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TWO
SECTIONS—SECTION
IV
ONE
|
ommwial f
INCLUDING
Bank &
Railway & Industrial Section
Railway Earnings Section
Br WILLIAM B. DANA
COPYRIGHTED IN I'20
COMPANY, NEW YORK,
Issued Weekly
$10.00 Per Year
VOL 111.
Electric
Bankers' Convention Section
Quotation Section
State and
City Sectio®
YORK, UNDER THE ACT OF MARCH 3, S89SL
ENTERED AS SECOND-CLASS MATTER JUNE 23, t879, ATTHE POST OFFICE AT NEW YORK, NEW
NEW YORK,
Railway Sects®®
NO. 2885.
FrSftnSL?Nf. Y City.8"'
OCTOBER 9, 1920.
jfittattctal
Jftttanctal
^financial
CHARTERED 1822
HARVEY FISK & SONS
The LiherlyNalional Bank
THE FARMERS'LOAN & TRUST
32 Nassau St.
COMPANY
NEW YORK
of NewYork
#'
*
16, 18, 20 and 22 William
new york
and
Special facilities in Scandinavia
other choice
SECURITIES
OF
CARE
DOMESTIC AND
Correspondents in all countries
city bonds
investment securities
ESTATES
OF
profits.$2,500,000.00
united states bonds
YORK
MANAGEMENT
$5,000,000.00
undivided
Street
Street
NEW
$5,000,000.00
SURPLUS
475 Fifth Avenue, at 41st
CAPITAL
Harris Forbes & Co
FOREIGN BANKING
Pine Street, Corner William
NEW YORK
v
The New York Trust
10 Draper*
Garden*, London, E. C.
HARRIS,
FORBES & CO.,
EXCHANGE
FOREIGN
Company
CREDIT
OF
LETTERS
COMMERCIAL
SAVINGS BANK
TRUST &.
HARRIS
26 Broad Street
ACCEPTANCES
Inc.
BOSTON
LETTERS
CHIC
Act
as
fiscal agents for munici¬
and corporations
palities
5th Avenue and 57th Street
in
deal
Government,
and
munici¬
pal, railroad and public utility
PARIS
LONDON
Member Federal Reserve System
and
New
York
Clearing
List
on
Application
Cable Address SABA,
Profits,
House
INVESTMENT
FOR
BONDS
Capital, Surplus and Undivided
$14,000,000
NEW YORK
Established issa
1874.
Established
John L. Williams & Sons
Edward B. Smith & Co
BANKERS
Comer 8th and Main Streets
Members New York and
RICHMOND, VA.
Baltimore Correspondents:
R. LANCASTER WILLIAMS
& CO., Inc.
The
Mechanics
GARFIELD
-
A
Surplus,
$1,000,000
Bank for
New
Philadelphia
The Chase National Bank
YORK]
AVENUr
Gty of New York
of the
Broadway
Crosses
Capital,
Metals
OF THE CITY OF NEW
where
STREET,
FIFTH
and
National Bank
National Bank
23rd
Philadelphia
Stock Exchanges
Established 1810
•
broadway
57
$1,000,000
Capital, Surplus, Profits
$25,000,000
-
the Builders of Business
Deposits, Sept 8, 1920
$196,000,000
CAPITAL
$15,000,000
24,189,000
_
surplus and profits
ESTABLISHED
1784
*
■
Bond
The Bank of New York
National Banking
Trust
Service
officers
Chairman of the
136
years'
Chairman of the
EUGENE V. R.
$9,000,000
service
experience
of
SAMUEL H.
CARL
is at the
J.
R.
depositors
REEVE
Francis Ralston Welsh,
1
LIGHT AND POWER
109-111
Wm.
A.
LAW,
http://fraser.stlouisfed.org/
sr"-'
Federal Reserve Bank of St. Louis
*■
,
President
M.
DAHL...
C.
ANDREWS
SOUTH
ELECTRIC
COMPANIES
FOURTH STREET
PHILADELPHIA
s
President
Vice-President
Vice-President
Vice-President
.Vice-President
Vice-President
Cashier
directors
Hepburn
Wiggin
John J. Mitchell
Guy E. Tripp
James N. Hill
Daniel C. Jackllng
Charles M. Schwab
Samuel H. Miller
A. Barton
Albert H.
BONDS
OF RAILROAD, GAS AND
NO.
TINKER
Henry W. Cannon
PHILADELPHIA, PA.
CHARTER
THAYER..
MILLER
SCHLEY
ALFRED
FIRST NATIONAL BANK
WIGGIN.
Board of Directors
SCHMIDLAPP
GERHARD
our
Advisory Board
ALBERT H.
EDWARD
Our
BARTON HEPBURN,
A.
Department
Association
CAPITAL & SURPLUS,
828,680,000
(Sept. 8, 1920)
DEPOSITS
Foreign Exchange
Edward R. Tinker
Edward T. Nichols
Newcomb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M. Dahl
Andrew Fletcher
William B. Thompson
Reeve Schley
_
Kenneth F. Wood «
H. Wendell Endicot*
William M. Wjod
Snfcefttment
bnSratoens of
aetar
52 WILLIAM STREET
Broad
NEW YORK
DBEXEL
&
KIDDER, PEIDODY & GO.
NEW YORK
Orders executed for all Investment Securities.
PHILADELPHIA
CO.,
Jforefgn Cxtfjange
Maitland, Coppell & Co.
J. P. MORGAN & CO.
Wall Street, Corner of
[VOL. 111.
CHRONICLE
THE
ii
Act
as agents of
issue Loans.
Corner of Sth and Chestnut Streets
BiUs
MORGAN, GRENFELL&CO., LONDON
No. 22 Old Broad Street
Corporations and negotiate and
of Exchange, Telegraphic
Letters of
»
HARJE3
CO.,
&
PARIS
The
National
18 Broad St
BOSTON
NEW TORK
Transfers,
Credit
on
MORGAN,
115 Devonshire St
Provincial
&
Bank
Union
of
Commercial and Travellers
England, Ltd., London,
14 Place Vendome
Letters of Credit
Messrs. Mallet Freres & Cie, Paris,
Securities bought and sold on Commission.
and
Foreign Exchange, Commercial Credits.
Principal Places In Mexico.
Cable Transfers.
on
Circular Letters for Travelers, available In
parts of the world.
Agents for the Bank of Australasia.
all
TRAVELERS' LETTERS OF CREDIT
BROWN BROTHERS&CO.
Philadelphia
NEW YORK
BARING
BROTHERS &
August Belmont & Co.
43 EXCHANGE
Bostok
CO, LTD.
LONDON
PLACE, NEW YORK
Members New York Stock Exchange.
"■
j
^
Agents and Correspondents of the
ALEX. BROWN & SONS, Baltimore
Messrs.
Investment
ROTHSCHILD,
London, Paris and Vienna
t
Securities
for
Foreign Exchange
Deposit
Available
_•
Accounts
Commercial
^
ISSUE LETTERS OF CREDIT
,
in
Travelers
all
parts of the world.
Draw bills of Exchange and make Telegraphic
J. & W. Seligman & Co.
Transfers.
Credits
Execute orders for the
Bonds
purchase and sale of
and
N2 54 Wall Street
Stocks.
Travelers' Credits
NEW YORK
BBOWN, SHIPLEY $ CO.
7
Investment Securities
LONDON
1. Suffern Taller
MORTON & CO.
James G. Wallace
Grenvllle Kane
INCORPORATED
"IAILER&CD
25 Broad
St.,
New York
Redffionfl&ttfi
10 Pine Street, New York
33 Pine St.
Lawrence Turnure &
Investment Securities
.,
-
-
New York
Union Arcade Bldg.
Pittsburgh
64-66 Wall Street,
Investment Securities
New York
Investment securities bought and sold on com¬
mission.
Travelers' credits, available through¬
Winslow, Lanier & Co.
59 CEDAR
out the United
Central
in and issue drafts and cable transfers
STREET
Members
States, Cuba, Puerto Rico, Mexico,
and Spain.
Make collections
America
on
above
New York and Pittsburgh
countries.
NEW YORK
London
*
BANKERS.
Deposits
Received
Allowed
on
Subject
to
Deposits,
Bought
and
London Joint City
Bank, Limited.
Stock Exchanges
&
Paris Bankers: Heine & Co.
Draft,
Interest
Securities
Sold
Bankers:
Midland
HEIDELBACH, ICKELHEIMER & CO.
on
37 William Street.
Commission.
MEMBERS
N.
Y.
STOCK
EXCHANGE.
Foreign Exchange, Letters of Credit
Execute orders for purchase and sale of
Stocks and Bonds.
HUTH & CO.
30 Pine Street
New York
Foreign Exchange Bought and Sold.
Bonds foz*
Investment
Issue Commercial and Travelers' Credits
available in all Darts of the world, f
Schulz &
27 Pine
KemuTaylcr &* Co,
New York*
Foreign Bonds & Investment Securities,
Commercial Credits, Foreign Exchange,
Cable Transfers
Ruckgaber
New York
Street
FRED? HUTH & CO., London
and
Investment Securities
on
on
the Continent of Europe
Foreign Exchange
l?iitshur£h.
Commercial
Credits
issued in
Dollars.
Pounds
Sterling, Francs, Guilders, Pesetas, etc.
^
London Agents. Messrs. Goschens & Cunliffe
John Munroe & Co.
NEW YORK
Letters
BOISSEVAIN
BOSTON
of Credit for
Travelers
&
CO.
ALDRED & CO,
52
BROADWAY, NEW YORK
Members of the New York Stock Exchange
INVESTMENT SECURITIES
40
Wall Street
New York
COMMERCIAL DEPARTMENT
Commercial Credits.
Foreign Exchange
Cable Transfers.
ft
BTONEOE &
CO..
Paris
FOREIGN EXCHANGE
MESSRS. PIERSON
& CO.
Fiscal Agents for
Public Utility and Hydro-Electric
Amsterdam, Holland.
Companies
hi
CHRONICLE
THE
OCT. 6 1920.]
3nbe*tment anb ^financial gouge*
Goldman, Sachs & Co.
60 Wall Street
Lee, Higginson & Co.
NEW
MlLLETT, ROE& HAGEN
YORK
137 So. La Salle Street
60 Congress Street
CHICAGO
Investment Bankers
14
BOSTON
421 Chestnut Street
Montgomery Street
SAN FRANCISCO
411 Olive Street
Boston
London,
ATLANTA, GA.
Title Insurance Building
LOS ANGELES, CAL.
MEMBERS
Members of New York and Chicago
Stock Exchanges
Higginson & Co.
80, Lombard
24 Marietta Street
ST. LOUIS
NEW YORK STOCK EXCHANGE
Chicago
New York
INVESTMENT SECURITIES
PHILADELPHIA
St.
Commercial Paper
E. C.
Securities
bought and sold
commission
on
Foreign Exchange
Commercial
&
available
Travelers'
all
in
of
parts
NEW YORK
52 WILLIAM ST.
Letters
Credit
of
the world
Hornblower & Weeks
BROADWAY, NEW YORK
42
RAILWAY
EQUIPMENT
Investment Securities
BONDS
Bonds
i
Stocks
Preferred
MEMBERS
NEW
Acceptances
YORK, BOSTON AND
CHICAGO STOCK
EXCHANGES
EVANS, STILLMAN & CO.
Mam
all principal markets
60
Exchange
Ojjic.t National City Bank Building
Uptown Ojfict s Fifth Avenue and 43rd St,
NEW
Members New York Stock
Direct wires to
Correspondent Offices in 50 Cities.
BROADWAY
YORK
Chicago
Boston
Portland
Providence
Detroit
Established
Robinson & Co.
Underwriters & Distributors
1888
Industrial
Bonds
Public
FOREIGN
&
Preferred
Stocks
U. S. Government Bonds
Utility Securities
Equipment Trust Certificates
Investment Securities
GOVERNMENT
Counselman & Co.
BONDS
are
selling considerably below
their norma
unprecedented/all in Foreign
indications, however,
advancing tendency and a return
value due to the
W.
112
ADAMS ST.,
an
to normal would
Members New York Stock Exchange
CHICAQO
yield unusual profits.
Investment Securities
suggestions and Circular F. B.
Write for our
Underwritten
Conservative
Distributed
&
Bond & Goodwin
65
BROADWAY,
NEW
Investment Securities
YORK
Telephone 4600 Bowling Green
Yielding 6% to 8%
Federal Securities
Corporation
Frazier & Go.
Broad
&
38 South Dearborn Street
Peabody, Houghteliog & Co.
'
'
'
I"
CHICAGO
EST. 1865
Sansom Streets
New York
Underwriters
Wilkes Barre
Lebanon
Howe, Snow,
Corrigan & Berties
Investment
Glore, Ward & Co.
GRAND
Bankers
B.
MICH.
RAPIDS,
& CO.
H. F. BACHMAN
64
Established
137 SO.
1866
H.
Collins,
1425 Walnut
Broadway
NEW
YORK
HARPER
& TURNER
INVESTMENT
BUILDING
BRQAP
PHILADELPHIA
Members Philadelphia
FOR INVESTMENT
BANKEES
STOCK EXCHANGE
WALNUT 8TREET ABOVE
CHICAGO
RAILROAD AND FOREIGN
GOVERNMENT BONDS
HOLTZ & CO.
STREET
CHARLOTTE
MEMPHIS
Exchanges
61
St.,
PHILADELPHIA
SOUTH LA SALLE
JACKSONVILLE
BIRMINGHAM
BANKERS
Members N. Y. and Phlla. Stock
BONDS
Securities
NEW ORLEANS
INVESTMENT
INVESTMENT
President
PEACHTREE, ATLANTA
NEW YORK
LA SALLE ST.
CHICAGO
sales co.
8 securities
Southern
INVESTMENT SECURITIES
I
Chicago
Distributors
Pittsburgh
Washington
39
.*
INC. 1918
10 So. La Salle St.
PHILADELPHIA
Baltimore
H. T.
New York
Exchange Place
26
Investment Bankers
-
Present
Exchanges.
point to
(
.
Stock Exchange
Colgate, Parker & Co.
49 Wail
Street,
New York
2_
iv
THE
CHRONICLE
^financial
[Vol. 111.
^financial
WE
Jflnandal
FINANCE
ESTABROOK & CO.
Electric
Members New York and Boston
Stock Exchanges
and
Power
Light Enter¬
prises with records of established
earnings.
INVESTMENT
CHASE
&
COMPANY
SECURITIES
BONDS
WE OFFER
15 State Street,
24 Broad Street,
BOSTON
-
NEW YORK
BALTIMORE
Bankers
and
Investment
Dealers
Proven Power and Light Securities
SPRINGFIELD
19 CONGRESS ST.
BOSTON
Correspondence Solicited
PROVIDENCE
ELECTRIC BOND & SHARE CO.
Richardson, Hill & Co.
(Paid-Up Capital and Surplus $24,000,000)
71
Established
BROADWAY,
NEV. YORK
1870
MUNICIPAL
AND
RAILROAD
Arthur Lipper & Company
New Street and Exchange Place
NEW
Investment Securities
For Conservative Investment
60 Congress St.
SECURITIES BOUGHT AND
BOSTON
SOLD ON COMMISSION
Boston Stock Exchange
Members
YORK
BONDS
New York Stock
Exchange
Chicago Stock Exchange
R. L.
35
Day & Co.
Branch
Members
Congress St., Boston
Offices
N. Y. Stock Exchange
N. Y. Cotton Exchange
New York
Correspondents
REMICK, HODGES & CO.
Saosevett k
Waldorf-Astoria Hotel,N.Y
11 East 44th St., N. Y.
N.Y Coffee & Sugar Exch. Saratoga Springs, N. Y.
Philadelphia Stock Exch.
Atlantic City, N. J.
Chicago Board of Trade
West End, N. J.
Long Beach, N. Y.
Founded 1797
PARKINSON & BURR
Seasoned
We
Members of the New York and
Specialize in
Boston Stock Exchanges
Investments
Government and
7 Wall Street
53 State Street
NEW YORK
30 Pine Street
Municipal Bonds
BOSTON
New York
William R.i
INVESTMENT BONDS
BONDS
14 Wall
Street, New York
St. Louis
W. F. Ladd & Co.
Cincinnati
Chicago
Baker, Ayling & Young
New Orleans
BOSTON
E. HOWARD GEORGE & CO., Inc.
PHILADELPHIA
Investment
Investment
Securities
81
State
Street
Bankers
BOSTON, MASS.
Cochrane,Harper&Co.
Investment
Securities
New York
60 State
St.,
111
BOSTON
ESTABLISHED
Broadway
FOUNDED
NEW V1RK
1852
Investment Securities
Letters of
Foreign
1865
Credit
Exchange
Travelers' Checks
Correspondents Throughout the World.
6 Nassau
Thomas C. Perkins
St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
Constructive
Deal in
Underlying Railroad Bonds
and
15 State Street
Boston, Mass.
Tax-exempt Guaranteed & Preferred
Railroad &
Specialist
in
perous
for
the
eighteen
Industrials.
Entire stock issues
r+
underwritten
J. MURRAY WALKER
York
Stock
Exchange
New York
Watkins & Co.
Financing
Yielding 5l/2% to 8%
Street
New
Building
of established and pros¬
England
Devonshire
dembers
Equitable
Hartford, Conn.
Industrial Securities
tiff
KiiauHi -NarfioT) &Ku!)nr
36 Pearl Street
Telegraph Co. Stocks
years
New
Banking
Boston
7 Wall
Street;
NEW YORK
and distributed
Investment Securities
OCT. 9 1920.]
THE
CHRONICLE
v
I
Canabfan
^
Canada's Resources BANK
OF MONTREAL THE CANADIAN BANK
Field
and
War
contained
in
booklet
a
issued.
ust
Victory Loan bonds is
which
other
Many
statistics
Government
Canadian
as
a
have
we
bonds
over
OF COMMERCE
100 Years
HEAD
CAPITAL PAID UP
$22,000,000
-
REST
22,000,000
UNDIVIDED PROFITS
TOTAL ASSETS
-
-
1,090,440
571,150,138
-
$15,000,000
RESERVE
$15,000,000
President, Sir Edmund Walker, C.V.O., LL.D., D.O.L
General Manager, Sir John Aird.
Assistant General Manager, H. V. F. Jones.
are
SIR VINCENT
MEREDITH, Bart., Pre.Id.nt.
New York Office, 16 Exchange
Head
Booklet C-20
Office—MONTREAL
Sir Frederick Williams-Taylor
General
Wood, Gundy & Co.
STREET,
WALL
Sell Sterling and Continental
and
Cable Trasfers.
Collections
Branches
and
Agencies:
Travelers' Cheques and Letters of
Credit issued
Throughout Canada and Newfoundland.
NEW
Montreal
available in all parts of the world.
At
YORK
London, Eng.
Toronto
and
made at all points.
Incorporated
14
Buy
Exchange
Manager.
Place
F. B. FRANCIS,
C. L. FOSTER,
Agents
C. J. STEPHENSON,
SIR CHARLES GORDON, G.B.E., Vlc-Pr...
included.
Write for
TORONTO
OFFICE,
PAID UP CAPITAL
of
considering investments
nterest to those
n
"Canada
Investment,"
for
to¬
resources
complete statistics relating
gether with
to her
Canada's
of
outline
An
Established
Booklet
A New
Banking and Exchange business
description transacted with Canada.
London, England, and
In
Paris,
Bank
of
at Mexico
Montreal,
City.
(France).
In the United States—Mew
York, Chicago,
Spokane, San Francisco—British American
Bank (owned and controlled by the Bank of
Montreal).
LONDON OFFICE—2
BANKERS
Lombard
ever?
Street, *E. O.
GREAT BRITAIN:
IN
The Bank of
West
Indies,
British Guiana and West
Africa—The Colonial
Bank
(in which an
interest is owned by the Bank of Montreal).
of
England,
The Bank of Scotland,
Lloyd's Bank, Limited.
Jl'&'Jlmcs(So
Gstabiishcd. (889
.Members Toronto Stock.
&xcki»tg0
THE BANK OF NOVA SCOTIA
•
(Incorporated 1832)
(3<an<adia.n
_
,<So*cmmcmt,Municipal & Corporation
United Financial Corporation
Securities
PAID-UP
TOTAL
Limited
CAPITAL
RESERVE
$9,700,000
FUND
ASSETS
18,000,000
OVER
230,000,000
Head Office, Halifax, N. S.
?43roadwa\t
Toronto
General Manager's Office, Toronto,
TtewYorfc
INVESTMENT BANKERS
Montreal
VurtoriaUC
Chicago
Montreal
Toronto
London
Ont.
330 branches throughout Canada,
Newfoundland;
Cuba, Jamaica, Porto Rico, Dominican Republic,
and in Boston, Chicago and New York.
Commer¬
cial and Travelers' Credits issued, available In all
parts of the world. Bills on Canada or West Indian
goints favorably United States. collected by our
negotiated or Correspondence
ranches in the
invited.
Affiliated with
Guaranty Trust Co.
Canadian
Government,
of
New
York
New York.
Provin¬
London, England, Branch,
65 Old Broad St., E. C. 2.
cial, Municipal and Corporation
Bonds
In Great
John
CANADIAN
ROYAL BANK OF CANADA
Street, Montreal
GOVERNMENT,
MUNICIPAL
Established
AND CORPORATION BONDS
$19,000,000
Reserve
19,000,000
690,000,000
Total
Bank of Toronto Building
TORONTO, ONT.
The Dominion Bank
Building
HEAD
OFFICE, TORONTO
TORONTO, CANADA
Paid
Up Capital.
$6,000,000
7,739,000
Reserve Fund & Undivided Profits
Total
RURNETT,
v
PORTEOUS
Clarence A. Bogert,
President
London Branch, 73
Montreal
CANADIAN
AND
FOREIGN
BOUGHT
Principal
Payable
and
Cornhill
BONDS
TRAVELERS'
Interest
AND
AND
LETTERS
OF
700 Branches throughout CANADA and NEW¬
FOUNDLAND,
in
CUBA,
PORTO
RICO
DOMINICAN
REPUBLIC, HAITI,
COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH
and
FRENCH WEST INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paulo.
URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza de Cataluna.
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—68 William St.
F. T. Walker, J. A. Beatson, E. B. Mclnerney
and J. D. Leavitt, Agents.
FRENCH AUXILIARY: The Royal Bank of
Canada
S. L. Jones, Manager
BOND BROKERS
CANADIAN
General Manager.
New York Agency, 51 Broadway
O. S. Howard, Agent
& CO
CQ
AND
143,000,000
assets
Sir Edmund Osier,
ManboiMonbwlStodJIxdar^e
STOCK
(France),
PARIS, 28
Quatre-Septembre.
COMMERCIAL
CREDIT
HERDMAN & COMPANY
Montreal Stock Exchange
Members
in New York
Quebec
Peter St.
Sparks St.
Ottawa
Brokers
Dominion Express
Montreal
Transportation Bldg.
63
de
EXCHANGE
Thornton Davidson & Co., Ltd.
St.
Rue
SOLD
Bankers &
81
..Montreal
SJR HERBERT S. HOLT, President
E. L. PEASE, Vice-Pres. & Man. DIrectOf
O. E. NEILL, General Manager
McDonagh, Somers & Co.
John Street
Funds
Assets
Head Office
Offerings on Bequest
Correspondence Invited
17 St.
1869
Capital Paid Up
CANADIAN
INVESTMENT SECURITIES
Dominion Bank
of Scotland.
THE
Montreal
Stock
Exchange
Canadian
Bond
Issues
in
17 St.
BritainlRoyal Sank
Daly fit Go.
R. A.
GREENSHIELDS & CO.
Members
City & Midland
Correspondents
Bought— Sold—Quoted
Dealers
Agency, 52 Wall Street.
H. F. Patterson, Agent.
Building
MONTREAL
R. C. Matthews & Co.
CANADIAN BONDS
KONIG
BROTHERS
&
CO.
CANADIAN
160 Pearl Street, NEW YORK
C. P. R. Bldg.
Commercial and
TORONTO
Letters of Credit
Specialists in
Grand Trunk, Grand
on
Trunk^Pacific,
Canadian
and
Northern
Northern
KONIG BROTHERS, LONDON
and
NEDERLANDSCKE
HANDEL-MAATSCHAPPY
ROTTERDAM
BONDS
Travellers'
Pacific
Canadian'
Securities
All Canadian Issues Dealt i*.
truax, higgins co.
Lewis
New York
iCmilius
Established
Building, Montreal
Direct Wires
Toronto
Jarvis & Co.
INVESTMENT
JARVIS BLDG.
BANKERS
1891
TORONTO* CAN.
[VOL. 111.
CHRONICLE
THE
VI
iforelgn
_
Australia and
New
Zealand
JOINT CITY & MIDLAND
LONDON
BANK OF
NEW SOUTH WALES
Chairman:
BARCLAYS BANK
BANK LIMITED
CESTABLISHED 1817.)
Paid-up Capital
$28,828,500
Joint
16,875,000
JOHN
RUSSELL
FRENCH,
General Manager.
Woolley, Esq.,
Head Office
Paid-up Capital
AUTHORIZED CAPITAL
RESERVE FUND
Total Issued
£7,000,000
EVERY
TRANSACTED
IN ENGLAND AND
OFFICES
1,460
WALES
Address: The Foreign Manager,
OVERSEAS BRANCH:
65
£5,130,000
168, Fenchurch Street,
London, E. C., England
Old Broad Street, London, E. C. 2
& 66,
£5,000,000
Capital & Reserves. £10,180,000
DESCRIPTION OF BANKING
BUSINESS
OVER
£7,500,000
To-
£296,059,182
HEAD OFFICE:
Capital—
Paid-up Capital £2,500,0001
£14,210,356
CAPITAL.
..367,667,322
Deposits...—..—
Incorporated 1880
Reserve Fund..£2,630,000/gether
Reserve Liability of Proprietors
£20,000,000
ISSUED
10,840,112
..
5, Threadneedle St., London, E. C. 2.
Authorized and Issued..
throughout
towns
DEPOSITS
THE UNION BANK OF AUSTRALIA Limited
and Walea
England
In
banking
10,840,112
.....
Reserve Fund...
29, THREADNEEDLE
STREET, E.C. 2
Establlehed 1837
all
the world.
London Office
GEORGE STREET
SYDNEY
In
Capital....£38,096,363
Subscribed
BRANCHES
and
AGENCIES In
the
Australian States, New Zealand,
FIJI, Papua
(New Guinea), ana London. The Bank transacts
every description of Australian Banking Business.
Wool and other Produce Credits arranged.
Ltd.
Bank.
Western
1,400 branches
over
Agents
JUNE 30TH, 1920
851
amalgamated the London
South
&
54, Lombard St., London, E. C., Eng.
and
K.B.E.,
been
HEAD OFFICE:
$64,082,000
Aggregate Assets 81st March, 1920 $377,721,211
Sir
has
lanaging Directors:
S. B. Murray, EsqE. W.
F. Hyde, Esq.
of Proprietors— 28,828,500
which
Provincial
Right Hon. R. McKENNA
The
—
Reserve Fund.
Reeerva Liability
LIMITED
with
ATLANTIC OFFICES
"Aquitania," "Imperator," "Mauretania"
The Bank has 42 Branches In VICTORIA, 39 In
NEWfSOUTH WALES, 19 In QUEENSLAND,
18 In SOUTH AUSTRALIA, 2? In WESTERN
AUSTRALIA, 8 to TASMANIA'and 44 to NEW
BEALAND.
Banca Italiana Di Sconto
Affiliated Banks:
with which
BANKING
BELFAST
Head Office: 71 CORNHILL, LONDON, E.C.
Manager—W. J. Essame.
Assistant Manager—W. A. Lalng
Over
COMPANY,
and the
THE
CLYDESDALE
Societa
BANK, LIMITED
150 Offices
Over
THE
of Sydney
60 WALL STREET, NEW YORK CITY.
LIMITED
Capital and Surplus
$10,000,000
Undivided Profits
$3,200,000
Incorporated in New South Wales.
Paid-up Capital....
Reservai Fund
Branches in:
...£2,000,000
2,040,000
.
India
demand,
In
Java
Panama
Philippine Islands
Santo Domingo
London
and' Letters
of
Credit are Issued by the London Branch on the
Head Office, Branches and Agencies of the Bank
on
Settlements
China
Japan
2,000,000
£6,040,000
P Drafts payable
Straits
...
Raserve Liability of Proprietors....
Italiana
Head
or
collected.
San Francisco
Lyons
Office,
Sydney,
New
South
ROME
KIND
BIrchin
Lane,
Lombard
Established
Wales
Street,
Espanol del Rio de La Plata
HEAD OFFICE, BUENOS AIRES
London Office,
Cap
ft Reserves
7 Fenchurch
n
78
rue
Head
15 Gracechurch
Reserve Fund and Undivided Profits....
Cable Address: Rennurb.
Branches
international
banking
busi¬
£785,794
Stralta
Settle¬
Bankers to the Government in British Eaot
Africa and Uganda.
Head Office: 26, Bishopsgate, London, E. C.
Branches
in
India, Burma, Ceylon, Kenya
Colony
and
at Aden
and
Zanzibar.
CORNHILL,
Telegraphic Address, Udlsco: London.
Capital Authorized & Subscribed $10,000,000
Capital Paid Up
transacted.
Burma, Ceylon,
NATIONAL BANK OF INDIA Limited
5,000,000
Reserve Fund..
ness
India,
The Union Discount Co.
39
general
In
ments, Federated Malay States, China, and Mauritius.
New York Agency, R. A. Edlunflh, 64 Wall Street
legal 148,215,765=£12,939,472
commercial
Office
Street, London
Capital Authorized and Subscribed.....£1,560,009
Capital Paid Up
£750,000
Reserve Liability of Shareholders.......
£750,000
de la Loi
of London, Limited
A
BUSINESS
The Mercantile Bank of India Ltd.
Broker
BRUSSELS, Belgium
*
St., E. C. 3
A
classes of Argentine, Spanish and
European banking business conducted.
BANKING
1879
ROBERT BRUNNER
E. C.
Banker and
Banco
Op
TRANSACTED.
London Office:
18.
Provincials
Special Letters of Credit Branch in Rome
(formerly Sebasti & Real!) 20 Piazza di Spagna.
Foreign Branches: FRANCE: Paris, 2 Rue le
Peletier angle Bould. des. Italiens; BRAZIL: Sao
Paulo and Santos; NEW YORK; Italian Discount
& Trust Co., 399 Broadway.
Offices at Genoa, Milan,
Naples, Palermo,
Turin,
Trieste,
Venice,
Florence,
Bologna.
Catania, Leghorn, and over 100 Branches in the
Kingdom.
London Clearing Agents: Barclay's Bank. Ltd..
168 Fenchurch Street, E. C.
EVERY
Bills on Australasia
Remittances cabled.
Credito
Central Management and Head Office:
Australia and elsewhere.
negotiated
di
Capital Fully Paid Up—...Lire 815,000,000
Reserve Fund..
"
41,000,000
Deposit and Current Accounts
(May 31, 1919)—*
"2,696,000,000
Scotland
in
Commercial Banking Company International Banking Corporation
Established 1834.
Incorporated the
are
Societa Bancaria Italiana
Ireland
Offices in
110
LIMITED
5,000,000
$5=£1
NOTICE
RATES
STERLING.
HEREBY
INTEREST
OF
deposit
on
IS
are as
GIVEN
allowed
that
for
Subscribed Capital
£3,000,000
Paid-up Capital
£1,600,000
Reserve Fund.J
...£2,000,000
The Bank conducts every description of banking
and exchange business.
the
money
follows:
CLERMONT & CO.
At Call, 5 Per Cent.
At
3
to
7
Days'
Notice,
5
Per
BANKERS
Cent.
The
Company discounts approved bank and
mercantile acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
Principal Branches
BRUSSELS
BUENOS AIRES
CHRISTOPHER
HARBIN
Central
Cable Address:
America
"Clerment"
HAVANA
MANILA
R. NUGENT, Manager.
GUATEMALA,
PANAMA
PORT AU PRINCE
National
The
RIO DE JANEIRO
SANTO DOMINGO
CALI
Company, Limited
Agents and correspondents
in all the other
important
commercial
centers
Discount
of
the
world.
35 CORNHILL
Subscribed
LONDON, E. C.
Capital—
.....—
Reserve Fund
Address: 5 Gracechurch St., E. C.
Head Office: London, E. C. 3.
Authorized Capital
£3,000,000
Reserve Fund..
Subscribed Capital..
Cable Address—Natdis London.
Paid-up Capital
English Scottish and Australian Bank, Ltd.
$21,166,625
.....
...
*
0
585,000
0
1,078,875
0
539,437 10
539,437 10
0
0
0
; Paid-up Capital
0
Further Liability of Proprietors.
0
Remittances made by
Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
4,233,325 j Banking and Exchange business of
scription transacted wltn Australia.
2,500,000
E. M. JAN
every
de¬
ION, Manager.
($5=£1 STERLING.)
'AMERICAN
FOREIGN BANKING
CORPORATION
53
Broadway, New York
Capital and Surplus, $6,500,000
NOTICE Is hereby given that the
INTEREST allowed for money on
as
follows:
RATES OF
Deposit
are
*
5% per annum at call.
5)4 % at 7 and 14 days notice.
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; and fo ) fixed periods upon
specially agreed terms.
Loan granted on ap¬
proved negotiable securitie
PHILIP
HAROLD
WADE
Manager
Hong Kong & Shanghai
BANKING
CORPORATION
Paid up Capital (Hong Kong
Currency)...815,000,000
Reserve Fund/In Gold...815,000,0001
\In Silver..821,000,000/
Reserve Liabilities of Proprietors
836.000.000
15,000,000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT.
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN, PHILIPPINES, STRAITS SET¬
TLEMENTS. INDIA.
WADE GARDNER,
Agent, 34 Wall Street
OCT. 9
VII
CHRONICLE
THE
1920.]
Jforetgtt
jfowtgn
^foreign
BANK
NATIONAL
SPERLING & CO.
Basildon House, Moorgate
Banque Nationale de Credit
FISCAL AGENTS FOR
frs.
_
Surplus
62,000,000
.__frs.2,600,000,000
Deposits
and
300,000,000
frs.
Capital.....
Public Utility
Head
Established
4
BROADWAY.
120
in
Office
AND
THE
NATIONAL PROVINCIAL AND
UNION BANK OF ENGLAND
Limited
$31,200,000
($5=£1.)
$11,640,000
Reserve Funds
SUBSCRIBED CAPITAL
PAID-UP
165
London Office.
NEW YORK,
IN
BROADWAY
1 OLD BROAD STREET, E.C.
E. Console.
Manager:
SwissBankCorporation
Italian State Railways, 12
Office of the
Waterloo Place
La Chaux-de-Fonds, Neuchatel
54 Branches in
Italy, at all the
West
Rio de Janeiro, San Paulo,
Societa
Commercials
Tripoli.
Ayres,
&c.
Santos,
$36,195,206
Office:
Offices in
Wales
England
Street
llcRegent
ROTTERDAMSCHE
Waterloo Place S. W. 1
BANKVEREENIGING
Capital paid up,
•
.
Surplus,.
l'Amerique du Sud.
$39,034,820
-
43 Lothbury, E. C. 2
Branch..
End
principal points in the Kingdom
"Representatives in New York and Agents
In Italy" of the Banaue Francaise et Italienne
Buenos
numerous
and
London Offlo.,
-
IS, Bishopsgate, London, England,
with
S. W.
Correspondents to the Italian Treasury.
pour
Head
$199,671,600
-
CAPITAL
RESERVE FUND
Bade, Zurich, St Gall, Geneva, Lausanne,
West End Agency and London
Regent St.,
ST.,
MILAN
Paid-up Capital
AGENCY
WILLIAM
KING
7
Rhenish Provinces
the
COMMERCIALE ITAUANA
Head
AGENCY
LONDON, E. C., 4, ENGLAND.
GENERAL BANKING BUSINESS
BANCA
£1,663,270
Fund
LONDON
270 Branches in France
Branches
£3,000,000
Capital, fully paid
Office:
6
,
SPERLING & CO., INC.,
Law
Egyptian
under
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
PARIS
YORK AGENTS
Office—Cairo.
Head
Reserve
Hydro-Electric Companies
NEW
EGYPT
of
St.
London, E. C.
.
•
•
.
.
Deposits,
$24,000,000
$6,600,000
$190,000,000
d'Oriente,
Amsterdam
Rotterdam
The Hague
CAPITAL AND
RESERVE
F.105,000,000
FUND
COLLECTIONS
STANDARD BANK OF SOOTH AFRICA, Ltd
Capital
Subscribed Capital
——
Paid-up Capital & Reserve Fund.
Resources
Total
Branches and
South Africa.
350
Over
W.
Also
$50,000,000
$31,250,000
$18,812,500
$306,125,415
Wail
St.,
Suisses
Agencies throughout
Formerly Bank in Winterthur est. 1862
CREDIT
South
Australasia.
PURCHASE AND SALE
Gall, Winterthur, Basle, Geneve,
Lausanne
and
more
many
Arnold
branches
Gilissen & Co
80-81
representing The Bank of New
Damrak
AMSTERDAM
Every Description of Banking Business
Cable Address :
Achilles-Amsterdam
Credits.
Foreign Exchange, Documentary
THE HAGUE
ROTTERDAM
CO.'S BANK,
and
Frs.70,000,000
PAID UP
CAPITAL
LEU
Founded
BANKERS AND STOCKRBOKERS
FOREIGN
1755
Bills of Exchange
andl_—Frs. 52,600,000
/
of SOUTH AFRICA,
TRANSACTED.
Ltd.
500 Branches in Africa
Over
Negotiated and Collected
Drafts and Letters of
Credit Issued.
Exceed
Reserves
-
-
$450,000,000 00
Telegraphic Transfers Effected.
/
Booking and Travel Department.
Offers to American banks
and bankers its superior
facilities for the extension of
merce
trade and com¬
BANK OF BRITISH WEST AFRICA,
Africa.
between this country and
SUISSE
Established
R.
E.
-
-
10 Wall St.
SAUNDERS, Agent.
1850
Capital paid up_.frs. 100,000,000
Funds.jfrs.
Reserve
New York Agency
30,000,000
Royal Bank of Scotland
Incorporated by Royal Charter,
Paid-up Capital
OFFICE
HEAD
Zurich, Switzerland
...
Rest and Undivided
Deposits.....
Profits-.
—
...
-
St. Andrew Square,
Cashier and General Manager:
Basle, Berne, Frauenfeld,
Geneva, Glaris,
Kreuzlingen, Lugano,
Gall.
Lucerne, Neuchatel, St.
London Office
BANKING
BUSINESS.
Foreign Exchange
documentary
Business, Letters of Credit
...
Country.
Also
at
Head
Alexandria, Cairo, &c.t in Egy t
Office: Basildon House,
Moorgate Street,
LONDON, E. C. 2.
£2,000,000
£1,082,276
Edinburgh
A. K. Wright.
3 Bishopsgate,
....
Agent: Thomas
E. C.2
Exchange Square
Lillie.
Branches Throughout Scotland.
Every Description o
British, Colonial and
Foreign Banking Business Transacted.
Correrpondenc* Invited.
Limited
£35,548,823 THE COMMERCIAL BANK OF SCOTLAND,
Manager: Win. Wallace.
Glasgow Office
172
GENERAL
1727.
Bank,
Incorporated by Royal Charter.
Offers every
banking facility for transaction
with Greece, where it has been established for
80
years,
and has Branches throughout the
Established
Head Office
Branches at
...
LTD
$5—£1
Authorized Capital
S10,000,000
Subscribed Capital
7,250,000
Capital (Paid Up)-,—,
2,900,000
Surplus and Undivided Profits--1,295,569
Branches throughout Egypt, Morocco,
West Africa and the Canary
Islands.
Head Office, 17 & 18 Leadenhall St., London, E. C.
Manchester
Office,
106-108 Portland Street
Liverpool Office, 25 Water Street
R. R. APPLEBY, Agent, 6 Wall Street, New York
Ionian
CREDIT
EXCHANGE
The NATIONAL BANK
DESCRIPTION of BANKING BUS!
NESS
1871
(Switzerland)
ZURICH
Capital Paid up
Reserve Fund
Established
"-15,000,000
RESERVES
LIMITED
EVERY
OF
SHARES
STOCKS AND
ZURICH
St.
New York
Wales with branches throughout
OF
FOREIGN EXCHANGE
Toggenburger Bank est. 1863
MACINTYRE, Agent
H.
68
Union De Banques
E. C.
HEAD OFFICE. LONDON.
Authorized
LETTERS
Head
Ltd
1810
Office—EDINBURGH
Capital (Subscribed)
£5,500,000
Paid up—
£5 paid-.£1,250,000
"B ' shares of £1 each fully pald..£ 500,008
250,000 "A" shares ol £20 each
500,000
$1,750,000
Deposits
£36,071,162
MAGNUS IRVINE, Sec.
London Office—62 Lombard Street, E. O.
Glasgow Office—113 Buchanan Street.
Drafts, Circular Notes and Letters of Credit Issued
and every description of British, Colonial and Foreign
Banking and Exchange business transacted.
New York Agents—American Exchange Nat. Ban*
Reserve
£1,000,000
ALEX. ROBB, Gen. Mgr.
[Vol. 111.
CHRONICLE
THE
viii
j&anktt# artb JJrofcenf ©utsifoe i^eto gorfe
LOUlf
ST.
CHICAGO
CHICAGO
Tiidcn&TIiden
A. G. Edwards & Sons
INCOPPOPATED
So.
208
New York Stock Exchange
Olive St.,
410
La Salle Street
CHICAGO
St. Louis Stock Exchange
>
Bonds
Investment
Members
Prompt, personal attention to
all
foreign exchange transac¬
tions
through direct
connec¬
ST. LOUIS
abroad.
tions
SCOTT
MUNICIPAL
GREAT LAKES TRUST COMPANY
111
BONDS
CORPORATION
& STITT
BONDS
INVESTMENT
Chicago, Illinois
w.
Monroe St.
CHICAGO
INDUSTRIAL
Capital and Surplus $3,600,000
PREFERRED STOCKS
Greenebaum Sons
Lorenzo L Anderson & Company
N.
310
8th St., St.
Louis
Rank* andTrust Company
Southeast Corner La Salle and Madison Sts.
$2,000,000
TIMBER BONDS
based always upon
6% CHICAGO FIRST MORTGAGE BONDS
expert verification
Trustees and Individuals
of underlyingassete
GENERAL
Municipal and Corporation Bonds
New York Stock Exchange
New York Ootton Exchange
Herndon Smith
and Surplus,
Capital
Members Chicago Board of Trade
St. Louis Merchants Exchange
St. Louis Cotton Exchange
St. Louis Stock Exchange
Suitable tor
Estates,
Write for Bond
Charles W. Moore
BANKING
Circular C 25.
A State Bank
Oldest Banking House In Chicago.
332
so. Michigan a v., chicma
William H. Burg
SMITH, MOORE & CO.
A. O.
Slaughter & Co.
INVESTMENT BONDS
,
CINCINNATI
Members
New York Stock Exchange
SD9 OLIVE ST.,
ST. LOUIS, MISSOURI
110
WEST
LOUIS SERVICE
ST.
$250,000.00
Chicago Stock Exchange
Chicago Board of Trade
MONROE
CHICAGO,
AKRON, OHIO
STREET
5 M%
ILL.
SCHOOL BONDS
Due 1922 to 1936,
MARK C. STEINBERG & CO.
Members New
Members
300
N.
York Stock Exchange
$279,300,700
5,896,000
Population 200,000.
Powell, Garard & Co,
The Provident
ST. LOUIS
INVESTMENT SECURITIES
Members St. Louis Stock Exchange
STIX &
yield 5^%.
—
St. Louis Stock Exchange
Broadway
to
FINANCIAL STATEMENT.
Assessed valuation
Net debt
39
South
La
Salle
Savings
Bank .& Trust Co.
Bond Department
CINCINNATI, OHIO
Street
Chicago
CO.
New York
Philadelphia
St. Louis
CHANNER & SAWYER
Investment Securities
INVESTMENT SECURITIES
509
OLIVE ST.
ST. LOUIS
nfMvirkC
Corporation
SPRINGFIELD,JLL.
Municipal and
BUINUO
Union
Bldg.,
OHIO
_
Matheny, Dixon, Cole & Co.
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
SHAPKER, WALLER & CO
134 SOUTH LA SALLE STREET
Rldgely-Farmers Bank Bldg.,
SPRINGFIELD,
Trust
CINCINNATI,
DEALERS
CHICAGO
ILLINOIS.
IN
INVESTMENT SECURITIES
WE WILL BUY
Springfield (Illinois) Pleasure Drive¬
way
& Park District 4s
IRWIN, BALLMANN &CCX
TAYLOR. EWART & CO.
328-330-332
INVESTMENT BANKERS
Walnut St.
CINCINNATI, OHIO
105 South La Salle Street
BUFFALO
CHICAGO
Slocum, Eckardt & Company
Municipal, Railroad and Public
EDGAR
Utility Bonds
DEALER
IN
Cincinnati Securities
INVESTMENTS
I
420 Ellicott
FRIEDLANDER
Square
BUFFALO, N. Y.
CINCINNATI
OHIO
John Burnham & Co.
TOLEDO
High Grade Investment Se¬
curities,
JOHN T. STEELE
BUFFALO, N. Y.
Government, Menielpa
and Corporation Bonds
Convertible
Note
TUCKER, ROBISON &CO»
Issues, Bonds, Bank Shares,
Unlisted Securities.
41
South La Salle
Successors to
St.
David Bobison Jr.
Sons
1876.
Municipal, Railroad and Corporation Bonds
Toledo and Ohio Securities
specialists in
Buffalo and Western New York Securities
&
Bankers—Established
CHICAGO
F. WM. KRAFT,
Lawyer
•
Gardner Building,
TOLEDO; OHIO
Specializing in Examination & Preparation .of
IRVING
T.
LESSER
STOCKS AND BONDS
Eft!cott£Square
BUFFALO, N. Y.
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
Graves, Blanchet $ Thornburgh
MUNICIPAL BONDS
Rooms 517-520, 111 W. Monroe St.,
Harris Trust Building
GARDNER BUILDING
CHICAGO, ILLINOIS
TOLEDO, OHIO
OCT. 9 1920.]
rx
CHRONICLE
THE
$5anfeerg„anli ^Brokers CEhitstbe J^eto gorfe
MICHIGAN
PITTSBURGH
COMAPNY
&
GORDON
BANKERS
INVESTMENT
Members Pittsburgh Stock
Members of Detroit Stock Exchange
fetoatt $c Cbtoarba Co,
,
Members Detroit Stock Exchange
;4:
Inquiries Solicited
Exchange
MICHIGAN
Carried
on
Charles A. Parcel Is & Co.
Stocks
All Markets.
in
INVESTMENT SECURITIES
Conservative Margins
PITTSBURGH, PA.
Union Bank Building,
Phone Court 3264-5
i
810
LYON, SINGER & CO.
A. J. Hood
INVESTMENT BANKERS
DETROIT, MICH.
Congress Bldg.,
PENOBSCOT
& Company
Members Detroit
(Established 20 Years)
Commonwealth
^Bldg„
Securities of
PITTSBURGH
DETROIT
PENOBSCOTiBUILDING
Geo. W.
PITTSBURGH
GORDON, FORTIER & CO.
Stocks* Bonds, Grain
Investment
Chicago
Members
Board
of
Municipal Bonds Corporation Bonds
Dime Bank Building
1613,
Suite
York Stock Exchange
Preferred Stocks
Pittsburgh Stock Exchange
Members
Telephone Cadillac 5050
Trade
.
Stock Exchange
Active Members of Detroit
MICHIGAN
DETROIT
Penobscot
2054-56-58
A.
Bldg., Detroit
WHITTLESEY, McLEAN & CQ.
Securities
and Provisions
Members New
1721-3 Dime Bank
& Co.
Eberhardt
OLIVER BUILDING,
We invite your inquiries
Specialize in Michigan Stocks and Bonds
Pennsylvania Municipal Bonds
Securities
Detroit
Specializing
BOUGHT—SOLD—QUOTED
Pittsburgh District
Stock Exchange
Richard Brand Company
SECURITIES
MICHIGAN
BUILDING# DETROIT, MICH.
DETROIT
Bldg.,
MASTEN & CO.
E.
Members New York Stock Exchange
Boston Stock Exchange
HAMLIN & CO.
W. A.
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
323 Fourth Ave.,
..
Pittsburgh, Pa.
Branch Office:
NationaliBank of West Virginia Building
Wheeling, W. Va.
Exchange
Members Detroit Stock
Motor Stocks,
1010
Penobscot
FENTON, CORRIGAN & BOYLE
Public Utilities & Oils
Investment
DETROIT, MICH.
Bldg.,
Bankers
Grand Rapids
Detroit
Chicago
.
W. Carson Dick & Company
DANSARD-HULL-BUMPUS COMPANY
INVESTMENT BONDS
390-395
47
Congress St.,
West
t
67
Members Detroit Stock
PITTSBURGH, PA.
.
■/.' ■' '
;
;
:•
;•
/
"
CITY
Municipal
Members Detroit
Penobscot Bldg.
»
Missouri
City
™
Municipal,1 Government! &
Corporation Bonds
Local Securities
Kansas
Inc^
INVESTMENT BANKERS
& Corporate Bonds
$*0
-
Capital
-
New
Write
us
forbids
Indianapolis
or
or
offerings
WEYBOSSET
Members Detroit Stock Exchange
STREET^
w
1893
INVESTMENT BANKERS
UNION TRUST BLDG.
DETROIT, MICH
Members Detroit Stock Exchange
Boston
York
on any
lnaiana Security.
Statistical Injormation
Inc.,
GEORGE M. WEST & COMPANY
PROVIDENCE
$1,500,000
...
CherryJ2600
BODELL & CO.
10
.
DETROIT, MICH.
Penobscot Bldg.
Established
gm
'•
INVESTMENT BANKERS
INDIANAPOLIS
INDIANAPOLIS
■
Stock&Exchange
DETROIT
PROVIDENCE
Fletcher American Company
'
DETROIT
Exchange
Joel Stockard & Co.,
STREET & COMPANY
CO.
7 ' •
.
GRISWOLD ST.
KAY & CO.
KANSAS
&
MUNICIPAL BONDS
DETROIT
UNION ARCADE BUILDING
HIGBIE
KEANE,
INVESTMENT SECURITIES
COLUMBUS
Furnished.
Company
A. W. Wallace &
CLAUDE MEEKER
INVESTMENT BANKERS
Investment Securities
Specialist in Cities Service
BREED, ELLIOTT & HARRISON
Detroit
Cincinnati
Chicago
Issues
DETROIT, MICH.
P.nobacot Bid,.
Tel. Gharry
INDIANAPOLIS
East Broad
8
Milwaukee
71
2800
COLUMBUS, O.
St.,
NEW
Broadway,
YORK CITY
Investment Securities
Municipal Bonds
Indiana
CONSERVATIVE
Corporation Securities
INVESTMENT
List upon
The Union Trust Company
BOND
DEPARTMENT
F.M.
INDIANAPOLIS
Indianapolis Bank Stocks
Utility Bond*
Municipal Bonds
CHADBOURNE & CO.
JOHNSTON &
INVESTMENT
Local Securities and
Bid,.'
Building
DETROIT, MICH.
COMPANY HARRIS, SMALL & LAWSON
SECURITIES
M CONGRESS
Bonds and Stocks
INDIANAPOLIS
1252-54 Penobscot
INVESTMENT SECURITIES
NEWTON TODD
til Lemck.
ANGER & CO.
Investments
LOUISVILLE
Bought and Sold
Indiana Corporation
C.
request
FIREMEN'S INSURANCE BUILDING
NEWARK, N. J.
Local Public
Indiana
SECURITIES
F.
Paul
V
Jones Bldg.
LOUISVILLE, KY.
ST., W.
DETROIT
THE
CHRONICLE
[Vol. Ill
Ranker* anfc ^roket* <^ut*ilie Jfieto gorfc
PACIFIC
COAST
PACIFIC
Howard Throckmorton
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher, Porter
BONDS
Government
Bonds
DENVER
COAST^
of
Municipal
Corporation
&
MUNICIPALITIES AND
Company
CORPORATIONS
INVESTMENT BANKERS
San
having substantial assets
Francisco
and
Alaska Commercial Building
earning
power.
DENVER
Quotations
and
Information
Pacific Coast
San
SAN
CO
ANGELES
FRANCISCO
PASADENA
WESTERN
.
BROKERS
Francisco
COLORADO
WILLIAM R. STAATS CO.
LOS
1853
SUTRO &,
410
on
Securities
Established
INVESTMENT
Furnished
SECURITIES
Sugar Stocks
Specialty
a
Members
Montgomery St.
San* Francisco Stock
and Bond
GREGG, WHITEHEAD & CO.
Exchange
Blankenhorn-HaDter-Duli o
F. M. BROWN & CO.
DEALERS
Investment Bankers
DENVER
Company
IN
PORTLAND, ORE.
Municipal and Corporation
BONDS
818-815
SAN
First
National
MUNICIPAL
CORPORATION
ORPORATION
DnMHC
DWlNLO
AND DISTRICT
Bank
Building
MORRIS BROTHERS, Inc.
THE
FRANCISCO, CALIFORNIA
PREMIER
MUNICIPAL
Government
LOS ANGELES
California Securities
SAN
and
HOUSE
DOLLARS
Municipal
Bonds
FRANCISCO
Established
PASADENA
SAN
DIEGO
Morris
Building
over a
Quarter Century
PORTLAND, OREGON
.
No. 8, Central Building
Aronson and
BOND
CAPITAL ONE MILLION
.
SEATTLE, WASH.
Company
Los Angeles,
We specialize in California
California
Municipal
&
HALL
Corporation
& COMPANY
BONDS
INVESTMENT BONDS
^CLEVELAND
DRAKK.RILEY &, THOMAS
Van Nuyt Building
The Gondi i ng-Jones Company
Loeal and Pacific Coast Securities
LEWIS BUILDING
PORTLAND, OREGON
LOS ANGELES
STOCKS-BONDS-NOTES
DULUTH, MINN.
Private Wires'Coast to Coast
BANGOR BUILDING,
MINNESOTA
CorrespondentsTLogan and Bryan
CLEVELAND
SECURITIES
A. H. Woollacott & Co.
Railroad, Municipal and
Stocks, Bonds, Grain, Cotton
OTIS & COMPANY
Corporation Bonds
828-262 I. W. Hellman
Investment Bankers
Building
W. M. Prindie & Company
LOS ANGELES
Members of New York,
Cleveland, Chicago,
Detroit and Columbus Stock
Exchanges,
New York Cotton
Exchange,
Chicago Board of Trade.
CLEVELAND
Boston
Columbus
Detroit
Toledo
Denver
Youngstown
T~
Cincinnati
TORRANCE, MARSHALL & CO.
.18
Akron
.m.
Colorado Springs
California Securities
—'
"—:
Stocks
Duluth, Minnesota
Bonds
Acceptances
LOS ANGELES
CALIFORNIA
Stevens & @o.
SHORT TERM NOTES
ESTABLISHED
IQ1 O
^MUNICIPAL RAILROAD
A.
RITTER COMMERCIAL TRUST
& CO.
'CORPORATION
Municipal, Public Utility, Railroad and
Unincorporated
BONDS of the PACIFIC COAST
Security Bldg.
Los Angeles,
Cal.
the
KLIPPEL - WASHBURN - BERKLEY CO. R. H.
MOULTON & COMPANY
INVESTMENT SECURITIES
CALIFORNIA
American
CLEVELAND, O.
Dayton
Listed
Warren
-
MUNICIPALS
Title Insurance Building,
City Bldg.
Nat'l
Bank
LOS
Bldg.,
San
ANGELES
-
Inactive
MAX I. KOSHLAND
Pacific Coast Securities
Member
San
Francisco Stock and Bond
Exchange
ALBERT FOYER
CLEVELAND,
WILL
BUY
Minnesota & Ontario Pow. 1st
Powell
River Company
1st
Red
River Lumber Co. 1st
Minneapolis St. Ry. Extended
WELLS-DICKEY COMPANY,
6s
6s
5s
7s
Minneapolis
NORFOLK, VA
Stocks & Bonds
Leader News Bldg.
WE
Francisco
Bucyrua
Unlisted
-
ST. RAUL
MINNEAPOLIS
Niagara Life Bldg.
2nd Floor National
BONDS
COMMERCIAL PAPER/
Corporation
buffalo
690 Euclid
Ave.
E. LEWIS
Mills
Building
MOTTU &
Established
CO.
1892
NORFOLK, VA.
NEW
60
YORK
Broadway
INVESTMENTS
SAN FRANCISCO
Q.
TEXAS
Hunter Glover &
Company
CHAPMAN DE WOLFE CO.
DUNN & CARR
851-353
Investment
Bonds
SAN
and
Stocks
Short Term Notes
Montgomery Street,
FRANCISCO, CALIF.
Stocks and Bonds
Information
and
Quotations
on
all
Investment Securities
Pacific
Coast Securities
CLEVELAND
Members San Francisco Stock & Bond
Exchange
Union
HOUSTON.
Nat.
.
Bank
.
Bldg.
-
TEXAS
Oct. 9
1920.]
CHRONICLE
THE
$Satrtter6 anb Skobers ©utsibe ifteto gotb
ALABlAMA
& COMPANY
MARX
BONDS
BANKERS
BIRMINGHAM,
.
STOCKS
Graham. Parsons & Co.
SHORT-TERM NOTES
4X8 CHESTNUT ST
til BROADWAY
Partly Bros. & Co.
Investment Securities
BANKERS
Corporation Bonds
Y3B8
NEW
PHILADELPHIA
ALA.
-
-
Municipal and
Southern
PHILADELPHIA
PHILADELPHIA
CHESTNUT STREET
1421
PHILADELPHIA
Deal
and Purchase
in
CHATTANOOGA
Issues of
MEMBERS
PHILADELPHIA STOCK
EXCHANBI
MUNICIPAL
LEWIS BURKE
BONDS,
STOCKS
BONDS, NOTES AND PREFERRED
& CO.
of
Established
LOCAL AND
1865.
UTILITIES
RAILROADS,
SOUTHERN
AND
CORPORATIONS
INDUSTRIAL
JBIOREN"
SECURITIES
of
VALUE
ESTABLISHED
BANKERS
CHATTANOOGA
James Building
410
St.
Chestnut
Philadelphia
Cable Address "Grace," Philadelphia
Government,
MACON
Municipal, Railroad and
Public Utility Securities
■
W. M. DAVIS & COMPANY
York and Philadelphia
Stock Exchanges.
Iembers New
Southern Municipal Bonds
AND
BANKERS
MILWAUKEE
Guaranteed Stocks
GEORGIA
MACON
East
Water
and
ff321
CO.
RICKER
EDGAR,
Chestnut St., Philadelphia
Streets
Mason
Established 1837
WIS.
MILWAUKEE,
S. C.
SPARTANBURG,
Specializing
LAW & CO.,
A. M.
Inc.
i
DEALERS IN
Southern Textiles
a
Specialty
SPARTANBURG, S.
'
and Wisconsin Industries.
Members
Philadelphia Stock Exchange
INVESTMENT BANKERS
Investment Securities
Strassbnjger
Land
SECURITIES
INVESTMENT
SOUTHERN
£CownfcC«
Financing of Milwaukee
C.
MONTGOMERY
W
Stock Exchanges
Bonds
Stocks and
B.
Membera New York and PHilndelphl.
WISCONSIN CORPORATION ISSUES
Title Building
PHILADELPHIA
Bought and Sold.
New York
Telephone Canal 4848
44 •ntammsrv- Aim
First Wisconsin Company
$82,000 CITY OF NEW CASTLE, PA., SchooW
BMs, maturing 1935 to 1938. To return 5.15%.
Investment Securities
WISCONSIN
MILWAUKEE
investment-service
$550,000 COUNTY OF BUTLER, PA., Road.
Imp. 5Hs, maturing Sept. 1, 1927 to 1944 Inch,,
optional after Sept. 1, 1935.
To return 5.20%.
to 5.15%, after opt. period to return 5.50%.-
M. M. FREEMAN & CO.
Philadelphia
421 Chestnut Street
Telephone, Lombard 710
To Keep
Posted
On Canadian
Second Ward Savings
Conditions
than
108
cannot do bet¬
ter
read
ment on
Salle
& Co.
FOR
St.
1421
Street,
Chestnut
MENT
Philadelphia
Specialists in
AUGUSTA
Wisconsin Municipals
and
JOHN W. DICKEY
High Grade Investments
Augusta, Ga.
that it is about
liveliest
La
INVEST
BONDS
CHICAGO
States Investors tell
the
So.
In¬
Items
each month. United
us
Bank Bldg.
MILWAUKEE
you
vestment
Frederick Peirce
Second Ward Secnrities Co.
Investment
com¬
financial
>
Southern Securities
and business condi¬
tions that comes
Established
their way.
Morri^F.E0X&Co.
If you look kindly upon
Canada as a field for in¬
Invebtm
MilwaukelW&
MPtlO"M. BANK BLOC
will add your name to
our
WM.
CUHITIES
fl..T WI6CONS1N
vestment, write and we
E.
SOUTHERN
Address:
COTTON
n
Write
our
BUSH & CO.
Augusta, Ga.
Underwriters and Specialists in
Wisconsin Issues
mailing list,
1886.
SECURITIES
MILL STOCKS
Trading Department.
agency of
Royal Securities
CORPORATION
Over
vi
(canada)
Municipal
limited
165 Broadway
Tel. Cortlandt
NATIONAL
Railroad^
the
Banks
in
New York City use
SAFETY
FOR THEIR
PAPER
CHECKS
Corporation bonds
New York
3234 - 5 -6
Of
80%
so
Broad Street
«
New York
>
George La Monte & Son
PBSK KCTMIMHHCAKE ABBtESS"•mmOT
List
%
aires current offerin**.
61
Broadway
New York
XII
THE
t,
,/r - '
\fi
CHRONICLE
Current J3onb
[VOL. 111.
Snquitie*
UNLISTED
WILL BUY
WILL BUY
American Thermos Bottle
Long Isl. City & Flush. 5s, 1937
Atlas Portland Cement
Mason
Automatic Fire Alarm
Nazareth Portl. Cement 5s, 1946
Herring-Hall-Marvin Safe
N. Y. & East River Gas 5s, 1944
Kirby Lumber Com. & Pfd,
Standard Gas Light 5s, 1930
Mathieson Alkali Pfd.
Union
Noiseless Typewriter
United Lead Deb. 5s, 1943
TOBEV& KIRK
City & Ft. Dodge 4s, 1955
Railways of N. Y. 5s, 1942
Exchange
Members New York Stock
25 Broad Street New York
H.
Mountague Vickers
BONDS
Increase Your Income
Tel. Han. 6570
for 15 Years
49 Wall St.
Protect
yourself against possible
periods by obtaining a
9% return until 1935 from
low
GUARANTEED STOCKS
yield
Standard Gas &
Alliance Realty Co.
Bankers Trust Co.
Electric Company
Mortgage Bond Co.
FRANK J.
71
M.
Broadway
6% Gold Notes
DILLON
NEW YORK, N. Y.
Tel. 6460 Bowling Green
We
With
to
Unusually strong assets and a
steadily increasing earnings
record of
are
behind this safe investment.
Buy
Ask
Illinois
Central RR.
Pennsylvania Tax
Security 4s, 1952
Free
H.M.BylIesby & Co.
Incorporated
PAUL & CO.
{embers
Philadelphia Stock Exchange
1421
Chestnut
for Circular CC-16
Bonds
_
111
NewYork
Broadway
Chicado
203 S.LaSalle St
Street
Providence
PHILADELPHIA
Boston
30 State Street
lOWfeybossef St
Hartshorne & Battelle
28
Broad
St.
Tel. Broad 7740
NEW YORK
New Jersey
Municipal Bonds
Descriptive List
on
Request
GLOVER & MACGREGOR
>
845 Fourth Ave.,
J.S. RIPPEL & COMPANY
18 CLINTON STREET
MEWARK, N. J.
CENTRAL NEW YORK
SECURITIES
STOCKS AND
Gulf Oil Corporation 6s
Am. Fruit Growers 7s
BONDS
bought and sold for cash,
or carried
conservative terms.
Inactive and unlisted securities.
Bought—Sold—Quoted
on
Inquiries invited.
Mohawk Valley Investment Corp.
FINCH
F.
& TARBELL
Members New York Stock
120
NEW
REFINING CO.
Westheimer & Company
Members
«
New
of the
York
Stock
Cincinnati
Stock
Exchange
Exchange
Chioago
Board
of
Trade
Baltimore
Stock
Exchange
Broad
St.,
York
WE WISH TO BUY HIGH-
PENNSYLVANIA
TAX-FREE
embers
r*
.
Cities
ST. PAUL, MINN.
A. G. Becker & Co.
COMMERCIAL PAPER
INVESTMENT SECURITIES
SECURITIES.
Boenning, Garrison & Co.
Stock
William
New
CINCINNATI, OHIO
BALTIMORE, MD.
Globe Building
Bros.
15
3063
GRADE
Paper
Local Securities of the Twin
3V2S, 1997
Montgomery
Telephone
INDIAN
CORPORATION
Commercial
New York Central
Lake Shore 4s, 1928
So. Pac. Conv. 4s, 1929
PROCTER & GAMBLE CO.
MAGRAW
BONDS
YORK
Investment Bankers
UTICA, N. Y.
E.
MUNICIPAL AND
Exchange
BROADWAY,
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
West Penn System Securities
ladelphia
137
South
La Salle Street
CHICAGO
Stock Exchange
Exchange Building
PHILADELPHIA
Direct Private Telephone to Berdell Bros..N. Y.
NEW YORK
ST. LOUIS
SAN FRANCISCO
SEATTLE
LOS ANGELES
Oct. 9 1920.]
THE
CHRONICLE
xm
Current Jtotib Snquirteg.
Chalmers Motors Co. 6s, 1922
Cedar Rapids Mfg. & Pr. 5s, 1953 American Light & Traction
Detroit Edison Co. Stock
Chicago & Erie 5s, 1982
Firestone Tire Com. & Pfd.
Chicago & E. 111. Ref. 4s, ctfs.
Evansville & Ohio Vy. RR. 5s, 1949 Goodyear T. & R, Com. & Pfd.
Louisiana & Arkansas 5s, 1927
Evansville & Terre Haute 5s, 1942
N. Y. Chic. & St. L. 2d 6s, 1931
Los Angeles Pacific 4s, 1950
Montreal Tramways 5s, 1941
Nova Scotia Tram. 5s, 1946
N. Y. N. H & Hartf. Deb. 4s, 1922
St. Louis & Cairo 4s, 1931
Paige Detroit Com. & Pref.
Packard Common & Preferred
*
Sherwin
Ohio Cities Gas 7s, 1921 to 25
Woodward Iron 5s, 1952
Western Maryland 4s, 1952
Seaboard Air Line 6s, 1945
Williams
Pfd.
Steel
& Tube of America, Pfd.
United Light & Rys. Com & Pfd.
Valley Mould & Iron Com. & Pfd.
Tri-City Ry. & Light 5s, 1930
United
Merrill, Lynch & Co.
Light & Ry. 5s & 6s
Wickwire Spencer Steel 7s, 1935
120
Broatdway, New York
Telephone 6070 Rector
Amer. Tel. & Tel. 6s, 1922 & 1924
Traders Telephone 7683 Rector
Private wires to Chicago, Detroit,
Grand Trunk
Cleveland,
Youngstown, Grand Rapids and Lansing.
Ry. 7s, 1935
Norwegian Government 8s, 1940
Atl. Coast Line Unif.
Ohio Cities Gas 7s, 1922-25
We
Solvay & Cie. 8s, 1927
Dividend
&
Ohio
Minn. & St. Louis 5s & 7s
42 Broad Streak,
Rights
,
PHILADELPHIA
Scrips
and
Morton lacheiibracTi. & Ca
(cmCMO. DETROIT
4J^s, 1964
Imp. 5s, 1929
Cleve. Lorain & Wh. 4^s, 1930
Del. & Hudson Conv. 5s, 1935
Lehigh Valley (Pa.) 4s, 2003
Ches.
Specialize in All
N. Y. N. H. & Hartford 4s,
New Orleans Terminal 4s,
PITTSBURGi*
1956
1953
Oregon & California 5s, 1927
Western Pacific 5s, 1946
Instantaneous communication between
offices is made
our
C. C. Kerr & Co.
possible through
their intercon nection by private wires.
2
Rector
St., N. Y.
R.
Phone 6780 Rector
40 Wall
New
Foreign Securities
J
Foreign Currency
48
Exchange Place
.
CO.
'Phone 8800 Hanover
New Orleans Term.
New York
Trust
Chase National
Citizen
Bank
Swift
Equitable Trust
Circular
am
Kodak
New Jersey
Cons. 4s,
Co.
&
New
193
1975
7s, 1925
Prince & Whitely
Surety
Eastman
4s, 1953
Southwest.
Bank
Y. Stock
Members N.
Niles-Bement Common
Liberty Bonds"
John 307
Pacific Gen. 4s,
Missouri
National
National
"Opportunities In
ww.
**
Kingdom of Norway 8s, 1940
St. Louis
Securities
Investment
St.
Broad
Bankers
DUNHAM &
Telephone
0
York
Bell Telephone Co. of Pa. 7s, 1945
NOBLE & CORWIN
25
Bought and Sold
PRESSPRICH
Grand Trunk Ry. of Canada 7s, 1940
Theodore C. Corwin
Mark A. Noble
*
Foreign Cheques
W.
Street,
52
Common
Exchange
Broad 632 3
Tel.
Broadway
Philadelphia, Boston,
Baltimore, Richmond, New Haven
Private
Zinc
wires
to
Telephone 1111 Broad
request.
SUTRO BROS. & CO.
120
BROADWAY, NEW YORK
Telephone: Rector 7350
of New York Stock Exchange
Iembers
Bond
Railroad
Public
Dept.
N. Y. Penna. & Ohio
Utility Dept.
Alabama Power 5s,
4^s, 1935
1946
E. Tenn. Va. & Ga. 5s,
1956
Seaboard Air Line 6s, 1945
St. Louis & Cairo 4s, 1931
N. & W. Pocah. Coal & C. 4s, '41
Shares
Laurentide
Louisv. & Jefferson
Empire Steel
Federal
Louisiana & Arkansas 5s, 1927
British
Brooklyn Edison 6s, 1930
Cedar Rapids Mfg. & Pow. 5s, *53
Utah
Florida
Cent.
Duquesne Light 6s,
Bdge. 4s, '45
& Penin.
W.
Va.
Power 5s,
1922
6s,
1962
1991
Consumers Power 5s,
1990
& Pittsburgh 4s,
& Mich. 4s,
1946
Power &
Light 6s, 2016
Standard Gas & Elec. 6s, 1935
Amer.
Wab.
1942
1946
Great Western Power 5s,
Big Sandy 4s, 1945
Coal River 4s, 1944
Cinn.
Sec.
Tennessee Power 5s,
5s, 1943
Kanawha & Mich. 1st 4s, 1991
Canadian, Cuban
1949
Light & Trac. 5s,
United Light
1936
& Ry. 5s, 1932
/
and
other
Industrial Bond
Stock Dept.
Industrial
Dept.
Consolidation Coal
International
Securities
Massachusetts Baking Com.
Norwalk
Paul
4^8, 5s, 6s
43^s, 1929
Jones & Laughlin Steel 5s, 1939
Spicer Manufacturing 6s, 1924
A. O.
Union Carbide 6s,
Jacob
Steel
Monon
Coal
120
Broadway
New York
Telephone Rector 6834
United
Lead
Bank Stock
Home
deb.
L.
New
Landers, Frary & Clark
5s, 1943
Dept.
Capitals
PRIVATE WIRES
Montreal
Toronto
Mfg. Com. & Pfd.
North & Judd
any
Standard
Insurance
Bankers Trust Co
CORRESPONDENTS
National City Bank
Liberty National Bank
S.
O.
Oil
Street, New York
Dept
of California
Vacuum Oil
S.
O.
of Indiana
S. O. of New York
CARRUTHERS, PELL &
Bonds, Bank Stocks, Miscellaneous
15 Broad
Preferred
Jersey Zinc Rights
American
1925
Mechanics & Metals Nat'l Bank
All Important Foreign
Dold
& Western Coal
Chic. Ind. & West. Com. & Pf
6s, 1929
Carpenter O'Brian 6s,
Champion Lumber 6s,
Kuczynski & Co.
D.
1923
1936
5s,
Sloss Sheffield
Smith Preferred
Peet Bros. Preferred & Common
1952
Consolidated Textile 7s,
&Pf.
Delaney
CO.
Securities, Standard Oil Stocks
Phones 5161 to 5169 Hanorer
Philadelphia Phone, Locust 672; Bait. Phone, St.
Paul 9389
\
CHRONICLE
THE
XIV
[VOL. 111.
Current Jlonli 3nqufr(e«
F.
Members
61
New York Interurban Water 5s
J. LISMAN & CO.
West Va. Water & Elec. 6s
York Stock Exchange
New
Acquackanonk Water Co. 5s
St. Joseph Water Co. 5s
Joplin Water Co. 5s
BROADWAY, NEW YORK
Carolina
Des
Clinchfield
Moines
Galveston
Fort
&
Terminal
Ohio
&
Dodge
Railway
Great
Northern
Houston &
Lake
City
&
Fort
Toledo
Ohio
&
Toronto
Dodge
All
Central,
Hamilton
&
5s,
Buffalo
1934
4s
1944
Issues
H. C. SPILLER & CO.
incorporated
1946
17 Water St., corner Devonshire St.,
63
Weatherford Mineral Wells & N. W. 5s
Wisconsin
Central
Railway
Ref.
AND ALL RAILROAD AND
5s
1955
4s,
Issues
4s,
5s
City Wtr. Co. of Chattanooga 5s
Bijou Irrigation District 6s
Emmett Irrigation District 6s
Ft. Wayne & Wabash Valley 5s
Queens County Water Co. 5s
1st 4s
4s,
Racine Water Co.
Wichita Water Co.
1938
6s,
Railroad
All
Railway,
Marquette
Canada
Corporation
Superior
Mason
Pere
of
Central
Texas
1938 Clinton Water Co. 5s
1935
4s,
Grand Trunk Western Railroad
WE DEAL IN
5s,
Wall
Street,
NEW
BOSTON
YORK
4s
STEAMSHIP SECURITIES
K. S. U. 3s & 5s of 1950
St. L. & S. W. Ter. & Unif. 5s, '52
WOOD, STRUTHERS & CO.
WANTED
Nassau
5
Hackensack Water
Street
Elec. Dev. of Ontario 5s of 1933
Preferred
West Shore 1st
Da vies, Thomas & Co.
Members N. Y. Stock Exchange
5 Nassau
St.
New
York
Telephone Rector 6526
Canadian Pacific 6s,
Central Pacific 3Ms,
1924
1929
Houston & Tex. Cent. 4s, 1921
Minn. St. P. & S. S. M. 4s, 1938
St.L.,I. M.& So. Riv. & G. 4s, '33
Utah & Northern 5s, 1926
Empire Gas & Fuel 6s, 1926
New York Tel.
1939
New York Tel. 6s, 1949
Tenn. Coal & Iron 5s, 1951
Kansas
N. Y.
120
City Terminal 4s, 1960
Telephone 4J^s, 1939
Central Pac. 1st & ref. 4s, 1949
C. C.C. & St. L. Gen. 4s, 1993
VILAS
49 Wall
&
*
I
ORDERS
BROKERS
EXECUTED
ACTIVE
IN
BOND
DEALERS
New York
v
ON
Telephone
RAILROAD
TSSUES
AND
FOR
COMMISSION
5s,
5s, 1939
1932
6«,
1926
PHILADELPHIA
Cleveland Electric Deb. 5s & 7s
Detroit
Edison 5s, 1940
Consumers Power 5s, 1936
Southern California Edison 6a, 1944
Gilbert J.
SUSQUEHANNA
7
Wall
Postley
Street
NEW
Telephone
YORK
Rector 9697
4s, 1963
Duquesne Ltg. 6s, 1949
Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926
J.
S.
FARLEE
66
Mississippi Val. Gas & El 5s, 1922
Lehigh Power Sec. 6s, 1927
& CO.
BROADWAY
BAUER, STARR & CO.
Members American Bankers' Association
116
Members New York State Bankers' Association
N.
BROADWAY
Y. CITY.
LAND
TITLE BLDG.,
PHILADELPHIA
Rector 7416
We
Cin.
Will
Gas & Elec. 5s,
We
Buy
1956
Private wire connection
Will
Sell
Alabama Power Co. 5s, 1946
Detroit Edison Co. 5s,
1940, & 6s,1940
Idaho Power Co. 5s, 1947
Bell
Madison
Cons. Power Bait. 6s, 1922
River
Power Co. 5s,
1930
Tel.
& Tel.
Cleveland
Elec.
Co.
(Can.) 5s, 1925
Ilium.
Niagara Falls Power 5s, 1932
Denver Gas & Elec.
Southern Power Co.
5s,
1939
Det. Edison 6s, 1940
Texas Power &
5s, 1930
Light 5s, 1937
Tennessee Power
Wis., Minn., Lt. & Pwr. 5s, 1944
EARLE A.
SPECIALISTS
DIRECT
TELEPHONE
IN
PRIVATE
RECTOR 8060-1-2-3
5s, 1951
Co.
1st
West Penn Power Co. 5s,
MILLER
PUBLIC
WIRE
&
5s, 1962
1946
CO.
UTILITY SECURITIES
CONNECTION
WITH
111
Exchanges
Ry. 5s, 1923
Ry. & Fy. 4s, 1950
N. Y. & Jersey 5s, 1932
Penna. Utilities 5s, 1946
Springfield Ry. & Lt. 5s, 1926
Taylor & White
43
to 7936
Stock
'Phone 7500 Rector, N. Y.
Ft. Smith L. & T. 5s, 1936
Transport. 5a, 1933
St.
COMPANY
Phila.
Cent. Ark. Ry. & Lt. 5s, 1928
Cons. Wat. Co. of Utica 5s, 1930
SAMUEL K.PHILLIPS*CO.
Chestnut
Broadway.
&
and
N. J. & H. R.
Marion
Gas
Y.
Lake Shore Elec.
Hanover 8317
Light & Htg. Co.
Mary Coal Co. 1st
Empire Gas &
Fuel
Co.
N.
Ashland L. P. & St. Ry. 5s, 1939
Bronx Gas & Electric 5s, 1962
HICKEY
Street
BOND
WANTED
BUFFALO
MILLER
Members
607
McKinley & Morris
Tel. Rector 7931
N.Y.Cent.,Mich.C.Coll.5Ks, 1998
Penn. RR. Gen. 4J^s, 1965
Cincinnati
Lackawanna Steel 5s, 1923-50
Indiana Steel 5s, 1952
ONE WALL ST., N. Y.
Cuban & Can. Gov. & Mun. Bds.
4s, 2361
Penn
4^s,
Montreal Tramway 5s of 1941
Dominion Coal 5s of 1940
YORK
NEW
Can. Car Foundry 6s of 1939
CHICAGO
BROADWAY, NEW YOFK
Exchange PL, N. Y.
Tel. Hanover 427-8-9
OCT. 9 1920.]
CHRONICLE
THE
Current JSonb
xv
Snqufnea
Michoacan Power 6s
Atch.
Guanajuato Pow. & Elec. 6s & stocks
Cent.
Mex.
&
Lt.
Pow.
& stocks
6s
Trans.
Atch., Top.
Chic.
Mexican Light & Power 5s
Erie
Cape Breton Electric 5s
Indianapolis Water Co. 4^s & 5s
5s,
1982
New
1st 5s,
1927
Norf.
Co. 1st 5s, 1940
4J^s, 1936
Dodge RR 1st 4s '35
Cy.& Pacific RR. 1st 4s, 1990
York, Penna. & Ohio 43^8, 1935
&
Western
Rio Grande West
1996
Ry. Con. 4s,
Ry. Coll. Tr. 4s, '49
St. Louis & Cairo RR. Co. 1st 4s, 1931
So. Pacific RR. 1st Ref. 4s, 1955
RR.
Elgin Joliet & East. Ry. Co. 1st 5s, '41
West.
Winston-Salem So. Bound
111.
Utah & North. Ry. Con. 1st 5s, 1926
Cent.-Cairo
Bridge Co. 4s, 1950
American Finance & Securities
Portland Terminal 4s
&
Fremont
1st
Denv. & R. Gr. RR.Con 4s,
Des Moines & Ft.
Kansas
Louis. & Nash.-St. Louis Div 3s, 1980
Gr. Trunk West. Ry. Co. 1st 4s, 1950
Water 5s
Empire Lumber 6s
Toledo
1958
4s,
Ry.
Dallas & Waco Ry.
Guanajuato Reduction & Mines 6s
Line
Co.
RR.
CI., Akron & Col.
Southern Public Utilities 5s
Wichita (Kan.)
&
Short
& Santa Fe Ry Gen 4s'95
Norwalk
Rochester & Syracuse
N.
Y.
Wm. Carnegie
Ry. 5s
RR. 5s
Penna.
5s,
1937
Ry. 4s, '60
Ewen
2 Wall
Tel. Rector 3273-4 and 3294
Street, New York
Birmingham (Ala.) Water 5s
HOTCHKIN
&
53
Telephone
Main 460
CO.
State
Boston 9,
St.,
Mass.
New York
Chic. & East.
Fed. Land Bk. Farm. L.
4l/2s & 5s
S^s, 1939
West Virginia
Amer.
WE WILL BUY
City Bonds
New York State Bonds
Lt. & Trac.
Central
Pacific Gas & Electric
Members of the New York
Federal
Stock Exchange
Tel. Rector 8460
Farm Loan
Foreign
in
Specialists
Government
Bonds
Chic. & East. 111. RR. Rec. Ctfs., 1917
Denv. & Rio G. RR. Adj. Inc. 7s, 1932
Evansv. & Terre H. RR.
Works
New York
the
Clinchfield Coal Corp.
Dela., Lackaw. & Western Coal Co.
Kirby Lumber Co. Com. & Pfd.
Lehigh Valley Coal Sales
Lien
(Unlisted Issues)
Wm. C. ORTON & CO.
Specialists Reorganization Securities
York
Tel. 7160-1-2
26 Broad St., New
West Penn Traction
West Penn Trac. & Wat. Pr.
Rollins, Kalbfleisch & Co.
Broad
FOREIGN EXCHANGE
Members N. Y. Stock Exchange
Securities
Corp.
National Securities Corp.
Bought and Sold on Order
66 BROADWAY
Telephone Rector 2687-8-9
Currency
Bond*
Checks
-
BILLO
OTTO
37
Co.
Pfd.
Cum.
Exchange
Stock
and all subsidiaries
Power
5s, 1933
Md. Ry. Co. 1st Cum. Pfd.
Wheeling & Lake Erie Ry. Co. Prior
El.
&
Deb.
Evansville & Terre Haute Cons. 6s '27
Common & Preferred
Water
Co.
Western
Tel. Rector 9970.
on
(Sullivan Co.
Coal) 1st 58, 1930
Mercantile Stores
Mercantile Stores
Kodak
Eastman
Listed
Amer.
Rfg. 4s, 1955
Bonds
Coady
dembers New York Stock Exchange
N. Y.
N. Y.
BROAD ST.,
20
Western Power
14 Wall St.,
RR.
Evansv. & Terre H. RR. Gen. 5s, 1942
BULL &ELDREDGE
Petroleum
MacQuoid &
111.
Chic. & East. 111. RR. Cons. 5s, 1937
Chic. & East. III. RR. Cons. 6s, 1934
Phone Hanover 6297
WalliSt., N. Y.
CONSTABLE St FLEMING
.
WM.
71
CONSTABLE^ \
Broadway N Y
&
Shuman
Seligmann
K. L. FLEMING t/R.
dembers New York Stock Exchange
JBowlin§ Green 6460"
30 Broad
Tel. Broad 7270
St., N. Y.
Chicago & Erie 1st 5s, 1982
CO.
BELL TEL.
5s &
OF
CANADA
7s, 1925
PACIFIC TEL. & TEL. CO.
Coll. Tr. 5s,
JOSEPH
Long Island Consol. 4s, 1931
Chic & North West Deb. 5s, 1933
Chic. & Alton 1st
PINE
Consolidated
Power
Electric Light &
Baltimore
of
Horn
Gas,
Securities
Coal
Corp. Securities
Wash. Bait, & Annapolis Securitiei
GILMAN
J. HARMANUS FISHER & SONS
PROCTER & GAMBLE
(Established 1874)
SOUTH ST.
BALTIMORE, MD.
Members Baltimore Stock Exchange.
Stock & Scrip
N. Y. CITY
STREET
Securities
Consolidation Coal Co.
Elk
1937
INVESTMENT SECURITIES
84
33^s, 1950
5691-4 John
J. S. Backe & Co.
Liberty Registered Bonds
Members
60
New
York
CO.
&
Cincinnati
Boston
Telephone 4390 Bowling Green
WIRE
TO
Chicago
Pittsburgh
Cleveland
Baltimore
Rochester
St. Louis
Syracuse
Philadelphia
Troy
Phones
Seaboard
Atl.
&
Birm
4s,
Missouri
Kansas
&
Texas
Notes
Atchison-Cal.
Harlem
Balti.
Arizona
River
&
&
Chic. T. H. & Southe. Inc. 5s, 1960
Manitoba
Portchester
&
Gt.
Internat.
Northern
Missouri
Kansas
Chic.
Eastern
&
Evansville
&
5s
33^8
& Terre
7s
San
Fran.
1931
Missouri, Kan. & Tex. 6% Notes.
Bonds
N. Y. & Penna. & Ohio
Seaboard
Haute Bonds
6s,
111. Cent. Leased Line & RR. Sec. 4s
Bonds
Texas
Illinois
&
Louis
New
7s,
Haven
1923 &
4s,
1922
43^s
Cons.
6s,
Kentucky Coal 5s
Rocky Mt. Coal & Iron 5s
California Gas &.Elec. 5s
United Ry. Invest. 5s
Philadelphia Co. Deb. 5s
Manila Elec. Ry. & Lt. 5s
Canadian Car & Fdy. 6s
Emerson Brantingham Pfd.
1945
(U. S. & Fch.)
5s,
1930-Scrip
American Cities Pfd.
WOLFF & STANLEY
Cuba Railroad 5s
Mexican Govt. 5s & 4s
Salt Lake City Union Depot
Central ^Vermont
Securities!
25 Broad St., N. Y,
West
4s
43^s
St.
Standard Oil
4860-1-2-3-4 Broad.
Dominion Coal 5s
4^8
Ohio Southwest
Oregon California 5s, 1927
Fonda Johnst. & Glov. 43^8 & 4s
Request
PFORZHEIMER & CO.
American Smelters 5s
Chicago & Alton 33^s
1933
Steph. Nor. & So. Texas 5s, 1940
Mason City & Ft. Dodge 4s, 1955
H.
Dealers in
LOUIS
ST.
Free
Upon
L
Booklet
CARL
Mailed
1
Edition
Kansas City
New Orleans
Albany
N. Y.
Buffalo
PRIVATE
Tel., 6400 Broad
Eighteenth
BRANCHES and CORRESPONDENTS
Stock Exchange
BROADWAY,
0
New
Members New York Stock Exchange
New York
NEWBORG
STANDARD
Dominican
5s
Chicago^& Eastern III., Issues
Cuban
Republic 5s
Govt.4^s and 5s
Telephone Rector 2920
72
Trinity
Place,
N. Y.-
SAM'L
Phone 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
CHRONICLE
THE
XVI
[VOL. 111.
Stiquitit*
Current
Dependable Quotations
Information
and
STOCKS
BONDS
for
Tube
Amer.
General
&
Baylis Pulp & Paper 6s, 1929
Stamping Pfd.
Amer.
Tank
Godchaux Sugar Common
Banks, Brokers
Bijou Mtr. AppPn 7s, 1928
and Institutions
Car Pfd.
Colum. Marion & Bucy. 5s, 1944
Green Bay & West RR. Cap. Stk.
Illinois Traction Common
STOCKS—BONDS—NOTES
Long Island RR. Capital Stock
through
Shelby Iron Stock
with
Capital
Stock
Winchester Co. 1st Preferred
Wisconsin Edison
is
markets.
all
Analytical reports
on
request
HANSON & HANSON
Capital Stock
Aetna Petroleum Corporation
Mexican
Sioux
Due Dec.
and
United Lt. & Ry. 1st 6s, 1932
GAS
Imperial Tobacco
American Tobacco
BOUGHT AND SOLD
semi-annual
Interest
Specialists in all Tobacco Securities
payable in New York.
85 Broad St.
New York,
N.Y.
Complete description on request.
Phone: Broad 7412
Bristol it Bauer
Price to Yield 7^%
}2o
BOND
We
to net
Fifth-Third
As Dealers in
National Bank
8y2%
we
Jamest.Fr'klin & CFrfield 1st 4s, 1959
Detroit River Tunnel
1st
N. Y. Penn. & Ohio P. L.
to sell securities of
established profit*
an
corporation.
Details
186
comprehensive
those
to
ser¬
interested
in
issues
cific
4j^s, 1961
and
colored
maps
illustrating properties, will be
furnished
upon
application.
4^s, 1935
So. Pac.-San Fran. Term. 1st 4s, 1950
Oregon
& California
1st
5s,
Write
1977
for
Quotation
Sheets.
on
Lehigh Valley Terminal 1st 5s, 1941
application.
L N. Rosenbaum &
a
buying or selling.
Informa¬
tive literature, analyses of spe¬
Rector 944-5-6
industrial
offer
vice
New York City
BROKERS AND SALESMEN WANTED
1855
CINCINNATI, O.
INVESTMENT SECURITIES
Broadway
.
Guaranteed Stocks
Since
EDWIN BANCKER & CO.
able
jlY Phone-. Rector 4594
due March, 1924
Guaranteed by American Locomotive Co.
115
r
DEPARTMENT
offer
Locomotive & Machine Co. of Montreal
1st 4s,
Scr p
Notes
1922
1,
1930
6s,
New York
-
Secured Gold
Principal
1st
City Service 5s, 1928
6%
Request
RR.
Nor. Ontario Lt. & Pr. 6s, 1931
ELECTRIC CO.
&
Jones & Thurmond
Nor.
Western N. Y. Farms 6s, 1926
Securities
Investment
CINCINNATI
8% Convertible Gold Notes
on
touch
close
in
72 Trinity Place
Circular
depart¬
service
our
which
ment
Niagara & Erie Pow. 1st 5s, 1941
obligation
without
furnished
Paint
Detroit & Sub. Gas 1st 5s, 1928
Inactive
International Pulp Co. Common
Standard
Colum. Nor. Ry. Equip. 5s, 1934
Miscellaneous and
Company, Inc.,
Chic. Mil. & Puget
Nassau
Electric
BROADW/W, NEW YORK
Sound 1st 4s, 1949
Ry.
Cons. 4s,
1951
loscpU ^Stalker St ^cros
Members New York Stock Exchange
61
New York
Broadway
Finlay & Davenport
Specialists in Railroad Terminal Bonds
CHICAGO SECURITIES
72
Trinity PI.
Tel. Rector 6881
Bought, Sold & Quoted
We buy and sell for our own account
PITTSBURGH SECURITIES
babcock, rushton & co.
Members
New_ York, Chicago
Stock Exchanges
HOME INS. BLDG.,
CHICAGO
BOUGHT
and
Boston
AND
We specialize in all Pittsburgh Securities
on the local exchange.
W. W. ALLER & CO.
Securities
Public* Utility
Phone Broad 7118
Bonds.
42 BROADWAY
Peoples Bank Building
SOLD
PITTSBURGH
,
BOYLE, BROCKWAY & GRAHAM, INC.
El Favor Mines
Unlisted Oil, Mining, &
Industrial Securities
New Jersey
G. F. Redmond &Co., Inc.
10 STATE ST.,
NIGHTINGALE
HENRY
Canadian, Mexican and Foreign Government
not traded
Railroad and
7 WALL STREET
NEW YORK
Bay State Film
CANADIAN SECURITIES
BOSTON, MASS.
Securities
MATTERS FINANCIAL
Union
Arcade
Pittsburgh, Pa.
Direct Private Wire to New York.
Tel. Main 3138—Fort Hili 920
OUTWATER & WELLS
Sinclair Cons.
7^s, 1925
Solvay et Cie 8s,
25 Exchange Place
1940
LEONARD & LYNCH
Interborough R. T. 7s, 1921
and
aU
new
issues
of bonds and
notes
Matt. H. Connell & Co.
Ill
Broadway
New York
Telephone: Rector 5467 and 622
MOORE,
Tel. SO Montgomery
Jersey City* N.J.
W. H.
Members New York, Pittsburgh A Philadelphia
Goadby & Co.
Member. New York Stock Exchange
NO. 74 BROADWAY
NEW YORK
Stock
Exchanges
Frick Bldg.
111 B'way
Rits Carlton
Pittsburgh
New York
Philadelphia
Oct. 9
THE
1920.]
jffaasitUi
"An honest tale
xvn
CHRONICLE
jTiiuntcisI
Safety of Government Bonds
speeds hestt
being plainly told"
Governments rarely
default on their foreign obligations.
place, adjustment almost always
Even when default takes
-SHAKESPEARE
reimburses the bondholders,
so
that actual loss seldom oc¬
curs.
MERIT
Thirty-nine years'
found
foreign obligations profitable investments.
The new finan¬
cial position of the United States has opened up unlimited
expe¬
opportunities to American investors in the securities of for¬
rience, ample resources,
a
staff trained
in each
most
partment
the
to
eign governments.
ut¬
The
special de¬
with
yet
can
a
dle
Express
all
Securities
financial
of
investment
houses
and
.i'v,.- ;
tunity.-':
v
'
■■
v
organization carefully
built
give the greatest
to
service to
all
American Express company
correspondents
these
factors
tant
are
to
impor¬
Telephone.
Securities
consider
BOWUNG GREEN lftOOO
department
in
foreign
prepared to han¬
Department are
and orders
inquiries
in
offices
domestic offices of the Ameri¬
banking institutions in this great field of investment oppor¬
the Company's business,
—
r
exclusive
thirty-five
countries and the twenty-four
broad knowledge of all
an
:
■"
•
European investors for more than fifty years have
choosing
a
New York
banking connection.
METROPOLITAN
COMPANY
TRUST
OF
NEW YORK.
THE CITY OF
716 FIFTH
60 WALL STREET
AVENUE
Our
V
■
List
Investment
The Electrification
regularly if you will but
and address. This list contains
our
choicest offerings of Government, Municipal,
Corporation and Railroad Securities, which are owned
by us and offered to our patrons with our sincere
will be forwarded to you
send
of Industry
and
its
Relation to
Westinghouse Electric
Manufacturing
&
us
your name
Bond Department
DEVELOPMENT in the electrification
of
American
manifested
business enterprise has
Mercantile Trust Company
itself in distinct cycles.
Member Federal
Deserve System
period covered the growth in
telegraphy following the Civil War—the
second, the introduction of electric lights
and arc lamps-^third, the development
of telephone communication—fourth, the
electrification of city and suburban rail¬
ways—fifth, the transformation during
the past ten years from steam to electric
>wer in operation
of industrial plants;
ading up to the sixth and present stage
-the electrification of steam railroads,
now in its infancy, but undoubtedly de¬
stined to take its place among the great
The
first
progressive movements
Address inquiries to
recommendations.
Company
Capital and Surplus
of the age.
We
Westinghouse-Baldwin
agreement
for the manufacture of
electric locomo¬
tives, places Westinghouse in a position
that should enable it to play a great part
in
this
development,
and
the
pro¬
posed new financing of Westinghouse is
undoubtedly in anticipation of this and
other great expansion fn the use of electri¬
cal apparatus for business purposes.
6% CITY HALL BONDS
prior option.
$8,000,000
3,469,747
bonded debt, including this issue
99,500
are payable by direct ad valorem taxes
upon all the taxable
Dated July 2,
1920.
valuation,
Actual
Due July 2, 1940, without
estimated
Assessed valuation, 1919
Total
Bonds
number of our Market
on
and offer
CITY OF YUMA, ARIZONA,
Re¬
view contains a thorough analysis of the
business, earnings and financial conditions
and plans of Westinghouse, with special
reference to its commercial future.
Sent
own
$10,000,000
$50,000
The
The current
MISSOURI
LOUIS
ST
U.S.Oovernment
Supervision
fff^
—
in the city.
property situated
Price, 95.79
and interest, to yield 6.37%
Bosworth, Chanute & Company
request for C-568
Investment Seeurities
17th and California Street*,
-
Denver, Colorado
HUGHES & DIER
Stocks—Bonds—Grain
Philadelphia Stock Exchange
Pittsburgh Stock Exchange
Members Chicago Board
N. Y. Produce
42 New St.,
Philadelphia,
1435
of Trade
Exchange
Amer. Power &
Walnut
Street
Fidelity Trust Co.
of Newark
Light 6s, 2016
Dayton Power & Light 5s, 1941
Southw. Power & Light Pref.
(
Cleveland, 423 Euclid Avenue
100 shares
New York
Pittsburgh, Arrott Building
Continental Gas & Elec. 5s, 1927
For Sale
ALFREDF.
74
INGOLD&CO.
Broadway, N. Y.
Rector
8991
H.L.
NASON & CO.
85 Devonshire St.
BOSTON 9
r
xvni
THE
CHRONICLE
[Vol.
financial
lll._
Jfmanual
Six Per Cent
Reorganization of
Southern
Maxwell Motor Company, Inc.
Municipals
Short Time Notes
and
Commercial
Chalmers Motor Corporation
Acceptances
In order to
ment
participate in the benefits of the Plan and Agree¬
Reorganization dated September 1, 1920, holders of
of
unsecured notes
and claims
and
holders of stock
representative thereof must deposit the
UNION TRUST
at its office, 80
of business
same
or
certificates
with CENTRAL
COMPANY OF NEW YORK as Depositary,
Broadway, New York City, before the close
Hibernia
on
OCTOBER 15, 1920.
Notes must be endorsed
blank without recourse; claims must be
accompanied by as¬
in
signments in
and stock
for
or
form
prescribed
Securities
Hibefrnia Bank
transfer
on
New York Office
44 Pine St.
-
>
OCTOBER 27, 1920.
As provided in the Plan,
Building
New Orleans
In order to give full
opportunity to depositing stockholders to
avail of the right of purchase of new stock under the Plan
the
Committee has extended the time within which there must be
made the initial payment of the
purchase
price of the minimum
amounts of new stock offered for
purchase under the Plan.
To
avail of the right to purchase new stock under the
Plan, depositing
stockholders, whose certificates of deposit have been stamped as
assenting to the Plan, must make the initial payment of 10% of the
purchase price of the minimum amounts of stock which they are
entitled to acquire under the Plan to the
Depositary, CENTRAL
UNION TRUST COMPANY OF NEW
YORK, at its office,
80 Broadway, New York
City, on or before the close of business
Company
(Incorporated)
approved by the Committee;
voting trust certificates must be endorsed in blank
or
and bear all stamps required
by law.
Certificates
Deposit will be issued for the notes, claims and stock deposited.
of
Papier
Preferred StocV*
30 Years
Subscription Warrants and Applica¬
tion Certificates will be issued to
depositing stockholders making
said initial payment on account of the
purchase price of minimum
amounts of new stock offered under the Plan.
The Committee
has determined, and
hereby gives notice, that payment of the
balance of the purchase price of new stock offered for sale under
the Plan remaining after the
in
Export Banking
payment of the initial payment of
10% of the purchase price will not be required earlier than, as to
one-third of said balance, November
27, 1920, as to one-third
of said balance, December
27, 1920, and as to one-third of said
balance,[ January, 27, 1921.
The rights of purchase
given by the Plan and Agreement
are believed to be
valuable, and
the Committee will not be in a
position to consent that these
to
INTIMATE
depositing stockholders
acquired
rights be availed of after the time limited for that
purpose
has expired and—the new stock available
for sale under the
and
Plan, in accordance with the provisions thereof, has been
allocated^ to others.
Copies' of
the' Plan?'and
23
Branches
Direct
ROST,
Secretary,
11 Pine Street, Room 1909,
New York
City
South
America
Offices in
Europe
Connections
with
India
BISBEE
JAMES C.
A.
in
"Bank, limited
Vice-Chairman
A.
coun¬
Anglo-South American
HARBECK
ELDON
the
CHRYSLER
Chairman
R.
experience
themselves, is essential when
8
J.
of
years
residence in
1 Branch in Mexico
Dated,|New, York,[October 4, 1920.|
|
of
transacting business abroad.
Reorganization and
further information desired can be obtained on
application to the
members^ oft the Committee or its Secretary.
P.
by
actual
tries
Agreement of
WALTER
KNOWLEDGE
the needs and habits of the people,
New York Agency,
BRADY
HARRY
LEO
49 Broadway
BRONNER
BUTZEL
M.
HUGH
CHALMERS
GEORGE
B.
F.
HENRY
E.
R.
W.
DAVISON
EVERITT
V.
POOR
TINKER
RALPH
VAN
VECHTEN
ALL
Committee
©
FOREIGN
V
CHICKS
BOK1DS
geo, b. edwards
R. Lancaster Williams & Co., 1 n«
72
INVESTMENT
SECURITIES
'
Trinity Place
other
Confidential
MARYLJLND
N
YORK, N. Y.
united States
Iron,
Purchases
West Indies
Investigations
of
.
T
Ranch and
properties.
Negotiations
Settlements and
BALTIMORE
NEW
FOR SALE—Timber, Coal,
i
Equitable Building,
CURRENCIES
INVESTMENTS
Property.
Canada
R.A.SOICH&CO.
11 Wefl Su N. T.
Tel. Rector 5289-92-4038-4730
Oct. 9
THE
1920.]
XIX
CHRONICLE
ytttoncfol
IMtribenW
October 6, 1920,
New York,
To the Holders of
Stock of
Prior Preference
Railway Company
Pere Marquette
Board
The
of
Directors
of
Pere
Marquette
Railway Company, at a regular meeting of said
board held October 6, 1920, declared a quarterly
divideni of $1.25 per share (1H%) upon the
Prior Preference Stock of said Company, payable
November
1,
1920, to stockholders of record
October
16, 1920, without the closing of the
transfer books.
E. M. HEBERD,
Secretary.
Referring to the foregoing notice, the Voting
will upon the receipt of the dividend
mentioned, cause the same to be dis¬
tributed pro rata among the holders of Voting
Trust Certificates for Prior Preference Stock of
Pere Marquette Railway Company as the same
Trustees
therein
appear on the books of the Voting Trustees at
close of business on October 16, 1920, without
the
closing of the transfer books.
Checks will
mailed to such holders.
Dated, New York, October 6, 1920.
BEEKMAN WINTHROP,
be
the
BANKING POWER
Secretary of Voting Trustees.
KANSAS CITY SOUTHERN
COMPANY.
THE
RAILWAY
No. 25 Broad Street, New York,
A
September21,1920.
quarterly dividend of ONE (1) PER
CENT
this day been declared upon the Preferred
Stock of this Company, from surplus earnings
has
current fiscal
of the
September 30, 1920.
m.,
p.
payable October 15,
record at 3:00 o'clock
year,
to stockholders of
1920,
Checks in payment thereof will be mailed to
stockholders at the addresses last furnished the
Transfer Agent.
G. C. HAND, Secretary.
PITTSBURGH
THE
VIRGINIA
WEST
&
the
In
of American
midst
commercial and industrial act¬
ivity The Philadelphia National
strong
finan¬
dynamo generating
power
Bank stands
as
a
RAILWAY COMPANY.
PREFERRED
DIVIDEND NUMBER
14.
has declared a dividend
(1^) per cent on the Pre¬
ferred Stock of the Company for the quarter
ended September 30, 1920, payable November 30,
1920, to Stockholders of record at the close of
business on October 25, 1920.
H. C. MOORE, Secretary.
cial
The Board of Directors
of
and one-half
one
Pittsburgh, September 25, 1920.
A dividend of $1.75 per
paid
modern
record
of
close
the
from
October 7, 1920, to
1920.
the
The
Transfer books will
First Preferred Stock
closed
at
of business
expe¬
organi¬
zation.
share will be
close of business October 7,
ness
and
strong,
a
This bank has
October 15, 1920, to first pre¬
on
ferred-stockholders
be
CO.
those who require
the services of
rienced
WORSTED
STATES
UNITED
and energy to
developed both
the will and the faculty to serve
each
customer
according
to
his
individual needs.
the opening of busi¬
October 16, 1920.
C. W. SOUTHER, Treasurer.
TFHE
HOUGHTON COUNTY ELECTRIC LIGHT
CO.
HOUGHTON, MICHIGAN.
PREFERRED DIVIDEND NO. 36
DIVIDEND NO. 31
COMMON
the rate of 6% per
amounting to seventy-five cents (75c.)
share on the preferred capital stock, and a
semi-annual dividend at the rate of 5% per annum,
amounting to sixty-two and one-half cents (62 He.)
per
share on the common capital stock, of
Houghton County Electric Light Company have
been declared, both payable November 1, 1920,
to Stockholders of record at the close of business
A semi-annual dividend at
annum,
PHILADELPHIA
NATIONAL
per
October
15,
BANK
PHILADELPHIA, PA.
1920.
STONE & WEBSTER, INC.
Transfer Agent.
PU6ET SOUND POWER & LIGHT COMPANY
fc (Massachusetts
STATE
Corporation)
OF WASHINGTON.
PREFERRED
DIVIDEND NO. 27.
quarterly dividend of seventy-five cents per
declared on the preferred capital
stock of Puget Sound Power & Light Company,
payable October 15, 1920, to Stockholders of
record at the close of business October 4,1920.
A
James Talcott,
share has been
General
AVENUE
225 FOURTH
STONE & WEBSTER, Inc.,
Inc.
Offices
NEW YORK CITY
Transfer Agent.
FOUNDED 1854
KELLY-SPRINGFIELD TIRE
CO.
Quarterly Dividend of TWO DOLLARS
PER SHARE on the Eight Per Cent
Stock of this Company has been de¬
clared, payable November 15, 1920, to stock¬
holders of record at the close of business No¬
A
($2.00)
Preferred
1,
vember
F.
A.
October
SEAMAN,
5,
The Board of Directors
Secretary.
1920.
KELLY-SPRINGFIELD
a
Factors and Correspondents
and Merchants in
TIRE
the United States
quarterly cash dividend of One Dollar ($1.00)
share and a quarterly Stock Dividend of
Per Cent (3%)
on the Common Stock
Three
payable in Common Stock of
Company,
this Company,
to stockholders
October
15,
both payable November 1, 1920,
of record at the close of business
1920.
F.
A.
SEAMAN,
Secretary.
Dated,"New York, October 5, 1920.
and Abroad.
CO.
has this day declared
Entire Production of
per
of this
for
Manufacturers
1920.
York,
New
Agents,
Accounts
Textile Mills Sold and Financed.
Guaranteed and Discounted.
CABLE ADDRESS
QUOMAKEL
XX
THE
CHRONICLE
[Vol. 111.
financial
33 ib (bents
CONSOLIDATED
CIOAR
CORPORATION.
COMMON STOCK DIVIDEND.
NOTICE IS HEREBY GIVEN that pursuant
to
resolutions
adopted by the Directors of this
corporation,
and pursuant to an increase in its
as authorized at a meeting
stockholders held September 30th,
1920, a
common
of
capital stock
dividend
of fifteen per cent
(15%) upon the
stock of this company has
been de¬
payable in common stock, on Novem¬
ber 1st, 1920, to stockholders of record Octo¬
ber 15th, 1920.
common
Guaranty
clared,
Company
No
fractional
shares
holders, but scrip
shares
New York
of
140
it
has
heretofore conducted
the
taken
to
be
issued
stock¬
to
covering fractional
stockholders
entitled to
will,
by its terms, provide for conversion into full
shares upon the assembling of
scrip or warrants
equivalent to a full share.
The books will not close.
Stock and scrip
or warrants will be mailed.
Dated. New York, October 4th, 1920.
BY ORDER OF THE BOARD OF DIRECTORS
LOUIS CAHN, Secretary.
the
over
will
or warrants
be issued
receive the same, which said
scrip or warrant
Broadway, New York
Announces that
will
business
DIVIDEND NOTICE OF THE
by the Bond Department of
American Light & Traction
Company
The Board of Directors of the above
Company
a meeting held October
5th, 1920, declared a
CASH dividend of lU Per Cent on the Preferred
Guaranty Trust Company of New York.
at
Stock,
This
Trust
Company is
only.
The Guaranty Trust Company
tire
a CASH dividend of 1 Per Cent on the
Stock, and a dividend at the rate of
1M Shares of Common Stock on every One Hun¬
dred (100) shares of Common Stock
outstanding,
all payable November 1st, 1920.
The Transfer Books will close at 3 o'clock P. M.
Common
separation of the activities of the Guaranty
one
of corporate organization
owns
the
capital stock of the Guaranty Company.
officers of the Guaranty
associated with the
Company
were
on
October 15th,
1920,, and will reopen
o'clock A. M. on October 28th, 1920.
en¬
The
the board of directors is
,
CITIES SERVICE COMPANY
formerly
Bankers Shares
Guaranty Trust Company, and
former officers of the
10
at
C. N. JELLIFFE, Secretary.
Monthly Distribution No. 20
composed of present and
Henry L. Doherty & Company
announce that
the
twentieth
monthly distribution
Service Company Bankers Shares
Guaranty Trust Company.
Cities
of
payable
No¬
vember
1, 1920, to holders of Bankers Shares of
October 15, 1920, will be 41.50 cents
per
Bankers share.
'
record
character1 of
The
business,
management,,
and
policy of the Guaranty Company will be identical
-
with that of its
of the
pany
1
predecessor, the Bond Department
Guaranty Trust Company, and the
LIMA LOCOMOTIVE WORKS,
Incorporated,
30 Church Street,
,
New York.
The
Board
of
October 1st, 1920.
has declared a quar¬
Directors
terly dividend of one and three-quarters {\%%)
per cent upon the Preferred Stock of this Com¬
pany for th6 three months ended September 30,
1920, payable November 1, 1920, to stockholders
of record at the close of business on
October
15th, 1920.
Transfer books do not close.
new com¬
will have the full co-operation of the parent
organization.
L. A. LARSON,
Secretary & Treasurer.
IDAHO POWER
PREFERRED
STOCK
COMPANY
DIVIDEND
NO.
16.
The regular quarterly dividend of one and three-
quarters
(1%%)
per
of tae Idano Power Com pan
>
payable
November
holders
ber
©tbfbenb*
UNITED
STATES
of record
New York, October 7th,
CO.
Buffet
United
•
The
able,
without closing
October 30th, 1920.
Board
declared
a
of
Directors
DIVIDEND
has
pay¬
will
not
A.
Electrical
be
PREFERRED
Smelting Co.
The Directors of the American
Zinc, Lead &
Smelting
Company
have
declared
a
regular
quarterly dividend of one dollar and fifty cents
($1.50) per share on the preferred capital stock,
payable Nov. 1, 1920, to stockholders of record
1920.
F.
W.
Utilities Corporation,
STOCK
DIVIDEND
BATCHELDER, Treasurer.
New York, September 17, 1920.
Directors of the International
of
Agricultural Corporation has this day declared a
quarterly dividend of one and one-quarter (1M %)
per, cent on the Preferred Stock of the corpora¬
tion, payable October 15, 1920, to stockholders of
record at the close of business September 30,1920.
^
JOHNIJ. WATSON, JR., Treasurer.^
42
A.
E.
SMITH, Treasurer.
CRUCIBLE STEEL COMPANY OF AMERICA
Pittsburgh, Pa., September 16, 1920.
DIVIDEND NO. 6—A dividend of two
per cen
(2%) has been declared out of undivided profits
upon the Common Stock of this
Company, pay
able October 30, 1920, to stockholders of
recon
be
and
one-half per cen
of thi
(1M%) on the preferred capital stock
Company, payable October 15th, 1920,
to pre
ferred stockholders of record at the
close of busi
ness
October 8th, 1920.
OWEN
Octo¬
JANSSEN, Treasurer.
Stock
Dividend
No.
19.
Directors
JAMES C. McCORMICK, Treasurer.
Boston, September 29, 1920.
MIDVALE STEEL & ORDNANCE COMPANY
16.1
DIVIDEND NO.
meeting
a
Steel
of
the
and
Board
Directors
of
of
Ordnance
Company, held
Wednesday, October 6th, 1920, a quarterly divi¬
dend
of $1
per
share was declared,
payable
November 1st, 1920, to stockholders of record at
the close of business October 15th, 1920.
Books will remain open.
WM. B. DICKSON,
PHILIP
MORRIS
&
Treasurer.
CO..
LTD., INC.
October 1, 1920.
At
a
meeting of Board of Directors, held
September 30, 1920, a dividend of one per cent
on each share (Par value
$10) of the outstanding
capital stock of the corporation was declared,
payable on the first day of November, 1920, to
stockholders
of record at the
the 15th day of October, 1920.
Checks will be mailed.
JOHN
V.
close
of
business
HELBERG, Sec'y.
FEDERAL SUGAR REFINING COMPANY
The regular quarterly dividend of One and
One-Half Per Cent (1H %) on the Preferred Shares
of this
Company, and the regular quarterly divi¬
Three-Quarters Per Cent (1 %%)
Shares of this Company will be
paid Nov. 1, 1920, to stockholders of record at the
dend of One and
on
the Common
close of business Oct. 21, 1920.
PIERRE J. SMITH, Treasurer.
October 6. 1920.
mailed
Secretary.
New York, September 29, 1920.
The Board of Directors have declared a
regula
one
E.
Drug Company
Preferred
UNITED
INTERNATIONAL PAPER CO.
quarterly dividend of
stock¬
CO., payable November 1, 1920, to stockholders
of record October 15, 1920.
recor
business October 5, 1920.
15,
1920.
Checks
will
Transfer Books will not be closed.
H. F. KRESS,
International Agricultural Corporation
The transfer books will not be closed.
NO.
1920, to the preferred stockholders of
at the close of
October
The^Board
Secretary.
The regular quarterly dividend of one an
one-quarter (IH%) per cent on the Preferre
Stock of the ELECTRICAL UTILITIES
COR
PORATION has been declared, payable Octobe
15,
15,
66
E.
preferred
a
Midvale
71 Broadway, New York.
MILLETT, Treasurer
American Zinc, Lead &
NO.
has been declared,
to
close of business
Books,
Railway
PETERS,
Detroit, Mich., Oct. 7, 1920.
closed.
Oct.
Transfer
A quarterly dividend of Two Dollars
per share,
being at the rate of eight per cent per annum, on
the Capital Stock of this
Company, has been
declared payable December 1st, 1920, to Stock¬
holders of record November 15th, at 3
p. m.
dividend
the capital
able October 30, 1920, to stock¬
holders of record at the close
of business
October 15, 1920.
G. W.
the
Detroit United
quarterly
books
the
the
of United Drug Co. have de¬
regular quarterly dividend of 1 %% on
first preferred stock of UNITED DRUG
clared
At
DIVIDEND
of $2.00 per share on
stock of the Corporation,
Transfer
of
W. H. BLACKWELL, Treasurer.
v. e. r*x
31st QUARTERLY
The
Stock of the Company, to Stockholders of record
at 3 P. M., on Friday, October
15th, 1920, pay¬
Corporation
15,
First
1920.
The Board of Directors of the United States
Rubber Company has this day declared from its
net profits a quarterly dividend of Two Per Cent
(2 %) on the First Preferred Stock and a quarterly
dividend of Two Per Cent (2%) on the Common
1920,
1920.
1790 Broadway
Exchange
1,
at
A.
RUBBER
stock
cent on the preferred
SHEPHERD, Treasurer.
FRUIT COMPANY
DIVIDEND
A
NO.
86
quarterly dividend of three per cent (three
dollars
per
share)
on
the
capital
stock
Company has been declared, payable
15,
on
of
this
October
1920, to stockholders of record at the close
of business September 20,
1920.
JOHN W. DAMON, Treasurer.
Oct. 9 1920.]
THE
CHRONICLE
XXI
©totbenb*
jHnatttial
AMERICAN GAS AND ELECTRIC COMPANY
PREFERRED STOCK DIVIDEND
.
New
York, September 10, 1920.
The regular quarterly- dividend of
half
per cent.
one
and
one-
on the issued and outstandon
(131%)
ing PREFERRED capital stock of American Gas
and Electric
Company .has been declared for the
Suarter ending to stockholders of record NovemOctober 31, 1920, payable
1, 1920,
the
er
on
books of the company
October 15, 1920.
the
at
FRANK
B.
OFFICE
OF
of business
close
BALL,
Treasurer.
THE
United Gas Improvement Co.
N.
W.
Corner
Broad and
Arch Streets,
Philadelphia, September 8, 1920.
Directors have this day declared a quarerly dividend of two per cent ($1 per share)
on the Common Stock of
this Company, payable
October 15, 1920, to holders of Common Stock
cf record at the close of
business, September 30
1920.
Checks will be mailed.
The
I.
W.
Harris, Small & Laws on
Investment Securities
MORRIS. Treasurer.
44
WINSLOW, LA NIER &CO
59
CEDAR STREET, NEW YORK
;
Congress St.,W
Detroit
•;
THE FOLLOWING COUPON IS
PAYABLE
AT OUR BANKING HOUSE ON
OCTOBER 11, 1920.
Indianapolis,
THE
Ind., School 4%% Bond.
ATLANTIC
REFINING
COMPANY,
UNDERWRITERS
3144 Passyunk Avenue,
Philadelphia, Pa.
October 2, 1920.
At a meeting of the Board of
Directors held
October 1, 1920, a dividend of SI.75
per share
was declared on the
Preferred stock of the com¬
AND
DISTRIBUTERS
pany, payable November 1, 1920, to stockholders
at the close of business, October
15,1920. Checks
will be mailed.
W.
D.
'
ANDERSON, Secretary.
Alvarado Mining & Milling
Co.
347 Madison Avenue, New York
City.
per share has
A dividend of
fifty cents (50c.)
this day been declared on the
MUNICIPAL, INDUSTRIAL,
Capital Stock (par
$20.00) of this Company, payable Octo¬
15th, 1920, to stockholders of record at the
close of business October 5th, 1920.
RICHARD FAY PARKER, Treasurer.
September 30th, 1920.
value
ber
PUBLIC
UTILITY2AND
RAILROAD
Inspiration Consolidated Copper Co.
The
Directors have this day declared a divi¬
$1.00
per
share,
payable
Monday,
October 25, 1920, to stockholders of record at
3:00 o'clock p. m. Friday, October 8, 1920.
dend
BONDS AND
of
NOTES
J. W. ALLEN, Treasurer.
New York, September 23, 1920.
inquiries invited
Foreip Exchange Department
Letters of Credits Negotiated
Arrangements
be made for the
can
importation of merchandise through
the
use
of dollar acceptances.
Capital $9,000,000
Surplus $9,000,000
OFFICES
Market
&
Fulton
81-83 Fulton St.
New
&!«!S
York
Eighth Street
B'way
New
Aetna
& 8th St.
92
West
B'way
New
York
York
Sherman
Fifth
Ave.
New
and
32nd
Flatbush
839
St.
An Investment Service
York
Brooklyn
Flatbush Ave.
|
350 Fulton St.
Brooklyn
Bridge Plaza
54th St., Brooklyn
Long Island City
Irving National Bank
E.
PIERSON.
Woolworth
NEW
JACOB
on
Long Island City
New Utrecht Ave. &
LEWIS
Founded
Brooklyn
New Utrecht
Chairman
Building
BACKER
FINANCIAL
Exchange Bank Bldg.,
Years' Banking
In investment matters there is
1
BROKER
Through our Customers' Service Section we shall be
pleased to furnish any information you may require.
Write for current list of offerings.
St. Paul, Minn
BERTRON, GRISCOM & CO. INC.
INVESTMENT
SECURITIES
Land Title
Building
PHILADELPHIA
Department
Union Tmjst Company
Capital and Surplus s4,700,000
II South Dearborn St.
NEW YORK
substitute for seasoned
judgment.
Investment
40 Wall Street
no
Experience
We constantly have on hand a carefully selected list of
government, municipal, corporation and first mortgage
real estate bonds yielding 6% to 8%.
YORK
Est. 1916
51
CHICAGO
Telephone Central 523
THE
XXII
[VOL. 111.
CHRONICLE
investment ^Bankers
KIDDER PEABODY & CO.
18 Broad St.
115 Devonshire St.
NEW YORK
BOSTON
FOREIGN EXCHANGE
INVESTMENTS AND SECURITIES
LETTERS OF CREDIT
Correspondents of
BARING BROTHERS & CO., LTD.
LONDON
Lee, Higginson & Co.
44
43
State Street, Boston
8
209 S. LaSalle Street, Chicago
Exchange Place, New York
Higginson & Co.
80
Lombard Street, London, E.
C. 3
Foreign Exchange
Investment Securities
Letters of Credit
Members of the Stock Exchanges
in
CHICAGO
BOSTON
NEW YORK
MUNICIPAL AND RAILROAD
BONDS
For Conservative
Investment
i
■v.;'"
•:
■-
V
R.
DAY
L.
35
&
Congress Street, Boston
New
York Correspondents
REMICK, HODGES & CO.
CO.
Oct. 9
1920.]
THE
CHRONICLE
3nbe£tment SSanfeerif
*
xxiri
Q~~«
f^XXIV
THE
CHRONICLE
Snbesrtment
Ranker*
[VOL, 111.
Oct. 9 1920.]
THE
CHRONICLE
xxv
[VOL. 111.
CHRONICLE
THE
XXVI
Snfoestment bankers
A
Complete Investment and Trust Service
BOND
THE
Melvin A. Traylor
President
1
Frank O. Wetmore
Vice-President
Gordon
Vice-President
M.
Frank
of
pal, Industrial and Corporation bonds,
Vice-President
B. C. Hardenbrook
DEPARTMENT
First
the
Trust and
Savings Bank buys and offers for sale carefully selected Munici¬
Forgan, Chairman of the Board
James B.
well
as
issues of United States Government bonds.
Louis Boisot
Vice-President
purchased primarily for the bank's
Roy C. Osgood
Vice-President
experience gained during more than thirty
John C. Mechem
as
the various
These bonds
are
Vice-President
G.
Bestel
of dealing in
Mgr. Savings Dept.
Roehm
Trustee, Paying
Agent and Sinking Fund Depositary under bond and note
Asst. Treasurer
Manager Bond
Porter
as
Trust Officer
.
Fleager..
R.
THE TRUST DEPARTMENT acts
Cashier
A. W. Converse
C. G.
years
Secretary
David V. Webster
Oliver A.
investment and the
high grade securities is placed at the disposal of its clients.
Treasurer
Robert D. Forgan
own
issues.
Dept.
I.
L.
E.
A.
Stake
J.
H.
F.
C.
Nason..
Complete information regarding these facilities will
Templeton, Asst. Mgr. Bond Dept.
D.
W.
Asst. Mgr.
Westervelt
W.
...Asst.
Edward
W.
K.
Asst.
Robyn
L.
S.
J.
those
desiring
First Trust and
Secretary
Auditor
>
Asst. Auditor
Davis.
Mgr.
Real
Estate
Asst.
Donaldson
Manager
Dept.
The stock
Manager,
Boysen
John N. Ott
of the First Trust and Savings Bank is owned
by the stockholders of the First National Bank of Chicago.
Real Estate Loan Dept.
Edward E. Brown
Bank
Dept.
Real Estate
Louis K.
from
Asst. Trust Officer
Droegemueller
L.
invited
Cashier
Asst. Cashier
Asst.
Harrison
J. P. McEIherne
Robt.
correspondence
complete and satisfactory investment and trust service.
Asst. Cashier
S. McCarty
F. J. Shannon
H.
or
request.
Trust Officer
Roy R. Marquardt
Thomas
Calls
upon
Trust Officer
.Asst.
O'Brien
W.
gladly furnished
Cashier
Asst. Trust Officer
Alborn
H.
Bond Dept.
Asst.
Joseph R. Julin
H.
be
Asst. Cashier
General Counsel
Combined
Attorney
Resources
Exceed
Dearborn and Monroe Sts.
$380,000,000
Chicago, Illinois
INVESTMENT SERVICE IN CHICAGO
We
own
utilities,
Our
Why
and offer diversified lists of
industrial
and
municipal
trading department is
not use it ?
at your
public
bonds.
service.
THE NORTHERN TRUST CO.-BANK
La Salle and Monroe Streets
Capital and Surplus $5,000,000
Breed, Elliott & Harrison
Chicago
Detroit
Indianapolis
Milwaukee
Cincinnati
Minneapolis
OCT. 9 1920.]
THE
CHRONICLE
XXVII
3fabestfment bankers
Cooperation
in
investing —when you want
—when
you
pays
Safety
want
—when you want partic-
ular qualities for
ticular purpose
a
dependable income
—when you want to know
the exact qualities of an
a par-
—when
you
obtain the
experience of a properly
organized institution
investment
.
We
^
have prepared
a review of the exact advantages investors may gain when an Insti¬
highest type co-operates with them. It is an angle to investing that is
looking into.
Write or call for our circular "Co-Operation in
Investing."
tution of the
well worth
A. B. Leach &
.
/
Co., Inc.
Investment Securities
(
New York
Minneapolis
St. Louis
'
Baltimore
Boston
Philadelphia
Cleveland
Milwaukee
Cincinnati
Detroit
Duluth
105 South La Salle
Street, Chicago
■
,
Telephone Central 8400
,
'■
<
THE
XXVTII
II
[VOL. 111.
CHRONICLE
3nbe*tment Ranker*
There is
nor
no
from which
which we take greater personal interest
derive greater pleasure than our constantly broadening relations
phase of our business in
we
with other investment dealers
throughout the country.
that call for attention in Chicago, we should like every
Bankers' Association to remember that we shall welcome
When matters come up
member of the Investment
opportunity to be of service or assistance.
the
DEPARTMENT
BOND
ILLINOIS TRUST fir SAVINGS BANK
La
Salle
Jachson Streetsand
-Chicago
EUGENE M. STEVENS,
ROGER K. BALLARD,
Vice-President.
Manager.
,
MAURICE H. BENT,
Assistant Manager.
niiiniiiiinniiiiiuiiiiiiiiHtiiuiiuiiiuiiiiiiiiuiiiiiiiiiiiiuiiiimiininiiiiiiiiniiHiiiiiiiiuiiimiiiiiiiiiiiiiiiEiuiiuiiiiiiiiiiiiaauiiiiiiiiiiiiiuiiimiiiiuiiiiiiiuiuiiiiiiiiuuiitiioiuuiiiiiiiufiiiuiuni
N the
buying and selling of high-grade investment bonds and farm
mortgages,The Merchants Loan and Trust Company Bank of Chicago
pursues the same conservative policy which has characterized its operations
during more than half a century. To the careful investor, who looks primarily
to safety of principal, the offerings of this Bank prove especially attractive.
I
Officer*
JOHN J. MITCHEL>_
.
.
EDMUND D. HULBERT
FRLANK G. NELSON
.
JOHN E. BLUNT, Jr.
.
.
.
.
•
.
Vice-President
.
.
Vice-President
.
.
H. G. P. DEANS
.
.
.
.
.
•
.
,
.
Vice-President
.
F. W. THOMPSON
,
,
CLARENCE A. BURLEY
President
.
...
C. E. ESTES
.
Director*
Chairman of the Board
;*;;
*
•
'
Jh £''
R. T.
'" .'VC
Merchants,
ERNEST A. HAMliX
HALE HOLDEN
MARVIN HUGHITT
Vice-President
EDMUND D. HULBERT
CHAUNCEY KEEP
Vice-President
P. C PETERSON
\
CRANE, Jr.
CYRUS H. McCORMICK
Cashier
•
JOHN J. GEDDES
F. E. LOOMIS
.
A. F. PITHER
....
LEON L. LOEHR
,
A. LEONARD JOHNSON
G. F. HARDIE
.
.
Assistant Cashier
JOHN S. RUNNELLS
Assistant Cashier
EDWARD L. RYERSON
Secretary and Trust Officer
.
.
JOHN G. SHEDD
Assistant Secretary
ORSON SMITH
Manager Bond Department
JAMES P. SOPER
CUTHBERT C. AD AMSr Asst Mgr. Bond Department
Capital and Surplus
JOHN J. MITCHELL
SEYMOUR MORRIS
Assistant Cashier
ALBERT A. SPRAGUE
"Identified with Chicago**
112 W. Adams Street
Progress Since 1857"
$15,000,000
Chicago
OCT. 9 1920.]
THE
CHRONICLE
XXIX
jnnatutal
H. M.
208 S. La Salle
10
Byllesby & Company
St., Chicago
111
Broadway, New York
Weybosset St., Providence
30 State
St., Boston
INVESTMENT SECURITIES
Well known enterprises under
Byllesby financial sponsorship include:
Standard Gas & Electric
Company
Shaffer Oil and Refining
Company
Northern States Power
Oriental
Navigation
Company
Company
Leonard Morton and
Company
Oriental
Navigation Company is a successful type of the new American merchant
marine, operating a large fleet of steel freighters in ocean traffic with very
satisfactory results.
.
■
.
Leonard Morton and
Company has made a conspicuous place for itself among
Chicago retail mail order merchandising concerns during the past 2}^
years.
It has upwards of 1,000,000 customers on its books.
Byllesby electric and gas companies serve upwards of 500 cities and towns with
2,200,000 population, including the cities of Minneapolis, Saint Paul,
Louisville, Pueblo, Oklahoma City, Muskogee, Fort. Smith, San Diego,
/ Stockton, Tacoma, Fargo and Sioux Falls.
Shaffer Oil and Refining Company represents a complete industrial
production, transportation, refining and distribution.
List of
cycle—
Offerings Upon Request
ParkvUNION
FOREIGN BANKING CORPORATION
56 Wall
Street, New York
Capital (fully paid), $4,000,000
Surplus and Undivided Profits, $754,000
BRANCHES AT
Shanghai
Tokio
Yokohama
Paris
San Francisco
Seattle
m
Transactions in Exchange
Acceptances
Travelers' Letters of Credit
Transfers of
Commercial Credits
Advances against
Foreign Collections and Cheques
Financing of Foreign Business
OFFICERS
Charles A. Holder, President
T. Fred
E. B.
Money
Collateral for the
Aspden, Vice-President
MacKenzie, Secretary & Treasurer
XXX
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0«r. 9
1920.]
THE
CHRONICLE
xxxi
^financial
More
Goodyear Mileage for Your
Money in 1920 Than in 1914
500*
Note in the chart at left how major
elements of the
manufacturing cost of
Goodyear Tires have advanced since
1914, and then observe that the prices
near the
of these tires have remained
pre-war
levels.
<00*
Only by securing the utmost in eco¬
administrative,
factory and sales work, has it been pos¬
sible to keep Goodyear prices within
nomical result from all
the
300%
narrow
shown here.
important accomplishment,
however, has not measured the full ex¬
tent
of
for the
Goodyear's
consumer
degree of
200%
range
Even this
in retaining
an unusual
in Goodyear Tires.
success
of today
economy
Goodyear has actually improved its
product, in substance and in structure,
so
definitely that much more value is
obtainable in the Goodyear Tires of
today.
Now users' reports
show that Goodyear
consistently deliver mileages
which exceed by wide margins the re¬
cords ordinarily made by these tires
just a few seasons ago.
Tires
•Too*
Thus it is plain that, since the mileage
has grown greater while the prices have
been restrained, the
o%
for his money in
buyer gets more
Goodyear Tires in
1920 than he did even six years ago.
It is
year
recognized everywhere that Good¬
mileage represents the utmost
in value and satisfaction and, for
reason, more
IOO%
Note that long-staple cotton, which has advanced
494%
since 1914, now accounts for 40% of the
manufacturing
cost of Goodyear Tires, whereas crude
rubber, whtch hat
declined somewhat, accounts for only 22l/i%
of this cost
people ride
on
this
Goodyear
Tir^s than on any other kind.
The Goodyear Tire & Rubber
Company
Offices Throughout the World
UMUtMUttWMMMMMnmMMumMtHtmmmMMUMMsutnmwnMtiMmMtMi
f
\
[VOL. 111.
CHRONICLE
THE
XXXII
IBank Statement*
financial
ESTABLISHED 1881
23RD
AND
AVE.
FIFTH
Exempt From all Federal Income Taxes
BANK
NATIONAL
6ABFIELD
ST.
NEW YORK CITY
Unsold balance of
September 8, 1920
Capital
$900,000
-
-
-
-
Surplus & Profits
Deposits
City of Columbus, O.
v
-
-
$1,000,000 00
1,588,664 60
16,186,618 53
19,315,441 85
Total Resources
OFFICERS
6% Coupon Bonds
Payable from
rY'j'-..:
an
HORAOB F. POOR,
ARTHUR W. SNOW. 2d
JOHN W. PEDDIE,
RALPH T. THORN.
unlimited tax
Maturing
■
President
W. POOR,
RUEL
Vice-President
V^Pree. A Cashier
Vice-President
Asst. Cashier
DIRECTORS
Roel W. Poor
William H. Getehenen
$100,000 annually March 1, 1949-57
Albrecht Pagenstecher Jr.
Esmond P. O'Brien
Arthur W. Snow
Joseph H. Emery
William N. Mclirary
Thomas D. Adams
Robert J. Horner
Charles 8. Wills
Prices to Yield
Horace F. Poor
We solicit accounts from Banks,
"
Send for
Bankers.
Corporations.
Firms and Individuals, and
will be pleased to meet or correspond with
those
contemplating
making
changes
or
opening new accounts.
5.125%
descriptive circular C-130
ISantrt
M. GRANT & CO.
Ft
31
Boston
f
:
Nassau St., New
i
York
Security Salesman
Chicago
St. Louis
Could you be successful with a
like this
behind you?
record
Established
nanced
over
27
years;
100 projects
have fi¬
without
and at
loss to any investor
pres¬
expanding one of the most
attractive propositions in
the
country.
We could also use 4 or
5 men over 25 on same proposi¬
ent
experience not necessary,
sell.
We teach you.
tion;
"CANADA'S
that
All
can
it
requires
and
truth
is
Give yourself
We have the oppor¬
understatement.
a
POSSIBILITIES"
chance.
Commission
basis.
617, 26 Cortlandt
tunity.
Call
Room
at
Street.
THE above is the title of
a
booklet
published by
THE
ROYAL
BANK
OF
Sales Manager
CANADA
A
circulation among
the
United States.
business
men
It will be found
in
of
Wanted
who desires to build for permancy
in
profitable field is wanted by a
financial institution identified with several
successful security flotations to organize and
manage a sales organization.
A man who has
a
for
man
highly
proven
himself capable is desired—one who
confidence in himself to invest
has enough
special interest to
manufacturers
who
in the organization with
Not
affiliated.
contemplate locating in Canada.
Energetic
t
The New York Agency of The Royal Bank of Canada,
68 William
Street, will be glad to send
an
oil
which he will become
proposition.
Send
particulars you think necessary to Mr. Smith,
P. O. Box 372, City Hall Station, New York.
a
copy
on
request.
man
with executive ability with
country banking and broad legal and real
estate experience in Chicago, wants opening
in
bank, law or real estate office, manu¬
facturing plant or large mercantile business,
Illinois or Middle West preferred.
Address
H. F. H-, care of The Chronicle, 19 S. La Salle
St., Chicago.
JUST
PUBLISHED
New Number of
American Bank
the
Reporter
DESK EDITION
DOODDDO
Convenient for Desk Use and to carry with
Issued
Twice
a
you
Year
Lowest Priced Bank Directory on
the Market
Steurer Publishing Co.
149th
St.,
NEW
INCORPORATED
cor.
Bergen Ave.
YORK CITY
INVESTMENT SECURITIES
o.
Maintaining 71 Branch Offices in 60
INCORPORATED
Principal Cities of the United States
EXECUTIVE OFFICES:
111 W. Monroe Street
Branch
CHICAGO
Office, 9156 Exchange
So. Chicago, 111.
Ave.,
German, Austrian, Hungarian, Checho¬
slovakian, Rumanian, and Jugoslav Gov't
Bonds and Currency.
V'K
Oct. 9
THE
1920.]
xxxiii
CHRONICLE
jHnamlal
$1,000,000
BAYUK BROTHERS, Inc.
8% Cumulative Convertible Sinking Fund Preferred Stock
PAR VALUE $100
at $110 per
Dividends payable quarterly on the fifteenth days of January, April, July and October.
Redeemable
share, in whole or in part, at the option of the Corporation, at any time, upon 60 days' notice.
ferred as to dividends and as to assets. • Fully paid and non-assessable.
Pre¬
TO THE NORMAL FEDERAL INCOME TAX
DIVIDENDS NOT SUBJECT
REGISTRAR
TRANSFER AGENT
Guaranty Trust Company of New
York
Liberty National Bank of New York
CAPITALIZATION
October 1, 1920
Authorized
Issued
Stock8% Cumulative Convertible SinkingFund$l,800,000
$1,000,000
Second Preferred Stock 8% (Non-Cumulative)
1,280,500
1,280,500
Common Stock (No par value)
100,000 Sh's. 64,000 Sh's.
Pref erred
BUSINESS—The Company is incorporated under the laws of
Maryland.
It has
curing
a
plant and eleven factories located in New Jersey, Pennsylvania and New York.
•cigars manufactured and retail prices are: Havana Ribbon, 8c.; Philadelphia
Made,
The
Hand
The original
10c.; Mapacuba, 10c. to 15c.; Prince Hamlet, 10c. to 25c.
was established twenty-four years ago and was built up, prior to this financing,
business
entirely through the reinvesting of profits.
During the past ten years
has been almost continually oversold on its product.
FINANCIAL
CONDITION—As of August 31st, 1920, the net
the corporation
quick assets
were
equiva¬
share of Preferred Stock and the net tangible assets were equivalent
to $275 per share of Preferred Stock.
Real Estate Mortgages which total $101,000
are to be paid off as soon as arrangements can be completed.
lent to $230 per
AND PREFERENCES—Charter provisions protect the
by providing for the maintenance of a strong financial position,
PREFERRED STOCK RIGHTS
Preferred
.
Stock
regular dividends, retirement bf Preferred Stock and limitation in the issuance of
additional Preferred Stock, with suitable penalties attached for insuring the carrying
out of the various provisions.
A cumulative sinking fund is provided to retire Preferred Stock from profits.
The amount is to be 10% of profits after Federal Tax Reserve and the minimum pay¬
ment is to be not less than 3% until April 1, 1923, and 5% thereafter of the maximum amount of Preferred Stock ever issued.
The Preferred Stock may be converted into the common stock at any time prior
#
to
April 1st, 1925, at the ratio of one share of
mon
preferred stock for two shares of com¬
stock.
EARNINGS—The
earnings
net
for
the twelve months ended August 31st, 1920,
equal to $851,170.56 before Federal Tax Reserve.
These earnings are at
the rate of 10.6 times the dividend requirement on the Preferred Stock, and
after deducting the Preferred and Second Preferred dividend requirements
and sinking fund were at the rate of $9.75 per share on common stock.
were
and Accrued Dividends for the Preferred
accompanied with two shares of Common Stock
with each ten shares of Preferred Stock.
#
PRICE—Par
Stock
JOHN NICKERSON, JR.
61
314 N. BROADWAY,
ST. LOUIS, MO.
BROADWAY,
NEW YORK CITY
This information has been
obtained from sources we believe to be reliable, and is the Information upon
purchasing this stock, but is not guaranteed.
which we
have acted in
\
National Bank of Commerce
in
New York
"The Oil
Devoted
Industry"
to
interest
the
of investors in all securities.
Published
Free
monthly.
on
request.
R.C.Megargel&Cc*
Capital, Surplus And Undivided Profits
Over Fifty-five Million Dollars
27 Pine
Street, New York
3S
[Vol. 111.
CHRONICLE
THE
XXXIV
financial
Francs
50,000,000
Midi Railroad
Company
(Compagnie des Chemins de Fer du Midi)
1
Redeemable, at
Interest
6% Bonds
par,
by drawings, not later than 1960
June 1 and December 1
Denomination: Frs. 1,000
Principal and interest payable at the office of A. Iselin & Co., 36 Wall Street,
City, without deduction for any French taxes, present or future,
if held by non-residents of France.
New York
Under agreements
confirmed by law the payment of
principal and interest of its bonds and 10% annually
on
its
entire
capital stock is secured to
by the guarantee of The French
pany
the
Com¬
Government.
The Company advises us that the entire proceeds of these bonds
in the United States.
are
to be used
The Compagnie des Chemins de Fer du Midi is one of the largest railroad com¬
panies in France. The system includes 4098 kilometers of lines (about 2547 miles)
extending in the south of France from the Atlantic Ocean to the Mediterranean
Sea.
The lines of the
and form the
Company cover the entire border between France and Spain
only railroad connection between Spain and Continental Europe.
We offer the above
$65
per
with
bonds, when,
as
and if issued and received by
Frs. 1,000 bond
December
1920
us at:
To yield about 6.25%
coupon
at
present rate of exchange
(Price subject to change without notice)
Pending preparation and receipt of the bonds, interim receipts exchangeable for
temporary or definitive bonds, if, as and when issued and received, will be delivered.
The dollar value of the income and
principal of these bonds will increase with
improvement in the rate of exchange on Paris.
Descriptive circular
on
any
request
A. Iselin <3& Co.
36 Wall
Street, New York
Hemphill,NoyesCO,Co. Gude,Winmill(2&Co.
37
.
Wall
Street, New York
y
,
20 Sroad Street, New York
J
V
r
■
-*7771
Acts
as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent
Girard Trust
Chartered 1836
CAPITAL and SURPLUS, $10,000,000
Member of Federal
Interest allowed
on
deposits.
Company
PHILADELPHIA
E.
B.
Reserve System
Morris, President
New
Jersey
Municipals
B. J. Van
Ingen & Co.
46 Cedar St.
New York
TEL. 6364 JOHN.
Oct. 9 1920.]
THE
XXXV,
CHRONICLE
jffnontial
$4,000,000
Massey-Harris Company, Ltd. (Canada)
Massey-Harris Harvester Co., Inc. (U.S.)
10-Year 8% Sinking Fund
Dated
October
bonds
Redeemable
of
a
as
sinking fund of 10%
the
open
market at
or
with
denomination,
$1,000
whole
at
107
and
interest
on
provision
any
for
interest
registration
date
on
of
principal.
days'
thirty
notice.
V
per annum
of the total amount issued is provided to purchase bonds in
If the full amount to be redeemed cannot be
and interest to complete the sinking fund of 10%
below 102^ and interest.
purchased, bonds will be drawn at 102
^
annually.
UNITED STATES MORTGAGE & TRUST
The
Interest payable October 15 and April 15
the United States Normal Income Ta| up to 2% per annum, if exemption is not claimed
The Companies agree to pay
A
Due October 15, 1930
Total authorized and issued $4,000,000
15, 1920.
Principal and interest payable in gold in New York.
Coupon
Gold Debenture Bonds
COMPANY, NEW YORK, TRUSTEE
following information is contained in a letter to us from Mr. Thomas Findley,
Harris Co., Ltd.
The Companies
(Canada)
President of the Massey-
a-'/-o
was
and Their Business—The business carried
on
by the Massey-Harris Co., Ltd.
agricultural
established in 1847 and the company is now the largest manufacturer of
implements in the British Empire.
The company operates
and other parts
throughout Canada, and has a large business in Great Britain,
of the British Empire, and in Europe, South
Massey-Harris Harvester Company, the United States subsidiary, was
The business of the
acquired by the Canadian company in 1910.
lished in 1850.
Control
have since been
operated under
was
one
deducting interest, taxes and depreciation, have been:
Net Profits
Sales
$1,399,000
1915
1,858,000
17,500,000
2,020,000
1919
22,702,000
1,984,000
these bonds, constituting the
only funded debt of the companies, will be only $320,000
Net Profits for the current year are expected to
Assets of $7,646
per
1,857,000
17,962,000
1918
$7,646
15,182,000
1917
on
$11,529,000
1916
Interest
estab¬
The two companies
general management.
Combined Sales and Net profits after
per annum.
Australia
America and Africa.
exceed those of last year.
Per Bond—The balance sheet shows net tangible assets of $30,584,696, or
Net current assets equal $22,912,454, or $5,728 per bond.
$1,000 bond.
Restrictions—The Trust Deed under which the bonds are being issued is to provide
that the com¬
other obligations prior to or equal
and purchase money mortgages, at not
panies shall not authorize any mortgage or issue any bonds or
with this issue, except
bank loans maturing within a year
exceeding 60% of cost.
Maintenance
an
as
similarly
23- Year
of Assets—Net tangible assets
as
defined in the Trust Deed must be maintained
leas^ five times the bonds at any time outstanding and current assets,,
defined', must equal twice all current liabilities including outstanding bonds.
amount
at
{
equal to at
Dividend Record—Cash dividends have been continuously paid by the Massey-Harris
Company, Ltd., since 1897, at not less than the present rate
We
of 6% per aanum.
offer these bonds, when, as and if issued, subject to approval of all
Cadwalader, Wickersham & Taft, and of audit by Messrs.
Messrs.
Price 100 and
proceedings by our counsel,
Price, Waterhouse & Co.
Interest
Wm. A. Read & Co.
Nassau and Cedar Streets
New York
Chicago
Philadelphia
The Information contained in this
which
we
consider reliable.
Boston
advertisement has been obtained from sources
guaranteed, it is accepted by us as accurate
While not
THE
XXXVI
[VOL. 111..
CHRONICLE
jftnamfal
New Issue
V
TAX
FREE FROM NORMAL FEDERAL INCOME
$2,255,000
Greenfield Tap
and Die Corporation
GREENFIELD, MASSACHUSETTS
Cumulative %
Preferred. Stock
8
Par value $ 100.
Preferred as to dividends and assets over the, Common Stock.
Dividends payable quarterly on January,
April, July and October 1.
Callable as a whole qr in part at $105 per share and accrued dividend if called prior to October 1,
1921; thereafter the call fifjpre increases one point e&e.hJflsax~until .OetoheiiJ., 1925, after which it remains at $110 pot
and accrued dividend.
~
"r~—
•
'
share
AMERICAN
•-
v,V,';
TRUST COMPANY,
THE NATIONAL SHAWMUT BANK OF BOSTON
BOSTON
£■;'Registrar
ITransfer Agent
CAPITALIZATION
(Upon completion of present financing)
.
Issued
-I'v;:"'-:-.Authorized
$100)....$1,500,000
8% Cumulative Preferred Stock (Par Value $100).... 5,000,000
*$334,900
3,420,100
5,000,000
3,000,000
6% Cumulative Preferred Stock (Par Value
Common Stock
THE
(Par Value $25)
COMPANY HAS
...
NEVER HAD ANY
BONDED DEBT.
Preferred Stock, which is prior to the 8% Preferred Stock, of which amount,
has already been exchanged for a like amount of the 8% Preferred Stock.
It is expected
will be exchanged in the near future, which will correspondingly increase the outstanding
♦There has been outstanding $1,500,000 6%
as
indicated above, all but $334,900
that this small outstanding balance
amount
of 8%
77,/.
7'v,/:v'v
Preferred Stock..
from a letter of Mr. Frederick H. Payne, President of the Greenfield Tap
Corporation, as follows:
'
We summarize
and Die
Die Corporation, a Massachusetts corporation established in 1912, is
largest manufacturer of thread cutting tools, the large scale production of which has been
established and developed in Greenfield, Massachusetts, since 1871 by this Company and its prede¬
cessors.
The Company owns and operates seven factories employing about 2,000 persons.
The Greenfield Tap and
the world's
in 1912 to $4,793,209 in 1919, and for the present
at the annual rate of approximately $5,600,000.
Gross sales have increased from $1,075,810
year,
based
on
eight months actual sales,
are
Net earnings after taxes and depreciation for the past four years have averaged over 2.40 times
preferred dividend requirements on this issue of Preferred Stock, and it is estimated for the present
year will approximate M/i times the dividend requirements.
'
the
Net tangible assets shown by the Company's Balance Sheet are more
preferred stock, of which $128 per share represents net quick assets.
A cumulative
than $205
on
the outstanding
Sinking Fund, commencing 1921, amounting to $100,000 a year, is provided for
retirement of this issue by purchase or call at not
the
exceeding the callable figure varying from 105 to 110.
by carefully drawn restrictive provisions, which among other
dividend can be paid on any junior class of stock which will reduce the net quick
assets below $115 per share of the 8% Preferred Stock outstanding and provide that no mortgages or notes
other than ordinary bank loans can be assumed or issued except with the approval of a two-thirds vote
of the preferred stockholders.
The Preferred Stock is protected
things provide that
no
This issue is prior to $3,000,000 Common Stock, now paying dividends at the rate of 12% per
and having a market value based on present quotations of approximately $4,750,000.
annum
We
offer this stock when,
as
and if issued and received by us and subject to approval of legal details by
Price 100 and Accrued
The
counsel.
Dividend, to Yield 8%
legality of this issue will be approved by Messrs. Gaston, Snow, Saltonstall & Hunt, of Boston, and by
Greenfield, the Company's Attorney.
The Company's accounts are regularly
Charles N. Stoddard, Esq., of
audited
by Edwin S. Doubleday, C.P.A., of Springfield, Mass.
Tucker, Anthony & Co.
Members
York and
New
Boston
INVESTMENT
BOSTON
'
SECURITIES
Broadway, New York
60
I
:
■
NEW BEDFORD
"
:
: V
sources
'
■
The information contained in this advertisement is not
Stock Exchanges
we
PROVIDENCE
: ■
guaranteed by
believe to be accurate.
.
us,
'
.
!
,
- -
•
but has been obtained from
7
/
Oct. 9 1920.]
CHRONICLE
THE
'
xxxvii
Jffttandal
NEW
ISSUE
$25,000,000
'
•
.
'
*
-
'
*
.
'
.
-
Grand Trunk
'
,
.
.
'
*
■
Railway of Canada
(Canadian National Railways System)
20-Year 7% Sinking Fund Gold Debenture Bonds
The
Dominion
of Canada Guarantees
Principal and Interest by Endorsement
Dated October 1,
1920
Due October
Principal and interest payable in gold in New York
Interest payable April 1 and October 1.
registration of principal.
after October 1, 1935, at
In
the Agency of the Bank of Montreal
at
coupon
form of $1,000 with provision for
Authorized and Issued $25,000,000.
102}/% and interest
Central Union Trust
1, 1940
Callable
as
a
whole
interest date after 30 days' notice
on any
Company of New York, Trustee
A
Sinking Fund of $500,000 per annum, available semi-annually beginning
April 1, 1921, is provided for the purchase of Bonds in the market if obtainable at or
below par.
If Bonds
are
not
so
expended balance reverts to the
obtainable during the succeeding six months, the
company.
The Bonds
are
not
un¬
callable for the
sinking fund.
These Bonds
the direct
are
obligation of the Grand Trunk Railway of Canada,
which the Dominion of Canada has
agreed to purchase and
merge
with the Canadian
National Railways System owned by the Dominion of Canada.
Price Par and Interest
Wm. A. Read & Co.
The National
City Company
Guaranty Company of New York
Blair & Co., Inc.
Lee Higginson & Co.
Bankers Trust
Continental and Commercial
Trust & Savings Bank
Company
Tne information contained in this advertisement has been obtained from sources
which
i
•
.
Orders
.
,
.
.
.
we
consider reliable.
'
•
having been received in
While not guaranteed,
of
excess
/
.
the
-
amount
matter
it is accepted by us
as
>
accurate.
■
of the above issue,
of record only.
this advertisement
appears
as
a
THE
xxx vni
[Vol. 111.
CHRONICLE
financial
$40,000,000
SWIFT & COMPANY
7% Five Year
October
Dated
Total Authorized Issue
15, 1920
as
to
Coupon Notes in
principal only.
ber
payable,
so
1925
Chicago, or at the American Exchange National Bank,
$500 and $100 with the privilege of registration
whole or in part on thirty days' notice as
and at #% less each six months thereafter to Octo¬
Redeemable at the option of the Company as a
102 and interest,
follows: On April 15, 1921, at
Interest
October 15,
Due
$40,000,000
the Illinois Trust & Savings Bank,
interchangeable denominations of f1,000,
Interest payable April 15 and October 15 at
New York.
Gold Notes
far
15,
1924, and on April
as may
of
15, 1925, to 100# and interest.
be lawful, without deduction for Federal
as provided in the Trust Indenture
Income Taxes, not in excess
2%,
ILLINOIS TRUST &
SAVINGS BANK, CHICAGO,
TRUSTEE
4
information in regard to this issue
Further
Swift President of the Company,
Mr. L. F.
j
These notes will be the direct
of Swift & Company, one
most
successful
concerns
gaged in the production and sales of meats,
and their
lowed by
by-products.
$150,000,000 authorized and issued
which dividends at the
of 8% per annum are now being paid.
Company has paid cash dividends with¬
capital stock,
rate
The
out
The Notes are fol¬
upon
interruption for the past thirty-five years.
provision for Federal and Foreign
five
years
The average interest
all outstanding obligations during
on
these five years were
approximately $7,995,-
'"'s..;
'
Price 97
requires the main¬
of
amount
equal to at least
current
times current
these Notes
no
assets to
one
and one-half
liabilities, plus the amount of
outstanding, and provides that
created against
mortgage may be
new
aggregate
an
present assets and property.
financial
The
statement
and after
giving effect to this financing,
shows net
assets
as
of November 1,
of
$345,054,896,
total funded debt,
to
expected that Interim Receipts will be ready for delivery on or
Savings Bank
about
Messrs. Winston, Strawn
their approval.
Illinois Trust &
Savings Bank
Chicago
Chicago
The Merchants Loan & Trust
Harris Trust and
Savings
Bank
Company
Chicago
Chicago
Continental and Commercial Trust and Savings
Bank
Chicago
Guaranty Company of New York
New York
We do not
guarantee the statements and figures
a
$95,258,500.
All legal matters in connection with this issue shall be approved by
Shaw, Chicago, as Counsel for the Bankers, and this offer is subject to
First Trust and
applicable
including this issue, of
15, 1920.
and
of the Com¬
1919,
pany
and Interest, to yield over 7.60%
Vz
Pending delivery of Definitive Notes, it is
October
The Trust Indenture
tenance
taxes) for
emding November 1, 1919,
averaged $28,842,807.
charges
815.
$1,200,000,000 in 1919.
over
earnings available for interest (after
Net
the
$250,000,000 in 1909
have increased from
to
company's products
sales of the
Total
obligation
of the largest and
in the world en¬
of Notes is given in a letter of
which we summarize as follows:
presented herein, but they are taken from sources which we believe to
be accurate.
Oct. 9
1920.]
XXXIX
CHRONICLE
THE
^financial
J. P. Morgan & Co. offer far sale
$2,400,000
[being the total issue]
Pittsburgh & Lake Erie
Railroad Company
6y2% EQUIPMENT TRUST CERTIFICATES
Payable in serial maturities of $160,000 per annum
from October
1, 1921, to October 1, 1935, inclusive
Denominations $1,000 and $500
Certificates
1 hese
the
are
issued
to be
under the
Guaranty Trust Company of New York
The
Pittsburgh & Lake Erie Railroad is
as
so-called
Philadelphia plan with
Trustee.
one
of the most profitable parts of the
JSTew York Central system, and gives the New York Central the only entrance
\yhich it controls into and through the Pittsburgh district.
The
following information is furnished us by the Company with reference to its financial
position and the security for these Equipment Certificates:
slightly less
The
Certificates
than
75% of the cost value of
will represent
Prior to the period of Federal control, the
Company for
1,375 steel
total
cost
of
$3,222,887.
and its only
000,000 of mortgage debt,
re-
maining obligations, other than with respect
to
this
issue,
aggregate
183,000, being
New
of
York
approximately $3,-
ts proportionate share of the
Central 4%%
Equipment Trust of 1920, and its Equipment
Trust Notes issued in connection with equipassigned to
the
Company
Director General of Railroads.
The issue
by
The stock outstanding has received divi-
dends of at least 10% per annum in every
year since
1892.
the
,
are
offered to yield approximately the following return:
inclusive—7%
Maturities
from
1921
to
1925
Maturities
from
1926
to
1930
inclusive—6%%
Maturities
from
1931
to
1935
inclusive—6%%
J. P. Morgan & Co. in
any
/
offering these Certificates reserve the right to reduce or
applications.
Payment for Certificates alloted will be called for
porary
ended
having been approved by the Interstate Commerce Commission, the above
Certificates
reject
years
There is outstanding junior to the ComPany's debt about $36,000,000 capital stock
quoted at approximately 200% of par.
Equipment Trust
1913, and of the New York Central 7%
ment
period of three
s"rpI^S aftOT aU charges averafd $7'883'°"°'
Th? Company s average yearly earnmgs for
such t^e years, after pajung its fixed charges
w«r« ^errfore in excess of the entire
of lts outstandmg debt'
Company has outstanding only $4,-
The
a
December 31, 1917, earned an average of
$10,146,000 available for charges, and its
hopper cars purchased by the Company at a
Certificates
or
about October 19th, and Tem¬
Trust Receipts will be delivered against payment.
THE
xxxx
[Vol. 111.
CHRONICLE
Jftiunctal
SINCERITY IN SERVICE
The
Equitable Trust
clientele
a
service
experience, great
Company of
based
on
and
resources
New York offers its
facilities,
complete
a
appreciation of the customer's viewpoint.
tion
This institu¬
adheres to the old fashioned belief that service per¬
formed should be
Throughout
retains
long
thorough, conscientious
all of
■
the
its
T™
equal to
entire
or
greater than
organization
old-time
service promised.
the
word service
meaning.
EQUITABLE
TRUST COMPANY
OF NEW YORK
BANKINQ, TRUSTS &
INVESTMENTS
SAFE DEPOSIT VAULTS
Total Resources
over
$300,000,000
VOL.111
OCTOBER 9 1920
Published every Saturday morning
by WILLIAM B. DANA COMPANY. Presi¬
dent, Jacob Seibert Jr.; Vice-President, Arnold G.
Dana; Business Manager, William
D. Riggs; Secretary, Herbert D.
Seibert. Addresses of all. Office of the
Company.
NO. 2885
CLEARINGS FOR SEPTEMBER, SINCE
1,
September.
\L
,
Inc.
1920.
1919.
S
New
York
Philadelphia
Pittsburgh...
Buffalo
....
Albany
...
Washington
Rochester
Scranton
Reading
Wilmington
1919.
—5.1 182,058,877, 271
+ 7.4
18,821,024, 332
6,502,723, 403
+ 20.6
+ 10.2
3,647,007, 811
+ 17.0
1,720,841, 225
189,377, 446
667,419, 880
442,531, 371
195,835 179
191,845 079
—1.9
+ 5.0
40,380,010
+ 21.2
20,203,676
16,936,977
11,058,018
+ 5.5
+ 9.9
+ 0.04
16,260,383
11,983,658
—20.5
—3.2
119,284, 944
135,493, 756
111,166, 473
23,303,203
13,594,585
—4.1
209,601, 124
18,018,970
+ 32.5
150,141, 021
17,342,173
Wilkes-Barre
14,859,885
11,605,091
22,358,264
Wheeling
Trenton
Harrisburg...
York
Greensburg
Binghamton
Chester
Frederick
Lancaster..
'
County, Pa...
Hagerstown.
Huntington
92,480,151
+ 9.4
81,167,176
54,524,209
37,695,569
+ 12.2
25,472,082
22,836,546
5,645,428
—17.8
16,270,489
—1.7
+ 27.6
5,191,247
14,842,776
12 797,775
5 109,526
+ 9.6
5,782,088
12,000,000
9,099,827
3,573,399
6,061,739
2,991,524
+ 26.6
6 507,950
11,649,485
5,199,901
5,933,245
+25
3 ,044,997
3,180,936
—4.3
3,005,823
3 425,371
2 602,836
3,508,737
—2.4
3,463,642
3,882,643
—12.0
2,347,748
—8.8
4,880,173
3,000,000
2,498,121
4,619,474
2,763,798
+ 20.3
—4.3
+ 18.2
3.678.154
+4.7
1,313*678
1,434*663
—2.2
2,452,326
1,000,000
890,500
2,461.255
+ 16.7
1,300,000
1,620,528
2,851,828
900,000
1,709,400
1,466,055
1.152.155
—1.3
+ 12.7
1,600,000
2,788,445
1,500,000
1,600,000
1,644,360
3,239,852
3,524,218
-8.1
2,911,235
3,080,171
526.722
421,222
+ 25.0
366,226
605,357
39,987,305
+33.3
+ 7.6
—0.6
1,828,927
+ 21.7
23,025,965,054
+ 9.2
+ 5.5
n
n
total.
—2.8
+22.1
+ 30.3
35,714,544
+ 35.6
54,595,746
34,657,582
23,126,417
22,401,518
98,690,677
25,206,740
28,602,803
15,685,764
Cleveland
+ 22.6
+ 38.1
+28.0
4,874,261
1,831,499
total.
216,014,753,603 193,639,848,911
+ 11.6
5,955,2^3,340
6,442,493,654
+ 5.9
24,626,205,513
21,466,580,912
+ 14.7
2,715,034.302
666,069,165
606,493,799
2,278,512,728
3,886,457,848
3,111,312,515
1,133,232,502
590,459,000
488,219,700
474,712,694
194,775,595
202,946,608
164,748,325
+ 19.2
69,967,499
5,189,967,697
4,668,903,267
1,309,715,083
724,018,000
558,601,000
593,635,098
223,498,212
271,569,926
194.362,294
+ 34.6
130,566,476
115,238,974
59,413,308
120,182,250
97,329,965
28,706,878
14,041,000
14,816,600
13,018,455
4,477,032
148,604,689
77,036,000
Toledo
Peoria
124,722,528
72.451,000
+ 19.1
58,616,700
61,091,083
+ 8.9
+ 3.6
21,545,385
.....
+ 15.9
+ 34.8
63,830,500
63,284,325
Milwaukee..;
Indianapolis
Columbus
511,331,908
19,553,856
+ 10.2
+ 6.3
Grand Rapids.......
Dayton
28,990,318
.25,050,487
+ 15.7
19,527,573
Evansviile
18,868,696
22,074.748
20,289,792
Springfield, 111
+ 3.5
+ 8.8
13,447,138
20,270,435
11,048,983
+ 21
20,441,284
—0
Young,stown
Fort Wayne
;.
9,095,339
_*
r42,618,000
Akron
Rockford
Lexington
7,462,388
44,539,000
10,046,306
11,799,993
6,092,751
7,310,631
7,728,547
21,406,470
6,708,410
....
Quincy
Bloomlngton
Canton
Springfield, Ohio...
South Bend
Decatur
...
4,331,537
2,442,494
Adrian
—1.1
+ 14.8
—3.9
+ 25.2
+ 14.3
+ 15.1
—5.5
7,134,666
+ 6.7
3,080,660 —15.6
4,839,630 —10.5
+ 26.5
1,930,743
383,048 + 160.6
2,599,056
Lima
Ann Arbor
—6.7
—4.9
6,977,908
6,668,221
3,709,285
7,614,683
Jacksonville, 111....
—4.3
6,924,639
6,144,823
,
7,025,156
7,678,335
3,504,244
Mansfield
Danville
+ 17.4
6,528,681
7,689,834
7,811,495
18,647,648
8,672.908
Jackson
+ 21.9
998,029
Lansing
8,943,000
7,249,000
+ 23.4
Owensboro
1,972,532
2,847,952
5,111,536
—30.7
+ 21.3
+ 0.4
12,000,000
2,101,695
Lorain
+22.6
32,835,325
16,747,000
+ 14.4
14,326,400
+ 25.1
*
521,614,132
59,334,441
98,901,863
70,470,426
32,166,817
14,680,000
+8.6
+ 18.5
+ 14.1
+ 19.3
—3.3
+ 22.3
13,022,147
4,910,481
6,802,600
4,138,055
5,497,813
+ 20.3
3,061,554
4,714,842
4,338,093
2,690,038:
+ 1.5
4,371,503
4,935,769'
59,104,666
+ 38.3
2,900,000
+ 19.4
60.939,167
65,761,898
+ 24.8
1,500,000
1,627,861
1,763,400
4,329,980
9,890,000
2,617,808
1,582,414
1,844,304
1,763,667
—11.8
+ 33.0
78,051,178
11,938,100
12,821,217
6,013,750
5,441,119
+0.2
+ 38.7
1,839,887
8.724,000
1,836,148
326,183,000
79,440,920
+ 14.7
+ 33.8
+ 18.0
+ 17.8
134,939,463
57,015,115
50,437,001
+ 25.2
+ 48.8
49,657,436
49,400,840
110,754,265
6,199,524
Flint
'
+ 50.0
+ 15.5
+ 9.8
+ 17.8
92,686,909
179,448,388
53,276,406
11,950,000
Gary
947,387
>7.6 4,530,796,899 4,300,442,229
166,089,445
203,231,085
111,542,656
182,085,270
81,758,225
452.390,000
105,692,090
93,232,337
76,063,304
77,450,064
204,173,846
71,427,056
75,072,013
62,939,330
68,130,835
37,383,223
66,405,398
24,687.754
41,660,699
23,057,483
11,588,831
75,317,306
29,410,432
1,126,200
1,392,399
Not included in total
Not included in total
+ 8.4
416,711,433
1,748,8-59
1,045,332
+ 22.1
total,
281,586.010
592,519,013
;
,
+ 26.9
2,570,350,580
561,592,941
........
+ 12.9
+ 15.5
305,183.008
Detroit...:
—6.4
+ 12.1
1,200,000
+ 6.9
,722,838,437
Chicago
Cincinnati
+ 66.7
+ 39.0
27,921,385
30,183, 890
<24,711,930
52,369, 691 Not included in
48,399, 328 Not included in
total,
5,500,000
3 852,183
53,422, 267
3,285,261
+ 9.7 ■■■',
2,957,363
6,362,615
48,429, 000
61,502, 188
40,449, 613
32,152, 921
<23,943, 237
—1.7
5 ,800,000
+ 24.0
121,040, 832
31,980, 565
33,044, 801
21,658, 132
35,749, 176
■
8,328,622
5,145,622
+ 20.7
+ 32.1
+ 1.1
+ 11.0
3,787,091,993 3,712,596,998
429,928,167
366,507,819
139,703,672
79,678,999
4 ,643,372
+ 35.7
2,892,661
+27.4
16 000,000
+ 19.2
11,526,255
+ 7.7
148,370,300
42 285,456
125,930,260
50,413,807
80,001,897
+ 6.2
—10.3
467,427,389
1917.
+ 12.9
<110,676,137
3,603,867
Total Middle......
22,384,890,733
101 157,796
$
+ 1.1
60,109, 096
104,211 402
3,578,664
3,275,890
3,322,327
3,149,361
16,276,416 Not Included i
7,980,570 Not included i
...
Bethlehem
+ 15.9
153,706, 168
+ 52.7
5,041 372,999 5,618,488,486
1918.
%
+ 53.9
3,147,128,169
1,117,778,163
187,292,759
591,276,156
346,784,058
162,012,542
151,527,989
95,363,692
141,528,906
94,026,742
173,693,580
or
Dec.
503 443,483
189 040,323
+ 2.3
+ 23.9
1919.
+24.3
+ 16.7
3,534,536
Oranges
+ 10.0
+ 18.7
+ 28.0
3,580,495
2,225,475
Norristown
165,523,262,693
15,879,703,430
5,230,145,520
$
4,197,200
5,913,025
3,989,241
2,692,054
12,790,121
Montclair
%
4,864,036
4,941,143
4,111,103
12,924,749
Franklin
Inc.
1920.
6,044,897
6,280.558
...
Altoona
or
Dec.
9,358,392
6,181,488
12,010,122
6,425,011
5,203,000
Erie
Beaver
$
62,576,902
21,326,973
18,619,479
11,062,993
12,877,590
Syracuse-
Inc.
1920.
%
$
65,663,286
48,934,143
ENDING OCTOBER 2
JANUARY^
Week ending October 2.
or
Dec.
,601,529,099 19,609,866,257
,053,379,187
1,911,994,474
775,853,142
643,531,171
419,609,008
380,726,441
188,612,510
161,188,842
20,490,033
20,879,505
Baltimore....
FOR
Nine Months.
Clearings at-
+ 37.9
+ 51.3
+ 26.8
30,240,776
+ 23.6
53,642,478
+ 23.8
—5.1
26,001,990
40,320,462
+ 3.3
16,188,418
+ 42.4
3,673,023 + 215.5
48,890,392
+ 54.1
39,154,526 —25.9
+ 26.2
42,200,795
79,105,551
+ 40.0
15,242,301
+ 11.8
6,261,320
+ 0.8
70,283,275
+ 7.5
22,632,992
+ 26.9
2,049,073
+ 2.5
527,253
676,620
—22.0
6,313,437
7,243,949
2,715,465
4,047,504
7,215,702
3,727,785
3.287,854
+ 0.4
—27.2
+ 23.1
75,583,762
28,724,888
37,672,502
29,227,194
4,406,748,837
+ 10.4
43,579.575,664
35,964,179,346
+ 21.2
Kansas City
Minneapolis
963 ,187, ,726
1,080.241,147
—10.8
407 ,186 ,960
+ 80.5
245 ,510, ,192
190 048, ,770
294,564,527 —16.7
84,613,864 + 124.6
8,089.327,623
1,553,121,291
2,263,026,762
177 549, 072
150,001,059
71,526,334
49,573,400
+ 18.4
9,126,202,116
2,808,060,676
2,474,252,920
1,261,069.648
1,433,358,865
+ 12.8
Omaha
227,860,107
—11.8
671,469,459
—5.5
511,063,482
412,549,156
564,169,349
668,678,949
408,719,847
+ 9.7
6,541,349
+4.0
—12.2
—11.4
'
4,202,393
1,529,447
1,429,229
1,706,066
1,814,534
1,502,380
1,800,000
1,522,664
1,600,000
892,005
852,645
4,250,710
3,480,371
2,107,890
+26.7
+ 13.8
3,922,349
1,346,886
4,500,000
1,933,889
953,299
1,382,813
+ 10.8
—5.2
—11.8
—0.1
1,468,747
1,900,000
1,157,599
1,464,933
+3.0
+ 11.6
+26.9
2,138,417
4,259,287
1,417,975
6,934,000
1,868.092
992,985
1,242,588
1,079,619
3,200,000
1,322,378
1,216,026
—1.3
1,104,063
748,286
1,263,442
1,019,770
—4.4
650,980
606,005
—16~.2
2,100,000
366,017
529,875
—30.9
220,818
14,862,000
10,479,600
9,701,783
5,459,804
4,810,849
3,561,643
2,836,222
+ 12.5
714", 697
1,284,147
480,000
135,862
1,750,000
598,239
1,050,000
452,560
29,059,258
562,410
—5.7
439", 969
884,378
400,000
—18.2
775,000
570,668
88,231
980,116
+60.4
90,000
+20.0
1,107,023
697,991
606,235
+ 28.7
4,864,122,015
+ 0.03
509,974,978
39,027,034
80,984,239
51,481,731
New
Albany
Paducah
Hamilton
Aurora
...
Total Mid. Western
St.
Paul.
Denver
St.
Joseph
Des
63 ,108, 106
Moines
Sioux
46 ,866, ,887
City
Wichita
36 ,547, ,588
45,285,132
70,522,095
64 870, 082
...
17,040,775
—19.3
—8.0
Duluth
51 678, 182
34,519,179
+ 49.7
Lincoln
22 ,166, 816
13 107, 896
24,996,291
—11.3
16,871,086
—22.3
papids
Fargo .L
11 ,784, 489
11 063, 010
+ 4.5
Siou
11 899, 897
11,280,722
16,355,464
14,265,837
4,623,018
3,352.202
4,220,736
3,448,783
9.103.567
9,806,286
8,542,722
Topeka
Cedar
x
Falls
Colorado
Springs
5, 466, 618
Puehlo
4
Fremont
3
Hastings
3 665, 845
Aberdeen
866, 613
261, 745
10 572, 269
...
Helena
8, 000, 000
Waterloo
Billings
8 650, 264
5 942, 029
Jcplin
Grand
+ 18.2
+45.2
Kansas City, Kan
Le wistown
Great Falls *
*
Rochester
Mlnot
Total Other West—
2,268,417.543
1444.
+ 95.7
+ 52.4
12,-596,502
—10.5
16,080,391
23,379,169
14,497,966
9,519,828
8,369,753
7,279,885
9,716,027
5,116,191
2,677,402
44,135,684
35,000,000
+ 0.5
14,362,982
11,270,213
+ 2.0
8,300,000
12,051,879
+ 31.1
+ 24.5
15,627,265
8,515,949
6,148,481
—0.9
+47.1
23,876,122
+ 14.7
15,486,050
12,523,330
4,901,059
18,889,472
19,105,892
16,112,835
10,397,556
9,160,105
9,054,287
+6.5
2,685,804
+ 28.3
2,249,983
3,270,260
3,469,321
2,959,752
—24.0
3,204,637
+2.0
699",446
+ 43.6
+25.0
404,439,273
453,225,856
270,874,136
200,099,893
127,144,061
+ 13.7
94,358,930
112,106,941
—2.6
132,924,898
'
36,668,617
+ 29.1
1,000,000
28,921,719
+ 34.7
1,023,014
31.727,169
+ 3.7
669,829
729,138
780,195
—18.4
70,900,888
84,091,499
49,163.833
72,538,048
62,472,400
17,563,624
27,181,776
79,573,946
+ 35.4
+ 19.0
n
total,
n
total.
+ 6.5
—10.9
1,849,168
68,923.773
+ 22.0
49,175,110
—0.02
2,012,324
1,400,000
2,147,134
2,588,545
2,087,365
1,378,741
533.558.970
487,526.705
58,864,000
21,142,262,818
on
—22.6
4,711,102
2,638,777
2,288,105
3,624,130
2,667,333
2,236,625
932*449
+40.3
608,546
801,262
—14.2
707,761
677,784
+ 17.6
571,721
2,373,239
620,488
1,585,860
2,490,966
—6.0
—2.85
—3.6
+ 1.6
2,481,115
1,460,392
1,637,160
608,616
2,359,680
1.667,408
+ 14.2
16,019,264
+ 9.6
20,365,012
+ 33.5
+ 29.4
22,522,659
27,878,144 + 533.2
22,900,891
—7.8
21.103,198
60,455,236
7,757,857
26,469,534 Not Included in
13,658,419 Not included In
Clearings by Telegraph
—20.3
+ 23.2
54,440,400
29,147,811
176,528,399
—6.3
+ 7.4
716.104
2,050,702
—3.4
2,396,069
+ 4.3
2,800,910
+ 7.3
3.155.568 + 633.3
page
42,000,000
22,-549,640
22,959,456
15,323,764
+ 86.8
+ 26.0
842,252
+ 5.2
on
167
67.101,603
45,489,589
52,081,209
2,019,493
+21.3
2,416,840,994
Clearings continued
64,697,440
—10.2
+45.3
6,391,000
23, 138, 000
3 385, 832
2,500,600
9, 231, 655
7,757,587
5, 241, 240 Not included i
1, 872, 581 Not included I
+ 61.0
59,663,231
+ 13.5
7,676.000
2 500, 000
95,000,000
53,557,525
24,545,668
+ 1.3
793,739,788
+9.4
60,190,558
+ 1.2
870,011,638
201,080,246
+ 80.8
68,324,868
.
+ 9.3
—5.3
232,338,250
58,991,910
+16.1
5,873,136
3 006, 794
220,000,000
32,901,835
35,676,274
1 980, 948
City
Oshkcsh
1,112,116,353 1,017,372,033
+ 6.3
8 076, 000
Lawrence
Iowa
—16.6
7 752, 364
Forks
675,093,332
1,138,603,277
307,980,539
229,571,493
135,366,399
121,049,676
109,157,465
142,789,738
47,321,987
38,954.697
—32.4
—22.6
<
17,194.461.999
page
1443.
total,
total.
+ 23.0
♦
+9.4
448,358,474
Not included in totals: comparison incomplete,
307,075.013
[Vol.111.
CHRONICLE
THE
1398
plains the break the last two weeks in stocks like
THE FINANCIAL SITUATION.
Prices
what of
the Stock
on
relapse the last few days, but the market
a
the whole is
on
Pacific, Missouri Kansas & Texas and Den¬
Texas &
Exchange have suffered some¬
The dis¬
acting in healthy fashion.
In these instances the process
& Rio Grande.
ver
until this has been
of
through with and
accomplished the shares can have
reorganization is still to be
gone
Barring exceptions of this
criminating character of the buying which has been
only problematical value.
in evidence the last few weeks
kind, there seems good ground for believing that
on
that great secur¬
appreciation in railroad security values will go
ity mart furnishes testimony anew going to show
the
that
on
for
in
monthly returns, furnish cumulative testimony
genuine merit is, after all, the underlying con¬
sideration in all the
larger price movements on the
to the
Exchange.
It is not
evince
of them should
The out¬
occasionally break badly.
look for such stocks for the moment is not
Commodity prices
larly encouraging.
all
are
particu¬
tumbling
around, and this means at once shrinking inven¬
tories and diminished
see
how
profits, for it is difficult to
reduction in cost
a
can
mensurate with the decline in
is
What
change for the better that has been wrought.
strange that the industrial stocks should
declining tendency and that prices of some
a
long time, as expanding revenues, reflected
a
be effected com¬
profits.
activity
of the country
these
not to be
operated
drag down the railroad stocks. J These latter
have been
pursuing
independent
an
lowest
prices of the
the other
the railroad stocks, on
year,
And these independent move¬
year.
opposite directions have been proceeding
simultaneously for
There
recording the
hand, have been registering the highest
figures of the
ments in
and,
course,
while the industrial shares have been
many
weeks.
adequate and obvious reasons for the
are
They have en¬
strength of the railroad properties.
tered upon a new era
and their prospects are more
But
assuring than for nearly two decades past.
there has been
has
been
active bear party at
case
railroad
futile.
The
in the
case
of
these efforts have been wholly
stocks
explanation is found in the circumstance
already mentioned that under the operation of the
Transportation Act railroad securities have been
new
endowed with
credit
new
value, not only removing the dis¬
previously attaching to them, but investing
them with
What
is
particularly encouraging about the ad¬
in
generally
It
expected that reports of less activity
booking of transactions.
slacking in trade in July
the
the
in
reflected
rule not made until some time
a
clearings
or
subsequent to
Thus it is that
earlier is only
now
being verified by clearings totals, and even at that
the full extent of the
drop in activity is not disclosed
owing to the higher range of prices recently prevailing.
It is proper
to say that business
tinues of satisfactory
volume
active than it had been for
fact is that with
under way
as a
a very
nevertheless
con¬
whole, though less
extended period. The
readjustment and deflation of prices
buyers
unwilling to purchase as freely
are
formerly, preferring to await the time when the
as
stabilization
values shall have reached its cul¬
of
mination.
While bnly 54
of the 178 cities included in our com¬
pilation for September exhibit losses from a year ago,
on the other hand, at a number of points the declines
are
of rather noteworthy
time
we
proportions.
have to note heavy percentages
At the same
of gain at many
points where Federal Reserve banks or their branches
are located (Richmond and Atlanta are the conspicu¬
ous
exceptions) and at Los Angeles, Detroit, Hart¬
ford and
genuine promise and strength.
up
settlements for mercantile operations are
the date of
of the industrial shares its efforts
have been crowned with success, but
the
work and this
making repeated drives against the mar¬
In the
ket.
an
slowing
in various sections
transactions through the banks,
immediately
be
would
as
also to
the
pretty accurate trade barometer.
as a
returns as
weeks in the industrial list should not have
of
progress
than has heretofore been afforded by
of
figures
in
now
which, within certain limitations, are quite
was
has been witnessed in recent
as
clearer indication
a
business
accepted
noteworthy, however, is that such pro¬
nounced weakness
clearings in the United States for Sept. 1920
Bank
furnish
the
a
number of cities of lesser prominence.
For
whole the aggregate of clearings
country as a
high record for
explained, is due
and is still being attended by a rise in railroad
bonds.
There has been no such confident buying entirely to the Federal Reserve operations at Minne¬
apolis, St. Paul, Louisville, Houston, Nashville and
of these bonds as is now being witnessed for many
Oklahoma City. The increase over 1919 of 1.1% is,
years.
That is the best evidence of the new confi¬
in fact, thus very much more than accounted for.
dence now felt in the railroad properties.
It is also
vance
in the railroad stocks is that it
was
preceded
establishes by a
nominal
sum a new
September, but this, it is to be
evidence of the
in
bull
movements
an
legitimate character of the specula¬
railroad securities of all kinds.
tion
on
the
Stock
All
great
Exchange—those of
enduring character—have begun with improve¬
ment in
the bond
market, the improvement gradu¬
ally widening until it became all embracing
found full fruition in the stock market.
there
must
be
discrimination
even
Of
and
course
in buying
the
since Jan. 1 the current year's
For the nine months
total is 15.1 % in excess
than in 1918.
disclose
ing
a
of a year ago, and 36.5% greater
September clearings
At New York the
decline from last year
of 5.1%, this follow¬
gain in 1919 of 43.5% over 1918.
a
months' aggregate
The nine
is 10.0% more than in 1919 and
40.8% larger than the total of 1918. For the 177
cities outside of New York, the aggregate for the
a year ago, and for the
21.6%.
to those that followed the reorganization of such
Dealings on the New York Stock Exchange in
properties as the Atchison, the Union Pacific, the September, although moderately greater than those
"Northern Pacific, and many others.
But care should for August, were of very much smaller volume than
"rails."
Some
properties will
low-priced
no
shares
of
reorganized
)(doubt enjoy experiences similar
be taken to make sure that there has
already been
reorganization. Where reorganization is still to come
the
purchaser must face the prospect of an Irish
dividend in
the shape
of
an
assessment.
This
ex¬
month
runs
8.7% ahead of
longer period the gain is
for the month in 1919.
a
industrial issues, the
to
In the price trend there was
sharp demarkation between
a
higher level
on
the railroad and the
former quite generally moving
favorable developments for the
Oct. 9
1920.]
THE
roads, and the latter tending downward
©f deflation in
a
410,805
been
dealt in
were
166,764,842 shares against 224,-
Railroad
shares.
and
industrial
bonds
freely during the month than in
more
In
fact,
as a
benefited
shares agairst 24,141,830
and for the nine months the trans¬
year ago,
actions have
result
a
Operations in stocks for the
prices.
month totaled 15,296,356
shares
as
CHRONICLE
The
1399
whole, it
improvement in the
tember is
given
recent
Oct. 1
average
considerable
percentage the
expansion compared with
On the other
while
last
month
a
earlier,
the sales at approximately
year,
dollars
contrasting
value
par
year
with
164 million
millions.
243
nominally greater than the 287 millions of
nine
the
for
dollars par
months
it
below
was
The turnover of all classes of bonds reached
while
ago.
hand, trading in Liberty Loan bonds,
active than
more
a
2,7593^ million
was
At Boston
expected
in
1919 and the
latter the
The indicated
shares.
938
stock
Chicago also reports less activity in
trading in the month this
sales reaching
year,
of
crop
to this time.
up
yield of spring wheat,
nounced, is 218,007,000 bushels,
as now an¬
19 million bushels
or
less than
was foreshadowed a month
earlier, this com¬
paring with 209,351,000 bushels last year and 356
is much better than
shares against 6,310,-
to be har¬
or
aggregate
an
3,125,000,000 bushels of 1912—this
millions in 1918.
for the nine months 4,198,686
give
to
high record
341,594 shares against 535,328 shares last
and
already harvested
area
operations in stocks in September amounted to only
year,
ten-year
On the basis of the 89.1 condition
of 74.8.
is
normal,
a
3,216,192,000 bushels, against 2,917,450,000 bushels
total
a
a year ago,
value, against 2,419 millions.
vested
a
68.6 in 1918 and
a year ago,
1919, and transactions in foreign securities showed
much above the average
was
standing at 89.1% of
years,
against 81.3
condition for Sep¬
corn
2.7 points, and the general status
as
of the crop on
of
reported that the crop was
was
by the cool weather.
The
a
quality of the grain,
moreover,
but below the
year ago,
average
of earlier years.
The estimate of winter wheat
duction
as
remains
heretofore
pro¬
stated, 532,641,000
bushels, against 731,636,000 bushels in 1919.
The
308,916 shares against 445,875 shares in 1919, but
aggregate wheat crop (spring and winter combined)
for the period since Jan. 1
therefore
the contrast is between
4,414,404 shares and 4,270,477 shares.
is
now
estimated at 750,648,000
against 940,987,000 bushels in
1919 and
bushels,
the
high
record total of 1,025 million bushels in 1915.
The
of
Canadian
favorable character
a
rule
and at
although not shoeing
heavy percentages of increase
as
For September Ottawa, Regina, Brandon,
William and Prince Albert record decreases
from last year, but
at Vancouver and
inence.
The
from which
a
are
the record
a
product of 1917.
The following furnishes
of the five leading
summary
to be noted
number of points of lesser prom¬
aggregate for the twenty-seven cities
have
we
greater than the yield of 1919 but 149 millions under
crops:
Estimated
important gains
Production—
augmentation of 12.9%
lasl
over
an
and 54.6%
year,
High
1920
1919
1918
1917
Bus,
Bus.
Bus.
Bus.
533
732
565
413
732 (1919)
209
356
224
356 (1918)
3.216
2.917
2,502
3.065
3.125 (1912)
1.444
1,248
1,538
1,593
1,693 (1917)
191
166
256
212
256
78
88
91
63
91
(000.000s omitted.)—
Winter wheat
Spring wheat
Oats
Barley
'
218
_
Corn
comparative results shows
slightly
1,444,362,000 bushels is nearly 200 millions
as a
earlier in
as
the year.
Fort
The oats crop estimate has been advanced
Clearing House returns continue
.
Rye...
Records.
Bus.
(1918)
(1918)
1918, while for the nine months of the current
over
Total bushels.
calendar
year
the increases
respectivelv.
Stock
25.9% and 52.7%
are
Decline in activity
on
the Montreal
Exchange in September is to be noted, the
sales
reaching only 258,977 shares against 432,676
shares
a
year
The
ago.
aggregate
for
the
The
of
...
5,360
5.308
5.570
6.153
foregoing indicates that the present forecast
yield of the leading grains is for
million bushels greater
bushels under the
nine
months,however, is 3,424,845 shares against 2,456,267
5.680
an
aggregate 320
than in 1919, and 473 million
composite high record total.
The condition of
shares.
cotton, as officially interpreted
by the Crop Reporting Board of the Department of
Agriculture,
The
grain
crop
report for the
Oct. 1, issued by the Crop
United States for
Reporting Board of the
Department of Agriculture yesterday, presented
features
differing
nouncement
markets
has
the
for
been
as
the
so
to
essentially from the Sept. 1
be
a
cereals.
further
factor
as
this
developments of the month it
crop
reduced,
was
in
the
estimate
mainly
in
expected from the
was
On the other hand,
portance.
influence
The wheat
moderately
spring variety, but
of
no
pro¬
of negligible im¬
and
reflecting the
usual
at this
it-was announced to be the lowest
date
given)
investigations, however,
the appearance
tually
no
llion bushels.
The crop,
than average
quality, enhancing its food value.
most recent Weather and
week
down
Crop Bulletin, that for the
ending Oct. 5, bringing the status of the
to
report,
a
somewhat
notes
under the
that
later
corn
date
had
than
the
matured
crop
monthly
so
rapidly
unusually favorable conditions of the
preceding weeks (Sept. 15 to 28, inclusive) that
little damage resulted from the frost that
in the
The
was
two
very
general
principal corn-growing States during the week.
a year ago
on
crop
(when
record for the
of the preceding
average
was
seemingly
a
little bet¬
expected in cotton circles, though,
of the report
on
Monday had vir¬
effect in the markets for the staple,
com¬
ing after the recent decided decline in the value of
normal,
m
than
The outcome of the Department's
ter than had been
bushels, making the foreshadowed production
high record by nearly 100
is below the
ten-year period.
the
furthermore, is unofficially reported to be of better
deterioration
greater
time, although better than
favoring weather conditions of September, the corn
yield estimate has been advanced some 85 million
a new
suffered
during September, and the status of the
staple.
As officially promulgated, the condi¬
tion of the cotton crop on
or
Sept. 25
8.4 points lower than
comparing with 54.4 at the
and
1918, 60.4 three
ten-year average of 63.
ment
per
a
condition of 59.1
acre
same
years ago,
a
a
time in both 1919
56.3 in 1916, and
on
Sept. 25 points to
a
a
a
yield
somewhat lower
month earlier, and this, ap¬
plied to the Government's estimate of
picked, indicates
59.1% of
Aug. 25, this
According to the Depart¬
of about 165 pounds,
figure than announced
was
on
an aggregate
area
to
be
production of 12,123,-
00Q bales, not including linters, this being some 660,000
bales
less
than
the
prospect according to the
Aug. 25 condition, and contrasting with the final
compilations of the Census
bales last year,
Bureau
12,040,532 bales two
mod¬
Government is determined to hold Austria
French
erately smaller totals in the three preceding years,
to the terms of the Versailles
and the
Foreign
16,134,930 bales high record yield of 1914-15.
States except
All of the
Arizona make
a
poorer
Office let it
treaties with
September in the Atlantic States ranging from 7
union
points in Georgia to 11 points in North Carolina,
Austrian
along the Gulf from 7 points in Florida to 10 in
Attention
Mississippi, in Texas 6 points, Oklahoma 14 points,
Austrian National
Arkansas 10
motion
fornia
2
Contrasted with last
points.
year,
how¬
the outlook is more favorable everywhere ex¬
ever,
cept in Oklahoma and Mississippi, and particularly
in
so
Georgia, Texas and Louisiana.
demanded
high compensation
by it, the picking of cotton seems to have
progressed well, as indicated by the total amount of
the
But here it is to be
staple ginned to Sept. 25.
that progress
noted
Texas.
According to
Census
Bureau
of bales
statement
a
issued by the
Monday, just prior to the
on
nouncement of the
report
an¬
condition, the number
on
ginned between Aug. 1 and Sept. 25 this
2,243,030 bales,
was
year
has been noteworthy only in
bales for the like
against
only 1,836,214
period in 1919, but contrasted wi^h
3,779,611 bales in 1918 and 2,511,658 bales in 1917.
Comparing the detailed ginning statement with the
Department's forecast of production, however, we
observe
those
plebiscite decide in favor of the project."
called to the fact tjiat on Oct. 1 the
was
calling
on
Assembly "adopted unanimously a
the
carry out within
the union of Austria and
Goyernment to
plebiscite
a
on
Dispatches from Vienna stated that the
Germany."
Government
Austrian
plebiscite
on
surprised
not
was
National
agitation for
a
Seitz of Austria
It
was
had
of
effect
the
union with Germany."
was
quoted
on
as
Wednesday that "there
added
impossible, because it
fruits
of
their
He
independence."
facetiously that "a union with Hungary would
like
be
Danube
expected that the various States would
the
surrender
was
a
are
He suggested
fusion with Germany."
"the first solution
could not be
President
having declared in
only two solutions of Austria's future—a
or
creating
somewhat formless
hitherto
but
public address at Gratz
federation,
added
of the plebiscite resolution by the
Assembly
country-wide,
the
over
proposed Austrian
fusion with Germany."
that "the passage
that
a
nations, should the proposed
two
beggars
forming
partnership
a
and
imagining themselves millionaires."
that, while in Texas the amount of cotton
that had been
25
"important
that
Germany and Austria and prevent
between
six weeks
a
The French
Treaty.
known
"hostile reaction of France to the
Notwithstanding the reported shortage of labor
in various localities and the very
be
to be taken to enforce the terms of the
are
measures
showing than on Aug. 25, the deterioration during
points, Tennessee 9 points, and Cali¬
[Vol. 111.
According to statements made in Paris advices the
11,329,755
of
years ago,
1
CHRONICLE
THE
1400
was
put into marketable shape up to Sept.
than
less
no
about
38% of the estimated
In still other
cablegrams from Paris announcement
made that "the French Government has turned
was
yield of the State, the ginning elsewhere had on the
down the
whole been
unusually slow, reaching in Oklahoma
Minister, Doctor Simons, that a meeting should take
less than
6% of the expected crop, in North Carolina,
place between the two Governments to discuss re¬
Arizona
and
Carolina
13%%, Alabama and Mississippi approxi¬
California
4%, Georgia 18%,
South
mately 11%, Louisiana 20%, Arkansas 5%, Ten¬
and
nessee
Missouri
than
less
and
1%
Vir¬
1
ginia nil.
parations."
was
was
said that "this proposal was
Charles ^aurent, and
place suggested was the town of Wiesbaden."
the
The
correspondent declared that "the last thing the
French
gratifying to note in dispatches from Paris
It
made in Berlin to Ambassador
is any such
want
If
Simons.
It
suggestion made by the German Foreign
make with
Germans
the
meeting
have
as
any
proposed by
proposals
to
regard to reparations they should make
As a sign
fulfill the treaty terms,
pro-Moscow group did not prevail in
the French Labor Congress that was held last week they should, instead of proposing further conferences,
in the latter city.
Reference was made in the issue begin making preparations for fulfilling such financial
clauses and agreements as exist.
of the "Chronicle" of last Saturday to the proceedings
This action is the
at some of the earlier sessions.
The final meeting only proof of good will France will accept."
These
and Orleans that
finally the ideas and representatives
was
was
held
a
them
of
of the so-called
week ago
taken Leon
Before adjournment
yesterday.
Jouhaux, President of the General
Federation of Labor,
"obtained
a
declarations
any
vote of confidence
mixing in the affairs of the French Labor
Federation,
President
whether from Moscow
Jouhaux
was
said
to
or
have
elsewhere."
"completely
routed the faction which launched the last
strike, repudiating
to
bring about
any
May-Day
intention by the Federation
social revolution, all its efforts in¬
a
stead to be exerted for the attainement of economic
improvement."
York
"Times"
session,
A special correspondent of the New
a cabled
account of the closing
in
asserted
leaders have made
that
a
"the French Trade Union
vigorous counter-attack
Bolshevist Labor Congress.
cussion
was
the responsibility
strike of last spring,
failed, owing to the
Union chiefs."
said to represent French official
were
opinion.
Advices from
repudiating all attempt at dictation from the outside,
or
Reparations Commission.
the
to
good faith and intention to
upon
the
Rome early in the
week indicated
improvement in the industrial situation in
Italy.
In a dispatch from the Italian
distinct
most sections of
capital
week
a
to-day the assertion was made that
ago
gradually being restored in the Italian in¬
situation.
On all sides the works that were
"calm is
dustrial
occupied by the men are
being returned to the own¬
inspecting them, together with com¬
mittees of the men, and are finding on the whole that
the establishments have been left in good order, with
ers,
no
who
are
damage to the
machinery."
added that "excellent
One correspondent
proof, in the opinion of political
The subject under dis¬
circles, that the period of
for the abortive general
anxiety over the internal
situation is
which the extremists declare
lukewarm attitude of the Trade
Victor
passed, is found in the plans of King
Emmanuel and Premier Giolitti for the im¬
mediate future.
The departure of the
King for his
be followed
Premier for Bardonnecchia,
hunting lodge at San Rossore is soon to
by the departure of the
Oct.,9 1920.]
THE
■
in
Piedmont, for another week's.rest//
favorable
workers
development,
concerned,
was
far
so
I'
■
'
CHRONICLE
>
>
A distinctly
the attitude of the
as
the disposition of
was
part
a
of
>>.-
*
•-
1401
-
».
London received
a
report, through a news agency,
early in the week,, that "Baron Allotti has been named
as
Italian Ambassador to America."
It
was
>s
added
them, as in the French Labor Congress, not to
yield to the attempted dictations of the Moscow
that "the present
Ambassador, Baron Avezzana, is
said to have been
picked for
Bolshevists.
tion."
In
long cablegram Wednesday evening a special
of the New York "Evening
a
Paris
correspondent
old.
matic service since he
was
Post" discussed the decline of Bolshevism in France
and
in 1900.
a
connected with the Italian
Italy.
He asserted that "conditions in the two
chief Mediterranean countries
far
are
less
'red'
at
Later he served
to China, Albania,
ary
He added that
both
nomic
"by the conduct and votes of workers
countries
Bolshevism
as
has received
program
as
Latin Europe as it sustained as
time
the
gust."
Polish
armies
social and
a
severe
eco-
check
a
in
military force at the
a
last Au¬
counter-advanced
The Paris correspondent of the New York
"Herald," the 'following morning, declared that "if
Lenine
and
selves
which
they
are now
floundering, it will be because the
demoralization
Entente
Allies
French
of
the
finds
Soviets
the
joint policy
He also said that "since the
utterly lacking in
Russia."
any
recognition of Gen. Baron Peter Wrangel in
South Russia
there
has
been
no
rapprochement be¬
tween Great Britain and France
on
tion, and
complaining bitterly
the French
now
are
the Russian ques¬
Minister
Brussels, for the organization of
As noted at that
of
time, "it provides for the issuance
the
of
international
of
name
"International
Control and Issue."
