserves, $865,243.
—V. Ill, p. 1854.
'
-—
I
City.—»-TS3Cr7
Chairman of the P. S. Commission, in ana ddress
before the convention of the Empire State Gas & Electric Association, Lake
Placid, N. Y., advocated the consolidation of all the gas companies of the
City of New York into one company with the city as a partner and a unified
rate for the entire city.
Chairman Prendergast emphasized the fact that
he was not an advocate of municipal ownership in the sense generally
understood.—V. 113, p. 1364
William A. Prendergast,
Consolidated Ice Co. of Pittsburgh.—Resumes Dividend.
has declared a dividend of 1 %% on the 6% Cumul. Pref.
This is the first dividend to be declared since that
paid in April 1916.—V. 103, p. 409.
The company
stock, payable Oct. 20.
Consolidated Steel
See
& Iron Corp.—New Name,
below.—Y. 113, p, 1364.
Copper Export
Association, Inc.—Sales Increase.—
is reported to have sold over 3,000,000
total sales for the year to Oct. 5 up to
Oct. 4. bringing
180,500,000 lbs, as compared with the full year
about 1*0.000,000 lbs.—V. 113, p. 297
Corn Products
One
&c.—
Missouri Iron & Steel Corp.
The Association
on
interest accrued, $28,734, and
—
—
r
jpConsolidated Gas Co., New York
1,500
bond interest, in previous years before.
30 shows:
Current liabilities of $483,635;
$1,250,000; Common, $2,500,000; 1st Mtge.
Fort Smith, Ark.
Sale Ordered.—,
All properties of this company, operating utilities in a score of Western
Arkansas and Eastern Oklahoma towns, will be sold at foreclosure within
60 days, unless the company pays $1,081,773 into the United States District
Court at Fort Smith, Ark., before Oct. 13.
An order authorizing the sale
was issued Oct. 3 by Judge Frank A. Youman, under whose direction the
company has been operated by Receiver W. L. Curtis, Fort Smith.
The foreclosure is ordered to satisfy $750,000 First Mtge. and $240,000
General Mtge. bonds and unpaid interest.—V. 110, p. 2294. ~i
87,500
deducting
6%
Commonwealth Public Service Co.,
$12,500
The balance sheet as of June
stock outstanding, Preferred,
Francis S.
of price
—Foreclosure
68,938
(2%)50,000
$5,768
Co.—No Price Cut.-—
Whitten in a letter to Columbia dealers denying
reductions says:
"The management desires once and for all to set at rest any such rumors.
No price reduction is contemplated, as present prices were fixed without
consideration of labor and material costs; but with a view of offering, at a
time vfhen low prices are expected, the biggest possible phonograph value,
both for the benefit of the buying public and Columbia dealers.
The recent
business slump has been an unusually severe one, but I believe the corner
has been turned and that Columbia dealers will in the closing months of 1921
and early in 1922 again reap the profits to which their splendid efforts
entitle them."—V. 113, p. 1475.
—
The New York Stock Exchange has authorized the listing of an
$3,000,000 7% Gen. Mtge. gold bnods. Series D, due Dec. 1 1940.
offering in V. 113, p. 538.)
,
,
Year Aug. 31
Calendar Years
Total revenue
-'v'v
companies had at Sept. 1 $8,813,000 representing cash on hand and
aside $1,921,000 to complete payment
of purchase price of the two tank ships mentioned in the last annual report
(V. 112, p. 2409).—V. 113, p. 631, 74.
exchanging the 6% Preference
Inc.—Listing—Earnings
$1,110,033, $697,250 is for depreciation, which is
is computed on a time basis, regardless of production
entry and
Chairman
Brooklyn Edison Co.,
x$l,110,033loss$1036288
both companies
sale.
rumors
p.
8,035
35,000
787,500
The
Press").—V. 113. p. 74.
Shipyards, for Cumulative 7% First Preference, Series
British Empire Steel Corp., has been extended until Dec.
13,662
marketable securities, after setting
nationally of a new Earl car,
delivery Oct, 15 and open models
Steel Corp.—Time
$696,059
35,000
787,500
Of the above loss of
x
or
$490,306
$697,250
Balance deficit,
still being turned out, while
producing parts for the new car.
with Mr. Earl as President,
consists of John Fletcher
(V.-Pres. of Fort Dearborn National Bank,
Chicago), Treas.; H. F. Wardwell (Pres. Burnside Tilden & Co., Chicago);
Horace DeLisser (Chairman Ajax Rubber Co., New York);
Wallace G.
Kay (Secretary & Treas. Kay & Co., Detroit^; J. Fletcher Farrell (V.Pres. Sinclair Refining Co., New York);
J. Weissenbach (Weissenbach,
Hartman Crain & Cormak, Chicago).
L. E. Latta is Sec. (Detroit"FreeBritish Empire
$423,378
_
6% Con v. bonds..
Accrued bond interest of Chile Copper Co
Expenses of Chile Copper Co
a
24,692
181,846
8,828
122,883
__
Total income.
1.
For the time being, Briscoe cars are
certain divisions of the factory are busy on
The board of directors as now constituted
7% Pref. stock of Dominion Iron
Coal Co., 8% Preference shares
Preference shares of Eastern Car
income.
call loans & bank balances..
Depreciation
Nov.
Time for
on
Based
18,006,774
15,070,157
$283,768
12,001,873
13.878,412
$291,667
__
Amortized discount on 15-Year
A. Earl former 1st
Willys-Overland Co., who took over control of Briscoe as
March stated that the board had voted unanimously for the introduction
of the new capital, necessitated through the fact that the distribution
of the business has been expanded by the addition of 20 new distributors
and 240 dealers in the past six months.
Both the new financing and the new policies are to come before a stock¬
holders' meeting Oct. 20 to be finally ratified.
_
of
and Chile Exploration Co.
with
Copper Actually Sold and Delivered.
2d Quar -1921-lsf Quar.
Copper production (in pounds)
Copper sold (pounds)...
Net profit on copper delivered
Interest
and
selling
Combined Earnings of Chile Copper Co.
Briscoe Motor
—New
lb.,
The costof copper
including
On
According to President
postponed
ore,
113, p. 630.
awaits
month has been
112, p. 2752.
12.—V.
Chile Copper Co.—18Ih Quarterly Report for 6 Months
Ending June 30 1921.—President Daniel Guggenheim reports:
During the quarter ended June 30 there were treated 335,871 tons of
an
efforts now.—V.
are
Preferred dividend due this
the
on
until Oct.
tor tne
include
Locomotive Co., the Pressed Steel Car Co., a^^ilefv^T
conda Copper Mining Co.
We believe that Americans who desire to d >
export business in South America on a large scale must put forth all
by Us. for
interests we
contracts secured
Ltd.—Dividend Action.—
Canadian Car & Foundry Co.,
lbs. of copper
approximately
1920, when total sales were
Refining Co.—Bonds Called.—
hundred fourteen ($114,000)
25-year 5% Debenture Sinking
Fund
dated Nov. 1 1906 have been called for payment Nov. 1 at
and int. at the Title Guarantee & Trust Co., N. Y.—V. 113, p. 1364.
Gold bonds,
par
Co.—Contract Renewed.—
Cosden &
has renewed its contract with the Standard Oil Co., Ind.,
of 1922.
The contract is for 120,000,000 gals, of gasoline
and kerosene.
The price is based on the tank wagon quotation at Chicago.
—V. 113, p. 1357.
The company
Caddo
Central
Oil
&
Refining
Corp.—Settlement of
Litigation—Six Months Earnings.—Pres. Lawrence B. Dun¬
a letter to the stockholders, Sept. 25, says in subst.:
ham, in
This
company
interest in
an
purchased, subject to proof of title, an undivided half
Homer, La., which turned
80-ac.re lease in the oil field at
valuable.
Litigation over this property has been most bitterly contested, the final
all times in doubt.
It has at all times seemed advisable
to effect a reasonable settlement of this case if possible, but attempts
in this direction on our part were unavailing.
A short time ago, negotiations looking to a settlement of the case were
out to be very
outcome being at
reopened and carried on until a final payment was made Sept. 16 on the
following basis:
The Caddo Co. has received a cash payment of $379,000,
from which, when the legal fees and all other expenses are deducted, will
leave a net return to the company somewhat in excess of $300,000.
During the first six months of the year, the oil business went through the
most trying time in its whole history.
Cut after cut took place in the
posted price of crude oil.
The fuel oil situation was particularly bad.
The output of the refineries of the company was reduced to about one-third
of their total capacity.
Toward the middle of summer, business became
stabilized and the volume of business began to increase.
Toward the end of August connection was made with the El Dorado Pipe
Line with the result that the company is now transporting its very sub¬
production at El Dorado to the refineries at a saving of between
35 cents and 40 cents per barrel over the railroad rate.
To summarize briefly, the company has taken its entire inventory loss
and is now running to its refineries about 5,000 barrels of oil per day, the
total capacity being estimated at 6,500 barrels a day, and daily sales have
increased over 40% from the low point.
Company's production has been
substantially increased and the settlement of the law suit has enabled the
company to pay off all its bank loans and thereby place itself in a good
stantial
inancial condition.
for the entire year
Counties
The company,
Gas & Electric Co.—Offering of Stock, &c.—
in connection with the offering of $1,080,000 Class A 8%
(a. & d.) stock at par ($50) for cash or under special terms on
installment plan, has issued a circular dated Oct. 1, which shows in subst.:
Class A Pref. Stock.—Dividends (cumulative) payable quarterly, M. & C.
Red., all or part, on any quarterly div. date after Jan. 1 1926 at $55 and divs.
Has no voting powers and carries no right to subcribe to any other
issuo of stock.
Cum. Pref.
Purpose.—Proceeds will be used to reduce floating debt incurred to pro¬
and extensions of its gas and electric properties.
Capitalization after this Financing—
Authorized." Outstand'g.
Clasa A Preferred stock (dividend 8%)..-.
$2,500,000 $1,080,000
Class B Preferred stock (dividend 7%)_
2.500,000
2,400,000
vide additions to
Common
stock
General Mortgage 5%
bonds.
Underlying bonds
_
Unfunded debt ($1,400,000 Gen.
Earnings for
Operating revenue..,
Operating expenses
Gross
income
Dividends.—The
,
3,000,000
3,000,000
7,5 0,000
2,730,000
2,480,000
1,797,000
M. 5% Treas. bds. pi. as coll.)
800,000
12 Months
$2,037,125
l,315,OJ5
ended Dec. 31
1920.
Deduct—Bond interest
Interest on floating debt
$222,623
183,361
Sundry deductions
1,182
$722,111 Net inc. applic. to divs__ $314,945
dividends continuously since its
company has paid
J,400,000 7% Pref. stock,
organization in 1913 on its present
amounting to $168,000 per year.
issue of
Company.—Supplies gas and electricity to the territory surrounding and
lying to the north and west of Philadelphia.
This territory is approximately
30 miles long and 17 miles wide, having a total area of 272 square miles.
Oct. 8
1199 35478
THE
1921.]
CHRONICLE
Renders service to
over 65 communities having an estimated
population of
Gas is supplied through 250 miles of gas mains, radiating from
140,742.
its gas
plants situated
is supplied through 500
at Ardmore, Pa., and Norristown, Pa.
Electricity
miles of pole lines connected to a modern 16.000 k.w.
generating station at Norristown, on the Schuylkill River, and a
1,500-k.w. station at Wayne, Pa.
Wayne station also supplies steam
for house-heating purposes.
steam
Growth of
Gross
Oper.
Gas Sales,
Elec. Sales,
No.Gas&El
Cubic
K.-W.Hours.
Consumers.
$748,033
793,115
880.340
355,003,200
399,480,900
4,184,308
5,705,033
411,018,200
449,514,600
512,258,300
8,686.741
15,072,864
24,736,176
26,687,957
29,734,148
39,422,145
17,721
19,755
21,483
23,333
25,022
25,829
27,853
1,001,112
1,233,208
1916---
1,385,172
1920
Feet.
581,365,400
603,235,000
1,521,400
--2,037,125
1919—
727,778,200
30,691
—V. 113, P. 1364.
Crocker-Wheeler
Cuba Cane
7%
Convertible Debenture bonds, due Jan. 1 1930, deposited under the
latter of the Cuba Cane Sugar Corp., dated Sept. 23 1921, on
official notice of issuance against the deposit of outstanding debentures.
Compare V. 113, p. 1475.
[An interest in the corporation says that there has been deposited 86,149,700 of the $25,000,000 debentures under the financing plan agreement up
to the close of business Oct. 6.
rate of more than 81,000,000 a
Bonds
being offered fcr deposit at the
day.
Holders of several large blocks have
indicated an intention of depositing their bonds before Oct. 15.—"Wall
Street Journal."]—See V. 113, p. 1475.
are
Cuban Telephone
Co.—Bonds Sold.—National City
Co., New York, have sold at 95 and int. yielding over 8%
$4,000,000 1st Lien & Ref. Mtge. Gold Bonds Series A
7lA% due 1941.
(See advertising pages)
L
Dated Sept. 1 1921.
Due Sept. 1 1941.
Int. payable M. & S. without
U. S. gold coin at National City Bank,
8100, 8500, and $1,000 (c* & r*) 81,000,
$5,000 and multiples of 85,000. | Non-redeemable prior to Sept. 1 1931,
but red. all or part on any int. date upon 30 days notice at 107M and int.
between Sept. 1 1931 and Sept. 1 19.36, both incl. and at 105 and accr. int.
theieafter but prior to maturity.
Interest payable without deduction for
U. S. Federal income tax up to 2%.
Penn. 4 mills tax refunded.
Data
Cuban
Letter
taxes
in
Denom.
trustee.
From
of
Pres.
Sosthenes Behn,
New York,
October
4.
Company.—Incorp. in Del., Feb. 1908.
Does practically entire tele¬
phone business in Cuba serving over 35,000 subscribers.
Owns and oper¬
ates without competition the local telephone systems in Havana, Santiago de
Cuba, Matanzas, Cienfuegos, Cardenas and other important cities and
towns, and in addition does all the long distance telephone business, its toll
system reaching every important community on the Island of Cuba, which
on the basis of the 1919 census has a
population of approximately3,000,000
Working Agreement.—The American Telephone & Telegraph Co. and
Cuban Telephone Co. have entered into a working agreement covering the
division
of
tolls
"Having met all legal requirements, our representative secured subscrip¬
from a large number of investors in Illinois which were expected
to be issued.
and
revenues
derived
from
the
three
submarine
cables
recently placed in successful operation between Havana and Key West.
The Cuban-American Telephone & Telegraph Co. which owns these cables,
is controlled jointly by the American Tel. & Tel. Co. and the International
Telephone & Telegraph Corp. which latter
TelephoneCo.
'
1 the Illinois Securities Act was amended in such a way that
longer qualified for sale in Illinois, merely because they were
the Detroit, Baltimore, Philadelphia or several other exchanges.
#
"On July
stocks
were no
listed
on
This being the case, we immediately made inquiry of the Securities Com¬
mission through our attorneys and presented a summary statement which
the Secretary of State returned to us with the suggestions as to the best
manner of meeting the requirements of the amended statutes.
Commission has
"The
of
presentation
advised
never
company
in turn
owns a
Tmmrity
of the stock of the Cuban
most emphatically that at no time were any of our
arrested for offering or selling our securities."
Fisk Rubber Co. below.—V. 113, p. 1364, 1255.
East Bay
outstanding with public, £127,860 ($768,252) have been converted into
stock and cancelled, £25,560 ($124,392) are cancelled in the sinking fund
and balance of £944,460 ($4,596,372) will be pledged as additional security
under 1st Lien & Ref. Mortgage.
Purpose.—Proceeds will be used to liquidate entire floating debt and to
provide in part for enlargements to its telephone system, including the
This
Eastern
Rolling Mill Co.—Defers Dividend.—
connection with the deferring of the Preferred dividend last week,
M. Jones, in a circular dated Sept. 28, says in substance:
The directors this day decided to defer action on the declaration of the
In
President J.
guarterly the holders of the 8% Cumulative Preferred stock. 1921, directors
ict. 1 to
dividend, for the three months ended Sept. 30 The payable
convinced that this action is in the best interest of the shareholders, in
some time in all lines
are
view of the unusual conditions which have existed for
of industry,
"In spite
affecting in common with others the finished steel trade.
of abnormal conditions, the company has done very well, run¬
ning practically on a 50% capacity basis since the latter part of July, and
having on hand sufficient business to continue at this rate, or a little
better, for some weeks to come.
i
"It is the policy of the directors to pay the dividend on the Preferred
stock just as soon as the company's business warrants doing so."
[Quarterly dividends of 2% each were paid on the Pref. stock in April and
July last, while in January last an initial dividend of 8%, for the full year
V. 113, p. 1476.
1920, was paid.]-
Edison Elec. Illuminating Co. of Boston.—Stock Issue.
At
before the Mass.
hearing
a
Department of Public Utilities
$50,000,000.
May be issued in series with
dates, maturities (not later than Sept. 1 1971) and
provisions as directors may determine.
1
Bonds of any series may be issued (a) to retire 1st mtge. bonds out¬
standing on Sept. 1 1921, or (b) to retire bonds of another series issued
under this mortgage; (c) additional bonds may also be issued for not ex¬
ceeding 75% of construction expenditures made subsequent to Sept. 1
1921, provided net earnings after maintenance and taxes are not less than
twice the annual interest charges on ail mortgage bonds outstanding and
proposed bonds.
Sinking Fund.—The mortgage provides for semi-annual payment com¬
mencing Dec. 1 1921, of sums in cash equal to 1% of the aggregate amount
of 1st Lien & Ref. Mtge. bonds outstanding, moneys to be applied:
{a) to
purchase of 1st Lien & Ref. bonds of any series, at or below the then existing
redemption prices, or, if during a non-redeemable period, at or below
certain specified purchase prices; and (b) to the redemption of bonds of such
series as are then subject to redemption.
rates,
Earnings Years Ended July 31.
"
1920.
earnings-.-
including this issue
«
approval of the Department of Public Utilities.
$22,528.000.—V. 113, p. 1365, 1358.
1,623,758
$2,923,142
1,703,649
512,216
—
Balance
—
______
$1,191,433
187.
now
outstanding
Elgin Motor Car Corp.—Gold Notes—Balance Sheet.—
A
circular
issued by the Argo
(111.)
State Bank offering $500,000 8%
serial gold notes at 100 and int. affords the following:
Notes dated June 15 1921.
Due $100,000 June 15 1922, $150,000 June 15
1923 and $250,000 June 15 1924.
Int. payable J. & D. at Central Trust
Co. of Illinois, trustee.
Red., all or part, at any int. date at 101.
Convertible.—Conv. into Com. stock at any time before maturity at par.
Company.—Established in 1916.
Company produces a 6-cylinder auto¬
Plant at Argo, 111.
Security.—Secured by all of the assets of the company, subject only to a
6% mortgage of $123,000, payable as follows: $14,000 in 1921, $20,000 in
1922, $75,000 in 1923, $12,500 in 1924.
Company agrees to establish a
reserve fund and deposit with the trustee such a reserve as will be adequate
mobile.
to take
care
of each series
as
it becomes due.
Purpose.—Proceeds will be used to
new working capital to handle
furnish
pay
off present bank loans and to
increased business.
Business Growth.—The circular shows "the business growth" as follows:
1916.
1917.
Comparative
1918.
$3,971,000
■
$2,517,000
General
Good- will.—...
$7.36£000
1S20
Inserted
MayZl *21. Dec. 31 '20.
$3,341,192 $3,243,012
Installments
18,910
Stock
1,075,000
225,755
45,748
24,973
89,929
Notes pay. real est.
35,306
Accts. & notes pay.
suppl.
351,933
1,340,096
expenses.
12,265
331,101
1,881,057
23,456
Accts. & notes
Material
&
rec.
Deferred charges.
Mtge. pay. bond.-
Deposits
on
115,000
109,990
13,000
506,890
919,090
car
contracts
Reserved
tax., &c.
Profit &
33,693
.
Editor].
by
Liabilities—
Capital stock
221,684
—
Prepaid
1920.
$5,529,000
31
1,075,000
Comm., disc., &c.
Investments
Cash
Sheet
Balance
1919.
Dec.
15,450
20,600
117,632
loss
70,087
191,086
Total (each side)
—V.
112,
p.
(Henry) Disston & Sons, Inc.—No Action.—
5 to act
on
an
increase in
capital stock from $3,350,000 to $6,000,000, was postponed until Jan. 4
1922, as the management does not consider it advisable to make such an
under present depressed industrial conditions.
Action on the
increase in capital has been postponed several times, the first meeting for
this purpose having been called darly in the present year.—V. 112, p. 1287.
increase
Dodge Bros., Detroit.—Business Improving.—
Phelps,
Advertising
Manager,
is quoted as saying:
"Our
About 20% of
business is very good; we are turning out 600 cars a day.
our business is export and our sales are gradually increasing.
We are having
no labor troubles in
Detroit and business is improving.
The bottom of
car prices
has been reached and there will be no further reductions."
—V. 112, p. 376.
The Bankers Trust Co., 10-12 Wall St., N. Y. City, are now
10-year 7 H%
coupon
outstanding temporary certificates.
V. 113, p. 1476,
'
Electric
Co.
of
'
Ltd.—Pref. Stock,
Offered.—Canadian Debenture Corp., Ltd., Toronto, are
offering at par, with a bonus of 40% Common stock, $2,000,000 8%
Cumulative Pref. (a. & d.) shares.
Compare
V. 113, p. 1365, 1256.
Canada,
Exchange""Buffet Corporation.—No, of Stockholders.—•
The
corporation, concurrent with the declaring of the 35th consecutive
(present rate $2 per share), payable Oct. 31 to stock¬
quarterly dividend
holders of record Oct. 20, announces that during the past year the stock¬
holders' list has increased about 33 % and that about 37 % of the stockholders
are
employees in their 34 restaurants.—V.
Famous
112, p.
2753.
Players-Lasky Corporation.—Resignation.—
II. D. H. Connick has resigned as Chairman of the Finance
Committee.
Frederic G. Lee, senior member of the Finance Committee, now becomes
its acting Chairman.!
Theodore F. Whitmarsh, a director, has been elected
to fill the vacancy on the Finance Committee caused by Mr. Connick's
resignation.
1
•
The company has closed a contract with Durant Motors, Inc.,
its 1922 equipment requirements.—V. 113, p. 1256, 1151.
Fownes Brothers & Co., Inc.—Bonds
for all
o
Offered.—Hamble-
ton & Co. and
Hemphill, Noyes & Co. are offering at 99
and int. yielding over 8%, $500,000 15-Year 1st Mtge. 8%
Sinking Fund Gold Bonds.
Dated Sept. 1 1921.
The
organized in
company,
New York,
has acquired
substantially all
of. the
assets and the entire business, including United States patents,
trade names, trade marks, good-will, &c., formerly constituting the Amer¬
ican branch of Fownes Brothers & Co. of London, a British co-partnership,
engaged in the manufacture and distribution of gloves.
The average profits before providing for interest charges or taxes but
charging depreciation, for the 10 years ended Dec. 31 1920 were
$260,034, and for the 5 years ended Dec. 31 1920 were $365,977.
The
maximum.annual interest charges on this issue will be $40,000.
after
(E. I.) du Pont de Nemours & Co.—Permanent Bonds.—
deliver permanent
English
..$4,109,304 $4,572,638
2647.
Fisk Rubber Co.—Gets Durant Contract.—
A meeting of stockholders scheduled for Oct.
H.
Stock
•
1921.
$2,420,521
Net after oper. expenses, maint. and taxes—----Annual int. charges on $8,244,317 mtge.
bonds
George
the
equipment for 5,000 additional automatic telephones.
Issue.—Authorized
—V. 113, p.
on
petition of the company for approval to issue $4,505,600 additional capital
stock (one new share for each five now outstanding) it was stated that the
directors Oct. 6 voted to issue the new stock at $130 a share with the
redemption
Gross
repre¬
Water Co.—New Financing Approved.—
Assets—
May 31 '21. Dec. 31 '20,
Property & plant.$1,003,911
$911,029
—
in U. S. gold coin at the fixed rate of exchange of $4.8666 per £.
Of the
authorized
£2.000,000
($9,733,333)
bonds,
£872,120
($4,244,317) are
such interest
formal
a
state
See also
1st Mtge. 5s due Jan. 1 1951
x9,733,333
x4,244,317
Issued in pound Sterling denominations principal and interest payable
x
installation of
time that if
any
for any other reason.
"We
sentatives
$489,000
—
at
was
Capitalization After This Financing.
Authorized.
Outstadning.
Common stock ("paying 8% divs.)
$14,000,000
$9,432,876
Preferred stock (paying 6% cumul. divs.)-___-_
2,000,000
2,000,000
1st Lien & Ref. Mtge. Series A 1V%9. (this issue)-- 50,000,000
4,000,000
-_
us
application were made it would 'turn down' either
'partly promotional and without basis of value,'
our
stock
our
Stockholders Sept. 28 approved new financing outlined in V. 113, p. 1364.
Sugar Corp.—Listing.—
terms of a
for
Act.
curities
tions
or
Co.—Regular Dividend of 1%.—
The New York Stock Exchange has authorized the listing of 825,000,000
Bankers Trust Co., New York, Certificates of Deposit representing 10-Year
New York,
any
because
The regular quarterly dividend of 1 % has been declared on the Common
stock, payable Oct. 15 to holders of record Oct. 5.
This is the same as
that paid in July last.
From 1917 to and incl. April last the company paid
dividends at the rate of 8% per annum.—V. 113, p. 422.
deduction
our desire to meet any local
requirements affecting the sale of our
our attorneys and they advised us that
securities listed on any one of the 7 or 8 large Stock Exchanges of the
country .were qualified for selling in Illinois.
Our stock having been sold
in Michigan and listed on the Detroit Stock Exchange, we were therefore
qualified to offer it for sale as a Class 'B' security under the Illinois Se¬
"In
securities in Illinois, we consulted
Business—Calendar Years.
Revenue.
1579
prepared to
gold bonds in exchange for the
112, p. 2195.)—
(See offering in V.
1058.
Durant Motors, Inc.—Illinois Refuses Permission to Sell
Stock—Official Explanation.—
The Hlinois Securities Commission has denied the company's informal
application to sell the capital stock in Illinois, as the Commission regarded
fe
the stock as "purely promotional and without basis of value."
[A dispatch from Chicago Oct. 5 states that the Illinois Securities Com¬
mission has granted the company permission to resubmit its statement for
filing, which, if filed, will give it the right to offer its securities in the State.
+
In connection with the action of the Commission, Vice-President Carroll
Downes made the following statement:
p
Fox River
Paper Co., Appleton, Wis.—Bonds Offered.—
Chicago, are offering at 95 and int.
yielding about 7%%, $750,000 1st mtge. 7% sinking fund
gold bonds.
Series A.
Win.
L.
Ross & Co.,
Dated Oct. 1 1921.
Due Oct. 1 1931.
Int. payable A. & O. at First
Trust Co., Appleton, Wis., trustee, or First National Bank, Chicago, without
deduction for normal Federal income tax not in excess of 2%.
Denom.
$1,000, $500 and $100 (c*).
A minimum sinking fund
earnings is required which, it is estimated, will retire all
y2%
year
per
of 25% of net
of these bonds
int. date on 30 days' notice at 105 and
ending Oct. 1 1922, redemption price thereafter being reduced
prior to maturity.
Int. for
annum
Red.
on any
until it is
102lA%,
which rate prevails thereafter.
THE
1580
Data From Letter of Pres. W. C. Wing, Appleton, Wis-, Sept.
CHRONICLE
If the stockholders and the
Department of Public Utilities
13 1921
1883,
is
engaged
in
rag-content bond and ledger papers and its products are marketed
out the United States through the paper merchant or jobber.
Hendee Manufacturing Co.—Makes Loan of $725,000.—
The company has made a loan of
$725,000 ot the Harley Co., according
a
mortgage filed in the Springfield, Mass., registry of deeds.
The
mortgage covers real estate and other peroprty of the Harley Co. in East
8pringfield.
This transaction is viewed in some quarters as a step leading
to the operation of the
Harley Co. by the Hendee Manufacturing Co.
One of the principal outputs of the
to
ledger, battleship ledger.
Property consists of a complete 3 machine paper mill making rag-content
writing papers with an annual capacity of 9,000 tons.
Company owns out¬
right its water power, which consists of three-sevenths of the entire flow of
the Fox River.
The Telulah Mill referred to below consists of a two
machine paper mill also making lag-content writing papers with an annual
capacity of 7,500 tons.
This mill also owns its water power outright on
this same Middle Dam level, and on the other side of the river from the
Fox River Mills.
company
for
a
and reconstruction of the Telulah Mill at
from
Harley Co. has been castings for motor¬
cycles, the product of the Hendee Mfg. Co.—V. 113,• p. 1365, 1161.
Illinois Brick Co., Chicago.—Business—Outlook.—
President William Schlake says in substance:
''Our business is below 40% of normal but conditions
-
Purpose.—To reimburse
are brightening and
I believe nearly all unions will abide
by Judge Landis's wage decision. Our
particular fight is with carpenters union and we will win because we feel
public sentiment is with us.
Naturally our stockholders cannot expect a
speedy resumption of dividends at this time."
The regular quarterly divi¬
dend of 1%% was passed last March.—V. 112,
p. 2542.
portion of the cost of its purchase
Appleton, Wis., which it acquired
the
Kimberly-Clark Co. as of Jan. 1 1921.
The total expenditures
to date on account of the purchase, reconstruction and modernizing of this
mill have exceeded $1,000,000.
This work is now completed and the plant
is in operation.
There yet remains to be paid on account of the purchase
$500,000,1 due eeriaHy from 1922 to 1926.
Preferred stock.........
Common stock
______
The creditors committee announces that in
conjunction with the manage¬
it has made tentative arrangements to borrow sufficient funds to
ment,
350,000
500,000
500,000
500,000
...
........
Indiahoma Refining Co.—To Liquidate Debts.—
Outstanding
$750,000
CapUal'n After this Financing
Authorized.
7% sink, fund gold bonds (this issue)_____.$l,250,000
1st M.
enable the
company to make 50% cash payment on all its present banking
indebtedness with the undeistanding that 15% of the balance will be
paid
Sales.—Gross sales have increased from $812,073 in 1911 to $3,926,499
in 1920, and for the five years, from 1916 to 1920, inclusive, gross profit
available for interest, depreciation and taxes have averaged over 8 times
the interest charges on this present issue of bonds.
Officers.—Win. C. Wing, Pres.; H. K. Babcoek, V.-Pres.;
Treas.; F. W. Becker, Sec.-—V. 113, p. 1365.
man,
April 1 and the remainder Oct. 1 1922.
The company will issue notes
bearing 8% and deposit as collateral its 8% sinking fund gold notes in
_
(H. H.) Franklin Mfg. Co., Syracuse, N. Y.—Shipments.
be
Garrett
Ernest
County
Telephone
Co.,
business-is progressing satisfactorily.
merce")—V. 113, p. 1257, 965.
Md.~
Oakland,
Jones, Oakland, Md., has been appointed receiver.
21 as the date of the sale.
Ray
its
'
*
General Motors
D.
A.
Corp.—Resignation.—
McConnell,
International
that effective Oct.
Sept. 19 approved the Issuance of $3,350,000 8%
See offering in V. 113, p. 1058, 1160.
mtge. bonds.
Great Lakes
Power Co.,
:
/
(Chicago
"Journal
of
Com¬
Cotton
Mills.—Capital Increase.—
maniere, President of the Turnder Co., will become on that date a partner
of Lawrence & Co.
Until Jan. 1 the selling of the goods made by Interna¬
tional will be carried on as usual by the J.
Authorized.—
The stockholders
,
The stockholders Oct. 5 authorized an increase in the Common capital
stock from 100,000 shares to 200,000 shares, par $50.
The company plans on Jan. 1 1922 to transfer its
selling account to
Lawrence & Co.
A large part of the
organization of the J. Spencer Turner
Co. will continue to sell the goods with Lawrence & Co. and John E. Rous-
1365, 1256.
Glidden Co .—-Bonds
>
The directors have declared a dividend of $3 par share on the Preferred
stock, payable Oct. 20 to holders of record Oct. 7.
This is the First dis¬
bursement since Aug. 1920.
The directors suspended payment of dividends
on this issue in November last.—V.
113, p. 1365.
President and General Managei of the Klaxon Co.
1, William M. Sweet, who is a Director and
Vice-President of that company will relinquish his other duties with the
General Motors Corp. devoting his entire attention to the Klaxon interests
as Vice-President.
Mr. Sweet is a Vice-President, Director and member
of the Executive Committee of Bearings
Service Company.—V.
113,
p.
:
Independent Brewing Co., Pittsburgh.—Resumes Divs.
The
Court has set Oct.
announces
notes.
crude oil from new wells which have been
brought in on its properties has
been increased from approximately 750 barrels "a
day to 1,750 barrels and
Shipments of Franklin cars for first three weeks of Sept. are reported to
10% in excess of those for corresponding period in Aug.—V. 113, p
1058.735.
new
J. L. Johnson, Liberty Central
Trust, St. Louis, Chairman of the Com¬
mittee, says that through the sale of the company's interest in Export Oil
Corp. to Constantin Refining Co. and partial liquidation of inventory the
company's financial position has greatly improved.
Its production of
,a
.
double the face amount of the
amount
H. G. Free¬
,
authorize the
issuance the new stock will be offered for
subscription pro rata to stock
of record the date stockholders
authorize the increase.—V. Ill, p. 798.
manufacturing higb grade
through¬
Produces
writing paper known as chanticleer bond, old badger bond, English bond,
defender bond, right of way bond, old badger ledger, old faithful linen
In
Company.—Incorp.
[Vol. 113.
1st
See V. 113,
Spencer Turner Co.
p.
Ltd.—Bonds, &c.—
1476-
V'.:
-
International
Mercantile
..
Marine
Co.—Hearing
Agreements Between Company and British Government.—
Estabrook & Co. are offering at 91 and int., yielding 6.75%, a block of
$125,000 1st (Closed) Mtge. 6% serial gold bonds, due May 1 1944.
The
bonds are dated May 1 1916 and are due serially May 1 1922 to 1944.
Auth., $3,000,000; retired, $165,000; outstanding, $2,835,000.
State Street
Trust Co., Boston, and Hon. Frederick Stone, S. Ste. Marie, Ont., trustees.
Property.—Owns and operates a modern hydro-electric plant at Sault Ste.
Marie, Ont., having the perpetual right without rental or other charges to
use 20,000 cu. ft. of water per second on the Canadian side of the St.
Mary's
River.
Distributes power under long-term contracts to city of Sault Ste.
Marie, Algoma Steel Corp., Algoma Central Hudson Bay Ry., Lake Su¬
perior Paper Co. and others.
Owns International Transit Co., operating
street railway system in Sault Ste. Marie and
ferry between that city and
The U.
S.
on
Shipping Board began
a hearing Oct. 4 on various questions
relative to existing agreements between the company and the British
Government.
The main purpose of the examination is to find out whether
the agreements are inimical to American
shipping interests.
President
history
mitted
a
P. A. S. Franklin, who consented to appear and give the
of the company's relations with the British Government, sub¬
pamphlet of 21 pages for the record.
Some of the points brought
out were:
The company is an American
1902.
corporation, organized in New Jersey in
Has outstanding $51,000,000 6% Pref. stock. $50,000,000 Common
$38,000,000 1st Mtge. bonds.
Since 1918 it has distributed
and
Sault Ste.
stock
Bonds are
followed by $600,000 Pref. stock and $1,999,400 Common stock, on which
dividends are being paid.
$36,000,000 in dividends, and paid off $31,000,000 of its bonds.
The
books as of Aug. 1 1921 show 93
of its stocks is owned by American
citizens, 514% by Dutch, H of 1% by English, M of 1 % by Canadians,
with fractional holdings in Cuba, Denmark, France, Ireland and Norway.
The company now owns, exclusive of ships under construction, 104
vessels, of 1,026,219 tons.
It has a large and powerful organization for
booking passengers and freight.
(See also "Financial America" Oct. 5.)
V. 113, p. 1477.
Marie, Mich.
Management, &c.—Managed by Middle West Utilities Co.
Earnings.—Combined earnings of Great Lakes Power Co.,
International Transit Co. for the 12 months ended Dee. 31:
Ltd.,
and
1920.
1919.
$606.043
400,083
164,715
$551,644
351,867
147,800
---.....$235,368
$204,067
Gross earnings..
Net, after operating expenses and taxes..
.
Interest charges
Net
income
See original
offering in V. 102,
p.
International
amount sufficient to exhaust
Greelock
Co.—Capital Increase.—
interest.—V.
The stockholders Oct. 4 authorized an increase in the Common
Capital
stock from $8,000,000 to $10,000,000 (par $100).
See V. 113, p. 1476.
'
Green Star Steamship
Corp.—Receivership.—
ships
made
are now
for
contract
price of $7,350,000, on which is still
that the company has' outstanding
alleges
has defaulted on interest payments due on
operation of its vessels.
Ten of the company's
the
tied up in home ports, while three
foreign voyages.
The
receivership proceedings terminate negotiations extending over
several months in which an endeavor was made to obtain
relief for the
company through modification of the original purchase price
of its vessels
and other means.
In reviewing the situation
Murray, Prentice & Aldrich,
counsel for the bondholders' committee, issued the
following statement:
"On Aug. 22 the committee,
acting on behalf of the bondholders, in view
of the embarrassed financial condition of
the company, applied to the
U. S. Shipping Board for relief
through the tentative modification of the
purchase price of vessels sold by the Shipping Board to the
corporation
under existing contracts between the
Shipping Board and the steamship
corporation.
The contracts in question
vessels covered thereby,by the steamship
$200 per ton, and
over
on
payment for the
corporation of prices which averaged
these contracts the steamship
corporation had
oard
gud inin
cash in excess of $2,600,000 respect to the credit from the Shipping
and received purchase price.
of $1,000,000 with
excess
"The
bondholders' committee was
advised, late in Sept., that the Shipping
Board, did not consider that it had the power under the
existing statutes,
to grant the relief
requested by the petition, and the bondholders' com¬
subsequently informally adised on Sept. 28, by counsel for
the
Shipping Board, that the petition had been denied.
Every effort had been
by the bondholders' committee, both prior and
subsequent to the
i
.-I ,6
Pv? mentioned petition, to obtain funds for rehabilitation
of the affairs of the company, hut such
efforts were without success.
In
view of the inability of the
Shipping Board to grant relief and of the current
depression in the shipping business a
receivership of the propertv of the
steamship corporation became inevitable."
Compare Y. 113, p. 1256, 1365mittee was
made
Hammond
Judge Frank
Steel
Co., Inc.—Receivership, &c.—
Cooper of U. 8. District Court
has appointed Walter R.
friendly equity action, brought by Harold E.
McWhinney
Bloomfield, N. J., on a note for $3,510.
This is a step in the reorganization
of the company which is now under
way.
Stone receiver in
.
A
a
protective committee consisting of Willard
Charles S. Estabrook,
Albert E. McChesney,
Christopher
W. Sevmour, Chairman;
C. Bradley, Jr., Douglas E. Petit,
with Edward C. Kaufman of Stone, Sevmour &
Co., Syracuse, has been formed to protect the holders of the
'$595,500
6% gold coupon notes.
The Aug. 1 1921 coupons on these notes has
been defaulted.—V. 110, p. 2391.
Harmony Mills, Boston.—-Preferred Stock Called.—
Horn blower & Weeks of Boston, will until Oct.
10, receive offers for the
sale to it of $750,000 7% Pref. stock at
par and int.
Preferred stock, now
outstanding, $2,250,000.—V.
112,
p.
Haverhill Gas Light Co.—To Increase
The stockholders will vote Oct.
10
'
1287.
receive bids
bonds to an
price not exceeding 105 and
Inc.—Maturing Notes, &c.—
The company hopes to be able to meet the $750,000 6% note issue due
1 next from Its own cash resources.
This maturity is part of the
$3,500,000 serial note issue brought out in 1919.
With the payment of the
$750,000
Nov. 1 only $1,000,000 of the notes will remain outstanding
due May 1 1922.
new management has effected changes in policies
of buying and distributing merchandise so that its turnover is now from four
which
Capital.—
on
become
'
It is understood that the
to five times a year
against but two times formerly.—V. 112,
Kansas & Gulf
p.
1982.
Co.—Listing—New Note Issue, &c.—
The New York Stock Exchange has authorized the listing of $14,122,140
Capital Stock,
par $10, with authority to add $877,860 Capital stock on
official notice of issuance, making the total amount applied for $15,000,000.
Company
was
organized in Delaware Dec. 15 1919 to acquire Kansas &
Refining Co. by the exchange of 12 shares of Kansas &
Gulf Producing &
Gulf Co. stock for each share of Common stock (total, $3,500,000) of Kansas
& Gulf Producing & Refining Co., par $100.
On Jan. 22 1921 Central
Mexican Oil Co. was incorp. in Delaware, capital $10,000,000, par $10, and
in
exchange for a lease of approximately 108,000
acres
in Mexico and other
consideration the company acquired 300,000 shares of stock of the Central
Mexican Oil Co.
Approximately 225,000 shares were distributed to the
stockholders of the company as a dividend, the balance of 75,000 shares
remaining in the treasury.
The stock of the Southern Oil Corp. was ac¬
quired on June 30 1921 by the exchange of 300,000 shares of stock of the
company for 30,000 shares of stock of the Southern Oil Corp.,par $100.t
The directors Sept. 6 1921 authorized an issue of $3,750,000 8% Serial
Gold Notes to be dated Oct. 1 1921. $750,000 to mature Oct. 1 1924,
$1,000,000 Oct. 1 1925: $1,000 Oct. 1 1926 and $1,000,000 Oct. 1 192/.
Notes have been offered to the stockholders, and arrangements made that
such notes as are not taken by the stockholders will be underwritten.
Proceeds will be used to furnish additional working capital, the purchase of
crude oil for storage and the purchase of new properties; the development of
properties now owned and to be acquired, and the payment of such liabilities
of the company and Southern Oil Corp. as may be deemed advisable.
On Nov. 15 1920 company entered Into an agreement to purchase the
entire interests of the firm of Staley, Langford & Chenault, Wichita Falls,
Texas, for $4,750,000, of which $500,000 was paid in cash, the remaining
balance being subsequently reduced by payment of $1,970,000 since that
time.
Balance is payable: $40,000 per month from June 30 1921 to and
including March 30 1922 (payments due June, July and Aug. 1921 have
been paid); $100,000 per month from April 30 1922 to and including May 31
1923: and $60,000 per month from June 30 1923 to and incl. June 301924.
The Southern Oil Corp.
has $327,000 6% bonds outstanding (auth.
maturing $26,000 July 1 1922, $51,000 July 1 1923, and
$250,000 July 1 1926.
The income account of Kansas & Gulf Co. for the six months ending
June 30 1921 shows: Total sales. $1,445,876: operating profit, $832,145$net,
after expenses, $720,183; other deductions, $132,286; total net profit (before
Federal taxes), $6.32.344; profit and loss surplus June 30 1921, $2,336,315.—
V. 113, p. 1477. 855.
$1,000,000),
(S. S.) Kresge Co.—Declares
a
54% Stock Dividend Pay¬
able Dec. 31 in Common Stock.—
The
increasing the capital stock from
$585,000 to $731,250 by the issuance of 2,925 shares ,par $50, which will
be offered to stockholders, the
proceeds to be used to pay off in part the
floating debt of $150,000 incurred for additions, improvements and exten¬
sions to supply new customers and for additional
working capital.
on
a
113, p. 424.
Jewel Tea Co.,
are on
provided for the
$71,832, and at
Nov.
Robert C. Adams was appointed receiver by
Judge Mayer in U. S.
District Court Oct. 4 in an action filed by A. II. Whan & Co., creditors for
that the company obtained 13 ships from the
$4,900.
The petition alleges
U. 8. Shipping Board for the
due $6,079,810.
It further
liabilities of $2,200,000, and
advances
Salt Co.—Tenders.—
The U. S. Mortgage & Tiust Co., trustee, will, until Oct. 17
it of 1st & Consol. Collateral Trust 5% gold
for the sale to
1814.
directors
Oct.
4, declared a 54% stock dividend on the
stock, in addition to the regular quarterly cash dividends of 3% on
mon and 134% on the Preferred, all payable Dec.
31 to holders
Dec. 16.
The stock distribution will increase the outstanding
of record
Common
$100.
K Z.
• "
In confirming the dividend action taken in Detroit. Charles E. Merrill
of Merrill, Lynch & Co., a director of the S. 8. Kresge Co., said in substance:
to
$15,400,000
Common
the Com¬
par
Oct. 8
1921.]
THE
CHRONICLE
"The stock dividend of $5,400,000, together with the $4,000,000 melon
distributed in 1916, brings the total dividends distributed in Common
payment of $1 per share which has been made quarterly since
August
1220-,
cents p?j; share were paid quarterly from May 1919 to
May 1920, inclusive.—V. 113, p. 1161, 1059.
stock
up to
$9,400,000, equivalent to 188% on the $5,000,000 Common stock
outstanding at the end of 1915.
"
'
"It is interesting to note that the holder of 100 shares who
bought his
Common stock at the time of its issue in 1912, and who has taken
advantage
of his rights, now holds 200 shares having a market value of some
$32,000,
against a total investment of $6,500, and that after the present stock
dividend has been paid his holdings will aggregate 308 shares.
Minnesota & Ontario
original issue of $5,000,000
outstanding, which mature serially to 1927.
The name of the Minnesota &
Ontario Power Co. was changed to Minnesota
& Ontario Paper Co
in
Sept. 1918.—V. 106, p. 602.
...
f p
,
re¬
investment of earnings.
The number of stores has increased from 42 in
1909 to 194 in 1921, and in the same period sales have grown from
$5,000,000
to more than $52,000,000 "
Missouri Iron & Steel
ending Sept. 30.
Increase. I
1921—9 Mas.—1920.
Increase.
$275,630 $36,884,258 $34,238,256 $2,646,002
advisable by the directors to do
The
Laclede
Sheet
as
Steel
Co., St. Louis,
Aug. 31 1921.—
at
Assets—
I
Land, bldgs., equip.,
Inventory, fo¬
Sundry provisions
Surplus..
a
After
-
Total liabilities.
$3,877,985
Reserve for Federal tax—.
112,321
15,610
160,008
10,624
Lake
or
Superior Corp.—Bank Loan Paid Off—Business.—
Current
liabilities of the Algoma Steel Co. are now approximately $3,and the current assets about $9,750,000.
Furthermore, Mr.
Cunningham said, the Algoma mills are probably as well employed as any
other steel mills in either
country, excepting possibly some of the subsidiaries
of the U. S. Steel Corporation.
Inventories have been marked down to
rock bottom, and Algoma Steel, he said, is assured of business
running
single turn through the winter.
Until conditions became more normal no
800,000
g'eat promises could be made but if the steel
o. should get its share
business runs good the Algoma
No new agreement had been reached with the
English railway bondholders.—V. 113, p. 1161, 956.
Liggett's International Ltd., Inc.—Omits Dividend.—
The directors have voted to omit the dividend due on both classes of
Common stock Oct. 1.
Dividends of 2% each have been
paid quarterly
beginning Jan. 1
1921 on both issues of Common.
Chairman Louis K. Liggett says in substance:
"At a recent meeting of
the directors it was voted to pass the Common dividend
payable on Oct. 1,
following similar action of the United Drug Co.
Liggett's International,
Ltd., being a holding company, has no source of income
except from divi¬
dends and interest received from its investments.
"The income received from these
of
sources as
Sept. 30
was
insufficient
to provide for the payment of a Common dividend after
the Preferred divi¬
dend of Nov. 1 had been set aside as required
by the articles of association,
and the company had accumulated since its
incorporation a little over a
surplus income available for that purpose.
"The company has not been receiving cash from the Canadian
company
year ago, no
where conditions have been similar to those which have existed in the
United Drug Co. in Massachusetts, but it is believed that full allowances
made for shrinkage in value and that conditions are
steadily
have been
improving.
The earnings of the English business ha
ye
and the prospects
Los
for the future
Angeles
Gas
are most
&
been and are most satisfactory
promising."—V. 112, p. 1615.
Electric
Corporation.—Bonds
Sold.—Bond & Goodwin & Tucker, Inc., San
Francisco,
Los Angeles, &c., have sold, at 99 and
int., to yield about
7.15% (see advertisement on another page) $1,500,000 Gen.
& Ref. Mtge. 7% Gold Bonds, Series
"C," dated Sept. 1
1921, due Sept. 1 1931, but redeemable, all or part, on nintey
days' notice at the following prices plus interest: June 1 1926-,
105; June 1 1927, 104^; June 1 1928, 104; June 1 1929,
103% June 1 1930, 103. Compare description of bonds,
earnings, property, &c., in last week's "Chronicle," p. 1477.
Louisville Gas & Electric Co.—Bonds Offered.—Harris,
Forbes & Co., Guaranty Co. of New York and E. H. Rollins
& Sons are offering at 99K and
interest, an additional
$500,000 1st & Ref. Mtge. 5-Year 7% Gold Bonds of 1918.
Due June 1 1923.
(See description in V.106, p. 2653).
Capitalization—
Authorized.
Common stock
Outstanding.
..$11,000,000 $10,324,300
Preferred stock 7% Cumulative.
25,000,000
1,212,000
8% Gold Notes due JaD. 15 1923
5,000.000
x3,899,700
First & Refunding Mtge. 7s, due June 1 192320.000,000
14,572.000
Louisville Lighting Co. Frist 5s, due 1953—
(Closed)
1,195.000
x Secured by deposit of
$5,250,000 Gen. Mtge. 6% bonds, due Jan. 15
_
—
—
—
—
.
—
1923.
Consolidated Statement of Earnings
For Years ended July 31—
Gross
earnings
—
from Properties Subject to Lien of Mortgage.
1921.
$4,815,062
Net, after oper. exp., maint. & taxes (excl. deprec.)
2,186,260
Annual interest charge on $15,767,000
bonds..1,079,700
Balance
-V. Ill, p. 394.
1920.
$4,081,196
1.998,015
$1,106,560
Maritime Telegraph & Telephone
Co., Ltd.—Bonds
Offered.—Royal Securities Corp., Ltd., Montreal, are offer¬
ing, at 99H and interest, yielding about 7.05%, an additional
$500,000 7% Ref. Mtge. Gold Bonds, Series A, dated Dec. 1
1920, due Dec. 1 1945.
Compare V. 112, p. 476, 378, 263.
Melchoir, Armstrong & Desau, Inc —Receivership.—
David Desau and Warren W.
for this exporting house in an
U. S. District Court Oct. 1.
Cunningham were appointed joint receivers
equity proceeding by Judge Hough in the
Mid vale Steel & Ordnance Co.—Div.
Chairman W.
Outlook—Oper'ns.
E. Corey on Oct. 4, in answer to a
question by a stock¬
possibility of the resumption of dividends on the company's
stock, stated that the officials were doing all in their power to bring about
better conditions, but no one could predict when divs. could again be paid.
Mr. Corey said: "The steel situation Is in such shape that probably none
of the companies with the exception of the U. S, Steel
Corp. could make a
profit at the present quotations for products.
Two important factors in
the situation are the unusually high freight rates which have advanced the
cost of making steel to an abnormal point and the high wages
being paid
coal miners.
With these two matters adjusted the situation would improve.
"The company at present Ls operating at about 40% of capacity as com¬
pared with 20% only a comparatively short time ago, but we are operating
at a loss.' "—V. 113, p. 633.
holder
as
to the
Midwest Refining Co.
(Denver).—Omits Extra Dividend.
The usual quarterly dividend of $1 per share has been declared, payable
Nov. 1 to holders of record Oct. 15.
The directors decided to eliminate the
Co.—Reorganization Plan Dated Sept. 22
committee, Frank O. Wetmore,
Chairman, and the other committees named below have
adopted and approved the subjoined plan of reorganization.
Creditors, noteholders and stockholders of all classes who
have not yet deposited under the different
agreements may
become parties to the plan by signing a
copy thereof and
depositing it with their claims, notes or stock certificates on
reserve
for depreciation, $683,276.
b Inventories
market, whichever is lower. V. 106, p. 1464.
At the annual meeting Oct. 5 President Wilfred H.
Cunningham said
that all of the loan from the Bank of Montreal had been
paid off and that
the company was in excellent financial condition
It is understood that
the amount of indebtedness to the Bank of Montreal
June 30 1921 was
close to $2,000,000-
Plow
Moline
1921.—The reorganization
deducting
priced at cost
are:
|
1,379,421
-.$3,877,985
Prepaid expense
\
company
The officers
'
-
Accounts payableAccrued expense
Investments
Cash
—
Liabilities—
667,408
302,193
2,500
136.968
12,176
thought
so.
recently acquired the St. Louis Iron & Steel Co.
F. J. Stuart, Chairman & Gen.
Mgr.; W. R. Haieht
Pres.; G. M. Thompson, 1st V.-Pres.; W. S. Walker, V.-Pres.; F. F. Rimsa'
Sec.-Treas.; C. E. Smith, Consol. Eng.; F. E. Jacobs, Gen'l Sales
Mgr.;
J. P. Marshall, Supt. of Furnaces.—V.
113, p. 1367.
Balance
&c_a$2,756,740jCapital stock (par $100)--$2,200,000
rtes & accounts receiv.
Total assets-
Mo.—■Interim
Corp.—Change in Name, &c.—
The stockholders on Sept. 14 (a) voted to
change the name to the Con¬
solidated Steel & Iron Corp.; (6) voted to
empower the directors to issue
$2,000,000 Common stock when, as and if, at the discretion of the
directors,
it is advisable to do so; (c) authorized the directors
to change the par value
of the Common stock from $10 to no
par value, when, as and if it is
Sales for the Month and Nine Months
1921—Sept.—1920.
$4,299,954
$4,024,324
—V. 113, p. 1257. 1161.
Paper Co.—To Pay Bonds.—
The $3G0,000 6% serial boods of the
Minnesota & Ontario Power Co., due
Oct. 1, were paid off at office of Northwestern
National Bank, Minneapolis.
This will leave approximately $3,000,000 of the
"The business was established in 1897 with an investment of
only $6,700
and with the exception of $2,000,000 Pref. stock and
$1,000,000 Common
stock sold to th8 public, the business has grown to its
present size by the
1581
extra
before
Nov.
with
4
the
Central Trust Co. of
Illinois,
Chicago, depositary designated by
the reorganization committee.
The depositors are given a
limited time within which to file objections or to withdraw
from the plan.
(See advertising pages).
The plan provides that a new corporation
may be incor¬
porated and acquire the property, assets and plants of the
present company and certain of the property and assets of
Root & Van Dervoort Engineering Co.
All existing claims,
serial notes and stocks will be wiped out
through the ex¬
change of new securities as outlined below.
or
125 West Monroe
St.,
Plan
.
of
Reorganization.
Present Indebtedness, $25,000,000; Capital Stock,
$19,000,000.
7% Serial Notes, Series C, D, E and F (principal and interest).$4,560,000
x Other
indebtedness, principal and interest (approximately) ——20,440,000
First Preferred stock (75,000 shares, par $100)
7,500,000
Second Preferred stock (15,000 shares, par $100)
1,500,000
Common stock (100,000 shares, par $100)
10,000,000
—
—
This amount includes the
x
sums
to be
paid in adjustment of the claim
of Root & Van Dervoort Engineering Co., as creditor.
Capital Stock and Securities to be Issued by New Corporation to be Organized.
A new corporation is to be organized in Illinois
(or such other State as
the reorganization committee may determine), which will
acquire the prop¬
erty, assets and plants of the present company and certain of the
property
and assets of Root & Van Dervoort Engineering Co.
(V. 113, p. 1061),
and will issue securities (see below) not to exceed the
following:
7% Debenture bonds, payable in 20 years, to bear interest from
Sept. 1 1922 and prior to that date may be redeemable at par_$l 2,500,000
7%
Cum.
First Pref.
stock
(125,000 shares), non-cum. until
may be redeemed at par. 12,500,000
Second Preferred stock (75,000 shares)...
7,500,000
Common stock, no par value
200,000 shares;
Basis of Participation by Existing Creditors, Serial Noteholders &
Stockholders.
after
Sept. 1 1922, and prior to that
7%
....
