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TWO
SECTIONS—SECTION
ONE
u
INCLUDING
Bank & Quotation Section
Railway & Industrial Section
Railway Earnings Section
Bankers'Convention Section
COPYRIGHTED IN 1921 BY WILLIAM B. DANA COMPANY, NEW YORK.
(•sued
VOL. 113
Weekly
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE
NEW
110.00 Per Year
Electric Railway Sectiot
State and City Section
•
It NEW YORK,
NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
YORK, SEPTEMBER 10, 1921.
Jfinatuial
Jfinanrial
chartered 1s22
HARVEY FiSK & SONS
NO. 2933.
jTfnattcfal
Harris, Forbes & Co
Pine Street, Corner William
NEW YORK
INCORPORATED
fHE FARMERS' LOAN & TRUST
32 nassau st.. new
york
COMPANY
10
OTHER OFFICES
17 EAST 45TH ST.. NEW
16, 18, 20 and 22 William Street
475 Fifth Avenue, at 41st
BOSTON
Street
BOSTON
HARRIS TRUST
buffalo
YORK
NEW
YORK
PHILADELPHIA
CHICAGO
Drapers Gardens, London, E. C.
HARRIS, FORBES A CO., Ine.
Act
GOVERNMENT,
MANAGEMENT
CARE
OF
OF
DOMESTIC AND FOREIGN
as
fiscal agents for munici¬
corporations and
Government, munici¬
in
deal
pal, railroad and public utility
BONDS FOR
INDUSTRIAL SECURITIES
SECURITIES
SAVINGS BANK
palities and
MUNICIPAL,
PUBLIC UTILITY AND
ESTATES
&
CHICAGO
List
on
INVESTMENT
Application
BANKING
Cable Address SABA, NEW YORK
FOREIGN
OF
American Express company
EXCHANGE
LETTERS
COMMERCIAL
CREDIT
INTERNATIONAL
LETTERS
Established 1810
ACCEPTANCES
Mechanics
PARIS
LONDON
FOREIGN
and
Metals
National Bank
LETTERS
65
York
Clearing
OF
CREDIT
Telephone
BROADWAY,
NEW YORK
Member Federal Reserve System
New
EXCHANGE
COMMERCIAL
OF THE CITY OF NEW YORK
and
SECURITIES
!
The
Whitehall 2000
House
Capital, Surplus, Profits
Deposits, June 30,1921
Established 1874.
John L. Williams & Sons
$27,000,000
-
$196,000,000
Edward b. Smith & Co
Members New York and
Foreign Exchange
BANKERS
Bond
Trust
Service
c
Stock
Philadelphia
Exchanges
Department
Comer 8th and Main Streets
RICHMOND, VA.
Investment Securities
Baltimore Correspondents:
R. LANCASTER WILLIAMS
&
CO., Inc.
~~
garfield
23rd
STREET,
where
FIFTH
fgipRal,
A
-
Trust
AVENUE
Crosses
Broadway
$1,000,000
Bank for
:
Surplus,
New York
Philadelphia
The New York
National bank
-
Company
The Chase National Bank
of the
$1,000,
City of New York
broadway
67
the Builders of Business
Capital, Surplus &
Established.
capital
Undivided Profits
1784
SURPLUS AND PROFITS-.——
$26,000,000
The Bank of New York
$15,000,00 0
DEPOSITS
(June
80,
l(f,710,006
812.278.000
1921)
officers
A.
National Banking Association
BARTON HEPBURN
Chairman of the Advisory Board
Main Office
Trustee for Foreign and
Domestic Corporations
We Act
Our
137
as
years'
service
of
experience is at
our
depositors
ALBERT H. WIG GIN, President
Vice-Presidents
Assistant Vice-Presidents
f
26 Broad Street
Liberty Office
the
120
Broadway
Edwin A. Lee
Samuel H. Miller
Carl J. Schmidlapp
Gerhard M. Dahl
William E. Purdy
George H. Savior
M. Hadden Howell
.
Reeve Schley
Alfred C. Andrews
Robert i. Barr
Cashier
Comptroller
Fifth Avenue Office
First National Bank
of
57th St. & Fifth Ave.
Philadelphia
CHARTER NO.
1
*
.
Wm.
A.
LAW, President
directors
Newcomb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M. Dahl
Andrew Fletcher
Wm. Boyce Thompee
Henry W. Cannon
A. Barton Hepburn
Member Federal Reserve System and
N. Y.
Clearing House Association.
.
William P. Holly
Thomas Ritchie
Albert H. Wiggin
John J. Mitchell
Guy E. Tripp
James N. Hill
Daniel O. Jackllng
Charles M. Schwab
Samuel H. Miller
Edward R. Tinker
Edward T. Nichols
"
Reeve Schley
Kenneth F. Wood
H. WendellEndlcot*
William M. Wood
dt%
[
b©ratoera of Jfotefgn exchange
na*ti
SnbeetnitM ©on
5,
O
x
Maitland, Cop pell & Co.
MORGAN & CO.
•
Wall Street, Corner
[VOL. 113.
CHRONICLE
THE
II
STREET
62 WILLIAM
of Broad
KIDDER, PEABODY & CO.
NEW YORK
NEW YORK
all Investment Securities.
of Corporations and negotiate and
Orders executed for
PHILADffi&HIA
CO.,
&
>9REXEL
Corner of 5th and
No. 22 Old
COLONDON »««'
Letters
NEW YORK
Tran'u"<
of
Commercial and Travellers
on
PARIS
CO.,
&
18 Broad St
BOSTON
i
Broad Street
HARJES
«OEGAN,
agents
as
Issue Loans.
Chestnut Streets
raOEGAN, GRENFELL &
Act
115 Devonshire St
The
National Provincial & Union Bank
England, Ltd., London,
of
Letters of Credit
14 Place Vendome
Messrs.
Foreign Exchange,
Principal Races in Mexico.
Commercial Credits.
Cable Transfers,
parts of the
on
Bank of Australasia.
Agents for the
Travelers, available In all
world.
circular Letters for
Mallet Freres & Cie, Paris,
and
sold on Commission.
Securities bought and
TRAVELERS' LETTERS OF CREDIT
BROTHERS & CO, LTD.
BARING
LONDON
brown brothers & co.,
BoSTOK
NEW YORK
pmr.Angr.PinA
j
SONS, Baltimore
ALEX. BROWN &
Belmont & Co.
August
43
EXCHANGE PLACE, NEW YORK
Correspondents of the
Agents and
Paris and Vienna
19
CREDIT
ISSUE LETTERS OF
Securities
FRERES
LAZARD
ROTHSCHILD,
Messrs.
London,
Investment
Exchange.
Members New York Stock
Nassau Street
NEW YORK
for Travelers
Foreign Exchange
Deposit
Available in
Draw bills of
Accounts
*
5
CIE,
&
FRERES
LAZARD
Telegraphic
Parie
Pillet-Will
Rue
Transfers
Credits
Commercial
all parts of the world.
Exchange and make
Execute orders for
the purchase and sale
of
LAZARD BROS. & CO.,
11
Bonds and Stocks.
Old
Ltd., London
Broad Street
Travelers' Credits
Lazard Brothers & Co.,
Brothers
Lazard
Mayence
Cie,
Securities
&
Exchange
Commission
Bought and Sold on
Letters
CAR
TANK
T. Suffern Taller
of Credit
INDUSTRIAL
James G. Wallace
Company
Freeman &
TA1LER&CD
Freres
Lazard
Equipment Bonds
RAILROAD
Members New York
Stock Exchange
Mmiul&Co.
NEW YORK
34 PINE STREET,
10 Pine Street, New
(Espana) Madrid
"Co., Ltd., Antwerp
Foreign
& CO.
BROWN, SHIPLEY
tONDON
OrenvllleKane
&
York
New
Philadelphia
York
Pittsburgh
Investment Securities
Lawrence Turnure &
Co.
Wilmington
Washington
Baltimore
64-66 Wall Street,
Investment Securities
New York
Winslow, Lanier & Co.
STREET
59 CEDAR
f
and sold on com¬
available through¬
Investment securities bought
credits,
Travelers'
mission.
out the United States,
Members
Cuba, Puerto Rico, Mexico,
and Spain.
Make collections
In and issue drafts and cable transfers on above
New York,
countries.
Pittsburgh Stock Exchanges
Central
NEW YORK
America
Joint City &
Bankers: London
London
BANKERS.
Midland
Philadelphia and
Bank, Limited.
Paris Bankers: Heine & Co.
(Deposits
Received
Allowed
Subject
on
Bought
Draft,
to
and
Interest
Securities
Deposits,
Sold
on
Commission.
Graham. Parsons & Co
Foreign Exchange, Letters of Credit
30
435 CHESTNUT ST.
HUTH & CO.
PINE ST.
NEW
PHILADELPHIA
YORK
New York
30 Pine Street
Securities
Investment
Bonds for*
Deal In and Purchaaa
Issue*
Investment
of
MUNICIPAL
BONDS
Exchange,
Cable Transfers on
NOTES
FRED* HUTH & CO., London
of
TsfewYorK
Securities
Commercial Credits, Foreign
BONDS.
AND
RAILROADS,
Eean., Taylor &> Co.
Foreign Bonds & Investment
UTILITIES AND
INDUSTRIAL
CORPORATIONS
and
on
the Continent of Europe.
of
Pittsburgh.
ESTABLISHED
Oable Address
VALUE
"Graco,"
Philadelphia.
HE1DELBACH, IGKELHEIMER & GO.
37 William Street.
John Munroe & Co.
30
PINE
STREET,
NEW
YORK
BOISSEVAIN
& CO.
BROADWAY, NEW YORK
Members of the New York Stock Exchange
52
Letters of Credit
Deposit
for
PARIS
COMMERCIAL DEPARTMENT
FOREIGN
Transfers.
MUNROE &
N.
Y.
STOCK
EXCHANGE,
purchase and sale ol
Stocks and Bonds.
INVESTMENT SECURITIES
Foreign Exchange.
Commercial Credits
Cable
Travelers]^
Accounts
MEMBERS
Execute orders for
EXCHANGE
MESSRS. PIERSON & CO.
CO.,
PAD
Amsterdam, Holland.
Foreign Exchange Bought and Sold.
Issue Commercial and
Travelers' Credits
the world. ♦
available in all parts of
Sept. ft)
THE CHRONICLE
1921.]
ui
infcgtment anirjffttatuial iBNratfe*
Goldman, Sachs & Co.
60 Wall Street
Lee, Hi
Millett, Roe
NEW YORK
3alle
187 So. La
Street
60 Congress
BOSTON
CHICAGO
Investment Bankers
14
421 Chestnut Street
Montgomery Street
ST.
Boston
Hoge Building
SEATTLE, WASH.
LOUIS
Title Insurance Building
LOS ANGELES, CAL.
MEMBERS
Members of New York and Chicago
Stock Exchanges
NEW YORK STOCK EXCHANGE
Chicago
Higginson & Co.
Commercial Paper
80, Lombard St.
London,
INVESTMENT SECURITIES
PHILADELPHIA
SAN FRANCISCO
411 Olive Street
New York
Hager
&
Street
Securities
E. C.
bought
and
sold
j
commission
on
Foreign Exchange
WILLIAM
52
■-
Commercial & Travelers' Letters
available in all parts of the
of
ST.!
NEW VQRK
Credit
world
Hornblower & Weeks
42
BROADWAY, NEW YORK
I RAILWAY
BONDS
EQUIPMENT
Investment Securities
Bonds
Short Term Notes
MEMBERS
NEW
YORK,
BOSTON AND
STOCK EXCHANGES
CHICAGO
Members New York Stock
Direct wires
to
all principal
Acceptances
EVANS, STILLMAN & CO.
Exchange
markets
fain
Office: National
Uptown Branch: 42nd
60
NEW
BROADWAY
YORK
City Bank
Building
& Madison Ave.
St.
Offices in 50 Cities
Chicago
Boston
Providence
Detroit
Portland
Robinson & Co.
Established 1888
Investment Securities
U. S. Government Bonds
Investment Securities
J. & W. Seligman & Co.
W. A. Harriman & Co.
26
New York
Exchange Place
Members New York Stock Exchange
INCORPORATED
NS-54 Wall Street
Nkw York
Boston
Syracuse
Conservative
NEW YORK
Investment Securities
Yielding 6% to 8 %
Distributers
Underwriters
Howe, Snow,
Corrigan & Bertles
BmrseyBros. &. Co.
BANBBRS;":;
Investment
GRAND
Bankers
Reabodj,
HongMeling &Co.
MICH.
RAPIDS,
EST. 1865
MEMBERS PHILADELPHIA STOCK EXCHANGE
INC. 1918
10 So. La Saile St.
Investment
866
Securities
1421 CHESTNUT STREET
PHILADELPHIA
Chicago
Madison Ave.,
New York
'
DAVIS & CO., LTD.
BANKERS'
BROKERS
Buenor Aires
New York
Sao Paulo
Rio de Janeiro
Montevideo
Santos
Marshall Field, Glore, Ward & Co.
137JSOUTH LA SALLE STREET
1
Foreign
Exchange
Argentine Pesos
ALDRED & CO,
40 Wall
Uruguayan Pesos
Street
New Yo*k
Brazilian Milreis
CHICAGO
Fiscal Agents for
14
WALL
STREET
Bonds
NEW YORK
Uruguayan Cedulas
(Argentine Cedulas
Peso
Dollar 8c
Public Utility and Hydro-Electrio
r
Companies
Sterling Issues
PESO
COUPONS PURCHASED
49 Wall St.
Tel. Hanover 394
RAILROAD,
FOREIGN
H.
T.
HOLTZ &
CO.
INVESTMENT
AND.
HARPER
& TURNER
MUNICIPAL
BONDS.
FOR INVESTMENT
INVESTMENT
BONDS
INDUSTRIAL,.
GOVERNMENT/
BANKERS
STOCK EXCHANGE BUILDING
WALNUT STREET ABOVE BROAD
39 SOUTH LA SALLE STREET
CHICAGO
PHILADELPHIA
Members Philadelphia Stock Exchange
Parker &
49 Wall Street,
Company
New YoAi
,
•
CHRONICLE
THE
financial
JFinantial
we
& CO.
ESTABROOK
finance
Power and
Electric
Shuutial
Light Enter¬
prises with records of established
Members New York and Boston
Stock Exchangee
chase & company
earnings.
SECURITIES
iNVESTMENT
[Vol. 113.
bonds
we offer
i'.
15 State Street,
BOSTON
-
Light Securities
BOSTON
electric bond & share co.
(Paid-Up Capital and Surplus$24,500,000)
BORG & CO.,
Uembert of New
.
19 CONGRESS ST.,
.
HARTFORD
8IMON
.■
Dealers
Correspondence Solicited
1
SPRINGFIELD
PROVIDENCE
Investment
Proven Power and
NEW YORK
24 Broad Street,
and
Bankers
'
71
BROADWAY,
J. S.
FARLEE & CO.
NEW YORK
York Stock Exchange
municipal and
No. 46 Cedar Street
-
railroad
66
BROADWAY
New York
-
NEW YORK
EST.1882
bonds
For Conservative Investment
HIGH-GRADE
Tel. 9695-9699
Bowling Green
INVESTMENT SECURITIES
R. L.
ESTABLISHED 1865
35
Day & Co.
Congress St., Boston
New York
6 Nassau
Investment Bonds
Correspondents
REMICK, HODGES & CO.
St., N» Y»
MEMBERS NEW YORK STOCK EXCHANGE
/
Deal In
Buds
\
Underlying Railroad Bonds
«s
is
f
Safe
Oir Cities
/
and
Tin-exempt Guaranteed & Preferred
> Railroad
& Telegraph Co.
PARKINSON & BURR
Stocks4
"
:
»
stocks and bonds
freight
and
sold
for
cash,
or
conservative terms.
carried
%
•
Members of the New York and
Boston Stock Exchanges
William R.ftmpton (a
on
INVESTMENT
Inactive and unlisted securities.
53
Inquiries Invited.
State
i
BONDS
BOSTON
Street
14 Wall
finch & tarbell
Street, New York
St. Louis
Cincinnati
New Orleans
Chicago
Members New York Stock Exchange.
fcSO
BROADWAY,
j o$00gerelt 4
Founded 1797
NEW YORK
BONDS
h. mountague vickers
Jton,
49
Wall
Street
Baker, Ayling & Young
Guaranteed Stocks
Bonds
Seasoned
i
boston
Investments
PHILADELPHIA
Texas Municipal Bonds
High Yield
30 Pine Street
Short-Term County Notes
New York
BERT RON, GRISCOM & CO. INC.
L. ARLITT
J.
141
Broadway.
TeL
INVESTMENT
40
Wall
SECURITIES
Land Title
Street
NEW YORK
New York
Rector
4614
leeber TexasBankers'
Asseclatle*
Building
PHILADELPHIA
INVESTMENTS
A. B. Murray & Co.
R.C.Megargel
&.
Co.
games Tatoti Jut
.14 Wall Street
Phone 1053 Rector
New York
FOUNDED 1854
Municipal, Railroad,
Investment Securities
Public Utility
•
27 Pine
•
FACTORS
Street, NewJYork
and
Industrial Securities
Main Office
225 4th Ave
-
-
New York
WATKINS & CO.
7 Wall
Cable Addrnu
•
Quomakel
Street
NEW YORK
40 State St.
BOSTON
't-
Sept. 10
THE
1921.]
v
CHRONICLE
Canabian
BANK OF MONTREAL THE CANADIAN BANK
Established
HEAD
Canadian
Total Assets
exceptional oppor
tunities for sound investment.
If pur
chased now they will yield from
SIR VINCENT
C-21
in
Branches
request.
NEW YORK
Montreal, London, Eng
Toronto, Winnipeg,
.815,000,000
President, Sir Edmund Walker, C.V.O., LL.D., D.C.
General Manager, Sir John Airs.
and
Agencies:
Paris,
Bank
of
Montreal
(France).
F. Jones.
General Manager, H. V.
Office, 16 Exchange Place
New York
F.
B.
L.
FOSTER,
C.
J.
STEPHENSON,]
FRANCIS,
1
Agents
Buy and Sell Sterling and
Exchange and Cable Transfers,
made at all points.
Manager.
In the United States—New York (64 Wall
Street), Chicago, Spokane, San Francisco—
British American Bank (owned and controlled
by the Bank of Montreal).
Incorporated
STREET,
Williams-Taylor
London, England, and at Mexico City*
At
Wood, Gundy 8l Co.
WALL
Vice-Pres.
Throughout Canada and Newfoundland.
In
14
Frederick
General
on
...815,000,000
C.
Sir
and interest payable
Particulars
MEREDITH, Bart., President.
Office—MONTREAL
Head
United States funds
Full
..507,199,946
SIR CHARLES GORDON, G.B.E.,
7% to 8%
Principal
23,531,927
Assistant
offer
bonds
OFFICE, TORONTO
PAID UP CAPITAL
RESERVE
Rest & Undivided Profits
Bonds
These
$22,000,000
Capital Paid Up
Municipal
Government and
OF COMMERCE
Years
100
over
Travelers' Cheques
Continento&
CoHeetlcan
and Letters of Credit issue#
world.
available In all parts of the
of every
and Exchange business
description transacted with Canada.
Banking
LONDON
M. O
OFFICE—2 Lombard Street.
BANKERS IN GREAT BRITAIN
The
Bank
of
England,
The
West
Indies, British Guiana and West
Colonial
Bank
(of
London),
(in which an interest is owned by the Bank
of Montreal).
Africa—The
Bank
of
Scotland,
Limited.
Bank,
Lloyd's
THE
■
-
ROYAL BANK OF CANADA
United Financial Corporation
Limited
*
Established 1869
519,000,000
Capital Paid Up
Reserve Funds..
...
Total Assets
19,000,000
550,000,000
Montreal
HOLT, President
& Man. Director
O. E. NEILL, General Manager
Head Office
Gst&bUshod
INVESTMENT BANKERS
(So
&
1889
SIR HERBERT S.
E. L. PEASE. Vice-Pres.
MambarsTotonto Stock
Toronto
London
Montreal
Affiliated
Securities
Guaranty Trust
faVtv&chvay
with
New York.
Co* of
TfewYorto
VictoriaUC,
RIGA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
ARGENTINA—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao
Chicago
LONDON OFFICE—Princes
DALY
A.
CO,
Gl
St.
Mclnorny
.
FRENCH
.
_
AUXILIARY: The Royal Bank of
(France), PARIS, 28 Rue do
Quatre-Septembre.
MUNICIPAL
AND CORPORATION
Bank of Toronto
BONDS
Building
Provin¬
Government,
Canadian
Corporation
cial, Municipal and
Bonds
TORONTO, ONT.
Bought—Sold—Quoted
RURNEJT.
GREENSHIELDS & CO.
The Dominion Bank
P0RTE0U5
HEAD OFFICE,
HpbenHorttiwlStodJtxchange
Paid
TORONTO
& Undivided Profits
Total Assets
BROKERS
Montreal Stock Exchange.
in
Canadian
Bond
Issues.
Members
Dealers
17 St.
John Street,
Montreal
56.000,000
Up Capital
Reserve Funds
Montreal
IT St. John Street
Street, E. O.
NEW YORK AGENCY—68 William
F. T. Walker, J. A. Beatson, E. B.
and J. D. Leavitt. Agents.
Canada
CANADIAN
GOVERNMENT,
STOCK AND BOND
Paulo
SPAIN—Barcelona.
R.
u
CANADA and NEW¬
PORTO
RIOO,
HAITI, COSTA
UR UGU AY—Montevideo.
Montreal
Toronto
730 Branches throughout
FOUNDLAND,
In
CUBA,
DOMINICAN
REPUBLIC,
(B&n&dii&ri
<Xovtmurumt,Municip<iI £ Corporation
<=
7,669,000
140,000.000
Clarence A. Bogert,
President
General Manager
Sir Edmund Osier,
CANADIAN
INVESTMENT.SECURITIE3
Offerings on
New York Agency, 51 Broadway
G. 8. Howard, Agent
London Branch, 78 Cornhill
S. L. Jones, Manager
Request
Correspondence Invited
McDonagh, Somers & Co.
Dominion Bank
Building
TORONTO, CANADA
CANADIAN
CANADIAN
AND FOREIGN
EXCHANGE
BOUGHT AND SOLD
SECURITIES
TRAVELERS* AND COMMERCIAL
HOUSSERWbOD^GlMBW
IMVUTMENT
LETTERS OF CREDIT
lANKIM
TORONTO
HERDMAN &
fembers
CANADA
Bankers
CANADIAN BONDS
& Brokers
Dominion Expresa
Building
MONTREAL
R. C. Matthews & Co.
Muller & Son
Hi
Adrian
COMPANY
lontreal Stock Exchange
LIMITED
BOND
auctioneers
Canadian
OFFICE
No.
55
Corner
DEALERS
Pacific Railway Building
CANADIAN
TORONTO
WILLIAM STREET
BONDS
Pine Street
Regular Weekly Sales
Nesbitt, Thomson & Co.
OF
Limited.
Stocks
Bonds
and
Canadian
Municipal, Public Utility &
EVERY WEDNESDAY
'.
&t
the
Industrial bonds
*
-
.
'
INVESTMENT BANKERS
St., MONTREAL
Toronto
London, Ont.
228 St. James
Exchange Sales Rooms
Hamilton
14*15 Vesey Street
^Emilius Jarvis &
/
Established
189)
•*
Co
CHRONICLE
THE
VI
[VOL. 113.
Jforefgn
Australia
New Zealand
and
LONDON JOINT CITY AND
BANK OF
MIDLAND
WALES
NEW SOUTH
(ESTABLISHED 1817.)
LIMITED
BANK
CHAIRMAN:
Paid-Up Capital....—$24,826,000
Reserve Fund
■„>
17,125,000
Reserve Liability of Proprietors.. 24,826,000
The
....
Right
Hon.
McKENNA
R.
JOINT MANAGING DIRECTORS:
'
$66,777,000
S.
B.
MURRAY
HYDE
F.
E.
W.
WOOLLEY
Aggregate Assets 31 st March, 1921 .$378,462,443
OSCAR
LINES,
General Manager.
Subscribed Capital
Office
GEORGE
London
STREET
-
Paid-up Capital
-
10,860,565
Reserve Fund
358 BRANCHES and AGENCIES in the
Australian States, New Zealand, Fiji,
Papua
(New Guinea) and London.
The Bank transacts
■every description of Australian Banking Business.
Wool and other Produce Credits arranged.
Head
£38,116,815
-
•
10,860,565
Deposits
Office
HEAD
OFFICE:
STREET,
THREADNEEDLE
5,
371,322,381
-
(June 30th, 1921 J"
EC.2.
LONDON,
39, THREADNEEDLE
SYDNEY
OVER
STREET, E. C. 2
OFFICES
IfSO
ENGLAND
IN
AND
WALES
OVERSEAS BRANCH: 65 & 66, OLD BROAD STREET, LONDON, EC. 2.
Atlantic Offices
"
:
" Derengaria "
Aquitania "
" Mauretania "
THE UNION BANK OF AUSTRALIA, Limited
Established 1837.
BELFAST BANKING CO. LTD.
£9,000,000
£7,500,000
........
BANKS:
AFFILIATED
Incorporated 1880.
Capital Authorized...
Capital Issued
Capital Paid Up
110 OFFICES IN
OVER
THE CLYDESDALE BANK LTD.
OVER 160
IRELAND
OFFICES IN
SCOTLAND
£2,500,000
Reserve Fund
....£2,750,000
Reserve Liability of
Proprietors......£5,000,000
The
NEW
In
Bank
has
42
VICTORIA* 38 ~in
in
Branches
SOUTH
WALES, 19 in QUEENSLAND, 14
AUSTRALIA, 20 in WESTERN AUS¬
3 in TASMANIA and 46 in NEW ZEA¬
SOUTH
TRALIA,
LAND.
The NATIONAL PROVINCIAL and
Total, 182.
UNION BANK OF
Read Office: 71, Cornhill, London, E.C.
Manager, W. J. Essame.
Limited.
Established
HEAD
THE
OFFICE:
Subscribed
Paid
Every
Incorporated in New South Wales.
^
Fund
;
Reserve! Liability of Proprietors
BANK
Capital
together
with
ENGLAND.
1217,235,400
-
$46,547,080
$44,390,205
of
NEARLY ONE
LONDON,
1.)
Fund
description
HAS
£
Banking
THOUSAND
Agencies
in
Business
OFFICES
all
IN
of
parts
transacted.
ENGLAND
AND
WALES,
World.
the
£6,040,000
_
Drafts payable on demand,
and Letters of
Credit are issued by the London Branch on the
Head Office.
Branches and Agencies of the Bank
In Australia and elsewhere.
Bills on Australasia
negotiated
»
THE
£2,000,000
2,040,000
2,000,000
=
Capital
Reserve
Established 1834.
Capital.
Up
1833.
BISHOPSGATE,
($5
LIMITED
Reserve
15,
.
Commercial Banking Company
of Sydney
Paid-Up
ENGLAND,
Asst. Mgr., W. A/.Lalng.
Secretary, G. T. Tobltt.
Head
or
collected.
BANKING
Office, Sydney, New South Wales
Birchin
Lane,
Lombard
CORPORATION
60
Paid up Capital (Hongkong Currency)—-Hfl5,000,OOt
London Office:
V 18,
Hong Kong & Shanghai International Banking Corporation
Remittances cabled.
Reserve Fund in Silver (Hongkong Curr.)Hf23,900,00C>
Street,
E.
C.
Reserve Fund in Gold Sterling
WALL
STREE+, NEW
YORK CITY.
Capital and Surplus.
Undivided
$10,000,000
Profits
$4,000,000
£1,600,006
Branches
GRANT DRAFTS, ISSUE LETTERS OF CREDIT
in
NEGOTIATE OR COLLECT BILLS PAYABLE IH
London
Lyons
CHINA, JAPAN, PHILIPPINES.
TLEMENTS, INDIA.
STRAITS
China
Java
India
J.
foreign money
St.,
Philippines
Santo
Japan
Straits
Spain
A.
JEFFREY.
Agent,
38
Wall
New
SET
Yor&
BOUGHT and SOLD
:
San
<r
■
:
Francisco
Panama
Domingo
Settlements
HANDY
HARMAN The Union Discount Co.
and
Est.
1867
59 CEDAR STREET
V
of London, Limited
NEW YORK
Telephone 1337-8 John
.
39
Remitting Money
CORNHILL
Telegraphic Address, Udlsco: London.
Capital Paid
Incorporated by Royal Charter.
V Offers
every banking
facility for transaction
with Greece, where it has been established for
80
years,
and has
Branches
throughout the
Country.
Also at
_
Head Office:
Cairo, &c., in
Basildon House,
Moorgate Street,
Egypt.
NOTICE
Head
At
3
to
,
Office:
HEREBY
INTEREST
...£3,000,000
0
0
0
the
money
7
Per Cent.
Days'
Notice,
Per
3%
Cent.
Company
NUGENT,
Manager.
0
2,495,525
0
1,247,762 10
1,247,762 10
that
for
0
1,085,000
GIVEN
allowed
are as follows:
CHRISTOPHER R.
5 Gracechurch St., London, E. C.
Reserve[Fund
Subscribed Capital
Paid-up CapitaL
Further Liability of Proprietors.
0
The
National
Discount
0
Company,
r»-uerKTttan?e8 roade by Telegraphic Transfer,
Negotiated or forwarded for Collection,
banking and Exchange business of every de¬
scription transacted with Austraiia.
35
CORNHILL
JANION, Manager.
Cable Address—Natdis London.
Cable Address
GERMANY
"Openhym"
INVFSTMENT SECURITIES
FOREIGN EXCHANGE
ECUADOR
$21,166,625
GUATEMALA
SAN
PERU
VENEZUELA
NICARAGUA
SALVADOR
MEXICO
4,233,325
2,500,000
Correspondents
($5=£1 STERLING.)
NOTICE is
INTEREST
as
hereby given that the RATES OF
allowed for
money
on
Deposit
Italy,
in
Belgium,
Switzerland,
Holland,
Germany,
etc.
are
follows:
3M%
PRANKFORT-o-M.,
COLOMBIA
SPAIN
URUGUAY
LONDON, E. C.
Reserve Fund
BANKERS
BRAZIL
CHILE
Paid Up Capital..
Menny Oppenheimer
Affiliations
ARGENTINA
Limited
Subscribed Capital
Lincoln
Branches
ENGLAND
FRANCE
Bills
E. M.
STERLING
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.
'
Authorized Capital—
IS
OF
deposit
on
The
English Scottish and Australian Bank, Ltd.
5,000,000
5,000,000
$5=£1
At Call, 3H
LONDON, E. C. 2.
Up.
Reserve Fund
RATES
Alexandria,
Abroad
Capital Authorized & Subscribed_$10,000,000
; Ionian Bank, Limited
Telephone Whitehall 700
per annum at call.
SH% at 7 and 14 days' notice.
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; and for fixed
periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
PHILIP
HAROLD
WADE,
Manager
Anglo-South America
^BANK, LIMITED
New York
Agency, 49 Broadway
I
SEPT. 10
THE
1921.]
yosefp
foreign
Jtateigtn
BANCA COHHERCIALE 1TALIANA
CAPITA^
vn
CHEONICLE
400,000,000
176,000,000
DEPOSITS
LIT.4,973,847,867
Head Office, Milan, Italy
New York Agency, 62-64 William St., N. Y. C.
London Office, 1 Old Broad Street, E. C. 2
Constantinople
80 branches in Italy, at all the
principal points in the Kingdom
NATIONAL BANK
LIT.
LIT.
SURPLUS
of EGYPT
_
AFFILIATED
BANCA
INSTITUTIONS
'
.
ITALIANA
E
fra.
500,000,000
jfrs.
92,000,000
Deposits
(
COMMERCIALE
frs.2,420,000,000
Head
Office
Capital, fully paid
£3,000,000
Reserve
£2,000,000
'
,
PARIS
&
ITALIENNE
POUR
SUD—Paris, Buenos Aires,
Sao Paulo, Rio de Janeiro and branches
BANCA DELLA SVIZZERA ITALIANA—Lugano
FRANCAISE
BANQUE
L'AMERIQUE
and
Established
under
Egyptian
Law
June, 1898, with the exclusive right co
issue Notes payable at sight to bearer.
Fund
AGENCY
LONDON
UNGARO-ITALIANA—Budapest
BANCA
Office—Cairo
ROMENA
branches
—Bucarest and
■■
Surplus
(France)
ITALIANA E BULGARA
—Sophia and branches
i
,
Capital
branches
Marseilles and
BANCA COMMERCIALE
BANCA
Banque Nationale de Credit
:-
ITALIANA
COMMERCIALE
—Paris,
Head
6
AND
WILLIAM
KING
7
ST.,
DU
350 Branches In France
LONDON, E. C., 4, ENGLAND.
branches
BANCO
branches
CREDITO COMMER¬
ITALIANO—Lima and
SOCIETA
Dl
ITALIANA
Trieste and branches
FRANCES
DE
CHILE—Santiago,
4
in
Branches
the
Provinces
Rhenish
ROTTERDAMSGHE~
CIALE—Vienna,
BANCO
paraiso
FRANCES
E
BANCO
ITALIANO
BANKVEREENIGING
Val¬
DE COLOMBIA
GENERAL
BUSINESS
BANKING
Brussels
ANVERSOIS—An vers,
CREDIT
Amsterdam
Rotterdam
—Bogota
and
The
Hague
oranches
UNION
BOEHMISCHE
BANK—Prague
CAPITAL
AND
SURPLUS
SWITZERLAND
The NATIONAL BANK
of SOUTH AFRICA,
Over
600
Ltd.
Apply to
$21,000,000
Offers "to American banks and bankers its superior
between this country and
-
-
BASLE
Africa.
44 Beaver St,
G.
van
BREDA KOLFF
Wall Street,
COMMERCIAL
New York City.
Subscribed
GENEVA
ZURICH
Branches ail over Switzerland and irr London
Capital
Paid up
Fund
Head
.
CREDIT
Head
Office:
BANK
Street, Edinburgh
Magnus Irvine, Secretary
Lombard Street
Glasgow Office, 113 Buchanan
Street
Offices throughout Scotland
233 Branches and Sub
DE BANQUE
New York Agent#
National Bank
American Exchange
Czechoslovakia.
Prague,
41,000,006
.
.
George
14
London Office, 62
PRAGUE
1,750,000
1,000,00
.
.
.
Alex. Robb, Gen'l Manager
SOCIETE GENERALE ALSACIENNE
£5,500,00 t
....
.
.
(Nov. 1920)
Office,
1810
....
Capital
Reserve
Deposits
Ltd,
BANK OF SCOTLAND,
Established
,
New York Agency
14
SWISS BANK CORPORATION
fadlitie fcfor the extension of trade and com¬
merce
SHARES
AND
Representative for the U. S. of the
Rotterdamsche Bankvereeniging
J.
Capital and Reserves exceed
SALE OF
AND
.
for Investment
Paid Up
.
EXCHANGE
FOREIGN
PURCHASE
STOCKS
BONDS
•
CREDIT
OF
LETTERS
Government, State and Municipal
Branches in Africa
F.110,000,006
.
.
COLLECTIONS
Fondee in 1881
Branches throughout Csechoslovakia,
Siege social:
in
Established
1870.
Strasbourg
BANQUE GUYERZELLER
4. Rue Joseph Ma*sol
CzK 129,000,000
Capital and Reserves
Capital,
100 millions de francs ectlerensemt
verses
SOCIETE ANONYME
ZURICH
86 Agences notamment a
Tbe Mercantile Bank of India LU
Head
Street, London
15 Gracechurch
Reserve
Up
Liability of Shareholders
and Undivided Profits
Reserve Fund
*
In
India,
LUDWIGSHAFEN
FRANCFORT
■'
Burma,
Bankers to the Government in British East
Africa and Uganda
Branches
in
India.
Burma.
Ceylon, Keim
Oolony
and at Aden and Zanzibar.
banking business
transacted.
N
LOCATE CAPABLE MEN
fill vacancies In your
organization through the
Classified Department of
the
Capital
£4,000,000
Capital
£2,000,000
Reserve
Fund—
—.£2,500.000
The Bank conducts every description of bankia*
and exchange business.
Paid-Op
The United States Life
THE CITY OF NEW
Our
Classified Department faces ths
Inside back
cover.
ZAGREB
York Agency
LOTHAR BERKS,
Agent
to Policy¬
Achilles-Amsterdam
THE HAGUE
Established
LEO
SORGER,
Sub-Agent
BANKERS AND
FOREIGN
BUNK OF JUGOSLAVIA, Ltd.
New
Non-Participating Policies only.
AMSTERDAM
Cable Address:
1871
FINANCIAL CHRONICLE
YORK.
Over Forty-Five Million Dollars Paid
80 81 Damrak
-
HEAD OFFICE,
Insurance Co.
ArnoldGilissen&.C©
ROTTERDAM
Subscribed
N. CVETNIC,
KONIG
STOCKBROKER'
EXCHANGE
B8STHEBS
160 Pearl Street,
Commercial
&
El
NEW YORK
and
Travellers
Letters of Credit
Sub-Agent
on
holders.
Subscribed Capital..J.K.200,000,000
Good
Capital Frs. 6,000,000
Every description of
Head Office: 26, Bishopsgate, London, E. C
JOHN
up
Ceylon,
NATIONAL BANK OF INDIA Limited
Organized 1850.
Paid
SARREBRUCK
£75#,S9?
to
IN
Established 1894
£785,79*
Straits Settle¬
ments, Federated Malay States, China and Mauri tint,
New York Agency, B. A. Edlundb, 64 Wall Btrtwn.
Brandies
METZ
MAYENCK
Subicrlb6dMM£1.5(l,tti
£75«,SSt
Capitol Authorised and
Capitol Paid
MULHOUSE
COLOGNE
Office
P.
MUNN, M.
territory
open
for
direct
D.,
PRESIDENT
high
class
Reserve
50,000,000
the
under
Company.
New York
Address Home Office, 105-107 Fifth
Avenue, New York City.
LONDON
and
personal
with
producers,
contracts
KONIG BROTHERS,
25 Broadway,
Cable Address "Jugobank*
NEDERLANDSCHE HANDEL-MAATSCHAPPY
ROTTERDAM
THE
VIII
CHRONICLE
[VOL. 113.
$tanfctMf attU 38 to fetus ^ttwfoe J2tto gorfe
CHICAGO
MILWAUKEE
CHICAGO
JAMES
EDGAR, RICHER &. CO.
*
Lacey Timber Co.
Ea«t Water and Mason Streets
MILWAUKEE,
D.
WIS.
TIMBER
based
WANTED
A. G. Becker & Co,
Green Bay G. & EI. Co. 1st 5s, 1935
East. Oregon Lt. & Pr. 1st 6s, 1929
upon
verification
expert
of
BONDS
always
underlying
assets
322 SOUTH MICHIGAN AVE., CHICAGO
COMMERCIAL PAPER
INVESTMENT SECURITIES
SCOTT
Financing of Milwaukee
137
South
La
Salle
& STITT
Street
INVESTMENT BONDS
CHICAGO
and Wisconsin Industries.
111 W. Monroe
NEW
Investment Securities
ST. LOUIS
YORK
FRANCISCO
SAN
SEATTLE
St.
CH1CAQO
LOS ANGELES
Bought and Sold.
CHRISTIAN & PARSONS CO.
V
First Wisconsin Company
Investment
Securities
MILWAUKEE
WISCONSIN
'
.
^
'i
!
•
Commercial
Greenebaum Sons
IttVftStmfinf Company
Collateral
Paper
Loans
Investment Securities
1. Li Salle St.
Chicago, IS.
Safe Investments Since 1855
S. E. Cor. LaSalle and Madison Sts.
Safe First Mortgage
^
L.Kaufmann&Co State Bank
Real Estate Serial Bonds
Suitable
Second Ward Securities Co.
ance
Investments
for
Banks,
Insur¬
FOREIGN
SECURITIES DEPARTMENT
Companies, Estates and Individuals
Approved and Recommended by the
Second Ward Savings Bank BIdg.
OLDEST
BANKINQ
HOUSE
IN
CHICAGO
MILWAUKEE
Foreign
Exchange
Securities
and
Foreign
Specialty.
a
MUNICIPAL BONDS
108 So. La Salle St.
CHICAGO
Firit Mortgage
Corporation Bond*
Specialists in
Short Term
Wisconsin Municipals
and
Industrial
Hyney,
High Grade Investments
South
39
Note
Issues
& Co.
Emerson
La
Salle
St
CHICAGO
FINNEY, CAMMACK
A. O.
& RAY, Inc.
Slaughter & Co.
Members
New York Stock Exchange
INDIANAPOLIS
^
Chicago Stock Exchange
Chicago Board of Trade
110
Fletcher American Company
Industrial and Railroad
WEST MONROE STREET
CHICAGO
I
Bonds and Notes
ILL.
INDIANAPOLIS
South
108
Capital
Specializing in
La
Salle
Street,
CHICAGO, ILLINOIS
-
$1,500,000
Powell, Garard & Co.
SPRINGFIELD, ILL.
INVESTMENT SECURITIES
Speolalizing In Indiana and Indianap¬
olis Corporation and Municipal bonds
39
South
La Salle
Street
Matheny, Dixon, Cole & Co.
Chicago
find stocks.
Philadelphia
St.
Louis
SPRINGFIELD, ILLINOIS.
BREED, ELLIOTT & HARRISON
/
Cincinnati
5SSS."- bonds
INDIANAPOLIS
Detroit
Chicago
and
Milwaukee
SHIRKER
Investment Securities
184
SOUTH
TODD
LA
SALLE
dc CO.
Indiana
John Burnham & Co.
Investment Securities
Corporation Bonds and Stocks
Bldg.
SOUTH
INDIANAPOLIS
La
Salia
Monroe
Chicago
F. WM. KRAFT, Lawyer
GOVERNMENT, MUNICIPAL &
CORPORATION BONDS
Specializing In Examination & Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
Rooms 517-520, 111 W. Monroe St^
Harris Trust Building
Union
Trust Bldg.
SOUTH BEND, INDJ
Bonds
Mortgages
MINNEAPOLIS
§tevens&^o.
ESTABLISHED
IQIO
1TONIC1PALJRAEUROAD ;
'corporation bonds
COMMERCIAL PAPER/ 5
and
BEND, IND.
Goss-Geyer-Ross Company
Farm
STREET
Local Securitlea and
*18 Lemcke
Illinois
in
Corporation
CHICAGO
Corporation Securities
NEWTON
and
t COMPINT
Formerly
SHARKER. WALLER
Municipal Bonds
Indiana
Dealers
Municipal
CHICAGO, ILLINOIS
MINNEAPOLIS"
ST.PAVI
Sept. 10
THE
1921.]
IX
CHEONICLE
JBanfcm and Jgtofeera ©utatbt JJeto Sort
MICHIGAN
MICHIGAN
CLEVELAND
Members of Detroit Stock Exchange
The Gundling-Jones Company
HUGHES, GORDON, BRASIE& CO.
STOCKS—BONDS—NOTES
High Grade Bonds
HANNA BUILDING,
CLEVELAND
DIME
BANK
Stocks
Cotton
Exchange and the
of Trade.
Chicago
Chicago
York
Richard Brand Company
Board
Denver
Toledo
Specializing Detroit. Securities
CHANNER & SAWYER
We
Union
Trust
Bldg.,
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
•
V
V!_
' .v,
i
y
Municipal Bonds Corporation Bonds
KUPFEL - WASHBURN - BERKLEY
CO.
INVESTMENT SECURITIES
DEALERS IN
Stocks
'
INVESTMENT SECURITIES
DETROIT
Building
2054 Penobscot
IRWIN, BALLM ANN & CO.
CLEVELAND, O,
Warren
Bucyrua
823-380-332
Walnut St.
CINCINNATI, OHIO
Unlisted
-
Investment
FOYER
CLEVELAND, O.
Cincinnati
Grand Rapids
IN
Securities
KEANE, HIGBIE & CO*
OH HI
CINCINNATI
MUNICIPAL BONDS
'
•
Bankers
Detroit
Chicago
FRI EDLANDER
EDGAR
DEALER
Leader News Bldg.
FENTON, DAVIS & BOYLE
Inactive
Stocks & Bonds
ALBERT
Detroit Stock Exchange
Members
Ind Floor National City Bldg.
-
Bldg., Detroit
WHITTLESEY, McLEAN & CO.
!.'•'
THE
Listed
inquiries
your
1721-3 Dime Bank
CINCINNATI. OHIO
v
Dayton
invite
INVESTMENT SECURITIES
Detroit
Cincinnati
Akron
Youngs town
Colorado Springs
Boston
Dayton
Members Detroit Stook Exchange
CINCINNATB
CLEVELAND
New York
Columbus
INVESTMENT SECURITIES
Bonds
Acceptances
Members of New York, Boston, Cleveland,
and Detroit Stock Exchanges, the New
Parcel Is &. Co.
PENOBSCOT BUILDING, DETROIT] MIC
DETROIT
BLDG.
OTIS & COMPANY
Charles A.
I
NEW YORK
DETROIT
PITTSBURGH
HUNTER GLOVER & CO.
Investment Securities
ERIE
BUILDING.
&
COMPANY
KAY & CO.
CLEVELAND
Ashtabula
Philadelphia
Cincinnati
GORDON
INVESTMENT
Springfield
New York
Phone
INVESTMENT BANKER
PITTSBURGH, PA.
Court 3264-6
Members
Successors to
David Robiaon .Jr. 9c Sons
DETROIT, MICK
Penobscot Bldg.
TOLEDO
TUCKER, ROB 1 SON & CO
Inc.,
BANKERS
lembers Pittsburgh Stock Exchange
Union Bank Building,
BROADWAY
120
431 GRISWOLD ST.
Detroit
Stock
Exchange
LYON, SINGER & CO.
INVESTMENT
GEORGE M. WEST & COMPANY
BANKERS
Established
PITTSBURGH
Commonwealth Bldg.,
1893
Bankers—Established 1870
Municipal, Railroad and Corporation Honda
Toledo
Gardner
and
Ohio Securities
Securities of
INVESTMENT BANKERS
Pittsburgh District
Pennsylvania Municipal
Bonds
UNION
TOLEDO, OR1
Building,
A.
E.
MASTEN
Established
Member.
MUNICIPAL BONDS
GARDNER BUILDING
TOLEDO
CO.
Boston Stock Exchange
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
123 Fourth Ave.,
Pittsburgh, Pa
Branch Office—
Wheeling, W. Va.
OHIO
DETROIT,
Stock Exchange
1891
New York Stock Exchang.
Graves, Blanchet & Thornburgh
TRUST BLDG.
Members Detroit
A CO,
W. A. HAMLIN
Members
Detroit Stock Exchange
Motor Stocks,
1010 Penobscot
Public Utilities & Gilt
Bldg.,
DETROIT, MICH.
BUFFALO
Joel Stockard
JOHN T.STEELE
ALWAYS
BUFFALO, N. Y.
Government,
and
Municipal, Government &
Corporation Bonds
Municipal
Corporation Bonds
SPECIALISTS
IN
Biffate and Western New York Securities
refer to the Financial Chron¬
icle
Trading
when you
bonds
IRVING
T.
LESSER
STOCKS AND BONDS
&Co.f Inc.
INVESTMENT BANKERS
or
Department
wish to buy
unlisted
or
or
>
Members Detroit Stock
Penobscot Bldg.,
-
Square
BUFFALO, N. Y.
■
,
Cherry 11 s 1
sell
inactive
Harris Small & Lawson
stocks.
ISO CONGRESS ST.,
DETROIT
79 Ellicott
ExchaDg.
DETROIT
W
CHRONICLE
THE
[VOL. 113.
Ranker* anti JBtokexa &ut&ibt j£eto gorfe
PACIFIC
PACIFIC COAST
Howard Throckmorton
CALIFORNIA
'Government
Guaranteed Stocks
AND
CORPORATIONS
.Corporation
Municipal Bonds
AND
MUNICIPALITIES
of
W. M. DAVIS & COMPANY
Southern
BONDS
SECURITIES
MACON
GEORGIA
baring substantia! assets
and
San Francisco
Commercial
MACON
Pacific Coast Securities
Bonds' Municipal
Alaska
COAST
earning
power.
ATLANTA
Buildln
WILLIAM R. STAATS CO.
THE ROBINSON-HUMPHREY CO.
LOS ANGELES
SAN
Quotations
Information Furnished
and
Pacific Coast
FRANCISCO
PASADENA
MUNICIPAL
Securities
Established
BONDS
ATLANTA
Hu nter,Dul(n & Go.
BROKERS
San Francisco
Members
410 Montgomery St.
*
~
GEORGIA
~~
AUGUSTA
San Francisco Stock
Private Wire
1894.
AND-CORPORATION
1858
SUTRO & CO.
INVESTMENT
Established
on
,
■
and Bond Exchange
GOVERNMENT
MUNICIPAL AND
UNICIPAL
JOHN W. DICKEY
D^\Tr\C
CORPORATION
DENVER
OUlNUi!)
Augusta, Ga.
Municipal and
California
Issues
Specialty
a
Corpo ration Bond »
WILL
H.
WADE
INVESTMENT
COMPANY
Betsblfshed
Los Angeles
San
Diego
Oakland
Second Floor U. 8. National Bank Bldfl,
1888.
Francisco
San
Pasadena
BANKERS
Southern Securities
WM. E. BUSH & CO.
DENVER
PORTLAND,
Ga.
Augusta,
SOUTHERN SECURITIES
OREb
We
specialize In California
Municipal
Vj
&
COTTON
Corporation
MILL
STOCKS
BONDS
e#TABL>S»MfcQ
'»■/
HALL & COMPANY
NORTH
CAROLINA
DRAKE, RILEY 4. THOMAS
INVESTMENT
BONDS
Van
Nuys Building
LOS
|
Wachovia Bank & Trust Company
ANGELES
Local and Pacific Coast Securities
LEWIS BUILDING
BOND
PORTLAND. ORtKKM
R. H. MOULTON & COMPANY
DALLAS,
TEXAS
CALIFORNIA
American
Nat'l
Bank
Bidg.,
San Francleco
W. F. SHAFFNER & CO,
Texas and Oklahoma
Winston-Salem, N. C.
Southern Investment
361-363
SAN
1201 Praetorian Bidg.,
Winston-Salem, N. C.
CHAPMAN DE WOLFE CO.
Mortgages
Company Securities
LOS ANGELES
BREG, GARRETT & CO.
Municipal Bonds
R. J. Reynolds Tobacco
MUNICIPALS
Title Insurance Building,
Farm and City
DEPARTMENT
North Carolina Municipal Notes and Bonds.
DALLAS, TEXAS
Montgomery Street,
FRANCISCO, CALIF.
Securities
Stocks and Bonds
Information
and
Quotation*
on
all
Pacific
Coast Securities
SPARTANBURG,
Members San Francisco Stock & Bond Exchange
Texas
'
S.
C.
Municipal Bonds
and
Warrants
Distributors
of
Entire
A. M. LAW & CO.,
NASHVILLE
Issues
Inc.,
yielding from 6% to 8%
We
solicit
inquiries
banks
and
from
DEALERS
dealers,
investors
American
GEO. L. SIMPSON & CO.
National
Securities
Company
Stocks
and
IN
Bonds
Southern Textiles
a
Specialty
DALLAS
NASHVILLE, TENN.
SPARTANBURG, S. C.
Railroad and Corporation Securities
SAN
ANTONIO, TEXAS
Tennessee Municipal Bonds
^
J. E.JARRATT& COMPANY
Caldwell & Company
^
MOTTU
Bankers
Cumberland
Tel.
&
Co.
Telep.
5s
Nashville Chattanooga & St. Louis Ry.
Nashville & Decatur Ry.
Municipal Bonds
NASHVILLE, TENN.
214 Union Street
ST. LOUIS, MO
317
NORFOLK,
Security Bidg.
BALTIMORE
CHATTANOOGA
&
COMPANY
LEWIS BURKE & CO.
I. Lancaster Williams & Co., Inc.
LOCAL AND SOUTHERN
BANKERS
INVESTMENT SECURITIES
,
BIRMINGHAM, ALABAMA
SOUTHERN
MUNICIPAL
SECURITIES
AND
CORPORATION BONDS
VA.
Correspondents: E. & C. Randolph, New York
ALABAMA
MARX
& CO.
Investment Bankers
Nashville Railway & Light Co. Securities
San Antonio, Texas
_
Established 1892
SOUTHERN MUNICIPALS
Investment
NORFOLK, VA.
Equitable Building
James
Building
CHATANOOGA
BALTIMORE
MARYLAND
SEPT. 10
1921.]
THE
CHRONICLE
XI
gaitfeerg anb brokers ^owibe
Jleto Sorb
Save $10.00
And You
Have
THAYER, BAKER
$5,071.05
In 25
This
the
is
an
minimum
by
Most
wealth
persons
simple,
a
do
independence
computation
anyone
not
to
may
savings
easy,
acquire
because
commit themselves
£.W.£IXt«£Q.
financial
INVESTMENTS
a
decline to
systematic plan.
setting aside part of their
in their productive
years.
earnings
Building
on
the Byllesby Ten=Payment
Plan,"
shows
how
easy
it is for anyone to
acquire financial independence.
Send
for
Booklet
it
to-day.
CC-5,
high-grade
this plan
and
Ask
securities
for
list
a
BORDEN & KNOBLAUCH
of
119
H. M. Byllesby & Co.
Incorporated
111
Chicago
Broadway
St., Philadelphia
Members New York and
S.
FOURTH
Stock
Philadelphia
Exchanges
STREET
PHILADELPHIA
Members
Philadelphia Stock Exchange
208 S. LaSalle St.
Providence
10
Chestnut
American Gas & Elec. Co. Securities
is based.
New York
521
Established 1837
which
on
J
BANKERS
Commercial Truat Bldg,
PHILADELPHIA
"Income
Booklet,
new
of
ac¬
plan.
they
for
Our
& CO.
Years
accurate
quire
Philadelphia
Month
a
Will
Boiton
Weybosset St.
14 State Street
Pennsylvania Tax Free
Bonds
PAUL & CO.
Members Philadelphia Stock Exchange
GEO.
B.
EDWARDS
Boles&Westwood
1421 Chestnut Street
PHILADELPHIA
INVESTMENTS
ft Trinity Place, NEW YORK, N. Y.
.
Members Philadelphia Stock Exchange
ST. LOUIS
FOR
SALE—Timber, Coal, Iron, Ranch
other properties.
Confidential
Negotiations
Settlements and
United States
Investigations
Urchases of Fropei ty.
West
Lorenzo E. Anderson & Company
810
8th
Indies
Municipal
K'A
N.
tfNitAN)
and
Investment
St., St. Louis
Securitie*
Corporation
Bonds
New York 8tock
Exchange
New York Ootton
Exchange
Members Chicago Board of Trade
St. Louis Merchants
Exchange
Lud Tftls
St. Louis Cotton Exchange
St. Louis Stock Exchange
Southern Municipals
Herndon Smith
Charles W.
William H.
Building,
•
PHILADELPHIA
-
Telephone Locust 4721
Moore
Burg
SMITH, MOORE & CO.
Short Term Notes
INVESTMENT BONDS
OLIVE ST.,
Preferred Stocks
ST. LOUIS,
M1SSOUR
Stocks
Commercial
Bankers
ST. LOUIS SERVICE
Paper
MARK C. STEINBERG & CO.
Acceptances
r
Members New York Stock Exchange
Members St. Louis Stock Exchange
300
N.
Broadway
ST. LOUIS
Hibernia
Grain
Bonds
Cotton
Carefully chosen
for
every
securities
Investment
need
J. F. McGOVERN & CO.
Members Philadelphia Stock Exchange
PROVIDENCE
1430 So. Penn Square
Securities
Company
32
PHILADELPHIA
(Incorporated)
Broadway
NEW
YORK
BODELL & CO.
10
New Orleans
WEYBOSSET STREET
PROVIDENCE
READING
New York Office
Direct Private
44 Pine Street
S.
A.
Wire
Member
1
of New
Orleans
Stock Exchange
~
STOCKS
Properties and
Louisiana,
Timber
Arkansas
Lands,
Leases
and
Plantations
Real
that
has
for
Texas
and
disposal
you
what
an
Sarrvfardt & fo.
rnvesf/aentSecurities Li
Second Nat. Bank BIdg.
Reading, Pa.
re¬
ad in the
Country
NEWARK. N. J.
Classified Department
of The Financial Chron¬
in
icle
(faces
back cover.)
the
inside
CONSERVATIVE
INVESTMENT
SECURITIES
List upon reouest
Estate
J. EDW. CRUSEL &. CO.
734 Common Street
Phones—Main
firm
quire, insert
SECURITIES
Oil
the
LOCATE
Street
NEW ORLEANS, LA.
BONDS
Boston
TO
SECURITIES
Common
718
York
Service
TRUFANT
INVESTMENT
Now
4078
New
Orleans, La.
Long Distance 63
F.M. CHADBOURNE & CO.
FIREMEN'S
INSURANCE
NEWARK, N. J
BUILDING
[VOL. 113.
CHRONICLE
THE
XII
pffiMsSsasggi
TRADING
Chic. Gas Lt. & Coke
5%,1937
Paterson
Railway 6%, 1931
Portland Gas & Coke 5%, 1940 B'way & 7th Av. RR. 5%, 1943
New York Mutual Gas Light
Portland Railroad 5%, 1945
Dayton Pow. & Lt. 5%, 1941 Brooklyn City Railroad
Pacific Pow. <& Lt. 5%, 1930 Central Aguirre Sugar
Western N. Y. Util. 5%, 1946 Safety Car Heating & Light'g
Hud. & Manhat. 4V2%, 1957 Pratt & Whitney Pfd.
120
7l/z% Sec. Convertible Notes
Due July 1, 1926
Consolidation Coal Co.
First & Refunding
Theodore L. Bronson & Co.
Members New
Shawinigan Water & Power Co.
Due December
5% Bonds
1, 1950
,
York Stock Exchange
Telephone—Broad 3500
Rector 7580
Tel.
Broadway, N. Y.
CINCINNATI
We Will Buy or
Sett
25 Broad Street,
SECURITIES
RAILROAD
SECURITIES
CO.
Illinois Cent. Stock Coll. 4s
Westheimer & Company
CHICAGO
York Stock Exchange
Member* Chicago Stock Exchange
Member*
New
Members of the
New
York
Cincinnati
Stock Exchange
Stock Exchange
Chicago
Board
Baltimore
Stock
Hartshorne & Battelle
Trade
Exchange
of
CINCINNATI, OHIO
Member» Mew York mock Exchange,
IBerheU Urottjerfl
BALTIMORE, Md.
T.I. Broad! TUB
85 Bread St.
New York
BOSTON
ALBANY
MEW YORK
public Utility INruritieo
lark
111 JBroabtoay,
C. M. & Puget Sound 4s, 1949
Grand Trunk Pacific 3s & 4s
Prov. of Alberta
Investment
Illinois Central
Securities
Cleveland Electric Ilium. Co.
51/2S, Dec. 15, '29
Province of British Col. 6s, 1926
&
Light & Power Co.
1st—7%, due 1951
Chicago
Consumers Power Co.
7%,
St. L. & New O. Jt. 5s, 1963
due 1935
Dayton Power & Light Co.
'
Cuban Treasury 6s,
due 1941
Deb—7%,
Connecticut
1st—7%, due 1923
1929
Idaho Power Co.
1st—7%, due 1947
Mississippi River Power Co.
Da vies,Thomas &Co.
Members N.
Y.
Stock
Exchange
Ohio Power Co.
130
Broadway
7%, due 1951
Pacific Gas & Electric Co.
Phone 7500 Rector, N. Y.
7%,
New York
5 Nassau St.
due 1935
Deb—7%,
MILLER & COMPANY
Members N. Y. and Phlla. Stock Exchanges
due 1940
Pennsylvania Power & Light Co.
Telephone Rector 5530
1st—7%,
due
1951
Rochester Gas & Electric Co.
Gen.—7%,
Union Electric
7%.
American Can Deb. 5s, 1928
American Tobacco 6s, 1944
Chic. T. H. & S. E. Inc. 5s, 1960
Lehigh Power Securities 6s, 1927
Seaboard Air Line 7s, 1923
Tacoma Eastern RR. 5s, 1953
23rd St.
Ry. Ref. Im. 5s, 1962
1926
Niagara Falls Pr. 5s & 6s
Utah Gas & Coke 5s, 1936
!
Phone*
to
Philadelphia
and Boeten
Ford Motor of Canada
Goodyear T. & R.
com.
& pfd.
Lincoln
Motors, Class "A"
Packard Motor com. & pfd.
United Lt. & Rys. com. & pfd.
120
3 Rector St., N. Y.
Phone Rector 9980-5, 9718-7, 5933-1
Private
merrill, lynch & co.
JOSEPH EGBERT
due 1923
7%, due 1946
1926
Citizens Gas & Elec. 5s,
Light & Power Co.
West Penn Power Co.
Bing'ton Lt. Ht. & Pr. 5s, '42-M6
Booth Fisheries 6s,
due 1946
Pacific
Light & Power 5s, 1951
Spring Valley Water 4s, 1923
NEW YORK
Broadway,
Traders' Telephone:
California Gas & El. 5s, '33 & '37
7683 Rector
Tel. Rector 9261
SUTRO BROS. & CO.
120
BROADWAY, NEW YORK
Telephone: Rector 7350
York Stod" Lxchange
Members of New
Specialist in all
Aluminum Co. of Amer.
Canadian Securities
Mengel Co. Common
Carbon Steel
National Casket
Central Aguirre Sugar
Eastman Kodak
New York State
3991
Railways
R. J. Reynolds Tobacco
Singer Manufacturing
Equitable Trust
General Baking, Com. & Pfd. Thompson-Starrett
Ward Baking, Com. & Pfd.
Guaranty Trust
West Va. Pulp & Paper
McCrory Stores Co.
Telephone 8992 Sector
3993
3994
ALFRED F. INGOLD & CO.
74
N. Y.
GLOVER & MACGREGOR
345
Bought— Sold—Quoted
Broadway,
Fourth
Ave.,
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
Stone, Prosser & Doty
52
2.
William St.,
M
V
1.
New York
'Phone
.
Hanover
Gulf Oil Corporation 7s,
7733
West Penn Power 7s,
1933
1946
Armstrong Cork 7s, 1931
Sept. 10
THE
1921.]
CHRONICLE
xm
j
|0FFERIN&Sj
J.
Amer. Steel Foundries 4s, 1923
K.
Rice, Jr. & Co.
American
Buy and Sell
Indiana
Hawaiian S. S.
&
IllinoislCoaLCom.
Arizona Power Co. 6s, 1933
American Meter Stock and Bonds
Ingersoll-Rand
Central Pr.
American
J.
&
Light 6s, 1946
Clearfield Bitumin. Coal
4Vi«,'32
Columbia Graphophone 8s, 1925
Continental Motors Serial 7s
Consolidated Copper 7s, 1928
Fonda Johns. & Glev. 41/^s, 1952
Hale & Kilburn 6s, 1939
American Brass Stock
Eagle Investing 6s
American
Piano
Cyanamid
Aeolian Weber
Aluminum
&
P.
Co.
Com.
Common
Kolb
Bakery Pfd.
Lehigh Valley Coal Sales
Com. Pfd.
P.
.
Lima
Locomotive
McCall
Stock
Com.
&
Co.
Pfd.
Minneapolis
Babcock & Wilcox Stock
Brewing Com.
Mass. Baking Stock
Manhattan Elec. Supply Stock
Bush Terminal Com. Stock
Niles-Bement-Pond Com.
Bank of Manhattan Co.
Clinchfield
Coal
Stock
New Mexico & Arizona Land
Common
Continental Oil Stock
New York Mutual Gas
Continental Ins. Stock
N.
Corn
Exchange
Plate
National
Stock
Bank
Y.
Glass
Liberty
Niagara Ins. Stock
N. .Y.
Gunther, Sons, 1st. Pfd.
(Rest.) Com. & Pfd.
Davis
Coal
&
&
Rys. Com. & Pfd.
Old Dominion S. S.
Common
Tab.
State
National Ice & Coal Stock
Childs
Computing,
Rec.
Phelps-Dodge Corp. Stock
Pyrene Manufacturing
Pratt & Whiting Pfd.
6s
Coke
Dela., Lack & W. Coal Stock
Morton Lachenbruch& Co
42 Broad. Street. NewYork
Private tVires to, CHICAGO -PHILADELPHIA *ST. LOUIS
frnremi rob -nrrgQIT- CLEVELAND -6RAND EAJTD5
Penna. Coal & Coke
E.
Pacific Fire Insurance
W.
Bliss
Com.
Pfd.
&
Equitable Trust Stock
Pacific
Franklin
Rem.
Stock
Insurance
Farmers' Loan & Trust Stock
Foundation Co. Stock
Fed.
RR.
Bangor & Aroostook RR.
Bangor Ry. & Electric Co.
Central Maine Power Qo.
Bonds
& Light
Co.
Stocks
and
Light & Trac. Com. & Pfd.
Fidelity-Phenix Insurance
General Baking Com. & Pfd.
Guaranty Trust Stock
Great Northern Paper Stock
Gold Car, Heat & Light
Great
BEYER &, SMALL
208
MIDDLE
Private
American
Ins.
Coast
Standard Oil of Ohio
Shults Bread Stock and Bonds
Sen Sen Chiclet 6s
Safety Car, Htg. & Ltg.
Standard Oil of New York
Galena
(Old Pfd.)
Gillette Safety Razor
Goodyear Tire & Rub. Prior Pfd.
Title
Havana
New York
Offerings Wanted
Tunnel
Signal
Oil
Tobacco
5s
Hudson
Trust
Hudson
Cos.
Consumers Electric Lt. & Pr. 5s, 1936
Hudson & Manhattan Com. & Pfd.
Georgia
Guaranty & Trust
Thurber Earthen Products
Telautograph Corp. Com.
Hercules Powder Pfd.
& Electric 5s, 1932
Milwaukee Coke & Gas 73^8, 1933
Syracuse Gas 5s, 1946
Portland Ry. 5s, 1930
S.
Ry.
Public
Wash.
Service
Idaho
Lt.
W.
6s,
&
Stock
Scoville Manufacturing
Stock
Appalachian Power 5s, 1941
Arkansas Light & Power 6s, 1945
Columbus Ry. 4s, 1939
U.
Co.
Typewriter 1st & 2nd Pfd.
Royal Baking Powder, Com. & Pfd
Royal Typewriter
Realty Associates Stock
Singer Mfg. & Ltd. Stocks
Great Atlantic & Pac. Tea Pfd.
PORTLAND, ME.
ST.,
Wire to Potter Bros.,
1927
Pr.
1941
6s,
-
National Park Bank Stock
Crocker-Wheeler
Power
Stock
Insurance
Colorado Fuel & Iron Pfd.
Calco Chemical Stocks
Co.
Light
Ins.
C. G.
Valley Elec. 5s, 1936
Cumberland
Pfd.
Chase National Bank
Utah Gas & Coke 5s, 1936
Maine Central
&
Corp. Com. & Pfd.
Merck
America
of
Brill
Kirby Lumber Com. & Pfd.
Pfd.
&
Com.
Acker, Merrall & Condit Stock
American
G.
Jos. Dixon Crucible
American
Bank of Ameriba Stock
Island Refining 7s, 1929
Magnolia Petroleum 6s, 1937
New Orleans Ry. & Lt. 5s, 1949
Ohio State Telephone 5s, 1944
Pennsylvania Pr. & Lt. 7s, 1951
Peet Bros. Mfg. Co. 7s, 1923
Savannah & Atlanta 6s, 1955
Wabash
Preferred
Thread
H.
Johns-Manville
W.
Com.
U. S.
Pfd.
Hotel
Stattler
Mortgage & Trust Stock
Ferry Stock
Victor
Talking Machine Stock
West
Ward
Stock
Virginia Pulp & Paper
Baking Securities
William Whitman Pfd.
Bank Stock
Valley Railway
Elevating Stock
Hocking
Louis
of St.
Union
Home Insurance Co. Stock
Hanover National
RR.
Union Tank Car Common
International
Winchester Co. 1st & 2nd Pfd.
Yukon Alaska Trust
We have good markets in Unlisted and Inactive Securities: Bank,
Insurance and Standard Oil Stocks,
markets before you Buy or Sell.
Louis Levenson
Public
'
our
Trust Company,
and believe it will be to your interest to obtain
Quotations upon request.
Utility—Industrial Bonds
Term
Short
Tel. Broad 4931
Securities.
27 William St., N. Y
J.
K.
RICE, JR. & CO.
Phones 4000 to 4010 and 5915 to 5919 John
California Elec.
36
Wall
N. Y.
Street,
Generating pfd.
Crowell & Thuriow Steamship
Draper Corporation
Emerson Shoe Co. 1st
Fisk Rubber Co. 1st
preferred
preferred
Gillette Safety Razor Co.
Railroad
Bond
Public
Dept.
Utility Dept.
St. Louis Iron Mt. & So. 5s, 1931
Indiana
Chicago & Erie 1st 5s, 1982
Ft.
Ft.
Worth & Rio Gr.
Lighting 4s, 195$
Dodge Des M. & So. 5sr
Appalachian Power 5s, 1941
4s, 1928
Georgia So. & Fla. 5s, 1945
Great Western Power 5
East.Tenn.Va.&Ga.Cons. 5s, '56
General Gas & Elec. 5s, 6s, 7s
Liggett's International pfd.
N. Y. Penn. & Ohio
American Power &
New
New
Rochester
Graton & Knight Mfg. preferred
England Oil
& pfd.
com.
Sharp Manufacturing
common
WALTER S. PLACE
35 Congress
Private
St.,
Telephone
BOSTON, MASS.
New
1st
Utah
5s,
Dept
Island
Ref.
7s,
Cotton Mills 7s,
Royster Guano 8s, 1930
General
That
the
KNOW
in
their
fields
use
and
respective
consult
Chronicle
Financial
fied
the
Classi¬
mind for
use
sion arises.
the
In
1922
Dept.
of
Columbia
Quebec,
1928 & 1936
6s
any
maturity
Municipal Bond Dept.
Express 4s, 1947
OFFERINGS WANTED
Joint Stock Land Bank 5s
Industrial Stock
Astoria
Amer.
:
Department
when
Phono. 7s, 1921-23
(any maturity)
Dept.
Bank
Mahogany Pfd.
Stock
Dept.
Bankers Trust
Milling Co. Com.
Sons, Inc., Corn-
Columbia
Trust
Guaranty Trust
General
I
this
Prov.
Ciishman
Department,
Keep
British
any
efficient
most
men
Adams
6s,
City Gas 5s,1922
Newfoundland 63^s,
Ontario 5)^8, 1925
any
Mobile
DO YOU
Securities
Kansas
1943
Canadian Bond
Industrial Bond
York and Philadelphia
"Fort Hill 7140."
6s, 1927
Rock Island 4s, 2002
Fla. Cent. & Penin.
6s, 7s
Light 6s & 8s
Railway 2d 5s, 1933
Shaffer Oil & Ref. 6s,1929
4^8, 1935
England RR. 4s, 1945
Mobile & Ohio
s,
Baking Com. & Pfd.
Baking Issues
Baking Issues
|
U. S. Title Guarantee Co.
Massachusetts
New
Ward
Gotham
York
Trust
v
National Bank
occa¬
CARRUTHERS
15 Broad
Street, New York
Philadelphia Phone,
Locust 572
,
PELL &
CO.
Phones 5161 to 5169 Hanover
Bait. Phone, St. Paul
93$9
CHRONICLE
THE
XIV
[VOL. 113.
,c,r,rr
F;g
[Wants
F. J,
TRADING DEPARTMENT
LISMAN & CO.
Vtnbtri
61
Stock
York
&
Brunswick
Central Vermont 4s & 5s
1st
Western
Anaconda
Pacific
&
4s,
5s,
1938
1944
Central Vermont 5s, 1930
Chic.
1966
Gila Valley
Grand
Greenbrier
Western
Railway
1st
Wichita Water Co. 5s
Leav.
1950
4s,
Queens County Water Co. 5s
St. Joseph Water Co. 5s, 1941
New York & Greenwood Lake 5s, 1946
Northern Ohio 1st 5s,
1945
Rio Grande Junction 1st 5s,
Staten Island 1st
City & Ft. L. W. 4s, 5s & 6s
Delaware Water Co. 5s
1940
1st 4s,
Interurban Water Co. 5s
Racine Water Co. 5s
Globe & Northern 1st 5s, 1924
Trunk
Birmingham Water Co. 5s, 1939
Clinton, Iowa, Water Co. 5s
N. Y.
Duluth So. Shore & Atlan. 1st 5s, 1937
WE DEAL IN
Peoria Water-Works 4s & 5s
Joplin Water Co. 5s
5s,
& Louisv.
Indianap.
Valley Water Co. 5s
Philadelphia & Eastern Certifs.
NEW YORK
BROADWAY,
Butte
Ohio
Exchange
H. C. SPILLER & CO.
1939
INCORPORATED
4j^s, due 1943
Water
17
Toledo & Ohio Central Gen. 5s, 1935
St.,
Wall St.,
63
Boston 9, Mass.
New York City
AND ALL RAILROAD AND STEAMSHIP SECURITIES
sar
Iowa Central 5s, 1938
Underlying
Pennsylvania genl. 4%s, 1965
Railroad
Pere Marquette 1st 5s, 1956
Amer. Tobacco Scrip
Geo.W. HelmeCom.&Pf.
Reading-Jersey Cent. coll. 4s,'51
| VILAS
Tobacco Prod. Scrip
& HICKEY
Member. N* Y. Stock
C9 Wall St., N. Y.
Exchange
Specialists in All Tobacco
Hanover 8317
WOOD, STRUTHERS & CO
i
Bush Terminal 4s, 1952
Consolidation Coal 5s, 1950
5
Telephone 4^8, 1939
Northwestern Elevated 5s, 1941
P.fcC. Chi. & St. L. 314s & 4s
PI
(all series)
Tenn. Coal, Iron & RR. 5s, 1951
>,'
McKinley & Morris
Members New York Stock Exchange
Tel. Bowline
Central Ark. & Eastern 5s, 1940
Ch. Ind. & St. L. 4s, 5s & 6s
Chic. Lake Shore & East.
4%&, '69
Grand
Trunk
West.
Macon Terminal
5s,
4s,
1950
RAILROAD
1965
So. Ry. E. Tenn. Reorg. 5s, 1938
Shawinigan Wat. & Pr. 5s & 53^8
,
SIXTY BROADWAY
Rector 4594
YORK
Elgin Joliet & Eastern 5s, 1941
Pennsylvania 4s, 1952
r
Bristol & Bauer
St roe*:
l2QEfo<ifaJa.y
NEW
Cudahy Packing 5s, 1931
Empire Gas & Fuel 6s, 1926
!Manila Elec. Ry. & Lt. 5s, 1953
New York
Nassau
Securities
SECURITIES
Evans.
St.
Ind.
Louis
&
6c
T.
H.
Ry.
1st 7s, 1950
Cairo 1st 4s,
1931
Tol. & Ohio Cent—West. Div. 1st 5s, 1935
West. N. Y. & Pa. 5s, 1937
Montana Central 1st 6s, 1937
Wisconsin Cent. Ref'g 4s, 1959
L.
& N.—New Orl.
& Mobile 1st 6s,
1930
NEW YORK
Green 2150 to 2107
Raymond M. Smith & Co.
ABRAHAM & CO.
27 William
St., N. Y.
Incorporated
T.I. Broad ITM
Investment
Amer. Lt. & Trac.
43
CEDAR
Securities
NEW
STREET
YORK
Telephone 3723 John
Central Petroleum
HAVE
YOU
Pacific Gas & Electric
WANTED
BANK FIXTURES
Western Power
FOR SALE ?
MacQuoid
Members New
14 Wall
&
Chronicle
York Stock Exchange
St., N. Y.
Hooker Electro Chem. 7s, 1922
Then consult the Financial
Coady
ment
Classified
(opposite
Depart¬
inside
Arizona Pow. 7s, 1924, & 6s, 1923
East. Michigan Edison 5s, 1931
back
cover).
Int'l Gt. North.
5% Notes, 1914
Jeff. & Clear. C. & I. 2d 5s, 1926
Catawba Power 6s, 1933
Topeka Ry. & Light 5s, 1933
Tel. Rector 9970
HANSON & HANSON
Investment
72
GARDNER
20 BROAD STREET, N. Y.
&
Tel.
Rector 7430
St. Louis Southern 1st 4s.1931
Cent, of Ga.,Mob. Div. 5s_'46
Long Island Ref. 4s
St. Louis Bridge 7s__
111. Cent. Sterling 3s
1949
N. Y. C. & St. L. Deb. 4s_1931
1929
Dallas & Waco 5s
1951
L. & N. New Orl. & M. 2d 6s'30
USE AND CONSULT
the
Classified Department of
St. L. Southw. 1st 4s____1989
Tel.Whitehall 1056
CO.
E. Tenn. Va. & Ga. Div. Ss.'SO
1
Securities
Trinity Place,N.Y.
the
Financial Chronicle
.1940
Our Classified
Inside back
Department facee the
cover.
SEPT. 10
Arkansaw
1921.]
Water
THE
Co.
6s
Birmingham (Ala.) Water Co. 5s
Butler
(Pa.) Water Co. 5s
City of New Castle (Pa.) Water Co. 5s
Chattanooga Water Co. 6s
Clinton
CHRONICLE
BAY CITY & BATTLE CREEK RAILWAY 1st
3s, 1989
CLEVELAND AKRON & COLUMBUS RAILWAY GEN.
5s, 1927
EVANSVILLE TERRE HAUTE & INDIANAPOLIS
7s, 1950
GRAND
TRUNK WESTERN
LOUISVILLE
(la.) Water Co. 5s
xv
&
RAILWAY
JEFFERSONVILLE
CO.
E. St. L. & Interurban Water Co. 5«
LOUISVILLE & NASHVILLE—ST.
Joplin (Mo.) Water Co. 5s
NEW YORK & NORTHERN
Wichita
OREGON & CALIFORNIA RAILWAY CO.
Muncie
St.
(Kan.) Water Co. 5s
(Ind.) Water Co. 5s
ULSTER
&
DELAWARE
1st
BRIDGE
LOUIS
RAILWAY
RAILROAD
DIV.
CO.
1st
Racine
(Pa.) Water Co. 5s
Wm.
(Wis.) Water Co. 5s
Indianapolis Water Co. 4^>s and 5s
1945
3s,
1st
1980
5s, 1927
5s,
CONSOL.
1927
5s,
Joseph (Mo.) Water Co. 5a
Warren
4s, 1950
4s,
1927
Carnegie Ewen
Tel. Rector 3257-3273-1-5
2 Wall
Street, New York
Huntington (W. Va.) Water Co. 5s
Mo.
HOTCHKIN
& CO.
BULL & ELDREDGE
53 State St..
Telephone
Main 460
Boston
Members
Mass;
9,
20
of the New
Broad
York
Stock
Exchange
Kans. & Eastern 1st 5s, 1942
Mo. Kans. &. Tex. of Tex. 1st
5s, 1942
Mo. Kans. & Tex. 2nd 4s, Dutch Ctfs.
Mo. Kansas & Texas Ref. 4s
Mo.
St., N. Y.
Tel.
Rector 8460
Kansas & Texas Ext. Notes
Western
A.T.&T.
Amer. Tel.
& Tel. 5s,
10-Yr.
4s,
1930
Cumberland
&
Tel.
Houston Home Tel.
1946
Tel.
Finance
5s,
Short Term Securities
Foreign Government Bonds
1937
5s, 1935
New
Michigan State Tel. 5s, 1924
Michigan State Tel. Pfd. Stock
N. Y. Telephone 4^s,
1939
N. Y. Telephone 6s, 1949
Ohio
State
Tel.
Ohio
State
Tel.
5s,
York
New
City Bonds
York
Federal
State
Farm Loan
Dec.
7s,
Bonds
Stores Stock & Bonds
National Bank of Commerce
N. Y. Mutual Gas
Light Co.
Wm. C. ORTON & CO.
1922
Specialists Reorganization Securities
.CONSTABLE Si FLEMING
"Ufo.
CONSTABLE^
66
MacDonald
84 Wall Street, N. Y.
Tel. Bowling Green 7270
Kansas
BOND BROKERS
Orders
Bonds, Notes and
executed
and other Bonds
in
on
Oil
City So. 3s, 1950
'Frisco 5s,
Railroad
commission.
1931
Allegheny Valley 4s, 1942
Preferred Stocks of
Conservative
Tel. Hanover 9690-SQ97
K.. L, FLEMING Ug.
Broadway, N. Y.
Tel. Broad 2357-8-9
B'way, N. Y.
& Trading Com. & Pfd.
Guaranty Trust Co.
j
Lehigh Valley Coal Sales
Lord & Taylor 1st & 2nd Pfd. & Com.
Mercantile
Bonds
1944
Ohio State Tel. 7s, 1922-25
Pacific Tel. & Tel. 5s, 1937
T.L.
Bankers Trust Co
Specialists In
Bell Tel. of Canada 5s & 7s, 1925
Central District Tel. 5s, 1943
52
Pacific
4%s, 1933, "$100 Bonds'
Montgomery
Companies
I
Telephone
DO YOU KNOW
Gulf Oil Corp. 7s, 1933
Humble Oil & Ref. 7s, 1923
That
men
S. O. of New York 7s, 1925-1931
fields
Vacuum Oil Co 7s, 1936
the
most
their
in
use
Broad
8068
efficient
respective
and consult the
Bros.
85 Broad St.,
New
We
York
Specialize in
Goodyear T. & Rub. Com. & Pf.
Peerless Motors Stock & Notes
Financial Chronicle Clas¬
INQUIRIES INVITED
sified
CARL
H.
Dealers
PFORZHEIMER
in
Standard
Phones 4860-1-2-3-4 Broad
Oil
Department?
Keep this Department in
& CO.
mind for
Securities
casion
25 Broad St., N.Y.
use
when the
ROBINSON &
61
B'way, N. Y.
SMITH
Tel. Bowling Green 1004
oc¬
arises.
)
Syracuse
Power Securities
Corp. Collat. 6s & Inc.
National
St.
Securities Corp. P. L. 6a
Joseph Water 5s
Pittsburgh Water 5s
Winchester
South
East St. Louis & Inter.
West
Penn
Traction
i
Securities
7V2S> 1941
Rochester Gas & Elec. 7s, 1946
Water 5s
American Water Works & Electric
Beech Nut Pack. Co. 7s, 1922-25
5s
Superior California Farm Lands 6s
J. S. Bache & Co.
Central Vermont 5s, 1930
5s
i
Penn. Power &
Twin Falis No. Side Land & Water 6s
Members New York Stock Exchange
Light 7s, 1951
New York
Tel., 6400 Broad
BRANCHES and CORRESPONDENTS
OTTO
17 Wall
St., N. Y.
BILLO
Phone Hanover 6297
EDWIN BANCKER & CO.
Kentucky
Chicago
New York City
St. Louis
New
Oxfekhs
Philadelphia
Syracuse
Troy
0944-6-6
Rector
1923
Rochester
Buffalo
SECURITIES
INVESTMENT
Pittsburgh
Cleveland
Kans&sClty
Baltimore
Boston
US Broadway
Keokuk & Des Moines 5s,
Cincinnati
Albany
Central 4s
Cuban
M., K. & T. 2nd 4s, Dutch Ctfs.
Cuba
Internal
Co.
5s,
1931
6s
Marq. Houghton & Ont. 6s, 1925
Third Ave. Adj. 5s, 1960
Western
N. Y.
Akron, Canton & Youngstown 6s
Portland Ry., Lt.
Chicago & Northw. Deb. 5s,
Pennsylvania 4s, 1931
Georgia Pacific 6s
Louisville & Jeff. Bridge 4s
Consolidation
South & North Alabama 5s, 1936
Hudson & Manhattan 4^s, 1957
Nat. Rys.
"Nickel
Susq. & West. Gen. 5s, 1940
Missouri Kans. & Okla. 5s, 1942
Boonville St. L. & South 1st 5s, '51
of Mex. Pan Amer. 5s, '34
Central
Fla.
Missouri
Kansas & Texas Bonds
Telephone Sector 2920
72
Trinity Place, N. Y.
4s
Vermont
Mexican Govt. &
5s
Portland
1933
Federal
Ref. 4s
SAM'L
Phone 5380-1 »2-3 Broad
Light & Traction 5s
Shawinigan Water & Power 5s
Central & Peninsular 5s & 6s
Central
Coal 4^s, 5s & 6s
Shipbuilding 5s
Manila Suburban 5s
Plate" 2nd 6s
M., K. & T—All Issues
Ry. Bonds
Ry. 5s, 1930
& Pr. 5s, 1942
New York
Western New York & Penna 4s & 5s
Wise.
WOLFF & STANLEY
Pacific
American
Can
Deb.
5s
Solvay Process 5s
Valvoline
Oil
Pref.
Piggly-Wiggly Corp. Pref.
GOLDSCHMIDT
25 Broad Street
[VOL. 113.
CHEONICLE
THE
XVI
TELEPHONE RECTOR 4061
We
w
E
E
INDUSTRIAL
Consol. Utilities 8s, 1925
Bucyrus Co. Pfd.
V
RAILROAD
Board 8s, 1933
Beaver
Brighton Mills
A
BONDS
'
STOCKS
H
Foundation Co.
D
E
Hershey Choc. 7^s, 1930
Patchogue Plymouth Mills
R
Holden Evans SS. 7s, 1924
AND OIL
Stocks and Bonds
Welch Grape Juice 8s, 1931
Waring Hats
R
PUBLIC UTILITY
Cincinnati Abattoir 8s, 1925
Mich. Stamping
0
Buy and Sell
GOVERNMENT
Melhuish & Co.
S
Established 1884
1
RASMUSSEN & COMPANY
N
New
Broadway
111
CHICAGO
Cleveland Elec. Ilium. 5s, 1939
American Power &
41 Wall Street
SECURITIES
Financial News
Bought, Sold & Quoted
Lt.[6s,^2016
BABC0CK, RUSHT0N
Hershey Chocolate 7V2S> 1930
£ embers
Pennsylvania Power & Lt. 7s, '51
New York
Branch Offices and Correspondents in 30 Cities
York
SOME INS. BLDG
Tork, Chicago
Stock Escaenges
New
Discussion
kCO.
end
Beaton
each
economic
late
con¬
information
companies
of
issue
in
Market
our
Ask for
Review.
Goodyear Tire & Rubber, com.
of
and
numerous
on
7 WALL STREET
NEW YORK
CHICAGO
ditions
C-644.
Goodyear Tire & Rubber, pfd.
ALL
A. R. Smith &
42
42 New
Building
C.
A.
Stocks
CHUCKS
-
Bonds
Grain
Pittsburgh
Cleveland
Milwaukee
Chicago
BOKJDS
-
Street, New York
Philadelphia
CLEVELAND, OHIQ
YORK
E. D. DIER & CO.
V
Company
C.
Broadway
NEW
FOREIGN
M
Amer.
CURRENCIES
Pr. & Lt. Co.
Deb.
N
6s, 2016
Y
Ohio State Tel. Co.
Are
R.A.SOICH &CO.
16-18 Exchange
5s, 1944
&
Street
Write
for Quotation Sheets.
Joseph WLnlUzx Sc Jfotis
Members New
SI
WANTED
Maxwell Motor undeposited
the
Chronicle
York City
John
5691-4
should
consult
Guaranteed Stocks
New
'lJhone
Then you
Securities
Investment
84 Pin*
have you need for one ?
or
Reynolds
a
as a
BANK OFFICIAL
Ch. Mil. & St. P.Ry.Co.
Gilman
seeking
New York
Place
Telephone: Bowling Green 3230-9.
3y2s, 1989
you
position
York Stock Exchange
New York
Broadway
use
and
Financial
Classified
De¬
partment (opposite inside
back cover.)
common
Maxwell Motor 1st pfd. certificates of deposit
H. H. Franklin Mfg.
Rolls
M&tthynFpJk, Af V*
common
Royce preferred
.
17 Whitehall Street
Specialists
N*u> Yor*
Tire and Rubber Stocks
Motor Stocks
20 Nassau
Hathaway & Co.
St.,
N.
Y.
Tel.
City
,
*
tMtl.Ol^OOcSSSnJScIIuiTJ
Offt.
"BENTLEY COMPLETE PHRASE CODE"
u'«o
John 5C20
'-»r®e*t ••Ulna cod.—u««d .11
—mora than 30%
ov.r th.
ov.r plain
wr ask for important CODE
W.
B.
CABLE CODES
•
R. B.
e. BENSINGER CO.
world—
Englt.h cabling.
i|u
SOUTHERN
Strassburger
INVESTMENT
SECURITIES
» •s0-
CIRCULAR NO. 339 -m
Montgomeryt
BENSINGER—PHONE—BOWL. GR. 6989
Ala.
Alexandria, Va., 6's
Central Union Trust Co.
Maturing 1924 to 1956
Foreign
Mortgage Bond Co.
Title Guar. & Trust Co.
B. J. Van
Ingen&COc
16 Cedar St,
New York
FRANK J.
71
TEL. 6384 JOHN
M.
DILLON
Bonds
Inquiries invited from
banks, brokers and dealers
NEW YORK, N. Y
Broadway
Tel. 6460 Bowling Green
Jerome B. Sullivan
fL Ct\
FOREIGN
GOVERNMENT,
MUNICIPAL &
Of IB.
R.R.BONDS
44 BROAD STREET, NEW YORK
Tel.
Government,
Public
Municipal,
Utility
1723-4;
7130-4;
5to34-5
Railroad
foreign bonds
Industrial
f
Broad
Brazil
Argentine
Investment Bonds
British
A. B. Leach &
Investment
62 Cedar
St., New York
Philadelphia
Boston
S-ranton
Hartford
Belgian
French
German
Co., Inc.
Italian
Bought, Sold & Quoted
Securities
105 So. La Salle St., Chicago
Cleveland!
Pittsburgh
Detroit
DUNHAM
Minneapolis
St. Louia
Milwaukee
& CO.
SPECIALISTS
43
Exchange Place,
New York.
Telephones 8300-16 Hanover
Sept. 10
THE
1921.]
Phiia. & Reading RR. 1st 5s, 1933
Lehigh Valley RR. Annuity 6s
Lehigh Valley Coal Co. 1st 5s, 1933
N. Y. Pa. & O. Pr. Lien 4^s, 1935
CHKONICLE
United
Kingdom
Central Pacific Ref. 4s, 1949
Ches. & Ohio Conv. 4V2»» 1930
C. M. & St. P. G
3y2s,4s&4V2s
Tor. Hamilton & Buff. 1st 4s, 1946
Lehigh Valley Consol. 6s, 1923
Cin. Wabash & Mich. Div. 4s, 1991
W. N. Y. & Pa. RR. Gen. 4s, 1943
Biddle & Henry
Fifth
Established
Chestnut
Members
of
New
20 Broad
York Slock
Exchange
Tel.
Street, New York
Rector 9830
1865
Co.
Rioren
410
4y2s & 5s
1925
414s, '61 Japanese Govt. 4s, 4y2s and 5s
San Paulo 5s 1905 (Franc)
L. 6s, 1928 Uruguay 5s, 1919
Members New
Call Canal 8437
York
8s,
L. M. PRINCE & CO.
Street
Philadelphia
Private Wire to New
Brazilian Govt. 4s,
Dominican
4s, 1928
St. Louis San F. P.
South
5y2s, 1929 & 1937
Argentine Govt. 4s and 5s
Great Northern Ref.
Lake Shore Deb.
104
XVII
St., Philadelphia
York
and
Philadelphia
Stock Exchanges.
Aluminum 6s, 1922
J. Heinz 7s, 1930
Prov. of Brit. Col. 6s, Apr. 25 1926
Prov. of British Columbia 5s, 1939
Kansas City & Pacific 4s, 1990
I Prov. of Brit. Columbia 5}^s, 1939
Long Island Ref. 4s, 1949
Prov. of Saskatchewan 5s, 1939
Mo., Kan. & Tex. Gen. 43^s, 1936 City of Montreal 5s, 1956
Pennsylvania Company 4s, 1952
Govt, of Newfoundland 63^s, 1936
Railroad Equipments
Tank Car
Kansas
H.
Equipments
City Power & Light 8s
Southwestern Bell Telephone 7s
CANADIAN
Philippine
Government 53^s, 1941
Waterloo, Cedar Falls & Nort. 1st 5s, 1940
Indiana Service
Corp.
Ref.
&
Adj.'s
Red Jacket Coal & Coke 1st 5s,
Sierra & San
Horn
&
Fran. Power 2nd
Hardart of New York
1944
& pfd.
com.
Member New
221
FLEMING
N.
Lafayette Building
HOLMES & CO.
J. H.
5s. 1949
St. Joe Ry. Ht. Lt. & Pwr. Pfd.
GEORGE
SECURITIES
Bought, Sold & Quoted
61
York and
Pittsburgh Stock Exchanges.
Broadway New York.
Union Bank Bldg., Pittsburgh
Direct Private
Philadelphia
Wire Connection.
Telephone Lombard 6414
Phila.
Elec.
Penn.
Power
6s, 1922
Lt. 7s, 1951
Ry. & Lt. Issues
Moines Elec. 5s, 1938
&
Denv. & Rio Gr. consol 4s, 1936
New Orleans
Des
BONDS
AtgCown&Co.
Members
Kansas
Stock Exchange
Philadelphia
York
Municipal
WILL
So. Pac. C. P. collat. 4s, 1949
Railroad
Bldg., Philadelphia
Telephone CANAL 4845
WE
Ill.Cen., C. St. L. & N. O. 5s,1963
City South, ref. 5s, 1950
Government
Title
Land
New
Wabash 1st 5s and 2d 5s, 1939
Lake Shore deb. 4s, 1928 & 1931
Missouri Kansas & Texas issues
Corporation
BUY
New York Connecting RR. 4^s, 1953
W. New York & Pa. 5s, 1937
Scioto
Valley & New Eng. 4s, 1989
Baldwin
Locomotive
5s,
G- H. WALKER & CO.
1940
Lehigh Valley Coal <5s, 1933
Members New
ARTHUR C. RICHARDS & CO.
York
Stock
Broadway and Locust
ST. LOUIS
So. Ry.,
M.
THE MENGEL
West Penn Power 7s, 1946
STIX
ST.
ST.
K.
Reading Gen. 4s,
Hudson
Stock & Fractions
6s,
Mil.
2 Rector
Chinese Government 5s
St., N. Y.
Phone 6780 Rector
52
Exchange Place, N. Y. Tel. Rector 6700
61/2», >36
NEWBORG & CO.
Members New
60
York Stock
BROADWAY,
Exchange
N.
Y.
Telephone 4390 Bowling Green
PRIVATE
WIRE
TO
ST
1948
LOUIS
Y. Stock
Exchange
173 Orange St.
New Haven
Fremont Elkhorn & Mo. Val. 6s, 1933
Gila
Valley Globe & No. 5s,
1924
N. Y. Lack. & Western 4s & 5s, 1923
Western Ref. 5s, 1937
Oswego & Syracuse 2nd 5s, 1923
St. Joseph & Grand Island 4s, 1947
Southern Ry. St. Louis 4s, 1951
Winston Salem So. Bd. 1st 4s, 1960
Rock Island Frisco Terminal 5s, 1927
S. P. LARKIN & CO.
I
RAILROAD BONDS
New York City
Telephone: Broad 3484
SO Broad St.
to
Baltimore & Ohio Pr. L'n
Chicago Northwest. Deb. 5s, 1929
Columbus & Hocking Val. 4s, 1948
N. Y. Ontario & Western Ref. 4s, '92
Chic. Burl. &Quincy Jt.
Penna. 6^8, 1936
1949
Philadelphia, Baltimore,
Richmond, New Haven
N. Y. Susq. &
Gt: Northern 7s, 1936
Puget Sd. 1st 4s,
New York
Private wires
Atlantic & Danville 4s,
COWEN & CO.
67
1957
Broadway
Central Pacific 4s (francs)
New Haven 4s (francs)
from Banks and Brokers
5s,
Members N.
C. C. Kerr & Co,
(francs)
&
Ref.
12047
Prince & Whltely
1926
Inquiries Invited
Manhattan
&
Bought, Sold & Quoted
Sao Paulo 5s
St. Paul 4s
i
1997
Northern Pacific 3s,
Chic.
Aires
Memphis Div. 1st 5s, 1996
& Texas 1st 4s, 1990
Bait. & Ohio 10-year 6s, 1929
LOUIS
Japanese Govt. 4s, 4Vfcs & 5s
Argentine Govt. 4s & 5s
Brazilian Govt. 4s, 4*/2S & 5S
Buenos
Exchange
Tel. Rector 5300
Pennsylvania 4s, 1931
COMPANY
& CO.
Members St. Louis Stock Exchange
OLIVE
100 Broadway. N. Y.
Keystone: Main 6711
Cincinnati Gas & Elec. 8s, 1922
509
Member* of New York Stock
Exchange
PHILADELPHIA
DREXEL BLDG.
Bell: Lom. 7056
ARTHUR E. FRANK & CO.
,
3y>s'25
3y2s, 1925
Central Pacific 3V£s, 1929
Denver & Rio Grande 4^8, 1936
E. Tenn. Va. & Ga. Reorg. 5s,'38
Bait. & Ohio Southw.
Freemont Elk. & Mo. Val. 6s,1933
Kansas
City Southern 3s, 1950
Minn. & St. L. Cons. 5s, 1934
St. L. & San Fran. Gen. 5s, 1931
St. L. Southwestern Cons. 4s, '32
R. W.
40 Wall
Street,
New York
PRESSPRICH
Telephone
O
»
^U.
John 0307
THE
XVIII
[VOL. 113.
CHRONICLE
financial
JFimntial
G=£Q 1
Sterling Bonds
YEARS
71
countries as Argen¬
Denmark and Norway are be¬
purchased by investors in this country who appreciate
many attractions these bonds offer.
Foreign Government bonds of such
tina, Brazil, Uruguay, China.
ing
the
They are
iiigh
with
well-seasoned investments
credit standing.
MONTH
external bonds, thus in effect enjoying
the income of the countries issuing them.
They are
claims
on
Their income basis compares
lar
loans
issued
in
OLD THIS
issued by countries
prior
favorably with foreign dol¬
and their yield basis is
Zbe
this country,
generally higher.
They are often payable In more
JMarine Urust
Company
than one currency, thus
their attractiveness and offering opportunities
for profit not usually attainable in such high-grade invest¬
adding
to
ments.
We shall
be
pleased to furnish complete
information
of Buffalo
on
request.
Capital and Surplus, $17,000,000
American Express Company
65
BROADWAY—NEW YORK
TELEPHONE
securities
WHITEHALL
Department
2.000
BUYING
BONDS
is
a
difficult problem
unbiased
an
mation
one
to
ment
without
infor¬
of
check value.
dollar
our
source
we
will
Report on
security.
Investment Registry
send
any
For
you
invest¬
of America, Inc.
ESTABLISHED
608 Chestnut Street,
1910
Philadelphia
1836
Chartered
THE GIRARD Trust
Company offers to
banks, bankers and in¬
dividuals the services of
its Real Estate
ment
for the
examination
L. A. HUGHES & CO.
Depart¬
care
HIGH-GRADE BONDS
and
FOR INVESTMENT
of proper¬
ties in
Philadelphia and
vicinity.
Semi-Monthly Investment
Circular Free
Request
on
This
Department
com¬
bines every advantage of a
For the greater protection
of you and your depositors
real estate agency
added security of
The Bankers
ATLANTA
trust
j&otfce*
GIRARD
|
NOTICE
TRUST COMPANY
Broad & Chestnut Sts., Philadelphia
Supply Company
The Largest Manufacturers
ofBank Checks in the World
DENVER
CHICAGO
NEW YORK
a
company.
The small individual bonds, providing
perfect identification, give banks a
most
splendid "point ofcontact." They
put in your customers' pockets visible
evidence of your efforts toward more
perfect safety and security.
SAN FRANCISCO
DES MOINES
Broadway, New York
100
with the
maturing
notes
are
Bond Salesmanship
"
'Th. Human Side of
Business' is the
beet book on this subject erer
Securities
written."
cash with order.
Descriptive
circular free.
Published and for sale by
the Investment House of
Price
S3,
OUTWATER & WELLS
Place
Tel. M
Frederick Peirce & Co.
1411 Chestnut Street,
Montgomery
CMy, N. J.
/
Philadelphia
GIVEN
that
the
From
for
and
payment
after
and
such
redemption.
redemption
date,
to»wit, October 1, 1921, interest on
all of
such notes shall cease to accrue.
The right to convert said notes into the com¬
mon
stock of the Company will continue up to
September
and
ture
■a
HEREBY
on
and after said date.
All such
hereby required to be then and there
presented
New Jersey
IS
undersigned,
CONSOLIDATED
TEXTILE
CORPORATION,
has
elected
to
redeem all
of its Three Year 7% Sinking Fund Convertible
Debenture Notes, dated April 1 1920, and will
on
October 1, 1921, at the office of Mercantile
Trust
Company, No. 115 Broadway, Borough
of Manhattan, City and State of New York, pay
and redeem all of such notes then outstanding at
I02ji % of the face value thereof and the accrued
interest then due, upon the surrender of such notes
■with
all interest coupons thereto appertaining
21,
1921,
but thereafter shall cease
Inden¬
determine, as provided in the Trust
under which tne notes are issued.
August 29. 1921.
CONSOLIDATED TEXTILE CORPORATION*
By F.
K. RUPPRECHT. President.
HENRY B. STIMSON, Secretary.
New York,
sEPT. 10
THE
1921.]
CHRONICLE
xrs
financial
Cnginetrt!
I
864
192 I
To Institution Executives
trust ees
STONE & WEBSTER
We
INCORPORATED
particularly well equipped to safeguard
are
Corporation Treasury Securities.
CI
This service includes:
Collecting income promptly. Preparing requisite
VALUATIONS
REPORTS
"income tax certificates "
Crediting collected income, or remitting.
EXAMINATIONS
Rendering regular statements of securities held
and income collected.
ON
officers will welcome the opportunity
Any of pur
INDUSTRIAL
%Afis
to
as
fully
eACis
explain this complete service.
Foreign
^Assistant
AND
SERVICE
PUBLIC
as
Trusteefor
Insurance
Trea surer of
iAfi$
Institutions
as
tympanies
Qustodian
PROPERTIES
New York
Boston
CentralUnionTmjst Company
ofNewYork
Chicago
.
plaza
42nd street off1cb
office
80
jth Ave. & 60th St.
BROADWAY,
Madison Ave. U
YORK
NEW
tyapital, Surplus and Undivided Trofits over 30
42nd St.
^Million Dollars
CMember Federal Reserve System
3l CSE
IOE
IE
r^anoE
20DO
ENGINEERS
Public Utility
Specialists
Gas and
From
Electric
Management and Operation,
Relation,
Valuation and Rates,
Design and Construction of
central station and industrial
power
plants and
gas
over
people
the country
are
flocking to Southern Cali¬
business opportunities.
a
department of research and service
and accurate information regarding Los Angeles
its resources, industry, commerce and agri¬
culture.
This department is in charge of a vice president, and the
work is carried on by men of special education and training in economic
research and statistics.
Bankers and their customers are cordially in¬
to
Public
11
This Bank maintains
Counsel and Reports,
Accounting and Purchasing,
Utilities
f*
seeking homes, farms, investments and
fornia
plants.
furnish complete
and Southern California,
cited to make use of the services of this department.
Automobile Trips. Our Automobile Map of Southern California,
1
WILLIAM A. BAEHR Organization
Chicago
Peoples Gas Building
gladly sent for the asking, shows more than
paved roads reaching all the towns, resorts, beaches,
mountain camps and scenic points within 100 miles of Los Angeles.
We will take pleasure in arranging for any banker, in advance, the
rental of an automobile with or without driver for use while here.
2000
miles of
.
Capital & Surplus $ 5,250,000
Resources
THE
over
95,000,000
C^raiRIHrVTRUSX
^&SAVUVGS BANK
J. G. WHITE ENGINEERING
SAVINGS
TRUST
COMMERCIAL
CORPORATION
20E
moE
Constructors
Engineer*
Buildings—Industrial Units
Public
Reports—Valuations—Estimates
42 EXCHANGE
B. A.
A.
Utilities
PLACE, NEW YORK
Bankers
Conventi
who will attend the American Bankers Association Conven¬
tion in Los
banks their
Angeles, October 3-7,
are
invited to make either of these
headquarters during their stay.
The FIRST NATIONAL BANK OF LOS
H.
M. CHANCE
A,
Mining Engineers and
CO.
Geologists
COAL AND MINERAL PROPERTIES
Examined,
Drexel
Managed,
Ndg,
Appraised
PHILADELPHIA
Seventh and
LOS ANGELES TRUST & SAVINGS
Sixth and
ANGELES
Spring Streets
Spring Streets
j
BANK
CHRONICLE
THE
[Vol. 113.
jHnattdal
BANKERS who are planning to attend3d A. B. A.
the 7th
convention in Los Angeles October
to
cordially invited to visit San Francisco
are
route to or
en
from the convention.
been made for golf, motoring
Arrangements have
and other forms of
desires to get
those
with
entertainment, and the committee
in touch, at the earliest possible moment,
who
coming, in order to perfect its
are
plans for making their stay
this city pleasant.
in
Hotel reservations will be made if desired.
Please write at
and
advising time of arrival at
once,
Francisco
departure from San
Address
party.
Bankers
and
number
Entertainment
in
Committee,
Palace Hotel, San Francisco.
Associated Banks of San Francisco
©toftienti*
St. Louis Rocky Mountain
& Pacific Co.
E.
CLARK &
W.
Raton, New Mexico, September 3, 1921.
PREFERRED
DIVIDEND
STOCK
NO.
37.
Office
BANGOR
The above
Bankers.
BETHLEHEM
the
of
RAILWAY
Btoibenti*
CO.,
Notice
ELECTRIC
&
CO.,
Company has declared the regular
dividend of one and one-fourth per
cent on the Preferred stock of the Company, to
stockholders of record at the close of business
September 19, 1921, payable September 30, 1921.
The Board of Directors of the Bangor Railway
& Electric Co. has declared the regular quarterly
Transfer books will not be closed.
dividend
quarterly
CHARLES
SPRINGER, Treasurer.
St. Louis Rocky Mountain
& Pacific Co.
Raton, New Mexico, September 3,
STOCK
COMMON
DIVIDEND
1921.
NO.
Bangor, Maine.
PREFERRED
books will
CHARLES
1921.
A dividend
of One
Dollar and Twenty-five
($1.25) per share on the Capital Stock of
this Company, has been declared payable No¬
vember 1st, 1921, at the office of the General
Treasurer, to stockholders of record at the close
of business September 30th, 1921.
MILTON S. BARGER, General Treasurer.
LIGHT
cent
CORNING, Treasurer.
AND
COMPANY
Dividend
No.
The
Chatham & Phenix
one
and one-half (1M)
Preferred
earnings,
record
of
Stock,
on
at
Per
National Bank
of the
A
payable
October
1,
close
the
of
the
to
stockholders
of
business
surplus
Thursday,
day
been
$4.00
of
declared
by
to
shareholders of record at
business
September
this
Board
the
Directors, payable October 1st,
of
per
1921,
the
17th,
of
First
open
Preferred
for
Stock
transfer
of
transfer
stock
September 1,
i
H.
will
re¬
at
the
certificates
opening of business September
L.
books
16,
1921.
HEINKE, Secretary.
IN
BANK OF COMMERCE
NEW
YORK
A quarterly dividend of THREE PER CENT.
<3%) has been declared upon the Capital Stock
of this Bank, payable on and after October 1,
1921 to stockholders of record at the close of
"business September 16, 1921.
The Transfer Books will not be closed.
II. C. STEVENS, Second Vice President.
September 7,
1921
Stock;
Common
The
third
Common
Stock
and
Class
Stock.
installment
of
2%
of
Eight
eight
the
Per
per
cent dividend upon
the
Cent
Cumulative
Convertible
Preferred
Stock
and
the
third installment
of
VA%
of the seven
per
cent dividend upon
the Seven
Per Cent
Non-Cumulative Preferred Stock of Bethlehem
Steel Corporation which were declared on Janu¬
27, 1921, and the 1M% regular dividend
upon
the Common
Stock and Class B
Stock
of the Corporation
which
July 28, 1921, will be payable
1921,
to
the respective holders
Transfer books will be closed at 3 P. M.,
September
10 A.
17th,
1921,
and
Seven
Stock
the
L.
open
at
Per
September 8th.
THE CHASE NATIONAL BANK
OF THE CITY OF NEW YORK.
i The Board of Directors has declared a quarterly
close of business
September
The Transfer books will not close.
WILLIAM
September 7, 1921.
P.
HOLLY,
CHASE
Common
declared
was
on
October
23,
Stock
of
business
Checks
Dated
will
January
said
on
Preferred
2,
1922, to
thereof at the
on
of record
December 15,
on
be
and
Non-Cumulative
payable
respective holders
close
1921.
mailed.
September 2,
R.
1921.
E.
McMATH, Secretary.
William Farrell & Son, Inc.
New
At
York, August 24, 1921.
meeting
NO.
9.
Board of Directors of
Inc.. held August 24,
1921, a regular quarterly dividend of $1.75 per
share was declared on
the preferred
stock of
the company, payable October 1, 1921, to share¬
holders of record at the close of business Sep¬
a
William
Farrell
tember 20,
of
&
the
8on,
1921.
JAMES
T.
WILLIAM
WOODWARD,
Treasurer.
A.
Secretary.,
FARRELL,
ALLIS-CHALMERS
1921.
Cashier.
MANUFACTURING.,
COMPANY, INC.
September 2d,
The
Board
of
Directors
has
declared
1921.
a
quar¬
terly dividend of One Dollar Seventy-five Cents
($1.75) per share on the preferred stock of this
Company, payable October 15, 1921, to preferred
SECURITIES
CORPORATION.
stockholders
of
record
at
the
close
of
business
September 24, 1921.
There
Dollar
was
($1.00)
also
declared
per
a
dividend
of
One
share on the common stock,
15th, 1921, to holders of
The Board of Directors has declared a dividend
of $1 per share on the
capital stock of this Cor¬
payable
November
common
stock of record at
poration, payable October 1,
1921, to stock¬
holders of record at the close of business Septem¬
ber 23, 1921.
The transfer books will not close.
October 24th, 1921.
Transfer books will not be closed.
WM.
G.
September 7, 1921.
1,
the fourth installment
Eight Per Cent Cumu¬
Preferred
Cent
be
will
said
on
DIVIDEND
HASKINS,
the
1921;
15,
Convertible
M., October 1st, 1921.
B.
at
September
lative
close
1921.
NATIONAL
Cent
1921.
dividend of 4% on the capital stock of this bank,
payable October 1, 1921, to stockholders of record
September 15, 1921.
B
'
on
the capital stock has
upon
New York,
out
ferred
,
of said dividends
Vice-President and Cashier.
1921,
Per
of record
of
said four classes of stock at the close of business
City of New York
quarterly dividend
share
44.
cent on the First
Eight
on
The Board of Directors has declared a dividend
of
CORPORATION.
on
ary
Davenport-Chicago-Grand Rapids
Stock
per
Checks will be mailed.
HOWARD
Treasurer.
cents
Preferred
three-quarters
40.
be closed.
not
SPRINGER,
RAILWAYS
and
31.
The NEW YORK CENTRAL RAILROAD CO.
New York, September 7, 1921.
UNITED
One
NO.
(134 %) upon the Preferred Stock of the Company,
payable October 1st, 1921, to stockholders of
record at the close of business September 20th,
The above Company has declared a dividend
•of one per cent on the Common Stock of the
-Company, payable September 30, 1921, to stock¬
holders of record at the close of business Sep¬
tember 19, 1921.
Transfer
of
DIVIDEND
STOCK
STEEL
Dividends
of
Cumulative Convertible Preferred Stock;
Seven
Per
Cent
Non-Cumulative
Pre¬
SHAIBLE,
Treasurer.
the close of business
Checks will be mailed.
H.
WOODLAND.
Secretary and Treasurer.
Sept. 10
1921.]
THE
CHRONICLE
xxi
Jfinanttal
MUNICIPAL BONDS
Exempt from all Federal Income Taxes
*$100,000
*$978,000
City of St. Paul, Minn.
5%% School Bonds
City of Newark, N. J.
Due
5l/2% Water Bonds
Due
July 1, 1951
Price to
September 15, 1923-61lincl.
Prices
yield 5.15%
*$600,000
*$500,000
City of San Francisco,
City of Los Angeles, Cal.
Due
.September 1, 1940-61 incl.
Prices to
Cal.
4Vk% Water Bonds
5%% Harbor Improvement Bonds
Due
yield 5.50-5.15%
to
July 1, 1946-62 incl.
Prices
yield 5.35-5.30%
to
yield 5.40%
$225,000 f:
Dallas
County, Texas
5Vfe% Hospital Bonds
Due
January 10, 1951, opt. 1931
'-%/
Price 100 and interest
*
Legal investment for Savings Banks and Trust Funds in New York State.
Descriptive circulars
Eldredgu
SEVEN
WALL
on
request
and
Company
NEW
STREET
BANKERS
YORK
BOSTON
BUILDING
JSibtbcnbs
Jltofoenlia
American Woolen Company
CAPITAL STOCK
DIVIDEND NO. 90
QUARTERLY DIVIDENDS.
and
l$1.75)
share on the Preferred Stock
per
One Dollar and
Seventy-Five Cents ($1.75)
share on the Common Stock of this Company
per
will be
record
paid
Oct. 15, 1921, to stockholders of
on
(l%%) on the Preferred Stock of this Company
has
the
business Sept.
closed at the close
be
the opening of business Sept.
H.
60
S.
S.
COMMON CAPITAL
DIVIDEND
COMPANY.
New York.
August 31, 1921.
DIVIDEND NO. 1 ON PREFERRED STOCK.
Quarterly dividend No. 1 of 1H%_ (seventyfive cents per share) on the SIX PER CENT
paid
on
on
October 1, 1921, to
September 15, 1921,
DIVIDEND
A
NO.
dividend
ON
70
stockholders
NO.
STOCK
76
H.
C.
STOCK.
The stock transfer books will not be closed.
J. F. FOGARTY, Secretary.
P.
IDE
&
Troy,
PREFERRED
CO.,
N.
NO.
September 6th, 1921.
preferred stock of Utilities Securi¬
Corporation, payable September 27th, 1921,
preferred stockholders of record at the
close
of
business
on
September
17th,
1921.
(1 %%) on the
the
to
be mailed.
H.
Sept. 7,
S.
IDE,
Treasurer.
7.
THE TEXAS COMPANY
of eight per cent
(8%)
has been declared on the preferred
capital stock of the company, payable October 1st,
1921, for the period beginning July 1st, 1921 and
ending September 30th, 1921 to holders of record
at the-close of business on September 15th, 1921.
Transfer books will remain open.
Checks will
Treasurer.
STEWART-SUTHERLAND,
DIVIDEND
A
the
dividend
outstanding
NOi
74
the par value of all of
capital stock of this Com-
of 3%
on
Secretary.
NO.
COMPANY
546
September 7, 1921.
declared a
monthly dividend of twenty-five cents (25c.) per
share payable Sept. 26, 1921 to stockholders of
record at the close of business September 20,1921.
Checks will be mailed by COLUMBIA TRUST
COMPANY, Dividend Disbursing Agent.
FRED CLARK, Secretary.
The
E.
Board
of Directors
has today
I. DU PONT DE
NEMOURS & COMPANY
Wilmington, Del;. August 29th, 1921.
of Directors has this day declared
dividend of 2% on the Common Stock of this
The Board
a
Company, payable on September 15th, 1921, to
stockholders of record at close of business on
August 31st, 1921; also dividend of IH% on the
Debenture
Stock
of this
Company,
payable
October 25th, 1921, to stockholders of record at
close of business on October 10th, 1921.
CHAS. COPELAND, Secretary.
TOBACCO
The
PRODUCTS CORPORATION.
September 9, 1921.
Board of Directors of Tobacco Products
Corporation have declared the thirty-fifth (35th)
quarterly dividend of one and three-quarters
per cent (1 % %) or One Dollar and Seventy-five
Cents
($1.75)
per
share on the outstanding
preferred capital stock of the Corporation, pay¬
able on October 1,1921, to stockholders of record!
at the close of business on September 19, 1921.
be mailed.
WILLIAM*A. FERGUSON, Secretary.
Checks will
definitive stock certificates
has been declared payable
Eany, been Issued,
for which
ave
September 30th, 1921, to stockholders
ord September 16th, 1921.
W.
W.
1921.
MINING
DIVIDEND
ties
annum
Dated,
STOCK DIVIDEND
The Board of Directors has today declared a
dividend of one and three-quarters per cent.
Checks will be mailed.
L. E. KILMARX,
INC.
y.
DIVIDEND
A dividend at the rate
per
PREFERRED
of
GEO.
S. DeLANO,
Treasurer.
SECURITIES CORPORATION
UTILITIES
COMMON
S.
WICK,
Secretary.
of
1H% (seventy-five cents per
share) on the COMMON STOCK will be paid
on October 1, 1921. to stockholders of record on
September 15, 1921.
P.
New York, September 6, 1921.
HOMESTAKE
quarterly dividend of three per cent (3%)
on the Common Stock of this Company has this
day been declared, payable Saturday, October 1,
1921, to stockholders of record at the close of
business Thursday, September 15,
1921.
Checks will be mailed by the Guaranty Trust
Company of New York.
CUMULATIVE PREFERRED STOCK -will be
record
C.
Treasurer.
FOUNDRY COMPANY.
New York, September 1, 1921.
27, 1921.
AMERICAN
of record
tember 16, 1921.
DeLANO,
&
CAR
AMERICAN
DWELLY, Treasurer.
Broadway,
CO.
and fifty
Per Cent
has
been
to stock¬
at the close of business Sep¬
i
A
NORTH
holders
be mailed by the Guaranty Trust
Secretary.
Boston, Mass., Sept. 2, 1921.
THE
TIRE
quarterly dividend of one dollar
cents
($1.50) per share on the Six
Preferred
Stock
of
this
Company
declared payable October
1, 1921,
Company of New York.
of
15, 1921, and will be reopened at
WILLIAM
day been declared, payable Saturday,
1, 1921, to stockholders of record at
of business Thursday, September 15,
H. C. WICK,
will
books
close
1921.
Checks will
Sept. 15, 1921.
Transfer
this
October
KELLY-SPRINGFIELD
A
A dividend of one and three-quarters per cent
that the regular quar¬
terly dividends of One Dollar and Seventy-Five
Cents
CAR
PREFERRED
(Massachusetts Corporation)
Notice is hereby given
& FOUNDRY COMPANY.
New York, September 1, 1921.
AMERICAN
of
rec¬
BRUCE, Treasurer.
AMERICAN
August 23rd, 1921.
MFG.
CO.
CENTRAL STATES ELECTRIC
CORPORATION
PREFERRED
DIVIDEND
NO.
September 6th,
35.
American
1921.
Telephone & Telegraph Co.
The Board of Directors has today declared the
thirty-seventh quarterly dividend of one and
three-quarters per cent. (1H%) on the preferred
stock of Central States Electric Corporation,
payable October 1st, 1921, to preferred stock¬
holders of record at the close of business September
10th,
1921.
Checks will be mailed.
L. E. KILMARX, Treasurer.
128th
DIVIDEND
The regular quarterly dividend of Two Dollars
and Twenty-Five Cents per share will be paid on
Saturday
record
at
October
the
15,
close
1921,
of
to stockholders of
business on Tuesday,
CORDAGE
MANILA, SISAL, JUTE
September 20, 1921.
H.
BLAIR-SMITH, Treasurer.
Mobloanc! West Strosts, Brooklyn. N.Y.CIty
THE
XXII
CHRONICLE
[Vol. 113.
jHnantial
Bankers Trust Company
Opens New Paris Office
ON Septemner its ParisBankersTrust Place
5th the office from 16 Com¬
pany moved
Vendome
to
the Hotel
Place Vendome, formerly
Bristol, in the heart of commercial
3
&
5
and historic Paris.
The exterior of the
which has stood for
two
centuries
building
more
has
than
been left
virtually unchanged, but the
interior has been remodeled to
meet
the
modern
requirements of
banking institution.
American business men, trav¬
elers, and residents
continent,
of
who
on
comprehensive and
sible
trust
service
in
matters
invited
respon¬
banking and
cordially
are
to use our
American visitors
need
in
are
the
Paris office.
in
Paris
find convenient and useful the
special services of
our
Department.
iX~- V~=
tr
iw-twtiyurnmil
^y^nww^tuuimiinii
"ii't'11
'"*
1
"~
■
'm'mmiud"!*!....
XST'-T f^iV.TKi v?
.vtnn
&~'F\.
^S' \
ir~"v»
^ooaasaE
>um)l
'
tti117!' t7titt r
f*"
3 & 5 Place
Vendome, Paris
Travel
SEPT. 10
THE
1921.]
CHRONICLE
XXIII
.financial
$10,000,000
Minneapolis, St Paul &
Sault Ste. Marie
Ten-Year
Dated
September 1,
The
Railway Co.
654% Collateral Trust Gold Bonds
Due September 1, 1931
1921
Bonds
are
not
callable
as
a
whole
or
in part
Coupon Bonds of SI ,000 denomination with provision for registration of principal. Interest payable March 1
and
September 1. Principal and interest payable in gold in New York. Total authorized issue S10,000,000.
,
BANKERS
The Company agrees to
•
;
TRUST
'
V,
•
COMPANY, NEW YORK, TRUSTEE
make application for listing these Bonds
on
<
the New York Stock Exchange
direct obligation of the Minneapolis, St. Paul and
Railway Company, specifically secured by pledge with the
Trustee of $12,500,000 Twenty-Five Year First Refunding Mortgage 6%
Gold Bonds, Series A, which series is limited to $15,000,000.
These bonds will be the
Sault Ste. Marie
secured by direct mortgage lien on all
Company's railways, equipment and appurtenant property now owned,
subject to | the Company's present prior bonded debt, outstanding at the
rate of $22,283 per mile.
The First
Refunding Mortgage Bonds
are
the
The
Minneapolis, St. Paul & Sault Ste. Marie Railway owns over 3,305 miles
railway (all of which are covered by the Refunding Mortgage), extending
east and west from Minneapolis and St. Paul, giving those cities outlets to
the Pacific and Atlantic Coasts in connection with the Canadian Pacific
of
Railway, which controls the Company by ownership of a majority of the
The "Soo" Railway Company in addition controls the Wisconsin
Central Railway of over 1,000 miles, as a division into Chicago.
stock.
Dividends of
7%
per annum are now
being paid
on
Preferred and the $25,206,800 Common Stock.
dividends each year
We
'I,-, jJh?
the outstanding $12,603,400
The Company has paid cash
since 1903.
offer these bonds for delivery when,
as
arid if issued and received by
Inter-State Commerce Commission and by
our
us,
and subject to approval of the issue by
counsel. Itisexpected that temporary bonds
or
interim receipts
of Dillon, Read & Co., exchangeable for definitive bonds when received, will be deliverable about Sept. 201921.
Price
9954 and Interest.
Yielding
over
6.55%
Dillon, Read & Co.
The information contained in this advertisement has been obtained from sources
which
we
consider reliable.
Orders have been received in
excess
While not guaranteed, it is accepted by us as accurate
of the amount of bonds offered.
This advertisement appears as a matter
of record.
CHRONICLE
THE
XXXV
,
[VOL. 113.
*
.
.jftaancfal
NEW ISSUE
$3,500,000
Standard Gas & Electric Company
Secured 7Va%
To be dated
Redeemable
as a
Sinking Fund Gold Bonds
To be
September 1, 1921
whole
or
in part at the option
due
September 1, 1941
of the Company upon 60 days' notice at 107and interest prior to September 1, 1926 and
thereafter at Y%% less for each succeeding year.
Interest payable semi-annually March 1st and September Is*
in New York or Chicago.
Principal payable in New York.
Coupon Bonds in denominations of $1000, $500 and $100 with the privilege of registration
Interest
payable without deduction for Normal Federal Income Tax not in excess of 2%.
upon application to the Company.
The
ViV-V'.;Front
■
a
:
V-;'
letter
;
York
New
r
-"^v'
:
Trust Company,
t
as
to principal only.
Pennsylvania four mill tax refunded
Trustee
signed by Mr. Arthur S. Fluey, Vice President of the Company, the following salient features
summarized:
are
r
Purpose of Issue—The proceeds from the'sale"of
Company—Standard Gas & Electric Company and
subsidiary companies constitutes one of the
largest public utility and management organizations
in the .United States.
The utilities are mainly
electric and gas properties serving a population of
approximately 2,135,000 in 533 communities in¬
cluding Minneapolis, St. Paul, Louisville, Tacoma,
Mobile, Oklahoma City, San Diego, Stockton and
other important cities.
Only 3lA% of the Gross
Earnings are derived from traction service.
these $3,500,000 Bonds will provide funds toward
the payment of $3,107,500 7% Convertible Sinking
its
Fund Notes due November 15, 1921.
The Com¬
the $620,000 7%
Collateral Trust Notes due September 1, 1921.
has deposited cash to
pany
Earnings
The
—-
collateral
annual
pay
net
revenue
from
tO| be deposited is $1,402,000 or over
five times the annual interest charges on these
$3,500,000 Secured
1%% Sinking Fund Gold
of the Company is in
excess of 2.6 times the annual interest charges on
the total funded debt of the Company, including
this issue.
Approximately 98% of the earnings of
the Company are derived from the Company's
holdings of public utility securities.
Collateral
Security—These $3,500,000 Secured
7Vi% Sinking Fund Gold Bonds, to be due Septem¬
ber 1st, 1941, will be a direct obligation of the
Company.
Pledged as part collateral security for
The
Bonds.
these bonds will be the entire authorized and out¬
standing capitalization of the Byllesby Engineering
Management Corporation, including contracts
of that company, extending beyond the life of these
bonds with the public utility subsidiaries of the
Standard Gas & Electric Company—these contracts
covering the management and the supervision of
the operation and construction of their properties.
net
revenue
and
Sinking Fund—Trust agreement will provide for
sinking fund of $300,000 per annum for the first
three years commencing December 1, 1921, calling
for deposit with the Trustee of $25,000 on the first
of each month.
Commencing December 1, 1924,
Sinking Fund payment will be $160,000 per annum
on a quarterly basis.
Sinking Fund moneys are to
be used for the purchase of Bonds of this issue at
lowest prices tendered up to the redemption price.
Total cash payments to the sinking fund will exceed
before maturity the total present issue of $3,500,000
These services
are indispensable to the public
utility subsidiaries, and the charges of such
services are included in operating expenses and
property accounts of the public utility sub¬
sidiaries.
The charges for these services in the
past five years have averaged an amount in excess
of the present $300,000 annual sinking fund require¬
bonds.
ment and the annual interest
requirement on these
$3,500,000 bonds.
There will also be deposited as
additional collateral security.$2,019,000 face value
Bonds and Notes and $4,912,800 par value dividendpaying Preferred Stocks of companies in which
Standard Gas & Electric Company has investments.
The total appraised or market value of the securities
to be deposited is in excess of $8,700,000.
All legal matters
Messrs.
Equity—These $3,500,000 Secured 73^% Sinking
Fund Gold Bonds and $6,500,000 Convertible 6%
are senior to $8,790,650 unsecured
Bonds due 1926
Notes
due
1935,
$12,667,400
Preferred
Stock
regularly paying 8% cash dividends and $12,679,550
Common
these
Stock.
The
present
junior securities is in
excess
market value of
of $18,000,000.
pertaining to this issue will be subject to the approval of Messrs. Cummins. Roemer & Flynn of Chicago and
[Winston, Strawn & Shaw of Chicago. The accounts of the Company are audited annually by Haskins & Sells, Certified
Public Accountants.
We
offer these Bonds for delivery when,
as,
and if issued and received by us.
PRICE, 94 and Interest, to Yield over 8.10%
Federal Securities Corporation
Chicago
Hambleton &
H.[M. Byllesby & Co., Inc.
Ill
43
Broadway, New York
The information
and
contained herein
all statements in
this
is derived
from sources which we regard as reliable,
are based upon such information.
advertisement
Company
Exchange Place, New York
SEPT. 10
1921.]
THE
CHRONICLE
XXV
iftnatidal
$10,000,000
The Fisk Rubber
First
Dated
Company
(Closed) Mortgage 20-Year 8% Sinking Fund Gold Bonds
September 1,
1921
Due
,
September 1, 1941
Total authorized $10,000,000.
Coupon Bonds of $1,000 and $500 with provision for registration of principal.
Principal and interest payable in New York. Interest payable March 1 and September 1. Pennsylvania fourNon-callable until September 1, 1931, on which date and subsequent interest dates callable
only as a whole; at 117and interest to and including September 1,1936, and thereafter at 1123^ and interest.
i
mills tax refunded.
Application will be made in due
THE CHASE
A semi-annual
the
The
entire
course to
list these Bonds
NATIONAL
BANK,
on
the New York Stock
Exchange
NEW YORK, TRUSTEE
Sinking Fund is provided sufficient
issue
if
obtainable
at
or
below
110
to purchase
and interest
information given below is summarized by Mr. H. T. Dunn, President of the Company, in
Business—The
Fisk
a
letter to
us:
Rubber
Company, incorporated in Massachusetts in 1912, with plant at Chicopee
Falls, Mass., is one of the five largest manufacturers of pneumatic and solid tires for automobiles and
trucks in the United States, and also does a large business in the manufacture of
motor-cycle and bicycle
tires and tire sundries.
In connection with the present financing, The Fisk Rubber
Company is to consolidate, through the
acquisition of their properties, with The Federal Rubber Company and The Ninigret Company, both
companies having been heretofore controlled through stock ownership and operated under the supervision
of officers of The Fisk Rubber Company.
The consolidation of these properties will result in substantial
economies in operation and management.
Security—These
bonds will be secured by direct first mortgage lien on the entire fixed assets of the con¬
Company, now owned and hereafter acquired, and by pledge of certain stocks
representing interests in affiliated or other companies.
The mortgage is to provide that the company will always maintain net
quick assets, as defined, equal
to at least 125% of the amount of these bonds outstanding.
7
solidated The Fisk Rubber
Assets—The balance sheet of the company, as at June 30, 1921, but after
giving effect to present financing
and completion of consolidation, as prepared by Messrs. Price, Waterhouse &
Company, Public Account¬
ants, shows:
Net
Property Account, less Depreciation,.
$17,211,840
35,680,054
27,213,043
Net Tangible Assets, less all Liabilities except First Mortgage Bonds
Net Current Assets
...
Earnings—Following are net sales and net income of the companies now being consolidated, for the past
five fiscal years (including The Ninigret Company for 1920 only, that
being the first full year since control
was
acquired), as prepared by Messrs. Price, Waterhouse & Company:
Year
ended
December 31:
1920
Net Sales..
.$59,172,358
Depreciation, avail¬
able
for
Interest,
Taxes
and
Inventories Adjustments
*7,244,551
1919
1918
1917
1916
$57,419,360
$46,836,567
$37,922,688
$23,967,121
7,066,254
5,658,810
5,030,730
2,309,087
Net Income after
*At the close of the fiscal year ended December 31, 1920, $3,134,305 was written off net income in
adjustments of inventories.
Since that date, further adjustments have been made, aggregating $10,232,042,
covering not only
materials on hand but also rubber and fabric under commitment.
Net income available for interest and taxes
as shown above for the
five-year period, after the $3,134,305
adjustments made at the end of the period, averaged $4,835,025 per annum.
The company estimates that net income available for interest and taxes for the 12 months to June 30,
1922, will be in excess of $7,500,000.
The balance sheet referred to above gives effect to the results from
operation from the close of the last fiscal year, December 31, 1920, to June 30, 1921, and to the inventory
and commitment adjustments above mentioned.
inventories
Sinking Fund—The mortgage will provide for a sinking fund accruing from the date of the bo|nds and
available semi-annually, to purchase $500,000 bonds each year if obtainable at or below 110 and interest.
Any unexpended balance of the semi-annual sinking fund, as defined, will be added to the sinking fund
provided for retirement of the company's First Preferred Stock.
All bonds acquired by the sinking
fund
are
to
be
canceled.
Management—During the life of these bonds, control of the management of the company, through the
right to elect two-thirds of the Board of Directors, will be vested in Messrs. James Dean, of Dillon, Read
& Co., Otis H. Cutler, Chairman of the Board of American Brake Shoe &
Foundry Company, and H. T.
Dunn, President of The Fisk Rubber Company, or their successors, through the issue of Management Stock.
We offer
received
the above Bonds for delivery when, as and if issued and
by us, subject to the approval of legal proceedings by counsel
Price 99 and Interest,
Yielding 8.10%
Dillon, Read & Co.
The information
contained in this advertisement has been obtained from sources which
While not guaranteed, it is accepted by us as accurate.
Orders Have been received in
excess
of the amount of bonds offered.
we
consider reliable.
This advertisement appears as
a
matter of record.
THE
xxvi
CHRONICLE
[Vol. 113.
jftnanrial
A financial
secretary—and
more
for the cost of your
"Safekeeping Service," few would
IF men and women with investments understood
take the
time, trouble and risk of managing
their property.
The
that for
means
nominal cost you can make us your
a
financial
secretary,
property
custodian
and
investment counsellor.
We will take your
our
you
bank account
when bonds
collect the
We will
and
help
securities, deposit them in
We
will
prepare
make
notify
affect your
tions,
or
are
principal.
you
stock
remitting to
advise
you;
called for redemption and
your
ownership certificates
up your
you
your
your agent, we
you,,
providing
in telegraphing
We also
estate
and
will sell
are
or
s,
your
equipped to
per orm
purchase securi-
with
you
cabling
or
a
code for
your
manage
real
personal services
such
as
club dues, shop and other bills,
insurance premiums and making periodical
mittances to dependents
The cost of
use
instructions,
our
Safekeeping Service
2% of the income collected
re-
charities,
or
or
averages
disbursed.
Thus,
the fee for safekeeping $50,000 worth of securi-
•
income tax returns,
of anything that
may
interests—as plans for reorganiza-
subscription
rights
and
advan-
tageous bond conversion privileges.
As
paying tax
vaults, collect the income, crediting it to
your
We,; will helpindividual requirements, exactly
you select securities
suited to
ties for
Equitable's Safekeeping Service
telephone
the
ties, assuming the income to
be but $50
your
a
average
telephone service,
Send to-day for
our
booklet "The Safekeeping
Accoujitor stop in at
talk with
a
our
nearest office and
trust officer.
Equitable
Trust company
OF NEW YORK
37
UPTOWN OFFICE
•
-
•
Madison Ave. at 45th St.
Jondon—3 King William St., E. C. 4
wall
5%, would
year—approximately the cost of
street
COLONIAL
OFFICE
222 Broadway
Paris—23 Rue de la Paix
w
I
flmmnrift*
VOL.113
SEPTEMBER 10 1921
Published every Saturday morning by WILLIAM B. DANA
COMPANY. Presi¬
dent, Jacob Selbert Jr.; Vice-President, Arnold Q. Dana; Business Manager, William
D. Riggs; Secretary, Herbert D. Selbert.
Address of all. Office of the Company.
N0.2933
CLEARINGS FOR
AUGUST, SINCE
JANUARY 1, AND FOR WEEK ENDING SEPTEMBERS
Augustf
Eight Months.
Week ending
September 3.
Clearings atInc.
or
1921.
Xew
York..—
Philadelphia
1920.
Dec.