"to furnish
a
commercial
Its
loans
or
other than
proposition
coup
de grace."
Milan
one
dispatch
directed to the
the
to
were
out
that
elections
tween
It
and
in progress
special
special
attention
was
being attached
was
provincial council elections
all
Italy.
over
significance
It
pointed
"was
utilizing its facilities."
certain
would
that
the
elections
the
end
will
to
be
not
November.
of
completed
Results
re¬
be
or
chiefly in southern Italy, Sicily and Sar¬
The reports
showed also that "the Catholic
People's Party obtained
a;
majority in 237 places,
declara¬
on a
It
was
explained further that
so-called
a
on
values
of
the
the
of
1913
peso
one
exchange—five francs,
and
so
conference
on."
At
Doctor
four
subsequent
a
Tore-Meulen,
a
worldAccording to its terms the question of
delegate from
credit
The issue would be based
corresponding to the American dollar, on
basis
session
system
monetary
This would be utilized in stabilizing
international exchanges.
the
communes,
a
would,
have value outside of the
issue
termed 'mono.'
shillings,
dinia."
money
permitted, except by the clearing house,
would
ceived from 1,011 communes showed that "Constitu¬
varying shade carried the day in 478
forms of
to
cease
of issue."
tionalists
of
It
"under this plan no further issues of paper money
which
given
was
date,
country
these
towards
seems
an
clearing house.
provinces, and involve
tion that all present
"since Italy stands at the cross-roads be¬
revolutionary and constitutional government."
until
re¬
the
those of
would have branches and sub-branches in the various
importance that
municipal
that
are
It provides for "the organization of
countries and their
In
objects
placed before the conference
was
associated bankers' international
ceiving the
it
gold bonds would be guaranteed by
unofficially.
re¬
gave
Financial
compensation and to balance
of the country
resources
Another
for
exchange between countries without
Institute.
the
Institute
He stated that its
medium for
credits
to
course
accounts."
commercial
Delacroix, in explaining this plan,
which
saving the Bolshevist oligarchy from
sort of
a
gold bonds exchangeable for cash at banks for the
that it is the British Government's uncertain attitude
is
Plenipotenti¬
international clearing house for commercial exchanges.
Premier
in
morass
as
week, at the International Financial Confer¬
in
ence
payment
present
regarding
of the
Trotzky succeed in extricating them¬
military and economic
was
A brief outline was
given in last week's issue of the
"Chronicle" of the plan, presented just at the close!
the
from
He
young man.
Embassy in Washington,
an^l Bulgaria.
the moment than at any other time since last May."
of
important posi¬
a more
It is learned that Baron Allotti is fifty years
The records show that he has been in the diplo-.
plan.
presented another
Holland,
including Venice, Padua, Verona, Vicenza, Trevigo
international
and
League of Nations which would appoint a central
Piacenza."
"the
and
Socialists
According
latest advices,
the
to
again, captured
Florence,
Bologna
Siena, also Reggio, Emilia, Modena,
Parma,
committee
credit
on
would
be handed
commercial credits.
Cremona, Ravenna, Pisa and 290 other municipali¬
ing, according to an Associated
Brussels, "unanimous agreement
ties."
has
The
correspondent .stated that
"the forth¬
been
reached
coming Town Council elections at Milan, which has
International
been under Socialist rule for
nouncement
fought out
on
the
who
to
subscribe
refuse
Russian
Bolshevist
Lenine."
The
other
exclusion
at
or
near
They did not
in
a
any
candidates
to
recent
promulgated
v.;;
.r.
some
those
,v
by
•/./
appear
from
to
to
time.
to be particularly menacing
gone
the
or
before with respect
general industrial situation.
statement
time
Associated
Premier Giolitti,
Press in
Rome,
"explained the significance of the settlement reached
between
the
owners
of
industrial
employees, and said that
tween
more
plants and their
cordial relations be¬
capital andpabor will exist in the future."
ther
Financial
was
Thursday
!
the
morn¬
Press dispatch from
on
recommendations
by ail four committers of
Conference."
made by President Ador.
that the
stated
would be
This
the;
'
an¬
He fur¬
proposals of the committees
presented either at the session of the
ference Thursday afternoon or on
The Brussels
political and labor disturb¬
centres
serious, in view of what had
to the
of
unreservedly
encyclical
to be
years, are
dispatches from Rome, Genoa, Naples and
points told of
ances
seven
to
over
con¬
Friday morning.*
correspondent of the New York "Even¬
ing Post" cabled Thursday afternoon that the Finan-*
cial
Conference resumed its sessions
day, "after
four
a
four days' recess."
committees,
finance
and
namely
commerce,
on
were
earlier in the.
The reports of the
credit,
exchange,
presented.
The
correspondent said also that "here in Brussels there
is not
the pessimism and discouragement concern¬
ing the value of the conference to the world which has -
beep, voiced in the French and British press during the;
last
fortnight.
The delegates of France and England
and all countries feel it has been well worth the while.".
Through
an
[Vol. 111.
CHRONICLE
THE
1402
Associated Press dispatch from Brus¬
announced
been
headquarters of the Polish
at the
morning it became known that "the
delegation that "the Russian Mission had accepted
International Financial Conference to-day I Thursday]
virtually as a whole the Polish peace draft, based
adopted unanimously the report on public finance,
which contains the results of the work of the past
and made
public at the beginning of the Riga Con¬
ference."
It
sels yesterday
by the conference."
two weeks
credit
house and
was
added that
toward the organization of
"a first step
national
It
system,
inter¬
clearing
an
international
an
permanent organism for collecting and
a
distributing information about the financial situation
different
the
of
countries
the
are
general
In
Conference."
the International Financial
of
tangible results
a
the resolutions adopted called upon
expenditures to receipts, to
way
"all countries to reduce
armaments
cut
and
settle
to
questions left over
froni the war."
The Russians and the Poles appear
nitely concluded
are
It
points framed by the Riga delegation,
made known further that "there
was
understood to be fifteen points
in the
ment "the Poles have defined
boundary, based on
a
not
It
yet written into the drafts by the secretariat."
added that "the boundary will cut
was
ania
dor between."
io the
begins
The
line,
virtually agreed upon,
as
east of Dvinsk, runs south through
headquarters in Riga Thursday that "military oper¬
ations between the Poles and
between
the
ceased."
The Paris correspondent
last
Attention
Monday.
nearly
expected to resume
drawn to the fact that
week had elapsed since the delegates last
a
It
met.
was
was
been
asserted that "the interval had
spent in bickerings and the exchange of frigidly po¬
lite
futile
The conference did
at
proceedings
its sessions on
resume
The advices then stated that "all
Monday evening.
the
the
recalling
letters,
Minsk."
off Lithu¬
entirely from Russia, granting Poland a corri¬
ond session
dispatches from Riga that the sec¬
of the main commission of the Polishwas
draft."
ethnographic lines, which have been accepted, but
made known in
Russian Peace Conference
new
declared that under the terms of the agree¬
was
^ Baranovitchi, Luniniets and Sarny, and practically
along the German line of 1915 to the Rumanian
to have defi¬ boundary." Announcement was made at the Polish
A week ago it was
armistice.
an
the eleven
on
"Herald"
France
"new
Poles
cabled
was
over
and
these latest
while
that,
are
foreseen arising
developments unless the Allies,
France
particularly
have
the cessation of hostilities,
perils and complications
out of
Bolsheviki
of the New York
morning
yesterday
pleased
Lithuanians, and also
Russian
and
England, can be
and
brought together in a common policy regarding East¬
Europe."
ern
vv
delegates and their staffs were present, but cor¬
counts said that "the Poles did not
lish peace
present the Po¬
draft, although Alexander Lados, Secre¬
tary of the Polish delegation, announced that it was
Instead they made a general declara¬
completed.
The situation in Ireland remains disturbed.
The ac¬
respondents were not allowed to attend."
Premier
mer
London
Asquith, in
For¬
communication to the
a
"Times," declared that he is "convinced that
the bestowal upon
Ireland of the status of an au¬
tonomous dominion in the fullest and widest sense,
tion, pointing out differences between the first Sov¬
is the
iet Moscow declaration and the second Soviet peace
lining his ideas further, Mr. Asquith said that "to
At that time it
draft."
Conference would fail.
feared that the Peace
was
On the other
hand, the Riga
only solution of the Irish problem."
accomplish this it is
honest and also
clared that
recent
Russia and Poland
seems
a
between
peace
question of only
a
few
The latest developments indicate that the dif¬
days.
to make the Irish
people believe that what is offered comes from an
correspondent of the New York "Evening Post" de¬
"signing of preliminary
necessary
In out¬
a
reliable source."
Referring to the
proposal of Viscount Grey for Ireland, Mr.
Asquith said that "I cannot bring myself to con¬
template,
even as a
counsel of ultimate despair, final
ferences between Russia and Poland do not involve
abandonment—as he
main
which
seems
to suggest,
of the trust
Reverting to
tails are being ironed out by Joffe and Dombski, his own plan, he asserted that "no British dominion
chairmen of the respective delegations, who are claims the right to a separate foreign policy of its
meeting daily." Apparently this correspondent had own, and the tendency is toward fuller co-operation
been correctly informed.
Only two days later came by the dominions in all external relations."
Con¬
advices from Riga stating that "the Presidents of the tinuing Mr. Asquith said that "no Irish Government
principles, but minor details, and these de¬
Polish and Russian
on
delegations have agreed to sign
Friday Jyesterdayl
armistice and preliminary
postponing disputable questions,
peace,
avoid
an
winter
a
campaign."
so
as
Riga Wednesday that the agreement actually
signed the day before.
In
to the New York "Times"
said
a
was
cablegram from London
Thursday morning it
was
that, according to advices received there by the
British
Government, "the terms agreed to, it is
derstood,
are
the terms offered by the Poles.
chief
provisions of the agreement include
that
the
Bolsheviki
in Poland
It
to
Warsaw heard from
was
and
shall
desist
restore Polish
added that
"Russia, of
from
a
un¬
The
demand
propaganda
national treasures."
course,
is to recognize
fully the independence and sovereignty of Poland."
According to the British Government advices also,
"the
question of East Galicia will be settled be¬
tween the Allies and Poland.
doned their demand with
Other
The Russians aban¬
regard to East Galicia."
cablegrams direct from Riga said that it had
history has imposed upon us."
could be
of
so
insane
resources
prise
as
as
to mortgage
for such
a
its scanty margin
fruitless and costly enter¬
the creation of an Irish navy, nor is it read¬
ily conceivable that it would seek to deny—what it
could
never
effectively prevent—free access to Irish
ports and harbors, of vessels of the Imperial Navy.
Further,
no
grant of autonomy could be regarded as
complete which did not include the right to raise
and maintain for purposes
quate
of local defense an ade¬
Finally, Mr. Asquith as¬
independence is a necessary inci¬
military force."
serted that "fiscal
dent to dominion rule."
Later advices from London
stated that "former Premier
grant to Ireland
has stirred
an
Asquith's proposals to
unconditional dominion status
political circles here deeply."
were made in cablegrams from Lon¬
Predictions
don
will
Thursday morning that "Premier Lloyd George
renew
his declaration of an Irish policy in
Wales at the end of this week."
added "from what is
One correspondent
known, it can be said for the
Oct. 9
1920.]
THE
present at least there will be
basis
change from the
no
which he has built his Irish program
upon
throughout the last session of Parliament."
the
came
titled
morning that
same
"The
a
Word
magazine,
new
en¬
during the day.
appear
the
and the
It contained
League of Nations.
Regarding the latter, he
asserted that "we shall not have
of Nations until all the nations
/have America within the
If she
America will
only
tion
had been
mier
come
a
League.
she is
now
I believe, too, that
in after the Presidential election.
happen the League of Na¬
effective instrument.
an
League of the Allies."
At pres¬
Regarding
far
worse
if
Dominion
con¬
Home
Rule
Regarding Pre¬
"I asked Mr. As-
quith in the House of Commons to tell
It is all
question.
very
opposition to play with those terms.
They
They
can
an
talk
Rule, but I have to put all of
things into the clauses of
give Ireland,
trol of her
own
wise their
as
proposal
Rule in
the
a
bill.
Do they in¬
it stands at present, full
military and naval affairs?
sense
ceases
con¬
Other¬
to be Dominion Home
in which that phrase is accepted
throughout the empire.
The term becomes
form of
a
on
"Daily Mail" of London published
Thursday in which it
Peace
Total
£
£
£
82,249,306
19,524,000
1,107,884.000
639,597,060
66.375,768
exports——133,204,000
Excess of imports...
The British
245,183,000
527,010,397
Treasury statement of national financ-
for the five days ending Sept. 30, showed that
ng
exceeded
outgo
the
income
£127,000.
by
Ex¬
penditures for the five day period amounted to £38,-
The total of receipts from all sources was £95,866,000*
of
which
tificates
of
Council,
was
an
article
claimed that "the Irish
sales
credits!
standing
pares
light,
were
brought
£23.393,000, savings
£62,000.
in
Foreign
bills
Treasury
out¬
with £1,094,024,000 in the preceding statement.
floating debt aggregates £1,281,808,000.
Last week it stood at
398,000
at
Treasury
£75,000.
only
cer¬
Sales
amount to £1,138,794,000 which com¬
now
The total
£1,212,973,000 and £1,244,-
The Exchequer balance stands
a year ago.
£3,618,000,
total of
which
£3,745,000.
with the previous*
compares
As the above is only for five
days, comparisons with the regular weekly returns
would be of
value.
no
Returns of Government
which ended with
an
increase of
,
receipts for the half
year
Sept. 30 show that there has been
£160,300,000, to £619,229,000, which
includes £115,367,000 derived from the sale of
stocks.
£37,621,000,
of
gain of £16,818,000, but
a
although
customs
£4,046,000 to £67,834,000.
receipts reached a total of £126,335,000
reduced
were
Income tax
excess
profits taxes
£20,487,000 lower than in the
£109,400,000,
were
war
Receipts for excise taxes total £88,846,000,
expansion
an
receipts
/
corresponding period of the previous year.
Revenue
body of moderates from all parts of
a
totaled
revenue
£600,000 and advances £1,000,000.
Treasury bills amounted to £70,636,000.
bond
or
deception."
The
£
—
speak at large about self-determination
can
tend to
for
well
I have to talk in acts of Parliament.
and Dominion Home
these
what he
me
by Dominion Home Rule and he refused to
my
1920—9 Months—1919.
1920—September—-1919.
V;
Imports
——152.729,000 148.625,074 1,353,068,000 1,166,607,457
British exports——.119,554,000
66,500,395
943,777.000
541,344,352
Re-exports
13,350,000
15,748,911
164,709,000
98,252,708
bills, advances and other items repaid, £95,993,000.
he
phrases.
compared with the corresponding periods of 1919:
gives proof of good faith, Germany will
granted than it is now."
reply to
of the trade figures
September and the first nine months of 1920,
654,000 with the total outflow, including Treasury
Ireland, he Prime Minister said:
in
in
come
Asquith's plan for that kind of Government for
meant
imports of £46,851,000. The
a summary
League
Ireland, the Premier said that "the situa¬
would
of
excess
on
tions will become
ditions in
for
You must
League of Nations and also
those two events
ent it is
in.
that she will respect her treaty obli¬
be welcomed within the
When
come
I believe that she will, but
gations.
trial.
effective
an
Germany should be allowed to
she proves
once
interview
an
Premier, in which he dealt 'with Ireland
Germany.
decrease in the
following table gives
Lloyd George Liberal Magazine," had
been started in London and that the first issue would
with
1403
CHRONICLE
the
for
quarter
ending
Sept. 30
was
although they desire complete separation of Ireland
Expenditures
for the half-year period amounted to £541,671,000
a decline of £198,672,000.
In the September quarter
there was a reduction of the floating debt of £30,-
from
297,000.
Ireland, has just completed
Home Rule in Ireland."
According to this
newspa¬
"leaders of the Sinn Fein have intimated that,
per,
ure
plan for Dominion
a
England, they would not
oppose a
of dominion home rule if it
can
Peace Conference is
terview with Premier
its Home Rule
tle issued
a
meas¬
A delegation
seeking
an
in¬
Lloyd George with respect to
proposal.
gain of £31,110,000.
a
be proved a ma¬
jority of the Irish people demand it."
from the Irish
broad
£304,313,000
On Thursday Dublin Cas¬
statement, showing that the Irish "of¬
fenses from Jan. 1 to Oct. 2 of this year
included
Official discount rates at leading European centres
quoted at 5% in Berlin, Vienna, Spain
and Switzerland; blA% in Belgium; 6% in Paris and
Rome; 7% in London and Norway; 7%% in Sweden
and 4J^% in Holland.
In London the private bank
continue to be
rate
was
easier and sixty and ninety day bills are now
a
quoted at 6J^@6%%, as against 6%@6J4% last
week.
Money on call in London is also lower,
special cablegram from Dublin to the New York
having declined to 4%%, in comparison with 5J^%,
"Times"
the
the
killing of 109 policemen, the destruction of 63
court houses and 504
cause
constabulary barracks." In
yesterday morning it
of the port
was
claimed that, be¬
strike, "the export and import trade
No reports, so far as we
ascertain, have been received by
previous quotation.
have been able to
of
is practically at
a
standstill
as
far
open
market discounts at other centres.
The Bank of
of the country
as
England reports another gain in gold,
cable
Dublin is concerned."
The statement of the British Board of Trade for
amounting to £80,739, although the total
was
products of £53,353,000, as compared with the same
in
month
statement
last year,
£2,398,000.
and
ports of £50,955,000.
over
a
decrease in re-exports of
This gave a net increase in total
Imports increased £4,104,000
The final result was a
September of last year.
ex¬
reserve
reduced £232,000 in consequence of an expansion
September discloses an increase in exports of British
note
circulation of £313,000.
was
A feature of the
the heavy expansion in deposits which
further contraction in the proportion
This compares
brought about
a
of
liabilities to 8.87%.
reserve
with
to
11.07% last week, 15)4%
a year ago
and 8>49%
on
[Vol. 111.
CHRONICLE
THE
1404
After
July 2nd,[thejlowest figure for the current year.
intervaFof two weeks the Imperial Bank
an
highestrpercentage thus far in 1920 was 23.49% of Germany has issued a statement as of Sept. 23,
the week ending with March 18.
This showing showing an increase in coin and bullion of 418,000
The
for
is
undoubtedly incidental to the quarterly settlements
and will in due
be speedily remedied by the
course
their normal channels.
return of funds to
the increase totaled
deposits
deposits, however, expanded
securities
Government
while
no
In public
£5,110,000.-T Other
less than £23,735,000
increased
were
£41,-
marks, of gold 1,000 marks and Treasury certificates
Notes of other banks expanded
131,052,000 marks.
432,000 marks; investments gained 9,360,000 marks
In note circulation
and securities 92,771,000 marks,
an
increase of-335,767,000 marks was
liabilities
recorded, while
As
augmented 91,951,000 marks.
were
securities), declined £13,- has so often been the case in recent months bills
294,000.
Threadneedle Street's stock of gold on discounted were heavily reduced, viz., 2,786,316,000
hand stands at £123,195,454.
A year ago it was marks, while deposits declined 2,989,503,000 marks.
in
and
£88,126,694
total
(other
Loans
901,000.
£13,841,000
as
the
£28,762,971
and £62,796,035 one
Circulation is
before.
year
which
£127,803,000,
Reserves
£73,109,006.
1918
against £22,170,904 in 1919 and
with
compares
For loans the amount is
years ago,
Saturday's bank statement of New York associated
members made
and in 1918 £95,511,344.
serves
year
tinues to be quoted at
banks
London
for
which compares with
£590,430,000 last
of
ment
week
£694,924,000
week
a
We append
year.
£883,379,000,
were
and
ago
tabular state¬
a
comparisons of the different items of the
Bank of
OF ENGLAND'S
Oct.
Oct.
8.
Oct.
6.
9.
1916.
Oct. 11.
£
£
£
£
£
1917.
Oct. 10.
1918.
1919.
1920.
/
COMPARATIVE STATEMENT.
127,803,000
84,405,790
62,796,035
41,678,315
21,249,000
Circulation..
23,151,037
28,327,818
42,186,150
Public deposits
134,763,000 120,331,701
deposits
36,8.54,070
55,135,356
137,585,970 119.625,251 109,360,502
42,188,051
Governm't securities 63,789,000
57,231,013
59,243,045
58,271,720
Other
81,707,450
95,511,344
88,944,306 102,773,484
securities....
96,019,000
Reserve notes & coin
13,841,000
22,170,904
28,762,971
32,260,444
37,292,359
bullion...123,195,454
88,126,694
73,109,006
55,488,759
55,696,429
8.87%
15.50%
17.30%
19.90%
7%
5%
5%
5%
Coin and
Proportion oi reserve
«
to liabilities
Bank rate
The Bank of
to the
France, according to
"Chronicle/' reports
in its stock of
abroad
Total
special cable
The Bank's holdings
slight decrease, namely 10,100
gold holdings
107,700 francs,
held abroad.
a
6%
gain of 1,568,000 francs
gold in vault.
registered
francs.
a
a
22.67%
'/
now
aggregate 5,481,-
Last year at
are
this time the amount
was
5,574,475,216 francs, including 1,978,278,416 francs
held
abroad, and in 1918
was
5,439,270,588 francs,
During
including 2,037,108,484 francs held abroad.
the week silver
gained 147,000 francs, bills discounted
37,277,000 francs and advances
rose
were
bank of $35,002,000, from
deposits
decrease
deposits
eral
to
reduced 10,317,000 francs, while
was
further
gen¬
Note circu¬
deposits fell off 94,919,000 francs.
lation
000
were
expanded to the extent of 359,378,-
francs, which brings the amount outstanding
39,567,321,370 francs.
726,249,370 francs last
This
year
in 1918.
30,539,744,175 francs
compares
with 36,-
at this time and with
On July 30 1914,
the amount
just prior to the outbreak of
war,
only
Comparisons
6,683,184,785
francs.
various items in this week's return with the
last week and
are
of
was
the
figures of
that
reserve
Net demand
only slightly changed, recording a
$155,000, but net time deposits were
of
Government
$8,510,000, to $283,834,000.
Loans in¬
vaults of members
$15,328,000 less than the week before.
Cash in
own
of the Federal Reserve Bank fell
628,000
(not counted
as
$5,253,000, to $83,-
reserve), and
State banks and trust
companies, held in
declined $194,000, to
$8,220,000.
reserves
of
vaults,
own
Reserves in other
depositories of State banks and trust companies ex¬
panded
reserve
$448,000,
held
The aggregate
$9,018,000.
to
showed
likewise
heavy falling off,
a
namely $34,748,000, bringing that account to $539,-,
237,000, while surplus lost, in round numbers, $34,-
This, besides wiping out last week's surplus
545,100.
left
$23,501,260,
deficit of $11,043,850, the
a
week of the current year. The
above figures for surplus are on the basis of 13%
reserves above legal requirements for member banks
of the Federal Reserve system, but do not include
largest deficit for
in
cash
amounting to $83,628,000 held by
vaults
these banks
any
Bank statement there
the ratio of cash reserve,
normal in
In the Federal Re¬
Saturday last.
on
was a
but this
decline of 2.6% in
was
view of the rise of the
looked
upon as
preceding week,
especially since it left the ratio at 41.1, or above the
for the current year..
There
was a
fall of
$46,789,000 in the gold reserves, but the most un¬
favorable feature was an increase in the Federal
Reserve
notes
in
circulation
of
over
$10,000,000.
The volume of bills held under discount was increased
from
$941,842,000 to $970,594,000, but this followed
entirely from the fact that the bank discounted $19,002,575 bills for the other Reserve banks.
corresponding dates in 1919 and 1918
While Stock
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status
Changes
as
Oct. 7 1920.
Oct. 9 1919.
Francs.
Francs.
Francs.
Francs.
1,568,000
3.532,740,650
3,596,196,800
3,402,162,103
10,100
1,948,367,050
1,978,278,416
2,037,108,484
In France
Inc.
Abroad
Dec.
Exchange houses did not report
special difficulty in securing loans of call
of
for Week.
Gold Holdings—
Oct.
10
1918.
the
quoted rates, the
those very
more
as
easy as
any
money at
conservative realized that
quotations indicated that the
ation is not
money
might be desired.
It
situ¬
may
be
Inc.
1,557,900
5,481,107,700
5,574,475,216
5,439,270,588
Inc.
Total.....
Sliver
147,000
256,453,495
290,602,883
320,054,375
said, generally speaking, that the rates for call loans
were
Bills discounted..-Inc.
37,277,000
2,330,4^3,298
928,666,958
867,982,999
Inc.
89,977,000
2,092,373,000
1,320,016,725
854,139,418
Advances—
Note
seem
their
follows:
as
.
upon
were
creased $24,765,000.
average
up
re¬
deposits to the extent of $159,786,000, which should
be added to the above total of demand deposits, are
augmented
On the other hand, Treasury
which it would
drawing
deposits for remittances to the interior.
serve
by 89,977,000 francs.
deficit in surplus,
a
reduction in the
a
of member banks with the Federal Reserve
member banks had been
of
1,948,367,050 francs
of which
showing and for the first time
poor
July 31 recorded
brought about by
was
reduced
England return:
BANK
Other
Clearings through the
7%.
the
a
since the week of
The official minimum discount rate of the Bank con¬
£81,707,450 last
given at 1,091,584,000 marks.
are
now
which
with
The Bank's
9,502,000 marks larger.
are
gold holdings
£84,405,790
respectively.
£96,019,000, in comparison
and two
Advances
circulation--Inc.
359,378,000 39,567,321,370 36,726.249,370 30,539,744,175
Treasury deposlts.Dec.
10,317,000
45,600,000
56,711,927
97,402,799
General deposits..Dec.
94,919,000
3,156,484,894
2,762,460,785
2,899,424,075
7% in the forenoon and 8% in the afternoon.
Yesterday there
renewals having
tion
of
7)^%.
was
the unusual development of
been made at the fractional quota¬
The stock market
was
active all
>
Oct. 9
largely
professional at times, probably involved the borrow¬
ing of considerable money. The bond market was
week, and, although spoken of as being quite
tremendously active and represented the turnover
millions of dollars.
of many
There
was an
active
demand also for established securities sold over
For
the bankers.
Trunk Ry.
new
oversubscribed within a few
expected that the railroads pretty gen¬
bonds
It is
hours.
the
issues offered by
instance, the $25,000,000 Grand
likewise for the
counter, and
were
erally will take advantage of the present investment
market and sell to their bankers bonds and notes,
im¬
provement and other programs.
The ruling of the
Comptroller of the United States Treasury that he
the
the
make further advances to the
extended
the
of
account
railroads
principal buyers.
Banks' and bankers' acceptances were
guarantee
Government
said to have been in the market this
transactions
Loans
remain
follows:
as
6H@6
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
8
There have been
of rates
possi¬
ble before starting the new period on Sept. 1, with¬
out
the Government guarantee.
They had de¬
pended
It is
upon
as
far
as
the balance of the guarantee money.
expected that imperative financing on the part
of both
have
large and small industrial companies that
out
come
of supposedly great
of the period
prosperity, embracing the last four or five years,
with
but with
large and high priced inventories,
relatively small amounts of cash, will be a factor in
the
general
money
market.
bid
IN
"
bills
90
days
banks'
maturing
(including
accep¬
secured by—
notes)
Bank of—
Liberty
Treasury
certifi¬
cates
live-stock
tances
disc'ted
Other¬
for
secured
member
within
91 to 180
banks
90 days
days
of
Victory
and
notes
unsecured
0
0
7
7
5MT
534
0
0
te
5%
5X
5H
0
0
0
0
0
8
5X
5H
0
0
0
0
7
7
5H
5H
6
0
0
0
034
0
5H
;
t6
...
.
Richmond
Atlanta....
Chicago....
t6
*5H
St. Louis
5H
Minneapolis..
Kansas City
Francisco...
0
0
0
0
t0
on paper
7
0
5M
to
t6
Dallas..
0
0
0
secured by 534 % certificates, and 6% on paper
certificates.
5%
7
7
0
Boston
New York
5H%
paper
maturing maturing
wise
and
edness
and
tural and
accep¬
bonds
indebt¬
*
Trade
tances
lateral
San
Agricul¬
15-day col¬ Bankers'
Federal Reserve
Philadelphia
;
BANKS
RESERVE
FEDERAL
OCTOBER 8. 1920.
EFFECT
within
secured by 4% %
.
Interest rate borne by certificates pledged as
minimum of 5% in the case of Philadelphia, Atlanta, Kansas City
t Discount rate corresponds with
collateral with
and
Dallas
5)4%
and
the
in
case
of Cleveland,
Richmond, Chicago and San
Francisco.
Note.—Rates shown for Atlanta, St.
rates,
Louis, Kansas City and Dallas are
normal
lines fixed for each member bank
Federal Reserve Bank.
Rates on discounts in excess of the basic line are
to a .34% progressive increase for each 25% by which the amount of accom¬
applying to discounts not in excess of basic
by. the
>
banks:
THE
OF
Discounted
Cleveland
Federal
schedule
The following is the
:-0:-rv;
RATES
seem
their old accounts
bid
8
8
in effect for the various classes of paper
now
several
that they made in their August statements
in order to clear up
7
@7)4
@7M
changes this week in
no
I
natural to
assume that, unless the ruling is changed, some of
the railroads will be required to borrow money with
which to pay the heavy charges against operating
expenses
@7H
8
member
would
W bid
6K@0X
6^@6 H
important and puzzling points in accounting could
not be decided in time.
Its claims are said to in¬
It
within
30 Days.
Days.
Days.
Days.
DISCOUNT
$50,000,000.
Delivery
-Spot Delivery—
Sixty
Thirty
Ninety
V—:'v:
v...,
at the different Reserve
volve
acceptances
Quotations in detail
5%%.
get the greater part of their money before that date.
It is understood that one of the largest systems
put in its claims, simply because
previously cur¬
demand for bankers'
on
heretofore at
as
week, though
The undertone
time large.
no
firm with rates still at the levels
was
rent.
are
at
were
Reserve bank rates.
not
showed
falling off with the tightening in money at the
close.
Both local and out-of-town institutions are
a
Sept. l is likely to cause
considerable embarrassment to roads that did not
did
fairly active
opening days of the week, but trading
in the
on
claims filed subsequent to
on
still
Country banks are
is said to be brisk.
names
proceeds of which are needed to carry out
cannot
1405
CHRONICLE
THE
1920.]
subject
modation extended
exceeds the basic line.
v,
Dealing with specific rates for money, loans on
sterling
have been
except Friday—that is,
on
Monday, Tuesday, fairly well maintained and during the latter half of
Wednesday and Thursday—call rates have been the week at least, thp tendency was toward slightly
quoted at 8% high, 7% low and renewals at 7%.
On higher levels. For a time trading was exceptionally
Friday 8%.was still.the maximum, but renewals quiet, so much so that the market was little better
call have
ranged between 7 and 8%, which compares
with 7@9% a week ago.
were
negotiated
be
to
on
lowest
the
On
day of the week
every
the basis of 7%%, and this proved
for
the
day.
The above figures
irregularity has marked dealings in
Some
exchange, although taken as a whole rates
This
than nominal.
was
partly due to lighter offer¬
ings and the continued hesitancy of dealers to operate
unsettled conditions, and rates ran off
apply to both mixed collateral and all-industrial loans
under present
alike.
fractionally to 3 47% for demand.
due
Funds .on call were in
rather lighter supply,
mainly to somewhat extensive Government with¬
In time money
drawals from the banks.
tion remains without essential change.
new
money
is reported
as
coming
on
the bulk of the business is confined
als, with
no
the market and
mainly to
renew¬
There is, how¬
important loans noted.
better demand for short maturities and rates
ever., a
are now
7%%. for sixty days, 8% for ninety days and
four months and
on
the situa¬
Very little
7%% for five and six months'
money
regular mixed collateral, against 7%@8% for all
periods last week.
All-industrial
money
is quoted at
8% for sixty and ninety days and 7%% for all the
longer maturities, against 8@834%
Mercantile paper rates
a
week
ago.
have not been changed from
8% for sixty and ninety days' endorsed bills receiv¬
able and six months'
names
not
turnover
so
is
names
well known at
of choice character, with
8@8%%.
A moderate
reported and the inquiry for the best
there
ever,
was
marked up
were
what
Tuesday, how¬
pronounced recovery and prices
nearly 3 cents, to 3 50%,. largely on
a
appeared to be covering by speculative shorts.
higher quotations, which, as usual,
Later London sent
had
a
strengthening effect
ther advance to 3
51%
was
on
prices here, and a fur¬
Subsequently,
recorded.
selling of commercial bills was resumed on a broad
scale, and this induced a reaction to 3 49%, although
the close
was
at 3
50%.
The week's events in British labor circles were re¬
garded
decision
as
encouraging, though, of
as
determined by the re-ballot among
week; while to all
restored in
course,
appearances
coal miners next
calm is gradually being
the Italian industrial situation.
developments, however, beyond creating
sentimental
upon
the final
to the declaration of a strike is still to be
influence, failed to exercise
actual market levels.
a
These
favorable
any
effect
1406
CHRONICLE
THE
Referring to quotations in greater detail, sterling
exchange
Saturday
on
declined to 3
was
easier and demand bills
48%@3 48%, cable transfers to 3 48%
@3 49% and sixty days to 3 44@3 44%.
day trading
the market
ceded
quiet,
was
at
was
3
44% for sixty days.
for
cable
There
was
3 43%@
sharp upturn
a
French .Government
American
said to have asked the
to
remit
property.
war
This
quently learned,
though
that the United
reason
are
its
on
purchase of
it
rumor,
subse¬
was
officially confirmed,
not
gained color from the announcement that France is
disposing of large portions of this property to Ameri¬
can
dealers and
applying the proceeds towards liqui¬
dating its debt.
Berlin marks opened steady, but
sagged off and lost
by speculative interests and the demand rate
ever,
in sympathy with the break in other Continental
3
to
on
48%@3 50%,
49%@3 51% for
sixty
Wednesday's market
further
advanced
46%
for
active
sixty
and
cable transfers
and
business
in
rather
was
somewhat
freer
by
an
on narrow
trading.
On Fri¬
quiet and firm, and the
was
sixty
and
range
to 3 50%@3 51%for demand, 3 51@
up
52% for cable transfers and
sixty days.
supply.
featured
were
more
that demand declined to 3 49%
so
clining to
francs,
Closing quotations
3 46%@3 48%
were
for
3 46% for sixty
6 points, mainly, how¬
some
Austrian exchange also lost ground, de¬
exchanges.
3 45%@
days to 3 45%@3 46%
day the market
were
demand,
cable transfers to 3 50%@3 51
fractionally
to
for
Thursday
on
transfers
3 44%@3 46%.
to
49%@3 51
days;
undertone,
@3 50,
3
offerings
Transactions
cable
day$
firm and quotations
was
to
3J>0%@3 51% for
3
and
authorities
later
recovered
easier
transfers
depreciation in francs, for the
States Treasury
covering of short commit¬
Tuesday, mainly
ments
3
re¬
fractionally to 3 47%@3 48% for demand bills,
48%@3 49%
3
that at intervals
so
standstill, and rates again
a
3
on
much
so
On Mon¬
[Vol. 111.
a new
low of 00.35 for demand.
usual, followed the
as
change.
A
ex¬
•
*
good deal of curiosity has been expressed of late
regarding the arrival of
from Russia
but it
shipment of $339,636 gold
a
consigned to the Federal Reserve Board,
develops that this represents payment for
now
transaction with the United
a
Belgian
of French
course
States War Depart¬
ment connected with the sale of locomotives after the
armistice to the Government of Esthonia.
tion of the
fers of
The
ac¬
Japanese Government in stopping trans¬
specie from the United States to Japan aroused
only perfunctory interest, since it applies only to
Government credits and does not affect
private gold
days, 3 50% for demand and 3 51% for cable trans¬
shipments for account of Japanese business.
fers.
explained by the American commercial attache in
Commercial
sight
bills
finished
at
3 49%,
sixty days at 3 45, ninety days at 3 42%, and sevenday grain bills at 3 48%.
Cotton and grain for
closed
payment
week
and
comprised
Gold
$10,000,000
approximately
Liner
3 49%.
at
Olympic.
$9,500,000
on
on
arrivals
the
the
this
Imperator
White Star
Of this about $18,000,000 is
marked for the Federal Reserve Bank,
ear¬
being another
consignment of the metal which has been carried
as
Tokio that with the decline in
for the
to maintain the large
which had
been
abroad
reserved
financing of such importations.
late in the week of
ment
imports into Japan it is
necessary
of funds
balances
Announce¬
the formal signing of an
armistice preliminary to peace by Russian and Polish
delegates at Riga
than
more
by the Federal Reserve banks in the Bank of
reserve
longer deemed
no
It is
was
well received, but had little
passing influence
a
on
The official London check rate
market sentiment.
on
Paris closed at
England, while $1,375,000 is for Kuhn, Loeb & Co.,
and represents gold bought in the London
open
52.55,
market.
14.97, against 14.82; cable transfers at 14.95, against
Up to date the total of these imports -is
estimated at $44,000,000.
the
precious metal,1
$2,050,000
on
now
the
Additional shipments of
on
their way here include
Aquitania and
$3,200,000
on
the Adriatic.
which
New York
with 51.81 last week.
compares
sight bills
In
the French centre finished at
on
14.80; commercial sight at 15.01, against 14.86, and
commercial
sixty days at 15.08, against 15.03
Final quotations for Belgian francs
ago.
for checks and 14.22 for cable
a
were
transfers, which
week
14.24
com¬
with 14.16 and 14.14 last week.
Reiehsmarks
closed at 1.57 for checks and 1.59 for cable transfers,
pares
In
the
feature of
Continental
an
exchanges
the
outstanding
otherwise quiet and uneventful week
was
the sensational collapse of Italian lire, which once
turned weak and broke to 26.02 for
more
loss of
no
checks,
a
less than 206 points from last week's close,
as
against 1.61% and 1.63
kronen finished at
cable
Italian lire closed the week at 24.66 for
bankers'
February.
A week ago
So far
for this
of bills
as
could be learned, the principal
weaknessjwas the
offering in the face of
enormous
a
oversupply
restricted demand.
sight bills and 24.64 for cable remittances.
the close
Bucharest at
against 42, and
week.
as a
able flood of Italian bills
all this
selling, of
course,
forthcoming.
seller of
a verit¬
Underlying
is^the uncertainty felt
over
the Italian labor situation, which while greatly im¬
proved
still
close
so
far
as
surface indications
are
admittedly extremely unsettled.
a
partial
recovery was
this class of remittances
recent
the close, against 10.20
Developments in neutral exchange
heavy, at
irregularly, but changes in
less erratic than in the
was
14.89.
pressure
Friday of the preceding week.
still
quarters talk is heard of further substantial
on
again under
Ioav point, 10.10 for checks
Toward the
past, the lowest point touched being 15.03 for
some
was
changes in rates unimportant.
sight bills, while the highest for the week
In
a new
and 10.07 for cable transfers,
10.30
on
Finland at 2.80, against 2.80 last
and
noted, brought about for
were
on
exchange
again broke to
and
1.31%, against 1.33;
concerned, is
the most part by short covering based on the assump¬
tion that the decline had been somewhat overdone.
French exchange moved
and
Greek
Exchange
23.96 and 23.94.
1.91, against 1.93; on Poland at 38,
temporarily
lire_exchange, there seemed for_a_while to be
was
onCzecho-Slovakiafinished at
Notwithstanding the fact that the Italian Institute
withdrewJrom thejnarket
Austrian
week earlier.
transfers, against 00.43 and 00.44 the week
previous.
and not far from the extreme low
point touched last
cause
a
00.35% for checks and 00.36% for
near
or
the low
were
colorless,
Swiss francs
levels previously
are
es¬
tablished^ while Scandinavian rates continue to rule
weak.
Guilders were a shade firmer, though losing
ground slightly at the close, and pesetas were main¬
tained
until
at
a
small
fraction under last
Friday, when there
Bankers'
sight
on
was a
week's close,
fractional advance.
Amsterdam closed at 30 15-16,
against 31; cable transfers, 31 1-16, against 31%;
mercial
com¬
sight, 30%, against 30 15-16, and sixty days
*
i
Oct. 9
30J/2,
1920.]
against
THE
30 9-16
week
a
finished at 6 25 for bankers'
cable
transfers, which
in the week
13.88
at
for
checks
13.95
against 13.90 and 14.00.
19.90, while checks
the week
for
Checks
at 15.85 and 19.95 for cable
and
with 6 24 and 6 22
Copenhagen checks closec
and
and cable transfers
francs
sight bills and 6 23 for
compares
preceding.
Swiss
ago.
CHRONICLE
on
on
cable
transfers
to 14.57
such
and
14.68.
With
Last week the close
was
Argentina
is
36.25
now
and
cable
transfers
episode
has
been
entire
characterized
by
confusing incidents, by such sudden and fre¬
in despair.
up
still be premature to
may
termination
of
con¬
of the outside commentators had
many
the
fighting.
assume
a
definite
The Soviet dictators
record as
avowing their general purpose of
respecting international agreements made by
them, in case it suits their convenience to repudiate
such pledges.
Indeed, the Machiavelian cynicism
on
not
quotations in¬
creased weakness has been noted and the check rate
for
month,
a
be conjectured that the
may
already given the matter
are
;
regard to South American
than
more
As for the editorial
quent reversal of the apparent status of the
It
14.66
prolonged for
now
it
flict, that
but rallied and finished at 14.68 for checks and 14.70
for cable transfers.
obscure than the casual
more
themselves in progress.
comment,
transfers, against 19.80
Norway closed at 13.95
Spanish pesetas declined
negotiations,
Russo-Polish
14.05, against 14.30 and 14.40
previous.
ing could have been
information received by the outside world while the
were
Sweden finishec
1407
36.37^, against 36.60 and 36.72, while for Brazil the
of Lenine and his confederates in their
rate for checks is 17.50 and cable remittances
purposes
17.62}^,
against 17.62^ and 17.75 the week before.
exchange again broke severely and after
low
a
tude
Chilian
decline to
as
10, rallied and finished at 16, against 17 1-16
as
last week.
Peru is
Far Eastern
exchange is
follows:
as
ever
in the recent
of
against 105@106; Yokohama, 51K>@51%, against
51@51J4; Manila,i;.46J^@47 (unchanged); Singa¬
itself took
pore, 43H>@43%, against 42%@43%; Bombay, 30(5
31M, against 33J^@343^, and Calcutta 30}^@30%
against 33%@34%.
gies and
New
York
Clearing House banks, in their
operations with interior banking institutions, have
gained $7,653,000 net in cash as a result of the cur¬
for the week ending Oct. 8. Their
receipts from the interior have aggregated $11,389,rency movements
so
long
of the German Gov¬
the
same
the declaration
was
irresponsible pamphleteers
1914, and when the Government
ground
on
invading Belgium,
made with
profuse official apolo¬
the plea of critical necessity.
on
will be
some
other
complicating facts in
present case, such as the continuing presence
of restless Russian soldiers
The
binding, except
confined to
was
733^@74, against 75J^@76; Shanghai, 100@100}^,
the
not
purposes
like Bernhardi until
There
Germany, the public avowal of
were
they served the
ernment
Hong Kong,
case
belief that treaties
as
5.00, against 5.02.
now
profession of
in such matters quite surpasses any atti¬
taken by a responsible Government.
Even
and,
vik
near
the Polish border
the other hand, the continuing anti-Bolshe¬
on
campaign of General Wrangel.
present, at
the
But for the
rate, the important facts
any
are
that
Soviet armies have been defeated and that the
Soviet Government has realized that its own
posi¬
000, while the shipments have reached $3,736,000.
tion may be seriously jeopardized if it allows these
Adding the Sub-Treasury and Federal Reserve op
erations and the gold imports, which together occa¬
two campaigns to continue
simultaneously. Petrosioned a loss of $56,310,000, the combined result of
grad has relinquished its preposterous ultimatum,
the flow of money into and out of the New York
'made when the Polish armies were retreating, for
banks for the wreek appears to have been a loss of
the organization in Poland of a
"workingmen's
$,657,000, as follows:
militia," through which Bolshevist conspiracies
Week ending Oct. 8.
Into
Banks' interior movement
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
$11,389,000
Sub-Treasury and Fed. Reserve
erations and gold Imports
$3,736,000 Gain
92,693,000 Loss
36,383,000
$47,772,000
the
Oct. 9 1919.
Total.
Gold.
Silver.
Total..
£
England
10,240, 000
Aus-Hun._
10,944,000
2,369, 000
Spain
98,107,000
Italy
32,229,000
2,998, 000
Netherl'de
53,029,000
1,449, 000
Nat. Bel..
10,660,000
Switz'land
21,617,000
1,087, 000
3,780, 000
Sweden
14,614,000
France
a.
Germany
.
£
123 ,195,454
123,195,454
141,309,626
54,579,050
331, 500
88,126,694
151 ,549,626 143,847,871
54 ,910,550
13
,313,000
23,774, 000 121 ,881,000
35 ,227,000
54 ,478,000
54,799,150
11,315,000
96,408,000
32,200,000
a
preliminary terms of
88 ,126,694
11,600 '.000 155 ,447,871
973 ,300
55 .772,450
2,359 ,000! 13 ,674,000
25,620 .000 122 .028,000
are
ending of the conflict, the real question
both of Russia and of the border States to the west
of
Russia, will be affected.
relinquishment, for
a
It ought to mean the
considerable time at
,184,000
,066.000
10.641,000
25 ,397,000
14 ,614,000
1,157 ,000
2,517 ,000
,798,000
,370,000
smaller States of Central and Eastern
16,676,000
12 ,788,000
10,382,000
167,000
,676,000
,549,000
8 ,119,000
8,164,000
land, to be
,164,000
581,046,130
46,171,500627,219,630 544,061,715
wee*579,893,171
46,129,600626,022,771 543,977,980
47,794,300 591,856,015
48,100,500 592,078,480
12,643,000
145,000
8,119,000
__
18,853,000
wee
Gold holdings of
the Bank of
France
this year are exclusive of
THE
ARMISTICE IN
£77,934,682
EASTERN EUROPE.
Curiously little attention has been given in the
news
dispatches and the editorial discussions to the
armistice
and
preliminary arrangement for
of the
peace
was
sure,
ple will
now
taxes.
such
a
settlement, with only
the terms, may
cable
news
details of
be due to the difficulty of getting
with any
meagre
fulness out of Russia.
Noth¬
Po¬
from disastrous defeat
Her Government and peo¬
disordered
They have learned
trade
very
an
empty treas¬
and
oppressive
definitely what the
Western
European Powers think of the matter, and,
notwithstanding the assistance given by France in
i;he critical
with brevity the fact
Europe.
be confronted with the after-effects of
completely
must be
announce
escape
military adventure in the shape of
ury,
rate,
off victorious in her fight
come
very narrow one.
which have been concluded between Poland and the
The fact that the
has
Russia; but her
a
any
military ambitions of Poland and the other
Russian 'Bolshevik Government.
dispatches merely
extended
presently be, exactly how the political future,
formal
417 ,000
held abroad.
of
peace
will
with
Total
the
a
2,984 ,000
Norway
Prev.
matter of indifference to the Bolshe¬
a
52,649,000
_
appar¬
regime.
11 ,747,000
Denmark
also,
into
Banks of—
Stiver.
Soviet has
dispute—though, for the matter of that,
up of the national domain has all along
seemed to be
If
Oct. 7 1920.'
The
on.
breaking
vik
principal European banks:
Gold.
carried
had been in
$96,429,000 Loss $48,657,000
following table indicates the amount of bullion
in the
be
56,310,000
op¬
Total
The
$7,653,000
could
ently, surrendered to Poland certain territory which
unless
hour of Polish
aware
military fortunes, they
that another
experiment of the sort,
purely in self-defense, Tvould get
no
help at all.
The other border Statds have learned their
son
by observing Poland.
Finland and
own
les¬
The settlement between
Russia, and the reference of their dis-
[Vol. 111.
CHRONICLE
THE
1408
putes to the League of Nations by other small East¬
European nationalities,
ern
are
A "WORLD
evidence of their
The
of Russia is
case
somewhat
complex;
more
chiefly, however, because of the difficulty of getting
a
clear idea of what the internal
of Russia
actually is.
On
one
political situation
point the judgment
of the
best-qualified observers
mous :
that the actual invasion of Russian
by Poland
was a
to be unani¬
appears
territory
strengthening influence to the Bol¬
shevik Government.
This
indeed
was
result fore¬
a
shadowed by all
experience.
respects
the Government of France in the
as
was
Thoroughly bad in all
issue in this
the
COURT"—VISION, OR DREAM?
"Chronicle"
the
As
present feeling.
country shall
Government
tinue
autocracy. Some other questions influencing
racy or
determining the future of the world
far
in
the
as
the
have made it
referendum,
America, for
moment
the nation
on
tile army crossed
scribed the
as soon as a
hos¬
the frontier/ Human nature
pre¬
was
removed
acquiescence in the existing Government,
by the Russian people of 1920
as
the Confederate States of
moment's thought shows
that
no
Notwithstanding this, and whatever be that
re¬
a
possible result
the
sult,
tional
on
Nov. 2
can save
serious question
it.
whether
interna¬
some
as by the French pepple of 1793; because, with foreign invaders threaten¬
the
ing
will remain and must and should be taken up
seeming to threaten the subjugation of
or
a
country, the popular mind will not be concerned
to what the nature of the home Government
to
be, but
ment
influence from the mind of
so
people.
long
Whether it
remove
be
can
surer
military
always believed and
this crazy and
end
come
when
to be threatened
appears
in
a
we
still believe that
brutal tyranny will be brought to
eventually, from
causes
it has lasted three ye^rs,
inherent in itself.
an
That
in face of admitted hostil¬
wrhich
the
in the world
has
never
In
a
any
us
note added
history of
of
ment of
limitations
world
Supreme Court, with the in¬
Supreme Court of the Nations; but
a
peace
that,
us
argument for early establish¬
an
study advanced he
final
as a
broke out, he began studying
war
our own
deducing
con¬
points of
(written in November, 1917) he tells
tent
to the
came
been reviewed in
subject, since it offers
large importance.
in due
monograph* prepared
columns, but which is pertinent in
shortly before the
the
from the outside.
way
We have
But noth¬
desk,
sideration of the
very
question.
peace
member of the Philadelphia Bar
a
Editor's
page
than that the real test of the dura¬
longer
no
by
good part of the Rus¬
bility of the Bolshevik despotism will
Russia
powerful
the internal conflict in Southern Russia
as
Some two yeafrs ago a
time.
be altogether removed
a
can
continues is perhaps another
ing
that
compact might not make somewhat towards
priceless boon of permanent
these
supported in resisting the invaders.
Peace with Poland would
sian
ought
to how any existing de facto Govern¬
as
be
can
as
on
developments
recent
plain that this document, in its present
sion of
to its hold of the
As
"League" is the subject to be passed
popular
be
may
involved, but this is the real and visible issue.
form, is about as dead
as
or con¬
Government—it is democ¬
one-man
Revolutionary Terror, it is the undisputed conclu¬
history that all doubt
nearly ended is whether
so
begin the not-easy return to
now
strictly constitutional lines
on
drifting to
if not
lately pointed out, the real
campaign
was
"to
the
by the
as
his
gradually forced to realize
mere
possibilities
of
securing
establishment of such
a
tribunal."
He
begins by pointing
out that at the second
Hague conference (1907) at which 44 nations
were
ity to it by the great bulk of the Russian* population
represented, the Powers would not agree to found
and in face of the
an
ernment
lized
outlawing of the Bolshevik Gov¬
by practically all other nations in the civi¬
world, has discouraged
predicted
bright future for Russia
a
her revolution of 1917.
But
ing capture of permanent
almost every
Such
people who had
many
as a
result of
precisely the same*seem¬
has occurred in
power
parallel instance of the kind in history.
episodes have ended in various
times the end has
come
Some¬
ways.
through restoration of
an
exiled
dynasty, which is wholly improbable in Rus¬
sia; sometimes through seizure of power by a mili¬
tary dictator on his own account, which may happen
in
Russia, though hardly
the
of
case
was
caused
was
Cromwell
able to
on as
firm
Napoleon.
by the arising of
a
a
basis
in
as
Sometimes it
popular leader, who
compel the establishment of individual
liberty and
times
or
a
national
proper
legislature;
some¬
through complete change in the
International Court of say
insisted
and
so
on
15
representation in the
"the idea of
a
persons,
person
since each
of
a
judge,
Supreme Court of the World,
sitting in judgment above 44 nations as the Supreme
Court of the United States sits upon
the American
the 48 States of
Union," failed to take form.
Yet, he
adds, the advocates of such a plan maintain that
the life tenure of
tuting such
a
a
small number of judges consti¬
tribunal would secure independence;
that
"consequently there will be eliminated from
such
an
International
Supreme Court the desire to
arrive, in formulating its opinions, at a compromise
which'will satisfy both parties, and that decisions
will be secured based upon
cal
legal rather than politi¬
diplomatic grounds."
or
Now
vision,
can
any
such scheme be operative?
Is it
a
prophetic glimpse of something to come in
a
character,
political program of the revolutionary
due
methods and
Government
itself,
confidence, and he proceeded to sketch the original
adopted
by
stances and with the purpose of
political existence.
which will be the
•
the
force
of
circum¬
preserving its
It is still too early to predict
sequel in the
case
of Russia, when
political ignorance and inertia of the
mass
herpopulationiswhatweknowittobe. But that
a
*
turn
in the situation will come,
the not very
as
soon
as
it
distant future,
was
was
and probably in
proved that Bolshevism
was
to extend
beyond the Russian frontier, and is
a
certainty
political history
can
as
be.
of
such
rendered probable
as
nearly
own
not
now
anything in contemporary
or
is it merely a dream out of the unreal ?
Mr. Balch
began his study seriously and with some
time,
necessity, the origin, and the most memorable deci¬
sions of
pages,
much
our
Supreme Court, giving to this some 80
about one-half of his volume, and supplying "
interesting and valuable historical matter.
subject either to the legislative
court "not to be
executive branches of the
*A
World Court,
Government, but to be
A
or
co-
in the Light of the U. S. Supreme Court,
by Thomas Willing Balch, L.H.D. Trinity College, Member
of the Philadelphia
Bar,
Society of Pennsylvania.
Scott, Philadelphia, 1918.
a
Vice-President of the Historical
Octavo, pp. 186; Allen, Lane &
Oct. 9 1920.]
equal with them,"
was an
he finds that the idea
innovation,
not
was
he says, yet
larger and apparently better scheme, the Taft-Low-
1787, for he
ell League to Enforce
Peace, was organized in old
Independence Hall in Philadelphia, and was urged
by an article by President Lowell in the "Atlantic
as
in
new
quotes from Montesquieu in 1748 this brief passage,
which is well worth
the
copying
occasional assertion
now
that
for its bearing on
Court
our
1409
CHRONICLE
THE
attempts
Monthly"
few months later.
a
usurpation of functions:
establishing of
"There is no liberty, if the power to judge is not
separated from the legislative and the executive pow¬
ticiable and
If it were joined to the legislative power, the au¬
thority over the life .and liberty of citizens would
be an arbitrary one, for the judge would be legisla¬
tor.
If it were joined to the executive power, the
judge might have the power of an oppressor."
There is an interesting reference on page 68 to
ers.
one
eve
of which the author says that just
case,
of the Civil War Wisconsin
the Federal
The main point brought out,
however, is that in the Dred Scott
only
and
the
Courts, "thereby virtually flouting" the
Supreme Court itself.
not
on
successfully resisted
case
the judges
"opinions touching the maintenance
gave
spread of slavery from various angles" (that is,
they
affected, despite themselves, by custom
were
and their own residential
"to
settle, by
a
judicial decision, based ostensibly
economic difference which
upon
legal grounds,
could
only be decided by
tected from bias
hanced the
locality), but they tried
an
trial of strength."
a
Pro¬
by their life tenure, and having "en¬
judicial habit of their minds by sitting
able
judging together," when these judges sought to
dispose of
two
matter which divided the country into
a
fairly
even
sections, they lost
failed to avert civil
supremacy
and
Controversies between in¬
war.
dividuals, between corporations, between individ¬
uals and
corporations, and
of another
zens
State,
even
a
State and citi¬
manageable fairly well,
are
since
outside
cient
majority and sufficient weight to overcome
the
contending parties
are
a
suffi¬
impulse for resistance; but when the contes¬
any
tants
they
themselves
are
comes
Here
reach
we
a
crucial
test, and at this stage
inquiry the author's faith
When the World Court is
with all
most
behind it, and
not subdued to acceptance of its findings.
are
of his
strong enough the Court be¬
arbitration without power
an
to have fallen.
seems
learning and independence and wisdom hu¬
the
disputes, and if
any
non-justici¬
member State made war
against another before submitting the matter in dis¬
would
jointly fall
The
defects
had to
council all the other members
or
upon
of
this
the offender.
scheme,
point out at the time,
tions haVe been
the arbitrator's
posed to
stand
as
the "Chronicle"
that after all na¬
are
brought into it there
anty that the nation with
a
be
can
no guar¬
grievance would accept
finding; further, that
State dis¬
a
might disbelieve that the others would
war
by the pledge and make the punitive joint
attack.
Had such
combination existed in 1914 it
a
would not have held back
party there felt
sure no
ed, and equally
tions
and
the
stated
Germany, because the war
resistance would be attempt¬
that their
sure
of
lack
would make resistance
own
long prepara¬
preparedness by the others
hopeless.
This defect is well
by Mr. Balch, and made him abandon his
inquiry in despair:
own
"The great
difficulty in enforcing peace through'
world, however, is that there is no force out¬
side of the world to drive the peoples of the earth to
remain united, in order to avoid war among them'
selves.
And this is true, whether the peoples be or¬
ganized as separate nations, as at present, or accord¬
ing to any other scheme that may be devised.
If
the peoples of the world are once united into a
World Confederation, or a single World-State, in
the absence of any outside force to make it their
mutual interest to hold together for protection
against outside aggression the desire of the peoples
in various parts of the earth to gain more than their
fair share of the fruits of the earth will, judging
from the past history of humanity, result in war.
This is the weak point in all plans for obtaining
world peace."
;v.
out the
..
Mr. Wilson's
obtained, and is clothed
possible dignity and majesty, with the ut¬
essence was
council of conciliation for
a
pute to the tribunal
v
and
The
international tribunal for jus¬
an
a
"League" is essentially a revival and
re-writing of the Independence Hall scheme of
1915# the
being the
germ
in both, to "enforce"
same
manly conceivable, will it command respect and sub¬
permanent peace in the world by the certainty of an
mission in any vast
irresistible
"Is there
"that
a
tween
any
Supreme Court of the World, in judging be¬
the
nations, would give only judicial judg¬
ments based upon
much
more
justice and avoid all diplomatic
compromises,
political
or
and fiercely-contested matter?
strong likelihood," asks Mr. Balch,
so
that nations would
readily take their differences to such a
attack
force.
is to be kept
reason
But there
the way
sufficient
notice
lished
any
ad hoc
not
intimates
according to the Hague agreement?"
He distinctly
quite confident of this.
(pp. 102-110)
that in two international-
part of its
until
ing
our
power
freedom from
of
political bias, and he quotes one com¬
"must be written down as
the
a
gross
Scott decision
abuse of trust by
our
little
war
with Spain,
a
scheme was
so
by
a
overwhelming
an
Constitutional
difficulty in
as
American
legislative
it
No
people.
bind its successors,
can
own
the
or
delegate
Therefore—
powers.
changed—the treaty-mak¬
cannot
constitutionally
representatives
sented)
we can
gress
be
to bring this country into a form
super-State, by whose decisions (even though
own
bound to
body which rendered it."
Just after
a
from
under
pushed so far
opinion that the Dred
is
Constitution is
boundary cases there was some room to doubt the
mentator's
national offender;
of the Wilson Article X that has not had
legislative body
seems
any
nation that will not be peaceable and decent
any
through
tribunal than to the international courts now estab¬
He
upon
great police organization is to be created, by which
therein participated
be enlisted in
a
and
our
as¬
world-police and be
military action—except by
a
vote of Con¬
to "declare war," in each case as it arises.
proposed for an International Insurance Association
This is
against war, to be governed by a board consisting
of one member from each nation and having a mem¬
thus far to Article X.
precisely the gist of the unbending opposition
If Mr. Wilson
was
correct in
bership fee of not over four cents per capita, and
saying to Senator Knox, more than a year ago, that
in case external aggression against some Power
in
were
August of 1914 a Harvard professor ["Chronicle,"
Nov.
dress
7, 1914, p. 18321 delivered in California an ad¬
on
behalf of that plan.
On June 17> 1915,
a
in
threatened and
we were
asked to take
repelling it, we "would be under
an
a
hand
absolutely
compelling moral obligation" to do so, though per-
THE
1410»
obligation," then ratifying
compact containing that Article would lay us in
haps not under "a legal
a
advance
under
extra-constitutional
an
if
the other hand,
on
unless
we
obligation;
Should not be bound thus,
chose to admit the bond when a case arose,
we
then this famous "heart
future conferences and
arising between nations which to-day are
opposition.
the natural law of self-preserva¬
because of any"Fourteen Points"
relief of humanity,
safe for the world, or for
(or any other number) or for the
to make
or
democracy
We
joined, tardily, after indulging as long as possible
the hope that the others could "enforce" against the
idealism or any moral principle whatever.
any
offender without our
THE OLD IDEAL AND THE NEW.
|
The old ideal was
the old was
cepting treaties as being mere scraps of paper; yet
what brought those countries—and finally our own
tion. We did not join
aid, because we saw that we
must defend ourselves and that we
must fight on
tent to
sciousness that a liberal
has
a
come
tion in
is
instrumentality of
(further it?
We
are
and down the sunland of California, and
the
sand-plains of Texas, far remote from
World, Franciscan fathers, as crumbling
Old
pirate, as it did so move in 1914-17, no compact in
written words could so move them.
If self-defense
of the
Does it not fol¬
instrument for pre¬
venting war by making it evidently hopeless of suc¬
cess) any compact is needless if the nations are al¬
ready alive and alert, and ineffectual if they are not?
Any form of "World Court" is liable to become,
toned bells called the
Mr. Balch
as
realized,
a
judge to whose decisions
shows any respect, unless they
orders nobody
and
pleasing; though it "finds" according to reason
are
justice it has no means of enforcing its findings,
the only instrument equal to pounding a
and
because
whole nation into
submitting to reason is that an¬
cient one of war which we are
Is there not an
nations and
hoping to supersede.
analogy between a compact between
written pledge of husband and
a
wife
If the disposition to quarrel
to live in concord?
such pledge is superfluous; if
does
not
that
disposition does exist, no pledge can bind it.
exist,
any
there, then, no ground for the hope of an
But is
enduring peace? The savage bickerings we now have,
with
seeming to be everywhere reaching for one
men
another's
after the
throats,
rare
the flaming of the embers
conflagration, and there must be at least a
long rest before
modern
are
times
world-war can resume.
In
Civil War having been a
any
(our
own
exception which cannot recur) war comes by
the lust and selfishness of
of the
racy
and
autocracy, not by desire
Therefore, as kingcraft passes, democ¬
people.
must gradually learn by its own turbulence
excesses
and find
settling differences.
a
better way than war for
This is the world's hope, and
its
only substantial hope.
the
higher stage of submission to the inherent power
of
reason
and
name
moral
Empire of the Holy Church and the conver¬
From Spanish towers, sweet-
sion of the heathen.
worshippers to God.
There
Where the cloister in¬
vited to contemplation and prayer, the school arose
to teach the Indians a religion of faith and sacri¬
were
gardens round about.
fice.
And it is
fact of
a
no
little importance to recall
political government came to assert its
that when
this idyllic chapter of heroic devotion to the
sway
We come nearer to
good, of man began to wane.
and in
It is
approximately a century later,
the centre of a continent where the valley
our own
time.
begins to blossom, that the pioneer preacher, Peter
Cartwright, in his tented gospel meetings, is arous¬
of spirituality—of the embracement of a
religion that js to sweep all men
together into concord and peace. Here were true
ing
a wave
and liberal
new
inspired by men and carried out by men
"missions"
—men
who drew others to them
by the power of lead¬
ership and the pronouncement of doctrine.
Only within
decade has it been deemed possible
a
that, in a different field, though to the end of
betterment,
man
ment and law could conceive and
itself and execute
of earth to
a
hu¬
immaterial fabric of govern¬
an
entertain within
"mission" to convert the races
harmonized belief and purpose, and
one
to reform the Governments of
other nations after
a
pattern preconceived by the representative of one.
It is true that some
into
came
twenty or more years ago there
being in academic circles a soft-sounding
word indicative
of
devotion—and
visiting "brother," whether on re¬
ligious
one
or
having
fallen
a
superior wisdom, sanctity and
social revival intent, was introduced as
a
"message."
into the
But eyen that phrase has
discard—since
one
assuming
to
speak for a people, and wearing the authority of
A World Court, by what¬
office, may proclaim to far lands complete deliver¬
it be called, must have force
behind its
decisions, until men obey the higher law of rational
and
attest, established "missions"—for the spread
ruins
justice they must use the primitive
submission to brute force.
ever
Until mankind come to
conceive, harbor,
man can
not without an illustration.
day now far distant, say 1750 for a central
a
irrepealable law of self-preservation did not move
other nations to make common cause against the
stir, nothing else can avail.
might be realized.
and
mission for human betterment,
a
the
low, then, that (regarded as an
spiritual emprise, doubt¬
a
ful always of concrete expression,
and
in¬
glowing scheme of redemption and sal¬
some
on
fail to
decade
forth and "democratize" the earth.
vation—through which
up
In that case, if the
a
nation has
English idea, but by national participa¬
durated
In
a
by colonization and empire, as in the older
down
subjugate the globe.
Within
into the world the idea that
mission to go
Not
date,
to
growing old
government would have far-
reaching influence as an example.
able to break out
and
is national, govern¬
They were con¬
perform the duties of citizenship in the con¬
what
the desire and thinks itself
new
to-day envisioned no world-reform.
(which cer¬
tainly no intelligent person can dispute), let us
suppose that some Germany, at some future time,
Having before our minds this fact
personal, the new is political;
individual, the
The fathers of those who are
mental.
What
foreign soil or on our own.
has
political
questions into the realm of legal questions."
but the mere
England, France and Belgium shrank from ac¬
war was
with him that
compacts may help "to trans¬
gradually as many as possible of the problems
fer
general
phrasing which he has sometimes called it, in his
—into the
end war, we can agree also
can
ever
of the Covenant" (as he cor¬
rectly calls it) is nothing
desire to smooth out
[Vol. 111.
CHRONICLE
obligation.
Yet, while we must regret¬
fully agree with Mr. Balch that no compact what¬
ance
cal
from all troubles
by the
mere
magic of "politi¬
independence and territorial integrity"!
Our
thought
veers away,
political controversy.
however, from current
There was a time when each
Oct. 9
1920.]
made his
man
perfected
nurse
mission.
own
world
through
He had
no
embodied
thought of
a
upon
perfected man—himself.
Doubt
Nor
dares, these intermingling individual
concep¬
through better
crated to
a
duty
freer
men,
only
saw
men,
working out their
own
of the "best Government
a
on
earth."
ideal of
an
was
more
men
There was,
was
and
preservers
it is
the leader¬
govern¬
through them, and in no degree this recent
conception of universal perfection and peace through
political crystallization of
from
the sheer
vain-glorious scheme
a
Sometimes the mind recoils
audacity of
clothed in
one
a
repre¬
sentative-capacity-office, bestriding the earth, with
flaming splendor of his imagination.
But how
the
clear it is that the
thought and
never
sword of
a
each
purpose,
justice
save
consent and
have
mission—subconscious,
no
scious.
Analyze
is the dream of
animated with
a
of
a
people—can
as we say,
man
of
or
a
of
company
personal belief of
a
men,
command—it
from the obsession of self in
or
egotism of their
conjuring.
own
And of this
and woof, history affirms, are made both ty¬
rants and
martyrs.
We have said the old ideal of life and
personal, not political.
in the scheme
government.
And
in
so
their
a
of
was
the elevation of
things by limiting the
The ruler
was
man,
was
man
powers
of
not the State.
thousand thousand dreams
men
made
missions and lived in them and for them
own
by them.
others.
It
destiny
When
saved himself he saved
a man
When he sacrificed control of others he not
happiness and liberty around him.
soul
own
from
it,
burning bright and others
near
took fire
spiritual fire he trusted to spread
a
the earth
He kept his
Another branch of the church
following the spiritual
emprise in the West and Southwest and Middle West
of the
pioneer days commenced to send missionaries
to "heathen" countries.
the
gospel of good-will
the power
It
saw
conceptions
left to do its work without
appeal to the
of organized force, material and spiritual,
government in
no
conceived for
such purpose.
such light.
The old ideal
The old political
government, State or National,
The old ideal upheld science, art,
letters, invention, friendship and brotherly service
in
loving one's neighbor
and effective
This
old
means
ideal
betterment
man
far-off, remote
ness
one's self, as the direct
innumerable forms
took
And there
did
sacrifice
not
cause.
was no
And there
of
human
outside
was no
»
seared conscience
himself
to
some
There was no lack of happi¬
because forsooth there were
somewhere
whole world kin.
through the influence of the work of in¬
dividual lives.
—because
as
of making the
the
yet the unhappy
pale of the
lack of
personal life.
growing together in spirit
r
•
New Ideal of
It is not ours,
ually and severally,
as we
"man among men."
It has been handed to
the mind of another.
anointing it with the
Government.
s
duty
us
a
out of
us
ught to sanctify it by
power and purpose
But it is
consecration to
strive to be each of
It is
an
individ¬
only
a
of
a
liberal
dying dream, while
at hand, in days that are,
near
is open to each of us!
LET US BE CAREFUL OF OUR SPEECH.
By
of preface to what
way
out comment
ments,
we
shall say, and with¬
to the intrinsic truth of the state¬
as
quote two passages from recent political
we
utterances.
In
a
dispatch dated Sept. 17, Sacra¬
mento, Cal., to the "Evening Post," Gov. Cox is re¬
ported as saying:
"It is
true, and it would be futile to deny it, that
many Cranes, Smoots and representatives
of Morgan &
Company, who arrogate to themselves
the right of selection of
candidates, notwithstanding
are
what may have been decreed
by the people them¬
selves." And in the New York "Times" of
Sept. 19,
Edmond
H.
Moore, National Committeeman from
Ohio, is reported
saying:
as
publican leaders will take
tardly act in New York to
"I hope that the Re¬
a
lesson from the das¬
appealing to every
cease
radical element of discontent in the
frantic
attempt to
Harding by
secure
country in their
the election of
any means, no
"The condition is unprecedented when
ness
has
Senator
matter how vicious."
joined hands with Bolshvism to
Big Busi¬
secure
the
defeat of the Democratic candidate."
None of us, we
believe, is free from the sometime
charge of indiscretion in speech.
words
come
And very often
home to plague
given serious intent by others.
cause
of
lightly uttered
us
be¬
The control
thought is not always possible.
the
lips before
And in
a
we
Words leap to
have time to estimate their effect.
"campaign" political uatterance is apt to
become intense and excited.
of organism or force behind it.
spread the "New Message" to men.
ideal
no
was
remained for the New Ideal to
pressure
to
But in all these
perfection
for the New Ideal of
Why delude ourselves with this
impossible world-mission?
over
consuming its dross and evil and enmity.
ex¬
turn away
we now
destroying the individual in the
attempted perfection of the mass?
only strengthened himself but he spread the gospel
of
rapid,
collective coercion,
there
warp
and
or con¬
will—the "mission" scheme
as you
one
be from God
may
the
command
And shall
living
a man
progress
forever from this Old Ideal of
personal
when invoked by the
common
benign ?
Is there
was
by personal effort and service
shield of protection and
a
statute.
or
deny that there
tensive and
concept, law, and the creature,
without original volition
in
government—each
one
who will
even em¬
suddenly perfected home
super-government.
organism.
there lack of
progress, the deed and dream
was
opinion, majority
own
ment
of
not fastened
was
unrelenting
conse¬
ship of associates and citizens, and did not
brace
of
more
men
destinies, their
vanity of leadership—but it
the yoke
carrying others with them by the sheer
appeal of attraction rather than by the coercion of
the remote, that good
the natural architects and
were
by
world
important than
great
letter, because the union
men
of the
1411
better
a
perfection—feeling that the immediate
the
and in
he did
of life and
true,
CHRONICLE
ideals,
the ideal of
it who
tions
THE
is
a
But deliberate speech
duty of those who talk in public to the public.
There is
reason
to believe that
times incited and often
filled with
in
great evils
are some¬
strengthened by talk that is
passion and invective.
A
common
fault
specious argument is to put the part for the
whole.
And
one
of the weaknesses of
political
cam¬
paigning is exaggeration.
There
are
many lines of thought awakened by the
catastrophe which occurred in New York City Sept.
16 at 12.01 o'clock.
one.
We
in front of the doors of
granting that it
a
follow, for the momnet, but
Why did this peril culminate in
was
a
a
given street
given banking institution,
the result of
a
bomb plot?
word, how much of this selection is due to
mon,
irresponsible, indefensible,
street and
and of
a
firm in the
common
use
of
names
talk of the
politics in particular in its effect
In
a com¬
of
a
country
upon
the
centre or the circumference
and
the people that
passion and prejudice of minds both ignorant
The lesson is not lost on
depraved ?
this awful
death of not less than thirty-seven persons
concerned
not
or
make
as a
circumspect in speech when idly we
we
TRUCKPORTATION.
In a sense New
part stand for the whole.
a
York
there
are
A
City is the business centre of the world—but
many
of business
are
lesser centres in which the
banking is
in
ways can
some
than those
be carried on better'by private
restricted, perhaps, by cor¬
But there are many international
banking firms, no single one does all the business,
and the processes
of the incorporated and unincor¬
practically the same, both being joined
are
They are
indiscriminately in the larger enterprises.
not all located in
a
moment's
a
single city or a single street—as
Why, then, do men
inquiry will show.
politics and out of it make the names of city or
in
street
firm do duty
or
claim
against the "Government" or the "Money
Power"?
minds
how
And
much
weak and criminal
are
responsive to this form of "suggestion" ?
It is
terrible
we
who have the best intentions
in what
we
we
may
have contributed to the selection of the seat
of
a
crime
ernment"
in
was,
power"
and revolution
the
on
spot where "Gov¬
a
side and "money
one
on
And whether it was terrorism
the one hand, or destruction and
on
the other, or both, they failed with only
One will
pathos of innocent deaths as a result.
And that is
true, perhaps. , But is it not time to consider well
the idle use of phrases, the personification as it
spot must have been chosen!
say some
of
were
places and businesses, that those who love
law and
in
tionaries of the future.
The business of
.
tor trucks
order, do not unwittingly direct criminals
their selections?
follows
this
Of
is
the larger
course
this
that
fans to flame
a
prejudice and
passion that ends
a
in overt acts.
The
unrest
than
sum
viously, there is no choice but to use the railroad.
of it all is—that
of
our
a
are
we
in
a
period of
world-war to be more careful
speech—that
do not add to the
we
unrest, that we do not give these general complaints
a local habitation and a name—to the end that the
crime and the
or
in
injustice fall
upon a
an
industry,
firm, which is merely a part of the whole,( and
no essential different from the other parts.
Why
shall not the
people of this great industrial land of
learn from this recent
the street
or
the
name
so
unspeakable outrage that
frequently
does not constitute and does not
vast volume of commerce
as
city,
a
ours
our
more.
hauls, however, it has been found that
On shorter
the motor truck
can
much better
make deliveries more
can
their lips
represent even the
and finance which we hold
They are parts, no
priceless possession?
Their functioning is
helpful, nothing less.
Only the myth-maker conceives
on
them as either the
the shipper;
serve
promptly, and at a cost,
taking all the elements into consideration, th|at com¬
favorably with rail freight or express charges.
pares
Truckportation
as
business is altogether too
a
to have established any hard and fast princi¬
young
It is gener¬
ple governing its economic operation.
ally conceded that its greatest sphere of usefulness
is
distances up
over
there
to about a hundred miles, though
companies in the field doing business on
are
times that distance, notably the Good¬
runs
many
year
Tire & Rubber Co., operating regular motor
between
runs
Although
in
regular service
with the
called
is
Akron, Ohio, and New England cities.
many
lines of freight motor trucks now
are
operating practically parallel
railroads, the new business can hardly be
competitive with these older carrier lines.
generally held that
been
hauled
a
car
till it has
60 miles; indeed,
the distance as high as 80
For this reason,
the railroad companies offer
serious
objection to the apparent competition,
glad to be rid of annoying short haul busi¬
are
In
truck
appreciation of the value of the motor
as
a
relief
measure,
several railroad
compa¬
operating truckportation lines of their own
are
for short distances out of their
as,
freight
of 40 to
distance
authorities place
some
miles.
nies
a
It
railroad does not begin to
profit in the handling of
earn
and
a
-
following
ever
really long hauls are concerned,
as
shipper of goods has no alternative, for, ob¬
the
ness.
tory to false ideas in weak and willful minds—and
So far
offered.
terms, this use of part for the whole, by thoughtless
generalization is of itself in some degree contribu¬
than purely urban
and after-the-war conditions, and of the inabil¬
war,
thought
popularization of
more
exigencies arising out of the
ity of the railroads to properly care for the business
no
which
transporting merchandise by mo¬
anything
over
is the outcome of
areas
another.
on
plunder
did select
apparently to their minds, concen¬
physical way
a
And yet the
appalling magnitude.
malevolent minds that conceived and
this crime
executed
tred
of
and
deluded
that in the smallest fractional way
say,
and un¬
dic¬
doubtedly "Truckportation" will find a place in
thing to think of—when we regret
speech,
a
idle
our
for the whole, when they de¬
It is of sufficient importance,
recognition.
also, to cause the coinage of a new word,
necessity and a benefit—and
a
more
porate organism.
porated
demands
Inter¬
injected into the business
factor has been
new
transportation within the past year or two that I
of
principles
exemplified in the same way.
national
firms
specific
people in asking of ourselves whether
are
duty, as persons, as econo¬
injustice and a futile endeavor!
But are we not
struction of business has failed.
will not be misunderstood.
contribute, albeit unconsciously, to a fearful
selves
of de¬
will fail utterly, as its purpose
we
characterization by flippant reference—lest we our¬
Its purpose
great fortunes and their power go.
of terrorism
repeat, it is
mists, as politicians, to correct this way of
circumstances as far
in honest work and of humble
as
engaged
we
our
But
without harm.
And
of so-called "Big Busi¬
might ourselves speak in plainer terms
We
ness."
in the
act, if it be not accidental, resulted
[Vol. 111.
CHRONICLE
THE
U1Z
congested terminals,
notably, the Santa Fe, the Central Railroad of
New
Jersey, the Lehigh Valley, and others.
American
with its
The
Railway Express Co., also, in competition
own
service, has inaugurated
a
direct line
of motor trucks from New York to Newark and other
nearby New Jersey cities.
Like
all
other
lines
of
industry in their early
stages of development, the business of truckporta¬
tion
is, at present, in
co-ordinated
tem
to
its
separate
an
condition.
methods
company
of
through
very
the
are
gradually
efforts
of
is
no
order
or
un-
sys¬
transacting business—each
going its
pendent of what others
however,
entirely unorganized,
There
own
doing.
way,
becoming
the
quite inde¬
The business is,
National
systematized
Automobile
Chamber of Commerce and its Motor Truck
Com-
Oct. 9
1920.]
CHRONICLE
THE
1413
■
mittee.
its
This
organization, through the efforts of
Committee
Secretary, F. W. Fenn,
slowly
is
bringing order out of the chaos of the beginnings of
V:.'.
truckportation.
There
vehicles
There
and
In California there
no
less than 138
trucking companies operating out of that
city; to Boston, Albany, Philadelphia,
a
multitude of
try
and the
for
The
day.
every
nearer
points.
them.
enumerate
to
well
as
to
as
number
changes
on
fittest will survive, for the industry calls
experience, good judgment and capital to make
the field possess
by
all the entrants to
no means
these qualifications.
it
as
does
highways in the conduct of its busi¬
should properly be classed
ness,
status, as such, has by
Few States have
as a
no means
full load) the rate is reduced to eight-
a
cent
a
($0,008)
per hundredweight per
■/'-'.'V
Minnesota, the Rural Truck Terminals, Inc.,
St. Paul in all
schedule of
directions, has adopted
shipments of 1 to 500 pounds,
cents
($0,014),
dredths of
mile.
($0,012), and
cent
a
graduated
first class
and four-tenths
one
class shipments one and
on second
two-tenths cents
a
on
charges that figures out
($0.0098)
third class 98 hqn-
on
hundredweight
per
public utility,
been established.
recognized its existence
as a
per
.
Running out of Sioux City, Iowa, the Interurban
Motor-Express Company operates daily service
five lines
radiating out of that city, distances
ing from 6 to 27 miles.
lished
by that company is
lack of
5 cents
($0.05)
It makes the
haul, and
and
one
($0.0111) for the
The rate
public
figures
on
eleven
same
same
for 27
as.
first-class freight fully
hundredweight
a
pub*;\
striking example of the
a
uniformity of practice.
miles—a rate that
over
rang-
The schedule of rates
charge for hauling 100 pounds 6 miles
Although truckportation, occupying
the streets and
of
operating 17 separate lines out of Minneapolis and
It would be folly to
Their
of elimination is going
process
it successful—and
its
150.
are
magazines in New York devoted to trans¬
portation carries advertisements of
different
com¬
20 lines operating out of Balti¬
are
Washington.
One of the
In
practically 800,000 commercial motor
are
mately 600 different lines of public trucking
more
(practically
tenths
mile. .■>
registered in the United States and approxi¬
panies.
(10.009), and for weights of 8,000 to 10,000 pounds
a
mile
on
hundredths
service
over
the 6-mile
of
cent
a
27 miles.
prescribed by.the Nebraska State Rail¬
utility and the companies have been permitted to
road
operate quite unhampered by regulation.
miles, and takes into account the four different
In Cali¬
fornia, however, their business has been placed
der the
Railroad
panies
Commission, in that public trucking
obliged to obtain
are
from the Commission.
about
a
on
Nebraska is the
reasons
only State,
so
first class rate carries
plus iy2 cents
1
150
to
Western
the
rate; for third class, 70%, and for fourth
25-mile
on a
100-mile
for
and
mile
($0,023)
one
150-mile
dredths of
tation under its
a
haul,
a
informed, that has taken the business of transpor¬
Taking the first class rate
haul, the amount figures two and three-
tenths cents
a
Its
charge of 20 cents,
mile; for second class, 85% of the
a
class, 60% of the first.
as we are now
by
initial
an
the part
operation
above stated.
far
recognized
from
classification, of freights in railroad service.
first class
competing lines—an antagonism that has
since been withdrawn for
classifications
distances
covers
brought
was
Southern Pacific Railroad to the
of certain
com¬
permit to do business
This situation
by the antagonism that developed
of the
un¬
supervision and semi-regulation of the State
Commission
per
hundredweight; for
and seven-tenths cents ($0,017),
haul,
and sixty-four hun¬
one
mile.
public utilities
Commission
wing, to be treated exactly
are
as
other
In
The Nebraska Railroad
treated.
admits, however, that it is
an
experi¬
to be modified in many ways—or
pense
This is the only State, too, where rates
altogether.
charge for service have been prescribed—this fea¬
There is
no
more
uniformity in the schedule of
hundredweight
per
by
method
one
a
shipment
another,
or
per
it is
to take into consideration all items of
ex¬
involved in the delivery of the goods from the
door of the
consignor to that of the consignee.
If,
method of transportation, additional expense
by
one
is
ture, also, being admittedly an experiment.
($0.0164)
calculating the comparative cost of
proper
of
cent
merchandise
of
ment, and that the methods of regulation may have
regulation stopped
a
made
by boxing
necessary
crating require¬
or
ments, this should be taken into consideration.
If,
charges for service made by public trucking com¬
by such boxing
panies than there is in their methods of operation.
given to the consignment, this also should be noted.
It
has
this
per
of
frequently been stated that, as an average,
charge amounts to
one
cent per hundredweight
This, however, is little more than a figure
mile.
speech, for the rates charged by different com¬
panies
rates
widely from it,
vary
quoted below.
<
The American Motor
ating 22
or more
New York
and
as
will be seen by the
W. J. L.
vator
Banham, traffic
Co., has made
comparisons,
and
crating,
or
on
some
additional
manager
of the Otis Ele¬
interesting studies of rate
merchandise moving by rail freight
by motor truck, after taking these items into
account.
He includes in the
freight cost the first
class
•
Freight Corporation, oper¬
trucks in nightly service between
Philadelphia,
a
distance of almost
rate, plus 15c. per 100 pounds teaming charges
from
shipper's warehouse to freight house, plus 15c.
per
100 pounds again teaming charges from freight
house to
receiver's
warehouse,
pounds increased cost of boxing to
ing schedule:
made via rail
Per Cwt.
Pounds.
100
100 to
2,000
8.000
8,000 to 10,000
4,000 to
From this it will be seen
merchandise
rate of
per
1
$1.00
.90
.85
.80
that, for consignments of
weighing from 75 to 100 pounds, the
charge is exactly a cent per hundredweight
mile
($0.01), but for consignments weighing
2,000 pounds the rate figures nine-tenths of a cent
creased
rate
freight, plus 17c.
100
per
shipment
100 pounds in¬
covers
The
delivery
shipper's warehouse to receiver's warehouse.
In
order to
costs to
give
an
approximate comparison of
shipper by the three methods of transporta¬
tion—rail
freight,
express
troduce the table below.
class
fied
per
cover
wreight caused by increased boxing.
by motor truck, he figures .out,
from
24c.
plus
exactly 100 miles by highway, publishes the follow¬
75 to
is
weight
freight rate
now
and motor truck,
In this
in force
on
we
we
in¬
take the first
the railroads modi¬
by the adjustments suggested by Mr. Banham.
,
The express
of
award
[Vol. 111.
CHRONICLE
THE
1414
rate quoted is in accordance with the
Sept. 24 1920 to the American Railway
The relatively slow growth of agri¬
prairie lands.
cultural
population in Canada, the slow but serious
Express Co. by the Interstate Commerce Commis¬
impairment of the agricultural industry in Ontario,
sion, granting it permission to increase rates 13%%
and the
the rates in force last
over
for truck
of
haulage
August.
the best
are
The rates quoted
obtainable
averages
Whatever
Rail.
Newark
Truck,
Express.
$0.91
Boston
_
_
_
$0.97
1.02
1.45
1.59
1.50
_
$0.15
Providence
1.32
1.59
1.31
1.59
Wilmington
1.45
1.20
industry that, in the future,
an
must be reckoned with in
comparing
and,
giant.
a
But the infant
contin¬
process
older methods of transporta¬
our
tion will be added to economic
principles and the knowledge
the school of
comparison of it
the elimination
as
adjunct to
state,
transportation would be like
infant with
an
grow
ues, an
unco-ordinated
really permanent
any
with the older lines of
will
encouragement of industries by the agency of rea¬
life, based
on
sound
being gained in
now
manufactured goods.
on
policy is expected to hold Ontario to its tra¬
ditional conservative
cultural
well leave the next Federal issue to be
may very
determined
by the
This
scores
of industrial towns within
British Columbia is
their borders.
tive."
allegiance and the lack of agri¬
organization in Quebec and New Brunswick
transportation economics.
present unorganized,
maintenance
upon
long been called the "National Policy"
sonably high import duties
given enough data to bring out the fact
truckporation is
however,
of
This
We have
In its
office, has staked everything
of what has
1.50
1.13
in
1.10
Worcester
that
Canada, which is now the Liberal-Conservative party
0.80
1.36
__
_
__
of the cabinet commission it is
comes
plainly evident that the strongest political party in
Comparative Charges Per Hundredweight.
New York to—
the Canadian prairies were
on
given in support of such representations.
present charges.
Philadelphia
present unpromising economic condition of
of the settlers
many
that
means
rigidly "protec¬
tariff battle
the
will
waged, in the main, between the three prairie
be
prov¬
inces, Manitoba, Saskatchewan and Alberta, and the
industrial
East, from which possibly
the
tracted
may
be sub¬
organized farmers of the Province of
Ontario.
experience.
PROSPERITY OF THE CANADIAN PULP AND
THE POLITICAL STRUGGLE IN CANADA.
PAPER
Ottawa, Can., Oct. 8 1920.
Ottawa, Canada, Oct. 7 1920.
Hardly less intense than the Presidential contest
in the United States is the current
litical
parties in Canada.
No
struggle of
po¬
had Arthur
sooner
dull
Whatever
paper
than
its
to
servative
party and, reversing the policy of his pre¬
decessor, brought
dorsement of
struck out
discredit
group
on
three local elections for the
the
The
and platform to
press
organized Farmers, and the official
new
Liberals
under
Mackenzie
Premier of Canada is frankly and
flatly "protectionist" in his tariff policy.
drawn
good deal of
a
cabinet
en¬
newly-chosen Cabinet Ministers, and
manfully through
of straight-line
King.
National Liberal-Con¬
it the
commission
newspaper
to
Canada
tour
He has
fire by creating
and
a
"investi¬
a
own
lips have
standpat declaration.
is
acting
and
as
has
statements tantamount to
come
The commission, meantime,
shock-absorber for the opposed factions
already heard
arguments
Western communities for and
barriers
as
at
To date the Liberal
himself the
trade
In the
be
with
score
of
have
party, edging in between the
and the free-trade Farmers,
denounces
as
the
United
present Customs
strongly
agriculturist
cry
com¬
as
the Premier
for greater freedom of
States
and
circumstances, the Liberal
Great
group
Britain.
appear
to
making less headway than either of their two
opponents.
In submitting evidence to the cabinet
commission at
Calgary, the council of the Agrarians
complained that Canadian public policy and public
administration
had
grown
lopsided through
over-
have gathered
over
successes.
Two
that
:
be
can
fast
as
as new
paper-making machinery
limit; that during the past twenty-
months eleven of the
this
stocks
pa¬
announce¬
delivered, plant extensions will be financed
almost without
one
in
even pause
important facts
developed out of recent annual meetings of
ments
of
industry, refuses to
new
corporations and the analyses of their
country show
aggregating
dollars.
The
a
a
little
leading
paper
companies
market advance ip their
over one
latter movement
is
hundred million
entirely without
parallel in the history of Canadian stock exchanges.
Certain other
United
paper
F.
points of information of interest to
States investors and
publishers,
as
well
as
manufacturers, have been made public. George
Steele, manager of the Canadian Export Paper
Company, which handles the output of the larger
mills
on
turn
against the Customs
mits itself to modifications of the
and
a
present constituted.
Conservative group
tariff
in
climb
per
gate" the working of the present tariff, while from
his
may
plants in Canada during the
past few months, that ever-cheerful youngster, the
pulp and
rechristened
clouds
of the industrial
some
Meighen assumed leadership of the Unionist party
he
INDUSTRY.
from
a
co-operative basis, has stated
an
Scandinavia that Canada's export
print
paper
United
come
the
on
his
re¬
investigation visit to England and
business in
news¬
will continue to be concentrated in the
States and that South America should be¬
the
second
customer.
This
rather
counters
impression gained from the recent Empire Press
Conference, which appeared to be shaping matters
for
a
switching of newsprint export in larger degree
from the United States to the British Isles.
an
Such
undertaking, in the opinion of Mr. Steele, will
not be to Canada's
advantage, inasmuch
Sweden and Finland
can
as
Norway,
more
advantageously sup¬
ply the bulk of the United Kingdom's surplus paper
attention to the claims of the manufacturers for in¬
requirements.
dustrial
monthly shipment of 1,000 long tons from Price
to the
development,
no
matter at what secrifce,
encouragement of primary activities,
culture, fisheries, mining, etc.
tention it
ern
was
As proof of this
agri¬
con¬
claimed that farm lands in the north¬
prairie States
times per acre
as
the
were
worth from three to four
average
quotation for Canadian
The
one
striking exception will be
Bros.' mills in Quebec to the London
"Express"
a
an
arrangement negotiated by Lord Beaverbrook, who
has interests both in the mills and the
newspaper.
While the
has
newsprint output of the United States
practically remained stationary in recent
years,
OCT. 9
the
1920.]
THE
CHRONICLE
exploitation of new forest areas and water pow¬
in Eastern Canada and in British Columbia has
ers
brought about
rapidly advancing export business,
measuring 292,000 tons in 1914, 481,000 in 1917,
and
713,000 in 1920, giving 144% advance
000 in 1914 to
$53,203,000 in 1920.
newsprint
company,
at Sault Ste.
sion to
the
coming
$>11,386,manu¬
in Canada to-day is
paper
ap¬
The program of
Spanish River Pulp and Paper Mills,
Marie, Ontario, provide for an expan¬
1,000 tons
hind the
1914,
over
The total
proximately 800,000 tons annually.
one
day of newsprint
a
this is just
year;
a
during
paper
few hundred tons be¬
present daily output of the International
Paper Co.
Five other Canadian companies, Price
Bros., Laurentide, Abitibi, and Ontario, have
vision for
pro¬
aggregate increase of 370 tons daily
an
before the end of 1921.
The Canadian
Pulp & Paper
Association is
authority for the statement that by
beginning of 1922, Canada's newsprint mills
the
will advance their total
rate of
2,775 tons
1925 this
of
capacity from the present
day to 3,245 tons, and that by
country will be turning out 1,000,000 tons
newsprint
a
These facts
a year.
particularly
significant when it is considered that Norway, Swe¬
den and Finland
reliance for
this year
an
the
first and
are
which, prior to 1914,
overseas
the chief
were
export in paper, will produce
not more than 425,000 tons, all told.
In view of the recent controversies
regarding the
strikes
ness
were
border in 1919 from
can
privately-owned lands to
mills, the fiscal
only 838,000 cords
Canadian forests to Uncle Sam.
and paper
wood
of 1920
delivered from
were
is that with the establishment of
year
The official view
so
many new
mills in Canada, this decline in
raw
pulp
pulp-
protection
occurred
It also
second term.
which
before.
ever
a
become
to
war.
Government
the
during nearly eight years,
oftener in its
time, than
of the
ranks, and with less
Generally, in all busi¬
pursuits, where the Government has not been able to
inaugurated
had
by
it.
Every strike, where
the
Government
anything to do with its settlement, labor has
such
strikes, labor,
work.
as
A complacent
In
won.
rule, after striking, went back to
a
board,
or
commission, created by Presi¬
dential appointment and
usually packed in the interests of
labor, and operated at great
expense
to the Nation, freely
granted the strikers all they asked for.
Notwithstanding
these
facts,
more
radical
members
of
organized labor have been convicted and sent to jail, in the
last few years,
than
brought
not
about,
before.
ever
through
any
These convictions were'
extraordinary
Government officials, but because the
cuted were
so
overlooked.
by the exercise of executive
The
Ryan of Indianapolis,
case
of "Umbrella Mike" of
and others of this brand,
and the President's interference in the
fornia,
And
are
of
prose¬
instances, conviction of these criminals
clemency extended to them.
Chicago,
desire
acts of those
glaringly outrageous that they could not be
In many
has been rendered ineffectual
Mooney
case, in Cali¬
examples of this evil.
yet, despite the protection of the
Government,
or¬
ganized labor stands to-day discredited, and with less influ¬
outside
ence
of
Administration circles, than it
President Wilson
was
had
first inducted into office.
when
The "Open
Shop" idea, born in Los Angeles, and valiantly fought for,
through several decades, by that brave lover of liberty and
our
Government, Harrison Gray Otis, is sweeping the land.
It has been endorsed by the United States Chamber
of Com¬
the most powerful organization of its kind in the
Merchants'
and
manufacturers'
associations
been organized in all of the
great cities and
have
manufacturing
centres, which organizations have successfully endorsed the
cause
feed American paper
shows that
sent across the Ameri¬
profiteers
interfere in its behalf, organized labor has lost the strikes
merce,
pulpwood
have
cause, in that
world.
raw
The Act enabled them
selfish
Notwithstanding the
Government returns here show that while
cords of
most
has extended to
organized labor
right of Canadian provinces to prohibit the export
of unmanufactured, wood from their Crown
lands,
1,597,000
eight-hour day.
for the President his election for
won
a
while the value of the exports has risen from
facture of
not
1415
of the Open Shop.
such- hot-beds
of
The radicals have been foiled in
sedition
in
which they were
Seattle, Washington, and Portland, Oregon.
fast at organized-labor-ridden San Francisco.
that
in
power
As
a
city has lost in manufacturing importance.
geles, with free labor, is running
export will continue.
a
manufacturing results.
Growing
weary
away
as
They still hold
result,
Los An¬
from San Francisco
V
,
of the lawless acts of the criminal element
of organized
THE DESPOTISM OF ORGANIZED LABOR—THE TIDE
HAS TURNED.
[From
the
last
Monthly Financial Letter of the Farmers and Merchants Na¬
tional Bank
of Los
For nearly eight years,
coddled and pandered
Angeles, Cal.]
organized labor has been petted,
by the National Administration.
to,
labor, which the latter verbally disavow, yet
secretly encourage and profit by, the business world is at
upon the shoulder of the President.
Gompers has exercised
lation
than
any
more
For nearly eight years,
influence upon national legis¬
individual Senator
Congressman.
or
For
nearly eight years, the great office of Secretary of Labor
has been
disgraced by
rabid advocate of organized labor.
a
History will probably term him "Secretary of Organized La¬
bor," instead of
"Secretary of Labor."
It has
been fre¬
quently and openly charged that, during the war, his office
packed
was
with
Government.
deputies
One of his
and
employees disloyal
deputies,
Post,
to
the
would have been
summarily removed from office, on account of inflammatory
and
seditious
who
ever
utterances
made
by
him,
by
any
President
occupied the Presidential chair, except the present
incumbent. I Post's speeches put him outside of the pale of
desirable
At
the
cowardly,
and
orders
of
of
the
Government.
infamous
and
cowardly, because it
intimidation.
hypocritical
It
was
was
passed
books,
as
a
an
was
of
was
the most
legislation
passed.
the other.
The wild bidding of frenzied manufacturers for labor
(the
worst offenders in that line being the automobile indus¬
tries) has about come to an end.
Falling demand and les¬
sened profits
will, from
have taught manufacturers
now on,
position of their
creation.
lesson.
a
They
perilous
With less demand and
com¬
petition for laborers, the Open Shop idea will further
ex-
pand.
Governor Coolidge fought the
radicals, in staid old Mas¬
sachusetts and beat them to a frazzle.
Governor Allen, of
Kansas,
a State more erratic politically in the
past than
California, locked horns with the radical element of his
State, and he won hands down.
even
Other elections held throughout the
country,
than the above, were decided in an
portance
fective
manner.
of less im¬
equally ef¬
In many districts,
Congressmen who op¬
posed the Esch bill and favored the Plumb
bill, were denied
renomination by their constituents.
All of this goes to
prove that
radicalism, like every other
undoing.
That if you give a radical
enough, he will, in the end, hang himself.
evil,
works its
rope
It
was
own
many
(&xxxxmi
%vmts aiifl
class
into
a
special privi¬
CONTINUED OFFERING OF BRITISH
eight-hour day, it simply, by its over-time provisions,
en¬
The usual
was
railroads, which has cost the taxpayers of the country bil¬
count
lions of dollars.
some
Gompers and the railroad
employees, in passing the Adamson Act,
was
more
wages,
TREASURY
BILLS.
abled its beneficiaries to reap an excessive wage from the
a|
endeavor to climb down from
own
hypocritical, because, pretending to establish
The object of
It
con¬
the result of threats
particular calling
class, above the law, and endowed with
It
piece
infamous, because it
legislation, elevating people of
leges.
,
Gompers, the Adamson Act,
put upon our national statute
ever
was
officers
The
test is between law, order and
personal liberty on the one
side, and lawlessness, which results in bloodshed, murder,
arson, destruction of property and organized labor
tyranny,
on
During all of that time, Gompers has stood with his hand
meeting organized labor with organized opposition.
has learned that it is necessary to fight en masse.
offering of ninety-day British Treasury bills
disposed of this week by J. P. Morgan & Co.
basis of 6%,
time past.
October 4.
on a
dis¬
the rate which has been in effect for
The bills in this week's offering
are
dated
THE
1416
Paris cablegrams to the
disposed of
this week on a discount basis of 6}4%—the figure to which
the rate was advanced March 26; it had previously for
some time been 6%.
The bills in this week's offering are
French ninety-day Treasury bills were
The
NEW INTERNAL FRENCH LOAN.
BILLS CONTINUED
TREASURY
AT 6H%.
FRENCH
ON
RATE
[Vol. 111.
CHRONICLE
subscriptions
advance
daily
of
Oct. 7 stated that
papers
than 2,000,000,000 francs
more
loan
will
be redeemable at the option of the Government on or after
Jan. 1 1931.
It is also reported that it is provided that sub¬
dated October 8.
"V :■■■
scribers may make half their subscriptions in rentes of 1915,
1916, 1917, 1919 and 1920, and the other half in cash, while
ARRIVAL OF GOLD EARMARKED WITH BANK OF
Treasury bonds and national defense bonds also will be ac¬
ENGLAND FOR ACCOUNT OF FEDERAL
cepted for the new loan.
A portion of the loan will be issued
RESERVE BANK.
in London.
According to the "Wall Street Journal" of
Announcement of the arrival in New York, on Oct. 1, on
Sept. 29, coupons attached are payable semi-annually, and
the Steamer Baltic, of the first shipment of the gold ear¬
may be cashed in New York at the exchange rate of the day.
marked with the Bank of England for account of the Federal
This issue is being offered in this country by the American
Reserve Banks was made by the New York Federal Reserve
Express Securities Department.
Price is approximately $70
Bank on Oct. 2.
In its announcement the bank said:
per 1,000 frs. bond.
Yield at present rate of exchange is
*
approxi¬
United States
York for account of the twelve Federal Reserve banks
The value of this shipment
•
Assay Office in New
which share in it
t
shipments.of this earmarked gold, it
Reserve banks since its arrival at the
by the Federal
Bank of England,
will have no effect whatever upon the reserve
position of the Federal Reserve banks.
The intention of the Reserve
banks to bring to this coun¬
gold (1111,458,045 in amount) held at the Bank of
England for their account was referred to in our issue of
Sept. 18, page 1141.
In stating that over the week-end
some $19,000,000 of the gold had reached here, the New York
try the
"gold of 72."
FROM RUSSIA—FINDINGS OF
DEPARTMENT OF JUSTICE.
Oct. 1 by the Federal
Reserve Board covering imports and exports of gold, which
attracted attention during the past week was a shipment
of $339,636 in gold from "Russia in Europe," this it was
observed being the first gold to come from Russia since
late in 1916.
A presk statement from Washington Oct 2,
in referring to the shipment said:
A feature of the statement
Officials were puzzled
issued
on
by the item which was
contained in a routine
metal had been received in New York several days ago.
Inquiry at other departments failed to identify the shipment, although
Reserve Beard officials believed it must have come from Soviet territory.
report showing the
that the shipment would be
As to the
inquiry the "Journal of Commerce" in a dispatch
Early this week it was stated
investigated,
by the Department of Justice.
Washigton, Oct. 6, said:
from
Department of Justice having
Investigate the importation of
the commerce
of Soviet Russia now passes.
of the
paid, but it is known here that what
was bought was locomotives, which are in great demand in Russia to move
food supplies.
It is understood that the gold came to the United States
It
war
in
was
not stated by the
Department of Justice what the character
supplies was for which the gold was
a
of medical supplies
and children of Soviet Russia, who have suffered severely
medical relief ship which had taken over a cargo
for the women
The import of gold was
reported at the office of the Collector in New York regularly, just as any
during the blockade
similar
issue of 50,000,000 francs of
dealing
with "General Investment News."
CIE
&
S0LVAY
{BELGIAN
BOND
TRADING ASSOCIATION)
OFFERING.
"General Investment News" columns to-day
our
be found
a
Cie 7-year
reference to
an
8% secured gold bonds by a syndicate headed by
York.
the National City Bank of New
INITIAL MEETING FOR ORGANIZATION OF
IN
CONSORTIUM
CHINESE
WEEK.
NEXT
YORK
NEW
meeting for the final organization of the Inter¬
for the assistance of China will be
The initial
Consortium
national
city next Monday, Oct. 11.
It is announced
meetings will presumably be continued
except on Oct.
the week,
The
will
offering of $10,000,000 Solvay &
12 (Columbus Day)
throughout
a holiday
meeting will take place in one of the conference rooms
Chamber of Commerce.
The British and French
the
of
delegates, who
this week
on
to participate in the
are
the Steamer Olympic.
meeting arrived here
The Japanese delegates
The delegates are as follows: British—
Mayers, R. C. Witt, and W. E.
French—Rene de la Chaume, Henri Mazot, and
already here.
were
Sir Charles Addis, S. F.
Leveson.
Japanese—M. K. Takeuchi and R. Ichinom-
Georges Picot.
The American Group, which is made up of thirtybanks and banking houses, will be represented by the
iya.
seven
Managing Committee of the Group, namely:
Thomas W. Lamont, J.
P. Morgan & Co., New York,
Mortimer L. Schiff, Kuhn,
James A. Stillman,
Loeb & Co., New York
National City Bank, New York,
Charles Sabin, Guaranty Trust
Co., New York,
.
National Bank, New York,
Allen, Lee, Higginson & Co., New York,
Albert H. Wiggin, Chase
announced Monday that it would
$339,636 of gold from Russia in August,
to-night states that the shipment was regular and unobjectionable.
The
gold came from the Soviet Government for payment of war supplies sold
by the War Department after the armistice to the Government of Esthonia.
The Department of Justice secured its information from the War Depart¬
ment and also has a statement from the American Trade Commissioner at
Reval, the principal port of Esthonia, through which and Riga in Latvia
The
an
Midi) 6% bonds is referred to to-day in our columns
held in this
SHIPMENT OF GOLD
..
(Compagnie des Chemins de Fer du
the Midi Railroad Co.
that the
latter's
Winmill & Co. of
and Gude,
In
received, in two lots, for
the Federal Reserve banks.
This was part of the gold held for the Reserve
banks' account at the Bank of England, so the addition to actual physical
stocks in this country makes no difference to the credit situation.
What is
interesting, however, is the belief of bankers here that the gold which came
in on Saturday and Sunday was part of the original holdings of the Spandau
Tower.
But it was much changed in appearance.
When the gold was
received in London a year ago it was melted and assayed by the British
authorities and run into bars.
Now that it is here, another melting and
bar-running will be necessary before the metal may be considered as of
proper weight and fineness.
Thus the gold loses its identity as the famous
week-end some $19,000,000 gold was
i
offering by A. Iselin & Co., Hemphill, Noyes & Co.
An
"Times" of Oct. 5 said:
Over the
BONDS.
OFFERING OF FRENCH MIDI RAILROAD
should be
this gold has been continuously carried as reserve
shipment of it to this country
The bonds, it is stated,
little less than 6%.
a
proportionately.
As to this and subsequent
noted that, inasmuch as
6% tax-free internal French
which is to be offered Oct. 20.
which Is In the form of gold bars, is
The gold has been delivered to the
$9,500,000.
mately
have been received to the
for want of such supplies.
importation from any country would be.
Frederick W.
Continental & Com'l Trust & Savings
John Jay Abbott,
Bank, Chicago.
& Co., London,
and J. Ridgely Carter, of Morgan, Harjes & Co., Paris, will
also be in attendance, as will Frederick W. Stevens, the
recently appointed resident representative of the American
Group in Peking.
The announcement issued on Oct. 5 by
Thomas W. Lamont, of J. P. Morgan & Co., concerning the
Charles F.
Whigham, of Morgan, Grenfell
coming meeting,
An
says:
agenda has been prepared setting
before the
conference
applications to be considered from
be
forth the principal topics to come
settlement.
There will probably
for discussion and
seeking membersnip in tne
banking groups of other nationalities
consortium.
be considered will probably be that of China's
relating to currency reform, development of
China, possible extension of the Hukuang Railway
If it proves feasible, a tentative program for the future finan¬
Among other questions to
general requirements, matters
railway transportation in
SPAIN
TO
ISSUE
The following
the
PAPER
MONEY.
information is contained in cablegrams to
It is
reported that the Government is about to authorize the
cial assistance of China may
On Friday
be drawn up.
evening, Oct. 15, the
Managing Committee of the American
enable all the representatives of the American
cities tnrougnout the country to meet informally
and socially tne foreign delegations.
The Bond Club has invited tne delegations to be its guests at a special
luncneon to be held on Wednesday, Oct. 13.
Group banks in the various
Bank of
amount of paper money in order to provide for the
and industry; and also for the payment of
charges falling due in the Government departments.
Hitherto the Bank
of Spain has been permitted to issue paper money only when it was covered
•by reserves of metal.
The amount of paper now in circulation is 4,067,000 ,O00 pesetas.
The total under the new authorization would reach 4,500,000,000, the difference between the two amounts not being covered.
The newspaper "Revista Economica Hacienda" sees a serious situation
coming for Spain unless a rapid reform is introduced in national finances
and the system of enforcing the payment of taxes, so that the Treasury
coffers may not be found to be depleted at various periods of the year
when the Government is compelled to apply to the bank for advances.
The newspaper also foresees a quick decline in the value of the peseta
though an increase in paper issues.
pressing calls of commerce
project, &c.
Group will give a dinner to
daily papers from Madrid, Oct. 4:
Spain to issue a further
•
ADDITIONAL
The forthcoming
meeting of the
Far East of Thomas W.
of tne American,
consortium follows the return from the
winter, at the instance
Lamont, Esq., who, last
British and French Groups,
visited Japan and arranged
Banking Group for its entry into the consortium on the
other banking groups, thereafter visiting Cnina and
his return to this country a report of his observations there
with the Japanese
same
terms
as
rendering upon
to
the
Western
the
banking groups.
final approval to the tentative plan
Paris Conference in May 1919, thus finally
The conference will give
tion adopted at the
the consortium.
The
our
proposed meeting in New
issue.of June 19, page 2528.
r
of organiza¬
constituting
York was referred to in
OCT. 9 1920.]
FINANCING
THE
CHINESE
OF
EASTERN
CHRONICLE
RAILWAY
BY
NEW
1417
PROVISIONS
RUSSO-ASIATIC BANK.
FOR
THE
REGULATION
OF ITALIAN TRADE.
Pekin advices in "Financial America" Oct. 6 said:
■
Trade Commissioner H. C.
MacLean, at Rome, furnishes to
the Department of Commerce at Washington, the following
It is learned that an agreement has virtually been concluded between the
Russo-Asiatic Bank and the Chinese Department of Communication, for
advices
continuation of the joint operation of the Chinese Eastern Railway.
The
bank is to continue to finance the railroad.
China's political control of the
und^r date of Aug. 25:
Before its adjournment the Italian Chamber of Deputies
approved the
proposed by the Giolitti Ministry with regard to the regulation
territory traversed is recognized, and it is explained that the agreement is
provisional in character, pending recognition of the Russian Government.
new measures
It is provided that the board will consist of five representatives of each
party to the agreement, with a Chinese president, and that China's original
Investment will be repaid with interest.
ing the activity of the Government in the production and distribution of
The bill in question contains two principal features: (1) for
of trade.
limit¬
goods, permitting the largest freedom compatible with the existing conditions
(2) establishing severe penalties for those convicted of profiteering with
respect to articles of prime necessity.
The
CHINA'S CONDITIONS RELATIVE
TIONS
TO
TRADE
RELA¬
other textile materials, will be abolished, and the stocks of these
WITH RUSSIA.
,
Announcement
was
made at Washington
on
Oct. 2 of the
receipt by the State Department at Washington of a Chinese
Foreign Office statement from the American Legation at
Pekin reporting that at conferences between the representa¬
tives of the Far Eastern Republic
(Siberia) and the Chinese
Government would "require certain guarantees, notably no
Bolshevist propaganda in China."
lished at Pekin
The statement
was
are on
hand will be turned over to the consortiums or cooperative associa¬
The supply of
modus vivendi is urgently needed to regulate somewhat
trade relations and to protect Chinese interests in Siberia.
a
Representatives of the Far Eastern Republic, headed by Yourin, have
asked permission to come to Pekin to negotiate commercial matters
only.
Permission was granted several months ago.
They have now arrived.
At
informal meeting on Sept. 10 with subordinate
Foreign Office
were found apparently in order, but
the credentials
{officials]
telegraphed [for]
con¬
firmation from Verkhneudinsk, Blagovishtchensk and Vladivostok to assure
that mission represents the total area.
After conclusion of these pre¬
liminaries the Chinese Government will require certain
guarantees, notably
Bolshevist propaganda in China.
to prevent
What is termed "an
important reform affecting all foreign¬
trading with Spain" was ordered on Oct. 4 bf the Minister
of Finance.
the cornering of the market, will be issued by the Ministry of
Industry and Commerce, which, however, will not continue to exercise the
direct control which it has been exercising over
production.
!
*
within
Another provision, which is of special interest, stipulates that
importation is subject to restriction shall be revised and a number of
such commodities reduced.
: -■
With reference to profiteering,
a
fine of 1,000
lire
or more are
-..
'
imprisonment for from one to five years and
established
as
the penalty for merchants who,
through agreements fixing prices, limiting the quantity of goods offered, or
in any way conspire
sale of
ages can
from
with others to prevent
or
The press accounts from Madrid
on
that date
'j
limit free competition in the
Dam¬
materials, food products, or other goods of common use.
raw
be claimed by those who can demonstrate that they have suffered
illegal
Whoever hides or withdraws from
products/raw materials or other necessary
actions above referred to.
the normal consumption food
goods with a view to obtaining illegal profits is liable to imprisonment up to
500 lire.
The goods which are in this manner
liable to confiscation. The Ministry of
five years and a fine of over
withdrawn from the market are
Industry and Commerce will conduct inquiries into the current prices of
SPAIN LIMITS TIME FOR CLEARING OF SHIPMENTS.
ers
up.
regulations considered necessary to assure a regular supply to the press and
all
materials, and in each Province a
the claims
relative to excessive prices and settle controversies which arise in this
connection.
All the goods which are exposed for sale to the public should be
plainly marked with the price, and whoever fails to comply with this
provision is liable to a fine up to 1,000,000 lire.
'
commodities
necessary
.
given
newsprint paper being still inadequate to the demand, the
three months from the date of the law the list of commodities whose exporta¬
China must follow the example of the Allies regarding trade representation
Due to Siberian conditions and the position of the old Russian
no
The office controlling the manufacture
and distribution of "national" shoes will also be
of Russia.
an
the Government,
established by
tion or
representatives,
and
goods which
tions, by which their liquidation will be brought about under regulations
pub¬
Sept. 17, and said:
on
special Government offices which have been maintained In connec¬
tion with the supply and distribution of newsprint paper, wool, cotton,
well
as
as raw
commission will be established which will receive and pass upon
added:
Complaints from foreign commercial houses regarding the non-clearance
of their merchandise from Spanish customs houses
caused Senor.Pasqual,
the Finance Minister, to issue
within forty-eight hours,
an order that
everything must be cleared
otherwise the consignees would be multcted of
prohibitive warehouse charges.
Officials have been named at every port
and frontier station to expedite clearances.
DEVELOPMENTS IN
BANKING
Consul
the
Anderson
Frank
The Mexican coinage report for
July, 1920, states that dur¬
ing that month there
were coined, 1,800,000 pesos in
gold,
in silver, and 50,000 pesos in bronze, the
pesos
total for the month
amounting to 5,580,000
equals $0.4985).
pesos
pesos
supplies
Tenerife,
Aug.
v'iV
26:
Arrangements have been made by which the
interests of the banking
Compania, local bankers who have done a
large
Islands,/ have been taken over by the Banco
Hispano-Americano. The change will probably become effective about
the first of next year.
The Banco Hispano-Americano is a large Spanish
banking institution which has a capital of 100,000,000 pesetas ($19,300,000
at normal exchange) and has 30 branches or agencies in Spain.
It is said
that this institution will devote an important capital to its branches In the
islands and that improved banking facilities will result.
share of the business of these
MEXICAN COINAGE FOR JULY, 1920.
3,730,000
at
following information to Washington under date of
firm of Nicholas Dehesa y
T
CANARY ISLANDS.
Henry,
(1 Mexican
Bank of British West Africa
The
(Ltd.), it has been announced, will
branch in Santa Cruz de Tenerife in October
open a
which will take the
of the existing agency. This bank has already a branch in Las
Palmas and has long been an important factor in local banking affairs.
place
REMITTANCES BY ITALIAN EMIGRANTS.
:
The Department of Commerce at
Washington made public
the following on Sept. 28:
^
It has an agency
NEtV ISSUE OF PERUVIAN PAPER MONEY.
,
Trade Commissioner MacLean of Rome transmits the
following figures
of remittances by Italian
emigrants through the
showing the amounts
Banco di
United
Napoli during the
1919:
year
States——-432,692,497 lire (Venezuela,.
238,145 lire
"
|Uruguay,.
Brazil..
0,000
"
(Chili—.——161,972 "
Argentina—14,000,000
"
j
17/.
Furthermore,
75,653
returned
appeared
following
The
in
"Commerce
Reports"
of
Sept. 29:
Canada-—,—— 30.000,000
—.....
City.
in Beaver Street, New York
801,108
M
The
Peruvian
of paper money,
by the various
emigrants
arrived
from
America
who
doubtless brought considerable savings with them.
Government
has granted permission to
the Junta De
pounds (approximately $5,000,000)
which is entirely guaranteed and covered by gold deposited
Lima banks.
The report of Vice Consul Roth divides
Vigilancia to issue 1,000,000 Peruvian
the new issue as follows:
300,000 pounds ($1,500,000) of 5-pound
($25)
l-poUnd ($5) denomination
300,000 pounds ($1,500,000) of 5 soles, or one-half Peruvian pound
($2 50) denomination.
It is hoped that the circulation of this new currency
will relieve the shortage of paper money in the city of Lima.
denomination, 400,000 pounds ($2,000,000) of
and
JAMES
SPEYER
RETURNS
FROM
ABROAD— GER¬
MANY'S INDUSTRIAL HANDICAP.
James Speyer, who went abroad July 8, returned
steamer
Charles
Olympic, which arrived in New York
Steele
and
W.
Pierson
Hamilton,
on
on
the
Wednesday.
both of J.
P.
Morgan & Co., Charles H. Sabin, President of the Guaranty
Trust Company, and Thomas F.Ryan were also
among the
passengers who returned
the
I
I
following to
am
am
vary
say
the Olympic.
Mr. Speyer had
glad to be back.
In fact I
ON PROBLEM OF
In
a
never was so
glad to get home
as
OF COLUMBIA
statement relative to his observations of
a
decline in the prices of some commoditie.
place in America, which will be good news,
as
it will be reflected
extent in a reduction in the high cost of living, but a real
permanent
reduction cannot in my opinion take place until fighting stops in
Europe, and
until Russia and Germany are producing again.
Russia Is
some
practically
blockaded and npt producing wheat, &c., for export as she used to.
As
Co. of this city,
Germany,
said:
England, France, Switzerland, the Western part of
Belgium and Holland.
of investi¬
gating economic and financial conditions and studying present aspects of
the foreign exchange problem.
From the casual survey which I have made,
during this hurried trip, it appears that a gratifying improvement has taken
place in the general economic position of Great Britain, France and Belgium.
Many useful steps have been taken toward reconstruction and restoration,
but the task of the nations affected by the great struggle—former belligerents
and neutrals alike, although, of course, in varying degrees—is tremendous
and their present
also by the poor physical condition of the workers, and the undernourish¬
that there
ment of the
for continued caution and consideration on the part
city population generally is quite noticeable.
the
children,
particularly, is very
bad.
The physical
The British and
American Quakers are doing a great work in feeding them and it is much
appreciated.
care
of in
may
or
In
Frankfort alone there are
this way.
opened two
new
Austria,
I have conferred with many leading
regards Germany, of course it Is well known that Industrially she is
severely handicapped, not only by a shortage of coal and raw material, but
of
conditions
financial, industrial and political representatives with a view
During the last two months
condition
TRUST CO.
CREDITS AND GOODS FOR EUROPE.
abroad, made upon his arrival from Europe on the steamer
Noordam, S. Stern, Vice-President of the Columbia Trust
I have visited
this time.
has taken
to
on
with his return:
VICE-PRESIDENT STERN
15,000 cnildren being taken
Mr. Hoover's American Relief Administration has
food warehouses in Berlin and Frankfort, where food drafts
be obtained.
The German people are very grateful to all Americans
the help they have
given.
are
and future burdens and handicaps heavy and great, so
still many factors in the situation on the other side
capitalists and those who
may
dealings and investments.
certain number of
in the
which call
of our merchants and
be called upon to advise them in their
foreign
While in the western part of the Continent a
hopeful signs exist—such
as
for instance a
gradual fall
price of certain commodities and manufactured articles, less unfavor¬
somewhat increased returns from taxation, Ac.—
able balance of trade,
the situation in Central, Eastern and Southeastern Europe
is still
unsettled.
By reason of the more or less close economic solidarity which exists
between
of nations, the deficient crops, in
all the members of the European family
REPRESENTATIVE MCFADDEN'S OBSERVATIONS AS
should call
the lack of political stability and, in general, what 1
some cases
of commercial enterprise and, above all, retard
BILL
PROTECT
TO
RESERVE
GOLD
FROM IND USTRIAL DEPLETION.
and render more difficult
efficient financial machinery and the
Having become a nation
the necessary establishment of a more
HIS
TO
atmosphere," continue to impede the full play
the absence of a real "peace
[VOL. 111.
CHRONICLE
THE
1418
An interview
ultimate stabilization of the various currencies.
bearing
the bill introduced by him
on
of lenders, it behooves us to take a sympathetically broad, but cool
businesslike view of all these questions.
industrial depletion was
on
March 22 intended to protect the monetary
There is
no
and
ground for undue
gold reserve from
given out this week by Represen¬
pessimism, but the problem of furnishing Europe with goods and capital
calls for a careful and definite credit policy and, in certain respects, for
tative Louis T. McFadden, Chairman of the Committee on
Their own well understood self-
Banking and Currency of the House of Representatives.
efficient and farsighted statesmanship.
Interest will guide our friends and customers
abroad in their sincere efforts
their trade and finances with reasonable promptness
to rehabilitate
thoroughness.
and
Our country, which has been spared the ravages of war and
advantages in the peaceful struggle for world commerce
enjoys unequaled
which is ahead of us, may
confidently allow the time necessary for recupera¬
Representative McFadden's bill,
March 27, page 1243,
columns
pennyweight ($10
50 cents a
sale of all articles
an
or
That Charles Ponzi
only
can
about 33 cents
pay
on
the
dollar, instead of the 50% profits which he promised in¬
vestors in his
out
International
brought
when Charles F. Rittenhouse/Federal Exam¬
Oct. 5
on
Coupon scheme,
hearing before
Olmstead, Referee in Bankruptcy, read for the
ining Auditor for the Ponzi Receivers, at
James M.
first time
was
a
itemized list of the assets based
an
on
facts brought
out, Mr. Rittenhouse stated, by the Receivers from Ponzi.
These assets
which
are
cates of
the principal items of
aggregate $2,195,686,
cash in banks
Oct.
on
1920, $160,076, certifi¬
1
deposit, $1,058,222, Ponzi's residence in Lexington,
including furniture, valued at $110,000 and 1,590 shares of
the failed Hanover Trust Co. of Boston estimated at $200,-
a
gold producer is to receive $10 for
THE DOLLAR.
every
House, the industrial
continue to be supplied
time ago by Federal
Auditor, Edwin L. Pride, Ponzi's liabilities were placed at
$7,500,000.
On Oct. 1 the Federal Grand Jury for the
Boston District returned two indictments, each containing
According to estimates made
43 counts,
some
against Charles Ponzi, charging fraudulent use
of the mails.
These indictments
returned in Boston in
a
are
said to be the longest
number of years.
tax of 50 cents per
SPRINGFIELD
FEDERAL LAND BANK.
Land
Bank
Dalgleish.
of
Springfield,
succeeding
Merriman who had for two
Mr.
Auditor and
Mass.,
Assistant
Cashier
of
the Federal
G.
Scott
been
years
the American Colonial
Bank of Porto Rico, had for 19 years been connected with the
Hartford Aetna National Bank of Hartford, Conn.
also
Treasurer
Products
the Fruit
of
He
was
Corporation and
a
director of the Porto Rican Fruit Exchange.
He further says
this
a
In the
following
we compare
the
consumer
all
Oct. 2 1919,
banking standpoint that
entanglements.
convention urged upon
a
He
of
In
July 31 1920.
June 30 1914.
$
$
Canada
61.499.056
62,580,287
28.948,841
18,455,770
Mr.
McFadden's bill
18,480,221
17,160.111
The retention of the gold standard and
confidence in
degree of public
high
financial structure will he says,
the normal
currency
and
production of gold during this period of deflation.
The object for
which
our
be insured by maintaining
which the bill is intended and the provisions
contained
are
therein, according to Representative
McFadden have not been
broadly presented to the public
as
they should be, hence his interview in which he asked the
question
reference
with
to
the
gold
situation:
ignore the problem of
gold production, thus permitting the British Empire to gain
We publish herewith what
unquestioned supremacy?"
Mr. McFadden has to say:
British Gold Supremacy.
gold production of the United States based on the ou
-
1920 will be less than half the
United States produced 21.5%
British Empire 63.7%.
of the
total
of two-thirds.
world's
amount produced
in
1915.
In 1915 the
of the total world's gold output, and the
In 1919 the United States produced but 16.6%
gold
output, while the British Empire produced in
Since July 24
1919,
the Birtish Empire has been
exchange premium as high as 50% to gold producers of South
81,060,508
46,108.952
paying
168,424,553
171,307,950
92.114,482
Africa, where the bulk of the British gold is produced, while in the United
6,277,393
6,252,442
6.667.668
This year the contribution of the
the world wiU
Depos. with Minister of Finance
for security of note
States
circulation
Deposit of central gold
an
no
assistance has
been rendered the gold mining industry.
*
99,850,000
3,050,000
246,614,935
123,608,936
contributed in 1915, while the
stimulating effect of the exchange premium
1,678,642,141
1,661,978,526
925.681,966
will probably increase the quota
Bonds, securities, &c—
363,444,692
365.247,626
102,344,120
to
Call and short loans in Canada
113,598,923
115,360,894
67,401.484
than in Canada
As
193,888,245
.....
203,045,209
137.120,167
116,841,974
*
Other assets........
116.143.194
71.209,738
which the British Empire will contribute
75%.
Reason
Call and short loans elsewhere
for Decline.
compared to 1914, the purchasing power of the dollar in terms of all
The gold producers ounce in 1914 had
commodities in 1919 was 47 cents.
3,071,179,650 3.066,861,284 1.575,307,413
fixed by statute at $20.57 an ounce,
as a
LIABILITIES.
a
$
Capital authorized
192,866,666
127,901,400
127,302,800
115.434,666
126,522,615
126.051,800
130.182,660
130,027,965
231.534.233
99,138.029
178,417,337
196,534,899
44,453.738
996,931,883
987,423,570
495.067,832
............1,261,647,732 1,253,170,443
58,595,812
57.141.821
663,650.230
Circulation
.....
Government deposits
Demand deposits
Time deposits
Due to banks
...
payable
....
Other liabilities
or reserve
reason
...
8,447,134
6,334,956>
20,096,365
46,816,156
46.574,539
12,656.085
2,778,229,918 2,778,714,461 1,330.488,683
Note.—Owing to the omission of the cents in the official reports, the
Depleted.
more
gold than was produced from the mines of the United
States, while this year the drain on the monetary
be $40,000,000.
on
a
Oct. 2 1919, uring upon
the government the necessity for maintaining
domestic production of new gold in
trial requirements of the arts
tions of this resolution, the
introduced H. R. 13201
Since the industrial
receiving
raw
commodities
gold stock will probably
The American Bankers Association passed a resolution
on
sufficient volume to satisfy the indus¬
To comply with the speciiica-
and trades.
soundness of which cannot be questioned, I
March 22 1920.
Consumers
footings in the above do not exactly agree with the total given.
Stock
Gold
The United States Mint sold for industrial consumption during 1919 near¬
Including capital
fund
This is the
of the United States
less than $50,000,000 this year.
for the decline of the gold production
from $101,000,000 in 1915 to
ly $22,000,000
32,426,404
Since the price of gold is
the gold producer is in the same position
who received the same income in 1919 as in 1914 and finds that
$2,000 income has shrunken in purchasing power to $970.
principal
113,368,898
227,373,864
person
114,811,775
:..
up
Reserve fund
not
$
197,075,000
Capital subscribed—
Capital paid
$
197,075,000
a
purchasing power of $20.67, whereas during 1919 the same ounce could
purchase in terms of all commodities but $9.70.
Total
This
United States to the gold production of
probably be not more than 12 %, about half of that which it
103,162,533
246,944,373
reserves.
Due from banks
Loans and discounts
Total,
was
79,954,826
Dominion notes
Bills
gold in the United
new
satisfy the industrial require¬
view to accomplishing the above result
a
excess
Total
on
put for the first six months of this year indicates that the production for
$
Elsewhere—
that
thereby maintaining the gold mining industry during the
An estimate of the
Aug. 31 1920.
r
observes
the Government the necessity for
the arts and trades.
period of deflation.
a
also
domestic production of
introduced with
return for June 30 1914:
Gold and subsidiary coin—
reserve
In his estimation his bill
luxury.
a
a
unreasonable.
the American Bankers Association at its annual
banks, under the last two monthly statements, with the
ASSETS.
the
of gold in the industrial arts, and is free from
monetary
an
the condition of the Canadian
is
permit the depletion of the gold
"Is the United States to continue to
CANADIAN BANKS.
are
adjusts the equation between the producer of new gold and
following
OF
gold
material at the
raw
opposition
it is unsound from
should continue to
for the manufacture of
as
COMPARATIVE FIGURES OF CONDITION
of
consumers
compared with 1914, it is evident that
as
therefore
and
luxury,
and
John J. Merriman recently became Treasurer of
on
being heavily subsidized for the manufacture of
maintaining
TREASURER
MERRIMAN
ones
price, while the general increase in all commodities
are
ments
J.
the only
Representative McFadden
pennyweight.
112% in 1919
they
were
by the government with gold
in the country receiving their
ones
pre-war
was
the
basis, and objecting to the payment of the excise
States in sufficient volume to
JOHN
of gold
contends that since the industrial
only
in
in opposition to the bill, urging that they should
to appear
the old
newly produced
McFadden
Ways and Means of the
on
consumers
the
fund from which the
Representative
to
hearings before the Committee
we
000.
According
ounce.
on
gold used for other than
monetary purposes, thereby creating
PONZI CAN PAY ABOUT 33 CENTS ON
these
excise tax of
ounce) to be collected
an
containing gold
tion and adjustment.
in
noted
was
as
proposes
consumers
Now
Subsidized.
of gold are the only ones in the country
material at the pre-war price, while the general
was
increase in all
112% in 1919 as compared with 1914, it is evident that
Oct. 9
they
1920.]
Septemberl29]l920.
Mr. McFadden emphasizes that the
being heavily subsidized.
are
Dear
imposition of this excise tax merely adjusts the cost and price equation
between the producer of new gold
and the
on
the finished
product
sold, and not
of
consumer
The
in this bill is equal to the
excise tax imposed, and is
no greater
problems confronting the
difficult.
The stimulus to the gold producer specified
material.
raw
time to time, with the
Board in
the Board,
I take pleasure in sending
herewith copies of these three addresses.
you
gold in the industrial arts may pay more nearly the cost of
production for his
expressed in his address in West Virginia.
as
The bill creates the governmental machinery by which
monetary system.
in full accord with the policies of the
am
his addresses in Cleveland and those of Mr. Piatt, a member of
alters the number of grains in the standard dollar, the unit of our
any„way
I
announced by it from
as
views recently expressed by the Governor of the Federal Reserve
the bullion
upon
There is nothing in the bill which in
which is sold to the manufacturers.
the
as
Federal Reserve Board
that the excise
reason
agricultural finance and marketing, I desire to
repeat what I said to you.
A free gold market is
this bill for the
Sir:—Referring to your]vsit\o my^officelMonday and to our dis¬
cussion of the problems of
the industrial
consumer of gold in
arts, and is free from all monetary entanglements.
maintained under the provisions of
tax is collected
1419
CHRONICLE
THE
They will not be solved to the satisfaction of everybody, but I
think to those who know the facts and think fairly it will appear
than the ex¬
and
of the nation are complex
banks
that the
change premium paid by Great Britain in the latter part of 1919 to the
banks of the country as a whole are functioning very effectively in
South African
the problems confronting them and in extend ng accommodations to meet
whose opertaing conditions
producer,
more
are
favorable
the needs of
than^those in the United States.
the
In addition
to
than the
Tax.
extent
credits have
to which
I
As
crops.
gold would amount to 100% more in francs
especially
movements and in taking care
crop
of industrial needs, although of course not
money) of 60 francs per hectogram (S3.73 per fine ounce) by law of June
true that there has been
Previous to that date the guarantee tax
times per hectogram.
Commerce,
as
was
37 francs, 50 cen¬
was
without difficulty.
It is not
On the contrary, there
contraction of credits.
a
expansion of credits during the twelve months from the end of
an
August 1919 to the end of August 1920, and there has been an upward
The French Government justifies this tax in a formal
tendency since the
the United States Bureau of Foreign and Domestic
crop movement
Between the end of August 1919
began.
and the end of August 1920 the loans and investments of about
follows: "Moreover this tax, striking as it does luxury goods,
unessential articles, enters into the category of a sumptuous tax, the levy¬
or
became
the marketing of our large
from
assisting in financing the
sumptuary tax for the use of gold in the fabrication of articles (other than
document transmitted by
You know it
in position to meet the
result of these steps I believe that the banks of the country
a
will succeed in
price paid before the war, the French government has imposed a
25 1920.
that you have in mind
am sure
extended.
been
necessary to take steps to see that the banks were
seasonal demands resulting
paying the exchange discount, which in the case of the
French industrial consumer of
industry and agriculture.
______
French
Heavy
handling
member banks increased
approximately
800 reporting
and three-quarter billions of
one
dollars.
of all the
ing of which is admitted by all economists as a legitimate procedure."
Standard
Gold
Protected.
standard
during
declining prices.
for fear that
production there will be difficulty in retaining the gold
popular campaign for credit restriction accompanied by
a
banks, it is estimated that the total increase in loans and invest¬
The continued depletion of the gold stock by excess ex¬
portation and industrial use will seriously impair the public confidence in
the. Nation's finance and currency unless a normal gold output is insured.
of dollars.
went into
Waste Makes
Want.
Even from Jan. 23
stocks
one-quarter billions
1920, when the increase in discount rates
effect, to Aug. 27 1920, the loans of about 800 reporting member
banks, exclusive of loans secured by Government
and
bonds, increased about
This would reflect
estimated,
demands
.
reporting banks represent about 40% of the resources
ments for the twelve months indicated was over four and
It "is important that the gold mining industry be kept'alive
with greatly reduced
As these
Since the crop-moving
three billions of dollars.
the bills discounted
on
obligations and other
quarter .billions of dollars.
a
total increase of commercial loans in all banks, it is
a
of perhaps
came
and
one
and
purchased by the Federal Re¬
banks have increased at the average rate of nearly twenty-two
serve
aid is
slfut down unless constructive
will be completely
millions
provided without delay, in which event it will take
mines of the United States to
developed gold
To allow the gold
will
a
No argument can
cause want.
to act is now before the
week.
most critical hour of financial need
be made in favor of waste.
The time
i
industry is shut down.
The increase in the volume of Federal Reserve notes from Jan. 23
1920 to Aug. 27 1920 was 8360,000,000.
I need scarcely say to you that I am in favor
in and fill with water entails a waste of
cave
which is
resources,
week, and the Federal Reserve notes at the average rate of twenty m lbons
to develop a
years
normal output of gold at a very much greater expense.
a
a
The gold mining industry
TREASURY HOUSTON ON PLANS
TO
only for better production but also for better marketing of crops and for
more
In
FINANCE CORPORATION'.
WAR
letter anent the problems of
a
Farming must pay and rural life must
agriculture.
answers
the
suggestion that the Treasury at this time deposit money in
banks in certain sections of the country
credit
in order to
situation, with the statement that "I
that this is not feasible."
to deposit for such
money
can
The Treasury, he says
and could in
a purpose,
can we
I sincerely hope that cooperative movements
only say
"has no
Govern¬
requirements."
Besides declaring that "the Treasury
should not be in the
banking business," he adds that "the
banks of the country,
under existing law,
believe, meet the situation
the
of the people.
mass
.
.
can
and will, I
to the satisfaction
.
of
Secretary Houston also declares as
unacceptable the suggestion that the activities of the War
Finance Corporation be resumed,
willingness to lend
finance
to
money
the further statement that "I
doubtless
Secretary Houston makes
am no
that the
prophet, but I imagine
will take several
process
The letter in which these statements are made by
years."
the
"we have
that
passed the crest of high prices,"
prices will recede and
and that it indicate its
to corporations or persons desiring
Observing
exports.
Secretary is dated Sept. 29, and
was
made public Oct. 6,
along with another communication bearing date Oct. 4, and
having reference to requests that the Treasury either deposit
in crop-moving sections
money
In neither
In the
case
one
is the
name
or
of the
lend
one
of the 4th inst. he says
Reserve Board has
no
power
money
that "while the Federal
to make loans, and no discretion
has used its influence in two directions
urge
the discouragement of loans for
purposes,
secondly,
and
to producers.
addressed made public.
to what loans the member banks may
as
where
make
or
decline, it
especially: First, to
any
sort of speculative
discriminations
must
be
practiced and all demands cannot be met, that the banks
it that the fundamental needs of their communities
see
to
are
satisfied
fully
as
have co-operated
as
possible
.
.
.
along both those lines."
and the banks
The Secretary
also
emphasizes the. fact that "the banks in certain industrial
sections of the nation are rediscounting in very large sums
for banks in
of
such
times
crop-moving sections," and that "the sum total
rediscounts for crop-moving sections is about six
the amount that the Secretary
posited in
crop
Reserve
System
synopsis of what
had
a
surplus and before the Federal
The following is the
to, the second letter being in large part
was
first letter referred
a
of the Treasury de¬
moving sections to assist producers at the
time when the Treasury
inaugurated."
was
said in the first
one.
chief
and
will
hope to have
make
even
a
sufficient number of efficient and contented
more
During the entire time I
this
I labored
end
earnestly to promote the development of the
These agencies have ren¬
dered vast service to the farmers and will render increasing
activities
legitimate and
a
Secretary of Agriculture one of my
the matter of better marketing and better rural finance;
concerns was
to
of
rapid and satisfactory headway in the
was
Bureau of Markets and the Farm Loan System.
service if their
not
crippled.
Referring to the suggestion that the Treasury at this time deposit money
the
no event
make deposits in the circumstances except to meet
ment
ease
Only through the attainment of these
objectives
future.
agricultural finance and
marketing, Secretary of the Treasury Houston
In such cooperation lies much of
satisfactory financing of them.
lawful kind
TION OF
oi|i the part of farmers
not
farmers.
RESUMP¬
SITUATION—OPPOSES
CREDIT
I have labored many
years to stimulate legitimate cooperative enterprise
be made comfortable and attractive.
EASE
legitimate effort to
every
the
the future prosperity of
SECRETARY OF
of
promote the orderly marketing of all commodities.
are
in banks in certain sections of the country in
tion, I
can
only
deposit for such
cumstances
and could in
a purpose
no event
make deposits in the cir¬
fact the Treasury is itself borrowing money at a cost
The Treasury has
6% to meet current bills.
and must meet the bills that
the credit situa¬
ease
As a matter of
meet Government requirements.
to
except
order to
The Treasury has no money to
that this is not feasible.
say
somewhat in excess of
control
no
over
appropriations
It is true that
presented under the law.
are
the tax receipts for the tewlve months will meet the ordinary
expenditures
Government, including the sinking fund charges and interest on the
of the
public debt, and make possible
a
net reduction in considerable volume of
floating indebtedness; but much of the taxes is received in quarterly install¬
ments and bills come in
regularly and, therefore, the Treasury is under the
The Treasury
necessity of borrowing temporarily to tide over the intervals.
should not be in the banking business.
existing law,
The banks of the country, under
and will, I believe, meet the situation, as far as it can be
can
met, to the satisfaction of the mass of the people.
for
It may be interesting
to know that the rediscounts for Federal Reserve banks in crop
you
moving sections with several of the Reserve banks in other sections of the
country at present are about six times the amount formerly
deposited by
the Secretary of the Treasury in banks in crop-moving seasons to
the marketing of crops.
The other
which
suspended
were
thorizing it
last
spring,
was
as
a
matter of
resumed and that it indicate its
be
The
persons
desiring to finance
Finance Corporation
passed at
a
was
a
provision
the financing of exports is concerned, the
war
au¬
time when there was apprehension, caused by
the chaotic condition after the
As
•
to corporations or
money
likewise unacceptable.
So far
agency.
assist in
suggestion that the activities of the War Finance Corporation,
willingness to lend
exports, is
;
armistice, that exports might not go forward.
fact, exports have gone forward in unprecedented volume.
While in 1918, the last year of the war, the exports aggregated
$6,000,000,-
000, in 1919 they were valued at $7,900,000,000, and in this year, 1920, on
the basis of the first
$8,400,000,000.
months, they are going forward at the rate of
seven
Clearly,
exports
financed by private business
being
are
agencies,
as
financed.
They
they should be.
ports, perhaps by more than $10,000,000,000.
are
being
The aggregate
value of exports for these three years will greatly exceed the
value of im¬
I think it will be clearly
recognized that the condition contemplated by Congress does not exist and
that there is
tion
no
need for the Government through the War Finance
intervene
to
to
stimulate exports.
Corporation coulc get the
money
-Furthermore,
the
would have to borrow the money from the people at a cost
If the activities of the War Finance
discriminate
of the
the
among
a
classes of commodities, and, unquestionably, because
lower rate than they could secure it from private sources,
the amounts requested would be of tremendous
wise for the
current
volume.
obligations.
pointed out facts which
people overlook, namely, that the Federal Reserve Board has no dis¬
cretion in the matter of loans which
wish to make
power;
a
It would be un¬
Treasury to undertake this burden in addition to its large
The officers of the Federal Reserve Board have
of
exceeding 6%.
Corporation were resumed it could not
possibility that applicants might think they could secure money from
Treasury at
many
Corpora¬
War Finance
only from the Treasury and the Treasury
or
and also that
loan which
The Federal
with the
a
a
member
or
non-member bank may
decline; that the Federal Reserve Board has no lending
a
no
discretion in the matter
non-member bank may
wish to make or decline.
Federal Reserve bank has
member
or
Reserve Board and the Federal Reserve bank are concerned
keeping of the assets of the Reserve banks in sound condition and
in having a large mass of
liquid paper
so
that when urgent needs arise there
1420
CHRONICLE
THE
[Vol. 111.
f
be reserves with which to meet them.
may
of the country are in
The vast mass of the resources
the member and non-member banks.
banks themselves have less than 10% of the
and
banking
The Reserve
of the country
resources
they do the business of rediscounting and should be in position to use
this
emergencies,
in
power
banks
would
be
not
able
they
as
should not be taxed to the limit
to
doing.
are
Obviously the reserves
steadily and constantly.
meet
If they were, the
exceptional conditions,
such
as
now
obtain.
Furthermore,
the Governor of the Board has pointed out, and with
as
am
in entire accord, the Board itself can¬
not discriminate between essential and non-essential loans.
that must rest
on
the banks which make the loans.
This is
a
duty
The Board can suggest
bankers, however, a thing which good bankers everywhere recognize,
that it is their prime duty to attempt to take care of the fundamental needs
of their respective sections and that, where the demands for credit
be met in full and discrimination becomes necessary,
essential activities
more
are
supported
nature have to suffer at least
even
though
cannot
they see to it that the
some
of
a
less essential
I thoroughly
temporarily, for the time being.
endorse the view of the Board and good bankers generally that
This call is issued in response to requests from thousands of
The United States should seize the
that there has been
legitimate
a
very
and the facts clearly demonstrate
large decrease in the amount of speculative and
non-essential loans.
I need
time is
not
basis of the law of supply and demand.
On staple products the sale must be carried over
provide
The
legitimate demand based
a
extended
you
all, the supply of wealth at any one
that, after
terms
on
satisfactory to
still in the midst of abnormal conditions.
every
be infinite or
We
individual.
The sad thing about war
only that it is horrible while it lasts, but that it is not
over
are
is not
when the fighting
It leaves behind it conditions which in the nature of things cause
ceases.
hardships and sufferings for
It is gratifying that we have been
many years.
able to proceed under the exceptionally difficult conditions as
well as we
Our people must face the fact that conditions will be difficult for
have.
time to
meet the
But with steadiness of purpose and intelligence we
come.
problems
as
they arise and in time bring the nation back to an
orderly and sound basis.
world is in
an
This nation does not live to itself.
abnormal state but it
seems
The whole
obvious that things are
beginning
right themselves and I believe that there is light immediately ahead.
We have doubtless passed the crest of high prices.
I
prophet
am no
imagine prices will recede and that the process will take several
years.
No
but the
consumer
one
upon
a
period sufficient to
that natural law.
price of farm products must not be below and should be above the
cost of
production.
should
There
be
statement
no
issued
by Government officials in any
department tending to affect prices of agricultural products, except regular
statements issued by the Department of Agriculture on crop conditions and
indicated yields.
Nature requires a set period between seeding and harvesting,
will wish to have the prices of what he produces
lowered,
has evidently made up his mind not to continue to pay
high prices, and much trouble which is attributed to the banks of the country
and
credit conditions
over
which the banks have
unquestionably arise from fundamental conditions
no
control.
Matters are further complicated
this nation by reason of the fact that it has not yet concluded peace
enemies and has not yet joined the other great
for
with its
nations of the world in a
co-operative effort to hasten the return of sound conditions and to allay
the fears of the world
as
to the recurrence of other wars.
'
sumer.
mean
the producers enormousdecreased production and in the end penalize the con¬
.'/V
Congress in refusing to re-establish the War Finance Corporation {which
specifically empowered to
was
$1,000,000,000 to facilitate exports.
use up
No part of this sum has as yet been utilized.
is absolutely
Its
proceeding further with production, to be assured
as
to what extent the
policy of deflation will be carried.
Agricultural producers
are now
:
wages
D. F.
through governmental sources.
largely to
care
for the orderly
believe that in accordance with
we
law it should now serve that end.
1
WASHINGTON.—
through inability of producers to market their products on account of the
absolute lack of governmental assistance, not to say government effort to
reduce prices on farm
produces.
,
The Houston policy of discouraging exports and
can
only
mean
encouraging imports
the artificial depression of American farm products and put¬
ting our farmers on a basis of cheap foreign labor.
In view of these
conditions,
feel it
we
imperative duty to meet at this
an
time, both to offer protest against government efforts to begin deflation
with the farmer, and to take definite steps to see that our
period of harvest, are not depressed to
gage our
a
products, at the
point where we shall have to mort¬
homes and borrow funds to enable us to continue to meet the world
Barrett, President National Farmers' Union; J. S. Wanna-
and domestic markets of farm produce" and the
artificial deflation announced by Secretary of the
Treasury
Houston have forced the market price of many farm
products
below the cost of production, representatives of various
agricultural associations have called a meeting of agricultural
interests to be held in Washington next week, Oct. 12 and
J. J. Brown, Commissioner of Agriculture of Georgia,
13.
in
making the call public, issues a statement in which he
appeals to cotton producers and merchants not to sell another
bale of cotton until after the meeting "unless in the meantime
cotton should reach the price of 40 cents a pound."
The
following is his statement as published in the "Atlanta
Constitution" of Oct. 3:
"To the Farmers and Business Men of Georgia:
National Congress, National Agricultural Organization
Farmers'
on
repreesntlng every section
and
Grange, National Milk Producers' Federation, Farmrs' Society of Equity,
Dairy Union, Pennsylvania Rural Progress Association; J. J.
National
Advisory Marketing Board.
DESTRUCTION
OF
COTTON
GINS
belt after anonymous
men
Atlanta, Oct. 6, said:
to cease activities
while cotton selling at what many farmers
The burning of the
two
second gin in the Stamford, Texas, territory
days was reported last night.
Taylor & Barnette at Hanceville, Ala., was
of
the proprietors
gins in the vicinity remained open under
States have wired their approval
covering every
and cooperation
pound.
Business houses at New
Hanceville, whose proprietors received similar
yesterday, but stores at Garden City and Hanceville an
Threats have also been received by
Carolina.
citizens of everywhere, kindly ask that
bringing only 23 cents today, is still making nine yards of gingham which
on
the market at $4.50.
It is evident that deflation is being pushed
As to cotton there has been
no
inflation at any time,
armed
guard.
business men in Georgia and South
"Practically every line of agriculture has been seriously affected by the
policy of Secretary Houston in his effort to deflate prices, and today the
prices offered for many agricultural products, including cotton, wool and
others, is far below the cost of production.
A pound of your cotton which
at the wrong end.
destroyed yesterday after
selling at
had ignored orders to close it until cotton was
Up to date 19 farm organizations,
a
Bowman, Ga., read:
Warnings posted on gins at
"We, the
this ginnery be closed until Nov.
Please take notice."
1920, unless further notified.
EFFORTS ON PART OF AUGUSTA EDITOR IN
OF COTTON LOANS BY
and
within
The general mercantile establishment
13.
is
termed
placing of armed
guards around several gins and the closing of business id at least one com¬
prices below the cost of production, has resulted in the
and the meeting will be held.
is selling
the cotton
threats had been received by operators and business
United
12 and
AND
________
destruction, of several cotton gins and business houses in
The
warnings, closed
of the
SOUTH
BELOW COST.
Pi-ess dispatches from
40 cents
Oct.
IN
THREATS INCIDENT TO SELLING OF COTTON
national convention of farm organizations in Washingto n
on
State
Brown, Commissioner of Agriculture of Georgia, and member Cotton
bility of calling
section
Intermountain Farmers
American Association for Agricultural Legislation,
including a number of members of Congress.
Other congressmen
wired their approval of the meeting and its action.
"At this meeting a committee of nine was named to consider the advisa¬
a
Society
Marketing and Farm Credits, Pennsylvania State
Association, Corn Belt Meat Producers'Association, Farmers* Equity Union
important cotton
This meeting was attended by
of the State,
America
representing Farmers' Educational and Co-operative Union of
munity.
You have been informed through the state
press of the
men
Asso¬
Organization.
maker, President, and Harvie Jordan, Secretary, American Cotton
National Conference
Contending that "the present demoralized condition both
many of the most influential
only
surplus production to-day. and stagnation has come
no
>
|
The Federal Reserve system was organized
marketing of agricultural products, and
Charles 8.
HOUSTON.
SECRETARY HOUSTON CRITICISED.
meeting held in Atlanta last Thursday.
■'
for labor, all granted
ciation; Charles A. Lyman, Secretary National Board of Farm
COTTON INTERESTS TO MEET IN
!
forced to shoulder enormously increased
transportation charges, heavier taxes and larger
There is
before
necessary to agricultural and commercial life,
demand for food and clothing.
Very sincerely yours,
(Signed)
of export
and to de¬
under existing conditions would bring to
Secretary Houston has moved directly to the contrary! to the policy of
say to
limited, and that necessarily credit extensions cannot
always be
I
activity.
duty of Government to assist agricultural producers in the orderly
handling and marketing of their products in unrestricted markets, on a
flate
but
opportunity for world trade.
Government to promote in every way possible a period
It is the duty of
of intense world-wide commercial
losses, would
to
agricultural
producers in all parts of the United States, who say that:
speculative enterprises be discouraged;
some
o
hundreds of millions of dollars to the farmers of the United States.
enterprise everywhere shall be first considered and encouraged and that
can
the loss
mean
It is the
his view and that of the Board I
to the
regarding market conditions, which, if maintained, will
BEHALF
RESERVE BANK.
we
propose in this Washington meeting to correct this unwarranted situation.
"I earnestly appeal to all cotton
producers and merchants not to sell
another bale of cottonuntil after this
meeting in WashMgton on Oct. 12 and
13 unless, in the meantime, cotton should reach
the price of 40
cents a
pound.
The
To
of
Agriculture,
Representatives of
Organized
Agricultural
of
Owing to the present demoralized condition both of export and domestic
marketing of farm products and to the policy of artificial deflation an¬
nounced by Secretary Houston, of the United States treasury
department,
contrary to the law of supply and demand, which have forced the market
many
farm products below the cost of production.
We, the undersigned
official representatives of the agricultural associa¬
call a National convention, of these associa¬
tions below: named, do hereby
tions,
and
to include the commissioners of agriculture of the various
all
other Interested agricultural producers,
Dl C., Oct. 12 and 13 In the home of the
ons,
States
to meet in Washington,
National board of farm organiza-
No. 1731 1 Street, N. W., for the purpose of taking definite action
campaign by the Editor of the
more
Bank
liberality in the extension of cotton
dispatch from Augusta Oct.
following telegram
of the South:
a press
leading
newspapers
Earnestly urge that you use your influence to induce the
the
United States, Commissioners of Agriculture of the various
States, and
to All Other Agricultural Interests:
prices of
of Atlanta to lend
to the
Associations
a
4, which reports him as having sent the
Georgia.".
following is the call for the meeting:
the
inauguration of
credits, is announced in
(Signed) J. J. BROWN,
Commissioner
The
Augusta "Chronicle" to induce the Federal Reserve
Bank to loan more UberaUty regarding cotton
Federal Reserve
credits, especially by redis¬
heretofore. Farmers experiencing
and they, naturally, do not wish
If farmers forced to seU their
cotton at present prices thousands will be practically ruined, for prices are
at least 10 cents per pound below cost of production.
With world needing
cotton, no excuse for enormous deflation.
South willing to bear its part in
co-operating toward lowering cost of living, but Southern farmer no profiteer
and never has been, and he is now being made goat.
Situation serious with
a short crop and ridiculous price.
Please publish this statement with any
editorial comment you care to make and wire Federal Reserve Bank,
counting
notes
of cotton
factors,
as
great difficulty in getting loans on cotton,
to
seU
at
ruinous prices now
prevailing.
Secretary of Treasury Houston and your representative
relief.
in Congress urging
Oct. 9
1920.]
THE
CHRONICLE
In
printing the above, the "Journal of Commerce' also
gives the following press advices from Augusta:
The
sending of this telegram followed
Henderson among local bankers,
investigation
an
factors and
cotton
made by Mr.
business
menwhich
convinced him that the Federal Reserve Bank held the
key to the cotton
He found that the banks which handle cotton accounts wer e
situation.
still
loaning their customers large
carried
of money, but many dealers had
sums
from last year and already owed the banks
large sums
the 1919 crop.
over cotton
borrowed
on
The supply of money in country banks in the South is smaller than usual
this year, for the farmers are holding their cotton and
are
unable to pay
the banks who, in turn, are forced to ask the city banks for increased loans.
As a result the country banks are unable to make their usual cotton
loans
this fall.
Another
reason
year to
place the usual
in
Augusta and other cotton centers on warehouse receipts.
"The South is not unwilling to bear its part in the general
plan to lower
the cost of
living," said Mr. Henderson..
"However, it
sees
outrageous deflations caused by "Wall Street bears when
not
engagements that it has had to finance
during the period
when what will
probably be the most valuable crops ever
harvested,"
no
justice in
world needs
one
only all of the cotton that is being made this year, but a great deal
A 12,000,000 bale crop with cotton bringing 50
% less than last year
being marketed, is pointed out in the Oct.
were
i number of the bulletin issued
also
we
take the
following:
The country is now
entering the last quarter of
membered especially for its almost constant
of
and the effort to accomplish painless defla¬
States, would not have been possible without resort to
rediscount
reached
a
new
facilities
of
our
high record for
the money market,
system.
year, there
September
being
payments
disturbance in
no
notwithstanding the prodiguous tax payments, heavy
borrowings, immense advances to the crop moving sections,
and the putting through of the
great French loan, besides lesser financing
for corporations in various
parts of the world.
adjustment would have been
were
banking
a peace
government
to finance
people who
re¬
The Federal
Europe's crippled industries
tion in the United
the
will cost the South SI,200,000,000.
a
which will be
a year
credit strain.
Reserve System is functioning well,
however, and it is clear that the extra¬
ordinary financing of the past year, in connection with the reconstruction
more.
For the South to suffer any such loss
would be financially disastrous and would be an
outrage perpetrated upon
by the Foreign Trade De¬
partment of the National Park Bank of this
city, from which
for the lack of money for cotton loans,
according to Mr.
Henderson, is the inability of Northern banks this
sums
Board that the
country has been able to meet the immense
out of the
non-essential loans,
This reasonably comfortable
question had the banks attempted
to have granted the numerous applica¬
or
tions for accommodation for
non-production enterprises.
the last to be benefited by rising prices and among the
first to suffer by falling prices.
if the
world
handle and
WISCONSIN
surplus,
But the
ments.
And in this connection we wish to say that
deluged with cotton, if every country had ad it could
we could not, with good grace, make any such state¬
was
a
is true.
reverse
The world is in need of cotton and
away from the South at outrageously low prices'
only to be benefited later by the rise that is bound to come."
RICHMOND FEDERAL RESERVE DIRECTORS ON LOANS
COTTON
According to
a
AND
TOBACCO
INTERESTS.
the
of
Federal
Reserve
Bank of
by two directors
Richmond, namely John
F. Brutton of North Carolina and David' R. Coker of South
Carolina, the principal cotton and tobacco sections of the
District
share
are
borrowing far
now
Reserve
of
bank
than their
more
funds.
Besides
rata
pro
stating
that
the
it is
indefinitely extended,
or
national
banks, the Wisconsin law prohibiting State courts
appointing in
other
than
Wisconsin
Reserve
independent during the past three
shown sound business
years
judgment and had held
proportion of their profits."
financially
if their people had
to
on
a
fair
The following is the letter in
part:
There is
a
widespread impression in the cotton and tobacco regions that
the Federal Reserve bank
and should furnish unlimited credit for the
can
carrying of these crops for indefinite periods,
or
until these markets
can
be
forced up, by means of this financial aid, until the ideal prices which the
However desirable it may be to the growers to withhold these and other
it is desirable for
these crops to be marketed slowly
limitations of the Federal Reserve Act,
and judiciously),the
the duty of the Federal
Reserve
banks to distribute their funds equitably, and the present congested financial
situation make it impossible for the system to extend unlimited aid for these
or any
other similar purposes, and no banking system can be devised which
could safely assume such an
North and South
executor, for the appointment of the Commercial National
Bank of Fond du Lac
the decision
J.:
the principal cotton and tobacco sections of
Federal Reserve Bank.
of Richmond.
of which
The county ocurt denied the application to appoint the
Commercial National
Bank
of Fond
du Lac
ground that the provisions of Section 2024-77r, Statutes,
(chapter 180, Laws, 1919) forbids such appointment.
This statute
provides: "No court of this State shall appoint or name any corporation as
1919
trustee,
administrator,
executor,
guardian,
assignee,
Of course the Commercial National Bank is not
organized or
the statutes of this State.
the provisions
number 72
There are 97 member
are
borrowing from the
The amount borrowed from the system by
the 72
the
dfiuciaries
as
of the
case
First
valid and applicable to national banks.
are
National Bank
of
Bay City
on
which
the
State is entitled.
whole
In
South Carolina
98 member banks, 88 of which are borrowing 285% of the amount
would be entitled under
a
trators, and in other fiduciary capacities, and that Congress did, by section
11
(k)
of the Act of Congress approved Dec.
To enable the Federal Reserve
Bank of Richmond to make these heavy loans to North and South
the quotas of other sections of the district which are at present not
Carolina
borrowing
heavily, have been used, and, in addition, large loans have been secured by
the
Richmond bank from other districts.
definitely extended, and
many
tions
their
must
The present
general financial
permit of such borrowings being heavily increased or in¬
not
realize
that
tion of State
and businesses for twelve months,
or
local law, the right to act as trustee, executor,
The grounds of the court's
holding
Reserve
money
in hand to operate the farms
but wasted
be
The
permanent.
North Carolina
and
agricultural
and
a
large part of it and then
sections
of
South Carolina could have become financially inde¬
pendent during the past three years if their people had shown sound busi¬
ness
judgment and had held
banks should lose
our
people
may
passing and must
no
on to a
fair proportion of their profits, and the
opportunity to call attention to this fact in order that
profit from the bitter experience through which w§ are
pass
because of it.
is entitled to from the Reserve bank should not (as
some
have done) merely
say to would-be borrowers who cannot be accommodated that the Reserve
bank will not rediscount the paper.
cases
pected to borrow
NATIONAL
the bank explain that it has already secured from
COUNT
and that it cannot and should not be ex¬
exercise it.
to
Nor would it lie in the
are
national
may empower
national banks
nevertheless become appropriate to their function if by
State banking corporations,
national banks
trust companies, or other rivals of
permitted to carry it on."
As stated by Chief Justice White in expressing the opinion of the court:
"Manifestly this excluded the
might
that
possess
in
a
general
of the State in such
power
sense
banking function, since to do
so
although it
use
being united by Congress
would be but the exertion of State
authority to prohibit Congress from exerting
Constitution it had
case,
authority to regulate such business to
authority to prohibit such business from
with the
a
power
which under the
right to exercise."
a
It is there held that if State banks, trust companies, and other rivals or
quasi rivals
of national
banks
permitted
are
to
carry on
a
business
not
be conferred by Congress
on national banks, such
rights possessed by these rivals may make it appropriate to be conferred on
as may
national banks to enable them to perform their functions.
Since this decision
Dec., 1913,
11
among
by the Federal Supreme Court, Congress by Act of
other things added to the original provisions of Section
(k) conferring fiduciary
the following: "* ♦
*
or
in any other
fiduciary capacity in which State banks, trust companies,
or
other corpor¬
ations which
come
powers,
into competition with national banks are permitted to
under the laws of the State in which
act
Whenever the laws of such State authorize
the
or
national bank is located.
permit the exercise of
any or
porations which compete with national banks, the granting to and exercise of
such powers by national banks shall not be deemed to be in contravention
of State
or
local law within the meaning
of this Act."
National banks within the legitimate powers conferred on them by Con¬
gress cannot
so
far
Reed
as
BANK
FACILITIES
SYSTEM IN
ON
OF
BEARING
FEDERAL
OF
REDIS¬
as
v.
"be interfered with by State legislation or judicial action except
the lawmaking power of the Government may permit."
(Van
People's National Bank of Lebanon, 198 U. S., 554).
RESERVE
by adhering strictly to
by the Federal Reserve
and
trustees
other
fiduciaries
are
rivals
of
the
Commercial
National
Bank of Fond du Lac under the power conferred on it by the Federal Reserve
Board and the acts of Congress.
yield to the rights
In
DEFLATION PROCESS.
The fact that "it has been only
the conservative course advocated
in it
State law
a
State power to forbid this.
It is clear that the powers conferred on corporations in Wisconsin to act
unduly^
PARK
class subject
bank
Fairness and the public interest de¬
the Reserve bank and loaned to its customers more than it is entitled to
receive from the Reserve bank,
a
all of the foregoing powers by State banks, trust companies, or other cor¬
The member bank which is borrowing two or three times as much as it
mand that in such
function is of
a
regulation does not prevent Congress from authorizing
assumption that high prices
manufacturing
administrator,
fully expressed in the headnote
are
follows: "The circumstance that
inherently such
went to the banks for abnormal advances on the
would
1913, establishing the
to State
of the banks in the cotton and tobacco sec¬
borrowing limits with the Federal
bank have already been reached.
Many sections had last fall enough
23
Federal Reserve Board, properly give such board authority "to grant by
fair distribution, and 262 % of the
amount to which the whole State is entitled.
situation will
In
Fellows, Attorney-
national banks the right to "act" as trustees, executors, adminis¬
inherently such that Congress
to
v.
power to
confer
may
are
existing under
General of the State of Michigan, ex rel. Union Trust Co. (244 U. S.,
416)
the United States Supreme Court has held that Congress has the
to engage
equitable distribution of the funds of the Reserve bank, and 179%
of the amount
in any
Statutes, prohibiting appointment of
A business not
there
or
The effect of the county court's ruling is that
of section 2024-77r,
North Carolina banks is 221 % of the amount to which they are entitled un¬
to which they
receiver,
other fiduciary capacity unless such corporation is organized and
existing
the provisions of Section 2024-771 to 2024-77q of the statutes."
under
der
an
administrator of decedent's
estate upon the
funds of the Federal Reserve Bank
Carolina,
Appeal of George H. Stanchfield.
Joined by the Commercial National Bank of Fond du Lac.
Siebecker,
to the case, as
North
The Bulletin printed
of Wisconsin in Supreme Court.
of S. B. Slanchfield, Deceased.
etc."
in
administrator.
as
follows:
as
State
In re Estate
this district, are now borrowing far more than their pro rata share of the
banks
published in the July number of the Federal
was
special permit to national banks applying therefor, when not in contraven¬
undertaking.
Carolina,
any corporation
organized under the laws of
company
Bulletin.
corporations
planters have in mind may be realized.
products from the market for the purpose of forcing an advance in price (and
fiduciary capacity
any
trust
a
The case, it is stated, arose
upon the
application of the sole legatee, under a will appointing no
argued, that the agricultural and manufacturing sections
of North and South Carolina "could have become
UNCONSTITUTIONAL.
opirion rendered by the Supreme Court of Wisconsin
holding unconstitutional, in so far as it purports to affect
present general financial situation will not permit of such
borrowings being heavily increased
OF
An
from
letter addressed to members of the Federal
Reserve System in North and South Carolina
PROHIBITING APPOINTMENT
HELD
body is trying to take it
TO
LAW
NATIONAL BANKS AS FIDUCIARIES
some¬
re
so
Katherine
conferred
Under these circumstances the State must
on
Hamilton,
Decided April term,
Upon the facts of record in this
was
entitled
as
a
matter of
national banks.
Supreme
1920.-
■
Court of Errors,
Connecticut
<<
case
the petitioner, George H. Stanchfield,
right to have the county court pass upon the
1433®
of his petition for the appointment of the Commercial National Bank
Stanchfield, deceased.
prayer
of Fond du Lac as administrator of the estate of S. B.
administrator, was erroneously
bank cannot legally act in the capacity of
denied, and must be reversed.
The
case
In his further remarks Mr.
of such petitioner, and for
further proceedings in such county court according to
law.
What is the duty of officers and employees toward the
has been said be adhered to, and if a new process of
a
LAW
AUTHORIZING% GUARANTEED
*
exchange is reprinted herewith from the July number
of
of bank officers, and which ought
given below.
This indefinable thing about which so much is being
said and written at
present and which, for lack of a better term, men call
"Good Service"—
few
Is it not possible to set down its general principles in a
what is it?
words, which a child can understand?
"Good Service" is
I think it is.
good book says, "went
nothing more than what a certain man who, the
FederaliReserve Bulletin:
the
point where is is incapable
things which have been noticed
A few of the more
to be rectified, are
authorizing guaranteed State banks to accept drafts or bills
of
a
common
passed by the Mississippi Legislature
Act
an
1
if he has educated himself to
in banks all over the country upon the part
EXCHANGE.
The text of
.
will lose much of its complexity, because no man will treat a
customer
customer uncivilly
of Incivility.
OF
BILLS
DRAFTSA AND
BANKS£ T0\ ACCEPT
should do unto '
about doing good" had in his mind when he told us that we
HOUSE
BILL
No.
230.
others
bills
of exchange growing out of transactions involving shipment of goods,
provided shipping documents are attached:
or which are secured
at the time of acceptance by shipping documents or warehouse receipts
for readily marketable staples; limiting the amount of such accept¬
ACT
AN
guaranteed State banks to accept drafts or
authorize
to
permitted.
ances
bills of exchange
pursuant to the laws of this State, may accept drafts or
exclu¬
grace, which grow out of transactions involving the ship¬
provided shipping documents conveying or securing title
security at the time of acceptance of said drafts and bills
drawn upon it having not more
sive of
days of
of goods,
ment
attached
are
as
than six (6) months' sight to run,
of exchange, or which are secured at the time of acceptance
receipts
or
other such documents conveying
marketable staples not subject to
or
an
amount
readily
securing title covering
rapid deterioration.
1
.
'
a
It is a cardinal principle in modern business practice.
precept.
applicable to an atheist,
as
officer, if
please,
you
as
equal at any time in the aggregate to more than ten per
among us
thing which in one's heart
a
.:i'.
Approved March 25 1920.
will have attained most nearly the ideal of
What do
we
working for money?
Are
we
working for advancement?
doing
all
a
of Chicago, and ex-President of the
Safe Deposit Company
Association observed that "the matter
Illinois Safe Deposit
'good service' in a bank divides itself naturally into three
of
first
branches—the
the
is
each
toward
officers
duty of
other; the second is the duty of officers toward employees
and
third is
the
the
toward£the public."
delivered at
was
duty of both officers and employees
Mr. Phelps's address
recent
a
Trust Safe
the subject
on
meeting of the officers and depart¬
ment heads of the Northern Trust
ern
Company and the North¬
We quote the following
Deposit Company.
from what he had to say:
"Good Service" for
but
we
all of
us
some
time has been the war-cry of modern business,
must have been impressed with
what has been written
Instruction to employees, and
that
and
officers
responsibilities
of
the reflection that most of
the subject has been in the way of suggestion and
on
the
very
little has been said about the duties
themselves.
Bank employees have
certainly been fed up with advice as to their attitude toward the public.
Therefore this paper has been written with a view of analyzing the duties
bank
officers,
in the
way
of giving "Good
of
Service" rather than to the
consideration of the work of the employees.
There
are
certain old fashioned and
simple obligations which rest upon
A successful bank officer must learn sooner or later, and
soon
as
late, to adopt
a
quite rightly, with large authority.
giving to
any man
the observation of
observed
an
"I wish that
weight to the opinions of other equally intelligent
a
numDer
of cities whose attitude recalls
I could be
as
sure
of
anything
as
that
even
any matter,
large or small, pleasantly, each giving proper consideration to
In nine
cases
satisfactory than it will be if the
his
out of ten the result will be much
man
who has the final
authority without proper investigation.
say-so
simply
Get all the facts
weigh them dispassionately.
and
1 •-
In discussing the duty of an officer toward an employee,
a
throne.
If
good deal more connected with the treatment of bank em¬
not go to
If
you
this: that
will show
me a
bank where employees do
officers with their problems and their troubles, I will show you
a
bank's progress.
Inconsiderateness in the attitude of an officer toward an employee is very
satisfaction in it.
"Do that"
on
AND
the part of superior officers in some
banks.
We shall
by keeping them close to us through bonds of
shall obtain through any such in¬
mutual affection and respect than we
strumentality
as
the iron bands of co
the
fundamental fact we need not bother
one
They will come inevitably if we
distinction.
LAWS
ENACT
LOUISIANA
TO
CLEARANCE OF CHECKS.
just been enacted into law in Alabama designed
the enforcement by the Governor of the Federal
Bank of Atlanta, of the par clearance of checks
Reserve
in
Atlanta
the
pulsory obedience.
Never lose sight
The
District.
Reserve
bill
was
passed
by unanimous vote in both the Senate and House of Repre¬
sentatives of Alabama
Sept. 29 and according to the
on
Montgomery "Advertiser"
Alabama,
Sept. 30.
signed by Gov. Kilby on
was
we are
informed, is the fourth State in
the Atlanta Reserve District to enact
the
from
the universal par
a
law to protect banks
Reserve Board to
the Federal
plan of
enforce
Mississippi, was the
first State to pass such an act, and it was followed by Louisi¬
ana and Georgia.
The following is the act as passed by the
Alabama Legislature and signed by the Governor
As a
matter of interest it may be noted that both W. P. G.
clearance of checks.
Harding, Governor of the Federal Reserve Board and M. B.
Wellborn, Governor of the Federal Reserve Bank of Atlanta,
are
Alabamians.
AN
ACT
to
regulate the business of banking
further
Alabama and to regulate the
in the State of
charge for exchange by banks and to regulate
of checks.
Be it enacted
by the Legislature of Alabama;
That hereafter banks in Alabama shall charge for
Section 1.
exchange not
remitting for checks
drawn upon them; that whenever a check or checks are forwarded or pre¬
sented to a bank for payment by any Federal Reserve bank, express com¬
pany or postoffice employee, other bank, banker, trust company, or by any
agent or agents thereof, or through any other agency or individual, the
paying bank or remitting bank may pay or remit the same, at its option,
exceeding one-eighth of one per centum when paying or
either in money, or in exchange drawn on
City of New York
or
in
its reserve agent or agents in the
city within the Sixth Federal Reserve
any reserve
District; and, at its option, it may charge for such exchange not exceeding
one-eighth of
one
per
Sec.
public,
hereafter
it
shall
be unlawful for any person
2.
That
or
other official in this State to protest any check
when payment is declined solely on
one
per centum
notary
such check, not exceeding one-eighth
of the amount of such check, or the
ten cents as set forth in Section
or
ofr non-payment,
the ground that the paying bank exer¬
cises its option to collect exchange on
of
of the checks so
charge may be ten cents.
centum of the aggregate amount
presented and paid; provided, that the minimum
minimum charge of
1 hereof; and any person, notary public or
violating this section shall be responsible for all damages to all
interested persons or corporations.
Sec. 3.
are
That all laws and parts of
laws in conflict herewith be and the
hereby repealed; that this Act shall become effective thirty days
after passage
and approval by the Governor.
give herewith the Act passed by the Louisiana
session of the
to prevent
of the par
Legislature which adjourned on July 8 intended
the enforcement by the Federal Reserve System
check clearance.
ACT
It is just as easy in
it is to be brutal and there is a deal more of
There is altogether too much anyway, of the "Do this"
get more out of our men
The man who is
workmen.
frequently more a matter of habit than anything else.
and
Self consideration after
We shall do
pretty temporary.
bank is after all little more than a reflex
to' prevent
We also
^ank where the officers are standing in the way of the
the long run to be kind as
a
absorb that
can
we
Unless employees are kindly treated by their superior officers they will not
superior officer.
and,
is the man who will be found in the last reduction quite near
reason,
same
ployees by officers than appears on the surface.
cto the
working with two things
of the character and intelligence of those who work for it.
other official
Mr. Phelps said:
There is
we
really trying to do things as he knows he ought to do them, and for no other
It ought not
It ought to be possible always for two bank officers to discuss
the views of the other.
uses
is of
most courtesouly, upon any subject unless we
willing to subject ourselves to personal embarrassment.
more
man
We have, all of us, known bank officers with whom it is
everything."
to be so.
vested,
old British Colonel who, in speaking of a contemporary,
impossible to disagree,
are
are
The danger in
so.
large authority is that his views will be hastily formed
We have bank officers in
men.
he might just as
Our senior officers
It ought to be
thought.
He must educate
judicial attitude.
himself to the habit of weighing evidence.
without his giving proper
are
thing well for the sake of doing it well?
the protest
both senior and junior officers which well may be given most careful
well learn it
working for fame and distinction?
Or
pretty vain, pretty evanescent,
are
PREVENT PAR
Secretary and Manager of the Northern Trust
J. Phelps,
we
SERVICE."
"Bank Officers and 'Good Service' " Edward
on
Are
principally in our minds; first the interests of the man who pays us;
A bill has
talk
toward?
officers really think that we are working
bank
we
Are
ALABAMA
a
principles of the
which he may
happen to be.
learn to be good
uG00D
In
"Good Service" who
Golden Rule in that particular niche in any large bank in
PHELPS ON BANK OFFICERS AND
J.
One needs no
And that one
really knows.
one
himself shall have succeeded most perfectly in applying the
about promotion or money or
E.
It is just
Hottentot, an Eskimo or a bank
a
professing Christian who is a member of
a
of the accepted religious denominations of to-day.
definition of
after the date of its passage.
and unimpaired capital stock and surplus,
up
agnostic,
an
it is to
well to ponder upon
paid
Any man or woman
bank whose mind has grasped this truth will not have to have
"Good Service" defined.
The Golden Rule is more than a mere religious
working in
unless the
bank is secured by such attached documents: and no such bank shall accept
such bills to an amount equal at any time in the aggregate to more than
one-half of its paid up and unimpaired capital stock and surplus.
Section 2.—For cause this act shall take effect and be in force from and
entum of its
us.
secondly, the inborn satisfaction which a right minded man always takes in
firm, or corpora¬
No such bank shall accept for any one person, company,
tion to
by warehouse
should like to have them do unto
we
as
any one
Mississippi,
the State of Mississippi,
of the State of
Section 1.—Be it enacted by the Legislature
That any guaranteed State bank doing business in
If what
public?
education shall begin
bank officers, based upon rational common sense fundamentals,
truth of which every sane man recognizes, the problem of how to treat
among our
the
MISSISSIPPI
Phelps had the following to
in part:'
say
will be remanded to the county
court, with direction to pass upon this application
work better done.
more
ground that such national
such national bank as administrator, upon the
[Vol.111.
words of praise for work well done almost always result in
of the fact that
petition for the appointment of
The order of the county court denying the
1
CHRONICLE
THE
NO.
(House Bill No. 40.
AN ACT to prevent the Federal
(commonly
and
on
known
as
"Cash
By Mr. Douglas)
Reserve System from forcing the banks
of this State into what is known as the
optional
175.
parring of checks, drafts, bills, etc,
Items");
and
for that purpose
making it
the banks of this State to charge exchange on such "Cash Items";
fixing the rates of such exchange.
Oct. 9
1920.]
Section 1.
THE
Be it enacted by the General
CHRONICLE
Assembly of the State of Louis¬
iana: That the banks of this State, both state and
national, shall have the
right to make
an
exchange charge for the handling of cash items and when
such cash items are
by
any
presented to the
payer
bank, banker, trust company,
collection agency,
express company,
bank for payment, through
or
charge shall be made
And that
centum
one per
presented and paid at any
drafts given
or
such
no
together,
up
they should
requirements
period of transition to lower prices like that which
so
obligations due the State of Louisiana
of the United States.
or
checks
on
prices went
at their
one
time, and the minimum charge shall be ten cents; provided, however, that
such
and
charge
or
drawn in settle¬
subdivision thereof,
or any
down
come
During the past month there has been no decrease in the
loans and investments of the banks of the
country, but material reductions
should not be expected at present.
Credit
by any other agency whatsoever;
of the total amount of such "Cash Items"
ment of
credit
as
together, too.
Federal Reserve bank, postoffice,
or
and the amount of such charge shall not exceed one-tenth of
no
Just
1423
is
peak in the autumn;
are
nearly always
and besides the normal seasonal demands, a
experiencing
we are now
which requires temporarily, at
least, additional credit.
On the one
hand increasing inventories which result from
slowly moving stocks, and on
one
the
other
cancelled
orders
and
collections produce
poor
demand
a
for
credit not unlike that of last
spring when the railway and ocean freight
movements were
temporarily congested.
Such a period calls for a credit
the part of the banks looking to conservation of sound business.
can
be made by banks
policy
for the collection of checks deposited with said banks,
when the check is
Such additional credits
drawn on any other bank in the same municipality, city, town or
village.
And, provided that nothing in this act shall be deemed to be mandatory
the banks to charge exchange
upon
in this State, and
out this
drawn
on
checks
drafts payable to a person
or
bank, trust company
on a
within
or person
or
with
State, but it shall be optional with such banks whether they shall
charge exchange
and drawn
checks
on
or
drafts payable to
bank, trust company
on a
Be it further enacted,
Sec. 2.
a person
within this State,
or person within or without this State.
etc.,
That
no
officer in this State shall
protest for non-payment any such "Cash Item" when such non-payment
is
solely
such
account of the failure or refusal of any of said agencies to pay
on
exchange; and there shall be
against
bank in this State for
any
refusal is based alone
Sec. 3.
no
Beit
a
right of action, either at lar
or in
refusal to pay such cash item, when such
further enacted, etc., That
if for any reason
hold that the national banks in this State
are not
the refusal of any national bank in this State to
holding by
bank
national
or
state
banks which
are
as
in spite of the heavy withdrawals of their
deposits and the unusual move¬
flict, herewith be, and the
Federal
N.
FEDERAL
MENT OF FUNDS
In
YORK ON MOVE¬
in the last
unusually active, reaching its maximum
rapidity and volume around the Sept. 15 tax collection
period, the Federal Reserve Bank of New York in its monthly
These
transfers
of
effected
were
through
credit
facilities ayid rates.
Federal
Reserve
and assuring to borrowers steady
The following
are some
of the main transac¬
1.
Deposits of the principal banks in New York City decreased $320,000,000 from July 2 to Sept. 7, on account of Government and commercial
withdrawals.
2. These withdrawals caused a steady drain of gold from the Federal
Reserve Bank of New York to other Federal Reserve banks,
accelerating
toward the end of the period, and in the three weeks ended
Sept. 17 aggre¬
has led to conjectures that our
substantially offset by Government
was
between Federal Reserve banks,
4. These rediscount operations comprised the following:
On July 20 other Federal Reserve banks owed the Federal Reserve Bank
of New York $45,000,000.
By Aug. 27 repayment of these loans was com¬
pleted.
On Sept. 3 the Federal Reserve Bank of New York owed other Federal
Reserve banks $47,500,000.
By Sept. 21 repayment of these loans was
completed.
•
v..-v'.1Between Sept. 8 and
15 the deposits of principal New York banks
$453,000,000, in connection with the following transactions:
in
2.
usual
rose
of indebtedness were redeemed and paid in this district
of $425,000,000, which was $195,000,000 more than the
amount
payable.
This
a
repaid gradually and was extinguished on Sept. 23.
3. Consequently they have been obliged again to increase their borrow¬
ings at the Federal Reserve Bank, a course which experience shows is likely
to be followed increasingly when the Government
begins to withdraw from
them the deposits resulting from the latest sale of certificates.
was
These heavy movements of funds changed the position of the
Federal
Reserve Bank of New York rapidly from week to week and sometimes from
Federal
bank
reserve
Disregarding rediscounts and sales of acceptances between
Reserve
was
banks,
the lowest
31.6, its highest
was
combined
But
43.
reserve
percentage
of this
despite these fluctuations, the
position of the Federal Reserve System did not change substantially
is
the
former
effected with
were
were not
as
little credit disturbance
as
the settling of
local clearing house.
RESERVE
ADDITIONAL
BANK
OF
NEW
YORK
gold
basis.
The
entirely
the gold basis, upon a fairly fixed and
on
With the inflation of the foreign currencies
parities do not apply, and rates
are at
parity not fixed but fluctuating in much the
foreign currencies fluctuate in relation with
long
as
discount which approxi¬
We have in fact
same way as
principle
This
ours.
a new
the value of the
was
cited
1861 in Goschen's Theory of the Foreign Exchanges, written
ago as
after the close of the Crimean
"new
a
gold.
War.
He speaks of this new parity as a
standard":
"We have thus discovered an influence which apparently affects
fluctuations in the Foreign Exchanges far more powerfully than
the
any pre¬
viously discussed—interest of money, a balance of debts over claims,
panic, distance, an so forth, practically cause the exchanges to-vary within
a few
per cents; a variation of 10% owing to all these circumstances com¬
bine
is considered something extraordinary, and only occurs under rare
,
combinations.
But
as
soon
as
the element of
currency is introduced, we
once an instance before us in the Vienna exchange of a variation
So in the Russian exchanges, owing to the enormous amount of
paper money afloat, which is practically inconvertible, the most violent
fluctuations are constantly occurring."
of
50%.
This
parity, fluctuating in accordance with the buying power of th
new
currencies of the nations in relation to
to the rise or fall of the
The intimate
seen on
our
baring of commodity prices
the chart
on
own,
bears
a
close resemblance
price indices of foreign nations in relation to
upon
our own.
foreign exchange rates is
6, in which the movement of commodity prices is
page
compared with that of foreign exchange rates from January of 1919 up to
the most recent dates for which figures are available.
that
when
the
a common
The commodity price
base, that of 1913.
price increases in the United States
It will be seen
offset against the
are
price increases in other countries, the movement of exchange is very closely
same.
4
The operation of trade under this new parity is simple and depends in
main upon the common rules of commerce.
for
ditions made
TRANSITION.
has declined
30%
monthly Review of business
rather than
ment of the constant creation of
new
as
an
secure
by the necessity of conducting the
power
once more
war on a
generally re-established, it
"will determine the level at which
and
gradual but eventual return to
set
basis
Com¬
says*
assure
our
healthy business condi¬
tions and living costs."
As to additional credit require¬
ments during the period of transition to lower
prices, the
''Review" says:
,,
for New York goods in sterling converted
market
An examination of the progress of the
a
price in sterling above that paid,
foreign trade of the United States
since 1880 suggests that while exports and imports varied
mal
during the
period, nevertheless they
war
line of increase carried through the
[which
we
forty
taken
by
which
our
are now
greatly from nor¬
reverting to the normal
The accompanying chart
years.
omit.—Ed.[, which is drawn in
more
now
units
of
one
hundred
price distortion has been eliminated,
million
shows the
foreign trade since 1880, and indicates that while
declined
nearly at their normal lines, though slightly below them.
RESERVE
FEDERAL
ex¬
they
BANK OF CLEVELAND
REPORTS
INCREASING COMMERCIAL FAILURES.
While
the
Federal
are
prices will finally become
the return of competition will
x
own
Reserve
are
Bank
Cleveland
of
reports
increasing but not alarmingly"
it considers the elimination of these weak spots as "a
thing for business."
There is, it
says,
good
"less apprehension
than there
was thirty days
ago;" buyer and seller, it observes,
meeting pn a common level and it asserts that "once
we recognize that we have been
doing business on an arti¬
ficial plane, one of our greatest problems will be solved."
Its comments, under date of Oct. 1, are made in
part as
are
extensive than current saving could finance."
petition when it is
can pay
in his
plus the cost of transportation and handling.
that "Commercial failures
accompani¬
purchasing
the
British merchant,
con¬
again asserting themselves and prices in future will
causes
a
from its old parity depends mainly upon his chances of
profit—that is, whether he
into dollars and
■'
public Oct. 2 states that "Natural forces
develop from natural
Whether
instance, will continue to buy in the New York market when sterling
SEES
Discussing credit and declining prices, the Federal Reserve
Bank of New York in its
stabilized,
off the
are
ports increased in great volume during the war and imports
CREDIT REQUIREMENTS DURING
PRICE
more
belligerents
standardized basis of currency.
are
in motion
European
old parities of exchange were stated in terms of
gold—or with respect to
countries which
course
now
an
The primary and most important variation from normal conditions
that
scale, and
FEDERAL
likely to suffer
was
But the present times are not ordinary, nor have conditions in trade been
normal.
dollars and from
a
foreign trade
In ordinary terms, with free international movements
through which imports flow in.
These operations were essentially those cf a clearing house on a national
balances at
commercial markets,
the
of redemptions over taxes on Sept. 15 necessitated as
loan by this bank to the Government.
The amount ,$146,000,000,
excess
day to day.
parity, presents an
as
our
of gold and normal conditions of trade, a fall in the
exchanges registers a clos¬
indices have been reduced to
(bertificates
the
taxes
be known
to
have had at
transfers to New York, by the sale of certificates of indebtedness
by New
York banks to other Federal Reserve banks, and by rediscount
operations
1.
continuing though the foreign exchanges
long been far below what used
tions of the period:
gating $ 198,000,000.
3. This adverse flow of funds
made public Oct. 2,
says:
mates the discount of those currencies from
the
System, the machinery and credit elasticity of which made it possible to
set up against each Outward flow of funds an inward
flow, thus maintaining
the equilibrium of the credit reservoir,
falling off in foreign
no
N. Y. in its Revew of the past
month,
the old
public Oct. 2, added:
funds
FAVORABLE
ing of the door through which exports flow out and the opening of the door
SINCE JULY.
was
business review made
have
exchange the Federal Reserve Bank of
anomaly which has puzzled many observers of
between New York and other parts of the
country
ninety days
conditions
as
ok
BANK
explaining why there has been
Our favorable balance of trade
the fact that the movement of funds
upon
RESERVE
trade despite adverse
abrupt turn-about.
Commenting
production and distribution
■' '•
Y.
and
FEDERAL RESERVE BANK OF NEW
not hesitated, if
borrowings from the Federal Reserve Bank to
TRADE BALANCE AND DEPRECIATED EXCHANGE.
parts of laws in con¬
hereby repealed.
same are
for
required.
have
or
in the following section, have
necessary, to increase their
furnish such' credits
municipality
same
members of the
Be it further enacted, etc., That all laws
That the readjustment, which has been quite radical
ments of funds described
Reserve System as to whether such charge shall be made.
Sec. 4.
price levels.
industries, has proceeded quietly and confidently has been due in
large part to the helpful and constructive attitude of the bankers who,
to
the courts
comply with this act,
then it shall be optional with State banks located in the
a
very
required to charge and
all other banks in this State; and in the event of such
or
to lower
in many
the courts should
collect such exchange still this act shall remain in full force and effect
with
as are required are not for further
expansion but
for the protection of industry.
They are to enable business men to
undertake in an orderly manner the reduction of inventories and the descent
are
equity,
the ground of the non-payment of such
exchange.
on
on
follows:
The laws of
pensation
are
man
have been swept into the discard, but the laws of com¬
inflexible and cannot be transgressed without payment of the
penalty that is exacted for every violation.
In keeping with these laws, it may be
'
expected that
an
advance will be
followed by a decllie, and a period of activity will precede a period of
ness.
Business activity is entirely at the mercy of
dul-
demand, and demand
is created by
upon
the people. IfiHence the degree of business activity is dependent
the demands of the people.
result
ultimate
be
must
Should production exceed the demand the
decrease
a
in output.
The
the
greater
production has been, the greater will be the period of inactivity
demand shall absorb the oversupply.
►*This
seem
same
over¬
until the
What better
inevitable decline.
example could be offered than that of our sugar speculators,
suffered and are suffering severe losses
who have
after a period of profit-taking that
proclivity?
would seem to furnish striking proof of the truth
overshadows any Shylockian
The course of events
of the adage that "A stitch in
time saves nine," in the action of the bankers
through which we are now passing with
so little shock.
The basic soundness of our position is emphasized by the
fact that notwithstanding our susceptibility to shock by reason of our
during the business readjustment
<
another
highly inflated condition we have been able to progress so far
practically closed down altogether for the period; another for four
completely, but partially operating since; another has been getting
weeks
out one
day's work a week; another three day's; another has been
perhaps 75 to 85% as compared with practically full time operation
law applies with equal force to prices.
It would therefore
profited the most in the recent ad¬
should naturally suffer most the in
for two-thirds of the time; another has been on half time
fifths capacity
with so little
The concerns which have managed to keep going on part
time or which
after shut-downs are still operating conservatively, typical
being, "we have completed our fall orders and the outlook is that
have re-opened
statement
we
shall be obliged to run
for
while
a
quantity
shorter time or a lower
on
production"; have been running only about half time and it does not look as
if conditions would improve much for a few months to come"; "there has
practically no new business placed by the shoe wholesalers for three to
and we doubt very much If there is going to be any great
been
four months,
business until after
the close-down, we
"we
are
the first of the year"; "upon starting the factories after
adopted
a
60% capacity, which is still being
running today on about 50 % normal"; "we have
maintained";
recently started up
production, which we shall hold until orders now in hand are
about 60%
damage to the business structure.
on
The process of
deflation is always painful.
The journey up is always more pleasant than
the trip down.
However, the warning has been ample, and not much
sympathy will be wasted upon those who find themselves in difficult positions
as a result of their own folly or their own inordinate greed.
They have
completed, probably for the next six weeks"; "our salesmen are now
That the shoe has
pinched in places no one questions.
the penalty.
increasing but not alarmingly.
There are many
rviolated the natural law; they must now pay
Commercial failures are
»
■
First, is the fact that there are
this country to-day than ever before.
failures does not necessarily imply a
greater percentage of the number engaged in trade.
The volume of lia¬
bilities, when compared with previous years, should be considered in the
light of a great difference in prices.
Furthermore, this is the first time in
a
number of years that business is operating on a basis of falling prices.
In recent years a buyer could purchase almost blindly, with the almost
certain assurance that he would later be able to sell at a higher price.
Now that the shoe is on the other foot, and merchandising skill is called
phases to
consider in this connection.
probably more people in business in
Consequently, a larger number of
-
>
of the "survival of the fitest."
is a good thing for business.
Failures
for, it resolves itself into a contest
The elimination of these weak spots
has perhaps never been a time
shake confidence, and there
was more necessary
unfit
weeded
are
for the good of the general
out, the better
situation.
when confidence
The sooner the
for business.
the road, but
on
days ago. The voice of
loudly nor so often.
Crops show
potential increase in the pur¬
chasing power of the people.
The tide of immigration is again rising, with
its promise of a plentiful labor supply for the future.
The business profiter
is being forced out by an enraged public opinion, and the labor profiteer is
finding it increasingly difficult to maintain his position of "more pay an
is heard neither so
improvement, with a consequent
less work."
isolated cases there is no longer an acute scarcity of
goods or labor.
Both are rapidly re-entering the competitive stage.
Buyer and seller are meeting on a common level.
The natural law is again
asserting itself, and the fact is slowly being driven home to those who have
been unable to see the signs or follow the trend of events.
Once we recognize that we have been doing business on an artificial plane,
one of our greatest problems will be solved.
By no stretch of the imagina¬
tion can the volume of business wo have done in recent years be regarded
as normal.
It is not necessary, in order for us to be prosperous, that such
a
volume be maintained.
There is a splendid field for good business in
people, and an opportunity never before
to absorb a large surplus of American products
Under these
conditions
three months by a
over
under
advantage of the opportunity.
certain to come. V
BOSTON
-V-
LEATHER
AND
SITUATION
SHOE INDUSTRIES.
Discussing the situation as to leather and hides,
and shoes,
and boots
monthly
Collections
Tanneries continue to
operate on a greatly
curtailed basis, one of the
from 33 1-3 to 50% of normal; and while there is
the effect that conditions have improved slightly during
largest concerns running
some
testimony to
the past
activity, they are
Hides are said to be accumulating, and it is generally
well stocked; such demand for ieather
occasional small lots, and there is no export trade and no
month, being marked by some signs of greater
yet far from
normal
believed also that leather dealers are
as
exists is for
and leather both being reported as off from
As an illustration of the course of prices during
improvement in prices, hides
last months's quotations.
house disclosed invoices for hides purchased in Aug., 1919
and Aug., 1920, the grade and quantity being identical, and the decline
exceeded 300%.
It is claimed that calf skins in January sold for SI per
the past year, one
31 cents or about
the pre-war price; kid leathers are said to be off about 50% since last Jan.
while sheep skins are off about 10%.
Collections have slowed up.
Labor
disputes stimulated by radical leadership have been disturbing factors,
especially in Lynn and Haverhill.
pound, while on house last week bought large quantities at
The
boot
and shoe industry continues to feel the result
cancellations of orders
and of returned goods, which was the dominating
during the spring and early summer, and the
trade
apparently not yet displaying the activity which manufacturers would
like to see and such as naturally might be expected after such reductions of
is
stocks, nevertheless the dominant note
complete revival is apparently not
first of the new year,
as
is
is one of optimism, and while a
generally looked for much before the
conditions seem to show a little improvement from a
month ago, and there are
ers are
increasing inquiries regarding prices, though buy¬
reported as still inclined to postpone late placing of
possible.
orders to as late
It is customary in this industry for many factories to shut
of external conditions, for a week or possibly
each year for overhauling and vacation
extended contrraction in normal times would be
exceptional.
This year, judging by reports made to us by a number of
representative concerns, the exception /has proved the rule, which is but
another way of emphasizing the abnormal character of current conditions.
For example, one factory has been running five days a week since July 1 at
about 50% of its capacity, which compares with about 70% during the same
period of the two preceding years; another has been running on about fourdown, more or less regardless
a
fortnight about the first of July
purposes,
but any more
are
April 1
not up to normal, but it is felt
being made are lower than those prevailing at
in activity
this time last year for
the
less;
20 %
less; another 10 to 20%; on the other hand, any gneeral improvement in
business would no doubt be reflected in the price of raw material, and
eplacements of raw material at today's market might be difficult later on.
from 50 cents to $1.50 a pair
kind of goods; one concern says
another from 5 to 10 %; another
from 20 to 25 %; two others from 15 to
BOSTON FEDERAL RESERVE BANK
ON UNSATISFAC¬
IN COTTON
CONDITION
TORY
SITUATION.
that never in
stating that local cotton brokers report
In
experience has there been such an unsatisfactory situ¬
ation in their line the Federal Reserve Bank of Boston in its
their
and
(made public Sept. 29), of business
monthly review
conditions in the New England District, says:
money
February
considerably from the high peaks of January,
Prices are off
deal higher than in 1914. As an
middling upland cotton in New York, (known as common sta¬
March, 1920, but are still a great
and
was
while a year ago this time
grade came in July, 1920, when it
The best grades of cotton
20 1920 at 31 cents per pound,
the peak of prices for this
31.60;
On Aug. 20 it fell to 33 cents.
reached 43 cents.
sold from 80 cents to $t 25 per
grades are now selling for from 40 cents to 70 cents.