(a) Interest on 7% Serial notes and claims of other creditors up to Sept. 1
1921 shall be added to the principal, and to said principal shall be added
one year at the rate of 7 % per annum on one-half of the
amount
interest for
of said
principal and interest for two years at the rate of 7 % (not compound¬
on the other half, thereby covering interest waived as
provided.
For each $1,000 of the aggregate computed as aforesaid each serial note¬
holder and other creditor is to receive the securities shown in
following table.
The purchase price of the properties to be acpuired from Root & Van
ed)
Dervoort Engineering Co. shall be paid on the same basis as said notes.
(b) For each share of old stock there will be issued new stock on the
basis indicated in the table.
The new securities will be issued to trustees who will in turn issue trans¬
ferable trust
or
participation certificates therefor.
Terms
Holders
of Existing—
Serial
notes
of Exchange
Outstanding
(about)
and
$
claims
.25.000,000
Per$l,000thereof
...
First Pref. stock.
—
.
7,500,000
Per $100 share
2d Pref. stock
1,500,000
of New for
Old
Securities.
•
—Will Receive in Exchange
Deben. 7s.
1 stPf.Stk.
2dPf.Stk.
Common.
$
$
$
$
12,500.000 12,500,000
62,500 shs.
($500)
($500)
(2)4 shs.)
.....
7,500,000
($100)
9,000 shs.
........
...
—
...
....
Per $100 share
Common stock.. 10,000,000
Per $100 share
(3-5thssh.)
—
12,500 shs.
OA share)
Available for sale
corp. purp., &c.
—-
—
—
116,000shs.
Total
x
...19.000,000 12,500,000 12,500,000
7,500,000200,OOOshs.
Debentures and 1st Pref. stock remaining unissued shall be canceled.
Provisions Relating to New Securities.
Debentures.—The new debentures shall bear int. at 7% p. a. beginning
Sept. 1 1922, payable semi-ann.
Red. (up to Sept. 1 1922 at par flat,
thereafter plus int.) at any time on 30 days' notice, all or part.
If in part,
redemption shall be pro rata among the holders of trust participation cer¬
tificates for debentures then outstanding.
First Pref. Stock.—Shall receive no dividends until after
Sept.
1
1923,
after which date div. shall become cumulative at the rate of
7% p. a.
May
be redeemed at par up to Sept. 1 1923, and thereafter at par and divs.
May Create $3,000,000 Debt Prior to Debentures.—So long as $5,000,000
of debentures are outstanding the corporation may incur indebted¬
secured or unsecured, in the regular course of its business not in excess
of $3,000,000 at any one time outstanding, which debt may be given priority
of payment over the then outstanding debentures, and shall mature not
more than 6 months from the dates of the creation of such debts, but
may be renewed.
May Sell Property, &c.—The directors shall always have the right to sell,
exchange or liquidate or otherwise dispose of all or any part of the prop¬
erty, plants, business and assets.
Retirement Fund to Retire Debentures & Pref. Stock.—The directors, from
earnings or from the sale, &c., of the property and assets, shall create and
maintain a retirement fund to redeem and retire $5,000,000 1st Pref. stock
at par and dividends.
No part of the earnings or the proceeds of the sale
or more
ness,
shall be used to retire the debentures until after such $5,000,000 stock has
After $5,000,000 1st Pref. stock has been redeemed the direc¬
been retired.
tors shall set
aside out of the net earnings for each year and-or other earnings
and-or from other funds arising from the sale, &c., of the property not less
than $500,000 in each year as a retirement fund, which shall be used one-half
to retire debenture bonds at par and int. and one-half to retire the 1st Pref.
stock at par and divs.
After the retirement of all the outstanding 1st Pref.
stock, the retirement fund shall be used to retire the outstanding debentures.
All payments under the retirement fund shall be made pro rata among
the holders of trust or participation certificates for the debenture bonds
or 1st Pref. stock, as the case may be:
Remaining Common Stock.r-The 116,000 or more shares of Common stock
not required for purposes of exchange for old securities may be issued,
,
„
^
THE
1582
otherwise disposed of for
•
sold
or
acquisition of property, for
services rendered
rendered, or w^v. corporate purposes, including compensation of
v, other
C-^
winrr /lotof»roino
management of such prices, &c., as the directors may determine.
To Hold All New Securities in 20-year Trust.—All of the new debentures
and all classes of stock shall be deposited in a trust with trustees who are
to hold the same for 20 years, issuing transferable partic. certfs. therefor.
Trustees to Have Full Voting Power.—During the life of the trust the trus¬
tees are to have full voting power with respect to both the new 1st I rer.,
the new 2d Pref. and the new Common stock, including the stock to be
issued to creditors, old serial note holders, old stockholders and any stock
which may be hereafter issued,
,
No Dividends on 2d Pref. or Common Stocks.—No dividends shall be de¬
clared or paid on the 2d Pref. or Common stock until all 1st Pref. stocky
together with its accumulated divs., and all the debentures, together with
accrued interest, have been retired and paid in full.
After such retirement
and payment divs. on the 2d Pref. stock will be cumulative.
Directors.—The new company shall have 15 directors.
or
>e
to be
L
.
>.1.
f
Depositaries, &c.
Managers,
Committee,
Reorganization
been prepared, approved and adopted by the following:
(1) Committee—Frank O. Wetmore, Chairman; constituted underythe
agreement dated May 27 1921 between the creditors.
First Trust &
Savings Bank, Chicago, depositary.
"••• /
.
.
.
The plan has
A
constituted under
(2) Committee—Ronald M. Byrnes, Chairman,
agree¬
dated June 8 1921 between the 7% serial noteholders.
National City
Bank, New York, depositary.
v
,
,
..
„„„„„
(3) Committee—Alfred Jaretzki, Chairman, constituted
agree¬
ment dated June 17 1921
between the holders of the First Pref. stock.
Bankers Trust Co., N. Y.. and National City Bank. Chicago, deposit an es.
ment
„
,
under the
(4) Committee—John E. Adriance, Chairman for 2d
(5) Reorganization Committee.—Frank O. Wetmore.
Johnston, Ronald M. Byrnes,
Walton, Secretary, 38 So, Dearborn
Schwartz & Frank, 76 W. Monroe St..
—V.
$8,213,792
1060, 633, 1367.
Decrease
$29,336,838
.
Corp .—Financial
Producers
Mountain
Chicago.—September Sales,
Decreased
1921—9 Mos.—1920.
$1,850,337!$53,346,423 $82,683,261
Sent—'1920,
113, p.
St., Chicago, and Levinson, Becker,
Chicago, Counsel. See V.l 13,p.14/ 7.
Co.,
Montgomery, Ward &
iqoi
$6,363,455
Pref. stockholders.
Chairman. I ercy H.
Coffin, withLymanA.
Robert I. Barr. C. P.
Statement.—
T. Barnett, Denver, Colo., Oct. 1
says in substance:
exception of the south half of Section 14, Township 40 North,
Range 79 West, all applications for leases filed with the Secretary of the
Interior, by The Wyoming Associated Oil Corp
in Salt Creek Field,
Natrona County, Wyo., have be,en approved, and leases delivered to the
President John
With the
There remains, however, approximately $450,000. of impounded funds
to be released and paid over to The Wyoming Associated Oil Corp.
It is
anticipated that such impounded funds will be released in the near future
and Mountain Producers Corporation's share therefore will be paid over to
it in the form of dividends.
.
_
,.
,
Owing to the marked decline in the price of crude oil in the Mid-Continent
and other fields, which was also followed by a reduction in the price of
crude in the Wyoming Oil Fields, and a decreased consumption of refined
oils, there has been during the past six months, a considerable reduction
in the earnings of The Wyoming Associated Oil Corp. and a consequent
reduction in the dividends received by Mountain Producers Corp from The
Wyoming Associated Oil Corp.
However, notwithstanding the reduced
market and price of crude oil, the setting aside of funds and payment of
taxes, we regard our net earnings $1,344,519 and the present condition of
the company as being satisfactory.
.
„
Net
Earnings
from
Date of Organization—Latter
:
earnings
Dividends paid
Balance,
-
-
Sheet,
700,903
9,734,270
U. e. Certificates50,000
Furn. & fixtures..
8,289
Accrued Int. rec__
1,318
...
Stock ol other cos.
1921.
639,574
9,734,270
200,000
7,113
Divs.
Net
payablepayable
surplus..
%
%
Capital stock..... 9,734,320
760,460
May 31
vances
to
Liabilities—
prod,
from New York to Rio de
Janeiro in 11 days, 1 hour and 49
Montevideo in 14 days and 19 hours, and
hours 40 minutes elapsed time from New
time to Buenos Aires is about 22 days.
minutes, and to
to Buenos Aires in 15 days
17
York.
The ordinary running
The twin ship, the "Southern
Cross," is now making its initial voyage.
A reduction in the trip of about
a week,
it is thought, should offset much of the advantage heretofore
enjoyed by European business firms in the competition for the markets of
Brazil, Argentina and Uruguay.
Both ships have 100% American crews.
The company some months ago opened its 22-story office building on
107,
p.
New England
expenses
placed on the list temporary certificates
value, Common Stock with authority to add
times and in such amounts as the same
may be issued in conversion of $8,000,000 5-year Convertible Gold notes,
due June 1 1925, and $2,000,000 1-year Gold notes, due Jan. 1 1922.
A statement to the Exchange affords the following data:
Company was organized for the purpose of producing, transporting and
dealing in petroleum, natural gas, anti their by-products.
At the present
time it is primarily a holding company and owns as of June 20 1921, proper¬
ties or securities in properties as follows:
(a) All stock (common only Issued for cash at par) New England Oil
Refining Co, 75,000 shares, par $100.
Incorp. Mass., June 24 1919. Owns
a modern refinery and
terminal at Fall River, Mass,
Present capacity,
20,000 barrels crude oil a day, or over 7,000,000 barrels a year.
(See
V. 112, p. 1513, 1523).
(&) Entire 2,000 shares, par $5, New England Oil Corp., Ltd., incorp.
Jan. 11 1921 in Canada.
Owns, or is having transferred to it, concessions
The Boston Stock Exchange has
434,785 shares, no
par
65,215 additional shares, at such
and other property
Maracaibo
region).
owned by New England Oil Corp. in Venezuela (Lake
These concessions and leases are approximately
246,586 acres, and on one of these concessions company is already drilling
one
well.
United Fruit Co. is also interested in the South American
acreage
with this corporation.
43,000
3,000,000
3,165,158
y
company also owns terminal site
is under negotiations for sale."
492,396
Deferred liabilities
z
and some equipment at Tampico, which
of 120,000 shares (no par) of Canada
2 1919 in Canada. Has contracts for
crude petroleum with producers in the Panuco field, Mex., that with the
New England Fuel Oil Co. being the only one now of value and from which
(d) 116,961 shares out of a total
Mexico Oil Co., Ltd. incorp. April
oil is available.
(e) Entire $3,000 issued capital (par $100) New England Oil Sales Corp.,
incorp. Oct. 16 1920 in Mass.
A small auxiliary sales organization. Auth¬
orized capital $100,000.
The profit and loss statement May 31 1921 shows: Earned surplus, Jan. 1
1921, $72,037; add profit on operations from Jan. 1 1921 to May 31 1921,
$512,941; earned surplus May 31 1921. $584,978; deduct interest on minor¬
ity stockholders, $2,901; net earned surplus, $582,076. „
,
2,580,100
Advance payments
18,097
141,491
in subsidiary co
Reserve for
surpl.
rPV3,1
Total (each side)
$19,510,430
depreciation.
arising thru
9A5
1
nf jiQQAfjS
Profits from
582:076
operatlSnl II
a Inventory of oil, $1,247,361
(pledged to secure $465,000 bank accep¬
tances—per contra);
Inventory of coke & supplies, $17,866;
Inventory
of construction material & supplies, $232,151: Balance to be received from
sale of 5-yr. gold notes, $486,060 (including $437,000 temporarily pledged
as
collateral);
Balance to be received from sale of securities valued at
$587,378, $562,617; Balance to be received from sale of 10-year 1st Mtge.
bonds, $306,250.
x Authorized, $2,000,000;
Pledged with U. S. Navy to secure performance
bond on contract to supply fuel oil, $1,000,000; issued, $43,000.
y Notes
payable, $1,228,043;
trade acceptances payable, $372,504;
bank acceptances payable, $465,000 (secured by inventory of oil); accounts
payable, $1,006,902; .accrued salaries and wages, $22,838; accrued interest
and taxes, $69,870.
z Navy "A" fuel oil delivered or to be delivered in accordance with U. S.
Navy contracts, which contracts are secured by two performance bonds,
one surety bond for $265,000 and one for $3,235,000 secured by $1,000,000
10-yr. 8% 1st Mtge. bonds, $1,000,000 1-yr. 8% Gold bonds.
'
.
—V. 113, p. 968.
River
New
Co.—Sales—Business—Wages,
&c.—
by the company for export are virtually at the vanishing
point.
In April, May and June of this year, aided by the strike of British
coal miners, large tonnages were sold by New River for foreign shipment
and the company made some handsome profits.
Since the resumption of
production by British mines, however, this business has fallen to nothing.
English coal operators are selling their product for export at $5 per ton.
None of the American mines can ship coal to foreign markets at prices which
will enable them to compete with British producers.
From the standpoint of production the three months ended Sept. 30 were
lean ones for New River.
However, the company, with the approach of
winter, believes shipments will steadily increase
The union coal miner
in the New River field is still receiving peak wages.
The wage agreement
of the New River Co. with its miners does not expire until April 1 1922
Sales of coal
Thus
far
this
Preferred stock
year
on
the New River Co
has paid $15 per share on its
of accumulated dividends
It is believed the
account
will round out 1921 with payments of $1 50 per share on its 73,000
shares of preferred stock the first of Nov. and Dec., making a total of $18
per share for the year.
At present there are accumulated unpaid dividends
to the amount of $24 per share on the Preferred stock—Boston "News
Bureau" Oct. 6.—V. 113, p. 1258, 189
company
Niagara Gas Corp.—Organized.—
Incorporated at Albany, N. Y., Sept. 28. 1921 with an authorized capital
take over the manufactured gas plant at Buffalo, hereto¬
J Judge.
About $3,000,000 of the stock has been issued
to pay for the transfer of the properties.
Supplies artificial gas to about
21,000 consumers
W. J. Judge is President and director
It is understood
that no new financing is contemplated.
of $4,000,000, to
fore owned by W
North American
Co.—Earnings-
Comparative Statement of Earnings for the Twelve Months Ended Aug. 31.
1921
earnings
29,273,255
25,941,034
$10,672,175
313,140
$9,558,514
190,530
$ 10,985,315
$4,018,008
605,200
$9,749,044
3,671,622
493,006
337,998
Net income.....__________
income.
Other
_______
charges.sub. cos
dividends
Preferred
1920
$39,945,430 $35,499,548
____
354,968
$4,961,206
$4,519,596
Balance for depreciation, dividends and surplus._
6,024,109
5,229,448
An official statement says: "After deducting annual dividends of $3
per share on the preferred stock, the balance is equal to $17.22 a share
on
the common stock or 43% of its present market price "—V. 113, p.
deductions.
Total
1060, 967.
Ohio Bell Telephone Co.—Bonds Paid.—
...
of the Stark County Telephone Co. due Oct. 1
paid off at office of Union Trust Company, Cleveland, O.—V. 113,
1367, 10601
The $350,000 5% bonds
were
p.
Co.—Bonds Called.—
Ninety-five 5-year 6% Sinking Fund Gold notes, due Nov. 1 1923,
$1,000 each and ten notes of $500 each, have been called for payment Nov. 1
at 101 and int.
at Lee, Higginson & Co., Boston and New York.—Y.
112, p. 2419.
Pacific Gas & Elec. Co., San
A,
F.
Hockenbeamer,
V.-Pres.,
Francisco.—Aug. Earns.—
commenting
on
the report for August
(see table of earnings above) says that contrasting August this year with
the same month last year the volume of electric sales expressed in k.w. hours
decreased 4%.
Reduced deliveries of low rate bulk energy to manufac¬
industries in which there is reduced activity this
by ordinary retail deliveries for domestic purposes.
turing and agricultural
year
offset largely
business shows almost normal growth as evidenced by
addition of more than 19,500 electric consumers or 8% since Aug. 1920.
There has also been a decrease of 9% in electric rates due to the cutting
down to 6% of the surcharge of 15% authorized by the California RR.
Commission last year to offset increased operating cost.
Gas sales so far
this year have increased 10%.
The net results of the foregoing factors
was a small decrease of 3% in August operating growth.
This was offset,
however, by a 12% decline in operating expenses and an increase of 16%
in net operating revenue.—V. 113, p. 1478, 967.
The latter class of
Peerless Truck & Motor
Corp.—New Management.—
Collins, formerly active V.-Pres. and director of General
and Pres. & Gen. Mgr. of Cadillac Motor Car Co., assumed
active management Oct. 3.
At a meeting of directors following the signing of the contract Oct. 3,
whereby Mr. Collins is to acquire not less than 50,000 shares and not more
than 80,000 shares at $50 per share, Mr. Collins was elected Pres. & Gen.
Mgr.
Resigning directors included former Pres B. G. Tremaine, F. S.
Richard
H.
Motors Corp.
Terry
and Lewis H. Kittredge, former V.-Pres's; Theodore W. Freeh,
and George W. York, Cleveland, and Harrison Williams,
former Treasurer,
New York.
They were succeeded by R. H. Collins, Wilbur H. Collins,
Miller and A. C. Earhart, Detroit, and C. E. Sullivan.
F. J.
(c) Entire 2,000 shares (par 10 pesoO of New England Mexico Oil &
Transport Co., incorp. July 19 1920 in Mexico.
Owns three new steel oil
barges, two of which are being sold to New England Oil Refining Co.
This
1-yr. 8% conv. notes '22
10-yr. 8% 1st M. bonds.
Current liabilities
x
Cap.
Oxford Paper
Oil Corp.—Listing—Bal. Sheet, &c,—
$4,348
1,949,400
6,000,000
Int. of min. stockholders
1582.
National Cash Register Co., Dayton, O.—Cap. Increase
A published statement revised for the "Chronicle" states: "The company
recently increased its capitalization from $15,000,000 to $30,000,000.
The increase was made in the company's second preferred stock, which was
raised from $5,000,000 to $20,000,000.
Stock will be offered to present
holders of the 1st and 2nd preferred stock, as an exchange issue.
Official of
the company states that the issue is not to provide for extensions to the
Dayton plant, as none are contemplated at the present time."
The
authorized capital stock now consists of $9,000,000 common, $1,000,000
7% 1st pref. and $20,000,000 6% pref —V. 113, p. 1161, 425.
for
stock (434,785
sh.)__
Minority interest in Wisconsin group.
Steamship Line.—New Steamers—Quick Service.
company's new steamer, "American Legion," has made a record run
Wall St.—V.
par
Total income_:
10,494,780 10,582,515
Total
Munson
The
931,803
38,977
602,725
2,852,305
1,142,265
cos
Other current assets
Prepd. & Deferr.
no
Preferred stock.
Operating expenses and taxes
9,734,320
3,566
194,686
649,942
2089.
112, p.
ad¬
Accounts receivable
1,557
10,494,780 10,582,515
Total....
Common
5-yr. 8% conv. notes 1925
1,964,191
Cash
a
(New England Oil Corp. & Controlled Cos.)
461,217
Deudct—Interest
—V.
1921
$11,516,947
Oil properties, &c
Contracts with and
Gross
Accounts
Sheet
Investments
$760,460
$649,942
Bal.
Assets
Fixed assets
$1 -039,315
Liabilities—
?
$
Assets—
Aug. 31
Cons.
$1,344,519
(4%)389,373 (6)584,059
$894,219
Balance
Cash
$894,219
-
surplus..
To Aug 31
1921.
28
1921.
1920
Net
Part of Map 1920.
To Feb.
To Oct. 31
[Vol. 113.
CHRONICLE
F. A. Trester.
Pres. Central
Savings & Trust Co., Cleveland.
The following remain on
the board: H. A. Tremaine, Roland T. Meacham, Walter C. Baker, W. H.
Staring and Geo. B. Siddall.
Compare V. 113, p. 1478.
Nat.
Bank
Phelps Dodge Corp.— Purchase of
Ltd.y Approved—Terms
See Arizona Copper
Arizona Copper Co
of Purchase.—
Co., Ltd., above.—V. 113, p. 633.
Philadelphia Suburban Gas & Electric Co.—Valuation.
complaints against increases in rates before the Pennsylvania
S. Commission, the company through Stone and Webster engineers,
submitted a report which appraised the valuation of the property at $14,At hearing of
P.
557,800; original cost, $16,750,900; reproduction cost based on an average
price of labor and materials for the last 10 years, less depreciation, $17,969,100, and reproduction cost, based on one year's average in price of
labor and materials, S27,208,700.-*-V. Ill, p. 2431.
Oct. 8
THE
1921.]
CHRONICLE
Phillips Petroleum Co.—Bonds Offered.—Central Trust
Kissel, Kinnicutt & Co., New York,
Baltimore, are offering, at 99 and
interest, to yield about 7.65%, $3,500,000 10-Year 7Yl%
Co. of Illinois, Chicago;
and Hambleton & Co.,
Gold Debenture Bonds.
payable 5% semi-annually, to be applied to the purchase of bonds in the
open market at or below 102 H and int. for the first two years, and after
two years the sinking fund shall purchase bonds up to 105 and int., and if
not purchasable at this price, the bonds must be called by lot at 105 and int.,
and at
premium of y2 of 1% less in each succeeding year.
V Stock Option Warrants.—Each $1,000 of bonds carries a detachable war¬
rant entitling the holder (for 10 years) to purchase from the company at
$33 1-3 per share the following amounts of stock: For the first two years,
10 shares, and thereafter one share less during each succeeding year.
a
Data from Letter of President Frank Phillips, Oct. 1.
Company.—Organized in 1917 in Delaware.
and
011
Is engaged in production of
As of June 30 1921
1,30,000 acres in fee lands and leases in Okla., Kan., Tex., Ky.,
Ark"., approximately as follows: (a) 75,000 acres in 26 different
counties in Okla.: (6) 25,000 acres in 10 different counties in Kansas; (c)
16,000 acres in 17 different counties in Texas: (d) 12,500acres in 17different
counties in Ky., Ark. and La.
Company now has 894 producing oil and
gas wells, on 130 different properties located on leases aggregating 20,000
acres in
17 counties in five States.
Company's properties represent an
owned
gas
and gasoline from cashinghead gas plants.
over
and
La.
cash investment
actual
As a result of recent adjustments the receiver reports that total claims
against the company now will not exceed $9,500,000.
After payment of
the first dividend there remains approximately $1,000,000 in the treasury,
which, the receiver states, is in excess of necessary working capital.
Com¬
pany also asks that 784 claims of less than $100, aggregating $22,619. be
allowed in full.—Y. 113, p. 1151, 858.
*
Callable as a whole on any interest
days' notice at 107 and int. for first year, at 106 ana int. the
second year, at 105 and int. the third year, the premium decreasing
annually thereafter.
Int. payable A. & O. in New York and Chicago with¬
out deduction of normal Federal income tax up to 2%.
Company agrees
to refund Penn. State tax.
Denom. SI,COO and S500 (c*).
Central Trust
Co. of Illinois, Chicago, trustee.
Sinking Fund.—Commencing July 1 1922, the company will provide an
annual sinking fund of 10% of maximum amount of debentures ever issued,
Dated Oct. 1 1921, due Oct. 1 1931.
date on 30
of $24,288,090.
Company also owns three large and modern casinghead gasoline plants
on
its properties near Bartlesville and in Osage County, Okla.
From these plants company is producing at the rate of 5,000,000 gallons of
taw gasoline per annum.
Production.—The oil production for years ending June 30 is as follows (in
bbls.): 1918, 234,308: 1919, 444,503; 1920, 1,325,740; 1921, 2.263,401.
These figures represent, the net barrels to the company after all deductions
for partnerships, royalties, &c.
Standard Tank Car Co .—Postpones Dividend Action.—
The company has postponed action on the quarterly dividend on the 8%
Cumul. Pref. stock until Oct. 24.—V. 112, p. 2199.
Studebaker
An exchange
after Taxes. & Maint. (Excl. Deprec. Res.), Years ended June 30.
1918.
1919.
1920.
1921.
6 Mos.1921.
Net earnings..$408,005
$1,050,880
$3,715,878
$5,325,755
$1,791,095
Estimated earnings for calendar year 1921, $3,500,000.
Purpose.—To pay off certain indebtedness and to provide additional
working capital.
This Issue.—Authorized, $7,000,000.
Further bonds can be issued only
for 75% of the cost of new property, or capital expenditures, if annual net
earnings after taxes and normal depreciation equal 2 Yi times interest and
sinking fund on the bonds outstanding and to be issued.
,
as of June 30 1921, Adjusted to Include Present Financing.
Liabilities (Total, $43,743,754)
Assets (Total, $43,743,754)—
Capital assets—
.$37,517,703 73^ % Debenture bonds.. $3,500,000
Notes & acc'ts receivable
1,201.649 Def. prop, pay'ts, notes
and accounts payable.
Warehouse material.
878,688
2,100,752
Crude oil, supplies, &c._
6,187,842
129,925 Depletion & deprec. res.
Cash
159,448
3,588,964 Acer, liabil. (incl. taxes).
Defei red charges, &c..
426.826 xCapital surplus........y31,795,713
stock without nominal or
x Represents equity of 660,000 shares cf com
y Equal to over $48 per
par value, not including shares under options.
share of stock outstanding, exclusive cf stock reserved under wazTants
accompanying this Debenture issue.—V. 113, p. 1478, 1162.
Balance Sheet
_.
_
_
The company has more closed-car business than it can currently handle
has been for weeks oversold, notwithstanding the Detroit factories
concentrating almost exclusively
are
these types.
Demand for
open
panies have been experiencing.
The "Light Six" for the manufacture of which the new South Bend
plants
were erected, is living up to the expectations of the management.
Already
35,000 of these cars are on the highways.
The recent price reduction on
this model (from $1,300 to $1,125) has stimulated sales. (V. 113, p. 1162.)
Mainly because of price reductions, profits for the third quarter will not
be up to those of the second quarter, when nearly the full year's $7 dividend
was
returned for the $60,C00,000 Common.
Compared with the third
quarter of 1920, however, the improvement will be at least 50%.
Studebaker has over $9,000,000 cash in the banks Oct. 1—more than
double its Jan. 1 balances.
Since Jan. 1 it also has paid off bank loans of
$8,500,000 Preferred and Common dividenas for three quarters and in¬
vested $1,000,000 in prime marketable securities, making a total "net credit
on cash clearances," so to speak, of
$16,700^000.—V. 113, p; 1478, 1162.
Co.—Number of Shareholders.—
Swift &
More than 45.000
dividend checks
were
in order to
necessary
shareholders their quarterly dividend to-day, Oct. 1.
over the entire face of the globe.
the
pay
The shareholders
are
scattered
The company now has approximately 21,000 employee shareholders,
14,000 of whom own stock outright.
Over 7,000 more are buying shares
the installment plan.
The holdings of these employees represent a
On
total of nearly
Tenth &
250,000 shares.—V. 113,
p.
1368, 634.
Twenty-third St. Ferry Co.—City Purchase.—
The Board of Aldermen, N. Y. City, Aug. 26, concurred in the resolution
adopted by the Board of Estimate authorizing an issue of $358,000 in cor¬
purchase of the ferryboats of the Gre(npoint ferry
(operating between E. 23d St. to G-eenpoint), which will discontinue busi¬
ness Aug. 31.
Grover A. Whalen. Commissioner of Plant and Structures,
said the city would continue the ope-ationof the fe~y.
The ferryboats
now running will be purchased for $256,000, and the balance of the funds
from the sale of the corporate stock will be needed for repairs to the boats
and the terminals.—V. 112, p. 1748.
porate stock for the
Texas Pacific Coal & Oil Co.—Earnings.—
Income account for the six months ending June 30
Radio Corp.
$5,992,581;
earnings,
Depreciation,
1921 shows: Gross
operating profit,
chargos.
$173,650.
$2,646,657.
Surplus for
1875, 1863.
Thompson
A tQPf*?
.
$
4,708,791
4,000,000
4,424,434
4,000,000
225,000
337,017
Decrease.
stock...
$1,234,219
Inventories
...
Notes receivable..
Current assets....
113, p. 190.
Cash
Rockland (N. Y.) Light & Power
Co.—Bonds Offered.—
,5-year 7%
$500,000
offering at prices to
Convertible Gold bonds, dated
& D. without deduction
$100 and $1,000 c*&r*.
June 1 1921, due June 1 1926.
Interest payable J.
for normal Federal income tax up to 2%.
Denom.
Callable on any int. date at 102 and int.
without
Purpose.—To provide funds to pay outstanding obligations incurred
making extensions and additions to plant and transmission lines.
Convertible.—Convertible at par into tne Common stock at the option of
the holder.
Even if called, they may be converted on or prior to the date
mentioned in the call for redemption.—V. 113, p. 77.
n
Root & Vandervoort
Engineering Co.—Sale, dec.—
113,
p.
Suspense
1061.
Corporation of America.—Receivership.—
District Court Oct. 5 appointed Edward R.
equity proceedings.
The petition for a receiver was filed
Co. on a claim of $70,043 due on a note made Janu¬
ary last.
The petition states that the defendant lacked ready cash to con¬
duct its business and that creditors are insistent upon a settlement, and the
present action is taken to protect the creditors' interests.
Liabilities are
placed at about $900,000 with assets about $1,030,000.—V. 112, p. 1747.
Judge Mayer in the U. S.
Sheet Aug. 31.—
with
575,342
818,444
700,000
223,602
$474,040
1921.
Liabilities—
1,173,300
350,000
39,144
254,403
6,386
36,968
Common
in
1920.
1920.
$
stock...
$
1,800,000
6,000,000
1,850,000
6,000,000
165,000
Preferred stock...
185,000
35,000
19,188
480,066
163,360
1,414,850
79,569
56,603
315,444
518,061
988,495
63,534
Thompson bldg.
bonds
Real est. mtges...
Accruals
Income tax res...
Accounts
payable.
Dep. reserves
Insurance, etc. res.
Deferred Income..
Total
(ea. side). 11,484,916 10,846,654 Sur. &
-V. 113, p. 1368.
Tide Water Oil Co.—Cuts
extending for about
competition territory
25 miles along the west shore of the Hudson River, comprising 20 communi¬
ties in New Jersey and 21 in New York.
Population, 52,000.
See Moline Plow Co. above.—V.
225,000
417,077
accts.
def229,630
charges.
46,288
Deferred
compared
1920.
Securities
1920.
$2,541,573
H. C. Warren & Co., Inc., New Haven, Conn., are
),23.157,
<5C
i
Plant & property,
Good will
Unissued
(Robert) Reis & Co.—Sales.—
1921.
——$1,307,354
Co.—Balance
the 8 months ending Aug. 31 before deducting dividend
totaled
($412,460)
1921.
new plant of the company at Port Jefferson, L. I., which will be the
powerful in the world will be opened for public use Oct. 15.
Compare
diagram, &c.. in N. Y. "Times" Oct. 2.—V. 113, p. 1162.
2 Mos. ending Sept. 30—
Gross sales.
R.)
(John
Net income for
paid
The
Company.—Serves
$3,345,924;
miscellaneous
This statement is tentative pending decision of the U. S. Treasury De¬
partment as to the depletable values and depletion charges to be allowed,
no deduction having been made in the above figures for depletion.—V
112,
of America.—New Plant.—
most
about 84%
expenses.
$739,140;
1,104,840.
?eriod, $1,733,866- Deduct cash dividends $629,026; balance, surplus,
p.
payable Oct. 20
holders of record Oct. 1.
Quarterly distributions of 4% have been made
this issue from July 1918 to July 1921, incl.—V. Ill, p. 2145.
Rubber
on
has fallen off ovei 50% in the last month with the advent of colder
weather and with the increase in sales resistance that all of the big com¬
cars
.
Plymouth Cordage Co.—Dividend Decreased.—
yield
the
—it
The directors have declared a quarterly dividend of 3%.
—V.
year
over 50% in the corporation's history.
For the 9 months Studebaker has
turned out in round/ numbers 55,000 cars: the full year's showing should
be close to 70,000 cars, a new high annual total.
The best previous year
was in 1916 with 65,885 cars, while in 1920 output was rising 51,000 cars.
_
_
on
of America.—Production—Earnings.
_
—_
to
Corp.
journal reports in brief: In the third quarter of this
sold approximately 22,000 cars, oi nearly as many as in the second
quarter, which previously ranked as the largest three months' period of
company
located
Net Earns,
1583
undlv. prof.
303
438
1,327,579
869,707
Wages.—
The company has reduced the wages of about 1,800 employees at its
Bayonne, N. J., plant at from 18 to 24%, effective Oct. 10.
An official
statement says:
"The company has been operating at a loss since Jan. 1
1921.
So far this loss has amounted to more than $3,000,000.
It has
become necessary to reduce wages, effective Oct. 10 1921.
The new scale
will be substantially that of 1918, when wages had reached the highest
point during the war.
"It is hoped and believed that under the new scale ail regular
emjployeies
may be given full time.
To assist in bringing about the desirea result
certain deferred construction work will be resumed.
The management
regrets that conditions are such that it cannot continue the present wage
scale, but believes that if full time can be restored to regular employees,
this, when coupled with the decrease which has already taken place in the
cost of iiving.will prove a benefit instead of a hardship."—V. 113, p. 1479,858.
Duer receiver in
Toledo Edison
by the Equitable Trust
Salt's
Textile Manufacturing Co.—Bonds
191,
77.
.
Sears Roebuck & Co.,
Net
1921—9 Mos.—1920.
Corp.—Stockholders.—
The company on Sept. 26 had a total of 32,015 stockholders on its books,
an increase of 7,621 as compared with Dec. 31 1920.—V.
113, p. 1466.
South Porto Rico Sugar Co .—Adjournment
10.—V.
113,
p.
Again.—
1368.
Y.
City.—V. 113,
543.
p.
Standard Oil Co., Indiana.—Renews Contract.—
& Co. above.—V. 113,
See Cosden
Standard
Another
10%
Parts
To
p.
1061.
Co.,
Cleveland. — Would
Creditors.—
Disburse
Application to pay creditors another dividend of 10% has been filed in
Federal Court by Frank A. Scott, receiver.
One such div. was paid last
August.
1
July:
with $19,094 in
June 30 1921 Mar. 31 '21.
$120,958
$506,065
1,452
(x)52,999
Dec. 31 '20.
$499,374
10,154
$559,064
426,344
$509,528
89,823
$32,587
$132,720
$117,275
$122,410
explor., &c.,
exp.
taxes._.
Net profit
392,253
(x) Includes dividends from Belmont Surf Inlet Mines, Ltd., &c., $50,000
for quarter ending March 31.
The net loss for the quarter
Inlet Mines,
„
Available Reources.
Due from
Smelters
„
ending June 30 1921. of the Belmont Surf
Ltd., of which this company owns 80%, was $12,649.
Jun. 30 '21.
_
Others
indebt
_
Jun. 30'21. Afar. 31 2L
$81,548
$230,122
$211,230 Cash in banks
47,639
Total
$266,739
$488,991
Mar. 31 '21.1
$32,151
53,026
U. S. ctfs. of
Motor Construction Co.—Bonds,—
I
All of the outstanding (approximately $86,000) First Mtge. 6% 20-year
sinking fund gold bonds, due Feb. 1 1927, have been called for redemption,
at par and int. to Oct. 1 1921, at the Equitable Trust Co., 37 Wall St.,
Standard
N.
$52,320 compared
Gross income
Admin,
The adjourned special meeting of the stockholders to vote on increasing
the Pref. stock from $5,000,000 to $10,000,000 was again adjourned Oct. 6
until Nov.
were
Net from operation
Other income
/
Decrease.
$1,475,1771$127,369,351S189,758,666$62,389,315
Sinclair Consolidated Oil
earnings for Aug.
Results—Quarters Ending—
Chicago.—September Sales.—
Decreased
1921—Sept.—-1920.
$14,800,347 $16,275,524
—Y. 113, p. 1478, 1367.
Cleveland,
Cumulative
Tonopah-Belmont Development Co.—Earnings, &c.—
Offered.—
subject to prior sale or
15-Year 8% Sinking Fund
See offering in V. 113, p.
W: A. Harriman & Co., New York, are offering,
change in price, a limited amount of First Mtge.
Gold Bonds, due June 1 1936, at 1003^ and int.
Co.—Pref. Stock Sold.—
National City Co., New York, and Union Trust Co.,
that the issue of $2,500,000 Prior Preferred 8%
stock has been sold.
See offering in V. 113, p. 1368.
The
announce
100,014
An official statement,
Sept. 28, says in substance: "The strike at Tonopah, which began April 16, was called off Aug. 8, and the new wage scale
accepted.
The mine and mill at Tonopah are now operating to capacity
with greatly improved labor efficiency.
"The loss at the Surf Inlet property was
,
■
largely caused by an extraordinary
development work: done to make up for that omitted during the
Wages have now been reduced at the Surf Inlet plant to
pre-war basis and labor is plentiful.
The management desires to increase
the company's available resources before resuming dividends."—V. 112,
amount of
labor shortage.
p.
2545.'di
Transue & Williams Steel Forging
_
Corp.—Smaller Div.
A quarterly dividend of 50 cents per share has been declared on the out¬
standing 100,000 shares of capital stock, no par value, payable Oct. 20
Dividends
10.
holders of record Oct.
to
share
SI per
of
June
Preferred stock...
Accts.
2,370,764
Common
2,079,920
1,470,606
3,686.483
Accounts
tomers accta.)-_
9,331,089
Inventories
of
Trustees
empl.
602,690
stock
Investments
Treasury stock
Deferred charges.
Total-
-
—
Res. for Fed. taxes
Res.
312,307-
Empl. liability...Contlng. reserve..
Surplus,.
11,785
140,262
1,516,571
27,510,196 22,460,530
Regular Dividends.—
The company on Oct. 1 paid a dividend of 50 cents per share on the
Common stock and the regular dividend of $1.75 per share on the Preferred
stock.
Like amounts were paid three months ago.
This payment it was
Total.. —.—41,513,244 27.084,315
.41,513,244 27,084,315
Pref.
628,000
for repairs &
renewals
494,936 *1,507.700
a2,225,000
%
156,827
26,945
$1,700,000
782",584
181,031
843,471
Local taxes
1,978.329
62,841
•
*
623,627
1,698,791
1,286,205
U. S. Govt, secur-
Miscel. advances.-
and
shares Common.
of the outstanding capital
directors' qualifying shares
$525,000
a
Represents
x
Includes $1,499,700 which represents 50%
stock of The United Furnace Co., exclusive of
Declared capital in .accordance with stock Corporation Law of N. Y
State represented by an authorized issue of 905,000 shares, no par value
of which 800,000 are outstanding.
z Assumed from the United Furnace Co., Canton,
O.—See merger plan
in V. 112, p. 1407.—V. 113, p. 191.
was to be made from surplus, the dividced not having been
during the present quarter.
The company, it is stated,
has lost
$500,000 in the last three months due to curtailed demand and low prices.
announced
earned
y
United Drug Co.,
with $6,819,
738.
Boston.—Sub. Co. Omits Div.—
As
a
result of the two recent advances in Texas
crude oil to $1.50 per
intended
is
course
declared on the outstanding
$750,000 Capital stock, par $50 cents payable Nov. 1 to holders of record
Oct. 10.
No dividend was paid in Aug. last.
In May last, a quarterly
dividend of 25 cents per share was paid.
This compares with 50 cents per
share paid quarterly from Aug. 1916 to Feb. 1921 inclusive.
Extras of
25 cents per share were also paid quarterly from May 1917 to Feb.-1919,
inclusive.—V. 112, p. 2650.
A.M.,
NOTICES
a
on
connected with
bond saleswoman
is giving a course at Columbia Uni¬
New York,
Tuasday evenings
the fundamental principles of investment.
particularly for women investors and women in
Miss Harrington will aim to cover the general investment field,
particularly upon the vari¬
classes of bonds and stocks with their relative merits, and
announced of H. D. Fellows Co., 29 So. La Salle
D. Fellows, President; Theo. M.
St., Chicago, with H.
firm have had a
new
Kerkhoff, Vice-
All three members of
President, and F. A. Grosser, Secretary-Treasurer.
this
special ad¬
disadvantages for the individual investor.
vantages and
—The incorporation is
Co.—Divs. Resumed.-
of 25 cents per share has been
A dividend
Herrington,
but it is the purpose of the course to dwell more
ous
increased to approximately 15%.—V. 113, p. 1369.
United Verde Extension Mining
on
business.
barrel, plus the premiums received, yield on the production bonds of United
Oil Producers, a subsidiary of Imperial Oil and Middle States Oil, is reported
to have
Helen
Bonbright & Co., Inc.,
This
United Oil Products Corp.—Earnings.—
2740.
CURRENT
—Miss
versity
Liggett's International Ltd., Inc., above.—V. 113, p. 1479.
See
—V. 112, p.
Cigar Stores Co. of America.—-Sales.—
United
Sales for September were reported as $6,349,638, compared
142 in Sept. 1920 and $4,899,704 in 1919.—V. 113, p. 1162,
>
employees who bought stock In the company under a deferred pay¬
ment plan, have been released from their contracts, owing to decline in the
market value of common stock.
The stock was offered to workers at $85
and has since declined to $53.
An announcement by the company says:
"When they were made conditions were such that these contracts gave
certain advantages to those holding them but these conditions have changed
in a way that no one could have expected.
The contracts are disadvantage¬
ous to the subscribers and unless the holders have some special reason of their
own for completing them, we would advise that they be cancelled and will
be glad to return the money paid onlthem."—V. 112, p. 2650, 2323.
The
13,035
525,000
38,380
402,385
Dividend payable-
Increase.
$2,230,042
Increase.J
1921— 9 Mos.—1920.
$372,346($95,947,058 $93,717,016
Youngstown Sheet & Tube Co.—Employees Stock Sub.
2.625",000
z169,000
913,021
....
Miscellaneous
99,970
Dividends
r*
5,000,000
y4,525,000
1stmtge.bonds..-
(cus¬
rec.
stock
560,346
1369, 427.
1921—Sept.—1920.
$11,326,709
$10,954,363
—V. 113, p. 1163, 739.
31
1920.
$
Liabilities—
%
$
2,178,171
225.734
W.) Woolworth & Co.—September Sales.—
(F.
Merger
Dec.
30
1921.
1920.
Increase.
Increase. I 1921—8 Mos.—1920.
143,28812,797,471
2,237,125
1921—August—1920.
369.022
—V. 113, p,
Before
Merger
June
31
Dec.
bldgs.--21.459,615 15,257,047
Real est.,
Cash
^
After
Merger
.
30
1921.
Assets-
•VVw-V.-...
Before
After
Merger
Copper Mining Co.—Production {in Lbs.).—
Wolverine
(after merger with affiliated cos.) and Dec. 31 1920
Balance Sheet June 30 1921
1479, 1163.
P.
quarterly
1917.—V.
Steel Corp., Canton 0.—Balance Sheet.
United Alloy
while August showed a 10% advance over July.—V. 113,
those of August,
paid l
were
April and July last; this compared with $1 25 per share paid
from July 1917 to Jan. 1921 and $1 per share in Jan. and April
112. p. 2199.
[Vol. 113.
CHRONICLE
THE
1581
thorough training in municipal bonds, having held
managerial positions with several of Chicago's best known bond houses.
The Fellows company will specialize in municipal bonds.
—"Manual of Sugar Companies."-—A handbook giving statistics on the
earning powqr and financial position, together with description and manage¬
Corp., Salt Lake City.—Capital Increase.-
Utah Steel
The stockholders have
of the
new
activities.
approved
a plan
to double the capital stock.
Sale
stock will provide funds to carry out proposed enlargement of
The financing provides for the increase of 7.5C0 shares of pref.
Common stock was increased to 17,500
The purchase of iron ore and fuel lands, erection of
blast furnace and sheet mills, and expansion of present open-hearth capacity
are said to be planned.
ment of the various sugar
let
Front
stock to 50,000 shares, par $100.
shares of
no par
value.
1
Increase
Six Mos. to
Ending
HO
March 31
June 30
1921
1921
1921
$290,197
$343,490
$633,687
37,197 dec.132,181 dec. 94,984
4,901
3,065
7,966
June
Sales
-
or
decrease in inventories—--
Other Income
—
in
established
Branch offices have also
O.
Pittsburgh, Pa., and Steubenville,
A.
Co., 20 Broad St.,
Housman &
They have
a
New York City,
-The First Wisconsin Co., affiliated with the First Wisconsin National
Co.—Earnings.—
—Quarters
been
Stock Exchange, have
of the Philadelphia
members
Co.,
opened offices at 1504 Walnut St., Philadelphia.
members of the New York Stock Exchange.
Manny Strauss has been elected a director.—V. 112, p. 2199.
Vulcan Detinning
&
private wire to A.
Vivaudou, Inc.—New Director.—
(V.)
New York City.
Street,
—Culver
companies, will be sent free on request for"Book-
Co.', members of the New York Stock Exchange, 133
138" to Farr &
Bank of Milwaukee, is furnishing a daily quotation service on Liberty bonds
to the bankers of Wisconsin and outside the State.
On the form sent out
the institution gives the high, the low and the closing price, together with
interest and approximate yield on
all Liberty issues.
—Huster Van B. Berg, Beverley M. Eyre and John Kerr have formed a
co-partnership under the firm name of Berg, Eyre & Kerr, with offices at
Total
Preferred dividend
$214,374
283,641
42~339
307,100
23,523
$546,669
590,741
23,523
42,339
df$lll,608
$332,295
—
Costs and general expenses
Reserves and other expenses
df$109,934
(2% %)
23-25 Beaver Street, New York City, for the transaction of a general stock
and bond brokerage
Warren Bros.,
$1,672
Boston.—Bank Loans—Cash, &c.—
The company has made considerable progress in reduction
At the end of September the total floating debt was $3,368,360.
of its loans.
A year ago
the company's bank loans stood at $3,945,000. in addition to which loans
placed through brokers totaled $550,000. this latter item having since been
taken up so that the company now has no outside loans.
The net effect of these operations has been a reduction in loans of $1,126,640.
As of Sept. 30 the corporation had $908,450 cash, which is $276,000
smaller than a year ago.—"Boston Transcript" Oct. 5.—V. 112, p. 1407.
Warren
(Pa.) Light & Power Co.—New Securities.—
It is
reported that arrangements have been made by the company to
issue $212,500 bonds and $30,000 stock, the proceeds to be used for exten¬
sions, &c.—V. 97, p. 1754.
West
Penn
Power
Co.—Guaranty of $1,500,000 Alle¬
gheny Pittsburgh Coal Co 8% Bonds.—
See that company above.—V.
113,
p.
of the firm of Samuel N. Hall &
subsidiary, announced,
Sept. 28, that it has received final confirmation of a $7,000,000 contract to
supply the equipment for electrifying the Chilean State Ry. between Val¬
paraiso and Santiago and to Los Andes.
The contract was received from
the Chilean Government through the company's Chilean agents, Errazurix,
Simpson & Co., associated with Spruille Braden, of New York.
(See
Braaen Copper Mines Co. above.)
Equipment consisting of 11 passenger
locomotives, 15 road locomotives and 7 switching locomotives, together with
5 substations, is to be furnished.
The company explained that the 3,000volt direct current system would be used and all standards will be of Ameri¬
a
character.
In addition to the Westinghouse Electric contract, it is announced that
the Anaconda Copper Co. will participate in the contract to the extent of
approximately $600,000, inasmuch as the new work to be done will necessi¬
tate large copper purchases.
Besides the contract for electrification
of the first
zone
of equipment, consisting of 20 large freight engines, and the Pressed Steel
Car Co. 100 steel gondola cars, at a contract price of approximately $500,000
—V. 113, p. 1163.
New York City, has recently been
a
general stock and bond business.
W.
Trueblood and
D.
Wheeling Steel Corp.—To Resume Operations.—
Corporation has posted notices in the Beech Bottom, Martins Ferry
Wheeling plants of the Wbitaker-Glessner Co., announcing that the
company is willing to resume the mills.
The notice reads: "We are willing
to reopen the mills of the plant.
The starting of operations will depend
upon the number of men reporting for work, who were employed here when
the'plants closed down."
See V. 113, p. 859, 301.
better than normal with the percentage of current open
accounts lower than in any year since 1916 one of the most prosperous of the
and
F.
R.
The firm members
are
E. A. Carleton,
Wiswell.
Both firm members
in investment bonds
111., for the
were
purpose
of dealing
formerly associated with
George H. Burr & Co.
-The firm of
Drumheller, Ehrlichman & Co. has been formed by Roscoe
M. Drumheller,
Ben B. Ehrlichman and Roy O. Iladley, with offices in the
W.
R.
Rust
investment
Building, Tacoma, Wash.
This
new
firm will do a general
business.
A. Throckmorton, who has been conducting a general investment
business
1
Oct.
at
William
68
Street,
York,
New
consolidated his business
on
1921 with Ogilby & Austin of 141 Broadway, New York.
-J. E. Hale and T.J. Sheridan have organized the Wall Street Advisory
with offices at 6 Church Street, New York City.
Service,
bulletins
will issue daily
-Thomas J. Fallon,
New
New
the
York
-J.
concern
formerly connected with Jenks, Gwynne & Co., has
Co. of 61 Broadway, New York,
as
of their board room.
—Abraham & Co., 27 William St.,
announce
The
investment conditions
with McGlinn &
become associated
manager
on
election
Stock
of their
Mr.
Exchange.
Day Knapp announces the
York,
for
N. Y., dealers in foreign securities,
J. Bleibtreu to membership in the
the
purpose
opening of an office at 15 Broad Street,
a bond brokerage business.
of conducting
Telephone Hanover 8216
& Co. have issued a circular describing a large number
—Brown Brothers
of government
and corporation bonds and notes suitable for States, indi¬
viduals and institutions.
-J.
Day Knapp announces the opening of an office at
New York City, to
conduct
a
15 Broad St.,
high-grade bond brokerage business.
Tele¬
phone Hanover 8216.
-Robert Blahut, for the past
now
thirteen years with F. J. Lisman & Co., is
associated with Cowen & Co., in charge of their investment department.
-Harry P. Scanlon, formerly
become
with Jos. J. Hearns & Co., has recently
associated with Parrish & Co., 115 Boradway,
N. Y. City.
are
Notes on time sales are being met with increasing promptness
lowest percentage of past due bills was reached in August.
years.
the
members of the Phila¬
-Belding, Boehmer & Co. announce the formation of a co-partnership
Co., Cleveland, O.—Business, &c.—
RFAnJapproved statement says in substance: The company reports that
war
are
formed for the purpose of transacting
with offices at 29 So. La Salle St., Chicago,
The
and
White Motor
They
—The firm of E. A. Carleton & Co., Inc., with offices at 15 William St.,
of the Chilean
Railways, other contracts have been obtained through the same agents,
under the terms of which American Locomotive Co. will furnish $1,500,000
collections
Co., with offices in the Pennsylvania Bldg..
15th and Chestnut Streets, Philadelphia.
delphia Stock Exchange and will conduct a general investment business.
-II.
Westinghouse Elec. Mfg. Co.—$7,000,000 Chilean Order.
>
Kirkpatrlck announce the formation
1479, 739
The Westinghouse Electric International Co.,
can
;v;C:;'
.
Hall and Samuel R.
-Samuel N.
Balance, surplus-..-.
—V. 113, p. 301.
Mr. Eyre is the New York Stock Exchange
business.
member.
pfcThe proportion schedule has been increased 20% this week.
Inventory
fori certain models of trucks had been reduced to such an extent that in¬
creased production was necessary to take care of the demand for these
models, it was officially stated.
Further evidence of improved business
Conditions is shown by the fact that September sales were 8% greater than
—Welsh Brothers,
office at
dealers in investment bonds, moved into their
—Robert M. Ogden,
son
new
132 South Fourth St., Philadelphia, on Oct. 3.
& White,
formerly with Low, Dixon & Co., is
now
with Wat¬
149 Broadway, New York City.
—Arthur J. Hicks has recently become associated with Wistar, Carter &
Co. of Philadelphia in
their bond department.
'
OCT. 8
1921.]
THE
CHRONICLE
1585
The most pronounced increase was in
the textile mills, food
3ptc ©mmumial
product companies,
repair shops.
wood-working
concerns and the railroad
,
'
The
COMMERCIAL EPITOME
York, Friday Night,
Oct.
7
1921.
With cooler weather trade has increased somewhat.
Re¬
tail
buying is certainly larger.
Trade and industry is
moving forward.
Not by any means by leaps and bounds,
but still it is moving forward.
If it is progressing slowly,
it is moving steadily.
And collections are better.
Jobbing
trade shows an increase.
Industries on the whole are in
better shape than they were a week or ten days
ago.
Some
contend that the trade of the
country turned the corner in
September, and evidence is not wanting that would seem
to justify this
idea, or at any rate give it color. Mail order
business is larger.
The trade in iron and steel, coke and
coal, lumber and other building materials, as well as hard¬
is oh
ware,
larger scale.
The improvement in iron and
rule, very marked, but still in some direc¬
improvement.
In a word there is moderate
a
steel is not, as a
tions there
is
betterment in American business in
goods in the main for
prompt shipment.
There is 110 large buying for forward
delivery.
The improvement, in other words, is on a con¬
servative
Failures
scale.
The note of caution has not disappeared.
still many, but it is noticed that liabilities
are
are
in the main smaller, and the total number is
smaller than
that of last week.
It is stated at 360, against 432 last
week,
with 161 in the same week last
year and 104 in 1919.
Lia¬
bilities, it is pointed out, were the smallest in September
since October of last year.
Wheat has fallen 12 cents dur¬
ing the weak, and other grain has also declined.
But the
of wheat and
exports
Those of
corn
against
son,
time
last
continue on a very large scale.
35.600.000 bushels thus far this sea¬
corn
are some
little less than 1,300,000 bushels up to this
And the wheat exports are close to the
a
year.
high record of last
in spite of competition from Ar¬
year,
gentina.
Cotton has fallen $5 a bale
during the
the price is still some
$40 a bale higher than in
week, but
June, and
the financial condition of the South is much better
than it
was earlier in the
year, so much so that it is a matter
of
all
comment
the
over
country.
Petroleum
prices have
advanced.
in
Building is proceeding vigorously, and the fact crops out
a larger output of lumber,
cement, etc.
Railway earnings
show
increase
an
which
gratifies the commercial world,
though it is largely traceable to a reduction of about
45%
in operating
expenses.
Foreign exchange is
somewhat
firmer, and bonds have been active and
higher.
The corn
crop is large, though it lias been damaged here and
there
by insects and mould.
The cotton crop was estimated
by
the Government
October 3 at half
on
million bales above
a
of the more pessimistic
guesses.
some
The condition, while
'better by ,2 or 3% than
It may turn out that 6,500,000 bales is
an
underestimate, judging from the large ginning now
go¬
ing on.
The British demand for cotton has been
unprecedentiy low,
was nevertheless
many had expected.
large, and
Manchester
had
a
somewhat
better
business
with
India
and China.
Disturbing rumors as to Germany's ability to
pay the reparations when due have since been
denied.
The
West, it is true, is handicapped by the great decline in
prices
of grain and
provisions—the lowest of the season—and the
high/prices still current for manufactured
goods, due to con¬
tinued high costs of
production, in which labor, of course,
is one of the
largest items. Unfavorable factors are the un¬
willingness of labor unions to accept lower
wages,
dubious
outlook
presses
so
for
an
early
heavily, directly
population.
It
reform
of
and the
taxation
indirectly,
or
which
the
on
entire
is
surely all the more significant that in
spite of such needless and vexatious
burdens the business of
the country is
slowly gaining
headway.
Boston
cut in
advices
wages.
postponed
demands.
yonne.
to
take
on
a
longshoremen
Coal miners in the
until
Not
next
framing of
strike
that
say
hand in
the
the United
the situation
more
a
have
wage
serious.
in
Five
whose dock
States
workers
Government will
the event that the walk-out
local longshoremen
thousand
to withdraw from
the old line
unions, declaring
leaders of the International
Longshoremen's As¬
sociation
had
expected
to
"sold out"
last
leaders
wages from
and
80 to
the
was
a
vyorkers.