$
S
Inc.lor
%
14,555,940,959 17,887 ,306,105
—18.6 127,927,316,972
—21.6
13,472,229,473
«600,000,000
292,515,077
428 ,563.223
—31.7
«4,927,302,491
2,551,674,170
142,006,200
194 210,100
—26.9
1,204,902,066
15,658,109
66.183,867
19 ,931,363
—21.4
Washington
68 133,770
—2.9
Rochester—
31,069,279
43
999,493
—29.4
Scranton._..--
20 ,578,638
—10.7
Syracuse.—
18,375,065
14,096,670
149,059,444
568,259,189
308,200,651
159,098,962
19 ,509,312
—27.7
136,116,746
Reading
Wilmington
8,943,751
11 ,204,728
—20.2
84,521.368
10,770,228
12 ,870,983
—16.3
82,824,374
-
Pittsburgh
Baltimore—
—
Buffalo.——
Albany--
— —
------
Wilkes-Barre—
Wheeling
11,254,051
12 ,234,247
16,315,170
Harrisburg..
16,-51,445
15,636,055
5,168,858
—
22 ,332,934
16 ,312,009
Trenton
_
.
—
York---..---.
Erie-...Chester.
87,989,219
26.9
149,594,560
—1.0
131,905,647
120,176,535
17 ,006,986
—8.1
5 ,857,153
—
11.8
—31.6
6
,235,842
+19.8
4,009,574
5 ,208,000
—23.0
4,059,409
1,196,122
Binghamton—Altoona.
6 ,092,616
4
,811,148
—15.0
,764,191
2 ,570,636
—68.2
—33.6
3
45,115,286
74.745.617
35,791,768
41,642,037
—28.3
5,000,008
...
11 ,727,310
4,169,185
—
Greensburg
—8.0
—
8,406,829
—---
—
18.0
Beaver County, Pa...
2,383,476
,403,595
—30.0
31,988,921
32,8'?4,014
11,860,943
17,081,687
22.516.618
Lancaster
9,787,322
2,624,744
11 ,158,232
—12.3
89,597,686
3 240,671
—19.0
1,420,002
2 036,991
—30.2
22,189,344
15,045,726
-
Franklin
Frederick-.-—.
1,706,815
-
Lebanon.
Total Middle.-----
ill'221 >952
qq'II6'166
187
Hi'382
ill'242'860
/l?'?«3'995
ll'122'°61
qf'oF'608
B29l,280
55'221,630
46,997,2.56
S226.000
35'5°S,470
ifml'818
H'918'489
>
3, 537,334
—10.0
28,879,201
28,446,029
108,260,711
29,564,306
J9.432.657
32,170,511
3, 088,354
—20.4
16, 012,330
—41.8
22,149,328
99,032,158
H'861.562
8 457,889
—20.4
59,039,801
28, 045,463
3, 195,770
4, 382,713
—38.1
159,153,643
—24.9
21,238,527
—6.9
32,969,791
5, 385,261
15.6
68,496 ,000
81,453,000
—15.9
48,798 ,400
62,760,900
—22.2
-----
-
-
-
-
-
-------
Toledo
14,682 ,015
—
—24.2
17,284,270,151
1,871,561,535
—42.0
—25.3
—14.2
3,252,944,132
3,046,149,356
947,622,986
502,191,000
438,302,800
402,128,203
130,208,699
188,095,676
—7.2
143,065,400
—10.2
—31.8
138,677,079
85,734,512
13.3
60,797,120
—29.5
133,207,665
224,318,000
121,686,212
51,362,423
64,506,408
—18.9
—
14.1
—36.5
Dayton...-
18,066 ,490
29,919,.569
19,464,364
Evansville
17,313 ,265
19,269,298
Springfield, 111
10,182 ,383
7,421 ,437
14,922,867
12,549 ,721
17,793,487
42,247,000
—33.5
5,671,870
—11.9
11,124,748
—30.8
6,777,220
—27.2
8,075,940
.
—34.4
21,246,982
+ 6.2
—26.7
25,680i,599
Fort Wayne...------
Youngstown
Akron..------
—
Canton
8,563,637
27,699 ,000
14,119 ,059
-
Lexington
Rockford—
Qulncy
4,995 ,206;
7,699 ,387;
4,932 ,697
South Bend
8,578 ,335
5,225 ,788
5,390 ,230
-------
Bloomington
-
-
-
-
—
-
Decatur
Springfield, Ohio
Mansfield—
Danville
------
3,320 ,982
■
5,238 ,411
3,794 ,123
Lima——--.—
Jacksonville, 111
Lansing.—.———
Ann Arbor
1,689, ,706
11,725, ,000
2,756 ,808
—
Adrian
814 ,339
—
Owensboro
Flint.—.
1,386. ,727
6,875, ,613
------
----
Lorain.
3,762, 637
Albany
Hamilton
—
Total Middle West.
Francisco
3,672,340,752
4'621.098,958
—36.6
——
+ 15.6
tota ]
2Gol9-808
11'l??'113
24 Hi'479
20 ,343 ,100
7 ,621 ,621
r£!:°U
9'2H,023
11 ,964 ,533
5 ,132 051
—
Boise
roll'055
I'H5'113
4 ,476 ,800
Reno.
3 ,049 275
J:iS»
w.ws.'lg
6 ,087 ,158
15 ,337 ,419
—
?'?2§'5°3
I '376,579
% 163,269
2'5?0,598
?fll6,001
3, 355 093
2, 924 709
Rosa
1, 716 636
BelUngham t_-
Clearings continued
on
—22.2
3,566, 879
2,302, 161
3,060, 308
2,506, 264
4,013, 190
—21.9
2,102,909
2
469,912
—14.9
—32.4
2,367,861
2,179,380
2.836,592
2,284,636
4,839,382
—16.5
4,000,000
—9.4
3,627,769
1,314,766
2,549,667
1,324,244
—12.0
—32.4
—30.5
-24.8
1,058,781
900,000
715,900
882,817
—11.6
—20.1
—3.7
—9.0
3,491,612
3,624,786
—19.0
3,193,230
1,154,345
1,713,517
—35.2
950,0 ;0
11.4
961,721
—16.3
—
—26.0
750,599
—7.4
816,798
1,422,868
1,079,500
1,085,609
—4.6
—27.9
2,862,687
1,355,249
1,857,545
—12.2
-32.8
—28.2
1,800,000
2,828,098
""2",747",714
1,110,223
1,821,915
1,513,731
933,633
668,400
721,000
—57.7
—18.7
—20.8
—17.2
*19n'ill'375
27 Hl'137i
on'
4,632
1,916,016
2,664,621
—28.1
2,510,830
2,342,446
""664*549
456.085
+ 45.6
380",975
""2"79,lb6
2,715,301
1,500,000
4,630,747
-41.4
1,728,442
-13.2
1,020,579
—23.S 4,474,151,282
3'826,267,487
—24.9
—22.4
—10.2
—17.5
""-8.7
—16.3
—22.9
3,965,239,531 5'550'380,500
646,982,000
—22.4
473,788,832
46,081,649
75,813,979
94,063,680
23,941,380
13,649,000
494,770,500
—11.5
12,320,900
530,350,773
—24.2
201,952,827
—35.4
242,579,608
174,834,721
181,1-56,337
98,095,518
72,662,886
161,814,835
409,772,000
182,767,376
87,139,586
93,892,097
68,752,673
66,399,105
69,721,516
55,914,174
64,718,646
—22.5
8,791,862
3,417,649
5,745,380
,903,367,076
,409,851,294
—21.1
—22.3
,597,448,684
—29.3
,107,310,32 '•
,161,110,394
—24.4
60,452,500
33,878,979
58,790,715
37,329,163
22,088,698
66,374,306
20,614,990
—17.6
—18.2
5,056,832
—23.4
3,641,886
—12.6
—32.6
2,293,666
1,643,984
2,410,595
5,633,000
3,830,065
1,200,000
1,800,000
1,086,073
+ 21.1
1,823,221
—16.4
—17.7
—45.2
—33.4
—41.1
—31.3
—31.3
1,.500,000
—29.7
1,141,505
—22.8
1,832,800
—28.5
1,172,045
—12.7
800,000
-24.6
I'ifrooo
iI'382>900
1f'466,285
-^500.000
2'650,093
4
527'I23
i'523,!26
3 >387,7lo
i'H9>346
A,873>464
—30.8
I
—44.4
it'859,612
521,719,328
195,134,872
—12.9
6!$'?09,27l
—21.9
74,068,348
25,817,272
15,690,000
12,531,500
11,667,961
4,459,807
—3.7
—21.9
—7.6
—39.2
—38.2
—13.6
—32.3
5,419,771
4.409.153
4,243,600
2,634,034
—27.9
1,526,438
—9.1
—19.5
—37.8
4,603,340
—38.4
6,474,000
3,938,415
fsrlX
—14.3
1 >632,484
—29.1
1,353,752
2,120,000
1.863.154
■■oSS
{•7oo:m
'Iao 1
}'$46,150
194,602
"'III'385
860,003
1
o
—21.5
—30.8
+ 7.1
1,140,000
—23.6
1,852,137
—30.7
1,461,663
1,642,873
+ 1.7
—43.0
19.9
1,252,304
845,410
—5.9
—28.1
—
53,887,648
4I§'997>555
I3'389,765
76,567,187
oi'll5'289
?l'379,356
j3'491,000
2'19o>500
8>340,914
?'o?6>875
4> 843,549
i'o
>580
i'394,m
7'237M2
llll'355
III'362
i'i38>000
3'042,166
3
11-000,376
5,697
1'353>914
1 '000,000
1 >293,493
1'043,513
'69,186
1 >149,472
625,000
"
"""rob",ooo
—44.5
364,538
—9.1
—4.2
—36.1
145,000
27,437,900
96,331,-549
14,939,080
47,076,882
—26.2
263,160
.
670,876
—45.6
jfii
350,000
10,590,802
1'969.047 -is". 8
2,500,000
+ 62.5
667,466
1,195,165
775,170
1,362,228
420,000
100,000
1
>}}X296
102,806
77O,760
—53.6
577,081
300.000
90,000
693,534
+ 5.7
—11.3
—49.3
—23.5
—
10.7
5,786,183
—28.0
68,339,813
26,009,423
—23.6
—17.7
—8.9
total
866,187,414
722,766,596
2,556,894,000
1,429,057,971
+ 6.6
66,793,000
—31.6
27,451,972
68,045,000
36,106,585
34,576,362
14,261,696
11,850,990
4,451,067
131,011,471
43,275,000
104,839,554
26,063,000
36,027,175
26,088,126
11,506,417
+ 6.4
—18.6
—13.5
—20.1
—15.8
—2.7
—18.2
—9.8
+ 17.2
—7.4
91,992,843
164,665,900
55,-533,740
125,439,955
107,3.50,718
38,723,090
—36.6
34,879,552
22,880,945
—20.8
—28.6
+ 26.0
—13.7
+ 20.1
—8.3
—6.2
—4.5
-11.4
57,760,753
118,840,678
41,609,928
17,640,508
9,511,789
105,154,393
28,147,755
22,0 35,011
12,837,412
—30.2
page 1128.
8,966, 697
3,876. 719
—0.8
—24.2
J'??7,S36
,1o8,083
17,573,774
1,241,329,670
577,787,541
435,226,027
181,420,226
—22.3
28,125.446
—26.9
—24.0
11,288,158
9,808.603
—37.4
2,773,712
362,934,406
—4.3
200,815,384
101,296,120
194,005.700
73,678,012
—13.2
9,920,414
4,543,452
—9.2
2,321,937
—15.1
4,124,300
—24.6
1,633,933
a
—18.6
—20.9
—17.2
—37.7
—4.9
162,263,926
75,719,398
—22.7
3,352,601
+ 41.8
2,442,142
2,606,147
—6.3
57,897,939
64,545,362
29,661,119
86,786,360
99,886,536
43,816,550
25,200.010
11.367,689
98,075.464
10,662,908
7,7»9,382
*12,358,300
16,848,224
—33.1
1,212,571
1,466,992
—17.3
—46.0
—22.9
*
—26.5
—20.5
—16.1
—36.8
—20.6
37,484,252
32,135,942
14,637,783
10,992,382
4,358,688
7,920,712
3,867,701
1,975,453
2,389,415
1,932,710
3,158,033
1,195,338
1,902,735
7,573,816
4,642,144
6,464,829
3,153,245
1,878,272
1,759,763
1,192,232
2,897,259
740,296
700,000
"""
720,000
900^666 —"20.6
823,927
"""559", 915
1,679,309
"""946,607
300,740,861
237,392,050
—33.4
3.286,495
"3,297", 453
-0.3
881,704
+ 19.0
932,994
-5.5
298,680,449
358,792,991
—5.0
—30.0
—17.2
+ 7.2
+ 3.9
11,369,402,3781 13,487.738,5191—15.7
Estimated.
—1.8
—24.0
10,436,145
6,178,736
2,921,370
4,918,300
2,583,849
4,219,305
Clearings by Telegraph on page 1127.
t Not included in total; comparison incomplete,
—9.5
—33.6
65,576,546
21,611,762
4,164,596
13,400,164
6,575,923
3,478,272
4,100,000
2,367,064
3,060,091
—20.8
1,597.985,435
?, 200 003
._) 1,415,489,3981
4,000, 000
13,400, 739
149,000.000
—24.0
14, 607 ,607
—
—21.4
—14.3
110,867,921
799,002,681 1,053,752,094
—10.4
1 ,187 ,254
Berkeley..Santa Barbarat—---
—8.8
28,719, 890
118,000,000
1 ,921 325
Eugene
—21.7
—32.8
—17.3
—22.9
4, ,507 ,726
-
—5.6
—40.5
,210,960,481
363,348,001
—19.6
—21.7
16 ,070 ,883
Pasadena
—11.7
S
,826,699, 121
375,760, 128
109,403, 909
75,350, 493
—23.1
5,365,714,809
174,364,583
Fresno
—21.4
—29.4
38,713,030,933
—11.8
49nnf'741
11 ,427 ,097
-
—13.9
—20.9
3,292,994,819 4,662,073.119
385,000,000
500,797,694
*131,000,000
158,396,987
63,142,226
106,110,326
29,402,491
43,720,876
3/00,000
4,200,000
14,552,791
16,075,958
7,704,523
11,594,438
3,505,805
3,532,549
3,534,790
4,544,134
29,830,164,810
23 ,737 ,336
Jose.,,
—19.6
1918.
—21.0
-
San
—21.7
1919.
—17.8
+ 5.1
i8*t$S8
60ml'175
IS'B8'273
33,624,998
26,919,583 Not included in
—4.0
n
45 ,786 ,453
47 965 ,376
loll0?'009
41 747 ,497
-
48,813,930
11.438.674
42,033,281
4,168,670
52,188,039
21.411.675
30,618,957
—34.5
^
130 150 ,774
--
—
Pacific
—25.4
—36.1
127 ,321 ,922
—
Modestof
—38.0
13 ,212 ,555
329 ,817 ,000
-—
Portland...
Ogden
Long Beach..
Bakersiield.
Riverside
+ 5.5
—13.4
4,313,100,000
2,725,038,000
977,475,391
964,386,983
418,530,260
330,878,066
113,499,843
347,397,048
Spokane—
Yakima
+ 41.2
—27.2
530 300 ,000
Salt Lake City
Diego
Stockton...
—6.2
—41.1
—21.9
8,379, 204 Not included i
-Sacramento
1.8
607,403
3,730,,089
Oakland
—
—25.4
7,281,445
3,035,860
3,886,493
Terre Haute.
Tacoma
—33.9
474, 431
Aurora
Los Angeles.
Seattle
—28.3
5,302,,355
3,510,,571
Paducah
46,314,592
80,432,730
47,875,474
39,298,844
49,949,330
43,196,385
29,570,262
42,245,977
29,884,072
12,250,481
60,332,000
19,750*441
6,771,909
14,771,130
—25.7
2,218,734
9,216,392
1,992,594
5,933,141
1,304, 342
Gary--....
—
7,130,407
7,254,604
7,323,311
8,071,539
3,381,534
7,019,903
4,046,191
2,867,023
8,306,086
2,612,877
940,756
5,248 ,296
5,354 ,399
______
%
769,512
64,239,247
23,135,150
47,993 ,985
Peoria
Grand Rapids.———
S
—21.2
118,771 ,000
431,028 ,206
Milwau kee
$
+ 0.4
Columbus.
u--
-
Cleveland
Dec.
32,835,942
Indianapolis
Cincinnati
2,149,165 ,884
217,276 ,197
339,988 ,639
Detroit..
1920.
+ 19.2 152.825,072,80:. 193,945,668,957
17,484,683,025 21,617,356,007
or
1921.
—24.8
,547,450,036
286,497,768
587,676,077
531,389,086
138,294,419
Total
lH'ol8'205
173,225,G00
4,046,289
;
Niagara Falls—.
Jamestown t—--
Santa
7
2,399,282
4,100,900
Camden
San
If'228'71-5
inf'l87'418
lll'll6'594
393,597,228
9,335,711
t--.
Huntington
San
l'?fo'P8'803
3,183,080
2,459,447
--
Hagerstown
Bethlehem
New
I'157'645,145
6,734,615
-
Montclair—
Oranges
Jackson
W&M.m
17,358,339
Norristown
Chicag
3
1920.
Dec.
%
1,994 ,325,895
732 ,022,313
..
1,-563,000,000
1921.
Die.
Incomplete.
-16.71
CHRONICLE
THE
1082
[Vol. 113.
all these fig¬
may be of almost unlimited size, and
FINANCIAL'SITUATION.
TEE
In
an
ures
of Illi¬
congratu-
letter to Senator McCormiek
open
of a
latory note from him. President Harding once more
reviews, with a tone of felicitation and triumph, the
accomplishments thus far in his Administration.
nois, ostensibly in acknowledgment
previous, he says, a Republican
For the two years
endeavored to
exjienditures," and he summarizes results by
Congress "patiently and assiduously
reduce
4,125 millions of appropria¬
the statement that the
tions for the current fiscal year
ters of
billion under the
a
billion and a half less than was
vious fiscal year, a
asked of
Congress by the last
Administration, and
appropriations in the
than the
three billions less
second
will be three-quar¬
expenditures for the pre¬
preceding fiscal year.
It is simply true, as
without
proper consideration for results is the inevitables
fruit of war," and so wonted have we become to this
adds, that "the habit of vast expenditure
he
that it is not
of the
some
quite useless
now
to be reminded of
wastes, for instance: that from over
war
outlay for aircraft, artillery
five billions
and artil¬
air¬
went
lery ammunition less than 200 American-made
planes and 200 American-made cannons ever
into
action, and not more than one per cent of am¬
munition used
by American artillery was of Ameri¬
make; also that while about three and a half
can
billions have "been
of
the
Shipping Board," only one vessel so built
took
ever
poured out under the direction
over
American troops; also, that the
any
has cost the Government
Railroad Administration
over
one
and
American man-service and of
American-made material in
not be
winning the
under-rated, and while
every
war
should
allowance must
be made for the whirl of circumstances which
im¬
pelled haste and tended to entanglement and confu¬
sion, there is
from
a
recalling
minded
colossal blundering.
of the
anew
the world
possible service of value to be drawn
our
was
in
long
course
apparent
We
are re¬
of folly which, while
peace
we are
really cutting
down.
as
it
is the
To
(comparatively
the
nouncement
have been
point,
that
far
as
goes,
an¬
(4%%)
civile employees
28,961
dropped since 1921 opened; as far as it
but it does not
goes,
far and cannot serve to
go
qualify much the general opinion that this session
of
Congress has accomplished little except to wran¬
gle and gabble, despite
the
of Congress-
protests
The work
Oklahoma.
of
Robertson
woman
done,
especially tax reduction, is still in the future tense;
yet let
find all the bright lining possible for the
us
cloud and
ment to
recognize that it is really
be
glad that at last
and that
neither
we
hair-splitters; still
nor
have
we
Washington shuffle
practical
him
man,
not to be
rate them.
sonal
unaffected by voices
whose head is level, and who really
The difficulties confronting
under-rated, and he does not under¬
He needs every ounce
well
as
as
that
more,
flickering along the horizon,
what he says.
are
We may
experienced in the
man
a
game, one
in the air and visions
means
right direction.
have the long-awaited budget,
Secretary Mellon and Director Dawes are
dodgers
in the President
a
accomplish¬
an
get progress into the visibly-near future and
to have turned face in the
of his
distinctly imposed.
power, per¬
He has had to
interpret to the full his distinct constitutional duty
to "recommend."
He has at least halted the bonus
madness, and, while he has not yet brought achieve¬
ment, we may justly believe he has brought and will
continue
a
towards it.
pressure
Why does tax reduction lag?
make
sadly admitted) "the end is not yet."
While the weight of
accepting the conclusion that
(as must be
quarter billions, and
a
be justly subjected to a keen sifting before
may
mistake about the
no
tation in
in the
and
We
acknowledging it; the main
difficulty of the
better
may
and have
reason
no
reason
hesi¬
is not
but in the apparent
process
probably too real lack of public demand for it.
To the
politician,
largely numeri¬
reasons are very
cal, being votes, and votes
by what is behind the
are
reckoned by noses, not
The
noses.
sober and
more
thinking part of the people do demand tax reduc¬
tion ;
the rest
seem
still in the attitude of waiting to
whether and when
see
shall
we
Direct taxes
get it and how much
speaking, of course), prepared for and made hardly
it will be.
person
to a
avoidable the
collector) ought to be instructive and curative,
as a
upon us.
success
solid
fell
emergency
It is also salutary (or it might be and
should be)
-
blundering when the
to be reminded of the tardiness of
and
even
of
endeavors to
our
ground after the armistice.
our
get back to
The time since
part of their nature, just
is
tion that
taxes, and
we
are
we say
taxed to
passed lacks only two months of three years; it is
well to
:
face to face with the tax
what has been
be either too
pessimistic
1 it is not open
tion" term
be
can
of
or
too satisfied
to constitutional question,
over
it.
If
we may ap-
the purpose to extend the statutory "limita¬
prove
.
accomplished, and not to
from
three years
justly pleaded to
to six, since nothing
screen any persons
"grafting"; beyond this, past blunders
vocable, past wastes are
as
water
once
guilty
are
spilled
irre-
on
the
; ground, and all we can gain (and the least we should
gain) from reviewing the past is some degree' of
ability for avoiding blunders hereafter and a better
;
determination to
safety
come
sternly down to sanity and
.
an
as
way
of adver¬
"$1.49 <instead of $3.53," which is
of unlimited reduction by conjecture.
fairly open to query whether claimed Govern¬
mental reductions may
lar
a
easy way
It is
"might-have"
ence
the old "indirect" tax
We have long
without much exaggera¬
death; yet
do not rise
we
reaction, because only the minority
are
brought
collector, and the delusion
(of all delusions the most pestilent) that the rich
the taxes still persists.
pay
"I haven't
any proper¬
ty, so of course I don't pay any tax," still seems rea¬
son
to the
common
man,
whereas it is the climax of
unreason.
Even the child born
directly
vicariously, the reach of taxation is uni¬
or
versal, and no living being
animals)
cape
can escape
it,
yesterday is taxed;
(barely excluding the
any more
than
any can es¬
touch by the atmosphere.
Therefore it must
once more
be said that
sentative form of government is
always
a
a
repre¬
little be¬
low, rather than above, the average common sense
now.
Some merchandise retailers have
tising prices
as
soothing by being self-concealing.
had direct
in
see
(those paid in
between
or
not be somewhat of
"instead-of"
kind;
the
a
simi¬
differ¬
appropriations made and those asked
of the
and
people; that old abuses have long tap-roots
cling hard; that the constant tendency is to
en¬
large and to spend, not to retrench; that the poli¬
tician trails after reform when he must,
instead of
being in its van; that tax reduction will be genuine
and
prompt if the people insist
ably not otherwise.
upon
it, and prob¬
In another ten days the Wash-
Sept. 10
1921.]
ington caldron
THE
CHRONICLE
its boil and bubble.
resumes
One
ingredient which should be cast into its brew should
be
tardy but unmistakable demand for substantial
a
and
rational tax
lightening.
;
say so.
If
want it, lei
we
us
• ;.v..v
1083
6 lbs. per
bushel under last year. This, it is said, is
likely to check export business in the grain. Bring¬
ing together the foregoing estimates, and adding
those for barley and
rye, we have the following' sum¬
of the five leading grain
mary
crops
for
series of
a
years:
The
situation
crop
Sept. 1,
in the United States
officially reported
as
as
of
by the Crop Re¬
upon
Estimated Final Approximations
,Pj:°^Lion
Winter
porting Board of the Department of Agriculture
on
1921.
wheat
vailing trade opinion
recently current.
In other words, spring wheat,
showing further deterioration
vorable weather
of the
and
pre¬
based upon private reports
as
as
a
lowering
a
promised outturn of about 3 million bushels,
the oats crop,
ing returns,
reflecting disappointing thresh¬
well
as
tions, has had its preliminary forecast of yield
duced to the extent of 47 million bushels.
other
hand,
weather of the
celerated the
benefited
corn,
by
the
month, high temperature having
to fall but little under the
established
On the
somewhat
maturity of the grain, is
last
ac¬
expected
now
high record in production
it
As
year.
re¬
happens,
however,
Records.
Bush.
505
730 (1919)
356 (1918)
3,232 (1920)
1,593 (1917)
210
209
205
356
.3,186
1,090
3,232
1,526
2,859
1,232
2,502
1,538
167
202
161
256
256
64
69
(1918)
89
91
91
(1918)
.5,261
Total...............
The
of
High
1918.
Bush.
730
5,819
5,276
5,308
6,258
Barley
Rye
foregoing indicates that the present forecast
yield of the leading-grains is for
558 million bushels less than in
bushels under the
In
the effect of adverse condi¬
as
1919.
Bush.
581
Spring wheat..
Oats
result of unfa¬
during August, suffered
Bush.
544
_
Corn...
Thursday, is quite well in agreement with the
1920.
Bush.
(000,000s omitted)
connection
United
States,
taches to
aggregate
an
1920, and 997 million
composite high record.
with
the
situation
crop
set forth above,
as
in
the
interest at¬
some
report given in the Sept. 3 issue of the
a
"Market
Reported (a Department of Agriculture
publication) on the wheat crop in 20 nations in 1921.
The
countries
covered
by the estimate presented
produced approximately 68% of the known wheat
of the world during the
crop
1909-1913, and
years
though the white potato, the yield of which had been
include
materially reduced by the drought of July,
bene¬
Chile, Uruguay, Belgium, Bulgaria, Finland, France,
the rains of August, nevertheless is
Greece, Hungary, Italy, Spain, British India, Japan,
Algeria, Tunis, Union of South Africa, Australia
fited
a
little by
expected to furnish
million
final
bushels,
product of only about 323
a
105 million bushels under the
or
approximation of 1920.
A moderate increase
in the tobacco forecast is also
rent
a
feature of the
cur¬
62.5% of
and
this
when
a
spring wheat Sept. 1 is reported
normal,
against 66.6
as
the condition
given
was
a year
64.1,
as
Aug. 1,
on
figure is less favorable than
being under the ten-year average—70.
ago,
well
as
rives at about 11.7 bushels
and this
per acre,
vested would
give
the
as
probable
the
upon
as
The Depart¬
ment, following its usual method of forecasting,
yield
and
New
tries,
United
Zealand.
States,
Canada,
The estimates
Argentina,
for these
area
ar¬
average
to be har¬
total production of 210,000,000
a
Crop Estimates, give
an
compared with 2,384,143,000
for
1921,
as
aggregate of 2,461,430,000
bushels harvested in 1920.
with
of
the
compilation that while all the countries
Northern
and
It is noted in connection
Central
and
Europe, except Belgium
Greece, have larger wheat
last, British
India
crops
this
seriously
million
bushels,
than the
try.
or
about 50 million bushels less
quantity normally consumed in that
Furthermore, with the rice
crop
is expected that India will this
year have to
estimate
wheat, whereas in
cated
spring wheat
have
an
last year.
crop
Combining this indi¬
with the preliminary win¬
approximation of 544,000,000 bushels,
we
aggregate of 754,000,000 bushels as the ex¬
War the
an average year
as
a
very
under 1920 and 271 million bushels below the 1915
last autumn
cial
crops
The
is referred
unsatisfactory feature in the present
pected harvest of 1921, which is 33 million bushels
international situation.
high wTater mark.
import
before the World
country exported 50 million bushels.
hopeless condition of the Russian
to
coun¬
also short, it
final
of
than
year
affected
by
drought and Jiot winds, reducing the yield to 250
was
bushels, which contrasts with the 209 million bushel
ter wheat
coun¬
compiled by the Bureau of Markets and
as
bushels
report.
The condition of
as
was
the
and
reports, only
this
It is intimated that
during
spring, according to unoffi¬
a very
small
area was sown
to the
x
Corn,
as
condition
already indicated, improved slightly in
during August, and the status of the
September 1 at 85.1
on
and
ago
average
a
ten-year mean of 75.
with 86.4
On the
condition percentage Sept. 1
yield of 29.3 bushels
foreshadows
in
compares
a! total
per acre
crop
crop
a year
Ijasis of the
For oats the condition
of 3,186,000,000 bushels,
64.5—and
wear
not
Sept. 1 is given
as some¬
August 1—61.1 contrasting with
comparing with 88.3 in 1920, and
average
of 81.2.
a
ten-
With this the situation, it is
surprising that the yield per acre is officially
estimated
tion
on
as
only 24.3 bushels, and the total produc¬
only 1,090,000,000 bushels, against
1,526 million bushels in 1920.
no
gregate is the 1,593 million bushels of 1917.
disappointing in the matter of weight
the extent of the
yield, running
less than
The high record
reports intimate that the oats crop has
on
the
ag¬
Private
proved very
as
for
the
a
failure to produce suf¬
country, and the inference is
to be considerable
imports of
wheat and other foodstuffs.
estimated
an
standing high record, and 2,859 millions in 1919.
what under that of
ficient food
resulting in
that there will have
is arrived at, and this
comparison with 3,232 million bushels in 1920,
the
various crops,
well as in
average
about
The
compilation of bank clearings for the various
reporting cities in the United States for August,
1921, in line with those for each month for about
year
as
past, in showing
a
a
distinct decline in volume,
compared with the corresponding period of the
preceding
simply reflects the working of the
year,
dual adverse factors—lessened business
activity and
deflation in the
Evidence of
this
is
at
prices of commodities.
hand
from
all
sections
although less pronouncedly
Coast district than elsewhere.
that
even
the
It is not
country,
Pacific
only
a
fact
but it is equally
trye that they now exhibit
greater decline from 1919 in the aggregate
of all and for
very many
same
from
clearings have been running behind those of a
year ago,
an
so
of the
time fall
leading cities, and at the
moderately 1 below the level of 1918*
THE
1084
compared with 1917, it is
While there is an increase
this is to be
ness
explanation for
greater volume of busi¬
assert, we think, that the
safe to
found, not in a
but in the higher range
now,
prevails by comparison
of values which
with that year, notwith¬
twelve
252,624 shares in 1920, with the eigh|t months' ag¬
small,
very
especially so at
where the operation of the Stock Exchange
House serves to reduce to a minimum the
in the clearings totals, and
Chicago also reports contraction in operations, 203,against 305,748 shares, and
for August 1921
includes 192 cities, and of these all but 14 record
losses from a year ago, with the percentages of de¬
crease at many points conspicuously heavy.
The
all, our statement of clearings
of mention, except
gains, moreover, are not worthy
of Los
case
Angeles, the centre of the moving-
picture industry, which seems little
ditions that have caused
affected by con¬
slump elsewhere.
a
large increase at Lansing is
The
explained by the pass¬
Clearing House of the soldiers'
For the whole country the August
ing through the
bonus checks.
since January 1,
2,726,333 shares for the period
aggregate of clearings, at $27,360,818,676, compares
$34,448,'310,240 in 1920, exhibiting, therefore,
a
clearings exhibit for August is of
The Canadian
the
general character as that of the
same
States, except that
cline
employed in making payment.
in the
against 3,792,384 shares.
gregate 2,220,837 shares,
and these
Clearing
with
only 203,026 shares, against
only of negligible importance, any¬
are
New York,
In
involved
against 4,105,488 shares.
transactions
funds
transactions
232 shares for the month
the
country is running
of the
At Boston the August
2,131% millions in 1919.
considerable deflation of the past
months. Speculation on the stock exchanges
standing
way,
[Vol. 113.
CHKONICLE
is
less.
in
and
a
several
decrease for the month from
1920,
the losses are quite heavy—
cases
Hamilton, Halifax and St.
Montreal,
in * the
four
but
city
Every
list of 26 shows
United
the whole the ratio of de¬
on
John most
in the aggregate
reaches 16.1%, and there is a loss of 1.2% from 1919.
For the eight months a decrease from last year of
notably
contraction
The
so.
12.1% is indicated, with every city but Winnipeg
and Windsor
a
Lessened speculative
sharing therein.
activity
stocks
was
feature of the month, the sales of
Exchange aggregating
the Montreal Stock
on
but
108,404 shares, against 276,019 shares a year
ago,
with the eight months' total 1,514,312 shares,
against 3,165,868 shares in 1920.
there is
There was nothing very definite about the Irish
a loss of 21.2%, while compared with 1918 the dimi¬
situation early in the week.
The unusual meeting
nution is 2.8%.
The Greater New York total of
of the British Cabinet called to be held on Wednes¬
$14,555,940,959 shows a contraction of 18.6% from
a year ago, and 25.5% from two years ago.
The day (Sept. 7), in Inverness, Scotland, near which
aggregate for the 191 outside cities, at $12,804,877,- place Premier Lloyd George has been spending a
brief vacation, naturally attracted special attention.
717, runs behind 1920 by 22.7% and 1919 by 15.7%.
In a London cablegram to the New York "Herald"'
For the elapsed eight months of the calendar year
considerable significance was attached to the re¬
1921, the sum of the clearings is, of course, by a very
20.6%, and contrasted with 1919
decline of
v
noticeable
amount under
the high record for
the
The aggregate for the 192 cities
$234,339,743,102, this being a decrease of
period set in 1920.
reaches
22.8% from 1920, and of 9.4% from 1919.
York the loss contrasted
At New
with last year is 21.7%,
and the decline from two years ago
12.3%, while at
sent
cities, 24% and 5.6%, respectively, repre¬
the decreases.
As in the case of the month,
only
a very
the outside
few cities fail to share in the losses re¬
corded, which latter are noticeably heavy at
centres
as
Kansas City,
such
Omaha, Denver, St. Louis,
Seattle, Boston, New Orleans, Atlanta, Cleveland,
on
the New York Stock Exchange in
August, while a little greater in volume than in
July,
were
nevertheless less active than for the cor¬
responding month a year ago, and in many issues,
particularly in the industrial list, new low
more
levels for the year were
established.
Dealings
ag¬
gregated only 11,117,035 shares, against 13,728,598
t
•
shares last year and 24,432,607
for the
shares in 1919, and
eight months foot up but 114,072,142 shares,
against 151,468,486 shares and 200,268,975 shares,
respectively, in the like period of the two preceding
years.
Fein," and
of the bearers of the reply of Eamonn
one
de Valera to Premier
to make
The
here
a
Lloyd George, "was induced
visit with the Prime Minister's
A marked decrease, also, as compared with
hardly indicating that Mr. De Valera's last
as
note creates
anything like
an
impasse."
ciated
cablegram from Dublin, by the atti¬
Press
tude of
some
of the Sinn Fein leaders in
dently
a
desire
the conditions
the part of men high in the coun¬
on
granted Ireland, and there appears to be a disposi¬
tion to consider
favorably
Minister's terms."
tached
the
to
of
on
the
his way to
features of the Prime
visit to Dublin of
"Sinn Fein Minister of
in-Chief
some
Particular significance was at¬
Commerce, and Commander-
Irish
Army."
Republic
said to have been received
noted
had been
contracting nearly one-half.
decidely less active,
It follows, therefore,
that sales of all classes of bonds for
much
the month
were
speech.
that his appearance was
and
for
the period
since .January 1 totaled only
1,905 millions, against 2,472 millions a year ago and
He
was
the first that
In his speech he de¬
possible since 1918.
"a tool of Eng¬
Among various exclamations made by the
coming.
Nobody
can
"Freedom for Ireland
stop it.
Is Ulster, with her
tottering Parliament, going to stay out?
We say to
people there—We won't desert you.'"
Official announcement was made in Dublin Sat¬
our
lighter than those of August, 1920—in fact,
only $116,907,950 par value, against $214,585,800—
was
with enthusiasm, and it
speaker were the following:
is
He
Armagh, "birthplace of Orangeism,"
where he was scheduled to make a
was
Michael Collins.
industrial bonds in
August; foreign securities were
further
which Dominion status would be
on
nounced the Northern Parliament as
slightly smaller request,land transactions in Lib¬
Ireland.
said that "there is evi¬
the message
The author of
land."
erty and Victory issues were
A hopeful
feeling was created lalso, as reported in an Asso¬
1920, is to be noted in the trading in railroad and
in
party."
correspondent added that "this is interpreted
cils of the Sinn Fein movement to develop
Dallas, Richmond and Memphis.
Operations
port that Robert C. Barton, "aristocrat of the Sinn
urday night that "the reply
be
of the Dail Eireann will
given out to-morrow evening for publication, not¬
withstanding the fact that the British Cabinet has
THE
yet to take it under advisement."
made
was
public
The document
Sunday, and the London corre¬
on
1085
CHRONICLE
expressed in the
that "the promotion of
message
involves personal negotiation in conference
peace
spondent of the New York "Herald" declared that
in order that the British Government and the Irish
"the Irish
leaders may escape
negotiations have at last come down to
with
through
come
"the Sinn Fein has
He added that
brass tacks."
proposal
concrete
a
which,
stripped, demands implicit recognition of the pres¬
ent Irish Government—a
that the
mean
But it does not
republic.
republic will remain outside the Em¬
Continuing to outline the reply he said:
pire."
"The Sinn Fein is
perfectly willing to instruct pleni-'
from verbal controversy to
ognition of the realities of the problem which
strike
A
them."
fronts
of
port workers at
rec¬
con¬
Cork
broke
out
in the
day by the intervention of the Dail Eireann.
Tuesday morning, but
trouble
The
arose
refusal of the Harbor
the
over
Board "to increase the wages
minimum of 7s
halted later
was
of their laborers to
a
week."
a
potentiaries which Mr. He Yalera proposes to send
to
Apparently it did not take the British Cabinet
practically all the six conditions the Premier laid
down in the course of the last exchange of notes to
long to decide upon a reply to the latest note from
confer with
to
Premier Lloyd
George to
the mutual relationship of the two islands.
govern
according to the Irish point of view those con¬
But
ditions must
come as a
free grant of
jkn imposition by England.
as
agree
theirs and not
Once that principle
is admitted—Mr. De Yalera calls it 'Government
of the
consent
governed'—the way to
by
settlement
a
Thus guaranteed, there is a wide
will be wide open.
belief in Dublin that the Sinn Fein will
give allegi¬
Sir Nevil Macready,
became known that Gen.
It
military commander of the Crown forces in Erin,
Sir Hamar Greenwood,
and
mier
for the Cabinet
this unusual
Cabinet
one
out
Chamberlain and
was
indisposed and
meetings.
trip that
a
It
British
to make to attend
Sir Horace Plunkett gave
opinion in Ireland, and it is appar¬
like himself
Plunkett obviously
think^ that
the Irish ship are entitled to have
determining the course that shall
in
be
importance of the statement lies in the
The
taken.
Eireann
matters to a point where a rupture will
become inevitable.
the passengers on
fact that Sir Horace has dared to
speak
moment when Southern Ireland,
for
up
boldly
at
a
or
another, remains mute while De Yalera does the
7
i
a
statement to the newspapers
ultimatum to the Sinn Fein, no pretense
will hide the fact that it is an
which must
to
one reason
Tuesday, in which he asserted that "if England
an
a
mean
war
application of force,
and not peace."
According
dispatch from London Tuesday evening, the
British Premier held informal conversation earlier
in
the
also
day, with civil and military authorities in
It
became
Wednesday.
meeting of the
Tuesday evening the Par¬
Committee of the Trades TJpion
'Con¬
of the
Labor Party, following a joint meeting at Cardiff,
Wales, telegraphed Premier Lloyd George that "the
the
and the National Executive Committee
Government, in our opinion, should write
representatives of the Irish people to meet them
face to face in conference."
A
appointed "to deal with un¬
was
known
through
complete dis¬
more
patches from Inverness Thursday morning that the
British Cabinet had "decided
futile
against continuing a
exchange of notes, which do not promote con¬
structive
negotiations."
It
lalso
developed
that
September 20, the essential condition imposed being
Empire." The
that Ireland must remain within the
New
"Times"
York
definite
next
The opinion was
also
correspondent suggested that
is faced with the
"De Yalera
responsibility of the
The British reply was made
step."
public officially during the day Thursday, and it
became known that "the Sinn Fein's
invited
are
to
Inverness
whether
ascertain
quoted
enter
a
representatives
conference to be held
20."
In
Yalera
De
he
a
definite
reply
can
best be reconciled with the
saying he could not "believe a
conference
objection is
would
mean
refusal to
repudiation of
discussed
leaders in
in
conference,
Dublin
or
Yalera's
fear that the British proposals
a
liberty to Ireland, that matter can
offer less than
be
Irish
Premier Lloyd George was
allegiance to the Crown, and that if Mr. De
real
to
prepared to enter a conference to
association of Ireland and the
aspirations."
as
as
the
how
into
at
"the Cabinet
the note,
for
wras
Empire
national
attend
Sept.
Mr.
asked
Ministers
British
to deal with Mr. De Ya-
employment."
turbed
gress
powers
to the communication sent this after¬
munication."
liamentary
committee from among its own
a
committee
second
Ireland, preparatory to a formal
on
The Cabinet
public Thursday night."
appointed
,
De Yalera issued
issues
will be made
British
talking."
on
where King George is staying, to ac¬
near
quaint the King with the Cabinet's decision, which
appoint delegates to attend a conference here on
afraid that the extremists of the Dail
voice
Hall,
After the meeting
Mpy
the Prime Minister sent "a courier to
over
on
plebiscite
ent from his statements that moderates
a
prior to the Cabinet meeting.
The
King George
The New York "Times" corre¬
question.
may carry
took breakfast with
Premier
British
"they have, therefore, invited the Dail Eireann to
spondent in London observed that "Plunkett rep re-1
are
Barton, the Sinn Fein courier, who started
and with the Irish situation generally."
had been called upon
sents moderate
was
noon,
Austen
interview in which he urged a
an
the Irish
It
for Dublin at I o'clock this afternoon with it."
The party traveled the 700 miles of
own
Yalera."
Includ¬
were
journey in ordinary sleeping cars.
ever
of its
ert C.
De
reply "was handed to Kob-
answer
said to have been the longest
was
note from
last
stated that the Cabinet's
members, "with full
Lord Curzon
Lord Birkenhead.
could not go.
the
to
ment
lera's
meeting the following day.
number
the
in
ed
Cabinet
the
"unanimously approved the reply of the Govern¬
Tuesday night for Inverness
London
left
reply with Pre¬
dispatch Wed¬
a
Inverness,
Eight members of the British
Lloyd George."
Cabinet
Secretary for Ireland,
Scotland considering the
"were in
According to
from
nesday afternoon,
was
to the Crown."
ance
Eamonn de Yalera.
were
surprised
The
if held."
Sinn Fein
reported as not being "dis¬
by Mr. Lloyd
London
George's com¬
dispatches
yesterday
that "newspaper opinion here
morning
stated
that
is
Cabinet's
the
clear issue for
reply to De Yalera presents a
the consideration of the Sinn Fein
leadership and calls for either 'Yes' or 'No' in
The
opinion
that
the
George's
reply."
expressed in Dublin cablegrams
Fein
leaders
will
accept
Lloyd
was
Sinn
invitation to a conference at Inverness.
THE
1086
CHRONICLE
[Vol. 113.
Nothing really new or definite relative to the Irish
to induce the Powers
situation appeared in the late cable
years
ning.
It
rumored in Dublin that De Valera
was
would not be
advices last eve¬
delegate to the proposed Inverness
a
to
the
countries
delegation if
ditionally, while
sent.
Word
In
Paris, about
week ago, Walter I. Brown,
a
European Director of the American Relief Adminis¬
tration, announced that "two
ready
the
on
three trains are al¬
or
from Riga to Moscow, carding
way
food which will be distributed among
genuine refu¬
He added
from the Russian famine areas."
gees
"American
that
kitchens
soup
be
would
put
in
their
came
from Geneva
food
available in
are
Europe, and 20,000 tons have
been ordered back in New York.
Soviets
crete
keeping their bargain and have put
are
sheds, to hold 10,000 tons of food, at
posal in Moscow for
Col. William N.
depot."
a
official word had not been received there
New York for his
undertaking.
new
to be in Moscow in two
weeks "to
based
have
of
heads in America."
ticipate
Colonel
trouble
any
survey
workers,
in
Haskell, before leaving
saying that "I don't
as
relations
our
Soviet."
an¬
with
the
Ryan, American Red Cross Com¬
missioner in the Baltic
States, who arrived in Paris
Riga early in the week,
said that "more than
was
quoted
as
having
2,000,000 Russians will die
as
result of the
a
world
can
will be
of
famine, despite all the help the entire
offer, and it is questionable if one of them
Communist."
a
He estimated that "the cost
feeding 20,000,000 starving Russians
bread
pound of
a
daily would be $1,000,000 each day." Accord¬
a special correspondent of the New York
ing to
"Times" and
Volga River
A
at
representative of the Chi¬
"Tribune," conditions in
cago
the
similar
a
are
Samara
and
along
particularly distressing.
unwillingness to
Soviet Russia
amounted
to
for
that
the
only
a
American
first
little
six
trade
months
than
more
of
with
1921
$13,000,000.
Of this amount
$692,000 represented imports from
Russia, and $12,600,000 exports from the United
States.
For
the
corresponding period of 1920 ex¬
ports amounted to $23,500,000 and imports
$8,555,000.
In the first half of 1919
exports totaled $39,-
164,000 and imports $2,975,000.
In
advices
claim
was
somewhat
from
made
the
Riga
that
movement
Administration's food
assertion
was
of
into
of
morning
is
cars
the
ships
The
are
Riga faster than the Soviet authorities
the
retarding
American
Russia."
made that "food
Court,
serve as a member
because
of 76
Geneva
Monday,
on
gathering
of
11:30
Holland,
by
was
nations
opened in
represented.
called to order at "a few min¬
delegation and Acting President of
League Council."
"Jonkheer H. A.
of
39
van
At
the
afternoon
session,
Karnebeek, Foreign Minister
chosen President of the Assembly
was
vote of 21 to 15, succeeding Paul Hyman of
Belgium." The Geneva correspondent of the Asso¬
a
ciated
Press, in his account of the meeting, rather
facetiously observes that "the United States had a
larger representation at the opening of the Assem¬
bly than any other country in the world, excepting
Switzerland, but it was in the galleries." He added
"the Secretariat of the
League had been de¬
luged with requests from Americans visiting Swit¬
zerland for cards of
admission, but could grant only
thirty-five, of which two were for persons present
as unofficial observers.
They were Edward Cummings, General Secretary of the World Peace Foun¬
dation, and Judge George W. Anderson of Boston.
Other
prominent Americans present were David
Jayne Hill, former Ambassador to Germany, Frank
A.
Vanderlip, Miss Jane Addams and former Con¬
Charles G. Washburn of Massachusetts.
gressman
The
large American attendance created favorable
comment
ture
of
Relief
further
arriving in
can
furnish
the delegates."
among
the
was
made that
opening
session
In
"the
one
dispatch
outstanding fea¬
the absence of
was
representatives from six Central American States
and
also
Rica is
en
from
Peru, Argentina
supposed to have
route
here.
From
word has come,
notice of this
At
erable trouble
the
Hayti.
or
were
others, however, not
even an
over
the Tacna-Arica
question, which
delegation requested be made a part of
It had been reported that
done the Chilean
delegation would leave
President Van Karnebeek very tact¬
fully proposed that "instead of discussing the
Assembly complete its organization."
sessions."
that "this
It developed
occupied all the morning and afternoon
The
were
dispatches said that unsuccessful
made
during the day by Lord Robert
Cecil to conciliate the Chilean and Bolivian
Commission of the
meeting of the Disarmament
League of Nations a week ago
yesterday afternoon, special attention
to the
the
registering of "the failure
Assembly last
year
that
an
was
directed
of the proposal of
attempt be made
agen¬
da, which included the subject of Tacna-Arica, the
efforts
account of the
a
acknowledgment of the
meeting."
Assembly.
is well under
way."
an
Costa
representative somewhere
the
agenda for the day.
if this
the
not
a
Tuesday's session there promised to be consid¬
rolling stock for the transport."
Notwithstanding
this
situation, it was reported that "the relief work
In
having
o'clock," by Wellington Koo, "head
of the Chinese
the
was
with
of
The General
years.
Assembly of the League of Nations
the Bolivian
Thursday
"lack
International
the assertion
report received by the Department of Commerce
Washington states
that
that
v
Col. Edward W.
from
of conditions,
relief
guide to the Administration
quoted
was
a
experienced
which may serve as a
York,
weeks, and in another two
completed
reports
on
the
The
He expected
at
toni, President of the Italian Senate, in which he
made known his
utes
Russia, sailed from
Apparently
time of Elihu Root's letter to
Signor Tommaso Tit-
dis¬
Haskell, head of the American Re¬
Monday that "dele¬
on
judges
con¬
our
A week ago to-day
lief Administration's Mission to
New
In their turn the
con¬
answer."
an
to the International Court of Justice."
reached the advanced age
"8,000 tons of
The
gates to the Assembly of the League of Nations have
decided to hold an election September 15 for
Mr.
that
budget."
'no' for
seven gave
of
further announced
for two
willing to accept the proposal
were
operation in both Moscow and Petrograd this week."
Brown
next
correspondent said that "it was reported that only
fifteen countries had replied in the affirmative. Six
conference, but that Arthur Griffith would head the
one were
to limit armaments
of
amount
tions.
came
Discussion
up
of
the
delega¬
trouble-making question
at Wednesday's sessions, in spite of the
Assembly leaders' efforts to stop it.
principally
on
The debate
"the Monroe Doctrine and the
petency of the League of Nations
on
was
com¬
American ques-
Sept. 10
THE
1921.]
tions, particularly in cases where one party to
treaty asks intervention to secure revision."
"argued that Tacna-Arica
Au-
purely
was
an
American
affair, and that the Monroe Doctrine applied in
to
sense
a
head of the Chilean delegation,
gustin Edwards,
European States,
Nations interfere in such
a
no
could the League of
nor
matter."
On the other
hand, Senor Aramayo of the Bolivian delegation,
quoted
was
United
livia's
saying that "the Chancellery of the
as
States
consulted
been
had
League
by the
not incompatible with the Monroe Doc¬
was
speech before the Assembly on Thursday,
a
Lord
Robert
placed
Africa,
the Government of the United States
upon
the blame for
of
South
"representing
Cecil,
the
delay in instituting the system
mandates, and declared that the delay was not
only working
mandated
hardship
a
territories, but
system
was
belief
a
only
camou¬
He also "asked the American
flage for annexation."
Government to take up
demands
spreading
was
that after all the mandate
mandate
the people of the
upon
and
at
once
with the League its
promised favorable consid¬
eration
of
Washington offered."
Lord
Robert
"thought that the present method
of the
whatever
American Government in
with
the
Powers
trying to deal separately
questions
on
entrusted
the
to
French company
building northern France."
is
to the Paris
a
special Berlin
follows:
as
murder crisis is
of
world
"In the first
declared open war
place, reaction has
against the Republic, in
to the Government's ruthless offensive
Secondly, the Government,
son.
drastic
interest
Briefly he summarized the situa¬
importance."
tion
as
answer
against trea¬
the result of its
action, has gained in strength, self-confi¬
dence and
self-respect, and for the first time in the
history of the Republic has inspired the German
people with
for
the
wholesome feeling of fear and respect
possibility of
a
toward increased
lization.
a
long step being taken
political consolidation and stabi¬
forced to
out
an
been
has
important political show-down.
It has
openly against extreme reaction and
equivocally for
Republican
the
Constitution
un¬
and
Government, though continuing to favor and work
for
constitutional
modern
a
specially the situation in Aus¬
York lawyer was
New
The
he
as
remedies
monarchy
after
however,
means,
and
not
by
turning the Constitution and Government.
Wirth
Chancellor
more
his tax
real
the
discovered
has
and
over¬
Fifthly,
admitted
crisis, namely, the fall
a
struggle
First, she may be permitted to join Ger¬
many;
second, more
or,
must lend her money
and
to
materials,
raw
courses
prosperous
open
for
Governments
with which to purchase fuel
so as
to start her industries and
buy machinery and fertilizer for her farms; or,
third,
for these purposes
money
be
must
found
Personally Mr. Un¬
through private channels here."
termyer was represented as favoring a large private
On this point he was
Austria.
loan to
quoted in
"If the Allies will subordinate
advanced for relief, Austria
should be able to obtain
a
loan of, say,
$250,000,000
private sources, payable to them at the rate of
a year upon
security of her custom re¬
ceipts, tobacco monopoly and other resources
rivable from
of this
her
external
loan, Austria would be able to negotiate for
industries
home
machinery and
raw
her manufactured
form of
of
de¬
Upon the security
sources.
a
and
purchase necessary fuel,
materials.
From the export of
products this loan would take the
It would have the effect
revolving fund.
financing purchases many times the amount of
This is the likeliest way for us to
the loan itself.
get back
our money.
be able to pay
there will be
no
sound business
Austria never otherwise will
it, and it is hoped and expected that
difficulty in putting through this
proposition."
Substantial
has been
increases
in
of
Loucheur,
a
in
made
plan recently agreed
French
Paris
of
of Reconstruction.
upon
by
Rathenau,
For that
German
Re¬
Minister
Germany to France during the next three years of
at
assembling
month.
period total exports expanded £8,800,000
and
imports £7,820,000.
was
the
A feature of the statement
gain in re-exports of £630,000, bringing that
to the highest figure for any month
of the
The excess of im¬
£980,000 less for August than for July.
eight of this calendar year.
ports
was
A summary
of the figures for August and the first
compared
eight months of 1921,
with
the
Jan.
—;—August.
Imports
corre¬
British
exports
He-exports
Total exports
Excess impoijs-
1920.
1921.
1 to Aug. 31.
1920.
£88.580,000 £153,255,000 £741,570,000
51,340,000
114,903,000 463,370,000
9,990,000
13,368,000
69,010,000
£1,351,424,762
889,821,531
167,105,978
£61,330,000 £128,271,000 £532,380,000
£22,250,000 £24,984,000 £209,190,000
£1,056,927,509
£294,497,253
change has
been noted in
official discount
a
rates at
Ger¬
lin and
Belgium, 5%% in Paris and London,
Rome,
Denmark,
The former "will look
of material
No
gold
7,000,000,000
undertaking will be handled by
and French company.
the
im¬
the Brit¬
It provides for the delivery by
building materials valued
The
exports and
ish Board of Trade statement for the former
the
Louis
Minister of the Liberated
Walter
gions, and
both
ports in August over July were shown by
1921.
after
as
Austria:
just three
are
sponding periods of the previous year, follows:
program."
Announcement
marks.
quoted
was
"There
item up
man
be
can
Austria's
for
it, Mr. Untermyer
saw
saying that
as
pitiful than
follows:
first
details
quoted
more
Discussing
imagined."
plight
is
situation
"Austria's
constitutional
over
a
long interview
gave a
tria, and characterized it as "economically grave."
English model—which ideal it hopes to achieve by
much
1
Fourthly, the powerful German People's
Party, embracing industrial capitalism,
come
Thirdly,
republican form of Government.
is
there
a
"but to allow
correspondent of the New York "Her¬
He discussed
$50,000,000
consequences
re¬
reaching Paris after
through Central Europe,
the
and
exclusively for
Each of the companies
Samuel Untermyer, upon
tour
correspondent of the New York "Herald" said that
yielding concrete
of
out
specially for the
under Government control,
to be
Payment
made
participation by some private capital."
from
of "the Erzberger
be
will take material thus delivered
their claims for moneys
handling
to
sell it in the open market
and
part as follows:
League would result in almost endless delay."
Discussing the German situation,
"is
further provides that "the
The plan
purpose."
ald."
trine."
In
at the shipping points."
manufacturers
German
German Government bonds issued
sub¬
was
that mediation
decided
had
and
French company
to
regarding Bo¬
application to the League before it
mitted,
1087
CHRONICLE
ordered by
the
leading European centres from 5% in Ber¬
Norway and
4% in Switzerland.
Sweden,
in Holland and
6% in
Madrid,
In Lon-
don the
private discount rates dropped to 4% for
bills, but yesterday recovered to 4^%, and
short
4/4%
bills, which
Open market
quoted for three months'
was
with 4^@4%% las^ week.
compares
discounts in
at
CHRONICLE
THE
1088
Paris and Switzerland
4%, and 334% respectively,
as
also easier,
are
in 1919.
[Vol. 113.
Just
the amount
prior to the outbreak of
with the statement of last week and
dates in 1920 and 1919
against 5% and
be
can
learned,
of
market discounts at
open
other centres.
Status
Changes
Holdings—
Inc.
Abroad
increase
in
its
besides which there
tion
of
reported
England
was
total reserve
gained £458,000, to £20,427,000, which compares
with £15,618,752 a year ago and £25,587,765 in 1919.
However, large increases were shown in the deposit
items, with the result that there was another con¬
£457,000,
traction in the
this time to
and
proportion of
13.08%,
Public
to liabilities,
reserve
against 14.60% a week earlier
as
15.60% the week before that.
A
the
year ago
11.70% and in 1919 22%%.
ratio stood at
reserve
deposits expanded £1,679,000 and other de¬
posits £17,755,000.
ties also
registered
000, while loans
week of 1920
earlier at
Loans
Government securi¬
on
large expansion, viz., £18,945,-
a
other securities increased £27,000.
on
Holdings of gold
in
accordingly
ancl
In the
£128,410,306.
are now
same
they stood at £123,077,317 and a year
Circulation is £126,432,000,
£88,265,260.
comparison with £125,908,565 last year and £81,Loans aggregate £79,827,000.
127,495 in 1919.
year
the total
ago
£83,297,031.
continues to be
£76,340,750 and in 1919
was
official
Bank's
The
discount
quoted at 534%> unchanged.
rate
Clear¬
ings through the London banks for the week
£581,628,000,
and
against £622,022,000
as
£714,071,000 last
of
statement
the Bank of
BANK
A
week
a
We append
year.
were
ago
tabular
a
comparison of the principal items of
209,025
5.522,591,775
5,570,665,119
1,000
276.832,495
254,823,709
2,330.029.298
1,937,657,431
901,094,197
2.224.672.000
2,022,283.336
1.277,122,971
Inc.
59,990,000
229,253,000
1918.
1917.
Sept. 8.
Sept. 10.
Sept. 11.
Sept. 12.
£
Circulation.
£
£
£
£
126,432,000 125,908,565
81,127,495
59,05",605
40,534,080
16,500,595
23,077,905
36,127,488
42,589,662
Public deposits
15,479,000
deposits
140,730,000 116,988.625
89,363,777 138,924,292 121,345,893
Governm't securities
74,046,000
59,628,129
21,657,056
64,643,714
57,767,320
Other
79,827,000
76,340,750
83,297,031
98,392,678
92,149,595
securities
Reserve notes & coin
20,427,000
15,618,752
25,587,765
30,097,786
38.317.000
39,982,708
39,675,894
2,448,488,000
3,259,494,282
2,773,037,951
In its statement,
ial Bank of
in its
123,077,317
88,265,260
70,703,391
54,234,804
reserve
liabilities,*—
11.70%
22.75%
17.20%
7%
5%
5%
5%
The Bank of France in its
further small
weekly statement reports
gain of 209,025 francs in the gold
item this week.
The Bank's aggregate gold
brought
holdings
to 5,522,591,775 francs,
up
com¬
paring with 5,570,665,119 francs at this time last
year
of
and with 5,572,853,535 francs the
these
amounts
abroad in 1921 and
and
1919.
1,948,367,056 francs
During the
59,990,000.
were
earlier.
year
that the present total does not
record,
since
circulation
amounted
There has also been
the
This
expansion
total
a
drain
constitute
high
a new
the 6th of August last, notes in
on
a
to
77,236,520,000
heavy loss in gold,
occasioned
reparation
by
a
marks.
result of
payments,
amounting to 67,835,000 marks and of total coin and
bullion
Treasury certificates fell
67,551,000 marks.
599,444,000 marks, and advances 3,430,000 marks.
Other
declined
securities
investments
423,890,000
marks
and
An increase of
7,693,000 marks.
no
less than 9,012,744,000 marks was recorded in bills
discounted, while deposits expanded 4,010,123,000
marks.
Notes
marks
other
of
The Bank's stock of
down
to
marks.
A year ago
marks and
a
gold
low
new
a
year
banks increased 2,400,000
liabilities
other
and
on j
marks.
986,779,000
hand has been brought
record, namely
1,023,708,000
the total stood at 1,091,585,000
earlier at 1,103,260,000 marks.
first
the
on
the other hand,
tions sufficient to offset
about
a
reduced
of 229,253,000^'francs,
with
up
For the 12
reserves
increased
total up to
Bank
$15,000,000,
but there
an
$38,000,000 and
Total
deposits
Federal Reserve notes in circulation
The
was
of
the
ratio
reserve
fell
Gold
nature.
gold to interior banks.
been losing
$25,000,000
was
$396,337,143,
$997,327,000 12 months ago.
increased $39,000,000 and
same
of
The New York
showing that the local
$18,000,000,
has
to
was
year's total of $2,992,181,000.
$36,000,000.
fell
re¬
This, however, is still
$1,553,407,000.
showing
holdings,
on
reporting banks combined gold
66.8% last week to 66.2%.
reserves
issued late
an
holdings of $26,000,000, bringing the
$28,000,000.
increased
a
was
expansion in obliga¬
the gain in gold and bring
earning assets increased
shown in total bill
which
compares with
Total earning assets
deposits $3,000,000.
As
result of these changes the cash reserve ratio was
brought down to 72.9%, from 75.5% last week.
38,622,449,460t francs
Last
bringing
to 37,254,987,000 francs.
oh
the
corresponding date last year^andjvith 35,681,670,260
which
trifling reduction in the ratio of cash
serves.
from
weeks, the Federal
many
Note "circulation registered the
outstanding
contrasts
were
in
Thursday afternoon, recorded
An increase of
1,000
time
Reserve Bank statement,
institution
francs; Treasury deposits declined
346,976,000 francs.
further
corres¬
It must, however, be borne in mind
held
augmented to the extent
2,416,000 francs, and general|deposits
the
of
ponding week of 1920 and 28,492,231,000 marks
1920
were
week ^silver gained
Bills discounted,
fell off 194,967,000
before;
year
1,978,278,416|francs in both
francs, while advances
of
Probably the most sensational
with 58,401,203,000 marks in the
compares
19.61%
5K%
thus
of August 27, the Imper¬
2,882,146,000 marks to 70,883,247,000 marks, which
far below last
are
as
another increase in -note circulation
was
increase in bill
13.08%
Bank rate...
a
issued
Germany again showed striking changes
principal items.
feature
32,150,724
bullion...128,410,306
Proportion of
to
2,416,000
For
1919.
Sept. 7.
Coin and
37j254,987,000 38,622,449.460 35,681,670,260
General deposits..Dec. 346,976,000
COMPARATIVE STATEMENT.
1920.
,
Other
294,747,422
England returns:
OF ENGLAND'S
1921.
„
5,572,853,535
Inc.
reduction in note circula¬
a
1,978,278,416
Inc.
Silver
Treasury deposits-Dec.
another slight
gold holdings, namely of £1,071,
of
3,594,575,119
1,978,278,416
BHIe discounted. ..Dec. 194,967,000
Advances
Bank
Francs.
3,592,386.702
1,948,367,056
Note circulation ..Inc.
The
Sept. 11 1919.
3,574,224,719
209,025
No change
Total
of
Francs.
Francs.
Francs.
In France
as
Sept. 9 1920.
Sept. 8 1921.
for Week.
Gold
No reports have been received by cable, so far
ing.
as
with 334% the week preced¬
compares
corresponding
follows:
as
are
BANK OF FRANCE'S COMPARATIVE STATEMENT.
2%%, the lowest figure in a very long
This
period.
Com¬
parisons of the various items in this week's return
4/4% the previous quotation. Call money in London
declined to
in 1914
war
only 6,683,184,785 francs.
was
Saturday's New York Clearing House bank
statement was featured by a
of
$400,000.
contraction in
reserves
a
deficit
This is the sixth deficit this
year,
which wiped out
the surplus account and left
§Ei*r. 10 1921.]
albeit
the
The
smallest.
this kind took
reported
THE
as
place
most
important loss of
July 30 last, when it was
on
Loans continue to recede,
$13,321,120.
1089
CHBONIOLE
having been cut this week $13,554,000. to $4,337,-
which the railroads are receiving and
will continue
receive in the immediate future, in settlement
to
of
against the Government, they will be
their claims
shape and have less need of special financing.
in better
703,000, but net demand deposits increased $11,652,1
The total of the latter is
000.
is
which
exclusive
$59,674,000 of Government
In the latter item there was a decrease
deposits.
of
of
Cash in
$13,735,000 for the week.
members
$3,627,324,000,
now
Federal
the
of
own
Bank
Reserve
vaults of
decreased
$5,538,000, to $65,189,000 (not counted as reserve),
reserves
of member banks with the Federal
while
Bank
Reserve
fell
$4,487,000,
to
Reserves of State banks and trust
vault
-
were
other
reduced
$462,627,000.
companies in
own
$310,000 but reserves kept in
depositories by State banks and trust companies
increased $14,000.
Net time deposits registered
loss of $1,752,000, to
Owing to the
$210,963,000.
expansion in deposits and the drawing down of
at the Reserve
serves
reduced
was
of
$5,809,580 into
The figures here given for
070.
basis of 13% reserves above
member banks of the
as
a
last
on
in
the
System, but
amounting to $65,189,-
The bank
complete form will be found
more
later page of
a
are on
legal requirements for
000, held by these banks on Saturday last."
statements
week's
deficit of $400,-
surplus
Federal Reserve
do not include cash in vault
re¬
shown above,
converting
$6,209,650,
reserve
excess
Bank, surplus,
a
As to the
call loans
money,
4]^@5J^%.> This is for
all-mdustrials
alike..
Last week the range was
collateral
mixed
both
and
Tuesday, (Monday was a holiday) a single rate
On
§Vi%
was
There
ruling figure for the day.
5%
at
on
of
quoted, this being the high, the low and the
decline to
was a
Wednesday, although the maximum continued
5^2%, and renewals
Thursday the
were
ruling figure, but
on
negotiated
this basis.
on
still 5@5}^%, and 5lA% the
range was
Friday call
renewed at
money
also the low figure, the high at 5)^%
remaining unchanged.
Much of the time loans over
the counter were arranged at 4J^% and toward the
5%, which
was
close loans
were
In time
4%.
available outside the Exchange at
money
also there
was a
slightly easier
feeling and in the latter half of the week sixty and
ninety day
quoted at 5J^@5%%, with
money was
five
four,
and
six months'
5%@6%,
at
5%@6% for all maturities last week.
tion
was
was
light and the volume of
All-industrial Y money,
business transacted small.
in,
of 1% above the
quoted at
was
against
The relaxa¬
the return of funds to the
attributed to
banks, though trading
whenever dealt
this issue.
specific rates for
more
during the week have ranged between 5 and 5
figures here given.
Mercantile paper rates continued to be quoted at
6% for sixty and ninety days' endorsed bills receivable
money
was
obtainable in liberal
and six months' names of coice character, the same
amounts at 5 and 5J^% on the Stock Exchange and
as
a week
ago, and names not so well known at
to some extent at 4)^% in the outside market.
Only a light business was reported, with
Time money was more freely offered, particularly most of the demand as usual from country baniks.
for 30 days.
Banks' and bankers' acceptances were in fair
Some loans for that period at 5]/£%
were
negotiated.
Government withdrawals from demand, although transactions in the aggregate
were not large..
Both local and out of town institu¬
local institutions were only nominal.
Good sized
tions were in the market as buyers.
Savings banks
offerings of bonds were made nearly every day by
were
also reported as active.
The undertone was
banking houses, all of whom reported that they had
steady but quotations were fractionally lower.
been disposed of within a short time.
The biggest For call loans against bankers' acceptances the posted
piece of financing was the offering yesterday by Sec¬ rate of the American Acceptance Council continues
The Acceptance Council makes the discount
retary of the Treasury Mellon of about $600,000,000 at 5%.
treasury notes and certificates.
The notes are for rates on prime bankers' acceptances eligible for pur¬
chase by the Federal Reserve Bank 5l/% bid and 5%
three years and bear 5^% interest.
One series of
asked for bills running 120 days; 53/g@5% for ninety
Treasury certificates runs for six months and carries
days; 5A@5% for sixty days and 5fg@5% for
5% interest and another for one year at 5}^%. Al¬
thirty days.
Open market quotations are as follows:
though the total amount is large, it is believed that it
SPOT DELIVERY.
The
market has been devoid of striking
money
features.
Call
will be taken and that there will be
a
good-sized
over¬
It is recalled that the last previous
subscription.
offering (made three months ago—that is in June)
of $500,000,000 was
the
90 Dais.
Prime eligible bills
were
close to $400,000,000.
So far the
has not been disturbed by
re¬
quirements in the West and South for moving the
it is
on
the lines of that
There have been
forty days ahead of that of normal
Burlington
grain movement
These statements
........
.......
now
on
says
years.
An
of rates
now
on
RATES
OF
'
•
member
bills
lateral
1.
Federal
Bank
90
rather
than
the crops probably will lessen
increase.
Just
at
the
moment
no
0
BANKS
1921.
maturiny
(Including
15-day col¬ Bankers'
accep¬
secured by—
days
Agricul¬
banks'
notes)
Reserve
Trade
Other¬
dlsc'ted
tural ard
accep¬
tances
lice-stock
tances
Treasury
Liberty
notes and
bonds
wise
for
certf. of
and
secured
member
within
91 to 180
indebt¬
Victory
and
banks
90 days
days
edness
of—
mentioned only to indicate that
move
RESERVE
FEDERAL
SEPTEMBER
EFFECT
within
5-
Banks:
THE
Discounted
'
that system has been passed.
are
The following is the schedule
in effect for the various classes of paper
IN
that the peak of the
the demand upon New York for funds
with which to
-.5H bid
5% bid
bid
changes this week in Federal
no
notes
unsecured
•
Boston
5H
534
5>4
5X
5H
5H
Cleveland
5H
5H
5X
Richmond.
from
...
........
at the different Reserve
com¬
the grain movement is at its -height and that
official of the
DAYS.
Reserve Bank rates.
President Budd of the Great Northern Rail¬
Co. said yesterday that
way
@4%
bank bills
DISCOUNT
pany
5
THIRTY
heavily over-subscribed and that
local money market
crops.
30 Days.
5
@4V»
60 Days.
@4%
WITHIN
DELIVERY
Eligible member banks
Eligible non-member banks,.,.
Ineligible
applications by the New York Fedral Reserve
District alone
5
_
FOR
6
6
6
5H
New York
Philadelphia
_
5X
5X
5*4
5 *4
5*4
5 34
6
paper
maturiny maturino
.
5*45*4
5*4
5*4
534
6
6
534
1
5*4
1
534
tax
are
special demand is
in.sight, except Federal
payments on Sept. 15.
still disinclined
Governments and
Our bankers apparently
to offer
enterprises.
large loans for foreign
With the funds with
6
6
6
6
6
Chicago
other
6
6
6
6
6
6
St. Louis
6
6
6
5*4
6
6
Minneapolis
Atlanta
6
6
6
6H
6
6*4
6*4
Kansas City
6
6
6
6
6
6
Dallas
6
6
6
6
6
6
San Francisco
5H
5H
5*4
5*4
5*4
5*4
1090
Dulness and
in
inactivity again characterized dealings
the volume of business
sterling exchange and
transacted
fact
of
exceptionally small.
was
the ^market
attention
CHRONICLE
THE
;
As
matter
a
neglect with
in
somewhat
was
sensational
irregular
movements, first in one direction than in the other,
though with the trend generally downward.
De¬
mand bills after opening at 3 72%, sagged off to
3 69%, rallied to 3 74 and closed at 3 72%. Trading
is still largely a matter of routine between dealers,
chiefly
centring
gyrations in Reichsmarks.
the
last
as
same
tors appear
the
upon
The result
was
week, although professional opera¬
to be averse to taking on extensive new
commitments.
international
and there is
the
Fundamentally,
situation remains the
week ago
same as a
least the break in marks coupled with
insistent
of
rumors
Germany has had
levels.
approaching financial disaster in
effect
no
Failure to settle the Irish
active market factor,
an
unfavorable
intimations
question
was
though conceded to be
not
an
development and calculated to retard
betterment in currency
from
On the other hand,
values.
Washington that the tariff issue
be postponed until next Spring, aroused a more
may
hopeful feeling
the ground that during the inter¬
on
period trading
vening
by
actual sterling price
on
could
of sudden ' and
fears
proceed unhampered
disconcerting
changes
in
minimum
transfers
and
Friday's market
proportions.
still
was
dropped
3 71%@3 73
for
demand,
transfers
and
3 65%@
slightly,
to
3
72%@3 73%
3
67% for sixty days.
for
cable
for
that quotations
so
Closing quotations
3 66%
were
sixty days, 3 72% for demand and 3 73% for cable
transfers.
Commercial
sight bills finished at 3 72%,
sixty days at 3 67%, ninety days at 3 64%, docu¬
ments for
payment (sixty days) at 3 68 and seven-day
grain bills at 3 71.
closed at 3 71.
the flood of
week's
Savoie
La
evidently been
no
let-up in
way,
gold arrivals coming this
shipments
The
Cotton and grain for payment
There has
and the
and varied.
were numerous
brought approximately $6,333,000 from
France, while the Carmania and Emperor of India arrived
each with 23
cases
of
gold, and the Ryndam from Holland
brought nine packages.
Smaller lots
received
were
lows: the Eclipse, $1,000,000 from Egypt, the
the west
of
coast
America
South
silver coin and 1,788 bags of
12
cases
gold and silver
fol¬
as
Colon from
gold bars and
the Mon¬
ore;
terey from Mexico 12 cases of currency; the Sarpfos from
Colombia $30,400 gold bars and gold
dust; the American
Legion from Uruguay, $408,000; the Mayaro from Venezuela
and British Guiana five
packages; the Prinz der Nederlanden
from the Dutch West Indies
and
one
gold coin to the value of $24,000;
bar of gold; the Parima from Antigua, $21,300; and
the Philadelphia from Curacao, three packages of
cious
What
metal.
regarded
was
consignments
the arrival of 93
was
the
pre¬
the most interesting
as
cases
of gold
valued at 281,232,000 paper marks, or about $3,500,000, on
The
supply of commercial bills is
light
as
as ever
and thus far the expected influx of cotton and grain
has
materialized.
not
the week's dulness
An
the
was
added influence
in
interruption of the triple
the Mount
While the comparative steadiness in
past two weeks or
more
sterling during
has occasioned
some
surprise, it is pointed out that this is probably not
Clay from Germany consigned to the Federal
Reserve Bank
by the Reichsbank.
dental to reparation payments
shipments to follow
is
incidental to the Labor Day celebration.
holiday
the
cable
for
irregular,
of all these
valuations and duties.
bills
3 72%@3 74%
66@3 67% for sixty days; trading continued of
inactive and somewhat
For the
practically nothing of moment to report.
present at
demand,
3
[Vol. 113.
soon
Late
to
on
the
This is said to be inci¬
and to be the first of several
Gold from India
account.
same
arrive, while Arabic is bringing about $1,300,000.
yesterday the Aquitania arrived from Southampton
bringing 136 boxes of bar gold, and the Upland from Gothenberg with
12
boxes.
Silver arrived
the Mystic from
on
Germany to the value of $32,000.
only due to light offerings but to support tendered
for the purpose
at
this
about
time.
Payment of the
without
settlement
incident
without undue strain
accepted
as
as a
and,
reparations
predicted,
as
Wednesday of last week, is
on
gratifying fact, but doubt is expressed
the Allies have evolved
to whether
scheme
comprehensive
In Continental
of sustaining the market to meet the
flood of cotton and grain bills which are expected
for
a
clearing
sufficiently
the
various
the week has of
been the sensational slump
in the value of German currency,
of heavy selling of
pressure
nature,
broke after
slightly
was
have always
really
is
perienced in the market.
below that
news
changed hands.
crossed the
figure.
this
doubt
some
>■
As
the
was
most
Saturday of last week was weak and demand
on
declined
nearly
transfers to 3
@3 '66%;
3
cents
cable
71%@3 72% and sixty days to 3 65%
trading
character.
3 71%@3 72%,
to
largely
was
Monday
was
a
holiday
Rates
again dropped sharply
range
was
3 69%@3 70%
of
on
for
a
pre-holiday
(Labor Day).
Tuesday and the
demand,
3 69%@
3
71% for cable transfers and 3 63%@3 64 for sixty
days; short selling, also lower London quotations,
were
said
to
be
responsible for the decline.
On
Wednesday light offerings brought about a better
tone and demand advanced to 3 70%@3 72, cable
transfers
3
66%.
3
70%|@3 72% and sixty days 3 64%@
Sterling
was
apparently unaffected by the
^flurry in mark exchange
on
Thursday and rates
were
fairly well maintained, ranging at 3 71%@3 74 for
to
before,
but
it
some
in both sterling and
case
unprecedentedly low levels.
change
seems
weeks ago, the weakness emanated al¬
attention and
ex-
There
to whether marks
figure and that large quantities of bills
payment came in for an unusually large share of
sterling
as
mark
cent
one
marks
day-to-day rates,
on
beyond all question that this week reichsmarks sold
sterling, francs and lire used for the latest German
Dealing with the
which under the
peculiarly insistent
time to the lowest level
a
above
been
that the aftermath of the payments may yet be ex¬
conjecture.
a
record, namely, .099% for checks, although the close
currencies involved in the settlement and it is felt
In view of this recent
dispatches showing the amount of dollars,
exchange the chief development of
course
wholly from abroad where quotations touched
The above is
the week of about 15 hundredths of
pares
with
a
a
loss for
and
com¬
quotation of not far from 1.65 cents, the
price at which Berlin
marks
weeks ago.
variety of
While
a
the
selling not
were
many
are
being
reasons
and alarming outbreak of
assigned for the sudden
weakness,
a cent
of opinion is
consensus
primarily due to apprehensions
over
that it
is
internal financial
conditions in Germany, in particular the large note
Furthermore, it is claimed
circulation outstanding.
that
banking
concerns
the market
for the
settlements,
have
which had been supporting
purpose
of making reparations
withdrawn
now
this
support,
thereby adding to the general confusion.
was
The decline
also accentuated by offerings of marks on the
part of Berlin
securities
speculators, likewise buying of foreign
by Germans
uneasy
depreciation of the mark.
over
the persistent
The closing of the Berlin
.
Sept. 10
Bourse
THE
1921.]
made
was
it.
It is
business, took
since
necessary
such volume that members
on
unable to handle
were
hoped by this to avoid further losses and
In the final dealings there was
possible panic.
slight Tally to 1.01% cents, mainly
a
speculative
on
values
Currency
collapse
before.
Chilian exchange was a shade firmer but
finished
at
9.95, against 9%, while Peru
was
at
follows:
was as
Hong Kong,
Ex¬
48%@49%; Manila 49@49%> against 49@49%;
Singapore, 43%@44%, against 43%@44%; Bombay,
Paris, after opening at 7.75 for checks,
26%@2?%> against 26%@27%, and Calcutta 27%@
levels,
close, when selling
by
resumed.
was
Antwerp
Greek
exchange ruled relatively steady, but exchange
Central European
republics
low record. Trading
of the Treasury
direction, although
any
confusion
reigned and
frequently somewhat erratic and
were
and
nervousness
the
Reserve Bank is
new
particularly active in
on
Pursuant to the
uncertainty
The official London check rate
move¬
a
good
in evidence.
was
Paris finished
on
requitements of Sec. 403 of the
Emergency Tariff Act of May 27 1921, the Federal
heavy, Polish checks
was
breaking to 0.02%, another
considerable
28, against 27%@28.
Italian lire lost 16 points
sympathy.
4.29, but subsequently recovered to 4.41.
times
exchange
against 69%@71; Yokohama, 48%@48%, against
here
although
-
lower
toward
was
francs moved in
not
Far Eastern
also the
reichsmarks,
in
on
deal of
was
especially at
appreciably affected
dropped to 7.45, then closed at 7.4834-
ments
For Brazil the
12% for checks and 12% for cable
transfers, comparing with 12% and 12% the week
quotation
52@52j%, against 51%@51%; Shanghai, 70%@72%,
the extreme
change
the other leading European
on
not
were
tendency
at
final
the
exchanges
was
against 30% and 30% last week.
3.40, against 3.45.
buying.
to
1091
CHRONICLE
on
the buying rate for cable transfers
different
the
certifying daily to the Secretary
now
countries of the world.
below the record for the week
Reserve Bank does not
We give
just past. The Fedearl
proclaim the rates until the
morning of the following day, and therefore the latest
figures it is possible to include in our table are those
Thursday noon, announced on Friday:
*
for
at
as
compared with 47.80
on
49.45,
the French centre closed at 7.48%,against
week
a
Here
ago.
BUYING
CABLE
sight bills
RATES
SEPT. 2
1921
7.74; cable transfers 7.49%, against 7.75; commercial
sight 7.47%> against 7.73 and commercial sixty days
7.41%,
against
week.
last
7.65
This compares
week.
final range
The
for checks and
the close
for Berlin marks
heayy,
Last week
Austrian kronen
1.14.
established another
and
1.0134
was
1.02% lor cable transfers.
1.13 and
was
likewise
with 7.52 and 7.53 the previous
new
were
low
Sept.
4.32 for bankers'
bills
and
cable transfers, in
for
2.
Sept. 3.
Sept. 6.
Sept. 5.
Sept. 7.
Sept. 8.
.001175
.001088
.001025
.0746
.0753
.0750
.00855
.0083
.0083
.0082
.0120
.011963
.011813
.01194
.0119
.1771
.1764
.1715
.1746
.1767
3.7226
3.6990
3.7213
3.7270
-,
.01455
—.
.014575
.0140
.01415
.013875
.0775
reichsmark—
.0775
.07616
.0766
.0765
.011335
France, franc
Germany,
.001220
.0756
.0085
3.7223
Denmark, krone
England, pound—
Finland, markka.
.011355
.01086
.010655
.01012
.0565
.0560
.0563
.3152
.3165
.3170
.002508
.002394
.002275
.0431
.0436
.0438
.005467
.005294
.005067
.1325
.1304
.1303
.1319
.000375
.00035
.000363
.000313
.0566
HOLI¬
.0056
DAY
.1348
.000375
- •
.0444
.0056
...
.002506
.0443
:-
.3170
.002588
—
.0566
.3175
Greece, drachma.-------Holland, florin or guilder..
Poland, Polish mark
sight
in'New York.
.0754
Bulgaria, lev
.—.
Czecho-Slovakia, krone...
transfers.
was
BANK,
.001225
-.
franc
Belgium,
Jugoslavia, krone—.
Norway, krone
close
RESERVE
EUROPE—
figure of 0.09% for checks and 0.10% for cable
the
FEDERAL
1921, INCLUSIVE.
Value in United States Money.
Hungary, krone
Italy, lira...— —
For lire
8
Noon Buying Rate for Cable Transfers
Austria, krone...
fers.
BY
SEPT.
Country and Monetary Unit.
Antwerp francs
finished at 7.37 for checks and 7.38 for cable trans¬
FIXED
TO
"A
,
parison
with 4.43%(54.44%
change
against 1.19%;
Poland at
on
week
a
Czecho-Slovakia
on
earlier.
finished
com¬
Ex¬
1.20,
at
Bucharest at 0.97, against 1.16%:
on
0.02%, against 0.03%, and Finland at
1.50, against 1.50
week earlier.
a
Greek drachmas
closed at 5.50 for checks and 5.60 for cable remit¬
This compares
tances.
Neutral
but
with 5.70 and 5.75 last week.
exchange, formerly so-called, ruled quiet
steady, with prices showing only slight variations.
were
firmly held,
Scandinavian rates
is true of
of
sight
on
(unchanged); cable
commercial
were
Swiss francs.
about stable and the
were
transactions
also
as
Spanish pesetas.
Bankers'
Trading
was
.0951
.0949
.0958
.01175
.011087
.01085
.0097
Serbia, dinar
.0225
.022475
.021867
.021267
.0204
Spain, peseta
Sweden, krona
Switzerland, franc
.1307
passing small.
Amsterdam
closed
transfers 31.70,
31.65,
at
against 31.65;
sight at 31.60, against 31.55, and
com¬
week.
Closing
for
transfers,
quotations
bankers'
against
Copenhagen
checks
Swiss
for
francs
closed
.1298
.1300
.1305
.2166
.2141
.2139
.2163
.1705
.1703
.1704
.1709
.5048
.502
.5068
<.5081
.5095
.6840
ASIA—
dollar
Shanghai, tael.
Hoongkong,
.6855
.6871
.6905
.6920
Shanghai, Mexican dollar.
India, rupee.—
.5006
.4963
.5010
.5032
.5071
.2521
.2550
.2538
.2550
Japan, yen..-
.4842
.4842
.4842
.4842
.4829
.3158
.3147
.3117
.3132
.3150
.4217
.4258
.4233
.4258
;4258
.9G0025
.900104
.899167
.897083
.895833
Ja va, florin or
—-
— •
guilder.
Manila, peso----
.2550
— ■
Singapore, dollar.... —.
NORTH AMERICA—
Canada, dollar..
Cuba, peso—— —
Mexico, peso—
Newfoundland dollar
SOUTH AMERICA—
milreis
.991067
.992304
.992304
.4900
.48625
.485625
.898438
.896875
.8950
.89375
.6823
(gold)....
.991067
.4850
.898542
.6775
.6767
.6755
.6845
.1199
Argentina, peso
.990938
.48375
.1203
.1219
.1231
.1224
.6394
.6433
.6430
.6445
.6413
Uruguay, peso—........
The
were
Clearing House banks, in their
York
New
operations with interior banking institutions, have
gained $5,253,270 net in cash as a result of the cur¬
rency movements for the week ending September 8.
Their receipts from the interior have aggregated
$5,972,905, while the shipments have reached
635, as per the following table:
CURRENCY
AND
RECEIPTS
BY NEW
SHIPMENTS
$719,~
YORK BANKING
INSTITUTIONS.
sight bills and
17.02
and
finished
17.13 for cable
17.04
at
a
week
and
cable
17.55
at
21.60
and
cable
Into
Week ending Sept. 8.
As the
transfers
Gain or Loss
Banks.
to Banks.
$1.9,633 Gain
$5,972,9)5
Banks' interior movement
Checks
Out of
Banks.
ago.
transfers at 17.60, against 17.55 and 17.60.
Sweden
.1303
.2177
.1708
same
sixty days at 31.24, against 31.19 the previous
on
.0964
.011788
dull and the
mercial
17.11
.0960
Brazil,
Guilders
volume
Portugal, escuda—.
Rumania, leu—
4.33
$5,253,270
Sub-Treasury was taken over by the Fed¬
on Dec. 6, it is no longer possible
the effect of Government operations on
eral Reserve Bank
at
21.65, against 21.60 and 21.65, while checks on
Norway finished at 13.05 and cable transfers at 13.10,
Spanish
pesetas closed the week at 13.00 for checks and 13.02
for cable remittances, as compared with 12.99 and
against 13.15 and 13.20 the week previous.
show
to
the
Bank of New York
on
With
rate
creditor at the Clear¬
BALANCES OF NEW YORK FEDERAL
CLEARING
Wednesd'y.
Sept. 7.
Thursday,
RESERVE BANK
HOUSE.
Friday of last week.
regard to South American quotations there
has been
was
ing House each day as follows:
DAILY CREDIT
AT
13.01
The Federal Re¬
Clearing House institutions.
serve
no
closed
essential change and the
at
Argentine check
30%Jand cable transfers at 30%,
Saturday,
Monday,
Tuesday,
Sept. 3.
Sept. 5.
Sept. 6.
$
47,800,000
$
Holiday.
Sept. 8
.
Friday,
Sept. 9
Aggregate
.
for Week.
•
$
$
$
$
Cr. 221
53,100,000 40,800,000 37,700,000 41,700,030
01,000
THE
1092
The
CHRONICLE
foregoing heavy credits reflect the huge mass
of checks which
Bank
to the New York Reserve
come
[Vol. 113.
ly with conditions, time, place, and in the mode of
life of the individual.
Working
men
wish to
may
from all
parts of the country, in the operation
live at the
Federal
Reserve
those whose wages and incomes are
largest find this
These
System's
with the
sent
to
the Reserve Bank's
Clearing House institutions.
only
side of the account,
one
the Reserve Bank itself
upon
collection
par
large credit balances, however, show nothing
to the results of
as
of the
scheme.
the
bank
and
House.
The
never
are
They repre¬
checks drawn
as
presented directly
the Clearing
through
go
'
■
operations
impossible—especially when
when "hard times
or
kinds of enterprise can earn
a
able.
Silver.
Total.
(Sola.
Silver.
Total.
£
£
£
£
£
£
ii,bVo",6o6
51.185,409
lo'.moto
54,916,300
2,369,Of0
99,888,000
Italy
33,307,000
2,968,000
33,275,000
32,191,000
2,990,000
Xetherl'ds.
50,497,000
10,603,000
21,781,000
857,000
31,354,000
53,028,000
12,249,000
10,660.000
1,351,000
1,067,000
54,379,000
1,586,000
4,421,000
26,202,000
21,599,000
3,706,000
25,305,000
15,833,000
14,519,C0C
"VoV.ooo
12,852,000
12,658.000
8,115,000
8,118,0GC
8,118,000
49,476,400 635,715,095 583,163.935
49,328.2001 638,906.213 583,908.779
46,298,150 629,462,085
Denmark
Norway
15,833,000
12,640,000
.
8,115,000
..
Total week 586,238,695
Prev. week 589.578.013
a
Gold
holdings of the Bank
held abroad.
of France
this
year are
■■
,
24,175,000 122,270,000
11.727,000
can
be set.
12,801.000
lantic
all
"human
our
at At¬
affairs," declares and sends forth
this statement:
cost of
fixing wages solely on a schedule
living is a violation of sound economic
or
scientific sup¬
This is quite the reverse of claims made
by many
labor leaders when
rapid, extreme and
arbitrary
increases in wages were the order of the
day. Then,
the increase in cost of
living by reason of war con¬
ditions
was
quite
sufficient
asked, although the advances
tion
to
of
propor¬
Many times was it sug¬
gested that this claim might prove
embarrassing in
the future.
And now,
to roost"—else
the "chickens have
come
home
why this statement?
some reasons
"We find
as
a
why.
result of the
has gone, that there is
practice,
far
so
class
having a presumptive right to
quantity of various commodities."
It
as
it
a
given
an
whole contention of
informative and somewhat
amusing.
economic evil to "standardize
classes,"
why should trades unions exist
the four million workers
at all?
Why should
organized and thus
stand¬
represent, if they do not seek to
control, the forty million workers, that, save for the
are
bent
on
unorganized and unstandardized?
furnishing
rights of selfish
arguments
for
the
Minds
so-called
and self-constituted orders
and
ganizations within
a
free and democratic
or¬
society of
"human beings" must needs
limp a little in their
logic. They cannot see the beam in their own
It
eyes.
was
about.
inevitable that this reversal should
War-wages cannot continue
peace-time.
Costs
depend
True, living costs is
upon
a
of
pay
equal
The
"organized labor" falls to the
It takes the position
that
now
reduced—wages born out of
gaining" inside the plant.
with
the
To allow
own
war-
emer¬
most
come
indefinitely in
pliable term.
the scale of living,
varying wide¬
In this it is in conflict
fundamental of
our
economic laws.
organized labor to set the standard of its
"living conditions," regardless * of the living
time
and
circumstance entail upon the
workers, mainly unorganized, is to de¬
of
masses
mand that
enterprise and business do the impossi¬
ble, namely
enough to pay this arbitrary sched¬
earn
ule in all fields of industry without
regard to the
immediate measure of production, the
quality and
quantity of product—and in defiance of whether or
not mankind at
large is engaged in construction
the
course
who works must have his bare
man
impossible for employers to
price.
procure
But when, above this,
established,
placed.
no
one
No one, but
.
ciety.
or
,
subsistence in order that he
may work.
a
a
can
And it *s
it at any other
schedule is sought to
say
where
it shall
Socialist, is willing to
have
an
be
say
equal value to
so¬
Quality and quantity of product, and kind of
labor, must
into
come
the
equation to
determine
value, and value must determine wage—value estab¬
lished by the competition of men with
men, of prod¬
with, product, and
of physical conditions with
physical conditions, the world
over.
Nor can living
conditions, living costs, and the "living wage," ig¬
nore
continually continental conditions and racial
inter-communication.
ardized claim to
10%,
kinds
ground when it refuses to recognize conditions and
uct
This is very
If it is
human
living conditions.
maintain equal
says:
p, constant tendency under it
to classify human
beings and to standardize classes,
each
to
that all kinds of labor
It
or
equal scale of profits out of which to
wages
be
The Federation
goes a step further than this.
presents
an
Of
out
were
mere
.
unvarying schedule of living condi¬
advances
this basis.
even
No
destruction.
for
cause
with
labor—because competitive enterprise cannot earn
conditions
"The practice of
of
co-ordinate
dire necessity. It takes a strong position
against the "open shop," against "collective bar¬
thoroughly into most
theory and is utterly without logic
port of any kind."
largely depend¬
gency and
Council of the American Federa¬
gone very
are
And this varying gauge
be established for all classes
can
competition.
Labor, at its recent annual session
City, having
to
wages must not be
REVERSAL.
The Executive
Living costs must
as
46.158.500 630.127.279
exclusive_oC£77,934,682
WAGES AND LIVING COSTS—"LABOR'S"
tion of
tions
14,519,000
"143",000
-
,
all
be set,
35,181,000
Switz'Iand
Sweden...
be paid.
v/:-A.;..->:.v-
13,313.000
10.944.000
Spain
Nat. JleIgH
made
-
can
153,855,468
337,150
10,944,000
Aus.-Ilun.
98,095,000
the
Not
single and unvarying schedule of living costs
hence no unchanging schedule of wages
*
123.077,317
54,579,150
154,008,989 143.695,468
842,400 52,027,800
2,369,000 13,313,000
25,187,000 125,075,000
outside
-
No
.
can
world-conditions.
be
desire.
Gold.
Germany
far
profits equally—out of
Living costs, like prices,
cannot
Sept. 9 1920.
128,410,306 123,077,317
alone
larger law, much
ent upon
of—
England.. 128,410,306
France a_. 142,968.989
lies
cause
individual will and wish of the worker.
which wages
along,
improvement of living
conditions, "each passing day and year," is desir¬
principal European banks:
Sept. 8 1921.
Hanks
war comes
pven
a-knockin' at the door."
come
But the chief economic
follow
v'-f' V;
following table indicates the amount of bul¬
lion in the
to be
"top of the pot" all the time, but
ing
a
that
Senators, recently, advocat¬
protective tariff for wheat, frankly admitted
world
trade
controlled
price—and then
pro¬
ceeded to show that
keeping down the "surplus" by
imposing
Canadian wheat kept the price
from
a
tariff
falling
as
on
much
as
it would otherwise have
done—by quoting the evidence of prices at
time
at
a given
Minneapolis and Winnipeg—all of which
amounted to
saying that local prices in the United
States for bread
might be kept higher for
people in the interest of the hard-wheat
the Northwest and millers at
follows
that
wages
in
Minneapolis.
manufacturing
a
whole
growers
of
And it
industries
Sept. 10
by the
may,
THE
1921.]
arily higher for
in the
law of exclusion, be kept tempor¬
same
few at the expense of the great
a
aftermath, in the universal "slump," burdens
to descend heavily upon
may seem
"farmers," it
our
not result in the "clamor of
should
And it follows just as truly that
body of workers.
1093
CHBONICLE
a
class" that
arbitrary demands by organized labor for wages and
representatives in Congress from this region
"living conditions/' so-called, of its own naming for
its own selfish interests and exclusive classes, by
bine to
ignoring competition and production essentials may
rapid political changes there is an element of pro¬
benefit the few at the expense
of the many.
We
tolerant people.
a
are
tection
And
special privileges
secure
com¬
laws.
or
We know that in
our
against the permanent domination of classes.
factory
organize—as
operatives
and
when all is
Tliey
leaders"
trades have done in the creation and use of "labor
said, this reversal of position of "labor
shows the innate selfishness of the organi¬
zation—to
get while it can, and forget when
may
unions"—but back of all these seekers after power
it must.
—the
1
depends
Fundamentally,
It is
citizens, all!
no more
this branch of
on
material conditions of
our
time
in their
Government
we
have
out of
created
our
and
own
in
one
Our national domain is
sion.
ests."
ural
fall into the custom of
we
while
varied and unevenly
are
resources
Once
tion
large that our nat¬
so
But
protection to "farmers' inter¬
recognize and encourage by legisla¬
alternately
one
any
and the other is a dangerous
future.
VALUE AND NECESSITY
the seeds of a political division
sow
"East"
desire to think of so-called protection
to
practice for
distributed.
manufacture?
recognizing classes,
paternalistic spirit seems to be increasing
a
among us, we
to yield to agri¬
We do not, most of us as
agricultural "West" ?
to "trades labor" and
of the unfortunate attendants of classes
republic that they tend toward territorial divi¬
a
seem
the manufacturing
result to
the
citizens now,
consent.
It is
we
sharp division of classes may come, what
a
would be
assemblage of citizens, equal in this capacity, under
the
that might possibly some
now
culture what will be the demands of
We are an
respective fields.
And if
come.
And if
countries of
true, it is important to try to project
ourselves into the crisis
trade in behalf of
division, than that the executive or judicial branches
so
If half that is said of an under¬
Socialism prevailing in all
current of
farmers, when exercising the powers vested in this
shall do
people.
that the future holds
We know not all
us as a
the world is
Government to recog¬
cumbent
nize the
it suggests the
interests,
rebellion.
It is no more in
preachers.
industrial
for
incumbent upon our law¬
making branch to pass favoring laws for farmers
than for doctors and
voting bodies, dependent upon territorial
and
thought of incipient disloyalty and possible ultimate
classes—social, economic, political—we are
no
Congress, representing
our
people in the law-making body, is seen to divide
location
we recog¬
when
But
itself into
willingness to ignore the self-in¬
upon our
terest of selfish classes.
nize
the
to survive as a homogeneous people
Our power
strength of our free citizenry is our boast and
salvation.
"BLOC."
THE AGRICULTURAL
OF COMPROMISE-
ARBITRARY STANDARDS A BANE.
that, in extremity, some time may come to demand
political independence.
We
When Thomas Jefferson,
Terri¬
prevent¬
independent State out of the
by peaceful purchase, added the Louisiana
richest
an
that
not
vaguely known and thought to contain "The Great
American Desert."
venturous settlers
character of
peopled it.
It is
now
agricultural people.
an
to
compromise
a
principle, and
But there is a difference
Our duty is not to
law
a
ethical, since it has no regard for the rights or
that such
the heart of
a
a
Again, others would say
ethical, since the
minority.
law is both moral and
welfare of others is its
principal purpose.
relates to the conduct of self as
But it is no
Morality
gauged by accepted
'
more
integral part of the present United States
an
than the Atlantic and Pacific
think of the inherent power
to
to-day we love to
of self-sustenance given
If foreign at¬
while our coastal
by this great interior valley.
us
tack should
territories
States" of
ever
come
must
our
upon us,
naturally
become
But
real national
our
"buffer
domestic
our
strength lies in our Union—
strength made perpetual by the harmony
internal
development.
And it becomes a
question of profound import, therefore, when we
note
of
a
disposition in Congress to create a class out
members,
tion and
of
a
a
"bloc," based on geographical posi¬
seemingly devoted to the material interests
portion of our territory.
individual
And we cannot for¬
But
of
A mode of life carried on by an
be strictly moral though not ethi¬
ethical standards are moral in that they
may
compel the best there is in man to be
others in like
Ethics
that if
cold,
a man as a
society, gauged by the conduct and con¬
cepts of his fellows.
cal.
It is personal,
Ethics relates to the duties
member of
indefinitely.
people fronting two oceans for world-trade, our
one
of
the
defense, this valley domain, protected
by two mountain chains, would feed us
standards of life at the time.
severe.
slopes.
In the turmoil of the world of
self
Some would say
enacting "prohibition" is moral though
privileges of
Soon, as time is measured, ad¬
life, giving to us the fundamental
economic
our
never
alone, though we owe much to self.
the world—though it was then
valley in
told
between morals and ethics.
tory to the domain of the United States, he
ed the formation of
are
the moral is unassailable.
proffered to
duty bound.
compels compromise; morals do not.
So
undertake to make the world moral we
we
cannot sacrifice
principle by so much as jot or
tittle.
contrary, if we would set all human relations
ethical standard we must make compromise a
On the
to
an
principle within itself.
cannot sacrifice his
of his
may
The reformer being moral,
Yet the true helper
principle.
kind, while maintaining the same
principle,
the in¬
yield somewhat of its absoluteness in
terest of social welfare.
And must do so.
In law¬
proposition that
bound
to respect.
Whether true or false, there are fine¬
the high seas, the material benefits accruing to us
through a policy of "open seas" bore directly upon spun abstractions, but they introduce the truth that
equity cannot exist without compromise. Abstract
the trade-expansion and domestic-prosperity of this
interior valley—and for all time to come.
If now justice cannot obtain save in a state of perfection.
get that in so far as our entrance into
world-war was for
the late
protection of rights invaded on
making
we come
minorities
have
at this point to the
rights which majorities are
1094
In
THE
one
moral.
is
sense
But
war
even
uncompromisingly moral.
hand, is supremely
Peace cannot exist
structure
based
and
save
are
in balance.
obtained
in
a
of
power.
conflicting wills of the
Shifting this to
human
our
When"
embody in laws the "Thou Shalt Not" of
morality established by authority, while
we
the "Thou Shalt" to the will of the individual
in his
own
un¬
we
behalf,
never
was
(how often
promise
time
a
we
in
the
insistent
so
history of the
this phrase)
use
was as necessary as now.
"new ideas"
were
upright
ple.
own
way."
Yet
as
when
com¬
before
never
In endless
now.
science?
Is
not
'
at all?
that have gone
a
place in
centuries
before?
affairs to the
our
and
reported
now
denying
as
militarism of labor and nationalization of land.
in lesser
our
degree, and in other
to
a
moral absolutism?
In the face of
Thursday of this week
trial for the
yield to conditions.
Government has
any
ered because
ever
cannot
be
seizure" without
a
an
arbitrary standard
The
largest tax-income
demanded cannot be low¬
foreign
obeyed
The very Con¬
war.
because
warrant is the
a
force the prohibition
quite
measure up
The
amendment.
because
with
Ireland
en¬
cannot
rule does not
a
Germany could not legally
be a League of Nations or
There must be
a
Alexander
Howat,
ing, defied them,
sentenced
was
are
tention that "I
the
troubles
by compromise.
am
the
with the
we
are
that cannot
be
This eternal
wholly right and
you are
con¬
wholly
It
pre¬
While
waiting upon the devices of Government
or
foster
to
we
a
reach the
which route
we
Morally, this
cross-roads
we
ougt to take that
may
be right,
we
It all
comes
down to this—we cannot
tangled affairs of this after-the-war
compromise.
is
as
There is
to whether
doing
some
or
a
hue and
not the "new
so
lose the
ethically, it
True service often depends
upon
wrong.
now
debate
long
race.
may
be
success.
readjust the
world without
cry in
Congress
Administration"
of the things the "old Administra¬
where
we
an
tosses away
one
tion of relative
issue of bluff
an
of
an
apple-core the earth
to thus do its share of the
quantities.
to
or¬
the tail wag
see
to
ques¬
en¬
jump nimbly
chooses
a
The fraction of the
ganized labor is barely 6% at most,
do
or
population which is included under
tire Kansas
the
When
are.
attitude and
meeting natural to all matter; yet there is
invited
ton of
a
It is true, theoretically, and in the mind,
rises towards the
core,
sarcastic,
we are
the dog and the earth
to meet the apple-core.
up
be
that
so
If
may wonder
one
one
whether
threatening union miners
without
fuel,
are able and ready to
have laid up stores for a coal
or
famine;
one may also wonder whether they have for¬
gotten the time when the people of Kansas wanted
coal and went after it and
ex-service
some
coal
got it.
were
foolish
and
men
permit
Whether
or
a
and
now
an
a
were
that vol¬
were
trenches and had
objective.
also
were
denounced, they
sustained,
Kansas with
form,
seen
got, Gov. Allen's laws
hated
sure
coal; but among those
straight for
go
The strikers
dumbness,
who had
men
how to
was
judicially
triumphs of natural law, and interferes
"merchant
marine," the car¬
rying trade, and the foreign trade
itself, open to
us, is slipping away into the hands of othet
peoples.
When
reality.
and
fly from its firm base
does, he raises
unteers could not mine
manifest purpose of the Infinite.
establish
he
as
inimical to
wrong" wastes the energies of mankind.
vents
soon
the
ultimatum, for that
an
us
melodramatic imitator strikes
are
composed because of so-called "principles" that must
not be sacrificed
always helpful to get
learned
few of
a
day of release "not
declares that the rock shall
as
of
dug by union miners in District No. 14."
draws the lines and shows
some
dislike
instrumental in procur¬
gives notice that from the day of
his incarceration to the
It is
ukase
State, for Mr.
year's imprisonment, to begin
But the secretary of the Kansas Fed¬
Thursday.
coal will be
serio^
a
a
then astonished almost to
forty millions!
These
none
convicted under them,
was
to
in that
solitary in
was
tariff laws
class of four million workers out
a
not
of
renewal
cheap goods and cheap labor
the interests of
to
way
to the fulness of liberty under
war
end because there must
nothing.
"search and
only
practically free because Dominion
republic.
of
wages must not come
Governmental expenditure must not
a
be lowered for fear of
stitution
to begin a very
was
people of Kansas, according to
laws which Gov. Allen
that when
falling prices,
down, it is asserted, because
will not
be
But
how much of
ways,
continuing struggle is caused by willful adher¬
ence
near-perfection better than
COAL—LANDIS CUTS BUILDING WAGES.
generations
Only Lenin boldly declares
doctrine, and he is
whole peo¬
a
A.F.L. THREAT TO LEAVE KANSAS WITHOUT
on
deny utterly
accomplishments of the
succor a
to
morally
so
.
eration of Labor
appear before us, until soimetimes
in astonishment and ask—was nothing ever
"right" before? How are we ever to attain equili¬
gasp
we
to
even
grown
or¬
want
we
principle would destroy
"honor," though it might bring peace.
Was the
giving of "free-will" to man a compromise with Con¬
we
this
bend
we cannot
con¬
By parties, classes,
We have
To compromise
procession they
brium if
permit!
now
by the Federation of Labor
compromise.
There
have "our
forever establish discord. And
we
will
How puerile such
light of doing the best that
leave
acting
"proper human relations," if they are ever to be
established, must be based on the "give and take" of
world
contention in the
ganizations, leaders and individuals,
the
when
equality
affairs, duty requires compromise.
dertake to
The whole
Is it to be declared that the Wilson rule
nothing at all that is right?
ditions
moral and ethical.
Rest is
Peace is supreme when the
a
life of the universe is
or
are
did
the other
on
by compromise.
operation
counteracting forces
world
Peace,
righteous,
balance.
upon
Force here
it is not ethical.
[Vol. 113.
tion" did.
be supremely righteous—
may
so
CHKONICLE
The
got, they
were
fought but
little
handful of
foolish spokesman to threaten
a
fuel famine unless the law is halted.
lawless
defiance
spreads into such
stops with the bouffe
a
war
as
we
have been
having in the Mingo district of West Virginia, there
is only one issue and one outcome: law must be en¬
forced and
the supremacy
of law and order main¬
tained, at whatever hazard and cost.
certain that the process of labor
and will continue.
of
As
Judge Landis in
which
has
not to pass
been
a
before
unnoticed.
a
centrated
capital,
and
step therein, the decision
building arbitration matter
him
several
He is not
suspected of being under
wage
any
he
The
new
months
a man
who
oughc
can
sort of bonds to
decrees,
cuts of from 10 to 33% in
struction trades.
It is quite as
readjustment must
as
more
be
con¬
arbitrator,
than 40
con¬
scale, it is said, is to
SEPT. 10
until the
stand
the year
next
THE
1921.]
close of next
"ends all chances of the open
shop," and it is
the ocean,
pro¬
territory
work only under penal¬
is
up
ployed,
and when the employer fails to pay em¬
in
best
which alone
of
help non-union men may work with union men
until such time as union men may be obtained."
As
the human
for
last—to
and
may
trol
them.
that any
And,
be
contra, Judge Landis rules
per
has her
old
The
of the violation of
chinery
may
its appliances,
or
manufactured
employers
man
material
may
hire
or
do,
against
or
ag^ipst
any
ous
or
from Bheims and
able graves
and that foremen
in
em¬
put at work in Chicago and a tremendous impulse
live,
every
first
would
like
have
to
these
But
we
corded observation that
having
me
our way
retain my
would not
they
"American"
living and let others make the sacri¬
fices, is the demand of organized labor, wThich will
What
were
not
because it is determined not to
see
been
and
and
kinder
the
than
The
interventions
men
the
at¬
men
Whatever
decisions
atic,
to
on
the
coming
OUR
may
We
years
Disarmament
some
arrive at, it is important
impression
as even more
as
one
the
war was
We
tion.
selfish
were
purpose,
are
with
and
men
were
eager
the
sorrow
in
for the first time, after
the
of their seclusion from us by the war, to get
thought of the German
The unsheathed
flashing guns were toward the world,
them.
more
the
were
to them we can now learn,
daily journal of a brave, considerate,
one
thinks
terrible
more
one
over
wife of a
She says:
through it all.*
the history of the war,
sufferings of the German nation,
is astonished
at the way they
have
yoke which has been laid upon them. It
seems as if the whole nation had been hypno¬
tized, and if
anyone gave
the slightest signs of awak¬
treated as
strait-jacket."
The all-powerful hand of the Military Staff was
upon everyone.
Her clofee touch with all classes,
ening from his phlegmatic trance, he was
given place to anxiety and distress.
now
idea of the real life and
almost
has
Men see on all
sides, though in new form, the old strif^ for increase
of territory and extension of trade.
The ideals of
even
and distress
a
and
and
borne the
Mis¬
widespread and overwhelming,
to welcome and lean upon the
misery has deepened
enabled
told in the
the
no
strong and the helpful.
The
shuddered,
protested in their inmost souls.
the deaths and the sorrow rolled
and
and the people everywhere were
and sorrow were
are
and
What the bewilderment and bitter¬
"The
the foundation of civiliza¬
war
silence
German noble who lived
ready to accept our leadership and guidance.
ery
They talk with those who at home won¬
utterly loyal and untiringly helpful English
everywhere recognized
believed to enter the
They cannot fail
The power that bound
over
as
great representative of the principles of jus¬
tice and truth w^hich
serious conditions.
ness
important than the
the Conference. America is not only
powerful nation, but it is
which in the
they and their children are
They face life as we do, and un¬
back
the wealthiest and most
the
the thoughts and
but the wounds,
people, and will carry home with them the report
decisions of (
utterly changed them?
those awful scenes are past; they
to themselves.
sword and the
by the temper and attitude of the American
of this
so
people through the terrible years.
recognize that the delegates will be greatly af¬
fected
Who brought them to this ?
that
more;
and suffered
forced
great nations, European and Asi¬
American soil
their homes, their wives and chil¬
to-day.
more
GERMANS.
ATTITUDE TOWARDS THE
Conference of the
—
of
no
come
apart.
CONFERENCE
less than soldiers, men
them, body and mind, from childhood, has fallen
really does.
DISARMAMENT
men, no
is over;
war
dered
THE
It will be hard to for¬
their thoughts; what
to have
and it is a beneficent way, notwithstand¬
than it
and children of beautiful Di-
and shot.
the power
der far
ing it hurts somewhat for a time and seems to hurt
more
were
soldiers
are
tempt to enact; they are the ones which will have
their way,
sleeping
over
have just returned
feelings in their homes and of those who loved them?
and has
The natural laws are both
prophesying deceits.
wiser
see
long blinded by leaders saying smooth things
so
women
came,
was
of
us
Ypres and the ruins and inpiimer-
dren, their occupations.
What
standard
air-raids
We cannot but wonder about the life out of
which
Let
We think
driven, transformed, if you will, by an inexorable
his
force.
us.
get rid of them?
Some of
lined up
were
wishes, notwithstanding experience agrees with re¬
be the best for
fought, Ger¬
get that it was Germans who did it.
day in the cradle to the last
human being
Behind
war.
we
in devastated France; and have stood
and
men
nant
given to housing and other construction.
From the
who
choking silence before the two walls where the
old
It is estimated that 50,000 men will now
ployer.
be
exclusively agents of the
men
Belgium, the sinking of the Lusi-
villages.
they choose; that workers may wo^k for anybody;
are
they and
senseless
the
gases,
towns and
except prison-made; that
discharge any union labor
or
be her
tania, the ruthless submarine warfare, the poison¬
ma¬
raw
may
feelings of horror and hatred
Shall ye ever
other
a
destiny of
Austrians, Bulgarians, Turks—most of all,
day, belonging to any trade, may be done by any
trade; that there shall be no restriction on
opportunity—it
great implements of the
arise.
the amount of work
retain faith in the
bring us face to face with the
Germans.
half-hour's duration in any one
a
over
place for the feelings with
no
can
those with whom
are
mans,
trade; that, at the employer's discretion,
tasks of not
now
the
over
them
journeyman may use in his work the tools
of another
doing
absorbing
engaged in the war; and their discussion will
were
record planetary movements, but cannot con¬
are
the
help the world of to-day.
will
It
need not worry over it; men
we
is
men
is
race.
America
halting the open shop, that is a matter too large
reconstruction,
there
thought,
ployees for work done, but that in case of scarcity
for any man,
lust( for new
ingrained in the human fibre. Hatred
displacing hope in men's hearts; and in the strug¬
their
another building on which they are em¬
putting
where love of conquest and
seem
gle for existence which, even where men
building with non-union men, while
a
here, be¬
even
of the utter lack of any response from across
cause
named, "except only when an owner attempts
to construct
loftily proclaimed at least in the United
States, have apparently disappeared
Some triumphantly aver that this
vided that unions shall stop
ties
the war, so
May, and scales for
following that date are to be fixed before
February.
1095
CHRONICLE
dangerous lunatic and put in a
*
I
An English
Dutton & Co.
Wife in Berlin.
i
Evelyn,
Princess Blucher.
.
the
from
full
the
CHRONICLE
THE
1096
She appraises rightly
opportunity of knowing.
imposing over-lordship of the Kaiser at the out¬
set, and his final domination by such men as Tir-
The Hohenzollern system,
pitz and the Generals.
from the
them
The
royal family to the peasantry, gave her
days of Frederick the Great, has been over
all.
At
last, she writes, after traveling not
long after the Armistice with a group of soldiers and
sailor^: "It was a great comfort to hear these men
[VOL. 118.
problems of the world to-day lie not alone in
economics, but in the thoughts and passions in men's
hearts; for these
govern
be
"Forgive,
reconciled."
given"; these
"Gb first and
their lives.
hope to be for¬
you
as
still the unalterable injunctions.
are
Happily, good-will and good trade can be mutually
helpful and breed well together with the best of
progeny.
accepting the situation in the spirit they showed,
and
of the chief
one
RAILROAD
things that struck me since the
militarism
of
is
there
toward
the
been loosened forever,
has
little
so
feeling of
bitterness
or
people
"I
I do
as
comparisons
felt so deeply for the
never
when I see them brave¬
now,
Gross
concerned.
of earnings
far
as
the war,
but
The
greater part of them were men fighting
blindly to guard
ideal, the 'Heimat' [the Home],
an
Everything that meant 'home' to them they
told
in
was
"I feel
that
in
the
past I have sometimes mis¬
judged this people, torn,
I
as
by the conflicting
am,
feelings of love and admiration for
my own
native
land, and indignation at the brutal methods of
fare
employed here, and the mental suffering and
I endured myself, in the first
agony
Now I feel that
the
only
power
wounds
That
sess
especially.
that
heal the hideous gaping
can ever
of the nations."
.
"good feeling" will long be hard for
"spirit of justice."
a
years
spirit of justice and good feeling is
a
at least, to attain, even though
us,
war¬
faithful
some
strive to
we
of
pos¬
But the continuous and
picture that Princess Blucher draws in this
book, given to the public only after four
years
of
anxiety and suffering, when she went forth with
be
to
feeling that they
were every¬
people who
the
war
its
and
our
hidden from
were
cannot
Our
fail to
help
by the veil of
us
to know the truth
us
part in the remaking of the world to-
hearts,
much distrusted
well
as
brilliant
Oxford
as
in the world itself.
as
man,
Bertrand Russell,
radical, but made
a
over
by his
experiences and much loved and honored for his
abilities and his
They certainly
character, left these words at last.
ture full of
construct
what
we
others.
for
are
"The world that
the creative
us
Americans of to-day:
must seek is
we
a
world in which
spirit is alive, in which life is
joy and hope, based
rather
possess,
than
an
the desire
upon
adven¬
the impulse to
jto retain
to seize what is possessed by
or
It must be
upon
a
play, in which love is purged of the instinct of
domination, in which cruelty and envy have been
dispelled by happiness and the unfettered develop¬
ment of all the instincts that
with mental
delights.
only for
*
T'-
Such
bu^ld
a
up
life and fill it
world is possible; it
man to create it."
The ultimate test of
but in
our
to-day
more
its
course
net
note¬
ated.
Stated4t*;
mcord
by
with the
easily be
can
reduction in
a
though
exagger¬
a
being $99,807,935,
as
July 1920,
seen
will be
Month of July—
earnings
of last
in the huge
expcnsss
was
sum
year,
offset
of $151,-
gain in net of $84,615,721,
the amount of the net for
as
gross
month
same
$66,407,116, but this
022,837, giving hence
■i.
additional
expenses,
brief, the showing for the month
decrease of
a
of
reductions
be summarized by saying that the
compared
as
month
wage
was an
this
importance itr that respect
may
the
cover
advantage in the ^effort to reduce
July 1921, before ta^es,
against only $15,192,214 for
from the following:
1921.
1920.
Inc. (+) or Dec. (—).
(198 Roads)—
Miles of road
230,991
Operating
230,410
+581
0.25%
...§160,989,697
§527,396,813 —$66,407,116
12.59%
361,181.762
512,204,599 —151,022,837
29.49%
$99,807,935
$15,192,214
expenses
our
in what
Americanism
as
we now asseverate about
feeling and attitude toward
enemies.
is important to bear in
It
reduction
wage
only
expenses,
of
our
our
them,
one-time
a
was
a
small portion of the $151,022,837
be directly attributed to
will cut the annual payrolls of the railroads
in amount of
rate of
mind that while the
It has been estimated that the decrease
cause.
in wages
+$84,615,721 556.97%
factor in the reduction in
decrease in expenses can
This would be at the
$400,000,000.
$33,333,000
per
We take it, however,
month.
that this estimate is based
on
a
normal volume of
whereas it is well known that traffic at
traffic,
present
is
away
below
normal.
the
Accordingly
$33,333,000 is above the amount that can properly
be allowed
on
The remainder of the
that account.
$151,022,837 decrease in expenses must be attributed
to
other
causes.
The main
one
of these
causes
is
undoubtedly the great shrinkage in the volume of
traffic.
This shrinkage in
traffic is not adequately expressed
by the decrease of $66,407,116 in the gross earnings,
or
12.59%,
since the increases
authorized
rates
last
year
by
in transportation
the
Inter-State
Commerce Commission could not be put into effect
until the close of August 1920,
count in the revenues
character is not in the professions we made
before
the war, or
compilations
operative, $nd of
were
world in which affection has
free
waits
striking and all the
more
Net earnings
Happily great change is taking place in men's
The late
are
a year ago,
improvement in
July, the first month in which the
that
and
the figures of
the
makes
detailed
day.
views
the net results
objects of dislike and suspicion, ought
accepted sympathetically;
and to do
as
worthy
story of the lives and feelings of the sixty millions
of
merely
Gross earnings
her German husband
where to be
this
earnings all the
were
danger, and this they went out to save."
States
falling off in traffic due to business depression, and
show heavy losses as against
ble.
United
of
earnings continue to reflect the
ly and persistently trying to redress the wrongs of
for which they were in truth never responsi¬
.
getting better with each succeeding
are
month now—at least
Again she writes:
German
rancor
The
railroads
EARNINGS
NET
JULY.
FOR
and that
enemy."
AND
GROSS
revolution is the universal relief that the iron clutch
parison is
revenues
many
were
and therefore did not
for July 1920, with which
com¬
made, but of course, did count in the
July of the present year.
As has been
now
for
times pointed out by us, these rate advances
of large
tory being
proportion, the roads in Eastern terri¬
granted
an
increase in their freight rates
Sept. 10
of
1097
1921.]
40%; those in the Southern and the Mountain
Pacific groups
25% and those in the Western
group
of
of the roads in those days to furnish monthly
some
figures for publication.
"
35%, besides which the carriers received permission
Gross
to advance passenger fares 20%,
and
baggage and milk rates 20%.
excess
estimated
Pullman rates 50%
these
that
time
the
at
It
add
$1,500,000,000
of
revenues
month.
the
roads,I
Had these
larger
per
higher rates, therefore, been in
total of the
would have
gross
now
1908
1909
1910
1911
July
for
1912
1921
of $66,407,116,
decrease
a
decrease of
a
$191,407,116.
..
..
..
traffic
corresponding
men
us
enormously reduced,
so
..
1914
-
1916
room
for
of
the
main
reduction in the number of
and to move it.
This gives
reduction in
the
for
reasons
able
In addition, the railroads are
expenses.
to maintain better
Given.
Preceding.
$
Inc.
%
42,808 ,250
41,891 ,837
67,194 ,321
78,350 ,772
73,157 ,547
72,423 469
79,427 565
64,354 370
—9,571,763
+ 2,324,115
75,349 466
87,684 985
460,989, 697 527 ,396, 813
66.407,116
99,807 °35
36,718,416
39,448,771
75,679,805
67,267,352
77,643,305
72,392,058
70,536,977
67,620,157
76,358,377
77,833,745
308,040 791 263,944 649 + 44,096,142 108,709 496 88,421,559
353,219 982 306,891, 957 + 46,328,025 111,424 542 108,293,945
463,684, 172 3 46.022, 857 + 117661315 144,348 682 109,882,551
14,658,220 96,727 014 152,079,422
'454,588, 5134 69,246, 733
467,351, 544 401,376, 485 + 65,975,059 18,827, 733 87,949,402
..
_
„
—
(+) or
(—).
Dec.
+ 6,089,834
+ 2,443,066
—8,485,484
+ 11,083,420
—4,485,758
+ 31,411
+ 8,890,588
—3,265,787
—998,911
+ 9,851,240
+ 20,287,937
+ 3,130,597
+ 34,466,131
55,352,408
69.121,669
2.214 + 84 615 721
15.1
was
a
needed to handle it
one
Dec. (—).
252,231 248 261,803 011
262,948 115 260,624 000
1918
1920
there
Preceding.
.224,751 ,083 226,306 ,735 —1,555,652
245,595 532 222,587 ,872 + 23,007,660
235,849 764 223,813 ,526 + 12,036,238
..
1921
With
Year
$
..
„
1919
would have
we
Year
129,386 ,44i0114 ,556 ,367 +14,3801073
137,212 ,522 118,666 ,092 + 18,546,430
.1195,246 ,134 228,672 ,250 —33,426,116
.219,964 ,739 195,245 ,655 + 24,719,084
.230,615 776 217,803 ,354 + 12,812,422
-
1913
1917
having
Inc. (+) or
July.
1907
1915
instead of
$125,000,000, and
by
gross
roughly $125,000,000
or
effect last year the July
been
annual
the
to
Earnings.
Year
Given.
was
increases
rate
Net
Year
190G
would
Earnings.
Year.
Note.—In 1906 the number of roads Included for the month of July was 90; in
1912, 230,712; in 1913, 206,084; in 1914, 235,407; in
1915, 243,042; in 1916, 244,249; in 1917, 245,699; in 1918, 231,700; in 1919, 226,654;
in 1920, 220,459; in 1921, 230,991. v
238,169; in 1911, 230,076; in
,
The
now
discipline and to exercise stricter
1907
82; in 1908 the returns were based on 231,836 miles of road; in 1909, 234,500; in 1910
cases
improvement for the separate roads is in most
pronounced
as
that shown by the general
as
Here again we would caution
against giving
promoting
exaggerated importance to the amount or extent of
greater efficiency of operation.
Doubltess, also,
on account of the
The increase in not a few
urgent need of ready cash, main¬ the increase reported.
control
over
tenance
and
minimum.
later
some
thereby
employees,
repair work is being kept down to a
being done
course
have to be
period.
Finally
increase again at
an
in July last
expenses
raised beyond the proper proportionate
were
amount
totals.
To the extent that this is
there will of
year
the
for that month by
the
made by the Railroad Labor
had
back
not
to
May 1—and
many
while the present
condition
case
July 20
award,
or
however,
of the roads included
for the two
contraction
great
in
expenses
is
extremely
gratifying, exaggerated importance should not be
given to it.
Prior to 1921
for many years
had been
expenses
and with the further augmentation
last year the net was brought down to
figures.
As far
as
the separate roads
indeed, large numbers failed to
not
expenses,
actually
to
reported
say
earn
extremely low
are
concerned,
bare operating
anything about taxes,
and
below ordinary running
deficits
Even after the present year's improvement
expenses.
in the net,
only
a
portion of the previous loss in net
has been recovered.
In July last year,
tables showed $65,975,059
tered $69,121,669
was
rising
gain in
our
$4,738,239, arising out of the fact that
while the present
more
& Ohio last year
its bare
running
Central has
gross
of $948,359
and net—$14,-
below
though the amount of the net now
stands at $99,807,935,
1919)
following
the
we
For
in July 1918 (in the comparison
amount
was
$152,079,422.
In
the
furnish the July comparisons back to
1910,
State Commerce
the InterT
Commission's totals, since in those
1909 and 1908
we use
they included all the minor roads and were
comprehensive than
preceding
our own
figures, but for
(before the Commerce Commission
years
began to require returns) we give the results just
as
registered by
of the
expenses.
our own
railroad mileage
tables each
year—a
portion
of the country being then
always unrepresented in the totals owing to the refusal
The
With
This is for the Central itself.
above expenses in 1921.
Including the various
controlled' roads like the
and
auxiliary
deficiency
for July 1920 has been
converted into $6,385,450 net
Michigan
Central, the Big Four, &e., the whole going to form
the
York
New
Central
in net.
which
The
last
running
System,
we
have
but
gross,
On the lines directly
$11,735,807 loss in
is able to report
operated
Pittsburgh this system with
gross
the present year in July,
$5,604,879 gain in net.
Among other large roads which last year
bare
loss of
a
did not fall short of meeting its
year
expenses.
both East and West of
earn
a
gain of $11,724,632
Pennsylvania Railroad is one of those
$10,870,442 in the
operating
expenses may
failed to
be mentioned the
Erie, the Lehigh Valley, the Philadelphia & Reading,
Kansas & Texas, the
more
the
similar showing.
expenses
The result is that
years
a
:j,407,797 loss in gross earnings, it reports $7,333,809
the
1906.
but in July the present
has net of $2,933,316 above
York
it has $1,310,623
fell $4,948,785 short of meeting
expenses,
658,220 in the former and $55,352,408 in the latter.
of
year
In like manner, the Balti¬
net above the expenses.
they regis¬
decrease in net, while in July 1919
falling off in both
a
gross,
though
example
Its improvement
gain in net, this latter indicating that a
While the increase in net brought about through
there
We may take for
of the New Haven road.
expenses,
preceding months—just how much is not
known.
this
and the improvement represents
the road fell $3,427,616 short of meeting
New
wage
return to the
net earnings
last year
increase
portion of the
a
have
more
of the difference.
in the net is
year
some
there is
year
once
we
the
on
only the $50,000,000 properly belonging to that
month, but also
where
sum
retroactive feature attached to it—it extending
a
year,
was
the
been cut off)
now
The
month.
per
cases
above the expenses,
added to the payroll of the railroads
(of which $400,000,000 has
$50,000,000
this being due to the fact that in
a
deficit below expenses last
there
such
increase then
and under that decision $600,000,000
per annum was
larger than the actual amount of the net
the present year,
The Railroad
wage
Board.
Labor Board handed down its decision
of that year
instances is
Chicago & Alton, the Rock Island, the Missouri
Atlantic
Coast
St. Louis & San Francisco, the
Line, the Central of Georgia, the
Chesapeake & Ohio, the Louisville & Nashville, the
Mobile
&
Ohio, the Nashville Chattanooga & -St.
Louis, the Norfolk & Western and the Seaboard Air
Line.
In all these
cases
there has been a marked
ransformation the present year.
we
in
show all changes for the separate
excess
of $100,000,
and in both - gross
whether increases or decreases,
and net.
decreases in the gross are
tions,
In the following
roads in amounts
It will be noted that
the rule with a few excep¬
while increases in the net
rule, though also with
a
are
likewise the
few exceptions.
PRINCIPAL
CHANGES
IN
Chesapeake & Ohio
Delaw Lack & Western_
_
Detroit Toledo & Ironton
Island
Connecting
New York
Wichita Falls & Nor West
Galveston Wharf.,
Chicago Junction
.
N Y Ontario & Western.
Trinity & Brazos Valley.
Norfolk Southern
Internat & Great North
Ulster & Delaware
...
_
JULY.
IN
EARNINGS
GROSS
itiCTCUSB
Long
Typrrpnup
$731,261
440,269
317,164
316,307
157,533
155,477
153,129
153,115
147,328
136,092
130,419
129,168
101,867
*492,226
446.284
416,834
Mo Kan & Texas (2)....
Seaboard Air Line.
Lake Erie & Western...
Western Pacific
378.836
367,279
359,846
Alabama Great Southern
314,751
1,676,376
Michigan
Northern
Cleve Cin Chic & St Louis
Duluth Missabe & North
Louisville & Nashville
Pittsburgh & Lake Erie.
St Louis San Fran
(3)
.
Hartford
250J16
N Y Phila & Norfolk
209d62
205,842
198,231
Nashv Chatt & St Louis.
Colorado Southern (2)
—
Minneapolis & St Louis.
Western Maryland
191,030
189,833
.
189,182
188,229
181,812
178,765
174,671
Toledo & Ohio Central._
.
.
_
.
Chicago Burl AQuincy..
Texas & Pacific
Elgin Joliet & Eastern._
St Louis South West (2).
Cine New Or! & Tex Pac
Note.—All the figures in the above are on the basis of the returns filed
with
the
Inter-State
Commerce Commission.
Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves,
a This
is the result for the Pennsylvania RR.
(including the former
Pennsylvania Company) and the Pittsburgh Cincinnati Chicago & St. Louis
combined, the Pennsylvania RR. reporting $9,956,769 decrease and the
Pittsburgh Cincinnati Chicago & St. Louis $1,779,038 decrease.
b These figures cover merely the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the
New York Central System, the result is a loss of $10,870,442. H
m «4
CHANGES
IN
NET
EARNINGS
IN
JULY.
Increase.
Baltimore & Ohio
$7,882,101
67,333,809
■;
New York Central..
Chicago Junction
Southern Railway
$298,507
277,488
276,871
267,399
244,727
206,102
198,194
196,272
190,751
190,447
...
a5,604,879 Norfolk Southern.
4,851,996 Buffalo Roch & Pittsb..
3,947,521 West Jersey & Seashore.
NYNH & Hartford-_.
4,738,239 Gulf Mobile & Northern.
St Louis San Fran (3)
3,184,968 Midland Valley.
Erie (3)
2,530.590 New York Connecting..
Chicago Burl & Quincy..
2,369,976 Wichita Falls & Nor West
Norfolk & Western...-.
2,368,798 Pere Marquette
Chesapeake & Ohio
2,254,036 Virginian
Mo Kan & Texas (2)
1,984,922 Union RR of Pennsylv.
Louisville & Nashville
1,947,779 Grand Trunk Western.
Philadelphia & Reading.
1,776,712 N Y Ontario & Western.
Union Pacific (3)
1,775,732 Bait & Ohio Chic Term.
Lehigh Valley...
1,732,981 Chic St P Minn & Omaha
Illinois Central...
1,619,925 N Y Susq & Western
Michigan Central
1,490,353 St Joseph & Grand Island
Delaw Lack & Western.
1,439,005 San Ant Uvalde & Gulf—
Seaboard Air Lme.y.
1,296,417 Galveston Wharf
Nashv Chatt & St Louis.
1,216,194 Kanawha & Michigan—.
Wabash
1,205,542 Denver & Salt Lake....
Chicago Great Western_1,153,431 Ulster & Delaware
Chic & Eastern Illinois.
1,034,712 Spokane Portl & Seattle.
—
-----
—
._
184,750
174,626
_
167,290
145,920
141,753
140,807
136,013
134,894
133,074
127,803
126,110
114,385
114,295
111,304
106,560
106,333
105,671
^
_
-
—
-
Atlantic Coast Line—_
Pittsburgh & Lake Erie.
_
865,412 Louisiana Ry & Nav....
853,293 St Louis Merch Bdge Ter
840,950 Belt Ry of Chicago
838,992 Chic Indianap & Louisv.
831,461 Georgia & Florida
772,592 Det Grd Haven & Milw.
_
-
Maine Central
Northern Pacific
Indiana Harbor Belt
Delaware & Hudson
Missouri Pacific719,458
Western Maryland
653,611
Northern
645,500
630,630
588,518
586,385
584,849
559,339
522,930
498,552
470,583
462,348
448,573
446,530
434,356
417,721
402,655
-
Cleve Cine Chic & St L_
Central RR of New Eng.
_
Hocking
Valley
Central RR of New Jers.
Southern Pacific (8)
Long
Island
Central of Georgia
Chicago & Alton...
Chicago Milw & St Paul.
Texas & Pacific
Mobile & Ohio
Chicago & Northwestern
Kansas City Southern
...
Detroit Toledo & Ironton
New Orl Tex & Mex
(3).
Minneapolis & St Louis.
354,002
340,307
339,306
325,570
302,831
_
Internat & Great North.
Toledo & Ohio Central..
Colorado Southern (2)..
a
This
is
the
13.81
46,084,335
54,944,734
—8,860,399
67,464,515
—7,827,269
11.60
13.96
West—
...
16.13
Groups 8 & 9 (49 roads), Southwest.. 75,912,134
81,654,112
—5,741,978
7.03
Group 10 (11 roads), Pacific Coast... 25,888,910
30,257,177
—4,368,267
14.44
-460,989,697 527,396,813 —66,407,116
12.59
Total
(198 roads)..
-Net
1921.
—-Mileage1921.
July—
Group No. 1-
1920.
Earnings-
1920.
$
Inc. ( + ) or Dec. (—)
'•
$
$
%
7,406
Group No. 3
7,385
1,988,730 def3 ,855,519
+5,844,249
30,746
——.
Group No. 2
30,660
29,651,392 def2 ,970,138
+32,621.530
19,110
19,100
8,266,018
GroupsNos.4&5_.
39,077
38.983
9,905,153 defl 374,082
Groups Nos.6&7—
63.556
63,194
22,420.419
Groups NOS.8&9-.
54,903
54,898
21.436,417
2 .953,873
Group No. 10
16,193
16,190
6,139,806
6 ,904,180
.-230,991 230,410
99,807,935
15,192,214
Total
2 ,046,912
+6,219.106 303.82
+11,279,235
11 486.988
+10.933,431
95.18
+18,482,544 625.70
—764,374
11.07
+84,615.721 556.97
NOTE.—Group I. Includes all of the New England States.