Prices the past week have been firm.
It is locally believed that there is a
large amount of cotton of the cheaper grades carried over from last year's
February and March, 1920,
in January,
pound, and these same
crop
held by the growers.
.
England cotton mills have been operating on
While certain New
full time,
months, some are beginning to show
signs of being obliged to institute a curtailment policy, due to the cumula¬
tive effect of the lessened demand from consumers for merchandise at
substantially so, during the summer
One mill reports a 35% curtailment since
shut down, about 20%; another, which
time after a week's shut-down, will close alto¬
gether or curtail by running a few days only of each week unless new business
is received in the very near future;
one house, handling the product of
prevailing.
hitherto
prices
another, which has not
recently started up on full
thus far been able to operate
practically full time,
curtail very shortly unless there comes a turn
anticipates having to
in the
situation.
months are reflected in the Census Office
figures, which show that the consumption of cotton by the mills of this
district in June was 204,471 bales; in July. 198,233; in August, 168,167.
The amount held in the mills was, for June, 707,978 bales; July, 660,893;
Conditions during the summer
August, 610,311.
June
was
reported as active for
17,662,656; for August, 17,447,879.
The
The number of cotton spindles
17,493,206; for July,
figures for August by States are as
follows;
Cotton
Cotton Held
Consumed.
State—
in Mills.
Cotton
Spindles Active.
Maine
15,003
49,397
1,116,207
New
21,854
77,433
1,424,841
949
9,984
4,859
330,523
107,939
40,160
144,808
10,936,012
2,493,770
1,332,241
168,167
610,311
17,447,879
Hampshire
Vermont
102,219
Massachusetts
Rhode Island
-
______
18,158
Connecticut
of the heavy
feature of the situation
returned
Recession to lower price levels is proceeding
gradually, and authoritative opinion is to the effect that these should be
pretty close to replacement values by the spring of 1921.
Manufacturers
consulted are practically unanimous in stating that prices for shoes now
several mills, which has
review made public Sept. 29 says:
reported to have
are
general financial conditions, there will be a gradual increase
July 1;
the Federal Reserve Bank of Boston in its
strike, the operatives
throughout the industry.
or
RESERVE BANK ON
FEDERAL
IN
operating
demanding
that the
financial needs of the industry should lessen after the middle of next month,
and that with the passing of the uncertainties in the price situation and in
it
and are facing the facts squarely and
courageously.
We are beginning to realize that there has been no develop¬
ment during the deflationary period but that will be good for business in
the long run.
We have been frightened by our own shadows.
Let us
build for the future on the solid rock of normal business rather than on the
treacherous sands of war-time prosperity—make our plans on the commonsense
basis of normal activity, and share in the prosperity that seems
regaining our mental poise
are
doing so."
in Haverhill and Lynn, however, are still
Shoe workers
further increases.
ple) closed Sept
will take prompt
our
sufficient supply of labor for current
agreement to accept wages which were in effect prior to
an
last.
illustration,
we
a
reported, and with the result that with certain
exceptions demands for further increases in wages at this time have subsided,
and employed labor is in some cases definitely stated to be producing more
efficiently; while in the case of one large factory, which had been closed for
offered by foreign markets
We
starting
come*';
of running full time for weeks to
requirements is generally
supplying the needs of our own
if
no prospect
orders to warrant
cumulated sufficient
Except in a few
»
there is
anticipate running our factory on full time until we have ac¬
"we do not
same
apprehension than there was thirty
There is less
the calamity howler
further
closed
during
the summer ordinarily.
that those industries which have
vance
[Vol. 111.
CHRONICLE
THE
1424
Total
In
some
year ago,
lines of manufactured
goods prices are quoted higher
than a
the case, the general level
above that of last year, while substantial reductions
but this does not seem to be commonly
being apparently not
much as 50% being quoted,
somewhat similar position; it
decline in raw cotton
has operated to delay the resumption of activity on a broad scale, such
as was hoped might occur shortly after Labor Day. there have been a number
of inquiries for quotations; and some actual trading in small lots and chiefly
for quicker deliveries is reported as having taken place.
Dealings thus
continue below normal, buyers being cautious in view of the continued
are
reported in
some
and in another 30%.
cases—in one instance as
The yarn market is in a
has latterly shown signs
uncertainties
of the
of quickening, for, while the
price situation.
of the situation, are by
mind, and there is a belief
prolonged because of ability
to procure goods at prices less than the mills feel able to quote at present
on a fair profit basis, and that as soon as supplies in second hands approach
Manufacturers in
no
means
in
an
general, considering all aspects
altogether pessimistic frame of
that hesitancy on the part
exhaustion there will be
of buyers has been
an
active renewal of orders.
It should be said,
Oct. 9
1920.]
CHRONICLE
THE
however, for the wholesale dry goods and jobbing houses, who have slightly
shaded their
pointment at prices durrently quoted by manufacturers; and
retailers
hold
likewise.
off in
are
ment made
long as
so
commitments, they feel able in turn to do
making
Collections
ment since
Meanwhile, the American Sugar Refining Company intends to hold all its
customers to contracts for
sugar at
prices during the past month, that they express disap¬
own
good, and with
Sept. 1.
noting
some concerns
England.
Mr.
INSTITUTIONS
ADMITTED
SYSTEM.
The Federal Reserve Board at
following
list
FEDERAL
TO
.
Washington
announces
institutions which
was
admitted to
in the week ending Oct. 1 1920:
of
Federal Reserve System
"Ym;:
'.-V-Total
District No. 2—
\
:
Capital.
i
Surplus.
YJ__$100,000
Lewis County Trust Co., Lowville, N.
'■
Iowa___
$950,400
V:)'V.•
10,000
502,652
25,000
15,000
625,756
Silverton, Texas
25,000
2,500
48,213
District No. 11—
No. 12—
District
California
trade in
our
$100,000,000
OF
raw
or
March 15 1921;
CERTIFICATES
OF
of fact
,
at
their maturity
taxes
was
an¬
dated Oct. 15 1920, maturing
$500, $1,000, $5,000, $10,000
$100,000 and will have
payable March 15 1921.
of Series G
ness
interest
one
attached
coupon
Treasury certificates of indebted¬
1920, maturing Oct. 15 1920, and of Series
H 1920, maturing Nov. 15 1920, will be accepted at par, with
an
adjustment of accrued interest, in payment for
certificates of
subscribed
the Series
for
and
any
being offered which shall be
now
allotted.
The
of New York in its announcement
Federal
Reserve
Bank
regarding the offering
Applicatious for certificates of this issue
says:
being received by the
are now
high
the refined sugar
as 23.62 cents per
which the company has delivered to its
raw sugar
which cost the
com¬
;
pound landed in Boston.
"Our company has not this year made afl abnormal sum of money from
operations in New England
the average cost of
year
they will bear interest at 5%% and will be
denominations of
These it must meet, and as a
New England trade was manufactured from
thereabouts, receivable
Series TM4-1921, and are
and
at higher prices than those at which
361,112
The certificates, which will run for five months, are known
in
On its part it has outstanding contracts for
2,500
pound.
pound.
its
For the first eight months of this
elsewhere.
or
refined in Boston was 15 M
raw sugar
cents per
The average price of our refined delivered to the trade
cents per
1734
was
The difference Is only two cents.
"Out of this margin must come not only any profit but the entire cost of
refining and distributing and the loss incident to making refined sugar out
of raw."
nounced by Secretary of the Treasurer Houston on Oct. 7.
issued
to make payments.
or
sugars entered into months ago
25,000
TREASURY
of
Many have, however, asked for postponement of delivery.
matter
payment of Federal income and profits
as
the New England territory has requested cancellation
360,000
V> An offering of Treasury Certificates of Indebtedness for
in
-
30,000
INDEBTEDNESS.
the
if it had to buy
"The attitude of the company is now and has been that our company will
assist its customers who ask for extension of time in which to receive ship¬
pany as
OFFERING,
company
decline in the price of sugar, less than 5%
severe
300,000
Farmers' State Bank, Uniontown, Wash^_._
operating
an
higher price than it would have to sell for.
a
prepared statement Mr. Foster said:
a
"Notwithstanding the
of
the
refined sugar can now be purchased at retail.
The Growers Bank, San Jose,
NEW
its contracts at
sugar to meet
ments
Briscoe County State Bank,
had made
company
than $11,000,000 the first eight months of the year,
He said there might be some loss to
concern.
their contracts.
50,000
l^ew Haven, Mich.
New Haven Savings Bank,
'
more
and that if the prices were cut it would mean a loss of $10,000,000 to
Resources.
$50,000
District No. 7—
Bennett Savings Bank, Bennett,
be justified in using
The company has contracts
price and has 1118,000 barrels of
questions, Mr. Foster said the
profit of somewhat
In
■
the peak prices.
sugar at
hand.
on
In reply to
the
buy
to deliver 131,000 barrels of
sugar at this
sugar
RESERVE
situation as it affects New
sugar
Foster said the company would not
its $23,000,000 surplus to meet
present prices for the benefit of customers
:
under contract to
STATE
2234 cents a pound, according to a state¬
by W. E. Foster, vice-president, to Attorney-General Allen of
Massachusetts, who is investigating the
improve¬
an
1425
i
As
the
:•>
to
investigation of Argentine sugar deliveries, by
Department of Justice, the New York "World" of
an
yesterday (Oct. 8) said:
Attorney General Palmer is investigating complaints of
a
of
number
wholesale grocers scattered throughout the country that
they were coerced,
through the use of the name of the Department of Justice, into making
last
contracts
than
more
midst of
a
Joseph
summer
21
cents
H.
Association,
for future
pound.
a
delivery of Argentine
McLaurin,
admitted
President
to
of the
reporter for
a
sugar
at slightly
This sugar now is being delivered in the
market that has broken to 11 cents
sugar
a
pound.
Southern
the
Wholesale-Grocersl
"World" yesterday that he
has asked Mr. Palmer to find out whether his
special assistant, Howard E.
Figg, actuaUy authorized B. H. Howell, Son & Co., commission merchants
of No.
to
129 Front Street, who distributed the sugar, to send out letters
list of wholesale merchants telling them that "under directions from the
a
Department of Justice
McLaurin has turned
allotted you
have
we
over
a
bags of sugar."
Mr.
of this letter to the Attorney:General,
copy
rected to the fact that allotment wiL be made in full in the order of receipt
who said he had known nothing of the matter previously.
"If Mr. Palmer informs me that Mr. Figg did not fauthorize this letter"
of
Federal Reserve Bank of New York.
The attention of subscribers is di¬
up to amounts
indicated by the Secretary of the Treasury.
said Mr. McLaurin, "why, that means that the contracts were made
In announcing the offering
the Treasury Department points out that
misrepresentation and therefore do not exist."
applications
almost any banking institution will handle the subscriptions and that if
Mr. McLaurin declined to say what his attitude
subscribers desire to purchase certificates of this issue after the subscriptions
found
desire to purchase certificates of this issue after the subscriptions close
known, however, that
the certificates of any
their
own
bank
or
outstanding issue, they should make application to
if it cannot obtain them, to the Federal Reserve Bank.
Simultaneously with the sale of the
cates
new
certificates,
an
issue of certifi¬
totaling $125,000,000 will mature and the treasury also will be called
upon to pay
This
or
the semi-annual interest
interest
will
payment
on
Liberty bonds of the fourth loan.
approximate
$125,000,000.
The
Secretary
in his statement says "a further reduction in both gross debt and floating
debt may, therefore, be expected in connection
with the Oct. 15 offering
that
the
would be if Mr. Palmer
Department of Justice had authorized the letter.
It
is
of the individual wholesale dealers feel strongly
some
that if such should be the
case
the Government, having got them into a
hole, should provide relief.
The break in the sugar market, according to Mr. McLaurin, has
losses
enormous
to
wholesale
all
grocers
over
the country.
caused
He said he
had heard it estimated that they stand to lose $2,500,000 and that some of
them would be forced to the wall.
T. A. Howell of B. H. Howell, Son & Co., said
coercion in the sale of Argentine sugar.
no
and said he
of treasury certificates."
on a
authorized
was
yesterday that therewa
He admitted sending the letter,
by Mr. Figg to do
'
so.
"The whole thing was a sincere effort to help the situation in the interest
of the public,"
OCT. 15 LAST COUPON ON TEMPORARY 4J*% FOURTH
no
coercion.
the letter
The Federal Reserve Bank of New
made
York, in
a
statement
public today (Oct. 9) regarding the payment of the
semi-annual
interest
due
Oct.
15
on
the
4\i%
Fourth
Liberty Loan Bonds said:
With the cashing of this interest the ast coupons on
nounced that the permanent
the temproary Fourth
Therefore, as
soon
as
it is
an¬
bonds of this issue will be ready the temporray
bonds should be exchanged for them because the permanent bonds will have
all future interest coupons to
was
be delivered
in
maturity attached.
The letter itself shows there
Furthermore, only about 25% of the jobbers to whom
sent
accepted their allotments.
The Argentine transaction involved
The rest of the sugar
14,000 tons of sugar.
we
It was pur¬
chased by the American Trading Company and distributed by the
firm.
There
from
was a
the
delay of about six weeks before
Argentine
a
Howel
permit could be ob¬
Government for its shipment.
According to
the Howells, this delay was caused by the Department of Justice's public
that it
announcement
getting sugar) from Argentina.
was
obtaining of the permit, the letter
begun recently.
were
was
Following the
sent out on July 2 1920.
Deliveries
_____
The permanent bonds
BRITISH BREAD
of the First Liberty Loan Second Converted 434s are also not quite ready
to
high at that time, and the
sold to the trade entirely outside the Department of Justice list.'*
tained
Liberty Loan 4&s will have been paid.
was
Government wanted to bring prices down.
was
LIBERTY BONDS.—PERMANENT BONDS.
"Sugar
said Mr. Howell.
SUBSIDY
TO END.
exchange for the temporary bonds of that issue, but
Federal Reserve Bank officials here strongly urge holders of all other issues of
Acting Attache Wilbur J. Page, at London, sends the
temporary Liberty bonds to exchange them at once and secure the per¬
following to the Department of Commerce at Washington
manent bonds to which
they are entitled.
Until the holders do
so
they will
unable to collect the interest after the due date of the last coupon on their
present bonds.
Almost any bank will cash the
Fourth 434%
interest
coupons
due
are now
The British
£45,000,000
on
Friday next and will also make the exchange for holders of those temporary
Libertys which
under date of
the beginning of the next fiscal year on April 1
subsidy with
conditions, and
IN
SUGAR
ARGENTINE
PRICE.—INQUIRY
INTO
DELIVERIES.
discontinued
upon
during the past week brought the price down to 11 cents
pound
on
the 7th inst.
fining Comuany fixed the price at 12 cents and
half
a
cent
a
pound
was
a
On Oct. 5 the Federal Sugar Re¬
announced
on
a
cut of
the 6th, making the
On the 7th another reduction by the
Sugar Refining Company occurred, the price this
delivery, is Is.
to Is.
or
6d.
In San Francisco cane sugar is quoted at 12 cents and beet sugar 11.80
cents; in Salt Lake City beet sugar is priced at
Boston is made by the Revere Sugar
12.82 cents.
The cut in
Company, which has been "out
of the
market," quoting a nominal price of 2234 cents while filling old contracts.
Id.
month,
(26 cents);
(36 cents).
the return to normal trade
($0.10) on each
and whatever balance remains—depending
on or
before March 31 next.
so
it
may
be expected that the price next
prospective further increase in
The price of the 4-pound loaf was 9d. and 9)4d.
(18 and 19 cents) from September 1917 up to last April, when it was ad¬
vanced to about
4-pound loaf,
In referring to price drops
"Evening Sun" of Oct. 7 said:
up
represented 5d.
April next to perhaps 2d. (4 cents) more, bringing the price up
Federal
being lowered to 11 cents.
view to speeding
It is intended that 3d., ($0 06) of this amount shall
month will go up to Is. 4d. (36 cents), with a
March
The Chancellor of the
price of the 4-pound loaf of bread in London, including
average
increase
time
next
1921.
Aug. 11 the Government's decision
the price of grain—is to be abolished
The
price 11 ^ cents.
in other cities the New York
a
on
stated that the subsidy
4-pound loaf of bread.
be
Further reductions in the wholesale price of refined sugar
which, it is estimated, costs
annually, is to be gradually abolished before
Exchequer announced in Parliament
exchangeable for the permanent bonds.
to end this
REDUCTION
Aug. 14:
Government's bread subsidy,
($218,993,000)
was
Is.
(24 cents) in order to reduce the subsidy, and that
followed in May by another of 34d. to Id.
on
Various other Government subsidies either have
or
are
shortly to be withdrawn.
month and next, are
remove the
already been abolished
Increased railway fares, effective this
expected to place British lines
on a
paying basis and
Government subsidy to the railways, which is costing £23,000,-
000 ($111,930,000) per year. '
and the coastwise shipping
few
(1 to 2 cents) per
account of increase in pay to bakery workers.
months,
The coal subsidy to the domestic consumer
subsidy have been abandoned during the last
and It has been announced that the canal subsidy will be
1436
withdrawn
CHRONICLE
THE
©n
the 31st of the present month.
the Exchequer.
''
1
($85,154,000) per
;
■
The
The removal of these three
subsidies represents a saving of £17,498,000
annum
to
:
increased
Federation
to
of
[VOL. 111.
strike
Labor,
frequency
attributed
is
incident upon
chiefly
to
the
American
its increase of membership from time
in other words, marked
time;
progress in membership in this body has
a heavy increase in number of strikes through¬
The Federation now has a membership of over 4,000,000.
always been accompanied by
NEW MEXICAN EXPORT DUTIES ON [CEREALS,
Commission
Trade
from Mexico
C.
H.
ETC.
Cunningham has telegraphed
City under date of Sept. 15 1920, that the
export tariff
new
out the
At its
to
cate
year
0.20
0.10
peso
peso
equals $0.48,
par
peso
per
kilo;
per
kilo.
free of
are
kilo;
per
peso
0.03
corn,
cocoanuts and copra
Unshelled
peso
kilo; rice, 0.15
per
kilo; and
per
the
duty.
(Peso
value; kilo equals 2.2 lbs.)
probability of
waste
be
can
a large amount of thought claim that
in which this appalling increase in national economic
avoided, and that is,
through the organization
,
Labor
is
highly organized.
ganized in
powerful
a
Employers as a class have never been or¬
though they have long intended to create suck
way,
organization.
an
v-....
the
following
advices
Sept. 29, made public
on
Consul
from
Dominic
General
organization of labor has placed the balance of industrial
in
power
of the professional
body of leaders of labor, who are now in the
naturally intoxicated with power.
These leaders generally have
only a personal advantage to gain.
They ignore economic conditions and
the interests of industry in general, of the
employee and of the public.
As
I.
result
a
costs
Murphy, at Stockholm, under date of Sept. 1:
The flour monoply in Sweden,
the Trouble.
saddle and
FLOURJMONOPOLY.
Department of Commerce
of employers
themselves.
'The
The
'
given the subject
there is only one way
the hands
THE SWEDISH
This, it is claimed by
than 110,000 strikes during the ensuing five-
more
.
who have
Cause of
END OF
increase the enroll¬
determination to
can
period.
Those
tEe"following export duties: Rice flour, {0.20
announced
5,000,000 during the next twelve monhts.
only be done by calling strikes in open and non-union shops,
demands for recognition of unionism.
Comparative calculations indi¬
upon
flour, rice, wheat, corn, unshelled cocoanuts,and copra with
wEeat flour,
recent convention it
ment
observers,
permits the exportation of rice flour, wheat
wheat,
country.
of this condition, production is curtailed—manufacturing
enormously increased—and the'United States is being prevented
are
from
"Sveriges Forenade Kvarnintressenter,"
taking advantage of the present great opportunity for acquiring sweep¬
ing industrial prominence in the markets of the world.
having been dissolved on Aug. 31, commerce in flour and cereals is entirely
free and no
regulations governing prices exist.
Strike
In consequence of the dissolution, the millers have abandoned their sys¬
tem of collective
buying through the Millers' Union, being for the present
free to make their own individual purchases of grain.
millers, brewers, and grain
dealers at Malmo the members agreed as to the advisability of quickly comt
with three
With that end in view it
decided that all S wedish agricultural societies
was
be requested to act in conjunction with the Millers' Union in establishing
prices.
The question of prices for domestic
as
against foreign grain was
ikewise discussed, but no decision was reached, and it was thought
able to further
any
discuss
the
matter
at
future meeting
a
advis¬
before coming to
definite conclusion.
From which it is gathered that for the present at least the
field is
open
for
especially wheat which is
needed.
strike
sections
This
adherence
for loss
demands,
what has
the
for
guments
to
through
(1) Organization having a defi¬
well-devised
a
sustained
plan,
and
fund contributed by
a
reimburse¬
(3)
resistance
of
account
on
of
unwar¬
employers,
in
all
presenting
ar¬
industries.
and
is
Insurance.
is Maryland have organized a corporation
men
they state, in view:
as
(2)
members
by
ranted
become
known
Strike
as
Insurance.
In
existence
of such a corporation, the organizers say in
catastrophe hazard has threatened Society, insurance
has stepped into the breach, bringing order out of chaos.
For example:
Navigation laws and shipbuilding standards were laid down by Lloyd's,
"Whenever
effect:
a
Underwriters:
To prevent the possibility of
conflagration in congested cen¬
building laws requiring fire resistant construction have been enacted
tres,
the introduction of American flour and cereals,
things,
objective;
ment
municating the grain quotations to the farmers throughout the country.
of thoughtful
company
nite
The press publishes the report of the Millers' Union, from which it appears
that at the meeting of representative farmers,
A
at the
instigation of the Fire Underwriters; Public Boards of Health in all
communities
the direct result of the efforts of the
are
Life
Insurance
com¬
safety devices for accident prevention in manufacturing plants were
through persistent urgings by Liability Insurance companies; and
finally, the present basis of credit in the United States was in great meas¬
panies
;
installed
PROHIBITION ON IMPORTATION OF RICE INTO THE
brought about through the efforts of the Credit Insurance companies."
now propose to cover with insurance the money loss caused by
ure
They
DOMINICAN REPUBLIC.
strikes—a
It
to
a
go,
announced at
was
Washington
on
Oct. 1 that according
cablegram from the American Minister at Santo Domin¬
under date of Sept. 27 1920, the importation of rice into
the Dominican Republic has been
This
action, it is stated,
prohibited until Jan. 1921.
taken
was
request of the
upon
Chamber of Commerce and other interested
parties and
was
than
risk
at
the annual
present estimated to be
risk
of loss
than
more
fifteen
times
greater
by fire.
They claim that this risk should long since have been coverable by in¬
surance as a fundamental principle of
business activity.
They claim that
the
responsibility for the condition under which labor
dominant
fear
of
has been
given the
in industry rests
power
personal loss
upon the employer who, either through
lack of definite plan, fails to maintain open-shop
or
conditions
in
amount of
satisfactory work performed.
his
plant and to
demand that
be based
earnings
the
upon
due to the large accumulation of rice.
Some
Under
80%
STRIKES
AND
The urgency
ORGANIZATION
OF
of the organization of employers for the
pur¬
of remedying the evil of strikes is dealt with by Wil¬
pose
liam C. Corn well, in the weekly "Bac-he Review," issued on
Oct. 2.
the
Only through such organization, it is declared,
can
appalling increase in National economic waste, through
increased
strikes,
be avoided.
The
by
walkout
A
all
distinct
adds
Since
its
The "Review" tells of the organization of a
sustained
strike
account
on
of
resistance
unwarranted
the
contending parties."
Here is
and arbitration
what
the
The
Problem at the Base
the
essence
problem looms
If
the
of industrial
present
of the World's Troubles.
wisdom.
It is
either
or
find
we
that
the
labor
above all others, through the threatening atmosphere.
were
assured of sound, unswerving,
unremitting and loyal
Labor
the actual
existence
troubles
did
not
start
ceeding five-year cycle has
as
of labor
a
trouble from
strikes
result
of
the
war.
The
States, for instance, shows that each
found industries
of
suc¬
harassed by
Great National Economic
It has been further estimated
combined loss
or
national
annually.
the
stabilization
of
balance
and
testify
being
unpreventable,
reimbursed
the
immunity from
loss
satisfactorily
that
their
early termination.
an
must
is
such
of
an
association
or
be
met
organization
of
frequently
must be
intelligently and collectively.
more
harmful than beneficial.
stabilized.
be
harmful
Employers who
concession
no
to
to
and,
industry,
unreasonable
therefore,
demands;
such
conces¬
benefit labor.
do not
compelled to resist, must be morally and financially
are
if secured by pressure,
even
economic
waste
of
will benefit both the employer
employed.
Employees
organized with a definite purpose; employers are not.
Employees have insurance, strike benefits; employers have not.
Absence
are
of
co-operation
the chief
is
of
cause
unrest;
the
effect
is
strikes.
have
given considerable
and
of,
to
organize
employers
businesslike way,
We
have
done
space
for
to this movement,
the
purpose
of
the first that
remedying, in
a
we
fair
the evil of strikes.
because
with labor affairs intelligently and
effectively is now, as Sir Alfred Booth indicates, the first and most impor¬
tant business of employers everywhere.
so
dealing
It
must
be
Constructive
amelioration
if requested,
however,
and
arbitration
it will
And, in fact, in
the
do
Element.
plant
between
the
contending
parties—that
is,
so.
cases
strikes,
company,
that
this
of operation to decrease
strikes, while it strengthens the hands of just employers, lends itself also
to
noted,
which have already come up
when
declared,
have
been
in the experience of
settled
in
short
order,
whereas without such
Waste.
that these various disturbances
costing the
country vast discomfort, also through direct and indirect consequences, pro¬
a
closer
follows:
A New
record
(1) an increased
(2) by an increased per cent of employees involved,
(8) by increased duration of strikes, and (4) by a correspondingly in¬
creased financial loss to employers, wage-earners and the public.
duce
a
to revolu¬
cent of srtikes,
A
existence
as
the fear of these, which is keeping the world in turmoil.
twenty-five years in the United
per
action
should
are
know
situation,
co-operation from every kind of labor, all other difficulties would progress.
tions,
the
conditions
There
sions
and
up
world
The
promptly
whom
bring the strikes to
for
Co-operation,
disturbed
is covered for
year
Prompt action is vital.
We
analyze the
and brings
threatened.
has
of
some
conditions
'
is
or
the company, through the deterrent
has prevented 76% of the strikes by
protection,
were
stated
are
Individual
exclusively."
we
profits,
strike
supported.
Booth, managing director of the Cunard Company, whose keen
vision enabled him, before the war, to give conservative
warnings of what
would happen after the conflict closed, said
recently that "employers of
every class must now organize themselves for dealing with labor affairs
If
strength
states,
to
reasons
Labor
Sir Alfred
This
of
involved,
Present
"Re¬
view" has to say in the matter:
a
Why Employers Should Act Together.
The
"Review" observes, "while it strengthens the hands of
just
between
it
company,
employers
a fund contributed by
This plan of operation to decrease strikes, the
employers, lends itself also to amelioration
form
members
enabled them
derpands are met through
employers.
net
is representative of manufacturers operating
distributed throughout 20 States.
Each new mem¬
effective
corporation in
of
and
beginning of operations,
its
members
Maryland which provides strike insurance, through which
losses
its
the
of
the
naturally intoxicated with power.
charges
part of the employees.
or
industries
to
effect
in the saddle and
fixed
labor conditions.
which
are now
the Association is insured for
estimated
beginning at any time during the policy
exceeding the next 300 working days.
organization of labor,
leaders, who
his
of
total stoppage of production because of
or
organization, thus far,
it is pointed out, has placed the balance of industrial
power
in the hands of the professional body of labor
loss
of the Plan.
joining
strike
The
ber
actual
Details
manufacturer
a
partial
a
of
term not
34
plan
the
of
caused
EMPLOYERS.
this
five
billion
dollars
obstinacy
on
an interested intermediary as the insurance
company,
both sides might have prolonged the conflict indefinitely.
This introduces
a
a
new
constructive
element into such
situations, namely,
powerful third party, which is losing money while the strike lasts, and is,
consequently, in its
hostilities.
So
own
much
for
interest, moved to do
the
employers'
side.
everything possible to end
OCT. 9
1920.]
at the
NEW YORK FEDERAL RESERVE BANK ON IMPROVE¬
MENT IN EFFICIENCY OF LABOR.
present time is
Reserve
Federal
York
Bank
that
reports
a
of labor,
made by it from
all
In
reported
data
hand.
at
improvement is reported.
the other and four
or
standard the
In
inquiry
an
None of the
decrease in efficiency; five reported that there
any
way
to
answers
some
coun¬
*
except nine
cases
by
31 of the largest corporations in the
The Bank says:
try.
one
shown
as
change
unable to draw conclusions from
were
where
cases
concerns
was no
comparisons
are
with
made
any
pre-war
efficiency is said to be lower, but in three instances individual
industries where
In certain
a
great number of operations
and particularly when the finished
single finished product,
corporation is widely diversified, it is difficut to
in
to make
go
product of
But
figures have been received to confirm the opinions expressed
answers.
a
number of industries
a
improved methods and
in
workers without necessarily
efficiency of
implying
ingness to work or increased individual performance.
without explanation
convey
At
efficiency.
cost of
In fact, figures rarely
intelligible idea of
any
change
in labor
plant of a large chemical corporation, for instance, the
labor per ton decreased from 95 cents an hour in January
one
common
45 cents
to
an
increased will¬
hour in July.
an
At another plant of the
that
48
Other
ment.
to the installation of scientific
large
manage¬
report variously that there has been an
concerns
in¬
efficiency varying from 10 to 17% over a year ago.
in
crease
more
hours—a result ascribed
44
to
various causes.
Among them is an increase
in the number of men looking for work over previous months this year.
In
a number of industries the turnover among the employees has decidedly les¬
sened.
One
plant
that
inference
reports
men
morale
the part of
on
to 10%, with
tending to remain at work long enough to be¬
A majority of the answers indicated an improved
it.
accustomed to
come
40%, others 17
decrease of
a
are
In
OF
UNREST
while in
York City
Annual
Rate
•/
■<
or
of
increasing
an
ASSOCIATION
SHOWS
WAGE-EARNERS.
semi-skilled factory workers in New
is 125%, and for unskilled factory workers
265%,
senting 15 different industries and employing a total aver¬
With regard to
of 41,375 workers.
the disclo¬
statement of the Asso¬
ciation, made public Oct. 1, says in part:
about two-thirds
In
and
the
of
250%, but the total
16
2-3% to
plants studie'd the turnover lay between 100
range
for all plants extended from a minimum
according to the testimony of employers, varies
The cost of replacements,
$10 for unskilled to $250 for highly skilled workers.
from
for semi-skilled
The
employees is $50
in
covered
industries
or
A fair average
are
as
and the number of
28.6
7
16.7
8
—
_
19.1
7.1
___
__
3
3
7.1
42
100.0
_.
The above summary shows that
turnover below
a
third had
100%
slightly
of
Comparing these figures with the results of
during the
than one-fifth of the plants
more
half of them less than 150%, and
200% or more.
'
a year,
annual turnover
an
a
one-
labor turnover study made
by the United States Bureau of Labor Statistics, covering
war
thirty-seven factories in
Cleveland,
it
that labor turnover in New
appears
York
City to-day is considerably less than it
ago.
Only one-tenth of the Cleveland factories had turnovers under 100%,
It is true that the labor conditions in Cleveland
comparison
the statement of
supports
interviewed that
turers
on
the
whole
there
the
than three-fifths
more
during the
comparable with those in New York during the
exactly
the
Cleveland two years
in
was
approximately one-fourth or less than 150%, while
had annual replacements of 200% or more.
period, but
of the manufac¬
majority
has been
not
war were
same
reduction in labor
a
the
turnover since
signing of the armistice.
above table also indicates a very broad
The
range of turnover.
In about
100% to 250%.
The reason for
divergence is due primarily to the heterogeneous nature of the
plants covered.
This becomes clear if the forty-two plants be divided into
the
of
two
groups:
plants it varied from
wide
(1) those employing primarily unskilled help, and (2)
those
and skilled operatives.
using mainly semi-skilled
Unskilled Labor.
Obviously, it is impossible to draw any hard and fast line between these
two
groups.
unskilled
to
Many plants employ al} grades of workers, from the totally
highest grade mechanics.
Nevertheless, it is possible
the
these two classifications.
The unskilled
the majority of operatives re¬
As a rule, these establishments,
at least in New York City, employ a large proportion of female labor.
Most food products plants, candy concerns and the like, would fall under
roughly
to
group
or no
this
On
sification.
first head,
is
training for their jobs.
All other factories
head.
this
factories into
includes all establishments in which
basis,
come
under the semi-skilled and skilled clas¬
of
fourteen
the
forty-two
factories
under
fall
with the remaining twenty-eight coming under the second.
plants employing mainly un¬
skilled workers is much larger than in factories where the operatives are
more
skilled.
In the former group, six out of fourteen, or 43%, of the
concerns
have a turnover between 200% and 250%.
Among the latter
apparent
that
the
turnover
among
twelve out of twenty-eight, or 43%, have turnovers between 100%
150%.
The difference between these two groups is most clearly shown
group,
and
the
At
average
This
present
"unskilled"
time the fourteen
factories
employ
the
on
total of 8,506 persons and require 22,614 replacements annually.
a
turnover of 265%.
The twenty-eight plants using more
a
means
employees and hire 41,174 replace¬
In other words, the turnover in plants
highly skilled workers employ 32,869
ments, which is a 125%
turnover.
employing principally unskilled workers is more than twice as large as in
mainly semi-skilled and skilled workers.
factories using
and fire apparatus.
wear,
9.5
11.9
12
__________
__
300 and under 350
plants in each
Metal products,
follows:
Percentage.
4
5
_
by the actual figures.
more.
this study
including machinery, 10; food
products, confectionary and kindred lines, 11; rubber goods, 3 ; musical
instruments, 3 ; printing, 2; jewelry and kindred lines, 2; tobacco products
and smokers' supplies, 2; stationery supplies, 2; and 1 each of shipbuilding
and repairing, marine equipment, shoes, silk goods, men's clothing, women's
industry
Each Class
____
___
150 and under 200—
It
maximum of 338%.
a
in
Plants
.
250 and under 800
the
of
of
Number.
-
200 and under 250
group
which the inquiry developed a
Manufacturing
.
Classified Turnover {Percentage)—
quire little
force
the number
they will equal
one
Labor Turnover in 42
New York City.
of
.
Under 50
50 and under 100
100 and under 150
Merchants* Association by 42 manufacturing concerns repre¬
sures
other
any
Plants in
according to reports made to the Industrial Bureau of the
age
for
on
following table summarizes the results of the investigation:
Present
"'..•'■v.
yearly rate of labor shift or "turnover," in
skilled and
for
1920
quit
or
the payroll,
Skilled and
The average
the payroll of a concern
on
died,
Results of the Investigation.
The
two-thirds
the workers.
MERCHANTS'
BY
men
fired,
were
payroll, replacements will equal the number
decreasing
a
this
INQUIRY
100
additional employees had to be secured during
separations from the plant.
This change is attributed to
the
of
average
replace those who
the turnover would be twice the average number
200%.
had
faithfully the change in labor effi¬
ciency.
A plant of one of the large steel corporations reports that its
product has increased 6%, with substantially the same payroll.
Two
clothing factories at Rochester report that individual efficiency has in¬
creased 7 or 8%, which nearly offsets a decrease in the working week from
expressions reflect
an
the explanation
securing railroad cars at that time.
General
to
was
and 200
year,
time
cause,
being that at the latter plant rehandling was necessary because of difficulty
in
if there
example,
during the
corporation the
same
in about the same proportion,
corresponding figures rose
com¬
puted by dividing the number of employees replaced during a year by the
average number of persons on the payroll during the same period.
For
more
highly developed labor-saving machinery have tended to increase the indi¬
vidual
people, labor turnover is equivalent to labor replacement and is
a
it is felt that
sufficient
the other
In
most
generally expressed in the form of percentages.
•
*
For the purpose of this report, therefore, labor turnover has been
exact statement
secure an
figures of the percentage of increase in efficiency.
up
certain
a
always makes the worker hesitant about changing his place of em¬
y.
To
people hired,
efficiency is said to be higher than ever before.
This is doubtless due to
decrease.
to the increasing activity on the part of employers to
reduce, turn¬
but principally to the appearance of some unemployment, a condition
ployment.
change for the better appears to have taken place in the
efficiency
the
on
extent
over,
which
New
The
1427
CHRONICLE
THE
Food and Metal Products.
Special mention was devoted to the food and metal products industries,
in order to
secure
dependent
skilled labor, such as the metal industry.
upon
case
The food prod¬
industry, using largely unskilled labor, also employs a large proportion
of female
workers.
to a somewhat
a
is the
At first sight, it might seem that this fact would tend
higher labor turnover in this industry than in one employing
majority of unskilled male laborers; but when it is considered that un¬
workers are of a particularly transient character, and are em¬
ON
48
HOUR
AND
WEEK
OPEN AND CLOSED SHOPS.
in food products plants, and for one chiefly
as
ucts
TYPOTHETAE
UNITED
comparative figures for an industry employing principally
unskilled labor,
The United
St.
at
Louis
Typothetae of America in
on
a
resolution adopted
September 15 recorded its disapproval of
reduction in the present forty-eight hour week
any
force in the
printing trade.
The resolution
was
now
in
introduced
trained male
ployed
so
turnover
largely in construction work and other seasonal industries, where
especially large, the figures for unskilled female workers are
is
probably not higher than those for unskilled male workers and are there¬
fore fairly representative of the class.
With some exceptions, the period investigated was the first eight months
of 1920.
In certain trades, especially those of a seasonal character, the fig¬
ures
for the
last twelve months were covered.
of turnover has been
computed
on
an
In all
cases
the percentage
annual basis.
Pre-War Figures
Unavailable.
-
.
compiling this report an effort was made to secure pre-war figures for
In
This was found impossible, however, because the
figures are not available.
It is only within the last few years that em¬
ployers generally have come to realize the importance of accurate employ¬
ment records, and even for the purposes of the present study it was necessary
to reject 35% of the reports received as not sufficiently complete or accu¬
rate to warrant their use as a basis for conclusions.
Incidentally, it is
oomparative
and otherwise paid little or no attention
to employment methods.
Fragmentary data obtained while making the
study supports this conclusion.
they did not keep records,
Stability Increasing.
It is the
has
general opinion of employers that the turnover of factory labor
grealty during the past few years, especially during the war
increased
period and for some time
dency now, however, seems
after the signing of the Armistice. The ten¬
Labor turnover
to be in the opposite direction.
Louis
St.
"Globe-Democrat."
Whereas, There has been misrepresentation and misunderstanding as to
position of the United Typothetae of America upon the question of
the
granting a forty-four hour week May 1 1921; now, therefore, be it
Resolved, That the thirty-fourth annual convention of the United Typoth¬
of America in convention
etae
assembled restate unequivocally its disap¬
proval of any reduction in the present working hours, and recommends to
its members that they resist any attempt to enforce such a reduction except
where such reduction has
Ill
purposes.
probable that the turnover in the factories covered by this study is smaller
than in many other local establishments which could not be included be¬
cause
by T. E. Donnelly of Chicago, and is given as follows in the
At
at
already been agreed to by contract.
printing the resolution the Globe-Democrat said:
a
meeting last fall in New York of the closed shop branch of the U.T.A.,
which, it is claimed, there was an unrepresentative delegation, an agree¬
ment was
entered into between the closed shop members and the Typograph¬
ical Union officials whereby,
work
on
a
beginning May 1 1921, union printers would
forty-four hour week basis.
Donnelly's resolution yesterday held those who entered into the contract
are
bound by the contract
body
was
they made as individuals, but their action
not to reflect on the U.T.A. as a body, which, according to
as a
Don¬
nelly's resolution, takes a decided stand against the adoption of the fortyfour hour working week.
The resolution passed by
a vote of 19,365 to
6,278.
13 the day of the opening of the Convention
A. C. Baldwin of Austin, Tex., was quoted as having had
On Sept.
the
follpwing to
week:
say
relative to the proposed forty-four hour
•
1428
The
THE
United
Typothetae does
regard the working week
a
To
week
lop off four hours
8 1-3%
of
at a
a
not
discuss
labor problem.
would
labor
problems
CHRONICLE
does it
nor
It is much broader than that.
be to
arbitrarily reduce produc .ion
time when production is already below normal and far short
Occupying
position of such high rank, it is all the
a
members set
a
more
essential that its
patriotic example of industry to the country and establish
record for unselfish service
production which
in their efforts to preserve the efficiency of
Prices for every manufactured product
work in certain
war
and
The
following table shows the growth of the United States
and the various States within the last ten
years:
'
' /
Population-—
are.already too high.
limit production by reducing the number of
working hours in
To further
a
week not
'
States?—
—
„.
1920..
Arizona
As to action taken
by the Association
the question of open and closed shop
Democrat" said:
on
a
full
at least satisfied.
Sept. 15 regarding
branches, the "Globe-
1,750,995
It
stated that such action
was
disruption,
as
was
necessary to save the
the closed and open shops in their attitudes
organization from
on
labor problems
radically opposed to each other and that their differences will be confused
and attributed to the parent organization, which will, because of this con¬
are
fusion, lose dignity and deteriorate.
i This resolution expressed the
purpose of the U.T.A. to be educational
primarily, and that, with the organization devoting itself to labor problems,
it could not justifiably carry out an educational
program.
While this resolution failed of passage, the
proposed Washington amend¬
of the organization were passed.
The
ments to the constitution
ton amendments do not
Washing¬
sever
the open and closed
shop branches,from the
parent organization, but make them entities to act
action is not to be
whether
running
binding
open or
on
the U.T.A.
as
a
as
they agree, but such
body
nor
upon
printers,
closed shops, unless such printers belong to the
closed-shop division.
The Atlanta
Typothetae yesterday distributed
circular calling for the
a
members to vote to abolish the open and closed divisions and to
adopt the
Washington
amendments.
The
Atlanta
members
of
the
closed-shop
primary factors in securing the repudiation of the contract
made in New York last year.
Atlanta members claimed that New York
branch
were
members agreed to the contract from selfish motives, as a strike was then
and that the action of the delegation at New York
on
.
was not
for the general
good of the printing industry throughout the country.
799,024
17.6
1,380,585
1,114,756
23.8
223,003
202,322
10.2
District of Columbia...
437,571
331,069
32.2
28.4
Florida
966,296
752,619
2,894,683
2,609,121
10.9
431,826
325,594
32.6
6,485,098
5,638,591
15.0
Indiana
2,930,544
2,700,876
8.5
Iowa
2,403,630
2,224,771
8.0
Kansas
1,769,257
1,690,945
' 4.6
2,416,013
2,289,905
5.5
1,797,798
1.656,388
8.5
768,014
742,371
3.5
Georgia
——
—
—
Kentucky
....
Louisiana
Maine
Maryland....—.
1,449,610
1,295,346
Massachusetts
3,852,356
3,366,416
14.4
Michigan—
3,667,222
2,810,173
30.5
2,386,371
2,075,708
15.0
1,789,384
1,797,114
3,403,547
3,293,335
3.3
547,593
376,053
45.6
1,295,502
1,192,214
8.7
77,407
81,875
5.5
Minnesota
....—..
...
Mississippi
—....
Missouri
—
Montana'.
——
>
Nebraska
Nevada
New
—
Hampshire.
SHOW
POPULATION
OF
U.
S.
443,083
430,572
2.9
2,537,167
24.4
327.301
10.1
10,384,144
9,113,614
13.9
2,556,486
New York
2.206,287
15.9
North Carolina
North Dakota
645,730
—
Oregon
13,710,842 since 1910
be announced
as
soon
14.9%.
estimated, reach 12,250,000, making the total number of
inhabitants under the domain of the United States
118,000,000.
The details of the 1920 figures are announced as fol¬
lows
by the Census Bureau:
The
as
This is
an
as announced
to-day, is 105,683,108,
total in 1910 of 91,972,266 and in 1900 of 75,994,575.
increase since 1910 of 13,710,842 or
14.9% as compared with an
a
increase from 1900 to 1910 of 15,977,691
or
21%,
The large falling off in
the rate of growth for the country as a whole, as shown
by these figures,
is due mainly to an almost complete cessation of
immigration for
more
five years preceding the taking of the census in
January last and in
degree also to an epidemic resulting from the World War.
The results of the
somewhat
census
of population in 1920 at first
disappointing and
than
some
glance may seem
open to
question possibly, but the substantial
January is fully borne out by comparison
the probable excess of births over deaths through¬
accuracy of the enumeration in
with estimates based upon
out the decade and
available
data, it
the
excess
of
immigration
over
emigration.
From all
be roughly estimated that the annual excess of births
deaths throughout the United States is
approximately 1 %.
This rate
compounded would indicate an increase, of
may
over
approximately 10.5% during
the
decade.
Thus the nearly 92,000,000
persons present in the United
States in 1910 might be expected to increase to
about 101,700,000 in 1920.
In addition, the excess of immigration
over
was
emigration during the decade
over
together would indicate therefore
only
a small fraction
of 1
%
excess of
emigration.
a
more
of the fourteenth census.
'1,356,316
now
census
births
over
2,631,839
145,965
population of the outlying possessions of the United
States is
as
follows:
■■;Av.
1920.
1910.
1,297,772
1,118,012
-
Porto Rico
Hawaii
255,912
191,909
64,356
Panama Canal Zone
62,810
Virgin Islands
27,086
...
Guam
Samoa
19.9
9,000
(American)
8,056
——
6,100
Military and Naval.
55,608
Phillipine Islands
The
'
growth
of
the
country's
7,635,426
population,
exclusive
of
outlying possessions, since 1790 is shown in the following:
Census Year—
1920
Population.
-
1900
91,972,266
15,977,691
%
14.921.0
75,994,575
13,046,861 20.7
62,947,714
12,791,931
——
1890
1870
Increase.
105,683,108 13,710,842
—-
1910
—-
25.5
38,558,371
11,597,412 30.1
31,443,321
8,251,445 35.6
23,191,876
—
7,115,050 22.6
50,155,783
—
1880
6,122,423 35.9'
1860
1850
-
1840
2,398,572 33.1
1810
7,239,881
1,931,398 36.4
5,308,483
1,379,269 35.1
-
1800
-
1790
3,929,214
—
The two estimates taken
probable, population of 105,800,000,
than the total shown by the returns
54,816,209, or 51.9%, are living
incorporated places of 2,500 inhabitants or
more, and 50,866,899, or
48.1% in rural territory.
in
The increase since 1910 in the
population as a whole, as before stated, was
14.9%, but during the decade there has been an increase in that
portion of
the population living in urban
territory of 12,192,826, or 28.6%, and in
that portion living in rural
territory of 1,518,016, or only 3.1%; and if the
comparison is extended to cover the two classes of rural
territory, it appears
that that portion living in
incorporated places of less than 2,500 inhabitants
show an increase of
1,745,371, or 21.5%, whereas that portion living in
purely country districts shows an actual decrease of
227,355, or six-tenths
of 1%.
The percentages of Increase shown for
the several States vary greatly, due
part to the causes which have been noted as
12.8
33.2
be
of the 105,683,108 persons
enumerated in the fourteenth
preliminary tabulations show that
as a
2,333,860
194,402
—
deaths in
history, more than half the entire
living in urban territory as defined by the Census Bureau.
population of the country
18.8
1,221,119
4,203,433 32.7
The figures of the present census also
show that the trend of
population
That is to say,
1,141,990
1,463,610
3,227,567 33.5
from the country to the
city has become greatly accentuated since 1910 and
that, for the first time in the country's
population is
11.9
9,638,453
Thus the population of the
country may be
assumed to have been augmented
by about 4,100,000 during the decade
or
2,061,612
12,866,020
their families was about 10%.
immigration
1.0
2,306,361
1820
may
roughly estimated that the increase due to
excess of
20.4
1830
Since the bulk of these
foreign born persons
to the country dining the first four
years of the decade it
through
19.6
373,351
355,956
17,069,453
approximately 3,733,000.
came
3,896,542
449,446
352,421
Alaska
population of the United States,
compared with
8.9
7.0
—I-
——
—
West Virginia
The
583,888
2.184,789
A—
.
.
Wyoming
available, will, it is
1,515,400
11.1
4,661,027
Utah.
outlying possessions, which will
are
11.4
635,839
Texas
the tabulations for Alaska and the
as
13.8
542,610
2,337,459
Wisconsin
military and naval services abroad
n
Dakota
Washington
or
16.4
672,765
7,665,111
1,683,662
%
Virginia
represents an increase of
22.4
604,397
South
105,683,108,
The figures of population of
20.8
1,657.155
8,720,159
Carolina
Vermont
is
11.9
4,767,121
783,389
Oct. 7 the 1920
population of Continental United States
exclusive of Colonial possessions.
This
577,056
5,759,368
2,027,564
Ohio
Oklahoma
Tennessee
According to figures made public by the Census Bureau
on
0.4
360,247
NewMexicol-
South
105,683,108—STA TE FIGURES.
11.9
3,15 5,374
....
NewMersey
Rhode Island
RETURNS
11.2'
44.1
Delaware
Pennsylvania.
CENSUS
1,574,449
2,377,549
939,376
Illinois
eliminating the closed and open
shop branches of the U.T.A. from the parent organization was defeated.
9.8
63.1
Colorado
Idaho
resolution introduced for the purpose of
14.9
204,354
3,426,536
Connecticut
its interest in these questions and demand
Gain.
2,138,093
333,273
Arkansas
public should wake
industry until the normal demand is
Pc. of
105,683,108 91,972,266
,
—
California..
up to
1910.
2,347,295
only adds to the cost of manufacturing, but stimulates prices by creating
a further artificial demand, because of the
arbitrarily limited supply.
The
week's work from every
—
,
State—
United
Alabama
be questioned.
may not
of population required to meet the excessive demands of
sections.^ ForfthreeJStates, Mississippi, Nevada
Vermont,fthere have been small decreases in population, the largest
decrease being for Nevada, 5.5%.
*
the
demand.
the
Printing is not only fifth in importance among the industries, but it is of
first importance in disseminating needed information on
every subject.
a
terna Ijfmovement
[Vol: 111.
affecting the increase in the
whole, but also in part to the abnormal in¬
The rank of the various States for the 'ast three
is shown in the
censuses
following table:
1920.
1910.
1900.
1920.
1910.
1900.
1
1
1
South Carolina—
26
26
24
Pennsylvania
2
2
West
28
3
27
Ohio
4
4
4
Connecticut
27
28
29
28
Illinois
2
3
Texas
5
6
Washington
30
30
26
29
34
Massachusetts
5
6
7
Nebraska
27
7
8
9
Florida.
31
32
29
Michigan
California
8
12
21
Colorado
33
Missouri
9
7
5
New
New
York
10
Jersey
6
11
i
16
Indiana
11
9
8
Georgia
12
10
Wisconsin
13
13
14
11
13
15
Virginia
Maryland
Oregon
34
35
North Dakota36
Maine
37
36
38
35-
39
40
43
Montana
15
12
Utah
15
10
New
17
19
19
Dist. of Columbia.
18
40
41
42
39
43
41
18
Idaho
Tennesee
19
17
14
New
20
20
17
Oklahoma...
21
23
30
Vermont .V;
Arizona
Louisiana
22
24
23
23
21
Kansas
»-
40
Hampshire-. 41
Virginia
Arkansas
34
38
16
Mississippi
36
34
38
Kentucky
18
33
32
35
Island
Rhode
Minnesota
Alabama
,
37
Iowa
Carolina—
33
32
South Dakota
16
14
North
31
42
43
44
45
44
45
46
42
46
Delaware
47
47
Mexico
....
37
46^
44
39
47
20
Wyoming
48
48
45
48
24
22
22
Nevada
49
49
49-
25
25
25
OCT. 9
NEW
1920.]
YORK
THE
STATE
FOR
Of interest to the
ment of
ENGINEER
GRAIN
CHRONICLE
COMPLETES
PLANS
ELEVATOR.
grain trade is the
announcement made
by State Engineer Frank M. Williams
on
Sept. 18 that the
1429
public money except in such amounts and at such times
has authorized by law,
no
matter how urgent the needs of
as
Congress
claimants."
Interpreting paragraph G of Section 209 of the Esch-Cummins Act,
authorizing the payment of the income guaranteed to the railroads for the
guaranty period, the comptroller declared that the act authorizes
only one
payment in each case instead of
permitting the carriers to obtain partial
plans for the public grain elevators which will be constructed
payments on the full amount due.
at the Gowanus
"Therefore," the comptroller says, "if any carrier neglSbted during the
guaranty period to avail himself of the provisions of
paragraph H or to have
Bay and Oswego terminals, have been com¬
pleted and will shortly be presented to the Canal Board for
approval.
An official statement in the
matter said:
Under Mr. Williams's plans, which have been
approved by a committee
of authorities appointed to co-operate with the State
Engineering Depart¬
ment
by the New York Produce Exchange,
the
elevators
will
have
an
approximate capacity of 2,000,000 bushels of grain, provision being made
to increase this should conditions
of each elevator will
4,200
a
future date.
The interior
be divided
into bins having
capacities ranging from
bushels, with intermediate
sizes so that lots of
bushels to 26,000
almost any
warrant at
so
be adequately and economically handled.
Two
of unloading the boats are to be constructed,
provision being made in the plans for the addition of a third tower should
amount
can
marine towers for the purpose
it
be required.
These towers have been
designed' that
so
one
150
barge
feet long, can be unloaded at each end of the elevator without
interfering
with each other, while, in the event that a 300-foot
barge should be utilized,
of the larger carrying corporations propose, both
towers
as some
plish the task of unloading at the
same
can accom¬
time, thereby making for speed in
the transfer of the cargo.
As the grain is unloaded it will be weighed by devices installed in the
towers.
Re-elevating
devices will then transfer it
the elevator proper
to
for distribution to the bins, it being possible to reach bins with
of
approximately 500,000
will
move
bushels by direct, spouts.
A
the rest of the grain to or from any bin while
capacity
a
conveyor
system
clearing house,
equipped with bins and cleaning devices, will be within easy access to the
marine towers.
After beinfe clean the grain will again be
weighed by devices
a
located in the main cupola of the structure after which it
may be
direct to ocean cargo vessels or turned back into
transferred
storage bins.
approximate capacity of each shipping leg and conveyor will be
25,000 bushels per hour and two shipping conveyors will be provided to
load the ships.
Additional provision is made for the unloading of freight
The
should railroad connections be made
cars,
The main
the terminals.
on
point which has not been fully determined in the plans for the
Gowanus Bay site is the location and extent of the
equipment necessary
unloading
business
three sites which
are
can
be
developed for the
How¬
of un¬
purpose
vessels.
One is on the existing pier, where a conveyor can
connecting with the belts used for loading.
This arrangement
ocean
be installed
would be suitable for
handling sacked grain.
Another location is
inshore end of the dock at the Henry Street slip, where
a
pneumatic suction unloaders
serve
either sacked
on
the
be
can
installed
which will
to
the
on
conveyer
bulk grain and deliver it direct to the elevator.
or
location will be
with
unload
The third
pier which the State contemplates constructing.
Williams's plans make provision for the installation of a modern
Mr.
new
grain dryer to which the grain
towers and
thence put
be delivered by any one of the marine
may
in storage
loaded to the cargo vessels.
or
Safety
devices and other equipment to guard against fire and eliminate
grain
will
for
The Produce Exchange reports that the import
flax alone, amounted to over 12,000,000 bushels in 1919.
there
ever,
loading
vessels.
ocean
on
be
installed, and,
and will
every respect
when completed,
to fill
serve
a
who are familiar with transportation
dust
the elevators will be modern in
want which has
problems
as
been apparent to
all
they relate to the utiliza¬
tion of the Barge Canal.
INTERPRETATION
OF
GUARANTY
OF
PROVISIONS
TRANSPORTATION ACT SERVES
TO
HOLD
its records and evidence in
proper shape for the presentation of its entire
claim under paragraph G within
/.
UP
the guaranty
reasonable time after the termination of
a
period, the responsibility for delay in receiving final payment
under the guaranty must rest with the carrier
and not the Government.
The decision continues:
"From this language it would
appear to be clear that paragraph G contem¬
plates and authorizes only one payment in each case, saia
payment to be
made after the commission shall have
ascertained and certified the amount
That such was the intent and pur¬
necessary to make good the guaranty.
of this paragraph is further indicated by the fact that in the
succeeding
paragraph provision was made for advances during the
guaranty period of
pose
such
not in excess of the estimated amount
necessary to make good the
are necessary to enable the carrier to meet
its fixed charges
sums
guaranty, as
and
operating expenses.
"Having thus provided for the fixed charges and operating
expenses
during
the period of six months after termination of
Federal control and having by
release from Federal control and by
authorizing increased rates enabled the
carrier to make its own provision for
caring for its financial obligations after
the six months' guaranty period, I think it is
but reasonable to assume that
Congress intended that the payments authorized under
paragraph G
should be made only after a carrier had
submitted its entire claim under
the guaranty and the commission had
ascertained the amount due thereon.
'The law providing for the
guaranty was enacted before the beginning of
the guaranty period and it must
be assumed that all carriers affected
thereby were aware of its provisions at the time it was
passed.
"It is noted that
notwithstanding the fact that the advances authorized
under paragraph H are in no case to be in
excess of the estimated amount
necessary to make good the guaranty, provision is made in
said paragraph
for securing the United States
against the contingency of such advances
being
in excess of the amount of the
guaranty as finally determined by the com¬
mission.
Since it was deemed necessary to
provide against overpayments
resulting from erroneous estimates during the
guaranty period, it must be
assumed that similar provision would have
been made in paragraph G if
said paragraph had been intended to
authorize payments based on estimates.
No such provision
having been made, the only logical inference is that
pay¬
ments on estimates are not authorized under
said paragraph.
"Reading paragraph G in the light of the other provisions of Section
209
and considering the number of debit and credit
items which
may be involved
payable upon a final settlement under
the guaranty, I am of opinion that
making of advances or partial payments
under said paragraph G is not within either
the letter or the spirit of the
in the determination of the amount
law.
•
»
"I can find nothing in the law to
justify a conclusion to the effect that
paragraph G authorizes any payment to a carrier before the
amount due
under the guaranty has been ascertained
by the commission.
I think it is
quite clear that the law does ont give to the carrier the
right to file its claim
piecemeal and to have certificates for payment* made
Dy the commission
without limit
as to number or time.
"If payment is authorized on certificates made in
the form hereinbefore
legal requirement that any settlement made under
the provisions of
paragraph G be regarded as final, and there would be no
end to the work of the commission in
examining and re-examining the ac¬
counts of the carriers, as new items of claim
might be presented for years
to come.
I cannot believe that such was the intent
or purpose of the law.
I think the law
contemplated the adjudication and final settlement of these
claims as soon after the expiration of the
guaranty period as practicable.
set forth then there is no
"Answering
your
authorized to issue
case or on
question
a
specifically I have to advise that
you are not
warrant on a certificate in the form submitted in
this
other certificate which does not show that the amount stated
therein has been ascertained and certified
by the commission as the amount
necessary to make good the guaranty.
any
"You ask also whether
you are now authorized to make advances under
H in cases in which application therefor was filed with the
commission on Aug. 31.
"In reply to this question
you are advised that you are uathorized to make
advances under paragraph fl on all
applications filed with the commission
prior to Sept. 1 1920, subject of course, to all the conditions and
require¬
ments of said paragraph, one of which is that
the advance must be
necessary
to enable the carrier to meet its fixed
charges and operating expenses during
the guaranty period.
paragraph
"The carrier having applied in time is not
responsible for such delay as
be necessary in action by Interstate Commerce Commission or the
PAYMENTS.
may
As
a
result of
an
interpretation by the Comptroller of the.
Treasury, W. W. Warwick, of the guaranty provisions of the
Transportation Act, Treasury payments to the railroads
under these provisions will, it is
said, be withheld until a
final
accounting
states
is
period.
guaranty
made
In
of
his
that payments in
sustained
losses
decision
question
during
Comptroller
the
Warwick
and the Commission
due thereon."
to
justify
a
He also says: "I can find
has
a
carrier before the amount due under
been
ascertained
by the Commission,"
and he likewise expresses the view that "it is
the law does not
quite clear that
give to the carrier the right to file its claim
piecemeal and to have certificates for payment made by the
Commission
without
limit
decision, it is stated,
the
Grand
Trunk
was
as
number
rendered
Western
Haven & Milwaukee RR.
to
Ry.
on
and
or
time."
The
the applications by
the
Detroit
Grand
The Inter-State Commerce Com¬
mission had certified the application of the former line for
$500,000 and the latter for $250,000, but had added that the
certification
was
estimated
that
approximately $500,000,000 is in¬
Carriers
curred
PERCY
R.
TODD
OF
BANGOR d AROOSTOOK RR.
Some
facts
under the
to
the
about the
present
Bangor & Aroostook RR.,
Commission to
the conclusion
freight rates and of 20%
these factors
materials and
furnished
in
are
wages,
by law.
In its account of the decision the "Journal of Com¬
yesterday (Oct. 8) said:
the guaranty period has been determined.
up
until this decision
"The
needs
was
of. certain
recognized, but this office
Many claims have been held
forthcoming.
carriers
for
funds,"
may not construe
declares
the
decision,
"is
the law to authorize the pay¬
little
an
increase
rates
of 40%
was
in
impera¬
few illustrations of which
a
gross
are
follows by Mr. Todd:
as
Increased
In
1917, the last
Expenses.
that the Bangor & Aroostook RR.
year
management, the average cost of coal
ton; in 1920 the
per
average
ton will
on
locomotives
cost will be about $11 80.
100,000 tons,
so
was
was
under pri¬
$4.81
The annual
per
con¬
that the difference of
increase in expense for the
year of
approximately $700,000.
In
1917
mately $1,
year
will
the
a
cost of ties
average
difference of 57c.
be about
per
$200,000,
was 43 cents;
in 1920 it is approxi¬
tie, and the number of ties installed this
making
an
increase
in
the
tie
expense
of
approximately $114,000.
In
The Interstate Commerce Commission had asked the Treasury whether
immediate claims would be honored until the amount due the carriers for
related
a
the great increases in the cost of
mean an
merce" of
as
in
tively necessary in order to restore the credit of the rail¬
roads;
approximately $7
partial payment not authorized
that
in passenger
over
a
contained
are
controlling factors which forced the Inter-State Commerce
sumption of coal is something
was not the amount which
finally would be required to make
good the guaranty of earnings and could be regarded in no
situation created
folder issued by the President of that
road, Percy R. Todd,
under date of Sept. 28.
The statement deals with the all-
ent, Comptroller
Warwick ruled, that the amount sought
railroad
Transportation Act, particularly
new
vate
appar¬
ON
INCREASE IN RR. RATES AND MATERIAL COSTS.
made subject to the provision that further
light than that of
already, it is said,
prior to Sept. 1, when the guaranty expired.
claims could be presented and paid under the
guaranty sec¬
tions of the railroad law. ' Such certification made it
other
have
received about $230,000,000 under the
guaranty provisions,
paid in the form of advances lagainst estimated deficits in¬
nothing in the law
conclusion to the effect that paragraph G author¬
guaranty
Department."
is
volved in the decision.
(Inter-State) had ascertained the amount
izes any payment to
the
It
be made "only after
can
carrier has submitted his entire claim under the
guaranty
a
Treasury
1917
number
at
this
railroad
present
about $1,500,000.
is
employed approximately 2,100 persons, and
about the same.
The total payroll in
1917
At the
new
rate of
the
was
just granted it will be about
$3,600,000, so that the increase is greater than the original
payroll and will
be about $2,100,000.
Under the Transportation Act the Railroad
Com¬
pany
has
no
control
over
the rate of
the United States Government
wages
wages to be
paid, that being fixed by
through its agency, the United State
Railroad
THE
1430
Labor
in
Board, located
spite of
a
which fixed the last increase in wages
at Chicago,
protest made by us in the interest of the public we serve.
The Railroad Company no longer fixes the freight and passenger rates,
are made by the United States Government through another agency,
the Inter-State Commerce Commission, located at Washington, D. C.
,
which
paid by this Company during the past ten years and the great
increase therein is shown by the table given below:
The taxes
Towns and
1911
$12,025.77
12,749.74
$8,823.27
85,486.21
9,250.50
107,486.45
98,218.98
13,726.61
7,695.53
119,641.12
87,982.00
13,450.76
6,359.02
107,791.78
130,981.47
13,772.23
6,909.37
151,663.07
119,668.41
26,922.01
14,725.18
161,315.60
119,881.90
24,597.35
45,407.96
24,089.52
70,471.45
266,376.85
20,263.54
55,152.43
299,455.33
...
1913
..
1914
__
1915
...
1916
..
1917
..
1918
171,815.88
._
1919
214,039.36
._
1920
.
37,000.00
232,981.20
..
318,765.20
48,784.00
Regardless of the increased freight and passenger rates the net results to
the Railroad Company are 'far less than 1917, because expenses have been
to
increased
taken out
are
creased
in spite of this the taxes which
the net earnings of the company have tremendously in¬
and according to the
even
of
FREIGHT AND
were
granted
an
increase of 40% in Eastern Canadian
freight rates, effective
13, and to continue in force until Dec. 31. After
freight rates, and 35% in Western
Sept.
on
Dec. 31 the increase
in the freight rate in Eastern Canada
is reduced from 40 to
35% and in Western Canada from 35
Simultaneously "with the increase in freight rates,
30%.
to
advanced 20%, so long as they do not
exceed four cents a^mile, this increase continuing in effect
only until Dec. 31.
After that date and for the six months
period from Jan. 1 1921, to July 1 1921, a 10% increase is
rates were
passenger
Following July
authorized.
The judgment also
in sleeping and parlor car rates,
authorized increases of 50%
and
Auth¬
was also given for an increase in freight on coal
to twenty cents a ton.
On Sept. 17 the "Railway
increase of 20%
an
orization
from ten
1, passenger rates return to
the present time.
at
in force
those
in the rate on excess baggage.
follows, the text of the decision
granting the higher rates in Canada:
Age" published in part, as
This is
an
application made by the Railway Association of
Canada on
under the jurisdiction of this Board, and consisted
behalf of all the railways
increase in all railway freight rates.
the
Chicago Wage Award, by which substantial increases were given to all rail¬
way employees in the United States, dating back to the first of May last,
a supplementary application was made asking for a further increase of 10%
in all freight rates, 20% in passenger fares, 50% in sleeping and parlor car
rates, 40% in milk and 20% in excess baggage.
Counsel for the Railway Association dealt with the showing of the roads
first of
general application for a 30%
a
Before the hearing,
other than the
and as a result of the decision of what is known as
Canadian Pacific.
Trunk for the year ending Dec. 31 1919
six months ended June 30 was 99.97%.
For the
Canadian Northern system, not including the Intercolonial or National
Transcontinental, the operating ratio for the year ending Dec. 31 1919 was
The
12 months ending May 31 1920 117.61%.
According
1920, if increased wages
112.08% and for the
to estimates
filed with the Board, the result for
and no increase in the traffic
134.23%. If the wage increase were
granted as from the first of May last, and the full rate increases from the
first of September instant, the operating ratio would be 119.59%, and the
estimated result of operations for 12 months on the 1920 basis, with both
wage and rate increases granted, would still leave an operating ratio of
granted, as hereinbefore referred to,
were
rates, the
operating ratio would be
Railway at least be kept
The Position
the counsel,
of the Canadian Pacific.
the
representing the opposing interests, based their case
the financial statement of the Canadian Pacific, and practically all
evidence, outside of the financial statements above referred to,rtdealt
and therefore, in arriving at a judgment, I am forced
condition of the Canadian Pacific in order
almost exclusively to the
to refer
conclusions.
MacMaster, counsel for the Canadian Manufacturers' Association,
to arrive at proper
Mr.
a
I understood him,
Canadian Pacific
its reserves,
boards of trade of the three
to some extent
I
am
if necessary for the payment of dividends.
Geary because,
conclusion, in a very
it would only be a
and
would find itself
short time the cash reserves would be dissipated,
question of time when this
company
"
systems.
Wise Business Management."
Pacific Railway Company has, for many years past,
outstanding position among transportation companies of the
through wise business management they have been
such a financial position that the financial
has faith in the institution, and perhaps none of us realize the value
this financial status has been to Canada in the outside world during
an
world, it is because,
able
to
world
which
recent
place themselves in
years,
outstanding case being the loan of $40,000,000
stock to the Imperial Government, which was actually
the most
worth of debenture
hypothecated in the
United States for the purchase of munitions during the
great war.
Canadian Pacific
in a healthy financial condition, with the hope that,
benefited in a cor¬
1919, showed a surplus of $844,249.
It was contended
denied, that should they pay the increases to their employees,
not
was
the Chicago
upon
award, without receiving any increase in rates,
sheet would show a deficit of many millions of dollars.
1920 balance
expenditure before Dec. 31 of $14,822,300 and for
nearly $22,000,000 and, if adopted by the other
would mean the same
Board in making
should take into consideration only the financial
its decision,
roads
proportion of increases.
strongly contended by many interests, that the
was
require
mentioned award, if adopted by this company, would
additional wage
the next full year
requirements
and whatever deficit there should be in the opera¬
Canation National system should be borne by the country out of
of the Canadian Pacific,
tion of the
In replying to these contentions the
ordinary taxation.
the Canadian
representatives of
National pled most earnestly for the full increases
claiming that were
referred to, their
asked for,
they granted, and they paid the wage increases
operating ratio for the next year would be 105%,
above
and they
placed in such a position that they could run the railroad
without going to the country for assistance, admitting for the present at
least, that the country should take care of the fixed charges as well as the
deficit which was sure to result from the operation of the Inter-colonial
only asked to be
and
National Transcontinental systems.
Pacific to pay
absolutely certain
that the Canadian National railway system, including the Grand Trunk,
Grand Trunk Pacific, Inter-colonial and Transcontinental, will face an
If
which will barely allow the Canadian
give a rate
we
and dividends, or a lesser rate, then it is
its fixed charges
operating deficit of at least $50,000,000 per year,
In my
assuming that the wage
National Transcon¬
adopted and including the Inter-colonial and
award is
tinental and Grand Trunk
Pacific systems.
judgment that is not in the best interests
and therefore while not
of the country, as a whole,
attempting to grant a rate which will
immediately
self-supporting basis, yet it
the hope that by wise and
prudent operation this happy end may be attained, and that it may, within
a reasonable time reach a position of independence without which,
I fear,
place the Canadian National system upon a
should be one which will at least give its managers
nothing but disaster can be the
result.
in Re Western Tolls as affecting
William and also bearing in
Giving weight to the conditions set out
the relative levels of tolls east and west of Port
mind changes in
that
it is
conditions which have taken place,
I am of the opinion
of increase on
justifiable to allow a reasonably less percentage
freight tolls west of Fort William
The
Consequently, I have
following
than east thereof.
concluded that an increase in rates
should be granted along the
specially referred to.
lines, with the exception of the items hereinafter
Increases
Granted.
increase of 40% in eastern
with 20% both east and west
in passenger fares; which, however, should not exceed four cents per mile;
50% in sleeping and parlor car rates and 20% on excess baggage.
1920, I would give a general
Until Dec. 31
freight rates and 35% in western freight rates
Percentages to
Be Later Reduced.
Commencing the first day of January 1921,
and until there is
another
freight to 35% in
eastern territory and to 30% in western territory, with 10% reduction in
passenger fares up to the first day of July next, when passenger rates should
come back to the basis in effect prior to the coming into force of this judg¬
ment; but continuing the full increases in parlor and sleeping car rates and
revision of rates,
excess
I would reduce these percentages on
baggage..
It will of course be
rates east and west
rates between
understood that the percentages
the east and west factors thereof respectively.
opinion, very nearly give the Canadian Pacific
end of the present fiscal year,
according to my estimate,
may
should give them a reasonable surplus;
National system with an operating
Owing to the unprecedent
d
on
but it
deficit.
Coal,
o; coal to-day and the likelihood of the
I am not inclined to grant
commodity.
I would allow the following increases, viz.;
condition continuing for some » me t^. come,
the above
Based
general increases in this
on
the current rates
In rates 0 to 80 cents per ton,
Over 80 cents to $1
the west the
increase 10 cents.
50 per ton, increase 15 cents.
Over $1 50 per ton, increase
In
an even
and for the year 1921,
still leave the Canadian
increases
same
of increases in the
granted will, in the case of through
(excepting transcontinental commodity
of Port Arthur herein
the east and the west
rates), apply to
20 cents.
minimum line haul rate
is also 80 cents; but the hauls
in eastern Canada, the great bulk of the territory
maximum increase of 20 cents.
From Lethbridge, for example,
being much longer than
will take the
these contentions and much less with
should his doctrine be followed to its logical
position of the Grand Trunk and Canadian Northern
If the Canadian
kept
amalgamated
prairie provinces, would draw upon the reserves
unable to agree with any of
that of Mr.
in the
Mr. Symington, counsel for Manitoba,
quite so generous, and Mr. Coyne, representing the
not
was
contended that the rates should be so adjusted that the
would be able to pay its dividends without drawing upon
but nothing further.
further
ending Dec. 31
and
balance sheet at the
upon
only with that railway,
a
the other great railway system may be
result,
a
This will, in my
105.01%.
All
standpoint, I consider it a national necessity that the
every
as
addition to capital expenditure would be
increased rates; and therefore, considering the question from
demand for
operating ratio of the Grand
87.43% and for the
was
branch lines in western Canada.
earnings, and every
out of
It
announced in these columns Sept. 11, page 1050,
a
Canada
in bettering conditions and
the public as a common carrier;
supposing they were able to sell securities to the public it would mean
their fixed charges or dividends which would have to be met
The above
judgment issued on Sept.! 9 by the Canadian Board
Railroad Commissioners,
the railway companies in
under
runs,
serve
increase of
an
the
above table.
PASSENGER RATES.
was
better
evidence, during the present fiscal year, they have
than $8,000,000 "out of reserves" for the con¬
Under the present financial
conditions all counsel above referred to, I think would admit that none of
these branch lines would be possible during the present year if the Canadian
Pacific did not have the reserve from which to draw for this purpose, but,
of
INCREASES IN CANADIAN RAILROAD
speculation
already expended more
an
As
through which the road
fitting it to that extent to
based
shown by the
as
$130,000,000
greater degree than rates;
a
no
that they have
responding degree. •
The financial statement of the Canadian Pacific Railway for the year
/
'
(Estimated.)
$102,029.40
be
can
road out of reserves, proceeds of land sales, etc.,
which has probably been expended more or less in every prov¬
actually put into the
189,887.21
$81,180.26
...
1912
Canada, that about which there
It is known, from their financial statement,
whatever.
struction of
Total.
Federal.
Cities.
State Tax.
Year.
apart altogether from this phase of the question we have in the
But,
actual conditions in
ince in Canada
Taxes.
Calendar
[VOL. 111.
CHRONICLE
the maximum increase
will operate to destinations
Other Freight
The increase in the rates on
for use
Medicine Hat and east.
Rates.
cordwood, slabs, edgings, and mill refuse, all
limited to 10%.
only a few months ago
exclusively as fuel, should be
I would also
refuse any increase in milk rates, as
this commodity.
class rate scale
as estaolished by order-in-council P. C. 1863, and now in force by a recent
order of this board, as well as the minimum charge per shipment.
As substantial increases were given in commutation fares by special order
of this board only a few months ago, no additional increase should be given
this board on a
special application, refused any increase on
I also think there
should be no increase in the minimum
them herein.
So
far,
the freight rates
Local switching rates were
dealt with are those charged for line hauls.
materially increased by the carriers about ten
months ago,
and these, together with the
tolls for interswitching, it is not
the purpose
of this judgment to increase,
The same must be said of the
Oct. 9
1920.]
THE
charges for such other incidental services
as
Milling in transit diversion,
reconsignment, stop-overs, demurrage, weighing and the like.
carriers feel that the existing tariffs do not
services rendered, any formal
gated and dealt with
In
on
CHRONICLE
Should the
fully compensate them for the
applications they
a
consideration seconadry to the preservation of the rate
relationships from
by viva
own
in various sections of the city on the
evening of Sept. 14
left no doubt as to the desire of the men to return
voce votes
to work.
may make will be investi¬
•
The
Railway Labor Board in its award to rail wokers
July ignored the demands of the "outaw" strikers.
This
their merits
industries the amount of increase in the rates themselves is
some
meetings of their
and
1431
in
indicated in
was
our
the
points of production.
For example: the maintenance of the existing
spreads between the rates from the various mills in British Columbia was
urged at the hearing by the lumber interests of the province
While the
principle of percentage increases must necessarily disrupt these relationships
it is considered important that in the working out of the
tariffs such recognized differentials as have been referred to should be
GRAND
JURY'S
FINDINGS
RAIL
to some extent,
preserved
far
so
result which
as
Transcontinental
be practicable, even though certain rates
higher, than they would otherwise be.
may
lower,
are
or
commodity rates
may
be advanced correspondingly to
may
issue of July 24, page 350.
John Granau and 40
unions and went
strike for immediate
on
to have beeh indicted
1918.
on
\
.
;
percentage division of joint through rates each participating
appropriate share of the increases herein authorized
a
Aug. 4
division in
fixed amount, should
a
receive
a
paid
are
arbitrary
an
percentage of increase
cor¬
responding to the increase in the through rates.
As
jurisdiction for granting increases
our
western Canada
depends entirely
tablished
continue
cannot
expires
beyond
provisions of that section.
hall not extend
On
Board
July 6 1922, the rates hereby
that
date unless Parliament
es¬
extends
beyond the first day of July 1922.
a
stay in the
Commissioners
Railway
which
passenger
official
an
ruling of the
authorized
and sleeping
the
rates.
car
Government, however, recognized the right of appeal
against the ruling and, it
was
announced, would facilitate
early hearing.
an
said
Chicago dispatch Aug. 4
a
said:
Therefore the rates herein provided for
railways to increase freight,
The
on
declining to grant
of
on
the New York "Commercial" in
certain lines of railway in
on
Sept. 12 the Dominion Government issued
tatement
were
In its report to the court the
Grand Jury had recommended the
accept¬
of true bids against the labor leaders.
These had been drawn
ance
the Railway Act, 1919, which
the
increases,
Federal Grand Jury at Chicago
charges said to allege violation of the Sherman
a
In stating that Federal
Judge Alsehuler
the report of the jury as it affected the indictments,
held up
the amendment to Section 325 of
upon
by
Law and Lever Act.
carrier will receive its
it is necessary that those railways that in joint traffic
"OUTLAW"
of the so-called "outlaw"
strikers, who
during the railroad switchmen's strike last April joined new
the increases now permitted in the United States,
preserving the relationship
between the territorial groups of the two countries that have obtained since
As under
AGAINST
STRIKERS.
up by
Attorney and Assistant Attorney General Hume and presented
during the day to the Grand Jury for its approval.
During the day, while the Grand Jury was still
deliberating on the ques¬
tion of returning the
indictments, the Chicago afternoon newspapers had
published the fact that true bills were expected.
Judge Alsehuler explained
he would not accept the
report of the Grand Jury or allow the indictments
the District
to be returned until the Grand
The
Jury had determined the source of the leak.
Chicago Yardmen's Association and the United
Enginemen's Asso¬
ciation, which
were
formed by the "rebels," are said to have been
indicted
corporations.
as
John Grunau, President of the
Chicago Yardmen's Association, and H. E.
Reading, Chairman of the United Enginemen's
Association,
those who
are
are
among
said to have been indicted.
The Grand Jury has been
working on the case and
WALK-OUT OF "OUTLAW"
RAIL
STRIKERS ENDED.
taking testimony for
two weeks.
Agents of the Department of Justice, however, have been
gathering evidence for several months.
Fifty-six witnesses are said to have
been called before the jurymen.
Reports of the admission by John Grunau that the walk¬
out of
switchmen, yardmen and enginemen in the Chicago
switching district had ended
Chicago
patches from
were
Sept.
on
contained in
dis¬
press
In referring
13.
the
to
collapse of the strike, the "Railway Age" of Sept. 17 had the
following to
say:
on
Sept. 13.
who had
men
taken their places in the yards,
came
on
Sept. 12, following mass meetings at which the strikers voted overwhelm¬
ingly to return to work.
For
some
strikers who, in all
cases,
In all of these instances
for their return.
the railway officers indicated to the men that they would be
as
many
of them
asked
g]iad to take
possible, and that those who displayed their former
as
collapse of the movement for outlaw strikes among railroad em¬
was emphasized to-day when a delegation of men who had
partici¬
pated in the recent strike led in Chicago by John Grunau called
at the
White House to obtain advice and assistance to enable the
outlaw strikers
back their jobs with railroad companies.
The delegation
headed
was
by Grunau himself.
The
members
Labor.
the
of
delegation
were
directed
to
the
Department of
There they found officials who arranged for a conference
between
the delegation and the United States Board of Mediation
and Conciliation
to-morrow morning.
,
time railroad officers in Chicago have
been visited by various committees of the
for the "best terms possible"
Dack
The
ployees
The first indications of the disintegration of the
outlaw movement, which had developed into a guerrilla warfare between the
strikers and the
special Washington dispatch in the New York "Times"
Aug. 6 said in part:
to get
The "outlaw" strike of yardmen and enginemen in the Chicago switching
district ended
A
of
The delegation told those with whom
they talked that
the Government to
use
state the strikers.
They explained that with the
its efforts to induce the
they would like
railway executives to rein¬
recent increase of wages
granted railway employees they had no further grievances against the rail¬
roads.
■
,
efficiency would be given every opportunity to work themselves into advan¬
They were told, however, that in no case would their
tageous positions.
seniority rights, which were taken away after they had been given ample
opportunity to return to work, be restored.
Action such
as
TEXT
obtaining men to
man
According to the information available at Chicago, the vote
in the
men
on
the ques¬
Chicago district will return to work regardless of what is
The outlaw movement,
waukee & St.
Paul
on
it will be recalled, started on the Chicago Mil¬
April 1, following the removal of John Grunau,
on
yard conductor and
organizer
President of the Chicago
and
time presenting
same
a
terminals
to the
their demands for increased wages.
The strike
spread rapidly in Chicago and from there to many of the larger
movement
At other points organizations similar
throughout the country.
In addition the strike
Chicago Yardmen's Association were formed.
of the yardmen was augmented by the organization
of
a
similar outlaw
or¬
ganization, the United Enginemen's Association, which struck in sympathy
with the yardmen.
These strikes/coming as they did in
tionally heavy traffic
movement,
outlaw
a
period of
excep¬
greatly interfered with transportation
The established brotherhoods from whose ranks
throughout the country.
the
members
their
recruited
organizations
immediately
aligned
themselves with the railroads and by temporarily redistributing their mem¬
bership,
assisted in maintaining traffic movements.
The collapse
wages to
all railroad workers on July 20.
Practically, from the inception
yardworkers returned to their old psositions individually
strike,
and in groups and the outlaw
in this
manner.
organization's ranks were gradually depleted
From the time the reward of the Labor Board
down further inroads
were
was
handed
made in the strikers' ranks until the eventual
collapse of the strike was assured.
The last
development in the outlaw movement was the institution of
guerrilla warfare in the Chicago
in the
yards, a few details of which
"Railway Age" of Sept. 10.
were
described
The vigorous opposition presented by
both the railroads and the men who were taking the strikers' places put an
end to this
gave
up
attempted reign of terror with the result that the strikers finally
on
Sept.
12.
strike vote showed that the
Sept.
featured with
uproar
and
John Grunau, the instigator of the movement and a few of his
faithful followers, attempted to
hold the men in line and insisted that the
majority
were
in favor of remaining out.
On
14 Grunau issued a statement purporting to show that the vote in
the Chicago district was 21,974 to
This caused
an
uproar among
to know where the extra
21,304 in favor of continuing the strike.
the rank and file, who immediately deman4ed
At no time during the
21,000 votes came from.
strike had Grunau claimed more than
fact in normal times there
district.
PERMANENT
are
20,000
out, and
as a matter of
but 6,500 yardmen employed in the Chicago
Following this statement charges
ballot boxes and intimidation were voiced.
men
COURT
OF
plan for
a
Permanent Court of International
formulated by the Hague Committee of Jurists,
of which Elihu Root was a member, was made
public at the
the
At
time
same
Council of the
the
there
given out
was
on
Sept. 14.
letter from the
a
League to all Governments which have
League of Nations.
The
entered
press accounts from London in
making available the text of the project as announced on the
Sept. 14 noted that some of the features of the proposed
world court had
already been summarized from The Hague,
given out "gives the exact terms of the
but that the draft just
entire
project, consisting of 62 Articles divided into three
chapters
cedure.
organization,
on
competence
of court
and
pro¬
'Among other things these articles state that between
states which
shall have
members of the
are
League of Nations the
jurisdiction (without
cases
of
any
court
special convention) to
legal nature concerning:
a
a.
The interpretation of a treaty.
b.
Any question of international law.
c.
The
breach of
d.
existence
an
of any fact which,
if established, would constitute
a
international obligation.
The nature
or
of
extent
reparation to be made for the breach
o
ian
international obligation.
e.
The
interpretation of
The Council of the
a sentence
passed by the court.
League, in its letter to the Governments
says:
"The Council do not propose to express any opinion on the merits of
the
scheme until they have had a full opportunity of
"The scheme has been arrived at after
competent
The last hours of the outlaw movement were
comedy.
FOR
as
hear and determine
of the outlaw movement became evident when the United
States Railroad Labor Board handed down its decision granting increased
of the
Justice,
Yardmen's
Members of this organization in Chicago immediately went
strike, projecting the removal of Grunau as their main grievance and at
the
PLAN
headquarters of the League of Nations at London
done elsewhere.
Association.
The text of the
the yards.
tion of returning to work was nationwide, nevertheless it is predicted that
the
ROOT
INTERNATIONAL JUSTICE.
be taken without bringing the railroads into conflict with the brotherhoods
which co-operated during the strike in
OF
this could not
tribunal.
considering it.
prolonged discussion by a most
widely different national
Its members represented
points of view; they all signed the report.
Its fate has therefore been very
different from that of the plans for a Court of Arbitral
discussed without result in 1907.
at without
experts,
difficulty.
Justice, which
Doubtelss the agreement
Variety of opinions,
even among
was not
were
arrived
the most competent
is inevitable on a subject so perplexing and complicated.
Some
if the failure of thirteen
years
mutual concessions are therefore necessary
ago
is not to be repeated.
difference of
The Council would regard
opinion on the merits of the scheme
fortune of the gravest kind.
It would
mean
as
that the
an
an
irreconciable
international mis¬
League
was
publicly
compelled to admit its incapacity to carry out
one
of bribery, trickery, stuffed
of the tasks which it was invited to perform.
The failure would be
great
Subsequently the
and
men
called
of the most
important
probably irreparable, for, if agreement proves impossible under cir-
1432
cumstances
of
Article
apparently so favorable, It is hard to see how and when the task
securing it will be successfully resumed.
It is in the spirit
indicated by these observations that the Council
their
on
Jurists; and they trust that in the same spirit the members of the League
deal. with
this
all-important
subject
when
the
brings
Council
They
The
the
of
seat
Court
extraordinary
is
session
The
at
Though replaced,
they shall complete
called
whenever
Article
Hague, a
beginning June 15, and
be
may
be re-elected.
which they may have
any cases
begun.
established
each year
may
They shall continue to discharge their duties until their places hare been
filled.
the
recommendations before the Assembly."
session shall be held
13.
The members of the Court shall be elected for nine years.
part propose to examine the project submitted to them by the Committee of
will
[Vol. 111.
CHRONICLE
THE
14.
Vacancies which may occur shall be filled by the same
an
method
that
as
laid down for the first election.
necessary
A member of the Court elected to
replace
a
member the period of whose
by the President of the Court, who must reside at The Hague.
appointment has not expired will hold the appointment for the remainder
The full Court of eleven
of his
judges shall sit, but if eleven
are
predecessor's term.
Article
not
judges shall suffice to constitute the
available,-nine
Court.
Three
judges sit in chambers annually to hear and
determine summary
fixed and expenses
procedure.
Salaries of the Court
as
furnished in
Article
The exercise of any function
a copy¬
right cable dispatch to "The Sun and New York Herald"
from London
This list shall be prepared by the Court, having regard first to
Sept. 14:
National
SCHEME.
.-i-.:-.;-".-"-...;
-
Article
No member of the Court can act
A Permanent Court of International Justice, to which Parties shall
direct access, is hereby established, in
Covenant of the League of Nations.
have
accordance with Article XIV of the
This Court shall be in addition to the
Court of Arbitration organized by the Hague Convention of 1899
and 1907,
the contesting
national
of
parties,
or as a
or
'"'S.T'
v'
member of the
A
for
Article
increased by the
the
list of persons
20.
.
,
Court shall, before taking up his duties, make a
solemn declaration in open Court that he will exercise his powers
impartially
and conscientiously.
Article 21.
Article 4.
a
member of
Every
judges and 6 deputy judges.
Vice-President for three years'
The Court shall elect its President and
The members of the Court shall be elected by the Assembly
cil from
shall enjoy
privileges and immunities of diplomatic representatives.
Article
judges and deputy judges may be hereafter
Assembly, upon the proposal of the Council of the League of Nations, to a
total of 15
19.
The Members of the Court when outside their own country
competence in inter¬
11 judges and 4 deputy judges.
consist of 15 members:
Secretary-
This notification makes the place vacant.
'Article 3.
The numb® of
■v'; 1'
Article 18.
General.
the
shalll
in which he has
International Court,
or
Court cannot be dismissed unless in the unanimous
appointment to the highest
law.
The Court
any case
National
When this happens a formal notification shall be given to the
juris-consults of recognized
are
a
Commission of Inquiry, or in any other capacity.
a
of high moral character, who possess the qualifications
countries,
decision of
member of
opinion of the other Members he has ceased to fulfil the required conditions.
Justice shall be composed of a
of International
their respective
•'
agent, counsel or advocate in any
Any doubt upon this point is settled by the decision of the Court.
body of independent judges, elected regardless of their nationality, from
judicial offices,
during
International nature.
an
I.
Article 2.
in
17.
as
No member may participate in the
or
CHAPTER
persons
Courl
judicial duties.
previously taken an active part as agent, counsel or advocate for one of
Tribunals of Arbitration to which States are always at
Organization of the Court.
amongst
of
case
liberty to submit their disputes for settlement.
required,
political direction.
International of States by the Members of the
or
their terms of office is declared incompatible with their
Article 1.
The Permanent Court
16.
which belongs to the
Any doubt upon this point is settled by the decision of the Court.
DRAFT
and to the special
the order
in time of each election and secondly to age.
The
borne by the League of Nations.
following is the full text of the plan
are
15.
Deputy judges shall be called upon to sit in the order laid down in a list.
and the Coun¬
they may be re-elected.
It shall appoint its Registrar.
nominated by the national groups in the Court of
The duties of Registrar of the Court shall not be considered incompatible
Arbitration, in accordance with the following provisions:
of Secretary-General
with those
of the Permanent Court of Arbitration.
Article 5.
V; :
At least three months before the date of the election, the Secretary-Gen¬
eral of the League of
or
The President and Registrar shall
Annex
Joined the League subse¬
to the States which shall have
in
a
the 15th of June, and shall continue for so
consult its
Highest
hereby recom¬
whenever
may
as may
be necessary to com¬
,
an
summon
extraordinary meeting of the
Court
necessary.
Article 24.
Court of Justice, its Legal Faculties and
Schools of Law, and its National Academies and national sections
of Inter¬
national Academies devoted to the study of Law.
If, for some special reason, a Member of the Court considers that he can¬
part in the decision of a particular case he shall so inform the
not take
President.
Article 7.
The Secretary-General of the League of
If, for some special reason, the President considers
Nations shall prepare a list, in
These persons only
alphabetical order, of all the persons thus nominated.
shall be
President
The
Before making these nominations, each national group is
to
long
plete the cases on the list.
Atticle 6.
mended
.
session shall begin on
Unless otherwise provided by rules of Court, this
persons;«the nominees may be of
nationality.
any
A session shall be held every year.
position to accept the duties of a member of the Court.
No group may dominate more than two
;!
reside at the seat of the Court.
Article 23.
quently, inviting them to undertake, by national groups, the nomination of
persons
•
The seat of the Court shall be established at The Hague.
Nations shall address a written request to the members
of the Court of Arbitration, belonging to the States mentioned in the
to the Covenant
'i
Article 22.
;:..p
eligible for appointment, except as provided in Article 12, para¬
the
member
In
graph 2.
that one of the mem¬
bers of the Court should not sit on a particular case he
shall give notice to
concerned.
the event of the President
and the member riot agreeing as to the
•
The Secretary-General shall submit this list to the Assembly and to the
course
be adopted in any such case
to
the matter shall be settled by the
decision of the Court.
Council.
Article
25.
Article 8.
The full Court shall sit except
The Assembly and the
Council shall proceed to elect by independent
'
voting first the judges and then the deputy judges.
If eleven
Article 9.
the persons
available a quorum of nine
If, however, eleven judges are not
At every election, the electors shall bear in
mind that not only should all
Article
appointed as members of the Court possess the qualifications
principal legal systems of the world.
With
a
annually
view to the speedy
a
chamber composed of three judges, who, at the request of the
determine cases by summary procedure.
Article
Those candidates who obtain
an
absolute
bly and the Council shall be considered
In the event of
more
than
as
majority of votes in the Assem¬
candidate of the
one
The Court shall frame rules
elected.
same
nationality being
it shall lay
26.
despatch of business the Court shall form
contesting parties, may hear and
Article 10.
judges
shall suffice to constitute the Court.
required, but the whole body also should represent the main forms of civili¬
zation and the
when it is expressly provided otherwise.
judges cannot be present deputy judges shall be called upon to
sit in order to make up this number.
27.
|
for regulating its procedure.
In particular,
down rules for summary procedure.
;
elected by the votes of both the Assembly and the Council
the
Article 28.
eldest of
these only shall be considered as elected.
*
Judges of the nationality of each contesting party
to sit in the case before
Article 11.
If, after the first sitting held for the purpose of the election, one or more
seats remain to
take
be filled, a second and, if necessary, a
place.
third sitting shall
'
If after the third sitting one or more seats still remain unfilled, a
the Assembly or the Council, for the purpose of
joint
of either
choosing one name for each
Assembly and the Council for their respec¬
If the Committee is unanimously agreed upon any person
required conditions he may be included in its list,
even
though he was not
Conference is not successful in procuring an election
selection
from
amongst
those
those
candidates
who
have
vacant seats
obtained
votes
either in the Assembly or in the Council.
shall have
a
an
casting vote.
I
judge
proceed to select
or
choose a judge
as
of the preceding provisions, be reckoned as one party only.
Judges selected or chosen as laid down in
article shall fulfil
this Statute.
paragraphs two and three of this-
the conditions required by Articles 2,
16, 17, 20, 24 of
They shall take part in the decision of an equal footing with
their colleagues.
Article 29.
The judges shall receive an annual salary to be determined by the Assem¬
bly of the League of Nations upon the proposal of the Council.
This salary
t
must
equality of votes amongst the judges, the eldest
the Bench no judge of the nationality of the
provided in the preceding paragraph.
Should there be several parties in the same interest, they shall, for the
already been appointed, shall, within a
time limit to be arranged by the Council, proceed to fill the
In the event of
If the Court includes upon
who fulfills the
included in the list of nominations made by the Court of Arbitration.
by
If there should not be one, the
judge, preferably from amongst those persons who
candidates by some National group in the Court
contesting parties, each of these may
purpose
tive acceptance.
of the Court who have
a
of Arbitration.
by the Assembly and
three by the Council, may be formed, at any time, at the request
members
only, the other party may select from among the deputy judges,
have been nominated as
Conference consisting of six members, three appointed
seat still vacant, to submit to the
the Bench a judge of the nationality of one of
judge of its nationality, if there be one.
party may choose
Article 12.
If the Joint
the parties
a
shall retain their right
the Court.
If the Court includes upon
not
be decreased during the period of a
The President shall rec eive a
fixed
in
the
same
way.
judge's appointment.
special grant for his period of office, to be
.
/
Oct. 9
1920,]
THE
Deputy judges shall receive a grant, for the actual performance
Article 43.
of their
duties, to be fixed in the same way.
The oral proceedings shall consist of the hearing by
Traveling expenses incurred in the performance of their duties shall be
Court.
\
For the service of all notices upon persons other than
•''y;5:
'•
.
judges selected
Grants due to
or
chosen
as
and advocates, the Court shall apply
provided in Article 28 shall be
The same provision shall
shall be decided by the Council upon the
The salary of the Registrar
proposal of the Court.
•
.
evidence
registrar shall be entitled.
and
such a manner
The Court shall have
v'W'1.'.
of the Court.
-:'V-''
yii
Article 47.
The Court may, even before the hearing
the League of Nations shall be deter¬
..'■•—V -"V--^
begins, call upon the agents to
refusal shall be recorded.
:/'y
1
Article 33.
yy'yy;
-
y
•
^;V;':'
choose another jurisdiction,
the party complaining
may
•y;V
Article 49.
or
or
been made to
--'t
the
b.
any
c.
the existence
(and this without any special convention giving it
a
a
categories
sentence passed by the Court.
The Court must, before doing so,
of all disputes of any kind which may
particular convention between the parties.
the matter shall be settled by the
mentioned,
have
the limits of its jurisdiction as defined in Article
custom,
"V1; y.y
Judicial
decisions
and
opinion
on a
give
existing dispute it shall do so under the same
had been actually
■yy-'-r i'--
■
question of an international
i
■
Article 56.
■
\
.
the unani¬
opinion of the judges, the dissenting judges shall be entitled to have
fact of their dissent or reservations mentioned in it.
But the reasons
the
for their dissent or reservations
shall not be expressed in the judgment.
Article
«:
CHAPTER
de¬
:'*-J•v:""''y '
given does not represent, wholly or in part,
If the judgment
submitted to it for decision.
Y
judges who have taken part in the
'i;
mous
forms the subject
conditions as if the
opinion upon a question which
an
.^.y. y/.'y-
judgment shall state the reasons on which it is based.
It shall contain the names of the
dispute that may have arisen, it shall
y
;r
shall have
Article 55.
■
cision.
special Commission of from three to five members.
When it shall
an
>'
casting vote.
at the
■'
equality of votes the President or his deputy
In the event of an
a
advisory opinion upon any question or dispute
nature which does not refer to any
of
Vv.-
y-yy
When the Court shall give an
case
questions shall be decided by a majority of the judges present
All
The
Council or Assembly.
54.
hearing.
v
Article 36.
v
international nature referred to it by the
a
Article
.V'.
/•
.•
.
."V■>
The Court shall give an
appoint
determination
"
in private and remain
of the Court shall take place
'•
:
of law recognized by civilized nations;
the teachings of the most highly qualified
publicists of the various nations as subsidiary means for the
an
'K'f
i)
■
The general principles
4.
withdraw to consider the judgment.
The deliberations
secret.
general practice, which is
evidence of a
as
Court,
consider
advocates and counsel to the control of the
agents,
advisable, the President shall declare the case closed.
particular, establishing
expressly recognized by the contesting States;
3.
of
and law.
53.
presented all the evidence, and taken all other steps that they
The Court shall
International conventions, whether general or
v.y
the
When
The Court shall, within
of rules of law.
and 34, but also that the claim is
Article
34, apply in the order following:
law;
satisfy itself not only that it has juris¬
diction in accordance with Articles 33
supported by substantial evidence and well founded in fact
Article 35.
as
before the Court, or sha
call upon the Court to decide
favor of his claim.
in
V
accepted
of the parties shall not appear
dispute as to whether a certain case comes within any
above
International
one
fall to defend his case, the other party may
decision of the Court.
2.
Article 52.
.
Whenever
obligation;
interpretation of
In the event of
rules
written
•
would constitute a
reparation to be made for the breach of an
The Court shall also take cognizance
1.
within the time
unless the other side consents.
evidence that one party may desire to present
of any fact which, if established,
be submitted to it by a general or
of the
Court has received the proofs and evidence
After the
specified for the purpose, it may refuse to accept any further oral or
international obligation;
an
the nature or extent of
the
,
Article 51.
question of international law;
international
e.
useful.
through the President, any questions that the Court considers
the Court
interpretation of a treaty;
breach of
d.
considered
advocates or
ask,
The agents, advocates and counsel shall have the right to
counsel.
jurisdiction) to hear and determine cases of a legal nature concerning:
a.
/y'iy Article 50.
by them to be necessary, to the witnesses, agents, experts,
Article 34.
Between States which are members of the League of Nations,
shall have jurisdiction
y.
During the hearing in Court the judges may put any questions
complied with; if so, | it shall hear and determine
been
have
;
y
:
bureau, commission
carrying out an inquiry
giving an expert opinion.
bring the case before
the
dispute according to the terms and within the limits of the next article.
ditions
other body that it may select with the task of
The Court shall, first of all, decide whether the preceding con¬
the Court.
Any
V
•
The Court may, at any time, entrust any individual,
sible to settle it by diplomatic means, and no agreement has
■
shall decide the
produce any documents, or to supply to the Court any explanations.
Covenant.
dispute has arisen between States, and it has been found impos¬
a
,
must conclude its arguments, and make
'.-yyyty '. Article 48.
■
;
.V.y/fy,; :
y
the taking of evidence.
all arrangements connected with
mined by the Council, in accordance with Article 17 of the
v
'
The Court shall make orders for the conduct of the case,
The conditions under which the Court shall be open of right or accessible
,
'
authentic record.
form and time in which each party
h v^:
y'y'/.
•;
and signed by the Registrar and
y/'"i:;/
These minutes shall be the only
Other States may have access to it.
When
of his reasons,
^y':':-':y^yyyV/''
the President.
right to the States mentioned in the annex to
to States which are not members of
Article 46.
Minutes shall be made at each hearing
to such others as shall subsequently enter the League
v'::,
of Nations.
'
yyyy^'rr).,
arid
the Covenant,
\
decide.
otherwise
v"
jurisdiction to hear and determine suits between
The Court shall be open of
:
■'■■■:
unless the Court, at the written
The hearing in Court shall be public,
shall
Article 32.
shall pre¬
;•:
Article 45.
request of one of the parties, accompanied by a statement
II.
;
•
•
yKy:f;' :
side.
Article 31.
States.
Article 44.
y
absence of the Vice-President; if both are absent the senior judge
'
CHAPTER
Competence
the spot.
:
of the Court shall be borne by the League of Nations, in
as shall be decided by the Assembly upon the proposal of
the Council.
direct to the Government of the State
apply whenever steps are to be taken to procure
proceedings shall be under the direction of the President, or in his
The
.
Article 30.
The expenses
on
:
special regulation shall provide for the pensions to which the judges
A
the agents, counse
whose territory the notice has to be served.
upon
determined in the same way.
the Court of wit¬
experts, agents, counsel and advocates.
nesses,
and deputy judges who do not reside at the seat of the
refunded to judges
1433
CHRONICLE
57.
III.
judgment shall be signed by the President
The
Procedure.
shall be read in open court,
It
and by the Registrar.
due notice having been given to the agents.
iWicle 37.
V:'
The official language
Court
The
may,
at
Article 58.
of the Court shall be French.
the request
of the contesting parties,
The judgment
authorize
another language to be used before it.
as
is final and without appeal.
to the meaning
upon
or scope
to have recourse to
Article 59.
the Court shall lodge a written appli¬
I
cation addressed to the Registrar.
The
application shall indicate the subject of the dispute, and name
contesting
the
parties.
Registrar shall forthwith Communicate the application to all con¬
The
He shall also
arises out of an act which has already taken place or which
is imminent, the Court
shall have the power to suggest if it considers that
provisional measures that should be taken to
the respective rights of either party.
Pending the final decision notice of the measures suggested
be given to
shall forthwith
tion admissible on this
The Court may require
ment before
'
They may have counsel or
advocates to plead before the Court.
Article
a
State consider that
be affected by the
to be
permitted to intervene as a
It will be for the Court to
and oral.
Whenever the
\
Article 42.
communication to the judges
andjtolthe parties, of statements of cases, counter cases and, if necessary,
replies; also all papers and documents in support.
.
These communications
and within the time
Afcertified
municated
copy
to
shall be made through the Registrar, in the order
fixed by the Court.
third party.
ma*
Court
-
decide upon this request.
construction of a convention in which States, other than
the case, are parties is in question the Registrar shall
those concerned in
notify all such States
Every State so
if it
uses
forthwith.
notified has the right to intervene in the proceedings;bufc
construction given by the judgment will be as bind¬
this right the
ing upon it as upon
:
of every document produced by one party shall be com¬
the other party.
60.
it has an interest of a legal nature which
Article 61.
procedure shall consist of two parts: written
¥ The""written proceedings shall consist of the
lapse of five years from
decision in the case it may submit a request to the
Article 41.
The
revision.
for revision may be made after the
the date of the sentence.
Should
parties shall be represented by agents.
applica¬
previous compliance with the terms of the judg¬
it admits proceedings in
No application
has such
ground.
the parties and the Council.
Article 40.
The
judgment of the Court
expressly recording the existence of the new fact, recognizing that it
character as to lay the case open to revision and declaring the
'
circumstances so require the
negligence.
proceedings for revision will be opened by a
a
Article 39.
preserve
The
notify the Members of the League of Nations through the
Secretary-General.
If the dispute
-
application for revision of a judgment can be
ignorance was not due to
cerned.
-
made only when it is
based upon the discovery of some new fact of such a nature as to be a de¬
cisive factor, which fact was, when the judgment was given, unknown to the
Court and also to the party claiming revision, always provided that such
An
*
it
the request of any party.
Article 38.
A*State desiring
In the event of uncertainty
of the judgment, the Court shall construe
the original parties to the dispute.
Article 62.
Unless otherwise
decided by the Court each party shall bear its own costs
1434
THE
PRESIDENT
WILSON'S
APPEAL
HALF OF LEAGUE
TO
VOTERS
CHRONICLE
IN
are
The Netherlands,
campaign appeal to the voters of the country was made
by President Wilson on Oct. 3, when in a message to the
a
general treaty
on the
preservation
or
the re-establish
of the rights
ment
of industrial properties affected by the World War.
Acknowledging receipt of the League's memorandum concerning the regis
tration and publication of inter-National treaties.
Herr Sthamer, the
plea in support of the League of Nations.
a
Belgium, Switzerland, France, Greece, Italy and Bul¬
garia, together with
A
people he entered
as Volume 1 of the League's official journal.
Ten agreements
included, relating to Norway, Sweden, Denmark, Great Britain, Japan-
publication
BE¬
OF NATIONS.
The President declared that the people
misled with regard to the Treaty and
[Vol. 111.
German Charge in London, has written to the League saying that Germany
"have been grossly
fully prepared to inform the Secretary General of all such agreements
was
particularly with re¬
gard to the proposed character of the League of Nations, by
entered upon
those who assumed the serious
In view of the fact that Germany is not a member of the League, the
provision laid down in Article XVIII of the covenant to the effect that the
"Those who do not
of
care
nant of the
lead
to
responsibility of opposing it."
to tell you
Nations," he said, "tell
act
the truth about the League
legal validity of all inter-National agreements shall date from the day of
registration by the League cannot in the nature of things apply to
Germany. .;v.
V
League would make it possible for other nations
into war, whether
us
pendent judgment
or
will it by our
we
not."
own
VIEWS
inde¬
and the
or
impairs the right of Congress to declare war or not declare war according to
its own ind pendent judgment, as our Constitution
provides.
Those who
who
the
League of Nations
tax has
message:
than 20% of the
more
promoted.
We need the
revenue,
certainly, to pay the costs left
be made to yield by a simple tax of from 1 to 1 lA%
can
and no more, above what normal business conditions would
l}4%
or
And before we can remove all the conditions which make our
The issues of the present
campaign are of such tremendous
am
sure
you
profiteers
possible we must strike to eliminate them.
importance,
far-reaching significance for the influence of the
country and the
development of its future relations, and I have necessarily had so much to
development, that I
profits
the gross
on
warrant.
of such
one
The competent statisticians
sales of the producing agencies, a tax which will hold the cost of living just
My Fellow-Countrymen.
proper
saying:
of Justice have estimated that
from the war, but we can get as much revenue as the excess
over
tax
1
following is the President's
profits tax
excess
sales has been declared
gross
increase in prices is due to the waste and extravagance in business which this
Treaty and approval of
"The whole world will wait for your verdict
in November as it would wait for an intimation of what its
The
repeal of the
on
I favor the repeal of the excess profits tax.
President said:
future is to be."
the
tax
a
PRESI¬
TAXATION.
this point was quoted in a special article in the New
on
of the Department
empowered in the Treaty, the
as
DEMOCRATIC
York "Evening Post" of Oct. 2, as
Declaring that the chief question at the coming election
the ratification of the
levying of
COX,
by James M. Cox, the Democratic candidate for President,
drew the Covenant of the
League were careful that it should contain nothing
which interfered with or
impaired the constitutional arrangements of any
of the great nations which are to constitute its members.
concern
M.
NOMINEE ON
A stand in favor of
There Is nothing in the Covenant which in the least Interferes with
will
JAMES
OF
DENTIAL
Asserting that "this is abso¬
lutely false," the President added:
do with their
The letter adds:
tneir
that Article X. of the Cove¬
you
since the coming into force of the Peace Treaty, and would
similarly regarding future agreements.
In response to
"Credit
will think it natural and
that I should address to you a few words concerning them.
Every
sincerely believes in government by the people must rejoice at the
questions put to him by the Editor
Monthly," the
oj
of the National Association
organ
Credit Men," Mr. Cox also indicated his stand on the
of
who
turn affairs have taken in regard to this
campaign.
genuine national referendum.
This election is to be
The determination
of
a
subject, his views being published in the October number
a
of the
great policy upon
"monthly" from which
which the influence and
authority of the United States in the world must
depend is not to be left
to groups
They
a
to instruct their
are
own
the
Government what they wish
Do you want
support and
your
Treaty?
And do you wish to
the United States play its
see
of opposing it.
lives,
as
They have
I have spent my
swollen by the ghastly
business of war should
pay more
toward fi¬
from it.
But that emergency is
justified then is not needed now.
It should have been
nancing it than those who derived no gain
re¬
The tax
past.
terminates
as soon as was
reasonably possible after the armistice
hardship
Its continuance has worked a grave
and he has
sumer
life^Jn familiarizing themselves with the history
was
signed.
the public.
upon
It has been paid by the con¬
In effect this tax has been cumulative.
far that those who have spent their
gone so
It was eminently just that those whose profits
benefits received.
were
sponsible part in it?
You have been grossly misled with regard to the
Treaty, and particularly with regard to the proposed character of the
League of Nations, by those who have assumed the serious
responsibility
and traditions and
principle by which the contribution for governmental
protection is apportioned as nearly as possible in accordance
with
country's honor vind cated and the Treaty of Versailles ratified?
Do you
in particular approve of the
League of Nations as organized and empowered
only justified by
was not
unprecedented demands upon our Treasury, but was in accordance
with the fundamental
The chief question that is
put to you is, of course.
profits tax
In the emergency of war an excess
sovereign mandate to their repre¬
done.
in* that
quote the following:
we
No Longer Needed.
of politicians of either party, but is to be
referred to the people themselves for
sentatives.
Excess Profits
Every
paid much more than the Government received.
in setting its selling price, has calculated a fair
policies of the nation, must stand amazed at the gross
ignorance and impudent audacity which have led them to
attempt to invent
an "Americanism" of their
own, which has no foundation whatever in
profits impost.
of the authentic traditions of the Government. J
jobber, the distributor, the retailer; and the consequence has been that the
any
Americanism,
as
few tragical years.
of Isolation
and
they conceive it,
the nation and
reverses the
whole process of the last
It would substitute America for Prussia in the policy
defiant
segregation.
its interest is that
opportunities to advance
our own
Their conception of the dignity of
should stand
we
apart and watch for
interests, involve ourselves in
no
respon¬
sibility for the maintenance
of the right in the world or for the continued
vindication of any of the
things for which we entered the war to fight.
The
conception
of the great creators of the Government
opposite to this.
They thought of America
as
as
destined to set
world of what free Government is and
standards
both national
a
can
absolutely
the light of the world, as
created to lead the world in the
assertion of the rights of
rights of free nations;
was
peoples and the
Why should
be
we
the world
we
which
we
are
a
qualified to
history has constituted a promise to
This is the most momentous issue that has
our
ever been
present ed to the people of the United
States, and I do not doubt
that the hope of the whole world
will be verified by an absolute assertion
by the voters of the country of the determination of the
United States to
live up to all the great
expectations which
and
they created by entering the
enabling the other great nations
conclusion, to the
of Prussianism.
death and sacrifice of
await
our
of the world to
confusion of Prussianism and
Surely
we
our
bring it to
a
war
victorious
shall not fail to keep the promise sealed in the
incomparable soldiers, sailors and
marines who
verdict beneath the sod of France.
pendent judgment
or
not.
Covenant which in
Congress to declare
judgment,
as our
the League
were
This is
absolutely false.
the least interferes with
war or
not declare
w
ar,
Constitution provides.
or
There is nothing in
impairs the right of
according to its
own
which
are
indignant
careful that
to constitute its members.
at the
things that
are now
and sincere document.
as
so
long
as
the
as
were
refrain
cannot
inverted or the unfortunate consumer
their excessive burden with fortitude and good cheer
their country was at war and their soldiers under
arms
controlled
inaccurate impression unless
The result was apparent at the outset,
groaning underneath its base.
but tne people bore
arms.As soon
lifted; and I
grounded the burden should have been
here from
even
condemning the Republican party, which
expedient of
Congress at that time, for its spineless political
refusing to effect the required tax readjustment.
Favors
As
They would have been
amazed and
being ignorantly said about this great
The whole world will wait for
your verdict in November
an intimation
of what its future is to
be.
as
for
WOODROW
a
Small
Tax
on
Turnovers.
substitute for the excess profits tax (and here I reply to
the editorial questions put to me)
I strongly favor
another of
small tax on business
dollars annually
departmental
from a
tax of not more than 1M % on the total volume of business done by large
going concerns. From such a levy the wages paid to laborers, incomes of
salaried and professional men, and receipts from agriculture and small
businesses ought properly to be exempt
Units of larger capital can bear it
to
meet
sinking fund installments, interest charges and
our
and I estimate that about half this sum could be derived
expenses;
restrict it to
without inconvenience and to
them
would
collection.
This tax, too, must be
commodities;
upon
There
are
re-entry into the
passed.
Moreover,
we
and undoubtedly
would encourage thus
channels of business of capital
Hand in hand with this readjustment
personal and corporate income.
those of the
now
should
go a
withdrawn for.
.
revision of the taxes
The income from war-bred fortunes,
profiteer and the non-producer, and those derived from indus¬
tries which flourish by reason
a
of
certain difficulties apparent in an
investment in non-taxable (and non-productive) securities. y
on
.
possible the elimination of the burdensome excess profits tax,
the occasion for which has
the
•
must all taxes levied
equitable enforcement, but none of them is insuperable;
it would make
"
That is to say, it will not reach the consumer multi¬
greatly enlarged.
or even
consumer, as
•
but it has the distinct advantage, in my opinion,
being paid but once.
plied
borne by the
its
facilitate
/
high mark;
of special unfair privileges, should stand at
but taxes on the smaller earnings of workingmen and the
professional classes should be appreciably decreased.
Against Federal Inheritance Tax.
it would wait
In this connection it may not be amiss to express
WILSON.
a
It will require approximately four billions of
turnovers.
independent
Those who drew the Covenant of
it should contain
nothing which interfered with
impaired the constitutional
arrangements of any of the great nations
or
either regard the pyramid
you
as
To
paid the tax in an augmented or multiplied form.
speak of this process as pyramiding conveys an
everything that arises out
Those who do not care to tell
you the truth about the League of Nations
tell you that Article X of the
Covenant of the League would make it
possible
for other nations to lead us
into war, whether we will it
by our own inde¬
the
final purchaser has
This light the opponents of
afraid of responsibilities
would sustain?
Successively this has been done by the manufacturer, the
do for the maintenance of right
and international.
and which the whole of
profit and has added to that a liberal margin out of which to meet the excess
responsible example to all the
the League would
quench.
They would relegate the United States to
subordinate role in the affairs of the world.
sustain
establishment,
business
hold
a
from
Federal inheritance tax.
the disfavor in which I
The processes by which property passes
generation to generation are guarded by the State and the smaller
units within it, and are made possible through the functions of those agen¬
PUBLICATION
OF
TREATIES AS PROVIDED
LEAGUE OF NATIONS'
COVENANT.
BY
Under date of Sept. 11, a
cablegram to the daily papers
from
London, said:
The Federal authority has nothing to do with them, and ought noif
cies.
properly to exact any compensation when they
source
sense
an
accomplished.
demand
no
less urgently that the Government's requirements in this
through the establishment of
The readers of this magazine ace men of
necessary
This
,
equitable revision of taxation is essential, justice and common
direction be scaled down
The first series of treaties received for
registration in accordance with the
Covenant of the League of Nations was sent
to the printer to-day for
are
of revenue should be restricted to the State.
But if
to set forth at length to such
a
National
budget.
affairs, and I do not consider it
an
audience
the
advantages oi
••
Oct. 9 1920.]
putting
our
THE
Government administration
the world's greatest business na¬
The subject has loomed large for years in expert
tion.
and it became vital to
me
when,
That it has
business basis.
on a
not been done sooner is a reflection upon
on
Appro¬
priations in Congress, I saw the slovenly, capricious and wasteful manner
millions of dollars
in which
first duties
Governor of Ohio
as
State's fiscal methods.
apportioned to departments.
were
One of my
insist upon a re-organization of the
was to
A budget system was adopted in 1913,
That is
an earnest of what
might be accom¬
plished for the taxpayer if the (system were established at the National
capital.
National Budget
Needed:
be
No
met.
r
That
exacting in demanding
a return on
their outiay
Morally they
are
much
they are partners
or
of concerns
A National
could be
and
6.
budget system could be made to show results at
effect just
as soon
once,
and
executive
The
would
results
be
proportionate
ability of those directing the
the
to
Federal
Trade
Another
subject
transferred
of law,
G.
Warren
Senator
Harding,
Presidential
Republican
of
issue of
July 31,-
be
revised, and
say
speech
of
given in
was
462), he said "that great breeder
page
public and private extravagance, the
should
in hs
taxation
Among other things his speech
acceptance.
our
as
Vice-President likewise had something to
need of the revision of
the
on
for
profits tax,
excess
had to customs taxes
recourse
on
7;
imports.".
gone
'■
over
the
those matters
to
so
predetermine
to give
as
authority to the
8.
Another
the
all
give official
and
questions
its transactions
proceeding's relating to the anti-trust
courts
to
Trade Commission.
Federal
the
Department of Justice belivees there has been
of filing
complaint in
a
a
viola¬
States court, the
United
a
primarily instituted before the Federal Trade Commission.
subject
that
committee
the
considered
has
is
that
in
all
proceedings before the Federal Trade Commission there should be afforded
full right to any and all persons claimed to be affected to enter an appear¬
intervene, offer evidence
ance,
the
9.
and
present their views
brief or oral
on
Section 5 of the Federal Trade Commission Act and Section 11
Clayton Act
amplified.
should be
That all the anti-trust laws be given a
practical common sense, eco¬
interpretation, construction and application.
10. That when the Federal Trade Commission takes jurisdiction it shall
jurisdiction, so that it may have jurisdiction under changed condi¬
retain
For instance, it might be that an application was
as
to
whether
business
certain
a
made for
mittee that jurisdiction
fell
organization
the prohibition of the anti-trust laws, and it has been the view
printed in our
issue of July 24, page 353, expressed it as his belief that "the
tax burdens imposed for the war emergency must be revised
to the needs of peace, and in the interest of equity and dis¬
tribution of the burden."
Calvin Coolidge, the Republican
nominee
has
violations of the law, if the respondent
are
that
was
from
instead
matter should be
determination
candidate, in his speech of acceptance,
Commission
voluntarily correct
respondent to
Commission
For instance, if the
tion
tions.
order.
new
the
a business
organization as to whether
fall within the prohibition of the anti-trust laws.
j'
integrity
introduced.
the
Another suggestion made to the committee is that if the law is not
nomic
completed and the co-operation of all the Governmental depart¬
procured.
allow
after
advice in advance to
and
research
as necessary
filing of formal complaints by it or the
ample to-day, the law should be amended
of
beginning to awaken to that fact.
would begin to function with full
mere
the evidence
prospective respondent,
argument.
investors, but apparently they are only now
or
should agree with the conclusions reached by the Commission.
obligated to scrutinize
more
the
as
which the Commission believes
a
stockholders.
the business conduct of their Government than the operations
in which
a
7.
Government has
our
such
Another complaint has been that the Commission ought to give notice
matter,
through is due primarily to the fact that it is inordinately rich
and that taxpayers are not so
ments
to
f
business enterprise could escape bank¬
great
ruptcy if it were conducted on such a basis.
are
■;
appropriations are made without regard to the amount of
now,
must
muddled
as
?.■/';;
forthcoming and without special knowledge of the requirements
revenue
5.
laws be
As it is
which
:v/;:
;:^
■
1435
taking of testimony
and it has
resulted not only in a great simplification of finances but in the saving of
millions of dollars annually.
other matters,
and lay thought,
member of the Committee
as a
CHRONICLE
should be retained in such
of the com¬
because there
case
a
a pre¬
within
might be changed conditions.
Mr.
Nelson
Gaskill
B.
and
Federal Trade Commission
above
Houston Thompson,
Mr.
members of the
appeared before the Committee to discuss the
The policy of the Federal Trade Commission as laid down
questions.
in its ruling June 22 1918, in re, Federal Trade Commission vs.
The McCanna
Company, Incorporated, complaint No. 127, is to refuse motions made by
respondent for
a
bill of particulars
for
or
a more
The very purpose of the
ment of the allegations in the complaint filed.
filing of
the
formal complaint Is to inform the respondent of the nature of
a
offence
the infraction of the law.
or
respondent is entitled to know
called upon to
meet.-/
body under
definitely the specific charges that he is
a
respondent before an administrative
statement that leaves him in ignorance of the
a
There is
saying that a
It goes without
The function of the first pleading filed is to give
It is unfair to call
this information.
him.
direct and specific state
no reason
that the rules of pleading before the
rules
Commission should not conform to the established
charge against
Federal Trade
of other forms
in this respect.
Your committee believes that
PROPOSALS
COMMITTEE
BY
BAR
AMERICAN
OF
ASSOCIATION RESPECTING POWERS OF FEDERAL
that
the
Act
Trade Commission be broadened
mission
"to
its
state
so
compel the Com¬
to
definitely
charges
Federal
the
creating
as
specifically
and
unless such
ruling be made voluntarily by the Commission
itself"
made
was
Trade
merce.
American
report of the Committee on Com¬
a
Commercial
Association
Bar
in
Law,
presented
Convention
at
to
Louis
St.
the
on
of the
as
been
a
duplication of rulings nor
or
not the individual is acting
established
every new
question brought
whereby the business of the country
what the law is
tained."
least
system of law and precedent may be
a
given point and where it
a
on
may
can
Further, the Committee proposed that the Com¬
"should have the power to investigate all
mission
know
be ob¬
of anti-trust laws and that
breaches
proceedings in reference to these
give to the public information about
within
It is the
or
as
to whether or not a
without the law.
unless the same questions had been
conference ruling.
committee is of the opinion
Your
opinions with
each decision
able benefit not only to the
falling within the anti-trust laws should be primarily in¬
stituted before the Commission.."
Amendments to the Fed¬
Anti-trust laws
to
carry
and all Federal
out the suggestions of the Com¬
mittee
are
powers
of the Federal Trade Commission should be
and the
practice improved
to
as
so
advocated, the report further proposing "that the
bring about
a
as
more
outlined by the
as
Committee
satisfactory administration of
The committee
justice by the Federal Trade Commission."
presented
Broadened
follows, its recommendations
as
to the Federal
that
an
individual
or
committee
presented to the meeting above referred to objections
1.
a
should have the power to investigate
particulars in the matter of complaints filed by the Commission.
The formal
sion
2.
complaints filed by the Commission should be more certain and
to give the respondent notice of the acts which the Commis¬
had reason to believe were unlawful.
specific,
so as
That
the
Commission
should
continue
the issuance
of
conference
3.
That
the Commission should render written reasoned opinions with
each decision by it, whether
mission
or
in the matter of complaints filed by the Com¬
brought to its attention.
lished whereby business
By reason of the failure of the Federal
falling within the anti-trust laws should be primarily instituted
4.
The Federal Trade Commission having
of Investigation ought to be permitted not
The
large number of defendants in the cases filed.
give publicity
The Commission should
only to its findings, orders and final reports, and not as to
only to complete the
subject
their administration
interpretation,
construction
right of appeal and that all anti-trust laws in
be
given a practical, common-sense
application.
We believe amendments should be made to the
sion Law, the Clayton Act and
out these
Federal Trade Commis¬
all Federal anti-trust laws so as to carry
suggestions, and that the powers of the Federal Trade
should be broadened and the
bring about
a
more
Federal
?&!*?&•
b
N|
Association the
satisfactory administration of justice by the
.
&
disposal since the last meeting of the
committee has not been able to formulate a bill to carry out
views of the committee and for the
predetermination of the
business and purposes of corporations
in their relation
before it.
Commission
practice improved as above outlined so as to
Trade Commission.
the foregoing
legality'of the
engaged in inter-State and foreign
laws, and to provide for the
to the anti-trust
In view of the importance of the
subject matter, the
and the need for having the procedure simple,
effective, the draft of a bill will not be submitted until there
absence of apposite precedents
inartificial and
publicity policy of the Commission has worked a hardship on a
before the
jurisdiction for the
investigation but to enter an order in confomrity with its findings
commerce
the written decisions of the court.
transferred from courts to
Federal Courts and that all cases
procedure
varied its decisions from
all breaches of anti-trust laws and that
right to appeal from the decisions
precedent has been estab¬
given point as the Federal Trade Commission has
by the Commission.
of the Federal Trade Commission to the
of the country may know what the law is on any
Trade Commission to do this no system of law or
voluntarily agrees to
that the Federal Trade Commission
proceedings in reference to these laws should be
In the time at its
rulings.
to a technical
should be no publicity or
the Federal Trade Commission with the
and
That the Federal Trade Commission should grant motions asking for
bill of
that the respondent should have an oppor¬
Your committee is of-the opinion
should
follows:
as
error
conform and does conform with the conclusion reached
procedure and practices relating to the Federal Trade Com¬
to the law,
unintentional
procedure in the matter If the respondent
further
to the
mission
lodged with it and has reason to believe
corporation has been guilty of some infraction through
tunity to voluntarily correct his conduct which may amount
which had from time to time been made to the members of the Committee
as
or a
violation of the law and that in such a case there
purpose
The
clients,
the Federal Trade Com¬
committee is of the opinion that where
Your
mission has gone over a complaint
Commission.
Trade Commission and anti-trust laws:
These decisions would be of incalcu-
profession and be a guide for advice to
but to business itself.
mistake
eral Trade Commission Law, the Clayton Act,
upon
brought before it so that a system of law
point and where it can be obtained.
cases
that the Commission should render
at least every new question
and precedent may be established
whereby the business of the country may know what the law is on a given
written
Commission with the
Federal Trade Commission to the Federal Courts and that all
rulings should
announced in a prior
opinion of your committee that these conference
be made public
laws should be transferred from Courts to the Federal Trade
right to appeal from the decisions of the
well as through
under consideration
which there had been
given course of business conduct
when the Federal Trade Commission law was
considerable doubt
was
of the Commission.
urged in argument before the Senate Committee as
was
with each decision upon at
that
within the general scope of the law,
whether he is a transgressor in the eyes
that it would
so
Commission but it is of infinite advantage to the business
to know of such conference rulings as a guide as to
of the country
the press
it
There is no reason why there
that any excess burden should be
given in some other prior matter.
whether
It
ruling has
public important conference rulings unless such
make
laid upon the
men
that the Federal Trade Commission
committee is of the opinion
Your
opinion "that the Commission should render written opinions
before
Commission itself.
cally unless such ruling be made voluntarily by the
should
or
The Committee also expressed itself
August 26.
providing
the respondent a complaint
definitely and speci¬
fically and that the section of the Act should be broadened so as to compel
the Federal Trade Commission to state its charges definitely and specifi¬
should be
in
and
Section 5 of the Act to create a Federal
its powers and for other purposes in
"stating its charges" means that it shall state its charges
COMMISSION.
TRADE
recommendation
A
Trade Commission, to define
that the Commission shall issue and serve upon
has been
a more
complete examination of the
The committee therefore recommends
Recommit to this committee the duty
question.
that the American Bar
of drafting such a bill.
Association
1436
THE
CHRONICLE
[Vol. 111.
INVESTMENT BANKERS' ASSOCIATION—ANNUAL CONVENTION.
OFFERINGS
URGES
PRESIDENT
OF BOSTON FEDERAL RESERVE BANK
GOV. MORSS
TO
SMALL
INVESTORS.
Bankers'
Investment
the
welcoming to Boston
Association
of
America
opening of its annual convention in that city
last
[October 4].
the
at
Monday
on
Governor Coolidge of the State had
ex¬
pected to welcome the delegates, but because of his attend¬
at the funeral of Senator Crane he
ance
was
ON
OF
THEORIES
FALSE
GOVERNMENT.
In his address as President of the
Upon Governor Charles A. Morss of the Federal Reserve
Bank of Boston devolved the honor of
HODGES
'
.
Hodges of New York commented
Association, George W.
upon
the fact that "in re¬
cent months the essential curtailment of bank
for security and commercial uses, has
credits, both
produced active liqui¬
dation in many markets and added materially to our
lems and difficulties
these
That
prevented from
embarrassments
will
bear
future
there
fruits
prob¬
He added:
Investment Bankers."
as
can
little
be
doubt.
taking part in the convention's opening session.
Bankers
time of the
during the
with wbileh they
success
by the Government
through
Liberty
With
by the Investment
in his remarks referred to the work done
Mr. Morss
account
Liberty
Loans,
and
the
had guided the movements where¬
able to raise
was
Loans in
less
than
two
Stating
years.
that he had hoped to see as an outcome the offering by in¬
vestment bankers after the
tions to small
There
lines
was
war
outcome that I
one
and which
has not yet
loans offered bonds
hope to
The Government in
$1,000 and larger; it also offered
$100, in order to appeal to the small
perfectly amazing, and I forget—
large proportion of the bonds were sold to investors in small
very
amounts.
My&ope
experience
that when the war was over that the result of that
investment bankers would offer their bonds
was
be
would
that
which
of
loans
required
for
addition
In
demands, we must, as Investment Bankers, be pre¬
helping financial hand to other less favored nations whose
a
business, and even political future,
aid we
!
f
At our Baltimore Convention in 1917 we organized ourselves into what
was glibly
described as the "Suicide Club" and, voluntarily at first, and
later officially, restricted our business through the Capital Issues Commis¬
but also
render
of
the
in securities
dealers
For
may not only depend upon the
the promptitude with which it is given.
the benefit
for
sion
on
Government
the
clouds
and
in
its
those
in
unprecedented measure, which will be
fices.
our
We have had
know.
A
particularly hard experience in Boston,
a
by the name of Ponzi, without the
without advertising, but simply by letting it be known
that
man
Accompanying
important
every
war
recorded in history, there has always
take their money
he would
00
days,
he
said
was
was
able to make
a
that
some
he
mendous profits.
secret
a
successful appeal to
more,
some
was
of
their
of Boston has outstanding
The
loans.
Federal
any
circulating notes for nothing.
They
do
can
banks
it
more
cannot
for
$300,000,000
some
$100,000,000
Reserve
one
than
the
put out their
or
two
reasons.
buy investments, which are strictly limited by law, but what¬
investments they do buy, they may pay for them with circulating
also exchange their notes for gold or legal currency.
And as I say the amount of notes we have outstanding is approximately
$100,000,000 more than our loans, and we have gathered in for that $100,They
may
000,000 gold or legal currency
does not that money come
banks
It must
way?
the expenses of
vaults
have
were
put in the savings
come
was
possible
no
beyond its current need.
of
accounts
certain
a
us
and the member
bank retaining currency
that were sent out of the country—to
little, perhaps, to Europe.
There is also a
reserve by the State banks
who are not mem¬
as
a
bers of the Federal Reserve system, but the bulk of that money must be in
the pockets of the people who do not know where to invest it, how to in¬
vest it, or even what bank to put it in.
It is a very large amount.
Every
by people who have observed these working people is that
they have large sums of money in their pockets, and even hidden away
in their homes in other hiding-places.
Now, it is a real problem, I believe,
in this country, and one worthy of the best
thought of the bankers of the
country, the problem of how we can reach those people and get them to
account you see
invest
their
bankers
have
money
in
a
proper
not'offered the
way.
small
bonds
I
presume
for
the
that
reason
the
that
investment
it
was
too
expensive to reach these people; retail business is always expensive.
But
if you cannot go to each one of these investors, then
you should go to the
institutions that will gather up the small savings and be able to invest in
your securities in large amounts.
Of course, there are a large number of
these institutions in this country now, the mutual insurance
companies, the
mutual
savings banks and the savings banks of trust companies.
But in
spite of all those means there are still a large number of people who can
lie reached through War Savings Stamps and Liberty Loan Bonds, but other
than that they do not know where to put their money.
Gentlemen,
I
glad of the opportunity to give you this idea.
I
hope you will be able to do something that will at least start the solution
•f it in process, and I thank you very much for your atention.
am
very
Following the conclusion of Mr. Morss's remarks, George
W.
Hodges,
Governor
President of the Association, stated that the
would be interested to know that the
Governors of the
the 3rd
inst.,
Board
of
Association, at its meeting Sunday night,
had adopted
a
resolution urging the advan¬
tages of small investments, and that coupled with that was
it leads to
lessened
work,
both in hours and
modities.
conditions, the basis of which they do not understand, many
Confused by
employees in foreign countries,
and to
some
extent in this country, have
to false theories of Government and business.
The present Russian situation should ultimately prove » valuable object
become easy converts
lesson.
Germany, Italy and England are all to-day involved in industrial
In
turmoil.
due, I believe, to our greater distance from the nerve-
country,
our
destroying effects of the battlefield, to the better average education, and to
the
ability, through our greater financial strength, to continue business and
employment for many months at almost war-time speed, we have had rela¬
tively little serious trouble.
In
remarks at the close of our last convention I ueferred to the im¬
my
portance of the better education of what may
either citizen
emphasized this necessity,
language residents,
There
all
is
people, based
government,
land
the
through
or
a
alien.
perhaps be culled our foreign
The later developments have
continuous
propaganda
among
these
on their ignorance of business and of the purposes of all
looking to the destruction of our entire Business, political
social structure.
and
That these
are
not pretty
theories for parlor talk, but are advocated in
deadly earnestness, needs no further convincing proof to those who looked
down into the weird gray twilight below the smoke pall on Sept. 16 and
noonday Wall Street motionless—still with the stillness of
of innocent mqn and women.
a
saw
death and
mutilation
We hear too much of
"rights" of the individual and not enough of their
obligations and responsibilities to their fellow-citizens.
It is your task and your responsibility, and mine, to demand of our
Government adequate protection of life and property, and equally so, to
in
aid
possible ways the teaching
all
of sane principle*! among our, at
present, less educated people.
SECRETARY
suggestion for the use of War Savings Stamps and Liberty
Bends.
FENTON'S REPORT—LOCAL
CHAPTERS.
which he ad¬
vocated a year ago under the supervision of the National
organization governed by a constitution approved by the
Board of Governors, Secretary Frederick R. Fenton at this
Referring to the formation of local groups
annual meeting in Boston stated that "without a
week's
doubt
no
other step has been taken which has served to
bring the interests of the local members into greater harmony
with those of the National Association."
He also said:
The existence of a
Jnsu es the
to
the national
gene
local group means quicker action on local legislation;
carrying out of the policies of the national organization; offers
association a definite unit to deal with in all matters, and,
rally speaking reacts to the
Ai>
benefit of every member.
planned at the present time meetings of local groups will be held
meetings of the Board of Governors, which meets four times
folio wing
At these meetings the local Governor will
the meeting of the Board. Thus will the members be
kept in constant touch with the workings of the National governing body.
Tae Board has provided for the organization of 16 groups and to date 11
hav«j been organized.
The Secretary is advised Kansas City and New York
annually in regular session.
report
to the group on
perfect their organizations immediately following this convention.
is on the Executive Committe i
»i
will
Iu all cases the local governor
sepi-rate and distinct
men
t
o
It was the thought that each group should be a
unit with a Governor on the Executive Committee
ssarily the chairman.
nee
ely
Just
as a
as
Air erica
tion
representative of the national organization.
the organization of the Investment Bankers Association
of
brought about greater co-operation nationally, led to the unifica¬
of laws,
created higher standards
bai kers together
a
laws,
amounts
Cuba, to South America, and
certain amount retained
for
in
Of the approximately $100,000,000 we
reason
economic
of
One of the obvious penalties is further increases in price of com¬
speed.
why
department, or any bank at all, or spent
to the Federal Reserve Bank because we pay
shipments of currency to and between
banks, and there
its
back to the banks that
Now,
trust companies savings
or
any
from the rest of the country.
part of the latter, uninformed as they are as t© the penalties for
violation
may
notes.
in
On the
But what hap¬
ten millions of dollars
because really they did not have
has approximately
It
circulating notes.
ever
host of dupes. All that
way of making tre¬
place to invest it.
amount
They
a
indefinite
and they could not understand anyway.
process
The Federal Reserve Bank
of
and
vague
inevitably lead to extravagance and wastefulness by both em¬
wages,
ployer and employed.
his people
among
He did not pretend to explain it, because he said it
least, and probably much
proper
very
and give his notes payable for 150% in
He got out of the pockets of the people
pened ?
at
had
as you
The recent past
.
High pressure for production, increased cost of all commodities, resultant
of the mails,
use
have had silver
compensation for past sacri¬
developed unsettlements of business and social conditions.
high
so.
may
-
•
single instance of it, and yet these experiences show that there are a great
possible investors and a great deal of money can be raised in that way.
Besides the bonds the Government put our War Savings Stamps and cer¬
tificates ; about a billion dollars of those stamps and certificates were sold
in one year—another demonstration of the possibilities of the small in¬
vestors.
Since the war I think they have not been so successful in selling
them, but the point that has been shown is that there are possibly a great
many investors who, if they could be reached, would subscribe for a great
deal of money.
The position is new and the results of it you have seen in
some of the schemes that have been rife in this country during the past year
or
loans.
days
linings, but few could see them. To-day the clouds are breaking and there
are
visible the golden rays of promise of activity and expansion, almost
proved to be no exception to the rule.
well
on
these
to
pared to extend
they had to sell in small amounts to the small investors.
I am
rather disappointed that has not been done; I do not remember seeing a
many
commercial activities
industries.
its
The result of that appeal was
investors.
a
from the experience in those
see
been made manifest.
of denominations of
bonds of denominations of $50 and
but
of bonds in small denomina¬
investors, Mr. Morss said:
volume
urgent needs of our railroads and municipalities, public utilities and other
twenty billions
over
lessened
of generally lower commodity prices and improved transportation
facilities, large reservoirs of credit will become available for financing the
ba> ker as
a
of ethics, called the investment
annually and forced the recognition of the investment
distinct branch of banking, so will the formation of local groups
well the interest of members locally.
Oct. 9
1920.]
With respect to
the growth in the number of members,
were
made in the year closed Aug. 31 1920, in the increase
of membership than in any previous year.
at
Today
membership stands
our
Many of the branches registered,
in all respects
but operate
on
such,
as
are
of
as
J. P. Morgan,
it has marked
forward in
step
our
endeavors to
decided
a
Company,
Mortimer L. Schiff, of Kuhn, Loeb & Company.
The other members of the Committee
are:
serve
Walter T. Rosen, of Ladenburg, Thalman & Co.
the investment
National City Bank,
James A. Stillman, Chairman of the Board,
establishment of the service
of Office Counsel
with
not
was
actions or securities but
Edward F. Swinney,
the
questions which arise in the every day business of
counsel's
question raised and the opinion submitted
AMERICAN GROUP.
I
divided into the following Sub-Committees
Industrial.
Railways.
Public Debt.
in the
appear
■
,
The American Group has been
transmitted to the inquiring member.
answer
:
din connection with the Work of this committee, the following report has
questions raised are submitted by the Secretary to Office Counsel
and upon receipt of
Thereafter the
President, First National Bank, Kansas City, Mo.,
Robert Winsor, of Kidder, Peabody & Co.
been submitted:
the investment banker.
Bank, Chicago, 111.
John J. Mitchell, President, Illinois Trust & Savings
success;
idea of permitting the submission of questions at law as to specific trans¬
All
of J. P. Morgan & Company,
Charles H. Sabin, of The Guaranty Trust
banker.
The
the
by
(Chairman) of J. P. Morgan & Company,
George W. Davison, President, Central Union Trust Co.,
inception of the service it has been
new
a
On this
represented
is
Albert II. Wiggin, of The Chase National Bank,
Office Counsel the services of Theodore S. Chapman
the very
Bankers' Association
Thomas W. Lamont, (Alternate)
in reality main
the capital of the head office.
Chicago, saying:
Since
Investment
following members:
He also referred to the action of the Association in engag¬
ing
the
committee
high water mark with 492 main office members and 215 branches
n
regii tered.
which was
First.—An International Committee of Bankers on Mexico,
composed of ten American, five British and five French bankers.
Secretary Fenton said:
Oreater strides
1437
CHRONICLE'
THE
Robert Winsor
Mortimer L. Schiff
Charles H. Sabin,
Geo. W. Davison
James A. Stillman
Walter T. Rosen
John J. Mitchell,
J.
Bulletin.
GROUP
STATE
FORMATION
TOWARD
MOVEMENT
OF
P.
Albert H. Wiggin,
Morgan
YORK
NEW
BRITISH
INVESTMENT BANKERS.
OF
>/';■
GROUP.
Laurence Currie, Messrs. Glyn, Milles, Currie &
In
discussion at
a
had
what
to
Tuesday's session of the convention
been
accomplished
by
the various
as
groups,
Howard F. Beebe, of New York made the following report,
respecting action in this State:
think
that
all feel
we
little ashamed of ourselves in not being more
a
forehanded in this matter,
late spring it
clusion.
but when
we
*
have
elected temporary
was
chairman and we made arrangements to go ahead and complete our
We have planned,
organization and to arrange for the necessary by-laws.
so
far
organi¬
Committees were appointed to nominate officials for the permanent
zation.
have gone, to make our organization just as simple as
as we
to build upon
possible—
We have had the advantage of what has gone
that ground.
before in several of the groups, and we expect to have a
particularly desirous that various members who
will take it upon
that we
themselves to discuss matters
a
are
meeting, and I am
eligible to our group
little while in Boston so
get a representative gathering a little later,
can
Our group expects to
„
that respect
embrace practically the same territory embraced
We have
as
go
have
a
glad to
that since
say
our
spring meeting I think
dozen more that will be eligible in the immediate
Because of the nature of
our
territory
we
have found great diffi¬
♦
we
hope that this organization will add a little
to the work of the National body,
I think I may safely state
the National Association.
paratively few of
measurable
behalf.
work
I
that there are com¬
rather large membership in that district that have any
our
appreciation
have
and their interest in the work done by
of the
frequently had
complain that this, that
or
work
by
done
the Association
members not closely in
in
their
touch with the
the other thing should be done, and were
surprised to know that not only had those things been done, but the work
had been carried
were
from year to year,
on
indicating how little in touch they
with the work of the Association.
One of
our
great difficulties is the fact, due to geographical and Jiving con¬
ditions in New York, it is almost impossible to get a
there in the day or evening.
in
four
get
can
directions.
more or
We
As
hope something will be worked out whereby we
less frequent meetings and keep in touch with one another.
The gentlemen who have
agreed to accept the nomination for officers of
the permanent organization are of the most
representative type among us,
question
is, can we get everybody to go in and do his part.
We feel that your smaller
groups in number have a great advantage over our own group.
Quite a
number of our membership are interested in one form of investment banking
and not in another, and for the reason everything we do is not to the in¬
terest and advantage of all our members; that is, their personal selfish
and
,
representative meeting
5 o'clock comes everybody scatters
soon as
we
feel
interest.
that
we are
But while
we are
National
going to get off with a very good start; the only
not
we
are
starting
going to stay last in
among
our
the last I want to assure you
interest and co-operation with the
7^v
body.
ISSUES.
will witness
a
consider¬
able extension of the interests of the American investment
public in* foreign issues,
was
expressed in the report of the
Foreign Securities Committee, of which Thomas W. Lamont,
of J. P.
Morgan & Co. is chairman.
Lamont the report was
In the absence of Mr.
read by Charles W. Williams, of the
Fidelity Trust Company of Philadelphia.
"it is
a
matter of
common
The report says
knowledge that a great many
foreign municipal and Government internal loans have been
handled
as
by bouses of limited
responsibility" and it is given
the view of the Committee that steps
the
able abuse.
should be taken for
situation which is susceptible of consider¬
The report in the main deals with the measures
remedying of
taken to protect
a
holders in this country of foreign securities
appointments of special
where the situation had necessitated
committees, and also with the plans respecting the Chinese
Consortium;
in part the report says:
At the last annual convention of the Investment
of America
your
committees
to
Messrs. Hope & Co.,
FRENCH
Member
Honnorat,
Andre
that had arisen in respect to certain
foreign securities held in this country.
The committees
so
appointed were:
Amsterdam,
Holland.
:
Amsterdam, sits with the
,
GROUP,
of the
,
1'Union Parisienne. 7->77v-^t
Commission for the Protection of
French Holders of Mexican Securities.
Jacques Kulp, Auditor, Banque de Paris et
des Pays-Bas.
Joseph Simon, Inspector of Finance, General delegate of the
Holders of Mexican Securities.
Commission
.
for Protection of French
of the Swiss
the representatives of the Swiss to sit with the French
Arrangements are being completed for the representation
interest in Mexico,
Group,
77'-.. >
'!
v
77;7.77";7;.;77;.
7/
Acting Secretary of the Treasury of the Carranza
Upon Mr,
Government.
advised
Nieto's departure the Committee was
Secretary of the Treasury, would continue the
that Luis Cabrera,
sions, but the Committee heard nothing
and subsequent
made during the last
with
held several conferences in the spring of 1919
The American Group
discus¬
Because of the
progress has been
further from him.
overthrow of Carranza, no
discussions
six months other than two very informal
with General Salvador Alvarado, Sefcretary of
the Treasury of the present
General Obregon was elected President of Mexico
Sept. 5 1920, but does not assume office until Dec. 1 1920.
The Com¬
provisional government.
mittee
has been
unofficially advised that he desires to discuss
the American
in mind that the present provisional government
has not been
Mexico's
It
Group at the earliest possible moment.
finances with
must be borne
recognized by the United States and it is doubtful
in Mexico
if there can
serious discussion before such recognition is extended.
All steps
which have been taken by the American Group have been with the full
be any
of the
knowledge
United
States
Department of 'State with which this
Committee has kept in closest touch.
Second.—A Committee for the Protection
Government
6H%
Credit
Notes,
of Holders of Imperial Russian
due June
The Committee
';• '
18 1919.
■■.':..7.-7; '7 :7\;7;777
consists of:
National City Bank, Chairman,
W. Allen, Lee, Higginson & Co.,
John H. Fulton,
Frederick
Thomas Cochran, J.
P. Morgan & Co.
Harjes & Co., Paris,
N. Dean Jay, Morgan
C. S. Sargent, Jr.,
Kidder, Peabody & Co.,
Lloyd W. Smith, Harris, Forbes & Co.,
7/
■
-'"7
•
officio, Chase National Bank.
Albert H. Wiggin, ex
:
7-
:
committee has been sub¬
mitted by Mr. Rodney Dean, Secretary of the Committee:
"As we reported last year, the Committee organized promptly and
obtained the deposit of a large majority of Certificates of Participation.
The collapse of the Kolchak Government has, of course, rendered of n*
avail the declaration of that Government of its intentions in regard to this
The
following report of the activities of the
credit.
"The
■■
>
communicated with the Department of State
Committee has
of
urging that, if any negotiations looking toward peace
with Russia should be undertaken, the assumption of the obligations of the
former Russian Empire by the various new states which formerly constituted
the United
States,
also urging that this Govern¬
Russian Govern¬
all of these certificates
of participation will be paid in full with interest.
"The Committee has received a reply to these communications from the
Department of State, in which the opinion is expressed that recognition
cannot be granted by this Government to any future Russian government
which does not accept the foreign contractual and bonded debts of the
former Russian Imperial Government and of the Provisional
Government
ment
should be provided for;
should not resume relations with or recognize any
shall give satisfactory assurances that
whicli succccdGdi itL
in Russia with which our Gov¬
willing to deal the Committee has so far been unable to take uj»
Russian authority the matter of the payment of these obligations.
"Owing to the fact no government yet exists
ernment is
with any
Third.—A committee for the protection of
holders of bonds of the Guaya¬
quil & Quito RR. Co., guaranteed by the Government
bonds,
as
of Ecuador.
is known, have been in default for a number of years.
These
This
committee consists of:
Stuart & Co., Chairman,
H. L. Stuart, Halsey,
Clarence Dillon, William A. Read & Company,
Charles E. Mitchell,
Albert II. Wiggin, ex
The following
this
National City Company,
officio.
brief statement has been received from
the Chairman of
committee:
appointed last year with myself
as Chairman, to look into the affairs of the Government of Ecuador. I beg
to report that this Committee has submitted it's main report and a supple¬
mental report, and there is nothing further to report at this time except that
the Committee is continuing to give the matter attention And is offering to
"Referring to the Committee which you
be of any
Bankers' Association
committee reported the appointment of several special
deal with situations
Chairman, Mexican Railway Co., Ltd.
William d'Eichthal, Mirabaud & Co.
ment unless it
The belief that the next few years
Mexican
the
the representative of Dutch interests in Mexico.
part of that Empire
THOMAS W. LAMONT ON INVESTMENTS IN FOREIGN
of
Committee
Mr. C. E. ter Meulen of Messrs. Hope & Co.
British Group as
on
culty keeping the local members in touch with the work of the National
body, and in that respect
Bondholders
vV
Smith, Messrs, Morgan, Grenfell & Co.
ter Meulen*,
E.
revolution
eligible for membership something over 150 different members
probably got
future.
In
outside of the Federal Reserve District.
of the I. B. A., and I am
we
York,
portion of New Jersey and all of the State of Connecticut.
it does
Vivian H.
C.
Rafael Nieto, at that time
la the Second Federal Reserve District; that is, the State of New;
the northern
Chairman,
George Heine, Director, Banque de
general meeting at which I
one
v
v;>
Tramways and the Mex. Light & Power Group of Companies,
finally got things started in the
be an opportune time to push them to a con¬
seem to
1
did
We
did not
Peacock,
E. R.
Co.
Hyde, Messrs. S. Pearson & Son, Ltd.
Vincent W. Yorke,
Any report which I have to make on the group in New York will be indi¬
cative more of what we hope and expect to do than of what we have done.
I
Sir Clarendon
possible assistance to the Government
"The Committee will report to you
Fourth.—A Committee for the
Library.
man
Establishment of a Separate
The following report has been
of this Committee:
of Ecuador.
from time to time."
.
Financial
received from Mr. Hodges, Chair¬
1438
"The
Special Committee which Mr. Lamont appointed to consider the
a Financial Library has held several meetings and has re¬
future
report from Mr. Williamson of the Public Library on requirements
tion of the European countries, which have in the past been
organization of
ceived
a
and costs of such
an
institution.
This has been sent to the members for
their consideration and it is expected
that within
a
another
short time
meeting will be held.
difficulty of obtaining floor space anywhere near
regardless of price, I believe it is a consensus of
opinion of the Committee,
that
present time.
it is
sentative of the Stock Exchange.
compared with current quotations at the time.
a
Committee
far
so
as
will
have
further
possible, to
E.
sufficiently concrete stage,
the American
meetings from
fast
move as
time
conditions
as
vention has
seen a
to
time and
during
further extension of the Interests of the American
placing of
this market.
our money
public
market, which
securities, considerable success has
new
foreign issues
as
have been brought out in
The great success attendant upon the issuance
of the obliga¬
tions of France, Belgium, Switzerland and Norway is typical of this
hopeful
report
Cleveland, in
Real Estate
the
of
value
or
have handled real estate loans
great deal about them.
becapse
known
or
Among other things he also said:
Bonds secured by real estate are in a process of standardization, and it is
apparent to members of this Committee that there is necessity for further
but there are conditions which make progress difficult.
standardization,
Real estate loans are local in
character, and have been mostly absorbed in the
communities in which they were issued.
There
seems to
be
broadening
a
market for them, and with a return to normal conditions, it may be
assumed
that
thei;e will be a growing demand for them.
It is a fact that in the
minds of many people there is a deep seated idea that next to Government
bonds, the prime security is land.
situation.
In addition to such dollar obligations as have been
been
the
report that would be of interest
any
few of the members
the part of
on
The year that has elapsed since the last con¬
attended the flotation of such
Chairman,
as
the members of the committee realize that it is difficult to
give
a
has made difficult the
TOWARD OVER¬
TENDENCY
prompt."
concerted and intensive action
In spite of the condition of
SEES
Tillotson, of Tillotson & Wolcott,
G.
E.
presenting
bankers for the conservation of the interests of American
in foreign securities.
TILLOTSON
VALUATION OF REAL ESTATE.
the coming year, and that the work which has been undertaken will mark
investors in foreign securities.
throughout this
distribution
promote the
Securities Committee, at Tuesday night's session, stated that
mittees of which it is my privilege to report will be extended further
more
to
of the obligations of the European countries which are clearly
G.
rental
It is the hope of your committee that the activities of the various com¬
only the beginning of
substantial
reasonable effort, consistent with our
entitled to credit accommodation.
At the present time,
that definite plans or prices can be mentioned.
"The
Association
Bankers
country
building is
new
erected available adequate space may be obtainable, at preferential
endeavor,
customers of this country, that every
domestic financial, and industrial situation, should be made by the Invest¬
This institution is keenly interested in
however, the Exchange plans have not reached
so
The
closely interwoven with the rehabilita¬
so
impossible to do anything at the
proposition, and it is quite probable that when their
as
prosperity of this country is
v
•
"Included among the members of the Committee, as you know, is a repre¬
rates
hopeful step forward in the business life of the United States.
a very
ment
"In view of the present
the financial center, even
the
[Tol. 111.
CHRONICLE
THE
American
many
purchases
of
loans of various foreign countries.
internal
It would
government
advisable, in connection
municipal
seem
In most of our States
brought out there have
and
land and buildings as
the Saving Bank laws prescribe first mortgages on
suitable investments for savings banks, and in general
they are preferred investments for trust funds.
and the willingness of most of
These conditions are factors
our greatest
insurance com¬
with such purchases in this country, to draw the attention of the Investment
in their favor,
Bankers Association to the necessity of taking some steps looking
panies to invest heavily in real estate loans is an additional reason for be¬
toward the
protection of the American investment public, both through the dissem¬
ination of
of these
a more
exact
securities,
as
knowledge of the nature and intrinsic merit of some
well as the establishment of
a
safeguard against the
issuance of forged or fraudulent securities.
It is
and
a
matter of common
knowledge that
The basis
a
great many foreign
public has been the
prevailing
on
by houses of limited
depreciation of foreign exchanges
the countries whose internal issues have been floated here.
current
Emphasis has been placed in most
exchange rate
as
cases upon
the depreciation of the present
compared with normal and the possibility of huge profits
through the return of exchange rates to normal.
if
municipal
which such securities have been sold to the
upon
American
anything, has been said of the
Large
In most cases very little,
nature of the obligation or
of its intrinsic
cities grow
the
It is the belief of your committee, therefore, that steps
should be taken
considerable abuse.
basis of discussion and with the idea of getting some concrete
proposal your committee suggests the advisability of the establishment of
as a
means
of registration of internal
foreign government and municipal
loans placed in this country and for the establishing of the
such issues.
authenticity of
It is the belief of your committee that the next few years will witness a
considerable extension of the interests of the American investment public
in
The process of financial and economic reorganization,
foreign issues.
not
only in Europe but in other countries, such
as
Mexico, and China, should
afford exceptional opportunities to the American investor.
It
was my
Far East.
year
in the
asked by the American
Group of the Consortium formed
for the assistance of China to visit Japan and China for two purposes.
was
The first of these
was to
ascertain definitely whether the Japanese Banking
Group, with the approval of its Government, planned to enter the Consor¬
tium without reservation.
terms as
same
visit
so as
was
The fact has already been announced that an
the other
banking
groups.
The second object of my
to observe in China
to be
financial, industrial and political conditions,
able, upon my return to America, to make a somewhat compre¬
hensive report to the Western
banking
groups as to
profitable field for Western investment.
As
a
China
as a
safe and
result of my observation,
I became
convinced that, despite the present weakness of China's central
Government, that country will for the long future become an attractive
field for American investment.
China has untold wealth in her natural
it
requires only stabilization of political conditions
there in
order to develop these resources and make the
country the greatest in
the world, perhaps, in actual as well as in
pQtential wealth.
resources:
The Consortium for China, as has
the
try in China.
enterprise, private business, or private indus¬
Rather it will confine itself to the development of China's
great basic enterprises, such as the reform of her currency, the establish¬
transportation systems, etc., in
conditions and to render China
a
vate initiative and effort of our
a
way
safer and
calculated to stabilize general
more
profitable field for the pri¬
citizens.
The Consortium plans to do this with the
approval and co-operation of the
Chinese Government and people, with
of the United States, Great
securities will be offered;
with
safety of investment for the people
Britain, France and Japan, to whom Chinese
to
these loans have
loans
States
some
are
ninety-nine
on
renewable for
a
like term
or
year
and
made them popular.
companies have taken them
Certain leading insurance
in
met has
and
as investments,
estates—when said
leasehold
forever—are recognized
first mort¬
as
'
gages.
time there is a tendency towards over-valuation due to
high building costs, the capitalization of abnormal rents which may be but
temporary and in some
safeguards
localities inflation in land values.
Despite the
which are being generally availed of, this
values as a basis for securities, may in
of amortization,
tendency towards accepting high
the event of
a
sudden change in conditions, prove dangerous.
Extreme
competition is apt to result in dangerous practices.
Our attention has been
called to instances of excessive loans offered on property provided the lend¬
We have
ing bankers were allowed to name the architect and the builder.
also been advised that loans are sometimes made provided the bankers may
place
certain amount of life insurance or fire insurance in connection
a
arrangements, while possibly
Such
them.
apt to warp the judgment of the lender.
are
should be made upon its
with
harmless, tend in the wrong
A mortgage
merits rather than because of any collateral ad¬
vantage.
While it is sometimes desirable to have a member of the issuing
trustee of the mortgage
serve as
is inclined
house
securing real estate bonds, the Committee
fo question the desirability of such action and feels that it would
independent banker or trust company be selected a strustee.
bebetterifsome
Federal
The
Loan
Farm
and
Joint
Stock Land
assisted
Banks have
materially in farm financing, not only directly by means of the more con¬
siderable amount of loans made, but indirectly in inducing life insurance
companies and other lenders to lengthen the term of their mortgages,
standardize the charges.
the rates, and
however,
cities.
lower
There appears to be no probability,
of creating effective machinery
for the shortage of housing in
building conditions and the labor situation against
Not only are
considerable program of construction, but the prevailing high rates of
interest offered on other classes of security have diverted many investors
any
from mortgages to
Real estate securities are at a serious
Municipal and Farm Loan
Federal and State taxes.
retarding the building development which is so much
other securities.
disadvantage in competing with Government,
obligations, because of the existing situation as to
This situation is
needeld
at the
The result to date has been that the rates on
present time.
and also in some cases! there has been
situation, as far as investors are con¬
the normal tax up to 4%.
It is not within the province of this Committee to express any opinion of
the wisdom of exempting from taxation any particular kinds of security,
prime mortgages have steadily risen,
attempt to partially meet the tax
an
cerned, by providing that the borrower shall pay
be continued to the exclusion
but if this form of Federal favoritism is to
of
city mortgages, there will be still more reluctance on
and the building situation may
the part of investors
*
become more acute.
with an excellent interest return to such investors;
fair profit to the bankers and with
the hope on the part of the Con¬
sortium that within a few years it will
have been able to assist China to
reach such a point in the
,
a
development and management of her enterprises
Consortium, it will be able to withdraw and leave the entire field
Chinese handling, and to such private
foreign enterprise as may continue
that,
with which
success
leases
already been announced, does not plan
to concern itself with private
ment of
long time with a mandate on the lessees to make the improve¬
a
Such developments have rendered leasehold loans necessary,
agreement was reached in which Japan enters the Consortium upon precisely
the
of which are unwilling or unable to improve, but are willing to
owners
ments.
direction and
personal privilege to spend several months of this
I
As
there is a tendency towards centralization of ownership of land,
At the present
for the remedying of a situation which is susceptible to
some
Cincinnati and other centres have been leased for periods of
lease for
merits..
Merely
in New York, Chicago, Detroit,
of the best business properties
areas
Cleveland,
ninety-nine years or longer and have been improved by the lessees.
government internal loans have been handled
responsibility.
lieving that the market for bonds of this character is still in its infancy.
as a
to be attracted by the opportunities in
China.
Owing to the war the' British and French markets may be unable for some
few years to come to purchase
any large amount of foreign securities either
of China or of any other nation.
The American Group, therefore, has by
force of circumstances jumped from an
inconspicuous position in the old
Consortium to one of prime
importance in the new.
In this America, as
represented through the group, should be
equipped to play a very active
part.
If so equipped she will be able to
envisage the situation so as to lay
out, with her experienced partners of Great
Britain, France and Japan, a
sound and comprehensive plan for the
economic and financial development
of China.
She will be able to bring to
American investors the true story of
China, the story of the safety and soundness of those Chinese securities
which the American Group finds itself able
to recommend.
Through her
representatives at Peking she will be able sympathetically to wield influence
upon the present confused elements—to make a real contribution to the
gations of
investing public of this country to purchase the obli¬
Foreign*Governments signifies
in the belief of your Committee
ON
WILLCOX
B.
PUBLIC
Stating that "the past
most
notable
in
the
year
UTILITY
has in
many
SITUATION.
respects been the
B.
history of American utilities" O.
Willcox, of Bonbright & Co., and Chairman of the Com¬
mittee
Much
on
has
Public Service Corporations in
occurred
during the period
the status of public
The
his report
added:
of reconstruction following the
armistice and notably in the last 12 months
tending towards the fixing of
securities among the premier investments of the country.
operation of public regulation, the high costs of labor and materials,
and of money,
the great
the shortage bf labor, the congestion in transportation, and
industrial activity of the country, while leading to embarrassments
and difficulties, on the other hand
have all helped to the better understand¬
ing of the status of utilities in modern industrial life and therefore helped
toward the sound solution of their problems.
Mr.
Willcox
members to the
its
Improving political conditions there.
The readiness of the
>
did
not
read
his
report
in
full,
printed record, but in touching
referring
upon some
of
principal points said in part:
The shortage
of labor and the shortage of capital have driven
manu¬
facturing organizations of all sorts to appeal to the central station electric
Oot. 9
1920.]
The telephone and the
systems have been crowded with the operatives.
telegraph systems have been crowded
increased
as never
the many burdens
The high cost of
before.
and demands
the gas industry,
on
and all those things have brought home to the public the fact
utilities
In the
The street railroads and other local transportation
plants for their power.
fuel has
CHRONICLE
THE
that public
ing to
1439
early part of his report Mr. Forbes had the follow¬
regarding the adoption of recommendations of his
say
commmittee in the
In the past your
drafting of the railroad legislaton:
Committee
Railroad Securities has made
on
a
number
merely private opportunities for money making; they are not
of definite and concrete recommendations for the solution of the railroad
merely opportunities for private corporations, but they are great human
problems, and it is of interest to examine the Transportation Act of 1920 to
see to what extent their recommendations have been fulfilled.
In the annual
are not
needs in
It has had its influence
part of life.
every
evidenced
particularly by the
the public as is
on
much better treatment of the press
very
It has influenced, of course, the deci¬
generally throughout the country.
and the commission regulation has
sions of the regulating commissioners
recognized that its general function is to provide efficient service in these
life.
regulation, which how prevails throughout the country, the
to capital invested in its utilities is limited to a fair and reasonable
great utilities which are necessary for every phage of our industrial
Under
reward
The
return.
unregulated enter¬
large and speculative profits offered by
prises being entirely eliminated, the money of speculators will not flow into
Only those seeking investments with limited return will
public utilities.
provide the capital required,
and those who
the
invested in
responsibility for both protecting the capital
time assumed
same
principal and the certainty
The public, therefore, in regulating its utilities has
of the promised income.
at
content with a limited
are
return must also be assured of the safety of their
pubiic service and assuring its reward in interest and dividends.
expressed by the
I think that principle is recognized, although not always
It is ovbious that if
regulating authorities.
| so that only investment capital of the more
a
at the
First.
possible earnings or profits.
of the economic
Railroad
of
Act
principles involved, have been the Federal
1920,
the Interstate
Commerce decision raising freight
rates on steam railroads, the Federal Waterpower Act,
and passenger
report of the Federal Street Railway Commission,
railroads
were
essential to the prosperity of
the country when
were
suffering.
cretion
of the
followed
due to the fact that the
was
the country; that they could only
Commerce Commission
Commission definitely fixing the return upon the
the dis¬
provided
1920 Act
the
and that of course
definite return on that capital,
a
all know, by the decision of
we
the Interstate Commerce
the
is that
one is national in its scope and has been regulated by the Inter State Clommerce Commission, while the others are local and regulated by the local
only distinction between the steam railroads and the other utilities
authorities.
The public utility
public service
and
are
are
has
become
The critical observer cannot escape the just con¬
responsible for
the
recognized
better understood, their financial problems are
utility investments
clusion that the public in limiting the rate of return on
confirmed
The functions of
situation is distinctly encouraging.
being solved.
a
conclusions
The events of the year
fair return.
of
those
have
regulators who have
operators and
utility. The
demand for the great expansion of all public utility service comes not from
the owners and operators but from the public.
It is not too much to say
that public regulation of utilities in the United States has reached a point
where its principal function is recognized to be the provision of adequate
public service through just rates sufficient to attract the capital needed
for their expansion.
■
.'
■
' - - ' '
' ••■'/:■'
pointed out that the most efficient utility is the prosperous
Fourth.
The
ON
Transportation Act of 1920
Forbes, of Harris, Forbes & Co.,
reconstruction
ant
This statement
Chairman of
measures
was
the
was
as
that
described by Allen B.
"one of the most import¬
Congress
made by Mr. Forbes
Committee
has enacted."
in his report as
(pre¬
Railroad Securities,
on
sented at the convention in the absence of Mr.
John E.
railroad operation
under private control.
made towards the solution of the railroad
new
legislation will work out in actual practice,
Hardly less than the act of Congress, the prompt
and comprehensive
That
be commended.
body has demonstrated its intention fully to carry out the
This problem of
The railroad
which we,
of railroad securities, are vitally
interested.
problem has not been solved unless recognition
the need of corporations for
principles
the credit
of finance,
raise
with
of the railroads generally must
be established on a basis of such soundness
provide
to
a proper
Moreover, in accordance
and security that they are
proportion of their capital requirements
sale of capital stock as
well
as
those which have had
4
moment's
A
shows the combined railroad
How shall railroad credit as a whole be
the country's needs.
a
country requires and
demands?
sentence,
be found to
if so, we feel that a helpful rather than critical attitude
on the part of Congress and the Inter-State Commerce
The question cannot
be fully and satisfactorily answered in a
paragraph or a report.
be desirable, and
may
sustained
will make it
funds to give the service which the
general credit for railroad securities be created, which
possible to raise the urgently necessary
a
possible.
service
which are
The service they render, however, is vital to
however,
position.
be expected
Some modifications of the Law may
Commission.
The
where
logic of the situation
While in the judgment of the Committee
made such consolidations
ness
on
to
unmistakably points towards consolidation
the satisfactory handling of traffic
economics can be affected and
promoted.
the Law has wisely
permissive rather than compulsory, sound busi¬
judgment will perceive, the business
opportunities and can be relied
bring about this logical solution of many of the
demonstrated failure.
to
their pre-war
status
they
Law
Anti-Trust
efficiency and
economy,
and
Anti-Trust
State
laws
in
be repealed in the interest of
because such laws are unnecessary under proper
governmental regulation.
Fifth.
Any
plan
governmental
of
control
increases
which
operating
should assume responsibility for adequate
expenses and regulates income
earnings and sustained credit.
Sixth.
Opposed to public ownership or permanent public
emphatically in favor of
an
operation and
early return to private ownership under such
will insure sound railroad credit and an
altered methods of regulation as
It must be
of gratification to the
source
a
Investment Bankers Associa¬
Transportation Act of 1920, the Congress
tion to know that in enacting the
recognized the fundamental character of every one of
tioned above.
In
the questions men¬
-
concluding bis report, Mr. Forbes said:
conditions
which
caused
Railroad Securities
on
Association to
the
no
longer exist.
»
appoint this special
The position taken by
the Association at its convention in Atlantic City two years ago
railroads should be
of regulation has
returned to private
public
recommend that a new Committee
consider carefully
of the Association be appointed to
members
advise with you
and
The continuing import¬
its ramifications affecting the
generally and this Association lead us to
of active
that the
ownership under altered methods
been adopted by the country.
of the railroad question in all
ance
frequently
as to
arise and the correct solution of which
is
the manifold problems which will
so highly in the country's interest.
problems involved.
LEGISLATION TO CONTROL
MISREPRESENTATION.
ON
BEEBE
F.
HOWARD
FRAUD AND
Committee
during the
year had been mainly directed toward legislation looking
to the control by the National and State authorities in their
pointing out in his report as Chairman of the
In
Legislation that the work of the Committee
on
jurisdictions,
respective
of
fraud
and
Howard F. Beebe, of Harris, Forbes
misrepresentation*
& Co., of New York*
added:
It is felt that real progress
new
As to
the way of
cooperation with the
has been made in this matter both in
legislation on the subject and bringing about
various state officials in the
practical application of laws in effect.
proposed Federal legislation Mr. Beebe said:
controlling in what¬
deception in the placing of securities with the
public has been appreciated by the Federal authorities ever since the issuance
of Liberty Bonds brought the matter forcibly to the attention of the Treas¬
ury Department officials in Washington.
Suggestions in previous years
for means, effecting such control have, however, upon careful consideration
As has been
generally understood, the importance of
degree possible fraud and
been determined as
It
impracticable and discarded for one reason or
another.
and
this year that a Federal Fraud Act of sufficient scope
not until
was
practicability was devised to justify your committee's approval and recom¬
mendation.
Congressman Volstead introduced the measure and it was
printed in the'February Bulletin of the Association with the request that
our members study the same, and give expression to their views.v
Making
differences of opinion which are bound to be
present
application, it may be
said that a large majority of our membership was evidently in favor of some
such measure as was introduced, and acting upon that knowledge your
on
any
subject of such wide spread importance and
committee and the officials
expressed that belief to those in
authority in
of the measure and
burden of its administration would fall, being
careful to emphasize the fact that legislation, no matter how satisfactory it
might be in itself, would be entirely ineffective unless it was vigorously and
and expertly administered.
The measure failed of passage, your committee
Washington who were responsible for the introduction
whose shoulders the
upon
believes, due to the fact that the various
would be
a
too much power to
unless wide power
of which
law, could not see
their already
was that it gave
the burdens imposed in addition to
The chief criticism aimed at the measure
heavy duties.
to be
departments, any one
logical place to lodge the enforcement of the
their way clear to assume
the administrating officials, but it seems
and discretion is so vested, any law of
certain that
this nature is
It is the type of control
disappointed in its results.
bound
which the Associa¬
authority
to prohibit the offering of objectionable securities with the minimum amount
tion has gone on
record
as
favoring in that it gives the necessary
of interference with legitimate
It
Transportation Act have been for the most part
rendered by a combination of units, many of
not in that happy
and
through the
financial requirements
independently a credit which has made it
reflection,
of the country is
able
bonds.
Those railroads which have satisfactorily met their
since the enactment of the
is given to
sound credit and also for corporations to
capital both readily and economically.
sound
provisions of the
restoration of railroad credit.
the credit of the railroads Is the question in
bankers and large distributors
new
and particularly
railroads will be sustained.
action of the Inter-State Commerce Commission is to
Railroad Act and do its part in the
Sherman
due allowance for the
policy from Congress for
While definite progress has been
problem, it remains to be seen
if under the new conditions the credit of the
as
Forbes by
Oldham), in which he also stated:
For the first time we have a clear and definite
how the
ACT-
TRANSPORTATION
TREND TOWARD CONSOLIDATION.
FORBES
B.
The
their application to transportation should
ever
ALLEN
be returned
not
various groups of railroads
That has its reaction on the other utilities, because
the country.
in
should
Any plan of future government control should eliminate the con¬
committee
relieved from the disadvantages under which they
Interstate
as
railroads
flict of control between State and Federal bodies
the
generosity on
So instead of leaving the question of return to
that there should be
was
It
of the people and Congress.
serve
The
Third.
The
The Railroad Act of 1920 was not due to a sudden burst of
the part
approved
in agreement on
without providing relief from the burdensome conditions under which
and the recent referen-
his report Mr. Willcox said:
concluding
were
have heretofore operated.
dums of the Chamber of Commerce of the United States.
In
Railroad Securities, submitted and
acequate transportation system.
of public utility securities through better appreciation
and financial
on
Convention, the members
The pre-war plan of railroad regulation was a
Second
During the past year some of the conspicuous happenings tending toward
the fixing of the status
Seventh Annual
the following points:
limit is put to the earnings
conservative class is*put into
utilities, there must be more assurance than where no limit of return is put
to the
report of the Committee
seems
will have
be made
securities menace,
ot
seems
control the evil in the
various states
cooperation between the
maintained in order to control the fraudulent
uniform
officials of the various states
and it
business interests,.
certain that acts seeking to
to
and very active
of interstate traffic,
National Act will be required
particularly when it takes the form
logical to believe that eventually a
supplement the various state activities.
In
detailing
the legislative proceedings in the various
had the following to say regarding New
states Mr. Beebe
York:
Following the introduction in
the previous year of a
number of security
unsatisfactory type, Governor Smith
appointed a representative committee to investigate into the subject and
report back to him.
The committee was a large one, and for the most part
had to approach the subject without any previous study or knowledge of it.
It was not unnatural then that there should be some differences of opinion.
The result was the submission of two reports, one a majority report whose
general conclusions were very similar to those of our own Association, while
the minority report retained the idea that it would be better to have a
control
bills of
a
modified type of
most crude
and
Blue Sky bill.
1140
CHRONICLE
THE
Without arriving at any personal conclusion on the subject the Governor
submitted both reports to the legislature, and in this
opposed to the sales tax.
legislation resulted.
interesting to note that the majority report recognized that there were
It is
article in the New York
satisfactory form of Fraud Act, but
a
number of laws
way
the
no
the statute books at present which with certain broad¬
on
reach
hension and punishment of offenders.
taxation
of
that
many
inequities resulted.
was
an
income
hurriedly prepared and
so
This year's
legislature
Law,
or
and
the
and
bought
from
exemption
an
State, upon its
matter
determine what the fiscal needs of the
Government
ASSOCIATION
the chief administrative officer under the
new
A
'
:
■
resolution, in which it is set out that the Association
The
b7
view
that
the
TAX.
Roy C.
Savings Rank of Chicago.
he also said,
"that the
It
to be generally conceded
seems
equalization
the
the
of
surtax."
observations
These
coming
year, as
tee will
of
upon
pending bills in Congress
adjustments required by post-war conditions.
a tax
was
Our Association
provisions of the law
excess
was one
of
profits tax.
be discontinued at
the
earliest
time
of
a non
investment by the purchase of War Savings and Treasury Savings Certifi¬
that
time suggested the formation by the Government
are
continual sale by
on
the Government; and
may be purchased on
offering unusual rates of interest and the opportunity of profitable
terms
investment; therefore be it
Resolved,
Annual
By
Investment Bankers'
the
Convention
assembled
in
the
Association
City
of America
of Boston,
Mass.,
Its
at
the
that
Association commends and will strongly support the program of the Secre¬
tary of the Treasury for the sale of War Savings and Treasury Certificates;
and be it further
Resolved, That each member of the Association be urged to encourage,
wherever possible,
ihe
purchase of Liberty Loan Bonds and Victory Notes;
and be it further
Resolved, That
United
of this resolution be sent to the President of the
a copy
States, the
Secretary of the' Treasury and the
Directors
of the
Savings Division of the Treasury Department.
partisan body to study the situation and report its recommendations
Nothing of this kind has been done although the officials of the Treasury
have been studying the law with this end In view.
Professor T. 8. Adams,
RESOLUTIONS ON PUBLIC
problems connected with tax revision in
a
series of articles published in the
New York "Evening Post" during July and August.
profits tax must be repealed.
declared for tax revision.
Both of the principal party platforms have
The Republican platform states:
"Sound policy demands the early accomplishment of that real reduction
of the tax burden which may be achieved by
substituting simple for
complex
tax laws and
procedure, prompt and certain determination of the tax liability
for delay and uncertainty, tax laws which do not for tax laws whicu
do,
excessively mulct the consumer or needlessly repress enterprise and thrift."
The Democratic platoform states:
The
that
a searching revision of the war revenue acts
conditions so that the wealth of the nation may not be with¬
drawn from productive enterprise and diverted to wasteful or
non-produc¬
tive expenditure.
We demand prompt action by the next Congress for a
complete survey of existing taxes and their modification and simplification
with a view to secure greater
equity and justice in tax burden and improve¬
in administration."
following resolutions expressing it
sense
of the
owners
and operators of utilities, were adopted
by the Governors at their meeting last Sunday night:
Whereas, The conditions resulting from the war have increased the costs
of utility
operation
arid of
vented the growth of
the public
new
money
required for expansion, and pre¬
utility service to meet the increasing requirements of
and of industry;
Whereas, There is a recognized shortage of electrical power and it is of
vital importance to the industries of the country that means be found
for
providing additional power supply;
Whereas, The street railway systems
are so
tied into the business of the
nation that their rehabilitation, maintenance and growth must be
and provided by the
public dependent
on
permitted
their efficierit service;
Whereas, The telephone and telegraph have become
With the platform pledges of both parties declaring for tax revision the
the
as
should be cooperation between the investment
there
bankers and
.
"We advocate tax reform and
to fit peace
BY
Board of Governors of the Investment Bankers' Association
Your committee is not
prepared at the present time to express any opinion as to his suggestions
regarding the proper remedy, but endorses his conclusion that the excess
UTILITIES ADOPTED
GOVERNORS OF ASSOCIATION.
the Chairman of the Tax Advisory Board of the Treasury has made a
study
of the law in its application to present conditions and has ably reviewed the
ment
which
cates
The St. Louis convention in October, 1919, reaffirmed this
position and stated that the time for such discontinuance had arrived.
The convention at
the
on
Whereas, The opportunity still exists to practice the habit of saving and
profits tax
excess
and would be harmful to business development
were
conditions and should
practicable.
Whereas, It is essential that the continuance of the habit of thrift
part of all should be encouraged to the fullest possible degree; and
by
passed in December, 1918, by the Atlantic City convention
stating that the principles of taxation embodied in the
peace
can
system suitable to the
publicly recognize the need of eliminating the
A resolution
under
your commit¬
during the coming year to make suggestions
constructive criticism to bring about
the first to
by reason
Thrift Stamps, War
as
Whereas, Liberty Loan Bonds and Victory Notes
general revision of Federal taxation and to do what it
a
purchases of Government securities, such
Savings and Treasury Savings Certificates, Liberty Loan Bonds, Victory
Notes; and
follows:
probably be called
relative to
of their
were
by Wm. Osgood in discussing the Committee work for
In addition to consideration of the
way
corresponding
a
patriotically shared in the financial operations of the Govern¬
ment and thus became somewhat familiar with the habits of thrift
profits tax which applies to
corporations, cannot be'abolished without
made
as
Whereas, During and since the war, citizens of the United States in all
walks of life
Taxation
on
Osgood, of the First Trust &
excess
It reads
follows:
expressed in the report of the Committee
its Chairman,
unanimously approved at the convention.
was
profits tax must be repealed
excess
of the
program
was presented in the report of the
Committee, of which Clarkson Potter,
Compton Co., New York, is Chairman, and
of William R.
was
support the
Government Bond
ROY C. OSGOOD ON REPEAL OF EXCESS PROFITS TAX•
—THE SALES
GOVERN¬
Treasury Certificates,
'
■
OF
SUPPORT
SAVINGS PROGRAM.
Secretary of the Treasury for the sale of War Savings and
administration takes office, and the legislature
.
ITS
WAR
"commends and will strongly
The Committee expects to continue its efforts to have this
righted when the
again meets.
:
VOICES
MENTS
for otherwise the State could justly be charged
own terms,
can
sales tax because I do not think that
going to be.
are
taxation
State Income Tax Law, to this situation, and has pointed out that relief
be promptly afforded to those who have entered into a contract with the
with bad faith.
a
Your committee has called the attention of the Govern¬
State Comptroller,
if
.
anybody at the present time
promptly
further
'
on.
publicly advocate the adoption of
plied with the provisions of the Secured Debts Tax Laws and the Mortgage
their securities.
through all the articles and
run
Your Committee has felt that It is unwise at the present time for it to
so as to correct many of these faults, but no
proper pro¬
vision has yet been made for the recognition of the rights of those who com¬
on
may
of what is apparently going on in his mind, his criticism
summary
imposed
tax,
amended the law
Recording Tax
one
sales tax is to be imposed it will be largely a question of what it is to be
radically changed the tax laws affect¬
personal property, substituting therefor
The legislation by force of circumstances,
passed
inthis
"Evening Post," criticizes the sales tax, and In
but if
is not very severe, and he rather to my mind inclines to the belief that if a
~
In 1919 the legislature of the State
a
Professor Seligman, for instance, seem to be
Dr. Adams, head of the advisory board,
other articles published,
ening of their powers and energetic enforcement should result in the appre¬
ing
of the economists.
Some
avenue was
opened for
a
[Vol. 111".
so
important in our
daily business and social life that they must extend their service daily to
work will
probably be undertaken by Congres.
Just what can be accom¬
plished between December and March is problematical, but the dictates of
meet the
prudence demand that both the individual and business taxpayer know as
early as possible in the year 1921 what tax burdens will be laid and what
the oil supplies throw additional burdens on the gas industries which can
methods
excess
will
be
employed.
It
seems
to
be generally
corresponding equalization of the surtax which applies to business con¬
ducted by individuals and partnerships.
Neither of these adjustments can
probably take place without some satisfactory substitute tax for at least a
portion of the
revenue that would be lost
remedy will depend largely
upon
by the change.
The nature of the
the fiscal necessities of the government and
the effect of readjusted business conditions
upon the revenue
the present plan of taxation.
It will be the
produced by
duty of the taxation committee
to
study the situation and the various proposals.
While the Association
a direct interest in those phases of the Income tax law par¬
naturally has
ticularly affecting the conduct of the business
of its members it has
d efinite interest in the far
reaching effect of
general welfare of the country.
R.
Reed, the counsel of
Federal
taxation
a
upon
In
including
a
a
in the fair distribution
formation
as
to
pending
now
the
advisability of a
following the reading of his report, Mr. Osgood
respecting
as
the
importance
vital
of
prompt
and
The committee has had
a
no discussion
during the year as to the advisa¬
recommendation in connection with the sales tax as one
of the substitutes for the repeal of the excess
profits tax.
estimated that the excess profits tax would
raise
It is generally
something
in
the last
year.
No figures
are
like
available at the
two
present
time to know how much has been raised; the
figures have been a combined
statement of the excess profits tax and the income
tax, and
as
far
as
no
the knowledge of the public is concerned.
of
continuing
will provide sound credit as the basis for financing to the
that the investing
pubUc
provide the
may
necessary funds
end
by investment
Be
It
Further
Resolved,
That
copies of this Resolution be
sent
to.the
Governors and the regulating authorities of the several states.
ELECTED
NEWLY
OFFICERS
BANKERS'
Roy
C.
Chicago,
Osgood,
INVESTMENT
of the First Trust
&
Savings Bank,
elected president of the Investment Bankers'
was
Association
OF
ASSOCIATION.
at
the
final
business
session
on
Wednesday.
are:
Vice-Presidents Howard F. Beebee, of Harris, Forbes & Co., New York;
J. Hugh
Powers, of the Mercantile Trust Co., St. Louis;
Co., Boston;
Robert K. Cassatt,
N. Penrose Hallo well, of Lee, Higginson &
John A. Prescott, of Prescott & Snider, Kansas City; Secre¬
of Cassatt & Co.,
Philadelphia;
tary, Frederick R. Fenton, of Fenton, Corrigan & Boyle, Chicago;
Watking
W.
Kneath,
National
Bank
of
the
Republic,
Board of Governors, Howard F. Ransell, Jr., Frazier & Co.,
bility of making
has been made
and operators
in sound public utility securities; and
urer,
said in part:
dollars
owners
expansion of all kinds of utility service, and in encouraging such utility
The other officers elected
review of tax bills
discussion
Association of America that there should be co¬
and the regulating officials, in laying before the public full in¬
regulation
of Mr. Osgood also dealt with Federal and State
Congress.
billion
utilities,
following statement:
taxation, is in the aggregate far greater
on its own
members, corporate
sales tax,
Therefore be it Resolved, That it is the sense of the Board of Governors of
operation between the investment bankers and the
the
than its interest in the incidence of taxation
and non-corporate."
taxation matters,
be
only by tneir expansion;
the Investment Bankers'
This has been well expressed by Robert
your committee in the
the investment banker in the welfare of the
country,
of wealth and in just and productive
in
met
greater
"As owners and distributors of all classes of investment
securities, govern¬
ment, municipal, farm loan, railroad, utility and
industrial, the interest of
The report
Whereas, The diminishing coal resources and the increasing demands on
conceded that the
profits tax which applies to corporation cannot be abolished without
a
public demands;
separation
Dean G. Witter, Blyth, Witter & Co.,
San Francisco;
Treas¬
Chicago;
Philadelphia;
Henry D. Thrall,
Minnesota Loan & Trust Co., Minneapolis;
Garrett & Sons,
Baltimore;
Washington, D. C.;
Toronto;
James C.
James C. Fenhagen, Robert
Eugene E. Thompson, Crane, Parris & Co.,
J. A. Fraser, Dominion Securities Corporation, Ltd.,
J. C. Willson & Co., Louisville; John G.
WLllson,
Brogden, Strother, Brogden $ Co., Baltimore;
&
B. C. Lingle, Harris Trust
Savings Bank, Chicago, and Thomas B. Gannett, Jr., of Parkinson*&
Burr, Boston.
Oct. 9
THE
1920.]
tion to
banquet
a
on
tion of the bank in miniature,
Wednesday which brought the Conven¬
close, greetings
were
This is a booth representing a sec¬
where its representatives are in
all times to render to exhibitors and depositors
Mortgage & Trust Co.
WITH BANQUET.
CONVENTION CLOSES
At the
1441
CHRONICLE
read from Gov. Calvin Cool-
attendance at
such banking assistance as
they
may
require.
address
of welcome at the opening of the Convention, or to attend
the banquet, at which he was scheduled to speak.
In his
message, the Governor, after expressing his regret at his
est, Rumania, has leased the front half of
inability to attend the gathering, said:
the United
States Realty
the most cordial
greeting of the Commonwealth.
You have a most important role to play
in maintaining the welfare of the country.
Yours is the responsibility to
see that the savings of the people are safely and constructively invested.
Your great influence and prestige must always be on the side of law and
city, for
period of four
idge, who had been unable to be present to deliver the
To you, the Investment
•
Bankers of America, I extend
order.
CALVIN
toastmaster at the banquet,
Securities," and Irving Bacheller.
Its Relation to Railroad
Marmorasch, Blank & Co., home office
TRUST
BANKS,
Exchange
trust company
or
&c.
made this week either at the
No sales of bank stock were
Stock
COMPANIES,
One lot of five shares of
at auction.
stock was sold at auction.
Extensive tables
reporting bid and asked quotations, deposits, surplus, &c.,
of banks and trust companies in all important cities in the
United States
are
published monthly in the "Bank and Quo¬
accompanies
to-day's "Chronicle."
Bid and asked quotations for all
New York City bank and trust company stocks are also
published weekly in another department of this paper, and
tation"
will be found
•
to-day
on page
1463.
High. Close.
York Low
TRUST CO.—New
Shares.
5
the October issue of which
Section,
^
v>
Last previous sale.
Feb. 1919—
390
y'y
♦
■
360
360
360
Bankers Trust Co..
Two New York Stock
Exchange memberships were posted
this week,
the consideration being stated as
transfer
for
and eight months.
years
on
The
73d Street.
the business and organization of
over
the bond department of
the Guaranty Trust Co. of New
The main office of the
York, will begin business on Oct. 1.
company
is at 140 Broadway and there are 28 branch offices
The separation of the activities
throughout the country.
Guaranty Trust Co. is
entire capital stock of
ABOUT
Building at 115 Broadway, this
formerly located
incorporated to take
of the
ITEMS
Buchar¬
the tenth floor of
Guaranty Company of New York, which was recently
,
which was addressed
by Andrew Peters, Mayor of Boston; Roberts Walker of
New York, who spoke on "The New Transportation Act and
was
a
agency was
The
COOLIDGE.
Vice-President of the First National Bank of
C. F. Weed,
Boston,
The Bank
trust
the
The
company.
one
of organization only,
the
being owned by, the
business, policy and
new company
character
of
management of the new company will be
identical with that
of its
predecessor, the Bond Department of the Guaranty
Trust
Co.
of
The board of directors of the
New York.
Guaranty Co. is composed of present and former officers of
the
They
Guaranty Trust Co.
are
Alexander J. Hemphill,
P. Callaway, W.
Charles H. Sabin, Albert Breton, Merrel
F. Greene, J. L. O'Neill, Francis H.
Palen Conway, Harold
and Joseph R.
Sisson, Harold Stanley, Eugene W. Stetson
Swan.
Mr. Sabin, President of tjie
President of the
new
company,
Guaranty Trust Co., is
and the other officers are:
Harold F.
Gilbert E. Jones,
Hamilton Candee, Burnett Walker, John R. Edmball, Henry
C. Ward, Clayton F. Banks and Frank Kennedy; Assistant
Vice-Presidents, R. E. Whittlesey, James Rattray, Boudinot
Vice-Presidents, Harold Stanley, Joseph R. Swan,
Greene, George L. Burr, Alden S. Blodget,
Atterbury, John Grimm Jr. and Alfred
W.
Shriver, Secretary;
Kenneth Ward-Smith; Assistant
R. Nelson, Treasurer;
Wm. M.
Coulson.
Secretary, Harry V. Babcock; Assistant Treasurers,
$92,000 and $100,000, respectively.
Falion, Jr., Charles H. White and William H.
Agency of the Anglo-South American
Ltd., has received a cable from the head office,
—The New York
Bank,
9s. on 722,904
old shares and 7s. 23^d. on 150,000 new shares, making 15%
for the year.
Placed to reserve, £136,000, making the total
£3,850,000, including premium on new shares, £25,000
placed to Pension Fund.
Bonus to staff 10% already dis¬
tributed,
£58,600 for expenses regarding acquisition of
British Bank shares.
£50,000 added to Investments Reserve
Fund.
£393,116 carried forward.
Total net profit, in¬
cluding £241,619 brought forward, is £1,265,775.
The
annual meeting of the shareholders of this bank will be held
London, announcing a dividend, less tax, of
in London
on
Oct. 20.
Boudinot Atterbury
has been appointed Manager of the
the Guaranty Trust Co. of New
Securities Department of
York.
At
a
meeting of the executive committee of
of directors on Oct. 4,
Department Representative in Boston;
Russell, of the City Sales
Benjamin Franklin
Division of the New Business De¬
partment; and James Irving
were
the board
Edward Barker Home, New Business
Bush, Chicago correspondent,
appointed Assistant Secretaries of the Guaranty Trust
Co. of New York.
The Guaranty Trust
new
Co. of New York on Oct. 4 opened its
Constantinople office, which has been established to meet
growing requirements of American and European busiftess
in the development of their commercial relations
with the Near East.
Like the company's other foreign
the
regular weekly meeting, held on Oct. 5, of the
directors of the National City Bank of New York, Horace
At
the
S. Wilkinson,
the
Chairman of the board of the
Crucible Steel
member of the board of directors to serve
remainder of the year.
I .
Co.,
was
elected
a
——
interests
offices at London,
branch is
an
which outlines
possibilities fof American trade,
just been issued by the Guaranty and may be obtained
booklet,
■■■
Liverpool, Paris, Havre and Brussels, the
independent banking unit, conducted on
American lines and rendering Amreican service.
A new
new
with the Near East,"
"Trading
present conditions and the
Edward F. McManus, of Lawrence Turnure
& Co., and
been
elected a director of the Corn Exchange Bank of this city.
Mr. McManus is also a director of the New York Dock Co.
a
trustee of the
Emigrants Industrial Savings Bank, has
has
4
The
on
Fidelity-International Trust Co. of this city opened
new William Street branch at 110 William St. on Monday
The
its
of
this
week,
Oct.
4.
Charles E. Blackford, Jr., Vice-
Assistant Secretary of the
branch, reference to which
was made in these columns Sept. 18 and Sept. 25.
The new
branch is located on the site of the "Battle of Golden Hill," on
Jan. 18 1770, in which the first blood of the Revolution was
shed in a collision between the Sons of Liberty and Soldiers
of the Twenty-seventh Regiment of British troops.
A
tablet to commemmorate the engagement is to be erected on
President, and Kenneth D. Hull,
institution, are in charge of the
the outer wall of the
bank offices.
♦
One of the unusual features at
Grand Central Palace is the
request.
on
company
the
exhibit made by the United States
Liberty Place is nearing completion and the
expects to take possession of its enlarged quarters
about Jan. 1.
This
new
building
was
erected to provide for
company's enlarged business, and when completed certain
departments will be moved from the 2, 3, 4, 6 and 16th
160 Broadway.
Of this space the second, third
floors at
and fourth floors
Trust Co. at
an
have just been leased
to the Guaranty
aggregate rental of $750,000, and a lease
is
being negotiated for the sixteenth floor to an international
banking firm.
The 160 Broadway building is sixteen stories
high and in connection with 4 and 6 Liberty Place will have
about 130,000 square feet
of rental area and will be the largest
building in the world owned and occupied in part for
insurance purposes.
the
the Electrical Show at the
Lawyers' Title & Trust Co.'s new twelve-story building
Nos. 4 and 6
title
Charles F. Noyes Co. is the agent for
Lawyers'Title & Trust Co. and Negotiated the lease with
the Guaranty Trust
P. Roberts,
Co., which
was
represented by Raymond
Manager of its Real Estate Department.
The
#
1442
THE
CHRONICLE
Noyes Company report that
of
inquiries for
space
on account of the large number
in 160 Broadway and the limited amount
vote
of
take entire floors.
Total
the date
the
of
resources
Marine Trust
$151,695,754
■
were
reported
Company of Buffalo, N. Y.,
by
company
Company, the
name
became effective.
increasing the directorate from 9
12 members.
to
The
additional stock (par $100) is to be
disposed of at $150 per
share., The enlarged capital will become effective after
Jan. 1 1921.
the
♦
on
Aug. 31 last,
which the merger of the Bank of Buffalo with
on
trust
■
the proposal to increase the capital of the in¬
upon
stitution $500,000 to $1,000,000 and also
upon the question
of space offered only leases will be made
to tenants who will
«
[Vol. 111.
The
Marine
The Globe National Bank of Denver, which
ness
Trust
began busi¬
March 1 last, has purchased the assets of the
on
City
Denver, and beginning Oct. 1 the business of the
latter was merged with the Globe.
As stated in
pur issue of
under which the combined institution is
Bank of
operated, increased its capital, at the time of the merger,
$7,500,000 to $10,000,000; with its enlarged capital it
March 20 the Globe National
reported
of
from
Aug. 31a surplus (after returning to stockholder,
$3,750,000 paid in surplus) of $7,000,000; undivided profits
on
given
were
$1,517,052, while the
announced deposits of $103,199,381.
is
known
now
The
as
consolidated company
The Bank of Buffalo
the Bank of Buffalo Branch of the
Company.
the consolidated
as
officers of
Walter P.
institution
are
a
began business with a capital
$200,000 and surplus of $50,000.
The City Bank had
capital of $120,000.
D. H. Staley is President of the
Globe National.
The other officers are W. J.
Galligan and
Wesley Staley, Vice-Presidents; August Loehwing, Cashier
and F. W. Boot, Jr., Asst. Cashier.
Mr. Galligan had been
President of the City Bank.