The
long.
strike
protest
65 cents
nient. to remain in effect
30
the New Orleans
an
The walkout is
was
cotton
at
wage
reduction
by
in
A
port.
and
the
union
long¬
who have been
The
refusing to
"Big Six" Typographical
Union, meeting last Sunday
here, voted
the
the
not
compromise agree
days, has been reached between
screwmen.
that
unauthorized
against
hour.
steamship operators
shoremen and
handle cotton
tration
new
to
Oil Co., Baranging from 18
Steamship company officials
becomes
union
Indianapolis district
February the
bad
a
have voted
that
have agreed
idea.
The Tidewater
N. J., announced a
wage reduction
24%.
are
the
say
difference between
to
the
submit to arbi¬
printers and the
Employing Printers' Association. Advices
from Chicago say
that the danger of a
general railroad strike seemed to
he
lessening.
Strike sentiment
among the men was ebbing.
Chiefs of the
big unions
this
time
when
the
New
Orleans
provement
in
are
not
country is
sound sense.
in
full
favor of the
of
idle
manufacturing plants report
men.
a
strike at
That
is
marked im¬
unemployment conditions during September.
less
were
New
Knit
Goods
Manufacturing
than 50 mills
tember, compared with 63
a
year
there
says
ago.
The sales of Mont¬
Ward & Co. for September, it is
stated, amounted
gomery,
to
Association
operating in the early part of Sep¬
.$6,363,455, against $8,213,792 in
the same month
a
year
ago.
For the nine months ended
Sept. 30 they were $53,346,434, against $82,683,261 in 1920.
Sears-Roebuck & Co.'s
sales for September
amounted, it is reported, to
$14,800,347,
against $16,275,524 a year ago.
Secretary Hoover, it seems,
has a plan for the stabilization of
the coal
industry, which
contemplates an extensive survey with the view
to elimi¬
nating waste at the source, and the fixing of
seasonal fuel
The plan also provides for the
solution of the labor
Assurance that the Emergency Tariff
bill would
be extended until the new tariff bill is
enacted was given
on
Oct. 4 by Chairman
rates.
problem.
Fordney.
Southern insurance men are
gloomy as to the outlook for
farm business in the
South, claiming that the farmer owes
so much to the banks and
merchants who finance his
crop
that insurance premiums will be
the last obligation that
will be met.
Premier Lloyd George
says that Great Britain
control
can
lier
own
finances, but
is to do business in view of
he thinks
realizes how difficult it
exchange fluctuations.
He says
things are improving but that
economy is neces¬
Great Britain's unemployment
problem is said to
be graver than that faced
by any other nation.
Numer¬
ically. as well as proportionally, Great
Britain has more
unemployed than any country in
Europe except Russia.
sary.
LARD steady; prime
Western, 10.60@10.70e.; refined to
Continent, 12.50c.; South American,
12.75c.; Brazil, in
kegs, 13.75c.
Futures at one time advanced
with hogs
higher and a further large decrease in stocks of
lard
at
Chicago.
lard.
on
At
Later
time a temporary rise in
grain also helped
prices fell to the lowest point this season
one
on
both lard and cottonseed oil. as
well
have been lower.
Packers
lard Cables
as
are
grain.
Foreign
supposed to be
awaiting lower prices for hogs for fall and winter
packing.
Chicago wired:
Stocks of cured meats at
leading Western
packing points decreased 63,050,000 lbs. in
September and
are
191,941,000 lbs., against 246,096,000 last
year."
Stocks
of lard aggregate
ago
44,571,000 lbs., against 91,877,000
and 75,369,000 last year.
To-day prices fell on
liquidation.
DAILY
The close
CLOSING
a
month
scattered
27 to 30
was
PRICES
Sat.
October delivery.-. cts- 9.92
January delivery
9.10
March delivery.______ 9.30
points lower for the week.
OP
LARD FUTURES
Mm.
Tiles.
Wed.
10.05
9.97
9.85
9.20
9.10
8.95
9.42/^
9.30
9.17
IN
CHICAGO.
Thurs.
9.70
9.00
9.20
Fri.
9.35
8.80
•
9.00
PORK,
quiet;
mess
$25@$25.50; family $30@$34;
clear $23@$23.50.
Jan. closed at $15.00.
Beef,
quiet; mess $12@$14; packet $13@$14;
family $15@$16;
extra India mess
$24@$25; No. 1 canned roast beef $2.25;
No. 2, $5.25; 6 lbs. $16.50.
Cut meats quiet; pickled hams
short
10
to
■20
lbs.
16%@173^c.; pickled bellies 10 to 12 lbs.
Butter, creamery extras 46@47e.
Cheese,
flats 16@223^e.
Eggs, fresli gathered extras 53c.@55c.
14^(cJlGJ^c.
COFFEE
Santos
tures
on the
spot firm; No. 7 Rio 8H@8%c.; No. 4
llH@123^c. fair to good Cueuta llj^@12e.
Fu¬
advanced
somewhat
trade buying and
higher
but changes have not been marked.
Prices have
been more or less
irregular within comparatively narrowr
limits.
At times they weakened a
little partly owing to
European selling and the reaching of stop orders. It
on
cables,
be said with substantial truth
that the market
is
marking
prices were
the week
Spot
time
a
might
on
pending further developments.
the whole
To-day
shade lower, but
they end 7 points higher for
Dec.
on
(unofficial)
Decern Per—7.91
8Kc.
IMarch
7.97@7.98l July
--8.02@8.04l
@7.921 May
8.07@8.09
SUGAR has been quiet with
Philippine 4Ygd. c.i.f. Prompt
Porto Rico was
quoted at 4^c. and Cuban 2^c. c.&f.
Lowr
prices are said to have been named for
export requirements.
It has been
really an uneventful week in tbe sugar trade.
Trade is light and
ments.
tion
of
quite
one
so
everybody is awaiting further develop¬
The Louisiana "Planter" said that
while the condi¬
the
Louisiana
promising
as
it
cane
was
of
the best
crops now
raised on a similar
crop as a whole may not. be
60 days ago, there is nevertheless
ready for harvest in Louisiana
Cuban sugar planters have
proposal that the President of the Republic
suggest means to reduce the next
crop and to make an ex¬
tensive
campaign against approval of the Fordney Tariff
Bill.
They want 2,500,000 tons of sugar passed duty free
into the United States.
Receipts at Cubau ports for the
week were
14,078 tons, an increase over the previous week
and 4,000 tons
larger than a year ago.
Exports were 22,779
ever
acreage.
agreed to
a
tons
or about
6,000 tons more than in the previous week,
1,000 tons more than a year ago.
To-day futures fell
slightly and they end 4 points lower than a week ago.
The
and
Cuban Committee has sold
35,800 bags at 2^c. c.&f.
Spot unofficial
December
__
4.23c. | March
2.36@2.381May
OILS.—Linseed
lower.
2.28@ 2.301 July
2.35@ 2.36 f
___2.47@2.49
Export business is practically
absent.
On the other
hand, paint and linoleum manufac¬
turers are
taking quite a little oil. And English oil was
firmer at 61^c.
October carloads, 67c.; less than
carloads,
70c.; five barrels or less, 73c.
Cocoanut oil, Ceylon barrels,
9%@10c.; Cochin, 10^@llc. Olive, $1 05@$1 15.
Soya
10H(^llc.
Lard, strained winter, 87c. Cod, do¬
41c.
Newfoundland, 43c. Cottonseed oil sales
to-day, 28,7fX) barrels.
October closed at 8.88(5*8.90c.
November at 8.88@8.95c., December at 8.97(£8.98c., Janu¬
bean,
mestic,
8.98@8.99c., March at 9.18(gJ). 19c., April at 9.18(5;
and spot at 8.75@9.25c.
Spirits of turpentine,
743^c.
Common to good strained rosin, So 53.
The Chi¬
cago Board of Trade Directors have approved the proposed
ary
at
9.20c.,
rules and
regulations to Government trading in cottonseed
barrels. A settlement price of $21
The unit will be 160
oil.
barrel, plus a 5% penalty, has been fixed on 500 barrels.
Mess pork defaulted on September contracts, or $1 under the
close.
/W7''.,.'■'■'v.-
would
.
fir
demand
slackening
The
ner.
for
gasoline and the small domestic consumption is made up in a
large measure by a good export business.
And with stocks
smaller than a month ago and production steadily falling
believe there is no
in the immediate future.
off, many in the trade
likelihood of a
Japan was a
And with conditions steadily improving in
that country, negotiations for large quantities of petroleum,
are expected from that source.
The shorter days and longer
nights have also resulted in a better demand for gas oil.
Gasoline U. S. Navy specifications, 16c.; export naptha
cargo lots 17Ke.; 63 to 66 deg. 20^c.; 66 to 68 deg. 21^c.
Refined petroleum, tank wagon to store 13c.; gasoline steel
bbls. to garages 24c.
Kerosene for export, in cargo lots, 5
to 6c.; in bbis. 12@13c. in cases 16173^.
The crude
oil output dropped 9,450 barrels in the daily average for the
week ended Oct. 1 according to the American Petroleum
Institute.
The total output for the month was 1,156,600
barrels as against 1,166,050 for the preceding week.
The
estimated daily average production of the California fields
was 220,000 barrels, unchanged from the previous week when
a decline of 103,000 barrels was reported, due largely to the
reaction in prices
good buyer.
strike of oil field workers.
S3 00
1 65
Pennsylvania
Corning
Cabell
Indiana—
——
Princeton
1 61
Illinois.
Somerset, 32 deg.
and above,
1 65
Kansas
Ragland
0 85
—
0 90
Plymouth
&
Okla¬
homa—
2 05 Corsicana, light—
1 83 Corsioana, heavy.
Wooster
Lima.
RUBBER firmer on the
$1 5C
1 50
i 50
Healdton—
x 50
Moran.
1 50
Henrietta
1 50
Caddo. La., light. 1 25
Caddo, heavy
85
.$1 63 Electra
1 52 Strawn
1 52 Thrall
1 50
1 05
70
——
— —
—
higher London market.
There was no big buying move¬
ment, however, as buyers have no confidence in the stability
of present prices. ■ Ribbed smoked sheets 15 J^c.; November,
15 %e.;
December, 16c.; January-March, 16%c.;
~nd
January-June, .17First latex pale was held at a pre¬
mium of ,^e. in all positions.
Para quiet but steady; upriver fine 21 He.; coarse 11 Mc.; island fine 203^c.; coarse
9%c.; Caucho ball-upper, 11 lie.; lower, 10c.
HIDES have been
in somewhat better
demand, but so
business is concerned there has been very little
of it.
Prices generally reported steady.
The feeling is
rather more cheerful.
Bogota is quoted at 14c.
River
Plate stocks are estimated at 50,000 hides with trad® light.
far
as
new
owing to low rates of exchange.
quiet here; also City packer, with
prices generally unchanged.
OCEAN FREIGHTS have been dull and to all appearance
Foreign buyers hold off
Country hides have been
still tending
downward.
Tonnage remains plentiful.^ The
active. Operators of Shipping
demand for it is far from
Board
vessels
are
now
booked sixty days in advance
for
freight shipments in the trans-Pacific, this being as far ahead
as the Government will permit advanced bookings, says a
San Francisco dispatch.
Washington wired that of 1,464
steel ships' under
the control of the United States
Board, 956 are now tied up and 63 more will
from service as soon as they reach home ports.
Shipping
be withdrawn
Washington
Shipping Board has broken off negotiations with
the Liverpool lipers in the controversy which arose last
summer over the contract for the movement of Egyptian
cotton from Alexandria to the United Kingdom and the
United States.
It has been learned here that representatives
of the Shipping Board have been ordered to withdraw from
the conference with the five British lines.*'
wired: "The
7,100 tons, 10% from North Pacific, United
to Shanghai 35s., to Calcutta or Bombay 50s?.: both the latter
52s. 6d., Oct.-Nov.; coal from Baltimore to Genoa $4, prompt;
eoal from Hampton Roads to Havana $1 65, prompt: to Bathhurst, N. B.,
$2 25: to St. Stephen, N. B., $2 25.
Grain from Atlantic range to Greece,
6s. 6d., October; one round trip in West India tiade, $2; 6,000 qrs. grain
from Atlantic range to Leith, 4s. 6d., October; coal from Atlantic range
to River Plate, 22c., prompt: grain from Northern Pacific to United King¬
dom or Continent, 56s. 3d., Nov, 15; timbei from a Gulf port to Ostend and
Antwerp, 60s., Pixinus, Oct.-Nov.; grain from Atlantic range to Greece,
including Smyrna, 22c., one port, 23c;. two ports, October; grain from
Atlantic range to West Italy, 5s., one port, 5s. lKd. two ports; option
Adriatic, 5s. 3d., one poit, 5s. 4Kd., two ports, Nov.; 28,000 qrs. Lorn
Atlantic range to Mediterranean (not East of West Italy), 5s. 9d., Oct.;
25.C00 qrs. from Atlantic range to United Kingdom or Continent, 4s. 7%d.,
option Montreal loading, 4s. 9d., Oct. 25; 28,0Gu qrs. from Philadelphia to
Genoa, 6s., prompt; coal from Atlantic range to West Italy. 84, Oct.;
lumber from Gulf to Holland and United Kingdom, 160s., "Pixpinus,"
Oct.; one round trip in.West Indies trade delivery Philadelphia, redelivery
north of Hatteras, $1 25, prompt: 47,000 qrs. grain from Montr-nl to
Continent, 16c., if one port, and 17c. if two ports, Oct.; 28,000 qrs. from
Atlantic range to West rtaly, 5s. 6d. if one port, Oct.; 35,000 qrs. 10%
from Atlantic range to West Italy, 20c., Oct.
Charters included steamer
States
ports,
TOBACCO has remained
quiet, buyers still purchasing
other words they
stick to it with
great: tenacity and have for many months past.
Perhaps
there is a little more inquiry for wrappers, but there is
nothing like a real stir in trade, and standing quotations
are
everywhere recognized qs merely nominal. On any
only to supply their imperative needs.
In
continue to play a waiting game.
They
be shaded
and perhaps
cumstances.
'
,
COPPER in better demand both for
export and domestic
Consumers are more in¬
London was also
stronger.
Electrolytic 12%@13c.
Tin in rather better
demand and firmer; spot 27@27%c.
Lead in good demand
and higher; spot New York 4.70c.
Zinc in better demand
and
account
prices
are
higher.
terested in the market than heretofore.
and firm; East St.
Louis 4.55@4.60c.
PIG IRON has been in moderate
demand and generally
Eastern Pennsylvania furnaces sold 10,000 tons,
believed to have been at $19 50 for 1.75 to 2.25% silicon
steady.
at
furnace;
local sales in small lots are reported at
$20
quantity; round
quoted at about $19 50.
It appears that recent
sales include some 22,000 tons of foundry to Massachusetts
and 10,000 tons of basic in Philadelphia at $20 50 delivered.
Chicago has sold some speculative holdings at easier prices.
There has also been some reselling in thp East.
But in
general prices have been pretty well maintained.
September
gained over 900 tons per day, or 19% in the output of blast
furnaces making iron for the market aside from the steel
concerns' output.
This gain was significant.
For eight
$20 50 for No. 2 plain at furnace as to
to
lots
are
it had been
months
STEEL is
in
decreasing.
slowly increasing demand at about
steady
trade is certainly slow.
Chicago, however,
talks more cheerfully.
Ingot production in that district
is 39% of capacity.
Soft bars are neglected and are offered
there at 1.75 to 1.90c.
Tank plates are selling slowly at
1.60 to 1.65c. Pittsburgh.
Sheets command the most atten¬
tion and they are steadier in price, with the output at 80 to
90% of capacity.
Before the recent rise 200,000 tons were
booked.
Next come tubes, tin plate and wire.
The steel
output in general is at about 40%.
Tin plate sells more
readily.
Rail sales are reported on a moderate scale, i. e.,
about 30,000 tons in all to three small companies.
Tubes
are in better demand.
Pittsburgh reports increased orders
for pipe.
Government offerings of nearly 20,000 tons were
taken by jobbers.
Strip prices 3% to 4Mc.
British sheet
But
prices.
bars have fallen 5s.
WOOL has been
strength of sterling exchange ~nd
that such quotations
materially to meet the cir¬
worth while it is intimated
business
per
PETROLEUM
[Vol. 113.
CHRONICLE
THE
1586
npticeably less active at private sale hut-
somewhat higher; knitting mills
Sales included good Ohio quarter-blood
combing at 23 ^e. to 24J^c.
Three-eighths wool quoted at
24 to 26c.
Other sales include fine wools, both scoured and
firm.
Medium is reported
have been buying.
at old prices; good
greasy
French combing wools at 68 to
clothing types at about 63 to 65c.; clean basis;
East India, Jorias at 38c., clean basis Argentine 3s. at 22 to
23c., 4s. at 17 to 18c. and Lineolns at about 14c. for good
wools; nails at about 45 to 50c. for clear fine; 40c. for halfblood.
33 to 38c. for three-eighths and 24 to 29c. for quar¬
ters. On October 11th in London 110,000 bales will be offered.
70c. and best
were very strong last Thursday and
Australia's clip this year includes more than the
usual percentage of burry wool.
Germany has been buying
Argentine wool.
In 60 days she has taken it seems some
30,000,000 pounds from the River Plate.
Bradford reports
that owing partly to the French textile strike the export
trade in tops and yarns has increased and mills are working
overtime.
The workers' union is considering the request
of the employers to extend the week from 48 to 553^ hours.
On Oct. 5 tne wool auction at Antwerp in behalf of the
British Australian Wool Realization Association began with
Recent
Liverpool sales
Friday.
bales with advances
20,000
on
merinos
Boston
of
wired
15
to
that
as
compared with the June sales
20% and coarse crossbreds of 10%.
buyers showed more interest in the
government offerings of wool at the Army Supply Base in
South Boston this week than for a long time.
The sale
began
on
Oct. 6 in Ford Hall.
the dates for the wool sales on
Australian Wool Realization Association
have been changed, i. e., the Antwerp sale to Nov. 10, and
the Liverpool sale to Nov. 17-18.
On Oct. 6 at the contin¬
uation of the Antwerp auction of Colonial wool on behalf
of the
British Australian Wool Realization Association,
10.000 bales were offered.
With a sharp demand, prices
advanced 25 to 30% above the June levels, confirming the
recent advances in London and Liverpool.
In Boston on
Oct. 6 the LTnited States Government offered 5,500,000 lbs.
London cabled Oct. 6, that
behalf of the British
Demand was eager. Most of the
Prices advanced 5 to 10%. The
Alexander Smith Company bought over 517,000 lbs., Charles
J. Wbbb of Philadelphia bought 436,000 lbs. of greasy and
162,000 lbs. of seoured, or a total of nearly 600,000 lbs.
Winslow & Co. took over 402.000 lbs., including 167,000
lbs. of scoured wools.
Among the other leading buyers were
Brown & Howe, Francis WiUey & Co., Kenneth Ilutchins
& Co., Goldberg Waste Co.;
Swift Wool Co. of Boston;
W. W. Wood and William Hepworth & Sons of Philadelphia.
The Swift Co. bought pulled wools heavily, including wool
which it formerly owned before the Government comman¬
deered the wool of the country for the war.
Pulled wools,
low quarter blood types sold at 15 to 22c. clean according to
condition.
As to South American combing wools, the
Arlington Mills paid 15c. for some good Argentine 4s, shrink¬
ing 35%, which sold in the September sale at 10 cents.
The
United States Bunting Company bought Punta Arnes 56s.
at about 34 to 38 cents clean basis.
The Swift Co. bought
ordinary grades.
offerings were sold.
of
Oct. 8
THE
1921.]
some
basis.
1587
Bahia Blanca
clean
CHEONICLE
topmaking 58-60s at about 45 cents,
Punta skirted combing fleece 50s sold at 33
Swift paid 37 to 40 cents clean for carding
clip Bahia Blancas.
Willey bought
combing Argentine pinos of 44s-40s grade at 8% and 9 cents
or about 15 cents clean basis.
The highest price of the sale
was 58 cents for domestic No. 1 clear fine scoured.
On
cents, clean basis.
half-blood
second
France.
38,146
9,917
12,530
Galveston
New
Ger¬
Britain.
Oct. 7 at—
Orleans
__
______
,
Mon.
Galveston
Texas
11,757
.
.....
Tues.
15,412
Sat.
31,824
Wed.
16,962
City
Jacksonville
18,375
-
-
-
5.476
6,576
352
659
1,031
'■
Y
6,443
796
'•£.
594
7,270
1,73,5
12,115
11,123
127
7,794
2,468
1,818
4.314
1,666
2,178
3,508
558
iJ
~
882
Norfolk
2,756
N'port News, &c
New York.
;
•,
.... .
•'
m
921
1,106
1,413
4,568
1,218
1,583
570
2,445
1,077
57
■'.7 y
'V.
200
■:;v'
y
-
1,077
104
y'v':'
,;££ £'£
469
430
_
....
49
97
185
ill
180
Totals this week.
22^807
61,193
59,168
35,512
39,971
Philadelphia
The following shows
since Aug. 1 1921 and
46
46
_
_
—
Boston
Baltimore
6,0o0
3,185
.5,324
•
Wilmington
36,896
5,396
127
47,867
3,185
6,828
8,079
19,174
823
£ £'£:£
*
Charleston
594
9,886
-
"109
-
536
536
■
-
-
5,457
...
.
.
14,007 108,337
-
18,773
•'-
-
1,245
•
_
.
Total.
"
:
—
....
Savannah
Fri.
18,773
___
Brunswick
-
■
Houston
'Port Arthur, &c_
New Orleans.
Mobile...—...
Thurs.
669
1,052
40,089 258,740
the week's total receipts, the total
stocks to-night, compared with the
2",000
1.000
_
Total 1921
Total 1920.
600
3,000
26,827
14,248
10,315
34,363
21,779
Total
♦
70,277
27,555
800
53,144
40,301
52,402
.
1919--
Stock.
262,371
383,210
162,976
200,489
12,665
89,158
143,610
3,500
2,200
8,000
Sit
59,333
__
'"500
"""§66
600
Leaving
Total.
3,000 121,747
36
41,069
1,000 11,400
1,000
1,000
7,420
2*650
"
5,000
telegrams from the South to-night, is given below.
wise.
~
""'loo
"¥,670
Mobile
Norfolk-..—.
Friday Night, Oct. 7 1921.
THE MOVEMENT OF THE CROP, as indicated by our
Coast-y
49,379
15,548
2,000
8,400
Other ports *__
For the
week ending this evening the total receipts have reached
258,740 bales, against 205,490 bales last week and 168,787
bales the previous week, making the total receipts since
Aug. 1 1921 1,291,140 bales, against 803,970 bales for the
same period of 1920, showing an increase since Aug. 1 1921
of 487,170 bales.
18,692
10,071
5,497
Savannah-.
Other
Cont't.
many.
Charleston
New York *—
COTTON
Shipboard, Not Cleared for-
Great
57,508
5,536 196,336 1,311,987
7.599 111,482
791,313
6,283 122,944
804,288
Estimated.
Speculation in cotton for future delivery, though at high¬
prices at times, has in the main been at prices drifting
downward under the weight of liquidation and Southern
hedge selling.
Moreover, there are some who believe that
the crop is being under-estimated.
The Government report
er
of the 3rd instant was much better than
was expected.
It
put the condition at at 40 or below, as so many had looked
for, but at 42.2%. And the crop was estimated not at 6,000,000 bales or thereabouts, but at 6,537,000 bales,
though to
be sure last year it was 13,439,603 bales, according to the
Government ginning figures.
And the ginning was much
larger than many had expected.
The report was issued on
the same day as the crop statement.
It put the total ginned
to Sept. 25 at 2,907,950 bales, against 2,249,606,in the
time last year and 1,835,214 two years ago.
In other
up
same
the ginning looked large.
Some contended that it
larger crop than the Government estimate. As
words,
presages a
rule, it is well known, the Government under-estimates
The crop report, however, was on the whole the
thing that counted most on the 3rd instant.
It was the
a
the crop.
for heavy
signal
selling for American and European
ac¬
count, and prices broke 75 to 195 points, of which 140 points
in three minutes.
The fluctuations
both upward and
downward, the
were
range
extremely violent,
in a single day cov¬
ering nearly 400 points.
October 7.
This
Since Aug
Week.
Galveston
—.
^
1
108,337
Texas City
1 1920.
1921.
291
18,773
15,686
594
4,704
317
21,794
Mobile
38,385
369
92
102,126
3,043
~
-
-
mi.
20,085
1,663
174,376
392
214,797
1,580
1,616
100,181
127
838
47,867
3,185
6,828
197,389
5,083
23,245
21,054
114,173
574
5,591
845
1,675
30,483
59,531
2,931
2,060
8,006
4,709
14,249
201,489
32,293
92,658
226,372
31,736
22,736
_____
...4.
Brunswick
Charleston
Wilmington
Norfolk
19,174
■_
46
306
48
425
1,077
4.200
166
104
5.217
176
669
5,519
7,713
235
2,719
10,984
3,523
1,272
N'port News, &c.
New York
Boston
,
Baltimore.
1,052
Philadelphia
At the same time the stock market has been more
.......
424,279
■
'£'„
145,810
6,343
1,166
8,500
30,037
15,918
2,766
4,584
803,970 1,508,323
902,795
and irregular,
weak
.
173,236'
258.740 1.291,140
In order that
comparison
be made with other
years,
new low levels for this season,
something which has not
been entirely ignored by traders in cotton, especially those
at the West.
declining
And latterly Liverpool has shown depression,
much
as 120 to 160 American points in a single
The spot sales there, although still on a quite liberal
scale, have fallen off from the high totals of recent weeks.
To-day they were down to 10,000 bales.
The Bank of Eng¬
as
day.
of
rate
discount
1920.
Galveston.
_
108,3371
19,903!
36,896j
5,396
47,867;
3,185
__
TexasCity,&c.
New
Orleans.
106,342
16,294
21.794
Mobile
Savannah
Brunswick
__
_
Charleston^
Wilmington
.!
219
278
41,364
8,089
41,108
1,000
7,888
6,000
9,882
44,835
2,253
41,423
6,000
17,271
6,108
5,000
11,358
5,384
10,410
1,675
2,931
2,060
4,636
131,842
10,158
70,353
3,183
50,995
3,000
10,235
5,600
30,430
48
92
194
104
3,029
669
6,545
534
7,459
"6", 962
258,740
173,236
157,363
169,334
207,029
322,759
46,
All others.
,
Total this.wk.
53,056
1,626
50,287
21,054
19,074
N'port N., &c.
76,662
41,054
1,613
______
8.079;
__
Norfolk
1916.
1917.
23,994
369
6,8/8
__
1918.
1919.
pool
sold
disturbing
803,970
728,226 1,024,106 1,310,785 1,897,355
The exports for the week ending this evening reach a total
of
122,938 bales, of which 28,186 were to Great Britain,
13,907 to
France
and 80,845 to
other
destinations.
Exports for the week and since Aug. 1 1921 are as follows:
not
heavily
It
here
been
more or
to-day.
reduced.
And
ending
Oct.
7
1921.
From Aug.
1 192140 Oct. 7 1921.
Exported to—
Exported to—
Expo ts
Great
Great
from—
Britaint France.
Galveston
5,469
__
Houston
Texas
5,193
6,375
Other.
19,780
12,398
City.
—
Charleston
90,103
24,375
Total,
268,845
63,615
437,760
87,990
5,142
104,016
153,928
26,044
23,868
234
4,702
6,583
3,629
10,257
20,469
16,353
2,300
32,802
19,364
9,712
112,282
141,358
500
14,597
17,130
5,500
17,200
22,700
41,132
10,370
3,946
_
5",300
Norfolk.;
200
Boston
4,100
10",592
1,000
29,540
404!
2,409
539
7,422
100
39
5",300
300
3,800
New York—
125
47
100
_
78,812
18^773
Francci
Other.
,142
Britain.
2,033
2.168
16,449
Wilmington
Baltimore
30,442
22", 606 22~606
New Orleans
Mobile.—__
Savannah
Total.
165
3,821
488
"48§
2,500
2,500
721
Philadelphia
Angeles
721
928
Los
San Fran
150
685
11,624
San Diego..
12,549
11,230
600!
16,341
8,404:
Seattle..-T.
Tacoma—„Portl'd, Ore.
1001
638;
50
_
11,230
1,150
600
16,341
8,404
was
effect.
And moreover,
active at
28,188
1,150
13,907} 80,845:122,938
146,937
159,276!
686.821-;
48,209! 74,236
5,373i 49,123
193,513
102,087;
58.989;
236,255'
531,855
394,716!
351,6391
808,344
Total
1920.
16,557
9,4701
Total
1919-
29.877
13,873!
993,034
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
w
York.
there
have
cloths
cotton goods of late have been less
decline in prices.
Fall River's sales of print
the
week
were
estimated
at
150,000 pieces,
some
for
against 200,000 last week.
have declined
here
Both print cloths and sheetings
within
a
day
buy goods manufactured
cotton.
20 cents
will not
for
raw
no
prices.
been
living
basis of
of the
one
consumer
Unemployment continues to be widespread.
People
mood, it is believed to pay anything like war
They are sick of all that; they had thought that it
in
had
the
on
And
two.
or
stock arguments of the bears is that the
left
behind.
dear,
With
taxes
high,
and
the
cost
of
people considered it very certain that
an
advance to 20-cent cotton, to say nothing of anything
above that level, would have a very prejudicial effect on the
very
many
still
continues
Exchange
poor.
Europe, moreover,
rates, of course, are very
low.
England faces a serious problem in the matter of un¬
employment, to no no further.
Speculation here is not
large; it is a much narrower market in this respect than it
before
was
the
war.
On the other hand, however, there are many who reason
that an advance in prices is inevitable after the first rush of
receipts is over,
a
year ago,
ing
cotton,
South
or
which
has
with
the crop less than
half what it was
in recent years, and they believe that noth¬
prevent
can
a
material
makes
marketed
the
increase in the consumption of
cheapest
considerable
> clothing known.
of
the big carry-over from last year was
The pecuniary situation of the South
been
more
independent.
its
crop
The
already, and
financed months ago.
is better than it has
for
a
long period.
The farmer and the dealer have
paid off debts to the banks and the merchants.
They are
When the price falls the farmer and the
dealer withdraw from the market.
Total....
times
at
about the payment of German rep¬
intimated that the great depression in
rumors
consumption, both at home and abroad.
Week
Foreign exLiver¬
less depressed.
German finances might cause some postponement.
All this
was denied later, but for the time
being it had more or less
are
Since Aug. 1__ 1,291.140
has
Change has continued to be
arations.
1921.
Receipts at—
less
to
been
may
or
and some
of the commodity markets,
grain, provisions and cottonseed oil have declined
such as
land
Totals
a
keting the crop, and the quantity brought into sight is no¬
ticeably larger than at this time for several years past.
-
8.079
Jacksonville
Savannah
mm
2,242
200,652
5,396
—
_
244,792
4,835
84.919
36,896
Port Arthur, &c__
New Orleans.
1920.
384,118
9,952
444,649
5,965
7,316
87,990
market was
Since Aug
612,569 106,342
536
Houston
This.
Week.
1921.
•
The report and the action of the
shock to the long interest at home and
abroad,
from which it has not yet recovered.
Of late the weather at
the South has been very good for picking, ginning and mar¬
Stock.
1920.
1921.
Receipts to
Also there is said to be
scarcity of good staples and of the higher grades.
The
contract, needless to say, on the American Exchanges calls
for high grades of cotton.
If such qualities are scarce, it
a
must
of necessity affect the
in
advance say that it is futile to blink the fact that the
an
condition
that
time
of
42.2%
on
of the year.
price of contracts.
Believers
Sept. 25 is the worst ever known at
It must be compared with 49.3 on
in 1919, and 62.4 as the ten-year
of 42.2 is 12.4 below the previous
"low," which was in 1910, and 20.4% below the ten-year
average.
The Government's supplementary report makes
it plain that damage by insects, premature opening, rains,
A condition
floods
fertilization
deficient
and
are
the outstand¬
among
Its statement puts the
yield per acre at only 118 lbs. of lint cotton, against a 10year average of 177.6 lbs.
Furthermore, the spot sales in
Liverpool have ranged during the week from 10,000 to 18,000 bales; as a rule they have not ballen below 14,000 bales,
And Manchester, if not really active, is firm on both yarns
and cloths.
The demand has been in the main better. Trade
ing factors of the present season.
interests have been
pool, on
scale that lias attracted attention.
Spot markets
been very active, with daily sales
a
times
at
"calling" cotton, both here and at. Liver
recently have
ranging anywhere from 40,000 to 65,000 bales.
At times,
too, Liverpool lias been stronger than New York.
It shows
uneasiness over the persistent bad crop reports from the
South.
And within a day or two there the weather has
been colder and threatening frost.
In one season general
killing frost came around Oct.
Many say that the
0-11.
is already made, and that killing frost will make little
no difference.
But others maintain that the mere men¬
crop
or
wide area of the belt would prob¬
ably be the signal for renewed buying.
Just at the moment
it is true speculation has simmered down, and to many it
looks like a two-sided affair, or in other words, what is
tion of killing frost over a
termed
But some large interests are
trading market.
a
committed
side.
bull
the
to
The Japanese interests, it
is
is
up by cable and telegraph,
well as the afloat, are this
ship out
a
the short interest smaller, cables lower,
Southern hedge selling rather large.
The ending for
with
liquidation,
and
is 95 to 105 points lower on
the week
95 points.
quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
Mr>n.
Tues.
Middling uplands----21.10
21.35
20.75
7—
to Oct.
1
Wed.
Thurs.
20.10
Fri.
20.80
20,35
1920-
1919-
825,000
1,000
Manchester-- ---—62,000
12,000
73,000
767,000
12,000
927,000
52,000
278,000
140,000
12,000
80,000
8,000
10,000
910,000
580,000
236,000
299,000
151,000
—1,507,000 1,146,000
1,171,000
408,000
35,000
16.000
199,000
62,000
165,000
*670,000
bales.
Liverpool
Stock at
Great Britain.
Total
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock
—
Rotterdam
at
Stock at Barcelona
Stock at Genoa
Stock
10.10
1897-C.
10.45
1890
1912—.
.25.25
9.00
—
1893
10.88
1892
7.31
1891
—
-
11906
8.38
..
8.00
-
—
8.75
...
—
8.00
9.12
0.25
—
5.441 1890
—
-„
„
Ghent
at
Total Continental Stocks
Total European stocks
.10.38
& SALES
on the spot each day during the
indicated in the following statement.
For the convenience of the reader we also add columns which
show at
are
glance how the market for spot and futures closed
days.
a
same
257,000
:
64,000
168,000
8,000
59,000
64,000
95,000
9,000
34.000
23,000
11,000
India cotton afloat for Europe.-,.
74,000
374,411
81,000
225.000
-----
117,000
301,905
Egypt,Brazil,&c\,afloat for Eur e.
Stock in Alexandria, Egypt
Stock in Bombay, India
113,000
1,000
22,000
15,000
33,000
98,000
______
199,472
25,000
98,000
718,000
981.000
1,070,000
1,508,323
902,795
927,232 1,035,338
Stock in U. S. interior towns.,..1,225.335
U. S, exports to-day..._.--- — .
2.817
982,695
893,005
12,916
22,480
Stock in U. S,
ports
Total visible
supply
Of the above,
—
.5,978,916 4,664,311
—
.942,211/
33,560
4,089 ,189 3,531,117
totals of American and other descriptions
are
Spot
Livei pool stock
-bales.
,
Manchester stock
Continental stock
491,000
47,000
482,000
American afloat for Europe—374,411
U. S. port stocks
1,508,323
U. H. interior stocks._
1,225,335
U. S. exports to'day
2,847
...
„
-
..
.
.
f-.-.
...
Total American—
546..000
63.,000
89,000
33,000
256 ,000
472,000
64,000
160,000
*134,000
301.905
199,,472
199.000
902,795
982,695
12,916
927.,232
1,035,338
942,219
33,560
—4,120,916 2,896,311
893,,005
22,,480
2,907,189 2,466,117
East Indian, Brazil, &c.—
Liverpool stock
—
373,000
1,000
15,000
—
London stock:
Manchester
stock-
—
—
Continental stock—
India afloat for Europe.
.
—
_
_
.
.
98,000
„_...
—
74,000
—
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
81,000
225,000
221,000
353,000
12,000
9,000
76.009
117,000
33,000
98,000
981,000
1,768,000
*17.000
16,000
62,000
98.000
165,000
718,000
1,070,000
1,848,000
—
95,000
17,000
23,000
12,000
30,000
43,000
35,000
25,000
Total
East India, &c__
Total American
—
*670.000
—4,130,916 2,896,311
1,182,000 1,065,000
2,907,189 2,466,117
Total visible
supply. ______ ___5,978.916 4,664.311 4,089.189 3,531,117
20.74d.
2202d.
Middling uplands, Liverpool.
14.21d.
17 74d
33 60c.
24 50c.
32.60c.
20.35c.
Middling uplands. New York
32.50d
31.' 5d.
3313d.
53.00d
Egypt, good sakel, Liverpool.
28 50d.
30 OOd.
3313d.
Peruvian, rough good, Liverpool.
15.50d.
_
__
...
.
T
___
•
13.05d.
*
—
—
1510u
I8.95d.
23 59d.
I3,80d.
Broach, fine, Liverpool
Tinnevelly, good, Liverpool..
15.60d
I9.20U
23 75d.
Estimated.
Continental
imports for past week have been 92,(XX) bales.
figures for 1921 show an increase over last week
of 174,226 bales, a gain of 1,314,605 bales over 1920, an
excess of 1,889,727 bales over 1919 and a gain of
2,447,799
The above
1918.
over
Closed.
THE INTERIOR TOWNS the movement—that is,
receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
AT
the
detail below:
i
•
Movement to
Oct.
7
.J.,,."'"
•
.
Movement
1921.
to
Oct.
8
1920.
Market
Closed.
Saturday.
Monday —
Tuesday
1
Wednesday.
Thursday
Friday
Futures
Market
Quiet, 20 pts. dec
Steady, 25 pts. adv.
Quiet, 00 pts. dec—
Quiet, 65 pts. decSteady, 70 pts. adv.
Steady, 45 pts. dec
—
SALES
■
Spot.
81,800
3,200
1.000
_
1,000
1,700
Oct.
Week.
7.
Ship¬
Receipts.
Week.
J Seasno.
Stocks
ments.
Stocks
Oct,
Week.
Ala,
8,801
2,993
Birm'g'm.aj
Eufaula—I
,496
7,888
2,200
4,800
500,
108-
\l.700
Steady
500
2,041
400
4,993
400
1,758
Montgomery.
4,445
24,552
,094
27,000
4,453
14,601
1,562
13,723
4,169
,357
2,811
8,785
1,165;
5,095
5,529
Helena-.
2,711
19,935
6,974
,358
16,483
9,190
Little Rock..
13,099
41,469
,960
44,686
5,438
16,301
,993
Ga., Albany—
633
4,054
32,214
4,496
7,952
23,609
17,091
19,746
50,897
98,694
3,628
14,974
791
21,534
748
2,686
12,027
029
13,402
2,486
8,749
69,053
1,780
9,181
2,150
8,782
939
5,622
548
600
401
15,716
356
16,921
Ark.,
—
J
87,700
87,700
FUTURES.—The
New York for
highest, lowest and closing prices at
the past week have been as follows:
...
Athens
—
Atlanta.?
Augusta
Saturday,
Oct.
1.
Monday,
Oct.
3.
Tuesday,
Oct.
4,
Wed'day, Thursd'y,
Oct.
5.
Oct.
6.
Oct.
Macon—
7.
Week,
....
Rome
—
_■
—
—
November—
Closing
Greenwood
33,764
,152 33,734
,477 124,422
698
11,485
2,691
L018
3,738
1,218
16,500
5,718
6,269
20.55
—
20.88
_
—
20.60
—
20.30
—
—.
19.53
—
_
20.25
—
_
20.60
—
20.32-.73 19.70f.60 19.95-.88 19.20-/80 19.05-.00 19.40-.00 19.05-/60
Range
Closing.... 20.33-.37 20.66-.68 20.04-.05 19.20-.23 19.98-.00 19.51-,53
February—
19.75
—
20.15
—
20.55
—
19.92
—
—
19.30
—
19.12
—
19.84
—
•
^
.
19.36
19.30.75
—
Range..... 20.02-.35 19.751.60 19.75-. 63 19.03-.68 18.85-.76 19.20-.75 18.85-/60
20.02-.05 20.42 — 19.85 — 19.05 — 19.70-.76 19.22-. 26
Closing
pril-—
19.75
—
20.20
—
19.62
—
19.47
—
18.85
—
—
—.
19.53
—
■—.
19.02
—
19.50-.85 19.20f.00 19.37-.16 18.65-.24 18.53-.42 18.82-.37 18.53-/00
19.50-. 52 19.94-.95 19.40-.45 18.65 — 19.36-.42 18.84~.89
Range
—
_
19.25
—
19.70
—
19.20
—
—
18.45
—
—
.—
—
19.12
—
—
—
—
_
'
.
18.95-.37 18.80./.20 18.80-.65 18.25-.97 18.15-.90 18.40-.43
18.15./20
—
19.00 — 18.25 — 18.90 — 18.40 —
19.15
-r
—
—
18.65
—
*—
—
19.15
18.93
18.65
—
18.70
—
17.95
18.20
—
—
■
——
—
18.60
—
18.20
—
17.50
—
17.50
—
18.20
—
—
—
18.10
—
19.15
—
180
363|
8,481
15,937
27,617
939
37,041
15,046
6,582
15,572
2,490
2,557
874
2,144
1,200
2,072
3,738
320
9,529
10,923
600
289
742
74
Range.....
J 20c.
867
14,053
412
3,123
13,129
346
2,470
5,789
410
Yazoo City..
3,165
14,295
162
13,349
1,050
55
131,611
734
21,264
3,770
3,694
9,548
3,545
10
291
2,237
862
1,252
3,805
485
2,600
31,686
l,040i
3,634
5,897
6,470
900
334
86
497
100
71
4,137
15,216
,334
14,840
127
4,612
102
5,951
Chickasha
1,915
12,478
3,284
,136
148
762
126
4,824
1,000
5,409
3,385
2,400
39,425
4,156
119,153
,587
9,817
2,854
31,739
1.802
8,376
2,109
6,707
500
8,000
Mo., St. Louis.
10,575
331
N.C.,Gr'nsboro
Raleigh .—
Okla., Altus-.-
443
Oklahoma...
3,284
B.C., Greenville
8,798
1,000
Tenn., Memphis
Nashville
30,038
8",599
38,777
Tex., Abilene..
3,373
8,447
,953
3,387
2,626
4,751
873
838
4,095
779
2 ,262
3,-500
2, .500
4 ,000
36,074
3,445
2 ,200
6,800
.
—
t 18c.
—
—
17.75
—
—
17.50-/93
,160 210,465
2,711
9",345 249,415
955
744
~
....
2,762
5,604
12.533
8,000
39,502
Honey Grove
3, .500
Austm
b
154,119
Houston
Paris
5,295
....
4,190
2,100
766,279 124 ,881 295,514 127,583
4 ,435
12.539
1,998
15,889
760
3.803
7,500
20,174
4,364
14,046
2,000
r,47ol
Total, 41 towns,369,435 1,661,587 292,041 1225335227
a
Last year's
figures are for Hugo, Okla.
6,4051
6,30(r
11,099
5,800
2,289
1,364
582
2,762
500
7,200
3,187
19,500
400
5,199
600,880109,55^288,939
912
10,050
17,401
16,587
2,972
4,280
6,655
676
12,306
963,-560164,930982,695
*Last year's figures are for ClarksvJUe
totals show that) the interior stocks have in¬
the week 77,394 bales and are to-night 242,440
bales more than at the same time last year.
The receipts at
all towns have been 141 965 bales more than the same week
The above
creased during
—
September—
Closing
52,285
28,235
4,381
30,609
4,190
—
Fort Worth..
'
18.95-.05 19.45
—
Closing
2,067
44,032
5,061
San Antonio.
—
18.62
August—
Range
4,529
11,063
2,963
33,547
500
Brenham
19.47
July—
Closing
84,232
30
1,713
672
-
June—
Range
5,500
5,096
Dallas
—
—
Range.
M ay—
Closing
11,871
30,194
Greenwood..
Range
March—
Closing—..
3,462
14,959
699:
7,307
..
—
January—
Range—...
24,852
828
N-.tctez
Meridian
—
19.85
—
Range...— 20.65-.98 20.00f.95 20.30-.24 19.52-.12 19.44-.42 19.76-.40 19.44-/95
20.65-.70 20.90-.95 20.35- 38 19.56-.60 20.37-.42 19.83-.85
Closing
Closing
—
1,740
Vicksburg...
:
—.
December—
Closing
100
2,839
2,199, 21,345
1,500
4,322
Miss.,Columbus
Clarksdale
456
,530
400)
1,493
9,345
La., Shreveport
Range..... 20.48-.72 20.601.80 20.30-. 10 19.48-.05 19.45-. 15 19.81-.30 19.45-f80
20.48-.65 20.85 — 20.25 — 19.48 — 20.15 — 19.85 —
Closing
l 21c.
.
Columbus
Friday,
October—
Range-
4,234
Selma
_
Firm
Pine Bluff...
.
8.
81,800
3,200
------
Season.
Ship¬
ments.
Receipts.
Towns.
Contr't.l Total.
Wcik.
Irregular
Very steady—_
Barely steady.
Barely steady.
Total
A
follows:
as
American—
AT NEW YORK.
The total.sales of eotton
week at New York
on
93,000
872,000
American cotton afloat for Europe
bales
MARKET
■
.14.5011902——.
17.101190812.5511907—
...
1894
—.
1917 —-—27.0011909
0.02
—.
1895
8.85
8.38
1919.-.
32.7011911
1918——33.15 1910—
1916
1915—.
1914
1918.
184,000
17,000
56,000
1921.
864.000
October 7—
Stock at
Stock at London
—
YORK QUOTATIONS FOR 32 YEARS.
NEW
1920
as
week's returns, and consequently
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.
all
,
The official
Oct.
made
October and Decem¬
Spot cotton ended at 20.35c, a decline for the week of
ber.
as
Foreign stocks,
follows.
as
——
considerable quantity of cotton from
the inspected stock at New York which they recently ac¬
quired on October notices.
It is said that ocean freight
for some 25,000 bales has already been engaged, and other
rumors have mentioned a quantity as high as 50,000 bales
as likely to go out sooner or later to Japan and elsewhere
in the Far Bast.
To-day prices declined under week-end
will
said,
to-night,
THE VISIBLE SUPPLY OF COTTON
Aug. 25, 50.1 last year, 54.4
average.
[Vol. 113.
CHRONICLE
THE
1588
last year.
OCT. 8
FOR THE WEEK AND
give below a statement showing the
for the week and since Aug. 1, as made
MOVEMENT
OVERLAND
SINCE AUG. 1.—We
overland movement
from telegraphic reports Friday night.
The results for
the week and since Aug. 1 in the last two years are as follows:
up
-1920-
-1921Ociober
St. Louis
Via
Mounds, «Scc,
Rock Island
Louisville
Via
—
——
23,833
1,258
4,627
8,806
1,310
11,940
"348
5,824
6,132
34,609
721
62,060
4,287
27.649
-36,241
295,543
12,635
102,519
Virginia points
Via other routes, &c,_
Total gross overland
Deduct shipments—
Overland to N. Y
Aug. 1.
36,346
3,694
3,585
1,674
—
Via
.,
-
2,902
22,649
577
381
Boston. &c
4,152
50,270
2,049
18,498
2,134
22,776
77,071
2,704
43,408
Between interior towns
Inland, &c., from South
9,736
_
Total to be deducted
78
9,931
218,472
23,222
59,111
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
against 9,931 bales for the week last
year, and that the season to date the aggregated net over¬
land exhibits an increase over a year ago of 159,361 bales.
-1920-
-1921-
258,740
218,472
Week.
Southern
Total
-
Interior
stocks
Came into
---348,962
77,394
in excess
---.
sight during week
Total in sight Oct. 7
173,236
9,931
661,000
68.000
697,000
2.170,612
108,097
251,167
62,540
1,560,081
122,754
consumption to Oct. 7.a 67,000
marketed
— _
Agriculture
of
a
according
tions.
as
I
Bales.
1919—-Oct.
1918—Oct.
1917—Oct.
12
years:
State—
in
a
number
of
11..
12
and
Practically
worms.
Texas reports
sections.
no
top
on
account
crop
Condition generally very poor.
of
indicated.
'
Rainfall.
Thermometer—
—
214 in.
high 86
low 68
mean 77
Abilene
dry
high 92
low 52
mean 72
Brownsville..
2 days
0.14 in.
high 98
low 62
mean 80
Corpus Christi—
1 day
0.33 in.
high 90
low 70
mean 80
A day
Dallas
0.98 in.
high 92
low 56
mean 74
Del Rio—
1 day
0.06 in.
low 60
■_■_... Palestine
•
dry
high 88
low 54
mean 72
-2 days
San Antonio
0.76 in.
high 90
low 60
mean 75
dry
low 58
Taylor.
New Orleans
;
2 days
0.21 in.
mean 77
Mobile, Ala.—Picking of the remnant of the crop continues, but the bulk
of the yield has been gathered and ginned.
low 51
mean 70
2 days
0.26 in.
high 89
low 42
mean 66
Selma
2 days
0.45 in.
high 89
low 49
mean 68
Savannah, Ga
3 days
0.37 in.
high 87
low 49
mean 69
Charleston, S. C
...3 days
0.59 in.
high 89
low 42
mean 63
Charlotte, N. C—
>3 days
0.70 in.
high 83
Rain.
2 days
Galveston, Tex
77
68
69
66
Georgia
33
41
62
51
50
46
—
—
Mississippi
59
— —
_
—
—
—
——
following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
,
The
Oct
.
7 1921.
8
Oct.
1920.
Feet.
Feet.
Arkansas
6.3
Alx>ve zero of gauge.
16.5
Nashville
Above
of gauge.
10.0
42
61
63
65
64
.66
Above zero of gauge.
Above zero of gauge.
5.7
6.7
19.9
ii.7
.Above
Orleans
:
zero
zero
62
Missouri
70
78
75
68
72
Oklahoma
38
48
California
73
83
70
/8
92
Arizona
61
85
90
Other
83
85
90
42.2
49.3
59.1
Tennessee
United States..
Ginned
_____
_
_____
Forecast
Salurday. Monday.
10,000
489,000
644,000
720,000
16,000
468,000
646,000
245,000
1,863,000
924,/61 Tennessee.
Tuesday. Wed'day. Thursd'y.
21.75
21.75
21.25
20.50
20.50
20.25
19.25
19.50
19.25
19.75
19.75
—
20.75
20.25
:
Norfolk—
,
!
19.50
18.75
20.75
20.38
20.75
20.75
19.00
19.88
■:
Friday
—
California (about 31,000 bales)
United States total.
21.00
21.00
21.00
20.50
21.35
21.60
21.00
20.35
20.50
20.00
19.25
21.00
21.00
21.00
19.88
20.50
21.25
21.50
21.00
20.75
21.CO
20-60
20.90
20.50
20.35
26.25
20.15
20.00
Rock.
Fort
-
....
Worth--..
20.85
included in California figures
but excluded from
CENSUS BUREAU REPORT ON
COTTON GINNING
its
25.—The 'Census Bureau issued on Oct. 3,
TO SEPT.
ginned
report on the amount of cotton
up
to Sept. 25 from
growth of 1921 as follows, round bales counted as half
bales, and excluding linters, comparison being made with
the returns for the like period of 1920 and 1919:
the
—
229,927
2,970
152,052
—■_
1—
Arkansas
1,182
3,567
California
Florida
391.756
100,851
251,001
14,376
141.757
139,405
215,290
42,130
1.220,281
1,051
Georgia
Louisiana
Mississippi
—
Missouri
Carolina
North
I
() k la homa
Carolina
South
Tennessee
-
—
...
Texas
Virginia
All
others
138,701
3,588
63,550
5,345
5,154
539,796
52,032
121,125
86,887
96,193
239
1,820
80,782
31,691
66,522
820
82,953
330,971
7,134
1,359,002
401,998
171,451
155
110
354
...
1,835,21.4
2,249,606
2.907.950
United States
bales included this year is 63,319
The numlrer of round
1919.
1920. '
84,031
5,622
57,240
6,808
3,280
279,820
1921.
Alabama
Arizona..
bales, against
75.026 bales in 1920 and 19.561 bales in 1919.
The number of American Egyptian bales included
3,365 bales in
,
The number of Sea
,
698 bales in 1919.
corrected statistics of the
.
1920 and
The
.
is 2,376 compared with
■
■
'
•
Island bales included is 229 bales, against 3/ bales in
1920 and 2,166 bales in 1919.
■
quantity of cotton ginned
this season
COTTON.—
following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton
1920.
1921.
Takings.
and
Season.
_
_
_
426~356
Season.
Week.
Season.
4,548,568
Visible supply Sept. 30.:_ .5,804,690
Visible supply Aug. 1
American in sight to Oct. 7
313,707
12,000
2,000
52,000
510,000
28[000
54,000
4,956,257
1,682,835
178,000
67,000
20,000
3,000
6,111/250
2.278,709
258.000
518,000
45,000
28,000
49.000
Total supply.
Deduct—
20.60
19.50
20.50
29.40
20.25
21.00
20.50
19.60
20.40
20.45
_
.
_
.
.
_.
60,000
6,265.046
6,957,092
5,978,916 4,664.311
4.664,311
234,964
2,292,781
1,771,781
521,000
286,130
240,130
Of which ot her....
2,806,043
2,231,043
46.000
Total takings to Oct. 7.a
Of which American
119.99
8,784,959 4,899.275
5,978,916
......
Visible supply Oct. 7
19.85
19.60
20.35
—
20.50
21,05
20.25
Dallas
—
Other India shipm'ts to Oct. 6..
Alexandria receipts to Oct. 5
Other supply to Oct. 5 *
18.75
19.3*
Augusta
Memphis
Houston
—
Bombay receipts to Oct. 6
20.00
19.88
20.00
Philadelphia
Little
48,000
405,000
68,000
103,121
45,000
662,699 Arizona
13,239
7,000
895,312 Other.
387,663
United States6,537,000 13,439,603
4,345,282
Week.
20.75
Baltimore.
......
—
The
20.75
19.50
21.25
20.50
Savannah
Crop
(Census).
1,214,448
325,085
78,856
1,336,298
75,183
217,000
.
—
1,623,076 Missouri
1,415,129 Oklahoma
18,114 *California
—
Mobile—
1920
Production
Crop
1921.
(Census).
6//.000
21,33/ Arkansas—...
1921.
—
Carolina
South Carolina.
North
Ginned
Sept. 25
1920
Sept. 25
Week
.
62.4
compared with
Following is the indicated production as of Sept. 25 last,
ginned (Census) 1920 crop, figures in bales:
'Closing Quotations for "Middling Cotton on-
Galveston
New Orleans.
61
the amount
WORLD'S SUPPLY AND TAKINGS OF
7.6
'
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:
.
Week ending
October 7.
61
74
prior to Sept. 1 are 486,056 bales,
7.9
Sbreveport—
Vicksburg
New
47
45
38
—...
5.2
of gauge.
Memphis
\
"
53
Texas
_
—
:
41
Louisiana.
_
.
64
60
59
59
58
49
50
57
48
—
50
53
—
—
Average.
50
2,296.552
2.619,073
— .-
deteriorated
TEXAS.—General.—Cotton
10-Year
1920.
62
Louisiana
further deterioration.
weevil
Sept. 25
1921.
54
40
Texas-..
by telegraph from the South' this evening indicate that
finished
Aug. 25
72
-1.602,497
the weather during the week has favored the gathering of
the crop , and in consequence picking has made good progress
is
than average condi¬
or worse
63
♦Lower
and
smaller than the above amount
53
Mississippi
WEATHER REPORTS BY TELEGRAPH .—Reports to
us
better
Sept. 25
1921.