Group II
Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey,
the extreme northern portion of We3t Virginia.
Delaware and Maryland, and
Group III. Includes all of Ohio audi Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined Include the Southern States south of the Ohio and
of the Mississippi River.
I
east
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin. Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St.
104,797
103,896
100,346
Representing 103 roads
in our compilation.
.$87,405,257
for
Kansas City, also all of Montana,
Nebraska, together with Colorado north of
passing through Denver.
$936,128
692,399
319,153
—
Cine New Orl & Tex Pac
Western Pacific
300,148
298,313
237,806
Chicago & St Louis.
Alabama Great Southern
Lake Superior & Ishpem.
Wyoming
the State line
Territory, Missouri south of St. Louis and Kansas City, Colorado south
Louisiana, and that portion of New
Mexico
north of a line running from the northwest corner of
Santa Fe and east of a line running from Santa Fe to El Paso.
the State through
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
far
As
the
as
of
movements
the
leading staples
concerned, Western roads had the advantage of
are
larger grain movement and Southern roads the
benefit of
of wheat
larger cotton movement.
a
the
at
Western
The receipts
primary markets
were
of
prodigious proportions, farmers sending their supplies
with
market
to
unwonted
freedom, this being in
marked contrast with their attitude the
when
they
previous
year,
holding back for higher prices.
were
the five weeks
ending July 30 the present
For
year,
the
receipts of wheat at the Western primary markets
than double those for the
more
were
weeks last year,
bushels.
30,138,000
if
we
Oats
receipts also
take the five cereals
much
ran
rye were
smaller,
together, namely
wheat,
oats, barley and rye,
corn,
corresponding
reaching 67,138,000 bushels, against
heavier, and though the receipts of
we
find that aggregate
receipts for the five weeks of 1921
were
120,379,000
bushels, against only 77,131,000 bushels in the
weeks
five
of
1920.
In
the
following
same
give the
we
details of the Western grain movement in
form:
our
usual
/
WESTERN
Flour.
FLOUR AND
GRAIN RECEIPTS.
Wheat.
Corn.
Oats.
Barley.
Rye.
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
1921
1,038,000
14,272,000
652,000
963,000
695,000
2,6C9,000
11,225,000
10,456,000
12,082,000
1920
7,833,000
999,000
376,000
1921
129,000
1,137,000
295,000
80,000
1,845,000
2,312,000
2,588,000
1920
4,640,000
271,000
2,332,000
.566,000
377,000
10,079.000
4,559,000
1,949,000
2,550,000
88,000
23,000
2,761,000
2,588,000
64,000
44,000
1,076,000
296,000
219,000
592,000
247,000
216,000
182,000
61,000
253,000
223,000
Five
weeks
230 836
end. July 30
206,625
Chicago—
Yazoo & Miss Vallev
Denver & Rio Grande
Florida
to
314 852
Minn St Paul & S S M—
Los Angeles & Salt Lake.
N Y
line parallel
Groups VIII. and IX. combined Include all of Kansas, Oklahoma. Arkansas and
Indian
D€CV6(1S(v*
Duluth Missabe & North
Duluth & Iron Range.
a
of Denver, the whole of Texas and the bulk of
199 757
150'371
East Coast
131929
New Orl & Northeastern.
Pitts & West Virginia
106 089
101,234
Milwaukee—
St. Louis—
Representing 14 roads
in our compilation..
$4,225,640
1921
570,000
1920
364,000
Toledo—
1921
result
Louis and
and
a
Increase.
Pennsylvania Ry & Co(2)
Chic R I & Pacific (2)
Atch Top & S Fe (3)
Great
%
9.11
158,841,792 —21,936,356
59,637,246
211,631
211,191
210,802
Monongahela Connecting
Chic Rock Isl & Pac (2).
Maine Central.
$
—2,015,751
222,837
__
Inc. ( + ) or Dec. (—)
Groups 6 & 7 (29 roads), Northwest— 96,456,502 112,113,598 —15,657.096
235,513
231,017
E1 Paso & Southwest
Central of Georgia
Grand Trunk Western
22,120,885
Group 2 (36 roads), East & Middle—136,905,436
Group 3 (30 roads), Middle
258,602
$
20,105,134
Groups 4 & 5 (34 roads), Southern
...
1920.
$
293,613
Superior & Ishpem.
Earnings—
1921.
281,536
281,073
271,195
...
Denver & Rio Grande
PRINCIPAL
follows:
as
_
Buffalo Roch & Pittsb..
Minn St Paul & S S M
N Y N H
Group—
Group 1 (9 roads), New England
—
Yazoo & Miss Valley
Boston & Maine
Duluth & Iron Range
or
July—
Philadelphia & Reading.
1,603,352 Florida East Coast
1,388,628 New Orl Texas & Mex (3)
1,362,362 New Orl & Northeastern
1,343,039 Chic & Eastern Illinois._
167.409
1,238,924 Hocking Valley
164,574
1,030,592 Chicago & Alton
161,162
1,017,769 Bingham & Garfield..__
160,237
983,354 Spokane Portl & Seattle.
158,340
874,275 Duluth So Shore & Atl..
153,259
852,333 Nevada Northern
149,997
789,723 Wheeling & Lake Erie..
141,229
776,091 Wabash Railway
140,414
744,749 Mobile & Ohio
126,965
692,385 Georgia
120,463
681,748 Union RR of Pennsylv..
120,184
677,074 Delaware & Hudson
600,818 Buffalo & Susquehanna.
117,393
594,624
537,625
Representing 99 roads
in our compilation..$67,831,417
496,997
Central
Pacific
is
GROUPS.
Gross
Section
Toledo St Louis & West.
Missouri Pacific
Decreets^*
SUMMARY BY
Chic St Paul Minn & Om
Lake
Pennsylvania Ry &Co(2)a$11735807
New York Central..
56,407,797
Chicago Milw&8t Paul.
3,009,834
Great Northern..
2,655,533
Chicago & Northwestern
2,590,783
Baltimore & Ohio
2,534,649
Union Pacific (3)
2,332,880
Southern Railway
2,197,333
Atch Top & Sante Fe (3)
1,767,241
Southern Pacific (8)
1,700,228
Our summary by groups
390,887
Lehigh Valley
— —
N Y Chicago & St Louis.
Central RR of New Jersey
Los Angeles & Salt Lake.
Atlanta Birm & Atlantic.
Atlantic Coast Line
Pacific group show very great improvement in the
net.
-
Pere Marquette
Norfolk & Western
(3)
[VOL. 113.
.
Representing 1,3 roads
In our compilation._ $3,089,129
Erie
CHRONICLE
THE
1098
the
Pennsylvania RR. (including the former
Pennsylvania Company) and the Pittsburgh Cincinnati
Chicago & St Louis
combined
the Pennsylvania RR.
reporting $5,276,603 increase and the
P^sburgh Cincinnati Chicago & St. Louis $328,276 increase.
°,Jhesre fwes merely cover the operations of the New York Central
SnJJi Inglud.in& the .various auxiliary and controlled roads, like the
Michigan Central, the
Big Four,
&c., the result is a gain of $11,724,632.
1920
Detroit—
1921
85,000
129,000
189,000
434,000
900,000
732,000
23,000
4,000
187,000
341,000
1,871,000
1,348,000
124,000
102,000
3,014,000
3,107,000
585,000
248,000
523,000
600,000
312,000
149,000
1,889,000
6,104,000
7.613,000
1,760,000
2,179,000
933.000
281,000
599,000
1,053,000
737,000
437,000
19,544,000
1,725,000
553,000
6,714,000
925,000
628,000
7,793,000
4,483.000
1920
2,575,000
3,668,000
3,098,000
1,666.000
•-
Peoria—
1921
*
1920
Duluth—
When
the roads
1921
are
arranged in
groups
or
graphical divisions according to their location,
is found to register a decrease in the
group
geo¬
every
gross
in face of the higher transportation rates
realized in 1921, as already
pointed out, reflecting
wise, all the
groups
depression.
1921
1920
Kansas City—
revenues,
in this the effects of business
1920
Minneapolis
Contrari¬
with the single exception of the
1921
1920
—
-
—
—
f
Omaha & Indianapolis—
1921-...
1920
•
Total of AU1921
1,926,000
67,138,000
22,844,000
24,875,000
3,356,000
1920
1,326,000
30,138,000
22,968,000
18,161,000
2,63,9000
2,166,000
3.225,000
1119992221100
Sept. 10
119922100
THE
1921.]
Jan. 1 to July 30.
Corn,
(bush.)
11199922200
1921
(bush.)
45,765,000
40,045,000
(hush.)
4,648,000
6,200,000
(bush.)
2,355,000
5,127,000
4,439,000
2,319,000
380,000
133,000
211,000
1099
Barley,
(bush.)
Wheal.
Chicago—
CHRONICLE
Oats.
5,970,000
24,199,000
93,856,000
5,256,000
11,551,000
49,013,000
FRANCE
AND
GERMANY
REACH
REPARATION
ACCORD.
3,898,000
Milwaukee—
791,000
12,878,000
11,833,000
8.043,000
377,000
2,152.000
10,029,000
11,979,000
2,524,000
2,535,000
28,551,000
13,644,000
17,009,000
16,526,000
18,523,000
2,614,000
Si. Louis—
19,928,000
300,000
Representatives of the French and German Governments
the payment
dispatch
Toledo—
2,660,000
1,670,000
1,896,000
2,372,000
1,496,000
Detroit—
1,338,000
of Aug.
•"
986,000
433,000
776,000
860,000
1,361,000
821,000
8,962,000
4,782,000
1,743,000
2,096,000
1,477,000
8,267,000
411,000
379,000
2,336,000
3,000
359.000
713,000
45,460,000
50,217,000
9,219,000
5,530,000
9,669,000
7,485,000
623,000
^
95,000
1920..—
1,501,000 5,172,000
775,000 10,145,000
3,680,000
11,958,000
13,836,000
......
5,343.000
3,016,000
4,317,000
5,508,000
Kansas City—
1921
10,642,000
8,862,000
12,375,000
1920
13,741,000
revision of
16,980,000
been below that for the month last year.
At Chicago
receipts comprised only 17>826 carloads, against
in July 1920, and at Kansas City the
only 7,192
though at Omaha,
on
cars,
the other hand, the receipts
against 7,202.
cars,
held
very
paratively
the
from
cotton
July 1920, 114,498 bales in July 1919, 98,468
bales in 1917.
outports
The receipts
bales,
419,221
were
as
against 151,986 bales in the month in 1920, 492,930
bales in 1919 and 134,309
.
OF
COTTON
JANUARY
1
AT
by providing
pay
bales in 1918,
.
in intimate touch with the reconstruction work.
Germany will deliver goods to the amount of 7,000,000,000
This system would begin
gold marks by May 1 1926.
TO JULY 31
PORTS IN
1921.
on
Oct. 1 next.
The
which France pays in any one year will not exceed 1,000,000,000 marks,
up
Reparations Commission.
as
will be
1937.
to
In
'
The balance will be paid
1920
JULY
AND
AND
FROM
in installments
'y.;
addition, this main project of the treaty cleans up several pending
On coal deliveries it is agreed finally that the price to be credited
matters.
to
Germany for coal delivered to the Allies shall be that paid by the big
German consumers.
It is further agreed that in case France does not wish
all that is due her under
France the value
due
Commission.
:
the agreement Germany may export
the German
delivery basis.
by
on
monthly
can
Germany
/-V///
As for animals—It is
over
62,000 horses,
and to
Under
it and
pay
the treaty the
only by the Reparations
'\:v-
.
agreed that France will
for the cattle taken away
hand
be fixed
no
//. *\'
longer search in Germany
the whole account Germany will
square
25,000 cows, 25,000 sheep and 20,000 hives of
bees.
.jv
To clean up the dispute over the industrial material that Germany took
out of the North of France, Germany
as
will restore 120,000 tons of machinery
demanded by France and pay 158,000,000 marks in gold.
France agrees to withdraw her commission
SOUTHERN
system of credits to be
a
provide materials and fill the demands which will be made by
It is planned that
French
RECEIPTS
for France to
Reparations Commission.
", ■
--v
.fy
As I told in last night's cable dispatch, there is to be a great central bureau
by the following:
seen
easy
in Germany to
total
Southern
and supplies Germany
arrangement came from
an
repaid out of France's share of future German indemnity payments to the
though this represented
161,383 bales, against 98,231
bales in 1918 and 131,883
and quickly,
The first suggestion for such
Germany, and it is a hopeful sign that the German negotiators made it com¬
the
were
The shipments overland for the month
crop.
the present year were
the
South
rather than
over
settled, but lays down the main
It at the same time supplies France with the materials needed
outlet.
an
men.
which will be reimbursed to Germany out of what France receives through
receipts of cotton in the
cotton
because,
business settlement drafted by two business
a
the central French bureau,
against 9,235
cars,
much heavier than last year,
at
It is
reconstruction in large amounts
for
sum
7,581
bales in
in which France has acted independently of her allies.
principles.
with
The
It is the first post-war settlement made with Ger¬
The accord leaves numerous details to be
were
a
negotiated by France
was
Americans the arrangement signed to-night should appeal
materialism.
The Western live stock movement appears to have
arrivals
section of the Versailles Treaty and
a
like the American Peace Treaty with Germany, it is based on rock-bottom
1921-..10,742,000 208,626,000 179,933,000 108,093,000 17,460,000 13,354,000
1920
9,909,000 140,101,000 138.522,000 110,793,000 17.649,000 21,898,000
cars
It has
great significance apart from its intrinsic value, in that it constitutes
Totals of AH—
20,509
affairs which otherwise
would have strained Franco-German relations for years to come.
To
18,446,000
It enters into effect
in itself because it repairs the faulty reparation
system of the Versailles Treaty and settles a series of
many
48,000
I
-
Regions, and for Germany by Dr. Walter Rathenau.
by the two Governments.
alone with Germany.
5\000
2,794,000
4,098,000
23,404,000
2 i,182,000
61,077,000
32,813,000
1,000
full details regard¬
gave
.
when ratified
Omaha & Indianapolis—
new
28, the New York "Times"
The treaty is important
Minneapolis—
old
In a special copyrighted cable
that day from Wiesbaden, published in its issue
on
signed for France by Louis Loucheur, Minister of the Devastated
It was
v.''v
Duluth—
were
separate treaty at Wiesbaden regulating
a
of reparations.
ing the treaty as follows:
1,799,000
1,123,000
Peoria—
the
Aug. 27 signed
on
1919.
searching in Germany for
rolling stock and to wipe the slate clear for Germany for 6,000
railroad
cars.
These features
give
an
idea of what the accord
In settling the
means.
reparation accounts Germany and France remove the source of constant
July.
Since
January
1.
Ports.
remains
1921/
Galveston
bales 185,771
Texas City, &c
New Orleans
64,916
65,686
9,974
Mobile
Pensacola,
This
friction.
62,794
Brunswick
50
Charleston
3,186
Wilmington
11,185
15,370
Norfolk
1919.
1920.
877,404 1,047,444
132,929
221,093
89
,695
78,404
8,186
695,306
119,230
118,708
94,275
180,731
1,329
760,702
91,036
473
14,597
51,194 107,291
2,153 33,000
1,432 16,735
148
12,928
373,343
13 948
162,639
67,480
266,617
437,56
144,568
1,112
2,977
2,360
89
Newport News, Ac
1921.
16,837 168,048 1,476,913
12,150 17,944
299,641
47,334 101,126
742,169
4,180 10,775
59,010
200
Ac
Savannah
1919.
1920.
18,224
490.795
4,366
49,049
52,424
24,610
250
a
does
possible
not
mean
source
of trouble,
it resumes,
to-night will be presented to the French Parliament
and Premier Briand probably will stand
GERMAN
PRE-WAR
DEBTS
a
or
fall
on
it.
large majority vote.
OWING
TO
SUBJECTS.
is taken from the London Stock Exchange
Weekly Official Intelligence of Aug. 22.
limits twfl §lscus8iaus
MARK
DROPS
BERLIN
The Board of Trade call the attention of British subjects resident
BELOW
ONE
CENT
AND
BOURSE
CLOSED.
German
mark
dropped
exchange market to below
one
this
claim payment
their remedy against the branch, they
foreign
our
cent and in Berlin
on
Thurs¬
day speculation reached such feverish heat that for the
were
sec¬
a
New
York
"Commercial"
in
a
cable
dispatch dated Thursday said with regard to the matter:
With the German mark quoted to-day at but a fraction over one cent,
general impression with the public
the decline will continue,
a
as
well as in banking circles, that
movement is spontaneously growing to
stocks, bonds and shares with the paper money of uncertain value.
movement has resulted in a
and brokers 'offices
Thousands
want
on
to
to-day stated
buy
The
perfect torrent of orders flowing into the banks
the Bourse.
turn
that
a
into
something that
the mark.
still greater
Debts Clearing Office,
It is essential, however, that
any
such
claims should be received by the Clearing Office before Sept. 30.
Board of Trade,
THE
Aug. 18 1921.
TREASURE OF THE AUSTRO-HUNGARIAN
GOLD
BANK.
The
public
Department
on
will
have
Advices received from
drop in German
exchange is
of
Commerce
at
Washington
made
Aug. 23 the following from Trade Commissioner
Donald L.
Breed, at Prague, Czecho-Slovakia.
The division of the
gold belonging to the former Austro-Hungarian Bank
has been ordered, with the result that Czechoslovakia is to receive 15,500,-
000 gold crowns;
Italy together
Their nominal
their marks
value, regardless of what happesn to
British creditors will be well advised to file
claim against the head office with the Enemy
Cornwall House, London, S. E. 1.
of the Bourse decided to close the Bourse for the remainder
The
be entitled
overwhelmed
buying and selling orders and the executive committee
week.
may
alternatively from the head office through the Enemy
In the event of there being any doubt as to recovery
Debts Clearing Office.
/
week in
ond time this week brokers and bankers
in this
owing to them from branches outside Ger¬
of German undertakings whose head office is in Germany, to the
fact that apart from
of such debts from the branch,
London
by
It must be borne in mind that
There seems small reason to believe it will not receive
to
a
longer
possible for Germany to meet them.
The accord signed
when
many
GERMAN
and
no
recognition
this agreement does not replace the reparation ultimatum terms, but it does
country who have pre-war debts
the
question
mean
419,221 151,986 492,930 3,235,263 2,988,252 3,268,242
(Cmxcut
of
reparation
but it does
provides the machinery for that payment.
make it
The following
with
the
Germany's biggest debtor that Germany musy pay largely in kind and it
BRITISH
Total..
The
that
crowns
and
Poland,
Rumania,
and
Austria and Hungary the rest.
is to be deducted because of the metal money now in Austria and
Hungary.
crowns
Jugoslavia, 7,000,000 crowns;
25,000,000 crowns;
portion is declared to be 7,500,000 crowns, but 5,000,000'
Their share of the treasure will therefore be about 1,750,000
each.
looked for there.
Coincident with the decline of the mark the cost of living is climbing
higher and wage movements are spreading
growing pessimistic.
the
the country.
over
NOT
BEGGING
COUNT
FOR
FOREIGN
AID
SAYS■
TELEKI.
In the face of the growing critical financial situation
Wirth Government is doing nothing more
important than to devote
yesterday and to-day to negotiations with Bavaria in
an
endeavor to force
the Bavarians to call off their state of siege so that open air
political meet¬
ings and street demonstrations can be held without police permission as
demanded by the
HUNGARY
Bankers are
Social Democrats.
1
Count Paul Teleki, fromer Prime Minister of Hungaryr
declared in
liams
a
lecture before the Institute of
College,
notwithstanding
Williamstown,
the
various
Mass.,
on
commercial
Politics, at Wil¬
Aug.
25,
difficulties
that
con»
THE "CHRONICLE
1100
fronting his country, "we
are
not going begging for
$177,000,000,
foreign
value of
He added:
'morphine injections'."
that the total amount of gold in
so
the*State
Bank In Pefcro-
grad in November, 1918, was about $646,000,000.
Out of this the Bol¬
sheviki paid to Germany under the terms of the Brest-Litovsk Treaty as
the first instalment of contribution the sum of $160,000,000.
The Siberi¬
help/' according to Count Teleki "this would have only
the
[Vol. 113.
foreign capital
ans
presenting an acceptable budget.
Our
We
stopped printing paper money, in consequence of which the Hungarian
crown galloped away from the Austrian crown and has to-day three times
left
reduced by 5,500,000.000 crowns.
ernment in the summer of 1919.
We do look
until
for
now
shall
we
national loan and we do not count on
a
have succeeded in
ordinary budget for this
its value.
year was
We impose as heavy
progressive taxes as possible.
In part he also said:
;
The
causes
lack of employment in Hungary are clear.
of the present
With the exception of the brick industry, we are almost
entirely dependent
formerly
came from the highlands of Hungary.
Moreover, every import is to-day
a speculation in currency.
If goods could simply be exchanged against
goods matters would be somewhat easier, because perhaps 80% of our in¬
dustry is to-day working for export.
The home market is not in a situation
to buy.
Tho costs of production are very high.
Still work cannot be
foreign faw materials, the greater part of which, of course,
on
The medicine would then be worse
stopped and wages cannot be lowered.
P■/"/. '-/V."
Wages (15 times those of peace times) are, relatively to cost of production
(20 to 100 times those of peace times), very low.
But we are, as you know,
not the only people who are suffering from lack of employment.
Many
States are paying unemployment relief.
We know from experience after
the revolution that this does not help and we are now trying another way
—that of co-operation between capital and labor.
A co-operative body
of owners and workmen, "arbeitsgemeinschaft," discusses their mutual
the illness.
than
differences
well
as
of economic improvement lies in the re¬
Another difficulty in the way
strictive barriers set up by commercial treaties.
Intercourse is tied up
It is interesting to see that agricultural
unnaturally and unhealthfully.
Rumania lets out only fixed contingents of foodstuffs to
12,000 of
stance, only 300 carloads of wheat flour,
Austria's exports are minutely detailed,
cattle.
corn
even
Austria; for in¬
and fOO head of
skates are enumer¬
Pencils
ated, which Rumania is allowed to import to the value of $250.
can
be exported to Rumania only to the value
possesses in
Croatia1 3,750,000
than 500 carloads of lumber,
acres
Austria
export to Hungary only 10 car¬
can
loads of furniture, and yet this small amount aroused so fervent a protest
from
the
The Russian Soviet Government also came into possession of $215,000,000 of Rumanian gold which had been sent into Russia for safe-keeping.
Consequently the
Government
Hungarian joiners that the Government was forced to try to
various neighboring countries instead of direct
reported that the balance then
000,000 rubles,
charges three
or
In fact,
four times.
concluded to-day in
cal
our plan
a
system
Of mutual
go
begging for for¬
an
economic nature,
but there are, you know it only too well, deeper trenches dug by the war;
hatreds.
A special cable
by the "Public
an
DECREE
BANNING
dispatch from Paris, Aug. 24, copyrighted
Ledger Co.," appeared
as
follows in the
New York "Evening Post."
The Minister of Finance has repealed the decree prohibiting the entry
into France of Russian banknotes, coined money or monetary papers.
recent years
of any
In
the decree has been practically useless because of the absence
recognized ruble exchange.
The law against entry of coined money
also has been inoperative, as it was melted into bars and them introduced
into France
The
bullion.
as
f
of the repeal was
news
received with joy by thousands of French who
still hold old Russian bonds and virtually valueless rubles,
they see
a
glimmer of hope ahead for the reconstitution of Russian finances with
a
possible amortization of the-early
war
as
loans, although such hope is generally
considered extreme.
UNWELCOME
There is more need to do this than to recriminate and criticize
the deeds of the peace conference, and the politician, the practical man
and the scientist must be aware that the
feelings of people
are
the United States,
decide the fate of peoples must be permeated with the consciousness of the
fact that their decisions are affecting organic beings and that what they are
doing is not merely passing legal sentences, even if it looks to be no more
giving direction to evolution, to the organic life of mankind
tho earth's surface.
SENT
BACK
a
say:
Recently $2,643,000 in gold sent to the United
was
SWEDEN.
TO
shipment of gold to
the "Wall Street Journal" of Aug. 30,
following to
consigned to banks here,
was
States from Sweden,
sent back to that country.
This gold was
found unacceptable by the Federal Reserve Bank,
due to the fact that the rules made by the United States Treasury
the admission of Soviet gold to this country had not been observed.
lacking
as
to the form in which the gold was sent here.
regarding
Details
Most of the
gold from Sweden, of which about $50,000,000 has arrived in this country
since the first of the year, has been in the form of bars bearing the stamp of
the
facts to dis¬
I think that those who are called upon to
shortsightedness.
GOLD
Regarding the return to Sweden of
are
We must investigate facts if we wish to reconstruct prosperity and human¬
than that, but
as
Russia.
RUSSIAN MONEY.
It
is to help ourselves.
We do not
quoted intentionally only the difficulties of
count which is
REPEALS
FRANCE
returned because It
those of political differences and racial
on
used for the maintenance of Soviet agencies abroad, as well as for politi¬
shipped through
eign help.
earth. \
accounted for by the Soviet
was not
to American officials that a certain amount of the
propaganda, and that the balance had been distributed abroad
had the
Notwithstanding all these difficulties,
on
hand amounted to approximately 350,-
This
attraction for trade and political relations with
call the economic
we can
Eastern Europe,
coincides with the American point of view.
ity
on
$175,000,000.
Soviet gold had been paid for these ceded territories of Russia, other amounts
were
in order to conceal their
chicanery.
I have
or
leaders, but it is known
original place of manufacture, thereby multiplying the transportation and
agreements,
beginning of 1920 was $514,998,519.
Soviet authorities, according to information in possession of the
State and Commerce Departments, early in February of 1921 themselves
Jugo-Slavia, again, forbids the import of no less
abrogate this agreement.
than 760 classes of goods, and very often goods must be
customs
total amount of gold on hand in possession of the Soviet
at the
The
Jugo-Slavia, which
of $600.
of forest, forbids the export of more
managed to capture $330,000,000 worth of Russian gold.
This
balance of $156,000,000 on hand in the possession of the Soviet Gov¬
The Soviet
managed to increase this amount by the recapture from
Siberia, after the collapse of Kolchak, the sum of $233,998,519 out of the
$330,000,000 which the Siberians had captured.
questions of production in the common interest of
as
The State will, if necessary, become a kind of intermediary.
both parties.
also
a
Royal
Swedish mint.
In its effort to
keep Soviet gold out of the country the Treasury requires
all metal to bear the stamp
in addition
of some governmental authority abroad, and
obliges American banks to certify
in the possession of the Soviet government.
gold in question has been
to whom it
was
a
Ithat
the gold has
never
been
The sending here of the Swedish
matter of annoyance to the American concerns
The inclination is to blame the Swedish banks
consigned.
who sent the gold.
______1-11111111__111_^
DECREE
ITALIAN
COMPELS
REGISTRATION
OF
SENATOR FRANCE RETURNS FROM RUSSIA
RESUMPTION
SECURITIES IN NAME OF OWNER.
learn
We
"Commerce
from
unregistered
Reports"
"bearer" securities will
or
Italy, according to
a
of Aug.
A.
ready for official promulgation.
Osborne
on
June 14
"Commerce Reports"
made
A limited time is given for the
preparation of
new
certificates and for their
exchange, the time depending on the location of the holders.
Holders of
Italian bearer securities not living in European countries may exchange
them within
the name of
a
a
after the publication of the decree for securities bearing
year
definitive responsible owner.
returned to the United States
is vested in
a person
other
than the owner, two certificates must be issued, each defining the property
with
and
Lenin
position.
"red."
of
Russia,
Trotzky
Russia,
The following from
"Times" of
TO
NOTHING.
Washington is from the New York
its gold supply, according to reports
by Secretary Hoover, which Indicate that the vast stock of gold
bankrupt
now
as to
which the Bolshevik! controlled when they came into power in Russia has
now
received, that the value of the gold in the possession of the Soviet Govern¬
Aug.
1
was
Aug. 2 to 10
$19,040,200.
was
ment has been
The total value of the gold exported
$17,775,889, and it is estimated that the balance
hand ornAug. 10 was $1,264,311.
city
the stock of $1,264,311 which was on hand nineteen days ago must
The
Soviet
on
tive
policies.
disposed of about $175,000,000 worth
war.
The
re¬
The old Russian Government also
Consequently the balance of Russian national gold reserve
was
was
on
hand
$469,000,000.
left of the original stock of $801,500,000.
Starting with this balance of $469,000,000, the Bolsheviki received from
other sources, mainly though confiscations, additional gold valued at
no
longer
In the first
abandoned Communism's
most important principles
and summer moved rapidly
toward tried, conserva¬
By means of these policies they are working out their own
conclusions, based on a month of devoted study,
generously by some of the best minds in that remarkable group
Russia is
Russia
no
has
longer "red."
no
designs on
Russia is working
tion
is well
the world.
,■
hard for reconstruction, and in many fields reconstruc¬
advanced.
present Government is not going to
Russia needs our help, and
America, to restore our own
The Russian Government gold
at the time of the outbreak of the Bolshevist revolution
all that
responsible
of men in Moscow:
of
shipped $2,500,000 of its gold reserve stock to Sweden for credit during the
war.
is
make it clear that I am not a Communist and never
Here, then, are my chief
aided most
uses,
credit abroad, with the important agreement that the gold should be
after the
declares,
said:
this spring
have
on
virtually
the beginning of the World War in 1914 was $807,500,000.
use
regime under
a
its native heath, I found little of it there to study, for the Rus¬
on
and
collapse.
foreign trade, needs to help Russia, and that
without delay.
Quick Trade Convention.
Russian Government sold $330,000,000 of this gold to England for Russian
turned to Russian
Senator France
The
gold since February of the present year.
reserve at
and
Aug. 28 (copyrighted by the "Baltimore Sun")
themselves have
sians
this time.
Government has
political
strong
Next, that, although I went to Russia primarily to study Com¬
have been.
At the rate at which the Soviet Govern¬
disposing of its gold by shipment abroad for various
have vanished by
a
salvation.
practically vanished.
ment on
present
in
reconstruction is well advanced.
First of all, let me
It is estimated by the Department of Commerce, on the basis of reports
from
the
being
series of articles written from Moscow and published
a
munism
Aug. 30:
Soviet Russia is
received
DWINDLES
SUPPLY
GOLD
In
It is working hard for reconstruction, he says, and
Senator France
SOVIET
Aug. 26.
the belief that the United States should resume active trade
in this
rights of its holder.
on
statement issued on his arrival here, the Senator expressed
a
in many fields
In the event that the right to enjoy the Income
URGING
RELATIONS.
trip to Russia to investigate conditions generally in
a
that country,
relations
states:
TRADE
United States Senator France, of Maryland, who recently
26 that
longer be issued in
royal decree which was reported by
Assistant Trade Commissioner A.
as
no
OF
recommendation to the United States is for immediate conclusion
trade will be encouraged and commissions
country will proceed overseas to investigate and report back.
The result will certainly be diplomatic agreements as well as trade agree¬
ments, for no intelligent commission could recommend otherwise.
The Russian conlmission to this country will come not merely to see
My
of
a
convention under which
from
each
what
goods we have, to sell
but to study our Government, our banks,
our
Sept. 10
factories,
take
offices.
our
it.
the
as
Britain
sent
(and
returning from Russia,
I,
commission
be like that which
should
Russia
to
which, by coincidence,
der
Russia needs advice and is willing to
all fields
In
CHRONICLE
:v'i■."
commission
Our
THE
19,21.]
met at the Latvian bor¬
moving into Russia).
It should have bankers,
was
manufacturers, transportation men, economists and of course, State Depart¬
ment
representatives.
trade
possibilities—specifically
far
so
economic conditions,
possibilities—and finally should
recognize the Russian Government, and if
into the matter of whether to
under what conditions
and
political
study
should
It
credit
matters of peculiar
as
interest to America
go
so,
importation and exportation, detect the
waste caused
tribution of
system of transportation
and
ommendation
the
in
of
this
few weeks'
meantime
promptly.
creative
official
will
act
I think
rec¬
logically and normally at the
come
vital—to
is
what Russia must have without delay in the
Here is
But
alike—that trade starts
Russia
and to
us
field of
equipment alone—that is, not to fill individual needs but to supply
Locomotives
create
to
wealth:
new
—$120,000,000
«.»
Metals, tools and machinery—
90,000,000
Electrical
17,000,000
goods
Chemicals
13,000,000
i
Miscellaneous
These
■
represent the
sums
Russia will
and
the
for
000,000,000.
immediate, minimum, imperative needs of
very
Russia,
require for the rehabilitation of her railroads and
general requirements of the people
than
more
resting
other European
any
initial working capital.
an
ment loan
$360,000,000
—
I estimate that in the all but immediate future and in
industry.
industries
once
goods
This
credit of $2,-
a
country,
a
Govern¬
Immediately alter
Power
great
recognition of
it
be
would
Russia by
possible
for
the United
Russia
States
loan
priority
nized
would
a
This preferen¬
be
comparable to a receiver's certificate, a loan enjoying
all previously issued bonds which might hereafter be recog¬
over
and
any
bonds for
issue
to
$2,000,000,000 preferential loan, to be financed by bankers.
tial
or
all
over
bonds hereafter to
be issued.
When I entered Russia,
I
felt
and
that
aid
France
the
should
should
the
this
plan,
funds
which
substantial
and
which
terms
regard
best qualified
as
pointing out that
America
attend
portion
banks
our
I
anyway,
would
the
all
the
of
investors
to
properly
Russia.
goods
could
Russia could
immediate needs
just financial
that
there
is
consider
to
and
obligations,
capable commission
My
in
purpose
prising
•/
discuss
economics
accept
the
the
question
all
profit
supply
can
rather
is
com¬
furnish
industrial
plants surely
would
a
whether
supply the credit to Russia
past,
Russia
resources of
it will
be
serious.
for instance, England
If,
discriminating prices
and
India
raw
on
these
by Egypt,
present
facts
make
the
about
it
clear
and the world
may
great that
so
and
future.
I
feel
confident
send to Russia.
forthcoming
Russia,
that
the
in
articles
strong
contrast
America
more
to
give America
to
some
sur¬
prevailing impressions,
helps Russia the
more
Very serious
France, Germany and Chile; from
among
consequences would also ensue
a
You may
on
object that we have not yet reached that stage.
fatal slope
a
leading to these
It is true, but
conditions and from which it
very
would be most opportune to escape.
With
regard to discriminating prices and export duties there is only
"No tax
exported from
State,"
any
good
as
history have not.
far
as
Government, but
I know, laid
as
any
world take guidance from this example.
How is it
possible that
It is
so many
duties
.
representative and eminent bodies made
not of simple doctrinaries or of idle dreamers, but of statesmen and prac¬
up
tical business men with long
standing experience, have not been able thus far
positive and satisfactory results in the solution of this important
problem and that the heads of Government, notwithstanding the solemn
agreements made by treaty and special conventions, to which they have
affixed their signatures, have never for a moment maintained a 6ingle one
their
of
promises?
-v
At the conference of Brussels the official delegates
ments
;
:C<.
■
y:
:
of all State Govern¬
unanimuosly pledged their respective Governments toward
policy.
the shortcomings of
Evidently
intent,
which
are very
How has this been possible?
serious.
because there exists somewhere
only
stronger,
more
powerful,
than
the
a
coalition
Governments
of economic
themselves,
must wage
continuous and unremitting warfare.
a
The problem of raw materials must be considered under a different
from that in which I
it at Brussels at the meeting of the
saw
sia
in
this
■
I
League of Nations in October 1920, and later at the Assembly of the same
where
After the
attempt to corner the market and pile
an
failed.
success,
and hides.
war
up large
there was every¬
stocks of goods, to
This attempt, after a temporary
Prices went down in wools, cottons, jute, metals, oil, seeds
The offer of
raw
materials also has been in
to the demand and sometimes the
recommend will
conservative
opportunity for America
ship, of
appointment
do
more
movement.
of
than
Indeed,
vigorous
a
American
commis¬
high value
of their currency.
However, if the problem has been shifted it still exists, and if the new
things caused the collapse of
one
of the worst monopolies
power
for
result
oils and
Besides there
protectionists
Before the
petroleum.
other
are
discriminating prices, other monopolies and high
import duties
or
the very
hour of
SIGNOR TITTONI1 S GREAT SPEECH ON THE DANGERS
PRICES
AND
the
of
so
high that they are
problems, and
the unequal
aspect,
was
problem of the distribution of
raw
which is peculiarly international in its
held by Tommaso Tittoni,
College, Williamstown, Mass.,
Tittoni asserted that "we
'
new
are
President
of
the
of influence.
selves
The
Aug. 17.
Signor
only at the beginning of the
a
tendency to enlarge its sphere
importing countries must defend them¬
against this regime, which tends to impoverish and
plunder them.
so
on
regime of discriminating prices and export duties, but
everything shows that it has
The embitterment of the economic struggle
caused would throw the international markets into the
greatest disorder.
Economically speaking, the world would
revert to the Dark
Governments
^
Ages."
He declared that the failure of
to check the present trend of discriminating
prices and export duties is possible
somewhere
exists
more
"only because there
coalition of economic interest,
powerful than the Governments themselves,
against which all truly free and noble-minded
countries
And
now
materials?
ton,
must
wage
a
stronger,
a
coalition
men
of all
continuous and unremitting war¬
The increase in
materials.
and
and
let me come to my conclusion.
What is to be done for
having headquarters in Geneva, should not Mm't iff - r.rcy
problem
materials is in part solved, but the
prices which touches the purchasing country as a result of
on
The
exchange depends
the trade balance.
If
the country holding the
the intrinsic value of the cur¬
on
countries have not sufficient
some
the other hand the difficulty of
on
obtaining raw materials and their
producing and from balancing their payments abroad.
that the countries which control
raw
Thus one can say
responsible for
materials are partly
the unfavorable exchange which hits the countries
affected by the monopoly.
But the danger and the loss for the country less
favored by nature become
more
threatening when the stronger and more resourceful countries,
which
the privilege of producing the raw materials, not only regulate the
possess
quantity and the price of exportation according to their fancy, but further
endeavor
extend
to
their monopoly
through capitalistic trusts, which
matic action.
of
to
materials of other countries
raw
are more or
The first form of monopoly,
less openly backed
by diplo¬
that is, the artificial regulation
quantity and price for exportation, has already been applied by
countries to coal, iron and other
The
certain
products of first necessity.
discriminating prices for English coal have hit Italy
exclusively.
France, owing to its internal production and to the priority which it has
acquired
on
German coal, has felt in but slight degree the increasing
English coal, and the
1
This
try
same may
price of
be said for Belgium.
striking example of how, by artificial means, a naturally rich coun¬
increase its income at the expense of countries less
can
favored was
disapproved of by Englishmen themselves.
Export duties in
been extended to
Is
a
a
an
limited field existed before the war, but they
excessive degree to all
have now
essential products of which there
scarcity in the world.
Typical examples of these monopolistic export duties are the export duty
grain in Argentina; on raw cotton and hides in Egypt; on jute, rice, hides
on
and tea in India; on tin in French Indo-China; on cast
France, and
Other
iron
raw
ore
on
Spain;
on cellulose
and hops in Czecho-Slovalda; on cast
in Luxembourg; on industrial alcohol,
silk and trementino in Portugal, and on
cocoons
new
countries
tected
iron and bauzite in
mineral oils, wood and cereals in Rumania.
and
iron and
monopolistic export duties are levied on vegetable oil, rice
cement in
The
raw
The International Bureau of Labor, constituted in Washing¬
now
raw
product to exchange for what they import, it is natural that the rate of
hides, silk
In concluding his remarks he said:
fare."
part neu¬
Now that
The scarcity of live assets and
development of competition.
distribution of
the unfavorable exchange cannot be imputed to
But
Italian Senate, ina lecture before the Institute of Politics at
Williams
the effects of monopolies were for the greatest
of the artificial increase in prices is still threatening.
yet the most vital, he said, of present-day
one
devices from stubborn
excessively high prices prevent the countries which do not possess them from
materials, of discriminating prices and export duties—the
most difficult and
new
day and everywhere.
exchange should be unfavorable to them.
EXPORT
DUTIES.
discussion
war
was not enough,
every
they are again in plenty, some artificial obstacles are created almost every¬
it
rency
A
planned
where to the
think
and
DISCRIMINATING
if all this
as
are
anything else to hasten Rus¬
raw
OF
based on
discriminating prices, that of English coal, it did not have any noticeable
I
to take advantage of the Russian people's friend¬
prestige, positively in assisting the Russian states¬
men
in their present earnest efforts to
put Russia on a sound economic
and political basis.
our
superior
some cases
producing States found themselves over¬
stocked with their products and commercially tied up by the
export duties, import embargoes,
immediate
light
Council of the
tralized by competition and by the affluence of raw materials.
The
a
coalition against which all truly free and noble-minded men of all countries
the
as
change
a
Not one of the resolutions thus solemnly made and adopted is to¬
prohibitive and,
right.
all their
May the
exports.
on
true
continuous policy
a
written statue, and the United States in
as a
one
articles
on
the American Constitution.
says
that this does not bind the Federal
is to all effect
duty shall be laid
or
Particularly I shall show that communism is dead, that Russia is swing¬
ing steadily toward conservatism, in many cases approaching, from the
left, the identical national policies toward which America is moving from
sion such
a
nitrate trust
a
trust between Italy
mercury
and Spain, or from a silk trust between Italy and Japan.
we are
America
helped.
are
impose '
sulphur trust among the United States, Italy and Spain; from
a
state of
is
be very
to
agree
hemp trust among Italy, Russia and the Philippines; from
push prices up to reach the highest level.
are
possible for Russia to meet
question of Russia's obligations with an open mind
I think this attitude will be encountered by any
we
consequences would
America should
produced by the United States, by
countries could ruin completely the cotton
industry of the whole world.
from
and
cotton
League at Geneva in December last year.
on
the part of the best public minds of Russia
on
•
given by the international agreement of two States with
regard to petroleum should be followed the
spirit of fairness.
a
and
Curiously enough,
Our
needed;
and
financed
are
this whole
to
Germany
decently accept.
disposition
a
England,
if America would have to
might
sale
Personally, I feel that the potential
if the
that
is,
join America in refinancing Russia.
Russians'whom
bated
international—that
possible'
one
day in process of execution, except that of the project on international credit,
favoring immediate aid to that unhappy country,
be
With
commerce.
Signor Tittoni also said in part:
of
To Let America Reap.
cheap
as
all the proposals
solution—abolishment.
to obtain
shall pledge specific territorial concessions.
other
United States have done for internal
commerce what the
requires at
be obtained only by
can
the general credit of the country or by a loan which
on
by the unsound dis¬
time submit
regard to discriminating prices and export duties, there is only
120,000,000
creative
fields
other
same
possible solution—abolishment.
Total
Russian
a
possible, and at the
as
required to break down the artificial barriers which hinder the distribution
and keep the prices high.
In other words, one should do for international
are
intelligent examination by a capable commission.
it
with which
tools
materials, and insure
raw
rapid
as
If the example
Intentionally, I put political recognition as the last step.
a
collecting statistics, but should also study the methods that preside over
to
concerned.
end of
1101
form
of monopoly
where they are
monopoly
metals, hides, silk, cocoons,
cereals, hemp, wax, flax,
wool,
and lumber in the Kingdom of Jugoslavia.
on
(this is.
concerning certain articles in all
produced) is exemplified by the Australian pro¬
wool,
phoTliVe w.vo*1.'o* *.'•<*
and
by
the
Ariglo-Australian-New
rf "7r.ru 'n 'k" rt'Ti." Crern.
Zealand
vh'.ck Is1
a
CHRONICLE
THE
1103
bank for the purpose of assisting in the exportation of cotton
By this conven¬
territory subject to mandate as an ex-German colony.
produced by the Island of Naru are destined to
tion all the phosphates
the
and grain.
But the
regarding
typical example is the recent Anglo-French agreement
mineral oil
and
Italian
which was signed at San Remo, on
petroleum,
NORMAN H.
TION
under the
of English and French capitalists, mineral oils
territory, without Italy's knowledge, and which tends to place
control of a trust, made up
1
.
Against this cornering of European petroleum, the United States pro¬
tested
It has been affirmed that Italy, excluded from the San Remo agree¬
.
ment, could now enter the trust by giving the
I
Italian banks a share in the
S
deal.
do not
It is not a question of giving the
in the petroleum trust, but rather of preventing the
applaud such a solution.
Italian banks a share
paying an excessively high price for their mineral oils
Italian people from
of the world.
to fill the coffers of the bankers
Italy, obliged to pay very high prices for those articles which constitute
economic life of a country, is strangled at the
the essential elements of the
1920 she Imported only
materials
or
annually,
The industrial requirement
8,000.000.
semi-finished articles for Italy has been
calculated to be
nominated by Royal
the United States try to take
Why does not
preponderant share in furnishing Italy the 8,000,000 tons of raw materials
which she stands in need of?
Of course, in order that Italy be in a position
a
that she regain
"purchasing power" which must be the result of an increase in her
buy these additional 8,000,000 tons, it is indispensable
her
rehabilitation
been
achieved."
political
defend
The importing countries must necessarily
tends to impoverish and plunder
against this regime which
themselves
justice
War was fought to insure
I shall not try to ascertain to what point
the nations.
justice has been obtained.
They will be obliged to exercise their right of legitimate defense,
them.
on
the low prices of which is due to
protecting their
They will
duties by
competi¬
discriminating prices by differential duties and export
oppose
This
statement
was
imported in countries practicing discriminating
The
embitterment
of the economic
would throw the
for all
struggle
Mr.
"Reparations" at the Institute of Politics, Williams
Mass.
According to
Davis,
Mr.
Stating that "if the political
present difficulties.
difficulties of Europe adjust themselves so that this problem
be solved the rest will be easy," he
can
What
is
needed
is
now
political agreements.
mercial projects in Europe are being held up by
added.
All financial
and com¬
this uncertainty.
out
the history
has
always followed political stability, and indeed it
Through¬
of the world the development of commerce and industry
follow upon
can never
anything else.
Mr. Davis also said:
found
how
interwoven.
have
it
as
a
simple economic problem.
was
have
if
we
could
the political
and sometimes conflicting national interests, which
the varying
made it difficult and have even until to-day kept
Prosperity awaits political adjustments.
unsettled Europe means an
an
It
we
aspects are
It might have been settled at the Peace Conference
considered
factors,
reparations,
inextricably this subject's economic and political
it from settlement.
When statesmen realize that
impoverished world, when they succeed in
overthrowing the barricades of hate and of fear which still throttle the
economic life of the war-torn countries, then,
and not till then, we may
hope to get forward with our projects of rehabilitation.
We
have learned
that our
American welfare is pretty closely tied
own
with the restoration of normal financial and commercial conditions in
up
Europe.
Much
international markets into the greatest disorder and would be a loss
across
the world would go
separate them.
back to dark ages, economically speaking.
in
embodied
Aug. 24,to the round table confer¬
on
uncertainty about reparations continues at the heart of the
corresponding export premiums and export duties on raw material
which they may possess,
prices.
the lower cost of raw materials, or by
exports in foreign markets against the unfair
own
goods produced under the same conditions of low prices.
of foreign
econ¬
Europe until political stability has
College, Williams town,
by closing their internal market to the unfair competition of foreign goods,
tion
of
Davis's final address
ence
that "it is idle to talk of the
argues
omic
In xhe month which we have devoted to the study of
It has been affirmed that the World
very
goods," Norman H. Davis, former Under-
our
Secretary of State
exports.
among
buy
money to
16,000,000 tons, by the Commission for Provisioning,
decree the 30th of June 1918.
STABILITY.
largely due to the inability of the rest of the world to find
world's
the following:
imported 15,000,000 tons of raw materials
Before the war she
raw
The present situation in Italy,
prosperity.
with regard to raw materials is
while in
reconstruction and
when she is collecting all her energies for
very moment
in order to rise to her former
DAVIS SAYS ECONOMIC REHABILITA¬
RESTS ON POLITICAL
Declaring that "our present financial depression is
of all the world, the United States excepted.
to
.
of those countries.
use
of
[Vol. 113.
the seas,
as
I
might like to avoid concern in the political lanes
we
convinced that it will in practice prove impossible to
am
Our present financial depression is very largely due to the
inability of the rest of the world to find
money to
buy our goods.
But it
is idle to talk of the economic rehabilitation of Europe until political sta¬
CORPORATION
FINANCE
WAR
ADMINISTRATION
FOR
PLANS
ANNOUNCES
AGRICULTURAL
OF
bility has been achieved.
RELIEF ACT.
was
railroad expert,
a
Corporation
it had made arrangements
24
the
of
on
Sept. 7 announced that
for the administration of Section
Agricultural Credits Act, which authorizes the
Corporation "to make advances to
trust company
made
have
in the United States
advances
the breeding,
exchange,
or
*
agricultural
*
which
*
or
rediscounted
of the new countries of south eastern Europe to
one
He had come home in discouragement.
other's rolling stock."
Think
of
other negotiable instruments issued for such
of what
Massachusetts
dispatching depends
the
the
committees
already have
personnel and location will be announced
tances
are
their
and
pass
upon
applications
banks, bankers and trust companies located in their
respective territories for advances pursuant to Section 24,
and
will
Finance
undue
make
appropriate recommendations to the War
Corporation at Washington.
In
order to
avoid
delay in the handling of applications, three members
of each committee have been selected from the
city
or
town in
which the headquarters of the loan agency will be located.
All
applications for loans submitted to the agencies must
be in
triplicate,
on
forms provided for that
purpose
by the
applications of dealers for advances to assist in carrying
agricultural products for export, and applications of
in
It is obviously
that
a
wjiich indicated
they are customs barriers and pretty high
a
highly
developed
manufactories,
coal
tariffs, too.
mines,
&c.
But the railroads must operate Avith some
surplus of food.
of co-ordination before there can be any commerce.
I believe
of these countries have already reached an agreement—or are
some
present discussing an
at
train
agreement—not to steal each other's cars.
So
political arrangement is being reached which is a first step towards econ¬
Some of Mr. Davis's further remarks are
quoted
as
follows
"Herald" of Aug. 25:
It is everywhere apparent that
tion of the political
economic conditions are always a reflec¬
While America recognizes that she is inex¬
situation.
time she is.
The solution of the
tricably bound up in the trade dealings of the world, at the same
doing nothing to formally help stabilize conditions.
foreign problem theoretically would lie in having the United States
her balance of trade
to her,
but the dollar instinctively feels that
is not safe.
to the
invest
in productive industries in the countries which owe it
it is not safe where democracy
Without the help of France and England in supplying capital
United States her railway building in the last century would have been
delayed 20 or 25 years.
It is this sort of investment that we should now
make in the countries that need capital.
We cannot buy their goods because
warehouses are already bursting
our
extend them
with rotting commodities and we cannot
security in the ordinary way because that only postpones the
which would have to be made in goods we shall never be
able to take.
Applications in connection with export financing, including
associations
Hungary has
eventual payment
War Finance Corporation.
tive
the State line because
political combinations.
on
has
in the Boston
will receive
over
omic rehabilitation.
as soon as accep¬
received.
The committee
from
and
been appointed,
Suppose that the officials of
pass
These frontiers are not invisible lines like the equator or our
Hungary.
State boundaries;
degree
The members of most of
means.
train
political frontiers had done to the transportation system
new
be in
men.
a
Teleki the other night showed you some maps,
Count
what
of
Czechoslovakia
charge of local committees composed of five representa¬
situation
a
afraid to let
they knew that the New Yorkers would never send it back.
purposes."
Agricultural loan agencies have been created
in important agricultural districts and these agencies will
tive bankers and business
such
were
futile to talk about the economics of railroading in those countries;
or may
bills
drafts,
notes,
may
including
purposes,
raising and marketing of live stock,
discounted
have
for
bank, banker, or
any
and after the armistice he had been employed
rehabilitate its rail¬
It has the distrust,
hatred, and fear which existed among all those little countries which had
defeated him.
"The worst thing," he said, "was the way they stole each
by
road system.
The War Finance
I had an interesting talk with a very unhappy American.
Not long ago
He
connection
with
Mr. Davis took the
was
co-opera¬
export and domestic
business, will continue to be handled directly from Washing¬
Chairman,
the
heart
of the
international cable conference last year, of Avhich he
as
an
example of the principle he maintains as the
eventual solution of the problems, namely, that economic
political questions first. At that
all discussions was political though cables
and are, except in time of war, a commercial
prosperity demands right settlement of
meeting, he said, the subject of
are
the very nerve
of commerce
facility.
ton.
Speaking of Russia, he said that she must Avork out her own political
before the other powers can be expected to trust their capital
salvation
WAR
FINANCE
CORPORATION
MAKES
FURTHER
The War Finance Corporation on Sept. 7 announced that
it had agreed to make an advance of $1,200,000 to a cotton
growers' association in Arizona for the
domestic sale of
The
make
purpose
of financing
cotton.
Corporation also announced that it has agreed to
a
further advance of $150,000 to a co-operative asso¬
ciation in California
fpr the
the exportation of canned
On Sept. 1 the
purpose
of assisting in financing
fruits.
War Finance Corporation announced that
it had agreed to make an
now
in
a
commercial position analogous to the primitive
back to the fold before any intelligent enter¬
isolation of men and must come
LOANS.
the
She is
there.
advance of $1,000,000 to
a
Southern
capital at the mercy of an alleged government which
protection to property,
real government is established there capital will be forth¬
priser will place his
offers
no
"As soon as a
and organization," he said. "The last hundred
development of a neAV commercial phase which is dom¬
inated by credit.
It is not too much to say that modern big business,
has been founded on the assumed solvency of all the civilized governments.
coming as well as labor
years
has seen the
assumption has been ruined in Russia. It is a doubtful
There is little chance of trade in Russia
on any such large scale as we are accustomed to until political stability
enables governmental credit to be reestablished.
"If we are really interested in commercial relations with Europe, as I
think we all are as a purely enlightened selfish policy, we should and can
throAv our moral influence toward helping in the political settlements which
To-day
that
assumption in other governments.
Sept. 10
must
THE
CHRONICLE
precede any commercial and industrial revival and stability through¬
world."
the
out
1921.]
be carried until
1103
liquidated, by the lending bank.
made aga nst the customer's
^.
Similar advances here
promissory note which
11
\
are
would be rediscountable
at the Federal Reserve Bank.
J.
0.
COFF ON FINANCIAL AND ECONOMIC CONDI¬
Trade paper in Europe is discounted
by the private banks and, where the
are well and favorably known, circulates also in the
open market,
especially the foreign drawn bills, as they usually bear the indorsement of
parties
TIONS IN EUROPE.
According to J. O. Coff, General Financial Manager for
of the American Express Company, European
the first
negotiating bank when offered for resale.
Europe
financial
upon
Foreign
and
pendent
economic conditions to-day are largely de¬
the reconstruction problems of France, the
payment of the German reparations the Exchange situation
and the difficulties of the
and Eastern
Europe in bringing about orderly political and
economic conditions.
days
for
ago
newly formed States of Central
Mr. Coff arrived in New York
few
a
office, and in his statement made public Aug. 25
European conditions as viewed by him he said:
to
In
Southeastern
serious
draw
section
Europe particularly, the transportation situation is
a
are
back
to
All other elements for
recovery.
in this
progress
present but the transportation problem is extremely pressing.
France to-day is handicapped by the fear of aggression on the part of
Germany, when the latter country is again
upon
and
in
substance
financial
the
of
budget will call for
situation
its feet.
Em-ope.
This is the
The
sum
French
next
expenditure of 25 billion francs, of which approxi¬
8 billion francs, is for military purposes.
France has
an
mately one-third, or
already spent some 60 million francs for reconstruction purposes,
proportion of which she expected to regain in the
Reconstruction has proceeded with
many.
bank
and
a
future from Ger¬
near
considerable degree of
a
large
pro¬
Bank
Rates.
|
bankers acceptances and these trade
bills to which the
published rates apply exclusively and they
always
bear at least three names when taken at the
central banks.
rates are minimum rates fixed for the
Their published
purchase of primest and best known
For other, if taken, a somewhat
names.
higher rate
foreign banking practice, it must be remembered
countable promissory note, such as we have.
conference with the officials of the company
a
at its home
as
It is
foreign central banks
Larger Investments in
must be
that
paid.
there is
In the
no
redis¬
Acceptances.
The absence of rediscountable
promissory notes from the foreign markets
European banks to keep a much larger proportion of
their deposits invested in acceptances
or, more often, in call loans against
makes it necessary for
acceptances, than is the
meet drafts of
case
here, in order to keep sufficiently liquid to
as well as withdrawal of
deposits.
borrowing clients
Their open discount markets benefit from this
necessity, as it is through
them that the paper that is convertible at the central
banks is obtained
and for those markets that bills
discount houses and brokers
and
demand
of
are
carried by the private banks in loans to
call
on
short notice.
The relative supply
seeking this fluid employment ordinarily
bills and funds
or
keeps the market rate for bills below the
rate for loans on
bills
as
rate at the central bank and the call
collateral security below the market rate for the
purchase of bills, all of which factors contribute to the orderly and profitable
open discount markets abroad and the value of their
operations of the
but the cost to France has been enormous, and with her heavy military
expenditures, which are necessitated by the national fear of Germany,
bankers acceptance credits to the users.
the
on
gress
problem of meeting her Government expenditures is
tremendous
a
one.
On the other hand, there is no social unrest in France and there have not
been
since the
war
real signs of social unrest, such
any
other countries
of the
many
that
in
engaged
were
have affected
as
the
great struggle.
Europe is looking forward to the Disarmament Conference called by Presi¬
dent
Harding with
deal of hopefulness,
a great
expenditures for military
as
be brought down to a reasonable basis.
In the case of France,
however, the great problem that faces her statesmen is how to bring about
time guarantee the country against aggres¬
same
sion from Germany, after that country has recovered from the effects of
the
war.
:
,
Conditions
in
Germany
is working hard,
show
idocided
a
and food is considerably
\
-,
improvement.
in the whole of Germany, however, is the Upper
spot
it
and
is
felt
throughout the country that
The
plentiful.
more
unless
this
The
country
one
sore
Silesia question,
matter
is
comes from the Upper Silesia region and without this coal supply,
Germany would be hard put to it to pay the enormous reparations demanded
by the Allies.
bankers,
man
There is
however,
Germany
do
look
not
satisfactory.
are
for
the mark, but it is believed
mark will remain at its
The leading
improvement in the
an
movement on foot at present to
no
establish
a new
Ger¬
mark.
gold parity for
by the leading bankers and economists that the
present level for
some
period to
The German
come.
through the
or
government securities
collateral at the Federal
as
banks.
American Discount Market.
This situation naturally
tends to make
and rates more unstable than
discount market less fluid
our
London's, since it
cannot count
upon
constant
support from continuous investment in,
or loans against bills to the discount
houses, by the banks throughout the country
generally.
As time goes by
no doubt this lack will be offset
by a wider distribution of bills among
private investors, corporations, non-member institutions and for foreign
The trend is even now strongly in that direction.
The operation of these different
banking methods in their effect on the
account.
cost of accommodation to banks' clients is
Money
Many of us
are too
discount rate
credit
ready to
of the total
interesting.
Cheaper.
that, because tho London open market
is much cheaper
money
% rate applies only to
advances
a very
overdrafts, which constitute probably 50%
pays 1 to 2% above the bank rate
|
now
5)4%, that would mean a
or
English loans, the borrower
current rate
credit
assume
But that 4%
his debit balance.
on
Not
special kind
For the usual commercial accommodations in tho form of cash
current
on
Abroad
happens to be around 414%,
now
abroad than here.
of money.
in
realize, if need be,
time through rediscount of their
settled
many
conditions
assets at any
negotiation of loans
favorably to Germany, that the whole country will suffer immeasurably.
This reasoning is based upon the fact that much of the coal
supply of Ger¬
Financial
large proportion of their
there against or against
be greatly decreased in order that
purposes must
a
customers' single name paper at the Federal Reserve Banks
sale or rediscount of acceptances or by means of the
it is recognized that the
expenses may
disarmament and at the
Our commercial banks, on the other hand, are able to
on
Since the bank rate is
debits of from 5 A
to 7)4%, depending
standing, collateral and relation
on
tho borrower's
to tho bank.
reparation payments of 1,000,000.000 gold marks annually amount to be¬
18 and 20 billion paper marks, in addition to
tween
and it will be
a
a
26% tax
long time before Germany is able to show
equal to this amount.
an
on exports,
France
and
export surplus
The result is that there is not likely to
be
material decrease in the amount of paper currency outstanding, which will
on
similar advances
plus
commission at
a
naturally tend to prevent the mark from rising in comparison with the
maximum debit balance allowed during
dollar.
quarter.
1
Conditions in England show some improvement
ment of labor
not
yet in
a
as a
disputes, particularly the coal strike.
position to
its position
resume
result of the settle¬
London, however, is
the centre for foreign loans.
as
Outside of Colonial loans, the only foreign loan floated in London the past
is
year
one
for Sao Paulo, which
was
also offered in Holland and the United
States at the same time, each country
talcing one-third of the issue.
investment market has been somewhat erratic,
been
have
the
on
offered
money
being disposed of immediately,
hands of the bankers,
crimination
on
and
in England for investment.
There is apparently considerable
With
a
lowering of interest rates it is
expected that this will increase.
There
can
be
real return to normal conditions in Europe until some
no
settlement is made of the Russian situation.
markets for European products
Russia is
-
one
of the great
and the loss of this market is
a
a
some
fraction per cent,
given period such
were
as a
on
the
month
or a
in debit 20 days to the extent of
100.000 francs and 10 days for 200,000 francs, he would be charged a com¬
charge constitutes
actual
advance,
much
on
a
200,000 francs.
cost
exceeds
Not
infrequently this
which, reduced to rate
the
nominal
minimum
per cent,
of
1%
com¬
on
the
above the
rediscount rate of the central bank, granted to the most valued customers.
Similar practice prevails in Germany where the current
aggregate cost to
borrowers is much heavier than in France, England or the United States.
Within recent months the cost to borrowers at banks has
probably been
others being left
without any apparent reason for such dis¬
the part of the investor.
For example, if the borrower
mission for the full month
bined
The
of the local loans that
some
Germany.
In France, the custom is to charge a minimum of 1
% abovo the Bank rate
any
relatively lower in the United States than in Englnad, France
or
Germany,
with costs *n those countries lowest in England, next higher in France and
highest in Germany,
even after
making allowance for 20% deposit balance
against his loan usually maintained by the American borrower, whereas the
foreign borrower maintains
amount
no
credit balance and
so
pays
only for the
actually used.
decided
handicap in the reconstruction problems of England and the Continent.
One of the most
important features of the situation is the fact that there
is little social unrest, outside of Russia, and that the peoples in most nations
appreciate that they must work—and work hard—in order to
NEW YORK STOCK EXCHANGE FINDS NO EVIDENCE
TO CONNECT MEMBERS WITH FALSE RUMOR
see a return
of normal times.
REGARDING
MEXICAN PETROLEUM.
'
MONEY AND DISCOUNT RATES HERE AND ABROAD.
In
discussion of the relation of the foreign to
a
market,
money
American
an
the domestic
editorial in the current isSue of the
Acceptance Council's Bulletin
foreign markets, has disclosed
ity with the suoject.
and
can
I
an
abroad there may
represented by the discount rate
under secured or unsecured credits.
abroad
against
are
bills.
similar.
on
prime bank and bankers acceptances
In
particular,
that
Likewise
The cheapest money
in
this
the
country
in both
markets
and
at
abroad
cases
home
is
and
the bankers
acceptance is the paper of first importance freely dealt with in the open
market.
j
European
In
Europe, trade paper or what
Trade
w
is seldom, if ever, done abroad on
Instead the European banks
of such debts and
obviously
as
is the custom here.
follow the practice of making cash advances on
without collateral security.
no
that Mexican Petroleum had passed
Aug. 25.
NEW YORK
The Committee
on
The statement follows:
STOCK
EXCHANGE.
Business Conduct, after hearing testimony in connec¬
which
was
published
on
overdraft to approved borrowers,
The bank has no negotiable evidence
such advances are rediscountable but must
Aug. 25 1921, has developed the following facts:
A message to the effect that a
deferred
came
over
the
meeting had been held and the dividend
public telephone to the New York News Bureau.
The giver of this message stated that he was calling from the office of a
banking house.
This banking house status that
no
such message was given
by them, and there Is nothing whatever to show that it
was
given from the
banking house,
although attempts to trace it have been made through
the Telephone Company and by all other means possible.
The officials of the
Commercial borrowing at bank
promissory note,
current account, or as we would say, on
or
Paper.
ecall trade acceptances largely replaces
the American merchant's open accounts.
with
false report
on
statement exonerating
tion with the false report of the deferred dividend in Mexican Petroleum
be said to be two money markets—
and the other represented by direct advances by banks to their customers
available
a
its dividend
a
Exchange from connection with the publi¬
amazing lack of familiar¬
foreign systems which must be fully comprehended in order to
Both here and
Wednesday issued
on
There is a fundamental difference between the Ameri¬
make an intelligent comparison.
one
Exchange,
members of the
cation of
says:
Much discussion of the American money and discount markets recently,
in relation to the
Seymour L. Cromwell, President of the New York Stock
ceived
at
News Bureau state that when the message was re¬
their office it
was
published without confirmation contrary to
their usual custom.
The Committee
on
Business Conduct after examining the records of the
transactious made by members of the Exchange during the day
find that
these records fail to reveal that any member of the Exchange was respon¬
sible
for
or
Sept. 7 1921.
connected
with
the
publication of the erroneous statement.
SEYMOUR
L.
CROMWELL,
President.
THE
1104
SUPERINTENDENT OF INSUR¬
DEPOSITS IN PRIVATE
STATE
NEW YORK
CHRONICLE
ANCE RULES AGAINST
BANKS.
,
Notice to the effect
'that
Phillips, New York State
by Jesse S.
The
Superintendent of Insurance.
notice says:
disclose the fact that a few
which are not incorporated, not under the
supervision of the commissioners of banks in the various States or the
The statements
filed with this department
companies have deposits in banks
"private
banks."
Such deposits in my judgment, should not be regarded as ad¬
mitted assets under the insurance law of this State.
Hereafter deposits
in banks not under Federal or State supervision will be deducted as "assets
and generally referred to as
United States Treasury Department
not
of some
statements
with this department.
companies show large amounts deposited
in
laws. During 1914 the total of the
fire and marine insurance companies
represented about 4% of the total of the ledger assets of all tiose com¬
panies.
The percentage of the average monthly balance of each company
to the total ledger assets of that company was naturally much higher for the
small companies, and lower for the larger companies than 4%.
It is
impossible to set an arbitrary percentage as a limit for the bank deposits
of all classes of insurance companies and societies because the small com¬
panies require a larger percentage than the large companies, and some classes
of companies require more actual cash in banks to pay claims and expenses
Good business judgment would seem to make it advisable for each company
to limit the amount of its bank deposits to the necessary margin of safety
and invest the balance, especially as very desirable investments can be
banks
monthly bank balances of all
desiring to
In the case of a company not
Federal and State bonds.
made at this time in
long term securities the funds could be
own
profitably invested
bank system in Massachusetts to
The matter is being
the
You
are
directors, trustees, finance
requested to read this letter to your
and investment committees at
in the minutes of those
their next meetings, and to have it recorded
In order that we may be sure you have
meetings.
received this circular, and that it
Albany.
worked out by
William S. Felton, President of the Exchange,
that his organization was
First—The most effective method for restoring the capital of the nation,
so
heavily depleted by
agency for such
war
expenditures, is by systematic saving on the
the Co-operative Bank is the most effective
purpose.
a
It is most important to
economic
out of
nation of tenement dwellers."
a
home he
a
homes
supply these needs both for social and
As John Burns once
reason.
is
better citizen.
a
said, "You can't make
When
DAKOTA
UNTIL
BANKING
FROM
BANKS
DEPOSITORS
speed up many collateral
ficial effect.
Many people would never have
Just
Third—Every
and high, and add¬
scarce
subscribes
who
person
co-operative bank
to
shares
is
the well
The more widespread this plan is adopted the greater will be
It is safe to say that the sys¬
being and happiness of everyone.
his
or her
income during the earning
period of the individual would practically abolish poverty and worry for
the
future,
tremendous
two
factors
in contributing
to
inefficiency,
un-
happiness and unrest.
Mr.
We
added:
Felton
mean
ascertain just what Massachusetts towns,
to
now
without
a
will not be permitted to engage
establishing such
an
institution,
assisting them in obtaining
getting started and furnishing speakers for publicity purposes
All this, of course, we shall do without any charge.
We also
furnishing them with complete information,
charter and
join forces with
to
the Massachusetts
Co-operative Bank League,
Chambers of Commerce, Labor unions and similar
the business of
organizations to increase
existing banks.
If the Massachusetts
the Guaranty Fund Commission, if the Commission
without recourse to
is
building the foundation of material comfort and prosperity for himself and
his family.
plan
business until the depositors of the closed banks are paid
in the banking
it will
industries and in every way will have a most bene¬
of the handicaps to the resumption of building
now one
is the fact that money for real estate mortgages
29, said:
Officers and stockholders of closed banks
acquired
Revival of building will
ing to the funds of the co-operative banks will go far to remedy this situation.
if desired.
(N. D.) dispatch appearing in the Minneap¬
olis "Journal," Aug.
democracy
a
becomes the owner of
greatly increase the volume of business and the demand for labor;
a
ARE PAID.
A Bismarck
a man
but for the co-operative bank mortgage.
operate with the people of these towns in
BARRED
is more and better housing
Second—One of the great needs of the country
facilities.
co-operative bank/ could probably support one and we shall offer to co¬
NORTH
CLOSED
OF
OFFICERS
recently said
actuated in the matter by a three¬
fold purpose, viz.:
mail to this department at
•
special committee of
a
Speaking of the subject
O'Leary and John Bion Richards.
will be read to your directors, etc., we will
send an acknowledgment by return
ask you to
the co-operative
the limit of its possibilities.
Exchange consisting of W. Chester Gray, Michael A.
tematic saving of a reasonable part of
in short term notes of the Federal Government.
ESTATE
The Massachusetts Real Estate Exchange is planning a
operating under State or Federal
average
.
REAL
systematic campaign to extend and develop
part of the individual and
admitted" in the statements filed
The
MASSACHUSETTS
OF
is
Chassell
D.
E.
EXCHANGE TO DEVELOP CO-OPERATIVE BANKING.
Federal or State
and marine insurance companies
fire
and
Association,
.
CAMPAIGN
supervision will be deducted as "assets not admitted" in
statements filed with the Insurance Department, has been
to
Bankers'
Secretary.
hereafter deposits of insurance
companies which are not in banks under
sent
Mortgage
[Vol. 113.
Real Estate Exchange by
inducing the establish¬
Co-operative banks where they are needed and adding to the use¬
ment of
fulness of those already
operating,
will be amply repaid for
POSITION
RESERVE
contribute to these desired ends it
its efforts.
can
prevent it.
can
This decision of the Commission
is announced in
a
resolution made public
It was stated that there was
that the officers and stockholders of closed
following the meeting at the State Capitol.
instances where it appeared
OF
SYSTEM
ERRONEOUS
—
VIEWS.
evade their obligations by throwing their banks
Guaranty Fund Commission and starting new ones.
banks appeared to try to
the
on
of depositors of the Tolley State
The Board decided also to defer payment
Bank, the first of the banks to close last fall.
was
It was stated that the decision
condition existing in Tolley similar to that which
not made because of a
prompted the resolution adopted regarding opening of new banks.
for deferring payment was not
reason
made public.
the resolution under existing laws, it is
other State business institution.
any
charter
State Examiner, who
The plan
The Secretary of State issues
a
The charter is sent to the
filing of incorporation papers.
upon
is required to check the accounts of the proposed new
charter to the officers.
bank and give the
bank
make the examination
or
The officers of the proposed new bank would be
require before opening.
compelled to resort to court action.
ANNUAL
CONVENTION OF FARM MORTGAGE
BANKERS'
next
of
week,
America will
and
13
Sept.
be held
14.
In
the American Association of Title
vention
the
on
address
Our
Shaw,
addresses
its con¬
At the meeting of
Bankers' Association there will be
on
"Sane Taxation
include
the
an
vs.
following: "How I Interested
Neighbors," by A. Suhring of the Dime Savings & Trust
Co., Peoria, 111.; "Mortgage Loaning Institutions in Can¬
tions, Province of Ontario; "The Case Against Tax Exemp¬
tion," by Geo. F. Hindel, Phoenix Trust Co., Ottumwa, la.
address
by N.
E.
Kendall,
Governor of Iowa;
"The
Negro and His Relation to Southern Industrial Develop¬
ment," by Bolton Smith, Memphis, Tenn.; "How We Can
Make
Pay," by Frank Emerich, publicist,
There will also be five-minute speeches on
Advertising
Chicago, 111.
leading agricultural products of the United States, describing
present conditions
man
Nott
Investors
liabilities
Robins,
of
and future prospects of profit.
King¬
President of the Associated Mortgage
Rochester, N. Y., is President of the Farm
are
still abnormally high, and
quence
are
likely to continue so for a
"Frozen credits"
considerable time to come.
are
still
a
matter of conse¬
in the money market; in every part of the country there are producers
and other borrowers whose indebtedness
farmers, manufacturers, exporters
to the
commercial banks is being liquidated
so
slowly that the banks con¬
Federal Reserve System.
artifieally high reserve
Until this condition is considerably modified, the
ratio of the Federal Reserve banks must be regarded in the
light of other
with
gold going
out at this time to the countries where it is most needed, rather than flowing
here in a broad stream to contribute new elements toward a renewal of
inflation and to stand in the way of restoring equilibrium to the interna¬
It has been said before, but it bears repeating, that
circumstances.
America the gold pivot of the world, it would be far better were
United States will flow out again to the
sound
banking and
currency
whether we are to regard our
it would be well to
build in
that is coming to us.
For
now
conditions.
a very
coming to the
Until it is determined
position
as
world bankers, and
international opportunities in
us to
tion of this new gold, and
money
is
countries where it is needed to
whether we are to make the most of our new
cautious
manner upon
a
broad light,
the foreign gold
exapnd our activities rapidly on the founda¬
especially for
us to
force a condition
of cheap
time, would invite an undoing of much of the progress that
made toward stability and equilibrium.
at this
has been
The Scientific Basis for Redisconuting.
the Single Tax";
ada," by V. Evan Gray, Esq., Registrar of Loan Corpora¬
an
of deflation through which we have passed since 1920 has indeed
Reserve liabilities materially, but we also find these
reduced the Federal
restore
la.,
by former Secretary of the United States Treasury,
Leslie M.
other
16th and 17th.
15th,
the Farm Mortgage
Des Moines,
conjunction therewith
Men will hold
situation we find that the
Time will show whether or not much of the gold that
Mortgage Bankers'
at
Federal reserve
liabilities of the System are now abnormally
tional exchanges.
ASSOCIATION.
The annual convention of i the Farm
Association
have increased, the
When we analyze the country's banking
tinue to resort to the facilities of the
Examiner O. E. Lofthus refuse to surrender
for the proposed new
charter issued
be a widespread impression that while
There appears to
low.
adopted by the Board to prevent opening of banks of the class
it designates is to have State
the
frankly admitted by the Guaranty
Under the present laws a bank may be incorporated
Fund Board members.
York.]
resources
process
probable that some difficulty will be met in attempting to carry out
It is
as
The
National Bank
[From the September circular oi the Mechanics & Metals
of New
There are those
who would have the Federal Reserve System take the
initiative now in removing
all credit restrictions and hastening the return
But as the Economic Policy Commission of the American
Association recently pointed out, "until a solid basis for a revival
of cheap money.
Bankers
in
distribution
and production is found
by the return of the European
important factor in the wrorld's markets, and until a read¬
justment of wages and retail prices has taken place approximately corre¬
sponding to the level of prices of raw materials, any attempt to facilitate
liquidation through the use of easier money rates is not likely to prove of
lasting value."
A policy in coming months of holding the rediscount rates of the Federal
Reserve system above the "going," or open market, rates for money,
attaching a penalty rather than a premium to borrowing and thus dis¬
couraging the practice of borrowing from the Federal Reserve banks to
relend at a profit, would help considerably to hasten the return of stability
in our financial affairs.
During the war, because of the need for assisting
in the flotation of enormous government loans, Federal Reserve rediscount
rates were lower than those of market.
That policy cannot yet be said to
have been abandoned, and the fixing of the Federal Reserve rates below
the market rates is persistently urged by the advocates of lower money
purchaser as an
rates, as
f
though that were the normal and natural
relation.
Sept. 10
1921.]
THE
CHRONICLE
1105
With the growing strength of the Reserve System and the
steady diminu¬
tion of rediscounts, the present time would seem to offer an
four of these dealers were
opportunity to regulate the
as
principles which had
The decrease in sales
excellent
in accordinace with the scientific
much to do at the outset with the creation of the
so
reserve rate
of bankers' bills.
of the supply,
excess
and
RATE CHECKS READJUSTMENT.
"I wish it had been
Melvin
A.
possible for the Federal Reserve Sys¬
lowering of the rediscount rate,"
Traylor,
Chicago and
Bankers'
Association,
on
Chairman of the Savings
Legislation, American
in most
Traylor holds that
no
or
prosperity
permanent
elsewhere until
increase in bills
an
summarized
legislation.
executed, but
#
If so,
How
return
shall return to
we
soon
1
condition
a
By "normal" conditions I do
on
a
a condition exactly such
ratio between income and expendi¬
10
4,558,000
13,234,000
10
5,611,000
12,892,000
10
2,795,000
10,798,000
10
9,286,000
August 10
4,852,031
tobacco.
Selling rates
Traylor said that the mortgage market in Chicago
has improved to the extent that his institution cannot
number
of
good mortgage loans which
quired to fill the demand from the
department.
to about 6
customers
are
are
the present writing
at
take
themselves.
In other words, the usuary
on
which
money
Mr.
wealth hundreds of millions of dollars.
new
the hands
which in
of
turn
public officials
more
capital than
A
encouraged reckless expenditure and
wealth upon which depends further development of
Federal
aid
appropriations
waste
a
akin to tax exemption
are
of the
industry and
duced and the fallacious reasoning upon which they are based.
most
pernicious and seductive forms of Federal aid
motion of the building of public
cation. -Even the
use
are
very
evils pro¬
to
as
Two of the
with
special aid
is pro¬
as
posed to-day for the railroads
means a larger degree of Federal control to¬
This particular situation is just cause for
general alarm to the
real lovers of American institutions.
morrow.
ft
''''■■•■
'
'
•'
•
'■
a
Rates remained practically
foreign exchange market and the decided
affected the supply of export bills.
currency
receipts.
annual
The
supply
bills
of
appeared in the market for the first time this
and
The
The demand for
prime bills has exceeded the supply.
banks
distinct scarcity of prime
a
Demand
was
excellent and
filled only by bringing in bills from other districts.
good buyers of 60 and 90 days bills.
were
534% to 5% % bid and bills
of the excellent demand and the fact that the
Rates moved back from
shown
decided
preference to
activity ceased following the first of August and there
in
the
bill
until
market
in buying.
The
about
fifteenth
the
demand
period finds the market exceedingly dull.
when
was
there
general apathy
There seemed
seemed
be
to
to
be
of
a
the
steady
a
in fact, these would appear to be the
mainstay of the market at the present time, although the corporations have
been fair buyers.
Quite a few bills have been made in Boston covering the
importations of tobacco and
the
demand
good Boston
The
Federal
for
a
fair supply on burlaps.
accommodation
names are
snapped
through
up very
Reserve Bank of Boston
dealers for accommodation
on
is
is
now
being used in opening
90
acceptances
days
quickly,
even
is
active
not
and
in the dull market.
receiving heavier demands
There is
(New
for
an
New York
banks
in
fairly large volume
more
and
broadly distributed,
a
but
restricted and purchases have been
confined mainly to the shorter maturities, 30 and 60
days.
Bill dealers whose portfolios have increased
materially found
amounts of time money at
Eligible non-member
their disposal which also conduced
silk
were
fairly heavy.
offerings.
The amount of bills drawn
3
For
several
raw
to
sugar
furnish
■
r
524
_ _
_
District No.
6
.—.4
5 34
„.
(Atlanta).
our
questionnaire in regard to acceptance market conditions in July, sent to
all accepting banks.
no
transactions
showed
any
the reports
in
Twelve of the reports showexl that these banks had
in acceptances
during the month, while only
substantial amount of acceptances executed.
if not
a
report
one
While three of
show acceptances disposed of, the purchase of paper is indicated
the amount is small.
only one report and
Banks generally have
great amount of money at this season of the year to invest.
majority, still
owe a
no
Many farmers,
large part of their 1920 indebtedness.
The amount of acceptances purchased
in the
open
market by the Federal
Reserve Bank of Atlanta during July was 0.9% larger than during June,
and with the
exception of April,
was
District No.
the largest since January.
7
(Chicago),
notable Increase in bills accepted, and a decrease in bills held.
a
tinued demand from corporations and small buyers is reported.
on
July
were
divided
and 180 day,
transactions involving
importation
parison of returns from 29 banks shows
as
follows:
only $3,818,000, as against $6,355,000 in June and $13,815,000 in May.
A
con¬
Maturities
30 day, 9.6%: 60 day,
19.9%.
-o
of bills bought
based
were
or
exportation of goods.
an
increase of 4% in
A
com¬
bills bought;
9% in bills sold, 25.1% in bills accepted and a decrease of 14.6% bills held
at
close of month.
The
comparison of acceptance transactions reported
by banks for July and June follows:
29 Banks (In Thousands of
1
Dollars)—
July.
June.
Bills bought..
15,500
14,911
Bills
17,101
13,671
sold
Amount
4,899
8
5,734
22,651
accepted..
16,821
(St. Louis).
The market for bankers' acceptances
days
was
inert and featureless.
in this district during the past thirty
Scarcely any such bills have originated in
this district, and the volume taken by member banks has been insignificant.
From time to time the city banks have purchased, but the aggregate of this
a
light showing.
.
During July another heavy decline in the sales of bankers' acceptances
was reported by dealers.
The sales of five dealers totaled
'
July reports from 29 banks in the Seventh Federal Reserve District show
buying makes
(Philadelphia).
in this district
..534
_
___
District No.
new
dollar exchange continued to decline.
District No.
5 34 ito 5
Responses were received from 16 member banks in the district to
to the easier
weeks, however, purchases of bills covering the importation of
raw
V
5J4 to 5
Held at close of month
substantial
and cotton export bills increased steadily during
August and consituted the major portion of
and
re¬
Delivery in 30 Days.
banks
discount rate during the month.
The volume of grain
a
—534 to 5
The classification of purchases shows 87.7%
increase demand for bills which
accompanied
City demand has been
■
—
—
10.4%; 90 day, 60.1%,
temporarily larger supply of funds at this centre and lower call money rates.
The low bill rate has been maintained during August in
spite of firmer money
rates around the middle of the month.
Dealers report continued sales to
out-of-town
Indications show
—
of bills purchased in
York).
July dealers' offering rates for prime bankers acceptances
declined from 5 34 and 5 34 to 5 %, for all maturities up to three months.
The
due to
dropping off in the
-
N on-el igiblebills
The last week in
were
a
from
6%, whereas the Boston Reserve Bank's carrying rate has been 5%
the greater part of the period.
lower rates
agricultural
business and preparing for
up
~
Eligible member banks.
It is apparent that
tances, probably due to the lack of an active call money market on bills in
Boston and the fact that brokers are obliged to pay the
going call rate of
2
the
bankers' acceptances are as follows:
on
short term repurchase agreements on
accep¬
District No.
In
newal of activity.
was
The market
quickly slackened and the close
demand from country banks and,
At
Country banks and
maturity.
the shorter
appeared for the first time in some months.
Because
supply of 90-day bills
small, the rates dropped toward the end of July to 5 34
% bid.
spurt
Country
eagerly sought at those prices.
were
before.
section of the southern district, the demand for short time securities has
For
period July 21 to Aug. 19 opened with
were
ever
(Boston).
Boston names, particularly on 90-day paper.
orders
grain
corporations have purchased steadily, but in smaller amounts, and have
60 days:
follows:
against
This improved the
number of syndicates have been arranged to originate bills of
a
30 days..
1
drawn
year.
character.
Rates
as
available
a
Spot Delivery.
acceptance market in their respective districts
was
drawn against
few new names of banks, not formerly accepting,
More bills drawn against coal shipments and warehouse
names
offered.
this
ACCEPTANCE MARKET.
The Federal Reserve Banks report the condition of the
District No.
paper
receipts of coal have been drawn in this district than
present
Few appeared
However, the usual supply of import bills
demand by banks in the strictly manufacturing centres.
'
THE FEDERAL RESERVE BOARD ON THE CONDITION
THE
of the
steady increase in domestic shipment bills and
warehouse
money
OF
some
variety of
were
tractors
are
sugar.
noticeable in the general conditions of the
with only momentary variations caused by supply and demand.
erratic character
in the market.
that for the pro¬
highways and for Federal aid in local edu¬
of Federal tax funds for such
same
decline in
In
commerce.
was
acceptance market over the previous month.
return
economically wise,
(Cleveland).
The predominating classifications
shipment, oil and
slight improvement
The
This diversion placed
was
period $3,913,792.
for domestic
to
addition, tax exemption of the flood of State and municipal bonds and of
private securities has diverted from productive enterprise and the cre¬
ation of
5 34—534
during the month of July at $3,124,814 and acceptances paid during the
same
some
in
534—534
District No. 4
the
laws have interfered with the natural
5—534
534—534
180 Days.
Twenty-two accepting banks report acceptances executed for customers
Traylor added:
commodity is regulated by supply and demand.
as a
5—534
re¬
of its bond
5% of the borrowers, 95% being well able
of
90 Days.
5—534s
Eligible non-members' bills.534—534
The interest cost to borrowers has decreased
over
follows:
60 Days.
5—534
Eligible members'bills
lA%.
care
as
30 Days.
Mr. Traylor attributed the former scarcity
of mortgage funds to usury laws which are for the
protection
of not
8,756,973
are
Mr.
the
•
and cotton, some of the articles covered are hides and skins, oil, silk and
the part of the individual and the State.
obtain
Date Given.
$14,127,000
responsible for the great majority of acceptances
issued by the Philadelphia reporting banks.
In addition to sugar, grain
not refer to
proper
is
Outstanding On
:
$5,325,000
...
Foreign transactions
world.
had before the war, but to
banks
July
System will check the
normal conditions will be
to
less stable equilibrium depends to some extent upon the rest of the
as we
these
May
more or
ture
of
June
I feel that the recent action of the Federal Reserve
delayed to just that extent.
The report
Executed During
Preceding Month.
He said:
liquidation which is needed.
decrease in those outstanding,
a
previous month.
10
April
As usual, com¬
follows:
as
1921 March
com¬
plete, and that the lowering of the rediscount rate will check
such
has been found adequate and
cases,
The report of 12 member banks in this district
develop
can
readjustment is
caused
the principal buyers, but industrial firms have bought
compared with the
as
Mr.
are
.
in the United States
in
was
in money,
steady.
considerable amount.
show
Federal
recently while in New York.
in the diminution in
ease
Later in the month the demand for bills fell off,
the supply
remained
mercial banks
a
Savings Bank of
and this, together with the
commodities and domestic trade malting up the balance.
President of the First Trust &
Bank Division Committee
have
The continued falling
cause
Most of the acceptances issued covered
foreign transactions, the exports of grain and cotton and the imports of
sugar being the largest items of this class, and the warehousing of staple
tem to have deferred the
said
since then
rates
The sales for July 1921
In the early part of July the demand
rates to fall somewhat.
MELVIN A. TRAYLOR SAYS LOWERING OF DISCOUNT
In July 1920 only
40%.
increase of 67%.
an
foreign trade has been the leading
our
supply
was
selling in this district.
compared with 1920 show
off in
system.
compared with June
as
District No.
No
Bank
acceptances
were
purchased
9'(Minneapolis).
by
the
Minneapolis Federal Reserve
during July, following the policy of this Bank for the past four
months.
Last year in July this bank purchased $2,674,000 worth of bank-
THE
exchange. No bankers' accep¬
July and none in July last year,
although there were discounts of bankers' acceptances to the extent of
$50,000 in June this year.
Discounts of traded acceptances in July this
year show the smallest total of any month since February , amounting to
only $173,529, as compared with discounts of trade acceptances of $263,252
in June and $336,000 in July last year.
Discount rates for acceptances
er's
acceptances
tances were
and $100,000 In dollar
discounted by this bank during
remained unchanged during
reduction in the volume of outstanding accep¬
total on July 31 being $823,000, which
with $1,341,000 on June 30.
Approximately $500,000 of these
used to finance the domestic shipment and storage of goods, while
compares
Federal
Reserve Bank
invested
in bankers' acceptances, of which about one-half consisted of bills executed
by banks in other districts.
As has been previously reported, the banks
of this district are carrying such a large amount of farmers' loans carried
from 1920 that they have practically no surplus funds available for the
purchase of acceptances or other investment paper originating outside of
this district, and no important change is expected to occur in this condition
and export transactions. The
of Dallas at the close of the month had only $100,000
import
covered
remainder
but little change from the
until after the harvesting
and marketing of the cotton crop.
is expected to be so narrow
District will develop a broad
until at least another year has passed.
margin of profit on the crop
likely that the Dallas
class of paper
to
yields and enlargement of
a more
cast any
favorable autumn season,
extensive
12 {San
of
excess
The
lower
have also been the
the
purpose
bills.
was
prices in the petroleum
Even then the
that itl does not
demand for this
Francisco).
basis of many acceptance
transactions.
:;y,;V
V.;.--.
market.'
000 barrels, as
compared to 36,203,000 barrels.
The number of oil wells
drop of 748 wells as
compared with
wells with an
completed during the month
(California) reports that 76 new
District No. 12
of 19,675 barrels were
abandoned.
California reports an average daily
of crude petroleum for July as compared with
barrels in July 1920.
District No. 10
(Kansas City) states that production of crude oil in the Kansas-Oklahoma
and Wyoming reg'on showed a daily average production of 419,250 barrels
in July in comparison to 394,000 barrels daily production in July a year
ago, while production in Wyoming alone has been reduced to less than
50,000 barrels per day.
The number of new wells completed in the district
was only about 56%
of those completed during July 1920.
The Midcontinent field exceeded all previous records, with a total production of
of July, but 5 wells were
in this
^
gradual decline m the bill rate
output of 331,252 barrels
337,625 barrels in June and 279,169
in monthly yield and daily average
with the exception of the North Texas
group.
In this district only 251 new wells were completed during the month
in comparison with 868 wells in July 1920.
With the price of oil at the
present low point, the cost of drilling deep wells, particularly those of low
productivity, is almost prohibitive.
In nearly all the oil fields the out¬
standing feature is the continued increase in stored stocks of petroleum.
In California on July 31 the stored stocks amounted to 31,634,179 barrels
25,594,982 barrels, although a decrease
registered by all Texas fields
was
compared with 24,406,753 barrels on
as
represents the largest amount
October
nia since
1919.
the same date last year.
of stocks of petroleum
■/'
"
'
Regarding building operations the
to
RETAIL
in the il situation has
for gasoline, which
completed in July, however, showed a
July and early August, being accelerated by
Reserve Bank's rediscount rate on July 25 to
FEDERAL RESERVE BOARD
crude
has been running about 10% in
excess of the requirements during the corresponding period last year.
How¬
ever, it must be remembered that this is the season for the greatest con¬
sumption of gasoline.
Production figures comp'Ied by the United States
Geological Survey show that production of crude petroleum in the United
States for the month of July is 105% of that for July a year ago, or 40,228,-
Bills drawn for
1
during July averaged 12% for
refined petroleum products. Since the peak
price of crude petroleum in the United
A very favorable feature
States has receded 64%.
which began in June continued during
the lowering of the Federal
5}4%- Two days later the
basic rate on prime ninety-day bills dropped to 514% and on July 29 it
was again reduced to 5%, at which rate it now (stands for all maturities
under ninety days.
(The rate for eligible non-member bills is 5%%).
The bill rate also reflects the extreme ease of the money market in Eastern
centres which prevailed towards the close of July, but the subsequent
stiffening there has as yet had no effect on the bill market here.
The
The fall in prices
initial daily production
exchange have not been a factor
slight but gradual
reached last October the average
been the good demand
Northwest.
somewhat larger, due in part to the renewal
As is natural at this season, canned goods
of creating dollar
the month of July continued
decline was noticeable.
halt in the tendency toward
industry, are considered as encouraging factors
petroleum during
a
petroleum and 5% for leading
growing interest in the
supply of bills has been
large block of sugar
a
is also taken from
production, together with the
by the producers.
marketing of crops have been
there is a
consumption,
This decrease in
credit conditions and the appearance of funds
reflected during the month ending
Aug. 15 by a steadily increasing demand for acceptances, especially from
banks in the agricultural district which have already moved their products.
It is apparent that the idea of including a certain proportion of acceptances
in the secondary reserve of banks is meeting with wider favor.
Demand
from country banks has so far been most active in California, although
of
but the situation is not
the petroleum situation
on
While production of crude
in
Improvement in general
from the
or
following
July 1920.
District No.
of foreign trade, fairly good agri¬
manufacturing demand seem to point
such as to fore¬
immediate revival of business in a large sense.
Slight improvement in some branches
cultural
over
seem
manufacturing industries, but taken as a
for the month of August appears to show
preceding month.
the Board's Review for August:
{Dallas).
District No. 11
created in this district, the
bills were
the
whole the employment situation
The
July reports show a further
tances
creasing emp'oyment in various
July.
'
rV--.-
[Vol. 113.
CHRONICLE
REPORTS SHRINKAGE IN
IN AUGUST
'
Board has the following
say:
new
continued dull during July
building situation generally
The
TRADE STRIKING FACTOR
DEVELOPMENTS.
This
in storage in Califor¬
,
with few
The reports from all districts show that the
and dwellings constitutes a large
enterprises undertaken.
construction of moderate-priced homes
building activity, while construction of business and indus¬
practically negligible.
District No. 1 (Boston) and Dis¬
trict No. 9 (Minneapolis) were the only districts which showed increases
in total building contracts awarded (statistics of which are compiled for
seven districts
by the F, W. Dodge Co.).
In District No. l(Boston)
contracts awarded amounted to $19,298,334 as compared with $15,308,072
part of present
The Federal Reserve
Board in its review of business and
financial conditions the past
movement of
trial structures is
month, reports that a heavy
agricultural products to market has been
the
the country during the
month of August.
There has been, says the Board, a ten¬
dency to unusually early marketing and the revival of fair
export demand in certain agricultural lines has operated to
hasten the movement of crops away from the farm.
The
Board, also, in its statement made public Sept. 1, says:
outstanding economic activity of
Deterioration of some elements
during June.
York)
tended to
contracts
in July and
of the agricultural output, notably cotton,
in July and
increase in orders
amount of
lines.
I
month has been afforded
by the shrinkage in retail trade.
During most periods of business transition
such shrinkage has been somewhat belated.
Postponement of reduction in
retail activity is due to the fact that a curtailment of consumption usually
takes place only when accumulated purchasing power is reduced.
During
the past year the maintenance of the activity of retail trade has been note¬
worthy, and only during the past few weeks has a reduction paralleling the
falling off previously noted in manufacturing been observed.
The fact
that advance orders are being undoubtedly placed owing to exhaustion of
stocks is reflected in an improvement in the wholesale dry goods trade during
July.
A tendency towards closer adjustment of retail to wholesale prices
is.also noted, although there are still many outstanding discrepancies.
Large figures for unemployment have been transmitted to Congress,
but it should be remembered that these figures are based on comparisons
with peak periods of employment in 1920.
There are indications of in¬
A striking factor in
(Cleveland) the total
Of these $8,319,248 were for
in July 1921 amounted to
$4,529,261 as compared with $5,-
Due to the decreases in costs of building operations
throughout the past year, the number of permits1 issued in any district
is more indicative of the actual volume of construction than are the dollar
amounts.
In District No. 6 (Atlanta) the total permits issued in Atlanta
previous years. In Nash¬
for any previous month.
District No. 8 (St. Louis) reported that building permits issued in the five
principal cities during July showed a slight increase over the June total,
but a decrease of $587,000 under the corresponding month last year.
Nine
cities of District No. 9 (Minneapolis) issued 1,753 permits during July
valued at $3,906,381 as compared with 1,971 permits valued at $5,602,586
during June.
This district reported that the permits granted during July
were almost all for the smaller types of construction.
Reports for fourteen
cities in District No. 10 (Kansas City) showed a total of 2,240 permits
issued in July as compared with 2,166 in June.
In District No. 12 (San
Francisco) twenty cities reported 7,925 permits granted valued at $15,298,705 in comparison with 8,199 permits valued at $15,450,694 in June.
Building activities in San Francisco and vicinity are still curtailed due to
during July exceeded those
ville the July
>
strike
the developments of the past
Residential contracts totaled $2,971,900
In District No. 4
799,171 for July 1920.
greater activity, many
some
$14,796,800 in June.
$3,543,700 in June.
for new work
In various
show indications of much
mills being "booked up" further ahead than at any
time for many months past.
It is true that July production showed a
falling off in some lines, especially certain branches of the textile industry,
a factor attributed to seasonal dulness, but future orders are almost uni¬
formly reported as very promising.
Flour milling, as a result of heavy
wheat movement, has likewise been exceptionally active.
Little improve¬
ment has been noted in machine industries and in the engineering trades.
Businesses which consume nonferrous metals have been notably inactive.
Price movements have been on the whole limited, but with a slight up¬
ward tendency in the case of some groups.
The Federal Reserve Board
index prepared for international comparisons shows an increase of two
points to 141.
The index number of the Bureau of Labor Statistics for
July was 148, the same as during June.
The current price reports for the
early part of August indicate, if anything, a strengthening of prices in
compared
building contracts awarded was
$39,928,314 for June.
has taken place since the end of July.
lines business continues to
as
$35,669,377 as compared with
residential purposes
as compared with $8,198,377 during June.
Contracts for District No. 5
(Richmond) amounted to $16,026,969 in July as compared with $20,428,761
in June, while $5,335,545 of the July total were for residential purposes
as compared with $4,090,859 for June.
In District No. 7 (Chicago) build¬
ing contracts totaled $41,119,866 during July as compared with $45,199,007
in June.,/,'v
k/'r
Permits for new construction issued in twenty-three of the larger cities
of District No. 5 (Richmond) during July totaled 1,442 as compared with
1,137 issued in July 1920, a gain this year of 26.8%.
The total valuation
modify the previously
textile and leather
residential
during June,
$22,546,142
totaled
"spotty," due to the fact that there has been greater progress in some lines
than in others.
The decline in iron and steel activity continues, although
some
approximately $6,675,000 was for
and residential building for this district
with $34,355,048 during June. Total
awarded in District No. 3 (Philadelphia) amounted to $13,563,100
with $63,561,928
existing agricultural outlook. Re¬
adjustment of costs in many agricultural lines is approaching a point where
i t is probable that, even at present prices, some crops will show good returns.
This early movement of crops to market has resulted in the liquidation
of some outstanding indebtedness even in districts where the carry-over
f rom last year's crop was greatest.
As a result It has lessened the intensity
of the credit demands which might otherwise be expected to occur during
the marketing season.
This has enabled member banks in not a few places
to strengthen their position and to lessen their obligations to Federal Re¬
serve banks..
These factors have on the whole been favorable to the gen¬
eral credit situation, and rates of interest have been moderate.
The manufacturing outlook continues to be decidedly irregular and
has
Of this total
compared with $6,530,000 in June.
In District No. 2 (New
contracts awarded during July totaled $54,500,566 in comparison
purposes as
conditions in the building trades.
employment situation is
The
As there
the past
also
for that month in all
total for permits was larger than
have been no
commented upon as follows:
pronounced changes in industrial
activity during
month it is not surprising that the employment situation should
remained substantially the same.
On the whole there was
have
negligible decrease in numbers employed during July as com¬
preceding month, as the monthly industrial survey of the
States Employment Service shows that 1,428 firms usually employ¬
probably a
pared with the
United
ing 500 or more persons
United
as
States were
located in 65 principal industrial
employing only 1,510,210
compared with 1,527,124 on June 30 1921,
In New England, for example, the leading
present time are not
trades continue to
Boston
industries which are fairly
taking on any more employees and the
be as dull as during the preceding month. The
Public Employment Office reports that during the first twelve
active at the
metal
centres of the
1921
workers on July 31
a decrease of 1.1%.
SEPT. 10
THE
1921.]
working days in August 9% fewer persons were wanted by employers than
during the corresponding period of the previous month, while during the
fewer workers were called for than in June.
month of July 26%
The
demand for skilled workers has been largely confined to the building trades
who wanted to do repair work.
and requests from those
There have been
practically no applications from persons looking for unskilled labor.
14% fewer workers were wanted for the month
ending Aug. 15 than during the preceding month,
filled.
were
labor in the early part
some
decided drop in the demand for farm
of August, and employment agencies throughout the
for workers during August than at any time since the recession
in business set in."
District
In
;
York) slight gains in numbers employed in
that "there have been more applications for positions and
State report
fewer requests
(Philadelphia) there was a slight diminution of un¬
3
No.
in
Harrisburg, Johnstown, Phila¬
delphia, Scranton and Williamsport during the first two weeks in August.
amounted to 1.6% as compared
The decrease in numbers of unemployed
Later reports from individual manufacturers
with estimates for July 30.
further
improvement
in the employment
iron and steel and allied industries there has
provided work for
mills in the neighborhood of
on
strike from June
mills in general are
particular change.
a
few.
It is stated that the textile
Charlotte, N. C., whose operatives have been
1, are now resuming operations and that the textile
On the other hand, many rail¬
adding to their forces.
District No.
6
(Atlanta)
which
New Orleans
the iron and steel district, and in coal-mining sections.
employment is considerable in the building and metal
for June shoAv
decrease of 2% for New Orleans, while increases were re¬
a
corded at Atlanta, Birmingham and Chattanooga amounting to
and .6%,
respectively.
16.7, 1.1
■
The results from the labor
(Chicago) shoAV practically no change in
7
July as compared with the preceding month, as
than .1 of 1 % in the case of 181 reporting firms em¬
numbers employed during
the decrease
was
less
The steel and iron industries in the district are,
Forty-five concerns employing 25,970
ploying 113,668 persons.
however, still reducing their forces.
reported a decrease of 5.6 % in July as compared with June.
men
and iron,
steel
Structural
however, improved slightly and railway equipment shops
Reports from the Em¬
increased the number of men employed by 8.8%.
ployers' Association of Detroit continue to show a slight increase in num¬
employed in the automobile industry.
bers
employment estimated from 6.5 to 10%.
The losses are attributable to
the lack of demand for workers in steel and iron and building trades.
A
labor likewise exists.
surplus of agricultural
District No.
In
9
(Minneapolis) employment conditions showed a sea¬
improvement in July as a result of harvesting requirements and
sonal
In the lumber industry 21%
improvement work.
way
,'
.
trict No. 12 (San Francisco) during July.
approximately the
carried
abundant,
there
improvement in employment conditions in the building trades
cities, and the monthly report of the United States. Employ¬
Outside of San Francisco where strikes are still in progress,
slight
a
of the large
Service also shows that in the case of firms employing
ment
over,
509 men or
Portland. These
but amounted to 14.7%
increases were recorded for Seattle, Los Angeles and
increases were negligible in the two
in the
case
former
cases,
of Portland.
Retail trade and
prices
are
discussed
as
follows:
Retail Trade.—The retail trade situation during the
very
by the reduced
in mining, lumbering, fishing and shipbuilding industries.
have been
crops
on
years.
was
in Dis¬
harvesting operations have been
with the aid of less labor than has usually been taken on in past
Although
quiet and inactive.
dulness,
month of July was
This is, however, the period of normal mid-summer
and fall purchases do
not generally begin until August.
sales were inaugurated in June this year
summer clearance
result was a lull in the July
business.
The
and the natural
Many stores report intensive "shop¬
Reports from representative
districts in net sales for July from
This amounted to 12.3% in District No. 1
ping" in order to secure maximum values.
department stores show a decrease in all
the
same
month
year ago.
a
in larger cities are less than
The decrease in District No. 2 (New
(Boston), where it is reported that sales of stores
of stores
sales
which
was
smaller cities.
in
In District No. 3 (Philadelphia) sales decreased
York) is 11.5%.
11.88%,
widespread depression in the iron
Sales in District No. 4 (Cleveland) decreased 21.4%,
partly due to the continued
and steel industries.
21.7% in District No. 6 (Atlanta)
and 14.7% in District No. 7 (Chicago).
District No. 7 (Chicago) reports
that prices have been reduced further in order to liquidate stocks on hand.
The decrease lin sales in District No. 8 (St. Louis) amounted to 16.5%,
in District No. 9 (Minneapolis) 21.8%, in District No. 10 (Kansas City)
11.7% in District No. 5 (Richmond),
10.9%, in District No.
11 (Dallas) 22.1% and in District No. 12 (San
of
stocks to sales due to the seasonal dulness.
Outstanding orders increased
during July, especially in the latter part of the month.
These orders are
for merchandise actually needed in the stores and are principally for mediumpriced goods.
The increase in outstanding orders seems to indicate that
Francisco)
12.9%.
There is a noticeable increase of the percentage
retailers anticipate a good
demand for fall goods.
Prices.—As has been the ^tse
during the past six months, the August
price situation shows conflicting tendencies.
Prices of leading
commodities, such as wheat, corn, oats, rye and hogs, have
declined,
cotton
has advanced,
early portion of the
agricultural
consistently
while cattle, after advancing during thf
month, showed price recessions at the end.
In thf
further price reductions, bituminous
metal and mineral industries there were
coal,
petroleum and the non-ferrous metals all showing declines.
Toward
month pig iron prices were reported to be somewhat stronger
the end of the
than they
had bpen for some time in the past.
Hide and leather and cottor
different lines
be strong. Or
the whole it is impossible to forecast the general trend of prices during
the month.
Manufactured goods have probably held relatively firm, but
as has been indicated above, many important raw materials have declined
prices in general during the past three or four months have become somewhat more stabilized than they were in the early spring, but whether this
prices showed perhaps the greatest strength of any of the
although finished woolen goods were likewise reported to
ratio to
same
price system
of harmony
are out
relationship of prices in different lines.
prices.
price level
the inter¬
Reserve
Dim
Board,
while that of the Bureau of Labor Statistics showed
June level.
part
whole.
as a
Bradstreet indicated
and
a
is the importance of
measure
July the index numbers of wholesale prices compiled
During
Federal
upon
Both factors probably play
What is difficult to
the several factors of the
war.
price problem lay greater stress on
supply situation in the individual commodity lines than
the
prices to bear
did before the
one another as they
At the same time, other students of the
no
a
by
the
rise in prices,
change from the
constructed primarily for
The Federal Reserve Board index,
international comparisons, stood at 141 in July (Avith the 1913 level taken
100)
The index of the Bureau of Labor
compared with 139 in June.
as
Statistics registered 148 in both June and July on the same basis.
The
important changes during the month were further reductiosn in the prices
of
producers' goods (in which the equipment materials figure largely) and
comparative strength of
the
between June and
As
to
Retail
materials and consumers' goods.
raw
The increase
prices of foods increased for the first time since June 1920.
July 1921 amounted to
a
foreign trade the Board
Foreign Trade.—The July foreign trade
little under 3%.
says:
totalsj are slightly lower than for
June, continuing the declines Avhich set in at the beginning of 1921 in the
of exports, and some months earlier in the case of imports.
valued at $321,000,000 and imports at $179,000,000,
were
exports being
to send us
$142,000,0001
an
analysis of
shoAvs that loAver
net imvard movement for
a
Domestic Commerce
The Bureau of Foreign and
of $60,000,000.
July
Exports
the'excess of
At the same time foreign countries continued
gold in large volume, resulting in
our
foreign trade for the fiscal year 1921, which
prices rather than diminished quantities a-re responsible
for the reduction in our trade totals as
compared with the preceding fiscal
Commodities forming 69% of the value of domestic exports in the
year.
fiscal year 1921 show a decrease in value of 19%, but an increase
of 23% over the fiscal year 1920.
The
of
group
in weight
materials in the same
raw
compilation shows a weight increase of 34%, and the group of foodstuffs
a
weight increase of 37%.
factured commodities shows
noteworthy
as
until recently,
A limited group of partly or wholly manu¬
a
decrease in weight of 4%.
showing hoAv the volume of
our
These results are
trade has been maintained
and that the falling off in the quantities of exports Avhich
movements of goods in the previous
months of the fiscal year.
in agreement also with the showing of the Board's
are
These facts
foreign trade index,
which disclosed relatively small declines in the volume of exports
March and April and
ary,
CRITICISM
a
in Febru¬
substantial recovery in May and June.
S.
J.
POLICIES
RESERVE
FEDERAL
OF
for
It was stated that the increased
demands for labor from agricultural areas were largely offset
numbers employed
This is closely related to the
BY
WANNAMAKER.
-
particular change in the employment situation was recorded
No
still far above the pre-war level.
are
high¬
more men were
employed in July than in June, but the totals were 34% below those
last year.
reduced to approximately pre¬
or
has been observable in the earlier months of 1921 has not offset the large
(St. Louis) show a further increase in un¬
Reports from District No. 8
one
For instance, increases which might occur in the prices of com¬
has made
questionnaire regularly issued by the Federal
District No.
Reserve Bank in
prices of individual commodities if the variations canceled
below it) and that there is fair reason to expect commodity
caso
Statistics compiled by the United States Employment Service
refineries.
less estreme variations
with another (some being at twice the pre-war level while others are
one
un¬
trades and sugar
more or
theory which seems to be held by a number of economists who emphasize
of demand.
unemployment is especially pronounced in
in
A continuation of relative stability
whole might be marked by
levels might be accompanied by reductions in the prices of commodities
war
The demand for
workers has fallen off greatly and farm labor is in excess
women
In
no
shipyard and dock Avorkers remain idle.
road employees,
the
as a
modities which have been "liquidated"
as
and increased activity in building
workers for road and street improvement
trades has likewise
been
situation, but in the
(Richmond) there has been some demand for unskilled
In District No. 5
matter for speculation.
a
price level
another.
employment in the six cities of Altoona,
indicate
fall, is
in the making of
'
\
period of relative stability will continue, whether prices will rise appreciably
or
the
the fact that the various elements of the
just about counterbalanced by losses in the case of others.
sere
In agricultural sections there was a
*
while 15% fewer positions
^
In District No. 2 (New
districts
The
Employment Office noted no improvement in the demand
Worcester Public
from the metal trades and
1107
CHRONICLE
the Federal Reserve Board,
the American Cotton Asso¬
the policies of
Criticising
J. S. Wannamaker, President of
ciation, declared recently that * 'immediate reversal of the
contraction of
worold-wide necessity."
policy of contraction of the currency and
credits is not
only
a
national but
Wannamaker's
Mr.
a
observations
made before the
were
joint Congressional Commission on Agriculture on Aug. 22;
among
other things, he alleged that the Board's policies
in
deflation are "cynical,
cruel and inexcusable," and constitute "financial tyranny
and commercial criminality."
The following regarding his
connection with price
and
currency
allegations is taken from the New York
"Commercial" of
Aug. 23:
Mr. Wannamaker declared that
actions of W. P. G. Harding,
of the Board and his associates has
He
Governor
resulted in widesparead ruin amounting
bankruptcy of the cotton growing sections of the United
asserted that the Board is under the domination of Wall Street.
to virtual
Wannamaker appeared as a
Mr.
Congressional
He said he
by
"In
colossal and unreasonable scale the
witness before the Joint
agricultural situation.
Commission, which is investigating the
endorsed
the
before the Commission recently
Williams, former Comptroller of the Currency, that
sentiment
Skelton
John
States.
expressed
deliberately planning deflation on a
Federal Reserve Board had
committed
Mr. Wannamaker said that the
retired and its membership
a
monumental crime."
present personnel
enlarged to 12.
of the Board should be
He favored giving representa¬
tion to agriculture.
Responsibility for the depreciation in
laid at the door of the Federal Reserve
that
rediscount rates for these
the
market value of Liberty bonds was
Mr. Wannamaker insisted
Board.
If rates were reduced to this point, he said,
be available and frozen credits would begin to thaw.
3M %
of
plenty of money would
securities should not be in excess
•
delfation begun last year
inexcusable." He said that Governor
Harding was largely responsible for this and that anything Mr. Harding
may say at this time will not excuse or palliate actions which resulted in a
loss to agriculture and commerce combined of about $25,000,000,000.
You cannot and ought not to pay an inflated debt with a deflated dollar,
said Mr. Wannamaker.
But this is the very thing which the policy of the
Federal Reserve Board requires the American people to do.
It looked to me and Also to many other thinking men that the Federal
Reserve Board was faithfully serving the interests of Wall Street in squeez¬
ing the value out of Liberty bonds by making them unavailable except on
Mr. Wannamaker
was
charged that the method of
"deliberate, cynical, cruel and
ruinous terms to the debtor for rediscount.
"The
Board
should
operate
in the open.
It should be finally, com-
Dletely and permanently divorced from Wall Street,
the
and instead of being
ally of that system it should|be so constructed as to assure
the nation
that it is
operating for the common good.
"The Federal Reserve Board has in its power the vital
the entire
population's machinery for conducting
policies which in
a
developments of
business. It formulates
brief time (stagnates markets, paralyzes
brings wreck and ruin to scores of thousands of
business and
innocent victims.
1108
"Increased production of crops and
sponding increase in
and
currency
elements in the arteries of
supreme
CHRONICLE
THE
outlined in my letter of
April 30 1921 to the
expansion of trade call for a corre¬
credit,
Chairman of the Committee
am writing to inform you of the state of the finances
development of the Treasury's financial program.
Treasury certificates of indebtedness to the amount of about $535,000,000
on
of these
the contraction
not
Mr. Wannamaker said the small bankers of the United States, because
of
"almost afraid to
will mature
Through the use pf various disciplinary meas¬
will mature
tyrannical actions of the Federal Reserve Board,
call the'r souls their own."
ures, the Board or the
Regional authorities
were
and do make life wretched
can
Mr. Wannamaker said he had read the
More than
fifty
testimony of Governor Harding
pages
had been devoted to "black¬
guarding" the American Cotton Association, he said.
'(Governor Harding has called us Bolshevists and has done
possible to discredit
about $525,000,000 on account of the Quarterly payment of income and
profits taxes, in addition to ordinary revenues from other sources.
a
deliberately, distorted the
ing that the Federal Reserve Board guarantee
"We
made
never
plunge
us
current fiscal year
and there must be
timating the farmers
demand¬
price for cotton," said
Nevertheless,
demand.
Harding
was
to break the cotton
a
was
prices
to the effect that
readjustment, at the same time in¬
profiteers.
were
"Agriculture wb'ch stands at the head of Amercan industry has no
representation
that
tribunal
the Federal Reserve Board, neither *s there anybody On
on
has
who
statements, show
over
pract'cal knowledge of farming or any real
any
a
used
the
policy of artificial and inexcusable deflation had been
organization's
facilities
for
extending
credit
harassed by demands that they reduce their line.
Bankers who
continually
were
Especially
was
this true
of those bankers who held Liberty bonds as security, Mr. Wannamaker said.
The Federal
Reserve Board
actually encouraged, usury.
who asked him what he
man
by its policy not only had winked at, but
Cicero tells of
thought of
a
reply made by Caesar to a
'What do you think of
usury.
murder?' shot back the great Roman.
"But the policy of the Federal Reserve Board Is no new thing.
was
practiced in Atheas hundreds of
years
usury of those times had resulted In
people.
Solomon
the
came on
Who knows but the people of this nation may make
are
"Immediate reversal
of the
a
similar demand.
policy of contraction of the
Liberty bonds should be rediscounted
at
a
3H % and the rate
currency
on
and
commercial
the Federal
Issue $2,692,000,000 of additional Federal Reserve
notes, or grant $3,076,869,000 of addif'onal deposit credits and still maintain
legal gold
reserve
basis of 40%.
actually Increased $502,470,000.
"The per capita circulation does not mean the actual
money in circulation.
we have about $53
per capita now, a great deal of the money is in
vaults, in stockings and in other ways withdrawn from the
marts of
trade
and commerce.
This retirement of money from circulation by citizens and
Institutions is largely the result of the Federal Reserve Board's
unenlightened
policy of brutal deflation."
1922, and 6-months 5% Treasury Certificates, dated Sept. 15 1921, due
Msch 15 1922.
provision
of the Federal Reserve Board had been
for the appointment of members
repeatedly violated.
I
am
convinced
Reserve Act
can
that
be
no
"This mandate has not been observed.
and
proper
effective substitute for the Federal
found, but it should be
now mar
"The board should have
a
so
amended
as
to
cure
the abuses
it.
membership of twelve.
or
by the President and confirmed by the Senate.
"In addition, I would have
sentatives
of
agriculture,
should consist of
the
of
a
a
The
Govern¬
membership of the Board.
well selected advisory board made of
repre¬
commerce
and
industry.
representative from each region.
advisory board would be
The advisory
board
One of the duties of
to confer with the regular board
policy, changes in discount rates and other
matters of
on
matters
importance
to the
credit of the nation."
Mr. Wannamaker said before
any change in discount rates is put into
effect, hearings should be held.
He declared that th;s »s done in connection
with the railways,
and finance, he ins'sted.
was
not
less
important than
transportation.
"Under its present policy the Federal
bound
to
take
the
publ'c into its
subject to call for redemption before maturity, and will be
Federal income tax and
and
local
taxation
the
be
tax
certificates
or
within
normal
corporation income tax, and from all State
inheritance
(except estate and
Federal income surtaxes
designated
TS-1922
Series
but not
taxes),
from
will
The Treasury certificates
profits taxes.
Series TM3-1922,
and
re¬
spectively, and will be acceptable in payment of income and profits taxes
payable at maturity.
Definitive notes
delivery
on
or
and
certificates
about Sept.
banks will be prepared
be available for
will, it is expected,
15, but wherever
to issue interim
Federal Reserve
necessary
receipts pending delivery of the
definitive securities.
Applications for the
notes and certificates will be received in regular course
through the several Federal Reserve banks, as fiscal agents of the United
States, from which full particulars concerning the offering may be obtained.
Banking institutions which
moneys
are duly qualified as special depositaries of public
will be permitted to make payment by credit upon usual terms for
notes and certificates allotted to them for themselves and their customers.
mature
Sept. 15
1921 and Oct. 15 1921 will be accepted at par, with an adjustment of accrued
interest, in payment for
may
certificates of series
any notes or
now
offered which
be subscribed for and allotted.
To Distribute
With the completion
Shorl-Datei Debt.
the Sept. 15 operations, the Treasurv expects to
show further substantial progress in the expectations of its plans for dis¬
tributing the short-dated debt
gram was
over
the period of 1923 to 1928.
Reserve Board
more
fully described in
tutions of the country.
The notes then offered immediately proved attrac¬
which has greatly faci'itated the?r secondary distribution
ing banks.
not
to
mar¬
by subscrib¬
According to the latest reports of the Federal Reserve Board,
only $52,019,000 of the $311,191,600 of Treasury notes issued
were
pro¬
of June 8 to the banking insti¬
my letter
tive to investors and from the outset have enjoyed a broad and active
on
June 15
held by the reporting member banks of the Federal Reserve System
Aug, 24 1921, and
the Federal
on
Aug. 31 1921 only $3,200,000
Reserve banks to
The market for Treasury
loans and
secure
were
p'edged with
discount.
clert'ficates has likewise continued
to
develop.
The latest reports from the Federal Reserve banks show that
on Aug. 24
reporting member banks held only $171,383,000 of Treasury certifi¬
cates, as against $203,000,000 on Mav 25 I92i and $235,000,000 on Feb. 25
1921
1921, and that
to
secure
on
Aug. 31 1921 only $26,800,000 of the $2,542,000,000 loan
loans and
discounts,
as
Federal Reserve banks
against $53,400,000
on
May 25 1921.
Important progress has a'so been made in the distribution of Victory
Liberty Loan maturity.
been reduced from
The amount
$4,022,116,055
on
of Victory notes outstanding
May 31
1921
a
was
$4,495,374,300,
has
to $3,806,172,250 on
Aug. 31 1921, on the basis of Treasury daby statements.
Victory notes originally issued
so
The amount of
that this represents
total reduction op about $689,000,000.
These
satisfactory resu'ts have been
co-oreration
effective
of the
banking
due
in
small
no
'nstitutions
of the
measure
country
d'str'bution of short-term Treasury securities among investors.
I
to
the
in the
am
confi¬
dent that the Treasury can count on your continued co-oneration and sup¬
port in the furtherance of Hs n'a^s for dealing with the short-dated debts,
and hope
your
that
you
will subscribe 'iberally for the
successful efforts to distribute them
Cordially
seems
confidence," said Mr.
This
successfully launched with the first offering of Treasury notes in
June, and is
three,
regions should be
approved
not be
and tax certTicates outstanding were p'edged with
These representatives
should be selected by the respective regions, and not more than two
if any of them, should be bankers.
The selections of the
ment must have full control of the
thereabouts.
acceptable in payment of income and profits taxes payable at or
six months before
maturity.
The notes will be exempt from the
on
"The law specifically provides that in selecting members of the
Federal
Reserve Board the President shall have due regard to a fair
representation
of the different commercial. Industrial and
geographical divisions of the
and defects which
The combined offering is for $6 00,000,000 or
and. like those of Series A-l924, offered in June, will be straight 3-year
notes, will
ket
Mr. Wannamaker said it would be impossible to
pay the huge debts con¬
tracted by the United States and her citizens with the circulation contracted.
country," said Mr. Wannamaker.
short-dated
These figures from the Comptroller's
While
Mr. Wannamaker said the legal
disbursements,
offering of 3-year 5 XA % Treas¬
an
ury notes, dated Sept. 15 1921, due Sept. 15 1924, and of 1-year 5lA%
Treasury Certificates of Indebtedness, dated Sept. 15 1921, due Sept. 15
official report prove that while the per capita circulation based
upon the
gold reserve had increased $460,000,000 in the last 12 months the gold
reserve had
should be, according to the
small net current surplus for the quarter.
a
Treasury Certificates of Indebtedness of the series which
Aug. 2 that
a
With the payment of income
and in furtherance of its announced nlan for dealing with the
We
am won¬
world-wide necessity.
and agricultural paper should at once be reduced to
4%.
"The Comptroller of the Currency stated on
now
I
to the process.
contraction of credits is not only a national, but
Reserve banks could
The
canceling all debts.
paying heavily inflated debts with cruelly inflated dollars.
dering if the people will always tamely submit
available,
debt, the Treasury is announcing to-day
The same
before the birth of Christ.
making virtual slaves of nearly all the
scene and enacted a law
ordinary receipts) of $161,464,774.96.
now
months of the
the basis of the Treasury daily
on
(excess of ordinary disbursements
deficit
current
The treasury notes will be designated Treasury notes of Series B-1924,
Contraction of the currency, restriction of credit and all the other evils
encouraged and used by the Federal Reserve Board, he said.
net
To provide for its further requirements, Including current
sympathy with the tiller of the soil," continued Mr. Wannamaker.
which contribute to
through Aug. 31 1921
a
and profits taxes in
September, however, there
best information
of thousands of our citizers into bankruptcy.
scores
The statement of Governor Harding at that time
must come down
a
such
arv
the effect of that statement of Governor
and
The current operations of the Government for the first two
statement some time ago that the cotton
pound for their product.
"The statement sent out by Governor Harding represented us as
market
while
Oct. 15 1921 there will become payable semi-annual interest on the
Fourth Liberty Loan and other interest aggregating about $145,000,000.
These maturities of
principal and interest amount to over $1,150,000,000.
on
Against these payments the Treasury expects to receive during September
especially when he sent out
Wannamaker.
will also become pay¬
which, with other
the Third Liberty Loan,
everything
growers demanded 32 cents a
Mr.
On Sept. 15 1921 there
on
that date, will amount to about $100,000,000,
on
associates and myself," said Mr. Wannamaker.
my
Mr. Wannamaker said Governor Harding had
truth
Sept. 15 1921 and about $382,000,000 additional certificates
on
on Oct. 15 1921.
able the semi-annual interest
interest maturing
for the small banker, he said.
before the commission.
Ways and Means, I
and the
business affairs."
our
[VOL. 113.
new
among
issues and continue
investors.
yours,
be
A.
Wannamaker.
W.
MELLON,
Secretary of the Treasury.
"The board changes its plans
overnight and raises the discount rates without
Nobody knows who or what may be behind
jthis change, but by
an arbitrary
ruling the whole credit system of the country is altered.
This
notice.
results in
widespread embarrassment-if not actual ruin.
"It ought to be clearly shown to the nation that a
raise in discount or
rediscount rates is necessary before such a
policy is promulgated.
By the
use of a tyrannical and
arbitrary power the Federal Reserve Board can
almost in a moment convert a solvent man into a
bankrupt.
The power
to issue these abuses should not be
given the board."
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD
Federal
The
the following
TO
EXERCISE
Reserve
Board
TRUST
has
institutions to exercise trust
The Pulaski National Bank, Pulaski,
In
announcing
short-term
a
combined issue of about $600,000,000
Treasury
notes
and
from six months to three years,
the following letter to the
certificates,
banking institutions
of the
Virginia
National Bank of Little Rock, Arkansas,
The Citizens' National Bank of Cameron, Texas.
of
maturing in
Secretary Mellon has
The Exchange
powers:
Virginia.
The Central National Bank of Richmond,
SECRETARY MELLON OUTLINES TREASURY POLICY
FOR HANDLING SHORT-DATED DEBT.
POWERS.
granted permission to
STATE
INSTITUTIONS
sent
coun¬
try, outlining the Treasury policy for dealing with the shortdated debt:
ADMITTED
RESERVE
The
following institutions
Reserve System
TO
FEDERAL
SYSTEM.>
were
admitted to the Federal
in the week ending Sept. 2:
Total
Dear Sir:—'With the announcement of the second issue of the
short-term
Treasury notes pursuant to the
program for
handling the short-dated debt
District No. 9—
Security State Bank, Wolf Point, Montana
Capital. Surplus.
.$25,000
$3,500
Resources.
$231,826
Sept. 10
THE
1921.]
SHORT
NEW
OFFERS
MELLON
SECRETARY
1109
CHKONICLE
knowledge of those in America, whose minds and experience must of neces¬
TERM
There would not be
sity direct the trend of government.
NOTES AND TREASURY CERTIFICATES
he
were
even
a
superman,
who could fittingly serve
a man
in America,
President of tie
as
'
United States if it were otherwise.
OF INDEBTEDNESS.
I have come to feel
Secretary Mellon
on
Sept. 8 announced a combined offer¬
ing of 8600,000,000
or
thereabouts of 3-year 5b£% Treasury
new
a
I find everywhere about me
men
who
of the great load that comes to any
can
take
upon
executive.
their shoulders a part
I feel
concerning the
so
I feel so concerning General Pershing and all men with
Secretary of War;
Sept. 15 1924, 1-year 5%%
Treasury certificates, dated Sept. 15 1921, due Sept. 15 1922,
,
confidence in myself because of the capable
notes, dated Sept. 15 1921, due
whom I come in
and
experience, remind you that if the War College is the
institution which brings the knowledge of experience into a blend with
six-month] 5% Treasury certificates dated Sept. 15
1921, maturing March 15 1922.
The notes will be straight
three-year notes, will not be subject to call for redemption
before maturity and
The trouble with the world to-day is that too many theorists know
will be acceptable in payment of income
this life brings the wisdom of
issue of gold notes
an
approved
Congress
offers for subscription at par and accrued
lead
dated and bear interest from
one-half
sand more of pagan
taxation
all
State, or any of the
principal and interest,
income
Now, that may seem to be a strange statement to
officers of the army to precede your
I
prescribed or approved by the Secretary of the Treasury, in payment
and
profits taxes payable at or within six months before the
be
constitue part of his estate, shall under rules and
United
the
or
States
at
par
and accrued interest in payment of any estate
inheritance taxes imposed by the
any
present
The
notes
this series
of
right is
reserve
amount of notes
out notice.
made
and
future law
upon
United States, under
by virtue of
or
such estate or the inheritance thereof.
will be acceptable to secure
applied for and to close the subscriptions at any time with¬
Federal
payment
upon
After allotment
15 1921, or on later allotment.
Reserve
Banks
pending delivery of the definitive notes.
existing deposits, when
district.
Treasury
so
of
Series H-1921, both maturing Oct.
may
indebtedness
of
Series
TS-1921
I
can
tions
proportion to the intelligence, the poAver and the glory of
one branch of American reliance for national defense.
in
GROWING
IS
WORLD
AND
SAYS
UNVEIL¬
BETTER,
ING OF PEACE PORTAL.
President Harding
15 1921, with any unmatured interest
Series B-1924 now offered which
WISER
PRESIDENT HARDING IN LETTER ON
and
shall be subscribed for and alloted.
cited the unfortified boundary line of
than three thousand miles between the
more
and Canada
United States
could exist
the best evidence that nations
as
peaceably without excessive armaments, in a letter read at
the dedication of a peace portal in commemoration of more
CERTIFICATES
TREASURY
OF,
the army,
Avhich is
F-11921, and
attached will be accepted at par, with an adjustment of accrued
PREPAYMENT
fullness of the heart and the depth of the
issue interim receipts
15 1921, and of Series
interest, in payment for any notes of the
t
soul.
and I know
say Avith all my heart that, Avith the aid of knoAvledge of the aspira¬
which will come to this association and study, you will contribute
cannot answer with the
notified by the Federal Reserve Bank of its
certificates
There should never
will be if there are
understanding with the peoples of the world, and if Ave have that there
will come a time when we will be drawn into conflict that all Americans
Avhich it shall be qualified in excess of
Series TS2-1921, both maturing Sept.
coupons
That is a lack of understanding.
in authority who
Any qualified depositary will be
permitted to make payment by credit for notes allotted to it for itself and
its customers up to any amount for
home.
is distressing us in West Vir¬
Gentlemen, I Avisli you well in the year of study before you,
to reject any subscription and to allot less than the
before Sept.
have no conflict like that Avhich
never
deposits of public
Payment at par and accrued interest for notes allotted must be
or
on
civilization to
One is the understanding among men at
Avill insist on a full understanding first.
I do not know how you will approve, but I want you, for the time being,
to be the advisers of an Administration that seems for America fullness of
but do not bear the circulation privilege.
moneys,
The
or
possible occasion for conflict.
all subscribe.
conflict between civilized nations and there never
a
men
regulations prescribed by the Secretary of the Treasury, be receivable by
activities in the defense of our national
that we must put
firm believer that there are two essentials to the
ginia at this hour.
continuously for at least six months prior to the date of his death,
person
and which upon such date
a
we
We ought to
Any of the notes which have been owned by any
maturity of the notes.
am
which
American citizens.
make, but I want you
insistent understanding among peoples
that
furthest aside any
interest, during such time and under such rules and regulations as shall
income
Avith
life
Notes of this series will be
of
Administration for any war
could not enter with all your heart and soul as
that you
hereafter imposed by the United States, upon the
be
be called to service during the present
never
pfoits of individuals, partenrships, associations, or corporations.
accepted at par, with an adjustment of accrued
or
America, without
say we have come the nearest to unselfish, con¬
people of the world, and I pledge you now you will
slow proceeding, and I believe we of
a
scientious warfare of any
tional income taxes, commonly known as surtaxes, and excess-profits and
now or
been
has
unseemly boasting, can
any
possessions of the United States, or by any local taxing
authority, except (a) estate or inheritance taxes, and (6) graduated addi¬
war-profits taxes,
doesn't
apply quite to all the nations of the world.
It
imposed by the United States,
hereafter
or
now
civilization concerning which we are informed we have
only lately come to areal civilized state of armed warfare—and that
coin of the present standard of value.
The notes of said series shall be exempt, both as to
from
civilization, four thou¬
consider that in two thousand years of Christian
to
The notes
The principal and interest of the notes will be payable
in registered form.
in United States gold
maintenance of law and
perfectly futile to think there may never be conflict when you stop
It is
$10,000 and $100,000.
but there never can come a
authority and for national defense.
atatched will be issued in denomina¬
$5,000,
I think there will be less of armies and
time when there is not a requisite agency for the
subject to call for redemption before maturity, and will not be issued
not
are
$500. $1,000,
of $100,
heart we are coming to a time when wo are going to
I wish it with all my heart,
less of navies.
per cent, per annum
Applications will be received at the Federal Reserve Banks.
Bearer notes with interest coupons
is made,
be a time without the necessity for armed forces in every
diminish the burden of armament.
payable semi-annually on March 15 and Sept. 15 in each year.
tions
profession for the future,
matter what tremendous and gratifying progress
I believe with all my
as
and will bear interest at the rate of five and
your
the best aspirations of the world
government.
amended.
The notes will be
Sept. 15 1921, will be payable Sept. 15 1924
1917,
us, no
there may never
of Series Bof the United States authorized by the Act
24
Sept.
said about
but, men of the army, no matter where
may
of
experience into a blend with the teachings of
real progress.
I do not know what ought to be
interest, though the Federal Reserve Banks, Treausry notes
1924, of
nothing
experience, and whoever in
theory makes a contribution to
follows:
The Secretary of the Treasury
institution of practical value.
theory, it is one great
The text of the offerings of the notes was as
maturity.
particularly appropriate to this occasion.
about actualities and have learned noth'ng of
profits taxes payable at or within six months before
and
contact who are in authority.
There is little that I could say
I can, from my own
OF
1
INDEBTEDNESS.
than
Secretary of the Treasury Mellon announced on Sept. 7
on and
of uninterrupted
century
a
President's
The
peace
between America
Britain.
Great
and
letter
was
written
to
Samuel Hill of
dedicated on
declared
that the unguarded Canadian border and America's un¬
redeem in cash before Sept. 15 1921, at the holder's option,
broken amity with Canada were the best examples that
at par and accrued interest to the date of such optional
redemption, Treasury Certificates of Indebtedness of Series the "world grows wiser and better," and, having in mind
that he had authorized the Federal Reserve banks
Thursday Sept. 8 1921, and until further notice, to
after
dated Sept. 15 1920, and Series TS-2 1921, dated
TS 1921,
March
15
Seattle, who conceived the idea of the portal,
6.
the forthcoming conference
for the limitation of armaments,
expressed the belief that the time is at hand
he
1921, both maturing Sept. 15 1921.
PRESIDENT HARDING SAYS THERE MAY NEVER BE
take
a
The ancient Romans erected a
While expressing
when
are
we
President
group
the belief that "we
coming to
a
time
Harding in
an
address
on
September 1
told
a
of army officers that "no matter where the best aspira¬
without
ment."
lead
us, no
matter what tremendous
is made, there may never be a time
the necessity for armed forces in every govern¬
President Harding's observations were made at the
gratifying
progress
opening of the fall term of the Army War College at Wash¬
ington, and
we
give herewith his address:
I think I will relieve my
I
embarrassment by telling you a Cabinet secret
which came to my mind while the Secretary
of War was emphasizing his
temple to Janus, a dispenser of peace
and
closed
nation was
closed but three
You have erected a temple of peace, whosb gates are never to be
save in war.
Already it stands for more than a century of unbroken
peace
between Britain and
and ordered that its gates
war,
going to diminish the burden of armament,"
tions of the world may
and
are
FORCES.
when all the
step in that direction.
In his letter the President said:
world may
TIME WITHOUT NECESSITY FOR ARMED
In it, the President
the international line Sept.
at
Avar.
times.
"In
coming times it
period of
may
wars for
should never be closed while the
centuries they are said to have been
seven
America, and Ave all join in the hope that
commemorate an era of peace much
in
longer than the
Avhich the temple of Janus stood.