Cooke, Chairman
of the Board; John H. Lascelles, Chairman
Advisory Board; Elliott C. McDougal, President
Edward H. Letchworth, Vice-President and General
Counsel;
Henry J. Auer, Joseph G. Fischer, Emil Diffine, Percy W.
Darby and Alva L. Dutton, Vice-President at head office;
of
——♦
the
Ralph Croy, Vice-President in charge of Bank of Buffalo
Frank M. Hickok, Vice-President in charge of
City Trust Company Branch; George F. Rand Jr., Vice-
Branch;
On Oct 4
Trust
Co.
a
consolidation of the Midwest National Bank &
of
Kansas City, Mo. (capital $1,000,000) and
the«National Reserve Bank of that city (capital $1,000,000)
became
effective.
The
resulting institution is known
the Midwest Reserve Trust Co. and has
000,
$200,00(j, deposits
surplus of
a
as
capital of $2,000,-
of approximately $17,-
President and
000.000
Secretary;
Becker, Auditor.
institution occupies quarters at Tenth and Walnut
Streets,
the home of the National Reserve Bank.
William Hut tig,
President of the National Reserve Bank is Chairman of the
Manager of Branches; Samuel M. Johnsons
Eugene L. Reed, Treasurer and George E.
trust company
Mr. Lascelles had been President of the
before the merger, while Mr. McDougal
President of the Bank of Buffalo.
to in
our
was
The merger was referred
issue of Sept. 4.
and
total
of
rseources
Board of Directors of the
$20,000,000.
The
institution and P. E.
new
nefw
Laughlin
President of the Midwest National Bank & Trust
Co., is its
Chief Executive.
Other officials of the company are C. B.
began business on May 10 with a capital of $50,000 and a
paid in surplus of $10,000, showed deposits of $500,194 in
McCluskey, Harry Warren and Wm. Huttig, Jr., Active
Vice-Presidents; Jas. F. Houlehan, and J. H. Berkshire,
Vice-Presidents; Merritt Jeffries, Treasurer; H. H. Woodring,
Cashier; W. G. Catron, Secretary; M. C. Sutton, Virgil
its statement to the
1. Smith and Dan H.
The Scarsdale National Bank of
Scarsdale, N. Y., which
Comptroller of the Currency under date
Sept 8, about four months after it began operations.
At
the end of September, we are
advised, the deposits exceeded
$600,000.
Its resources on Sept. 8 amounted to $563,178.
Cox, Asst. Treasurers; J. H. Noland,
Murphy and Henry Boyle, Asst. Cashiers; W. P.
Hackett, Manager of the Discount Department and John
J* Rafferty, Manager of the Credit
Department.
The
In view of the fact that Scarsdale is
institution is
of
about
3,500 inhabitants the bank's
a
community of only
progress
H.
Besides receiving checking accounts the bank
has a department for inactive
funds, paying on the latter
interest at 4%; it solicits
banking by mail, and provides safe
keeping for Liberty bonds and other securities.
Its officers
Rush
Wilson, President; O. H. Cheney, Vice-President
and John A. Schelz, Cashier.
The directors are:
Prank H. Bethell,
President
Pacific
Vice-President, White Oil Corporation; O. H. Cheney,
Bank; John W. Dickinson, Cement
Manufacturer;
George W. Field, Piatt & Field, Attorneys; Max
Goldsmith, Goldsmith &
Co.; Ernest J. Hanford, Investor; George A.
Harwood, Assistant to Presi¬
dent,
|N. Y. Central RR. Co.; Arthur F. Hebard, General Sales Manager,
Savage Arms Corporation; Charles E.
Herrmann, Executor, Estate of
John W, Gates; Hugh
McDonald, President, Scarsdale Supply Co., Presi*
dent, Wykagyl Supply Corporation; Chas. B.
Nicholson, C. B. Nicholson
& Co., Plate Metal
Construction; Philip W. Russell, Wing & Russell,
Attorneys; Ralph R. Ryan, Physician, Scarsdale;
Benjamin E. Smythe,
Vice-President. Liberty National Bank; Rush
Wilson, President.
♦
At the annual
stockholders
Bank
of
—
change the
Bank.
of
name
At
meeting
a
vote upon
on
Oct. 5 the stockholders of the Liberty
National Bank of Roanoke, Virginia ratified the proposal to
merge that institution with the Colonial National Bank of
that
City, i The
movement
National which
Bank
&
Trust
was
approved by
was
holders of the Colonial National
Oct. 6.
on
the
stock¬
The Colonial
recently converted from the Colonial
Company to the Colonial National has
a
capital of $400,000 while the Liberty National has a capital
of $200,000.
The consolidation, which is to take place
under the
name of the Colonial National and will increase
its capital to $600,000, is to become effective Nov. 8.
♦i—
.
•
I
-;
to
•
.
.
Stock of the Hibernia Bank of Savannah,
Ga.,
amounting
$39,550 has recently been acquired by M. A. O'Byrne,
President
meeting to be held the coming January the
the Merchants-Mechanics First
National
Baltimore, Md., will
member of the Federal Reserve
system.
a
is considered
noteworthy.
are
J.
of
the
institution.
The
Hibernia
Bank
has
a
capital of $200,000.
takes
over
The stock which President O'Bryne
had been held by the Joseph Heffernan estate.
the proposal to
of the institution to the Merchants National
The present
hyphenated name had been adopted as
the result of the consolidation with
the Merchants National
of the Mechanics Bank in 1912
and the First National Bank
in 1916.
Since the bank is
quite
generally known
as
the
Merchants and the present title is
cumbersome, it has been
considered advisable to
legally adopt the shorter name of
Merchants National Bank.
ANNUAL MEETING OF NEW YORK CLEARING HOUSE
YEARLY
Transactions
established
a
through
new
New
York
Clearing
House
record in the year
ending Sept. 30 1920,
volume of $277,554,461,852, of which $252,338,-
reaching
a
249,466
represented
The
ances.
FIGURES.
the
exchanges
previous
year,
and
the
$25,216,212,386
total
transactions
bal¬
had
amounted to
The
has
Guaranty Safe Deposit & Trust Co., Butler, Pa.,
name to the
Guaranty Trust Company of
changed its
Butler.
$235,653,921,951, the exchanges then amount¬
ing to $214,703,444,468.
The largest daily transactions on
record
those for Dec. 16 1919, on which date
are
$1,519,848,984 is reported, made
figures for daily transactions
The
C.
Harvey has been appointed Assistant Cashier of
Chicago Morris Plan Bank. Mr.
Harvey has been
connected with the Bank since its
of the Collection
opening, in direct charge
Department.
♦
the total then
652,116
were
The total transactions since the
House
The
At
a
special meeting to be held on Oct. 19 the
stockholders
Peoples Trust & Savings Bank of
Chicago, 111., will
Sept.
sixty-seven
following
30
total of
recorded
The previous high
on
June 17 1919,
having been $1,280,733,879, of which $1,138,exchanges, and $142,081,763 were balances.
are
organization of the Clearing
have been $3,777,426,518,007.
the details of the transactions as con¬
years ago
tained in the
of the
was
a
of $1,384,614,056 in
exchanges and $135,234,928 in balances.
—♦
L.
up
Manager's annual report for the year ending
1920 submitted at the Annual Meeting of the
Association
on
Oct. 5.
OCT. 9
The
1920.]
Clearing
Exchanges__
Balances
Total
_
House Transactions for
the
year
_
_
.
____________
_
_
have
25,216,212,385 55
____
transactions:
___
Balances
Total
Two Months 1920.
$830,060,031 13
„
_—$913,008,098 18
—
_
_______
since
organization
of
Clearing
House
(67
years):
________$3,570,157,362,589 60
__
Balances——
207,269,155,417 66
Par Value
tion.
or
Largest balances
on any 1
on any
Largest transactions
day during the yr.(Jan.2 '20).$1,385,807,180 86
1 day during the
on any
yr.
(Jun.17 '20)
1 day during yr. (Dec.16 *19)
on
Smallest transact'ns
any 1
on
day during the yr.(Feb.l0 '20)
any
1 day during yr. (Apr. 3 '20)
Largest daily transactions
_____
166,764,842 \
iVal. $14 679217 375 1$12700450587
490,472,000
402,096,365
U. S. bonds 2,050,879,600
1,828,746,442
_____
Total
...
The
1,519,848,983 85
_
473,298,385 51
49,487,370 94
_
532,174,515 96
__
New
York
135,234,927 90
_____
—
—
of
Stock
94.8
92.2
218,062,500
47,200
215,491,083 98.9
101,182 214.3
share
properties
AT
THE
NEW
the
on
Exchange each month since Jan.
in
1
following:
YORK
STOCK EXCHANGE.
1919.
Values.
Number
of
Values.
of
Par.
Actual.
$
$
Shares.
Par.
Actual.
$
$
157,020,486 37
._
$569,477,562 08
_
599.243,850 86
___
Debit balances—
—
—
120,748,081 18
Excess of credit balances.-
29,766,288 78
v--——--
composed of 25 National banks. 13 State banks,
The Federal Reserve Bank of New York, the
Assistant Treasurer U. S., at New York, and the
19,880,166 1,781,060,200 1,611,927,486 11,858,465 1,126,755,705 1,037,426,808
1,929,409,800 1,685,946,403 12,210,741 1,152,181,000 1,038,276,918
29,008,749 2,585,053,325 2,312,469,840 21,403,531 2,019,230,100 1,845,369,427
Feb. 21,865,303
Mar.
90,981,792 40
__
balances
Trust companies.
90.9
86.8 $22 914 511930 $20 819611082
1920.
Shares.
Jan..
exchanges-
Clearing House Collection
Department also make Exchanges.at the Clearing House, making 55 Clear¬
ing institutions.
are
90.1
1,720,849,180
transactions in
Number
S. Ass't Treasurer at New York:
Credit exchanges
There
90.4
347,919,370
1,814,285,800
200,897,119
STOCKS
OF
v-.j
——$1,385,807,180 86
—
Largest balances, June 17 1920—
14
}$1853525025f
386,332,000
89.2
1920 and 1919 is indicated in the
$1,519,848,983 85
The Association is now
Price.
82.0
86.5 $20 495 784 430
$17438 678175 $15132 194 397
volume
SALES
transactions
Largest exchanges, Jan. 2 1920-
and
224,410,805
Aver.
Value.
3,884 274.6
218,107,800
1,400
stks.
Mth.
Credit
Actual
Quantity.
______$1,384,614,055 95
Balances
Debit
or
State, city&
record, Dec. 16 1919:
on
____
Transactions of the U.
Price.
157,020,486 37
_
Smallest exchanges on any 1 day during the yr.(Apr.3 *20)
Smallest balances
Value.
Quantity.
Par Value
.$3,777,42(2,518,007 26
______
Largest exchanges
Aver.
RR bonds.
for'n bds.
Total
Two Months 1919.
Actual
Stock /Sh's.
Bank
_____
Exchanges
on
Exchange is appended.
The results
of 1920 and 1919 are given below:
for the nine months
82,948,067 05
transactions
Total
monthly detailed statement of transactions
York Stock
'
_
_
Exchanges
the New
Descrip¬
Exchanges
Total
Our usual
follows;
as
1443
$277,554,461,851 83
daily
average
been
_—$252,338,249,466 28
transactions
The
CHRONICLE
THE
lstqu 70,754,218 6,295,523,325
5,610,343,729'45,472,737 4,298,166,805 3,921,073,153
April 28,447,239 2,534,782,100 2,300,049,816 28,587,431 2,710,196,850 2,141,053,298
May. 16,642,242 1,436,029,9501,235,942,107 34,413,553 3,215,473,425 3,841,347,811
June.
9,354,267
815,179,150j 685,942,111 32,860,365 2,879,567,450 2,599,924,618
2d qr.
54,443,748
4,785,991,200|4,221,934,034 95,861,349 8,805,237,725 8,582,325,727
6 mos 125197966 11081,514,525 9,832,277,763 141334086 13103,404,530 12503,398,880
banks and Trust companies in the city and vicinity, not
12
members of the Association,
which make their exchanges through banks
July. 12,541,922 1,103.006,150
904,242,687 34,502,242 3,017,064,550 2,810,474,811
Aug
13,728,598 1,172,753,800
940,461,408 24,432,647 2,165.107,475 2,056,927,637
Sept. 15,296,356 1,321,942,900 1,023,468,729 24,141,830 2,210,207,875 2,114,448,927
.
that
members, in accordance with constitutional provisions.
are
Albert H.
Wiggin, Chairman of the Board of the Chase
National Bank, was re-elected President of the Association
at this week's
3,597,702,850 2,868,172,824 83,076,719 7,392,379,900 6,881,851,375
qr 41,566,876
9 mos 166764 842 14 679 217 375 12 700450587 224410 805 20 495784 430 18 535250 255
meeting, and Herbert K. Twitchell, Chairman
of the Board of the Chemical National
Bank,
was
The
re-elected
Secretary of the Association; William J. Gilpin and Clarence
E.
3d
following compilation
as
Manager and Assistant Manager,
William Woodward, President of the Hanover
National Bank has been elected Chairman of the Clearing
House Committee succeeding James A. Stillman.
The other
members of the Clearing House Committee are James S.
Alexander, President, National Bank of Commerce; Theo¬
dore Hetzler, President, Fifth Avenue Bank;
Francis L.
Hine, President, First National Bank; and Seward Prosser,
President, Bankers' Trust Company.
respectively.
Clearings, Total All.
American Iron
the
to
steel
SEPTEMBER.—According
& Steel
Institute
the production of
ingots in September 1920 by 30 companies, which in
1919 made
85.12% of the total output in that
2,991,551 tons, of which 2,300,417 tons
1920.
open-hearth,
693,586 tons Bessemer and 5,548 tons all other grades.
figures for the corresponding month last
The
able.
year are
production by months in 1920
$
was as
$
The
%
1920,
1919.
$
$
January. 41,605,136,819 32,428,137,754 +28.3 18,395,416,713 14,567,494,920 +26.3
February 33,230,502,161 25,808,147,986 + 28.8 15,086,449.738 11,613,895,464 +29.9
March
41,240,600,536 30,092,846,875 +37.0 18,907,335,075 13,605,873,216 +39.0
_.
1st quar. 116076239516 88,329,132,615 +31.4 52,389,202,126 39,787,263,600 +31.7
39,586,069,592 30,610,755,295 +29.3 17,785,625,497 13,277,687,872 + 34.0
36,752,594,890 33,196,526,667 + 10.7 17,011*070,885 14,313,628,498 + 18.8
38,360,683,791 34,254,611,450 + 12.0 17,851,948,420 14,500,780,258 + 23.1
June
quar. 114699
2d
348,273|98,061,893,412
+ 16.9 52,648.644,802 42,092,096,628 + 26.1
587,789jl86 391026 027
+23.8 105037 846,928 81,879,360,228 +28.3
230775
6 mo3
July
August
37,484,647,15337,513.314,549
__
Sept
34,360,792,789 34,708,905,706
35,991,044,059j35,607,338,896
—001 17.652,345.947 15.638,684,709 + 12.9
—
+
1.0 16,473,486,684 15,181,764,909 +
8.5
1.1 17,389,514,960 15,997,472,639 +
8.7
3d
follows:
9 mos... 338612071790 294 220 545178 + 15.1 156 553194519 128 697282485 +21.6
quar. 107 836
484001J107 829 519 151
+ 0.0 51,515,347,591 46,817,922,257 + 10.0
Total
The
of bank
course
clearings at leading cities of the country
Bessemer.
All Other.
1920.
1919.
1920—— ..-.2,242,758
714,657
10,687
2,968,102
8,107,778
for the month of June and since Jan.
2,152,106
700,151
12,867
2,865,124
2,704,683
-—2,487,245
795,164
16,640
3,299,049
2.662,265
four years
2,056,336
568,952
13,017
2,638,305
2,239,711
.2,251,544
615,932
15,688
2,883,164
1,929,024
June
2,287,273
675,954
17,463
2,980,690
2,219,219
(000,000s
July
2,135,633
653,888
13,297
2,802,818
2,508,176
omitted.)
August.
2,299,645
695,003
5,784
3,000,432
2,746,081
Open Hearth.
Gross Tons—
January
February
—
March
—
April
i•
u
May
—
September-..
2,300,417
---
5,548
693,586
,
BANK CLEARINGS AT LEADING CITIES.
September
New
1920.
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
subjoined table, covering clearings for the current
of
account
once
the first
page
of each issue, but
the length of the other tables i3
month.
a
other
appears on
on
crowded out
The figures are received by telegraph from
Fourth of July holiday in the week
leading cities.
York
-18,602
St.
Per
1920.
Week ending November 18.
1919.
$3,801,343,538
556,986,709
403,296,267
$4,140,063,433
Cent.
Chicago
...
Philadelphia
_____—
——
Boston
'
Kansas City.
f___.
St. Louis
.
New Or leans
Other cities, 5 days
Total all cities, 5 days
1 day
Total all cities for week
♦Partly estimated.
—
1,916
129.353 132,234
San Francisco..
Cincinnati
Baltimore
-
.
Milwaukee
Providence
12,593
11,193
9,076
18,821
15,880
14,276
12,546
717
624
537
6,329
6,964
5,737
4,915
19,174
18,507
644
616
307
6,503
5,230
3,993
2,989
712
662
451
389
6,078
5,092
4,018
3,465
282
238
163
2,715
2,279
2,079
1.529
420
381
292
177
3,647
3,147
2,306
1,667
-
-
..
....
1,080
855
614
9,126
8,089
7,360
5,148
582
511
361
307
5,179
3,886
3,122
2,682
247
204
145
2,535
2,143
1,913
1,305
407
228
234
162
2.808
1,553
1,239
1,141
126
65
88
72
930
700
872
748
562
417
268
208
4,669
3,111
2,250
2,061
149
125
121
102
1,309
1,133
1,071
938
347
208
121
105
2,904
1,604
1,123
1,125
47
..
..
Detroit-
14,261
1,338
267
..
New Orleans...
...
21,467
947
1,611
963
City...
Cleveland
24,626
1,135
1,912
305
—
-
2,061
1,441
43
42
37
520
399
438
388
1,288
245
295
256
150
2,474
2,263
2,105
Buffalo-
189
161
104
74
1,721
1,118
828
712
'—17.7
St. Paul
190
85
68
59
1,261
675
563
541
147,555,801
—7.6
72
62
56
724
590
590
512
+ 5.2
+ 32.1
116,615,616'
85,000,000
+29.4
75,146,371
+ 10.2
61,491,187
•
165,523
224,148,570
82,831,923
Baltimore
182,059
776
Pittsburgh
+9.4
103,989.866
63,908,455
Omaha.—
Indianapolis
..
77
—
—3.8
*110,000,000
$
13,884
-r-:8.4
153,870,408
___
Detroit
1917.
$
509,189,872
383.582,475
300,363,363
137,400,000
San Francisco
Pittsburgh
All cities,
275,187,471
184,315,772
136,393,463
1918.
$
678
Los Angeles.—
—8.2
1919.
$
2,570
Louisville
New York
19,610 13,664
1920.
$
$
1917.
2,053
.
Louis
Kansas
Jan. 1 to Sept. 30
■
1918.
1,444
—
Minneapolis
this year.
Clearings—Returns by Telegraph.
$
$
Boston.-..
—The
1919.
Chicago
2,999,551
1 in each of the last
is shown in the subjoined statement:
Philadelphia
week, usually
%
not avail¬
Total
—1920
1919.
totaled
year,
were
Clearings Outside New York.
Month.
April
May
STEEL PRODUCTION IN
the clearings by months
MONTHLY CLEARINGS.
continue
Bacon
covers
since Jan. 1 in 1920 and 1919:
+ 31.9
$5,903,116,738
1,241,014,208
$6,149,563,822
—4.0
1,175.207,461
+ 5.9
$7,144,130,946
1,475,204,416
$7,324,771,283
—2.5
1,507,281,756
—2.1
$8,619,335,362
$8,832,053,039
—2.4
—
-
150
109
79
1,433
1,139
861
581
230
282
212
123
2,321
2,022
1,642
963
74
..
MemphisSeattle
1
177
Denver
Richmond
79
60
35
926
689
507
384
176
202
174
98
1,605
1,466
1,312
802
397
325
311
319
647
561
480
484
Hartford
46
36
32
69
73
56
55
.
31
Salt Lake City.
>
Total
Other cities
Total all..
..31,636 32,578 24,019 22,170
..
3,355
3,029
2,356
1,859
35,991 35,607 26,375 24,029
Outside New York 17,389
15,997
12,7H
10,145
-
308,528 270,462 220,716 209,050
30,084
23,758
19,415
15,862
338,612 294,220 240,131 224,9U
156,553
128,697
110,778
92,671
1444
THE
CHRONICLE
[Vol. 111.
BANK CLEARINGS—CONTINUED FROM PAGE 1397.
Se nember.
Nine Months.
Week ending October 2.
Clearings at—
Inc.
1920.
1919.
$
Boston
Hartford...„»„
New
„
.„
Haven
Portland
Spri ngf ield
New
Bedford—i....
1919.
Dec.
1920.
%
9
S
%
$
+ 13.2
357,577,463
352.822,427
+ 1.3
315,837,225
251,557,045
399,133,900
+ 30.3
13,277,100
11,679,700
+ 13.7
11,474,700
11,383,600
36,401,849
+ 25.4
25,739,082 ; —2.4
+ 17.1
11,950,688
18,047,891
+ 12.3
16,491,548
+ 13.7
393,779,343
247.150,580
324,689,453
+ 22.2
14,137,040
11,377,375
+24.3
215,740,004
+ 14.6
0,225,912
6,954,171
—10.5
6,095,112
5,787,013
118,767,731
198,582,244
90,437,478
+ 23.1
4.070.000
+ 10.0
4,087,023
3,750,000
+ 6.8
4,358,852
4,262,556
4,107,393
8,822,146
34,560,975
76,270,900
34,229,271
+ 8.8
—3.6
Ilolyoke
4,459,008
3,434,068
2,820,818
+ 28.0
7,026,400
+ 19.1
3,904,553
8,369,500
13,233,820
+ 34.9
2,204,055 + 500.6
Los Angeles
...
Seattle
....
Portland
Spokane
Salt Lake City
Tacoma
Oakland
Sacramento
...
San Diego
Fresno
4,224,813
—22.0
2,225,112
2,224,299
1,509,498
+21.7
1.024.001
1,734,125
—6.3 + '
+22.6
1,033,900
1,117,579
—7.6
2,380,129
1,130,552
+ 34.0
1,200.000
1,020,000
+ 17.6
850,000
1,224,010
960,675
+27.2
+ 16.2
950,000
887,925
+ 7.0
739,571
980,245
+ 78.5
2,629*517
Not
included
in
total
+ 2.2
16,327,244,822
14,246,452,659
+ 14.6
412,454,073
403,445,962
+ 2.2
362,517,317
297.381.931
+ 6.4
6,077,714,809
+ 19.3
171,800,000
+ 1.5
2,903,839,000
+ 71.3
114,390,565
31,243,000
100,969,143
+ 66.5
—13.0
1,604,932,360
+ 5.2
1,421,676,161
492,838,727
5,092,072,798
1,603,685,113
1,465,632,477
1,168,129,477
50,115,921
33,370,384
26,652,964
20,185,021
10,000,000
14,540,832
6.278,191
16,000,000
346,945,000
175,874,339
180,340,491
57,662,700
69,379,374
20,234,961
43,619,772
31,733,654
62,018,679
—7.0
72,719,729
—4.6
—6.3
Long Beach.........
.i
Riverside
Eugene
—1.1
+ 33.3
13,358,811
+ 15.3
+ 13.7
17,935,609
4,209,012
39,816,618
15,874,529
16,991,407
11,249,473
—15.8
+ 5.6
—8.3
4,588,481
9,920,895
+ 13.4
332,976,901
174,802,080
+ 23.6
232,-549,038
+ 33.0
7,200.000
6,000,000
114,559,348
82,414,942
+39.0
2,897,304
187,403,308
117,409,831
+ 59.0
6,019,871
219,049,100
80,712,680 + 171.4
56,250,872
+ 50.9
5,830,300
2,361,792
+40.9
2,053,948
+ 13.3
5,312,310
2,767,664 + 112.4
—5.1
3,015,227
6.010,755 + 111.6
—9.4
7,924,857
12,718,404
7,176,115
3,859,436
10,406,077
15,410,066
6,059,478
2,166,936
4,063,127
—5.0
10,570,425
7,813,905
—1.6
+ 97.2
4,787,482
+26.6
1,885,648
1,166,953
9,701,150
+ 14.9
62,454,819
51,381,810
43,061,140
+ 40.1
+ 51.1
28.465,199
80,636,806
+ 17.8
-
2,625*838
1,610,217
900,0)0
3,719,574
3,103,870
5,640,021
4,331,238
<2,107,748
2,840,858
1,949,672
1,960,774
"970,4 03
1,6*3*7*, 021
1,892,216
—14.9
998,033
+ 30.4
634,884
972,808
600,000
2,*022*,972
1
1,495,992
7*8*9
690,478
,
1,336,475
+*71*2
9*64,092
1,46*7*561
+
+ 20.5
57,780,069
+ 99.5
34,649,443
7*22",453
+ 63.9
8,828,746
60,148,230
3,402*307
+ 41.9
16.697,222
27,366,947
13,100,089
111,668,178
+ 48.5
+ 15,2
+ 72.1
8,300,000
4,951,032
1,989,347
411,554,178
84,900,298
71,935,438
88,437,801
65,074,054
33,520,605
97,102.437
115,296,502
49,870,028
29,367,000
7,500,000
+ 20.0
+ 20.7
21,214,927
+ 18.5
11,555,836 + 116.7
1,732,400
3 13,592,714
Berkeley*
39,375,415
+ 39.8
7,390,076
Ogden..
+ 21.7
+ 23.1
—12.2
Reno...
—6.4
9,485,950
8,417,408
Yakima
44,334,048
40,297,062
+ 16.6
.....
41,532,122
25,688,108
9,622,369
Boise
80,838,000
+ 9.5
561,272,025
177,458,441
201,655,187
+ 81.1
169,295,194
47,197,000
369,673,444
647,166,915
21,597,857
11,222.280
+ 43.4
~
-
r
-
*• m
863*138
Not included
1,784,389,175
1,578,205,525
+ 13.1
15,161,093,930
11,666,452,356
+30.0
413.756,071
373,293,548
+ 10.8
284,351,701
226,902,615
677,538,061
716,858,282
—5.5
6,329,428,851
5,963,864,725
+ 6.1
156,574,229
162,797,751
—3.8
160,951,442
140,690,973
267,303,637
Santa Barbara..,
247,300,424
64,700,213
+ 8.1
+ 18.3
68,792,514
63,401,816
+ 8.5
49,785,553
44,094,593
23,800,176
16,414,812
+ 75.5
21,000,000
18,780,234
+ 61.4
705,860,820
675,851,777
250,370,435
+ 31.7
101,213,740
2,535.398,517
929,953,396
1,095,723,488
2,142,930,111
+ 95.3
+ 62.1
39,018,011
25,453,174
+ 53.3
+ 10.2
10,000,000
8.809.402
+ 13.5
20,115,511
8,005,478
+ 14.8
53,744,695
11,540,950
68,737,053
—21.8
53,989,069
Not Included In total
3,995,090
PAclfic
St. Louis
Orleans
Louisville
1120,356,937
163,324,075
Houston
Galveston...........
Richmond
37,569,287
+ 5.1
282,012,395
—18.6
275*973,307
2,231,493,377
374,143,967
41,483,973
80,810,884
42,374,241
70,790,006
+ 14.2
—15.9
2,468.258,159
925,505,676
896,233,859
—2.1
78,924,714
64,513,612
Norfolk
38.977.264
38,627,259
+49.7
+ 0.9
Birmingham
63,706,696
+ 26.2
24,069,048
13,439,595
—44.8
Knoxvllle
80.386,782
13,291,584
17,711,138
Jacksonville...
45,528,939
34,923,496
+ 30.4
35,440,443
Augusta
Chattanooga
—5.7
27,950,348
8,872,873
+ 23.7
46,560,543
38,926,659
+ 19.6
14,216,834
15.086.859
....
Oklahoma
31,296.351
Columbia
*11,486,343
Austin
Columbus, Ga
4,942,007
4,822,918
Vlcksburg
1,622,450
El Paso
27,326,010
Jackson
2,887,971
54,581,100
Tulsa
Muskogee
Newport News
Montgomery
—0.4
17,459,001
22,377,663
—22.0
18,350,632
+ 56.8
21,000,000
17,160,709
+ 22.4
18,624,139
+ 5.4
9,144,960
8,343,987
18,532,653
9.050.403
15,827,082
+ 1.0
+ 55.3
+ 17.1
10,462,862
+21.7
3,000,000
5,900,000
—49.2
5,696,546
+26.5
3,017,228
3,565,026
—15.4
3,206,032
2,839,673
+48.7
8.538,721
6,166,329
+ 20.3
4,645,405
4,042,439
+ 13.9
5.253,236
4,051,293
319,333,709
.
70,437,441
+ 38.7
249,740,049
+ 83.3
137,905,865
+ 33.1
10,270,156
7,022,407
2,824,580
9,903,622
4,000,000
431,250,465
+ 51.4
31,227,061
115,740,772 + 151.8
+ 51.3
89,107,631
186,488,243 —05.0
45,041,976
+ 14.6
16,043,988
260,218,046
+ 8.6
+ 1.8
27,229,316
506,913,428
+ 21.3
+ 19.0
—10.9
174,999,436
1,396,116,124
+ 4.4
—1.5
37,224,152
76,785.732
7,001,646
+ 33.8
97,074,691
*5,487,905
3,933,139
5,222.476
—25.8
Raleigh
41,374,476
11,059,233
+ 34.3
105,043,775
44,050,108
+ 13.2
12,056,149
386,143,392
474,035,283
136,558,621
62,782,739
58,055,396
+ 12.0
143,617,151
3,514,425
7,840.000
3,402,855
Texarkana
67,041,867
654.320,626
293,913,178
134,837,239
+ 35.7
17,500,000
9,100,000
33,418,060
14,337,133
16,910,876
16,605,515
—29.2
—5.8
16,762,918
6,985,755
9,305,125
2,917,459
Tamoa
—21.7
77,218,100
+ 42.2
45.004.860
19,943,361
149,931,451
Dallas
17,004,184
54,670,281
221,242,741
4,253,916
1,415,546
25,157,001
2,837,987
6,014,314
Wilmington, N. C
—27.8
13,307,292
+ 15.0
314,548,586
97,795,307
457,849.813
183,540,665
6,220,227
5,371,479
4,961,071
§8,440,094
Beaumont
15,980,341
+ 27.0
61,721,780 + 120.9
38.865,622 —19.5
12,860,982 —10.7
136,336,542
Macon
total
571,665,372
736,877,370
106,240,744
132,875,622
474,712,394
+ 23.8
10.978.265
Little Rock
+ 28.6
'n
689,253,811
406,813,474
+ 31.8
Mobile
Charleston..:
2,022,293,062
291,027,711
604,533,292
2,147,643,980
767,837,180
281,836,707
96,571,226
....
Nashville
Not Included in total
14,657,998
237,068,617
74,434,302
Worth,....
Atlanta
Memphis
39,500,300
229,576,858
.....
Savannah
Fort
+ 8.5
2,421,308
669,392,142
208,331,673
202,235,343
171,405,240
San Jose
New
4,500,451
1,889,659
1,628,952,363
Stockton
Total
4,882,349
1,664,483,078
13,203,723
25,144,382
25,043,400
Bakers field.',
19,177,950
5,586,649
+ 26.4
9,635,597
712,000,000
Francisco.
Pasadena
+ 30.7
27,160,413
65,612,700
96,224,539
78,792,779
49,121,840
33,650,857
9,114,228
3,700,000
5,230.901
+20.9
151,901,813
140,209,153
79,573,678
64,571,328
40,081,038
28,859.396
177,283,107
—18.0
4,389,200
Total New England
$
12,593,271,344
6,826,410
San
1917.
520,157,300
7,426,467
...
$
14,260,673,353
4,232,924
Waterbury
1918.
%
+ 9.2
Lowell..
Stamford
Dec.
+ 0.2
7,230,537
Bangor
1919.
$
,
43,398,600
18,745,118
Itlver..
Inc. or
1920.
1,441,349,008
20,270,607
Worcester
Fall
or
Dec.
$
1,444,420,909
4 r,401,000
45,346,708
25,124,809
14,000,000
Providence
Inc.
or
.
51,567,935
34,304,935
34,758,147
14,721,121
217,455,104
21,008,027
11,961,828
6,626,055
4,097,838
»
5,316.981
1,677,687
+ 68.4
1,557,926
1,371,077
—4.0
5,389,464
—4.8
4.000.000
5,000,000
3,543.902
+ 12.6
12,748,126
8,926,952
6,873,832
10,321,071
4,200,000
13,822,233
8.000,000
—14.1
3*133,8 )7
2,000,000
1,858,250
2,010*510
—*7*6
2,*5bi",126
3,"lob",606
+ 12.6
+ 28.4
+ 29.6
34*6*424
*4*7*5*, 821
—27*1
"494",861
46*5", 900
+ 29.6
6*2*4*,325
82*1", 311
—2*4*6
*872*566
+ 33.8
12,900,617
4,786,597
11,338,592
+ 13.8
+ 57.0
+ 8.6
7,699,793
2,433,925
+ 33.8
39,988,236
4,407,877
40,456,413
—1.2
29,358,153
780,298
6,617,059
2,565,255
22,675,983
4,127*553
3,913,637
"+5.5
3,"796", 862
3,403,976
645,355,650
645,837,718
—0.7
558,115,026
446,652,317
+ 9.0
+ 19.7
378,741,946
111,477,804
1,043,127,010
43,948,103
—15.3
62,710,188
+ 22.4
71,302,254
31,341,662
38,931,387
111,857.961
+ 36.1
92,622,507
11,946,983
+ 32.2
Shreveport
18,220,629
15,578,086
+ 17.0
28.492,789
62,470,630
195,199,274
Waco
17,125,000
14,760,000
+ 16.0
92,622,507
Port Arthur
1,609,244
15,462,512
1,472,294
16,969,514
+ 8.6
—8.9
15,679,775
185,486,874
146,297,750
+ 26.8
2,876,918,064
2,699,049,574
+ 6.6
26,386.540,953
21,509,149.907
+ 22.7
35,991,044,059 35,607,338,896
+ 1.1 338,612,071,790 294,220,545,178
+ 15.1
9,072,524,463 9,369,861,624
Outside New York. 17.389,514,960 15.997.472.030
+ 8.7 156.553.194.510 1.28.607. ?82.4<?5
+ 21
4.031.1 ^1 AM 3.751.371 133
Wichita Falls
Total
Southern
Total all
*
Not
+ 5.1
—9.1
+ 60.7
+ 74.5
+ 31.2
0
—3.2 7,054,151,055 6,432,416,280
+ 7.5 3.267.or>9.n«i
2.719.819,282
Included In totals; comparison Incomplete.
Canadian Bank Clearings.—The
in the aggregate of 12.9%.
clearings for the month of September
over
the
same
month of 1919, show
an
ncrease
September.
Clearings
Nine Months.
Inc.
1920.
1919.
$
Montreal
$
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John.....
Calgary
London.
Victoria
Edmonton
....
Reglna
3,182,754
Lethbridge
3,927,346
9,632,660
Saskatoon
Moose Jaw
Brantford
Fort William
Westminster
Medicine Hat
Peterborough.
-
Sherbrooke
Kitchener
„
Windsor
Prince Albert
Moncton
Total Canada
7,723,012
6,574,696
3,805,695
3,077,724
2,465,692
4,235,936
5,524,035
4,720,902
15,371,371
1,666,782
3,515,528
1,603,544 .596
%
+ 11.9
+ 15.4
218,769,121
59,519,366
42,194,407
25,182,030
19,811,958
26,588,243
13,189,520
30,522,670
13,488,312
10,544,780
21,543,119
19,891,838
3,337,860
3,451,406
9,092,261
+ 12.4
+ 30.1
—15.9
+ 21.7
+ 13.2
+ 19.7
+ 0.5
+ 19.4
+ 8.8
+ 11.2
+ 5.5
—7.9
—4.3
+ 13.8
+ 5.9
8,070,554
•
Inc. or
Dec.
358,890.250
11,727,457
22,715,293
18,316,105
Brandon
or
498,925,811
556,543,834
414,156,433
245,983,823
77,437,078
35,473,726
30,648,095
22,421,025
31,836,176
13,253,567
36,447,175
14,676,204
....
Toronto
New
Week ending September 30.
at—
1,419,543,827'
$
5,245,288,366
3,939,599,048
1,768,188,144
648,432,368
365,245,688
267,457,658
192,106,424
281,457,221
134,691,886
301,094,801
143,848,396
108,714,304
216,913,685
158,828,068
28,334,085
32,173,121
80,394,717
+ 32.7
Not Included
1919.
$
—11.7
4,955,276
3,880,159
2,501,600
1,957,501
3,509,196
4,112,790
3,974,507
9,736,140
1,903,146
1920.
+ 18.8
63,615,868
55,639,165
33,503,851
27,122,790
18,309,350
37,090,395
47,271,601
46,367,802
+57.9
123,368,338
—12.5
17,543,799
—1.9
+ 23.0
+ 26.0
+ 20.7
+ 34.3
In total
+12.9
6,965,259
14,382,600,939
K.
4,347,442,533
2,961,801,077
1,466,026,222
Dec.
%
+20.7
+ 33.0
+ 20.6
Inc. or
1920.
$'
123,907,264
94,490,155
75,935,611
17,002,296
7,473,921
6,134,106
4,708,581
1919.
Dec.
1918.
S
%
$
1917.
$
139,182,392
88,644,385
59,965,080
14,296,878
13,829,381
5,391,071
4,623,741
6,483,938
2,789,100
7,589,108
3,326,791
2,427,374
4,815,051
5,138,598
974,908
913,062
—11.0
+ 11.3
859,470
1,198,790
+4.6
1,932,997
2,034,899
1.074,057
2,438,788
1,641,760
—14.5
+ 18.9
91,763,240
66,541,056
52,075,841
12,480,670
—46.0
7,567,600
+ 13.8
4,940,867
3,829,032
5,886,276
2,324,478
7,367,477
2,757,076
1,857,806
3,540,374
4,824,632
+ 6.6
+26.6
88,342,880
63,589,986
65,079,747
10,168,711
455,657,252
318,129,282
+ 42.3
204,667,657
+ 30.7
173,979,619
+ 10.4
212,535,099
109,736,866
225,950,020
115,206,853
+ 32.4
+ 24.9
10,471,565
3,170,784
86,877,206
155,063,071
+25.1
2,705,857
+ 39.9
4,829,666
137,389,631
+ 15.6
4.047.304
23,413,801
27,301,152
+ 21.0
742,939
+ 17.8
1,016.677
72,013,344?
+ 11.7
58,631,540
38,748.506
+ 8.5
2,304,816
2,024,663
+43.3
1.402.305
+22.3
27,390,142
21,040,804
+ 28.7
16,340,022
+ 12.1
+ 28.0
28,892,626
35,628,962
+ 32.7
+42.8
32,481,186
60,997,877 + 102.3
14,232,291
+ 23.3
855,115
2,202,250
2,033,748
1,292,448
1,000,000
958,30
747,104
705,064
650,348
+ 8.4
589,562
488,015
626,124
552,939
+ 13.2
824,362
967,586
1,326,415
890,105
+ 8.7
590,343
771,119
919,329
+44.3
1,041,686
647,601
1,098,534
867,437
+26.6
653,008
669,544
3,014,717
375,127
767,911
1,900,000
+58.6
446,234 —15.9
Not Included in total
980,300
+ 14.8
+22.7
+ 33.3
Not Included In total
11,427,574,641
+25.9
7,372,675
3,009,030
381,718,897
373,146,696
+ 1.8
+ 13.7
+7.9
+ 38.0
—4.7
+ 11.5
+0.3
—21.2
—23.8
—0.4
+8.5
+2.3
780,448
6,718,421
4,054,002
3,472,074
5,377,860
1,759,788
8,998,212
2,454,116
1,719,672
2,869,800
4,954,503
786,601
1,027,881
752,850
297,729
280,320,343
280,783,008
OCT. 9
1920.]
THE
ENGLISH GOLD
We
SILVER
AND
reprint the following from
Samuel
CHRONICLE
THE
the weekly
circular of
Montagu & Co. of London, written under date of
Seqt. 23 1920:
gold,
England gold
changed— £121,558,755
;::r;a-
£121,557,845
last
York
New
week.
reports the arrival of $10,000,000 and $3,000,000 in gold from France and
London
respectively.
arrivals
of
For the
detailed in
reasons
gold have been negligible.
India.
for
In
this
connection
the
letter of last week, the
our
demand
Capital" of Calcutta for
It continues to be in good
issue
of
"The
shows no
abatement and hoarding is obviously going on without check.
A Bombay
authority declares that if sovereigns are fixed and made available at
Rs. 10 the demand could not be appeased without pouring out sovereigns
Aug.
the
to
contained
14
the
to the
hundred
a
Indian
is
would
be very
to
remarks:
two
perfectly
Treasuries
sovereign (the
secured
to
the following
but it
extravagant,
from
of
extent
in
the
These figures seem
sovereigns
below:
issue,
compared
as
3,573
1917,
not fail
The whole metallic reserve is 59%
50.1% four months ago.
The gold
with
month
of
kilos;
kilos;
3,605
1918,
1919,
August, 1920:
Russia
.......
France
..
£530
4,200
1,320
.—-
137,500
-
...
Africa.______
v—
—
89,250
195,488
—....
—
1,118,548
48,500
British India
— _—..
prices
541
12,596
£4,709,187
;
::/V■':•: re¬
SILVER.
•
been fairly
have
Indian
not
does
seem
there
and
indicate
to
have
been
desire
any
some
purchases for
to absorb silver
but has been dictated by the absence of bills offering.
On the 21st
delivery, there
premium in the price for forward delivery—the first time
increased
recent
the
to
since Aug.
a
of
depreciation
......
Sept. 7.
16327
16125
15862
5529
5545
5605
Silver coin and bullion out of India....
Gold coin and bullion in India..
in
ounces
with
The
Shanghai
sycee,
about
inst.
3766
on
24,000,000
the
4733
4809
2153
1928
4714
1777
.....
*20
Same
wk.
*19
289,000
523,000
Same
wk.
'18
413,000
Shanghai exchange is quoted at 5-lld. the tael.
4,663,000
4,680,000
1,372,000
2,270,000
4,363,000
5,838,000
6,049,000
1,014,000
1,436,000
1,435,000
900,000
1,011,000
56,801,000
11,949,000
13,741,000
14,093,000
1920.......
2,344,000
1919
83,145,000 29,813,000
8,840,000
8,205,000
25,959,000
59,612,000 19,775,000
45,678,000
4,267,000 166,524,000
.3.425.000 175,9,84,000
1918..
85.319.000 12.767.000
8,607,000
6,807,000
Total receipts of flour and grain at the seaboard ports for
Oct. 2 1920 follow:
the week ended
,
Wheat.
Corn.
Oats.
Bushels.
Bushels.
Bushels.
60d.
..59^d.
—59^d.
59%d.
_-_„;___60d.
-
...
New
York...
195,000
2,101,000
151,000
59,000
404,000
29,000
ENGLISH FINANCIAL MARKETS—PER CABLE.
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Oct
London,
Oct. 4.
Oct. 6.
Oct. 7.
Tues.
Wed.
Thurs.
58%
—~.d. 58%
Oct. 5.
Mon.
2.
Sat.
Week ending Oct. 8—
57%
56%
56%
Oct. 8.
Baltimore....
,
1,177,000
2,000
11,000
Newport News
15,000
Norfolk
Consols, 2% Per cents
British, 5 per cents.....;
84%
French Rentes (in Paris), fr.
84 15-16 85
84%
84%
78
78
78
78
78
53.80
53.70
53.70
53.52
88*666
*4*666
1,409,000
*49*,000
1*42*,000
4*2*666
*2*666
446,000
8,798,000
18,350,000 174,283,000
301,000
15,457,000
580,000
117,000
480,000
20,840,000
9,415,000
106,000
802,000
Since Jan. 1 '19 28.699.000 174 396.000
9.597,000
'20
wk.
Since Jan. 1
j20
Week 1919...
a
on
636,000
7,443,000 40,442,000
186.000
179,000
59,571,000" 54,456.000 25,349.000
Receipts do not include grain passing through New Orleans for foreign
through bills of lading.
ports
The exports from the several seaboard ports for the week
shown in the annexed statement:
are
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Peas.
Bushels.
Barrels.
Bushels.
Bushels
Bushels
Bushels
Exports from—
New
York
36,848
1,428,160
__l_
Boston
......
Philadelphia
..r—.
Baltimore
416,000
392,000
471,556
1,000
4,000
2*5*666
16", 000
2,100
5l",000
1,443,000
1*666
..........
1*6*666
Newport News....
15,000
*9*666
68,000
"2*0*656
43,000
New Orleans...... 3,088,000
Montreal
1,007,000
Total
week
33,000
28,000
7,934,160
68,000 158,848
Bio'.ooo
7*7*,000
63,000
July 1 1920 is
as
99,000 573,556 S-'S.OOO
2,100
31.896 484,719 1,043.450 201.000 693.728
Week 1919........ 5,483.393
(5,634
below:
Flour.
Wheat.
Corn.
Exports for Week
and Since
Week
Since
Week
Oct. 2.
Ju'v 1
Oct. 2
1920.
1920.
Barrels.
United
Barrels.
68,266
Kingdom.
Since
Week
Since
k
Jv'y
Oct.
1
2
1
JV'II
1920.
1920.
1920.
Bushels.
Bushels.
.......
12,582
Bushels.
Bushels.
So. & Cent. Amer.
35,000
7,000
3,129,709
46,872,859
4,661,451
10,000
801,613
2,418,106
296,976
55,399,620
265,007
Continent
West Indies..
43,000
337,228
*25*666
510,160
36,004
1,376,060
29,270
3,000
3*6*,000
6*04*868
158,848
4,386,510
7,934,160 104,818,576
68.000
925,004
484.719
Total
7,338,266
5.483.393
31.899
1,053.299
1,167*,037
133*,000
12*342
53.152.671
world's
The
shipment of wheat and corn for the week
ending Oct. 2 1920 and since July 1 1920 and 1919 are
shown in the following:
Wheat.
Corn.
1920.
Exports.
Oct.
2.
Juyl
Bushels.
North Amer.
al919.
Since J
Week
Since
July
1.
Week
1.
85.52
85.85
85.90
85.95
Australia
112,000
99%
99%
99%
99%
Foreign
91%
90%
89%
88%
87
8J%
*286*666
616,000
34*,*088",000
*86*4*666
1,49*5*666
45.665.000
4.165.000
36.199.000
visible
supply of grain, comprising the
principal points of accumulation at
seaboard ports Oct. 2 1920 was as follows:
granary
at
GRAIN
Wheat
United States—
New York
—..
...
3,118,000
...
...
...
Corn
...
Buffalo
...
4.000
30,000
66,000
292,000
143.000
361,000
332,000
674,000
539,000
433 000
1,796,000
~
*
...
...
Indianapolis
...
......
-
-
-
«*
*.
•
*
4
450.000
Yo'666
2,000
859*600
180,000
-
55.000
1,458,000
89,000
249,000
18,000
944,000
22,000
257,000
13*8*666
29,000
3,429,000
1,716,000
.....
On Lakes
—
*
Barley,
bush,
185,009
63,000
6,000
34*0*660
212,000
...
...
1,507,000
19,000
1,394,000
421,000
347,000
65,000
3,500,000
88,000
1,115,000
230,000
...
Peoria
Omaha
in
and
36,000
1,287.000
.....
Kansas City
Rye
bush.
1,517,000
1,539,000
—....
Duluth
bush.
1,655,000
3,561.000
Chicago
Milwaukee
lake
18,000
63,000
4,173,000 15,574.000
234,000
3,313,000
...
Toledo
Oats
bush.
609,000
124,000
Galveston
stocks
STOCKS.
'
bush
...
Boston—
St, Louis...
figures* broughtTfrom page 1488.—The
statements below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since'Aug. 1 for each of the last three years have been:
43,144,000
1,21*6*666
Minneapolis
©ontmcrcial autlilXisccXlatxeous|},ctu£
1,022,000
30,463,000
10.001.000 179.563,000 190.329.000
Detroit
99%
1.
July
Bushels.
'
Total
The
10,358,000
286*666
«».
India..,
New Orleans
99%
136,000
*466*656 37*,263*666 47*.62*5*666 4,6*29,656
Argentina
Newport News—....
Domestic...
1.
"635*666
78,
Silver in N. Y., per ounce (cts.):
Since
Bushels.
Danube.....
Baltimore...........
85.97
July
Bushels.
9,203,000 131,662,000 111,025,000
1919.
Since
2.
Oct.
Bushels.
Bushels.
1920.
a
Russia......
Philadelphia...
price of silver in New York on the same day has been:
164,000
41,000
272,000
1,234,000
*3*6*666
Montreal....
84%
53.30
FrenehWarLoan(inParis), fr.
85,000
80,000
160,000
2,13*6*666
100,000
*
/.
75,000
178,000
1,000
New Orleans a
Frl.
56%
H8s.7d. 118s.4d. 117s.I0d.117s.ld. 117s.3d. 117s.
46 >6
45
46M
46 %
45%
46
Gold, per fine ounce..
Breadstuffs
Rye.
Bushels.
'
Philadelphia 1.
Oth. countr's
The
Barley.
Bushels.
Fine.
2 Mos.
59^d.
117s. 6d.
Sept. 18
59&d.
Sept. 20
59J£d.
117s. 6d.
Sept. 21
60d.
117s. 6d.
Sept. 22
60Kd.
117s. 6d.
Sept. 23
_..59%d.
60d.
117s. 6d.
Average
59.79ld.
59.708d.
117s. 6d.
The silver quotations to-day for cash and forward delivery are respectively
%d. and %d. below those fixed a week ago.
British, 4% per cents
"■■■
Flour.
Barrels.
Receipts at—
Bar Silver per oz. Standard Bar Gold per oz.
Cash.
Silver, per oz
234,000
260,000
Since Aug. 1—
Total 1919..
18th inst. consisted of about 34,650,000
dollars and 890 bars of silver, as compared
sycee and 23,000,000 dollars on the 11th
Sept. 17
as
1,000
266,000
201,000
95,000
wk.
Other countries...
33,800,000 ounces in
Quotations—
The
69,000
Brit. No. Am. Cols
......
coined during the week ending 15th inst.
were
in
3843
>:
—
Securities (Indian Government)
Securities (British Government)
-—
3912
...
Gold coin and bullion out of India
stock
ib",66o
153,000
152,000
Sept. 15.
in circulation
rupees
*7*4*666
84,000
Indianapolis..
July 1 to—
Aug. 31.
Silver coin and bullion in India
The
500,000
293,000
1920.
17, last,
In Lacs of Rupees—
No
311,000
50,000
38,000
mark.
the German
INDIAN CURRENCY RETURNS.
Notes
164,000
103,000
1,902,000
1,029,000
7*5*666
Louis....
inst., in consequence of better supplies of silver for prompt
again appeared
33,000
in the
The
position of the China exchange is still dominated by strong speculative in¬
fluences, which, from the silver point of view, are not an element of
strength.
Continental supplies have been rather larger, possibly owing
latter quarter,
104,000
66,000
35,000
1,004,000
Kansas City..
Omaha
Norfolk
well maintained during the week, mainly owing
operations,
covering
This
165,000
59,000
— .
..£3,703,063
China.
751,000
Bushels.
2,741
Total
y.Vyy
230,000
8,732
—
Settlements
Zealand
countries.
339,000
569,000
279,000
132,000
*16^666
Peoria
Total
216,000
1,516,000
973,000
257,000
368,000
2,000
151,000
...
Detroit
ending Oct. 2
2,624,354
Transvaal
to
3,346,000
— -
.......
......
Other
3,443
55,941
—
.
United States of Am erica. _.__y
Straits
Toledo
Total
6,636
—-
..—
_
.
.
Switzerland
Rhodesia
122,000
'
40,400
Netherlands
New
Exports.
,
£715,530
-
Sweden
Egypt
5,134,000
2,757,000
Galveston
Imports.
West
The
kilos.
3,450
exports during the
the United Kingdom gold imports and
were
462,000
3,969,000
Meanwhile the gold holding of the Treasuries is
production of the Belgian Congo during the last three years was as shown
following
160,000
Duluth.
obtainable
were
exchange for notes at the rate of 10 rupees
Rye.
Barley.
legal tender value) the cheapness of the gold thus
new
great indeed.
note
that if
plain
for gold
run
millions."
hundred
diminishing and the silver increasing.
of
"The
appeal to the Indian people that the drain could
so
Chicago
Minneapolis..
St.
against its note issue is practically un¬
reserve
against
as
1920.
Oats.
Corn.
Wheat.
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 56 lbs. bush.48lbs. bush.bfUbs.
Milwaukee...
September 23
■
The Bank of
Flour.
Receipts at—
MARKETS.
1445
988,000
19.000
21,000
303,000
843.000
61,000
28,000
552.000
2,000
166,000
260,000
549.000
3,000
1,001,000
311,000
665,000
3,032,000
728,000
21,000
782,000
......
5,000
175,000
On Canal and River..
Total Oct.
2 1920. ...27,564,000
Total Oct.
4 1919. ...84,900,000
7,587.000 27,602.000
4.407.000
5,105,000 25.200.000
3,889.000
2,163,000 19,612,000 15,395,000
4,541,0<
Total Oct.
5 1918. ...97,886,000
5,503,000 24,678,000
2,550,0(
Total Sept.
25 1920. ...26,543.000
4,723,000
3.415,0(
3.419.<X
1446
Note.—Bonded grain not Included above: Oats, 20,000 bushels New York; total,
20,000, against 10,000 In 1919; barley, New York, 3,000; Duluth, 1,000; total, 4,000
bushels, against 48,000 bushels In 1919.
5,410,000
„
Ft. William & Pt. Arthur.
Total
248,000
353,000
5,179,000
Other Canadian
Total Oct.
720,000
Sept. 25 1920.
394,000
228,000
554,000
18,000
2 1920. ,r.11,309,000
9,293,000
248,000
210,000
7,510,000
6,406,000
123,000
616,000
394,000
844,000
741,000
1,436,000
339,000
508,000
151,000
272,000
..27,564,000
..11,309,000
7,587,000 27,602,000
4,407,000
394,000
3,415,000
844,000
-38,873,000
-35,836,000
..92,410,000
.103,932,000
7,835,000 28,527,000
4,801,000
5,315,000 25,708,000
4,040,000
2,165,000 21,889,000 15,667,000
...
5 1918.
...
2,000
Summary—
Canadian
Total
2 1920.
Sept. 25 1920.
Total Oct.
4 1919.
Total Oct.
5 1918.
248,000
925,000
5,626,000 29,710,000
4,723,000
now group
bring
we
we
we
follow with
show the dividends
previously
have not yet
following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
1
CHARTERS ISSUED.
The First National Bank of Russellville, Ala
President, A. H. Dabbs; Cashier, Emit L. Reid.
Conversions of State banks and trust companies:
Capital.
$25,000
...
*IX
Dec.
♦Holders of
rec.
Oct.
29a
1H
Nov.
Holders of
rec.
Oct.
16a
IX
Oct.
15
Oct.
1
to
Oct.
17
IX
Oct.
15
Oct.
1
to
Oct.
17
2
Dec
1
Green & Coatcs 8ts., Phila., Pass. (qu.)_
S1.3C Oct.
7
*1X
_
Street and Electric Railways.
Cin. Newport & Gov. L. & T., com. (qu.)
(quar.)
Detroit United Ry (quar )
Abitibi Power & Paper, common (quar.).
Acme Co3l Mining
,.
Original organizations:
The Peoples National Bank of Fairfield, Idaho
Correspondent, Harry Giesler, Fairfield.
The Security National Bank of Fairfield, Idaho
Correspondent, Robert Leaper, Fairfield.
First National Bank in Dexter, Kansas
Correspondent, W. C. Robinson, Winfield, Kans.
The Carteret and Chrome National Bank of Roosevelt, N. J
$25,000
$50,000
American Fork &
25,000
25,000
100,000
Correspondent, Edward J. HeU, Carteret, N. J.
Pa
50,000
$275,000
STOCK INCREASED.
Amt. of
Increase.
*
Manufacturers' National Bank of Rockford, 111
First National Bank of Ontonagon, Mich
Unadilla National Bank, Unadilla, N. Y
Austin National Bank, Chicago, 111
First National Bank or Woodbridge, N. J
Farmers' National Bank of Springfield, Ohio
*
...
Cap. when
Increased
•
100 Singer
$60
$131ot
Manufacturing
..126
5 Bankers Trust
360
200 Consol. Traction of N. J
54.2 Germproof
Cup
25
Corp., com.,
!*•
trust certlfs—
$55 lot
48 Germproof Cup Corp., pref. B
$7 per sh.
1
Stocks.
% per sh.
50 U. S. Worsted, com., $10 each.
SH
13 Naumkeag Steam Cotton
195 X
3 Blgelow-Hartf.
12
Carpet, pref.90%-91
Fltchburg Gas & Elec., $50 each 66
1 Mississippi River Power, pref..
2 Securities Corp. General, com..
150 Boston Securities, com
100 Doane Towboat—...
48
2
$11 lot
4X
Stocks.
$ per sh.
4 Webster & Atlas Nat. Bank...226^
,
50 Booth
140
25 Lawrence Mfg
140
Mfg., common..
4 Nashua Mfg., common
111
20"Arlington Mills
91-93
10 Nashua 6c Lowell RR
120
11N. Bedford Gas & Ed. Lt- 146-150
Stocks.
4 Fidelity
$ per sh
Trust
450
54 West End Trust
10 Frankford
..150
Trust, $50 each__173
10 Guarantee Tr. ol Atl.
City..213
5 Amer. Academy of Music...425
25 Union Pass. Railway
89
25 Phila.&GraysFerry Pass.Ry.
60
31M Chicago Rys. (partic. ctfs.,
_
100 Burlington
Indus.
Alcohol,
17 Hestonv. M. & F. Pass.
Ry.,
preferred
42 Hestonv. M. & F. Pass.
45
*2
250
lot $2
1,000 Big Four Mining
Steel
lot $1
lot $2
700 Mollie Gibson Mining & Mill¬
.....
♦Holders of
15
rec.
Oct.
Oct.
Holders of
rec.
Oct.
4
Nov.
Holders of
rec.
Oct.
16a
1
Nov.
Oct.
Oct.
27
16
to
5a
Nov.
Oct.
16
to
Oct.
27
Nov.
Oct.
16
to
Oct.
27
Oct.
(quar.)
Associated Dry Goods Corp., com. (qu.)
First preferred (quar.)
IX
Oct.
Holders of rec. Sept. 30
Holders of rec. Sept. 30
1
........—.....
Mach.,
com.
Preferred
flH
IX
Holders of
rec.
Dec.
Holders of
rec.
Nov.
6
Dec.
Holders of
rec.
Nov.
16
IX
IX
(quar.)
Nov.
IX
IX
Second preferred (quar.)
Atlantic Refining, preferred
Nov.
Hold era of rec. Oct.
Austin, Nichols & Co., pref. (quar.)
Avery Co., com. (pay. in common stock) *f 100
Brown Shoe, pref. (quar.)....
*ix
Car tier, Inc., pref. (quar.).
IX
Cities Service, Bankers' shares (monthly) 41.SOc
Cluett, Peabody & Co.,
Oct.
16
15
Nov.
Holders of
rec.
Oct.
Nov.
♦Holders of
rec.
Oct.
11
Nov.
♦Holders of
rec.
Oct.
20
Holders of
rec.
Oct.
15
Nov.
Holders of
rec.
Oct.
15
Nov.
Holders of
rec.
Oct.
21
Oct.
Holders of
rec.
Oct.
Oct.
2
(quar.)
com.
Holders of
rec.
Sept. 30
♦Holders of
rec.
Oct.
Oct.
15a
5
Fairbanks Co., 1st pref. (quar.)
*2
Nov
♦Holders of
rec.
Oct.
20
Oct.
lot
1st
$825
(quar.)
Preferred
11 Gillette Safety Razor
36X
8
18
-141X
95M-96
10 Hood Rubber, pref
1 Samson Cord Works.
150
1 King Philip
Mills, ex-div
12 Hood Rubber, common
156
'
109
2
*3
Nov.
*sx
IX
2X
Nov.
♦Holders of
Oct.
9a
21
21
Firestone Tire & Rubber 6% pref. (qu.)
General Tire & Rubber, common...
rec.
Holders of
rec.
Oct.
21
Holders of
rec.
Oct.
21
18
IX
Oct.
Holders of
rec.
Oct.
1
4
Nov.
Holders of
rec.
Oct.
20
Oct.
Holders of
rec.
Sept. 30
♦SI
Hodgeman Rubber, pref. (quar.)
Idaho Power, pref. (quar.)
Independent Warehouses, Inc. (quar.)—
(quar.)
Kelly-Springfield Tire,
Holders of
Nov.
Nov.
IX
Globe-Wenicke Co., pref. (quar.
Gossard (W. H.) Co., com. (quar.)
Internat. Nickel, pref.
Nov.
IX
(quar.)
com.
Oct.
Oct.
6
rec.
Oct.
15
Holders of
rec.
Oct.
15
Oct.
Holders of
rec.
Oct.
8
Nov.
Holders of
rec.
Oct.
16
Nov.
IX
rec.
♦Holders of
Nov.
$2
♦Holders of
Nov.
*2
*IX
$1
(quar.)
^Common (payable in common stock).
Preferred
(quar.)
Kress (S. H.) Co., com. (quar.)
Holders of
rec.
Oct.
15
15
/75c.
Nov
Holders of
rec.
Oct.
2
Nov
Holders of
rec.
Nov.
*1
Lima Locomotive Works, pref. (quar.).
Loose-Wiles Biscuit, 2d pref. (quar.)
Nov
♦Holders of
rec.
Oct.
20
Nov
Holders of
rec.
Oct.
15a
IX
IX
1
Mulllns Body Corp., com.
Preferred
(quar.)..
Holders of
rec.
Oct.
16
*25c.
Nov.
♦Holders of
rec.
Oct.
30
50c.
(quar.)
Miami Copper (quar.)
MIdvale Steel & Ordnance (quar.)
Morris (Philip) & Co., Ltd., Inc
$ per sh.
S1.50:
IX
....
Federal Sugar Refining, com. (quar.)
Nov.
Holders of
rec.
Nov.
Nov
la
$1
...
Nov.
Holders of
rec.
Oct.
15a
10c.
Nov.
Holders of
rec.
Oct.
15
*$1
Nov.
♦Holders of
rec.
Oct.
16
*$2
(quar.)
New River Co., pref. (acct.
accum.)
Nov.
♦Holders of
rec.
Oct.
16
Holders of
rec.
Oct.
9
rec.
Oct.
20
rec.
Oct.
15
15
|
hlX
*IX
Oct.
Nov.
♦Holders of
Public Service Corp. of No. 111.
com.(qu.)
Preferred
(quar.)..
*IX
Nov.
♦Holders of
Phillips-Jones Corp., pref. (quar.)
*1X
Nov.
♦Holders of
rec.
Oct.
*1X
Oct.
♦Holders of
rec,
Sept. 30
25c.
Shaffer Oil & Ref., pref. (quar.)
Standard Motor Construction
(quar.)
Nov.
Holders of
rec.
Oct.
4
Stocks.
$ per sh.
10 Draper Corporation
75 Utah Power & Light, pref
10 Hood Rubber, pref.
131X
85
(quar.)
3
Oct.
(quar.)
(quar.)
*$1
Oct.
♦Holders of
rec.
Oct.
1
Oct.
♦Holders of
rec.
Oct.
5
Truscon Steel, com.
Union Oil of Calif., com. (quar.)
Common (extra)
*4
.
*$2
5a
Oct.
*$1
Hold era of rec. Oct.
Oct.
Estate, pref
$IX lot
4%
Stocks.
$ per sh.
Improvement..
9 West. N. Y. & Pa. RR
400 North. Pacific RR., com
20 North. Pacific RR., pref
10X
lot $10
lot $2
lot $2
lot $2
50 Price Ry. Appliance
6 Ches. & Dela. Canal
United Cigar Stores, com. (In com.
stk.) ♦/10
♦$1
(quar.)
Extra
•
*50c.
Nov.
♦Holders of
rec.
Oct.
29
Oct.
♦Holders of
rec.
Oct.
15
Oct.
♦Holders of rec. Oct.
15
U. S. Rubber, com. (quar.)
First preferred (quar.)
2
Oct.
Holders of
rec.
Oct,
2
Oct.
Holders of
rec.
Oct.
15a
U. S. Worsted, 1st pref. (quar.)
Ventura Consd. Oil Fields (quar.)
96
12 Am. Real Estate, common
$1 lot
100 East Coast Fisheries, common.
Creek
Steel Products, com.
Sullivan Machinery
IX
Oct.
Oct.
Oct.
15
Nov.
Holders of
Oct.
15
U. S. Glass
Warner
(Chas.) Co. of Del.,
50c.
(qu.) *$1
First and second preferred
*IX
(quar.)
com.
Weber & Heilbronner, com.
Preferred
(quar.)
*50c.
(quar.)
*1X
Western Grocers, Ltd., pref. (quar.)
Wilson & Co., com. (quar.)
IX
*1X
8
to
rec.
15a
Oct.
♦Hold era ol rec. Sept.
Oct.
♦Holders of
rec.
Nov.
♦Holders of
rec.
Dec.
♦Holders of
rec.
Nov. 15
Holders of
rec.
8ept. 30
*Holdera of
rec.
Oct!
,
Oct.
Nov.
1
30
Sept, 30
Oct.
20
21
lot $2
3,400 Glrard G. & S. Mining
lot $2
Automobile, .lot $1
Elec.
300 Rio Grande Sugar
200 Susquehanna
Iron
lot $1
&
Below
and
8teel
(ctfs. of deposit)
lot $1
200 American Alkali...
lot $1
100 Rochester & Pittsburgh RR.lot
$2
100 Marine Auxiliary Side Light-lot
$1
100 Jubilee Mg. &
Devel., Ltd..lot $1
8 Wlcomlca & Pocomoke RR-.lot
$1
not
we
give the dividends announced in previous weeks
paid.
This list does not include dividends
yet
announced this week.
Per
When
Books Closed.
Cent.
Name of Company.
Bonds.
Per cent.
$2,000 Phlla. & Garret. St. Ry. 1st
5s. 1955
73
1,000 Scranton Ry. 1st & ref. 5s,'47 20
3,000 United Trac. of Pitts, gen.
5s, 1997..
27
700
Philadelphia City 3Xb, 1932 80
500 Lehigh Val. Trans, coll.
6s,
1923
85
5,000 Hestonv. M. & F. Pass. Ry.
cons.
58, 1924
92H
6s, 1883-lot $1
4,000 Union Canal of Pa.
2,000 Md. & Pa. RR. 1st 7s, 1896-lot $2
500 Long laid. RR. 1st
7s, 1890-lot $2
140 Allegheny
Val.
RR.
Inc.
Clev. Cin. Cblc. & St. Louis, pref.
(qu.)..
Delaw. Lackawanna & Western
(quar.).
Great Northern (quar.)
Kansas City Southern, preferred
Payable.
Days Inclusive.
(quar,).
Minn. St. Paul & S. 8. M., com. 6c pref.
New York Central RR.
(quar.)
Norfolk 6c Western, adj. pref.
Northern Pacific (quar.)
(quar.)
(quar.)
lot $2
rec.
Oct.
rec.
Oct.
Sept. 25
to
Oct.
1
1
Oct.
15
3X
Oct.
15
IX
Nov.
1
la
6a
14
Holders of
rec. Sept. 30a
Holders of rec. Sept. 22a
rec. Oct.
la
Holders of rec. Oct. 30a
Holders of rec. Oct.
2a
Holders of
Nov. 19
IX
2X
Nov.
IX
Nov. 30
Holders of rec. Oct.
$1
Nov. 11
Holders of
rec.
Oct.
Oct.
14
Holders of
rec.
Sept. 28a
2X
Oct.
10
Sept. 21
to
Oct.
10
3X
Oct.
15
Holders of
rec.
Oct.
4
Oct.
1
10
Oct.
1
to
Oct.
11
25a
19a
Street Be Electric Railways.
Duquesne Light, preferred (quar.)
Pref. scrip
lot $2
Holders of
Holders of
Nov.
soc.
_
United RR. 6c Canal Cos. (quar.)
Warren RR...
Kentucky Securities Corp., pref. (quar.)
Manchester Trac., Lt. 6c Pow.
(quar.)..
OttumWa Ry. 6c Light, pref.
lot $2
60 West N. Y. & Pa. RR.
scrip.lot $2
30 Nat. Rys. of Mex. frac. 2d
20
20
IX
1
Philadelphia <fc Trenton (quar.)
Pittsburgh 6c West Virginia, pref. (qu.).
Reading Company, common (quar.)
Second preferred
Oct.
$2.50 Oct.
IX
scrip
ing, com
lot $2
700 Mollie Gibson Mining & Mill¬
ing, pref...
Nov.
3X
.....—
Railroads (Steam).
125 Equitable Loan Society, pref.;
63 Equit. Loan Soc., com lot $105
22 Phoenix Water Power
lot $8
30 Rend all
20
23
30
133
6,650 Marlview Mining of Southern
Nevada, com.
lot $2
500 Marlview Mining of Southern
lot $2
Nevada, pref
5,150 U. S. Sealing (Springfield,
Mass.), com
lot $2
1,000 Pre-Heated Air
lot $3
4 Active Specialty Co..
5
15
Oct.
Oct.
Ry.,
common
8 West Phlla. Pass. Ry
1 Sixth National Bank
Oct.
Oct.
rec.
Oct.
...
pref., $10 each
7
58 Frank. & Southwark Pass.Ry.201
16 Phlla. City Pass. Ry
100
rec.
rec.
Holders of
Oct.
Land
Stocks.
500 General
Series 2)
4
3 Fhlla. Bourse, pref., $25 each 20
4 Phlla. Bourse, com., $50 each
6H
Holders of
Holders of
Nov.
rec.
3 Laconla Car, preferred
70 American Inves. Secur., pref..
7 Robertson Paper, pref., $50 ea.
73 Black
$1.50 Oct.
$1
in
Merritt Oil
Real
31
rec.
Per cent.
Apple
$1,000 Metropol. Jockey Club
5s, 1927.
Shares.
Oct.
rec.
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
rec.
Holders of
pref
|
1 Wenatchee Apple Land
Corp.,|
2d pref
...J
Bonds.
5 Am.
Holders of
♦Holders of
1st
Shares.
1
4a
Nov.
By Messrs. R. L. Day & Co., Boston.
Shares.
Oct.
*2
Corp.)
2d pref. certlfa. of deposit.. |
Wenatchce Apple Land Corp., )$5
Shares.
rec.
Seven per cent pi eferred.
Electrical Utilities Corp., pref. (quar.)..
Elgin National Watch (quar.)
By Messrs. Wise, Hobbs & Arnold, Boston:
Share*.
Holders of
50,000
200,000
50,000
200,000
Stocks.
29 Wcnatchee
..$6 lot
*.
15
(quar.)..
Fa jar do Sugar
Salt
20
$400,000
50,000
$200,000
25,000
25,000
100,000
25,000
100,000
Sales.—Among other securities, the following,
not 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:
Ilium. Gas
7
Oct.
Congoleum Co., common
Cuban Canadian Sugar, pref. (quar.)...
Cudahy Packing 6% pref
Auction
1 Standard Assets Corp
15
Oct.
rec.
to
10c. Nov.
Hoe, pref
Preferred (quar.)
American Beetling
Correspondent, H. S. Plank, Penbrook, Pa.
253 Consumers
Nov
♦Holders of
Nov.
(quar.)
American Chicle, common (quar.).
American Cigar, common (quar.)
Amer. Light & Tract., common (quar.).
Common (payable in common stock).
Shares.
Sept. 23
rec
1
Nov.
75c. Oct.
„
Correspondent, Leonard A. Usina, South Jacksonville.
&
Holders of
Miscellaneous.
American Glue, common...
Per cent.
Books Closed.
Days Inclusive.
(Steam).
Ateh. Topeka & Santa Fe. common (qu.)
Pere Marquette, prior preferred (quar.)
Conversion of the Bank of South Jacksonville.
Nat.
When
Payable.
[Banks.
$250,000
Stocks.
are:
Per
Corn Exchange (quar.)
APPLICATION
FOR
CHARTER.
Conversion of State banks and trust
companies:
The First National Bank of South Jacksonville, Fla
Shares.
which
200,000
Total
200 Ohio & Indiana Cons.
announced, but
25,000
President, D. E. Aylward; Cashier, J. M. Arkabauer.
Conversion of the American State Bank of Livingston.
The Progress National Bank of New York, N. Y.
President, J. Siiberzweig; Cashier,
Conversion of the Progress Bank of New York.
The
The
The
The
The
the
second table, in which
Cent.
Name of Company.
(quar.)
Puget Sound Power & Lt., pref. (quar.).
The First National Bank of Livingston, 111
CAPITAL
a
The dividends announced this week
Preferred
Original organizations:
Bank of Penbrook,
dividend
Milwaukee Elec. Ry. & Lt., pref.
Banks.—The
The National
our
been paid.
Railroads
National
presenting
the dividends in two separate tables.
together all the dividends announced
Then
current week.
4,259,000
4,160,000
5,977,000
2,889,00
4 1919.
American
We
record.
First
925,000
2,277,000
5,032,000
...
Total Oct.
Total Oct.
Total Oct.
DIVIDENDS—Change in Method of Reporting Same.
We have changed the method of
Canadian—
Montreal
[Vol. Ill
CHRONICLE
THE
(quar.)
.
1H
IX
Nov.
Oct.
15
Sept. 28
to
Oct.
15
2
Oct.
15
Holders of
rec.
Oct.
1
IX
Oct.
15
Holders of
rec.
8£pt. 30
1
Holders of rec. Oct.
1
Oct. 9
1920.]
CHRONICLE
THE
Per
Street and Electric
Rys.
Boohs Closed.
Payable.
Days Inclusive.
Per
(quar.).
Six per cent cumulative preferred
Phila. 4 Western Ry.. pref. (quar.)
Washington Water Power. Spokane(qu.)
common
WestPenn Power Co., preferred (quar.).
York Railways, preferred........
(quar.)
15
Holders of
rec.
Sept. 30a
30
Holders of
rec.
Oct.
la
la
SI.50 Nov.
IK
IK
IK
62Kc
1
Holders of
rec.
Oct.
Oct.
15
Holders of
rec.
Sept. 30a
Oct.
15
Holders of rec. Sept. 24
Nov.
Oct.
Holders of rec. Oct.
30
21
Holders of
1
20a
Oct.
rec.
Amer.
Agricultural Chem.,
Amer. Beet Sugar, pref.
Sept. 30
14
Holders of
rec.
Oct.
7a
Midwest Refining (quar.)
Oct.
18
Holders of
rec.
Oct.
8
STov. 15
Holders of rec. Oct.
25a
Mohawk
Oct.
15
Holders of rec.Sept.
24a
Mollne Plow, first preferred
3ct.
15
Holders of
15
(quar.)...
*$1.50 Oct.
Holders of
15
'Holders of
rec.
Sept. 30
15
Holders of
rec.
Oct.
la
Oct.
15
Holders of
rec.
Oct.
la
Oct.
30
Holders of
rec.
Oct.
1
Holders of
rec.
Oct.
Nov.
IK
Oct.
Amer. La France Fire Eng..
(qu.)
2K
Nov. 16
Amer. Laundry Machinery, pref. (quar.)
IK
Oct.
Amer. Rolling Mill, com. (in com. stock)
American Rolling Mill, common (quar.).
*f25
25
9a
15
Holders of rec. Oct.
Oct.
Nov. 15
50c.
Oct.
11a
la
Holders of rec. Nov.
15
15
25c.
Common (extra)...
Six per cent preferred (quar.)
Seven per cent preferred (quar.)
6
to
Oct.
15
'Holders of rec.
Nov. 1
Holders of rec. Sept. 30a
Oct.
15
IK
Oct.
15
Holders of rec. Sept. 30a
IK
Amer. Seeding Mach., com. & pf. (quar.)
American Shipbuilding, com. (quar.)
Common (extra).
Preferred (quar.)
5a
Oct.
rec.
Oct.
IK
Oct.
15
Holders of rec. Sept. 30a
IK
Oct.
15
Holders of rec. Sept. 30
IK
Nov.
2K
i_
American Steel Foundries, com.
rec.
2
American Gas 4 Electric, pref. (quar.)..
American Ice, preferred (quar.)
com.
IK
(quar.).
Amer. Sumatra Tobacco, com. (quar.)..
Preferred
75c
Nov.
Nov.
Oct.
Nov.
Holders of rec. Sept. 30a
1
Holders of rec. Oct.
15a
1
Holders of rec. Oct.
15a
Holders of rec. Oct.
15a
Oct.
la
Oct.
15a
1
15
Holders of
1
Holders of
rec.
2K
3K
Mar. 1 z
Holders of rec. Feb.xl5a
2
Oct.
15
Holders of rec. Sept. 20a
rec.
American Thermos Bottle—
l$2
in Class B shares)
American Trading, com. (quar.)
American Type Founders, com. (quar.).
Preferred
(quar.)
American Woolen, com. & pref. (quar,).
American Wringer, preferred (quar.)...
Amer. Zinc, Lead & Smelt., pref. (quar.)
Anaconda Copper Mining (quar.)
(quar.)
Associated Oil
3z
Dec.
Oct.
15
Holders of rec. Oct.
7a
1
Oct.
15
Holders of rec. Oct.
IK
Oct.
15
Holders of rec. Oct.
10a
10a
IK
Oct.
15
Sept. 16
Oct. 15
IK
1
$1.50 Nov.
$1
21
to
to
Holders of rec.
Jan.
2z
Sept. 26
Sept. 30a
Holders of rec. Oct.
15a
Nov. 22
Holders of rec. Oct.
16a
(quar.)
IK
Oct.
15
Holders of rec. Oct.
1
IK
(qu.)
.....
Austin. Nichols A Co., pref. (quar.)...
Barnett Bros.
Jan.
1
Oct.
15
Holders of rec. Oct.
1
IK
Asbestos Corp. of Canada, common
Preferred
Oct.
25
IK
Nov.
1
Holders of rec. Sept.
30a
Holders of rec. Oct.
15a
A Splndler—
First and second preferred
(quar.)
(quar.)...
—
Barnsdall Corp., Class A A B
Nov.
1
IK
62Kc Oct. 30
Holders of rec. Oct.
26a
Holders of rec. Sept.
30a
Barrett Co., pref. (quar.)
IK
Oct.
15
Holders of rec. Sept. 30a
Bayuk Bros., Inc., 1st A 2d pref. (quar.)
Bell Telep. of Canada (quar.)
Bell Telephone of Pennsylvania (quar.).
2
Oct.
15
Holders of rec. Oct.
2
Oct.
15
Holders of rec. Sept. 30
IK
Oct.
15
Holders of rec. Oct.
Borden Co. preferred (quar.).
IK
Deo.
15
Holders of reo. Dec.
Borne, Scrymser Co
20
Oct.
15
Sept. 12
to
Oct.
14
Butler Brothers (quar.)
Canada Cement (quar.)..
3K
IK
Nov.
16
to
Oct.
31
IK
Central Coal & Coke, com. (quar.).
Oct.
1
Oct.
1
5a
la
16
Holders of rec. Sept. 30
15
15
Nov.
1
Holders of rec. Oct.
Dec.
1
Holders of rec. Nov. 17a
Dec.
1
Holders of
rec.
$1
IK
IK
2
K
/4
Holders of rec.
9
Nov. 17a
Oct.
15
Holders of
rec.
Sept. 30
15
Holders of
rec.
Sept. 30
Oct.
9
Holders of
rec.
Oct.
15
Holders of
16 ♦Holders of
rec.
Sept.30a
Oct.
rec.
Oct.
15
Sept. 30
Oct.
1
Oct.
15
Holders of rec. Sept
Oct.
16
Holders of
Oct.
15
Holders of rec
Oct.
15
Holders of rec.
Sept. 20
Sept. 30
Oct.
20
Oct.
1
to
Oct.
17
25c. Oct.
NationalBlscult.com. (quar.)...
20
Oct.
1
to
1H
*32.50
2
National Paper 4 Type, com. (quar.)..
2
Preferred
(quar.)
2
New York Transit (quar.)...
;
4
Niagara Falls Power, pref. (quar.)
IK
Nlpissing Mines Co. (quar.)
25c.
...
Extra
Noiseless Typewriter (quar.)
Northern States Power, pref.
(quar.)...
Nova Scotia Steel 4 Coal, common (qu.)
Preferred (quar.)
Ohio Fuel Supply (quar.)
Extra (pay. in Victory 4K % bonds).
Oklahoma Natural Gas (quar.)
*2
IK
Holders of
la
Oct.
rec.
30
Sept. 30
rec.
'
Oct.
17
Oct.
16 ♦Holders of rec. Oct.
1
Oct.
20
Holders of
rec.
Sept. 30
Oct.
15
Holders of
rec.
Oct.
15
Holders of rec.
Oct.
15
Holders of
Sept. 30a
Sept. 30
Sept. 30a
Oct.
15
Holders of rec. Sept.
Oct.
20 ♦Holders of
1K
2
62Hc
<50c
*62Kc
Ontario Steel Products, common (quar.)
Common (quar.)
rec.
30a
Sept. 24
rec.
30
2
2
Nov. 15
Febjrlft
Holders of
2
Mayxl0
Holders of
Preferred
IK
IK
IK
IK
2
Nov. 15
Apr 30 *21
Holders of rec. Oct. 30
Feb j; 16
Holders of rec. Jan 31 *21
Mayzl5
Holdersofrec. Apr.30*21
Aug.zl5
Holdersof rec .July 30 '21
Oct.
25
Holders of rec. Sept. 30
Oct.
15
Holders of
1K
Oct.
15
Holders of rec. Sept. 30a
IK
Oct.
15
Oct.
31.60 Oct.
31.50 Oct.
11
Holders of rec. Sept. 16a
11
Holders of rec. Sept. 16a
Oct.
20
(quar.)
(quar.)
(quar.)
Preferred
(quar.)
Oriental Navigation, 1st 4 2d pref. (qu.)
Otis Elevator, common (quar.)
Preferred
(quar.)
Pacific Telep. 4 Teleg. (quar.)
Pan-Amer. Petrol. 4 Transp., com. (qu.)
Common class B (quar.)
Parish 4 Bingham (quar.)
Penmans, Ltd., common (quar.)
Preferred
(quar.)
;
Pennsylvania Salt Mfg. (quar.)
Pick (Albert) 4 Co., common
Pittsburgh Coal of Penn., com. (quar.)..
Preferred
Preferred
*5
*3
2
Preferred
(quar.)
Punta Alegre Sugar, common
Holders of rec. Sept. 30
Quaker Oats,
2
Oct.
15
Holders of rec.
IK
Oct.
15
Holders of rec. Sept.
Oct.
15
Holders of rec. Sept. 30a
*1K
Oct.
15 ♦Holders of rec. Sept. 30
25
1
8
30a
4
Prairie Pipe Line (auar.)
Procter 4 Gamble 8% pref. (quar.)
Producers 4 Refiners Corp., com. (quar.)
Holders of
Oct.
Oct.
31
2
IK
31.25
IK
(quar.)IK
*3
Preferred
Holders of rec. Sept. 25
rec.
$2
Prairie Oil 4 Gas (quar.)
Extra
9
Preferred
common
(quar.).__
(quar.)
(quar.)
Republic Iron 4 Steel, common (quar.).
Ritz-Carlton Hotel, preferred...
Russell Motor"
12Kc.
17Kc.
32
*3
*1K
IK
3K
Oct.
15 ♦Oct.
Oct.
7
15
♦1
Oct.
20 ♦Holders of rec. Oct.
4
♦50c. Oct.
20 ♦Holders of rec. Oct.
4
IK
1K
com. (quar.)
25c.
IK
Shawinlgan Water 4 Power (quar.)
IK
Smith (Howard) Paper Mills, com. (qu.)
2
Preferred
(quar.)
2
Southern N. E. Telephone (quar.)
2
Spanish Rlv. Pulp 4 Pap.Mills,com.(qu.)
1K
Preferred
(quar.)
IK
Steel Co. of Canada, com. 4 pref. (quar.)
IK
Sterling Tire Corp., com. (quar.)
1
Seven per cent preferred (quar.)
IK
Series B preferred (quar.)
2
Superior Steel Corp., com. (quar.)
IK
First and second preferred (quar.)
2
Times Square Auto Supply (quar.)
62Kc.
rec.
Oct.
4
Tonopah Mining...
rec.
Sept. 30a
Oct. 15
Holders of rec. Oct.
15a
15
Common (payable in common stock)
Preferred B (monthly)
*/l.K
Nov.
1 ♦Holders of
Oct.
15
*K
Nov.
1 ♦Holders of rec. Oct.
15
1 ♦Holders of
15
(quar.).
Computing-Tabulating-Record. (quar.).
Conley Tin Foil Corporation (quar.)...
Consolidated Cigar, com. (quar.)
Consol. Cigar, com. (in common stock).
Consolidated Textile Corporation (quar.)
Continental Candy Corporation (quar.)
Continental Motors Corp., com. (quar.).
(quar.)...
Corn Products Refining, com. (quar.)..
Common (extra)
♦2
1
Cosden & Co., common (quar.)
Cramp (Wm.) & Sons Ship & E. Blg.(qu)
(quar.).
(quar.)..
Dictograph Products Corp., pref. (qu.).
Ltd. (quar.)
Dominion Coal, pref.
quar.)...
Dominion Steel, pref. (quar.)
Dominion Textile, pref. (quar.)
du Pont (E. I.) de Nemours & Co.-
Preferred
(quar.)
Eastern Mfg., common (extra).
Eastern Steamship, preferred...
15
Holders of
Oct.
15
Holders of rec. Oct.
la
1
Holders of rec. Oct.
15a
5a
rec.
Oct.
1
75c. Oct.
15
Holders of rec. Oct.
25c. Oct.
20
Holders of rec. Sept. 20a
Oct.
62KC. Nov.
1
2
•IK
2
25c.
7
15 ♦Holders of
1
Holders of
to
Oct.
15
Oct.
10 ♦Holders of
rec.
Oct.
10 ♦Holders of
Oct.
30
Holders of
♦$1.25 Oct.
Oct.
Oct.
Oct.
2
to
Oct.
1
rec.
Oct.
rec.
Oct.
1
15a
15 ♦Holders of rec. Oct.
15
1
Holders of rec. Sept. 30a
1
Sept. 30a
15 •Holders of rec. Oct.
Oct.
15
Holders of
Oct.
20
Holders of rec. Sept. 30a
rec.
IK
Nov.
1
Holders of rec. Oct.
12
IK
Nov.
1
Holders of rec, Oct.
15
IK
Oct.
Holders of rec. Sept.
30
(quar.)
Greene Cananea Copper (quar.)
Holly Sugar Corp. (quar.)
Houghton Co. Electric Light, com...
...
20
U. S. Industrial Alcohol, pref. (quar.)...
Holders of rec. Oct.
10
4
United States Oil, common (quar.)
Common (payable in common stock).
Nov.
Nov.
Oct.
Nov.
Oct.
15
15 •Holders of rec. Oct.
9
1
Holders of rec. Oct.
15a
1
Holders of rec. Oct.
15
11 ♦Holders of
1
15
Holders of
rec.
rec.
Sept. 30
Oct. 15a
Holders of rec. Sept.
Nov.
1
Holders of
rec.
Nov.
1
Oct.
9a
5a
Holders of
rec.
Oct.
Nov.
1
Holders of
rec.
Oct.
5a
5a
Nov.
1
Holders of
rec.
Oct.
5a
Nov.
1
Holders of rec. Oct.
5a
Nov. 15
50c. Nov. 22
Oct.
Nov.
Nov.
19
Holders of reo. Nov.
Holders of rec. Nov.
Holders of reo. Oct.
Preferred
(quar.)
Indiana Pipe Line (quar.)
Ingersoll-Rand Co. (quar.)
Inspiration Consolidated Copper (auar.)
Internat. Agric. Corp., pref. (quar.)....
Internat. Harvester, com. (quar.)......
International Paper, pref. (quar.)
Jones Bros. Tea, common (quar.)
Kay County Gas (quar.)..
Kayser (Julius) A Co., 1st 4 2d pf. (qu.)
Oct.
1
Oct.
1
Holders of rec. Oct.
12
to
Oct.
15
Holders of
rec.
IK
Oct.
15
Holders of
rec.
IK
IK
Oct.
25
Oct.
16
to
1
Holders of rec.
62Kc Nov.
1
Holders of rec. Oct.
1
Holders of rec. Oct.
75c. Nov.
Oct.
15
Oct.
15 •Holders of
Oct.
15
5a
5a
9a
31
15a
Sept. 30
Sept. 30
Oct. 24
Oct. 15
Nov.
1
15a
15a
Holders of rec. Sept. 30a
rec.
Oct.
1
Oct.
2
Nov. 15
Holders of rec. Oct.
2K
Oct.
30
Holders of rec. Oct.
9a
Oct.
25
Holders of rec. Oct.
8a
Oct.
15
Holders of rec. Sept.
Oct.
15
Holders of rec.
Oct.
15
Holders of rec. Oct.
50c. Oct.
15
Holders of rec. Sept. 30a
IK
IK
IK
•6KC-
Oct.
15
Holders of rec. Sept. 30
23
30a
Sept. 25a
8a
25 •Holders of rec. Sept. 30
Lyall Construction Co. (quar.)
MacAndrews 4 Forbes, oom. (quar.)...
Preferred (quar.)
IK
Nov.
1
Holders of rec. Oct.
20a
IK
Kerr Lake Mining (quar.)
(quar.)
(quar.)
(quar.)
IK
2K
rec.
Jan 31 '21
reo.
1
rec.
Sept. 30a
to
Holders of
rec.
Oct.
15
Sept. 30a
5
Holders of rec. Nov.
Nov.
Holders of rec. Oct.
Oct.
15
Nov.
Holders of
Oct.
24
21
Sept. 30a
Oct. 31
rec.
to
Oct.
25
Holders of
Oct.
8a
Oct.
25
Holders of rec. Oct.
8a
Oct.
30 ♦Holders of
Oct.
30 ♦Holders of
Oct.
30 ♦Holders of
Oct.
15
Sept. 26
rec.
rec.
Sept. 30
rec.
Sept. 30
rec.
Sept. 30
to
Oct.
13
Nov.
Holders of rec. Oct.
11a
Nov.
Holders of
rec.
Oct.
11a
Holders of
rec.
Oct.
la
Oct.
15
Oct.
15 ♦Holders ol rec. Oct,
Nov. 30 ♦Holders of
Nov.
reo.
Nov.
Holders of rec. Oct.
1
1
15a
Mar. x\
Nov.
Oct? " li" " "to"" ~ Oct" " 31
Nov.
Oct.
Nov.
Holders of rec. Oct.
21a
Nov.
Holders of rec. Oct.
21a
Oct.
11
14
to
Oct.
31
Holders of
rec.
Sept. 27
Holders of
rec.
Oct.
9
Oct.
Holders of rec. Oct.
9
Oct.
Holders of
Oct.
rec.
Sept. 30
Oct.
Holders of rec. dOct.
Oct.
Holders of
rec.
dOct.
Nov.
Holders of
rec.
Oct.
8
8
11
Oct.
20
Holders of rec.
Oct.
20
Holders of
Oct.
20
Holders of rec, Sept.
30
Nov.
Holders of rec. Oct.
15a
Nov. 15
Holders of rec. Nov.
la
Oct.
27
Holders of
Oct.
21
Oct.
Oct.
5a
7
5a
1
rec.
rec.
to
Sept. 30
Sept. 30
Oct.
Oct.dlS ♦Holders of
rec.
Oct.
Oct.
15
Holders of
rec.
Sept. 30
Oct.
15
Holders of rec. Sept.30
Holders of rec. Sept. 30a
Oct.
16
Oct.
20
Nov.
Oct.
Oct.
Oct.
1
15
15
Holders of rec. Oct.
Holders of rec.
O.ct.
5<t
15
Holders of rec. Sept.
Holders of rec.
1 ♦Holders of
rec.
20a
Sept. 30a
Oct.
1
15
Holders of reo. Oct.
1
Jan. 17z
Holders of rec. Jan.
3z
Apr.lSz
July 15x
Holders of
Holders of rec. July
It
It
Nov.
Holders of rec. Oct.
5a
I
rec.
Apr.
Oct.
15
Oct.
18
Holders of rec. Oct.
Oct.
15
Holders of rec. Sept.
Holders of
rec.
Oct.
1
2a
30a
Nov.
1
Holders of rec. Oct.
20
/5
2K
com. (quar.).
$1.60
Preferred (quar.)........
87Kc
Vanadium Corp. of Amer. (quar.)..
$1.50
Victor Talking Machine, com. (quar.).. *15
Preferred (quar.)
*1K
Virginia-Carolina Chem., com. (quar.)..
1
Preferred (quar.).
2
Virginia Iron, Coal 4 Coke (in stock)... elO
Vulcan Detlnning, preferred (quar.)
IK
Preferred A (quar.)
IK
Western Power Corporation, pref. (quar.)
1K
Western States Gas 4 Elec., pref. (quar.)
1K
Western Union Telegraph (quar.)
IK
Nov.
1
Holders of rec. Oct.
20
Nov.
1
Holders of
20
Westinghouse Air Brake (quar.)
Westinghouse Elec. 4 Mfg., com. (qu.).
Preferred
(quar.)
U. 8. Smelt. Ref., 4 Mln.,
...........
......
Preferred
(quar.)
Wheeling Steel Corp., com. (No. 1)
White Eagle Oil 4 Ref. (quar.)
Will 4 Baumer Co., common (quar.)...
Winchester Co.. first preferred
Second preferred
WorthlngtonPump
AMach.,com.(qu.).l
Oct.
15
rec.
Oct.
Holders of rec. Oct.
7a
Oct.
Holders of
Oct.
7a
Oct.
Holders of rec. Oct.
la
rec.
Oct.
♦Holders of rec. Sept. 30
Oct.
♦Holders of
rec.
Sept. 30
Nov.
Holders of
rec.
Oct.
Oct.
Holders of rec.
Oct.
Nov.
Oct.
Holders of rec.Sept.I30a
Holders of
rec.
15a
2a
Oct.
14a
14a
Oct.
Holders of rec. Oct.
Oct.
Holders of
Oct.
Holders of rec. Sept.
rec.
Sept. 30
30
Sept. 20a
Sept. 30a
Sept. 30a
Sept. 30a
Oct.
Holders of rec.
Oct.
Holders of
rec.
$1
$1
Oct.
Holders of
rec.
Oct.
Holders of
rec.
1
50c
Nov,
Oct.
Holders of rec.
Oct.
Holders of
rec.
♦Holders of
*62Kc Nov.
Oct. 15
Oct.
2
3K
rec.
to
Sept. 30
Oct. 15
Oct. 14
to
Oct.
$1.75
3
Oct.
15
Oct.
IK
Oct.
15
Holders of
2
rec.
et.
15
14
5a
Holders of rec. Sept. 30
2
$1
Preferred
IK
Holders of rec. Oct.
Nov.15
*62Kc Nov.
20
5c.
(monthly)
(qu.)
Oct.
•IK
Howe Sound Co. (quar.)
Illinois Brick (quar.)
United Gas Improvement, common
United Iron Works, com. (quar.)
United Paperboard preferred (quar.)...
Oct.
Holders of rec. Oct.
IK
Preferred (quar.)
Hill man Coal & Coke. pref. (quar.)
United Alloy Steel Corporation (quar.).
United Drug, first preferred (quar.)
United Fruit (quar.)
1
IK
2K
$1
IK
3
$1
reo.
Oct.
—2
Hayes Manufacturing (quar.)
(qu.) $1.25
rec.
$1
IK
♦IK
Transue 4 Williams Steel Forgings
Tuckett Tobacco, common (quar.)
Preferred
(quar.).......
......
Union Natural Gas Corporation (quar.).
1 ♦Holders of
♦$4.50 Oct.
$1.50
5c.
1 •Holders of
25
IK
Harbison-Walker Refrae., pref. (quar.).
Harris Bros. & Co., pref. (quar.)
-
Nov.
15
IK
6% debenture stock (quar.)
7% debenture stock (quar.)
(quar.)
(quar.)
Santa Cecelia Sugar,
Preferred
(quar.)
Nov.
Oct.
3
common
Preferred
IK
Preferred
IK
Preferred
IK
United Verde Exten. Mining (quar.)
50c.
U. S. Distributing Corp., com. (No. 1).. *31
U. 8. Food Products (quar.)
$1.50
IK
•IK
•IK
*50c.
Everett, Heany & Co., Inc. (quar.)
2
Famous Players-Lasky Corp., pref. (qu.)
2
General Electric (quar.)
25c.
General Motors Corp., com. (quar.)..
(m)
Preferred
IK
(quar.)
Goodrich (B. F.) Co., com.
Nov.
*25c. Nov. 16 ♦Holders of rec. Nov.
IK
Eureka Pipe Line (quar.)
Oct.
50c. Oct.
IK
/15
2
Dome Mines,
rec.
Holders of rec. Sept. 24a
11
*1K
♦IK
Delaware Lack. 4 West. Coal (quar.).:
Detroit Edison (quar.)
Nov.
rec.
Oct.
*1K
(quar.)
common
11
Oct.
National Fuel Gas (quar.)
National Oil, pref. (quar.)
15
1 ♦Holders of rec. Oct.
♦Holders of rec. Oct.
1 ♦Holders of rec. Oct.
Bonus
21
Nov.
Imperial Oil Corp.,
1
Nov.
Nat. Aniline 4 Chem., com. (In com. stk.)
Oct.
*K
Preferred
Sept. 30
Sept. 16a
rec.
Nov.
Second preferred (quar.)..
Montreal Telegraph (quar.)
Oct.
Oct.
Detroit Iron A Steel, pref.
Holders of rec. Sept. 25
Holders of
Oct.
(quar.)
Oct.
2
Preferred
15
Holders of rec. Oct.
3
*$1
.......
2
Chicago Pneumatic Tool (quar.)
Cities Service, com. & pref. (monthly)..
Preferred
Holders of rec. Oct.
♦Holders of rec. Sept.30
*$1
*1 %
(quar.)
Central Illinois Public Serv., pref. (quar.)
Preferred
Mining (quar.)..
3
3
Holders of rec. Oct.
Oct.
Nov.
1%
31.50 Oct.. 15
Oct. 15
2
_F__r
....
IK
Carbon Steel, common (quar,)...,..
Commonwealth Edison
....
$1
Canadian Car A Foundry, pref. (quar.).
Canadian Iron Foundries, non-cum. pref
Caracas Sugar (No. 1)
Preferred
Extra
Oct.
Common (quar.)
American Telephone & Telegraph (quar.)
Extra (payable
Massachusetts Gas Cos., com. (quar)..
Massachusetts Lighting Cos., pf. (qu.).
3ct.
Oct.
2
r;
Holders of reo. Sept. 30a
Books Closed.
Days Inclusive.
*12Kic Oct.
;
IK
$1
IK
...
(qu.)__
com.
Preferred (quar.)
(quar.)
Marland Refining (quar.)
Mays Food Products, Inc., pref. (quar.)
Mexican Petroleum, common (quar.)...
50c.
Amalgamated Oil (quar.)
Holders of rec. Sept. 20z>
Oct.
Preferred
IK
Alvarado Mining 4 Milling (quar.)
Oct.
2
3
1%
Maple Leaf Milling, com. (quar.)
1
...
.....
Alliance Realty (quar.)
Allis-Chalmers Mfg. com. (quar.)
Preferred
(quar.)
fl0
Manhattan Electrical Supply—
Common (payable In common stock).,
Manufacturers Light & Heat (quar.)
IK
...
All America Cables (quar.)
Payable.
Miscellaneous (Concluded)
Oct.
75c. Oct.
IK
Miscellaneous.
Air Reduction
When
Cent.
Name of Company.
{Concluded).
Pacific Gas 4 Electric, common (quar.).
Philadelphia Co.,
When
Cent.
Name of Company.
1447
Nov.
1
Holders of
Oct.
1
From unofficial sources,
t Conditional on receipt from the U. 8. Government
of an adequate payment of the rental now due.
$ The New York Stock Exchange
has ruled that stock will not be quoted ex-dlvldend on this date and not until further
notice,
a Transfer books not closed for this dividend,
b Less British Income tax.
d Correction.
* Payable in stock.
/ Payable In oommon stock.
0 Payable In scrip*
A On account of accumulated dividends,
Jt New York
Stock
ex-the 10% stock
i Payable in Liberty or Victory Loan bonds.
Exchange has ruled that Va. Iron, Coal 4 Coke be quoted
dividend on Nov. 1.
21
Oct.
*
rec.
15
Holders of
rec.
Oct.
10
Holders of
rec.
Sept. 30
•2K
Oct.
15 •Holders of
reo.
Sept. 30
•IK
Oct.
16 ♦Holders of
rec.
Sept. 30
12Ke. Oct.
2
I Payable
m
V
mon
t
In Class B shares.
One-fourth of
a
share of common stock.
New York Stock Exchange has ruled that Manhattan Electrical Supply com¬
stock be quoted ex- the 10% stock dividend on Oct. 15.
1921.
Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 1257.
I State, Mun
dc Foreign
Bonds.
Value.
Par
BOSTON
U. S.
Bond*.
dec.,
Oct. 8 1920.
Share*.
Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
Boston Clearing House
mary
Railroad,
Stock*.
Week ending
[Vol. 111.
CHRONICLE
THE
1448
CLEARING HOUSE
Oct. 2
$810,000
$5,150,000
80,260,500
5,517,000'
1,204,000
78,551,000
7,668,000
1,012.500
11,556,000
794.000
668,000
9,492,000
8,066,00)
1,099,500
8,688,300
Tuesday
Wednesday
818,000
71,709,500
5,831,000
Thursday.......
754,950
66,538,500
5,719,000
686,497
59,921,700
5,133,500
4,571,257 $401,955,200
$33,233,500
.
Monday
Friday
....
/
1920.
Sept. 25
rom
previous week.
Sept. 18
1920.
1920.
$
Changes
10,560,000
$3,365,000
$44,974,000
518,430
896,250
897,140
Saturday
MEMBERS.
Bond*.
$
$
2.960 ,000
2 ,953.000
12,000
5,247,000 602,580 000 606 ,533,000
5.456,000 445,896 .000 460 ,680,000
2,972 000 Inc.
607,827 ,000 Inc.
Circulation
Loans, dlsc'ts A Investments.
Individual deposits, incl. U.S. 451,352 .000 Inc.
320,000 105,518 ,000 115 ,867.000
17 ,390,000
17,504 000
Due to banks
Total......
105,198 ,000 Dec.
Time deposits
19,814 ,000 Inc.
10,251 ,000 Dec.
2,310,000
1,261,000
11,512 000,
Exchanges for Clearing House
Due from other banks
20,032 ,000 Inc.
2,689,000
68,949 ,000 Inc.
1,018,000
17,343 000
67,931 000
Cash In bank & In F. R, Bank
$5,594,000 $53,512,300
51,717 ,000 Dec.
1,980,000
53,697 000
4,366,000 Dec.
2,192,000
0,558,000
United States deposits
Sales
Jan. l
Oct. S.
Week ending
at
to
Oct. 8.
New York Stock
1919.
1920.
1919.
1920.
Exchange.
Reserve
Stocks—No.
236,700:400
177,260.884
7,867,635
9,571,267
shares...
"/■ $1,400
par.....
6,514,000
$47,200
Statement of New York
ds.
$53,512,300
$2,123,101,750
$1,898,292,800
2,107,000
274,880.000
33,233.500
—
$52,079,000
5-594,000
13.612,000
620,951,000
221.283,500
406,289.000
$92,339,800
bonds
Government
$67,798,000
$2,918,832,750
$2,525,775,300
State, mun,, Ac., bonds
RR. and misc. bonds..
Total bonds
TRANSACTIONS
DAILY
55 ,506,000
,
bank and
Federal Reserve Bank
$401,955,200 $707,381,250 $15,171,503,075 $21,606,367,680
Par value.
Bank shares,
Bo
In
excess
8 ,340,000
17 ,820,000
74 ,018,000
THE BOSTON, PHILADELPHIA
EXCHANGES.
AT
AND
BALTIMORE
City Clearing House Banks
and Trust Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members
for
the week ending
The figures for the
Oct. 2.
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also given:
The
of the Equitable Trust Co.
Sept. 25.
return
has been included in
this statement Since
Baltimore.
Philadelphia.
Boston
Week ending
8
Oct
Saturday
-
Bond Sales.
Shares.
Bond Sales.
Shares.
38.350
95,450
15,116
14,490
75,250
Thursday
14,872
32,150
15,058
14,291
9,242
9,000
9,037
17,953
—
Friday
473
13,700
Net
CLEARING
99,400
1,687
24,100
HOUSE
131,000
3,064
65,900
83.679
.....
2,279
41,900
(,000 omitted.)
Nat'!,
June
10,000
1,118
41,000
Week ending
State,
June
Capital. Profits
1,000] omitted.)
Reserve
Nat.
Discount
Cash
with
Net
Time
Bank
Invest¬
in
Legal
Demand
De¬
Circu¬
30
ments,
Vault.
Deposit
Deposits
posits.
lation.
30
dkc.
tories.
Tr.Cos.,June30
Members of
City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
i«i the "Clearing House Returns" in the next column:
Average.
S
Bank
Fed. Res
York
New
RETURNS.
HOUSE
$229,600
10.335
$578,550
70,153
$287,600
CLEARING
Loans,
MEMBERS
204,600
"
Oct. 2 1920.
Total
WEEKLY
(Stated in thousands of dollars—thai is, three ciphers
$43,000
1,714
113,850
11,298
14,720
Wednesday
Bond Sales.
Shares.
$19,700
5,353
$37,400
12,402
-
Monday
Tuesday
YORK
NEW
1920.
$
$
Bk of NY, NBA
2,000
7,167
49,182
Co.
5,000
15,974
138,752
16,512
211.414
Manhattan
10.000
Mecb A Metals.
Average Average
%
%
874
4,731
2,671
10,378
Average.
Average Avge.
%
%
33.569
4,173
94,976
12.915
147,750
19,009
$
788
13.098
4.148
i"666
6,108
57,551
1,995
7,493
55,394
1.627
61,263
588,384
13,536
62.229
*591,127
41.935
1,420
Chemical Nat-
4,500
14,816
153,487
1,583
14,430
1,060
1,135
20,472
429
2,087
107,332
15,349
2,108
1,000
Nat Butch A Dr
300
1.54
4,606
107
597
3,852
34
294
Nat
5,000
7,438
130,667
1,586
12,292
90,321
4,748
4,858
NatBkofComm
HOUSE.
5,500
25,000
Atlantic Nat'l.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
Bank of America
National City...
25,000
32,696
357.523
2,759
35,792
274,471
7,505
Excb
Amer
(Slated in thousands of dollars—that is, three
ciphers [O00J omitted.)
1,765
23,967
1,574
23,347
CLEARING
Loans,
7,929
128,212
4,728
14,756,
106,451
13,451
3,000
20,331
123,332
16,891,
115,423
2,000
2,988
39,482;
1,166
1,972
6,415
43.992
NON-MEMBERS
y6.000
y7,758
153,035|
6,331
21,460
145,575
ments,
Tr. cos. June 30
Demand
Bank
Time
in
Legal
De¬
De¬
Circu¬
Vault.
Nat bkB.June30 Invest¬
Startebks.Jun.36
2 1920.
Oct
with
Cash
Nat'l
Net
Net
Reserve
counts.
Week ending
Imp A Trad Nat
1,500
8.636
42,940
644
National Park.
71,500 22,737
218,691
1,308
12,198
390
Hanover
Dis¬
Capital. Profits
Deposi
posits.
posits.
lation.
dkc.
tories.
1,000
Nat'l
Metropolitan
-
Corn Exchange
East River Nat.
Bank.
Res.
$
1,500
Battery Park NatMutual Bank
200
New Netherlands
Average Averagt Average Average Average Average
$
$
$
$
$
$
61
191
266
1,758
12,167
1,614 16,003
355
245
097
10,233
1,502
10,592
%
600
682
201
9,412
358
6,554
1,041
1,108
4,096
1,861
200
755
14,063
383
1,269
7,644
7,027
First N Bk. Jer Cy
400
1,376
9,927
536
1,080
9,514
500
W R Grace A Go's
23
382
6,235
64,093
1,654
7,032
583
8,519
47,973
Banks.
Not Members of the
51
5,106
1,633
924
50
2,501
1,000
4,552
36,128
317,212
888
25.089
17,116
191,732
100!
7.197!
7,345
10,651
224,102
8,447
25,046
191,849
2,352
2,316
N Y CountyNat
443
1,000
24,431
14,949
911!
876
13.050
1,678
781
1,000
783
7,551
128:
923
5,890
24,189
396,243
5,165
35,517
278,460
12,710
500
620
195
100
15,000
Continental Bk
18,677
2,253
20,293
1,051
2,596
Commercial Ex.
200
980
7,221
425
1,205
Commonwealth
400
801
8,955
486i
1,244
1,588
15,217
515!
1,992
14,510
1*093
9.296
1,000
Avenue.
_
7.577
108
393
1,000
717
14,955
299,
1,639
12,338
644
249
1,000
4,599
52,143
1,085'
6,232
45,948
800
65
7,522
96,112
476
9,933
75,233
2,727
1,960
1,590
19,357
870;
1,810
13,637,
541
406
418
393
National
Fifth
Llberty Nat Bk
Bank of Wash Hts
100
444
3,514
436
216
1,400
15,249
2,013
1,391
700
Total..
30
1,500
Union Excb Nat
16,401
5,000
1,000
1,530
19,615
572
Brooklyn Trust
3,603
600
1.500
2,596
41,399
781
3,851!
27,745
6,123
20.000
17,407
827
29,063'
6.749!
*219,289
15.215
18,763
2,449
4,650
Trust
25.000
33,260
539,342
g 1.500
g 1,600
18,853
5,000
7,206
Peoples Trust..
1,500
1,900
New York Trust
30
20,004
1,607
Fidelity Trust..
Columbia Trust
3.000
11,292
85,585
Lincoln Trust
1,845
2.000
1,060
24,002
511
3,432
23,638
492
Metropolitan Tr
Nassau N.Bklyn
2,000
3,282
32,932
622
3,616
25.381
481
1,335
13,256
1,366
1,013
Trust.
Bank.
500
Mecb Tr. Bayonne
200
700
Total.
4,800
Grand aggregate.
1,005
627
387
452
8,689
316
425
4,722
5,064
1,458
18,282
943
812
12,468
5,930
7,746
9,539 101,138
5,046
9,451
a80,445
14,479
583
+ 219
—135
+ 41
—684
+ 176
+2
wk.
us
866
9,593
2,000
US Mtge A Tr.
Guaranty
Hamilton Tr.Bkln.
17,099
2.359
290,192
60,536
Bankers
Trust Companies
Not Members of the
Comparison prevlo
xx
3,179
11,674
Coal A Iron Nat
Bank.
Colonial Bank
Fed'I Reserve
28,992
151.163
Seaboard Nat 1.
3,400
Total
Fed'I Reserve
3,800!
19,792
10.000
Garfield Nat'l..
State
100
10,837
12,500
Fifth
*392
1,000
4,726
Irving National
Chase National.
718
Yorkvllle Bank...
810
3.327|
First National..
Second National
Members of
Fed 1
245
134
7,000
Bank..
Pacific
Chath A Pbenlx
Net
862
(Wd aggr Bept. 25
4,800
9,539 100,919
5,181
9,410
a81,129
14,303
581
Qr'd
aggr
Sept. 18
4,800
9.374 101,228
5,089
9,730
381.687
14,156
579
Qr'd
aggr
Sept, 11
4,800
9.374
5,274
9,166
379,894
14,082
48,865
10,919
55,054
*511,734
35,750
566
2,444
17,702
79,757
1,106
10,883
80,331
4,240
34,510
1,273
3,495
32,732
1,810
714
2,0371
510
64,107
8,787
..
727
1,858
1,000
1,394
18,055
Farm Loan A Tr
5.000
10,713
133,943
1,723
14,538
*122,644
Columbia Bank
1,374
23,252
724
2,945
22,082
113
Equitable Tr Co kl2,000 kl7,900
172,642
16,08
20,382
*163,133
50
15,724
2.000
16,545
582
U.
99,613
Excess
reserve,
$7,201,000.
Totals, actual co ndition Sept. 18 5,063,675
decrease $48,290.
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Oct. 2 with
comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand
deposits and 3% on time deposits, all
to be
kept with the Federal Reserve Bank.
"Cash in
vaults" is not
not
members
part of legal reserve.
For trust companies
of the Federal Reserve
system the reserve
a
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week
ending Oct.
2
Members of
1920.
Trust
F.R.System Companies
Sept. 18
3.349,
2,023:
20,687
3,750
4,566
93,590
6,458:
3,879
53,800
40,295
2
94,185
6,285]
4,072
54,404
40,286
Totals, actual co ndltlon Sept. 25
92,933
6,5531
3,651
53,132
40.226
Totals, actual co ndltlon Sept. 18
92,656
6,5iy|
3,752
53,496
40,013
29,290
1,003
Average.
Totals, actual co ndltlon Oct.
Not Mem bers of Federal Re]serve Bank
Compan ies.
46,4371
1,000;
3,430
Title Guar A Tr y6,000yl2,316
$4,500,0
12.670.0
$37,725,0
$37,725,0
Average
4,000|
6,167
26.440,
915
1,498'
15,700
325
10,000
Lawyers T.A Tr
18,483
72,877j
1,915
4,928
44,990
1,328
Totals, actual co ndition iSept.18
103.765,0
103,649,0
103.669,0
36,036,0
747,622,0
755,238.0
754,656,0
29,857.0
696,0
30,553,0
26.450.0
26,825,0
Bank
117,910,0
deposits
Total
deposits
:
U. S. deposits (not lncl.)._
25,0
141.102,0
524,575,0
8,895,0
deposits
Individual deposits
346,0
141.448,0
136,983,0
141,351,0
22,840,0
547,415.0
548,229.0
551,876.0
250.0
9,145,0
9,150.0
9,259,0
674,672,0
23,436,0
698,008.0
694,362.0
702.486,0
F. R.
Cash In vault*
Total
reserve
Reserve
Bank..
122.767,0
3,516,0
53,477,0
14,869,0
13,842,0
3,516.0
2,765.0
54,083.0
54,921,0
53,477,0
2,363,0
•_
12,764,0
*953,6
13,717,0
14,430,0
14,786,0
and cash held
66,241,0
52,057,0
14.184,0
4,469,0
3,381,0
1,088,0
70.710.0
65,438,0
71.278,0
72,070.0
55,631.0
55,650,0
15,272,0
15,647,0
16,414,0
required
Excess res. A cash In vault
*
115.527,0
13.178,0
Res'v^ with legal deposit's
Res've with
117,935,0
Cash In vault not counted
as reserve
73,3171
1,935
4,946
45,327
1,377
73,251
1,861
4,919
44,702
1,319
74,092
1,889
4,962
45,795
1,3851
5.413,718 98,081 554,794 f4.150,130 290.803 34,783
week..--! +20.489—4,055 +2.208,
+6,981—6,179, +31
$37,725,0
91,095,0
711,586,0
Time
40,289
Trust
Comparison, pre vious
$33,225,
banks
5,452
2,500
69.625
Gr'd aggr, avge 261 650473 148
Surplus and profits
Loans, dlsc'ts & Investm'ts
Exchanges for Clear. House
from
18,661
2.007
Bank
State
1920.
Total.
Capital...
Due
83,628 521.999 c4,049.415 242,171 34,906
88,881 557,001 c4,Udi ,467 250.799 34,731
90,893 542.99ljc3,977.739 240,433 34,716
I
Not Me mbers o / Federal Reserve Bank
State Banks
2,413
1,529:
18,418
Greenwich Bank
1,716
1,000
696
5,547
327;
842
250
Bowery Bank.
2
Totals, actual co ndltlon Oct.
Totals, actual co ndition |Sept.25
1920,
Sept. 25
Two ciphers (00) omitted.
Average
2 5,257,274
Totals, actual oo nditlpn Oct.
Totals, actual co edition Sept.25 5,233,827
8.
deposits deducted, §798,000.
Bills payable, rediscounts, acceptances and other liabilities,
a
247,900 450,099 5,247.251! 89.708 545,987 c4,051,340 249,180 34,783
for Federal Reserve Bank members.
Gr'd
aggr,
act'l cond'n
Oct.
2 5,42<
+24,765 —5,447 -34.554
Comparison, pre viousweek
Gr'd
aggr,
Gr'd
aggr,
Gr'd
aggr,
Gr'd
aggr,
*
act'l cond'n
act'l cond'n
act'l cond'n
act'l cond'n
—155—8,510
+ 175
5,400,011 97,295 565,571 f4,149,301 292,344 34,731
jSept. 18 5,230.423 99.301 551,705 4,077,03U 281,831 34,716
Sept. 11'5.117,442] 101.355 545,198 3,991,963 273.173 34.834
Sept. 4 5,135,956 95,012 544,140 f3.967.703 272.515 34,956
95,012
Sept.25
Includes deposits in
foreign branches not Included In total footing as follows:
National City Bank, $123,875,000; Bankers Trust Co., $2,638,000; Guaranty Trust
Co., $99,814,000; Farmers' Loan A Trust Co.. $15,614,000; Equitable Trust Co.;
$22,528,000.
Balances carried in banks in foreign countries as reserve for such
$51,393,000; Bankers Trust Co., $152,000;
In foreign branches not Included,
8. deposits deducted, $159,786,000.
Bills payable, rediscounts, acceptances and other liabilities, $1,167,127,000.As
of July 20 1920. i
k As of Sept. 24.
y As of July 31 1920.
deposits
were:
National
City
Bank,
Guaranty Trust Co., $8,056,000.
c Deposits
e U. S. deposits deducted, $167,240,000.
f U.
OF RESERVE
BTATEMENTS
POSITION OF CLEARING HOUSE
COMBINED
BANKS
GREATER
Reserve
in
Total
Reserve
Reserve.
Required.
Reserve.
$
$
$
5,888,285,600
4,857.213,900
4,814,390,800
4,793,133,700
4,750,119,900
129.596,400
125,715,400
126.676,200
122,705,800
Aug.
11,837,400
Aug.
21.
5,883,338,600
5.908,034.900
banks*-...-..
653,000
Aug.
28..
5,906.454,700
550,582,100
12,584,900
549,802,760
$
$
•
94,500
Total Oct.
8,373,000 554,794,000 563,167,000
8,426,000 552,586,000 561,012,000
8,449,000 549,301,000 557,750,000
8,554,000 527,386.000 535,940,000
2
Total Sept. 25
Total Sept. 18
Total Sept.
11....
4
5,974,889,400
11,209,240
Sept. 25
6.180.987,100
540,781,020
16,968,980
Oct.
524,751,740
Sept.
Reserve
In
Total
Depositaries
Reserve.
Reserve banks
Trust companies*
Total Oct.
Total Sept. 11
664.983.300
122,518,100
640,648,100
This Item includes gold, silver, legal tenders,
national bank notes and
Federal
1
'
demand deposits in the case
companies, but In the case of members of the Federal
Includes also amount of reserve required on net time deposits, which
Oct. 2, $7,475,400: Sept. 25, $7,663,050 Sept. 18, $6,957,660: Sept.
b This Is the reserve required on net demand deposits In the case
and trust companies, but in the case of members of the Federal
includes also amount of reserve required on net time deoostts which
Oct. 2, $7,265,130; Sept. 25, $7,523,970; Sept. 18, $6,961,830; Sept.
trust
York.
following shows the condition of the Federal Reserve
of New York at the close of business Oct. 1 1920, ia
81,950
Bank
comparison with the previous week and the
corresponding
date last year:
Oct
of State banks
Reserve banks
was as follows:
11, $6,632,000.
of State banks
Reserve Bank
was as foMows:
11, $6,434,000.
Sept. 24 1920.
Oct. 3
1919.
S
$
153,957,00#
127,380,00#
39,964,000
99,397,000
110.896,839
42.727,700
certificates......
Gold settlement fund—F. R. Board
100,042,000
40,905,694
40,906.000
194,530,234
240,345,000
321,301,000
266,519,430
267,490,000
35,985,000
287,654,0.00
127,993,344
543,820,000
128,314,000
633,955,000
52,261,000
625,024,709
Total gold held by bank.....
Gold with Federal Reserve Agent
672,134,000
686,216,000
492,210,000
674,010,000
35,981,700
Gold redemption fund
497,031,365
Total gold reserves...
Legal tender notes, silver, &c
Total
1 1920.
$
Resources—
Gold and gold
Gold with foreign agencies
Tbis Is the reserve required on net
a
and
11,690,080
564,280
Bank.
Reserve
119,786.400
—The
$
.
Federal
of
members
119,291,700
Condition of the Federal Reserve Bank of New
Reserve.
8,220,000 531,017,000 539,237,000 550,280,850 -11,043,850
23,501,260
8,414,000 565,571,000 573,985,000 550.483,740
19,295,410
8,408,000 551,705,000 560,113,000 540,817,590
545.198.000 553,544,000 529,464,800 24,079,200
8.346,000
2
Total Sept. 25
Total Sept. 18
•Not
Surplus
eserve
Required.
$
$
s
521,999,000 521,999,000 533,689,080
9,792,720
10,357,000
4.072,000
6,285",000
6,799,050
6,881,000
4,946,000
1,935,000
State banks*
6,033.985,500
...
119,424,400
b
Cash
Reserve
$
2
Reserve notes.
Actual Figures
Members Federal
121,089,700
647,879.600
644.440.200
635.852.100
642.537,500
639.681,000
635,358,400
113,816,000
11,188.260
Sept.
•
In Vault.
650.841,700
4,919.536.700
4,734,688.600
5.909,242,000
18
647,841.700
4,752,350,000
4,724,943,200
4,859,379,600
5.930,958,600
Sept. 11
Trust companies*...
$
$
545,987,000 545,987,000 534,149.600
9,684,000
10,337.000
3,879,000
6,458,666
6,748,500
1,915,000
4,928,000
6,843,000
July
Aug.
State
Depositaries.
Vault.
4,867,495,100
$
31
7
14
$
Reserve banks
Reserve in
Total Cash
in
5,922,559,300
Surplus
Depositaries
Members Federal
*
Demand
Deposits.
a
In Vault.
.\K-
'
v.*
YORK.
Loans and
Week ended—
IN
COMPANIES
TRUST
AND
NEW
Investments.
Averages.
Reserve
Cash
BANKS
OF
RESULTS
COMPANIES.
TRUST
AND
1449
CHRONICLE
THE
1920.]
Oct. 9
...
reserves
Bills discounted:
25,000,000
t
.
Secured by Government war oblig'ns:
Banks and Trust Companies.—
explanation of discontinuance of these returns see item
In Chronicle of August 14, page 643.
New York City State
For members..
476,173,621
14,502,575
.....
For other Federal Reserve banks...
For
490,076,190
674,010,000
492,210,000
378,953,082
354,849,000
All other:
For members
.....
NOT INCLUDED IN CLEARING
NEW YORK,
(Figures Furnished by State
:
.
Differences from
k Oct. 2.
previous week.
$620,267,500 Dec. 167,490,600
7,919,600 Dec.
146,800
v
Gold
i..
Currency and bank notes....
...
...
Deposits with Federal Reserve Bank of New York..
Total deposits
.
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..
...
......
Percentage of reserve, 20%.
Slate
941,842,000
69,513,000
Total earning assets
67,394,000
834,270,000
1,257,000
50,000
69,472,000
1,041,619,785 1,010,748,000
3,962,000
4,026,407
....
905,049,000
3,994,000
2,480,750
notes
in
Gold
transit
custody
or
in
46,355,000
1,010,000
201,351,000
2,315,000
1,849,113,940 1,860,736,000
1,847,983,000
175,194,484
767,803
All other resources
Total
resources....
Surplus
Due to members—reserve account
Deposits in banks & trust companies 11,304,900
13.57%
06.01%
07.21%
Deferred availability items..
Other deposits, incl. foreign govt, credits
reserves
to
Banks and Trust
Companies in New York
City.—The
Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
of the New York City
the Clearing
House,
are as
The Federal Reserve
follows:
43,820,000
41.1%
46.3%
43.7%
Ratio of gold reserves to F. R. notes in
circulation after deducting 35% against
57.0%
deposit liabilities
Ratio of reserves to net deposits after de¬
ducting
F
R.
(j
.
no
;
Contingent
for
'
214,000
171
deposit and
F. R, note liabilities combined...
averages
712,049,000
111,266,000
17,216,000
1,847,983,000
40,219,000
36,897,519
liabilities
total
32,922,000
13,573,000
740,091,00#
.....1,849,113,940 1,860,736,000
All other liabilities
of
22,045,000
25,358,000
51,308,000
10,795,000
968,698,000
761,705,000
51,700,000
10,913,00#
866,091,020
F. R. Bank notes in circulation—net liab
Ratio
16,744,610
829,320,865
F. R. notes in actual circulation..
Total
25,272,000
51,307,534
16,081,608
685,654,347
110,846,299
851,326,000
855,700,000
40,980,000
36,058,000
Total gross deposits
$74,039,700 20.18%
• Includes
deposits'with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Oct. 2 were $50,284,400.
k The Equitable Trust Co. is no longer included in these totals, it having become
a member of the Clearing House and being now Included in the statement of the
Clearing House member banks.
The change began with the return for Sept. 25.
23.12%
170,464,000
■
_.j_.
Government deposits
$49,774,900
24,264,800
2,703,000
2,418,000
foreign
Liabilities—
—Trust Companies—
50,000
countries
Capital paid in
15.91%
1,462,000
5% redemption fund against F. R. Bank
584,558,600 Dec. 191,829,100
110.291,200
Dec. 28,182,500
Banks
$36,251,500
970,594,437
1,462,347
50,000
Uncollectible items and other deductions
$24,946,600
Total....
72,578,000
87,682,000
.....
16,517,500 Dec. 1,492,500
50,284,400 Dec. 22,046,000
636,466,700 Dec. 197,610,000
RESERVE.
Cash in vaults
354,849,000
94,783,000
hand..
on
U. S. Government bonds
.....
383,453,082
96,465,158
market
Bank premises....
Banking Department.)
.
Loans and investments..
open
U. 8. certificates of Indebtedness
COMPANIES IN GREATER
HOUSE STATEMENT.
SUMMARY OF STATE BANKS AND TRUST
Total bills
In
U. S. Victory notes
>'/;/V*'*■
follows:
Bills bought
72,578,00
4,500,000
For other Federal Reserve banks.
Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
Banks and Trust
State
foreig
reserves
against
42.6%
48.4%
6.076,361
6,073,631
culation
e
on
bills
purchased
cpondents
Banks.—Following is the weekly statement issued by the Federal Reserve -Board on Oct.
2.
figures for the system as a whole are given in the following table, and in addition we present the results for seven preced¬
ing weeks, together with those of corresponding week of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
The
transactions in Federal Reserve notes
Reserve banks.
Total
between the Comptroller and Reserve Agents and between the latter
for the latest week the Federal Reserve Board say:
gains of 13.6 millions in cash reserves,
12.6 millions in net deposits
largely gold, reductions
and increases of 24.7 millions in Federal
of
Reserve
indicated in cue Federal Reserve Board's weekly bank
statement issued as at close of business on Oct. 1 1920.
As a result of the
above changes in reserves and liabilities the reserve ratio shows a rise for
tne week from 43.6 to 43.7%.
»
Holdings of paper secured by Government war obligations, including
Treasury certificates, show a reduction of 37.4 millions, those of other
note circulation
are
discounted paper
in the open
and Federal
In commenting upon the return
i5creased by 42.6 millions, while acceptances purchased
market declined by 6.1 millions.
An increase of about 1 million
certificate holdings.
Total earning assets, accordingly,
is shown in Treasury
sliow 9, nominal dGCliiic*
Of the total of 1,183 millions of paper secured by
obligations, 629-8 millions, or 63.2%, were secured
p
United States war
by Liberty
bonds,
Victory notes, and 242.4 millions, or 20-5%,
by Treasury certificates, compared with 53, 25 and 22% of a corresponding
total of 1,220.4 millions reported the week before.
Totals of discounted
paper held by the Boston, New York, Philadelphia and Cleveland banks
are inclusive of about
226 millions of paper discounted for seven other
310.8 millions, or 26.3%, by
Combined Resources and
Liabilities of
Oct.
1
the
of 19.9 millions
stock,) corresponding to the reduction in
Federal Reserve Banks at the
Sept. 3
1920
Close of Business Oct. 1
Oct.
Aug. 27 1920. Aug. 20 1920. Aug. 13 1920.
$
$
Gold with foreign agencies
capitalization of the consolidated
institution.
183,826,000
341,303,000
164,529,000
150.990 000
362,468,000
331,308,000
428 768.000
165,070,000
410,507,000
373,272,000
183,125,000
366,892.000
179,630,000
389,927,000
111,455,000
111,455,000
111,455,000
111.455,000
111,455,000
111,455,000
111,455,000
111,531.000
201,046,000
Board...
holdings
Philadelphia, Cleveland and San Francisco banks are shown inclu¬
of bank acceptances bought from the New York and
Chicago Reserve banks, compared with 23.4 millions the week before.
Government deposits show a nominal <. ecline of 0.1 million, members'
reserve deposits—fell off 24.4 millions,
other deposits, composed largely
of foreign Government credits and non-member banks' clearing accounts,
increased by 0.5 million, while the "float" carried by the Reserve banks
and treated as a deduction from gross deposits shows a decrease for the
week of 11.4 millions.
As a consequence, net deposits are shown 12.6
millions less than on the preceding Friday.
Federal Reserve note circulation shows an addition of 24.7 millions, largely
in the New York and Boston districts, while Federal Reserve Bank note
circulation declined by 0 8 million.
A reduction by $85,000 in the paid-in
capital of the New York Reserve bank is due apparently to the consolidation
of two member banks in Buffalo and the surrender of Federal Reserve
the
1920. Sept. 24 1920. Sept. 17 1920. Sept. 10 1920
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R.
Reserve banks in the South and Middle West, while acceptance
or
sive
186,139,000
192i.
3
1919.
242,405,000
516,335,000
108,892,000
Gold redemption fund
867,632,000
681,088,000
661,472,000
670,866,000
687,032.000
674,969,000
607,292,000
636,584,000
691,213.000
1,104,264,000 1,164,562,000 1,166,398,000
1,180,393,000 1,211,619.000 1,237.942,000 1 147.239,000 1,132,219,000 1,154,684,000
101,252,000
131,708,000
140,615.000
146,275,000
143,059,000
137 774.000
141,632,000
127.893,000
147,710,000
Total gold reserve
1,966,351,000 1,977.358.000 2,135,282.000
2,003.072,000 1,989,835,000 1,973,127,000 1,976,226.000 1,962,310 000 1,971,825,000
Total gold
held by banks
Gold with Federal Reserve agents
1450
THE
\
Oct.
1
1920. Sept. 24 1920. Sept. 17 1920. Sept. 101920.
Sept.
S
Legal tender notes, silver, Ac
Secured by Govt, war obligations
161,759,000
3
$
160,018,000
1920. Aug. 27 1920. Aug. 20 1920. Aug. 13 1920. Oct.
3
155.021,000
$
155,647,000
3
156,002,000
3
155,486,000
1919.
S
$
155,527,000
70,229,000
1,183,007,000 1,220,423,000 1,202,593,000 1,299.123,000 1,332,892,000 1,314,830,000
1,301,609,000 1,296,981,000 1,654,166,000
1,526,594.000 1,484,041,000 1,306,610,000 1.376.076,000 1,412,035,000 1,352,297,000
1,317,820,000 1,292,025,000
361,771,000
301,510,000
307,624,000
321,605,000
316,982.000
313,501,000
321,965,000
320,597,000
326,667,000
320,618,000
All other..
Bills bought in open market
hand
on
$
[Vol. 111.
2,165,195,000 2,151,594,000 2,133,145,000 2.131.247,000 2,117,957,000 2,127,827,000
2,121,837,000 2,132,885,000 2,205,511,000
Bills discounted.
Total bills
3
162,123,000
Total reserves..
CHRONICLE
3,011,111,000 3,012,088,000 2,830,808,000 2.992.181.000 3,058,428,000 2,989.092,000 2,940,026,000
2,909,624,000 2,342,604,000
26,855,000
26,808,000
26.806.000
26.807,000
26,805,000
26,810.000
26,809,000
27,095,000
26,810.000
U. S. Government bonds....
U. 8. Victory notes...
69,000
Total earning assets
Bank premises
270,623,000
69,000
69,000
332.426,000
69,000
393,479,000
279,633,000
69,000
273,701.000
69,000
69,000
136,000
277,158.000
277,836,000
263,148,000
3,309,517,000 3,309,588,000 3,251,161,000 3.351.483.000 3,364,936,000 3,289.672,000 3,244,062,000
3,214,339,000 2,632,983,000
*14.921,000
15.086.000
15,263,000
14,869,000
14,654,000
14.604,000
15,455,000
15,370,000
13,184,000
820,280,000
818,958,000 1,097,408,000
837,060,000 *753,707,000
729,889,000
785,240,000
908,310,000
798,155,000
11,856,000
11,824,000
11,788.000
11,695,000
12,024,000
11,956.000
11,600,000
11,897,000
11,947,000
5,414,000
4,941,000
6.569,000
*3.875,000
4,660,000
4,558.000
3,827,000
10,246,000
3,859.000
Uncollected items and other deductions
from gross deposits
6% redemp. f und agst. F. R. bank
69,000
271,482,000
U. S. certificates of indebtedness
notes
All other resources
Total resources.....
6,327,717,000 6,312,275,000 6,513,661,000 0,353,233.000 *6267091000 8,178,771,000 6,181,220,000
6.175,789,000 5,782,131,000
LIABILITIES.
Capital paid in...
Surplus
97,358,000
164,745,000
97,401,000
97.191,000
97,366,000
97,133,000
97,055,000
96,759,000
85,350,000
96,551,000
164,745,000
164,745,000
164,745,000
164,745,000
164,745,000
164,745,000
81,087,000
164,745,000
46,493,000
30.975.000
135,178,000
65,387,000
43,510,000
54,959.000
78,832,000
11,623.000
Due to members, reserve account
1,776,243,000 1,799,677,000 1,821,833,000 1 828.924,000 *1829 832000 1,818,502,000 1,793,675,000
1,834.542,000 1,765,863,000
Deferred availability Items
608,056,000
596,342,000
617,785,000 *554.475,000
676,275,000
542,564,000
591,094,000
691,968,000
599,397,000
Other deposits, incl. for'n gov't credits..
35,363,000
34,910,000
38.793,000
42,409,000
39,123.000
43,180,000
44.828,000
97,913,000
45,043,000
Government deposits
46,454,000
Total gross deposits
F. R. notes In actual
2,466,116,000 2,477,422,000 2,675.695,000 2.516,477,000 *2488 817000 2,447,756.000 2,484,556,000
2,490,605,000 2,634,576,000
3,304,690,000 3,270,996,000 3,289,681,000 3,295.175,000 3,243.270,000 3,203,637,000 3,174,725,000
3,169,181,000 2,708,186,000
213,412,000
214,180,000
209,083,000
212,219,000
205,'423,000
200,793,000
198,563,000
241,937,000
196.912,000
81,396,000
78,531,000
70,562,000
73,955,090
67,703.000
64,785,000
61,872,000
30,995,000
57.795,000
circujatlon...
F. R. bank notes In circulation—net llab.
All other liabilities
Total liabilities
6,327,717,000 6,312,275,000 6,513,661,000 6.353.233.000 *6267091000 6,178,771,000 6,181,220,000 6,175,789,000 5,782,131,000
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to net
deposit and
F. R. note liabilities combined
Ratio of total reserves to F. R. notes in
circulation
after
setting
40.3%
43.6%
48.1%
aside
40.4%
43.7%
47.9%
40.5%
39.4%
40.2%
40.3%
40.6%
42.8%
42.5%
43.2%
43.5%
43.9%
48.1%
>
39.72%
43.8%
'•
46.8%
46.6%
47.7%
48.1%
48.6%
49.7%
1
35%
against net deposit liabilities
-
59.1%
3
Distribution by Maturities—
1-16 days bills bought in
open market.
1-15 days bills discounted
S
S
$
S
$
3
$
S
106,484,000
95,041,000
112,627,000
109,503,000
99,481,000
110,768,000
112,734,000
104,417,000
114,917,000
1,515,472,000 1,483,052,000 1,349,550,000 1,608,558 000 1,666,391,000 1,581,792,000 1,515,379,000
1,549,969.000 1,657,457,000
1-15 days U. S. certif. of Indebtedness.
23,748,000
84.560 000
26,310,000
147,405,000
32.568,000
27,325,000
25,538,000
20,856,000
27,340.000
16-30 days bills bought in open market.
92,432,000
77,418,000
67,941,000
62,189,000
77,394.000
79,865.000
70,815,000
71.014.000
69,704,000
16-30 days bills discounted
307,789,000
352,-199,000
268,947,000
265,315,000
243,771,000
247,986,000
219.669,000
189,632,000
117,639,000
16-30 days U. S. certif. of Indebtedness.
13,500,000
7,107,000
17,195,000
13.052,000
20,695,000
15.441,000
19,483,000
16,850,000
16,700,000
81-60 days bills bought in open market.
85,555,000
106,047,000
107,939.000
123,260,000
109,404,000
105,240.000
110.891,000
105.155.000
116,849,000
31-60 days bills discounted
512 529,000
514,192,000
506,078,000
579,209,000
504.969,000
491,886,000
511,330,000
458,770.000
167,570,000
31-60 days U. S. certif. of Indebtedness.
18,870,000
22,371,000
25,029,000
27,929,000
23,108,000
34,431.000
28,524,000
9,499,000
38,102,000
61-90 days bills bought in open market.
17,039.000
29,118,000
28,475,000
26,653,000
27,222,000
26,092,000
26,157.000
34,904,000
61-90 days bills discounted
253 001,000
346,734,000
336,732,000
286,988,000
294,330,000
301,240,000
332,684,000
"56,230,000
65,320,000
61-90 days U. S. certif. of indebtedness.
23,260,000
25,996,000
16,700,000
22,382,000
12,501,000
11,002,000
16,908,000
170.191.000
28,229,000
Over 90 days bills bought in
open market
793,000
Over 90 days bills discounted
25,414.000
*26,403,000
28,141.000
32.164,000
35,466,000
44,223,000
40,367,000
56,230.000
7,951,000
Over 90 days certif. of indebtedness....
192,104,000
188,839,000
188,942.000
187,532,000
185,940,000
185,502,000
186,705,000
170.191.000
187,714,000
'
*
Federal Reserve Notes—
Outstanding
3,603,149,000 3,586,497,000 3,581,625,000 3,549,041.000 3,501,897,000 3,471,731.000 3,462,875,000
3,450,969.000 2,899,122,000
298,459,000
306,501,000
253,755,000
291,944,000
258,627,000
268,094,000
288,150,000
190,936,000
281,788,000
Held by banks
In actual circulation
3,304,690.000 3,280,996,000 3,289,681,000 3.295.175,000 3,243,270,000 3,203,637.000 3,174,725,000
3,169,181,000 2,708,186,000
...
Fed. Res. Notes (Agents
Accounts)—
Received from the Comptroller
7,683,640,000 7,640,540,000 7,582,040,000 7,525.140,000 7,468,540,000 7,435,580,000 7,387,780,000
7,338,200,000 5,380,120,000
3,594,968,000 3,576,029,000 3,554,226,000 3,537.490,000 3,511,315,000 3,490,516,000 3,465,042,000
3,439,212,000 2,085,335,000
Returned to the Comptroller
Amount chargeable to Fed. Res.
agent 4,088,672,000 4,064,511,000 4,027,814,000 3.987,650,000 3,957,225,000
3,945,064,000 3,922,738,000 3,898,988,000 3,294,785,000
In hands of Federal Reserve Agent.
485,523,000
478,014,000
446,189,000
438,609,000
455,328,000
473.333,000
459,863,000
395,663,000
448,019,000
Issued to
Federal Reserve banks..
3,603,149,000 3,586,497,000 3,581,625,000 3,549,041,000 3,501,897,000 3,471,731,000 3,462,875,000
3,450,969,000 2,899,122,000
How Secured—
By gold and gold certificates.
By eligible paper
279,225,000
279,226,000
279,226,000
274,225,000
274,225,000
260,226,000
260,226,000
242,248,000
260,226,000
2,422,756,000 2,374,878,000 2.343,683,000 2.401,802,000 2,369,678,000 2.317.047.000 2,298.611,000
2,286,407,000 1,732,724,000
107,198,000
113,543,000
117 269 000
115,600,000
112,797,000
114,531,000
118,254,000
117,943.000
93,608,000
793,970,000
818,850,000
843,116,000
755.745.000
745,197.000
779,927,000
785.784,000
786.393,000
830,542,000
Gold redemption fund
With Federal Reserve Board..
Total
Eligible
•
3,603,149,000 3.586,497,000 3,581,625,000 3,549,041,000 3,501,897,000 3,471,731,000 3,462,875.000
3,450,969.000 2,899,122,000
paper
delivered to F. R. Agent..
2.921,119,000 2.932,892.000 2,732,661.000 2,899,472.000 2,962,403,000 2,896,956,000 2,860,488,000 2,805.951,000 2,264,643,000
Revised figures.
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
CLOSE
OF
BUSINESS
OCT.
1
1920.
Two ciphers (00) omitted.
Federal Reserve Bank of—
RESOURCES.
Boston.
S
Gold and gold certificates
Gold Settlement Fund, F. R. B'd
Gold with foreign agencies
New York.
$
7,660,0
46,199,0
8,136,0
PhVa.
%
110,897,0
1,417,0
45,243,0
Cleveland. Richmond
S
Atlanta.
$
10,443,0
80,863,0
9,139,0
2,402,0
23,863,0
194,531,0
55,576,0 100,445,0
266,519,0 121,610,0 142,238,0
35,982,0
9,275,0
12,408,0
215,434,0
6,564,0
Chicago.
$
1,434,0
St. Louis. Minneap.
S
$
Kan.City.
$
Dallas.
$
San Fran.
%
Total.
3
5,461,0
7,447,0
4,013,0
24,492,0
41,466,0
13,263,0
5,238,0
3,009,0
652,0
24,875,0
5,350,0
31,726,0
18,894,0
79,221.0
15,188,0
44,403,0
7,572,0
52,647,0 188,930.0
6,656,0
25,106,0
47,580,0
6,224,0
18,745,0
27,569,0
3,235,0
30,877,0
39,959,0
4,105,0
11,735,0
29,613,0
497,032,0 186,461,0 255,091,0
127,993,0
931,0
2,642,0
83,701,0
68,992,0
7,622,0
49,549,0
402,0
78,197,0 293,257,0
1,245,0
9,188,0
74,941,0
1,915,0
46,378,0 154,039,0 2,003,072,0
2,900,0
583,0
162,123,0
221,998,0
625,025,0 187,392,0 257,733,0
84,103,0
79,442,0 302,445,0
76,614,0
49,687,0
76,856,0
49,278,0 154,622,0 2,165,195,0
obligations (a): 106,750,0
1
77,462,0
Bill" bought In open market
30,038,0
(b)__
490,677,0 123,844,0 53,013,0
383.453,0
62,049,0 148,350,0
96,465,0
8,255,0 49,586,0
36,537,0
64,294,0 147,384,0
57,379,0 325,364,0
1,886,0 39,786,0
38,978,0
80,034,0
1,880,0
11,043,0
73,691,0
1,498,0
35,238,0
71,866,0
3,534,0
21,551,0 53,698,0 1,183.007,0
52,752,0 120,852,0 1,526,594,0
86,232,0 110,638,0
116,0
8,867,0
1,0
74,888.0 235,615,0 3,011,111,0
3,966,0
2,632,0
26,855,0
Total gold held by banks
61,995,0
Gold with Federal Reserve agents 134,999,0
Gold redemption fund
18,440,0
Total
gold
reserves
Legal tender potes, silver, Ac...
Total
reserves
_
Bills discounted: Secured by Gov¬
ernment war
All
other
Total bills
on
hand
214,250,0
U. S. Government bonds
U. 8. Government Victory notes
U. 8. certificates of indebtedness
Total earning assets
Bank
premises
Uncollected
items and
other de¬
ductions from gross deposits..
redemption
fund
against
Federal Reserve bank notes...
555,0
5,0
21,578,0
42,729,0
40,905,0
8,916,0
73,342,0
6,932,0
970,595,0 194,148,0 250,949,0 116,811,0 123,559,0 512,534,0
120,892,0
1,462,0
1,434,0
834,0
1,233,0
113,0
4,490,0
1,153,0
50,0
69,513,0
10.0
31,458,0
23,299,0
3,0
12,262",0
resources
Total resources
61,915,0
175,194,0
69,142,0
79,494,0
56,350,0
1,072,0
394,0
2,481,0
768,0
1,300,0
545,0
1,139,0
251,0
451,0
.
7,644,0
12,351,0
Government deposits
3,183,0
Due to members, reserve account 119,201,0
Deferred availability items......
49,622,0
Oth.deposits.lncl. for. Govt.cred.
1.097,0
Total gross deposits
173,103,0
F. R. notes in actual circulation. 309,586,0
F. R. bank notes in circulation—
16,648,0
4,312,0
net liability
AH other liabilities
Total
39,728",0
589,0
28,785,0 113,953,0
499,0
233,0
7,210,0
8,526,0
138,0
17,297,0
8,481,0
12,826,0
94,829,0 132,332,0
848,0
603,0
4,901,0
20,333,0
3,936,0
30,576.0
2,898,0
5,030,0
585,0
8",300,0
5,127,0
201,046,0
362,468,0
111,455,0
56.036,0
674,96^,0
84,326,0 1,180,393,0
13,677,0
147,710,0
61,065,0
11,074*0
301,510,0
69,0
271,482,0
87,154,0 249,321,0 3,309,517,0
1,230,0
232,0
15,455,0
44,147,0
23,402,0
69,162,0
54,923,0
43,813,0
820,280,0
1,745,0
573,0
429,0
916,0
586,0
665,0
464,0
382,0
90,0
306,0
983,0
409,0
11,856,0
5,414,0
.
523,644,0 1,849,114,0 486,071,0 614,881,0 273,005,0 248,920,0
977,482,0 261,924,0 169,040,0 280.420,0 194,154,0 449,062,0 6,327,717,0
LIABILITIES.
Capital paid in
Surplus
15,666,0
236,388,0 1,041.620,0 227,040,0 275,092,0 130,306,0 139,341,0
556,752,0 139,342,0
1,877,0
4,026,0
652,0
1,172,0
1,206,0
620,0
2,123,0
866,0
6%
All other
3,205,0
6,745,0
_
725,272,0
51,308.0
8,417,0
13,069,0
16,082,0
6,190,0
10,253,0
13,712,0
3,350,0
685,654,0 109,370,0 151,567,0
110,846,0
51,483,0
61,938,0
16,745,0
1,425,0
1,427,0
5,214,0
8,067,0
3,715,0
56,032,0
44,420,0
603,0
3,926,0
13,720,0
7,050,0 23,917,0
1.621,0
2,389,0
49,147,0 253,824,0
23,925,0 78,306,0
468,0
2,283,0
4,304,0
5,884,0
1,492,0
61,165,0
39,410,0
881,0
829,327,0 168,468,0 218,282,0 104,770,0 75,161,0
336,802,0 102,948,0
866,091,0 270,892,0 345,751,0 141,463,0 147,538,0 554,238,0
135,888,0
40,219,0
36,897,0
21,333,0
3,892,0
21,916,0
4,967,0
11,233,0
2,258,0
12,764,0
2,481,0
36,545,0
12,260,0
10,321,0
2,579,0
4,439,0
8,395,0
2,153,0
79,312,0
58,057.0
666,0
3,968,0
6,867,0
97,358,0
4,152,0 11,662,0
164,745,0
1,939,0
3,099,0
46,454,0
49,493,0 117,358,0 1,776,243,0
34,552,0 33,216,0
608,056,0
431,0
8,607,0
35,363,0
68,272,0 140,188,0
86,415,0 162,380,Q 2,466,116,0
89,940,0 252,516,0 3,304,690,0
3,334,0
5,178,0
1,241,0
44,120,0
22,281,0
630,0
81,964,0 108,823,0
8,096,0
15,651,0
2,196,0
2,924,0
7,724,0
1,955,0
10,962,0
4,675,0
213,412,0
81,396,0
523,644,0 1,849,114.0 486,071,0 614.881,0 273,005,0 248,920,0
'977,482,0 261.924.0 169,040,0 280,420,0 194,154.0 449.062,0 6,307,717,•
Oct. 9
1920.]
Two ciphers omitted.
Boston
New York.
PhUa.
LIABILITIES {Concluded)—
$
$
$
1451
CHRONICLE
THE
Cleveland. Richmond
Atlanta.
Dallas.
$
$
San Fran.
Total.
$
St. Louis. Minneap. Kan.City.
Chicago.
$
$
$
$
$
$
$
Ratio of total reserves to net de¬
posit and F. R. note liabilities
combined, per cent
41.1
as endors er
44.3
41.0
38.9
39.4
39.2
42.7
48,856,0
18,550,0
35,051,0
18,631,0
41,986,0
37,961,0
752,0
432,0
768,0
416,0
53.2
50.6
43.7
41.7
40.6
£5,000,0
52.8
___
emoranda—Contingent liability
Discounted paper rediscounted
with other F. R. banks
on:
*■
____
v
226.035,0
•
•
Bankers' acceptances sold to other
'
Contingent liab.
bills purcb.
on
1,168,0
6,076,0
52,641,0
(&) Includes bankers' acceptances bought fr
19,003,0
for foreign correspondents.
(a)
19,862,0
10,000,0
9,862,0
F. R. banks without endors't..
784,0
1,312,0
1,280,0
1,904,0
576,0
16,204,0
736,0
Includes bills discounted for
other F. R. banks, viz
Without their endorsement.
om
other F. R. banks:
Federal Reserve Agent at—
on
Phila.
143,000
64,600
hand
Federal Reserve notes outstanding
.
CleveX.
$
%
$
$
Minn.
K. CUy.
$
$
$
71,675
26,398
27,680
35,880
St.L.
s
$
$
624,505 153,564
■
82,960 114,026
Collateral security for Federal Reserve notes outstanding:
Gold redemption fund
1
111,000
Gold settlement fund—Federal Reserve Board
j Amount required
Eligible paper:] Excess amount held
-
188,687
.
Total
Liabilities—
Federal Reserve notes received from Comptroller, gross -
"¥,786
3,739
1,317
"¥,599
180,144
40,031
36,360
99,495
10,270
24,015
435,575 105,984
76,117
14,864
13,200
55,391
16,966
34,051
231,946
22,519
9|,353
2^279^520 651,380 675,500 37L260 382,000
287,314 1,162,037 330,882 280,094 197,864 158,183
675,600
Less amounts returned tor destruction
received from
Net amount of Federal Reserve notes
Total
974,483 284,618 367,726 146,998 152,142
4,604
5,535
21,975
13,726
108,392
624,505 153.564
866,091 270,892 345,751 141,463 147,538
90,000 120,296 109,732 290.569 4,088,672
29,613 84,326 1,180,393
27,569 39,959
74,888 222,313 2,921,119
72,357 108,118
82,960 114,026
554,238 135,888
Member Banks of the Federal Reserve
17,676
70,267
996|
5,203
81,964 108,823
93,252 285.189 3,603,149
298,459
3,312 32,673
89,940 252,516 3,304,69
principal resource and liability
and all other reporting
Aggregate reduction by 232 millions net
in other loans and investments are
indicated in one
from
decrease of 6.1 millions in United States bonds and a nom¬
the reporting banks show a reduction
in their holdings of Treasury certificates, this reduction
constituting about one-half of the previous week's increase following the
Issuance of the latest two series of tax certificates.
For the New York
City members, reductions of 3 millions in United States bonds, of about 1
million in Victory notes and of 17.1 millions in Treasury certificates are
shown.
Loans supported by Government war securities declined by 5.6
millions, wnile loans supported by corporate securities show an increase for
the week of 15.9 millions (17.5 millions in New York City).
All otner loans
and investments, comprising largely commercial loans and discounts, went
a
reporting banks shows an increase from 11.6 to 12.5%, while
increase in this ratio from 11.7 to over
ments of all
inal increase in Victory notes held,
for
the New York City banks an
13% is noted.
deposits show a reduction for the week of about 16 millions,
deposits, as stated above, declined by about 232 millions,
deposits show a gain of 6.1 millions.
For the New York City
members decreases of 10.4 millions in Government deposits, 100.9 millions
in other demand deposits and 6.7 millions in time deposits are given.
Reserve balances of all reporting institutions, in accord with the large
reduction in their aemand deposits, show a decline of 28.3 millions, while
cash in vault fell off by 11.3 millions.
In New York City corresponding
decreases of 11.5 millions in reserve balances and of 3.2 millions in cash on
band may be noted.
\
Government
other demand
while time
increase for the
in consequence
principal assets of the reporting banks, show
Federal Reserve District.
Federal Reserve bank by 76.9 millions from 672.1 to 749
The ratio of these borrowings to total loans and invest¬
the local
millions is shown.
of 32.5 millions
Reserve District at close of buafnesv September
RlcJim'd.
Cleveland
NetD York Philadel.
increase in the borrowings
For the New York City members an
millions.
Sept. 24 of 818 member banks in leading
Boston.
millions, the corresponding increase for the New York
weetc the reporting institutions increased their borrowings
from the Federal Reserve banks by 178.8 millions from 1,972.1 to 2,150.9
During the
cities..
member banks In each Federal
increase of 82.9
an
City banks being 11.1 millions.
and substantial increases
Federal Reserve Board's
up by 110.8 millions, of which 12.7 millions represents tne
New York City members.
Total loans and investments,
Chicago.
Atlanta.
24 1920.
Three ciphers (000) omitted,
Dallas
Minneap. Kan. CUy
St. Louis
.
818
4,836
$269,061
603,949
191,327
383,420
4*,854
134,755
1,447.757
27,461
10,735
33,445
950,440
80,406
544,020
263,804
707,640
42,783
364,9141,309,148 17,140 597
80.019 1,361 800
23.401
59
92
82
47
106
35
34
83
51
$46,492
250,477
81,119
$42,243
60,180
19,634
20,264
$28,709
$16,923
13,463
7,231
8,417
$14,285
28,077
4,625
9,127
$21,550
52,083
39,021
2,569
58,366
3,880
$7,371
9,605
1,032
2,060
$15,471
24,710
5,151
10,421
$19,573
21,113
3,332
200,937
$11,347
29,064
9,030
19,286
56,318
Other U. 8. bonds, incl. Liberty
bonds..
U. S. Victory notes
U. 8. certificates of indebtedness
579,025
68,727
142,321
77,967
56,114
171,020
36,835
20,068
55,753
Total U. 8. securities
including bills rediscounted with Federal Reserve Bank
82,801
31,195
214,602
74,791
323,754
108,839
965,249
405,727
31,079
127,106
407,023
16,015
30,941
595,033
97,457
446,654
429,43711,825,458
961,1631,506,115
101,074
69,247
623,728
35,274
580.0782.540.589
602,043
187,113
40,965
32,836
16,126
928,816
338,851
107,741
13,788
65,817
258.4551.363.590
151,318
629,214
1,790
19,597
9,641
307,995
93,982
4,965
17,105
8,548
75,750
33,610
>
4
Loans and investments,
m
464,358
48,716
187,199 1,284,431
821,893 4,149,412
obligationsand bonds
Loans sec. by U. 8. war
Loans sec. by stocks
Total.
$32,638
63,782
12,872
25,463
113
$12,459
17,785
5,711
20,363
U. 8. bonds to secure circulation
San Fran
68
48
Number of reporting banks
items
member banks in federal reserve
banks as at close of business september 24 1920.
items op reporting
demand deposits, largely the
accompanied by liquidation in
result ot payment of customers' tax checks,
volume of U. S. Treasury certificate holdings
some
A
System.—Following is the weekly statement issued by the Federal Reserve
items of the resources and liabilities of the Member Banks.
Definitions of the different
in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
bank and branch cities
Data for ail reporting
685,145 174,044
188,930 47,580
511,692 120,848
309,586
circulation.
Board giving the principal
in the statement were given
I.
107,198
793,970
63,639 200,863 2,422,756
498,363
21,450
11,249
373,880 176,680 253,660 194,180 509,540 7,683,640
84,448 218,971 3,594,968
86,680 133,364
14,100
323,686
Federal Reserve notes outstanding..
of the above changes in the
279,225
12,714
71,612
737,535 2,323,912 614,469 785,651 330,664 399,974 1,385,767 342,472 189,926 268,373 214,233 597,208 8,190.184
.....
Federal Reserve notes held by banks
against
12,331
5,548
11,734
455,295 199,836
939,910 172,361 248,007 112,865 123,510
214,250
As
171407440
388.286 1,117,483 320,498 395,406 173,396 223,817
52,647
266,519 121,610 142,238 44,403
134,999
....
weekly statement of condition on
74,067
5,380
485,523
16,480
93,252 285,189 3,603,149
»
Comptroller of the Currency
Collateral received from
(Gold
statement showing
13,052
4,147
46,000
$
$
737,535 2,323,912 614,469 785,651 330,664 399,974 1,385,767 342,472 189,926 268,373 214,233 597,208 8,190,184
.j
Federal Reserve notes In actual
3,810
2,500
15.221
20,213 "1,903
11,912
90,000
42,500
45,000 106,389
707,964 163,008 225,488 102,595
25,563
,
32,025
209,607
5,900
18.099
Gold and gold certificates
Total.
Dallas. San Fr.
$
6,270
7,040
20,480
60,640
974.483 284,618 367,726 146,998 152,142
323,686
1 1920.
Chicago.
Richm'd Atlanta
19,862,
4,951,0
—
AGENTS* ACCOUNTS AT CLOSE OF BUSINESS OCT.
RESERVE
Boston. New York
{In Thousands\of Dollars).
Federal Reserve notes
10,000,0
4,911,0
__
STATEMENT OF FEDERAL
Resources—
226,035,0
31,485,0 122,906,0
All other loans and investments
»
32,387
62,140
286,803
41,521'
147,623 3,055,216
993,325 11,687.184
«4
Total loans and investments.
Including
rediscounts with F. R. banks
Reserve balances with F. R.
1,114,126 6,477,226
29,909;
24,588 , 114,726
806,492 5,010,977
468,562
154,465
Time deposits
deposits
—
with F. R, Bank:
Secured by U. 8. war oblgations
Bills payable
17,445
690,209
194,512
20,159
376,942
28,426
318,690
50,682
17,416
33,871
33,737
36
Net demand deposits
Government
651,105
81,511
Bank
Cash In vault
807
55
12,496
39,618
3,727
10,754
74,010
17,441
27,780
38,895
3,556
126,016
353,827
19,394
8,911
186,971
63,996
6,857
2,831
5,2671
55,021
1,814
19,338
4,779
30,104
18,935
400
525
1,773
7,485,
61,228
74,110
14,843;
412,468!
97,4571
11,429
224,373
28.233
358 383
631,340 11,160 .637
517,184 2,786 ,811
315 ,364
13,114
28,621
677 ,935
85
6 ,873
3,803
271,330
1,194,772
All other
Bank:
obligations
Bills rediscounted with F. R.
Secured by U. 8. war
143,281
42,694
344,944
17,198
56,852
All other
27,652
ciphers (000) omitted.
S pi.
banks
circulation
Other U. 8. bonds, Incl. Lib bonds.
Number of reporting
U. S. bonds
o Fecure
17. Sept.
24. S.pt.
24. Sept.
290,889
17.
Sept. 24.
282
Sept.
17.
Sept.
24. Sept.
281
208
71
71
49
49
$36,795
$36,763
$1,438
$1,438
$96,732
$97,201
$72,177
339,967
147,328
17. Sept.
24. Sept.
171
79,108
Total.
All F. R.'Bank CUies. F. R. Branch CUies. All Other Reprt.Bks
City of Chicago.
New York CUy.
Three
44,345
2,466
26,266
Sept. 24.
Sept. 17.
Sept. 26'19
329
818
8181
776
$72,169 $100,152 $100,66fl|
118,938
119,763
150,212
36,739
36,900
52,136
$269,061
603,949
$270,030
609,117
$269,706
619,968
208
328
Total U. S. securities
217,471
71,738
220,495
16,880
17,691
72,695
10,962
10,830
190,976
202,72s
17,130
18,645
255,437
102,101
281,212
191,327
185,705
77,654
82,467
50,329
52,181
383,420
415,860
302,930
1.050.339
511,709
U. S. Victory notes..
U. S. certificates of Indebtedness...
336,858
101,925
532,733
46,410
48,604
790,952
820,481
349,661
356,984
307,144
308,524
1,447,757
1,485,989
2,242,943
\
52,502
incl. bills rediscounted with F. R. Bank:
Loans and investments,
950,440
98,023
98,083
143,026
141,455
714,911
710,902
65,197
65,867
433,026
434,912
414,416 3,055,216
486,992
409,917
487,710
332,558 2,157,589 2,137,939
330.914
bonds.. 1,131,898 1,114,385
11,687,184
3,658,105 1,093,749 1,074,529 7,513,741 7,451,690 2,290,740 2,266,288 1,882,703 1,858,451
All other loans and investments.. 3,670,828
Total loans & investments, incl.
2,679,414 17,140,597
5,749,347 5,738,249 1,536,940 1,520,888 11,173,184 11,125,021 3,269,566 3,253,290 2,697,847
rediscounts with F. R. Bank:
164,406 1,361,800
146,888
203,452
200,023
134,143 1,014,889 1,022,238
134,809
625,876
614,380
Reserve balance with F. R. Bank358,383
84,634
75,583
82,343
209.494
71,239
204,801
37,077
37,715
105,000
101,785
Cash in vault.
948,224 7,813,064 7,970,350 1,751,617 1,780,618 1,595,856 1,641,280 11,160,537
930,933
4,528,310 4,629,231
Net demand deposits
595,388 2,786,811
902,779
597,462
906,185
286,812 1,283,164 1,282,495
285,883
340,408
Loans sec. by U. S. war
obllgat'nS
Loans sec. by stocks and
—
deposits
Bank:
obligations.
199,942
9,330
10,384
261,293
276,238
36,381
34,650
17,690
20,488
315,364
331,376
287,530
289,453
26,379
26,313
442,212
436,810
145,748
143,683
89,975
89,006
669,496 1,096,072
2,300
5,465
2,300
677,935
6,873
S. war
139,135
136,438
10,260
9,889
225,521
222,141
246,186
215,191
193,798
864,220
12.6
4,965
All other
,
Bills rediscounted with F. R. Bank:
Secured by U.
All other
S. war obligations.
Ratio of U. 8. war securities
paper
ments
a
to
total
1,390,096 1,332,919
369,711
349,780
11,392,248 10,839,154
2,780,662 1,994,216
333,681
189,452
Bills payable with F. R.
Secured by U.
17,057,725 15,677,228
322,362
Time deposits
Government
955,960 a1,333,697
3,039,347 3,053,110
11,576,429 a8,667,708
and war
15.8
16.2
Exclusive of rediscounts with FederaLReserve
175
1,243
1,548
33,798
12,717
271,33C
267,929
739,346
175,167
148,184
,155,385
11,99C
143,174
1,194,772
1,030,704
12.9
12.8
13.2
11.8
11.4
12.4
12.7
*
loans and Invest¬
per cent..
4,023
165
33,092
'
bankaj
7.2
7.4
692,335
379,77$
THE
1453
State
fltwlijers' CSitaeifce.
Miscellaneous
and
1920.
advance in
railway shares noted in this column last week
course, continue long without interruption.
There was a halt in the upward movement on Monday,
which developed into a reaction on Tuesday and remained
in force through a part of Wednesday, when the lowest
quotations in this group were recorded.
Profit-taking sales
then practically ceased and the demand for this class of
securities has since been in excess of the supply until the late
hours to-day.
Notwithstanding a renewal of profit realizing
this afternoon, however, closing prices are generally well
could not, of
are
an enormous
scale and advanced 2% points within the week.
notably strong issues includes Atchison, St.
Paul, Ches. & Ohio, Consol. Gas, So. Ry., Am. Tel. & Tel.
practically all of which have
a point or more to their previous advance.
On the
other hand U. P. conv. 4s and U. S. Steel 5s are fractionally
and the local traction issues,
added
lower and 3
or
4 other active issues
some
Equipments have been strong in anticipation of the railway
demand while the steels were weak, owing to expectation
of lower prices for their products.
Baldwin advanced 5 points, Am. Loco. 3 % and Smelting 4.
Saturday's bank statements of both the Federal Reserve
system and the Clearing House banks were unfavorable
and the money market has been firm on a limited volume of
business.
Day to day rates for call loans have been quoted
at 7 to 8%.
Sterling exchange is somewhat higher than
a week
ago, although the demand has been limited.
are
Daily Record of Liberty Loan Prices. Oct 2
■
•
7
Oct
6
8
Oct
92 66
92 26
91 94
91 50
91 40
91 54
92 00
91
64
91 2t
91 50
91 70
92 68
92 00
91
64
284
1339
1138
1031
551
783
f High
{Low.
(Close
87 50
88 00
89 00
89 59
88 80
88 90
87 50
87 64
89 00
89 40
88 80
88 40
87 50
88 00
89 00
89 50
88 80
Total sales In $1,000 units......
9
21
13
6
31
(High
{ Low(Close
Total sales in $1,000 units
Second Liberty Loan
4s, 10-25-year-conv, 1942
Second Liberty Loan
4s, convertible, 1932 47
91 30
88 80
5t
88 00
(Close
-
89 50
88 50
89 50
7
1
18
•
89 50
88 50
88 00
............
Total sale* In $1,000 units
88 50
88 00
(High
{Low.
f High
{Low.
89 80
90 40
"9090
91 08
90 60
90 76
89 60
89 70
90 28
90 66
93 32
90 24
(Close
89 50
187
2000
2151
827
1081
1136
88 70
89 50
90 20
90 20
89 70
89 96
88 70
88 70
89 30
89 10
89 20
89 50
89 20
89 70
4%SO 11928
and Baltimore ex¬
Total sales In $1,000 units
Third Liberty Loan
■
Oct
92 90
•
144S.
•
5
Oct
f High
4%sof IstL L conv.'32 '47{Low.
Fop transactions on New York, Boston, Philadelphia
•<
4
91 70
Loan
3%8,15-30 yea*, 1932-47
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
•
Oct
9170
First Liberty
Third Liberty Loan
•
unchanged.
bonds at
limited to the various Liberty Loan issues,
of which have been unusually strong.
the Board
The record of industrial stocks is quite different in detail,
results are similar, although modified in degree.
y
are
United States Bonds.—Sales of Government
but final
see page
bonds at
State
A list of other
above those of 1st week.
changes
Bonds.—Sales of
limited to $607,000.
Va. 6s at 71% to 72%.
The market for railway and industrial bonds has. main¬
tained its previous record as set forth from week to week
for some time past.
An increasing number of issues has been
included, several of which are new.
Conspicuous among
the latter are Bell Tel. Pa. 7s which have been dealt in on
unusual
Stocks.—The
Railroad
and
the Board
Wall Street, Friday Night, October 8
Railroad
[VOL. 111.
CHRONICLE
.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
90 10
89 50
90 64
90 40
90 SO
90 48
89 90
STOCKS.
Sales
8.
Lowest:
Par. Shares
$ per share
Lowest.
90% Oct
90% Oct
Am Brake S&F__«o par
Preferred100
Am Tobacco com B.
Barnsdali
50
Oct
July
26
Oct
Oct
86
Feb
Oct
136
Oct
102
Oct
23
Oct
7
50
Oct
Oct
87
26
Oct
_
600 108
...100
600
100
Oct
20
1130
Oct
Oct
108
Oct
Aug
Sept
■
1100
■
103
Oct
May
14% Oct
17% Oct
'
14%
Oct
11
11
Oct
i
11
Oct
38
Oct
<
35
Oct
June
B.-^.——25
100
Brunswick Term'I_._100
51500
6
Oct
8% Oct
1
Buffalo & Susq vtc. 100
Case Thresh M pref. -100
200
300
75
Oct
75% Oct
1
85
84 % Oct
85
i
84%
52 % Oct
17
Oct
40
6
Feb
23% Oct
14% Oct
16% Oct
12
Aug
4
Feb
4%
Jan
38
Oct
Certain-Teed Prod, no par
300
50
Oct
Chicago & Alton.*—100
Preferred—....—.100
800
15
Oct
700
18
Oct
Chic & E Ills tr recta....
1,300
10
Oct
5,800
Preferred tr rects
10
Oct
Oct
C St P M & Omaha.. 100
Oct
4%
60
00
44
115%
Aug
June
6%
29%
1570
Oct 101
May
23% Sent
15
Sept
17% Sent
72%
Oct
58
Oct
90
Oct
67%
Oct
Computlng-Tab-Rec-100
400
46
Oct
50
Oct
43%
Aug
Continental
Insur——25
100
68
Oct
68
Oct
68
Cuban Am Sug pref—100
Davison Chemical.no par
50
92
Oct
92
Oct
99
38
Oct
23% Oct
92% Oct
38
Oct
32
Aug 82
Aug 106
Aug 40
24
Emerson-Brantlng—.100
Gen Chemical, pref—100
General Cigar pref... 100
Guantanamo 8ug.no par
Habirshaw E & C.no par
Homestake Mining.. 100
100
100
Oct
16%
15% Oct
14%
18
47
300
29
Oct
29% Oct
500
600
16
Oct
16
Oct
Oct
81% Oct
83
Oct
June
600
3,800
Oct
Certificates of dep..
Second preferred—100
Oct
24% Oct
Oct
40
Oct
46
Oct
95
Oct
Certificates of dep..
M St P & S 8 Marie. .100
16
8%
Feb
33%
Sent
20
Aug
88
Feb
10
Oct
Oct
40
Oct,
93%
Sept 100
Jan
Oct
15
Aug
45
57% Oct
52
Aug
80%
Apr
20% Oct
19%
Aug
30%
.Tan
3% Sept
11
Oct
8%
Oct
11
Oct
Mar
Apr
Jan
631*
"Jan
9%
Sept
Sept
62%
Jan
4%
Sept
30%
Jan
4%
Sept
30%
Oct
5% Oct
4% Oct
Oct
90% Oct
63
94
pet
94
80% June
500
29
Oct
29% Oct
38
3% Sept 35%
Oct
200107
Mullins Body
no par
Nashv Cbatt & St L.100
National Biscuit.. —100
28
Feb
Jan
90%
Oct
94
Feb
Sept- 51
Aug 111%
July 12.5
Jan
Oct
107
Oct
100
300106 % Oct
107
Oct
105
200106% Oct
300 15% Oct
200 21% Oct
107
Oct
NatRysMex lstpf—100
Norfolk Southern—.100
103%
36
Oct
5%
22
Oct
10
Feb
Norfolk & West, pref.100
29
200
78
Oct
Mar
68% Oct
64
Ohio Body & Blow no par
May
72
18
Oct
Jan
18% Oct
18
Orpbeum Circuit...1
200
1,600
27% Oct
28% Oct
26%
Sept
Sept
29% June
Peoria & Eastern*...100
2,000
16
Oct
17% Oct
Pcttibone, Mulliken.100
100
35
Oct
35
Pitts Steel, pref
100
Rand Mines Ltd.no par
300
90
Oct
300
22% Oct
Rels (Robt) & Co.no par
Reis(Robt&Co) lstpf 100
Sears, Roebuck pref.100
100
100
10
70
Preferred
loo
Seneca Copper...no par
So Porto Rico Sugar. 100
Superior Oil.
no par
1,500106
500 15
200110
2,600 17%
Third Avenue Ry... 10013,400
Toledo St L & West. .100
100
.
Trust receipts
United Cigar Stores. .100
Vulcan Detlnnlng—.100
Wisconsin Central... 100
400
Oct
35
Feb
90
Oct
73% June
23
Oct
22%
Oct
Oct
10
Oct
10
Oct
Oct
70
Oct
70
Oct
106% Oct
15% Oct
105%
Oct
Oct
115
100
Oct
15
18% Oct
17%
19% Oct
9%
15 % Oct
15% Oct
12
14% Oct
18% Oct
10%
400160
100
1,900
June
Oct
Oct
16
July 116
Aug 16
9
Oct
89 04
88 66
4190
2359
3716
96 38
96 68
96 80
96 70
96 00
96 08
96 20
96 50
96 42
96 32
96 06
96 12
96 60
96 64
96 54
96 36
Oct
170
Oct
16
Oct
46% Oct
16
Oct
16
48
Oct
25
130
cables.
Commercial
*
«ii
-
-
m*
'■
rn
*»
—
96 20
m.
-
96 68
802
1659
744
1568
1016
96 00
96 26
96 50
96 08
96 60
96 68
96 00
96 08
96 20
96 50
96 46
96 38
96 00
96 26
96 50
96 80
96 50
96 46
50
J 54
257
1076
598
523
725
actual rates for sterling exchange were 3 46% @
3 50%@3 51 % for cheques and 3 51 @3 52% for
banks sight 3 49% @3 51%; sixty days 3 44% @
3 47; ninety days 3 42 @3 44%; and documents for payment (sixty days)
3 44% @3 47.
Cotton for payment 3 49% @3 51%, and grain for payment
3 49
@3 51 %
on
*
^
To-day's (Friday's) actual rates for Paris bankers' francs were 15.03@
14.96@ 15.01 for short.
German bankers' marks are
not yet quoted for long and short bills.
Amsterdam bankers' guilders
were 30% for long and 30% for short.
..
15.08 for long and
Exchange at Paris on London 52.55 francs; week's range
high and 52.55 francs low.
The range for foreign exchange for the week follows:
Sterling Actual
Sixty Days.
Cheques.
3 48 %
High for the week
3 51%
Low for the week..
Paris
3
3 43%
51.92 francs
47%
*
Cables.
3 52%
3 48%
Bankers' Francs—
High for the week——
...
Low for the week
14 87
14.89
15.03
15.01
1.62
1.54
15.01
15.14
1.64
1.56
German Bankers' Marks—
High for the week
Oct
Oct
89 40
5996
Low for the week
24%
Feb
100
Preferred..——...loo
89 32
3747
1399
.
..
31
30%
30%
1-16
30%
31 3-16
31
Jan
Oct
Oct
88 50
1439
Aug
Oct
June
4% Oct
87 70
Aug
Jan
Oct
3
Oct
88 50
15%
98%
82
Oct
89 00
Domestic Exchange.—Chicago* par.
St. Louis
15@25c.
Boston,
par.
San
Francisco,
par.
Montreal,
$1,000 premium.
Cincinnati, par.
discount.
per $1,000
587 50 per
per
Oct
Oct
5
89 32
20%
71
Jan
Oct
Oct
88 60
High for the week....
1%
10
Oct
87 68
Low for the week
Amsterdam Bankers' Guilders—
Jan
18
82
56
87 54
Jan
13%
Oct
900 20
7,700
3%
700
4
34,00
8%
700 10
1,300
4%
200
4%
1,606 82
89 90
{Low.
.Tan
Sept
Oct
100
First preferred—._ 100
%
9
200
29
May
Oct
Oct
1% Oct
82
no par
100
88
Oct
Sept
Sept
Oct
13% Oct
Oct
.....100
Loose-Wiles, 1st pref.100
Jan
14%
21%
34%
95
16
Certificates of deposit.
Oct
Oct
86% May 100
90
Sept 100
% Oct
Sept
12%
Oct
Oct
Jan
67%
14% Oct
Oct
4,300
100
Apr
Sept
16% Oct
14% Oct
...100
Maxwell Motor
Oct
Jan
36% May
Sept 101
.Tan
May
8
Oct
92
10
1667
89 30
89 34
,
89% Oct
Oct
85
par
7
36
Jan
Jan
14% Oct
200
no
Oct
Mar
56
92
3,200
Preferred
3
46
Kelly-Springf rights.... 12,082
Kelsey Wheel pref... 100
300
Martin-Parry
83
95
106
89% Oct
Kayser (Julius) & Co 100
Mairson(HR)&Co
23%
Oct
Oct
12% Oct
Int Nickel pref
.100
Iowa Central.....—100
Preferred—
Oct
8
Jan
200
1,600
500
Hydraulic Steel—no par
Indian Refining
10
Keokuk &DesM.—_ 100
Lake Erie & West...100
June
95
37
Oct
1484
89 82
89 28
Foreign Exchange.—
Oct
72% Oct
6% Oct
10% Oct
2257
89 46
To-day's (Friday's)
3 48% for sixty days
Jan
17
92
37
88 70
2250
88 62
I Close
Total sales In $1,000 units—....
Jan
62
69
2,400
100
100
89 14
739
87 62
Total sales n $1,000 units
Victory Liberty Loan
(High
3%s conv gold notes,'22-'23{Low.
Jan
30%
43% Mav
8% Mar
75%
Oct
67% Oct
2,600
88 50
87 68
f High
sales in $1,000 units
(Close
Feb
71
Preferred—
*.100
Dutham Hosiery.....50
88 62
May
91% Oct
100
88.50
Victory Liberty Loan
(High
4% conv gold notes, *22-'23{ Low
(Close
Apr
Aug
.Mar
24
360
Duluth S 8 & Atl
89 30
Total sales In $1,000 units.
Jan
Jan
114
600
DeBeersConMinesnopar
Detroit United Ry—100
88 70
(Close
Oct
800
100
300
600
87 62
f High
4%s,lst LL 2d conv,'32-'47{Low.
June
....—100
—
87 56
Fourth Liberty Loan
July
July
23
Cluett, Peabody A Co 100
Preferred.
37
89 22
Total sales in $1,000 units...—.
Sept
210
Jan
2
Oct
Oct
A
18
5% Oct
Oct
15 i
89 30
4%s of 1933-38
Sent
91
Sept
86
Oct
87
200 100
Austin .NlcholsACowopar
Auto Sales, pref
50
82%
88%
Oct
50
112
90 00
90 20
(Close
Highest.
27% Oct
100
Oct
100
...100
Preferred-
59
100
10015.300 128
200 21%
Assets Realization
4%
10 4,300
Atlantic Fruit
no par
1,300 18
Atlantic Refining.. —100
7 1100
Arbor
8
300
Am Malt & Graln.no par
American Snuff
100
Ann
Oct
88
89 40
Fourth Liberty Loan
S per share
$ per share.
58
Oct
$ per share.
Oct'
56
207
88 50
Total
Highest.
Allied Chem & Dye rio par 10,258
Preferred.
300
23
Range sinct Jan. 1.
Range for Week.
Ior
Week.
88 70
87 68
4%s of 2d L L conv, '27-'42{Low.
Week ending Oct.
1 Close
f High
Total sales In $1,000 units
Third Liberty Loan
28%
Jan
Oct,
Sent
18% Sent
44
94%
Mar
29
Jan
June
23
Anr
84
Aug 119%
Oct
Jan
Jan
Apr
Mar
15%
Oct,
Apr
Sept
20%
Serf.
Aug
19%
Sept
16'
Sent
19%
gpnt,
Aug 310
Feb
Mar 170
Oct
May1
Oct,
Oct.
29
Jan
49
Oct
Outside Market.—There was no special feature to "curb"
trading this week, business was quiet and price fluctuations
small, though marked by considerable irregularity.
The
industrial list broadened somewhat, but the volume of
business was not large.
Motor stocks were unsettled.
Brisco
Motor sold
down from 20 to
15.
Hare's Motors,
traded in for the first time, declined from 9 to 7%.
MaxwellChalmers Class A stock, after a gain of two points to 54,
reacted to 52%.
The Class B shares lost almost two points
to 19.
Gardner Motor improved from 21 % to 23.
Chicago
Nipple dropped from 9% to 8% and sold finally at 9.
Gen¬
eral Asphalt weakened from 52 to 49, recovered to 52% and
ends the week at 51%.
Internat. Products after early im¬
provement from 21 to 23 moved down to 21%.
Submarine
Boat gained about a point to 12, but fell back to 11 and closed
to-day at 11%.
Oil shares received considerable attention.
Carib Syndicate gained almost three points to 13%, but re¬
acted, the final figure to-day being 12%.
Ryan Consol.
weakened from 13% to 17.
Savoy Oil rose from 6% to 9%
and ends the week at 9%.
Simms Petroleum dropped from
12% to 9% and closed to-day at 10.
In the bond division
a large number of issues were dealt in, but the volume of
business was less than last week.
Kingdom of Norway 8s
were in demand and improved from 101 to 101%, but re¬
acted to 100% finally.
Solvay & Cie 8s were traded in for
the first time up from 100% to 100%, then down to 100.
Initial transactions were also made in Grand Trunk Ry. 7s
between 99% and 100%, with the close at the high figure.
Allied Packers 6s were strong, advancing from 59% to 68
and easing off finally to 66.
#
New York Stock
1453
Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
For record of tales during the week of stocks usually
Inactive, see preceding page.
PER
AND LOW
HIGH
SALE PRICE—PER
SHARE, NOT PER CENT.
Sales
Monday
Oct. 2
% per share
$ per share
Wednesday
Thursday
Friday
the
Oct. 6
Oct. 7
Oct. 8
8834
78
1178
9934
48%
5278
867g
77%
11%
9734
47*2
52
'
!
12
8
78
483s!
52i2
1178
12578
9934!
473s
5278
14
9lg
8
»
87%
8884
88
77%
78
1314
I
12
$ per share
,
89i8
78i2
115s
12U
98
104i2
4718 48's
53
5378
1334
9%
878
88I4
78i4
78i2;
11%
$ per share
share
per
893s;
-
98i2
12U
8%
124
88I4
| %
9
,
.
Ills
1134!
98
99%
9834
46%
4734
53%
5334
46%
53%
12%
13%
12%
9
12778 12914
125i2 129%
127
68i2
67
68
67i2
14
14i2
1334
14
127s
32%
333s
3178
3234
30%
40
41
4058
4134
44
65
4134
4334
6414
4178
637s
84
8212
84i2
633s
6312
79%
82i2
81
67l2
110
39%
41
40
4034
82%
84
84«4
8312
70
84%
71%
7034
71%;
60
61
61%
61l2
68
68
35* ~
34l2
36
53
5314
5314
~34%
53
625s
~397s "4034
71
35i2
84t2
8234
122
*110
3978
38%
3934
83%
83
84
70
7078
58
68%
3«3g
5334
63
122
83
6138
68I4
43
6334
38%
84%
713s
59
9
41%
64%
83%
82
*110
110
110
*106
13%
12678 129%
67% 68%
13
13%
30%
31%
1334
3134
62%
6878
12838
6878
1438
33
1378
537g
834
32%
68
9934
48%
58
5334
*34% *3*5*12
68%
34
34
SHARE
Range for Previous
Year 1919
»
Lowest
Highest
Lowest
Highest
|
Shares
s
per
108"
108
248
| 242
248
242
*242
"~2U
2
2%
2'4
25s
3%
3
2%
20%
20%
301?
20
35s
2034
19%
30
3012
293s
2214
22i2
2178
847s
22i?
90%
88
90is
88
20%
30%
22
89%
33l2
33%
34
3412
34
3438
1534
173s
3534
16%
17l2
3534
16%
17
34l2
95%
9714
"94%
4i2
5U
1678
2714
52l2
"2"
30
22
323s
9334
43s
1434
95i2
4i2
1434
2434
48%
2514
2514
4834
48i2
5334
53
1434
5478
5
■
51
53
106
53
5578
20%
4®4
734
12
31
547s
SOU
54l2
67s
3078
55i2
59%j
59i2
6012
734
60
79l8
:78%
783s
3578
2638
9112
4278
43i2
2914
6312
55
*15%
33
*33
33%
95%
96%
1st pref
Do
2d pref
55% May
59% May
33% July
28% July
1707,8 July
68% May
76
July
105
May
32% July
84
73
31% May
58% July
51% May
3078
55%
634
77%
52
52%
*65
70
28%
52
53
53%
7%
00
79
52%
78%
80%
6%
6%
51
51
70
81%
52%
52
*65
70
7
59%
-59%
79%
*66
70
*60
68
60%
60%
62
62%
3634
35
36
34%
35%
2534
27%
24%
26
25
26%
25
102% 103%
101
101% 103%
88%
91%
30
30%
30% [
29%
30%
43%
28%
64
5534
64
64
6434
6434
64%
57
57%'
55
44
28%
43%
2934
29%
28
57
90%
437s
28%
64%
55%
55%
52% July
10
Dec
jl3%May 5
27%
52%
Oct
13
Nov
Mayl9
Oct
40
39% May24
557S
Oct
40%
Dec
60% June
112%
Jan
10478
Aug
Oct
37%
Dec
122% May
88
■:Jan
Oct
9%
Jan
24% July
4%
Feb
16% July
8% Jan
22% Nov
25% July
100
7
Jan
40
21
Do
N Y N H & Hartford
100
N Y Ontario & Western
-100
Norfolk & Western
100
Northern Pacific.*
—100
30,158 Pennsylvania
50
30,700 Pere Marquette v t c..100
Do
400
prior pref v t c
100
Do
pref v t C—
100
1,700
25%
89%
43%
92%
100% May
Jan
Oct
51,900
19,900
9,200
76,700
35%
102
90%
43%
Dec
Oct 2
4178 Marl9
17% Oct 4!
20% May
33
July
Oct
......
62
31%
23% July
75%
31%
90%
65% June 12
Aug 9
30
60,700 Missouri Pacific trust ctfs. 100
28,700
Do
pref trust ctfs
100
43,300 Nat Rys of Mex 2d pref—100
6,100 New Orl Tex & Mex v t C—100
53;300|New York Central...
100
3,400 N Y Chicago & St Louis... 100
First preferred
..100
300
Second preferred......-100
106% 106%
4%
8t
52%
Dec
pref
...!—100
Valley
50
4,000 Louisville & Nashville
100
4,118 Manhattan Ry guar
...100
24,100;Minneap & St L (new)
100
38,000 Missouri Kansas & Texas. 100
12.500
Do
pref
....
100
19%
58%
Dec
13%
5%
9,700
56
60
Dec
18%
167g
20,000! Lehigh
59
12%
30% Oct 2
22% Sept20 j
Aug 4
507S
55%
51%
834
60%
79%
21% Sept20,
Feb 9
8% July29
26%
27%
Feb 13
12%
3
54
29
9%
17% May20
100
24%
28%
Feb
127g July
,50
8%
6%
8578 Dec
3% Mar
55%
8%
Feb24;
Oct
26%
51
4%
16%
97%
53%
19%
Oct 1
Febl3
50%
54
2%
807g
25%
4%
May
15% July
24
July
40% July
27
4%
7%
May
217
Dec
9,100
Do
pref
38,600 Kansas City Southern
20
116
Sept
5
55%
July
5478 June
74
July
7
16
19%
June
30
4%
96
55
Jan
133
Oct
14%
106% 106%
July
12
307g May
52% July
35%
ctfS—100
4%
20%
5%
8%
30%
5434
734
May
107
25% Augl8
6.100 Gulf Mob & Nor tr
15%
4%
Jan
15% July
2,700
Do
Pref—
.100
5,200 Illinois Central
—.100
36,200 Interboro Cons Corp ..No par
15
187S
4%
7%
27%
101% 102
8834
9034
433g 4334
43%!
43%
—100
100
64,700 Great Northern pref
-.100
3,500
Iron Ore properties .No par
Do
4,500
15%
95%
35%
*60
367s
25i2 27%
10134 10234!
89
92%:
1005s 103
86i2
52
*65
69
36
3678
253s
54
*63
69
*60
54%
70
5212
*66
70
30
834
78l2
79
55l2
52
*65
1U2
15%
33
100
—
-
19,563
16%
34%
94%
5%
50% 51
523s
53%
107% 107%
53% 55%
11%
11
15%
19%
287g
20%
88%
34
15%
25%
21
678
7
18%
27%
20%
87%
33%
21%
88% :. 89%
100
14%
56
2034
30l2
53i8
6
34
19%
29%
Do
pref.25,000 Erie—
33,800
3%
20%
88%
3334
3%
943s
438
53%
108%
11
59
19
28%
21
86%
27%
5178
26%
5434
634
19%
29%
33%
53s
1638
1934
7
612
18%
3%
34%
3%
21
15%
50
~19% *2*0%
3%
28%
9*558
v
*~2% *2*1
2%
3%
3434
IO6I4 107i2
105i2 107%
243%
2%
2i2
3%
15
108
108
108
1073s 107i2
May
89
......
105%
shart
104
—
■
703g
70
*68%
PER
-r
$ per share
Railroads. *
Par $ per share \ $ per share
89 78 Oct
76
Feb 11!
80% Dec
88%
89% 31,600 Atch Topeka & Santa Fe_.100
7j
82
Jan 3
72
767g Dec
May20
78,. ' 787S
3,080
Do
pre!..
--.100
6
Mar
5
12% Sept27j
9
Apr 21 i
11%
7,Q00 Atlanta Birm & Atlantlc._100
87% Dec
*94
99%
5,600 Atlantic Coast Line RR
-100 x82% Junel8 104% Oct 5|
28% Dec
48% Oct 2;
46% _477s 40,900 Baltimore & Ohio
100 UZfe Feb 13
53% Oct 5:
38% Dec
5,460
Do
Pref—.
-—-100
40% June28i
53%
53%
17
10
Dec
9% Aug31|
Marl5j
18,100 Brooklyn Rapid Transit—100
12%
14%
5
Dec
13% Marl5
5% Septl4i
9;,
9%
7,500
Certificates of deposit,.
Jan 3
126% Dec
100 110 May20 134
1267S 12 884 87,700 Canadian Pacific-—.
47 1
Febl3
687g Oct 2i
51% Dec
67%
68%
22,700 Chesapeake & Ohio
100
14% Oct 4!
7
Febl3'
7% Jan
12%
13
21,900 Chicago Great Western. ..100
21
Dec
33% Oct 41
197g May24j
29%
30%
19,700
Do
pref
—100
Oct 5'
44
34% Deo
30% Feb 6'
40%
42%
75,600 Chicago Milw & St Paul—100
Oct 5j
65
4878 Dec
45% Febl3!
61% 62%
35,500
Do
pref.---J.-_
100
85
Nov
67
June24| 91% MarlO!
8234
84%
10,900 Chicago & Northwestern-.100
116
Dec
120
Jan 61
98
June28
100
Do
*110
122
pref.-.-——.100
41
Mar 81
22% Jan
23% Febl3
38%
39% 56,600 Chic Rock Isl & Pac_.
100
68
Deo
84% Oct 564
Febl3
83
83
5,700
7% preferred
---—.100
71% Oct 4;
54
Febll
55% Aug
70
70%
4,600
6% preferred
100
32
Feb
62i Sept28;
42
Feb 6
1,300 Clev Cln Chic & St Louis.. 100
63
68% Oct 5'
Sept
62
Mayl9
300
Do
pref—.——
100
Dec
19
36% Oct 5
20
Febll
33
6,900 Colorado & Southern.
100
33%
Dec
48
54
Oct 8j
46
400
Do
1st pref
July 6
54
54
100
43
Feb
45
35
Augll
Do
2d pref
100
Jan16,
108
Oct 2
91% Dec
83% June29
107% 108
1,600 Delaware & Hudson—.100
172% Mar
400 Delaware Lack & Western. 60
165
FeblO 260% Septl5
2
Oct 1
9
Jan 3|
3% Apr
4,700 Denver & Rio Grande
100
"2% "2%
$ per share
8978
78'2
1134
78i2
1114
SHARE
Range since Jan. 1.
On basis of IQQ-share lots
Week
Oct. 4
„
<" 1
•
YORK STOCK
EXCHANGE
Tuesday
Oct. 5
Saturday
STOCKS
r
NEW
for
Pitts Cln C & St L ctfs dep...
20,600 Pittsburgh & West Va—
100
800!
Do
pref...
100
94
24
Aug 9
Dec
May
104
9% June
31%June
25% May
57
May
38% July 2
56
Febl3
21
3% May22
7
May24
11
Feb21
18
Feb 19
Feb28
Feb 13
31%
55%
8%
Junel8
60%
Oct 4
37%
4%
28%
81%
Oct
8
66% Dec
83% June
23%
Feb 13
Febl3
Oct 2
Apr 13
65
23% Sept
60% Dec
33% July
50
41% May 4
23% Febll
65
9
Febll
Febll
36
4%
31
e4%
Oct 4
55%
Sept29
Sept30
40
37% Sept23
27% Oct 4
Feb 6
16
Oct 4
Dec
Dec
14
Mar
Apr
50
Sept
Nov
25%
Dec
16% Nov
84% Junel6
103%
Oct 6
95
Dec
66% Junel2
92%
Oct
77
Dec
Oct 7
3978
4
3878 July
58% June
70
53%
4078
24%
112%
997g
48%
Apr
July
July
July
May
May
377g May24
44
22
Aug 17
32
Feb 19
12%
56
Aug
5
68
Feb27
50
Mar
39
June
8
Oct 4
39
69
May28
75% June24
21%
Febll
39%
6678
64%
Oct 7
Oct 4
Oct 2
33%
Dec
20
Sept27
107g
Dec
3778 June
57%
Dec
Jan
May
33% Deo
70
Deo
Apr
53%
Dec
24
Dec
44% June
75
Dec
7378
Dec
93% June
33
Dec
Dec
38% Feb
39% May
27% July
37
May
Dec
23% June
_
38
*76%.
80
37
7934
39%
39%!
7934
79%
80%
95
38
96%|
94%
95%
45%
49%
*48%
32%
3234
42%
*80
*48"
33%
48%
47
33%)
47%'
39
38
3834
47
37%
433a
43
4334
43
99% 100%
3134
3234
11%
19%
99%
32%
65
6534
10%
11%
19
19%
20%
11
19%
987s 100%
32
32%
63%
65
38%
39%I
125% 127%'
*65
66
13
80%
*77
37%
38
27%
13
12%
13
12%
33%
34%
32%
34%
23
17%
18%
23
31%
32%
65%
65%
23%
*35
22%
38
27
40
67%
121.
14
39
65%
68
12%
27%;
26%
12%
12%
12%
32%
23%
29
13
34
23%
15
400
100;
IOOi
4,400
Do
pref....
41,700 Wabash...
15%
*27
100
pref.
100
Southern Pacific Co
-.100
Southern Railway
..100
Do pref
—
-100
Texas & Pacific
100j
Twin City Rapid Transit-100;
Do
50,200 Union Pacific—
-.100;
1,500
Do
pref..
,'..100!
5,000 United Railways Invest... 100)
126% 128%
67%
67%
12%
14
127% 129%
27%
13
8,400
4,800
26% 148,200
65%
—
12,500 Seaboard Air Line—
10%
99% 101% 150,300
88,500
.31% 32%
997? 101%
67%
67%
*13%
12%
10%
19
18
12678 128
67%
14
23%
42%
978
11%
19%
997g
32%
66
28%
40
3*7%
43%
12%
67
Febll
42%
10%
37%
42%
38
11 ■;
*35%
36%
23%
48%
3,100
Preferred A trust ctfs—.100
19,902 St Louis Southwestern
100
7,800
Do
pref
100
38
39%
40
Janl4
63,000 St Louis-San Fran tr
43
128%
50%
3378
23%
32%
46%
37
*36
33% Mar 9
15% Febl3
31%
46%
127
5
ctfs.. 100
49%
32%
47
6578
47% Sept20
33%
49
33%
66%
3278 Mar 9
50
,50%
50%
47%
36% ,•>
38%
41%
43%
10%
11%
20% ,;18%
9878
100%
31%
33%
AuglO
Febll
50
i.
99% 269,400 Reading.
47
1,000| Do 1st pref
4,200'
Do
2d pref
50%
46%
28
33%
80%
97%
46%
32%
13%
12%
*77
46%
48
27%
32%
80%
Oct 2
84% Sept25
101% Oct 7
98% 101%
33%
67
22%
37%
48*
66
13
27%
12%
37
46%
f
28%
38%
46%
I
13%
28
66
38% 39%
*35
39%
126% 128%
|
*34
37
45%
48%
105,
37%
94% 100%
45%
49%
32%
46%
38%
36%
38%
14%
15
j
14%
15%
14%
14%
21%
22
J
21%
21%
20
15%
21%
14
20
21
20%
38
39%
37%
38
36%
38
357s
37
37
72%
72%
73%
73%
75
75
15%
73%
15%
73%
15
16
15%
15%
14%
15%
14%
15%
14%
26%
26
27
26%
pref A
..— — 100
pref B
100,
Maryland (new).. 100.