I
1
Virginia
North CarolinaSouth Carolina
Alabama
Bales.
10.—
436,61911917—Oct.
-
are
Comparisons of conditions by Statas follow;
Georgia.
Since Aug. 1—
_369,864 ! 1918—Oct.
11
228,414
22,093
available.
_.337,553j 1919—Oct.
10.
conditions hereafter
,
Florida..
sight in previous
Week—
.
and five years ago 11,449,930 bales.
The final outturn will probably be larger or
1,682,835
345,308
These figures are consumption; takings not
Movement into
Oct. 3:
on
Reporting Board of the Bureau of Crop Estimates of the United
Department of Agriculture estimates from the reports of the corres¬
pondents and agents of the Bureau the condition of the cotton crop on
Sept. 25 last, at 42.2% of normal, as compared with 49.3 on Aug. 25 1921,
59.1 on Sept. 25 1920, 54.4 on Sept. 25 1919, and 62.4 the average on
Sept, 25 of the past ten years. .
.
/./te
A condition of 42.2% on Sept. 25 forecasts a yield per acre of about
118.0 lbs. and a total production of about 6,537,000 bales of 500 lbs. gross.
Last year the production was 13,439,603 bales, two years ago 11,420,763
bales, three years ago 12,040,532 bales, four years ago 11,302,375 bales,
The Crop
Virginia
Nor. spinners* takings to Oct. 7._
statement, showing the
Sept. 25, was issued by the Depart¬
following
States
Forecast
Production
2,278,709
48,647
—.
condition of cotton on
ment
313,707
426,356
.
Aug. 1.
803,970
59,111
Week.
Aug. 1.
1,291,140
23,222
Takings.
!
Since
Sincc
Sight and Spinners'
Receipts at ports to Oct. 7_
■Net overland to Oct. 7_
REPORT.—The
Alabama
has been 23,222 bales,
In
SEPTEM¬
THE AGRICULTURAL DEPARTMENT'S
BER
Florida
.13,019
Leaving total net overland *
*
Week.
Aug. 1.
13,734/ 144,055
41,569
8,877
Week.
Via
Via
Since
Since
7—
Shipped—
1589
CHRONICLE
THE
1921.]
575,000
180,964
54.000
*
NEW ORLEANS CONTRACT
MARKET.—The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Embraces receipts in Europe from brazil. Smyrna, West -Indies,.&c.
This total embraces the estimated consumption by Southern mills,
661,000 bales in 1921 and 697,000 bales in 1920—takings not being avail¬
a
able—and the aggregate amounts taken by Northern
2,145,043 bales in 1921 and 1,595.781 bales in 1920, of
and 1,074,781 bales American,
Saturday,
Oct.
December
—
Oct. 3.
Tuesday,
Oct.
4.
Wed'day, Thursd'y,
Oct.
5.
Oct.
6.
—
— 19.75
— 18.99
— 19.81
20.26-.32 20.49-.54 20.00-.05 19.18-.23 19.98-.00
20.03-. 10 20.28-.35 19.72-.77 18.99-.02 19.75-.80
19.59-.61 20.07 — 19.55-.60 18.70-.75 19.50-. 55
Friday,
Oct.
19.10
7.
—
19.4 3-.49
19.19-.21
— .
BOMBAY
„
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Very sty
1919.
1920.
1921.
Receipts at—
Aug.
1.
Since
Since
Since
Week.
Spot
receipts of
Sept. 15 and for
been as follows:
MOVEMENT—The
September 15.
Tone—
Options... —
COTTON
India cotton at Bombay for the week ending
the season from Aug. 1 for three years have
18.97-.98
19.15-.17 19.53-.61 19.05-. 14 18.28-.38 18.97-.03 te.47-.52
18.70-75 19-02-.12 18.72-.75 17.90 — 18-50-. 55 18.07-19
May
July
Monday,
20.05-.08 20.30
October
January
March
1.
and foreign spinners,
which 1,5/0,043 bales
b Estimated.
Week.
Aug.
1.
Week.
Steady
Steady
Bombay
28,000
179,000
15.000
132,000
13.000
Aug. 1.
203,000
1590
THE
CHRONICLE
For the Week.
Since August
..I
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
1.
Exports
(/rent
Conll-
JapanA
Britain.
neiu.
China.
from.—
Great
Japan A
Britain.
Total:
Conti¬
nent.
China.
Sept. 16.
13,000
34,000
2,000
12,000
"V, 066
91,000
182,000
32,000
252,000
130.000
1,000
______
21,000
10,000
—
1920
19191
14,000
16,000
9,000
24,000
204,000
237,000
1,000
70.000
Other India-
1921.____
1,000
20,000
2,006
5,000
40,000
T.OOO
48,000
9,000
3,000
10,000
18,000
31,000
"
"2,000
1920
"logo
1919
3,000
5,000
21,000
Sales of the weak
Of which American
Actual export...
____
______
Forwarded.—..
Total stock
Of which American
81,000
41,000
7.000
55,000
914,000
540,000
14,000
1,000
107,000
48,000
934.000
530,000
37,000
32,000
110,000
49,000
Total imports
Of which American
Amount afloat._J_
Of which
Sept. 23.
83,000
47.000
6,000
51,000
Total.
1
Bombay—
1921
[Vol. 113.
1
.
American
Sept. 30.
84,000
39,000
7,000
52,000
902.000
510.000
49.000
24,000
'
92,000
37,000
Oct. 7.
59,000
31,000
9,000
61,000
864,000
491.000
29,000
21,000
______
Total all—
1921__
13,000
1920.____
1919.____
12,000
"2,000
4.COO
21,000
2,000
19,000
34,000
1,000
.000
182,000
273,000
14,000
12,00)
131,000
25,000
12,00)
34,000
35,000
222.000
268,000
9
178,000
The tone of the
each day of the
Spot.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.—The following are the receipts and shipments for
the week
ending Sept. 14 and for the corresponding week
of the two
previous
years:
Egypt,
September 14.
Saturday.
12:15
1919-20.
_____
59,671
32,000
271.108
63.319
Since
Week. Aug. 1.
Liverpool
1
|
35,266
104.934
Week. Aug.
1.
3,035
"800
2,575!
35,478'
2,082
500
12,432!
16,991
2,555'
2",082
Total exports.
'
1.300
j(
P. M.
15.03
14 were
and the fbreign shipments 2,082 bales.
MARKET.—Our
advance.
decline.
decline.
advance.
Quiet
Bar. steady
Steady
Barelyst'y,
12@17 pts; 35@53 pts. 56@81 pts. 11 @26 pts.j2pts.dec.to
'■
decline.
•••
12 J*
|
d.
...
received
by
January
...
February
_.
comparison:
March
April
May
——
September.
8K lbs. Shirt¬
Cot'n
Cot'n
8 X lbs. Shirt¬
ings, Common
Mid.
32s Cop
ings, Common
Mid.
Twist.
to Finest.
Upl's
Twist.
to Finest.
d.
d.
16 M
@
19
16 M
16 M
17M
@
@
s.
d.
s.
d.
d.
d.
d.
@17 0
@16 6
8.54 52 M
8.47 50
@
@
18K 15 6
18M 15 6
@
18
@16 6
9.61 46 M
15 3
d.
s,
b.
d.
d.
69
38
6
@
67
38
d
@
64
37 6
@40 0
22.49
@
63
30 6
@39 0
20.98
27.19
@41 0
24.82
@40 6
Sept.
1912 15 10c@ 17 0
9
21
16
21
@
24
23
21M
@
25 M 18 0
30
23
@
23
@
24
17
11.20 46
12.56 46
26
712C@18 9
177Mc@18 9
c@lf»6
18 3
c@19 9
14.72 41M
@
52
32
20
18
14.21 40
@
47
29
@
58
36 0
@39 0
21.65
13.33 44
@
56
35 0
@37 6
21 68
14.P0 46
@
56
35 0
@37 6
21.35
0
@34 6
19.17
6
@32 0
17.74
Oct.
SHIPPING
9
@19 9
NEWS.—Shipments in detail:
A
Total Bales.
NEW YORK—To
Liverpool—Sept. 30—Oedric, 200
Havre—Sept. 30—Rochambeau, 39
200
39
To Piraeus—Oct. 5—Ossa, 165--_-
165
________
GALVESTON—To
Liverpool—Sept. 30—Monarch, 5,469
Havre—Sept. 30—Monarch, 5,193
Antwerp—Sept. 30—Hornby Castle, 1,900
Ghent—Sept. 30—Hornby Castle, 4,880__
;_____L
i.
5,469
5,193
1,900
4,880
5,925
6,975
-
-
To Barcelona—Oct. 1—Mar Rojo,
To Venice—Oct. 1—Gerty, 6.975
To Trieste—Oct.
5,925____
_:
1—Gerty, 100-
100
HOUSTON—To Havre—Sept. 30—City of Lordsburg,
6,375.
/
To Bremen—Sept. 30—Oklahoma City, 9,538
6,375
9,538
To
Hamburg—Sept. 30—Oklahoma City, 957
957
Ghent—Sept. 30—City of Lordsburg, 1.903
1,903
Bremen—Sept. 30—Mexico, 8,534; Oct. 3—
Glentworth, 4,649-13,183
To Hamburg—Sent. 30—Mexico, 300; Oct.
3—Glentwoith, 100
400
To Rotterdam—Sept.
30—Martensdijk, 484
484
To Antwerp—Oct.
3—Beuersplein, 200—
200
To Copenhagen—Oct.
1—Bullaren, 100
100
To Lisbon—Sept.
30—Wilscox, 200
200
To Genoa—Sept. 30—Fagernes, 700; Mont
Pelvoux, 1,980
2,680
To Naples—Sept. 30—Mont
Pelvoux, 750
750
To Japan—Sept. 30—Kazembe, 1,473—
1,473
To China—Sept.
30—Kazembe, 3,1363.136
MOBILE—To Liverpool—Oct. 5—Asian, 2,168
2,168
To Havre—Sept.
30—Bayou Chico, 2,300
2,300
To
Antwerp—Sept. 30—Bayou Chico, 234
2.34
SAVANNAH—To
Liverpool—Oct.
3—West
Harshaw,
3,648;
Oct. 4—■Kastalia, 12,401
16 049
To Manchester—Oct. 3—West
Harshaw, 400
'400
To Bremen—Oct.
1—Orla, 3,646; Oct. 6—Willcasino, 2,847__
6,493
To Hamburg—Oct.
1—Orla, 460
430
To Japan—Oct. 3—Yuri Maru,
9,400
9 400
WILMINGTON—To Barcelona—Oct. 4—Fiume, 1,000
1000
To
—
NEW ORLEANS—To
—-
—
*•.
___
Venice—Oct. 4—Fiume, 4,300__
NORFOLK—To
To
4 ,300
Liverpool—Oct. 4—Westlake, 3,800
3 800
—
Rotterdam—Oct. 4—Scestdijk, 300
*300
BOSTON—To
Liverpool—Sept. 20—Assyria, 100
PHILADELPHIA—To Rotterdam—Sept. 23—Soestdijlc, 200-To Antwerp—Sept. 22—City of
Flint, 288
SAN
FRANCISCO—To
Japan—Oct.
1—Empire
Oct. 5—Siberia Maru, 600
State,
288
1
Total
I_~
FREIGHTS.—Current
721
rates
for
cotton
New York, as furnished
by Lambert & Borrows, Inc.
follows, quotations being in cents per pound:
High
StandHigh
Density.
ard.
Density.
Liverpool... .37% .4712c. Stockholm__ .47c.
Manchester. .37% .17%. Trieste-____ .75c.
Antwerp
,25c.
,45c. Fiume
.75c.
Ghent
.25c.
Havre.
.25c.
,45c.
.45c.
Lisbon
.65c.
Stand-
ard.
.6'%.
'f»50
-122,938
-
COTTON
loo
200
_
1.250;
To China—Oct. 1—Empire State, 650
TACOMA—To Japan—Sept. 28—Manila Maru, 721
as
Mon.
12KI
Tues.
I 12M
4
High
Density,
Bombay
from
,
are
Stand¬
ard.
;
.50c.
1.00c.
Vladivostok.
.50c.
.70c.
l.Otc.
Gothenburg,
,47c.
.62%;.
Bremen
.30c.
.45c.
.81c.
.r>5c.
Oporto
.65c.
.8lc.
.25c.
.45c.
Barcelona...
.50c.
.65c.
Piraeus
,60c.
Genoa
•75c.
.50c.
.65c.
Japan
.50c.
.65c.
Salonica
.60e.
Christiania..
.47c.
.75c,
.62%.
Shanghai
.50c.
.65c.
Rotterdam.
_
decline.
16 pts. adv.
4
Wed.
Thurs.
12M|
4
12
4
Fri.
12MI
4
p. m. p. m. p. m. p. m. p. m. p. m.
HOLI¬
DAY.
d.
d.
d.
d.
d.
| d.
\ d. I d.
14.83 14.53 14.86 14.89 14.39 14.0813.52 13.82
14.58 14.27 14.60 14.6214.12 13.8213.30 13.58
14.43 14.12 14.45 14.47ll3.97 13.6713.15 13.43
.
d.
11 13.96
87 13.72
74 13.59
14.24 13.94 14.27 14.30 13.83 13.5513.05 13.33
64 13.46
14.04 13.73 14.07 14.11 13.67 13.4012.91 13.18113 49 13.30
13.84 13.53 13.88 13.93 13.51 13.2612.79
3513.14
13.04jl3.
13.64 13.32 13.69 13.77 13.38 13.1312.67 12.''413. 23 13.00
13.44 13.12 13.5113.62 13.25 13.0112.56 12.84113 1112.87
13.25 12.94 13.36 13.46 13.11 12.8512.44 12.72 12. 97 12.73
13.09 12.78 13.19 13.31 12.98 12.7112.32 12.6012 8512.61
12.79 12.48 12.89 13.0012.70 12.44 12.05 12.30112. 5512.31
12.54 12.23 12.63 12.69 12.35 12.1111.72 12.00.12. 2111.98
BREADSTUFFS
Upl's
12
decline.
1920.
32.? Cop
To
advance.
p. m.p. m. p. m. p. m. p. rn. p. m
Novemb r.
report
1921.
To
14.21
10,000
advance.
d.
October
June
To
13.62
14,000
Egyptian bales weigh about 750 lbs.
August
To
14.49
12,000
Bar. steady
12 Hi
July
To
15.06
16,000
Irregular
Steady
Steady
Easy
Irregular,
16 @31 pts. 32@38 pts. 27@31 pts. 31 @49 pts. 41 @52 pts.
Sat.
to
weeks of this and last year for
7
Quieter.
Oct. i
to-night from Manchester states that the market is
quiet for both yarns and cloths in consequence of American
news.
We give prices for to-day and leave those for previous
2
Quieter.
The prices of futures at Liverpool for each day are given
below:
8,4111 24,800 107,081
cable
26
Easier.
demand.
18,000
December..
Aug.
Good
doing.
HOLIDAY
1,3150
21,001
300
1,194j
1,
56,830
15,500
13,750
5,750
5,000
1,6071
This statement shows that the receipts for the week ending Sept.
MANCHESTER
Friday.
•
f
Oct. 7.
Note.—A cantar is 99 lbs.
cantars
-'
j
Market,
Since
Since
Week. Aug.
3,500
To Manchester, &c
To Continent and India.
To America
Thursday.
1918-19.
4,
59,671
•-
opened 1
Exports (bales)—
To
'■.. J-?
Futures.
/
Wednesday.
business
-J
t
P. M.
Market
1
Tuesday.
Large
Mid.TJpl'ds
1920-21.
Receipts (cantars)—
This week.
Siuce Aur.
Monday.
f
Market,
Sales
Alexandria,
Liverpool market for spots and futures
prices of
past week and the daily closing
Hamburg.
__
,30c.
.45c.
Friday Night, Oct. 7 1921.
quiet.
Fluctuations
frequent, and the flour
Flour has remained for the most part
in wheat are erratic, sharp and
buyer hardly knows what to think.
In the last few weeks
the general tendency of wheat has been downward.
This
of itself tends to make the
buyer timid.
He is naturally
afraid of loading up on a falling market.
Under the cir¬
cumstances, he is buying on a very moderate scale, or even
less than that; he is buying just as little as
possible.
And
from present appearances it does not look as
though| he will
change this very conservative attitude until something
develops to give him strong reasons for believing that wheat
prices have become stabilized, and he can go ahead without
incurring uncommercial risks.
At one time, it is true, the
tone was a little better.
Minneapolis reported prices firm
with the cash demand for wheat larger; also flour sales bet¬
ter.
It is stated, too, that mills of this
country are running
now at about
60% of capacity as against 48% a year ago;
that the spring wheat mills are working at
70% as against
53% at this time last year.
But this means that production
is so much the greater while at the same time domestic busi¬
ness for the most
part is small, and the export trade is light.
On Oct. 4, to be sure, the clearances were 40,500
sacks,
including 13,500 to London, 7,300 to Hamburg, 7,000 to
Rio de Janeiro and 5,677 to Copenhagen.
But this meant
old business.
New trading for foreign account is admit¬
tedly small.
Canada is underselling American mills on
hard clears.
But Canada
too, finds the foreign market
smaller.
In a word, while clearances are good new trans¬
actions, as already intimated, are small.
Wheat has been declining sharply in a dull market, with
increasing supplies.
The visible supply in the United States
increased last week, 1,636,000 bushels against 1,021,000 in
the sa ne week last year.
This brings the total up to
52,795,000 bushels, against 27,564,000 a year ago.
It is
true there was at times a stronger market; on the 3d inst., for
exa nple,
when prices ran up sone 4 cents for a time, on
rumors
of export business.
It was said to have reached
1,000,000 bushels, but later estimates cut this down to
500,000 bushels.
Some 750,000 bushels, it appears, were
sold for export last Saturday.
But later on the foreign
demand fell off.
Hedge selling increased.
In a nut-shell the
situation has resolved itself into a case of big ijeceipts, big
supplies and deficient demand.
The marketing of wheat at
the Northwest is very large.
And it tells on the price.
Minneapolis on the 5th inst. fell 4 cents.
On the same day
Winnipeg broke 5 cents.
So did Chicago.
Outside specula¬
tive support has been absent.
When there has been an
export trade it has been mainly in Manitoba and Argentina
wheat. " Galveston complains of a congestion of supplies;
they back up into the terminal markets.
Hedging sales
have been a depressing factor.
WTall Street has been selling.
Stocks at times have declined.
Disquieting ru nors about
the German reparation payments have been afloat.
It was
said that Germany would ask for a deferment.
Germany's
financial situation, it was insisted, is bad.
And so on
,
OCT. 8
1921.]
THE
CHRONICLE
Small wonder, perhaps, that prices have been drifting down¬
ward.
Argentine crop news, moreover, has been favorable,
and prices for that description have also been declining.
On
the 5th inst.
they fell 2^ to 3^ cents.
Cash markets in
have been generally quiet and weak.
Kansas
City wired on the 5th inst. that fully 300 cars of wheat were
this country
i
carried
unsold
over
the 4th inst. and 232
on
cars on
the 5th
The visible supply of American and European wheat
increased for the week 2,032,000 bushels.
inst.
Calgary, Alberta, wired: "Our movement not abnormal
present season.
We are still confident that the crop will
not exceed last year's, i.e., about 220,000,000 bushels of
at
wheat."
Farmers have been selling freely, but owing to
the decline are now disposed to hold, 50% or more of Alberta
is marketed and the balance will come slowly; yields
disappointing.
The "Modern Miller" says that
crop
are
covering of shorts and because of temporary up¬
grain.
Also receipts have been moderate.
But, take it for all and all, there has been a tendency to
liquidate and a very noticeable drift of prices downward.
On the 5th instant, for example, they fell5cents
per bushel,
under Northwestern selling.
The visible supply last week
decreased 295,000 bushels, against an increase in the same
week last year of 518,000 bushels.
But the total is still
5,131,000 bushels against 4,407,000 bushels a year ago.
To-day prices again fell in company with other grain.
De¬
cember ends 13^2 cents lower than a week ago.
led to
Rapid
winter wheat.
of
acreage
have
conditions
soil
was
made in
seeding operations this week, although work was checked
by wet soil in a few sections of the soft winter wheat States.
Early sown whea; is up to good stand but comprises only a
small percentage of the total area.
Many points in soft
wheat States have shipped their marketable surplus and
few have any great quantity remaining.
Supplies are also
comparatively low in the West and Southwest as growers
were permitted by
the weather to market spring wheat
mora freely but
urgent selling is almost completed."
"but
and Call" trading on the Chicago Board of Trade and on
all the leading grain exchanges in the U dted States came to
an end on Sept. 30.
To-day prices declined with continued
large Northwestern receipts.
The ending is 11 to 12c.
PRICES
CLOSING
OP WHEAT
Sat.
CLOSING
PRICES
WHEAT
OF
Sat.
December
Man.
cts_128M 130 M
No. 2 red
DAILY
corn
IN
NEW
Tues.
115
Wed.
FUTURES
Mon.
Thurs.
123
Tues.
122 M
has declined somewhat but
more
PRICES
OF
Sat.
May delivery
The
following
on
the whole has
CORN
Mon.
___cts. 66M
67
IN
NEW
Tues.
66
Wed.
YORK.
Thurs.
66
65
delivery.
same
lative
cts_ 49 M
54^1
______________
49 %
54M
49 M
54M
time cash business has been small.
interest
creased
last
in
oats
week in
is
this
«
48 %
54%
49 M
55
48 M
54M
Outside specu¬
The visible supply in¬
It is
third of the increase daring the
lacking.
country 762,000 bushels.
true that that is less than a
corresponding period last year, when it was 2,402,000 bush¬
els.
But the vital point is that the total is now 65,843,000
bushels, against 27,602,000 bushels a year ago.
And cer¬
tainly this is a formidable supply to confront a dull market.
Of late, it is true, the receipts have been rather small.
But,
on the other hand, as already intimated,
the demand has
been small.
And there is the overshadowing influence of the
depression in wheat.
To-day prices were again lower in
sympathy with the decline in other grain, and also because
of renewed liquidation.
The ending as 2 to 3 cents lower
for
*
the week.
Sat.
No. 2 white
-
47M
_cts~
DAliA CLOSINGTPRICES 0F
December delivery.
cts.
May delivery
more
or
The
86 M
91
No.
: Is
1
•
Oats—
No. 2 whiteNo. 3 white-
Nominal
spring
Corn—
No. 2
Fri.
Thurs.
closing quotations:
GRAIN.
Barley—•
Feeding
Malting
S0.64M
yellow
Rye—
No. 2
46
43M
—
—
___.
.
—
59 @63
66 @70
0 91
-
FLOUR.
•S7 50® S8
Spring patents
6
6 00®
Winter straights, soft
7
6 85®
Hard winter straights
6
5 75®
Clear
——;:6 25®
6
Rye flour—
Corn goods, 100 lbs.,
Yellow meal
175®
1
Nominal
Com flour
00
25
25
Barley goods—Portage barley
No.
1
$6 50
Nos. 2,3 and 4pearl
Nos. 2-0 and 3-0-_
Nos. 4-0 and 5-0--
25
75
6 50
6 50@
6 75
Oats
goods—Carload
spot delivery
90
6 06 @
6 15
WEATHER BULLETIN FOR WEEK ENDING OCT.
on the crops as summarized
by the Department of Agri¬
culture for the week ending Oct. 4 were as follows:
COTTON.—Under influence of persistent
Mon.
48
Tues.
®47M
Wed.
36
40 M
lack of
less severely felt.
warm
weather in the Southern
and western Florida, according to a report issued by the Weather Bureau
to-day.
The bolls are mostly opened to the northern limits of the belt,
and picking is well advanced even in the more northern districts.
The
recent rains have been beneficial in checking deterioration in North Caro¬
lina, but weevil and worms continue very active and damaging generally,
especially so In Texas and Oklahoma.
There will be little or no top crop
in any portions of the belt; cotton was badly damaged in the Yuma section
of Arizona by the unusual heavy rainfall.
F' "VESTING,
plains
&c.—The generally fair weather in the northern great
the central and northern Rocky Mountains and north Pacific
1.1
Coast States was very favorable for late threshing in those districts.
-Less
rain and more sunshine were also favorable for seeding winter grains in the
lower Missouri Valley,
Thurs.
Fri.
47^'* 47 «^46 JB
Mon.
Tues.
Wed.
Thurs.
36%
40 M
35M
40 M
35M
39 %
35M
39%
although the soil continued too wet in portions of
were very favorable for seeding
The weather and soil conditions
Missouri.
wheat in the great plains States, where rapid progress was reported.
Soil
conditions were greatly improved in the South Atlantic States by showers
the latter part of the Aveek.
CORN.—The weather was more favorable for the drying of corn in the
lower Missouri and Central
Mississippi valleys, although more sunshine is
needed in Ohio Valley districts.
Corn matured rapidly in the South, and
harvest made very satisfactory progress in nearly all sections.
Cribbing
,
general in Iowa, although the ears are somewhat too moist.
Very
ittle damage to corn resulted from, frost in Central and Northwestern
States, as the crop was mostly mature.
Showers broke the drouth in the Gulf and Atlantic Coast States, although
more rain is needed in .some areas.
Frost occurred during the week from
was
the Western regions and
frost
was
reported
as
the central Mississippi Valley westward;
white
far south as Oklahoma, while it was heavy or killing
in the central and upper Missouri Valley.
Some damage to tendervegetation Avas reported
in central Rocky Moun¬
States, but the crops were so far advanced in more eastern districts
or po injury resulted.
The weather was unusually favorable for maturing and drying fruits in
the Pacific States.
Satisfactory progress made in farm Avorlt except in a
few east-central areas where showers were frequent.
tain
that little
The statement of the movement of breadstuffs to market
indicated below
are
prepared by us from figures collected by
Exchange.
The receipts at Western
the week ending last Saturday and
the last three years have been:
the New York Produce
lake and river ports for
since Aug. 1 for each of
Receipts at—
Flour.
Wheal.
Corn.
Barley,
Oats,
Rye.
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush ,4816s. bush.5&lbs.
Chicago
_____
259,000
Minneapolis..
Dulutb
__
~39~666
18,000
1,146,000
57,000
t_.
Detroit...
St.
488,000
2,788,000
2,088.000
140,000
59,000
14F666
Milwaukee.
Toledo
Louis
Peoria
65,000
Kansas City..
Omaha
Indianapolis.
2,288,000
743,000
57,000
_
Total
wk.
*21
Same
wk.
'20
Same wk.
'19
5,622,000
327,000
291,000
830,000
74,000
29,000
107,000
1,1461000
110,000
400,000
60,000
150,000
192,000
59,000
500,000
670,000
33,000
"2L000
71,000
58,000
517,000
558,000
24"66o
337,000
106,000
267,000
7,000
487,000
260,000
278,000
8,920,000
4,610,000
4,680,000
4,363,000
9,872,000
11,949,000
4.663,000
13,741,000
2,270,000
4,437,000 129,064,000
2,344,000 83,145,000
4,267,000 166,524,000
29,813.000
25,959,000
503,000
289,000
523,000
1,199,000
238,000
236,000
1,014,000
937,000
1,435,000
900,000
61,124,000 7,070,000
56,801,000 8,840,000
59,612,000 19,775,000
5,093,000
8,205,000
8,607,000
.
840,000
1,372,000
Since Aug. 1—
1921______
1920__
1919______
Total
68,285,000
receipts of flour and grain at the seaboard ports for
the week ended Oct. 1 1921 follow:
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Receipts at—
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
York...
367,000
2,564,000
175,000
6,000
1,078,000
424,000
31,000
314,000
27,000
192,000
55,000
239,000
5,000
68", 000
169,000
255",000
4"l7",666
Baltimore
Fri.
33 M
38%
Rye has declined in sympathy with other grain, especially
trade has been small.
Besides, the Northwest has been
liquidating.
89 %
93
SI Z0%
No. 2red___
New
YOR?C
OATS FUTURES IN CHICAGO.
Sat.
as
89
93M
Philadelphia.-
^
tot DAILY CLOSING PRICES OF OATS IN NEW
""
94
98M
Fri.
64%
Oats have declined partly in sympathy with the fall in
prices for wheat.
The offerings, too, at times have been
rather large.
Liquidation has been on a liberal scale.
At
the
are
97 M
103
Wheat—
DAILY CLOSING PMICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed.
Thurs.
Fri.
May delivery..
CHICAGO.
Wed.
States cotton bolls continued to open very rapidly, and picking and ginning
*
CLOSING
yellow
December
IN
Tues.
made generally good progress, although there were some interruptions by
rain in some localities in some parts of Louisiana, Mississippi, Alabama
Fri.
steadiness than wheat.
week, however.
No. 2
FUTURES
Mon.
CHICAGO.
to the fact that there have been
DIAILY
RYE
Sat.
96 M
101
Thurs.
IN
Wed.
Fri.
120 M
This was partly due
increasing reports of damage
to the crop by mould and ear worms.
This has tended to
keep the shorts in order. At the same time the fluctuations
have been very narrow.
It is true that the movement of the
crop has been large, and the export demand small.
But the
consensus of opinion is that the crop has really suffered some
damage and though the receipts are large at the West favored
by good weather there is no sign of aggressiveness on the
short side.
Crop Statisticians state that most of the crop is
beyond frost damage, but there have been heavy losses from
worms,'rot and mould. Recently there has been consider¬
able rain in the Ohio Valley, accompanied by poor husking
returns.
Also
the visible supply last week,
moreover,
showed a decrease of 1,231,000 bushels, againts an increase
in the same week last year of 2,482,000 bushels, making a
difference of 3,800,000 bushels, showing that considerable
corn is going into consumption as an offset to the big receipts.
The visible supply now stands at 11,265,000 bushels, against
7,587,000 bushels a year ago.
So that there is no scarcity
of corn and of course there is not likely to be.
Also the corn
market is more or less affected by the depression in wheat.
Still, as already intimated, the short side is being handled
gingerly for the time being.
To-day prices again declined,
partly on selling by cash houses, which offset continued
reports of crop damage.
Prices end only 1 cent lower for
shown far
OF
cts_
in the weather bulletin issued
YORK.
cts.117 M 118 M l 15 M 111 H i 13 M 109 M
122M 123M 119M U6M 118
113 M
delivery
May delivery—
Indian
PRICES
DAILY CLOSING
December delivery.
4.—The influences of weather
lower for the week.
DAILY
other
increases in
sone
progress
on
in
turns
very
"favorable
the
rallied
1591
export demand has also been
At times it is true, prices have
Norfolk......
.54,000
12,000
90,0( 0
9~o",666
50*,066
3,359,000
80,000
2,894J)00
507",000
671,000 10,485,000
Since Jan.1*21 19,128,000 206,600,000
Week 1920-..
8,798,000
446,000
Since Jan. 1'20 18,350,000 174,283.000
3,429,000
9,000
New Orleans.*
Galveston....
69"66O
Boston
24,000
Total
on
wk.
...
1,260*,000
1,720.000
Montreal....
'21
through bills ol lading.
31,000
74,267,000
301,000
15,457,000
1,000
602,000
515,000
37,686,00013,567.000 19.420,000
480.000
580,000
117,000
20,840,000! 7,443,000 40.442,000
934,0001
The exports from the several seaboard ports for the week
ending Oct. X are shown in the annexed statement:
considering the conditions and
lishing.
Wheal.
Corn.
Flour.
Oats.
Bushels.
Bushels.
Barrels.
Bushels.
New York
„
Baltimore
New Orleans
56,000
188.000
216,000
—
28,000
20,000
93,000
-
.
'
Galveston
1,104,000
Montreal—
1,339,000 2.795,000
-
..
_
J.
.
>
_
„
_
-
-
75,000 108.000
5,000
.
------
■'
-
-■-
«•—.
Week 1920—.
i.
...
---
■_
—
.
-
_
-
-
31,000
132.000 798,000 132,000
5,631,565 3.099,077 314,159
68.000 158,848
7,934,160
week
Total
:
•;-v
2
2
•
106,962
8,571
80.000
1,164,000
432,000
Barley.
Rye.
Bushels. Bushels. Bushels.
60,077 130,159
1,296,565
—.
Boston
Philadelphia
Peas.
137.000 841,571 346,962
99,000 573,556 373,000
------
2,100
July 1 1921 is
these exports
for the week and since
below:
as
Corn.
Wheat.
Flour.
Week
Since
Week.
Since
Week
Since
Oct. 1
July 1
Oct. 1
July 1
Oct. 1
July 1
Since
and
July 1 to—
1921.
1921.
1921.
1921.
1921.
1921.
Barrels.
Barrels.
Bushels.
Bushels.
bushels.
brought
buying by the public for the current season.
This is very gratifying to the clothing manufacturers, who
are still anxiously awaiting the orders for delayed goods
which
they confidently expect to materialize as soon as the
that
see
black
as
conditions which
98,462
Continent
205,697
So. & Cent. Amer.
3,000
West Indies
;
7,000
748.077 8,606,952
27,274.654
72,539,034 2,206,000 22,240,114
136,000 J ,369,000
1,408,400
9.000
256,300
2,195,547
3,306,018
1,726,704
J,826,359
227,479
257,304
Brit.No.Ara.CoIa.;
130,000
1,500
other Countries..
7", 196
131,455
....
4,386,510
material the present is the proper
shipment of wheat and corn for the week
Oct. 1 1921 and since July 1 1921 and 1929 arc
in the following:
r
shown
Since
Week
Oct.
July
1.
Bushels.
1,
July
Bushels.
1.
Bushels.
368,000
1,378.000
10,093,000
140,000
1,632,000
Australia—.
the advance
is necessary.
which
The
July
1.
July
1.
1.
Bushels.
Bushels.
000
erally
past
prices
the
week.
are
a
However,
little
each
higher
movement
this is Doing realized by the
odd lots
States-
Corn,
bush.
hush.
1,103,000
Boston....
5J.000
35,000
1,000
2,316,000
....
274,000
3,838,000
415,000
.....
...
Philadelphia
Baltimore
....
Newport News
Buffalo
200,666
4,025,000
864,000
94,434.000' 42,363,000
Detroit.
..
.
...
...
.
204,000
486,000
1,093,000
5,178,000
Indianapolis..........
Omaha..
On Lakes.
_
_
_
Canal and River.
Total Oct.
1
.
_.
.
146,006
490,000
546,000
18,114,000
308:666
160,000
1,212,000
859,000
3,364,000
67,000
78,000
818,000
i
52,000
,205,666
4,000
458,000
7,666
2,293,000
487,000
38,000
350,000
362,000
292,000
162,000
170,000
200,000
195,000
5,131,000
3.918,000
5,426.000
4,003,000
4,407,000
19,612,000 15,395,000
4,541,000
7,5S7.000 27,602,000
3,415,000
2,163,000
19H° Philadc,,)hia' 1?-000 Boston, 1,630,000 Chicago; total, 2,694,000 bushels in
Canadian-
3,294,000
458,000
Ft. William & Pt. Arthur. 13,001,000
Other Canadian......... 1,060,000
Total Oct.
941,000
220,000
1,248,000
3,774.000
.17,355,000
458,000
Total Sept. 24 1921.
Total Oct.
2 1920.
.15.791,000
.11,309,000
7.510,000
429,000
4 1919.
6,724,000
457,000
G33.000
1,925,000
2,017,000
1 1921.
Total Sept. 24 1921.
Total Oct.
2 1920.
Total Oct.
4 1919.
and
the demand which
recently de¬
been quiet throughout the
lines.
hut
week, with interest centred
display of the various companies of their spring 1922
the
The original
showing was made last week, but since
been several others.
As yet the de¬
time there have
for spring goods has been
apparently reticent
been
light: buyers are present,
Some trading has
to purchases.
as
yet it lias not progressed far enough to
give an idea as to the ultimate outcome. The prices shown on
these future openings have been well maintained by the
manufacturers.
There is no appreciable difference in the
effeetd, hut
as
quotations as compared with those of last year,
and it is
keep up their insist¬
ence on cheaper goods.
The men's wear section is the scene
of more activity.
The cooler weather lias brought into the
store of the retailer trade which lie has long been waiting
felt
that
clothing manufacturers will
ter
commitments
him that his fall and win¬
going to be lighter than his require¬
The question of cheaper
ments.
ter is
are
still
goods to put over the coun¬
any development
Cutters will not, or cannot, reduce their labor
item
an
of interest.
that
is holding down
7,276,000
399,000
925,000
394,000
272,000
844,000
1,436.000
charges and expect the manufacturer to make the necessary
reduction in his schedule.
The cost statements and finan¬
5,131,000
3,918,000
cial sheets of some of the
633,000
1.925,000
.70,150,000 11,723,000 72,567,000
5,764,000
.66,950,000 12,915,000 72,357,000
5,825,000
.38,873,000 7,835,000 28,527,000
4,801.000
.92,410,000
2,165,000 21,889,000 15,667,000
5.843,000
possibly
6.020,000
porting
Ncir
Throughout
4,259,000
5,977.000
that tliey are now
York,
Friday Night,
evidence of activity during the week.
Oct. 7 1921.
The opening of
large
manu¬
facturer the latter part of last week was followed
by vari¬
other concerns
are
during the current
The
prices
prices which governed this field for simi¬
lar constructions last year,
small
week.
being quoted are in line with expectations, being
par with the
reduction.
although for
a
few lines there
Trading, it is true, lias
as
light, but taken all in all it is generally regarded
on as narrow a
margin
as
could
The metropolitan districts are re¬
strong demand for overcoats in the men's wear
be
a
larger manufacturers would show
operating
expected.
section.
DRYGOODS.—Burlaps
have been
quiet
and
steady during the week.
At present spot 8-40's are obtain¬
able at 4.40c, and 10^-40's at 6c.
The futures are slightly
the dry goods trade there has been increas¬
the spring 1922 showings of dress goods by one
a
be active,
has been well maintained.
FOREIGN
is
Three-
Converters are
for their requirements.
Cotton duck
2,277,000
THE DRY GOODS TRADE.
a
04\s are listed at 10c.
2,000
.17,355,000
Total Oct.
which
x
248,000
.
Summary—•
American
Canadian
on
At
.52,795,000 11,265,000 65,843,000
458,000
6,724,000
Total Oct.
ous
demand
for, and it is being impressed on
633,000
2;009,000
1 1921.
ing
The
WOOLEN GOODS.—The dress goods section of the trade
lias
mand
174,000
434,000
1921....52,795,000 11,265,000 65,843,000
12,486,000 65,081,000
...
market
the
in
that
Note.—Bonded grain not Included above: Oats, 12,000 bushels New York:
total,
12,000 bushels, against 20,000 in 1920: barley, New York, 7,000 bushels;
Baltimore,
293,000: Buffalo, 73,000: Dulutb, 35,000; total, 408.000 bushels, against
4,000,
bushels in 1920; and wheat, 361,000 New York,
57,000 Baltimore, 623,000 Buffalo,
Montreal...
goods, 38^-inch. 04
continues to
on
48,000
2 1920-.,.27.564.000
4 1919....84.900,000
Total Oct.
3,000
3,399.000
2,918,000
Total Sept.24 1921....51,159,000
Total Oct.
Mexico.
the public, but at the same time are placing orders.
to
veloped
66,000
207,000
485,000
2,308,000
1.776.000
795,000
...
to
present there is steady trading in print cloths, and 28-inch,
(>4 x 04's are listed at 7c. with the 04 x OO's at 6%c.
In the
still
921,000
10.726,000
......
amount
181,000
3,707,000
.
limited
gray
19,000
499,000
......
....
a
inquiry, however, is not as strong as it was during the
past when lower prices prevailed.
Buyers are still contend¬
ing that retailers will be unable to sell higher priced goods
yard brown sheetings are selling at 12%c.
2,000
__
St. Louis
and
and
148.000
179,000
711,000
...
......
America,
mills, and
3,666
51,000
821,000
afloat...
many
293,000
706,000
4,193,000
Minneapolis.......
weeks at the
back with their offerings, and agents are book¬
28.000
7,426",000
27.000
y
are
1,443,000
133,000
1,169,000
32,000
164,000
4,289,000 18,516,000
3,490,000
afloat.....
Dulutb
On
bush.
156,000
....
..
Barley,
280,000
2,617",000
Milwaukee....
Peoria
Rye.
hush.
25,000
1,000
3,499,000
...
Chicago...
Kansas City
Oats,
hush.
1,012,000
2,000
222,000
360,000
1,428,000
...
—
153,000
some
The next two months have been booked
some of them are reporting orders on
hand which will keep them busy for an even longer period
Some export business lias been developed.
Orders placed
some
time ago for this class of business are being filled,
particularly by Southern mills, for shipment to South
by
5,442,000
...
.......
Toledo..:
4,253,000
...
...
for
ing business freely.
18,000
New Orleans.......
Galveston.
Apparently
Many buyers are pleased
with their foresight in purchasing their requirements some
time in the" past, and are attempting to place orders for
future delivery on the current basis.
The larger mills
which withdrew temporarily from the market during the
advance
GRAIN STOCKS.
United
ap¬
buyers, who are competing for
been offered
have
635,000
of grain, comprising the stocks in
points of accumulation at lake and
seaboard ports Oct. 1 was as follows:
New York....
as
998,000
7,886,000
Wheat,
an
The prices
percentage on the advance of the raw article.
39.866.000
supply
.
the
conservative, being an advance of only a small
most
7,279,000
33,733,000
at principal
x
of
time, and there is
being offered are considered by many of the mills
are
to be
49,397.000
280,000
visible
granary
than they were
preciable up-and-down movement to the trading.
1,494,000
1,473,000
13,299,000 165,636.000 161.886,000-3,388.000
—
1920.
Since
712.000
Oth. countr's
Total
Oct.
Bushels.
Gen¬
the
commodity
ing evidence of activity throughout the cotton market.
221,000
31.ooi
16.176,000
India——.
1
Since
Week
Since
North Amer. 11,159,000 137,277.000 122,719,000
..
time to purchase, as
prices current two months ago.
1921.
1920.
1921.
Exports.
Ituss.&Dan.
not
DOMESTIC COTTON GOODS.—There has been increas¬
such
Com.
Wheat.
Argentina.
are
larger mills have been very conservative in their
upward revision of prices, hoping thereby to gradually sta¬
which
The world's
ending
them
most of the
affects the goods at this critical
5,631,565 101,222,088 3,099,077 32,479,562
7,934,160 104,818,576
68.000
925,004
4,170,801
314,159
158,848
Total 1920-
confront
they have been led to believe.
The cotton mar¬
ket lias been very active, and there is increasing evidence
that buyers are realizing that with the upward move in the
as
Bushel 8.
Kingdom.
Total....
The
the
from
reports
that, despite industrial conditions, there will be a near nor¬
bilize
United
constructive feature estab¬
values.
mal amount of
raw
Exports for Week,
future
does,
has
retailers
The destination of
a
period of cool
metropolitan and
other districts of the apparent beginning of the long-de¬
ferred buying by the consuming public.
While the weather
has not been severe enough to really be considered as mak¬
ing fall buying a necessity, it lias been sufficient to show
it
as
weather
Exports front—
[Vol. 113.
CHRONICLE
THE
1592
yet been
as normal.
The market reports from Calcutta show a normal
prevailing there, with the market steady.
The
Government report showing a jute crop of about half nor¬
higher.
condition
output lias been accepted as correct, and
mal
the burlap
market is generally regarded as now being nearly level for
the
time
from
being.
Holidays will affect the Calcutta market
IT. during which time offerings
this week until Oct.
of burlaps will be small.
Importers of linens are reporting an increasing demand,
though complaining that it still continues to be of
moutli
with
variety.
Indications point
possible advance in price.
to
a
scarcity
a
hand-to-
of
linen,
At present quotations be¬
ing made by leading dealers are slightly higher.
Oct. 8
1921.] *
THE
CHRONICLE
manent
JJpue Ctaraiclr
PUBLISHED
Terms
of
Advance
account
of
the
fluctuations
600
...
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
NOTICE.—On
.$10 00
—.....s...—
...
13 50
7 75
____
11 50
in
the rates of
exchange
remittances for European subscriptions and advertisements must be made
in New York funds.
1
'
.
,
Subscription includes
Quotation (monthly)
Railway Earnings (mouthly)
State and City (semi-annually)
Bank and
following Supplements—
Railway& Industrial (semi-annually)
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Bankers' Convention (yearly)
Terms of
WILLIAM
B.
DANA
COMPANY,
Statement of the Ownership,
Aug.
24
1912,
York,
Management, dec., required by the
Commercial
of
New
&
Financial
Chronicle,
Act of Congress of
published
weekly
at
New York. N.
State of New
Y., for Oct. 1 1921.
York, County of New York,
ss.: Before
me,
notary
a
public, In
and for the State and County aforesaid, personally appeared Jacob Seibert
Jr., who
having been duly sworn according to law, deposes and says that he is the editor of
the Commercial & Financial Chronicle and that the
following Is, to the best of his
knowledge and belief, a true statement of the ownership, management, etc., of the
aforesaid publication for the date shown in the above
caption, required by the Act
of August 24 1912, embodied in Section 443, Postal Laws and
Regulations, printed
on the reverse of this form, to wit:
(1.) That the names and addresses of the publisher, editor, managing editor,
and business managers are:
Publisher. William B. Dana Company, 138 Front St., New York.
Editor, Jacob Seibert Jr., 138 Front St., New York.
Managing Editor, Jacob Seibert Jr., 138 Front St., New York.
tax-anticipation bonds sold to the First National Bank of
Los Angeles at 100.0125; Butte,
Mont., $1,000,000 6%
5% serial bonds; Oregon, $1,000,000 6% highway bonds to
Stacy & Braun and associates at 100.51, a basis of about
District No. 27, Minn., $1,000,000 7% school bonds to a
syndicate headed by Gates, White & Co. of St. Paul, and
State of Tennessee, $1,000,000 6% revenue bonds to the
Old Colony
(If there are none, so Btate.)
None.
(4.) That the two paragraphs next above, giving the names of the owners, stock¬
holders, and security holders. If any, oontaln not only the list of stockholders and
security holders as they appear upon the books of the company, but also, in cases
security holder appears upon the books of the company
other fiduciary relation, the name of the person or corporation
two paragraphs contain
statements embracing affiant's full knowledge and belief as to the
circumstances
and conditions under which stockholders and
security holders who do not appear
upon the books of the company as trustees, hold stock and securities In a
capacity
bona fide owner, and this affiant has
believe
no reason to
any other person, association, or corporation has any Interest,
the said stock, bonds, or other securities than as so stated
Jaoob Seibert Jr., Editor.
day of Sept. 1921.
bonds) issued by the City of New York.
obligations floated in September
$60,014,718, including sales by the Province
long-term
amounted to
of Ontario of
$30,000,000 6% debentures (of which $15,sold to New York bankers), and sales by the
city of Toronto of $19,000,000 6% debentures.
000,000
A
were
comparison is given in the table below of all the various
forms of securities
placed in September of the last five
1921.
1920.
1919.
§
.
S
that
direct or Indirect,
Thomas A. Creegan,
Notary
me
♦Tempor'y loans(U. S.)
79,426,900
56,393,143 51,392,000 39,625,000 29,610,618
Canadian loans (perm't)
60,014,718
Bends
Gen. Fd.
Possess
9,531,744
1,179,788
5,848,446
374,610
None
None
None
None
5,500,000
None
None
None
None
bds.(N.Y.C.)r
None
225,918,780 121,245,655123,411,422 70,205,866 61,160,245
...T
this 30th
*
S.
of U.
In
New
(My com¬
Including temporary securities Issued by New York City in September, S67,192i, 851,010,143 in 1920, 840,250,000 In 1919, 836,095,000 in 1918 and
970,000 in
822,730,000 In 1917.
Published every Saturday morning by WILLIAM
B. DANA COMPANY.
Jacob Seibert, Jr., President; Arnold G. Dana, Vice-President; Business
Manager,
William D. Rlggs; Secretary, Herbert D. Seibert.
Address of all. Office of the
Company.
The number of
njiunicipalities emitting permanent bonds
and the number of separate issues made
1921
348 and 428, respectively.
were
348 and 446 for August 1921
date nml
City grjrarimettt
MUNICIPAL BOND SALES IN
No general
in.
the
States is
SEPTEMBER.
large.
The
total for
September,
according to
our
In August the amount
tabulations, is $86,477,162.
was
$106,396,153, in July $102,700,291 and in June $109,677,671.
The largest undertaking in the way of municipal financing
during the month was the sale by the State of West Vir¬
ginia of $15,000,000 5% highway bonds.
These bonds are
part of an authorized issue of $50,000,000 and had been
unsuccessfully offered
the
on
Aug.
requirement of the law that they must not be sold for
Virginia banks at
par
and accrued interest and
re¬
sold
by them through Watkins & Co., Redmond & Co., the
National City Co. and other prominent investment houses.
As these latter offered them for public
and interest for all
Virginia banks
are
subscription at 98
maturities, it is obvious that the West
figuring
comparative
upon
purposes
Month of
and apparently they
compensation from indirect
are
counting
upon
the advan¬
tage to be derived from holding the proceeds of the sale
on
deposit.
were:
Other important issues disposed of in September
Michigan, $10,000,000 5lA% soldiers'
bonus bonds
to
a
syndicate composed of the Harris Trust &
Savings Bank, the Continental & Commercial Trust & Sav¬
ings Bank and other banks of Chicago at 103.033,
basis
a
1920
$756,166,681
489,176,223
49,820,768
1919
...
.
1918.
1917
70,839,634
24,732,420
519,669,754
238,179,833
378,078,924
368,388,101
406,496,817
408,044,823
288,204,714
317,912,921
314,503,570
231,921,042
31,175,017
1916.
...
1915
22,174,179
26,707,493
1914
■_
13,378,480
1913
26,025,969
1912
25,4.69,643
1911........
1910........
26,487,290
18.364,021
1909
23,001,771
....
1908........
34,531,814
1907.-.A-
272,389,451
243,241,117
199,722,964
47,947,077
SEPTEMBER
Page.
Name.
1488..Adams County IndL.
Rate
1906--.
about
5.25%;
Cleveland
City
$5,000,000 6% school bonds to
a
School
District,
Ohio,
syndicate headed by the
Bankers Trust Co. of New York at 102.92, a basis of about
5.63%; Jersey City, N. J., $4,139,000 5% bonds, consisting
of $2,261,000
($2,275,000 offered) general improvement
bonds and $1,878,000 ($1,892,000) water bonds, to a syn¬
dicate headed
these issues
necticut,
by Harris, Forbes & Co., the prices paid for
being 100.638 and 100.779, respectively; Con¬
$2,000,000 5% bonds "to provide funds for
per¬
a
1902...
4,033,899
1899...
7,201,593
189.8
6,173,665
1897—-
.....
1896
1895
1893...
1892...
BOND
...—
....
SALES.
Maturity.
-
_.
_
1488..Arundel Sch. Dist.
.
.
1598.- Ashland,
1921-1930
1923-1972
1947-1957
1922-1931
—
-
-
_.
-
5.00
93.25
97" 50"
5.35
100
100.002
5.99
100."""
5.00
101 rjr
5*65
1,000,000
6,000
50,000
100.012
5-99
1*00""""
4.75
102*30
.)..).)
160.000
136.500
25,000
20.000
100
600
36,400
300,000
60,000
85,000
115.500
1936
1931-1939
1931
1922-1931
1922-1931
1381—BooneCounty Ind..
4A
1941
1489..Boone County
Iowa—-5A
1381 ..Boulder
Colo.....
—6
1598..Boundary County, Ida..
1381 —Bradley Beach N.J.
6
1924-1931
1271—Briarcliff Manor N. Y—5i4
1922-1931
1381
Brockton
Mass
—5
1922-1920
1381—Brockton
Mass..
5A
d1931-1941
1489..Browning Mont..
-6
1927&1928
1173—Buchanan County Mo—5 *
1922-1936
1271 _-Burnett Sch. Dist. Calif_6
__
6.00
100
4.50
110,000
150,000
1931
Calif.6
Beltra mi County Minn
6
1381 -.Birmingham
Ala
.7
1381 —Blackfoot
Paving
Dist.
No. 2G
Idaho
7
1598—Boone Co., Ind. (3 ism.)-AM
1598...Boone County, Ind
5
-
1922-1935
1932-1941
1922
N. J..--.-4;,4
Ky__ a.
5%
1381
Atwater
Minn
1270--Barberton Ohio (3 iss.).-6
1270-.Bartlesville
Okla____-.-6
1598—Belhaven. No. Caro
--6
100
90.000
_
Ga_u—_
_6
U98.-Attica Sch Dist., Iowa..6
1271
1922-1941
_
1488.-Asbury Park
1489.- Atlanta
Basis.
100
50,000
75,000
350,000
20,000
70,000
24,500
-
_
Price.
Amount.
818 000
304.000
La
L
.5
1598--Anderson Sch. City, Ind.6
1173.. Anoka County Minn
.5 %
1270.-Arizona (State of)
6
_.
9,272,691
3,693,457
11,423,212
8,249,347
1894
6
Wis.r
14,408,056
...
1900
..
1488..Araery
9,179,654
.
1901
3,000
III...5
98..Alhambra, Calif...._I._
1270.-Alliance City S. D. Ohio.6
1270. .Amite
63,583,834
8,762,079
N. Y...5
7
Jif.
6,242,952
10,694,671
1922-1931
4A
1488--Albert Lea Minn
1381.-Alexander County
$153,152,345
141,021,727
197,921,657
111,745,993
117,678,855
99,324,001
97,194,441
95,026,437
83,150,559
106,387,463
56,229,416
92,253,916
90,454,836
40,974,566
1904
1903
1488.-Adams Co. S. D. No. 43
Wash..
—6
1381..Albany County
1381..Albany Ala
For the
Nine Months.
3,885,137
1905-..
-
of
months for
Month of
September.
$8,980,418
9,825,200
For the
.886,477,162
-
awarded
the following table
add
Nine Months.
September.
1921
_
sources,
we
series of years;
10—apparently because of
less than par—but in September were taken by a number
of West
For
Canadian issues, for September and the nine
aggregate of bonds disposed of in September falls below that
for the months immediately preceding, it is nevertheless
very
and with 342 and 454 for
September 1920.
in evidence, for, though the
j^et
during September
This contrasts with
showing the aggregates, excluding temporary loans and also
slowing down in the output of municipal bonds
United
$
49,820,768 70,839,634 24,732,420 31,175,017
Public, Kings County.
York County Clerks No. 291;
New York County Register No. 3244.
mission expires March 30 1923.)
1917.
$
--
86,477,162
Total
Sworn to and subscribed before
years;
1918.
'
Permanent loans (U.S.)-
by him.
(Signed)
long-term obligations in Sep¬
negotiated
or
for whom such trustee is acting, Is given; also that the said
a
also
were
during that month
$72,426,900 temporary loans, including $67,970,000 shortterm securities (revenue bonds and bills,
corporate stock
Canadian
(3.) That the known bondholders, mortagees and other security holders owning
holding 1% or more of the total amount of bonds, mortgages, or other securities
other than that of
there
tember
are:
as trustee or In any
Trust Co. and S. N. Bond & Co., jointly.
In addition to the sales of
St., N. Y.
(2.) That the owners are (Give names and addresses of Individual owners, or If a
corporation, give Its name and the names and addresses of stockholders owning or
holding 1% or more of the total amount of stock): Owner, William B. Dana Com¬
pany. 138 Front St., New York.
Stockholders: Jacob Seibert Jr.,
138 Front
St., New York.
<v
where the stockholder
of Butte
100.15; Lincoln Park District, Chicago, 111., $1,000,000
notes and assessment
Business Managers, George B. Shepherd and W. D.
Rlggs, 138 Front
or
City School District, Calif., $1,465,000 6% tax-free bonds
a syndicate headed
by Bond & Goodwin & Tucker, Inc.,
at 102.40, a basis of about
5.76%; Arizona, $1,000,000 6%
sold to
5.87%; Ouachita Parish Road District No. 1, La., $1,000,000
6% road bonds; St. Louis County Independent School
Publishers,
Front, Pine and Depeyster Streets.
geles City School District, Calif., $1,500,000 5%% tax-free
bonds to Blyth, Witter & Co. and
associates; Long Beach
at
—.45 cents
Contract and Card rates
On request
Chicago Office—19 South La Salle Street,
Telephone State 5594.