British Empire; our relations
line over 3,000
unfortified—these are the testimonies that the world
wiser and better.
All mankind looks to this example, yearns to
it, and we are justified to believe that a time is at hand when it may
Our century
and more of peace with the
amity Avith Canada;
of unbroken
the fact that a boundary
miles long remains
grows
follow
take
a
long step in that direction.
dedication of the Pacific peace portal I
On the occasion of
to you
a
personally
my
wish to convey
patriotic service in providing
doing so I Avould also thank
Association (the builder of the portal for the fin
high appreciation of your
symbolic shrine to international peace; and in
the
Pacific
Highway
In the Cabinet, where we are
times, the Secretary of War is
called "Mars."
Frankly, I should feel a continued embarrassment in
his presence were it not for the fact that I am glad to come and express
the interest, the encouragement and the good will of one who is, by virtue
of his office, for a period Commander in Chief.
I have to smile sometimes at the term, conscious as I am of my own ina¬
co-operation it has rendered.
things for which the executive is responsible.
This conviction, and the realization, comes to me every day, but I have
come to know and am satisfied to believe that the President, after all, is
prices that
duty as a civil agent
of the Government.
sometimes familiar, as all men like to be at
bility to understand all the
just the agency employed in
focusing the judgments, the conviction, the
NATIONAL ASSOCIATION OF CREDIT MEN
HIGH RETAIL PRICES BLOCK
Pointing out that many retail merchants
J. H.
tion
are
Credit
continue to ask
replacement,
National Associa¬
message to the 33,000
still out of proportion to cost of
Tregoe, Executive Secretary of the
of
Men,
has issued
DECLARES
BUSINESS RECOVERY.,
a
1110
THE
CHRONICLE
ganized labor would form
manufacturers, wholesalesr and jobbers in that organization
stating that this is why the present industrial depression
continues.
Calling
upon
stored until values
confidence, which cannot be
right, Mr. Tregoe points out
are
cal
labor cannot accept a lower
wage while
their present level..
that
Addressing the members of the country¬
This organization, according to
announcement, will function in all local, State and na¬
elections.
State federations and locals will name
tional
re¬
living costs maintain
permanent non-partisan politi¬
a
campaign organization.
the
merchant to do his part
every
toward the restoration of
[You 113.
campaign committees
tee at
Washington.
ganization, it
to
co-operate with
central commit¬
a
The program for the perfection of
wide organization, which has affiliated branches in 130 cities,
The
Mr.
part in elections and to obtain recognition as a factor.
Tregoe
says:
When the wage earner finds that what remains of his
pay envelope after
providing food, clothing and shelter
if
at
anything larger than what remained
statistics
present retail prices is very little
one
have declined in recent months.
The pay
him than the statistics.
prices in these commodities
envelope is
a
better argument to
portion of commodity costs
that
even a
slight difference has
than differences in the cost
convinced that he
of
an
appreciable effect, much larger generally
materials.
raw
The wage earner must be
maintain
can
a reasonable standard of
living on a de¬
yield gracefully to the liquidation pressure.
naturally, therefore, to this question.
Why have not retail
prices declined in proportion to wholesale prices?
The following figures
disclose that they have not.
creased
Farm
products and food at wholesale declined about
52%.
Retail
prices for food have declined but 33.9%,
The wholesale prices of cloths
and clothing have declined
45.9%.
The retail prices of cloths and clothing
have
declined 22.5%.
Wholesale prices for house furnishings declined
27.6% and retail prices of house furnishings have declined
15.3%.
These
It is proper to expect that the decline in
retail prices should lag somewhat,
but the differences shown above are too
great and have retarded beyond
doubt the liquidation of labor costs.
The high prices of the
post-war
period have not yet lest their effect and many retail
merchants, especially
the purveyors of foo(}
tuffs, have asked prices the commodities would bear
and have not made
p-lces In proportion to cost of replacement.
Herein is
very
a
serious mistake being made.
do his part toward
resumed
costs
are
until
the restoration
values
of the
Every merchant, large
right,
are
of confidence.
and
values
or
small, should
Confidence cannot be
be right
cannot
until labor
proportion.
Labor costs cannot be of the proper
proportion until food, clothing, shelter and fuel can be
bought at reason¬
able
proper
prices.
It Is merely hindering the game and
increasing
merchant to take advantage of the
problems for
our
retail
a
spirit that has carried over from the
post-war period and doesn't give to his buyers the advantage of the differ¬
in the cost
ences
insist
upon
to
him of the commodities he sells.
treatment
proper
in this
urge their customers to pass on
matter.
Our
people must
members
own
is
the advantages they have received
to their
bringing labor
costs to
a
basis where its effects will be
widely felt and
AND LOSE THAN NOT RESIST AT ALL"
IN WAGE
COURTS—BANKS
of
lantic City
could
BE
American
tunities."
We have
The
in
men
At¬
of
"successfully resist
offer
of
of
wages," but added that "it is better to resist and lose,
or
every
compromise, than not to resist at all."
the
workers, "you
such
is
an
the
first
time
important
in
degree
the
the
"If you don't resist,"
the employer into the
encourage
idea that you can't and won't."
This
Mr.
Gompers said:
history of the labor
workers
have
been
integrity of their membership.
Yet
trated drive by employers, business
and
has been conducted against them
movement
Whenever
been
a
followed
resist
reduction
Let
the present state
of wages,
to
or
do
resist and
don't
in
it
even
or
in
the
been
all
able
to
maintain
to
there
been
candor
a
the
concen¬
against union workers
accepted
have
such
called
to
the workers
that
not
to
every
resist
at
in
all,
because
if
you
can't
you
won't.
and
The Executive Council of the
Federation, meeting in At¬
Aug. 27 that it had decided to make
its own
investigation of the big banks and insurance com¬
panies of the country, "to ascertain what these
institutions
are
doing with the millions
by
wage-earners."
President
Gompers
The
and
in funds intrusted to their care
investigation
other
ordered
was
presidents
of
after
international
unions had
presented arguments that funds paid to
and insurance companies
by workers were
banks
being invested in
industries which
were foremost in
reducing wages, causing
widespread unemployment and promoting legislation
unfa¬
vorable to labor.
the
Corporations charged with denying labor
right to collective bargaining were declared to be
espe¬
cially favored by financial institutions that flourish
savings deposits of
the
wage-earners and
discrimination that
wage-earners.
Who
is
to
American
not divulged.
identity of the investigators
announcement
was
also
Federation
It
was
ever
made
discouraged.
land
What deeply
concerns
the unfair, unjust and
is
unwar¬
is
being made against the workers in denying
rights and j privileges enjoyed by those in control of the
same
Corporate industries to-day present the situation of where those
corporate
industry receive every possible protection and encourage¬
organizations of
ment
from
the
Government
couragement and
part of
fairs
those
of
Government
do
factor
wealth;
in
in
the
the
sacred
protest
rceive
wage-earners
hand with the
impartial
an
function
active
of
humane
and
and
against
this
only
hostility
The
way.
intolerable
dis¬
on
the
our
administering
assert that, if preference is to be given
af¬
organized
and
inhuman
to any element
industrial life,
labor, not capital; service, not
should receive that higher consideration, en¬
not the dollar,
man,
where
every
with
social
our
and
on
alone
not
discrimination, but
or
met
are
entrusted
wage-earners
couragement and protection.
The
Executive
Council
practice
of
also
collective action
services
large
corporate
granted to them by the
views
the
industries
arrogant
of
denying
and
collective
and
unwarranted
as
.unjustified
anti-combination
branches
of
under
and
vicious
their
wage-earners
the
for
the
sale
corporate
of
their
charters
State.
laws
State
our
attitude
the
agreements
The complaint of the workers
against the
and
is
not
alone
Governments.
on
not
would
the
of
misuse and abuse
directed
Indeed,
greater
of
conspiracy
the
against
legislative
abuses
have
entered
same
of
States
Supreme Court in taking the heart out
Clayton law intended to safeguard the rights of the
America in
the
an
decision
Federal
Judge
enacted
the
the
of
Boyd
courts
in
has
been
declaring
Company
country.
our
date
that
The
or¬
and
invalid
the
law
The decisions of the courts in the Hitchman
the Coronado
eases,
case
and
others
but
are
cumulative evidence
the
deep-rooted efforts being constantly made to destroy the
hopes and
aspirations of the wage-earners for an equal
opportunity to protect and
promote their
The
common
Executive
by the
interests with all
Council
further
banking institutions and
funds entrusted
of
to
their
for
care
other groups
in
land.
our
to investigate the methods
proposes
insurance
companies
investment and
in
used
the
handling of
safekeeping by the wage-
land.
It intends that the
savings of the workers shall no
longer be used to deprive them of their legislational and economic
rights
and
our
opportuinties.
Organized labor intends not to
suffer longer under the
persistent efforts
being made to misrepresent their hopes, aims and aspirations, and to
deny
them equal rights and opportunities with all other
classes of citizens.
The
the
Executive
Council
was
advisability of establishing
There
also
was
pictures
by
the
talk
of
reported
a
to have considered
chain of daily newspapers.
producing and
Federation
through
exhibiting motion
its
own
studios
and
theatres.
CAMPAIGN
UNDER
WAY
TO
RELIEVE
UNEMPLOY¬
MENT IN NEW YORK.
With unemployment growing increasingly serious in New
York, and the announcement from Washington that Presi¬
dent Harding was preparing
on
the
to call
a
national
conference
question, Bird S. Coler, Commissioner of Public Wel¬
fare in
to cope
this city,
took steps to organize a relief campaign
with the situation, and
on
Sept. 7 the Board of Esti¬
mate authorized the appointment of an Industrial Aid Com¬
mission of three members to relieve
propriated $25,000 for
an
unemployment and ap¬
Industrial Aid Bureau to register
jobless persons and to co-operate with the Federal Govern¬
ment
in
whom
divulged.
recently made in the decision of
unconstitutional
by Congress and signed by the President to protect child life in
industry of
the
Labor, and
said whether the
be
the United
of
labor sections of the
of
conduct
to be obtained from the banks and
insurance
was
be
our
corporate wealth of the nation.
Bird S.
how data
are
citizens of
the
them
the
for
companies
review of existing corporate tendencies, the
influence and strength and the advantages, rights,
rantable
on
investigation
the
careful
a
their power,
to
cannot
we
offer of reduction
the employer into the idea that
lantic City, announced
*
financial, commercial and industrial his¬
Governmental policy that should
a
by employees it has
upon
you
successfully resist
as
high peak of organization, but it is better
compromise than
encourage
has
finance
We
in
say
of organization
lose
resist you
me
never
has
wages
by other reductions.
reductions.
read:
our
are denied to all
other groups of people in our land.
The Executive Council does not view the
granting of corporate charters as
earners
where
the last year.
in
time in
a
tory which demands
sources
of
reduction
he told
statement
reached
privileges and immunities they have secured, and which
inhuman
Federation
Aug. 28, admitted that the labor organizations
not
are
decision of the Duplex
Printing Company case
illuminating sample of power of the judiciary to annul legislation
enactments by narrow, strained and class-biased
interpretation.
A most
INVESTIGATED.
the
gathering of union
a
the announcement
tendency" in legislation and to "judicial decisions which
workers
INVEIGHS AGAINST
Gompers, President of
Labor, In addressing
and
organize local committees
destructive of workers' equal rights, privileges and oppor¬
is
L.
TO
will
community to familiarize the public with "all that
•The action
Samuel
The
review of the development
a
departments of both State and Federal Government, and which
have seriously impaired the
legislative rights of workers.
SAMUEL GOMPERS SAYS "JT IS BETTER TO
RESIST
OF
prominent
the judciial
assist in the restoration of confidence.
DISPTJTES—A. F.
a
going on," with particular reference to the "reactionary
should
customers and by
bringing the cost of living to proper proportions we will
Increase the margin of the
weekly pay envelope and lessen the difficulty
of
in every
right to
Our
was
Executive Council
to
measured for the year June 1920 to June
1921.
were
hopes to take
means
corporate tendencies in America
that the
before he will
wage
Our eyes turn
declines
of
***
'
We have appealed for aliquidation of labor costs and
aliquidation even at
some scarifice.
Labor furnishes such a large
by this
general statement issued
wonders what the
year ago, he
all about which show that wholesale
are
Federation
or¬
announced, will be made public shortly.
was
securing
work.
The
commission
is
composed
of
Coler, WTlliam F. Deegan and John Sullivan, all of
without any remuneration.
serve
The Industrial Aid
Bureau will be represented at the national conference to be
held in
Washington during this month to inquire into the
unemployment problem.
the task of
Special
stress
will
finding work for the 16,000 able
is estimated,
are now
be laid
seamen
upon
who, it
out of work owing to the recent fall-
Sept. 10
The New York "Times," in
ing off in merchant shipping.
"Along the waterfront every morning one may see them—shadows of ro¬
prominent in the city's business life and in
social work were invited by Bird S. Coler, Commissioner of Public Wel¬
fare, to become members of a permanent committee to deal with unemploy¬
ment and destitution.
The committee will be known as the Mayor's Com¬
mittee on Unemployment, and, according to Commissioner Coler, others
bust
manhood
after
Aug. 31, said:
discussing Commissioner Coler's plans on
a
Thirty-five men and women
will be asked to
Deegan,
State Vice-Commander of the American Le¬
submitted
Estimate at its meeting on Sept. 7.
They include:
the armories here as sleeping quarters for the destitute.
Board
of
Use
of
be
will
proposals
The
to
such
authorized,
Such
a
as
need.
that have
JYarns
Commissioner
in
Coler,
a
Outsiders
to Stay A way.
statement last night, emphasized
the need of
and of caring for the people of this city rather
New York was not going to become the "dumping ground"
than outsiders.
the
unemployed
warned
outsiders
"To
the
of
and
the Commissioner
country,
declared, and he
against coming here.
first effort of the Central Com¬
"It hopes to reach the Federal, State
The Mayor of New York and all other city offi¬
City Governments.
their hearty and earnest co-operation.
"A sub-committee will be formed which will take up with the Federal
Government the care of alien sailors left in this port through the failure
have promised
cials
Shipping Board to return them to their native coun¬
United States
the
In this connection, the Commissioner
tries."
added that he would call on
Shipping Board to man American ships with American
States
United
'sailors.
•
is
"It
planned that
sub-committee will be formed for each borough,
a
organizations, and
millions of our people would rather
The
John F. Ellsworth, Chairman N. Y. County
;
following
statement
situation in New York
ward
Underwood,
was
unemployment
Aug. 29 by Major Ed¬
relative to
made
in charge of
on
the
social work here for the
Salvation Army:
I
back
came
Germany, where I had been witjx the army,
from
and unemployment was then slightly apparent.
ary,
in Janu¬
It has grown stead¬
ily since, and last January began to look really serious.
It looks now as
this will be the worst winter we of the present generation have ever
if
known.
will make every
We are going to do every¬
thing to force conditions to the attention of people, and to bring about, if
possible, city, State and Federal co-operation.
All will be needed.
We
organizations which have joined for the winter work
The
humanly possible to alleviate suffering.
effort
face
a
problem.
tremendous
Men out of work are
every
the
way
sleeping everywhere
|in the open now, in every park,
they can huddle out of
pier, in alleys, store yards, and any place
They cannot do so when it becomes cold.
the Bowery the bread lines are growing.
In the week of Aug. 9
and rest.
Down in
$315.45 on fifteen-cent meals.
Every day 150
relief office in Fourteenth Street asking for work.
Browery Branch spent
the
200
men
to our
come
They want to work, but there is little work for
Plea for
In
times like these
careful to
see
gets a square deal.
weed
A
out the
man
them to do.
Ex-Service Men.
the grafter gets all the
that the
best of it, and we have to be
willing to work and with a family to support
We are starting a wood yard down in the
shiftless from
Bowery to
"Thousands of
or
ashamed to hold their heads up in their homes, because
when pov¬
the home folks to vent their dis¬
"About a week ago I called at the
erty puts the screws on it too often causes
comfort
home of
mother
ness
in helpless
spleen," he said.
sick veteran and was told by his uncle that even
the young man's
'despised' him because he had been so long out of
work before ill¬
a
overtook him.
Labor
the mightiest effort
This year Labor
first of all to meeting this impera¬
Secretary Davis was fur¬
need of the idle."
ther
quoted in press dispatches,
which said:
by
should carry with it,
he said, a concerted effort on the part of all Americans, be they employees
or
employers.
As measures of partial relief the Secretary proposed the
undertaking of public works, the distribution of work in mills, "so that
all may have jobs for at* least part of the week," and the shaking off
dedication of the day to the
The
number "nearly six million,"
the Labor Secretary to
and the taking on of
of fear
else
all
relief of the unemployed, estimated
faith and courage.
shake off fear and take on faith and cour¬
need to
we
"For the lack of that courage we are
age," Mr. Davis asserted.
number of large undertakings that
any
is
That
set your
only
a
wages
Play fair
now
by the hungry crowd at the gate of your mill.
wage.
During the war the pendulum swung
Now it has swung back to your side.
temporary
the employees.
the side of
to
to the employers of
declaring:
nation,
over
neglecting
would give a mighty shove to the
great stalled engine of American production."
The Secretary in his address directed a message
and you will do more to
stabilize your business and bring
good feeling than anything else you can do.
Keep in mind
those men who are swarming around your gates looking for
the fact that
work are the
aspirations for their
families that you have for yours.
Regulate matters now for the future and
play the part of far-sighted wisdom."
To labor the Secretary held out the assurance that "in spite of the occa¬
sional "hard-boiled" employer no true American business man entertains
a
serious thought of crushing the workmen's organizations."
"Let the open shop mean what it says—open to all," he added.
"Any
employer knows that crushing the unions cannot be done in the first place;
he knows that it would not be safe in any case.
We want no Russia in
this country, no hordes of disorganized, leaderless men, reduced to such
same
a
beings
human
yourself.
They have the same
starvation that charity must go
of
state
as
Opposition
to
to their aid."
the principle of the living wages was
also expressed by
Davis.
Mr.
said. "It is not enough. We need
It is not enough for a man merely
to exist, to meet the cost of living, whatever it is, to pay the rent and
buy food and clothing for his family.
A man like the American workman
needs, he earns and he demands something more than that.
He wants to
"I
save
against the living wage," he
am
to hear
something of the saving wage.
must be able to do it."
and he should and
SAMUEL GOMPERS'S
STATEMENT ON THE WEST
UPRISINGS—REPLY OF OPERATORS.
■'
'
'■
VIRGINIA
...
.....
••
■
As
■.
..
.
.
.
■
statement seeking to de¬
and uprisings of the union coal
might have been expected, a
fend the lawless outbreaks
Virginia was issued on
miners in West
Gompers, President of the
the Government and
Attacking both
Sept. 1 by Samuel
American* Federation of Labor.
the press for their
"negligent" attitude in not keeping the
public informed adequately as to the issues involved in the
mine disputes, Mr. Gompers said:
"With the situation in
West Virginia at a most critical juncture, it is almost be¬
yond belief that there has not been placed before the public
complete and accurate information regarding the events
leading up to the position taken by the President of the
United States."
Mr. Gompers held that the great mass of
alleged unfair and
news
relating
to
West Virginia
that lawless bands of miners were
reason
except
conveyed the impression
roving the state without
unjustified bitterness against the
an
mine
"uneducated mountain¬
eers," Mr. Gompers asserted, and the entire situation mis¬
represented.
"There are four basic facts which are con¬
sistently ignored, and which it is the duty of the Govern¬
owners.
They
have
ment and press to
been
termed
present," Mr. Gompers
continued. "These
are:
the needy.
made by Arthur M.
Spanish War Veterans.
the boys who went 'over there' are jobless and either de¬
job.
situation that calls to every
human
"1.
plea for the ex-service man driven to crime was
Taylor, the first New York State chaplain of
fiant
on a
strongest faith he can summon.
the
"Don't
Chapter,
Red Cross; Dr. John R. Mott, Gen. Sec. International Committee, Y. M.
C. A.; Irving Lehman, President Young Men's Hebrew Association; Col.
Marcel S. Keene, U.S.A., retired, of Chas. F. Noyes, real estate; Wm. P.
Larkin, Supreme Director Knights of Columbus; Alfred E. Smith, Trans¬
portation trades; Henry D. Sayer, Industrial Commissioner, Dept. of La¬
bor, State of N. Y.; Patrick Crowley, President Building Trades Council;
William F. Kehoe, Secretary Central Trades and Labor Council; James P.
Holland, President New York State Federation of Labor; William A.
Brady, Motion Picture Industries; Mrs. Nelson Herrick Henry, Secretary
Mayor's Committee of Women; Robert G. Cooke, President Fifth Avenue
Association; Major Robert Starr Allyn, Judge Advocate General, Veterans
of Foreign Wars; Robert W. de Forest, Charity Organization Society; Col.
Ernest
K.
Coulter, Exec. Com., Big Brothers Movement; Mrs. Willard
Parker Jr., Chairman Big Sisters, Inc., Prot.; Miss Mary E. Kelly, exSecretary Catholic Big Sisters; Mrs. Sidney C. Borg, Chairman Jewish Big
Sisters; Cornelius F. Collins, President Catholic Big Brothers League;
Mortimer L. Schiff, President Jewish pig Brothers Association; Major Ed¬
ward Underwood, District Officer, Salvation Army social work; Col. Mich¬
ael Friedsam, President B. Altman & Co.; Hugh Frayne, Secretary Ameri¬
can Federation of Labor; Rev. Robert F.
Keegan, Secretary Catholic Chari¬
ties; Arthur Lehman, President Federation of Jewish Philanthropic So¬
cieties ;
C. G. Norman, Chairman Board of Governors, Building Trades
Employers' Association; James K. Steedman, President Kiwanis Club;
Lyman J. Ivnoeppel, President Rotary Club of New York; Nelson S. Spen¬
cer,
President City Club; Mrs. Harry Lilly, President New York City
Federation of Women's Clubs; Otto M. Eidlitz, Marc Eidlitz & Son.
chants' Association
this year dawned
Day must be dedicated
Invited to Join Committee.
become members of the Mayor's
Committee on Unemployment are:
Darwin P. Kingsley, President Chamber
of Commerce of State of New York; Wm. Fellowes Morgan, President Mer¬
celebrate not by
holiday but by going back to work at a
a
loyal American for the best thought,
and
have been asked to
who
persons
"This year it is a day
Secretary Davis.
toils," said
that
taking
"In
Labor Day has been a holiday in honor of the man
the past
the
only by the most careful and rigid public audit."
The
1
Sept. 5 in an address to the workers of Detroit.
on
"Above
and relief may be obtained.
The use of public moneys
outdoor relief will not be resorted to except fh cases where it is not
possible to obtain the relief from the existing charitable
to
URGES AID FOR
Secretary of Labor Da¬
tion's unemployed was proposed by
,
where employment
then
part, but such
a
1921, to the relief of the na¬
Labor Day,
tive
employment will be the
provide
mittee," said Mr. Coler's statement.
on
OF LABOR DAVIS
Dedication of
Day
stimulating employment
for
deliberately criminal have
' -
are
case."
who
schools.
organizations that have "war chests," such as
Cross, Y. M. C. A. arid K. of C.
Red
the
It is all very well to view the crime wave as one
who
UNEMPLOYED.
vis
the aid of
Enlistment of
of
good man into a bad, an ambitious youth into a care¬
a
SECRETARY
the
require authority from the State.
working out of a program for feeding those who are in
commencement of work on all public building projects
The
The
been
office.
Coler's
would
measure
and rheumatic,
stiff
patriot into a radical, and a vindictive one, is not so diffi¬
only those
is not the
member of the tentative committee, announced yesterday some of
recommendations which he had made at a meeting on Monday in
Commissioner
for
which
in
a
bring about.
to
cult
themselves,
arousing
patriotism,
in the cold outdoors.
a
the
the
change of
cynic,
worn
and
fitful sleep
"The
join it.
Major William P.
gion,
ltll
THE CHRONICLE
1921.]
in
the
The
mines
West
of
mining industry.
Absentee owners
dominates
absolutely.
ing land,
demanding only
refuge of autocracy
unrestrained, unlimited greed
hold immense tracts of rich min¬
Virginia constitute the last
In these mines an
dividends.
is upheld by a private army of
in any other State. This private
and, naturally, seeks to justify its pres¬
ence by making 'business' for itself in the form of trouble.
The BaldwinFelts detective agency recruits this army, but the mine owners pay the
"2.
The appetite
of this private greed
killers, the like of which no longer exists
army
is paid by the mine owners,
1113
bill.
sheriffs,
Deputy
private
"3.
strike
present
West
of
owners
States Coal
paid
by
mine
another wing of the
form
owners,
is
against the
protest
owners
If the United
and does not
mine
of
"4.
The
State
cause
the
miners
failed
to
Government
at the hands of
West
protested
the mine
stop
"These
have
of
defiance of an
a
from
owners
enforcing law
as
paramount
truths
have
neglect to present these facts is, in
upon
which
claim
to confidence and
the
integrity of
been
opinion,
my
the
whole
a
totally
breach of
world
newspaper
belief.
ignored.
••
"These
paramount truths have been found to exist by representatives of
United
States
Government.
The
Government
itself,
the
and
States
Senate, established
painstaking inquiry.
They
these
are
truths.
It
found
indisputable.
They
them
after
jured another two.
They stealthily crept back to where they came from,
and, despite the fact that the
responsibility for the commission of this
most reprehensible crime was
'charged directly to the State, yet up until'
the
through
United
long
as
they have
the
Federal
are
to-day,
been."
even
Mr.
Gompers then
reviewed
the
award
of
Mr.
Mingo County refused to accept it.
with
met
mittee
to
went
strike and
on
Charleston
to
interview
officials
the
United Mine Workers of America.
the
men
while
they
told that the union
were
Soon after
the
strike
on
West
union ranks and "as
all
Mr.
of
neighborhood in a fight for the abolition of this most terrible system
which is permitted to be
practiced by the State authorities.
said
The general
and
they, returned
Virginia miners
Mine Workers of America.
Nothing could be further from the truth.
As
a matter of
fact, from my own personal observation of the situation, I
discovered that the men who are on the
firing lines, fighting for the aboli¬
tion of the guard and
Baldwin-Felts system, consist of miners, railroad
work.
to
taken
were
into
the
result," asserts Mr. Gompers, "were
a
men,
dis¬
The
and order in the State.
The slogan of the
At this
time practically all the miners had joined the union."
vestigating committee of 1914 in his
Mr.
The
1914
State to
attack upon the meth¬
were
found
tried
a
complete breakdown
'deemed itself bound
Commander-in-Chief, the Governor
observe the
Constitution
of the
of the
no
of
West
am
West
in
unaware.
It
is
business
in
that
continue
The
while
useless
allowing the deep,
uninterfered
United
than
worse
with
States
and
own
to
deal with
underlying
the
plutocratic
surface mani¬
criminality
to
to
unchecked.
Government
can
do
great
service
by
coal
an
opportunity to secure jus¬
persecution in enjoying their constitutional
rights.
The outbreaks and
uprisings among the coal miners of
West Virginia quickly came to an end with
the
Federal troops to the disturbed
area, the miners
and, in many
had
been
on
restored.
the
drastic
to
Government
sending of
the part of the miners and
that
The reports made to the
War
of any
measures
preserve
the
troops
peace.
had
fired
a
a
shot;
statement issued
nor
on
at
After
of West
Federal troops are now
making
a
Sept. 2
the whole
question
America, said:
survey of the entire situation in the
Virginia, I
disturbed sections
am
as
and that is
one
away
on
The citizens of the
the fighting front to-day defending
seeking to take them
from them, will undoubtedly respect the Federal troops and the man¬
our Federal Government.
Their coming will bring about a peace
in the disturbed area,
ancTthat
peace
will continue to be here
there in
so
long as
the affected sections remains in effect.
over
But what is going to be done about the
source
of all this evil ?
Who is
authority within the confines of this great Commonwealth willing
like a great, big, broad-minded American citizen and seek to
to stand up
eradicate for all time the
Let
us
sources
of these great
hope when this situation
industrial conflicts?
passes over and Federal
jurisdiction has
been removed from West
Virginia that Governor Morgan will meet this
situation by saying to the Felts
Agency and the non-union coal operators
of this State:
You must keep your Baldwin-Felts
spies, gunmen and notorious guards
out of the
Such
an
State.
ultimatum, served by him
reaching effect in restoring that
these people, will have
upon
measure
far-
a
of industrial tranquility which the
United Mine Workers of America believes the citizens of West
Virginia are
entitled to receive.
REPLY
OF
WEST
VIRGINIA
MR.
In
reply
the labor
to
Mr.
of
OPERATORS
TO
GOMPERS.
Gompers,
commission
Williamson
In
Harry
the
Olmsted,
of
chairman
Operators' Association
of the
Field, made the following statement at Wash¬
undertaking to
which
Virginia,
complete abolition of the mine guard and
Baldwin-Pelts system
in general use throughout the
non-union coal mining fields of
this State.
any statement that might be made to the
citizenry by the Gover¬
nor of the State of West
Virginia, evidences of the
brutality of the mine
guards and Baldwin-Felts agency can be found in the
non-union territories
of West Virginia.
My personal judgment is that the
presence of
Despite
Federal
troops in the disturbed sections of the State will result in
immediate quiet
being restored.
The men engaged in the present conflict
against the Gov¬
prove
discredited
has
and
itself
Gompers in
recent
not bear the
the United Mine Workers organization,
save
in
the
of
eyes
all
civilized
Samuel
people,
light of inquiry.
The
officials
close to the
as
that
they
The
solution to
of West
now
their way into the State.
date of
well
forced to conclude that there
is but
it affects the citizenry of the State
on
great State of West Virginia, who are
were
Charleston, purporting to giving the miners' attitude
in
the situation, Philip
Murray, International Vice-President
of the United Mine Workers of
suppressing this-
a
ington, Sept. 5:
character resorted to by the
troops
In
their
disbanding
Department at Washington, said that neither the
miners
nor
through their town, but that, to the contrary,
the marchers come into their stores to
get
their liberties against the
onslaught dF men who are
forces, indicated that there had been
little,
if any, active resistance
state that
sufficient number of citizens of this great State to make
up
corporal's guard to go out and defend his policies.
cases, giving up their arms.
The early part
week, reports from General Bandholtz, in command
of the Federal
will hear is:
as they get them.
responsibility for the present sad state of affairs in West Virginia
of necessity rest upon the Governor of this State.
He has been calling
able to muster
helps
UPRISINGS IN WEST VIRGINIA COAL FIELDS
CEASE
—STATEMENT
BY
MINERS'
LEADER.
order
must
destroying
Unless the Government does
this, it adds to the shameful record and
perpetuate the era of crime and brutality.
of this
men
Federal jurisdiction
a
autocracy and by giving to the miners
tice and to be free from
one
alleged lawlessness, but up-to-date, despite all of his pleas, he has not been
a
State.
government by gunmen, by restoring civil
government uncorrupted by
mine
all that
for recruits for the past number of weeks
to assist him in
West
State, but it is
along the fighting line,
go
The
a
Virginia will be cured by forcing men into submis¬
sion while allowing continuance of the evils
against which they have so
desperately protested. I join with all Americans in deprecating the violence
festations
you
food, clothing and shoes, and pay for them
Virginia and their complete disregard for the Consti¬
tution of the United States and the laws of their
The trouble
country.
Sharpies, and each and every one of them are willing
testify that they have not been molested in the slightest degree by any
to
Vir¬
however, that this recent investigation strengthened the findings of
inquiries and sustains every contention as to the conduct of the
of
We have made
Virginia for the purpose of returning the
win West Virginia back to America.
us
of the marchers who went
bound to
sense
the earlier
owners
they give it to me:
towns of Marmet and
be¬
The report of the most recent Senatorial commission
has not been printed
and I understood is not to be for reasons of which I
mine
as
We returned home to find that we,
that, in addition, they have committed various other
depredations.
As a
matter of fact, I talked to
practically all of the merchants between the
law,
court-martial
the statutes
or
civil
carried offi¬
by the orders of the
State, and in
United States
of
was
ginia relative to the trial and punishment of parties charged with crime.'
fact,
fighting line is,
really and truly in America.
supplies, and
committee
depicting the lengths to which coal mine autocracy
cially reported that during the period of martial law the
offenders
not
are
Additional charges have been made
by certain agencies throughout the
country that the marchers have looted stores for food and
and in
fore which
our
Everywhere
"Let
He continued:
Senate
West Virginia,
up our minds to do battle in West
adopted by the operators in hiring mine guards and pri¬
vate detectives.
the
men on
We fought for America in France.
in
Gompers then quotes from the report of the Senatorial in¬
ods
merchants, doctors and ministers of the gospel and almost every ele¬
ment of
the citizenship of those communities and
throughout the State is
represented in the forces that are
fighting for the establishment of true law
the month of April, 1920.
By this time the Baldwin-Felts detectives appeared in Mate-
miners, their wives and children.
impression that has been created by the Governor is that the
movement of this armed band of men Is confined to
members of the United
would not organize them
content had become very acute in
to evict the
Aug. 27.
Creeks hundreds of citizens from
practically every county in the State to
join with the citizens of
Sharpies, Blair and all of the other mining towns
District
Gompers
discharged and served with eviction notices.
wan
on
which had
com¬
a
killing, which, it is alleged,
in the
17,
were
sent
most deliberate
constabulary committed
returned to their homes under the terms of the
original agree¬
ment made with General Bandholtz
and President Keeney, but in addition
to that force there came
up the valleys of Lens Creek, Little and Big Coal
were
refusal, and finally the miners of Sprigg, Stone
Mountain and lied Jacket
State
feelings of the citizenry of the entire State of West Virginia were
completely outraged as a result of the crime, which was committed in
Sharpies and resulted in a complete remobilization of not
only the forces
The miners, said
Government, but their pleas to their operators
know, the Governor of the State of West Virginia has not
own
The
Gompers, contended that the award had been made by
their
so far as I
interested himself in this
members of his
Fuel Commission in 1914, and asserted that the coal opera¬
tors of
an
consisting of members of the State constabulary and
deputies from Logan
County, crept into the town of Sharpies in the dead of
night, when the men, women and children of the
community were in their
beds, and when those armed thugs ahd
completed their night's work they
had killed two
members of the United Mine Workers of America and in¬
its
rest
following
armed band of
men,
To
public trust
a
must
lives would be protected while
disperse and did return to their homes, but
quite twenty-four hours after they had returned to their homes
gunmen.
almost
that their
The miners in
good faith did
private business
a
understanding
out the terms of
the agreement.
has
it
not
privately paid and privately directed
four
because
but
lawlessness,
tinct
down, not be¬
Virginia has broken
against
the coming of Federa
desperadoes.
issued
order
arms
It is not
generally understood, but it is nevertheless true, that on Aug. 26
these citizens
engaged in the present uprising against the Baldwin-Felts and
mine guards entered
into an agreement with General Bandholtz and Presi¬
dent Keeney to
disperse peaceably and return to their homes, with the dis¬
States Government at this time de¬
destroy the private armies of the mine
the Government is in the position of sustaining
by its own authority.
owners,
action
troops.
They believe that their presence in this field will at least assure
them and their wives
and families protection from assassination at the hand&
of this armed band
of
Virginia in refusing to abide by the award of the United
Commission.
fends the mine
direct
a
[Vol. 113.
ernor's misuse of
power welcome with open
equally dangerous.
army,
The
CHRONICLE
THE
ties
the
of
United
Mine
to
a
system of falsehoods
Workers
have
brought
that
will
themselves
so
as
are
not
the
resorts
charge of treason against the Government of West Virginia,
Government of the
now
insurrection
was
statements
running to
that
developed
they
as
a
United States,
that it occasions
no
surprise
cover.
have staged
protest against
in
Kanawha
the
presence
and
of
Boone
Coun¬
Baldwin-Felts
guards in Mingo or Logan Counties, West Virginia, or in Pike County, Ken¬
tucky,
claimed.
There are no guards in Mingo County.
The only
charged with the duty of guarding property in Mingo County are
constituted officers of the law, and these have been fired on and
as
persons
duly
assaulted
by
number.
Four
gunmen
of their duties.
of
West
of
and thugs of the United
them
have been
assassinated
Mine Workers time out of
while
in
the
performance
Mr. Gompers cannot justify the rebellion against the State
Virginia upon that nonsensical, hypocritical plea.
SEPT. 10
THE
1921.]
the charges that the Mingo
by Mr. Gompers relates to
Another falsehood
failure of Mingo coal operators to put into
the Government's bituminous wage award.
The mine operators were
strike
occasioned
was
effect
under
by the
United States Government were
adopted in this field promptly after the amount of increase had been fixed.
It has never before been alleged that the strike in the Williamson field
was
due to wage adjustments or any cause other than to compel recog¬
nition
is
rather
measured
method of accounting between the miners and
the system changed.
Let Mr. Gompers compare the earnings of
have never asked to have
The men
employers.
this field, because it is the
weighed in
than
most satisfactory
easiest and
the
organization.
mine workers'
the
of
Coal
don't want it changed.
the coal loaders in the Williamson field, where loading is
They
The
earnings
ment
field
submitted
was
the
to
Senatorial
investigating
Possibly it was envy aroused by that exposure that
Kanawha miners to attempt an invasion of the non-union coal
in
the
July.
fields.
Gompers
raid
County were working steadily and making satisfac¬
in Logan
The miners
and controlled from Indianap¬
olis, were helpless to make terms that would insure employment.
"Force
Logan into the union" was the voice from Indiana.
Absentee owners of
coal lands are not to be compared as an offense against public policy to
absentee bossism of workmen in
let
fixed
were
Mr.
suit
to
ridiculous
he refers
as
when he
to West Virginians
the miners protesting against lawlessness in so far at
to the United Mine Workers.
The miners themselves are
Every disorder that has ever occurred in the min¬
ing fields of West Virginia has been occasioned by the
of the United Mine Workers' organization,
who came
thugs and outlaws
into
of
invasion
Logan
and the
County
May,
1920.
Logan and Mingo, West Virginia, and Pike County,
square miles and an aggre¬
people, there were not employed as many as 100
officers prior to the invasion by the organizers of the United Mine
Kentucky, having an aggregate area of 1,633
gate population of 116,847
Workers.
Not
They
were
not
needed.
employees, but in¬
only regularly ch'osen deputy sheriffs and constables and other of¬
of these peace officers were Baldwin-Felts
any
cluded
ficers.
;
'
'
When
the
recognized
United Mine Workers of America was
formed in 1890 it was
lawful organization and continued as such until 1896,
as a
they entered into a conspiracy with the central competitive
the bituminous coal market of the United States.
Since
use
of
it has been the
1912
force
in
every
when
field to control
Every advance of labor marks an
freedom with the democratic ideal
conceivable way all persons engaged in the mining
not
in
right to do business as provided by the Constitution
and the Constitutions and laws of West Virginia.
so
the
There must be
from
and more and more—more to-morrow than
more
and more for every coming
to-day, more the next day than to-morroAV,
;
severely trying.
The times of to-day are
They are not of our making,
We must organize for our task.
redemption.
but they are for our
The
They can help neither themselves nor their
Their strength, their skill, their inspiration, are lost until they
unorganized
fellows.
helpless.
are
Our first great task is to organize—to bring
organize.
of united thought
together the un¬
in strength
and action all of our people everywhere.
victory alone; he overcomes no injustice by
Man to-day wins no
he contributes nothing to the
justice for progress, for democracy for freedom,
The battle for
for a better
It must be fought by all—and all must be
is the battle for all.
life for all,
himself;
tide of progress while he walks by himself.
united.
Organize for the five million mark; organize for
and greed.
to fight wrongs, for the triumph
"
'
r
.
justice, for freedom, for
of service over tyranny
•
'
Take the message of
United in the service of
organization everywhere.
humanity, for the good of our people and the greatest glory
'
•'
DIFFERENCES
SETTLES
of our country.
On this Labor Day begin the forward
-''r/ •
Organize for the five-million mark.
march.
tilTH
AMERICAN
COMPANIES.
OIL
in
Exporatation of oil by American companies operating
following the termination of conferences on Sept. 3
the Mexican Government and
5
between
whole
nation
Mine
United
will
be
subjected
Workers through their
to
of the United States
Should
they fail
to
the tyranny and despotism
control of the coal industry.
GOMPERS ASKS PRESIDENT HARDING TO
CALL CONFERENCE OF
Samuel Gompers
MINERS AND OPERA TORS.
Government
Mexican
the
announcement
The results of the conference have
the
to
visited President Harding at the White
3, and urged that the President call a conference
between the miners and operators in West Virginia to settle
their differences.
After the meeting Mr. Gompers issued
statement referring to
the
wage
award last
year
and the
"disorganization" of the miners "first by injunction" and
then imposition of individual contracts.
He declared that
"gunmen and detective agencies are really the cause of
whole conflict now."
"The operators have refused,"
the
he
the mines to what has been
practice in every other coal field in the United
in any other country of which I know.
The
due.
claimed
Sept. 4 Secretary de la Huerta
on
interests
of the
his
In
said:
been satisfactory and are not
detri¬
national policy of our Government.
An
which is favorable to both sides- The new
for the collection of the export duty on oil provided in the decree of
has established that this payment shall be made every three months
agreement has been reached
instead of monthly, as stipulated by the
decree.
remain
oil Presidents in New
Some minor points
pending, which will be settled after the arrival of the
further data for this purpose.
A
the arrangements will be published as soon as these
York, when they will be obliged to secure
definite statement of
details
I
are
am
accepted.
able to
t
without false modesty that the
satisfactory result
principally to the tactful instructions
received from the
assert
President
conduct during the conferences.
Obregon made the following comment on
settlement, the
House Sept.
the problems
Secretary of the
Treasury de la Huerta announced that, as a result of the
agreement, the American companies would pay 5,000,000
pesos to the Mexican Government at once and 20,000,000
pesos later on.
These sums it was said, represented taxes
growing out of recent executive decrees.
President which governed my
SAMUEL
representatives of five of the
large companies, looking to adjustment of
arrived at is due
a
The light that has
into the life and work of our people can never be shut away
them.
June 7
resisting the encouragement of this unlawful organi¬
doing so from greed, but in a last effort to maintain the
operators,
the
conditions of
dominating everywhere.
We will go forward.
We will not be driven back.
come
system
do
advance in the education of employers.
bring the full flood of life back to our industries under
and un¬
of
But, though they are slow to
ability of our movement is called upon to the utmost
The constructive
which
policy of the mine workers to compel by the
jection of the coal industry of the United States to such unjust
lawful demands as it might desire to put into force.
are
device.
learn, they do learn.
mental
zation
either through the infamous mis-named open
shop campaign or by any other
industry to join the union, and it has likewise been its policy to destroy
all business of non-union operators, the end of which would mean the sub¬
The
of
as a measure
of enslavement which American
badge
a
as
Mexico, in the Tampico region, was resumed on Sept.
the counties of
peace
that the injunction
They are slow to learn that the destruction of our
impossible,
is
movement
to learn
slow
unlawful, ineffective, tyrannical weapon.
so-called individual contract
is
disfranchisement
MEXICO
organization in the Williamson field as early as April and
Workers'
an
They are slow to learn that the
workers will not accept.
threatened invasion of Mingo
It was threatened by the United
County was not a spontaneous uprising.
Mine
are
is
the State to
compel the unionization of these coal fields.
The
They
effort.
the great struggle
himself
makes
Gompers
We will not
times.
war
generally law-abiding.
In
reactionary forces among employers are slow to turn their minds
constructive
industrial
Iveeney in effect, at wages less than
his plea about
makes
least
West Virginia mining plants.
work, say Mr. Lewis and Mr.
you
Nearly 6,000,000 of our people
unemployment.
abused in industrial disputes
Those in Kanawha, bossed
earnings.
time when the great need is to stand together.
organized, to unite and federate the organized, to bring together
county of Logan.
the non-union
upon
time when the citizenship, the
work.
no
The
to
that the mines of West Virginia
says
their
make
to
tory
a
to-morrow.
constitute the last
refuge of autocracy in the mining industry.
Such brazen effrontery! The
last word in autocracy in the mining industry is the czar of the United
Mine Workers' organization.
The despotism practiced by him, more than
anything else, stimulated the union miners of Kanawha and other coun¬
Mr.
ties
have
to
real test. Such a state¬
earnings in the Williamson field with those in the
the
Kanawha
committee
caused
coal loaders in any
day or week or month is the
per
comparing
unionized
paid for by the
unionized field where the
the ton.
for by
is paid
loading
of
earnings
the
with
car,
We meet at
We are confronted by
Nevertheless, the increases allowed by the
a
and solidarity of all our people-are passing
the loyalty
through the test of fire.
award.
coal fields covered by that
this Labor Day at
We meet to observe
understanding,
sort of connection with the
obligation to do so, they having no
no
1113
CHRONICLE
same
I believe that the arrangements
country while they show the
out the conferences
the
day:
made will be highly advantageous to our
good-will which animated both sides through¬
difficulties which had arisen
in the effort to solve the
resumed in the oil regions
satisfaction. It will benefit the
entire republic.
Besides, this establishes a precedent that, no matter what
difficulties may arise, this question will be settled at once directly with the
Government, without any intermediary.
It is easy to understand that this
constitutes a great advance over what has been done in the past.
The Presidents of the oil companies were here to-night to say farewell.
I am under the impression that they are satisfied with the results th
in the oil
question.
immediately
The fact that work wlli be
is indeed cause for great
obtained.
said, "to conform the output of
and is the
States
or
universal practice
outside of West Virginia is to weigh coal
by the 'ton as to the output of the men.
Instead of this in
these mines they have mine cars which have a capacity of
from two to
five tons and they pay for the highest and largest
qiiantity of coal in these cars and pay the men $1 40 per
less than would be the
carload of five tons, fully 50 to 60%
payment in wages under the tonnage system
award by the Federal Commission."
and the wage
VIEWS OF JOSEPH
W. ROWE OF IRVING
BANK REGARDING
The
decision
of
NATIONAL
MEXICAN OIL SETTLEMENT.
the Mexican Supreme
the contentions of American oil interests,
Court, favoring
and the almost'
taxation of oil
and the Obregon Govern¬
ment, will go a long way toward restoring prosperity in the
oil trade in that country, according to the opinion of Joseph
W. Rowe, representative in Mexico of the Irving National
Bank, who has just arrived in New York for a five-weeks*
simultaneous
arrangement
regarding
the
exports reached by these interests
stay.
SAMUEL
GOMPERS'S
LABOR
DAY
MESSAGE.
advance in the edu¬
cation of employers," said Samuel Gompers, President of
the American Federation of Labor, in his Labor Day message
"Every advance of labor marks an
to'the
organized "workers.
Mr. Gompers's message read:
Not
new
for
only will the satisfactory ending of the disputes put
which has been virtually dead
life in the oil industry,
months, Mr. Rowe said on Sept. 7, but
general
trade also
Moreover,
its rqeaction on
will be good and quite far-reaching.
the court decision and the
favorable outcome
1114
THE
the export tax
of
negotiations together have left
a
CHRONICLE
feeling
made for the final
inauguration.
whether members of
that the chances of Mexico and the United States reaching
closer
a
understanding
Mr. Rowe continued
I
points
on many
Although
much improved.
are
the
one
reports have
tution of Mexico
was
It will be remembered that the
adopted in 1917.
active by Carranza decrees.
Consti¬
new
VIEWS ON HENRY FORD'S OFFER TO BUY MUSCLE
One of its articles forbids the retro¬
Nevertheless, Article 27
SIIOALS PLANT.
made retro¬
was
This article declared that the subsoil and all
Expressions
con have been called forth by the
publication of the terms of the recent offer made by
Henry
its products were the property of the nation.
The foreign oil
leases.
But
companies did not object to having this applied to
they did object to its application to leases they had
holding for five, ten
into effect,
went
by
filed with
Ford to buy the Government nitrate
plant at Muscle Shoals,
been
Alabama.
Ford
The best way to
judiciary,
the supreme
a
court decision,
With it and the export taxation difficulty out of the way, the
Travis,
York
continue productive.
general trade will be felt in this way:
on
the Tampico district,consumes goods as fast as
they arrive.
Normally,
impracticable to sell abroad.
The tax on oil
As
result,
a
be expected the goods will begin to
may
This is Mr.
from
the
Rio
Grande
the
to
at
it
Central
a
he said:
the
of
part
Republic.
Of
American
conditions
in
Business In Mexico is still below normal.
border,
are
as
Nevertheless, the situation has
in the rest of Latin America.
There have been
no
violent
Credit conditions have remained good, and in
no commercial failures of note.
Many
pressed for ready cash, but they are carrying themselves along.
rapidly improve.
Successive changes in conditions in the United States
interior Mexico until three
or
were
began to ship, stocks throughout the country
inadequate
The
will
loss of
$164,000,000 in 100
for 100 years at
transportation
were low,
facilities
.
Except in Tampico, merchandise stocks
are
not large now.
In
this respect,
Vera Cruz and Tampico should be
by the end of the year.
and
bankers
scarce
are
in
generally
a
satisfactory condition.
and expensive; the prevailing rates are from
and
Mr.
Ford
Internally, the country is quiet.
There are no revolutions and no
brigandage in any part of the country, nor is there any indication of a revo¬
lutionary movement.
In
a
short time the crops—which are
reported to be
about 50% of normal—will be
moving, and this should aid trade.
expect Mexico in
few months to begin
a
of
I believe
His sinking fund
ELUIU
ROOT
DECLINES
NATIONAL
MEMBERSHIP
IN
INTER¬
The
of $1,800,000
rental
a
manu¬
hydro-elec¬
a
that
additional
an
His annual
the hydro-electric
on
outlay
$28,000,000
of
rental is 6% upon this $28,-
analysis
the
to
Secretary
instead
of
International
of
Justice,
provided
under
the
Mr. Root's
declination, made
Sept. 2 by the Italian Consulate, was due to
his advanced
age—seventy-six years.
His decision was con¬
veyed to President Tittoni of the Italian
Senate, as Chair¬
man of the Italian
nominating commission.
known here
covenant.
on
With respect to Mr. Root's action and the
circumstances
pertinent thereto, the New York
''Evening Post"
on
Sept. 2
said:
Elihu Root has declined a nomination as a
member of the
International
Court of Justice under the
League of Nations because of his advanced
age.
He is seventy-six
years
old.
The Italian Consulate
at
New York
had made his refusal known in
announced
instead
Ford's offer for the
a
receiving Mr. Root's
the Italian nominators
proposed John Bassett Moore.
Members of the Court will be chosen this
month by the
Assembly and the
Council of the League of
Nations, meeting at Geneva, from candidates
proposed by various countries.
nominated for one of the eleven
judges of the International
nations—Italy, France, China, Brazil, Bolivia, and
Uruguay.
was
believed
that
been chosen by the
to select the eleven
if
he
consented
to
the
nomination he would have
Assembly of the League of Nations which meets
judges from the ninety-one nominations.
Root Planned
The World Court
was
planned to
shortly
jurisdiction, but this
year
a
for that purpose.
compulsory
eliminated last fall by the refusal of
France and a
England to accept the principle.
Through the ratification of the plan for a World Court
by 28 memfcwi
of the League, the idea was
accepted and preparations are
was
shows
that
will
be
outlay
of
making the total
hydro-electric plant, therefore, would entail
outright capital loss of
an
additional
an
required,
$45,000,000...
upon
$32,000,000.
Mr.
\''
■
Ford's
.
proposal provides for the amortization of but $45,000,000
against the $60,000,000
investment required
new
and
the $17,000,000
as
in¬
vestment
already made, thus leaving the Government to stand an ultimate
$15,000,000 of the new capital required, irt addition to the loss of
loss
of
the
$17,000,000
The
It
already invested,
investment
new
them.
will
not
or
total
a
past
recoup
capital
losses,
loss
but
of
will
$32,000,000.
nearly
'
is
the
timate
double
.
firm
study
of
conviction
the
this
of
subject,
association, reached
that under
after
circumstances
no
long and in¬
is
the
Govern¬
ment justified in
invading the industrial field, either directly or by means
of a subsidy to a single interest, under conditions which will
give it a
great competitive advantage over other private capital.
The
Ford
because
it
country,
trates,
proposal
should
be
in
effect,
a
covers,
destructive
nature
to
the
development
and particularly to
necessary
both
for
rejected,
both
huge subsidy
of
the
Ford
industrial
the production of
military
financial
on
to
an
protection
chemistry
increased
and
grounds
and
interests,
of
in
a
this
supply of ni¬
agricultural
develop¬
ment.
the Water Power League of America,
116 Nassau Street, on Sept. 5 announced that it had written
John W.
letter to
action
Weeks, Secretary of War, asking that
be
taken
on
Henry
Ford's
offer.
The
League took the position that non-operation of the Muscle
Shoals water power was
Niagara
veloped.
up
waste, and cited the growth of
a
Falls after its hydro-chemical facilities
by developing it internally.
make
nation strong.
a
were
de¬
"This country," the letter set forth, "will be built
Ask
facturers who have been
last few years.
It is not heavy taxes that
any
of the thousands of
manu¬
struggling with that situation the
Taxing the operator of the Muscle Shoals
plant will not bring about real benefits to the nation.
De¬
veloping that power to its fullest possibility and leaving its
operation in private hands
the
greatest
good
to
the
so
that
it
greatest
may
be operated for
number
the
wll
bring
Government
the
to
ob¬
tain."
Gifford
Pinchot, president of the National Conservation
Association,
believing
Mr. Ford to make
a
that
the
Ford
"perpetual and
letter to the press of the country
giving his views in the matter.
not
take
marily
the
position that the
rejected,
would
it
permit
has sent
analyzing the offer and
While
Ford
he argues that
offer
Igigantic profits,"
Mr.
offer
should
Pinchot
should
be
be
does
sum¬
modified
to
conform to the so-called Roosevelt waterpower conservation
World Court.
great extent by Mr. Root, who
went
One of the features
which
wished to have included in the
plan was that of
Europe early this
estimate, his
same
Moreover, during the life of the contract the Government would have to
$300,000,000 in interest, of which Mr. Ford would assume only $168,-
000,000.
declination
Mr. Root
of
greatest benefits it is possible for
to-day that Mr. Root
letter to President Tittoni of the
Italian
as Chairman of the Italian nominators.
On
Court by six
the
upon
pay
a
Court
Wells
$28,000,000,
$77,000,000
Government
favorable
League of Nations
payment is based
$45,000,000 to be amortized being arrived at by adding the $17,$28,000,000 additional expenditure which he
expenditure
COURT OF JUSTICE.
Root, widely known and recognized authority on
international law, has declined a nomination as member
of
Root
$5,000,-
buying again.
Elihu
to
the Gov¬
upon
years.
will be necessary.
On the other hand,
Mr.
The protest asserts
expended $17,000,000
estimates
required to complete it.
$60,000,000,
Money
15 to 24% a
year.
was
New
he given
000,000 already spent to the
Transporta¬
tion conditions have much
improved in the last few months, and barring the
cities of the northern border, the
congestion at the ports of entry has been
fairly well relieved.
total
and because of the
terially to reduce their inventories before the cheaper goods arrived.
Mer¬
chants in Mexico are accustomed, also to a wider
margin of profit, and can
stand a considerable decline in the
selling price of their old stocks without
serious suffering.
It
of
would
It adds:
Government has already
be
says
This
goods moved inland very slowly.
Wholesalers and retailers, therefore, were able to
keep up prices and ma¬
Senate,
said,
and sinking fund payments to amortize $45,000,000 at
plant,
Mr.
not reflected in
four months after they took place here.
was due in part to
congested railway conditions at the different ports. When
prices in this country began to drop, Mexico had a large volume of goods
bought but undelivered.
When foreign manufacturers and merchants
can
Association
Weeks
outlay of $87,365,135, and declares the Detroit
000,000.
There is considerable unemployment, but much of this is in the
Tampico
oil district, where the situation now should
continues
a
the end of the century.
general
the last six months there have been
Banks
an
year
;
,
not been so bad
normal
the
accept¬
.
fluctuations in exchange.
houses
Merchants'
the
protest, Mr.
tric power plant
tour of Mexico
a
visiting all the principal cities except those in the north¬
western
The
facturer proposes to lease the partly completed
Rowo's first visit to the United States in
In the last few months he has made
year.
the
000 the Government nitrate
plant, which has been completed
again.
move
Henry
from
It points out that Mr. Ford offers to purchase for
exporting decreased—almost
A congestion followed which has
remained unrelieved up to the present, but as
activity in oil is resumed,
vigorously protesting against
representing
City.
ernment
The city at that time was heavily stocked with imported
goods and sales of these virtually ceased.
of
property
that acceptance of Ford's offer would entail
exports imposed a few months ago was so high that the companies found it
stopped, in fact.
Shoals
consideration by the War Department.
Tampico, which is
the centre of the oil industry, is also the best market in Mexico.
and
analysis of the offer
Muscle
the
over
retary of War Weeks Sept. 3 by F. B. Deberard and A. M.
can resume exporting, but also can go ahead with the
exploration and other development work necessary if their great invest¬
The effect
exhaustive
take
of the Detroit magnate's proposal was laid before
Sec¬
ance
oil
companies not only
ments are to
An
to
Government
and almost 250 appeals were
convinced that the decision will be strictly observed by the Govern¬
am
ment.
and
pro
and, while the case was
hanging fire, the companies curtailed oil development.
settle the question was
new
This has been the main point in
twenty years.
or
dispute since the Constitution
the
from Washington as to the attitude of
come
towards the World Court, it is believed certain that at
citizen of the United States will be selected as one of the
importance of the Supreme Court's action is generally
active application of its laws.
we
no
Administration
least
judges%
if the
doubt
understood in this country.
I
The Court is to be open to all nations,
the League or not.
follows:
as
[Vol. 113.
now
being
policy, to make it pay for the property of the people "some¬
thing approaching what that property is really worth," and
to make what it offers to the farmers "clear
Mr. Pinchot, in his letter,
tain Wall Street magnates who hate Mr.
be anxious that his offer be
beyond doubt."
referring to the fact that "cer¬
Ford,"
are
said to
rejected, points out that "what
THE
SEPT. 10 1921.]
these
consideration
public property of enormous value for a
lished
The
3 6-10% on the cost of his
man
a
Shoals
if
Even
houses.
last
and then went
to throw
in
There
which I offered to the
floods
other
or
that the
been
the
cost
it
for
cost to $85,000,000, and to pay $5,000,000
The property for which this offer is made includes steam ma¬
all.
160,000
provide
to
alone is worth far more
In addition, the Government is to
which
horsepower,
Ford's offer for the whole.
Mr.
than
2,
brings the total
which
chinery
Plant No. 1, which
numbers $70,000,000, and other prop¬
which cost the Government in round
erty
when it had
numbers $13,000,000, Nitrate Plant No.
round
in
Government
which certain of the
Ford also.
buy from the Alabama Power Company the land upon
foregoing structures were built, and to turn that over to Mr.
In
for the purchased property, and for the water-
for the lease,
return
power
without charge, Mr. Ford offers in addition to the payments men¬
tioned
above, to do three principal things:
of
time
2 ready to be operated . . , in
for the production of explosives," and in the event of war
war
to turn it
to the Government for that purpose.
over
-
.
capacity
nitrogen and other fertilizer compounds," and in this
net profit from the manufacture and sale of fertilizer
"to operate Nitrate Plant No. 2 to approximate present
Second,
the
in
production of
business to limit his
Third,
the
offer
written
as
contains no direct
producing, but
suggests
the benefit of American farmers.
That
could, of course, be corrected in the final contract, for I have no doubt
that Mr. Ford desires to make fertilizer at a total net profit of 8%,
Ni¬
to produce fertilizer for
proposal
cyanimid,
and
No.
Plant
not
not mainly a fertilizer
The fact is that the Ford offer is
is
It
proposition.
the fertilizer part
to be permanently
parts, waterpower and one part fertilizer, even if
seven
work
should
if
For,
out.
No.
Plant
Nitrate
2
were
it would consume but 100,000
horsepower out of the 850,000 installation.
This is the heart of the Whole
employed
of fertilizer
the manufacture
in
matter.
As
point
waterpower proposition, the Ford offer is in every important
a
directly contrary to the Roosevelt waterpower policy, which after 15 years
of
struggle
The
was
finally enacted into law last year.
The Ford offer asks for 100 years with indefinite renewals.
The Roosevelt policy provides for return
of
of- the
the
50
the
to
States
is
pay.
The
concerned, provides
profit shall make
thousand
hundred
by half than all that is
to
about
$150,000
question
Beyond
used
for
veloping
pay
a
works,
own
Plant
No.
on
should
be
2
of
war.
Tennessee
clear
It
the
property
The wisdom
and
its tributaries
is really worth.
beyond
that
changed:
First,
the people
to make
fit
it
to
said
his
and
enormous
offer
value for
unfair to the
I should
of
the
would the railroads, by the passage of the bill, be put
Second, to make
make what
it
offers
to
that
the farmers
certain
Wall
This would directly employ a very large
work.
is surely
a
no
reason
hate Mr.
magnates who
What [these
men
for giving him
consideration wholly
Ford
are
think about Mr.
public property of
inadequate and
on
terms utterly
public.
ing and transporting lumber for ties, and iron
the
people
as
and plenty of money, out
he proposed to do, but not
and steel used for maintenance
There is also to be counted the labor in the mining of the ore,
the coke to turn the ore into iron and steel,
in
In addi¬
men.
labor involved in produc¬
transportation thereof, the mining of the coal and the manufacturing of
these
men
would give them and their
of men to
families
The employment of all
enlarged purchasing power
an
additional numbers of men to work.
which in turn would put large
The number
the labor in the iron furnaces,
and in the finishing plants.
the steel plants,
whom the resumption of normal
mairitenance-
in direct and in¬
re-employment that will easily total the estimate
of-way and repair and replacement-of-equipment work,
direct ways, will mean
illogical to resort to public works not actually
It would appear
I offered.
essential when there is
so
that is immediately needed.
much
hoped that this measure will be approved by the
It is to be
Congress with no great
delay after the termination of the recess.
Meyers also finds hopeful
But Mr.
indication^ in other
respects, and adds:
prospects for a greater degree of
But there are
tions.
There
indications of
are
a
better
my
tion, under its
new
The recent change
a
agricultural situation,
may prove
revival of business.
in the demand for raw cotton and cotton goods consti¬
fact of fundamental
the whole country.
I hope that the War Finance Corpora¬
to assist the
powers
effective in speeding up the
tutes
employment in other direc¬
resumption in general business which
opinion, be safely counted upon to bring about ultimately a
industrial condition.
These processes wheih are under way may, I
in
may,
It
importance
means
with far-reaching consequence to
that thirteen Southern States, with a
whose buying power has peen
tion of close to 30,000,000,
since the beginning of
popula¬
reduced to a mini¬
this year, are being restored to a normal pur¬
The increasing movement of cotton to both export
chasing power.
and
large and small, to
liquidate loans and frozen credits will bo thawed out.
The South will be
domestic
will permit the Southern banks,
consumers
with which it has
selling.
We may look for a special improvement in all kinds of business in the South.
The South is normally a great market for the natural products, in raw
and flushed form, of the West, and the manufactured goods of the East
with reasonable speed the indebtedness
able to clear up
been
Business will be restored in buying as well as in
struggling.
From now on the South
and the Middle West.
that
automobiles; of fertilizer and agricultural
manufactured
should be larger consumers
products of the Central West;
made from the hides and wool of the
are
of the shoes and clolhltg
Northwest: of furnhurf a -d
implements and all other forms of
'
goods.
plight of the South, during the past year, materially and unfavorably
affected the business of the whole country.
The revival of Southern busi¬
The
ness
will be
a
great factor in
This will have
country.
a
rehabilitating industry throughout the whole
direct effect on the employment of industrial
labor, and 1 trust that the day will not prove distant when
real in fact
as
it is
now
this will be as
clear in prospect.
golds is a
abnormal surplus. I
resumption of the carrying of normal stocks by
manufacturers, wholesalers, jobbers and retailers, as a matter of sound
business and in the public interest.
The change in the cotton situation
has caught the most of the dealers in cotton and cotton goods without suf¬
ficient stocks of goods.
Unquestionably it will suggest itself to manu¬
change due
in the attitude of buyers of cotton and cotton
to
the
outlook concerning a socalled
have been advocating the
facturers, middlemen and retailers to
so-called
as
the
of the
consider whether or not some of the
in other commodities may not disappear as
surpluses
apparently
carrying of normal stocks by manufacturers, jobbers and
Business has gone from an extreme
There is
high prices
at
nothing
now
to
in this.
the lack of confidence
fear about
speedily
surplus of cotton.
I believe that careful
the present situation will lead to the resumption
dangerous
of other commodities.
warehouses
an
understocked condition
retailers
of overstocked
at low prices.
It is the usual result of declining
prices and
produced by losses, but the sooner we get over our
commodity prices the better for the whole country.
are
other
important factors in the present situation that
justify
Improving industrial conditions and a fuller employment of
refer first to the distinct tendency toward easier money conditions
the hope for
labor.
I
and the prospect
consideration
by
money markets
be glad to see Mr. Ford make money,
taking over the property of the
number of
tion to the direct labor we may count the indirect
There
Street
in the
ahead with their maintenance-of-way and repair-of equipment
be able to go
consideration of the facts of
I do
Roosevelt
something approaching what
anxious that his offer should be rejected.
Ford
is beyond
be done with fairness to the public.
can
Third,
de¬
doubt
is
of
Ford's offer should be summarily rejected.
of
con¬
Most certainly it ought to
American farmers.
for
the
be maintained in
ought to
case
explosives in
waterpower
it
that
property
If Mr. Ford
Mr. Ford would npt, it would cost
a3
year.
But all these things
for
for
taken
position of
position of meeting their unpaid accounts already past due, but they would
The change
waterpower conservation policy, now the law of the land.
it
must
consumer
being developed at Niagara Falls.
now
I do not believe that Mr.
believe
far as the United
power
waterpower
Mr. Ford could develop, under his offer, is greater
making fertilizer
the
question.
public
The Ford offer asks for many
to the public.
Nitrate
for producing
dition
be
that
for it at the rates charged by the Government to other com¬
pay
panies that build their
him
what the
on
horsepower for nothing.
The amount of power
were
check
provides
policy
return
a
no
provides for regulation of
The Ford offer, so
consumer.
power
Roosevelt
Roosevelt policy
The
works.
Government
price
of the Government works at the
The Ford offer provides for indefinite private possession
years.
a
of responsibility for that statement.
sense
of the corn and meat
that all waterpower leases shall be limited
Roosevelt policy provides
to 50 years.
end
full
mum
that.
the best at
of
one
used for the production of fertilizer,
of several materials
one
to making fertilizer, but only
is not adapted
however,
2,
No one in
conservative one.
believe, be materially accelerated.
products to 8%.
trate
a
"to maintain Nitrate Plant No.
First,
opinion, follow the passage of
Funding Bill, according to the testimony
Congressional committees considering the measure.
private, can afford to make false of misleading statements.
I therefore
made the statement concerning the effect of the proposed legislation with
and repairs.
part of the Ford offer is, to buy Nitrate
second
have
service.
Ford's
Mr.
in
out
worn
The
Sept. 3, finds
of responsibility at such a time, whether public or
degree
small
a
Not only
in order to protect its own property, would not
of replacing enormously costly machinery
to bear the expense
even
the engines for nothing.
depreciation, and the Government
Moreover, there is nothing in the offer to indicate
causes.
Government,
on
problem of unemployment
themselves—short of funds and unable to make
My estimate, I believe, is a
would be¬
the cost of injury to the dams or locks from
have to pay
yond question
a
Employment of a million men would, in my
the Government not only bear the total costs
for
allowance
no
Corporation,
remedy this condition, he contends,
the Townsend-Winslow Railroad
coal mine to supply fuel for
a
is
URGES PASSAGE
and do their normal repair and equipment work.
their normal purchases
dams and power-houses and pay taxes on
own
IS
of the existing unemployment is due to the position
in which the railroads find
itself Mr, Ford would pay nothing,
be free from all taxes on the property.
Other lessees
rights from
building their
UNEMPLOYMENT
to say:
on
A considerable part
them, but
they also pay for the waterpower in addition.
The Ford offer is like offer¬
ing a man 3 6-10% on the cost of his factory as rent, and then asking him
of
PINCHOT.
It behooves all good citizens to
quarter #of a century.
consider proper steps to
payments for the
he would
that
water-power
GIFFORD
unprecedented in magnitude within the experience of the
Please note that for the waterpower
of
pro¬
..;r
RAILROADS AND
confronted with
the country
horsepower to operate the locks.
and
he
property
Day this year, said Eugene Myer Jr., Managing
Labor
so-called amortiza¬
add all other annual payments (the
we
and
payments,
the
yours,
SAYS
JR.
Director of the War Finance
|
repair, maintenance, and operation
of dams, gates and locks), the total would be equivalent to interest at the
rate of only 3 5-10%.
Mr. Ford offers also to give the Government^ 800
tion
yearly
the
-.1
MEYER
THE
OF
investment in dams, locks and power¬
estimate of the whole Government
own
of
LARGELY DUE TO THE UNFORTUNATE POSITION
offer is to lease the Wilson
the Ford
part of
Sincerely
.
EUGENE
Dam and Dam
No. 3 for 100 years, with indefinite renewals, provided the Government
will complete them and install machinery to produce 850,000 horsepower.
Mr. Ford offers to pay 6% on the $28,000,000 which he estimates will be
necessary to complete this work, or 3 4-10% on $48,000,000, Mr. Ford's
first
in
Government's net investment
-
(Signed)
important that I take the
liberty of laying certain essential facts before you.
The
one-third
(at the Liberty Loan rate
OF RAILROAD FUNDING BILL.
the Tennessee River is so
on
to only
amount
the interest charge
to meet
the
on
would
make
to
Philadelphia, Aug. 26.
to take over Government property
Henry Ford
Mr.
of
offer
recent
at Muscle
.V
Aug. 29, in full follows:
on
It is fair
assure.
posed to take over, and that he would get the waterpower for nothing.
factory as rent,
and then asking him to throw in a coal mine to supply fuel
for the engines for nothing."
The particular feature of the
Ford proposition to which Mr. Pinchot appears to be most
strongly opposed is that it would give Mr. Ford the free
possession of almost limitless waterpower, or, as he puts it.
"seven parts water for one part fertilizer."
His letter, pub¬
fering
offers
necessary
4V4%)
of
proposition, Mr. Pinchot states, is like "of¬
The Ford
lic."
taxation
his offer would
as
the public, also, and to remember that all the annual payments
Ford
Mr.
unfair to the pub¬
wholly inadequate and on terms wholly
gigantic profits
such perpetual and
Ford is surely no reason for giving
think of Mr.
men
to consider
him
1115
CHRONICLE
bill now under
With improving
revision we may
reasonable basis as to
of early action by the Congress on the tax
the
Senate
Committee
on
Finance.
and the carrying out of the program on tax
look forward to funds
becoming available on such a
encourage the hope that there may
be an adequate supply of funds for
public
1116
THE
utilities, for Industrial plant expansion where this inay prove to be
and especially for the
able cost and
a
in the cost of the buiiding materials.
well
as
as
readjustment
a
It would
»To
industry.
year 1920
ation promptly and effectively lies in the revival of those fundamental
essential activities which involve large quantities of raw and
terials, transportation and labor in construction.
the
and in
merce
industry to make actual the things which
remains to be
seen
whether
end.
"
'
-
.
us
the significance of his figures disappears and from it
will be seen
how unfair and misleading it is to
put before the public the
statement that the
profits for 1920 were $987,834,470,
It
possible.
are
Let
Mr.
have
all work to
:
Reed
in
is further
some
quoted
concealed
way
testifying
as
REPRESENTATION
consisting
kept strictly in accordance with
AND
EMPLOYEES
OF
merce
MANAGEMENT ON
Committee
PENNSYLVANIA
RR.
representation
equal
of
employees and of the management have
the
of
versial
questions
ployees, and the
ment
A
affecting
$45,000,000,
approximately
120,000
em¬
differences
in effect.
should
On their part the employees recognize that all
and
be
On the
capable of amicable settlement.
are
part of the management effectual recognition is given to the right of the
employees to have
voice
a
affecting their welfare and working conditions.
from
embodied
in the Joint Reviewing Committee, has been in effect since Jan.
1 of this
Committee has been worked out by the representatives of the
and the
Train
and
included in the
engine service,
department,
mechanics'
and telegraph
For
each
of
a
the
of way 'and
structures,
signal
helpers and apprentices, maintenance of equip¬
and telephone, eastern region; clerical forces, eastern
first
three
groups
a
System
and the employees affected, is
to which
as
the operations
of
Reviewing Committee,
now
this is
be offset
to
the
to
corporate
effort is made to make it appear that it arose
an
1920—embraced about
ments and thus
no
longer
$35,000,000 in back mail
no
cash asset for future
a
place in the earnings
,and embraces also
use
last two
months of Federal control or for the
six months of the
guaranty period—estimates not admitted by the Govern¬
ment and not
yet settled
paid, except in part; thus being largely
or
asset, representing a claim but not
From the foregoing it will be
court of review upon all questions that may arise between
the management
Against
embraces amounts expended for additions and better¬
region; miscellaneous station forces, eastern region.
constituting
depreciation.
equipment which had actually taken place and which
was intended,
but had not yet been applied, to
mentioned
Government either for the
new arrangements are:
maintenance
earnings for 1920 available
appear as surplus
the carriers estimates of what
would be due them from the United States
representatives of other classes of employees.
The groups
ment
management
sum
pay, for periods prior to Jan. 1 1920, and which has
of that year.
It also
A method of amicable adjustment similar to this Joint Reviewing
year.
were
public.
are
of accrued
of the
charge
surplus, and
,
With the train and engine service employees this arrangement,
concealment, as the accounts
no
the requirements of the Inter-State Com¬
maintenance which of necessity was at the time deferred.
The balance—some
$112,000,000, which was credited
equal terms with the management in matters
on
lines
further
Another part of the amount is
operating reserves of about $35,000,000,
which was charged into the accounts
to take care of current maintenance
that under material and labor
conditions of that period, could not at the
time be applied, but which must be
put upon the property to make good
basis of understanding between the management and these em¬
now
be
could
make good.
No one will contend that this
charge was excessive and it
has the entire sanction of the
Commission.
regarding the matter:
new
ployees is
Western rail
of the carriers is likewise without
use
depreciation
the
has given out the following state¬
company
the
Nothing
a shadow of justification.
Part of the
$200,000,000, to which reference is made, consists of about
been established
now
Commission and
The effort to make this
for the
the Pennsylvania RR. for the settlement ftf all contro¬
on
that
$200,000,000.
from the truth.
There was, and could have
been,
EQUAL
When this
years.
fact is understood,
in com¬
intelligent management will be applied by the
people of the country to the solution of the problem.
that
and
finished ma¬
I believe that it Is within
of those responsible in the Government, in banking,
power
when he used the figures $987,834,470, but to the amount to the
credit of the profit and loss
account at the end of that year, which means
the accumulations to
that account during the entire existence of the several
carriers, which would probably be for an average of 50
I believe the possibility of meeting the unemployment situ¬
sum up,
told, he named 18 roads and the mention of the
am
profits for the
direct and indirect labor in great volume.
mean
testimony, I
as 19 was
probably an unintentional error.
The official
reports of these 18 roads named by Mr. Reed show that
their net
operating income was for 1920 $139,070,487, instead of $987,834,470, as the press dispatches
quote Mr. Reed as claiming.
It is probable that Mr.
Reed was not referring to the
The revival of the building business
would put more men to work than the revival of any other one
[Vol. 113.
number of roads
supply of money on mortgage at reason¬
settlement of labor conditions,
a
In his
needed,
The housing needs
housing needs of the country.
large, but building still awaits
are
CHRONICLE
in effect.
For each
to
reduced into
amount
an
a paper
possession.
that the published statement referred
seen
is
most misleading and
viciouf?, and illustrates the difficulties which
confront the railroads in
securing a fair understanding by the public of the
truth about the condition
they
in.
are
of the three other groups a Regional Reviewing Committee has been estabished.
MOTOR TRUCKS VERSUS RAILROADS.
The questions to be taken up by these committees include grievances,
and working conditions, and the administration of
rules
discipline.
votes of all
members, whether representatives of the management
employees, are of equal power.
to reach a decision upon any
In
all
matters
of the
Not less than two-thirds vote Is necessary
question presented.
individual discipline
except
or
cases,
the
full
committee
will vote and its decisions will constitute precedents which will be binding
equally upon both sides with respect to similar existing or future
discipline
which involve
cases,
the management
i
as
claims and do not vote
on
A method
on
In
of appeal
counsel for the presentation of their respective
the
to the Division Superintendent,
General.Superin¬
cases
which cannot be
the Division may receive expenditious attention by the Reviewing
Committee.
Regular
ber of "The Forum"
has
meteing dates
are
fixed
for
the
Division
with
though
on
committees
carries
May 20 1921, of giving all employees
the
management
nouncement
an
the
out
opportunity to have
in matters affecting their welfare.
elections
were
held
policy announced
a
voice in
Following this
rules
new
and
working
conditions to take the place of the National Agreements.
It
was
announced at that time that it
was
the
form.
generally
recognized.
active competitor of
an
they
continue
traffic, handicapped
taining
outlay,
seem
revised.
The
is
in
highways, do
whole
our
hope of the management
so
much damage that
system of road-building must be
tial
roads must
character,
which
be
built
of
that
means
much
correspondingly greater.
to
and
the
matters
were
the employee representatives and the management held
a
con¬
agreed
The
System Reviewing Committee for the employees
on
Maintenance
of
Way and Structures is composed of eight representatives of the manage¬
ment and eight representatives of the employees, two from each
region.
The System
Reviewing Committee for the Signal Department employees
is made up in the same way.
The
Regional
Joint
Committee
for
seven
representatives of the employees.
employees.
The
bearing
by
strikes,
sentative of the management and
a
repre¬
representative of the employees.
P.
W00DW0RTH
DEMOLISHES
ROADS BY
OF.
CHARGES
C.
M.
REED
NORTHERN
THE
RAIL¬
COMMERCE
Mr. James P.
Railway Co., of St. Paul, Minn.,
the following statement:
The
on
Sept. 3 made
Mr. C. M. Reed
before the Inter-State Commerce Commission in the recent
hay and grain
case has come to my attention and is so
misleading that it should not be
permitted to pass without public notice.
were,
saying that the profits of 19 railroads in the West
in 1920, as shown by their official reports, $987,834,470.
the
the
upkeep and
contains
and
we
amor¬
of
detail
mass
a
reproduce
it
below
means,
P.
the
rival
a
railway
in
and
taxes
is
It
is
railways, and
robbed
The road motor has broken the
whatever
intended
their
to
connection
good of all the people.
therefore
essential
which
taxes
Are
of
few
we
are
that all
with
of
proposed railroad
differences
portray
with
or
the
high
between
public
pay
of
policy—policy
their proportionate
already burdening the Federal,
a
large
share
meas¬
It
of
State and municipal
is
the
gov¬
citizens.
naturally arise
therefore,
em¬
situation
exact
The approximate total debt of the country
industries
not to speak of our
questions,
its
power
Hearne in "The Sphere," London.
connection
no
the
of
strike
be hanging over this country a century from the present day.
out
of
the
acute
situation.
going to pay doubly for the poor earnings of the Eastern railroads?
They are now competing with trucks for the freight business of the East.
these trucks running on free roa'dbeds and escaping an upkeep cost
that
will
damage
they
be
later
to
borne
by
the best paying
taxpayers?
The
trucks
have caused
serious
freight business of Eastern railroads because
roads now.
We hear complaints, how¬
commissioners, who are particularly bitter against the
Will our highways and railroads both go to ruin together?
have the advantage of good
ever,
from
road
larger trucks.
Auto
No inference
be drawn from this statement except that the
profits of these railroads
for that year amounted to the sum mentioned.
can
reduce
Are
published statement of the evidence given by
Mr. Reed is quoted as
to
as
ever
recognized,
twenty-four billion dollars, a debt which will doubtless, in
A
Woodworth, Vice-President of the Northern
Pacific
so
nothing to do with railroad strikes,
employee.
truck
motor
is
has
and
and
ployer
ernments,
COMMISSION.
alternative
This article has
ure,
AGAINST
BEFORE
P tCIFIC
this
railway strike."—R.
for the
JAMES
these matters,
on
share of
Riggs's article
to cripple the community.
power
and five representatives of the employees.
a
should be
minimum, and the trucks should
a
"Already road motor-transport has become
already,
the
alternates between
situation
full:
Regional Joint Committee for the miscellaneous station forces in
the Eastern Region is composed of five representatives of the
management
chairmanship of each of the committees
This
bear their full
Mr.
tizement.
greater bur¬
a
repairs than the State has
design of the truck regulated
be made to
The Regional Joint Committee
for the Clerical forces in the Eastern Region is
composed of six representa¬
tives of the management and six representatives of the
The
before."
capacity .for damage to
the
Shopcraft employees of the
Eastern Region is composed of seven representatives of the
management
and
bear
and
series of
conferences which resulted in the formation of these committees
be
exaggerate when he said that "the motor truck is destroy¬
had
upon,
all
rules
will
cost
Gov. Miller of this State did not
for maintenance
on
new
substan¬
more
first
the
den
the
use
These heavy trucks,
which should frequently confer with the management
as soon as
of
But that
ing the highways of the State and imposing
Accordingly,
class
with the expense of main¬
are
only aspect of the matter.
would
to decide
this
virtually free of cost.
their passage over the
it
for
compete
while the auto truck gets the
State highways
the
to
motor
rail carriers
c*ostl3r road-bed, provided in the first instance at
a
heavy capital
a
they
as
article
The
the
that these employee representatives would form the nucleus of committees
cerning the employees.
The
an¬
throughout the System to determine the
employees' choice of representation to formulate
yet
pamphlet
pressing problems of the day,
shall
not
these
not
become
in
most
freight, and it is for these carriers
representatives of the employees under their jurisdiction, and appeals may
be taken in this order, the employees participating in every
step in decision
of
is
the
for short-haul
of the
formation
of
num¬
Riggs, which
whether
tendents, the General Superintendents and the General Managers, to meet
The
article by Edward G.
an
reprinted
one
this
truck has
Superin¬
affecting their interest.
been
now
deals
case.
tendent and General Manager is provided so that all
settled
cases.
personal element, the representatives of
and the representatives of the employee directly interested
the case merely act
n
a
Under the above caption there
appeared in the June
The
The
creases
Trucks Are
Getting Short-Haul Business.
high freight rates of the railroads, made necessary by the great in¬
in
materials
and
wages,
have struck
a
deadly
blow
at
the
very
Sept. 10
THE
1921.]
The auto trucks are get¬
freight cars on all the rail¬
roads was conservatively estimated at 400,000, and the number has been
steadily increasing ever since.
It is now over 475,000.
Probably the first intimation that a great American railroad is consid¬
ering how far it can abandon short-haul service to the motor truck was
given by President James H. Hustis of the Boston & Maine in an important
business of the railroads.
profitable short-haul
At the end of January the total idle
ting it.
recent
statement
ferred
to
the
situation.
England railroad
New
the
on
truck transportation
England traffic league, and said:
investigation
committee of the New
motor
of
Mr. Hustis re¬
by a special
justified in undertaking to meet this form
order to
in
the
In
eastern
manufacturing
there
Massachusetts the American Woolen and other
of
part
the
in
doing
are
concerns
concerns
are
shipping by
much
Connecticut
Valley
truck.
which operate
Similarly
their
own
It has seemed certain for about two years
regularly to New York.
trucks
:
course,
origin and again at the point of destina¬
ascertain the full cost of transportation."
cartage at the point of
add
tion
is also necessary, of
To the freight rate it
railroad rate.
than the
to
engaged in a careful study of the extent
are
that eventually the railroads must tell many communities that short-haul
service could
not be regularly maintained in competition with that of
"The
President
the
of Maintaining Highways.
Cost
in his statement added that the average
Hustis,
State highway had increased
miles of
700
cost of
Raise
Trucks
during the period in which motor vehicles
had come into general use.
The public maintains the highways, with the
aid, of course, of motor vehicle license fees, but the railroad must main¬
tain its right-of-way out of earnings.
As President Hustis said:
"It obviously involves an economic waste to build up two transportation
agencies where one will serve the purpose."
Statistics for 1920 show that motor trucks carried more tonnage than
either inland waterways or interurban trolley lines.
Motor transport now
ranks second only to rail transportation.
In less than, ten years' time
motor transportation has grown from nothing to its present prominence.
A concrete example of the remarkable growth is had in a check taken of
traffic between Akron and Cleveland, Ohio.
In two years' time loaded
to $1,500 per mile per year
year
truck
increased approximately 200%.
tonnage
exercised by the railroads in taking care
care
built to carry the extra weight the
piece of public property and invites the severe criti¬
of the community.
Summed up, the problems of the
loading trucks for travel over roads not
is
owner
destroying
citizens
of
cism
a
educational—education <Jf the public to the
truck, and education of the motor truck
business methods.
trucking industry are largely
service
The
Motor
Truck
Has
Come
to
Stay.
the motor truck has inaugurated a new era
short,
its lack of foresight,
suffer for
at
the
Mr.
time
all trucks of five tons or over. This meant
a tax of $500
on a five-ton truck and $1,000 for each ten-ton truck.
The
tak on trucks smaller than five tons would be doubled.
It now ranges
$100 for each ton capacity on
from
$45, so that under the
$25 to
be less
still
than
proposed law the assessment
would
$100.
Senator Lowman,
chairman of the Internal Affairs
Committee, speaking
reach
will
damage that it is impossible to keep
the roads in repair and the bridges in safe condition.
The tendency is to¬
ward increasing the capacity of trucks, and conditions are getting worse
all the time.
It has now come to the point where the State must decide
heavy trucks do so much
"These
is going to
whether it
rebuild entirely its system of roadways
and bridges
those we have.
We cannot legislate these big trucks off the
highways so we must tax them off."
The bill attracted marked attention in nearly all the States.
What is
or
good
New York is occurring elsewhere, though the tax proposi¬
so definitely formulated.
Every State that has built
not been
tions have
roads is suffering
from this trouble, and an
might well be held to consider ways and means of
tion and road development ill recognition of the fact
established and growing means of
an
now
Miller
Governor
motor
on
transport.
Higher Motor
county
State,
county
and
whose
to
it is just
replied:
that they should be more
heavily taxed.
The motor
of transportation for short dis¬
tances, and is supplementing the railroads in this way.
The highways
were
not designed originally for such heavy traffic, and are unable to
carry it.
The motor truck is destroying the highways of the State and
imposing a greater burden for maintenance and repairs than the State has
ever
had to bear before.
In addition to this expense of repairing roads
already built, the motor truck will increase the expense of building new
roads, which will have to be constructed in a more solid fashion in order
to carry the heavier traffic.
1
"When provided by the State with a roadbed the owner of motor trucks
has no grievance if he is asked to pay a moderate tax to maintain it.
The proposed increase is not large.
And I can conceive of a situation
which would make it advisable to levy in addition to the license a tax
truck is
on
becoming more and more a means
gross
earnings.
This would apply to motor trucks just as it does
The bill was lost in the Assembly, but is
Albany next winter.
other common carrier."
any
to
to
again introduced at
be
The Connecticut
The
way
for"
Connecticut State
Plan of Motor Truck
Motor Vehicle Department
Taxation.
and the State High¬
Department have agreed upon a plan for increasing the
trucks so as to net the State $3,000,000 instead of
motor
pay
But if it is
for the
Legislature is
Minnesota
be
to
consider¬
a
fund of
State supervision.
and
trading centre.
funds
and tear
wear
used
the
system
This leaves
wholly
on
the
be economically served by graveled or
the farmers can carry full loads from the
But this is
special
a
truck
one-ton
a
course.
can
In this way
from
come
important
township
lighter traffic
the markets.
to
farms
license
now
not all;
tax
the entire $100,000,000 fund
motor
on
cars
busy making laws to
The
all kinds.
of
this into effect
carry
apportioning this tax on horsepower and load or weight.
Moreover,
State is not only to build this system of main highways, but is to
by
the
maintain
forever
and
them.
these
roads
renew
other
In
this
by
words,
same
motor
cars
will be
amendment
State laws, this
by
will build, maintain
of motor
means
is in lieu of the usual personal tax on them.
which
can
vehicle license tax
As the application of
be changed from
time to
by equalizing the burden where experience shows it belongs.
If five
for heavier trucks develop unexpected'destructive powers, they can be
accordingly, and the limit of size allowed can be
taxed
deed, the time may come when
determined.
In¬
the developed use of this form of heavier
surfaces of suffi¬
transportation may call for specially constructed
motor
cient
reinforcement and pounding resistance to stand this traffic.
depth,
Great Damage Done
to Roads
by Heavy Trucks.
Approval of the heavy tax on the larger automobile trucks to compen¬
sate for damage done to highways was contained recently in a statement
Cornell, Secretary of the National Highways Protective So¬
by Edward S.
He said the $100 fee for trucks of more than five tons capacity pro¬
ciety.
but that there
posed in the New York Legislature might be confiscatory,
need of
was
The damage done by heavy vehicles to the high¬
graded tax.
a
in the spring was an important reason for the tax penalty, as even
constructed roads will break down under such loads, he added.
ways
best
the
It is well known that
during the winter and spring thaws when even our
to
capacity will do more damage in
constant light traffic over a
one
period of weeks or even months.
when the tar dressing of macadam roads is soft, the heavy
mer,
exacts
In the sum¬
truck again
heavy toll.
a
Shrady, for five years Superintendent of the Board of Water
George F.
along the great aqueduct which furnishes New York City
Police
Supply
State roads, these
familiar with the methods
supply, who made daily trips over New York
water
its
fivetrip than will
and bituminous macadam roads are in unstable condition, one
truck loaded
ton
trips affording him an opportunity to become
employed in road construction, says:
"Heavy trucking is without doubt a contributing cause
I
frequently
have
to
one
do in
tires will
truck
a
costs
truck does
a
with
especially in wet weather.
A
solid rubber tires will do more damage
with pneumatic
thousand trips.
license
As
$15.
to our bad roads.
their cushion tires and chains
trip than a sixty horsepower touring car
truck
"A
trucks with
large
furrows in a macadam road,
road in
a
seen
horsepower
twenty
only $5,
mostl
while
a
license for a touring car costs
not charge more?
horsepower?"
damage to a road, why
Why not charge according to weight, instead of
proposed extra tax on heavy motor trucks it should be
that they have become important competitors of our railroads,
Regarding the
The trucks operate on a right-of-way main¬
short hauls.
particularly on
by the State and municipalities at the expense of the community.
them have no terminal upkeep and they maintain no exacting
tained
of
Most
schedules, but
leave when loaded.
hand, the railroads
other
the
On
competing
for the
same
short-haul
handicapped by a complicated, exacting and uneconomical
set of working rules and conditions, as well as by a higher wage scale
maintained by legislation.
They operate on a right-of-way secured and
business
are
maintained
by
themselves at an enormous yearly expense, and because of
demanded by public convenience terminal expenses are
exacting schedules
Also, they pay heavy taxes to the
high.
State, part of which is for
upkeep of State highways.
the
Then, too, most of the trolley
companies pay for cleaning, sprinkling and
removing snow, for new pavement and paving mainte¬
covering the space between their tracks and two feet outside and
for one-third of the cost of new construction and one-third of the cost
of maintenance account of all trunk line highway bridges having a span
oiling strets,
for
nance
and located in towns or between towns
greater than twenty-five feet
a
having
population of 10,000 or less.
Virginia Railroad.
railroad in Virginia having a
part of its service and con¬
templated scrapping the road because of motor competition.
From now
on the question
as it applies to railroads will become increasingly serious:
Shall we abandon the railroads, or shall we- equalize conditions of labor
Competition
Motor
A
dispatch
news
short
haul
of
Causes Abandonment of a
recently
said
that a
fifty miles had abandoned
but
give the railroads a fair chance to demon¬
survive, at the same time compelling the motor truck
proportionate part of the expense of maintaining the
highways which it uses?
Are not the stock and bond holders of the railroads, the people who
strate
Miller of New
the tax on other vehicles,
"Because
for
of
proportion of mileage,
and
seat
macadam surfaces.
is
the
employment and taxes so as to
Truck Taxation.
York, asked to explain why the proposed tax
trucks contemplated at Albany was increased in greater propor¬
Governor
tion than
on
inter-State conference
effecting road protec¬
that motor trucking is
that they will
its
gets
preserve
happening in
the fee
owners,
highway system under
State
a
counties
every
usual
laterals
very
support of the bill, said:
in
build
to
86
of
considered
by lost opportunities.
Ilearne's comment appeared in "The
Sphere," there was introduced in the New York State Legislature at Al¬
bany a bill to assess the big motor truck, which fast is becoming a tremen¬
dous factor in transportation and industry.
The bill called for a tax of
Coincidently,
that
mean
high to all truck
the highways these fees may not be too high,
on
the
Each
the
of
five-ton truck $450, with the others in proportion.
a
very
Minnesota
plough deep
in transportation.
It seems most unlikely that this carrier will ever supersede the railway
to
anything like the extent to which, for instance, the railway super¬
seded the canal, but it has already claimed for itself a large share in traf¬
fic of a certain sort.
It bids fair, as time passes, to win more than it has
yet got.
The State which fails to realize that long-distance truck hauling
has come to stay and neglects to provide for its suitable highways may
In
editorially
speaking
increase in the cost of road building."
has adopted a constitutional amendment providing
ing the
performed by the motor
operator to the use of better
seem
their trucks
of
concrete
of their right-of-way
and countenancing no destructive practices sets an example for truck oper¬
ators.
Tests recently completed by the Bureau of Public Roads show that
a
truck traveling at the rate of 15 miles per hour exerts twice the force
on the road as when traveling at the rate of six miles per hour.
By over¬
The
and for
fair to charge truck owners fees so
tons
maintenance
from $100 per mile per
Republican,"
increase would
proposed
would be $25
time
Motor
"Waterbury
says:
These fees will
the
I
choice must be made between the two.
trucks and that a
the
and
annually,
plan,
$100,000,000
to which the Boston &
of competition. The
salient fact disclosed by the investigation was that for certain classes of
freight for distances of 50 miles or less the motor truck rate was lower
"We
Maine is
1117
CHRONICLE
license fees
$1,800,000
to
put
their right to
pay
its
their
entire
money
into this
vast transportation machine
which consistsj of
about 404,000 mile of track—invested their
money in good faith—entitled to say that the motor truck should pay its
proportionate share of the taxes?
The total book value of the transpor¬
tation machine is about $20,000,000,000,
or about $80,000 per mile of
260,000 miles of railroad and
road.
The
capital
representing this great
machine in the hands of the
public is about $16,500,000,000, or $66,700 per mile of road.
The stocks and bonds of American railroad companies are in
the hands
companies, savings banks, guardians,
trustees, and by hundreds of thousands of individual investors, representing
every trade and calling.
The once more or less prevalent idea that the rail¬
roads are owned by a few*great financiers is erroneous.
Everybody knows
that the securities of our railroads are scattered all over the country—
an
investment of the people.
The Bureau of Railway Economics, in a
recent statement, announced that all the ownership equities of American
railroads are really in the hands of more th^n 50,000,000 people.
In 1918 there were 53,923,734 life insurance policies in force with the
legal reserve companies.
Among the assets securing these policies were
nearly $1,700,000,000 of railway securities, 26.25% of the total assets,
and a failure to protect these securities affects directly the holders of these
policies and the beneficiaries thereof.
of the
public—are owned by insurance
1118
THE
Under-Taxation Amounts
There
is
the
the
of
that
damage
question arises:
against
but
question
no
share
greater
heavy duty truck as
subsidize the
community at
CONTROL.
and so
each year
highways
large,
or
Regarding the turning back
going to
we
are
private
compel them to pay their way?
The
truck
motor
the
now
in
such
vehicles from 80
than
of
Pennsylvania
legislature which
to
representative citizens
rather
of
owners
whose
discouraged.
is
truck
railways will
the Automobile
less than
no
their
machines for pleasure, ought to
the cost of keeping roads
pair
once
built; they ought not to be required to
they
are
give
you a
this.
.>■
Let
of the
me
real situation.
pay more
than
.
table of official figures (cents omitted) which shows
These figures come from
the Secretaries of State, State
'
Idaho
Iowa...
Maine
Maryland
Montana.
Jersey
New
York
Pennsylvania.
Rhode Island.....
Texas
Virginia
Washington
West Virginia...
*
Estimated figures,
for automobiles
not
are
kept separate in Arizona, Connecticut, Massachu¬
Mississippi, Missouri, Nebraska, Nevada,
Oklahoma,
to tell
the
a6,612,388
a3.501,105
6,83/,056
Dakota,
Utah
and
Hampshire, North Da¬
New
Should
Vermont.
in
policy
the
administration
of
not
more
States, this
foregoing
taxpayers of those States exactly the
future
real situation in
trucks vs.
motor
railroads?
The
collected
taxes
Delaware,
Florida,
New
Mexico,
taxes
collected
Colorado,
The
strated
by
County
(Conn.)
the
torial, when it
"It
seems
South
in
1920
Illinois,
editorial
it
puts
bit
irony
for
at Chicago,
our
the
Mas¬
North
Da¬
Wyoming.
The
newspapers.
in
is demon
taxes
Litchfield
edi¬
crisp
terse,
a
convention
cement, crushed
The same highways, of
economical
use
railroads.
and
Isn't
the
of
the
of
Road
American
demand that the railroads lower the
to
it
used
stone, etc.,
course,
are
designed to make
which
are
fast
trucks
of
taking away
'crowding the mourners'?"
Tuesday will be sadly disappointed, for it will, for a
period that will demand the exercise of the greatest possible
One thing is certain, however, and that is that the
railway com¬
on
no stone
unturned to provide facilities of all kinds
that
fast getting back to pre-war facilities, and the
public had
are
during the August bank holiday period of what
the pre-war facilities
to restore them
we
are
and, secondly,
as
receiving
are
are
In
a
a
a
pleasant
the railways can do.
consideration, and it is hoped
and when It is found possible.
The two most important
our
anxious to build up are, firstly, a satisfied
traveling public,
a satisfied and competent staff.
For the rset we would only
ask the public to
give us their confidence.
it will be
For
a
time, however, I repeat,
period of caution."
subsequent interview
stated that
of the first
one
of the chief officials at
one
concessions
Liverpool Street
be
to
inaugurated by the Great
Eastern Ry. following decontrol will be the issue of
first and third class
combined rail and hotel week-end fares between
Liverpool Street and other
and Harwich, beginning Aug. 20.
From Liverpool Street the
combined rail and hotel fares will be 59s. first class and
42s. third class,
the fares from stations such as
Brentwood, Cambridge, Chelmsford and
Norwich being graded according to distance.
Some idea
of the
of the
facility will be gauged from the fact that the first-class
by rail alone between Liverpool Street and Harwich is 31s.
cheapness
return fare
The Great Eastern Ry. Co. also announce
that the regulations
governing
traders' tickets have been revised,
charges on all the railways having been
made on a uniform basis.
The qualification for a traders'
ticket has been
reduced from £800 to £600, payment for
freight and the Clearing House
scale in force in 1912
having been adopted, plus 50%, which means a reduc¬
tion in cost.
•
In
addition,
the#Great Eastern Ry. Co., commencing on Aug. 13, Is
issuing 8 and 15-day Saturday excursions from its stations,
including the
seaside resorts,
to the principal stations and resorts in the Midland
and
Northern counties, including Harrogate,
Southport, Whitby, Scarborough,
Liverpool, Manchester, Newcastle-on-Tyne and Nottingham,
few places.
a
to
but
name
In the inverse direction the Great Northern, Great
Central
and North-Eastern
railways have arranged with the Great Eastern
Ry. Co.
issue similar excursion tickets from their
principal stations to the East
Coast
resorts.
1
Other pre-war facilities which the Great Eastern
Ry. Co. contemplate
resuming include the carrying of excursionists at reduced fares
by ordinary
trains,
as well as by the special excursion
trains, and the restarting of day
period excursions between many of the agricultural districts and sea¬
and
side
resorts
and
London.
These
excursions
London
to
were
a
facility, and if possible the Great Eastern Ry. intend
specially.
pre-war
LABOR BONUSES IN BRITAIN TO CEASE.
In
scene
panies will leave
to
like
railway companies, but
to prove of mutual benefit to the public and the
railway companies.
As in
every other branch of commerce, rigid economies may have to be ef¬
fected, but this will be done only where absolutely
necessary.
Already we
California,
Louisiana,
truck
pertinently
very
in
Carolina,
Tennessee and
in
comments
"Leader"
highways.
business
North
The
Wyoming.
Kentucky,
New Mexico,
Carolina,
and
available
not
Kansas,
California,
Minnesota,
says:
a
efficient
more
Carolina
are
in
Michigan,
interest in the proposed motor
Association,
build
to
South
Louisiana,
of transportation on all materials,
price
the
Florida,
great public
Builders'
Ohio,
railroads
available
not
are
Kentucky,
Carolina,
from the
Oklahoma,
trucks
auto
Michigan, Minnesota,
Ohio,
kota,
North
Delaware,
sachusetts,
from
Kansas,
of transport owned by the
means
stations
kota,
in order
2®'AE
distinguished from licen¬
as
progressive bookkeeping methods be adopted by the
determining the
„
a2,580,000
control of the
and the lines will be handed back to the
private enterprise
companies.
The termination of control will not only affect
likely
assets
«2,442,471
®10,o89.061
13,
to hand says:
midnight on Monday next Government
a
caution.
All
*1.000,000
3,645,6So
Aug.
of
20,
amazing trans¬
time, be
taste
i
1920,
setts,
South
52Z»I§2
*0,452,620
76.617
450,000
238,828
1,138,"69
150,000
268,180
The taxes collected from auto trucks in
ses
263,000
1,415,110
1919 figures.
a
*$2'<$0.000
42,000
*28,327
*420,000
120,570
303,339
449,536
82,000
360,387
*10,000
654,283
*2,066,587
.....
Wisconsin
$350,000
.
.....
New
Taxes Collected
from Railroads
1020.
Taxes Collected
from Auto
Trucks 1920.
1,000.000
5,000,000
7,500.000
3,630.000
3,200.000
3.290,000
7,593,166
.16,576,444
....30,000,000
1,633,000
51,903,458
5,117.000
4,117,000
5,000,000
2,809,000
Indiana
railway
formation
Amt.
Appropriated
for highway
Stale—
Improvements, 1920.
Alabama
$4,500,000
Arkansas
16,800,000
District of Columbia... 1,430.300
Georgia
1,905,000
.
News"
to
Aug.
centrate their energies on
administering their properties in the best interests
of the public and the
shareholders.
Those who expect an
stantly before them:
1
"Financial
railways
columns
also all the
railway hotels, buffets and refreshment rooms.
In an Interview with a "Financial
News" representative
yesterday,
Sir
Henry Thornton, general manager of the Great Eastern Ry., said:
"On
Tuesday next the raiiway companies will be able once again to con¬
Commissioners and public officers with the official figures con¬
Highway
British
these
cease
trains and other
in re¬
London
the
of
in
to
come
On the stroke of
encouraged
character to be
a
cover
a
the
which has just
use
pay
who
of
owners
control—referred
792,—the
page
for
license fees
license fee large enough to
owners
Pennsylvania,
the
The protesters against the legislation are
business
The
protesting against a bill
are
increase
to
proposes
200%.
[Vol. 113.
RETURN OF BRITISH RAILWAYS TO PRIVATE
is responsible for the
truck
State
going to
the
and
Subsidy.
a
heavy
done to
Are we
the railroads
the
to
CHRONICLE
favorite
once
again
to cater for them
interesting cable dispatch from London, under
date of Aug. 30, bearing the copyright of the Public Ledger
Co., this matter of the termination of labor bonuses is dis¬
an
cussed
as
When,
every
Thursday, Great Britain officially ceases to be at
branches of British labor will be
many
some
are
means
reduction
a
and
such that their protests, except
to others lesser
can
ill afford;
but
possibly those of the printing
The laborers who face these cuts on
First there
potent factors.
take
tremendous
are
administered
setback
Sept.
1
are haunted
2,500,000 unemployed who
by two very
are
willing to
and second, unionism still is suffering under the
kind of job;
any
Triple Alliance of miners, railroad
it
to
men,
by
the
Government
and transport workers
was
ex-Food
and notably J.
of
the
now
circle" that keeps
by reduction in
improved.
prices
wages,
will not be forgotten when the position
The employers assert that "the vicious
and trade at a low ebb
up
can
of exchange,
best be penetrated
which ultimately will result in benefit to the workers.
cents;
eggs,
30 cents
75 cents
a
a
pound, and with good cuts costing
wages
almost tragic.
wages are
Their
week, which will
a
$5
and
that
to be inflicted upon the postal workers will be
$11 50
a
week with
a war
presents
during the
the average
a
year.
tipping system which is universal in the British
Every Christmas
"Christmas box" at the, door of every person he
It has> been calculated by
Government experts
collection of eAch postman is $65, which is taken into
consideration in arriving at the rates of pay.
The
important Dockers' Union already has agreed to
of
studying
in
her
Samuel
the general
present
situation
wage
reduc¬
in
re¬
Central
After conferring with representatives of the Ger¬
Austrian
dition
economic
Ifntermyer, who
and
of the
on
Hungarian
Governments,
Mr.
Sept. 4 to Paris, where he issued
countries he
visited.
"If
the
as
Untera
state¬
to the
Allies
con¬
will
su¬
bordinate their reparation claims and the United States its
claim
for
relief
advances,"
said Mr. Untermyer,
believe will amount to about
able
obtain
to
a
loan
of
$22,000,(300,
"which
$250,000,000 from private
sources,
payable to her at the rate of $50,000,000 yearly, upon
secur¬
ity of her customs receipts, tobacco monopoly and other
sources
derivable from external
"This would
her
home
constitute
industries,
so
a
I
Austria should be
re¬
sources.
revolving fund for advances to
that it
would
have
the
effect
of
financing purchases to many times the amount of the loan.
There
is
business reason
every
why this should
be
done,
apart from the question of sentiment."
Vanderlip,
Frank
Central
who
also
has
been
traveling through
Europe recently, takes the view that Austria must
obtain foodstuffs immediately on credit "to prevent chaos."
reduction of 12y2% in wages, and numbers of other branches of labor
Vienna, was arranging credits for Austria between Ameri¬
as
costs;
have the railroad workers,
on
but several essential commodities
The Federation of
a
10%
FRANK
basis of a reduction in
living
rising, not falling, in England.
Engineering and Shipbuilding Trades has been notified
tion,
of
a
opinion
bonus of $16 50
which is countenanced by the Government.
the postman
serves
80
But their wages are augmented by more than
cease.
week by reason of the
a
Isles
up to
dozen, and with bacon and other things in propor¬
tion, the reduction in
Europe.
man,
aiding Austria
the
setting forth his impressions and ideas
With the cheapest cuts of frozen, unpalatable beef costing, at the present
rate
in
ment
but which, they say,
has
of
plan
condition,
smashed
R. Clyncs, member of Parliament and
BY
UNTERMYER.
returned
ControUer, charge the employers with taking advantage of the
workers
URGED
SAMUEL
myer
situation to inflict unjust reductions which the laborers are powerless to
combat
AUSTRIA
the
when
in the miners' strike, which the miners lost.
Labor leaders,
feasible
cently has been
tradesi will be unavailing.
FOR
Extension of credits through private channels is the most
thing of the past.
a
50 %,
of
with the cost of living f^till high, they
amounts, which,
conditions
it
workers
AID
VANDEIiLIP AND
with
war
nation except Turkey, the substantial war bonuses that have been
paid to
To
FINANCIAL
follows:
on
will be affected
has been
wages of
a
the
are
another.
Since the beginning of the year there
approximately $14,000,000 in the full-time weekly
one way or
reduction of
5,700,000 workers.
Not only are laborers hit, but highly
placed Government officials,
as
doubtless hundreds of middle class workers,
to
check.
tinuing the
as
whom it will be difficult
Much criticism has been directed at the Government for
war
bonuses to highly paid officials, but all will stop
well
con¬
now.
On
can
Aug.
and
27
it was reported
Viennese banks.
Vanderlip made
ent
I have been
Mr.
Vanderlip,
then
in
The following day, Aug. 28, Mr.
the following
statement to a correspond¬
of the New York "Herald" in
I have conferred
pect
that
Vienna:
with all the leading politicians and financiers here, and
struck by their good-will and common sense.
They do not
ex¬
impossible things from the rest of the world, and are convinced that
SEPT. 10
1921.]
THE
Austrja must in the first place help herself, but to
granted time to bridge the first
One of
the
home
the
reasons
self-confidence
the Austrians,
among
investments.
They have
of
the
Austrians.
centre
be
a
It
is
is
the lack
because
foreigners
have
confidence because of the state of
no
vicious
a
account of her
on
PEACE TREATY BETWEEN UNITED
low
so
circle.
Vienna
is
natural
a
international
geographical position and trade channels.
It would
great pity if it should meet the fate of Petrograd.
The Danube Federation is best for the revival of this part of the
but
a
and
I
political
federation
doubt
even
The
"blue"
*ade it,
Danube
States of
fed
bluer
a
reasonable.
more
proposition
than
Strauss
to be
seems
the
ever
United
Europe.
It would be
be
be
to
for these border States
name
mutual hatred,
likely to be brought
is
show signs of becoming
now
country,
account of
on
federation
economic
an
seems
and the best
impossible
seems
whether
about, although the people
and
extremely dangerous to let Austria
bankrupt.
go
Following the signing the previous week of
no
mind
She must
STATES AND
HUNGARY SIGNED.
of
the banks preferring foreign to
even
confidence
no
confidence, and the latter have
fallen
has
crown
1119
Austria must be
recover
of economic trouble.
years
Austrian
CHRONICLE
between
the
United
States
and
of
peace
on
is said
which
Austria,
between
to
this
country
and
Hungary
Austrian
and
treaties, was signed for Hungary by
Foreign Minister Banffy, and for the United States by Com¬
man
missioner Grant
Smith, in the palace occupied by the Ameri¬
mission at Budapest.
can
It brings to
end the technical
an
state of war between this country and the countries
sued at Paris
I
certainly
trated
desperate
possibly, of being of
unless
•ur
relieved,
follows:
was as
is
plight
of
is¬
unfortunate
poor,
Austria,
in
concen¬
the
hope,
little help to that stricken country, whose condition,
a
bound
to
affect
other
countries
injuriously,
including
knew
proud,
beautiful,
•f its
is
the poverty and
the
masses
foreigners
and
must
be
of
hot
between
attracted
measured by
our
money,
8
in
even
The
have
in
o'clock
been
in
forced
to
the
morning
with
the surface
beyond description.
week.
a
is
by the ridiculously
from
is
People
the
not
Only
are
poorly
of
winter
cold
sufficient
even
coal
to the length of prohibiting the
hotels and private buildings, except
go
and
and
noon,
no
prohibiting it entirely
eggs
be had.
to
are
Bread
quality.
living is ridiculously cheap when translated into
This
situation
materials
renders
she
it
needs
our
own
Her
impossible for Austria to get the fuel and
Her
nance.
laborers
her farms
and
dirty,
are
and
recovery.
buildings deteriorating
for
want
July 2 by President Harding.
neglected for want of machinery and fertilizer.
Even at
this season of the year
vegetables are a luxury reserved only for the rich,'*
and this in small quantities and of restricted kinds.
and
States
ous
Governments
raw
materials
lend
her
money
start
her
industries
must
so
to
as
tilizer
for her farms; or third,
through private channels here.
As
to
France,
the
there
ponderance
resort,
avoided
is
of
the
it
sentiment
course
no
and
fuel
buy machinery and fer¬
these
be found
must
purposes
apparently
in
implacable
Austria
to
itself,
Germany,
from
escape
to
it.
opposition
the strong
but only
If
as
annexation
of
pre¬
last
a
can
be, unfortunately, out of the question.
financially to help Austria if they
Most of them
unable
are
literally bankrupt, while others
are
purchase
prosper¬
be
The
unable
are
so.
to
more
overwhelmingly in that direction.
seems
Governments
disposed to do
is
to
to
finance
trembling
are
themselves.
rights they might be
Hungary
under the treaties of Versailles, Saint Germain
or
and Trianon,
Hungary
garian
establishing
In
all
of
them
the
on
of enforced
verge
reached
ate
the
her
as
and
at
to go
time
same
turn
countries—and
is, however,
vanced
for
than
more
the germs of
reparation
taxation
could
would
as
that
assist
not
the
be
the
to
ear
they have
claims
and
relief—which
I
the
has
well-nigh
Austria,
result
pleas of
no
payable
rate
custom
them
at
the
receipts, tobacco
of
ray
hlope
of
her
desper¬
debacle,
central and
money
credit
nor
loan of
of
the Allies
States
amount
say,
in the third
If
program.
United
believe
a
to
a
practical
a
should be able to obtain
ternal
They
deaf
a
by
south¬
enough
around.
fact,
their
living and
point of confiscation.
European
There
in
of
cost
plight is, and disastrous
the
eastern
prospects of future prosperity are being choked to death
prohibitive
treaty,
its
about
to
course.
will
claim
for
Allied Powers and
the
monopoly and other
many
moneys
export
is
do so—for
no
of
her
reason
such
$22,000,000—Austria
a
year
upon
security of
derivable
resources
sources,
from
her
read
we
manufactured
products
this
loan
would
take
the
It would have the effect of financing purchases
an
why the Allied Powers
arrangement,
and there
the best business reasons, and
is the program, added M.
Finance
Minister, and his
and for which it
cipal Allied
and
the
is every
United
States should
why they should
reason
apart from
all questions of senti¬
is
understood
Governments, and
Untermyer,
adviser,
Dr.
which Dr. Grimm, Aus¬
upon
Rosenberg,
are
now
engaged
they have received the support of the prin¬
are
about
to
go
to
Washington
to try
to
obtain the assent of the United States.
So
this
the
far
as
this
concerns
applies equally
likeliest
Aug. 2.
VALERA TO FURTHER CdNDE
PROBLEM.
"The
history
as
you
interpret
way
for
to
us
the
$22,000,000
obligations owing
to get back
will be able to pay
our
dictating union
as
dictating separation," said Eammon de Valera,
Republic, in reply to Premier
Lloyd George's note df Aug.
made
rejection
public
of
the
The note of the
26.
London
at
Sept.
British
4,
amounted
Government's
stating that the "main historical facts
pute,"
it
added:
"Your
Government
to
a
proposals.
are
insists
Irish
not in dis¬
on
viewing
them froxp your standpoint, and we must be allowed to view
them from ours."
#
%
South Africa and
New
Zealand
are
all
Canada, Australia,
guaranteed against
"domination of the major State, not only by
acknowledged
constitutional rights which give them equality of status with
Great Britain and absolute freedom from control of the
British
Parliament, but by the thousands of miles which
separate them from Great Britain."
But Ireland, the note
contends, under the British Government's proposals, would
have guarantees "neither of distance
ditions sought to be
ficial
any
right.
The
con¬
States, each destructive of the other's influence in
council, and both subject to military, naval
common
and
nor
imposed would divide her into two arti¬
economic
control by the British Government."
In
concluding, the note said: "We have proposed the principle
of
government
only,
it
as
a
by consent
mere
phrase.
of
the governed,
...
and
do
not
On this basis, and this
see
hope of reconciling 'the considerations which
must govern
the attitude' of Great Britain's representatives
with
we
the
considerations
that
must
the attitude of
govern
once
to
appoint plenipotentiaries."
ready at
are
!
To the Irish note Premier
Lloyd George promptly replied
Sept. 7, following a Cabinet meeting at Inverness. "You
will agree," he said in his
reply, "that this correspondence
on
has gone far
enough."
He therefore asked for a definite
reply, "whether you are prepared to enter a conference to
how
the
association
munity of nations known
as
of
Ireland
with
the
com¬
the British Empire can best be
reconciled to Irish national aspirations.
a conference be held at
Inverness on
I suggest that such
Sept. 20."
The British
reply in full follows:
owing
to
to the Allied
m'oney.
us
for
relief—and
countries—this
Austria
never
is
otherwise
it, and it is hoped and expected that there will be
difficulty in putting through this, sound business proposition.
this week
no nearer
so-called President of the Irish
ascertain
This
on
the part of the
on
declared law in Hun¬
Solution of the Irish problem appeared
ex¬
ment.
trian
was
FERENCE ON IRISH
ad¬
times the amount of the loan itself.
There
not make
Hungary, and
Ireland's representatives, and on this basis we
revolving fund.
a
became effective July 25 by formal
LLOYD GEORGE ASKS
mean
$250,000,000 from private
$50,000,000
It has,
sources.
of
Germany, Austria and
The Treaty of Trianon, the Hun¬
by publication of the text
gary
subordinate
Upon the security of this loan, Austria would be able to negotiate for her
purchase necessary fuel, machinery and raw materials.
form
respectively, between the
peace,
hand and
one
the other.
on
peace
home industries and
From
the
on
acceptance of exchanges of ratifications
were
Some
repudiation.
by almost
end and reserved to the
an
nationals
The note from de Valera argued that
the
sentiment
sees
which
and
for
money
from
division
a
because
second
Allied
apart
being in favor of annexation
and
The
first,
with
second,
its
Germany and' Austria-
While
There
or,
on
war
entitled to under the armistices with
virtual
Open.
are just three courses
open for Austria:
First, she may be permitted to join Germany;
columns
all
leader,
Courses
these
It declared the state of
and the United States a|t
United
mainte¬
are
Three
in
between Germany and the United States and Austria-Hun¬
gary
i-han last.
of
becoming daily less efficient from under-nutrition
are
indicated
as
passed by Congress and signed
was
the
to
people will be ruined beyond hope of
streets
140,
page
money.
operate her factories, so that she cannot buy
anything and there is nothing to sell.
Yet Austria is *iot without resources
if they could be but realized.
Unless something is done, and done
quickly,
to help her to become
self-sustaining, she and her proud, intelligent and
industrious
resolution,
peace
July 9,
Allied nations
at any price.
And all this almost three years after the war!
With the Austrian crown, which before the war was worth 20
(cents,
bow
worth one-tenth of one cent, it is
easily understandable that the cost
raw
Washington.
most
buys almost nothing.
there
No fresh milk and practically
is still of the poorest
the
It is true the place
are
once
purposes
high-class
even
of
one
Europe in the days
there
suffering
midsummer
To those who
but underneath
money
buy meat
ordinary household
water
Sundays.
able to
underfed.
for
The authorities
use
are
are
was
city in
city of the dead.
a
barely exist, for their
can
terrific,
for
mind
my
who
manifestly
to be had
be imagined.
can
to
misery of the well-to-do classes
fortunate
more
clad
like
seems
with
which
the most beautiful,
not
cheap cost of living,
The
Vienna,
if actually
prosperity, it
pitiful than
more
cultured
crowded
now
•f
by the
Hungarian National Assembly, according to an Associated
Press dispatch Aug. 16, which stated that the Hungarian
Government was authorized to negotiate a treaty of peace
The
situation
adopted by
the United States Congress in July had been voted
own.
Austria's
•n
Austria,
glad of the opportunity to have public attention
am
the
on
Sept. 4,
on
conditions in
on
formerly
constituting the Central Empires of Europe.
given credits to prevent chaos here.
Untermyer's statement
was
The treaty with Hungary,
closely along the lines of the Ger¬
follow
Unanimous approval of the peace resolution
Mr.
a
Monday, August 29.
treaty
signed
treaties
peace
Gerhiany and
no
His
Majesty's
Government
have
considered
your
letter
of
Aug.
30,
and have to make the
The
following observations upon it:
principle of government by the consent of the governed is the founda¬
tion of the British constitutional
development, but we cannot accept as a
basis of a practical conference an
interpretation of that principle which
might present, even to
would commit us to auy demands you
republic and repudiating the Crown.
be aware that a conference on such a basis
the extent
of setting up a
You must
is impossible.
So
would
of the governed
applied, the principle of government by consent
undermine the fabric of every democratic State and
drive the civilized
world
back into tribalism.
On the other hand, we have
invited
to discuss our
you
merits, in order that you may have no
proposals on their
and sincerity
doubt as to the scope
of our intentions.
It would be open to you
a
raise the subject of guar¬
consider Irish freedom
prejudiced
loath to believe that
rejection of their proposals without examining them in
His Majesty's Government are
by these proposals.
will Insist upon
you
in such a conference to
points in which you may
antees on any
conference.
the Irish
fullest freedom for national development within the empire can
that you repudiate all allegiance to the Crown and all member¬
people the
imperial
and
which would bestow upon
ship in the British Commonwealth.
If we were to draw this Inference from
discussioas between us could serve no useful purpose, and all conferences would
be in vain.
If, however, we are mistaken in this inference, as we still hope,
and if your real objection to our proposals is that they offer Ireland less
than the liberty we have described, that objection can be explored at a
letter then further
your
lasted long enough. His
Majesty's Government must, therefore, ask for a definite reply as to whether
you are prepared to enter a conference to ascertain how the association of
Ireland with the community of nations known as the British Empire can
this correspondence has
will agree that
best be reconciled with Irish
If,
national aspirations.
hope, your answer is in the
as we
affirmative, I suggest that the con
Inverness on the 20th inst.
ference should meet at
The full text of the Irish note, to
which the above was a
should be made toward a basis upon
usefully proceed" and recognize the futility of
progress
The
Irish people know
them.
that the article pointed out
in the shop as the
be the article that will finally reach
butter, and the Irish people will not be deceived into
Ireland wants
The English
desire.
thinking they have got it until they see it actually delivered.
Yes, we have—and an ardent
press asks have we a will to peace.
It is for that very reason that we refuse to see
Peace will
naked
hypocrisy.
away
If England is
things as other than they are.
make-believe.
Let us tear aside the camou¬
be founded on
never
flage and put
issuing
ultimatum, let it be an ultimatum.
an
and unabashed,
Brute force,
against small nations before.
has been used
nation has known it for long.
and
Our
the threat of force.
pretense will hide
no
fallacious historical references ih
is the reality with
which
we
your
"a mere exchange" of
commenting on the
The present
last communication.
England has
making
as
a
The conditions of to-day are the
nearly
it is felt Great
and Ireland too weak to resist
That is the naked truth, and it is useless attempting to
They are made to us simply because
herself.
as
successfully.
hide
it.
For peace secured
respect
in these cirsumstances
Certainly
.
Irishman
no
essential data of the problem.
With
this
First—The people of
Ireland, acknowledging no voluntary union with
their fundamnetal and natural right to choose
path they shall take to realize their national
overwhelming majority, declared for independence
force, war, not peace, would
of imposition by
background
Ireland and Great Britain are neighbors.
surely be the outcome.
The
ould have brought
natural forces of mutual interests and
common
the
real friends in voluntary co-operation
artificial
two
peoples together long
ago as
purposes w
had not the rulers and statesmen with their cursed meddling and
contrivances
which the British Govern¬
insuperable barriers,
interposed
ment's proposals seek to
continue and perpetuate.
dominions at their recent conference
sought to bind by formula and centralize by machinery the
union that now
exists between these States and Great Britain they would have disrupted
their
Wisely for the empire, they let very well be.
empire.
If Pitt had been
wise there would be
as
land would have been saved
debris cleared
away to
find
a
founda¬
real and natural union between Ireland and Great Britain.
a
doing, and all who desire to
will lend
a
We
We know exactly what we are
struggling to get to that foundation.
peace
misery and Great
century and a quarter of shame.
a
tion for
Irish problem to-day and Ire¬
no
century and a quarter of
a
Pitt's work must be scrapped and the
are
Great Britain and claiming as
would have the slightest
no one
would feel bound by any arrangement
thus arrived at.
resultant of the past, accurately sum¬
and giving in simplest form the
These data are:
single one of the demands she is
She would not dare make them to a power even
Ireland.
on
strong
basis in right for
no
Britain is strong enough to enforce them,
Britain
have to deal.
experienced it,
It is best recognized for
Even our little children have
what it is.
I shall, therefore, refrain from
argumentative notes.
up
advertising stuff they have had printed
advertisement.
Had the representatives of the British
and immediate
which further negotiations
it is essential that some "definite
We, too," are convinced
ming
butter label they put on
about it.
If it
because we do not accept the
article being sold is very unlikely to
reply, follows:
can
sell Ireland second-rate political margarine,
statesmen are trying to
very angry
real butter it would not need all this
were
conference.
You
are
and believe all the
■
To decline to discuss a settlement
only mean
[Vol. 113.
CHRONICLE
THE
1120
Great Britain and Ireland friends and at
see
helping hand.
freely for themselves the
destiny, have, by an
republic, and more than once have confirmed their choice.
Second—Great Britain, on the other hand, acts as though Ireland were
BRITISH TRADES UNIONS AND LABOR PARTY URGE
and to set up a
bound to her by a contract
RENEWED CONFERENCES
of union that forbids separation.
Rejection of Proposals Called Irrevocable.
The circumstances of
The
Yet, on the
the supposed contract are notorious.
theory of its validity, the
British Government and Parliament claimed to
the point of partitioning Irish territory
and killing or casting into prison every
allegiance.
The proposals your Government
July 20 are based fundamentally on the latter
legislate for Ireland, even to
rule and
against the will of the Irish people
Irish
refuses
who
citizen
submitted in the draft of
rejection is irrevocable
We rejected these proposals and our
premises.
Ireland to enter into a free and willing partner¬
ship with the free nations of the British Commonwealth.
They are an
invitation to Ireland to enter in the guise of and under conditions which
determine a status definitely inferior to that of these free States.
They
not an invitation to
are
guaranteed
against domination of the major State, not only by acknowledged consti¬
tutional rights which give them equality of status with Great Britain and
absolute freedom from the control of the British Parliament, but by the
Australia, South Africa and New Zealand all are
Canada,
thousands of miles which separate them from
Great Britain.
neither of distance nor of right.
have guarantees
Ireland would
The conditions sought to
would divide her into two artificial States, each destructive of
other's influence in any common council, and both subject to military,
be imposed
the
and economic control
naval
The main historical and
allowed to view
union
read
we
and we must be
them from ours.
The history you interpret as dictating
as dictating separation.
Our interpretation of the fact
"geographical propinquity" is no less diametrically opposed.
We are
convinced that ours is the true and just interpretation, and, as proof, are
of
willing that
neutral and impartial arbitrator should be the judge.
You
give effect to your view by force.
Our reply must
a
refuse and threaten to
be that if you
us
adopt that
course we can
only resist as generations before
and it will never secure
victory over reason and right.
The
tions
be set aside.
beginning
as
negotiations.
the facts themselves, and must
untrammelled by
any
condi¬
be prepared to reconcile subse¬
by appeals to force, covert or open, but by reference
quent differences, not
We
have proposed the principle of government by consent of the governed, and
do not mean it as a mere phrase.
It is a simple expression of the test to
which any proposed solution must respond if it is to prove adequate, and
to
it
some
can
you
guiding principle* on
be used
claim it
which there is common agreement.
the criterion for the details as -well as for the
as
The
whole.
That
peculiarly British principle, instituted by the British and
life of the British Commonwealth," should make it peculiarly
On this basis,
thi.-ji only, we see hope of reconciling "the considera¬
attitude" of Great Britain's representatives
with the considerations that must govern the attitude of Ireland's repre¬
sentatives, and on this basis we are ready at once to appoint plenipotentiaries.
De Valera followed up
his note to the British Government
statement to the press on
he declared
and put
that
peace
"will
Sept. 6 at Dublin, in which
never
be founded
on
make-
"Let us, lay aside," he added, "the camouflage
away
the hypocrisy."
His statement in full
on
that occasion follows:
It
seems
open.
of
negotiations
resumption of hostilities in
ally that
never
according to
would,
verbal contro¬
an
you,
outrage to the moral sense
assembly of
We believe this is the desire
conference without delay.
a peace
citizens of both countries and that
supersede written communication
once
continuous conversations
obstacle to reconciliation would dis¬
any
and the negotiations would be carried to a successful issue.
appear,
the above Premier
Lloyd George made the following
Sept. 8:
on
I have to thank you for your
the Irish negotiations.
No
one
telegram of Sept. 6 from Cardiff regarding
is
more
opposed than his Majesty's Govern¬
bloodshed, and most of all to fratricidal
ment to
the same
man
resist to the
further reference to the arbitrament of force and insist upon the
utmost
To
of the whole
receive the sanction of the British people.
The trades union and labor movement of this country must
reply
war
between citizens of
empire, but I have the authority of the greatest democratic states¬
in history for the belief that even bloodshed is better than the
tion of
the
mean
We declare most emphatic¬
intensified form.
an
would be
a new war
world and would
a
disrup¬
living political organism whose strength and unity are essential to
the freedom of the world.
ACCEDES TO
EVACUATE
GOTO
APPOINTED
Resumption
TO
of armed
STATES DEMAND
UNITED
TO
TERRITORY—COMMISSION
ADJUST
hostilities
BOUNDARY.
between the Republics
of Panama and Costa Rica over disputed territory has been
averted by the intervention of the United States and the ac¬
quiescence of Panama in the demand of the Government at
' Washington that it permit Costa Rica to
settlement on
small
occupy
Coto,
a
the Pacific Coast within Costa Rican
Coto was awarded to Costa Rica under the so-
territory.
called! White and Loubet awards
of the late
for
(the former being that
Chief Justice White), but it had been occupied
that it is
considerable period, it was said, by Panaman forces.
a
The
and
tions which must govern the
believe".
termination
of the
The pro¬
in order that the
as a
"now the very
a
opinion should invite the representatives
recognition of the realities of the problem which confronts them.
versy to
acceptable to you.
with
Sept. 6, sent a tele¬
people to meet them face to face in conference.
PANAMA
They must be set aside from the
respective plenipotentiaries must meet
save
our
on
the Irish crisis saying:
British Government and the Irish leaders may escape from
will confront our successors.
during actual conduct of the
as
Irish
on
motion of peace involves personal negotiation in conference
The fact that
for 750 years the problem has resisted solution by force is evidence and
warning sufficient.
It is true wisdom, therefore, and true statesmanship,
not any false idealism, that prompts me and my colleagues.
Threats of
well
joint meeting at Cardiff
The British Government in
of the
and if victory be not on the side of justice,
If you again resort to force,
the problem that confronts us
force must
a
to the Prime Minister
Force will not solve the problem
have resisted.
the ultimate
Party, at
gram
by the British Government.
,
Parliamentary Committee of the Trades Union Con¬
and the National Executive Committee of the Labor
gress
geographical facts are not in dispute, but your
viewing them from your standpoint
Government insists on
ON IRISH PROBLEM
—.LLOYD GEORGE'S REPLY.
a
grievous political sin these days to keep
Plain, common sense is sneered at as rhetoric and logic.
one's eyes
The British
an
Panama to evacuate
of
decision
followed
exchange
of
notes,
the
the Coto territory
last
of
which,
dis¬
Washington on Aug.
declared that the United States could not permit forcible
patched by the State Department at
22,
resistance to the
American
the
note
attempt
to
would be used in
it
clear
The
that
The
in response to a communication from
Government, indicating that if Costa Rica
Panaman
should
occupation of the land by Costa Rica.
was
reoccupy
the American
American
the
disputed territory force
resisting, unless the United States made
Government would prevent it.
reply reiterated that portion of a note of
SEPT. 10
1921.].
THE
CHRONICLE
May 2 in which the United States endeavored to make it
clear to Panama
mediator," the American
to the character of the note of
claims
of Costa
Rica
the Pacific awarded
on
as
as
just the
possession of the territory
to her by
President Loubet, it
can¬
not, because of its special treaty relations to Panama, per-
Pananian Government,
the
by
of Costa Rica
reason
that
indicating
if
that
Costa
Rica
taking peaceful possession of
now
ing the disputed boundary has been appointed, Secretary of
State Hughes announced
Aug. 24, composed of John T.
on
Hayford, Dean of the School of Engineering at Northwest¬
University, Chicago, and Ora Miner Leland, of Cornell
ern
University.
would
Costa
The
Rican
Matamoras.
Louis
be
it
commissioner,
Panama
has
not
announcement
ordered
Porras
bote
demand of the American Govern¬
ment to evacuate Coto under protest, but events have made
it quite apparent that the Panama
ish
The
of
action
the
of
attitude
United
the
Panaman
the
clearly by the signing of
Government did not rel¬
States
in
closing
Government
issue.
the
indicated
was
decree on Aug. 24 by President
a
Porras, declaring Panama in mourning for
period of
a
one
month, and ordering that the flag be displayed at half-mast
during that time
also
issued,
all public buildings.
on
Aug. 24,
on
manifesto to the people of Pan¬
a
protesting against the decision.
ama,
further
indication
of
President Porras
Panama's
On the
attitude
date
same
given
was
in
a
Narcisco
Dr.
which
which
it
Panama
A
note is furnished in
Washington dispatch to the New York
a
Narcisco
Dr.
to
Garay,
Washington
Minister
weeks
some
ernment that it should
troversy
as
shot"
this Government
to
before
a
lively note
departing from Washing¬
his
In
States
communication
in
the
Dr.
Garay asserts that the attitude of the United
boundary controversy between
Panama
demands
been
Rica and
the
of
state
world
"force still
the
rules"
relations between
rifles, machine
and
guns
they
cannon
Dr.
employ to enforce
can
a
boundary dispute, departed for New Orleans with his
sec¬
Senor Lafargue, late last night, it was learned to-day, after having
retary,
sent
his
final
communication
New
Orleans for
Panama
the
to
State
Saturday, it
on
He will sail from
Department.
the
tion
to-day.
^The note declares that the step which the United States has taken in this
question is of great consequences to the future of arbitration and that this
Government has made
other
itself
international executive power in
an
compelling
that
asserts
conferred
it
on
the
by
States
United
has
Treaty
the Canal
assumed
or
by
the
which
powers
laws
were
not
Constitution of
or
Panama; that it had acted as a judicial tribunal in this conflict and that
it
had,
being
without
by
asked
Panama to the validity of the
Panama,
been
compelled
heaven
the
against
the future to
bow to hard
to
that redeeming
see
justice
ing by
18
some
The
the
independence
and
solemn
power
and
Panama,
of
and
the
in
note
text
the
minds
the
voices favorable
still
louder
act of
Panaman
Mission,
would .not have
in
to
the
cause
of
failed,
the note
even
Panama
if
and
concludes
its
the
Foreign Minister
have
note under
by
reason
notes addressed to Your Excel¬
18 and Aug. 23.
am
unable to find that any of the state¬
by Your Excellency require further comment from
of its
the Governments
award
which
was
It
has
no
rendered,
after
exhaustive
are
from the conclusion
bound
examination
In
to abide by
that
in
most, sincere
friendship, animated solely
by the
the
is
case
from
has
not
Costa
the
that
it
existed
not
the
Rica,
last -note
permits
of
con¬
for
seven
resist
same
which
years,
by force the
if
as
would
there
had
be
rejected
against force and for which
force
use
This
much to be regretted, is onlv
that
means
intends 'not
to
is
to
Panama
permit
desires
Panama
to
know
use
to
force
of
make
that
the
American
morn¬
Government
manifestation of force in the Coto
American marines will be landed.
made
of
the
a
United
to
to
Panama
re¬
Aug.
on
States
has
received
the
note
addressed
ment
United
the
the
statements
the
United
regretted
of
that
republics of
contained
in
the
Panama above referred to, this Government has
that the arguments advanced in this communica¬
States
the
to
addressed
Government of
by the
Panama.
that it has proved to be impossible for the Gov¬
Costa Rica to
portion
the
fact
this
out
that
of
the
the
come
to
boundary
Government
delimitation
in
the
convention, and inasmuch
this Government
to
as
of
of
Panama and
of
carry
of
dispute between
|
consideration
direct agreement for the
a
between
the
two
republics
by the White award.
view
note
Rica.
careful
conclusion
of
Anderson
the
would
dated
of
manner
there
States
be
to
the
as
reasonable
unwilling
appears
provided
manner
a
May 2
Panama
in
the
Porras-
time mentioned in
1921, for the reaching of
an
the
agree¬
carrying out this delimitation, has already been
seem
should,
as
of
no
why the Government of the
reason
friendly
mediator between the two Govern¬
by virtue of its special relations to the Government of Panama,
feel compelled to suggest to the Government of Costa Rica
that it delay
longer taking jurisdiction over the territory which is now occupied by
ments,
or
and
the Loubet
which
Costa
in
adjudged to belong to Costa Rica by the terms of
was
award.