23%
16,300
Do 2d pref
100;
38 1
7,100 Western Pacific...
100f
75
900
Do
pref
100
15% 21,200 Wheeling & Lake Erie Ry.100
27%
3,600j
Do pref
100
38
37
39
38%
38%
900 Adams
*27%
29%
500 Advance Rumely
*60
62
100i
*23%
34
32%
33%
24
22%
14
23
15%
32
*22
24
27
27
27
28
25
*36
39
*36
39
*36
39
*37
29
29
29
29
29
60
60
*60
62
*60
v
39
2
2
*27%
30%
63
*60
63
*60
63
*84
90
*84
33%
33%
33
33%
75%
8*4%
*82%
8*4%
*83
87%
87%
87%
87%
47
*45
47
*45
45
*40
45
*40
r72
73%
47
*40
45
*40
45
*40
45
*40
75
77
74%
77%
77%
k
81
81
73%
73%
73
77
77
78
74%
32%
32%
33%
33%
34%
32%
33%
3278
86%
86%
►
82
*72*
82
85%
134
132% 133%
....
64
"*9*
*141
149
I
10
60%!
38%
38%!
72
*9-%
—
—
_
94%
*100
72%
IO34!
—•— j
j
95
101%!
10%
11%
62%
60%
60
*83
85
75%'
75%
*73%
59%
16
35%
36
! *90
I
36
86
86
<
105%
j
95%
101
16
177g
17%
...
*10%
12
59%
Aug
138% May
Dec
74% Mar
60
June
63
14
Oct
29%
Jan27:
15
13
Oct
4
7%
34%
23%
Oct 5
20%
Dec
38
Oct
14
Decj
25% July
Apr;
1478 July
16
Doc!
17
Feb
30% July
26
July
7%
8
15% Sept30
9%
Oct 8
23%
40
Sept27
75
Oct 6
Jan
1578 July
Jan
34% July
Dec
13% July
May
Jan
9
June23
16
Oct 4
52% Feb
7% Mar
15
May20
28
Oct 5
17
Jan
28% Sept
54% Feb 5
18% Sept
24%
9%
9%
145
9%
146%
11%
11
11
60
59%
60
75%
83
84%
95%
94
101%
16%
101
i*100
157g
|
18
19
'
147g
18%
*75
73%
10%
65
68""
94%
113
July
400 Ainer Agricultural
Do
400
pref
—
Chem.,100!
...100'
50
50
American Bank Note
Do
Pref
100|
4,100 American Beet Sugar
—,
100;
Do
100
pref
4,100 Amer Bosch Magneto—Wo par
6,900 American Can....
100
2,300!
Do
pref
100
72%
65
Do
pref
1,400 American
. — — —
Express
800 American Hide & Leather.
4,0001
Do
pref
300'Amerlcan Ice.-
10,
100
100
100
100
i
Do
pref
100
24,100 Amer International Corp..100,
700 Am La France F E
10,
Llns6ed
100j
700 American
Do
100
pref
1578
14%
18%
17%
*75%
100
100
15
16,600'Amerlcan Safety Rasor... 25
18
4,300;Am Ship & Comm Corp .Wo par
77%!
/ 100 Am Smelt Secur pref ser A. 100
91%
91%
91U
92
1,400|
36%
36
3678
37
"
38
6,400 Am Steel Fdry tem ctfs..33 1-3;
200
Pref temp ctfs
No par
9078 j
89%
89
88
89
I *85
sales on this day.
104* 105*"
*105
88%
*85
89%
88
t Ex-rights.
103
104
*105
110
Augll
Aug 9
110
87%
*85
88%
8U
24,000 Amer Smelting & Reflning.100
Do
-100
pref
a Ex-div.
and rights,
1%
Dec
1%
Jan
4%
Jan
S378
Jan
3
70% %ugl7
92
Jan
3
Jan
75
95
Jan28
87
Sept
113% May
96%
Janie
*92
Dec
28
Aug 9
84% June 2
39
Febl3
40
AuglO
70% Augl9
SeptlO
z78
68% Sept28;
30% Aug 9
85%
Oct 6;
*
95
10
Aug'261
Oct 2,
Feb
6'
Oct
1;
58% Sept28
37
Augl0>
3
48%
45%
103%
93
80
82
Aug 3
Febl3
30
8173
103
Mar
33
Jan
55
July
42
Jan
49
Aprl6
02
Jan
101%
Jan
5
84%
Jan
95
Jan
3
Jan
3
147%
84% May
2
Jan
Apr 9
116%
54%
86
15%
175
30%
122
99%
107
4278
*98
84%
113
Feb 4
Jan
14378 NOV
Feb
68% Sept
Dec
107% June
Feb
148% Nov
Jan
119
67% July
Jan
93
10% Nov
•
76% Sept
13%
3
71% Jan
37% Aug
54% Jan
142%
52%
132%
2
Jan
3
Feb
May
43% July
3
Jan
Jan
Apr
14% Mar
103
Jan
Jan
July
Jan
88
Jan 14
Mar31
Oct
Oct
May
39%
31
Mar26
53% Marl9
109%
Jan
ll
Jan28|
Apr
101
53
Febl3i
64% Aug 5 120%
14%
9% Aug 7|
95
61% Aug 6
96% June 1!
Mar31
128%
61%
68
Oct
76% June
70% June
Oct
Jan22
Apr 7
Jan27
Apr
8
Mar
9|
11%
Aprl5
Feb 13
30%
Aug23
83
Aug 9
Aug 9
72
44% Mar
85
Mar
58
Jan
100
Jan
89
98%
Nov
Apr
117% Oct
109% July
1778 Junel6i
16%
70%
52%
88
33% Aug 9
85
June22
18.700,American Sugar Refining..100;
99
Oct 1
300
Do
pref
100 102
May20
5,800 Amer Sumatra Tobacco... 100
74% Febl3
200'
Do
nref
100
80
Ancrl8
$ Leas than 100 siiares.
Jan 5
2% Mar24
88%
May
3% July
51% Oct
97
Sept
100
91%
85% 85%
101% 103%! 104% 106
106% 106% *105
108
Aug 9
1
227g Sept30
36
j
I
61
9
967s: 19,000'Amerlcan Locomotive
*100% 101%i
3001
Do
pref
95
76
38% Oct 1
100;
4,200 Amer Druggists Synd cate.
2401
83
967,
101
57%
124% Feb25|
— 100,
105% J"ly_7;
100j
Do
pref
1,600 American Cotton Oil
109
38%;
84%
July
June
Jan
91%
Doc
119%
3'
5!
60
36%
no
29%
Oct 7i
Jan
09%
76
91%j
Bid and asked prices
Oct 8!
39
129%
54
36%
89%
11
20% Febl3
70% July
Augl8
90%
*85
Feb 13
July30
8%
5,900,American Car <fc Foundry..100
24
25%
73%
75%
—
109
114
143% 148
6078
pref
36%
87
Febll
June21
14
72% May
Jan
64
91%
89%
20%
May
Dec
27%
Jan
60%
87
9
May20
33
5278
Jan
61%
87%
Aug
7
Oct 5'
Mat22l
Apr
59%
1
14
47
5612
72%
I
66%
21
61%
86
33%
Febl3
June
29%
63%
88
Feb14
50
July
12
23% July
115
Janl2
75%
86
18
917a Nov
20% Dec
72
62
106
105%
42% Apr 1
46% Mar29
6178!
100% 102%
Feb 13
Dec
Febll
73%! *73%
86
88%
12
Jan 3|
Oct 5
20%
Aug 6
73%
86%
•
*66*
16%
18
1
25
61
86
105%| 106
101
July
25
75%
I
102%'
10%
677g
87
96%
I *83
10
6% Dec
Oct 4|
Oct 4!
1178
100
100
134% 135
10%
73%
74%
10%
67
07%i
94
95%!
101% 101%
17%
101
71%
72%
10%l
15
91
33%
——
38%
70
10%
*66
|
9%
93
*10%
60
18
60%-
25
143% 145
149
10
15%;
60
i*108
2*3*
9
60%
38%
17%
*90
*141
149
Q
10
147s
73%
*73%
Q
59%
38%
} *59
—_
Do
400j
9%
;*141
10
60
—
.
74%
32%
65%
9
*9*"
23
82
74%
76
33%
86
86%
132% 135%
86%'
85% 86
135%' 133% 133%
23
23
1
100
Express
3,500 AJax Rubber Inc
50,
3,900 Alaska Gold Mines
...
10;
3,500 Alaska Juneau Gold Min'g. 10
2,400 Allls-Chalrners Mfg
lOOj
J00J
Do pref
— .100!
47
►
82
82
75
32
*
36,600 Western
45
76%
*44
►
87%
*85
47
74%
85
90
*45
74%
1%'
j
34%
47
73
2
75%
87%
87%
40%
2
I
84%
*82% ~8~4~7g
*42
-
2
34
34%
85
*45
*72
39%
1%
1%
2
76
*80
8*5*
1%
2
178
I
41%
1%
1%
1%
41
41%
41
41
2
33%
33
32%
32
*73
*80*
*74
Do
Do
45,200
800
July
22% Oct 8
27% June23
110
Febl3
61% May24
7% Augl2
'23
4578 Sept,23
6
Jan
Industrial & Miscellaneous
*27
1%
2%
36%
75
29%
1%
1%
1%
1%
2%
41
41%
40
39
1%
277s
27%
75
22
22%
37%
.
20% May24
10%
84% June
t Ex-dlvidend
100%
60
Jan 5!
Mar30
Jan
3
Janl3'
Mar22
Janl9
93%
142%
Aprl4
118%
Jan20
Dec
47%
79%
Dec
94% June
61% Dec
89% July
94
109% July
47
July
Aug
Dec
96%
111%
Jan
148%
113%
Jan
119
Aug
120% June
91
73
105
90%
# Full paid.
Dec
33% May
106% Mar22
A nr 12
Oct
26
Oct
May
lon*Mav
1454
New York Stock Record—Continued—Page 2
For record of sales during the week of stocks usually Inactive, see
second
page
preceding.
PER SHARE
HIGH
AND
LOW
8ALB
PRICES—PER
SHARE.
NOT
PER
STOCKS
Sales
CENT.
Saturday
fonday
Tuesday
Wednesday
Thursday
Friday
the
Oct. 2
Oct. 4
Oct. 5
Oct. 6
Oct. 7
Oct. 8
$ per share
$ per share
$ per share
$ per share
97%
9834
9884
9834
135" 135""
134
•9034
91*2
•9034
91i2
90i2
7334
72
74l2
7334
74%
94
9834
9034
73
94
138
137»2 140%
53%
11%
"52%
52%
23%
23%
•57
58
On
53"
62%
53%
24
24%
27
57j8
58
59
53
53
*....
60
•89
92
143% 146
♦144
147
♦62
65
109
lllig
•62
65
108% 11034
73%
95
72%
54
54"
*
28%
132
53%
73
*50
55
92
--
64
*148"
150
66
*62
11034 11234
110% 111%
*
30
29
29
59%
59%
59%
*-.-.
146% 148
144% 147
*02
66
110%
113%
43
*41
43
♦4%
5
♦12878 133
130
131
128% 129
*125
104
*102% 104
*102
1
*84
1
*34
434
5
5
5
434
5
"7O84
72%
68
67
68
685a
70%
681*
71
6634
"69%
7*1%
68%
67%
69*4
104
*6%
7
105
105
612
83
96
7
7
83
52i2
•94
....
~*6%
7
5212
96
95)8
634
*83
105
105
7»8
*7
90
53
98
7
7
104
*96"
97%
7
7%
7%
37
25
44
50
pref
14,400 Anaconda Copper Mining.
100
2,100 Associated Dry Goods
500
Do
1st preferred
100
preferred..
100
Oil...
100
100
2d
Do
Associated
4,300 Atl Gulf A W I SS Line.... 100
Do
pref
484
6634
68%
434
07%
09%
100
...100
200 Batopllas Mining.
%
2,100 Bethlehem
Motors
IOI4
Aug 9
Sept 7
21%
49% Aug 9
23% Oct 2
55
May24
50
Sept24
66%
67%
11
59%
74%
192%
9
148%
Apr
95% Aug30
35
Augl8
102%
Jan
Aug
Mar
3
154% Junel9
103
Jan "145" July
7
111%
Jan
6
110
Feb
Aug20
4% Sept30
1%
Jan
5
114
%
65
9
Aug
67% Oct
Aug
32?%
Apr 9
96% May 6
3
Feb24
114
3
Oct
102%
102%
Jan
5
15
Jan
9
Apr
1
Apr 7
115
6% May20
Sept24
11%
Jan
9
10
20
Jan
6
29%
Jan 12
17%
16
Aug
9
Aug
5
15%
1534
16%
1034
1634
1634
10%
10%
15%
16
2,500 Caddo Central Oil A Ref.,100
12
6234
6284
63
63
63%
63%
27%
63%
25%
63%
27
63%
2634
64%
26i2
26
22%
Aug 9
68%
68%
1,700 California Packing....No par
.100
1,700 California Petroleum..
100
Do
pref..
........100
65
Feb10
75%
52
Aug 6
69
27
Calumet & Arizona Mining. 10
700 Case (J I) Plow Wka..No pa'
...
"3984 ~4~o"%
40
42
78
26%
32%
80
78%
81%
79
80%
79%
80%
14%
14%
2734
14%
14%
13%
27
27%
27
3234
32
3234
34
34
59%
5934
2034
21%
32i4
3212
32%
33
32%
32'8
5778
19%
59
58i2
"59% *60%
2014
20
3212
59
2034
*77
8OI4
*77
733s
♦73
74
83
♦80
83
733a
•80
83
83l4
93s
9i2
83
20%
733s
934
85%
984
2914
9%
X28
74
8334
•101
843s
101%
•92
*92
93
5,600 Coca Cola
34%
900 Colorado
59%
59%
59
5934
19%
21%
18%
19%
77%
77%
73
*73"
73%
83
10
83
85%
85%
984
87%
9%
10
10%
27%
27%
*75
75%
75%
10%
8434
10%
83%
84%
72%
*80
8484
934
27%
83
86%
10
27%
10%
101
101
83%
*100
37%
37%
13034 133
130
*92
*92
93
37%
33
34
76U
76
76
38
39
383s
11%
11%
11%
387s
11%
11%
23
11%
23%
22%
66%
67%
33%
101%
*100
10%
128%
132*
10%
82%
101
84
101%
3 6'4
37%
129
131%
*90
92%
35
34%
92%
92
92
35
35%
75%
40%
753g
75%
75%
40%
40
40
35
35%
75%
75%
75
36%
75%
39
40
40%
41
09%
6534
67
6912
71
71
83
85
*84
72
22%
23%
24%
23%
6534
67
6634
6634
65%
6684
94
70%
94%
69%
94%
69%
70%
71%
80
*9
104
•100
104
*100
85
11
33%
33
33%
33%
105
*100
*70"
23%
853s
105
20%
20»4
193s
20i2
19%
20%
20
20%
22
22 U
22%
734
2214
734
22%
7%
23
22%
68
68
68
68
*68"
64
62
63
03%
64
64
64%
•83
85
*82%
85
11
"*9% Yl%
33
32
100
105
102
33%
102
•74
77
18
18%
14134 142l2
♦74
75%
18
19%
20%
7%
7%
*82% 85
142% 142%
*82%
141
85
142
£75
75
xl8
19%
18%
19
*73
75%
20%
19%
20%
*82%
85
64
*82%
136
141
137
*73
75
*73
19
18%
6434
66%
67i2
68
♦66
68
64%
65%
78
7734
78
*75
85
7684
77
7684
77
50
49%
5034
50
52
50%
50l2
50
50%
8512
84
84
*83
86
*83
85%
*84
80
•30
35
*30
35
*30
35
*33
37
*33
37
15
15
14
14
15
*13
18
*13
2778
27%
28%
28
28
*28
28%
50
50
*741?
76
"7*6"*
50%
*74%.
64%
75%
68I4
23
23
105
106
137s
45
1378
45%
67l2
22
♦741?
68%
22
105l2 106
1384
14%
"458s
6784
74
•19
20
20
20
45%
21%
•72l2
85
•72i2
85
*72%
11134 112
_21~
"21
45%
III84 113
67%
67%
21%
22%
106
14
7%
108%
14
2,300
Do
pref
...100
2,400 Continental Candy Corp No par
Products Refining.. 100
100
Do
pref
..100
1,600 Cosden A Co
No par
17,900 Crucible Steel of America.. 100
100
Do
pref
100
12,900 Cuba Cane Sugar
1,900
Do
pref
4,600 Cuban-American
300
Do
100 Fisher Body
*84
86
34%
34%
27%
27%
69%
21%
21%
100% 108
14%
14%
8
8
46%
8%
40%
20%
46%
46%
*20%
21%
85
*79
83
*79
115
115
115
110
77
Debenture
pref
45
201?
*20%
22
83
*79
113%
111
113
6i8
4
42%
42%
42%
6<
0
6%
6
5%
6%
•40
60
*44
60
23i8
6O84
19%
•135
23%
23U
1384
•13
13
6178
"l9%
145
100
100%
2018 2078
*44
24
95
60
*44
60
*48
60
24%
13%
1384
25
14%
24%
13%
~39% 40"I2
•104
140
115
143s
61
63
62
65
63
64
385s
I884
40%
44
46
46
24%
13%
62%
20
21
21
145
145
145
145
145
9984 100
*98
101
*100
103
♦135
20%
19%
21%
20%
20%
21%
21
13%j—13%
13%
12%
41
41%
40%
*40%
•104
110
40%
*104
110
21%
13%
41
*20*
145
45
21
13%
*105
111
*105
110
59
«
140i2
105
59
142
144
145
14734 *142
149
*140
150
*100
105
*100
105
*100
105
*100
105
64
•100
64
*63
64
*59
59%
5Q
59
Bid and asked prices;
no
sales on this day.
♦37%
*105
45
143% 143%
*100
500
Do
pref
2d pref
Do
*63
08
*59
59%
59
59
I Less than 100 shares.
43
July
49*-
July
5
83
Dec
123
91%
Aprl5
9
Dec
25
Dec
80
10
26%
99
5%
49
May20
Jan 6
16% Mar30
4484 Mayl4
Augl4
134% Mar20
Oct 4
May20
Aug 9
JunelO
Feb27
79% May25
134
May20
58%
72%
Mar25
Jan 2
Aug
9
150
Dec
Deo
July
23% July
48% July
173
Oct
65
Oct
48
Jan
3
38% Jan
39% Nov
36%
Jan
5
31%
Dec
19%
Jan
5
15
Dec
77% July23
75% Jan 3
47
Jan
90
Dec
101
Feb
170
Oct
Jan
95
June
9484
172
8984
42
Jan
5
Jan
2
Jan
3
144%
82
64% July
3884 July
95% July
Aug
Mar26
Jan 6
Apr20
"82%
Feb
94«4
94
48
Sept27
85%
Jan
5
56%
Jan
93%
Oct
84
Aug 9
Feb25
10284
Jan
3
Aug
109%
Apr
31
Dec
80
Jan
Oct 6
21%
Oct
Oct 6
85%
102
47%
Jan 3
Jan
5
46%
Dec
Jan
3
32%
Dec
84% Jan 8
109% July23
78% July 8
46% Apr 19
116% Sept20
49%
54%
Feb
40
Feb
42%
Feb
23%
6% Aug 11
9*4
43% Aug 9
61%
100
Jan
Apr
6384 Nov
47% July
89% Oct
100% Deo
71% July
Apr 9
6
Apr
68% July
3784 July
142%
Apr 8
Aprl4
AprlS
Aprl3
110%
Jan
149% July
115
Jan24
111
Dec
120
84
Oct 2
71
Apr 9
2684 Jan 7
91% Mar 18
62% May20
70
Febl6
28
Oct 8
100
50
1,300 Iron Products Corp...No par
24,500 Island Oil A Transp ▼ t C..10
3,700 Jewel Tea, Inc
100
2,500
Do
pref
100
300 Jones Bros Tea, Inc
8,900 Kelly-Springfield
Feb 4
...100
Paper
100
25
Tire
100
30% Mar 1
5% AuglO
3% Sept29
7% Sept29
,1784 Oct 5
52
Sept28
Dec
33% June
Jan
82
Nov
62
Jan
80
July
34
Dec
65
Nov
15
Dec
48
Mar
45%
38%
24«4
Dec
30
Apr 9
34
22
Aug
Apr 7
Jan 6
27% Nov
91%
48
400 Liggett A Myers Tobacco.. 100
130
Aug 6
99
June21
Do
2d
preferred
1,500 Lorillard (P)
Do
pref
100
Mackay
300'
Do
* Ex-rights,
Companies
pref
a
Ex-dlv. and rights,
I884
Oct 4
18% Aug20
1
Oct 2
38%
Jan
5
Marl5
101% Dec
Jan
38%
62%
Dec
33
Dec
Jan
110%
11484
43
Oct
Oct
July
126% July
10784 Nov
83
Jan
Jan 6
21
Jan
207
JanlO
195
Dec
250% Aug
109%
Jan31
107
Jan
115
36
Aprl2
40
Oct
July
11% Sept
28
Jan
3
25%
Dec
39%
70
Jan
3
40%
Feb
81
July
94
Feb
120
June
75%
115%
Janl9
125
Aug26
AuglO
183%
Jan
2
I4784
Apr
Aug25
110%
Jan
8
107
Jan
115
60
Aug
9
69*4
Jan
7
63
Dec
£63
June
Dec
245
98
100
102
100
100
100
100
n
Nov
95
1
No par
July
164
Augl7
7
No par
Mar
44
Jan
50
Oct 8
500 Loose-Wiles Biscuit, tr ctfs. 100
91
Dec
Jan21
Oct
13,800 Loew's Incorporated
2,800 Loft Incorporated
68
105
Aug
100
5
4
60
pref
Jan
Jan 5
35
Do*
JanlO
152%
Aug
12%
July
June
Janl9
91
6
91
30%
100
1,500
Jan
Jan
79% Jan 3
47% Julyl5
51% Jan27
7% July 9
21% Jan 9
33%
48%
10
10%
48
7
59%
15% May20
Do
Jan
72
(The).25
stamped pref
46,300 Invincible Oil Corp....
105
63%
Dec
Jan
800 Internat Motor Truck.No par
100
Do
1st pref
100
110
*62%
23%
95
1,100 Laclede Gas (St Louis)
100
1,800 Lee Rubber A Tire
No par
20%
13%
*37%
2
Feb 11
6,900 Keystone Tire A Rubber
6,100 Lackawanna Steel
100%
20%
2084
13
13%
Jan
65%
13%
63%
100
16% May
107%
12%
99^
Jan
Aug
62%
99%
Oct
10%
Dec
63%
150
Dec
Jan n410
3
June
24%
*135
87%
69% Mar
nl50
Jan
80
23%
20%
Dec
39
24%
14%
145
July
55
101%
Temporary 8% preferred 100
Kelsey Wheel, Inc
100
8,300 Kennecott Copper
No par
40
13%
*
2434
Oct
105
Jan
20%
43
*91
261
Jan
0784 July
12812 May
42
94
Feb
20%
Jan
41
*91
Aprl7
52%
91
Feb
32%
94
7
21%
28
♦91
Jan
9284
33%
92
Apr 7
Aprl4
Jan21
3
35%
92
28
Apr29
Jan 5
34%
94
100
Apr
35%
*91
109% July
51*4
3434
93
Jan
170
35%
18
102
111%
1,600
19
9
1834Sept28
6,600 International
55%
Jan
70% Sept28
37
Sept 1
72%
14%
107
100
76%
54
Jan
100
76
*17%
Oct
Oct
46
3,900
£72%
19
June
15%
99
Aprl6
Aprl4
5,600 Int Mercantile Marine
76%
74%
13
110
14%
105%
Oct 7
74%
32%
41%
6%
57
Oct
103% |Augl3
76%
12
Jan22
23
37% Nov
10384 June
110
74%
56
IO284
5% Apr
30% Dec
65% Feb
100% Oct
IO84 Sept
100
77
♦17%
Apr 9
June
100
Preferred,
74
11%
Apr26
75
86% July
106% July
new
Do
74%
57
46%
98
Dec
(new)
2,200 Inter Harvester
77%
19
Aug
88%
77%
11
Aug
78%
27
9,900 International Nickel
56
54
£78
80
Feb11
18
*17%
Aug27
89% Aug25
93% Mar22
20% Jan 5
Febl3
64
10
Oct
Oct
13%
77
18%
Dec
July
69
17%
57%
91%
3
100
Agrlcul Corp
*60
10
Oct
Jan 14
75%
95%
6
No par
pref
*73
1734
55%
69
Oct
100
Do
18%
•91
8i2
Feb
5034
100
800 Internat
621
978
•18i2
54%
5514
39%
5
Jan
Febl3
77
1912
55i2
8%
•18
f
9
Jan
Jan
July 2
18
5%
Jan
45
13
*60
5
56
67
31%
75
19
4%
507 July
43% Nov
65%
43%
100
60
"*6%
Feb,
Feb
278%
10
9,600 Indlahoma Refining
5
3,900 Inspiration Cons Copper...20
18%
76%
63s
Dec
100
6,000 Houston Oil of Texas
2,500 Hupp Motor Car Corp
60
4%
Apr
16®4
32%
37% Nov
Aug 9
19%
6%
4%
68
3
34%
75
60
6%
8
Jan
Jan 3
2
64
18%
4%
9%
1984
553s
Apr
July
3
May24
May 24
114
Jan
115% May24
92
Oct 7
30
116% July
Jan
104
Manufacturing... 100
60
41
6I4
4
8ept24
Feb27
73% Sept30
9784 June22
10% May24
76% Feb 13
100
Aug 11
Feb
Jan
38%
73%
42
6%
4
9
25
56%
104%
4084
4
*73
41
92«4
77%
5
44%
Aug 6
77
34%
41%
Aug 9
Aug 3
*73
35
111%
21%
14
40
34i2
AuglO
Aug 9
Aug 9
30% May20
28
May20
50
Mayl9
18
Sept30
74%
41
*38
18%
76%
113% Nov
29% July
12%
24%
£23
40
62
1778
7484
141% Nov
25
"20%
*59
Nov
Cananea Copper.. 100
tr ctfs..l00
*37%
59l2
I8I4
7514
90
55%
4984
40
17%
7412
59i2
67% July
164'4 Mar29
1984 Junel8
100
100 Granby Cons M S A P
300 Gray A Davis, Inc
2134
76%
79
Jan
74% Sept27
*38
•73
31
64%
"2l"
79
5
Deb stock (6%)... 100
77%
40
73%
•73
Oct
3
debenstoek (7%)..100
100
2234
20%
75
567
86% Sept
8684 July
Jan
Do
7434
19%
73%
64% Jan
5684 Mar
Jan
Do
8,550 Goodrich Co (B F
300
Do
pref.....
21
74%
6
Jan
16% Sept30
•38%
20%
Jan
Jan
61%
33% Aug 9
74% Sept28
temporary ctfs. No par
39
74
Jan
20%
147
Corp pref. 100
800
75
19%
48%
3
Feb17
100
74
2*1*84
3734
6
Aug 6
100 General Motors
85
Dec
37% July
54% May
87% Deo
Sept28
100
1,000 Hendee
z44ls
Feb
60
No par
Hartman Corporation
5,200 Haskel A Barker Car
8%
16%
92
8,500 General Electric
23
14%
3984 July
33
100
69%
8
Oct
17
Jan
5%
50
1^700 General Cigar, Inc
23
14
Apr
Feb
16
108%
19%
67%
104% 105%
160
IO484
20
500 Greene
Dec
1
...,25
5,200
May
1
No par
2,000
Aug
92
Jan
50
10,900 Fisk Rubber
50%
•102
Oct
8
No par
66%
78%
Dec
Dec
Jan
Mar26
July
85%
41
94% Sept 17
Corp
48
Sept
25
Jan28
18
4,700 Famous Players Lasky No par
1,600
Do
preferred (8%>
100
Federal Mining A Smelting 100
500
Do
pref
100
66%
*76%
July
116
100
pref
Do
108
Jan
85%
50
2,300 Elk Horn Coal Corp
Do
pref
2,400 Endlcott-Johnson
10
11
28%
10
100
Sugar
Ltd.
Dec
Dec
101%
46
Aug28
59%
75
Oct 6
85%
36% Aug 10 n605
13
9% Mayl9
No par
74
7384
3714
"37«4
No par
25,500 Corn
87,200
106% 107%
"21%
790 Consolidated Textile
18%
*74
67%
46%
218s
114
No par
1,200 Gulf States 8tee!
76
69
105% 107%
13%
14%
73s
784
.100
600 Consolidated Cigar
17%
50%
23
•22
par
50
Do
pref
100
30,200 Consolidated Gas (N Y)..100
3,700 Cons Inter-State Call Mg..l0
85
139%
16
28i2
♦13%
28%
•74%
67%
Do. pref
900 Gaston W A W, Inc
7%
6484
68
•28
100
200 Gen Amer Tank Car. .No par
64
•67%
76l2
49»4
85%
■
100
Sept30
Oct
43% Oct
1,700 Free port Texas Co
*70"
•61
*934
*32
22%
141«4 141«4
5,900 Columbia Gas A Elec
600 Dome Mines,
93%
66
100
Continental Can, Inc.....100
101% *100
37%
132
Iron
61
Oct 8
55% Feb 10
r76% Feb 13
73% July28
No par
Fuel A
23,400 Columbia Graphophone No
75%
28
3334
•100
31%
*80
75%
1,900 Chicago Pneumatic Tool.. 100
10,000 Chile Copper
25
3,800 Cblno Copper
5
33%
83
88%
Do
31%
73%
80%
100
pref
100
5,700 Cerro de Pasco Cop...No par
20,700 Chandler Motor Car
No par
200
32%
*73
♦80
80%
14,400 Central Leather
35
*33
73%
80
87%
33*8
76%
"68%
14
27%
80%
11
83'4
37%
37%
130% 13U2
65%
14
27
101
*10
28I i2
♦9914 101%
37%
37i8
129l2 131
93
31%
81
14%
27%
♦77
74%
♦95"
"16% TOT2
21%
*78
7734
793j
81
880
85l2
2734
74
81
78
32
81
40
7934
2678
•77
95
41
1418
78
"l4% Yt"%
44%
95
40%
2034
77l2
4334
96
40%
2678
78
44%
39
26%
77%
11
41
4034
7934
79%
143s
40'4
90
129
16%
44%
IO784 July
112
9
18%
Oct
Jan
Aug
9084
May
2% May
45
Jan
84
Augl8
Sept
55%
........100
6%
119
Jan
55%
96
18
*94
26
98%
18%
44%
Jan
1%
Mar20
....
Jan
Dec
100% Sept
62
18%
100
64%
100
Nov
Oct
76% May
156% Oct
111% June
50% Mar25
Oct 4
7%
Aug
80% May
Jan
Sept24
*0%
82
Feb
48
7%
77% July
65% Deo
64
S3
*6%
Mar
92
400 Brooklyn Edison, Inc.....100
19
10
54% Nov
17% Jan
61
1,300 Brooklyn Union Gas—...100
19
44
July
54
19i2
*94
July
65
90
19l2
96
Oct
29
*53"
3,400 Butte Copper A Zinc v t c. .5
......100
2,500 Butteriek
1,900 Butte A Superior Mining.. 10
11%
46%
69
Jan
Jafti
27%
53%
10
11%
Jan
11
40
Jan
90
300 Burns Bros
Jan
Jan
Aug 14
103
15
90
169% Dec
IIO84 June
75
..No par
14%
44
Feb
176%
8% pref. 100
13
96
Jan
94%
142
cum conv
12%
4512
106
45%
Jan
pref..............100
11%
44
108% Mar
314% Oct
Feb
Do
11%
♦94
Feb
58%
Do
300 Booth Fisheries
11%
9i2
Dec
Dec
68
63%
4478
Jan 2
Jan29
Jan 3
Jan 9
Jan 9
Apr 6
Jan 3
Jan 17
Jan 7
95
191%
93%
Jan
75%
26%
9l2
44%
7
1,100
11
I684
5
Jan
125
85% Augl3
128% Aug!8
No par
1,600 Bethlehem Steel Corp
100
41,500
Do
Class B common.. 100
165%
105%
61%
20
—
Jan
97%
Aug 2
May20
91%
100
11
19%
15%
62%
283
111% 113% 149,300 Baldwin Locomotive Wks.100
Do
pref
100
Barnsdall Corp CI A
43
25
91
53%
98
100% Marl8
Aug 9
85% May20
70
Sept29
10334 10334
634
6%
6%
*6%
*82
i
86
54%
94
104
92% May22
104%
Do
2,700 Barrett Co (The)
100
Do
pref...
5
% per share
100
...
104
100
*40
*%
434
100
{new)
$ per share
60
1
68
pre!
Highest
$ pet share
100
105
♦34
1919
$ per share
pref
100
400 Amer Writing Paper pref.. 100
900 Amer Zinc Lead A Smelt.. 25
66
130
104
10212 105»2
Year
Lowest
Do
92
*62
Range for Previous
Highest
600
54
*89
♦
""7« "%
52%
Do
9,000 Amer Woolen 01 Mass
45%
52%
45%
61%
95
Par
-
73%
93%
56
*89
Indus. & Mlscell. (Con.)
200
72%
93%
1
of 10Q-share lots
Lowest
4,100 Amer Telephone A Teleg..l00
14,800 Amer Tobacco
100
54
52%
29%
59%
29
60
*
146% 150%
*62
"52%
*57
92
9834
12
*41
132
91
98%
basis
EXCHANGE
Shares
t34
*88
46
57i8
92
130
91%
12
"11% "l2"
23%
60
•89
98%
139%
73
*93%
"51%
»
98%
139
*88
91%
54
1134
46
♦
9834
141
*90
63%
1134
116s
139
share
$ per
PER SHARE
Range since Jan.
STOCK
Week
$ per share
YORK
NEW
for
Par value $100.
s Old stock,
July
July
79% May
66
x Ex-dlvidend.
July
New York Stock
1455
Record—Concluded—Page 3
For record of sales during the week of stocks usually inactive, see third
page preceding.
PER SHARE
HIOH
AND
SALE PRICES—PER
LOW
SHARE,
/A*
NEW
for
Monday
Tuesday
Thursday
Friday
the
Oct. 4
Oct. 5
Oct. 6
Oct. 7
Oct. 8
% per share
% per share
$ per share
$ per share
$ per share
Shares
I
$ per share
88
92
*89
95
91
*65
74
70
70
*65
Wednesday
91%
92%
•95% 100
*9534100
183% 186%
21%
72%
18634 191
94
89
2,500
.71%
Indus. & Miscell. (Con.)
Manati Sugar
"19%
15%
15%
37%
38%
3734
*60
19%
15%
38%
Do
96
*90
96
*93
•93
26
27%
32
32
57%
89%
29%
27
28%
33
29%
33
33
•32
58%
57%
58
89%
89%
89%
....
33%
34
*33%
82
*79
Jan
6
99
Dec
11884 Sept
Jan
6
21
Nov
3284 July
Jan
6
32
Oct
7184 Nov
37% Sept30
5234
Jan
6
40%
Feb
Montana Power
59
69%
Jan
7
54
Nov
6284 July
83
July
Jan
6
100
Nov
38%
38%
38%
12,000
*64%
65
64
64
96
*93
96
*93
100
28%
"3",000
33%
400
Mont Wd&Co Ills Corp.No par
National Acme.....
...50
6,400
Nat Anil & Chem vtc..No par
89%
89%
2,200
5634
90
3434
*34
35
82
♦79
83
'
*73
75
75
75
*75
77
103
106
106
106
1
7%
7%
59%
*102% 110
11%
11%
11%
93
94
94%
11%
*V9
•
*88
7%
Do
96
56%
«* ■»
59%
*58
60
94
*88
94
*73%
75
73s
*74%
*103
"800
500
94
*73%
75
106
Tl34
11%
11%
82% Sept 13
102%
National
Lead
Do
New York Dock.
95%
97%
96%
97%
97
97
25
25
27%
253s
26
26
26
*26
27
1,700
1,300
....
47
46
46
45%
46
46
46
46
46
89
57
5734
6034
*56
60
*55
56
*55
59
2,700
North American Co....... 100
40%
4034
41
42
41
41
40
40
40
40
1,500
Nova Scotia Steel & Coal.. 100
*13
16
*13
16
*14
16
16
16
14
14
12%
13
500
49
*46
48
*47
49
*46
48
*45
48
*45
Nunnally Co (The)....No par
Ohio Fuel Supply
25
4
4
4
4
4%
4
4%
4
4
6,500
Oklahoma Prod & Ref of Am. 5
5%
5%
5%
5%
5%
5%
*123
<
124
124
124
*124
>
128
48
*47
49
27%
28%
*28%
48
4934
49
20%
20%
21
21%
4734
4734
48
48
48
28
28
27
27
30
*27
47%
47%
*
30
87%
8234
82%
90-%
V"
1
"48"
30
*
48
28%
29
48%
49%
♦
83
82
81
I*"?.
.
39%
"19%
"19%
2l""
"l9%
20" ~
37
3934
39
40%
38
40%
*37%
38%
39%
39
39%
38
38%
38
38%
38%
35
37%
39
'
----
3534
35%
37
*35%
37
35
35%
36%
37%
363s
37
35%
36%
90
90
34
34%
34%
36%
90^2
90%
90
90
13%
81%
13%
13%
13%
14%
1434
14%
15
84
82
83
67%
693s
'■
-
81%
81%
81%
7034
65%
69%
67
68
88
69%
*85
84
86
86
86
86
16%
95%
96%
17
17
16%
17
93
94
94%
95
.
16%
99
111% 111%
67
113
11234 113%
70""
*65"
11334 *112
67
66
66
67
7034
70%
72%
38%
38
38%
38%
39
39
39
93%
W
*78%
«.
57
56
81
"
80
81%
81%
70%
r68%
68%
86
*84%
86
16%
*16%
97
113
79%
42% July
37
Janl3
7184
Feb 13
7634
14%
*79%
81
1,700
38.900
76%
95% ;%:• COO
_
14%
14%
14
14
1,500
11
300
San Cecilia Sugar v t c.No par
26
1,000
Savage Arms Corp........100
Saxon Motor Car Corp.No par
11%
30
52%
31%
62%
*83%
53
.32%
63%
90
625
§621
64%
*83%
§624
84
*29
3,200
31%
32%
43,100
Transp & Trading...£2
Sinclair Cons Oil Corp.No par
68
64
64%
64%
64%
65%
65%
89
89
89%
*83%
*83%
*83%
625
628
625
§627
§620
§615
105
105%
105
105%
105
105%
104% 105%
*83
*83
87%
87%
*83
87%
83% 83%
31
*31
3134
31
31%
31
31%
70%
70%
68%
69%
74
70%
71%
70%
55
58%
57%
5634
57
59
57%
5834
1,900
Sloss-Sheffleld Steel & Iron 100
*83% 90
626
'§620
390
83%
31%
65%
65%
64%
70%
55
56
55
57%
*
87
"50"
....
9»4
49%
3714
33
86
86
86
51
«•
*38
41
*38
....
....
50%
35%
36%
36%
20
984
21%
688s
"67%
68%
•85%
90
•85%
91
11%
12
11%
12
67
....
88
27%
37%
38%
•105
107
2684
37%
*105
868g
27
37%
115
27
36%
170
86%
27«4
37%
105
47
45
45
45
45
199
198
198
202
203
13%
♦40
♦6%
42
8%
67%
*150"
86
27%
37%
•105
♦44%
203
73
170
12
86""
27%
37%
27%
3734
105
110
45
•44
45
201
204%
73%
15
♦14
15
*40
50%
50%
50%
49
51%
9,400
83
51%
84%
82%
83
8234
8.534
13,500
•91
51%
60%
78%
106
106
55%
96
52%
79%
10584 106
56% 56%
*93%
7734
85%
87%
106% 107
60%
61%
10%
64%
57%
10%
6684
5784
87%
89%
107% 107%
57%
87%
87
88%
107% 107%
13
♦57
83
13
60%
83
•105
1134
♦57
84
107
13
60%
11%
61%
11%
62
12%
65%
67
64%
65%
1034
66%
68%
60
*59
•105
111
105
105
*103
118
112
12%
*57
48
44
44%
"10% Yl"
47%
43%
28%
10%
100
2,200
26,511
1058/1
10534
800
55%
900
200
59
"1284
"11%
60%
60%
♦56%
84
84%
84%
84%
45%
47
2734
28
47
45%
28%
11%
45%
46
45%
46
29%
10%
29%
28%
28%
11%
11
11%
66%
51%
66
52
109% 109% *108
110
109
"46"
66%
52
65
65
49%
49%
108% 108% *107% 110
45
11
11%
52
109%
108
108
•107
110
•106
259%
61
60
60
•57
61
85
*78
85
*79
83
•79
83
♦62%
66
64%
•106
•63
65
Bid and asked prices: no sales on
I Name changed from
*62%
66
this day.
10«4
84%
46%
45%
2738
*50
1138
.54
IO784 109%
•105
4% Sept29
Oct 7
109
f45% Augl2
23% Aug 9
59
Aug 9
87
June 5
3,600
100
50
United Drug
Jan
July
17
July
"53%
Jan
Feb
74
Dec
Jan
5
41%
Jan26
46%
Aprl9
85
Feb
Mar
91% June24
51% Mar26
Apr 8
Apr 8
100
100
Do
1st pref
100
U S Smelting Ref 4 M
50
Do
pref
50
United States Steel Corp.. 100
Do
pref...
100
Utah Copper
10
Jan
109%
Oct
4584
Jan
151
Oct
92
Jan
104% Nov
Febl3
60
32
Jan
54% June
Aug 9
47
Apr 8
Apr 7
38
Mar26
Dec
17^4 May
38
Mar26
9
July29
40% Aug 6
13% Mar31
c67'4
Jan 2
Oct 8
18% Sept21
3684
984
Jan n345
nl84
34% JulylS
57
AuglO
44
Aug
95%
106
38»4
66%
38
63
148
Jan 3
72%
Jan
115
June
Jan
7
97%
Dec
120
June
Jan
5
3484
Dec
Jan
3
37%
Jan
AprlS
Aprl4
115
Jan
75
Jan
100
6
5
34%
37%
Dec
Jan
Jan
58% July
90%
Jan
175% July
12% AuglO
40
Sept 8
25%
Jan
3
65%
37%
78%
116%
Apr 7
Apr 6
40
Febl3
74% Sept27
101
Aug 9
50
Aug 9
41%
83%
104%
66%
Junel4
Aug 9
JunelS
Aug 9
Aug25
No par
Virginia-Carolina Chem... 100
42
Feb 13
57
Oct 2
...100
100
104
May 3
Febl3
Do
pref
V
Vivaudou
No par
100
Wells Fargo Express
Westinghouse Air Brake—50
76
11%
48
Oct 8
MaylO
80% Julyl3
/98
Oct
5
Westinghouse Elec 4 Mfg..50 V 44% May20
..50
Steel
5
25
54,300 Willys-Overland (The)
Do
pref (new)
-.100
3,500
No par
1,600 WllsonACo.Inc.v t c
100
1,300 Woolworth (F W)
Motor
2,700
White
1,700
Wlckwire Spencer
Do
pref
Worthlngton P 4 M v t
58%
80
80
100
Do
pref A
64
300
Do
pref B
100
C..100
100
100
42% Sept 1
24
Aug24
10
58
46
100
103
55
80
Sept30
July20
62% Aug 9
42%
Jan
7484 July
I684
Feb
3284 May
66
Apr
91%
Oct
5
Jan
8
£97%
Dec
167
May
Jan
6
96%
Jan
111
May
Jan
17%
Jan
73
Jan
60% June
139% Nov
109
Jan
119% July
76
Jan 3
47% Mar27
Jan 5
109
11584
8O84
12%
97
Jan
43%
78% Nov
Mar
50
45
Jan
88%
Feb
115% July
Jan28
111%
Dec
117% July
Jan
3
65%
Feb
Jan
2
884
Dec
Apr 16
54%
Dec
97% July
218s June
Dec
92% July
115% Oct
80% Aprl4
Jan 7
120% Septl7
21
June 7
76
Mar31
112%
89% Mar 18
Jan 8
Feb
51
110
64
Jan
*
"51%
82
,62
Mar
£88
Deo
Nov
79
May
Sept
92% May
128
July
94%
Jan
3
69% Mar29
32% Sept20
40%
Jan
59% June
45
Jan
86
Jan 3
23%
Jan
119
55% Jan
32
93
9
Jan
Janl3
145
Aug
119% Oct
3884 Aug
Apr 8
Jan 5
Oct 1
Julyl9
Oct
215
10384
6934
143«4
116%
Sept30
3
June
58% May
Feb
Aug
14
Apr20
July
80%
Oct 1
77% Feb 13
90
Aug 6
Oct
Jan
3
£46%
45%
Oct
Dec
July
Janl4
Jan
6
62% Nov
74%
197%
96%
7
Virginia Iron C4C
Oct
63% July 7
100
c
97% July
Jan31
53% 8ept30
Sept23
118%
126%
50
pref
.
101%
Feb13
157
Do
Dec
Dec
64% Nov
89
Nov
1138s Mar25
Janl3
United States Rubber
Aug
Mar25
Aprl4
U S Realty <fe Improvement 100
29
230%
8184
Dec
53
100
*94% "Oct
6% Mar
168%
Jan28
224
U S Industrial Alcohol
74% Nov
121
2
U S Food Products Corp.. 100
106% July
Dec
Febll
100
100
100
Oct
Deo
Nov
12%
Aug 9
Fdy
5384
145
Aug
59
pref
June
27% July
105%
84
176
1st preferred
Western Union Telegraph. 100
"2",300
Janl3
Aprl4
Deo
98%
Jan
100
100
Do
100
108
82%
94%
132% July
Dec
United Retail Stores...No par
United Fruit
800
6,700
90%
4884
127
200
7,500
21%
243
Jan
9184
44% Sept
17% Aprl2
25%Junel8
83% Apr 6
AuglO §850
86
40
Jan
Jan 13
1238s MaylO
200
57
62%
984 Oct
21% Sept30
5584
Aug
Oct
31%
Mar
71%
Jan
Sept27
f Leas than 100 shares, t Ex-rights, a Ex-div. and rights.
July 1 1920, range lncl. prices from July 1 only range for
Ohio Cities Gas to present title
263s
61
66%
"52"
60
110
Yi%
69% Aug 9
14
Oct 5
19
68
46
3
93% July
73%May22
2584 Aug28
36% Oct 5
105
Sept 3
600
61
47%
65
59%
112
92% AuglO
26
Sept
Jan
12484
10634
152
161,400
87%
108
3,500
108
11,500
59%
6I84
12
8,700 Utah Securities v t
11%
28,300 Vanadium Corp
64%
6.584
88
♦105
34% Feb26
7234 8ept29
Typewriter... 100
Do
7934
100
47%
48%
•
♦56%
99
47%
50
64%
60%
"l2"
47
63
*80
61
107
112
9% Aug24
U 8 Express
100
12%
12%
8334
61
58%
5984
12%
84
•46
*105
59%
Feb
94
83% Augl2
Union Bag & Paper Corp.. 100
U S Cast I Pipe &
50"
112
58%
98
47%
88%
107% 108
104
92% May 3
13% Aug 9
AuglO
45
100
100
77%
"50"
43%
63
1234
6034
•112
59%
81
105% 105«4
63%
12%
61%
'51%
107% Nov
.No par
pref
800
55%
79%
Feb
Aug 9
100
"51%
52
77%
57
7
95
52
68%
8884 May20
40
4234
7
79%
6584
74%
42h
84%
Apr
fc42% July
106% Aprl2
IO684 Feb20
2284 Jan 6
9
Transue & Williams St .No par
500
2,800
68,900
*65»
7634
111
45
*40%
£43%
57
Do
Transcontinental Oil
No par
*14%-
55%
•105
Times Sq Auto Supply.No par
Tobacco Products Corp...100
No par
7%
82%
Nov
51
31
Oil
14%
50
110
Aprl9
10
Texas Pacific Coal & Oil
United Alloy Steel
4234
49%
MarlO
120
Oct 1
Aug
41
Union
202% 204
*6%
124
Superior Steel Corp'n
Temtor Corn <fe F pref A no par
Do
pref Class B...No par
Tenn Copp & C tr ctfs.No par
Texas Company (The)
25
200
*6%
14%
*40
100
100
1,000
14%
8%
52%
(The)... 100
pref
5,300
4234
5084
10%
Do
38
*6%
94
65
Studebaker Corp
27%
•44
10834 May24
100 8600
109
*105
723.4
...100
pref non-voting
Underwood
"""566
1434
94
•10
3734
"
85
•40%
78
6I84
27
170
684
51%
8684
10,600
14%
4284
83
107
75%
II84
100
85
Do
100
90
684
82
86%
27%
3734
105
203
74%
11%
*150"
"
86
6784
46
*85"
12%
1134
•4234
11%
66"
*85
14%
82%
61%
90
♦40%
48%
107
69%
73
81%
105% 105%
74%
•19%
22
13,600
1,300
18,800
7384
47%
76%
2.700
71%
48
•49
934
35%
•45
72%
13%
44
51% 122,900
♦197
71%
69,800
31
*8584
Dec
50
49%
90
60
26% Aug 9
36%
69%
Jan28
179% Sept20
51%
20%
68
Stromberg-Carburet...No par
35%
68
Sept24
Stewart Warn Sp Corp.No par
5012
*85
July
8teel <fc Tube of Am pref... 100
37%
88
Oct
106
900
52
69%
109
Mar
400
36
12%
105
934
Feb
100
5,200
51
4234
86%
*38
*59
Feb 2
100% Junel7
3834
1134
•150
•85
9%
Apr 12
3
100
6,900
800
41
preferred
Standard Oil of N J
100
90
'
9%
9%
984
20
"67%
V
m
*80
Shell
Do
9%
51%
4234
170
90
*80
51
48%
27
323.i
51
50%
87
31%
86
984
50%
•85
51%
3234
*80
984
•150
52%
5134
mmmm
984
37%
51%
32%
115%
109
116
51
*80
50
....
53
64%
1
105%
83
100
Sears, Roebuck & Co
34,800
6412
105
4,100
5
....100
pref
51%
32%
90
4%
Do
51%
5234
625
5%
4%
5%
23
3,000
18,300
112% 117%
33
31%
105% 105%
*83
3134
5%
*10%
83%
98
27%
Railway Steel Spring
Do
pref
1,200
Oct
74% July
May
85% Mar
1238 Feb
104%
A36
53
Oct
28% May
105%
11334
£65%
4,700
"38%
Feb13
25
'•*»
3
12% Aug 2
1,000
15%
Jan
Jan24
Jan 5
Aug18
50
100
100
Ray Consolidated Copper.. 10
Remington Typewriter v t clOO
Replogle Steel.
No par
Republic Iron & Steel
100
2
Aug 6
Pure Oil (The).A:..
14%
115
111
82%
;•
Punta Alegre Sugar
14%
5%
Jan
July
11
79
6,400
14
118
"99"" "Oct
11,500
14
5
Apr
Jan
54
Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
St Joseph Lead
.10
113
May
43
44% July 2
June
52%
75%
10
pref..
81
5%
117%
53%
52%
57
Jan
33% Aug 9
33
Sept30
Feb
83%
4%
Dec
30
45
85%
112
32
72% Sept23
8334
4%
Apr
9
JanlO
91%
86%
117%
27%
Feb
42%
9
84
87%
4%
8
42
30% AuglO
100
pref
8684
114
Apr
4784 Nov
58
July
Jan
8734
*25
Dec
Dec
87
*10%
42
16
32%
1034
Jan 6
93
95%
28
Oct
Dec
47%
6734 Feb 13
23% Sept 9
101%
32%
81%
1034
U134
140%
104%
7
33%
28
Deo
Dec
8
8
96
11%
141
Jan
92 ®4
Jan
33
30
Jan
67
Jan
Jan
95%
*25
22
Apr 14
Apr 14
98
33
*1034
June22
46
1163s
108%
23%
33
11
9
Aug 12
51% Febl3
95%
29
4
88
76
*25
Oct
Aug
84
1,800
Oot
80
75% July
Feb
95%
*10%
2
Mar
Dec
33
11
46
Dec
78%
30
2
39% Nov
74
Oct
58%
95
10%
Jan
Dec
34%
29%
3234
85%
♦25
5
7034
94
14%
Jan
65
Augl9
96
Do
Nov
128
41%
5
33
15
45%
157
9
9
33
*14%
Nov
Aug
Jan
94
*14
Nov
149
19%
100
200
70%
39%
69%
56
*95%
July
"ll"%
...100
Public Serv Corp of NJ
100
Pullman Company
100
113
39
7434
Do
Pressed Steel Car...
110
77
"55""
5% Mar
"43""
Jan
77
76%
Jan
8
Jan
33%
76%
8
Apr 6
Aprl4
9%
38-%
33%
74%
Apr
634 Mar
61%
74%
_
55%
6
100
25
100
100
pref
Pond Creek Coal..
69"
*64"
39%
79%
Feb13
3% Aug
78
50
pref
1,600
*96
79%
44
100
Pittsburgh Coal of Pa
500
65
*52
Do
2,000
*104
79%
Do
v
16%
15
56
June
28
No par
97
96%
96
*52
July
97
41% May20
.....50
Pierce Oil Corporation
500
100
96
96
67
Jan
Pierce-Arrow M Car...No par
110
14%
Jan
46
15,850
14%
82%
—
47
5
35%
35%
*103%
56%
^
5
Jan
Aprl7
35%
34%
15
96
1434
9434
-;;
"14%
Oct
77%
36%
400
7084 July
July
22 38
6O84
Aug
97
96
14%
9434
-
1434
Class B
Penn-Seaboard St'l
7,000
1,000
17,600
Oct
14534
Oct 8
AuglO
82
21% July
12%
27
Pacific Teleph & Teleg
Pan-Am Pet & Trans
Do
Oct
July
75
16
*103% 110
95
14%
50%
93%
"l4%
Feb
44% Mar
27
14%
38%
Feb
19%
3
t c No par
112% 113
71
71%
1133s
66%
38%
91%
3
Jan
People's G L & C (Chic).. 100
Philadelphia Co (Plttsb)
50
Phillips Petroleum
..No par
14"
65
99%
67
•62
5
Jan
61
16,000
1,900
80%
99
Jan
48%
13,300
14%
16%
96%
13% Nov
39%
68%
16%
963s
16%
95%
5
40%
82
*84%
Jan
117%
Aug 9
Aug 9
May
94%
112
5
100
Pacific MailSS...
"l9% "3", 800
'■
^
Sept
3
38
14%
81%
86
*85
^
^
Pacific Gas <fc Electric
3,300
"
^
102
88% June
Jan
38
19%
'
25
Parish & Bingham
f T.
"l8~
"37%
Bottle...
Pacific Development...
60,000
82%
Jan
May20
500
81
64
44% Sept28
48
May 20
38
Sept27
107
1,900
90%
88%
Aprl2
2484 July
1604
17%
Otis Elevator.........No par
Otis Steel—
---...No par
'-W4*w-fcV-L'
"
"
90
Jan
Feb19
3,100
30
Feb
93
July
108% May
Dec
45%
7
10% AuglO
100
49%
...
8%
2
Oct
92
Jan
Dec
Jan
110
5
Owens
101%
Nov
103
Jan
93%
Mining.... 100
800
Sept
70
13
Ontario
1,000
28%
4934
*.
Silver
,
3
89%
400
28
30
"88"
91%
82
4%
'•
*125% 127
21%
21%
48%
47%
43%
89%
84
82 84
82
mV *
30
92
90
90%
'm W
'
•
4938
30
"42"
90
8884
*125% 127
22
20%
48
•;
-»»
...
*125% 127
22
20%
:i;
-4
Jan
102%
9
20
.....100
56
---
Aug
100
preferred
46
4
70%
Feb
43% July
75
Nov
Jan
Janl3
Apr 7
4
Aug 9
Aug11
100
Do
57%
*47
Aug
90
New York Air Brake
.5
*41
57%
6%
50
100 £100% May2l
500
9G34
100
100
......100
3,600
*44
87
80
pref.........
Nevada Consol Copper.
*23
45
98
97%
11%
9
863$ July
Feb13
30% Sept 13
& Cable.No par
"29"%
June28
Feb13
83
11%
108
Marl9
106%
Mar25
40
44
Nat Conduit
600
109
40
100
Nat Enam'g & Stamp'g
Do
pref
""160
75
*103
1138
7%
58%
*88
94
10034
25% Sept30
Septl8
100
preferred vtc
Do
....
93
Mayl9
May 4
pref..............100
Do
National Cloak & Suit
-
7%
58%
*88
900
58%
7%
58%
7%
738
11%
11%
Aug
32
55
33%
56%
Aug
95
27%
34
3434
94
Pref
27%
34
90
59%
..100
2G%
89%
*88
pref
27%
58
*56%
7
800
56%
7
10%
7134
89%
94
105
18% Aug 6
Oct
May
Oct
26
58
58
264
5
89%
7
Jan
88
57%
58
110
16284
100
8934
♦88
Jan
3
97%
34
27%
m *
104
Jan
Miami Copper
5
Middle States Oil Corp
10
Mldvale Steel & Ordnance..50
65
*33
84
*79
Janl2
222
148
35
.....
107
9
Marl3
.100
38%
*93
65
Aug 13
38% July
13184
.100
39
96
65
Jan
pref
39,300
65
•59
60
Jan
Mexican Petroleum
"l~,§66
67
65
Dec
Aprl9
80,200
15%
38%
Aug
28
137%
185% 188%
19%
39%
130
5
1
Sept
69% Oct
Deo
137
151%
33%
Aprl4
1
20
25
*9534 100
"l9% *19%
19%
16%
38%
100
May Department Storea__100
189
14%
15%
Highest
$ per share
100
19%
198s
16%
Lowest
$ per share
*9534
16
1984
15%
Highest
$ per share
$ per share
88
Oct
1
185
15%
19%
Par
Manhattan Shirt
Do
"19%
15
basis of 100share lots
Lowest
400
"70%
Range for P eeiov*
Year 1919
On
EXCHANGE
1,000
89
21 %
71%
*91
72
*9534100
18684 188%
21%
72%
*9534100
186% 189%
74
92%
21
19%
STOCK
Week
Saturday
Oct. 2
YORK
PER SHARE
Range since Jan. 1
STOCKS
Sales
NOT PER CENT...
82%
116%
Jan
5
Jan 5
Aprl4
Jan
6
Oct
120
Feb
40%
98%
104%
136%
11234
Dec
117% July
117
87»4
65%
Jan
Jan
June
May
July
May
Oct
95
Jan27
50
Feb
93«4
Janl3
88
Jan
98%
Oct
76
Jan
6
66
Jan
81
Oct
* Ex-dlv. ®*20 sot^Jan10®
Ohio Cities Gas Jan. 1 to July 1, 37 May 20, 50 H Jan.
1456
New York Stock
Tnn
U.
S.
Exchange—BOND Record, Friday, Weekly and Yearly
iQfYQ the Ezchanae method
of ouoting bondt was changed and prices are now—"and interest
Government.
First Liberty Loan
3Ha
1st 15-30 year..1932-'47i J
8econd Liberty Loan
D
91.30 Sale
91.20
92.90 5126 89.10 100.40
26! 83.00
1st L L conv... 1932-47 J
87.90 8ale
88.00
89.50
48
2nd L L
88.80 Sale
87.60
89 60
130 81.40 92.90
89.90 Sale
88.70 Sale
90.48 Sale
88.70
90.20
6411
87.56
90.00
9796|
89.60
90.76 7382
1927-'42|M
93.48
Third Liberty Loan
4Mb
1st L L conv...1932-47 J
4Mb
2nd L L conv..1927-42 M
4^8
1928 M
1st LL 2nd conv 1932-'47 J
4a
96.36 Sale
96.00
96.80 6614
,94.70 99.40
96.00
96.80 2658 ,94.64 99.40
100
100
101%
10214
10534
106%
105
July'20
100
101%
100% 101
105
106%
104
106%
IOOI2 June'20
105% Sept'20
10514 Sept'20
*1936 Q
100
98
reg..l938 Q
1961 Q
100
99
Philippine Islands 4s
1914~'34 Q
83
87
M
F
85
78
Mar'19
100
20-year convertible 4Mb
30-year conv secured 5a.. 1946 A
Big Sandy 1st 48
1944 J
Coal River Ry 1st gu 4a
1945
Craig Valley 1st g 5s
1940
89%
87%
Feb'15
Anglo-French 6-yr 5s Exter loan. A
Argentine Internal 5s ol 1909... M
Belgium 25-yrexts I7^s g.1945 J
O
99% Sale
70
993s Sale
8634 Sale
437s Sale
78i2 Sale
a t
do
...1931 A
2-yr 5mb gold notes Aug 1921 F
10-year 6Mb
1929 F
81
Italy (Kingdom of),8er A 6Hs'25lF
Japanese Oovtr-£ loan 4128.1925
90
90is
Second series 4/8—
1925
do
do
"German stamp".
Sale
1954 J
9478 Sale
10334 Sale
62% 54
1921 A
1940 J
Tokyo City 5s loan of 1912
M
11
35!
41
50
23
74
36
83
8034
92%
80
86
6
76
68%
46
79
8734
57!
95%
28
96
91%
64
81
86%
84%
93%
92%
99
67
93%
89% 97%
101% 1273! 101
102%
Sept'20
75%
7534
59
216
41%
8634
8634
44%
34l2
94%
36
48
95
171
104
129
64
40
103
53%
3
8
204
100% 104
50
61
M
F
F
98I2 Sale
87% Sale
98
99'/,
780
86
224!
81%
90%
89
88%
91%
427)
89
O
83
9534
95%
95%
466
89%
95%
Sale
92% 99*/»
IW
s
4Mb Corporate stock
1964 IV!
4Mb Corporate stock
1966 A
4/s Corporate stock July 1967
O
Corp stock. 1960
.
--
y
D
1963 M
4Mb Corporate stock.. |
4/s Corporate stock
S
1965
4%
Corporate stock
.1959 IVI N
4% Corporate stock
1958 M N
4% Corporate stook
1957 IVI N
4% Corporate stock reg__1956 M N
New
4Mb
1957 M
4m% Corporate stock
1957
334% Corporate stock...1954
Canal Imrpovement 4s
IVI
-
93U
82
81%
mm
93
89
89%;
87
90
13
89% 100%
88
100%
80
9038
79%
80%
91
90
82% 89
89% 100lg
89% 100%
7134 81
Sept'20
Aug'20
Aug'19
---
80% 8OI2
38% Sale
40
95
1960 J
Canal Improvement
4/S.1964 J
Canal Improvement 4
34s. 1965 J
Highway Improv t 434s_.1963
Highway Improv t 4/s_. 1965
Virginia funded debt 2-38—1991
J
O0
J
mm
M
S
8
J
J
1
1
1
1
May'20
50
52
75
Sept'20
64%
75
97%
Feb* 13
Mar'17
lat 4 m S-
Registered
J
75
J
Convertible 4Mb
Permanent 4s
1932
4s
63
71
'
/0%
71
6112
III
74
74
76
94
60
76
D
7312 Sale
80% 81%
67 x2 Sale
94%
82% 90
72%
7534
80%
258
61
100
70
75%
80%
Sale
78
64%
May'20
100
95
72%
7134
----
7234
95
508
107%
95
"SO*" "7284
Railroad.
Ann Arbor 1st g
4s.......*1990 Q
J
55
Atchison Topeka & Santa Fe—
Gen g 4s
1995 A
Registered
Adjustment gold 4s
Stamped
.*
*1995
1955 J
1980
East Okla Dlv 1st
g 4s_._ 1928
Rocky Mtn Dlv 1st 4s
1965
Trans Con Short L 1st 43.1958
Oal-Ariz 1st A ref 434s"A
S Fe Pres & Ph 1st
g 5s
Atl Coast L 1st gold 4s
Nov
conv
60
70%
77%
91
63,
36
69%
69
J
74
80
75% Sept'20
82
82
82
A
1934
79
8134
76%
73
....
78
101% Sale
D
78
92-%
78%
Sale
95
79%
106% 113
71% 72%
90%
.1925 J
85
101%
78%
Sept'20
79%
129% Aug'15
91
92
Sale
M
91
83%
85
74%
60
9o34 Sale
112
"81 " _82
78
85
81
81
57%
7418
60
60
322!
57%
75X2
183
57%
76%
297
81%
92
Jan'12
69X4
C I St L A C 1st
85
Mar'20
97%
5734 Sale
90%
95
1957 M
78%
6234
80
79
74
73%
Roch A Pitts 1st gold 6a..l921 F
Consol 1st g 63
1922 J
80%
99%
99% 101
98
91
89
74
1945 M
lO-vr
1929.
•
emp secur 6s June
No Price Frl Jay; latest bid and asked.
90
Sale
75%
91%
85% 87
91% Sale
aDue Jan.
91
75% Sept'20
87
Sept'20
84
89
85%
91%
d-»ue April
70
1940 J
91
69%
75X4
85
95%
eDue May.
5s
3/s2000, J
1921'J
1923 F
Term A Improv 4a—1923
qDue June.
ftDue July.
*Dua Aug.
75
65
58
98
79%
78
75
68I2
104
79*4
8712
May'181..-
67% June'19!
Aug'20'
100
64
98
81
35
M
52X2
103
64
81
81
71
60
71
79
80
69
80
87
87
87
N
79
87
69
Aug'20|
68
75
57%
Aug'201
56%
621
60«4
67%
....
S
70
J
-
77
77i8
"86 ~ II"
96% 100
68%
7OX4
J
Sept'20
84
J
O
67
74%
62%
6ix2
Jan'19|
Nov'16
69
Sept'20
82i4 Sept'19
88
88
102%
69
47
67
67
6712
33
34l8
35
81
83
7712
A
80%
81
7738
S134
77%
94
97
97
Sept'20
60
70
68
Sept'20!
D
88
67
"
Nov'19
65
O
77%
88"
Oct'19
76%
36
16
I
79
4
36
73
Aug'20'!
83
77%
Del Lack A Western—
Construction
69
90%
Feb'19
N
.1935
77%
88
~71 "
Oct'19
85X4
66
Apr
Cle-veShort L 1st gu 4/s__.1961 A
Colorado A Sou 1st g 4s
1929
94
6OI4
58%
59
70
82
F
Ft W A Den C 1st g
6s.__192l!J
Conn A Pas Rivs 1st g 4s—1943 A
Cuba RR 1st 50-year 5s g__1952 J
83
7612
74%
85
7512
461
88
65
Bale
F
Morris A Essex 1st gu
N Y Lack A W 1st 6s
62;
Apr'20
89
79
1
69
87%
97%
99%
99%
9612 100%
70
723s
88
95
103
71
J
9934100%
97% 100
20
104
79% Sale
4a. .*1936 Q
Refund A Ext 4M9
98i4
95%
Aug'20
88
74X2
_7"o%::::
83X2
73%
"9912
58
Mar'17
Jan'20
58%
85
104
Oct'16
105X2 Nov'19
88
4434
88%
Jan'20
98
90%
May'17
J
Apr'20
"83X2
Nov'18s,
63
O
May'20
Sept'20
97
10234
IOH2
90
C C C A I gen cons g 6s__1934 J
85
Mar'19
70-%
J
.1990
98
J
Ind B A W 1st pref 4s
1940 A
O Ind A W 1st pref 5s— -d 1938 Q
Peoria A East 1st cona 48.1940 A
99%' 100
...
A 5s_u.l962 A
Consol gold 5s
Sept'20
...
52
lat g 5a... 1928 J
Income 43
94la
96
63% Sale
90%
92 s4
92
101
Q
91%
70%
73%
Car Clinch & Ohio 1st 30-yr 5s 38 J
Central of Ga 1st gold 5s—pl945 F
cons gu
113
90% Sept'20
All A West 1st g 4s guj
1998 A
Clear A Mah 1st gu g 5S..1943 J
Canada Sou
58"
99
94i2
J
91
Aug'19
92
68
Sale
79i4
90%
99% Mar* 18
57%
cons
98
Feb'20
68% 67%
68%!
101
100s4 101% 101
81i2 83% 79% Sept'20
85
85% 87
Sept'20'...
118
99
Nov'16
*1936 Q
g
Registered
75%
103
Aug'20
74
7512
76% May'19
69%
71
82
J
1993
77%
Apr'10
Sept'20
84%
...
Cairo Dlv 1st gold 4s
1939 J
Cln W A M Dlv 1st g 43—1991 J
St L Dlv 1st coll tr g 4a—.1990 M
Spr A Col Div 1st g 4a
1940 M
85
1937 M
Sale
7212
1930 J
1931
5134
67%
68%
70
68
1930 J
69%
90% Mar'20
N
1930 IV!
77%
Mar'20
88
A
Superior Short L 1st 5s g.el930 M
85
59%
"67" "80 "
99
70X4
69% Sale
Cons 6s reduced to 3/s__ 1930 J
77
91
74
A
77% Sale
81
98
72
90
86x2
90%
20-year deb 4/s
General 5s Series B
96%
92
81
....
75
69
Chic T II A So East 1st 5s—1960
Chic A West Ind gen g 6s._el932
Consol 50-year 4s
1952
Cln H A D 2d gold 4/8—1937
96
77%
81%
89% Sept'20!
87
A
North Wisconsin 1st 6s
70
75%
88
Jan'17
61%
6B4
9912 Sale
9912
99x2
9112 9413' 99% Apr'20
100
Sept'19
98i2 101
98i2
96I2 June'20
S
Ml
W W Val Div 1st g 4a
80
A
Debenture 5a
99
9012
1934
R I Ark A Louis lst4/s__1934
Burl C R A N lat g 5a
1934
80
90
87
...
IO3I4 Sale
76%
100%
M
Chic R I A P—Ry gen 4s....1988 J
Registered.....
1988 J
60
90%
Oonsol434a
D
80
81
Pitts Clev A Tol 1st g 68.-1922 A
Tol & Cln dlv 1st ref 4s A .1959 j
N
J
67
81%
Buffalo R A P gen g 5s
rvi
cona 6s
58
9412
Ashland Dlv lat g 6s
1925
Mich Div lat gold 6a...1924
Mil Spar A N W 1st gu 4s. 1947 M
St L Peo AN W 1st gu 5a 194S J
Cln S A CI
"94"
90X2
80
71
1936 J
1937 A
9034
o
67% Sale
Ohio River RR 1st g 5s
General gold 5s
O
67i2
97%
93%
98%
95%
Apr'20
99
109%
Clev Cln Ch A St L gen 4s_. 1993 J
75%
76%
CI Lor & W con 1st
g 5a..1933 A
94
94%
93X4
94X2
53
94
75% Sept'20
96
C Find A Ft W 1st gu 4s g 1923 M
Day A Mich 1st cons 4Mb 1931 J
91
*
77i2
93
95%
N
Refunding gold 43.
77
79
"78" "78"
Apr'19
78i2
N
O
1933 M
81
38
89%
69%
2
75X4 Sept'20
96
Sept'20
84X2 Aug'20
81
July'20
6712
68
O
98%
97X2
76l2
88
-
7012
Man G B A N W 1st
3/S.1941 J
Mllw A S L 1st gu 3/8—1941 J
Chic St P M A O
1
97
13
6934
Sept'19
Jan'201
78
O
W
98%!
6934
102
Sale
o
Mil LS A West 1st g6sIII 1921
Ext A Imp a f gold 5s...1929
1
77
1921 A
1921 A
C RIF AN Wlstgu 53—1921
91
68
62;
98
F
N
...1879-1929 A
Ch Okla AG cona 5a
1952 M
Keok A Des Moines 1st 5s 1923 A
St Paul A K C Sh L 1st 4/s '41 F
98% roii8
N
N
89i4
"60% "72%
84%
83is
1987 M
1879-1929 A
69
91
Feb'20
7034
70%
89%
74% Sale
"I
Apr'20
70
"73"" Sale"
Sys ref 4s_.1941 M
Southw Dlv 1st gold
3348.1925 J
Cent Ohio 1st c g
434s..1930 M
26
96i2
A
A
1987 M
1987 M
82
69% 80
95% 101i2
68
78i2
90% 92%
78
79%
79
72
J
67
92
70%
D
64%
78%
81
Series A. 1995 J
Temporary 10-yr 6s
1929 J
Pitts June 1st gold 6s
1922 J
80
80
68%
78
"7334 Sale'
gen 5s
1
July'20
7734
*1948 Q
--
83%
Sept'20
Sept'20
101
*1925 Q
*1948 A
91
100% Sept'20
100
A
P June & M Dlv 1st
g 33481925
P L E & W Va
62
73i2
74X2
74
1934
1933
79
62
73%
74%
70%
85
01952 M
434s
67%
77
72
70%
*1952 M
Registered..
10-yr
4
8!
77
7234
84
Ala Mid 1st gu gold
5s... 1928 M
Bruns A W 1st gu gold 4s.1938 J
Charles A Sav 1st gold 78.1936 J
Refund &
82 84
72%
«72% Sale
69% Sale
88% Sale
1942 M
Registered
58
69
486
M
J
secured 7s__1930 M
Gen unified 434s
1964 J
334 s
71
1962 M
1st 50-year gold 4s
4734
77%
88%
83%
J
10-year
L & N coll gold 4s
Sav F & W 1st
gold 6s
1st gold 5s
Bait A Ohio prior
Sept'20
7634
75
1995 A
Nov
Conv gold 4s..__
Conv 4s Issue of 191$
58
56
77% Sale
*1995
D
Registered..
1933
10-year secured 7a g
1930
Des Plalnes Val 1st
gu 4Mb '47
Frem Elk A Mo V 1st 6s. .1933
72U Sale
5s deferred Brown Bros
ctfs..
Milw A Nor 1st ext 4/8—1934
Cona extended 4/s
1934
Wis A Minn Divg5s
1921
97
July'20
78% Dec'18
....
—
07121
94% June'20'
93% Feb'20j
98%!
93
66
A
52%
91
July'20
61
114
68
5a
72
543
98% Sale
Registered
Debenture 5a
59%
10
66
J
Sinking fund 5a
24
61
79
J
Registered
82
64
...
1879-1929 A
1879-1929 A
62%
80
77
J
Stamped 4a_.
General 5s stamped
«
62%
65x2 Sale
6s. .1924
Sinking fund 6s
M
78is Sale
1934
pi 987 Q
mmmm-
O
1921
C M A Puget Sd lat gu 4a. 1949
General gold 3Ha
Registered
80X2
68
J
'
1921
General 4s
80l2
Feb'16
61
J
Registered
91
68
5314
67%
D
1886-1926 F
1987 M
97
1
.u—
May'19
92%
1926
assum g
72 "50% "58%
62% May'20!
7112 Sept'20
71
69%
J
1925
Chic A L Sup Dlv g 5a
Chic A Mo Rlv Dlv 5a
Chic A P W 1st g 5a
75
...
50
50
—
I
80% Mar'20
68
Mar'20
J
i
el989
el989
Gen Aref Ser A 4Mb _.._o2014 A
Gen ref conv Ser B 5a
a2014jF
25-year debenture
69
D
.
el 989
Gen'l gold 3/s Ser B
General 4/s Series C
32
.
71
1969
ChMAStP gen g 4s ser A.el989
Registered
99
1
67
8
68
—
1947
Sinking fund deb
99
90%
73%
50
...
91
107% 108
40
81%
81%....
78
89
Jan'20
38%
20%
19%
87%
88I2 Sept'20
73% Sept'20
50
Apr'20
1947
Refunding gold 5s
Refunding 4s Series C
91
Mar'20
18
5834j
89
99
92
~67" "82%
15
| 118
95
Sept'20
107%
mmmm
8212!
40
95
June'20
102
*99
Ml
mm
84
83%
Oct'19i——
Sale
93
mmmm
-J
24)
38%;
37
"30X2
Sale
91%
90%
80i2
95
89
mm
'
73
81%
56%
Chic A N'west Ex 4s.__1886-'26 F
100%
76
73
57% 8ale
91
91
....
95%
90
Oct '20
7134
98%
S
95%
8534
Sept'20
92
J
81%
84
81
Sept'20
82% Oct *20
92
N
J
94%
Sept'20
83
—-
94%
94%
N
M
1961 J
1962 J
Canal Improvement 4s
Canal Improvement 4s
*83
N
1961 IVI
N Y State—4s
87%
88
8534 Sept'20
8534 Aug'20
91
Sept'20
91
Sept'20
88l2
88I2
87%-.94% 94%
94% 99
94% 9434
83% 86
83
84%
8212 87
87l2
8?l2
S
40
98
64
72is
80%
Fargo A Sou
95% Sale
F
A
f5to£
State and City Securities.
N Y City—4Mb
49
96
Feb'20
Chic Ind A Louisv—Ref 68.1947
Chic L 8 A East
953s
41
29%
Feb'15
4734
39i2
Guar Tr Co ctfs of dep..
Purch money 1st coal 5s.. 1942 F
Chic A Ind C Ry lat 5s. —1936 J
Chicago Great Weat 1st 4a„ 1959 M
71
37
113
4S%
Sale
62
77
88%
4834
Sept'20
67%
88% Sept'16
88%
Stamped
52%
26
"7734
June'19
72i4 7634
8OX4 Sale
Ind A Louisv 1st gu 4a...1956
Chic Ind A Sou 50-yr 4s
1956
9234
9312
66%
70
40
69
98
U S Mtg & Tr Co ctfs of dep
82
44%
82Xa
79
67%
40
1st consol gold 68...
1930 A
General consol lat 5s..... 1937 M
67%
U K ol Gt Brit A Ireland—
5-year 5m% notes
..1921
20-year gold bond 5/8-1937
10-year conv 5/8—
1929
5-year conv 5/s__
pl922
^ These are prices on the basis of
Registered
82
83
6934
8734
63%
70
81
General 48...
..1958 M
Chic A E 111 ref A imp 4a g__ 1955 J
U S Mtg & Tr Co cts of dep...
95%
81
95
573«
7212!
4834
1927 (VI
69
2934
85%
84
781*
201
75
64
1949 J
"79"
482
65
1927 M
76
375
6H4
99i«
9834
See Great North
Nebraska Extension 4s
89%
612
Jan'20
85*4
Illinois Dlv 4a
Joint bonds
8234
61%
Alton RR ref g 3a.. 1949 A
87%
96%
Mar'17
72
Ralluay lat lien 3/s
1950 J
Chic 13 A Q—Denver Dlv 48.1922 F
Illinois Dlv 3/s
1949 J
98%
99
85%
8634 Sale
8684 Sale
43U Sale
35
9534
1899 Q
9634 101
98% 100
89% 98
8234 92%
23
98%
91%
75%
76
75
58:
Sept'20
70%
81%
68
68
331
68
84
75
Sterling loan4s.._
1931
Lyons (City of) 15-yr fls
1934 M
Marseilles (City of) 15-yr 6s 1934 M
7
8634
90%
90%
98%
9234
75
70
9912
99%
93% 100%
43%
78%
98
Sale
t 7514 Sale
t
236
93
93i8 9314
lODs Sale 101
French Republic 25-yr ext 8s 1945 M
Mexico—Exter loan £ 6s of
Gold debt 4s of 1904
Paris (City of) 5-year 6s
Switzerland (Govt of) s f 8s
81
69
*81% Sale
9812 Sale
91% Sale
9o78 Sale
98*8 Sale
...1926 A
do
*
81
Sale
69
...
83
8334!
83i4
Exter dt of 5s 1914 set A..49 F
External loan 4)^s......-1949 F
Dominican Rep Cons Adm 8 f 5s 58 F
Dominion of Canada g 5s
1921 A
do
Sale
99%
6934
97%
99%
91%
8534
42%
7714
9134 Sale
5mb-. 1944 J
Cuba—External debt 5s of 1904. M
do
71
99
D
1-year 6% notes
...Jan 1921
5-year 6% notes
Jan 1925
Bordeaux (City of) 15-yr6s.l934 M N
Chinese (Hukuang Ry) 6s of 1911 J
b> t
Copenhagen 25-yr
99%
63
2d consol gold 4a
1989 J
Greenbrier Ry 1st gu g 4s .1940 M
Warm Springs V lat g 5s.. 1941 FVI
Chic A
Foreign Government.
70
100%
—.
76%
7734
86%
8734
63-% July'20
8234 May* 19
78% Dec'19
Sale
1946 J
Aug'20
Sept'20!
Jan'isi
86
Sale
66
4a.—1989 J
con g
Sale
7112
77
1
R & A Dlv lat
79%
86%
"77"%
*68
1930 F
Potts Creek Br lat 4s
Juty'18
7912 Apr'20
8712 Mar'20
q9
.
84
90
8334 Sept'20
91%
92%
78x8 June'20
7634
79
92
91%
85
79
!
983i
85
1992 M
98
76%
84
10012
*
1992 M
Registered
Sept'20
84
9OX2
100
78i2
1939 M
85
97
Sale
98
May'18j
97% June'17
97% 101
Am Dock & Imp gu 5a...1921 J
96.46 Sale
105
1961 Q
84
N Y & Long Br gen g 4a._1941 M
Cbesa A O fund & lmpt 5s.. 1929 J
Registered
General gold 4Mb
90
85
85%
98
—A1987 Q
Registered—
lat consol gold 5a..——,.1939 M
1925 Q
Panama Canal 3s g
Registered
Cent RR A B of Ga coll g 5a. 1937
Cent of N J gen gold 5a.....1987 J
■
...
82X2
M
82.00 93.00
1925 Q
coupon..
1946
...
70
1947
Mobile Dlv lat g 5a
86.00 10.110
100
Pan Canal 10-30-yr2s
81.10 92.86
85.80 95.00
High
74X2 May'19
97.30 Sept'20
87.54
89.90 21447
..<21930 Q
Pan Canal 10-30-yr 2s
84.00 94.00
Low
82
97.00
88.66 Sale
4^8
4th L L._
1933-'38 A
Victory Liberty Loan
4Mb
conv g notes...1922-'23 J
3Mb
conv g notes... 1922-'23 J
2s consol registered
dl930 Q
2a consol coupon
4s registered
Cent of Ga (Concl.)
Chatt Dlv pur money g 4s 1951
Mac A Nor Dlv 1st g 53..1946
Mid Ga & Atl Dlv 5a
,
4s
4Mb
3rd L L
Fourth Liberty Loan
—except for interest and defaulted bonds.
88%
74
20
85i2
66%
79
91%
98
63
73
O
J
D
s69X4 Sale
J
9912100
A
91%
Ni
9IX4
gDue Oct.
...
93
72%!
69%
9912 Sept'20
92X2 May'20
90
pDue Not.
June'20
#Due Deo.
1
7
63
72X2
98% 100%
9212
97%
90
94
eOptionutt
1457
New York BOND Record—Continued—Page 2
BONDS
N. T. STOCK
Price
Week ending Oct
Week's
Range
Friday
Range or
Since
Oct. 8
EXCHANGE
Last Sale
Jan. 1
8
Delaware Lack & We8t—Cond.
Bid
Warren 1st ref
gug3H8--2000 F
Delaware A Hudson—
|
Ask Low
63
A
95
94%
80%
81
67
81
86% 85
10234 10212
73
87%
103
81
Sale
1935'A
O
86
10-year secured 7a
1930, J
1946 A
D
9Q1S
102
Saratoga lat 7a__1921
87%
68*2 Oct '20
100
100% July'20
100% 100%
Registered
Rio Gr June 1st gu 5s...1939 j"
Rio Gr Sou 1st gold 4s_...1940 J
63
73%
97
38
56
51
1
39
54
Ferry gold 4Ms
..1922
70ia
D
75
70% July'20
70%
75
Gold
—1932 J
37%
61%
40
34
58
68%
48
55%
J
....
1940 J
J
....
J
68
A coll trust 4s A..1949 A
O
55
Det A Mack—1st lien g 4s.-1995 J
Gold 4s
1995 J
D
58%
68
14
62%
72%
55
D
♦46
Det Riv Tun Ter Tun 4Hs„ 1961 M
Dul Missabe A Nor gen 5s.. 1941 J
N
79
Dul A Iron Range 1st 5s_—.1937 A
Registered
1937 A
O
Dul Sou Shore A Atl g 5s... 1937 J
J
Guaranteed
J
Salej
55
82
....
N Y A Erie 1st ext g 4s
1947
1923
M
"90"" "III
8
•
J
60
Sale
58%
50
Sale
48
99%
J
1st consol gen lien g 43.1990
J
1996 J
gold 4s_. 1951 F
85%
103
60
1933
..
Great Nor C B A Q coll 4s. .1921
72
49
A
A
J
i
J
A
J
95"
~
67
95
77
95%
Registered
...1961 J
St Paul M A Man 4s__.__1933
let consol g 6s
1933
Reduced to gold 4Mb. 1933 J
Registered
1933 J
89
84
81%
Mont ext 1st gold 4a... 1937 J
Registered
1948 A
Debenture ctfg "B"
Gulf AS I Istref A tg5sll5l952
Hocking Val 1st
cons g
Registered
1999
Col A H V 1st ext
g4s_... 1948
Col A Tol 1st ext 4s
1955
Houston Belt A Term 1st 5a 1937
65
68
Feb
10%
12%
II1951
75%
81%
67
Registered
15-year secured 5Ms
Cairo Bridge gold 4s
97
3S.1951
Registered
63
63
General gold 4s
83
"27
new
gold 6s
June'16
Aug'20
100
....
87
48—1931
1950
1919
53
5812
61%
65
June'16
Nov'16
Nov'10
N Y Cent RR conv
deb
1935
68-1935
1930
84
10-year coll tr 7s
Consol 4s Series A
93
Feb'19
65% July'18
1998
Ref A imp 4Ma "A
Sept'20
70
"79 I
80
83%
69% Sept'20
65
"
2013
New York Cent A Hud Riv
22
70%
69%
83%
69%
Nov'17
77%
Aug* 19
72
93
73% Sale
73%
Sept'20
78
Jan'20
56%
54%
78
1997
91%
78
292
78
Mich Cent coll gold
49%
59
Registered
1998
Battle Cr A Stur 1st gu 3s. 1989
Oct'09
"63% "78"
78
344
72% Sale
71%
73%
120
82%
84
80
82%
12
72
82%
69
72
67
8
67
68
60
81
65
89
87
80% Sept'20
78
Sept'19
79
8 7%
tbla week,
68
62%
76%
Aug'19
a Dae
Jan.
Registered
....1997
Debenture gold 4s
1934
Registered
1934
30-year deb 4s
1942
Lake Shore coll g 3Mb
1998
73%
93
68%
74
«75% Sale
..1940
latest bid and asked
Guaranteed general 4s
Non-cum Income 5s A
Mar'19
82%
._Il950 A
North Ohio 1st guar g 5S..1945
LehWal N Y 1st gu g 4«S—1940
Nat Rys of Mex pr lien
1
Mortgage 3Ma
83%
64%
54% Sale
Ref A lmpt 5s
Apr 1950
Kansas City Term 1st 4s... 1960
Lake Erie A West 1st g 5s... 1937
2d gold 5s
1941
1923
4 Ms. 1957
•_ 1977
Nat of Mex prior lien 4MS-1926
1st consol 4s
1951
New Orleans Term 1st 4s...1953
N O Tex A Mexico 1st 6s—1925
Jasper Branch 1st g 6s
"52" ~62~~
58% Sept'20
65
Oct'20
73
1927
Nashv Chatt A St L 1st 58—1928
117% May'10
"63" mm
1951
1927
A1927
..1938
5s. 1947
4s„1931
St L A Cairo guar g
79% May, 19
"73% "75%
1st ext gold 6s
54
Kansas City Sou 1st gold 3s. 1950
"I"
74
102
James Frank A Clear 1st 4s. 1959
•Ne priee Friday
65
59%
95%
...1951
Registered
Mob A Ohio
62%
69
87
Registered
1951
Joint 1st ref 58 Series A. 1963
St Louis Sou 1st gu g
Verdi V I A W 1st g 58—1926
78%
60%
70
Ind 111 A Iowa 1st g 4s
Int A Great Nor 1st g 6s
74%
Sept'20
90
g 4s...
—
62
1923
Memph Div 1st
cons g
3
July'20
A
40-year gold loan 4s
3d 7s extended at 4%
"62%
ft Due Feb.
...1998
Registered
3Ms._ 1998
4s._1936
Registered
.1936
2d guar gold 5s
1936
Registered
1936
Beech Cr Ext 1st g 3Mb_&1951
Cart A Ad 1st gu g 4s
1981
Gouv A Oswe 1st gu g 5s.. 1942
Ka A A O R 1st gu g 5s..1938'J
Beech Creek 1st gu g
# Due June,
N
a Due
34%
56
41
42
48%
1
40
88
70
89%
....
63% Sale
45% Sale
35%
70%
71
48%
82
88
91
8
"85"
92%
63%
388
79;
52%
23%
"63%
44%
80
82
,
113
89
Dec'16
95
01%
41
17
60% Salel
47% 60%
105
35
O
32
27
*
27%
44%
45%
17
45%
42%
29%
68%
Nov'19
88%
Sept'20
60%
51%
51
Sept'20
42
56
49%
12
70% Sept'20
45
48%
88
70
J
27
30%
60%
25
51
25
51
35
24
23
Feb'20
23
35
23
55
19
Sept'20
Sept'20
23%
35
Sept'20
Sale
59
43%
51
....
Sale
55
65
33%
48%
51
55%
60
60
55%
60
51
Dec'16
37
37
80
80
55%
60
80%
90%
85%
55
55
51
37
57%
"45 "
55
42%
....
58
32
91%
90
90%
87
86
Sept'20
59% Sale
58%
60
99
59%
79%
87%
79%
87
89
87
89
102
"37 *
74%
83%
84
91%
74%
89%
51
60
96%
Sept'20
87
3
*248
Oct'20
84
29%
3
99
Oct'18
67%
20
Sept'20
58
July'14
99%
*65"
60%
75%
99%
68
73%
81%
96%
88
....
"59% ~67%
June'19
"70 " "79%
73%
Aug'20
75%
75%
80%
75% Sale
"71% "72"
76%
87
80
94%
67
"66" *76 "
61
"63% "72%
Oct'17
72
87
72%
Sept'20
80
62
95% Sept'20
91%
91%
5
86%
63
95
5
51%
63
68
77
77% Mar'20
79
80
80%
75%
75% Sale
93% 95
99
89
91
76%
80%
"2
,75%
11
68
1
84
89
75
87
102%
95%
63
77%
80%
75%
97%
110% Mar'17
35,
27
Sale
26%
27
17%
30
20
Sale
20
22%
4
13
27
Sale
27
27
3,
25
23
28
15
20
28
15
Jan'20
66
Sale
65
66%
93
95
92
69% Sale
92% Sale
102
Sale
Sept'20
57%
59%
93
92%
102%
101%
15
13,
....
95
176
72%
78%
80
69% Sale
69
69%
18
66%
64% Sept'20
80
80%
"20
78%
80
80
....
Sale
78
65
65
Sale
66
63
65
60
63
72%
69%
80
61%
70
69
64%
82%
76%
65
"l8
*30
65
55
66
52%
60
63
54
66
58
Aug'20
58
58
49
Sale
*45
Feb'20
49
49%
82%
82%
73
73
64%
65
Jan'20
95% Nov'16
8212
75%
104
56%
96
411,
66%
Aug'20
52% May'20
55
66%
90%
61
66% June'20
70
56%
555; gg
93%
406; 100% 102%
70
71% Sale
—. .
ft Dae July,
65%
42
6s__1920
1945
1938
Cent BrUP 1st g 4s„
.1948
Pac R of Mo 1st ext g 4s„1938
2d extended gold 5s
1938
St L Ir M A S gen con g 5s 1931
Gen con stamp gu g 5s..1931
Unified A ref gold 4s—.1929
Registered
1929
Riv A G Div 1st g 43—1933
Missouri Pac 1st
St Louis Div 5s
1951
1951
"19 "65 "
82
15
79
42%
1975
Montgomery Div 1st g
Carb A Shaw 1st gold 4S..1932
•Chic St L A N O gold 5a.. 1951
3Ms.
62
Sale
75%
49%
89% Oct '20
58.1942
5s_.1942
General 4s..-
27
80
79%
A—1965
refunding 5s Ser Ba.1923
refunding 5s Ser C—1926
36
92
48
J
gu g
80
79
S
dep.,
54
76
IVI
J
1941 M
93%
1951
Gold
1st A
62%
71%
...1938
54
Western Lines 1st g 4s
1951
48% Sale
74
80%
75%
49%
J
65
80
97%
D
68
69%
99
95
91
J
Aug'20
73%
95
J
Sept'20
63%
85
Mar'20'
Sept'20
F
54
65%
July'201
91
99
74%
65
1951
96
45%
53%
48%
71%
1951
..1951
Nov'10':
95
99
....
75%
1st A refunding 5s Ser
*8o" Jul"y'09
3Ms
75
s
48%
55% Sale
74
St Louis Div A Term
g
Gold 3 Ms.
Mar'10
47
1st A
62% June'20
63
77
72
91%
62
Registered
74%
"72"
61
37
S
S
57
1921
Registered
65%
59%
63%
67%
N
N
76
65
Aug'20
Oct'20
M
5s..1943
Missouri Pacific (reorg Co)
Nov'15
92%
70
Texas A Okla 1st gu g
58%
74%
1
80%
70
M
1949
92% Sale
1934
94
94
85
D
1921
1934
13
84
69
Sale
67
98
Sher Sh A So 1st gu g
73% June'18
73% Oct'18
76% Apr'19
63
.1950
Bellev A Car 1st 6s
7
65
97
g
55
75
88
Dec'19
98%
83%
D
1936
Trust Co certfs of deposit
St Louis Div 1st ref g 43—2001
5% secured notes "ext
16
Dall A Waco 1st gu g 5s..1940
Kan City A Pac 1st g 4s__1990
Mo K A E 1st gu g 5s
1942
M K A Okla 1st guar 5s..1942
83%
Sale
94
88% Sept'20
97% May'16
91%
MjK A T of T 1st
63%
79%
67%
O
91%
70
78
1953
Registered
91%
"
Feb'05
A
cons 5s
...ll
|
S
Gen sinking fund 4Mb
"85" "94~
78
65
A
O
J
58.1925
75%
981
1927 J
f g
s
gold 4s. 1990
..{71990 F:,
deposit.
1st ext gold 5s
1944 M
1st A refunding 4s
2004 M
96% 106%
87
72%
95% Sept'12
78%
76%
70
"87% "95"
98
Trust Co certfs of
99
102%
79%
72
Middle Div reg 5s
Registered
Feb'20
71%
94
81%
61
J
2d gold 4s
82
Aug'20
Sept* 17
Sept'20
"76"% Sale"
Omaha Div 1st gold 3s._.195l
STW
78
Mar'20
52
76%
88
95
A
J
"82"" ~83~ "
81%
72% Sale
93%
A
D
67
Litchfield Div 1st gold 38.1951
Louisv Div A Term g 3MS.1953
.
Sept'20
1951
89
Aug'20
Sept'20
_
J
*76% "83%
78
69
88%
Trust Co certfs of
87
....
82%
67%
J
92
83
"71 ~ mil
1951
Registered.
1952
1st refunding 4s
1955
Purchased lines 3 Ms
1952
L N O A Texas gold 4s...1953
83%
Mar'20
92
58
MSSM A A lstg4s int gu.
Sept'19
74%
66%
Collateral trust gold 4a.. .1952
Sprlngf Dfv 1st
""23
91%
"70% II"
...1951
Registered.
89%
71%
67%
26
96% 105%
99
99
80
67% Sale
J
Mississippi Central 1st 5s... 1949
"81% ~88"%
2
66
Extended 1st gold 3Ms_..1951
1st gold 3s sterling
""13
74%
J
1951
Registered
84%
101%
Sept'20
Sept'20
Apr'20
70
Sept'20
12%
12%
65% Sept'20
92%
J
J
136% May'06
98%
90%
91%
J
June'16
99% 97
Sale 101%
D
J
Feb
Illinois Central 1st gold 4s.. 1951
Registered
1951
Registered..
102
J
J
J
4Hs. 1999 J
1st gold 3 Ms
98%
1922 J
1937 J
1937
85%
82
76%
72
1st Chic Term sf 4s
95%
70
83
"76% _78%
1940 J
1st guar gold 5s
1937
Will A S F 1st gold 58.. 1938
Green Bay A W deb ctfs "A"
89
12
80
1937 J
Registered
77% Sept'20
Mo Kan A Tex—1st
16
84%
102% May'16
79
Sept'20
83
88
1st
89
Sale
91
71
96
78%
48—1935
Iowa Central 1st gold 5s.;. 1938
Reflnding gold 4s
1951
M8tPASSMcong4slntgu.l938
*92_% _96%
99
99
Pacific ext guar 4s £
E Minn Nor Div 1st
g 4s..
Minn Union 1st g 6s
Mont C 1st gu g 68
"51% "56%
847
9534
101%
101% 103
1933 J
Registered
80
83%
"84"" "84%
J
J
75
87
1st A refunding gold 4s
67
84
Sale
69
Des M A Ft D 1st gu
73%
II-101% uh"
J
...
Ref A ext 50-yr 5s Ser A—1962 Q
67
96
"8412
1961 J
4Ms Series A
104
j
s
1st consol gold 5s
"81% "92"
95%
M921 Q
Registered
96%
...
O
Pacific Ext 1st gold 6s.
Dec'19
76
75
96% Sale
99
97%
Stamped guaranteed.....1977 M
51% Aug'20
64
J
S
S
Minn 8t Louis 1st 7s
Aug'10
60%
O
86
Midland Term—1st
Oct'20
92
80
76
76
D
Ist^ g 58—1946
60
June* 12
65
53%
60%
53%
Manila RR—Sou lines 4s__.1936 IVI
Mex Internat 1st cons g 4s. .1977 M
Nov'll
58
40
45%
1
■
75
48
Sept'20
Sept'20
70%
j"9"6% fdo"
3 |
75, 1
95% Nov'19
99
51%
*55
Jan'17
92
"9
98%
53
76
36"
Sept'20
108
86
I
Sale
91
Nov'19
60
23%
-*
J
1942 A
Galv Houa A Hend 1st 5a.
97
72%
A
51%
"61
Dec'18
88
65
78%
100
75
91
52
51
100
S
.
83
Dec'06
100%
90
103
...|
Sept'20
100% 100
100
Feb'20
90% 100
76
97
79% Jan'19
J
103%
85
86% Sept'20
N
40"
~90 "
79
99
100
97
4s__1952 J
Registered
ftl 952 Q
N Fla A S 1st gu g 5s
1937 F
N ACBdgegengug4Ma_1945 J
Pensac A Atl 1st gu g 6s._ 1921 F
S A N Ala cons gu g 5s
1936 F
Gen cons gu 50-year 58.1963 A
La A Jeff Bdge Co gu g 4s
1945 IVI
78%
Sept'20
Sale
52
J
"84" ~9l"
103%
103
91
-
Lex A East 1st 50-yr 5s gu 1965 A
L A N A M A M 1st g 4MB 1945 M
Jan* 18
61
41
58..1942 J
Florida E Coast 1st 4Ms—1959
85
88
L A N-South M Joint
"l2
Feb'20
91
61
103% Sale
N
83%
81% Sept'19
90
90
Hender Bdge 1st s f g 6s_.1931 M
Kentucky Central gold 43.1987 J
Jan'18
83
1940 A
Fort St U D Co 1st g 4^8—1941
Ft Worth A Rio Gr 1st g 4a. 1928
83
100
82%
M
J
2d gold 4^s
1937 F
General gold 5s
....1940 F
Terminal 1st gold 5s... 1943 M
.
gold 5s..
53%
66%
75
N Y A Green L gu g 5s_._1946
N Y Susq A W 1st ref 5s_ 1937
Mt Vernon 1st gold 6s... 1923
Bull Co Branch 1st g 5S..1930
46%
34
6
Sept'20
83
N
Atl Knox A Nor
108% Sept* 19
6s__1922 M
Dock A Inapt 1st ext 5a... 1943 J
Ev A Ind 1st cons gu
g 6s. .1926
Evansv A T H 1st cona 6s.. 1921
30
100
82%
87% 100
72
84%
St Louis Div 1st gold 6s„ 1921 IVI
2d gold 3s
..1980 IVI
Jan'17
85
87
89
83%
cur gu
g
94
96
1930 IVI
75
94
62%
91%
Oct'20i
82%
89% 102%
N
2d gold 6s
1930 J
Paducah A Mem Div 43—1946 F
38" ~50"
119
85
70
I
May'20'
99%
....
Collateral trust gold 5s... 1931 M
60
47
5334
106%
75%
a f 6a___1957 J
Long Dock consol g 6s
.1935 A
10-year secured 7s
L Cin A Lex gold 4Ma—_ 1931 M
NOAM 1st gold 6?
1930 J
June'19j
70
82% Sale
J
96
90%
73%
94
J
1940 J
Dec* 19
80
"92"
"87" ~89~
87
87
90%
N
1940 J
Registered
Jan'll
95
D
1937 IVI
681
Atl Knox A Cin Div 4s... 1955 IVI
82
J
85
92
46%
81
s
Unified gold 4s—
47
52%
87
80
30%
45
82
85
99%
88
52% Sale
Sale
Genesee River lat
Mid of N J 1st ext 53
Wilk A East 1st gu
53
241
47
45% Bale
O
N
8
O
80
"79%
O
A
M
1955 J
Erie A Jersey 1st s f 6s
44%
Sale
IVI
;
67%
46
1949
5s. 1935 A
93
71%
O
50-year conv 4s Ser A.. 1953 A
do
Series B
1953 A
Gen conv 4s Series D___ 1953
Chic A Erie 1st gold 5s... 1982
Cleve A Mahon Vail g 58—1938
71
69%
67
70
June'16
7D2 Sale
60
68
91%
50
A
68
67%
80
60
73
J
67
59%
S
J
Dec'16
84
J
1996 J
Registered..
65
IVI
53—1927 M
5s.ol932 Q
1927 M
gen 6s..1930 J
73%
61%
64%
93%
72
Oct'20
67
s
92
84
79
61% Sept'20
65% Sept'20
66%
....
L
77
04%
Oct'06
99%
65%
con g gu
9434 Nov'15
98% Aug'19
*96
>80
66%
5s
92
Oct'19
„
61%
Gold
73
84%
72
92
S
Louisville A Nashv
73
Jan'20
69
95%
D
Nor Sh B 1st
90%
77*% "77%
Jan'20
S
....
N
con g
98%
92
86% Sept'20
79
May'20
"75
70
92%
Louisiana A Ark 1st g 5s
93%
86
91% Sept'20
93
June'20
D
_
92%
Aug'20
80
82%
D
N Y A R B 1st gold
80
69
92
98%
100
O
5th ext gold 4s
NYLEAW Istgfd 7s. 1920 M
Erie 1st cons g 4s prior... 1996 J
79
92
95
89%
*97
S
1920 A
1928 i
3rd ext gold 4Ms
4th ext gold 5s
1st A ref
J
"-
73
IVI
Registered
77% Sept'20
N
_
100%
J
N Y B A M B 1st
93% June'20
86
Sept'20
105% Mar'08
"79" ~83_
N
IVI
79
87%
88
IVI
gold 5s
20-year p m deb 58
25% July'16
Sale
64
1949
...1934
1937
Guar refunding gold 4s...1949
Dec'16
92%
87%
Oot'13
Debenture
68%
55%
....
Sept'20
Unified gold 4s
Apr'll
66%
95
*92 " ids"
33
98%
93
J
cons
4s
83
89%
S
Registered
Long Isld 1st
July'17
Sale
O
Elgin Joliet A East 1st g 5s. 1941 M
Erie lat consol gold 7s
.1920 M
1st general
S
17
54
51
Rio Gr West 1st gold 4s„ 1939 J
Coal A RR 1st
D
M
73%
53
47
53is Sale
48
6734
"72" "73"
A
Trust Co certlfa of deposit..
Penn coll trust
S
51
D
67*4 Sale
72%
69
~79%
J
'■
1928 J
1955 F
1st A refunding 5s
Registered
1933
98
105
1st int reduced to 4s..—.1933 J
1945 M
.....1945 M
gold 5s„A1931 Q
1st consol gold 4s i
A1931 Q
General gold 4s
1938 J
Improvement gold 5a
4a.
Sale
93
J
High
60
Mar'17
113
98
Low
20
83
89% June'20
91% 100
Leh A N Y 1st guar g 4s
J
Mtge
79
J
Since
Jan. 1
;
No.
High
72
80
7134
7334
J
1936 J
67
71
1936 i
Consol gold 4Hs
cons g
76
79%
Leh Val Coal Co 1st gu g 5s. 1933
99% 103
65
72%
05
Sept'20
66%
2003
1941
Leh Val RR 10-yr coll 6s..nl928
Denver & Rio Grande—
1st
Ask Low
4s__2003
cons g
4Ma
Registered
71
M
cons
Leh V Term Ry 1st gu g 53—1941
96%
95
Last Sale
Bid
Lehigh Val (Pa)
Range
;
Range or
Oct. 8
8
High
95
J
20-year conv 5a
Renss &
Low
General
1922 J
Alb A Susq conv 3^8
No.
■§3';j'
Week's
Price
Friday
EXCHANGE
Week ending Oct
102% Feb'08
1943) M N
1st lien equip g 4Hs
let A ref 4a
High
3-a
BONDS
N. Y. STOCK
May'16
73
June'20
...
66%
79%
..
78%
—
Sept.. oDueOot.
» Option sale.
1458
New York BOND
BONUS
N. T. STOCK
Price
EXCHANGE
Week's
Friday
N Y Cent AHRRR (Con)—
Lake Shore gold 3Hs.——1997 J
Registered
Range
Oct. 8
Week ending Oct. 8
Last Sale
Bid
Ask Low
69
6»34
Debenture gold 4a
~85%
.1928 M
26-year gold 4a
1931 M
Registered
87
85%
1931 M
83i4 Sale
80
75
93i4 May'20
89
da
99i2
J
"73""
II11940
J
6434
JL AS 1st gold 3H8— .1951 M
1st gold 3 Ha
1952 M
82
77
77l4
73>g Sale
NY Chic A 8tL 1st g 4a.. 1937 A
1937 A
~73lj *75"
1931 M
71
97U
Rutland 1st
7034
OgALCham 1st gu 48 g. 1948 J
Rut-Canada 1st gu g 4a. 1949: J
StLawr A Adlr 1st g 68... 1996!J
Pitta A L Erie 2d g 6s___al928 A
Pitta McK A Y 1st gu 6a_. 1932 J
2d guaranteed 6s
1934 J
West Shore 1st 4s guar...2361 J
95
Non-conv deben 3Ha
Non-conv deben 4a
Non-conv deben 4a
72
74
77
55',
5512
54
6512
44%
N V Prov A Boston 4s
Dec'17
60
1931
60
74
635s
64i2
6278
57
Sale
j
57ig Sale |
81
83
i
5578
82
O,
O
102
70i2 Sale
70
79
J
705g
7534
D
70U
75
77'2
Sept'20
S
75U
76
Mar'20
10-20-year
conv
4s
1932 M
4Ha
1938 M
S
10-year conv 6a.
1929 M
Pocah C A C Joint 4s... 1941 J
CCAT 1st. guar gold 5s. 1922 J
Sclo V A N E 1st gu g 4S..1989 M
S
104
79U
98U
737a
.
Sale
96*4
103i2
80
80
76
1997 Q
Q
J
J
F
Registered certificates.. 1923 Q
St Paul A Duluth 1st 5S..1931IQ
1st consol gold 48
1968
Wash Cent 1st gold 4s
1948
Nor Pac Term Co 1st g 6s.. 1933
Oregon-Wash 1st A ref 4s
1961
Pacific Coast Co 1st g 5s
1946
75
78U
77i2
70
76
Dec'19
10412
246
Sept'20
771$
80
77
18
58*4
59*8
30
62
F
65
79
7912
78
83
A
98*4
8278
975g
A
98
96
F
93
94
97
70
76's
37i2
67U
J
J
GOSg
105i2
J
J
D
J
7212
70i2
89
81U
75
N
gold 4s
1943 M
N
gold 4s
1918 M
N
4s
1960 F
A
General 4 4s
1965 J
D
1968 J
D
1930 A
O
1942 M
s
A
,
Apr'20
....
5
86
1942 M
N
85
86
Series D 4s guar
1945 M
Series E 34s guar gold. 1949 F
N
7812
cons guar
448.1963 F
1970 J
90
741*
805$
87i2 Sept'20,
815,
831,
655$
69
69
65
69
55
99i2 Jan
97'g
80
97
80l2 May'20
Mortgage gold 4s
1945 J
Rich A Dan ^eh 5a strapd. 1927 A
51
89U
96
92&S
Rich A Meek 1st g 5s
1948 M
Virginia Mid Ser D 4-5s..l921 M
60
64
60
93i2
Series F 5s
833,
General 5s
17
93l2
Series E ,5s
82l2
82i2
96'4 May'18
Spokane Internat 1st
83
5a
s
6OI2
cons
gold 5s
1931
J
80
80
8212
84i2
Dee'15
Dec'12
Feb'17
Feb* 12
Western Dlv 1st g 5s
5s
Kan A M 1st gu g 4s
69
81
87
83i2
53
55
651$
7912
70
85
81*4
9314
77i2
80
65
64i4
1990 A
50-year gold 4s
7134
99
75%
8314
75U
..1935 J
2d 20-year 5s
Tol PAW 1st gold 4s
Tol Rt L A W pr Hen g 3Hs
86
72
1935 A
General gold
83
93
65
Tol A Ohio Cent 1st gu 5s.. 1935 J
81
70
85
83
J
70
75
"80*78
Mar'10
80
80
NoV 19
62i2 June'20
75
92
85
8ept'20
35
30
Feb '19
1925 J
.1950 A
81
Sale
81
53
Sale
53
81
53
185g Mar'16
18
Aug '18
D
61
7H2
65
May'20
1928'J
D
71i2
81
82
July'20
1952 A
O
52
85
52
Sept'20
1947 J
J
81
Sale
8034
*83
Sale
8234
77
8ale
77
1st
refunding
cons g
g
5a
4s
Union Pacific 1st g 4s
8
1947 J '
J
19
J
1927 J
4s
conv
1st A refunding 4s.
02008 M
10-year perm secured 6s. 1928 J
_
74 ig
347g
S
J
77
100i2 Sale
76i2
79&g
98iS
983$
9934
90
90
1922 F
A
80
82U
1946 J
J
78
78
Guar refund 4s
1929 J
D
Utah A Nor gold 5s
1926 J
J
891$
89i2
89
1st extended 4s
1933 J
J
74i2
86
89
Aug'20
72U Ma.v'20
72U
84
82U Apr'20
73*8 June'20
82 U
82U
73*8
737g
88*8
70i8 June'20
76
19
Feb.
9314
Apr'20
July'20
25
79ig
85
Apr'20
1927 J
S2i8 Sept'20
82is 8ept'20
0 Due
69
8312
Coll trust 4s g Ser A
1917,F
Trust co ctfs of deposit
Tor Ham A Buff 1st g 48..*1946'J
20-year
88'g Sept.'17
74'8 Aug'20
83
86
July'20
1917 J
Registered
Apr'17
77i2
Sale
Apr'19
Sept 20
Ulster A Dell st
Apr'20
Sept'20
a Due Jan.
Sept'20
86
May'18
106i2 Nov'04
78
80U
'20,
June'llj
Aug '20
8OI4 June'20
86
5M930 F
Nov'19
Feb
69
69
Mar
02000
79
75
795$
85*8
s f g 4s
1953 J
St L M Bridge Ter gu g 5s. 1930 A
Texas A Pac 1st gold 5s....2000 J
La Dlv B L 1st g 5s
~8<3U
60
1894-1944 F
Aug '19
Jan '20;
10412 Dec '.16;
8414 8ept'20
841$
Gen refund
98U
96>2
66
25
85
1924 F
1955 J
Term Assn of St L 1st g 4Hs 1939 A
lat
Nov'19
*20
88
eu 5a..2003
J
Ist'cons 50-year 5s.. 1958 A
'20
Apr'20;
95
1936 M
Va A So'w'n 1st
82
10212
89i4
1926 M
.
65
975$
1926 M
W O A W 1st
cy gu 4s
83
Jan'20
4934
987$
967$
8114
105
„
69
74lj
# Due June.
70l«
78
8U2 Mar'16
95*$
89
72U
_
....
98
71*4
78ig
7812
84
66l2
71*$
6H2
76*4
1948'J
Sale
Ga Pac Ry 1st g 6s
1922 J
Knoxv A Ohio 1st g 6a... 1925 J
Mob A Blr prior lien g 5a 1945 J
74
78%
A
50
2
97
4s
62
A
D
23
87U!
July'19
5
latest Old *nd asked,
66'2
86i2
70 '
70^8
70»4 June'20
74i2 Aug *20'
92
7612
85
65
49*4
68
o
84l2
53
7612
o
62*8
86i2
8412
54
937$
82
87's
64i2 Sale
86i2
10
306
65
5212
75
Apr'20
79U May'19
87*4
6712 ;...
85
86
90
84i2
61i2
84i2
63i2 Sale
'J
8OI4
2
Feb'20
....
77
1946 A
101
98
79*4
735,
627,
66
1938 M
160
Feb'20
08
70|
90
Ga Midland 1st 3s
70
J
328
73i2
89
827,
A
S
78
7314
827,
200
79
93'4
July'19
7612
84
83U
"82*4 "88
Sale"
73'2 Sale
89i4 Sale
88
*67"
J
85
76*4
125
Sei»t'20
91U
104*4
80
Apr'20
80*8 Aug *20
May'20
847g
93
8934
96
87U
86i2
Sept'20
81
88
89
827$
—
—
78
W Mln W A N W 1st,
gu
S
891$ Sale
M
J
1938 M
2nd gold Income 5a
N
Mar'19
83
Sept'20
953g Sept'20'
9Us Apr'20
1944 J
735g
7784
94
4Hnl944j J
69lg
7H2
J
98
91
735g
J
J
....
821$
66
J
A
8212
953$
8934
J
91
cons A
69U
Erie A Pitts gu g 34s B..1940 J
Series C.
1940 J
.!
N
—
70
Aug'20
Gr R A T
1
63
92i2
88U
9334
95i2
-.
..
—
86
Mar'20
65U
68I3
68i2
86i2
Nov'18
83i2 Sept'20;
82i4 Aug *20!
84*4 8ept'20I
97% Sept'20
871$
83
96U
90ig
83*4
Mar'20
95
95
1996 J
735g
104
J
O
90i4
837$
87
—
1951; J
5s.. 1943 J
68
8412
N
N
'18
821*
12
72i2
Oct
92
73
Oct
N
100
"20 *75"li
80
72
67l2
2d
75
....
731* 937$
933$ 106
651$ 78
1948 J
1st g 4s
Ala Gt Sou 1st
65
'
,
87i2 Sept'16
4s Ser A... 1956 A
Mob A Ohio coll tr g 4a
Mem Dlv 1st g 4Hs-5a
266
88's
75%
80
776$
740
75%
655$
N
General 5s Rerfes A
78U Sale
72i2 Sale
84l2
78U
219
103%
74
8 714
73
70
IOU4
1956 M
65U
No price Friday
101*4 Sale
75
Sale
Cons 1st gold 58...
E Tenn reorg lien g 5s
388
80
79%
1943 J
1904
64
72
Feb '14
79
Atl A Yad 1st g guar 4s_.1949 A
E T Va A Ga Dlv 0 5s... .1930 J
83
81
.
Registered
69'a
....
70
90
*795$ Sale
8U2
87
1953 J
96i4 May; 19
Mar'20
595g
O
..1957 M
91U
7012 Sale
Dec '15
81
09
O
guar
85
101
82i2
49U
1942 A
Serips F guar 4s gold
J
84i2 Sept'20
81
July'20
,J
61l2
825g
825g
Series C guar
78i2
77
J
P C C A St L gu 44s A..1940 A
Series B guar
1942 A
gold 5a..
con
62
N
Tol W V A O gu 448 A..1931 J
Series B 44s.
1933 J
Series C 4s
1942 M
J
80U
44s 8er A.1942 J
Ohio Connect 1st, gu 4s...1943 M
Pitts Y A Ash 1st cons 58.1927 M
91*4
So Pac RR 1st ref 4s.....1955 J
San Fran Term! 1st 4s
1950 A
Southern—1st cons g 5s
1994
D
64
Sale
83i4 104
771$
78
4a. 1954 A
1938
Ore A Cal 1st guar g 5a... 1927
So Pac of Cal—Gu g 5a... 1937
So Pac Coast 1st gu 4s g__1937
A
71
55ig
67U
_
89U
77
Sept'20
55
69
m% 108
59
82*4
72i4
57
60
J
1921 J
Aug'20
S
60
571$
64
J
J
j
M
1941IJ
96i2
80
J
627$ Sept'20
64
May'20
997$ Nov'19
1st g 6a '30
97%
68*4
N
1st gu g 44a.l941
76*4
2d exten 5a guar
1931 J
Gila V G A N 1st gu g 5a. .1924 M
Hous E A W T 1st g 5a... 1933 M
J
O
Int. reduced to 34s.. 1942 A
Series C 34s
1948 M
Series D 34s
1950 F
60
66
57i$
1949 F
gu
9534
95*8
N
Series B
57
J
3Ha..*1929 J
Through St L lat
978g
40-year
gen gu
34
8
0l929;M
9778 Sale
6H2
gu 4s g.__1942 M
CI A Mar 1st gu g 44s_J.1935 M
9
183
49
62
*1949 J
J
D
ctfs Rer E.1952 M
June'20
8234
8918
89l2 89
82i2 Sale
817g
90*4 8ale
89i2
1037s Sale
103*4
79
80
83
81
89
Guar 3 4s trust ctfs C...1942 J
Guar 34s trust ctfs D...1944 J
Guar 15-25-year gold 4s..l931 A
Cln Leb A Nor
45
46
10:
Sale
1st 30-year 5s Rer B
Atl A Danv 1st g 4s
Dec* 16
82*4 Sale
Guar 3 4s coll trust reg A. 1937 M
Guar 3 4s coll trust Rer B. 1941 F
3934
48i2 Sale
'14
Atl A Charl A L 1st A
97ig 10212
96
100i8
Sept'20
78ig Sept'20
81
Consol
....
Aug'20
71
J
s f 44a_.1955 J
1st g 4s.. 1923 M
1921 J
"25:
104*8 Sept'20
723$
74
....
74
96;
44
64
60
66I2
98i2 Jan
77
Oct'19
D
M
65
62
St Louis dlv
Feb'19
J
Q
D R RR A B'ge 1st gu 4s
g 1936 F
Pennsylv Co gu 1st g 44s..l92l!J
149
June'20
Aug'20
I
26,
67*8
54
O
Registered
20-year conv 4s
gen
Aug '20
41
A
Gold 4s (Cent Pac coll)..*1949 J
Develop A
86
6912
Sept'20
6518
6634
—
691*
F
Fla Cent A Pen 1st ext 6s 1923 J
1st land grant ext g 5s.. 1930 J
Consol gold 58
1943 J
Tex A N O
—
63
J
—
68
9412 104U
72i2 81
98U 9812
Nov'19
80
J
May'17
94i2 Oct *20
69
7
.Tan'20
D
Consol
Series T
70
70
77
....
Fi
91 ig
8erles O 4s
24
81
98ia
77'a Sale
76i2
587g Sale
1997 Q
a2047 Q
J
AtlA Blrm 30-yr 1st g 4a_el933 M
Caro Cent 1st con g 4s... 1949 J
57i8
82
80
90
Sale
O
...01949
48
103
62
May'16
1950 A
Louisiana West 1st 6s
No of Cal guar g 5s
67U
78
6518 Sale
A AN Wist gug 5a
rall-j
Registered
«2047
Ref A imp 4 4s «er A....2047
St Paul-Duluth Dlv g 4S..1996
St P A N P gen gold fis
1923
ex
46
1
87%
..1959 A
Adjustment 5s
Waco A N W dlv
Oct *19
1
8^8$
80
6612
65i2 Sale
1943 J
Refunding 4s
60
1045$
56l4 1911
96
,1950 A
64
'10012
7714
74
89
724
53*4
96
98
J
D
J
O
S A A A Pass lstgu g 4a
Seaboard Air Line g 4s
63
7118
70
55U Sale
D
J
gu g 5a. 1947
57
100
66I4
Sale
645$
96
68i2 Sale
51
Nov'16
J
1932 J
CI A P
59
IOOI2 Sept'20
O
871*
78*4
681
106
132
80
63
"3
77i2
91i4
N
1st guar 5s red...
1933 M
HA TC lat g 5s lot gu-.. 1937 J
Gen gold 4s Int guar... 1921 A
47
57'8
Sept'20
122
40
75
O
2d g 4a Income bond ctfa. pl989 J
Consol gold 48
193# J
1st terminal A unifying 5s. 1952 J
51
32
10134 Sept'20
10134
4s
guar 4s
3412
6U2
96
Registered
57
57
751*
72
20
...
89
69
Mort guar gold
64
Sept'17
Aug'20
101
conv
prlof lien
O
conv 5a
..1934 J
Cent Pac 1st ref gu g 48..1949 F
9978 Dec* 13
883$ Feb'14
741S Dec'19
64
63i8
63
Sept'20
"675s 11II
10-25-year
Registered
44"' "eo"
51
36
78
Sale
O
Aug'13
70
....
931$
July'20
N
July'14
83
44i2
M
..1996 A
Dlv'l 1st lien A gen
g 4s. 1944
4s
63
027,
60
60
43
71
132
Sept'20
00
40
69
Seaboard A Roan lat 5S..1926
Southern Pacific Co—
Oct'19
Aug'20
7912
8U2
78
6s. 1928 M
cons g
Ga A Ala Ry 1st con 5s..01945 J
GaCar A No lstgu g 5s..l929 J
70i2
g.6s__ 1934 F
New River 1st gold 0s'
1932 A
N A W Ry 1st cons g 4s.. 1996 A
gen guar g
66
60
8718
65
July'18
60
756$
93i«
89i2 Sale
GHASAMAP lat 5a. 1931 M
Registered 16,000 only..0l992 M
10-year secured 7s
45
3912
63
Jan'121
63
71U
SOU Sale
1956 M
Norf A West gen gold 6s
lat g 5s... 1947 A
20-year
General 4s
1955 J
Norfolk Ron 1st A ref A 58..1961 F
Norfolk A Row 1st gold 5S..1941 M
Alleg Val
50
Oct' 17,
87
1942 A
Providence Term 1st 4s
4
44l2
I06ia May'15
W A Con East 1st 4 Hs._. 1943 J
N Y O A W ref 1st g 4s
01992 M
General 5«
5212
40
48I2
"I
46
65
Consol 4s..
1945 J
Providence Recur deb 4s__1957 M
Consol
79
4012
91lS
73
Prov A Rprlngfleld 1st 5a. 1922 J
Pennsylvania RR
"97U
11
|
87U
49
eoAB istSer I4Ha*46 J
Boston Terminal 1st 4s...
1939, A
New England cons 5s
1945 J
Paducah A Tils 1st
72U
45
Sept'20
60
NYW"
A land grant g 4s
70
64
45U
50
.
Registered..
56
46
cons g 5s.
1937 M
Naugatuck RR lat 4s....1954 M
way
6434
1930 M
Housatonlc Ry
General lien gold 3a
56
56
83
4612
Sale
83
58
Pacific
95U
941$
0534
Sept'20
1964 A
1956 M
9
40*4 Oct '20
93 >g Apr'20
97U Dec '17
87
K C Ft 8 A M Ry ref g 4s. 1936 A
KCAM RAB lstgu 5a. 1929 A
St L S W lat g 4s bond ctfs. 1989 M
Gray's Pt Ter 1st
Sept'20
66
Northern
5
77
45
B A N Y Air Line 1st
4a.. 1955 F
Cent New Eng lat gu 4a_.196l!j
conv
21
9712 June'20
46
ioi$
87l2
711*
...J
581$
61955 A
.
62t2 Sept'20
45
Harlem R-Pt Chea 1st 4a. 1954 M
10-25-year
95U
Southw Dlv
K C Ft S A M
72i2
4718
Non-conv deben 4a....l955!J
Non-conv deben 4a
1956! J
Registered
931$
Feb'19
77
58
I
84U
85Ig
65i2 Sept'20
77
Income Series A 6a
61960 Oct
St Louis A San Fran gen 6a. 1931 J
J
General gold 5a
1931 J
J
StL ASF RRcon8g4a_. 1996 J
J
Gold 4a 8tamped
3 Ha
1956 J
6s
1948 J
Cons Ry non-conv 4a....1930,F
Non-conv deben 4s
1954 J
ext
931$
75
7212
7714
60
Jan'09
9912
"98V2 "9 9U
Conv debenture
Conv debenture
Improvement A
53
May'17
72
1955'J
Hartford Rt Ry lat 4s
"52" "eo"
95% June'20,
741, Sale
801$
Dec' 17
June'17
871$
77
Cum adjust Ser A 6s
Jan'20
130'$
821$
80U
6312 Sale
Nov'16
103
Sale
1950 J
Nov'10
94
Registered
2361 J
NYC Lines eq tr 5s.. 1920-22 M
Equip trust 4Kb.. 1920-1925 J
NY Connect Istgu
4Ha A..1953iF
N Y N H A Hartford—
Non-conv deben 4a
1947 M
Non-eonv deben 3Hs
1947.M
81
1950 J
971$
93 Js
102
Reading Co gen gold 4s
1997 J
Registered
1997 J
Jersey Central coll g 4a...1951 j A
Atlantic City guar 4a g.^.1951 J
...1928 J
95
Feb'20
78i2
81
Prior lien Ser A 4s
Oct'19
103
40*4
8234
Prior lien Ser C 6s
Aug'20
101
99
*93
1 Jan
Co)—|
Aug'20
94ig
4014
Prior lien Ser B 5s
77
60
68l2
64
71
60
86
925$
71
60
851#
1943 J
High
96U
78
801$ Sept'20
1940 A
1947, J
Since
No. Low
High
"92"
661$
f 4a 1937 J
lat consol gold 5a
Range
Jan. 1
May'20
100
80
925$
Sept'20
May'15
60
J
■«
"S
78
64
Jan'20
60
$
Pitta 8h A L E lat g 5a
St Jos A Grand Isl 1st g 4s_.
St Louis A San Fran (reorg
Feb* 16
50
4a.. 1922 J
"64"" "75"
9612
80
1996'A
g
13
74l2
May'20
113
9534
4Ha_..1941'J
77
601$
7012
81*4
71U
2d gold 4Hs
Philippine Ry lat 30-yr
74*4
661$
633$
81
N Y A Pu 1st cons gu g 4a_1993 A
Pine Creek reg guar 6s... 1932 J
R W A O con 1st ext 5a..A1922 A
4a. 1936JJ
"8
05
96i4 Sept'20
102
4a_.1944(M
0sg..l921|Q
-.61921,M N
Peoria A Pekin Un lat
98
1924j J
Pere Marquette lat Ser A 5a. 1956 J
lat Series B 4a
1956 J
07U
925$
2d gold 6s
Utlca A Blk Riv gu
93U
72
64
g
"75"i2
70U
80
90
1
58
Ask Low
Sunbury A Lewis lat
Aug'17
73U
925s
Bid
341,
Nov'17
67
j
74U
73 'a
RRguar 1st 4a_. 1936 F
!
Last Sale
87%
2
85
Pennsylvania Co (Concl.
g
;
Range or
Oct. 8
96%
83*2
661? July'20
77i«
77>,
N Y A Harlem g 3 lis
2000 M
N Y A Northern 1st
g 5a. 1923 A
con
76
Week's
Friday
C St L A P 1st cona g 5s..l«32 A
Phila Bait A W tat g 4a_.1943 M
Sodus Bay A Sou lat g 5a.
Nov'19
73i2
89i2
N J June
69
Price
EXCHANGE
ling Oct. 8
U N J RR A Can gen
7434 Sept'20
66'$ Mar'20
~6~6~"
20-year debenture 4a...1929 A
Registered
Debenture 4a
70*2
98i2 Nov* 18
1Q4/1
Registered
High
65
eu
7512
93U
"~14
72
Week
65
87
Michigan Central 5a.....1931 M
Registered
1931 Q
•
Low
57
83
Mob A Mai 1st gu g 4a...1991 M
1st 5a
1934 J
.
No
83®4
8418 Nov'19
7512 Jan'20
Mahon C'l RR
N. Y. STOCK
Jan. 1
70%
Aug'20.
65
3
BONDS
Since
or
High
69
1997 J
Record—Continued—Page
Range
Ore RR A Nav eon g
43.-1946'J
Ore 8hort Line 1st g 6b
1st consol g 5s
Vandalla
cons g
4a Rer A...19.55 F
Consols 4s Reries
Vera Our *
A Due July,
P
R
1957 M
l«t en 4 ifq
k Due Aug
•
1034
J
Due Oot.
D
88% Sale
.83
Sale
N
J
409
122!
84
77i2
36
100i2
38!
78
78
98U
881S
98*8
15
89i2
2('
98!
82
A
82i2
June'20
5
83
89
1
Feb *18
80«4 Dec '19
....
22
84
80ig June'18
26'2
26
V Due Not.
Sept'20
f Due Deo.
«
20
Option a&!«.
28
1459
New York BOND Record—Concluded—Page 4
BONDS
Price
Week's
N. Y. STOCK EXCHANGE
Week ending Oct. 8
Friday
Oct. 8
Last Sale
Ask Low
Bid
86
Debenture series B
1st lien equip s
Id
79
1921
1954
Det & Cb Ext 1st g 5s
1941
Des Moines Dlv 1st g 4s„1939
Om Dlv 1st g 3^8
1941
Tol A Cb Div g 4s
1941
Wash Terml 1st gu 3^s
90
J
51
J
85»4
Mar"20
75%
80
Aug '12
53
5812 53
July'20
69
..-.17412 Oct *19
6912 Sale
6912
69%
7012-.--182
-.1945 F
West N Y & Pa 1st g 5s
Gen gold 4s
Income 5s
85
ser
1926 A
1928 J
Wheel Dlv 1st gold 5s
80
Oct
86% Sale
82i2
88
86
85
100
77
95
J
71
80
87
84
Westchester Ltd gold 5s
1950 J
D
73%
79%
88
Oct'19
8878
55
Winston-Salem 8 B 1st 4S..1960 J
70
Wis Cent 50-yr 1st gen 4s... 1949 J
7U2
74
74U
7434
...1948 M
S
58
61
58%
58%
55
58%
1925 M
S
15
18%
18
Oct'20
11
20
1926 M
S
15
15
Sept'20
10
17
1920 M
N
98
17%
102
D
78
79
73%
84%
83
78%
Sale
82%
85
90%
90
Alaska Gold M deb 6s A
Conv deb 6s series B
,
" _55~%
51
Am S3 of W Va 1st 5s
Armour A Co 1st real est
.
" "72" "
43^8'39 J
35
80
66
83
82%
Atlantic Fruit conv deb 7s A
1934 J
D
Booth Fisheries deb
10
1926 A
O
f 6s.. 1931 F
A
88%
91%
90
..1952 A
O
J
69
74%
71% Sale
73
1955 J
70
72
74% Sale
74%
74%!
47
58
Braden Cop M
81
92
Bush Terminal
64
102
63i2
s
f 6s
coll tr
a
1st 4s
Consol 5s
1960 A
O-
1927 A
O
ChicUn Sta'n lstgu 4Hs A. 1963 J
1st Ser C 6Hs (ctfs)
1963 J
Chile Copper 10-yr conv 7s. 1923 M
J
J
N
Building 5s guar tax
156
76%
"88 "
86
60%
8ept'20
5978
6012
I
Miscellaneous
Adams Ex coll tr g 4s
92i2
Mar'17.
59^4
1949 M
ex..
Chic C A Conn Rys 8 f 5s
Feb'18
65
56
,69
Sept'20
{71%
7178
61
69
78%
Street
60%
96%
26
100
105
96%
104
16
02
108
68
70
86
7434
61
7484
O
73
78%
73
J
N
80
80
88
92
May'20
90
95%
1928 M
N
81
95%
90
95
Apr'20
94
95
71%
6s
conv
A
ser
Stamped
73%
80
80
83%
1
83%
89
82
82%
184
80%
05%
85
27
76%
86
72%
83%
s
f 5s
1940 M
N
f 6s
1941 A
O:
1943 J
J
87«4
82% Sale
84% 84%
83%
s
J
72%
74%
72% Sept'20
83
Apr" 14
65%
67
86
90
1st 5s A
Certificates
of
25
29%
42
4578
35
50
N Y Dock 50-yr 1st g 4s
41
43
47
Niagara Falls Power 1st 5s.. 1932 J
42
38
41
34%
31%
73
66
Apr '20
66
66
80
May'18
38 U
..
:::: *6o~
1957
6812
63
65
51
60
66
56
28
23
67% Sale
64
60
60
8ale
al942 A
O
32i2
40
Mar 20
40
42
Dec '19
94
92
Apr *20
Jan '20
M
J
f 4s
Int Agric Corp 1st 20-yr 5s_. 1932
31
Int Paper conv s f g 5s
7
43
5
6%
21
6%
53g
Inger80ll-Rand 1st 5s
51%
72
59
60
55
90% Feb '17
95
80
45
Aug '20
Dec '19
Liggett A Myers Tobac 7s.. 1944 A
5s
1951 F
64%
Lorillard Co
7%
88%
73
50
Sept'20,
National Tube 1st 5s
52%
35%
N Y Air Brake 1st conv 6s.. 1938
Standard
75
84
Union Bag A Paper 1st 5S..1930
87%
92
"50" "so"
7
68
6334
75%
47%
60
67
67
4134
50
50
30
50
Sept'20JuneT7L...
26
30
26
Sept'20 i
30
27
*21% "3*0*
11
28%
1
30
21
30
57
20%
30
63
70
Sept'20!
5s A. 1949 J
g
5s. 1945 M
1927 J
Columbia O A E 1st 5s
....1927 J
Stamped
77
78
76
Sept'15
8ept'20
66%
82%
73%
80
86%
71%
Sept'20,
70
79
*20,
79
86
78
82% 8ept'20;
81
89
81
87%
103
76
7s... 1925 Q
Detroit City Gas gold 5s
Detroit Edison 1st col! tr 5s. 1933 J
ser
*1940 M
A
Eq G L N Y 1st cons
g
5s... 1932 M
Gas A Elec Berg Co c g 5s.. 1949
J
.1952 F
Havana Elec consol g 5s
1949 M
Hudson Co Oas 1st g 5s
58.1922 A
Kings Co El L A P g 5s
1937 A
Purchase money 6s......1997 A
Kan City (Mo) Gas 1st g
1925 M
Convertible deb 6s
Ed El 111 Bkn 1st
con g
4s. 1939 J
Lac Gas L of St L Ref A ext 5s '34 A
Milwaukee Gas L 1st 4s
1927 M
Newark Con Gas g 5s
1948 J
1949 F
Purchase money g 4s
Ed Elec III 1st
cons g
5s.. 1995 J
NYAQ El LAP 1st con g 5s. 1930 F
Pacific G A E Co—Cal G A E—i
M
Corp unifying A ref 5s... 1937
J
Pacific O A E gen A ref 5s.. 1942
6s International Series
Pat A Passaic G A EI 5s
1930 F
1949 M
1943 A
1947 M
Ch G-L A Coke 1st gu g 5s 1937 J
Con G Co of Ch 1st gu g 5s 1936 J
Ind Nat Gas A Oil 30-yr 5s 1936 M
Mu Fuel Oas 1st eu g 5s. .1947 M
Philadelphia Co conv g 5s.. 1922 M
Stand Gas A EI conv s f 6s.. 1926 J
Syracuse Lighting 1st g 5s.. 1951 J
Syracuse Light A Power 5s.. 1954 J
Trenton G * El 1st e 5s.. 1949 M
Union Elec Lt A P 1st g 5s.. 1932 M
Refunding A extension 58 1933 M N
United Fuel Gas 1st s f fis..l936 J
J
Utah Pnw A T t 1«t 5«
1044 F
A
Peop Gas A C 1st cons g 6s.
Refunding gold 5s
No price Friday latest bid and
87
O
90%
Sale
81% Sale
July'20;
87
June'19i
99
....
79
100%
81
89% Sept'20
93
Stamped
'85% "9134
80%
81%
76%
117
79t4
Sept'20
73
Sept'20
80
Sale
79
89%
8934
Sale
91%
92%
80
Sale
80
75
83
94%
99%
88%
65%
Sale
Sale
95
Sept'20
95
89
Sept'20
88
60
95%
91*
70%
81
97
S
A
J
N
J
J
O
A
O
A
D
J
N
N
88%
6434
87%
99%
65%
87%
99%
85%
84%
99%
86%
106%
100
83%
106%
83
86
....
106%
83
86
84
91
92%
91
88
89
Sale
96
92
84%
81
85
87
"86*% "89*"
81
Sale
96
92%
92%
95
96%
~87** mi
88%
82
"
143
76
196
97%
66
98
Illinois Steel deb 4Mb
1940 A
O
79% Sale
79%
Indiana Steel 1st 5s..
1952 M
1926 J
N
88
87
D
Lackawanna Steel 1st g 5S..1923 A
O
92%
93
"91 "
1950 M
S
79%
80
79%
Jeff A Clear C A I 2d 5s
77
85%
1st
cons
5s series A
Sept'19
Lehigh C A Nav s f 414 A..19.54
92% Dec '19
J
83%
J
Mldvale8teel A O conv sf 5s 1936
~76% Sale"
Pocah Con Collier 1st
75%
95
89% Sept'20
89%
89%
87%
77
'20
7534
77
Repub T A S 10-30-yr 5s s f. 1940
St L Rock Mt A P 5s stmpd. 1955
69%
82%
Tenn
83
Sale
78
Feb
72
72
78%
78%
89
87%
63
63%
Apr "20
93
85%
85%
79%
90%
77%
72%
83
I!
89
Sept'20
65
6418
75%
77
*88% "89*
20
57
65
71%
71% Apr '20
69% 100
80
Apr *17
89
Mar'17
75
May* 19
88
89
88
85%
85%
80%
13
97% May'17
89%
67% Aug *20
98% Oct '17
68
'73% rzzi
74
July'20
76
79%
82
87
79
Sept'20
75
75%
75%
1
85
89
80%
91
67%
~70
*7*4* * '84%
July'19!
80
asked. aDueJan. bOie
76
8
f 5s.
.
.
M
83
86%
78
95%
69%
74
70
76
76%
79%
Sept'20
72%
84"
83%
93%
"
89%
79%
83%
75%
94%
92
80
Aug'20
77%
N
<71963
80%
86%
68%
89%
95%
91
Sept'20
86%
...1953 J
85%
-
-
-
82%
96
Nov'19
70
83%
»
80%
89%
94
99%
80
Aug'20
86%
68%
Mar'19
394
Sale
N
1931 M
<(1963
Telegraph & Telephone
Am Telep A Tel coll tr 48...1929 J
Convertible 4s
1936 M
M
J
F
A
J
Q
Q
J
Keystone Telephone 1st 5s_.1935 J
Mich State Teleph 1st 5s...1924 F
N Y Telep 1st A gens f 4^8 1939 M
30-year deben s f 6s.Feb 1949 F
Pacific Tel A Tel 1st 5s
1937 J
South Bell Tel AT 1st sf 68.1941 J
West Union coll tr cur 5s —1938 J
Fund A real est g 4HS...1950 M
Mut Un Tel gu ext 5s
1941 M
Northweet Tel gu 4 4 8 g.. 1934 J
1933
30-year temp coll tr 5s
1946
7-year convertible 6s......1925
Bell TelePb of Pa s f 7s A.. 1945
Cent DistTel 1st 30-year 5s. 1943
Commercial Cable 1st g 4S..2397
Registered
2397
CumbT AT 1st A gen 5s...1937
20-year conv
July'17
71%
86%
*80 " "86"
82
J
67
72
80
93
88*s
09%
88
.
99%
81
76
67%
Corp—(coup
Utah Fuel 1 st
Va Iron Coal A Coke 1st g 5s 1949 M
85
63
U 8 Steel
N
Victor Fuel 1 st s f 5s
Sale
65%
89
77%
Feb'19
8934 Sale
M
89
Sale
mi "89*
97%
76
73%
72%
68% Sale
Coal I A RR gen 5s.. 1951
78%
Sept'20
97%
....
86
6534
85
105
1957
89
77
77%
f 5s
58%
78% May*20
77
e
sf 10-60-year 5s Ireg
*74*34 *85*
83
89
70%
85
75%
104% Apr '17
83
95%
92% 101
94
90
90
85
98^4
90%
June'20
D
85
Sale
90
105
93
D c' 14
78
72%
72%
99%
79
84
08% 103%
70
72
89
84*4
18
Oct*20
72% Sale
Pleasant Va! Coal 1st s f 5s. 1928
85%
....
74
77%
79%
77%
77%
93% July'19
91% Nov'19
101
"76 "
84%
92
78
88
26
93%
A
80%
85%
63%
78
"76 ' "II
81% Sept'20
90
June'20
81%
....
77%
87
87
95% Sept'20
93%
90
87
May'20
99%
93%
85
97%
77%
86
95
16
85
8ept'20
80%
81
I
D
76%
77
91
85
87
1925 J
Feb '13
91
83
92
Aug'20
95%
....
07%
96%
93%
93%
07%
79%
97%
98i4
05% Sept'20
92%
92%
97%
88
91
July'20
89%
Sale
89%
110
76
86%
Elk Horn Coal conv 6s
8234
77
77
86
92
D
A
99% 111
Apr'20
84% Sept'20
D
S
81
93%
95%
Feb '18
100
"77 '
J
96% 100
99%
86% 883s
78% Sale
N
j
75
J
M
87%
78%
Jan'20
84
106%
Sept'20
83%
105% 105% 106%
93% Sale
1936 J
Buff A Susq Iron g f 5s
..1932 J
Debenture 5s..
<71026 M
Cahaba r M Go 1st gu 6s..1922 J
Colo F A I Co gen 8 f 5s
1943 F
65%
100
100
78%
....
Sale
J
1942
87
I
80
99%
84
Sale
1926 J
f 5s
100%
89%100%
"78% Sale"
79
80%
80%
s
*89%
89
102%
1922 J
1st A ref 58 guar A
97%
Nov'18
Sale
20-yr p m A Imp s f 5s
81%
89%
Dec* 18
96
78
J
73%
68
89% Sept'20
el924 A
6s...
West Electric 1st 5s Dec
97
92
98
1st 15-yr 5s. 1923
83%
90%
89% Sale
89% 101
J
F
74
N
J
O
D
D
A
90% Sale
78%
A
A
*>
O
6s. 1926
87
A
O
A
N
J
D
conv
20
70
J
1922 J
J
f
93
78
J
1930 F
74%
93%
J
1947
86%
119
73
Sept'20
Aug'20
90%
00%
80
89%
73
117
70
85
1st A ref 5s series A
79
423
90%
Col Indus 1st A coll 5s gu..l934 F
Cons Coal of M d 1st A ref 5s 1950 J
85%
94
75
*96% 101*34
96%
N
J
J
U S Rubber 5-year sec 7s...
Conv deb
98%
90
Aug'20
73
N
1930 M
U S Realty A I conv deb g 5s 1924
Va-Caro Chem
*
87% 106
99%
03%'
79
A
J
.....1930 J
10-year 7Hs
US Smelt Ref AM
»
80%
92%
95%
Apr '20
96
.
84%
82
79
135
66
90
•»
92%
80
Milling 1st 5s
Beth Steel 1st ext
95% Apr '20
I
Pac Pow A Lt 1 st A ref 20-yr
82
Sale
97
1948 J
N Y G E L H A P g 5s
Apr
85
81
100
Cons Gas ELAP of Bait 5 yr 6s*21
M
1923 J
86
53%
04%
90% July'19
86%
87%
Coal, Iron & Steel
Columbus Gas 1st gold 5s.. 1932 J
Consol Oas 5-yr conv
J
J
..10<i2M
M
80
37%
19%
Union Oil Co of Ca! 1st 5s_. 1931
66
65
1951 F
Nat Enam A Stampg 1st 58.1929
M ay' 19
25%
1944 A
(P) 7s
80
00
35% 701
78
|
5
Oct'20
52%
60
64
M
1935 J
A... 1947 J
conv ser
5s...
93
29% Sale
f
Nat Starch 20-year deb 5s.. 1930
77.
26%
s
55
4%
....
'20
Jan
1st A ref
45
July'17
41
N
734
59
8
54
54%
87
Cincin Oas A Elec IstAref 5s 1956 A
1st A ref 58
32
Light
I
5s
1947 J
Bklyn Un Gas 1st cons
1935 ■*
19%
89%
1927 A
gen
Feb 1940 P
20
1
Electric
lnc
1952 M
5s
80
Sale
1924 A
Atlanta G L Co 1st g
Bkly Edison
July'19!
78
1934 J
5s
Debenture
20-year deb 6s
29%
4s
Gen Electric deb g 3Hs
27%
--
g
75
27
30
gti
77
69
....
35
1937 J
1st, A ref 5s... 1934,J
Gas and
g 4s_
25-year s f 5s
27
9612
52i2 Sale
Union Tr (N Y) ctfs dep..
Eqult Tr (N Y) Inter ctfs
Va Ry Pow
F
M
M
J
A
J
J
1942 F
1951
1931
1934
Cuba Cane Sugar oonv 7s.. 1930
Distill Sec Cor conv 1st g 5s. 1927
E I du Pont Powder 4 His
1936
General Baking 1st 25-yr 6s. 1936
1st
26%
82
Trl-Clty Ry A Lt 1st s f 5s.. 1923 A
Undergr of London 4Hs
1933 J
s
5s.. 1925 A
g
57
94
50
...I960 J
United Rys Tnv 5s Pitts lss_. 1926 M
"94%
77
....
July'19
O
D
J
1931 F
1st s f 6s
29
Sale
5% Sale
52
<71960 A
United RRsSan Fr
92~
70% July'20.
6i2 Sale
....
Ry LtA P 1st ref 5s. 1942 F
St Louis Transit
1939 J
1st 58..1940 M
Gent Leather 20-year
40
Portland Gen Elec 1st 58.1935 J
United Rys 8t L 1st
1944 A
1951 F
27i2
f-_
1948
Loco Works
OOO'ol Tobacco
21
27
NY State Rys 1st cons 4^8.1962 M
Portland Ry 1st A ref 5s
1930 M
Income 6s.....
..
4s
Cent Foundry
60%
June 20!
27U
L-
Adj Income 5s
4984
54
J
NYMunicipRy 1st s f 5s A. 1966 J
N Y Rys 1st R E A ref 4s... 1942 J
Third Ave Ry 1st g5s_.
12
Gold
60
21
New Orl Ry A Lt gen 4H8..1935
St Jos Ry L H A P 1st g 5s.. 1937
St Paul City Cab cons g 5s.. 1937
49%
27
61
04
Sale
67
77
65
95
85%
78
40
80
70
93
117
Oct '19
69%
67%
J,
O
O
29
60
65%
O!
N
A
Sept'20
69
86
76%
Am Sm A R 1st 30-yr 5s ser A '47
43
66
65
Am Tobacco 40-year g 6s.
46
89
65
.79
Baldw
I
65
77
Am Writ Paper s f 7-6s
57
70
92
58
55
86
76%
A
21
519
571a
70
N
10
53
77
78% July'20
M
32
Montreal Tram 1st A ref 58.1941 J
Third Ave 1st ref 4s..
1928 A
1924 F
Chem 1st c 5s
Conv deben 5s_
41%
55i2 1372
!
75
76
Am Cot OH debenture 5s... 1931
20
M
M
F
F
Refunding A exten 4Hs..l931 J
Portld
Am Agric
23
21
88
77%
68
11
18U
82
53%
421
51%
93
83
85
Industrial
Corn Prod Refg s f g 5s
1993
Lex Av A P F 1st gu g 58.. 1993
Met W 8 El (Chic) 1st g 48.1938
Mllw Elec Ry A Lt cons g 5s 1926
Certificates of deposit
~69~
&
78
Sale
85%
83
83
68
42
Col A 9th Av 1 st gu g 5s..
30-year adj lnc 5s
f 68
13
75
Metropolitan Street Ry—
I
Bway A 7th Av 1st c g 58.1943 J
Certificates of deposit
s
73
23
Sale
10-year conv
533
..
"58% *6714
67
85% July'20
101% Oct'19
66%
-...
19
57
70
A
A
1928 J
2534
5434 sale
O
Wilson A Co 1st 25-yr s f 6s. 1941
Apr '20
2I84 Sale
Sale
28
June'16
66
93
N
Tennessee Cop 1st conv 6S..1925 M
Wash Water Power 1st 5s..1939 J
63
2534
78
57
Pub Serv Corp N J gen 5S..1959
60
58%
'20j--.
i 273
63
24
20
63
56
Manufacturing
74
Interboro-Metrop coll 4^8.1956 A
Certificates of Deposit
Interboro Rap Tran 1st 5s.. 1966 J
Manhat Ry (NY) cons g 4s. 1990 A
Ontario Transmission 5s.... 1945 M
60
25ia Sale
—
94
A
57%
27
84
O
J
A
J
O
N
O
1st 58..1943 F
F
23
57
6134
Jan
Nlag Lock A O Pow 1st 5s.. 1954 M
Nor States Power 25-yr 5s A 1941 A
50%
—J
70
5918
al932 A
50
66% June'20
77
July'19
5834
64
55
Aug '20
61 >8
55
8
56
58
*62% Sale"
' 1
1951 F
Ref A gen 68
45
Ontario Power N
5912 Sept'20
5112 Aug '20
51
.1932 F
Stamped tax-exempt
..1990 A
Manila Elec Ry & Lt s f 5s__1953 M
34
40% Dec '19,
62%
62%'
6318
1957 F
N Y & Jersey 1st 5s
21%
1939 J
Sale
43
1916-1941 J
Bk Q Co & 8 con gu g 5S..1941 M
Bklyn Q Co & 8 1st 5s
1941 J
Bklyn Un El 1st g 4-5S...1950 F
Stamped guar4-5s_
1956 F
Kings County E 1st g 4s_.1949 F
Stamped guar 4s
.1949 F
Nassau Elec guar gold 4s. 1951 J
Chicago Rys 1st 5s
1927 F
Conn Ry & L 1st & ret g 4^8 1951 J
Stamped guar 4Ms
1951 J
Det United 1st cons g 4Ms.. 1932 J
Ft Smith Lt A Tr 1st g 5s... 1936 M
Adjust Income 5s
3384
Mtge Bonds (N Y) 4s ser 2.1966 A
10-20-year 6s series 3
1932 J
Bk City 1st cons 5s..
Hud & Manhat 5s ser A
21
Sept'20
2912
4512 8al6
!
deposit stmp'd
29
29i2 Sale
3-yr 7% secured notes..11921 J
Certificates of deposit
3978
1
|
83
Great Falls Pow 1st
Morris A Co 1st s f 4Hs
Railway.
27
83%
70%
78%
104%
1932 A
Coll tr A
60%
50
Montana Power
Brooklyn Rapid Tran g 5s-.1945'A
1st refund conv gold 4s...2002 J
82%
Mar* 18
Computing-Tab-Rec a f 6s__ 1941 J
GranbyCon8M8APcon6sA 1928 M
45%
7434
1
82
71
| "l2
70%
67
8ept'20
58
78% Sale
104% Sale
96% Sale
*84* *98 "
60
91
Int Mercan Marine
N
Sup A Dul dlv A term 1st 4s '36 M
96
Nov'19
73
High
96
Mar'20
1957 J
Feb *17
90*8
6712
1st consol 4s
J
Utlca Gas A Elec ref 5s
88*4
86'2
Sept'20
5712
67*4
RR
Utica Elec L & P 1st g 5s.-.1950 J
91
Low
No.
High
86
'17
36
....
Exten A Inapt
gold 5s
1930 F
Refunding 43^s series A..1966 M
Ask Low
Bid
Range
9
5612
58 !
85*8 Sept'20
59
Sept'20
82
8
Gas & Electric Lt—(Concl.)
High
Aug '18
84
A 5s.. 1946 M
Wheeling & L E 1st g 5a
i
857s
61
23
pi943 Nov
1st
Sale
58
1952 A
1937 J
1943 A
1st g 4s
Jan. 1
Week's
79
8878
M
Since
Last Sale
72*8
97i8 July'19,
70% Nov'19
A
Range or
Oct. 8
Aug'18
8378
95*8
J
Price
Friday
10
9014
8378
M
1945 F
1st 40-yr guar 4s
Western Pac
83
8
90
!
86
89%
3-g
EXCHANGE
Week ending Oct.
Jan. 1
High. No. Low
82
1939 J
g 5s
1st lien 50-yr g term 4a
West Maryland
Sale
90% Sale
Virginian 1st 5s series A... 1962 M
Wabash 1st gold 5s
1939 M
2d gold 5s
1939 F
N. Y. STOCK
Since
§3
II
BONDS
Range
Range or
"79" "94%
70%
8U
April. cDae Any. jDtioJaa*
4Mb
<l»uo
>t»a« Oct
*85%
80* *85%
85%
Sale
85%
J
77% Sale
75%
S
67
68
64
81%
83
81%
81%
2
77%
80% Sale
80
80%
237
72%
83%
96% Rale
95%
97
179
02
99%
99
2382
S
S
D
A
O
D
J
J
J
J
A
N
A
J
J
J
N
N
J
08% Sale
9534
83%
83
62%
64%
Aug'20
68%
73
80%
62%
69
77%
Sept'20,
69
85
99
95%
Jan'18
*79*" I
....
88
70
79% Sept'20
Apr'16
06
64%
* *86*%
98
85
86
81%
60
Sept'25
*82% *96"
Sept'20
Sale
77%
80
72%
81%
88% Sale
82% 8ale
87%
81%
88%
28
84
96%
82%
26
•76%
82%
Sept'20
7.
78%
88%
85%
86%
80
82% Sale
81%
80%
78
82
78
75%
97
78
101%Sept'l
94
167
70%
j
2
70
71
Nov'16
pDueNo?. ibu« Dee. f vjpciou sale.
31%
m
m
m
1460
SHARE PRICES—
NOT PER CENTUM
PRICES
Sales
Monday
Tuesday
Wednesday
Thursday
Oct. 4
Oct. 5
Oct. 6
Oct. 7
Oct. 8
BOSTON STOCK
the
EXCHANGE
Friday
Oct. 2
STOCKS
for
.
Saturday
127
62l2
62*4!
87
♦85
37i2
12612 126%
j 12612 12612
!
6234
63
63
*85
3712
85
♦135
148
*.10
38%
•
135
87
85
86
38
37
334 *....
*3U
140
*.10
*135
33.1
*73
78i2
♦73*
*74i"2
76%
76i2
*74
Last
73
36i4
*71
3634
73
*71
73
*71
36%
35%
36%
81
♦83
36%
83
83
83
j
85
|
*85
*85
*81
84
*81
26
26
26
*77
|
*82
85
26%
26%
*78
*78
73
71
35%
83
*84
83
S3
83
27%;
---.I
82%
*25%
83
2634
¥l
4012
41
40
40%
40
50
50
*49%
50
49
49
~
83
85
85
36
*26
27
185
83%
27
49
40%
49%
40%
4934
2
Sept'20
42
40%
50
49%
41%
50
Jan
no
Previous
1919.
Highest
338
Dec
Dec
28
48% Sept 15
Jan
40
Oct
130
Sept
Jan 28
143
7
Mar
8
3% Nov
11
Mar
5
2% Nov
Mar 15
Dec
10c
100
130
Jan 30
132
Jan
8
71
Aug 31
86
Jan
2
68
Jan 12
72
100
60
Jan
75
N Y N H & Hartford
100
23% Feb 11
Mar 30!
Sept 27i
37% Sept 24 i
70
Maine Cen ral
59%
25%
Dec
Dec
Dec
132
Oct
84
Feb
99% Mar
3
Mar
Northern New Hampshire. 100
Norwich & Worcester pref.100
80
July
9
86
Jan
6!
86
77
July
73
July 21
July 8
89
100
86
7,
11
z71
Dec
Rutland
100
15
Jan 20
15
Dec
70
June 15
Apr
27% Oct
87
Jan
50
38
May 17
4584 Jan
311
3;
50
48
July
55% Jan
6
10
pref
West End Street..
1,408
Dec
85
334 Aug 6
3%Sept21
par
Elee pre.no par
3
Vermont & Massachusetts. 100
"
62
.no par
pref
Wore
6
116
Old Colony
19
.
Last Sale 77
*78
*40
800
83
83
*20
39
124
...
10
*84
100
100
Mar 16
Do
pref
100
Georgia Ry «fe Elec stampd.100
Do
pref
100
Mar'20
__
Feb 11
Chic June HyAUSY
44
35%
Lowest.
67% Oct 8
88
Sept 16
40
Sept 14
Feb 18
30
132
May 25
80
100
Boston Suburban Elec.
Do
3434
60
pref
Bost <fc
Feb 17
100
Boston & Providence
Sept'20
119
...100
pref
Sept'20
71'
35
Range for
Highest.
100
Boston & Maine
Do
Dec'19
Albany
Elevated..
Do
6
8ept'20
76%!
74%
741*
SaWmh Oct'19
3534
35%
*84
74
568
140
Last Sale 72
♦71
Boston &
Boston
2,711
Oct'20
(*135
1.
Year
Lowest.
last Sale [139
*74r
76
140
Last Sale 334
Last Sale 3%
*314
....
67%
85%
37
Last Sale 10c.
....
334 *....
*314
66%
Last Sale 48
....
*135
I
135
*131
85
37
j
Jan.
Railroads
758
37%
140
*.10
334
*314
64
38
*48
*135
*.10
127% 129
65% 66%
} *85
*48
135
....
63
86
37
*46
*46
6334
87
39%
38
i26l2 127
Range since
Week
Shares
127
BONDS
Sea next page
BOSTON STOCK EXCHANGE-Stock Record
Do
pref
7
Oct
94
5
Oct
82
38% Sept
47
Sept
5
Dec
Miscellaneous
334
3
234
*3i2
2%
212
*10
We
10
97l2
'312
3%
3%
3%
258
2%
23#
2%
10
10
10
3%
2%
10
10
*3
3%
*2
2%
*10
800
Am
2%
315
Amer Pneumatic Service..
Do
pref..
10
9758
7634
97i2
0834
98%
75
75
75
76
76
*75
75
75
75
75
75
76
*76
*4
*
3 We
3%
*2
5
*4
5
*4
5
4
4
*I2'4
15
*12
15
*12
15
"i3_
23
23
23
24
340
9634
99
2,534
13
23
11
24
12*4
14
2358
2334
512
85fi
6i2
834
I34
99
98%
99
9834
*76
24
24
6
6
834
8»4
9%
lh
134
1*4
*ih
214
13%
*4i2
13%
*134
13%
*4%'
2%
13%;
*4i2
212
1312
5i8
30
30i2
29
30
29
30
*20
21
20
20
*20
80
*70l2
80
*19%
*70%
21
*75
80
70% 70%
14934 150
23% 2334
*1334
14%.
3834 39
27
28%
*134
13
*14812 150
149
♦23
149%
23%
*15 "
39%
*14
<&%
39i2
26i2
2278
4434
26
22
44
6
*26
22
*44
149
15
23
*14
5%
*14
27
22%
2258
9%
2%
*134
13%
6)4
6%
638
1214
1158
12%
11
11
11
92%
9212
92%
93
11%
11%
*92%
83i2
831«
83
83%
60
60
60
60
638
*70%
11%
93%
92%
83%
84
83
60
60
60
II
*38%
96
18%
18's
28
*27i2
•157
160
*13%
"l4~ ~
2634
2634
Jan
16
Dec
13
Oct
7
38
Apr 20
17%
Jan
1
~28~
23%
13%
11%
12
.26
*10%
*31
12
*32
105
*11%
*32
10478 106
10*612
11%
11%
105%
*63
Nov
24
Dec
62
88
8:
39
Apr
79
138
Oct
172
pref.
100
.....
100
Corporation
no par
Gorton-Pew Fisheries
Do
>
405
3,665
562
80
335
5
3
"""135
""130
12%
65%
""659
Orpheum Circuit Inc
Plant (Thos G)
pref
Simms Magneto
Stewart Mfg Corp
17%
19
19
1834
1834
18
18%
18%
856
21
21
20%
21
2134
21%
126
Waltham
18
18
2134
18%
18%
21%
Ventura Consol Oil Fields.
Waldorf System Inc
18%
18
18
565
Walworth
1878
1878
1834
2034
2034
20
20
18
*17
18
•
60
*._.
*17
17%
18
"17% "17%
23%
17%
17
2,312
355
Torrington
60
♦
United Shoe Mach Corp
Do
pref...
*.50
57
*.25
.65
*
*.25
23%
388
23%
23%
3%
3%
9%
*9
9%
*9
3%
.02
285
.02
*280
3
1
!
*9
9%
9
9%
3%
*9%
*9%
9%
3%
10
.03 '*
281
~
23
22
22%
*9%
10%
*9%
10%
34%
3434
33
34
35
35
35
*4%
4%
7%
7«4
10%
*4%
7%
4%
734
*10
10%
2
2%
*4
2%
4%
*2
2%
*2
*.50
10
2%
.60
.60
*4
434
4%
7%
7%
10
10%
*4
4%
*2
4%
2%
2%
2
.60
*.50
*.50
*25
26
26
*25
27
384
*3%
334
25%
3%
»138
1%
*1%
1%
*188
1%
234
*13s
3
2%
*2%
284
234
2%
3
3%
25%
234
18
*2%
1%
234
1%
*2%
1%
♦3
3%
*3
3%
5%
384
*5%
*3%
57%
*18
18%
"42"'
42
95
834
*5%
*3%
95
4
884
14%
*.25
95
14%
.50
.50
2
8%
15
*.25
2
18%
4
"42"
884
15%
18%
♦
60
42
95
1%
584
18%
*
—
—
834
15%
1434
*.25
834
15
.50
2
*1%
2
23%
23
23%
*35
37
36
36%
23%
36%
23%
36%
*1%
47
47
*43
45
45
45
44%
44%
*37
39
35
37
37
37
37
37
*13
15%
1%
2%
15%
16
15%
15%
155s
Oct
Mar 19
734
17
Feb 16
23% Apr
Jan
May
20
Oct
10
Jan
2
2
115
Jan
52%
Jan
44
Jan
7
16
44% Jan 26
26
4
28
Aug
3
17
Mar
79
16% Aug 10
Mar 2
51
June 18
15
Feb
Jan
59
May
5
Feb
6
70
23
Feb 25
32
40c
Aug 10
Oct 5
Feb
66
60
77
5
*
".14
*4%
1%
1%
2%
*1
1584
1%
*1%
2%
.14
.15
.16
5
*4%
I
We 1 We
*2
2%
.10
5
200
47%
18%
534
334
21
37
Jan
9
38
Jan
.50
Apr
Jan
Sept20
20
110
""210
10
5
18%
*.*•-•»
8%
14%
8%
15
18%
....
x94
met
"
l",200
"""105
37
*44
*23
415
1,608
45
45
36
36
15
*1
15%
1%
2%
2
-.10
.i0
1%
*2
.10
5
Last Sale 4%
2
.14
Franklin
25
Hancock Consolidated
Helvetia
Indiana Mining
Island Creek Coal
61
220
1,825
365
20
7,205
Sept'20
"i"ol5
1 610
2% Aug
l%Sept
9
Do
Nipisslng Mines
Mining1
58
Qulncy
25
43% Aug 24
35
Aug 18
12%May 24
1
Aug 11
65
St Mary's Mineral Land-- 25
Seneca Copper Corp...no par
Shannon
10
South Lake
25
10c Mar 10
5
10c May 11
South Utah MAS
Superior
Superior & Boston Copper.
Trinity
*.55
.55
.50
.50
*.50
.55
*.50
.55
1,400
Tuolumne
2%
2%
23s
2%
2%
2%
6%
1%
2%
2%
23g
7
2,815
Utah-Apex Mining
Utah Consolidated.
We
1%
Sept'20
1,775
13
*.50
Bid and asked
138
2
*1%
13%
.35
*13
.75
rices.
*.50
1%
1%
*1%
2
.35
14
.75
.40
*13
*.52
138
I
13s
2
Last Sale 178
.40
.50
13%
.75
I Ex-stock dividend,
*13
.50
13%
.35
13
Last Sale .75
.40
13
Sept'20
d Ex-dlvldend and rights.
Copper"I
25
4
10
Aug 19
Oct
Aug
65
Feb
Feb
Oct
4
Sept 27
Jan 27
5
Jan
a Ex-rlgbts.
x
Aug
%July
Ex-dlvidend.
Feb
Apr
75c
Mar
30% Mar
Mar
52
Mar
Jan
40
Mar
13
Jan
Jan
25c
6
Aug 11
12
Jan
9
25c
Jan
1% Mar
2% Apr 15
June26
25
Feb
2
7
25
8%
8%
Jan
4
Mar
1
Mar
7
Jan
23
3% Jan
5
3% Jan
8
2
7
23
Jan
Jan 10;
1% Mar 22
w
Jan
8c
Jan
934 Feb 20
9
1
40c
Jan 101
3
""
6% May
5784 Mar
19
1% Aug
95c
1484 Mar
45
50c May 19
Wyandotte
paid,
Jan
2%
58
1% Aug 26
25c Sept 1
# Assessment
2
5
1
Apr
Apr
Feb
49%
2
5
25
2
2%
4
2
25
25
Oct
Mar 27
I.
Winona
Wolverine
3
3
.....
Utah Metal & Tunnel
Jan
Jan
6% Jan 29!
2»4 Jan 19;
134 Jan lo;
Victoria
"672
3%
Apr
3
2s4 Aug 24
l%Sept 7
6
Apr
.
7
Jan 21
37% Jan
5
1
78
24'
Mar
2% Jan 26
1
.60
.50
2
35
42
99c
5
80c
2
1% Aug
May
5
12% Jan 3
21% Apr 20
Sept 24
% Feb
Mar 24
8
20
2
*1%
8% July 19
13
3
Jan
25
.51
295
79
Jan
7% Jan
25
.55
*.35
Feb 16
95
25
Co
2%
*6%
42
Osceola
2
6%
24
15
*.50
6%
72
Mar 12
25
Lake
3%
6%
8
May 20
July 10
-
June21
5% Jan
II84 Jan
7% Jan
5
North Butte
Old Dominion
3
21
5
*2%
*1%
6%
16
4
Feb
5
Aug 18
Oct
Jan
2% Jan
4% Apr
3% Jan
434 July 20
5
100
Feb
l%May
Mar
5
pref
Feb
8
50c
100
Copper
Mar
Jan
20c
38
3
9
2% Aug
1A
6%
*13s
6
5
25
Company.
Mar
434
5
82
2
25
Idria Quicksilver
Mar
®4 Jan 14
60
Sept 22
75% Sept 30
284 Oct
Mar
12% May
2
6% Mar 31
Oct
Jan
350
12
4
25
Nov
39
5
Aug 17
1
25
Feb
6
20c
Jan
Jan
Aug 18
1
Dec
1034
Mar
Jan
5% Apr
2
New Cornelia
3
Jan 10
1
2% Oct
*27s
1%
'
16
50c Sept 23
39
Feb 13
25
25
138
6%
Aug 30
138 July 10
New River
Jan
40%
16%
48%
4%
14%
2
3
25
#.
Jan
409
Jan
5
3%
6%
13$
Sept 29
25
Copper
Lake Copper Co
La Salle Copper
Mason Valley Mine
3
13s
2
Kerr Lake
*1%
3%
Oct
9% Aug 19
50c Aug 11
25
...
Do
pref
Isle Royale Copper
Ojibway
75
15%
1%
10
North
130
36%
7
New
36%
46
10
3
23%
36
Davis-Daly Copper
East Butte Copper Mln
z56
35%
*15
3
25
Sept'20
23%
20
25
215
Last Sale 1%
*35
25
25
Sept'20
*23
25
Mohawk...
9
1434
275
Mayflower-Old Colony.
Michigan
326
Last Sale .25
40c
170
94
*8%
14%
2c
100
""240
32%
7
6% Mar 18
Copper Range Co
Daly-West
Mass Consol.
Sept'20
*42
■
T.oio
7
10
Keweenaw
Oct'20
584
334
_
9% Aug 24
i3234 Aug 20
150
56
Copper.
Centennial
2%
Jan
4% Apr
17% Feb 13
6
62% Mar
10c
Apr
10
Bingham Mines
Butte-Balaklava
1
550
3
6
42
9
25
8,50
Jan
% Jan
1584 Jan 5
10% Apr 27
5
Calumet & Hecla
20
77
534
*3%
Aug
884 Aug
134 Feb 27
9
Carson Hill Gold
463
4
x56
25
84
We
53%
_
1,885
22%
*33s
.16
*4%
135
,10
3%
1%
.75
25%
19
Aug 12
1%
*.50
Feb 11
12% Feb 11
2
3%
14
26
5
20
1%
*13
Jan
25
3%
13s
49
25
1%
2
Apr 13
Arizona Commercial
3%
.60
MarlO
5
Consolidated.
1%
*1%
*1%
15% Dec
32% Jan
76
100
3%
*.35
8
28
100
pref
1%
634
6
Jan
24% July 1
38% Oct 8
22% Sept 23
100
3%
6 84
64
Arcadian Consolidated
60
*25
Last Sale 5
*1%
*2234
5
Oct
Allouez
2
*76
*42
*
95"
*93
884
.50
—
37
.16
Dec
405
10
531"
25%
334
18
4
*42 ~
53%
77
5%
*3%
57%
334
25
*4%
30
232
23
Sept'20
Last Sale 3%
57%
18%
*35
".15
7
55
334
Sept'20
*2%
3
*2%
3
Last Sale 2%
Sept'20
*1%
1%
*1%
1%
2*8
1%
*23
♦
31% Jan
25% Apr
4934 Apr
25c June
Last Sale 138
3
3%
*
95
*3%
1%
1%
*40~
53%
*76
*3%
*57%
10
2%
25
3%
8
4
*33s
*1
7
1
25
Sept,'20
3434
3434
*4%
484
758
7%
2%
25
534
10
4%
4%
53%
58
35
Last Sale .50
77
*1%
July
25
280
*2134
*2
77
*5%
275
*4
.60
53%
3%
57%
22%
2
54
59
280
4%
77%
u
35
Algomah Mining
.03
*4
54
3%
584
334
*9%
*
2
77%
234
.03
2%
77%
14%
3
100
.40
9
*2>A
54
*.25
Jan
Ahmeek
3%
2%
54
*8%
55
Adventure
9
*2%
*76
*90
7
102
*3
10
77
284
I84
23%
334
9%
10
*343j
4%
*7%
10
*2%
54
4
Jan
Oct
56
Last Sale 934
734
54
18
14
35
-
235s
22
4%
*75
*
2
Wickwlre Spencer Steel
*.25
280
22%
*4%
7%
56
.40
„*9%
281
10%
34%
*57%
Feb
93
Jan
15
*.65
57"
*
.03
280~
285
23
*1%
*3%
*5%
*3%
145
Jan 12
16
28
*9
10
*9%
2%
28
23%
*3%
24
22%
♦2%
29
3
133
100
2d pref
*.25
.40
24
9%
.02 ♦_
285
*.25
10%
*.50
1st
Do
*55"
23
10%
Do
Amr'^n
*27%
55
22%
*934
*2
Aug'20
....
55
.40
*9
.02
00] <£*1
*.65
66""
55
.30
*3
♦280
*.65
55
23%
24
*9
.65
60
2 884
30
"".30
.40
*23
*28%
Feb
47% Nov
83
Sept
Mining
.95
*54
29%
130
Aug 9
Sept 14
Manufacturing. 20
Last Sale 60
*28
Dec
36% Jan
32% Sept 10
25
Watch
Last Sale 60
Jan
60
99
104
5
Warren Bros..
60""
Feb
67% Nov
25
2334
17%
90
4
25
17
223% 3%
Dec
Jan 20
34% Mar 30
176% Jan 19
June 16
100
23%
17
8%
138% Jan21
July 26
11
5
no par
23%
17%
18%
July
19% Sept
25
Swift & Co....
75
28% Nov
26
no par
17
3,582
63
Mar
534
Half-paid.
1%
71c
Jan
Dec
Dec
1'4 May
7% Jan
1% Jan
1% Mar
50c
June
Dec
Jan
Nov
May
....
19
13% Aug
10
Union Twist Drill
38-%
June
90
100
Reece Button-Hole
Root & V Dervoort CI A
23
38-%
92% July 20
6884 Feb
150
17
58
Aug 10
9% Apr 30
1
23%
393g
80% Feb 7
8% Apr 8
31% Apr 8
12%Sept 15
101% Jan 10
84% Sept 7
Aug
434 Mar
Pacific Mills
17
38%
23%
2
....
8
Jan 26
235g
38%
Oct
Jan
Sept 21
3834
' 65
Oct'20
May 25
45
98
39%
65
Last Sale 25
60
53
38%
65%
38
Aug 10
25%
39%
25%
39
Apr
Sept21
25%
65%
28
82%May 8
1734 Sept 30
24% Aug 10
39
*25
3
31
*25
65%
June
119
Linotype
66
65%
26
100
Mergenthaler
2534
303s
*25
3 834
Mexican Investment Inc.. 10
New England Telephone. .100
Ohio Body & Blower
no par
*2514
65%
Oct
57
*65%
65%
23%
100
pref...
.ShawmutSS
105% 1063.4
2
'29
11
678
36% Jan
42
10
McElwaln (W H) 1st pref.100
Massachusetts Gas Cos
100
Do
Feb 20
Apr 14
1434Junel9
10
61
93
Apr
157
16
100
& Trans
6% Mar 231
12%8ept 8
3734 July 27
50
pref
1434 Sept 17i
Aug 10
140 May 15
22% Sept 25
10
SepV'20
20%
12%
105
34
Jan
Corp..
Last Sale 33% Sept'20
....
104% 10534
Dec
6
340j Island OH
26
*11%
12%
*32
106
Jan
31%
71
25
643 j Llbby, McNeill A Llbby..
400 Loew's Theatres
16
27
"¥%
3;
28%May
Do
3771
44
"12"
254
*26
15% Mar
36% Jan
12% Apr23
Greenfield Tap & Die
25
1,830! Internat Cement Corp.no par
1.705 Internat Products
no par
60%
27
13% May
4% Nov
Dec
334 Feb 14
Eastern SS Lines Inc
30
60
*25%
Dec
2734 Feb 13
17% Aug 13
Edison Electric Ilium
83
26
Dec
6
5
Elder
11
7
2%
5;
10
545
213s
*92%
Jan
10
Manufacturing
333
43%
7
8
Jan
East Boston Land
"29"
"l2"
Oct
Feb
Connor (John T)
Eastern
60
21%
.
5
35% Apr 17
10
Apr 23;
12% Apr 14;
3% Jan 3'
Feb 11
1% Sept 24
10
514
84
60%
60
6
Boston Mex Pet Trusteesno par
80
1334
167
21%8ept 30
5% Sept 30
10
Century Steel of Amer Inc.
83
26
Atlas Tack Corporatlon.no par
Beacon Chocolate
10
404
23%
6%
12
1134
93
*83%
10
Blgbeart Prod & Refg
150
150
21%
Last Sale
10514
19
...
12
*11%
78%
6
*"*973
123
96
Jan 13
Oct
123% *123% 126% *123% 126% *123% 126%
12334 12334
37
35
37
36%
37
36%
36% 37%
36%
36%
06
95
96
95
97
95
96%
96%
96
97
*18
20
18
17%
17% *17
*17%
18%
*17%
18%
27%
2734
2778
2734
*27% 28
27% 273f
160
160
*157
*155
160
*155
160
160
*155" 160
90%
90%
90% 90%
Last Sale 13%
*13%
*13% "14"
13% *13%
Sept'20
♦122
3712
79
83
4
21
*70%
45
6%
1134
11%
*92%
12
11%
93%
83%
60%
20
28%
21%
6%
134
Apr 20
71
523
149% 150
23% 23%
*1334
14%
39
39
27%
Apr
Dec
Art Metal Construe Inc
110
Sept'20
J23h 2834
80
*43
95
100
900
13%
20
6
I
2
20
22%
12
1
21
44
*6%
1214
11
1^4
2%
30%
21%
July 29
July 26
Jan
2%
74
5,946
9%
1%
30
43
Apr 30
55c
11
no par
283
9%
1%$
30
22%
Feb 10
80
7% Mar 15
234 Oct 2
Sept 24:
10034Septl6
Feb 24
5
.
Last Sale t434
5%
1
50
Do
pref
...no par
Anglo-Am Com ml Corp .no par
21
6%
9%
1%
13%
Telep <fc Teleg
Amoskeag Mfg
200
Aug 11
25
..100
Amer
204
6%
9%
1%
45
*44
45
23%
......
•
6%
29%
39%
27
28
5%
....
Engineering
100
8%
1%
*134
13%
*4%
15
39
39%
*76
*76
6%
150
23%
76
4
6
*158
...
76
8%
*1%
5%
99
Oil
Jan
15
Mar
40c
Marl
oct. 9
1461
CHRONICLE
THE
1920.j
Friday
Exchanges
Exchange Oct. 2 to Oct. 8, both inclusive:
Week's Range
Last
Sale.
Bonds—
Low.
1st Lib Loan 4s..l932-47
'
«• •
4»
4,
4%s. 1933-38
86
1,000
74%
74%
2,000
85%
73%
74%
74%
6,000
95
95%
6,000
92% June
93%
93%
3,000
93
Jan
93.04
Jan
97%
97%
1,000
96% July
74%
75
6,000
69
July
79
93
94
42,500
83
May
94
Oct
87%
87%
2,000
87%
Oct
87%
Oct
91
91
2,000
89
May
95%
Jan
J,
m
l
1925
Cosden & Co conv
1950
Jan
1,300
19,300
Jan
92.98
Jan
Elkhorn Coal Corp 6s. 1925
35,550
86.00 May
94.96
Jan
Fla Cent & Penln extd 6s..
64,400
81.74 May
92.98
Jan
Georgia fc Ala cons 5s. 1945
59,400
3,000
94.84 May-
99.30
Jan
OS.^ June
97.74
Feb
81.60 May
96%
96%
2,300
93
73%
19,000
68
10,000
100
Chic June & U S Y 5s. 1940
77
78
5,000
74
96
80%
<4%
82%
""83"
-.1934
83
80
Mar
76
Jan
77
1,000
91%
Aug
85
Mar
80
Feb
75
May
84%
...
.1944
78%
Western Tel & Tel 5s.. 1932
1,000
74%
84%
9,000
8,100
92
Jan
96
Oct
96
Oct
83
3,500
82
May
93%
Jan
78% I 13.000
77
June
84
Jan
June
99%
Feb
75
July
82%
Mar
Ga Scu & Florida 5s.. 1945
80
75%
Sept
87%
Houston Oil div ctfsl923-25
98%
98%
98%
15,000
62%
62%
1,000
60
81%
81%
2,000
80
Sept
85
63%
63%
10.000
61%
Sept
63%
86
87
2,000
86
Sept
88
62%
63%
34,000
55
May
69
21,000
42
Mar
49%
5,000
1,200
56
Mar
64
56
Mar
63%
Oct
Feb
Jan
1st 5s. 1931
»
-
-
Mar
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Oct. 2 to Oct. 8, both
inclusive, compiled from official sales lists:
•
Sales
Friday
American Gas
Week's Range
for
of Prices.
Week.
Price.
Low.
—.
-
Amer Railways,
American Stores
no
Insurance Co of N A
117"
100
Elec Storage Battery
..10
—
Keystone Telephone
Preferred..,
31
Apr
64%
Jan
22
20
Oct
64%
51%
Jan
Sept
2,182
2,938
37%
Feb
99
Feb
347
27%
Aug
37%
34
Aug
58%
141
Jan
Jan
4
Apr
40
15
8
335
8
Sept
29
50
29
Sept
35
Feb
Aug
22
Mar
June
65
Mar
11
10%
11%
4,080
63 %
63
63%
839
Jan
55%
Aug
51 %
60
Sept
69%
80
79
Apr
105
Apr
155
64
July
76
Jan
37%
31%
Aug
44
Oct
Aug
42%
Jan
36%
Jan
52%
Oct
25%
Jan
1,865
39%
110
66
66
70
Pennsylvania
50
Pennsylvania Salt Mfg. .50
80
80
*65%
65
57
13
37%
55%
38%
50
-...
9%
40% May
53
50
Northern Central
——.50
5,174
Oct
Jan
Jan
•
.50
42%
44
Philadelphia Co (Pitts)-.50
38%
38%
100
30% *32%
222
52%
52%
461
20%
21 ¥
5,229
29% May
50% July
20% Sept
25%
26%
4,976
25
Sept
26%
Oct
16%
19%
19,493
12%
July
28
Jan
49%
53
811
49%
Oct
63
Jan
95%
98
120
65
Feb
98
Pennsylvania
Pref (cumulative 6
%)
-
30%
50
Phila Insul Wire..—no par
Phila Electric of Pa..
"21%
25
Full paid receipts
...
"is%
Phila Rapid Transit. ___50
Philadelphia Traction
52%
50
Reading
50
Devel
Ton-Belmont
Tonopah Mining........1
Union Traction-.i.
50
25%
"36%
Preferred
Aug
Oct
3 1-16 Jan
Feb
2%
168
23
July
37
Jan
July
185
Jan
57
Jan
50
June
Oct
2
34%
49%
643
84%
Aug
108%
Jan
Feb
8%
Jan
11,990
100
.
8%
37
49%
88%
8%
8%
25
8
46
35
Jan
40
Feb
2
29
Aug
32
Jan
37
West Jersey & Sea Shore.50
pref
34%
86%
...
Warwick Iron & Steel... 10
York Railways,
1,205
1,559
Sept
1
163
32%
28
420 1 1-16
49%
United Gas Impt......_50
U S Steel Corporation.
1% 1 7-16
'
168
United Ccs of N J.....100
,
1%
1%
1%
1%6
1
29%
50
48
48
48%
64
64
64
62%
63%
91
91
2,000
85% May
70
70%
6.000
69
37
29%
29%
Oct
Bonds—
91.70 92.50
$7,600
89.80 Sept
100.00
Jan
4%s. 1927-42
87.40 89.74
27,800
84.20 May
91.90
Jan
3d Lib Loan 4%s...l928
4th Lib L'n 4%s. 1933-38
89.00 91.04
59,250
63,100
86.40May
94.60
Jan
82.30May
92.88
Jan
1922-23
96.20 96.74
94.70 May
99.34
Jan
2d Lib L'n.
Victory 4%s
87.50 89.80
s
Oct
99
Oct
99
198,000
58,000
49%
Sept
65
Jan
54
98
1,000
92% June
96%
1,000
95% June
102%
100%
Mar
Sept
100%
Mar
June
72%
76%
6 per cent notes...
M.
mm
W
Mi
J*
*»
Wash B & A 5s...... 1941
1,000
71%
71%
2,000
59
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Oct. 2 to Oct* 8, both inclusive,
compiled from official sales lists:
Sales
Friday
30
Jan
Par.
Stocks-
Week's Range
for
of Prices.
Week.
82%
100
92
91
92
2,050
90% Sept
110%
Jan
15%
15%
15%
4,183
15
Aug
17%
Mar
95%
Feb
pref.
Beaver
15
100
92%
92%
92%
65
i.„„«..(♦)
new...(*)
46%
45
46%
6%
152
40
Aug
58
375
Oct
17%
Oct
9
Sept
75
Jan
24%
Apr
.....
Board
Booth Fisheries,
—
6%
6%
17%
Briscoe, com.....___..(*)
io""
I)........_ — (*)
preferred.
100
Chi CAConRy pt sh com(*)
Preferred.....
(*)
Case (J
1st
%
Hartman
5
11%
7
mm
mmm
m
m »
m
36%
(»)
Piggly-Wiggly Stores Inc(*) "28"
67
Pub Serv of Nor 111, comlOO
100
-
"88"
com...__..(*)
Electric.50
■Stewart Mfg Co
(*)
Stewart Warner Sp, comlOO
Swift A Company.....100
Swift International
.15
75%
mm mm
m
117"
Jan
Jan
82
July
93%
Feb
79%
Sept
84
Oct
82%
Apr
76
Jan
4.000
68
67
72
Apr
65
June
Sales
Friday
Bait Electric
77
77
50
23
23%
"3%
1
_
_
2
36
1
15
Davison Chemical_.no
Oct,
,
300
2%
Feb
1%
Jan
10
36
Mar
968
105June
5
975
5
8
2,060
1 20
Oct
85
Feb
40
4%
2%
40
Houston Oil pref tr ctfs.
Hurst (JE) com...
3 40
Jan
9%
Jan
Aug
11
39
July
46
Jan
20
22
July
29
May
22%
22%
10
June
25
93%
94
84%
83%
85
Refining
656
20
92%
Sept
74% June
103%
89
1,010
3%
May
4%
38%
38%
10
32%
Feb
44%
35%
T ~
36
105
32
Mar
44
100
75
75%
15
67% May
93%
45
-
45
20
45
Apr
45
Aug
10%
7%
5
Jan
Apr
Mar
Jan
Apr
Mar
Aug
70
Jan
Aug
95
Jan
July
70
Jan
66
66%
161
60
Pennsyl Wat & Power..100
82%
81%
82%
481
74
Feb
84%
13%
12%
13%
860
11
Feb
15
15%
16
250
May
66
6%
United Rv & Elec....,..50
50
Jan
Aug
32
Apr
60
100
74
75
125
75
11%
12%
11%
5
100
May
Jan
9%
Jan
25
11
Aug
22
100
25
Aug
45%
Jan
1,050
14
Aug
44
Apr
104
100
100
Aug
118
Jan
10
2,790
17
17
31
14
14%
28
28%
36%
9%
25
220
40
570
28%
Jan
15%
35
Mar
Aug
41
Feb
43
July
39
39
125
39
30
625
28
Oct
559
65
169
180
Jan
Sept
65
67
182
Aug
Sept
88%
210
87%
22%
22%
109% 120
100
21
88
Aug
Feb
310
Mar
98%
Jan
May
109%
15,200
Jan
Aug
July
28
28
Mar
Oct
243
Apr
81
10,775
61
Feb
90
15
175
12
Aug
26%
30
150
30
Oct
30
32
4,670
27%
Aug
3,175
103%
Aug
3,995
28%
Aug
55
Jan
25
39%
54%
1%
Aug
Apr
49
Mar
74%
42
74
104% 106%
29
30%
40
63%
60
15,660
1%
14,200
17
175
13
Oct
Sept
30%
31
439
20
Feb
1%
13
May
25%
10%
70%
28%
3,405
11%
13%
1,480
75%
25
79%
95%
62%
70
40
40
37,000
5,000
61%
69%
26%
1930
.,
—
70
1927
40
5sl927
69%
Chicago Railways 5s. .1927
46
5s, Series "A"._
.1927
4s, Series "B".._. —1927
'm
Commonw Edison 5s.. 1943
Ogden Gas Co 5s. *—1945
Swift A Co lets fg 58.1944 "83%
Apr
50
Jan
Mar
50%
128
Apr
Jan
1%
Jan
Oct
31%
Apr
Sept
Sept
Sept
Aug
40
Mar
23%
Jan
81%
Apr
2,000
12,000
74% July
95%
Oct
60% May
82%
Mar
-
m
m
m
m
96%
72%
20%
Mar
Jan
Jan
Aug
Feb
34
Feb
42
June
Mar
17,000
57
May
70
44
46
8,000
42
Feb
46
37
37
1,000
31
May
37
Oct
78%
80
7,000
77
Aug
87
Feb
60
65
8,000
60
Oct
70
Mar
83%
83%
3,000
82%
Aug
92%
Oct
Jan
(*) No par value.
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Oct. 2 to Oct. 8, both in¬
clusive, compiled from official sales lists:
Sales
Par.
Stocks—
Week's Range
Sale.
of Prices.
Low.
High
Price.
Range since Jan. 1.
for
Week.
Shares.
High.
Low.
50
Feb
595
105
Sept
135
30
86
Sept
95
Sept
45
Jan
131
Feb
147
June
120
30
Aug
47
Apr
220
34
Aug
3% June
45
Apr]
Rolling Mill com..25
60
60
Mach 100
..100
Arkansas Nat Gas com.. 10
Bank of Pittsburgh. —..50
112
106
112
86
86
86
10%
10
11
3,925
140
140
1
Barnsdall Corp class a. .25
41
41
....25
33
38
Preferred
Class
b
—
140
Crucible Steel pref
/
225
3%
6%
7
1,839
4
,.100
Guffey-Glllespie Oil (no par)
Habishaw el Cable (no par)
Harb-Walk Refrac com 100
,
3%
100
20
93%
32
15^
90
93%
July
100
60
Consolidated Ice com...50
30
100
Wash Bait A AnnaD
96
125
74
95%
79
Co 4%s—1939
Debenture 7s
Jan
83
69
50
Jan
105
Aug
81
Bonds—
Armour A
Jan
145
31%
68
Central...
92
Aug
Aug
79
—25
Wrigley Jr, com
Carbo-Hydrogen Co pref.5
Carnegie Lead & Zinc
5
7%
31
Northern
Jan
125
Mt V-Wood Mills v t r.100
tr...
819
7%
4%
4
36
Aug
44
75%
27%
12%
20
—
Amer Wind Glass
36
»
......
Knitting Mills. (*)
Amer
24
93%
When Issued.
Western
Jan
Jan
45%
100
United Pap Board,
Apr
7%
par
May
130
7
Feb
Mar
61.
49
6,121
Feb
13%
125%
Jan
24
Elkhorn Coal Corp pref .50
v
'> Oct
23
45%
Cosden A Co pref........5
65
104% Sept
100
47
Friday
25
Consol Gas, E L & Pow.100
Consolidation Coal.
100
VTC.50
comlOO
Ward, Montgom'y, A Co—
United Iron Wks
Jan
10
........
Preferred B
Preferred
77
12
90
25
.
Credit
520
Last
Oct
25
Preferred
Indiahoma
3%
5
5
10
Cent Teresa Sugar..
Preferred
T20
101
7%
2,245
106%
16
1%
High.
Low.
67
50
3%
36
Range since Jan. 1.
for
5
2
prei-.___._5P
Sept
8
67
7%
65
106
Week.
Shares,
15
100
Celestine Oil..
Commercial
of Prices.
High.
67
..100
Baltimore Brick
Week's Range
Low.
67
Atlantic Petroleum.....10
Jan
—
Exchange.—Record of transactions at
Baltimore Stock Exchange^ Oct. 2 to Oct. 8,
both inclusive, compiled from official sales list^:
1st preferred........
"61%
Chicago City Ry 5s...
93
Baltimore Stock
Arundel Corporation
29%
Chic CltyACon Rys
Oct
1997
United Rys Invest 58.1926
67
106
CarbideACarbon. 10
Jan
July
79
..100
"31%
Rights A
Feb
Sept
79%
84
Alabama Co...
108
40
83
104%
93%
84
Last
Feb
Sept
Sept
30
Temtor Prod CAF
Apr
3,000
79
Sale.
Jan
215
100%
990
101% 102%
13
Shaw WW,
Apr
26,000
2,800
18,000
2,000
84
Price
20
May
180
*
-
100
100
Sears-Roebuck, com.:..100
—
Motor.......
Union
Oct
200
9%
m
*
Pick (Albert) A Co
—
12
30
104
pref (new) 100
Preferred
55
205
30%
""14%
National Leather....... 10
Reo
12
205
6%
..._......100
Quaker Oats Co
Oct
12
75
Mitchell Motor Co..—(*)
Inc..—1
People's G L A Coke.. .100
11% June
11% June
74
..
comlOO
Llbby, McNeil & Libby.10
Lindsay Light.....
10
Middle West Util, com. 100
Orpheum Circuit,
5
1% June
Jan
79
81
i.
100
Corporation.. 100
Nat Carbon,
100
Jan
Jan
%
6
925
Jan
Oct
85
688
5
7%
7%
..
Hart, Sch. A Marx,
Preferred
%
9
Mar
13%
■
1.
Chicago Title A Trust.. 100 205"
102%
Commonwealth Edison.100
7%
Continental Motors.....10
Cudahy Pack Co, com. 100
Diamond Match
100 "106"
47
Godschaux Sugar, com.(*)
Great Lakes D A D
50
%
Sept
6%
1,555
85
90%
575
11
85
"
Chicago Elev Ry, pref. 100
Chic Rys Part Ctf Ser
16
9%
.......
Sept
83%
82
Par.
Mar
85
85
2%
93%
1966
Stocks—
July
68
73
74%
100
PCC&StL 5s...... 1970
.
High.
Low.
Shares.
70
100%
93%
Reading gen 4s...
High.
Low.
Price.
73
16,500
1,000
81%
83
1966
Range since Jan 41.
Last
Sale.
1,000
3
82%
Pa & Md Steel cons 6s. 1925
Aug
Oct
Mar
96%
96
103% 104%
.1965
small
97
71%
3
4-68.^.1946
Penn RR 10-year 7s. .1930
do
Jan
96%
71%
.2003
Phila Electric 1st 5s
Jan
82
51.%
Registered 6s....1923
General 4 %s
82%
Oct
96%
Lehigh Valley coll 6s.. 1928
Consol 6s......... 1923
Natl Properties
Oct
70
98
54
Elec & Peop tr ctfs 4s_1945
_
68%
900
97
f 7s... 1945
General consol 4s.
52,800
1,000
70
small....2007
do
Bell Tel of Pa
70
70
Amer Gas & Elec 5s.._2007
Sept
91
small........1936
do
Standard Gas A
U 8 Lib Loan 3 %s. 1932-47
Oct
Jan
1949
...
Mid vale Steel & Ord
N orth
53
8
Corp..-.100
Lehigh Navigation
50
Jan
Aug
1936
Preferred
110
29
29
50
Lake Superior
Lehigh Valley
High.
27
40
50
.■*'
j
33
115% 126
28
28%
..-.100
J G Brill Co
Low.
Shares.
High.
50
par
Oct
62%
Funding 5s
Armour Leather........
20
20
pref—.100
Jan
Mar
108
June
Income 4s
Armour A Co,
32
100
-...
^
98% June
American Radiator ....100
Range since Jan. 1.
Last
Sale.
Par,
M,.
r..1949
at
Stock*—
Jan
Oct
9.5
77
.
96
83
—
96
95
"96"
Pond Creek Coal 6s._.1923
Seneca Copper 8s.....1925
84%
96
NYNH&H6S..—.1948
Oct
Jan
93
United Ry & E 4s.
99%
Jan
100%
1,000
Public Service Bldg 5s.
Mar
Sept
2,000
Jan
July
Jan
95%
96
June
11,000
Jan
July
Feb
81
80
.
Monon V Trac 5b___ —1942
69%
Jan
83
96
Md Electric Ry
93%
18,000
5,000
80
1951
N E Telephone 5s_...1932
74 %
96
80
Jan
80
5,000
1,000
69
80%
_
......
Aug
July
80
Jan
Jan
Jan
96
84%
July
Jan
95%
80
—
Macon Dub & Sav 5s. 1947 j*
150.
Oct
70
72% June
3,000
90%
56% May
94%
Oct
16,000
"86""
—
81
Aug
Feb
105
91
99%
July
72
105
—...
-W-—i
East Tenn Va <fc Ga 5s
Carson Hill Gold 7s. ..1923
Mass Gas 4%s_ ——1929
75
f—_
s
93.80
"*73%
Gt Nor-C B & Q 4S-.1921
"
7 per cent notes...
Consol Coal ref 5s
92.34
*
^
-
95
■
82.14 May
'
Atl G & W I SS L 5s.. 1959
-
M.
__
95.74 96.94
95.90 95.90
m
W
»
M
...
87.30 89.78
Victory 3%s.—.1922-23
Swift & Co 1st 5s
86
-.1954
89.50 91.20
mm
-Mt
Victory 4%s...a.1922-23
New River 5s
94%
87.50 89.80
2d Lib L'n 4 %s-1927-42
Miss Riv Power 5s
94%
82.04 May
89.04 90.04
3d Lib Loan 4%s__.1928
Amer Tel & Tel 6s
64
1,150
88.04 89.04
4%fl_ 1932-47
4th Lib L'n
100.00
82.04 May
150
89.04 89.04
2d Lib Loan 4s. .1927-42
1st Lib L'n
89.04 May
$7,150
Feb
90%
63
6 per cent notes
91.34 92.24
U 8 Lib Toan 3%s. 1932-47
90%
90%
5 per cent notes...
High.
Low.
High.
5,000
98
Oct
Oct
87%
87%
Consol G, EL&P 4%s.l935
Week.
of Prices.
Price.
High.
Low.
$5,000
87%
General 4%s.
Range since Jan.
for
Range since Jan. 1.
Week.
AtlCL (Conn) ctfs 5-20 4s'25
Bait & Ohio 6s..... 1929
Consolidated Gas 5S..1939
Sales
Friday
High.
Chicago Ry 1st 5s...,1927
City & Sub 1st 5s....1922
Boston Bond Record.—Transactions in bonds at Boston
Stock
Low.