London Office—Edwards & Smith, 1 Drapers' Gardens. E. O.
*
State
of
a
funding bonds to the Metals Bank & Trust Co.
Advertising
Transient display matter per agate line
construction
new
syndicate headed by the Chase
Securities Corp. at 103.42, a basis of about
4.69%; Los An¬
WEEKLY
1
...
improvements in and
institutions," awarded to
Subscription—Payable in
For One Year...
For Six Months-
1593
.
50,000
45,400
2,600
17,700
120.000
75,000
50,000
250,000
15.000
100
93 33
100.91
101.63
100
100
6.00
668
5.90
—-
4.50
500
100
4.50
100.05
5-99
5.73
100.074
60,000\ 100:389
9,500/
60,000
200,000
15.000
100.006
5.99
Amount.
Basis.
Price.
--6
<21936-1941 1,000,000
2,000
Tex_
30.000
1382- -Caldwell U.S. D. Ohio. -6 "j
66,000
1598. -Calistoga H. S I).. Calif
----1589. _Campbell-$an Tomas Un¬
155,000
ion S. D.. Calif-6
149,507
1930
—6
1382. -Canton Ohio
165.000
So. Dak-1382. ..Canton S. D.
40.000
1271- -Carbon Co. R.S.D. Mont.6
17,500
1598. .CarnesvilleS. D., Ga—-140,000
1598 -Carrollton County, Ga—6
120,000
1931-1941
1489 -Casa Grande. Ariz. (2 iss.)6
27,000
1936
_6
1271 _Cass County, Iowa.
40,000
1598 -Catlcttsburg S. D., Ky>.
8,000
1§22-1937
5
1489 -Cazonovia, N. Y
85,000
6
1489 .Cedarburg, Wis
25.000
1922-1934
1382 .Center Sch. Twp., Ind—6
100.15
Rate.
Name.
Page.
Mont
1382- .Butte
1489...Calamers Sch. Dist.
Maturity,
—
6-00
100
5.66
100
100
6.00
100
104.96
6.00
100
5.00
5.51
__
Calif---.
6
1941
1271--Chattanooga,! Tenn__;—6
1174--Chaves Co., N. Mex
6
<11931-1936
1382--Cheyenne Co. Cons. S. D.
No. 33-C, Neb
-.6
1382.-Chisage County, Minn—5A
1489.-Clark County, Ind
-6
1174--Clay County, Ind
--5
1490.-Clyde, Ohio6
1599
College View S D.. Neb_6
1490--Colorado Springs, Colo._6
1490—Colquitt County, Ga - - _5
1382--Connecticut (State of).__5
1490--Cottonwood, Idaho
1490 -Coulee Crouche Dr.D.,La.5
1699.-Curtis 8. TX, Neb
6
1382
Cuyahoga County, Ohio_6
1272--Danville, Va—
1599. .Danville S D , Iowa
1490,-Daytona,
Fla
1931-1940
------- — ----
— ------ -
1936
1922-1951
—--
5A dl931-1951
-5A
1922-1946
Tex
1272.-Decatur County,
1272--De Kalb County,
1383--Delavin, Wis.
1927-1936
1922-1941
1922-1960
1941 1922-1926
1922-1946
1271--ClevelandCityS.D. Ohio6
1174--Clifton N. J
6
1382--Clifton Forge, Va
-.-6
12711IDaSw County,
6
Ind-_-.4H
Ind
5
.
1924-1948
14901-Delaware (State of).
4^ <21922-1961
1272..Denver, Colo. (2 issues)-.6
—
1383--Denver (city and county),
(3issues.)--6
1272.-Dubuque, Iowa (2 issues) 5
1599..Dudley S D , Ga
6
1490 .Duluth, Minn—
1383--Durham, No. Caro
-6
1383--Eagle Pass. Tex. (2 issues)6
Colo.
1490--East Cleveland, O. (4iss.)6
1383--East Newark, N. J——6
1490.-East Cleveland, Ohio.-_-._6
1272--Edmond, Okla
-.6
1490--Edgewood, Pa—
$A
1490..E1 Reno S. D.t Okla
1383-.Emer.son, Neb
------6
1490..Erie, Pa
5A
1599--Essex Fells, N. J—
6
1383--Everett, Mass
____5M
1383--Everett, Mass.--. — -__5Yt
1383--Everett, Mass
5H
1383.-Everett. Mass—- — --.5A
1490._Fairrield County, Conn.-5y%
1490.-Fairmont, Minn..,
6
1490,-Fairport, N. Y-—
6
—
1923-1949
1922-1933
1931
1922-1941
1926
1930-1951
--
1923-1950
1922-1926
1922-1929
1922-1931
1922-1941
1951
-_-i
1922-1931
Oblo
-.6
1383-.Fayetteville Graded S.D.
Caro..
4
1174--Fulton County, Ohio.-__6
1383-.Galesville, Wise.,
__6
1174--Gardner, Mass—
5
1174-.Gardner, Mass
-_._5^
1174--Gardner, Mass...
5%
1174
Gardner, Mass
5%
1490--Garfield Co. S. D. No. 39,
-
-
Colo
1961
6
1599—FillmoreCo. S. D.40,Neb.6
1490.-Fillmore County, Minn._5A
1490—Frankfort, Ky
--_.__6
1490--Franklin, N. H
5
1383--Franklin County, Ind __.5
1490--Franklin County, Kans—6
1599..Franklin Co.S.D.4,Wash.5%
1599..Frederick County, Md.__5
,--6
1599,.George S D . Iowa
6
1383--Gibbon, Neb...—-____6
1383--Gibbon, Neb
— ___-7
1174..Gilbert. Minn
6
1599,-Glenmore Cons. S. D.t
No Dak.__4
—
1383--Golden Valley Co., Mont.6
1272. -Goodhue County, Minn—5 A
1490.-Grand Forks, No. Dak—6
1599. .Grand Rapids,Mich. (2iss)6
1*99—Grand Rapids, Mich____6
15f>9.-Grand Rapids, Mich
5
1175.-Greenville Co., So. Caro. __
1599.-Hamilton Co., O. (4 iss.)_6
1175--Hamilton Co., Ind.(2iss.)4H
1490..Hamilton County, Iowa.6
1491 —Happy Val. Irr. D., Calif.6
1936
1941
1922-1936
1922-1936
1922-1931
1936-1944
4.69
5.63
6.45
..00
vido""
9,700
12,500
33,000
500,000
42,500
125,000
100,000
200,000
525,000
24,484
203,500
107,000
6,000
36,000
50,000
214,000
12,000
200,000
30,000
——
IIII
6.45
95.25
100
4.50
100
5.00
92.18
8,000
5.00
100
94
102.26
5.79
102.484
5.68
100.79
5.89
102.484
5.68
100
IO2I179
588
102.089
5.01
250,000
75,000
53,844
75,000
80,000
77,500
55,062
6,000
125,000
137,950
20,000
1922-1931
34,000
1922-1928
1922-1927
<11931-1941
113.025
97.60
4.68
100.01
5.99
100
6.00
6.32
6.20
97.10
97
10,5.18
5.38
5.55
98.80
5.19
101.11
5.00
100
100'"""
575
101
491
100
6.00
100
6.00
<2193 CM 940
1922-1926
100.89
7,000!
6.000J
12,000
22,000
36.000
34,100
80,000
fob""""
blob
100
4.00
221,938
16,000
fob" ""
5.50
100
6.00
1922-1926
163,500
100
6 00
1922-1931
100
6.00
1941
70,000
175,000
100
500
1941
100,000
1931
370,000
10,500
24.000
fob"""
100,000
30,000
285,000
100
<11923-1940
2,500
475,000
J
1922-1931
1931
100
1927-1946
1922-1928
100
96
1922-1946
__6
1941
79,250
6.00
6.00
24,900
100
6.00
54,478
100
5,00
5.00
5.27
6.00
5.00
5.88
5.65
7.00
6.00
5.25
5.99
600
5.36
5.71
5.98
5.97
5.81
5.48
5.31
5.42
5.47
6.00
5-50
5.89
5.93
6.00
6.00
11II
5.00
5.95
5". 87
6.00
5.00
<21931-1941
-6
1936-1941
149.3..Pike Co., Ind
5
1493—Pinehurst. Ga
6
1692--Pierce Co. S.D.65,Wash_6
1602.-Plains, Ga. (2 issues)
5
1922-1941
—
1930-1949
5.67
104.04
250,000
100,000
55,000
27,000
40,000
M
~
—
..
—
400,000
107.31
100
6.00
101.62
5.65
ll77—Prince Georges Co., Md—5
1275--Provident Irr. Dist..Calif —
1493—Pryor, Okla
5
1275-.Pullman. Wa^h
r
1386--Racine Wis (3 issues).-.0
42,500
100'""
5".00
60,000
100.396
5.96
100
6.CO
100.6381
5".45
22,500
55,000
35,000
1922-1961
1951
1927-1941
1941-1961
1928-1941
17,000
1926
6
Calif
1493--Pickens Co., Ala_
6
1493—Pierce, Neb—
— —7
1493..Pierce, Neb.^
6
1385_ _Pierce Co., Ga_
-5
1385--Pierce Co. S. D. No. 26,
1493.-Portsmouth City S. D., 06
1177—Prairie DuChien, Wis—6
5.78
82.000
1932-1941
-
-
5l38
101.74
1273--Keith Co. S. D. 17. Neb.6
Il75--Kendallville Sch.CiV.Ind6
1175—Kenosha, Wise. (2 issues) .6
1491 —King Co. Dr.D.7.Wash-- —
1273-King Co. S. D. 200,Wash.
1273—Knoxville, Tenn-—
6
-
....
100.055
75,000
1941
_
1932-1956
1922-1941
37,200
2,261,000
1,878,000
8,000
500,000
40,000
134,000
20,000
110,000
12,789
8,000
150.000
40,000
390,000
200,000
900,000
6
1922-1960
5.00
100
32,000
1386—Port of Portland. Ore—^6
1603—Port of Tacoma, Wash—6
5.91
5.96
1922-1958
_ _
-
Plains H. S. D., Ga
5
1493—Plainsburg S. D., Calif—6
1493--Pocahontas Ind. S. D., Ia6
1275--Polk Co.. Minn
5%
1602—Pomona City H.S.D.,Cal.5 A
1177--Portage Twp. R. S. Dr,0_6
1385—Portales, N. Mex—L—6
1275
100.48"
1600--JenningsCo., Ind. (2iss.) 5
Il75--Jersey City, N. J___—'-5A
Il75--Jersey City, N. J_
5A
1384--John Day. Ore
6
1175--Kansas City S. D.. Mo—5
95
250,000/
200,000
5.00
50,000
3,500
100.0001
5.49
6.00
1924-1941
100
23,600
-
—
<21931-1941
blob
101.04
Mont_6
100.02
95.60
100
1922-1960 1,500,000
100,000
15,000
6,000
20,850
10,000
45,000
27,000
50,000
7,500
25,000
61,000
425,000
5,000
35,000
30,800
51,000
110,177
27,000
fob""
25,000
J. S. D. No. 16,
6.00
500,000
1932-1941
6
Neb
"1925-1949
1273--Idaho Falls, Ida———7^
1273--Jackson, Ohio..
6
1273--Jackson Co., Ind. (2iss.).5
1273--Jackson Sch. Twp., Ind—6
1600..Jefferson, Wise—
5
1491--Jefferson & Madison Cos.
100
10,000
1936
—
95
1273--Hood River County, Ore.6
1273--Howard County, Ind
5
1384--Hubbard U. S. D., Ohio. .6
1384--Huntington Park U. H. S.
D., Calif
5.76
315,000
1926-1952
6
100
5
97.784
1922-1943
1384
Madison, Me.
5
100
1274—Medina, Ohio
-.6
100
1385—Malakoff Ind. S. D., Tex_5
101.638
1922-1961
1601—Maumee V. S. D., Ohio—6
1601 —Maynard S. D., Iowa
1926-1961
200.0001
1175—Memphis, Tenn.
,
6
1924-1948
500,0001
1175.-Memphis, Tenn.(3 issues)5%
1926-1961
100,000) 100.01
117.5—Memphis, Tenn
1927-1961
100,0001
1175--Memphis, Tenn__
5A
1923-1925
95,000
1176—Memphis, Tenn
6
1945-1947
75,000/
1175.-Memphis, Tenn
5
38,000
1385—Menno, So. Dak
100
1930
101,000
1491--MarshallCo., So. Dak—_7
1951
65,000
1492—Memphis, Texas
6
i"o"o"""
1922-1927
29,000
1176.-Mercer Co., Ohio (2 iss.)_6
103.033
1941
10,000,000
] 385—Michigan (State of)
5A
100.02
1938-1953
16,000
1385-.Middleport, N. Y
6
101.033
75,000
1176—Middletown, N. Y.._--_5^
1937-1941
34,000
1492—Mitchell Co., Iowa..
6
15,000
1601 __Modelia, Minn—
1924-1960
950,000
1385--Monroe, La
6
100
50,000
i601__Monroe Co. R. D. 4,Miss.6
101.20
1922-1945
210,000
1176—Montclair, N. J__
_5^
100,000
]492_-Montezuma S. D., Ga
6
140,000
1385—Montpelier, Ida___
7
l"0"0l 188
1926
30,000
1601 —Mount Vernon. N. Y_i__5H
100,000
1385—Murfreesboro, Tenn__—
~1922-1931
65.000
1492.-Muscatine Co., Iowa
6
1922-1924
50.0001 100.10
1274--Muskegon, Mich—--—6
1922-1931
50,000/
1274.-Muskegon, Mich
6
100.10
1922-1926
58,000
1492
Nashville, Tenn
- -6
101.70
1927-1941
46,000
]492-.Nashville. Tenn
6
200,000
1492..Nevada (State of)_
6
102131"
1923-1961
978,000
1176 —Newark, N. J
5A
100.208
1922-1926
75,000
1176—Newark, N. J
5A
100.10
1922-1931
50,000
1176—Newark, N. J
5A
100
35,000
1492.- New Braunfels, Texas— _ 6
1492__NeAv Madrid Co. Drain.
1922-1941
100,000
Dist, No. 23, Mo_ ——6
100
1923-1935
35,000
1601--Newport Twp., Pa
5A
1931
5,000
1602--Nora Springs, Iowa
6
96.03"
<11931-1941
165,000
1385--Norfolk S. D., Neb ——5)4
7,500
1602.-North Powder, Ore
98"""
100,000
<119264941
1275--North Platte, Neb— — .6
100.865
1931
25,000
1385—North Tonawanda, N. Y_6
1926-1931
25,000
1492—North Vernon, Ind
6
40,000
1492—Nunn, Colo
6
100.43
1923-1933
60,000
1492—Oakdale U. H. S. D., Cal_6
100
1922-1927
6,000
1385__Oak Grove S. D., Calif—6
100/
5,750
1492.-Oak Hill. Ohio
6
28,3.39
1176—Ogden, Utah
6
93".07"
<21931-1941
75,000
1385—Odgen S. D., Utah
5
100
8,160
1922-1941
1492.-Ohio County. Ind
5
23,298
1602.-Okanogan, Wash
1275--Onondaga Un. Free S. D.
100.665
200,000
No. 1,N. Y—
6
95
5,000
1602.-Ontario, Ore—
6
1493--Orange Cove Jt. U. S. D.,
20,000
1927-1930
Calif
___6
fool 5]"
1925
1,000,000
1385--Oregon (State of)
6
1385--Ouachita Par. R. D. No.
1922-1959 1,000,000
1, La
-.6
1602.-Pacific Co. Cons. S. D.
100
35,000
Ill, Wash
6
104.48
1931-194]
137,000
1385—Page Co., Iowa
6
101.78
<21926-1941
65,000
1493.-Painted Post, N. Y
6
1926-1941
37,919
1385—Papillion, Neb
.6
99.00
27,000
1493—Paullina, Iowa
__6
94
75,000
1493.-Pawnee City, Neb
1493--Pend Orielle S. D. No. 29,
100
5,000
Wash
.6
"l 922-] 931
145,000
1493—Pensacola, Fla
7
blob
100
100
150.000
5.75
102.40
—
100
7,000
102.38
1385—Petaluma City H. S. D.,
94.17
125,500
20,000
100,000
11,000
435,000
1.465,000
—
4.50
6.00
40.000
6
5.92
40.000/
1922-1946
1384--Madera, Calif
1274—Madison Co., Ind_
-
20,000]
200,000
11,500
26,400
100.1575
100.68
__
10120
45,000
250,000
5.89
600
5.93
100.823
—
37,000)
,
100.692
5.67
100
88,000
100.000
1923-194] 1,000,000
1925-1949
200.0001
1922-1961
1925-1944
500
1927-1941
6
1384--Los Angeles City 8. D.,
1
Calif
——5^
1491—Luverne, Minn—
6
1491—Lynn Haven, Fla
6
]274—McCook, Neb_
6
1274.-McCook. Neb
7
1385—Marion Co., Ind_
_5
1274-_Mackay Ind. S. D., No. 7,
_
"94"""
100
96.39
1922-1946
-6
Ida
75.000
80.000
1926-1931
6.66
36,000
125,000
14,000
1922-1931
—
6.00
50,000)
1599..Highland, Texas
6
1273--Highland County, Ohio—6
1384—HilIsboro, Texas. — — 5
1273--Holly Springs Sep. S. D.,
Miss.
103.42
2,000,000
20 000
5.00
loo"""
80,000
50,000
200,000
75,000
77,000
1384—Lorain, Ohio.
6
1384--Los Angeles City H. S.D.,
Calif
5A
6.00
75,000
14,500
1384—Loosahatchie River D. D.,
Tenn
570
1922-1941
1383—Harlingen I. S. D., Texas. __
1384--Hartford S.D.No.l,Conn.4H <11929-1959
1922-1931
1491--Hardin County, Ohio
6
1273—Hecla, So. Dak.——.—6
1491..Hardin County, Ohio
6
1384—Helena S. D. No. 1.Mont.6
1,384--Hennepin County, Minn_5
1491.-Hay Springs S. D. No. 3,
Neb
5~ 50
30,000
100,000 ylOO
100
21,400
100
46,800
102.92
5 000 000
103.60
120,000
95
100,000
100
5,000
35,000
10b""~
474,293
100,000
375,000
225,000
100,000
55,000
450.000
1922-1945
Basis.
Price.
Amount.
Beach City S. D.,
Calif
105-87 ~
^
---------
1273--Long
100.53
38,000
92,000
250,000
14,000
11,000
1383--Fayette,
No.
5 99
-
-
1489.-Chandler, Ariz
104.14
100 025
28,000
-Centerville, Iowa
.Central Gaither U. S. D.,
Maturity.
1923-1932
—
102.181
_ - -,
1489
Page.
Name.
Rate.
1491--Kossuth County, Iowa
6
1384--Ladoga, Ind_
6
1384- -Lafayatte Par. Road Dist.
No. 1, La
-„5
1273- -Lake Co. Ind. Cons. S. D.
No. 3, So. Dak
1600.-Lane County, Ore__
5
1273—Lansing, Mich. (2 issues)_5
1600—Laramie County, Wyo
5
1600.-Laurel, Neb. (2 issues)
6
1273--Lawrence Sch. Twp., Iud.6
1600--Lemon Twp R.S.D.,0_6
1175—Leonia, N. J
6
1273—Lincoln County, Ore._—6
1384--Lincoln Park Dist., Ill—5
1491—Long Beach, N. Y. (2iss.)6
1491--Long Beach, N. Y. (2 iss.)6
1273—Long Beach City H. S. D.,
Calif6
—
—
1382
[Vol. 113.
CHRONICLE
THE
1594
Ind,.—4A
(2iss.)__4A
1386—Portland, Ore.—.
6
1177--Portland, Ore
5
1602--Port of Gray's Harbor,
1493_-Porter County,
1177--Porter Co., Ind.
Wash..
1386—Port of Portland, Ore
100.779/
95.42 ~
1922-1931
400,000
33,771
100
50,000
500,000
100
1941
.
104.31
5.64
1386--Port of
Portland. Ore
6
l"9~22-]93]
"1927"-] 94]
1922-1961
1923-1932
1950
1922-1931
1922-1931
1941
10,000
6
6
61,000
50,000
190,000
_
1922-1931
31.500
"5,000
1922-1941
980,000
'
_
fob""
5~od
M
~
wm
—
—
-
-
—
-
97.02
101.36
fob"""
blob
4I50
*
100
100
4.50
.
5I00
10b"
99075
100.30
various
101.15
"5". 55
104.27
97.137
—
—
5.56
5.19
—
90
104.59"
5l42
OCT. 8
1921.]
Page.
THE
Name.
Rate.
Maturity.
lfiOL.Red Winsr. Mbm._
6
1275- Red woodCo. Mi nn. (2iss.) 5 %
1603—Reinbeek Cons I 8 D.,Ia.6
Amount.
1931-193 4
15,500
111.000
225,000
10,000
-
1926
1603_.Richardson, Minn
6
1177- -Richardson
Co.
Cons.
S. D. No. 14 Neb
5H
1494.-Richland Co. So. Caro—6
1494--Richland Co. S. D. No.
1386.-Ripper Dam S. D.
1494..Rockingham Co.
1603Roseau County.
1177-_Rutherfordton
100
6.00
6.00
34.000
100
1494.-Scott Co.
260,000
No.
100
6 00
104.95
5.925
96.50
6
U. H.
10,000
S.
Calif
6
1922-1961
115,000
103.93
5.68
1276--South Bend School City
Ind
6
1931-1940
1386--South Orange Twp.
1922-1963
400,000
125,000
105.75
100.044
5-40
5.99
1386- -South
Pasadena
H.S.D. Calif
N. J.6
6
1924-1946
125,000
1922-1931
225.000
1922-1941
1386..Starr S. D.
Ga
1923-1938
1604. _Statesboro.
Ga
600,000
30.000
10,000
75,000
29,000
100
1931-1939
35,000
102.89
.6
1926-1937
12,000
100
6.00
1,400
100
6-00
100
103.68
101.33
5 00
Minn.
1387--Stoddard S. D. Calif.-
1494--Stevens Co.
Sch.
No. 141
Wash
—
Neb
-
1922-1941
1922
10.000
32,799
38.500
130,000
1941
8,000
1927
15,000
1941
140,000
-152,900
6
6
1387—Tosele City Utah
6
1604__Topeka, Kan.—
_5»4
1277.-Topeka Kans.
——5
1277.-Travers City S. D. Mich.6
1387.-Utica N. Y. (5 issues)-..53^
1387. -Utica
— —
1494—Vanderburgh Co.
1387--Verona N. J
D
S
——
94.70
101.47
6.20
5 IB
1922-1931
4.50
porary
1923-1956
137,000
102.27
5.80
sinking fund
112,000
25 000
!
50 000
1923-1931
8 000
200,000
dl931-1941
75,000
1927-194615,000,000
-
646
60,000
30,000
255,800
25,000
31,300
10,000,000
10,000,000
5,000,000
5,000,000
25,000
1,808,760
15,000
265,500
26,912
161,036
6
1931
6
1943
1943
1926
6 53
96.637
98.26
9390
97.09
9683
645
98.26
95
96.64
106.60
96"64"
6J28
5.49
~6~28
106" 635
89.53
101.27
7".6O
117,300
98~25~
6.23
98.35
660
65,610
1953
94
79,100
.........
35,000
295,500
309,000
;i
80
4,000,000
1925-195110,000,000
5,000,000
80,000
210,000
1946
,1,529,000
1925-1951
fffr.
82.03
96.179
95.42
97.61
6.29
106.54"
$60,014,718
d Subject to call in and after the earlier
k Not including $79,426,900 of tem¬
loans reported, and which do not belong in the list,
as an
investment,
y
And other considerations,
x
Taken by
r
Refunding
'
-
,
6.00
100
101.23
NEWS
6.00
100
100
—
15,000
245,000
20,000
101
1947-1949
600,000
eToo
100
1930-1938
_
19.37-1947
100.85
100 549
114,200
■ —_
5077
98.599
50,000
1923-1927
5.00
5 38
5.08
5.74
68,000
25,000
100""
Alexandria Bureau says:
80,000
101.264
The vote
6" 00
1934-1941
oH
68,000
1927-1934
11,
.6
5.34
Total bond sales for September (.348 munici¬
.$86,477,162
1
extremely light, since the number of qualified voters in the
,
6.55
94
was
city is 3,875.
The vote by wards was as follows: First, for, 343; against, 83.
Second,
for, 293: against, 87.
Third, for, 503: against, 70.
Fourth, for, 339;
against 78.
As a result of the election, next June five councilmen-at-large will be
elected by popular vote, to take office Sept. 1 1922.
These men will
receive a salary for their services, the amount to be determined later.
It is
expected that most of the present members of the City Copncil and the
Board of Aldermen will be candidates for election under the new plan.
100.15.
125,000
palities covering 428 separate issues)
Alexandria, Va.—City Manager Form of Government
Approved by Voters.—The voters of Alexandria on Oct. 4,
approved the plan to change the City Governemnt to the
City Manager form.
The vote was 1,480 for the change, to
318 against.
A dispatch to the Washington "Post" from its
5.94
90,000
ITEMS.
——
100.62
1931-1939
1495—Yakima County. Wash-_6
1387.-Yorba S. D.. Calif-.
1278.-York Sch. Dist.
Pa
blA
N.
99 62
25,000
and mature in the later year,
year
bonds.
7,000
57,000
-
D.
1941
1931
6
Average date of maturity,
a
197.733
1922-1931
—
—
7.10
—-
1387.-Whitney, Texas...
6
1278-_Wilkes-Barre, Pa..
5
1604-_Wilmerding, Pa
—-5K
1495- Wilmington Del
__5
1495--Winona S. D.. Minn
6
1604
Woburn. Macs (2 issues) 5
1495- -Woodvi 1 ie S. D., Ohio.—6
S.
Basis.
95.574
—w-
1922-1944
_._6
1495--Wright County, Iowa
Ont
-
Total amount of debentures sold in Canada
during September 1921
——
100.073
92.19
45,000\ 95.58
__
275.000
_
So. Caro..
5 00
6.00
Price.
350,000
>4,000/
15,000
250,000
260,000
130,000
....
1943
5.98
1178.-Weston Co.. Wyo
6
1495--West Virginia (State of) _.5
1278--Whatcom Co. S. D. No.
25, Wash
6
1495. Wheeler County Texas
5 H
1278—Yorkville
95
IN
98,900
6
100.12
100.70
100
1277.-Washington S. Twp. Ind.6
1387-Wachoe Co., Nev
__.6
-
5.50
6.00
72,000
1943
35,000
11,800
6
-
2,250,000
6%
6
130,000
5
1278.-White Co., Ind
Amount.
2,100,000
1941
6
6
1922-1934
So. Dak
Maturity.
1931
Ont
6
Glengary
and
Stormount Cos., Ont__6
605.-Dunville, Ont.
6
605—Gananoque, Ont
——6
387--Glace Bay, N. S
6
179-.Grey County, Ont
__6
387—Hull, Que._
6
495—Kemptville, Ont
6
279-_ Kingsville, Ont
._6K
...6
1277—Walker Co., Texas
100
100
495—Dundas,
1922-1927
Calif--.5H
,
Rale.
__
——
100
100
1922-1941
6
100
10,000
50,000
CANADIAN MUNICIPALITIES
388--OntarioCo., Ont
6
388—Ottawa, Ont. (4 issues)._6
388.-Portage La Prairie
6
496—Regina, Sask
.6
605__Saskatchewan S. D.,Sask.
388.-Saskatchewan S. D., Sask
496--Saskatchewan S. D.i, Sask8
496—Saskatoon S. D. No. 13,
Sask
—6J^
279—Sarnia, Ont. (2 issues)_5)^&6
279—Sherbrooke, Que
.6
496—Shawinigan Falls, Que—_6
388--Stamford
Twp.,- Ont.
<3 issues)
:
6
279.-Toronto, Ont
43^
496_.Toronto, Ont.--_____.__6
496—Toronto, Ont
6
496—Wentworth County, Ont_6
605—Windsor, Ont. (2 issues).
605-- Winnipeg, Man
6
5-33
1925-1951
6H
Ind.__4H
600
260,000
95,000
605—Dunville,
5
1277--Vancouver. Wash
1604.-Vancouver. Wash
1387..Volga
Name.
188,7001
27,471/
N. Y
160.t__Visalia II
5.50
6.00
100
106.73
—
1922-1928
1922-1931
1922-1940
5
6
1604--Toledo. Iowa.
75.000
314.000
44,500
1,000,000
dl931-19il
6
1604..Tiffin. Ohio <2 issues)
Ind
1604.-TiptonCounty, Tenn
'7,500
—
•
5V£
1494--Sumner Co.
Kans—....6
1177--Tennessee (State of)
6
1494--Thurston Co. 3. D. No.
21
101.41
8.000
■
Y
1177—Tippeqanoe Co.
BY
__
1604.-Steuben Counts, Ind—_5
1494--Stevens Point Wis.(2 iss.)6
N
5.70
102.88
Dist.
6
1387.-Strawberry Point S. D. Ia__
1177--Suffolk Co.
SOLD
605—Mimico, Ont__
387.-Ontario (Prov. of)
5-70
5
5
1494. .Stevens Co.
'
_
387-.Ontario (Province of)
496--Ontario (Province of)
496—Ontario (Province of)
5.00
6
7
_
6.00
100
indicated) are for August.
August issues will make the total sales (not
179—Lachine, Que
279-.Leamington, Ont
450.000]
1922-1951
Ind
1941
__
"
6.00
100
SEPTEMBER.
495--Kitchener,
City
1276..Springfield Mass. (2iss.).5
1276..Springfield Mass
-*.5
1276..Springfield Mass
4H
1277..Spring LakeS. D. N. J..5H
1277.-Steuben Co.
1923
600
100
75,000
130,766
19,000
.....
200,000
Highway
Ida
1386.-Sonoma Valley
D.
60,000
1924-1942
Basis.
100
40,000
387-.Alberta (Province of)___-6
387--Alberta (Province of)
6
278--Brandon, Man
6
278—Charlottetown, P. E. I__6
150,000
150.000
200,000
63,000
DEBENTURES
Page.
.
-.6
Prairie
102
1923-1962
Price.
1,000
including temporary loans) for that month $106,396,153.
5 50
5.85
1924-1940
D.
Caro_.
Dist.
5 86
100
1922-1941
6
6
D. Ia6
1276—Smitlifield Graded S.
1276--Smith's
5.06
100 41
1926-1941
Kans_____5^
Caro
1386.-Sheboygan
Wis
1386--Shelby Con. Ind S
No.
106.67
Dist.
6
1276--Sedgwick Co.
1603--Selma, No
1925-1937
Amount.
All the above sales (except as
225,000
48,000
100,000
106,000
_
Maturity.
(71931-1941
ilSW
These additional
322,000
1926-1935
6
Mo
12
1924
—
5
Drain
Raie-
1494.-Wayne, Neb. (2 issues).,6
1,000,000
350,000
600,000
5H
Mo
Co.
38,000
15,000
1924-1927
1494._St.
1386--Scott
^
o
....
1926-1935
Paul
Minn
6
1603c.San Joaquin Co. Rec, D.,
Calif (2 isues)
5H
1494--Santee Bridge Dist. S. C.6
^T(imeA
5.00
1922-1936
1927-1941
No. Caro.6
1603--Scott County, Iowa
1603__8cott County, Iowa.
93.65
100
N. H..5
Minn.,6
Minn...
6 00
1,800
25,000
Calif_6
Mo
4K
Louis Co. Ind. S. D.
Minn
7
Paul
____
100
Page.
1595
1386,-Powder River Co. S. D.
No. 32, Mont
,._6
1493.-Randolph Co.,Neb.(2iss.)6
878--Rockdale, Texas________6
1276—Seattle, Wash. (10issues).6
982.-Sheridan, Ore.
6
1276.-Sioux City Ind. Sch. Dist.,
Ia. (July).
_5
982--Slide Irr. Dist., Ore.(Feb.)
1494—Thayer Co. S. D. No. 34,
____
__
300,000
No. 27
1386--St.
Basis.
1922-1960
1386.-St. Louis Co.
1275--St.
Price.
100.37
dl931-1936
6
Mont
No. 60
30,000
CHRONICLE
/
/
Will
REVISED
TOTALS
FOR
The Council
The
following items, included in
page
number of the issue of
for these eliminations may
We give the
same.
in which the
our paper
1268—Concord Two.
D
S.
,
River, MinnV (Aug. List)
1268—Eugene Ore. (Aug. List)
1174—Elk
—
—
—
—
—
—l_.
—.
(June List)
1269—Jefferson County. Ala. (July list)
1268..Kings Co. Reel. Dist. No. 168, Calif. (Aug. list).
1269--Seattle, Wash. (10 issues) (Aug. list)
1276-Sioux City Ind-Sch. Dist., Ia. (May list)
982—Slide Irrigation Dist.," Ore. (Feb. list)
-•
—
following additional sales for
previous months:
Name.'
Page.
Rate.
1489.-Blair, Neb--..-.-.
1271—Clinton, No. Caro...
873..Concord Two. P. S D
1490—Cozad, Neb
1922-1941
,0.0
24,994
50,000
5.041
5,500
1922-1926
6
Enterprise. Ore
.6
1383—Eugeno, Ore
1272—Harrodsburg, Ky
5H
1600—Jackson, Miss
979.-Jefferson Co., Ala
___5
1491 ..Lexington. Neb...
7
1491 —Lincoln Co. S. D. No. 59,
-
Amount.
dl922-1949
____6
1174-.Elk River, Minn
1272
Maturity.
7
6
-
Wash
—
26,000
—48 398
-/
,
Calif..
.8
1601—Minot, No Dak_..____.4
977—Por+ of Bay City. Ore
(March)
6
——
.
97,000
50,000
7.00
100
6.00
—
—
97
100
____
'
100
7.00
100
6.00
(71923-1940
22,533
10,000
100
4 00
1930-1934
60.000
—
—
r
dl921-1940
1922-1931
City Manager is required to
and
to
the
see to the enforcement of all city ordin¬
performance of their duties by all city officers, and to
keep the Council constantly advised
New
Mexico
(State
on
all civic matters.
of).—Legality of / State Highway
Debentures Upheld.—In the suit filed to test the legality
of the $800,000 debentures issued by the Highway Commiss¬
ion (V. 113, p. 656) the Supreme Court of the State affirmed
the legality of the issue following the carrying of the con¬
stitutional amendment at the election Sept. 20.
The syllabus
>
the Court's decision is
not
—y_
46 000
—
financial or legal officers, or the clerical force and other
Council: these are appointed by the Councilmen, and
as
follows: "Where
an
act of the
Legislature authorizing the issue and sale of debenutres is
validated by the adoption of a proposed amendment to the
constitution an appeal which raises the question of the
constitutionality of the statute which might be meritorious
but for the amendment to the constitution so adopted will
6 00
6-00
1001
389,000
10,000
—
The
ances
of
Basis.
100
43,067
6
1491—Los Bancs
Price.
100
any of the
of the
include the Corporation Attorney, City Auditor, Clerk, and Collector of
Taxes.
They are subject to removal by the Council alone.
....
—...
,
We have also learned of the
1
attendants
5,065
$260,000
43 067
—100,000
50,000
473,000
600,000
140,766
260,000
95,000
....
—
.
1272 —Harrodsburg, Ky. (Aug. List)
1273—Hay Springs S. D. No. 23, Neb.
a
The City Manager will appoint all city officers designated by the Council,
appoint
Ohio (August list.)
so
City Manager, at
and may remove them for neglect, inefficiency or other causes, but must
report all removals to the Council at its next meeting
He has no power to
Amount.
R.
a
of the Council
reasons
be found.
Name.
Page.
Changes.
elected will choose
a Mayor from among their number, and
salary also to be determined by Council,
who will administer ail of the city's business affairs under the supervision
employ
totals for previous
our
months, should be eliminated from the
Effect
MONTHS,
PREVIOUS
be considered after the curative amendment has been
adopted by
a vote
New York
of the people."
|
City.—Tentative Values of Real Estate and Per¬
sonal Property for 1922.—The Department of Taxes and
Assessments on Oct. 1 opened the assessment books for the
year 1922.
The tentative assessed value of ordinary real
/
estate and real estate of corporations is announced to be
$9,947,323,092, an increase of $339,305,625, compared with
the tentative figures of 1921,
The final figures for 1921
were $9,544;728,525.
We give below the estimated figures
for 1922, comparison being made with the estimated and
final figures for 1921. \
REAL
ESTATE.
v
1S21.
Final Roll.
1921.
<g
g
*—Tentative Figures——
1922.
.
•
•
5,671,192,055 5,489.193,555 5,470,482,258
i Real estate of corporations136,357,900
131,679,600
131,198,850
Bronx
[Ordinary real estate.793,980,736
771,571.046
766,871,771
1 Real estate ol corporations54,914,250
54,206,350
53,756,150
Brooklyn,.[Ordinary real estate...
2,370,712,431 2,302,215,511 2,267,238,056
j Real estate of corporations.
45,846,700
45,985,050
45,774,850
Queens.—if Ordinary real estate702,569,100
648,740,735
645,939,140
\Real estate of corporations.
41,095,550
40,884,150
40,876,330
Richmond.jOrdinary real estate.--.
125,805,720
118,693,720
117,749,970
(Real estate of corporations.
4,848,650
4,841,750
4,841,150
Manhattan
192
/Ordinary real estate
—.
estate..--------9,664,260,042 9,330,420.567 9,268,281,195
Total real estate of corporations.
283,063,050
277,596,»00
276,447,330
Total of ordinary real
—
...
9,947,323,092 9,608,017,467 9,544,728,525
Grand total of real estate
does
above
The
not
include
special
The
franchises.
made by the State Board of Tax
Commissioners and returned to the Tax Department of the
assessments for these are
city in January each
year.
personal assessment list for 1922
$37,408,100 more than the tentative
Enormous reductions are always made in
The total of the tentative
is
$667,480,950,
figures for 1921.
figures by the "swearing off" process.
;
The following table shows the amounts for the various
classes of personal property on the 1922 list, compared with
the tentative and final list of 1921, the1 final figures for 1921
being designated by means of an. asterisk (*):
PERSONAL PROPERTY.
Resident
Personal of
Personal.
Estate.
$
$
'
-
Corporation
Non-Res.Per. S'axe Law
Resident.
Non-Res. Bee.7,Sub. 1 Sec.7,Sub 2
$
$
$
$
103,006,900 47,714,500 8,075,000 21,093,700 4,692,100
98,457,700 41,290,500 9,553,000 18,106,100 4.310,700
11,519,100 15,234,350 7,078,200 14,020,500 2,847,100
1922. —-.248,617,800
234,834,350
102,043,350
1921*
Bronx:
1921*
1,484,500
434,500
5,000
3,000
3,000
30,837,500
35,210,600
2,751,700
5,618,500
3,911,500
2,894,350
36,000
57,000
26,000
5,434,200
3,963,350
601,400
44,652,000
39,194,500
12,920,900
1921..
716,000
1,011,100
564,300
1,000
17,500
12,500
5,000
3,971,500
5,840,300
541,300
Brooklyn:
v
1922-—116,394,900
...
1,487,000
-
1921.
..
—
19,960,750
19,726,050
6,231,150
Richmond:
1,359,100
1,797,700
167,500
1921*—
1,167,275
120,300
141,100
197,600
Total:
....
-
--------
-
------
.
TOTAL BY
—
BOROUGH
1922
-..
—
Bronx.
Brooklyn.
g
$
—
-.152,742,600
Total.
' ■S
■
Richmond.
•
433,200,000 50,115,500 152,886,900 26,111,950 5,166,600
1921 —--406,552,350
1921
Queens.
s
46,522,300 146,768,000 24,718,000 5,512,200
13.899,700
37,741,850
7,409,350 1,428,675
667,480,950
630,072,850
213,222,175
Accompanying the report of the tentative figures was a
statement by Henry M. Goklfogle, President of the Depart¬
ment of Taxes and Assessments
which read
as
follows:
It is interesting to note that the lowest increase in any district in
hattan is in the East Side section bounded by James Street, along the
ery
Man¬
Bow¬
the East
only $1,821,500, while the largest increase of any
in District No. 8, bounded by 40th Street on the
to Grand Stieet, to Essex Street and north to 14th Street to
River.
That inciease in
district in Manhattan is
south to 79th Street
on
pre¬
which read
follows:
as
v
Attorney-General's
\
Opinion.
Governor is as follows:
a communication from
York, in which he makes
exposition and argument that the direct State tax imposed by Chapter 396
of this past session is unconstitutional and he presumes that you will desire
to call the Legislature in extra session to correct the statute.
My view is
that an extra session is not necessary, and, briefly, so as to expedite a
reply to your inquiry, for the reasons I now state.
"The direct State tax is 2.277 mills on each dollar of real and personal
property in the State subject to taxation and is the total of three separate
mill rates purposed to raise revenue for the general fund of the State Treas¬
ury, for the payment of principal and interest on State debts and for the
support of the common schools, specified in the statute separately as
The opinion of the Attorney-General sen% to the
"Transmitted with your letter of Sept. 26 is
Charles L. Craig, Comptroller of the City of New
a
1
thousands of a mill.
;
v
'For services relating to the State debt, including the annual contribu¬
tions to sinking funds for the amortization of the principal of debt, the re¬
demption of serial bonds, and interest on debt, including soldiers and sailorsbonus bonds, seventy-seven hundred and twenty-seven ten thousands mills.
'For the support of common schools, including the payment of district
and teachers' quotas, academic quotas, non-resident academic tuition, and
aid in the payment of salaries of teachers in public schools of the State, to be
apportioned as provided by Chapter 680 of the Laws of 1920, one and onehalf mills.'"
|
"To the second item, that for the State debt service, taxing officers and
lxidies throughout the State are bearing attention for it includes a tax to pay
the interest on soldiers' and sailors' bonus bonds which cannot now be
issued, the referendum act authorizing their issue having been declared
unconstitutional quite recently by our Court of Appeals as is of common
knowledge.
i
■ ... ' Taxing Power of Legislature.
.
_
*
GRAND
opinion
"
—
—
$
on an
"
1922--—-.433,260,450 144,609,200 55,703,500 8,122,000 21,093,700 4,692,100
1921-.
.404,860,700 145,269,650 47,895,200 9.630,500 18,106,100 4,310,700
1921*..--154,432,475
15,533,800 19,268,600 7,119,700 14,020,500 2,847,100
Manhattan.
based
1921. forty-three ten
.<
3,635,000
3,516,900
1921
,
.
A
— -.-
1922-----
The Governor's statement was
pared by Attorney-General Charles D. Newton,
44
Queens:
1921*..—
,
follows:
'For the payment of those claims and demands which shall constitute
lawful charge upon the general fund during the fiscal year beginning July
—
.
1921——107,588,900
1921*.-L. 32,069,800
1922--.-..
diers and sailors bonus bonds which the Court of Appeals has decided cannot
legally be issued; but the opinion of the Attorney-General demonstrates
that it is not necessary to convene the Legislature as you suggest.
The
effect of the decision of the Court of Appeals is to render the entire item of
.7727 mills for debt service invalid and void.
It therefore becomes the.
duty of the State Comptroller, in certifying the State tax, and of the legisla¬
tive bodies of the several counties in levying the same to omit the void item
for debt service, and the State Comptroller will issue certificates certifying
the amount of tax for State purposes that can validly be levied under the
law as now exists, thus entirely eliminating the void item.
TJ?6 result
wiil be that the appropriation of 111 ,475,359 67 for debt service will have to
be met from the general fund precisely as it would be the duty of the State
Comptroller under the Constitution to make the necessary payments from
that fund even if no appropriation had been made therefor, and there
will be practically no State tax except the mill and a half tax imposed for the
support of the common schools and teachers' salaries.
Fortunately the treasury is in a condition to meet the payments necessary
to be made this fiscal year for debt service and the taxpayers may thus
at once, and at a time of the greatest need, get the benefit of the economies
which have been inaugurated in the public services of the State.
The
result, will be a reduction of the tax rate from 2 695 mills last year to 1 5043
mills this year and a total reduction in the amount of direct State taxes of
$12,666,180 25 as compared with last year.
If comparable reductions in the expense of local, county and municipal
governments had been effected, the burden on real estate and the serious
tax situation in the City of New York, to which you refer, would not exist.
Unfortunately in many localities and notably in the City of New York, the
tax burden has been increased at a time when economic conditions made
substantial decreases essential to the public welfare with the result that the
reduction in State taxes, substantial as it Is, will be much more than offset
by increased local taxation.
However, that makes it still more important to keep the State tax rate
as low as possible and doubly gratifying that it is not necessary to convene
the Legislature in Extraordinary Session to provide a substitute for the
tax item which, under the decision of the Court of Appeals, is invalid.
Very truly jours,
nathan L
MILLER .
or
these
Borough-—
Manhattan:
[Vol. 113.
CHRONICLE
THE
1596
the north, Fifth Avenue to the East
River, common¬
ly termed the Grand Cential Zone, the increase being $44,253,600.
Many of the large increases are due to the recent construction of very
large office buildings, theatres and apartment houses completed during the
past year.
Notable instances of these are the Ounard Builaing, the Bordeu
Building, the Strauss Building, the Canadian Pacific Builaing, the Heckscher Building, the Cammeyer Building, the Giddings Building, the Penn
Terminal Building, the Loew Theatre Building, the two Garment Center
Buildings and several immensely large new apartment houses on Park Ave.
Through legislation passed from time to time at Albany the Department
has been deprived of authority to tax the greater part of personal property
as was the case some years ago.
The city, however, receives a proportionate
share of the State income ar d corporation tax, which last year netted the
city $17,879,929 98.
What will come to us this year is entirely problematic.
The new law which exempts certain classes of dwelling houses from
taxation, and which was passed to encourage housing facilities in the city,
will, of course, operate to reduce to a considerable extent the valuation cf
the real estate, but just how much it is now impossible to predict.
It is
roughly estimated that there will be over 14.000 applications made for
exemption of taxes on the newly constructed tax-exempt buildings in the
"The statute,
raise for the total debt
which $1,225,000 was six months'
the direct State tax, designed to
service of the State $11,475,359 67 of
$45,000,000 of 5% soldiers' and. sailors' bonus bonds as appears
from Part VI. of the general appropriation bill of this year (Chap. 176).
interest
on
"I need hardly state the proposition for it is directly perceptible; has the
legislature power to levy a tax for an unconstitutional purpose?
And I need
hardly express to you the answer.
A tax must be for a purpose for which
public moneys may be expended (Loan Ass'n v. Topeka, 20 Wall 655;
Weismer v. Village of Douglas, 64 N. Y. 91).
"Moneys of the State contemplated to be raised by this direct taxof 1921
cannot be used to pay soldiers and sailors a bonus.
We have definite
judicial direction to that effect (People of the State of New York v. The
Westchester County National Bank of Peekskili).
Manifestly the people
ca nnot be taxed to sustain activities which the Government may not exercise
doesn't
With
Agree
Craig.
with Comptroller Craig's conclusion that
Heretofore for several years past in statutes
imposing a direct State tax, a rate has been fixed separately for each sinking
fund (Chap. 729<cf 1915; Chap. 762 of 1917; Chap. 368 of 1918; Chap. 535of
1919; Chap. 682 of 1920).
In 1921 the tax for debt service was lumped in
one rate and the sinking funds not specifically described.
The former was
the better practice for it distinctly stated the tax and the object to which
it was to be applied, in clear consonance with Art. HI, S. 24 of the Con¬
stitution providing:
Every law which imposes, continues or revives.a tax shall distinctly state
the tax and the object to which it is to be applied and it shall not lie suf¬
ficient to refer to any other law to fix such tax or object.
"From the foregoing observation I do not mean that I believe the recital
for debt service in the 1921 statute has defied the constitutional requirement.
Indeed, if that question were necessarily to be discussed here, 1 should say
the paragraph conformed to the fundamental provision.
The object of the
tax is sufficiently stated.
It is for all State debt and for all sinking funds.
These sinking funds, although requir ed by the Constitution to be 'separately
kept.' (Art. VII., Sec. 5), partake on one nature, namely, State debt
service; and a tax for State debt is as definite an object at least as a tax
"However, I do not follow along
the entire direct tax is void.
,
.
^
,
"4
five boroughs.
New York State.—Calling of an Extraordinary Session
of the Legislature to Amend the Provisions of the 1921-1922
Direct Tax Schedide Declared Unnecessary by Governor Miller.
—In answer to a communication from
New York City
Comptroller Charles L. Craig, in which the Comptroller
takes the stand that the direct State tax imposed by Chapter
396 of the past session of the Legislature is unconstitutional
and suggests that an extra session of the Legislature is
necessary to correct the statute, Governor Nathan L.Miller,
on Oct. 4, wrote the following letter stating that the Comp¬
troller was in error in expressing the belief that the direct
State tax provisions were invalid and that there was need of
calling an extraordinary session of the Legislature to amend
the schedule.
State of
New York, Executive Chamber, Albany.
Oct.
Hon. Charles L
4
1921.
Craig, Comptroller, New York City.
Dear Sir:—I beg to acknowledge your letter of Sept. 23 in which you sug¬
gest the calling of an extraordinary session of the Legislature to correct
alleged illegalities in the imposition of the State tax provided by Chapter
396 of the laws of 1921.
The enclosed opinion of the Attorney-General makes it plain that you are
in error in asserting illegality because of the inclusion in a single item of the
tax for the State debt service.
It is equally plain, however, that the item
of 7727 mills to produce $11,475,359 6/ for debt service does include 0757
mills to raise $1,225,000, or six months' interest on the $45,000,000 of sol
Orange,
of McPherson, 104
N. Y. 306).
Debt
"But I disregard the
item of the 1921 statute
Service
Item
Wide.
proposition, being convinced that the debt service
other and more particular
is unconstitutional on the
ground that it includes a purpose, soldiers and sailors bonus bonds, for
which the revenues to be raised cannot be expended.
"Had the taxing statute this year separately itemized the sinking funds
and the mill rates therefor, it would have been easjr to ignore and leave
uncertified and uncollected the mill rate tax provided for the bonus bonds.
Nowhere from the statute itself, however, is the mill rate tax for the Ixmus
bonds computable, nor are we at liberty to inspect the annual appr opriation
bill or arrive at the rate tax by a computation not drawn from the contents
of the direct tax statute itself.
It shall not. be suff icient to refer to any other
law to fix such tax or object (Art. III., S. 24).
i must conclude that the
whole debt service item of the statute is void.
4'I approach what I deem a solution which obviates the calling of the
l egislature in extra session.
Having expunged the third paragraph of the
statute, that for the debt service the mill rate taxes for the genera l fund and
for the common schools remain unaffected.
The statute is divisible. Judge
Cardozo, writing the opinion in People ex rel. Alpha Portland Cement Co.
v. Knapp (230 N. Y. 48, 62), after finding certain items illegal in the scheme
of taxing corporations on their franchise, continues in support of the re¬
mainder of the statute:
'I find it unbelievable that a
.
.
Legislature willing to impose a tax with
in. would be unwilling that the tax should stand if those items
were out.
Undoubtedly it wished them in if it had the legal right to
keep them.
To say that does not mean that rather than lose them, it would
throw the project to the winds.
Laws are not to be sacrificed by courts on
the assumption that legislation is the play of whim and fancjr.
A doc¬
trinaire emphasis on the possible rather than the-probable would forbid
"
those items
OCT. 8
1921.]
THE
No doubt it is easy, sheltering ourselves behind some
all times.
severance at
CHRONICLE
Brazil, to investors at 97M and interest to net
Further information
concerning this
implacable tenet of the separation of governmental powers, to insist upon a
certainty impossible of attainment .
We do small service to the State by so
intransigent a pose.
Our right to destroy is bounded by the limits of
necessity.
Our duty is to save unless in saving we pervert.
When all the
world can see what sensible legislators in such a contingency would wish
that we should do, we are not to close our eyes as judges to what Ave must
perceive as men.
This need is all the greater in fields ay here the laAV is in
a
stage of transition and readjustment (Henderson supra).
With the
line so blurred and vague betAveen the lawful and the unlawful, the
most}
honestly conceived and carefully developed system of assessment may
involve some element of value beyond the reach of the taxing poAver.
I will
not readily impute a desire to place the revenues of the State in
jeopardy
by the sacrifice of the whole Avhenever there is a failure of a part.'
in the fore part of this issue in
Events and Discussions."
&
also, referring to the tax
of this issue in
•
have seen,
we
Texas .—Result
Bonus
Which
>
Bonds
and
1.
2.
the 'Constitutional
found
that
The amendment of Article 17, Section 58, of the
Constitution, abolish¬
Commissioners.
For 39,659, against 71,880.
The amendment to Section 5 and 21 and 22 and 23 of Article 4 of
3. Amendment of Section 51 of Article 3 of the Constitution
authorizing
the Legislature to grant aid to Confederate soldiers, sailors and their
AvidoAVs Avho have been a resident of this State since Jan. 1 1910.
For
49,852. against 61,568.
4. The amendment to Section 24 of Article 3 of the Constitution
relating
mileage and per diem of members of the Legislature of the State of
Texas.
For 24,424, against 85,482.
to
.
5. The amendment to Section 2 of Article 6 of the Constitution of the
State hf Texas providing that only native born or naturalized citizens of
the United States shall be qualified electors in this State, and
providing
that either the husband or Avife may pay the poll tax of the other and
Amendment
receive the
Wisconsin.—Amendment to Constitution for the
Aquisition
of Public Utilities, Passed by Legislature.—The resolution
proposing to concur in the action taken by the 1919 Legisla¬
ture in amending Article XI of the Missouri Constitution
was approved by the 1921
Legislature on July 13. The pro¬
posed amendment, which would permit cities to incur addi¬
tional
indebtedness not exceeding
text of this resolution may
1921
an
on
the value of the
on
page
be found in
our
issue of Feb. 12
673.
sale of the initial
necessary
BOND CALLS AND REDEMPTIONS.
Denver
(City
and County), Colo.—Bond Call.—In
Section 47 of the Revised Charter, 1916,
City and County of Denver, notice is given thaf suf¬
ficient moneys are in the hands of M.J. McCarthy, Manager
of Revenue, Ex-officio City Treasurer, to pay the
following
only in order to
pursuance
,
of
of the
Institutes Proceedings.
The proceedings will be instituted by the Commander of Portland Post
No. 1 of the American Legion
T H. Boyd who is a taxpayer, will petition
for
5%
taxable property in such city for the purpose of
acquiring
public utilities, will be submitted to the people of Wisconsin
at the general election to be held in November 1922.
The full
Preliminary arrangements for the suit were being made to-day by Sec¬
retary Brumbaugh under instructions of the Commission.
Post
receipt therefor, and permitting the Legislature to authorize
For 57,622, against 53,910.
absentee A'oting.
bonds waited upon such action in view of the recent New York decision
against the bond issue in that State.
The Commissioners said that there
aire no points of similarity betAveen the Oregon and New York situation,
but that freindly suit in the Oregon courts is
effect a sale of the bonds.
bonds:
injunction restraining the Commission from selling the bonds.
Storm Sewer Bonds
The petition probably will be promptly denied by the Circuit Court o
Multnomah County and certified to the Supreme Court for decision.!
The
Commission avHI ask that the case be advanced on the Supreme Court
Washington Park Storm Sewer District—Bond No. 229.
West Denver Storm SeAver, District No. 1—Bond No.
calendar in order that it may be cleared up in short order.
No slowing doAvn of the bonus machinery will result from the suit, the
Commission announced.
The work will continue as if no suit were pehding
Seventh Ave. Special
until
East
Denver Improvement District No. 5—Bond No,
Side Improvement District No. 15, Bonds No.
North
December.
North
Side Improvement District No.
The following official statement was ghren by this Commission folloAving
Denver
South
its meeting this Afternoon:
"In order to effect the sale of the
,
bond issue at tihs time it has been
found necessary by the Commission to cause the question of constitutionality
of the Oregon bonus law to be passed upon by the Supreme Court of the
Decision
suit
were
Paving Bonds.