The Government of
Rica
that
the
United
since
it
States is
considers
now
that
the
force, and since it believes that there is
complete
jurisdiction
execution any
the
over
advised
by the Government
Porras-Anderson
valid
no
longer, it is ready to
territody above referred
summarizing the outstanding
and culminated in the acceptance
of
the American
the opposing
This
that
convention
for
reason
delaying
immediately the
assume
to.
desire to do
com¬
then,
4
Washington correspondent*
a
international
Hughes
between
War
were
preceded
by Panama of the demand
Aug. 21 said:
first
Secretary
last.
hostilities
and
Government
after
was
no
careful
when
actually
in
problem
he
Costa
of
entered
Rica
and
in
progress
pressing
State
the
Panama
which
halted,
President
intervened
and
the
Harding,
decision
through
friendly
a
use
study of the record served notice
on
of
was
lives
its good offices,
Panama
that
why the White award should not be put into effect.
reason
tilities
the
March
the
was
confronted
on
on
events which
lost.
were
and
to
"Times"
boundary dispute
character
of
President
who replied
this
Government,
of
Panama
that
made
Secretary
which
was
a
direct
cable
there
Hos¬
appeal
Hughes's note reported
irrevocable.
Panama
ap¬
pealed later to several South American nations, which refused to be drawn
into the controversy.
A
special mission
Minister
the
of
White
was
sent to
Foreign Affairs, Dr.
award
Washington later, headed by the Panama
Narcisco Garay, who tried to prove that
invalid, and that the matter should be further arbi¬
was
trated.
The
Government
weeks ago,
this award..
Government,
of the New York
Panama and Costa
earnest hope that the Government and people of Panama will
the Government of the United States has acted in this matter
realize
the
manner,
by the arbitral
of
that
terms
already been fully answered in previous notes
laid down
fully considered all the
escape
of Panama and Costa Rica
engaged, in the most solemn
is my
in view
Government, acting in accordance with its obligations
special relations to Panama,
contentions, by the Chief Justice of the United States.
Rica
me,
such
Panama will
relating to the boundary
is greatly
This
questions in the controversy, but has found
that
the Pana¬
acknowledge the receipt of Your Excellency's note of
acknowledgment, and I
ments made
in
intention
Government
Department
|
given careful consideration to the contents of Your Excellency's
of the fact that this
couched
:
impression
an
States
it
Costa
the
ernments
Aug. 25:
24, acknowledging the receipt of my
lency under date of Aug.
I
on
if
most
the
imminent
to
the
of the American note sent
Rica
and
delimitation
which to-morrow will become
guiding the currents of public opinion and determining an
have the honor to
Aug.
in
reparation which Panama hopes for in the not distant future.
man
I
confidence
there had not already arisen
Secretary Hughes sent the following reply
of
follows:
as
have
It
spirit of justice of the people of the United States remains unshaken,
of
Executive
occupation by Costa Rica.
■
dispatches of the Associated Press published this
Government
of
In
the
this faith
Chief
cable
formal
most
Notwithstanding the accomplished facts and the natural depression in
and
under
Star-Herald," it is deduced
that
Costa
is
which
the
oppor¬
Garay,
on
August 6 to the American Minister in
replying to the communication handed by the Minister on
Aug. 2
to the Government of Panama
by instruction of the Government of the
United States, in which were transmitted the
requests of the Government
day by the inexorable
by the United States, it is asserted, deeply affect
sovereignty of
the
Panama,
protests against these acts.
manner
what
States, which, while it is
permit Panama
was
its
of
excesses
to
as
time
by the Government of Panama
"cries to
design of God."
is
States,
reach
United
"Ihe
The
of
and
to
cable
not
gion,
"will look to
it is subjected
comes
but
believes the
duty.
ultimatum
the
Panama
without foundation.
were
State Depatrment, Panama has
destiny, the note declares,
to which
injustice"
exceptions of
decided that the
White award
view of the unbending attitude of the
In
of
force the status which
anhounced
afforded,
sovereignties to fulfill arbitral awards.
It
decisions
and' Costa
the
From
stated at the Panaman Lega-.
was
definite
answered,
declaration
diplomatic^ character.
against
Garay, who has been in Washington for the past two months in con¬
nection with the
taking
immediately would begin preparations.
wishes
Government of
I
'
his
United
dent with the United
tion
the
President
correspondent
understanding as regards this point before
answering the last note from the State Department of the United
States,
to the end that she may be able.to determine
precisely if any new armed
conflict with Costa Rica
threatens, or if this is to be the end of an inci¬
tion
rights.
be
or
Panama
Panama
reached
to
decisive
a
Panama
the
of
purpose
nations, and that the rights of peoples are only valuable in direct propor¬
those
a
regard to the terms in which the last
by the Panaman people, who would
After
present
with
Department is
demand
a
jurisdiction of the Coto territory to Costa Rica, shows that in
transfer of
the
Costa
and
before
and
States must be
proceed to destroy by
Panama
case
measure."
to
been
dreadnaught
Aug. 23, who had the following
since the Porras-Anderson agreement.
This Government states that, while
of eventualities in the
sending marines to Panama to be present in
the
on
had
Rica, but that it will permit the
resump¬
tion of hostilities immediately, it is intimated
to us, that Costa Rica will
con¬
for Panama.
ton
in
different attitude in the matter of the
a
the Panama-Costa Rican boundary, has written
over
"Parthian
a
adopt
marines
statement
a
on
Government
State
came
effort to convince the American Gov¬
an
made
assume
to
Panaman
The
Foreign Affairs of Panama, who
of
in
ago
of
"precautionary
a
United
believed
flict between
follows:
as
with
battalion
a
Government,
should
the
the
will
"Times," under date of Aug. 25,
Aug.
interpretation that the United States is standing aloof from the
of
An idea of the tenor of the
on
paraphrase of this dispatch follows
The
fairs, then in Washington, sent to Secretary Hughes, appeal¬
ing from the "Coto decision.
as
constitutes
a
Minister of Foreign Af¬
Garay,
safeguard
observance
.
from
whether
note
surest
faithful
tune to make clear certain
points.
In this connection it sent a
dispatch to Washington Saturday afternoon, addressed to Narcisco
the
Panama yielded to the
the
the
by the State Department
that
Panama
Panaman
attitude
that
in
thp Panama Canal Zone
of
to say:
conviction
integrity lies
Washington Aug. 21, coincident
of the Associated Press
named
representative.
to
Pennsylvania,
from
her
profound
territorial
obligations.
made public at
was
the
said,
was
yet
and
the
A note sent to Panama
IS
The
adjust¬
with
independence
international
territory."
A commission from the United States to assist in
1121
and
of
friendly
a
having referred
May 2, "regards
lawful
to
States
said, after
note
justice
of
that the award must be respected.
"In view of the fact that the United
-
plete
at
the
the
Taft
time
boundary.
to
of
Costa
Rica
made
a
double
request
to
Panama
two
through this Government, to surrender the Coto region to her and
same
name
At
two
to
name
the
other
an
same
engineer commissioner to help in delimiting
time
members
Costa
of
the
Rica
called
engineer
upon
Chief
commission,
Justice
in accord-
the case, and, after
to name two members of the commission.
a communication to Chief Justice Taft, claiming this was
States was made arbiter in
Chief Justice of the United
the
award,
a
was
sent
Panama
not
demand
proper
and
that he
had
named
to
far
her
empowered to name such commissioners.
commission.
the
member of
one
convention had lapsed,
Costa Rica
Panama has declined so
Costa Rica's part, that the
on
not
was
Hughes served notice on Panama on May 2 that, unless steps
within
"a
reasonable time" to delimit the boundary, the
taken
States
United
itself compelled
would feel
Government
"proceed in the
to
itself that the
exercise of jurisdiction is approximately transferred, and that the boun¬
dary line on the Pacific side, as defined by the Loubert award, and on the
Atlantic side, as determined by award of the Chief Justice of the United
States, is physically laid down in the manner provided in Article II and
VII
requisite in order that it may assure
which may be
manner
treaty."
Porras-Anderson
the
of
3xact
be
nature
most
facts
of
existing world-wide facili¬
ties, making use of their expert knowledge in that industry or trade to
secure information which will be readily understood in its true significance
immediately
through
Department's
the
by American manufacturers.
It
is
planned
in
and
commodities
country
and
they
as
received
are
from
CANADIAN WOOD
CONFER REGARDING
in appropriating money
transferring funds from other departmental activities for that pur¬
Reorganization of the Regional Divisions.
sions
Western Europe, Latin America,
The Eastern and Western European Divi¬
They take the place of the
East, and the Near East.
The chiefs of these divisions will
general European Division.
more
they will
the past few days.
within
created
were
former
is now well fortified with
geographical standpoint, the Bureau
a
give special attention to
PULP RESTRICTIONS.
of this
the trade representatives
This elaborate attention to specific
made possible by Congress
was
pose.
the Far
TO
important
an
trade
stationed at foreign posts.
now
in
specific
contributing
American industries
From
COMMISSION
experts perform
commodity
these
have
to
information for the new weekly
for the various trade and news papers.
They will also pass upon
interpret for the benefit of American business reports relating to such
and
•
RESOLUTION GALLING FOR
OF
required
They will then proceed to obtain the
special divisions covering Eastern Europe,
TEXT
needed or which will
assistance most urgently
the official
generally useful.
function
appoint her member.
Secretary
were
by which the
Porras-Anderson agreement,
the; provisions of the
with
ance
[Vol. 113.
CHRONICLE
THE
1122
condense
incoming reports from a regional standpoint, and
expand
or
them
as
be necessary
may
in
effort to
an
provide American manufacturers with the best information obtainable from
announced in these columns, President Har¬
As already
signed
Aug. 15 the joint resolution authorizing the ap¬
on
Cana¬
pointment by him of a Commission to confer with the
dian
Government,
the Provincial Governments of Quebec,
or
restricting exports of pulp wood from Canada to
by Congress were given in these columns
tion
resolution
July 2, page
The following is the text of the
31, and Aug. 20, page 709.
approved by President Harding:
as
with the Dominion
restrictive
certain
authorized to appoint
commission of five persons
a
Dominion
with
also
Government,
the
provincial
governments
in
thereof,
in council, and as
well any other restrictions on the exportation of pulp wood and newsprint
and other printing paper composed of mechanical and chemical products
of pulp and pulp wood, from the Dominion of Canada to the United States.
Sec.
cancellation
the
to
That
2.
in
council cannot be
the United
mission
the Congress that will
of the
ests
Sec.
of
the
to
$10,000
be,
That
the
it
and
the
of
President,
Commercial
hereby,
is
States
United
members
the
said
of
appropriated
or¬
the
expert
an
serve
problems
to transportation
that
on
subject recently
appointed,
and Domestic Commerce feels that the creation
Foreign
Laws
places it in
official
an
and the establishment of the
divisions,
trade
official
business
trade
which will
which
paper
and
men
which
to
Division of
new
position to guarantee the regular
a
paper
will
they
BANKERS'
be of
can
appear¬
the present "Commerce
surpass
maximium
utility
to
point with pride.
CONVENTION
PLANS.
Thomas B. McAdams, First Vice-President of the Amer¬
ican Bankers'
the
at
Los
Association
to
who
speakers
financial
of the
Association, will speak
"Bank Publicity"
on
Angeles convention of the American Bankers'
held
be
Oct.
from
address
will
this
3
7.
to
Among other
important
banking
and
gathering wall be Dr. Henry T. Suzzallo, President
University of Washington; Judge Charles F. Moore,
of New
York; J. M. Elliot, Chairman of the Board of the
First National Bank
Los
of
Angeles; and Dr. E. F. Gay,
President of the New York
Those
in
charge
the
of
"Evening Post."
entertainment
features
the
of
coming convention of the American Bankers' Association
have
arranged
series of motor trips, which combine the
a
fullest enjoyment on
the
the part of the visitors -with features
sum
in
moneys
appropriated:
commission shall
-
.
commission
from
otherwise
not
the
of
-
expenses
necessary
of
American
or
on
aid in securing the cancellation of the restrictive
for
of
opinion should be taken by
its
that they may not continue to militate against the inter¬
so
That
however,
report
people of the United States.
3.
Treasury
and
what action in
1921,
1,
of
commodity divisions, the reorganization and expansion of the exist¬
restrictive orders in
said
the Dominion of Canada, that the com¬
and
consider,
investigate,
ders in council,
orders
the cancellation of
event
America
States of
shall
restrictive
agreed to by mutual arrangement of the Governments of
December
before
the
said
of
Division of Commercial Laws,
giving special attention
AMERICAN
and, by appropriate authority, to confer on this commission the power, on
behalf of the Administration arid the Congress,
to negotiate with said
respect
Bureau
the
ing geographical
the Senate and House of Representatives of the United States
he is hereby,
and
also
assistance
the
a
of America in Congress assembled, That the President of the United States
be,
is
Bureau
The
exportation of pulp wood and paper therefrom to the United States.
Resolved by
a
attention to the commercial codes of the important mar¬
world, and this division will contribute to the new publication.
Report"—an
commission to confer
Government vc th<% provincial governments thereof as to
orders in council of the said Provinces relative to the
authorizing the appointment of
facilities have recently been
dealing with freight problems both by and and by water.
of
ance
[S. J. Res. 26.]
resolution
Joint
The
the creation of
by
Transportation Problems.
to
Bureau's
the
standpoint,
strengthened
the
through
resolu¬
The details of the passage of the
the United tates.
technical
which pay special
kets of
Laws—Attention
of Commercial
a
greatly
important geographical point of view.
very
Division
From
in respect to the cancellation
Ontario and New Brunswick,
of orders
the often
Congress for its recess,
before the adjournment of
ding,
the
Provided,
without
com¬
which
fail
cannot
inform
to
those
potentialities
tremendous future
With all of the southland
a
from
the
East
the
of
Southern California.
of
perfect network of superb paved
pensation.
Approved, Aug.
highways, crossing mountain
15, 1921.
and deserts and termin¬
ranges
ating beside the blue waters of the Pacific, the wide variety of
CHANGED
FROM DAILY
WEEKLY ISSUE.
Beginning
sued by the
-
(is¬
Department of Commerce at Washington), has
daily to
a
weekly publication, and, to
a
quote from "Commerce Reports,"
"from
rather
a
its physical arrangement
unsystematized
of important
mass
weekly trade paper scientifically prepared and
reports to
a
classified
on
commodity
a
and
geographical
basis."
The
daily "Commerce Reports" was discontinued with the issue
of
31.
Aug.
This
the proposed
mitted the
of
been
change
more
ing urgent
Aug. 24, had the following to say:
has
plan
based mainly
was
abroad,
from
foreign countries, etc.
the
for
immediate
It
will
much
permit
be
of
such
of
reports in
Activity of
Commerce
is
industrial
c>r
daily issue
the tariff
to
per¬
with
rapidly
this
use
a
careful
manner
such
of
change,
a
divisions,
as
such
the
consensus
editing
and
will
the
concerns
which
textiles, fuel,
of
of
Foreign
special
will
chemicals,
■
and
divisions
specialize
by
The
in
and
men
their
on
Domestic
known
fields.
foodstuffs, iron
and
They will keep
in
close
With such
Riverside, nestled
California
a
combination of
only afford the great¬
among
the
orange groves
will
its
with
lands
shown
be
Pasadena, the
to
and
its Smiley
and their families.
city of the southland, will
show
Red-
Heights
its beauties.
open
There
its doors.
will
be
a
wonderful
date plantations of the Colorado
desert, where the Government experimental stations have
trip
the
streets
the visiting bankers
crown
desert will
the
Even
palm-lined
to
producing dates in commercial quantities.
be at the Desert Inn at Palm
be entertained
are
Luncheon will
Springs and the visitors will
by tribal dances of the Indians living
With Western bankers and business
men
by.
near
doing all in their
to further develop this country through the control
the creation of additional hydro-electric
power
of flood waters and
those coming from the East cannot fail to be im¬
energy,
pressed.
Bankers of the Pacific Coast feel that with the
needs of then country
visualized before them their colleagues
The
society matrons of Los Angeles
are
upholding the
reputation of the city for hospitality in the preparations they
are
making for the entertainment of the ladies who will be
here
J.
the
during
Mrs.
recognized experts
personal touch with
need of co-operation and will heartily
endorse their efforts.
F.
convention.
Sartori
Under
the
leadership
elaborate plans have been laid.
of
It is
are
thq centres of each industry through trade associations, trade papers, and
the manufacturers and dealers individually in an effort to ascertain
the
enjoyment.
Southern
Eastern June which call
and boasting its famous Mission Inn, will be visited.
as
important
specialties.
being placed in charge of these divisions
particular
est
of the East will see the
,i
steel, lumber, industrial machinery, electrical goods and machinery, rubber,
office appliances, automobiles, leather, boots and shoes,
implements and
vehicles,
out-of-doors.
in
an
sure
but
information.
Bureau
number
bring
which the Bureau feels
the Commodity Divisions.
organizing
commodity
export commodities,
schedules
decided improvement.
a
appreciated not alone by the American exporting
connection
Opposition
information,
urgent
October
days of
weather and roads the trips planned can
through the adoption of other methods
thorough and
more
condensation
changes in
weekly issue represents
a
all who have occasion to make
In
a
the great
to
rare
transplanted the historic date trees of the Sahara and
time.
some
the fact that
important
overcome
distribution
opinion has been that
will
on
for
Aside from considerations of this nature, which
planning to
of
about the
consideration
under
prompt distribution of "spot" news, such as cables regard¬
orders
the Bureau is
"Commerce Reports,"
Regarding the change,
in its issue of
with those
compares
one
Monday, Sept. 5, "Commerce Reports"
on
been changed from
altered
TO
unsurpassed.
is
scenery
"COMMERCE REPORTS"
expected that
will arrive
in
many
of the visiting bankers and their families
Sunday Oct. 2, and for this day the committee
charge has arranged a trip to the Brunton Studios.
Mr..
SEPT. 10
THE
1921.]
Robert Brunton will stage a
tremendous production for the
benefit of his guests, motion
■visitors and there will be
a
pictures will be taken of the
visit to
typical Mexican village
a
where all who attend will be served with
a
perfect Spanish
repast—a barbecue by real Spanish chefs.
will be
Monday there
introductory tea at the Ambassador Hotel.
an
day evening is given
will be served in the
Tues¬
huge theatre party.
to a
over
Wednesday Pasadena will be hostess
In the
CHRONICLE
to
On
the ladies.
Tea
setting offered by the Busch Gardens.
evening Universal City will be the
of the festivi¬
scene
Mr.
1123
Smith, Chairman of the Executive Committee
Trust
Company Division, has sent notice
the Los
Angeles convention will be the Division's "silver"
anniversary.
The Trust Company Section
Louis
St.
at
in
H. F.
and
assist
Hotel, while
view to
On Satur¬
National
of
name
by the Trust Company Division.
members in
gardens.
E.
P.
ANNIVERSARY
DIVISION
In
OF
building the convention
Division
the
of
OF
A.
B.
TRUST
A.
program
American
staff
enabling them to become
a
efficient in selecting,
more
It is expected that the
new
Angeles Convention.
Company, Chicago, is the Chairman.
COMPANY
PROGRAM.
PLANS OF NATIONAL BANK
of the Trust Company
Bankers'
on
Hathaway, Employment Manager of the Northern
Trust
SILVER
of the
Angeles,
It is being formed to
committee will outline its plan at the Los
marine
of
employment and personnel lines with
placing and training employees.
wonderful
care
Los
of
Committee
Island
its
division
committee recently announced
a new
day all who attend the convention will journey to Catalina
with
organized
was
senior
Bank
know what their reservations will be.
Thursday evening is set for the formal ball at the Ambassador
lawn fete.
the
its
Merchants
relations is the
a
It is
Stewart, Chairman of the Hotel Committee,
Farmers
taking of night pictures will be demonstrated.
The guests will meet in person the motion picture stars.
Friday there will be
and
1896.
approaching birthday will be its
quarter-century milestone.
Mr. Smith urges delegates to let
ties and the
on
Sept.
Association
the
of the
to members that
Association,
the
one
The
DIVISION OF A.
A.
B.
Program Committee of the National Bank Division
of the American Bankers'
Association has announced that
idea of securing the greatest benefit for the greatest number
Henry M. Robinson, President of the First National Bank
has been followed.
of
None of the usual reports will be upon
the program and the committee chairmen who
speak will not
serve
listed to
are
the dry portions of their work, the live
parts only being presented.
All meetings will be held in the
Ambassador
Hotel, President Edmund D. Hulbert presiding.
Ilulbert's address will
precede greetings and
President
by and from those who have aided and
messages
in the active work
the
of
Division.*
Theodore
aiding
are
G.
Los
discussion of
a
in Los
meeting
Henry M. Campbell, Chairman of the Committee
tion and
of
Chairman of the Board of
Detroit, will talk
National
on
on
the Union
Trust
Co.
"Recent and Current Events at the
"The
Equipment" will be the
subject matter of Judge William Rhodes Hervey, Chairman
the Trust
of
Company Section of the California Bankers'
Association and Vice-President of the Los Angeles Trust &
Savings Bank, Los Angeles.
Francis H. Sisson, Chairman
of the Public Relations Commission of the American Bankers'
Association,
Committee
Chairman
on
of
the
Trust
Company
Companies National
Publicity
complishments and Purposes."
of the Committee
man
the
of
Division
Publicity and Vice-President of the Guaranty
Trust Co. of New York, will address the
Trust
on
Bird's-eye View
on
meeting
"The
on
Campaign—Its Ac¬
Nathan D. Prince, Chair¬
Protective Laws and Vice-President
Hartford-Connecticut
Trust
Co., will talk
45 State Legislative Sessions.
"A
on
Joseph N.
Babeock, President of the New York City Association of
Trust
Companies and Banks in their Fiduciary Capacities
and Vice-President of the
will talk
on
Equitable Trust Co. of New York,
"Investments."
Herbert M.
Morgan, Assistant
Vice-President of the St. Louis Union Trust Co., has
as
his
subject "The Relationship of Insurance to Trusts," and L. H.
Roseberry, Vice-President of the Security Trust & Savings
Bank of
Los
We Need."
Angeles, will talk about "Facts and Figures
Miller, Chairman of the Committee
William S.
Co-operation with the Bar and
on
Northern Trust Co. of
Chicago, has
Co-Operation with the Bar."
Union Trust Co. has long
the
Financial
member
and
Association
in the
pany
Vice-President
as
of
the
his subject "Practical
Mr. Morgan of the St. Louis
been prominently identified with
Advertisers'
organized.
being
He has also been
advertising campaigns carried
a
on
very
active
by the Trust Com¬
George D.
Pittsburgh, "Payment for Service Rendered"; Frank J.
Parsons, Vice-President of the U. S. Mortgage & Trust Co.
York, "The Spread of Community Trusts"; P. E.
Hathaway, Employment Manager of the Northern Trust Co.
Chicago, "Staff Relations and How to Develop Them."
"The State
or
State
meeting
the
Division
Bank
the
of
City Trust Company Section
or
American
Bankers'
at the Los Angeles convention.
program
subjects to be discussed
Among
"Country Banks and Foreign
are
Finance," "Par Collections" and "Par Clearances."
Guy
Huston, President of the First Joint Stock Land Bank of
Chicago and President of the Huston Banking Co. of Blandinsville,
111.,
Finance"
at
will
the
talk
"Country
on
Monday
Banks
and
meeting
afternoon
and
Farm
L.
E.
Thomas, Examiner of State Banks of Louisiana, will address
the
Wednesday afternoon meeting in the
place
same
on
"The Importance of Efficient Bank Examination and How
It
May be Obtained."
man
of the Federal
Chairman of State
The reports of J. D. Phillips, Chair¬
Legislative Committee, and R. S. Hecht,
Legislative Committee,
with keen anticipation.
the program on
on
current
subject
held
the
in
being awaited
are
One of the outstanding features of
Monday Oct. 3 will be the three-minute talks
topics by
for
three
any
who wants to talk
one
minutes.
The
second
on
any
meeting will
be
place—the Hotel Alexandria ballrooms,
same
Wednesday afternoon.
PLANS OF CLEARING HOUSE DIVISION OF A.
The
Clearing House Section plans
as one
B
.
A
of its Los Angeles
Convention program features, the Clearing House Examiners
System,
a
symposium
by
led
Charles
H.
Meyer,
Examiner of the Chicago Clearing House.
will be chosen and
will be
program
the
Chief
Other subjects
Clearing House Section's complete
announced within
quarters at Los Angeles will
short
a
time.
Head¬
be at the Clark Hotel.
»
■
■
PLANS FOR SAVINGS BANK
■
*
—
Association
DIVISION.
Announcement of the annual meeting of the Savings Bank
Division of the American Bankers'
week
Other speakers and their subjects will include
of
The
Association has virtually completed the order of its general
charter
Section of the A. B. A\
of New
Division headquarters will be located in
Hotel, where most of the national bank crowd
■
Association,
Edwards, Vice-President of the Commonwealth Trust Co.
of
meetings of the National
reserving accommodations.
having served in official capacity since the
was
The
Wednesday and Thursday after¬
PLANS OF THE STATE BANK DIVISION OF THE A.B.A.
Legisla¬
Capitol of Interest to Trust Companies."
Trust Officer—The Man and His
on
to have
York, will address
"Your Executive Committee and Its Work."
on
speak
foreign trade situation and its possibilities
our
Angeles.
Clark
are
to
purpose
Oct. 5th and 6th in the Berean Hall of the Auditorium
noons
Chairman of the Executive Committee and Vice-President
invitation
an
Zones," and it is the
Bank Division will be held
the
the
has accepted
interwoven into that address.
Smith,
of the Central Union Trust Co. of New
Angeles,
"Free Ports and Free
Oct. 3,
of
Association
during the
shows that the following subjects will be
discussed:
Savings
bank
advertising,
fund legislation, school savings
real
estate
mortgage
banking, public
investments,
savings
practical industrial
economy,
savings systems, and the proposed changes in the U. S. Postal Savings
System.
The schedule for the Savings Bank Division
vention week is
Monday,
as
National
advertising and
and appraisals.
new
during Con¬
follows:
conference
of
savings
bankers,
with
discussion
of
business work, also real estate mortgage investments
During the afternnon of this day there will be executive
and Its Work" will be covered by the chairmen or presidents
meetings of the Division's State Vice-Presidents, also
of such
the members of all committees.
We
organizations.
Have
Managed,"
A symposium
and
a
on
"Some Businesses
conference
of
officers
and
Tuesday,
representatives of trust companies engaged in publicity and
business
ment,
will
at
preside, will round out the
which
Francis
program.
II.
Sisson
ball-room
of
the
Hotel
Alexandria,
the
meeting for
first
session
of the annual meeting of the Division will devote the afternoon to the legal
control
development work,
in the
a group
of
savings deposits under the headings of organization, manage¬
supervision, reserves, interest rate, service, security, flexibility.
Wednesday, school savings banking will be discussed at
meeting.
|
a
special luncneon
Thursday, addresses
and industrial savings
will be delivered on public economy,
practical
the subject of a series
of "shop talks" at the informal conference of savings bankers
which is being arranged by the Savings Bank Division for
Monday Oct. 3, preceding the general convention which
opens on the following day.
W. A. Sadd, President of the
Chattanooga Savings Bank and President of the Savings
Bank Division of the'American Bankers' 'Association, will
Advertising by savings banks will be
Longyear, Vice-President of the [Security
Trust & Savings Bank of Los Angeles being Chairman of
the Division's Committee which has charge of its advertising,
n formation service which is now being organized.
Other
preside; W. D.
this general subject will include: W. R. More¬
house, "Advertising Methods"; Alvin P. Howard, "Advertis¬
speakers
on
ing Results"; C. H. Toll,
The second
"Advertising Cost."
discussion of real
the session will be devoted to a
half of
bank loans on mortgage
security and the probable course of interest rates.
"Laws that encourage and protect savings" will be the
estate
mortgages, appraisals for
bankers and managers
general subject before the savings
[savings departments Tuesday afternoon Oct. 4. - Charles
F. Stern, former State superintendent of banks, now VicePresident of the First National Bank of Los Angeles, will
of
departmental system
the
explain
D. R.
of that State.
has been invited
Crissinger, Comptroller of the Currency,
to^discuss sayings banking in national banks and under the
The discussion will be closed by
Raymond R. Frazier of Seattle, Vice-President of the
Savings Bank Division, American Bankers' 'Association.
Vice-President and Director of the-
Charles W. Riecks, a
schoo1
postal savings system
banking, development of the
[Vol. 113.
CHRONICLE
THE
1124
New York Trust Co. of this city
and
a
Director of the First-
home in
National Bank of Brooklyn, died at his summer
Port Jefferson, L. I., on Sept.
Brooklyn
on
Mr. Riecks wms born in
6.
Mar. 18 1858 and was
with the financial,
prominently identified
borough.
religious and social life of that
'
-77 7y 777
,-v
The merger of
,y:,7
—:—♦
with the-
the Ridgewood National Bank
Manufacturers Trust Co. of Brooklyn (referred to
columns in
our
the institution
May 28 issue) became
in these
effective Sept. 1 when
the Ridgewood Branch
formally opened as
Fred W. Bruchhauser, a
was
the Manufacturers Trust Co.
of
Vice-President of the Manufacturers Trust Co. is in
charge
the
same.
of 'the
new
Louis
brandh.
Its
clerical staff remains
President of the Ridgewood
Bank, has announced his retirement from activethe
Berger,
National
former
participation in the affairs of the enlarged Manufacturers
Trust Co.
Dr.
Raeder,
E. G.
a
former Vice-President of
elected a ViceThe consigna¬
the
Ridgewood National Bank, has been
President of the Manufacturers Trust Co.
tion
of
this
gives the Manufacturers Trust Co. a
merger
deposits of
approximately :■
$50,000,000.
Its offices are now five in number, namely
two in Brooklyn, 774 Broadway and 84 Broadway; two in
Manhattan, at 8th Avenue & 34th Street and 139 Broadway
and the new office in Queens.
Nathan S. Jonas is President.
surplus of like amount;
capital of $2,500,000;
total
and
$40,000,000
over
of
resources
Federal Reserve system.
BANKS OF SAN
ASSOCIATED
VISITING BANKERS.
WELCOME
Headed
by
an
FRANCISCO PLAN TO
by the Associated Banks of San Francisco, the city
Golden Gate is planning to
convention
the Los Angeles
Association Oct. 3
Bankers'
Francisco
Those who intend to stop off in San
7.
to
asked
to
the
with
communicate
by the
make pleasant the stay of any
the American
of
Bankers'
are
Entertainment
Committee, Palace Hotel, San Francisco, advising date of
arrival in and departure from
Golf
San Francisco, and number in
motoring will be chief among the diversions
and
No forethought will be
unanticipated to give the visitors an insight into San Fran¬
proffered
the city's
to
guests.
Exchange Bank of Brooklyn to increase
The committee in charge
is composed of Russell Lowry,
Vice-President American National Bank, chairman;
at 36 Graham Avenue.
v
■'".'V'.id
J:/.
v.,
R. R.
W. E. Wilson,
Vice-President Anglo and London Paris National Bank;
H.
B.
Ainsworth, Vice-President Wells Fargo Nevada
National Bank; Stuart F. Smith, Vice-President Bank of
Yates, Vice-President First National Bank;
'• *.*V
and W. W.
Hotel reservations
are
.v
Y
'*•'7
\W\.': -'.-/'d
Horace C. Du Val, senior member
of the New York Stock
director of the Mechanics' Bank and the
of
V' V
;V
Exchange firm of H. C. Du Val & Co. of
this city and a
Dime Savings Bank
illness at his
Sept. 7. Mr. Du
born in this city in 1851 and educated in the public ;
He entered the brokerage business in Wall Street
Brooklyn, died of heart disease after a short
home, 995 Madison Ave., New York, on
Val
was
schools.
when
he
was
15
years
a
of
In 1906 he organized the
age.
In addition to being
Dime Savings
director of the Mechanics' Bank and the
Mr J Du Val
Bank of Brooklyn,
was
director in many Brook¬
lyn corporations, including the Brooklyn
Rapid Transit Co.,
Warehouse &
Heights Railroad Co., Brooklyn
Storage Co. and the Brooklyn Edison
Co.
The Citizens National Bank of
Port Henry, N. Y. (capital
Port Henry (cap¬
consolidated on Sept. 1 under the charter
and corporate title of "The Citizens National Bank of Port
Henry," with capital of $100,000.
$50,000) and the First National Bank of
ital $100,000) wrere
Douglas, Vice-President Bank of
Italy.
being made by the committee for
The First Trust &
Deposit Co. of Syracuse, N. Y., made
application to the State Banking Department on
visitors, when desired.
PATONION POWER OF NATIONAL
BANK TO
Aug. 31
2209-
permission to open and occupy a branch office at
South Salina St., Syracuse.
7 I
for
A.
'
f
J. B.
McCargar, Vice-President Crocker National Bank;
T.
The bank is located
capital from $150,000 to $200,000.
Brooklyn
cisco's charm and hospitality,
California;
its
brokerage firm which bears his name.
7\
party.
Aug. 30, the State Superintendent of Banks gave per¬
'■
executive committee of seven appointed
bankers visiting the city en route to or from
On
mission to the Globe
ESTABLISH A PENSION FUND.
General Counsel Paton, of the
of
of
the
a
American Bankers' Associa¬
article for publication in the "Journal"
American Bankers' Association, upon the power
tion, has prepared
an
national bank to establish
a
pension fund.
The English
and American authorities are examined and while it might
be deduced from the
power,
of
a
English
cases
that
a
bank had such
the American authorities, in general, deny the power
a gift.
The conclusion reached
national bank to make
The Boston
"Financial Post" of Sept. 7 states that suits
aggregating $575,000 -were filed on Sept. 6 by Bank Com¬
missioner Allen in the Suffolk County Superior Court on
behalf of
the
Cosmopolitan Trust Co. of Boston against
had loaned money on notes
unable to collect from
is due to the
should be expressly
regulated by Congress.
suits filed on Sept.
$40,000; William
BANKS,
No sales of bank
or
trust company
the Stock Exchange or at
COMPANIES,
TRUST
stocks
were
&c.
made at
Sherrill Smith has been elected
the Chase National Bank.
a
Mr. Smith
is
Vice-President of
a
banker of long
experience, his early training having been in a small bank
in New York State and his later experience as a National
Bank Examiner.
At different periods he
Bank Examiner in the Pittsburgh,
districts and
more
was
Chief National
Cleveland and Chicago
recently in the New York district.
are
The
against the following: Leon Mitchell,
W. Colton, $50,000; Lewis F. Cardarelli,
$50,000; Arthur R. Morris,
Bertha Alkins, $20,000; Ida Mitchell, $50,000;
Bernau, $50,000; Hiram E. Miller, $50,000; Moses A.
$50,000;
Brass, $50,000,
Mr.
6
$50,000; Bernice T. Mellett,
Bertha
auction this wreek.
the defendants money which he claims
depositors of the failed trust company.
extremely doubtful and that the subject
ABOUT
Mr. Allen alleges, it is said, that he is
the Commissioner.
is that the power is
ITEMS
whom the former officials of the company
which have been questioned by
various persons to
and Benjamin A. Prager, $60,000.
Suits
MacKenzie and Anna F. Monahan, it is
said, were not entered, as voluntary petitions in bankruptcy
have been filed by them.
John C. Bliss Jr. appeared as
counsel for the defendants and in addition to appearing in the
above cases, in which answers were filed, appearances, it is
said, were entered in the following cases, in which no answers
were filed:
Furnace Gas Producn ' Co., $90,000, and Inter
national Clay Machinery
$1 ,000. Both companies
against Edna D.
Sept. 10
1921.]
THE
CHRONICLE
alleged to be subsidiaries of the Bahman Iron Works
are
Dayton, Ohio, which is at present in the hands of
George L. Shepley of Providence,
Governor of Rhode Island, was
on
a
of
of whom are foreigners.
There will be no change in
the officers, it is said, and business will be
continued at the
four locations.
The Peoples Bank is a member
of the
Federal Reserve System.
most
receiver.
former Lieutenant-
a
Aug. 30 elected
1125
«
director
a
of the Industrial Trust Co. of Providence to fill the
vacancy
caused by the death of Col. Samuel P. Colt.
No
the two million mark for the first time
said,
informed.
Deposits of the Oxford Bank
action, it is
taken at the meeting toward the election of
was
succeed
to
man
Col.
Colt.
stand, is to be held for that
Another
meeting,
we
A resolution
purpose.
a
Chair¬
passed by the Board and placed
career, was
v.1
•
of the resolution
sent to Col.
was
■
advised
that at
meeting of the directors of the institution held
a
to
succeed
Cashier of
retaining
was
elected
Chief Clerk,
Cashiership,
was
elected
and
an
E.
S.
that time,
understand, he
we
New York
Warner,
Assistant Cashier.
bell became connected with the bank
a
on
was
Jan.
on
1.
Prior to
Co.
ville,
remains
member of
a
the board
of
for
was
presented with
A
of which is
the
names
ship, from
also
your associate directors.
milestone
The
over
It
five years
the road of true friend¬
on
July
announced in Baltimore
on
week
Wednesday of
at
his
resignation
a
few weeks
board of directors and
a
ago
he
was
chairman of the
member of the executive committee
of the Merchants National Bank of Baltimore.
went to
when
of
a
In Jan. 1887 he
young man.
the National Mechanics'
he held until
1913, when
was
Baltimore, a position
this institution being merged
upon
of
the
Merchants-Mechanics'
Ramsay became chairman
Vice-President of the
H.
Thomas,
National
the
new
Baltimore, under the
National
Bank,
Mr.
of the board of directors and
bank.
President
Upon the death of Douglas
the
of
Bank, in 1919, Mr.
a
Merchants-Mechanics'
Ramsay yielded to the im¬
portunities of his associates and assumed the Presidency of
the institution, holding the same until June .of this
year,
when upon the consolidation of the National Bank of
Com¬
merce with
the Merchants National Bank
(the bank had
earlier in the year
adopted its original name) Mr. Ramsay
became chairman of the board of
of the executive committee of the
tional
Bank,
the
positions
Baltimore "Sun," in
he
directors and
a
member
Bank of
of
Mr.
Baxter
Ramsay,
long time Mr. Ramsay had been
as
a power
in the financial affairs of
head of the
biggest bank in the city, was in close and
intimate touch with all the important business
affairs of Baltimore.
He
regarded
as a
wise counsellor in business affairs of the most intricate
character, and it is said that his advice and business
help have been the
means of saving many a business
concern of this city in such times of
stress
.
Myers, President of the First National
Bethlehem, Pa., died in Philadelphia
He
had
been
ill
for
Sept. 2
on
three
months.
was
and industrial
corporations of Bethlehem.
♦
The merger of the
Peoples National Bank of
with the First National Bank of that
city under
the First National Bank at
ence
was
made
tional Bank of
plus
of
Pittsburgh, Pa.,, to which refer¬
columns
on
and undivided
resources
these
in our issue of Aug. 6,
Wednesday (Sept. 7).
The First Na¬
Pittsburgh has a capital of $5,000,000, sur¬
into effect
went
in
Pittsburgh
the title of
profits of
$65,000,000.
$4,000,000
over
Its officers
are as
and
total
follows: Robert
Wardrop, Chairman
of the board of directors; Lawrence E.
Sands, President; Frank F. Brooks and Joseph W. Ward,
Vice-Presidents; Clyde C. Taylor, Vice-President
and
Cashier; J. Howard Arthur, Assistant to the President;
William H. Fawcett, Thomas B.
Hudson, John K. McKee,
DeM. Werts and Oscar Wilson, Assistant
Cashiers;
John
P.
J.
W.
Frank,
of the foreign
agers
Manager of
Dahinden
and
J.
the foreign
Paul
department,
Ford, Assistant Man¬
department.
—♦
a
Baltimore and
was
We last referred
'
says:
For
first supposed.
as
63 years of age, was a graduate of La¬
In addition to being President of the First
National Bank, he was a director in a number of financial
and
of Mr.
(the
which has been found.
no trace of
—♦
Myers, who
William
speaking of the death
Zell
fayette College.
enlarged Merchants Na¬
The
hearing,
a
now
.
sleeping sickness.
recently
resigned.
The
It is further stated in the
given Charles D.
was
elected President
Bank of
with the Merchants National Bank of
title
Mr. Ramsay
Baltimore from Port Deposit, Md., his home
town,
of the institution.
Agricultural Trust Co. in these columns
,•
William
of the
(Sept. 7) of John B. Ramsay, for many years
leading bankers of that city.
Mr. Ramsay died
his home, 1218 St. Paul St., after a
long illness.
Until
$200,000
16.
\
one
not set.
was
hearing
a
to the affairs of the
♦
The death is
of Lancaster
charged, according to the telegram, that the shortage
the funds of the Agricultural Trust Co. will reach
$560,-
000 instead of
by Fred P. Holt, the
President of the City Bank & Trust Co.
this
Assistant
former
was
in
City Bank & Trust Co.
The presentation speech was made
Herr,
released in $2,000 bail for
was
$1,000 bonds to deposit,
as a
E.
Agricultural Trust Co.
awaiting trial in the county
prison for the alleged looting of the institution) before Alder¬
man Doebler on
Sept. 8 on fourteen complaints, one being
by B. F. Davis, attorney, who says he gave Mr. Zell eight
engraved the following inscription, together with
honestly creative work, but
Frank
of
alleged falsifying of the books
telegram that
of the 16 directors:
To Harry A. Allen, 1916-1921, not
only in appreciation of
of
7
former Treasurer of the bank
night of Aug. 31 at which
sterling silver tea set, on each piece
a
Sept.
Doebler, and Herr
Hotel Heublein, Hartford, on the
he
Pa.,
the time for which
tendered Mr. Allen by his fellow directors at the
was
We last referred to the failure of the
charge against Mr. Herr, it is said, was preferred by State
Banking Commissioner Fisher before Alderman W. S.
on
directors.
taken.
Treasurer of the failed
He retains his interest in the City Bank & Trust
and
dinner
Hartford
The
prepared
A
Mr. Jacobs has been with the City Bank &
of
are
our issue of
July 16.
special telegram from Lancaster, Pa., on Sept. 8 to the
Philadelphia "Public Ledger" reported the arrest at Millers-
Camp¬
Trust Co. for 30 years and its Cashier for the last 6
years.
Mr. Warner entered the bank 3
years ago.
Mr. Allen
Sept. 1.
business.
of the stock that may be forfeited and that
(Sept. 1) 800 of the 2,500 shares to be disposed
of had been
Manager in Chicago of
became Treasurer of the Fuller Brush Co.
resume
Agricultural Trust Co. in these columns in
banking house with which he had been associated
for 14 years.
to
to take up some
at that time
heretofore
Mr.
The payment of the $200 for each share, it is
dispatch further stated that outside interests
Harry A. Allen, resigned; A. W. Jacobs, the
the institution, was made a
Vice-President, while
the
Sept. 1.
said, will enable the institution
Vice-President
a
are
rehabilitation fund $200 for each share of stock
they own,
according to a press dispatch from Lancaster under date
family.
by the City Bank & Trust Co. of Hartford
Aug. 31 Le Roy W. Campbell
we
stockholders of the closed Agricultural
Lancaster, Pa., met on Sept. 1 and were urged
by State Banking Commissioner Fisher to pay into the
♦
are
Sept. 7,
Trust Co. of
of
We
on
Several hundred
upon
the records.
on
Colt's
Frankford (Pa.) passed
under¬
the
death of Col. Colt, praising his work and
briefly outlining his
A copy
of
as
1893 and
1907.
"Financial America" of Aug. 31 prints the
following con¬
cerning the Marshfield Bank of New Marshfield, O., in a
dispatch from Columbus, O., under date of Aug. 30:
The
Bank
of
New
Marshfield.
to
Superintendent
Scott
Sturgill, Cashier, who later
it
is
following
returned.
at Seventh
& Wolf
Sts., has been acquired by the Peoples
Bank, Girard Ave. & Seventh St. and 410 South St.
Peoples Bank has
now resources of over
Lipshutz is President.
$5,000,000.
He is quoted by
The
Charles
the "Ledger"
as
saying that the
purpose of
facilities to the
depositors of all the different institutions,
the merger
was
to render better
turned
over
the
disappearance
The bank
will
its
State
owners,
was
of
resume
to
turned
William
operations,
announced.
business of the
delphia, with banking houses at Walnut & Ninth Sts. and
O.,
of Banks H. E. Scott in
July at the request of
has been returned to
them, it was announced.
The institution
over
According to the Philadelphia "Ledger" of Sept. 8, the
Pennsylvania Bank & Trust Co. of Phila¬
Marshfield
Superintendent
»
■.
I
According to a special dispatch from Urbana, 111., to the
St. Louis "Globe-Democrat" under date
of Sept. 2, a war¬
rant
was issued on that
day for the arrest of Pearl E. Wig¬
gins, the former President of the Wiggins Bank at Homer,
111., which failed last fall for more than $260,000.
Mr. Wig¬
gins, it is said, is charged with receiving deposits when he
knew that his institution
was
insolvent.
The
dispatch also
*
valued
have been turned over as an asset by Wiggins.
bitter at Homer, it is said, against the former
that nearly
states
6,000
of Michigan land,
acres
at $5 per acre,
Feeling is
states
that
Director
State
information
Bank Examiner, in charge of
the
♦
organized in Chicago
with a capital of $250,000 and surplus of $50,000 began
business on Aug. 29 under the Presidency of Lawrence H.
Whiting.
Lucius Teter, President of the Chicago Trust
Company is Chairman of the Board of the new institution,
Equitable Trust Company,
Michigan Avenue, in the
which is located at 2218 South
the Michigan Avenue Trust
Company which closed its doors .in July.
It was stated in
the Chicago "Evening Post" of Aug. 20 that many of the
depositors in the Michigan Avenue Trust were among those
taking stock in the new company.
According to the same
paper the depositors of the Michigan Avenue Trust at a
meeting on Aug. 19 were told they would receive 50 to 80
cents on the dollar from the closed institution and were given
quarters formerly occupied by
if
they wished.
The Chicago "Journal of Commerce" stated
on Aug. 30 that the leading business men of motor ro\^ and the
newspublishing center have become identified either as
the right to
become stockholders in the Equitable Trust
stockholders
directors
or
Trust.
The
Banking De¬
Equitable
the
of
under the supervision of the State
latter is
Clearing House Association.
Chicago
the
and
partment
of the defunct institution
on
effective Oct. 1
business of the Old
partment of theNoel State Bank of Chicago,
charge of the publicity and new
Nashville,
city,
of
was
and pay
of the smaller financial institutions of that
one
Banking
Aug. 27, following an investigation of the
on
bank's affairs by
special committee from the Nashville
a
Clearing House, which recommended the closing of its doors
and its
Act.
liquidation under the provisions of the State Banking
"Banner" states that the last published state¬
The
ment of the bank of Nashville
Commerce" of
day
Chicago "Journal of
due banks and bankers,
loans and discounts, $275,548; furniture and fix¬
$24,849;
exchanges
$14,971;
tures,
statement issued
At
holders
record
of
the
of
stated
Directors
undivided
It is expected that
the
on
the
that at
by the Board of Directors:
meeting of the Board of Directors of the Bank of Nashville held
a
attention of the Board of Directors
est of all
This
now
the bank will
Northwest
move
into its
made
$100,000.
at
building
new
Madison
West
of
corner
remain
which
profits,
and
Street
on
possible to fully and completely protect the inter¬
deemed
was
wise not
the
of Banks
on an
unprofitable basis.
capacity.
The Bank of Nashville
a
liquidating the bank, the State Superin¬
requested to act as liquidating agent and he has
was
consented to act in this
lowed
to
a
is
connected with any other financial institution
J. L. Parks
according to the "Banner."
was
was
placed in the hands of
This action, it is said, fol¬
Irwin Williams, the Cashier of the
of its President, Thomas Williams, it
bank, it is understood,
was
responsible for the shortage
was
ready to suffer the
consequences
of his act.
The
operated under the State Guar¬
in Nashville,
its President.
4
The
Comptroller of the Currency issued
Miami National Bank,
bank has
a
Miami, Fla.,
on
a
charter to the
The
Aug. 31.
new
George E. Nolan is Presi¬
capital of $150,000.
dent and J. D.
Wellborn, Cashier.
7 printed
"Virginian" of Sept.
a
dispatch
Jacksonville, Fla., dated Sept. 6 which stated that the
that day, having been taken over by the State
on
open
Comptroller at the request of its directors.
the President
wiek,
W. M. Bost-
institution, according to the
the
was
placed in the hands of the
Comptroller because withdrawals of deposits, due to the
indictment of several of its officials in connection with the
Federal
investigation of the liquor situation m Jacksonville,
exceeded
had
t
s
The
collections.
understood, is
Guaranty
Bank &
Trust
private institution capitalized at
a
Its deposits, it is said,
$100,000.
«
of
dispatch, said the bank
Co.,
anty Fund and there will be no loss to the depositors.
as
of June 30 amounted
$1,191,000.
to
Frederick H.
was
Guaranty Bank & Trust Co. of that place had failed to
said, had admitted that he
and
not
from
that date,
aggregate $50,000.
a son
was
4
reported shortage in the accounts of the bank said
institution, and
It
founded in 1920.
was
member of the Nashville Clearing House and was in nowise
The Norfolk
Commission.
State Bank
account of the over-loaned
on
dated Aug. 25, the Farmers State.
the Topeka "Capital"
on
only
dispatch from Spring Hill, Kan., to
a press
Hill
thorough and complete
a
earning basis and it is not thought fair to the depositors to continue
an
4
Bank of Spring
after
depositors.
action
Ogden Avenue about Oct. 1.
According to
and
deemed wise to place the bank in voluntary
was
condition of the bank but also because it had not yet succeeded in getting
meeting of the Board of
next
addition to surplus would probably be
an
the
was
transferred from that
$17,561;
to-day (Aug. 27), the over-loaned condition of the bank was brought to the
capital and increasing the latter to $300,000.
to
account
dividend
The
date.
same
declared out of surplus, $100,000 being
from
17 to stock¬
stock dividend of 50% payable Sept.
house,
clearing
for
The "Banner" prints the following
paid, $14,983.
expenses
Sept. 2, stockholders of the Reliance State Bank on that
a
individual de¬
$20,000;
surplus,
capital stock $100,000;
tendent
the
of date
as
posits subject to check, $145,916;
»
According to
appeared May 6,
It showed total assets and liabilities $358,290;
April 28.
For the purpose of economy of
was
had been made for
the business
the depositors 100 cents
placed in the hands of the State Superintendent
operating the bank
Battle Creek, Michigan.
National Bank,
It
State
a
the Farmers Bank of Rock-
According to the Nashville "Banner" of Aug. 28, the Bank
of
liquidation while it is
Publicity De¬
Obern has resigned as Manager of
II.
voted
Todd,
the dollar.
examination of its affairs it
to take
received
Hughes
Finance
Walton E.
Citizens Bank of Rockport to take over
-4
E.
of
that date from
on
port, Mo., that definite arrangements
banker..
The
[Vol. 113.
CHRONICLE
THE
1136
Claridge, former President of the defunct
•
Castetter Bank of Blair, Neb., who has been a fugitive since
Feb. 27 last, a few
returned
to
Blair
the authorities
Aug.
29 and surrendered himself to
according to
special dispatch from Blair
a
of that date to the New York "Times."
it is said, on $2,000 bail
following
a
He
released,
was
hearing before
County
a
Judge.
new
The dispatch also states that the next day (Aug.,30)
charges would be filed against him.
We quote in part
from the
dispatch
as
in Blair.
Half
an
the most remarkable
was
hour before reaching the city he
by automobilists, who raced back and
gave
the
news
given to
ever
was
recognized
that he
was
meeting of the Directors of the Central National
a
Bank of Oakland, Cal., on Aug. 17,
Hodowal
Wells and Charles J.
C.
Cashiers and E.
D.
Bond Department.
Bothwell
was
Walter J. Hesse, Fred
were
elected Assistant
named Manager of the
Mr. Hesse will become Manager of the
Mr. Wells had
new
Business
been
paying teller of the Central National Bank for several
years
follows:
Claridge's reception in the city
any one
At
days before the failure of the institution,
on
Department of
the bank.
and has been connected with it for fifteen years.
was formerly Auditor of the bank and has
Hodowal
Mr.
been associated with it seventeen years.
ap¬
proach !ng.
Business houses
possible got out
on
were
closed,
offices and homes emptied and
the street to meet him.
him down the street and he
was
every one
Men with megaphones preceded
followed by a brass band and
a
procession
composed of the entire town.
Arriving at the Court House, he made
to
a
brief speech and then went inside
plead to four indictments returned against him last Spring.
"Who is your bondsman?" asked the Court.
A hundred
ward he
men
in the
room
asked
permission to sign his bond.
After¬
was
We referred to the closing of the Castetter Bank in these
columhs in
our
issues of Mar. 19,
»
April 2 and April 9.
elected President to succeed
the late R. Audette; Nazaire Fortier
of La
Vice-President.
will succeed Mr. Lali¬
Mr. Laliberte has been
a
director
Banque Nationale for 25 years.
■
■
♦
The Board of Directors of the Mercantile Bank of India,
Ltd., at
a
meeting held in London on Wednesday of this
-
dispatch from Jefferson City, Mo., dated Aug.
24, printed in the Kansas City "Star" of the
meeting of the Board of Directors of La Banque
formerly Vice-President, was
week
A press
a
berte as
released, and to-night is at his old home, where his wife had
waited for him since his disappearance last February.
.
At
Nationale of Quebec, Canada, on Aug. 24, J. B. Laliberte,
same
date,
per
(Sept. 7) declared an interim dividend of 8% (16%
annum) less income tax, payable on Sept. 26.
at the same rate as
the corresponding period last
This is
year.
SEPT. 10
THE
1921.]
THE ENGLISH GOLD
We
reprint the
Samuel
SILVER
AND
CHRONICLE*
Clearings—Returns ey Telegraph.
Week ending S pt. 1 >.
MARKETS.
the weekly circular of
following from
Montagu & Co. of London, written under date of
Aug. 25 1921:
as
A fair amount of gold
compared with £126,584,040 last week.
the market and
was
taken for the United States of America.
value of S14.850.000 is reported as being
from
$50,000 from London.
that there had been
caused
a
We
$2,082,600,000
329,106,295
from
Germany and
one rupee
in the gold price during the week
With the price falling
by the advance in sterling exchange.
Pittsburgh
we
date thus comments
the situation:
on
will begin later if the
price of sterling exchange soars
Government
lost
has
all
or
if the London-
Ultimately, the
105%)
measured in rupees."
settling the level of sterling
control
$4,230,737,996
—21.7
1,007,962,374
—31.4
$4,001,437,396
$5,238,700,370
1,346,742,493
—23.6
1,001,647,253
$5,004,084,659
Eleven cities, 5 days
Other cities, 5 days
$6,585,442,863
—24.0
cities, 5 days
All cities, 1 day
Total all cities for week.
*
Our usual
exchange
over
we
and
for the
Exchange is appended.
eight months of 1921 and 1920
—25.5
Description.
exchanging
Passengers have transacted
coin at ports
the
route,
en
The output of British Columbia seems to be
mines
expected to
are
produce
£375,000
United States Government bonds.
especially
improving.
this
year
as
has
been
not
and
India
on
been
moderate
a
The
volume
transactions
of
New York Stock
large scale during
a
has
the week.
$10,448,190,992 $15,829,485,775
_•
The
SILVER.
inactive
stocks
Total par value
against
£150,000 last.
forward delivery.
8 Mos.. 1920.1
Par Value.
114,072,142
1*1,'69,486
58,543,069,052 $13,357,274,475
564,874,100
401,014,000
1,887,047,600
1,158,977,140
181,270,700
184,148.300
1,400
Railroad bonds
State, foreign, &c., bonds
at Colombo.
given below:
Par Value.
Stock/Shares
\Par value
Bank
profitable business in
are
on
The results
8Mos., 1921.
the
over
have drawn attention lately, it
sovereigns to outgoing travellers.
Business
—23.3
monthly detailed statement of transactions
the New York Stock
is not surprising to learn that the Australian Federal Treasurer has
stopped
been
—22.7
Estimated.
the issue of
Rossland
—20.4
ex¬
In view of the recent high premium (overl
sovereigns in India to which
on
—33.5
40,000,000
__
price
rupee
price of gold, and the making of the rate of exchange rests with the people
of India and the intensity of their desire to buy gold at a certain
price
as
—17.3
64,939,112
52,179,904
-
New Orleans..
"At the present high
The absorption of this metal
New York exchange substantially improves.
level
—17.3
74,317,472
_
Baltimore
and its high equivalent rupee price in
exporting the yellow metal.
are
of gold will be the determining factor for
change.
—19.3
111,891,120
$3,310,170,978
691,266,418
__________
—26.0
The stock at that date was 100,000 tolas and the up-country
sterling price of gold in London,
India,
—32.1
89,200,000
*92,600,000
61,488,027
San Francisco
The closing prices were rupees 32.4 for ready
32.4 August settlement.
The issue of the "Times" of India
same
112,188,757
^
St. Louis.
arrival 35,000 tolas per day.
and rupees
—27.9
43,208,719
City
Total all
of the
203,750,447
164,478,238
...
con¬
tinually the banks had been heavy buyers and had purchased about 300,000
tolas of gold.
—20.4
*72,000,000
.
$2,615,428,959
444,646,850
297,717,137
157,475,305
118,492,632
_.
-
Detroit.
Cent.
237,000,000
.
Philadelphia.-
informed from Bombay under date 6th inst.
are
drop of
$2,800,000
Gold to the
York—$8,00d,000
received in New
Sweden,
S4,000,000 from
France,
came into
1920.
76,200,000
Chicago.
Kansas
England gold reserve against its note issue is £126,586,435
Per
1921.
New York
Boston.
GOLD.
The Bank of
1127
China
has
and
buyer for both cash and
1920 is
SALES
share
properties
Exchange each month since Jan
indicated in the
OF
in
STOCKS
AT
The price of silver in the bazaars has fallen heavily in
1 1921
following:
NEW
THE
the
on
.
YORK
STOCK
EXCHANGE.
correspondence with the very sharp advance in the sterling value of the
This
rupee.
rise probably
is
that for
July plus 135 lacs.
with
connected
moving in favor of that country.
the
The June total
Indian
was
1921.
balance
No.
Continental and other supplies have
but this
is of minor
been slight.
Month of January
19,880.166
21,865,303
29,008*749
$1,781,060,200
1,929,409,800
42,635,678
$3,301,757,673
70,7.54,218
$6,295,523,325
15.529,709
17,236,995
$1,044,593,548
28,447,239
$2,534,782,100
May
1,218,686,698
16.642,242
June
18,204,671
February.
March.
Total first quarter
.
produced
in the Chihuahua district of Mexico in 1920 than in
any year since 1910.
Department of Commerce
ounces
was
of the metal
advised
were
to-day.
In
produced, having
773,022.
Silver produced in the first six months of 1921
5,021,829
ounces,
It is reported from
in storing them.
value of $7,-
a
Six
large that
so
some
difficulty is experienced
Month of July
over
255 million
Each
ounces.
wee*c
for some time
The
$3,632,799,707
54,443,748
$4,785,991,200
$6,934,557,380 125,197,966 $11,081,514,525
$731,205,604
12,541,922
$1,103,,006.150
877,306,068
following compilation
since Jan. 1
13,728,598
1.1721753,800
covers
the clearings by months
in 1921 and 1920:
Currency Returns.
(In Lacs of Rupees)—
July 31.
circulation
Aug. 7,
MONTHLY
Aug. 15.
17556
17425
7481
7465
7476
CLEARINGS.
17438
Silver coin and bullion in India.__
Cleaiings,
Clearings Outside New York.
Total All.
Month.
Silver coin and bullion out of India
1921.
Gold coin and bullion in India.
2435
2435
1921.
%
1920.
|
$
1920.
«
1
2435
%9
"
Gold coin and bullion out of India
$
Securities (Indian Government)
6805
6690
6692
835
835
835
No rupees were coined during the week
ending the 15th inst.
Jan... 33,59
$
,927,206 41,683.893.871 —19.4 15,023,882,881 18,47),173,765—18.7
The stock
Securities
in
1,434,029,950
815,179,1.50
9,288,054
11,117,035
August..
fresh record is created of the total silver holding.
in
9,354.267
51.031,375
_
months...
1,369,519,4611
India that the accumulation of silver rupees in the
Indian
Notes
2,585,053,325
93,667,053
Total second quarter.
estimated at
was
The total of 747,600,000 silver rupees now held by the
Treasury is equal to
a
Month of April
1920
year
valued at $2,995,202."
Indian note reserve has become
past
the
Par Values.
[No. Shares.
$1,327,513,750
795,420,453
1,178.823,470
In view
speculative tendency of exchange generally the prospects
of the silver market are obscure.
The following extract is taken from
''Financial America":
"Washington, Aug. 12—More silver was
9,161,404 troy
1920.
Par Values.
16,144,876
10,169,671
16.321,131
of the erratic and
the
Shares.
The export of wheat from India has been
prohibited owing to the recent rise in local prices,
importance.
trade
minus 167 lacs and
(British Government)
Shanghai
Feb... 26.637,072.624 33,3 7,265,390 —20.0 12,10 ,457,551 15,163,212,967 —20.2
March 31,0U,896,613 41,33 ',257,691 -25.0 14,333,908,350 1
^,99 ,994,830 —24.6
1st qu. 91,2 i
,896,443 1163
3418952 —21.6 41,435,248,782 52,63 ,381,562 —21.2
on the 20th inst.
consisted of about 29,100,000 ounces in
2.5,500,000 dollars and 2,100 silver bars, as compared with about
29,400,000 ounces in sycee, 25,000,000 dollars and 410 silver bars on the
May.. 28,59 \983,121 36,841,151,356
-22.4 12,745,678,413 17,19'),627,351
-25.4
13th inst.
Juno.. 30,089,659,040 38,44
-21.8 13,231,280.027 17,94 \468,297
-26.2
sycee,
The Shanghai exchange is quoted at 3s.
Bar
Quotations—
Silver
per
Cash.
August 19
8d. the tael.
Std.—
oz.
Two
los.
Bar Gold.
Fine.
per oz.
38^*d.
__.383*d.
38d.
22
"
_._38?*d.
20
37?*d.
37?*d.
112s.
3d.
38d.
37Hd.
112s.
2d
6
qu. 87,57
mos.
,203,678
,030.943 11496 >198508—32.8 39,30\532,071 52,9 4,495.029 —25.6
1788 )7927386 231 2*8617452 —22.7 80,811,780.853
105550376 591 —23.4
4d.
—
112s.
5d.
July
28,15 >,997,040 37,6 <8,14<>,303
August 27,36 ',818,67' 34,4 8,310,240
-25.1
-2 >.6
-27.9
,795,767,560 17.835,845,097
,804,877,717 16,561,001,131
..
-
2.7
"
23......
"
24
38?*d.
25
.
Average
38d.
Ills.
lid.
38d.
Ills.
4d.
37.854d.
112s. 0.6d.
»„38.291d.
The silver quotations
as
those fixed
a
The
38iHid.
...
to-day for cash and forward delivery
are
the
course
of bank
for the month of
four years
is shown in the subjoined statement:
same
BANK
week ago.
(000.000s
New
MARKETS—PER CABLE.
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
London,
Sat.
Weekending Sept. 9.
Silver, peroz
Gold, per fine ounce.
__
d.
Mon.
Tues.
Wed.
Thurs,
Fri.
Sept. 3. Sept. 5. Sept. 6.
Sept. 7. Sept. 3. Sept. 9,
383*
38%
39%
38 7-16
38?*
38?*
109s.8d. 110s.10d.110s.9d. 110s.lCd.110s.ld. llOs.ld.
Consols, 23* per cents
British, 5 per cents
47%
883*
British, 43* per cents
813*
French Rentes (in Paris)__fr
French War Loan (in Paris) Ir.
56.60
Louis
$
1921.
$
6.54
693
1
to Aug. 31
1920.
1919.
322
5,247
4,587
4,423
1,997
2.766
906
5,098
8,163
7,009
6,505
4,597
2,268
2,401
2,761
528
567
555
645
629
489
293
429
395
Kansas
666
977
1,113
217
City
286
254
248
"
4,029
4,927
47%
47%
47%
Cleveland
340
588
449
390
3,253
883*
883*
New Orleans
161
267
224
201
Minneapolis
276
329
1,414
2,128
813*
813*
813*
883*
813*
56.60
56.50
56.50
56.55
Louisville
93
121
68
96
794
804
81.45
81.45
Detroit
431
531
403
300
3,046
Milwaukee
119
138
115
121
958
4,107
1,161
Los Angeles
330
310
198
129
2,725
2,557
39
50
45
48
165
343
1,297
473
2,229
1,532
1,165
3,375
1,896
1,325
641
2,695
1,009
1,359
356
1,968
957
590
647
518
81.45
The price of silver in New York
on
81.45
the
same
day has been:
Providence
Omaha
Holiday 993*
993*
993*
63 %
63 %
134
63?*
226
269
230
Buffalo..
142
194
149
103
1.205
St. Paul
993*
Holiday 63?*
183
130
171
78
61
68
81
74
79
1,102
502
Indianapolis......
5,113
3,477
3,567
5,562
5,726
5,366
2,410
3,228
732
530
Francisco
Cincinnati
Baltimore
47%
-
1918.
>•
$
4,313
1,872
2,552
6 79
600
...
San
88?*
81.45
Silver in N. Y., per oz. (cts.):
Domestic
993*
Foreign
63
Jan.
1918.
$
$
477
Philadelphia
Pittsburgh
LEADING CITIES.
$
$
14,556 17,887 19,527 14,958 127,927 163,457 145,913 115,689
17,113
2,149
2,547
2,584
2,251
17,284
21,903
18,896
10,058
1,082
1,414
1,424
1,288
9,233
12,816
11,152
12,666
1,563
1,994
1,799
1,735
13,472
16,768
13,968
York
Boston
St.
—August
1920.
1919.
$
Chicago
The
CLEARINGS AT
1921.
omitted.)
ENGLISH FINANCIAL
clearings at leading cities of the country
Aug. and since Jain. 1 in each of the last
1,841
2,014
1,708
1,005
784
1,983
951
1,002
398
1,835
724
495
Denver
—The
subjoined table, covering clearings for the current
118
152
137
98
815
1,256
989
751
Richmond
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
154
234
238
208
1,740
1,430
74
69
38
1,335
465
2,092
50
846
397
127
977
1.429
610
1,263
288
489
Memphis..]
Seattle
Salt
week, usually
account
once
other
a
of
appears on
the
month.
the first
page
of each issue, but
leading cities.
figures
are
City
>
186
165
40
35
39
301
351
48
60
64
52
419
578
1,138
279
424
on
length of the other tables is crowded out
The
Lake
157
35
Hartford
received by telegraph from
Total
Other cities..
Total all
24,959 31,288 30.957 25,929 212,846 275,982 238,062 196,634
2,4)2
3,16 )
3,752
2,229
27,361 34,4)8 34,709 28,1
Outside New York.12,805 16,561
5
21,494
27,4 3
20,551
17,121
234,340 303,4 5 258,613 213,755
15,182 13,200 106,413
139,948 112,700
98,066
•
1128
[Vol. 113.
CHRONICLE
THE
RANK CLEARINGS—CONTINUED FROM PAGE 1081:
Eight Months.
August.
Week ending
September 3.
Clearings at—
Inc.
Inc. or
Hartford
—22.7
12,021,760
River..
New Bedford....
Lowell
Holyoke
Bangor
-
Waterbury.
Stamford
Lynn...-...———Total New
—23.5
50,182,700
39,818,995
25,023,868
13,359.884
19,042,824
18,237,236
England!
Kansas City
Minneapolis
—
Omaha
li
Paul
Denver
*
Joseph..City
Wichita
Duluth
IS™
--
Topeka—
Lincoln
Cedar
Rapids.-
Colorado
Springs....
Sioux Falls
I fit6'914
Z'?3515\
Pueblo
Fremont......—Waterloo
Helena
...
Hastings...
Billings
—
Jig,000
H^.773
%'lJi'000
Forks.—
Lawrence
Iowa
City
Oof3''8'
17'ny1'47^
l'nol'018
Oshkosh—
Kansas
—31.8
—16.01
—27.1
—23.8]
54,045, 800
5,097,597.954
2,127,625,199
1,297,434,429
1,101,568,771
—27.9
302,485,910
201,012,126
66,244,771
34,190,603
—23.9]
370,832,5801
—1.5.2]
204,611,507
13,901,340]
—10.3
—32.81
—25.1
—9.8
4,025,750|
3,603,881 —42.8]
—33.7
7,979,531
6,758,851 + 108.1
—38.9]
7,351,1.39
3,712,138
—44.6
4,968.350]
City, Kan
Lewistowri.
Great Falls
Rochester
So'948
Mlnot
Springfield, Mo
Mason City
8838
Pittsburg, Kan
Total Other West..
1,079,74 >,103
7,287,000
5,663,000
—48.1
—30.3
—2.9
78,133,548]
—23.6
11,070,935|
13,05*,6 V.20"
4,029,129,698
1,413,580,130|
794,395,943
758,013,697
49,953,650
61,852,177
73,547,707
—32.1
464,877,135
91,830,022
84,865,476
31,884,342
42,168,978
74,692,342
14,785,927
31,170,631
46,257,931
—32.7]
558.204,5781
Worth
46,058,615
16,082,725
.—
Savannah
Norfolk..
26,340,248
Birmingham
...
Knoxvllle
Chattanooga
Jacksonville
Mobile
—
Augusta
Little Rock
Cbaileston
Oklahoma
-
Macon
63,699,208
11,961,808
19,661,548
33,207,671
5,921,568
6,968,137
33,610,900
7,565,316
102,638,435
—-
Beaumont
...
14,711,943
—-
3,912,613
Wilmington, N. C-.
Columbus, Ga
Vicksburg
2,952,423
5,655,036
1,087,649
Columbia
6,873,143
Austin
Jackson
El Paso
Tampa
Texarkana
Raleigh
Shreveport
13,8-*1,360]
Waco
9,031,859
1,512,824
6,590,300
1,244,261
1,689,230
4,300,000
2,819,124
Port Arthur.....-.-.
Wichita Falls.
I
LawtOB
Asheville
Meridian t
Southern
....
Vancouver
Ottawa
—
Hamilton
—
St. John
—
London
Victoria
Edmonton
Regina
Saskatoon
—42.3
—32.9
—21.3
—33.0
11,934,178
—37.8
2,399,508
—37.8'
2,800,000
—30.4
984,917
2,976,674
"1,137",071
—34.7
""""600,526
"""624",438
814,958
—60.1
1,008,202
743,034
1,258,185
1,893,716
1,756,329
651,567
1,077,628
—10.6
6,809,482|
—11.8
3,230,435
—45.5
5,650,145]
"
1,922,247) —49.9
1,658,564 + 92.9
1,863,014]
2,043,304
—4?.S
+ 45.0
922,249
1,313,404
1,880,426
916,39 >|
—51.2
2,100,634]
1,248,974
—46.0
—29.0
—19.1
—11.3
26,141,016
153,390,399
17,717,366
—10.7
57.323,581
—35.2
21,228,294
11,785,839
75,617,709
34,528,534
20,966,944
—32.0
19,041,452,814
5,051,890,790
—31.4
347,726,375
—28.7
104,500,000]
—37.7
—18.7
40,041,295
19,267,645
19,395,184
+ 6.0
7,881,944
9,183,547
—36.2
30,300,232
31k772,210
10,347,018
53,208,841
49,529,655
17,526,474!
—41.0
15,142,025
13,806,680
10,398,535
21,282,505
—34.7
12,714,025]
14,004,870|
—25.7
13,250,691
2,268,004,8801
803,596,459
932,399,414
230,473,007
2,091,916,519
2,231,189,542
851,071,374
799,062,633
—9.2
—
—32.2
—45,6
—8.6
—1.1
—39.9
—45.4
—30.2
687,020,290
—41.9
332,059,993
367,836,210
—29.1
—31.5
44,837,735]
—31.8
28,231,303
451,074,880
136,239,088
—38.6
490,4570545
152,590,109
65,201,442
13,548,267
17,726,118
—30.7
27,979,8551
14.2
7,945,482
—43.1
50,730,971
47,664,123
—
—35.9
8,961,302
—57.9
6,856,045
8,971,019]
—37.1
—8.2
7,733,877
12,066,963
115,104,484|
—13.6
—29.5
2,946,921
176,200.092]
—38.2
4,839,764
338/282,702
—44.7
55,421,754
62,288,115
279,108,143
429,183,455
86,817,041
—36.9
—28.2
—55.6
—21.2
—36.2
152,949,160]
—59.2
295,341,544
87,338,629
411,289,270
169,323,831
—28.2
—19.4
798,937.700|
517,984,084
+ 54.2
—52.1
137,783,044
36,721,819
262,616,827
52,041,082
24,137,677
44.725.284
39,108,101
54,342,645
14,421,532
132,350,896
24,341,345
452,332,328
155,056,075
—27.3
12.892.727
24,420,000
48,228,473
—28.5]
1,942,698
4,021,660
2,837,058
16,449,293,803
3,411,551
329,022
7,051,139
—36.4]
2,673,919
9,078,333
-25.4
23,755,062
1,431,507
309,999
—34.9
2,200,000
—18.5
•.
7,101,349
2,550,000
11,738,062
7,520,847
10.524,1451
—43.7
176,978,645
105,276,684
14,070,531
170,024,362
1,400,000
1,00 >,353
7,841,925
1,400,000
20,405,228
3,229,381
—23.1
33,761,297
69,799,976
87,709,565
25,575,330
56,982,725
7,800,000]
—34.8
—24.5
—0.7|
—24.7
—35.1
—55.3
—23.5
—36.9
3,958,7291
6,867,053
—cO.t
8,404,153
2,545,323
—31.2
+
0.5|
5,462,828| —15.0]
—23.>
—12.3
—13.4]
—58.2
9,703,264]
66,221,038
22,515,220
264,819,051
111,185,077
179,0>1,465
802,179,451
19,021,400]
42.881,017,
79.023,824
16.152.285
38,852,815
128,557,0 *7
77,421,703
13,589,618
75,736,640
10,504,327
15,366,426
—48.4
—47.5
—17.9
—32.7
1,300,000
228,3951
—13.6
—46.2
2,600,000]
—32.6
30,275,433
5,009,065
—35.5
—3.7
1,350,000
330,452
—30.9
—46.3
—7.5
""'550,666
—41.2
4.710.287
1.783.288
—28.3
—35.6
""""509",968 "~+7.9|
593,804
""""794",010
12,393,360|
—62.0
3,858,789|
—53.8
8,405,189
2,674,936
6,254,491
1,920,270
18,554,967
"31,'036", 844
—40.2
"25,770,618
21,000.665
2,808,172
3,890,672
-27.8
3,095,^65
2,577,820
—34.4
479,070,581
425,991,991
—38.6
—9.9
—36.8
—31.8
—26.5
—3.4
—55.5
2,705,844,336
—30.9
23,554,445,028
—30.2
—20.6
234,339,743,102 303,405,073,995
—22.8
6,061,734,387 8,410,261,831
—22.7
106,412,426.130 139,947,725,823
—24.0
2,768,739,568 3,748,188.^2
—26.1
129,461,771
—28.1
93,706,196
—15.0
69,958,562
—10.9
33,279,803
—32.6
11,924,964
7,821,339
—27.9
—0.6|
16,561,004,135!
575,939,686
406,191,434
184,981,567
74,858,240
—25.6
—8.4
—3.6
—17.9
18.1
33,008,013
—
29,698,617
20,553,413
—16.5
30,270,697
16.004,679
—24.91
3,680,5251
4,273,167
Brantford
3,083,012
-
New Westminster
2,539,772
1,594,335
Hat
3,280,962
—
Sherbrooke
5,009,051
Kitchener
3,970,280
13,692,485
Windsor
Moncton t
[ 1,284,006,094]
—21.1
14,878,915
—24.0
11,144,187
—9.1
1,529,701,480|
f Not Included In total; comparisons Incomplete
—25.9
30,434,969
4,070,556
3,350,429 | Not included i
...
—28.3
+ 4.4
21,767,147
17,168,317
3,086,815
6,550,692
7,201,741
3,600,231
5,775,195
3,526,798
3,063,053
1,845,928
3,764,802
5,671,186
4,856,002
13,859,156
3,451,731
—16.2
35,993, i4
—18.4
92,894,069
3,525,442,615
—6.0
1,550,706,017
470,830.908
1,522,204,321
570,995,290
329.771.962
236,809,563
169,685,399
249,621,045
121,438,319
264,647,626
129,172,192
96,986,847
194,198,392
140.511.963
25,151,331
70,762,057
55,892,856
28,245,775
49,064.469
29,698,156
24,045,066
15,843,658
32,854.459
41,747,566
41,646,900
107,996,967
3,451,731
+ 1.9
79,191,761
36.718,032
269,651,804
205,005,109
121,443,489
200,849,712
97,832,048
221.643,742
108,507,346
82,349,614
164,870.367]
+ 35.0
62,510,762
—14.9
46,144,983
22,661,432
41,235,392
28,140,309
20,475,928
14,013,249
30,123,673
38,717,081
33,530,154
108,713,426
38,270.765
—26.0
—12.6
—17.1
—13.6
—12.9]
—11.7
—18.2
—1.2
+ 35.3
393,827,147
4,688,744,532
123,789,904
24,448,413
+ 2.2
—37.1
3,822,866,368
3,313,315,257
+ 26.1
total.
13,670,359 (Not included in
—16.1
11,224,396,4871 12,763,179,326
l
5,642,356
2,968,304
3,921,503
5,110,059
1,555,041
3,946,106
4,596,393
2,300,000
8,132,236
2,000,000
—38.3
232,892,036
1,246,184,673
3,772,074]
387,814,728
128,963,897
45,302,976
19,079,000
18,943,927
6,928,994
42.106.429
37,856,064
9,488,956
13.291.430
11,611,497
9,248,482
6,651,177
—29.4
—47.4
18,229,477
10,302,295
1,746,063
15,764,291
-•
—27.3
17,323,849
4,124,052
6,282,520
—12.6
9,429,736
—38.0
15,349,441
5,642,059
—38.1
680,528
8,346,621
8,499,318
4,897,047
2,707,425
4,435,470
1,919,786
751,277
1,361,189
9,900,000]
—28.9
15,898,426
2,909,402
3,883,444
—19.1
1,248,566
1,015,252
848,759
527,307
1,950,000
—40.3
13,686,075|
—24.6
—22.3
6,125,480|
—
Lethbrldge:
Total Canada
—21.2
—34.5]
—28.2
14,382,078
3,891,453
8,844,945
Brandon
Kingston
—20.2
—18.8
—15.1
10.132,351
22,719,054
Halifax
Peterborough
—25.7
—32.8
40,434,434
21,585,652
12.071,356
10,636,571
7,843,099
15,092,154
7,547,038
3,400,000
5,523,654
2,889,435
—35.9
22,745,184
11,851,592
24,017,889
11,308,351
Quebec
Medicine
—46.5
55,727,886] —38.9]
—36.9
24,844,318
123,091,965
428,570,828
371,967,490
178,302,483
61,466,583
27,020,163
24,803,325
14,727,256
Winnipeg
Fort William
—34.8
45,646,362
61,408,993
17,577,639
20,768.042
1,601,963
Outside New York- 12,804,877,717
Moose Jaw
—40.6
—20.9
656,490,588
Canada—
Montreal
Calgary
34,059,335
27,192,026
17.519,252
8,301,016
8,023,545
4,875,683
10,728,204
6,750,894
3,000,000
3,012,853
1,791,636
—30.7
2,352,000
5,967,339
2,837,058
1,869,386,770
Total all
Toronto
—41.8
—27.9
27,360,818,676 34,448,310,240
-
McA lester
Total
60,246,833
147,562,
+ 10.2
4,748,408
8,445,945
1,752,372
4,644,318
145,436,747]
557,470,891
99,493,752
—46.5
77,715,317
2,485,723
Newport News
Montgomery, i.
—37.6
—11.4
—5.4
1,580,333
In total
346,826,378
209,890,885
83,697,495
235,726,645
2,518,088
19,00i),0>0|
Dallas.
257,198,163
—35.0
2,825,902
total
—14.7
54,861,^54
18.005,644]
9,643,835
1,106,629 Not included
—26.3
in
—37.5
2,775,664
Muskogee.....
Not included
—49.6
24,515,970]
—
Tulsa
250,711.895|
—45.7
10,707,160
11,250,673
38,411,439
14,379,405
127,341,505
30,730,531
6,003,126
3,911,165
5,693,702
1,443,071
10,592,103
277,790,512
190,232,047
41,485,935
55,076,705
13,139,801
22,932,389
14,585,085
4,661,819
—24.4
1,334,675,608
1,340.195,282
Fort
303,053,397
223,732,158
14,662,761,744
8,163,014,390
2,400,873,710
2,228,742,728
1,164,698,667
1,255,809,793
608,641,353
464,196,595
376,001,568
499,299,268
256,302,358
122,258,503
207,404,677
109,205,188
41,855,369
98,094,455
130,889,841
"1,798", 906
54,396,400,
15,582.676'
24,681,775]
34,980.000|
41,099,262
—33.8
Memphis
—27.2
—6.0
244,152,983
"
641,021
—34.1
Nashville....
991,445
—2.9
1,100,000
1,337,269
234,098,390
222,698,586
-
721,513
—20.4
—39.8
154,239,698
147,392,568
-
652,408
30,050,421
67,901.400
662,248
664,176
—29.6
27,911,250
Atlanta....
—11.1
—37.2
37,171,208|
Richmond
900,000
32,010.429
43,221,803
64,785,684
87,021,445
33.2|
>00,000
57,752,599,
40,659,612
20,106,264
25,997.493
Galveston
+
—11.4
3,200,000
Houston
—28.2
34.191,789
+ 53.4
51,170, 60]
18,781,085
19,160,775
—27.0
821,953
964,681
—28.91
—39.2
—25.4
—37.1
8,772,972
3,175,405
2,555,251
653,750,230
—19.5
—45.5
75,441,235
62,900,888
8,565,741
266,821,257
121,211,404
121,162,794
2,100,000
3.209,227
3,176,068
1,618,937
1,630,187
324,667
—29.6
161,190,174
92,579,472
3,566.954
"""743",406
1,405,110/
477,100,0001
2,121,000
—29.0
—2<.7
—40.6
15,823,472
37,106,223
14,432,669
2,287,690,110i —26.0]
2,500,000
4,646,217
4,266,328
1,385,433
1,472,009
1,153,884
—10.0
—17.8
2,250,000
3,299,065
3,000,000
1,302,744
1,185,211
860,942
—24.4
—16.3
—23.4]
—7.5
—11.8
—18.8
34,088,084]
139,347,212
—36.2
—13.5
29,640,090
—19.51
—65.01
6.355,578
17,612,527
47,413,909
96,481,748
23,182,836
—31.6
5.500:000
28,536,021
19,959.200
New
Louisville
32,933,964
65,713,751
—8.01
St. Louis
Orleans...
96,347,739]
119,670.488
73,274,035
—8.1
2,342,100
3,222,920
22,328,518
2,119,024
6,472,633
5,000,000
8,936,800
6,726,694
—15.5
7,360,248
5,017,443
80,994, 696
20,990,451 + 285.7
21,058, 776 Not Included in total.
—25.7
12,264,371
11,945,677
8,907,400
+ 1.6
44,888.910
361,693,890]
—6.5
267,500,783
—25.1
9,041.090
—36.6
45,230 ,011
36,905 ,995
30,287 ,013
29,759 ,914
—31.7
—39.8
—29.5
10,588,300
222,025,711
104,707,731
178,305.637
158,537,989
88,994.002
71,366,313
815,223,005
—41.2
313,526,094
7,929,700
9,183,497
187,571 ,835
92,454 ,212
—22.3
22,081 ,.505
13,631,134
221,165,491
—27.5
48,527 ,835
1918.
%
—14.0
12,810,240,447
472,756,300
351,132,637
144,701 ,365
119,864 ,120
1919.
Dec.
1920.
1921.
—27.5
9,293,101 ,559
342,769 ,200
301,939 ,545
—22.2]
1,618,335,394
976,568,885
328.614,911
226,158,102
170,605,984
152,301,592
63,357,065
46,316,485
1,816,044
Joplln
Grand
—10.0
5,231,308]
Fargo
Aberdeen
—9.5
Dec. *
%
33,106,100]
Des Moines...:
Sioux
—13.0
—9.6
17,217,318
—27.2
13,180,914
—24.1
5,922,045
7,798,873
7,325,606 —19.9
5,865,094
5,368,000 —19.2
4,334,406
4,067,761 —24.9
3,055,171
4,104.747 —18.2
3,355,545
7,731,300 —29.3
5,402,700
11,109.665
2,500,023 + 344.4
4,872,393 Not Included 1 n total.
Springfield
Worcester..
St.
S
1,413,773,577
34,648,082
22.642,997
New Haven..Portland
1920.
1921.
38,780,700
Providence
St.
I
1,081,573,231
Boston
Fall
Dec.
%
1920.
1921.
Inc. or
or
—17.5
600,132,323!
—27.9 6,874,515,401 5,878,023,364
93'ol9 949\
41.232'9^
3,047,816,280 2,667,062,883
—18.2
11,261,401
5,404,480
—13.4
5,149,487
—20.6
5,284,534|
4,107,178
5,231,615
—23.5
—28.4
3,043,431
—29.4
—19.5
4,414,489
—23.4
—19.4
—8.9
2,617,409
6,265,635
—16.3
2,822,812
4,952,767
—26.01
—16.0
2,348,245
—28.4
2,940,986
—15.1
2,100,000
—8.7
2,200,000
—15.1
4,126,752
—32.0
—11.9
3,528,327
747,550
4,291,785
3,412,271
—2.8
—11.7
82,569,230
02,894,392
24,000,281
11,471,498
6,441,430
4,280,087
3,530,377
4,316,568
2,200,964
655,673
5,073,122
2,234,459
2,351,705
3,014,269
2,398,590
433,191
—15-1
1,770,228
1,257,523
—13.3
1,433,138
992,907
1,279,547
+ 59.4
761,127
-34.4
725,732
941,704
751,330
726,198
—13.9
785,061
—29.4
576,832
548,754
505,895
—22.8
355,0101
304,526
—19.0
669,386
—39.0
870,523
524,371
895,744
—17.5
1,728,754
1,240,585
—19.8
—15.9
lit
<y
682.253
036,034
645,491
'111
—7.7
+ 9.5
—14.8
529,149
—11.6
291,038
—8.3
—7.3
687,887
866,704
—19.5
749,016
—26.8
750,000
530,555
+ 0.7
2,545,223
—15.1
1,978,937
1,010,234
972.698!
total""
-12.1
638,635
270,998,8221
+21.9
In total
345,858,157' —21.7'
264,374,501»
225,264,206
Sept. 10
THE
1921.]
CHRONICLE
Holdings in
DEBT STATEMENT OF UNITED STATES JULY 311921.
The
preliminary
United
of the
States for
statement
the public
of
Aug. 31 1921,
made
as
daily Treasury statements, is
Total gross debt July
the basis
151,092,657 80
$23,922,329,666 47
Note.—Total gross debt before deduction of the balance held by the Treasurer free
of
of obligations of
current obligations, and without any deduction on account
foreign Governments or other investments, was as follows:
Panamas of 1916-1936
25,947,400 00
50,000,000 00
_
1921. sept.
$
1 1921.
s
7,329,282
540,461,951
152,979,026
497,613,528
152,979,026
*490,173,188
Less gold reserve fund..—
561,254,116
152,979,026
Cash balance in Sub-Treas
408,275,090
387,482,925
344,634,502
337,194,162
84,350,000
62,919,367
393,289,000
79,813,108
97,085,000
52,472,776
186,861,000
9,412,415
7,946,635
8,416,992
11,052,763
9,497,962
11,711,618
15,000,479
12,998,458
21,209,580
8,050.639
54,046,572
22,947,114
21,415,450
7,598,341
4,470,685
7,557,841
3,893,177
Net silver coin and bullion
Net United States notes.
_
17,498,871
Net Fed. Reserve notes-
4,280,418
4,287,796
9,808,671
Net Fed. Res. bank notes.
Total cash in Sub-Treat
383,347,076
63,859,373
2,952,147
16,815,334
2,962,222
2,593,507
11,587,229
6,056,300
3,966,029
19,664,830
3,986,327
2,627,128
9.909,123
6,850,060
152,979,026
Dep. In spec, depositories:
Total
,
t
20.465.178
28,894,500 00
...
Postal Savings bonds
1
383,114,510
67,495,521
Cash in Philippine Islands
11,774,020 00
Conversion bonds.
1921. Aug.
416,040,542
66,826,249
4.031.479
13,739.861
4,217,103
2,422,847
9,671,247
23,509,623
Acct certs, of indebt...
5599,724,050 00
118,489,900 00
48.954,180 00
Panamas of 1918-1938
Panamas of 1961
1
$
431,427,816
74,364,968
12,256,294
Dep. in Fed. Res. banks..
Dep. in national banks:
Bonds:
_
coin and bullion.
Net subsidiary silver.
Minor coin, &c.._
Increase lor period
Loan of 1925....
1921. July
$
Net national bank notes..
.523,771,237,008 67
Consols of 1930
Net gold
1
To credit disb. officers.
on
Public-debt receipts Aug. 1 to 31 1921
.$388,611,891 02
Public debt disbursements Aug. 1 to 31 1921--- 237,519,233 22
Total gross debt Aug. 31 1921
June
Sub-Treasuries.
To credit Treas. U. S...
up
follows:
as
1921......
31
debt of the
1129
Deposits in Foreign Depts.
8,369,944
55,178,241
65,934,856
639,497,820
$883,784,050 00
51,952.208,300 00
Net cash in banks & sub-
Third Liberty Loan
3,315,302,500 00
3,610,197,800 00
Deduct current liabilities.
394,931,868
943,897,824
394,219.718
529,808,418
299,093,971
622,856,486
289,764,041
Fourth Liberty Loan
6,353,119,100 00
Available cash balance.
244,565,952
549,678,106
230,714,447
333,092,445
First Liberty Loan
Second Liberty Loan
-
Treasuries.
15,230,827,700 00
Total
$16,114,611,750 00
bonds
Notes:
Ac., not Included in statement "Stock of Money."
3,806,172,250 00
Victory Liberty Loan..
Treasury notes—
TRADE AND
Series A-1924
TRAFFIC
STEEL PRODUCTION IN
Tax
.$1,644, 405 ,000 00
898, ,179 ,500 00
Loan..
.
Act.
193, 875 ,000 00
.
32 ,854 ,450 00
Special issues
2,769,313,950 00
679,891,699 38
War Savings securities (net cash receipts).
Total interest-bearing debt
on which interest has ceased
$23,681,181,249 38
11,676,320 26
229,472,096 83
-
Debt
Non-interest-bearing
debt.
AUGUST.—According to a
statement prepared by the American Iron & Steel Institute,
the production of steel in August 1921 by 30
companies: which
in 1920 made 84.20% of the steel ingot production in that
year, amounted to but 1,138,071 tons.
This contrasts with
3,000,432 tons for the same month last year.
*
By processes the output was as follows:
Gross Tons—
Open
Tota 1 gross debt
...$23,922,329,666 47
Aug. 1921
Aug. 31
entirely
are
CASH
AND
CURRENT LIABILITIES.
holdings of the Government
set out in the following.
the
from
daily
the items stood
as
The figures
taken
are
of the United
statement
States
CURRENT ASSETS AND
1,621
Gold
Liabilities—
$
259,232,733 40 Gold ctfs. outstanding..
2,561,463.768 09 Gold fund.
bullion-..
serve
Dec.
1917)
Board
23
(Act
1913,
June
as
21
..............1.608,522,856 46
152,979,025 63
Total
fund...
_
230,368,050 40
.2,820,696,500 49
...
Note.—Reserved against $346,681,016 of U. S. notes and $1,562,764 of Treasury
notes of 1890 outstanding.
16,194
17,912,540
5,419,701
105,443
1,138,071
'3,000,432
40,948,302
23,437,684
CRUDE OIL PRODUCTION AND STOCKS IN U. S.
—Crude
oil
ascending
notwith¬
standing the extraordinary fall in the price of oil, received its
first check in June when the daily average output was report¬
production, which had been
scale in the United States
ever
since Jan.
on
an
1 1921,
The estimates of the American Petroleum Institute for the
four weeks
of
reserve..........
Gold in general
I... ..2,820,696,501 49
828,826,569 00
Federal Re¬
amended
Gold
Total
5,784
by the U.S. Geological Survey as only 1,347,067 bbls., con¬
trasting with the peak, 1,356,226 bbls. daily, in May. For
the month of July the daily average was further reduced to
1,297,677 bbls.
LIABILITIES.
GOLD.
Assets—
—
8 Mos. '20
8,523,707
2,408,401
ed
Treasury for Aug. '31:
Gold coin
8 Mos. '21
2,299,645
695,003
other
Total
TREASURY
Aug. 1920
915,334
221,116
hearth
Bessemer
All
The cash
MOVEMENTS.
311,191,600 00
__
Treasury Certificates:
Pittman
5,056,299 68 minor coins*
•Includes Sept. 1, $52,492,982 82 silver bullion and
Treasury notes are also secured by silver dollars In the
Treasury.
ending Aug. 27 pointed to
a
daily
out¬
average
put of 1,309,605 bbls., but for the week of Sept. 3 their esti¬
mate indicates an output of only 1,292,270 bbls.
However,
the estimates of the Institute for single weeks have fre¬
quently this year run still lower.
Tables giving the facts on which these averages are based
compiled as follows:
have been
(1) Crude Oil Production, &c.t in July Based on Figures of Geological Survey.
(Compiled from "Oil Faint & Drtfg Reporter," for Sept. 5.)
Domestic
Total
Total
aStocks on
Est. Con- bNew
Month—Production.
Imports.
Exports.
Last Day.
sumption. Wells
1921, July_40,200,000
8,000,000 500,000 cl67,200,000 41,200,000 1,162
June-40,400,000 10,200,000 600,000 cl61,000,000 42,800.000 1,471
Bbls.—
SILVER
DOLLARS.
Liabilities—
Assets—
228,447,417 00
Silver dollars
Silver ctfs. outstanding.
215,518,263 00
Treas. notes of 1890 out.
1,562,764 00
Silver dollars In gen. fd_
11,366,390 00
228,447,417 00
Total
Total
GENERAL
$
Assets—
Gold (see above)
Silver dollars (see above)
228,447,417 00
FUND.
S
Liabilities—
230,368,050 40
Treas. checks outstand'g
11,366,390 00
Depos. of Govt, officers:
2,952,147 00
Post Office Dept
Federal Reserve notes-.
2,962,222 00
Board of Trustees,Pos-
Fed. Res. bank notes.__
2,593,507 50
16,815,333 82
364,229 40
United States notes
National bank notes.
.
.
_
Subsidiary silver coin—
Minor coin
11,587,229 37
2,479,993 33
Sliver bullion
52,492,982 82
currency,
3,576,306 35
Ac.)
65,934,855 94
of ctfs. of Indebted'ss.
186,861,000 00
Depos. In foreign depos.:
To credit Treas. U. S.
rency,
681,741 38
ernment officers
3,211,435 53
Deposits in hat. banks.:
To credit Treas. U. S.
8,416,992 09
To credit of oth. Gov¬
of
insolv-
1,911,601 55
24,523,220 06
...
notes(5%fund,gold)
Redemption of F. R.
bank notes (5% fd.)
Redemption of nat.bk.
notes (5% fund)...
12,998,457 93
Depos. in Philip. Treas.:
of
219,553,447 50
7,403,246 55
58,030 00
7,557,840 88
Exchanges of currency
coin, Ac
7,677,229 21
Net balance
622,856,486 34
Total
...
650)
403
81
4611
81 j
289,764,041 61
333,092,444 73
622,856,486 34
Note.—The amount to the credit of disbursing officers and agencies to-day was
$807,970,982 52.
Book credits for which obligations of foreign Governments are
held by the United States amount to $35,736,629 05.
Under the Acts of July 14 1890 and Deo. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as miscellaneous receipts, and these obligations are made under
the Acta mentioned a part of the public debt.
The amount of such obligations to-day
$33,717,784.
$423,730 in Federal Reserve notes, $2,593,507 in Federal Reserve
was
bank
and $16,599,433 In national bank notes are In the Treasury in process of
and are charges against the deposits for the respective 5% redemption
notes,
redemption
funds.
Lima-Indiana.....
Illinois...
Southwestern Indiana..
Mexican importers
Total (1,000
195
805
77
1920.
1921-
1921.
58,706
30,165
21,261
141,810 / 88,425
68,293
1
13,752
222
9251
53/
....
■
-compilation made
up
from
the daily Government state¬
ments, shows the currency holdings of the Treasury at
beginning of business
September 1921:
on
the
the first of June, July, August and
11,266
1,247
727
(Rocky Mt.)
„
18,125
17,507
(Appalachian)
4,146
3,501
1,219
6,075
1,012
3,062
■.
1,457
6,388
1,394
6,743
—
8,356
7,738
38,203 276,910 249,563 167,278 124,368
*Note.—The "stocks on hand" as here shown include:
(a) For States east of California the pipe line and tank farm stocks which
have been removed from the producing properties but have not been de¬
livered to the refineries.
These stocks, it is stated, constitute by far the
greater part of the petroleum held in storage in the U. S.
The figures given are reported monthly to the Geological Survey and as
here printed are the net amounts after deducting water, &c.
Refinery
stocks are reported monthly by the Bureau of Mines.
The producers
number many thousand and their stocks are reported only once a year to
the Geological Survey, but these ordinarily aggregate only about 3% of
the total stocks.
(6) Stocks reported for California represent the average
figures collected by the Standard Oil Co. of California and the Independent
Oil Producers' Agency and include in addition to gross pipe line and tank
farm stocks, some residuum and unfinished refinery products turned back
to pipe lines, and also
producers'stocks.
'
;
it should be noted that the August Bulletin of the Standard Oil Co. of
California reports the total crude oil stock for all California fields on July 31
1921 as 31,634,179 bbls., while the production per day in July was stated
as 331,252 bbls. and the total
shipments from fields during the month as
8,403,275 bbls.
bbls.).. 40,228
^
TREASURY CURRENCY HOLDINGS.—The following
7,535
_
16,478
1,861
748]
673
1
9,306
(Gulf Coast)
(Gulf Coast)
1,586112,263
9,651
17/ (Rocky Mt.)
706
727
566
New York & Tennessee-
1921.
2,160119,656
137/
Jan. 31
70,828
6,009 (Mid Continent)
3,294,
Kentucky...
West Virginia.....
Pennsylvania
....
*July 31
First 7 Months
3,276j 148,193
124
Central & Eastern Ohio.
clrculat'g notes,Act
May 30 1908
July
1920.
8,583
Montana and Colorado.
.....
19,385,339 74
add'l
—
To credit Treas. U. S.
July
(42 U. S. Gal.)
1921.
California...
10,247
Oklahoma
10,180
Kansas
3,418
Texas Central & North.
5,523
Nor. Louisiana & Ark..
3,326
Texas Coastal........
2,557
Louisiana Coastal.....
149
Wyoming.....
1,144
Month .
Stocks on Hand.
—-Production
.
ent banks...
Officers, Ac
Deposits for:
(2) Actual Production by Fields—Net Stocks from Same Sources at End of
No. 1,000 BdL
for
Postmasters, clerks of
courts,
disbursing
Retirement
officers...
Total
agent
Redemption of F. R.
To credit of oth. Gov¬
ernment
3,619,029 03
132,107 99
5% reserve
Other deposits-.—
Comptroller of Curcreditors
Unclassified (unsorted
Depos.ln Fed Res .banks
Deposits in special de¬
positaries acc't of sales
5,136,560 58
tal Savs. System—
May.41,900,000
9,100,000 900,000 cl53,800,000 41,500,000 1,401
April 40,100,000 10,000,000 700,000 cl45,000,000 42,500,000 1,224
Mar.41,000,000 12,300,000 700,000 cl38,200,000 45,200,000 1,452
Feb .35,300,000 11,400,000 800,000 cl30,900,000 39,300,000 1,574
Jan..37,900,000 13,200,000 700,000 cl24,300,000 48,300,000 1,832
1920, July .38,200,000
6,800,000 700,000
130,800,000 43,400,000 1,859
1919, July .33,900,000
4,500,000'200,000 el41,700,000 32,100,000 1,509
1918, July .31,800,000
2,800,000 500,000 el35.100,000 36,900,000 1,687
a
Pipe line and tank farm stocks of domestic petroleum plus Mexican
petroleum held in U. S. by importers,
b The number of producing oil wells
completed during the month,
c Not directly comparable with stocks for
previous years: for comparison add 17,800,000 bbls.
e Stocks of Mexican
petroleum held in the U. S. held by importers not available.
_
Daily Average Crude Production as Estimated by Amer. Petroleum, Institute.
Weeks ending—
Sept. 3.
Aug. 27.
Aug. 20.
Aug 13.
Aug. 6.
Crude production, daily
average in BBls- -.1,292,270 1,303.070 1,315,440 1,304,070 1,315,840
CHRONICLE
THE
1130
LAKE
SUPERIOR
IRON
SHIPMENTS.—The
ORE
shipments of iron ore from the Lake Superior region during
the month of August 1921 were very light as compared with
those for August 1920, amounting to but 4,329,158 tons, as
against 9,270,763 tons.
The movement for the season to
Sept. 1 1921 aggregated 14,748,072 tons, comparing with
35,349,874 tons for the same period in 1920 and 29,604,981
tons in
1919.
Below
the shipments from different ports for
August 1921, 1920 and 1919, and for the respective seasons
to Sept. 1:
we
compare
Season
August
1921.
1920.
1919.
1-
Sept.
to
1,277,561
336,334
758,173
4,394,838
129,691
602,567
277,843
263,105
2,141.291
2,757,897
1,169,569
Ashland
468,283
1,327.294
375,245
917,693 2,266,497
939,979
1,833,247 2,351,918 1,645,788
671,133 1,444,926
847.944
1,429,308
4.933.402
3.320,090
3,508,928
6,472,640
8,961,424
6,426,447
9,352,140 11,466,924
5,566.779
4,464,054
Superior
Duluth
Two Harbors
Total
309,111
2,315,918
14,748,072 35,349,874 29.604,981
4,329.158 9,270,763 4,423.133
Per
Oct.
*1X
Oct.
♦1
net.
—
Lehigh Valley, common (quar.)
Preferred (quar.)...
First and second preferred
...
Second preferred (from 1918 income)
N.Y.I ackawanna & Western (quar.)
Holders of
1
rec.
Sept. 17 a
1
Holders of
rec.
Holders of
rec.
rec.
♦2 \4
Sept. 30 ♦Holders of
Sept. 30 ♦Holders of
Sept. 30 ♦Holders of
Sept. 17a
Sept. 30a
Sept. 19
*1%
Oct.
*5
*5
Pitts. Bessemer & Lake Erie, common..
United N. J. RR. & Canal Cos. (quar.)..
Electric
1
1
IX
.
Closed.
Books
Days Inclusive.
20 ♦Holders of rec. Sept. 30
3 ♦Folders of rec. Sept. 20
$1.25 Oct.
_
Street and
H
8714c Oct.
_
New York Central RR.
(quar.).
New York
Chicago & St. Louis, com.—
Nov.
rec.
rec.
Sept. 19
Sept. 19
♦Holders of rec. Sept. 14
1
75c. Oct.
1
214
Oct.
10
Holders of
rec.
to
Sept. 21
Sept. 15
Sept. 30
Railways.
Bangor Ry. & Elec., pref. (quar.)
Cleveland Railway (quar.)
Illinois Traction, preferred (quar.)
IX
Oct.
1
Holders of
*114
Oct.
1
♦Holders of
rec.
Sept. 15
IX
Oct.
1
Holders of
rec.
Sept. 15
Kentucky Securities Corp., pref. (quar.)
*114
Oct.
15
Holders of
rec.
1
Holders of
rec.
Sept. 30
Sept. 15
Ottawa Traction (quar.)
1
*$2
Philadelphia Traction (quar.)
Puget Sound Fow. & Lt., pref. (quar.)..
*114
S-'tit""i»id Ry. k- Light. pref. (quar.).—
IX
Twin City Rap. Transit, pref. (quar.)
IX
Utah Power & Light,
IX
preferred (quar.)..
-
—
West End Street Ry., Boston, common.
West India Electric Co. (quar.)
©omractxial atxtlBXis cellatiemts
Payable.
*2Vi
Railroads (Steam).
Boston & Providence (quar.)
Clev. Cin. Chic. & St. Louis, pref. (qu.)
J' lUt kr Chicigo
(quar.)
When
Cent.
Name of Company.
1919.
1920.
1921.
Marquette
Escanaba...tons.
[Vol. 113
Oct.
Oct
Oct.
1 ♦Holders of rec. Sept. 10a
15 ♦Holders of
rec.
Oct.
1
'>t.
1
oldof
ree.
S°nt. 15a
Oct.
1
Holders of
rec.
Sept. 17
Sept.l 5
Oct.
1
♦SI.75 Oct.
IX
Sept. 20
rec.
Holders of
rec.
♦Sept.16
to
1
Oct.
Sept.24
to
Holders of
Oct.
2
Sept. 30
jB^nks*
Auction
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
Messrs. Adrian H. Muller & Sons, New York:
not
Shares.
Stocks.
Price.
Shares.
557 Tublze
Bank of Baltlmore-$17 X per sh.
2,200 United Rys. & Elec. of Bait.
221 Tublze
201 Willard F. Meyers, Inc.$7 per sh.
42 Connecticut Mills, Class
B
?10
com.,
42 Connecticut
each———$5 per sh.
2d pref.
Mills,
$25 per sh.
20 Rolls Royce of Amer., Inc.,]$6,000
no
}
200 Rolls Royce of Am., Inc., pf J
com.,
lot
par
Artlf.
Silk of Amer.,
Artlf.
Silk of Amer.,
Shares.
Slocks.
Bondk.
—
.
$1,000 Mapos Cent. Sugar Corp.1st
6s, 1937, Jan. 1918 coupons on.$35 lot
7
Securities, $50 each-. —125
10 Vlnalhaven
$ per sh.
25
Water
10
$1,000
7s,
Pacific
Fruit
...
—
_
_142
—
—
18 Textile
Stocks.
42 Boston Casualty,
—
•5 Ludlow Mfg. Associates...
9X
Bods.
12%
—
-.123
Per cent.
Express
1933
eq.
.*..105
—
1.000 Consol. Cities Lt., Power &
Trac.
1st 5S,
50
1962
By Messrs. R. L. Day & Co., Boston:
Shares.
Slocks.
3 Falmouth (Mass.)
15 Arlington Mills.
—
—
—
—
—
1 Salmon Falls Mfg., com
% persh.
com., S10 each...
1 Brookslde Mills..
Stocks.
$ persh. Shares.
Stocks,
$ per sh.
20 Tenth Nat. Bank of Phila. —_xl00
100 Terre H. Inds. & East. Trac.,
9 Columbia Avenue Trust.196
com
$75 lot
...
290
275
7 Central Trust & Savs., $50 ea.
10 Peoples Trust, S50 each
64 Terre H.
Inds. & East. Trac.,
pref
rec.
Sept. 23
Sept. 30
Holders of
rec.
Sept. 21
2%
Sept. 30
Holders of
Sept. 16
Sept. 23a
rec.
Sept. 30
Holders of rec. Sept. 16a
to
rec.
Sept. 20
Oct.
1
*3
Oct.
1 ♦Holders of
rec.
*1X
Oct.
1
♦Holders of
rec.
Sept.15
American Express (quar.)
Arn-ric.n Fork
Foe com. (qu -.r.)
Amer. Smelt. Secur., pref. A
(quar.)....
*2
Oct.
1
♦Holders of
rec.
Sept.16
97
Oct.
to
2
Sept. 20
Miscellaneous.
American Snuff,
IX
S«:-t. 15
common
*1X
Oct.
1 ♦Sept. 17
to
Oct.
1
to
1
Holders of
Oct.
1
Holders of
1
Oct.
IX
♦SI
Associated Oil
(quar.)
...I.
Bucyrus Co., preferred (quar.)........
California Petroleum Corp., pref. (quar.)
Canadian General Elec., com. (quar.)..
Canadian Locomotive, com.
(quar.)....
Pr'4 -Ted
(qn»r.)_....
Second preferred (qu i.r.).
Chandler Motor Car (quar.).---—----Cluett, Peahody & Co., Inc., pf. (qu.)
2
1
Holders of
1
Holders of rec.
Oct.
Oct.
•'IX
Oct.
25 *Holders of rec.
1 ♦Holders of
1
♦Holders of
rec.
1
Holders of
rec.
Sept. 20
Sept. 15
*2
Oct.
1
♦Holders of
rec.
Sept.20
*1 H
Ortt.
1
♦FTolders of
rec.
Sept. 20
IX
Oct.
1
Holders of
rec.
Sept.10
IX
Oct.
1
Holders of rec. Sept. 20
Holders of rec. Sept. 20
IX
Oct.
1
1 ♦Holders of
♦SI.50 Oct.
rec.
Sept. 20
Holders of
♦Holders of
rec.
Sept. 20
rec.
Sept. 20
rec.
Sept
1
fere'd fqu.ar.).....
*1X
O't.
1
*2
Oct.
1
nx
Oct.
1
1
Holders of
2
Oct.
Dominicn Oil (monthly)
1
Oct.
1
Holders of
Dunham (James H.) & Co., com.
First preferred (quar.).
IX
Oct.
1
Sept. 21
Sept. 21
Sept.21
(quar.)
—
rec.
to
IX
I
9
9
Sept. 30
Sept. 20
Oct.
Oct.
_
rec.
Sept.
Sept.
Oct.
IX
(quar.j
rec.
2
*ix
.......
(quar.)
G ne a
Baking, common (quar.)
Preferred (quar.)
2
Oct.
Oct.
*1X
16a
Oct.
IX
IX
Central States Elec. Corp., pref.
(quar.)
Certain-teed Products Corp., 1st
Second preferred (quar.)...
General Amer. Tank Car, pref.
rec.
5a
25
25
16a
to
Oct.
♦Sept. 21
1 ♦Sept.21
Amer; Window Glass Mach., com.
(qu.)
Preferred
(quar.)...
Detroit & Cleveland Navigation
rec.
Sept.
Sept.
Sfpt.
Sept.
to
*1X
(quar.)
or
♦Sept. 17
Oct.
3
(quar.)
Preferred
(quar.)
American Stores, common (quar.)....
First and second preferred
an.
oiue s of rec. S«f t.
nx
Preferred B (quar.)
........
........$120 lot
1 Phila. Sub. Gas & Elec., pref..
84
♦Holders of
—
Corona Typewriter, first pref.
(quar.)..
Second preferred (quar.)
Shares.
Trust.
1
IX
——.
Cmtiwnt .1 f
By Messrs. Barnes & Lofland, Philadelphia.
4 Commercial
1
Oct.
—
150
75
2 Bank of North America..
Oct.
pf.(qu.)
65c
90% 12 N. Bedford G.&E. Lt.,$60 paid; 143%
50 Graton & Knight Mfg., pref..._ 58
73
96
Hudson (quar.)
Lawyers Title & Trust (quar.)...
Manufacturers (Brooklyn) (quar.)
„._
$ persh. Shares.
Stocks50 U. S. Worsted,
Nat. Bank—115
60 West Boylston Mfg., pref——
5 Bigelow Hart. Carpet, pref.
3
*2%
....
$18,000 Colo. Spgs. & Crip. Crk. D.
S300 lot
Ry. 1st cons. 5s, ctfs. dep.
21
12 East. Mass. St. Ry., adj. stock.
10 Lane-Libby Fisheries, pref.—
2 Gillette Safety Razor.
Sept. 18
(quar.).......;
100 Atlas Truck Corp,,com.$l % persh.
135 St.Mary's Oil & Eng.,com..$50 lot
$ persh. Shares.
Holdeis of rec. Sept. 23a
1
American Cigar, preferred (quar.)......
$252 lot
com
By Messrs. Wise, Iiobbs & Arnold, Boston:
30 East. Mass. St. Ry., pref. B___
14 East. Mass. St. Ry., common-.
1
1
Oct.
Trust Companies.
$7,500 lot
preferred
$7 per eh.
YorkvilJe
Oct.
Oct.
4
5
Metropolitan (quar.)
4
$1
Price.
Stocks.
2,050 Merchants & Mechanics Nat,
Chase National (quar.)
Chase Securities (auar.)
._r
Chatham & Phenix National (quar.)
Commerce. National Bank of (auar.)—.
Oct.
1
IX
Oct.
1
nx
Oct.
1 ♦Holders of
15a
Sept. 10
Oct.
2
to
Oct.
2
to
Oct.
2
ree.
Sept. 20
47A
Trust......
127%
3 Elizabeth & Trenton RR., pref.
$50 each
———————
5s.
29
12 Elizabeth A Trenton RR., com.
$50 each
24
20 Mill Creek & Maine Hill RR..
40
National
Bonds.
Per cent:
$3,700 Ohio
1943.
5,000
Elec.
—
Ry.
2d &
..—..-
—
gen.
1
-.
Consumers
Brew. p. 1.6s, '23 25
16,000 Lake Tracy Devel. & Impt.
1st 6s, 1929
\
50
Banks.—The
national banks is from
following information regarding
the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION
TO
ORGANIZE
RECEIVED.
Sept. 3—The Coos Bay National Bank of Marshfield, Ore
Capital.
$50,000
...
Succeeds the Scandinavian-American Bank of Marshfield.
Correspondent, R. Bugge, Marshfield, Ore.
APPLICATION
TO
ORGANIZE
APPLICATION
TO
CONVERT
$100,000
RECEIVED.
Aug.30—The Fidelity National Bank of Oklahoma City, Okla__ ...$200,000
Conversion of the First State BanK of Oklahoma
City.
Correspondent, R. C. Stuart, Oklahoma City.
APPLICATIONS TO CONVERT APPROVED.
Aug.31—The Lamb's National Bank of Michigan, North DaKota..
$25 000
Conversion of the Nelson County State Bank of
Michigan.
Correspondent, J. M. Lamb, Michigan, N. Dak.
Sept. 3—The Fidelity National Bank of Oklahoma City, Okla
$200 000
Conversion of the First State Bank of Oklahoma
City.
Correspondent, R. C. Stuart, Oklahoma City.
enen
■
mi,
..
x*
i
v,
,
„
$150 000
$25 000
1941
1941
1941
1941
CONSOLIDATION SEPT. 1.
Citizens National Bank of Port
Henry, N. Y., with capital of
$50,000, and 1697, The First National Bank of Port
Henry N Y
with
capital of:$100,000.
Consolidated under the provisions of the
,
Act of
7 1918 and under the charter and
corporate title of: "The Citizens
National Bank of Port
Henry" (No. 4858), with capital of $100 000
Nov.
VOLUNTARY LIQUIDATION
Cnnitnl
Sept. 3—7293—The Farmers National Bank of
Norman, Okla..
$30 000
Effective Aug. 9 1921.
Liquidating Agent, R. V. Down¬
ing, Norman, Okla
Absorbed by the Norman State
Bank, Norman,
Sept. 17
rec.
Aug. 31
IX
IX
S ;pt. 30
On.
1
Sept. 16
S«pt. 16
2X
Oct.
1
Holders of
rec.
IX
Oct.
1
Holders of
rec.
2
Sept. 24
Sept. 24
Homestake Mining (monthly)
Ide (Geo. P.) Co., pref. (quar.)..
25c. Sept. 26
2
Oct.
1
_
Preferred
Okla.
we
are now grouped in two separate tables.
In the
bring together all the dividends announced the cur¬
we
show
have not
Then
the
we
follow with
dividends
a
second
table, in which
previously announced, hut which
......
Kelly-Springfield Tire, pref. (quar.j....
King Philip Cotton Mills (quar.)
Kolb Bakery, preferred (quar.)
(quar.)..
Lehigh Valley Coal Sales (quar.)
Loft, Incorporated (quar.)
Lorillard (P.) Co., common
(quar.)
Preferred
(quar.)
Morris
(quar.j
Preferred
Car
Preferred
The dividends announced this week
are:
to
Sept. 23
to
rec.
Sept. 15a
Sept. 24
rec.
Sept. 24
Sept. 14
1
"4
Holders of
Holders of
S*ot. 3"
rec.
rec.
of ree. Snpt. 20
IX
Oct.
1
nx
Oct.
IX
Oct.
1 ♦Holders of rec. Sept. 20
1
Holders of rec. Sept. 17
Oct.
1
♦Holders of
rec.
Oct.
1 ♦Holders of
rec.
nx
Holders of
Holders of
rec.
rec.
Holders of
rec.
Oct.
1
Holders of
rec.
Oct.
1 ♦Holders of
rec.
Oct.
1
rec.
Holders of
Sept. 16a
Sept. 20
Sept. 15
Sept. 19
Sept. 15
Sept.15
Sept. 20
Sept. 19
'$1.25 Sept. 30 ♦Holders of rec. Sept. 17
Oct.
1 ♦Holders of ree. Sept. 20
*1%
1
Holders of ree. Sept. 19
*20c. O't.
*2
Sept. 20 ♦Holders
♦20C. Oct.
$1
(quar.j
2
rec.
IX
(Philip) Co..-..
Motor Wheel Corp., common
Oct.
rec.
IX
Mountain Producexs' Corp. (quar.)
National Breweries, common (quar.)
Sept. 16
Sept. 16
Sept. 30
Sept. 17
Sept. 17
1 ♦Holders of
*10c. Oct.
*$1
Montgomerv Ward & Co., pref. (quar.).
to
*62 Xc Sept. 30 ♦Holders of
nx
Sept. 30 ♦Holders of
Oct. 15 ♦Holders of
IX
25c. Sept. 30
3
Oct.
1
Manhattan Electrical Supply
(quar.)
Manhattan Shirt, preferred
(quar.)
Merrlmac Chemical (quar.)
to
Sept. 23
Sept. 20
Sept. 15a
*S2
Oct.
of rec. Sept.
10
1 ♦Holders of rec. Sept. 15
1
Holders of rec. Sept. 15
1
IX
Oct.
rec.
Sept. 15
1
Oct.
1
Holders of
rec.
Sept. 15
*50c. Oct.
Manufacturing (quar.)
1
♦Holders of
Holders of
rec.
Sept. 15
1
Sept. 15
Sept. 30
nx
(quar.)
Pacific Teleph. & Teleg., pref. (quar.)
Paige-Detroit Motor, preferred (quar.).
Panhandle Prod. & Ref., pref. (quar.)..
Oct.
♦Holders of
rec.
nx
Oct.
15 ♦Holders of
rec.
nx
Oct.
1 ♦Holders of
*2
Oct.
1 ♦Holders of
rec.
90c. Oct.
1 ♦Holders of
rec.
rec.
Penney (J. C.) Co., preferred (quar.)
ix
*$i
Phelps, Dodge & Co. (quar.)
Provincial Paper Mills, common (quar.).
IX
Sept. 30
Oct.
3 ♦Holders of
rec.
Oct.
1
Holders of
rec.
Preferred
(quar.)
Ranger Texas Oil (monthly)
IX
Oct.
1
Holders of
rec.
1
Oct.
1
Holders of
rec.
Sept. 15
Sept. 20
Sept. 10
Sept. 20
Sept. 20
Sept. 15
Holders of
rec.
Sept. 15
Sept. 15
Reece Buttonhole Machine (quar.)
Reece Folding Machine (quar.)
*30c. Oct.
1 ♦Holders of
rec.
Sept. 15
*5c. Oct.
1 ♦Holders of
rec.
Reo Motor Car, common
*30c. Oct.
Sept. 15
Sept. 15
1
♦Holders of
rec.
Holders of
rec.
Holders of
rec.
IX
Sept. 30
Sept. 30
Sept. 30
Holders of
rec.
IX
(quar.)
Sept. 30
Holders of
rec.
5 ♦Holders of
rec.
St. L. Rocky Mt. & Pac. Co., com. (qu.)
Preferred
(quar.)
1
Sherwin-Williams Co. (Can.), com. (qu.)
Preferred
(quar.)
Sterling OiJ & Development (quar.)
Texas
Chief Oil
IX
(monthly)
Tide Water Oil (quar.)
1
Union Twist & Drill, preierred (quar.)—
United Dye wood Corp., common (quar.)
(quar.)
IX
*10c. Oct.
*2
*1X
Holders of
rec.
rec.
Sept. 22
rec.
Sept. 19
IX
Oct.
1
Holders of
rec.
Sept. 19a
Oct.
1
Holders of
rec.
Sept. 15a
rec.
Sept. 16
IX
Oct.
Preferred
IX
(quar.).
Westinghouse Elec. & Mfg., com. (quar.) *$1
♦SI
Preferred
(quar.)
Wilson (C. R.) Body Co., pref. (quar.)
nx
Oct.
—
—
& Mach., com. (qu.)
(quar.)
Preferred B
(quar.j..
n
Holders of
rec.
5 ♦Holders of
rec.
Sept. 17 *
Sept. 30 |
1
Holders of
rec.
Sept. 19
1
Sept. 27
♦SI.50 Oct.
2X
Worthington Pum
15
15
30
5
*50c. Sept. 30 ♦Holders of
Copper (quar.)
Weyman-Bruton Co., common (quar.)
19a
19a
Sept. 30 ♦Holders of
Sept. 30 ♦Holders of
Oct.
1
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
IX
,
Preferred A
yet been paid.
1
Utilities Securities, preferred (quar.)
West Coast Coal (quar.)
Dividends
rent week.
...
Internat. Harvester, common (quar.)
Rr I ,n Motor, ore' -rred
,(qm ,r.)
Utah
first
...
International Buttonhold Mach. (quar.)
Internat. Cement Corp., com.
(quar.)..
Preferred
(quar.)
Preferred
DIVIDENDS.
.
(quar.)..
Penn Central Light & Power, pref. (qu.)_
Until Close of Business.
—The Flrst National Bank of Carlisle, Ky
Sept.
4
6004—The First National Bank of
Bainbridge, Ga ____J_.
Sept
5
CORPORATE EXISTENCE RE-EXTENDED.
—The First National Bank1 of
Greensburg, Pa...
Aug. 30
2599—The First National Bank of
Wallingford. Conn
Aug 30
4
Sept. 17
rec.
Holders of
—
EXTENDED.
~
rec.
Holders of
Owens Bottle, common (quar.)
President, J. D. Nelson; Cashier, F. B. Jones.
EXISTENCE
Holders of
1
Ottawa
CHARTERS ISSUED.
Aug.31—12011—The Miami National Bank, Miami, Florida
President, Geo. E. Nolan; Cashier, J. D Wellborn.
Sept. 1—12012—The First National Bank of Boley, Okla
CORPORATE
1
Oct.
Sept. 10
IX
Globe-Wernfcke Co., common (quar.)..
Great Lane-* Towing, common
(quar.)_
Preferred
(quar.)...
Helme (George W.) Co., com.
(quar.)..
Kress (S. H.) & Co., preferred
APPROVED.
Sept. 3—The Union National Bank of Marquette, Mich—
Correspondent, Frank J. Jennison, Marquette, Mich
Oct.
IX
IX
Hercules Powder, common (quar.)
Preferred
(quar.)
10 Rittenhouse
Holders of
rec.
Oct.
31 ♦Holders of
rec.
Oct.
15 ♦Holders of rec.
Oct.
j
1 ♦Holders of
rec.
Sept. 19 I
Sept. 30 ;
Sept. 30
Sept. 20
Holders of
rec.
Oct.
Oct.
15
IX
Oct.
1
Holders of rec. Sept. 20a
IX
Oct.
1
Holders of rec.
5a
Sept. 10
Below
and
1131
CHRONICLE
give the dividends announced in previous weeks
we
not
THE
1921.]
This list does not include
paid.
yet
Per
Payable.
Closed.
Books
Days fnclusive.
(.Co eluded).
Miscellaneous
announced this week.
When
Cent.
Name of Company.
dividends
.
Per
Name, of
2
Sept. 30
Holders of rec.
Aug. 31
General Cigar, Deb. pref. (quar.)
194
Oct.
1
Holders of
rec.
General Electric (quar.)
2
Oct.) 15
Holders of
rec.
Sept. 24 a
Sept. 9a
General Railway Signal, pref. (quar.).-.
IX
Oct.
and spec. pref. (qu.)
Galena-Signal Oil, preferred (quar.)--—
Books Closed.
Cent.
Company.
When
Payable.
Days Inclusive.
1
Holders ©1
Railroads
Beech Creek
(Steam).
Holders of rec. Sept.15a
1
Sept. 30 ♦Holders of rec. Aug. 31
to
Sept.16
Sept. 30
Holders of rec. Sept.
Oct.
1
la
Oct.
50c.
(quar.)
Boston & Albany
(quar.)
♦2
—
194
2*2
Sept. 30
2
Oct.
2*2
Sept. 20
Holders of rec. Sept.
1
Holders of rec. Sept.12a
3X
Sept. 20
Holders of rec. Sept. 12a
Sept. 20
2)4
87J*C. Sept. 10
Holders of rec. Aug. 27a
Holders of rec. Aug. 31a
Holders of rec. Sept. 10"
(quar.)...
Canadian Pacific, com. (quar.)-:.——
Buffalo & Susquehanna, com.
Prelerred
--
.
Chic. St. Paul Minn. & Omaha, cornPreferred
Delaware & Hudson Co. (quar.)
Erie & Pittsburgh (quar.)
1
Fonda Johnstown & Gloversv., pf. (qu.)
I*;
N. Y. Chicago & St. Louis, 2d pref
5
Norfolk & Western, common (quar.)—.
194
Sept. 15
Sept. 16
Sept. 19
rec.
Sept,
Holders of
rec.
Aug. 31a
rec.
Sept. 10a
3a
194
1
Holders of
Oct.
4
Holders of rec. Sept.10a
IX
(quar.)
Southern Pacific (quar.)
Oct.
194
Pitts. Ft. W. & Chic., com.(quar.)
Preferred
Holders of
Sept. 15
Sept.
194
Oct.
1
Holders of
rec.
Grasselli Chemical, com. (quar.).
2
Sept. 30
Sept. 30
Holders of
rec.
♦25c. Sept. 15
Oct.
1
Holders of rec. Aug. 31a
1
Holders of rec. Sept. 15a
Oct.
Union Pacific, common (quar.)
Preferred
2X
Oct.
1
Holders of rec. Sept.
la
2
Street
Oct.
1
Holders of rec. Sept.
la
Arkansas
Railways.
Electric
and
—
...
194
Brazilian Trac., Light & Low.,
pref. (qu.)
El Paso Electric Co.. com. tquar.;
Frankford & Southwark Pass. Ry. (qu.).
Sept. 15
IX
Valley Ry. L. & P., pf. (qu.)_
Holders of rec. Aug. 31
Oct.
Holders of
Sept.15
Holders of
rec.
►Holders of
rec.
1
Holders of
rec.
Gulf States Steel, first pref. (quar.)
194
oat.
1
Holders of rec. Sept. 15a
2
Sept. 15
Holdors of rec. Sept.
1!S
Oct.
Holders of
la
Sept. 15
Holders of rec. Sept.
preferred (quar.)..
Harbison-Walker Refract, pref. (quar.).
Illinois Bell Telephone (quar.)
1
Holders of rec. Sept.
15a
Oct.
1
Holders of
*1X
Oct.
1 ♦Holders of rec.
IX
Oct.
1
IX
Sept.15
Holders of
Oct.
Holders of rec. Oct.
Tri-City Ry. & Light, pref. (quar
United Light, & Rys., 1st pref. (quar.)..
Rys., pref. (quar.)—
(quar.)——_ —
62Xc.
—- „
31
rec.
Holders of rec. Sept. 15a
rec.
Sept.
194
IX
Sept.15
Holders of rec. Sept.
Holders of rec. Sept. 15a
Extra
i,
■_
National City Co.
Holders of
Oct.
1
Holders of rec. Sept. 2( a
2
Oct,
1
4
(quaryvi..
Public National (quar.)
1
1
-
Oct.
Sept. 30
rec.
Sept. 20a
Holders of rec. Sent. 2
a
Holders of rec. Sept.23a
1
Oct.
1 ♦Holders of rec. Sept. 15
Liggett & Myers Tobacco, pref.
194
Oct.
1
Mackay Companies, com.
IX
Oct.
1
Holders of rec. Sept.
7a
1
Oct.
1
Holders of rec. Sept.
7a
IX
Oct.
1
Holders of
Oct.
15
Oct.
1
2
(quax.)
1
Oct.
IX
Lawyers Title & Trust (quar.).
Mercantile
Oct.
1
Sept. 16
to
Holders of rec.
2
Sept. 15a
Oct.
>
Miscellaneous.
X
Oct.
1
Holders of
194
ct.
1
Holdeis of rec. Scot. 1
(q uar.).— —
_
—
-•
Holders cf
15
Holders of rec.
Oct.
10
Holders of rec. Sept. 30
rec.
preferred (quar.)
Manufacturers' Light & Heat (quar.) ...
May Ajepact/Uieni stores, pref, (quar.).
McCrory Stores Corp., com. (quar.)—_
Mergenthaler Linotype (quar.)
1
Holders of rec. Sept. 15a
Oct.
3
Holders of rec. Sept. 10a
Oct.
1
Holders of rec. Sept. 15a
Oct.
1
Oct.
1
Sept. 30
Holders of rec. Sept. 13a
IX
Sept. 30
Holders of rec. Sept. 13a
IX
Oct.
1
Holders of rec. Sept. 15a
Holders of rec. Sept.
(quar.)—
SI
Sept. 30
(quar.)
*75c.
Oct.
♦194
Sept. 30 ♦Holders of
rec.
Holders of
rec.
(quar.)
-.
American Sugar Refining, pref. (quar.).
American Telephone <fc Telegraph (quar.)
—
1
Sept. 15
Sept. la
Sept. 20a
3
214
Oct.
15
Oct.
1
IX
*1/4
Oct.
15
*5
Sept. 15 ♦Holders of
rec
Sept. 14
*3X
(quar.)
Atlantic & Pacific SS., com
Preferred
15a
m
preferred (qu»r.)
,
Holders of rec. Sept.
16 ♦Holders of rec. Oct.
Oct.
Sept. 15 ♦Holders of
rec.
Sept. 14
IX
((piar ).
American Woolen, com. and pref.
Armour & Co
15a
Holders of rec. Sept. 15
American Radiator, common
Amer. Steel Foundrits, com.
prer
24a
IX
(quar.)_„_Amer. Public Service, pref. (quar.).—
PrefeiTed
Oct.
IX
(quar.).
Preferred
Tobacco,
——
•
«-!..
Holders ol rec.
Holders of rec. Sept. La
Sept. 16
i *C
o
ters
to
of
rec.
Sept. 26
S->In
Atlantic Refining, common (quar.)--.-.
6
Sept. 15
Holders of rec. Aug. 22a
Atlas Powder, common (quar.)
3
Sept.10
Sept.
-----
1
to
Sept.
9
IX
IX
Sept.16
Holders of rec. Sept.
1
Oct.
1
Holders of rec. Sept.
15a
Common B (quar
IX
Oct.
1
Holders of rec. Sept. 15a
Eight
2
Oct.
1
Holders of rec. Sept. 15a
lh
Oct.
1
Holders of
IX
Sept.15
IX
Dec.
Oct.
Belding-Corticelli, Ltd., pref. (quar.)...
Bethlehem Steel, common (quar.)
per cent cum. conv.
pref. (quar.)
Borden Co., preferred (quar
Preferred
(quar.)
20
Bourne Scrymser Co. (annual)
rec.
sept. 15a
Holders of rec. Sept.
la
15
Holders of rec. Dec.
la
15
Sept. 18
to
2X
Sept. 30
Holders of coup.
British-American Tobacco, ordinary
4
Sept.30
Holders of coup.
$2
British-Amer lean Tobacco, Ltd., pref—
flt.pt. to
$1.50 Sept.15
50c. Sept.26
Calumet <fc Arizona Mining (quar.)—..
si
-
Oct.
1
14
ISO. 36
No. 87/?
Oct.
Buckeye Pipe Line (quar.)
California Packing Co., com. (quar.)
Cambria Iron
Holders of rec. Aug. 23
Holders of rec. Aug. 31a
9a
Sept. 15a
Holders of rec. Sept.
Holders of rec.
194
3X
Oct,
1
Holders of rec. Sept. 11 a
...
Oct.
1
Holders of
Carter (William) Co., preierred (quar.).
1*2
Sept. 15
Case (J. I.) Thresh. Mach,, pref. (quar.)
Celluloid Co., common (quar.).
...
194
Oct.
1
Holders of rec.
2
Sept. 30
Holders of rec.
2
Nov. 15
Holders of rec. Oct.
Canada Steamship Lines, pref. (quar.)..
Canadian General Eleetr'c .preferred
Preferred
(quar.)
Chesebrough Mfg., pref. (quar.)..
rec.
Sept. 15
9
Sept. 12a
Sept. 16a
Holders of rec. Sept.
31a
194
Sept. 30
2
...
(quar.).—
Holders of rec. Sept. 14a
Sept.10
Aug. 30
to
194
Childs Co., common (quar.)
Preferred
Sept.10
Aug. 30
to
Sept. 10
Sept. 10
Cities Service—
Common (payable
Pref. & pref. B (mthly.) (pay. In
1 ♦Holders of
Oct.
1 ♦Holders of
rec.
Sept.15
Oct.
1 ♦Holders of
rec.
Sept. 15
3X
Oct.
1
-
preierred
Colorado Power, preferred (quar.)
Coca-Cola
Sept.15
Oct.
*olX
scrip) *o X
(monthly payable in scrip).
in scrip)
Common
Co.,
rec.
Holders of rec. Sept.
15a
Aug. 31
*194
Sept. 15 ♦Holders of
Commonwealth Finance Corp.,com.(qu.)
Common (extra)
$1
Oct.
15
Holders of rec. Spet. 30
75c. Oct.
Computing-'labuiatlng-Recordlng (qu.).
$1
Crescent Pipe Line (quar.)
rec.
Sept. 30
Holders of
rec.
1
Sept. 2i a
Sept. 15 a
Aug. 25
Holders of rec.
rec.
Sept.30
Sept. 30 Sept. 16
to
Sept. 15 ♦Holders of rec. Sept. 1
Sept. 15 ♦Holders of rec. Sept.
1
Sept. 15
Sept. 15 Aug. 27
to
*194
...
Holders of
10
Sept.15 ♦Holders of
nx
(quar.)
(quar.).-—-.—-—
com.
15
Oct.
1
Cramp (Wm.) & Sons S. & E. Bldg:(qu.)
rec.
Oct.
*2
Continental Oli (quar
Preferred
i.
2
Cons. Gas El. L. & P., Balto., com. (qu.)
Craine Co.,
75c.
194
Sept. 30
Holders of rec. Sept. 15a
Cuban-Amerjcan Sugar, pref. (quar.)...
194
Oct.
Holders of rec. Sept. 10a
Davis Mills (quar.).
Davoll Mills (quar.).
nx Sept. 24 ♦Holders of
1 ♦Holders of
nx Oct.
Diamond Match (quar.).
2
Crucible Steel, preferred (quar.)
Preferred
(quar.)—!—
SeptClO
Oct.
1
Holders of
rec.
Sept.15
Oct.