Price.
•
for
of Piices.
Sale.
Bonds—
Sales
Week's Range
Last
Outside Stock
9%
64%
5
Jan
Jan
Jan
Aug
11%
Jan
3
June
4%
Mar
92
July-
100
3%
Jan
3,750
25% June
39
Jan
15%
200
17
Apr
90
100
14% June
89
Sept
119
Feb
32
50
1%
1%
1%
150
1%
Oct
5%
Apr
50
7%
7%
8
485
7
Oct
15%
Apr
..1
1%
2
8,815
1%
Jan
2%
Apr
Lone Star Gas
30
1%
29%
30
615
25
June
45%
Jan
Mfrs' Light & Heat
53%
52%
53%
440
48%
July
61%
Jan
4%
6,796
4
May
6%
Jan
800
12
Aug
38%
Indep Brewing com
Preferred
Kay County Gas
.....25
.50
Marland Petroleum
5
Middle States Oil
10
Nat Flreprooflng com—50
Preferred
50
4
4
16%
6%
16%
6%
275
13
13
13%
780
5%
11
Feb
July
9%
Apr
Aug
19%
Apr
1462
CHRONICLE
THE
Friday
Last
Week's Range
Sale.
Stocks (Concluded)
Par.
Ohio Fuel Oil
1
Low.
26
Range since Jan. 1.
Low.
264
21
Stocks
High.
(Concluded)?—
Ohio Fuel Supply
25
473*
47%
483*
531
44
Feb
553*
Apr
Oklahoma Nat Gas
25
32
31
32
598
293*
July
Mar
United Gas A Elec comrlOO
263*
27?*
500
26
Sept
5%
33*
9%
40
5
Oct
52?*
27?*
53*
8.3*
Refining
Paragon
25
Pitts Brewing com
5
50
com
3
50
Preferred
Pittsburgh Coal
9
3
9
—100
Pittsb-Jerome Copper
1
Pitts A Mt Shasta Corp...
Pittsb Oil A Gas
70
.
•
•
7c
1,500
2,000
10
1593*
113*
50
50
46
93*
100
59%
593*
220
83
U S Ship Corp.r.....
Aug
172
Apr
Aug
Ward
Jan
37?*
100
r
255
Feb
Jan
1183*
153*
753*
Mar
100
58
33
55
Sept
$1,000
Oct
New York "Curb" Market.—Below
14
8%
1%
1%
10%
17
2%
2
21,000
1
Aug
11%
6,000
9
34
34
150
32
Aug
June
303*
2%
....
"zo'%
64
»o 00 *
2,800
5%
585
5
Aug
Jan
First
Jan
1
Second
give
Oct
83
record of
the transactions in the outside security market from Oct. 2
to Oct. 8, both inclusive.
It covers the week ending Friday
we
2
760
8% *Oct
17
700
13*
Oct
such
reliability attaches
on the regularly
On the "Curb" any security may
meet there and make prices and
the "Curb"
on
organized stock exchanges.
be dealt in and any one can
no
as
to
those
have them included in the lists of those who make it
to furnish daily records of the transactions.
The
a
business
possibility
that fictitious transactions may creep in, or even that
dealings
in spurious se urities may be included, should,
hence, always
be kept in mind, particularly as regards
mining shares.
In
the circumstances, it is out of the question for
any one to
vouch for the absolute trustworthiness of this record of "Curb"
transactions, and
give it for what it
we
Friday
Week ending
Last
Oct, 8.
Sale.
Stocks—
Par.
Price.
may
be worth.
preferred.r
of Prices.
Low.
High.
C
2?*
Aetna Kxploalvee.rOno par)
Packers Jr.. (no par)
93*
23*
93*
9
9
Allied
Aluminum Mfrs.r
Preferred, t
American
Am
1100
for
Range since Jan. 1.
Week.
2,300
27
Jan
404
Feb
3%
5,100
3
Sept
34
Sept
1%
7,300
1?*
July
4?*
Jan
56
56
56
100
56
Oct
56
93
93
93
100
93
Oct
93
4
8,700
23*
Aug
5%
Jan
134
Aug
264
Jan
3%
35*
Low.
High.
100
15%
100
60
61%
200
60
51%
51%
51%
200
50
10%
9%
10%
2,400
1%
■;
1%
1%
700
22%
2,000
Sept
July
100
Jan
85
Jan
94
Oct
20
Apr
14
Oct
21%
21.
com r 100
19
13*
8,900
7
COO
83*
Jan
May
Sept
43*
Apr
11?*
July
36
Jan
213*
100
20
Feb
40
Jan
84
86
185
80
Aug
97
192
195
40
192
Oct
195
July
Sept
6
6
700
5
May
Preferred .r
100
Amer Chicle pref.r
100
80
Amer Writ Paper.com. 100
Armour Leather com.r_. 16
33*
<*
*.
~
m
~
Automatic Fuel S.r
~
55
Babcock & Wilcox.r... 100
Beaver Board Cos.com.r(t)
80
63
"64
Amer Water Wks <fc El. 100
64
33*
8
153*
54?*
105
105
33*
Feb
93*
700
33*
5
May
123*
Jan
15
Feb
18
Feb
'"■
400
1,200
453*
106
30
105
45
Sept,
61
June
Oct
106
Oct
44
Aug
57
Mar
94
Aug
108
80
July
91
July
July
31
30
31
600
28
Aug
33
June
15
20
700
15
Oct
68
Mar
5
5
200
5
Oct
93*
Jan
12%
13
2,000
123*
Oct
Jan
12%
6,600
12
283*
283*
15
-
,»
m
>
«•
12%
443*
18
14
25
400
18
Aug
39
July
41
400
36
Aug
11%
700
103*
July
52'*
113*
July
11%
Carbo-Hudrogen Co, com.5
13%
20%
39
preferred
100
Carburetor.r-_.-10
1%
1X
900
13*
Oct
23*
4
3%
Aug
Jan
Casa
10
73
"/3"
.6
2
Oil.f..............
2%
Aug
4
200
31
July
35
July
73
200
68
July
79
Sept
7%
%
%
1-16
1
1
2,000
IX
400
D;ivies(Wm.)Co.Inc.r-(t^
35%
35%
100
duPont deNem&Co comlOO
220
220
224
Debenture stock
100
Em plreTu be AS tee! (no par)
76
75
77
15%
144
15X
4,800
Farrell(Wm)&Soncom.r(t)
23
20
24
1,900
114
4%
Firestone T & Rub, com. 10
114
Gardner Motor Co (no par*
Garland Steamshlp.r...(t)
23
Gen Asphalt. com.r___100
51%
44
(no par)
214
3%
49
6
Goodyear T & Rub, pf.rlOO
Grape Ola Prod Corp com 1
72%
1%
1
2%
4%
July
X
Mav
4%
15%
3,800
5
Feb
15%
Oct
600
26
Aug
604
Jan
1,100
80
June
Libby.McNeill&Llbby.r 10
21%
1%
Jan
1
Jan
Oct
723*
1,300
73*
Oct
9
143*
Mar
33
33*
Aug
9
1,500
100
19
19
.20?*
4,600
10
1
114
Radio Corp of Amer.r.. (t)
Preferred-r
5
10
Republic Rubber.r (no par)
Reynolds (R J) Tob B r 25
Rockaway Roll Mills. r_(t)
Root & Vandev't, com. 100
Royal Bak Pow,com.r. 100
100
85c
24
July
Aug
Jan
Sept
Sept
Oct
Vulcan Oil.r
Oct
Alaska-Brit CoJ Metals.. 1
Alvarado Mln A Mill.r..20
Apr
America Mines
Arizona
Jan
Oct
Globe Copper
Extension..
1?* June
13*
May
73* June
Mar
Mar
1
Cash Boy Consol
1
Consol Virginia Silver.r..6
Emma
Silver
Sept
45
May
Apr
Devel.r
Goldfleld Merger.r
Gold
Zone Divide.r
Oct
116
Oct
Great Bend.r
50
81
Oct
82
Oct
4
Harmlll Dlvlde.r
Aug
7
June
1,600
100
3
Oct
4
Oct
117
June
150
Mar
400
9
Sept
40
800
1
Oct
10
Aug
23*
13,500
%
Aug
303*
1.200
283*
Aug
13*
3
1%
1%
2
12,700
3
4
3,000
18?*
19
6h
4
Oct
Jan
Aug
Jan
Mar
14 June
4
Mar
Jan
Oct
14
14
8,000
4
MMV
•24
Jan
2,knn
X
Oct
94
Jan
Apr
4
16
July
1
•50
,
Jan
Jan
July
%
13
1,700
Sept
% June
Oct
%
5-16 Oct
lc
May
Mar
Jan
Mar
Jan
%
9-16 101,000
43*c 54c
21.200
2r
June
2 3*c Aug
%
%
5-16
233*
8c
7%c
5
Heel a Mining
Honduras-Amer
1
64c
2%
25*
23*
28c
X
4%
1.795
19,900
31c
7,700
25,600
1
4
5
13,000
25c
30c
4 3* cJune
17*
Aug
Mar
52c
Sept
%
23*
34
Sept
July
Sept
4
Sept
1,400
3-16
13*
14,600
9-16
Feb
%
1 5-16
%
Feb
19''
1,400
3*
Julv
3*
Aug
7c
9c
20,600
10c
4%c
4c
6c
15.800
2c
Aug
1
%c
10,000
3*c
Aug
1
39c
45,200
lie
June
3c
10
%c
36c
•
40c
13*c
1 2c
%c
3c
28c
25c
4%
4%
4%
8ynd.r(t)
15%
15%
15%
200
3%
33*
3%
1,000
10c
__i
1
Jumbo Extension
1
Kerr Lake
%
15c'
Jan
Oct
2
Oct
Knox Dlvlde.r..
Oct
4
Oct
IlOc
Louisiana Consol
.1
„_i
3*c July
Oct
3,200
12c
15-16
15
25*
3-16
Jan
Sept
Aug
Sept
14c
2c~
16,400
10C
Aug
9c
17,700
4c
July
35*
6%C
16c
6c
5
59
5-16
2,715
Oct
7c
6.300
53,100
3?*
3
July
2c
6c
2c
7c
7 16
7 16
500
11,500
17,700
4.500
3*c
4o
7-16
May 1 1-16
%
20
7,600
%
250
Mar
4.400
1
%
July
8c
Jim
Kewanus.r
53*
4?*
61c
1
36,200
May
3c
30c
10
Howe Sound Co..
Iron Blossom.r.L.
Butler.r
83*c
100
3-16
1
Goldfleld
3,300
2,400
9-16
1%
Forty-Nine Mining.r
Jan
1
r
Gold field Consol'd r
134
653*
%
5-16
28c
I
El Salvador Silver Mln.r.l
53*
34
5.500
3*
Divide Extension
Jan
114
Jan
Apr
50
Tenn Ry, L & P, com.r. 100
Preferred .r
100
6?*
6
82
13*
13,400
13-16
64C
Sept
116
29
H
15%
223*
......
Silver.r
)
Cresson Con Gold MAM.l
Darwin Silver
1
1%
363*
81
30~
%
14%
"22%
1
Cortez
29
113
13*
11,500
%
1
Candalaria Silver.r
Carson Hill Gold.r
June
81
12
48,800
8,090
CalumetAJerome Copp.r.l
21
113
1
5*
15*
1
23%
Jan
Oct
Oct
July
Oct
11
%
%
5,5100
17
Mar
IX
11-16
13*
%
"1%
Aug
July
5-16
23%
Oct
6
11%
224
%
13*
1-16 June
Jan
26
10
Sept
600
10.000
7
30C
(t)
12
3.200
2%
5-16
39
500
c__(t)
700
5-16
16r
Sept
7
4
134
26,900
24
26
133*
Feb
18c
Oct
6
130
Aug
9
94
16c
July
54
26
3
80
10,000
30.200
17C
47
"26"
7
100
9%
133*
260.000
Aug
Oct
Feb
74
94
84%
50c
Sept
42
125
Aug
Aug
41c
Eureka Croesus Mln.r
4
14
5c
Eureka Holly
8
3.900
44c
r
Jan
129
23*
123*
1
Jan
Jan
£1
Aug
Boston A Montana Dev..5
Caledonia Mining
1
Apr
53
4%
4?*
May
54
Booth,
32
Aug
"42%
4%
44
6
3
1,200
1.100
5,220
56
24
734
854
1
r.
Oct
423*
57*
9%
Big Ledge Copper Co
Aug
85c
17
Apr
10 3*
47
Jan
Mining Stocks—
Sept
500
9%
5
White OH Corp.r.. (no par)
Jan
104
Mar
1
10
94
Aug
May
3*
23*
Oil.r
Oct
Apr
5 4
14
12%
Victoria
284
5
404
12%
United Tex Petrol.r
Jan
Oct
"2%
5
1
54
Aug
9%
Mar
37
Aug
1 5-16 Apr
May
17,900
303*
9-16 June
4
27,800
28
Sept
29 4
6c
Oct
84
800
83*c
Aug
Aug
1,200
7c
Aug
Jan
6 4
1,100
4c
10
4
%
7c
33*
10
Jan
July
18%
4%C
183*
Jan-
4c
30%
10c
47
53* June
224
190
5*
10c
443*
Sept
Aug
May
17
9%
10
300
1,400
Beieher-Dlvide.r
23*
34
104
128
Sept
29%
10
114
1?*
63*
84%
pref
200
1?*
7
%
2%
r
Oct
6,400
800
1,500
6%
Slmms Petroleum r(no par)
Prod.
Sept
5,700
2,300
6
Sinclair Con Oil,
Skelly OH Co r
Settled
.5
176
2'5*
23*
7
6
Oil
114
233*
%
3%
3%
3%
5%
6%
13*
93*
84 %
Savoy
10
100
15
Sapulpa Reflnlng.r
50
23*
900
11-16
17
t
7,100
Standard Parts com.r..100
Swift International.r
Onns'd
1
23*
Roy de France Toilet Prod 5
Sweets Co of Amer.r
Ryan
114
213*
5,500
4
65*
Salt Creek Producers.r..25
187
24
25
Oil.r..,
10
ProducersA Ref.r _o..-10
Red Rock Oil A Gas.r
114
21%
7c
6%
6c
...1
181
100
20
220
~7c~
1,300
Belcher
1?* Sep-
7
313*
1,400
19.300
5
30?*
1.500
152
9,300
14,000
May
305*
4%
14%
13%
2c
5
3 JO
Sept
%
7-16
8
1,100
July
40
384
%
%
500
5,5600
Jan
29
154
700
14c
4,400
53*
41
Aug
Oct
900
I He
7
15
May
100
19
1
9
53*
2
7%
44
39i*
__1
6
10
Feb
Silver_r
8
5%
38
Mines.r
Morris
12
May
Atlanta
Sept
Sept
Packard Mot Car.com.r.10
Peerless Truck & Mot. r. 50
25
50
Arizona
Mercer Motors.r..(no par)
7
May
Jan
17
2,309
Jan
11
Jan
23
54
174
77
Aug
17
Feb
52
Aug
Aug
20
Aug
52%
15
27
1,900
Sept
183*
100
200
4,000
Sept
1,700
4
Jan
8
4,400
45
12%
73*
Apr
13*
4'
10
4
Nat Mot Car & Veh.r.. (t)
Nor Am Pulp & Paper..(t)
3%
2,700
12
(Philip) Co Ltd..10
2?*
40
3,300
45
w
5 3*
4
12
Maxwell-Chalmers Awl
293*
130
Jan
1
"45
Lincoln Mot Co cl A.r..50
Lucey Mfg. class A.r...50
Sept
Sept
June
40
3,700
1,400
Jan
34
100
1%
Jan
July
100
2,500
11%
23
1%
Jbd
Oct
2,400
10%
21%
1
6
2%
700
Mar
Oct
72%
1%
4%
Noble Oil A Gas
Spencer Petroleum Corp. 10
An..
Jan
8
30
148
10
Tex-Ken OH Corp.r
Texon OH A Land.r
Sept
9
14%
Texas-Ranger Prod A Ref 1
3?*
403*
25%
1
Mar
700
7%
Oil.r
Oil.r
Sept
15,700
23%
3%
8%
4%
10
Sept
4?*
148
18
50
4
170
Oct
Oct
May
4
CorD.r
Refining.r
Jan
24
120
38%
Refining.r
Jan
Apr
3-16
7%
18%
122
33*
16
394
5%
30
Marland OIL...
Apr
4%
40
Lone Star Gas.r.......25
Jan
Jan
500
44
Manhattan Oil.r..(no par)
May
Jan
15%
16?*
16
5%
1%
6
25?* June
120
Feb
3,500
3
15%
16
54
52%
40
15%
May
H
125
Petrol.r.1
1
2.400
3-16
Oil.r
Aug
Aue
2
122
Internat
20
107
300
2,400
Imperial
Oct
Oct
4,700
78
9
32
2%
153*
213*
8
228
Mar
4
2
1%
8%
124
Julv
75
7%
Internat Products com r(f)
600
Oct
Oct
73*
700
24%
Indian Packing Corp.r.(t)
Intercontinental Rubb.100
75
23
Hercules Pa per. r.. (no par)
Heyden Chemical _r (no par)
Imp Tob of G B & I.r
£1
220
70
115
Greenf Tap & D, com.r.25
Hare's Motors, Inc.r..(*)
40
121
Aug
Mar
Sept
Crude Chemical, com.r...
13*
14
114
74
303*
"'"%
Livingston Petroleum.r
Oct
Aug
254
Aug
Federal Tel & Tel
2
8%
31%
Jan
%
64
4,300
93
10
Jan
700
Sept
14
394
9,000
90
14
.100
Midwest-Texas
Aug
7,900
28
Explor.r(t)
6%
Jan
Sept
2%
26
Maracalbo OH
14
3
1-16
%
1
Aug
1,500
8%
2%
13%
Preferred.
July
104
18,700
%
8%
%
Glenrock Oil.r
4
4
5,500
2%
Guffey-Glllesple Oil.r..(t)
11,900
22,500
10%
1
Grenada OH Corp cl A.r. 10
Aug
9%
%
Preferred.r
64
1%
..5
Fensland Oil
(no par)
Giililand Oll.com.r.(no par)
14
600
7%
%
1%
...10
Petrol.r
100
28%
18
50
May
2
34
27%
40
Aug
Jan
28%
200
Aue
Jan
Mar
Paragon Reflnlng.r
200
%
7M
14
63
Pennok
21%
8
73*
Apr
Aug
Sept
48
31
4
Jan
20%
7%
1X
29
Aug
1?*
9
12,400
Jan
Jan
45%
Oct
Apr
90
Jan
7%
90
26
July
"203*
Aug
Aug
14?*
10
Jan
71
Apr
June
44 4
91
r_(t)
45
2
6
National
Aug
24,700
7%
.......
Oil.r
Merrltt Oil
9
33
Petroleum.r
Midwest
15-16
72
Cosden A Co com.r.....5
Marland
34
Oct
21.200
2
Mar
8
Sept
June
Aug
.
250
% 1 1-16
105*
134
1
12
Preferred.r
Basin
73
2%
Oil.r..1
Central Petroleum com.r..
Dunn
11%
Oct
1
1?*
6
Aug
t
Oil.r
Boston-Wvomlng
55,500
1,400
18c
2,250
22c
2
June
»
10
Carib Syndicate n< w.r
500
1%
18c
59
1»4
Submarine Boat
Arkansas Nat Gas.r
1%
%%
21c
Atlantic Gulf OH Corp.100
Boone
1
..1
300
33*
Stanwood Rubber.r
10
Oil.r
Allied Oil.r
200
293*
Singer Mfg Ltd.r..
Singer Mfg.r
AJax Oil class A.r
Allen
8
2,100
Preferred.r
Other Oil Stocks
65
6,800
344
Aug
8
9,000
Car.r
Aug
65
4
Reo Motor
Aug
343
8
9%
r
300
610
_r.
65
34%
Perfection T A R.r
10
373
(Calif)
Sept
8%
"T
Cities Serv Bankers «hs r(t)
Cleveland Auto Co. new(t)
Phelps Dodge Corp
314
370
Oil
North American Oil.r
5
Panhandle Pr A Ref com(t)
I
Preierred
100
Oct
34 %
Chicago Nipple Mfgcl A 10
Procter & Gamble com
314
Standard
Hudson Oil.r
75
Brit Empire Steel.com 100
Class B
100
Standard Oil of N Y.r.100
Hercules Petroleum.r
Oct
65
Kay County Gas.r
260
July
200
Preferred
10
July
963*
£1
r
268
69
84
ord....£1
Goldwyn Picture
268
90
Oct
96
mm*-*.
Brier Hill Steel--.(no par)
Brlsco Mot Corp com.r. (t)
Conley Tin Foil
May
100
Aug
823*
Continental Motors.r
195
July
3.3*
Oct
Aug
10
75
96
Car Ltg & Power.r
44
222
58
83%
Ordinary bearer
10
222
75
100
Brltish-Amer Chem.r-.-10
Brit-Amer Tob.
46
100
125
400
15?*
55?*
113*
100
com.r
Preferred.r
7%
24.450
1?*
May
46
Prairie Pipe Line.r
Engineers Petrol Co_r__.l
86
63*
Oct
Subsldiariea
Anglo-Arner Oil.r......£1
Galena-Signal Oil
Federal Oil...
193
213*
Oct
Former Standard Oil
Elk
Shares.
100
Candy Co.com(no par)
Buiek
9
Jan
Feb
Rights.
Dominion
100
...
Brass.r
Borden Co
23*
103*
Jan
19
55
30?*
Esmeralda Oil A Gas.r
1
ml.r
34
Oct
1%
Cusblng Petr Corp com r_6
Industrial & Miscell.
Icuit
Oct
Oct
2%
3
15%
preferred.r.. 100
Denn.v Oil.r..
Sales
Week'8 Range
Sept
IX
South Perm Oil.r
It should be understood that
Jan
54
Oct
3%
Union Carbide & Carbon..
a
afternoon.
to transactions
78
Sept
%
Mar
73*
New Jersey Zinc.r
i
1,500
Willys Corp com. r. (no par)
Bonds—
Central District Teleg
2
Wayne Coal..__*.....__5
1073*
Oct
%
10
Baking com.r—100
Preferred
5
„—
(J 8 Steamship
Low.
60
1
United Profit Sharing..25c
!Jo Retail St's Candy.r.(t)
Jan
Mar
Range since Jan. 1.
Shares.
5
100
nreferred.r.,100
Jan
18
High.
60
preferred.r
U S Distributing com.r.50
U 8 High 8p Steel A Tool(t)
Jan
100
59%
83
Apr
Sept
84?* Aug
Oct
99%
45% May
260
93*
Apr
53c
252
30
Second
May
93*
10
873*
993* 101
46
473*
100?*
West'house Elec A Mfg.50
West Penn Tr A W P.. 100
252
873*
-
First
Oct
25c
Aug
149
320
113*
Oct
18?*
72
July
11
252
100
Oct
30c
12 X
155
113*
Oct
4c
40c
Mar
343*
Mar
513*
7c
r
100
Preferred
3
9
50
12%
-»
Transcontin'l Oil..(no par)
Union National Bank.. 100
US Steel Corp com
West'house Air Brake
685
755
70
40c
1*
100
Pittsb Plate Glass
~
,
Aug
Low.
for
Week.
of Prices
Price.
Union Carbide A Carb.r(f)
Union Shipyards.r
5
Pittsb A Alleg Teleph._100
Week's Range
Sale.
Shares.
26
Sales
Last
Week.
High.
25
Friday
for
of Prices.
Price.
[Vol. 111.
Sales
July
Aug
Jan
Sept
Jan
Sales
Friday
Last
Week's Range
of Prices.
Low.
High.
Week.
Price.
X
400
1
1%
Oct
%
900
74c
Jan
78c
Jan
13c
4,000
10c
Sept
15c
Sept
514
3,090
178
165
9
175
4%cMar
3,600
8%
300
Oct
175
8%
5
Prince Consol
2
Vs.
5 16
X
7,100
Ray Verde Copper
1
1 5 16
1 1 16
IX
37,300
5%c
6c
3-16
12,800
5c
22,300
1-16 Mar
6c
1
13 16
X
13 16
3-32
%
%
%
4,600
Apr
12%
1%
Aug
May
Nlplsslng Mines
Ophir Silver Mines.r
Mln
75
80
Assoc
(Brooklyn).
100
110
210
220
Surety._
198
203
U S Casualty-
160
160
55
62
US Title Guar
75
85
75
85
150
160
City Investing
9
1
120
Bond..
65
76c
5X
176
Zlnc.r
Ask
110
Mtge
Alliance R'lty
Amer
76c
1
Preferred
Jan
Feb
—
Nat
Title
Y
N
1 3-16
A
Mortgage.
Title A M G
Jan
Quotations for Sundry Securities
%
All bond prices are
1
1
l%c
lc
4c
10,600
lc
Oct
14c
Cons'd.
r—1
4%c
4c
6c
16,800
2c
Jan
30c
Mar
Simon Silver A Lead
1
Silver
Pick
Standard Silver-Lead
United Eastern
IX
1 13-16
IVs
1
IV
Mining. _1
2 5-16
Tonopab Mining.r._
10c
8e~
5
__
IV
West End Con so I'd
8c
9%
8Xc
7c
1 3 16
1 1 16
Aug
Sept
Sept
8%
Jan
Jan
Jar
%
19c
Jan
2%cSept
7c
Jan
HeJune
7c
JaD
3%
Jan
JaB
3-16
Sept
10b
26,000
2,145
18,450
1 3-16
Aug
1
4,400
1
4,195
2%
3%
4%
Aug
11c
May
7
1,400
14,500
2 15-16
July
6c
17.000
4%
Aug
1 5-16 June
2,810
Jan
Jan
Apr
Sept
10
Apr
Jan
4%cjuly
29c
1
11,300
2 7-16 Jan
Aug
Jan
l%c
lc
lMc
11,000
lc
May
3c
J an
7c
8c
20,100
6c
Aug
20c
A pr
5c
4c
4%c
}
14.409
12c
Aug
3o
Mar
$
Bonds-
Sept
92%
Auc
97%
Jan
91 X
June
96%
Jan
50%
95% 358,000
92 X
37,000
91
93
50,000
87% June
99 X
99%
30,000
98
Aug
96%
Aug
101%
Jan
68
94%
92 %
92
Anaconda Cop Mln 6s.r '29
Anglo-Amer Oil 7%s v.'25
66
Amer Tel A Tel 6e.r—1922
1924
6% notes.r
Armour A Co 7% notes r'30
95%
94X
95%
04%
7s__-1935
94%
94
94% 445,000
94
Oct
43
41
44
27,000
123,000
36
54,000
82
98%
101
Oct
Beth Steel equip
1921
Boone Oil 6s
99% 100%
Canadian Nat Rys 7s. 1933
C C C A St L Ry fis
r
Jan
98%
300,000
59%
94X
Allied Pack conv deb6s r'39
90
88%
1929
80,000
44
Aug
100%
Sepi
99%
Jan
Mar
Oct
Oct
90
Apr
Oct
Duquesne Light fis. __ 1949
Empire Gas A Fuel 6s.r.'24
fis.r
—1926
87
85 X
87%
65,000
87%
Oct
87%
Oct
85
84
85%
35.509
84
Oct
85
Oct
95
94
95%
52.000
94
Oct
95%
Oct
French Govt 4s_r
49
47 X
49
30.000
45
Sept
62
June
59%
20.000
56
Sept
77
91
41.000
July
Apr
___
—
_____
_
59 X
French Govt 5s..r__
Goodrich (BF) Co 7s. 1925
"90%
90
100%
Interboro R T 7s. r.—1921
70%
99%
93
92%
93
11.000
90
98
98%
41,000
96%
83
Kennecott Copper
7sr .1930
Morriss A Co 7%s.r— 1930
"82%
N Y N H A Hart 4s.r 1922
101%
Oct
Oct
98%
Sept
98
21,000
97%
96
96
96%
37,000
95
95
94%
96%
45,000
96
94%
95%
35.000
25
—1921
25
Sept
Sept
96%
95%
Sept
96% June
96
23,000
94
4,000
93%
Sept
94%
25%
22
Sept
39
Feb
Sr.pt
38
Feb
25
23
64
V
12,500
58
100
100% 219.0P0
100
92% 127,000
91%
64
Sept
53
240,000
61
'25
Solvay A Cle 8s. r
192?
Southern Ry 6% notes 1922
22
12,000
Qg
Aug
86%
100
Oct
100%
100% 100 000
100%
July
Oct
Apr
Oct
Oct
92
Aug
94%
94
95%
38.000
90
Aug
97%
97
97% 155,000
97
Oct
97%
Oct
1923
98%
99
25.000
97% June
99%
May
97%
99
40,000
96%
Aug
99
Oct
Union Tank Car eq 7s. 1930
Western Elee conv 7s r '25
98%
98%
15,000
06 %
July
99 %
Apr
Virginia 3%s.r.l939
78 X
79% 100,000
78 X
Oct
79%
Oct
Southwestern Bell Tel 7s '25
Swift A Co 78
1925
—
—
Texas Co 7% notes.r
West
97
Jan
Municipal Bond*
14X
Sept
28
June
17%
40,000
15
16
10,000
15
18
20,000
16
Oct
16
10,000
16
Oct
5
25,000
5
Oct
9
4%
Munich 5s.r
16% 340,000
5
;
Oct
16
4%s-r
Leipzig 4s
Sept
17
18
4%s.r
10
65,000
16
4s.r__
Sept
52,000
18
16
Frankfort 4s.r
15%
18
17%
18
18
15
15%
4%
10.000
4 X
Oct
7%
4s.r_
4%s.r
♦Odd
lots,
Exchange
r
f No
this week,
Unlisted,
w
When
t Listed as a prospect.
value,
par
4,000
where additional transactions will be
Issued,
z Ex-dlvidend.
y Ex-rlghts.
J Dollars per 1,000 lire, flat,
Sept
Sept
—
Banks—N Y
Bid
205
212
Exch..
260
Amer
_J
Bid
200
Ask
215
Trust Co*8
Bid
Ask
New York
American
270
Irving Nat of
220
228
Bankers Trust
350
358
200*
Liberty
370
380
Central Union
365
375
Manhattan ♦
205
212
Columbia
310
320
Mecb A Met
315
322
Commercial.
150
Empire
300
NY.,...
215
Atlantic
j
Industrial*.
Battery Park.
190
Bowery*
450
Broadway Cen
150
Boro*.
105
125
Mutual*
490
145
155
Nat American
145
155
Equitable Tr.
290
2*9*8"
Bronx Nat-_,
185
195
Farm L A Tr.
375
385
140
150
Fidelity Infer
200
210
470
480
Fulton
265
275
Guaranty Tr
340
350
495
Hudson
155
165
300
320
Law Tit A Tr
130
140
Bronx
160"
Park*
145
155
New
Neth*.
Butch A Drov
35
39
New
York Co
Bryant
Cent Mercan-
195
205
jNew
Chase
380
395
Pacific *
160
Chat A Phen.
265
273
Park
485
Chelsea Exch*
140
150
Public
York
;
550
560
Republic*.—
Trust
150
305
315
Seaboard
620
6*50"
Mercantile Tr
Coal A Iron..
250
260
Second
450
460
Metropolitan.
250
State*
195
205
160
160
325
City
Mutual (West¬
Chemical
350
Colonial*
Columbia*.
Commerce
Comm'l
170
180
225
__
230
Lincoln
Tradesmen's*
23d Ward*.__
chester)
200
220
Union Exch—
Ex*.
175
...
105
2*6*0"
125
N Y Life Ins.
185
A
Trust.
__
550
590
United States*
Common¬
225
210
wealth*
Continental
'
__
175
185
N Y Trust.
H'ta*__
350
425
Title Gu & Tr
305
315
U S Mtg A Tr
395
405
States
810
Wash
Yorkville*
130
—
375
425
United
Corn Exch*__
335
3*4*5
Cosmop'tan*.
Cuba (Bk of).
110
120
190
Coney Island*
140
155
First.
205
215
Brooklyn
__
830
Brooklyn
180
Tr
485
500
270
170
900
925"
Green point—
160
180
Hamilton
260
Fifth Avenue*
150
165
Hillside*
110
120
Kings County
630
660
Manufacturers
195
205
People's—
275
29Q
First
900
925
Homesteads-
80
100
Garfield
225
235
Mechanics'*—
85
92
Gotham
190
205
Montauk*
85
95
Greenwich *__
250
Hanover
800
820
Harriman
340
355
Imp A Trad._
500
515
Ridgewood—
*
Banks marked
210
220
North Side*—
195
205
People's
150
160
200
banks.
Ex-<iivldend.
t Sale at auction or at Stock Exchange
with (*) are State
I New stock,
x
7.00
7.37
6.75
7.40
6.50
Chicago R I & Pac
8.25
7.25
8.25
7.25
8 37
7.25
8.50
7.50
8.50
7.50
8.20
7.12
165
Equipment 5s..
Erie
31
Equipment 4%s—
Hocking Valley 4%s
180
101
Equipment 5s
52
410
y
Ex-rights.
7.50
8.20
7.00
8.20
7.00
4%s, 5s, 7s.
7.25
6.60
West4%8—.
Norfolk & Western 4%s
Northern Pacific 7s.
—
8.12
7.12
Pacific Fruit Express 7s—
6.90
I
—
Equipment 4%s
New York Cent
■
N Y Ontario &
105%
375
425
,
6.50
6.50
7.50
6.50
98
St Louis Iron Mt
A Sou 5s._
8.50
7.50
Francisco 5s.
8.50
7.25
Seaboard Air Line 5s
8.25
7.25
Equipment 4%s—
Pacific Co 4%s, 7s~
Southern Railway 4%s
8.25
7.25
7.37
6.50
7,75
7.00
7.75
7.00
7.10
6.50
St Louis & San
353
35
100
Southern
340
1
151
Equipment 5s
Ohio Central 4s.
Union Pacific 7s
143
preferred
Western Power Corp
Preferred
107
126
Foil (new)...no par
Johnson Tin Foil A Met. 100
MacAndrews & Forbes.-100
preferred
————100
*21
23
100
105
110
120
82
88
25
♦84
90
*40%
43
65
49
77
150
*11
13
13
*11
Conley
—
225
Reynolds (R J) Tobacco.
77
B common
70
25
100
Preferred
stock
Young (J S) Co
100
Short Term Securities—Pe
Am Cot Oil 6s 1924..M&S2
Amer Tel & Tel 6s 1924. F&A
6% notes 1922..
AAO
Amer Tobacco 7s 1920.MAN
7% notes 1921
MAN
7% notes 1922
MAN
7% notes 1923
MAN
Anaconda Cop Mln '29.JAJ
Anglo Amer Oil 7 %s '25 AAO
Arm'rACo7sJuly 15'30 JAJ15
Beth St 7s July 15 '22.JAJ15
i
7% notes July 15 *23 JAJ 15
Canadian Pac 6s 1924. MAS2
Federal Sug Rfg 6s 1924 MAN
Goodrich (B F) Co 7s '25 aAO
Hocking Valley 6s 1924M&S
Interboro R T 7s 1921 MAS
K C Term Ry 4%s 1921-JAJ
6s Nov 15 1923—MAN15
Laclede Gas 7s Jan 1929 FA A
Lehigh Pow 8ec 6g 1927. FA A
208
92
94
88
90
90
95
200
340
*23
375
80
400
50
60
45
80
55
33
410
93
90
38^
114
84
60
69
10
20
28
302
66
11
*19*
98% 100
130
140
75
100
35
74
30
85
Preferred
■
Cent
92
93
92%
9284
9434' 95%
99% 100%
99% 100
99%!
99% 9984
92
93%
9934
9584
9784
98
96%
97
94
94%
9212
94
90%
91
91%
71
73
93
96
93
95
96
92
95
68
9784
69%
98%
98%
86
88
LlggettAMyersTob6s'21 JAD
Penn Co 4%s 1921 —-JAD15
Pub Ser Corp N J 7s '22. MAS
Reyn (R J) Tob 6s '22. FA A
9734
9634
97%
87
89
95%
9734
9534
98%
9838
98%
10%
12l2
'29-FAa
Southern Ry 6s 1922—MAS
Swllt A Co 6s 1921—FAA15
Texas Co 7s 1923
MAS
U 8 Rubber 7%s 1930..FAA
Utah Sec Corp 6s *22-MAS 15
West Elec conv 7s 1925.AAO
48
74%
7
29
33
76
75
67
,78
60%
Industrial
40
78
6
42
72
43
82
9
46
76
SIoss Sbeff 8 A I fis
100
15
American
American Chicle com.no par
Brass
100
100
Preferred
37
79
American Hardware
77
194
190
z38%
39%
62
65
135
138
37
41
82
86
96
100
Havana Tobacco Co
Company
82
84
100
Preferred
95i2
100
Borden Company com
12
3%
98«4
Typefounders com. 100
Preferred
100
70
80
98
84
82
Amer
9
25
57
21
61
9734
and Miscellaneous
75%
33
53
150
155
1%
10U
1%
100
32
1st g 5s June 1
4
8
1922. JAD
/45
55
Preferred
86
_
96
Intercontlnen Rubb com. 100
10%
16
International Salt—
100
66
1?8
International Silver pref. 100
*88
4
Lehigh Valley Coal Sales.
11%
65
IA AO
36
1st gold 5s
1951
50
Royal Baking Pow com—100
Preferred
23
64
Singer Manufacturing
Singer Mfg Ltd
d Purchaser also pays
z
72
140
Preferred
100*
129
100
100
Amer Machine & Fdry—100
British Amer Tobac ord_.£1
Brit Amer Tobac, bearer.£l
American Cigar common.
60
Ask.
Bid.
Par
100
Nominal,
are.
Stocks—Per Sh
Tobacco
6.85
7.37
Virginian Ry 6s
77
Celluloid
ft Basis,
6.85
—
56
100
100
100
100
8.10
Toledo A
16
100
6.50
7.26
118
175
6.50
7.25
Equipment 4s.
Reading Co 4%s
70
202
6.50
7.15
[Pennsylvania RR 4%s
70
100
Preferred
7.50
i
106
14
Light...100
United Lt & Rys 00m
n
7.50
8.60
Mobile & Ohio 5s
635
_
/Flat price,
6.75
6.75
8.50
Missouri Pacific 5s
1
440
100
28
-om__100
84
Preferred
100
90
Standard Gas A El (L el)
50 *
Preferred
50 *34
Tennessee Ry L A P com. 100
1%
share,
7.35
J Missouri Kansas & Texas 5s.
390
South Calif Edison
Per
6.50
7.35
—
4%s
Equipment 5s & 7s
535
112
82
Amer Power & Lt com.—lOOi
45
preferred
100
66
Amer Public Utilities com 100
preferred
100,
16
Carolina Pow& Light com 100'
25
Cities Service Co com... 100 300
Preferred
100,
65
Colorado Power com.—.100
9
Preferred
100
85
Com'w'th Pow Ry A Lt—100
16
1st
7.35
Equipment 6s
Minn St P & S S M
67
*36
Puget Sd Pow A
Preferred
6.50
123
Lt & Trac com
100
Preterred ——————100,
100
Elec Bond & Share pref. .100
Federal Light & Traction 100
Preferred.-.---100
Great West Pow 5s 1946.J&J
Mississippi Rlv Pow com. 100
Preferred
100
First Mtge 58 1951.—JAJ
Northern Ohio Elec Corp.(f)
Preferred
100
North'n States Pow com. 100
Preferred
100
North Texas Elec Co com 100
Pret erred
100
Pacific Gas & Elec 1st pref 100
7.40 6.50
7.35
272
710
7.00
8.25
4%s_
5s—
Michigan Central 5s
317
6.50
7.40
Equipment 4% 8—
Loulsvllie & NashviUe
Amer
Preferred
—
Kanawha & Michigan
n60
50
———_
8.20 7.12
7.4o 6.50
.—
225
*93
Pre!erred
—
555
48
A Elec com.— 50
5s_
Illinois Central 5s
303
Nemours
—-100 220
100 z75
Preferred
5s
Colorado & Southern
17
stock
100
Iron com. 100
-100
Hercules Powder com—.100
Preferred
100
Nlles Bement Pond com. 100
preferred
—.100
Phelps Dodge Corp
100
Scovill Manufacturing—100
Thomas Iron
______
50
Winchester Co com
100
1st preferred
100,
2d preferred
100
Woodward Iron
100
4%s_^.—
94
Fire Arms
Steel
8.50 7.50
Chic St Louis & N
—
*
Is week.
8.00
OSs
Chicago A N W 4%s
Pre! erred
Brooklyn
East River
_____
7.50
125
Republic Ry & Light
Fifth
Nassau
7.50
8.50
PubHc Utl'ltles
dollars per share.
Banks
Ask
America*—.
7 00
8.50
Equipment 5s
Chicago & Eastern 111 5%s..
Chic Ind A Louisv 4%s
Forgings.100 100
Carbon Steel common. __ 100
65
1st preferred
100
90
2d preferred...
100
55
25
7.00
8.00 7.00
—
90
Canada Fdys A
Empire Steel A
Preferred
Banks and Trust Companies.
All prices
Georgia 4%s—_
310
Preferred
Amer Gas
New York City
6.75
8.00
8.00; 7.00
Chicago A Alton 4%s
Co common. 50X270
50 *
Bliss (E W)
Eastern
k Correction.
7.50
I
Petroleum
Midwest Refining
Ordnance Stocks—Per Share
Aetna Explosives pref—1001
75
Atlas Powder common.—100
135
Preferred
100 z75
Babcock A Wilcox
—100 104
July
I Listed on the Stock
found. 0 New stock,
2 Ex-stock dividend.
6.70
95
25 *97
100 320
60*149
Magnolia
June
July
7.37
Stocks
Other OH
Imperial Oil
June
June
6.70
46
—
27
28% June
27% July
28
July
6.70
7.37
Equipment 5s
123
86
160
*90
el6
*30
170
98
Ohio Oil Co
25*299
Penn Mex Fuel Co—— 25 *49
Prairie Oil & Gas—
100 545
Prairie Pipe Line..
100, 220
Solar Refining.
100, 390
Southern Pipe Line Co.. 100; 119
South Penn Oil
100: 268
Southwest Pa Pipe Lines. 100]
63
Standard Oil (California). 100 314
Standard Oil (Indiana)-100 700
Standard Oil (Kansas) —100 515
Standard OH (Kentucky) 100 380
Standard OH (Nebraska). 100 430
Standard Oil of New Jer.100! 620
Preferred
100 105
Standard Oil of New Y'k.100, 370
Standard OH (Ohio)
100; 400
Preferred
—100. 104
Swan & Finch
—-100;
60
Union Tank Car Co
100; 110
Preferred
—— 100,
96
Vacuum Oil------100 348
Washington Oil
10 *30
31
27% June
7.37
Equipment 4s
Equipment 6s
Canadian Pacific 4%s & 6s.
Carol Clinchfleld A Ohio 5s.
Chesapeake & Ohio
144
—-100:
Illinois Pipe Line..—100;
Indiana Pipe Line Co.___ 60,
International Petroleum. __j
National Transit Co.—12.50,
New York Transit Co—100.
Northern Pipe Line Co. .100;
28
*
Buff Roch & Pittsburgh 4%s
Central of
32
Preferred new
June
18
r
4s.r.
Hamburg
—
7.25
8.15
—
8.00
138
118
com.—1001 43
—100j 90
Galena Signal Oil
Debenture
16%
Bremen 4s
26
Oct
15
10.000
91
220
115
—
& Co common
15
110
425
105
*29
new
Preferred old
1125
100
100
100:
Crescent Pipe Line Co— 50:
Cumberland Pipe Line—100
Eureka Pipe Line Co
100;
Preferred
June
15
Greater Berlin 4s_________
Vienna
28
Sept
13%
15% 285,000
22%
105
Continental Oil
duPont (E I) de
Marks
14%
4s.r.
Dresden
£1 *21 %
Atlantic Refining
1001050
Preferred
100 108
Borne Scrymser Co
100! 410
Buckeye Pipe Line Co___ 50 *89
Chesebrough Mfg new.i—100 200
Mfg
(Dollar* per 1,000 Marls)
Berlin
Bid.
Par'
Anglo American Oil new.
Colt's Patent
German Go«ernment and
Ask.
Basfs.l
Equipments—Per Ct
Baltimore A Ohio 4%s.__
Per share
Standard Oil Stocks
Oct
93%
90%
100
Seaboard Air Line 6s
—
93%
Oct
22
Russian Govt 6Hs.r_.1919
r.
97% June
94
"94"
SlncIalrConOlI 7 % a
Septi
94%
Pan-Amer Petrol A Tr 7s'20
——
83
Aug
Sept
97%
.1925
5%s.r
Jan
Aug
Sept
69%
100%
7s.r__
98%
98%
May
Sept
100%
97%
7s.r
Jan
97,000
1924
7s.r___
Oct
101% 970.000
81%
-_.___.1922
1923
7s_r
76
Aug
5614
105.000
100%
Norway. Kingd of. 8s r '40
Ohio Cities Gas 7s.r_.1921
100%
Oct
Grand Trunk Ry 7s._. 1940
72
99
Aug
90
100% 575.000
99 X
RR.
1 9-16 June
7%c
White Caps Exten
10'*
White Caps Mining.—.10c
Mining
3%
7c
9
__1
Unity Gold Mines
Victory Divide.r
1 15-16
1%
IX
IX
1%
2X
7%c
U 8 Continental Mlnes.r.l
3c
IX
1 9-16
11-16
1
1.800
15,400
%c
In
_1
Tonopah Belmont Dev. —1
Tonopab Divide.r__
1
Tonopab Extension
1
X
19,000
5c
4c
1%
June
4
600
15c
12c
'iVfo
1
%
6,300
1,050
5X
3-16
H
3 16
1
Mining
Sutherland Divide.r
Wllbert
1
5X
,_1
Stewart.r
Success
1
1
5%
So Am Gold & Plat.r_._10
1%
14
"f.*'
"and Interest" except where marked
Jan
1
West A Bronx
125
115
.
•
Sept
12c
Aug
Silver King Divide,
r
Realty
1 3-16 Jan
Aug
11-16 Sept
Roper Group Mining
St Croix Silver
1
Ask
Bid
Bid
Lawyers Mtge
72
Ask
Surety.
Bond A M G.
"1%
\
Murray-Mag M. Ltd
Nabob Consolidated
Rex Consolidated
Sept
6%cMay
75
67
Bid
11c
Motherlode.r
dollars per share.
All prices
Jac
32c
10c -June
11,900
Realty and Surety Companies.
New York City
High.
Low.
Shares.
17c
14c
15c
Marsh Mining.r
l
Montana Silver King.r—1
New Jersey
Range since Jan. 1.
for
Sale.
Mining (Concluded)—Par
1463
CHRONICLE
THE
Oct. 9 1920.]
Ex-dividend.
y
accrued dividend,
Ex-rights.
100
100
£1
69*
*81%
82%
120
110
.
81
83
127
129
•3%
e New
3%
stock.
1464
[nmstmmt auxt gtoiliwd
1
The
GROSS EARNINGS
RAILROAD
earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
are brought
together separately on a subsequent page.
■
■
''
■
■■■
'
■ ■ '
1
:
following table shows the
gross
•
,
Latest Gross Earnings.
ROADS.
Week
Previous
Current
Year.
Year.
$
$
$
Alabama & Vicksb J August
305,024
243,608
1,809,951
2,149,422
Ann Arbor
4th wk Sep
127,974
153,353
3,715.080 3,156,624
Atch Topeka & 8 Fe August
19892620 15673078 137445642 108923 544
Gulf Colo & S Fe_' August
2,258,044 2,126,609 16,301,883 12,723,579
Panhandle & S Fe August
955,547
694,698
5,749,233 3,749,806
Atlanta Birm & Atl. j August
493,243
403,484
3,256,676
3,792,603
Atlanta & West Pt_ August
Atlantic City
August
Atlantic Coast Line August
_
Baltimore & Ohio
August
B & O Ch Term..
August
Bangor Sc Aroostook July
Bangor & Aroostook August
Bellefonte Central.. August
Belt Ry of Chicago. July
Belt Ry of Chicago. July
Bessemer & L Erie.
August
Bingham & Garfield August
Birmingham South. August
Boston & Maine
August
Bklyn E D Terminal July
!
228.577
288,878
2.009.166
1,779,545
851,274
717,180 3,387,667 3,213,774
5,772,347 4,050,711 48,408.882 41,522,311
20222080 17821467 139081224 113901885
160,553
194,223
1.316.167
1,201,013
436,291
2,930,855
319,126
3,649,292
341.115
424.733
4,074,025 3,271.970
11,291
63,672
10,376
70,562
381,856
1.588.073
355.155
2,242,996
370,758
355.156
1.588.074
2,231,898
1,652,351 1.519,337 8,183,636 8,641,402
181.280
762,939
93,718
1,261,652
390,114
53,396
42,661
396,665
8,206,353 6,746,501 54,117,656 45,310.568
525.308
124,044
85,154
595,667
Buff Roch & Pittsb
4th wk Sep
780,412
450,776 16,276,779 11,167,775
Buffalo & Susq
253,019
August
243,935
1,840,898
1,475,031
Canadian Nat Rys. 4th wk Sept 3,291,757 2,890,196 74,107,168 66,632,628
Canadian Pacific
4th wk Sep 6,849,000 5,963,000 144183000 121176000
Can Pac Lines in Me August
189,631
159,136
1,917,363
1,862,526
Caro Clinch & Ohio. August
601,017
540.278
4,018,611
4,639,462
Central of Georgia.. August
2.193,148 1,847,237 16,721,920 13,882,020
Central RR of N J.
August
5,038,245 4,214,641 30,912,382 28,764,109
Cent New England- August
758,535
528,145
4,295,600' 4,179,876
Central Vermont
624,654
'July
532,575
3,644,828i 3,162.567
Charleston & W Car August
1.932.817
345,481
233,809
2,342,067
Ches & Ohio Lines.. August
7,615,756 5,683,518 53,761,377 47,126,901
C & O Lines of Ind. July
7.259,357 6,665,251 46,145,621 41,443.383
Chicago & Alton
August
2,618,421 1,974.806 18,588.141 16,276.672
Chic Burl & Quincy July
14720003 13068386 98,638,678 81.553,470
Chicago & East 111.. August
2,778,704 2.244.753 18,582,888 15,909,698
Chicago Great West July
1,979,580 1,857,564 12,950,981 11,669,630
Chic ind & Louisv.
July
1,375.040 1,052,074
8,359.996 6.656,402
Chicago Junction.
354,213
324,546
August
2.105,128
2,368,090
Chic Milw & St Paul August
13835365 13414257 104920355 95,125,159
Chic & North West
153321/7 11736338 102273012 87,608,260
August
Chic Peoria & St L. July
241,845
136,421
905,171
1,411,152
Chic R I & Pacific.. July
11897837 9,847.273 74,018,832 58.930,131
Chic R I & Gulf.. August
413,474
497,990
2,964,580
4,215,819
Chic St P M & Om_ August
2,809,727 2,231,433 20,123,897 17,223,825
Chic Terre H & S E_ August
397,925
489,976
2,584,415
3,417,406
Cine Ind & Western August
409,210
321,655
1,969,512
2,837.962
Colo & Southern
3d wk Sept
569,059 20,583,295 17,937,646
656,996
Ft W & Den City. July
1,101,355
5.967,404
977,489
6,814.016
Trin & Brazos Val July
135,238
98,458
1,000,034
686,022
Colo & Wyoming
August
91,879
745,297
87,041
627,867
89.606
July
65,995
491.400
572,065
Copper Range
Cuba Railroad
July
1,238,654 1,000,359
8,270,180
9,065,625
Camaguey & Nue v July
185,835
131,436
2,077,316
1,776,118
Delaware & Hudson August
4,314,320 3,354,882 26.485,248 22,516,737
Del Lack & West
August
7,610,274 6,256,837 47,812,081 46,761,204
Deny & Rio Grande August
3,703,738 3.105.754 23,975,497 20,045,011
Denver & Salt Lake August
300,691
295,296
1,731,856
1,795,206
Detroit & Mackinac August
192,500
153,174
1,254,782
1,034,379
Detroit Tol & Iront. July
427,333
313,390
2,669,219
2,029,978
Det & Tol Shore L_ July
208,337
209,760
1,241,485
1,330,671
Dul & Iron Range.
August
1,626,113 1,029,540
6,963,790
5,688,112
Dul Missabe & Nor. August
2,925,770 1,858,609 12,200,692 13,501,526
Dul Sou Shore & Atl 3d wk Sept
132,070
107,972
4,016,449
562,825
Duluth Winn & Pac August
145,663
198,927
1,569,232
1,258,826
East St Louis Conn. August
140,228
121,239
862,425
797,796
Elgin Joliet & East- August
2,129,100 1,323,037 11,350,441 13,276,499
El Paso & So West.. August
1,128,710 1,001,063
9,262.778
8,136,649
Erie Railroad
August
9,504,121 8,716,373 64,951,849 58,416,831
Chicago & Erie
August
1,243,878
909,951
7.810.403
6,717,796
NJ&NYRR... August
122,594
112,183
835,340
725,423
Florida East Coast
August
841,158
649,401
8,921,852
6,743,664
Fonda Johns & Glov August
134,161
126,991
938,212
830,483
Ft Smith & Western August
166,184
139,188
1.162.404
973.304
Galveston Wharf
August
193,444
72,539
1,010,404
556,582
Georgia Railroad... August
550,740
452,678
3,891,876
4,262,916
Georgia & Florida.. July
88.975
136,196
798,025
557.531
Grd Trk L in Can.. August
211,963
209,451
1,152,650
1,339,559
Grand Trunk Syst__ August
492,218
426,491
2,912,854
2,698,159
Atl & St Lawrence
August
265.757
167,341
1,873,237
2,164,661
ChDetCanGTJct July
194,904
180,223
940,687
1,130,108
Det G H & Milw. July
496,615
388.505
2.420.636
2,271,668
Grd Trunk West. August
2,510,355 1,255,954 10,969,275
8,922,865
Great North System August
10519795 8,659,021 75,541,016 66,157,951
Green Bay & West. July
98,889
88.005
684.121
661.479
„
_
_
_
_
Gulf Mobile & Nor. August
Illinois
Central
Illinois Terminal
Internat &
Kan
Grt Nor
City Mex & Or
K C Mex & O of Tex
Kansas City South
Texark & Ft Sm__
Kansas City Term.
_
August
August
July
August
August
August
August
August
August
August
August
Kan Okla & Gulf
Lake Sup & Ishpem July
Lake Term Ry
..
August
Lehigh & Hud River
Lehigh & New Eng
Lehigh Valley
Los Ang & Salt Lake
Louisiana & Arkan.
Louisiana Ry & Nav
Louisville & Nashv.
Louisv Hend & St L
Maine Central
Midland
Valley
Mineral Range,
Minneap & St Louis
August
August
August
August
August
August
August
August
August
August
3d wk Sept
August
313,355
256,560
2,394,790
1,751,939
261,085
223,491
1,886,402
1,591,584
1,629,919 1,349,664
9,602,500
7,199,904
11646139 9,026,106 77,426,152 59,379,933
95,975
71,336
659,674
620.250
1,627,6.54 1,152,182 11,465.330
9,082,135
147,800
148,934
1,038,834
832.205
163.281
112,385
1,139,603
697,664
1,612,033 1,321,801 11,902,048
9,564,997
182,953
132,487
1,301,212
924,634
140,416
132,709
993,693
881,400
227,672
139,804
1.571,701
880,997
288,715
219.637
811.796
496.305
114,827
104,195
846,371
278.734
250,949
1,739,844
390,011
446,808
2,910,952
7,088,752 6.036.877 44,665,823
1,932,547 1,331,819 13,141,571
335,243
160,636
2,681,491
427.758
304,262
2,715,437
11279962 9,392,579 80,097,497
289,463
232,542
2,004,283
1,882,962 1,570,275 12,792,851
467,422
349,365 3,020,130
10,437
15,193
470,120
1,303,997 1.169.878 10,313,812
1,670,262
2,351.046
41,093,755
11,031,123
1,326,106
2,284,129
68,746,669
1,900,522
11,249,298
2,538,208
562,825
8,320,564
735,801
or
Month.
Minn St P & 8 8 M. July
Mississippi Central. August
Missouri Kan & Tex August
Mo K & T Ry of Tex July
Mo & North Arkan. August
Missouri
Pacific— August
Monongahela.
August
Monongahela Conn. August
Montour
August
Nashv Chatt & St L August
Nevada-Cal-Oregon 3d wk Sept
Nevada Northern.
August
Newburgh & Sou Sb August
NewOrl&GreatNor August
N O Texas & Mex._ 3d wk Sept
Beaum S L & W_
August
St L Browns & M August
New York Central.
August
_
_
.
Ind Harbor
Belt.'August
Lake Erie & West
August
'
.
Gulf & Ship Island
Hocking Valley
Week
Year.
S
ROADS.
Prevoius
Year.
Month.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Michigan Central. August
Clev C C & St L.
J August
Cincinnati North.!August
Pitts & Lake Erie August
Tol & Ohio
Cent.'August
Kanawha & Mich
August
N Y Chic & St Louis August
N Y N H & Hartf.. August
N Y Ont & Western August
N Y Susq & West...1 August
Norfolk Sojuthern.. August
Norfolk & Western- August
Northern Pacific
August
Minn & Internat. August
North westernPacific August
Oahu Ry & Land Co July
Pacific Coast
August
Pennsylv RR & Co. July
Balt Ches & Atl.
_
August
Long Island
July
Mary Del & Va_. August
N Y Phila & Norf July
Tol Peor & West. August
W Jersey & Seasb July
Pitts C C & St L. June
Peorie & Pekin Un_ August
Pere Marquette
August
August
Phila Beth & N E__ August
Phila & Reading
August
Pittsb & Shawmut.. August
Pitts Shaw & North July
Perkiomen
Current
Previous
Year.
Year.
Year.
Year.
$
Current
or
■
..
Jan. 1 to Latest Date.
$
%
$
Current
4,304.953 3,875.750 24.499.441 22.855.574
663,589
658,077
85,073
107,597
3,680,533 3,224,549 25,222,968 21,801,549
2,119,584 2.025,905 15,503.132 13,397,214
985,190
147,033
1,288,791
184,249
10300157 8,608.823 73,138,448 58,390,072
416,168 2,406,845 2,312,678
438,820
1,133,292
2,039,892
165,584
272,063
839,513
869,703
167.738
143,607
1,941,109 1,778,184 15.795,340 12,517,103
221,640
242,671
9,438
14,336
979,358
1,270,851
27,147
162,338
984,618
1,068,222
35,579
155,950
1,703,355
1,521,767
226,548
248.692
8,553,776 6,239,136
189,110
291,352
846,435
1,379,663
128,085
191,940
4,68.3,667 3,456,271
468,287
710,816
33884287 29525184 225830996
5,253,545
597,454
2,546,967
375,617
2,816,071
400,277
5,143,972
4,097,919
597,171
659,338
6,795,319 6,930,649 50,723,453 48,674,714
9,098,021 8,553,553 68.048.442 62,803,514
722,342
90,091
86,228
832,723
724,349
5,056,236 4,160,636
880,843
220.298
1,059.573
917,531
249,561
482,030
423,545
51209820 44534948 285459916 269003472
1,057,535
1,027,993
227,468
221,861
3,001,26' 2,744.891 13,667,891 14,154,454
828,161
881,022
164,360
184,300
4.320.275
824.958
4.517.671
810,422
1,055,778
153,759
1,320,000
238,607
1,690,919 1,372,040 6,878.710 6.319,190
8.204.964 7.135,402 40.901.753 35.889,446
146.693
122,810
161.696
97,327
August
August
St Jos & Grand Isl'd August
St L Rocky Mt & Pac August
St Louis-San Fran.. July
Rutland
Ft W & Rio Gran June
,St L S F of Texas.
Tune
St Louis Southwest. August
St Louis Southwes July
St L S W of Texas July
St Louis Transfer.. August
San Ant & Aran Pass August
San Ant Uvalde & G July
85.785
767,517
1,006,953
3,930,442 3,394,815 25,132,796 22,094,391
112.464
99,856
771,029
116,642
841,603
67,639
542,584
108,204
7,584,097 6,673,390 55,773,636 46,925,510
745,989
115,905
1,039,380
132,709
265,410
Rich Fred & Potom.
4,182,833
6,149,154
7,175,561
926,792
7,472,778 54,558,814 49,210.577
7,057,217 55,778,105 45,617,372
1,897,338
242.955 2,205,184
2,589,626 18,730,682 18,612,933
958,836 7,605,033 5,858,278
3,188,586 2,787,419
418.956
2,005,262 17,453,642 15,640,290
11856669 9,364,106 78,273,497 66,511,822
1,580,322 1,459,120 8,214,450 7,438,489
Pittsb & West Va_. August
Quincv Om & K C._ July
199523825
833,307
1,076,965
8,301,363
7,927,822
346,363
3,476,606
1,355,280
454,132
2,692,725
Port Reading
August
1 Previous
112.569
129,578
227.051
87.973
798.643
600.686
1,400.134
1,111,875
1,684,179
728.812
591.946
877,150
7,334,100 8,520,077
453,463
3,628,185 3,075,592
255,089
2,088,738 1,898,254
326,100
368,304 3,275,028 2,655,635
439,062
7,404 ,<*11 6,751,175 49,927,685 42,231,843
126.904
130.942
668,086
918,211
143.727
780,144
657,350
105,636
880 854 1,025.376
543,660
1,843,435 1,221,071 13.344,934
1,797,331 1,030,173 11,501,498
722.459
590,819
5,012,832
875,982
107,553
126,476
8,379,989
7,158.918
3,515,926
679,859
586,666
411,833
3,230,079
2,753,183
129.081
93,340
855,775
632,020
Seaboard Air Line.. August
3,619,594 3,081,681 31,916,921 27,137,718
South Buffalo
84,271
720,738
925,649
17781186 14734 603 107594417 90,736,529
650,610
5,802,194
2.995,552
253,566
329,133
2,348,206
343,914
2,204,805
Southern
Pacific
So PacAtl SS Lines
Arizona
Eastern.
Galv Harris & S A
August
July
July
.July
July
July
July
July
July
July
August
August
August
August
August
August
August
August
August
August
August
3d wk Sept
August
August
August
August
August
August
August
August
August
August
August
August
136.038
2,075,638 1,929,826 13,563,136
755.187
6,247,078
952,032
193,880
1.652,667
222,617
Loulsiana Western
368,961
2,959,007
442,376
676.708
5,828,450
739,313
Morg La & Texas
722.183
Texas & New Orl.
870.128
5.332,094
Southern Railway.
13609928 11736144 98,944,409
Ala Great South.
836,565
7,364,260
1,118,079
Cin N O & Tex Pac
2,007,672 1,197,134 13,231,729
Mobile & Ohio—
1,562,754 1,347,709 11,756,705
362,478
473,492
3.488.448
Georgia Sou & Fla
549,244
5,019,365
New Orl& Nor E.
727,412
99,840
995,446
NorthernAlabama
123,938
South Ry in Miss.
1,173,404
150,640
139,383
128,782
107,428 ,1,000,444
Spokane Internat..
5,723,577
668,438
880,106
Spok Portl & Seattle
Staten Island R T
231,334
1,536,136
247,335
Tenn Ala & Georgia
3,118
134,283
4,992
Tennessee Central.
224,422
1.886.449
254,822
Term RRAssn ofStL
340,562
2,907,845
411,186
St L Mer Bridge T
293,538
2,532,239
397,257
Texas & Pacific.
3,412,379 3,221,224 25,883,069
Toledo St L & West.
852,468
7,177,516
1,105,856
151,066
Ulster & Delaware..
919,875
201,451
Union Pacific
12448428 10776 694 78,939,786
4,031,598 3,606,336 28,269,462
Oregon Short Line
Ore-Wash RR & N
2,998.037 2,792,983 21,533,528
731,858 6,232,915
Union RR (Penn)__
937,626
Utah
111,251
1,216,123
181,430
Vicks Shrev & Pac_.
352.899
293,294
2,796,973
1,682,737 1,207,196 10.487,353
Virginian Railroad. August
Wabash Railroad.. July
5.006,889 4.214.715 30.170,998
*369,359 13,959,436
Western
661.163
Maryland. 4th wk Sept
Western Pacific
9,803,087
1,687,012 1,477,042
August
Western Ryof Ala.. August
194,041
1,826,904
250,236
Wheel & Lake Erie- August
1,718,986 1,191,042 10,440,017
202.544
1.485.883
Wichita Falls & N W July
212,581
932.0^2
101.556
122,781
Wichita Valley Ry
July
Yazoo & Miss Valley August
2,899,304 2,534,564 19,630,599
Hous & Tex Cent.
Hous E & W Tex'.
_
_
12,041,982
4.858.366
1.294.672
2,338,369
4.321.367
4.462.343
82,108,698
6,690,106
10,669,227
9,725.181
2,830,425
4,235,301
732,996
1,101,867
685,441
4,730,457
1,622,748
86,845
1,666,088
2,441,886
1,850,627
22,550,769
4,'968,713
735,010
69,293,410
23,815,263
17,989,768
5,185,513
725,758
2,111,740
7,348,173
26.945.567
*9,938,957
7,932,228
1,690,788
8,280,918
1,129,057
523.694
15,538,631
AGGREGATE OP GROSS EARNINGS—Weekly and Monthly.
Current
t Weekly Summaries.
2d
week
3d
week
July
July
July
1st week Aug
(16
(16
(15
(14
3d
(17 roads)
4th week
week
Aug
Aug
1st
week Sept
2d
week Sept
3d week Sept
4th week Sept
4th week
t We
no
(10
(16
(16
(15
(7
roads)
roads)
roads)
roads)
Previous
Year.
Year.
13.021,426
13.230.796
24.822.135
15,536.839
15.142.176
roads)
18.469.887
roads)
roads)
15.958,176
17.369,292
roads)
roads)
25,901.613
17^548,585
longer include Mexican roads in
13,441,122
14,2.53,136
20,470,587'
14,463,879'
of
oir
S
+2,213 337
+ 1,928 146
+3.536 674
+2.259 .946
+2.282 .600
+3,035 ,001
+ 2.517 .054
+3,116 ,156
+ 5,431 ,026
+3,084 ,706
totals.
Current
or
Decrease.
10,808,089
11,302,650
21.285.462
13,276,893
12,859.576
15.434.886'
any
Increase
%
\ Monthly Summaries.
Curr.Yr.
Mileage.
20.49
17.60
16.61
17.02
October
-233,192
.233.032
December.. -233.899
January
-232,511
November
.
17.70
February
1960
March
18.72
21.86
April
May
20.96
June
-213,434
.221,725
-213.206
-213.525
21.32
July
-220.459
..
* Comparison with 1917
-231.304
Prev.Yr. |
Previous
Year.
Year.
Increase
or
Decrease.
%
S
3.87
233.136 508 .023.854 489 .081,358 + 18.942,496
—2,593,438 0.59
232.911 436 .436.551 439 .029,989
233.814'451 .991.330 440 .481.121 + 11.510.209 2.61
232,210494 .700.125 392 .927,365 + 101778760 25.90
231.0171421 .180.876 348 .749.787 +72.431.089 20.77
212.770 408 .582.467 347 .090.277 +61.492.190 17.72
3.45
220,918 387 .680.982 372 .823.115 + 12,852.867
211.040,387 .330.487 348 .701,414 +38.629.073 11.08
208,598.430 ,931.483 369 ,225,761 +61.705,722 16.99
218,918467 351 544 401 .376,485 +65,925.059 1643
figures not 1919
Oct. 9
1920.]
Latest Gross
follows
of
we sum
Fourth
The table
7 roads and shows
covers
Week of September.
the
same
1920.
Increase.
Kan C Mex &
Jan
Decrease.
Year.
1
Aug 31
Pittsburgh
Canadian National Railways
Canadian Pacific
Mobile & Ohio
Railway
Western Maryland————.
Total (7 roads)
Net increase (21.32%)
—
153,354
780,412
3,291,757
6,849,000
593,745
5.218,854
661,463
2,890,196
7,089
V 439,127
1,348,307
51,083
160,586
Kansas City Term.b...Aug
140,416
Jan 1 to Aug 3l__„993,693
5,963,000
480,371
4,182,203 1,036,651
292,104
*369,359
132,487
924,634
132,709
881,400
def76,940
def67,168
38,211
171,659
Kan City Okla & Gulf.b.Aug
Jan 1 to Aug 31......
139,804 def 101,599
—
—
table
and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week:
Oross Earnings
Current
Previous
Year.
Roads.
Previous
Year.
.$
Year.
Year.
243,608 defl00,662
1,809,951
296,765
510,272
3,328,615
Aug
Ann Arbor Ry Co.b
Jan 1 to Aug 31
Atch Topeka & S Fe_b__Augl9,892,620
Jan 1 to Aug 31
137,445,642
1
Aug 31
to
Atl & West Point,
Jan
1
694,698 def490,424
b—Aug'
Aug
B & O Chic Term.b
Jan
1
Aug .31
to
288,878
2,009,166
>
228,577
1,779,545
11,291
70,562
10,376
63,672
Bingham & Garfield.b_ .Aug
181,281
Jan 1 to Aug 31..
1,261,652
93,718
762,939
Aug
Bellefonte Central, b
Jan 1 to Aug 31
—
58,091
1,331,819
11,031,123
341,561
3,172,715
441,076
2,543,702
304,262
2,284,129
101,117
242,556
84,894
76,716
Jan
1
to
1
def204
2,241
5,013
5,231
45,876
def22,242
352.838 defl44,156
1,719,879
3,545,542
528,145
51,846
4,179,876dfl,119,081
30,810
246,184
5,683,518 df1,104,487
.Aug 7,615,756
4,359,614
53,761,377 47,126,901
1,201,866
9,574,323
2,244,753 def261,105
Chicago & East Ill.b— .Aug 2,778,704
Jan 1 to Aug 31..
179,214
18,582,888 15,909,698
461,086
226,227
758,535
Central of New Eng.b. .Aug
Jan 1 to Aug 31..
Ches & Ohio.b—
Jan
1
—
—
—
Aug 31..
to
4,295,600
.Aug
324,546
Chicago Junction, b
Jan 1 to Aug 31..
2,105,128
7,318,159
_Augl3,835,365 13,414,257
104,920,355 95,125,159df1,082,068
Aug 31—
1,806,392
5,446,412
Jan 1 to
119,781
837,264
330,578
350,737
Chicago R I & Gulf.b_Aug
497,990
Jan 1 to Aug 31.
4,215,819
413,474
2,964,580
Chicago & North W_b__Aug 15,332,177 11,736,338df5,354,574
Jan 1 to Aug 31
2,336,865
102,273,012 87,608,260
2,093,293
12,739,639
2,231,433 dfl ,119,762
17,223,825
1,867,807
360,518
2,563,390
Chic St Paul M & 0_b__Aug 2,809,727
Jan 1 to Aug 31.
..20,123,897
—
91,879
745,297
defl2,049
defl0,173
16,882
146,841
Denver & Rio Grande.b_Aug 3,703,738
3,105,754
Jan 1 to Aug 31——23,975,497 20,045,011
def591,073
3,396,896
906,954
3,790,258
87,041
Aug
Aug 31
627,867
—
Denver & Salt Lake.b__Aug
300,691
Jan 1 to Aug 31—.... 1,731,856
defl0,192
116,130
23,573
122,850
121,239
def95,611
797,796 def263,798
9,330
def57,601
8,716,373 df4,402,115
Ry Co.b..
.Aug 9,504,121
Jan 1 to Aug 31—
64,951,849 58,416,831 df9,571,211
1,521,051
1,341,354
231,898
991,413
198,927
Duluth Winn & Pac.b—Aug
Jan. 1
1,569,232
to Aug 31
140,228
862,425
East St Louis Conn.b_._Aug
Jan 1 to Aug 31
Erie
295,296
11,134
9,947
1,795,206 def491,300 def548,432
145,663
1,258,826
Aug 1,243,878
7,810,403
6,717,796
25,771
816,141
Aug
122,594
835,340
112,183
725,423
def32,064
21,169
24,839
48,030
Flordia East. Coast.b—Aug
Jan 1 to Aug 31
841,158
1,921,852
649,401 def303,286
6,743,664
2,340,831
128,186
1,061,745
Fonda Johns & Glov.b—Aug
Jan 1 to Aug 31
134,161
938,212
126,991
830,483
60,910
343,918
62,347
311,256
Ft Smith & Western-b..Aug
Jan 1 to Aug 31
166,184
1,162,404
139,188
973,304
12,794
def4,100
21,293
95.560
Galveston Wharf Co. b. .Aug
193,444
1,010,404
72,539
556,582
def68,374
98,912
Chicago & Erie
Jan 1 to Aug
31
N J & N Y.b
.
Jan
Jan
1
1
to
to
Aug
31
Aug 31
Georgia Railroad.b
Jan 1 to Aug 31
550,740
Aug
4,262,916
909,951
Mo Kan & Tex.b—
Jan
452,678 defl70,051
3,891,876
def45,825
Jan
43,003
54,023
712,946
def41,554 def109,254
234,274
1,607,479
209,451
1,339,559
47,868
111,781
134,786
576,422
492,218
2,912,854
def75,807
426,491
2,698,159 def393,769
127,200
442,012
Grand Trunk West.b—Aug 2,510,355
Jan 1 to Aug 31—
10,969,275
752,356
867,789
402,151
2,167,871
Aug
Det Gr H & Mil.b
Jan
1
to
Aug 31
Grand Trunk System—
Atl & St Lawrence.b_.Aug
Jan 1 to Aug 31
Jan
1
to
Auk
1
to
Aug 31
Gulf & Ship Island, b
Jan 1 to Aug 31
2,337,724
11,178,291
256,560 def385,275
40.561
j
Aug
1,751,939 def645,658
223,491 def222,743
1,591,584 def226,930
29,460
33,030
313,355
2,394,790
261,085
1,886,402
Hocking Valley Co.b—Aug 1,629,919
Jan 1 to Aug 31
9,602,500
Illinois Terminal_b
Jan 1 to Aug 31
167,341 def216,617 def564,464
2,164,666 def654,831 def484,342
75,541.016 66,157,951df2,409,369
31
Gulf Mobile & Nor.b—Aug
Jan
265,757
1,873,237
Aug
95,975
659,674
8,659,021 df 5,167,124
1,349,664
7,199,904
71,336
620.250
15,904
426,118
465,345
1,239,137
31,040
330,087
35,267
348,259
108,974
934,150
3,138,608
147,033 defll8,343
985,190 def230,962
184,249
1,288,791
def411,453
32,133
438,824
def22,812
323,883
185,020
943,793
150,172
473,799
78,012
261,741
40,362
123,700
27,147
549,244
4,235,301
185,605
710.816
St L Brownsv & Mex b Aug
Jan 1 to Aug 31
4,683,667
1,246,242
.
128,085
846,435
468,287
3,456,271
def86,378
def 7,587
def2,716
248,505
33,032
36,989
93,586
558,103
148,262
1,091,271
New York Central—
Clev Cin Chic & St L b Aug 7,927,822
Jan 1 to Aug 31
55,778,105
Lake Erie & Western
bAug 1,076,965
1 to Aug 31.
7,175,261
Jan
Toledo & Ohio Centb Aug 1,355,280
Jan
1
to
7,605,033
Aug 30.
Kanawha & Michigan bAug
454,132
Jan 1 to Aug 31..
3,188,586
767,618
2,306,218
8,597,208 10,305,275
926,792
def60,762
6,149,154 def106,932
204,013
145,502
78,238
def94.304
231,176
384,902
418,956
def58,650
2,787,419 def227,lll
59,069
177,947
86,242
346,737
79,955
455,447
958,836
5,858,278
242,955
1,897,338
400,277
2,816.071
375,617
def56,624
2,546,071 def447,851
94,758
219,766
659,338
Southern.b —._Aug
5,143,972
1 to Aug 31
597,171 def545,815
4,096,919 def331,229
102,346
61,782
Jan
N Y &
7,057,217
45,617,372
346,363
2,205,184
Cincinnati Northern b Aug
1
to
Aug 31...
Susquehanna.b..Aug
Jan
Norfolk
Jan
1
Northern
Jan
1
to
31
Aug
Alabama.b
to Aug 31
Northwestern
1
to
123,938
Aug
995.446
22,198
180,982
38,130
33,527
272,040
853,391
880,843
5,056,236
—
724,349
4,160,636
169.078
1,108,238
90,091
832,723
Pacific.b.Aug
Aug 31
99,840
732,996
86,228
722,342
def64,920
def18,867
5.684
2.918
2,792,983 def216,595
2,739,564
17,989,768
981,677
3,577,275
70,001
121,533
5-4,958
95,563
227,468
def4,618
1,057,535 def187,532
97,484
def47,206
164,360
def77,212
881,022 def245,719
47,148
def32.676
153,759 def143,883
1,065,778 def134,628
11,925
def70,788
599,254
4,744,615
def17,014
161,160
422,344
1,928,244
Northern Pacific—
Minnesota & Int.b—_Aug
Jan 1 to Aug 31
———
Ore-Wash RR & Nav.b.Aug 2,998,037
Jah 1 to Aug 31 ——21,533,528
482,030
423,546
887,334
July 1 to Aug 31..—.
221.861
Bait Ches & Atl.b
Aug
Jan 1 to Aug 31...— 1,027,993
801,764
Pacific
Aug
Coast.b..
Jan
Jan
184,300
1
1
to
to
Aug
31
1,320,000
—
1,843,435
13,344,934
1,221,071
8,379,989
126,476
875,982
31
Aug
107,553
679,859
St Louis Transfer.b....Aug
Jan 1 to Aug 31
San Ant & Aran
Jan
1
to
Pass.b.Aug
586,666
31
3,230,079
Aug
—
Jan
1
to
...
Aug 3,619,594
Seaboard Air Line.b
31,916,921
Aug 31
36,959
142,605
def90,150
def82,593
411,833
2,753,183 def574,197 def608,431
299,926
27,137,718df2,506,495 2,970,401
3,081,681 dfl ,310,141
Southern Railway.b
Jan 1 to Aug 31
Augl3,609,928 11,736,144
3,203,222
-.98,944,409 82,108,698 17,751,621
2,514,198
9,783,817
Alabama Great Sou.b
Aug 1,118,079
7,364,260
836,565
6,690,106
245,296
1,831,869
152,627
1,028,576
Aug 1,562,754
132,478
1,347,709 def456,253
9,725,181dfl ,259,708 def337,055
Jan
1
to
Aug 31
Mobile & Ohio.b
Jan 1 to Aug
11,756,705
31.
473,492
3,488,448
Aug
Georgia Sou & Fla.b
Jan 1 to Aug 31
—
Southern Ry in Miss.b—Aug
139,383
Jan 1 to Aug 31—
1,173,404
36,401
195,139
58,145
226,923
150,640
def95,116
1,101,867 def322,017
18,374
defl3,919
362,478
2,830,425
Spokane Internatl.b—.Aug
128,782
Jan 1 to Aug 31
1,000,444
107,428
685,441
41,251
373,808
35,635
203,217
880,106
Spok Portl & Seattle _b. .Aug
Jan 1 to Aug 31
5,723,577
668,438
4,730,457
def40,262
1,261,620
325,837
1,439,669
340,562 def216,598
2,441,886
172,600
73,125
223,836
*
'
—
411.186
Term Ry Assn of St L.b.Aug
Jan 1 to Aug 31
St L Mer
Jan
1
2,907,845
Bdg & Ter.b.Aug
397.257
to Aug 31
—
2,532,239
293,538 def248,062
34,738
1,850,627 defSl 1,850 def378,145
3,221,224 def831,613
25,883,069 22,550,769
1,931,769
779,229
3,360,724
242
987,226
207,359
744,864
Texas & Pacific.b—.... Aug 3,412,379
Jan
1
to
Aug 31
Toledo 8t L & West_b..Aug
1
to
Aug 31
1,105,856
7,177,516
852,468
4,968,713
Augl2,448,428 10,776,694
2,756,445
4,573,086
78,939,786 69,293,410 19,359,944 22,975,188
Pacific
Jan 1 to Aug 31
Union
490,525
1,685,016
7,796,734
6,998,815
255,089
def96,804
1,898,254 def353,136
22,519
86,361
76.222
516,552
51,102
295,806
1,378,495 def692,763
9,346.881 dfl ,323.015
213,711
215,079
1,477,042
228,328
7,932,228
2,425,164
660,988
1,607,166
194,041
1,690,788
40,701
315,829
57,022
403,688
Wheeling & Lake Erie.b.Aug 1,718,986
Jan 1 to Aug 31—
10,440,017
1,191,041 def414,042
8,280,918
819,365
163,976
1,172,101
Valley.b—Aug 2,899,304
2,534,564 def561,603
15,538,631
1,474,665
3,529,278
Oregon Short Line.b.-Aug 4,031,598
3,066,336
Jan 1 to Aug 31
.28,269,462 23,815,263
St Jos & Grand Isl.b—Aug
326,100
Jan 1 to Aug 31— 2,088,738
Utah
-Aug
Co.b
Jan
Western
AuglO,519,795
Great Northern.b
1,255,954
8,922,865
Ark.b.Aug
Aug 31
defl5,910
def81,356
208,550
2,414,435
85,073
979,358
1,997.326 def438,214 def427,878
211,963
1,152,650
Aug 31
663.589 def370,661
3,224,549
21,801,549
New Orl & Northeast.b.Aug
727,412
Jan 1 to Aug 31
5,019,365
def 8,931
Chic Det & C G Jct.b.Aug
to
to
Aug 3,680,533
25,222,968
Aug 31
8,320,564dfl,104,893
Nevada Northern Co.b.Aug
162,338
Jan 1 to Aug 31
1,270,851
'
♦Atl & St Lawr RR.b.July
Jan 1 to July 31
1
1
Jan
149,540
to
Missouri & North
Grand Trunk Ry of Canada—
Jan
1
79,285
509,458
212,316
308,050
349,365
2,538,208
107,597
658,077
St Louis South west.b... Aug
20,541
1,266,955
to
Mississippi Central.b
Aug
Jan 1 to Aug 31...
60,455
262,346
1,169,878 def941,780
467,422
3,020,130
Aug
Toledo Peo & West.b.Aug
540,961
2,947,210
1
Midland Valley_b_
Jan 1 to Aug 31
Minneap & St Louis_b__Aug 1,303,997
Jan 1 to Aug 31
10,313,812
238,607
1,197,134
10,669,227
Wyoming.b
179.915
1,570,275_ def449,800
11,249,298dfl,642,125 df200.7 78
828.161
Cin N O & Tex Pac.b—Aug 2,007,672
Jan 1 to Aug 31
13,231,729
Jan
.
Aug 31
45,013
def47,311
def68,389 de|T42,780
397,925
2,584,415
Colo &
to
Maryland Del & Va.b. Aug
Jan 1 to Aug 31.
Chic Terre Haute& S E bAug
489,976
Jan 1 to Aug 31
3,417,406
—
1
Jan
50,887
2,368,090df1,223,835 def431,397
354,213 defl90,194
Chic Milw & St Paul.b.
Jan
.Aug 1,882,962
12,792,851
61,814
458,760
4,214,641 df4,137,983
28,764,109df3,785,729
Central RR of N J_b— .Aug 5,038,245
Jan 1 to Aug 31..
30,912,382
Aug 31
191,940
1,379,663
1,614
243:935 defl79,016
1,475,031 def301,953 defl64,157
—.
to
Beaum Sour L & W.b.Aug
Jan 1 to Aug 31
253,019
1,840,898
.Aug
Aug 31.
to
1
Jan
327,214
1,773,343
1,377,378 defl78,291
121,818
9,110,518dfl,274,574 def549,510
Buffalo & Susq.b
Jan
89,539
470,788
9,392,579defl,630,280 2,027,355
Aug 11,279,962
80,097,497 68,746,669
916,036 8,905,022
Louisville & Nashv.b
Maine Central.b
New Orl Tex & Mex_b__Aug
Jan 1 to Aug 31
1,938,489
Aug 31 —.—12,584,416
Buff Roch & Pittsb. b.._Aug
74,621
317,343
1,670,262
356,231
1,448,635
194,223
def96,234
def3,344
1,201,013 def752,923 def496,330
160,553
1,316,167
...
84,127
3,749,806 def554,642 def263,134
2,258,044
2,126,609dfl ,684,709
16,301,882 12,723,579dfl ,028,974
Aug 31
to
120,349
427,868
def82,632
240,430
5,176,715
15,673,078 def827,925
108923,544 28,230,109 25,489,052
Panhandle & S Fe_b..Aug
955,547
Jan 1 to Aug 31
5,749,233
Gulf Colo & SPe.b.— Aug
52,061
193,073
404,438
2,752,124
Ala & VIcksburg.b
305,024
Aug
Jan 1 to Aug 31-.
2,149,422
Jan
Net Earnings
Current
■
def526,733
def89,551
250,949
Los Angeles & Salt L_b_.Aug 1,932,547
Jan 1 to Aug 31
13,141,071
17,548,585 14,463,879 3,084,706
Earnings Monthly to Latest Dates.—The
gross
def49,329
880,997 def216,501
227,672
1,571,701
Lehigh & Hud River.b—Aug
278,734
Jan 1 to Aug 31
1,739,844
Louisiana RR & Nav.b.Aug
427,758
Jan 1 to Aug 31.
2,715,437
following shows the
303,575
1,321,801 def 191,643
9,564,997
1,519,910
Texarkana & Ft Smith b Aug
182,953
Jan 1 to Aug 31
1,301,212
25,380
329,636
401,561
886,000
113,374
♦Comparison with 1917 figures, not 1919.
Net
def23,127
def366,692
112,385 def264,550
def39,699
697,664 def698,258 def452,122
K C Mex & Or of Tex b Aug
163,281
Jan 1 to Aug 31
1,139,603
City Southern_b.Aug 1,612,033
Jan 1 to Aug 31—....11,902,048
8
$
$
127,974
450,776
$
$
148,934 def208,276<
832,205 def511,926
147,800
1,038,834
Orient.b__Aug
to
Previous
Year.
Current
Year.
$
$
week last year.
1919.
$
Southern
21.32%
Previous
Year.
Kansas
Ann Arbor
Buffalo Rochester &
Current
Roads.
separately the earnings for the fourth week
increase in the aggregate over
Net Earnings
-Gross Earnings
Earnings by Weeks.—In the table which
up
September.
1465
CHRONICLE
THE
Jan
1
to
Aug 31
Maryland.b—Aug 1,721,947
1
to
Aug 31
Western Pacific.b
Jan
1
to
Aug
31
11,608,844
Aug 1,687,012
9,803,087
Western Ry of Ala.b...Aug
Jan 1 to Aug 31
Yazoo & Miss
1
Jan 1 to
b Earnings
»
181,430
1,216,123
Aug 31
here given
Revised figures.
250,236
1,826,904
19,630,599
are
111,251
725,758
before the deduction of taxes.
941,995
THE
1466
ELECTRIC
RAILWAY AND
PUBLIC
Latest Gross Earnings.
UTILITY
Jan.
COS.
1 to Latest Date.
Name of Road
Current
Company.
Month.
Previous
Year.
Year.
Previous
Year.
Current
Year.
$
or
%
[Vol. 111.
CHRONICLE
terminated on
leased to the New York Railways Co., but these leasee were
July 11,1919. respectively, since which dates these roads have been operated
separately, c Includes Milwaukee Light, Heat & Traction Co. d Includes
all sources, e Includes constituent or subsidiary companies.
Earnings
ail way, Light & a Subsidiary companies
Sven in milreis. Power Co., the Nashvilleonly, h Includes Tennessee
Railway & Light Co., the
Chattanooga Railway & Light Co. i Includes
J Of Abington & Rockland (MassJ.
Tennessee Power Co. and the
both subway and elevated lines.
Adirondack El Pow Co June
Alabama Power Co._ August
177,464
349,417
Atlantic Shore Ry
29,161
100.839
July
Bangor Ry & Electric June
Barcelona Trac L & P July
Baton Rouge Elec Co August
Beaver Valley Trac Co August
Bingham ton Lt.Ht & P August
Blackstone V G & El_ August
/Brazilian Trac, L & P August
2543202
123,891
236,830
21,891
84,769
2012289
30.545
$
1.051,433
2,643.078
119,582
577,319
12923,755
807,945
1,830,107
93.030
498,693
9,761,023
234,333
302,901
396,506
50,603
469,830
39,381
272,547
1,742", 018
218,965
2,118,315
11837000 9734,000 84,622,000 73,767,000
36,622
61,008
64,796
Electric Railway and Other Public Utility
railway and other public utility
Nassau
South
Electric..-
Brooklyn
New York Consol.
_
Bklyn Qu Co & Sub
Cape Breton Elec Co
Cent Miss V El Prop.
April
April
April
April
April
April
April
April
August
August
8hattanooga Ry & Lt August
June
ities Service Co
Citizens Traction Co. July
Cleve Patnesv & East July
Colorado Power Co.. August
^Columbia Gas & Elec August
Columbus (Ga) El Co August
Com'w'th P, Ry & Lt August
Connecticut Power Co August
Consum Pow (Mich). August
Cumb Co (Me) P & L June
Dayton Pow & Light. August
August
Duluth-Superior Trac August
Duquesne LtCosubsid
light & power cos.. August
d Detroit Edison
East St Louis & Sub.
East Sh G & E Subsid
Eastern Penn Ry Co.
Eastern Texas Elec..
June
July
July
August
Edison El of Brockton August
jElec Lignt & Pow Co August
e
El Paso Electric Co. August
Equitable Coke Co.. June
Erie Ltg Co & Subsid. July
Fall River Gas Works August
Federal Light & Trac. June
Fort Worth Pow & Lt July
Galv-Hous Elec Co.. August
General Gas & El Co. August
Georgia Lt, P & Rys. June
Co
June
Great West Pow Sys August
Great Nor Pow
e
Harrisburg Railways. June
Havana El Ry, L & P May
Haverhill Gas Lt Co. August
Honolulu R T & Land August
Houghton Co El Co.. August
Houghton Co Trac Co August
Hudson & Manhattan April
Hunting'n Dev & Gas July
d Illinois Traction
August
/Interboro Rap Tran. April
Kansas Gas & Elec Co July
Keokuk Electric Co..
Keystone Teleph Co.
Key West Electric Co
Lake Shore Elec Ry__
Long Island Electric.
Louisville Railway
Lowell Electric Corp.
August
August
August
June
April
June
August
Manhattan & Queens April
Manhat Bdge 3c Line April
Metropol'n Edison Co August
cMilwEl Ry&LtCo. July
Miss River Power Co. August
Nashville Ry & Light June
Nebraska Power Co.. July
Nervada-Calif El Corp August
1125,915
316,517
30,311
151,891
145,136
99,497
37,482
155,410
837,019
9,534,863
235,006
22,438
129,238
119,769
86,380
1,977,956
123,916
107,025
58,659
68,499
297,350
104,719
290,432
787,174
691,751
90,065
73,780
347,735
242,370
339,861
985,177
828,144
179,549
596,096
146,244
946,301
35,777
67,217
307,142
221,549
281,620
536,484
Ry,G&E August
267,132
New York Dock Co.. August
N Y & Long Island.. April
513,604
Newp N<*tH
N Y & North Shore..
April
N Y & Queens County April
6 N Y Railways
April
b
Eighth Avenue.. April
April
b Ninth Avenue...
131,650
480,215
128,634
740,304
32,172
64,178
32,042
25,508
516,722
74.664
41,105
256,521
174,154
259,357
328,820
27,336
261,128
411,161
43.018
47,557
5,767
12,442
97,131
86,194
718,8331
85,345 V 1090,708
34.581'
Nor Caro Pub Ser Co August
Northern Ohio Elec.. July
North Texas Electric. August
87,967
903,028
336,19?
NorthwOhioRy&PCo August
Ocean Electric (LI).. April
Pacific Power & Light July
Paducah El Co & Sub July
Penn Cent Lt&P&Sub July
Pennsylv Utilities Syst August
Philadelphia Co and
Subsid Nat Gas Cos August
Philadelphia Oil Co.. August
Phila & Western
July
Phila Rap Transit Co August
Portland Gas & Coke July
Port(Ore)Ry,L&PCo May
Puget Sd Pow & LtCo August
ReadingTrans&LtSys August
Republic Ry & Lt Co. August
Richmond Lt& RR__ April
Rutland Lt & Power. August
Sandusky Gas & Elec August
Schenectady Ry Co.. July
Second Avenue
April
Southern Cal Edison. August
Southwestern Pow &L July
Tampa Electric Co.. August
55,665
67.171
803,251
297,941
41,488
12,798
214.682
573.293
14,376
1,660,084
231.651
5,093,264
454.899
377,089
268,602
472,163
13,647,249
380",548
802,739
1,823,550
10.295,895
1,275.293
Tennessee Power
June
hTenn Ry, Lt & P Co June
Texas Power & Lt Co July
Third Avenue System_ July
Twin City Rap Tran. April
United Rys of Bait.. July
Utah Power & Light. August
Utah Securities Corp. August
Virginia Ry & Power. August
Annap.. June
Western Gas & Elec.. August
West Pow Co of Can. July
Youngs town & Ohio. July
Wash Bait &
9.578
Colorado Power Co
Aug
P
Sept 1 '19to Aug 31 '20
1,042,918
868,928
232,226
1,223,204
457,893
181.379
1,000,790
560",850
474",478
1,912,108
2,437,959
1,329,461
861,948
4,587.376
290,861
547,574
335,733
1,847,681
c
661.195
3,410,246
775,573
3,576,815
237,312
496,950
282,650
198,746
2,021,637
977,482
11,012,105
12,877.239
1,510,300
202,692
1,061,022
151,571
1,190,196
63,812
2 014.593
634,503
80.601
50,447
8,232,911
1,500,508
1.577.844
2",086",360
1,760"333
3,296,546
Gross
Asheville Power
&
12
'20
747,104
600,384
"
£27,005
£31,184
£289,930
£244,723
$
189,797
204,842
159,983
1,523,370
1,294,444
113,807
428,452
832,918
£30,409
17.834
£30,546
£588,818
£543.716
15,912
201,003
1,679,144
1,201,669
'20 12,132,220
'19
9,434,581
205,276
273,890
1,951,823
2,127,362
Aug '20
mos
July '20
536,484
'19
'20
*19
328,820
5,369,856
3,874,382
100,608
44,784
1,601,136
1,364,333
Aug '20
'19
*20
87,967
67,171
971,804
791,463
23,860
22,031
287,885
278,648
System
12
North Carolina
Public Service Co
12
mos
mos
*19
Northern Ohio
Aug *20
Electric Corp
mos
12
mos
'20
*19
Aug '20
Power Co
.427
4,358
484.488
1,112,316
879,845
13,582
13,231
158,888
158,039
10,278
8,800
128,997
120,609
8,095
73,253
545,372
448,249
4
25,206
34,231
372,671
409,295
214,567
Fixed charges include dividends on outstanding preferred
stituent companies in addition to taxes and interest.
allowing for other
10,518
14,688
16,510
178,201
*
£ After
59,608
41,000
488,820
69,260
48,255
782,643
551,227
'19
'20
'19
434
*192,446
230,541
*177,430
280,683
2,295,212 *1,509,840
2,019,709 *1,331,460
935,193
831,277
7,497,432
5,947,463
'19
8
Yadkin River
26,009
227,771
182,581
12,575
14,634
387,815
353,919
124,601
95,985
1,490,696
1,136,772
*19
New England Pow
21,817
5,188
5,175
62,159
62,142
'20
mos
'19
8
Balance,
Surplus.
Fixed
Charges.
Aug '20
'19
Ry & Light
17,721
194,470
194,728
stocks of con¬
income.
-Oross-
-Net
after Taxes—
-—Surplus after Chgs.-
1920.
1919.
1920.
1919.
1920.
1919.
$
$
$
$
$
$
Baton Rouge Elec Co—
August
12 mohths.
36,622
30,545
10,223
439,836
330,908
168,868
10,505
127,201
7,163
6,121
124,756
85,460
Blackstone Valley Gas & Elec—
272,547
August
12
months.
218,965
3,123,354
2,556,833
44,814
905,842
60,381
23,677
40,023
642,698
655,384
399,203
7,571
66,434
Cape Breton Electric Co56,886
August
12
months.
50,927
7,195
12,904
1,464
603,423
566,918
85,609
130,793
19,628
3,292
83,938
7,258
759
74,457
54,573
23,897
196,012
Central Miss Vail Prop—
40,765
Augiist
12
months.
34,380
10,104
473,641
388,271
106,343
12
126,039
August
137,174
165,410
45.752
319,990
months.
4,052.405
88.905
August
12
54,744
8468
630,514
557,411
258,182
106,042
1,204,302
33,341
36,106
13,726
565,063
477,410
328,340
39,084
35,335
421,980
339,886
119,512
months.
August....
5,116,187
2,134,585
months.
837,858
6,562,238
1,406,892
17,607
250,958
31,162
145,136
119,769
56,049
1,543,721
1,282,711
587,863
48,930
490,291
21,982
420,883
29,205
18,731
22,883
334,371
366,423
253,952
Edison Elec Ilium of Brockton—
August.
12
41,602
40,979
1,219,240
Connecticut Power Co—
12
1,025,099
2,582,163
107,315
1,531,824
Eastern Texas Elec Co—
— .
months.
99,497
86,380
1,270,201
1,017,418
Elec Light & Power of Abington &
August.
months-
37,482
26,112
Rockland9,163
4,813
8,386
4,219
345,243
271,739
61,791
48,479
54,543
40,747
126,736
1,429,199
47,598
33,775
36,693
25,864
573,907
399,180
470,179
312,128
El Paso Electric Co—
August
6,856.625
99,295
957,546
813.151
207,635
153,567
536.946
426.663
362,763 260,787
1160,623 1020,799
1,185,830
1 017814
3,187,676
2,405,926
6.857,289
4,135,038
1,122,280
2,775,425
10046665 8241,055
531,642 460,739
695,212 604,779
922,490 766,910
156,083
203,115
185,818
154,315
44,501
40,603
54,272
44,272
77,234
mos
12
1,845*512
1,048,680
183,803
9.147,564
882,221
287,804
$
$
63.555
'19
12
972,974
484,952
4,023,187
Taxes.
'19
Carolina Power
3,443.121
145,635
1528,108
749,706
113,022
66,234
440,706
245,885
4,322,771
707,847
9,365,060
Net after
Aug '20
Light
1,824*584
642,889 10,043,874 8,441,565
97,804
1,177,619
784,575
78.069
69,130
511,981
476,825
2999,199 2916,816 24,760,738 22,964,499
200,473
166,994
1,434,011
1,214,525
741,360 711,453 3.700,267 3,544,323
764,235
697,932
6,439,594
266,611
246,050
700.018 522,812
5,357",221 4,026,313
42.662
51,821
183,803
158,918
54,287
46,857
62,364
39,491
42.662
35,801
612.147
47,052
331,609
$
3,738,035
902,134
128,475
146,840
41,279
495,840
Columbus Elec Co—
129,029
51.821
128,793
1,545,504
Given in milreis.
2,145,758
21,120
330,687
2,511,851
268.937
919,536
months.
155,410
1,797,090
Fall River Gas Works-
August
12
months-
73,780
68,499
364
16,771
361
16,510
847,095
733,895
184,987
152,369
182,904
149,599
114,116
98,002
944,956
817,078
78,782
523,145
62,534
425,797
3,130
4,782
19,055
Galveston-Houston Elec Co—
August
12
months.
339,861
290,432
3,487,675
2,993,292
"
Haverhill Gas Light Co—
August
12
months.
35,777
32,172
3,660
5,426
440,181
360,607
I r 73.471
27,546
65,331
Houghton County Elec Lt—
August
12
158.918
months.
46,619
32,042
6,081
6,756
1,097
2,982
506,243
438,518
145,897
138,615
97,065
94,118
25,508
4,288
def554
71,036
5,511
81,956
def2,287
297,155
de!3,820
8,778
Houghton Traction Co—
August
1,883,388
6.373,333
3,500.724
12
months.
28,221
315,927
Keokuk Electric Co—
August
12
months.
30,344
26,041
7,449
1,329
4,909
defl 1,032
345,545
294,858
69,556
57,107
40,399
29,583
19,576
8,764
7,562
6,858
5,403
230,448
94,933
86,222
70,903
61,101
15,802
225,154
Key West Electric Co—
August
12
months.
22,091
247,448
Lowell Elec Lt Corp—
August
932,270
2,288.712
1,175.052
1,925,247
335",561
263", 945
12
months.
106,076
76,587
13,299
17,650
10,544
1,173,063
985,754
317,417
249,228
292,252
241,995
194,965
86,758
2,240,056
187,102
2,006,335
152,954
2,576,058
1,742,222
0886,843
Miss River Power Co—
August
12
months.
Y
50,588
503,785
Northern Texas Elec Co—
a The Brooklyn City RR. Is no longer part of the Brooklyn
Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18.1919 the Brooklyn City RR. has been operated by its owners."
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
j
81,652
1,177,149
Earnings.
12
163,785
833,522
10,915,215
Sept 1'19 to Aug31'20
2,045,334
1,589.326
951,118
3,969,322
712,085
160,695
1,982,750
1,845,512
Northern States Power._Aug
460.677
2,258,288
1,2.54,242
236,830
2,965,280
$
261,128
91,614
1,071,206
267,132
Newp N & H G&E Co. .Aug
Jan 1 '19 to Aug 31 '20
1,824,584
7,797,914
1,556.348
1,436,848
889,547
695,708
Year.
B razilian Trac, L & P___Augcl 1837,000 c9,734,000 c6.152,000 c4,885,000
Jan 1 '19 to Aug31 '20 c84,622,000c73.767,000c45,327,000c38,624,000
& Light
185,911
39,292
176,636
184,119
Aug
349,417
Sept 1 '19 to Aug 31 *20 3,768,540
Previous
Year.
$
Current
Year.
$
Alabama Power Co
m
1,177,149
7,709.114
819,386
16,494,953
7,204,574
1,244,238
Net Earnings
-Gross Earnings
Previous
Year.
%
Milwaukee Electric
1,813",470
46,619
217,522
28,221
309,406
1,983,233
117,289
1,399.811
1683,290 1416,193 13,288,629
4599,225 3996,886 18,388,849
233,289
181,116
1,904,527
30,344
26,041
230,999
143,919
139,631
1,149.420
22,091
19,576
171,758
289.351
226,427
1,583,424
25,261
82,819
17,786
347,818 346,565
2,039,798
106,076
76,587
811,612
21,737
22,283
75,926
13,530
23,266
85,708
227,115 179,401
1550,611 1161,610 10,453",075
241,995
194,965
1,758,013
July
August
New England Power.
New Jersey Pow & Lt
26,112
126,736
(2,937,921
and net earnings with
Current
Companies.
aBklyn City RR
aBklyn Hts RR—
Coney Isld & Bklyn
Coney Isld & Grave
gross
charges and surplus reported this week:
Bldyn Rap Tran Sys872.377 I
3,273.762
6,876 (790,725
27,032
157.395
726.510
197,301
5,994
4,681
18,939
526,958 452,196
1,977,063
62,637
274,991
57,890
1776,021 1364,757
6,861,787
126,732
574,482
156,328
50,927
.397,490
56,886
40.765
317.768
34,380
82.373
648.517
107.218
2014,224 1300,709 16,875,443
69,290
91,374
73,896
449", 039
86,785
1,071,206
91,614
81,652
1023,278 804,071
9,503,915
126,039
107,315
1,041,929
2627,694 2142,021 20,178,684
119,512
106,042
949,609
9,102,419
1168,063 905,759
249,264
221,793
1,429,769
2,348,169
280,027 208,924
1689,829 1228,073 13,672,949
1,290,807
159,968
172,060
Net Earn¬
ings.—The following table gives the returns of ELECTRIC
August
12
months.
336,192
3,835,532
297,941
128,058
123,311
103,124
3,027,498
1,480,341
1,152,758
1,182,198
Paducah Electric Co—
August
12
months.
39,943
11,443
5,079
430,693
129,280
63,923
r~
*
98,269
852,593
Oct. 9
1920.]
CHRONICLE
THE
-OT0S8-
-Net after Taxes
1920.
1919.
1920.
*
*
the company was allowed to pay the holding company only
—Surp. after Chges.—
1
1920.
1 % quarterly
beginning in April 1919, making three payments of 1% in that year and
two of 1% in 1920, the Pref. dividends of the holding
company being made
to correspond.
In July 1920 the rate was restored to 1H% quarterly
and it was planned to pay
up
the 2% p. a. withheld during Federal
control, provided the suit as to Federal Compensation terminates success¬
fully and conditions warrant.
See V. 110, p. 1974; V. Ill, p. 74.
1919.
$
1919.
$
Puget Sound Pow & Lt—
August
12
764,235
months.
292,735
697,932
9,631,199
101,299
134,663
250,364
3,975,471
2,130,334
Sierra Pacific Elec Co—
August....
12
66,085
54,785
28,702
777,422
months.
658,040
364,944
22,552
18,229
293,127
24,360
287,286
1467
219,303
FEDERAL INCOME
AND
August....
12
months.
113,022
99,295
36,920
34,657
32,810
30,016
1,413,642
1,182,025
549,493
470,192
496,007
416,130
• Decrease.
Express
Incidental
Joint
structures.-
$2,524,159
2,256,687
153,852
Transportation
4,075,388
Miscellaneous operations
230,987
General
304,213
Transportat'n for invest.
Total operatn'g exp__
Total
Federal
Control.—During the entire period covered by this report, the
equipment, material and supplies on hand, and cash |and balances,
$1,164,774 have been in the hands of the U.S. Government.
Negotiations Respecting Federal Compensation.—Failing to agree as to just
compensation for the use of the property, application was made to the InterState Commerce Commission for the appointment of three referees, as
authorized
by the Federal Control Act,
The Commission appointed
Messrs, Wooley, Needham and Hickey, Referees, and our claim for just
compensation is now pending before this Board.
Mileage.—There has been no change in main track mileage during the
year, although under the head of "Freight Statistics" the average mileage
operated for 1919, compared with 1918, shows an increase of 27.18 miles.
This is because Southern Pacific track was used between our station of
Niles and Bayshore yards, San Francisco, for freight trains;
and from
the junction of our main track, at Chestnut St., Oakland, to Southern
Pacific Oakland Pier, by passenger trains.
Corporate Income Statements for 1918 and 1919.—The figures are compiled
in accordance with the ruling of the Commissioner of Internal Revenue.
Under this ruling the company is required to return as accrued annual
compensation a sum equal to the figure certified by the Inter-State Com¬
merce Commission as the average earning for the years commencing July 1
1914, and ending June 30 1917, commonly mentioned as the test period.
The figure $1,900,350 is inserted in the report merely because that
figure has been adopted by the Internal Revenue Division of the Treasury
Department for the purposes of taxation; it does not represent just compen¬
sation under the Federal Control Act.
It is not now possible to state the
sum that will be allowed as
compensation, but it will substantially exceed
the figure mentioned.
The figure $1,900,350 accrued under the ruling of the Treasury Department
as a minimum, is misleading, and this must be kept constantly in mind in
considering this report.
To illustrate, approximately $4,000,000 was in¬
vested in equipment by the company after the beginning of Federal control.
Federal Accounts.—The accounts as published by the United States RR.
Administration show a profit to the Government of $704,178 for 1918 and
$1,675,618 for 1919 after charging the Government with the above men¬
tioned sum of $1,900,350 per annum.
Dividends.—Dividends aggregating 3% ($825,000) were paid during the
year 1919 on the Pref. stock, under authority of the U. S. RR. Adminis¬
tration, from surplus earnings of the company, and charged to Profit and
Loss.
(Compare V, 110, p. 1974.)
[On Dec, 31 1919 the "cash on hand and in banks" aggregated $11,075,265
including the following items in balance sheet, viz.:
(a) cash, $190,572;
(b) demand loans and deposits, being mortgage trust funds, applicable to
capital requirements on property covered by the bonds, $10,880,168;
(c) equipment trust funds $4,525.—Ed.]
; i
As to Denver & Rio Grande, &c., see V. Ill, p. 991, 693.
road and
to the amount of
Passenger train cars
Freight train cars
Revenue passengers carriedPassengers carried 1 mile.--
CLASSIFIED
FREIGHT
Agricul.
1917.
3,390
239,444
70,485,435
'
2.09 cts.
2,689,388
2,329,118
1,383,344,248 1,186,336,845
0.66 cts.
0.67 cts.
CALENDAR
Misc.
Mfrs.
466,299
516,440
667,272
Forest.
Mines.
YEARS.
48,417
111,985
153,882
600,561
129,988
and not delivered
prior to Jan. 1 1918, were taken by the Government and up to the date of
this report only 320 of such cars have been returned to this road, though
1919
414,787
91,052 1,371,544
305,383
291,854
91,563 1,486,780
190,766
1917———
331,731
97,584
929,930
148,719
1916
298,290
73,223
550,002
125,618
x 1,500
Box Cars ordered prior to Federal Control
1918-
all this
equipment has been paid for by the company.
x
Amount accrued
on
67,043
Miscellaneous rent income
8,917
11,962
4,971
381,462
77,560
$2,446,775
Revenue prior to Jan. 1 1918
Deductions—
Misc. non-oper.
_•
-
-
Interest on funded debt
——
1
Interest on unfunded debt
Amortization of discount
on
funded debt
$2,034,765
1,635,871
156,935
254,193
Cr. 1,632
156,935
254,193
Cr.1,632
$9,545,286
$4,112,011
$743,577
1,250
$7,893,879
$3,184,531
$704,073
1,759
$7,893,879
$3,184,531
$704,073
1,759
$744,828
$3,367,183
$705,833
$2,478,698
$705,833
$2,478,698
$195,643
302,684
$41,465
47,615
$41,465
47,615
_
_
_
302,684
148,313
52,169
1,213,248
474
95,353
1,900,350
67,043
8,917
10,632
28,172
1,002
15,603
409,634
L816
x3l5,427
11,962
2,454
373,711
315,427
Total non-oper .income
$538,132
Gross income.
$4,053,627
$2,908,161
$6,275,345
$423,367
$2,902,065
$2,760,027
$5,238,725
$249,136
218,231
$47,337
37,860
$47,337
37,860
1,900,350
52,169
1,213,248
10,786
95,353
11,365
1,900,350
1,900,350
52,391
1,036,684
7,126
do
.
unfund'd sec.,&c.
Miscellaneous income
25
18,834
DpffurtifiTiq-—*
Equipment rentals
$249,136
218,231
—
Joint facilities rent
Amt.
accr'd
on
compen¬
'
sation (see text)
Miscellaneous
1,900,350
rents
Interest on funded debt.
Int. on unfund'd debt
Amortiz. of discount
__
_
_
10,312
__
Miscell. income charges.
Maint. of invest, organ.
Total deductions
Net
_
*821
$2,378,850
$1,674,777
income
74,644
326,760
46,783
124,148
$3,874,787
$2,400,558
$1,985,554
916,510
Miscellaneous income charges
10,544
11,333
Expenses prior to Jan. 11918
76,745
$3,529,934
$1,708,792
*
Includes $814 79 being net of revenue and expenses accrued prior to
Jan. 1
1918.
Settled through U. S. RR. Administration during 1919.
x
Includes $315,426 81 being net revenue and expenses accrued prior to
through U. S. RR. Administration during 1918.
1917 and 1916 respectively, the company reported
of $9,898,483 and $8,270,262 respectively; total net
income after taxes $4,043,905 against $3,181,389 ana surplus for period
available for dividends, &c., $2,443,269 against $2,439,914.
Jan.
1
1918.
Settled
Note.—For the year
operating
revenues
SHEET DECEMBER 31.
BALANCE
1919.
Assets—
$
Road & equip...
91,825.773
91,927,464
Inv. in affil.
xl .909.571
1,741.182
cos.
Miac.phys.prop.
119,448
Mtge. prop, sold
393,589
Sinking fund...
50.128
Other invest
29.950
—
$
27.500.000
stock.
47,500,000
47,500.000
1st M. bonds...
19,943,500
20,000,000
3,600,000
3,600,000
Common
29*526
affil, cos.....
36.552
42,914
Traffic, &c., bal.
1,056
190,573
.
380,466
Accts. & wages.
74.460
56,877
Accrued interest
422,392
423,333
""
Demand loans &
10.880.168
deposits
Miscellaneous
11.469,016
13.296
21,931
100,164
308,592
1.935.613
2,038,393
..
fd. debt
Unadjust. debits
Compensation.
Govt,
36,248
25,356
Matured int....
33.107
42.914
Miscellaneous
69,678
131.506
Accrued taxes..
70.030
504
440,732
441,572
Accrd.
deprec'n.
375.611
399,316
Unadjust. crdts.
3,800,699
1.900,350
473,624
474,215
7,181,652
7,177,276
7,023,949
5,458,824
U. S. Govt. def.
Approp. sur
.
due from U.S.
U. S.
$.
27,500,000
Eqp. gold notes.
Non-neg. debt to
Traffic, &c., bal.
on
Liabilities-—
Preferred stock.
56,720
Special deposits.
Cash..
118,191
1918,
1919.
1918.
S
.a
liab
de¬
5,058,990
5.199.614
Total .......116,861,248
115,493,051
10,586
9,782
Sinking fd_....b
100,000
Profit and loss..
2,416,482
ferred assets..
2,564,645
Other def. liab..
50,000
Total........116,861,248 115,493,051
Note.—Investments—Road and Equipment, and Deferred " Liabilities
S. Government includes $2,143,523 representing expenditures during
Government Control for additions and betterments a considerable portion
U.
of which is in controversy and
subject to adjustment.
x Includes (a) Tidewater So. Ry. stock (unpledged) $1,147,968, bookval.
$676,274 and notes $198,406; (5) Deep Creek RR. stock, no par (pledged)
$450,000 and notes $45,000;
(c) Standard Realty & Devel. Co. stock
(pledged) $400,500, book val. $175,440 and notes $258,873;
City Un. depot & RR. stock at par $99,900.—V. Ill, p. 991.
(d) Salt Lake
surplus-investment in equipment,"&c.,
&c. purchased, $7,166,532;
and additions to property through
(surplus acct.) $15,120.
Includes
as
of
Dec.
31
1919
(b) Includes Dec. 31 1919: Funded debt retired through Income $49,872;
$56,500 1st M. bonds having been canceled during the year; sinking fund
reserve
$50,128—V. Ill, p. 991..
Northern
Pacific Railway Co.
(23d Annual Report—Year ending Dec. 311919.)
Chairman Howard Elliott, N. Y., Feb. 28, wrote
in sub.:
Operated.—Additions to mileage aggregate, net, 75.98 ^iles.
£
Miles.
Leased—Trout Brook to Gloster, Minn.,
52,391
1,036,684
7,118
74,644
187,314
3,626,433
1,900,350
73,514
— ------
_
$46,783
$124,148
-
$2,034,765
1,635,871
187,314
3,626,433
physical
property
__
Income fr.funded secur._
Mileage
General corporate expenses
Income and war tax
Miscellaneous rents
sation (see text)
Misc. rent income
$2,397,270
.•
Gross income
:
60,610
Income from unfunded securities and accounts
$2,524,159
2,256,687
153,852
4,075,388
230,987
304,212
$195,643
Joint facility rent inc.
Amt. acc'd on compen-
2,428
354,877
Miscellaneous non-operating physical property
Income from funded securities
4,106
$9,200,062
1,373,496
40.076
182,678
56,999
220,993
4,106
revenue—
Equipment rentals
income
1918.
$1,900,350
73,514
Account of Compensation
$596,515
$3,515,496
equip.,
1919.
$1,900,350
*
—
Non-operating
a
CORPORATE INCOME ACCOUNT.
Non-Operating Income—
$595,264
1,250
Total operating income.
Disc,
125
54
129
54
5,281
181,649
54,111,921
2.53 cts.
TONNAGE FOR
Animals.
CALENDAR YEARS.
1918.
x5,265
234,160
72,852,569
Revenue per passenger per mile.
2.63 cts.
Revenue tons carried
2,697,482
Revenue tons carried 1 mile
1,407,260,620
Revenue per ton per mile
0-80 cts.
$9,545,286
$4,112,011
revenue
Railway tax accruals
U ncollectible ry.revenue
the operating concern for the Western
Pacific RR. Corporation, which owns the entire capital
stock, reports through its President, Charles M. Levey, San
Francisco, Sept. 1, in substance as follows:
220,993
.
company,
129
54
-
Traffic
The Western Pacific Railroad Co.
1919.
Facilities
$9,200,062
1,373,496
40,076
182,678
56,999
Maintenance of way and
(4th Annual Report Year ended Dec. 31 1919).
Locomotives.-.-
1918 Revised
Maintenance of equipm't
Net
GENERAL STATISTICS AND EQUIPMENT FOR
Combined.
Year 1918.
Totaloperatingrevenue.$13,657,296 $13,657,297 $11,078,409 $11,078,410
Financial
Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last
Saturday of each month.
This index will not
include reports in the issue of the "Chronicle" in which it is
published.
The latest index will be found in the issue of
Sept. 25.
The next wiH appear in that of Oct. 30.
Federal.
Year 1919.
$11,227,664 $11,227,664
1,912,823
1,912,823
29,224
29,224
153,447
153,447
45,140
45,140
283,066
283,066
5,932
5,932
Mail
FINANCIAL REPORTS.
Combined.
Year 1919.
Operating Revenue—
Freight
Passenger
Miscellaneous
This
CORPORATE INCOME
Federal.
Includes St. Louis contract adjustment made fat May 1920.
a
FEDERAL
COMBINED,
Tampa Electric Co—
3.12 miles; Mossmain to] M
Hesper, Mont., 4.01 miles
Constructed—Lake Basin Branch, Mont
do
Boseman to Logan, Mont., Alternate Main Line
Less Bitter Root Branch, shortened, and minor changes, total
'7.13
38.18
33.12
2.45
376,036
Total
deductions
Net income
—
Pref.
Dividends..
Balance transferred to Profit and Loss
$1,604,989
$792,281
$1,720,994
$725,781
jDisposition of Net Income—
Applied to sinking fund
^
_
$50,000
$50,000
See note "y" below.
742,280
,—y675,781
Represents Government compensation as certified by the Inter-State
Commerce Commission, subject to change when an agreement with the
Government is reached, definitely fixing the amount of the annual com¬
pensation.
The amount here shown is considered wholly inadequate.
Mileage operated Dec. 31
trains
.,
.
.
„
.
was
752.33.
The number of miles run by revenue freight
10,807,746, a decrease of 12.25%.
$20,331,317, an increase of 18.58%.
Sleeping
and chair car, excess baggage and miscellaneous passenger
$143,041, a decrease of $412,911, or 74.27%.
Total revenue
Passenger revenue was
car,
parlor
revenue
from
an
.
Dividends aggregating 3% ($825,000) were paid in the Pref. shares
during the year 1919.
Beginning in Dec. 1917, five quarterly dividends
of
% each were paid on the Pref. stock, but under Governm©11^ control
y
6,642.26
from 824.86 tons to
x
See text above.
1919
Average mileage operated during the year
6,591.91
Earnings Compared with 1918.—Freight revenue was $72,934,722, a de¬
crease of $5,599,621,
or 7.13%.
The average earnings per ton mile in¬
creased from .819 to .961 cts.
The revenue train-load decreased from
737.14 to 660.85 tons; total train load, including company freight, decreased
an
an
was
persons
.nd property carried on passenger trains was $23,448,580,
The number of passengers carried was 8,633,586,
increase of 14.83%.
increase of 820,191, and the number carried one mile was 748,635,597,
increase of 11.24%.
The average rate per passenger mile was 2.716 cts.,
against 2.548 cts. last year.
Earnings and Expenses per Mile Operated
(Federal Operations in 1918 & 1919).
1918.
1919.
Operating revenues per mile__
113,526
♦Oper, exp. per mile (incl. $294,157 corp. exp. in
1919)
8,171
Net operating revenue per mile
5,355
♦Taxes per mile (Includes $1,518,089 corporate
war taxes in 1919)
*.
1,059
$15,594
$15,282
1,236
1,365
$4,295
$3,501
$2,316
1917.
Net
11,601
3,681
10.857
4,737
Operating expenses to operating revenues
60.41%
69.62% 75.91%
operating revenue
7.83%
7.93%
8.93%
* The corporate expenditures for expenses and taxes are included in order
Taxes to
.
to make
proper
the
Operating
and for
comparison between the three years 1917, 1918 and
also included in the ratios.
same reason are
Expenses —The
charges
transportation
for
expenses
1919,
were
$38,274,463, an increase of 2.06%, as against a decrease in total operating
of 2.11%.
The charges for maintenance of equipment were $17,610,481, an increase
of $893,523, or 5.35%;
and for maintenance of way and structures were
$16,223,655, an increase of $1,996,773, or 14.04%.
End of Federal Control.—Your company resumed possession and control
revenue
of its properly at midnight Feb. 29 1920
Maintenance under Federal Control.—For the reasons
stated in the last
Administration was unable to maintain your property
physical condition in which it was turned over to the
Government on Dec. 31 1917
There has been some deficiency during
Federal control in the amount of rail relaid, in the number and character
of ties replaced, in the amount of ballast put into the roadbed and in mis¬
cellaneous maintenance work.
The equipment, too, is not in as good
condition.
We shall presently file with the Director-General its claims on
account of inadequate maintenance of your property.
Corporate Income.—The results to the company for the year 1919 show an
increase in net income of 1919, as compared with 1918, of $2,707,402, viz.:
Increase—Int. accrued on account with U. 8. Government
$1,511,976
Interest accrued on Liberty bonds
—
182,760
Bal. rev. over exp. prior to Jan. 1 1918, collected by RR. Adm. 1,714,285
report, the U. S. RR.
in
the
excellent
$3,409,022
Total
Less decrease in dividends Northern
Miscellaneous
Pacific Express Co.$467,328
234,292
items
Net increase
701,620
—$2,707,402
......—
Federal Government.—Our account with he U. 8. as o*
table below) shows a balance due the company from the
.Government on that date, on items subject to quarterly settlement, of
$9,351,436.
This does not include the value of materials and supplies
turned over to the Director-General Jan. 1 1918 of $10,751,914, which must
be returned or accounted for.
There was also due from the Government
Dec. 31 1919, on account of equipment retired, property retired and not
replaced, and depreciation of equipment, an estimated total of $3,059,015;
these items are not subject to quarterly settlement under the contract.
The estimated balance due the company by the Government at the end
of Federal control Feb. 29 1920 is $9,068,140 on accounts subject to quar¬
terly settlements and $3,347,865 on accounts not subject to quarterly settle¬
ment, or a total of $12,416,005.
This does not include the value of material
and supplies turned over to the Director-General Jan. 1 1918.
Financial Results of Operation to U. S.—The Federal income account
shows that the net income to the U. 8. RR. Administration was $17,279,913,
which is $12,809,779 less than the just compensation, and this represents
the loss to the Administration from its operation of your property during
with
Accounts
[Vol. 111.
CHRONICLE
THE
1468
Ry. Co.
railroad
In 1917 the former company earned from the operation of its
$2,865,432, which shrank to $1,176,876 in 1919—the latter com¬
pany earned in 1917 $160,729, and in 1919 there was
The company has a fine property in the great and
a deficit of $37,939.
growing States of Wis¬
Minnesota, North Dakota, Montana, Idaho, Washington and
Oregon, with lines to Winnipeg and Vancouver in Canada.
Your railroads
are well placed to serve this territory.
The development of this country
should be greater in the next ten years than it was in the last ten.
With
a proper adjustment of wages and rates, and with the hearty co-operation
of the owners of securities, the employees, the public and the regulating
authorities, the transportation needs of this great empire should be met
consin,
and the
go
development of the country and of your system
along together.
of railroads, should
-
^
and the Great Northern which
together own all of the stock of the Spokane Portland & Seattle Ry. Co.
(which in turn owns all of the stock of the Oregon Trunk Ry. Co.), are of
the opinion that the standard return of the Spokane Portland & Seattle
Ry. Co. and of the Oregon Trunk Ry. Co. ascertained in accordance with
the provisions of the Federal Control Act, is not adequate compensation for
the use of those properties
It Is possible that as the result of negotiations
with representatives of the Administration, an agreement may be reached
under which something in excess of the standard return will be allowed for
their use; but if no such agreement is reached, your company believes that
the standard form of contract should not be entered into by those com¬
panies, and that an effort should be made to obtain from the Court of
Claims, in accordance with the procedure outlined in the Federal Control
Act, a decree fixing the amount of compensation to be paid to those cos.
SPOKANE PORTLAND & SEATTLE RAILWAY
[Including Oregon Trunk Railway and Oregon Electric Ky.]
(1) Corporate Income Account.
,1919.
1918.
1.
Subsidiary Companies.—Your company
$2,865,432
Net income—See Fed'l inc. acc't below.
compensation duefrom U. S. Govt $2,070,147
& accounts
69,261
Miscellaneous income
42,967
$2,096,225
2,797
34,018
18,432
33,678
$2,182,375
$2,133,040
$2,917,542
"73449
26,440
3,050,500
Est.
Inc. from unfunded securs.
Gross income
Deductions—
$188,160
Railway oper. exp. (adjustments)
Miscellaneous tax accruals
debt
Interest on unfunded debt
Amortization of disc, on funded debt..
Miscellaneous income charges
Interest on funded
Items
3,048,400
959,577
444,619
57,869
246,599
.Cr.234,299
prior to Federal control (net)
Total deductions from gross
Dec. 31 1919 (see
57,111
3,048,400
975,215
444,619
93,707
— -
$4,143,599
$4,830,212
income_$4,572,9l2
573,721
444,618
48,320
..$2,390,537
Net Loss
$2,697,172
$1,226,056
$8,850,542
6,839,446
875,950
$9,951,048
6,777,914
941,689
$8,234,287
4,486,125
866,347
(2) Federal Income Account—
Railway operating revenues
Railway operating expenses..
Railway tax accruals
Uncollectible railway revenies
666
$2,230,779
def$25,222
278,553
operating income
Non-Operating Income—
Equipment rents—net
Joint facility rents—net
Miscellaneous
912
788
$1,134,358
Total
def$39,070 def$286,214
..
$2,880,903
„
„
16,770
15,524
23,486
income—net
253,973
295,984
def234,299
244,266
$1,176,876
2 ,070,147
$2,747,483
Oper. items prior to Jan. 1 1918, net.,
-
the year 1918 the loss to the Administration was $1,228,prices paid for material mounted steadily, and though
there were very marked increases in wages during the year 1919, no in¬
creases were made in freight rates or passenger fares; and the fact that the
loss to the Administration in that year was so much greater than in 1918 is
due very largely to that fact.
There was a decrease of $2,168,906 in the
gross railway operating revenues.
A comparison of payrolls in Jan. 1917 with 1920 shows the cumulative
effect of the wage increases granted since the war began, and the compara¬
tive expenditure for material and fuel as follows:
.$1,735,862
Jan. 1917 payroll
$2,346,820 Material and fuel
2,335,900
Jan. 1920 payroll
4,570,590 Material and fuel
the year.
During
429.
Though the
>
Increase (94.76%)
Valuation
$2,223,770
Increase (34.57%)—..
$600,038
Commission has continued
Work.—The Inter-State Commerce
Except for the right-of-way and ter¬
minals, the field work has now been completed.
The Government program
calls for the completion of the tentative valuation the latter part of 1920.
The number of company employees engaged in this work at the presen t
time is 98 and the total expenditures for our portion of the work up to
Dec. 31 1919 was $1,119,847.
Stockholders.—On Dec. 31 1919 there were 30,765 holders of the stock,
an increase in 1919 of 3,765.
Land Department.—'The net acreage disposed of during the year was
129,445 acres, less by 32,869 acres than during 1918, due to the extreme
drought conditions experienced in Montana in 1911.
Changes in Balance Sheet.—The property acquired from the Northern
Pacific RR. Co. on Aug. 18 1896 included the lands granted in aid of con¬
struction, the value of which was placed in the account now designated
"Investment in Road and Equipment."
Prior to Jan. 1 1919, as lands
have been sold, the net proceeds have been credited to that account.
The Inter-State Commerce Commission during the past year noted these
credits and requested that an adjustment of the accounts should be made so
that they will conform to the classifications of the Commission, effective
July 1 1914.
The accounts involved are now being analyzed and such
adjustments as are necessary will be set forth in the next annual report.
The net proceeds from sales of lands which have been credited to "Invest¬
ment in Road and Equipment" are in excess of the value in 1896 of all
of the lands acquired at that time. \ Consequently, the entire net proceeds
for the year 1919 have been credited to profit and loss.
In the same way net proceeds of the St. Paul and Duluth lands in Minne¬
sota, amounting to $6,901,197, have been heretofore credited to "Invest¬
ment in Road and Equipment" and the entries have now been reversed
and the amount credited to "Unadjusted Credits."
An analysis of the "Investment in Road and Equipment" account has
developed that stocks and bonds of affiliated companies amounting to $2,805,562 have been included in that account.
In accordance with the
requirements of the Inter-State Commerce Commission these items have
been transferred to "Investments in Affiliated Companies."
The original cost of the equipment now in service is $82,170,700. In
order that the ledger value of the equipment now in service may equal its
original cost, "Equipment" account has been charged and "Accrued De¬
preciation" account has been credited with $10,456,410. which represents
depreciation accrued and written off prior to July 1 1907.
The Land Department current assets which heretofore have been shown
under "Road and Equipment" have been transferred to "Other Invest¬
the work of valuing your property.
ments" and other balance sheet accounts.
Outlook.—Your company, in common with all others, confronts new con¬
ditions at the end of Federal operation.
The physical condition of the
property can be restored, and it is expected paid for by the Government.
A more difficult problem Is to restore the earning power of the company to
the basis existing during the year 1917.
The effect of increases in wages
and in prices for fuel, material and supplies without offsetting increases in
rates, snows clearly as follows:
1917.
1919.
Railway op. rev.$88,225,726$100,739,354
Pass.car.,No
Railway op. exp.
53,297,861
76,179,715
Railway taxes &
uncollectible..
6,031,440
7,506,589
Total op. inc.$28,896,425
Non-oper.
inc..
3,234,136
$17,053,051
2,779,743
750,996
$19,832,793
2,552,881
income_.$31,379,565
8,633,586
748,635,597
9,671,361
do 1 mile 8,812,675,163
7,589,036,420
10,807,746
$4.61
1 mile
m.
Rev.frt.tr.m
12,556,901
Rev.per tr m
Exp.per tr.m
$3.70
$2.30
....
Net
21,389,131
$3.60
def$893,270
1
2,096,225
$651,258
comparative income accounts, both corporate
were published in V. 110, p. 1636.
The
and
Federal,
COMPARATIVE STATEMENT OF EQUIPMENT DECEMBER 31.
Locomotives.
Pass. Cars.
Freight Cars.
Other Equip.
1,406
1,064
49,487
—
1,399
1,065
49,701
---1,361
1,073
48,080
7,384
1,356
1,276
47,275
7,286
In addition to the usual locomotives shown above, there are on hand
39 withdrawn from service, some of which may be sold.
PASSENGER AND FREIGHT STATISTICS.
1
1919.
1918.
1917._
1919
1918
1917
1916
No. or tons rev.
7,813,395
672,985,168
2.548 cts.
8,633,586
748,635,597
2.716 cts.
21,389,131
carried
carried 1 mile
No. of passengers
No. of passengers
Average rate per pass, per
mile.
freight carried.
24,150,782
1 mile.7,589,036,420 9,589,272,892
do
do
Average receipts per ton per
8,781,951
660,713,170
2.368 cts.
22,842,151
8,812,675,163
mile
freight
0.961 cts.
0.819 cts.
0.741 cts.
mile of road (avermileage)
$14,807
$15,192
$13,117
ESTIMATED STATUS OF ACCOUNTS WITH U. S. GOVT. DEC. 31 1919.
[Includes Nor. Pac. Ry., Big Fork & Int. Falls Ry. and Gilmore & Pittsrevenue
Revenue per
_
_
age
kU(f)
Subject to Quarterly
Cash Dec. 31 1917
Settlements—$71,990,232—Debits against the Govt.—$5,594,499
-
Agents and conductors balances
Assets Dec. 31 1917, collected
Revenues
Dec. 31 1917
•
prior to Jan. 1 1918
Compensation under contract
Interest
—
........—
...
840,024
1,416,254
2,314,167
60,260,138
1,565,151
.....—
$62,638,796 Credits to the Government—
*1 /\ c
$16,814,105
Additions and betterments
Liabilities Dec. 31 1917,
paid
Corporate income transactions
Expenses prior to Jan. 1 1918
Advance payments on compensation
Balance due from Government
(2) Not Subject to
3,9bU,917
ol'IRR'R™
under contract—.—.— 34,509,000
$9,351,436
Quarterly Settlement—$3,059,015 Debits
equipment retired
—
For property retired and not replaced
Depreciation of equipment
For
Grand total due from
Material and supplies
$12,410,451
$10,751,914
DECEMBER 31.
1919
Liabilities—
&
S
Assets'*-"
Road &
against the Gov.
$708,856
<357,169
1.992,990
Government
I
GENERAL BALANCE SHEET
1919.
1918.
equip't.499,822,010 498,673,967
Inv.inaffil.cos.:
$
a
Bonds...;...
Notes
land grants.._
Sinking
funds..
15,316,239
8,459,681
Matured
8,465,141
of mtge. prop.
Cash
Traffic, Ac.,bals.
Material & supp
Misc.
Acer,
accounts-
476,477
5,679
9,151
4,937
1,208,820
299,718
int., &c
Due from U.S.G.
8peclal deposits.
Insurance
2,253,294
29,291,814
2,020,183
fund.
accounts.
949,001
407,231
11,759
67,531
10,681,960
1,646,344
283,438
(partly est.)..
25,535,239
2,583,735
5,803,206
declared
Accr'dint.,&c.-
3,375
100,484
4,900,000
10,761,122
11,818,029
2,643,124
10,000
15,000
32,517
38,581
4,340,000
4,340,000
156,684
474,094
508,734
1,614,440
accrued
Taxes
Accrued deprec.
32,800,426
Oper'g reserves.
6,901,197
1,769,619
84,961
7,898,854
19,227,872
473,284
5,803,206
5,803,206
Deferred liabil'y
Unadjus. credits
69,459
8,054,871
Insurance & cas¬
ualty reserves.
324,153
$
Unmatured divs.
Unadjusted,Ac,
accounts
1918.
funded
debt, Ac._.__
Misc.
bDeposit. in lieu
1
Capital stock...248,000,000 248,000,000
Funded debt. .d309,721,500 310,326,500
1,067
142,622,204 141,747,141 Traffic, Ac., bal.
515,075
24,545,675 Acc'ts A wages.
32,257,634
3,063,559 LoansAbills pay
3,066,112
2,350,140 Due U. 8. acct
Advances
2,934,055
corp. transac. 11,276,277
7,723,567
Other invest'ts..
7,748,867
do add'ns.Ac. 16,812,681
506,591
Misc.phys.prop.
459,366
Matured inter't
2,079,052
Contr. for sale of
Stocks,
Due
earn, per
train mile.
The
1919.
...
Net Federal surplus
$2,865,432
Approp.surp.not
$17,279,913
$32,130,561
Deductions
Net
1917.
8,781,951
660,713,170
9,830,167
Rev. fgt. tons
22,842,151
do
Pass. tr.
compensation
Estimated
Loans A bills rec
Business
Handled—
Total net income
$1.40
$1 01
Government increased rates somewhat so that operating revenues
$12,513,628 more in 1919 than in 1917, although the total of business
of the company was less.
The increase in expenses, taxes and other oper¬
ating charges, however, was $24,357,002, resulting in a loss in net income
from operation of $14,099,653.
The reduction of earning power is shown to even a greater extent for the
were
Spokane Portland & Seattle Ry. Co. and the Minnesota
•
& International
acct.
21,433,817
8,384,692
porate trans.
_
Total
.770,014,211 743,586,601
a
330,107
334,460
Profit and loss..121,178,243
114,539,394
spec,
cor¬
Includes this company's half
inv
Total
770,014,211 743,586,601
of $107,613,500 stock of the Chicago Bur¬
lington & Quincy RR. to secure $215,227,000 joint bonds made and issued
by this company and the Great Northern Ry. to pay for said stock, costing
$109,114,810.
b Net moneys in hands of trustees from sale of land grant
lands, &c.
c Cash for retirement St. Paul-Duluth Division bonds.
dAfter
deducting $9,149,500 funded debt held in treasury.—V. 110, p.
2568.
THE
OCT. 9 1920.]
Outlook for Full
Kanawha & Michigan Railway.
(Report for Fiscal Year ending Dec. 31 1919.)
during the year
Funded Debt.—The funded debt outstanding increased
and decreased by
payment of $360,000 equipment trust certificates.
Corporate Income Account.—The compensation stated in the contract
and accrued as income for the possession, use and control of the property
RR. Administration remained at $1,295,141 for the year,
$84,510, account
completed additions and betterments (mainly on cost of Government
allocated equipment).
There had been accrued in 1918 interest amount¬
ing to $6,707 on Government allocated equipment placed in service during
by the U.
Dividends.—After the reorganization of United Railroads
of San Francisco, and when its successor company commences the payment
of dividends upon the junior securities, there seems reasonable expectation
that full dividends may again be paid upon the outstanding Prior Preference
stock and even that some money may be available over and above the
President Alfred H. Smith says in substance:
by $296,186 5-year 6% notes to the Gauley Coal Land Co.
1469
CHRONICLE
8.
requirements therefor.
Stated
briefly, the affairs of the company seem to be improving.
distributable
revenue
Federal control.
The increase of $32,704 in income from unfunded
securities and accounts is
issued by the company during
The increase of $78,771 in interest on unfunded debt is almost en¬
debt of $19,358 is due to interest on notes
1919.
tirely accounted for by the interest accrued on deferred payments
cated equipment and other amounts due the Government.
for allo¬
Property Investment Account.—Their net increase of $185,635 results from:
Federal Manager
228,176
equip, retired in excess of expenditures by
Federal Manager for new equipment, &c
42,541
Rolling Stock.—The 500 freight cars allotted by the
Director-General
to this company were delivered in 1918;
the 3 locomotives have not yet
been delivered.
The Director-General will take at par our 6% equipment
trust notes, maturing over a period of 15 years, in payment for approxi¬
mately 75% of the cost of this equipment, and the remainder is to be paid
to him by deducting the amount from the equipment depreciation and re¬
tirement credits arising in the company's favor under its standard contract
Additions and betterments to road by
Less credit for value of
with him.
Kanawha &
West Virginia RR.—This company, whose entire capital
Kanawha & Michigan RR shows for 1919: Federal
compensation accrued, $45,261; other corporate income, $11,152; gross
income, $56,413; less interest on funded and unfunded debt and other
deductions, $91,213; net corporate deficit, $34,800.
The report of opera¬
tions of the road by the U. 8. RR. Administration showed a net deficit
for the year of $168,725.
•
' I.
Coal Merger.—In connection with the consolidation and development of
certain coal properties in Nicholas county, W. Va., this company acquired
during the year 4,001 shares each of the preferred and the Common stock
of the New Gauley Coal Corporation at a total outlay of $325,077, involv¬
ing a cash payment of $28,891 and the issuance of this company's five year
6% notes, dated Jan. 23 1919, to the Gauley Coal Land Co., to an aggre¬
gate principal amount of $296,186, secured by the above mentioned stock
stock is owned by the
as
collateral.
YEARS.
TRAFFIC STATISTICS FOR CALENDAR
1917.
1918.
1919.
177
177
177
Average miles operated
1,132,515
1,344,291
3,415,553
25,137,836
56,166,468 20,675,622
2.03 cts.
mi_
2.66 cts.
1.99 cts.
5,544,333
4,412,546
6,353,985
484,820,916 682,998,158 682,492,107
0.726 cts.
0.667 cts.
0.448 cts.
1,143
1,092
1,206
$1.95
$1.29
$2.90
$8.14
$24,489
$7.17
$33,387
$5.31
$20,425
INCOME ACCOUNT FOR 1919 COMPARED
COMPANY'S ACCOUNT IN PREVIOUS YEARS.
WITH
FEDERAL
1919.
$660,741
3,521,721
142,293
1917.
$419,191
3,055.085
132,715
$5,896,134
$3,606,991
$660,980
1.619,205
1,594,379
Total operating revenue
1918.
$1,118,462
4,552,914
224,759
$4,324,755
'
Earnings—
Passenger.
Freight
Mail, express, &c_
$657,737
1,509,671
1,876,389
32,828
130,494
$421,511
895,700
1,092,140
41,147
92,628
$4,207jll9
$1,689,015
$1,063,865
Expenses—
Maintenance of way
and structures-.
Maintenance of equipment
Transportation
-
30,490
Traffic
General expenses,
157,301
&c
$4,062,355
Total.-.-
operating revenue
$262,400
-
CORPORATE INCOME ACCOUNT FOR
1919.
$2,543,126
CALENDAR YEARS.
1918.
1917.
$1,063,865
Net
operating revenue
Compensation accrued
Hire of equipment
$1,295,141
51,627
$1,346,768
$1,751,765
$299,818
98,535
income
$1,295,141
163,330
$1,458,471
rA
J
Rents and miscellaneous
Total
$280,460
19,764
5,401
5,028
$291,260
(654,640
\ 33,260
Deduct-
Interest on funded debt
Other interest
30,739
4,761
450,000
Taxes, &c
Rents
paid, Ac
Dividends (5%)
96,438
War taxes accrued
Cr.76,290
Expenses applicable prior period
BALANCE
1919.
1,326,579
1,100,000
594,440
Other investments
Special
83,414
....
—
1919.
stock
Matured
int.,&c..
89,280
$
200,000
2,552
1,736
432,915
5,238
52,600
Accrued interest—
34,068
8,797
Accrued
89,916
31,831
89,994
45,277
793,172
Accrued
31,304
783,188
.
226
28,902
15,342
Deferred assets
21,763
1,245,141
1,056,763
debits
Compensation due
786,283
U. S. Govt, accts.
1,455,876
Unadjusted
taxes
deprec'n.
723,668
744,717
U. S. Govt. acct..
2,494,445
UnadJ. credits, <fec.
Additions to prop¬
1,429,327
1,816,241
1,438,515
come
& surplus.
1,070,937
1,069,156
*5,078,359
4,534,812
26,320,559 25,531,467
deducting sundry net items, $10,923.—V. 110, p. 970.
Total
California Railway & Power Co.,
Inc.
Year Ending June 30 1920).
B. Starring, Sept. 27, wrote in substance:
(7th Annual Report
President Mason
Reorganization of United RR. of San
for the past four years have finally
Francisco.—The negotiations pending
resulted in a modified plan meeting
approval of the committees of the bondholders and the junior
security holders.
This plan is expected at a reasonably early date to receive
the sanction of the California RR. Commission, which will make it effective.
(Compare terms in V. 109, p. 1367.)
Said railroads have paid neither dividends nor interest to this company
with
some years
past.
The reorganization is
■
to 76.83%.
maintenance
increased
In addition to the ordinary maintenance, approximately 6H
miles of track have been reconstructed with standard 9-in. girder rail, con¬
crete foundation; 25 miles of trolley have been renewed ana further exten-r,
sive changes in the feeder system for the betterment and improvement
of the distribution system were made;
319 cars were completely over¬
hauled in the general shops and put through the paint shops, and in addition
275 cars were partially overhauled, making a total of 594 cars out of a max¬
imum daily schedule of 660 cars.
During the year there was begun in the Elkton shops the construction of
series of new cars, of which 5 have been completed and are in service.
Construction was also begun on a new substation, of the ultimate capacity
of 10,000 K. W., at Second and Stevenson streets.
The immediate capac¬
ity to be installed will be 4,000 K. W.
The operation of this substation
should permit not only of improved operating conditions on Market Street *
but will permit of the operation of a greater number of cars with less power
consumption due to saving in transmission losses from distant stations.
Wages.—Throughout the year labor conditions were on the whole fairly
satisfactory.
The pay of conductors and motormen was increased in July
1919, to 46c. per hour during the first six months of service, 48c. per hour
during the second six months, 50c. per hour during the second year, and 52c.
per hour thereafter, which schedule remained in effect throughout the fiscal
year;
July 11 1920, the above-named schedule of wages was increased in
order to meet existing conditions to 50c. per hour during the first six months,
52c. per hour during the second six months, 54c. per hour during the
second year, and 56c. per hour thereafter.
A similar increase was made
in other departments of the company to meet in general the wages prevailing
for such services in the district.
Municipal Railway.—For the first time in a number of years no additions
of track were made to the Municipal Railway, and the competition from
this source as affecting the company is the same as during the previous
year.
The Municipal Railway, In general matters affecting the operation
of the two systems in the City of San Francisco, has co-operated with the
$176,283.
company.
,
Company.
Results.—In view of the lease the following statement
of operating results
ended Dec. 31 1919, the last period of operation
independent property.
On Dec. 31 1919 the total connected load was 75,563 k. w., equivalent
to 101,291 electric h. p., with 8,087 electric and 857 water customers, as
compared with a connected load of 73,063 k. w., equivalent to 97,940
electric h. p., with 7,286 electric and 991 water customers at the end of
the fiscal year June 30 1919.
is confined to .the half year
as an
K.W.Hours
Generated by Company.
Purchased,
Delivered. Hydro-Electric.
Steam,
from Others.
143,381,686
58,014,587 67,878,800
17,488,299
1918
133,630,358
84,817,733 43,015,400
5,797,225
The increase in sales of electric energy during the same comparative
period was 10,221,724 kilowatt hours, of which the increased consumption
of United RRs. of San Francisco amounted to 4,165,270 kilowatt hours.
During the last six months of 1919
capital expenditures were made
amounting to $99,211.
The gross earnings from operation for the six months were $1,316,025
of which $1,273,978 were electric earnings, and $41,353 water earnings.
The gross electric earnings show an increase of $252,863, or above 25%.
The ever increasing costs of materials and labor, together with the growth
of load beyond the capacity of the company's hydro-electric generating
plants, and the fact that a year of extremely scant rainfall limited the output
of these plants to an unusual extent, amongst other things, combined to
increase the operating costs $359,436 during the six months' period as
against the similar increase of $544,503 experienced during the entire fiscal
year covered by the last annual report.
nnp.
The company used 357,961 barrels of fuel oil, or an increase of 113,965
barreLs.
The increased load with the effect on output of hydro-electric
plants brought about by two abnormally dry years in succession made it
necessary to generate approximately 58% more energy by steam, at an
increased cost for fuel oil of approximately $197,000.
In addition to the energy generated by steam, the company purchased
all available energy from the Pacific Gas & Electric Co., the Hetch-Hetchy
plant of the City and County of San Francisco, the Melones Mining Co.,
and others.
The total purchases for the six months were approximately
$80,000 in excess of those for the similar period of the preceding year.
The foregoing increases aggregate approximately $337,000, out of a total
increase of $359,000.
The remaining $22,000 represents increased cost of
feed water for steam, steam plant supplies and miscellaneous materials and
■upplies.
Taxes show an increase of approximately $8,300.
Terms of Lease.—The difficulties in the way of independent financing of
additional hydro-electric generating equipment to eliminate the costly
generation of energy by steam, were found to be insurmountable and as an
alternative a contract was negotiated as at Dec. 31 1919, with the Pacific
Gas & Electric Co., in accordance with which the operating properties of
Sierra & San Francisco Power Co. were leased for a period of 15 years with
the understanding that arrangements would be made by Pacific Gas &
6 Mos.
to Dec. 31—
1919
....
.
additions both in generating and distribu¬
sale of Sierra & San Francisco Power Co. bonds if
by the use of Pacific Gas Sc Electric Co. credit.
The interest obligations under both of the Sierra Co.'s Trust Indentures
are guaranteed in effect by Pacific Gas & Electric Co. during the life of the
lease and in addition the Sierra Company is to receive a rental of $50,000
per annum for the first two years, $100,000 for the third year and $150,000
per annum for each year thereafter.
(V. 109, p. 2362).
Electric Co., to finance necessary
tion equipment by the
feasible and otherwise
Coast Valleys Gas &
Results.—At June 30 1919 the
customers were as follows:
Fiscal
Year—
El.Load.
K. W.
11,420
-—--10,687
Electric Co.
electrical connected load and number of
No. Customers
Water.
Gas.
Elec.
Total Sales
Elec.k.w.h. Gas, cu. ft.
59,322,600
47,848,200
41,853,800
On account of the impossibility of obtaining new money and on account
of the high cost of materials, the unsettled condition of labor and the
continued shortage of power, the company felt compelled to restrict its
capital expenditures so far as practicable and therefore undertook no active
solicitation of new business.
The total capital expenditures during the
year (including advances from customers) amounted to $146,583.
Earnings, &c.—The gross earnings amounted to $528,130 of which
$402,038 were derived from the electric department, $96,283 from the sale
of gas and $27,189 through the sale of water.
While the gross earnings
show a very marked increase they do not much more than keep pace with
the increased operating expenses.
The company is now confronted with
requirements for capital expenditures estimated at $460,421.
-----
1919
1918
8.779
the
expected to clear the situation.
Proposed Sale.—A proposition has been made to the company to purchase
the stocks of the Coast Valleys Gas & Electric Co. held by it [and was ap¬
proved Oct. 7 1920 at the meeting of stockholders).
This sale, if con¬
summated, should bring to the company some cash and a substantial
reduction in its outstanding Prior Pref. Stock, which, it is hoped, will
enable the company to resume the payment of dividends.
for
United Railroads of San Francisco
of taxes, increased from 75.25% in year 1918-19
Maintenance
&
Additions.—The expenses of
1920
erty through in¬
Profit and loss
26,320,559 25,531,467
After
1918.
9,000,000
4,969,000
1,200,000
8,797
Material & suppl's.
*
9,000,000
52,600
Agents <fc conduc—
Miscellaneous
Total
%
Liabilities—
Common
23,835
deposits..
receivable
Bills
$1,042,988
$708,777
Mortgage bonds.. 4,969,000
1,001,501 Equip, trust oblig. 1,136,186
200,000
1,100,000 Non-negot'ble debt
4,666
295,421 Accounts <fc wages.
707
4,020 Miscellaneous
Inv. in affil. cos.;
Bonds.
$455,217
SHEET DEC. 31.
$
equipm't_20,058,675 19,872,869
Stocks.
$891,551
1918.
$
Assets—
Cash..
91,446
D5.39.453
$554,470
Balance, surplus
280,408
21,320
450,000
450,000
$904,001
Total
Road &
Earnings.—The President of the
compared with previous fiscal year, gross earnings increased
$966,464; operating expenses increased $791,978, of which amount $545,428
was due to increases in wages of carmen;
$186,335 to increase in wages in
all other departments of the company, while the remaining items of increase
amounting to $60,215 are due to the increased cost of power, $21,147, and
to general advances in the cost of materials.
The operating ratio, inclusive
states that,
Sierra & San Francisco Power
Operations—
Passengers (Number)
Passengers carried one mile
Average receipt per passenger per
Tons (revenue) freight
Tons (revenue) freight one mile
Average receipts per ton mile
Average tons per train mile
Earnings per passenger train mile
Earnings per freight train mile
Gross earnings per mile..
Net
from that company.
United Railroads of San Francisco.
but there was accrued additional compensation, in amount
mainly caused by the accrual of interest on unpaid compensation due by
the Director-General
of Railroads.
The increase in interest on funded
A
of importance was the negotiation of a lease of the Sierra & San
Francisco Power Co.'s properties to the Pacific Gas & Electric Co. during
the past year.
(See terms below).
This action is expected to bring some
matter
CALIFORNIA
RAILWAY &
June 30 Years—
Total income
2,590
2,540
2,294
5,126
4,739
4,374
1,413
1,372
1,331
15,132,149
10,316,502
9,386,558
POWER CO.—INCOME ACCOUNT.
1919-20
$3,457
1918-19
$131
1917-18
$222
Expenses, taxes, &c—
27,295
28,660
10,278
Net loss
Dividend on prior pref.
$23,838
$28,529
$10,056
Blance,
x
def.
1916-17
$92,425
73,881
cr.$18,544
X28.000
$23,838 <fe/.$28,529 de/.$10,056 def. $9,<
the company from profit an<J loss surpj
Dividends were deducted by
1470
THE
CHRONICLE
CALIFORNIA RY.& POWER CO.—BALANCE SHEET JUNE 30
1020
1919
$
$
Securitiesowned.47,738,229 47,738,229
Notes rec., United
RRs. ol San Fr.
Cash
1,925,000
2,800,000
6,874,400
1,925,000 Common
deposit..
11,317
2,312
Un. RRS. of 8. Fr.
39,867
39,890
57,864
34,026
on
Miscellaneous
69
Profit & loss, def._
stock
6,874,400
Operating profit
Unadjust.
31,000
63,750
34,127
credits.
and
V.
Coast
Yr. 1918-19
G.
$367,171
265,653
$183,857
12,182
196,039
*429,075
6,866
$981,771
11,213
992,984
858,150
5,417
$145,562
3,723
149,285
61,500
3,426
$101,518
def.%239,902
cr.$129,417
$84,358
27,309
128,827
54,766
4,915
Interest charges for 6 months ended Dec. 31 1919 include interest
First Mortgage bonds $187,500; interest on 2d Mtge. Series "A" bonds
000 yearly; interest
2d M. Series *'B" bonds, $211,575.
.
UNITED
RAILROADS OF SAN FRANCISCO—STATEMENT OF IN¬
COME AND PROFIT & LOSS ACCOUNT FOR YEARS END. JUNE 30
Operating Revenue—
Passenger
1919-20
Other oper. revenue
I
Total revenue
Maint. of way and struc
Maint. of equipment
Power
General
Transportation for Investment
Taxes.
Total oper. exp. & taxes
$8,938,987
63,124
Income—
on
on notes
$llS,905
$117,450
26,623
12,871
9,483
928
$115,060
25,749
16,544
9,65 5
3,399
$425,585
$177,600
...
34,339
44,258
11,460
2,168
and accounts
Gross income
Deduct rentals and leases
Interest
notes
on
5%
gold notes and other
229,150
5,400
3,182
6,600
71,758
940,000
634,700
on
on
non-operative property
Amortization
Interest
on
Interest
on
or
discount
Co.'s 4% bonds
underlying bonds
....
229,150
7,200
4,221
6,000
71,758
940,000
641,031
1919 report
as per
$148,538
229,150
11,875
14,430
6,600
71,758
940,000
651,863
de/1677692
$78,471
UNITED RRS. OF SAN FRANCISCO—BALANCE SHEET JUNE
30.
1920
Assets—
Railroads,
1919
$
proper¬
ties &
franchises 80,861,561 80,948,214
640,468
670,468
Mtge. sinking fds. 2,470,215
2,457,883
Invest. lnsecur's..
817,438
859,700
Fds. for red. of bds
27,400
27,400
For acquirement of
Trust equipment..
i
outstdg. stks. of
underlying
1,714
1,729,733
1,078,784
Notes receivable..
2,705
513,336
147,110
576,281
41,605
Accounts recelv...
Miscellaneous
Disc,
on
fd. debt..
481,913
542,462
1,834
4,305
47,252
553,670
553,692
46,223
1,811,098
1,797,462
Materials & supp..
Accrued interest..
Profit & loss def..
1919
$
$
First pref. stock.. 5,000,000
Preferred stock...20,000,000
5,000,000
20,000,000
Common stock
17,948,600 17,948,600
Mortgage bonds.c35,740,000 36,152,000
Equipment trusts.
60,000
90,000
5% promls'y notes 1,000,000
1,000,000
Income def'd notes
740,000
1,925,000
Accounts
65,120
payable.
Wages & salaries
549,793
351,453
129,505
Accrued interest..
453,887
135,314
459,875
191,030
2,851,215
.
Accrued
Bond
_
taxes
218,734
Interest due 3,796,354
Interest
on notes..
757,700
66,631
Deposits rec., &c._
Mtge.sk.fd.res..
-
Deprecla.
1,392,490
Other
Ill, p.
reserve.
reserves
182,836
67,754
SHEETS
JUNE
30
OF
OTHER
Sierra & S. F. Pow. Co.
1920
1919
Assets—
Property
$36,735,794 $36,795,583
37,000
37,000
Do
for matured int.
38,000
50,084
Bonds of affil. cos
89,250
89,250
Cash
436,273
393,961
Notes and accts. rec...
342,058
254,194
Materials and supplies.
326,891
230,724
Unamortized
discount
2d M. "B" bds. in treas
& exp. on securities._
135,184
9,887
Miscelaneous
SUBSIDIARIES.
65,969
96,345
55,705
54,263
Total
"B"
payable in bonds
Deprecia. &c., reserves
16,813
299,232
100,224
50,084
231,331
129,594
35,127
140,700
$38,385,655 $38,044,942
$6,613,075
109, p. 1608.
$6,407,064
31,493
50,141
Profit and loss
k $2,000,000 Pref. and $3,000,000 Com.—V.
Punta Alegre
Oil
Corporation, New York.
1919.
July
August
subsequent
1920.
$575,366
$779,292
853,721
413,214
$3,036,003 x4,098,329
793,210
900,937
203,695
215,000
depletion and depreciation
Reserve for Federal taxes
Net profits for eight months
$2,039,098 $2,982,392
(2) Estimate for Calendar Year 1920—
Add estimated profits for four months ended Dec.
31 1920.
0
♦
2,000,000
-
.
Total net profits for year
on
1920
.
pages.
'
$4,982,392
1,200,000
Preferred stock
Balance for dividends
Being equal
on
Common stock and surplus
$3,782,392
$23,168,659 Common stock outst'g Aug. 31 1920 to
16%
on
Trading profits,
x
$5,145,037; other income, $374,886; total, $5,519,923,
$1,278,478, and interest on debt (net), $143,-
less miscellaneous
expense,
116; balance
as
in
table, $4,098,329.
BALANCE
SHEET
(INCLUDING
AugM '20. Dec.31 '19.
A
oo/t/A
ffi '
®
:
704,826
750,954
5,116.302
3,697,968
Inventories ....-.12.747,124 10.212,963
Notes <fc accts.
rec.
Tank steamers and
1,475,327
1,960.962
2,524,986
2,314,144
Stable &oth. equip. 1.249,773
Advances
1,142,625
1,058,157
Tank cars..
596,602
333,531
Mlscell. investm'ts
Cash deposits
314,865
5,002
Oil l'ds,
*6.092,216
leases.&c.23,026.244 23,446,824
Deferred charges._
129,891
CO'S.)
S
$
15.000.000
Preferred stock
15,000.000
Common
stock.__23,168.659 21,978,450
Funded debt
5,933,448
Notes payable
4,356,511
1,861.215
Accounts
payable
& accrued Int...
Federal
2,885,926
2,811,014
639,912
tax
305,543
re¬
&c
serve,
Prep'd Ins., int.&c.
SUB.
Aug. 31 '20. Dec. 31 '19
Liabilities—
Cash
Steamship
obliga¬
tions
685,520
Premium
de¬
on
bentures..-.
250,310
Surplus
13,194,942 11,572,757
Total
.59,245,950 60,398,257
Real estate, plant,
equipment,
&c. 10,347.275
Total
10,395,645
..59,245,950 60,398,257
Includes (a) $5,406,696 cash deposited to redeem $5,006,200 debentures
since paid off at 105 and int.; (6) $685,520 for steamer replacement.—
x
V.
Ill,
p.
79.
American
Water
Works
&
'Electric
Co.,
New
York.
(Annual Report for Fiscal Year ending June 30 1920.)
The text of the report
sheet in
a
will be cited along with the balance
subsequent issue.
INCOME
ACCOUNT
FOR
YEARS
ENDING
1919-20.
Co.'s proper, of net earns, of sub. cos.
Divs. declared
onpref. stock of Wast)
Expenses & taxes, less proportion
tributed by sub. cos. for admin,
and incl. oper. exp. of such cos
Net
$463,068
$618,953
981,650
927,930
861,426
$1,390,997
$1,480,379
con¬
exp.
142,344
127.044
84,121
$1,322,253
$1,263,953
$1,396,258
$799,698
earnings._.A
Interest
$790,503
36,462
$787,144
19,133
on—
Collateral trust 5% bonds
Balances due subsidiary cos
Bank loans of
cos.
33,910
other than sub¬
sidiary water companies
4,119
IVfiRppllA-TiAniic
on
"1
$107,146
-Subsidiary
I
Gross earnings
expenses
& taxes.^
1919-20.
$4,876,977
2,680,143
Net earnings
$2,196,834
Interest, amort., &c___ $1,689,157
Propor. of earns, accr. to
minority stockholders24,729
Balance, surplus
Water Cos.
A77
381,500
$53,610
38i"500
ft7Q
381,500
»
pref."stodk "(T%j 111
1st
Net income
Oper.
30.
1917-18.
$1,464,597
...i
Total
JUNE
1918-19.
$482,947
Penn Trac. & Wat. P. Co.
Income from bonds, preferred stocks.)
&c., owned
J
$203,685
West Penn Railways—
1918-19.
1919-20.
1918-19.
$5,011,315 $12,327,192 $10,362,483
2,716,879
8,615,183
6,836,009
$2,294,436
$3,712,009
$3,526,474
$2,156,830
$2,139,012
$1,555,179
$1,387,462
$1,793,091]
}
38,278J
$482,947 $jtf $463,068
Note.—The water companies' earnings in year 1919-20 include no part of
the profits of two water
plants (Racine and Ports., Berk. & Suffolk) which
were sold in 1918, after
adding a profit of $88,387 over interest charges to
the income of the last named
year.
& El. Co.
(Fifth Annual Report—Year ended May 31 1920.)
The annual report of President Edwin F.
Atkins, along
with the consolidated profit and loss statement and consoli¬
on
$842,019
$2,416,523
The West Penn Traction & Water Power Co., which owns the entire
Common stock of West Penn Railways and is itself controlled by Am. W. W.
Sugar Co.
dated balance sheet will be found
141,353
842,019
Total profits for 8 months ended
Aug. 31
Deduct
$6,407,064
165,617
65,279
211,698
Miscellaneous
Total
$6,613,075
$20,000,000 $20,000,000 k5,000,000 k$5,000,000
7,500,000
7,500.000
997,000
1.025,000
1,000,000
1,000,000
8,500,000
8,500,000
522,620
208,260
143,115
37,980
269,115
267,455
1,440
420
177,651
206,178
28,925
38,242
$700,666
(1) Results for Eight Months Ended Aug. 31—
Dividends
$38,385,655 $38,044,942
Liabilities—
M.
264,918
11,696
18,540
235,317
Capital stock
First Mortgage bonds.
2d M. bonds, Ser. "A".
2d M. bonds, Ser. "B"_
Accounts payable, &c..
Mar. int. pay. in cash..
Accrued int., taxes, &c.
2d
29,289
78,653
29,636
264,806
7,465
1,870
139.884
Sinking fund
Profit & loss deficit
$5,974,331
t
$9,136,016
Profits—
1919.
1920.
1st 5 months.$l,396,510 $1,816,937
June
650,913
648,379
—Coast Val. G.& E. Co.
1920
1919
$6,120,914
1,462
INCOME ACCOUNT FOR EIGHT MONTHS TO AUG. 31 AND ESTI¬
MATE FOR FULL CALENDAR YEAR 1920.
64,400
546,907
1,487,131
81,834
$957,575
1286, 499.
Pierce
527,643
90,094.405 89,617,522
Total.
90,094,405 89,617,522
Includes sinking fund 4% bonds,
$23,854,000, and underlying bonds
assumed, $12,298,000.
Note.—The company guarantees both principal and interest of
$1,416,000
San Fr. El. Rys. bonds and
$45,000 Gough St. Co. bonds.—V. 107, p. 1380.
int.
$1,574,504
62,611 In operat'g.
29,824
Cr.2,431
2,416,523
1,072,785
c
Mat.
26,158
37,151
381,694
216,141
270,000
(Report for First Eight Months and Estimate for Year 1920.)
Total.
BALANCE
Cr.39,598
37,151
522,692
332,063
res.
Surplus May 31 1920
—V.
740,000
Ry. & Pwr. Co.. 1,925,000
Notes payable..65,120
$763,975
Notes payable Cal.
cos..
Cash
1920
Liabilities—
$
(incl.
on stock issued
barges
Net income
plantings
for fire loss)
CONSOLIDATED
payable
equip, trust certif.....
Miscellaneous interest, etc
Taxes
Surplus
Deduct dividends
$2,296,743 $2,156,033
$257,415
$178,200
—
investments
Miscellaneous income
Interest
$6,046,970 $6,006,823
1,988,678
255,176
i
Sinking fund earnings
Interest
Interest
Rentals
on
additions to surplus
Surplus paid in
1917-18
$7,974,489 $6,203,164
61,158
58,834
$6,916,498
2,085,613
earnings
Other
1918-19
$9,002,111 $8,035,647 $6^61,999
423,853
,642
$310,362
548,955
486,163
346,703
1,357,224
1,336,077] p86,404
3,471,854
2,891,928/
695,874
658,457
1,178,255
cr.94,463
cr.71,670
cr.25,581
513,200
435,650
443,400
Transportation and traffic
Net
Reserve for loans
Net
stock
common
on
$30,-
on
on
$69,150
Bond
interest
Other int., &c
sur
Dividends
1918-19
$528,130
382,568
mos.
193,600
$1,573,519
$5,646,708
Adjustments
Proportion of organization exp
Dividends on pref. stock
El.—
&
1919-20
$2,225,160
1,243,389
Net earnings
Other income
Gross Income
Bal.,
1919
$1,316,025
1,132,168
226,914
$1,822,979
Deduct:
JUNE 30.
[Except Sierra & San Francisco Power Co for 6 Months Ended Dec 31 *19]
6
$1,800,433
profits taxes
war
Available profit for years
$2,000,000 pref. and $2,999,500 com., and (4) San Francisco Elec. Rys.,
$9,997,500 capital stock.
—Sierra&. S. F. P. Co.
$7,481,485
Cr.62,186
13,837
38,611
791,496
200,000
Net profit for year
Estimated U.S. and Cuban income
49,772,277 49,739,527
Total
49,772,277 49,739,527
Includes (1) United RRs. of San Francisco stock, $5,000,000
firstjpref.,
$20,000,000 pref. and $7,950,000 com.; (2) Sierra & San Francisco Power
Co., $19,999,000 capital stock; (3) Coast Valleys Gas & Elec. Co. stock,
earnings
Oper. exp. & taxes
270,000
853,019
General Administration expenses..
Miscellaneous
a
Gross
1917-18.
750,393
395,904
94,103
192,263
Cr. 13,490
;
J
bonds
34,127
Total
SUDSID. COMPANIES INCOME ACCT. FOR YEARS END.
STATEMENT.
1918-19.
$3,017,622
$6,628,466
Depreciation on plant
Interest on loans
Interest on
.
Co..
LOSS
$8,900,658
Less:
stock._.40,000,000 40,000,000
Notes payable
AND
1919-20.
$
RRs. & Power De¬
velopment
PROFIT
1919
1920
Liabilities—
$
Prior pref. stock.. 2,800,000
Preferred
Assets—
•
[VOL. 111.
CONSOLIDATED
through ownership of about 58% of Pref. and 72% of Common
a consolidated income statement showing;
Gross earnings
$10,634,611, an increase of $1,281,706 over 1918; total net income,
$3,916,755, increase $200,980; surplus after charges
(less $201,387 for
interest charged to improvement account), and Federal taxes,
$1,187,114;
dividend paid on Pref. stock, $483,282; balance to
surplus account, $703,832.
against $411,923 in 1918.—V. Ill, p. 1371, 75.
stock, furnished
of
Oct. 9
THE
1920.]
running from Colorado Springs to New Castle, Colo., 222 miles, with
branches, total owned 261 miles which together with leased lines and track¬
age brings the total mileage up to 338 miles.
The road ceased operations
in Aug. 1918, except 26 miles of track from Colorado Springs to Divide,
which is being operated by Midland Terminal Ry.—V. Ill, p. 1082.
American Real Estate Co.
<9th Semi-Ann. Receivers' Report—Half-Yr. end. June 30 1920)
Receivers Walter C. Noyes and Alfred E. Marling, N. Y.,
July 31, wrote in brief:,
Atlantic Coast Line
Sales.—During the past six months sales of rental properties have been
large, aggregating $4,001,500, with a book value or $3,988,711.
These
properties, however, were subject to heavy mortgages so that $462,550 only
was received in cash along with $959,000 in mortgages calling for substantial
annual installments; the remainder, $2,579,950, was covered by the assump¬
tion by the purchasers of the oustanding mortgages.
The sales of unim¬
proved or vacant land aggregated $187,550, notably the hotel site at Park
Hill, Yonkers.
[The rental properties sold as aforesaid included the following Manhattan
properties, valued on the books April 1916 at $3,492,730 ana sold June 1
1920 for $3,500,000, viz.: (a) Arena Bldg., 39-41 West 31st St.; (5) Hendrik
(Apartment) Bldg., 614 W. 111th St.
Hudson
1471
CHRONICLE
Baltimore. & Ohio RR.—Govt. Loan—New Equipment, &c.
C. Commission has approved a loan of $3,000,000 to aid the
its right of way and structures
The I.-S.
road in making additions and betterments to
to promote the movement of freight trains.
The company has purchased 50 locomotives
of the Mikado type from
the
Baldwin Locomotive Works.
The locomotives, it is said, will cost between
$4,000,000 and $5,000,000, and deliveries will begin in the early winter.
The National Railway Service Corp. agrees to take 60% of the certificates
to be issued against the new locomotives, while the Government will
finance the remaining 40%.
The company has applied to the Commission for authority to issue
$7,586,00
Ref.
&
Gen. Mtge. bonds, to be held in the treasury as
nominally issued until actual issue or pledge is authorized by the Commis¬
sion.
The company also asked to issue and pledge as security for above
bonds $3,511,500 securities of its subsidiary companies.—V. Ill, p. 895.
(corner Riverside Drive);
(c) Hendrik Hudson Annex Bldg., 601 W. 110th St. For these bldgs. the pur¬
paid $386,500 in cash and $830,000 in mortgages and assumed
chasers
mortgages aggregating $2,283,500.
In the Bronx 14 rental properties
Boynton, Wheeler and Evergreen Avenues were sold for $501,500.]
<
When the receivership began the various properties
were subject
RR.—Listing.—
The New York Stock Exchange has authorized the listing of $6,000,000
10-yr. secured 7% gold notes, due May 15 1930 in exchange for temporary
J. P. Morgan & Co. trust receipts now listed;—V. Ill, p. 72, 293.
on
to
30 1920 this total had been re¬
of $727,421 and by the assump¬
tion by purchasers of mortgages aggregating $4,625,950.
The total mort¬
gage debt was on June 30 1920 $5,022,244, including past due mortgages
of $1,504,605 and demands for substantial reductions of the 6ame have
been made upon the receivers.
Vacant Land.—Our leading holding of vacant land for which there is no
demand under existing conditions of high prices for labor and building
materials, are the following; these we believe we should hold in the expecta¬
tion of materially higher prices later on, viz.:
mortgages totaling $10,250,615.
By June
duced to $4,897,244 by the payment in cash
Bangor Railway & Electric Co.—Fare
The Maine P.
effect
a new
a
to put into
The fare nas been
fare.—V. 108, p. 2628.
basic rate of 7 cents.
The company applied for an 8-cent
6 cents.
Increase.—
U. Commission has authorized the company
schedule of fares with
Boston & Maine RR.—Bonds
Approved.—
The I.-S. C. Commission has authorized the company
to issue
$3,843,000
% mortgage bonds Series F, as of June 1 1920, due June 1 1930. Bonds
are to be issued under and secured by a mortgage dated Dec. 1 1919, made
t
has been sold within the
on
by company to Old Coleny Trust Co. and S. Parkman Shaw.
Int. payable
J. & D.
Bonds are to be disposed of at par and are to be used to refund
district since Oct. 1912,
This property is carried
is said to have cost with improvements
the books at $4,577,000 and
$3,843,000 of the $8,843,000 following bonds. The balance of the maturing
bonds have been or will be taken up by the $5,000,000 loan obtained from
the Government in May 1920 for that purpose (See V. 110, p. 2291):
$5,500,000 4%'bonds of Concord & Montreal RR., due June 1 1920.
650,000 4% bonds of Concord & Montreal RR, due June 1 1920.
873,000 3H% bonds of Concord & Montreal RR. due June 1 1920.
200,000 5% bonds of Concord & Montreal RR. due June 1 1920.
500,000 4% bonds of Fitchburg RR. due June 1 1920.
620,000 6% and 6H% notes of Boston & Lowell RR. due July 1 1920.
500,000 3 jJ % bonds of Fitchburg RR. due Oct. 1 1920.
—V. Ill, p. 1277.
$1,673,000. The carrying charges covering taxes and interest on an$837,000
mortgage are very heavy, approximating $80,000 per annum,
(b) Astoria A-RE-CO Property in borough of Queens, 1,081 lots 20x100
each, carried on the books at $1,748,000 and said to have cost $1,265,000.
Partially developed but requiring an outlay of probably $350,000 to com¬
plete paving, curbing, water mains, sewers, &c.
Rapid transit is actually
in operation but because of the unusual conditions there is no demand for
this parcel.
The property is subject to mortgage and other liens aggre¬
gating $502,000, and incl. taxes the carrying charge is about $45,000 per ann.
(c) Many vacant plots in the Bronx, said in the aggregate to have cost
$1,404,000, aggregate book value $3,347,000; carrying charges about
$100,000 p. a., including taxes and interest on $900,000 of mortgages.
id) The unsold portion of 13ark Hill on the Hudson.
Unencumbered;
carrying charge including taxes about $25,000 p. a. [on June 30 1920 the
unsold properties at Yonkers, developed and unencumbered, represented
a cost value of $625,636, an assessed value of $724,875 and a book value of
$1,803,749; this last amount the receivers consider very excessive.]
Distributions to Bondholders to Begin Shortly.—Any substantial distribution
of the estate must depend upon the development of the market for vacant
property.
The receivers, however, appreciate that the bondholders and
creditors ought to receive the funds, large or small, as they come in, reason¬
able reservations being made.
Consequently as soon as the funds—about
$700,000—necessary for a distribution of 5% are available (and it is hoped
that such amount will be in hand within a reasonably short time) the
receivers will recommend such a distribution to the Court, to be followed by
other distributions as rapidly as circumstances will permit.
Prom present indications the only thing likely to prevent such an early
initial distributive payment would be the insistent demands of
mortgages that such mortgages should be reduced.
Canadian National
See Grand Trunk Ry. of
Carolina Clinchfield & Ohio.—Government Loan.—
approved a loan of $1,000,000, for the pusof aiding the carrier in meeting its maturing debt.—V. Ill, p. 492.
The I.-S. C. Commission has
pose
Chicago North Shore & Milwaukee
Chicago Rock Island & Pacific Ry .—Bonds
Mtge. gold bonds of 1988, which are
to be pledged as security for $1,000,000 First & Ref. Mtge. gold bonds of
1934, for the issuance of which latter authority has also been granted.
The
1st & Ref. bonds are to be held in the treasury and are not to be used, sold,
pledged or otherwise disposed of except by the future order of the Com¬
holders of
Total assets
(largely book value as at April 19 1916)
liabilities
mission.—Y. Ill, p. 989.
^
85% of the holders of the $15,000,000 7% note,
agreed to the plan to accept 50% in cash and
bonds.
It is expected that the plan will be shortly declared
operative.—Compare V. Ill, p. 791, 989.
If is stated that over
which fell due Sept. 15 have
50% in new
1,421,527
129,212
362,523
60,556
96,973
..$13,456,219
$285,686
INCLUDING
ELECTRIC
ROADS.
News.—The
railroad and electric rail¬
way news of a more or less general character—news con¬
cerning which detailed information is commonly published
on preceding page under the heading "Current Events^ and
Discussions" (if not in the "Editorial Department"), either
in the week the matter becomes public or as soon thereafter
following table summarizes recent
as
may
be practicable.
£&HU lCl/l UdbUl V C JU
UUI JLVJLO-J
1
Colorado Midland RR.—May he
1919 printed in
comparison, has
of Communica¬
Acquired by Atchison.—
Fe Ry. above.—V. 108, p. 479.
Columbus Delaware & Marion Elec. Co.—Fare Increase.
The City Council of Marion, Ohio, has passed an ordinance granting the
company a 6-cent cash fare with 5 tickets for 25 cents on its lines in Marion.
f See Atchison Topeka & Santa
The fare has been 5
cents.—V. Ill, p. 791.
Connecticut Company.—Freight
Rates Increased.—
Commission on Sept. 29 authorized the company
freight rates 40%.
.
President Lucius 8. Storrs announced on Sept. 29 that a 10-cent cash
fare would be placed in effect on the New London city lines on Oct. 15.
The New London Division, formerly a part of the Shore Line Electric Ry.,
is now being operated by the Connecticut Co.—V. Ill, p. 1369.
Champaign & Decatur Ry. & Light Co.—
Offering.—Mention was made in these columns Oct. 2,
p. 1369 of the offering by Emery, Peck &
Roekwood,
Chicago, of $650,000 5-yr. 8% Bond Secured Conv. gold
notes at 100 and int.
A circular further shows:
Int payable F. & A. in Chicago or New York.
Denom. $1,000, $500
and $100 (c*).
Red. all or part on 30 days' notice at 102H and int. to Aug.
1 1921, and decreasing H % each succeeding year until maturity.
Interest
payable without deduction for the normal Federal income tax not to ex¬
Danville
Note
Northern Trust Co., Chicago, Trustee.
Company.—Incorp. in 1913 in Maine.
Controls,
ceed 2%.
\yiTOO AOpi/l, U VVV.
!//»
\**/ A|IWUI VM,V*
|
off at Cincinnati, Decatur, <fcc., because of reduced business,
8.
New Capital?—See statement by Vice-Pres. W. W.
Atterbury of Penn. RR. Co. in * Railway Age" of Oct. 1, p. 563.
Interchange of Tickets in N. J. Ends.—Pennsylvania, Reading and Jersey
Central railroads announce discontinuance, after Nov. 1, of arrangement
for interchange of tickets between various points in New Jersey.
*
Payments Under Federal Guaranty Delayed.—U. 8. Treasury delays pay¬
ment of sums required to complete guaranteed income under Transporta¬
tion Act of 1920, pending final settlement of losses during guaranty period.
See "Current Events" on a preceding page.
■
Cost of Coal.—The leading railroads of U. S. in first half of 1920 paid
$296,836,000 for coal against $159,285,000 in same period of 1919 (Bureau
of Coal Economics), New York "Sun" Oct. 2.
^
Matters Treated Fully in "Chronicle" of Oct. 2.—(a) Out of 36 State Com¬
missions taking action only 19 grant increases in State freight rates, p. 1337.
(b) Express rates, additional Increase, p. 1338.
laid
&c.,
Railways.—Report.—
Chinese Government
Summary report of 18 pages on the working results for
languages with five yeans
been issued under date of June 28 1920 by the
Ministry
tions, Pekin.—Y. 109, p. 887.
#
both the English and Chinese
to increase its
NEWS
Railroad and Electric Railway
authorized the company to issue $7,000,000
sinking fund bonds and $1,000,000 15-yr. 6%
I.-S. C. Commission has
15-yr. lYi % Collateral Trust
The Connecticut P. U.
General
.
Approved.
notes.
[The capitalization of the company April 19 1916 included: (a) Common
stock, $151,100; (b) Pref stock, $1,855,400; (c) unsecured 6% coupon bonds
and certificates fully paid, with interest to April 29 1916, $7,434,036; (d)
6% accumulative bonds and certificates (face amount $24,101,250), in¬
stallments paid, $5,703,177;
(e) paid-up installment certificates (face
amount $272,810), $224,357.—Ed.f-V. 109, p. 1988
RAILROADS,
1
Chicago & Western Indiana RR.—Securities
CFhe
>
GENERAL INVESTMENT
Authorized.
approved the application of the company
The I.-S. C. Commission has
for-authority to issue $1,000,000 Gen.
THE POSSESSION OF RECEIVERS AND
LIABILITIES OF RECEIVERS JUNE 30 1920.
\Asscts
~
1'
' '■
'
Real estate investments (at book value of April 1916)—
Unencumbered properties in the Borough of the Bronx, New
York City, and in the city of Yonkers
$1,967,075
Properties subject to mortgage liens in the boroughs of Man¬
hattan, Bronx and Queens, and in suburban localities: (a)
Rental properties, $3,730,804; (b) developed land proper¬
ties, $7,807,016; (c) properties in process of development,
$2,902,777; total, $14,440,598.
Deduct mortgages thereon
^
Total receivers
RR.—
Journal" of Oct. 2 has an illustrated article of five
together with comparative tables of earnings, &c., by Britton I.
Budd, Pres. of the company, entitled "The Possibilities of InterurbanJRailroads."—V. Ill, p. 1082.
The "Electric Railway
vages,
BOOK VALUE OF ASSETS IN
$5,022,244; net
Mortgages receivable owned (without reserve for deprec., &c.)_
Securities owned, at book value
Cash, $165,613; "short term" bank acceptances purch., $196,910
Notes and accounts receivable, &c.. less reserve
Miscellaneous, including $72,616 doubtful or uncollectible
Railways System.—Bonds Offered.
Canada below.—V. Ill, p. 1082.
New York "Times" Oct.
Will 6% Income Attract
American Light & Traction Co.—Dividend Decreased.—
declared a cash dividend of 1H % on the Pref. stock,
1% on the Common stock, and a stock dividend at the
rate of 1 % shares of Common stock on every 100 shares of Common stock
outstanding, all payable Nov. 1 to holders of record Oct. 15.
through stock owner¬
ship, tne companies operating substantially ail the electric light and power,
gas, public heating and street railways systems in the Illinois cities of Dan¬
ville, Champaign, Urbana and Decatur.
Combined population
census), 104,159.
On June 30 1920 there were 26,630 electric and 20,067
gas customers.
1
(1920
Authorized. Outstanding.
$1,000,000
$730,000
3,700,000
3,688,000
Collateral Trust 5s
L
15,000,000 x3,318,000
5-yr. 8% Secured notes (this Issue)
2,000,000
650,000
Underlying bonds (mortgages closed)
1,980,000
x Not including $125,000 retired by sinking fund or $1,000,000 deposited
Capitalization—
Preferred stock 6%
Common stock
Cumulative
.......
_
collateral for $650,000 notes.
Purpose.—Proceeds will be used to reimburse company
and additions and for retirement of underlying bonds.
with the trustee as
Earnings Years ended Dec.
1910.
1914.
earnings..$1,365,349 $1,829,140
630,810
926,903
Interest on bonds
176,660
242,106
Gross
Net after taxes..
31.
for extensions
•
1918.
1919.
xl920.
$2,539,194 $2,788,965 $3,093,224
906,771
999,030 1,078,434
283,138
288,820
y316,990
W' The directors have
a
cash dividend of
and
x
dividends.
June 30 year,
684,797
623,633
Including interest on notes.
454,150
y
For the past 10 years net
on all outstanding bonds.
earnings have
710,210
Franchises.—Street railway franchises expire in 1921 and 1928, the
Illinois not permitting long time franchises.
The electric, gas
heating franchises extend for the most part to 1940 or beyond.
Guarantee.—The notes are guaranteed, unconditionally, principal
of
Atchison Topeka
It is
iv us
_
,
*
& Santa Fe Ry.—May Acquire Midland
u^uvmvu.8
««
prlCO
negotiating for the purchase at a pric
AAA a#
T> T>
Colorado Midland RR.
reuorvcu vuav the company Is
una
10
reported that _1_1 uuiupauj m A
i
1
3
.
Jt
nentioned in the
A
AAA
neighborhood o $4,000,000 of the
761,534
averaged over 3J^ times interest
interest, by Illinois
Traction Co.—Compare]V.jl I l,£p.11369.
laws
and
and
1472
CHRONICLE
THE
& Rio Grande RR.—Sale of Road Ordered.—
Judge Robert E. Lewis has countersigned the decree
authorizing the sale of the road which was signed by Presiding Judge Walter H. Sanborn on Sept. 25.
Denver
Federal
k
Special Master William A. Jackson has been appointed to conduct the
■
Frs.
[Vol. 111.
50,000,000 6% bonds.
Redeemable
(See adv. pages.)
not later than 1960.
by drawings
The bankers state
Int. payable J. & D. at office of A. Iselin & Co., 36 Wall St., N. Y. City,
without deduction for any French taxes, present or future, if held by non¬
residents of France.
Denom. Frs. 1,000.
Red. at par by annual drawings
sale ol the road, property, &c.to the highest bidder on Nov. 20 at Denver,
to satisfy a judgement in favor of the Equitable Trust Co. amounting to
in
$36,192,656.
amounts sufficient to retire the entire issue
No bid for less than $5,000,000 can be considered by order of the court,
and in each case all bidders must deposit $100,000 with the
special master
at least three days prior to the date of the sale, which must be made without
the right to
valuation, appraisement
inspection.
or
a reservation with respect to claims and
demands against the United States for alleged damage to the system while
under Government control.
The sale will include the complete system, including all rights-of-way,
telephone and telegraph lines, together with about 2,500 miles of narrow
broad gauge track.
Rolling stock consisting of 567 locomotives,
17,067 freight cars, 4,707 passenger coaches and 952 equipment cars, &c.
and
Seek Sale Hearing.—
In
:
to a letter of Daniel W.
response
Blumenthal,
Counsel of
a
stock¬
holders' protective commitee, to the Department of Justice, asking for a
hearing on the contemplated sale of the road to satisfy the judgment of
about $36,000,000 in favor of the Western
Pacific, Attorney-General
Palmer has named Asst. Attorney-General Ganns to investigate the claims
of the protestants.
The date for the hearing has not yet been set.
Mr. Blumenthai's letter to Mr. Palmer states:
"As counsel for the stock¬
holders' protective committee of the Denver & Rio Grande RR., organized
for
the purpose of preventing the wiping out of all stockholders' interests
in Common and Pref. stock by reason of the contemplated sale of the Denver
property, I am desirous of knowing whether you will be good enough to
grant an interview so that I can place before you facts and circumstances
which tend to show an interlocking of directors and other wrongful acts on
the part of the directors of said company."
Mr.
the
Blumenthal also sent
a letter to the I.-S. C. Commission asking if
could do anything to protect the property rights of the
Ill, p. 1369.
Commission
stockholders.—V.
Denver
Interest
Oct.
1
the
$2,500,000 7% notes dated April 1 1919,
due April 1 1922, has been defaulted.
Chairman Boettcher is quoted as saying:
"The company cannot pay
the money at this time.
That does not mean, however, that we will not
be able to pay it in the near future.
We have been at a big expense lately,
and our revenue was cut down for a time when there were no cars running.
However, before the second payment on the indebtedness comes due I
think it highly
probable that we will be able to meet the obligation.
"I do not think there is any possibility of a receiver being appointed.
In the meeting of the directors we selected a committee to take up the mat¬
ter and see what can begone."—V. Ill, p. 1182.
on
Detroit Toledo & Ironton Ry.—Lease to Ford
Upheld.—
Supreme Court Justice Finch on Oct. 8 denied the application of Leon
Tanenbaum and Benjamin M. Strauss, minority stockholders, for an in¬
junction restraining the carrying out of a'75 year lease of the road to A new
company, the Detroit & Ironton RR., which is owned by the Ford interests.
Finch
Justice
first step,
take
up
and
said:
was
"It
appears that the agreement to lease was the
really the inducing step, for the defendants, Ford, to
the rehabilitation of this property, which
rehabilitation to enable it to fulfill
so
badly needed such
its direct obligations.
In addition
to the right in the corporation under the circumstances disclosed upon the
record to make a lease where no question of want of good faith is involved,
it would be clear that the lease was a provident one for the railroad com¬
pany to make, considering the condition of the railroad."—V. Ill, p. 895.
even
Grand Trunk Ry.—$25,000,000 7% Debenture Bonds Sold
—Guaranteed
by Dominion of Canada.—The bankers named
below have sold at par and int. $25,000,000 Grand Trunk Ry.
of
Canada, 20-year 7% Sinking Fund Gold Debenture bonds.
by the
Guaranteed principal and interest by endorsement
Dominion of Canada.
(See advertising pages.)
Dated
Oct.
1
1920.
Due Oct.
1
1940.
1935 at 102M and int. on any int. date on
Central Union Trust Co., N. Y., Trustee.
Sinking Fund.—A sinking fund of $500,000 per annum, available semi¬
annually beginning April 1 1921, is provided for the purchase of bonds in
the market If obtainable at or below par.
If bonds are not so obtainable
during the succeeding 6 months, the unexpended balance reverts to the
company.
Bonds are not callable for the sinking fund.
Security.—These bonds are the direct obligation of the Grand Trunk
Ry. of Canada, which the Dominion of Canada has agreed to purchase and
merge with the Canadian National Railways System, owned by the Domin¬
as a
whole after Oct. 1
30 days' notice.
ion of Canada.
Bankers
Guaranty
Making
Offering.—Wm. A. Read & Co., National City Co.,
Blair & Co., Inc., Lee, Higginson & Co.,
Huntingdon & Broad Top Mtn. RR. & Coal Co.—
1
1920,
principal, amounting
to $416,000, was paid to the holders on
Sept. 30 1920, on presentation of the
same to the Penn. Co. for Insur. on Lives &
Granting Annuities.
It is understood that the bonds have been extended for 4
H years at 7 %
and have been taken by bankers and institutions
already interested in the
property and will not be offered publicly.—V. Ill, p. 1183.
Illinois Central
RR.—Appl ication.—
The company has filed an application with the I.-S. C. Commission for
authority to issue $8,107,000 equipment trust certificates to aid in financing
the purchase of rolling stock, estimated to cost
$13,515,918.
The equip¬
ment consists of 50 freight locomotives, 25
passenger locomotives, 1,000
refrigerator cars, 200 flat cars, 300 stock cars, 50 cabooses, 20 suburban
coaches, 12 compartment coaches, 18 baggage cars and 5 dining cars.
The company has already obtained a loan from the Government
aggregating
$4,511,750 to assist it in purchasing the above equipment.
As soon as the
Commission authorized the issue, ft is expected that the securities will be
offered to the public by a syndicate headed
by Kuhn, Loeb & Co.—V.
Ill, p. 294.
Illinois Traction Co.—Guarantees Notes.—
See Danville
p.
792.
Champaign & Decatur Ry. & Light Co. above.—V. Ill,
•
Indiana Service
The Indiana P.
Corp.—Passenger Fares Increased.
—
8. Commission has
Frs.
RR.
and
the French Government will provide the company with the
to make up the deficiency.
Any amounts so advanced
repaid with interest at 4% p. a.*(3% since 1896 in accordance with
the agrement in connection with the transfer to the Government of the
are
500)
to be
aforesaid canals, out of any surplus net income of the company remaining
after making distribution of 10% on its capital stock.
The law further requires that if at any time prior to the end of the con¬
cession the Government shall
repurchase the company's property and take
the operation of its railroad, the Government will pay to the company
annuities not less than the aggregate amount required for interest on and
of, its bonded debt, and for making a distribution of Frs.
amortization
12,500,000
on its capital stock.
Capital Stock.—The capital stock is Frs. 125,000,000 divided into 250,000
Stock is listed on the Paris Bourse and is quoted
at about Frs. 685 per share bringing the actual market value of the outstand¬
ing capital stock to about Frs. 144,000,000.
Bonded Debt.—On Dec. 31 1919 the bonded debt was as follows:
shares of Frs. 500 each.
(Number of Bonds of Frs. 500 Nom.)
Called for
OutPar Value
Authorized Redempt.
standing
Outstdg. Frs.
4,543,082 1,032,599 3,510,483 1,755,241,500
291,847
61,907
229,940
114,970,000
246,864
10,500
236,364
118,182,000
193,868
193,868
96,934,000
3% Bonds 1884-1957
2^% Bonds 1897-1957
4% Bonds 1914-1960.
5% Bonds 1920-1960
Since that date company has issued Frs. 90,000,000 bonds 6% (incl. this
issue), 110,000 bonds 3% of 500 francs each, 79,000 bonds 4% or 500 francs
each, and 44,000 bonds 5% of 500 francs each.
All the above mentioned
issues
scheduled to be redeemed at
are
or
before the end of the concession.
Convertibility.—Under the contract for the sale of these bonds to the
purchasing bankers, the company agrees to exchange these bonds at its
office in Paris at any time, without expense, for an equal principal amount
of 6% French bonds listed on the Paris Bourse, but subject to French taxes.
Missouri Pacific
RR.—Bonds Offered.—White,
Weld &
offering at market price to
yield about 7.90% $1,000,000 St Louis Iron Mountain &
Southern Ry. Unifying & Ref. 4% Gold Bonds of 1899.
Due July 1 1929.
Listed on New York Stock Exchange.—
V. Ill, p. 792.
Co. and Parkinson & Burr
are
Ry. & Light Co.—Court Approves Report.—
Judge Foster
on Sept. 30 approved the report of the special masters
except the valuation of $41,500,000, which he set aside, and the recommen¬
dation that the wages of watchmen and bridge tenders be reduced which he
allowed to remain as at present.
The valuation of $41,500,000 was objected to by the Receiver who
contended the valuation should not be placed at less than $55,000,000.
Certain bankers representing the
stockholders and security holders ob¬
jected to this latter figure also.—See V. Ill, p. 1370.
New
Orleans
&
Northeastern
RR.—Listing.—
The New York Stock Exchange has authorized the listing of
$7,195,000
4j^%|gold bonds, due Jan. 1 1952.
Purpose.—Bonds were issued for the following purposes:
In exchange for Gen. Mtge. 4j^s, maturing Jan 1
1952
$6,163,000
In exchange for Income Mtge. 4Ms, maturing July 1 1952
1,500,000
Ref. & Improv. Mtge Series "A'
Of the Gen. Mtge. bonds so taken up
of
$468,000
amount of
were
new
ownled by the
Ref. &
in exchange bonds in the amount
and, as a consequence,
that
came into the treasury of the
company,
Improv. Mtge. bonds
and the application
$7,195,000 of new bonds.
company,
seeks the listing
of only
the remaining
Futue Issues.—Of the authorized issue of $16,000,000 bonds, the unissued
$8,337,000 may be issued for the following purposes:
To retire a like amount of Prior Lien bonds, maturing in 1940
$1,371,000
(a) additions and betterments to the property covered by the
Mtge. (not including rolling stock) to an amount not exceed¬
ing the actual cost thereof; (ft) not exceeding 80% of the
cost of new equip, purchased outright, and (c) not exceeding
60% of the face amount of equip, trust obligations retired
6,966,000
See Annual report in V. Ill, p. 1078.
N.
A
Y.
& North Shore Traction
committee
Co.—Negotiations.—
consisting of Jacob Eifert, Finley Hunter and John J.
Van Steenburgh of Douglaston has
Halleran of Flushing and William H.
been
appointed to investigate plans for reorganizing the company.
Accord¬
ing to C. Loomis Allen, Pres. of the Syracuse Suburban RR. the road could
be put in a sound operating basis for $550,000 ($250,000 cash and $300,000
stock).
No cars have been operated since last March.—V. Ill, p. 1183.
New York State
Rys.—Property Valuation in Syracuse.—
The final report of Ford, Bacon and Davis, engineers, engaged
by the
Syracuse Street RR. Commission to make a valuation
of the property
used in Syracuse by the New York State Rys. places the valuation at
$12,415,000 as of June 30 1920.—Compare V. Ill, p. 1279.
Ohio Electric Ry.—Fare
of 6 tickets for 25 cents.
fare.—V.
RR,
Tr. Co., Public Utilities Co
Northwestern Ry., Winona Interurban Ry.,
Evansville,
Suburban & Newburg Ry., and Chicago Lake Shore & South Bend
Ry.—
V. Ill,p. 1369.
V
A ,7-cent
The fare
cash fare went into
was
formerly 5 cents.
Ill,
p.
Increase.—
effect on Sept. 3 on its Lima, O., lines.
Nine tickets are sold for 50 cents in place
Children
are
carried for 4 cents
or
2 for one adult
1084.
&
Kansas City
Rys.—Hearing Postponed.—
The hearing on the appointment of permanent receivers for the
company,
was to have been Sept. 30,
has been postponed until Oct. 14 by
the order of Judge Kimbrough
Stone.
Meanwhile Frank Niles, tem¬
porary receiver, will continue in that capacity.—V. Ill, p. 1083, 1278.
which
Manila Electric RR. &
Lighting Corp.—Capital Increase
The company recently increased its preferred stock from
$2,000,000 to
$3,000,000.
None of the pref. stock has been issued.
The Manila Elec.
RR. & Light Co., the stock of which is all owned by the
corporation, also
increased Its stock from $3,000,000 to $5,000,000.—V. 110,
p. 2192.
Midi
of Midi
amounts necessary
Southern Michigan RR, Lebanon-Thorntown
Wayne
name
trunk line the system covers the entire
8panish border and forms the only
connection between
Spain and Continental Europe.
At the
present time two lines reach the Spanish border, one at each end of the
Pyrenees mountains chain and three other lines are in course of construction
and are expected to be ready for operation in the near future.