Cited.
pending except that actual dis¬
Supreme Court and the
v
bursement of funds mast await the decision of the
subsequent sale of the initial bonds "
(State
of),
Alley
Alley
Alley
Alley
Alley
Alley
Alley
Alley
Alley
Alley
Paving
Paving
Paving
Paving
Paving
Paving
Paving
Paving
Pa\'ing
Paving
District No. 17—Bonds No 30 to 35, inclasive.
District No. 18—Bonds No. 21 to 24, inclusive.
District No 21—Bonds No. 27 to 30, inclusive.
District No. 23—Bonds No. 28 to 30, inclusive.
District No 24—Bonds No, 36 to 39, inclusive.
District No. 26—Bonds No. 23 and 24
District No. 27—Bond No 27.
District No. 29—Bond No. 13
District No. 50—Bond No. 9
District No. 56—Bond No. 13.
Acoma Street PaAing District No. 1—Bond No 19
>
Fast Denver Paving District No. 3—Bond No. 31
East Denver Paving District No
8—Bond No 34.
Market Street Paving District No. 2—Bonds No. 80 to 84, inclasive.
North Denver Paving District No
1—Bond No 27,
•
Queensland
38
1945, inclusive.
Surfacing Bonds.
mandatory.
no
1936 to
Denver Surfacing District No. 1—Bond No. 75
Hill Heights Surfacing District—Bond No. 14
Seventh Ave. Parkway Surfacing District—Bond No. 32.
Surfacing District No 4—Bonds No. 48 to 54, inclasive.
v
The Avork of the Commission will continue as heretofore and applications
Avill be received and checked as in the past.
In fact, the Commission will
if
incl.
/
North
suit would not have been necessary except for decision against the New
same as
68,
110.
Park
Yrork bonus law, which, though in no way similar to the Oregon lawr, served
to depress the bond market for bonus bonds and thus make the suit here
proceed quite the
to
Park Bonds.
"The Commission had hoped to obviate this formality and feels that such
a
137.
64
74.
Improvement District No. 9—Bond No
East Denver Park District—Bonds No.
State
Accordingly, under an arrangement Avith representatives of the
ex-service men, an injunction will be asked by them from the lower courts
restraining the Commission from selling the bonds.
This action Avill serve
to bring the case before the Supreme Court.
I
"This Commission regards this action as a formal proceeding necessary
in the advantageous sale of bonds, as there Is no question in the minds of the
Commission concerning legality and constitutionality of the law.
York
23—Bond No.
South Capitol Hill Improvement District No. 2—Bond No.
South Denver Improvement District No
8—Bond No. 59
Official Statement Issued.—
New
99
Sanitary Sewer Bonds.
Sanitary Sewer District—Bonds No. 23 to 28, incl.
Improvement Bonds.
although the legal action Avill disturb the Commission's plan to open bid
for the sale of bonds early in October and probably will delay bonus pay¬
ments
State
to
amendments to the
the voters at the special
the Constitution of the State of Texas proA'iding for
compensation of execu¬
tive officers.
For 25,778. against 68,223.
They
Commission after it had been
Proposed Amendments
proposed
ing the Board of Prison
Constitutionality of the Oregon bonus law will be passed upon by the
Supreme Court of Oregon in a friendly suit which is to be instituted in the
lower courts immediately.
This action was decided upon to-day by the
Bonus
on
five
•
on July 23 (V. 112,
p. 2785) only one, the proposition
permit only fully naturalized foreign citizens to vote in
the State, was approved.
The vote, as given out by S. L.
Staples, Secretary of State, is as follows:
Were Authorized.—We are advised by
Harry C. Brumbaugh, Secretary of the World War Veterans'
State Aid Commission, under date of Sept. 29 that, in order
to finally determine the validity of the $5,000,000 Oregon
Veterans' State Aid gold bonds (first issue) for which bids
were to have been received on Oct. 10 1921 (V. 113,
p. 1493)
and the Constitutionality of the amendment under which
they were authorized, the Commission has decided to have a
friendly suit instituted, which will be carried before the
Supreme Court of the State for final decision.
A special
dispatch from Salem to the Portland "Oregonian" dated
Sept. 30 said:
State
the
to
Oregon.—Friendly Suit to be Instituted to Decide Legality of
Under
on
Further informa¬
election
is forbidden
late for the
.
Soldiers'
of Vote
Constitution submitted to
Texas
Comptroller to issue neAV certificates to the
different county legislative bodies, for I understand the actual levy of taxes,
including the amounts for the State tax, does not customarily take place in
up-State counties until on or after Dec. 15 in each year, and from Comptrol¬
ler Craig[s letter there is yet time before Oct. 10 for the Board of Estimate
and Apportionment of the City of New York to correct its tentative budget.
"Foregoing the State tax for debt service this year, I might add, interferes
not at all with the payment of principal and interest on State bonds nor Avith
contributions to the sinking funds, for the Legislature by the appropriation
bill has appropriated the necessary moneys from the general
fund, and
had it failed to do so the Comptroller AVould have been obliged to make the
payments from that fund (Constitution, Article VII., Section 11).
The
general fund can stand this debt service until the Legislature next meets in
regular session.
"Respectfully yours,
■_(Signed) CHARLES I). NEWTON, Attorney-Gen:'
\
the
on
on a previous page
Department of "Current Events and Dis¬
our
Constitution.—Of
rates, impose the tax as effectively to my mind as the opening
clause.
The Comptroller accordingly, is able to certify the tax from the
face of the statute after the elimination of the debt service rate, without
too
that the first payment Of interest
cussions."
own
"It is not
us
these bonds too, not later than Nov. 1.
tion concerning this matter may be found
purpose
sources Avhicb,
as
by Art. III., Section 24, of the Constitution.
advise
payment of its interest) providing for interest payment
mentioned.'
While this is the general taxing clause of the
statute and fixes the total mill rate, it is but the statement of the 'aggregate'
tax; and
the three subordinate paragraphs specifying the general fund
purpose, the debt service purpose and the common school purpose, carrying
deriving aid from outside
Co.
The above firm also state that it has secured an
agreement
the State of Coahuila (which also defaulted
on
the
hereinafter
1
'
from
Ave are
"The opening sentence of the direct tax statute provides that 'there shall
be imposed, for the fiscal year beginning July 1 1921, taxes aggregating tAvo
and two hundred and seventy-seven one-thousandths mills on each dollar of
real and personal .pi operty of this State subject to taxation, for the
their
our
City of Saltillo, State of Coahuila, Mexico, bonds, which
have been in default since 1913, has been received
by them.
here discussing, the Legislature
did not import that if it Avas unable to get the bonus bond interest, it did not
care to raise revenue for the other purposes.
course
over 8.20%.
offering will be found
department of "Current
Saltillo, State of Coahuila, Mexico.—City Resumes
Payment of Inter est—State Also to Resume.—H. M. Noel
Legislature's Intention.
-
"Of
1591
Australia.— Bonds
Offered in
the United States Quickly Disposed of.—Yesterday (Friday)
the National City Co. offered and quickly sold $12,000,000
7% 20-year non-callable coupon (registerable as to prin¬
cipal only) sinking fund external loan gold bonds of the State
of Queensland, Australia.
The price at which the above
bonds were offered was 99 and interest, yielding about
7.10% to maturity.
Additional information concerning
these bonds will be found in our department of "Current
Portland, Ore.—Bond Call.—Improvement bonds num¬
dated Nov. 1 1914, are called
for payment on Nov. 1 at the office of Wm. Adams, City
Events and Discussions."
Treasurer.
Rio
de
All such bonds are hereby called in for payment, and at the expiration
thirty days from the first publication of this notice, to-wit, on the 31st
day of Oct. 1921, interest on the bonds above described will cease.
Upon the request of the holders of any of the above bonds received ten
days before the expiration of is call the above official will arrange for their
payment at the Bankers' Trust Co., New York City, but not otherwise.
of
bered 28,343 to 28,535 incl.,
Janeiro
(City of), United States of Brazil.—
Offered in the United States.—A syndicate composed
Dillon, Read & Co., Lee, Higginson & Co. and the Con¬
tinental & Commercial Trust & Savings Bank are offering
$12,000,000 S% 10-25-year (optional) sinking fund gold
coupon (registerable as to principal) bonds of the city of
Rio de Janeiro, Federal District of the United States of
Bonds
of
BOND
PROPOSALS
this week have been
as
AND
NEGOTIATIONS
follows:
ALBANY, Morgan County, Ala.—PRICE PAID;—'The price paid
by the Alabama Bonding Co. of Montgomery for the $50,000 bonds-y-V.
113. p. 1381—was 93.25 and accrued interest.
The bonds were acquired
on Sept. 6 and are described as follows:
Interest rate 7%.
Denom. $500.
Int. A. & O.
v
THE
1598
COUNTY
ALBANY
(P.
O.
Wyo.—BOND
Laramie),
BOUNDARY COUNTY (P. O. Bonners Feny), Ida.—BOND
SALE.—The
Newspapers
$25,000 6% 10-20 year (opt.) tax-free coupon road construction bonds
dated July 1 1921, offered on Oct. 5—V. 113. p. 1381—have been sold to
Bosworth. Chanute A Co. of Denver, at a cover of 101.
school house bldg. bonds has been voted, it is
Angeles County, Calif.— BOND SALE.—Of an
bonds voted hist June (V. 112. <p. 2659), $20,000
been sold to the Alhambra Savings Bank of Alhambra at par, it Is
issue of $100,000 water
have
reported,
The remainder of the issue, it is stated, and an issue of $12,000
voted at the same time as the water bonds, will be offered for
ANDERSON
SCHOOL CITY (P. O. Anderson), Madison
<
fire bonds,
sale in the
CALISTOGA
County,
BOND
offered.
(M.-S.)
—-~^2*/oO,2oO
198,000
It instated that there has
ELECTION—According to
system impt. bonds will be
at par
to the
Marion County,
bonds has been sold
Marion County National Bank of Knoxville.
ALBUQUERQUE SCHOOL DISTRICT NO. 1 (P. O. Albuquerque),
Bernalillo County, N. Mex.—BOND SALE.—Recently the $425,000 5 lA%
10-20 year (opt.) school bldg. bonds—V. 112, p. 281—were sold at 95 to
Bosworth Chanute & Co., E. H. Rollins & Sons and William R. Compton
Co.
Date Feb. 1 1920.
FOUNTAIN DRAINAGE DISTRICT (P. O. Baton Rouge),
Rouge Parish, La .—BOND OFFER INC.—Sealed bids will
until Oct. 12 by W. D. Woodward, Sec'y Board of Comm'rs?
$65,000 5% semi-ann. drainage bonds.
Denom. $1,000.
Due in 15
BAYOU
Baton
East
be received
for
question over any
been liquidated at
or
Statement.
...
.
TOWNSHIP
SCHOOL
DISTRICT, Cambria County,
m. Oct. 21 sealed bids will be re¬
Secretary, in the Barker Building in
Ebensburg, Pa., for the purchase of $30,000 5H % tax-free bonds.
Denom.
$1,000.
Date Aug. 1 1921.
Int. F. & A.
Due $10,000 on Aug. 1 in the
years 1929, 1937 and 1945.
Cert, check for $500, payable to I. E Lewis
District Treasurer, required.
Purchaser to pay accrued interest.
These
bonds were first offered on Aug. 19 V. 113, p. 652.
It is stated that there
has never been any litigation or question over any previous issue of bonds,
all previous issues having been liquidated at maturity.
Assessed val. of taxable property within said school dist..$2,944,230 00
Pa.—BOND
OFFERING.—Until
ceived at the office of L.
p.
30,00000
indebtedness
bonded
Present
7
S. Jones,
Floating indebtedness
None.
Population of district, over 4,000.
Chief industries in district, mining of
coal and general farming.
Real estate assessed at from 60 to 75% of its
real value.
years.
(P. O. Morocco), Newton County, Ind.—
BOND OFFERING.—C. W. Timmons, Township Trustee, will receive until
11a.m. Oct. 15 bids for $30,000 6% bonds.
Denom. $500.
Date Sept. 1
1921Prin. and semi-ann. int. (M. & S.) payable at the Farmers State
Bank in Morocco.
Due $2,000 yearly on Sept. 1 from 1922 to 1936 incl.
Cert, check for $500, required.
BEAVER TOWNSHIP
COUNTY
BEAVERHEAD
DISTRICT NO. 21 (P.
O.
Evalyn H. Pyle, Clerk, will
$4,000 6% 10-20-year (opt.) fund¬
Cert, check for $100. required.
ing bonds.
CARNESVILLE SCHOOL DISTRICT (P. O. Carnesville), Franklin
County, Ga.—BOND SALE.—The $17,500 school bonds voted as repotted
in—V. 112, p. 1999—have been disposed of.
CARROLLTON, Carroll County, Ga.—BOND
$140,000 6% improvement bonds have been sold.
SCHOOL
Polaris), Mont.—BOND OFFERING.
receive bids until 2 p. m. Oct. 15 for
Oct.
CASCADE, Cascade County, Mont.—BONDS HELD ILLEGAL.—The
SALE.—On Oct. 1 the
1381—were sold at par.
Green—V.
E.
113, p. 316.
SCHOOL
DISTRICT
(P.
O.
Catlettsburg),
Ky.—BOND SALE.—An issue of $40,000 school bonds
CATLETTSBURG
Boyd
1921.
1
SALE.—An issqe of
District Court Judge, J. B. Leslie, has held an issue of $20,000 6% sewer
bonds illegal.
These are the bonds which were offered on July 11 and sold on that day
to C.
BEGGS, Okmulgee County, Okla.—BOND
$50 000 6% 20-year city hall bonds—V. 113, p.
Date
litigation
Floating indebtedness, $13,000.
This floating indebtedness is to be
paid out of the funds realized from the sale of the advertised bonds, the
debt having been contracted since the bonds were first advertised for sale
and the money obtained having been used for the purpose for which the
bonds are being issued.
Population of district over 4,000.
Chief industries in district.
Mining
of coal and general farming.
Real estate assessed at from sixty to seventyfive per cent, of its real value.
CAMBRIA
ATTICA SCHOOL DISTRICT (P. O. Attica),
Iowa.—BOND SALE.—An issue of $25,COO 6% school
been any
Assessed valuation of taxable property within said road district.$3,944.230
Present bonded indebtedness..
None.
County, Ky.—BOND SALE.
ASHLAND, Boyd County, Ky .—BOND
reports, $250,000 general sewer
a vote of the people on Nov. 8.
all previous issues having
bonds,
of
Financial
APPANOOSE COUNTY (P. O. Centerville), Iowa.—BOND SALE.—
that $54,000 6% funding bonds have been sold at par.
newspaper
never
previous issues
maturity.
It is reported
submitted to
Pa .—BOND OFFERING.
purchase of $70,000 5K% tax-free road bonds.
Denom. $1,000.
Date Aug. 1 1921.
Int. F. & A.
Due on Aug. 1 as follows: $11,000 1927,
$15,000 1933, $20,000 1939 and $24,000 in 1945.
Cert, check for $500
payable to Robert Scanlan, Treasurer, required.
Purchaser to pay accrued
interest.
These bonds were first offered on Aug. 19—V. 113, p. 652.
COUNTY (P. O. Lufkin), Tex.—BOND DESCRIPTION.
5H% road bonds recently voted—V. 113. P- 1073—are
follows:
Coupon bonds.
Denom. $1,000.
Date Oct. 1
Int. A. & O. payable in Lufkin or Austin.
Due serially for 30 years.
The SI60 000>55* %
counon
water works improvement bonds offered on Sept.
29—V. 113,
p
1270—have been sold.
Date Jan. 15 1921.
Due on Jan. 15 as follows:
$25 000 1946 and 1951, $20,000 1952. 1953, 1954, 1955 and 1956. and
Siolooo 1957.
Nana County, Calif.—
County has sold
for the
as
ASHLAND,^Boyd
DISTRICT,
CAMBRIA TOWNSHIP, Cambria County,
"ANGELINA
1921.
SCHOOL
—Daniel W. Jones, Secretary (P. O. Wilmore R. D.) will receive sealed
bids until 2 p. m. Oct. 21 at the American National Bank in Ebensburg
—The $1,142,500
described
HIGH
SALE.-—It is stated that the Treasurer of Napa
1,000 school bonds to the Central Bank of Vallejo.
Financial Statement.
Assessed valuation for taxation
—
Total debt (this issue included)
- -- Population, 1920 census, 29.707.
Total debt less than 2-3 of 1% of assessed valuation.
v
to hand.
Savings Bank, Chicago, have
purchased $110,000 6% coupon tax-free school bonds recently
Denom. $1,000.
Date Sept. 2ft 1921Prin. and semi-ann. int.
payable at City Treasurer's office.
Due Sept. 26 1931.
reported,
(State of).—BOND OFFERING.—Friend W. Richard¬
son, State Treasurer (P. O. Sacramento) will sell at public auction at 2 p. m.
Oct. 27, in parcels of one or more, or as a whole, $5,000,000 5%% highway
bonds.
Denom. $1,000.
Date July 3 1921.
Prin. and semi-ann. int.
(J. & J.) payable in gold at the office of State Treasurer, or at the option
of holder, at the fiscal agency for the State of California in New York
City.
Due $100,000 yearly on July 3 from 1938 to 1942, incl.
Purchaser
to pay accrued interest.
The notice of this offering was already given
in V. 113, p. 1271.
It is given again because additional data has come
AMARILLO INDEPENDENT SCHOOL DISTRICT (P. O. Amarillo),
Potter County, Tex.—BOND ELECTION.—Re ports say that the School
Board has called a bond election for Oct. 25 to decide whether $450,000
in bonds shall be issued for the erection and equipment of two new buildings.
Ind.—BOND SALE.—The Harris Trust &
SALE.—
been sold.
CALIFORNIA
futuie.
near
report that $50,000 road bonds have
CALDWELL INDEPENDENT SCHOOL DISTRICT P. O. Caldwell),
Burleson County, Tex.—BONDS VOTED.—An issue of $125,000 modern
Loa
ALHAMBRA,
[Vol. 113.
CHRONICLE
County,
has been sold.
BELEN SCHOOL DISTRICT (P, O. Belen), Valencia County,
Mex.—BOND SALE.—Bosworth, Chanute & Co., of Denvor, have
N.
purchased the $45,000 6%
school bldg. bonds—V. 113, p. 437.
r
BELHAVEN, Beaufort County,
No. Caro.—BOND SALE.—The
$60,000 water works and the $60,000 sewer 6% bonds, offered unsuccess¬
fully on Jan. 20—V. 112, p. 487—have been sold at par less a commission
of $8,000.
This bid is equal 93.33. a basis of about 6.68%.
BENT
AND
PROWERS COUNTIES JOINT CONSOLIDATED
SCHOOL DISTRICT NO. 13 (P. O. Willy), Colo.—BOND ELECTION
AND SALE.—Subject to being voted at an election in about 50 days,
the
International Trust Co. of Denver has purchased $90,000 6% 15-30-year
(opt.) school bldg. bonds.
Int. semi-ann. payable in New York.
COUNTY (P. O. Camden), Tenn.—BOND SALE.—I. B.
Tigrett & Co. of Jackson were the successful bidders (92.23 and interest)
for the $50,000 5% tax-Lee road bonds offered on Oct. 3—V. 113, p. 1381.
■
Caro.—BOND OFFERING.
—Notice is given that sealed bids will be received by the Board of County
Commissioners, until 12 o'clock noon, Oct. 20 for the purchase of $300,000
Road Bonds of the denominat ions of $1,000 each or in larger denominations
as buyers may desire.
The bonds bearing interest at the rate of 6% per
annum, interest payable semi-annually.
Time and place of payment of
interest to be fixed suitable to the purchaser.
Bonds to run thirty years
and issued for the purpose of building hard surfaced roads in Chowan
County.
Bonds to become due and payable as follows: Interest to be paid
on the whole issue for five years from the date of the bonds and beginning
at the end of the five year period 4% of the entire issue or $12,000 shall
be due and payable at the end of each year for the remaining twenty five
years, or until the $300,000 is paid in full.
Each bidder is required to put up
a certified check for 5%, or $15,000.
Purchaser to pay accrued interest.
CHOWAN COUNTY (P. O. Edenton), No.
BENTON
Date Oct.
1
CHURCHILL
BLACK
1
SPICE DRAINAGE
DISTRICT, Ark .—BOND SALE.—On
Elkins & Co. of Little Rock were awarded $16,000 6%
Denom. $500.
Date March 1 1920.
Int. M. & S
Sept. 1 from 1922 to 1931 incl.
M. W.
drainage bonds at par.
Due
yearly on
BLOOM TOWNSHIP RURAL
SCHOOL DISTRICT (P. O. South
Webster), Scioto County, Ohio.—BOND OFFERING.—O. H. Aeh,
Clerk, will receive sealed bids until 12 m. Oct. 17 for $6,000 5H% school
bonds.
Denom. $500.
Date Oct. 17 1921.
Int. A. & O.
Due $500
each six months from Oct. 17 1923 to April 17 1929, incl.
Cert, check for
$300, required.
(P. O. Lebanon), Ind.—BOND SALE.—The fol¬
road improvement bonds offered on Sept. 29—V. 113,
p. 1381—were sold at par and accrued interest as follows:
$7,800 4H% Samuel Dean et al, Jefferson Township bonds to Elliott M.
Smith, Lebanon, Ind.
Denom. $390.
Date Jan. 4 1921.
Due
$390 each six months from May 15 1922 to Nov. 15 1931, inclusive.
25,600 4H% Samuel J. Sanders et al. Eagle Township, bonds to Thomas
Shoerin of Indianapolis, Ind.
Denom. $640.
Date Nov. 3 1920.
Due $1,320 each six months from May 15 1922 to Nov. 15 1931, incl.
12,000 4H% Albert Perkins et al., Clinton Township, bonds to Thomas
D. Sheerin of Indianapolis, Ind.
Denom. $300.
Date Nov
3
1920.
Due $600 each six months from May 15 1922 to Nov. 15
1931, inclusive.
2,600 5% L. M. Sandlin et al., Center Township bonds to Garvin L. Payne
& Co. of Indianapolis, Ind.
Denom. $130.
Date Aug. 2 1921.
Due $130 each six months from May 15 1922 to Nov. 15 1931, incl.
BOONE COUNTY
lowing four issues of
Interest M. & N.
(P.
O. Boone), Iowa.—BOND OFFERING.—
R. A. Wilder, County Treasurer, will receive bids until 10 a. m. Oct. 17
for approximately $120,000 5H% funding bonds.
Denom. $1,000.
Date
Sept. 1 1921.
Bonds payable at the office of County Treasurer.
Int.
semi-ann.
Due Sept. 1 1941.
County will furnish printed bonds.
Sealed
bids may be addressed to the above official at Boone, Iowa.
At the time
set for sale the sealed bids will be opened and thereafter open bids will be
BOONE
received.
O. Fallon),
Nev.—BOND SALE.—
purchased $25,000 6% road bonds.
(P.
COUNTY
HORICON AND TOWNS OF HUBBARD AND OAK
SCHOOL DISTRICT NO. 1, Wise.—BOND SALE.—
6% bonds has been sold to the Second Ward Securities
OF
CITY
BENTON COUNTY SCHOOL DISTRICT NO. 13, Wash.—BOND
OFFERING.—Ivan Macy, County Treasurer (P. O. Prosser), will receive
bids until 11 a. m. Oct. 15 for the purchase of $4,000 school bonds at not
exceeding 6% interest.
Prin. and int. payable at the County Treasurer's
office.
Due yearly for 9 years optional $500 beginning 1923.
Sept.
COUNTY
The State Board of Finance has
1921.
GROVE JOINT
An issue of $100,000
Co.,
First Wisconsin Co.,
and the
N.
Union County,
of Denver, has
private sale the $88,000 6% school bldg. bonds.—Y. 113,
CLAYTON SCHOOL DISTRICT (P. O. Clayton),
Mex.—BOND SALE.—The International Trust Co.
purchased at
p. 438.
a
CLERMONT, Lake County, Fla.—BONDS NOT SOLD.—No sale was
on Oct. 4 of the $30,000 6% 30-year water-works bonds—V. 113, p.
made
1382.
SALE.—The
offered on October 3—V.
113, p. 1174—have been* sold to
the First National Bank and Kissel,
Kinnicutt & Co., both of New York, jointly, at 102.31. a basis of about
5.29%.
Denomination $1,000.
Date July 1 1921.
Prin. and semiann. int. payable at the American Exchange National Bank in New York
City.
Due yearly on July 1 as follows: $60,000, 1923 to 1932, incl., and
$70,000, 1933 to 1952, incl.
These bonds are being offered on a previous
page of this issue to investors at prices to yield from 5.50% to 5.10%
CLEVELAND,
Cuyahoga
County,
Ohio.—BOND
$2,000,000 5H% coupon water works bonds
(according to maturity).
COHOES, Albany County, N. Y.—BOND SALE.—The following
of 6% bonds offered on Oct. 4—V. 113, p. 1382—were sold
Sherwood & Merrifield at 103.08, a basis of about 5.54%.
$16 000 00 bridge bonds.
Denom. $1,000.
Due $1,000 yearly on Oct. 1
from 1922 to 1937, inclusive.
three issues
to
66 445 29 Series A General Improvement bonds.
Denom. 60 for $1,000
and 12 for $500 each, all in coupon form and 1 for $445 29 in
registered form.
Due $3,500 yearly on Oct. 1 from 1922 to 1933,
inclusive; $3,445 29 on Oct. 1 1934 and $3,000 yearly on Oct. 1
from 1935 to 1941, inclusive.
84,572 59 Series B bonds.
BOULDER, Boulder County, Colo.—BOND SALE.—An issue of
$34,666 48 Paving District No. 15 bonds has been sold at par to a con¬
tractor.
Bonds will be handled by Keeler Bros. & Co. of Denver.
Denonrs. $500
,
/
BOSTON, Mass.—TEMPORARY LOAN.—A temporary loan of $2,500 000 dated Sept. 22, and due Nov. 7 1921 was recently sold at 5% interest.
both of Milwaukee.
Int. F. & A.
Due yearly on Feb. 1
1923 and 1924: $5,000, 1925; $10,000,
1926:
$5,000, 1927: $6,000, 1928 and 1929: $8,000, 1930 to 1932, incl.;
$9,000, 1933: $8,000, 1934 and $7,000, 1935 and 1936.
Financial Statement.
\
Assessed valuation
!___
-$3,004,036 00
Total debt including this issue-111,462 58
Population, estimated, 2,500.
and $1,000.
Date Aug. 1 1921.
follows: $5,000, 1922: $4,000,
as
and 1 for $72 59.
"
Denom. 80 for $1,000 each; 9 for $500 each
Due yearly
on
Oct. 1 as follows: $8,500 from
1922 to 1926, incl.; $6,500 from 1927 to 1930, incl.; $6,072 59
in 1931 and $2,000 from 1932 to 1936, incl.
All of the bonds
in this issue are in coupon form except the one bond for $72 59
which is in registered form.
Date Oct.
1
1921.
OCT. 8
1921.]
THE
CHRONICLE
COLLEGE VIEW SCHOOL DISTRICT (P. O. College
View), Len"
caster County, Neb.—BOND SALE.—An issue of
$35,000 6% tax-free
coupon bonds has been sold to the Harris Trust & Savings Bank, Chicago.
Denom. $500.
Date Sept. 1 1921.
Prin. and semi-ann. int. (M. & S.)
Iiayable at the1922 to 1926, incl., and $1,500, 1927 to 1946, Sept 1
County Treasurer's office. Due yearly on incl.
$1,000,
ows:
FREEBORN COUNTY (P. O. Albert
—Fred Tavis,
Assessed valuation for taxation,
1921
,
as fol-'
$2,752,735
<
95,000
$8,616
Net.; debt_.^u........i—----.'.i'.—
86,384
FREEMONT COUNTY SCHOOL DISTRICT NO.
24, Colo.—BOND
& Co. of Denver, have
acquired $15,000 6% tax$500.
Date July 1 1921.
Int. payable semi-ann.
Jan. 1 and July 1 in New York.
Prin. and int. payable in gold coin.
Due
$1,000 yearly from July 1922 to July 1936, incl.
Population, estimated, 2,400.
COOS COUNTY (P. O.
Bunch, County Clerk, will
Cocjuille), Ore.—BOND OFFERING.—I.
SALE.—Keeler Bros.
Denom.
free bonds.
P.
receive sealed bids until 10 a. m. Nov. 2 for
$150,000 6% county bonds.
Denom. $1,000.
Date Nov. 1 1921.
Int.
M.-N. payable at County Treasurer's office.
Due $25,000 yearly on Nov.
1 from 1923 to 1928, incl.
Cert, check for 5%, required.
Financial
Real
COUNCIL BLUFFS, Pottawattamie County, Iowa.—BOND SALE.
premium of $1,900 equal to 100.95.
1490—paying
Total
on
Aug. 2—V. 113,
p.
County,
Co. of Omaha.
County,
DISTRICT (P.
Iowa.—BOND SALE.—An issue
O.
of
GATESVILLE, Coryell County, Tex.—BOND ELECTION.—U is
reported that the City Council has ordered an election for Oct. 26 to vote
on a $42,500 bond issue for the construction or
purchase cf a water works
sy«tem.
It is also reported that the franchise cf the private company
years.
expires in October,
GEORGE SCHOOL DISTRICT (P. O. George), Lyon
County,
Iowa.—BOND SALE.—M. A. Floyd Co. of Minneapolis has been awarded
issue of $22,000 6% school bonds at par.
*
Danville), Des Moines
$55,000 school bonds has
been awarded to local investors.
an
'
p
'
GETTYSBURG INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O.
Potter County, So. Dak.—BOND OFFERING.—Sealed
17 by Charles E. Harris, Clerk Board of
Education, for $90,000 6% school bonds.
Interest semi-annually.
DAVENPORT, Scott County, Iowa.—BOND SALE —The William R.
Compton Co., and Halsey, Stuart & Co., Inc., both of Chicago, have been
awarded $475,000 5J4% tax-free bonds at 102.52, a basis of about 5 26%.
Denom. $1,000.
Date Oct. 1 1921.
Principal and semi-annual interest
(A. & O.) payable at the office of City Treasurer.
Due yearly on Oct. 1 as
follows: $9,000, 1931; $23,000, 1932; $39,000. 1933; $48,000, 1934 and 193**
$49,000, 1936; $50,000, 1937 and 1938; $51,000, 1939; $54,000,
19*u
Gettysburg),
bids will be received until Oct.
GIBSON
Financial Statement.
Assessed valuation
i.„
DE SOTO CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. O. De Soto), Dallas and Madison Counties, Iowa .—BOND OFFER¬
Bowers, Secretary Board of Education, will receive sealed
bids until 2 p. m. Oct. 22 for $76,000 6% school bonds.
Date Nov. 1 1921.
Int. M. & N.
Due on Nov. 1 as follows: $5,000, 1926 to 1934, inclusive,
and $31,000, 1395. optional after 1926.
Principal payable at any bank in
Chicago or Des Moines.
ING.—James
O.
Superior),
Wise.—BONDS
NOT TO
BE OFFERED AGAIN AT PRESENT.—W. J.
Leader, County Clerk,
advises us that the $20,000 5% road bonds offered but not sold on Sept. 15—
V. 113, p. 1383—will not be placed on the market again this Fall.
He also
says"In fact, I do not think we will try to sell bonds before next Spring,
if then."
Date Nov. 15 1921.
Int. M. & N.
Due $910 each six months from
May 15 1922 to Nov. 15 1931, incl.
DUDLEY SCHOOL DISTRICT (P. O. Dudley), Laurens
County,
Ga.—BOND
SALE.—The
Robinson-Humphrey
Co.
of Atlanta,
has
purchased $11,000 6% school house erection bonds at 94.
1920.
Int. annually (June 1).
Date June
1
exceeding 6%
1921.
State of North Dakota purchased $2,500 4% building bonds at par.
Date
Dec. 31 1920.
Due Dec. 31 1940.
Bonds are not subject to call but may
be redeemed two years from date of issue.
GOODING
V. 113, p. 1075.
PASO
SCHOOL
DISTRICT
NO.
4
(P.
O.
of Denver have purchased $60,000 6% funding bonds at 96.42.
GRAND RAPIDS, Kent County, Mich.—BOND SALE.—The follow¬
ing four issues of coupon bonds aggregating $408,500, which were offered
Sept. 29—V. 113, p. 1383—were sold to the Old Colony Trust Co. and
Edmunds Bros, jointly at par.
on
$45,000 6% street improvement bonds.
Denom. $1,000.
Due $9,000
yearly on Oct. 1 from 1922 to 1926, inclusive.
70,000 6% street improvement bonds.
Denom. $1,000.
Due $7,000
yearly on Oct. 1 from 1922 to 1931, inclusive.
118,500 6% sewer construction bonds.
Denom. 115 for $1,000 each and
5 for $700 each.
Due $23,700 yearly 011 Oct. 1 from 1922 to
1926, inclusive.
'
*175,000 5% Pearl Street Bridge bonds.
Denom. $1,000.
Due Oct. 1
1941.
Date Oct.
COUNTY
SCHOOL
DISTRICT
NO.
Co. of Denver at 98.57.
Int. semi-ann. payable in
Other bidders, all of Denver, were:
Ben well, Phillips & Co
-.198.12 Boettcher, Porter & Co
Trust
Sidlo, Simons, Fels & Co
Bosworth, Chanute & Co
New
Bankers Trust Co
/
97.75
ESCAMBIA COUNTY (P. O.
GRATIS, Preble County, Ohio .—BOND OFFERING.—N. G. KJmmel,
Village Clerk, will receive sealed bids until 12 m. Oct. 25 for $1,000 6%
village bonds.
Denom. $200
Date Oct
1 1921.
Int. A. & O.
Due
$200 yearly on Oct. 1 from 1922 to 1926, inclusive.
HAMILTON COUNTY (P. O. Webster City), Iowa.—DESCRIPTION
BONDS.—The $24,000 6% tax-free coupon funding bonds, awarded
OF
stated in V. 113, p. 1490, are described as follows:
Denom. $1,000.
Date, Oct. 1 1921.
Prin. and semi-ann. int. (M. & N.) payable at the
County Treasurer's office.
Due Nov. 1 1931.
Antonides & Co..
York.
97.59
97.15
95.53
Board of County Commissioners will receive sealed
15 for $1,000,000 road paving bonds, it is reported.
bids until
ESSEX FELLS, Essex County, N. J.—BOND SALE.—The New Jersey
Fidelity & Plate Glass Insurance Co. was the successful bidder at 101.20,
basis of about 5.88% for the $30,000. 6% coupon water works bonds
offered on Sept. 30—V. 113, p. 1272.
Date Oct. 1 1921.
Due $800 on
Oct. 1 1923 and 1924; $900 on Oct. 1 1925, and $1,100 yearly on Oct. 1
from 1926 to 1950, inclusive.
a
Clermont
Financial Statement.
County,
Ohio.—BOND
♦
sold at 97.
a
FOREST, Hardin County, Ohio.—BOND NOT SOLD.—The $3,100 6%
funding bonds offered on Sept. 29—V. 113, p. 1272—were
no bids were received.
Denom. 5 for $500 and 1 for
deficiency
not sold as
531,000
census,
19,531.
The constitutional
HAMILTON COUNTY
(P. O. Cincinnati), Ohio.—BOND SALE.—
23 (V.
The following four issues of 6% bonds which were offered on Sept.
113, p. 1075) were sold as stated below:
$12,500 Clough
Inc., at
116,000 Clough
Savings
Road No. 358 Assessment bonds to A. B. Leach & Co.,
103.14, a basis of about 5 59%.
Road No. 358 county's portion bonds to the Provident
Bank & Trust Co., and Richards, Parish & Lamson,
jointly, at 103 35, a basis of about 5.70%.
15,000 Cineinnati-Brookville Road, Section "B," Assessment bonds to-./.
A. B. Leach & Co., Inc., at 103.141, a basis of about 5-59%.
226,500 Cineinnati-Brookville Road, Section,,B," county's portion bonds
to the Provident Savings Bank & Trust Co. and Richards, Parish &
Lamson, jointly, at 102.46, a basis of about 5-67%.
Denom. $500.
Date July 1 1921.
Int. J. & J.
Due July 1 1931.
OFFERING.—Sealed
FILLMORE COUNTY SCHOOL DISTRICT NO. 40 (P. O. Ohiowa)
SALE.—On Sept. 27 an issue cf $75,000 6% school bldg.v
$47,121,908
Population, 1920
debt limit is 5% of the value of taxable property.
The Supreme Court of Iowa defined this to be 5% of the actual value of
taxable property as returned by the assessor and as equalized.
proposals will be received until 12 m. Oct. 29 by Foster Altman, Village
Clerk, for $15,000 6% street impt. bonds.
Denom. $500.
Date Jan. 15
1921.
Int. semi-ann.
Due $500 yrly. on Mar. 15 from 1922 to 1951, incl.
Cert, check for 3% of bid payable to the
Treasurer, required.
Purchaser
to pay accrued interest.
Neb.-r—BOND
■'
♦Value of taxable property
Total debt (thisissue included)
Pensacola), Fla.—BOND OFFERING.—
The Clerk
FELICITY,
1 1921.
Principal and semi-annual interest (A. & O.) payable
City Treasurer's office.
The total amount of this issue when offered was $275,000.
at the
as
54, Colo.—BOND
SALE.—The $30,000 6% 10-20-year (opt.) high school bldg. bonds, offered
on
Sept. 30—V. 113, p. 1272—were sold on Oct. 1 to the International
was
INDEPENDENT
Gooding), Gooding County, Ida.—BOND SALE.—Bosworth, Chanute
& Co.
*
bonds
interest—V. 113, p. 1174.
Denom. $1,000.
Date July 1
Due yearly on Jan. 1 as follows: $2,000, 1924 to 1926,
1927 and $20,000 1928 to 1936, inclusive.
Int. J. & J.
GLENMORE CONSOLIDATED SCHOOL DISTRICT (P. O.
Edgeley), La Moure County, No. Dak,—BOND SALE.—During August the
PASO, El Paso County, Tex.—CHARTER AMENDMENT TO
VOTED ON.—A charter amendment to increase the rate of interest on
city bonds from not to exceed 5% to not to exceed 6% will be submitted
to a vote of the people on Nov. 1.
On Nov. 8 the voters will decide whether they are in favor of voting and
selling various 6%
6-30 year serial bonds, aggregating $1,850,000. to
Stern Bros. & Co., and the Commerce Trust Co., both of Kansas City, Mo.
The date first decided to vote upon the above
proposition was Sept. 6—
Nov.
Louis County, Minn.—BOND OFFERING.—Sealed
inclusive; $14,000,
BE
EL
St.
bids will be received until 8 p. m. Oct. 11 by A. W. Indihar, Village Clerk,
for the purchase of $200,000 tax-free gold coupon refunding bonds at not
'
ELIZABETHTON, Carter County, Tenn.—BOND OFFERING —J.
M. Brumit, Town Recorder, will receive bids for $24,000
6% school bonds.
Maturity not to exceed 30 years.
EL
Ind.—BOND OFFERING.—
.
DUBOIS COUNTY (P. O.
Jasper), Ind
BOND OFFERING—J. A.
Sonderman, County Treasurer, will receive bids until 10 a. m. Oct. 22 for
$18,200 5% William Conrad et al., Columbia Township bonds.
Denom.
$455.
Princeton),
serially.
GILBERT,
1,469,500
Population, 1920, 56.727.
(P.
(P. O.
$83,062,800
Total debt, including this issue
COUNTY
COUNTY
Alfred M. Johnson, County Auditor, will receive bids until 10 a. m.
to-day
(Oct. 8) for $17,874 6% John A. Ford et al., drainage bonds.
Denom.
9 for $1,790 and 1 for $1,764.
Date Aug. 15 1921.
Prin. and semi-ann.
int. (M. & N.) payable at the office of the County Treasurer.
Due
and 1941.
DOUGLAS
Mont.—BOND
will be received until 7:30 p. m.
Co., of Dallas, representing Eldgedge & Co., of New York, for $623,220
(95.88) and interest, a basis of about 5.34%:
$450,000 water filtration bonds.
Due $11,000 each yea,r, except $12,000
SCHOOL
County,
GADSDEN, Etowah County, Ala.—BOND OFFERING.—Sealed bids
Oct. 17 by H. A. Thomas, City Clerk, for
$143,500 6% public impt. assessment bonds.
Tex.—BOND SALE.—The following two
issues of 5% gold coupon (with privilege of registration')
bonds, offered on
Oct. 1 (V. 113, p. 1271), were awarded on Oct. 3 to
George L. Simpson &
DANVILLE
12,000
Roosevelt
OFFERING.—S.
B.
Wallender, Town Clerk, will sell at public auction at 8 p. m. Nov. 1, $10,000
el^tric light plant bonds not to exceed 6%.
Denom. $1,000.
Date Nov. 1
1921.
Prin. and semi-ann. int. (J.-J.) payable at office of the Town Treas¬
urer or at the Chase National Bank, N. Y. at option of holder.
Due Nov. 1
1941, optional Nov. 1 1931.
Cert, check for $1,000 payable to the Town
Treasurer, required.
Purchaser to pay accrued interest.
unsuceess,
each fourth year, for forty years.
200,000 garbage incinerator bonds.
Due $5,000 each year for forty
Date May 1 1921.
debt
net
FROID,
653—have been sold at 94 to the Omaha Trust
DALLAS, Dallas County,
454 511 00
Population officially certified, 1,000.
there being
.CURTIS SCHOOL DISTRICT (P. O.
Curtis), Frontier
Neb.—BOND SALE.—The $80,000 6% school bonds, offered
$800,000 00
-$15,000
3,000
a
Date Feb. 1 1921.
worth of school bonds carried by an
overwhelming majority
only eleven votes against them, it is reported.
Statement.
estimate)
Total debt, this issue only
Less cash on hand
CUMMING PUBLIC SCHOOL DISTRICT (P.
O.Cumming), Forsyth
County, Ga.—BONDS VOTED.—At an election held on Sept. 6 for $28,000
fully
valuation (conservative
valuation
1920
Assessed
—The State Savings Bank of Council Bluffs has purchased the
$200,000
5water works bonds offered on Oct. 6—V. 113,
p.
Lea), Minn.—BOND OFFERING.
County Auditor, will receive bids until Oct. 21 for the fol¬
lowing 6% bonds:
$40,000 Ditch No. 36 bonds.
Due yearly on Sept. 1 as follows:
S2,000,
1927 to 1931, incl., and $3,000, 1932 to
1941, incl.
8,000 Ditch No. 39 bonds.
Due $1,000 biennially Sept. 1 from
1927
to 1941, incl.
Denom. $1,000.
Date Sept. 1 1921.
Prin. and semi-ann. int. payable
at the First National Bank, St. Paul.
Cert, check for 10% of total bid,
required.
Financial Statement.
Total debt (this issue included)..
Less sinking fund—;
1599
HELENA SCHOOL DISTRICT NO. 1 (P. O. Helena), Lewis & Clark
Mont.—BOND OFFERING.—Sealed bids will be received
Counties,
until 6 p. m. Oct. 15 by Thomas E. Goodwin,
Clerk, for the $150,000 6%
gold refunding bonds, recently authorized—V. 113, P. 875.
Denom. $1,000.
Date Jan. 1 1922.
Prin. and semi-ann. int. (J, & J.) payable at the County
Treasurer's office or at the Guaranty Trust Co., N. Y. at option of holder.
Due $15,000 yearly on Jan. 1 from 1933 to 1942, incl., optional yearly on
Jan.
1 from 1932 to 1941, incl.
chaser to pay accrued interest.
Cert, check for $1,500, required.
Pur¬
FOUNTAIN COUNTY (P. O. Covington), Ind.—BOND OFFERING.
—Albert H. McElwee, County Treasurer, will receive bids until 10 a. m.
Oct. 15 for $25,600 5% Bryon Frazier et al., Richland and Cain Township
bonds.
Denom. $1,280.
Date
May 15 1921.
Int.
M.
&
N.
Due
$1,280 each six months from May 15 1922 to Nov. 15 1931, incl.
91
(P. O. Maple Plain), Minn.—BOND SALE.—Mrs. Frank Ford, of Maple
Plain, has purchased at par the $2,000 6% school bonds offered on Oct. I
(V. 113, p. 1491).
FRANKLIN COUNTY SCHOOL DISTRICT NO.
4, Wash.—BOND
SALE.—The State of Washington has
purchased at par $6,000 5% % school
bonds.
HIGHLAND (P. O. Dallas), Dallas County, Tex.—BOND SALE.—
Breg, Garrett & Co. of Dallas, advises us that they have purchased the
$100,000 6% gold coupon street impt. bonds, recently voted—V. 113,
p. 875.
Denom. $1,000.
Date Aug. 1 1921.
Due $5,000 yearly on Aug.
)
FREDERICK
COUNTY
(P.
O.
Frederick),
The $125,000 5% school bonds offered
sold to the Citizens
on
Md.—BOND SALE.—
Sept. 29—V. 113, p. 1383—were
National Bank of Frederick at 101. a basis of about
4.91%.
Date Oct. 1 1921.
Due yearly on Jan. 1 as follows: $5,000 in
1936 and $15,000 from 1937 to 1944, incl.
HENNEPIN
COUNTY
COMMON
SCHOOL
DISTRICT
NO.
1 from 1927 to 1946, incl.
Bonded debt, including this issue, $236,000.
Sinking fund, $7,000.
Assessed value 1921, $8,381,138.
Total tax rate
(per $1,000), $21.50.
In connection with their purchase they say: "High¬
land Park
a
directly adjoins the City of Dallas, and will sooner or later become
part thereof."
.
THE
1600
HOPEWELL TOWNSHIP SCHOOL DISTRICT (P. O. Buffalo),
County, Ohio.—BOND OFFERING.—Sealed proposals will be
Bedford
Leach, Secretary of School Board, until 7 p. m.
for $25,000 5lA% tax-free school bonds.
Denom. $1,000.
Date
1921.
Int. semi-ann. (A.-O.).
Due yearly on Oct. 15, as follows:
received by N. E.
1923,to 1933, Incl. and
Cert, check for $300,
$3,000. 1934.
Oct. 15
Oct. 15
$2,000,
required.
DISTRICT,
Mendocino
Calif.—BOND OFFERING.—On Oct. 11 an issue of $25,000 0%
County,
bonds will
SCHOOL
HIGH
UNION
HOPLAND
be offered for sale,
it is stated.
HOUGHTON COUNTY (P. O. Houghton), Mich—BOND OFFER¬
ING.—The County is offering for popular subscription $100,000 5
10-year road bonds at par and accrued interact.
Denom. $100 and $1,00U
each.
Subscriptions will be received by any bank in Houghton C ounty or
by the County Treasurer.
HOWARD COUNTY (P. O. Kokomo), Ind.—BOND OFFERING.—
Sanders, County Treasurer, will receive bids until 10 a. m. Oct. 10
T. C.
$11,880 5% David Fawcett et al.. Howard
$594.
Date Sept. 15 1921.
Int. M. & N.
from May 15 1922 to Nov. 15 1931L. incl.
for
HUNTINGTON
PARK
Township bonds. Denom.
Due $594 each six months
KIOWA COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 9,
SALE.—An issue of $9,000 6% 15-30(opt.) school-building bonds has been sold to the International Trust
Denver, subject to being voted at an election to be held in about 50
days.
Interest semi-annual, payable in New York.
Co. of
KNOXVILLE, Tenn.—BOND OFFER!NG.—The Board of City Com¬
will receive sealed bids until 10 a. m. Oct. 11 for the purchase
$160,000 6% 1-5-year serial street-improvement bonds.
Int. A. & O.
Bonds will be sold subject to approving opinion of Shaffer & Williams, of
Cincinnati.
Certified check for $2,500, payable to the City of Knoxville,
missioners
or
required.
_
_
_
__
John
1
OFFERING.—Bids
'sherwin,
Hardgrove, Spokane, made an offer to secure
a bid for par and accrued interest on $250,000 of the issue, conditioned upon
an option
on the remaining $1,750,000 eo Dec. 31 1921, for which they
asked a fee of $12,125 and attached a certified check for $5,000.
Although we are officially informed that the Palmer Bond & Mortgage
Co. were awarded the fiscal agent contract at $83,000 and the bid they
submitted was accepted, we understand that contract of sale lias not yet
been closed and there appears to be some question as to whether it actually
will be closed.
In connection with the sale of the bonds the "Oregonian
of Ferris &
"Sale'was
Idaho
&
Igoe.
made to-day by State Treasurer Banks of
State highway bonds in the sum of $2,000,000.
the fourth issue of
This was the fifth
obtain an acceptable bid for those 5% semi-annual 20-year bonds
1919 Legislature and affirmed by popular vote at
general election of 1920.
Under the fiscal agency provision made by
1921 Legislature, the successful bidder was the Palmer Bond & Mortgage
attempt to
the
syndicate of five New Yrork financial
which sum is
to be paid the agent for procuring the purchases, who agrees to absorb the
entire $2,000,000 issue of bonds at par with accrued interest.
They are
dated Jan. 1 1921, and mature Jan. 1 1941.
Sale of the bonds means a
new lease of life to active prosecution of State highway work.
"The work of the Bureau of Highways has been practically at a stand¬
still for lack of funds, save for the completion of work under old contracts
and a certain amount of construction and maintenance work under the
Co.
of
Salt Lake,
representing
The Palmer bid
houses.
special levy.
The sale makes possible also the retirement of
and now outstanding on the highway fund.
nine-tenths mill
.
I ISHPEMING, Marquette County,
5% street bonds
investors
at
par
registered warrants drawn
offered on Oct. 1—V. 113; p. 1491—were
accrued interest.
Date Oct. 1 1921.
inclusive.
and
(P. O. Rensselaer), Ind.—BOYD OFFERING.—
Briggs, County Treasurer, will receive bids until 1 p. m. Oct. 14
$21,400 5% Eilt Toben et al., stone road bonds.
Denom. $1,070.
Date Sept. 15 1921.
Int. M. & N.
Due $1,070 each six months from
May 15 1922 to Nov. 15 1931. incl.
JASPER COUNTY
for
fP.
O. Portland), Ind.—BOND SALE.—The $8,400
6% J. J. Kidder et al.. Pike Township bonds offered on Oct. 1—V. 113.
p. 1491—were sold to the J. F. Wild & Co. State Bank at par and accrued
interest.
Sept. 30 the $40,000 6%
Wis.—BOND SALE.—An issue of
bonds have been sold at par to local banks.
JEFFERSON, Jefferson County,
JEFFERSON COUNTY (P. O. Madison), Ind.—BOND OFFERING
Treasurer, will receive bids until 10 a. m. Oct. 15 for
S. G. Bovard, County
Township bonds.
Denom. $485
Due $970 each six months from
15 1922 to Nov. 15 1931„ inclusive.
These bonds were first offered
19,400 John M. Stewart et al., Graham
Date July 5 1921.
Interest M. & N.
May
on July 27—V. 113, p.
440.
JENNINGS COUNTY (P. O. Verona), Ind-—BOND SALE.—The
following two issues of 5% bonds offered on Sept. 10 (V. 113, p. 979) were
$16,000 Thos. Wood Columbia Township bonds.
Denom. $800. Due
$800 every six months beginning May 15 1922.
21,200 Henry Burgmeier Spencer Township bonds.
Denom, $1,060.
Due $1,060 every six months beginning May 15 1922.
Date Sept. 1 1921.
Int. M. & N.
JOHNSTONS STATION HIGH SCHOOL DISTRICT, Lincoln and
Pike Counties, Miss .—PETITION FOR BOND ISSUE WITHDRAWN.—
The "Magnolia Gazette" of Sept. 15 said:
"The petition for a bond issue election filed with the Board of Super¬
visors last week by citizens residing in the Johnston Station High School
district, lying partly in Pike and partly in Lincoln, was withdrawn after
the Board had granted it and ordered the election held.
After the Boaid
had taken the requested action, doubt arose as to the legal right of a high
school district to issue bonds, and attorneys representing the petitioners
asked leave to withdraw until the question cculd be more carefullv and
thoroughly investigated.
It was proposed to issue $10,000 of the district's
bonds of which $6,450 would be the share of the Pike County territory and
$3,550 of that portion lying in Lincoln County."
Caro.—BOND OFFERING.—Until
7.30 p. m. Oct. 20 W. B. Coleman, City Clerk, will receive sealed bids for
$300,000 6% coupon (with privilege of registration) electric light bonds.
Denom. $1,000.
Date Oct. 15 1921.
Principal and semi-annual interest
payable at the Hanover National Bank, N. Y.
Due yearly on Oct. 15 as
follows:
$6,000 1923 to 1942, incl., and $10,000 1943 to 1960, incl.
Cert,
check or cash upon an incorporated bank or trust company for 2% of the
amount of bonds bid for, payable to the above official required.
Pur¬
chaser to pay accrued interest.
Successful bidders will be furnished with
the opinion ol Reed, Dougherty & Hoyt, of New York City, that the bonds
are valid and binding obligations of the City of Kinston, and the bonds will
be prepared under the supervision of the United States Mortgage & Trust
Co., which will certify as to the genuineness of the signatures of the officials
and the seal impressed thereon.
KINSTON,
Lenoir
County,
No.
semi-
County, Tenn.—BONDS DEFEATED —
bonds—V. 113, p. 654—were defeated.
coupon
LANSING, Ingham County, Mich— BOND OFFERING.—City Clerk
sold
over the treasurer's counter as explained below).
Date Nov. 1 1921.
Principal and semi-annual interest (M. & N.), payable at the Guaranty
Trust Co. of New York; Peoples State Bank of Detroit or any other place
designated by the successful bidder.
Due yearly on Nov. 1 as follows:
Bonds.
Paving Bonds.
$40,000
----'
20.000
'1928
40,000
40,000
W--
—
Year.
1927
Sewerage System Bds.
$20,000
40,000
------
20,000
20,000
20,000
1929
1930
1931
1937
1938
1939
40,000
------
$20,000
20,000
20,000
______
______
20,000
______
1940
______
______
1
______
1941
To carry out the provisions of the charter oT the City of Lansing these
bonds will be oifered to the public at par for a period of 39 days.
This
time will
14 1921, and the City Council has the authority to
expire Oct.
sell the unsold portion to the highest bidder.
(See Section 183, Chapter 12.
oi
the city charter).
This will be done on Oct. 17 1921 in the Council
rooms in City Hall at 8-30 P. M., Central Standard time.
It will be satis¬
factory to the city
bidders to place their bids
or
on
the entire issue o' $400,-
000 and then sell the city at par that portion which has been sold over the
Treasurer's counter.
We are notified by F. H. Presby, City Comptroller,
under date of Oct. 1 that the city had up to said date sold at par over the
counter $8,000 water bonds in denominations o" $1,000 and
1941, and he further advises us that the city may sell from $2,000
Treasurer's
due in
to
$3,000
value
before Oct. 14 1921.
Certified check for 1% of the par
bonds, drawn upon a chartered banking house, required.
legal opinion to be furnished by the successful bidder.
more
of the
Bonds and
Financial
Statement.
True value of real and
personal property.
---$122,030,016
personal and other taxable
property) equalized Oct. 1920 (cash basis)
122,030,016
Moneys and credits year 1920, total receipts from all sources
4,672,352
Total debt including this present issue
4,047,025
Assessed
real
value
00
estate,
____
00
06
00
Less Deductions Allowed—
debt—--
Water
value
Cash
of
$580,000 00
__
sinking
funds,
not
including
92,273 94
water sinking funds
indebtedness, First Mortgage bonds on
electric light plant.
-.1,058,725 00
Other
1,730,998 91
Net bonded indebtedness
$2,316,026 05
:
LARAMIE COUNTY (P. O. Cheyenne), Wyo.—BOND SALE.—The
$75,000 5% county hospital bonds offered unsuccassfully on Feb. 7—V. 112,
p. 676—have been sold to the Memorial Hospital of Laramie County.
DISTRICT NO. 1 (P. O. Laramie), Albany
ELECTION.—Probably in November an election
SCHOOL
LARAMIE
County, Wyo.—BOND
will be held to vote
the issuance of $350,000 high school bonds.
on
LAUREL, Cedar County, Neb.—BOND SALE.—The First Trust Co
$37,000 6% paving intersection and $40,000
of Omaha has been awarded
7% district paving bonds
LEMON TOWNSHIP RURAL SCHOOL DISTRICT,
Butler County,
Ohio.—BOND SALE.—The Monroe National Bank of Monroe, Ohio, was
the successful bidder at par and accrued interest for an issue of $14,000
Denom. $500
6% deficiency bonds.