1
Holders of
rec.
Sept. 15
Oct.
1
Oct.
1
Sept.
Oct.
1
Holders of rec. Sept.
Sept. 15
Holders of
IX
Oct.
25
Holders of rec. Oct.
...
Holders of rec. Oct.
1
Holders of rec. Oct.
20
rec.
3
IX
IX
Nov.
(quar.)......
2X
Oct.
—
2X
Oct.
1
Holders of rec. Aug. 31a
5
Nov.
1
Holders of rec. Sept. 30a
Common (extra)
Common (extra)
1
Holders of
rec.
Aug. 31a
IX
Oct.
1
Holders of rec. Aug. 31a
Elsenlohr (Otto) & Bros., Inc.,
194
Oct.
1
Holders of rec. Sept.20
Elec. Storage
3
Oct.
1
Holders of
(quar.)
pref .(qu.)
Battery, com. & pref. (qu.)
Elk Horn Coal Corp., pref. (quar.).
Preferred
(quar.)
preferred (quar.)
.....
Famous Players-Lasky Corp., com. (qu.)
Farrell (Wm.) & Son, Inc., pref. (quer.).
Federal Mining <Sr Smelting, pref. (quar.)
Firestone Tire &
Seven per cent
—
Rubber, 6% pf. (quar.)
preferred (quar.)
rec.
Sept. 12a
75c. Sept.10
Holders of rec. Sept.
la
75c.
.
Holders of rec. Dec.
la
Dec.
$2
.
*1941
10
1
Holders of rec. Sept. 15
Oct.
1
Holders of rec. Sept. 15a
Oct.
1 ♦Holders of rec. Sept.
50c. Oct.
20
1
S<Pt.15
Holders of
rec.
Aug. 26a
IX
Oct.
Holders of
rec.
Oct.
194
Nov. 15
15
Holders of rec. Nov.
Holders of iec. Sept. 30a
Holders of rec. sept. J 5a
Sept. 15 ♦Holders of
rec.
Sept.
1
rec.
Sept.
6a
Sept. 30
Holders of
Oct..
Homers of rec. Sept. 10a
*2 IS
1
*
Sept. 30
Holders of rec. Sept.
9
Oct.
1
Holders of rec. Sept. 20
94
Oct.
1
Holders of rec
194
IX
Oct.
1
Holders of rec
Sept. 15
Holders of rec
194
Sept. 15
Holders of rec
194
Oct.
Holders of rec
Common (quar.)
IX
Nov. 30
Preferred
IX
Sept. 30
IX
Deo.
lis
194
Sept.30
Holders of rec. Sept.
Sept. 15
Holders of rec. Aug. 19a
194
Oct.
3
Holders of rec. Sept.
Oct.
1
Holders of rec. Sept. 20a
2
——
(quar.)
Preferred
(quar.)
—
National Biscuit common (quar.)
15
Sept.14a
Sept. 14a
.
Aug. 31
.
Aug. 31
.
Sept. 30a
Enameling A Stamping
Nat
(quar.)
(quar.).
National Lead, com. (quar.)
Preferred
(quar.)
National Sugar Refining (quar.)
3
National Surety (quar.)^
Holders of reo. Nov. 10a
Holders of rec. Sept. 10a
Holders of rec. Deo.
31
<7114
Sept. 15 ♦Holders of
Holders of
Sept.20
New York Transit
$4
Oct.
National Transit
(extra)
♦SI
-------
N'l lea- Bemen f - Pond Co., com
(qu.)
——
Nlpisslng Mines Co. .Ltd. (quar.)
North American Co. u6a com. Ac pf. (qu./
(quar.).
1
Oct.
20
75c. Oct.
1
Oct.
194
Nov.
(quar.)
Orpbeum Circuit, Inc., common (quar.).
Preierred (quar )
PacKaid Motor Gar, preferred (quar.).Parke Davis & Co. (quar.)....
Peerless Truck & Motor, com. (quar.)..
...
Philadelphia Electric, com. (quar.)
Preferred
Aug. 29
rec.
31
Oct.
Holders of rec. Jan.
31n
MaylSn
Holders of reo. Apr.
29n
50c. Oct.
1
Holders of rec. Sept. 15a
2
Oct.
1
Holders of rec. Sept. 15a
194
Sept.15
Holders of rec. Aug.
Sept. 30 ♦Holders of
*4
la
Holders of rec. Deo.
1
Holders of rec. Sept. 16a
1
Oct.
194
3ia
Sept. 20
rec.
Holders of reo. Sept.
50c. Sept. 30
Sept,d21a
Holders of rec.
Oct.
1
194
4394c Sept.15
Holders of rec. Aug. 19a
190
Sept. 15
Holders of rec. Aug.
11S
Sept. 15
Holders of rec. Aug. 25a
IX
(quar.)
Pure Oil, 5 lA % pref. (quar.)
Six per cent preferred (quar.)
Oct.
1
Holders of rec.
IX
Preferred
(quar.)
Republic Iron & Steel, preferred (quar.).
Reynolds (R.J.) Tobacco, con. (quar.)
Preferred (quar.)—St. Joseph Lead (quar.)
San Joaquin Light & Power pref.(quar.)
Prior preferred (quar.)
Sears, Roebuck & Co., pref. (quar.)...
Sloss-Sheffield Steel & Iron, pref. (qu.)-.
Oct.
1
2
Oct,
1
Sept. 30
Holders of rec. Sept.
IX
Sept. 20
Holders of rec. Sept.
194
Oct.
1
Holders of rec.
2
Oct.
1
Holders of rec.
194
Oct.
1
Holders of rec.
Sept. 15
Sept.20
to
1*2
Sept. 15
Holders of rec.
Holdeis of rec.
Aug. 31
.
194
Sept. 15
194
Oct.
1
Holders of rec
194
Oct.
1
Holders of rec
Aug. 31
.
Sept. 30 ♦Holders of
Holders of
1
Oct,
rec
Sept. 15a
.
Sept. 17a
.
Sept. 13
.
Sept. 15a
rec.
.
1
1 ♦Holders of rec. Sept,
Oct.
.
Standard Oil (California) (quar.)
2
Sept.15
Holders of rec. Aug. 31
$1
Standard Gas & Elec., pref. (quar.)....
Sept.15
Holders of rec. Aug. 20a
.
.
rec. Aug.
17
31a
Holders of rec. Aug.
31a
3
Sept.15 ♦Holders of
Sept.15 Holders of
3
Sept. 15
♦SI
(quar.)
Standard OH (Kansas) (quar.)...
Extra
rec.
.Aug.
.
.
1 ♦Sept. 16
Oct.
*3
Standard Oil (Kentucky) (quar.)
2
Oct.
to
Standard Oil of N. Y. (quar.)
Holders of rec. Aug. 26a
Sept. 15
Holders of rec. Aug. 26a
4
.
$1.25 Sept.15
194
Standard Oil of N. J., com. (quar.)....
—
Sept. 15
Sept.10
*11S
17a
6a
Sept. 16a
,
.
Sept. 20
2
South Porto Rico Sugar, pref. (quar.).
Holders of rec.
25c.
♦3
South Penn Oil (quar.)
Southwest Penn. Pipe Lines (quar.)...
Standard Oil (Indiana)
15a
Sept. 15
Sept. 15.
Holders of roc. Sept.
2
—
Eight per cent preferred (quar.)__....
Railway Steel-Spring, common (quar.).
(quar.)
la
dl7
50c.
(quar.)
Procter & Gamble 6% pref.
Preferred
Oct.
to
Holders of ree.
15
60c. Dec. 31
Common (quar.)
Pennsylvania Water & Power (quar.)..,.
PetciboneMulliken Co., 1st & 2(1 pf. (qu.)
la
Feb.l5n
194
194
(quar.)
Aug. 31
Sept.
Holders of rec. Aug. 31
Sept. 15
194
Preferred
1
*$1.25 Sept. 30 ♦Holders of
...
Preferred
rec.
rec.
Holders of rec. Sept. 15a
Ontario Steel
Products, pref. (quar.)...
9a
10
Holders of rec. Sept.
Sept. 30
3
10a
Holders of rec. Sept. 20
15
Oklahoma Gas & Electric .pref. (quar.)..
Sept. 15
Holders of rec. Aug.
.
.
.
26a
Swift & Co.
♦3
(quar J
Oct.
1 ♦Holders of rec. Aug. 26
1 ♦Holders of rec. Aug. 26
2
(quar.)
Oct.
*1
Standard Oil (Ohio)
Oct.
1
Texas Company (quar.).
Texas Pacific Coal & Oil (quar.)..
.
Holders of roc. Sept. 10
.
Holders of rec. Jan.n21a
Holders of rec.
1
Holders of rec.
Oct.
4
Thompson-Starrett Co., pref
16a
Sept. 9
Sept. 20a
Holders of rec. Sept.
1
Sept. 20 ♦Holders of rec. Sept.
1 ♦Holdesr of rec. Sept. 10
*5e. Oct.
Sept. 14 Holders of rec. Aug. 31
194
*$2
Todd Shipyards (quar.)
Tonopah Extension Mining (quar.).—
Tooke Bros., pref. (quar.)
Underwood Typewriter, com.
Preferred (quar.)
2*2
1
Holders of rec. Sept.
3a
Oct.
1
Holders of rec. Sept.
3a
3a
Holders of rec. Sept.
Sept. 15
8a
Oct.
1 ♦Holders of rec. Se
Holders of rec. Aug. 31a
Sept.15
♦SI
,
of Am, pref. (quar.)
United Gas Impt., pref. (quar.)
United Retail Stores Corp., com. (quar.)
U. S. Gypsum, com. & pref. (quar.)
Oct.
194
2
(quar.).
Union Bag & Paper Corp. (quar.)
Union Carbide & Carbon (quar.)
United Cigar Stores
.
$1.20 Feb .2 In
75 c. Sept. 30
Sept.30
2*2
Swift International
194
871SC Sept. 15
Oct.
IX
1
U. S. Industrial Alcohol, com. (quar.)..
1
Holders of rec. Aug. 31a
Holders of rec. Sept.
Sept. 30 ♦Holders of
*194
—
Sept. 15
IX Sept. 20
Sept. 15
U. S. Steel Corp., com. (quar.)
Valvoline Oil
2*2
rec.
Aug. 31
to
Aug. 30
Holders of rec. Sept.
Holders of roc. Sept.
3
♦$1
Oct.
1
♦Holders of rec. Sept. 22
*194 Oct.
1
1
♦Holders of rec
♦20c. Oct.
Sept. 22
♦Holders of rec
*50c. Oct.
I'
1 ♦Holders of rec
(quar.)
First preferred (quar.)
Walworth Manufacturing, pref.
2
oPreferred(quar.)
From unofficial sources.
books
not
closed
n
o
Aug.
9
Sept. 15a
50c
Oct.
1
Holders of rec
Oct.
1
Holders of rec
Sept. 25
this
for
dividend,
b
British
Less
in
further notice,
Income tax.
a
d Correction.
Payable in scrip, h On ac¬
Liberty or Victory Loan bonds,
/Payable in common stock,
i Payable
stock
Transfer
has ruled that
a
4% payable in quarterly installments beginning
wlth.,Oct. 15 1921.
1922.
Dividends of 50c.
of each
month!
payment.
a
month declared on common stock, payable on
to holders of record on the 25th
Also three quarterly dividends of
day of the month
194% each on the
payable July 1, Oct. 1 and Jan. 1 1922 to holders of
Dec.
p
.
Sept. 10a
Sept.25
$ The New York Stock Exchange
count of accumulated dividends,
I Declared
Holders of rec
Holders of rec
Oct.
194
ex-divldend on this date and not until
Payable in stock.
Sept. 20
Sept. 20
rec!,
1
Sept.20
194
(quar.)...
oWrigley (Wm.) Jr. Co., com. (mthly.).
e
.
rec
Sept.30
$1
White Motor (quar.)...
Woolworth (F. W.) Co., pref.
will not be quoted
Sept.30 ♦Holders of
Holders of
Sept.15
*11S
(quar.)
Wamsutta Mills (quar.)
♦
8
15
Oct.
Waldorf System, Inc., com. (quar.)...
Preferred
15a
Sept. 15
Holders of rec. Aug. 31a
$1
Wabasso Cotton (quar.)
Wahl Co., pref. (quar.)
1
1
Sept. 15
rec.
2X
Montreal Cottons, common (quar.)
Aug. 31
...
Preferred (quar.)—
Erie Lighting,
Holders of rec. Sept. 15a
3
A (quar.)
(quar.)
20
21J to
Nov.
du Pont de Nemourt Powder, com. (qu.)
Preferred
194
*1
Montana Power, common
10
1
194
...
Eastman Kodak, common
Holders of rec.
2
(quar.)
deNem.&Co., com. (qu.)
(quar.).....
Sept. 15
Sept. 24
Aug. 31a
rec.
3
Dominion Iron & Steel, pref. (quar.
Draper Corporation
Debenture stock
rec.
IX
....
(quar.)
du Pont (E.I.)
1
194
Dominion Glass, common
$1
(quar.)
Mill Factors Corp., Class
Sqpt. 24a
Oct.
3
-—-.
American Locomotive, common
Nov. 15
Oct.
IX
—
(quar.)
Amer. Car & Fdy„ com.
American
a
1*2
IX
IX
pref. (qu.)
(quar,)
(quar.)——
Can, pref. (quar.)
Preferred
Sept. l.ra
1
(quar.)
Atuenca.il Art Works, com. &
American
rec.
IX
Allls-Chalmers Mfg., common (quar.)—
American Bank Note, pref.
American Beet Sugar, pref.
—
Manati Sugar,
Ohio Oil
Advance-Rumely Co., pref. (quar.)—__
Allied Ohem. & Dye Corp., pref. (quar.)
Preferied
(quar.).
(quar.)
(quar )
New York Air Brake (quar.)—
Trust Companies.
8a
Oct.
nx
Kresge (S. S.) Co., preferred (quar.)
1
4
Sept. 29
rec.
Holders of rec. Aug. 30
preferred (quar.)___ —
International Salt (quar.)
Indian Refining,
Preferred
National City (quar.)
Holders of rec.
1
Sept. 15
21a
Banks.
Sept. 30 ♦Holders of
1
Preferred
Sept. 20
Oct.
♦2
6a
)0a
Sept. 20
Sept. 15a
Imperial Oil Corp., com. (monthly)
la
Sept.
Oct.
rec.
Sept. 30
$1
— —
.
20
*194
(qu.)
Hart, Schaffner & Marx. Inc., pf.
Haskell & Barker Car (quar.)
1
Oct.
$3
—
Hanna Furnace,
Midland Securities
la
1*2
Northern Ohio Trac, & Lt., pref. (qu.)--
West Penn
rec.
Holders of rec. Sept.
Holders of rec. Sept.
16
21a
15a
15a
18
15
Oct.
IX
(quar.)
Middle States Oil Corp. (quar.)
3
Galveston-Houston Electric Co., pref—
Second & Third Sts.Pass.Ry .,Phila.(qu.)
York Rys,, pref.
1
Sept. 16
2*2
1
$4.50 Oct.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
to
2
Preferred
Prererrefl
Mobile <fc Ohio stock tr. ctfs.
1
Greenfield Tap & Die, preL (quar.)
Great Atlantic & Pacific Tea, com. (qu.)
Southern Ry.—
2
Sept.20
rec.
IX
Goodrich (B. F.) Co.. pref. (quar.)
Globe Soap, 1st. 2d
the first day
preceding date of
preferred stock,
ept. 25 and
record June 25,
25. respectively.
Transfers received Jn order In London on or
payment of dividend to transferee.
before Sept. 10 will be in time
I or
!
THE
1133
Transactions at the New York Stock Exchange
CHRONICLE
daily
Boston Clearing House Banks.—We give below
weekly and yearly.—Brought forward from page 1136.
Week ending
Ac.,
Slate, Mun.
& Foreign
V. S.
Bonds.
Bonds.
Railroad,
Par Value.
626,655
490,900
705,002
51,299,715
2,557,457 $199,978,415
$13,511,500
....
Total
Sales at
York
$6,310,000
$2,894,000
3,198,000
3,720,000
3,699,500
-
t-0
oo
$5,6 4, 00 S3!,313, ICO
Jan. 1 to
Week ending Sept. 9.
8,507,000
10,700,000
5,796,100
Hmh CT j§<s2 ©O Oo o
'- 00
1921.
Exchange.
Stocks—No. shares...
155,477,752
117,508,804
$8,820,288,307 $13,712,386,575
Par value.....
1921.
Due to banks
Time deposits
United States deposits
Reserve
in
excess
81,318 ,000ilnc.
21,774 ,000 Inc.
bank
8,735 ,000 Dec.
11,057 ,000 Dec.
46,800 ,000 Inc.
40,311 000 Dec.
6,973 ,000 Dec.
2.610.000
2,607,000«
768.000 511,744,000 513,023,000'
1,593.000 373,494,000 378,539,000
98,000
81,220,000 85,541,000
299,000 21,475,000
21,411,000
1,638,000
10,373,000
12,828,000
346,000
11,403,000 11,957,000
2,334,000
44,466,000
51,070,000
811,000
41,122,000 41.358,000
302,000
7,275,000
7,530,000
and
Bank....!
Federal Reserve
2t>
1921.
122,0001 Dec.
471.000
593,000
610,000'
$1,400
Bank shares, par.—..
Bonds.
!
Government
bonds...
State, mun., Ac., bonds
13,511,500
$1,922,819,850
1,263,795,160
207,571,609
$19,502,500
4,293,500
12,474.000
31,313,100
5,614,500
RR. and misc. bonds..
240,802,500
424,906,500
613,096,600
Statement of New York City
Total bonds...
DAILY
$36,270,000
$50,439,109
TRANSACTIONS
AT
THE
Boston
Shares
PHILADELPHIA
BOSTON,
condition of the New York City
Clearing Housemembers for the week ending Sept. 3.
The figures for the
separate banks are the average of the daily results.
In theease
of totals, actual
Sales
Shares
jBond Sales
Sales
Bond
Shares
figures at end of the week
CLEARING
Net
HOUSE
8,612
ThursdayF'riday
$33,950
13,115
79,900
Cash
with
MEMBERS.
Invest¬
in
Legal
Demand
HOLI DAY.
......
(.000 omitted.
ments,
Vault.
Deposi¬
Deposits.
$45,500
393
$10,000
70,300
2,673
2,467
992
6,000
13,700
477
11,000
$155,250
9,434
$197,750
2,023
830,000
33,400
Nat'l,
June 30}
Week ending, State,
June 30
Sept. 3 1921
Tr.cos.,June 30
Ac.
Members of
Bk of N Y.NBA
2,000i
Manhattan Co.
5.00C
Mech A Metals.
$
City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
10,000
1,913
172,882
17.004
30,660
236,5
21,989
88,892
97,886
45,937
149,924
233
5,000
7,630,
99,041
25,000
34,4941
1,032
Amer Exch
17,133
357|
5,627!
93
1,172
1,442
three ciphers
COO
omitted.
Reserve
counts,
Sept. 3 1921.
Tr,
cos,
June30
Members of
Fed'! Res.
ments,
Net
Net
Nat'l
Cash
with
Demano
Time
Bank
in
Legal
De¬
De¬
Circu¬
Deposi¬
posits.
Nat.bks.June30 Invest¬
State " June30
Vault,
&c.
posits.
lation.
tories.
$
$
$
1,668
7,000
8.402
109,142
4,348
Nat.
3,000!
20,954
110,107
528
13,868
2,500
4.403
43,409
2,588
6,953
7,500
158,693
5,712
20,866
Imp A Trad Nat
National Park.
1,500|
10,093
8,600
36,926
658
10,000
23,011
3,345
16,178
738
157,767
10,382
1,206
1.000
%
%
East River Nat
%
%
$
312;
1.0001
4.735]
First National--
10,000
36,533
21,668
224,610
518
23,074
National
Nat
12,500
11,202,
168,546
5,574
21,971
501!
12,841
6,787
268,676
680
117i
Second Nat
Irving
Continental
----
1,000
1,000
859
15,000! 19,716
Chase Rational.
745!
4,700
Yorkvllle Bank:!
1,443
11,511
161
1,241
200
770
10,237
265
1,343
9,491
1,032
5,039
16,067
41
495
2,813
1,480
8,548
4,559
29,289
2,400
4,001
482
949
43,454
Total
3,655
476
15,690
1,984
433
600
Bank.p.
1,691
700
2,125
19,345
2,460
229
1,256
1,485
3,633
30
....
16,541
1.113
National.
1,000!
736
3,000
4.829
1,500
1,400
15,011
723
1.000]
1,509
15.771
443
1,500
2,678
30,392
791!
20.000
19,034
234,642
5 >.747
935
28,061
528
6,140
401,302
2,155
40,487
1,631
18,643
321
2,484
5.000
7,652
987
9,513
1,500
1,905
1,181
3,456
10,000
16,340
72,160
34.772
134,866
606
14,975
2,000
1,202
2,000
3,394
1,000
1,501
5,000
11,617
.2,000
1,606
12,000
16,599
Coal & Iron-
.
Union Exch Nat,
20,174
200
Total
200
Grand aggregate..
72,041
3,747
—281
6,656
week
225
338
9,242
530
3,300
prevlo] us
338
9,242
530
225!
-
3,745
5,508
3,745]
5,508
6,269! a53,208
16,138
197
+ 20
+ 1
—51
—66
USMtg&TrCo 63,000] g3,850j
Guaranty Tr Co 25,000 30,545
—1,026
Co|
People's Tr Co.
Columbia Tr
30
■
ColuWbia...
Gr'd aggr. Aug. 27
3,300
6,650
72,322
3,798
6,335
a54,234
16,118
196
Gr'd agrr. Aug. 20
Gr'd aggr. Aug. 13
3,300
6,656
73,282
3,675
6,621
a55,547
16,090
195
3,300
0,656
a55,825
6,656
6,559
a56,166
16,074
16,039
189
3.300
3,861
3,801
6,767
Gr'd aggr. Aug.
73,928
74.530
189
Go|
Equitable Tr
Totals, actual
coj
members
of
the
Federal
Reserve
system
the
reserve
required is 10% on demapd deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
1,556
922
5,523
Week
(00)
omitted. Members of
F.R.System Companies
Capital
Surplus and profits
Loans, disc'ts & Investm'ts
Exchanges for Clear. House
Due from banks
Bank deposits
Individual deposits
Time deposits.Total deposits
$33,225,0
92,549,0
611,819,0
24,123,0
82,345,0
100.903,0
450,184,0
12,360,0
563,447,0
$4,500,0
13,298,0
33,688,0
297,0
22,0
245,0
17,788,0
296,0
18,329,0
U. 8. deposits (notincl.)..
Reserve with legal deposit's
Reserve with F, R. Bank..
2,231,6
Reserve required
47,326,0
9,565,0
56,891,0
44,831,0
Excess
12,060,0
Cash In vault*
Total
reserve
rec.
and cash held
A cash In vault
♦Cash in vaults not counted
as reserve
"777,0
3,008,0
2,671,0
337,0
Aug. 20
1921.
Trust
1921.
Total.
$37,725,0
105,847,0
645,507,0
24,420,0
82,367,0
101,148,0
467,972,0
12,656,0
581,776,0
9,364,0
2,231,0
47,326,0
10,342,0
59,899,0
47,602,0
12,397,0
Trust Cos.
Title Guar &
10,630,0
59,034,0
47,826,0
U.208,0
for Federal Reserve
members.
37,725,0
105,847,6
655,431,0
20,237,0
84.359,0
102,740,0
466,763,0
12,833,0
582,336,0
13,050,0
2,038,0
48,182,0
10.736,0
60,956,0
47,760,0
13,196,0
391
248
6a
1,556
11,917
416
406
2,041
15,101
25,668
*220,081
46,754
320
393:
3,611
*406,107
17,857
71,144
32,976
113,080
3,198
8,580
1,157
15,797
583
2,452
1,353
1,856
20,523
392
2,819
20,147
605
604
2,926
364
1,294
22,181
12,783
308
117,792
704
12,619
*104,994
15,823
25,304
516
2,830
21,501
582
137,908
1,625
17,814
*159,095
10,105;
707
50
65,189462,627 |c3,534,011 163,52432,523:
Me] mbersoj
,/]F.
R. Bk.:
16,468
2,568
1,771
l,955i
845|
5,162
628
300
5,001
2.50C
3,172
75,116
3.130
1,883
27,293
46,163
3,750
5.973!
46,213
Not Me mbers ofIF
Tr!
16,633;
50|
96,746
6,326
3,954
48,927
96,862
5,925
3,£
48,799! 46,220
49,151
96,909]
6,135|
3,932
97,427
6,271
3,988
46,4621
50,037 46,049
R. Bk.
6,000
4,000
12,416
6,296!
44,513
24,553
1,269,
3,139
29,328
795
1,642
15,880!
370
11,000
17,713
69,066!
2,064
4,781
45,208
1,246
3
68,693
2,017
4,853
69,652
44,514]
1,219
Totals, actual co [ndition Aug.27
Totals, actual co ndltion Aug. 20|
2,117
4,873
69,443
2,228
45,824
44,783
1,252]
4.766
Lawyers Ti&Trj
Avge.Sept. 3..
Totals, actual co ndition Sept.
Gr'd aggr.,
~'d aggr.,
xjri'd aggr.,
Gr'd aggr.,
pre] vious
w
eek
act'l cond'n Sjpt.
Comparison,
Gr'd aggr.,
37,725,0
105,848,0
651,385,0
18,918,0
78,422,0
101,818,0
461,284,0
12,720,0
575,822.0
11,428,0
1,896,0
46,508,0
37
353
1,000
Totals, actual co ndition Sept. 3
Totals, actual co ndltion Aug. 27
Totals, actual co ndltion Aug. 20
Comparison,
enfiing Sept. 3 1921.
Aug. 27
ciphers
196
l"07O
755
Gr'd aggr.avge. 286,1501 478,508 4,356,317! 78,107 481,001
Two
2,462
11,924
40,905
2-50
Avge.Sept. 3...
not
303
26,485
15,716
Sept, 34.172,148
ndition
Not
Bowery
State Bank..
Philadelphia Banks.—The Philadelphia Clearing House
statement for' the week ending Sept. 3 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 a part of legal reserve. For trust
companies
2,600
661
184,696 70,727, it>7,114
Totals, actual coj ndltion Aug. 2?
c3,.<>20,697| 165,001 32.258
Totals, actual co; ndltion Aug. 20 1,212,333! 69,728 470,862 =3,465,640 162,734 32,122
Greenwich Bank]
and other liabilities, $2,045,000.
1.500
620
5,268| 7,301
3.. 271,400 454.82214,190,505 69,717472,266 c3,546,454164,334 3:2,397
Avge.Sept.
State Banks
deposits deducted, §215,000.
Bills payable, rediscounts, acceptances
Excess reserve, $34,970 increase.
15,030
49,382
50>
83
16.095
2,079
Fldel-Int Tr Co
Fed'l Reserve Bank.
U. S.
442!
462
Bankers Tr Co
100
6
807:
8,092
15,365
Brooklyn Tr Co
Not Members of th(
Fed'l Reserve Bank
Bank of Wash Hts
Comparison
19,137
835
1,606
Farm L & Tr CO|
197
State Banks.
Colonial
2,189
Fifth
51
5,343:
1,293
9,709
400
500
35
2,059
226,189
18,743
8,380
14,404
1,000
Avenue..
10O
15,558
100
Commonwealth
Fifth
4,494
"466
28,317
NassauNat, Bkn
10,600
754
197
148
2,473
Metropol Tr Co
8,793
200
122
3,047|
15,437
5,239
Seaboard Nat..
1,324
8,437
230
350
291
85!
2,384 4,699'
713
Garfield Nat...
361
500
7601
1,747
Lincoln.Tr Co--,
1,500
"984
1*242
176,226
170,050
12,935
N Y Trust CO--
Battery Park Nat.
Mutual Bank.....
W. R. Grace A C<
2,285
1,079
25,510!
124,032
12,349
1,402
2,313
1,354>
19,815
1,493
91,107
3,109
12,406
N Y County
Average Average Average Average Average Average
Bank
1,000
Chat A Phenix.
Hanover
I
Week ending
Pacific Bank---
277,003
22,142
Nat Bk of Com
14,013
82,947
15,339
1,084
500
$
$
1,096:
100,309|
11,114
1.000,
Drj
Nat]
Average Avae.
13,732
3,750
4,500
Atlantic Nat—
484,109
117,752
Corn Excliange-
HOUSE.
Loans
Net
Dis¬
Capital. Profits.
la¬
24,590
1,852
568
64,050
Metropolitan.-
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
CLEARING
Circu¬
$
3,446
14,454
133,631
47,632
*484,428
40,000
5.976!
,
8,667j 17,327
1,480
6,229
8,315 52,756
1,1£5 12,031
50,598
5,500!
Natlonal City..
Chemical Nat-Nat Butch A
Average
$
,
594|
34,251
121,373
7,184
16,828
Bank of Amer..
New York
(Stated in thousands of dollars—that is,
Bana
De¬
tion.
Average Average
$
8
,
45,411
Time
posits
taries
Average
Fed. Res. Bank
Total
Net
3,000
68,250
5,000
2,662
1,032
161
12,895
10,789
given:
Reserve]
Loans,
Capital.) Profits. Discount,
HOLI DAY.
Saturday
Monday
Tuesday
Wednesday
also
are
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Staled in thousands of dollars—that is. three ciphers {000 omitted.)
Baltimore
Philadelphia
Bond
AND
tiie
EXCHANGES.
BALTIMORE
Week ending
Sept. 9 1921
$2,588,528,860
$2,084,463,660
Clearing House Banks
Companies.—The following detailed statement
and Trust
shows
a
Aug.
$
2.610 ,0001
Loans, disc'ts & Investments. 510,976 ,000 Dec.
Individual deposits, lnel. U.S. 371,901 ,000 Doc.
Reserve in Fed. Res. Banks..
Cash in bank and F. R. Bank
1920.
1921.
1920.
1,993.682
199,978.415 $168,113,200
$2,557,457
Aug. 27
previous week.
S
Circulation........
Exchanges for Clearing House
Due from other banks.
Sept. 9.
Stock
Changes from
1921.
HOLIDAY
.......
HOUSE MEMBERS
Sept. 3
$59,308,200
48,516,500
37,854,000
734,900
Friday
New
CLE!\RING
BOSTON
HOLIDAY
Saturday
Monday
Tuesday
Wednesday
Thursday..
a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
mary
Bonds.
Stocks.
Sept. 9 1921
Shares.
[Vol. 113.
pre) vious
w! eek
act'l con'dn
1
act'l cond'n
act'l cond'n
llcond'n
act"
-6,858]—2,497 + 4,227
3 14,337,703; 73,131471,446
13,554 —5,848 —4,473!
Aug. 27 4,351,257
Aug. 2014,379,203
876
i.4i;
3,640,589211,79332,397
+ 43,776
—117
+168-
3,627,324210,96332,523
+ 11,652.—1,752
+265-
78,9791475,919 83,615,672 212,715132,258
78,227|479,616 3,560,4601210,200)32,122
Aug.
1314,418,252
80,612478,935
\"v.
6l4.459.498
81,282 481.3081
3,562,3471208,056131,967"
3.551.1161207,738131.450
Note.—U. S. deposits deducted from net demand deposits in the general tofoia
above were as follows: Average for week Sept.3. $67,041,000: actual totaN
$59,674,000: Aug. 27, $73,409,000; Aug. 20,
$81.177,000?Aug™
ient ?
0^
ItobMtS?"
$142 080
$57,379,000.
Bills payable, rediscounts, acceptances aid other
average for week Sept. 3, $526,6 >0,000; actual totals Sept. 3, $519 950 000-An? 97*
$535,043,000: Aug. 20, $585,885,000; Aug. 13, $584,639,000; Aug 6, $528,186 000
Aug. 6,
♦Includes deposits in foreign branches not
included in total
footlne'a*
Farmers Loan & Trust Co.,
$23,321,000.
Bankers carried in banks in foreign countries as reserve
deposits were: National City Bank, $31,367,000; Bankers Trust' Co
*1
Guaranty Trust Co., $19,915,000; Farmers Loan A Trust Co., $1 620 OOOTrust Co
$4,512,000.
c Deposits in foreign branches not
included!
Co., $99,558,000;
AXIS* 1 1921*
fntwD.
000-Gu£antv &
$11.986.000;Sit^"f xSstof
X?«Si;
fifinSSiit'S:
National City Bank, $95,153,000; Bankers Trust Co., $11,152
Sept. 10
THE
1921.]
STATEMENTS OF RESERVE POSITION
AND
HOUSE BANKS
OF CLEARING
1133
CHRONICLE
RESULTS
COMBINED
AND
NEW
TRUST
*
Demand
Deposits.
in Vaults.
109,716 ,700
115,158 000
680,941,200
582,114,000
116,703 500
574,530.600
105,260 ,300
568,566,800
566,326,300
559,269,800
Total Cash
Reserve in
Depositaries.
a
Reserve
in
Total
Reserve
Depositaries
Reserve.
Required.
Reserve.
$
Surplus
in Vault.
S
S
$
5
$
July
2
5,204 031,100
4,326,379,600
July
$
IN
Loans and
Week ended-
Members Federal
COMPANIES
YORK.
Investments.
Averages.
Reserve
Cash
BANKS
OF
GREATER
COMPANIES.
TRUST
9
5,137 ,681,600
July
16
5,077 ,470,000
4,274,515,500
4,255,964,300
472,266,000 472,266,000 465,969,040
8,806,860
10,280,000
3,954,000
6,781,200
6,845,000
4,781,000
2,064,000
6,296,960
July
23
5,020 ,355,400
4,247,218,500
108,531 ,900
1,473,140
July
30
5,012 ,064,900
108,482 ,600
Aug,
13
5,074 549,200
5,035. 730,400
4,241,523,600
4,191,083.000
4,128,636,500
107,530 ,100
551,389.400
3—.
8,390,000|481,001,000 489,391,000 481,557,100
7,833,900
Aug.
20
103,028 ,500
553,046.600
8,363,000 476,774,000 485,137,000 475,898,080
8,395,0001471,830,000 480,225,000 471,418,380
8,491,000*470,289,000 478,780.000 469,215,830
9,238,920
8,806,620
Aug.
27
4,998 030,100
4,964, 541,000
4,149,772,900
Total Aug. 27—
Total Aug. 20
4,179,950.800
103,148 ,400
557,963.400
3
4,968, 682,700
4,230,740,'00
100,232 ,500
561,932,200
Reserve banks.—
State
6,326^000
banks*
Trust companies
Total
S^pt.
Total Aug.
13
63,800
9,564,170
Aug.
Sept.
*
This item includes
Reserve notes.
V'\..
'V.
■
.•
Actual Figures.
i
Condition of the Federal Reserve Bank of New York.
b
Reserve
Cash
gold, silver, legal tenders, national bank notes and Federal
Reserve
in
Total
Reserpe
Surplus
in Vault.
Depositaries
Total
Reserve
Reserve
S
S
—The following
shows the condition of the Federal Reserve
Sept. 7 1921, in
comparison with the previous week and the corresponding
Bank of New York at the close of business
Members Federal
banks*
..
Trust companies
$
$
$
Reserve banks
State
462,627,000 462,627,000 464,327,150 dfl.700,150
8,783,820
1,107,180
9,891,000
3,966,000
6,677,100
192,900
6,870,000
4,853,000
2,017,000
5,925",666
date last year:.
Resources-
*
def400,070
7,942,000 471,446,000 479,388,000 479,788,070
8,252,000 475,919,000 484,171,000 478,361,420
8,499,000 479,616,000 488,115,000 471,139,330
Total Sept.
3
Total Aug. 27
Total Aug. 20
Total Aug. 13
5,809,580
16,975,670
15,80 ',950
8,242,000 478,935,000 487,177,000 470,37b,050
This Is the
Gold with foreign
341,497,496
...
'
323,566,867
46,052,390
agencies.-
--
63,613,000
75,564,000
77,240,166
....
40,906,000
......
387,549,886
180,083,000
502,018,378
269,181,000
15,000,000
20,000,000
35,899,000
904,397,764
58,089,528
—
400,807,033
501,847,878
Total gold held by bank-..Gold redemption fund
required on net demand deposits in the case of State banks
but in the case of members of the Federal Reserve banks
includes also amount of reserve required on net time deposits, which was as follows:
a
Gold and gold certificates——
Gold settlement fund—F. R. Board
Gold with Federal Reserve Agent
Not members of Federal Reserve Bank.
and trust
- •
Sept. 7 1921. Aug. 31 1921. Sept. 10 1920.
S
$
$
-
922,825,411
58,015,552
485,163,000
reserve
companies,
Total gold reserves
Legal tender notes, silver, &c
125,126,000
b This is the reserve
required on net demand deposits in the case of State banks
companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Sept. 3, $4,905,720; Aug. 27, $4,950,130; Aug. 20, $4,882,020; Aug. 13, $4,821,510.
trust
962,487,293
981,740,964
610,289,000
obligations—for members—
For other Federal Reserve banks
123,392,751
27,645,000
126,040,093
25,527,700
547,147,000
151,037,751
151,567,793
547,147,000
All other—For members-
Sept. 3, 34,930,020; Aug. 27, $4,934,220; Aug. 20, $4,843,320; Aug. 13, $4,830,020.
and
211,159,256
8,230,000
195,161,842
382,125,000
Total reserves
Gov¬
Bills discounted: Secured by U. S.
ernment
—....
For other Federal Reserve banks
banks
Less: Rediscounts with other F.R.
State
Banks
and Trust
Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House as follows:
Bills bought
TRUST
SUMMARY OF STATE BANKS AND
COMPANIES IN GREATER
INCLUDED IN CLEARING HOUSE STATEMENT.
Differences from
k
Loans and Investments
Sept. 3.
previous week.
$612,365,700
Inc
10,999,701
6,798,900
15,326,600
-
Inc
80,700
49,600
Gold
Currency and bank notes.
_
—
Deposits with Federal Reserve Bank of New York.,
Total deposits
Dec
25,910.135
Y
panies In N
on
City, exchanges and U
deposits.
S
deposits
—
247,000
5,926,900
Inc
Inc
Inc
Dec
7,013,900
1,227,100
RESERVE
All others,
15.550,000
•—Trust Companies
15 31%
05 29%
...........$21,649,300
$49,073,700
22,333,700
14 02%
06 38%
20 60%
$71,407,400
20 40%
424,552,993 1,075,433,000
Total
5,518,281
1,683,760
1,535,629,366
resources..
Liabilities—
::i.rr\r:r w-rrr-rrr-.
3,946.000
2,281,000
96.C32.907
2,647,480
3.076,177
All other resources
179,387,000
1,037,000
1,512,170,387 1,872,373,000
—
■
1
=as"
25,353,000
51,308,000
------
27,068,600
59,318,368
27,067,400
59,318,368
19,280,010
18,964,010
16,466,732
643,656,728
12.840.901
21,830.947
634,905,476
11,887,917
719,672,000
19,313,000
672,964,362
647,336,977
27,541,200
77,661,022
4.458.826
668,630,342
632,319,337
748,479,000
864,438,000
29,070,200
72,680,598
4.126.131
39,001,000
110,180,000
33,614,000
Capital paid in
-
Surplus
Government—
—
—
—
—
-
—
Member banks—Reserve account——
—.
F. R. notes in actual circulation...--.F. R. bank notes in circui'n—netliabllity
Deferred availability Items
Total
3 were $50,473,000.
k The
Equitable Trust Co. is no longer included in these totals, it having become
member of the Clearing House and being now included injthe statement of the
Clearing House member banks.
The change began with the return for Sept. 25.
total
1,535,629,366
—
to
reserves
deposit
—
of
total reserves to
bills
foreign correspondents
liability
on
Banks and Trust Companies
in New York City.—The
of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows: I
the return for March 18.
that is, including in the
39.5%
U8.3%
43.1%
12,712,644
12,931,064
R. notes
35%
■
purchased
Note.—In conformity with the
ton, method of computing
—
75.5%
112.3%
F.
against deposit liabilities
Contingent
1,512,176,387 1,872,373,000
■-
■ ■
9,494,000
72.9%
in circulation after setting aside
for
averages
and
F. R. note liabilities combined
Ratio
a
-1
liabilities
of
Ratio
Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Sept.
59,276,000
17,318,00(4
5,530,878
1,683,760
99,182,715
5% redemp. fund agst. F. R. bank notes
Uncollected items
-
All other liabilities.--.
*
52,276,000
463,668,543
^.--
-----
-
...
Total earning assets
Total deposits...
—State Banks
Total
1,512,000
50,776,000
U. S. certificates of Indebtedness—
All other
*$23,524,800
Deposits in banks & trust companies
8,124,500
102,655,000
997,327,000
1,005,400
Deposits:
590,151,700
103,056,700
Percentage of reserve, 20 4%
Cash In vaults
15,301,957
371,271.593
1,005,400
Reserved for Government Franchise Tax
50,473,000
631,778,500
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
Reserve
347,525,000
204,491,842
396,337,143
In open market.
Total bills on hand
U. S. Government bonds and notes.....
Bank premises
{Figures Furnished by Stale Banking Department.)
34,600,000
—
219,389,256
One-year certificates (Pittman Act
NEW YORK, NOT
—
9,240,000
6,075,832
practice of the Federal Reserve Board at
Washing¬
ratios of reserves to liabilities wag changed beginning with
Instead of computing reserves on the basis of net deposits—
total of deposits "deferred availability Items" but deducting
disregard both amounts and figure the
"uncollected items"—the new method is to
percentages entirely on the gross amount
For last year, however,
calculated on
of the deposits.
the old basis; that is, reserve percentages are
and Federal Resetve notes In circulation.
the computations are on
basis of net deposits
Banks.—Following is the weekly statement issued-by the Federal Reserve Board on Sept. 8.
whole are given in the following table, and in addition we present the results for seven preced¬
ing weeks, together with those of corresponding weeks of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve Board says:
Treasury certificates, compared with $374,800,000, $140,400,000, $3,
Aggregate increases of $36,100,000 in Federal Reserve note circulation
The Federal Reserve
The figures for the system as a
largely to meet the demand for additional currency during the recent holi¬
day period, accompanied by commensurate increases in bill and certificate
holdings, are indicated in the Federal Reserve Board's consolidated weekly
bank statement issued as at close of business on Sept. 7i 1921.
There is
also reported an increase of $27,300,000 in total deposits while cash reserves
show a further gain of $15,400,000, nearly all in gold.
The banks' reserve
ratio, in consequence of the above changes, shows a decline for the week
from 66 8 to 66.2%.
Federal Reserve Bank holdings of bills secured by United States Govern¬
ment obligations show a reduction for the week of $5,900,000, other dis¬
counted bills increased by 122,500,000, while holdings of acceptances pur¬
chased in open market-went up $9,600,000.
Pittman certificates used as
cover
for Federal Reserve Bank note circulation showed
a
further decrease
while other certificates on hand, following the purchase in
open market by the New York Reserve Bank of $15,500,000 of loan and tax
certificates of various maturities, show an increase for the week of $14,700,000.
A slight decrease is shown in the holdings of United States bonds
and Victory notes.
Total earning assets, in consequence of the changes
noted, were $37,700,000 larger than the week before, aggregating $1,795,200,000, or 46 4% below the total reported on the corresponding date last
of $3,000,000,
holdings of $539,300,000 of paper secured by United States
$355,900,000, or 66.0% were secured by Liberty
$154,500.000/or 28 6% by Victory notes;
or 0 5%
by Treasury notes, and $26,100,000, or 4 9% by
Government obligations,
and other United States bonds'
Sept. 7 1921.
RESOURCES.
Gold and
Gold
S
600,000 to $24,100,000.
.
_
,
/
.
deposits were $13,900,000 larger than the^week before,
deposits show an increase of $13,200,000, while other deposits,
composed largely of non-members' clearing accounts and cashier s checks;
Government
reserve
show
a
nominal increase.
A
.
,
..
_
Increases in Federal Reserve note circulation are reported by all the
Reserve banks, though these increases were by no means uniform through¬
the-country.
Of the total increase of $36,100,000 for the week, about
83% represents the combined share of the New York, Chicago, San Fran¬
and Boston banks.
Aggregate liabilities of the Reserve banks on
Federal Reserve Bank notes in circulation show a further decrease for the
week of $2,100,000 and on Sept. 7 stood at $107,800,000, a decrease of $101 ,~
out
fund,
F.
R.
Board
300.000 for the
past twelve months, compared
In Pittman certificates for the same period.
A?i|7.31 1921. Aug. 24 1921. Aug. 17 1921. Aug. 10 1921. Aug.
%
S
439,535,0C0
gold certificates
settlement
apolis and Dallas Reserve banks, compared with $68,300,000 reported on
the previous Wednesday.
Richmond shows an increase form $20,000,000
to $24,900,000 in bills rediscounted with the New York Reserve Bank,
and Atlanta reports an increase from $8,900,000 to $9,700,000 in bills rediscounted with the Boston and Cleveland banks.
On the other hand, bills
rediscounted by Minneapolis with the New York Reserve Bank show a
reduction from $14,800,000 to $11,000,000, while rediscounts of the Dallas
bank with the Boston and Cleveland Reserve banics decreased from $24,-
cisco
year.
Of the total
$2,800,000,
200,000 and $26,800,000 reported the week before.
Discounted paper held by the Boston, New York and Cleveland^banks
includes $69,600,000 of bills discounted for the Richmond, Atlanta, Minne¬
42S.075.000
S
425,699,000
413,999.000
438,599,000
S
,
407,452,000
423,005,000
426,454,090
418,738.000
498,753,000
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserve
—
1921. July 27 1921. July 20 1921. Sept. 10 1920.
$
412,836,000
425,766,000
$
389,665,000
419,741,000
$
368,448,000
404,005,000
S
150,990,000
428,768,000
111,455,000
Gold with foreign agencies
Total gold held by banks
3
with a decrease of $68,500,000
691,213,000
772,453,000
809,406,000
838,602,000
1,624,332,000 1,147,239,000
1,677,195,000 1,694,523.000 1,646,109,090 1,660,062,000 1,640.626,000 1,615,482,000 1,616.287,000
137,774,000
111,513,000
98,729,000
105,538,000
103,514,000
120,816,0.90
114,043,000
104,563,009
110,098,000
869,175,000
841,975,009
852,153,090
826,190.000
2,656,378,000 2.641.031,000 2,619,078.090 2,600,295,000
831,761,090
2,552,813,000 2,531,231,000 2,508,298,000 1,976,226,000
CHRONICLE
THE
Legal tender notes, silver, Ac
-
Total reserves
Bills discounted:
Secured by U. S, Govt, obligations...
Allother...
....
market
Bills bought in open
Total bills on hand
U. S. bonds and notes
indebtedness:
U. 8. certificates of
Act)..
One-year certificates (Pittman
AHother..
Total earning assets.
Bank premises—
5% redemp. fund agst. F.
R. bank notes
Uncollected items
All other resources
—
Total resources
LIABILITIES.
Capital paid in
Surplus
franchise tax
Reserved for Govt,
—
Deposits— Governmeat...
........
Member banks—reserve account.....
Allother
—
Total
actual circulation
F. R. notes in
F. R. bank notes in
circulation—netliab.
Deferred availability items
All other liabilitiies
liabilities.....
Total
.
..
gold reserves to deposit and
liabilities combined
Ratio of total reserves to deposit and
F. R. note liabilities combined..
Ratio of total reserves to F. R. notes in
of
Ratio
F. R. note
against deposit
Distribution bu
35%
Witting aside
liabilities-.-.
Maturities—
circulation
after
8. eertif. of indebtedness.
1-15 days U
market.
discounted
of indebtedness.
31-60 days bills bought In open market.
31-60 days bills discounted
31-60 days U. 8. eertif. of Indebtedness.
61-90 days bills bought in open market.
61-90 days bills discounted
61-90 days U. 8. eertif. of indebtedness.
Over 90 days bills bought in open market
16-30 days bills bought in open
16-30 days bills
16-30 days U.S. eertif.
indebtedness
Ou^tandinR5^" NtU*—
33.710,000
130,458,000
---—
Over 90 days bills discounted.Over 90 days eertif. of
19,870,000
859,576,COO
10,354,000
5,619.000
155,111,000
15,506,000
6,987,000
279,433,000
30,107,000
2,838,000
164,105,000
9.800.0C0
28,044.000
131,978,000
discounted
18,351.000
854,606,000
9,000,COO
7.375,000
149,549.000
17,333,000
5,892,000
291,860,000
30,690,000
3,588,000
162,983,000
14,701,000
3,000
36,353,000
132.951,000
$
$
$
$
S
19,028,000
947,421,000
15.265.000
3,053,000
149.629.000
12,500,000
4,271,000
270,797,000
36,450.000
3.606.000
198,782,000
29,456,000
3,000
50,989,000
127,745,000
24.264,000
30,069,000
860,478,000 877.117,000
19.026.000
23,895,000
8,472,000
5,548,000
157.136,000 146,977,000
12,397.000
15,010,000
4,813,000
4.931.000
273,237.000 268,905.000
32,663.000
38,929,000
4.358.000
4.267.000
181,320,000 185,668.000
13,659,000
20,425,000
3,000
163,000
39,916,000
47,992,000
133.503,000 _127,331.000
14.258,000 112,627,00®
971,150.000 1,608,553,00®
3.700,000
84,560,00®
3,277.000
67.941,00®
163,545.000 268,947,000
6.595.000
17,195,00®
2.983.000 107,939,069
286,529,000 512,529,00®
29.742.000
25,029,000
3.379.000
28,475,000
190,922.000 253,901,000
35,092,000
16,700,000
3,000
10.000 —
69,527.000
74,003,000
32,164,000
140,309.000 143,638,000 188,942,000
9,675.000
943.796,000
4,700,000
2.951,000
156,985,000
10,245,000
3,259,000
281,629.000
34,317.000
3,536.000
198,559,000
25,742.000
2,969,666.000 3,549,041,00®
405,053,000 253,755,00®
2,852,311,000
334,748,000
2,849,721,000 2,854,623,000 2,885,217,000 2,900,323,000 2.917.123,000 2,933,241.000
368.255,000 368,709,000 381,575,000 379,579,000 380,450,000 395,624,000
2,517,563,000
2,481,466,000 2,485,914,000 2,503,642.000 2.520,744,000 2,536,673,000 2,537,617,000
2,564.613,000 3.295,175,000
Fed. Res. agent 3,688,605,000
hands of Federal Reserve Agent
838,294,000
3,701,035.000 3,694,122,000 3.714,561,000 3,717,657.000 3,720,177,000 3,742,072.000
851,315,000 839,499,000 829,344,000 817,334,000 803,054,000 808,831,000
3,781.176,000 3,987,650,000
811.510.000 438,609,000
Held by
__________
banks""""!
In actual circulation
Amount chargeable to
In
<5
S
$
27,294,000
878,094.000
20,430,000
0,243.000
172,739,000
23,689,000
7,804,000
275,915,000
16,063,000
3,579.000
153,695,000
15,799,000
in open market.
1-15 days bills bought
1-15 days bills
—
Issued to Federal Reserve
2,852,311,000 2.849,721,000 2,854,623,000
banks
2,885,217,000 2,900,323.000 2,917,123,000 2,933.241.000 2,969,666.000 3,549.041,00®
How Secured—
By gold and gold certificates
By eligible paper
Gold
redemption"fund "
With Federal Reserve
Total..
-
Board.....
402,738.000 400,992,000
371,992,000 373,992,000 344.992,000
1,175,116,000 1,J55,J98,000 1,208,514,000 1,225.155,000 1,259,697,000
113,842,000
113,709,000
109,417,000
125.550,000 107.104,000
1,160,615,000 1,179,822,000 1,164,700,000 1,160,520,000 1,188.530,000
2,852,311,000 2.849,721,000 2,854,623,000
-
Agent.
Eligible paper delivered to F. R.
2.885^217,000 2,900.323,000 2,917,123,000 2,933,241.000 2,969,666,000 3,549,041,000
I,507!t87jf>00 1.479.891,009 1,490.547.000 1,506,343,0001 l!528,776!oO01,607,793.000 1,626,719,000 1,659,119,000 2,899,472,00®
RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
WEEKLY STATEMENT OF
Two ciphers (00)
344,992.000 344,993.000 344,993,000 274,225,000
1,301,641,000 1.316,954,000 1.345,334.000 2,401,802,000
119,176,000 117.047.000 118,896.000 117,269,000
1,151.314.000 1,154,247.000 1,160.443,000 755,745,000
omitted
Cleveland
Boston
Richmond
Atlanta
Chicago
BANKS AT CLOSE OF BUSINESS SEPT. 7 1921
St. Louis
Dallas
Minneap
San Fran
Total
Federal Reserve Rank of—
RESOURCES.
Gold and gold certificates
Gold settlement fund—F. R.
Total gold held by
B'd
banks
Gold with F. R. agents
Gold redemption fuad
—
Total gold reserves...
Legal tender notes, silver, Ac...
Total
■
reserves
discounted:
Bills
Secured
by
U. S. Govt, obligations
All
other
...
Bills bought In open market
Total bills
on
-
hand
U. 8. Bonds and notes
U. S. certificates of Indebtedness:
One-year ctfs.
All
(Pittman Act).
other
Total earning assets
Bank
premises
6% redemption fund against Fed¬
eral Reserve bank notes
Uncollected Items
All other
resouroes
Total
resources
LIABILITIES.
Capital paid In
Surplus
Reserved for Govt, franchise tax
Deposits: Government
Momber bank—reserve acc t_.
All
other
Total deposits
115,216,0
F. R. notes In actual circulation. 244,906,0
672,965,0 103,810,0 140,400,0 51,506,0 44,953,0 246,252,0
647,337,0 213,818,( 235,728,0 107,740,0 128,962,0 438,117,0
64,090,0
44,928,0
73,977,0
98,936,0
57,140,0
75,063.0
F. R. bank notes In circulation—
net liability
Deferred availability Items
All other liabilities
Total liabilities
7,116,0
27,541,0
7,287,0
12,485,0
4,660,0
34,141.0
77,661,0
4,458,0
39,456,0
955,0
41,152,0
1,235,0
29.S40.0
1,170,0
1,334,0
41,348,0 118,623,0 1,718,068,0
39,409,0 230,407,0 2,517,563,0
7,091,0
13,334,0
12,420,0
5,537,0
3,531,0
12,868.0
3,137,0
4.086,0
52,600,0
27,575,0
13,454,0
39,377,0
24,008,0
927,0
3,353,0
1,097,0
1,213,0
1,166,0
1,394,0
25,955,0
1.881,0
132.902,0 218.040,0 120,726,0 406.099,0 5,148,122,0
429,427,0 1,535,629,0 394,783,0 166,757,0 213,570,0 211,412.0 806,663,0 212,114,0
SEPT. 10
THE
1921.]
LIABILITIES (Concluded)—
Two ciphers (00) omitted.
Boston.
New York.
Phila.
$
$
5
Memoranda.
Ratio of total
reserves to
discounted
Cleveland. Richmond
$
Atlanta.
8t. Louis. Minneap.
Chicago.
$
$
$
Kan.City.
Dallas.
San Fran.
Total.
S
$
$
$
$
$
com¬
72.9
72.9
69.3
69.5
2,490,0
12,713,0
2,729,0
2,797,0
24.103,0
35,875,0
42.0
40.7
24,861,0
9,669,0
1,672,0
1,228,0
69.8
57.4
4,060,0
1,603,0
38.8
60.1
40.6
64.6
66.2
as endorser on
redisoounted
paper
with other F. R. banks
Contingent liability
a
1135
deposit
and F. R. note liabilities
bined, per cent
Contingent liability
CHRONICLE
on
11,014,0
24,059,0
69,603,0
bills pur¬
chased for foreign oorrespond'ts
Includes bills discounted for
ether F. R. banks, viz.:
PhUa.
96,910
on hand
258,748
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding:
$
346,924
AT
CLOSE
St. L.
Minn.
$
$
Eligible paper {Amount
140,000
93,477
required
1 Excess amount held
Total
92,445
7,393
—
3,381
K.
34,307,0
167,900 28,160
480,970 121,348
10,885
San Ft.
Total.
$
$
3,840
59,110
82,515
6,110
4,683
14,892
3,239
4,200
82,185
299,644
166,434
4,082
46,931
64,225
1,412
38,700
88,981
40,446
33,360
45,916
14,077
14,541
48,762
9,953
30,020
24,932 28,260
836,294
42,771 284,231 2,852,311
13,052
1,650
19,002
3,400
64,809
Dallas
$
City
S
31,000
23,775
18,924
12,571
15,669
135,000 138,389 145,000
277,502
87,668 71,597
19,671
—
Gold settlement fund—Federal Reserve Board——
1,569,0
1921.
5
S
20,620 43,000
21,649 78,638
779,350 238,628 258,041 114,835 133,764
Federal Reserve notes
SEPT. 7
Chicago
Richm'd Atlanta
$
BUSINESS
OF
311,500
5,600
Cleve.
$
S
$
(In Thousands of Dollars)
Gold and gold certificates
Gold redemption fund
887,0
69,603,0
AGENTS' ACCOUNTS
Boston. New York
Federal Reserve Agent at—
Resources—
1,638,0
9,625,0
FEDERAL RESERVE
STATEMENT OF
921,0
3,877
402,738
2,118
14,931
113,842
3,234 144,157 1,160,615
33,542 125,143 1,175,116
20,878
6,809
332,071
621,799 1,962,646 501,257 619,891 265,396 360,707 1,178,602 280,809 159,125 187,872 131,352 603,531 6,872,987
...
Liabilities—
Wet
of Federal
amount
received
Reserve notes
from
355,658 1,090,850 259,248 299,041 136,484 212,402
501,848 150,960 184,444
46,783
165,271
32,650
389,948
100,870
91,049 136,406
96,262 101,522
Comptroller of the Currency
Collateral received from
/Gold
Federal
Bank (Eligible paper. „
Reserve
648,870 149,508
69,995
86,355
67,703 312,491 3,688,605
314,536
57,123
74,178
18,664
70,466
36,599
215,196
9,229 159,088 1,677,195
54,420 131,952 1,507,187
64,918
621,799 1,962,645 501,257 619,891 265,396 360,707 1,178,602 288,809 159,125 187,872 131,352 603,531 6,872,987
Total
Federal Reserve notes outstanding...
258,758
480,970 121,348
42,853 22,412
82,515
13,842
779,350 238,628 256,041 114,835 133,764
132,013
24,810 20,313
4,802
7,095
59,110
Federal Reserve notes held by banks.
1,970
7,452
244.906
647,337 213.818 235.728 107,740 128,962
438,117
57,140
75.063
Federal Reserve notes in actual circulation
Member Banks of the Federal Reserve
98,936
42,771 284,231 2,852,311
53,824
3,362
334,748
39.409 230,407 2.517,563
System.—Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
STATEMENT SHOWINO PRINCIPAL RESOURCE AND LIABILITY ITEMS OP REPORTINQ MEMBER BANKSIN PEDERAL
BANK AND BRANCH CITIES AND ALL OTHER
the corresponding amount
ponding 1920 total.
Substantial increases in demand and time deposits, as against moderate
reductions in loans and investments are indicated in the Federal
Board's weekly
consolidated statement of condition on Aug.
member banks in leading cities.
Loans secured by United States Government
Reserve
a
banks shows
Federal
Reserve
Loans and
discounts.
sec.
$
Reserve balances
of the reporting banks at the Federal reserve banks
$7,000,000, in keeping with the increase
deposits shown
Cash in vault, on the other hand, shows a
loss of $12,000,000.
For the New York City banks, an increase of $14,000,000 in reserve balances at the local Federal Reserve Bank, and a decrease
of $5,000,000 in cash are noted.
show
in
an
increase for the week of
demand
Atlanta.
87
Three ciphers (000) omitt d.
Chicago. St. LouiS. Minneap. Kan. City
43
82
112
$
$
8
$
37
$
$
35
Dallas.
79
24,957
San Fran.
52
Thiol.
66
812
78,002
26,702
609,197
119,458
32,416
68,583
38,151
144,674
2,922,720
301,943
236,098
368,289
205,089
747,751
7,962,006
439,565
919,127 11,493,923
97,695
870,054
18,164
458,894
376,425 1,685,771
30,849
70,558
16,659
4,846
1,152
664
9,689
2,955
275,904
53,548
830,060 1,458,891
580,399
58,815
89,614
29,420
16,534
608,790
26,592
1,937
30,010
3,649
74,460
13,35(
139.720
712,783
U. 8. certificates of indebtedness
stocks and securities
.
153,44
S
440,646
603,885 1,0.50,113
105,377
46,56f
5,641
7,17'
.?
17,683
105,572
327,365
812,613 4,160,016
312,537
36,776
79,714
5,990
Total loans and discounts
D. 8. Victory notes
U. 8. Treasury notes
$
51,916
58,440
336,644
655.029
69,773
212,553
S
306,826 1,167,123
182,394
351,718
34,035
$
$
185,689 1,215,577
and bonds...
C. 8. bonds
Total loans,
,
correspondent banks
592,889 2,701,886
by U. 8. Govt, obligations..
Loans secured by stocks
All other loans and discounts..
Other bonds,
Government deposits show a further reduction of $30,000,000, of which
$12,000,000 represents net withdrawals from the New York City banks.
Other demand deposits (net) increased by $74,000,000, while time deposits
show a gain of $20,000,000 for the week.
By far the larger increase in
demand deposits, viz
$60,000,000 is shown to have taken place at the
New York banks in consequence of the large increase in amounts due to
Including bills re-
discounted with F. R. bank:
Loans
17.7% below the corres¬
is noted.
Cleveland. Richm'd.
58
112
49
..
a
each Federal Reserve District at close of business Aug. 31 1921.
New York Philadel.
Boston.
District.
Number of reporting banks
or
vestments remains
by corporate and other
obligations declined by $4,000,000, while other loans and discounts, largely
of a commercial and industrial character, show an increase for the week of
$20,000,000.
For the member banks in New York City, a decline of
$11,000,000 in loans secured by Government obligations and increases of
$2,000,000 in loans secured by corporate and other obligations and of $22,000,000 in commercial loans are shown.
Investments in Treasury certificates show a reduction for the week of
$13,000,000, While changes in the amounts of United States bonds. Victory
notes and Treasury notes held by reporting member banks were only nom¬
inal.
For the New York City banks a reduction of $3,000,000 in certificate
holdings, as against a nominal increase in other United States securities
is noted.
In consequence of the above changes, total loans and invest¬
ments of the reporting institutions show a further decline for the week of
$22,000,000, the end-of-August total of $14,762,000,000 being about 12 8%
below the total reported a year ago.
For the New York City members,
Data for allreporting member banks In
$4,655,000,000,
of reporting institutions at the Federal reserve
decrease for the week from $967,000,000 to $956,000,000,
though the ratio of this accommodation to the banks' total loans and in¬
unchanged at 6 5%.
For the New York City banks,
a decrease from $247,000,000 to $242,000,000 in the total borrowings from
the local reserve bank, and from 5 3 to 5 2% in the ratio of accommodation
decline
for the week of about $20,000,000, loans secured
1.
was
Total accommodation
31 of 812
obligations show
RESERVl
REPORTINQ BANKS AS AT CLOSE OF BUSINESS AUQ. 31 1*21.
13,114
18.328
7,446
281,628
455,200
250,686
26,890
15.833
33,755
33,732
26,952
5,792
1,942
761
2,881
1,172
102
254
161
729
2,883
50,861
2,447
20,651
944
981
6,293
2,967
19,349
157,738
36,290
341,784
67,157
20,248
44,663
9,368
169,188
2,024,094
448,197 2,151.508
178,535
25,279
.59,492
536,600
319,70»
542,953
38,022
18.907
41,334
51.708
6,697
6.118
12,089
209,466 1,299,128
652,397
142,024
283,343
2,186
..
„
„
~
16,475
165,219
dlsc'ts & Investments, incl.
bills redlscounted with F. R. Bank... 1,000.676 5,369,526
Reserve balance with F. R. Bank
71,700
Cash In vault..J............
20,105
805,715
172,777
373,680
181,128
571,418
9,967,547
41,207
427,738
122,242
144,720
68,523
102,525
60.779
547,955
12,881
^
73,667
17,717
13,546
5,192
2,697
16,149
4,664
5,025
4,103
3,564
7,896
2,924,701
167,104
12,135
deposits
Bills payable with Federal Reserve Bank:
Secured by U.S. Govt, obligations...
92,731
28,103
18,781
24,151
12,740
27,767
12,341
3,239
8,355
4.626
20.657
265.667
478
141
671
2,772
39,573
70,409
9,413
27
All other
Bills redlscounted wl
298,654 1,224,717 14,761,889
18,572
71,126 1,217,579
9,375
22,297
289,714
13,392
295,715
700,129 4,465,258
179,103
435,485
Net demand deposits
Time deposits
Government
576,255
95,403
2 3
h F. R. Bank:
Secured by U. 8. Govt,
6,722
All other
—
2.
Data
of reporting
14.944
18,477
7,599
3,150
4,859
6,463
2,249
1.12)
1,700
357
35,836
obligations—
182,124
22,748
64,5361
43,989
37,510
87,019
30,301
32,685
26,268
16,599
member banks in
New York City.
Federal Reserve
City of Chicago.
Bank and
branch cities
and
all
other
619,205
reporting banks.
All F. R. Bank Cities. F. R. Branch Cities. AUOther Report. Bks.
Total.
Thru ciphers (000) omitted.
Aug. 31.
Aug. 24.
Aug. 31.
Aug. 24.
70
51
51
70
Number of reporting banks
Aug. 31.
Aug. 24.
280
Aug. 31.
280
Aug. 24.
213
Aug. 24. Aug. 31*21 Aug.
Aug. 31.
319
213
24*21 Sept. 3'20.
812
319
812
820
Loans and discounts, lncl. bills redls¬
219,463
230.096
55,239
Loan3 secured by stocks & bonds. 1,057,730 1,056,142
321,417
2,406,758 2,384,545
740,177
Loans
sec.
by U. 8. Govt, obllg'ns
All other loans and discounts
$
$
$
$
counted with F. R. Bank:
55,979
322,449
742,106
Total loans and discounts
3,683,949 3,670,783 1,116,833 1,120,534
U. 8. bonds
17,118
265,918
17,557
265,996
U. 8. Victory notes
11,928
71,842
10,971
JO. 532
U. 8. Treasury notes
1,219
1,234
27,372
27,236
U. 8. certificates of indebtedness...
9,200
9,440
69,335
71,900
Other bonds, stocks and securities..
132,424
129,378
535,570
545,493
S
430,790
2,044,412
5,159,791
7,634,993
443,561
98,257
37,147
107,822
1,101,805
$
$
$
453,869
98,341
80,066
79,402
96,154
2,038,346
466,211
412.097
415,356
472,962
5,137,542 1,447,231 1,442,043 1,354,984 1,362,303
$
$
$
$
609,197
629,425
957,380
2,922,720
7,962,006
2,926,664
7,941,888
3,044,845
7,629,757 2,011,783 2,011,159 1,847,147 1,857,061 11,493,923 11,497,977
442,313
215,359
211,134
870,054
868,116
211,158
214,645
99,153
26,988
27,J 86
166,084
39,974
165,219
39,745
38,325
52,019
50,861
6,818
6,757
6,896
6,937
116,376
171,383
31,413
18,503
157,738
33,924
21,083
1,106,811
573,810
346,602 2,024,094 2,028,70^
348,479
573,293
(a)
(a)
872,846
192,943
422,056
(a)
Total loans & disc'ts, & invest'ts,
lncl. bills redlsc'ted wltb F.R.Bk. 4,655,016 4,651,940 1,288,204 1,289,632
Reserve balance with F. R. Bank
535,010
127,844
127,568
520,918
Cash In vault
Net demand
83,337
88,697
4,007,827 3,947,586
256,783
259,581
deposits
898,028
30,007
30,899
164,624
901,761
311,567
887,978
7,008,810
311,507
71,000
Time deposits
Government deposits
Bills payable with F.
9,423,585
83,043
11,885
15,436
1,354,718
129,670
72,008
73,373
8,591
8,716
147,285
9,432,735 2,879,157 2,881,523 2,459,147
886,623
185,361
184,779
134,190
172,683
54,959
56,624
70,131
,
470,027 14,761,889 14,784,285 16,927,971
139,050 1,217,579 1,210.452 1,394,957
301,481
349,505
72,179
289,714
6,933,060 1,552,571 1,553,650 1,408,166; 1,406,994
1,346,599
651,125
918,858
909,636
648,525
9,967,547
9,893,704 11,242,044
2,924,701
2,904.760
153,259
24,222
28,336
13,212
15,461
167,104
197,059
2,767,782
61,755
142,367
76,698
74,646
41,684
44,384
265,667
261,397
786.584
525
298
68
671
593
946
,70,409
75.609
262.233
619,205
628,999
1,152,180
R. Bank:
Sec'd by U. 8. Govt, obligations..
All other
373
.
Bills redlscounted with F. R. Bank:
Sec'd by U. 8. Govt, obligations..
All other
13,494
14,360
4,590
4,599
48,552
156,208
158,819
37,952
44,096
394,632
54,860
13,802
12,787
8,05(
7,962
402,804
100,299
103,613
124,274
122,582
Ratio of bills payable St rediscounts
wltb F. R. Bank to total loans
and Investments, per cent
a
Comparable figures not available.
,
i
5.2
5.3
4.0
4.5
6.3
6.4
6.9
r i
7
1
«
A
ft
A
'3 0
[Vol. 113.
1136
Sept. 3
Daily Record of Liberty Loan Prices.
jettje.
%xluI\ZX$?
Sept. 6. Sept. 7. Sept. 8. Sept. 9.
Sept. 5
steadily diminished from about 735,000
est in the bond
87.26
419
320
218
4%
a
week was
the iron and steel industry showing that the
Another important event of the
Thursday.
on
report from
the month of August was an average
of nearly 3,000 tons per day in excess of the July production.
This is believed to reflect or foreshadow a larger demand for
output of pig iron for
increasing
products such as usually precedes
finished steel
tion, although
a
estimated wheat
of
Second
yield
1932-47
4%s)
The
crop
corn
1927-42
Sterling
while German marks sold on
Thursday at 101,
a
record low
price.
market was again more active; about
traded in, and after the early hours the
stock
To-day's
660,000 shares
•
Sa?es
STOCKS.
Week ending Sept. 9.
Range for
Par. Share"
Range since Jan. 1.
Week.
Lowest.
Lowest.
Highest
S per share
% per share
Highest.
S per share.
$ per share
American Bank Note. 50
100
50 Vi
Sept
9
50%
Am Brake Shoe & F no par
100
45%
Sept
6
American < :ni l>. .no par
American Snuff
200 100
100
S >pt
94 %
700
24 %
10
100
Atlantic Petroleum...25
1,300
1%
10%
preferred. 100
Assets Realization
.50
Barnsdall class B
200
25
Auto Sales Corp
200
2
Sept 9
Sept f;
17 % Sept 8
H
JO
Calumet & Arizona...10
100
47%
Case Thresh M pref-.lOO
100
73
Cluett, Peabody & Co 100
200
39%
Davison Chemlcal.no par
400
39
100
98 %
Match
100
Fisher Body pref
100
Hartman Coporatlon 100
<
00
100
55%
Mining.. 100
Hydraulic Steel...no par
200
Indian Refining
10
Internat Cement..no par
100
7%
200
23%
8
100
53
Apr
Son'
>9
Jan
95
90%
Jan 112%
Jan
1
July
3%
Jan
10
Aug
23%
Apr
Aug
14% June
4%
Jan
17% Sept 8,
3% S- »t U\
4%% bonds of 1928
(Third 4%s)
Otis Elevator
100
Pacific Tel & Tel
100
Panhandle P & R.no par
Pitts Ft W& Chic pref 100
Rand
Mines Ltd.no par
Arizona.... 10
So Porto Rico Sugar. 100
,
98%
Sept
Sept 7;
Sept 7j
95
June 100
69
Mar
Sept 6
8
49%
Mar
7
Sept 8
7% Sept
7;
Aug
7% June
Shattuck
<00
100
Standard Milling
100
1,200
Preferred..'.
100
300
Stern Bros pref
100
100
no par
200
Third Avenue Ry_..100
Tol St L <fc We-it tr reots.
2.300
Union Tank Car
100
100
100
United Drug 1st pref. .50
200
Wright Aeronaut.no
100
par
31
Sept
Sept
Sept
88
Sept
5% Sept
13 % Sept
70
May
80
Sept 8
35
Mar
28% Sept
9
64
6
10
Sept 6
7
88
Sept 7
87
8
50
38%
7120
Sept 7 118%
8
Sept 8
Sept 8
7% Sept 7
10%
28%
6
4%
27%
Sept 8
88
75
8
88
85
7| Tj% Sept
9
9'/* Sept 9|
9% S?pt 9
87% Sept 71 87% Sept 7
39% Sept 7, 39% Sept 7
8
Sept 7i
8
Sept 7
on
Railroad
New York,
4%
12%
87%
F-o
45% May
21% May
July
79% Sept 8
Sept 8
17%
Sept
71 96
5% Sept 6
May
Apr 155
Sept
Aug 79% May
June
8
8
Jan
Apr
June
8
19
6% Sept 9
31
Sept 6
25
14
75%
phia and Boston exchanges,
and
Sept 8
Sept 9
90%
For volume of business
State
21
Jan
Aug
Jan
Aug 13% May
Aug 148
May
Jan. 51
July
7% Sept
Augj
July 120%
July
Aprj 26% Aug
Janl
7% May
Aug 103
Jan
Aug 111
79%
June
Jan 119
Apr
Sept
Aug
25%
Jan
Augj 20%
Mar
Aprj l>%
Sept 107 "
Mar
Aug
36% July
6% June
47
J
in
Feb
9 %
July
Boston, Philadel¬
1132.
see page
Bonds.—No
sales
of
State
bonds
reported at the Board this week.
The market for
railway and industrial bonds has been
conspicuous for activity and generally strong day by day this
week.
About three-quarters of the notably active list has
advanced, and several prominent railway issues
than
some
a
point higher, while only two
of
the local
United
the Board
States
are
bonds.
21
lst3%s......
79
1st4s...
tractions
are
or
are
more
three industrials and
fractionally lower.
Bonds.—Sales of Government bonds at
limited to the various
87.94
216
575
1,567
550
91.98
91.98
92.10
92.12
91.78
91.90
91.92
92.04
91.88
91.96
92.04
92.06
159
1,241
914
87.98
88.00
88.04
88.16
87.90
87.92
87.96
87.98
87.98
88.00
88.08
_
Low
87.92
1,213
1,675
1,450
1,493
99.06
99.08
99.10
98.94
98.96
99.00
99.04
99.00
Liberty Loan issues.
99.06
99.08
99.04
2,983
3,232
5,235
2,130
99.00
99.00
99.08
98.94
99.00
99.02
99.04
99.00
99.04
99.06
99.04
508
842
1,102
420
...
includes
table
4
....87.40
2d 4%s__
3d 4%s._
.87.40 to 87.76
107
87.64 to 87.66
85
4th
2d 4s...
87.40 to 87.70
29
Victory
Quotations
for
Short-Term
4%s
S.
U.
87.68
91.70
87.74
4%s__98.80
Govt.
to
to
to
to
87.80
92.04
88.10
98.94
Obligations.
Int.
Rate.
,
99.08
of coupon
...
Int.
Maturity.
396
99.02
lst4%s......
Bid.
Asked.
Bid.
Rate.
Maturity.
Asked.
'
151922
Oct.
15 1921
5%%
100l»
100%
Oct.
15 1921
100'»»
Mar. 15 1922
15 1921
5%%
6%
100
Dec.
100%
June
15 1922
Feb.
16 1922
5%%
100%
100%
100%
Mar.
Aug.
June
1
1922
15 1924
100*,!
100'u
5%%
100»«
1001*,!
5%%
,
100%,
100%,
100%.
5%%
5%%
•5
%%
m>Z
101
100%
Foreign Exchange.—Sterling exchange ruled dull and
slightly irregular, though quotations were not essentially
changed.
In the continental exchanges German marks
took the lead in point of activity and the price broke spec¬
tacularly to the lowest point on record.
Other currencies
were not similarly affected.
To-day's (Friday's) actual rate? for sterling exchange were 3 65%©
for sixty days, 3 71% @3 73 for cheques and 3 72% @3 73% for
Commercial on banxs, sight 3 71% @3 72%, sixty days 3 66% @
3 67%, ninety days 3 63% @3 64%, and documents for payment (sixty
days) 3 67@3 68%.
Cotton for payment 3 71%@3 72% and grain for
payment 3 71% @3 72%.
To-day's (Friday's) actual rate? for Paris banker ' franc were 7 38@7 50
for long and 7 44@756 for short.
German bankers' marks are not yet
quoted for long and short bills.
Amsterdam bankers' guilders were 31.24©
31 32 for long and 3l.60@31.68 for short.
Exchange at Paris on London, 49 45 francs; week's range, 48 38 francs
high and 49 45 francs low.
The range for foreign exchange for the week follow ;
3 67%
cable
.
Sixty Days.
3 67%
Cables.
3 74
3 74%
3 69%
7 76
7 77
franc)—
.—7 66%
High for the week
Low for the week..
Cheques.
3 69%
___3 63%
Paris Bankers' Francs (in cents per
7 45
Low for the week
.0114
.0099%
—_
7 46
.0113
7 38
Germany Bankers'MarksHigh for the weeK
.0100%
Amsterdam Bankers' Guilders—
62
17%
8%
6
15%
June
Sept 6
25
Jan
77% May
61
May
20%
Jan
21
% Sept 9
8
8
Sept 8
6 %
m
May
May
98% Sept
Sept 7i
15% Sept 8
14
Sept 8,
9% Sept 9l
18% Sept 6
7i
87.90
only sales
Transactions in registered bonds were:
44
Mar
Aug
Sept
Sept
9
Sept
1,000
150 88
Sept
100 49
Sept
100
7% Sept
55120
Sept
200 25
Sept
87.88
above
23
Aug
Sept 8
87.90
87.82
Total sales in $ 1,000 units
39% Sept 6
12%
8%
87.86
Sterling, Actual—
High for the week
27
18
87J0
Low for the week
JH>
14
88.06
87.80
(Close
Jan
10
300
87.9
(Close
11
2
1
87.94
(High
( Low
1922-23
(Victory 3%s)
5
87.74
25
87.90
$1,000 units
62%
Sept 6 137
have been
notes of
36% June
13
Temtor C & F P cl A
salesln
3%%
39% Sept 6
Sept 9
200
87.80
f High
( Low
4%% notes of 1922-23
Feb
Sept 6 155
Sept 8 68
2,000
87.74
87.80
(.Close
85%
13
Martin Parry
no par
Maxw M Corp el B no par
Mulllns Body
no par
Norfolk Southern ...100
87.76
87.80
f High
Loan
Apr
66
Sept 8
Sept 7
87.80
87.80
(
(Fourth 4%s)
71
y.a
15
1
87.80
Total sales in $1,000 units.
Victory Liberty
53
70
28
95.70
f High
( Low
(Close
Liberty Loan
4%% bonds of 1933-38
Jan
61
300
J
140
Total sales in $1,000 units
Fourth
41%
2
1,250
Jan
^%
87.94
33
f High
( Low
Liberty Loan
47% Sept 6,
73
Sept 8
200 155
Market St Ry prior pf 100
Marland Oil
no par
35
87.94
25
(Close
Aug
200
.
Aug
87.90
79
High
( Low
(Second 4%s)
2%
Lima
Locomotive--.100
25
2%
Kelly Spring! 6% pf.100
Kelsey Wheel Inc.-.100
Liggett & M class B. 100
Mallinson (HR)..nn par
May
96% June
Sept 6
1%
Sept 6
Sept 6
57%
Jan
10
10% Sept 8
2% Sept 6
Sept 7
Sept 7
Sept 8
70
'00
Feb
Apr
98%
100
Sept
Sept 7 70
Sept 6 55%
70
Homestake
Sept 6
Sept 8
Sept 7
Sept 6
Sept 7
98
100
9
":
54
40 %
20
Sept 6
s,
Brunswick Terminal.inn
Diamond
!O
9
Sept 9
Sept 7
Sept 6 102
Sept 6 94% Sept 6
Sept 8 24% Sept 6
10
100
Wholesale iref--100
8fpt 9
Jar
42
45% Sept 6
100
Ann Arbor
a
for
Week
Am
As
buoyant in some departments.
87.80
Total sales In $1,000 units
Third
were
result of
the week's operations, No. Pac. is 3 14 points higher, Reading
and Gr. Nor. 2, and Union Pac. 134—while nearly the entire
active industrial group is up from 2 to 834 points—the latter
including Baldwin Locom. and Mexican Petroleum.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
tone became
87.94
(Close
Note.- -The
interesting.
declined early in the week, but has since recovered,
87.78
95.70
I
harvested.
ever
87.82
95.70
(Victory 4%s)
foreign exchange market has also been
87.80
Total sales in $1,000 units
Converted 4%% bonds off
Total
was
Low
f High
4 % %
4% bonds of 1927-42
decline of nearly 3,000,000 bushels
second largest
the
88.04
(
Total sales In $1,000 units
Second Liberty Loan
attracted considerable atten¬
in the
in part offset by the prospect of
87.96
(Flrsti Low
(Close
Converted
bonds
activity in other lines.
The Government crop report
1
High
87.90
Total sales in $1,000 units
Second
dropped about $18 per
Tuesday and Wednesday, then
87.90
87.90
1CI0S6
1932-47 (First 4%s)
(Second 4s)
on
128
87.90
87.90
i Close
greatly agitated following the Government crop report as
mentioned in this column last week.
It advanced abruptly
bale
87.40
off High
( Low
bonds
Total sales in $1,000 units
Converted 4%% bonds off
shares on Tuesday
At the same time inter¬
market increased and the cotton market was
Thursday.
on
87.40
,
1932-47 (First 4s)
prices in the stock market has
400,000
87.14
87.40
Converted
been upward this
week, there was a good deal of irregularity in the movement,
and net results differ rather widely.
The volume of business
to less than
87.30
87.50
Stocks.—While the gen¬
and Miscellaneous
Railroad
eral trend of
87.58
87.36
(Close
Loan
Total sales in $1,000 units
Sept. 9 1921.
Night,
Friday
Street,
87.54
87.30
(First 3% a)
Wall
87-50
3%% bonda of 1932-47
[ High
1 Low
First Liberty
31 36
Domestic
31.82
3145
3150
Exchange.—Chicago, par.
St. Louis, 15@25c. per $1,000
par.
San Francisco,
par.
Montreal, $110 75 per
Boston,
discount.
$1,000
31.77
31 04
High for the week
Low for the week
premium.
Cincinnati,
par.
Market.—The opening session in the Curb
Market this week was broad and active and prices as a rule
Curb
The
moved
some
higher
to
levels.
Thereafter
profit-taking caused
recession and irregularity but values on the whole held1
Glen Alden Coal was the most active among
industrials advancing from 34 J4 to 36% and closing to-day
fairly firm.
35%.
at
Amalgamated Leather, after
a
fractional advance
11, fell to 8%, recovered to 9% and ends the week as 914Cleveland Automobile improved from 25 to 2534 and sold
to
finally
at
25%.
Commonwealth Finance Com. made a
gain of three points to 68.
Intercontinental Rubber
sold up from 6% to 6% and back to 634Peerless Truck
Motor gained 234 points to 3234 but reacted to 2934- Tobac¬
co Products Exports rose from 434 to 6, closing to^day at
the high figure.
Standard Oil issues were more active and
firm.
Standard Oil (Indiana) advanced from 6834 to 7134
and closed to-day at 71.
Continental Oil sold up from 108
to 112 and back to
109.
Illinois Pipe Line gained two
further
points to 153 and sold finally at 152.
In the other oil issues
changes were narrow.
Carib Syndicate improved from 434
to 4 5-16 and finished to-day at 434Granada Oil sold
from 2M to 334Internat. Petroleum rose from 1034
J4 an(l en(^s the week at 10^4.
Maraea'bo Oil dropped
1934 to 17Skelly Oil was up from 4 to 434 but
reacted finally to 434<
Mining issues were fairly active.
Goldfield Florence was heavily traded in and after dropping
from 39c. to 33c. rose sharply to-day to 47c., the cl )se being
at 43c.
Alaska-Bit. Col. Metals, on heavy transactions,
up
to 10
from
moved up from 37c. to 59c.
and reacted finally to 50c.
complete record of Curb Market transactions for the week
will be found on page 1 .45.
A
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
•OCCUPYING THREE PAGES
For sales during the week of stocks usually inactive, see
PER
HIGH AND LOW
SHARE, NOT PER CENT.
SALE PRICE—PER
STOCKS
Sales
NEW YORK
for
Saturday
Monday
Thursday
Sept. 5.
Tuesday
Sept. 6.
Wednesday
Sept. 3.
Sept. 7.
Sept. 8.
Sept. 9.
$ per share
$ per share
$ per share
$ per share
$ ve.r share
$ Ppi share
Shares
85%
*80
37%
51%
9%
81
7
2%
51%
10
10
7
970
Atlanta Birm & Atlanta--.100
2
Atlantic Coast Line RR„ 100
1%
1%
7%
17
26%
39%
*3A
54%
1%
1%
7%
*16%
7%
17%
25% ,26%
39%
40%
25%
65l2
65
65
*101
*101
110
65
65
65
41
65
|
33%
77%
16%
39
104
106
*36
32%
*76
33%
76%
54%
*%
*%
7%
65
32%
*76%
65%
*35
76%
32%
900
32%
33%
77%
40
76%
65%
34%
*60%
65%
900
7
~~8~806
111% 112%
55
*%
*%
*7%
16%
25%
38%
110
13,000
51%
11
*6
54%
*101
38%
55%'
3.200
Ohio..
Baltimore &
100
Chesapeake & Ohio—
Do
1%
7%
16%
26%
40%
*60%
64
*98
98
100%
*98
100
98% 102%
|
98%
101
*3
4%,
*3
June 20
June 20
119% Jan 11
65%May 9
6% Jan 29
6% Jan 31
9%May 9
20%May 9
*5
*5
6
*5
9
% Apr 28
% Apr 28
6%June 23
13%
18%
13%
72
28%
*6%
19%
13%
19%
13%
73%
13%
72%
28%
8%
28%
13%!
74%
28%
*19%
*19%
95
2%
8
25%
50%
21
25%
50%
51%
*10
13
*10
13
23
*19
51
*107
110
39
39
""9%
10
65%
66
*82
a
Jan 24
98
June
120
Jan
Mar
i-t
pref
100
100
60% Apr 14
95
July 1
22% Mar 11
-.100
100
68% Mar 12
56%June 21
32
Chic Rock Isl & Pac-
7%
6%
preferred——
preferred-.——-
Clev Cta Chic & St Louis—100
prof
2d
--.100
42
Jan 26
100
90
50
693
Apr 14
Aug 25
*17
95%
1
73
Q-
38%
K '»:''
19%
3%
19%
38%
4,100
4,100
4%
600
72
71%
71%
5,200
I
56
56
56
56
56
61%
3,800
66
I
*63
66
*63
66
*63
67
68%
*62
I;
5%
68
66%
67
68
16
15 v
66%
16%
18%
95%
76%
15%
15%
38%
19%
*63
w
3,600
-
6
74%
38%
19%
75
s
26
t-5
*72
G
67%
*53
*34
19%
*74
68
40
40
75%
69%
38%
39%
39%
39%
~23~
23%
23%
24
£
*35
38
36
36
25%
34
26
25%
*5%
tc
G
6%
*8%
X
34
J
20%
46%
47%
24%
23
*38
O
120
M
63%
7%
02
18
7%
20
63%
63%
63%
18
h
46
119% 120%
8
*7%
7%
18%
7%
20%
15%
9%
*16
7% '
7%
20%
)
*13
*12%
9%
16%
21%
*58
8%
*15%
17
16%
21%
I
61
8%'
17%
21%
60%
8%
21%
60%
8'
17
*16
17
23%
25%
*33
*5%
9%
77%
20%
46%
5%
10%
78%
21%
47%
25%
64
25
*7
*13
9
16%
21
*60
8%
*16
*7
21
I
%
1%
%'
1%'
9%
*16%
|
17%
21%
61%
8%
15%
9%
17%
21
*60
*8%
37%
38%
86
86%
33%
33%
~31~
*15
30%
20%
%
1%
38%
86%
33
*72
80
*73
35
37
34%
57
*29
30%
*28
30
56%
29%
*55
65
*55
65
33
33
27%
28
33% 34
27% 27%
80% 80%
126% 127
30%
65
33%
28
34%
(,
80% *80
126% 127% 127
*108% 111% *110
82
80%
127%
112%
19
20%;
20
42
42
45%
20%
45%
4%
4%
4%
*114
4%
122
32%
*55
30
32%
38
*85
57
*54
,*116
121
10%
20
9%
49
50 | *49
55%' *54
51
49
56
55%
61%
65
30
32
18%
21
19%
43
43
87
88
104
88%
87
104
6
3%
6%'
34%
37
66%
|
104
3%
6%
3%
36%
36%
66
66%
Bid and asked pri< es; no sales on this day.
■hare for share, to stock of Glen Alden Coal
*
7
30%
*8%
87%
*103
3%
6%
35%
67%
1166
35%
57%
29%
65
1,000
800
(
"ll66
27
4,100
300
1,000
400
300
122
"loo
800
56
200
63
100
30%
*8%
18%
*43
10%
32%
20,400
8%.
20
I
50
'
400
17,700
2,300
35%
36%
7,400
68
69%
1,500
3%
6%
1
1,000
90%'
88
104
3%
100
'1|
8%
89
7
200
50
105
36%
67%
6,100
200
3,900
Dec
83% June
108
Oct
11
16;
165
Feb
3;
3
May
17
9
65% June
24% Dec
Feb
1
Jan 25
6
Mar 30
Jan
25,
56% Jan 5
118 July 6
58% Jan 25
14%May 9
73%May 9
93
Jan 111
3
Jan 31!
Aug 22
25,
June 20
6
100
58
July 16
65
Second preferred
100
N Y N H & Hartford.—100
54
June 24
6
N Y Ontario & Western.
Norfolk & Western
100
16
100
Northern Pacific
100
46
c—100
N Y Chicago & St Louis.
First preferred—...
-
Mar 11
June 21
10
18
9
7.
17
Mar 11
June
50
100
35
Jan 19
45
Pittsburgh & West Va
100
100
24%June 21
32
Mar 11
79
60% June 20
36%June 24
55
Feb
50
1st pref..
50
pref
Southern Pacific Co
Southern Railway
Do
28
100
42
--.100
Texas & Pacific
—100
Twin City Rapid Transit—100
Union Pacific-.
100
Do
pref...
...100
6
—
pref
100 j
Wisconsin Central
...100
Industrial & Miscellaneous
Adams
Express
Do
-.100
Do
pref..
65
Oct
73%
Oct
70
Oct
41% May,
15% Dec
37% Sept
16
27%
Feb
44
Oct
Dec
32
Feb
Dec
68
Feb
37
Dec
67%
39%
Oct
Oct
Jan
6
Jan 10
7
Jan 13
Jan
3
.21% Feb
66% Aug
64% Feb
20% May
5% Dec
8% Dec
88% Feb
Feb
Feb
14
Dec
110
3
21
May
6
30%May
9
70% Jan 10
27% June
Feb
61% May
7% Aug
14
Aug
7
May
17
Dec
12% Dec
8%
Feb
11
July
20% Feb
64% Feb
19%May
37%May
9
9
9
25
Dec
May
May
Dec
ll%May
8%
15
.
Dec
2% Mar
%
3
43%
Dec
Dec
84%
Dec
Jan
3
34
Aug 15
83
June 23
Do
pref
American Locomotive
pref-.
June 13
114
July 15
8
Apr 14
2
1 <0!
40% Feb
100
42
Jan 25
...100
57
Jan
100
100
Do
pref.
100
American Safety Razor.25
Am Ship & Comm
No par
Amer Smelting & Refining-100
Do
4
100
1 Ex-rights,
i Less than 100 shares, a Ex-dividend and rights,
Co. at $5 per share and ex-dlvldend (100% in stock Aug. 22).
8
21% Aug 25
7% Aug 23
17% Aug 24
39% Aug 20
73% June 20
98%June 20
3% Aug 0
4% Aug 19
29% Aug 25
63% Aug 26
x Ex-dividend,
92
'2
Nov
Jan
Jan
6
51
Dec
95
Jan
Jan 20
79
Dec
2
Mar 23
Oct
74% Jan
5
75
65%May
2
45% Dec
32% Jan 29
21%
88
72% Dec
Jan
l3J%d«;
t,
20,
9
111
Dec
Dec
25'
105% July
23% Jan 28
67
Apr 26
8% Jan 111
15% Dec
59% Dec
6% Dec
114
62% Sept
92
115%June 17
108 May 23
15%June 23
35% July 5
June 22
Jan
Mar
637s
American Car & Foundry. 100
Do
pref.
100
American Cotton Oil
100
55
83
Jan
26% Dec
67% Dec
29% Aug 10
23%June 21
76%June 25
Amer International Corp. .100
American La France F E— 10
American Linseed
100
Oct
%
%May 25
1
Amer Bosch Magneto.-No par
American Can
100
Do
pref-.100
pref
Oct
Oct
48
88%
32% Dec
Do
16
72
39% Jan 11
1% Feb 9
ia4 Feb 9
55% Jan i3
93% Jan 26
Feb 15
.
Nov
78
28
Dec
2
51
Do
pref
American Ice
Oct
"24 "
-
25%June 23
American Hide & Leather. 100
Oct
Dec
100
-_—100
Do
pref..
-.-.100
Amer Druggists Syndicate- 10
American Express.
100
13
34%
23% Oct
15% Sept
27% Oct
40
Sept
Dec
90
American Beet Sugar
Do
pref-—.
Oct
14
>'
-—100
Mar
Jan 12
65% Jan
pref
47
43
129% Nov
69% Jan
15% Oct
32% Oct
40
40
2c% Aug 29
51
Aug 29
Do
118%
33%
66%
49%
11%
20%
1934 Jan 8
52% Feb 17
'«
17
Amer Agricultural Chem-.100
Oct
Oct
Sept
Oct
Oct
Oct
Nov
Oct
Oct
2
de
Aug 17
100
Oct
11
Sept
39%May
pref
Oct
6512
33%
48%
40
Feb
18
Mar
Nov
61
11
50
9
May 9
24%May 10
15%May 5
ll%May 9
103
32% Mar
33% Mar
16% Feb
23% Jan
Jan 13
26
-
84% Sept
42% Apr
46% Mar
June 21
.100
95% Nov
14
Jan 20
28% Aug 24
67% Aug 26
Allis-Chalmers Mfg
Oct
1J6% Nov
22
30
-—100
June
6
35
10
Alaska Juneau Gold Min'g lOl
Allied Chem & Dye
No par\
31
48
par\
Ajax Rubber Inc.-—
Alaska Gold Mines
Feb
31% Feb
55% Oct
8% Oct
6578 Oct
84% Nov
3
50
No
18
11% Dec
33% Dec
3% Dec
27%May 16
55% Apr 7
Aug 3
67% Mar 10
12% Mar 3
Mar 11
100.
pref
Reduction, Inc
Feb
26% Jan
lOOi
Advance Rumely.
Air
11
Feb
123
12% Mar 12
8% Aug 26
14%June 23
20% Aug 24
58
Aug 22
7%June 21
13%June 21
25
July 22
100;
..
Oct
Nov
00
Aug 24
18
90%
95
24% Jan 13
Aug iJ
Mar 11
Oct
21
80% June
2% Dec
3% Dec
50
101
June 21
7
Feb
Oct
Apr,
7%May 9
12%May 10
June 21
17
---------
63
40
56% Nov
112% Jan
65% Oct
37% May
41
June 24
62% July 18
United Railways Invest--.100
Do
pref.100
Wabash
100
Do
pref A-—..
100
Do
pref B.
100
Feb
Feb
5734 Jan 15
2584 Aug 3
38% July 30
30%May 9
16% Jan 5
36% Jan 10
111
Feb
39% May
94
Aug
38% July
8% Dec
Oct
Sept
Nov
Mar
Oct
Oct
Oct
Oct
17% Nov
27% Oct
52% Oct
24% Oct
50
5
89% Jan 15
67%June 21
17%June 20
100
pref
May
Oct
57
5% Apr 16
8% Mar 11
100
—
8%
16
Oct
Sept
237sMay 18
19% Mar 11
277s June 23
19%June23
St Louis Southwestern-.—100
Do
pref-.-.
100
Seaboard Air Line
100
Do
88
38% Aug 26
2d pref.
60
St Louis-San Fran tr ctfs—100
Preferred A trust ctfs
100
40
8
12%
21%
30%
22%
91%
41%
17%
35%
97%
6%
6,
Aug
70
Aug
84% June
66% June
100
pref-—--..
Reading..
3
8% Dec
13% May
Jan 28
100
50
Jan
18% Dec
80% Feb
41% Jan 12
21
14
23
11
Apr 29
Pere Marquette v t c
Do
prior pref v t c
Do
pref v t c
...
7
Dec
260% Sept
64%
23%
12
%
•
61
23% Jan 12
20%May 6
104% Feb 19
13%June 23
12
Oct
91
%•>•
88%June
61%June
32%JUne
15% Mar
Pennsylvania
Dec
9
39
v t
5%
9% Feb
16% Dec
64%June 21
New Orl.Tex & Mex
New, York Central
Do
80
*61
I
43
8%
3,200
9%
49%
*53
31%
8%
19%
32
30%
*102
66%
63
300
33%!
130%
108% 108%
*19
20%
45% 45%!
i- *4%
4%
9%
49%
55%
43
43
3%
*62
86%
33%
*114
900
4,700
38%
127
122
8%
*19
|
20%
42
*62'
8,000
80%
45%
4%
*116
3,700
1%
33%
20
45%
*4%
20%!
%'
26%
109
10%!
55%
6 %
*53
109
*9%
10%
12% I
100
78
33
34%
27
12%
1,900
3,400
46
14% Jan 13
2% Aug 25.
Nat Rys of Mex 2d pref.-.100
Do
100
1%
55
*55
13
46%'
Aug
52
Aug 24
16
Wheeling & Lake Erie Ry.100
"ll66
Oct
35
28
33% Mar 11'
3% July 28
100
600
17
*30
17
1,000
30%!
19%
*%
41%
61%'
8%j
54
100
.100
pref trust ctfs
100
1,200
21%|
36%
5% Jan
23%May
43%May
6% Feb
77% Feb
74% Jan
Do
Western Maryland (new)..100
Do
2d pref
100,
Western Pacific-—.
.100
Do
pref-
"2",600
40
1%
38%
86%
33%
*%
1%
38
700
2,400
*13
15%
10
"4,466
30%
19%
%
1%
38
*85
32%
20%
%
20
25
*36
*85
33
20%!
3,300
14,400
40
*71
19
18,100
47
21
46%' *42
12%
1,400
15,900
1,100
46
*37
77%
21
7%
46%
12
40
10%
200
21
7%
46%
11%
11%
500
5%
100
30
36%| *35
3,000
200
30%
11%
36%
200
8
28
48
6,700
69
Feb
July
16
Mar 11
1% Aug
Do
17%
I
30%'
45%
35
9
83
Missouri Pacific trust ctfs.100
Do
17%
7%
8
18
7%
20%
24%
36%
25%
Dec
46
Aug 2
5% Jan 25
Mar 11
63
pref100
Missouri Kansas & Texas. 100
Do
pref.
--..-.-.100
Do
20,700
44%
119% 120%
*63% 64%
64
*16
1,400
*38
40
119% 120%
100
100
Do
400
34
*38
58
25%
75%
68
25%
47
23%
:
800
39
*34
Nashville
Manhattan Ry guar..
200
25
48%
24%
*38
46
119
G
2,200
40
36%
*9
77%
20%
9%
78
12,300
19%
*74
75%
69%
40%
23%
21%
77
20%
47%
23%
77%
20%
/
33,500
38%
25%
23%
5%
9%
10
76%
W "
x
34%
—
5,900
1,400
19%
26
34
I
"166
74%
36%
|
600
19%
95%
76%
*34
26
600
38
60
0
24%
33%
18%
95%
*53
26
i
<
53
4%
39
26
*73
68%
26%
75%
68%
W
38%
38%
19%
I
02
O #
18%
95%
17%
95%
17%
95
73
38
19%
18%
95%
53
50
.100
60
20
287«May
10
Oct
3
ll%May 10
17% Aug 25
47%June 21
97
Apr 14
35%
31
3,700
2
52
Louisville &
Oct
Mar
98
100
—
Oct
Sept
26
100
Minneap & St L (hew)
71%
1
100
—
Minn St P & S S Marie.-.100
72%
57
15%
700
100
2%
19%
pref
pref———
Lebigh Valley.
62
June 24
7
45% Jan 25
100
2,400
10
71%
57
X
41%
4%
71%
68%
300
51%
4%'
52
71
h
2,700
87
38
Do
.100
Do
4%
*4
51%
«
109
3%
19%
38%
4%
Illinois Central
Lake Erie & Western.-
51%
37%
«■
1,000
70%
3%'
19%
20
18% Feb
87
38%
25%June 24
6% Aug 10
100
Kansas City Southern
90
18%
.
pref
Dec
12
29
32%Mar 4
June 14
Interboro Cons Corp..2Vo par
Do
pref-.-..
100
69
37%
*
19%
38
60
9,700
10
1%
100
6,700
70%
"
2d pref
2,500
10
::::
Do
Great Northern pref.-----100
Iron Ore properties-Wo par
3
69
"ih
100
9%
26%
51%
52%
9%
1stpref—
85% Mar 12
1% Aug 30
'
%
30
610
13
40
Do
Do
52
40
„
—100
—100
Erie------
Feb
31%
Jan 20
1037sMay
249 May
4% Jan
7% Jan
15%May
22%May
15% Jan
79% Jan
1% Mar 24
4% Feb 23
11% ^ ar12
16%June 21
11% Apr 14
Duluth S S & Atlantic-.-.100
Gulf Mob & Nor tr ctfs_._100
22%
109
40
1,600
8%
*10
— -
i
300
15,400
*19
I
1,100
10%,
1%
3
19
0
13
2,166
54
84%
71%
6
53% Apr 27
47% July 7
3
pref
41
Feb
48
8
Jan
Delaware Lack & Western-
Dec
64
39%May
Jan
Delaware & Hudson
21%
66
27
Oct
91% Mar
May 10
67%May 10
3
49
65
78
Feb
100
100
Dec
34%May 18
June 21
-.-100
pref
Jan 12
60
1st pref
Do
3%
19%
38%
4%
52
3
t-5
51%'
22%
52%
'*
1%
25%
*50%
I
*19
52
200
71
9%
67
90
1%
9
8%'
*10
52%
51%
109% 109%
50%
<
i
22%
2%
2%
26
44% Nov
Dec
HO
2,300
95
21
60
21
95
I
95%
15% Dec
36% Dec
~
28%'
Dec
Jan
70% Nov
15
Sept
17% Sept
14% Oct
33% Oct
Jan 11
18,900
4
*6%
*19%
Dec
6%
134
71
500
28 "
21
95%
2%
8%
25%
51%
26%
*19
r*
| *19%
95%,
2%
8%
95%
2%
8%
26
51
95%
2%
8%
*6%
334
13% Mar
46% Jan 12
Do
Chicago & North Western. 100
Do
pref---.--.-100
Do
14
Feb
Oct
Mar
June 21
800
7*4%
Feb
4
Oct
17
32
1,700
73%
47
Oct
54
31
65%
35%
64
13%
19%
49%
June 20
100
8
Feb
40% June
9% Aug
5% Sept
109% Dec
22
76%
■'
27%
12% Sept
dhlcago Milw & St Paul-.100
100
13%
19%
*13%
19%
13%
74%
28%
8%
28
8%'
*6%
13%'
13%
19%
13%
73%
13%
19%
13%
*5
Jan 25
104%
June 18
2,000
104
*3
I
10
Dec
Dec
14
8,300
100% 102
4
Jan 11
Jan
4%
x82
5,200
100% 100%
101% 102%
*2%
54
82
Chicago Great Western.—100
Do
pref---100
600
Colorado & Southern
102
7% Jan 4
89% July 28
42%May 9
46
Do
64
May
101
Do
*60
Feb
72
14% Jan 25
—
per share
90% Nov
76
2
1,000
65%,
33%'
1
Highest
per share $
2
9%June13
6%June17
100
pref trust rects
•
Mar 14
47
Do
pref-_____-100
Brooklyn Rapid Transit--100
Certificates of deposit—
Canadian raclfic
100
S«
Lowest
$
81% h
Apr 27
30% Mar 11
Chic & East Illinois trust rects
1%
SHARE
87% Aug
77
1%:
1%
7%;
16%'
26%;
39%
65%
77%June 24
75% J an 3
300
54%;
65%
Atch Topeka & Santa Fe__100
Do r pref——
100
87
*%
*%
712
16%
25%
65
$ per share
9
54%
38%
Highest
$ per share
81
37%
51%
10%
113%
54%
Par
*84
38
51
113
2,400
Lowest
Railroads
9
2%
86%
37%
112% 113%
112% 113%
85%
PER
Range for Previous
Year 1920
EXCHANGE
the
*80
86
*6
*6
84%
81
*6
38%
51%
10
86%
37%
*50%
*9%
86
85
*80
2%
86%
38%
51%
10%
2
2%
2%
*84
*80
81%
84%
85%
85%
85%
SHARE
Range Since Jan. 1
On basis of 100-share lots
STOCK
Week.
Fidnv
U37
preceding page
Feb
135
95
Feb
5
Dec
Jan
103% Apr
96%
93
Jan
128%
Jan
61%
Jan
101
Jan
147%
Apr
116% Feb
54% Jan
86
15%
175
Mar
Jan
Mar
May 9
13%May 18
57%May 18
35
Dec
59%May
37
Aug
53% Mar
53
Feb
68
65
2
Apr 27 i
53%May
6
11% Apr 18
62% Jan 31
93
Jan 29
91%May 5
107% Feb 26
10
14
Jan
Jan 20
4434May
83
k
7
2
Jan 20
Ex-rights
30% Dec
8% Dec
30%
122
120%
Jan
Jan
Jan
Jan
14%
Jan
42
Dec
95
Apr
80
Aug
Jan
74
Dec
99%
109%
96% June
6% Dec
7% Dec
29% Dec
64% Dec
107
Apr
Mar
177s June
30% Jan
72
Jan
100%
Jan
(June 15) to subscribe*
1138
New York Stock
For sales during the
Record—Continued—Page
week of stocks usually Inactive,
see second
2
preceding page.
PER SHARE
HIGH AND LOW SALE PRICE—PER
Sales
SHARE, NOT PER CENT.
STOCKS
NEW YORK
for
Monday
Sept. 5.
Tuesday
Friday
the
Sept. 6.
Wednesday
Sept. 7.
Thursday
Sept. 3.
Sept. 8.
Sept. 9.
$ per sMre
$ per share
$ per e/lwwe
$ per share
S per share
$ per share
Shares
Year 1920
EXCHANGE
Lowest
66
24
24
2414
"60%
6312
*87
90
451.1
4712
*7112
106*8 IO6I2
1237S 12534
*86
89
123
124i2
7214
9634
88'g
46*4
*72
90
97
24*8
24
25
7,100
80%
6214
46*8
48*4
88*4
47%
600
19,700
Oo
pref
..100
Amer Sumatra Tobacco... 100
45%
90
*72
23,600
Do
90
*75
10634 1067s
106% 107%
12,466
Amer Telephone &
Teleg—100
125
126%
American Tobacco
*85
89
12,150
1,100
88
88
124
8812
122*2 122l2
125*4
7234
7412
73*8
9734
98*2
75g
*24
25
74*4
9734
*96
common
Amer
600
25
"""630
75s
375s
_36%
37*4
38
"ll",700
*29
31
*29
32
*28
31
100
75
*62
66
*62
66
*60
54
54
*50
55
*50
55
*50
55
*96
36%
*96
98
"2538
27"
4*2
25*4
2634
42,500
2212
22
22%
3,200
9*2
500
*92
2078
*812
21*8
914
*54
21*2
79*8
223g
*20l2
*8*2
9*4
62*2
*54
*54
62i2
7934
81%
*834
914
9*4
*54
62*2
81
51
5212
51
50
5114
91
5214
523g
51
53%
24,900
91
....
99
*9734
91
91*2
98
8434
98
85l2
*90
*90
*84*2
86
♦L.
99
334
*92
*9834
98
85i2
334
*3*2
334
*91
98
"
500
4is
434
4*4
4%
*4
2514
1214
912
25*4
25i2
2558
25
25
15
14*8
984
14*4
1334
14
4%
24%
13%
10*4
6234
1038
1038
10
10
*61 h
6234
6234
6234
400
3634
74*8
36
36
39*2
6,700
*73
75
74*2
4%
2734
74%
200
4%
29%
1,600
62*4
978
6234
6234
355s
37 %
36
75
74*8
3%
*70
4
334
434
35*2
4
378
27*2
2714
62l4
26is
28%
6212
2734
62*4
28*4
62l2
62%
4
2838
6278
27
27
27*8
26*2
26*2
44
4578
4412
4712
46
47%
*47
50
50
50
3478
35
3412
35
0
"55*2
B
«
<
w
0
00
O
3434
34%
35%
6,400
25
56
56%
4'
12%
13
20
*32
34
400
*29
32
*29
32
30
30
70
*67*2
68
68
68
5
3%
16
15*4
17*2
17
4412
39
41
41
43%
85
G9I4
87
87*2
*82*2
84
70%
J2
95
%
69*4
72*2
*2
2512
26%
2534
26*4
597s
58*4
60
82
*80
102
*80
101
82
101
*80
-
82
88
v
14,600
5,400
101
1,900
100
2,700
74%
28,300
w
*80
13%
*16%
17
17*4
300
61
61%
"61"
6184
"61%
62*2
61*4
98*2
62%
98*2
13,600
56%
78*2
*534
59
25,000
79
1,000
K
w
M
o
o
H
00-
02
8
19%
"9", 100
19
14
12%
13*2,
17*4
17
17
5,700
1,200
85
87
87
57
57*2
57i2
*83i2
90
*83i2
64
64
63i2
64
74
64
64
*7112
*31*4
*7112
74
32*2
59
*83
75
75
75
17
*15
17
1134
*1184
12*2
12
2034
*7*2
2034
35*2
38*4
56*8
5778
*19%
7*2
36%
57%
21
•
8
8
3434
3514
5734
5778
48
*84
3212
*
8
50%
87
59%
*75
80
17
*15
12%
*11
12%
22
7*2
38%
5734
11
1138
Jan
v
100
California Packing
California Petroleum
No par
..100
Do
pref
Callahan Zinc-Lead
Central Leather
Do
5
t c.
ioo
pref
22*8 Aug 24
100
89,600
300
23
Chicago Pneumatic Tool.. 100
Copper
25
47
Chino Copper
Coca Cola
19*2 Mar 30
Chile
5
.
_
No par
Do
pret
—
.100
No par
No par
.100
Cuban-American Sugar
10
Dome Mines, Ltd..
Elk Horn Coal Corp
10
Do
22
7*2
37*2
7*2
Do
pref
78
80
80
11,900
IOI4
10
10
9%
10
600
44
453s
44%
45
44%
31%
45
3,800
37%
*30
32
30
31
*67
70
*67
70
*66
69
*6G
400
70
58
58
*57
60
*57
60
*56
125s
1314
44
67*2
81S
83g
1312
135s
4512
44
4534
6712
*67
68
10,400
45
45*2
45
47%
13,700
69
68
68
27s
2%
25
33*i
18*2
84
84
18i8
12l2
1984
19i2
1958
14
1234
13
39
40
5134
5134
3912
5134
40*4
5134
25
255s
2534
2534
157
162
*100
102
1212
1284
884
834
40*8
41%
*78
*161
85
9%
32*4
17*2
40%
*83
19%
1134
165
39%
*51
25%
*161
2%
10*2
Bid and asked prices; no sales on this day.
*
3,500
33
21
1,200
42
31,700
84
400
85
19%
12*2
39%
53
25%
170
32
115
10%
200
40%
115
32
*99
11,900
20
*99
*25
115
2%
*31
*29
35
*92
8,700
33%
101% 101%
13*4
14*2
9
22%
2*2
10%
500
9*4
22%
19%
42%
101l2 101*2
1212
133g
8 84
9*8
*30
"""loo
14
9
9%
Mar 26
97
24%
Dec
43%
Apr
70
Dec
278*2
Apr
1,500
7*2 Sup t
Houston Oil of Texas
Hupp Motor Car Corp
Do
10
Refining
5
2
6
36
Aug
Internat Motor Truck. .No pvr
27
Aug
1st pref
100
2d pref...
100
Nickel (The)25
International Paper— —100
66% Aug
56% June
11*2 Aug 24
38% Aug 24
Do
pref (new)
100
Int Mercantile Marine
Do
pr
f
... —
Do
International
Do
stamped pref
100
50
Invincible Oil Corp..
Iron Products Corp
No par
Island Oil & Transp vtc..
100
Jewel Tea, Inc
Do
pref
Jones Bros Tea,
10
100
100
-
Inc
Aug 25
5*2 Aug 5
22%
9
2% Aug 25
Jan
95
Jan
Dec
Dec
5
Dec
29*2 Jan 28
21%
Dec
90
Jan 11
78
19%May 5
20*2 Jan 17
5% Jan 13
78%May 5
10
Dec
48
12%
Dec
36*2
Jan
1*2 Dec
32*2 Dec
19*2
Jan
43
Dec
xl7*2May 5
62% Ja 120
88
May
6
Dec
71*2
Dec
79*2 Dec
51
Dec
75%
7834 Dec
600
500
14%
14%
15,800
9%
*29
10*4
5,100
Jan 13
8984
85%
Jan
Jan 24
69
Dec
94
Apr
85%
102%
55%
4934
Jan
Apr 18
32
115
J Ex-rights,
a
Ex-div. and rights.
Dec
11*4
Dec
25
Dec
51%
12*2
Dec
Dec
55%
Dec
9*4
Dec
5% Aug
57
4
7
100*2 Feb 16
Jan 29
Jan 11
Apr
*4
Dec
88
Nov
100
Nov
10*4
Dec
68
Nov
Nov
54%
Dec
17
11%
Dec
73«4May 17
Apr
Apr
Apr
64*2 Apr 25
2
984
61%
27
28% Dec
Jan 18
78*4 July
46% Apr
116*2 Sept
23*4 Apr
Dec
42
May
Jan
Dec
44
6
Jan
38% Jan
20*2 Aug
84% Jan
9%
6334 Jan 11
May
Jan
38*2 Dec
69*4 Dec
88%
142*2 Apr
115
1
Jan
5134
111%
Jan.
170
Apr
84
Jan
Jan
71
Apr
2684 Jan
9184 Mar
79% Jan
47*4 July
75
Jan 20
26
Jan 20
19
Dec
40
Jan 11
27%
Dec
51*2
4
Dec
3
Dec
7% July
2134 Jan
45*4 Jan
Jan
Jan
14%
Dec
33*2
Apr
3
22%May 11
17%May 2
Dec
48*2
Jan
June 23
58*2 Jan 11
45
Dec
35
Aug
91%
57*2
Jan.
57%May 17
2934 Apr 30
38%
Jan
16
Mar 11
8*4 Jan
Jan
3
138*4 Jan 22
Incorporated
No par
Loose-Wiles Biscuit tr ctfs.100
Do
2d preferred
100
15
28
Jan
Dec
Jan
Jan
Liggett & Myers Tobacco. 100
Do
pref—.
—100
Loew's Incorporated...No par
8*2
Jan
Mar
152*2
17*2 Jan 14
Loft
Jan
42
105
No par
Lee Rubber & Tire
Jan
1284 Dec
64*2 Nov
58% Dec
16*2
37%May 18
13% Jan 11
76
9484
172
25% Apr 25
86 May 6
1634May 2
7% Jan 8
17%
Jan
Dec
Mar 18
Jan 11
16% Mar 23
25*2May 3
16% Jan 8
48*2May 6
60% Feb 15
110
*91% Apr
16% Mar
4434 May
134% Mar
Dec
40
10
Jan
75
32
fLess than 100 shares.
Jan
104
Jan
94
4
3
100
*92
147
Dec
Apr
13
70'4May 31
6
8*2 Jan
100
102
Jan
Dec
84
Dec n605
9% May
13% Dec
25% Dec
Jan
14% Jan
LacledeGas (St
102
28
47
9
21%
32*2 Aug 24
4
Lackawanna Steel
_
Apr
434 Jan 8
11% Mar 17
33% Sept 8
25*2 Jan 27
54%May 5
Keystone Tire & Rubber.
Louis)
31
22
20
24
25
24
26
22
67
6,000
170
Aug 31
100
Internat Harvester (new).. 100
4,200
*161
June 30
100
100
12%
1,000
June 20
33% Aug
67% Aug
99%June
7% Aug
pref
41%
25%
June 21
29% Mar 12
12%
39%
200
8
85%
Dec
40
82
July 21
Jan
59%
54
66
Aug 20
6
100
28
25
21
6
2
29
Aug 22
6,900
25%
81*2 Dec
16% Dec
Jan
Apr 27
69
20%
54
Dec
Mar 23
60
Jan
107
Jan 17
Jan 11
9
June 21
9
Apr
90
63
19%
*50
Dec
98
Apr 29
68*2 Feb
33% Feb
21% Apr
25%May
69*4May
98*2 Sept
82% Apr
138*2
16%
71%
70%
Kelly-Springfield Tire
25
Temporary 8% pref
100
Kennecott Copper
No par
*81
3
40*2 Aug 25
10*2June21
Manufacturing
Do
60
13%
9
4214
700
14
*67
11
31%
13*2
9*4
40l2
♦
200
100
4584
30*4
Jan
100
Indiahoma
8*2
54
13
Inspiration Cons Copper.. 20
Internat Agrlcul Corp
100
*7*2
39*2 Aug 25
77
Aug 25
50*2June 20
5,800
758
8% Aug 3
9*2 Aug 24
% Sept 29
25
3,900
2%
5%June 18
100
2,300
*17
44% July 21
74% July 22
Haskell & Barker Car. .No par
10%
2%
10%
33*2
80
18i2
June 15
Gulf States Steel tr ctfs___100
34%
8*2
2%
10
*17
96
Hendee
7,100
IOI4
325g
Apr
76%
104%
43%
107*2
19
78
"
105*4
June 20
Greene
797e
10i8
61
59
400
51%
101
33
Apr
200
*7*2
37*2
77%
10*8
*3H2
Jan
14%
Dec
493g
234
9734 June
3% Dec
IO234
7
Dec
37
278
6
Jan
Dec
37
2%
Jan
5
15
40
*20
98
*2 Aug 26
70
*36
30i4
Dec
Dec
27
49*2
11*4
34
93% Mar
46% Apr
16
52
7
49
10%
,*2*2
33%
Dec
7134
Jan 29
Jan 26
51
2&S
80
89% Aug
66
5
300
Hlg
Dec
91%May 17
21% Jan 7
5
4,600
Jan
Jan
77*2 Jen 5
12% Aug 26
Jan
No par
Jan
Dec
Jan
Guantanamo Sugar
67
Jan
Jan
51%
85
1,200
21%
41%
4034
44%
34% Aug 16
82*2 Aug 25
Jan
Copper..100
16484 Mar
111% Apr
70
44% Jan 11
7
45
Mar 26
25
3734
'
Aug
Feb 18
10
Dec
26%June 24
Cananea
Jan
80
Nov
7*4 Nov
16% Dec
62*2June23
15
Aug 16
200
Jan
61%
Apr 19
60
Goodrich Co (B F)
100
Do
pref
100
Granby Cons M, Sm & PowlOO
Gray & Davis, Inc
25
2,500
108*2
3% Aug 20
Jan 24
3,800
34
Dec
21*4 June 24
16
(6%)
100
(7%)... 100
59%
Jan
65
General Motors Corp..No par
Do
pref
100
Deb stock
Jan
Jan
28,600
Deb stock
Dec
Dec
Dec
Jan
80% A pi 25
Do
Jan
30*2
80*4
24%
20%
10434
Jan
109*2 Aug 22
9% Aug 24
Do
75*2
Dec
56
100
100
Jan
Nov
4
9234
100
1,400
46
15% Nov
63
52% Dec
General Electric
900
Jan
34
9*4 Aug 24
28%June 21
87
100
85*2
65*2
52
25
Dec
Jan
Dec
50
Famous Players-Lasky. No par
Do
preferred (8%)
100
Federal Mining & Smelting 100
Jan
May
50
.
pref
28*4
9
2% Aug 24
100
Endicott-Johnson
Dec
50
June20
Consolidated Textile
Jan
9*8
55%
Jan
Jan 29
52
Continental Can, Inc.....100
Do
pref
100
Contint'l Candy Corp ..No par
Corn Products Refining...100
29*4
1234 Jan 8
62% Feb 10
42%May 9
59% Jan 11
July 29
No par
Jan 12
26
Dec
63
22
100
96
11*2
Dec
8
3%
Dec
Colorado Fuel & Iron..
100
Columbia Gas & Electric.. 100
Columbia Graphophone No par
100
7*2 Jan 8
43*4 Jan 19
Dec
10
22
Feb 24
pref
8
2
2
19
17
14
13
Dec
9
19
Do
Jan
Aug
15%May
19% Apr
64% Feb
49%May
79
May
129
18
Mar
9
No par
Computing-Tab-Recording
6
28
Jan
32% Jan 20
86
Apr 30
70% Jan 11
12% Feb 10
27*4May 11
35% Aug 3
3234May 6
2 >
Aug 25
"l2",200
7
77
Mar 10
3 *% Aug
General Cigar, Inc
Debenture pref..
1,500
37i8
101
57% Aug 24
Cerro de Pasco Copper.No
par
Chandler Motor Car...No
par
16*2
7i2
5
4
100
58%
2*2
Jan
68*2 Jan
3% Aug 25
37*2
11*8
25
10
..
16
3334
114
Dec
57
25s
Dec
76
15
34%
Aug
May 20
15
2%
90
99*4
284
93
15
32%
93% Jan 11
107*2 Jan 15
5% Jan 27
Jan
81*4 Jan 8
3*4 Aug 24
14*2 Jan 3
10*4June20
7% Aug 22
53% July 28
48
49
Dec
May
100
*14
48
48%
65
Burns Bros
200
17
22
6
96% May
102*2 Jan
102*4 Feb
Apr
Apr
100
90
80
*14%
Apr
Dec
Dec
15
Gaston, W& W, Inc...No par
General Asphalt
100
Do
pref
100
75
148*2
102*2
78
92
47
9634
1,500
3112
Dec
94*4 Jan 11
102*4 Jan 25
62*2May 6
Jan
Dec
1
*14i2
*11*8
20*2
June
Dec
No par
12334 124% *121*2 125
934
10%
9%
10
64%
64%
63%
64
63*2
6334
63*2 63*2
72%
72*2
*71*2 73%
31%
33
*30*8 33
10*8
May
82
82
Freeport Texas Co
90
24
6
1,000
*83
90
123 58 12434
75
Dec
Dec
May
Bm>- 30
88
Dec
8
57%
Jan 21
95
June 28
59
42
70
8
Jan
75
58
44*2 Jan 7
13*4 Jan 12
88
21
*83
Jan
100
100
%
Aug
Aug 20
No par
34
50%
20*4
176*2
6*8
June 13
Fisher Body Corp
Fisk Rubber
34
48%
Jan
Dec
71*2 Dec
June 24
1,300
12*4
125
Jan
3
6,300
*11
5012
85
978
10,800
9
24
Jan
90
9%
11%
*22
Jan
7534
Jan
87
87%
79*4
Dec
.
Apr
100
9%
*11*4
934
lli2
84
*55
12378 12538
10%<
978
6312
63l4
June 27
95
39*2June 24
41%June 23
85a4
85
10*8
58*8
5
62%June 24
10
87
50
8%June 13
85
22
86
10i8
1034
84
15%June 17
50% Aug
2234
22
8534
34
3
9
22
11
3
Jan
5734
*534
22%
934
Jan
76
56*2
79%
7
914
1034
84
4712
o
H
80
85
o
«
58
9
June 17
Jan 17
17*4
*534
84
4% July 21
18
Feb 14
14iS
80
107*2 Mar 23
June 20
93
91
14
56i2
Dec
26
17
9
Dec
3
Jan
Jan
Jan
74%
Dec
38
Jan
Jan
59*2
66*2
67*4
Dec
Dec
18
July 11
Aug 23
Aug 17
Jan 3
147g
8H2
Dec
Jan
June
165*2
105*2
61%
21*2
Dec
30
Jan
97j£*
210
Dec
534
25*2
Jan 14
June 27
17
58
88*2
28*2
Apr
100% Mar
283
Dec
43%May 11
35*2May 6
77
1278
16®4
17l8
5634
8012
*534
*20i2
33
Jan 26
6%
17%
12%
10*8
£
w
22% Aug 22
31% Aug 25
Cuba Cane Sugar
Do
pref
82
7%
X
1
57,200
19*2
734
55*2
May 16
Aug 22
858
o
June
10
Aug 25
2034
«
98
105
92% May
104% Dec
85% May
100*8 Dec
39*2 Jan 20
49
8*8
17*8
Jan 31
22 *2
1938
o
94
127%May 23
82%May 5
Cosden & Co
9
w
Dec
Crucible Steel of America. 100
Do
pref
100
22
c
Dec
79
400
83s
0
65
20*2 Aug 12
6% Se<M< 1
24
93% Jan
142% Apr
11834 Jan
10634 Mar
Dec
1
91% Feb 17
108*2 Mar 29
129%May 24
13,200
6134
193s
8*2
97%
Mar
88
25%
0
20
107% Jan 27
101*4
24%
5734
w
o
Dec
49%
Consolidated Cigar
17*4
71%
82%
May 21
Do
pref
100
Consol Distributors, Inc No par
Consolidated Gas (N Y)__100
44%
95
Jan 19
96
May
too
1634
*2
Dec
61
400
800
87*2
*2
5714
434
22,500
38
*92*2
]2
71%
73
10184 10134
25*8
25*2
58% (0%
*100
O
4%
4%
87%
17*2
79*2
No par
900
33%
*67
87
4,000
12%
33%
70
8712
200
3*2
2912
4%
500
3,000
3%
15
85
J
J
11,000
35
02
o
w
11*4
24*8
15's
Q
1
52
10%
23%
42
1
W
52
1034
*1178
87
K
52
*33
434
2,000
23%
3*2
7
Mar
8% pref. 100
conv
Booth Fisheries..
2,300
23,000
13
434
8,500
63%
3312
*67
4,100
23
"56% "56%
3l2
Mar
91
65
Butte Copper <fc zinc
2734
47%
29
CQ
A
<
57
314
Mar
50
5
Butte & Superior Mining.. 10
Caddo Central Oil & Ref-.lOO
62
33:
*10
0
H
334
3
83
Nov
6
Butterick
26%
45*2
25
56
66I4
3l2
0
>
pref
cum
Jan
Dec
26
5o% Jan
1,100
10%
lOSg
23
Do
Do
Aug 27
61
45
5,800
25
103s
23
3
share
72%June 6
31% Jan 11
100
2,000
34%
10l2
2314
*22
M
51
978
2212
95% Jan
111% June 21
Highest
Brooklyn Edison, Inc
700
8534
4*2
24*2
13%
8534
86
70*4June 20
I
$ per share $ per
100
Oil
100
Atlantic Fruit
No par
Atl Gulf & W I SS Line... 100
Do
pref
100
Austin, Nichols & Co ..No par
Do
pref
100
200
384
85*4June 16
Feb 21
1st preferred
2d preferred
Do
200
99
*98
99
384
3*8
86*2
3 7*4 Aug 2 7
■93
Bethlehem Steel Corp
100
Do
Class B common..100
50
Aug 24
78
Aug 2/
53% Aug 30
Feb 21
166
99
50
18
57
148", 990
*95
50
83
90*2
*48
Jan 11
83
Baldwin Locomotive Wks.100
Do
pref
100
81
99
49i2
35s
62*2
*48"
8II4
*95
*48
"98%
600
5
$ per share
110
Associated
98
98
2434
63
Lowest
Highest
share
Woolen of Mass... 100
Do
2714
9
per
100
Anaconda Copper Mining. 50
Associated Dry Goods
100
"166
$
Class B._. 100
Do
pref
100
Amer Writing Paper pref.. 100
Amer zinc, Lead & Smelt. 25
Do
pref
25
66
37
100
pret (new)
Do
43,200
98
*23
25
7*2
Do
3,900
123% 125
73%
75%
30*4
98
.100
12438 12634
76s
2534
pref
106i2 10634
38
*8
100
88*4
88*8
4778
*96*2
*2334
24i2
ctfs
"62**2
*62
Q
Pref tem
60*4
25
*96i8
Fdry tem ctis.33 1-3
American Sugar Refining.. 100
3014
<
Am Steel
100
"
35l«
>*
Indus. & Miscell. (Con.) Par
Am Smelt Secur
pre! ser A. 100
12414 12634
"7% "734
*23
100
60%
63
90
88
74
69
23%
24%
"601*2
69
*66
68
*65
69
8034
*63
SHARE
Range for Previous
Week.
Saturday
PER
Range Since Jan. 1
On basis of 100-share lots
STOCK
1(2
Jan 25
Sept
6
97% Jan
3
10
7
105*2 Feb 8
21% Mar 28
7% Aug 25
12»4 Jan 10
June
Aug 25
42
Jan 31
Q4.1*.liinp 93
100
7% Sept
13
534
Dec
15% Dec
127*4 Nov
nPar value $100.
0
Old stock,
s
207
Jan
Oct
Jan
95
Dec
190%
Jan
14*2
Dec
36
Apr
9% Nov
28
Jan
70
Jan
Mar 11
30
30
2i
Dec
115% Jan.
Ex-dividend.
New York Stock
preceding page
PER SHARE
*
HIGH AND LOW SALE PRICE—PER SHARE,
Sept. 3.
Monday
Sept. 5.
$ per share
$ per share
Sales
NOT PER CENT.
STOCKS
for
Saturday
NEW YORK STOCK
Wednesday
Thursday
Friday
the
Sept. 7.
Sept. 8.
Sept. 9.
$ per share
$ per share
$ per share
$ per share
Shares
*145
150
149% 149% *147
102
100% 100% *100% 105
*66
75
*67%
80
*55
56
*55
56
6512
6512
♦55
56
25
27%
26%
28%
79
79
*76
80
152
150%
*100% 104
*67
28
26
79
79
*78
1*1212
2012
"5",900
12
24%
24%
....
11%
11%
12%
24%
24%
♦45
49
*45
♦92
94
21%
11%
5,200
14%
1,200
National Acme
14
*110
112
*108
112
*18
25
59
59
*1
*33
*85
90
20
35
90
*13%
*101
10%
104
10%
10%
10%
50
*58%
55
28
28%
*29%
53
*50
25
9%
1%
20%
*9%
27%
♦10
36%
32%
23%
35%
32%
25%
9%
1%
20%
9%
1%
20%
9%
10
28%
*28
*1
34%
*85
75%
50
34%
32%
*53
1%
75%
*101
14
20%
20
60
53%
1%
34%
*1
33%
104
*50
21
10%
29
35%
48%
44%
8%
43%
8%
44%
8%
43%
57
56
56%
55%
28
28%
23
23%
28%
22%
51
56%
7
7%
>*
*40
45%
44
44
7%
44%
<
56
58
57%
57%
57%
57%
7%
11%
12%
12%
13%
11%
27
29
28
28%
25
Q
87
87
M
13%
54%
7%
13%
54%
J
*85
7%
600
10
w
Orpheum Circuit, Inc
Steel
4,800
U
Do
1,300
Phillips Petroleum
19,499
4,200
Do
3,853
87
15
200
2,900
Do
29%
28%
28%
28
25
25%
24%
25
80
82
81
81%
105
*96
105
*96
25
48%
82
82
83
24%
47%
84%
8%
49%
51%
50%
12
11%
2%
Hi
*10
11
o
3%
2%
111%; *10%
66%
3%
68%
17
11%
18
3%
11
*10
3
19%
20%
20%
35
35
35
36
35
*65
71
*65
80
*65
37%
o
66%
17%
37%
£
a
70%
*36
72%
o
134
X
*70%
106% 106%
w
11
*2
3%
69%
17%
37%
20%
w
•<
*10
"so"
2%
135%
136
28
w
70
25
24
31%
73%
o
93
4%
3%
H
*29
75%
93
o
17
*36%
20
73%
*93
4%
4%
3%
4
"~7% "7%
18
36
19%
68%
86%
7%
86%
7
i
*10
II
3%!
68%
17%
37%
20%
35%
*3
67
17%
*36%
19%
35%
71
*65
72
*71
72
136
136
75%
73%
94
97
18%
67%
*84
8
75
97
17%
4%
4%
4%
29%
8%
4%
4%
29%
8%
36%
30
35%
36%
19%
xlO
*49%
*5%
24,100
18%
20,000
38%
200
20%
54,800
1,400
36
Do
71
"
1~200
71%
900
136
2,600
50%
46%
107
53%
18%
48%
109%
55%
15
42%
*41
42
49"
48
50
47%
84%
:
97
600
2,300
4%
4%
2,000
75%
75%
77%
109
46%
49%
*8%
30%
27%
109
32
47%
9%
30%
9%
31
31
69%
73
73%
66
66
7%
*55
83
*63
7%
7%
59
*56
82%
83%
*81
"44"
32%
8
►
30%
800
*5%
6
2,500
6
*55%
17%
*23
46%
108
53%
13%
42%
5%
58
"3",9o6
18
l"0", 500
48%
48%
400
400
v
300
6
77
76%
108% 109%
47
48%
77
109%
48
45
200
1,700
70
100
43%
8%
k
8
50,200
5,700
83
400
44%
45
7,900
34
33
33
*109"
112
6
900
10
6%
*108
37
28
28
35
35
35
35%
36
400
*109
112
112
200
*108
*110
38%
37%
38%
38
40%
*70
71
*70
71
71
71
*70
*53%
•
71
56
*53%
59
*54
59
59
59
Bid and asked prices: no
sale on this day.
| Less than 100 shares.
Virginia-Carolina Chem
Do
pref
100
100
No par
Westinghouse Air Brake...
50
Westlnghouse Elec & Mfg. 50
White Motor..
50
"4",200
Do
pref {new)
Wilson & Co, Inc,
t c.No par
Wool worth Co (F W)
Do
pref
Worthlngton P & M v
100
Do
100
Do
* Ex-rights,
v
pref A...
pref B
a Ex-div. and
5
25
100
rights,
100
100
t C..100
...100
100
Dec
68
Jan
95% Dec
124
Mar
40
Dec
120
29%
Dec
50%
Apr
Jan
73
Dec
106%
92% May
107
Apr
Nov
10
Nov
2234
Jan
Jan
24%
Dec
94
30
Dec
93% July
55%
Dec
96% Mar 2
24% Jan 25
69%May 5
84
Dec
13
10
12
Jan 12
5% Feb 16
167% Jan 13
16% Dec
49% Dec
2%
el42%
Dec
Dec
Oct
Apr
23% Nov
90% Jan
4834 Jan
82%
94%
Jan
Apr
Dec e212% Mar
100% June
Apr 30
93% Apr 29
24% Dec
22% Dec
3734 Dec
113% Mar
91% June
51% Mar
118% Apr
126% Apr
97
76
101%
110
Jan 20
May
7
4
10% Jan 7
13% Jan 11
77
Dec
Dec
8% Dec
14
Jan
Oct
11% Dec
20% Sept
41
60
Feb
Apr
June 20
48
Dec
13% Mar
45
Jan 10
40
Dec
36% Jan 21
22
Dec
e5734 Jan
53% July
46
Dec
80
Dec
Jan 13
1034 Apr 26
6%
Mar 22
70
91
Jan 13
13
Apr 25
5%
Dec
44% Apr 25
34%
Dec
75
6184-Dec
74
Aug 19
Aug
8
20
22
3
25
20
June 23
Aug 27
57% July 30
59
Aug 17
5% Mar 11
49% Jan 4
76
Aug 10
81%Sepo 8
38% Aug 22
29%June 23
7
July 16
9% Aug 25
5% Jan 3
23
Aug 26
31
July 15
105
Aug 25
x Ex-div.