Government Guaranty.—A law enacted on Nov. 20 1883, provides that if
in any year, prior to Dec. 31 1960, the end of the concession of the company,
the net income of the company is not sufficient to cover the interest on
and the amortization of, its bonded debt, and to make a distribution of
Frs. 12,500,000 on its capital stock (at the rate of Frs. 50 per share of
authorized the following companies
charge 3 cents a mile for passenger fares: Indiana Service Corp
Ft
Wayne & Decatur Tr. Co., Chicago South Bend & Northern Indiana
to
Ft.
under the
railroad
Co. of New York,
Bankers Trust Co., Continental & Commercial Trust &
Savings Bank.—
V. Ill, p. 493.
The 1st mtge. Extended 4% coupon bonds, which feel due Oct.
have been extended for 4M years to April 1 1925.
The
1852,
repurchased from the
Midi RR. the concession of the Garonne Canal and acquired by purchase
control of the Midi Canal, which had been operated by the Midi RR. under
a lease since 1858.
At the same time, the company adopted its present name.
Mileage.—The system includes 4,098 kilometers of lines (about 2,547
miles).
The trunk line extends from Bordeaux on the Atlantic Ocean to
Montpellier and Cette on the Mediterranean Sea.
Branching south of this
New Orleans
Principal and int. payable in
fold payable A. & O.at Denom. $1,000 (c*). Canadian Bank of$25,000,000.
nt.
in New York
the Agency of the Auth. and issued Commerce,
Callable
History.—Organized in Nov.
Garonne River Canal Co. for the construction and operation of railroads and
canals.
In Nov., 1898, the French Government
over
Tramways Co.—Note Interest Defaulted.—
due
with the amortization schedule
printed on the bonds, in
by 1960, th8 company reserving
increase the amount to be redeemed in any year.
The company advises that the entire proceeds of the bonds are to be used
accordance
in the United States.
The sale will be subject to under¬
lying mortgages, together with
.
at par,
Price $65 per Frs. 1,000 bond with Dec. 1920 coupon, to yield about 6.25%
at present rate of exchange.
Price subject to change without notice.
RR.
(Compagnie des Chemes de Fer du Midi)
Offered.—A.
Iselin
&
Co.,
Hemphill,
Noyes & Co. and Glide, Winmill & Co., N. Y., are offering
France.—Bonds
Pennsylvania RR.—New Officer.—
Col. James A. McCrea of New York has been elected Vice-President to
succeed the late Richard L. O'Donnell.—V. Ill, p. 1370, 1279.
Pere
Marquette RR.—Files Claim.—
The company has filed a claim with the Railroad Administration for
$13,904,416 to adjust its accounts with the Government for the period of
Federal control.
This includes an item of $4,965,157 for under-maintenance
and depreciation of
equipment and $2,816,170 for maintenance of way and
structures.
There is also an item of $2,652,000 attributed to the inefficiency
of labor.—V. Ill, p. 793.
|
Philadelphia
Flat
Rapid
Transit
5-Cent Fare.—President
Transfers and Exchanges.—
The company on Oct. 4 filed
mission for
Mitten
Co .—Files
Asks
Petition
Patrons
to
for
Forego
i
petition with the Pennsylvania P. S. Com¬
authority to charge a Hat 5 cent fare and to abolish all free trans¬
fers and 3-cent exchange tickets.
The Phila. City Council has voiced its
a
OCT. 9
THE
1920.]
opposition against the flat 5-cent fare without having the consent of the
Council as required in the 1907 agreement.
The company previously had asked its patrons to forego voluntarily the
free transfers and exchange tickets in order to help it financially.
Officials
announced that in the first two days of the voluntary flat 5-cent fare
increased revenues had amounted to $11,266.—V. Ill, p. 1279.
Pittsburgh & Lake Erie RR. (N. Y. Central Lines.)—
Equipment Trusts Sold.—J. P. Morgan & Co. this week
offered and sold at prices ranging from 99.53 and int. to
97.66 and int. to yield from 7% to 6%% according to
maturity $2,400,000 6^% Equip, Trust Gold Certificates
of 1920.
(See advertising pages.)
The bankers state:
Sea View RR. Rhode Island.—Road
Slan. of Denom. $1,000 and $500 (c*). 1921 to Oct. 11 1935,
Dated Oct. 1920.
ies
$160,000 per annum, Oct. 1
Serial matur-
Springfield (O.) Ry.—Strike.—
both inclusive.
E. Farrell, Dated Oct. 2.
$6,320,000.
capital liabilities of the West Side Belt RR., other
than those owned by your company are (a) First Mortgage bonds, $379,000;
(b) Equipment Trust notes, $1,443,000.
The reasonable value of the property of the West Side Belt RR. is in
The outstanding fixed
&c.,
Advances,
$1,080,000;
$6,320,000,
will be converted into Capital
above.
stock of your company in amount of $7,400,000, as per (b) and (c)
This stock will remain in our treasury available for future needs.
new
approximately the same amount
Preferred stock will be issued In
Ser milethe amount per mile now outstanding on the First Mtge. your com¬
on the West Side Belt mileage (less $379,000 mileage of outstandlg) as
and the balance will be issued as Common stock.
Following your affirmative action on Nov. 15 1920, application will be
made to the I.-S. C. Commission for authority to put the plan into effect.
As preliminary to the expansion of your company by its proposed absorp¬
tion of the West Side Belt RR. you are advised that the stock of the West
Side Belt RR. heretofore pledged under the First Mortgage and the First
Consol. Mortgage of the Pittsburgh Terminal Railroad & Coal Co. has been
released from the liens of those mortgages; that the First Consol. Mortgage
bonds of the Coal Company heretofore owned by your company have been
exchanged for Preferred stock of the Coal company, and that the mortgage
has been canceled;
and that $2,300,000 bonds of the Coal Company's
First Mortgage, heretofore pledged under its First Consolidated Mortgage,
have been released from the lien of the latter mortgage, and have been
canceled:
the result of these transactions being to simplify the inter-com¬
pany relationships and to improve the credit of the companies involved.
—V. Ill; p. 990.
the
Providence
Danielson
&
Ry.—Suspends.
formerly operated by the Rhode Island Co. and
7, closed down operation on Oct. 2, at
least temporarily.
The road was operated as an experiment from Sept.
7 to Oct. 2 but the owners found that under present conditions it cannot be
operated at a profit.
"Whether the road can eventually resume business,
in whole or in part, depends wholly upon whether financial support can
be secured from the various towns through which the road runs," according
to D. F. Sherman, who purchased the road.
The $200,000 in settlement of the road's claim against the city for the
taking of a portion of its location in Scituate in connection with the new
water supply work was paid over Oct. I.
Presiding Justice Tanner in the Superior Court on Sept. 28 entered a
decree whereby the Providence & Danielson RR. is to pay Receiver Cornelius
S. Sweetland of the United Traction & Electric Co. $60,000 in settlement of
claims amounting to about $90,000 preferred against it by the receivers
This road, which was
of the Rhode Island Co.
The
payment of $60,000 is to be
to carry
$200,000 city payment is to be split,
and $40,000 for the Danielson road.
companies for the purpose ot electing new
out the court's order of
Richmond
Fredericksburg
&
Potomac
Commission has approved the application
for authority to indorse and negotiate certain demand notes
Terminal Ry. aggregating $250.000.—See V. Ill, p. 1084.
S. C.
Rhode Island
See
V.
Providence &
Ill,
San
p.
directors so as
dissolution.
plan has been filed with the court
has 30 days in which to examine the plan and file a counter
that the Reading companies plan is not in keeping with the
decree.—V. 110, p. 2488, 2388.
After the dissolution
The I.
the Government
plan if it decides
Supreme Court's
RR.—Notes.
of the company
of the Richmond
Co.—Claims Compromisedt &c.—
and Sea View RR. below.—
Danielson Ry. above
1084.
Joaquin Light & Power
Co.—Bond Application.—
has applied to the Calif. RR. Commission for authority
$2,600,000 of the Series C 6% bonds to reimburse the company
for construction of the Kerckhoff power project on the San Joaquin river,
including the transmission line and necessary sub-station, and to provide
for additional expenses of this project.—V. Ill, p. 390, 897.
The company
to
issue
St. Louis Southwestern Ry.—New Director.—
Frank Miller Gould has been elected a director and also Assistant
retary.—V. Ill, p. 1370, 1178.
as
talk of reorganization
the drop in
is concerned the matter as
1371.
P.
Toledo
Bowling
Green & Southern Traction Co.—
The Findlay Council has rescinded the 10-cent street car fare ordinance
passed last month because the company would not accept its provisions
except under conditions to which the city would not agree.
The increased
fare never vent into effect.
The company it is stated will apply to the
Ohio P. U. Commission for permission to abandon its lines in Findlay.—
V. HI, p. 1084.
;■' 7
'"I
.
.
& Light Co.—To Vote
Toledo Rys.
on
.
Ordinances.—
City Council on Sept. 27 passed the Milner service-at-cost
ordinance and the twin bond ordinances providing for an issue of $7,000,000
The Toledo
owned railway.
Both ordinances will be
November general elections.—V. Ill, p. 1280.
acquire and build a municipally
to
voted upon at the
Co.—Note
Terminal
Trans-Mississippi
See Texas & Pacific Ry.
above.—V. Ill, p. 794.
Extension.—
'
Underground Elec. Rys. of London, Ltd.—Fares, &c.—
The "Electric
Railway Journal" of Oct. 2, p. 682, has an article on the
increased fares for London underground sanctioned by Parliament.
creased fares
were
The in¬
to take effect the latter part of September.—V. Ill, p. 1084.
United RRs. of San
Francisco.—Municipal
Ownership.
Municipal authorities of San Francisco, it is stated, have decided to place
of whether the properties of the
road shall be taken over by the city.
It was the original intention not to
before the electors next Nov. the question
put the question up to the voters until next Spring.
*
See California Ry. & Power Co. under reports above.—V. Ill, p.
United Traction & Electric Co.—Claims Settled
See Providence & Danielson Ry.
1084
—
above.—V. 110. p. 1291.
Virginia Railway & Power Co.—Valuation.—
A. Merritt
and W.
Taylor, the expert appointed by the Virginia P. U. Commission,
Webster, the company's representative ap¬
H. Blood, of Stone &
pointed to make an appraisal of the property for rate-making purposes,
Taylor found the
Stone & Webster
of Jan. 1 1914.—V. Ill, p. 794.
have submitted their reports to the Commission.
Mr.
valuation to be $8,700,000 and Mr. Flood $11,300,000.
valued the properties at $6,368,671 as
Washington & Old Dominion'Ry.—Employment Control.
Columbia recently denied the appli¬
Brotherhood of Railroad Trainmen
the plaintiffs
from the employ of the railway by reason of their affiliation with the brother¬
hood or for any cause not the result of the fault or misconduct of the plain¬
tiff,
The "Electric Railway Journal", Oct. 2 P. 684. treats the matter
fully.
The case was referred to in these columhs on Sept. lip. 1084, under
The Supreme Court of the DLstrict of
cation for an injunction sought by the
to restrain
the officers of the company from discharging any of
Old Dominion Ry.—V. 95, p.
Am.
See
p.
482.
Railways.—Earnings for Year 1919-20.—
West Penn
Water Works & Elec.
Co. under"
991, 75.
West
Belt
Side
RR.—To
'i-.-
■
be Absorbed by
Pittsburgh &
Virginia Ry.—Plan of Consolidation.—
West
See
Reports" above.—V.lll,
.
Pittsburgh & West Virginia Ry. above.—V. Ill, p. 991.
Worcester
(Mass.)
Consolidated
St.
Ry.—Wages.—
employees have accepted a wage increase of 7 c nts an hour for
1920, 8 cents an hour for the first 6 months of 1921
and 11 cents an hour for the second 6 months of 1921.—V. 110, p. 2193.
The
the second 6 months of
made from $200,000 damages which the
Reading Co.—Time for Filing Dissolution Plan.—Judges
Buffington, Woolley and Davis in the U. S. District Court
at Philadelphia on Oct. 8 filed an order fixing 90 days from
that date for the filing by the Reading Co. of a plan of
dissolution in conformity with the recent decision of the
U. S. Supreme Court.
The court in its order also permitted the Philadelphia & Reading Ry. and
the Philadelphia & Reading Coal & Iron Co. to obtain proxies for the voting
stock of the two
far
discussed.
In my opinion the situation is one hear¬
ing the earmarks of an absolute bear drive against the issue."]—V. Ill,
city paid the company.
r
Receiver Sweetland will hold the $60,000 in trust for the three roads of
the United Traction & Electric Co., viz.: Union RR., Pawtucket Street Ry.
;and the Rhode Island Suburban Ry. subject to future accounting or ad¬
justment.
The remainder of the
$100,000 to the Federal trustees
—V. Ill, p. 1084.
"There have been absolutely no developments
follows:
as
So
stock.
yet has not even been
pany:
returned by the receivers on Sept.
is quoted
in connection with the affairs of Texas & Pacific to account for
of its total liabilities.
Upon the acquisition by your company of the property of the West Side
Railroad Company, the latter company will cease to exist.
Such of
Its liabilities as are outstanding in the hands of the public in total amount
of $1,822,000, will become outstanding obligations of your company, while
such of them as are now owned by your company, namely (a) Capital stock,
Belt
The
pany
inter-related; and together they will give full
advanced to the West Side Belt RR. amounting to
*
approval and ratification of a proposed agreement between this
the Trans-Mississippi Terminal RR.. the Missouri Pacific RR.,
Wallace, as receivers of The Texas & Pacific
Ry. Co., the holders of the Extended 6% 3-Year Gold notes of the TransMississippi Terminal Co. and the Equitable Trust Co., New York, trustee,
further extending and guaranteeing jointly and severally with the Missouri
Pacific RR. and J. L. Lancaster and Charles L. Wallace, receivers of The
Texas & Pacific Ry. Co.. as to principal and interest, $3,653,000 of the
Extended 3-Year Gold notes of the Trans-Mississippi Terminal Co. for
the term of three years from the date of their maturity as extended, Nov.
1 1920, to Nov. 1 1923.
[Regarding the drop in the company's stock Oct. 6, a director of the com¬
The
effect
to the absorption by your company of the West Side Belt RR. property.
Your company now owns the entire Capital stock of the West Side Belt
RR., consisting of 21,600 shares par $50, and it also holds claims for funds
excess
Notes.—The
21 upon the following:
company,
West Virginia Ry. below.—V. 110, p. 1527.
are
.
f
Co.—Extension
Ry.
J. L, Lancaster and Charles L.
Capital stock from $39,600,000 (consisting of $30,500,000
Common and $9,100,000 6% Pref.) to $47,000,000; (c) on
dividing the new stock into $3,000,000 Pref. (similar in all re¬
spects to the existing Pref. stock which has same voting
power as the Common stock) and $4,400,000 Common.
These matters
Pacific
&
Texas
Pittsburgh & West Virginia Ry.—To Acquire West Side
Belt RR.—To Increase. Capital Stock by $7,400,000 of Which
$3,000,000 is to be Pref.—Plan of Consolidation.—The stock¬
holders will vote Nov. 15 (a) on Requiring the property, &c.
of the West Side Belt RR.; (b) on increasing the authorized
Plan of Consolidation Outlined by Pres. H.
1 demanding an
47 cents to 65 cents an hour.—V. 100, p. 557.
stockholders will vote Oc
&c.—
See Pittsburgh &
&c.—
Ry. under "Reports" above.—V. Ill, p. 190.
The motormen and conductors went on strike on Oct.
increase in wages from
Pittsburgh Terminal RR. & Coal Co.—1st Consol. Mtge.
Canceled,
Seattle Ry.—Earnings,
Spokane Portland &
See Northern Pacific
Divs.
payable A. & O. at office of trustee.
Security.—The certificates are to represent slightly less than 75% of the
cost value of 1,375 steel hopper cars, the remainder being paid by company.
Total cost of equipment about $3.222,887.—V. Ill, p. 1183, 990.
May be Scrapped.—
Nathaniel T. Bacon, the new owner states, that the road, which has been
operated by the Narragansett Pier RR. as an experiment for the past four
weeks, does not pay for the power it uses and the wages of its operators,
and unless exemption from taxation can be obtained from each of the five
towns throughout which it passes the road may be scrapped in the near
future.—V. Ill, p. 1184.
Issued under the Philadelphia
Guaranty Trust Co., New York, Trustee.
1473
CHKONICLE
Sec¬
INDUSTRIAL AND
General
Industrial
and
MISCELLANEOUS.
Public Utility News.—The
following table summarizes recent industrial and public
utility news of a general character, particulars regarding
which are commonly to be found on a preceding page under
the caption "Current Events and Discussions" (if not in
the
Department"), either concurrently
practicable after the matter becomes public.
"Editorial
early
as
or
as
Wages.—(a) On Oct. 5 Am. SS. Owners Assn. refused wage demands
marine engineers on Atlantic and Gulf coasts.
New
painters' union formed at N. Y.; nearly all the strikers reported at work
again.—N. Y. "Times," Oct. 6 and 7.
(5) N. Y. milk drivers ask advance
of $10 a week (correction).—N. Y. "Times" Oct. 6, p. 13.
(c) N. Y.
garages give up service other than storage, owing to wage demands.—N. Y.
"Times
Oct. 2, 3 and 5.
Price Changes.—During the week automobile prices, with few exceptions,
as well as numerous other articles, have continued to decline, and various
leading commodities have touched! the lowest price for the year, notably
the following: (1) Wheat No. 2 red, Oct. 5, $2 19H, agst. $3 50 in Jan. and
$2 76 in Sept.; (2) Corn, Oct. 8. $1 14^, agst. $2 31 % in May and $1 68
in Sept.; (3) Flour, Oct. 6, $11 75, agst. $16 25 in Jan. and $13 50 In Sept,;
(4) Sugar, Oct. 7, 11c. agst. 23c. in July and 15c. in Sept.; (5) Tin, Oct. 7,
42.25c. agst. 65.25c, in Jan. and 45c. in Sept.
(6) Oats 66c. agst. $1 50 in
May and 80c. in September.
Also (6) Copper, Oct. 8, 17% to 18c. agst. 193^c. in Jan.* (7) Print Cloths,
Oct. 6, 9%c. agst. 16 He. in April and 10%c. in Sept.; (8) Cotton, Oct. 2,
24.25c. agst. 43.75c. in July and 32.25c. in Sept.; (9) Pork, $30 agst. $47 in
Jan. and $31 in Sept.
Compare "Commercial Epitome" on a subsequent
page and "N. Y. Evening Post." Oct. 7, 8 and 9.
Declines are also noted in carpets, copper wire, acids, soft collars, rubber,
silk waists, quicksilver, &c.
On lessened demand sheet steel bars have
declined at Youngstown from $70 to $65.
General reduction in wholesale
food prices, see N. Y. "Times," Oct. 3, Sec. 2, p. 12.
Independent woolen
manufacturer claims that wool having fallen 50%, should be near bottom.
"Boston News Bureau," Oct. 7.
Petroleum.—(a) M. L. Requa sees demand outrun production.—"Wall
Street Journal," Oct. 5.
(&) Rumanian output declines in first half of 1920
Mid-continent pipe line rates to Chicago increased; "Oil Trade Journal *
N. Y.. Oct. 1920.
/
from 10,000 or more
1474
THE
CHRONICLE
Production of crude oil in U. 8. in
Aug. 1920 (Govt, figures) aggregated
39,144,000 bbls. agst. 38,548,000 in July and 37,395,000 in
June; Oklahoma
leads with 9,373,000 bbls. agst.
9,049,000 in June; California next with
8,997,000 agst. 8,190,000 in June; Texas 8.158,000
agst. 7,796,000.in June.
Imports in August, over 10.000,000 bbls., a record figure. Country's
estimated consumption in August, 47,814,000
bbls., agst. 42,685,000 in
June.—"Financial America," N. Y., Oct. 4.
Coal.—(a) Situation in Northwest described as serious.—"N. Y. Sun"
Oct. 5, p. 3.(
b) Anthracite Union on Oct. 5 wires Pres. Wilson that men
are again at work and asks
reopening of wage award.—"N. Y. Times"
Oct. 6, p. 1.
Wilson,
(c)
in
Request referred by President on Oct. 8 to Secretary of Labor
U. S. bituminous coal production heavy—11,817,000 tons
August.—"Coal Trade Journal"
Indiana law
fixing price
Oct.
6.
id)
Nat Coal Ass'n
intra-State coal.—J'N. Y. Sun" Sept.
and general control discussed.—"N. Y.
Oct. 8; "N. Y. Sun" Oct. 4, p. 3 and 6.
Reduced prices for coal fixed
Ohio fuel control
on
revived
by Indiana Commission,
News" of Oct. 6.
see
to
30.
fight
(e)
Times"
American
in favor of 8-hour day and a 48-hour
week, with no reduction in
wages.
Authority was also given to fight "the open shop."
voted
1920—9 Mos.—1919
$144,757 $31,456,766 $26,491,126
14.
Fully in "Chronicle" of Oct. 2.—(1)
English coal strike
ballot returnable Oct. 13, p. 1309.
(2) Italian metal workers instructed by
union to evacuate plants; order
obeyed at Milan; p. 1307.
(3) Housing
legislation in N. Y. State; p. 1316, 1336.
(4) World's gold supply, p. 1325.
(5) Stutz damage suit. p. 1326.
(6) Price cutting as viewed by Henry Ford
and others, p. 1331. 1332.
(7) Sugar prices, &c., p. 1333.
(8) Longshore¬
men renew contract, p. 1333.
(9) Packers' plan condemned by AttorneyGeneral, p. 1333.
(10) Increased coal production, export prices, p. 1334.
(11) President's position as to Marine Act, p. 1334.
(12) Immigration mat¬
ters, p. 1338.
(13) Steel ship construction in American yards, p. 1338.
(14) Express rates, additional increase, p. 1338.
(15) Mexican mining
taxes payable Oct. 31.
Income Account
for the Fiscal Year ended May 29 1920.
Years Ending—
May 29 '20.
& worsted cloth
produced
The Toronto Stock
and 250,000 shares of
Allied
Exchange has admitted
Chemical
&
stock,
Dye
no par
to list $1,000,000 Pref. stock
value.—V. 110, p. 2659.
Corp.—Status Constit.
$3,852,289
516,628
$6,891,834
1,053,110
$4,368,917
1,684,800
$7,944,944
1,166,400
$2,684,117
-
$6,778,544
Other income
Net income
..
Dividends
--
Balance surplus
—V.
Glue
June 2 '17.
Cos.—
Anaconda
Co.—Dividend Decreased.—
$869,843
463,767
$5,052,68^
$1,333,6101,036,800
1,036,800
$4,015,882
$296,810
Copper Mining Co.—Production {in
1920—Sept.—1919
11,100.000 12,780,000
—V. Ill, p. 992, 591.
Arkansas
Decrease. |
1920—9
Lbs.)—
Mos.—1919
Decrease.
1,680,0001127,850,000 116,482,000
11,368,000-
Light & Power Co.—Plants Sold.—
The company, it is stated, has sold out its Missouri and North
Arkansas
plants for about $500,000.
This deal was made, it is said, in order that
the company might centralize its
holdings near its big power plants at Pine
and Pieron.—V. Ill, p. 390.
Armour &
Co.—Resignations.—
R. J. Dunham and George B. Robbing, it is
announced, have tendered
their resignations as Vice-Presidents, effective Nov. 1.—V.
Ill,
p.
Autosales
Corporation.—Semi-Annual
Balance Sheet
Assets—
as
Jun.30 '20. Mar.31 *20
...
Real estate
3,000
118,491
61,764
2.448
securs.
2,341
Inventory
380,545
Notes payable..—
Weighing
Co.
364.106
645,107
Jun.30 '20. Mar.31 '20'
stock.„$4.029,570 $4,029,570"
2,656,150
2,656,156>
Accts. payable
100,877
135,658
Preferred stock.—
3.000
53.352
U. S. Gov.
645,000
&
300.000
1.642
28,245
300,000
Sales
bonds
96,200
96,600
35,981
37,437
301,576
277.789
Reserve for Federal
Income tax,&c._
Surplus
of W.& S.bonds.
Deferred charges..
—
Common
1.100,477
128,347
Cash
Acct8. receivable..
Liabilities—
$5,194,833
1,114,112
992, 795.
Statement
of June 30 1920 and March 31 1920.
Deposit for redem.
A semi-annual dividend of 4% has been declared on the
Common stock
payable Nov. 1 to holders of record Oct. 16.
Regular semi-annual dividend
of 5%. together with extra dividends of
5%, have been paid since May 1918.
In May last, a 150% stock dividend was
paid on tne Common stock,
thereby increasing the outstanding Common to $3,750,000,
par $100,
—V. Ill, p. 694, 186.
$5,535,125
def .482,443
Ill, p. 1371, 1280.
Investments
See Solvay & Cie below and
compare V. Ill, p. 1371,1379.
American
June 1 '18.
160,566,549 143,209,121 171,515,440 202,872,976Sold (yds.)
161,450,505 139,696,222 183,694,346 200,223,653
Cotton bags produced..
700,995
630,848
1,227,102
1,203,335
do
do .
sold..,.
662,735
632,048
1,199,868
1,209,553
Gross sales..
.--...$56,319,933 $44,015,912 $49,458,082 $30,439,215
Cost of manufacturing.. 52,467,644
37.124,078
43,922,957
29,569.372
Machinery. &c
Paper Co., Ltd.—Listed.—
common
May 31 '19.
(yds.)
Patents, Ieases.&c.$5.163.662
Abititi Power &
Increase.
$4,965,640-
Cotton
(i) Arguments in packers' dissolution proceedings were
postponed Oct. 7
Treated
Corp.—Sales.—
Decrease.\
Amoskeag Manufacturing Co.—Financial Statement.—
Operating Income.
New housing ordinance,
tax-exemption.—"N. Y.
Sun" Oct. 5, p. 22; Landlords to
fignt new laws.—"N. Y. Times" Oct. 8.
(b) Federal Trade Commission on Oct. 5 holds hearing on prfces and price
guaranteeing.—"N. Y. Times" Oct. 6 and 7.
(c) Federal Trade Comm.
dismisses complaint against typewriter
manufacturers.—"N. Y. Times"
Oct. 3, Sec. 1, p. 3.
(d) Higher assessment and taxes in N. Y. City.
"N. Y. Times" Occ. 2 and Oct. 6
(p. 17).
(e) French auto manufacturers
ask protection.—"N. Y. Times" Oct.
5, p. 1.
(/) Dismissal of concempt
proceedings against officers of Cloth Hat & Cap Union.—"N. Y. Times"
Oct. 1, p. 9
(g) St. Lawrence canal scheme.—"N. Y. Times" Oct. 3 and 8.
(h) United Textile Workers' convention at Manchester, N. H., on Oct. 8
Matters
Wholesale
1920—Sept.—1919
$3,344,654
$3,489,411
—V. Ill, p. 1085, 591.
"Indianapolis
Miscellaneous.—(a)
till Oct.
[Vol. 111.
1,642
Total (each slde)$7,520.353
41,445
$7,533,205
For earnings statement for the six months
ending June 30 1920 and for
the
_
thr^e months ending March 31 1920. see V. Ill, p. 1280.
Avery Co., Peoria, 111.—^00% Stock Dividend.—
A
American Linseed Co.—New Control Planned.—
The directors, It is stated, will meet Oct. 5 to take
action
the sale of the control of the property to Lever
Ill,
p.
for
296.
Railway Express Co.— ■Rate Increase-
American
Ship & Commerce Corp .—Full Text of Agree¬
Hamburg-American Line Made Public—Admiral
with
Benson
U
000,000.—V.
holds Harriman7 s Plans.—*
F President W. A. Harriman this week made public the text of the
agree¬
ment entered into between the American
Ship & Commerce Corp. and the
Hamburg-American Line.
A copy of the General
Agreement and the
Operating Agreement are on file at this oifice, together with the statement
of Pres. Harriman, issued with their
publication.
(The "Journal of Com¬
merce and Commercial Bulletin" of
Oct. 6 printed the statements in
full).
In reply to inquiries concerning his attitude on
the attacks upon the agree¬
ment of the American Ship & Commerce
Corp. with the Hamburg-American
Line, Admiral Benson, Chairman of the Shipping Board, is
quoted as saying:
"The very fierceness of the attacks
upon the Hamburg-American contract
with the American Ship & Commerce
Corp. indicates its value to American
shipping.
I have every confidence in Mr. Harriman
as a red blooded American
It
seems
he is
He does not find it
necessary to risk his fortune to earn a living.
me that
every real American should commend him in the risks
to
taking in his attempts to develop American
shipping.
There is no
other motive he could have in
putting his money and efforts into this pro¬
position and he has the support ot the
Shipping Board."
[For a former
statement of Admiral Benson,
approving the agreement, see Y. Ill, p.
1085.]
Compare Y. Ill, p. 794, 892, 898, 992, 1085,1185,
1280,1371.
American
p.
591.
each ten shares of Pref. stock,
$1,000,000
S. F. Pref. Stock, par$100.
Capitalization Oct. 1 190—
8% Cum. Conv .Sinking Fund
Authorized
Outstanding
$1,800,000
$1,000,000
1,280,500sh. 1,280,500
100,000sh. 64,000 sh.
Earnings.—Net earnings for the 12 months ended Aug. 31 1920, were
equal to $851,171 before Federal tax reserve.
These earnings are at the
rate of 10.6|times the div.
requirement on the Pref. stock and after deducting
the Pref. and Pref. div. requirements and
sinking fund were at the rate of
$9.75 per share on Common stock.
Second Pref. stock 8%
(non-cumulative)
Common stock (no par value)
;
BALANCE SHEET, AUG. 31 1920.
CBased upon figures as reported by the Co. after giving effect to the proceeds
from recent sale of additional Preferred Stock.)
Assets—
Ltabiliies—
Plant, etc., less
$444,232
465,650
1,320,228
2,013,622
52,230
16,951
137,425
reserve—
Cash
Notes & accts. rec.__
Inventories
Prepaid
-
items
Investments
;
Reorganization
expenses.
First Pref. stock 8%
2nd Pref. stock 8%
Com stk (64000 sh no
Loans payable
Accounts
Total (each side)
For
description of stock,
Ill, p. 1185. 1281.
V.
1,280,500"
6,389
865,000
599,606
2,482
32,751
30,636 ■
16,500
12,000
604,475
payable
Accrued
interest
Acer, wages & taxes
1919 Fed. tax
Foundries.—Refunding Loan.—
given a trust
$1,000,000
par)
reserve--.-
Pref. stk, sink fund
Advertising reserve
$4,450,338 Surplus
Steel
The company has
deed for $700,000 6-year
6% bonds to
the First Trust & Savings Bank of
Chicago, secured by the old Western
Electric Co.'s properties in the two
blocks bounded by Van Buren,
Clinton,
Jefferson and Harrison Sts.
This is a refunding loan.—V.
8% Cum. Conv.
(See adv. pages). Bankers state-
Pref. stock
'
citizen.
Ill,
Bayuk Brothers, Inc., Phila.—Pref. Stock Offered.—
John Nickerson, Jr., N. Y. ;s
offering at par and div. for Pref.
stock, accompanied with two shares of Common stock with
See page 1338 of "Chronicle" dated Oct. 2- -V.
Ill, p. 1085.
ments
100% stock dividend has been declared on the Common stock, payable
1 to holders of record Oct. 11.
In Aug. last the company increased
its Common stock from $2,500,000 (authorized and
outstanding) to $10,«
Nov.
the plan
Bros., Ltd., British soap
manufacturers.—V.
American
on
properties and
tables
of earnings,
etc.,
see
Ill, p. 898.
Bell
American Sugar
Refining Co.—Status.—^ice-President
Oct. 7 made a statement to
AttorneyBoston, saying in brief:
W. Edward Foster
General Allen at
Following
Aug. 24 last
on
decline in sugar values, unprecedented in the
sugar trade, on
our company ceased
offering refined sugar for sale.
This does
not mean that our
company has not been operating its refineries nor de¬
livering sugar to the trade, but simply that it
ceased, on that date, to make
Telephone Co. of Pa.—Admitted
Bell Telephone
receipts for $25,000,000 25-year
1st & ref. 7% Sinking Fund gold bonds series A
issued.—Compare V. Ill, p. 1372.
sales.
Our company has since then
been
to its trade of sugar
making continuous deliveries
previously sold.
over six
ample volume, at retail, at
cates
1945 when
for definitive
severe decline in the
price of sugar, less tnan 5%
England territory has requested cancellation of their
Many nave, however, asked for postponement of
delivery.
The purchase of sugar by the trade has
obviously occasioned considerable
loss.
The attitude of the company is
now, and has been, that our company
will assist its customer^ who ask for
extension of time in which to receive
shipments or to make payments.
It feels that contracts which were en¬
tered into in good faith snould be lived
up to, and it cannot do its large
business on any other basis than that a contract
fairly entered into must be
met.
On its part it has
outstanding contracts for raw sugars, entered into
months ago at higher prices tnan those at which
refined sugar can now be
purchased at retail.
These it must meet.
And as a matter of fact, the
refined sugar which the
company has delivered to its New England trade
was manufactured from raw
sugar which cost the company as high as 23.62
cents per pound, landed in Boston.
[Mr. Foster is further quoted as saying that the company earned more in
the first eight months of 1920 from
refining operations, excluding income
from investments, than in all of 1919.
The company has on hand or under
commitment some 40,000 tons of
sugar, less than 4% of its total normal an¬
nual requirements.]
trade in the New
contracts.
Edwin F. Atkins, in letter of resignation from the board
says:
Recent changes in methods of
doing business and the entrance of several
sugar refineries into raw sugar manufacturing in Cuba, force me to
again
enter the refined sugar business in order to
protect the interests of the several
raw sugar companies which I
represent.
As such a step must inevitably bring me Into direct
competition with the
American Sugar Co. in the distribution of refined
sugars, ft seems my
plain
duty to sever connections witn your company and 1 have to ask that you
present my resignation as director at the next meeting of the board.—
V. Ill, p. 1185.
certificates with dividend warrants due Nov.
See offering in V. Ill, p. 1281, 992.
15
1920
subsequent attached.
Brooklyn Borough Gas Co.—Only
a Test Case.—
letter to the editor of the Brooklyn "Daily Eagle,"
impression was conveyed about the rates of the com¬
was implied that Justice Scudder had
by order reduced the rate
of all consumers from
$1 40 to $1 15.
The implication is incorrect.
The
rate of one consumer
only was temporarily reduced by the order from $1 40'
to $1 15.
Rate for ail other consumers remains at $1 40."—V.
Ill, p. 1372
M. E.
Dillon, in
"An
pany.
It
says:
Notwithstanding the
our
1
Bethlehem Steel Co.—Certificates Ready.—
and
we have been out of the market and have made
weeks, the price of refined sugar has declined 10 cents
per pound, and sugar can now be secured in
about 16 and 18 cents per pound.
of
Oct.
The Guaranty Trust Co. of N. Y. is
prepared to exenange at its trust de¬
partment the outstanding temporary Equipment Trust
7% gold certifi¬
Notwithstanding tnat,
sales for
due
a
new
no
to List.—
The New York Stock Exchange has admitted to the list
of Pa.—J
P. Morgan & Co. trust
Co.
a
erroneous
Cadet Hosiery Co.—New Name, &c.—
See Cadet
Knitting Co. below.—V. 109,
Cadet
Knitting Co.—New
—200% Stock Dividend.—
p.
1463.
Name.—Capital
Increased
Stockholders on Aug. 27 voted (a) to change the name of the Cadet
Hosiery Co. to the above title (b) to increase the authorized capital stock
from 50,000 shares common
(35,000 shares outstanding) and $500,000 Pref
(all outstanding) to the following:
Capitalization Oct. 1 1920 (no bonds)—
stock
(no
par
value)
Pref. stock
(par $100)
2nd Pref. stock
(par $100)
Common
1st
x
Authorized Outstanding*
250,000 sh xl05,000sh
$2,500,000
$500,000
2,500,000
none
A stock dividend of
200% (two shares for each share held) was
to holders or record same
date.—Compare Cadet
payable Oct. 1
Co. in V.
109, p. 778, 1463.
declared
Hosiery
Calumet & Arizona Mining
Co.—Copper Output {in Lbs.)
1920—Sept.—1919.
3,038,000
—V. Ill,
3,318,000
p.
1086. 694.
Decrease.J
280,000
1920—9
31,846,000
Mos.—1919.
33,238,000
Decrease.
1,392,000
Canada Foundries & Forgings, Ltd.—Sells Sub. Co.—
The shareholders on
Sept. 28 approved the sale of the De Laney Iron &
Forge Co., Inc., Buffalo.
At a previous meeting of the directors a by-law
*
Oct. 9
1920.]
authorizing the sale of the property was passed.
Provision is made that the
bargain must be finally completed within the next 60 days.—V. Ill, p. 496.
Canadian General Electric
Co.—Listing.—
Exchange recently authorized the listing of $1,000,000
stock.
Tne paid-up Common stock is stated as
$8,000,000 and the Preferred $2,000,000/—V. Ill, p. 1281.
Common
Carib
Syndicate, Ltd.—New President.—
Ill,
1086, 894.
p.
Ross.
,
Stock Exchange has authorized the listing of 100,000
(par $5) making the total authorized to be listed
additional shares stock
200.000 shares.
The stockholders will vote Oct.
from $1,000,000 to
13 on.increasing the authorized capital
If the stock is increased it is the intention
$2,000,000.
—
Crex Carpet Co.—New Director.—
R.
C.
Gambee has been elected
De Laney Iron & Forge
Canada
See
Carnegie Lead & Zinc Co.—Listed.—New Capital, &c.
The Pittsburgh
Refining Co.—Bonds Called
($114,000) 25-year 5% Debenture Sinking Fund
Nov. 1 1906 have been called for payment Nov. 1 at
par and int. at the Title Guarantee & Trust Co., N. Y.—V. Ill, p. 1373.
director succeeding
a
J. D. Probst.—
—V. Ill, p. 1182, 899.
Carl K. McFadden has been elected President succeeding N. W.
—V.
Corn Products
One hundred fourteen
Gold bonds, dated
Tae Toronto Stock
additional
1475
CHRONICLE
THE
sale 50,000 shares of the new stock at par ($5 per share) to
stockholders of record Oct. 20, to be paid for in cash on or before Nov. 10
1920.
The balance will be used only in case the future needs of the company
Foundries
&
Co., Inc., Buffalo.—Sale.—
Forgings,
Ltd.
above.—V.
105,
1712.
p.
Dunlop Rubber Co., Ltd., Eng.—Capitalization, &c.—
The "Journal of Commerce" (N. Y.) of Oct. 1 gives full particulars re¬
garding the recent increase in capital to £20,000,000 by the creation of
£15,000,000 one-pound shares and the distribution of £7,500,000 as a £3
bonus to ordinary stiareholders.
The item also contains interesting data
regarding the company's rubber plantations.
to offer for
Any part of the 50,000 shares not subscribed and paid for by the
stockholders by Nov. 10 will be allotted by the directors to other stock¬
holders, a number of whom have signified their -willingness to take such
unsubscribed portion of the stock at a price not less than par.
Bands.—The company has an authorized bond issue of $250,000 dated
Oct. 1 1917, due Oct. 1 1927. Int. at 7%, payable A & O at First National
Bank of Dutluh, Minn.
Denom. $100 to $1,000.
Bonds were convertible
for stock at $8 per share until Oct. 1 1919 and at $10 per share until Oct. 1
1920.
Of the authorized amount $5,000 remained in the treasury unsold
and $1,000 was converted for stock Oct. 1 1919, leaving $244,000 outstand¬
ing for which there is reserved in tresaury 24,400 shares of stock.
Callable
at any interest period at 102 M and int.
The company owns the entire capital stock of the Calumet & Sonora of
Cananea Mining Co., S. A., incorp. on Jan. 7 1905, in Mexico, with a
capital of 25,000 pesos, Mexican money,and owns a group of mining claims
amounting to 658 acres, located near the town of Cananea, Mex.
require it.
Central Union
See Cleveland
Telephone Co. (Ohio).—Consolidation.
Telephone Co. below.—V. 110, p. 1529.
Certain-teed
Products
Corp.—Capital
&c.
Increase
proposal to increase the authorized
Common stock from 100,000 shares (no par value) to 150,000 shares and
authorized the issuance of 7,500 additional shares of 2d Pref. stock and
4,000 shares of Common stock in part payment for the purchase of Thos.
Potter Sons & Co. Philadelphia, as outlined fully in V. Ill, p. 1372.
The stockholders on Oct. 4 ratified the
Racine
&
Milwaukee
Line.—Guaranteed
Offered.—Central Trust Co. of Illinois, Chicago, are
offering at 100 and int, netting 8% $325,000 First Mtge.
8% Serial Gold Bonds.
Guaranteed principal and int. by
Northern Michigan Transportation Co.
Chicago
Bonds
1 1920.
Due serially Oct. 1 1921 to 1927.
Int. payabele
Central Trust Co. of Illinois, Trustee, without deduction for
excess of 2%.
Optional at 102 and int.
Dated Oct.
A & O
1
at
normal Federal income tax not in
Denom. $100, $500 and $1,000.
Data
From
of
Letter
E.
Condensed Income Statement of The
W.
October
Seymour,
1
1920.
Chicago Racine & Milwaukee Line.
1919
Years
1918
Calendar
*
1920
7 Mos.
$501,852 $593,073 $620,693
Gross income
;
incl. Federal taxes....
.
431,026
517,651
481,960
Net income
$70,826 $111,113 $103,042
Company has been granted an increase of 40% in freight rates, effective
Aug. 26.—V. Ill, p. 592.
"
,
Cities Service Co.—Sub. Co. Notes—Bankers' Shares.—
See
Gas
Securities
Co.
below.
20th monthly distribution on Cities Service Co. bankers'
shares,
payable Nov. 1 to bankers' shares of record Oct. 15, will be 41.5 cents a
bankers' share.
The regular monthly distribution on Oct. 1 to holders of
bankers' shares was made to 12,810 shares of record, an increase of 589
holders of record over the distribution made on Sept. 1.
[See adver¬
tising pages.]—V. Ill, p. 1186, 1086.
The
Cleveland Electric
The $4,000,000 8%
accrued dividend,
and
Illuminating Co.—Stock Sold.—
Pref. stock offered by Wm. A. Read & Co. at 100
it is stated, has all been sold.—Compare offering
in V. Ill, p. 1372.
Cleveland Telephone
Union Telephone
Central
Co.—Capital Increase—To Acquire
Co. of Ohio—To Change Name.—-
The stockholders have authorized an increase in the capital
$6,000,000 to $30,000,000 in order
stock from
(to provide for the purchase of exchanges
Telephone Co. within the State of Ohio.
throughout 72 of the 88 counties in the State, ex¬
total of 170,000 telephone stations, being operated in 66
Ohio cities.
The stockholders also approved of changing the name of the
company to "The Ohio Bell Telephone Co." in view of its enlarged field
of operation.— V. 107, p. 84.
and toll lines of tne Central Union
The
Central
extends
changes, with
a
& Elec. Co.—Report
—
Co. under reports above.—V. Ill, p. 993.
Colorado Fuel & Iron
-
Co.—Wage Increase.—
The company has increased the wages of miners $1 50 a
raising the price of coal to consumers.—V. Ill, p. 1373.
Columbia
The
day; without
Graphophone Mfg. Co.—To Increase Capital.
stockholders
will vote
Oct.
27 increasing the authorized
Common
1,500,000 shares to 3,000,000 shares.
Pres. Whitten states:
"None of the new shares are to be issued at the present time.
It is con¬
stock from
sidered desirable by the directors
and the management to have this stock
It is not contemplated that
available for such corporate uses as may arise.
the company will have need of further financing
such
as
through the sale of securities
if at all, as it appears
that the.company is in ample funds.—Y. lll.tp. 1282.j.
Edison
Co.,
Chicago.—New
Stock.—
of record Oct. 15, the right to
of their holdings, at par, pay¬
able in four installments of 25% each, Dec. 1, Feb. 1, May 2 and Aug. 1.
Interest will be allowed on installments as paid at rate of 8% or div. rate.
Secretary Edward J. Doyle, in circular of Oct. 4 says in brief:
"Your board has long desired to promote a more extensive acquisition of
the stock of the company by its customers and employees, so that they as
stockholders may become more vitally interested in its operations.
To
this end the company will purchase from any stockholder before 5 p. m.
Nov. 15 1920, his right to subscribe for new stock, ahd will pay therefor a
uniform price of $2 50 per share for each share of new stock to which he is
entitled to subscribe—in other words, 25 cents for the rights accruing on
The company is offering to stocknolders
subscribe for $5,420,300 new stock, or 10%
each share of existing stock.
"The proceeds of the sale of
,
,
m
,
,
the new stock will be applied in reimburse¬
account of capital expenditures out of income."
During the past year the company sold about $3,000,000 treasury stock
to its employees and customers.—V. Ill, p. 1373.
ment of the treasury on
20
so
Corp.
on
as
of America.—
reorganizing the corporation pur¬
to permit the issuance of no
par
The terms upon which the outstanding shares of stock are
exchanged for the new shares are: 10 shares of stock without nominal
or par value will be issued in lieu and place of the 5 shares of stock issued
and outstanding and without other consideration.
The company, it is stated, has arranged for the erection of an addition
to its cord fabric plant at Utica, N. Y., to cost about $80,000. > It is under¬
stood that further additions will be made ah a later date, with an available
fund of $2,500,000 to be used at Utica out of an appropriation of $20,000,000
for the Buffalo plant, now in course of erection.
The parent company,
the Dunlop Rubber Co., Ltd., London (see above) has recently increased
its capital.
Perry D. Saylor is Vice-Pres. and Gen. Mgr. of the U. S. cor¬
poration, and S. S. Walcott, Sec., 120 Broadway, N. Y. City.
Durant
Corp.—Organized.—Interested Now in Distribu¬
of General Motors Common Stock Although Not a Sub¬
sidiary of Latter Corp.—To Handle Other Securities.—
It is announced tnat the
rapid growth of the stockholders' service division
tion
of General Motors Corp. which was engaged in the work of more broadly
distributing the corportaion's securities and keeping shareholders informed
on the activities of the corporation, has resulted in the organization of The
Durant Corp. which was incorp. Sept. 1 1910 in New York witn a capital of
$20,000.
The new corporation is interested in the distribution on the partial pay¬
ment plan of high-grade municipal bonds and the stock of ably managed
industrial corporations of known worth.
At the present time the corpora¬
tion is specializing in General Motors common stock but will shortly be in a
position to handle other high-grade stocks and bonds.
Officers.—W. C. Durant, Pres.; P. D. Wagoner, Vice-Pras.; H. W. Alger,
& Treas.
The new corporation Ls not a subsidiary of the General
Corp. although
Sec.
Motors Corp. and is not controlled by the General Motors
W. C. Durant is Pres. of both companies.
Water Co., Oakland, Calif.—Water Plant.—
East Bay
The entire properties of the company, it is stated, have been offered to the
East Bay cities for operation as a jointly owned public utility, at a
seven
price of $21,765,858.
This includes storage facilities in Oakland,
Berkeley, Alameda and San Leandro, Chabot and San Pablo reservoirs and
watersheds extending from the Berkeley shore to Hay ward.
The offer
was submitted to
Mayor Davie of Oakland acting as Chairman for the
Mayors of the other cities.—V. 110, p. 565.
i
Copper Mining Co.—Output (in Lbs.).—
East Butte
Decrease.
Decrease. I
1920—9 Mos.—1919.
4 59,520 13,948,580
14,508,100
1920—Sept.—1919.
1,634,260
2,093,780
—V. Ill, p. 1087, 796.
559,520
Coast Fisheries Co.—New President.—
East
George W. Goethals has been elected President, succeeding I.
M. Taylor,
who becomes Chairman.—V. 110, p. 1191.
Co.—New President.—
Coast Fisheries Products
East
George W. Goethals has been elected President succeeding
110, p. 1191.
I. M. Taylor
who becomes Chairman.—V.
Elgin
Watch
National
Stock and Declare
a
Chicago.—To
Co.,
Increase
20% Stock Dividend.—
increasing the capital stock from
(par $25) of which 200,000 shares
stock (and in lieu thereof) on
the basis of 4 shares of the new stock for each share of the present stock.
(2) on approving the issuance and disposition of the $2,000,000 additional
stock as follows: (a) $1,000,000 to be distributed to the holders of the
present common stock pro rata as a 20% stock dividend; (b) $1,000,000
to be sold for not less than par to the employees at such times and upon such
terms and conditions as the
directors may determine.
(J. R. Perry,
Sec., Chicago).—V. Ill, p. 1374.
/
:
The stockholders will vote Oct. 23 on (1)
$5,000,000
(par $100)
to $7,000,000
shall be issued to the holders of the present
Fulton
Cold
Market
Storage
Chicago.—Bonds
Co.,
Offered.—Central Trust Co. of Illinois, Chicago, and
Powell, Garard & Co., Chicago, New York, &e., are offering
at 100 and int. to yield 7% $400,000 First Mtge. Leasehold
7% Guaranteed Serial Gold Bonds, dated March 1
1920.
Due serially 1922 to 1930.
Compare V. 110, p. 1752.
Securities Co.—Notes Offered.—Henry L.
Gas
Doherty
New York, are offering at 98 and int. yielding over
Circular shows:
8% $5,000,000 8% Secured Gold notes.
& Co.,
Dated Oct.
pany,
1
1920.
Due Oct. 1 1922.
Int. payable at offices of com¬
New York, without i deduction for normal Federal income
tax not
exceeding 2%.
Coupon notes, denom. $1,000; registered notes, of any
denom.; int. on registered notes payable monthly by check; int. on coupon
Callable on 30 days* notice at 102 prior to Oct. 1
payable A. & O.
1921; thereafter and prior to April 1 1922, at 101 and
maturity at 100lABankers Trust Co., N. Y., trustee.
thereafter until
Company.—Organized in 1906 in New York to acquire securities and
properties of natural and artificial gas, electric light and power and kindred
corporations.
The business has been profitable.
Monthly dividends at
the rate of 6% per annum in cash are being paid on the ($487,800) Preferred
and ($365,000) Common stocks.
Purpose.—Issued to refund a similar amount of 7% notes due Nov. 1.
Security.—Secured by the deposit with the trustee of shares of the Com¬
mon stock of Cities Service Cq. on the basis of 6 2-3 shares of said stock for
each $1,000 notes thus secured.
The indenture will provide that upon the
cancellation and surrender of any of these notes to the trustee, collateral
may be withdrawn at the rate of 6 2-3 shares of stock for each $1,000 face
value of notes so surrendered and canceled.
Earnings Twelve Months ending Sept. 1 1920.
..$1,007,882! Interest
952,863 [Balance
Gross revenue
Net after
Commonwealth
York
value shares.
stock, bonds or notes for some time to come,
at present
Rubber
&
of New
to be
notes
Coast Valleys Gas
See California Ry. & Power
laws
the
to
sale
Vice-Pres.
Company.—Organized in 1908 and is a subsidiary of the Northern Michi
gan Transportation Co.
Has continuously operated a line of freight and
passenger steamships between Chicago, Racine and Milwaukee.
During
1920 it inaugurated similar service between Milwaukee, Muskegon and
Grand
Haven.
Capital outstanding $243,200,
surplus $293,492.
In
addition to this issue has a small mortgage of $25,000 outstanding against
the dock properties in Racine.
Owns entire capital stock of the Milwaueen
Terminal Co. which owns large terminal and warehouse in Milwaukee.
Purpose.—To refund two short term bond issues, issued to provide a por¬
tion of the purchase price of the Steamships ''Puritan" and "General
R. M. O'Reilly," [upon which steamships this issue is secured] acquired
during 1919 and to reimburse Company to a small extent for subsequent
expenditures in equipping such vessels for their present service.
Total oper. expenses
Dunlop Tire
The stockholders will vote Oct.
suant
—V.
on
..$400,000
this issue
552,863
taxes, &c__
102, p. 2257.
ex p.,
General Electric Co.—Merges its
X-Ray Business.—
7 that an arrangement has been made whereby
of the company and the business of the Victor Electric
Corp., Chicago,have been united in a new company, Victor-X-Ray Corp.,
organized in New York.
The new company has exchanged its Capital stock
for the assets of the old Victor Electric Corp. and the x-ray patents and
good will of the General Electric Co.
■
.
«
The Victor Electric Corp. for a number of years has manufactured and
sold x-ray apparatus and therapeutical devices.
The General Electric Go.
in 1914 placed upon the market, a new type of x-ray tube, the invention of
Dr. W. D. Coolidge, of the Research Laboratory, which proved so superior
in theTmedical and dental fields that it largely superseded and supplanted
the older types of x-ray tubes.
"4
It
was
announced Oct.
the x-ray business
,
,
t
The formation
will result in full manufacturing,
co-operation between both companies with respect
and will extend their usefulness so that the present needs
of the new company
engineering and research
to x-ray
problems,
1476
tor
CHRONICLE
THE
Coolidge
x-ray
tubes which the General Electric Co. will continue to
professions
manufacture and other x-ray devices in the medical and dental
may
be adequately and promptly met.
Directors.—Herbert 8. Blake (Chairman), Charles P. Samms (Pres.),
J. Fred Hartz, H. O. Houck, B, E. Sunny. S, H. Blake. Albert G. Davis.
The company has purchased the plant of the United Button Co., Brook¬
lyn, for a sum said to be about $500,000.
100,000 sq. ft.—V. Ill, p. 1374.
The property contains about
Motors
General
Corp.—Durant Corp. Formed.—Now
Specializing in Gen. Motors Common Stock—Not a Sub¬
sidiary or Controlled by General Motors.—
See Durant Corp. above—V. Ill, p. 1283.
Glenrock Oil Co., Inc.— To Increase
Capital.—
The adjourned meeting of the stockholders to increase the capital stock
from $10,000,000 to $15,000,000 will beheld on Oct. 13.—V. Ill, p. 899.
Goodyear Tire & Rubber Co .—Improved Quality
Notwithstanding Increased Cost of Manufacture.—
of
Tires
In an advertisement on another page entitled "More Goodyear mileage
for your money in 1920 than in 1914," the company notes the fact tha
"long-s*aple cotton, which has advanced 494% since 1914, now accounts
for 40% of the manufacturing cost of Goodyear tires, whereas crude rubber,
-which nas declined somewhat, accounts for only 2214% ot this cost."
—V. Ill, p. 1374.
Greenfield (Mass.) Tap & Die Corp.—Pref. Stock Offered.
—Tucker, Anthony & Co., New York and Boston, are
offering, at 100 and div., to yield 8%, by advertisement on
another page, $\255,000 8% Cumul. Pref. (a. & d.) stock.
Dividends payable Q.-J.
Callable, all or part, at 105 and div. if called
prior to Oct. 1 1921; thereafter the call figure increases one point each year
until Get. 1 1925, after which it remains at $110 and div.
A cumulative
sinking fund commencing 1921, amounting to $100,000 a year, is provided
for the retirement of this issue by purchase or call at not exceeding the call
figure.
No div. can be paid on any Junior class of stock which will reduce
net quick assets below $115 per share of the 8% Pref. stock outstanding.
No mortgages or notes other than ordinary bank loans can be assumed or
issued except with the approval of a 2-3 vote of the Pref. stock.
Data from
Letter of Pres.
Capitalization after Present Financing (No Bonds) Authorized.
6% Cumul. Pref. stock (par $100)——— —$1,500,000
8% Cumul. Pref. stock (par $100).
Common stock (par $25)--
5,000,000
5,000,000
——...—..
Issued.
x$334,900
3,420,100
correspondingly Increase the outstanding amount of 8% Pref. stock.
1917.
1918.
1919.
xl920.
$4,793,209 $5,608,832
1,045,826
1,525,317
211,644
131,770
180,243
Earn.avail.for div.
538,220
715,848
736,062
914,056
1,345.074
Annual dividend requirements on $3,755,000 8% Pref. stock, $300,400.
x Seven months actual, five months estimated.
Compare V. IlO, p.
768, 1976, 2391, 2491; V. Ill, p. 900, 1283.
84,437
Payment.—
The first half of the notes issued in payment of approved claims against
Groton Iron Works which matured Oct. 3 were unpaid on that date but
have since been adjusted.
Since the contract with the Emergency Fleet
Corp. has not been settled and the funds to meet the notes were not
available, a committee of the creditors approved a plan whereby 20% in
cash was paid on each note and 80% in a new note endorsed by the United
States Steamship Co. due on or before Oct. 3 1921.
The new notes are
secured by deposit with the Travelers Bank & Trust Co., Hartford, of
$600,000
6%
serial
coupon
bonds of the
Virginia
Shipbuilding Corp.,
secured by a first lien on the plant at Alexandria, Va.
The notes, secured
by the bonds it is stated, do not exceed $450,000.—V. 110, p. 1418.
Habirshaw Electric
Cable
Co .—Combined Statement
3
Mos to
June SO
3 Mos. to
Mch. 31
1920
1920
June 30
1920
$3,406,921 $2,657,869 $6,064,790
Profit in trading
410,357
183,545
593,902
Disc, on sales & int. prepayment..
33,611
38,211
71,822
Interest on bank loans and bonds....52,696
44,407
97,003
Amortization of bond discount
3,329
3,329
S32°'821
Hare's Motors.—To Consolidate Motor
,
,100'927
W21'748
hand, indicate capacity operations for
Refining' Co.—Equipment Trusts Offered.—
Louis, are offering, at prices to yield 8%,
$238,000 7% Equip. Trust Certifs., guaranteed uncondition¬
ally, prin. & int., by Standard Tank Car Co. Cire lar shows:
Dated Oct. 1 1920.
Due quar., Jan. 1 1921 to Oct. 1 1923.
Divs.
Q.-J. at Fidelity Trust Co., Phila., trustee, without deduction for normal
Federal income tax up to 2%.
Red. at 101 and int.
Denom. $1,000.
Security.—Secured by deoosft of purchase money notes of the Indiahoma
Refining Co., aggregating $285,750, maturing in quarterly Installments from
three months to three years, and by the title to 100 new steel underframe
tank cars (costing $318,300) of 10,000-gal. capacity, mounted on 50-ton
trucks, equipped with six lines of steam coils.
Company.Organized in Oklahoma in 1912.
Is engaged in production,
refining and marketing of petroleum and its products, and the purchase,
leasing and acquirement of lands, or the gas and mineral rights in hinds, for
the purpose of producing oil and gas therefrom.
Owns a refinery at Okmul¬
gee, Okla., and at East 8t. Louis, 111.
DaUy capacity, 3,500 bbls. each.
Through Indiahoma Pipe Line Co. (a subsidiary), it owns and controls
about 133 miles of pipe lines for the transportation of crude oil.
Company
owns and leases 882 tank cars.
Earnings, &c.—Net earnings, after taxes, before depreciation, averaged
$785,900 for the past four years.
For first six months of 1920 earnings, after
taxes and depreciation reserves, applicable to
payments on equipment
obligations, amounted to $1,183,293.
Net earnings for the three years
ended Dec. 31 1919, before Federal taxes, available for equipment guaran¬
tees, averaged $1,578,587, and for the 7 months ended July 31 1920 were
$1,633,671.
Capitalization authorized and outstanding, $5,000,000.
Dividends were
paid at the rate of 10% in 1914, and at the rate of 12% since, with an extra
cash div. of 10% in 1916, 2% in 1919 and 2% in 1920.
In addition, com¬
pany has paid since its organization 500% In stock dividends.
Including
this issue,
company has outstanding $726,000 equipment trust certificates.
International Fur Exchange, Inc.—Dividend
Deferred.
The quarterly dividend on tne Preferred stock, usually due about Oct. 1,
it is said,
will be deferred, because of adverse conditions and tightness in
money rates.—V. Ill, p. 994.
International Radio Telegraph Co.—Control
See Westinghouse Electric & Mfg. Co. below.—V.
Jewell
Acquired.
108, p. 2026.
Belting Co., Hartford, Conn .—Pref. Stock Offer.
Richter & Co., Hartford, and The Chas. W. Scranton Co., New Haven,
offering at 100 and div., yielding 8%, $500,000 8% Cum. Pref. (a. & d.)
stock.
Par, $100.
Divs. Q.-J.
Red., all or part, at 110 and div.
Company.—Incorp. in 1882.
Established in 1846.
Principal business,
tanning or leather and manufacture of leather belting.
AJso manufactures
lace leather, strapping, &c., and is the largest manufacturer in the world
of round belting.
New plant at Hartford has 135.000 sq. ft. of floor space.
Purpose.—Proceeds will be used as additional working capital.
Capitalization.—Authorized and outstanding, Pref. stock, $500,000.
Common stock, $500,000.
No bonds.
are
Net Sales and
Profits after Allowing for Maintenance, Deprec. and Taxes.
Cal. Years—
1915.
1916.
Net sales,.—$1,788,173 $2,957,257
Profits
123,366
446,118
—
1917.
1918.
1919.
$2,175,004 $3,895t526 $2,641,597
149,814
136,045
142,668
Kelly Springfield Tire Co.— Usual Dividends.—
3% has been declared on the outstanding Common
in addition to the regular quarterly cash dividend of 4%
both payable Nov. 1 to holders of record Oct. 15.
Like
amounts have been paid quarterly in cash and stock since May, 1919.—
V. Ill, p. 1374, 1284.
($1 per share)
Lever
Corporation.—Sales.—
Net sales for September are reported to have increased 14.7% over 1919;
sales for the 9 months ending Sept. 30, increased 34.2%.—V. 110,
p. 2080.
Herschell-Spillman Motor Co., Inc.—No Action as to
on Common Stock because of
Effect of Money String¬
ency
on
Motor Industry.—President B. W. Burtsell in
circular dated at North Tonawanda Oct. 1, says in brief:
Dividend
The readjustment, which has been taking place in the automobile business
of the country has not been due to a lack of demand for automobiles or
trucks, more of which are needed than ever before, but to the general
stringency in the money market during the past few months and the tempo¬
rary withdrawing of credit facilities for automobile distributors and indi¬
or
vidual purchasers.
We, ourselves, have had no cancellations of orders from customers,
tnough many have asked us temporarily to withhold shipments untii
inventories could become better balanced.
This, naturally, has affected
our shipments during the three months' period just ended.
Due to these conditions, it seems wise to take no action upon a dividend
on the Common stock at this time, but to conserve working capital and
maintain our strong financial position.
We believe the conditions will
adjust themselves within the next two or three months.
We are just completing another steel and concrete building, which with
present facilities will give us five acres of manufacturing floor area with
the most modern machinery for producing 300 complete motors daily or
about 100,000 a year, including H. 8. 4-cylinder and H. S. 6-cylinder
models.
The capacity Is just five times the capacity of the plant when
the present management assumed charge early in 1919.
.
Bros., Ltd.—To Acquire Control.—
See American Linseed Co. above.—V. Ill,
p.
393.
Liquid Carbonic Co., Chicago.—Notes Offered—A
syndicate composed of Merrill, Lynch & Co., New York,
Federal Securities Corp. and First Trust & Savings Bank of
Chicago, is offering $3,000,000 8% 10-year Sinking Fund
gold notes.
Company was organized in 1888 and is the World's largest manufacture
carbonic
of soda fountain and drink dispensing-devices, bottling machinery,
acid gas, syrups, crushed fruits, extracts and flavors.
Average net earnings for the past 5 years, after Federal taxes and depre¬
are reported about $993,000, or over 4 times interest requirements on
Notes.
Net earnings for the current year, partly estimated, are
figured at $1,540,000 or 6)4 times interest requirements.
ciation
these
Locomobile Co. of America.—Bonds Called—Directors.—
Forty-nine First Mtge. 10-Year Sinjking Fund 6% Gold bonds, due June
1 1922, of $1,000 each and ten of $100 each, have been
Dec. 1 at 105 and int. at the Bankers Trust Co., N. Y.
called for payment
_
Marion McMillin, C. Willard Young, A. P. Lathrop and H. L. Dillon,
all of New York and R. L. Kline, of Utica, have been elected directors,
thereby increasing the board to 15 members.
See Hare's Motors above.—V. Ill, p. 299.
Loose-Wiles Biscuit Co.—Back Dividend.—A dividend of $1.75 per share on account of back dividends, covering
period from Nov. 1 1915 to Feb. 1 1916, has been declared on the 2nd Pref.
stock, payable Nov. 1 to holders of record Oct. 16.—V. Ill, p. 1647.
Magna Oil & Refining Co .—Earnings.—
have
approved of the consolidation of the two companies under the title of
Hare's Motors, and it is expected that the stockholders of both
companies
will shortly ratify this action.
The net assets of Locomobile and Mercer
combined, it is said, will exceed $11,000,000.
This combination, it is said, is of the manufacturing companies and will
not affect the distribution and selling plans, as Hare's Motors, the
operat¬
ing and distributing company, will operate along the lines originally planned.
Compare V. 110, p. 875, 2080; V. Ill, p. 194.
on
Stix & Co., St.
Companies.—
The Directors of the Locomobile Co. and the Mercer Motors Co.
Hartman
amounting
India ho ma
—
6 Mos. to
Net sales
1087.-900.
give us orders, which, with those
the year 1921.—V. 110, p. 2661.
102,507
Groton Iron Works.—Note
books aggregate 42,522 motors
stock (par $25)
Gross sales--,—$2,436,455 $3,940,197 $5,322,876
Net income
622,657
818,354
947,706
Depreciation,.,,
our
we
A stock dividend of
Earnings Calendar Years.
1916.
on
ordinarily would be shipped this
year and early in
have assurance from several other large manu¬
facturers of automobiles that with the return of normal conditions they will
3,000,000
There has been outstanding $1,500,000 6% Pref. stock, which is prior
to the 8% Pref. stock, of which amount all but $334,900 has already been
exchanged for a like amount of the 8% Pref. stock.
It is expected that this
small outstanding balance will be exchanged in the near future, which will
x
orders
to $9,274,000
wnlcjh
1921.
In addition,
Frederick H. Payne, Dated Oct. 1 1920.
Company.—Incorp. In 1912 in Mass. as a consolidation.
Is the largest
manufacturer of thread-cutting tools in the world.
Produces taps and
dies; "screw plates," consisting of assortment of taps and dies with the
necessary die stocks and tap wrenches; also pipe tools, reamers, cutters,
drills, gages, and a general line of small tools.
The company's products are
sold in large quantities throughout the United States ana in practically
every civilized country in the world.
Owns 7 factories in Greenfield, together with a large administration
building.
Operates in Canada through a subsidiary owning and operating
a factory located at Gait, Ont.
Total plant areas amount to about 450,000
sq. ft.
To provide additional manufacturing facilities, company Is at
present erecting a large 5-story factory building in Greenfield, which will be
used for additional production of taps, dies and reamers.
It is also doubling
the capacity of its drop forge plant.
*
The unfilled
[Vol. 111.
Gross earnings for August are reported as $198,633;
$41,020; net earnings, $157,613.—V. Ill, p. 78.
operating expenses,
Magnolia Petroleum Co —Extra Dividend.—
An extra dividend of )4 of 1 % was payable Oct. 5 last to holders of record
Sept. 1, together with the usual quarterly dividend of 1H%Extra cash
paid quarterly since July 5 1918.—V. Ill, p. 2492.
dividends have been
Manhattan Electrical
Supply Co., Inc.—Listing.—
The New York Stock Exchange has authorized the listing on and
Oct. 15 1920, of permanent engraved certificates for 30,000 shares of
after
stock
value, (auth. 250,000 shares) on official notice of issuance in exchange
for temporary certificates for 30,000 shares of stock, with authority to add
40,000 additional shares upon official notice of issuance, making the total
amount applied for 70,000 shares.
■
Of the 40,000 additional shares to be issued, 3,000 issued as a stock
dividend Oct. 15 have been paid up by the transfer to "capital account"
from "surplus account" of the sum of $150,000; 16,184 "will be paid up by
exchange for 8,092 shares of 1st Pref. stock and 20,816 have been paid for
no
par
stock, not exchanged or agreed to be exchanged
to-wit: 4,097 shares was redeemed or redeem¬
share on Oct. 1.
All outstanding 2nd Pref.
stock, 610 shares, was redeemed or redeemable in cash at $100 per share on
Oct. 1. The only stock now authorized is stock without nominal or par value.
All outstanding 1st Pref.
for stock without par value,
able in cash at $112 50 per
—V. Ill, p. 1088, 1284.
Manufacturers'
Light
&
Heat Co.—New Director.—
F. W. Crawford, President and Director
has been elected a director succeeding John
595.
Massey-Harris Co., Ltd.
of the Ohio Fuel Supply Co.,
W. Donnan.—V, 111, p. 1284
(Canada).—Bonds Offered.—-
Wm. A. Read & Co., New York, &c., are offering
and int., $4,000,000 10-Year 8% Sinking Fund Gold
ture bonds.
of
These bonds are a
at par
Deben¬
joint and several obligation
Massey-Harris Co., Ltd., and Massey-Harris Harvester
Co., Inc. (U. S.).
(See advertising pages.)
OCT. 9
Dated
15
Oct.
Montgomery Ward & Co., Chicago.—Sales.—
Due Oct. 15 1930.
Int. payable In New York
Red. as a whole at 107 and int. on any int.
1920.
Sales in September, it is stated, were
Denom. $1,000 (c*).
30 days' notice.
The
A. & O.
companies agree to pay the U. S. normal
income tax up to 2% p. a., if exemption is not claimed.
A sinking fund of
10% per annum f the total amount issued is provided to purchase bonds in
the open market at or below 102 H and int.
If the full amount to be
redeemed cannot be purchased, bonds will be drawn at 102H and int. to
complete the sinking fund of 10% annually.
U. S. Mortgage & Trust Co.,
date
on
an
A dividend of 10 cents per share (1%) has been declared on the outstand¬
ing Capital stock, payable Nov. 1 to holders of record Oct. 15.
An initial
was paid in August last.—V. Ill, p. 394,195.
Findley, Pres. & Gen. Mgr., Toronto, Oct. 1.
National Acme Co.—Earnings.—
Companies.—The Massey-Harris Co., Ltd. (Canada), was established in
1847 and manufactures practically a complete line of agricultural imple¬
ments.
Is the largest concern of its kind in the British Empire.
Approxi¬
mately half of its output is marketed in Canada, the other half in Great
Britain, Europe, Australia, South America, Africa, &c.
Plants situated
in Toronto, Weston. Brantford (2), and Woodstock, Ont.
The Massey-Harris Harvester Co., Inc., the U. S. subsidiary, with plant
at Batavia, N. Y., was established in 1850.
The Canadian company's inter¬
est in it represents 86%.
Its output, which is sold in the U. S. and abroad,
comprises a complete line of all staple agricultural implements.
The five
Canadian plants, and that at Batavia, comprising 161 acres, have a floor
area of 83 acres, and employ 5,400 persons.
Security.—'The bonds constitute the only funded debt of either of the com-
Month
—V. Ill, p.499.
National Aniline & Chemical
are
in V.
National
$200,000 7%
P* 217.
Cos. after Interest, Taxes and Depreciation).
1916.
1917.
1918.
1919.
$
S
$
■
11,529,000 15,182,000 17,962,000 17,500,000 22,702,000
Sales for the current year are
estimated at $25,000,000.
of last year.
Real est. & plant, less dep
913,027
908,689
Cash
Invest, in U. S., Canad'n,
&c., bonds
1,588,386
Inventories, less deprec'n 21,664,688
Bills & acc'tsrec., less res. 11,270,826
—V. Ill, p. 1375.
11,221,201
pension fund, &c
1,298,934
Special conting. reserves.
3,313,425
Surplus & undiv. profits.
9,104,513
Total (each side)_._...$43,104,831
for the benefit of company.
Purposes.—Proceeds will be employed for reimbursing company for 80%
made and to be made for additions, extensions, &c„ In¬
cluding installation of 20,000 k.w. additional electric generating capacity.
$18,166,758
Bills & accounts payable.
Res. for taxes, exchange,
-
Including $500,000 held in trust
x
of expenditures
Earnings Years Ended Aug. 31—
earnings---
Gross
1920.
1919.
$2,738,824 $2,212,028
907,802
762,727
*
-
Net after oper. expenses, maintenance
Ann. int. on $7,200,000 1st M. outst'g,
Ltd., above.
and taxes--*..
incl. this issue
Balance
Operating Co., Inc.,
N. Y.—Bankruptcy.—
petition in bankruptcy was filed in the U. S. District Court
Sept. 29 by the company, of 149 Broadway, N. Y. City, doing a local
transportation business.
Fontaine Le Maistre is President.
The liabilities are given as $361,000, of which $201,111 are secured, in¬
cluding $187,000 bonds issued under a mortgage to the New York Trust
Co., trustee.
The assets are estimated at $400,000.
A voluntary
$
$
Assets—
Property & plant.
5,604,051
U. S. Lib. L. bonds
170,480
British Treas.notes
131*,731
Investments
676,756
Cash.
Notes &accts. rec.
1,489,149
Mat'I, supp., &e_. 4,306,088
Deferred charges..
340,745
1,000;
70,000
133,771
V. 107, p.
1,953,562
1,605,238
976,911
Notes
1,162,933
5,379,226
3,211,971
1,390,150
7,679,090
advances
a
S.
IT.
V..
Accounts payable.
3,439,992
surplus.blO,349,103
6,676*674
Trade acceptances
124",890
38,506
Bank loans
Total
capital,
value.
.-V-
declared Pref. dividend No.
33 of $1.50 per share
(due Aug. 1 1914), payable Oct. 19 to hoicers of record Oct. 9.
a dividend of like amount was paid.—V. Ill, p. 1189, 1089.
In Sept.
last
Co.—To Sell War Plants.—
The "Railway Review' of Sept. 25 states
that the company hopes to
realize about $2,000,000 from the sale of four of the buildings at its main
plant at Watertown, N. Y.. comprising 368,000 sq. ft.
Tne company is
also offering for sale its New York Engine Co. plant at "Watertown, com¬
prising 113,917 sq. ft.
The four buildings at the main plant were con¬
structed during the war for the manufacture of war munitions for the Gov¬
ernment and have been turned back oo the company in the settlement of
one of the latter's claims against the War Department.—V. 110, p. 869.
New York Air Brake
.....12,712,795 19,182,380
$340,555, represents at $5 per share
Declared
■
■
Co.—Accumulated Dividends.—
The directors have
108,369
381,835
300,000
reserve.
1007.
New River
Accruals & miscel¬
laneous
authorized the company to in¬
1,000 cu. ft. The schedule
next 4,000 cu. ft. $2.20 per
next 25,000 ft. $2.05; over 40,000 $1 95 —
P. U. Commission has
next 8,000 ft. $2.15;
a340,555
Real estate mtges.
....12,712,795 19,182,380
of no par
$
Declared capital..
and
Gas & Electric Co.—Rate Increase.—
its rate for gas from $1 60.to $2.25 per
follows; First 3,0(X) cu. ft., $2 25 per 1,000;
crease
4,795,440
657,099
Approx.
Total
Ill, p. 1089, 699.
New Jersey
1918.
$
Liabilities—
296,035
Patent rights
-
—V.
The New Jersey
1919.
1918.
2334, 2532.
Copper Co.—Production (in Lbs.).—
1920—Sept.—1919.
Decrease.\ 1920—9 Mos.—1919.
Increase.
3,314,000
3,898,000
584,000(32,010,000
28,494,000
3,516,000
New Cornelia
Corp.—Balance Sheet Dec. 31.-
; 1919.■
376,000
531,802
$5,600,000 1st M. 5s in V. 108, p.
Compare offering of
on
Marlin-Rockwell
7.30%,
(paying 4%)--$5,000,000 Unsecured notes, 5s, 1927_$1,100,000
(7% cum.)
x3,500,000 1st M. bonds, due 1949—
Series A-5s
5,600,000
2d Pref. stock (7% non
1,000,000
Series B-6s (this issue)- 1,600,000
cumulative)
Massey-Harris Harvester Co., Inc.- ■Joint Bond Oblig'n.
Massey-Harris Co.,
Omaha.—Bonds Offered.—Harris,
offering at 843^ and int., yielding
Pref. stock
$6,759,215 Capital stock
Investments in affil. cos.
are
Com. stk.
Liabilities—
j&sscts
Clinton, 111.—
$1,600,000 1st Mtge. 30-Year 6% gold bonds of 1919, due
June 1 1949.
A circular shows:
Capitalization Outstanding upon Completion of Present Financing.
43,105,000
It is fully ex¬
.
pected that the net profits for current year will exceed those
Combined Balance Sheet for the Year 1919.
Forbes & Co.
1,984,000
2,020,000
1,858,000
& Electric Co.,
Telephone
P. U. Commission has authorized the company to issue
bonds and $175,000 3-year 7% convertible notes.—V. 101,
Nebraska Power Co.,
,
1,857,000
Illinois
The
Sales and Net Profits (Both
1,399,000
Biscuit Co.—Adds to Holdings.—
stated, has purchased from Andrew T. McCuliach
410 to 416 W. 16th St. for $260,000.
The company, it is
and others the two 6-story buildings at
—V. Ill, p. 195.
Ltd., each year since 1897, at not less than the present rate of 6% p. a., a
total of $18,092,200 stock being now outstanding.
Purposes.—About 80% of the proceeds will be utilized by the U. S. com¬
pany for liquidation of all its banking credits, and for additional working
capital, and the balance for construction and equipment.
profits.
1920.
Ill, p. 1379.
National
maturing within one year, and purchase-money mortgages to the
of the purchase price of new properties.
Dividends.—Cash dividends have been paid by the Massey-Harris Co.,
Combinedassets_30,675,000 32,134,000 32,071,000 37,622,000
listing or 158,396
making total applied
of Common stock are
40% stock dividend, payable on Oct. 9, to holders of
Compare V. Ill, p. 1368, 1376 and see merger plan
to be issued as a
record Oct. 1
y
Sales
Co., Inc.—Listing.—
The New York Stock Exchange has authorized the
additional Common stock (v. t. c.) of no par value,
for 554,386 shares.
The additional 158,396 shares
extent of not more than 60%
1915.
S
$1,698,171
Net profit beFed. taxes-,.
loans
Cal. Years—
8 Mos. end'g Aug.31'20. Aug.31'19.
Aug. '19.
$1,211,224 Net sales....$11,868,222 $7,677,857
Net profit beFed. taxes- 3,789,686
2,077,103
369,996
299,713
Aug. '20.
of—
Net sales
Eanies, and no mortgage, notes or other obligations can be created or issued
either company, ranking equally with or prior to this issue, except bank
Marine
30 were
(Philip) Morris & Co., Ltd. —Dividend No. 2.—
dividend of like amount
Data from Letter of Thos.
See
$8,213,792, a decrease of 11% com-
82,683,261,
fared with Sept.increasetotal sales for1919.—V. Ill, ending Sept.
1919; of 25% over the 9 months p. 1284, 994.
N. Y., trustee.
Net
1477
CHRONICLE
THE
1920.]
68,111 shares
for 1919, also adjustment of prior years,
accountants is $3,500,000.
Surplus will be
increased by further receipts from IT. S. Government on account of claims
estimated at $400.000.—V. Ill, p. 394.
b Subject to Federal taxes
maximum estimate by public
New York
Telephone Co.—Rates Suspended.—
outside New York City, against which complaints
All telephone rates,
Maxwell Motor Co.,
Inc.—Reorganization Notice.—Refer¬
merger plan outlined last
Motor Co. and the Chalmers Motor
ring to tlie
tion committee, Walter P.
week for the Maxwell
Corp., the reorganiza¬
Chrysler, Chairman, gives notice:
benefits of the plan holders of unsecured
certificates representative thereof
must deposit the same with Central Union Trust Co., as depositary, at its
office, 80 Broadway, N. Y., before the close of business on Oct. 15 1920.
To give full opportunity to depositing stockholders to purchase new stock
under the plan the committee has extended the time for making the initial
payment of 10% of the minimum amounts of stock which they are entitled
to acquire, at the Central Union Trust Co. until the close of business on
In order to participate in the
notes and claims and holders of stock or
Oct. 27
^
determined that payment of the balance
of the
served,
petition of the company for authority to charge increased rates in
New York.
The company under the new schedule which was filed
seeks to obtain a 25% increase in revenue in N. Y. City.—V. Ill,
New York Times
The stockholders on
of purchase given by the plan and agreement to depositing
and the committee will not be in
position to consent that these rights be availed of after the time limited
expired and the new stock available for sale under the
plan, in accordance with the provisions thereof, has been allocated to others.
Copies of the plan and agreement of reorganization and further informa¬
tion desired can be obtained on application to the members of the committee
or Its Secretary.
See plan in V. Ill, p. 1375.
a
for that purpose has
Nipissing Mines Co.—Acquisition.—
estimated,
Northern Michigan Transportation Co,-w-Guar.
& Milwaukee Line above.—V. 103, p. 243.
Ohio Bell
& Power Co.—Federal Control Planned.—
dispatch from Mexico City states that plans by which the Government
over this company and the Mexico City Street Rys. will soon be
laid before either the President or Congress.
The scheme under considera¬
tion contemplates the issue of bonds by the Government to pay the stock¬
holders, the bonds being retired later by the profits of the companies.
Officials of the Company denied all knowledge of transactions referred
to in the above despatch.
They state that to their knowledge there
had not been any discussions or negotiations direct or indirect with the
directors of either company, or with any persons who have authority on
behalf of the bondholders or shareholders of the companies to deal with
matters affecting properties and affairs of .the companies.—V. 103, P-J65
(in Pounds).—
Increase.
9 Mos.
1919.
410,037141,700,640
40,403,821
Increase. {1920
Mobile (Ala.)
.
offering $130,000 10-year bond-secured 8% gold
convertible into 7 % Preferred stock at 97 and dividends for the stock
par and interest for the notes.—V. 108, p. 2438.
Ben Avon Borough,
In which the Penn¬
Oxford Paper
Co.—Bonds Called.—
Nov. 1 1923,
payment Nov. 1
109,
Ninety-five 5-Year 6% Sinking Fund Gold notes, due
$1,000 each and ten notes of $500 each, have been called for
at 101 and int. at Lee, HIgginson & Co., Boston and New York.—v.
p.
1705.
Fruit
Co.—Certificates Ready.—
Express
permanent certificates of the 7% Equipment Trust, Series
A, are
ready for delivery in exchange for the temporary certificates,, at the South¬
ern Pacific Co., N. Y., and at the Commercial Trust Co., Phila.
Compare
V. 110, p. 2082.
The
$1,500,000.
Electric Co.—Notes Offered.—
The company is
Co.—Decision.—
In the case of the company vs.
Pacific
&
and liabilities at about
&c.—
sylvania P. S. Commission had allowed a valuation of $924,744 and where
the Superior Court had reviewed the case and allowed a valuation of $1,324,622 the U. S. Supreme Court recently handed down an opinion stating
that utilities must be allowed "proper opportunity for an adequate judicial
hearing as to confiscation."
See "Electric Railway Journal,
Sept. 25,
p. 581.—V. 87, p. 1162.
1,296,819
Link Lumber - Co.—Receivership.—
A dispatch from Orange, Tex., says that J. O. Sims has been appointed
receiver upon orders of the District Court.
Assets are given at $4,000,000
Miller
Telephone Co.—New Name,
Ohio Valley Water
A
1920——Sept.
1919.
4,549,140
4,139,103
—V. Ill, p. 1088, 595.
Bonds.
See Chicago Racine
See Cleveland Telephone Co. above.
would take
Copper Co.—Copper Production
stock
be preferred stock.
The company, it is stated, has purchased Magnetitie Mines Co., an iron
property some 60 mines from New York.
The property, it is
contains ore reserves of many millions of tons.
It is understood the pur¬
chase price, together with the cost of erecting a plant, does not entail much
over $1,000,000.—V.
Ill, p. 1285.
Mercer Motors Co.—To Consolidate.—
185.
Miami
authorized an increase in the capital
the new $4,000,000 to
V. Ill, p. 1285.
See Hare's Motors above.—V. Ill, p.
Mexican Light
Greater
Aug. 25
p. 1189.
Co.—Capital Increase.—
Sept. 30
from $1,000,000 to $5,000,000,
1921.
The rights
stockholders are believed to be valuable,
a
phone corporation shall, within 10 days after the suspension notice Is
rile with tne Commission a bond to insure reimbursement to subscribers in
the event that the Commission, after hearings, determines that the increased
rate is not justified.
The P. S. Commission fixed Oct. 18 as the time for the first hearing of the
1920.
The committee has also
purchase price of new stock offered for sale under the plan will not be re¬
quired earlier than, as to one-third of said balance, Nov. 27 1920, as to
one-third of said balance, Dec. 27 1920, and as to one-third of said balance,
Jan. 27
pending, have been suspended by order of the P. S. Commission.
This
action was taken under the authority of the Telephone and Telegraph
Rate Suspension Bill passed by the Legislature last week and signed by
Governor Smith on Sept. 27.
The new law provides that a suspension shall not go Into effect If a tele¬
are
i
notes,
and at
Pacific Gas & Electric
Co., San
Francisco.—New Stock.
authorized the company to Issue $1,000,Pref. stock, proceeds to be applied to part payment of con¬
Tne Calif. RR.
Commission has
First
struction expenses.
000 6%
THE
1478
Terms
of Lease of Properties of Sierra & San Fran. Power Co.
See California Ry. & Power Co. under reports
above.—V. Ill, p. 1285.
San Diego Consolidated Gas & Elec.
Corp.—Earnings.—
Earnings in August amounted to $111,616 before taxes; and after reserve
$75,616.
Net earnings after tax reserves for
the eight months ended Aug. 31 were in excess of the entire year's dividend
requirement of $4 a share (which calls for $2,100,000 p. a.}.
Production of Ford frames, which has been running at the rate of about
it is an¬
reported
supplying under contract about 95% of the frames for the Ford cars.
Important economies were effected during Aug.
Ed. "Chronicle"]—
V.
110,
p.
1639.
as
This company incorporated in Mass., about Dec. 27 1919, as a
Decrease.
Decrease.\ 1920—9 Mos.—1919.
1.231,000171,450,500
83,977,950
1920—Sept.—1919.
9,229.000
596.
7,998,000
12,527,450
Pascoag, R. I., and of Warren, Mass., reports as
Consolidated Income Account, Jan. 1 1919 to
sales
Net
—
Net
Total
22,125
income
$452,327
income
net
Piggly Wiggly Stores, Inc.—Sales.—1
September were $3,203,958 on an average operation of
Sales for the 3 months ending Sept. 30 amounted to $9,301,935,
over the June quarter.
On Oct. 1 1920 the
had 314
p.
■ ■ ■
increase
an
company
of $2,290,153
1189, 300.
Pittsburgh
Plate
Glass
Co.—Capital
Increased.—
Acquisition of Alkali Plant and Absorption of Subsidiaries
Approved.—The stockholders voted on Oct. 5 (a) to increase
the authorized Capital stock from $25,000,000 (consisting of
$24,850,000 Common and $150,000 12% Pref.) to $37,500,000 all Common, the Pref. stock to be retired forthwith;
(b) to acquire property &c., of Columbia Chemical Co.;
(c) to absorb by consolidation all the subsidiary companies
as per plan outlined in V. Ill, p. 1285.
storesjnoperation,—V. 1 n,
to
surplus account.
Balance Sheet
as
of Jan. 1 1920 (Total each side $4,786,850).
Liabilities—
Sales
—
profits after deducting estimated
profits taxes.V. 110, p. 2082.
4,556.442
(Thomas G.) Plant Co.—Considering Financing
Needs.—
the stockholders advising them that a com¬
appointed by the directors to consider corporate organiza¬
A circular says in substance:
As the steady growth of the business has involved increasing money re¬
A circular has been sent to
mittee has been
tion and finance matters.
Hollister,
in January
tors have
take up
appointed
a
Scott-Powell Dairies,
on
limited
1920(6Afs.)
.$1,079,134 $1,264,339 $1,747,046 $2,594,336 $1,777,638
29,340
59,500
60,648
130,385
87,415
Sales
Earnings
Ratio
a
Depreciation.
1st Pref.
Compare
V.
1.04
109,
6.10
4.65
2.16
2.12
1185.
p.
Sears, Roebuck & Co.—Sales.—New Financing.
Decrease.| 1920—9 Mos.—1919.
Increase.
$5,749,9331$189758.666 $162094,594 $27664,072
1920—Sept.—1919.
$16,275,524
$22,025,457
The company, it is stated, has sold an issue of one, two and
notes said to aggregate $50,000,000 to a syndicate headed by
three-year
the Chase
Goldman, Sachs & Co., and Lehman Bros., New York.
Details regarding the rate of interest, offering price, etc., for the issue are
not yet available but is expected that a public offering of the securities will
be made early next week.—V. Ill, p. 1377.
Securities Corp.,
Semet-Solvay Co.—12% of Stock Pledged.—
See Solvay & Cie,
Seneca
The
New
below and
compare
V. Ill,
p.
1368, 1377.
Copper Corp.—Listing.—
York
shares of Capital
Exchange has authorized the listing of 200,000
value, with authority to add 25,000 additional
Stock
stock,
no par
shares, on official notice of issuance, on conversion of its 5-year
Deb. bonds, due
8% Conv.
April 15 1925, and 25,000 additional shares, on official not¬
amount applied for
ice of issuance and payment in full, making the total
250,000 shares (total auth.)
The 200,000 issued and outstanding shares were issued in
consideration
990.476
12.960,226
11 .245.004
Total (both sides)25.075.121
28,624,709
Gross earnings for the year ending July 31 1920 were $11,187,651; net
income after deductions for Federal taxes amounted to $4,084,019.—V. Ill,
$
$
5,697,763
Capital stock
4,000,000
4 .000.000
2,456,718
Machinery
Mdse. A supplies. 8,380.587
2,331,605
Notes Aaccts. pay. 6,220.405
10 ,346,490
8.861.183
Reserve deposits..
631.716
2.296.341
Reserve
6,620.889
9.356.437
Int. A taxes accr__
51.685
11,519
Bonds for emp
7^£%
$100.
1 ,921,396
121,340
Liabilities—
$
5,076,969
Notes & accts. rec.
par
Combined Gross Sales and Earnings Before Making Allowance for
Cal. Years—
1916.
1917.
1918.
1919.
70.656
1919.
1920.
1919.
$
Cash
Inc.—Pref. Stock Offered.—
7% Cumulative First Preferred stock,
a654,118
recommendations.
Plymouth Cordage Co., Inc.—Balance Sheet, July 31.—
Real estate
602,493
White & Co., Boston, and Charles Wesley & Co., N. Y.,
last offered the Pref. stock at par.
Compare V. 110, p. 83.
1,169,716
committee of which Frank R. Briggs is Chairman, to
the matters stated above and to submit their
1648.
1920.
1,328,000
631,710
.
Capital stock of Seneca Mining
corporation purchased at $60
per share, total $835,560, full consideration for 200,000 shares Capital
stock of this corporation being $2,400,000.
Under date of Oct, 4 1919 entered into an agreement for the purchase
from Calumet & Hecla Mining Co. of 79,500 shares of 100,000 outstanding
shares of Capital stock of Gratiot Mining Co. and has received the due
transfer of such shares.
Balance of payments due Calumet & Hecla
is as follows: $15,000 each Dec. 1 1920,1921 and 1922; and $50,000 Dec. 1
1923 and $360,000 Dec. 1 1924.
As Seneca is a development
Corporation, it has made no profit or loss
and received no income.
During 1917, it extended in development of prop¬
erty and purchase of
equipment the sum of $197,816; during 1918,
$309,101, during 1919, $376,707 and in the six months ending July 1 1920
$288,733.
No dividends have been paid.
Compare V. 110, p. 472, 665,
877, 2199.
—V. 110, p.
Assets—
auth.
100.000 shares (par $25)
Scott & Stump, Phila. are offering at 92.50, yielding over
amount of
That
because
the debts to which the stock is subordinate.
Directors believe that the company should be in a position to finance
itself in this way whenever conditions are favorable and it seems desirable.
A study of the company's capitalization and general
financial situation
may, furthermore, lead to the suggestion of changes in the terms of
the
present stock or in the corporate organization which will lessen taxes, make
the present stock better adapted to future financing or further increase the
desirability of the stock as an investment security.
To this end your direc¬
it does not add to
stock:
Common
38,968
Reserves
quirements, directors have given considerable thought to the methods of
financing.
Though the present policy of short-term borrowings has been
entirely adequate for past needs, the normal tendency, of the business to
increase demands additional permanent capital.
The issue of further
preferred stock is a common method of supplying such capital.
method is advantageous to the corporation and its stockholders,
3,012,467
advance
stock to divs._
2,771,547
Accrued
Surplus
Net
1,961,459
Bills
120,000
82,515
353,213
855,760
Unexpired ins. etc., paid
1920.
1919.
1918.
.$27,752,221 $31,265,012 $37,930,842
income and
payable
$320,047
payable
387,850
payroll
16,740
Pref.
stock
8%
cumul.
Auth:
50,000
shares
(par
$50)
1,500,000
Accounts
$323,927
Treasury
certificates.
Liberty bonds
Accounts receivable
Mdse. inventories
Real estate, bldgs., etc...
in
70,827
$227,260
.
Assets—
Cash
Pittsburgh Steel Co.—Statement of Earnings.—
12 Mos. end. June 30—
154,240
Reserves for taxes and dividends (old Co.) paid during 1919
Appropriations made for depreciation items and adjustments._.
.
Gross sales for
2,663,029
430,202
—
income
operating
Miscellaneous
(Albert) Pick & Co., Chicago.—Sales.—
305 stores.
Dec. 31 1919
$3,093,231
Mfg. costs, incl. administrative and selling expenses...
Carried
Net sales for September were $1,065,306, being an increase of 2.08% as
compared with Sept. 1919; for the eight months ending Sept. 30 1920, the
sales were $9,717,526, or an increase of 55.7% over 1919.—V. Ill, p. 995
consolida¬
manufacturing interests of
follows:
tion of the Sayles woolen and cotton worsted
Phelps-Dodge Corporation.—Production {in Pounds).—
—V. Ill, p. 995,
from
(A. L.) Sayles & Sons Co., Pascoag, R. I.—Annual Data.
for taxes and contingencies to
3.0C0 rer day, will be increased shortly to nearly 4,000 per day,
nounced.
"Financial America," Oct. 8.
(The company has been
Co.—Stk. Increase.
to increase the present capital
$6,000,000 to $14,000,000 in order to provide funds for the
development of water power.—V. 109, p. 278.
It is understood that the directors propose
stock
Fa-'sh & Bingham
[Vol. 111.
CHRONICLE
Bonds,U.S.& Can.
434,150
Exp. paid in adv..
Miscel. securities.
263.002
secured
Surplus
387,484
189,495
taxes
650,000
of $1,564,440 cash and 13,926 shares of the
Co. (dissolved Oct. 10 1918), which this
Call loans,
Shaffer Oil
2,284
p.
a
Does not include U.S. and
Canadian income and profits taxes for year,
bFor U.S. and Canadian Government taxes.
The stockholders have voted to issue 25,000 shares of employees'
special
(par $10), to be offered to employees upon such terms as directors
determine.—V. 107, p. 86.
stock
may
MVMRfMaaeanaesR
Producers & Refiners
Corp., Denver.—Earnings.—
Gross Income.
Expenses.
Net Income.
Net to Gross.
$633,409
289,931
$250,941
211,138
$412,468
78,793
62%
27%
$373,478
$39,803
July
Increase
-V.
Ill, p.
offered one right to subscribe on or before Nov. 1,
when full payment is to be made, to $1,000,000 20-year 6% bonds dated
May 1 1920.
Auth., $3,800,000.
The proceeds is to be used for new
construction, additions and betterments to the plant, and to refund $200,000 outstanding bonds upon the plant of the Port Arthur Pulp & Paper Co.,
recently acquired, and a balance of the $60,000 mortgage upon the George¬
town property.
Funds are parable at par in American funds because of the substantial
profit which the company would receive in selling bonds in American funds
and converting the proceeds into Canadian funds.
For the convenience of
all Canadian shareholders, the price to them is fixed at $1,100 in Canadian
funds for each $1,000 bond.
Each bond will be accompanied bv a stock
purchase warrant which entitles the holder to buy 8 Common shares, par
$100, before Nov. 1 1925, at the following prices: $125 per snare up to Nov.
1 1921: $140 between tnat date and Nov. 1 1923, and $150 if purchased
between the latter date and Nov.
1 1925.—V. Ill, p. 995.
President Josiah Kirby, Cleveland, in answer to an inquiry says: The
capital stock of the company has not been increased 5 but a meeting of stock¬
holders is called for early in Nov., to authorize an increase in indebtedness
to permit the issuance of $1,500,000 6% Five-Year Notes.
These notes
will be issued only in the event that the company secures certain additional
contracts from large manufacturers of motor cars and in such proportion
of the total amount authorized as may later be determined by the directors.
No change has been made in the company's authorized capital stock, and no
new financing has been determined upon at this time.
9 months ending
Sept. 30 the combined
gross
sales
(including
corporations) amounted to $6,077,357, compared with
$4,088,049 in 1919.—V. Ill, p. 799, 195.
P
Co.
of Canada,
Copper (lbs.)
1920
166,513
1919
70,412
Nine months 1920.2,161,313
Nine months 1919—
1,457,283
—V. Ill, p. 1089. 902.
September
September
Gold (oz.).
523.76
10.61
3,665.91
222.36
the Yellow Cab Co. and
plans for the segregation
attorneys have
The directors
favor segregation of the Yellow Cab Co. through a new issue of
stock to be offered to Shaw stockholders in the ratio of 4 to 1 for the shares
now held at a nominal price.
The manufacturing end of the business has
increased until present output is about 3,000 taxis a year.
Earnings are
estimated at about $1,000,000 for the current year.—"Chicago Economist"
Sept. 25.—V. 110, p. 1856.
appear to
& Trading Co., Ltd.—
The Equitable Trust Co., N. Y., is now prepared to exchange the out¬
standing interim certificates issued in connection with the recent subscrip¬
tion for temporary "American shares."—Y. Ill, p. 1089, 395.
Sierra & San Francisco Power Co.—Report.—
under reports above.—V. 107,
Ltd.—Pref. Stock Offered.—
See California Ry. & Power Co.
Simmons Co.,
25% bonus in Common stock $600,000 8% Cum. & Partic. Pref. (a. &d.)
shares.
Pref. shares will participate with the Common shares up to 10%
Red. at $120 and divs.
6,079,233
2,135,022
of its livery and manufacturing business.
The companies'
been instructed to work out a feasible plan of segregation.
a
annum.
Silver (oz.).
57,008
4,919
297,553
82,431
921,912
690,222
(Walden W.) Shaw Corp. Chicago.—Segregation Planned.
Guardian Bond & Investments;* Ltd., Montreal, are offering at 100 with
per
Co .—Production.—
Lead (lbs.).
This company which owns the Capital stock of
the Yellow Cab Manufacturing Co. has taken up
Shell Transport
(Robert) Reis & Co.—Gross Sales.—
sales of subsidiary
Rubber
Co.—To Auth. $1,500,000Notes.
Steel
Pressed
Shattuck Arizona Copper
Paper Mills, Ltd.—Bonds Offered.—
The stockholders are
For the
'
597, 500.
Sharon
1286.
Provincial
Co.—Earnings.—
$333,675
1920
1919
July
& Refining
p.
The National Bank of Commerce in N. Y.
of the Pref. and Common stock.
has been appointed Registrar
the company
shares (no par
Total authorized capital of
Pref., 200,000 shares (par $100); Common, 1,000,000
value); outstanding, 68,193 shares Pref. stock and 437,643
mon stock.—V.
110, p. 2574.
Capitalization (No Bonds)—
Authorized. To be iss'd.
8% Cumulative Pref. shares (par $100)-'
$1,000,000
$600,000
Common shares (par $100)
1,000.000
1,000,000
Company.—Organized in Quebec and has acquired the Panther Rubber
Co., Ltd., with extensive manufacturing plant at Sherbrooke, Que.
Is at
is:
£resent producing a variety of articles manufactured of rubber and embrace
eels, soles, automobile and household mats, stair treads, packing, plumb¬
have been sold.
Lessf than $9,000,000 of the $50,000,000 notes
unsold at the expiration of the underwriting agreement on Aug.
balls, &c., and upon completion of present financing will
manufacture automobile inner tubes.
Net earnings of Panther Rubber Co. for 12 months ending June 30 1919
were $75,675.
Estimated output for calendar year 1920 over $600,000
with profits of $150,000President, H. Victor Brayley, Montreal.
ers'
supplies,
Sinclair Consolidated Oil
The
Street
1389.
Kenosha, Wis.—
Corp.—Notes Sold.—
remaining 5-year 7H% Convertible notes
Journal)—V. Ill,
p.
shares of Com¬
taken by the underwriters
remained
14.(Wall
1286.
Solvay & Cie, Brussels, Belgium.—Bonds Oversubscribed.
City Co., Guaranty Co. of New York, Kidder,
—National
Oct. 9
Peabody & Co. and Harris, Forbes & Co., offered and sold
at 100 and int. to yield 8% $10,000,000 7-Year 8% Secured
Gold bonds.
Secured by specific pledge of stock of the two
American cos, Solvay Process Co. and Semet-Solvay Co.
Denom. $1,000, $500
Due Oct. 1 1927.
Dated Oct. 1 1920.
and $100
Int. payable A. & O., without deduction for any normal Federal
income tax not to exceed 2%.
Both principal and interest payable without
deduction for any present or future tax by the Kingdom of Belgium, or
any taxing authority therein.
Red. all or part on any int. date after Oct.
1 1923, on 30 days' notice, at a premium of 1% for eacn year or portion of
year between the date of ledemption and maturity.
Principal and interest
payable in U. S. gold coin at National City Bank, New York, trustee.
(c*).
21.
Company's Letter to Bankers, Brussels, Belgium, Sept.
Data from
Company.—Solvay & Cie., a trading association organized under Bel¬
gian laws, was tounded in 1863 by Ernest Solvay and manufactures soda
ash (carbonate of soda) and its derivatives by the process invented by the
founder.
Together with its associated companies, it is the largest manufac¬
turer of soda products in the world.
Owns works in Belgium, at Couillet and Jemeppe-sur-Sambre; in France,
at Dombasle, Giraud, Sarralbe ana Chateau-Salins; in Spain, at Torrelavega; in Italy, at Rosignano.
Also has important holdings in different
companies operating the Solvay Process:
Brunner, Mond & Co., Ltd.,
for the British Empire; The Solvay Process Co. for the United States'.
Lubimoff Solvay & Co., for Russia; Deutsche Solvay Werke for Germany,
and the Oesterreichische Solvay Werke for old Austro-Hungarian Empire.
Company is also interested in the by-product coke industry in Belgium,
.England, France and Germany and in the Semet-Solvay Co. in the IT. S.
of raw materials, mach¬
provide additional capital
Purpose.—Proceeds will be used for the purchase
inery, supplies, &c., in tne United States,ana to
made necessary by the growth of the company's
business.
Security.—These bonds will be the direct credit obligations of Solvay &
Cie., and will be secured by specific pledge of (a) $9,382,300 par value
Common stcck of The Solvay Process Co.; (b) $2,070,700 par value Com¬
mon
stock of the Semet-Solvay
Co.
,
,
,
expected that tne above collateral will be excnanged in due course
Allied Chemical & Dye Corp (compare V. Ill, p. 1379)
at the agreed ratios, viz.: 3-16083 snares of tne new company's
Common
stock for 1 share of Solvay Process Co.; 2.65786 shares of the new company's
Common stock for 1 share of Semet-Solvay Co.
,
,
.
It is
for stock of the new
of
This
Upon tne consummation of this excnange the collateral aviII consist
351,594 shares of the Allied Cnemical & Dye Corp. Common stock.
stock is now actively dealt in on a when-issued basis on the N. Y. Stock
level ($60 per snare) would
Exchange and its present
value for the
pledged collateral of oyer
$21,000,000.
indicate a market
Capital Stock Pledged Hereunder).
AN.Y. corporation, successfully engaged for 39 years in the manufacture
of soda ash (carbonate of soda) and its derivatives, including caustic soda,
bicarbonate of soda, washing sodas of various kinds, and calcium chloride.
The largest manufacturer of these products in the United States.
Owns and operates plants at Syracuse, N. Y., Detroit, Mich., and ope¬
rates under lease a plant at Hutchinson, Kan., and is closely allied with the
Semet-Solvay Co. and tne Solvay Collieries Co.
Plants of most modern
construction, covering approximately 215 acres.
Also owns large lime¬
stone quarries and extensive salt beds which contain a practically inex¬
The Solvay Process
Co. (41.6% of Outstanding
these raw materials.
haustible supply of
Solvay Process Co., Present Capitalization—
,% 9y!^Q-n
First gold 5s due Aug. 1 1938£4,000,000 $4,000,000
Capital stock ($100 par)
— -___36,000,000^ 22,500,000
Net tangible assets at Dec. 31 1919 (after deducting the 1st M. 5s),
$14,427,586 of which $13,099,976 were net current assets.
dividends on the 93.823 shares to be pledged, amounted
to $1,903,762 for the calendar year 1919, and averaged $1,980,378 for the
three years ended on that date.
Semet-Solvay Company (Over 12% of Outstanding Stock Pledged Hereunder).
A N.
Y. corporation incorporated in 1916 succeeding Pennsylvania
corporation, organized in 1895.
Is one of the largest individual producers
in the world of products obtained from the distillation of coal, and directly
or through its associated companies, owns and operates by-product coke
plants located at strategic points throughout the United States.
Obtains
a large percentage of the coal used in its plants irom mines owned and
operated by companies in which it has a stock ownership, and is the only
commercial company in America which carries on the entire operation
from tne mining of tne coal through to finished chemical products.
Semet-Solvay Co. Present
Purchase
money
Capitalization—$280,000; debenture
Outstdg.
Aulh.
depreciation, amounted to $128,685, and averaged $281,233 for the three
years ended on that date.
(Compare annual report in V. Ill, p. 1368.)
Earnings.—The proportion of combined net income for the calendar year
1919, applicable to dividends on the pledged stocks of The Solvay Process
Co. and the Semet-Solvay Co., after Federal taxes and adequate deprecia¬
tion, amounted to $2,032,4^7, or 2.54 times total interest charges on these
bonds, and for the 3 years ended on that date, averaged $2,261,611, or 2.82
times such charges.
Cash divs. on the pledged collateral during 1919
amounted to $1,291,532 and during the three years ended Dec. 31 1919,
averaged $1,616,756.
„
The net income of Solvay & Cie. for the calendar year 1919, after all
_
charges including adequate reserve for depreciation, amounted
633 francs, and for tne four years enaed on that date averaged
to 42,755,42,984,349
Dividendsduringthepastfouryearshaveaveraged 17,000.000fr. p. a.
Condensed Balance Sheet of Solvay & Cie. as at December 31 1919.
francs.
Belgian
Assets—
assets
no
(incl.
will
Shares
of
Current
Fr.
affiliated cos
assets and
-366,750,402
355,183,691
Current
liabilities
—
Funds for benefit of empl...
Surplus & profit and loss
83,986,916
18,567,236
582,893,634
233,528,426
955,462,519
side)—
Capital assets include the value of the plants located in Belgium, France,
Spain and Italy, and are stated at a true and conservative valuation.
Patents are carried at 55,557 francs.
Current assets include bills receivable
stocks on hand valued at 49,436,530 francs, the sum of 47,848,136 francs
due from subsidiary companies, and marketable securities amounting to
50,480,795 francs.
Upon completion of present financing Solvay & Cie.
will have no other outstanding funded debt.
Solvay Process Co.—41.6% Stock
See Solvay
& Cie. above, and compare plan
Pledged—Status.—
V. Ill, P- 1377.
Spanish River Pulp & Paper Mills, Ltd.—Cash Divi¬
Begun in Pref. stock at Full 7% Rate.—
dends
An official circular issued on or
about Sept. 30 says: "In the letter to
stockholders of April 29 1920, dealing with the payment
arrears on the Preferred stock, the directors stated that
of all dividends in
it was conifdently
expected that the earnings of the company would be sufficient to warrant
the payment in cash of regular quarterly dividends on the total issue of
Preferred stock, accruing from July 1
1920.
The directors now take
pleasure in announcing that at the meeting held just prior to the stockholders
meeting today the first quarterly dividend of 1 % % on the Preferred stock
was formally declared, payable Oct. 15 to stockholders of record Oct. 8."
"After careful consideration it is felt that the company is warranted in
likewise placing the common stock upon a cash dividend basis, and at the
same meeting, held today formal declaration was made of the first quarterly
<lividend on the outstanding Common stock of 1M % per annum, payable
Oct. 15 to shareholders of record Oct. 8."
In July last all arrears of dividends on the outstanding $5,699,100
Preferred shares were funded by the issue of additional Pref. stock.
The
Montreal Stock Exchange of Sept. 25 1920, reports $8,842,100 Preferred
stock as issued.—V. Ill, p. 1377,1181. ||
aft
M
Springfield Gas Light Co .—Stock Authorized.— ||
The
3,705
Mass.
new
Department of Public Utilities has approved tne issue
shares (par $100) afc $125.
Co.
of
J.—New
N.
Wells.—Output.—
of
benefit
reveals some
interesting facts.
During this period 15,600 wells were drilled, nearly
2,500 more than were completed in the first half of last year.
Seventy-five
per cent, of the completions this year were producing wells.
While this
increased drilling activity has resulted in a greater production, there has
been discovered no new pool of the Ranger, Burkburnett or Homer type and
the gain in production is mostly due to the drilling done in proven territory
and in extensions to known fields.
Some very productive small pools have
been developed and an occasional ^ood well in wildcat territory lends hope
that the surrounding territory will eventually become important in the
production of crude: but wildcatting efforts, though carried on as extensively
if not more than in former years, have not had as good results as was antici¬
pated.
Fortunately, there is a great deal of inside drilling to be done in
the present producing fields of the country and the lack of new sources of
supply is not so important to the immediate future as it may become later.
Approximately 213,000,000 barrels of crude were produced in the United
States during the first six months of this year, or 35,000,000 barrels more than
during the same period of 1919. In the first six months of 1920 about 4,005-,
000 barrels of crude were drawn from storage in the United States, but the
amount taken out has gradually been getting less, due to the increasing
-A review
of the
crude situation for the past six months
Sroduction from this country's fields and much greater Imports from
lexico.
The total amount of crude
received in the United States from Mexico in
the year 1919 was 57,000,000 barrels.
this year have been 43,000,000 barrels,
Imports in the first six months of
the total in the month of May being
The total crude produced in our own fields last year was
378,000,000 barrels, which with 57,000,000 barrels imported from Mexico,
made the total consumed in this country 435,000,000 barrels.
The record
8,300,000 barrels.
past six months and the present consumption of crude indicates that
used in this country in 1920 will be considerably larger
the total amount
than that.—Y. Ill, p.
800.
t
Standard Tank Car Co.—Guarantees Equip.
See Indiahoma
Trusts.—
Refining Co. above.—V. Ill, p. 1089.
Toy Shops, Inc., East Rutherford, N. J.—
Stock Offered.—Ferguson-Goodell & 'Co., Inc., New
York are offering at $100 per unit of 10 shares of Pref. stock
with a bonus of 3 shares of Common stock $600,000 8%
Cumul. Pref. stock (par $10).
Strauss
Pref.
Company is the largest manufacturers of mechanical toys and toy dis¬
Operates its own factory at E. Rutherford, N. J.,
tributors in the world.
and controls the output of two other factories devoted exclusively
manufacture of toys.
Operates a chain store system of seven retail
to the
estab¬
Pennsylvania Terminal, Fifth
Avenue, N. Y., and the Boardwalk at Atlantic City.
' i
lishments located in the Hudson Terminal,
Struthers-Wells Co., Warren, Pa.—Pref. Stock Offered.
—Lawrence, Chamberlain & Co., Inc., New York, are offer¬
ing at 99 and div. with a bonus of one share of Common stock
with every 2 shares of Pref., $600,000 8% Cumul. Class B
Pref.
;
stock.
Preferred
as
to both assets and earnings
Q.-F. (First quarterly dividend
110 and dividend.
Data
Letter
from
after Class A Pref. stock.
Red., all
payable Nov. 1.)
of
Pres.
John
T.
Divs.
or part,
at
Dillon.
Company.—Organized Aug. 2 1920, in Delaware.
Has acquired all the
of the Struthers-Wells Co. of Pennsylvania.
Business established
1951.
Manufactures a great variety of rolled steel and iron plate pro¬
ducts.
A large part of business consists in manufacture of equipment for
use in the oil industry—tanks for tank cars and for oil storage, engines for
oil drilling and apparatus for oil refineries.
Customers include Westinghouse Electric & Manufacturing Co., General Electric Company, Koppers
Co., E. I. DuPont de Nemours & Co., Frick-Reid Supply Co., Cosden &
Co., Empire Refineries, Inc., Shell Co. of Calif., &c.
Plant located at
assets
in
"WcirrGH
'
Capitalization (No Funded Debt)—
Pref. stock, 07g cum
8% uiuu
Class B Pref. stock, 8% cum
Class C Pref. stock, 8% cum—
Common stock (no par value)..
Authorizec
Outstanding.
$1,200,000
$1,200,000
600,000
600,000
600,000
1,500,000
none
20.000 sh.
20,000 sh.
as Per Audit of Haskins & Sells.
1916.
1917.
1918.
1919.
(est.) '20.
.>—$317,405 $377,484 $538,452 $244,789 $385,000
Net after taxes
317,405
247,484 262,329
175,389
275,000
Company has now on hand sufficient business to keep it fully occupied
Net
Income
Year—
Net before taxes
„
for the rest of 1920.
Sold.—The bankers named
sold at 97*^ and int. to yield
7.60% $40,000,000 7 % 5-Year Gold notes (see adv. pages).
Swift & Co., Chicago,—Notes
below, this week, offered and
Bankers Making Offering.—First Trust & Savings Bank, Illinois Trust &
Savings Bank, Merchants Loan & Trust Co., Harris Trust & Savings Bank,
Continental & Commercial Trust & SaVings Bank, Chicago, and Guaranty
Co. of New York,
Dated Oct. 15 1920.
Due Oct. 15 1925.
Int. payable A. & O. at
Illinois Trust & Savings Bank, Chicago, trustee, or at American Exchange
National Bank, New York, without deduction for Federal income taxes
not in excess of 2%.
Denom. $1,000, $500 and $100 (c*).
Red, all or
_
notice as follows:
On April 15 1921 at 102 and int., and
less each six months thereafter to Oct. 15 1924, and on
100M and int.
,
Letter of Pres. L. F. Swift, Dated Chicago, Oct. 1 1920.
part on 30 days'
at H% (of Par)
April 15 1925 at
Data From
Provisions.—The trust indenture provides that (a) while any of these notes
outstanding and unpaid, no new mortgages except purchase money
are
Total (each
-
Fr.
Reserves &
amounts
due from subsidiaries
Belgian
Liabilities—
Capital stock.
..200,000,000
provisional funds. 70,014,733
plants,
items of good¬
Oil
company's periodical the "Lamp" issued for the
its employees, says:
-------
,
&c., but
Standard
The
VJiass a
Clas3 A ma. svouu.,
obligations
notes, $61,740
-------$341,700
Capital stock ($100 par)
—$20.000,000 16,974,300
Net tangible assets at Dec.31 1919 (after deducting the Debenture notes,
Ac.), $30,704,548, of which $8,239,862 were net. current assets.
The proportion of net income for calendar year 1919, applicable to divi¬
dends on the 20,707 snares to be pledged, after Federal taxes and adequate
Capital
additions to plant
Federal taxes and adequate depre¬
proportion of net income after
The
ciation applicable to
to pay an equal amount of outstanding obligations as of Feb. 28,
proceeds of 2,451 shares is to be applied to the payment of costs of
made subsequent to that date,—V. Ill, p. 80.
be used
and the
of the
,
,
1479
CHRONICLE
THE
1920.]
of
The proceeds of 1,252 shares is to
the acquisition of additional properties shall be placed on
property and assets; this provision, however, shall not prevent the emis¬
First Mortgage 5% bonds and the exe¬
cution of such supplemental mortgages as may be required under terms of
said first mortgage; (b) so long as any of these notes are outstanding com¬
pany will at all times maintain current assets equal to an aggregate amount
of at least 1
times all current liabilities, plus the amount or these notes
outstanding.
mortgages for
the
sion of the authorized and unissued
Capital'n Upon Completion of This Financing. Authorized.
Outstanding.
Capital stock
$150,000,000 $150,000,000
1st Mtge. 5% bonds, due 1944
50,000,000 x29,591,000
6% Gold notes, due Aug. 151921 (V. 108, p. 688)
25,000,000
25,000,000
7% Gold notes, this issue
40,000,000
40,000,000
x Retired by sinking fund, $3,779,000; unissued, $16,630,000, of which
$1,630,000 reserved for corporate purposes, and $15,000,000 may be issued
only for 75% of the cost of additional property upon which the mortgage
shall be a first lien as therein provided.
Purpose.—Proceeds will be used to reduce the present current debt,
Condition.—The financial statement as of Nov. 1 1919 (V. 110, p. 165)
effect to this financing, shows net assets of $342,654,897,
applicable to a total funded debt, including this issue, of $95,258,500.
Company.—Incorp. in 1885 in Illinois to acquire the business of Swift
Brothers.
Practically the same executives have conducted the business
since its incorporation.
The Capital stock is owned by over 35,000 share¬
holders, 13,000 of whom are women.
More than 10,000 employees are
owners of the stock and in addition there are 13,000 employees now buying
stock on deferred payments.
and after giving
Property.—Company owns and operates 27 packing plants,
the
prSctpai
being located at Chicago, Kansas City, South Omaha, South St.
Joseph, East St. Louis, South St. Paul, Ft. Worth, and Denver; and 41
plants for the manufacture of creamery butter and the collection of poultry
and eggs for sale through its distributing agencies.
Branch houses and
sales agencies number over 500 and serve practically every important city
in the world.
Owns and operates over 7,000 refrigerator cars essential to
ones
1480
CHRONICLE
THE
its business.
Company handled in 1919 over 16,000.000 head of live stock
and paid $654,193,000 to stock growers.
Total sales have increased from
$250,000,000 in 1909 to over $1,200,000,000 in 1919.
Net Earnings (After Taxes) Available
_
The Certified Public
assets, property
In lieu of the regular financial statement
for the quarter ended June 30 1920 there is presented herewith a condensed
statement of the assets ana liabilities of the Vulvan
Detinning Co. as of
for Interest.
1918-19.
^
1917-18.
1916-17,
1915-16.
1914-15.
$34,903,104 $39,561,676 $23,992,587 $19,313,940
earnings available for interest (after provision for Federal
July 1 1920, including the assets, property and business
considerations paid therefor.
Average annual interest charges
on
all outstanding obligations during these
Texas
United States Worsted Co.1—No Common Dividend.—
,
on the Capital stock without
interruption for the past 35 years, 8% per annum now being paid on the
present capital of $150,000,000.
See report for the fiscal year ending Nov. 1 1919 in V.
110, p. 165.—
V. Ill, p. 1377.
No dividend has been declared on the Common stock, it is said,
owing to
tne unsettled conditions in the worsted industry.
In July last, an initial
dividend of Wi% was -paid on che Common stock.
The regular quarterly dividend of
\%% has been declared on the First
Pref. stock, payable Oct. 15 to holders or record Oct. 7.—V. 110,
p. 2200.
Victor
Company.—10% Stock Dividend.—
The stockholders will vote
on Nov. 18 on declaring a
10% stock dividend
paid March 31 1921 to holders of record Dec. 10.
This action will
increase the total outstanding and isused stock from $130,000,000 to
$143.000,000.—V. Ill, p. 990, 395.
(J. V.) Thompson Coal Properties, Uniontown,
Pa.—
Liberty Coal Co. for $171,000 at a public sale at the Allegheny County
Court House, Pittsburgh.—See V. Ill, p. 1286.
Shipyards Corp.—Capital Increase.—
The stockholders voted Oct. 2 to Increase the authorized capital stock
from 116,000 shares to 232,000 shares and the declared capital from $580,000
to
West India
Sugar Finance Corporation.—Reorganiza¬
of Subsidiary Company Under Laws of Cuba.—
tion
See under Cupey
W. Clark, Special Master, on Oct. 1 sold the 7,000 shares of the Capital
Wetzel Coal & Coke Co. and 3,000 shares of the stock of the
Todd
X-Ray Corp.—Consolidation, &c.—
See General Electric Co. above.
to be
stock of tne
$1,160,000.
Tne purpose of the new stock is to enable the payment of 100% stock
dividend which it is said, is expected to be declarea in the near future.—
See V. Ill, p. 903, 1190.
Sugar Co. in V. Ill,
Western Power Co. of
It is stated
that
p.
1373.—V. Ill,
p.
Can., Ltd.—Deposits
200.
—
than the required
more
56.27% of the Common stock
has been deposited under the plan (V.. Ill,
p. 1287) by which an option is
given to Canadian interests to purchase the company's Common stock at
$35.10 a share and the Preferred at $70 a share.
Deposits of stock will be
received up to Nov. 1 at the Canadian Bank of Commerce, Montreal
and,
New York.
Y. Ill, p. 1287; V. 105, p. 1809, 916.
Westinghouse
Electric
&
Manufacturing
Co.—
Control of International
Radio Teleg. Co.—An official announcement says in subst.:
Wireless
Enters
In order to
Transcontinental Oil
acquired and the
so
Sales for the quarter endinsr March 31 1920 were $241,762 and net income
carried to surplus, $16,121 before deducting dividends.—-Y. Ill,
p. 1378, 80-
and Foreign taxes) for the 5 years ending Nov. 1 1919, averaged
$28,842,807.
5 years were approximately $7,996,815.
Dividends.—Dividends have been paid
Accountants, on Sept. 28, wrote in substance:
The
and business formerly owned by the Republic Chemical Co.,
Inc., were acquired July 1 1920.
Nov. 1 yr._$26,442.730
Annual net
[VOL. 111.
Field.—-Acquires
give industry the benefit of its extensive research and develop¬
ment work in wireless
Co.—Acquisition.—
American Petroleum
telegraphy and telephony, which was carried out for
the Government during the war, the company has added the manufacture
and sale of apparatus for radio communication to its
regular lines of activi¬
will
ties and, in addition, has acquired control of the International Radio Tele¬
graph Co. an operating organization.
This latter company operates and maintains wireless stations on ships,
The
company,
it is
stated,
has
consummated
deal
a
with
the
Latin-
Corp. of Colombia,* for its holdings in that country,
comprising concessions of oil and gas in the Provinces of Carmen and San
Jacinto, on some 600,000 acres.
The Arkansas Natural Gas Co., it is said,
^
op urate the property jointly with the* Transcontinental.—V. 110,
and has shore stations at
Newport, New London, Brooklyn, Cape May,
It is perfecting a world¬
with others under construction in Maine and Mass.
Trent Rubber
Federal
wide service of
Co., Trenton, N. J.—Receivership.—
Judge Lynch has appointed John O. Bigelow Newark, receiver^
(George) Tritch Hardware Co., Denver, Colo.—Notes.
The
bankers named below
are offering at
prices ranging from 99.73 and
int., according to maturity, $400,000 8% Serial Gold notes.
Due serially $40,000 each Dec. 1 1921 to 1930, incl.
Int. payable A. & O. at Bankers Trust Co., Denver, trustee, or at Guaranty
Trust Co.. New York, without deduction for Federal income taxes now or
hereafter deductible at tne source, not to exceed 2%.
Denom. $1,000, $500
and $100- (c*)
Red. on any int. date, on 60 days' notice, at 1073^ and int.
up to Dec. 31 1924 and at 105 and int. thereafter
or in series, in wnich
latter event tne series last maturing must be called.
Bankers making offering: Bankers Trust Co., Boettcber, Porter & Co.,
Bosworth, Cbanute & Co., International Trust Co., Van Riper & Co.,
Denver, Colo.
Business established in Denver In 1859 has grown to be a large wholesale
hardware concern.
Sales have Increased from $964,360 in 1916 to $1,831,095 in 1919, and for first 8 months of 1920 amounted to $1,678,917, and for
1920 are estimated at over $2,500,000.
int. to 98.29 and
Dated
Oct.
1
1920.
,
Proceeds will be devoted
to
the
reduction
of
current
liabilities
or
to
Increasing working capital.
Net earnings for first 8 months of 1920 available for the payment of
interest on this note issue (after Federal taxes) amounted to $102,172.
On same basis net earnings for cal. years 1917, 1918 and 1919 averaged
$84,967.
Pres. Frank A. Bare, Denver, Colo.
Union
Carbide
Carbon
&
Co.—Additional
Stock.—
The directors, it Is stated, have adopted a resolution offering to stock¬
holders of record Oct. 20 the right to subscribe to additional stock to the
extent of 10% of their holdings at $40 a share, payable
50% on or before
Nov. 15 1920, and the 50% on or before Jan. 15 1921.—V. Ill, p. 800.
Union Oil Co. of
overseas
in the
development of wireless telephony.
The older International Radio
Telegraph Co. has been reorganized to form The International Radio
Telegraph Company, with a capital of $1,250,000 Preferred stock and
250,000 shares of Common stock of no par value.
The officers are: Guy
E.
Tripp, Chairman; E. M. Herr, Pres.; 8. M. Kintner, Calvert Townley,
Vice-Presidents; and J. V. L. Hogan, Mgr.
All of these
and H. P. Davis,
Westinghouse officials except Messrs. Kintner and Hogan, who were
President and Manager respectively of the older company.
are
The Westinghouse Company has
equipped a special factory at East
Springfield, Mass., for the manufacture or wireless apparatus.
It will not
only furnish outfits for the use of The International Radio Company, but
will also pay special attention to the requirements of watercraft, railroads,
power companies,
factories, mills, mines, camps, farms, ranches, the
Government, and also of the amateur.—V. Ill, p. 1382.
Wheeling Steel Corporation.—Time Extended.—
It is stated that a small percentage of the stockholders of the WhitakerGlessner Co., the Wheeling Steel & Iron Co. and the La Belle Iron Works
Sept. 15 had not exchanged their stock for Wheeling Steel Con>. stock.
The time for exchange, it is stated, has been extended.—V. Ill, p. 903, 800.
up to
(J. H.) Williams Co., Brooklyn. —Sub Co. Organized.—
The J.
H. Williams & Co., Ltd., was recently incorporated in Canada
an authorized Capital of
$2,000,000, to manufacture drop forgings,
etc., and take the plant and business of Whitman & Barnes Mfg. Co.,
The directors include William J. Elliot, George G. Burson, Robert Johnston.
—V. 110, p.2402, 2495,2578.
with
(F. W.) Woolworth Co.—September Sales.—
1920.
1919.
Increase. I 1920—9 Mos.—1919—
Increase.
$1,908,136 $93,715,064 $78,378,836 $15,336,228
1920—Sept.—1919—
$10,956,990
$9,048,854
—V. Ill, p.1090, 700.
California.—Quarterly Statement.—
9 Mos. to Sept. 30—
wireless telegraph communication and is also active
CURRENT
1918.
NOTICE.
Sales
$46,200,000 $39,500,000 $31,000,000
Profit before depreciation
16,000,000
13,100.000
9,700,000
Profit subj. to Fed. & excess profit tax 10,500,000
9,200,000
6,450,000
Current assets as of Sept. 30 1920 amounted to $35,250,000 and current
liabilities $5,500,000.—V. Ill, p. 996, 396.
—Dwight P. Robinson & Co., Inc., engineers and constructors, consoli¬
dated with Westinghouse,
New
Church, Kerr & Co., Inc., 125 East 46th St..
York, have begun the publication of the "D.P.R. News," in the current
issue of which they bring to railroad management the importance of improv¬
United Alloy Steel
ing terminal facilities, roundhouses, shops, &c.
Corp.—Earnings, &c.—
An exchange journal says in substance: In eight months to Aug. 31 last,
the company showed a profit of about $3,400,000 which, after reserves for
taxes, left a balance of $2,850,000 for the 525,000 shares.
In comparison
with the first eight months last
year, United Alloy is about $1,000,000 ahead.
The Blowing up in the automobile trade, along with lower prices inaugurated
In that industry, may be reflected in prices of Alloy's products.
On Aug. 31
the company held $2,500,000 of cash and Government securities, $6,000,000
in inventories, and $3,500,000 in receivables, making total current assets
of about $12,500,000.
Current liabilities consisted almost entirely of
accounts payable, amounting to $2,150,000."—V. 110, p. 1639.
United Button
planned,
in
conjunction
—W. C.
Corp.—Sales—10% Stock Dividend.
Increase.
I
1920—9 Mos.—1919.—
Increase.
$1,902,0001$56,584,374 $42,984,045 $13,600,329
extra dividend of 50 cents per share has been declared
together with the regular quarterly dividend of $1 per
Oct.
under
the
great
general
so
as
render the
to
same
Communipaw
direction of,
the
service to out-of-town institutions
they do to their New York banking clientele.
as
This service comprises
analysis of securities and quotations of securities in all markets and income
G. A.
Shaw, who has been with the Langiey company for
has been placed In charge of this service department.
of Albany, N. Y., has opened offices at
on
the stock
share, both payable
Smelting, Refining & Mining Co.—Earns.—Div.
Earnings for the first 8 months of 1920 were $4,362,996; depreciation,
depletion and Federal tax reserves, $1,165,195; net profits, $3,197,801.
The company has declared a quarterly dividend or $1 50 a share on the
Common stock and the regular quarterly div. of 87H cts. on the Pref.
stock,
For previous dividend record
payable Oct. 15 to holders of record Oct. 7.
see V. 110, p. 1421; V. Ill, p. 80.
Steamship Co.—Sub.
Company Notes.—
See Groton Iron Works above.—V. Ill, p. 302.
55 William St., N. Y., where he
will continue in the investment bond business under his own name.
Watson
was
at
Mr.
formerly connected with the National City Co., and together
with several ex-National City men
Albany, N. Y., with
a
formed the Fort Orange Securities Co.
branch at Syracuse, N. Y.
—George W. Goethals has been elected President of the East Coast
former
25 to holders of record Oct. 15.
In April last, an extra dividend of
50 cents was paid; no extra paid in July last.—V. Ill, p. 987, 903.
United States
and
the
Langiey & Co., 115 Broadway, N. Y., members of the New
Fisheries Co.
United States Glass Co.—Extra Dividend.—
S.
with,
Dwight P. Robinson &
constructed
York Stock Exchange, announce that they have enlarged their bank service
department
many years,
10% stock dividend has been declared on the Common stock (par $100)
payable in Common stock Nov. 15 to holders of record Oct. 29.
This
action will increase the outstanding Common stock to $32,866,020.
Hold¬
ings of the Common stock by the United Retail Stores Corp. will be increased
by this payment to about 302,454 shares.—V. Ill, p. 1286, 1090.
U.
and
efficient staff of the Central RR. Co. of New Jersey.
1190.
A
An
designed
—Paul H. Watson, formerly President of the Fort Orange Securities Co.
United Cigar Stores
1920—Sept.—1919—
$6,802,000
$4,900,000
Inc.,
tax reports.
Co., Brooklyn.—Sells Plant.—
See General Electric Co. above.—V. Ill, p.
Co.,
Terminal
and the
President,
East
Coast Fisheries Products Co.
I. M. Taylor,
elected Chairman of the boards of both companies.
was
George W. Goethals & Co .have become associated in the management
of the companies.
—The
Guaranty Trust Co. of N. Y. has been appointed transfer agent
and registrar of the capital stock of the Meridian Petroleum Corp., and
transfer agent of the stock of the Simmons Co.; also registrar of the Preferred
stock of the Pennsylvania Power & Light Co. of Allentown, Pa.
—Seasongood, Haas & Macdonald, members N. Y. Stock Exchange,
Broadway, are distributing copies of their circular on Allied Chemical
Dye Corporation Preferred stock.
Copies of the same may be had
on application.
60
&
—George H. Burr & Co., Equitable Building, New York, have prepared
list of semi-speculative underlying railroad bonds which offer inviting
possibilities at the present time.
Copy of this list will be furnished on
a
request.
Vulcan Detinning Co.—Financial Statement.—
Condensed Balance Sheet
Assets—
as at
July 1 1920 and
July 1 '20. Afar.31'20.
Plant & equip
$1,534,886
Pats.,good will,&c. 4,358,098
Cash
78,069
Accts. rec. & adv.
Inventories
181,562
564,840
254,150
Liabilities—
369,000
for Fd. taxes,<fcc.
Contingent & def.
Surplus
Total (each
July 1 '20. Mar.31'20.
$610,004 Common stock—$2,000,000 $2,000,000
3,200,000 Common "A" stk_ 1,225,800
23,892 Preferred stock
1,500,000
1,500,000
50,459 Preferred" A"Stock
919,400
193,854 Accts. pay. & res.
Inv. in U. 8. Govt,
securities
J.
larch 31 1920.
a360,492
219,978
b294,192
671,721
727,231
side)$6,971,605 $4,447,209
Accounts payable and reserves for Federal taxes, including dividend
d.0clcti*0d JuB6 25 1920.
and when dividend arrearages, amounting now
the Preferred stock other than Preferred stock "A."
b Obligations payable, if
paid
upon
"""^Unger
We presume copies
& Co., 30 Pine St., N. Y., announce
may
be
the opening of a foreign
exchange department under the management of O. M. Menke and Frederick
J. Wilson.
—Charles E. Bricklev & Co., members of the New
the opening
of Michael Corcoran,
announce
a
to 31 %, are
—"How to Finance a Business" is the title of a booklet just issued by
Walter Bell, 115 Broadway, New York.
This pamphlet ought to be
of interest to the executive head of every firm.
had on request.
—The
Mechanics
of
a
&
York Stock Exchange,
Boston office at 53 State St. under management
itibwi
i-w***!
Metals
National
Bank
of
New
York
has
been
appointed registrar of the Preferred and Common stock of the Intercon¬
tinental
Development Co.
""—The Empire
Trust Co. has been
appointed transfer agent and registrar
of the Preferred and Common stock of the Bockbestos
Products Corp.
Oct. 9
1920.]
THE
CHRONICLE
1481
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"
PUNTA ALEGRE SUGAR COMPANY
FIFTH ANNUAL REPORT—FOR THE YEAR
ENDED MAY 31 1920.
To
the
Stockholders:
CONSOLIDATED
The
jBoard of Directors submit herewith the annual report
onjthe operations of the Company for"the crop year ended
May 31 1920.
The
total
preceding
output of~the Estates
1
<.
Depredation
Interest
Interest
„
a
„
1919-1920.
T
Central Punta San Juan
Central Florida
226,234
264,337
114,579
605.150
year,
of
production
3% greater than in the preceding
showing that compares favorably with the output
a
the whole
preceding
year,
of|Cuba, which
was
less than in
Plant
on
on
Bonds
At Punta San Juan
The
season
upset
Adjustments
_
conditions,
started grinding
satisfactory.
Of the cane ground
supplied by the Company plantations, and the
March 8, and has proved
was
situation in respect to
extension of the
supply is excellent.
cane
railroad, and minor betterments
Further
are
May 17.
An accident ,to
one
of
the turbines wrecked the
running, and
seven
the company are
assistance
had
Of the
in
an
days at half capacity.
Preferred Stock
adverse effect
on
Surplus
38,611 27
13,836 80
200,000 00
31.
This
Central suffered most
severely from the
ground being 28% less than last
year.
The company plantations supplied 72% of the total.
The crop was sold at
prices varying from 6^c. f. o. b.
Cuba to 223^e., with an
average net return of 11.14c. per
pound. The small balance remaining unsold has been inven¬
toried at
10c. per pound.
The last advices from the Island
report the fields in
condition, and the construction work well advanced.
The foF owing table shows the land
good
Florida.
46,300
6,430
18,430
16.000
Under cultivation
Cane land controlled by situa¬
10,400
3,300
11,400
6,700
20,000
or
1,500
1,200
Trinidad.
ASSETS.
Houses and Buildings, etc
Steam Plows, Carts, Tools,
,
2,800
2,800
2,800
„
Cane
Fields and
Ditches
Lotal
The bonded indebtedness is
20,000
canceled, and at the date
outstanding 232,823 shares of stock
$11,641,150.
share, payable October 15
dividend of 4%,or $2 per
1920, to stockholders of record
Expenses,
less
Receivable.
a
also a consolidated balance sheet certified by the
auditor, Mr. M. W. Maclachlan, chartered accountant,
year,
Stock
By Order of the Board of Directors,
EDWIN F. ATKINS, President.
1920.
780 00
72,240 25
488,055 98
85,531 82
392,483 04
574.237 61
29,900 00
47.366 24
132,725 66
45,600 31
$1,523,153 08
$1,089,587 20
278,221 92
172,281 34
13,819,581 39
5,994,620 70
1,049.793 35
740,113 35
808,488 50
$15,956,085 16
317,915 06
$7,224,930 45
Accounts
Receivable from Planters and
Others
Boston Fiscal Agents, cash and
Unrepor¬
Charges
Cash
_
ili
$30,345,422 43 $17,921,475 02
tmM
LIABILITIES.
Capital Accounts:
Capital Stock, Punta Aiegre Sugar Co.:
Common—232,743 Shares
OP AUDITOR.
books and accounts of
the
Punta
Alegre Sugar Company and its subsidiaries, the Trinidad
Sugar Company, the Compania Azucarera Florida, and the
Compania Belmonte, for the purpose of verifying their Assets
and Liabilities as of May 31 1920.
The foregoing Consoli¬
dated Balance Sheet, in
my opinion, correctly represents the
financial position of the Company as of that
date, after
including the operating results up to the time at which the
crop was completed.
All known liabilities have been in¬
May 31 1920.
Surplus Account
Capital Stock of Subsidiaries in Hands of
May 311919.
$11,637,150 00
Preferred
$3,860,000 00
760,000 00
2,416,523 37
9,136,016 46
Public
Surplus
2,400 00
Stock of Subsidiaries in Hands
on
of Public
.2,400 00
Bonded Indebtedness:
First
Mortgage
6%
Convertible
Bonds,
1935
I
Trust
6%
1931
Total Bonded Indebtedness
2,995,200 00
$4,495,200 00
I..I.
Mortgages Payable
Land Purchase, Balance
Payable in Annual
'
Sugars,
65,872 02
311,527 98
Advances to
Planters and New Plantings
Current Liabilities:
Notes and Acceptances
Outstanding, Se¬
cured by
1,500,000 00
Convertible Bonds,
_
Installments to 1927
Reserve for Possible Loss in
see contra
459,000 00
5,325,000 00
Bond Interest Accrued
Interest and Rents Accrued
5,305,600 00
112,500 00
22,223 83
Provision
for United
States and Cuban
Income and Excess Profits Taxes
Boston Fiscal Agents, Unreported Credits
Accounts Payable
Total Current Liabilities
*
853,019 15
230,114 70
2,305,498 29
226,913 59
238,105 49
501.832 57
$8,735,855 97
$6,384,951 65
$30,345,422 43 $17,921,475 02
Note.—Contingent Liability for $193,994 30 being notes given by Planters
banks for advances made, repayment of which is
guaranteed by the
Compania Azucarera Florida.
to
cluded in the Accunts.
Boston, Mass., August 23 1920.
475,581 50
841,825 67
....
Collateral
W.
674,952 80
2,000 00
80,000 00
Companies
Supplies in Stores, at cost
♦Unliquidated Sugars at Selling Price and
Unsold Sugars at 10 Cents per
Pound,
less allowance for Expenses and Esti¬
mated Deterioration, Pledged as Secur¬
ity for Notes Payable, see contra
Havana.
M.
$125,289 20
_
Materials in Transit and Charges Deferred
to Future Operations
Total Working Assets
Current Assets:
a
statement showing the Profit and Loss
Account for the crop year, and
comparison with prceding
the
1,247,824 32
$9,033,369 57
Supplies in Warehouse, at cost
Sugar in Process, at Cost
Expenses on Account of 1921 Crop
1920.
CERTIFICATE
49,099 31
-$12,109,231 39
Working Assets:
ted
828,555 29
Plantings, including
817,027 89
Stock Held in Other
Live
$6,907,890 65
612,372 82
1,279,955 29
Written off
Mortgages
Appended is
examined
$9,399,875 39
1
$8,116,740 59
1,208,849 94
now
The Directors have declared
October 1
New
May 311919.
$4,809,526 79
2,000,243 14
1,121,304 26
185,666 40
1,917,531 46
Fixed Assets
Organization
34,200
29,500
of this report there are
with a par value of
have
„
Plant under Construction
Lands, Pastures, Roads and Wells
455,189 07
$11,317,406 85
*Total Current Assets
contract
Under cultivation...
October 1
Furniture, Etc.
_
Less: Reserve for Depreciation
57.833
11,230
46,963
16,500
3,600
12,533
May 31 1920.
$6,966,988 82
2,764,372 74
1,130,856 22
Equipment..
Total.
10,033
$9,136,016 46 $2,416,523 37
Fixed Assets:
Mill Buildings and
Machinery
Railroad and Shipping
Punta
San Juan.
Balance Sheet
842,018 82
1920 AND COM¬
PARISON WITH CORRESPONDING
FIGURES AT MAY 31 1919.
acres:
Cane lands owned......
Under cultivation
Cand land leased
-
$37,150 80
$5,646,708 09 $1,574,504 55
2,416,523 37
1,072,785 00
in on Stock Issued
as per
37,150 80
CONSOLIDATED BALANCE SHEET AT MAY 31
holdings of the Com¬
in terms of
1919 report (including Reserve
Surplus May 31 1920
1,462 00
791,496 25
Loss)
Surplus paid
prevailing scarcity of
the production at this Central.
lack of cane, the amount
as per
for Fire
cane
March
39,598 23
$6,652,041 14 $1,611,655 35
Net Addition to Surplus.
The
emergency.
62,186 27
$1,005,333 05
The thanks of
ground the company plantations supplied 32%.
At Trinidad grinding started December 10 and
stopped on
I
on
Surplus:
Proportion of Organization Expense
Reserve for Loans on
Plantings
Dividends on Common Stock
due the Cuba Cane Sugar Co. for their
this
226,913 59
$6,690,652 41 $1,613,117 35
Dividends
equipment, but fortunately materials were secured
and repairs completed, with a loss of
only seven days full
tion
Previous Periods
Balance Available for Common Stock...
Other Charges Against
electrical
pany
on
,
being
carried out to provide for the necessities of the
larger mill.
At Florida
grinding started November 24 and ended
cane
853,019 15
....$6,628,466 14 $1,573,519 12
.
a
transportation
522,691 88
332.063 25
270,000 00
62,610 00
29,823 65
Cuban Income
mill
which
57
33
32
.....$7,481,485 29 $1,800,432 71
.
Add:
to strikes
extension, after many difficulties, "due to the
incessant strikes both in the United States and in
Cuba,
32%
.
Available Profit for Year
The wet weather in the early part
low sucrose content in the cane.
resulted in
90
$1,419,172 28 $1,217,189 68
.....
Deduct:
grinding continued from November 30
1919 to June 17 1920.
of the
395,903
94,102
192,263
Cr. 13.490
,
Unfavorable weather conditions and
delays due
were responsible for the
general reduction.
1918-1919.
750,392 80
Loans
on
States and
and Excess Profits Taxes
the
running about 14^% under the estimate.
SEASON
CORRESPONDING
SEASON.
1919-1920.
Estimated United
was
Island
STATEMENT,
WITH
1918-1919
$8,900,657 57 $3,017,622 29
Net Profit for Year
The
LOSS
General Administration
Expenses
Miscellaneous debits or credits
1918-1919.
284,566
258,462
80,592
_
Central Trinidad
AND
COMPARISON
Operating;profit
compared with the
as
PROFIT
AND
FIGURES FOR
crop was as follows:
623,620
^
1919-1920
MACLACHLAN, Chartered Accountant.
*
Note.—Since May 31 payme
dated sugars.
t has been received in full for all
unliqui¬
capacity than for some years past, in
tage of their
Washington hears from Russia that
tain
steady deterioration in the economic conditions in
Sovietism is reported on the brink of ruin.
Tokio
Friday Fight, Oct. 8 1920.
little
or no change.
The note of hesitancy is still very apparent.
Buyers are afraid to stock up heavily lest prices crumble
under their feet.
Warm weather and the near approach of
the National Election may have had some effect.
Certainly
the unusually high temperatures for this season of the year
in the West and South have hurt business in seasonable
of the United States shows
People are un¬
Retailers are be¬
ginning to cut prices in these lines somewhat, but the public
is evidently not much attracted.
Retailers are carrying
high-priced goods and they hesitate to take the plunge, to
cut prices sharply, get rid of their high-priced inventories,
and thus clear the stage for renewed activity on a healthier
basis of prices adjusted to the reduced costs in the big
goods.
The clothing trade is unsettled.
willing to pay the high prices demanded.
wool
have
country.
Cotton and
It does not appear that this
throughout
markets
wholesale
declined sharply.
the
reflected in retail prices.
Meanwhile trade is
dull that curtailment of production is becoming wide¬
fact is fully
so
Cotton mills of New England are working at a
is usual at this time of the year, and
it looks as though the curtailment may spread to the South,
spread.
smaller capacity than
excepting North Carolina, the seat of a very
not
large cotton
Automobile prices are still being
cut.
It is hoped that rumors of some financial friction in
that branch of trade are unfounded.
Such rumors, however,
had a certain effect on the price of cotton here to-day.
Prices in most commodities are lower than a week ago, fol¬
manufacturing industry.
As a rule food
lowing the sharp reduction in September.
prices are lower. This applies to flour and all kinds of
and some descriptions of provisions, although dairy
grain
prod¬
ucts remain high.
Failures and liabilities have recently in¬
creased, especially liabilities.
The number of failures this
week is somewhat smaller than that of last week, however.
But it is noticed that although the
not very
numbers of failures are
large, as compared especially with those
of three or
the liabilities are heavy.
Dulness of trade
marked that many houses have withdrawn their sales¬
from the road.
The sales of farming implements are
four years ago,
is
so
men
of grain, cot¬
declined.
Cancellations and returns of goods have recently been on
curtailed because of the sharp decline in prices
so
food
and
ton
large
a
animals.
Sugar
and
coffee
have
scale that merchants are beginning stoutly to re¬
Farmers are not buying as freely as
this tendency.
sist
On the whole the supply of labor seems to be in¬
formerly.
creasing through unemployment.
In
word the process
a
Commodities
And the decline in
prices has been sharp enough to ease the monetary situation.
The credit
a
large scale.
in other words lias been
strain
relieved.
It is
computed that the decline in prices of cotton, corn, wheat
and oats alone has relieved the credit pressure to the extent
$1,250,000,000.
The buying power of the dollar is at
again.
It is easier to do business.
It costs
But as commodities have been liquidated it is not
of
a
less.
surprising to learn that New England cotton manufacturers
beginning to take the ground that unless business great¬
ly improves a reduction in wages is inevitable.
been not only costly but
curious
more
theory
really
a
Labor has
also deliberately inefficient on the
that decreased production per man creates
This is, of course, nonsense.
employment.
Labor is
partner with capital and a deliberate decrease in
production per man and a consequent increase in the cost of
Curtailment
of
reducing its individual output and thus raising costs
production; the greater the production per man the
greater the prosperity all round.
It is pointed out that in
the industries generally unless there is a greater output per
loses by
of
enabling employers to reduce the cost of production
competition, wages cannot remain where they are,
man,
and meet
especially if prices of commodities continue to fall as
covering that to her sorrow.
Furniture manufacturers caught with big stocks of high
They are said
It is stated that
in England there is an increasing amount of unemployment.
Widespread adoption of short time and total suspension of
work for indefinite periods are announced with increasing
frequency.
The engineering and cotton trades furnish strik¬
ing examples.
French automobile manufacturers are asking
an increased duty on automobiles or restrictions of impor¬
tations, to protect the French industry.
Such action would
affect the U. S. especially.
Cutting prices of automobiles
has continued; also of prices in restaurants in some parts
of the country.
In Detroit they have been lowered 25 to
30% as a result of a "carry your lunch" campaign.
Corn is
lumber
cost
to be
so
talk of curtailing the output.
fighting a reduction in retail prices.
low in Iowa and coal
there
are
as
yet no indications, but that it will
so.
The cotton mills at
Lowell, Mass., employing 20,000 opera¬
Mill agents say that unless the market
signs of improvement immediately wages will have to
A Tokio cable says that 700 textile works at Osaka
closed,
owing to business depression,
affecting
50,000 workers.
A London despatch says from all parts
of the United Kingdom come reports of trade depression and
the
discharge
of thousands of workers.
The
war
ban
on
trading by U.. S. citizens with Germany and Austria has
been removed.
If Central Europe can get credits there
seems
no
crease
greatly.
reason
chants at some
why American trade writh it may not in¬
Night riders are notifying ginners and mer¬
Alabama, Georgia, South Carolina and Texas
towns
that they
cotton
goes
must close their stores until the price of
to 40 cents
per
pound.
Some ginneries have
it is said, ih South Carolina.
Chemicals have recently declined 25 to 40%.
been burned,
ness.
America
to first place in the dyestuffs busi¬
German cotton mills are working at a larger percen¬
has seemingly moved up
ton—that
especially
England,
England toys to the value of $5,515,000, the
of supply the country had.
Consul H. C.
Claibourne cables that Germany seems likely to get back
her old supremacy in toys; in 1918 Germany sold England
exported to
largest
source
only $3,370 worth, but in 1919
far this year
LARD steady;
the
$1,850,000 worth, and thus
$3,500,000 worth.
prime western 20.25@20.35c.; refined to
South American 23He.; Brazil in
23 He.;
Continetnt
Futures declined with grain and other provi¬
Liquidation has been heavy.
Western
lard are much smaller than a month ago, but seem
kegs 24 %c.
stocks of
ample for the demand.
Grain houses
were
selling.
Oc¬
casionally prices have rallied with shorts covering and pack¬
ers buying against export sales.
Today prices were irregular
ending higher on October and lower on January.
For the
week they are 75 points higher on October and 35 lower on
January.
DAILY
CLOSING
PRICES
Sat.
October delivery
January delivery
cts.19.10
-17.15 j
OF
LARD
FUTURES
Tues.
Mon.
Wed.
IN
CHICAGO.
Thurs.
Fri.
18.40
19.12
19.17
19.50
19.75
16.35
16.62
16.92
17.17
16.90
$31 @$32; family $48@$53.
October
closed at $22. a decline for the week of $1.05.
Beef quiet;
mess
$19@$20; packet $21 @$22; family $25@$28; extra
India mess $42@$43; No. 1 canned roast beef $3.40; No. 2
$6.50.
Cut meats dull; pickled hams 10 to 20 lbs. 29
31 He.; pickled bellies
26@28c.
Butter, creamery extras
64@64He
Cheese, flats 20@29He.
Eggs, freh gathered
PORK
quiet;
mess
69@70c.
the spot quiet and lower; No. 7 Rio 7M@7Hc.;
12@12Hc.; fair to good Cucuta llH@12c.
Futures fell with Brazilian quotations.
Trade too has been
COFFEE
on
4 Santos
dull.
Europe has bought mild coffee to some extent.
Not a
switching has been done from Dec. and March to later
Few if any really new features have appeared.
There is simply a lack of faith in bull markets in commodities
generally in these times of deflation and tight money.
Today prices declined and they are lower for the week.
little
months.
December ___7.26 @7.27
been
a
it is only $15 75
where the merchants are willing to buy the
cheaper German products and are steadily placing larger
orders for the approaching holiday trade.
In 1913 Germany
in
March.
have
as
Germany is getting back its lost trade in toys,
nesday morning.
be cut.
high—soft coal $20
It would not be the first time.
ton.
per
tives, will close their mills from Saturday night until Wed¬
shows
so
farmers threaten to burn corn as fuel,
No.
and
they
for some time to come. AVages are not paid out of capi¬
tal and profits, but out of production.
Soviet Russia is dis¬
may
Meanwhile one bright feature
The total thus far this season
approximates 145,000,000 bushels, or some 50,000,000 bush¬
els larger than at this time a year ago.
The process of busi¬
ness readjustment is going on
thus far without a serious
stick for its own back,
is the big exports of wheat.
a
hitch
England cotton
New
the market improves wages
extras
continue to do
among
Some of the mill agents say that unless
wall have to be reduced.
Labor
this year.
time
production
reported to be greater now than it has been at any
mills is
production simply handicaps capital and renders it less able
to employ labor, so that in such a case labor is simply pick¬
ing
reports
break in the rice market.
last increasing
are
Russia.
sions and also hogs.
of returning to a pre-war level or
something like it has made further progress.
have been liquidated on
extraordinary meas¬
Soviet Government to ob¬
materials for the Bolshevik forces.
These indicate a
have had to be taken by the
ures
COMMERCIAL EPITOME
business situation
spite of
all obstacles.
^Iijc (Enwwjertial Qimcs.
The
[Vol. 111.
CHRONICLE
THE
1483
(May
7.80@7.81|
8-01 @8-021 July
8.21 @8.22
ISeptem >er_„_8.35@8.37
SUGAR declined; centrifugal 96 degrees test and Porto
8.26c.
Futures declined then rallied.
But refined
Rican
has fallen.
There has been
some
inquiry for
raw
with sales
reported at "about" 7He- cost and freight and fully duty
paid at 7He. c. i. f.
Later it was offered at that price.
The demand for candy is reported smaller.
Its price is
considered too high.
Later futures advanced sharply on
Wall St. and other covering in an oversold market.
Western
beet granulated, however, was down to, 11.40c.; Eastern cane
granulated 11c. Later futures weakened again partly on a
report that Brazil had lifted the embargo on sugar exports.
The Cuban sugar Sales Committee estimated the next
crop at 2,300,000 tons.
The sugar trade, it is said, needs
increased hedging facilities.
Some even talk of the advisabil¬
ity of a "futures" trading in refined sugar as well as raw.
Two hundred tons of Peru, afloat due within 10 days were
sold at 6He. c. i. f. or equivalent to 6Hc. c. &J- f°r Cuba,
Oct. 9
and
1920.]
THE
CHRONICLE
c. i. f. for PortoJIRicos making a spot price of
duty paid.
Willet & Gray reported the week's
receipts at the Cuban ports for the week at 10,774 tons
as
against 11,234 tons last week and exports 3,212 tons
all to the United States Atlantic ports against 8,900 tons
in the previous week; stocks 311,063 tons
against 303,501
tons a week previous and 522,636 last year.
To-day prices
advanced 40 to 50 points and they are higher for the week.
in
73^c:
August, but steel makers stacks scored some gain for the
thirty daylmonth.
The total output was 3,124,996 tons
7.50c.
October
7.75(^7.861 December. ..7.85 @7.861 March
August.
PETROLEUM
in good demand and steady;
refined
24.50@25.50c.; bulk 13.50@14.50c.; cases 26.50@
27.50e.
Gasoline active and steady; at 33c. for steel bbls.
41c. for consumers' wood bbls. and 50c. for gas machine.
Petroleum production in the U. S. has been on the increase
during the summer months, according to statistics made
public to-day by the U. S. Geological Survey.
In August
production was 39,144,000 bbls. against 35,548,000 in July
and 37,295,000 in June.
For the eight months of the year,
including August, the total was 246,111,000 bbls.
Domestic
stocks in storage also increased during the summer and
stood at 128,999,000 bbls. on August 31 against 126,763,000
in bbls.
$6 10 Indiana
Strawn
Ohio
32
3 77
Healdton
3 98
Mo ran
Ragland
Wooster
North Lima
South Lima
RUBBER
quiet
declined
and
lower.
but later
Offerings
advanced.
continue
Futures
3 00
3 50
2 50
3 40
light.
have been
neglected here and spot trading has been in small volume.
The general feeling here is that prices are about as low as
they can go.
Yet some are apprehensive over the possi¬
bility of liquidation of big stocks under present conditions.
Smoked ribbed sheets quoted at 23c., first latex
pale crepe
22c. and thin brown crepe at 19c.
A London dispatch said
that retrenchment on the part of automobile manufacturers
in America is regarded as responsible for the huge decrease in
Sept. of rubber importations through London.
In the last
nine months a total of more than $30,000,000 worth was
imported, but in Sept. imports fell to less than $18,000.
OCEAN
FREIGHTS
have
been
quiet with grain rates
generally unchanged.
Coal traffic is less active and rates
easier to Europe, and those to South America none too
steady.
A rise of $1.86 per bale on high density cotton in
favor of New Orleans as compared with Galveston and other
Texas ports has called forth a vigorous
protest to the United
States Shipping Board from Senators and
Congressmen from
Texas.
The high density cotton rate from Galveston to
Havre is $1.43 per 100 lbs. against $1.07 H from New
Orleans.
Calling this difference "theoretical" has not
mollified Galveston.
late
is
The cotton movement with the crop
slow.
Export trade lags in general merchandise.
Naturally the ocean carrying business also suffers.
Admiral
Benson announces that the policy of the Shipping Board is
to seek a friendly agreement with
foreign steamship lines in
maintaining ocean rates, but to oppose rebating and other
forms of unfair competition.
Charters
included coal
from
Atlantic range to Antwerp or Rotterdam
$13; option French Atlantic port $13 50; Copenhagen or Gothenburg $15
October; lumber from Gaspe to New York $10; lath $2; steamer 6,000 tons
deadweight from Gulf to Mediterranean $18 gross from November; grain
a Gulf port to North Africa 17s. October; coal from Atlantic
range to
Rotterdam $12 October; to French Atlantic port $13 25; to Bahia Blanca
$15 50 October; from Virginia to Marseilles $14 October; to River Plate
from
80s.
Welsh
from
October:
coal from Philadelphia to
Santos $14 50; from
Virginia to^Pernambuco about $14.
N TOBACCO
has
posed to have eased
a
The crop in this country is a
That in Ohio and Pennsylvania has been
one.
vested.
And Connecticut
finished.
crop
is
a
There is
little
raw
Java has sold to
a
some
sup¬
high record
safely har¬
Wisconsin is said to be about
demand for old Havanas as the new
and
but old is in but moderate supply.
New
fair extent.
COPPER steady but quiet; electrolytic 18c.
It was said
that late in the week a sale had been made at 17He. a pound
for
shipment this year and that offerings were free at 17He.
Large producers are out of the market.
Tin dull and lower
at 42c. for spot.
London prices have latterly declined.
Lead quiet but steady at 7H@?HcZinc quiet and lower
at 7.35c. for spot St. Louis.
Labor troubles affected both
lead and zinc.
PIG IRON has been quieter than ever even at lower prices.
Buyers
taking second hand lots.
They decline to pay
more than $47 for foundry and $46 for basic
Valley.
are
furnaces
Just at this time the outlook for business this winter
too
seems
promising.
So that despite a rise of 50c. in coke
car shortage and labor inefficiency prices of pig
iron have fallen.
Basic has dropped $2 50 to $46 following
the recent break of $3 in Valley foundry.
Pig iron produc¬
tion in September was it is stated at the average daily rate
of 104,166 tons against 101,469 tons in August.
Merchant
furnaces produced iron on a lower scale in September than
none
owing to
all
the
are
steadiest
dull and unsettled.
the world.
over
bales
for
wire
That
seems
to
be
Recent London auction sales
to be offered of
were
American
a
selection better suited to the
market.
Sydney, Australia, reports a demand
for good wool at the sales there.
The first of the United
States Government auction sales since last spring will be
held to-day at Boston, where 2,900,000 lbs. wall be offered.
Prices at the Cape are lower for all grades.
South America
after the recent decline has become rather steadier.
In
this country very little business has been done, though it is
claimed that the best fine staple Montana has sold at "about"
$1 35 to $1 40 fine and fine medium wool grade for grade,
rather than for staple at about $1 25@$1 30 and fine Cape
at about $1 15@$1 25 for fair to good staple.
Some inquiry
is reported from the mills for AA super at about $1 10 for
good wool and for A supers at about 85@90c.
B supers are,
said, offered at the West at 50c. or lower.
Strained and
gray B supers have been sold on the basis, it is reported, of
about 40c., both for greasy wool and for scoured, the greasy
it is
wool
bringing about 28c. to 30c. in the grease.
have been slow in this city.
Auctions of
woolen goods
COTTON
Friday Night, Oct. 8 1920.
CROP, as indicated by our
telegrams from the South to-night, is given below.
For the
week ending this evening the total receipts have reached
173,236 bales,against 159,041 bales last week and 128,999 bales
the previous week, making the total receipts since Aug. 11920
803,970 bales, against 728,226 bales for the same period
of 1919, showing an increase since
Aug. 1 1920 of
73,744
THE MOVEMENT OF THE
bales.
Texas
12,773
City
Houston.
Port Arthur, &c_
New Orleans
Wed.
Tues.
7,347
18,214
8.801 106.342
m
m m
4.
15,686
15,686
.
«
-
""317
3",071
1,958
4,592
4,343
38
87
4",394
4",034
2", 993
21,794
369
31
4,383
317
3,081
155
-
58
•
cIINdCOJd
4",749
*
"""""
Jacksonville
92
Savannah
Brunswick
New
—
123
760
"249
326
York__
2,205
21,054
'467
"246
""'368
1,675
2,931
2,060
—
"153
536
802
■
—
—
"485
1,369
"322
320
140
48
'
**
M
m
«.
166
•
m
**
m
-
v
Boston
Baltimore
~
"
.
*.
■
48
166
.
"30
146
176
""235
—
Philadelphia
Lotals this week_
92
3",045
•
.•
Charleston
N'port News, &c.
291
291
■
^
Total.
Fri.
Thurs.
20,128
39,079
■
Mobile
I
Mon.
Sat.
Receips at—
Galveston
Norfolk
are
little here and there under the stress
of the lull in trade.
case
Wilmington
recently, been quiet and prices
Prices
certainly unsatisfactory.
A large percentage of the
offerings had to be withdrawn and prices fell some 10 to 20%;
and at the Adelaide, Australia, sale, at which 20,000 bales
were
offered, 75% was withdrawn. This evidently did
not help the tone of the market.
Prices were said to be
"about" on the basis of 84d, for spot, 64s. merino tops.
Evidently Australian growers put limits on prices which
buyers refused to meet.
Less interest was felt here in the
Adelaide sale, however, than in that at Sydney, where 15,000
3 00
&
Okla¬
4 25 Kansas
Henrietta
homa
2 60
3 50 Caddo, La., light.
4 05 Corsicana, light
3 00 Caddo, crude
3 73 Corsicana, heavy. 1 75 De Soto
3 73 Electra
3 50
$60 mill.
were
3 00
Thrall
at
WOOL has been
the
2 75
Plymouth
deg.
above..
London
Illinois.
sold
products, pipe, small bars and tin plate.
The fuel situation
is not yet satisfactory.
Nobody seems to have any clear
idea when it will be.
September exports were practically
the same rate as in August, when the total was 431,000 tons
against 458,000 tons in July.
British steel companies are
laying off large numbers of men.
Semi-finished steel is
$5 a ton lower.
The order for 15,000 tons of pipe for the
oil line from Havre to Paris, 132 miles, has been placed with
a large American
corporation.
Glasgow has bought 10,000
tons of girder rails in the United States.
$3 00
Princeton
4 17
Somerset,
and
_$3 63
3 77
4 25
Cabell.
.
quiet and depressed on plates, shapes
and semi-finished material.
Tank plates sold here at 3c.,
Pittsburgh, and the same price is quoted in Chicago. Shapes
have dropped here to 2.90c.,
Pittsburgh, and to 2.85c. at
Chicago. Steel bars have been slower with middle west
calling for suspensions and cancellations, and northern
June 30.
Pennsylvania
Corning
/
STEEL has been
7.83 @7.85
(February
7.72 @7.761
OILS.—Linseed quiet and lower; carloads $1.12; less than
carloads $1.15.
Some crushers are holding nominally to
the basis of $1.17@$1.20.
Cocoanut oil, Ceylon bbls.
unchanged at 17@18c. Cochin 16He.
Olive $3.@$3.15.
Cod domestic 90 @ 92c.
Newfoundland 93@95e.
Lard,
c.
a.
f. prime $1.55 @$1.65.
Spirits of turpentine $1.30,
Common to good strained rosin $12.90.
on
comparedjfwith.^3,145,536^tons in the thirty-one days in
7.70^7.74
November—7.85@7.86J January——7.80@7.85JMay
1483
235
:
37,326
14,483
48.596
29.153
26,576
17,102 173,236
The
total
following table shows the week's total receipts, the
since Aug. 1 1920 and the stocks to-night, compared
with last year.
1920.
1919.
Receipts to
Oct.
8.
This
Week.
Galveston
Texas
106,342
City
Houston
Port Arthur, &c_
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
291
15,686
317
21,794
369
444,649
5,965
84,919
2,242
102,126
3,043
Week.
229,617
"326
23,994
1,626
3,666
96,601
10,703
3,666
4,359
231.329
37,800
29,973
,20,251
35,525
"""392
3
50,287
574
5.000
8,006
4,709
14,249
11,358
5,384
10,410
l",675
48
425
166
2,719
10,984
3,523
1,272
New York
Boston
176
Baltimore
235
Philadelphia
173,236
1920.
1919.11
244,792
4,835
140,099
9,742
214,797
1,580
263,764
9,682
"2",622
114,173
2,931
2.060
Since Aug
1 1919.
41,054
1,287
99
Wilmington
Totals
1920.
This
21,054
Charleston
N'port News, &c
1
~
Brunswick
Norfolk
Since Aug
92
7,181
"1,616
lO", 590
100,181
238,555
845
226,372
31,736
22,736
33,908
40,397
65.195
639
150
6,425
30". 037
97",970
1,706
220
3,343
4,476
3,716
15,918
2,766
4,584
5,247
4,994
7,089
803,970 157,363
728,226
902,795
927,232
800
In order that
comparison
give below the totals at
we
f Receipts
369
Mobile
21.054
Savannah
Brunswick
"l",675
Charleston, &c
Wilmington
2,931
2,060
__
Norfolk
1916.
1915.
131,842
10,158
70.353
3,183
50,995
3,000
10,235
5,600
30,430
100,735
24,790
49,215
2,309
44,876
7,000
18,204
7,388
17,803
1917.
1918.
53.056
76,662
219
278
41,364
8,089
41,108
1,000
7,888
6,000
9,882
41,054
1,613
23,994
1,626
50,287
5,000
11,358
5,384
10,410
106.342
16.294
21.794
TexasCity,&c.
New Orleans,.
may be made with other years,
leading ports for six seasons:
1919.
1920.
at—
Galveston
44,835
2,253
41,423
6,000
17,271
6.108
4,636
'
48
92
194
104
669
6,545
534
7,459
6,962
~3", 076
Total this wk_
173,236
157,363
169,334
207,029
322,759
275.396
Since Aug. 1__
803,970
728,226 1,024,106 1,310,785 1,897,355 1,590,209
N'portN., &c.
All others
~
week ending this evening reach a
exports for the
The
bales, of which 16,557 were to Great Britain,
9,470 to France and 48,209 to other destinations.
Below are
the exports for the week and since Aug. 1 1920:
total of 74,236
From Aug.
8 1920.
Exported to—
eek ending Oct.
1 1920 to Oct.
Exported to—
8 1920.
Exports
Great
Great
from—
Britain. France.
Other.
Total.
Britain.
Other.
France.
Total."
■
Galveston
Texas
-
33,069
Houston
15", 686
15",686
...
90,580
47,583
130,815
5.165
33,069
_
City.
2,709
49,801
24,883
1,673
10,235
268,978
9,547
84,919
84
84
San Antonio
2
2
EUPaso
75
75
"M14
45,611
74,059
2,218
16",251
25,816
55,982
V
PortNogalei!
"
"{,121
7,113
8,349
15
New Orleans
8,249
6,586
14,935
22", 034
13,915
2,218
Mobile
Savannah
--
5,500
Wilmington,
New York.
"
1
"""843
"""856
Boston
"l",699
"3,029
"l3,249
72
1,320
20,559
6,302
325
1,146
567
2,038
r
Fran—i
"""598
Seattle
*
•» •
601
531,855
Total-
16,557
9,470
48,209
74,236
193,513
102,087
236,255
1919.
29.S77
13.873
5,373
49,123
394,716
58,989
354,639
808,344
Total
1918.
91,381
12,276
116,511
297.963
757,179
392,7051
In addition to above exports, our
telegrams to-night also
the following amounts of cotton on shipboard,
cleared, at the ports named.
We add similar figures
give
us
not
for
New York.
On
Shipboard, Not Cleared for—
Ger¬
Great
Oct.
Britain. France.
8 at—
New
Other
Cont't.
wise.
Orleans.
_
Savannah
Leaving
Coast¬
many.
10,000
2,048
2,000
10,000
200
_
Total
Total
1919—
1918-_
escaped
iron and steel.
27,555
53,144
28,321
7,599 111,482
791.313
good upturns.
6,283 122,944
25,600 138,300
804,288
897,038
some
400
Total 1920-
5,000
14,248
21,779
10,315
12,000
40,301
52,402
72,379
800
400
400
♦Estimated.
Speculation in cotton for future delivery has been more
took an upward turn on better
spot market and a good demand for the near months.
Ship¬
pers with October engagements have been buying the actual
cotton rather more freely.
And the basis has risen; also
animated at times and prices
Here October and December on the 6th
points on hasty covering of shorts
in and out of Wall Street.
Also Liverpool bought.
Japan¬
ese interests of late have been buying.
Moreover, there has
been great insistence on the idea that the South is disposed
prices at times.
inst. advanced 95 to 100
to hold back cotton at
around these prices.
Undoubtedly
campaigns at the South have been
And many think that there is no
particular reason why such a movement should not be
equally successful this season.
Meanwhile the market here
had become oversold. That was no more than natural, for
successful holding back
carried on in the past.
pretty much everybody had been bearish for some tin^e,
owing to the decline in commodities generally.
And there is
growing hope that the coal strike in England will be
In any case, it seems, it will be only partial.
And the ban on trading by Americans with Germany and
Austria has been formally removed by the United States
Government.
If credits can be arranged Central Europe
a
averted.
buy American cotton quite freely.
Certainly in the
past Germany has been a large buyer of American low grades.
Her custom would be welcome now, for there is a large
Texas and Oklahoma have sold of late to
such occa?:~n.
On the 4th inst., the Government report appeared putting
the condition at a higher percentage than had been expected.
Many had thought it might be around 58, and although some
had leaned to the idea that it might be a point or two above
this the report had for the time being bearish effect.
It
put the condition at 59.1 against 54.4 last year and the year
before and a ten year average of 63.
The crop it stated at
12,123,000 bales or 660,000 bales less than in the previous
monthly report and 11,329,765 bales ginned last season.
In other words the total was some 800,00 bales larger than
extent at least on
ginning of last season, without counting linters.
As
ginning figures it also appeared on the 4th inst., they
were 2,243,030 bales against
1,835,214 bales in the same
period last year, though two years ago the total was 3,770,611
bales.
To-day prices fell 25 to 114 points, the latter on Oct.
closing barely steady.
New Orleans and the South sold.
Liverpool and Manchester were not cheering.
There were
the
for the
difficulties in the automobile trade.
dull and weak.
The South sells for
hedge account on bulges.
The closing prices are lower
for this week.
Middling upland on the spot fell 75 points
to-day and ended lower than a week ago at 24.50c.
The official quotation for middling upland cotton in
e
New York market each day for the past week has been:
rumors,
too, of financial
Cotton
goods
Middling
supply of such cotton at the South.
And the political out¬
look in Europe is considered better.
It is announced that an
armistice between Poland and Soviet Russia has been signed.
And as for Russia, London and Paris dispatches have ex¬
pressed the belief that Bolshevism throughout the old Musco¬
vite Empire is on the brink of ruin.
Crops in Russia are
bad.
Workmen are discontented and the 4'Red" army, de¬
1919
economic
teriorating.
And
conditions
now
in
Russia
China is to be
are
steadily
aided by
an
making things easier for the
They will rediscount factors' paper if
backed by farmers' notes.
This may aid the holding back
movement very materially if it continues.
Sterling exchange
has advanced.
The New York and London stock markets
24.50
33.65
-.32.50
27.50
17.10
12.50
_c
1918
1917
1916
1915
1914.
1913
1390
Tues.
24.25
24.25
Wed. Thurs.
25.25
25.25
Fri.
24.50
QUOTATIONS FOR 32 YEARS.
1912.C
1911
1910
1909.
1908
1907
1906
_
Mon.
1905
11.10
9.95
14.65
13.55
9.05
11.85
..10.65
10.10
1904-C
19031902
1901-
—
1900
1899
1898
1897
MARKET AND SALES
10.45 1896
9.60 1895
7.94
9.12
6.25
8.38
8.19
8.75
10.31
10.62
1892
18911890
1889
AT NEW YORK.
SALESt
Futures
Spot
_c
1894
1893
8.85
8.38
11.00
7.31
5.44
6.50
Market
Market
Closed.
Closed.
Contr't.
Spot.
Total.
Allied
Banks at the South have been
of cotton.
NEW YORK
1920
de¬
consortium.
holders
Sat.
24.25
uplands
Washington hears
prived of loot, is said to be disorganized.
the
were
Oct. 2 to Oct. 8—
may
that
time they sent prices backward.
The wool market
dull and more or less depressed.
This has not
1,800
7,000
199
2,500
1,500
10,000
Charleston
Other ports*.
a
been
188,792
201,515
68,681
224,872
1,580
22,336
28,237
55,300
18,000
7,155
900
879
3,000
Mobile
Norfolk
New York*
has
2,000
15,000
3,001
17,000
300
Galveston*
and for
Stock.
601
«.
Total
16,501 120.158
pool, which recently had so depressing effect on prices.
Latterly, too, the Southern hedge selling has noticeably
slackened.
Trade interests have bought to a greater or less
extent.
Japanese houses are understood to have bought
December at times quite freely.
The West has also been
a buyer together with Wall Street to cover.
And there has
been a fear that October might turn out to be another July,
or another May or March, recalling dismal times for shorts
in those months last season.
It is insisted that shippers
have sold very heavily for October delivery or October ship¬
ment and have by no means fully covered themselves.
It is
noticeable that the strength here has been mainly on the
near months.
And that, by the way, was also the case in
Liverpool.
The crop is still late east of the Mississippi,
though wrell advanced, as the ginning figures show in Texas.
But on the other hand prices at times have reacted sharply.
They did to-day on October.
Very many doubt the possi¬
bility of a sustained advance at this early stage of the season,
besides commodities generally have been declining.
The
time is pot considered ripe for old fashioned bull markets.
Receipts are increasing.
Exports are light, general trade is
dull, cotton goods are very quiet here and in Manchester
and curtailment among the New England mills is greater
now it is stated than at any time this year.
It is feared that
North Carolina mills may follow suit.
Lancashire, it is
believed, will curtail by closing its mills on Saturdays and
Mondays beginning Oct. 23.
Silver has declined.
October
notices were issued to the amount of 4,000 bales or more
56,000
13,282
31,500
1,500
176
598
not
Total.
303
404
176
Angeles
The weekly Government report on the 6th inst.
altogether favorable.
The recent frost, it is stated,
has checked growth in some localities.
And there has been
a cessation of the urgent liquidation in New York and Liver¬
have risen.
was
observation.
Neither the weaker tendency of
As regards the banks at the South attention
of members of the trade has been drawn to a letter sent by
the directors for North Carolina and South Carolina to the
member banks of the Federal Reserve system in those States.
This letter points out that in North Carolina and South
Carolina the principal cotton and tobacco sections are now
borrowing far more than their pro-rata share of the funds of
the Federal Reserve banks of Richmond; that there are 97
member banks in North Carolina, of which 72 have borrowed
from the system 221% of what they are entitled to under
an equitable disposition of the funds and 197% of the amount
to which the whole State is entitled; that in South Carolina
there are 98 member banks of which 88 are borrowing 285%
of the amount to which they would be entitled under a fair
distribution and 262% of the amount to which the whole
State is entitled.
Cotton people have taken note of these
bank matters because they have a direct bearing on the price
of cotton.
The question asked by some here is how long
will this kind of thing go on?
However that may be, there
is a belief here that the South will renew its hedge selling on
303
"""404
Philadelphia
San
108
4,281
4,910
Baltimore..
Los
6,500
"""108
Norfolk
[Vol. 111.
CHRONICLE
THE
1484
Saturday
Monday
Tuesday
WednesdayThursday
Friday
__
Total
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
Weak
75 pts. dec„
unchanged __ Firm
unchanged „ Steady
100 pts. adv_ Very steady—
Steady
unchanged
75 pts. dec__ Barely steady—
«
1
1
1
1
1
1
1
1
1
«
1
1
1
ft
f
1
1
1
1
»
1
•
I
"ioo
"IOO
100
100
200
200
—
Oct. 9
1920.]
FUTURES.—The highest,
AT THE INTERIOR TOWNS the movement—that is,
lowest and closing prices at
New York for the past week have been
as
1485
CHRONICLE
THE
the
receipts for the week and since Aug. 1, the shipments for
to-night, and the same items for the
corresponding period of the previous year—is set out in
follows:
the week and the stocks
Saturday, Monday,
Tuesday, Wed'day. Thursd'y,
Oct. 4.
Oct. 2.
Friday,
Oct. 6.
Oct. 8.
Oct. 5.
Oct. 7.
Week.
detail
below.
October—
Range
22.25-.10 21.60-.50 22.25-/30 22.30-/60 23.50-.25 23 00- 90 21 60-/90
22.25 — 22.25-.50 22.65-.70 23.55 — 24.04-.10 22 90- 00
Closing
Movement to
November—
Range
Closing
21.25
—
21.25
.....
—
21.55
21.75
21.55
—
—
Towns.
2,1
—
22.45'"™^
2110
21 80
—
Ship¬
Week.
21.25-.91 20.50-/53 21.35-.30 21.27-155 22.00-.90 21 49-02 20 50-190
Range
Closing
....
21.25-.29 21.23-.32 21.55-.60 22.44-.47 22.02-.12 21 64- 70
I-
Montgomery
....
20.92-.00 20.98-.05 21.16-.18 21.83-.86 21.33-.40 21 08- 18
2,811
Ark., Helena
20.85
—
20.80
20 90
—.
21.00
—
—
21.65
—
21.20
21 00
—
95
—
Closing
April—
....
20.68-.72 20.70-.71 20.90-.95 21.47-.52 21.10-.18 20 90
10 20 14 /85
Augusta
—
—
20.60
—
—
20.90
—
20.65
—
20.80
—
..
—
21.35
—
—
20.85
—
20 75
—
1,500
June—
20.50
20.30
—
—,
—
—
20.40
—
20.40
—
20.75
20 50- 95
20.90-.95
—
Closing
—
20.45
20 30
—
—
1
2,486
548
600
401
4,381
16,921
2,067
Miss.,Columbus
180
363
20.07-.40 19.60-.35 20.18-.90 19.90-.45 20.15-.70 19 98- 15 19 60-190
—
20.25
—
19.50
20.12
Closing
20.18-.20 20.40-.45 20.15
—
—
20 00- 05
August—
.....
—
—
19 80- 95 19 50- 00
19.85-.00
*
8,481
2",496
....
I 22c
/ 23C
19.50-.90 19.95-.10 19.90
—
20.20-.30 19.95
—
19 75
—
—
i 20c
J 21c
Stock at
as
1920.
1919.
1918.
1917.
825.000
Oct. 8—
__
-
184.000
316,000
12,000
73,000
.bales.
Stock at Manchester
767,000
12,000
Liverpool.
Stock at London
93,000
17,000
56,000
19,000
30,000
910,000
Total Great Britain
Stock at Bremen
w,
872,000
257,000
365,000
11.000
64,000
>
95,000
9.000
34,000
23,000
Stock at Havre
Stock at Rotterdam, &c
Stock at Barcelona
.
Stock at Genoa.
«...
168,000
8,000
59,000
64,000
113,000
1,000
22,000
15,000
2,963
33,547
2,700
867
3,987
10,863
1,200
600
3,634
742
74
5,897
1,050
2,602
55
6,470
Mo., St. Louis.
3,770
3,694
N.C.,Gr'nsboro
Raleigh
Okla., Altus
10
31,686
1,040
9,548
2,237
86
497
100
127
4,612
102
5,951
148
767
126
4,824
2,200
4,800
500
4,234
1,000
1.802
5,409
3,385
2,400
8,376
2,109
6,707
6",324
2,711
134,000
4,000
52,000
8,000
1,184
21,442
874
Natchez
.
.
S.C., Greenville
2,557
52,285
28.235
320
2,144
291
71
Greenwood
32,050
25,438
4,533
6,978
3,207
9,809
55,946
7,816
564
4.6451
28,249
13,700
5,507
6,000 28,509
9,980 32,759
15,410 162,341
994 18,976
10,357 47,722
9,211
1,500
1,758 38,934
200
2,966
69 25,543
4,500 22,000
8,346
1~,465 6,680
200
4,533
500
9,498
4,873
8,918
1,478
5,669
500
200
650
221
"600
1,597
3,944
1,794
"
2
L000
,358
8,855
1,447
1,903
838
3
2*160
22,050
8,515
8,520 147,804
22,802
4,526
411
38",777
9~, 345 249,415
2,626
"4,751
2*289
1,364
"800
2,130
779
Nashville
6,405
582
2,762
300
1,341
200
2,500
6,300
II,099
5,800
500
7.200
13,498
1,903
3,187
19,500
5,199
1,727
9,106
16,587
2,405
2,885
1,997
70,135
8,116
2,911
4,459
Clarksvllle
._
Dallas
3.445
Honey Grove
2,100
Houston
127,583
Paris
1,998
San Antonio.
3.803
Fort Worth *
2,009
figures
10,050
SINCE AUG.
912
17,401
2,972
4,280
676
12,306
800
8,755
8,567
211,585
1,541
6,655
1,200
2,354
1,320
51,596 134,819
34,123
7,320
8,800
7,400
963,560 164,930 982,695 248,801
are
OVERLAND
400
601
89
600,880 109,554288,939
..
Last year's
55,355
955
...
Brenham
*
200
2,473
3,730 23,514
2,401' 13,016
200
2,936
8*, 599
Tenn., Memphis
Tex,, Abilene..
1,551
10,534
2,037
23,000
600
925,582155,600893,005
for Cincinnati.
MOVEMENT
1.—We
FOR
give below
a
WEEK AND
THE
statement showing the
overland movement for the week and since Aug. 1, as
made
from telegraphic reports Friday night.
The results for
Aug. 1 in the last two years are as follows:
up
Stock at Trieste
2,124
9,019
1,124
Meridian
Total, 41 towns227,470
Stock at Ghent
50,645
139,650
7,295
57,829
10,811
"... 289
6,582
Oklahoma..
made
up by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
to-night,
28,581
11,100
25,512
1,195
13,046
Vi ksburg—
Yazoo City..
Greenwood.
Hugo
THE VISIBLE SUPPLY OF COTTON
11,072
1,000
7,600
10,000
1,931
1,740
1,000
3,000
..
..
Closing
3,130
6,954
700
15,937
15,512
2,072
3,738
Clarksdale
_
—
July—
_—_
6,269
8,749
69,053
I,780
9,181
2,701
29,459
Chlckasha.
....
Range
21,345
24,852
828
3,462
1,740 14,959
699
11,871
5,500 84,232
30
4,529
1,713 11,063
5,718
748
Rome
■—
Range..... 20.50-.10 20.00-.85 20.58-.45 20.50-.30 20.70-.45 20 45- 77 20 00-/45
20.51-.52 20.50-.60 20.70-.75 21.20-.22 20.70-.15 20 59- 60
Closing
Range
11,603
.JL.
La., Shreveport
20 78- 90
—
—
May—
Range
100
2,199
10.
1,631
22,382
13,769
700
698
Columbus...
Macon
20.78
Range
Closing
4,661
2,871
Oct,
Week.
Season.
400
5,095
2,839
11,485
IMS
3,738
1,218
10,500
Atlanta
20.68-.30 20.14-.00 20.75-.65 20.63-.52 21.05-.85 20 75
Range
1,493
13,723
2,691
Athens..,
March—
100
1,562
400
Ga., Albany..
Stocks
ments.
Week.
5,529
__
Little Rock..
Pine Bluff...
20.90-.95
Receipts.
1,165
1,758
14,601
8,785
4,452
..
Selma
20.9O-.58 20.35-.28 21.00-.95 20.85-/91 21.32-.27 20 95- 35 20 35-127
Range
Closing
February—
Range
Closing
400
Ala., Eufaula..
—
■
8.
1919
Ship¬
Oct,
Week.
Season.
Stocks
ments.
—
December—
January—
Movement to Oct, 10
Oct, 8 1920.
Receipts.
21 25- 55
.
the week and since
151,000
198,000
408,000
1,171,000
35,000
16,000
199,472
American cotton afloat for Europe
199,000
301,905
25,000
62,000
Egypt,Brazil,&c. .afloatforEurope
33,000
Stock in Alexandria, Egypt.
98,000
165,000
98.000
Stock in Bombay, India
718,000
*670,000
1,070,000
Stock in U. S. ports
927,232 1,035,338
;
902,795
Stock in U. S. interior towns
982,695
893.005
942,219
U. S. exports to-day
22,480
33,560
.....
12,916
563,000
46,000
451,000
236,000
Total Continental stocks.......
299,000
1919
1920
Total European stocks—
1,146,000
India cotton afloat for Europe—
117,000
Octobers—
Since
Shipped—
Week.
'
Since
1
Aug. 1.
721
4,287
36,346
23,833
1,258
4,627
8,806
27,649
a8,918
*7,524
161
1,920
1,722
3,641
a62,383
48,411
592
9,355
9,752
53,060
102,519
23,886
183,553
2,876
Via St. Louis
Via Mounds, &c
85,000
Via Rock Island
totals of American and other descriptions are as follows:
472,000
546,000
89,000
63,000
256,000
199,472
33,000
*134,000
American afloat for Europe.....
U. S. port stocks
....
64,000
160,000
301,905
205,000
22,000
*168,000
199,000
902,795
927,232 1,035,338
982,695
893,005
942,219
12,916
22,480
33,560
633,692
544,591
19,146
...
.....
Via Louisville
Via
348
Virginia points
Via other routes, &c
-.
Deduct Shipments—
Overland to N. Y., Boston, &c__.
Between interior towns....
17,960
Inland, &c., from South...
2,049
18,498
2,134
22,776
Total to be deducted..
2,704
43,408
5,891
60,300
9,931
59,111
17,995
123,253
577
78
794
5.526
2,221
36,814
451.000
U. S. ulterior stocks
3,694
3,585
—
55,000
*700,000
633,692
544,591
19,146
4,664,311 4,089,189 3,531,117 3,097,429
supply
Of the above,
Week.
Total gross overland-... ......12,635
Total visible
1.
Aug,
bales.
Liverpool stock
Manchester stock
Continental stock
U. S. exports
to-day.
...
_
.
Leaving total net overland*..
*
Including movement by rail to Canada,
Revised.
a
The
2,896,311 2,907,189 2,466,117 2,043,429
Total American...
East Indian, Brazil, &c.—
Liverpool stock....353,000
London stock...
12,000
Manchester stock
9,000
Continental stock
76,000
India afloat for Europe
117,000
Egypt, Brazil, &c., afloat...
33.000
8tock in Alexandria, Egypt
98,000
Stock in Bombay, India
__.__1,070,000
...
Total East India, &c.._.
Total American..
....
—1,768,000
..2,896,311
221,000
95,000
111,000
12,000
30,000
43,000
17,000
23,000
*17,000
19,000
8,000
*30,000
35,000
16,000
25,000
62,000
98,000
165,000
46,000
55,000
85,000
718,000
*670,000
*700,000
foregoing shows the week's net overland movement
this year has been 9,931 bales, against 17,995 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 64,142
1,182,000 1,065,000 1,054,000
2,907,189 2,466,117 2,043,429
Total visible supply...
-.4,664,311 4,089,189 3,531,117
Middling upland, Liverpool
17.74d.
20.74d.
22.02d.
Middling upland. New York
24.50c.
33.60c.
32.60c.
Egypt, good sakel, Liverpool
53.00d.
32.50d.
33.13d.
Peruvian, rough good, Liverpool.
30-00d.
28.50d.
33.13d.
Broach, fine, Liverpool
15.10d.
18.95d.
23.59d.
Tinnevelly, good, Liverpool
15.60d.
19.20d.
23.75d.
3,097,429
20.07.d
27.65c.
31.50d.
28.00d.
20.30d.
20.48d
bales.
■;v
1919
1920
In
Sight and Spinners'
Takings.
Since
Aug. 1,
Receipts at ports to Oct. 8
...173,236
Net overland to Oct. 8
9,931
Southern consumption to Oct. 8.a 68,000
I
Since
Aug. 1.
Week.
803,970
Week.
157,363
'
728,226
59,111
17,995
123,253
697,000
69,000
660,000
.—,.251,167
62,540
1,560,081
122,754
244,358
93,195
1,511,479
91,018
Came into sight during week...313,070
Total in sight Oct. 8.
1,682,835
Total marketed
Interior stocks in
North,
—
excess..._
.....
337,553
spinn's'takings to Oct. 8-- 22,093
—_
1,602,497
36,561
335,651
.
228,414
~
*
Estimated.
•'
a
Continental imports for past
week have been 29,000 bales.
figures for 1920 show an increase over last week
115,743 bales, a gain of 575,122 bales over 1919, an excess
1,133,194 bales over 1918 and a gain of 1,566,882 bales
The above
of
of
Movement into
Bales.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
MARKETS.—Below
1917—Oct,
12
1916—Oct.
13—
Galveston
Orleans
Mobile
Little
...
ever,
Saturday.
22.50
23.00
23.00
Savannah
24.00
Charleston
Norfolk
24.00
Monday.
Tuesday. Wed'day. Thursd'y,
22.50
22.50
22.50
22.50
22.50
22.50
22.25
22.25
22.25
22.25
23.00
23.00
23.00
22.50
23.25
24.00
26.00
23.50
23.00
23.00
Philadelphia
Augusta
Memphis
Dallas
Houston
Rock
23700-
2475*0
23700
23700
23700
24.00
Baltimore
23.50
23.50
24.50
24.50
24.50
22.13
24.50
25-50
23.38
25.50
24.75
22.63
25.00
21.45
21.60
24.00
21.30
24.00
23.00
23.75
23.00
21.80
21.75
22.60
22.25
21780
21.35
22.50
22.00
23.00
22.50
22.50
22.50
22.50
21.75
22.25
21.25
21.50
22.00
22.00
23.00
Worth
22.50
or
no
1916—Oct.
13.
TELEGRAPH.—Our tele¬
satisfactory
as a
rule during the week.
rain has fallen and the temperature
favorable.
The movement of the crop to
has been
market, how¬
is somewhat restricted.
Friday
24.00
Fort
12.
594,743
2,296,552
....2,615,073
.—3,531,268
11.
1917—Oct.
REPORTS BY
the weather has been
more
Little
.
Bales.
Aug. 1-
1918—Oct.
graphic reports from the South this evening indicate that
Closing Quotations for Middling Cotton on—
Week ending
Oct. 8.
years:
Since
.369,864
—436,619
11
WEATHER
New
sight in previous
Week—
1918—Oct.
1917.
over
available.
These figures are consumption; takings not
Rain.
Brenham, Texas
—.1 day
Brownsville
Dallas
dry
Henrietta
Lampasas
Luling
Nacogdoches
Paris
Rainfall.
dry
0.04 in.
dry
—
Weatherford
1 day
dry
0.16 in.
dry
dry
dry
Ardmore, Okla
dry
Altus
dry
Oklahoma City
Eldorado
dry
Little Rock
Alexandria. La
trace
dry
dry
Thermometer
88
92
87
87
89
90
92
93
87
97
91
88
86
high 84
high 83
high
high
high
high
high
high
high
high
high
high
high
high
high
-
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
50
60
54
48
46
52
46
50
47
46
49
50
42
47
49
mean
mean
mean
mean
mean
mean
mean
69
76
71
68
68
71
68
mean
72
67
72
70
69
64
66
66
mean
mean
mean
mean
mean
mean
mean
THE
1486
Rain.
Rainfall.
dry
high 80
dry
dry
high 88
high 81
Thermometer
low 60
mean 68
low 37
mean 63
Vicksburg
low 47
mean 64
Mobile, Ala.—Crop in this section disappointing.
Much loss from heavy
grains
dry
high 82
low 45
mean 63
Montgomery—dry
high 84 low 45 mean 65
Selma
dry
high 84
low 39
mean 61
Madison
dry
high 84
low 48
mean 60
Augusta
1 day
0.01 in. high 82 low 44 mean 63
Columbus-——.dry
high 87
low 37
mean 63
Savannah-dry
high 80
low 40
mean 63
Charleston, S. C
—-1 day
0.01 in.
high 82
low 51
mean 67
Columbia
—-----2 days
0.15 in.
high 82
low 43
mean 63
Charlotte, N. C---.
dry
high 78 low 42
mean 60
Weld on..
dry
high 78 low 37
mean 58
Memphis-—-----—.-—--dry <
high 82 low 49
mean 01
Shreveport
Okalona
_ »
-
-
....
4..—
-
—-
—-
-
[Vol.111.
CHRONICLE
NEW ORLEANS CONTRACT MARKET.—The
closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
COTTON fMOVEMENT.—The
receipts of
Bombay for the week ending Sept. 16 and for
from Aug. 1 for three years have been as follows:
BOMBAY
India cotton at
the
season
1920
Week.
Aug. 1.
20,000
Bombay
Since
Since
Since
Week.
1918.
1919.
1920.
Sept. 10.
Receipts at—
13,00<)
132,000
Week.
Aug. 1.
205,000
19,000
203,000
For the Week.
Aug. 1.
Since August 1.
Exports
Great
from—
Great
Conti¬
Britain.
nent.
Conti¬ Japandk
Britain.
Total.
China.
nent.
&
Japan
China.
Total.
40,000
204,000
120,000
237,000
28,000
Bombay—
10,000
1,000
6,000
16,000
16,000
2,000
5,000
7,000
9,000
14,000
4,000
f,o5o
14,000
4,000
4,000
3,000
1920
8,000
19,000
4,000
23,000
25,000
4,000
1918—
68,000
12,000
9,000
.
4,000
24,000
12,000
16,000
Other India*
Friday,
Oct. 8.
Saturday, Monday, Tuesday,' Wed'day, Thursd'y,
Oct. 4.
Oct. 2.
Oct. 5
Oct. 7.
| Oct. 6.
1,000
1919
1,000
37.000
31,000
12,000
4,000
3,000
21,000
10,000
16,000
12,000
89,000
52,000
157,000
34,000
12,000
222,000
268,000
28,000
,
18,000
1918—
October,December
January
March--—
May
July—
-_
-
—-
20.80-.82 20.90 —
20.42-.48 20.45-.50
20.40-.48
20.30 —
20.25-.29
20.25 —
20.01-.08
19.85 —
— 22.00
—
— 22.60-.70 22.40
— 21.76-.85 21.37-.44 20.92-.97
20.57-.63 21.30-.35 20.88-.93 20.54r.64
21.38
20.83
20.37-.38 20.92-.95 20.67-.71 20.40 —
20.20 — 20.18-.22 20.65-.70 20.27 — 20.07-.10
19.95-.05 19.80 —20.10 — 19.85-.95 19.75-.85
Total all—
1920—
♦
Nominal
Steady
Quiet
Steady
Steady
Steady
Steady
Steady
Steady
Firm
AGRICULTURAL DEPARTMENT'S SEPTEM¬
THE
BER
Quiet
Steady
REPORT.—The
condition of cotton
ment of
on
Agriculture
The Crop Reporting
on
following statement, showing the
Sept. 25, was issued by the Depart¬
Oct. 4:
Board of the Bureau of Crop Estimates of the Untied
from the reports of the corres-
States Department of Agriculture estimates
gondents and59.1 % of athe bureau that the condition of the cotton25 1920,
ept. 25 was agents of normal, as compared with 67.5% on Aug. crop on
Sept. 25 1919, 54.4% on Sept. 25 1918, and 63.0%, the average
on Sept. 25 of the past ten years.
A condition of 59.1 % on Sept. 25 forecasts a yield per acre of about 165
pounds and a total production of about 12,123,000 bales.
That is, the
final out-turn will probably be larger or smaller than this amount, according
as conditions hereafter are better or worse than average conditions.
Last
year the production was 11,329,755 bales, two years ago 12,040,532 hales,
three years ago 11,302,375, four years ago 11,449,930, and five years ago
11,191,820 bales.
64.4%
State—
...
RECEIPTS
OF
SHIPMENTS
AND
COTTON.—The following are the receipts and shipments for
the week ending Sept. 15 and for the corresponding week
of the two
previous
years:
Alexandria, Egypt,
September 15.
1919.
1918.
85,249
235,308
1920.
40,567
150,301
Receipts (cantars)—
Thus
week
Since Aug.
32,000
63,319
-----
1—
66
02
61
60
59
61
64
68
72
55
67
75
75
83
70
84
78
90
80
86
90
.—
Missouri
----------
...
—
Oklahoma-
...
California-—Arizona
--------
...
-
—-----
95
■
...
—"
United States.--
60
50
47
...