1926 to 1931, incl.
Int. M. & S.
Due from Sept. 1
SCHOOL DISTRICT NO. 208, Wash.—BONDS
NOT TO BE RE-OFFERED AT PRESENT.—The $10,000 school bonds,
offered unsuccessfully on Sept. 10 (V. 113, p. 1384), will not be re-offered
COUNTY
LEWIS
before
next year.
GRADED
SCHOOL
DISTRICT,
Robeson
County,
OFFERING.—J. R. Poole, Superintendent County
(P. O. Lumberton), will receive sealed bids until
for $25,000 6% coupon school bonds.
Denom. $1,000.
Int.
Certified check for $1,000, payable to the above official, required.
LIBERTY
Caro.—BOND
No.
of
Board
$22,500 5% water and light
Mercer
Int
Date May 1 1921.
Parsons will receive bids until 8.30 p. m. for $200,000 paving
bonds, $100,000 sewerage system bonds and $100,000 water bonds, bearing
.>% interest.
Denominations to suit purchaser (except on such bonds as
Due $5,000
John T.
sold at par and accrued interest to
Judson A.
sold to local
JACKSON, Hinds County, Miss.—BOND SALE.—Last month the
Metropolitan Life Insurance Co. of N. Y. purchased $50,000 street, bridge
and sewer bonds at par and accrued interest.
COUNTY
were
LA FOLLETTE, Campbell
;
Mich.—BOND SALE.-—The $35,000
yearly from 1922 to 1928,
JAY
°* Eugene), Ore.—BOND SALE.—On Sept. 10,
Denoms. $100, $500 and $1,000.
ann
a
for the fiscal agency was $93,600,
County,
Sept. 29 by 35 to 10.
e-HDiEr9.OUNTY
first authorized by the
the
on
20,000
& Mortgage Co., Salt Lake City, as fiscal agent,
charging a fee of $83,000, presented a bid of par and accrued interest on
behalf of William R. Compton Co., Equitable Trust Co. of New York,
I Kissel, Kinnicutt & Co., Eldredge & Co., Remick, Hodges & Co.
The Boise City National Bank as fiscal agents, charging a fee of $9o,860,
presented a bid for par and accrued interest on behalf of Horn blower &
\Veeks
R. W. Pressprich & Co., Redmond & Co., Northern Trust Co.,
Chicago; Taylor, Ewarfc & Co., A. B. Leach & Co., Inc., The Minnesota
B.
Quitman
$50,000 5% road bonds
following bids were received
highway bonds, dated Jan. 1
Palme^ ^ond^
Th
Recorder.
and gravel street 6%
1923;
on
City
Miss.—BOND
Water
estate of).—BOND SALE.—The
Oct. 1 for the $2,000,000 5% 10-20-year
Greer is
will be received until Nov. 1 for $30,000 electric light
bonds, voted
HURON, Erie County, Ohio.—BOND SALE.—The State Industrial
Commission of Ohio was the successful bidder at par and interest lor $23,155 80 6% Inter-County Highway No. 3 Main Market No. 18 special as¬
sessment bonds offered on Oct. 3—V. 113, p. 1273. ■ Date Septl. lo 1221.
Due yearly on Sept. 15 as follows: $1,lo5 80 in 1922 and $2,000 from
to 1933. incl.
IDAHO
L.
LAMBERT,
DISTRICT, Los
Angeles County, Calif.—BIDS.—'The following bids were also received
Sept. 19 for the $75,000 0% school bonds, awarded as stated in \ . 113,
p. 1384......
'California Company._
*
$70,033
Cyrus Pcfrce & Co_
__i
—
75,874
Hunter, Dulm & Co—70,105 Frick, Martin & Co
State Board of Control
75,710
Harris Trust & Savings Bk.. 70,072
Citizens National Bank
75,325
Wm. It. Staats Co
70,059
on
_
_
Colo .—BOND ELECTION AND
year
On
HIGH SCHOOL
UNION
[VOL. 113.
CHRONICLE
7
Nov.
J. & D.
Education
LINCOLN SCHOOL DISTRICT fP. O. Lincoln), Lancaster
County,
OFFERING.—Proposals will be received until 8:30 p. m.
bonds, not to exceed 5% interest, by the Secre¬
tary Board of Education.
Three separate and distinct proposals are
desired for the bonds as follows:
Proposal 1 for bonds in the amount of
$100,000, Proposal 2 for bonds in the amount of $200,000 and Proposal 3
for bonds in the amount of $400,000.
Date Nov. 1 1920.
Prin. and semiann. int. (M. & N.) payable at the office of City Treasurer, who is ex-officio
Treasurer of School District.
Due in 30 years from date optional on or
after 3 years from date.
Cert, check for 1% of the amount of bonds bid
for, required.
Proposals are desired on the basis of the purchaser printing
bonds.
Total bonded debt (excluding this issue) June 30 1921. 'SI ,113,500.
Balance all funds (cash on hand June 30 1921), $371,753 94.
The assessed
Neb.—BOND
Oct.
11
for coupon school
valuation of property
tax year
certified by the County Clerk Sept. 21 1921 for the
School population (June 1921), 15,540.
1921, $90,121,895.
LINTON TOWNSHIP (P. O. Coshocton), Coshocton County,
—BOND SALE.—The $3,000 6% coupon school bonds offered on
Ohio.
Oct. 1
the West Lafayette Banking Co. at par and
1 1921.
Due $250 each six months from
May 15 1922 to Sept. 1 1927, inclusive.
(V. 113, p. 1384) were sold to
accrued interest.
Date Sept.
OPOSSUM
LITTLE
County, Miss.—BOArDS
$65,000 6% 30-year
of the
DRAINAGE DISTRICT, Quitman
NOT SOLD—No sale was made on Sept. 10
serial bonds—V. 113, p 1175
Denom. $1,000.
BAYOU
Int. semi-ann.
They will be
LOGAN
re-offered on Oct. 10-
(P. O. Stapleton),
has
CONSOLIDATED SCHOOL DISTRICT NO. 2
Neb.—BOND SALE.—The Peters Trust Co. of Omaha
COUNTY
purchased $36,000 6% 10-20 year
LORAIN,
received
on
Lorain
Sept.
(opt.) school bldg. bonds.
County, Ohio.—BIDS.—The following bids were
the offering of the $265,000 6% coupon bonds
30 at
(V. 113, p. 1384);
Premium.
Premium.
Prov. S. B. & Tr. Co., Cin_$2,676
Stacy & Braun, Toledo.
1,590
Hayden, Miller & Co., Clev
420
265
E.H.Rollins&Sons,Chicago. 2,860 35 Seasongood & Mayer, Cin_
Tucker, Ro binson& Co., Tol _ $4,054 50
Prudden & Co., Toledo
3,453 00
Otis & Co., Cleveland-^— 3,180 00
LOS ANGELES CITY
___
50
00
00
00
SCHOOL DISTRICT, Los Angeles County,
Calif.—PRICE PAID — The price at which the $1,500,000 5 H% gold taxfree bonds were acquired—V. 113, p
1384—was 100.02, a basis of about
5
49%.
The bonds were purchased on Sept. 12.
OCT. 8
LOS
1921.]
ANGELES
THE
CITY
HIGH
SCHOOL
CHRONICLE
DISTRICT,
Lou Angeles
County, Calif.—PURCHASERS.—The purchasers of the $500,000 5H%
school bonds—V. 113, p
1384—were R. H. Moulton & Co., and the
Bank of Italy, jointly.
The price paid was 100.025, a basis of about 5 49%.
The bonds were purchased on Sept. 12 and answer to the following de¬
scription.
Denom. $1,000.
Date Nov. 1 1920.
Int. M. & N.
Due
yearly on Nov. 1 as follows: $10,000, 1922 to 1935, incl.; $15,000, 1936
to 1955, incl., and $12,000, 1956 to 1960, incl.
LOS NIETOS SCHOOL DISTRICT, Los Angeles County, Calif.—
BOND OFFERING.—L. E. Lampton, County Clerk (P. O. Los
Angeles),
will receive sealed bids until 11 a. m. Oct. 17 for $12,000 6% school bonds.
Denom. $1 000.
Date Oct. 1 1921.
Principal and semi-annual interest
payable at the County Treasury.
Due $1,000 yearly on Oct. 1 from 1922
to 1933, inclusive.
Certified check for 3% of the amount of bonds, payable
to the Chairman Board of Supervisors, required.
.
MADELIA, Watonwan County, Minn.-—BOND SALE.—The
Loan
sota
&
Trust
Co.,
of Minneapolis, has been
awarded
an
Minne¬
issue
of
$15,000 village bonds.
MADISON COUNTY
MODESTO, Stanislaus County, Calif.—BOND OFFERING.—L. A.
Love, City Clerk, will receive sealed bids until 8 p. m. Oct. 12 for the
following 7% bonds:
$20,112 44 improvement bonds.
Date Sept. 1 1921.
3,089 16 improvement bonds.
Date Aug. 15 1921.
MONROE COUNTY ROAD
DISTRICT NO. 4, Miss.—BOND SALE.—
The Bank of Amory and the Security
Bank, both of Amory, have purchased
$50,000 6% road bonds at par.
MONO
LAKE SCHOOL DISTRICT
(P. O. Mono Lake),
Mono
County, Calif.—BONDS VOTED.—An issue of $3,500 6% school-building
bonds has been voted.
MONROE
1932, inclusive.
MAHNOMEN, Mahnomen County, Minn.—BOND SALE.—-The
$20,000 6% 20-year water-extension bonds offered on Sept. 26 (V. 113, p.
1385) were sold on Oct. 3 to the Lincoln Trust & Savings Bank of Minneap¬
olis at 95.25, a basis of 6.43%.
Denom. $1,000.
Date Oct. 1 1921.
Interest semi-annual.
TOWNSHIP
RURAL SCHOOL DISTRICT
(P. O. Ar¬
County, Ohio.—BOND SALE.—The $50,000
6% bonds offered on Oct. 1 (V. 113, p. 1174) were sold to the Provident
Savings & Trust Co., and Richard, Parish & Lamson,
jointly alt 101.56, a
basis of about 5.88%.
Date Oct. 1 1921.
Due $1,000 each six months
from March 1 1932 to Sept. 1 1956, inclusive.
R. D. No. 4), Darke
canum
(P. O. Anderson), Ind.—BOND SALE.—The
$17,000 6% bonds offered on Oct. 1—V. 113, p. 1384—were sold to the
Merchants National Bank of Muncie at 103.235, a basis of about
5.40%.
Date Oct, 1 1921.
Due $850 each six months from May 15 1923 to Nov. 15
1601
MONTGOMERY COUNTY
(P. O.
Dayton), Ohio.—BOND OFFER¬
ING.—F. A. Kilmer, County Clerk, will receive sealed
bids until 9 a. m.
Oct. 13 for $4,700 6% coupon ditch bonds.
Denom. 3 for $900 and 2 for
$1,000.
Date Oct. 1 1921.
Prin. and semi-ann. int. (A. &
O.) payable
at the County Treasurer's office.
Due $900 in 1922, 1923 and 1924 and
$1,000 in 1925, and 1926.
Cert, check for $100, drawn upon
any solvent
bank
trust
or
bonds
office
are
company, payable to the County Treasurer,
to be delivered to the purchaser at the said
required.
Said
County Treasurer's
before Oct. 7 1921, w en the purchase
money must be paid in
full.
Said bonds will not be sold for less than their
par value and accrued
interest to date of delivery, the right being reserved to reject
on
or
any or
MARLIN, Falls County, Tex.-—BONDS VOTED.—At
$225,000 water works bonds were voted by 251 to 40.
a
recent election
MAUMEE, Lucas County, Ohio.—BOND OFFERING —F. C. Lantzenheiser, Village Clerk, will receive sealed bids until 7:30 p m. Oct. 17 for
the following 6% Key Street Sewer District sewer construction bonds:
$30,970 00 branch sewer No. 1 in subdistrict No 1 bonds
Denom. 1 for
$970 and 30 for $1,000 each.
Due yearly on Sept. 1 as follows:
$2,970 in 1922; $3,000 from 1923 to 1930, incl., and
$4,000, in
1931.
:
!
17,674 80 local sewer No. 1 in subdistrict No. 1 bonds.
Denom. 1 for
$674 80 and 34 for $500 each.
Due yearly on Sept. as follows:
$1,174 80 in 1922; $1,500 from 1923 to 1925, incl., and $2,000
Cincinnati, Ohio,
will be furnished to the successful bidder.
MORGAN COUNTY (P. O. Martinsville), Ind.— BOND OFFERING.—
John S. Spoor, County Treasurer, will receive bids until 10 a. m. Oct.
20
for $24,730 6% Ella D. McNair et al., ditch bonds.
Denom. 8 for $591.25
and 40 for $500 each.
Date Aug. 25 1921.
Int.
semI-annually.>-ii((it<iB(i((i—i>
'
from 1926 to 1931,
i
19,892 40 branch sewer No. 1 in subdistrict No. 2 bond.
Denom. 1 for
$892 40 and 19 for $1,000 each.
Due yearly on Sept. 1 as fol¬
lows:
$1,892 40 in 1922, and $2,000 from 1923 to 1931, incl
6,838 15 local sewer No
1 in subdistrict No, 2 bonds.
Denom. 1 for
$338 15 and 13 for $500 each
Due yearly on Sept. 1 as fol¬
lows:
$338 15 in 1922;
$500 from 1923 to 1927, incl., and
$1,000 from 1928 to 1931. incl.
Date Nov. 1 1921.
Prin. and semi-ann. int. (M. & S.) payable at the
Village Treasurer's office.
Cert, check for 5% of the amount bid for,
payable to the Village Treasurer, required.
Those desiring to bid for said
bonds should satisfy themselves as to the legality thereof, before
filing their
bids, and to enable bidders to satisfy themselves as to the validity of such
bonds, a duly prepared and certified transcript of the record of proceedings
In providing for the Issuance of said bonds and other
necessary data will be
in the possession of W. H. Harris, Village Solicitor, at his office 339 Nicholas
Building, where the same may be examined.
MAUMEE VILLAGE SCHOOL DISTRICT (P. O. Maumee), Lucas
coupon bonds offered
on Sept. 22—V.
113, p. 1176—were sold to Prudden & Co. at 101.638, a
basis of about 5 88%.
Date Sept. 1 1921.
Due yearly on Sept. 1 as
follows: $1,500 from 1922 to 1927, incl.t $2,000 from 1928 to
1933, incl.;
$3,000 from 1934 to 1939, incl.; $4,000 from 1940 to 1946, incl.; $5,000 from
1947 to 1953, incl., and $6,000 from 1954 to 1961, incl.
County, Ohio.—BOND SALE.—The $150,000 6%
all bids.
All bids must be unconditional, the question of the
legality of the issue to
The approving opinion of D. W. and
S. A. Iddings, Dayton, Ohio
and Shafer and Williams,
be determined before bids are made.
MORRILL
COUNTY
SCHOOL DISTRICT NO.
4, Neb.—BOND
Phillips & Co. of Denver, have purchased $4,000 6%
school bldg. bonds
Denom. $500.
Date Sept. 1 1921.
Prin. and ann.
int.
(Feb. 1) payable at the office of County Treasurer.
Due $1,000
yearly on Feb. 1 from 1923 to 1926, incl.
SALE.—Benwell
.
Financial
Assessed
valuation
(1921)
Statement.
— —
$530,000 00
4,000 00
....
Total bonded debt (this issue only)
...
Population estimated, 650.
MORRILL COUNTY SCHOOL DISTRICT NO.
9, Neb.—BOND
SALE.—Recently $5,000 6% school bldg. bonds were sold to Benwell,
Phillips & Co. of Denver.
Denom. $500.
Date July 1 1921.
Prin. and
semi-ann. int. (J. & J.) payable at the County Treasurer's office.
Due
$1,000 yearly on July 1 from 1926 to 1930, incl.
Financial
Statement.-
Assessed valuation of taxable property
Assessor
(1920) as returned by
;
Total bonded debt (this issue only)..
—
....
.
——
$261,670 00
5,000 00
Population estimated, 200.
MORRILL COUNTY SCHOOL DISTRICT NO.
C-14, Neb .—BOND
SALE.—Benwell, Phillips & Co. of Denver, have been awarded $7,000 6%
bldg. bonds.
Denom.
$500.
Date Aug.
1
1921.
Prin.
and
semi-ann. int. (F. & A.) payable at the County Treasurer's office.
Due
$1,000 yearly on Aug. 1 from 1931 to 1937, incl.
school
Financial
Statement.
Valuation of tax. property as returned by the Assessor for 1920—$468,000
Total bonded debt, this issue only
7,000
———————
MAYES
COUNTY
SCHOOL
DISTRICT
NO.
Population estimated, 500.
Okla,—BONDS
16,
APPROVED.—On Sept. 27 $13,500 school-building bonds
were
approved
on
MORRILL
COUNTY
Maynard), Fayette County,
Iowa.—BOND SALE.—Reports state that $40,000 school bonds have been
purchased by White. Phillips Co., of Davenport.
SCHOOL DISTRICT NO. 73, Neb.—BOND
funding bonds has been sold to Benwell,
of Denver.
Denom. $1,000.
Date Sept. 1 1921.
Prin.
and semi-ann. int. (M. & S.) payable at the office of
County Treasurer.
Due $1,000 yearly on Sept. 1 from 1924 to 1934, incl.
MENNO, Hutchinson County, So. Dak.—PURCHASER.—The pur¬
113, p. 1385) was the Drake-Ballard Co.
Valuation of taxable prop, as returned by the Assessor for 1920—$551,175
Sept. 27 by the Attorney-General.
SALE.—An issue of $11,000 6%
MAYNARD SCHOOL DISTRICT (P. O.
chaser of the $38,000 bonds (V.
of
as
Minneapolis.
follows:
Oct. 1
The price paid by them was par.
The bonds are described
Denom. $1,000.
Interest rate 6%.
Date Oct. 1 1920.
Due
1930.
|
MIAMI COUNTY (P. O. Troy), Ohio.—BOND OFFERING—T. B.
Rodabaugh, County Auditor, will receive sealed proposals until Oct. 28 for
$8,200 power-plant bonds and $9,700 electric light bonds, both bearing 6%
interest and dated Oct. 1 1921.
Phillips & Co.
Financial
Total bonded debt,
5
%
bonds.
Denom. $1,000.
Date Nov. 15 1921.
Principal and semi-annual
interest payable at the County Treasurer's office
the
NoVi 1 for $4,000,000
a. m.
5 Y\% coupon (with privilege of registration) highway improvement
or
State
of
Michigan
in
or
at the fiscal agency of
the
City of New York.
Due Nov. 15 1941
Certified check for 1 % of the amount bid for,
payable to the above Treas
urer,
required.
subsequent issue of the
only
....———I
_
11,000
MOUNT VERNON, Westchester County, N. Y.—BOND SALE.—The
$30,000 registered assessment bonds offered on Sept. 30—V. 113, p. 1385—
were sold to Farson, Son & Co. at 100.188 for
5%s. a basis of about 5.71 %.
Date Oct. 1 1921.
Due Oct. 1 1926.
Other bidders were: Sherwood &
Merrifield, who bid $30,120 for 6s, and Geo. B. Gibbons & Co., who bid
$30,840 for 6s.
MOUNT VERNON, Westchester County. N. Y.—BOND OFFERING.
—James Berg, City Comptroller, will receive
bids until 8 p. m. Oct. 11 for
$100,000 5lA%, 5H% or 6% coupon (with privilege of registration) high¬
way repaying bonds.
Denom. $1,000.
Date Nov. 1 1921.
Principal and
semi-annual interest (M. & N.) payable at the office of the City Treasurer.
Due $10,000 yearly on Nov. 1 from 1922 to 1931, inclusive.
Certified check
2% of amount bid, on an incorporated bank or trust company, required.
Legality to be approved by Caldwell & Raymond, of New York, without
charge to purchaser.
The bonds are to be delivered to the purchaser on
for
before 11
or
The official notice of this offering will
appear in a
issue
Population estimated, 750.
MICHIGAN (State of).—BOND OFFERING.—Frank E. Gorman, State
Treasurer, will receive sealed proposals until 11
this
Statement,
to pay
a.
m.
Nov. 1 at the office of the City Comptroller.
Purchaser
accrued interest.
"Chronicle."
CORRECTION.—The date
bonus bonds which
were
sold
of
on
the
$10,000,000
Sept. 22 (V. 113,
5J^%
p.
coupon
1385), to
a
soldiers
syndicate
headed by the Harris Trust & Savings Bank of
Chicago is Oct. 15 1921, not
Oct. 1 1921, as Incorrectly reported in our Issue of
Sept. 24, page 1385.
MIDDLESEX
COUNTY
(P. O. New Brunswick),
N. J.—BOND
\OFFERING.—F. William Hilker, County
Treasurer, will receive sealed
proposals until 2 p. m. Oct. 13 for an issue of 5^% coupon (with privilege
of registration) road-improvement bonds not to
exceed $112,000.
Date
Oct.
1
1921.
Principal and semi-annual interest (A. & O.) payable
at the
County Treasurer's office.
Due $6,000 yearly on Oct. 1 from
1923
to
1926. inclusive; $7,000 on Oct. 1 1927; and $9,000
yearly on
Oct. 1 from 1928 to 1936, inclusive.
In addition to the price bid the
purchaser must pay accrued interest from the date of the bonds to the date
of delivery.
Bids are desired on forms which will be furnished
by the
county, and each bid must be accompanied
by a certified check or checks
drawn upon an incorporated bank or trust
company, payable to the order
of the County Treasurer of the
County of Middlesex, for 2% of the par
value of the bonds bid for to secure the
county against any loss resulting
from the failure of the bidder to
comply with the terms of his bid.
The
right is reserved to reject all bids, and any bid not
complying with the
provisions hereof will be rejected.
The bonds will be delivered to the suc¬
cessful bidder at the office of the U. S.
Mtge. & Trust Co., 55 Cedar St.,
N. Y. City, on Oct. 25 1921, at 11 o'clock a. m.
The bonds will be pre¬
pared under the supervision of the U. S. Mtge. & Trust Co. of N.
Y., which
will certify as to the genuineness of the
signatures of the county officials
and the seal impressed thereon; and the
approving opinion of Caldwell &
Raymond, of N. Y. City, as to legality will be furnished to
purchaser
without charge.
Financial Statement.
Assessed valuation taxable real
estate, 1921
Assessed valuation taxable personal
property,
Total assessed valuation,
Total bonded debt, not
including this issue
Sinking fund.
Population 1920 Census. 162,334.
~MINOT,
1921
„
_
$101,071,007
28,047,909
,
.
.,
/
at St. Paul or
Minneapolis, as designated by successful bidder.
Due yearly
Oct.
1 as follows: $4,695 41, 1931; $6,000, 1932; $7,009, 1933; $8,000,
1934; $9,000, 1935; and $10,000, 1936.
on
Financial
Statement.
Assessed Valuations (1920)—
Real
estate—
Personal
...$21,571,400 00
property
...
...
Money and credits
....—
Total.
Actual
valuation
(estimated)
Bonded indebtedness (roads and bridges)
Other Bonded Indebtedness—
Judicial Ditch No. 1
Judicial Ditch No. 4.
-—
none.
$28,842,376 00
74,184,822 00
405,775 00
46,600 00
I
—-
Floating indebtedness,
3,796,248 00
3,474,728 00
Y-
34,600 00
•
NEWCOMERSTOWN, Tuscarawas County, Ohio.—BOND OFFER¬
ING.—Harry Dillehay, Clerk, will receive sealed bids until 12 m. Oct. 15
for $8,000 6% cemetery bonds.
Denom. $500.
Date Oct. 1 1921.
Int.
semi-annually.
Due $500 each six months from Oct. 1 1922 to April 1 1930,
incl.
Cert, check for $300, required.
Purchaser to pay accrued interest.
NEWPORT NEWS, Warwick County, Va.—BOND SALE.—Kissel,
Kinnicutt Co., and the Wm. R. Comptqp Co., both of New York, jointly
purchased at 102.33 ($230,245 87). a basfs of about 5 34%, the three issues
of improvement bonds aggregating $225,000 offered on Oct. 3—V. 113,
p. 1274.
Date April 1 1921.
Due April 1 1951.
NEWPORT TOWNSHIP
(P. O. Wanamie), Luzerne County, Pa,—
coupon improvement bonds offered on
the Glen Lyon Bank at par and
Date Sept. 1 1921.
Due yearly on Sept. 1 as follows:
$5,000 in 1923 and $10,000 fiom 1933 to 1935 inclusive.
BOND SALE.—The $35,000 5H%
,
J_
$129,118,916
$3,586,000
343,000
Ward County, No? Dak.- -BOND SALE.—The State of North
Dakota during August purchased
$10,000 4% sewage-disposal-plant bonds
at par.
Date April 1 1920.
Due April 1 1940.
Bonds are not optional
but may be redeemed two years from date of issue.
_
MOWER COUNTY (P.
O. Austin), Minn.—BOND OFFERING.—
Bids will be received until 2 p. m. Oct. 11 by the
County Auditor, for
$44,695 41 5%% trunk highway reimbursement bonds.
Denom. $1,000,
except one bond for $695 41.
Date Oct. 1 1921.
Int. semi-ann payable
Sept. 30—V. 113,
p.
1274—were sold to
accrued interest.
NEWTON COUNTY (P.
O. Kentland), Ind—BOND OFFERING.—
John J. Sell, County Treasurer, will receive sealed bids on or after Oct. 24
for the purchase of $171,000 6% L. R. Williams etal., ditch bonds.
Denom.
$1,000.
Date Aug. 1 1921.
Int. payable semi-ann. at the Discount &
Deposit State Bank, Kentland.
THE
1604
CITY, N.
Y.—
During the
-TE
city issued $67,970,000 short-term securities, consist¬
YORK
NEW
CHRONICLE
month of August the
ing of revenue bills, special revenue bonds, corporate stock notes
ment bonds, as follows:
Maturity DateSold.
Int.Raie.
Amount.
Bills
Revenue
1921,
of
Aggregating
$51,900,000.
Amount. Int.Raie,
Maturity.
$1,000,000 5.69% Dec. 29
7,000.000 5.69% Nov. 21
1.500.000 5.69% Jan. 12
200,000 5.69% Dec. 14
200,000 5.69% Mar. 17
2,500,000 5.69% Feb. 14
2,500,000 5.69% Dec. 14
2,500,000 5.69% Jan. 12
100,000 5.69% Mar. 15
1,650,000 5.69% Mar. 14
750,000 5.69% Mar. 1
5.69%
5.69%
5.69%
5.69%
5.69%
5.69%
5.69%
5.69%
5.69%
5.69%
1,050,000 5.69%
2,500,000
6,000
6,500
2,500,000
2,500,000
1,000,000
1,487,500
5,000,000
5,000,000
3,500,000
Apr.
Mar.
Dee.
Mar.
Feb.
Dec.
Jan.
.Tan.
Jan.
Feb.
Mar
20
17
20
23
21
29
Corporate Stock Notes, Aggregating
$14,570,000.
Rapid Transit.
DateSold.
1921 Sept.
1921 Sept.
1922 Sept.
1921 Sept.
1922 Sept.
1922 Sept.
1921 Sept.
1922 Sept.
1922 Sept.
1922 Sept.
1922 Sept.
1922 Sept.
1922 Sept.
1921 Sept.
1922 Sept.
1922 Sept.
1921 Sept.
7
7
12
13
13
14
14
3 1922 Sept. 19
1 1922 Sept.
1 1922
2,000,000 5.69% Mar. 31 1922
1,000,000 5.69% Mar. 14 1922
925,000 5.69% May
1 1922
225,000 5.69% Jan. 10 1922
2,150,000 5.69% Mar. 14 1922
200,000 5.69% Mar. 15 1922
500,000 5.69% Apr. 20 1922
23
Sept. 23
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
$710,000 5.69% Dec. 28 1921 Sept.
Jan.
Jan.
Jan.
8
8
12 1922 Sept. 12
13 1922 Sept. 14
13 1922 Sept. 14
Jan.
12 1922 Sept.
Jan.
Jan.
16 1922
19
Sept. 22
16 1922 Sept. 23
Sept.
Sept.
Sept.
Sept.
25
26
29
29
8
12
14
19
22
23
Sept.
Sept.
Sept.
1,600,000 5.69% Apr. 20 1922 Sept.
375,000 5.69% Jan. 16 1922 Sept.
8 1922 Sept. 23
500,000 5.69% Feb.
75,000 5.69% Jan. 16 1922 Sept, 26
1 1922 Sept.
600,000 5.69% May
27
Sept. 29
10 1922
350,000 5.69% Feb.
23
26
28
30
30
30
30
30
Water.
8
14
26
27
27
475,000 5.69% Dec. 28 1921 Sept.
13
50,000 5.69% Jan. 16
100,000 5.69% Feb. 14
300,000 5.69% Mar. 14
100,000 5.69% Jan.
1922
1922
1922
1922
Sept.
Sept.
Sept.
Sept.
Dock.
8
9
220,000 5.69% Dec. 28 1921 Sept.
75,000 5.69% Sept.
450,000 5.69% Jan.
195,000 5.69% Jan.
500,000 5.69% Feb.
100,000 5.69% Jan.
200,000 5.69% Jan.
Special Revenue Bonds of 1921,
Aggregating $1,009,000.
1 1922 Sept. 9
.500,000 5.69% July 14 1922 Sept. 21
$500,000 5.69% Feb.
8 1922 Sept.
Sept. 14
13 1922
12 1922 Sept. 19
8 1922 Sept. 23
12 1922 Sept. 26
16 1922 Sept. 26
Assessment Bonds Amounting to
$500,000.
$500,000 5.00%
On or before Sept. 21
Jan.
2 1922
NICHOLASVILLE, Jessamine County Ky.—BOND SALE.—An issue
of $56,000 water-plant bonds has been purchased by the Security Trust Go.
of Lexington.
NILES CITY SCHOOL DISTRICT (P. O. Niles), Trumbull Counter,
OFFERING —M, G. Kennedy, Clerk, will receive sealed
proposals until 12 m. Oct. 14 (Date changed from Oct. 13—V. 113, p. 1492)
for $56,000 6% coupon bonds.
Denom. $1,000.
Date Oct. 1 1921.
Int.
semi-annually.
Due $4,000 yearly on Oct. 1 from 1932 to 1945, incl.
Cert, check for 3% of the amount bid for, payable to the Board of Education,
required.
Purchaser to pay accrued interest.
Ohio.—BOND
1
NORA SPRINGS,
Co. of Mason
Oct.
1
1921.
Floyd County, Iowa.—BOND SALE.—Schanke &
City have been awarded $5,000 6% funding bonds.
Due Oct. 1
Date
1931.
Stanislaus Coun¬
5.93% on Sept. 13 and are described as follows: Denom. $1,000. /Date
Sept. 13 1921.
Int. semi-ann.
Due $5,000 yearly on Sept. 13 from 1923 to
1933 incl.
The above corrects the report given in V. 113, p. 1492.
,
OAKWOOD,
The
two
Montgomery County, Ohio.—BONDS NOT SOLD.—
bonds aggregating $13,700 wihch were offered on
issues of 6%
Sept. 6—V. 113,
p.
1077—were not scld
OCONOMOWOC,
Waukesha
bids
as no
County,
were
received.
SALE.—The
$347, equal
6% improvement bonds:
Wise.—BOND
Second Ward Securities Co., Milwaukee,
paying a premium of
to 101.38, was awarded the
following three issues of
$15,000 armory bonds.
>
5,000 water-works construction
5,000 sewer bonds.
.
&
Sept.
$7,500 water and fire protection bonds has been sold.
OAKDALE UNION HIGH SCHOOL DISTRICT,
ty, Calif—PURCHASER.—The purchaser of the $60,000 6% school bonds
was the National City Co.
They were acquired at 100.43, a basis of about
Dec. 28 1921 Sept.
2,190.000 5.69%
150,000 5.69%
100,000 5.69%
100.000 5.69%
55,000 5.69%
25,000 5.69%
600,000 5.69%
14
1,000,000 5.69% Apr. 20 1922
14
65,000 5.69% Jan. 16 1922
14
300,000 5.69% Mar. 14 1922
14
405,000 5.69% Mar. 14 1922
15
Municipal Purposes.
15
15 $1,405,000 5.69% Dec. 28 1921
850,000 5.69% Jan. 12 1922
15
250,000 5.69% Jan. 13 1922
15
100,000 5.69% Jan. 12 1922
15
25 1922 Sept. 15
3 1922 Sept. 10
450.000 5.69% Mar. 31 1922 Sept.
Maturity. DateSold.
Int.Raie..
Amount.
^NORTH POWDER, Union County, Ore.—BOND SALE.—An issue
of
and assess¬
i
[VOL. 113.
bonds.
OKANOGAN, Okanagan County, Wash.—BOND SALE.—Anderson
Nelson of Tanasket, have purchased an issue of $23,297 74 city bonds.
OLMSTED COUNTY (P. O. Rochester), Minn.-—BOND SALE."—On
4 $137,817 76 trunk highway reimbursement bonds wree sold to the
Date Aug. 1 1921.
Due on
Aug. 1 from 1931 to 1935, inclusive.
In giving the notice of the offering
of the bonds in V. 113, p. 1493, we stated that
they would bear 6% instead
of 5M%.
•
Oct.
Wells-Dickey Co., at 100.97 and interest.
ONTARIO,
Malheur County, Ore.—BOND SALE.—According
$5,000 6% sewer bonds have been sold at 95.
to
newspaper reports,
ORANGETOWN UNION FREE SCHOOL DISTRICT NO. 8 (P. O.
Pearl River), Rockland County, N. Y.—BOND SALE.—The $245,000
6% coupon or registered school bonds offered on Oct. 4—V. 113, p. 1493—
were sold to Geo.
B. Gibbons & Co. of New York at 101.67, a basis of
about 5.82%
Date Nov
1 1921
Due yearly on Nov.
1 as follows:
$7,000 in 1922, 1923 and 1924: $8,000 in 1925 and 1926: $9,000 in 1927
and 1928; $10,000 in 1929; $11,000 in 1930 and 1931: $12,000 in 1932;
$13,000, 1933; $14,000, 1934; $15,000, 1935; $16,000, 1936; $17,000, 1937;
$18,000 in 1938, 1939 and 1940, and $17,000 payable in 1941.
ORLEANS COUNTY (P. O. Albion), N. Y.—BOND OFFERING.—
Harry E. Colburn, County Treasurer, will receive sealed bids until 12 m.
15 for $44,000 6% coupon or registered highway bonds.
Denom.
$1,000.
Date Oct. 1 1921.
Prin. and semi-ann
int. (A. & O.) payable
at the Citizens National Bank of Albion.
Due $22,000 yearly on Oct. 1
from 1922 to 1927, incl.
Cert, check for 2% of the amount bid for, pay¬
able to the County Treasurer, required.
The bonds will be certified as to
genuineness by the Citizens National Bank of Albion and their legality
approved by Caldwell and Raymond of New York.
Purchaser to pay
Oct.
accrued interest.
COUNTY
PACIFIC
CONSOLIDATED
SCHOOL
DISTRICT
NO.
Ill, Wash.—BOND SALE.—On Sept. 12 $35,000 6% 10-year serial bonds
were
sold
as
follows at par.
$20,000 bonds to the State of Washington.
15,000 bends to local parties.
Denoms. $500 and $1,000.
Int. annually.
PALO
PINTO
COUNTY
O. Mineral Wells), Tex.—BOND DE¬
Special Road District No. 1 bonds
are dated
(P.
SCRIPTION.—'The $1,000,000 5H%
voted
Aug. 20—V. 113, p. 981—are in denom. of $1,000 and
Sept. 1 1921.
Int. A. & O.
Due serially for 40 years.
on
PAOLA SCHOOL DISTRICT (P. O. Paola), Miami
County, Kans.—
BONDS VOTED.—This district has voted $60,000 bonds for a new grade
building.
NORTHAMPTON, Hampshire County, Mass.—BOND SALE.—The
$32,000 5% coupon concrete bridge bonds offered on Oct. 4—V. 113, p.
1492—were sold to Merrill, Oldham & Co. of Boston at 100.17, a basis of
about 4.96%.
Date Oct. 1 1921.
Due $4,000 yearly on Oct. 1 from 1922
to 1929, incl.
The following bids were also received:
Names of Other Bidders—
Price Bid.
Arthur Perry & Co., Boston.—
——
100;039
R. L Day & Co., Boston.
100.09
Paine, Webber & Co., Boston.—
100151
Wise, Hobbs & Arnold, Boston....
.10014
_ _ _
—
.....
PATOKA,
Financial Statement.
Estimated true value of taxable property
Assessed value of taxable property...... I
Total bonded debt (including this
•
Sinking fund
Water-debt*
—
—
_
.
--$194,565,197
154,659,600
20,401,000
2,193,808
6,369,764
8,563,572
.
Issue)
...—
———
Net debt.
*
There is
$11,837,428
addit ional sinking fund applicable to water debt of $364,488.
—
an
Population, 1920 Census, 115,777.
Ind.—BOND OFFERING.—Sealed
$500 and 8 for $250.
Date Oct. 1 1921.
1931.
Purchaser to pay accrued interest.
pro-
PENSACOLA, Escambia
County,
Int. semi-ann.
Duo
Oct.
1
Fla.—BOND OFFERING.—Sealed
be received by F. D. Sanders, Mayor, until 2 p. m. Nov. 7 for
$125i000 6% improvement bonds.
Legality to be approved by Jno. C.
Thomson, N. Y. City.
Bids to be made on form to be furnished by the
bids will
Bonds will be delivered
City of Pensacola.
NORFOLK, Va.—BOND SALE.—Estabroolc & Co., Guaranty Company
of New York, Bankers Trust Co., and Hannahs, Ballin & Lee, all of New
York, have purchased $1,547,000 5lA% tax-free coupon (with privilege of
registration) school bonds at 100.608 and interest, a basis of about 5.46%.
Deriom. $1,000.
Date Oct. 1 1921.
Prin. and semi-ann. int. (A. & O.)
payable in New York City.
Due Oct. 1 1951.
These bonds are now being
offered to investors at 102.99 and interest, yielding about 5.30%.
County,
Gibson
ct.
Sosals13, for $7,000 6% electric lighting system bonds. until 7:30 10 for
will be received by Miss Ella Adams, Town Clerk, Denom. p. m.
on
Dec.
1
1921.
PHILADELPHIA, Pa .—BOND OFFERING-—Will B. Hadley, City
Controller, will receive sealed proposals until 12 m. Oct. 26 for the purchase
of the following 514 % registered or coupon bonds:
$8,804,000 bonds.
Due Oct. 26 1971, optional Oct. 26 1941.
3,855,800 bonds.
Due Oct. 26 1936.
These bonds may be bought in denominations of $100 and its multiples,
in registered form; and in the sum of $1,000 in coupon form.
Date Oct.
26 1921.
Sealed proposals will be received at Mayor's office until Wednes¬
day, Oct. 26 1921, at 12 o'clock noon.
Bids must be on form which may
be had on application to Mayor's office, and mast be accompanied by certi¬
fied check for 5% of par value of the amount of loan bid for.
Negotiable
Interim Certificates will be issued if desired, pending engraving of permanent
certificates. "Loan certificates interchangeable as to form from registered
to coupon, or from coupon to registered, and re-exchangeable from one to
the other from time to time at option of holder, and coupon form may be
registered as to principal.
PIERCE
SCHOOL DISTRICT NO. 65, Wash .—BOND
Witter & Co. of Seattle, have been awarded $45,000 6%
yearly on July 1 from 1922 to 1930, incl. optional
COUNTY
SALE. Blyth,
Due $5,000
(State of).—BOND SALE.—Wo are advised that
approximately $1,500,000 of a total issue of $3,000,000 5M% real estate
series bonds have been acquired by Spitzer. Rorick & Co. of N. Y.
Bonds
purchased by them are described as follows: Tax free.
Date July 1 1921.
Prin. and semi-ann. int. (J. & J.) payable in gold at the Empire Trust Co.
in New York City or at the State Treasurer's office.
Due in 20, 25 and 27
bonds.
from date.
Twenty-yea. bonds in denominations of $500, 25 and 27year
bonds in denominations of $1,000.
Official advertisement states
that these bonds are a legal investment for savings banks in New York,
Pennsylvania, Connecticut, Rhode Island, Vermont and New Hamp¬
shire and that their constitutionality and legality have been affirmed
by the Supreme Court of the United States and Supreme Court of North
Dakota.
They arc now being offered to the investing public at 101 and
interest.
The Bank of North Dakota has sold the other portion of the
SALE.—The Continental
Trust Co. of Atlanta has purchased $20,500 water and $6,500 light 5% bonds
at 95.
Denom. $500.
Date Jan. 1 1920.
Int. J. & J.
Due $1,000 yrly.
NORTH DAKOTA
years
issue through their own efforts.
With reference to the sale of the bonds
Spitzer, Rorick & Co., the Minneapolis "Journal" of Oct. 3 said in part:
"Sale of the bonds will be a great financial benefit to North Dakota, Min¬
neapolis bankers said to-day, as it will release a corresponding amount of
State and other public money tied up in 'frozen credits.'
The Bank of
North Dakota lias lent $2,960,000 on 30-year real estate mortgages, and
up to the present sale claimed to have privately disposed of more than
$1,000,000 of bonds to furnish the money.
The borrowers had received
to
| the rest of their money from the State, but it was public funds
with the Bank of North Dakota that
was
on
deposit
used.
State
administration
had declined
to
give
any
assurances
of
a
change in the policy which had brought the State into such a situation, and
the investing public was not eager for North Dakota securities.
"There has been
no
question of the
security back of the bonds.
Thev
are
backed by the credit of the State, hi addition to the real estate mortages
as collateral.
While interest and principal payments on more than
$1,000,000 of the mortgages are in arrears, and many borrdwers seem dis¬
posed to let the land go back to the State, the State's credit is pledged to
held
redeem the bond issue.
New
The
of State funds, and has been heavy, but the re¬
have been given out in any authoritative way.'
valuation—
—
$1,166,845
45,000
including this issue
Bonded debt,
Population (estimated), 3,000.
PLAINS,
Sumter
County,
Ga.—BOND
PLAINVIEW, Hale County, Tex.—BONDS VOTED.—On
$60,000 municipal auditorium bonds were authorized by a vote
Sept. 16
cf more
than 2 to 1.
(P. O.- Des Moines), Iowa .—BOND SALE.—On
sold at public auction to R. M.
Chicago for $314,075 (101.31) for 5Ms.
$218,000 general funding bonds.
Due yearly as follows: $lo,000, 1923 to
POLK
Oct.
COUNTY
3 the following coupon bonds were
Grant & Co. of
1935 incl., and $23,000, 1936.
92,000 bridge bonds.
Due yearly as
and $12,000, 1931-
,
,
follows: $10,000 1923 to 1930, incl.;
Date Oct. 1 1921.
Prin. and semi-ann. int. payable
Treasurer's office, without exchange.
Denom. $1 000.
at the County
County,
VILLAGE SCHOOL DISTRICT
(P. O. Polk), Ashland
Ohio.—BOND OFFERING^—J. F. Smith, District President,
will receive sealed
proposals until 12 m. Oct. 15 for $50,000 6% bonds.
$500.
Date Sept. 1 1921.
Int. M. & S
Due serially.
$1,000, payable at sight to W. J. Kirkpatrick, Clerk
District, required.
Said bonds will be sold to the highest and best
for not less than par and accrued interest to date of delivery.
Denom.
check
for
Cert,
of the
bidder
POMONA CITY HIGH SCHOOL DISTRICT, Los Angeles County,
Calif.—BOND SALE.—The $425,000 5M% tax free school bonds offered
unsuccessfully on Aug. 22—V. 113, p. 1177—have been sold to Win. R.
Staats Co., and Blyth, Witter & Co., both of San Francisco.
Denom.
Date May 1 1921Prin. and semi-ann. int. (M. & N.) payable
Treasurer's office.
Due yearly on May 1 as follows: $5,000
$6,000, 1926 to 1929. mcl.; $7,000, 1930 to 1933, incl.:
$8,000, 1934 to 1936, incl; $9,000, 1937 to 1939, incl.; $11,000* 1940 and
1941; $14,000, 1942 to 1961, incl. 1Ct'.
$1,000.
at the County
1922 to 1925, incl.;
Financial Statement.
Assessed valuation—. —
$10,892,310
Total debt (including this issue)
—
_______
531,7o()
Ratio Net Debt to assessed valuation, 4.88%.
_
Population, estimated, 17,000.
Aberdeen), Grays Harbor
27 $200,000 6% 10-20-year
sold to Blyth, Witter & Co.,
Los Angeles; Bond & Goodwin & Tucker, Inc., San Francisco, and Ferris
& Harc'g'-ove of Spokane at 99.075.
Denoms. $1,000 and $500. Date
PORT
"The North Dakota Industrial Commission opened an office in
York and has been conducting a popular campaign to sell the bonds.
expense has been borne out
sults of the campaign never
Financial Statement.
Assessed
POLK
"Spitzer, Rorick & Co. are the bond dealers who took the issue.
The
price paid for the bonds in New York is to be made known later on.
"The bond issue was authorized by the North Dakota Legislature in 1919
and the campaign to sell the bonds has been under way ever since.
The
'real estate series' were sold at one time to Halsey. Stuart & Co. and W. R.
Compton Co. of Chicago on a 5% basis, but the sale was tied up by a
taxpayers' suit, questioning the legality of the bond issues.
When tne suit
was settled, the bond market had declined and interest rates had
advanced,
so the Chicago deal fell through.
"Anxious to relieve the North Dakota situation, Minneapolis
bankers
took the matter up last winter with a Chicgao trust company, and negotia¬
tions were under way for several days.
They fell through because the hank¬
ers felt they would be unable to sell the bonds in the makret.
The North
Dakota
July 1 1923.
OF
GRAYS
HARBOR
(P.
O.
County, Wash.—BOND SALE.—On Sept.
(out.) gold tax-free coupon impt. bonds were
OCT. 8
July 1 1921.
Prin. and semi-ann. int. payable at the County Treasurer's
or in New York City.
Due July 1 1941; optional July 1 1931.
office
Financial Statement.
Real valuation (estimated)
—:
".V"•
■
$100,000,000
45,407,984
400,000
—
Assessed valuation, 1920.-Bonded indebtedness, this issue only
Bonded debt less than 9-10 of
of assessed valuation
1%
Population (estimated)
50,000
———-
PORT OF TACOMA (P
O. Tacoma), Pierce County, Wash.—
SALE.—On Sept. 29 the $900,000 6% coupon bonds, Series 3—
BOND
1386—weie sold to H. P. Pratt, for the acocunt |of Halsey,
Inc., Chicago. A. B. Leach & Co., Inc., N. Y., Northern
and H. P. Pratt & Co., Tacoma, for $910,350 (101.15)
and interest.
Date Sept. 1 1921.
Due yearly as follows: $18,000 1932,
$19,000 1933. $20,000 1934, $22,000 1935 and 1936. $24,000 1937, $25.00'^
1938, $27,000 1939, $29,000 1940, $30,000 1941, $32,000 1942, $33,000
1943, $36,000 1944. $37,000 1945. $39,000 1946, $41,000 1947, $44,000
1948. $46,000 1949, $48,000 1950, $51,000 1951, $54,000 1952, $57,000 1953,
$60,000 1954, $63,000 1955, and $23,000 1956.
Bond & Goodwin & Tucker, Inc., Seattle; Continental &
Commercial Trust & Savings Bank, Merchants Loan and
Trust Co., Wm. R. Compton Co.
$909,105 30
John E. Price & Co., Seattle; Cartsens & Eailes, Inc., Seattle;
B. M. Grant & Co., New York--.906,030 00
Smith & Streut, Seattle; P. W. Chapman & Co., Chicago;
Blythe, Witter & Co., Seattle; Seattle National Bank,
Seattle; Ferris &~iJa*dgrave, Seattle, Union Trust Co., Spo¬
kane..
w
#
'i
900,225 00
All the above bidders offered accrued Interest.
V.
113,
Stuart
p.
& Co.,
Trust Co., Chicago,
-—
-
-
-
.
-
-
-
-
~ -
-
-
-
„
-
-
-
-
-
—
Sept. 1 Cars tens & Earles, Inc., and John E. Price
Co., both of Seattle, were awarded $100,000 5% 11-35 year bonds at 86.
BOND SALE— On
&
Date Aug. 1 1920.
Denom. $1,000.
ST. LOUIS, Mo.—CITY BORROWS AN ADDITIONAL SUM OF MON¬
borrowed an additional $520,000 on Sept. 29 through the
Comptroller's office from a number of local banks for the purpose of re¬
plenishing the municipal treasury.
The St. Louis "Globe-Democrat"
of Sept. 30 had the following to say with regard to the matter:
"The City of St. Louis, through the Comptroller's office, yesterday bor¬
rowed an additional $520,000 from a number of local banks for the purpose
of replenishing the municipal treasury so that the city can meet its pay rolls
on the 1st of next month.
Yesterday's loan brings the total debt of the city
to $1,040,000.
The loans are secured by notes bearing 6% interest and the
entire amounts will be repaid in December, Avhen the tax collections are
EY.—The city
made.
the Comptroller's office that the city probably will have
$1,000,000 before enough taxes have been collected to
expenditures.
All loans are made with banks that
are now acting as depositors for city money.
In former years the banks
paid their taxes several months in advance in order to assist the city to meet
its pay rolls, but no advances have been made this year.
"The question of additional appropriations for some of the city depart¬
ments will probably be revived as soon as the Board of Aldermen resumes
its regular sessions on Oct. 7.
Heads of departments in the meantime are
greatly worried about Comptroller Nolte's announcement that he will not
allow additional appropriations except for health and hospital purposes.
It is the Comptroller's contention that a deficit exists in the municipal
finances and that at least a part of it must be wiped out during the currernt
year.
When this year's budget was made it was estimated that $500,000
of the $1,000,000 deficit could be wiped out this year, provided that heads
of all departments adhere strictly to their original appropriations.
"So far no formal requests for supplementary allowances have been sub¬
mitted, although heads of departments have repeatedly complained that
they will be unable to get along with their money until the end of the fiscal
year.
In several departments all employees have been laid oft ior fixed
"It is estimated at
to
borrow another
take care of the current
periods without pay and in others tho activities have been curtalied.
Int. F. & A.
in a
POWELL, Parle County, Wyo.—BOND SALE.—"Bankers Trust Co.,
$10,000 water and $17,000 electric 6% bonds at 86.
of Denver, has purchased
PROVO, Utah County, Utah.—DESCRIPTION OF BONDS.—'Th e
$100,000 6% coupon tax-free water works bonds, sold as reported in V. 113.
S. 982—answer to the
following description: Denom. $1,000. Date
National
ept. 1 1921.
Prin. and seml-ann. int. (M. & S.) payable at the
Park Bank, N. Y.
Due Sept. 1 1941; optional Sept. 1 1931.
Financial Statement.
Real value of taxable property, estimated.
Assessed valuation for taxation.......
- .
Net debt
14,578,000
wu
_
_.—......—_ .
8,746,814
$325,000
175,000
.
............
_
500,000
Totaldebt (this issue included)
Less water debt
Population, 1920 census, 10,303*
PROWERS COUNTY CONSOLIDATED SCHOOL DISTRICT
NO.
(P. O. Hartman), Colo.—BOND ELECTION & SALE —Subject to
eing voted at an election to be held in about 50 days, the International
Trust Co
of Denver, has purchased $45,000 6% 15-30 year (opt ) school
bonds.
Int. semi-ann. payable in New York.
41
4
RANDOLPH COUNTY (P. O. Winchester). IndL—BOND SALE.—
The following six issues of 6% highway
—V. 113, p. 1386—weie sold as stated
bonds which
were
offered on Oct. 1
below:
$9,000 A. R. Williams et al., Franklin Twp. bonds, to the J. F. Wild & Co.
State Bank at par.
Denom. $900.
8,000 Riley Almenrode et al., Monroe Twp. bonds, to T. M. Thomburg
at
$800.
Denom.
100.08.
9,800 Elias D. Owens et al., White River Twp.
burg at 100.10.
Denom. $980.
bonds, to T. M. Thom¬
.
Yost et al., White River Twp. bonds, to the FletcherCo. at par.
Denom. $680.
13,700 Levi Briner et al., White River Twp. bonds, not sold.
Denom. $685.
8,400 Joseph Bookout et al., Nettle Creek Twp. bonds, to Nelson P. Mc13,600 Lewis A.
American
Collins at
Denom.
100.10.
Date Aug. 1 1921.
$420.
Int. M. & N.
Due one bond of each issue each
until all paid.
six
months from May 15 1922
WING, Goodhue County, Minn.-—BONDS AWARDED IN
impt. bonds voted on Nov. 2 1920—V. Ill,
2158—$15,500 have been sold.
Denom. $1,000.
Int. J. & J.
Bonds
payable at the office of City Treasurer.
Due yearly on July 1 as follows:
$500, 1931; $5,000, 1932; $5,000, 1933 and $5,000, 1934*
REP
PART.—Of the $50,000 6%
p.
INDEPENDENT SCHOOL
DIS*
Grundy, Tama and Blackhawk Counties,
$225,000 6% school bldg. bonds offered on
July 2—V. 112, p. 2793—Have been sold to Geo. M. Beehtel & Co. of
Davenport.
Date June 1 1921.
Due June 1 1926.
CONSOLIDATED
REINBECK
TRICT (P. O. Reinbeck),
Iowa .—BOND SALE.—'The
RHEA
(P. O. Dayton), Tenn.—BONDS
road bonds has been voted.
COUNTY
issue cf $600,000
16G3
CHRONICLE
THE
1921.]
VOTED,—An
few instances have
Only
employees been discharged permanently, however.
SALEM, Columbiana County, Ohio.—BOND SALE.—The following
six issues of 6% bonds offered on Oct. 4 (V. 113, p. 1276) were sold to the
Provident Savings Bank & Trust Co. of Cincinnati at 100.10:
$29,000 00 city's portion improvement bonds.
Denom. $1,000.
Date.
Sept. 1 1921.
Due $2,000 on Sept. 1 1930 and $3,000 yearly
on Sept. 1
from 1931 to 1939, inclusive.
10,277 24 funding deficiency bonds.
Denom. 1 for $277 24 and 20 for
$500 each.
Date Nov. 15 1920.
Due $2,277 24 Sept. 15 1924*
and $2,000 yearly on Sept. 1 from 1925 to 1928, inclusive.
10,461 00 special assessment bonds.
Denom. 1 for $1,461 and 9 for
$1,000 each.
Date Aug. 1 1921.
Due $1,461 April 1 1922 and
$1,000 yearly on April 1 from 1923 to 1931, inclusive.
9,546 24 special assessment bonds.
Denom. 1 for $546 24 and 9 for
$1,000 each.
Date Sept. 1 1921.
Duo $546 24 April 1 1923
and $1,000 yearly on April 1 from 1924 to 1932, inclusive.
2,003 13 special assessment bonds.
Denom. 1 for $403 12 and 4 for
$400 each.
Date July 1 1921.
15,000 00 bonds.
Denom. $1,000.
Date July 1
1921.
Due $1,000
yearly on July 1 from 1927 to 1911. inclusive.
SAN
JOAQUIN COUNTY
RECLAMATION
DISTRICTS,
BOND SALE.—Reports say that the following 5]A % bonds
at
Calif.—
have been sold
par:
$195,000 Reclamation District No. 2037 bonds.
127,000 Reclamation District No. 2038 bonds.
SAYRE, Beckham County, Okla.—BOND OFFERING.—W.
E.
Simmonds, City Clerk will receive sealed bids until 4p.m. Oct. 24 (to be
opened at 8 p. m. on that date) for the following 6% coupon bonds, voted
on June 15 by 121 to 71.
$40,000 electric light impt. bonds.
Denom. $1,000.
28,000 water works extension bonds.
Denoms. 28 for $1,000 and 1
for $500.
6,500 sewer impt. bonds.
Denom. 6 for $1,000 and 1 for $500.
Date July 1 1921.