Jan
127
Apr
38
Jan
Dec
53
Jan
Dec
148
Jan
176
Feb
Jan
207
Jan
62%May 23
45%
Dec
224%
96%
19
May
10% Nov
25%
Jan
50
Mar 24
7
Jan 13
534
27% Jan 19
74%May 3
56%
Dec
90
Aug
7
6
38
15
Oct
Dec
55%
Apr
Dec
37%
Apr
Dec
Jan
95%
Dec
78%
116%
10334
6934
14334
116%
35% Jan 27
44% Jan
3
29
Dec
76
39%
Dec
47% Mar
86%May
6
76%
Dec
109
Jan
Jan
102
Mar
8
5 834 May 18
35% Nov
7934 Apr 30
53
Dec
103% Jan
4
Jan
Jan
Apr
Jan
Jan
Jan
Jan 27
104%
Dec
11534
59% Jan 19
12% Mar 17
44%
Dec
8084
7
Aug
14
Oct
41
28% Dec
97
Apr
112
Jan 11
42% Jan 11
10234 Jan 18
95
Jan 25
2484
8884
Dec
76
Feb
Dec
Jan
80% Apr
112% Jan
120% Sept
21
June
72
Jan 20
4634 Nov
76
Mar
94
Apr 12
80% July
92%
96% Jan 14
49% Mar 29
44
May
17% Jan
18% Jan 11
10%May 4
42
May 3
89% Nov
26
Dec
93
47
34%
Dec
82%
9%May 11
_
Jan
7
584
Dec
119
Oct
Jan
40
Dec
30%
13%
Dec
69% Mar
Dec
25% Oct
32% Sept
19
5%
Nov
Dec
55%
32
Jan
Jan
Jan
Jan
117% Apr 11
100
June
145
111
102
Dec
116
Jan
35%
Dec
95
Jan
73
Dec
9354
Jan
53%
Dec
76
Jan
30% Aug 25
70% Aug 15
55%May
5
54
65% Mar
Aug
Jan
Jan
Dec
4
2
June 24
Jan
19%
Jan
Feb
105
3884
66%
91
5
25%June 21
,
95%
106
27%
Aug
20% July 30
Jan 13
Jan 19
41% Aug 25
7
/,
34
Apr
June 21
>
25%May 19
Aug
105
S
109
1
9
70%June 23
100
Virginia Iron, C & C
52
72% Sept
91% Jan
27% Jan
11384 Apr
104% Feb
39% Jan 12
73% Jan 13
46
37
50
No par
Wlckwire Spencer Steel
27%
37
t c
May 11
3834May ill
Jan 24
26
50
Willys-Overland (The)
1,500
29
*110
37"
v
3!
15
40% Aug 27
10
100
Vanadium Corp
Mar
37
15
100
Utah Securities
16%May
6
June
43% Sepo 1
84
July 29
41% Mar 11
...100
4",900
"
28
112
Dec
Feb
5%June
100
pref
White Oil Corporation.No par
28
111% 111%
1st
3,100
8%
*32
27%
Do
U 8 Smelting, Ref & M...
Do
pref
"""560
82%
43%
*9
Jan
83
82
38
....
Wells Fargo Express
100
Western Union Telegraph. 100
82
6%
98
Feb
Dec
15% Aug 25
June
8
U S Express
100
U 8 Food Products Corp..100
U 8 Industrial Alcohol
100
Vivadou (V)
81
8%
Dec
51%
Dec
19
100
11,800
8%
59
81
10
~~b~
7%
*55
10
34%
30%
83%
9
pref
77% 103,200
76%
Do
pref
1,200
109% 109%
Utah Copper
49% 28,400
47%
74
59
72
3
88% Jan 19
58
United States Steel Corp.. 100
*62
*33
8%
6%
100
*71
81%
86
10
39
70
*82%
82%
33
"(T
900
73%
7%
Do
United States Rubber
600
10
*55
7
Jan
76%June 28
6
Aug 25
28 June 25
U 8 Cast Iron Pipe & Fdy.100
45,800
87
30%
72
7%
Jan
78
64%May
Dec
46% Aug
11% Jan
49%
30
58
Jan
Jan
23%
75
Stores..No par
47%
29%
82%
108%
Dec
20
295%June
"3",600
32%
31%
*63
Dec
43
100
49%
*9
67
Dec
9
Jan 11
45
100
48
*9%
32%
15
59
8
6% Aug 26
June 21
pref
100
U 8 Realty & ImprovementlOO
30%
9%
31%
31%
74%
2
Mar 28
11% Jan
88
15% Aug 24
Do
92
87
85
44% July
8
56
46% Sept
32,600
55%
14%
8,000
48%
49%
Jan
Dec
31% Jan
42%May
73% Feb 28
75% Aug
1
No par
Retail
4,300
48%
42%
243
No par
100
United
109
17%
49%
49%
Dec
29
.100
Fruit
47%
*88
30%
2634
Dec
Alloy Steel
United Drug
United
17
92
Oct
35% Jan 11
Dec
Oil..
6,000
46%
*80
Union
United
17%
92
45
33%
26
Transcontinental Oil...No par
43
Aug
2034 Jan 17
49
May 9
283fiMay 6
Aug 17
3% Aug 29
3% Aug 10
Transue & Williams St.No par
Union Bag & Paper Corp.. 100
26
Apr
27
25% Aug 24
42% Jan 3
83
Jan
5
10
33%
Apr
36%
57%May 17
Dec
21
No par
100
46%
44
n
Submarine Boat
11134
Apr
Dec
67%June24
124%June 13
105% Jan 3
67
Aug 29
100
35,200
16%
32%
8%
6%
27%
pref
8%
46%
33
8%
Do
34,900
8%
36
17%
44%
10
"5%
25
voting... 100
Dec
2%
85%
14%
16% Aug 25
Superior Oil
..No par
Superior Steel Corp'n...._100
Tenn Copp & C tr ctfs.No par
Texas Company (The)
25
47%
29%
109
pref non
Jan
41%
1163s
6% Apr 30
9834 Jan 3
Aug 13
32% June 29
68%June 29
124,600
30
85%
Do
Steel & Tube of Am pref.. 100
Stewart-Warn Sp Cor p. No par
Jan
61%
12% Mar U
80O StrorabergCarburetor..No par
Studebaker Corp (The)...100
78
39
85
29%
Standard Oil of N J
Jan
78
9
32
100
...25
8
*12
*78
100
300
pref
65
23% Jan 11
8
45% Aug 22
10% Aug 26
2
June 23
No par
Standard oil of Cal
2834 Sept
41% Jan
9% Aug 26
2% Jan 3
59% Aug 23
79% June 22
100
Copper
9
26
Jan 17
69% Dec
64% Dec
6% Dec
Apr
584 Mar
84 Jan
10684 Jan
5534 Jan
1233s May
17% Apr
25% June
83% Apr
.21% Jan
41%June 23
Shell Transp & Trading... £2
Sinclair Cons Oil Corp .No par
Sloss-Shelfield Steel & Iron 100
Tobacco Products Corp
Do
pref
15
*5%
16%
46%
Sears, Roebuck & Co
Seneca
100
*40
17%
46%
69
17%June 20
June 21
par
Corp .No
40,600
*13
47%
*47%
"""560
Saxon Motor Car
Apr 21
Mar 12
18
100
21,700
106%
54%
53%
6
16%
Savage Arms Corp
3%
11
San Cecilia Sugar v t c.No par
19%
106
106%
54%
53%
14
*12%
41%
41%
46%
200
2%
11
70
58
17
Dec
109
87
18
79% Feb 17
71% Jan 12
35
98
66
*23
4
Dec
z42% Dec
1034 Dec
41% May
21% Aug 25
67
July 28
*84
*54
41% Jan
Nov
12
Jan 11
110% Jan 21
51% Jan 11
3684 May 6
90%May 10
87
18%
16
54% Jan 11
1934 Jan 8
56%Seu 8
89% Aug 24
25%June 11
68
26
23
30% Apr 29
Dec
20%
58
223s
70%May 19
19
7%
33%
77%
Dec
2% Dec
Jan 15
66%
8%
Dec
9
7
Mar 29
54
25
Jan
26
8
Jan
4
Public Service Corp of N J. 100
Pullman Company
100
50
Jan
12% Jan
39
Dec
100
Jan
Jan
61
>t
5
12
*84%
69
% Dec
35% Dec
90% Dec
88%
33%
48%
50%
106
8
35-%
Jan
1
72
Texas Pacific Coal & Oil..
*31
*23
97
4%
33%
18
18%
73%
*4%
*55%
58"
1
4%
*31
*54*
71%
136
50%
106% 106%
106% 106%
¥
70
i
70%
70% *-_.24
24% *23% 24%
24
31%
*29% 31%
31% 31%
"8% "8%
36*8
66%
*2
136
03
35%
2%!
8%
106% 106%
70
»23~
67%
51%
17%
117%
48%
6
pref
100
3", 100 Ray Consolidated Copper. 10
2,100 Remington Typewriter v t c 100
No par
3,800 Replogle Steel
100
7,100 Republic Iron & Steel
Do
pref
...100
400
'
600 Republic Motor Truck.No par
10,600 Royal Dutch Co (N Y shares).
10
500 St Joseph Lead..
25%
49%
84%
51%
11%
50
*11%
2%
m
Jan
Dec
Jan 24
Do
24%
23%
47%
110
Nov
Jan 24
Railway Steel Spring
24%
48%
Dec
8
66
96
Pure Oil (The) .k
*96
9
100
Feb 19
6,600
"l3%
9
47%
*81%
Jan
Apr
104
Punta Alegre Sugar..
12%
9
102%
93%
Aug 25
1,700
23%
82
Jan
Nov
June 22
2,800
12%
48%
89%
83
3,800
24
9
Nov
48
84
12%
'
10
Car
pref..
82
23
82
45
100
Pond Creek Coal
Pressed Steel
94%
28%
24%
12%
48
Feb 14
100
69
23%
1
...100
100
24%
105
25
pref
June 17
5% Aug 22
30% Aug 22
52
July 16
82% Jan 8
12% Mar 15
Pittsburgh Coal of Pa....100
500
26
9% Aug 26
21% Aug 26
100
2,800
57
29
pref
58
55
80
16
par
44%
*13%
30%
25%
No
Pierce Oil Corporation
Do
pref
*85
92
2 .% Aug
Pierce-Arrow M Car...No par
4,300
7%
93%
t c No par
v
13,000
13
93%
50
People's G L & C (Chic).. 100
Philadelphia Co (Pittsb).. 50
27%
*64
B
Penn-Seaboard St'l
8,600
11%
70
Class
8
46% Jan 19
27% Mar 12
38% Aug 25
34% Aug 17
6%June 20
33% Jan 3
100
7,900
8%
56
26
95
W
Dec
33%S
8% AU27
Pacific Gas & Electric
Apr
2
May 19
57%May 18
31 Sept
l%May 31
16% Aug 25
9%June 28
26% Aug 25
25
Jan
13
Jan 10
4
13%May 11
20%June 10
No par
Jan
102%
65
Jan 26
8% Mar
80
5
32% Aug 31
31% Aug 31
50
Pan-Am Pet & Trans...50
44
28%
22% *23
6%
43%
57%
pref
31,100
15
Q
108
Mar 31
21,900
88
23%
June 20
9
100
Pacific Oil
55
22%
22%
100
pref
Pacific Development
*13%
54%
;12
63% Dec
Owens Bottle
*85
26
88
7
Otis
14
12%
22%
9
May
May
300
28%
94%
12
H
Mar
81
400
2,100
88
22
x
95
10%
300
96
*96
June 11
67% July 28
Oklahoma Prod & Ref of Am
3,100
79%
a
89
100
Lead
28%
9%
94%
28%
24%
<
79%May 16
100
1
Nunnally Co. (The)...IVo par
200
55
*64
35% Jan 18
26
2,700
14
69%
8
Stamp'g__100
1%
21%
54
*64
Sept
Jan 26
9
Apr 13
Aug 25
pref...
50
Nova Scotia Steel & Coal.. 100
0
69%
53%Sept
Do
Do
*64
Jan
2J
North American Co
4,300
55%
36%
50%
35%
48%
43%
7%
55%
36%
50%
44%
8%
56%
28%
23%
12%
27%
7%
45%
27%
23%
"Vioo
9%
36%
49%
116
120
45
55%
10%
35
Jan
103% July
25% Dec
5938 Dec
Aug 25
100
*23%
*9%
1%
20%
10%
28%
"1% "l%
54%
Mar
125
39
33%
24%
54%
35%
48%
40
Dec
9
38
10
Dec
96
20% Feb
33
20-%
25%
100
37%
9%
4
New York Dock
32%
25%
21
Mar
Jan
10
12034 Apr 25
500
37%
9%
1%
4 >
30
4
Jan
30%
32%
25%
69%
100%
Jan
Jan
Jan
Jan
Dec
89
36%
7184
5234
Jan
Dec
47% Aug 17
Do
Jan
Dec
Nevada Consol Copper....
5
New York Air Brake
100
53
26
12%
500
*50
Jan
Dec
14%
93
100
pref
Do
100
105
47%
51
2,400
Mar
2
100
Enam'g &
National
88
May
105
pref
Do
"moo
Jan
222
June 15
29%
10%
51
32%
23%
Nat
Apr
107
Aug
95%
98
Nat Conduit & Cable..No par
90
37
55
36%
27%
2,000
500
137%
Oct
148
Jan 11
51
53
10
22
34%
*81
53
54%
8%
55%
500
*73% 74%
103% 103%
11%
10%
30%
54%
43
1%
Do
Dec
Jan
25
100
...
65
Jan
6934 Jan
64% Mar
151% Apr
June 15
102
Do
pref
National Cloak & Suit
63% Dec
share
14% Aug 25
13%June 23
..100
.
300
90
32
19
48%
20%
53%
75%
10%
50%
*28%
"""loo
Dec
per
18334
110%
Aug
28% Dec
July 20
June 21
22
50
.
National Biscuit..
56
'
,Highest
Apr 26
15% Apr 25
83% Jan 4
56% Jan 11
10
Do
117
75%
15% Jan
pref
100
MontWard&CoIllsCorpNo par
14
102
Aug 25
19%
Feb '2
Feb 14
Apr 18
24
93
18
94%
18%
Dec
3
43
49
56
94
100
25
1%
34%
*51
18,800
3,100
Jan 24
June 17
84
Montana Power
1,700
Dec
Apr 7
167% Jan 13
84% Aug 25
100
5
Middle States Oil Corp-.i. 10
MIdvale Steel & Ordnance. 50
24
18%
4
—
j
Dec
97
57%
89%
93%
101%
Aug; 25
Feb
120%
3
68
Mar 18
95
.
*92
18%
June
65% Jan
pref
Miami Copper...
*46
117
75%
100
94%
57
*101
Mexican Petroleum
49
lU
33%
75
24
100
pref
24
57
*80
7
24
14
25
55
*92
112
*19
59% Jan
3
*46
*110
14
107
,
„
$ per share $
164% Feb 28
5
94%
.
17%
17%
20%
*11%
$ per share
3
Jan
100
49
*921
1712
*13%
.
Do
20%
12%
20%
Lowest
Feb
136
May Department Stores__100
197",900
Year 1920
100
pref
Manati Sugar.
V ^ 200
115%
SHARE
Range for Previous
100
pref
Mackay Companies
Do
80
1
Highest
$ per share
100
_100
100
Do
100
26%
In%
115%
21
11%
109% 115%
111%
*75%
109%
(Con.) Par
Lorillard (P)_.j.
56
*26
,
Indus. & Miscell.
200
1,000
80
*55
Lowest
Do
O
Range Since Jan.
On basis of 100-share lots
Week.
100
PER
EXCHANGE
Tuesday
Sept. 6.
♦145
1139
Record—Concluded—Page 3
For sales during the weak of stocks usually Inactive, see third
8
e Reduced to
81
Feb 11
4
basis of $25 par.
» Par $100.
Apr
1140
Exchange—BONO Record Friday, Weekly and Yearly
New York Stock
Jan. 1
1909 the Exchange method
of quoting bonds was changed and prices are now—"and interest"—except for
•»
Week ending Sept
U. S.
Wttk't
fries
BONOS
pridav
Last Sals
9
Y
Jan. 1
D
J
NO.
87.58 1035 86.00 93.50
Conv 4% of 1932 1947
J
D
87.90 Sale
87 90
87.90
1
Conv 4*% Of 1932 1947
2d conv 4%% of 1932 1947
J
D
87.94 Sale
'87 78
88 01
277
85.40 88.60
J
D
95.50 97,00 95.70
95.70
1
94.00 WO 50
•aeond
Lloerty Loan—
MN
Conv 4 \i % of 1927 1942
..
87.90 88.12 87 74
MN
4% Of 1927 1942
Tbtrd
87.94 Sale
87 80
Bid
Canada Sou eons gu A 6s...1962 A
Canadian North deb s f 7s..1940 J
85.24 88.50
25-/eir
10-yr temp aecur 0a June..1929
Cbatt Dlv pur money g 48.1951 J
91 73
92 12 2710
88.00 92.20
A
88.08 Sale
87.90
88 16 5831
85.34 83.60
ffourto Lloerty Loan—
434%
Vlotory
4 H%
8 H%
Of 1933 1933
Liberty Loan—
Notea of 1922 1923
Notea of 1922 1923
O
fa oonsol coupon
41980
..1925
98 9 4
June'20
A \ i '21
105%
104
loou
78
:'
100
Apr'20
July'21
Registered
100
Registered
Argentine
internal
5-year
8%
a
6a of
20-year a f 8a
Bergen (Norway)
8
■> D
10334
M
J
5a..1926 A
1931IA
1941
'
Series B
51
92%
101%
84%
101's
94
1941,F
:
1911) J
48
43%
Sale
76*4 Sale
70% 80
97
91%
90%
91%
23
93
9JZ
48
93%
7.1%
73%
89
77
Sale
Sale
Sale
Sale
13
1945
A O
76
82%
75%
63
5 3
83
a
400
97% 100
89%
83
271
86
297
9J%
94
91%
99%
1
81
83%
83%
86%
14
75%
75%
87%
86
Sale
71%
72%
36
56
73
Sale
80%
84
17
74%
85
Sale
83%
48%
84
Sale
Sale
37
3
53
23
5)%
%
40
J'
94
90
61
99
20
Sale
I 93%'
99%
153
Sale
100%
101%
7o
96% 103
100
J
67%
76%
J
63%
City—4Ha Corp stock.1960 M 8
4Ha Corporate stook—1904 M 8
4Hs Corporate stock
19061A O
4Ha Corporate atook July 1967,
4Hs Corporate atock
1985!J D
4Hs Corporate atook
1963
8
4% Corporate atook
1959 M N
4%
Corporate stock
1958!MN
4% Corporate stook
1957 M N
4% Corporate stook reg.._1956 M N
New 4Hs__
1957 M N
85% Sale
85% 83%
85% 86%
9J% 91 I
91)
90
81
81%
94
101%
81%
81%
91%
77
72
89
102
Apr'2l
62*8
68
6s deferred Brown Bros ctfs
Registered...
S
J
..
East Okla Dlv 1st g 4s
Rocky Mtn Dlv 1st 4s
52% 54%
78% Sale
Chic A L Sup.Dlv g 58....1921
Cone extended 4Ha
1934
General 4s
Stamped 4s
1987 M N
General 5s stamped
Sinking fund 0s
Registered
1987 M N
1879-1929 A O
10-year seoured 7s..
Gen
1930 M N
15-y-w secured 6 Ha g
1936 M
Des Plaines Val latgu 4Ha—'47 Ml
unified
4Ha
1904'J D
Ala Mid 1st gu gold 5s
1928 M N
Bruns A W 1st gu gold 4s..1938'J
J
Charles A Sav 1st gold
78-1936! J J
L A N ooll gold 4s
01952. M N
D
Bav P A W lat gold 6s
1st gold 5a
Bait A Ohio prior 3
Dlv
lat gold 6a
19341A O
1934! A
Ha
Registered
1st 50-year gold 4a
Registered
1925 J
O
J
*1925Q
O
*1948,Q
conv 4 Ha
1933
Refund A gen 5s Series
A..1995'J
Temporary 10-yr 6s
1929 J
Pitts Juno 1st gold 0s
1922 J
100%
89
85% Sale
Cons 0s reduced
Debenture
81
North Wisconsin 1st 0s
83%
73
87%
71
68%
70
163
70%
65
71%
66
73
72%
73
49
92% Sale
91%
92%
93
D
"66%
112
87%
93%
"84 "
18
61%
60
73%
67%
83%
80%
~9l%
81%
67%'
83% Sale
82%
8.3%:
85
Mar'20
86%
J
86
77
97%
55%
9C%
80%
70%
83%
99%
85
85
88
Feb'2l
84
84
95% May'2l
95%
96%
50
51%
53
50%
56%
92%
89%
80%
91
89%
93
83
•No price Friday; latest bid and asked. aDue Jan.
71
85
Au?'21
79
85
May 21
71
71
Apr'20
99% July'2L'
dDue April.
Cln HA D2d gold 4 Ha
99%
cDue May.
~9~9%
J
.1935 M S
1937 J
J
4a g.1923 M N
4H8-1931 J
Clev Cln Ch A St L gen 4a._1993 J
J
D
20-year deb 4Ha—......1931 J
General 5s Series B—
1993 J
D
Day A Mich lat cona
J
1929
Cairo Dlv 1st gold 4a
1939 J
J
Cln W A M Dlv lat g 4a...1991 J
J
St L Dlv lat coll tr g 48
1990 M N
Ref A inapt 6a Series A
1940
1940
*1930
*1930
M S
J
J
Q
Q
5a...1928
0s—1934
Ind B A W 1st pref 4a
1940
O Ind A W lat pref 5a...<11938
Peoria A East 1st cona 4a..1940
Income 4s
-—1990
J
J
A
Q
A
Apr
A O
F A
M N
J D
A O
J
J
W W Val Dlv
lat g 4a..
O I St L A C lat g
48
Registered
Cln S A CI cona 1st g
ily'21
J'Jly'21
84
88
1952 J
4a
Spr A Col Dlv 1st g 4a
....
81%
67
87%
79%
68%
Jan* 12
82%
84%
67% Sale
82
West Ind gen g 0s..el932 Q M
Consol 50-year
79%
64%
64%
72% Sale
....
Chic A
O Find A Ft W lat gu
63% Sept'21
95%
79
79%
72
70
28
55%
97%
7S84
6884
May'211-
"2
9)
90
60%
30
61%
Sept'19
July'21.
-
Jan'21
-
98%
89%
91
59%
68%
-
'76%
81%
84%
84%
98%
99%
85 H
91
84%
76%
99% June'21
90%
91
84% Mar'21165
Aug'21
85
68
77
-
Jan'2l
77%
Aug'21
74
62%
68
68
71%
78
72%
87%
7734
22
.—
-
Sale
94
95
104
96%
july'21|-
98%
Feb'2l|-
0
93
69
-
94
C C C A I gen cona g
4Hs—_1961
Colorado A Sou lat g 4a—1929
Refund A Ext 4 Ha
1935
Ft W A Den C lat g 6a
1921
Conn A Paa Riva lat g 4a... 1943
Oliha RR 1st 50 vear 6a g—1952
Cleve Short L lat gu
0Due June. hDue July. *Due Aug.
Sale"
90
87%
90
94%
89%
lol" Sale"
102
103
Sale
101%
101%
101%
....
....
•
70
63%
95%
96
99%
98%
90%
96%
oDue Oct.
97
2
90
Feb'20
99
99%
14
10
87
73
71
69
Sale
69%
-
70
70
66%
93%
99
2
Aug'21
—I
71
99
98%
77%
90%
74
78%
85%
90
74
67
Aug'21
.--I
67%
69
69%
127
64
69%
69%
I
35
68
69
88
June'2l|-
85%
86
79%
82
73
68%
102%
81%
_
65% Sale
67%
105
62%
65%
66%
101
Aug'21
81%
Sale
83
75
97
Jan'21-
04
68
May'21
Aug'21
73
Sale
96%
97%
93% 100
June'2L
Aug'21
60%
78
72%
*81 " "81*
3
6534
79
92% Sale
91
92%
75%
75%
J
,.:i
Aug'21
03
67
67
60
Aug'21
77
Juue'21
75
84
81
81
83%
853s
92%
73
76
62%
1
67
75
72
70
Juue'21
77%
75
Mar'17
82
74%
62%
53
85%
76
68
100% 101%
61%.
81
Sale
84
May'18;.
88
70
81%
79
14
83
Nov'IQ'.
75
81
61%
97-%
.
118
101% 101% 101%
61% Sale
61%
73
64
62%
68
95
....
82%
96%
io"o% 10234
97% Feb'19.
80% June'2l
92
82%
65
99% 104%
96% 104
66%
Mar'21
88
91%
91
---I
98% June'21
77%
99%
87%
63,
101%
June'21
90
-
Mar'2t;
Aug'21
91
Sale
95
79
35
74
83
1930 (VI
1930 J
95
"23
"77% Sale"
80%
3 Ha. .1930 J
5a
15 ye ir s f 7 Ha
71
89
67
72%
*89 " "89 "
6234
26
56%'
84%
67%
101
78%
87%
70%
to
O
Superior Short L 1st 5a g._«1930 M S
Chlo T H A 80 East lat 58—1900 J
D
Nov'20
27
75
79
94
91
J
Tol A Cln dlv 1st ref 4s A-1959 J
J
Buffalo R A P gen g 5a
1937 M S
CousoJ 4 Ha
1957 M N
All A Weet 1st g 4b gu
1998 A O
Clear A Mab let gu g 58—.1943 J
J
84%
88
73%
D
General gold 5s
1937 A O
Pitts Clev A Tol 1st g 0s..1922 A O
Roch A Pitts Con lat g 6a 1922 J
77
86%
79% Mar'21
Sale
Keok A Des Moines lat 5a. 1923 A
8)%
June'21
66
71%
102
65%
85%
...1952 M N
AUi'21
"
61%
82
68
St Paul A K C 3h L let 4Ha.*4l F
23
64%
70
Chlo St P M A O cona 68.1..1930 J
Aug'15
79%
50%
.
58
69% Sale
1934 A
77%
73
72%
71
Ha..1934 IVI
N 1st 5s
72%
"70% Sale"
J
P Juno4 M Dlv
1st? 3Ha.l925 M N
P L E A W Va Sya ref
4a..1941 M N
Southw Dlv 1st gold 3 Ha—1925 J
J
Cent Ohio lat 0 g
4Ha—1930 M S
Ol Lor A W con lat
g 5a.. 1933 A O
Ohio River RR 1st g 5s...1936 J D
R I Ark A Louis 1st 4
87%
7>%
02
98%
98%
77%
87%
1988 J
83
129%
20
92
,.1934 A
72%
99%
90%
71
Registered
05
Sale
65%
66%
1988 J
87%
J
10-yr
Refunding gold 4s
Chlo R I A P—Ry gen 4a
75%
J
*1948! A
73
65
66%
1924 J
71% Sepi'21
107%
65
76%
101% Sale
S
3H8-1941 J
87%
Jan'21
71%
57%
-
72
76% S'»p.'21
Jaly'2l
27
-
-
87%
79
61
21
59%
101%
102%
Oct' 19
Ch Okla A G eons 5s
95
'57*34
78%
Nov'20
83
83
Aug'21
76%
59
90%
1930 J
g
79
75%
59%
-
86
91%
77%
78
Sale
Aug'21
Milw A 8 L 1st gu 3H8—.1941 J
104
7*1%
71%
Feb'10-
89%
1933 (VI N
1933 IVI N
55
99
~
76
63%
70
12
69%
-
Registered
73%
103
May* 19
Aug'21
Aug'21
78
Feb'21!-
85
Sale
63
68
Mar'19
86
103
81%
66
99%
Sinking fund deb 5a
50
82
98
70
66
98
C R 1 F A N W 1st gu 58-1921 A
79%
103
91%
Aug'21
O
Burl C R A
82
'47"% "54""
63
...
O
72%
87
4
Aug'21
O
73
Sale
25
53
95%
70
1921 A
68
82
93%
...1921 A
67%
87%
80% Sale
52
...
...1879-1929 A
5a..
67%
8
52% Sale
93
O
72%
Oal-Arlz 1st A ref 4Hs"A" 1962 M
B Fe Prea A Pb 1st
g 5a...1942 M S
Atl Coast L let gold 4a
*1952 M S
50
Mar'17
1879-1929 A
Registered
Mich
77%
78
32
O
71%
72%
75% Sale
68% May'2L
87
J ily'2l
90%
90%
70
90%
1879-1929 A
71%
71%
84%
71%
78
"'odd Sale"
1987 M N
71%
J
S
95%
82
Aug'21
~
Wla A Minn Dlv g 5s
1921
Ohio A N'weat Ex 4a.._1886-'28 F
72% Sale
J
1928 M
90%
June'21
81
92
7i% Sale
71% SRe
1905 J
Trana Con Short L 1st 4s. 1958 J
Aug'21
87
91%
79
79%
77%
73
Sale
35%
34
80%
87
79
10-year secured 7s
75
82
28
26
98
Mil L 8 A West Imp g 68-1929 F
Ashland Dlv lat g 6a...1925 M
75% July'2l
7434
Aug'21
23
89
60%
Frem Elk A Mo V 1st 08—1933 A
79%
77%
28
28% May'2l
91%
83%
"*88% ~90"
1926
6a...1924
asaum g
Man G B A N W 1st
Au g'21
79%
~2j% "ll"
69%
77«4
86%
65% Sale
6±% Sale
Ser B 5s—a2014 f
74
July'20
Oot'20
71%
75% Deo'20
53
90%
80% Sale
90%
Oct'19
50%
76% Sale
St L Peo A N W lat gu 58.1948 J
J
Atob Top A 8 Fo—Gen g 4s
19951 A O
Registered
1995'A O
Adjustment gold 4s._—*1995 Nov
Stamped
i
*1995 Nov
Conv gold 4a...
1955 J D
Conv 4s Issue of 1910
1960 I D
8 5%
8
74%
Sept'21
59
Gen'l gold 3 Ha Ser B
el989
General 4 Ha 8erlea C—...el939
Gen A ref Ser A 4 Ha
a',014
93%
Railroad.
*1990 Q
74
92%
Mil 8par A N W lat gu 48.1947 IVI
Ann Arbor 1st g 4s
82
91%
el989
83%
95
22
68%
Debenture
101
39%
76%
84%
91
31
37
69% Sale
84%
101
46%
46
Ch M A 8t P gen g 4a aer A.«1989
84%
July'20
101
74%
41
30%
45%
37
71
84
Sept'20
93
86
94
69
71%
77%
Sinking fund 5a
Registered
Dec'20
67
69
73%
50
92%
94
93%
63
Apr'2l
Apr'21
65
91%
63%
72
AUJf'21
July'21
69
74%
75
83
1946
87%
86%
90
89% Au*'21
90
1961 M
93%
70*" "74*
90
79
78%
81%
Apr'21
90
,
88
88%
88
73
70% June'21
Ind A Loulav lat gu 4a
1950
Chlo Ind A Sou 50-yr 4s
1950
Ohio L S A East 1st 4 Ha..-1969
)'
"80*"
85
67
70
76%
79
67
65
74%
82%
1947
Refunding gold 6s
Refunding 4a Series C
78%
81% Sjpc'2l
Aug'al
81
91%
West iBt 4a...1959 M
Chic Ind A Loulsv—Ref 6a..1947
79
81
I
72%
Chicago Great
87%
87%
87%
81
|
81%
90
8
Canal Improvement 4s
1961 J
J
Canal Improvement 4s....1960 J
J
Highway Improv't 4 Ha—1963 M S
Highway Improv't 4Ha._19651*! 8
Virginia funded debt 2-3s...1991 J
J
82%
82%
99%
89% Aug'21
82
J
MUw A Nor lat ext 4 H*-—1934
99%
60
Aug'21
76% Aug'20
69
June'19
90%
1936
Fargo A Sou
98%
81% Juiy'21
85% July'21
90% AUij'21
82
90
Ipd C Ry 1st 5a
conv
*59 *71%
80
83%
Apr'21
70
Sale
Guar Tr Co ctfs of dep
Gen ref
87
*71% 77%
83%
1937 M N
U 8 Mtg A Tr Co ctfs of dep
Chic A
78%
72% 96%
65%....
65%
70%
45% 45
37
21
77
73
General conaol lat 58
90
65
82%
Sale
stook... 1954 W N
J
Registered
1927 M N
General 4a
.1958 M S
Chic A E 111 ref A Imp 4a g._1955
J
U S Mtg A Tr Co eta of dep
1st consol gold 0a
1930 AO
Chic A Mo Rlv Dlv 5a
43
85%
85%
8078
8078
80%
stock—.1957 M N
J
48—1927 Ni N
Registered
1886-1926 F
General gold 3Hs—......1987 M N
Registered
..pi987 Q F
Au^'21
91%
90%
Extension
78
79
Mar'17
67
C M A Puget 8d lat gu 4a..1949
55 to
Y
4H% Corporate
3H% Corporate
N Y State—4e
70
99%
102% 103
76%
80
7 *% Sale
95
05
91%!
91%
100
80
84%
93%
99
---
78% June'201-
76% 3ale
53%
74
107%
1
3
1934
oa!
65
82
1925
92
83
82
Sale
1932
93
10)%
91
Convertible 4Ha._—
Permanent 4s.
10 %
i
83%
82
83
J
—
...
Aug'21,-
25-year debenture 4a
09%
May'21|-
80
83
75% 84
92% 100%
94
97%
4
100% June'21!.
69
83
—
93%'
83
55
10 3%
Sale
79
41
99%
97%
Apr'21j-
94
:::: r<>d%
40
Sale
Sale
83
29
Sale
Sale |
Sale I
87
84%
74
93%
83% Sale
Nebraska
89%
31
80% Aug'21 !•
8tamped
101%
98
96
95
83
97
~79% Sale"
J
89
94%
"87 " "87%
-
81%
79%
S
D
76
95%
80%
84%
67%
-
■
93%
A
D
68
85%
49
94%
June'21
May*18
87% Aug'21
O
Ohio B irl A Q—111 Dlv 3H8-1949
Illinois Dlv 4a
1949
95% 103
95% 103%
70%
91%
1992
95% 103
State and City Securltlei.
N
3
Greenbrier Ry lat gu g 4a. 1940 VI H
Warm Springs V lat g 5e..1941 M S
Chic A Alton RR ref g 3s
1949
O
Railway lat lien 3 Ha.
1950
J
81
71%
Sale
.
ths basis of
49
63
99%
83%
lurloh (City ot) a f 8a
94% 101%
72
89
103%! 12)
73%:
22
1)1% 377
95% 1135
98%
88%
10
6o
99%
102
40%
102%,
99
Swiss Confe lection 20-yr sf 8s'40 — —
Tokyo City 5s loan of 1912
M S
Urugnay Rep ib ext 8s
1916
32
"i0
83%
Sale
104
92
102%
99%
Sale
F
96
90%
95%
33
99
67
Sale
10U2
102% Sale 102%
7J34
79% 79%
101i4 Sale 1J0%
9J34 Sale
9.%
99%
83%
87%
Sepi/21
79
85%
46
44
203
48%
101%
6 >%
101
5Hs—1937 F
1929
ars priest on
74
474
102
A
A
90%
...pl922 F A
9o%
Italy (Kingdom of) Ser A 6Ha.'25 F A
8j %
Japanese Govt—£ loan 4HB.1925 F A
| 8^%
Second series 4Ha
.1925 Jit 8J%
Sterling loan 4s
.....1931 J
J * 72
Lyons (City of) 15-yr 6s_.
1934;MN
Maraelllea (City of) 15-yr 68.1934 M N
?*
MexJoo—Exter loan £ 5s of 1899 Q J
'0
Oold debt 4a of 1904
1954 J
D
''
Norway external s f 8s
1940 A O
lO Of
Paris (City of) 5-year 6s
1921 A O
9-Mii
San Paulo (State) ext s f 8s. 1936
J| 97%
Sweden 20-year 6s
...1939 J D
90
tThsss
12
93%
94U
80%
0534 Sale
102
Sale
20-year extern 10 in 7Hs -.1941 J
Ot Brit A Ireland (U K of)—
5-year 6H% notea
1921 MN
96% 102%
93% 101
81%
93%
Sale
80
1945!A
10-year conv 5Ha
8-year conv 6Hs
VI
Craig Valley lat g 5a.....1940
Potta Creek Br lat 4a
1946
R A A Dlv lat con g 4a...1989
2d consul gold 4a..
1989
97'4
87
99%
Sale
101
103
72
95%101%
83l2
Sale
99
66%
10
9088
100
9014 Sale
9*% Sale
Dominican RepOonsAdmsfSs 58 F
French Republic 25-yr ext 88.1945 J
bond
203
O
19401F
20-year \old
I02l2
%
101%
101 %
81."
O
Chrlatlanla (C ty) i f 8s
1945 A
Copenhagen 25 yr s f 5HS..1944 J
Cuba—External debt 6s of 1904.|W
Exter dt of 5s 1914 ser A-1949 F
External loan 4H«
1949 F
D«T»l«h Con Municipal 8s " A '1946 F
D«u 'jack external s f 8s
12 3
102
1929 F
(Kepublllc) ext af 8s_.
Chinese (Hukuang By) 6s of
93
9J%
10014 Sale
101% Sale
84
83l2
9J;,4 Sale
N
D
yr 6a.1931
Chile
104%
A
.1945 M N
10-year 6 Ha
71
102%
9)is
N
f 8a.....1945 M
Canada (Dominion of) g
do
do
71
Sale
9512 Sale
1941 ^
s
(City o0 a f 8a
Bordeaux (City of) 16
Brazil, US extern 8a.
Sale
71
1909.— M
Jan 19251
Berne
J
Coal River Ry 1st gu 4a—1945
f 7H a g.1945
notes
12
20-year convertible 4H9—1930
30-year conv secured 5a__. 1946
Big Sandy 1st 4a
1944
Foreign Government.
Belgium 25-yr ext
1992
13
90
78
J
1
94%'
87%
|
High
81% 88%
99% 104%
95% 100%
375
75
68
1939 VI N
General gold 4H8
79%
75
Sale
94
N Y A Long Br gen g 4a...1941 M S
Cheea A O fund A Impt 5a...1929 J
J
lat oonsol gold 58..,
N
1939
•July'lS
79'4
75
78
101%
75
94%
85%
81%
Registered
M987 Q
Am Dock A Imp gu 5s....1921 J
102% 101%
July'21
99
10112
7)12
75l2
1961 QM
1961 «2M
July'21
99%
75
68
Mobile Dlv lat g 5a..
1946 J
Cent RR A B of Ga coll g 58.1937 VI N
Cent of N J gen gold 5s
J
1987 J
99.10
99 03 28)2 95.80 99 03
100
100
June'21
100
4a coupon
.....
1925
Pan Canal 10 30-yr 2s
11938 Q F
Pan Canal 10-30-yr 2s reg—1938 Q N
Panama Canal 3s g
Registered
93 9'
100'4 10 '% 100
100% 101'4 100 ij
104%
10412
104% 108 jl0l%
<11930
4a registered
99.10 13330 95.50
90,04 Sale
99.04 Sale
fa oonsol registered
73
Mac A Nor Dlv lat g 5a..1946 i
Mid Ga A Atl Dlv 5e
1947 J
92.06 Sale
of 1928
J
Low
18
62
91% Sale
87% Sale
194
23 85.34 88.80
87 90
83 05 2907 85.30 88.40
M S
87%
101%
100% Sale
>Hs
No-
Bioh
86%
103%
Sale
104
J
Liberty Loan—
IM%
f d'b
D
Sines
Jan. I
Ask Low
87% Sale
O
Car Clinch A Ohio lat 30-yr 5a.38 J D
Central of Qa 1st gold 5a...pl946 F A
Conaol gold 5a
1945 M N
8
Hang
Hangs or
Last Salt
High
Lots
87 14
87.26 Sale
(Vest's
STOCK EXCHANGE
Week ending Sept 9
flrtt Liberty Loan—
8H% of 1932 1947
bonds.
and defaulted
BONDS
Sines
<*»
High
Ask Low
Bid
Government,
Hangs
si
Hangs or
Sept 9
V. T.STOCK EXCHANGE
income
a
69
71
65%
..
77
08
Nov'l0_.
87%
99%
99-%
Aug'21
63%
74
75%
75% July'21!-.
82% Sept' 19,..
90
Aug'21
"75%
Nov'20
"8*5% "90"
—
9834
9984
54
-.
61%
72%
58
19%
Sale
22%
57
22
I 83%
83%
10
58
18
20
2
79
77
84%
81%
!
July'21
83%
85
83%
81
84
I
2
7684
77%
99%
76%
77%'
32.
72
78
I
93
99%
*97g
16
99%
*60
99% Sept'21
*68% "66%
*6~"%
8
pDue Nov. tfDue Dec. sOptlon sale.
New York BOND
Wttk'e
Price
Friday
Range
Last Sale
Ask Lovd
Bid
94%
97
97
No.
96
95
Aug'21
Low
Aug'21
Sept'21
95i8
69
68%
7078
N. Y. STOCK EXCHANGE
Jan. 1
High
98%
8OI4 81% 80
85
Sale
84%
104% 10412 104%
7034
70*4 Sale
104%
70%
1
66%
69%
Leh V Term Ry 1st gu g 5a... 1941 a
70%
95
97
95
Registered
Leh Val Coal Co lat gu g 5a..1933 j
3
81
44
98%
81
Leh <k N Y lat guar g 4a
78
9
85
86
General gold
6958
70
52
62
70
Gold
22
66%
72
Unified gold 4a—
70
2
45
65%
69
70%
71
70
30
67%
40%
72*4
20-year p m deb 6a
71
72% June'21
77
72%
75
8
29%
54
57
55%
93%
8714
95
93*4
57
57
May'21
50
50
79%
74%
79%
92% June'21
90
Sept'21
*78* *7912
May'21
79
78
92%
92%
87%
91
Unified
83*4
68%
75
j)
8
96
D
48
72%
53
Penaac A Atl lat gu g 6s...1921
81%
8 A N Ala cons gu g 6a
Gen cona gu 50-yr 5a
-J
79
79%
9
82
Aug'21
97
June'21
Registered
80
55
40
45%
*55* *61**
78
83
82%
Aug'21
72
Nov'19
52
Aug'2l
72'4
50%
--
Apr'21
-
52%
44%
81%
74%
71%
83
82%
69
70
69
lat consol gold
78%
88
67%
42%
June'21
88
67%
68
45
77
27
Nov'10
July'20
1927 J
D
95
Mar'20
96
70%
39%
40
45
41
48
45
47
68%
1949 IVI
S
40
F
32% 40%
44% Sale
44%
67
68% Sept'21
50
Refunding gold 4a
J
D
S
39%
J
1951 IVI
M St P AS S M eon g 4s lnt gu'38 J
lat cona 5a
1938
81
72
Sale
68%
39%
39
Apr'21
69%
53%
69%
Apr'21
69%
69%
92
Sale
92
71%
77%
M 8 8 M A A 1st g 4b lnt gu'20 J
Mississippi Central lat 5s...1949 J
J
7484
J
70
66
66
Mo Kan A Tex—1st gold 4s__1990 J
D
63
Sale
01
6l34
06
A
40
Hale
36
40
4
67%
67%
3
103%
104%
40
102%
102% Sale
80% 82% 80%
102%
81%
354
63%
103% 8ale
96
95
83
89
"~l
1
7434
Mar'21
60
58
58
58
63
60
57
58%
58%
33
43
37
41
41
40% Sale
38
40*4
4034
St Louis Dlv lat ref 4s
18%
22
18%
Aug'21
1812
43
48%
41%
Aug'21
43
Dall A Waco 1st gu g 58...1940 M N
Kan City A Pao 1st g 4a... 1990 F A
Mo K A E lat gu g 5a
1942 A O
64
70%
60% June'22
50
52
M K A Okla lat guar 58—1942 IVI N
62%
71%
60% July'21
M K A T of T lat gu g 58..1942 M S
Sher Sb A So lat gu g 5a...1942 J
D
Texas A Okla lat gu g 58..1943 M S
57%
79%
75
*85%
99
99%
90% 103
90
Feb'21
65
7
7%
72
65
72%
73%
72%
-
.
—
General
70
72%
67%
76
Cent Br U P lat g 4a
■
'
67%
68%
Aug'21
76
84
Gen con stamp gu g
Aug'2l
81%
85
Unified A ref gold 4a
92
8ept'17
82
74
70
74% Sept'21
84
62%
70%
....
73*4
5
67%
78%
67%
65%
May'21
72% Sale
71%
72%
Dec'20
70
68
92
" Safe*
72
75
58
59
65%
73%
09*4
73%
■a *85*4
92%
102%
06%
92%
*30
60
103
Jan'21
73%
June'21
58
58
65% July'21
64
July'21
60
*57%
6412
57%
50
57%
56*4
71
0634
Aug'21
64%
66%
80%
72
70
July'21
*95 "
73%
58%
68
60%
92
87%
62%
N Y Cent RR
74
94
* *94*
'91%
91%
72%
97
74
78
*75 " *78*"
73
67%
5734 Sale
57%
78
78%
74
Sale
81
81%
68%
70
70
50%
65
59
71%
77%
79%
85
July'21
70
Sept'21
77% Aug'21
a
D
77% Sale
77
Aug'21
77%
77
78
J
O
J
J
o
J
J
D
O
78
93%
99%
99
93%
July'21
Aug'21
23
23%
29%
30%
18% JuJy'21
27
30%
30%
15
17%
16% Sept'21
69%
64%
69%
64%
94
94
96-
96
57% Sale
92% Sale
103
21
69%
Sale
57%
92%
102%
Registered
83
64
72
63%
80
80
67%
Registered
71
84
72%
J
A
62
A
47%
J
79
Due Jan.
b Due Feb.
0
Due June.
.....
4a..
5 Due July
79%
67%
Aug'21
33
70*4
67i«
99i8
64%
93
L0312
7212
82
695a
67l2
8OI2
79*4
66% June'20
74% Aug'21
*7*6*18
63%
6412
63
Aug'21
61
64
Sept'21
68
57
June'21
49
Feb'20
81%
Apr'21
60%
65
60
62
*8112
7612
June'21
*69*18
73
June'20
66
01
76% July'21
May'16
59
*76% IIII
Aug'21
104
o
70%
D
J
78%
82%
D
67%
D
65
87
Sale
86%
87
87
85
Sale
84
85
86
1997 J
25-year gold 4a...
gu g
61
J
J
71*4
79%
61
D
57*4
93
103
2612
1928 M S
1931 M N
1981 M N
.1"
Debenture gold 4a
Registered
04%
57
O
71
80
*7*4*% *7*6 "
J
Gouv A Oawe lat gu g 6a..1942
Ka A A G R lat gu g 5a..1935
Lake Shore gold 3)4«_.._.1997
*83** *85*"
72
70
79%
A
2d guar gold 5a
...1930 J
Beech Cr Ext lat g 3)4a.51951
Cart A Ad lat gu g 4a
1981
75
79
71%
A
6734
30%
69% 73
64% Sale
1998} F
54
99U
24%
1942 J
1989, J
78
95
20
1934 IVI N
1930; J
1980 J
75U
85
26
J
1934 IVI N
75%
93% Sale
79%
Beech Creek lat gu g 4a
LOO*
90
07
75ia
n
.1991 M S
Due Sept.
'
64
75%
79% Sale
76%
91
*
Tl'la
Aug 21
98
67% Sale
Mob A Mai lat
ced this week,
90
J
Mlob Cent coll gold 3)4a..l998 F
Registered
1998 F
Battle Cr A Stur let gu 3a.
Aug'19
80
70
Srpt'20
97% July%l
O
...1998 F
m
A
1997 J
1997 J
30-year deb 4a
*38 *72 " *78*%
Aug'21
85
70
m
75>2
87
90
A
72
75
73%
8034 Aug'21
69
69%
98% 100%
1998 F
Lake Shore coll g 3)48
Registered
73
Oct'09
77
70% Sale
85%
79U
9012
*
Oct'17
72
1930 M S
68%
88%
Aug'21
Aug'2l
5734
77*4 Sale
80%
'7"8U
Mar'21
1935 IVI N
Registered
"7*8*% *87* *
91
80% July'21
89%
88%
102
Juiy'i4
73*4
75%
64
J
Debenture gold 4a..
Registered
88%
84
83%
71% July'21
Nov'17
68% July'21
73*4
June'19
June'21
,
90
o
1925 J
Sale
68
77
"75"i4
61% 05
75% Sule
1977|A
Mortgage 3 Ma
86*4
87%
Aug'21
65
*75% *78*"
D
J
4>is—.1920, J
1951}A
deb 6a
74
58%
Oot*l8
Aug'21
Ref A lmpt 4t*a "A"
2013 A
New York Cent A Hud River—
65% July'18
83% Sale
oonv
89% Sale
94l2
54%
58
Consol 4a Series A
*6*9% *75*"
86*J June'21
86%
J
Non-cum Income 5b A.....1936 A
58%
6634
Mar'19
90
O
O
75
53%
71
10-year coll tr 7a
May'21
73
79%
85
1927
N O Tex A Mexico let 0a
Nov* 10
94
70
80
87
78
NO A N* Elat ref A lmpt 4 )$aA '62 J
New Orleans Term lat 4a....1953 J
Nov'16
57%
Aug'21
94%
Aug'21
81
63
58-1947 F
Guaranteed general 4s
Oct'20
79*4
1938 M S
Nat of Mex prior lien
lat consol 4a...
37
81
Jasper Branch lat g 6a
1923 J
Nat Rya of Mex pr MeQ 4 J^a.l957iJ
100% 103
50
81%
J
St L A Cairo guar g 4a
1931
Naahv Cbatt A St List 5e...l928 A
32
A
J
51927 Q
St Loula Dlv 5a
"~8 *71% *7*8*%
78%
55
May'21
D
1927 J
g
Aug'21
32
91
1929 J
gold 0s
Montgomery Dlv 1st
74
95% 8ept'l9
*78*% Sale*
new
....
55
79
1929 J
lat ext gold 6s
General gold 4a
July'09
73
Mob A Ohio
69
62
40
84% 87
53% Sale
63% 73*4
69% 71
RIv A G Dlv lat g 4s
1933 M N
Verdi V I A W lat 9 5a_...1926 IVI 8
Dec'20
80
7334 Sale
"6*8* " *74%
Nov'15
7034
58
52%
91% Sale
S
6fl_.1931|A
Registered
58
Aug'21
A
M N
1948 J
63'
A
Pao R of Mo lat ext g 4s... 1938 F
2d extended gold 5a
1938 J
St L Ir M A 8 gen con g 5s. 1931 A
73% June'18
73%
Oot'18
68% Aug'21
58
57
37
Aug'21
A
.1975 IYI
6934
82
103
4a
Missouri Pao 40 year 4a.....1945
3d 7a extended at 4%..I..1938
8
65
82
84
O
refunding 5s Ser C..1926 F
85
66%
77%
2001 A
65
65
"67% "I"
1st A
90
5%
1944 m N
Missouri Pacific (reorg Co)—
lat A refunding 5a Ser A..1965 F
lat A refunding 5a Ser B.al923 F
"9*0* *9*4%
92
Jan'21
Sale
7
42
53
99% 102%
70
48
42
40
80
81*4
90
89
70*8
63l2
40
lat A refunding 4a
2004 M S
Trust Co cert fa of deposit
Gen sinking fund 4^8
1930 J
J
Trust Co certfe of deposit
L
8434
80
July'2l
92
'92""
35%
136% May'06
"91%::::
92
July'2l
63%
36%
Mar'20
99
IOOI4
70
85%
77
79
74% May'21
99
Mar'2l
98
84l4
Deo'20
35
8*534 *9*2*"
81
83
85
Sale
lat ext gold 5a
120% May'10
80
I'll *78*"
89%
91
June'21
6% secured notes "ext"...1916
16
89
81
90
25%
67%
99% I0i%
96% 102%
8ept*2U
99
81
'
85%
ioi%
#1990 F
Trust Co ctfs of deposit
02%
June'16
85%
85% 86%
101%
101% 102
*90 " *9*1 "
2d gold 4a
44
81
69%
1941 M N
75
39%
80*4
Sale
92
...
1st Chic Term s f 48
*72*12
70
40%
1934 M N
6a
53%
66
Mar'10
75
8884
71
66
94U
07%
75
88
64%
99*4
83
Apr'21
Apr'21
85
88
Sale
88
7434
71i4
*90 *
99% May'2l
91% Jan'21
"90" mi
85
66
69
Jan'21
85
....
72
Feb'05
90
Jan'17
7434 Sale
82%
95
"so"
23%
64
8714
82%
99
lat A refunding gold 4a
*47*" *54*"
Aug'21
July'21
S
Ref A ext 50-yr 5a 8er A...1902 Q
Dea M A Ft D lat gu 4s...1935 J
Iowa Central 1st gold 5S..1938 J
82%
86
73%
loo"
D
1977 M
40
40
*55"
May'21
f g 6a..1925 J
a
Minn St Louis lat 7a
Aug'21
.
100
82%
1977 M S
Midland Term—lat
Dec'20
Aug'21
Sept 21
95% Nov'19
a
a
1936 IVI N
Stamped guaranteed
Aug'21
56
43
j
p
1936 p
Mex Internal lat cona g 4a
99
7*6*" *7*8*%
Jan'18
40
45^8—.1945 J
71%
52%
89%
99% 101
j
A
1903 a O
1945 ivi 8
Jan 18
Apr'21
0
1937 p
Manila RR—Sou Unea 4a
83
9T
51952
La A Jef Bdge Co gu g 4a
*76% *88*
75
53%
90
LOHa
Feb'20
73
72
N A C Bdge gen gu
Jan'17
100
86
41
106%
79%
Sale
72%
j
Kentucky Central gold 48.1987 j
45%
75
104
Lex A East 1st 60-yr 5a gu.1965 a O
LA N4 M AM latg 4^8.1945 M s
LAN South M Joint 4a...1952 j
j
58%
37
79
52%
L06
8
34%
4234
79
40
92
A
30
37%
42
84%
78
Aug'21
1946 p
3a ...1980 ivi
J
37
85
82*4
Feb'21
90
St Louis Dlv 2d gold
90
N Fla A 8 1st gu g 5a
80
77
8258
78
89%
92%
gold 6s
40%
Sale
70%
~93lj
j
2d
74
Sale
78%
*83%
721*
92*4 June'21
89
89%
99%
39
78
70*4
69*4
99% Nov'JO
90
72%
42
83
68%
104
39
37
103
70%
'87 '
99% Sept'21
35%
74
38
99
69
90
*39% *45 "
"~5
74
37%
"78% ""
Apr'21
75*4 July'21
104
51
46
Sale
82%
July'2l
83
80%
90%
.1
.
04
69%
Jan'll
75*4
82%
Hender Bdge lat a f g 6a...1931 m S
5."
72
62
Aug'21
87
83%
66~%
May'21
95
88%
Paducah A Mem Dlv 4s
38
78
66%
89%
86%
43%
Aug'21
78*4
81%
80%
Aug'19
39
72
65
91%
Oct'06
*91 " *94%
Oct'20
"74" Sale"
Aug'21
69*4
j
Nov'15
58%
Feb'2l
66%
60%
*82*% IIII
1
Aug'21
91%
99%
62
j
9434
55%
69%
71
1931 m N
1930 m N
Atl Knoxv 4 Cln Dlv 4a..-1955 m n
Atl Knox A Nor 1st g 6a...1940 j
d
42%
73
98%
Aug'21
j
Jan'20
56*4 Sale
65%
—.1940 j
Aug'21
"43*14 Safe"
87*4
63
86%
----
*71%
82% June'21
98%
79
93%
*70 " July" 21
87%
91
1931 \1 n
95
May'21
94% Sept'21
89
Oot'13
1930 j
1930 j
86%
80
---
94i2
86%
92
--
70
...1940 j
10 year secured 7a
86% June'21
95
"72i8
-
L Cln A Lex gold 4^a
*83*" *83*"
Feb *21
83
93
90
"7*8*%
N O A M lat gold 68
105% Mar'08
*73 " *83 "
gold 4a..
Registered
Collateral trust gold 5s
LOOU
98%
79%
Nor 8b B 1st con g gu 5a.al932 q
j
Louisiana & Ark lat g 5b___..1927 m %
Loulavllle A Naabv gen 6a
1930 j d
Gold 5a
1937 m N
54%
50
59%
47%
92
99%
July'21
113
70%
84%
1949 ty| g
N Y B 4 M B lat con g 5a.l935 a O
NY & R B lat gold 5a
1927 M S
*01% *70* ~
66%
Sept'21
0038
7212
Aug'21
Mar'12
105
93%
Registered
Apr'11
Dec'20
61%
10
6512
1
High
j
1937 [y| n
1949 m S
Guar refunding gold 4a
92
High
j
1949 m g
1934 j £>
Debenture gold 5a.
47%
48%
44
92
1932: j
37%
44%
40I2
Ask Low
99% Sale
92% 95
1922 rvi
4a—
Aug'21
4414 Sale
j
1938 j
73%
Ferry gold 434a
66i2 Sale
1
1945 m S
4a
68%
.
j
Long laid lat cona gold 5s_.51931 q
lat conBol gold 4b
51931!q
100% 105
1
j
1933 j
48-__.._1933!
lat Int reduced to
96%
74%
CI
O
Leb Val RR 10-yr coll 6a..ol928
Registered
—
O
1941 a
0*
Friday
Sept 9
Bid
Feb'08
-
S8-
9
High
60%
98%
—
-
Price
Week ending Sjpt
91
102%
59i8
98l2
L
2
BONDS
Since
II
Range or
Sept 9
Record—Continued—Page
—
67% Sept'21
80
*71% IIII
4 Due Oct.
July'21
69
Dec'20
"71*14
67i2
82
.
New York BOND Record—Continued—Page 3
1142
S«
Week's
BONDS
Range or
Last Salt
Since
N, Y. STOCK EXCHANGE
N. Y. STOCK EXCHANGE
Week ending Sept 9,
Friday
Sept 9
High
Ask Loto
93U May'20
Bid
NTCentAHRBB (Con)—
1934
Michigan Central 6b.
1931
Registered
1931
4S
1940
Registered
1940
J L A 8 1st gold 3H*
1961
1st gold 3HS
1952
20-year debenture 4s
1929
NJ Juno RR guar 1st 4s._.1936
N Y A Harlem g 3H«
2000
Mahon C'l RR 1st 6s
...
86
J
J
Wi 8
Q M
90l8
J
J
M S
69
F
80k
80
7034
A
68I2 -4—
941* ....
NYAPu 1st cons gu g 4s-1993 A
O
72 k
1932 J D
1st ext 6s—61922 a O
99k
M N
O
Pine Creek reg guar 6s
r W A O con
1941 J
Rutland 1st con g 4H»
9878 Sale
6614
J
Og A L Cham 1st gu 4s g. 1948 J
Rut-Canada 1st gu g 4s_1949 j
....
60
56 k
J
j
2d gold 6S
19961A O
Utlca A Blk Rlv gu g 40—1922 J
J
Pitta A L Erie 2d g 6s
al928 A O
Pitts McK A Y 1st gu 6S..1932 J
J
2d guaranteed 6s—
1934 J
J
West Shore 1st 4s guar
2361 J J
Registered
2361 J J
NYC Lines eq tr 58—1920-22 M N
Equip trust 4Hs
1920-1926'J J
N Y Chlo A 8t L 1st g 48
1937|A O
Registered
—1937 A O
Debenture 4s
1931 m N
N Y Connect 1st gu 4Hs A..1953 F A
97
1947
1947
1954
-1955
Non-conv deben 3Hs
Non-oonv deben 3 Ha
Non-oonv deben 4s
Conv
debenture 3H8-
74
78
37
3812
7834
37
54k Sale
J
J
3834
40k
45
50
39k
49k
35
45
53
72k
55
J
July'18
49
Oct'19
Aug'21
39k
"63""
70k
70i8 July'21
70k
70k
87
O
36
46
50
49
J
1946 J
J
J
52
64
2618
32
20
Consol
1946 J
4s
Provldenoe Secur deb 4a.._1957 M N
W A Con East 1st 4Ha
1941
1931
Improvement A ext g 6s...1934
New River 1st gold 6s
1932
N A W Ry 1st cons g 48—1996
Registered
1996
Dlvl 1st lien A gen g 4a. 1944
10-26-year conv 4s
1932
10-20-year conv 4s
1932
10-26-year oonv 4Hs—1938
10-year oonv 6s
1929
Pocah C A C Joint 4s... 1941
Norfolk A Sou lBt gold 5s
Norf A West gen gold 6s
61
way
Pacific
4s_.198j9
lien
prior
A land grant g 4s
Registered
General Hen gold 3s
Registered
A
4412 Aug'21
78»8
79»4
7834
M
75
9234
80k
96
S
90
90
103
10314
99
105k
M
10314 Sale
S
J
D
79
78U
983s
74">8
J
M N
78
Sale
10214 Sale
86k
7835
9U2
7212
—
—
6714
105k
7212
Aug'21
5634
101k
80
Sept'21
Apr'21
102k
102k
275
993s
72l2
70
7914
65k
65l2
79k Sopt'2i
94k May'21
8H2
81k
82
84
86
Sale
8()34 Sale
81k
8 lk
86
86
80
8034
8734
Sale
103k
88k
104k
1037s Sale 100k
10114
7912 8U2 80
May'21
80
...
83
Guar 3Ha trust ctfg C
Guar 3Hs trust ctf
1944 J
673s 88
8II2 Sale
74
72
80
96
1942 A
O
8412
6914
96
04
763
3
10
51
107
39
365
A
J
73
73
P C C A St L gu 4Kb A...1940 A
O
85
38k
40
49
Sale
48k
...
69
80
8838
93
75
5234
84
Fla Cent 4 Pen 1st ext 68..1923
95k Sale
82
57 k
85k
89k
76
80
Consol gold 5a
1943
Ga 4 Ala Ry 1st con 5s
ol945
Ga Car 4 No 1st gu g 5s...1929
Sale
86
O
86
84
1945 M N
A
8314
82
Series E334sguar gold__1949 F
83k
75k
Series F guar 4s gold
D
1957 M N
4HS..1963 F A
83 k
73k Sale
82 k Sale
Series G 4s guar
Series I cons guar
Series
1953 J
A....1970 J
D
1932 A O
83k
8312
84k
...
85
20-year oonv 6s
1934
Cent Pac 1st ref gu g 4s—1949
a
75k Sale
1949
a
No of Cal guar g 5s
1938
85
1st Series B 4s
1956 J
«
1927
So Pac of Cal—Gu g 5s
So Pac Coast 1st gu 4s g
89
Tex 4 N O con gold 5fl
1937 MN
J
1937
j
1943
So Pac RR 1st ref 4a
1955
J
1950
O
1994
1994
j
85 k
Sale
j
Registered
Develop 4 gen 4s Ser A—.1956 a o
Mob 4 Ohio coll tr g 4s__. 1938 M S
"58k
Sale
6134 Sale
84
Sale
61k
1996
1951
81k
65k
6758
Friday; latest bid and asked. ,a Due Jan.
94
88
81
J
81k 85
78k Sale
73k
1948
j
& Due Feb.
67
63k
92
s
28
86
73
83
57k
58k
61k
83
82
75k
87k
74k
70
93k
79k
95k
80
81
76k
85k
83
92k
74%
1926
Virginia Mid Ser E 6s
Series
IVI
S
1926 ivi s
1936 IVI n
F 58
General 5b.
2003
1958
1924
Va 4 So'w'n 1st gu 5s_
1st cons 50-year 6s
80
81
W O 4 W 1st cy gu 4s
106
j
J
77k June'21
88k
88k
Aug'21
65
92
92
Aug'21
82
Aug'21
81k
70
83k
72k
88k
1
•
•
1
~78k "82"
84
"76k "76"k
1931 j
J
Registered
98
Line 1st g 6s
Guar refund 4s
Utah 4 Nor gold 5s
1st extended 4s
82
"so" "81 "
83k
83k
79
87
96
80
~80~k "so"
86k July'21
80
July'21
66
85k Mar'21
78
71
Aug'21
Aug'21
66
84k
82
86k
7ik
Aug'21
72
81
July'20
84k 93
80k Sale
,45
1
71
79k
70
67
Mar'21
74
Aug 21
106k NoV04
82k July'21
71
Feb'21
75
Aug'21
80k
44k
13
80k
50
73
86
83
84k
"76 "
72
Aug'21
Feb'19
Sale
76
47
45
15k June'21
15k
12
15
15
*1948
d
67
85
63k June'21
D
79k
O
49
j
83
1922
1946
1929
86
75k
Jan'21
71k
76k
j
M S
j
78k
52
82
78
Aug'21
86
87k
"S7~k
Sale
7834 Sale
78k
Sale
99k
100
J
78
9978 Sale
91k 92k
83k Sale
f
May'21
Sale
79
J
15
Aug'21
82
j
J
84
85
90
80
85k
10-year perm secured 6s. .1928
j
Ore RR 4 Nav con g 48—1946
85%
63
86k
SO
Dec'20
87
1947
1947
1927
02008
85
75k
Apr'21
90
1928
Union Pacific 1st g 4s
84
77k
Sale
91k
—.1952
Ulster 4 Del 1st cons g 6a
1st refunding g 4s
1st consol g 6s
82
Aug'21
Aug'19
May'21
58
"9 5"
60
68.1930
1935
1935
General gold 5s
1935
Kan 4 M 1st gu g 4s
1990
2d 20-year 6s
1927
Tol P 4 W 1st gold 4s
1917
Tol St L 4 W pr Hen g 3H8-1925
60-year gold 4s.
I960
Coll trust 4s g Ser A
1917
Western Dlv 1st g 6s
Ore Short
65
84
1894-1944
J
...1953
O
St L M Bridge Ter gu g 68.1930
D
Texas 4 Pac 1st gold 5s
2000
2nd gold Income 5s
?2000 Mar
20-year conv 4s
1st 4 refunding 4s
84
100
Aug'21
96
89
71
Trust co otfs of deposit
1 »|«**«1 1I
52
99k
92
Spokane Internal 1st g 5s.
1955
Term Assn of St L 1st g 4HS.1939
8
84
Aug'21
68
Gen refund s f g 4s
94k 101k
"67"
62k
1st cons gold 5s
92
100
5H8.1929 M n
5
May'21
85k
86
M N
1948
So Car 4 Ga 1st extd
l1
66
81k Mar'16
67k Feb'21
Sale
82
m
73k
75k
Oot'20
8lk
Aug'21
83k
42k
O
j
1930 J
1956 MN
Cons 1st gold 5s
57
78k
73
84k
67k
"si"
Atl 4 Yad 1st g guar 4s...1949
4s
77
83
73
j
1948
35
June'21
80k Aug'20
78
Aug'21
88k
80 k Sept'20
8158 Sale
j
91k
61k
Jan'03
655s
Feb'21
(■ 92k
Sale
80k
84
2d gold 4^8.
Jan'21
90k
j
Sodus Bay A Sou 1st g 5s
9134
Mar'19
84
8984
O
j
80
80k June'21
86k June'2
94
87
o
95k
102
Mar'21
52
Aug 21
...
----
Feb'21
July'21
86
85
1
71k
Aug'21
May'21
83
86k
"~2
80
90
85
92
Tor Ham 4 Buff 1st g 4a
11
87
50k 52
99k Sale
94k
88k
Apr'20
80
May'21
83k Aug'21
71k
89k
92
j
Mem Dlv 1st g 4Hs-6s
16ll
76
80
Ore 4 Cal 1st guar g 5s
Southern—1st cons g 5s
6
200
Aug'21
75
j
~8~0k ~80~k
Feb'21
94
J
Mar'21
82k
73
72
J
A
82k
O
80
61921 MN
Marquette 1st Ser A 58.1956 J
_8()k "81"
89k
1941
70
87k Sept'16
81k
90k
A 4 N W 1st gug 5s
32
73k
70
81k
1922
1925
Mob 4 BIr prior lien g 6S..1945
Mortgage gold 4s
1945
Rich 4 Dan deb 5s stmpd.1927
96
1924 J
J
1944 m 8
F
92k
71k
1946
81
Peoria A Pekln Un 1st 6s g—1921 Q
----
Knoxv 4 Ohio 1st g 6s
76k
69k
May'21
84k
Aug'21
Nov'25
98k 100k
9312
U N J RR A Can gen 4s
70
92
1938
Pblla Bait A W 1st g 4S...1943 M N
O St L A P 1st cons g 5a
J
D
E Tenn reorg Hen g 5s
67
May'21
Aug'21
84
83k
Ga Pac Ry 1st g 6s
88
82k
....
85
92
W Mln W 4 N W 1st gu
76k Aug'21
Aug'21
1942 A
Series D 4s guar
84k
d
Ga Midland 1st 3s
85k
1942 M N
Apr'21
Aug'21
76k
96k 102k
Sept'20
Series C guar
16
73k Sept'21
*1949 J d
pi 929 M 8
coll)...*1949
E T Va 4 Ga Dlv g 5s
Dec'20
77
58
47
63k May'21
95k
95k
84
62
60k
1st land grant ext g 5s. .1930
Tol 4 Ohio Cent 1st gu 5s...
July'21
8134
"3!
49k
Aug'21
58k
5414 54k
9638 103k
73
81k
Mar'10
8118
Aug'21
Atl 4 Blrm 30-yr 1st g 4a_el933 M S
J
Caro Cent 1st con g 4s
1949 3
2d
74k
"68"" "69 ~
Apr'20
79k May'19
79k Aug'21
Series B guar
No price
40
64k
85
J
1950 F
Tol W VAOgu4Hs A—1931 J
J
Series B 4^s
1933 T
J
Series C 4s
1942 M S
*
39
81k
80
Jan'21
79*4
Pere
27
O
4
*13
54k
26
88k Sale
Dec'12
67
O
Or R Alex 1st gug 4Hs_. 1941 J
J
Ohio Connect 1st gu 4s.__.1943 M S
Pitts Y A Ash 1st cons 6S..1927 M N
General 5s
54k
j
Feb'12
96k
90k
69
Erie A Pitts gug 3Hs B—1940 J
Series C
1940 J
,
60
54k
2634 Sale
j
76k
3
Feb'21
69
A
53
j
67k
69
1948 M N
Int reduced to 3 Hs—1942
Series C 3Hs
Series D 334 s
O
Atl 4 Danv 1st g 4s
Dec'16
Series B
O
J
Atl 4 Charl A L 1st A 4^8.1944
1st 30-year 5s Ser B
1944
65
Apr'21
84l2
80k
188k
CI A P gen gu
G3k
d
79
Feb'20
79i8
Cl A Mar 1st gu g 4Hs
63k
'42
64k
67k
Jan'13
Rich 4 Meek 1st g 5s
June'21
70U
1935 M
4Hs Ser A..1942 J
D
O
N
N
N
J
go"d 48—1931 A
40-year guar 4s ctfB'Ser E..1952 M
Oln Leb A Nor gu 4s g
1942 M
98k
77
75k
May'21
70
Apr'21
81k
81k
D
63k
63k Sale
73
69 k Mar'20
67
Dec'20
6712
June'2l
59 k
La Dlv B L 1st g 6s
A
*>
55
"22
68k
64k
67k
98k
Feb'20
F
1942 J
59
78
Aug'2i
61k Sale
67k Sale
J
O
io"4k io6"k
73
81k
88I4 Sale
Guar 16-26-year
D
Ala Gt Sou 1st cons A 5s. .1943
99k 100
91k 92
May'21
July'21
75k May'21
37k Dec'16
I05I2 June'2l
7312
104
1
92
80
M S
J
j
St Louis dlv 1st g 4s
Pennsylvania Co—
Guar 3Hs coll trust rftg A.1937
Guar 3Hs coll trust 8 r B.1941
53k
j
84
6734
A
88
"55
102
791s
9534
10-year secured 7s
1930
15-year secured 6Hs—...1938
Alleg Valgen guar g 4a
1942
D R RR A B'ge 1st gu 4s g-1936
"io
57l2
Feb'21
65
1968
85
100
98
1965
5s.
75
----
68k Sale
80
7034
7734
9912 102
J
J
J D
J
J
M N
M N
1948 M N
1960 F A
4Hs
77
88
10212 Sale
Oregon-Wash 1st A ref 4s
1961
Pacific Coast Co 1st g 6s
1946
Paducah A Ills 1st a f 4Hs—1955
Pennsylvania RR 1st g 4s
1923
Consol gold 4s
1943
80
98k
7334
Aug'21
985s July'21
54,k
67
*23
76
7384 Aug'21
775a Sale
1968
1948 Q M
J
68k Sale
O
MN
"16
SO
SO
1945 M S
6s Series A
San Fran Terml 1st 4s
*"§ "74" "80 "
Apr'21
Nor Pac Term Co 1st g 6s...1933 J
General
77U
07k 101k
73k 80
90
St Paul A Duluth 1st 5S...1931
General 4 J^s
19
80k July'2i
9284 Apr'21
1936
StPANP gen gold 6s
1923
Registered certificates..1923
Consol
547s
73
73k
92*4 104k
85 U
2047
Consol gold 4s
39
90
72ig
N P-Gt Nor Joint 6Hs
1st consol gold 4s
Oct'20
7714
6t Paul-Duluth Dlv g 4a..1996
Wash Cent 1st gold 4s
65
"59""
S
D
M
30
56
49k
7878
74
"7714 "77k
j
2047
Ref A Imp 4 Hs ser A
4712
May'21
73i2 June'21
673s
lOlU 102k 1013s Aug'21
122
Nov'16
10034
9712 June'21
lOO^s 102
ral1997
1997
a2047
a2047
Ref A lmpt 6s ser B
59
O
j
10
62
58
59
45
O
O C A T 1st guar gold 5s.. 1922 j
Solo V A N E 1st gu g
Northern
61
26k
5912 Nov'20
50
O
cons
A
2d exten 5s guar
Sept'17
26'4 Aug 21
883s Feb'18
74i2 Dec'19
Sale
....
M N
IVI N
F
5s—1929
ctfS—1989
2d g 4s income bond ctfs.pl989
Consol gold 4s
1932
1st terminal 4 unifying 5s. 1952
Gray's Pt Ter lBt gu g 6s.. 1947
S A 4 A Pass 1st gu g 4a
1943
Seaboard Air Line g 4s
1950
Gold 4s stamped
1950
Adjustment 6s
__el949
Refunding 4s
1959
j
1931
Gila V G 4 N 1st gu g 5s.. 1924 mn
Hous E 4 W T 1st g 5s—.1933 ivi n
1st guar 5s red
1933 rvi n
j
H 4 T C 1st g 6s lot gu__._1937
Waco 4 N W dlv 1st g 6e_.1930 ivi n
'70 "
J
1943 J
<11992 M 8
Registered $5,000 only..-01992 M 8
General 4s
1956 J D
Norfolk Sou 1st A ref A 6s—1961 F A
O
QH4SAM4P 1st 58—1931 m n
8
N Y O A W ref 1st g 4s
A
O
Mort guar gold 3Hs..-*1929
Through 8t L 1st gu 4s. .1954 a O
43
33k
67
Providence Term 1st 4s—1956 ivi
Jan'21
95k Sept'21
67k
:
68k
Registered
July'14
83
Aug'13
3512
3614
Sale
NYW'chea<fcBlstSerI4H9'46 J
199j
Oct'20
77
20-year conv 4s
6712
6OI2
1942 A
67
95 k 100
Registered
69
1954 m N
New England cons 6s
67k
7o34
Gold 4s (Cent Pac
63k
6412 Nov'20
5s..1937|m N
Naugatuck RR 1st 4s
N Y Prov A Boston 4s
j
1947
K C Ft S 4 M cons g 6s...1928 m n
K C Ft 8 4 M Ry ref g 4S..1936 A O
Sale
Southern Paciflo Co—
63U June'21
75
6412
58
A
Housatonlc Ry cons g
90
Seaboard 4 Roan 1st 5s...1926
Oct'17
60
....
66I4
46
35
34k
35
50
:::: "40"
9834
37
54™8
89k
36
Harlem R-Pt Ches 1st 4S..1954 IVI N
4a...1961 J
"74k
4H2 July'21
41
Aug'2l
33
36
""397s
j
Cent New Eng 1st gu
70%
71k
Apr'21
Apr'21
35
55
35
j
48—1955 F
82
9
97k Aug'21
95
1st 4
A
B A N Y Air Line 1st
77k
82
Nov'17
78
J
1966; J
Feb'19
60,
139
58k
j
St L S W 1st g 4s bond
71
74
Sale
j
K C 4 M R 4 B 1st gu
90
84k
73
Sale
51960 Oct
Southw Dlv 1st g 5s
74k
Sale
58
General gold 6s
1931 J
St L 4 8 F RR cons g 48—1996 J
*60 "
66
78
J
1955 J
68k
67k
82
82
3812
Non-conv deben 4s
67k
57k
7Q
37k
Non-conv deben 4s
51955
68k Sale
Jan'09
74
8
1930, F
91
*93 " "93"
Jan'21
85
8
1948|j
75k
O
94
62k
75
90k
St LouIb & San Fran gen 6s. .1931 J
95U June'20
735s
O
4s
Cons By non-conv
62k
73
77
a
1956jj
Conv debenture 6s
Sale
75k Sale
90k Sale
6712 June'20
—1956 ivj N
Non-conv deben 4s
62 34
j
55k
May'21
9912
m
m
j
j
1928
50
71
■
June'21
1950
1950
76
73i8
59
Prior Hen Ser C 6s
76
98k
"59k
j
Prior Hen Ser B 5s
50
90
J
Prior lien Ser A 4s
Apr'21
93
Aug'21
...j.
73
*97k "99I4
42
91
Aug'21
78k
68
Cum adjust Ser A 6s
Income Series A 6s
Hub
57
77
76
73
~7834 ~79k
J
94k
Feb'21
130i8
4s
35k
81k
Dec'17
97k
70
Nov'16
N Y N H A Hartford—
Non-conv deben 4s._.
7034
g
J
Low
2
39 k
June'21
68
76
84
"99" ZZZl
1951
o
4s
gen gold
J
No
High
39 k
90
92k
103
.
....
39k Sale
88k
84k
76k Sale
Jersey Central coll
Aug'2l
7114 Sept'21
113
May'15
9878
9878
7112 Nov'20
60
July'21
50
87
....
Ask Low
j
O
Atlantic City guar 4s g
1951
St Jos <fc Grand Isl 1st g 4s—1947
St Louis <fc San Fran (reorg Co)—
80
70k
Last Sale
1940
1943
1997
1997
Reading Co
71
74
Range or
Sept 9
Bid
*72*12
62
94
55
J
St Lawr A Adlr 1st g 5S...1996 J
Friday
f 4s.1937
s
Pitts Sh & L E lBt g 5s
1st consol gold 6s
90k
Registered
June'21
68
"
72k
Aug'2l
7034
----
NYA Northern 1st g 6s—1923 A
ending Sept 9
Philippine Ry lst30-yr
90
74k Sept'20
66k Mar'20
67
July'21
80
80
*6918 11II
M N
A O
Week
II
High
Low
98i2 Nov* 18
7212
7212
"73" ZZ11
J
J
No.
90!8 June'21
—
-
Jan. 1
Week's
Price
Price
R i»r*
BONDS
99k
95
92
82
93k
73
83
102
67
78k
100
/
29
1
78k
100
5
92
7
17
83k
Aug'21
1926
J
91
1933
Vandalla cons g 4s Ser A....1956
Consols 4s Series B.......1957
Vers Crui 4 P 1st gu 4Hs—1934
Virginian 1st 5s series ▲
1962
Wabash 1st gold 5s
1939
J
79k
f
74k
74k
79k
74k
mn
74k
21k
72k
Jan'21
2d gold 5s
-
1939
J
J
79k
25
24
83
M N
83k Sale
M N
88
Sale
87k
A
79
Sale
76k
f
B 6s...—1939
1st Hen 50 yr g term 4s
1954
Det 4 Cb Ext 1st g 5s
1941
Des Moines Dlv 1st g 48—1939
Om Dlv 1st g 3 Hi
1941
Tol 4 Cb Dlv g 4s
1941
Debenture series
"2
1
Mar'21
83k
88
79
90
62
~55k
82k
56k
87k
70
53
57k
Aug'18
Feb'21
88k Mar'20
56k
61
70
Aug'21
May'21
58k May'21
70
g Due June.
A Due July.
* Due Aug.
0 Due
Oct.
v Due Nov.
q Due Dec.
s Option sale.
New York BOND
Week ending
Friday
RaPiji
r
Range or
Sept 9
o »
Sept,9
Week's
Price
P
BONDS
If. Y. STOCK EXCHANGE
Last Sale
Ask Lota
Bid
■
Hfpft
Wash Terml 1st gu 3 He
1st 40 yr guar 4e
1945
a
67%
68
a
77
78
June'21
West Maryland 1st g 4s
Weet N Y A Pa let g 5s
1952
O
1937
J
1943
o
No. Low
Gen
gold 4a
Income 5a
8
"7934
1926 A
1928 J
O
A
83%
85
1952 a
O
73
76
1955 J
J
71
72
74
75
51%
83
56%
89%
Aug'21
60%
6334
7534
"88"
841
8034
92%
50
55
49
RR 1st conflol 4a
1949 M
5534
56's
55%
Winston Salem 8 B 1st 4a
1960 j
68I4
72
71
Wis Cent 50 yr lBt gen 4a
1949 J
J
69%
7078
69
68%
66
July'21
Street
49
24
J
*08% ~69%
1950
55
68
52
1949
61
Sale
5834
1951
61%
61%
Conn Ry A L lat A ref g 4Hs 1951
....
Sale
Det United lat oons g 4HB..1932
Ft Smith Lt A Tr lat g 6a
1936
58
Hud A Man hat 5a ser A
1957
67% Sale
Adjust Income 6s_._
N Y A Jersey lat 6a
1957
43
1932
7934
Stamped tax exempt
61
Sale
58
Great Falls Pow lat
73
Inter Mercan Marine a f
f>
S
42
43
Aug'21
14%
14
1
60
61
57%
62
Tennessee Cop 1st conv 08..1925
Tide Water Oil 6Ha
57
63%
Union Tank Car equip 7a —1930 F
129
*59 ~ *69*84
23%
J
J
....
United Rys Inv 5a Pitta las. .1926 M N
United Rya St L let g 4a
1934 J
J
St Loula Transit gu 5a
1924 A O
58
52%
60
Am Sm A R lat 30-yr 5a aer A 1947 a
64
6334
63%
6S34
74
....
42
Apr'21
12
"25"
12
25
21
19%
5% Sale
4% Sale
48
54
5%
4%
69
"II 76"
20
81
81
33
#
89% 95
65% Sale
22
3%
6%
3
5%
74%
244
"74%
4034
52%
38%
25
75
Aug'21
88%
81%
93
82
84
Sale
75
101% Sale
102
72
73
73
Int Agrio Corp lat 20-yr 5a.. 1932
73
....
A O
1937IA O
1997jA O
1925,IW S
96%
96
gg
—
W■—
-
76%
90%
92
10
j
76
82
10
82
92%
87
92%
92%
100%
32
95% 101
105
46|
95% 105
84%
75
101%
71
83%
80%
Aug'21
85%
89%
1
75
46
10134
5a
1951
89%
90
20
86
9334
60
88
Aug'21
75
Aug'21
94% Sept'21
75
75
94%
87
75
June'21
73
76%
77
80% July'21
104% Apr'17
79
7G34
78
81%
" "80"~
81%
68%
76
85
Sale
85
86
81
A
69% Sale
69
69%
6434
88%
89%
Aug'21
PTYAQ EI LAP lat con g 5s.. 1930 F
A
87
74%
75%
78
«0
79
71
100
89
75
""0
16
98
102%
104
Sale
92
92%
22
93
Debenture
Sale
92%
85
86
85%
J
78
Sale
77%
J
D
82
95
1932
al920 M
5a
J
93
S
8134
71
71
72
71
1
63%
75
72%
80
f 6a 1930 m S
J
Tenn Coal I 4 RR gen 5a...1951
U 8 Steel Corp—icoup
<11963 mn
July'21
98
Feb'19
Sale
8234
83
92% Sale
92
/
92%
95% Sale
'
94%
95%
Sale
74%
75
75
85%
82%
76% Sale
76%
"77% "79"
85
70%
7178
Aug'21
77
80
July'21
Aug'21
84%
70%
84%
Aug'21
79
5
Sale
86
94% Sale
94
94»2
93
93
86
<11963 m n
J
1953 j
f 10 60-year 6s/reg
Victor Fuel 1st a f 6s.
a
71
78
83
0
a
Apr'21
July'21
78
1940
20
Dec'14
76
80
86%
Cona Coal of Md let 4 ref 5a. 1950
Elk Horn Coal conv 0a
1925
conv a
12
101
90%
1922
Colo F 4 I Co gen a f 5s
1943
Col Indua lat 4 coll 5a gu__.1934
Illinois Steel deb 4Hs
Indiana Steel lat 5a...
78
12
86
78%
Aug'21
86
88
1
52
Jan'21
85
July'21
May* 19
97% Sale
87
9934
97%
Aug'21
7034 NOV'20
Va Iron Cc%4 Coke lat g 58.1949 M
56
84%
79
83%
*68"% ~68%
73
73
82%
1950
72%
95
77%
.1957
.1950
July'2l
79%
80
78%
79
*81 " ~8l" "
18
76
77
77
Miscellaneous
60
61%.
12%
13%
14%
10%
Armour A Co let real est 4 He 1939 J
D
81% Sale
Atlantio Fruit conv deb 7s A. 1934 J
D
36
Sale
102% Sale
67
a Due Jan.
61%
14
110%
81%
36
10134
90
56%
10
20-year
conv
Bell Teleph of Pa a f 7s a
Cent Diet Tel lat 30-year
86
82
Sale
1940 J
—1925 F
S
l>
63%
30-year deben a f 0s.-Feb 1949. f
Northweat'n Bell T lat 7a A.194iIf
72%
86%
86%
100%
86%
Sale
10434
86%
98
85%
91
91
84% Sale
83%
84%
a
96
Sale
95
96
108
a
103
Sale
102%
103%
113
1937|J
J
87%
South Bell Tel 4 T lata f 58.1941 J
J
83
37
33
73
West Union coll tr cur 5a....1938 J
J
8
9334 102%
Due May.
0
1950 M N
15-year 6%s
c
1936!
Due June,
ft Due July,
ft Due Aug.
83
Sale
i%
89
86%
827g
88
36
83
5
Sale
81%
8184
100%
10078
8134
0 Due
Oct.
p Due Dec.
77l
4!
87
88
...!i
2
100% Sale
Fund 4 real eat g 4Hs
g
82
Apr" 16
80%
92%
1934
1984
Feb'18
32
Feb'21
82
83
Pacific Te! 4 Tel 1st 5a
221
105
June'21
84
10
5 Due April,
86
7
2
89
80%
91%
75
102%
89
78
87
101
64%
82
14
Aug'21
82%
71%
88
8078 Sale
10078 Sale
87%
105
1945|A
5a..l943|J
8134
78%
72
1930 M
..1933 M
4 Ha
85
« ne
1929 J
4a
2397 Q
Cumb T 4 T 1st 4 gen 68
19371J
Keystone Telephone lat 5a..1935 J
Mich State Teleph lat 6a
.1924, f ..
N Y Telep 1st 4 gen a f 4Hs.l938|M n
Nov'19
May'21
Telepl
S
Commercial Cable lat g 4a
81
Mar*20
87
77
83
75
Telegraph &
Am Telep 4 Tel ooll tr 4s
30-year temp coll tr 6a
7-year convertible 6a
July'19
80%
97%
84%
Convertible
81
Utah Power A Lt lat 6a
88
81
June'2t
82
86
Friday; latest bid and asked,
9778
101%
1930 J
1920 J
Repub I 4 S 10-30-yr 6a a f__1940
Mar'17
81
S
39
3
...1942 M N
20 yr p m 4 Imp a f 5s
Buff 4 Susq Iron a f 5a
St L Rock Mt 4 P 5a atmpd-1955
~ ~89%
Apr'17
65
84
O
15
92%
Aug'21
& Steel
lat 4 ref 5b guar A
J
84
Aug'21
75
A
92
Pocah Con CoIllerB 1st a f 6a. 1957
73«4
United Fuel Gaa let a f 6s...1936
IW
86
91
102% Sale
81
7934
78%
June'21
s
9134
86
J
78%
July'17
86% July'21
74%
75
73
s
91
91%
1931 MN
f 5a..1928
105
73
IW
86
92%
Sale
Weatlngh E 4 M 7a
4Hs A..1954
68% Mar'21
IW
4
99
Wick wire Spen Steel lat 7a. .1935
Pleasant Va! Coal 1st
75%
79%
71
1925
1926
52
Sale
Jan'21
90%
87
81
1951! J D
6a_.1954|J J
S
1
78%
86
82%
79
D
M
9984
77%
92
86%
Sept'21
84%
...1948
88
99%
J
Mldvale Steel 4 O
92
Nov'20
99%
99% Sale
1952 M n
Lackawanna Steel lat g 5a._1923 A O
lat cona 5s series A
1950 M S
J
J
Lehigh C 4 Nav a f
78% May'20
80
June'21|
87%
78
69%
90
Pacific G A E Co—Ca G A E—
73
81
88
1922 J
Cahaba C M Co 1st gu 0a
100
D
90
92%
86%
86%
West Electric lat 5a Dec
Coal, Iron
Dec'20
8078 Sale
78%
85
97%
Aug'2lL
9834
1932 M N
f 7 Ha
Aug'21
89%
92% Sale
98% 99
a
25
87
F
0e__1920 F
6S..1923 J
__.el924 A
Beth Steel let ext a f 5a
*66" ~ "75 "
75
92
J
1!
13
85%
89%
1930
conv
8678
80
5a_._193ljJ
10-year 7Ha
94
Feb'18
95
....
12
10378
91
93
J
U S Realty AI conv deb g 5a.1924 J
U S Rubber 5-year sec 7a
1922 J
lat 4 ref 5a series A
1947 J
12-year
"2
A O
M n
1930 J
Stamped
Union OH Co of Cal 1st
U S Smelt Ref 4 M
93
87%
1942 M N
Va-Caro Chem 1st 15 yr
Conv deb 6a
81%
MN
1944
86
Apr'21
76
Lorlllard Co (P) 7a
75
98% 103
1951
...
75
Aug'21
78%
6a
81
Aug'21
Apr'20
89%
85
D
1944
135
92% Sale
82
8378
1948 J
1948 J
1949 F
5a...1995 J
Refunding A extension 5a__1933;fW N
82
97
97% Sale
87%
97
82%
....
107%
8534
Steel A Tube gen a f 7a aer C.195lj J
Union Bag A Paper lat 5a._.1930 J
"98%
~—
O
Union Elec Lt A P 1st g 5a..l932|M S
82
Packard Motor Car 10-yr 88.1931
Standard Milling lat 5s
1930
81%
1927 M N
1949,IW 8
107
36%
94
93%
Syracuse Lighting 1st g 5a
96
Sale
J
69
89%
1926 J
Sale
107
Liggett A Myera Tobac 7C ...1944 a
26%
Sale
5a_.1947,M N
1922.M N
Sale
97
o
Sept'21
60
90
J
Con G Co of Ch lat gu g 5a. 1936 J
Ind Nat Gaa A Oil 30 yr 5s.1936 M N
82
1931 M n
1947 J
International
Paper 6a
Kelly-Springfield Tire 8s
16
226
Aug'il
51940 M 8
Peop Gaa A C let cona g 6B..1943
Refunding gold 6s
1947 M S
J
Ch G L A Coke 1st gu g 5a. 1937 J
M N
87%
28
"89% Sale"
"70" "74"
43
102%
101%
Feb'21
lat A ref 6a aeries B
102
Sale
Aug'21
82%
No price
Bale
Aug'21
87%
*
Sale
102
90%
76%
...1931
1926
87
102
5a
99%
6
O
86%
1952 M S
Feb 1940 F a
Goo lyear TlreA Rublst af8a'1941 MN
Debenture
86
79
93% Sale
....
70
N Y Air Brake lat conv 6s..1938 M N
82
84%
84%
287
99%
July'21
70
36
5
A
70%
26
89
Booth Fisheries deb s t 6s
90
69%
27%
Aug'21
82
Conv deb 6a aerlea B
89%
A
27%
89
Alaska Gold M deb 6a A
D
May'21
88
81
IJtfoa Elec L & P 1st g 5a
98%
General Baking lat 25-yr 08..1936 J
Gen Electric deb g 3Hs
1942 F
79
94
Sale
Weatche8ter Ltd gold 6a
74%
98% Sale
9378
Sale
Utlca Oaa A Eleo ref 5s
70
92
81
Philadelphia Co conv g 5a
Stand Gaa A El conv s f 8a
E I du Pont Powder 4HB...1930 J D
du Pont de Nemours & Co 7 Hs '31 M N
91%
89
'80 F A
1949 M 8
13
Aug'21
88
J
Pao Pow A Lt lat A ref 20 yr 5b
21
02%
64%
National Tube lat 5s
70
11940 M 8
Pat A Passaic G A El 5s
53%
99
10434
104
8 f
65
27%
28
167
55%
9778
9834 Sale
104% 104
J
S
deb 7HS-1036
Distill Sec Cor oonv lat g 6a. 1927 AO
Diamond Match
Dec'18
Mar'21
July'21
Nat Enam 4 Stampg 1st 5a..1929
05
lat A ref 5a aer A
J
_
89%
Nat Starch 20-year deb 5a...1930
68
—
52%
89%
90
1937
A ref 5a...1942
1930 J
Cuban Am Sugar 1st coll 8a 1931 IW
Cuba Cane Sugar oonv 7a
73%
90
36%
84
Corp unifying A ref 5a
f 5a
a
"49
89
36
Columbia G A E 1st 5s
J
25-year
1
Mar'21
50%
51
83% July'21
84% Aug'21
J
66
70
36
84
lat 4s
29
98
29
Bklyn Un Gas let oons g 5b__1945 M N
Clncln Gas A Elec lat A ref 6s 1956 A O
Hudson Co Gaa 1st g 5a.....1949 IW N
70%
93%
47
100
J
Eq G L N Y lBt cona g 5a...1932 IVI S
Havana Eleo conaol g 6a
1952 F A
Aug'21
70%
9634
Apr'21
62%
May'21
101% Sale
Duqueane Lt 1st A coll 6S..1949 J
67
Jan'21
Mar'21
47
36
D
J
F
Cona Gas ELAP of Bait 5 yr5s '21. M N
Detroit City Gaa gold 5a
1923 J
J
1
78
31%
66
100
J
lat
107
74
77%
8534
8534 Sale
106% 106
8434
85% Sale
88
90% 88
92%
100% Sale
1927 J
1940 IW N
20-year deb 08
Sept'21
62% Aug'21
52% Aug'21
65%
65%
QQ
"8934 mi
75
93
Sale
A
66
11
1
93%
1931
Atlas Powd?r conv 7%s g
70% Sale
98
1934 IW N
73%
51%
38%
3
42
87%
8134
69
1939
1931 M N
Aug'21
51
46
"~73
96%
10134
117
1951 F
501
46%
74% June'21
388
74
Corn Prod Refg a f g 5a
Feb'17
51% Sale
38% Sale
74
7734 Sale
Conaol Tobacco g 4a
74
57
72
68%
23
68%
91%
10134
90
9134
10J84 May'21
94%
96%
Sale
69
73%
72%
o
Sale
89
751
16
26)
96
O
50
4%
Aug'21
55
90%
76%
67%
J
Columbus Gas 1st gold 5s...1932 J
Oonaol Gas 5 yr oonv 7s
1925 Q
9184 Sale
j
~84%
*17% "25"
19%
5%
83
Ed El III Bkn lBt con g 4a. 1939 J
Lao Gas L of St L Ref A ext 5s '34 A
ref 8 f 7%s g
72
71%
67%
Aug'21
80
Convertible deb 6s.
1st
A
*75% "93""
Feb'21
20
25%
J
8134
Cent Foundry 1st a f 0a
1931 F
Cent Leather 20-year g 5a... 1925 A
July'19
21%
J
1927 J
101%
86%
25%
21%
75% Sept'21
71% June'21
74% Sept'21
'"4
90
July'21
95%
Sale
Baldw Loco Works lat 5b
Dec* 11
74%
1
81
8134 Sale
87
11
81%
July'21
82
88
19
12
July'21
54
52
44
37
Light
J
74
Am Tobacco 40-year g 0a... 1944
Gold 4a
..1951
25%
J
81
80
a
52%
O
Union Tr (N Y) ctfa dep
84%
101% 102
o
2!
61
Kings Co El L A P g 5s
Purchase money 6a
a a
3!
51%
—U.
Kan City (Mo) Gaa lat g 6s_. 1922
IS
1924 F
54
68
Detroit Edison lat coll tr 5s_. 1933 J
lat 0 6a
5s
53%
J
J
81%
Manufacturing and Industrial
54
O
a
82
May'21
44%
86
86
Sale
A
O
D
53
63%
Stamped
1928 J
89%
86
M n
I 6a..1941 A
a
82
"81
O
56
J
Bklyn Edison lnc gen 5s A..1949 J
General 6a series B
1930 J
General 7a series C
1930 J
General 7s series D
1940 J
let 25-yr
10-year conv a f 6a
2
93
89%
9234
89%
91% 8884
67%
67% Sale
90%
91% Sale
10434 Sale 10334
193l|f A
Wilson A Co
31
A
2
89%
9234
Sale
81
Sinclair Con Oil conv 7%s___1925 IW N
Standard Oil of Cal 7a
al931 F
A
5578
94
Eqult Tr (N Y) Inter ctfa
Ry Pow 1st A ref 5s
1934 J
Pub Serv Corp of N J gen 5a. .1959
2478
66%
53%
53%
9338
1927 A
54%
18
58
72
76%
A
1945 M N
53
19
4
70
72
8634
81%
Pan-Amer. P.&T.ist L0-yr7sl930 :
5s
80
9234
.1941 f a
Am Cot Oil debenture 5a....1931 IW N
o
f 4a
Ontario
55
Conv deben
O
1948
67
53
Am Agrlc Chem
al960 A
Income 6s
68%
63
11
88
80
89%
O
19%
58%
19%
1933J
58
Nor States Power 25-yr 5a A. 1941 A
Ontario Power N F lat 5s...1943 f
21%
Third Ave Ry 1st g 6a
__1937iJ
Trl City Ry A Lt 1st a f 6s_.1923 A
Ondergr of London 4Hs
53%
137
87%
70
A
Niagara Falls Power lat 5a__1932 J
J
Ref A gen 0a
a 1932 A O
Niag Lock A O Pow let 58... 1954 M n
8%
deposit
Adj Income 5a
37
4
87% Sale
79% 7934
1951 F
11%
50
8t Paul City Cab cons g 6a_. 19371J
Third Ave 1st ref 4a
1960;j
N Y Dock 50 yr lat g 4a
48%
57
5s__1942j F
55%
178
21
Portland Gen Eleo 1st 5a_.1936 J
39
371
74
ff Y State Rys lat oons 4HB-1962 MN
Portland Ry lat A ref 6s
1930 M N
Atlantic Refg deb 6Hs
96%
13
70
01942 A
80 year adj lnc 6a
Adams Ex coll tr g 4e
95%
J
54%
4H8..1935
Syracuse Light A Power
Trenton G A El lat g 5a
Sale
J
10%
If Y Munlclp Ry lat a f 5a A.1966
Mu Fuel Gaa 1st gu g
96
1943!J
1939'J
53%
A
N Y Rya lat R E A ref 4s...1912
Certificates of deposit
Pacific G A E gen
8934
Am Writ Paper a f 7-0a
Refunding A exten 4Ha...1931
Montreal Tram let A ref 6a..1941
Ed Elec III lat cona g
89
57
O
O
6B..1993 M
Met W S El (Chic) 1st g 4a.. 1938 F
Mllw Eleo Ry A Lt cons g 58.1926
Purchase money g 4s
Sale
8a...1936 MN
a 1
32
78%
89
f 4Ha
Transmission
5
87
77%
..1931'A O
Morris <fe Co 1st
a
87
78% Sale
0a_.1941jA O
Montana Power lBt 5a A
12
67%
87
1940 M n
f 5a
Sale
13
Col A 9th Av lat gu g 56..1993 M S
sr YGELAPg58
a
Mexican Petroleum
59
43
Newark Con Gaa g 5s
Apr'20
71%
Jan'20
67%
70% Sale
Milwaukee Gaa L
95
1928 IW N
Stamped
56%
July'21
86
14% Sale
3
1990 A
Electric
88
71
32
June'21
62
38
and
1
May'21
33
64
Metropolitan Street Ry—
Bway A 7th Av let o g 58..1943 J
Gas
80
82
33
Aug'21
6334 May'21
70%
7L34
a
80
82
403s
64% June'21
63%
Manila Eleo Ry A Lt a f 5s..1953 M 8
Market St Ry 1st cons 5a
1924 M S
United RRa San Fr
Sale
53% Sale
Interboro Metrop coll 4HB--1956
Certificates of deposit
Portld Ry Lt A P lat ref
61
80
25
July'21
58
Interboro Rap Tran lBt 5B..1966 J
Manhat Ry (N Y) cons g 4a_.1990 A
Certificates of
72
26
68%:
Aug'21
55
22
17l2
64
1927
68%
67
67
Nassau Elec guar gold 4a._1951
gen
Sale
106
J
s
72%
6778
76
104% 111
40
72
J
Computing Tab Reo a f 6s..1941 J
Granby ConsMS&P con 08 A 1928 !W N
Dec'20
86
71%
41
93%
59
May'18
High
,
1
"~26
81%
1061,.
92%
7034
J
22%
1
28'
80
70
Mar'18
56
93% Sale
56
Dec'20
80
11II _90"
Stamped guar 4 5a
1956
Kings County E lat g 4a..1949
Stamped guar 4Hs
52%!
Aug 21
64
J
1941 j
Stamped guar 4a
49%
109%
58
76%
81% Sale
108
8OS4
65
5»%
5234 Sale
Bk QCo A Scongug 58...1941 IW N
Chicago Rye 1st 6a
52
Sale
LOW
67%
13
105%
63%
52%
22%
109
J
....
Sale
1963 J
66
31%
52
5218 Sale
Certificates of deposit atmpd..
Bk City lat oons 5S..1916 1941 J
Bklyn Q Co A 8 1st 5a
Bklyn Un El lat g 4 6a
31%
j
i »
5a...1927; A O
51%
June'21
25
31% 35
52i2 Sale
2212
lat refund oonv gold 4a
2002
3 yr 7% secured notes.. Jfcl921
Certificates of deposit
Lt
..
Marland OH Sf 8s aeries A
Brooklyn Rapid Tran g 5a__.1945
!few Orl Ry A
.
47
Aug'21
Railway
Lex Av A P F lat gu g
Cerro de Pasco Cod ss
7
85
July'21
7134
7134
75
7334
Chile Copper 10 yr conv 7a._1923 IW N
Co 1 tr & conv 6a aer A
1932 A O
70%
8up <k Dul dlv A term let 4a'38 M N
u.*
r
•
lat 8er C 6Hs (ctfa)
90% Mar'17
Refunding 4Ha series A
5a
Building
Chic Un Sta'n lat gu 4Ha A.1963 J
85
82
Oct'20
1930 F A
1966 M S
Exten <k Impt gold 5a..
Conaol
Chic C A Conn Rys a f
16
80%
June'21
85
"84
83
Oct'17
79%
No
70
ex...i960!A O
or
High
84
Bush Terminal lat 4a.
85%
80'8
Ask Low
Braden Cop M coll tr a f 0s__1931F
79%
55
86%
Bid
68%
85%
36
1946 M
J
High
54%
pi 943 Nov
Week's
Ranoe
Last Sale
78
63%
Western Pao let ser A 5s
Fries
Friday
Sept 9
Sept 9
66%
90
64
Wheeling A L E lat g 6a
Wheel Dlv lBt gold 5a
BONDS
Week ending
Sale
55
8534
1143
4
If. Y. STOCK EXCHANGE
.J6
Jan. 1
Aug'21
1946
Record—Concluded—Page
7;
448
Option sale.
1144
BOSTON* STOCK EXCHANGE—Stock Record
Sales
for
STOCKS
BOSTON STOCK
Friday
the
EXCHANGE
Sept. 9.
Week.
HIGH AND LOW SALE PRICE—PER SHARE. NOT PER CENT.
Saturday
Sept. 3.
Monday
Sept. 5.
Thursday
Wednesday
Tuesday
Sept. 8.
Sept. 7.
Sept. 0.
82
82
83
17
17
*17l2
*19
*
23
*115
1834
125
65
65%
133
82%
83
17
17
68
125
125
*130
...
7.5
3SU
3814
39
16
1512
15*2
*62
*62
63
*52
62
*15
*62
*60
60
*1714
29
*15"
15%
63
Last Sale
19i2
*16%
19i2
"44"
44
44
44
44
53
*52
53
52
134
Nov
60
Oct
74%
15%June20
May
Dec
13% Dec
68
86
89% Nov
40
Sept
7
May
25% Feb
100
20
June 22
30
Boston & Providence
Boston Suburban Elec.No
Do
pref
No
Bost & Wore Elec pref.No
100
110
June 22
133
pier
Jan
25
Jan 21
52
44%
10c
par
.75
Jan 29
.99
Jan 28
75c
Dec
7
Mar
par
3% Jan 19
3
Nov
11
Mar
100
100
N Y N H & Hartford..
100
100
3% Feb 16
130
Feb 26
130
73
63%June 16
36% Mar 19
Feb 26
Feb
j
4'
43% Feb 3
23% Jan 12
58
pref..
100
Vermont & Massachusetts. 100
15
Apr 23
21
Jan 12
70
May 24
76
West End Street
50
40
Jan
50
49
Jan
Rutland
5
Do
pref
Mar
25
.25 Jan 29
100
226
Oct
143
Jan 29
Northern New Hampshire. 100
Norwich & Worcester pref. 100
July'21
49
Jan
Dec
.25
Do
pref
Maine Central
Colony
Dec
124
par
Old
16% Aug'21
44
Feb
66%M9y
Janj
10
62
Last Sale 70
129% Feb
78
13% June 18
6)
April
52
Aug 16
Aug'21
44>2
*52
16
119
Apr|16
61% Jan 11
100
Boston & Maine
119
15
63
63
*60
62
"l5%
Highest
100
Chic June Ry & U S Y
Aug'21
38'4
Last Sale 52
...
60
Sept'21
38%
63
*52
...
*60
Mar'21
Last SHe 72
...
*70
75
38*4
*1534
Feb'21
Last Sale 3%
Last Sale 130
Year 1920
Lowest
Highest
100
100
prer
Do
"""45
Jan'21
Last Sale .75
*70
Do
Aug'21
128
Last Sale .25
*130
Boston & Albany
Boston Elevated..
109
Last Sale 24
23
*115
Range for Previous
Jan. 1
Railroads
53
122
122
120U 120%
65% 65%
83
83%
17%
17l2
83
Range Since
Lovoest
Share»
*12014 122
12112 122
65
6534
6534
65*4
BONDS
S«« nnt ptft
75
Feb 23
130
Oct
Jan
Jan
132
65%
Dec
86
Jan
32
Dec
75
Sept
15%
Dec
37% Sept
76
Dec
86
Jan
76
Jan 27i
77
July
89
July
Mar 31
75
Jan 19
60
Dec
86
Apr
27%
15
Jan
Feb
9
70
June
44%3vt
9
36
Dec
54
Aug
9
48
July
3
Jan
5
Oct
89% Nov
45% Jan
55% Jan
Miscellaneous
*.04
*234
*1212
*.04
.10
*2%
3
*234
3
11
1312
Last Sale .04
.10
90
90
90
90
76
90
12%
76
*76
1067g 107%
1,943
90
90
272
76
90
...
76
"II
*1334
June'21
Last Sale 16
15'2
14i2
10
.04 Aug
25
2
50
8% Jan
Amer Telephone & Teleg..l00
Do
60
Last Sale .10
*15"
Amer Oil Engineering
Amer Pneumatic Service..
385
12
12%
10634 107
IO6I2 105%
106% 10058
*76
125
3
3
3
12
12
Aug'21
pref
Art
200
Metal
109
Mar 30
80
Apr
3
9»
7
9
7)
Nov
167
81% July
70
Nov
83
6
.16 Feb
9
Dec
19
Construe
Jan
Inc..
par
10
1
Aug'21
Last Sale 4%
Mar'21
Blgheart Prod & Refining.
Last Sale .15
Aug'21
Bo.stonMexPetTrusteesWo
.50
*.25
.50
Last Sale .30
Aug'21
Century Steel of Amer Inc.
Connor (John T)
East Boston Land
*.25
*11
1234
12%
414
1234
22
*11
*3%
Last Sa
34
Last Sale 11% Sept'21
Last Sale 3%
July'21
12l2
*312
e
414
13i2
12
23
27
26
27
95
90
90
90
94
154
155
154
155
*154
220
12%
2212
*85
155
*..-.
*1234
8U
95s
10%
5i2
10%
10%
*
5i2
10%
*22%
26"
3,285
*154"
155
"
134
Aug'21
""390
10%
Last Sale 5%
23
2278
227g
23
""25
2 Us
22
23
24
24%
24
24%
3,562
36
36
36
36
36
36
36
36
*
77
"*21*8
<
•J
tf
<
56
71
60
60
59
a
rt
h
X
1
n
w
7
160
CO
21
162
20%
21
162
20%
162
73
O
O
1*4%
a
96
97
50
50
o
*13
162
14
51%
51%
51
51
Aug'21
270
Waltham
110
11
13%'
10
18%
18%
*9
17%
13%
18%'
18%
18%
110
20
20
20
►
18%
*17
*
20
~*8~
20
"*8~
9%
9%
Last Sale 8%
.75
Last Sale .60
a
H
CO
*.50
*43
*.20
*17
45
45
*17
18
I
Last Sale 17
1%
1%
1%'
8
8
7%
734
9%!
*.03
224
14
*8
33%
*2
5%
7%
13%
2%
2%
5%
2%
6
8
8%
8%
1%
1%
2
*1%
*2%
9%
134
15g
3
1%
1%'
1%
*2
3
*1%
1%
1%
Last Sale .60
.75
66%
67
67
67%
1%
1%
*.60
.75
67%
65%
83
83
*82
84
*82
*18%
3»4
20
*18
20
*19
4
*.98
1
*.98
1
84
18
18
2%
3
*1%
2
2
I
46%
12%
47%
12%
.50
*35
-
2
47%
13%
t
48%
13%
*23
341
*35
5
*78%
80%
4%
9
9%
9
.30
*.20
.25
*1%
1%
4%
22
4%
79%
4%
9%
22%
*25
|
28
*25
28
38
*36
35
35
35
.90
.90
345
1
*.90
50
13%
Apr'21
,
"~50
1%
Last Sale 1
234
1%
1%
*1%
1%
1%
*.40
.45
*.40
.45
*1%
2
*3
3%
1%
*1%
*1%
.50
*11%
*.35
1%
.60
12
.50
1
1%
3%
1%
1%
*1%
1%
*1%
*.50
*11
*.35
*3
*lK»
Aug'21
*3%
334
1%
1%
1%
3%
1%
3%
1%
3%
1%
.50
*11
.50
d Ex-dividend and rights,
12
12
Last Sale .50
e Assessment
12
Aug'21
paid,
55
Jan
5
Nov
25%
Apr
97% Nov
133
Jan
50
Dec
76
Mar
21
NoVj
28
Apr
32%
Dec
49
22% Sept
12% Feb
26
Feb
19
Mar
25
5
10
5
10
Copper^.
10
25
1
v
33 8
J
1
»
39% Jan
4
Jan
1
16% July 16
16% Jan 5
25
15
Dec
7% Au c 29
Aug 26
17
Jan
14%
Dec
44%
Apr
Jan
17
Feb 18
14
Dec
26
Feb
22% Apr 28
29% Apr 18
19%
Dec
39% June
27
Dec
33
30
22% Apr
Jan 14
19
22
9
Mar
May 18
Apr 13
Aug 12
Apr
6
40
6%
8
.03
4
5
8
Jan
6
210
Apr 5
11% July 29
10%May 13
•08May 25
259
Jan
3
36%May
2
Sept
7
10
5% Mar 28
Aug 25
23%
4%
2c
Jan
Oct
Dec
409
10% Nov
6% Dec
Jan
3%
Dec
4%
7%
Dec
Jan
Jan
48% Jan
4% Mar
14% Jan
Dec
16
25
40%
16%
Dec
Jan
6
50c
Aug
5%
6
2
Dec
6% Mar
2% Jan
7
1
June 20
1
Aug
.95 May 27
68% June 16
25c
Nov
39
Feb
6
83% Aug 25
75
3
22
15
.25 Mar 18
48
Jan
3
1
75
Jan
16% Jan
May 11
Apr
Jan
4
60
Jan
Sept
Nov
82
June
%
Dec
38
Jan
2% Mar 14
3% -j
7
2%
Dec
5
Mar
25
1
Dec
2%
2
1% Apr 12
3% Feb 16
1%
25
Aug 16
Jan 4
1%
Dec
4%
Jan
Apr
25
1%
Jan 25
2% Feb 11
1%
Dec
3%
Jan
1% Feb 25
25
5
Copper
5
1%
.55
Apr
9
2% Aug 11
1% Aug 4
43% Jan 3
90cj
Dec
3
Jan
8
1%
Dec
5%
8
3%
Dec
3%May
5
lis4
7%
Jan
Jan
Jan
55
May 5
16% Apr 25
12% -1
5
100
.50 Apr 25
40
Feb 4
57
100
7'^%
>j
95
4
New River Company
pref
Niplssing Mines
5
MO
Z
Ffeb
July 14
8% Jan 20
7
Dec
Mar 23
12% Feb 21
8
15
8
.15 Aug 11
25
Shannon
South Lake
.
South Utah M & S
800
25
Superior <fc Boston Copper. 10
500
Trinity Copper
Superior
Corp
Utah-Apex
5
5
5
Utah
1
Copper
Mining
Consolidated
Utah Metal A Tunnel
...
1
Aug 18
15% Jan
21
3
Aug 10
43
3
.75
Jan
3
1
Jan 22
.04 Mar
4
2% Aug 10
June 23
8
.34 Aug 19
1*4 Aug 16
3
.95
Jan
4
25
25
,40May
4
.35
Jan
6
Wolverine
25
8% July
5
25
.25June 23
v Par value 510 per
share.
3
2
Jan 18
.12
Jan
Jan
Jan
48
;
Oct
95
Sept
12%
21%
Oct
80c
1
Dec
2%
15
Dec
37%
Jan
Apr
Jan
Jan
Jan
20%
Dec
34%
25%
Dec
65
Jan
Dec
58
Jan
60c
Dec
2
Jan
10c
58
Jan
Mar
2%
Apr
3c
Dec
25c
Jan
4% Feb 11
2%
Dec
6
Jan
2% Feb 17
1
Dec
6%
Jan
33c
Dec
1%
4
8
Feb 15
.75 Jan 17
Jan
3
2
Jan
5
1/6
Aug
4
Oct
5
3
Jan
May
Mar
7%
Dec
%
7
Apr 26
1/6 Jan 28
1% July
Winona
Ex-dlvidend.
Jan
40
Jan
105
Wyandotte
Mar
1% Jan 6
25% July 11
33
May 14
33% Aug 25
300
Victoria
.50
28
1
72
24
Dec
79
25
25
25
25
10
25
5
35c
7
8
25
Mary's Mineral Land—
7
Mar
Mining
Old Dominion Co
Osceola—
Jan
21
North Lake
1
.95
1% Dec
40% Dec
12% Nov
May 10
North Butte
OJibway
)
3% Jan
5% Jan
Jan 22
25
Mine
Consolidated
5
h Ex-rights.
40c
6% Mar
200
Jan
25
750^
Apr
Jan
Apr
3% Jan
New Cornelia Copper
55
4%
15%
10%
3%
Mohawk
220
Jan
Aug
Dec
7
1
Copper Co
I Tuolumne
8
5%
Jan
42
2
>,
New Idrla Quicksilver
165
6
Jan
Dec
.%
25
135
Jan 18
7% Jan
10% Jan
Feb
%
1% Apr
Michigan
25
3
1%
77
25
25
"266
Jan 28
Jan
25
pref
Royale Copper
Do
4
16% Jan 17
27
Mayflower-Old Colony
285
Jan
10
7
7|
Apr 28
4
957
62
Mar
10
3
Jan
20
Consolidated
Valley
Jan
3%
Jan
Mass
Aug'21
Last Sale 1%
Aug'21
.50
*.45
.50
.60
12
3
1%
*1%
1%
Last Sale .39
Aug'21
*1%
222
1%
*3%
IK,
...
Mining
Mason
Last Sale .07
3%
1%
Commercial
Quincy
.10
Jan
10
Dec
Jan 10
25
St
3
9%May 2
105% Jan 12
Nov
17%
Feb 15
25
19
*.07
1
88% July 11
Mining 10
48
*.50
4%S ;pt
25
37
1%
Dec
13
25
36
3%
1%
1%
Jan
85
Jan 10
Mar 23
Centennial
35%
.95
99
Feb 17
14
24
Jan 29
Jan
61
250
100
*.90
Jan
2
Lake
1,199
25%
176%
61
Consolidated
Do
Aug'21
25%
Dec
22
Helvetia....
810
23%
146%
15
La Salle Copper
.25
34% Mar
11j
37
.95
87
36%
Dec
17
7
10
23
!
8
Dec
Dec
Island Creek Coal
60
.25
Nov
9
July 12
Indiana
305
434
9%
101
82% May,
23%
Dec
Hancock
75
80%
.08
*3
990
4%
934
38
35
Mar
7
30% Apr 29
167% Feb 18
12% Apr 14
East Butte Copper
Franklin
200
1,025
*7934
22%
80
Copper Range Co
Daly-West...
Davis-Daly Copper
327
July'21
.25
Last Sale 1
*35
25
34%
35
22
79%
3
13%
*.20
1%
21%
*31
*47%
48%
13%
May
10% Jan
Aug
Bingham Mines...
25
Last Sale 40
50
80%
4%
9%
*.20
2%
Last Sale .50
.50
3
July
20c
Arizona
Last Sale 1%
|
Jan
Jan
12
40%
2%
2%
9
Jan
53
4 *c
2%
234
*J%
Aug 25
138%
Dec;
Dec
Aug 18
Aug 26
July 26
17
Nov
.50 Apr
23% Feb
2%
1%
2%,
234
*1%
46%
*12«4
6
105
7%
Jan
Keweenaw
1%
15
.75 Mar 3
56
Jan 19
350
1%
118
Mar 29
1
1%
Jan 26
.4
1
*1%
Nov
63% Nov
Sept
1
1%
Jan
86
Feb
June1
35
1
1%
el2% Sept
101%
32
Kerr Lake
1%
*1%
Apr
Dec
Deo
Isle
234
Aug'21
*1%
134
1%
1%
»9%
89%
35% Apr 25
9% Jan 13
3
31%
7
Dec
Arcadian
'"472
*2
Jan 11
June
15
10
1%
13g
1%
18
92% Feb 23
25
15
*1%
2%
Nov|
13
Jan
Jan 11
10
*1%
10%
Apr
Apr
18% Jan 11
4
2
Feb
8%
July 12
84
234
Dec,
Dec,
80%
4
6%
8
20
1
45
24
18
Butte-Balaklava
66
Dec!
7
5
*3%
*1%
Bid and asked prices,
3
8
Jan
50
4
*3%
334
*2
*
6
1%
134
Sept'21
*334
*82
125
50
2%
5%
Jan
4% Mar 18
l'/.Svt 2
8
Jan
122
25
6
96
9
25
2
Dec
13
Aug 25
Allouez
*534
*734
1%
8
Jan
80
Mar 28
32
Aug 22
.15 July 5
16
Apr 5
34%
Oct
74%
57
25
33
29%
68%
25
6
*1%
67
33
60
Apr
Dec
pref
4,625
33
Dec
16
40
2d
Carson Hill Gold
33
May
Jan
32%
8
25
2
June
9
Algomah Mining
32%
26
Jan
Ahmeek
33%
3%
Dec
Do
1
Aug'21
Aug'21
"
8
17
Calumet & Hecla
9
3
50
815
*8
Jan
50
"~52
9
30%
pref
10%
July*21
.
Dec
1st
10
I
15%
Do
| 225
226 ■ 230
230
13%
13% 1334
13% 14%
10
Nov
8
June 16
100
Warren Bros
1,055
Last Sale .05
164
Jan
11
8%
|
May
12
Manufacturing. 20
8
10
Apr
140
May
Mining
Adventure
Consolidated..
225
*8
Watch
7%j
10
88
Jan 25
47
25
490
.05
9
pref
1%
7%
9%
Aug
85
Wickwlre Spencer Steel
45
Dec
62
64
7
Dec
15%
8
5
Ventura Consol OH Fields.
Waldorf
Syitemlnc...
1%
225
14%
100
1%
.05
225
*2
*.60
*1%
5
8
Dec
7
Sent
6
Aug'21
45 t
45
Last Sale .40
19
4
Jan
14% Sept
6% Mar
36% Jan
28% May
86
6i2June 28
95% Jan
Jan
3%
Nov
35% Jan 17
3
Aug'21
44%
.30
*20
.50
1%
£-»
03
*.50
.75
45341
Do
14
7
25% Apr 18
41% Feb 7
2% Aug 18
July 1
2% Aug 23
7% June 21
59% Jan
117%June
Dec
25
Walworth
*9
*ir
100
United Shoe Mach Corp..
305
122
9
8
17
Jan
Jan
49c
23% Apr 12
22% July 28
19
July 6
146
Torrington
"7% "7%
21
*8%
No par
1
(Thos G) pref
320
,
10
Reece Button Hole
; 10
Root & V Dervoort CI A No par
T",6il
784
10
10
Orpheum Circuit Inc
2334
16%
9
8
Aug 19
New England Oil Corp
New England Telephone..100
«35%
21
11
Investment Inc..
National Leather
*35
1
o
Mexican
*1634
21
9
6
75
100
The ttres
*23%
21
7%
»•
«
June 20
McElwain
17
23%
16%
2034
734
*8%
9
9% 4
5% Mar
36
No par
pref
35%
23%
35
17
7%
17
100
Union Twist Drill...
35%
9
par
June 23
50
Swift & Co
627
23%
7%
25
Corp.No
Simms Magneto
16%
13%
o
o
o
""36
46
13"
Last Sale
13%
X
o
13
June'21
Last Sale 4%
Sept'21
98
99
96
96%
*13
Greenfield Tap & Die
Internat Cotton Mills
Do
pref
Plant
Aug'21
13
Last Sale 20
97
13%
50
Pacific Mills
32
34%
a
a
163
1,089
23%
9
w
21%
17
20%
7%
w
21
23%
<
X
21
5%
98%
*4%
5%
No par
Motor
Ohio Body & Blower
35
a
o
14
16
104
17
w
a
200
34%
o
<
"13%
1,266
23%
w
o
z
*
16
h4
O
*13"
~13%
"576
July'21
Last Sale 80
*13"
■
«
7%
100% 101
162
162
15
7
7%
Lcwf (Sale 7
~«r
20%
15
15
5%
5%
100% 101
5
100% 100%
'
0
1
Q
5
*4l2
IOOI4 101
►J
Last Sale 119% Aug'21
1434
Gardner
164
Aug 3)
56
60%
714
8
3
54
57
15
Q4
June 15
60
1187S
27
Jan 17
73
56
7
Jan 10
No par
Apr
3%
21
8
16
Jan
Apr
12%
23
11
152
10
Dec
Nov
3%
4
70
5
0
Dec
5
60c
12
011
57
14%
7%
3%May
1% Jan
3
13% Jan 10
4% Feb 11
25
60
Apr
9% July 27
(W H) 1st pref. 100
Massachusetts Gas Cos... 100
Do
pref....
...100
Mergenthaler Linotype
100
60
35%
10
Loew'a
56
Dec
Jan
131
15%
80
14
Jan 10
382
15
80
Apr 29
Jan
8
6%
10
15%
Apr
.95
100
Internat Cement
38
4% Mar 18
25
Jan
Nov
.15 July 25
.25 Mar 9
..100
Lines Inc
pref
Do
*56
16
7
4
Apr
10
10
Island OH & Transp Corp.
Llbby. McNeill & Llbb__
80
11878 *116
15l2
"8% "8%
20
lc
2
Sn
par
Internat Products..
15%
60
7
.50June 24
""50
8%
II
>,
"~30
79
56
*116
8
8I4
1484
Jan 21
14%S,
Edison Electric Ilium
Elder Corporation
17" july~2i
3
1434
*79
50
0
3
80l2
15
7834
60
Q
0
a
8
8%
15
«<
•
57
Aug'21
2h
Last Sale
3
78
a
1-4
15
3
2%
2\
3
*5
15
2%
Last Sale 76
77
"*2%
3
*5
>
*22%
23
12
Jan
10
Manufacturing
Eastern SS
Do
.07
May
10
Gorton-Pew Fisheries
Aug'21
21
*22l2
Eastern
295
Last Sale 8%
8%
....
~25%
100% Sept
3
Jan
.50
1
14%
3% Nov
13% Nov
Feb 24
*.20
*.70
14%
7% Mar
Feb
Feb
74
*.70
143g
Dec
1
5
73
"*.20 ".35
15
15
96% Jan
Atlas Tack Corporation No par
Beacon Chocolate
10
*1414
4% Apr 30
May 2|
3
3c
No par
pref
Anglo-AraCoraralCorp.Afo
Aug'21
Jan 21
No par
Amoskeag Mfg
Do
5
Jan 12
42%
Dec
9%
Feb
2c
Nov
3%
Jan
36 Jan 31
2% Feb 17
.80 Mar
14
4
Feb 21
.48 Jan 13
1
Dec
3%
Jan
pt
2
Jan
8
Dec
23
Jan
15c
Oct
25c
S
1% Mar
SEPT. 10
1921.]
THE
CHRONICLE
1145
Friday
Outside Stock
Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange Sept. 6 to Sept. 9, both inclusive:
Range
s
of Prices.
'for
$900
85.84June
92.90
Low,
Hi jh.
87.24
87.24
8 *.64
87.64
600
85.64May
87.74June
2d Lib Loan 4s.. 1927-42
87.64
87.64
950
85.44 Mar
87.64
1st Lib Loan 43$s.'32-'47
2d Lib Loan 43$s.'27-'42
87.64
88.04
8,500
85.62
88;64 June
88.72 Jan
4th Lib L'n
Victory 43$s
88.04
Jan
88.10
Jan
92.22 Sept
36,750
85.34
Jan
88.54
98.74
5034
14,800
14,450
85.54
92.22
88.18
99.14
11,200
95.78
Jan
99.14 Sept
51,000
45%
50
4934
Gold 7s. .1923
100
Chic June & U S Y 58.1940
77
77
Cumberland Tel & Tel 5s'37
Mass. Gas 434s
1929
4^8
.....1931
79
79
85 34
S534
81
81
78 3$
79tf
81
Miss River Power 5s.. 1951
Seneca Copper 8s..
1925
Western Tel & Tel 5s.1932
1003-$
97
"84"
97
84
_.
.
Jan
91.64
1922-23
AtlG& W I SSL 5s--1959
Carson Hill
87.64
Jan
Jan
87.74
43$s
1S28
43$s_'33-'38
84
Aug
Jan
62
5,000
90
Jan
2,000
1,000
74
Apr
Feb
Jan
82
69
10034 Sept
Jan
7934
Sept
2,000
79
Jan
87
Mar
1,000
75
Mar
81
Sept
12,100
1,000
7,000
743$
Jan
79341 Sept
94
Jan
101
Jan
78
July
84
fJuly
Philadelphia Stock Exchange.—Record of transactions
Philadelphia "Stock Exchange, Sept. 6 to Sept. 9, botli
inclusive, compiled from official sales lists:
at
Sales
Friday
Last
Sale.
Stocks-
All]
ince
Par.
Insurance
10
.
American
Gas....
American
Milling
100
of Prices.
Low.
High
for
Range since Jan. I.
Week.
Shares
Low.
18
20
17
32
32
150
27
High.
Apr
19
.Tan
June
35
Aug
par
"~59~34
Buff & Susq Corp pf vtc 100
Elec Storage Battery
100
6?4
10
5734
51)34
190
44
Jan
60
May
95
no
95
10
87
Jan
95
Sept
106
10834
5
8%
35
Aug
45
Jan
92
Jan
119
Apr
Aug
70
Jan
2734
July
2934
25
Aue
La
Jan
7
Apr
10
May
2834
2834
26
26
135
6334
734
7%
65
100
50
51
5234
Pennsylv Salt Mfg..... .50
Pennsylvania
50
65
65
Lake Superior Corp.
100
50
_
_
.
Lehigh Navigation..
Lehigh Valley
50
7 34
734
65
6 34
38
Philadelphia Co (Pitts). .50
Pref (cumulative 6%).50
Phila Electric of Pa
734
1
Tonopah Mining......_.l
Union Traction........50
Warwick Iron & Steel
213
47
June
56-34
Jan
6
643$
Jan
7434
Mar
1,189
3234
Apr
42
Jan
Sept
Sept
3534
Jan
34.
Jan
5
1,028
10
50
165$
1734
1 7-16
"3034
134
3034
170
134
IX
3034
28
3034
21
Apr
Apr
223$
Feb
28-34
Feb
June
2534
50
52 34
15
Aug
1934 May
60
51
Mar
57
1
130
6
170
May
June 1 11-16
15 1 1-16
July
13$
Jan
Mar
Jan
33
May
163
July
170
.10
29
5534
..100
175
50
Aug
7% June
2434
Jan
60
5
4
550
June
634 June
183$ Aug
3434
Jan
2,800
300
1334
245
10
1033$
1834
225
83
Aug
500
17
June
6834
2,100
175
Aug
73$
Mar
9434 May
7734 May
75
Jan
83$
Jan
1634 May
6934
Jan
13
Jan
44
May
93$
Mar
934
Jan
303$ April
5734 May
193$
Apr
149
Jan
Mar
2734
Aug
5934
Jan
105
87
Feb
90
90
105
90
Sept
100
Feb
47
1,300
38
Feb
66
||Jan
34
25
32
July
2334
9534
2434
1,875
9834
1,325
2234
55$
24 34
4,375
534
125
44
4134
Union Carbide & Carbon 10
4534
4434
4434
4634
2,875
8,300
United Iron Works
10
10
10
190
8
July
153$
15
15
100
15
June
233$
40
4134
100
2:36
34 June
603$
Feb
1734
1034
1834
15
Aug
Jan
243$
May
1034
3,460
1,330
3234
Jan
73
753$
950
94
94
Swift & Co..
..100
9634
15
2434
Temtor Prod C&F "A". (*)
534
International..
Thompson, J R,
24 34
25
com
v t
c.50
United Pap Board, com.100
Wahl Co
(*)
Ward, Montg, & Co, wi_20
Western Knitting Mills. (*)
Wrigley Jr, com
25
Yellow Mfg..
10
18
1034
7534
373$
Feb
2134 June
3634
Jan
8834 July
213$ Aug
434 Aug
2734
Jan
40% June
1053$
313$
834
7234
Aug
74
Mar
60
50
'"Jan
Jan
Jan
26
Jan
46
May
62
Jan
Mar
Jan
773$ May
11334 May
Bonds—
Chicago City Ry 5s... 1927
Chic City & Con Rys 5s '27
6434
3234
3234
Chicago Railways 5s..1927
4s, Series "B"
1927
63
64
7348-
193
(*)
No
par
value.
$3,000
10,000
10434
4734
31
8534
6,000
10434 10434
4734
4734
71
..
3234 Sept
613$ 1 Jan
4,000
1,000
8434
8534
>
Metr W Side EI 1st 4s. 1938
South Side Elev 4 J4s-. 1921
6434
31
Commonw Edison 5a.. 1943
Diamond Match cons deb
7834
35
Apr
Jan
88
fJan
»
10234 June
1,000
Apr
Apr
6634|May
Mar
28
10434
45
jhJan
49
Sept
Apr
61
7,000
1,000
71
673$
4134
Jan
71
Aug
dividend
x—ex.
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock
sive
Exchange Sept. 6 to Sept. 9, both inclu¬
compiled from official sales lists:
Sept
30
Jan
87.70
87.90
$5,400
87.82
88.00
7,750
84.40
Jan
91.76
92.00
9,800
88.20
Jan
87.28
88.12
28,550
85.60
98.78
99.04
34,200
94.50
6434
86.47 Mar
▼88.04 Aug
Stocks—
Par.
Jan
88.58
Consolidated
Jan
99.04 Sept
Jan
6734
68
Pjttsbuigh Coal, pref.. 100
1,000
96
99 34' Aug
Salt Creek Cons Oil
10,000
97
99
12,000
9434
Apr
Sept
Tidal 03age Oil...(no par)
We-stern Insurance—See N ote
56
Aug
Aug
West'house Air Brake
5,000
24,700
82
Jan
1,000
81
Jan
3,000
Sept
10134
59
7
'<
Aug
68
Sept
6734
Sopt,
1,000
72
June
84-34
Feb
6,000
5834
583$
Aug
6534
10.000
65
1.000
86
Sept
Sept
Sept
70
Jan
Price.
Cent Teresa Sugar pref..10
Commercial Credit.....25
4334
Consoi Gas E L & Pow
10 J
8034
Cons-jolidation Coal
Co den & Co
100
3
of Prices.
High.
Lew.
3
4334
Range since Jan. 1,
Shares.
165
45
27
216
Low.
39
Jan
7
Jan
..5
8034
81
80
Aug
84
7
79
j
25
10)
25
July
Sept
8834
25
4034
New
York
July
434
Apr
334
400
334
3834
39
50
23
Mar
2334
383$
2334
4
23
Jan
2134
100
our
on
92
Jan
an
Stocks—
Par.
2334
Sept
22
Aug
July
Acme
Coal
10
June
18
Jan
Acme
Packing
Sept
6234
Feb
Pennsyl Wat & Power. 100
8514
85
8534
47
7734
Jan
88
Apr
734
Sept
1234
734
1234
470
75
12
Jan
27
2734
10
26
July
78
Elkhorn Coal Corp 6s .1925
"9l"
1234
Jan
1434
Mar
Armour
Mar
Leather,
com
98
Sept
Sept
8
Feb
293$
Sept
9734
Jan
Aug
57 '4
10
Mar
14
Mar
Jan
9
493$
Jan
3934
10
70
Mar
is
record
a
compiled for the official lists.
building
an
As
activities from
on
the
Trinity Place, and
official sheet which forms
Sales
for
Price.
Low.
High.
90c
13$
93$
Range since Jan. l.
Shares.
Low.
High.
6834 June
76
2,000
3,000
723$ June
9534 June
7634
9934
7734
1,000
74
June
7834
72
Jan
80
May
7934
Jan
Aug
Sept
Jan
33$
75c
2,300
83$ Sent.