66
92
49
59.1
67.5
-
North Carolina-..
South Carolina.—
Georgia
-----
Ginned
1919 Crop
Florida
25,000
Alabama
Mississippi
Louisiana.
Texas..--.
742,000
867,000
439,000
3,583,000
1,116,000
15,925
711,640
952,440
296,858
3,064,997
California
Arizona
Other
308,746
305,000
80,000
———
—
-
-
included in
64,005
984,111
1,130,000
165,000
52,000
60,081
126,000
16,000
United States -12,123,000
Lower California (about 89,000 bales)
but excluded from United States total.
(Census).
882,768
4,947
11,329,755
California figures,
NORTH
CAROLINA
MILL
SITUATION.—Messrs
N. L. Carpenter & Co. inform us that having wired to Char¬
lotte for verification of the rumor that the mills in Gaston
County, North Carolina (the biggest concentrated manu¬
facturing district of the South) will close down for 30 days
they have received the following reply:
"Have phoned Gastonia.
Nothing definite has been
decided upon, but belief there is that, owing to demoralized
trade conditions, these mills will have to close till business
shows material improvement
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
The (following brief but comprehensive statement indicates
glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
a
d
d.
Mid.
Twist.
s.
d.
d.
a.
Mid.
Upl's
|to finest.
d.
d.
d.
Cofn
8)4 lbs. Shirt¬
ings, Common
32s Cop
Upl's
d.
s.
d.
d.
s.
Aug.
13
Forecast
1920.
Twist.
Cot'n
ings, Common
to finest.
22s Cop
63.0
54A
1919.
8)4 lbs. Shirt¬
—
Production
-------
65,27^
1920.
Ginned
1,658,253 Oklahoma
23,686131,965 12,555
8,411
99 lbs.
Egyptian bales weigh about 750 lbs.
for the week ending Sept. 15 were
32,000 cantars and the foreign shipments 1,300 bales.
—
1919 Crop
{Census).
22,378 Arkansas
828,565 Tennessee
1,422,029 Missouri
1,300
Note.—A cantar is
61
Forecast
22,000
799,000
1,265,000
1,532,000
Total exports.
40,040
3,447
21,788
12,505
MARKET.—Our report received by
to-night from Manchester states that the market is
extremely quiet. We give prices for to-day below and leave
those for previous weeks of this and last year for com¬
parison:
Production
—
To America
"50
77,026
15,679
15,374
23,886
3,035 20,298
1,607
2,575
1,204
1,194
2,184
MANCHESTER
Sept. 25
1920.
800
Week. Aug. 1.
cable
The following table gives the Sept. 25 forecast of production, 1920, by
States in bales, and the amount ginned 1919 crop (census) in bales:
Sept. 25
500
Liverpool
To Manchester, &e
Week. Aug. 1.
93
65
66
75
67
58
To
To Continent and India.
Since
Since
Since
Week. Aug. 1.
Exports (bales)—
This statement shows that the receipts
70
35
45
52
38
52
60
64
78
72
...
...
77
95
58
50
...
...
Aver.
61
49
71
62
51
...
Georgia
at
ALEXANDRIA
10-yr.
Sept. 25 Aug. 25 Sept. 25
1919.
1920.
1920.
64
72
81
68
61
79
Virginia---
Virginia
16,000
on
..
•
1,000
2,000
No data lor 1918.
Tone—
Spot
Options
—
1919
1918.
69
38 6
@
67
38 0
@
64
37 6
@
@
60
30 0
58
36 0
52)4
@
20
50
27
46 )4
46
@41 0
@40 6
@40 0
27.19 40)4
24.82 41
@
@
45
22.49 40
@
20.96 39 H
@
21.65
@
6
21.68 39)4
21.35 40
@
@
43)4
42)4
44)4
44)4
27
0
18.40
@30 0
@29 9
43)4 27 0
0
6
@31 6
@31 6
@31 6
43)4 27 0
18.15
18.58
19.05
19.10
Sept.
25 6
17
44
@
56
35 0
24
46
@
56
35 0
@39
@39
@37
@37
1
41)4
@
52
32 0
@ 34 6
19.17 41
@
45
@310
19.68
8
40
@
47
29 6
@32 0
17.74 41)4
@
45)4 27 1)4 @32 0
20.74
3
10
46
6
39)4
25 3
17.85
26
9
27
0
@31 0
@31 6
127
0
19.88
Oct.
SHIPPING NEWS.—As shown on
previous
a
the
page,
exports of cotton from the United States the past week have
reached 74,236 bales.
The shipments in detail as made
up
from mail and telegraphic returns, are as
follows:
Total bales'
5,798—Oct. 5
2,675-—8,473
To Rotterdam—Sept. 30—Cuttyhunk, 1,751-—.
—
1.751
To Antwerp—Sept. 30—Hornby Castle ,1,250
1,250
To Ghent—Sept. 30—Hornby Castle, 6,215----—----------- 6,215
To Barcelona—Sept. 30—Lackawanna Bridge, 5,940—Oct. 2—
.
GALVESTON—To Bremen—Sept. 30—-Cuttyhunk,
—Carolina,
Barcelona, 8,940
————
14»§£R
——
-
500
15,686
15
To Malaga—Oct. 2—Barcelona, 500—
HOUSTON—To Liverpool—Oct. 2—Nessian,
NEW ORLEANS—To
15,686------Liverpool—Oct. 4—Lansdowne, 15
-
To Havre—Oct. 2—Texas, 1,121——
1.121
To Hamburg—Oct. 4—Kenowis, 1,384-—-————To Antwerp—Oct. 1—Burgundier, 1,002-—Oct. 4—Kenowis, 50
To Bilbao—Oct. 1—Rita, 100
*
—
1.3§4
1,052
,
100
1.617
2,950
10
SAVANNAH—To Havre—Oct. 7—Burmese Prince, 8,349------- 8,349
To Rotterdam—Oct. 4—Themisto, 3,745
3,745
To Barcelona—Oct. 4-—Giulia, 1,600
1-600
To Venice—Oct. 4—Giulia, 1,191
1.191
To Trieste—Oct. 4—Giulia, 50;
50
To Barcelona—Oct. 7—Marianne, 1,617
To Venice-—Oct. 7—Marianne, 2,950
To Mexico—Oct. 2—Coahuila, 10-—-—
—
——
——-
—
Cotton Takings.
Week and Season.
1920.
Week.
Visible supply Oct. 1
Visible supply Aug. 1
American m sight to Oct. 8
Bombay receipts to Oct. 7
Other India shipm'ts to Oct. 7
Alexandria receipts to Oct. 6
Other supply to Oct, 6 *
embraces
313,707
Season.
4,792",018
337! 5 53
1,602,497
221,000
49,000
100,000
27,000
7,001,092 4,376,741
6,791,S15
4,664.311 4,089,189
4,089,189
611,000
63,000
180.964
58,000
the
estimated
213,000
85,000
36,000
28,000
2,336,781
1,771,781
565,000
287,552'
210,552
77,000
consumption by
2,702,326
1,895,326
807,000
Southern mills,
697,000 bales in 1920 and 660,000 bales in 1919—-takings not being avail¬
able—and the aggregate amounts taken by Northern and foreign spinners,
1,639,781 bales in 1920 and 2,042,326 bales in 1919, of which
bales and 1,235,320 bales American,
b Estimated.
BOSTON—To Liverpool—Sept. 22—Ikala, 506
To Manchester—Sept. 25—Scythian, 350--To Hamburg—Sept. 24—Western Star, 843
SEATTLE—To Japan—Oct. 4—Kashima Maru,
—
598--
-
506
350
843
598
3,992,188
4,956,257
1,682,835
6,000
5,000
31,000
5.000
625,000
62,000
238,964
,
total
4,548,568
Week.
4,664,311
Total takings to Oct. 8-0
Of which American
Of which other
This
Season.
4,903,275
Total supply
Deduct—
Visible supply Oct. 8
a
-
1919.
1,074,781
Total
——
—-
—-
74,236
LIVERPOOL—By caible from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
Sept. 17.
27,000
19,000
Sales of the week
Sales,
Actual
American
5,000
export
Forwarded!
Total
stock
Of which American
Total imports for the week--.
Of which American
Amount afloat.
Of which American.
51,000
872,000
531,000
31,000
13,000
109,000
57,000
The tone of the
each
Sept. 24.
16,000
11,000
7,000
44,000 k
854,000
508,000
26,000
13,000
129,000
96,000
Oct. 1.
19,000
13,000
Oct. 8.
15,000
12,000
12,000
8,000
43.000
860,000
508,000
55,000
43,000
825,000
472,000
11,000
42,000
112,000
79,000
2,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been
as
follows:
Oct. 9
Spot.
1920.]
1215
P.M.
Tuesday.
Monday.
Saturday.
Wednesday.
Thursday.
Fair
(
i
{
Market,
Quiet.
Dull.
still
Quiet.
doing.
18.21
18.23
17.80
18.12
4,000
3,000
3,000
1: 4,000
.
17.74
bushels,
Exports
ago.
this
105,000,000 bushels.
This
84,900,000 bushels a
been approximately
against
have
season
is
ahead
far
of
the
total
of
a
and it is estimated that purchases ahead by ex¬
porters have reached at least 75,000,000 bushels.
Some say
year
DAY
1487
only 27,564,000
year
business
doing.
HOLI¬
Friday.
Fair
business
Mid.Upl'ds
CHRONICLE
THE
ago
But there is said to be more or less reselling in Eu¬
of wheat bought at much higher prices.
Plainly the
available supply at present exceeds the existing demand at
more.
Sales
2,000
rope
Futures.
opened
Easy,
Quiet,
40@98 pts. 39@53 pts.
%
4
P.M.
Quiet,
[
decline,
Prices of futures at
advance.
'
11 @25 pts. 18@26 Pts.
decline.
decline.
Quiet,
Quiet, 4 pts.
dec.
3@36 pts.
4
Quiet,
Quiet,
44 @59 pts. 27@34 pts. 20@26 pts.
decline.
advance.
decline.
I
Market,
Steady,
Easy,
(
\
(
Market
decline.
35 29@33 pts.
to
decline.
pts. adv.
Liverpool for each day
are
Quiet,
home and abroad.
The total crop is put at 751,000,000 bush¬
els in the Government report of to-day, against 770,000,000 on
Sept. 1, and 941,000,000 final figures last year. To-day prices
fell further and they end 16c. to 18c. lower than last Friday.
daily
givenbelow:
h
closing
Sat.
Tues.
Mon.
daily
Fri.
Thurs.
Wed.
prices
closing
12%
12%
4
12%
4
12%
12%
4
12%
4
12%
4
p.m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m.
d.
d.
d.
d.
October
d.
a.
d.
d.
d.
d.
d.
d.
16.71 16.25 16.73 16.78 16.55 16.42 16.87 16.77 16.40 16.47
November
16.54 16.08 16.52 16.60 16.33 16.35 16.61 16.57 16.28 16.27
....
16.4,8 16.06 15.52 16.54 16.28 16.35 16.58 16.54 16.24 16.25
December
January
16.29 15.93 16.29 16.40 16.17 16.25 16.48 16.43 16.15 16.11
_
HOLI¬
16.16 15.80 16.16 16.26 16.05 16.13 16.34 16.28 16.01 15.96
DAY
February
16.03 15.68 16.03 16.15 15.95 16.03 16.21 16.15 15.89 15.82
March
15.90 15.58 15.90 16.04 15.85 15.94 16.07 16.01 15.77 15.70
April...
Sat.
-j)
4
to
Wed.
Tues.
189%
188%
195
191
_203
___
new
york.
Fri.
Thurs.
217
233% 227%
232
futures in CHICAGO
Mon.
December delivery in elevator_cts_207
March delivery in elevator.
in
Tues.
Mon.
cts_238
228
prices of wheat
Oct. 2
Oct. 8.
wheat
of
Sat.
No. 2red___
Wed. Thurs.
199% 198%
197% 196
Fri.
193)4
190%
INDIAN CORN declined, though not so sharply as wheat.
Still it
mand
was
more
cabled that
the
at
less affected by wheat.
or
of the
most
time
has
been
light.
The cash de¬
Europe, too, has
offerings from America were being made there
equivalent of about $115 f.o.b. steamer at Atlantic
Such things certainly do not help the price.
Cash
over the West.
October in Chicago
ports.
15.78 15.48 15.78 15.93 15.75 15.84 15.93 15.88 15166 15.59
prices have declined all
June
15.65 15.38 15.66 15.80 15.65 15.74 15.78 15.74 15.53 15.45
fell
July
15.51 15.28 15.54 15.67 15.54 15.64 15.63 15.60 15.40 15.31
15.31 15.08 15.34 15.47 15.34 15.44 15.45 15.42 15.22 15.13
15.11 14.88 15.14 15.27 15.14 15.24 15.26 15.24 15.04 14.95
May
.
August
September
early in the week to 90^c.
make matters
than
worse
2,482,000 bushels,
week last year.
in
break
wheat
and declining with
prices
made
has
Therefore,
buyers
more
than ever
at much lower prices the sales have been
even
Export inquiries are frequently received, but offer¬
small.
in the fear
natural reaction.
to Europe are cautious
ings
The bad
wheat.
For who knows how far the decline is going to go?
timid.
rebound
sharply
as
a
business for export has also been slow.
it has likewise
below $2; patents and mill feed fell
and bran
$5 to $7.
rather hard and
$1 to $150 in seven days
The decline in mill feed hits the mills
demur at reducing flour prices fur¬
some
flour output in
The
ther.
that prices may
For this season
At the Northwest
dull, with December wheat dropping
been
the Northwest is light.
wheat mills have found business dull.
Spring
Canada is still com¬
It is said to be 3c. to 10c. be¬
On the other hand,
Canadian exchange has been firmer of late.
If this con¬
tinues it will mitigate to some extent at least the effects of
Canadian rivalry.
Gov. Allen of Kansas has telegraphed
President Wilson asking an investigation of alleged ma¬
peting with American wheat.
low
parity with American markets.
a
the wheat market and also that an embargo
nipulation in
be
placed
to
the importation of Canadian wheat into this
on
It is expected that these requests will be referred
country.
of Agriculture
Secretary
that
into
recent
WHEAT
Prices
been reached.
Russell
were
'put
Meredith.
an
embargo
It may be noted
on wool imports
are
New low records have
25c. to 30c. per bushel under the
It is pointed out by
the price of the 1918
prices of 1919 and 1918.
in
that
order
to
maintain
the Grain Corporation had to buy 238,000,000 bushels
of wheat
and
of the
flush
25,732,000 bbls.
fall
of flour, largely during the
marketing movement.
Later it was com¬
pelled to sell to the mills 80,850,000 bushels of wheat in or¬
the price and even then
in the spring of 1919 it was much over the Grain Corpora¬
tion level.
Last year the Grain Corporation had to buy
der to prevent an undue advance in
138,000,000 bushels of wheat and 12,280,000 barrels of flour,
but was later compelled to sell 47,000,000 bushels of wheat
to the mills and nearly 700,000 bbls. of flour to the domestic
trade, and even then prices were from 50c. to $1 a bushel
the Grain Corporation buying level.
The latest re¬
vised estimates of world's crops indicate a grand total of
above
about
2,750,000,000
bushels,
exclusive
of
Russia,
against
2,752,000.000 bushels last year and a pre-war average of
2,824,000,000 bushels.
The world's exports for the year
ended July 1 were about 600,000,000 bushels.
The esti¬
mated requirements for the current year range from 600,000,000 to 700,000,000.
Prices have latterly been the lowest
since 1917.
In a single day this week they fell 10c. to 12c.
They have dropped 80c. to 85c. since trading in futures was
resumed at Chicago in July of this year.
One trouble is
said to be
a
Persistent reports of
a year ago.
The
statistical position is not
But
at times
strong as that of wheat.
so
prices have turned upward in
oversold market.
an
Possibly, too, farmers may balk at accepting the recent de¬
cline.
some
covering.
In
unless* the
the shorts at times
any case,
have had too much company.
that
This thought"
They may hold their corn for a time.
has caused
Iowra farmers, moreover, say
price of soft coal, now $20 a ton, declines,
they will use corn at $15 75 a ton as fuel.
heat
much
as
Corn gives as
past as fuel
used in the
It has been
coal.
in years
are
of enormous crops and low prices.
Iowa elevators
offering 60c. now.
Exporters took 180,000 bushels here
on
the
inst.
7th
nervous
abroad.
The
holders, it
Argentine
the
over
of
possibility
Government
report
seems
are
difficulty in financing wheat at seaboard with
bit
a
American
competition
issued to-day puts the
at 3,216,000,000 bushels, against 3,131,000,000 on Sept.
crop
1, and 2,917,000,000 the final figures of 1919.
To-day prices
declined and they end 7 to 9 cents lower for the week.
daily closing
of corn in new york.
Mon. Tues.
Wed. Thurs.
prices
Sat.
Fri.
No. 2 yellow
___cts_127
120
117
119% 115J% 118%
daily closing prices of corn futures in chicago.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
90 %
93
December delivery in elevator.
May delivery in elevator
84%
87 %
85 %
88)4
87%
90 %
87
90%
84%
88%
grain, though not so heavily.
The
market has indeed been rather narrow.
It has escaped
the more violent fluctuations which have agitated
other
OATS fell with other
Oats have, in other words, shown greater resistance
grain.
to
refused.
declined violently.
has
Government
crop
to
requests
this country
This brings the total up to 7,587,000 bushels,
offerings 5c. to 6c. under the market have also told.
Friday Night, Oct. 8 1920.
Flour, has been dull
increased last week no less
against only 113,000 in the same
against 2,163,000 bushels
BREADSTUFFS
And the visible supply, to
for holders,
the' forces of depression than either wheat or corn.
as
for business it has undoubtedly been dull.
hold
taken
very
cautiously with other
But
Buyers have
grain declining so
Meanwhile, too, the visible supply continues rap¬
idly to increase.
In recent weeks it has gone up by leaps
and bounds.
Last week the gain was 2,402,000 bushels,
rapidly.
against an actual decrease in the same week last year
648,000 bushels.
of
The total now is 27,602,000 bushels, against
Naturally that gives the sta¬
less favorable look from
what it had earlier in the year.
On the other hand, the de¬
cline puts oats far below the prices of last year.
And some
think that they are selling at prices too much below those
of other cereals.' I The tendency, too, is for the short in¬
terest to increase, thus reinforcing the technical position.
The Government report to-day put the crop at 1,444,000,000
bushels, against 1,442,000,000 on Sept. 1 and 1,248,000,000
the final figures of 1919.
To-day prices declined and they
19,612,000 bushels last year.
tistical
close
position
much
very
a
2 to 3 cents lower than a week ago.
closing prices of oats futures in nf.w
daily
Sat.
Mon.
Tues.
Wed.
67
67
Thurs.
york
Fri.
65
66
futures in chicago.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
December delvery in elevator_cts.
56%
54%
54%
65%
55%
54%
Maj delivery in elevator
60%
58%
58%
!60
60%
59%
No. 1 white...
No.
67
2 white....
daily
closing
prices
RYE has declined,
of
67
67
67
67
68
cts.
67
67
oats
of course, with other grain, and there
It is argued that rye in any case is
has been little business.
too
high; it has been only about 35c. to 40c. per bushel un¬
It is claimed that the intrinsic value of rye is
prices falling so violently.
The tightness of credits would
naturally aggravate the weakness.
Besides Canada is com¬
der wheat.
peting actively with the United States. Crop prospects, too,
are better in Argentina and Australia.
Belgium is to buy
to some extent from Bulgaria.
India has begun to ship the
buying
released for export, and it is reported
will export 200.000 tons of flour.
Besides merchandise gen¬
erally has declined in this country.
Deflation is under
way after a delay of two years.
Confidence in bull markets
in commodities generally is lacking.
The crop in the United
States, it is true, is pqt at 780,000,000 bushels, or 160,000.000
less than last year, but the decrease is partly offset by an
increase in the carry-over this year as compared with that
be
15,000,000 bushels
of last
the
season
United
The visible supply in
week 1,021,000 bushels,
of 80.000,000 bushels.
States
increased
last
against 3,217,000 in the same week last year.
The total is
less
much
is
than
the
small.
ruling
Export
price.
business
there were rumors to that effect.
bushels
were
the
same
have been done;
this was supposed to
at the West.
The visible supply
week
against 15,395,000
pean
may
On the 7th inst 150,000
sold here for export, but
against cancellations
increased 518,000 bushels last
in
However this may be,
last year.
a
year ago.
week, against 258,000 bushels
It is now 4,407,000 bushels,
There is a fear that Euro¬
buyers may cancel rye contracts
and substitute wheat,
owing to the unusually small difference between the prices
of the two.
The Government report to-day put the crop at
Sept. 1
It puts
the barley crop at 191,000,000 bushels, against 195,000,000 on
Sept. 1 and 166.000,000 bushels the final figures of 1919.
78,000,000 bushels, against 78,000,000 bushels on
and 88,000,000 bushels the final figures of 1919.
CHRONICLE
THE
1488
DOMESTIC COTTON GOODS.—In the cotton goods mar¬
To-day prices declined and they end about 11 cents lower
kets prices are very
for the week,
DAILY CLOSING
OP RYE FUTURES IN
PRICES
Mon.
Sat.
December delivery In elevator.cts-162%
May delivery in elevator
156
The following are
Tries.
156H
147
CHICAGO.
Wed.
15574
1465i
Fri.
Thurs.
159H
152
155M
148>4
158H
152
9 50(i
Winter straights, soft
straights
10 75*
9 25 <
Clear
Rye flour
Nos. 2,3 and 4 pear!
Nos. 2-0 and 3-0—.
Nos. 4-0 and 5-0.
10 00
10 50
9 50(
3 25(
57H
3 35( &3 80
Corn flour
7 70
No. 2 red
No. 1
65
No. 2 white—
$2 32
Nominal
No. 1 spring
66
65
No. 3 white. 1
$118 X
1 84
No. 2
For other tables usually given here,
109®111
WEATHER BULLETIN FOR THE
OCT. 5.—The influences of weather
WEEK ENDING
the crops as sum¬
on
by the Department of
Agriculture for the week ending Oct. 5 were as follows:
general during the week in the principal corn-growing
States, but the crop has matured so rapidly under the unusually favorable
conditions of the two preceding weeks that very little damage resulted.
Frost Injured late corn in some places in Illinois, but as a whole the crop was
benefited by the cool weather.
Conditions were favorable for harvesting
corn in all sections of the country except during the first part of the week
was
in the Atlantic Coast
continues
weather
favorable
for
seeding
wheat and other winter grains in nearly all sections of the country, except
for some delay in portions of the upper Mississippi River, in the extreme
lower Great Plains by continued dry soil, and in the upper Ohio Valley dis¬
trict.
Early seeded wheat is mostly coming up to a good stand.
,
COTTON.—Very little rain fell during the week in the cotton belt,
except that the amounts were moderate to fairly heavy in the Atlantic
Coast States.
The week was rainless in practically all of the central and
northwestern
portions of the belt.
Temperatures averaged
unseasonably
low in all districts.
Cotton opened rapidly during the week, and the weather
unusually favorable for harvesting, except for some interruptions by
was
rain in the more eastern districts.
Frost occurred in most northern locali¬
ties, but practically no damage resulted.
OCTOBER RE¬
PORT.—The report of the Department of Agriculture for
Oct. 1 respecting cereal crops in the United States was issued
Oct. 8
on
as
mills
and
lower level.
a
Me¬
pound.
a
follows:
market.
Fine combed
Estimates makes the
following estimates from reports of its correspondents and agents:
Condition of corn on Oct. 1, 89.1, against 86.4 on Sept. 1 last, 81.3 on
Oct.
1 1919 and 74.8 the 10-year average.
The indicated production of
this year is 3,216,192,000 bushels, against 2,917,450,000 bushels har¬
vested In 1919 and 2,502,665,000 bushels in 1918.
corn
The
quality of spring wheat this year Is placed at 80.4, against 74.4 last
and 85.7 the ten-year average.
The indicated production of spring
wheat this year Is 218,007,000 bushels, against 209,351,000 bushels in 1919
and 356,339,000 bushels in 1918.
The preliminary yield of winter wheat this year is 523,641,000 bushels,
year
compared with 731,636,000 bushels In 1919 and 565,099,000 bushels in 1918.
Tne Indicated production of all wheat this year is given as 750,648,000
bushels, compared with 940,987,000 bushels in 1919 ana 921,438,000 bushels
goods
yarn
weak
are
are
is very scattered and light.
lifeless.
and
nant
stag¬
are
still
are
offer their lines in any definite way;
inclined to
not
The hosiery markets
hosiery manufacturers
Some
and
buyers have not yet begun to place orders for future delivery
in any large way, although prices have been marked down
very low compared with any values reached in a long time.
Cotton
prices
yarn
light.
very
are
irregular and the demand is
making special prices to desir¬
very
Some mills
are
able customers to induce them
to take
surplus yarns.
over
The weak conditions in the cotton yarn markets are stead¬
ily forcing manufacturers
and
revisions
these
to
revise
their
ideas of
constantly tending in
are
prices;
the
buyer's
favor.
for
Wide Interest centres in the retail price movement
cotton goods.
Some factors are still holding at very
high levels.
But it is declared by persons in close touch
with the retail trade that improvement of a positive charac¬
is noticeable in
prices
retail stores that have reduced
many
cotton goods.
on
WOOLEN GOODS.—Lower prices are being made in wool
goods lines under the
pressure
There has been considerable
The Crop Reporting Board of the Bureau of Crop
Trading in den¬
yard, 2.20s, which is
a
curtailing drastically.
There is not much
business offering in colored cottons, and the export demand
ter
AGRICULTURAL DEPARTMENT'S
Sheetings
a
claimed to be lower than the cost of production based on to¬
States.
SEEDING.—The
WINTER
for spot delivery.
leading houses to
some
be had in the open markets on
day's cotton
1445.
marized in the weather bulletin issued
CORN.—Frost
by
available in many places at 50c.
99® 100
page
see
to
revised
ims was done in second hands at 30c.
Barley—
Feeding
Malting
Rye—
second hands at 11 %c.
been
dium sheetings for converting may be had in liberal quan¬
tities at 55c. a pound, and sheetings for the bag trade are
Oats—
Corn—
No. 2 yellow
from
basis of
15%c. for 4-yard 56x60s, with terms; and unbranded goods
\
GRAIN.
1
Wheat—
made by second hands and the
but later in the week sales were made
were
were
goods—Carload
spot delivery
a
that have
Monday
Offers to sell 38%-
weak.
very
have
7 00
—
Oats
Corn goods, 100 lbs.:
Yellow meal
12c.
offers were declined;
6 90
cloths; and
gray
low levels
in various quarters.
numerous
markets opened
64x60s at
inch
7 00
6 75®
of the
some
Prices, on the whole, were weaker through the
secondary hands.
Signs of distressed goods being
quarters.
the cloth
Barley goods—Portage barley:
low, especially in
prices from
offered were more
FLOUR.
50
10 00
11 50
in
reaction
obtained recently is being predicted in some manufacturing
week in
closing quotations:
$10 75( Jill
Spring patents
Kansas
[Vol. Ill
dress
are
goods buyers,
both
of competition for business.
filling in
current needs by
Tricotines
on
and
cutters
jobbers.
said to have shared largely in this call.
these
goods
is
growing more keen.
their orders very conservatively for
for next spring, believing it best to
will
stand
the
near
end
of
a
how
their stocks
before
going
Good worsteds sell¬
season
ahead fully on spring worsted fabrics.
ing around $3 to $4.50
on
placing
dress goods
are
worsted
see
fall
the
Competition
Jobbers
yard appear to have
a
better de¬
mand than other types
89.4 the ten-year average.
The indicated production of oats this year is
1,444,362 000 bushels, compared with 1,248,310,000 bushels in 1919 and
of fabrics, and these are beginning
to move more briskly.
Imported woolens are reported to be
cutting no small figure in causing a weakening of prices in
channels where opposite effects were predicted.
Commis¬
1,538,124/100 bushels In 1918.
sion
in 1918.
The
quality of oats this year is 93.3, compared with 84.7 in 1919 and
men say spring season prices are
firm; but the advance
spring orders have fallen far short of giving the industry
THE DRY GOODS TRADE.
Pessimism
goods.
The primary
terial
improvement
chandise.
And
markets
noted
mails
the
are
taking
attitude
the
in
men
that
them
on
in
no
for
demand
the
ma¬
mer¬
bringing comparatively few
dry goods concerns are
all
their
turn their stocks into money,
in general dull,
are
being
Merchandise
orders.
sufficient business to warrant anything like a full
New York, Friday Night, Oct. 8 1920.
continues to be the dominant note in dry
various
departments
must
and with such pressure upon
buyers are not disposed to commit themselves ahead
their former usual scale.
that little
can
until it is
In
quarters it is insisted
some
more
to
a
be expected in the way of- renewed activity
certain that retail prices will be adjusted
rule
are
merchants
are
not
having
reductions
a
Buyers
of
interested.
In
the
as
a
yet very
cotton
of
part
some
endeavoring to maintain.
disappointment to many.
little indication of being
are
buying interest is
showing
are
the
on
far-reaching effect in breaking
the fixed prices others
The lack
goods markets values
are
most
irregular, and the volume of business booked is of small pro¬
portions.
Nothing is being done in underwear and hosiery
in
the
lower
of
way
talked
with
and
time
of.
In
a
great many instances mills have with¬
the market and will not sell at the low
prices
Many agents and merchants
cancelations
delivered.
some
are
business, and the trend is toward a
Business in woolen and worsted goods
new
price level.
continues slow.
drawn from
and demands
for
are
rebates
Banking restrictions
still wrestling
on
goods
sold
being lessened in
channels for those in first-class credit; but credit lines
being
since
business
Extremely
more
the
tightly
drawn
price decline
began last spring.
by
are
the
and
the
The
trade
need
than
increased
for
at
any
hazard
to
ready cash,
so
difficult to obtain from the
on
that the American Woolen Company
a rumor
conditions
unsettled
women's
clothing industry.
signs of
weakening.
exist
Prices
in
the
men's
and
unstable and show
are
Wholesale buying appears! to be in
than in men's cloth¬
greater volume in women's garments
ing.
ket
Worsted yarns have witnessed
recently.
heard
Price
future.
resump¬
stirred
was
was about to offer such goods as it may have in stock at
50% off the fall opening basis established last February.
not keeping pace with the possible costs of re¬
to-day.
near
The wool goods market
had decided to cancel its orders for spring goods, production
of which should be starting soon; and that the big company
prices
placement
down
Wednesday by
In retail channels prices
lower level in the
as a
tion of operations.
And
air is
the
40s
on
Blankets
two-ply.
markets at lower prices.
is referred to
as
on
Bureau of Markets,
to
a
are
being forced
the
on
The raw wool situation at present
the estimated stock of raw wool in the
on
GOODS.—The linen trade
DRY
circles during
hand in
small
noted
ing
low
of wool goods
cloth next year. According to the U.S.
primary
a
mar¬
new
Aug. 1 was 700,000,000 pounds, equivalent
year's supply.
FOREIGN
is
of
sufficient to make the buyqrs
expect lower prices
United States
irregular
very
rumors
Below $2.50 has been
various popular counts.
on
a
full of
as a
belief
lots.
The
deterrent to
on
the part
a
week.
decline in
was quiet in
Business is coming to
cotton
goods has been
broader market for linens.
of the trade that retailers are
small linen stocks,
more
the
There
carry¬
and that they will have to order
goods before the time of their annual white sales in
January next.
The
readiness of manufacturers of cotton
damasks and other goods that are taking the place of linens
to make reductions that will insure the retention of their
goods in the trade, accounts in some part for the willing¬
ness of some linen merchants in America to cut prices and
invite
business
on
a
workable
banks, is still influencing many
liquidate their
stocks.
Commercial paper continues to discount at 8% for
the best names.
Export business remains dull.
In some
linen
quarters the opinion is expressed that there is little indica¬
basis.
Quite
a
number
of
lack of interest among buyers
of the smaller wholesalers in textile lines to
tion that the turn in the market has set
in, and some of the
leading factors are as yet unready to believe that the bottom
of the decline in prices has been reached.
were
in the market last week have de¬
parted for their homes.
The burlap market was quiet and
buyers who
irregular, and
of
the
trend
on a
and
lower price basis.
are
ing of goods by many
to do
so
at
7.80c. and
a
watching the
Buyers are uncertain
market closely.
The
is resulting in the withhold¬
sellers who would rather not sell thaa
sacrifice.
Offerings of lights were made at
offerings of heavies at 10.30c.
i
OCT. 9
1920.]
THE
CHRONICLE
awarded to
Harris, Forbes & Co., Estabrook & Co., of New
York, and F. E. Nolting & Co., jointly at 100.338 a basis of
about 5.96%; Los Angeles,
Calif., $1,200,000 6% harbor
She Chronicle
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editor of
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the
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reverse
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and business
names
addresses of the
publisher,
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editor, managing
,
editor,
'
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were
as 5s to the State of
Washington at par; Norfolk, Va., $1,036,000 6% bonds comprising $936,000 refunding bonds and
$100,000 dock and terminal bonds awarded to Harris,
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52 issues of
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St., New York.
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state.)
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or
In addition to the sales of
tember there
also
were
long-term obligations in Sep¬
negotiated during that month $56,-
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(revenue bonds, notes, corporate stock notes and
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Canadian
long-term
obligations
any other person,
association,
corporation has
or
the said stock, bonds, or other securities than as
(Signed) Jacob Selbert Jr., Editor.
day of
Oct.
1920.
Thomas
A.
any
so
Interest,
direct
or
Sworn to and subscribed before
Creegan,
indirect.
In
stated by him.
forms of securities
me
this
1st
York County Clerks No. 273;
;
in
,
September
including the sale by the Province of
placed in September of the last five
1920.
1919.
S
Permanent loans
(U.S.) 46,628,821
♦Term'y loans (U. S.)_
1918.
•
$
years:
1917.
1916.
$
$
$
70,839,634 24,732,420 31,175,017
22,174,179
51,392,000 39,625,000 29,610,618
18,641,199
-vl,179,788
5,848,446
374,610*101,099,015
56,393,143
Canadian loans (per't).
Bonds ol U.S.Possee'hs
9,473,044
None
None
None
None
None
Gen. Fd.
6,500,000
None
Hone
None
None
bds.(N.Y.C.)
Total.
-*--117,995,008
123,411,422 70,205,866 61,160,245 141,814,393
-•Including temporary securities Issued by New York City In September, $51
010,143 in 1920, 540,250,000 in 1919, $36,095,000 in 1918, $22,730,0001n 1917, and
$14,085,479 In 1916.
* Includes $100,000,000 Dominion Government loans.
The number of municipalities emitting permanent bonds
and the number of separate
1920
were
Notary Public, Kings
County.
New
New York County Register No. 1325.
(My com¬
floated
Saskatchewan of $3,000,000 6% debnetures.
A comparison is given in the table below of all the various
as
circumstances
and conditions under whioh stockholders and
security holders who do not appear
upon the books of the company as trustees, hold stock and securities in a
capacity
other than that of a bona fide owner; and this affiant has no reason to believe that
a
amounting to $8,886,649 offered in August
without finding takers.
•
(If there
This followed
total of 76 issues
pany,
(3.) That the known bondholders, mortagees and other security holders owning
of holding 1% or more of the total amount of bonds,
mortgages, or other securities
municipal bonds totaling $8,518,-
during September.
amounted to $9,473,044,
v
Managing Editor, Jacob Selbert Jr., 138 Front St., New York.
Business Managers, George B. Shepherd and W. D. Rlggs, 138 Front
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
are:
bais of about 5.62%; Seattle School
1, Wash., $1,125,000 school bonds of which
awarded as 6s to a syndicate composed of
Compton Co., Halsey, Stuart & Co., Inc., E. H.
Rollins & Sons* Merrill, Oldham &
Co., John E. Price & Co.,
and Carstens & Earles, Inc.,
jointly at 100.10, and $450,000
tax
to wit:
and
a
Eldredge & CoTTStacy & Braun,
Anglo-London-Paris National Bank
William R.
Regulations, printed
on
to
and
167 offered but not sold
me, a
notary public, In
and for the State and County aforesaid, personally appeared Jacob
Selbert Jr., who
sworn
&
There
BUtement of the Ownership, Management, &o.. required
by the Act of Congress ol
Aug. 24 1912, of Commercial A Financial Chronicle, published
weekly at
New York. N. Y., for October 1 1920.
State of New York, County of New York, as.: Before
having been duly
Girvin
Forbes &
COMPANY, Publishers,
Depeyster
improvement bonds
13 50
rates of
advertisements
~~
Subscription includes following Supplements—
Bank and Quotation (monthly) Railway & Industrial
(semi-annually)
Railway Earnings (monthly)
Electric Railway (semi-annually)
State
1489
265
and
289 and 365,
378 for
mission expires March 30 1921.)
issues made during September
respectively.
This contrsats with
August 1920 and with 509 and 705 for
September 1919.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Selbert, Jr., President; Arnold G. Dana,
Vice-President; Business Manager,
William D. Rlggs; Secretary, Herbert D. Selbert.
Address of
all, Office of the
Company.
For comparative purposes we add the following table
showing the aggregates, excluding temporary loans and also
Canadian issues, for September and the nine months for a
series of years:
Month of
Jdate mcl Citij Jljepartmeut
1919
The
BOND
issues of
new
SALES
IN
a
permanent char¬
acter
disposed of during the month of September totaled
$46,628,821.
This compares with $55,688,462 for the month
of
August
and
with
$70,839,634
largest undertaking in the
way
in
Sept.,
1919.
—
24,732,420
1917
SEPTEMBER.
municipal bonds of
Nine Months
70,839,634
1918
MUNICIPAL
For the
September.
$46,628,821
1920
The
of municipal financing during
31,175,017
1916
22,174,179
1915
26,707,493
1914..
13,378,480
191326,025,969
1912-.....— 25,469,643
1911
26,487,290
1910.
18.364,021
1909
23,001,771
1908
34,531,814
1907.'.
47,947,077
1906
8,980,418
—
the month
$5,370,000
6%
sewer
the sale by the City of Milwaukee, Wise., of
was
20-year
serial
bonds
consisting
of
$2,200,000
system bonds, $800,000 5% school bonds, $500,000
6% harbor improvement bonds, $400,000 6% electric light¬
ing bonds, $400,000 5% school bonds, $400,000 6% vocation¬
al
school
street
bonds, $350,000 6% park bonds, $200,000 6%
opening bonds and $120,000 6% grade crossing and
abolition bonds to
consin
Trust
Marshall &
&
Co.,
Co.,
syndicate composed of the First Wis¬
Second
War
Securities
and
the
Loan & Trust Co., of Chicago,
Compton Co., Guaranty Trust Co., A. B. Leach
Co., and Stacy & Braun of New York, at 102.10.. Other
important issues disposed of in August
$3,750,000 of which $2,500,000
and $1,250,000 were
a
Co.,
Ipsley Bank, all of Milwaukee, Halsey, Stuart
the Merchants
William R.
&
a
were
were:
South Dakota
6% rural credit bonds
5% State highway bonds, awarded to
syndicate managed by the
Continental &
Corrimercial
Trust &
Savings Bank, Harris Trust & Savings Bank and
Halsey, Stuart & Co.; Cleveland, O., $2,000,000 6% funding
bonds, being part of
an
issue of $5,750,000 bonds offered
on
Sept. 1, awarded to Hay den, Miller & Co., Harris, Forbes &
Co., Estabrook & Co., and the National City Co., jointly
at 100.16 a basis of about 5.98%; Oregon $2,000,0()0
4^6%
highway bonds awarded to Stacy & Braun, Eldredge & Co.,
Kissel, Kinnicutt & Co., Ralph Schnecloch Co., and AngloLondon-Paris National Bank; Canton School District, O.,
$1,840,000 6% building bonds to
Bankers
Trust
Co.,
at
syndicate managed by the
102.091 a basis of about 5.81%;
a
Richmond, Va., $1,350,000 6% bonds consisting of $750,000
gas
works bonds and $600,000 public improvement bonds,
$474,078,951
519,669,754
238,179,831
378,078,924
368,388,101
406,496,817
408,044,823
288,204,714
317,912,921
314,503,570
Month of
September.
1905
w
1904—.
For the
Nine Months
$9,825,200
$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
40,974,666
63,583,834
10,694,671
1903—.
8,762,079
1902
9,179,654
1901
14,408,056
1900
4,0$3,899
...
1899
7,201,593
6,173,665
9,272,691
1898—
1897
1896—
231,921,042
272,389,451
243,241,117
1894
1893
3,698,457
11,423,212
8,249,347
3,885,137
199,722,964
1892
6,242,952
1895
153,152.345
In the
following table we give a list of September 1920 loans
$46,628,821, issued by 289 municipalities.
In the case of each loan reference is made to the
page in
the "Chronicle" where the account of the sale is given.
to the amount of
SEPTEMBER
Page.
Name.
1198..Aberdeen, Miss
BOND
SALES.
Rate
6
1198. .Adams County, Ohio
6
1296..Aitkin County, Minn
6
1198..Akron, Ohio (4 issues)—6
1198..Alliance, Ohio
6
1390.-Amsterdam, N. Y__!
5)4
1105--Anderson Sch. City, Ind_6
1296—Ann Arbor S. D., Mich. .5
1390-Artesia S.D. No.16, N.M.6
1105--Ashtabula County, Ohio_6
1296-.Ashtabula County, Ohlo.6
1390--Ashton, Ida
6
1296..Aurelia Cons. S. D.,Iowa.5
1296—BacaCo. S. D. 38, Colo..7
ll98-.Bakersfield S. D., Calif.
1296.-Barr School Twp., Ind—5
1296..Bartholomew Co., Ind—4)4
1296..Batavia S. D., N. Y—-.6
1198..Bay Village, Ohio
—6
1296--Beauregard Par. Rd. Dlst.
No. 3. La
5
1492.-Beaver County, Utah
6
1198--Beaverhead Co. S. D. No.
10, Mont
6
1296—Belolt, Wise
-6
1390—Belvidere S. D., N. J
5
1296—Bigpine S. D., Calif
5
Amount.
1921-1930
1921-1930
1925-1935
1960
1931-1935
dl930-1940
1921-1929
1921-1929
dl930-1940
1925
dl935-1950
1921-1930
1921-1924
1921-1930
_
—
_
,
-
1198--Brimfield Twp. S. D., 0-5)4
F.OO
22.000
100
6.00
66.000
107.13
5.08
100.0275
100.000
50,000
69,500
141,000
50,000
m'mm
m.
---------
1921-1930
1921-1930
1940
1931-1947
1925-1949
1921-1945
1921-1940
„
1923-1960
-
—
W *•
-
m
m
5.50
100
5.00
4.50
105.255
10,000
5.35
----
5.00
100
----
100.75*
6.87
mm****-**
—
m,mm
—
m
*
m m
■
+
~
100
7.00
101.099
5.87
100
4.50
100
w
»•
m m
4.50
m m -
100
5.00
«.
102.09
135,000/
75,000
mm*'**
Mi
100
40.000
1922-1931
«* m m,
6.00
100
3,500
18,700
40,000
137,000
145,000
86,000
11,200
50,000
11,400
8,000
31,000
50,000
100,000
175,0001
m
«•
95,000
15,000
17,000
dl921-1930
1930-1940
m m
6.00
*.
138,500
58,000
—-
m
m
2,500,
300,0001
dl930-1940
m
100
147,000
1921-1949
1929-1933
m.
100
150.000
—
—
6.00
100
1925-1939
1926-1930
1921-1935
1922-1930
Basis.
100
40.000
1296—Bigpine H. S. D., Calif. .5
1492...Bishop U. H. S. D., Calif.
1106—Blackfoofc, Ida
7
1492--Boone County, Ind
_6
1492--Boone County, Ind
4)4
1296--Blaine County, Mont
1106 ..Boone County, Ind
4)4
1390--Boone County, Ind
4)4
1296--Boyd Co. S. D. 17,Neb--0
1390.-Bracken County, Ky
5
1198--Bridgeport, Conn
5
1297--Brockton, Mass
5
l297--Brockton, Mass
--5
Price.
$25,000
45,800
250.000
133,200
------
-
4.77
■
Amount.
Monthly.
Page.
Name.
Rate.
1921
26,352
1492--Buffalo. n. y. (2 issues)_4
1927-1944
650,000
1297--Butler County, Pa
~5}4
67,600
1297--Butler County, Ohio
6
28,000
1390--Caddo Mills Ind.8.d.,Tex.5
dl930-1940
23.500
1390--Caldwell, Ida
6
500,000
1492--California (State of)
4*4
d'l925^1940
37,500
1390--Callaway County, mo—6
500,000
1198--Cambria County, Pa
5*A ,1921-1943
25,000
1921-1933
1390--Cambridge City 8. d., 0_6
1928
426,486
1106--Canton, Ohio
6
1921-1960 1,840,000
1198--Canton Sch. Dist., Ohio_6
a 1942
200.000
1297--Carbon County, Pa
5h
75,000
1297--Carlton County. Minn—6
109k~~
13,000
1198--Charles Ind. s. d., Iowa_5
dl930-1940
1,500
1493--Cincinnati, Ohio
--5
1921-1945
50.000
1106_.Clay Co., Ind. (2 issues)_4h
60,000
dl940-1950
1390--Clayton, n. Mex
6
1928
2,000,000
1106--Cleveland, Ohio
6
115,000
d\940-1950
1390-.Clovis, n. Mex
6
dl940-1950
33,000
t493--Clovis, n. Mex
6
dl930-1950
40,000
1198—Colfax co.s.d.27,n.m__6
900,000
1949-3957
1391--Columbus, Ohio
6
198
19
1106—Concord 8ch. Twp., ind.sh
1198-_Coxsackie, n. y
5%
1921-1930
1925-1948
1198--Crow Wing Co. Con.s.d.
1935
No.41,Minn
_.6m
1921-1932
1297- .Cumberland Twp.s.d.,Pa.5
1923-1946
1493--Dale, Pa_„,
5h
1921-1925
1493_-Darke County, Oh»o
6
1940
Daytona Beach, fia
6
1297--Dearborn
Twp
s.
d.
No. 8, Mich
1921-1935
6
1921-1924
1391.-Delphi, Ir.ti
6
dl921-1933
1106_-Denver. Colo
6
1106-.Denver, Colo
5
1297--Denver, Colo
6
1391--Delta Spec. Rd. d., Mo-1493.-Dublin, Ohio.
6
1297--Dubois Co., Ind.
5
3 297—Dubois Co., ir.d—
4A
1297—e. Chicago Sch. City, Ind6
1297—Elk Grove u. s. d.. Calif.6
1106—ely'a Twp., glno
6
1391--f nt«cp. ise, Ore.
6
1106--En., county, Ohio
1199--Estherville, Iowa
6
149.3
1 crest City, Iowa
6
1199_-Franklin Co., Iowa
6
1199_.Freeport, Ohio
6
1298—Gallatin Co. s.d. No. 35,
d1921-1932
dl921-1932
—
1391--Garfield, n. j
6
1199--Georgetown, Ohio
b*A
1493—Gering 8. d., Neb
6
1298--Ghent, n. y
5
1010--Gloucester, Mass
5
Grafton, Ohio
6
1298-.Grand Meadow Con. Ind.
8. d.f Iowa
_5
1493--Grants Pass Irr. Dist.,Ore,6
100.16
5.98
95
5-64
40,000
40,000
40.000
9.000
100
5.75
100.26
4.95
100.045
16,000
100
5.49
6.00
6.00
100.001
6.00
111.719
100
232,000
100
6.00
fob"""
4.50
100
6.00
100.81
5.92
100
6.00
100
6.00
1925-1940
86,0 00
2.000
100
6.00
2;5 JO
109
6.00
1^59"
5.70
1921-1940
12,000
120,000
7,000
20 ,c*o
100.832
4.89
1930-1937
40,00)
"*i Sio"
1921-1927
al928
40,000
r—
400,000
"
1940
1923-1936
1925-1935
1925-1934
1921-1930
1921-1928
1921-1930
—
1921-1930
1930
& Mercer Cos.
Dr. d., Mo
1924-3938
--.6
1949
1199—Hartford, Conn
4
1391—Hemstead n. f. 8. d.
No. 21, n. y
6.74 1922-1923
1199—Hevburn h'y Dist., Ida—6
1930-1940
1921-1956
1199—Hoboken, n. j
_6
1199--Holmes Co., Ohio
1921-1925
6
1298--Huntington Park u. h.
8. d., Calif—
1921-1945
6
1298—Idaho Falls, Ida. (4iss.)_6^ dl921-1930
1298--Idaho Falls, Ida
dl921-1930
.6
a 1933
1298—Inglewood 8. d., Calif.—6
1940
1199—Ironton 8.
d., Ohio
6
1199
1930
Jackson, Tenn
6
1391—James Irr. Dist., Calif
1943-1947
6
1921-1930
1494..Jasper Co., Ind. (6 issues)4^
1921-1949
1391—Jefrerson, Ohio
6
1391--Jefferson City, Modl930-1940
6
1298—Jeffersoft Co. 8. d. No.10,
60,000
100,000
60,000
28,000
22,000
80,000
4,500
7,500
26,000
26,000
28,700
43,000
61,000
100.06
635
100
5.50
5.50
—
Mont
6
1391—Jerusalem 8. d., Ohio
1199—Joice Ind. 8. d., Iowa
6
6
1299..KanabecCounty, Minn__6
1392—Kanawha County, w. Va.5
1199 ..Kandiyohi Co., Minn
1199—Kaw City, Okla
1494—Kenmore, Ohio
6
1494—Kent County, Mich
5
1392--Kenton, Ohio
6
1199—Kerman s. d., Calif
6
1299—King Co. 8. d. 42, Wash.6^
dl925-1930
dl925-1935
1930
1930
1940
1921-1930
1921-1927
-
8,000
55,000
120,000
8,888
100.306
100
5.95
4.50
6.00
100
6.00
100
100
100*""
14,000
125,000
85,000
32,350
25,000
28,600
100,000
34,000
4,000
10,000
1494—Kitsap Co. s.d. 23.Wash.65i
4,000
5.00
87.39
4.86
100
5.74
104.299
100
6.00
5*70
5.84
Wash
5h
3,000
1494.-Knox Co.. Ind. (3 issues)_4h
1921-1930
1199.-Kossuth County, Iowa
6
1392.-La Junta, Colo
h*a
1494—Lake Placid u. f. 8. d.
No. 2,n. y
6
1392—Lamar Co. Com. 8. d.
1931-1940
No. 6, Tex
-
5.91
4.50
6.00
1494—Lebanon, Tenn
6
1199—Lenawee County, Mich—
1200„Liberty Twp. r. s.d., 0.6
1011-.Little Falls 8. d., n. y—5>i
1200—Livermore, Calif
5
1299—Lockport, n. y
5
1299—Lockport, n. y
5
1200--Lockport, n. y
1392—Logan, Ohio
6
1107—Logan Co. s.d.No.95,Col6
1494—Lorain, Ohio
5*4
1200-_Los Angeles, Calif
6
1494—Lo vel 1, wy o
6
1299—Lubbock, Tex
6
1392—Mahoning Co., 0.(2 iss.).6
1200--Maiden, Mass
6
1200.-Marshall County, Iowa„6
1494.-Martinsville, Ind
6
1200—Mercer Co., Ohio (3 iss.)_6
1299--Miami Beach, Fla
6
1392—Milwaukee, Wis. (9 iss.)_6
1392—Minneapolis, Minn
5
1392—Mississippi (State of).
5)4
1107—Monroe, No. Caro
6
1107—Monroe, No. Caro
6
1299--Montgomery County,ind.45^
1200--Montgomery County, 0.6
1921-9123
1950
1921-1944
1922-1936
1922
1921-1925
1930-1940
75,000
6.00
100.111
lbb"2l"
5.97
100
100
5.00
5.75
lob""
6.00
7
__5
5
5
1925-1949
fob""
6.00
100
6.00
100
5.75
100
5.75
100
5.75
.
100
4.50
5.99
3,300
50,000
7,000
30,000
64,000
170,000
60,000
10,000
90,000
5,000
100
5.00
6.00
5,253
7,500
2,000
50,000
100
1921-1930
al931
1924-1935
1921-1936
110,000
84,231
65,000
100,000
20,000
28,000
"a 19*27"
95,000
1940
5,370,000
1940
131,900
1922-1945
500,000
1923-1960
56,000
1923-1934
100,000
/
5,600
1921-1922
3,800
3^00
1200—Newton, Miss. (2issues)_6
1299—Newton Sch. Dist., Kans_5
1200--Niagara Falls, n. y_—5h
1200—Niles Sch. Dist., Mich
5
1393—Norfolk, Conn_„
5
1200—Norfolk, Va. (2 issues)
6
1108—Norman County, Minn__5
1495--Norwich, n. y
6
2,357
1300—Oconee Co., So. Caro
"of935 ""
6
100,000
1108--Okaloosa Co. Spec. Tax
s. d. No. 9, Fla
1950
6
8,000
<11930-1935
12,000
1012—OIney Springs, Colo
7
1940
80,000
1108--Orange, Conn
5a
01935
2,000,000
1393.-Oregon (State of)
424
1922-1946
1926
6
6
100,000
55,000
6.00
100
5.23
98.67
102.23
]
102.495 )
4.82
102.367J
6.00
100
6.00
93.92
104.95
*
100
5.16
500
96.27
6.39
91.11
5.38
100
6.00
100.70
65i000 1/100.92
6
1393—ParkdaleS.d.No.l6,Ore_6
1012—Payson, Utah
6
1300.-Philadelphia f d
Pa___5
1300--Phillips Co. bj d. No.
40, Mont
1201 -.Pike Co. Rd. d.l, Ark_1393. ™attsburgh, n. y_
95.95
50,123
25,000
1931-1950
75,000
1,000,000
3,000
565,000
23,000
50,000
400,000
71,000
d!930-1940
—
1921-1940
1950
6
130f-.p easant Ridge, Mich
6
1313—Pocahontas Co., Iowa—_6
1300--Polk Co., Iowa
al935
6
1495--Porter County, Ind
1921-1930
31,400
—4A
200,000
1393--Portland, Ore—
5)4
13,500
1300--Portsmouth, Ohio
iflfl -1933
1495.-Prince George's Co., ivj.u-5
10,000
i930
150,000
1921-1944
1495--Prospect 8. d., Ohio
6
1496--Prowers Co. Cons. 8. d.
No. 35, Colo
dl935-1950
7,000
6
1496--Pueblo Co. 8. d. 50, Colo.6
<11930-1940
5,000
55,000
1921-1925
1201--Reading Twp., Ill
5
1108--Red Lake Co., Minn
1930
75,000
6
1300--Richland Co., Ohio
al928
76,245
_6
8.000
1201-.Richland Sch. Twp., Ind_6
1921-1931
1930
1,350,000
1300--Richmond, Va. (2issues)_6
1300--Richmond 8. d., Calif.—5a
45,000
1393—Riverhead Com.
s.
d.
No. 2, n. y_
5,500
6
1921-1935
37,000
1108-.'.oob Sch. Twp., Ind
6
1496—Ross County, Ohio
40,000
1921-1930
6
1393—Royal Oak Twp. s. d.
No. 8, Mich
1933
32,000
——6
1201—Rush Co., Ind
1921-1930
26,160
4A
1108—St. Johnsville, n. y
1925-1938
14,000
6
23,928
1931-1945
1300--Salem, Ohio
6
1300.-Salinas City s. d., Calif.5A
60,000
51,000
1921-1935
1393.-Sandusky, Ohio—
5*A
273,500
1108.-Sandusky Co., Ohio
1921-1929
27,000
1496--Sandusky 8. d., Ohio
6
1921-1945
98,000
1300..Sayreville 8. d., n. j
6
50,000
1921-1945
1108-.Schenectady Co., n. y„6
6,000
1201—Schleisingerville, Wis
5
1300. .Seattle, Wash
1926-1940
351,600
6
1300.-Seattle 8. d., Wash
675,000
1923-1960
6
450,000
1300—Seattle 8. d., Wash
5
1923-1934
13,000
1108—Sebring Sch. Dist., Ohio_6
5,000
1923-1929
1108—Sebring Sch. Dist., Ohio_6
1930
18,000
1394—Selby, So. Dak
5
35,920
1921-1930
1201--Shelby Co., Ind. (2 iss.)__4^
700,000
1300--Shelby Co., Tex. (5iss.)_
1201--Sheridan Co. s.d. No.55,
Mont
4.800
dl930-1940
6
196,000
1300--Sidney, Neb. (3iss.).„.
10,500
1921-1934
1496--Silver Creek 8. Twp.,Ind_5
1940
15,000
1108..Simpsonville, So. Caro___6
'
100
100
100.03
5.99
100.50"
101.415
5.86
100
5.50
100
5.00
100
6.00
100.50
100
5.94
6.00
100.338
5.96
,
1300--Skagit Co. 8. d. No. 22,
Wash5A
1394--So. Dakota (State of)
6
1394—So. Dakota (State of)
5
1108—Springfield, Mass. (4iss.)5
1108.-Springfield, Mass..
5
1108—Springfield, Mass
5
1394.-Stearns Co. 8. d. No. 152,
Minn
6
'
1933-1940
1924-1928
1921-1940
1921-1930
1921-1935
1934
6.00
100
100.1625 5.96
100.51
100
4.50
5.93
6.00
lOb""
5.50
fob""
6.00
5.75
100
100
100
5.00
100
6.00
Minn
1394--Steuben Co., Ind
5
1108—Steubenville, Ohio
6
1201--Stillwater Co., Mont
6
1108-.Story Co., Iowa
6
1496—Stuggart, Ark
7
1394.-Sylvester, Ga
5
1300--Suffolk. n. y
5
1201 -Sunflower Co., Miss
6
1496..Sunflower Co. Supervises
Dist. No. 1, Miss
6
1301--Terra Bella Irri.
Dist.,
1921-1936
1922-1934
dl930-1940
1927-1934
1921-1935
1921-1945
-
105.582
100
100
5.35
5.006.00
100
5.99
5.00
6.00
100
6.00
100
5.00
100
6.00
fob"
5.00
101.797
4.79
100
6.00
100
6.00
fob"
7"66
100.10
100
1108--The Dalles, Ore
6
1201--Thompson Twp. r. 8. d.,
Ohio
1923-1942
6
1928
1201—Tiffin, Ohio.—l
__6
1108--Tipton Co., Ind
1301—Timber Lake 8.
6
1921-1930
7
1925-1940
1924-1930
d.,
1201--Toledo, Iowa
6
5.21
1394—Torrington, Wyo
6
1394—Torrington, Wyo
6
1301—Troy, n. y
6
1108—Tucson, Ariz. (2 iss.)
6
1201—Turlock Irri. Dist., Calif.53^
5.00
5.00
100
5.00
100
tf.66
103.592
5.62
1108—Union Co., No. Caro
6
1301--Union Sch. Twp., Ind
6
1201—Union Twp. 8. d., n. j—6
1108—Urbana Sch. Dist., Ohio-
5.99
100.43
4.95
100
" 6",005
97
6.57
__
102.10
100
5.00
100
5.50
5A
1201-.Vanderburgh Co., Ind
4*4
1301-Vanderburgh Co., Ind_—4h
1108.-Van Wert Co., Ohio
6
1394—Ventnor City, n. j
6
1201—Vermilion Co.,Ind.(2 iss.)4A
12bl—Vienna
Sch.
Twp., Ind—6
1201—Wabasba Co., Minn
6
1301—WallaWaUa Co., Wash—6
1394—Walla
Walla
Co.
No.
100.787
6.00
8.
35, Wash—
1201--Walworth Co., Wise
1496--Warrick County, Ind
1201-.Washington, Ohio
60,0001
75.000J
10,000
3,300
63.500
100,000
77,000
35,000
40,000
75.000
90,000
100,000
18,428
86.04
100
6.00
50,000 1/100
31.394
17.800
100
6.00
100
6.00
30,000
100
7.00
100"
5.66
105.39
96
5.28
d1930-1940
dl935-1950
1921-1940
200,000
215,000
1941-1966
1921-1950
1921-1935
1921-1935
1394—Val Verde Co., Tex.
100.035
730,000)
13,000
34,000
31,500
15,000
1201—Tomah s. d. No. 1, Wisc_5
100
1,250,000
So.
100.54
100
15,000
2,500,000
150,000
1945&1946
6
Dak
100
102.12
30,000
1394.-Stephen,
100.02
1921-1960 1,200,000
dl935-1950
6,000
100.254
8,500
1921-1930
25,000
1921-1935
18,000
1930-1952
45,000
1921-1924
14,000
1940
125,000
1943
100,000
1940
200,000
35,000
1922-1936
115,000
01948
250,000
1921-1935
120,000
1940
30,000
1950
1,036,000
1924-1940
9,400
*ua. n. h
5
1392:-New Carlisle 8. d., Ohio_6
1299—Newman Grove, Neb
6
Calif.
1935
50,000
60.000
100.000
_
.
100
67.761
5
1199—Lauderdale County, Miss.6
1107-.Lawrence County, Ind
5
48,000
47,000
6.50
—
1299—Klickitat Co. s.d.No. 94,
•
6.00
100
—
101.25
200,000
466,000
55,000
47,000
75,000
101.03
151,000
•
250,000
95,000
100
55,000
100
22,000 1/100.17
3,000
4,500
100
55.000
dl930-1940
1392—nas
1495—Orrville s. d., Ohio
1393—Oshkosh, Wis
1393-Paducah, Ky—
5.57
70,000
20,000
<11930-1935
6
1107_-Nampa, Ida
Basis.
103.25
—
100
1493--Harrison
500,000
200,000
Mont
Price.
41,775
100,000
~
30,000
22/,000
1921-1959
1299--Musselshell Co. 8. d. No.
32, Mont
6
1107--Musselshell Co. 8. d. No.
1392—New Haven, Conn
1392—New Haven, Conn
1392.-New Haven, Conn
1926-1929
1936-1940
I
1199.-Hamilton, n. y
5a
1199--Hamilton, n. y
5a
1391-.Hamilton, Ohio
6
1391--Hamilton Co., Ind
4*A
1199—Hancock Co., Ohio
6
1199—Hancock Co., Ohio
6
1199—Hancock Co., Ohio
1391—Hancock Co., Ohio
6
1199--Harrison Co., Ind. (2 iss.)5
1199—Harrison Co., Iowa
6
5.00
4.50
l ,000
"al 924
j'
6
100
109
Amount.
Maturity.
Page.
Name.
Rale.
1921-1941
1299_-Montgomery Co., Md
6
1922-1941
1299--Montgomery Co., n. c__6
1926-1937
1392--Montgomery Co., Ohio.-6
1921-1930
1392_-Morgan County, Ohio.__6
1494--Morrison Co. 8. d. No.22,
Minn__
1935
6k
1392--Muncie, Ind
dl 920-1930
1494--Murray City, Utah(2 iss.)6
1494.-Murray County. Minn...6
1921-1930
1200--Muskingum Co., Ohio
6
41.
40,000
—
1107--Green Bay, Wise
1298
Guthrie Co., Iowa
1391--Haines City, Fla
5.24
1921-1940
dl925-1930
dl930-1940
6
5.81
100.184
3,0nn
—
Mont
100
102.095
3 00
4,000
—
1107**<3jllup, n. Mex. (3iss.)._6
6.00
5.35
6.00
6.00
100
101.16
,17,000
35,000
300,000
125,000
10,084
88,<48*
d1921-1930
92.691
100
101.444
30,000
1921-1930
1925
al934
5.00
100
47,000
1921-1940
1921-1940
Basis.
Price.
100
5.24
5.50
7,000
40,000
10,300
40,000
25.000
[Vol. 111.
CHRONICLE
THE
1490
510,000
150,000
44,000
89.38
96.21
6.43
100
100
6.00
18.000
"1930"
140,000
250,000
20,900
100
1921-1930
16,900
100
4.50
4.50
100
6.00
1921-1931
7,446
147,000
84,700
42,000
24,000
300,000
1921-1930
1921-1952
30,000
400,000
52,400
16,000
1921-1956
1921-1969
1921-1925
1921-1936
6.00
100.171
5.98
fob"""
b'.oo
fob""
6".60
100
5.25
100""""
4.50
d.
15*4.
5
4)4
6
Oct. 9
1920.]
THE
Page.
Name.
1201--Washington, Ohio..
1496--Washington Co., Ind.
Rate.
Maturity.
6
1921-1930
Colo...
_6
S.
D.
No.
43,354
Price.
Basis.
5,000
1921-1930
(2
issues)...
AH
1201-.Waterloo, Iowa
6
1394__Watkinsville S. D., Ga__6
1496—Webster Groves S. D.,Mo5M
1202
Weld Co. S. D. No. 67,
1302—Weld Co.
Amount.
CHRONICLE
4.50
100
40,000
6
25,000
125,000
<*1935-1950
10,000
<*1935-1950
20,000
100,000
8,000
100
6.00
100
4.50
150,000
100
110,000
100
5.00
5.00
25,000
100
6.00
1496—Wells County, Ind.
6
1394.-White Co., Ind
AH
1394—Wichita Falls Ind. S. D„
Tex
—5
1202.-Wilson, No. Caro__
Page.
Name.
Rale.
1202-Cobourg. Ont. (2 issues).6
1109--Manitoba (Province of)__6
1202—Saskatchewan S. D.,Sask.
1302—Saskatchewan S. D.,Sask.
—
1921-1940
—
1922-1926
1921-1925
—_
1496—WinninghamS. D., Va_—6
<*1930-1940
Yellowstone Co.
8.
D.
No. 2, Mont
—6
1496--Yuba City, Calif. (3 iss.)
1202—Yuma, Colo
6
Amount.
1921-1940
$75,000
1925
3,250,000
48,550
49,750
(except
a
Average date of maturity,
tne later
porary loans reported, and
sinking fund
as an
as
Price.
Basis.
94.77
-___
—
-
indicated) took
These additional August sales make the
total sales of debentures for that month
year and mature in
—
5
Maturity.
All the above sales of debentures
place in August.
40,
Colo
1491
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
d Subject to
$15,145,469.
call
in and after the earlier
k Not including $56,393,143 of tem¬
the list,
x Taken by
y And other considerations.
zU.S. funds.
year,
which
investment,
do not belong in
1302
100,000
35,000
10,000
„—
1935
NEWS
Total bond sales for September (289 muniei-
palities, covering 365 separate issues)
REVISED
The
TOTAL
FOR
^
fc$46,628.821
PREVIOUS
following items, included in
MONTHS.
/
totals for previous
months, should be eliminated from the same. We give the
our
page number of the issue of our paper
for these eliminations may be found:
in which the
reasons
Name.
Page.
Amount.
1105—Artesia S. D. No. 16, N. Mex. (July list)
1298—Foro Mill S. D., So. Caro. (August list)
1392—Medford Irrig. District, Ore. (May list)—
913_-Montgomery County, Ohio (August list)__-
$50,000
20,000
1,250,000
18,000
800,000
750,000
».
1200.-Norfolk, Va. (August list)-.
1200—Parkin Road Impt. Dist., Ark. (May list)—
1201—Tyronza St. Francis Road Impt. Dist., Ark. (Aprillist)-...
1302—Washington Sc.h. Twp., Ind. (August list)-.
1013—Willard, Ohio (August list)
1497--Windsor, Ont. (July list)———
—
We have also learned of the
—
300,000
57,000
20,000
—
376,548
following additional sales for
previous months:
Maturity.
Page.
Name.
Rate.
1106--Bedford County, Tenn___6
1390.-Bessemer
Twp.
S.
D.,
Mich
--6H
1297-Caliva S. D., Calif.(May)5
1106—Canaseraga, N. Y
5
1198.-ClearcreekTwp. R. S. D.,
100
6.50
1939-1942
1926-1960
<*1929-1939
1950
100
5.00
100
5.00
100
6.00
100
100
101.49
6.00
20,004
100
6.00
5,300
750,000
4,000
1925&1930
1924-1931
16,000
7
1925-1934
6.00
5.90
107,000
7
111
Basis.
20,000
1921193 6
—_6
410—Cleve.Hts.S.D.,0. (July) _6
1198-Dalton, Neb—
6
1391—Ecorse, Mich. (8 issues).-6
1298--Fort Mill 8. D., So. Caro.
(July)
6
1391.-Fort Wayne, Ind. (July)_4?i
1199.-Franklin Co. 8. D. No.88,
300,000
34,000
8,000
Price.
$200,000
1922 1933
-
Ohio
Amount.
1925 1940
111
-
1107—Lincoln
Co.
8.
D.
20,000
—
—
1930-1940
Wash
-5M
1921-1940
1200--Lowell, Mass
5
1930 & 1945
1299--Mahoning Co., Ohio
6
1299.-Marshland D. D., Ore—6
1922-1926
1107—Massillon, Ohio.
6
1107..Modesto, Calif. (2 iss.)—7
1921-1925
1200—Mogadore Vill. 8. D., 0.6
1931
517—Niles, Ohio (July)
6
1921
1200-.Norfolk, Va_
^—6
<*1921-1940
1200--North Bend, Neb
6
1200--Parkin Road Impt. D.,
Ark. (May)
1922-1940
6
1495—Parma Sewer D. No.3,Ida8
<*1921-1925
1931-1940
1201
QuayCo.S.D.33,N.Mex.6
1930-1933
1201—Ridgeville, Ind
6
1108--Seattle, Wash. (6 issues)
1932
(July).—
6
1108
Seneca Co., Ohio (5 iss.)_6
1921-1940
1201.-Solano Co., Calif—.
6
1922-1932
1201—Tintic Sch. Dist., Utah—5
1921-1923
1108—Tupper Lake, N. Y
5H
1201—Tyronza-St. Francis Rd.
1922-1940
Impt. D., Ark. (Apr.).6
1301—Volusia Co. Sp. Tax 8. D.
1940
No. 12, Fla
6
100
100
100
100
6.00
100
7.00
2,000
100
5.75
101.372
4.82
6.00
4.50
4.50
100
6.00
100
7.00
100
6.00
700,000
1,500
100
8.00
45,000
4,000
95
6.51
100
6.00
100
6.00
100"
5".66
100,
5.50
127,410
258,000
154,421
55,000
5,000
1/95
indicated) are fo August.
issues will make the total sales (not
uding temporary loans) for that month $55,588,462.
SOLD
BY
CANADIAN
MUNICIPALITIES
IN
SEPTEMBER.
Rate.
Maturity.
Amount.
Ont
6
1920-1939
500,0001
Ont„
5H
1920-1939
125,000/
1395—CharlottenburgTwp.,Ont.5^
£5,000
1202--Edmonton, Alta
5
1930
1202--Edmonton, Alta
5
1925
72,000]
1395
Edmonton. Alta—
6
1922-1924
207,500
1302—Essex
Border
Utilities
Comm., Ont
—6
—
117,615
1302_-Etobicoke Twp., Ont
QH
17.361
1497.-Fort William, Ont—
417,000
1497--Fort William, Ont
5
--------225,000
1497
Gananoque, Ont
6
1921-1940
14,000
1497—Gananoque, Ont
6
1921-1950
19,000
1202--Grand Forks, B. C
25,000
33,500
1202—Lakefield, Ont
6
1940
100,000
1109--Lanark County, Ont
6
48,000
1202--Milton, Ont
6
1930
300,000
1202
Moncton, N. B
6
2,300,232
1395--Ottawa, Ont. (4 issues) —6
88,000
1497.-Owen Sound, Ont
63^
35,000
1302--Prince George, B. C
6
1925
1,000,000
1109.-Quebec (Province of)
6
1497—Regina, Sask
--------102,153
1921-1943
3,000
1497—Renfrew, Ont
5
1921-1950
4,783
1497--Renfrew, Ont
5
Name.
Paae.
1202
1202-
-
Price.
Brantford,
Br antford,
---------
1497--Renfrew, Ont
6
1302—Saraia, Ont
.—6
1302--Saskatchewan (Prov. of)-6
1395—Saskatchewan S. D.,Sask. —
1497--Saskatchewan 8. D.,8ask. —
1109--Selkirk, Man
——6
1202--Strasbourg, Sask
—
1302--Toronto Twp., Ont
6
1395—Trail, B. C
7
1497--Trenton, Ont
6
1497_ _Whitewood. Sask—.
—
1395--Winnipeg, Man
oH
1921-1950
1940
Basis.
6.00
——
' *^5
97.20
™
—
7.00
90*31~
::::
z97~29~
IIII
1921-1940
1940
1920
It is said that the
City Commission plans to disband and
city government back to the Council elected in the
spring of 1917.
'
1921.—The Department of Taxes and
Oct. 1 opened the assessment books for the
year 1921.
The tentative assessed value of ordinary real
estate and real estate of corporations is announced
to be
REAL
ESTATE.
-Tentative Figures-
37,000
9,000
12,000
3,000200,000
1920.
1920.
$
%
$
Manhattan/Ordinary real estate.
.5,489,193,555 4,810,886,846 4,805,084,146
(Real estate of corporations131,679,600
113,919,675
113,739,925
Bronx
/Ordinary real estate
771,571,046
675,914,771
672,726,721
1 Real estate of corporations..
54,206,350
51,786,150
51,408,650
Brooklyn /Ordinary real estate
.2,302,215,511 1,858,509,771 1,811,626,806
IReal estate of corporations
45,985,050
39,250,850
39,164,350
Queens—/Ordinary real estate.——648,746,735
570,518,870
569,694,575
\Real estate of corporations40,884,150
37,948,100
37,577,450
Richmond /Ordinary real .estate
118,693,720
107,055,975
102,766,550
(Real estate of corporations4,841,750
5,366,600
4,620,800
.
.
.
Grand total of real estate
The
—
9,330,420,567 8,022,886,233 7,961,898,791
277,596,900
248,271,375
246,511,17,
.
above
9,608,017,467 8,271,157.608
—
does
not
8,208,409,973
include
special franchises.
The
assessments for these are made
by the State Board of Tax
Commissioners and returned to the Tax Department of the
city in January each year.
The total of the tentative personal assessment
list for
1921 is $630,072,850, or $155,874,550 less than the
tentative
figures for 1920.
Enormous reductions are always made
in these figures by the
"swearing off" process.
The following table shows the amounts for the various
means
of
an
asterisk (*):
PERSONAL PROPERTY.
Resident
Boroughs—
Manhattan-
Personal of
Personal.
Estates.
$
$
1921..—..234,834,350
•
Corporation
Resident.
$
Non-Res.Per. SaxeLaw
Non^Res'nt.
$
Sec.7,Sub. 1 Sec:7,Sub.2
$
$
98,457,700 41,290,500
9,553,000 18,106,100 4,310,700
1920... ...288,849,100 116,627,200 62,291,000
54,899,000 29,074,100 4,692,100
1920*. ...122,001,500
17,655,200 22,673,850 42,888,250 17,791,500 4,053,050
.
39,194,500
5,840,300
1,484,500
41,251,300
6,093,700
15,299,850
787,750
1,464,000
790,600
..107,588,900
105,863,750
32,206,250
35,210,600
31,092,500
2,805,100
3,911,500
57,000
4,546,000
2,656,500
3,507,050
19,726,050
22,164,050
7,150,600
3,963,350
4,522,200
1,011,100
1,025,800
17,500
242,500
680,850
750,150
210,500
3,516,900
4,831,700
1,644,585
1,797,700
1,301,400
228,450
258,600
1920*
3,000
372,000
333,000
Brdoklyn:
85.25
93.493
94.68
6.84
1920*
6.48
4,034,000
33,000
18,000
Queens:
1920
1920*
Richmond:
94.13
5.63
1921——
98
7.28
6.75
1920
-
1920*
197,600
530,000
—
147,000
115,000
Total:
1920
$9,473,044
Final Roll
-
1921.
1921
30,450
25,000
Canada
during September 1920------------
on
$9,608,017,467, an increase of $1,336,859,859, compared with
the tentative figures of 1920.
The final figures for 1920
were $8,208,409,973.
We give below the estimated figures
for 1921, comparison being made with the estimated
and
final figures for 1920.
1921
Total amount of debentures sold In
Property for
Assessments
Bronx-
2,000
1940
1930
The present charter, including the Hare
system, was approved
Governor Sleeper and Attorney-General Groesbeck and
went into ef
late in the winter of 1918.
The first Commission held office until
super¬
seded by the present body in November 1919.
No opposition was recorded
to the Hare system until a group of influential
business men, dissatisfied
with the policies of the
Commission, organized a year ago to contest the
validity in the Commission itself."
being designated by
110,250
1923
legal legislative
classes of personal
property on the 1921 list, compared with
the tentative and final list of 1920, the final
figures for 1920
—
90.55
98.07
10.200J
128,000
3,000,000
any
therefore, helpless to extricate itself from the e
greater tangle into which the decision plunged the
community.
T
decision affirmed the judgment of ouster entered
by Judge Jesse Root,
Monroe, against the City Commission last summer and held in
abwan
until the Supreme Court could act.
Officials are unanimous in the beli
that the present commission has no further existence in
law, also that t
old Council cannot return to the office because the
charter under which it
was elected was
abrogated.
Total real estate of corporations
30,000
All of the above sales (except as
nc
City officials believe the city is left without
and that Kalamazoo is,
Total of ordinary real estate.-
350,000
These additional July
^DEBENTURES
"
"The decision affects Muskegon and several other
Michigan cities
which, in changing over to the Citv-Manager-Commission form of
govern¬
adopted the Hare plan of electing the legislative
body.
ment,
sonal
70,369
16,000
1,300
23,200
20,000
400,000
307,000
50,000
92,133
22,222
2,250
11,500
808,000
10,000
Detroit "Free Press" says in part:
New York City.—Tentative Values of Real Estate and
50,000
No.
148,
Kalamazoo, Kalamazoo County, Mich.—City Charter
Illegal.—The State Supreme Court on Sept. 29, in
deciding that the proportional representation system under
which the present City Commission was
elected, is unconsti¬
tutional, deprived the city of its legislative body.
The
Held
turn the
-
1199.-Franklin Co. 8. D. No.95,
1199.-George Ind. 8. D-, Iowa
1925
(July)
5
192)-1930
1107—Hamilton, Ohio (2 issues) .6
1199--Hammond, Ind
6
1107.-Harrison County, Ind—AH
1921-1924
1107--Johnson County, Ind
1921-1930
AH
<*1921-1940
1200-.Lexington, Neb
7
ITEMS.
Borough of Clairton, North Clairton and Wilson,
Allegheny County, Pa —Consolidation to Be Voted Upon.—
On Nov. 2 the electors of these three
boroughs will vote on
the question of
consolidating the boroughs into a third-class
city under the name of "City of Clairton."
1920*
404,860,700 145,269,650 47,895,200
9,630,500 18,106,100 4,310,700
462,959,900 159,637,000 69,856,800 59,694,500 29,074,100 4,725,100
178,302,785
22,157,350 27,129,700 47,053,800 17,791,500 4,071,050
THE
1492
GRAND TOTAL BY BOROUGHS.
Manhattan.
S
Brooklyn.
Bronx.
$
...406,552,350 46,622,300
1921
...556,432,500 49,181,000
1920 ♦-. ...227,063,350 17,211,200
1920
...
New York
Total.
$
Richmond.
$
yueens.
$
S
146,768,000 24,718,000 5,512,200 630,072,850
145,569,250 27,954,550 6.810,100 785,94/,400
41.192,900 8,792,100 2,246,635 296,506.185
City.—Census.—Revised figures
on
New York
City's population given out by the Census Bureau, place
the total at 5,620,048, an increase in the ten-year period of
853,165, or 17.9%.
This was 1,103 less than the number
previously announced, which had been questioned as too
small.
The following table shows the population of New
York City by boroughs:
1910.
1920.
—47,439
301,036
384,005
-2.0
69.8
185.001
30,562
4.766,883
853,165
2,331,542
2,018,356
469,042
1,634,351
116.531
5.620,048
Bronx
Brooklyn
Queens
Richmond
Total
430,980
284,041
23.5
Jan. 1 and July 1, and to mature 30 years
the city's fiscal agency.
.
The improvements scheduled to be made under this loan,
and the amounts allotted to each, are as follows:
on
work
nant
Delaware
and
8750,000 Acquiring property for and
completion and equip¬
500,000
ment of playgrounds—
250,000
500,000
i
Ave.
extension
750,000
paving bonds
800,000
1,500,000
Con. of branch sewers
1,000,000
Construction of bridges..
400,000
Acquisition of property for
Ave. impt
Cons, of main sewers.
Delaware
of sewage
erection
and
treatment
1,500,000
plants
Extension of water
supply 3,105,000
Impt. of Independ. Hall..
Impt. of parks and squares
Construction
of comfort
stations....
Impt.
of
...
100,000
St.
Second
So.
200,000
100,000
Market.
Erection of municipal bldg
Erection
and equipment
40,000
450,000
of garbage disposal plant
Construction of police and
1,000,000
of elevators
in City Hall....
500,000
Purchasing new fire appar
550,000
Completion
and
equip.
of Frankford Elev. Ry. 3,500,000
Construction of connection
Construction
subway
•and Frankford Elev. Ry
Erection
and
impt.
of
of
Market
swimming
bath
pools
100,000
—
3,500,000
for
and
1,000,000
of
1,500,000
Delaware
Bridge.....
500,000
Construction of buildings
for the Municipal Court 1,000,000
To pay damages for open¬
ing,
widening
and
change
of
grades
of
streets, construction of
River
and
condemna¬
2,000,000
tion of property
300,000
....
Construe,
main
and
sewers
400.000
in
Ida.—BOND
OFFERING.—
Clerk Board of County
1296, were tne Minnesota Loan & Trust, Co., and
Denom.
Int. M. & S.
Due Sept. 1 1930.
ALLEN
The bonds bear the following description:
of
Bigler
500,000
50,000
Stanley,
$1,000.
1 1920.
O. Lima), Ohio .—BONDS NOT SOLD.—The
(P.
COUNTY
Impt. bonds, offered on Sept. 11—V. Ill,
bids being received.
$36,600 6% Children's Home
p.
1009— were not sold, no
Neb.—BOND
County,
Butte
Box
SALE.—Benwell,
Phillips, Este & Co., of Denver, have purchased $25,000 street-intersection
and $10,000 sewer 6% 20-40-year (opt.) bonds.
Dated July 1 1920.
This
house bought these bonds several months ago, as reported in V. Ill, p.
409, but Wood & Oakley, attorneys,
objected to the title, and the contract
But recently the objection was overcome and the
not consummated.
sale has been remade.
Oct. 4 tne
$15,000 6% electric light and power plant extension bonds—V. Ill, p.
awarded to the Citizens Bank of Arcade for $15,125 (100 833)
—were
Date Aug. 2 1920.
Aug. 1 from 1921 to
1935, incl.
DISTRICT,
Kern County,
Calif.—
of the school bond issue of $300,000
SCHOOL
BAKERSFIELD
1390
and
Due $1,000 yearly
BOND ISSUE UPHELD.—Tne validity
upheld, it is stated, by Superior Judge T. N. Harvey, who ruled that
the omission of the year in the body of the notice calling the election did
not entitle the defendant Bradford, Weeden & Co., buyer of tne bonds to
refuse to accept them.
The bonds were sold for par and bear 5M % interest
as reported in V. Ill, p.
1296.
was
COUNTY (P. O. Beaver), Utah.—BOND SALE.—This
6% road bonds to Keeler Bros., of Denver.
Denom.
J.
Due yearly on June 1 as follows:
BEAVER
countv sold $58,000
$1,000.
Date June 1 1920.
Int. J. &
$8,000 1928 and $10,000 1929 to 1933,
incl.
SCHOOL DISTRICT, Sacramento Countv, Calif.
the Bank of Alex. Brown, Inc. of Walnut
Grove was awarded the $60,000 6% 11 H-year (aver.) school bonds, dated
Sept. 1 1920—V. Ill, p. 1390—at 101.21 a basis of about 5.85%.
BEAVER UNION
—BOND
exten.
and Packer Streets
impts. at House of Cor¬
Council),
O.
AITKIN COUNTY (P. O. Aitkin), Minn
SUCESSFUL BIDDERS.—
$250,000 6% road bonds, awarded as reported
on
1,000,000
Cons. of Art Museum..
Construction of
(P.
interest, a basis of about 5.86%.
property
of
COUNTY
ADAMS
Commissioners, for $125,000 6% road and bridge bonds.
Denom. $1,000.
Dated July 1 1920.
Int. J. & J.
Due July 1 1940, subject to call 10%
beginning July 1 1931.
These are the same bonds that were offered on Sept. 13—V, 111, p. 1296.
—but then failed to receive a considerate bid.
ARCADE, Wyoming County, N. Y.—BOND SALE.—On
Free
construction
'1921.
Bids will be received until Oct. 10 by Matilda Moser,
was
1,130,000
of
1
ALLIANCE,
of Fairm't Park Com'rs
Construction of bldgs and
rection
50,000
Impt. of parks under care
and
houses
500,000
equipment
bldg.
Library
Acquisition
sewers
St.
March
Erection and construction
main
The bonds will be sold subject to $10,000 being
($31,200) to be delivered
(V. 110, p. 2693).
votea
delivered immediately and the remaining portion
Date Sept.
and extensions to Health
Dept. bldgs.
Clerk, for the purchase of the $41,200 6%
V. Ill, p.
Gates & Co.
Construction of bulkheads
of
32 (P. O. Kuna), Ida.—
will be'received on Oct. 23 by S. O. Booker,
20-year school bonds recently
ADA COUNTY SCHOOL DISTRICT NO.
BOND OFFERINO.—Bids
in
25,000
and wharves
follows:
The successful bidders for the
shelter...
Construction,
as
NEGOTIATIONS
AND
PROPOSALS
BOND
650,000
Acquiring land
for and
impt., development and
equip, of playgrounds,
parks
and
recreation
centers in the congested
parts of the city.
Construction and impt. of
bldgs. at Brown's Farm
Purchase and equipment
of
children's
receiving
City Hall Annex.
500,000
stations-...
fire
States.—Population
by
States.—The Census
Bureau places the preliminary total of the population of the
United States at 105,683,108 an increase over 1910 of 13,710,842 or 14.9%.
Further reference to this is made on
a previous page in our department of "Current Events and
Discussions" showing the distribution of the population
among the different States.
<
this week have been
from date at
800,000
carriers.
on common
United
35.6
Philadelphia, Pa.—Bond Election.—The Mayor and City
on Oct. 1 passed an ordinance authorizing the sub¬
mission to the voters on Nov. 2 of a proposition calling for the
issuance of $33,000,000 registered and coupon bonds, to
bear interest at a rate not to exceed 6%, payable semi¬
Grading streets...
—
Paving streets
.....
Impt. of county roads—
Roosevelt Blvd. extension
Construction
of
bathing
beaches
and
appurte¬
strikers
T7T9
Council
annually
Texas.— Special
Session of Legislature Adjourns.—The
special session of the Texas Legislature which convened on
Sept. 21 adjourned at 10 p. m. on Oct. 2.
Two important
measures were passed by the Legislature:
(1) the election
bill which provides that both the men and women of the
State shall pay a poll tax of $1.75 to vote in the November
election, and (2) expanding the open port bill to apply to
65.1
85.969
..2,284,103
732,016
„
PerCt.
Increase.
Population-
BoroughsManhattan
[Vol. 111.
CHRONICLE
SALE.—On Oct. 4
SCHOOL DISTRICT, Los Angeles
County,
OFFERING.—Bids will be received by L. E. Lampton,
Los Angeles), for $6,000 6% school bonds until 11 a. mOct. 11.
Denom. $500.
Date Oct. 1 1920.
Prin. and semi-ann. Int.,
payable at the office of the County Treasurer.
Due $500 yearly on Oct. 1
Horn 1921 to 1932, incl.
Cert, check for 5% of the amount or bonds bid
for payable to the Chairman Board of County Supervisors, required.
BELLE
VERNON
Calif.—BOND
of
Port
Portland,
Ore.—Bonds
Held
Illegal.—The
$1,000,000 water transportation bonds authorized by the
voters of the Port of Portland on June 3 1919 are declared
illegal in an opinion given by the law firm of Storey, Thorndyke, Palmer & Dodge, of Boston.
The Portland Oregonian
COUNTY (P. O. Camden), Tenn—BOND SALE.—Cald¬
awarded on Oct. 4 the $50,000 5% 7 5-12 year (aver.)
BENTON
well
&
Co.,
were
bonds, dated Oct. 1 1920—V. Ill, p.
basis of about 6.375%.
Other bidders:
Powell, Garard & Co
road
says:
transportation bonds, authorized by the voters of the
Water
Port of
Portland district and proposed for sale by the port commission, are illegal,
in the opinion of the eastern bond attorneys who were asked by the port
commission for an indorsement of the issue.
Issuance of $1,000,000 of these bonds was approved by the voters at the
election of June, 1919, and the port commission was preparing to sell
In accordance with the usual proceed
law firm of Storey, Thorndyke, Palmer & Dodge was asked
legality of the bonds before they were advertised for sale.
As no reply had been received from the attorneys for several months the
port 'commission, at a meeting directed that a telegram be sent to the law
firm asking for an immediate opinion.
The reply, received yesterday, was
$100,000 of this million-dollar issue.
ure, the Boston
to pass on the
as
County Clerk (P. O.
follows:
"Consider
the question of water transportation aid too doubtful to
approval of the bond issue."
From previous correspondence with the attorneys, it is understood that
their objection to the act which authorized the bond isuse is that it violates
the Constitution of the United States in prescribing the use of public funds
to aid private enterprise.
The purpose of the water transportation bond issue was to promote ship¬
ping for this port by the granting of bonuses to steamship compahies which
would establish services into and out of Portland.
The term bonus is
carefully defined in the act to mean aid of various kinds which the port
warrant eur
Elston
& Co
par
-
-
..
1198—at 92.02 and interest a
-
less $4,737
par less
SCHOOL DISTRICT, Inyo County,
—BOND SALE.—This district sold $137,000 school bonds to R. H.
ton & Co., and Bradford, Weedon & Co., jointly. It is stated.
BISHOP UNION HIGH
BONNEVILLE IRRIGATION
6,325
Calif.
Moul-
DISTRICT (P. O. Bountiful), Davis
County, Utah.—NO SALE—At the offering on 8ept. 28 of the $600,000
6% serial irrigation bonds (V. Ill, p. 1106), no sale was made.
Seth C.
Jones, Clerk, states that bonds are to be offered to the State Board of Land
Commissioners.
Due $150,000 Dec. 1 1931, $66,000 Dec. 1 1932 and
$48,000 each
BOONE
year
thereafter until all are paid.
COUNTY
(P.
O.
Lebanon),
Ind.—BOND
SALE.—The
$11,200 4y>% Carl A. Davis et al Center Twp. road bonds, offered on
Sept.
30—V. Ill, p. 1296—were awarded to Claude H. Williams, o
Lebanon, at par.
Date Sept. 7 1920.
Due $560 each six months from
May 15 1922 to Nov. 15 1931, incl.
commission
(P. O. Lebanon), Ind.—BOND SALE.—'The
Tndianapolis was awarded the $86,000 6% coupon
offered on Sept. 25—V. Ill, p. 812—for $86/945
(101.099) and interest, a basis of about 5.87%.
Date Aug. 7 1920. Due
$46,000 Mav 15 1930, and $2,000 each six months from Nov. 15 1930 to
such
May 15 1940, incl.
case
as
of
proposed to extend to steamship companies using this port,
absorption of pilotage charges, free use of the port dry dock in the
an
BOONE
accident due to a defect in the river channel and equalization of
with those of other ports of the Pacific coast.
Relying upon the authority granted in this act, the Port of Portland
commission recently adopted a resolution granting just this aid to steamship
companies.
Definite action on the resolution was prompted by the re¬
quest of K. Doi, manager of the Toyo Kisen IiaLsha, which is about to
port charges generally
establish services with Japanese steamers from Portland to the Orient and
of South America.
In accordance with the port commission's resolution Mr. Doi and other
steamship operators were informed that should a vessel suffer an accident
in the Columbia or Williamette rivers while enroute to or from Portland,
due to defect of the channel, such vessel would receive the use of the Port
of Portland dry dock without charge for the purpose of making necessary
repairs.
Operators were also told that towage and pilotage charges between
Portland and the sea would be no greater than such charges between a Puget
sound port and the sea.
Funds for granting such aid to steamship operators
were to have been secured from the sale of the water transportation bonds.
to the west coast
HWhile the opinion of the Boston law firm is not legally paramount to a
court decision, it is such in effect, as other attorneys would be guided by the
opinion of this firm or by the same considerations as affected its decision,
and municipal bonds are not acceptable to the buyers without the approval
of one of the big legal firms specializing in bond issues.
There is no provision of the law, however, which prevents the Port of
Portland from extending such aid to shipping as it sees fit from its general
funds.
Whether the port commission's newly adopted policy of equaliza¬
tion of port charges will be adhered to in the face or this disapproval of the
bond issue will probably be determined at the next meeting of the com¬
mission.
COUNTY
Fletcner-American Co. of
heating plant bonds,
BRISTOL
Oct.
were
(P.
COUNTY
O. Taunton),
Mass.—NOTE SALE.—On
6 the $40,000 tax-free tuberculosis hospital notes (V. Ill, p.
awarded to 8. N. Bond & Co., of Boston, on a 6.15% discount
1390)
basis,
Date Oct. 6 1920. Due April 1 1921.
BUFFALO, N. Y.—BOND SALE.—During September the following
two issues of 4% monthly local work bonds were issued to the Sinking
plus a premium of $1 25.
$^^473^84*bonds.
14,878 22 bonds.
Date Sept. 1 1920.
Date Sept. 15 1920.
CALIFORNIA (State
°f
Due Sept. 1 1921.
Due Sept. 15 1921.
of).—BOND SALE.—The "Los Angeles
Times'
It? takes? a^good
deal of high and lofty financing to move State highway
bonds in these days of big Interest, but a transaction was consummated
on Sept. 27 through which a syndicate composed of Blankenhorn-HunterDulin Co., Bond and Goodwin and the Anglo-London-Paris Bank of San
Francisco purchased $500,000 worth of the $40,000,000 State highway bonds
authorized on July 2 1919-V. 109, p. 192 paying therefore $463,455, eqmil
to 92.691.
Instead of acquiring these bonds directly from the Stabs the
syndicate bought from Los Angeles county.
There were eleven bidders,
and much interest In the transaction.
Under the law the State cannot dispose of its bonds for less than par,
but at the interest rate established when the bonds were approved by the
voters, and which Is 4H%. the bonds will not bring par in the present
status of the money
market.
A half million dollar
,
x
($500,000) bridge is a necessary part
highway system at Big Tejunga, and
^
of the State
in order to keep the work going and
Oct. 9 1920.]
THE
CHRONICLE
insure the bridge without
unnecessary delay, Los Angeles county purchased
from the State at par $500,000 in
bonds with the understanding that the
is to be spent in this county and for the
purpose indicated.
the county offered the bonds to the
highest bidder, not being
bound by statutory limitations, and will
pocket the loss, in this case $36,545, which, is said to be offset by the advantages derived from a
speeding
up of important highway work within the
county.
It is understood that
other purchases will shortly be made and offered on
the same basis.
The leading investment bankers of the State
were well represented in the
bidding as will be seen by the following table:
v
money
Then
Syndicate composed of Blankenhorn-Hunter-Dulin
Co., Bond
& Goodwin, Anglo-London-Paris Bank
$463,455.00
Citizens' National Bank, bond
department
463,125.50
Syndicate composed of Union Trust & Savings Bank, Los
Angeles Trust & Savings Bank, Win, R. Staats Co
462,780.00
Syndicate composed of Stephens & Co., Schwabacher &
Co.,
L. T. Ryone & Co
461,813.50
Bank
of
Italy
460,488-00
Syndicate composed of National City Co., E. H. Rollins &
Sons,
R. H. Moulton & Co...
458,225.00
Drake, Riley & Thomas.
458,125.00
Frank
&
Lewis
_
________
456,000.00
Security Trust & Savings Bank, bond department
455,350.00
Torrance, Marshall & Co
452,500-00
Syndicate composed of the bond department of the Home &
Hibernian Savings Bank, Girvin &
Miller, Carstens & Earles
__
Inc.
__
_______
The bonds will be offered to the
public by the successful bidders in a few
days at an attractive price, and seems to establish a method
by which the
may
be placed in circulation to the satisfaction of all
con¬
cerned.
CARIBOU
COUNTY
(P.
O.
Soda
Keeler Bros, of Denver
Springs),
Ida.—BOND SALE.—
on Sept. 22
purchased at par, $22,600 6% refunding
Denoms. $1,000 and $100.
Date Aug. 1 1920.
Int. J. & J.
bonds.
CASCADE,*
Cascade
Prov. S. B. & Tr. Co
DE FUNIAK
County,
00 Federal
00
Securities
Corp.,
Chicago
Prudden &Co., Toledo.._
00 A. T. Bell & Co., Toledo..
00 A. E. Aub & Co., Cine
$50,277 00
50,226 50
50,206 85
50,140 00
50,280 00
SPRINGS, Walton County, Fla.—BOND OFFERING.—
Bids will be received until Oct.
15
by Duncan Gillis, City Clerk, for the
following 6% bonds mentioned
in V. Ill, p. 1297.
$25,000 sewerage bonds.
10,000 water-main-extension bonds.
20,000 general street and park
improvement bonds.
5,000 cemetery chapel and
equipment bonds.
5,000 cemetery fence and interior road bonds.
Date Jan. 1 1920.
Principal and semi-annual
■
office of the
City Treasurer and
interest payable at the
at such other
place
agreed upon by the purchaser and the
City Council.
as
may
Due
be mutually
on
Jan.
1
as
follows: $5,000 1925, $5,000
1930, $5,000 1935, $5,000 1940, $10,000 1945,
$10,000 1950, $10,000 1955, and $15,000 1960, or at such other
serial datesas may be
mutually agreed upon by the City Council, and the purchaser.
Certified check
on one
of the local banks, or other bank, for
$1,000 required.
DUBLIN, Franklin County, Ohio.—BOND SALE.—The
Worthington
Bank, of Worthington, has purchased at par the
$4,000 6% electric light
"lant
bonds
Pi
offered
Aug.
on
12—V.
D ue $100 each six months from
449,925.00
______
highway bonds
Sons, Chi_$50,705
Seasongood & Mayer, Cin. 50,355
Breed, Elliott & Harrison,
Cincinnati—
50,331
A. B. Leach &
Co., Chi__ 50,280
......
_
1493
E. H. Rollins &
DYERSBURG,
Dyer
Ill, p. 515.
Date June 15
April 1 1921 to Oct. 1 1940, incl.
1920.
County,
Tenn.—BOND
OFFERING.—L. E.
Crane, Mayor, will receive bids for $25,000 water and
light and $20,000'
general bonds until Oct.
18.
EAST NORTHPORT SCHOOL DISTRICT
(P. O. East Northport),
Suffolk County, N. Y.—BOND
OFFERING.—Carl Fredericks, District
Clerk, is calling for bids for $25,000 6% school bonds.
Denom. $1,000.
The official notice
of this bond offering will be found among the advertisements
Mont.—BONDS
DEFEATED.—
A $200,000 sewer bond issue has been defeated.
Apparently, the item in
V. Ill, p. 1198—stating that these bonds had been
voted, was incorrect.
of this department.
CASS COUNTY (P. O. Logansport), Ind.—BOND SALE.—On Oct.
5
the $10,200 4H % road bonds offered on that date—V.
Oct. 2 for
awarded to A. P.
Ill, p. 1390—were
Flynn at
par.
CASWELL COUNTY (P. O. Yanceyville), No. Caro.—BOND OFFER¬
ING.—Robert T. Wilson, Clerk of Board of County Commissioners, will
receive
for the $50,000 6% coupon (with privilege of registration) roadbonds—V. Ill, p. 129—until 1 p; m. Oct. 15.
Denom. $1,000.
Date Oct. 1 1920.
Prin. and semi-ann. int. (A. & O.), payable at tne office
of the U. S. Mtge. & Trust Co., N. Y., and interest on
impt.
registered bonds
be paid in New York exchange.
Due yearly on Oct. 1 as follows:
$1,000 1923 to 1928, incl., and $2,000 1929 to 1950. incl.
Certified check
or casn for
2% of tne amount of bonds bid for, payable to Caswell County,
required.
The successful bidder will be furnished with the opinion of
Reed, Dougherty & Hoyt of N. Y., that the bonds are valid obligations of
Caswell County, and the bonds will be
printed under the supervision of
the U. S. Mtge. & Trust Co. of N. Y., which will
certify as to the genuine¬
ness of the signatures and seal on tne bonds.
will
CHERRYVILLE, Gaston County. No. Caro .—BOND OFFERING.—
a. m. Oct. 18 for $90,000
6% gold coupon (with privilege of registration) sewer bonds.
Denom.
$1,000.
Date Sept. 1 1920.
Prin. and semi-ann. int. (M. & S.) payable
at the Mechanics & Metals National Bank, N. Y.
Due yearly on Sept. 1
as follows: $2,000 1923 to 1946
incl., and $3,000 1947 to 1960, incl.
Cert,
check on an incorporated bank or trust
company or a sum of money for or
in amount equal to 2 % of the amount of bonds bid for
payable to the above
Clerk, required.
The successful bidders will be furnished with the opinion
of Reed, Dougherty & Hoyt, N. Y.
that the bonds are valid and a bind¬
ing obligation of the town of Cherryville.
The bonds will be prepared
under the supervision of the U. S. Mtge. & Trust
Co., N. Y., which will
certify as to the genuineness of the town officials and the sales impressed
W. C. Hicks, Town Clerk, will receive bids until 11
thereon.
Purchaser to pay accrued interest.
EDEN, Marshall County, So. Dak.—BOND SALE.—The Bankers
Savings Bank of Minneapolis was the successful bidder at
Trust &
V.
par on
bond Issue amounting to $12,000
(not $12,500 as reported in
Interest rate 7%.
Int. semi-ann.
a
Ill;"p. 1297),
ELDON SPECIAL ROAD DISTRICT
(P. O. Eldon), Miller County4
Mo.—BONDS NOT TO BE OFFERED AT PRESENT.—'The
$40,000 road
bonds, mentioned inV. Ill, p. 411, will
probably be offered for sale next
spring.
.
ELMWOOD
SCHOOL DISTRICT, San
Joaquin County, Calif.—
SALE.—On Oct. 5, the Stockton
Savings & Loan Society Bank
of Stockton was awarded the
$11,500 6% 10-year (aver.) school bonds,
dated Sept. 7 1920—Y. Ill,
p. 1391—at 100.52 a basis of about 5.935%.
BOND
ESCAMBIA COUNTY (P. O.
Pensacola), Fla.—BOND ELECTION.—
$2,000,000 road bonds are to be voted upon.
It is reported that
FAIRMOUNT SCHOOL TOWN (P.
.
FARMVILLE TOWNSHIP
SPECIAL
TAX SCHOOL
DISTRICT
NO. 3, Pitt County, No. Caro .—BONDS NOT
SOLD.—'The Board of
County Commissioners did not sell the $40,000 6% coupon (with
privilege
of registration) bonds—V. Ill,
p. 1391—on Oct. 4, because the bids re¬
ceived were unsatisfactory.
The bonds can be purchased at private sale.
FOREST
CITY,
Winnebago
County,
Iowa.—BOND
SALE.—
Schanke & Co., of Mason City purchased sewer bonds
amounting to $15,000.
Interest rate 6%.
Denom. $1,000.
Date Oct. 1 1920Int. semi-ann.
Due serially over a period of 20 years.
FORT PLAIN,
Montgomery County, N. Y.—BONDS VOTED.—
citizens of the village Oct. 5 voted
favorably upon tne question of
issuing $17,000 paving bonds.it is reported.
Tne
FREDERICK
CINCINNATI.
Hamilton
County,
Ohio.—BOND
SALE.—The
$1,500 5% street xmpt. bonds offered on Aug. 23—V. Ill, p. 714—have been
disposed of at par.
Date July 15 1920.
Due July 15 1940; subject to
calf July 15 1930.
CLARK
COUNTY
(P.
O.
Springfield) ,Ohio.—BOND
SALE.—
On Oct. 4 the $10,000 6% coupon bonds described in V.
Ill, p.
awarded to the Provident Savings Bank & Trust Co. of
$10,041 (100.41) and interest, a basis of about 5.95%.
Due $500 yearly on Sept. 1 from 1921 to 1940, incl.
CLEVES,
Hamilton
1106, were
Cincinnati, for
Date Sept. 1 1920.
County,
Ohio.—NO
BIDS
RECEIVED.—
No bids were received for the $4,000
6% Miami Ave. refunding bonds of¬
fered on Sept. 13.—V. Ill, p. 1010.
CLOVIS, Curry County, N. M.—BOND SALE.—Sidlo, Simons, Fels
have purchased the $33,000 6% 20-30-year (opt.) sewer
& Co. of Denver
bonds which
were
offered without success
on
July 12.—Y. Ill, p. 410.
COLUMBUS, Franklin County, Ohio.—BONDS SOLD BY SINKING
FUND.—The
Sinking Fund Trustees have awarded to Fields, Richards
& Co., Barr & Schmeltzer, and B. J. Van
Ingen at their joint bid of $107,305,
equal to 97.64 a basis of about 5.20%, an issue of $110,000 5% fire apparatus
bonds.
Denom. $1,000.
Date June 12 1919.
Prin. and semi-ann. int.
(M. & N.) paybale at the City Treasury.
Due Nov. 1 1939.
GALION, Crawford County, Ohio.—BOND SALE.—The $60,000
6% coupon electric light plant bonds, offered on Sept. 25 without success
Y. Ill, p. 1298) have been purchased by W. L. Slayton &
Co., of Toledo,
ate Sept. 1 1920.
Due $6,000 yearly on Sept. 1 from 1921 to 1930, incl.
S
GARY, Lake
local
banks
*
Valuation of taxable property as fixed by
(including this issue)
Population (officially estimated)
♦(Taxes
GLACIER
of
BE
which
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Conroe),
Montgomery
County,
T ex.—BONDS
REGISTERED.—'This
district
registered $25,000 5% 5-20-year bonds on Sept. J28 by the State Comptroller.
DALE, Cambria County, Pa .—BOND SALE.—On Sept. 18 the $40,000
5K% tax-free impt. bonds, offered on that date—V. Ill, p. 1106—were
Holmes, Bulkley <V Wardrop of Pittsburgh, for $40,018 (100.045)
and interest, a basis of about
5.49%.
Date .Tune 1 1920.
Due June 1
as follows:
$2,000 in 1923, 1925, 1927, 1929, 1930, 1932 and 1933; $3,000,
1935; $2,000, $936; $3,000, 1938; $2,000, 1939,1940 and 1941; $3,000, 1942;
$2,000, 1943 & 1944;
$3,000, 1945; and $2,000, 1946.
awarded to
There
were no
DARKE
other bidders.
COUNTY
(P.
O.
Greenville),
Ohio.—BOND
Bank, Second National Bank,
Int. M. & S.
DECATUR COUNTY (P. O.
Greensburg), Ind.—BOND OFFERING.
—Proposals will be received until 2 p. m. Oct. 12 by Ozro J. Butler, County
Treasurer, for the following 4K% road impt. bonds:
$32,400 Scott Crist et al, Clay Twp. bonds.
Denom. $810.
Date,
May 15 1920.
Due $1,620 each six months from May 15 1921
to Nov. 15 1930, incl.
31,600 Chas. S. Anderson et al, Jackson Twp. bonds.
Denom. $790.
Date Sept. 15 1920.
Due $1,580 each six months from May 15
1921 to Nov. 15 1930, incl.
6,200 Harry
Talkington et
Date Sept. 15 1920.
Jackson Twp. bonds.
Denom. $310.
Due $310 each six months from May 15
1921 to Nov. 15 1930, incl.
al,
Int. M.&N.
were
on
COUNTY
RE-OFFERED
AT
re-offered
until
one-fifth
(P.
O.
of
191,050
3,000
____
taxable
valuation.)
Cut
Bank), Mont.—BONDS NOT TO
$100,000 6% highway bonds,
Sept. 7—V. Ill, p. 1298—will no
the
Spring.
PRESENT.—'The
offered without
GLENDALE
success
sometime
UNION
in
HIGH
on
SCHOOL
DISTRICT,
Los
Angeles
County, Calif.—BOND OFFERING.—Until 11 a. m. Oct. 11 L. E. Lamptoil, County Clerk, (P. O. Los Angeles) will receive bids for $60,000
6%
school bonds.
Denom, $1,000.
Date Oct. 1 1920.
Prin. and semi-ann.
int. payable at the office of the County Treasurer.
Due $3,000 yearly on
Oct. 1 from 1921 to 1940, incl.
Cert, check for 3% of the amount of bonds
bid for payable to the Chairman Board of
County Supervisors, required.
GRANTS
Josephine
PASS
IRRIGATION
DISTRICT
County,
Ore.—BOND
bonds offered on Sept. 27—V. Ill,
Schneeloch Co. of Portland.
(P.
O.
Grants
Pass)
$400,000 6% irrigation
1107—have been sold to the Ralph
SALE.—The
p.
GRAYSON COUNTY COMMON SCHOOL DISTRICT NO.
5, Tex.—
SALE.—An
issue of $9,000 6% 1-5 year serial county line road
impt. bonds was recently
awarded at par to the Greenville National
and the Farmesr National Bank of Greenville.
be
levied
3,122,265
assessor
Total bonded debt
to
CONROE
Ind.—BOND SALE.—It is reported that the
purchased $100,000 of the city's park and playground
GERING SCHOOL DISTRICT (P. O.
Gering), Scotta Bluff County.
Neb.—BOND SALE.—C. W. McNear & Co. or Chicago has
purchased
$120,000 6% tax free school bonds.
Denom. $1,000.
Date Sept. 1 1920.
Prin. and semi-ann. int. (M. & S.) payable at the office of the
County
Treasurer.
Due Sept. 1 1940.
Financial Statement.
Real value—
$6,000,000
issue
equal to
County,
have
bonds.
CONNERSVILLE, Fayette County, Ind.—BOND
SALE.—On Oct. 4
$120,000 6% fire dept., water works and s+reet bonds was
the Capital City Trust Co., of Indianapolis, for
$121,252,
101.0-13.
Denom. $500.
Date Sept. 20 1920.
Int. semi-ann.
COUNTY
(P. O. Frederick), Md.—BOND SALE.—
Oct. 5 tne $125,000 5% school bonds offered on that
date—V. Ill,
1298—were awarded to the Citizens National Bank, of Frederick, at
100.15, a basis of about 4.98%.
Denom. $1,000.
Date Oct. 1 1920.
Int.
A. & O.
Due yearly on Oct. 1 as follows:
$10,000, 1925 to 1934, incl.:
$15,000, 1935 and $10,000. 1936.
On
p.
awarded
an
O. Fairmount), Grant County,
Ind.—BOND OFFERING.—The Board of Scnool Trustees is
calling for
bids to be received by 7 p. m. Oct. 18 for
$15,000 6% tax-free school bonds.
Denom. $500.
Int. J. & J.
Due July 1 1925.
BONDS REGISTERED.—An issue of $50,000
5% serial bonds was registered
the State Comptroller on Oct. 2.
with
GREENE COUNTY (P. O. Bloomfield),
Ind.—BOND OFFERING.—
Herschel Corbin, County Auditor, will receive bids until Oct. 11 for $60,000
5% road construction bonds.
Int. semi-ann.
Due $3,000 each six months
from May 15 1921 to Nov. 15 1930, incl.
HARRISBURG,
Dauphin
County,
Pa.—BOND
ELECTION.—A*
the general elections on Nov. 2 the voters will be asked to pass on a
proposi¬
$1,600,000 water works impt. and extension bonds.
tion to issue
HARRISON
AND MERCER
COUNTY
DRAINAGE
DISTRICT,
Harrison and Mercer Counties, Mo.—BOND SALE.—Whitaker & Co.,
of St. Louis have purchased $500,000 6% tax-free bonds.
and $500.
Date Sept. 1 1920.
Prin. and semi-ann. int.
Denom. $1,000
(M. & S.) pay¬
St. Louis.
Due yearly on Marcn 1 as fol¬
$21,500,1924; $23,000, 1925; $24,000, 1926; $26,000,1927; $27,000,
1928; $29,000, 1929; $30,500, 1930; $32,500, 1931; $34,500, 1932; $36,500.
1933; $38,000, 1934; $41,000, 1935; $43,500, 1936;
$46,000, 1937, and
$47,000, 1938.
able at the Boatman's Bank,
lows:
DEFIANCE COUNTY (P. O. Defiance), Ohio.—BOND OFFERING.—
Proposals for $8,000 6% Mud Creek Bridge bonds will be received until
12 m. Oct. 16 by J. T. Miller,
County Auditor.
Denom. $1,000.- Date
Oct. 1 1920.
Prin. and semi-ann. int. (A. & O.) payable at the
county
treasury.
Due $1,000 yearly on Oct. 1 from 1921 to 1928, incl.
Cert,
check on a local bank for $100
payable to the County Treasurer, required.
HEMPSTEAD
P. v/.
r
O.
.
(Town) UNION FREE SCHOOL DISTRICT
NO.
15
^
Lawrence), Nassau County, n Y.—BOND ^
N. *
v* ^ SALE.—On Oct. 6 the
6%. registered school bonds described in V. Ill, p. 1391, were
Lawrcntei,
»
•
•
105,000
Purchaser to pay accrued interest.
awarded to
BOND SALE.—E. H. Rollins & Sons of
Chicago were awarded at their
bid of $50,705, equal to 101.41, a basis of about
5.85%, the $50,000 6%
coupon water-works bonds offered on Oct.
5—V.
Ill, p. 1198.
Date
5.20%.
July 1 1920.
Due $5,000 yearly on|Sept. 1 from 1390 to 1939, incl.
complete list of the bidders follows:
A
to
Thayer, Drew & Co. of New York at 108.33, a basis of about
Date June 15 1920.
Due $5,000 yearly on Dec. 15 from 1925
1945, incl.
HIGHLAND COUNTY (P. O. Hillsboro), Ohio.—BOND SALE.—The
$34,000 6% Cedar Creek-New Petersburg road impt. bonds offered on
Oct. 4—V. Ill, p. 1298—were awarded to the local banks at par.
Date
Sept. 1 1920.
Due 13.500 each
incl. and $2,500 Sept. 1 1925.
six months from Mar. 11921 to Mar. 1 1925
HOBO KEN, Hudson County. N. J .—BOND SALE.—On Oct. 5 the
$327,000 6% coupon (with privilege of registration) funding bonds, de¬
scribed in V. Ill, p. 1298, were awarded to Remick, Hodges & Co., of
New York, for $336,133 11, equal to 102.794, a basis of about 5.63%.
Date 8ept. 30 1920.
Due yearly on Dec. 31 as follows:
$18,000, 1921 to
1924. incl.; $17,000,1925 to 1939, incl.
A full list of the bids follows:
Blodget & Co
102.29
The National City Company
$334,517 73
A. B. Leach & Co._\
Hornblower & Well.sjJointly
328,079 10
Remick, Hodges & Co____
336,133 11
Geo. B. Gibbons & Co
332,853 30
The Trust Co. of New Jersey
331,264 00
HOCKING COUNTY (P. O. Logan), Ohio
BOND' SALE.—The
R. Compton Co. and Halsey, Stuart & Co, were awarded at a pre¬
$107 (100.046), plus the cost of printing,the following three issues
of 6% bonds, offered on Oct. 1—V. Ill, p. 1298:
$80,000 Inter-County Highway No. 363
Sec. "N" bonds.
$8,000.
Due $8,000 yearly on Sept. 1 from 1921 to 1930, incl.
88 000 Inter-County
Highway No. 355 Sec. "P-l" bonds.
Denom,
$8,800.
Due $8,800 yearly on Sept. 1 from 1921 to 1930, incl.
42.500 Inter-County
Highway No. 360 Sec. "G-l" bonds. Denom.
$4,250.
Due $4,250 yearly on Sept. 1 from 1921 to 1930, incl.
Date Sept. 1 1920.
^
*
-o
,
j
-r*
»
The National Bank, the Rempel National Bank, and the Farmers &
Mercnants Bank, all of Logan, each submitted a bid of par arid interest.
(P.
O. Huron),
Wm.
mium of
Denom.
_T
^
HURON
INDEPENDENT SCHOOL DISTRICT 3 will be received
County, So. Dak.—BOND OFFERING.—Bids
Oct. 14 by W. C. Peterson, Clerk Board of Education, for
school bonds at not exceeding 6% interest—mentioned in V. 111. P-312—
Int. semi-ann.
Due $25,000 in 10 years, $25,000 in 15 years, and
Beadle
$70,000
until
$20,000
less from date.
in 20 years or
SCHOOL DISTRICT, Sacramento
ISLETON UNION
County, Cal.
101.60
(aver.)
BOND SALE.—R. H. Moulton & Co., of San Francisco, offering
basis of about 5.86% was awarded tne $100,000 6%
year
school bonds, dated Sept. 1 1920.—V. Ill, p. 1391—on Oct. 4.
18^
a
offered unsuccessfully on May 26—V. 110, p.
to J. F. Wild & Co., of Indianapolis, at par:
2412—have since been sold
i
Myers Road, Wheatfield Twp., bonds.
Dehorn.
Murphy Road, Union, Newton and Marion Twps.
$7 800 D. W.
19400 J. E.
$970
'
*L.
7,600 G.
nom.
Thornton Road, Newton
$380.
cation, will receive bids until 12 m. Nov. 3 for the
bonds:
$390.
Denom.
and Marion Twps., bonds.
De¬
,
Jones Road, Wheatfield Twp., bonds.
Denom. $1,050.
Grube Stone Road, Wheatfield Twp,, bonds.
Denom. $850.
22 200 R. W. Poole Road, Wheatfield Twp., bonds.
Denom. $1,110.
Int
M. & N.
Due one bond of each issue each six months from May
15 1921 to Nov. 15 1930, incl.
21 000 Lenley
following 6% deficiency
$109,000 bonds, maturing $19,000 Jan. 2 1922 and $15,000 yearly on Jan. 2
from 1923 to 1928, incl.
85,000 bonds, maturing $20,000 yearly beginning Jan. 2 1922.
Denom.
$1,000.
Date Jan. 2 1920.
Int. J & J.
Cert, cneck on a solvent bank,
for 3% of amount of bonds bid for, payable to the Treasurer of the Board
of Education, required.
Bonds to be delivered and paid for within 20 days
from date of award.
Purchaser to pay accrued interest.
(P.
COUNTY
LINN
O.
Albany),
SALE.—The First
Oct. 4, for the $50,000
Ore.—BOND
Savings Bank of Albany was the successful bidder, on
road bonds.—V. Ill, p. 1200—at par.
Mo.-BOND OFFERING.—
(Care Secretary,
Louis) will receive bids until
11 a. m. Oct. 15 for $600,000 6% bonds.
Denoms. 550 for $1,000 and 100
for $500.
Date Oct, 1 1920Prin. and semi-ann. int. (A. & O.) payable
at the First Trust & Savings Bank, Chicago.
Due April 1 1936.
Casnier's
check for 2% of the amounts of bonds bid for payable to the District Treas¬
LITTLE RIVER DRAINAGE DISTRICT,
John
H.
Himmelberger,
President Board of Supervisors
Cnamber of Commerce, 511 Locust Street, St.
urer,
required.
The bonds
have
been
prepared and will be ready for delivery
October
15th 1920.
Successful bidders will be furnished with the approving opinion
of Wood and Oakley, Chicago, and Charles and Rutnerford, St. Louis.
T.ie successful bidders will be required to take up and pay for their bonds
on or
before Oct. 20 1920, at or tnrough some bank in
St. Louis, to be named
by them.
LORAIN, Lorain County, Ohio.—BOND SALE.—Of the $100,000
5H% coupon water-works bonds offered on Sept. 27—V. Ill, p. 1200—
$50,000 have been sold to Lupfer & Lemick of Buffalo, N. Y.
Big Horn County, Wyo.—BOND SALE.—Sidlo, Simons.
$50,000 water and $6,000 6% 15;30(opt.) bonds voted Sept. 21, dated Oct. 1 1920.
LOVELL,
Fels & Co. of Denver have purchased
year
Lubbock
LUBBOCK,
Tex
BONDS REGISTERED.—
works 6% serial bonds men¬
registered on Sept. 29 with the State Comp-»
County,
The $100,000 street impt. and $10,000 water
tioned in V. Ill, p. 1299, were
troller.
LULING
DISTRICT
SCHOOL
(P. O.
Luling), Caldwell County,
5-30-year (opt.) bonds
Tex.—BONDS VOTED.—The issuance of $6,000 5%
was
COUNTY (P. O. Rennselaer), Ind.—BOND SALE.—The
of 4M% road bonds, aggregating $95,000, which were
JASPER
following six issues
[Vol. 111.
CHRONICLE
THE
1494
voted on Sept. 27.
MADISON, Lake County, So. Dak.—BONDS VOTED.—The voters
Sept. 14 favored the issuance of the $50,000 water and $50,000 sewt*
6% 20-year bonds—V. Ill, p. 1011—by 260 to 42. The bonds will not be
offered for sale before Jan. 18 1921.
on
MADISON COUNTY (P. O. London), Ohio.—BOND OFFERING.—
Davis, County Auditor, will receive bids until 12 m. Oct. 25 for
$40,600 6% Tnter-County Highway No. 50 bonds.
Denom. 1 for $600
and 80 for $500.
Date Nov. 1 1920.
Prin. and semi-ann. int. (M. & S.),
Will H.
payable at tne City Treasurer's office.
Due $2,600 March 1 1921, and
from Sept. 1 1921 to Sept. 1 1930, Incl.
Cert,
of bid, payable to the County Treasurer, required.
17 000 Wm.
$2,000 each six months
check for 10% of amount
JASPER COUNTY (P. O. Rensselaer), Ind.—NO BIDS.—There were
no bids for the two issues of 5%
road impt. bonds, aggregating $17,600,
offered on Sept. 30—V. Ill, p. 1298.
County, Ind.—BOND SALE.—The First National Bank of Peters¬
burg, bidding $20,001 (100,005) and interest, was awarded the $20,000
6% school bldg. bonds, offered on Oct. 2 (V. Ill, p. 1200).
Date July 1
1920.
Due each six months beginning July 1 1921.
JOHNSTOWN, Cambria County,
Pa.—BOND
OFFERING.—H. W
5 for $200,000 4H %
tax-free sanitary sewer, garbage-disposal and highway-impt. bonds'
Denom. $1,000.
Date Sept. 2 1918.
Int. semi-ann. Due Sept. 2 1943.
Certified check for $2,000 required.
Purchaser to pay accrued interest.
Warwick County, Va.—
2 for the $12,500 fire dept.
and $18,500 sewer construction 6% bonds—V. Ill, p. 1011—were rejected,
because they were below par. The highest bid received was 85 and interest.
KENMORE, Erie County, N. Y.—BOND SALE.—The following ten
issues of 6% bonds, aggregating $30,130 25, offered on Oct. 4—V. Ill, p.
1392—were awarded to Sherwood & Merrifield of New York at 100.08,
KECOUGHTON (P. O. Newport News),
REJECTED.—The bids received on Oct.
BIDS
basis of
$4,258 00
7,372 25
600 00
2,250 00
1,650 00
2,500 00
1,500 00
2,500 00
2,000 00
5,500 00
*
about 5.99%:
Denom. $851 60.
Denom. $1,474 45.
5-10-year serial village's share paving bonds.
Denom. $100.
5-9-year serial lighting-system bonds.
Denom. $450.
1-5-year serial assessment sewer bonds.
1-5-year serial assessment paving bonds.
County, Ohio.—BOND SALE.—The $28,600
Eleventh St. paving bonds, which were offered on
4ii—have been sold to Seasongood & Mayer, of Cin¬
cinnati at par.
Date June 1 1920.
Due yearly on June 1 as follows:
$2,000 1921 and 1922, $3,000 1923 to 1929, incl., and $3,600 1930.
KENT
COUNTY
(P. O. Grand Rapids), Mich.—BOND SALE.—
of Detroit, have purchased and are now offering to
of $100,000 5% juvenile
detention home bonds.
Date Sept. 1 1920.
Prin. and semi-ann.
Rapids.
Due $15,000 yearly on Sept.
and $10,000 Sept. 1 1927.
$1,000.
Grand
at
incl.;
Denom.
int. (M. & S.) payable
1 from 1921 to 1926,
Financial Statement.
Less sinking
$236,755,143
1,523,080
106,219
«.
1,416,860
(1920)
Assessed valuation
Total bonded debt
fund
Net debt
00
00
07
93
183,041.
COUNTY SCHOOL DISTRICT NO. 23,
Wash.—BOND
issue of $4,000 5H% scho'ol bonds has been sold to the State
Population (U. S. Census, 1920),
KITSAP
SALE.—An
of
Washington at par.
KNOX COUNTY
(P. O. Vincennes),
Fletcher-American Bank, of Indianapolis, has
ing 4H% free
Ind.—BOND
SALE.—The
purchased at par the follow¬
April 3—V. 110,
gravel road bonds, which were offered on
1338:
$7,000 F.
p.
E. Vallmer et al Johnson Twp. bonds.
Denom. $350. Due
May 15 1921 to Nov. 15 1930, incl.
25,000 C. C. Wilson et al Harrison Twp. bonds.
Denom. $1,250. Due
$1,250 each six months from May 15 1921 to Nov. 15 1930, incl.
16,000 Richard Ready et al Johnson Twp. bonds.
Denom. $800. Due
$800 each six months from May 15 1921 to Nov. 15 1930, incl.
$350 each six months from
KOKOMO SCHOOL CITY (P.
O. Kokomo), Howard County, Ind.—
RE-OFFERED.—The issue of $115,000 6% school bonds, which
was offered unsuccessfully on Sept. 30—V. Ill, p. 1299—is being re-offered
on Oct. 20, at 10 a. m., at which time proposals are to be opened by J. A.
Kautz, Treasurer of the School Board.
Denom. $1,000 & $500. Date
Nov, 1 1920.
Due Nov. 1 1925.
Cert, check for 2K% of amount of
bonds bid for, payable to the Board of School Trustees, required.
BONDS
UNION FREE SCHOOL DISTRICT NO. 2, Essex
N. Y.—BOND SALE.—Sherwood & Merrifield, of New York,
have been awarded at 100.02, a basis of about 5.99%, an issue of $75,000
6% 15-year school bonds.
LAKE
PLACID
County,
LA
PUENTE SCHOOL
DISTRICT, Los Angeles County, Calif.—
BOND OFFERING.—L. E. Lampton, County Clerk (P. O.
will receive bids for $40,000 6% school bonds until 11 a. m.
Los Angeles),
Oct. 11.
De¬
Date Oct. 1 1920.
Prin. and semi-ann. int., payable at the
Treasurer.
Due $5,000 yearly on Oct. 1 from 1921
Cert, check for 3% of the amount of bonds bid for, payable
the Chairman Board of County Supervisors, required.
nom.
$1,000.
office of the County
to 1928, incl.
to
LEBANON, Wilson County, Tenn.—BOND SALE.—Recently
bonds were sold it is stated, to Caldwell &
6% 30-year funding
Nashville at par.
LEWISTON,
$30,000
Co., of
County,
Neb.—BOND ELECTION.—'The
will hold a special election to vote on a bond issue of
Pawnee
village of Lewiston
$4,200.
LIMA CITY SCHOOL DISTRICT (P. O.
Ohio.—BOND OFFERING.—F. W. Mullenhour,
Middlesex
County,
Mass.—TEMPORARY LOAN.—
loan of $100,000 issued in anticipation of revenue, dated
has been awarded it is stated, to Bond
Goodwin on a 5.96%.
temporary
Oct. 1 and maturing Nov. 27 1920
&
MARTINSVILLE,
issue
mentioned in
of Martinsville,
Date July 1 1920.
Int. J. & J.
Morgan County, Ind.—BOND
SALE.—'The
of $20,000 6% fire engine, funding and street repair bonds
V. Ill, p. 1200, was awarded to the First National Bank
at
par
and interest.
Denom. $625.
yearly on July 1 from 1921 to 1936,
Due $1,250
MIDDLESBORO,
Bell
County,
incl.
Ky.—BOND SALE.—The $150,000
1 1920—V. Ill, p. 1107—has
and the William R. Compton
6% 40-year refunding bond issue dated Oct.
been sold to J. C. Wilson & Co. of Louisville
Co. of St. Louis, jointly, at par.
complete list of bids
6% bonds:
Premium Price
Ward Securities Co., Mar¬
shall & Ilsley Bank, Halsey, Stuart & Co., William R.
Compton Co., Guaranty Trust Co., A. B. Leach &
Co., Stacy & Braun, Merchants Loan & Trust Co
$112,770.00 102.10
The National City Co., Harris Trust & Savings Bank,
E. H. Rollins & Sons, Ames, Emerich & Co., First
86,457.00 101.61
Trust & Savings Bank, Eastman, Dillon & Co.__
Bankers Trust Co., N. Y., First National Bank, N. Y.,
Kissel-Kinnicutt & Co., N. Y., White-Weld & Co.,
N. Y., Blair & Co., N. Y., Eldredge & Co., N. Y.,
Old Colony Trust Co., Boston, Detroit Trust Co.,
Detroit, Smith, Moore & Co.; St. Louis, WellsFirst Wisconsin Co., Second
Summit
investors an issue
Route No. 6),
MALDEN,
A
MILWAUKEE, Wise.—BIDS.—'The following is a
were received on Sept. 29 for the $5,370,000 5 and
6% assessment So.
Aug, 7—v. iiit p.
Keane, Higbie & Co.
Petersburg,
that
5-9-year serial water bonds.
_
5-9-year serial sidewalk bonds.
Denom. $500.
5-9-year serial fire-alarm bonds.
Denom. $300,
village's share sewer bonds.
Denom. $500.
5-8-year serial lighting system bonds.
Denom. $500.
5-15-year serial water bonds.
Denom. $500.
KENMORE,
MADISON SCHOOL TOWNSHIP (P. O.
will receive bids until 12 m. Nov.
Slick, City Treasurer,
coupon
a
Purchaser to pay accrued interest.
Pike
Dickey Co., Minneapolis, Rutter, Lindsay & Co.,
Chicago,
Northern
Trust Co., Chicago, Taylor,
76,721.19 101.428
Chicago
Estabrook & Co., Boston, Blodgett & Co., Boston,
R. L. Day & Co., Boston, Merrill, Oldham & Co.,
Boston, Equitable Trust Co., New York, Remick,
Hodges & Co., N. Y., Graham, Parsons & Co.,
Phila.. James L. Martin & Co.* Chicago
74,643.00 101.39
Ewart & Co.,
Paine,
Webber Co., R. W. Pressprich
R. W. Chapman & Co.,
Schmeltzer,
_
58,550.00 101.09
MOBERLY, Randolph County, Mo.—BOND SALE.—On Oct. 4 the
St. Louis were the successful bidders for
10-20-year (opt.) water-works bonds, dated Oct. 1 1920—
V. Ill, p. 1299—at 102.62.
Kauffman-Smith-Emert & Co. of
the $175,000 6%
DISTRICT (P. O. Monroe), Monroe County,
OFFERING.—Proposals for the purchase of an issue of
MONROE SCHOOL
Mich.—BOND
$200,000 6% school bonds will be received utnil 7:30
Kiburtz, Secretary of Board of Education.
Denom.
1920.
Int. A. & O.
Due $10,000 on Oct. 1 in 1922
p. m.
Oct. 14 by Carl
$1,000. Date Oct. 1
and 1923 and $15,000
yearly on Oct. 1 from 1924 to 1935, inclusive.
Certified check for $5,000,
payable to the Board of Education, required.
Purchaser to pay for
printing of bonds.
DISTRICT,
bonds
Ill,
p. 1900—have been sold to R. H. Moulton & Co., of Los Angeles.
MORNING SUN SCHOOL DISTRICT (P. O. Morning Sun), Louisa
County, Iowa.—BOND SALE.—An issue of $165,000 high school bonds
MOORPARK
Ventura
which
MEMORIAL
UNION
HIGH
SCHOOL
County, Calif.—BOND SALE.—The $85,000 5% gold
offered on April 20. but. then failed to receive a bid—V.
were
has been, it is
reported, disposed of.
MORRISON COUNTY
SCHOOL DISTRICT NO. 22, Minn.—BOND
St. Paul, offering par, was the successful and
15-year school bonds.
SALE.—L. B. Woodward of
only bidder for $55,000 63^ %
MOUNTAIN
HOME SCHOOL
DISTRICT (P. O. Mountain Home)
Elmore
County,
Ida.—BONDS DEFEATED.—An
high school bonds has been defeated.
issue
of $85,000
Salt Lake County, Utah.—BOAT) SALE.—Bossubmitting a bid of 95.95 and interest on Sept. 30,
paving Series "A" and $10,000 water Series "C"
6% 10-20 year (opt.) bonds, dated Oct. 1 1920—V. Ill, p. 1200.
Bids
were
also received from the following:
Sidlo, Simons, Fels & Co
*97.03 (Palmer Bond & Mortgage Co__94.90
Keeler Bros
95 941Bankers Trust Co
—94.20
MURRAY
CITY,
worth, Chanute & Co.,
was
awarded trie $50,000
*
-that of the purchaser it is so
City Recorder.
COUNTY (P. O. Dayton), Minn.—BOND SALE.—Recentls
road bonds were sold, according to reports,to the Minneapoliy
Altnough tnis bid appears higner than
officially reported to us by W. J. Warenski,
MURRAY
Lima), Allen County,
Clerk of Board of Edu¬
& Co., Barr &
Hornblower &
Weeks. Field, Richards & Co., Redmond & Co
The sale of the bonds was given in V. Ill, p. 1392.
$100,000 6%
Trust Co., of Minneapolis.
Oct. 9 1920.]
THE
CHRONICLE
NASHUA, Hillsborough County, N. H.—TEMPORARY LOAN.—On
1 a temporary loan of $30,000 was awarded to S. N. Bond & Co. of
on a 6.25%
basis.
Oct.
Boston
NEWARK, Essex County,
N. J .—BOND OFFERING.—A. Archibald,
Director of Dept. of Revenue and Finance, will receive bids until 10.30
Oct. 20 for five issues of 5H % coupon (with privilege of registration)
bonds, not to exceed the amounts mentioned below:
$500,000 school bonds.
Due yearly on Oct. 15 as follows: $16,000 1921 to
1930, incl.; $17,000 1931 to 1950, incl.
ORRVILLE SCHOOL DISTRICT (P. O. Orrville), Wayne County,
Ohio.—BOND SALE.—The $100,000 6% coupon school bonds, offered on
Sept. 20—V. Ill, p. 1012—were awarded to N. S. Hill & Co., of Cincinnati,
at par.
Date Oct. 1 1620.
Due yearly on March 1 as follows:
$3,000,
1922 to 1926, incl.; $4,000,1927 to 1941, incl.; and $5,000.1942 to 1946. incl.
OSHKOSH, Winnebago County, Wise .—BONDS AUTHORIZED.—
a.m.
500,000 water bonds.
Due yearly on Oct. 15 as follows: $10,000 1922 to
1930, incl., $11,000 1931 to 1940, incl., and $15,000 1941 to 1960,
incl.
Due $4,000 yearly on Oct. 15 from 1921 to 1950
120,000 bridge bonds.
incl.
,
50,000 hospital bonds.
Due $5,000 yearly on Oct. 15 from 1921 to
1930, incl.
35,000 asphalt plant bonds.
Due yearly on Oct. 15 as follows: $3,000
1921 to 1925, incl.; and $4,000 1926 to 1930, incl.
Denom. $1,000Date Oct. 15 1920.
Prin. and semi-ann. int. (A. & O.)
payable in gold coin equal to the present standard of weight and fineness,
at the National State Bank of Newark.
Cert, check on an incorporated
bank or trust company, for 2% of amount of bonds bid for, payable to the
Director of the Dept. of Revenue & Finance, required.
Purchaser to pay
interest
ftccrusd
*
The successful bidder will be furnished with the opinion of Reed, Dough¬
erty & Hoyt, N. Y., that the bonds are valid and binding obligations of the
city.'-
NEWARK, Licking County, Ohio.—BOND SALE.—Local banks were
at par and mterest the $48,000 6% coupon deficiency funding
bonds, offered on Oct. 4—V. Ill, p. 1107.
Date Oct. 1 1920.
Due
$8,000 yearly on Oct. 1 from 1921 to 1926, incl.
1495
The City Council passed an ordinance on Sept.
22, providing for the issuance
for
Int. semi-ann.
of $53,000 in bonds for the purchase of a
pew apparatus and equipment
the fire department.
Interest rate
Denom. $1,000.
6%.
Due Oct. 1
1926.
OSWEGO, Oswego County, N. Y.—BOND OFFERING.—John K.
Lynch, City Chamberlain will receive bids until 12 m. Oct. 15 for $100,000
coupon (with privilege of registration) water impt. bonds to bear interest at
a rate not to exceed
b%%.
Denom. $1,000.
Date Oct. 1 1920.
Prin.
and semi-ann. int. (A. & O.) payable at the U. S. Mtge. & Trust Co. N. Y'
Due $5,000 yearly on Oct. 1 from 1921 to 1940, incl.
Cert, check on an
incorporated bank or trust company for 2% of amount of bonds bid
for
payable to the City Chamberlain, required.
Bonds to be delivered and
paid for at the U. S. Mtge. & Trust Co. of N. Y. on Oct. 29, or as soon
thereafter as prepared.
Purchaser to pay accrued interest.
PARMA SEWER DISTRICT NO. 3 (P. O. Parma), Canyon County,
Ida.—BOND
SALE.—The
First
National
Bank
of
Parma
purchased
8% sewer extension bonds at par and interest during August.
Denom. $100.
Date July 1920.
Int. J. & J.
Due 1925 subject to call
annually.
$1,500
PARIS, Lamar County, Tex.—BONDS VOTED.—At a special election
on Sept. 28—V. Ill, p. 1012—the
City Council was authorized
an overwhelming vote of the taxpayers to issue $1,000,000 5% bonds to
increase the water supply by constructing a dam across Pine Creek.
held in Paris
awarded
by
NEW YORK CITY, N. Y.—TEMPORARY LOANS.—During Septem¬
ber the following short-term securities, consisting of Revenue Bills, Special
Revenue Bonds, Corporate Stock Notes and Tax Notes, aggregating
PAVO SCHOOL DISTRICT (P. O. Pavo), Thomas County, Ga.BOND OFFERING.—Proposals for the purchase of all or any part of a
30-year bond issue amounting to $40,000 and bearing 6% interest will be
received by J.
J. Foreman, Secretary, until Oct. 20.
Denom. $1,000.
$51,010,142 73
issued:
were
Revenue
Amount.
Int. Rate.
5.95%
5.95%
5.95%
Mar. 15 1921
Nov.
1 1920
Oct.
25 1920
300,000
2,000,000
300,000
200,000
200,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
350,000
850,000
4,500,000
300,000
15,000
15,000
2,000,000
2,000,000
5,000,000
2,000,000
100,000
5.95%
Dec.
15 1920
5.95%
5.95%
5.95%
5.95%
5.95%
Date Sold.
Maturity.
$1,000,000
2,000,000
2,000,000
Dec. 24 1920
Oct.
1 1920
Oct.
Nov.
15 1920
1 1920
Nov. 22 1920
Oct. 26 1920
5.95%
Nov. 10 1920
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
5.95%
Nov. 24 1920
Nov. 30 1920
Nov. 15 1920
Dec.
6 1920
21 1921
Jan.
.
Feb.
15 1921
Nov.
1 1920
Nov. 15 1920
Nov. 22 1920
Jan.
51921
Oct.
14 1920
14 1921
Jan.
5.95%
5.95%
June 30 1921
Dec. 20 1920
5.95%
5.95%
50,000
25,000
Jan.
14 1921
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1
2
7
10
13
14
14
14
14
JL4
14
14
14
14
14
15
15
20
20
20
20
21
24
30
30
30
Special Revenue Bonds, aggregating $1,500,000.
500,000
500,000
500,000
Sept.
7
Sept. 22
Sept. 27
Mar. 15 1921
Sept. 15 1921
Jan. 24 1921
5.95%
5.95%
5.95%
-
Corporate Stock Notes, aggregating $17,930,142 73.
Rapid Transit Purposes5.95%
Jan.
5.95%
5.95%
100,000
100,000
1,000,000
100,000
350,000
150,000
1,125,000
1,700,000
45,000
2,000,000
5,142 73
250,000
600,000
3,100,000
Jan.
14 1921
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
5
On demand
5
On demand
Oct.
11 1920
Oct.
11
Dec.
5.95%
5.95%
5.95%
5.95%
5 y2%
5.95%
5.95%
5.95%
15 1920
31 1920
Dec.
1920
On demand
Dec.
20 1920
Dec. 20 1920
Jan.
10 1921
Jan.
14 1921
7
8
8
10
10
10
15
25
27
27
30
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept
Sept,
15 1920
14 1921
Nov.
1 1920
Dec.
5.95%
1
1
7
1
il
8
10
10
22
22
27
30
Various Municipal Purposes—
10,000
30,000
500,000
200,000
300,000
500,000
500,000
250,000
440,000
Date
1
1920-
Dec.
15 1920
On demand
5
5.95%
5.95%
Jan.
14 1921
15 1920
Dec.
8 1920
On demand
Dec.
5.95%
5 M%
5.95%
5.95%
Dec. 20 1920
Jan.
10 1921
.
Water Supply—
200,000
On demand
5
5.95%
5.95%
5 y*%
5.95%
5.95%
5.95%
Oct.
Dec.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
11 1920
8 1920
On demand
Dec. 20 1920
Jan.
10 1921
Dec. 28 1920
1
.
200.000
200,000
*
'
250,000
250,000
875,000
& J.
Cert,
check
for
1%
of the amount of
'
Escambia
County,
Fla.—BOND
P0HS&CO1&
*
Financial Statement, Sept. 1 1920.
,
Assessed Valutaion 1920 for Taxation—
Real estate.
Personal
property
-$12,061,610.00
3,566,239.00
922,088.00
,
Railroads and telegraphs
Total
-
-.-$16,549,937.00
$2,610,340.88
995,855.23
——
Municipal Property—
Personal, including municipal investments
Total
.
_
....
Real value of all property (estimated)
Rate of taxation for 1920
Bonded
4H % Impt. bonds
43^ % Impt. bonds
4H % Impt. bonds
43^ % Impt. bonds
43^ % Impt. bonds
-
—
$3,606,196.11
$25,000,000-00
18 mills.
—
Debt.
for waterworks, maturing Jan. 1 1936
for sewerage, maturing Jan. 1 1936
for paving, maturing Jan. 1 1936for city hall and jail, mat. Jan. 1 1936
for sewerage, maturing Jan. 1 1941
$250,000.00
250,000.00
150,000.00
100,000.00
100,000.00
-
-
—
4H% Impt. bonds for paving, maturing Jan. 1 1941
43-3 % Refunding bonds, maturing Jan. 1 1941—....
6% Water works & city building bonds, maturing July 1 1925
5% Impt. bonds for paving, sewerage, water works and other
improvements maturing Oct. 1 1948
150,000
250,000-00
30,000.00
...
210,000.00
...
Total
-
—
Sinking fund Sept. 1 1920---
-
-
$1,490,000.00
166,658.77
—
—
Special
Assessment
Debt.
1912 and 1918 Special Improvement bonds
Sinking fund Sept. 1 1920—
$59,000.00
5,630.25
—
of Indebtedness.
Certificates
6 % Certificates of Indebtedness maturing 1 to 3 years
$71,000 00
10,281.33
Sinking fund for redemption Sept. 1 1920^ ——
Cash in Banks.
All funds, Sept. 1 1920
Population 1920 U. S- Census
Date of first incorporation
Commission Government adopted..
CERTIFICATE
has obtained,
SALE.—The
$199,743.71
31,035
1832
June,
........
American
National
Bank
of
1913.
Pensacola
it is stated, at par, $20,000 6% 3-year certificates.
Denom.
$1,000,
COMMON
SCHOOL
DISTRICT
NO.
2
(P.
O.
New
Berlin,
R. D.) Chenango County, N. Y.—BOND SALE.—On Oct. 1
issue of $1,500 5% 1-10 year serial school bonds was awarded to Anna
Gifford at par.
Denom. $150.
Date Oct. 1 1920.
Prin. and annual
an
interest
on
payable at the First National Bank of Morris.
Due $150 yearly
Oct. 1 from 1921 to 1930, inclusive.
'
POLK COUNTY (P. O. Livingston), Tex.—BONDS REGISTERED.—
On Sept. 27 the State Comptroller registered $15,000 5% 10-40 year bonds.
PORT
Sept. 15
Sept. 15
Sept. 15
Sept. 22
Sept. 27
on
Mar. 11921
April 11 1921
Jan. 30 1921
Sept. 22
Sept. 27
Sept. 30
offered
first of the month an issue
of $5,500,000 3%
April 1 1921
Dec. 15 1920
Nov. 15 1920
On demand
Dec. 20 1920
Tax Notes, aggregating $1,375,000.
5.95%
5.95%
5.95%
5 M %
5.95%
100,000
700,000
8
10
22
22
27
30
30
J.
1
OFFERING.—
Further details are at hand relative to the offering on Oct. 18 of the $400,000
4H% gold dock and Belt Railroad Impt. Bonds.—V. Ill, p. 1200—F. DSander, Mayor, will receive proposals for these bonds until 12 m. on that day
Denom. $1,Q00.
Date Jan. 1 1920.
Prin. and semi-ann. int payable
at the U. S. Mtge. & .Trust Co. N. Y.
Due Jan. 1 1950.
Cert, check on
one of the banks of the City of Pensacola for
2% of the amount of bonds bid
for, required.
The bonds will be engraved under the supervision of and
certified as to genuineness of the U. S. Mtge. & Trust Co., N. Y. and the
legality of the bonds will be approved by John O. Thomson, of N. Y.
whose opinion as to the legality or a duplicate thereof, will be delivered to
the purchaser or purchasers.
The bonds will be paid for upon delivery
to the purchaser on Nov. 1 1920, or as soon thereafter as
delivery can be
completed at the office of the U. S. Mtge. & Trust Co., N. Y.
Each
bid must be made on a blank form of proposal furnished by the City of
PITTSFIELD
500,000
175,000
350,000
300,000
1,500,000
170,000
180,000
Int.
required.
PENSACOLA,
Dock Purposes—
J
Jan.
bonds bid for,
Bills, aggregating $30,205,000.
5.95%
5.95%
5 % %
ARTHUR,
Jefferson
County,
Tex.—BOND
ELECTION.—
The Board of City Commissioners on Sept. 30 ordered a bond issue election
Oct. 12 for $240,000 of which $115,000 is to be used by the city to
purchase the local gas plant and the balance to be used for putting the
property in good condition.
PORTER
COUNTY
(P.
O.
Valparaiso),
Ind
BOND SALE.—
Gustafson et al Westchester Twp. road bonds,
Aug. 5 (V. Ill, p. 413) have been sold to the City Trust Co. or
The $31,400 4H % Antone R.
on
Indianapolis.
It is reported that the
PORTLAND,
Ore.—BOND DESCRIPTION.—'The
$200,000 5J^%
gold reconstruction bonds awarded on Sept. 25 to the Northwestern National
Bank of Portland at 100.26 and interest—V. Ill, p. 1393—are described
as follows: Denom. $1,000.
Date June 1 1920.
Prin. and semi-ann. int.
(J. & D.) payable at the office of the City Treasurer.
Other bidders were:
6.% paving certificates.
Blodgett
SALE.—On the
BOND
General Fund bonds, maturing Nov. 1 1930, was made.
NORWICH,
Chenango County, N. Y.—CERTIFICATE SALE.— '
National Bank of Norwich has purchased $2,357
Logan County, Kans.—DESCRIPTION OF BONDS.—
The $18,000 5% coupon tax-free water extension and lighting impt. bonds
recently voted—V. Ill, p. 913— are described as follows: Denom. $500.
OAKLEY,
Date Jan.
interest
1
1921.
paving
Int.
aate.
$67,000.
Floating debt
Value 1920 $1,026,000.
ORANGE
COVE
J. & J.
Due Jan.
1
1951 subject to call at
any
Bonded Debt (including this issue) Sept. 27 1920
(add'l) $3,000.
Sinking fund $2,161.
Assessed
JOINT
SCHOOL
DISTRICT,
Fresno
County,
$18,000 school bonds.—V. Ill, p.1200.
OREGON, (State of).—BIDS.—The following bids were also received
Sept. 28 for the $2,000,000 4H% gold highway bonds awarded as
on
reported in V. Ill, p. 1393The Bankers Trust Co., Guaranty Trust Co., E. H. Rollins
Sons, Ames. Emerich & Co., John E. Price & Co.
Harris Trust & Savings Bank, National City Co., Continental
Commercial Trust & Savings Bank, Lumbermen's Trust Co
&
$1,796,050
&
1,802,200
.
Wm.
(Accrued interest and $197,080
^
J
1-806,000
-
-
-
1,818,000
L ^r
m
City
Treasurer,
account
Sinking Fund
Wm.
Adams,
City
Treasurer,
Adams,
acct. Policemen's Rel. & Pens.
(Par and accrued interest for-
1
200,000
44,000
f
(Par and accrued interest for.
11,000
Fd.J
<
Adams,
City
Treasurer,
\Par and accrued interest for_
acct. Com. Public Docks Sink.
Fd.j
Wm.
Adams,
City
Treasurer,
1 Par and accrued interest for_
acct. Firemen's Rel & Pens. Fd.J
50,000
5,000
GEORGE'S
COUNTY (P. O.
Upper Marlboro), Md.—
30-year coupon school bonds, offered on
Ill, p. 1300—were awarded at par to the First National
Bank of South Maryland, the Farmers & Mechanics Bank, and the Eastern
PRINCE
BOND SALE.—The $10,000 5%
29—V.
Shore Trust Co.
Date Nov. 1 1920.
Due Nov. 1 1930.
PROSPECT SCHOOL DISTRICT (P. O. Prospect), Marion
County,
Ohio.—BOND SALE.—Tne $150,000 6% coupon school building bonds,
whicn were offered on July 31
Co., White, Weld & Co., Colgate, Parker & Co., Kaufman,
Smith, Emert & Co
Teal_
_
Sept.
Carstens & Earles, Inc., William R. Compton Co., Halsey, Stuart
Henry
R. M. Grant & Co
Wm.
Calif.—NO BIDS RECEIVED.—On Sept. 24 no bids were received for the
&
Co., Boston, Mass.
\ Accrued interest and $976,30
Co., Seattle, Wash./
for each $1000 bond for_.$200,000
&
John E. Price &
(V. Ill,
p.
218)
have been
sold privately,
at par and interest, to the Board of the Ohio Teachers' Retirement System.
Date Aug. 1 1920.
Due $1,000 on Mar. 1 and Sept. 1 in the years 1921 to
1496
THE
1928, incl.; $4,000 on Mar. 1 and Sept. 1 in the years 1929 to 1938, incl.
$4,000 on Mar. 1 and $5,000 on Sept. 1 in the years 1939 to 1944, incl.
PROWERS COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
(P.
O.
Bristol),
Colo.—BOND
ELECTION—SALE.—Bosworth,
Co., of Denver, have obtained $7,000 6% 15-30-year (opt.)
school bonds, subject to an election.
1111.
[Vol.
CHRONICLE
Tne official circular states that the
city has never defaulted in any
BUREN TOWNSHIP SPECIAL RURAL SCHOOL DISTRICT
(P. O. 1020 Reibold Bldg., Dayton), Montgomery County,
VAN
35
NO.
Chanute &
Ohio.—BOND OFFERING.—Wm. A. Swaney, Clerk & Treasurer
PUEBLO COUNTY SCHOOL DISTRICT NO. 50 (P. O. Avondale),
ELECTION—SALE.—On Oct. 9 $5,000 6%
10-20-year
Colo.—BOND
Same have been sold, subject to being
voted, to Benwell, Phillips, Este & Co., of Denver.
Dated Oct. 15 1920.
school bonds will be voted upon.
RICHMOND, Contra Costa County, Calif.—BONDS VOTED.—
Sept. 28 the following bonds carried, it is stated.
V. Ill, p. 518.
$400,000 harbor bonds.
150,000 warehouse bonds.—V. Ill, p. 716.
of its
obligations.
8
of Board
will receive bias until 12 m. Oct. 13 for $40,000 6% school
bldg. bonds.
Denom. $1,000.
Date day of sale.
Prin. and semi-ann.
int. (A. & O.), payable at „he City National Bank of Dayton.
Due $1,000
on April 1 and Oct.
1 in each of the years from 1931 to 1950, incl.
Cert,
check on a solvent bank or trust company, for 5% of amount of bonus bid
for, payable to the Board of Education, required.
Delivery to be made at
the City National Bank, of Dayton.
Purchaser to pay accrued interest.
of Education,
VIGO COUNTY (P. O. Terre Haute), Ind.—NO BIDS.—There were
bids for the $33,000 4^% A. P. Wilson, et al, Pierson & Riley Twps.
At the election held
no
road bonds, offered on Oct. 2—V. Ill, p. 1301.
WAKE
RIO BLANCO COUNTY (P. O. Meeker), Colo
On Nov. 2
$40,000 court-house bonds
County Clerk.
are to
BOND ELECTION.—
be voted upon.
C. J. Wilson,
Sealed
ROSS COUNTY (P. O. Chilliclothe), Ohio.—BOND
SALE.—The
$40,000 6% 1-10 year serial bridge bonds, offered on Sept. 30—V. Ill,
p. 1300—were awarded to the Savings Bank Co., of Chilliclothe, for $40,065
4,000 yearly
Oct. 1 a basis of about 5.96%.
i100.1625) and interest, from 1921 to 1930. incl. Date Oct. 1 1920. Due
Chilliclothe bid $40,041.
SANDUSKY CITY SCHOOL DISTRICT (P. O. Sandusky),
Erie
County, Ohio.—BOND SALE.—The $27,000 6% heating plant bonds,
Ill, p. 716—nave been sold to the Citizens Bank¬
ing Co., of Sandusky, at par.
Due $3,000 yearly on Aug. 27 from 1921 to
offered on Aug. 27—V.
1929,
incl.
DISTRICT NO. 6 (P. O. Nor
BONDS.—'The $5,000 6% school
in denom. of $1,000 and
(J. & J.) payable at the
Due July 1 1950 optional July 1 1935.
SAN MIGUEL COUNTY SCHOOL
Colo.—DESCRIPTION
wood),
OF
building bonds, mentioned in V. Ill, p. 816—are
are dated July 1
1920.
Prin. and semi-ann. int.
office of the County
Treasurer.
Financial
Statement.
(A. & O.) payable at the
interest
Due yearly on April 1 as
1934 to 1945, inclusive, and $5,000, 1946 to 1958, inclusive.
check for $2,500, payable to the Town Treasurer, required.
Wood
WALBRIDGE,
Total bonded debt (this issue only)__
Population estimated, 1,000.
SANTA BARBARA SCHOOL DISTRICT (P. O. Santa Barbara)
Barbara County, Calif.—BONDS VOTED.—By a vote of 1347
to 77 the issuance of $295,000 school building bonds, carried at a recent
election, it is stated.
,
Santa
SCHNECTADY, Schnectady County, N.
Y.—NOTE OFFERING.—
Comptroller, will receive bids until 11 a. m. Oct. 16
$61,400 bridge construction notes, to be awarded at lowest rate of interest
bid.
Denoms. to suit purchaser.
Date Oct. 16 1920.
Prin. and interest
Leon G. Dibble, City
for
payable April 16 1921 at the City Treasurer's office or at the Chase National
Bank, New York, as the purchaser may choose.
Delivery will be made at
the Chase National Bank of New York, unless desired elsewhere.
Cert,
check for 1% of amount bid for, payable to the City Comptroller, required.
Purchaser to pay accrued interest.
SCHENECTADY, Schenectady County, N.
Y.—BOND SALE.—The
Equitable Trust Co. of N. Y. was awarded on Oct. 8 the following 5%
coupon (with privilege of registration) bonds (V. Ill, p. 1393):
$200,000 school bonds.
Denom. $1,000.
Date July 1 1920. Int. J. & J.
Due $10,000 yearly on July 1 from 1921 to 1940, inclusive.
120,000 sewer bonds.
Denom. $1,000.
Date July 1 1920.
Int. J. & J.
Due $6,000 yearly on July 1 from 1921 to 1940, inclusive.
40,000 sewer bonds.
Denom. $1,000.
Date July 1 1920.
Int. J. & J.
Due $2,000 yearly on July 1 from 1921 to 1940, inclusive.
50,000 park bonds.
Denom. $2,500.
Date Aug. 1 1920.
Int. F. & A.
Due $2,500 yearly on Aug. 1 from 1921 to 1940, inclusive.
60,000 school bonds.
Denom. $1,000.
Date Aug. 1 1920.
Int. F. & A.
These bonds are now being retailed to investors at a price to yield about
4.80%.
SELMA, Fresno County, Calif.—BONDS VOTED.—At the special
27—V. Ill, p. 1013—the proposals to issue bonds of
$90,000 for extension of the sewer system, carried, it is reported by a vote of
600 to 35.
election held Sept.
SILVER CREEK SCHOOL TOWNSHIP (P. O. Sellersburg), Clark
County, Ind.—BOND SALE.—Tne Sellersburg State Bank of Sellersburg,
purchased at par the $10,500 5% school bonds, offered but not sold on
Feb. 21 last—V. 110, p. 1002.
Due $400 each six months from July 1 1921
to July 1 1933; and $500 Jan. 1 1934.
DAKOTA (State of).—WARRANT OFFERING.—Proposals
II. Helgerson, State Treasurer (P. O. Pierre), for
$400,000 emergency hall warrants—V. Ill, p. 1394—until Oct. 18.
SOUTH
SPRINGFIELD SCHOOL DISTRICTS (P. O. Springfield), Windsor
SALE.—Hornblower
& Weeks,
of Boston,
were
awarded the $85,000 5% school bonds offered on Oct. 6—V. Ill, p. 1394—
)ate Oct.
for $85,097 20 (100,114) and interest, a basis of about 4.97%.
:r'
" *
* ~
Da
Due
3,500 yearly on Oct. 1 from 1921 to 1939 incl.
1 1920.
i
STAMFORD, Fairfield County, Conn .—LOAN OFFERING.—It is
reported that the City Treasurer will receive bids until 2 p. m. Oct. 11
purchase at discount of a temporary loan of $100,000, dated Oct.
13 1920 and maturing March 1 1921.
for the
WARRICK
COUNTY
(P.
paving bond issue has been purchased at par by the Bank
6% road bonds, mentioned in V. 110, p. 2697.
of).—BONDS REGISTERED.—'The following 5% bonds
registered with the Comptroller:
Place and Purpose of Issue—
$1,000 Anderson Co. Common Sch. Dist. No. 31
2,800 Cass Co. Common Sch. Dist. No. 17
3,000 Falls Co. Common Sch. Dist. No. 16
2,500 Houston Co. Common Sch. Dist. No. 70
3,000 Parker Co. Common Sch. Dist. No. 79
3,000 Wilson Co. Common Sch. Dist. No. 33
were
Amount.
10-20 years
20 years
5-20 years
3-20 years
10-20 years
Serially
Date Reg.
Oct.
2
Oct.
2
Oct.
1
Sept. 27
Oct.
1
Oct.
1
Lucas County, Ohio.—BOND ELECTION.—Tue twin
calling for the issuance of $4,000,000 and $3,000,000
bonds for a" transportation system, wnich were defeated at the August
primaries—V. 111. p. 717—are to be re-submitted to the voters on Nov. 2.
ordinances,
Tooele
County,
SALE.—On
WASHINGTON COUNTY (P. O. Salem), Ind.—BOND SALE.—
4)^ % road impt. bonds at par as follows;
$17,350 50 bonds to the Citizens Bank of Pekin, on Sept. 21.
26,003 08 bonds to the Salem State Bank on Sept. 9.
Denoms. one-twentieth of each issue.
Date July 6 1920.
Int. M. & N.
Due one-twentieth of each issue each six months from May 15 1921 to
Nov. 15 1930. incl.
WASHINGTON COUNTY (P. O. Hagerstown), Md.—BOND SALE.
5-24-year serial Hancock School bonds offered
that date—V. ill, p. 1394—were awarded to Baker, Watts & Co.,
Nelson, Cook & Co. and Townsend, Scott & Son. Date
July 1 1920.
Due $2,000 yearly on July 1 from 1925 to 1944, incl.
on
SCHOOL TOWNSHIP
WASHINGTON
Utah.—BOND
(P.
O. Hazelton), Gibson
County, Ind.—BOND SALE.—J. F. Wild & Co., of Indianapolis, were
6% Mt. Olympus School Bldg. bonds, offered on Oct.
2 (V. Ill, p. 1302) for $57,007 (100, 012) and interest, a basis of about
5.99%.' Date Oct. 2 1920.
Due $1,900 on each July 1 and Dec. 31 from
July 1 1921 to Dec. 31 1935, incl.
awarded the $57,000
DISTRICT (P. O. Webster Groves),
Mo.—BOND SALE.—An issue of $125,000 5)^% taxto the William R. Compton Co., of
St. Louis.
Denom. $1,000.
Date Oct. 1 1920.
Prin. and semi-ann. int.
(A. & O.), payable at the Mercantile Trust Co., St. Louis.
Due yearly
on Oct. 1 as follows: $4,000, 1921 to 1925, incl.; $5,000, 1926 to 1928, incl.;
$6,000, 1929 to 1932, inch; $7,000. 1933 and 1934, $8,000, 1935 to 1937
incl.; and $9,000, 1938 and 1939 and $10,000, 1940.
WEBSTER GROVES SCHOOL
St. Louis County,
free school bonds has been awarded
(P. O. Bluff ton), Ind.—BOND SALE.—On Sept.
bonds offered on that date—V. Ill, p. 915—were
Bank, of Bluffton, at par and interest.
Date
Due $20,000 yearly on June 1 from 1922 to 1926, incl.
WELLS COUNTY
22
tne
$100,000 6%
awarded to the WelLs County
June 1
1920.
SCHOOL
DISTRICT
(P. O. Westfield),
Union
County, N. J.—BOND SALE.—On Oct. 5 the issue of $35,000 6% coupon
(with privilege of registration) school bonds mentioned in V. Ill, p. 1302,
was awarded to the Peoples Bank & Trust Co., for $35,100 (100,286) and
interest, a basis of about 5.95%.
Date Sept. 1 1920.
Due $3,000, Sept. 1
1922, and $4,000 yearly on Sept. 1 from 1923 to 1930, incl.
The following is a complete list of the bids:
Peoples Bank & Trust Co
$35,100 (New Jersey Fidelity & Plate
Morris Co. Savings Bank
35,0701
Glass Insurance Co
$35,052 50
I The Westfield Trust Co__ 35,005 00
WESTFIELD
WHITLEY COUNTY (P. O. Columbia
ING.— Forrest S. Deeter, County Treasurer,
City), Ind.—BOND OFFER¬
will receive bids until 10 a. m.
Twp. road bonds.
Due $923 60 each
15 for $18,472 5% Adam Brossman et al Etna
Denom. $923 60.
Date Oct. 15 1920.
Int. M. & N.
six months from May 15 1922 to Nov. 15 1931, incl.
Oct.
DISTRICT (P. O. Crewe), Nottoway
Mann of Petersburg was the successful
(opt.) coupon bonds—V. Ill, p. 1302
SCHOOL
WINNINGHAM
Countv, Va.—BOND SALE.—W. H.
bidder for tne $25,000 6% 10-30-year
—on
reported.
Sept. 25, at par, it is
YELLOWSTONE
SCHOOL
COUNTY
DISTRICT
NO.
2
(P.
O*
Mont.—DESCRIPTION OF BONDS.—The following details
Billings),
have been issued
in connection
with the sale of the $100,000 6% bonds,
as reported in V.
Ill, J). 1302.
Denom. $1,000.
Date Sept. 1
1920.
Prin. and semi-ann. int. (M. & S.) payable at the office of the
County Treasurer or in New York City, N. Y. at option of holder.
Due
$10,000 yearly on Sept. 1 from 1931 to 1940, incl.
(Each installment op¬
tional six months before maturity.)
awarded
Financial
Actual valuation, 1920,
Assessed valuation
Sinking
Statement.
$45,000,000
estimated
38,799,909
419,000
this issue...
16,677
funds
Population 1920, estimated, 20,000.
Mahoning County, Ohio.—BOND SALE.—It is
reported that $33,000 fire dept. and $29,000 street bonds have been sold to
the Youngstown Board of Education at par.
YOUNGSTOWN,
Yuma County, Ariz.—PRICE PAID.—'The price paid for
city hall bonds recently awarded as stated in V. Ill, p.
less $6,000 for legal expenses.
YUMA,
the $50,000 6%
Due.
TOLEDO,
TOOELE,
Ind.—BOND
The county has sold two issues of
of Stuggart.
SUNFLOWER COUNTY SUPERVISOR'S DISTRICT NO. 1, Miss.—
BOND SALE.—The WTilliam R. Compton Co. has purchased the $150,000
bond
Boonville),
O.
Sept. 28 tne $52,400 4H% John F. Ileinzle et al Boon Twp. road bonds,
on tnat date—V.
Ill, p. 1301—were awarded, it is reported, to
Clark, Madden & Maurer, of Boonville, at par.
Total bonded debt, including
STUGGART, Arkansas County, Ark.—BOND SALE.—A $35,000 7%
TEXAS (State
RECEIVED.—
impt. bonds,
offered
will be received by G.
Vt.—BOND
BIDS
aggregating $18,000, offered on Oct. 5.—V. Ill, p. 1201.
has
County,
Ohio.—NO
County,
No bids were received for the two issues of 6% Perry Street
—On Oct. 5 the $40,000 5%
$973,630
34,000
Assessed valuation
the
Certified
The bonds
prepared under the supervision of the U.S. Mtge. & Trust Co. of New
York City, which will certify as to the genuineness of the signatures of the
town officials and the seal impressed thereon.
Legality will be approved
by Chester B. Masslich, of New York City, and J. L. Morehead, of Durham,
whose approving opinions will be furnished to the purchaser without charge.
All bids must be made on blank forms which will be furnished by the said
trust company or the above Clerk.
Bonds will be delivered to the pur¬
chaser at the office of said U. 8. Mtge. & Trust Co. in New York City on
Oct. 15 1920, or as soon thereafter as the bonds can be prepared, and must
then be paid for in New York funds.
Purchaser to pay accrued interest.
are
on
Tne First National Bank of
bonds—V. Ill,
Date April 1 1920. Principal and semi-annual
U. 8. Mtge. & Trust Co., New York,
follows: $2,000 1922 to 1933, inclusive;
$3,000
Denom. $1,000.
316.
p.
ROCK HILL,
York County, So. Caro.—BOND
OFFERING.—S.
George Moore, City Clerk and Treasurer, will receive sealed bids until
11 a. m. Oct. 12 (not Oct. 20 as reported in V. Ill, p. 1393), for all or any
part of $100,000 6% street impt. bonds.
Denom. $1,000.
Date Jan. 1
1920.
Prin. and semi-ann. int. payable in New York.
Due yearly on
Jan. 1 as follows: $6,000 1922 to 1931, incl.; $8,000 1932, $3,000 1933 to
1936, incl.; and $4,000 1937 to 1941, incl.
Cert, check for 2% of the amount
of bonds bid for, required.
Bonds will be prepared under the supervision
of U. 8. Mtge. & Trust Co., which will certify as to tne genuineness of the
signatures or the City officials.
Tne purchaser or purchasers will be furnisned without charge the approving opinion of Caldwell & Masslich of
N. Y.
Bonds will be delivered on Nov. 1 1920 or as soon thereafter as
the bonds can be prepared.
FOREST, Wake County, No. Caro .—BOND OFFERING.—
proposals will be received until 2 p. m. Oct. 12 by E. W. Timberlake,
Jr., Town Clerk, for the $125,000 6% gold water and sewer
ELECTION.—Special
1013—was par and interest
YUBA
CITY,
Sutter
County,
Calif.—BOND SALE.—The $6,500
and $12,500 street bonds, voted on
awarded it is reported to Bradford,
$16,000 water works extension
Sept. ii—y. int p. 1302—have been
Weeden & Co. at 100.33
sewer,
YUMA
Oct.
(P. O. Yuma), Ariz .—BOND
OFFERING.—On
bids will be received for the purchase of $100,000 6%
COUNTY
18 at 8 p. m.
10-yr. funding bonds.
Sara B. Gray, Clerk.
Denom. $1,000.
YUBA CITY GRAMMAR
SCHOOL DISTRICT (P. O. Yuba City),
PROPOSED.—A bond issue of $56,468
County, Calif.—BONDS
is being considered, it Is stated.
Sutter
election has been called to vote upon issuing $15,000 fire fighting apparatus
bonds.
TOPEKA, Shawnee County, Kans.—BOND ELECTION.—On Nov.
filtration plant bonds will be voted upon.
2 $535,000
COUNTY (P. O. Brevard), No. Caro .—BOND
SALE.—The $100,000 6%'bond issue offered on Oct. 2—V. Ill, p. 1301—
was awarded on that day to C. N. Malone & Co., of Nashville at 95.
TRANSYLVANIA
TROY, Renssalaer County, N. Y.—BOND OFFERING.—William A.
Tookey, City Comptroller, will receive bids until 10 a. m. Oct.11 for $46,000
6% tax-free registered franchise tax refunding bonds.
Denom. 10 for
$o00, 40 for $1,000.
Date Oct. 15 1920.
Int. Semi-ann. Due $4,600
yearly on Oct. 15 from 1921 to 1930, incl.
Certified check for 1%, payable
to the "City of Troy," required.
Bonds to be delivered and paid for
within five days from date of award.
Purchaser to pay accrued interest.
CANADA,
its
Provinces
and
Municipalities!
BELLEVILLE, Ont.—DEBENTURE SALE.—On Oct. 5 A. Jarvis &
Co., of Toronto purchased $38,000 6% '30-year and $3,000 6% 20-year
debentures at 92.75 and 93.58, respectively.
BEXLEY TOWNSHIP
(P. O. Victoria Road),
Ont.—DEBENTURE
McKague, a local business man, was awarded
Ill, p. 1109.
SALE.—On Oct. 1 Josepn E.
$7,000 7% school debentures mentioned in V.
Due serially for 15 years.
at
par
tne
BRITISH
Oct. 1
to
an
COLUMBIA
(Province
issue of $1,000,000 6% 5-year
reports, to Girvin & Miller
of).—DEBENTURE SALE.—On
debentures, was awarded, according
and Carstens & Earles, of San Francisco.
Oct. 9 1920.]
FORT WILLIAM, Ont.—
DEBENTURE & Co.,
Wood, Gundy
recently awarded $417,000 school and collegiate debentures,
according to reports.
.
It is also reported that $225,000
5% street railway debentures have been
sold to the Sinking Fund.
STE.
of Toronto were
GANANOQUE, Ont .—DEBENTURE SALE.—A.
E.
ANNE
DE
Que.—DEBENTURE OFFERING.—
Secretary-Treasurer,
CHICOUTIMI,
Proposals will be received until Oct. 11 by P. Gauthier,
it is reported, for $25,000 5H% 10-yr. debentures.
SASKATCHEWAN SCHOOL DISTRICTS,
Seek.—DEBENTURES
AUTHORIZED.—The following according to the "Financial Post" of
Toronto, is a list of authorizations granted by the local Government Board
from Sept. 11 to 17.
Belleau Brook, $2,500; Anderson, $600;
Frolich. $3,000; Quill Lake,
$16,000; Robert, $3,000; Oakshela, $4,000; Nokomls, $12,000.
The "Post" also reports that the following debentures, aggregating
$30,45
were sold during the same period:
of
Toronto, during September purchased the following two issues of 6% water
works impfc. bonds:
$14,000 bonds, dated July 1 1920 and maturing serially July 1 from 1921
to 1940, incl.
Ames
1497
CHRONICLE
THE
& Co.,
.
19,000 bonds,Ldated
Sept. 1 1920 and maturing serially
on
1921 to 1950. incl.
Sept. 1 from
.
Cresswell, $600, C. M. Gripton, St. Catharines, Ont.; Coppice Hill,
$3,600, A. B. Smith, Moosomin; Memorial, $4,600, Victory Hill, $4,000,
Waterman-Waterbury Mfg. Co., Regina; Peach View, $6,050, Nay &
James, Regina; Lac Vert, $900, local purchasers; Arbor Hill, $600, O. H.
Inkster, Bressaylor; West Luseland, $4,500, Nay & James, Regina; Thatch
Creek, $5,600, Waterman-Waterbury, Regina.
^
GLOUCESTER TOWNSHIP, Ont .—DEBENTURES OFFERED LO¬
CALLY.—The township is offering to local investors an issue of $30,863
debentures.
KENTVILLE.
Kings
County,
N.
S.—DEBENTURE OFFERING.—
J. Carroll, Town Clerk, will receive bids until 12 m. Oct.
18 for the following
STAMFORD
TOWNSHIP, Ont.—LOCAL OFFERING.—Township
Treasurer, T. R. Stokes is offering to local investors at 98, the following
6% 20-year debentures:
$18,225 sidewalk and $3,710 sewer and water
6% debentures:
$25,000 water refunding debentures,
Denom. $500.
Date Jan. 1 1921.
2,500 school refunding debentures.
Denom. $500Date Jan. 1 1921.
1,300 exhibition grounds refunding debentures.
Denom. $500.
Date
Nov. 1 1920.
2,300 fire dept. debentures.
Denom. $100.
main debentures.
'
SUMMERBERRY,
SASK.—DEBENTURES
AUTHORIZED.—This
village has been granted authority by the Local Government Board, to
Date Nov. 1 1920.
Int. semi-ann.
issue
$2,500 debentures, it is stated.
„
LINCOLN COUNTY, Ont .—DEBENTURE SALE.—On Oct. 5, accord¬
ing to reports, a block of $50,000 6% 10-installment debentures was awarded
to A. Jarvis & Co., of Toronto, at 96.50, a basis of about 6.74%.
THREE
RIVERS, Que.—DEBENTURE OFFERING.—Tenders
will
be received until 4 p. m. Oct. 11 by Arthur Nobert, City Treasurer, for
LOREBURN,
Sask.—DEBENTURES
AUTHORIZED.-The
Local
Government Board has given the village permission to issue $2,600 deben¬
and Quebec.
tures, according to reports.
$700,000 6% debentures.
Date Nov. 2 1920.
Prin. and semi-ann. int.
(M. & N.) payable at the Bank of Hochelaga in Three Rivers, Montreal
Due Nov. 2 1930.
Cert, check for 1% of amount of the
issue, required.
v
«
j
according to reports.
TRENTON, Ont .—DEBENTURE SALE.—Newspapers report that
Wood, Gundy & Co., of Toronto, have purchased on a 6M % basis, $12,000
6H% 20-year installment debentures.
REGINA, Sask .—DEBENTURE SALE.—It is reports that an issue of
$102,153 debentures was sold during September to Wood, Gundy & Co.,
debentures has been disposed of locally, it is reported.
OWEN
SOUND,
Ont.—DEBENTURES SOLD LOCALLY.—The city
has disposed of an issue of $88,000 6>£% debentures
by a local campaign,
WHITEWOOD,
Sask .—DEBENTURE
SALE.—An
issue
of
$3,000
of Toronto.
WINDSOR, Ont.—DEBENTURES REFUSED.—It is reported that the
and 6% 10- and 20-year installment debentures,
aggregating $376,547 81, which were awarded on July 19 to A. E. Ames
& Co., of Toronto, have been refused by them, because one of the issues
RENFREW, Ont .—DEBENTURE SALE.—The $3,000 5% 23-install$4,783 5% 30-installment, and $10,200 6% 30-year installment
debentures offered on Aug. 31—V. Ill, p, 718—have been awarded to C. H.
Burgess & Co., of Toronto, at 85.25.
several issues of 5H%
ment,
NEW LOANS
had not been approved by the voters.
LOANS
NEW
East
City of Hoboken, N. J.
Due Dec. 31,
Prices to
Russian Govt. Bonds
Northport School District
Ask bids for bonds
dollar bonds
twenty-five (25)
one
and Currency
thousand
Foreign Govt. Securities
offered.
BEARING INTEREST
6s
Specializing in
OPPORTUNITY
EXCEPTIONAL
$327,000
CHAS.
6%
F. HALL & CO.
20 Broad St., N. Y.
Tel. 6810 Rector.
Further
particulars may be had from Clerk of
District, Carl Fredericks, East Northport, L. I.
1921-1939
MUNICIPAL BONDS
yield 5.75% to 5.25%
Underwriting and distributing entire issues
of City, County, School District and Road
District Bonds of Texas.
Dealer's inquiries
and offerings solicited.
Scott & Stump
Circulars on Request.
INVESTMENT SECURITIES
Harold G.Wise&CommnT
Biddle &
fife v
Henry
i
Stock Exchange Building
PHILADELPHIA
-A*
Phones: Locust 6480
Houhtom.TKXAS
,
6481, 6482. 6483
Keystone: Race 2797
104 South Fifth Street
PHILADELPHIA
FINANCIAL
Private Wire to New York.
Call Canal 8437.
$550,000 COUNTY OF BUTLER, PA., Road
Imp. 5Hs, maturing Sept. 1,1927 to 1944 inch,
optional after Sept. 1,1935.
To return 5.20%
to 6.15%, after opt. period to return 5.50%.
Hollandsche Bank
$82,000 CITY OF NEW CASTLE, PA., School
SHs, maturing 1935 to 1938. To return 5.15%
M. M. FREEMAN & co.
421 Chestnut Street
Philadelphia
Telephone, Lombard 710
voor
(Banco Holandes do la America del Sud
•
Zuid-Amerika
Banco Hollands* da America do Sad)
AMSTERDAM
BUENOS AIRES
fl.
Capital and Reserve Fund
BALANCE SHEET PER THE 1ST JULY,
Cash In Hand
Cash at Bankers
Balances with Home
fl. 18,896,469 76
7,945,456 65
FRANKFORT-o-M., GERMANY
Bills Receivable............... 41,285,078 99
Debtors in Current Account... 51,341,028 15
Investments in Securities......
8,748,084 21
Securities Depositsd
42,875,096 56
Securities Bought not yet re¬
...
Cable Address
"Openhyrn"
ceived.............
INVESTMENT SECURITIES
.......
Preaaises
kUrniture
1919
......................
.........
Share Capital...^...........fl. 20,000,000 00
Reserve Fund.................
8,600,000 06
Bills
and For¬
eign Bankers................. $0,579,789 61
BANKERS
29,500,000
LIABILITIES.
ASSETS
Lincoln Menny Oppenheimer
SANTOS
SAO PAULO
RIO DE JANEIRO
1,706,840 08
500,000 00
100
Payable..................
Deposits
....................
8,229,689 86
88,761,406 86
Creditors in Current Account.. 87,896,665 06
Balances of Home and Foreign
Bankers
88,208,405 76
..................
Securities Deposited........... 42,875,095 56
Pension Fund..
100,165 5T
Unclaimed Dividends..........
17,908 54
Dividend 1918-1919...
1,896,000 00
Undivided Profit..,
92,655 85*
FOREIGN EXCHANGE
fl. 185,676,888 91
fl.185,676,838 91
FEDDE
&
PASLEY
PROFIT
AND
LOSS ACCOUNT
PER 30TH JUNE 1919
CREDIT,
DEBIT*
Certified
SS
public Accountants
Liberty St.,
george w.
New York
myer, jr.
Net Profit...
to be divided
follows:
fl.
500,000
Special reserve....... 170,000
Writing off premises..
100,000
Shereholoers 9%
1,895,000
Holders of Foundsrs'
Shares
119,568
Bonuses
289,187
Texas
187,500
Balance
to
new
Ac¬
as
Rsserve
.............
...
Certified Public Accountant
31
NASSAU ST..
NEW YORK
count..............
00
00
00
00
68
86
00
Balance
brought forward from
1917-1918
.fl.
Less addition to Pension Fund...
88,175 51
25,009 00
fl.
......fl.1,121,749 58
2,758,862 80
Expenditure
18,176 61
Interest....
Bills
and
Commission
1,581,889 95
.....2,281,049 IT
i
1
92,856 26
fl-8,875,6llt58
Audits. Investigations,
Estate Accounting,
Income Tax Returns,
Telephone Rector 5441
GENERAL BANKING BUSINESS
CORRESPONDENTS ALL OVER THE WORLD
fl.8,876,911 88
[Vol. 111.
chronicle
the
1498
(Engineers
jFituuuiai
imiiiiiiiiininniiimiiiiimnnnniiniiiiiinn|niiiiitmiiiimiinnnninniiiiTmMmmiis
A
UNION
CENTRAL
STONE & WEBSTER
INCORPORATED
COMPANY
TRUST
AUTHORIZED to
DESIGN
act as
Executor, Trustee,
Administrator or Guardian. Receives
-
steam
power
stations,
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, ware¬
houses and buildings.
Deposits,
subjed: to check, and allows Interest on Daily
Balances. Ads as Transfer Agent, Registrar and
1
CONSTRUCT
Mortgages. Receives securities
Trustee under
public
utility properties and conduct an
investment banking business.
of NEW YORK
'
;
industrial and
FINANCE
either from their
designs or from designs of
other engineers or architects.
own
for safe'keeping
and colledion of income.
MANAGE
Capital, Surplus and Undivided Profits over $30,000,000
public utility and in¬
companies.
dustrial
REPORT
So
on
going concerns,
proposed extensions and new
projects,
Broadway, New York
fifth Avenue at 60th Street
Madison Avenue at 42nd Street
CHICAGO
BOSTON
NEW YORK
ACCEPTANCES
COMMERCIAL LETTERS
Member Federal Reserve System
THE
illinium
J. G. WHITE ENGINEERING
CORPORATION
Approved Investment Issues
and
are
Buildings—Industrial Units
Public
profitable investment.
Utilities
Reports—V aluations—Estimates
originating in this district
Bids for and offers of bonds
Constructors
Engineers
Long and active association with so many of the leading
business enterprises of the Pittsburgh District causes
us to be thoroughly familiar with opportunities for safe
43 EXCHANGE PLACE,
solicited.
Mellon National Bank
NEW YORK
JtHning engineer*
Pennsylvania
Pittsburgh
H. M. CHANCE
&, CO.
Mining Engineers and Geologists
COAL AND MINERAL
PROPERTIES
Managed, Appraised
Examined,
PHILADELPHIA
Drexel Bldg.
Illinois Trust & Savings Bank
La Salle at Jackson
Chicago
•
AMERICAN
Capital and Surplus
...
Pays Interest
on
Time
Has
Deposits, Current and Reserve
Transacts
a
MFG.
$15,000,000
on
hand at all times
cellent securities.
Accounts.^Deals in Foreign Ex-
change.
«
a
variety of
ex*
CORDAGE
Buys and sells
NILA, SISAL, JUTE
Government, Municipal and
General Trust Business,
CO.
Corporation Bonds,
Nobel & West Streets, Brooklyn, N. Y. City
Government,
Railroad
Municipal,
Public Utility
Industrial
Adrian
Muiler &, Son
H.
AUCTIONEERS
Investment Bonds
OFFICE
No.
55
Corner
WILLIAM
Pine
STREET
Street
I
A. B. Leach & Co., Inc.
Regular Weekly Sales
OF
Investment Securities
62 Cedar
Philadelphia
Baltimore
St., New York
Boston
Scranton
105 So, La Salle St., Chicago
Buffalo
Pittsburgh
Cleveland
Detroit
Minne&poli
Stocks
and
Bonds
EVERY WEDNESDAY
Milwaukee®
At the
Exchange Sales Rooms
14-16 Vesey Street
OCT. 9 1920.]
THE
CHRONICLE
(Cotton
XXXXI
{Eruat Companies*
Chas. O. Cora
Paul Schwarz
August Schierenberg
The
NEW
ENGLAND
Frank A. Kimbal
Rhode Island
TRUST COMPANY
Cora, Schwarz & Co.
Safe
COMMISSION MERCHANTS
15 William Street
New York
MEMBERS
OF
New
York
Orleans Cotton Exchange
York Produce Exchange
New
Cotton
York
Exchange
Coffee
SURPLUS, $2,000
000
Deposit Vaults
Authorized to act as Executor, and to receive and
hold
money or property In trust or on deposit from
Courts of
Law or Equity. Executors.
DIRECTORS
Administrators. Assignees.
Guardians. Trustees. Corporations and Individuals.
Edward D. Pearce
Interest Allowed
on
Deposits
Subject to
Check.
NEW
25
YORK
Broad
FOREIGN CORRESPONDENTS.
Frederic Zerega & Co.,
Liverpool.
Naamlooze Vennootschap McFadden's Cie Voor
jniooze vennootscnap MCFaaae
Import En Export, Rotterdam.
Societe dTmportation et de Commission, Havre.
Commis
Fachiri & Co., Milan.
Reinhart & Co., Alexandria, Egypt.
Geo. H. McFadden & Bros. Agency, Lima, Peru.
Henry Hentz & Co.
35
Congress Street
BOSTON, MASS.
NEW YORK
COMMISSION MERCHANTS
AND
Morris Gray
Edwin M.
Asst. Trust Officer
Sydney Harwood
Franklin W. Hobbs
Assistant Secretary
Providence, Rhode Island
Richards
Herbert M.
Sears
Arthur R. Sharp
Henry L. Shattuck
cenhmlTrustGompany
ILLINOIS
CHICAGO
The United States Life
'
Under
National, State and
Clearing House Supervision
Members of
Insurance Co.
Accounts of banks
bankers received
New York Coffee & Sugar Exchange
New York Produce Exchange
IN
and
Correspondence invited
Liverpool Cotton Association
equipped
to
ing to banking, and offer
Hubbard Bros. & Co.
CO.
NEW
for
high
class
persona
Company.
Address Home Office, 277 Broadway4
New
York
direct
contracts
with
the
City.
United States Trust Company of New York
45-47
YORK
MEMBERS
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
Stephen M. Weld & Co.
COTTON MERCHANTS
BeaverJStreet, New York City
PHILADELPHIA,
UTICA, N. Y.,
WELD & CO..
PROVIDENCE.
NEW BEDFORD,
open
under
CHARTERED 1853
GWATHMEY
BOSTON.
FALL RIVER.
MUNN, M. D., PRESIDENT
Cotton
20-24 EXCHANGE PLACE. NEW YORK
82-92
P.
territory
Depos its,
$60,000,000
Consignments
AVENUE.
JOHN
Good
Capital & Sur¬
plus $7,000,000
COTTON MERCHANTS
FIFTH
Dollars Paid to Policy*
producers,
NEW YORK
on
YORK.
a
accounts
and individuals.
BU1LDINO
Made
NEW
holders
of banks, corporations, firm
HANOVER SQUARE
475
OF
Non-Participating Policies only,"
handle all business pertains
complete service to
Liberal Advances
CITY
Over Forty-Five Million
Efficiently
Members of
COFFEE EXCHANGE
THE
Organized 1850.
Chicago Board of Trade
Associate
Assistant Secretary
Ralph W. Bowen
Henry H. Proctor
James R. Hooper
OF
Assistant Secretary
Ralph S. Richards
Secretary
Gilbert A. Harrington
James M. Pendergast
New York Stock Exchange
New York Cotton Exchange
,
Vice-President
G. Burton Hlbbert
Jr.
Charles H. W. Foster
Frank H. Gage
BROKERS
Asst. Trust Officer
Henry B. Hagan
Assistant Secretary
George H. Capron
John H. Welle
Augustus P. Loring,
Ernest Lovering
Roger Pierce
Walworth Pierce
Frederick P. Fish
Asst. Trust Officer
Harry W. Simmons
Vice-President
David P. Kimball
Robert A. Leeson
George H. Davenport
Francis W. Fabyan
Robert T. Downs
Vice-President and
Henry L. Slader
Arthur Adams
Jr.
Ernest A. Harris
Asst. Trust Officer
Preston H. Gardner
Trust Officer
J. D. Cameron
Bradley
S. Parker Bremer
Owen,
Herbert J. Wells, Chairman of the Board
Thomas H. West, Jr., President
George Wlgglesworth. Chairman
Egyptian and
Foreign Cottons
Charles D.
Horatio A. Hunt
Vice-President
BOARD OF DIRECTORS
Dealers in American,
Albert W. Dimlck
Henry F. Llppltt
OFFICERS
Manager Safe Deposit Vaults
Street
67 Worth Street
S2 William Street
Horatio A. Hunt
Thomas H. Weet, Jr.
Frederick A. Ballou
Isaac B. Merrlman
Alfred K. Potter
PILLSBURY, Asst. Treasurer
FREDERICK O. MORRILL, Asst. Treas.
LEO WM.
HUEGLE, Asst. Secretary
ARTHUR F. THOMAS, Asst. Trust Officer
SEWALL E. SWALLOW, Asst. Tr. Offr
GEORGE H.
BOYNTON,
PHILADELPHIA
Royal C. Taft
Benjamin M. Jackson
Frank W. Matteson
JOHN W.
COTTON MERCHANTS
Hodgman
J. Arthur Atwood
William C. Dart
Robert H.I. Goddard
Henry D. Sharpe
ORRIN C. HART, Trust Officer
EDWARD B. LADD, Asst. Treasurer
H. M Fadden & Bro.
L.
Walter R. Callender
James E. Sullivan
FREDERICK W. ALLEN. Treasurer
CHARLES E. NOTT, Secretary
Geo.
Frank H. Swan
Rowland Hazard
Lyman B. Goff
Stephen O. Metcalf
OFFICERS.
JAMES R. HOOPER. President
ROGER PIERCE. Vice-President
1
FREDERICK P. FISH, Vice-President
Exchange
William
Herbert J. Welle
Also acta as Trustee under
Mortgages and as Transfer
Agent and Registrar of Stocks and Bonds.
New
New
Hospital Trust
Company
BOSTON, MASS.
CAPITAL, $1,000,000
Capital,
-
-
WALL
-
-
STREET
-
Surplus and Undivided Profits,
-
$2,000,000.00
$14,616,928.30
This Company acts as
Executor, Administrator, Trustee, Guardian, Com¬
mittee, Court Depositary and in all other recognized trust capacities.
It receives
deposits subject to check and allows interest
on
daily balances.
It holds and
manages securities and other property, real and personal, for
estates, corporations and individuals, and acts as Trustee under corporate mort¬
gages, and as Registrar and Transfer Agent for corporate bonds and stocks.
EDWARD
William M.
W.
SHELDON,
President
KINGSLEY, 1st Vice-Pres.
WORCESTER, Secretary
CHARLES A. EDWARDS, Asst. Secretary
WILLIAM C. LEE, Assistant
Secretary
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
WILLIAM G. GREEN, Assistant Secretary
WILFRED J.
LIVERPOOL.
TRUSTEES
ROBERT
MOORE
Mills
CO,
Building
15 Broad
Street, N. Y.
COTTON
MERCHANTS
JOHN A. STEWART, Chairman of the Board
WILLIAM ROCKEFELLER
EDWARD W. SHELDON
CORNELIUS N. BLISS, JR.
FRANK LYMAN
CHAUNCEY KEEP
1
HENRY W. de FOREST
JOHN J. PHELPS
ARTHUR CURTISS JAMES
WILLIAM VINCENT ASTOR
LEWIS CASS LEDYARD
WILLIAM M. KINGSLEY
WILLIAM SLOANE
LYMAN J. GAGE
WILLIAM STEWART TOD
PAYNE WHITNEY
OGDEN MILLS
Members New York Cotton Exchange
STEINHAUSER A CO.
Successors to
L. F. DOMMERICH & CO.
WILLIAM RAY & CO.
COTTON
BROKERS.
26 Cotton Exchange
Orders for future
the New York and
New York
delivery contracts executed on
Liverpool Cotton Exchanges.
Hopkins, Dwight & Co.
FINANCE
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
COTTON
and
COTTON-SEED
COMMISSION
Room 50, Cotton
OIL
MERCHANTS
General Offices, 254 Fourth Avenue
NEW YORK
Exchange Building
NEW YORK.
Established
Over
80 Years
CHRONICLE
THE
xxxxn
[Vol.111.
,
tfimntial
jflnanclal
^financial
MUNICIPAL BONDS Central Bond & Mortgage Co.
208 South La
know
We
so
never
that offerings were
attractive as to net
recommends to conservative investors
they are right now.
have specialized in
Municipal Bonds for more than
a
quarter of a century—"26
Years Devoted to Making Safe¬
yield
as
And
we
the
purchase of
BUTLER BROTHERS
Has large
ty a Certainty."
undistributed surplus
Analysis Sent Free on
Statistical
Send for
Salle St.
CHICAGO
Request.
List
Bolger, Mosser & Willaman
DETROIT
CHICAGO
& Ross
Dodge
GERMAN
<
BONDS
MUNICIPAL
INVESTMENT BANKERS
issues of
invite
from
inquiries
in
interested
investors-
this
of
Wollenberger & Co.
Mid-West,
and
South
we
105 So. La Salle St.
character.
Specialists
chicago
Bonds
u
,
NEW YORK
Caldwell & Company
Radon, French & Co.
SOUTHERN MUNICIPALS
'investment
Cumberland Tel. & Telep. Co. 5s
Nashville Chattanooga St St. Louis Ry.
Nashville & Decatur Ry.
Nashville Railway & Light Co. Securities
SECURITIES
and underwrite entire issues of
bonds and stocks of established corporations.
We purchase
PRINCE & CO.
H.
F.
BANKERS
v
mass,
boston,
ST. LOUIS, MO.
NASHVILLE, TENN.
high-grade investment opportunities
In the securities of
*
120 Broadway
St.
208 So. La Salle
t
We offer
w
CAPITAL $500,000
CHICAGO
PINE
AT
* *
U. S. Government
Cnj^p-VNY MISSOUR!
BROADWAY
investment bankers
C. F. Childs & Company
se¬
Mortgage Trust
ST. louis
application."
on
CHICAGO
Municipal Bonds of
the
curities
grade
high
in
Our circular
Street
111 West Monroe
Specializing
v-
and Marks
Bonds
(INCORPORATED)
817 Security Bldg.
214 Union Street
municipalities, public util¬
ity, and well established
industrial corpora
tions.
.
*
W. G. SOUDERS & CO.
INVESTMENTS
HIGH-GRADE
Correspondence Invited.
Ill
INVESTMENT SECURITIES
WEST MONROE STREET
CHICAGO
Members of New York & Boston Stock
Exchange
La Salle Street,
208 South
CHICAGO
Detroit
New York
McClellan &
ENGINEERING
&
Campion
1'
A
MANAGEMENT
P. W.
BROADWAY
141
Grand Rapids
Milwaukee
NEW YORK CITY
EMERY, PECK & R0CKW00D
&
Commercial
Bank
CHICAGO
LONDON
M
Henry S. Henschen &Co.
So.
La
Appraisals, Audits, Management
in connection with
BANKERS
INVESTMENT
1
Collateral
'
■
Engineering, Construction, Reports
108
Commercial
engineers
NEW YORK
CHICAGO
MILWAUKEE
CHRISTIAN & PARSONS CO.
*'
63 William Street
113 South La Salle St.
Building
Railway Exchange Building
"
Chapman & Company Day & Zimmermann, Inc.
investment securities
Continental
'
•
;
INVESTMENT SECURITIES
.
-
■
Public Utilities & Industrial
Salle St.
CHICAGO
611
Buy and Sell High-Grade Bonds
Paper
Chestnut
St.
Philadelphia!
CHICAGO OFFICE
Harris/Trust Bids.
NEW YORK OFFICE
2 Wall Street
Loans
Properties
OFFICE
HOME
Investment Securities
208 S.La Salle St
NATIONAL
FIRST
Capital and Surplus,
-
DominicH & DominicH
Established
BOND SECURED
BANK
Dealers in
$3,000,000.00
John M. Miller, Jr., President
W. M. Addison, Vice-President'
Burnett, Vice-President
Alex. F. Ryland, Vice-President
S. P. Rvland, Vice-President
Jas. M. Ball, Jr., Cashier
Security ample under all conditions.
Interest earned
over
5
times.
INVESTMENT
Bor¬
Correspondence Invited
allied chemical and dye corp'n
7%
rower
very
growing.
Ask
Municipal
for
Circular
G2010.
'Are
Exempt
Bonds
Federal Income^ Taxes.
Yielding from 4^% to 6%.
*
„■
71
West
Monroe
Street
CHICAGO
Send for List
Milwaukee
tffi hanchett bond co.
tv-'
Minneapolis
39
Members New York Stock Exchange
from
ELST0N & COMPANY
application
SEAS0NG00D, HAAS & MACDONALD
60 Broadway
Exchange
successful corporation.
established and
Business thoroughly
Prefersed Stock
Circular on
SECURITIES
Members New York Stock
R.
'
1870
ii5;broadway
YEAR OBLIGATIONS
3
RICHMOND, VA.
C.
8l/a%
Chicago, III.«
Incorporated 1910
South La Salle Street
CHICAGO
New York
\
@FedFRASER