Prin. and semi-ann. int. payable at the Mechanics &
Metals National Bank, N. Y.
Due July 1 1946.
Cert, check for $1,500
payable to the City of Sayre, required.
Official circular says: "The bonds
are authorized under Section 27, Article 10 of the Constitution and Laws of
the State of Oklahoma, and are properly registered by city, county and
State officials.
They have been properly certified to the County Excise
Board and levy made by said Board for the payment of semi-annual interest
and proportionate part of sinking fund.
No litigation is pending nor is
any threatened affecting these bonds.
These Ixmds will be incontestible
on
date of sale.
There has been no default in payment of interest on
outstanding bonds.
City does not contemplate the issuing of any other
ixmds in near future."
Total bonded debt including these issues, $188,500.
Water debt (incl.) $90,500.
Sinking fund July 1 1921, $20,379.
Assessed
value for taxation 1921, $886,350.
Actual value (est.) $2,250,000Tax
rate (per $1,000) 1921, $29.39.
Population 1920 (census) 1,703.
Present
estimate, 2,100.
SCOTT
COUNTY
(P. O.
Davenport),
RICHARDSON, Minn.—BOND SALE.—An issue of $10,000 6% road
and bridge bonds has been sold at par to the American Savings & Trust Co.
of Little Falls.
p.
Iowa.—BOND SALE NOT
COMPLETED.—Tho sale of the $420,000
RICHLAND COUNTY SCHOOL DISTRICT NO. 41 (P. O. Sidney),
Mont.—BOND OFFERING.—'The Clerk, Board of Trustees, will receive
sealed bids until 2 p. m. Oct. 22 for $1,400 6% (opt.) funding bonds.
Denom. $200.
Date Oct. 22 1921.
Interest semi-annual.
Duo Oct. 22
1941, optional Oct. 22 1931.
Certified check for $100 required.
RIPON, Fond du Lac County, Wise.—BONDS PROPOSED.—An
issue of $25,000 6% coupon bonds for rebuilding sewage disposal plant, is
under consideiation.
Denom. $500.
Int. semi-ann.
RIVERSIDE, Riverside County, Calif.—BOND PROPOSITION NOT
BE VOTED UPON.—H
C
Cree, City Clerk, informs us that the
TO
submit the $200,000 bonds—
November election
He also
to whether the question will come up again within
Common Council on Sept 26 decided not to
V
113, p
1386—to the voters at the regular
that it is doubtful as
the next twelve months.
says
N.
Y.—NOTE
.......
— ...
Comptroller, will receive sealed
bids until 2:30 p. m. Oct. 10 for $200,000 local improvement notes.
Pur¬
chaser to name interest rate.
Notes will be made payable six months from
Oct. 13 1921 at the Central Union Trust Co., N. Y. City, will be drawn
with inteieet and will be deliverable at the Central Union Trust Co., 80
Broadway, N. Y. City, Oct. 13 1921.
NOTE OFFERING .—J. G. Wilson, City
ROSEAU COUNTY (P. O. Roseau), Minn.—BOND
SALE.—An issue
of $38,000 6% County Ditch No. 25 bonds has been sold.
Int. semi-ann.
Bonds payable at First National Bank St. Paul.
Due yearly on June 1 from
1927 to 1941. incl.
ROUTT
SCHOOL
DISTRICT
NO.
4, Colo.—BOND
SALEJ—An issue of $14,000 6% bonds has been sold, sub¬
election yet to be called, to the
COUNTY
ELECTION &
1386—was not completed because attorneys refused to approve the bonds.
the county has sold $148,000 funding
BOND SALE.—Reports say that
bonds
as
follows:
Purchaser's name or purchasers' names
$100,000 bonds early this year.
known.
not
V
48,000 bonds recently to Geo. M. Beehtel & Co., Davenport.
rate
6%.
ject to being sanctioned by the voters at an
Bankers Trust Co. of Denver.
Interest
Due yearly from 1926 to 1935, incl.
SELMA, Johnston County, No. Caro.—BOND SALE.—The $60,000
6% gold sewer bonds, offered on Aug. 2 (V. 113. p. 557) have been sold
to the First National Bank of Selma at par.
Date July 1 1921.
Due
yearly on July 1 as follows: $1,000, 1923 to 1942, inclusive, and $2,000,
1943 to 1962, inclusive.
SEVIER
Oct.
&
COUNTY
(P.
O.
Sevierville),
Other bidders
SALE.—On
sold to Caldwell
and funds to be
Tenn .—BOND
1 the $300,000 6% road bonds (V. 113. p. 1276) were
and I. B. Tigrett & Co., at 100.38 and interest
Co.
deposited with banks designated by them.
SALE.—An Issue of $750,000 school
construction notes which was offered on Sept. 30 was awarded to S. N.
Bond & Co. of New York City at hYi% interest, plus a $191 pLemium.
Notes will be made payable six months from Oct. 4 1921, at the Central
Union Trust Co., New York City, will be drawn with interest, and will be
deliverable at the Central Union Trust Co., 80 Broadway, New York City,
Oct. 4 1921.
Other bidders were:
1
Robert Winthrop & Co., New York City
Interest.
Premium
For $100,000, all or any part
*
5.48%
For $100,000, all or any part.
5.55%
$1.00
For $50,000, all or any part
5.60%
1-00
ROCHESTER,
5% road bonds to the Central
Engineering Co., and McCarthy Improvement Co., Contractors—V. 113,
Date 1943|to 1962, inclusive.
were:
(First Nat. Bank, MaryvHle„$294,000
ville
$297,0001 J. C, Mayer & Co
*$285,300
♦And the county to deposit funds with them and receive 4% interest.
SLATON, Lubbock County, Tex
BIDS REJECTED.—All bids
received on Sept. 30 for the $55,000 sewer and $35,000 water-works 6%
tax-free coupon bonds (V. 113, p. 1276) were rejected.
They can now be
Bank of Sevierville,
Sevier-
purchased at private sale.
SLAYDEN SCHOOL DISTRICT NO. 51
(P. O. Slayden), Gon/ales
County, Tex.—BONDS VOTED—An issue of $6,000 bonds was
by seven votes.
Only nineteen votes were cast.
carried
at a recent election
SM1THFIELD, Cache County, Utah.—BID REJECTED.—A bid of
94 50. which was submitted for the purchase of $35,000 6% water bonds on
Oct. 3—V. 113, p. 1386—was declined.
They will be reoffered in about
ten days.
Johnston County, No. Caro .—BOND
Chairman of the Smithfield Township
sealed proposals until 12 m. Oct. 26
for $15,000 6% coupon road bonds.
Denom. $1,000.
Date May 1 1921.
Prin. and semi-ann. int. (M. & N.) payable at the National Bank of Com¬
merce, N. Y.
Due May 1 1936.
Cert, check or cash on an incorporated
bank or trust company for 2% of the amount of bonds bid for payable to
the Commissioners of Smithfield Township Roads, required.
A notice oi
SMITHFIELD TOWNSHIP,
OFFERING—J.
W.
Stephenson,
Roads (P. O. Smithfield), will receive
f
this offering
appeared in V. 113. p. 1494.
tional information has
come
to hand.
It is given again because addi¬
DISTRICT, Ark.—BOND SALE
NOT COMPLETED.—'The sale of the $400,000 6% bonds to the Bankers
Trust Co., of Little Rock (V. 112, p. 1658), was not completed, it is stated.
SOUTHEAST ARKANSAS LEVEE
ST. LANDRY PARISH ROAD DISTRICT NO. 14 (P. O. OpeJousas),
La.—BOND OFFERING— Sealed bids will be received until 11 a. m.
Nov. 7 by F. Octave Pavy, President of Police Jury, for $300,000 5% bonds.
Denom. $500.
Date Sept. 1 1921.
Prin. and semi-ann. int. (M. & S.)
payable at the office of Parish Treasuier or National Park Bank, N. Y.,
at option of holdeis or purchasers.
Due yearly on Sept. 1 as follows:
$7,000, 1922 and 1923; $7,500, 1924; $8,000, 1925 and 1926; $8,500. 1927;
$9,000, 1928; $9,500, 1929; $10,000, 1930: $10,500, 1931: $11,000, 1932;
$11,500, 1933; $12,000, 1934; $12,500, 1935: $13,500, 1936; $14,000, 1937;
$14,500. 1938; $15,500, 1939; $16,000, 1940; $17,000, 1941; $18,000, 1942;
$19,000, 1943; $19,500, 1944, and $21,000, 1945.
Cert, check for 2Vi%
required.
The purchaser will be required to defray the cost of any legal
examination or investigation in connection
therewith that may be re¬
quired by Him.
SOUTH PASADENA CITY HIGH SCHOOL
DISTRICT, Los Angeles
Calif.—BIDS.—On Sept. 19. the following bids Were also re¬
the purcha;se of the $125,000 6% school bonds, awarded as
reported in V. 113, p. 1386:
Schwabacher & Co_._
$128,550 00 State Board of Control-.$127,895 00
California Company
127,804 00
Cyrus Peirce & Co
V
\
Hunter-Dulin Co
J 128,326 00 California BankCounty,
ceive
for
—
Steven, Page &
128,177 50
Citizens National
Wm. R. Staats Co
128,161 00
/
.
—
Sterling/ 126,551 79
128,325 00
National City Co....,.,
Blyth. Witter & Co..
Harris Trust & Sav. Bk._
Bank.
125,825 00
THE
1604
DISTRICT
PARK
SOUTH
OFFERING—3.
BOND
proposals until
sealed
F.
12
(P.
Neil,
20
will 13cfeive
following 4% bonds:
19 for the
$200,000 park improvement bonds.
VISALIA
Chicago), Cook Couhty, III.—
Secretary of the District,
Oct.
ra.
O.
CHRONICLE
BOND
20
Duo $10,000 yearly on May 1
for
Due $25,000 yearly on May 1 for
payable
tax-free
DISTRICT,
Tulare
County,
A deposit of $25,000, either in
the
to
The official notice
South
Park
of this offering
Commissioners,
may be
currency or
certified
required.
found among the advertisements
SPRINGFIELD, Clark County, Ohio.—BOND SALE.—The following
6% special assessment bonds offered on Oct. 3—V. 113, p.
1270—were sold to the State Industrial Commission of Ohio on Oct. 5.
three issues of
Denom.
Due yearly from 1924 to 19-14, Incl.
Financial Statement.
valuation
debt
$4,113,720
164,000
Population (estimated), 8,000.
WACO, McLennon County, Tex.—BOND SALE.—The San Antonio
Express
Due
15,420 00 bonds.
Denom. 10 for $542 each and 20 for $500 each.
$1,542 yearly on Mar. 1 from 1922 to 1931, incl.
Prin. and semi-ann. int. payable at the City Treasurer's office.
Due
Date
of
Sept. 16 says: "At to-day's (Sept 8) session of the City
t^ie °^er °f the City to buy Park Lawn
Cemetery at a cost of
formally accepted by W. M. Foster, President of the Waco
Cemetery Association, owners of Park Lawn.
The owners of Park Lawn
agree to buy at par $65,000 worth of Cameron Park
improvement bonds
issued last year, and the
city will give its notes for the payment of the
cemetery property."
$65,000
was
^uAy5£R C°UNTY (p- °- LaFayette),
Due
$10,642 50 bonds.
Denom. 5 for $628 50 and 15 for $500 each.
$2,128 50 yearly on Mar. 1 from 1922 to 1928, incl.
10,900 00 bonds.
Denom. 10 for $590 each and 10 for $500 each.
$1,090 yearly on Mar. 1 from 1922 to 1931, incl.
Calif.—
Co. of San Francisco have purchased
$1,000.
Date April 14 1920.
(April 24 & Oct. 24) payable at the County Treas¬
bonds.
________
elsewhere in this Department.
1
office.
urer s
Total
years.
Date May 1 1921.
Mar.
53^%
Assessed
800,000 South Park Avenue bonds.
Due $1,000 May 1 1924 and $47,000
yearly on May 1 for 17 years thereafter.
check,
SCHOOL
.SALE.—Bradford, Weeden &
$112,000
Prin. and semi-ann. Int.
years.
500,000 Lake Front extension bonds.
(Vol. 113.
HIGH
The
$400,000 tax-free road bonds, which
son-Humphrey Co. of Atlanta—-V. 113,
Ga.—BOND DESCRIPTION.
were
recently sold to the Robin¬
1078—are described as follows:
5M%.
Denotn. $1,000.
Date Aug.
1 1921.
Prin
and
semi-ann. int. (F. & A.)
payable in New York City.
Due yearly on Aug. 7
^Mow^,SJ0,'00,0*1923
1926»incl : SI5,000, 1927 to 1932, incl.; $18,000,
1933 to 1947, incl.
Coupon bonds (subject to registration.)
Financial Statement.
Actual value of property
.—$19,000,000 00
Assessed value for taxation 1921.
i
8,390,054 00
Total bonded debt (this issue
only)
400,000 00
Floating debt
None
Population 1920 Census, 23,370
Interest
p.
rate
.
1921.
,
,
_____
STAMFORD,
Jones
Tex.—CORRECT AMOUNT.—'The
Sept. 6 was $125,000 (not $25,000 as stated in
County,
amount of bonds voted on
V.
1386).
113, p.
_
STAMFORD UNION FREE SCHOOL DISTRICT NO. 4 (P. O.
Hobart), Delaware County, N. Y.—BONDS NOT SOLD — The $15,000
5% school bonds offered on Oct. 4 (V. 113, p. 1494) were not sold.
STATESBORO, Bullock County, Ga.—BOND SALE — The $75,000
5% public school bonds, offered on March 31 (V. 112, p 1056) have been
sold.
Date Jan. 1 1921.
Due $12,500 on Jan. 1 in each of the years
1926, 1931, 1936, 1941, 1946 and 1951.
STEELE COUNTY (P. O. Owatonna), Minn.—BOND OFFERING.—
Oct. 11
Geo. Griffin, County Auditor, will receive sealed bids until 2 p. m.
for the following two issues of 6% drainage bonds:
,
$27,000 Public Tile Drainage System No. 9 bonds.
Due onl July 1 as
follows: $1,000, 1927; $2,000, 1928 to 1933, incl.; $1,000, 1934;
$2,000, 1935 to 1940, incl., and $1,000, 1941.
9,000 Public Tile Drainage System No. 17 bonds.
Due on July 1 as
follows: $500, 1927 and 1928; $1,000, 1929; $500, 1930 to 1934,
incl.; $1,000, 1935; $500, 1936 to 1939, incl.; $1,000, 1940 and
$500, 1941.
Date July 1 1921.
Cert, check for 5% of bid payable to the above official
.
WALLA WALLA, Walla Walla
County, Wash.—BOND OFFERING.—
Oct. 25 $500,000 6% water extension bonds will be
offered for sale.
On
A like amount of bonds was
reported as sold in
for $45,000 6%
coupon deficiency bonds.
Denom. $1,000.
Date Oct. 1
1921.
Prin. and semi-ann. int. (A. & O.) payable at the office of the
Trustees of the Sinking Fund, now at the Union Savings and Trust Co. of
Warren, Ohio.
Due $9,000 yearly on Oct. 1 from 1922 to 1926. incl.
Cert, check for $500, payable to the
City Treasurer, required.
Bonds are
issued under authority of Section 3.939 et al. of the General Code of Ohio.
Bonds
Personal
Total
STEUBEN
COUNTY
(P.
O.
was
Angola),
Ind.—BOND
interest for the $7,500 5% bonds offered on Sept.
5—V
878.
113, p
STILLWATER, Payne County, Okla.—BOND SALE.—The $60,000
6% sewer bonds offered on Aug. 9—V. 113, p. 658—have been sold to the
Municipal Excavation Co. of Oklahoma City at par.
STILLWATER
SCHOOL DISTRICT (P. O. Stillwater), WashingCounty, Winn.—BONDS PROPOSED—This district i3 contemplating
ton
the issuance of $150,000 high school bldg. additional bonds.
SULLIVAN COUNTY
bonds.
Denom.
et
al.,
Fairbanks
and
Turman
Twp.
bonds.
Denom. $827 50.
Date
Sept.
Borders et al., Turman Twp. bonds.
1921.
Int. semi-ann. (M.-N.).
Due
15
SWAIN
COUNTY
ROAD DISTRICT, No. Care .—BOND SALE —
$55,000 6% bridge bonds has been sold to C. N. Malone & Co.
SWIFT COUNTY (P. O. Benson), Minn.—AMOUNT OF BONDS
SOLD.—The correct amount of 5%% tax-free drainage bonds sold to the
Minneapolis Trust Co., Minneapolis, was $48,633 (not $48,663, asjreported
in V. 113, p. 1177).
TEMPE, Maricopa County, Ariz.—BOND OFFERING.—Proposals will
be received until 7:30 p. m. Oct. 24 for the $135,000 municipal light and
gas plant purchase bonds—V. 113, p. 983.
THURSTON COUNTY SCHOOL DISTRICT NOl 21, Neb.—MA¬
TURITY.—The $10,000 6% school bonds which were sold on Sept. 20 to
the Omaha Trust Co. of Omaha at 95
(V. 113,
p.
Warren,
v
Self-sustaining.
WASHOE COUNTY (P. O. Reno), Nev.—DESCRIPTION OF BONDS
are at hand relative to the sale of the $200,000
6% road
awarded on Sept. 20 to Schwabacher & Co. of San Francisco at
a basis of about 5 86%—V.
113, p. 1387—Denom. $1,000.
July 1 1920.
Int. .1. & J.
Due yearly on July 1 as follows: $14,000,
$33,000, 1932 to 1936, incl., and $21,000,1937.
WASHINGTON,
(P. O. Covington), Tenn.—BOND SALE.—The
Co. of Kansas City, has been awarded $130,000 6%
Due Nov. 1 1922 to 1940, incl.
County,
Ohio.—BOND
SALE.—The
fol¬
WASHINGTON TOWNSHIP RURAL SCHOOL
DISTRICT (P. O.
Portsmouth R. No. 1), Scioto County, Ohio.—BOND OFFERING.—
George A. Doll, Clerk, will receive sealed proposals until 12 m. Oct. 19 for
$11,500 6% school bonds.
Denom. $500.
Date Oct.
19
1921.
Int.
A. & O.
Due $500 yrly. on Oct. 1 from 1924 to 1946 incl.
Cert, check
for $575
required.
WATKINS, Meeker County, Minn.—BOND OFFERING.—S. Zitlow,
Village Recorder, will receive sealed bids for $12,000 6% funding bonds
until 8 p. m. Oct. 11.
Denom. $1,000.
Date Oct. 1 1921.
Prin. and
semi-ann. int. (A.-O.) payable at the Northwestern Nat'l Bank, Minne¬
apolis.
Cert, check for i0% of bid, payable to the Village Treasurer,
required.
•»
WAVERLY
DRAINAGE
County,
received until
10
DISTRICT
Colo.—BOND
a.
m.
Oct.
NO.
1
O.
(P.
OFFERING.—Sealed
31 by Henry Sundquist,
Waverly), Ala-
proposals
will
be
President Board of
Directors, for $75,000 bonds.
WEST
accured interest.
COUNTY
Fayette
Date
1931;
lowing two Issues of 6% bonds offered on Oct. 3—V. 113, p 1279—were
sold to the Ballinger-Scheuman Co. at par and accrued interest.
mosa
$10,336 63 city's portion bonds.
Denom. 1 for $333 63, 6 for $500 each
and 7 for $1,000 each.
Due $1,333 63 Sept. 1 1922 and $1,500
on Sept. 1 from 1923 to 1928, inclusive.
22,462 19 assessment portion bonds.
Denom. 1 for $2,462 19 and 20 for
$1,000 each.
Due $4,462 19 on March 1 1922 and $3,000 on
March 1 from 1923 to 1928, inclusive.
Date Sopt. 1 1921.
Int. M. & S.
*
Guaranty Trust
drainage bonds.
$987,500 00.
bonds,
101.23
1494) mature in 20 years,
years.
TIFFIN, Seneca County, Ohio.—BOND SALE.—The following two
issues of 5% Hedges Street improvement bonds offered on Sept. 30—
V. 113, p. Ii77—were sold to the City National Bank of Tiffin at
par and
TIPTON
851,404 00
45,000 00
Ohio, this 10th day of Sept. 1921.
Water
Works
bonds
and
extension,
Tax rate 19.4
Denom. $950.
bond every
atpar.
optional after 10
$1,107,950 00
_
___
Total
debt,
including this issue
$2,278,254 00
Cash balance and investments in Sinking Fund, $46,000 00.
Population
1910 census, 11,081.
Population 1920 census, 27,050.
Dated at
one
six months from May 15 1922.
An issue of
$60,027,380 00
___;
—Further details
Twp.
$657 50.
19.000 Elias A.
valuation
(P. O. Sullivan), Ind.—BOND OFFERING.—
5% road improvement bonds:
$26,300 Thomas M. Douthitt et al., Jefferson
Riggs
$44,980,320 00
15,047,060 00
property
General bonded debt
Special assessment debt
This issue, City share
Ed. P. Snow, County Treasurer, will receive bids until 12 m. to-day (Oct. 8)
for the following
33,100 Sansberry
Purchaser to pay accrued interest.
Indebtedness—
SALE— The
the successful bidder at par and accrued
authorized by election.
are not
Financial Statement.
Total Assessed Valuation for 1919—
Real estate
required.
Citizens State Bank of Orland
V. 112, p. 2450.
WARREN, Trumbull County, Ohio.—BOND OFFERING.—Geo. T.
Hecklinger, City Auditor, will receive sealed proposals until 12 m. Oct. 25
West
CARROLLTON
VILLAGE
SCHOOL
DISTRICT
(P.
O.
Carrollton), Montgomery County, Ohio.—BOND OFFERING.—
Sealed proposals will be received by C. H. Bloss, Clerk Board of Education,
until 12 m. Oct. 21 for $9,000 6% coupon school deficiency bonds.
Denom.
$500.
Date Oct. 1 1921.
Prin. and semi-ann. int. (A.-O.) payable at the
First National Bank of Miamisburg.
Due $1,000 yrly on Oct. 1 from 1923
1931, incl.
Cert, check for 5% of par value of bonds payable to the above
to
clerk, required.
Purchaser to pay accrued interest.
WEST HICKORY GRADED SCHOOL DISTRICT (P. O. Hickory),
Catawba County, No. Caro.—BONDS VOTED.—It is reported that
$60,000 in bonds, to erect a new graded and high school bldg. were voted.
It is also
TOLEDO, Tama County, Iowa.—BOND SALE.—An issue of $8,000
6% refunding bonds has been sold to Schanke & Co., of Mason City.
Date
Nov.
1
1921.
Due Nov.
1
1941.
TOPEKA, Shawnee County, Kans.—BOND SALE.—An issue of
$140,000 514% tax-free water and light bonds has been sold to Columbian
Title & Trust Co. at 101.47, a basis of about
5.13%.
This was a flat bid.
Denom. $1,000 and $500.
Date Sept. 1 1921.
Principal and semi-annual
interest (M. & S.) payable at the State Treasurer's office.
Due Sept. 1 1941.
Other bidders were:
W. R. Compton Co., Chicago
140 838 50
140 200 00
Shawnee Investment Co., Topeka
Fidelity National Bank & Trust Co., Kansas City
£te£? %°^r& Co.. Kansas City
__
Chicago
"
I
140 000 00
140*000
*
00
139,842 50
_
139 463*10
Ill
Co^ Topeka-
D. E. Dunne & Co., Wichita-Vernon A. Branch, Wichita
138,810 00
138,218 50
137 712
Stifel-NJcolaus Investment Co., St. Louis
H. P. Wright & Co., Kansas City
*
50
II
137 610 50
~~
~"
November 1st delivery.
135722 50
TRAVIS COUNTY (P. O. Austin), Tex.—BONDS TO
BE ISSUED
This county is preparing to issue $1,000,000 bonds soon.
VANCOUVER, Clarke County, Wash.—BOND SALE.—It is reported
that $35,000 5A% refunding bonds were sold to the Western
Bond & Mtge
Co. and the Ladd & Tilton Bank, both of Portland, at 100.70.
......
.
,
.
,.m.
.
.
-**»•.—?-
,
P? VANCOUVER SCHOOL DISTRICT, Clark
County, Wash —BOND
SALE.—The Washington Exchange Bank of Vancouver
has purchased
$90,000 school bonds.
VENTON
SCHOOL
DISTRICT
(P.
O. Venton),
Benton
County.
Iowa.—BOND SALE— On Oct. 1 the $100,000 6%
5-year school bonds—
V. 113, p. 1078—were sold to the Drake-Ballard
Co., at 100.29 and int
a
basis of about 5 93%.
Date Sept. 15 1921.
Other bidders wereCont'l
&
&
Commer'l
Savings
Geo.
M.
Tr.
Bank
Bechtel &
Co_
WILLIAMS TOWNSHIP SCHOOL DISTRICT (P. O. Raubsville)
Northampton County, Pa.—BOND OFFERING.—John Streepy, Dis¬
trict Secretary, will receive sealed bids until 8 p. m. to-day (Oct. 8) for
$13,000 5% school bonds.
Denom. $500.
Date Oct. 1 1921.
Int. A. &
O.
Due $1,000 yearly on Oct. 1 from 1922-1934 incl.
WILMERDING, Allegheny County, Pa.—BOND SALE.—The Mellon
$141,065 50
Ames, Emerich & Co., Chicago
Brown-Crummer Co., Wichita
C. M. McNear & Co.,
Prudential Trust
reported that the majority for the bonds was 204 only three voters
actually casting ballots against the issue, though 78 remained away from
the polls and had their votes counted against it.
(White Phillips Co
$100,286 00 First National Co
100,001 501Rengheim-Wheelock Co,
s'99
233 00
99 060 00
99 419 00
National
Bank of Pittsburgh was the successful bidder at 101.5077 for
5Ks, a basis of about 5.38% for the $20,000 coupon tax-free street impt.
bonds offered on Sept. 21—V. 113, p. 1079.
Date Sept. 1 1921.
Due
Sept. 1 as follows: $2,COO, 1930; $3,000, 1935 and $5,000 in 1940; 1945
and 1948.
WINSTON
SALEM,
Sealed bids will
13
for
Forsyth County,
be received by W.
H.
N. C.—BOND OFFERING.—
Holcomb,
Treasurer, until
12
m.
following 5lA % coupon (with privilege of registration)
bonds aggregating $1,235,000:
$800,000 sehool bonds.
Due on May 1 as follows: $28,000, 1922 to 1941
Oct.
the
incl. and $30,000,
1942 to 1949 incl.
250,000 water bonds.
Due on May 1 as follows:
incl., and $10,000, 1953 to 1962 incl.
100,000 general improvement bonds.
$5,000,
1923 to
Due $4,000 yrly. on May
1
1952
from
1922 to 1946 incl.
85,000 city hall bonds.
Due on May 1 as follows: $3,000, 1922 to 1948
incl., and $4,000, 1949.
Denom. $1,000.
Date May 1 1921.
Prin. and semi-ann. int. (M. & N.)
payable in New York.
The bonds will be prepared under the supervision
of the United States Mtge. & Trust Co.. N. Y., which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon,
and the validity of the bonds will be approved by Reed, Dougherty & Hoyt,
N. Y. City.
Cert, check for 2% of bid required.
Forms and instructions
for bidding will be furnished by the above official.
WINSTON-SALEM, Forsyth County, No. Caro .—BOND ELECTION.
—On Oct. 25, $1,000,000 school, $100,000 park and
playground and $50,000
hosnital bonds will be voted upon it is reported.
WOBURN, Middlesex County, Mass.—BOND SALE.—An issue of
$62,000 1 to 20-year bonds and an issue of $62,200 1 to 5-year 5% bonds
were
sold to R. L. Day & Co. at 100.549.
OCT. 8
CANADA,
BRITISH
CHRONICLE
THE
1921.]
96.179 in U. S. funds, as reported by us last week (V. 113, p. 1496).
He
also advises us that, together with the National City Co. of Canada, there
were associated in acquiring the $5,000,000 6% coupon (with privilege of
and Municipalities,
Provinces
its
CERTIFICATES
The
COLUMBIA.—
following,
registration) gold bonds at 95.428 (V. 113, p. 1496), Harris, Forbes & Co.,
R. O. Matthews & Co., R. A. Daly & Co. and the United Financial Cor¬
according to the "Financial Post" of Toronto, is a list of certificates issued
by the municipal department of the Province of British Columbia from
Aug. 24 to Sept. 7:
;iy;
District of Salmon Arm—By-law No. 134, high school purposes, $11,500,
Canadian
Funds
BRITISH COLUMBIA (Province of).—BOND SALE.—An issue of
$2,000,000 6% 25-year bonds was sold on Oct. 5 to a syndicate composed
of Wood, Gundy & Co., A. E. Ames & Co. and others at 95-39, a basis of
about 6.37%.
The bonds are payable in Canada.
;DUNNVILLE, Ont.—BOND SALE.—A. E. Ames & Co. were the suc¬
at 95.58, a basis of about 6.46% for $45,000 6% public
cessful bidders
school bonds and $4,000 6% water-works bonds.
Tenders received were
as follows:
A. E. Ames & Co., 95-58; Wood, Gundy & Co., 95-08; Dominion
GANANOQUE, Ont.—DEBENTURE SALE,
was recently sold.
Graham
Ont.—DEBENTURE SALE.-r-An issue of $21,300
debentures was recently sold to O. H. Burgess & Co. at 95.
6J4 %
N Y
Funds.
City Co., Harris, Forbes & Cb., Guaranty
Co. of New York, United Financial Corporation
-.105.195
96.179
Kuhn, Loeb & Co., N. Y.; Chase Securities Corp., N. Y.;
Blinois Trust & Sav. Bank, Chicago; Wood, Gundy & Co. 104,669
95.588
Blair & Co., Inc., Kissel, Kinnicutti & Co., Blyth, Witter
& Co., Kountze Bros., White, Weld & Co., Equitable
Trust Co., New York; Old Colony Trust Co., Coffin &
Burr, Inc., Stacy & Braun, Rutter, Lindsay & Co., Inc.,
A. E. Ames & Co
—
104.124
95.09
Lee, Higginson & Co., Boston Bankers Trust Co., New
York: E. H. Rollins & Sons, Boston; Spencer Trask &
Co., New York; Clark, Dodge & Co., New York; Brown
Bros. & Co., New York; Warner & Co., Inc., Boston;
R. A. Daly & Co., Toronto.
-104.154 95.09
Dominion Securities Corporation
104-04
94.89
The following are the only two bids received for the $5,000,000 issue:
The National
Price..
National City Co., Harris, Forbes & Co., R. C. Matthews &
R. A. Daly & Co., The United Financial Corporation
A. E. Ames & Co., Wood, Gundy & Co., Dominion Securities
poration, Aemilius
-An issue of $15,000 6%
debentures
MIMICO,
The following bids were received for the $10,000,000 issue:
poration.
payable in 20 years with interest at 6%, payable half-yearly.
City of Salmon Arm—By-law No. 116, high school purposes, $11,500,'
payable in 20 years with interest at 6%.
City of Cranbrook—Debentures Nos. 21-40, 81-110, $25,000, issued under
"Electric Light Loan Debenture By-law 1920," No. 188, 20 years, pay¬
able Sept. 1 1940, with interest at 6H%.
City of Prince George—"Street Improvement Debentures By-law No. 132,
1921," $20,000, payable in 10 years, with interest at 6%.
Securities Corp., 94.852; R. C. Matthews & Co., 94.11; Macneill,
& Co., 92-50; W. A. Mackenzie, 92.27; A. Jarvis & Co., 91.8.
1605
"
Co.,
95.428
Cor¬
95.28
Jarvis & Co
WINDSOR, Ont .—DEBENTURE SALE.—An issue of $150,000
works debentures and an issue of $60,000 Grace Hospital extension
tures have been sold to Wood, Gundy & Co.
water¬
deben¬
of $1,529,000 6% coupon
of registration) gold bonds was recently sold to Coffin &
106-54 (Canadian funds),
Denom. $500 and $1,000.
Date Oct. 1 1921Principal and semi-annual interest (A. & O.) payable
at the agency of the Bank of Montreal in New York in U. S. gold com, or at
the Bank of Montreal in Toronto, Montreal or Winnipeg, in Canadian cur¬
rency.
Due Oct. 1 1946.
Legal opinion of E. G. Long.
WINNIPEG, Man.—BOND SALE.—An issue
DISTRICTS,
Sask.—DEBENTURES
according to the "Financial Post" of
Toronto, is a list of authorizations granted by the Local Government
Board from Sept. 10 to Sept. 17:
Schools.—Gray, $10,750; Lucky Lake, $6,000; Barleston, $5,000; White
SASKATCHEWAN
Sand
SCHOOL
following,
AUTHORIZED.—The
Valley, $7,000; Poplar Creek, $2,200; King's County, $3,000; Beechy,
$4,000; Coloraine, $4,900.
Rural
Telephones.—Tuxford,
$14,300; Montmarte,
$1,350;
Carruthers,
$29,000; Manor, $2,500.
DEBENTURE SALES.—The following we learn from the same source
is
a
list of debentures amounting to $26,912, reported sold
in
the same
period:
Districts.—Wynyard, No. 2499, $1,800, 10 years, 8%, various,
Wynyard; Looville, No. 2140, $6,000, 20 years, 8%, Waterman-Waterbury
Mfg. Co., Regina; Eildon, No. 1510, $1,000, 5 years, 8%, Dr. Jossop,
Tugasko; Penile, No. 3207, $800, 10 years, 8%, S. Burwash, Evesham.
Rural Telephones—Kennedy East, $3,400, 15 years, 8%, W. D. Craig;
Regina; Naisbury, $10,000, 15 years, 8%, H. J. Birkett & Co., Toronto;
Burdick, $1,700, 15 years, 8%, Moose Jaw Sinking Funds.
Village.—Leslie, $2,212, 10 years, 8%, various, Leslie.
School
TORONTO, Ont.—ADDITIONAL DATA.—We are advised by Geo.
Finance, that the United Financial Corporation
was associated with the National City Co.. Harris, Forbes & Co., and the
Guaranty Co. of New York, in acquiring the $10,000,000 6% coupon (with
privilege of registration) gold bonds at 105-195 in Canadian funds, or at
(with privilege
Burr, Inc., and A. E. Ames & Co., jointly at
which is equal to about 96.89 in U. S. funds.
Financial Statement.
1920-- —
—
Exemptions not included in the abeve
Total debenture debt, including present issue
Less: Local improvements (ratepayers' share) —
Assessment,
-
—-_—_ _
—
Water-works _—-,
--—* - * - - -
-
40,971,930
46,780,686
-$11,299,484
7,190,732
9,652,000
Hydro-electric
Public School Board
—
Housing
—
assessments) _ _
High water pressure (special
Sinking fund on funded debt
Less
on
$236,970,460'
$11,724,062
5,850,000
1,440,000
1,284,632
8.329,571
above special debts.
3,394,491
^
~~
.
^
H. Ross, Commissioner of
NEW
Net debt.—
—
Value of municipality's
—
assets
Population, 196,947.
NEW
LOANS
________
;
.
40,111,339
$6,669,347
61,999,387
—
'
LOANS
$1,500,000
We specialize in
City of Philadelphia
SOUTH PARK
COMMISSIONERS
3s
Sale
4% Serial Bonds For
3y2s
4s
South Park Commissioners,
57th Street and Cottage Grove Avenue, Chicago, Illinois, until 12:00 o'clock noon,
Wednesday, October 19, 1921, and will be opened at three o'clock on the same
day, for the purchase of the following described bonds:
SEALED
41/48
4V2s
5s
5%s
be received by the
PROPOSALS will
4'Park Improvement Bonds under vote of Febru¬
for the purpose of acquiring, improving
and completing public parks within the South Park District; dated
May 1, 1921; $10,000 mature annually on May 1st for 20 years.
$200,000 of bonds known as
ary
Biddle & Henry
104 South Fifth Street I
Philadelphia
$500,000
Private Wire to New York
24, 1920, Second Issue,"
of bonds known as "Lake Front Extension Bonds under vote of Febru¬
24, 1920, Second Issue," for the purpose of constructing a park,
boulevard, driveway or parkway extending over and upon the sub¬
ary
Call Canal 8437
merged
lanil and bed of Lake Michigan; dated May 1, 1921; $25,000
mature
annually
BALLARD & COMPANY
Members New York Stock
Exchange
on
May 1st for 20 years.
"South Park Avenue Bonds under vote of Febru¬
Issue," for the purpose of paying the cost of private
property to be taken or damaged for the widening and improvement of
South Park Avenue between 35th St. and 23rd St,; dated May 1, 1921;.
$1,000 of which matures on May 1st, 1924, and $47,000 annually on
$800,000 of bonds known as
ary
HARTFORD
Connecticut Securities
24, 1920, Second
May 1st for 17 years
United States and Canadian
Municipal Bonds.
DEPOSIT of $25,000,
South Park
aW^00*G°«o0,v
mDBELL
Floor Singer Building
Street.
New
Telephone Cortlandt 3183
the
thereafter.
-•
The South Park
bidder.
Commissioners
reserve
be obtained upon application to
York
MUNICIPAL
J.
the undersigned.
Secretary,
F. NEIL,
Park
Commissioners.
BONDS
and distributing entire Issue* ef
Olty, County, School District and Road District
Bonds of Texas.
Dealers' inquiries and offerings
aelicited
Circulars on request.
GEORGE W. MYER, JR.
BOYLE, BROCKWAY &
GRAHAM, INC.
Certified Public Accountant
36
HAROLD G. WISE
MATTERS.FINANCIAL
COMPANY
Ktttbltelieil
taditf,
NASSAU
1SH
TEXAS
Union Arcade
Pittsburgh, Pa.
ST., NEW
YORK
Investigations,
Estate
&
HOUSTON
all bids.
the right to reject any or
South
Underwriting
,
check, payable to theeach proposal as a guarantee of.
either in currency or certified
Commissioners, must accompany
good faith of the
Full information may
Ground
89 Liberty
A
Accounting,
Income
Telephone
Tax
Rector 5441
Returni
Classified Department
LOST
POSITIONS
EXPERIENCED
LOST;—Notice is hereby given
No.
F27421
McKenna
the
issued
for
Crucible
been
lost.
in
the
shares
19
Steel
has
duplicate Certificate and all
II.
stock of
Chronicle,
of America
been
made
persons are
H.
90
Pine
Street,
care
New
with
for
York
City.
warned
statistics
McKENNA.
REQUEST—A
ON
FREE
the
on
earning
handbook
power
and
giving
financial
together with. description and man¬
agement of the various sugar companies, will
position,
be sent
free
on
request for "Manual of Sugar
Companies No.
BUSINESS OPPORTUNITIES
138" to Farr & Co., members
of the New
Accounting Practice
Stock
Exchange,
New York City.
Street,
Public
York
INVESTMENT
Ask
MEN
Well-known
133
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P.
York
from
A.
(N. Y.)
City
practice,
out-of-town
fidential.
Christian,
practice
or,
of
New
firm.
will
purchase New
York
Replies
City
held
practice
strictly
City.
apply,
nections.
New York City.
only
Box
Young Lady—Assistant to Manager of Foreign
Department of large international banking
house
Exchange and
experienced
13
B.
for
23^
men
Took
engagement.
routine
work
(including
in
Proficient
Excellent
French.
Box 1-16,
Address
Financial Chron¬
icle, 90 Pine Street, New York City.
who has
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of
transactions.
references.
AN
SALESMEN
seeks
years,
charge
Cashier's duties) in connection with foreign bond
con¬
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Advertising Agency, 135 Broadway, New York.
BOND
Financial
Executive's Assistant
giving in confidence past
Address
Excellent refer¬
1-17,
;/
;
for it.
Salesmen
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Investment
need
Address
Chronicle, 90 Pine Street, New York
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years'
ten
ing business and establishing unlisted
Bond
O.
trader,
perience in Unlisted Bonds and Stocks,
desires connection.
PUBLICATIONS
a
Unlisted Securities Trader
Best of
of Financial
has
against negotiating said lost Certificate.
JOHN
Address Box H-l,
references.
John
WANTED
POSITIONS
formerly
large brokerage house, seeks position.
Certificate
of
of preferred
Company
Application
that
name
WANTED
CASHIER
ENGINEER
EXECUTIVE
been
engaged for
number of years
a
directing executive officer of
mation project
able for
in California, will
connection.
a new
as
large land recla¬
a
soon
be avail¬
a man
He is
of broad
experience in management of projects from incep¬
tion
to
vited
Bond Salesmen Wanted
completion.
ment to
Investigation of ability in¬
references
and
George F.
given.
Wire
Banking
with
institution
an
established
two
for
Metropolitan district and
bond
New York State.
expected.
one
Young
of Pennsylvania for a
is
house,
for
Address Bonds,
care
salary
"/V
New York Stock Exchange
considering
making
825,000,000.
were
and
ing Agency, 135 Broadway, New York City.
BANKER
A-l
Pine
90
holdings January 1, 1921
reference
Address
personality.
Chronicle.
with
Box
domestic
in
years
wishes
In
join
to
ability,
Executive
capacity for hard work and
CONNECTIONS WANTED
experience
backed by many
Banking,
Institution.
Financial
York City.
Oriental
recent
ability
to
as
H-10,
New
Street,
Foreign Exchange Banking,
progressive
Very
change.
a
officers of financial institu¬
tions whose investment
Kiernan Advertis¬
V
1
31, now covering central counties
man,
well acquainted with
Give age, experience and
appoint¬
/
.
BOND SALESMAN
department requires three experienced bond sales¬
men,
for
Maddox, California National
Bank, Sacramento, California.
good references.
Address Box 1-18, Financial Chronicle, 90 Pine
York City.
Street, New
J
STATISTICIAN-CORRESPONDENT,
PARTNER
cial
thoroughly familiar with securities :
writer,
and
•I
Bond Men, now conducting
profitable unlisted department of
large, prominent and well-regarded New York Investment House,
over
same,
of their wires and for
use
paying the firm
office space,
a
to
secure
a
Box
and one that will bear strictest investigation.
E-6, Financial Chronicle, 90 Pine St., New York.
'
'
Chronicle, 90 Pine Street,
TRADER
Exceptional
securities
out
of
desires
of references.
WID
engagement.
position.
town
Address
furnish
Can
Box
H-6,
care
of
Financial Chronicle, 90 Pine Street. New York
City.
TRADER.—Young
will permit
Connecticut
care
of
desires
man
position
that
him to acquire knowledge of Bond
Unlisted
and
trading.
Financial
Address
Chronicle,
90
H-2.
Box
Pine
Street.
New York City.
STATISTICIAN.
STATISTICIAN, thoroughly familiar with gath¬
and
ering
locate the houses that will
buy or sell many bonds and
unlisted and inactive stocks
by referring to the
compiling data
railroad,
on
public
can
utility and industrial securities, desires position
Trading
Department (Pages XII, XIII, XIV, XV, XVI and XVII)
as
on
these pages, dealers and brokers
JUNIOR
cate
^
the class of securities they specialize in.
time
virtually
From
quotations
on
compiling
with
Address
considerable
wishes
1-3,
care
make
to
New York investment
house-
of Financial Chronicle.
90 Pine Street, New York City.
SUCCESSFULBONDandUNLISTEDTRADER
seeks
of
thousands of securities.
sell bonds
or
unlisted
or
inactive stocks.
engagement
Trading
of
with New York Stock Ex¬
Capable of taking entire charge
change House.
Department.
Financial
Address
Chronicle,
90
Box
Pine
H-4.
Street.
New York City.
Always turn to the Financial Chronicle
Trading Department when you wish to buy
with
data,
every
care
or
Box
investment
an
City.
Y.
STATISTICIAN,
connection
time
security having any degree of salability in the United States is bought or sold through this
department, the advertisers in which are prepared to furnish
with
G-7, Financial Chronicle, 90 Pine
experience
list the bonds and stocks they wish to
buy or sell and indi¬
to
Box
Street, N.
Chronicle.
In the advertisements
Statistician
Assistant
house.
TRADER
In
Bonds and
Unlisted
Securities, aggressive,
thorough knowledge of markets,
now
with promin¬
ent house, desires connection with Stock Exchange
or
||
if
New York City.
experienced in handling unlisted and
inactive
best
of the Financial
h
Address Box G-ll, care ®f Financial
consider
Bankers, Brokers and Security Dealers
.jjj
/
bookkeeper, steno¬
position.
seeks
secretary,
reference.
Proposition
extraordinary
MAN, experienced
V
'
-
.
grapher, typist, ledger clerk, cost accountant
and
partner in this connection with $5,000 to $20,000.
Address
YOUNG
Address
Financial Chronicle, 90 Pine
Street, New York.
rental for the
and desire
connection.
desires
analyses,
Box H-16, care of
have arranged to take
college
graduate, experienced correspondent and finan-
SOUGHT
banking house.
Address Box H-5, Financial
Chronicle. 90 Pine Street, New York.
OCT. 8
THE
1921.]
XXXIII
CHRONICLE
Cotton
Jftttamial
jfftnandal
Paul Schwars
Oba*. O.Corn
Prank A. Kimball
August Schierenberg
& Co.
Corn, Schwarz
COMMISSION MERCHANTS
15
William
New
Street
MEMBERS
New York Cotton
York
OP
in
Exchange
New Orleans Cotton
Exchange
Exchange
New York Coffee
of
parts
—SHAKESPEARE
in
tlie
funds
of
the
to
all
Assurance
world.
r
'HOSE bankers
I
Bankers
Geo, H. McFadden & Bro.
ments with
MERCHANTS
COTTON
can,
PHILADELPHIA
Broad
abroad.
American, Egyptian and
Foreign Cottons
on
or
order
money
Dealers in
•
drafts
own
JL side
whereby they
us
the world,
of
Street
Worth Street
67
make arrange¬
principals,
as
their
YORK
NEW
25
can
have assured themselves
remit by
payees
furnish
We
of accurate,rapid service.
the
This
equipment.
necessary
N.
Rotterdam.
8ociete d'Importation et de Commission, Havre.
Fachiri & Co., Milan.
Baltic Cotton Co., Copenhagen.
Reinhart & Co., Alexandria, Egypt.
Geo. H. McFadden South American Company,
Burke
Kardos &
32
who
New York
Broadway,
Pittsburgh
& Co.
Business
Baltimore
Boston
brought here is always
Chicago
Brooklyn
Direct Private Wires Connecting
considered
All Offices
SB Congress
William Street
NEW YORK
Street
BOSTON, MASS.
on
its
own
particular merits.
3IERCHANTS
COMMISSION
BROKERS
AND
NewYork.
in
Hentz
Henry
seeking an ad¬
connection
are
vantageous
Inc., Lima, Peru.
Philadelphia
Company has 40
years' experience to offer
out-of-town bankers
Correspondence invited
Hlbbert, Finley & Hood, Liverpool.
V. McFadden's Cie voor Import en Export,
their business'
charge
in this Company's
all parts
to
out-
New York who
have put
draw
CORRESPONDENTS.
FOREIGN
assurance
doubly sure,"
MEN
BUSINESS
transmission
New York Produce
make
serving BANKS, BANKERS
and
Exchange
"I'll
Specializing—
METROPOLITAN
Members of
AMERICAN
New York Stock Exchange
New York Cotton Exchange
MFG.
CO.
THE CITY OF
OF
NEW YORK
716 FIFTH AVENUE
GO WALL STREET
New York Coffee A Sugar Excbangs
New York Produce
COMPANY
TRUST
J
Exchange
Chicago Board of Trade
Associate Members of
Liverpool Cotton Association
CORDAGE
MANILA. SISAL, JUTE
B. W.
Hubbard Bros. & Co.
COFFEE
BUILDING
EXCHANGE
HANOVER
Montgomery,
NEW YORK
COTTON MERCHANTS
Liberal
Advances
Made
on
CHARTERED 1881
GWATHMEY & CO.
United States Trust Company of
45-47
AVENUE.
NEW
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
COTTON
ASSOCIATION
Stephen M. Weld & Co.
COTTON
New York
STREET
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
EDWARD
M.
WILFRED J.
82-92 Beaver Street, New York
City
PHILADELPHIA.
UTICA, N Y„
WELD & CO..
LIVERPOOL.
BOSTON,
PALL RIVER,
PROVIDENCE,
NEW BEDFORD
Interest on daily balanoes.
securities and other property, real and personal, fof
estates, corporations and individuals, and acts as Trustee under corporate mort¬
gages, and as Registrar and Transfer Agent for corporate bonds and etooki.
It holds and manages
WILLIAM
MERCHANTS
$2,000,000,00
$15,020,679,60
Capital,
....
...
Surplus and Undivided Profits, -
YORK
MEMBERS
LIVERPOOL
WALL
PLACE, NEW YORK
IB-24 EXCHANGE
FIFTH
Ala.
Cotton
Consignments
475
INVESTMENT SECURITIES
SOUTHERN
lloble and West Street*. Brooklyn, N.Y.CIty
SQUARE
Strassburger
CHARLES
A.
KINQSLEY,
W. SHELDON,
Assistant Secretary
C.
LEE,
WILLIAM
Q.
GREEN,
Vice-President
FREDERIC W. ROBBERT, Asst. Secratar*
ROBERT S. OSBORNE. Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
WORCESTER, Secretary
EDWARDS, Asst. Secretary
WILLIAM
President
WILLIAMSON PELL,
1st VIce-Pres.
ALTON S. KEELER,
Assistant Secretary
Asst. Secretary
TRUSTEES
JOHN
A.
STEWART.
Chairman
of
the
Board
BLISS, JB
WILLIAM ROCKEFELLER
EDWARD W. 8HELDON
CORNELIUS N.
LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
CHAUNCEY
HENRY W. de FOREST
WILLIAM
VINCENT A8TO*
WILLIAM 8LOANE
FRANK
ROBERT
MOORE A, CO.
LYMAN
44 Beaver Street, N. Y.
J.
GAGE
PAYNE WHITNEY
COTTON
ARTHUR CURTISS JAMES
WILLIAM
WILLIAM
OGDEN
KINGSLEY
STEWART TOD
M
MILLS
MERCHANTS
Members New York Cotton
Exchange
STEINHAUSER & CO.
Successors to
WILLIAM RAY A CO.
COTTON
S8 Cotton
KEEP
L. F. DOMMERICH & CO.
BROKERS.
Exchange
New York
Orders for future delivery contracts executed on
4S» New York and Liverpool Cotton Exchanges
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
Hopkins, Dwight & Co.
COTTON
and
General
Offices,
254
Fourth
COTTON-SEED OIL
COMMISSION MERCHANTS
Bbobi BO
Cotton Exchangs Building
NEW
YOR
NEW YORK
Established Onr 80 Years
Avenue
THE
XXXIV
CHRONICLE
financial
jfinantial
Mid-West
Mexican Govt. Bonds
high in the
grain-producing States, Municipal
bonds from this section
at
are
before
never
have
Government
Mexican RR. Bonds
low prices.
For 27
have specialized in City,
County and School District bonds
!n the principal agricultural States,
very
attractive
Argentine
and
avail¬
Seven Per Cent Treasury
(Guaranteed by the Mexican Government)
years we
and
yinatulal
Municipals
While money rates are
able
[Voi,. 113.'
All
Gold Notes
Issues
Bought—Sold—Quoted
Dated Oct. 1, 1921.
Due Oct. 1,1923
Interest payable April 1 and Oct. 1
A. A. Housman & Co.
These notes present an attrac¬
tive opportunity to individual
such
had
Denomination $1,000
offerings.
Send for our list
New York Stock
Bolger, Mosser & Willaman
Chicago
New York
investors
Exchange
New York Cotton Exchange
New Orleans Cotton Exchange
IN. Y. Coffee & Sugar Exchange
Members:
Detroit
New York Produce Exchange
Chicago Board of Trade
Price
Our
list
current
New York
to
Branch
Offices:
&
125 W. 33rd Street, New York City
Liberty Building, Philadelphia
returns.
111
Woodward Bldg., Washington
Company
Broadway, New York
105
Amsterdam, Holland
Correspondence Invited
7.20%
over
Ames, Emerich
Telephone*Rector 6330
unusual
offers
diversify
In
high grade Municipal Bonds and
to
average
exceptionally
good
opportunities
Yielding
Liverpool Cotton Association
Broad Street,
20
de¬
99^ and Interest
Associate Members of
MUNICIPAL BONDS
institutions
and
siring a high grade, readily mar¬
ketable, short term investment.
So.
1st Wis.
La
Natl
Salle
Bank
St.,
Chicago
Bldg., Milwaukee
MORTGAGE TRUST COMPANY
Affiliated with
Louis
Union
Trust
We Offer
Central Bond & Mortgage Co.
National Bank
First
St.
Co.
South
208
Broadway & Locust—St. Louis
LaSalle
Street
CHICAGO
—
GERMAN BONDS
and
Mark
Exchange
Investment Bankers
Radon, French
&
Co.
Privata Wires to the East and Southwest,
INVESTMENT
Listed end Unlisted Securities
Write
"Foreign
for circular,
Exchange and. Foreign Bonds"
SECURITIES
WOLLENBER6ER & CO.
Is purchase and underwrite entire issues ef
•ends end stocks of established corporations.
Dodge & Ross
We offer high-grade Investment opportunities
the
la
securities
of
municipalities,
s
Incorporated
Investment
105
f
CHICAGO
public
etilities. and well established Industrial
BanKers
So. La-Salle Street
Investment Bankers
cer-
Underwriters and Distributers of Investment
tsraliens.
Securities
Correspondence
7»
Invited
Public Utility
and
WEST MONROE STREET
CHICAGO
Industrial Issues
Bought
Hord, FitzSimmons & Co.
Sold
SOUTH
LA
Salle St.
IS
'
INVESTMENT
SI
buy and sell
INVESTMENT SECURITIES
Commercial
Bank
Building
HIGH-GRADE
7
°/
80nds
INVESTMENTS
high-grade
BONDS
EMERY, PECK & R0CKW00D
§t
BOSTON, MASS.
SALLE STREET
CHICAGO
loetliiratsl
F. H. PRINCE & CO.
BANKERS
High Grade Bonds
1ST
Quoted
W. MONROE ST., CHICAGO
111
Members ef New Yerk A Bests □ Bfceck Bxshaasci
C. F. Childs & Company
CHICAGO
Specialists
Hallway Exchange Building
Government
MILWAUKEE
WE OFFER
Amer.
Power
AT
MARKET
CHICAGO
&
Light Co. 8s
Atlas Powder Co. Conv. 7^s
DeLaval Separator Co. S. F. 8e
Pfister & Vogel Leather Co. S. F. 7s
The Rookery,
180 Broadway
BANK
RICHMOND, VA.
Capital and Surplus
-
$3,000,000.00
&
Perry, Inc.
118
Investment Securities
So.
La
Salle
St.,
John M. Miller, Jr., President
M. Addison, Vice-President
Re
Burnett,
Vice-President
Alex F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
Broadway
Correspondence
ENGINEERING
SECURITIES
141
New York
Grand Rapids
A
P. W.
1, 1941
Municipal Bonds
York
from
SECURITIES
Federal
from
La Salle
CHICAGO
St.,
118 Broadway
NEW YORK
Income
5^%
to
Tasec."
7%.
Send for List
THE HANCHETT BOND CO.
Incorporated
118 South
Members New York Stock Exchange
Exempt
Yielding
Chapman & Co., Inc.,
INVESTMENT
CITY
Detroit
Milwaukee
Invited
New
YORK
CHICAGO
Price to yield about 6.70
Broadway
MANAGEMENT
Salle Street,
SEAS0NG00D, HAAS & MACDONALD
•0
&
BROADWAY
NEW
808 South La
Michigan North. Pow. Co. 1st 5s
Due July
CINCINNATI
McClellan & Campion
>*Ara
I
Wiggins Bloafe
NEW YORK
CHICAGO
W. G. SOUDERS & CO.
INVESTMENT
INVESTMENT SECURITIES
W.
I.
1870
Dominick & Dominick
Bros.
Telephone Randolph 6520.
FIRST NATIONAL
Established
Members New York Stock Exchaogs
Stevenson
105
CHICAGO.
NEW YORK
108 So. La Salle St.
Wisconsin River Power Co. 1st M. 5s
RUTTER, LINDSAYS CO., Inc.
Bonds
1910
39 South La Salle Street
CHICAGO
@FedFRASER