5
334
12
13$
78
Mar
Aug
July
33$
Mar
13$
Sept
13$ May
Sept
23$
Sept
113$
1,200
Aug
14
Jan
1154
113$
700
11 %
Mar
133$
Feb
1434
7
1134
113$
1434
600
143$
Sept
20
1-16
1,900
75c
July
53$
2*4
July
Aug
6
1-16
1
1
30c
11
75c
283$
2354
100
2834 June
334
33$
400
Jan
9734
May
Jan
9234
Apr
Mar
78
Chicago Nipple Mfg cl A10
Jan
Cities Service
99
Jan
99
Sept
98
1,000
3,000
9634
98
98
Sept
98
Sept
6134
4.000
6034
Aug
com
100
Cities Serv Bankers' sh.(t)
Cleveland Automobile., (t)
Colombian Emerald Synd
.
C'mnwealthFlnance com(f)
Preferred
Conley Tin
Continental
100
Foil..(no par)
Motors... 10
Cudahy Packing
com.. 100
Feb
113$
700
10C
77
Sept
40c
200
89
33$
13
30c
134
1,000
Feb
Sept
9
4
7,000
95
100
13$
91
Apr
100
4
9334
5 V$
300
Carlisle Tire.
78
2
163$ May
30c
Brit-Am Tob ord bear_..£l
Ordinary
£1
9334
9034
Exchange.—Record of transactions at
Chicago Stock Exchange Sept. 6 to Sept. 9, both?inclusive,
compiled from official sales lists:
34
2,900
95
12
(t)
Bucyrus Co, com
100
Car Lighting <fc Pow._.i25
2,300
13$
11
95
Chalmers Motor Corp..
Chic <fe E Ills, new pref. 100
Jan
1
13$
83$
134
4,000
1,000
6134
Jan
40c
Week.
15
99
Georgia Pacific 1st 6s. 1922
83
10
*
transferred its
Audubon Chemical
$3,000
9034
66
new
American Thread, pref._.5
78
Fair <t Clarks Trao 5s .1938
570
4334
113$
June
734 Aug
63$ June
328
of Prices.
10
30
Bonds—
7834
as
_.l
Keitilehem Motors
1950
1334
85;
Week's Range
Amalgam Leather, com (*)
Amer Light <fc Tr, com. 100
f
700
Industrial & Miscell.
40
Consol Coal ref 434s.. 1934
20c
111,000
8
Jan
4334 May
21
9934
7734
40c
Last
32
9934
88
Sale.
55.
Consol Gas E L & P 434s .'35
Jan
Friday
Week ending Sept. 9—
12
733$
7634
99 34
84
issuing
now
40
7234
7634
20
the basis of the compilations below:
12
43$s..l954
8634
Mar
Mar
July 2,' the New York Curb Market
June 27
40
7X
9
Market.—Below
issue of
2134
50
3034
Jan
the
"46"
...50
50
June
5
3 to
"2134
50
June
19
of
100
t r .100
40
130
66
Curb
Apr
334
120
890
4634 June
8334
25"
42
transactions in the New York Curb Market from Sept.
the Association is
High.
234 June
Mar
ow
100
Broad Street curb to its
Week.
3
18
Jan
Note.—Sold last week and not reported: 10 shares Western Insurance @ 50.
Association
Sa'es
for
Jan
1134
«
bel
Sept. 9, both inclusive,
Week's Range
12
83
„
83
noted in
[in¬
Last
200
433$
_•«.
clusive, compiled from official sales lists:
Sa'e.
Mar
223$
634
73$
113$
1
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Sept. 6 to Sept. 9, both
Friday
Jan
9
Jan
8834
Preferred
53
Jan
28c
West PcnnTr&WP,com 100
76
26
June
6
22
32c
W'house El & Mfg, com .50
Aug
1634 June
42
150
8634
*
8834
w
130
6 3$
50
8834
*
Feb
42
22
Pitt3b & Mt Shasta Cop.,1
5834
86
1434
9334 ISept
5834
65
50
9234 May
76
86
Preferred
Pittsburgh Brew, pref... 50
tJune
1 June
Jan
5
2834 May
654
1434
634
-
Ohio Fuel Supply
.25
Oklahoma, Natural Gas. .25
Sept
35
4634
45
L
May
1,090
"68"
1834 June
Jan
June
97
June
Jan
Apr
Aug
.
Jan
19
3
46
Jan
115
Aug
6 34
17
50
12
85
50
62
97
High.
73$ Sept
4934 June
713$ June
Ice, com..50
Preferred..
102
98-34
gen 4s.
1997
St Louis San Fran inc 6s
United Rvs Invest 5s.l92&
80
Apr
9434
Reading
19
19
Nat Fireproofing, com..50
9834
8634
8734
17,480
Aug
5634
8634
8734
10
734
Mfrs Light & Heat
9434
8634
8 -34
19
Sept
1,000
1966
160
Apr
Sept
74
FJan
99
135
76
7834
Mar
53
57
62
76
Sept
13.000
10134
61
62
"
Low.
200
"Sept
Jan
57
8
734
78 34
68
101
99
Range since Jan. 1.
6434
100
8,100
101
for
Shares.
2.000
105
Consol registered 6s. 1923
High.
10.000
6534
10534
Pennsylvania RR 634 s 1936
Peop Pass tr ctfs 4s
1943
Low.
Week.
150
334
33$
23
124
203$
Guffcy-Gllles Oil..(no par) See Ti dal-Osage Oil Co belo
Lone Star Gas...
25
18
800
1834
1834
93 34
_.....
Range
of Prices.
8
1
Barnsdall Corp Class A. .25
9334
J4s._ 1923
Registered 434s:._.1923
Collateral 6s.
1928
...100
92.06 Sept
*
105
cons 4
Preferred-..
Week's
Price.
Arkansas Nat Gas, com. 10
88.30
Sales
Friday
Jan
Sept
98.34 June
Aug
Jan
44 34
2834
2
62
Stock
1034
103$ April
34
Feb
1,000
Chicago
Aug
130
734
4634
3734
1,000
1923
United Ry & Elec 4s.. 1949
Jan
534
213$
57
90
Shaw W W, com
_(*
Stand Gas & Elec, pref-.50
8tew Warn Speed, com. 100
June
32
2834
2,000
Monon V Trac 7s..
July
50
1134
66
27
3134
2834
02
s
65
68
Sears-Roebuck, com...100
Last
9734
9834
5s.
6934
30
13
Sale.
62
Refunding
25
53$
1834
Apr
433
9834
Cosden & Co conv
70
70
183i
May
97
734% notes.
Jan
7
1334
May
9734
k
July
61
100
-(*)
..._10
8 34
"3 \\i
Gen Asphalt conv 8s. .1930
ConsoJ Gas gen
95
325
5534
Quaker Oats Co....-.-100
38
Equit Ilium Gas Lt 5s. 1928
United Ry & Elec
Wash Bait & Annap
Preferred
325
213$
50
Hunt & Br Top cons 531925
v
43$ June
1,770
83
53$
734
Orpheum Circuit, Inc
I
People's Gas Lt&Coke. 100
Piggly Wiggly Stores, Inc.
Jan
55
Preferred vtr
534
534
9934 107
4
Feb
55
MtV-Woodb Mills
Jan
88
Aug
55
no par
I Benesch & Sons pref.. .25
Mfrs' Finance pref.... .100
102
2-,265
734
Elec & Peop tr ctfs 4s. 1945
Preferred..
Davison Chemical
April
200
83$
49 %
Bell Teleph of Pa 7s.. 1945
.no par
Aug
110
70
250
413$
15
74
Par.
218
218
8
29
7854
6534
Stocks-
Mar
68
10834 109
55
373
8
74
West NYAPa 1st 58.1937
24
July
Aug
May
41
3234
7834
Corp N J 53.1959
Sept
834
413$
4934
8
Am Gas & EI 5s, small.2007
5s,. .1986
8%
43$
48
11
3154
4J4S._ 1932-47
small
3,200
50
7834
49 34
Atch Top & S Fe 4s__ _I995
Atlau City Ry 1st 4s. .1951
do
13
11
Am Vitrified Prod, com-50
Am Wind Glass Mach.. 100
Phila Electric 1st
Feb
200
Brick.........1C0
Preferred
71
5
53$
Libby, McNeil & Libby.10
Middle West Util, pref. 100
Mitchell Motor Co.
(*)
Motor
Sept
70
10
"A"
36
50
83
10
Reo
30
70
100
4 VA
4th Lib L'n 434s 1933-38
Victory 434s
1922-23
Pub Serv
Motors..4.10
National Leather.
Feb
434
Hartman Corporation- .100
Hart, Schaff & M, com. 100
Illinois
Jan
42
36
10
10834
534
10334
Match100
Hupp Motor......
1534
Aug
215
Edison 100
Holland-Amer Sugar
July
8
50
5
Jan
12
36
1234
High.
943$
35
1234
1134
(*)
Low.
475
10
"3134
2d Lib L'n 4 3$ 8 1927-42
3d Lib Loan 4Ks... 1928
Lehigh Val
--(*)
Continental
Jan
36
.......1C0
Great Lakes D & D
84
123$
Chicago Pneum Tool.. .100
Chicago Title & Trust.. 100
Diamond
600
11
Board........_(*)
Commonwealth
Range since Jan. l.
Shares.
903$. 9134
100
common
for
High.
Feb
2934
Bonds—
U S 1st L L
Low.
Price,
Week.
Jan
359
825
53
"i'x
10
West Jersey & Sea Shore.50
York Railways, pref.__.50
Feb
2234
263$
63
United Cos of N J..... 100
United Gas Impt...._..50
Preferred
....50
Jan
71
175
50
"if."
50
Devel
10
July
730
2634
Philadelphia Traction
Aug
62
28
2194
534
Jan
86
31
26 >4
no par
Phila Rapid Transit....50
666
31
22 3$
...25
Preferred
Phila Insul Wire
3834
21
28
5
_
Aug
40
48
..100
63$
100
48
J G Brill Co....
Keystone Telephone
Aug
843
38
38
76 3 34
General Asphalt
.100
Insurance Co of N A....10
Tono-Belmont
'
634
;
Beaver
Ranoe
of Prices.
Armour Leather.15
Swift
1734
32
10
American Stores
1st preferred
Price.
Week's Range
Co, pref
Case(JI)--L—j
Shares.
U S Lib Loan 3 34s .1932-47
1st Lib Lban 4s..1932-47
3d Lib Loan
Armour &
Briscoe,
Rar.ge si'ee Jan.
Week.
High.
Low.
Price.
Par.
Preferred
Sales
Week,
Last
Sale.
Bonds-
Week's
Sa'e.
Stocks-
Friday
Sales
Last
Exchanges
334
120
120
121
200
234
101
Aug
July
133$
133$
133$
800
113$
July
253$
25
2534
325
2334
Aug
60c
Aug
2
Jan
255
3134
50
9,100
69 3$
6534
8334
1334
683$
5,161
16
Apr
70
8434
1,920
44
Feb
8434
11
June
133$
200
53$
534
534
1,490
50 tg
nnu
on
43$ June
50 V,
R«ut.
Jan
Mar
134
133$
Feb
July
73$
134
50 >4
May
3234
134
83 34
Apr
43$
1934
8
«ou:
Feb
Apr
Jan
Jan
Aug
Sept
Jan
Jan
Feb
Range since Jan. 1.
Last
<Concluded) Par.
Week's Range
for
Sale.
of Prices.
High.
TjOW.
Davies (Wm) Co, Inc__(t)
20%
Denver & Rio Gr RR com.
38c
38c
20%
20%
51c
Preferred
du Pont
9%
3 OH
Goodyear T & R, com.. 100
....100
(t)
Heyden Chem
(no par)
1%
Holbrook (H F) Inc(no par)
15 %
OH
Imp Tob & GB & Ire.__£!
Intercontinental Rubb.100
2%
"iVn
28
5%
1%
15%
0%
5%
1%
15
9%
6%
59c
66
50c
60c
2%
2%
32
4
4%
Parsons Auto Assn
Jan
U
June
300
1,550
11%
100
4H
5%
800
14%
Feb
~37%
2%
35
June
6
Jan
"'2H
17
1%
1%
5,100
5%
"H"
1 5-16
July
Apr
2%
Feb
2%
2%
Mar
Jan
Jan
36
38%
2%
2%
3%
2,700
1,600
4,400
31
Jan
1
July
250
3
Sept
2%
6,700
2
Jan
4
Aug
2%
4%
1%
60
675
58%
44
45
150
40
39
9%
3%
Jan
100
1%
Sept
1
8
4,800
9
9%
Continental
£1
100
Indiana Pipe Line
14%
152""
15%
14%
108
50
Oil
55c
35c
250
8
151
1,300
70
153
110
10c
Lone
Star
1
MacNamara Mining
1
Magma
Copper......—5
Mason Valley Mines..
5
1
Jan
Portland C M of Del
Red Hills Florence
Jan
Rescue Eula.
25%
.........1
14
1
June
4 1-16
20C
""".3c"
8c
16c
'1%
.1%
348
10
348
20c
Aug
55c
700
4c
4c
5,900
3c
July
3lc
33c
2,100
4c
July
15c
Mix
2
2
100
2
Sept
10
8,700
8%
Atlantic Petrol (old)
6%
Aug
13
June
1
10
Sept
25%
2H
3
18C
20c
15c
July
2%
70c
69C
76c
1,300
15,200
18,400
Aug
20c"
1
Oil
44c
July
1%
50 c
50c
200
50c
Sept
1
(no par)
"~4%
Carib Syndicate
Cosden & Co old pref
6
Creole Syndicate
6
10
Elk Basin Petrol
5
Empire Ky Oil
4%
4%
3%
1%
3%
5
Cushing Petrol Corp
2%
2%
1%
14c
7%
5%
15c
12c
7%
5,600
1,600
4,100
4,300
26c
26c
26c
39c
38c
41c
5
1 5-16
(no par)
6%
_(f)
1%
.
10
1 3-16
6%
1%
84c
1%
7%
1%
87c
Granada Oil Corp CI A.. 10
2%
Harvey Crude Oil
6e
6c
13c
15c
3%
Guffey-Gillespie Oil...(t) See TJ dal Osage Oil
Hart Oil Corp, clA
2
2
1
1
1
.....
13c"
25
Internet Petrol...(no par)
Invaders Oil of Oklahoma.
Kansas & Gulf Co
8%
16%
24c
6%
Keystone Ranger Devel-.l
Livingston Oil Corp
I
10%
24c
6%
1
(t)
5
Eastern
20c
10c
8c
10c
10c
5%
1 7-16
71c
80c
90C
m
18
1%
75C
17%
19%
1%
1%
1
Meridian Petrol
10C
10
7
-.5
20%
2%
1
1
June
5%
25c
July
July
35c
July
July
Cons Gas of N
Mar
July
45c
17
Sept
25
90c
7%
8
5,500
1,700
2
2
200
17c
19c
17c
3%
3%
1
8c
8c
9c
10
89c
84c
90C
Pennock
Oil
10
Producers & Refiners...10
(no par)
3%
"4%
5%
4H
5%
5%
4%
25,000
300
5,000
5,500
100
4,500
Jan
1%
Aug
3% May
Aug
4
Aug
90c
May
Sep1
75c
90c
1 3-16 April
20c
5,900
46,000
Juiy
Feb
Aug
1
Auf.
15c
July
3
July
July
78c Sept
2%
Aug
July
5%
100
4% June
10%
3%
1,500
9%
Feb
2% June
5c
Sept
5% June
Feb
'
90c
12%
5
Feb
Apr
Sept
Apr
Aug
13-16
Jan
3% June
%
Apr
Jan
2%
Jan
6%
Jan
5%
Jan
14%
14% May
Jan
5%
5c
1,000
6,000
4%
4%
10,000
3
June
1
1
100
1
June
54c
60c
40c
Aug
1
Mar
12
13%
5% June
30
Feb
48c
"34c
Wilcox Oil & Gas
50 c
600
34c
38c
6,000
17%
1
17%
1%
1
1%
90c
(t)
27c
1
27c
29c
100
400
600
4,000
%
21c
15%
Jan
June
Aug
1% June
70c
%
Aug
Feb
3c
9-16
3%
6%
Apr
Jan
Feb
Sept
3-16
Jan
2
Aug
2%
98c
July
1 7-16
Aug
Sept
62c
July
8c
1 9-16 May
1%
Apr
35c
1 7-16
Apr
1%
July
1 11-16 Mar
% May
Aug
2
June
3
Mar
22c
Aug
24
July
% June
11-16
3%c
1
julv
% April
7%
Apr
Jan
1 3-16 May
4i2
Mar
Jan
May
1% May
60
105%
105
35
Grapbophone 8s. 1925.
94%
100%
99
95
102%
98%
60%
106
36
Y 8s—1921
7s__1923
100 H
Copper Exp Assn 8s..1922
8% notes Feb 15—1923
100%
102% 102%
100% 100%
100%
100% 100%
101
100%
101%
101% 101%
8% notes Feb 15-..1924
8-.
1925
—
—
1923
1941
Cudahy Packing 7s..
Fisk Rubber 8s
"99"
30c
Juiy
12% May
OH
on
1
Feb
Jan
Jan
38c
17%
Aug
Sept
5
Feb
2
Jan
%
Apr
.1925
Grand Trunk Ry 6% 8.1936
Gulf Oil Corp 7s
...1933
-
Co 7s
Heinz (H J)
Humble Oil & Ref 7s
-.
1930
1923
98
100% 100%
99%
97%
98%
if 97%
100%
97%
38
May
38
1 Sept
96
Mar
101%
101
Mai
Jan
Jan
89%
Aug
101%
98%
Sept
93% June
90
July
65
"May
99%
Feb
Feb
100%
Aug
June
99%
Aug
92
June
96%
Mar
99%
July'
103%
94
June
98%
Aug
Sept
58% Aug
100% June
35
Sept
98%
92
Jan
Mar
99% June
98% Mar
98% Mar
3
%
Mar
June
99
Sept
44,000
91%
Julv
13,000
98% Sept
83
67
Jan
92% June
94
Mar
94%
Jan
94% June
Jan
76%
83,000
76
35,000
69%
Aug
93%
30,000
87%
Jau
95
95%
38,000
10,000
91 %
101
June
July
Sept
Morris & Co 7 %s
1930
8s.—1930
100
Hartf 4s__1922
1922
Otis Steel 8s
1941
Procter &
Gamble 78.1923
Oct 15'22
7% ser notes. ..Oct 15'23
Soivay et Cle 8s
—1927
Stand Oil of N Y deb 6 % s'33
7% ser gold deb 7s - 19 >5
7% ser gold deb
1926
7% ser gold deb_-—1927
7% ser gold deb
1928
7% ser 8old deb
1929
7% ser gold deb
1930
7 °c.
R«r
cold deb
1931
100
Mar
Sept
80
Apr
101
June
102% Sept
101% Aug
101% Aug
101% Aug
4%
100
99%
97
July
June
Sept
Jan
102%
Apr
93%
99
May
Sept
99% Sept
100% Aug
98
July
83
June
76
Sept
94%
Jan
95% May
103%
101
Sept
Sept
99%
99%
3,000
96
Jan
100
Sept
92%
Feb
97
May
96
9,000
2,000
91
96
93%
Aug
96%
34,000
47
54%
51%
54%
99
99
99
99
101%
99
99
100% 101%
100
Reynolds (R J) Tob 6s 1922
dears. Roebuck & Co 7s-'21
7% ser notes
197,000
70
106
91%
"99%
National Leather 8s.. 1925
N Y N H &
Ohio Cities Gas 7s
101
Jan.
Feb
95
74%
Nat Cloak & Suit
98
Aug
99
70,000
80,000
99
99% 164,000
5,000
100%
97% 195,000
103% 103%
Aug
Aug
83
74%
103%
95
July
Sept
91
98
90%
98%
97% June
92%
95%
99%
99%
76%
.
Aug
101
"93%
Kenuecott Copper
Aug
Jan
7s 1930
L'bbv McNei' & Libby7s'31
Lou Nash St L Div 63.1971
Minn St P& SS M6%s '31
8s J P M receipts
Jan
45
Jan
1921
Interboro R T 7s
60
98%
99% June
95
97%
July
13%
6%
400
July
92%
99%
102
16c
29% May
Jan
6%
6%
White Eagle Oil & Ref-(t
95
98%
94%
90
5c
90,300
Apr
14c
56c
Jan
94%
99%
101
98^
SImms Petroleum, (no par)
Victoria Oil
98%
94
10
Skelly Oil
Spencer Petroleum Corp. 10
59c
Col
$34,000
28,000
2,000
69,000
99
94
90%
3
1
14c
July
Sept
900
99%
94%
89%
101
98%
10
600
100
10,000
3,000
78,000
8,000
35,000
59,000
6,000
5,000
6,000
38.000
52.000
26,000
23,000
4,000
28,000
2,000
14,000
8,000
10,000
5,000
40.000
24,000
2,000
24,000
95
7c
3
98
.alcna-Signal Oil 7s.. 1930
1%
7%
Feb
Feb
July
8c
22,000
99%
Goodrich (B F) Co7s
2
July
98
General Asphalt 8s—1930
Aug
Salt Creek Producers new..
par)
99%
40
97%
98%
40
38
Jan
%
55c
4c
38%
Mar
Sapulpa Refining
5
Sequoyah Oil & Refining. 1
Texon Oil & Land
39
32%
3%
1%
% June
Jan
Jan
3c
4c
10c
Cons Textile deb
2%
4%
22c
May
4c
98%
11%
70c
June
40c
102%
17%
Aug
17c
%
July
%c May
Aug
Canadian Pac Ry 6s..1924
62c
Sept
Aug
1
2%
10c
Sept
6%
May
15c
Sept
July
m June
15c
Aug
_ _
15%
1
1%
8%
12e
21c
100
July
July
10c
June
20c
98%
1%
900
Aug
July
6c
21c
Barnsdall Corp 8s
8t.pt
6,000
1%
4
Aug
100%
ow
Jau
July
Sept
"75"
Beth Steel
July
Sept
June
14%
65c
7% notes.. 1922
notes.'30
7%
Jan
1
Sept
16C
4%
Mar
2%
Armour&Oo
Jan
1%
42 c
Aug
Sept
12
200
7% notes
1923
Equipment 7s
:
1935
Canadian Nat Rys 7s. .1935
Jan
24
10%
1 9-16 May
Mar
June
3c
95c
88%
89%
100% 101
98%
98%
94%
95%
75
77%
11,900
1
North Star
6% notes Series A.. 1929
Anglo-Amer Oil 7 %s_. 1925
Chic Union Stat 6%s.1963
25c
Noble Oil & Gas
Anaconda Cod Min 7s.'29
Aug
100
2,400
3,600
20,650
2,150
3,700
2,400
11.800
53c
101
1931
Beaver Board Cos 8s—1933
100
Jan
Sept
Sept
16c
4%
4%
101
Jan
3,500
Feb
July
7-16
80c
1923
7s
Apr
2%
%
1h
4%
90c"
100% 101
Aug
11-16 Apr
9% May
50c
45c
2%
24
101
10
July
78c
30c
50c
Chic & East 111 RR 5s 1951
25c
National Oil of N J com. 10
1922
1924
6s
28c
Sept
700
.....
an
Amer Tel & Tel 6s
Jan
25c
10
j
2%
100
2%
23%
American Tobacco 78.1922
Feb
800
July
1% Sept
3% June
53c"
7s..1925
May
62c
....
10
Mfrs
Aluminum
14
9,570
1%
I 3-16 1 7-16
...
11-16
200
11c
1%
$
Certificatjes of deposit
15
% April
75c
19-16
Bonds-
Allied Pack conv deb 6s '39
Aug
1
60C
Copper
1
White Caps Mining...-10c
Aug
400
7
Western IJtab
Aug
10
Midwest Texas Oil
Jau
21%
10C
Jan
Mar
June
7
6%
1% June
1% May
June
Jan
20c
12c
400
Apr
400
17
5
1% 1 7-16
70c
40c
200
8c
2
2c
July
10c
5%
8c
95c
%
3c
65c
4%
2c
4%
1
10c
65c
95c
4%
55c
1%
1
Aug
6
1 1-16
1,500
3,700
1,000
1,275
4,900
11,000
1,000
91,000
3,000
3,000
5
10%
1H June
6c
WPbert Minirg
July
Aug
1
6c
200
Yukon Gold Co
June
1%
14c
13%
1%
4%
30c
....5
Aug
4,100
4%
20c
2%
9%
300
100
1,700
20,100
37,900
19,100
3c
"43c"
6%
1,000
H
l
20c
Mining.. 1
Tuolume Copper..
987
50c
1H
...
Mexican Panuco OIL...10
100
3,000
8,000
30c
50c
;
Co bel
25c
17
"87c"
Magna Oil & Refining
Manhattan Oil
10%
1,100
2.90C
1,400
50c
"30c"
25
Lyons Petroleum
8%
20c
6%
3%
600
1,500
1,000
4,600
4,500
1,000
2,000
10c
400
300
1
Engineers Petrol Co
400
11,000
7%
7%
5%
3%
5,400
25%
300
3C
1
1
1
—1
Divide
Unity Gold Mines
Wast End Consol'd
Apr
50
1,300
5
.5
Boone Oil
31c
Mar
Apr
18%
65
12
May
Sept
15c
1%
4
2
U S Continental Mines new
Sept
19
Feb
June
Mar
2
Feb
20c
1
15c
—
Jan
1%
20c
8c
June
17
20c
Silver-Lead..—1
Tin tic Stan
Feb
1 7-16 June
June
July
Mar
"12"
1 11-16
Feb
2c
4c
300
16c
AUg
Mar
May
May
United
%
1HC
202
296
3%
24c
a pr
515
Standard
Jan
Apr
1%
19%
1%
July
19%
1%
12c
19%
United Verde Extension 50c
in
1,000
8,500
23,000
2
7%c
%
Mar 1 1-16
June
Apr
(t)
9c
Feb
July
June
100
3c
7c
July
19c
Sept
160
385
Atlantic Lobos Oil com
3c
25c
Mar
1%
395
June
Arkansas Nat Gas. com
25c
37
June
7c
3c
10
Other Oil Stocks
Atlantic Gulf Oil
13,300
10c
Feb
10c
Feb
113
May
10
200
12c
15c
J
1
Consol..
77
Oil, pref
3%
3%
12c
Feb
Feb
Sept
184
34c
1,000
1,000
3%
3c
430
Pick
60% June
55c
8c
4%
36c
South Amer Gold & P.. 10
Silver
71%
__10
20c
8c
2H
7c
400
Simon Silver Lead..
68%
Oil
2H
10C
6c
1,000
1,000
2,000
3,500
Aug
Tonopah Extension
Tonopah Mining-
Woodburn Oil Corp
Feb
12c
10c
3c
Mar
Tonopah
"Y" Oil & Gas
26c
34C
7c
Jan
80c
May
Tonopah Belmont Dev
Western StatesG&O
July
Sept
May
3%
Jan
1% May
Silver Peer Min.:
Mar
Tidal Osage Oil... (no
9c
43c
Sliver Mines of America. .1
Sept
July
Ryan Consol
Sept
3c
May
Sept
Ohio Ranger
Omar Oil & Gas
47C
75c
22
60
Mountain Prod
June
47c
9c
112
103
Mountain & Gulf Oil.
Feb
20c
33c
Mar
2
6c
July
348
Corp.
lie
8c
Aug
104%
Sept
Mexico Oil
Aug
April
9-16 Jan
5c
Sept
Mexican Eagle Oil
2
5c
7c
15-16
__1
Sept
Merrltt Oil Corp
June
80c
1
6c
3c
5
71
Certificates
24c
300
3,500
95,150
14,000
2,000
17,500
1,500
82c
78c
1
1 1-16
Ray Hercules
52
Maracalbo Oil Expl
Marland Refining
27c
"'7c'
Jan
30
Lone Star Gas
June
1%
90
Imperial Oil (Del).
8c
30c
56,700
31c 118,600
6c
71
Hudson Oil
22c
4%
53
Gillilaud Oil, com
Glenrock Oil
16c
1
52
Fensland Oil...
19 c
5
71
Federal Oil.
Mar
Nipiasing Mines
348
Dominion Oil
Apr
31c
65c
Ohio Copper
Jan
Sept
2
June
New Dominion Copper___5
3
82c
Mar
18c
Jan
Aug
Sep 1
Jan
19,400
5.900
20,900
1%
1%
2%
_
62c
1%
35c
2% April
100
Allen Oil
Sept
12%
1%
4%
86
10
33c
He
183
325
32%cJune
14c
100
325
100
13%
Southern Pipe Line
Standard Oil of N Y...100
33c
Nevada Silver Hills
320
8,550
33C
New Cornelia
Southwest Pa Pipe L..100
70%
Aug
58c
Solar Refining Co
25
40c
42c
Corp
Opbir
Aug 113-16 May
Jan
July
53c
Jan
Jan
21c
35c
Mar
July
500
55c
1%
9c
July
32c
42c
1%
1
July
1
1% 1 11-16
4H
Aug
182
4c
10c
50c,
77C
31c
81c
'"in
June
430
Oil
2%
1
June
100
Brazos
Aug
...
69
100
Boston-Wyoming
_.
140
Prairie Pipe Line
Amer Fuel
83c
2
1%
3c
4c
90c
Coalition.. (t)
223
Prairie Oil & Gas
New
1,100
3c
La Rose Consol Mine...5
20
226
Allied
May
3c
Apr
Sept
2
7,000
2
5
Knox Divide
100
73%
73%
226
(Ind)
May
50c
Aug
300
112
...25
Standard Oil
55C
SPver Dale Mining
100
Illinois Pipe Line..
Ohio
Jan
1
Silver Hills
Oil
12c
1
Min.l
Jan
Subsidiaries
Anglo-Amer Oil
37,800
2,700
Jerome Verde Copper
1
Oil
Standard
34c
4
Rex Consolidated Min
Former
24c
_.i
June
50c
Aug
4,300
45c
30c
National Tin
35c
1 1-16
Sept
Nevada
%
1 5-16
38c
Jan
H May
1%
July
Jan
18,000
88c
16c
9
37,900
38c
23,300
35
37c
1
38c
Apr
25c
1%
30c
Aug
5
30c
...5
35c
25c
Jan
%
Jan
Heela Mining
Howe Sound Co
Motherlode
300
37c
6c
Jan
1%
39c
17c
Jim Butler Tonopab
Kerr Lake...
Jan
2.000
500
6c
Feb
1%» Mar
13c
15c
72
21%
8,200
Aug
7-32 May
7-16
Jan
4c
9C
60
3,900
24c
loc
MacNamara Crescent
May
July
Divide
Apr
10
3c
72c 125,600
Monster Min—-50c
Aug
22c
Chemical.— ..1
1
Zone Divide..,
Mclntyre Porcupine.1
McKInlev-Darragb-Sav
Mining Co of Canada..
"23c"
Willys Corp com..(no par)
Goldlield Florence
Jan
6,500
5,400
4,300
1%
1
9
5%
22%
1% 1 9-16
1% 1 9-16
1%
Jan
3% May
July
1 5-16
5%
22%
U S Metal Cap & Seal
1%
200
39c
^..1
June
6
7,300
1 3-16
Sept
Aug
Aug
1%
Aug
31%
Aug
14c
5%
1%
65c
1%
1,800
Eureka Croesus
Goldfield Consol Mines. 10
HarmlU
1%
25c
22%
9-16
2
1
Eureka Holly
Jan
July
% June
5c
2c
4c
33c
Sliver
Green
Aug
April
66c
5
Divide Extension-^.--1
El Salvador Silver Mines. 1
Gold
2c
1,900
1,000 7-16c
39c
new
Cresson Con Gold M & M.l
July
5%
Jan
%
Aug
5% May
25
Mar
59
(t)
Shipyards Corp..(t)
1
11
Sept
100
1%
84c
76c
3%
Un Retail Stores Candy, (t)
U S Distributing com
50
Jan
July
July
Cortez
High.
Jan
32c
Copper Range.........
2% June
5
Sept
19
1
Mar
2
29c
......
Consol Copper Mines
%
"71c
4c
__1
Low.
61c 175,200
40c
July
Sept
Sept
24c
1
Boston & Montana Dev..5
Canada Copper Co
5
9%
30
1%
34%
21c
5
50c
Range since Jan. 1.
Shares
8c
Mar
Aug
25
2,000
2,905
6,286
4,700
44c
8c
Tungsten
Big Ledge Copper Co
Blackhawk Cons..
Boston & Ely..
Consol Va of Nev
Jan
2%
1
Amer Tin &
Feb
100
6,100
lc
Sept
Ju'y
.
4c
lc
15%
% June
58
100
2.600
High.
3c
Aug
212 June
72% Feb
for
Week.
of Prices.
1
Mines
3 %
July
50c
Week's Range
Low.
Atlanta
Carson River Corp
Cash Boy Consol...
54
Price
1
Candalarla Silver..
Aug
Mar
300
Par.
Alaska-Brit. Col Metals
Alaska Mines Corp
Jan
June
100
29%
Jan
May
Jan
4%
1%
45
18c
UnCarbido&Carbon(no par)
United Profit Sharing..25c
100
21
Aug
50
Sept
80c
Tobacco Prod Exp
pref
100
1
1%
Wayne Coal
26%
640
38c
Southern Coal & Iron.....6
...10
June
300
Saguenay P & P
10
4
1
Standard Motor Constr.10
U 8 Ship Corp
115
1
*34 %
Republic Rubber., (no par)
Reynolds (R J) Tob B.25
U S Steamship
6
Juiy
21
Apr
1%
U S Light & Heat com. .10
Preferred
10
Aug
2
13*
10
3%
400
(t)
Sweets Co of America
100
3%
-.6
Preferred-
Apr
Aug
Aug
33
17,200
1%
7%
30%
3
....
Radio Corp of Amer
29%
1
Perfection Tire & Rubb.10
8
Aug
3H
Corp50
Aug
" Sept
Jan
2%
22
1%
13
7
2%
(f)
Certificates of deposit...
1st
36%
3%
11%
7
Peerless Trk & Mot
7%
2,410
1,200
22
10
Nor Amer Pulp & Paper
End
10
32
Motor App Corp
West
23
66
's6e
Nat Motor Car & Vehicle(t)
Todd
26
34%
3%
Aug
Sf pt,
8%
6%
10
Lehlgb Valley Coal 8ales5C
LocomoblleCo,com (no par)
Mercer Motors...(no par)
Met 5 to 60c Stores, pf.100
Morris (Philip) Co., Ltd.K
Y Transportation
3,600
Aug
60c
Aug
50c
210
59c
Lake Torpedo Boat eom
N
35c
200
10%
Goldwyn Pictures (no par)
45
Sept
700
8
28
Glen Alden Coal..(no par)
19
75
22%
23
Preferred
70c
50c
Sale.
Mining Stock*—
High.
Low.
Shares.
26
(no par)
Empire Food Products, (t)
Farrell (Wm)&8on.com.(+)
Griffith (D W) Inc
50c
.
7%
Chemical, pref...
Durant Motors
Last
Week.
Price.
Sales
Friday
Sales
Friday
Stocks
[vol. 113.
chronicle
the
1146
100
70
Jan
92% June
99
Sept
Aug
99
20,000
99% June
97% Mar
100
100% July
1,000
9K%
99%
98%
99%
1,000
97%
98%
98%
22,000
94%
Mar
97%
97%
99% 100%
101% 102
102% 102%
1,000
94%
Mar
102% 102%
102
102%
102% 102%
103% 103%
103% 103%
104% 105
Jan
Anr
6,000
7,000
15,000
91.000
Jan
Aug
101% Sept
Aug
99
Aug
98
May
97
June
102%
97
June
102
Jan
Sept
Aug
100
Jan
102%
102%
12,000
100%
Jan
103
July
9,000
Jan
103
July
9,000
100%
100%
Jan
2,000
100%
Aug
103%
104%
Aug
miu
FPU
105%
Aug
7,000
100%
7,000
si
nnn
Jan
Aug
Aug
Sept. 10
THE
1921.]
Friday
Week's Range
Last
Sale.
Bonds (Concluded) -
Range since Jan. 1.
for
Quotations for Sundry Securities.
Week.
of Prices.
High.
Low.
Low.
Price.
98% $29,000
All bond prices are "and Interest" except where marked "f.
High.
South Ry 6% notes.-.1922
Southw Bell Telep 7s -1925
98 H
94%. May
98%
Sept
97%
97 %
97%
36,000
92
Jan
98%
Aug
Sun Co 7a
94:%
93 %
94 %
56.0c0
89 %
June
95%
Apr
99
46,000
93 %
June
99
98% 144,000
97%
98%
Aug
1931
Swift a co 7s
98%
99
1925
97%
Aug 15 1931
98 h
TexasCo7% eau'nts. 1923
ioo y8
78
United
Drug 8a
97%
Sept
Sept
looh Sept
100% June
98%
Jan
100%
54,000
99%
100% 100%
94 %
93%
3,000
100
Aug
107 v*
Aug
5,000
91
June
July
June
101%
102%
Sept
100j*
July
100
1941
United oh Producer? 8a
31
Sept
1,000
United Rya of Hav 7%a *36
Vacuum Oil 7a
1936
102%
101% 102%
74,000
99 %
Western Elec
ioo%
100% 100%
91%
90%
12,000
11,000
Jan
97%
89% June
7a. 1925
conv
Winch Repeat Arms 7 h s '41
1147
CHRONICLE
Sales
91
97% May
Bid.
Standard Oil StocksPar
*15
Anglo American Oil new. £1
Atlantic Refining
...100
Ask.
I
rr. Equipments—Per CI. Basis.|
Baltimore a Ohio 4%n
1514
875
925
100
106
il08
100
345
360
50
*80
82
Cheeebrough Mig new... 100
145
160
Preferred
Borne Scrymser Co
Buckeye Pipe Line Co...
Buff Roch a Pittsburgh d%a
Equipment 4a
6.85 6.30
Equipment 0s
Canadian Paolfto 4%a a 6s..
Caro Cllnohfield a Ohio 5a..
Central of Georgia 4%a
6.85
Chesapeake a Ohio 6%n
Equipment 6s
Chicago a Alton 4%a, 5a...
6.65 6.25
7.00, 6.35
100
95
93
100
107
110
50
*24
26
Cumberland Pipe Llne.-.ioo
115
120
Eureka Pipe Line Co..-.100
74
77
Galena Signal oil com...100
32
34
Chicago a Eastern 111 5ha~
Chic Ind a Loulav 4%a
Preferred
new
Continental Oil
Crescent Pipe Line Co...
7.10 6.40
6.85 6.30
6.30
7.00j 6.20
8.09 7.00
7.50 6.65
8.25 7.00
8.25 7.00
7.30
6.50
Preferred old
Jan
99^
Sept
9% (753,000
99%
99% 387,000
98%
Aug
11
11
01,000
11
Sept
15
Feb
11%
49%
11%
gl,000
11%
Sept
18 %
Jan
49%
61
61
5,000
1,000
10%
10%
11
1941
f
w
{Bremen 4s
{Frankfort 4s.
16%
8%
11
9%
) Berlin 4s
Brazil 8s
Sept
8%
11
•uh
—
French Govt 4s...
61
Victory 5s.......«.
{Hamburg 4ms
§4s
11
43
Jan
50
Feb
49%
Jan
613*
Aug
01,000
10%
Sept
17%
Jan
01,000
11
Sept
17%
Jan
98 %
96%
96%
Russian Govt 6%% ctfs
97
10,000
96 %
15
Philippine Govt 5 He.. 1941
s(- >t
16
7,000
12%
16%
10,000
90
91
82,000
21
Mar
Jan
91
Sept
12
79%
5^8
90%
20
Jan
16%
1921
Switzerland Govt 5^8.1929
Mar
Aug
Aug
100
86
91
Chic St Louie a n o 58
6.90
Preferred
Foreign Government
and Municipalities.
100
83
86
Chicago a n W 4%a
6.85
6.35
100
50
150
153
6.60
6.20
*73
77
Equipment 6%b
Chicago r i a Pao 4ha, sb-
7.50
6.75
new
Illinois Pipe Line
Indiana Pipe Line Co
International Petrol.(no par)
*1012
1034
Colorado a Southern 6a
8.00
7.00
National Transit Co...12.50
*2412
2512
Erie 4%a, 5a a 6a
7.50
7.00
New York Transit Co
100
144
143
Hocking Valley 4%a, 6a
7.25
6.50
Northern Pipe Line Co—100
83
87
Illinois Central 5s..
6.80
6.35
26 *225
25 •18
228
6.80
6.35
6.60
6.10
Prairie oh a Gas..—...100
420
430
Equipment 7a a 6^8
Kanawha a Michigan 4%a..
100
100
181
185
Louisville a NaahvlUe 6a
6.90
6.35
335
350
6.70
6.20
72
75
Equipment 6%a
Michigan Central 5a, 6a
6.70
6.15
Minn St p a s s m 4%a& 6b
7.00
6.50
6.65
6.40
7.75
7.00
Ohio Oil Co
Penn Mex Fuel Co....—
Prairie Pipe Line
Solar Refining
Southern Pipe Line Co.-100
Odd lots,
i Listed
t No par value.
on
the Stock Exchange this week, where
175
100-g70
50
(California). 25 *71*2
South Penn oh
Standard Oil
Equipment 4%a
20
54
Southwest Pa Pipe Lines.100
♦
6.35
Equipment 6i2b a 7a...
72
Missouri kansas a Texas sb-
7.25
6.50
Ex-divi-
x
7.00
6.45
7.25
6.60
6.87
6.20
6.85
6.20
10634 10678
7.75
6.75
322
325
6.75
6.25
100
360
370
6.75
6.25
108
When issued,
w
7.00
110
6.60
30
35
6.85
6.35
80
o New stock,
7.50
Standard oh of New y'k.100
additional transactions will be found,
90
6.85
6.35
85
95
6.76
6.20
242
245
*23
28
Standard oh (Indiana)
..
*70i2 7034
26
Standard Oil (Kansas)...100
y
ex-rights,
1,000 marks.
per
z Ex-stock dividend.
Marks.
0
§ Dollars
a: Correction.
Standard oh (Kentucky).100
380
390
Standard Oil (Nebraska) .100
1,000 lire, flat.
j: Dollars per
550
145
150
Standard oh of New Jer.
dend.
530
136
13614
100
Preferred
Standard Oil (Ohio)
CURRENT
NOTICES.
100
Swan A Finch
is
—There
the
staffs
"after
constantly increasing demand
a
New
of
hours."
York
As
a
banks
City
25
the part of
on
members of
wider educational
for
Preferred
opportunities
result, the New York Chapter of the American Insti¬
Equipment. 6 >6 a.
Equipment
7a
Equipment 4s
6.90
tute
of
Banking
second
third
and
Sept.
on
moved
floors of
into
West
6
37th
15
and larger quarters
new
Street.
the
Chapter is the
The
on
Oil
Stocks
one
*80
to
rapidly
more
tered
the
in
metic
eligible for membership.
messengers—are
educational
give
in
64
courses,
intricacies
which
men,
profession.
Chapter's
to the
up
their
bank
to
courses
Last
year
which
run
corporation
of
Its chief
will
aid
the
advance
students
2,000
were
from
mere
Tobacco
exchange
Great
F.
Roberts,
Lakes
Trust
formerly Manager of the Bond
78
Company,
6.40
Public
US4
of
Mr.
Roberts will be Chas.
H. Lueck and Paul I.
Van
—F. J. Lisman &
Company
are
42
lat
50
60
Participating pref
5s, 1934
50
price of
•3f)»2
5,000
The bonds
are
at
a
101
in denominations of 1,000 and
97
153
158
)
90
93
70
85
)
90
95
crowns.
Allen &
L.
—H.
Company
announce that Fred J.
Watson & White, has become associated with them
Brown formerly with
their representative
as
Preferred
Young
in the State of New Jersey.
(j s) Co...
Rubber
Stocks
Allegheny
Ave.,
stock brokerage
Preferred
Bid
Ask
Banks
America*....
170
175
Exch..
228
235
190
210
Amer
Atlantic
n
Bid
175
Bankers Trust
6
8
44
47
80
72
Mississippi Rlv Pow, com 100
85
First Mtge 5s, 1961—jaj
7912
8oi4
1012
s f g deb 7s
9214
9312
2712
285
SO
70
54
90
93
90
93
270
Nat
308
Bronx
Bor
313
Empire
300
Nat...
150
160
New
Neth*__
140
150
Equitable Tr.
240
245
Park*
145
155
New
York Co
130
140
Farm l a Tr.
352
360
Butch a Drov
130
140
New
York—
400
415
Fidelity
198
10
310
Bronx
206
Cent Mercan.
175
190
Pacific*
300
235
250
Chase
294
298
Park
355
360
Guaranty Tr.
150
230
237
Public
236
250
Hudson
*12
155
Chat & Phen.
150
Standard*
Colonial*
350
Columbia*
150
State*
16 5~" Tradesmen's *
214
217
23d Ward*...
190
Union
Fulton
200
Commerce
Seaboard
Trust
150
160
Mercantile Tr
275
290
220
230
Metropolitan.
235
245
105
125
560
565
Exch..
108
175
225
United States*
165
175
130
Wash h'ts*..
325
Corn Exch*..
315
320
Yorkvllle*
420
Cosmop'tan*.
80
100
East River—
Filth Avenue*
170
n
925
Life
...
90
20
mer
305
310
65
u 8 Mtg a Tr 1260
United States 850
270
j1 126
Coney Island*
145
155
First
215
230
175
185
Brooklyn
Brooklyn Tr.
425
Garfield
215
225
Homestead*..
80
100
Kings County
660
85
95
Manufacturer
200
People's
270
Mechanics'*..
235
255
Montauk*
775
785
Nassau
350
360
North Side*..
195
Imp a Trad..
490
510
People's
150
98*8
Deb 6s J'ne 15 '22 .JAD16
99141
Deb 6s J'ne 15 '23 .JAD15
25
Deb 6s J'ne 15 '24 _JAD1£
9612
! *50
Preferred
60
etb 8t 7s July 15 '22.JAJ16
94
96
7% notes July 15*23 JAJ16
88
1
280
90
102
ChUds Co
t New stock,
x
Ex-dlvldead.
All
prices dollars
Ask
Surety.
63
65
Bond A M G.
205
212
50
65
70
SO
Preferred
96*4
1
88
90*8
91
100
94
95
109
113
75
67
68
2
per
6^8 July 1931
48
5
6
4112
6OI2
Bid
Lawyers Mtge
Mtge Bond..
115
120
75
84
Nat
170
174
1
Ask
N
Y
Surety..
Title
/66
*85
Bid
112
118
j
(Brooklyn).
|U S Casualty.
93
103
145
160
70
80
145
155
9()l2
9U2
6834
80
75
80
74
79
Singer Manufacturing... 100
Singer Mfg, Ltd
£1
*93
95
♦2
7% notes Aue 15 1931
—
3
88
9812
98*4
985s
68
com. 100
Preferred
98*8
100
6712
150
Royal Baking Pow,
99
100 su
LlggettAMyersTob6g'21 JAD 100
Pub Ser Corp N J 7a '22.MA0
9614 9714
"69 "
140
Ask
Assoc
U 8 Tltl Guar
A
Mortgage..
(Realty
IAJ
6
/45
share.
76
98*8
Intercont' Rubb, com...
International
8alt
66
Amer
9878
9814
84
com
yEx-rights.
City Realty and Surety Companies.
City Investing
9978 1001«
96
4
77
997«
~97l2
97?g
1st g 5a, Tune 1 1922..J
67
987g
97
1
R'lty—
9412
100*8 10078
96
Banks marked with (*) are State banks,
Allian
90
94is
85
1
Bid
10138
88i2
"43"
160
New York
101
*20
160
150
10034 iod4
80
Preferred
205
Industrial*
99*8
39
435
220
Harrlman
170
98
125
Hanover
983g
99u
Tobacco
Title Gu a Tr
Industrial 5c Miscellaneous
91
9S,8
6% notes 1922
7% notes 1923
man
nacondaCop Min 6a'29_ jaj
7a 1929 Series b
jaj
Green point...
*
aao
75
164
69
3412
u2
Cent
7% notes 1922—...man
165
198
26l2
7012
100
Preferred
hort Term Securities—Pe
41
850
190
2512
Western Power Corp..—100
200
150
_
60
37
840
.
23
58
2g0
Filth
Greenwich*
6
21
100
preferred
285
First
Gotham
4
com.-.100
1st
n y Trust-
350
Trust
9
34
nited Lt a Rys.
20
*15
Savannah Sugar, com (no par)
Ina
100
*7
*3312
101
10
97
50
Ry, l a p.comlOO
Preferred
100
12
50
6
11
ennessee
40
99
4
92
100
a
Brooklyn
900
y
com (no par)
(West
cheater
120
8
35
Holly Sug Corp,
9912
9
Preferred
70
Mutual
105
78
9814
90
—100
Preferred
100
Lincoln
225
215
wealth*
96
lib
245
19
75
100
tandard Gas a el (Del)-.60
55
480
Law Tit a tr
80
com.100
Preferred
125
200
1941 ...man
:epublI6 Ry a Light.... 1
outh Calif Edison,
18
50
115
460
Continental..
Common¬
Godchaux Sug Inc..(no par)
235
.
72
81
Gen m 7^s
lh
340
265
Commercial..
Second
70
51
330
Columbia
150
90
81
76
-.100
Preferred
65
Central Union
525
225
79
100
Preferred
8
North Texas Eleo Co,com 100
70
290
140
465
20
48
50
285
510
80
10
44
18
Nat American
Inter
65
*5
52
Mutual*
"*1112
par)
100
Northern Ohio Elec. (no
Preferred
3U
*
Mech a Met.
215
man
*48
290
150
455
1935..
10l4
64
North'n States Pow, com.100
58
71
3*8
100
Preferred
17
450
Cbelsea Exch*
Traotlon.100
Preferred
pref-100
120
Coal a Iron..
29
8212
100
70
r
American
194
Chemical
26
81
Federal Light a
Sugar Stocks
188
9
100
Preferred
Puget Sound Pow a Lt—100
Preferred
100
Ast
140
City
75
7
135
Bid
425
125
8
70
200
wlnehart Tire a r, com
New York
4414
6
79
Broad way Cen
105
,21
4334
Pacific Gas a el, lat
Bowery*
*.
119
-100
Preferred
40
Battery Park.
Bryant
com—100
Cities Service Co,
*14
Trust Co.'s
170
y
Manhattan *.
29
Eleo Bond a Share, pref. 100
2
Ask
59
27
Great West Pow 6a 1946.jaj
share.
Irving Nat of
57
85
70
Preferred
Preferred
Banks—N Y
9
aao
Com'w'th Pow, Ry a Lt.100
60
50
Miller Rubb
Mohawk
412
49
7
27
)
Goodyear t1
per
43
1014
)
7% preferred...
)
All prices dollars
100
100
preferred
75
)
Preferred
City Banns and Trust Companies.
11
*50
82
70
150
)
and bond business.
New York
68
15
Colorado Power, com —100
Preferred
100
sand pi
(Cleve ond pi ices)
—West & Co. of
Philadelphia have opened a branch office at 859 East
North Philadelphia, for the transaction of a genera
58i4
Carolina Pow a Lt, 00m. 100
3712
10212
91
5714
66
312
80
teed
100
Preferred
75
crowns.
100
82
*70
10,000
81
com..100
CO
guaran¬
principal and interest by the Czecho-Slovak nation,
Power a Lt,
Preferred
38
Scrip.
78
9
mer
914
78
offering 5,000,000 Czecho-Slovak Crowns
3814
95
100
85
Preferred
02
*37l4
93
100
4:%% Perpetual Treasury bonds of the Royal Bank of Bohemia,
$150 for
60
100
Lt a Trao, 00m
Preferred
94
*8h
6.37
101
Gas a Eleo, com—.
Preferred
mer
6.00
Utilities
90
were
formerly in the Bond Department of the Great Lakes Trust Company.
159
91
Associated with
Order, who
16
154
Roberts,
1134
mer
6.50
6.50
7.00
109
*14
Hiscox & Company with offices at 29 S. La Salle St., Chicago, to engage
6.50
7.10
130
107
*lli4
the organization
announces
7.10
83
125
and
Department of the
in the handling of investment bonds of the highest type.
6.00
...
71
*lli4
—W.
6.35
6.50
Equipment 7s
Southern Railway 4>%a
Equipment 6a
The Chapter's fall term opens September 26th.
business law.
7.00
6.85
4har—.
7.12
Stocks—
arith¬
foreign
7.00
7.50
Southern Pacific Co
145
70
7.00
7.50
Equipment 4%a
2U2
*135
Midwest Refining
regis¬
range
finance,
to
7.00
Seaboard Air Line 5a
7
*19
is to
purpose
them
128
*634
organization in New York City to which all banking men—from bank presi¬
dents
83
124
6.35
7.75
7.76
'
Other
6.15
9878
98*8
987g
100
100i8
991S 9912
9134 9212
100*8 1007$
West A Bronx
•
Title A M O
Per
share,
f tplflf nwfAA
b Baals,
I* Tioat an)a
d Purchaser also
a
VAmfneV
«
pays accrued
#u»i/«AM/V
dividend
«•
ITir.ylflhffl-
e New
stock
1148
mi
Uailiwd Jutcllijjetice*
[mrjestnuetti
RAILROAD
The
following table shows the
1
GROSS EARNINGS
earnings of various STEAM roads from which regular weekly or monthly returns
can be
obtained.^ The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
are brought together
separately on a subsequent page.
gross
.
Latest Oross Earnings.
ROADS.
Week
Current
Year.
or
Month.
Ateh To
ft
>«< i
S
i<V|Juiy
v?
Year.
«.
-
1,943,534
3,153,544
180 4)055 101 Hi M ill/Hid M
.
...
Cine Ind ft Western luly
308.07>
2.005.820
392,337
3.440.4.59
Colo ft Southern... 4th wk Aug
749,899
940,518 16,916,172 18,960,944
Ft, W A ! mo' 1 v
Miiy
1 .01 8. tw 1,101.865
6.25 i.7 '
6.8' 1 016
Trin ft Brazos Val July
271,330
135,238
1,568,613 1,000,035
Wichita Valley. _
< ailey
July
138.920
uiy
Del Lack & Western
140.
Julyj
Denv & Rio Grande July
Denver & Salt Lake July
Detroit & Mackinac July
Detrol' Vol v Iront
MilyJ
932,073
4 >3.4 >5
741.
Dul Sou Shore & Atl 3d wk Aug
Duluth Winn & Pac July
East St Louis Conn- July
Eastern 88 Lines— July,
Elgin Joliet. & East
Tuly
El Paso & Sou West July
Erie Railroad
luly
Chicago fr F-ie.. Tuly
N J&NYRR-. July
T^loHdn
ast i V» vst
uly
Fonda jQhns & Glov Julyl
Ft Smith & Western July
Galveston Wharf.
July
Georgia Railroad— July
Georgia & Florida.. July
204,625
1,428,940
1,171,657
2, '0 1,344
6.565.7 91
5.358,913
2,868,764
1,496,356
931,850
2,628,626
3,394,105
1,370,305
727,724
2,311.252
83,805
105,369
133,565
123,363
114,588
691,426
753,693
185,093
135,769
120,043
725.384
911,31-4
111.633
2.669 ."0
9,099.381
134,997
138,123
113,744
855,759
9,0 1.05
779,047
714,673
8,242.107
804,050
1,027,656
285.724
132.595
1.530.885
996,220
649.342
417,192
128,260
544,157
135,179
3,053.458
819,663
3,724,521
790,441
1,719.220
2,271.453
8,184,395
1,674,175
764,533
2,450,134
8,505,802
8,1 42.'»
104.625
0798 4' '5 50,0 44.7 J''
15.717.4 <5
319,441
2,368,767
1,625,455
7,736,526
wk Aug 2,30 '.'45
Atl & St Lawrence July
Ch DetCanGTJct June
Det G H & Milw. July
3.777.57'
1.261.147 1.855.77' 11,67.5.448 12.720.301
976,986 1,208,003 6,980,003 8,246,938
8.503.539 9,697.175 58,109,0 >4 55,316,468
715.13' 1.213.597
6,040.3H
6,580,487
..
id
4°7,33i
781.085 1,764,43 *
2,048.401 3.307,508
Dul ft Iron Range.
Dul Mise^he ft Nor
-yst
925,762
871.51
7 i. 'O i
256,333
Det&Tol Shore L.. July
Grand 'P'uuk
122,781
3,965.073 4,085,257 26,376,330 22.805,980
7.494.704 7,054,435 49,774.689 41,821.808
2,738.016 3,419,764 16,978,783 20,661.698
277,949
273,456, 1.439,218 1,431,165
184.110
180,614 1,100,805 1,062,008
Julyj
i
Grand Trk West- July
Great North 8y oeut •uly
Green Bay & West. July
Gulf Mobile & Nor. July
Gulf & Ship
Island. July
Hocicing Valley.— July
Illinois Central
July
Internat & Grt Nor. July
Interna t Ry of Me . July
Kan City Mex & Or July
K C Mex & O of Tex July
Kansas City South. July
Texark & Ft Sm__ July
Kansas City Term.. July
Kan Okla & Gulf
July
Lake Sup & Ishpem. July
Lake Term ivy
July I
Lehigh & Hud River July
Lohigh & New Eng. July!
Vallov
•uly]
Los Ang & Salt Lake July
Louisiana & Arkan. July
Lehigh
Louisiana Ry & Nav July
Louisville ft Nashv. July!
Louisv Hend ft St L
Julyj
Maine Central
145.749
129,755
477.485
2.5 .0 />'
235.842
116.372
496.613
963,476
1,274,609 1,497,446
98,206
287.118
794.923
233.981
697,755
2,053.482
247,087
1,633.383
1,355,653 1,523,062
7.972.580
11565130 11646139 80.441.877 77.426.153
1,587,616 1,458.448 11,061,580 9,606,736
147.534
156.354
1,747.344
1,727,731
152,812
986.144
148,729
902,042
202.562
154.867
1,219.100
922.837
1.622.148 1,586,722 11.618.514 10,290,015
170.655
160,939
1,261,386
1,173,313
147,391
138.147
905,104
851,161
205,465
211,065
1,353,338 1,344,029
30,117
288,719
74,543
104,256
772,143
1,865,976
2.610,705
121,058
271,269
274.076
813,240
731,513
1,489,605
399,970
445.210
2.526,696
6,259,081 6.6J0.73O 43. IO9.094 37,793.483
1,626,089 1,985,935 11,590,155 11,209.025
251,415
322,698
1,935,296 2,343,753
316.373
321,863
2,162,756 2,287,678
9,610.560 10484835 67,214,699 70.031,628
222.035
260.318
1,629.021
1,729.902
1,550.690 1,761,492 12,027,462 10.920,839
Valley
July"
334.774
385.205
2,584.072
2,666,896
Mineral Range
3d wk Aug
2,409
11,429
212,237
425,483
Mlnneap & »o Louis 3d wk Aug
373,199
330,494
9,907,057 10,058,648
Minn StP&SSM. July!
3,534,772 4,279,521 22.913.515 25,609,100
Mississippi Central. July!
86,413
85.110
599,829
539,653
Missouri Kan & Tex July!
2,836,169 3,509,089 18,840.412 22,017,002
Julyj
Midland
AGGREGATE
*
Weekly Summaries.
Current
Year.
Previous
Year.
June
3d
week
1st
week June
week July
2d
(18 roads).,
(13 roads).,
(15
roads).,
12,977,363
15.455,421
12,479,200
13,432,807
week July
(18 roads).,
week July
3d
4th week July
week Aug
1st
2d
week Aug
roads).,
roads).,
(19 roads).,
(19 roads).,
3d
(19 roads).,
18,335.255
13,508,904
14,213,116
14,019,071
(10 roads)..
17.389.500
week Aug
4th week Aug
*
We
no
(20
(19
13,598,204
14,424,221
17,296,277
14.080,532
15,289,104
15,925.854
21.923,022
15,671,922
16,527,565
16,587,168
19,310,156
longer include Mexican roads in any of
Current
Year.
or
Month.
Mo K & T Ry of Tex
July
Mo & North Arkan
June
Mls-^ou 1 Pacific
July
Jan. 1 to Latest Date.
Increase or
Decrease.
Monongahcla
Monongahela Conn.
Montour
NT ishv Chatt A St L
Nevada-Calif-Ore
Nevada
.
.
Northern..
Ne vb t-qrh
it
8h
New Orl Great Nor.
N O Texas & Mex..
Beaum S L& W__
St L Brownsv & M
New York Oea
**
d
Ind
Harbor Belt. July
West July
Michigan Central July
ClevC C& St L__ 'uly
Cincinnati North., July
Pit's & Lake Erie 'uly
Tol & Ohio Cent. July
Kanawha & Mich July
N Y Chic ft St Louis
N Y Connecting
Northern Pacific
luly
Northwestern Pac.. June
Pennsvl RR & Co..
Bait Ches & Atl_.
Cine Leb & Nor..
Grand Rap & Ind
Tuly
July
July
July
Long Tsland
fuly
Mary Del & Va__ July
N V Phila & Norf 'uly
Tol Peor & West. July
W Jersey & Seasb July
Pitts C C & St L. July
Peoria & Pekin Un. July
Pere Marquette
July
Perkiomen
July
Phila & Reading._. Tuly
Pittsb & Shawmut.. July
Pitts Shaw & North July
Pittsb & West Va__ Tuly
Port Reading
July
Quincy Om & K C__ July
Rich Fred & Potom. July
Rutland
July
St Jos & Grand Isl'd Julyj
St Louis-San Fran.. July
Ft W ft Rio Grand July
St L-S F of Texas. Tuly
St Louis Southwest. July
St L S W of Texas July
$
2,385,009 2,204,31515,585,115 15,456,635
917,734
147,186
566,083
92.624
675,529
737,8511 5.078,284 4,537,250
704.020 1,120.854' 5,158.380 6,339,821
6,346,834 7,950,186 40,831,059 47,073,825
6,242.591 7,585 510 45.8 -16.26 7147.461,412
1,865,038
290,755 2,078.666
326,003
1,521 253 2,3*3.585 13.881.396l15.51 2,938
6,366,492
929,761 1,118,943 5,924,290
2,719,452
460,612 2,710,645
429,781
2,128.542 2.50/.3/8 15,248,849 14.653,787
120.056
453,449
2,061,322
277.589
10046 886 10-739271 65,101.888 65.-758.311
8,135,797 6,856.870
1,655.942 1.508,614
347,950
397,052 2.505,391' 2,422,879
4,415,061
689,400
558,981 4,620,807
6,787,348 7,058,543 45.978,419 45,362,816
7.877.354 9,239,716 48.304.574 60,267,485
3,356,665
834,554'
671,570 3.690,774
41231 622 51188 391 289816 545 285849544
809,249
920,272
178.945
697,942
642,761
155,593
803,634 4,801,162 4,975,987
715,124
3,315 432 2,999.125 16,082.566 13.646.912
644,630
690,194
143,137
150,529
3,6 72.564
809.669
600 207
4,311,015
159,008
127,807
§35,122 1,157,296
1,689,818 1,690,393 7,233,796 6,887,787
7,344,059 9,123.097 55,521,700 60,432,361
874,408
122,421
122,659
952,753
3,353.879 3,744,766 20,307,546 21,299,128
99,908
655,331
754,333
108,036
6,811.224 7,104.837 49,132.949 48,314.647
142,314
906,670
691,235
74,005
86,957
122,811
683.169
798,644
229.275
163.985
1,114.057
1,179,253
108,721
952,43a
129,822
1,336,525
728,525
97,244
735,867
107,603
818.324
912.958 6.215.709
6,453.246
488.012 3.278,970 3,088,659*
484,328
241,492
303,956
1.814,079 1,762,639
6,568,500 7,404,411 46,518.888 49,927,685
969.173
136,679
146,082
1,064,294
142.813
198.404
922,957
1.054,171
1,332,032 1,797.536 9.627.020 11,500,272"
1 1
641,922
714,043 4,255,635 4,944.775
Total system
4th wk Aug
861,542 15,706.327 18,997,377*
601,342
St Louis Traasfer.. July
88,204
753,083:
101.220
654,276
San Ant & Aran Pass July
556,762
2.640.686
510,782 3,370,101
San Ant Uvalde & G July
99.095
128.747
718,593
856,148
Seaboard Air Line.. July
3,173.979 3.620,263 25.352.190 28.297,327
Southern Pacific
July
16574383 17781187 108541722 107594417*
Southern Pacific Co July
22627508 23808143 152875873 149369440
Atlantic SS Lines. July
809.897
253.567 5.959.416
2,995,552
Arizona Eastern
July
176.424
343,914 1,763.422 2,348,207
Galv Harris & S A July
1,818.413 2,120,263 14.650.265 14.009,471
Hous & Tex Cent July
1,101,335
928,333 7,173,207 6,249,335Hous E & W Tex. July
258,196
222,125 1,611,826
1,676,373
Louisiana W estern July
379,004
445,676 2,476,292 3,014,939*
691.958
Morg La & Texas July
720.849 4.987.305 5.883,394
Texas ft New Orl. July
709.639
347,403 4,963,436 5,434,644
Southern Railway.. 4th wk Aug 5,028,239 5,948,774 109869978 126546268
Ala Great South
July
751,734 1.066,485 5.456.175 6,246,181
Cin N O & Tex P. Tuly
1,378.618 1.875,615 10,205.876 11,224,057
Georgia Sou & Fla July
388,756
386,863 2,616,878 3,014.957
New Orl & Nor E_ July
485.963
664,728 3,747.350
4,291,953
Northern Ala
July
58.296
125,646
871,508
503,140
105,613
Spokane Internat.. July
130.615
738,729
871,662
653.258
813.495 4,184.135
Spok Portl & Seattle July
4,843,471
Staten Island R T__ July
249.939 1,450.393
253,284
1,290,366
Tenn Ala & Georgia 4th wk Aug
5,351
83.496
7,117
124,981
Tennessee Central.. July
178,526
231,288 1,356,922
1,629,317
TermRRAssnofStL July
346,192
395,043 2,522,522 2,511,511
St L Mer Bdge T_ July
277,296
356,183 2,019,880 2,155,426.
Texas & Pacific
4th WjC Aug
971,820 1,112.011 23,418,203 26,110,955
Toledo St L & West. Tuly
736.597 1,017,670 5.094.485
6,284.977
Ulster & Delaware.. July
249,235
147,368
933,814
724,985/
Union Pacific
July
9,317,262 10161766 58,023,239 66,491,357
Total system
July
14049569 16382451 91,898,212 109264713
Oregon Short Line July
2,590,599 3,479,016 18,243,276 24,237,864
Ore-Wash RR & N July
2,141,709 2,741.668 15,631,698 18,535,491
Union RR (Penn)_. July
733.869
854,332 5,719.053
5,295,289*
Utah
July
65,584
155,183
626,445
1,034,593 •
Vicks Shrev & Pac__ July
323,504
356,972 2,370,790 2,598,963
1,549,525 1,578,771 11,146,174 8.822.687
Virginian Railroad. July
Wabash RR
July
4,862.653 5.003,882 33.694,921 30.791.050
Western Maryland. 4th wk Aug
509.812
616,111 11,896,126 11.048,313.
Western Pacific
July
1,017,930 1,433,074 6,573,620 8,122,266
Western Ry of Ala.. July
208,783
213,019 1,422,900 1,576,668
Wheel & Lake Erie- July
1,477.255 1,627,252 8,226,180 8,7.36,614
Wichita Falls & NW July
380,594
225,117 1,505,588
1,509,302 *
Yazoo & Miss Valley July
1,503,486 2,534,078 11,497,666 16,731,295
201,014
111,880
_
.
—
-
and Monthly.
*Monthly Summaries.
October
Curr.Yr.
231,439
November ..235,213
December
229,422
January
February
232,492
235,653
234,832
220,340
May
235.333
June
235,208
—1.920 .656
July
230.991
our totals.
luly
Norfolk & Western. July
—3,587 .76716.37
—2,163 .01813.80
—2,314 .449 14.00
—2,568 ,097 15.48
9.95
{uly
N Y N H & Hartf.. Tuly
N Y Ont & Western July
N Y Susq & West.. July
Norfolk Southern.. July
Mileage.
—1,601 .332 11.37
—1,856 ,29712.14
—2.327 .560 14.61
Previous
Year.
63.610.744
8,059.24) 9,299.97 61.3 .9,21
517,024 12,067,739 11,577,616
530,010
1,034,021
125,645
855,119
85,30/
328.982 2,194.396
2,041,829
309.223
July
254,661
413,095 1,767,829
July
43,030
701,965
150.692
913.470
July
109,685
1,853.173 2,059.0'5 11.949,311 13,854.275
Juiyl
11 064
194,544
3d wk Aug
11,026
220,180
168.954
223,438 1,108,512
July
15,695
137 1H
913,272
81,5H
719,i >5
'uly
1,454,663
222.945 1,478,292
July
217,644
1.516.954
253.688
1,425,807
131.739
July
187,544
196.946 1.298,578 1,195,176
July
July
428,793
479,254 3,421,526 3,983,221
195785765
3279 1 9 >7 1S3 i 1 8 t
293'5
Tuly
Lake Erie &
%
—1,446 .858 10.03
—1,840 .856 10.64
Current
Year.
Mobile & Ohio
4th wk Aug
Coium & Greenv. July
GROSS EARNINGS—Weekly
$
4th
Week
Previous
Year.
$
1,857,083
3,042,586
2,738,798 1,962,932 16,749,990 14,043,838
835.921
800.860 4,969.485 4,793.686
Atlanta Birm & Atl_ July
279,342
514,855 1,769,236 3,383.634
Atlanta & vVest PC. July
200,4,)/
23/,5)0
1,455.240
1,72 J, 285
Atlantic City
July
753,2)4
687,108. 2,618.447
2,541,183
Atlantic Coast Line. July
4,402,901 5,791,532-41,018,309 42.710,468
Baltimore ft Ohio ..'July
16537773 190734 >2 112768 72) 118859 141
B & O Cb Term... July
188,608
145,776
1,397,266 1,121.444
Bangor St Aroostook July
371,188
436.292 4,147.348 3,649.292
Beliefonte Central.. May j
5,289
8.302
31.193
38,472
Belt Ry of Chicago. July
432,371
380,517, 2,935,811 2,251.596
Bo so 10 « L Erie
July
1,483, 0
1,513.21 M 7,411 - >
6 .5 1
O
Bingham & Garfield July
10,154
171,316
116,649 1,080.372
Boston & M uud,
Muiy
,54l,i42 7,558,911.43,44 6452 45,9/1,891
Bklvn B 1) Term. .J July
99,827
121,OH
760 8 H
545.647
Buff Roch & Pittsb. 4th wk Aug
473,256
682,249 9,814,677 14,284.440
Buffalo
S
q.
July
Mi.tH
2H.4')'.* l.l H ,7>)
1,58).4 H
Canadian Na" Rys. 4th wk Aug 2.784,771 2,943,810 68,003.274 64,151,487
Canadian Pacific— 4th wk Aug
5,735,000,5,681.000 114188000 125020000
Caro Clinch ft O ilo.jJuiy
644,951
59 4.200) 4,224.6/5
3.98 >.641
Central of >e rgiv..|July
2.051.27312,274 519 13483.955 14.591,384
Central RR of N J-_ July
4,630,517 4,997,796 29,780,353 25,784,136
Cent No
Engl t id.jJuly
643,315
6//,241, 4,302.982 3.5
Central Ver n > t. -'July
510.0'>8
3.711.828
624.655
3.424 89t
Charleston & W Car July
252,481
293,491
1,950,578 2,028,352
Chos ,v O ito
1 ies__ July
7.9 '0,413 7,249.IV 49,873.
46.1 45. H1
Chicago & Alton— July
2,630,677 2,795,251 17,097,760 15.969,720
C tic curl & Quincy.'July
14028677114705751 92,42 4.593 99.321,415
Chicago * East Ml.. July
2,187 604,2.349,275 15.038.492 16.110.690
Chicago Great West July
1.971,692 1,979,580 13,631,578 12,950,981
Chic Ind ft ujuisv.. Juiy
1,28/,482
8, .0 ),<>/«
3/5.0 40
8,359.996
Chicago Junction-_ July
432,803
279.088
2,894,212
1,778,136
Chic Milw & St Paul Julyj
12197540 15207374 79,967.120 91,481,709
Chic& North West. July
12215104 14805880 79.821,461 87.643.228
Chic Peoria & St L. July
178,855
237,215
1,135,474 1,402,361
Chic RI & Pac.
July |
11583 048 1189783/ 73,844,401 74.018,833
Chic R I & Gulf.. July
702,775
599,177 4,271,170 3,784.858
Chic St P M ft Om. July
2.240,540 2.542,076 15,307,511 17.453.196
ChicTerre H & 8 E. June
397,789
2,386,766 2,507.382
547,503
Delaware & HudsoD
ROADS.
$
Gulf Colo & 8 Fe. July
Panhandle 8 Fe._ July
Gumbo land
Latest Gross Earnings.
Previous
Year.
280,748
113,015
258,860
102,042
15
Current
Year.
$
Alabama ft Vlcksb. July
Arbor
3d wk Aug
Ann
Jan. 1 to Latest Date
Previous
March
April
Prev.Yr.
Current
Year.
Previous
Year.
Increase
or
Decrease.
%
$
229,935 633,852,568 503,281,630 +130570938
233,839 592,277,620 438,038.048 + 154239572
228,134 539,197,615 443,124,176 +96,073,439
231,513 469,784,542 503,011,129 —33,226,587
234,510 405,001,273 424,172,348 —19,171,075
233,839 456,978,940 458,462,330 —1,483,390
219,743 411,279,831 381,112,844 +30,166,987
234,916 444,028,885 457,243.216 —13.214.331
235,059 460.582,512 494,164,607 —33,582,095
230.410 460.989.6971527.396.813 —66.4D7.116
25.94
35.21
21.68
6.60
4.52
00.32
7.91
2.89
6.70
12.59
*
Sept. 10
1921.]
THE
CHRONICLE
1149
Latest Gross Earnings by Weeks.—In the table which
follows
Latest Gross Earnings.
Jan. 1 to Latest Dale,
Name of Road
up separately the earnings for the fourth week
The table covers 10 roads and shows 9.95%
decrease in the aggregate over the same week last year:
of
we sum
or
August.
Company.
Month.
Current
Year.
Previous
Year.
$
Current
Previous
Year.
Year.
$
Week of August.
1921.
1920.
Increase.
Decrease.
s
473,256
2,784,771
5,735,000
749,899
530.010
601,342
St Louis Southwestern
Southern
Railway
Tennessee Alabama k Georgia..
Texas &
682,249
5,681,000
940,518
517,024
861,512
5,948,774
7,117
1,112,011
616,111
5,028,239
5,351
—...
Pacific
54,000
190*619
12*986
260*266
920,535
1,766
140,191
106,299
.
971,820
Western Maryland
208,993
159.039
2,943.810
509,812
80,530
71,731
542,339
39.878
36.811
279,078
17,344
28,010
775.754
117,289
157,069
Hudson & Manhattan
*
n
Buffalo Rochester k Pittsburgh.
Canadian National Railways.
Canadian Pacific
Colorado k Southern-Mobile & Ohio
Honolulu R T & Laud July
Houghton Co El Lt Co June
Houghton Co Trac
Fourth
Huntging'n Dev&Gas
Idaho Power Go
((Illinois Traction
Keokuk Electric Co
July
July
July
July
July
July
July
July
827.907
69.105
624.008
926,607
209,966 226,652
1,280.571
1,277,192
1686,191 1616,926 12,617.919 11,605,338
31,257
30,222
210.956
195,987
143,177
143,050
1,011,454 1,005,501
19,710
21,046
156,441
149,677
213,419
289,351
1,250.036 1,583,424
86,926
98,623
666,482
705,637
203,951
215,802
1,526,427 1,541,185
221,409 2,33048
1,589,775 1,515,618.
197,838
189,971
300,207 301,424 2*215*824 27149,1**15
231,171
221,549
1,780,360
1,613,307
332,124 301,908
1,902,464 1.804.739
427.406
486.254
2,587.061
2,760.159
34,310
35,016
253,649
242,250
255,681
274,246
1,608,129 1,557,452
432,318 489,577
3,498,533 3,224,431
89,195
82,919
643,740
571,504
704.107
903,028 '5,115,937 6,562,239
46,817
47,439
262,138
233,650
285,998 334.754 2,137.945 2,246,071
246,084 214,682
1,660,980 1,434,842
42,159
39,293
302,408
274,590
186,473
161,492 1,355,371 1,213,750
Keystone Telep Co__
Key West Electric Co
Lake Sh Elec Ry Syst June
Lowell Elec Lt Corp. July
Metropol Edison Co. July
Miss River Power Co. July
Munic Serv Co & Sub June
Total (10 roads)
Net decrease (9.95%)
Net
way
—
i
Earnings Monthly to Latest Dates.—In
Earnings"
Section
or
Supplement,
to-day's issue of the "Chronicle,"
we
which
monthly returns
or
are
required to
Commerce Commission.
for
full details regarding the
"Rail¬
following
the Inter-State
North Texas Elec Co. July
Pacific Power & Light July
Paducah Electric Co. July
Penna Edison Lt & P. July
July
by
results
for
all
the
we
1921.
-Net from
Railway-
1920.
1921.
$
-Net after
1920.
§
Taxes-
%
1921.
1920.
S
3.419,764
481.384
,978,783 20,661.698
248,957
631,755
4,062,611
9 398
330,122
Phila Rap Transit Co
Portl'd Gas & CokeCo
Portl'd Ry, L & P Co
Puget Sd Pow&Lt Co
Reading Trans & Lt.
Republic Ry & Lt CoRutland Ry, Lt & P.
Sandusky Gas & Elec
Sayre Electric Co
_
70,850
—418,387
—131,680
3,921
—23,467
3,061,345
-207,266
99,333
—38,820
—14,106
68,859
126,322
—8,001
52,722
.
17th St Tncl Plane Co
Sierra Pacific Elec Co
Southern Cal EdisonSouth Can Power Co.
Tampa Electric Co..
—
East St Louis Connecting—
123,363
114,588
34,942
—33,250
931,850
727,724
257,793
—150,501
32,086
237,234
—36,157
—170,233
Hocking Valley—
July
1.355,653
547.873
1,523,062
371,872
—214,513
294,328
7,972,580
295,946
305,456
—295,815
—290,489
—196,748
Louisiana Railway k Navigation—
July.......
316.373
321,863
108,518
1,958
92,463
—12,190
333,944
141,439
221,159
49,522
52,413
12,823
*313", 848
300*990
407,616
110,384
389,866
87,098
4.509
4.573
74,872
62,343
25,353
502,168
9,186,014
450,387
7,619,456
1,003,470
1,387,853
3,818.392
2,779,275
8,502.268
777,565
1,397,056
3,718,106
2,405,926
6,857,248
3.86M22
4,934.241
277,819
5,090.882
2,856,715
4,749,895
308,733
4,679.542
2,045.743
13,439
1529,825 1524,458
62.975
57,339
137,213
112,321
176,704 211,225
506,947
530,430
351,832 362,763
1246,179 1160,624
955,506
936,286
519,227
512.603
656,532
668,377
32,097
42.812
835,578 784,131
446,209 407,625
47.502
Texas Pow & Lt Co.. July
Third Avenue System_ July
United Gas & El Corp July
Utah Power & Light- July
Utah Securities
732.246
44,136
39,693
Tennessee Power Co. July
2,636,448
Duluth Winnipeg & Pacific—
July
105,369
185,093
1,370,305
,
Tennessee Ry, L & P. July
35,778
1,496,356
446,726 907,014
6,618.809 9.141.740
55,748
107,563
717,018 1,049,143
71,651
72,435
461,832
433,912
3340.592 3107,889 24,894,626 21,761,420
260,461
200,473 2,092,101
1,434,011
793,198 806,131
5,839,188 5,313,131
770,913
766,693 5.882,342 5,675,350
264,984 272,583
1,739,143 1,744,331
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
8,778
542,720
—
Phila & Western
496,838
3,124,104
384,380
July
From Jan 1
and
1,080,867
Duluth South Shore & Atlantic—
From Jan 1
Co
_
2,738,016
From Jan 1
Philadelphia
Subsid Nat Gas Cos July
V
$
Denver & Rio Grande—
July
NewpN&HRyG&E JulyNew York Dock Co.. July
No Caro Pu b Serv Co July
Philadelphia Oil Co.. July
—Gross from Railway—
July
New Jersey Pow & Lt July
referred to that Supple¬
a
give all statements that have .come
in the present week.
We also add the returns of the indus¬
trial companies received this week.
From Jan 1 1
July
July
Nevada-Cal f El Corp July
N Eng Co Pow Sys_. June
Nor'n Ohio Elec Corp July
N W Ohio Ry & Pow. July
so
separate companies.
In the
Nashville Ry & Light
Nebraska Power Co..
practice to issue
do
The reader is
our
accompanies
the July figures of
give
earnings of all steam railroads which make it
ment
66,986 1,987,642
1,920,656
17,389,500 19,310,156
6.043.943
480,357
251,661
189,301
5,028.970
Corp. July
"
23,893
3,7*14*444
42,854
From Jan 1
7,736,526
From Jan 1
2.162.756
Winnipeg Electric Ry
2,287,678
Pennsylvania System—
July...
7,673,909
382376058 378595,993
1,944,053
24,621,188-36,032,325
Rutland Ry—
July
484,328
488,012
59,795
—39,037
3.278,970
3,088,659
104,716
—364,841
34,972
—63,319
—61,474
—320,509
88,204
From Jan 1
101,220
753,083
41,096
279,956
12,335
186,711
39,556
654,276
276,075
12,062
184,827
S t Louis Transfer Ry—
July
From Jan 1
Seaboard Air Line—
July
From
3,173,979
3,620,263
28,297,327
Jan 1 25,352,190
255,425 -1,040,992
2,773,842 -1,225,281
104,579 -1,176,312
1,714,809 -2,265,384
S outhern Pacific Ry—
July......
17,781,187
4,6.50,203
4,656,574
3,699,494
3,826,339
24,640,356 22,827,015 18,033,134 16,097,259
T ermlnal RR Assn of St Louis—
346,192
2,522,522
69,561
395,043
2,511,511
46,415
22,691
605,103
396,655
271,360
110,398
52,431
—53.902
36,402
—72,850
270,358
—253,829
165,821
277,296
From Jan 1
2,019,880
356,183
2,155,426
RAILWAY AND
PUBLIC
UTILITY
Gross
COS.
Earnings.
1
to Latest Date.
Name of Road
Current
Company.
Month.
Year.
>
Adirondack P&L Corp July
Alabama Power Co.. July
Appalachian Pow Co. July
Atlantic Shore Ry... June
Bangor Ry & Electric July
^Barcelona Trac.L&P July
Baton Rouge Elec Co July
Beaver Vail Trac Co. July
Bingham ton L, H & P July
Blackstone V G & El_ July
/BrazilianTrL&P.Ltd July
CapeBretonElCo.Ltd July
Cent Miss Vail El Co. July
Chattanooga Ry & Lt July
Cities Service Co
July
Citizens Traction Co. June
City Gas Co, Norfolk June J
Cleve Painesv & East June
Colorado Power—__ July
Columbus Electric
Com'w'th P, Ry & Lt
Connecticut Pow Co.
Consumers Power Co
Cumb County P & Lt
Dayton Pow & Lt Co.
Detroit Edison Co
July
July
July
July
July
July
July
July
Duluth-Sup Trac Co.
Duquesne Lt Co subs
light & power cos.. July
E St Louis & Suburb. July
358,925
355,970
16.759
18.339
113,379
100,447
2844,138 2542,202
45,247
38,696
54,214
Galv-Hous Elec Co.. July
General Gas k Elec.. July
Georgia Lt 4: Power.. June |
Great West Pow Sys. June
Harrisburg Ry Co... July
Havana Elec Ry k Lt June
Haverhill Gas Lt, Cn_ Jnlv
54,764
39,644
107,553
698,671 2117,919
75,724
70,150
72,188
78,533
140,994
2447.556
118,827
1061,646
283,508
295,485
1671,161
149,267
28,077
188,838
Year.
37,717
138,389
92,449
9,539,634
2,262,823
248,094
999,348
707,886
8,408,958
2,307,670
£35,052
897,782
769,431
31,774
156,328
76,782
190,542
1,331,007
530.791
194,743
1,067,794
580,141
71.130
480.642
412.723
2.797,074
1,290,472
2,205,599
42,530
140,057
358,075
242,370
337,937
910,336
132,687
463.952
35,507
146,244
291,203
844,664
2,616,364
1,254,242
2,097,997
6.125,110
828,144
2,781.139
255.084
861,948
mo»;.49g
QQQ.344
7.40Q.43Q
6.5*7.985
68,638
85,778
365,704
207,607
326,634
897,333
129,573
580.479
6,500,611
840,889
3,633.413
$
Balance.
Surplus,
$
633,540
42,815
30,684
533,301
449,448
21,474
275,626
260,104
19,485
9,210
257,675
189,344
'20
1.341,659
1,235,476
28,991
30,197
478,608
426,865
21,778
21,583
257,149
252,944
7,213
8,614
221,459
173,921
July '21
'20
ending July 31 '21
'20
283,508
296,428
3,251,200
2,992,342
92,626
116,664
1,108,599
1,022,428
59,135
55,324
682,010
667,277
33,491
61,340
426,580
355,151
Dayton Power k,
July '21
Light Co
'20
7 mos ending July 31 '21
295,485
277,933
2,380,509
2,068,143
*89.648
*69,860
60,937
42,252
390,590
324,515
28,711
27,608
329,455
266,803
798,873
54,630
54,068
653,751
652,240
—11,321
—22,248
303.413
146,633
102,483
86,968
852,504
850,687
54,524
55.432
387,090
388,686
31,536
465.414
207,607
*101,932
242,370
*74,966
2,865,860 *1,120,718
1,940,478
*945,348
16,985
16,506
199,601
170,216
84,947
58,460
921,117
775,132
69,105
117,289
1,194,277
1.399,811
21,840
55,401
489,751
627,20©
17,54©
16,070
198,906
197,979
4,305
39,331
290,845
429,220
1,420,517
*345,380
1,550,611
*261,515
ending July 31 '21 19,063,174 *4,429,204
'20 17,108,609 *4,694,796
215,395
177,276
2,024,31*
2,©09,§05
129,985
84,239
2,404,886
2,685,791
39.433
40,235
476,628
477,546
15,295
4,483
219,331
ending July 31 '21
mos
*20
Bangor Ry & Elec
Co
July '21
'20
12
2,640,432 2.572.958
2,406,679 2.148,039
1,568,179
1,311,005
105,310
90,420
794,166
677,766
20,944,972 17,346.784
322,866
266,279
406,479
408.821
494.779
381,582
1,983,881
1,845,768
95,676,000 72,785,0001
377,860
340,604
294,534
277,003
769,819
756,070
8,666,242 14,861.215
487,982
467,984
505,616
436,413
371,240
362,254
Fixed
Charges.
113,379
100,447
1,379,178
1,184,040
12
'20
Previous
81,740
80,796
74,419
90,000
132,185
999,881
915,889
2546,612 18,221,379 17,550,990
112,296
832,517
830,097
1128,462 8,197,000 7,934,356
296,428
1,863,391
1,726,197
277,933
2,380,509 2,068,143
1674.117 13,295,561 11,983,119
161,145 1,054,443
1,130.838
1234,799 1173,651
281,766 329,714
39,422
Federal Lt k Trac Co July
Ft Worth Pow & Lt.. July
61.779
69,227
61,772
276,845
259.808
14577000 11745000
62,128
42,116
104,315
Current
Year.
$
374,806
337,407
191,268
140,089
93,339
ington & Rockland. July
Year.
199.610
East Sh G & E Subsid June
El Paso Electric Co.. July
Erie Lt Co k Subsid's June
Fall River Gas Works June
Previous
S
Eastern Texas El Co. July
Edis El 111 Co of Brock July
Elec Lt k Pow of Ab-
\
after
Taxes.
199,610
*69,006
191,268
*70,325
2,492,783 *1,093,567
1,911,219
*818,813
Co
Jan.
Net
%
Appalachian Power July '21
Latest Gross
or
Brooklyn Rapid Transit
Electric Railway and Other Public
Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Earnings.
ELECTRIC
267,772
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. has been
operated by its owners.
6 The Eighth Avenue and Ninth Avenue RR.
companies were formerly
eased to the New York Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately,
c Includes Milwaukee Light,
Heat and Traction Co.
d In¬
cludes
all
sources,
e Includes
constituent
or
subsidiary companies.
f Earnings given in milreis.
g Subsidiary cos. only,
h Includes Tennessee
Railway, Light & Power Co., the Nashville Railway k Light Co., the
Tennessee Power Co. and the Chattanooga
Railway & Light Co.
i In¬
cludes both subway and elevated lines,
j Of Ablngton & Rockland (Mass.).
-331,056
6,435
St Louis Merch Bdge <fe Term—
July
The Brooklyn City RR. is no longer
part of the
k Given in pesetas.
16 574,383
From Jan 1108.541,722 107.594,417
July
From Jan 1
June
Youngstown & Ohio. June
a
55,911,723 67,497,472
From Jan 1
Vermont Hydro-Elec. July
Virginian Kv & Pow. June
mos
ending July 31 *21
'20
Chattanooga Ry & July '21
Light Co
'20
12 mos ending July 31 '21
104,315
107,553
Cumberland County Pow & Lt Co
12
mos
'20
East St Louis &
July '21
281,766
329,714
4,323,137
3,718,291
Suburban Co v.
'20
12 mos ending July 31 '21
'20
Federal Light &
Traction Co
7
mos
July '21
358,075
ending July 31 '21
2,797,074
2,616,364
'20
Ft Worth Power &
Light Co
12
mos
365,704
'20
July '21
*20
ending July 31 '21
'20
Huntington Devel
& Gas Co
12
mos
July '21
'20
ending July 31 '21
'20
Milwaukee Electric July '21
Ry & Light Co
'20
12
mos
Nashville Ry &
Light Co
12
mos
July '21
12
mos
ending July 31 '21
'20
Pacific Power k
July '21
Light Co
'20
12 mos ending July 31 '21
'20
*591,318
43,309
31,820
957,164
300,207
301,424
3.741,926
3,534,174
44,718
695,959
775,169
231,171
221,549
3,054,472
2,703,330
*69,231
*61,237
*979,079
*981,918
'20
ending July 31 '21
'20
Nebraska Power Co July *21
'20
*720,045
»
246,084
214,682
54,728
*110,296
*91,227
2.890,097 *1,370,277
2,427,252 *1,120,100
55,096
54,805
675,665
23,330
48,241
34,278
483,526
386,067
56,016
44,704
650,766
529,244
13,910
15,520
417,902
185,273
47,959
462,001
297,623
20,990
26,959
495,553
595,851
54,280
46,523
719,511
590,856
Net after
Taxes.
Fixed
Balance,
Earnings.
Charges.
Surplus.
$
$
$
Gross
Companies
July '21
Portland Gas &
*20
Coke Co
12 mos ending July 31
'21
'20
Portland Ry, Light July '21
Power Co
'20
793,198
806,131
12 mos ending July 31 *21 10,090,673
638,287
213,145
235,009
3,091,789
2,652,189
175,685
174,802
2,080.559
2,116,163
37,280
60,207
1,011.230
536,026
53,025
53,516
86,925
821,622
629.692
925,495
643,081
—5,931
33,409
191,930
282,414
506,947
530,430
6,543,700
6,096,341
134,325
165,068
2.037,356
2,166,588
128,214
129,899
1,542,714
1,535.464
6,111
35,169
494,642
631,124
*107,270
64,074
57,525
728,989
665,667
43,196
3,227
798,258
638,173
'20
July '21
'20
Texas Pow & Light
Co
July '21
'20
ending July 31 '21
■-■•••V-A
*
360.661
176,704
211,225
2,449,627
2,281,102
& Power Co
'20
12 mos ending July 31 '21
mos
49,131
530,556
8,936,112
ending July 31 '21
Tennessee Ry, Lt
12
418,534
'20
20
mos
40,730
*80,927
*949,090
*998,948
July '21
V
Tennessee Pow Co
12
$
37,547
31,796
*78,277
260,461
200,473
3,271,414
2,404,853
.'20
47,094
351,852
*60,752
362,763
5,229,697 *1,527,247
4,010,734 *1,303,840
received.
After allowing for other income
Federal control, were accepted by the receivers.
Under this guaranty an
estimate of $3,000,000 was included in the income for the year.
The actual
amount due the Texas & Pacific under the guaranty provision cannot be
stated at this time, as final certificate of compensation has not been made
by the i.-S. O. Commission.
Land and
Industrial Department.—During the year 1920 45 industrial
tracks, aggregating 7 miles of track, were constructed
This repre¬
trackage built for 33 new industries located and extensions and addi¬
tional facilities for industries already established.
.
Sales of town lots at Ranger, in the West Texas oil district, since oil
development began, have amounted to a total of $159,700.
The total
number of lots owned at Ranger when the oil development began was 269.
The above sales represent amounts received for 59 lots, leaving unsold
210 lots.
During the year the remaining town lots owned by the company
at Brazos, Tex., were sold for a total of $30,623
Rentals from leases at principal industrial centres amounted to $39,829
for the year.
Receipts for royalty on oil wells on the right of way in Red
River Parish, La., and one small well west of Ranger, Tex., during the
spur
sents
amounted to $50,079.
Fort Worth Station.—A more favorable contract has been negotiated for
use of the Texas & Pacific passenger station at Fort Worth, which will
result in more equitable distribution of the cost of operation.
year
,
the
During Federal control the Fort Worth & Denver City Ry. Co. and the
8t. Louis Southwestern Ry. Co. of Texas discontinued the use of this facility
and have not resumed use of same.
Joint Use of Two Lines.—A new contract was also entered into with the
M. K. & T. Ry. of Texas covering the joint use of the line from Whitesboro
to Fort Worth.
Provision is made for division of maintenance and opera¬
tion costs
FINANCIAL REPORTS.
Financial Reports.—An index to annua Jreports of steam
railroads, street railway and miscellaneous companies which
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 wfyich it is
published.
The latest index will be found in the issue of
Aug. 27.
The next will appear in that of Sept. 24.
&
Pacific Railway
Company.
Receivers J. L. Lancaster and Charles L. Wallace, June 15,
reported in brief:
Results.—Federal control having ended Feb. 29 1920, the property was
March 1 1920.
The receivers
accepted the guaranty as to income provided for in the Transportation Act,
1920, which provides for a continuation of the Standard Return for the
6 mos. following March 1 1920, the date the property was relinquished
from Federal control, as shown below.
Funded Debt.—The amount of funded debt outstanding was increased
$4,421,149 in 1920, as follows:
Equipment notes issued to American Car & Foundry Co. for
deferred payments on 110 tank cars....
$314,689
Equipment notes issued to U. S. Government for deferred pay¬
ments on 50 locomotives
2,392,500
Equipment lease warrants to the Pullman Co. for deferred pay¬
ments on 69 miscellaneous passenger train cars_-__.____
1,623,610
Equipment notes issued to Columbia Trust Co
trustee, for de¬
ferred payments on 200 ballast cars mfd. by Am. C. & F. Co..
477,000
Less payment of equip, obligs. matured during year., deb $386,649
Road and Equipment.—Expenditures for road ($2,241,815) and equip¬
ment ($5,192,683) aggregated $7,434,497.
Of this amount $2,989,564 was
appropriated from income for year and funded debt issued for remainder.
Material improvement in roadbed, track and other facilities was made
during the year, the principal items of expenditures being as follows (con¬
densed): Ballast, gravel, $393,000: ballast, rock, Mingus to Eastland,
$53,100; new or increased weight of rail, $214,900; tie plates applied, $202,300; bridges reinforced, &c. ,$75,800; passing, side and other tracks, $193,600;
fuel oil stations, work completed at all points, $222,000; machine shop and
boiler shop, Marshall, reconstructed and equipped, $255,300.
The 18 Santa Fe type freight locomotives and 7 Pacific type passenger
locomotives arranged for through the U. 8. RR. Administration were re¬
ceived and placed in service.
There are now in service 44 Santa Fe type
and 11 Mikado type freight locomotives, which permits heavy train loading
with consequent increase in efficient operation.
110 tank cars for use in transporting fuel oil for engine use were received
early in the year, and 50 additional tank cars purchased were being deliv¬
ered at Dec. 31 1920.
All of the new steel passenger cars, 69 in number,
were received and installed during the year, making it possible to operate
all of the principal main line passenger trains with all-steel equipment.
restored to the receivers for operation on
...
-
—
,
We also contracted for the construction of 200 additional steel underframe ballast cars during the year (nearly all received at close of the year)
1920
1919
1918
1917
1916.
ing 26 coal-burning locomotives Dec. 31 1920.
Operating Revenues.—Total operating revenues for 1920 increased $5,631,752 over 1919, or 15 55%.
There was an increase of $2,863,434 in revenue from freight traffic, or
12.15%.
Increases in freight rates amounting to approximately 35% were
made effective on inter-State traffic on Aug. 26 1920, and State rates were
increased to substantially the same level shortly thereafter.
The increase
In freight revenues resulted partly from the rate increases and partly from
increase in traffic moved.
Revenue from passenger traffic increased $1,417,306, or 13.27%.
The
increase is due to the continued heavy traffic handled to and from the
Texas and Louisiana oil fields.
An increase of 20% in passenger fares was
authorized on inter-State business on Aug. 26 1920 and a surcharge of 50%
sleeping
car
fares, which
accrues
to the railroad, was put in.
Intra¬
state fares had not been increased at the close of the year, although appli¬
cations for increasing fares to the level of inter-State rates were pending
before the authorities of the States through which the T. & P. operates.
Mail revenue increased $653,919, due to the inclusion in the accounts
for this year of $376,436, back mail pay allowed by decision of the I.-S. C.
Commission in the
Railway Mail Pay Case, under which compensation for
handling U. S. mail was increased abt. 60%, effective March 1 1920.
Operating Expenses.—Total operating expenses increased $7,321,467 com¬
pared with the year 1919, or 24.29%.
The ratio of expenses to revenues
was 89-52%
compared with 83.23% for the previous year, an increase
of 6-29%.
Increases in compensation of employees, put into effect on May 1 1920
by the U. S. RR. Labor Board, contributed in a large measure to the in¬
crease in operating expenses, and mounting material
prices and cost of fuel
were also contributing factors.
Increases in maintenance of way are principally due to extensive tie re¬
newals and laying rail of heavier weight.
Approximately 500,000 more
ties were inserted in 1920 than in 1919, and there was an increase of approxi¬
mately 9,000 tons in the quantity of rail laid.
Maintenance of equipment increases are due
of labor and material.
Cost of conducting transportation increased
on
account
of
1,564,770
1920.
1919.
1918.
1917.
operated
1,947
1,947
1,947
1,947
Operations—
Passengers carried.....
5,437,291
5,064,193
3,373,235
3,428,487
Pass, carried one mile_.413,431,915 386,447,738 277,394,000 254,500,000
Rate per pass, per mile..
2.92 cts.
2.76 cts.
2.69 cts.
2.46 cts.
Freight (tons)....
9,668,424
9,371,150
8,163,752
7,615,490
Tons one mile (000)
1,807,455
1,659,727
1,477,965
1,480,535
Av. rate per ton per mile
1.46 cts.
1.42 cts.
1.22 cts.
1.01 cts.
AV. train-load (revenue)
437
397
363
312
OPERATING ACCOUNT FOR CALENDAR
Operating Revenues—
Freight....
Passenger...
Mail
Express
Miscellaneous.
Incidental, &c
.....
Guaranty Period.—The provisions of section 209 of the Transportation
Act, 1920, which guarantees for a period of six months after March 1 1920
equal to one-half of the annual compensation allowed during
1917.
Total..
$41,844,190 $36,212,438 $27,294,833 $22,714,007
Rev. per mile operated..
$18,603
$14,022
$11,669
$21,496
Operating Expenses—
Maintenance of way, &c.
Maintenance of equip't.
$7,762,424
9,137,927
Traffic
493,116
18,360,650
1,213,306
expenses
Transportation
expenses
General expenses..
Transportation for inv__
$5,118,022
7,716,051
305,174
15,827,619
865,945
Cr.23,091
327,852
Cr.16,225
Miscellaneous operations
507,841
Total
Net
$3,610,862
5,130,583
294,428
11,894,810
765,244
Cr. 13,542
217,995
$2,036,463
2,999,166
477,450
9,022,788
722,082
Cr.29,865
161,671
operating expen.$37,459,040 $30,137,572 $21,900,380 $15,389,755
$4,385,150
$6,074,865
$5,394,453
$7,324,252
1,345,584
1,230,026
1,105,482
1,249,364
earnings
Tax accruals, &c
Operating income
$3,039,567
Non-operating income..
587,721
$4,844,839
432,013
$4,288,970
1,092,784
$6,074,888
796,899
Gross income.
Hire of equipment
$5,276,853
$5,381,754
212,891
873,536
J,871,787
$4,295,327
$6,032,535
...
...
Rentals, &c
Net inc. bef. fix. chgs.
$3,627,288
1,320,983
832,178
626,361
1,048,035
$3,602,456
$1,474,127
1920
AND
CALENDAR
YEARS
x
108,140
731,112
MONTHS ENDED AUG. 31
CORPORATE INCOME ACCOUNT FOR SIX
1920
AND
1919.
Year
March to
Year
Aug. 31 '20.
f920.
1919.
Railway operating revenue._-_.____$19,576,633 $35,112,377
Railway operating expenses...
18,843,653
31,567,084 See operat'g
account of
Net revenue from railway
Railway tax accruals.
_...._
Uncollectible railway revenues..
$732,980
612.416
_
621
Railway operating income
Non-operating Income—
$119,943
$3,545,293
U. S. RR.
1,113,059 Administra7,447 tion below.
$2,424,787
Rent from locomotives—
$134,322
67,740
Rent from
passenger-train
equipment..—
Joint facility rent income—
Rent from work
Income from lease of road
<
Miscellaneous rent income
280,182
....
Non-operating physical property
Separately operated property..
Income from funded and unfunded
securities and accounts
41,165
251,028
163,281
35,850
18,498
Revenue
7,127
5,364
88,194
5,802
5,451
252,178
4,107,432
677,748
3,000,000
TJ. S. Government Standard return..
U. S. 6 mos. estimated guaranty
Total non-operating income
280,182
400,125
Gross income
Deductions from Income—
Hire and rent of equipment
$4,454,316
$6,879,103
$4,681,749
$4,681,749
$1,147,931
413,649
Joint facility rents
$1,007
192,998
518
Miscellaneous rents.
taxaccruals.
40,126
42,460
.
ununded debt
1,729,870
$989,180
j—
1,578", 180
299,909
292,624
8,517
407
17,674
219,611
Amort, of disct. on funded debt
7,045
330
Maintenance of organization.
Miscellaneous incomo charges.
16,137
95,787
133,427
Total deductions from income
$989,180
deb. $589,055
Disposition of Net Incom—
appropriated for investment
physical property—Road
Equipment—
i
479,851
$3,927,188
$2,951,915
$2,790,868
$1,890,881
$2,241,815
747,749
$2,112,945
710,305
$2,989,564
,
Corporate expenses
Expenses prior to Jan. 1 1918.-
Net income
52,073
deb.33.970
prior to Jan. 1 1918...
War and miscellaneous
163,578
83.204
...
Miscellaneous income
Interest on
with the Director-General.
Feb. 29 1920.]
1918.
1919.
1920.
$26,439,271 $23,575,837 $17,996,085 $14,933,635
6,252,827
12,093,999
10,676,693
7,449,816
382,234
969,757
315,838
340,117
606,872
938,919
762,209
853,444
162,587
331,911
153,148
156,980
375,852
1,070,334
728,714
498,390
Interest on funded debt....
not been made.
For this reason final settlement with the
Director-General
is being held in abeyance, as the exceptions affect not
only the compensation
but also the allowances for maintenance as provided for in the
contraof
YEARS.
Road operated by U. S. RR. Admin. from Jan. 1 1918 to
<r
approximately $1,280 000
increased labor cost, and approximately $1,027,095 due
2.137.854
Mines.
1,609,868
1,878,521
1,306,125
1,500,584
Mfg., &c.
3,931,805
3,233,945
2,543,928
2,220,995
2,289.535
STATISTICS OF OPERATIONS FOR CALENDAR YEARS.
costs
price of fuel
Taxes.—Railway tax accruals for 1920 were $1,337,259, a decrease of
$63,418, as compared with $1,222,479 accrued by the U. S. RR. Adminis¬
tration and $178,198 income taxes of the corporation, a total of $1
400 677
for 1919Assessments for intangible assets in the State of Texas were
re¬
duced $10,804,637, resulting in a decrease of $82,668 in ad Valorem
taxes
paid in that State.
Tax assessments in Louisiana increased abt. $20 000
Federal Control.—Due to exceptions taken by the I.-S. C.
Commission
to certain accounting during the so-called test period, final
certification of
compensation for use of this property by the U. S. RR. Administration has
net income
Agricultural.
2,288,000
2,182.959
2,429.317
2,091,630
320,015
416.745
475,227
504,489
419.693
Separately operated properties—loss.
entirely to increased
to increased
a
Animal.
..1,518,736
1,658,980
1,409,155
1,297,592
1.213.109
and built new in company shops 282 freight train cars, 1 tool car and 2
weed burners; 68 locomotives were converted from coal to oil burners, leav¬
on
OF COMMODITIES CARRIED.
TONNAGE
Forest.
Miles
(Report for Fiscal Year ending Dec. 31 .1920.)
...
basis of use, instead of dividing such expenses equally as here¬
on
tofore.
As the M. K. & T. is the larger user of this line, quite a reduction
in the expenses of the Texas & Pacific has resulted.
The Houston & Texas Central RR. Co. resumed the use of the line be¬
tween Dallas and Fort Worth on May 23 1920 after having discontinued
the use of it during the period of Federal control.
have been
Texas
[Vol. 113.
CHRONICLE
THE
1150
$2,823,250
Income
in
Total appropriations of income
balance transferred to profit
Deficit
and loss
x
Not
stated.
Not
stated.
Statement furnished by the company to show
$37.649
the
items
3fi9
toe
two juaii-
ended Aug. 31 affected by the Federal guaranty estimated for that
period at $3,000,000..,
.
year
SEPT. 10
1921.]
THE
GENERAL BALANCE SHEET DEC.
1920.
s
1920.
Liabilities—
mortg. prop..
Misc. phyg.prop.
5,221
42,084
5,221
9,661
Idv. in anil, cos.:
1,202,533
838,538
Advances
Other investm'ts
871,871
69,328
1,377,340
Cash...
35,739
484,808
194,908
24,766
202,731
Loans & bills rec.
Traffic, &c.,bal.
60,967
"3", 451
Agts. & conduc.
Misc. accts. rec.
590,457
8,940,875
6,506,213
Mat'l & supplies
Int. & divs. rec.
6,159,421
Total
-V.
113,
2,001
93,597
Miscell. acc'nts.
Int. matur. unp'd
131,558
paid for by the company during the last fiscal year was well below that
required for a normal year's business.
Notwithstanding the reduction in
quantity purchases, the company in the end sustained a loss in the value
5
1,224,886
l,002j,258
28,870
342,441
Rents accrued..
98,318
Oth. cur't liabil.
391,535
Deferred liabil's 17,875,837
Tax liability...
301,652
28,870
206,285
ma¬
unpaid.
Int. accrued
ualty
of its
fertilizer materials which had to be absorbed
through the writing
down of inventories to the standard of values as of
May 31 1921.
Cotton Seed and Oil.—The cotton seed and edible oil
the most extraordinary year in its
1920
11,976,152
145,833
3,198,775
686,362
33,784
83,238
Add'ns to prop.
Profit & loss...
21,590,690
3,133,542
18,601,126
2,882,091
160,536,320 138,214,714
850.
p.
The Fisk Rubber
(Balance Sheet
as
Total
.......160,536,320 138,214,713
Salaries of executives have been cut.
Outlook.—It is believed that upon the whole the
industries, of which your
company and subsidiaries constitute a part, have experienced and passed
through their period of violent readjustment of values, incident to the de¬
flations of commodity prices of the past 12
months, and that the company
may now approach the operation and conduct of its affairs from a secure
Co., Chicopee Falls, Mass.
of June 30 1921—Adjusted.)
offering of $10,000,000 1st Mtge.
8% Sinking Fund gold bonds by Dillon, Read & Co.
(see under "Investment News" below) we give the following
balance sheet as of June 30 1921, adjusted to show the
effects of completion of the
plan of consolidation and present
financing, as prepared by Messrs. Price, Waterhouse & Co.:
Eoint of view, and adjust itself once again to the 113, p.
usiness.
(For
directors
bellow.)—V. normal
now
see
Indian
mach- & equip, at appraised values as of March 31
1919 at 1917 val. together with addns. to June 30 1921
On
,
atcost_$17,929,647
:
4,026,443
Land, bldgs., mach. &
equip, not appraised, at cost
Less—Excess of sound appraisal values over sound book values
of property appraised
Good-will
925,956
l
Broadway, Inc
1,062,468
869,482
William A. Slater Mills, Inc
Miscellaneous investments
Current Assets ($35,373,439)—
Rubber and fabric
Materials and supplies
731,703
7,218,712
1,753,731
1,019,799
....
Work
in process
Finished stock
Advances
on
cotton
8,¥40,597
&
fabric purchase contracts
1,047,758
Accounts receivable, less reserves
Notes receivable
Coll. notes from employees for subscrip. to
Cash in banks, on hand and in transit....
11,279,036
952,803
3,229,695
1,537,091
Deferred charges to operations
Liabilities—
Capital stock (eliminating stocks of the company which in effect
will be held in the company's
treasury):
Pomeroy, N. Y., Aug. 31, wrote in sub.:
Dec.
31 1920 the inventories of oil,
packages and supplies wera
$8,518,899This figuro represented the cost of the
product,
except where the market price was below cost, in which case the market
price was used.
This inventory was made up chiefly of crude oil and oil
products equivalent to about 14 weeks' supply at the 1920 rate of sales.
During the first six months of the year there has occurred an unprece¬
dented decline in the price of all oil
products, with the result that current
sales have been made in many cases at
materially below the inventory
figures.
As a consequence, the company shows a net loss
through opera¬
tion for the six months of $2,258,570.
The volume of sales has been
maintained at about the same level as for the
corresponding period of 1920.
At the present time the market for oil and its
products shows signs of
greater steadiness.
A dividend ot l%% on the Preferred stock has
been declared, payableSept. 15 1921 to stockholders of record Sept. 8.
INCOME & PROFIT & LOSS ACCT. FOR SIX MOS. END. JUNE 30.
1921.
1920.
1919.
1918.
$1,423,908
$1,555,694
105,000
180,000
105,000
180,000
500,000
$1,580,206
105,000
400,000
Net, after all charges_loss$2,258,570
Preferred div. (3H%)
90,088
Common dividend (6%).
$738,908
$770,694
Res've for Fed. taxes, &c_
V
7% Cumulative First Preferred
Management stock
Reserve for depreciation
Reserve for insurance liability assumed by company.....—
Reserve for contingencies...
Reserve for rubber and fabric commitments
Reserve for cancellation of machinery contracts
_
—
Capital liability in respect of cash payments by employees
subscriptions to Capital stock
...
129,530
3,818,293
120,000
154,641
1,140,086
140,790
-
Virginia-Carolina
p.
626, 631, 854.
Chemical
annual tables
Co.,
Richmond,
Va.
(
BALANCE
1921.
Assets—
Cash.
the turnover in dollars resulted, first, from the lesser unit volume of
business transacted; second, from reduction in the prices received for goods
and commodities sold.
Effect of Agricultural Depression.—Our primary business stands among
that class of industries of the country most harmfully affected during the
a
given
season
The volume of commercial fertilizers con¬
is quite generally influenced by the trend of prices
of farm products prevailing at the time the crops are planted.
Largely by reason of the expectation of reduced prices for farm products
and to a considerable degree on account of the then high cost generally
incident to farming
operations, the amount of commercial fertilizrsr used
during the fall of 1920 was but practically 80% of that of a normal season.
Reduced Consumption of Fertilizers—The consumption of fertilizers for
the spring season of 1921 ranged from 90% in some sections of the country
to as low as 25% in other sections, compared with the previous year.
The
fertilizer consuming States of the cotton belt not only substantially reduced
the acreage ordinarily planted to cotton, but applied
scarcely 50% of the
amount of fertilizer used under the crop of 1920, representing, upon the
whole,
reduction in fertilizer consumption,
a
one
year,
compared with a
preceding
one, without precedent in the History or the business.
Cotton Producers Unable to Pay.—Middling cotton sold in July 1920
above
40c. per lb.
Owing to the subnormal consumption and stagnated markets,
unusual carryover of this staple, and cotton sold in the course
of the decline at a price slightly more than one-quarter of the high price
of 1920In these circumstances, it was but natural that those indebted
there
to
was an
your
for the obligation incurred against 1920 crop, in large
unable to meet their indebtedness when due.
company
numbers,
were
S
SHEET
$
479,299
Acc'ts receivable.. 2,769,042
—
........
for
salesmen, &c_._
Invent, (at cost)..
Miscellaneous
JUNE
$795,206
2,641,551
depreciation.
30.
1921.
Liabilities—
70,099
Adv. to sta'n agts.,
1920.
$
$
Cum. 7% pref. stk 2,296,400
Common stock b._ 7,851,800
3,000,000k
3,000,000,
Cent. Ref. Co. stk.
203,083
6,101,232
32,715
held by others:
168,932
6,354,700
7%
11,162
Oil prop.,pipe lines,
cum.
(par
pref.
$50)
Common
storage tanks, re-
retinery, &c___al3,914,138
Def. & susp. items
Fin. exp. of new Is¬
216,877
of com. stock
8,097,632
704,755
Total
....24,421,141
After
a
141,796
Accounts payableBank loans
277,550
3,000
1,131,397
3,581,440
Notes payable.
Res. for taxes, &c_
338,242
1,075,614
Res. oil depos.,AG- 2,770,202
Famed surplus...
243,696
Capital surplus.c. 4,851,800
1,894,625
2,750,000.
537,500
1,739,628
1,656,895.
2,907,224
17,485,871
Total
24,421,141 17,485,871.
deducting
$4,645,715 reserve for depreciation,
b Authorized,
1,000,000 shares of $10 par value, issued 785,180 shar&s; of the unissued
common stock, 114,820 shares are held for the conversion of 22,964 shares
of pref. stock outstanding,
c Being premium on issue of 485,180 shares of
common stock, including
pref. stock converted.
V.
an
by
112,
p.
a
item of "insurance fund,,
reserve
of $36,567."—
1288.
The
Results.—The year's gross turnover from sales amounted to $87,058,974,
against $138,918,235 for the year ended May 31 1920.
The reduction
reactions of the last 12 months.
reserve
1920.
Standard Parts
were
in
sumed for
and
Note.—In addition to the above assets there is
assets in hands of
trustees, $36,567, offset
given in "Chronicle" of Aug. 6,
p. 625.
As to sale in Dec. 1920 of $12,500,000 12-year 7 lA%
debentures, see V. Ill, p. 2237; V. 113, p. 968.
For
passing of the Pref. dividend, see V. 113, p. 91; V. 112, p.
2776; as to passing of the Common dividend, see V. 112,
p. 1309.
President C. G. Wilson at the annual meeting
Sept. 7 said in substance:
as
$153,559,
$535,902.
(Report for Fiscal Year ending May 31 1921.)
The
interest,
-
1924.
113,
deducting
264,586
Total (each side)
.$60,604,318
Note.—The company leases the Fisk Building from No. 1767 Broadway,
Inc., at $600,000 a year.
The larger part of this sum has been provided for
in part by assignments and in
part by sub-leases already made.
The
company also holds a lease of the plant of William A. Slater Mills, Inc.,
which corporation it now controls and of which it will hold all the stock
upon
making further payments of $970,518 over the period ending
Compare plan in V.
After
sue
on
...
—
180,000
500,000
15,000
—
Dec. 31
Surp. for half-year.l0ss$2,348,658
$18,951,500
f.
7% Cumulative Second Preferred, Convertible
2,135,100
Common, 670,618 shares of no par value
6,115,545
First Mtge. 20-Year 8% bonds
10,000,000
Purchase contract—Pawtucket plant
1,529,600
Less—U. S. Liberty bonds at par held in trust (market value
$897,559)
941,221
Bank loans under renewal agreements
expiring Sept. 1 1924
9,000,000
Current Liabilities ($8,160,396)—
Notes payable, merchandise & others..
4,195,082
Trade acceptances payable
1,855,103
Accounts payable
1,980,680
Federal taxes
625, 968.
Refining Co., Inc.
carried at
3l,306
capital stock
processes of doing
91,
(Semi-Annual Report—Six Months ended June 30 1921.)
Pres. Theodore L.
Assets—
1767
subsequent de¬
the Southern Cotton Oil
20-Year
Investments—No.
of the
Co. was well maintained and its
foreign business
fairly satisfactory in volume, showed a profit.
Economies Put into Effect.—These should show a substantial
saving in
operations.
Factory wages have been reduced to pre-war standard and
number of salaried employees with various constituent
companies reduced.
In connection with the
Land, bldgs
course
operations of the Southern Cotton Oil Co., reflecting a substantial loss.
Somewhat more than one-half of the total loss of
$15,634,356 as shown
by the consolidated balance sheet of May 31 was sustained through the
edible oil branch of the scompany's operations.
Volume of the business of
1,046,700
26,011
In the
cents a lb.
As the movement of the
of edible oil products was
steadily downwards from
June 1920 to April 1921, this fact,
coupled with the shrinkage in the value
of the inventory on hand at the
beginning of the new year, resulted in the
180,969
3,687,019
was
market in all classes
cas-
reserves
depreci¬
ation—equipt
Oth. unadj.cred.
industry experienced
Crude cotton seed oil in May
history.
quoted at 16 cents per lb.
clines, price in spring 1921 touched 3
or
unpl.
assum.,
pay.
Insurance &
1,046,700
Other unadj. deb.
970,609
5,476,402
acc'nts
&. wages
Accrued
30,589
21,468
3,824,194
fund.dt.
iss'd
Audited
38,763,810
1,419,000
30,683,000
25,000,000
4,128,670
car
bals. payable.
"¥,289
10.013,651
insur.
on
Secur.
"¥,682
97,694
205,328
prepaid
prem.
Disct.
4,128,670
and
Funded debt
10,635,383
assets.
&
25.000,000
tured
9,660
Other cur't as3'ts
Work, fund adv.
Deferred
bonds..
Loans&billspay.
Income
30,000
Special deposits.;
S
Equipt. oblig's.
Mtge. bonds...
1151
In consequence, the company was called
upon to grant extensions and
carry unusual sums in the form of receivables, borrow
money to take the
place of that which would otherwise have been collected from the amounts
due the company, with the incidental increased
interest charges, and to
provide funds for additional working capital that would have been
un¬
necessary to do under a state of normal business conditions.
Fall in Price of Fertilizer
Materials.—Owing to the state of the markets
prevailing during the first months of the fiscal year 1920-21, the season
when a large part of the company's needs are
normally contracted for, the
unit cost of fertilizer materials purchased
averaged higher than at any time
in company's history.
The amount of fertilizer ingredients purchased and
1919.
$
38,763,810
5,840,149
30,683,000
1,202.533
Notes
Rents
Capital stock...
Traffic
Stocks.......
31.
1919.
^
jUssct-s
Road & equip't.125,134,865
117,700,368
Sinking funds..
24,000
24,000
Deposits in lieu of
CHRONICLE
Co.,
Cleveland, Ohio..
(Receiver's Report, from March 1 to June 30 1921.)
Receiver Frank A. Scott,
June 30, reports in brief:
for
the
four
months
ended'
Results.—March, April, May and June have seen an increase of business
in the automobile
industry, or which the Standard Parts Co. has obtained
its share.
Thus it was possible to make a more satisfactory showing,
though business was taken in face of exceedingly keen competition and at
very low prices.
Including the Bock Bearing Co., the results for the four months ended
June 30 (after adjustment)
aggregated $3,321,088, and after all allowances
for depreciation, insurance, tax items, but not
including interest on indebted¬
there was a loss of $129,525.
Disregarding, however, depreciation of $255,973, which is purely a book
charge, a monetary gain would be shown during the four months to June 30
ness,
1921 of $126,447.
Disregarding the depreciation for the entire period of the
receivership, would show a monetary loss of $60,931.
Cash
Position
as
of June 30
1921.
Cash
on hand Feb. 28 1921
Cash received March 1 to June 30 1921, $2,946,920; do In escrow,
$419,850
$90,000; total, $3,036,920; less disbursed, $2,048,249; net
Cash
a
on
988,671
hand June 30 1921, including $903,333 on deposit in
savings account
$1,408,521
No further sale of real estate has been
made, but a considerable quantity
of surplus raw material,
supplies, furniture, &c., was sold without advertising.
During the ten months ended June 30 1921 capital assets have been sold,
realizing $343,891; the amount invested in capital assets was $289,756.
The reserve set up against receiver's
expenses of $7,500 in April was re¬
duced to $5,000 in May and June and we were able to obtain
4% on $500,000
deposit in savings account.
<
Inventories in 1921—
Cross.
' Reserve.
Net.
March 31
April
May
30
31...
June
30..
$5,309,853
5,107,315
4,905,988
4,821,509
$1,517,302
1,532,263
1,542,641
1,546.579
$3,792,551
3,575,051
3,363,347
3,274,930
-
Marland
Credit and Collection Department Report.
|
(Standard Parts,
$419,693; receiver, $925,752; notes receivable, $599,682)___-.$1,945,127
Shipments by the receiver from March 1 to June 30 not including
Bock Bearing Co. nor sendee stations
2,942,14U
Accounts and notes receivable as of March
31
—.-.——$4,887,267
3,116,671
Total
Col lections
to June 30
on same
-
— — _
_
Parts, $441,204; receiver,
receivable, customers only, $444,994).
First Mortgage notes—sale of fixed assets..
(Standard
Leaving
$884,39/; notes
—
—-
_
-—$1>{70,o96
180,000
______
$1,950,596
3622,720,
$884,397 include June sales not due
The receiver accounts of
excluding Bock Bearing and service stations, leaving a past due account
as of July 1 of $261,677, plus the old Standard Parts accounts.
There is an
equity of approximately 50% in these latter accounts, the balance is sub¬
ject to adjustment on account of returned items and defective material.
The unpaid balance as of July 1 was $1,770,596, of which it is estimated
$710,000 will be collected during July as follows: Cash, $560,000; notes and
trade acceptances, $50,000; contra, $100,000
.•
n
Summarizing, it will be seen that the receiver started with $1,900,000 of
receivables on March 1 and as of July 1 this was $1,770,000, of which $441,-
which are subject to adjust¬
and trade acceptances, 90%
000 represents old Standard Parts accounts,
ment as noted above, and $445,000 in notes
of which, it is
estimated, will lie paid
Service Stations, Not
>
June 30, $465,958.
Insurance,—During the past quarter this cost has been
reserve
,
reduced by $10,600
by revising the policies to conform to present values, by fire
protection features, &c.
Adjustment of Claims.—Contingent claiias for merchandise either in
process oi finished but not actually received by us at Sept. 1 are in process
of settlement or adjustment.
Such claims as originally filed with us
amounted to $1,056,595Since the last report they have been reduced by
$343,444, leaving net amount of $713,150.
Each month will now show
per annum,
considerable reduction in this amount.
New Business—The industry is liquidating
.
its accumulated material of
last year much more rapidly, and considerable new business is being placed.
A careful survey has been made of this and during the four months under
review we find that the Standard Welding Co. has obtained new business
amounting to approximately $1,500,000; Perfection Spring Co., over
$600,000; Eaton Axle Co., $1,565,000, and Pontiac Spring plant, approxi¬
mately $1,400,000
The Bock Bearing Co has obtained some exceptionally
good contracts, on which at the present moment it is somewhat difficult
the sales value.
spring service stations are doing a profitable business and seem
strengthening their position every month.
Outlook.—At the moment of writing, the automobile industry is in such a
condition that it is difficult, if not impossible, to estimate the future.
Results for 4 Mos ended June 30 1921, Showing Results before Deducting Int.
The
to be
(2) Incl. Bock B. Co
Sales
Net
Loss.
$65,011
30,176
Cr 9,881
44,219
(1) Not Incl. Bock Bearing Co.
Total
Operating Dcprec.,
Net
$522,013
March
—
920.150
May.......
980,199
June.......
710,548
Profits. Tax. & Ins. Profits.
(Adjusted).
$89,653
$85,540
$4,112
$585,201
130,588
88,731
41,858
967,576
161,856
88,797
73,059
1,028,143
110,610
85,026
2.5,585
740,167
1,132,910 $492,707 $348,094 $144,614 $3,321,088 $129,525
Total.
CONSOLIDATED BALANCE SHEET {WITHOUT AUDIT) JUNE29 *21.
Liabilities—
Assets—:
Cash
$1,408,521
6,500
...
...
U.S. Lib. bds. at par, equity.
Accts.
Jess allowance for doubtful
1,951,974
age,
shrink¬
possible
Jess,
3,274,930
&c., $1,546,579
Personal
misc.
and
accounts
117,700
($76,932), Ac..
under purch. agreement.
9,072,865
33,910
1,866,958
161,943
100,038
Loan secured by notes receiv.
Trade acceptances payable.
Accounts payable
10,390
240,483
2,449,231
_
Ac., payable in
Unearned royalties deferred.
Reserves for conting., Ac
25,000
51,879
_
38,327
Preferred 7% Cum. stock....
6,439,500
14,262,331
deb.5,857,441
Common stock
Profit and loss—deficit
385,000
Prepaid exp„ supplies, Ac...
$24,629,624 |
Total
Total..
$24,629,624
(Report for Fiscal Year Ending Aug. 31 1920.)
corporation owns mills at New Prague, Blue Earth
and Wells, Minn., Davenport and Sioux City, Iowa, Cal¬
gary,
Alta., and Moose Jaw, Saskatchewan.
The total
daily capacity of flour in 1919-20 was 12,000 bbls. and
cereals 1,600 bbls.
CO.
AND
SUBSIDIARY
BALANCE
Cost of leases, plants, Ac.
.826.244,254
534,002
$1,267,697
(cash) (11M%)244,000
stock
457,500
$1,010,641
(16)244,000
$972,865
(18)225,000
(22)275,000
$1,036,063
(22)220,000
(25)250,000
above
Unadjusted debits (see.text).
Current assets (35.269,092)—
2,171,880
war
taxes
See
...
■
______
—
$566,197
$766,642
"x"
BALANCE
SHEET
1920.
S
Property & plants. 3,618,287
$566,063
war
taxes.
1920.
S
Preferred stock
1.105,100
Cash
631,762
Lib'ty A Vict'y bds
Milling in transit,
prep'd int.Jns.Ac.
Sundry assets
117,902
139,602
2j66i000
stock...
610,000
1,525,000
631,500
1,559,944
1,137,321
549,073
546,124
797,038
Accr.int.,taxes,Ac.
917,621
792,804
543,566
466,044
8,030,593
80,883
111,946
7,142,128
1st Mtge. bonds..
Insurance fund
Total
______
17,589
4,290
3.090
566,197
Profit and loss
'
7 14'^ 128
'
There was also Aug 31 1918,. a contingent liability in
respect of
drafts
customers with bills of lading attached, discounted a banks in the
ordinary course of business amounting to $1,739.257; in respect of contracts
for permanent improvements, approximately $14,500.—V
109 p 2268
officers and employees
913,148
Bills ree'le (due after S mos.).
51.683
Cash
690,189
679,080
Bills rec. (due within 6 mos.)
81,016
Accounts rec., less reserve-
1,099,468
33.S59
Operating deposits
Inventories (see text)—
Crudeoii
Accounts
8270,197
payable.520,006
bonds.
79,560
Interest accrued on
Interest accrued
49,593
49,924
.....
Accrued taxes, Ac...
Ten-Yr. 8% Partic. gold bds.
3,978,000
Osage lease obligations.
1,985,147
328,417
Equipment Trust notes
DuetoMarlandOllCo.ofMex.
Provisions
for
purchase
1,095,000
of
wells under contract
42,175
Reserve for depletion, drilling
costs and amortization
5,523,150
Stock
Refined products
...
Material and supplies
1,626,702
of sub. cos. held by
minority interests, par val.
1,473,217
^Capital stock and surplus...
109,796
165.952
4,508
52,212.686
I
Total
866,138,364
Total
.866,138,364
*
Authorized capital—2,000,000 shares of no par value, of which 834,046
shares, representing total equity, have been or will be issued; subject to
charges for the current year in respect to depreciation, depletion, amortiza¬
tion and Federal taxes.
Compare pro forma consolidated balance sheet of Dec. 31
1920 in V.
760,642
8 030 593
allowance for bad and doutbful accouts
on
622,741
1,005,100
Deprec*n res've, Ac.
530,671
1,803,687
Open balances in affii. cos...
Due from associated cos.
1919.
Accounts payable604,535
Acer. divs. on pf. cap.
19,339
2,641,781
28,371,690
Appreciated val'n (see text).
Investments in afiiliated cos.
do
1921.
Current liabilities ($969,281)—
Bills payable
Prepaid int., insurance, Ac..
31.
Liabilities—
Notes payable
_.__a
After making
70,357
320,690
2,992,369
accounts
Total
41,244
Common
2,891,622
Wheat, oats, flour,
cereals, Ac
AUGUST
1919.
S
$613,662
$472,865
After deducting full provision for Canadian and American
Assets—
1916-17.
CORPORATIONS CONSOLI¬
Liabilities—
$502,061
do
......
SHEET AS OF JUNE 30
566,063
Total surplus.
a
OIL
DATED
Assets—
$406,802
1917-18.
$517,163
40,004
■
70,357
70,357
in pay. new
receivable
MARLAND
$537,776
472,865
do
&
(1) Net earnings by departments ($1,222.272)—Lease operations,
$876,441; pipe lines (oil), $209,505; casinghead plants, $69,328;
gas utilities and pipe lines, $5,052; tank car operations, $61,946;
(2) miscellaneous income, $57,003
$1,279,275
Less operating losses—Refineries, $152,480; marketing depart¬
ment, $26,202; drilling tools, $958; garage, truck and automo¬
bile operations, $55,409; Ponca Lumber Co. operations, $29,277;miscellaneous charges,, $82,014..
346,341
General expenses and taxes, $362,331; interest exp., $214,040;
bonus to employees. $9,332--.-585,702
Net income available for surplus and reserves [and for deprecia¬
tion and Federal taxes]
347,231
$501,055
766,642
Balance, surplus
Previous surplus.
Notes
above market
38,892
(7%)..
in so short a period,
occurred, and many companies, in consequence, have suffered a financial
collapse and are now either in the hands of receivers or taken over by
stronger companies.
We have suffered with the rest of them.
Inventory Shrinkage.—We have had large shrinkage in inventory of pro¬
ducts as well as in values of our leases and other assets.
We have not
1918-19.
$647,025
Prof, dividends
x
Never in the history of the industry has so strong a cut.
37,561
74,838
bonds
Total.
so violent a shrinkage in values during so short a period, it could not
hoped that the company would make a satisfactory showing of earnings.
With
be
1919-20.
x$613,454
Aug. 31 Years—
Trading profits—
Common div.
oil from 9 cents to 1 lA cents a gallon; for fuel oil
gas
...
This
on
gallon; for
-
858, 738-
International Milling Co., New Prague, Minn.
Interest
a
[Without Provision for Depreciation. Depletion. Federal Taxes. <£c.]
6,133,636
283,935
Good-will, patents, Ac______
M cents
EARNS., INCL. SUBSIDIARIES, FOR HALF-YEAR END. JUNE 30 '21.
93,693
Boston service station
—V. 113, p.
6,205,333
50,150
installments
chinery, &c., $12,283,466;
less deprec., $3,408,212; and
BockBearingCo.—Stk.owned
Bldgs. and equip,
leased
280,669
7% notes, due
Sept. 5 1920
Money borrowed from bank.
For patents,
Land, $1,028,497; bldgs., ma¬
possible shrinkage, $830,885
Uncompleted construction...
$171,789
*
term
Merchandise purchases
Purchase of capital stock
Material & supplies, $4,821,-
509;
Accounts payable........
Accrued taxes, Ac
Short
receivable, $2,472,973;
accounts, &c., $520,999.._
2
from $3 50 to 40 cents a barrel; and since the middle of Janury crude oil
has suffered a drop in the Mid-Continent field from $3 50 a barrel to $1.
Motor oils, lubricants, waxes and grea es have suffered commensurately.
$26,145
<8,729
reflect the following condition:
consisting of accounts in litigation, receivership, &c.,
$343,102; material consigned to our order in bonded warehouses, $59,463;
differential replacement account,
Cincinnati, $4,227; total, $406,793;
April
Results.—-Within ten months past open market quotations for gasoline
have fallen from 20 cents to 11M cents a gallon; for kerosene from 11 to
$49,776
.$75,921
,. —
_
§§-745
items
Sales
"Marland Oils," the quarterly successor of "Marland
News," in its August .issue contains, along with a statistical
article on "The Petroleum Outlook" by Ernest W. Marland
and much other statistical matter, the report for the halfyear ended June 30 1921 by William G. Lackey, Vice-Presi¬
dent and Director of Finance of the Marland Oil Co., say¬
ing in brief:
'•
or contract values out of current assets.
The amount of shrinkage is carried as a deferred asset ("unadjusted
debits") until the end of the year, in the expectation that by that time the
accumulation of products at lower prices, bringing down average costs, to¬
gether with a probable advance in market prices, will obviate the necessity
of making so great a charge against surplus.
Property Values.—The management does not believe it necessary or ad¬
visable to reflect in the balance sheet leases and other fixed properties re¬
valued on the basis of temporary fluctuations in the industry, since it is not
believed that present prices are permanent or that present conditions will
continue for a long period.
The management has, however, for its own guidance, gone thoroughly
into every item of assets owned by the companies, and has made a re¬
valuation of these assets, including leases, on the basis of their worth under
present conditions.
The final figures have nob been completed, but the
management believes that under the most drastic view possible to take of
the value of the company's assets, the market value of the shares represents
only a mall fraction of their intrinsic worth.
New Wells, &c.—The companies have not stood still during these trying
times.
Within the last year they have added largely to their holdings of
property at small cost, many of which additions have since been brought
into large value, either through the companies' own development or develop¬
ment of neighboring acreage by others.
In the Hickman field in the western Osage near Burbank, Okla., a district
discovered by the Marland companies, and where we hold a considerable
acreage whose development is hardly started, there have been 47 producing
wells completed within the last 12 months without a dry hole.
Some 15 miles southwest of Ponca City, and located beween the South
Ponca and Billings fields, but nevertheless in a virgin territory, we have
recently brought in a discovery well whose initial production was 1,000
barrels a day, giving large value to a very considerable neighboring acreage
procured by us at small cost previous to our drilling operations.
Sale of Small Tracts Nets Profit of $1,000,000.—It has been erroneously
stated in the press that we have sold within the year a large part of our
properties.
This is not the case.
Out of some 700 leases, aggregating over
100,000 acres, we have sold a half interest in four different quarter sections,
and a half interest in another full section.
The latter property was old
settled production, but the first mentioned pieces were new, two of them
but slightly developed, the other two not at all.
These latter poperties
were of comparatively recent purchase, cost but little, and a half interest
in them was sold for over $1,000,000 profit above their entire cost.
This profit does not appear as earnings in the operating statement pub¬
lished, but will later appear as such when all adjustments are made.
Our
gross production now is considerably larger than it was a year ago, notwith¬
standing the sales made and the fact that we have done but little drilling
this year that was not compulsory.
It is estimated that, despite the acreage sold and production used during
the last 12 months' operations, we still have available to the companies'
refineries: and pipe lines a much larger oil reserve than a year ago.
Par¬
ticularly is this true in the matter of proven reserves.
Outlook.—We believe the progress of your company in spite of the con¬
ditions prevailing, has placed it in a position where we may confidently
expect commensurate rewards when the industrial, commercial and financial
readjustment has run its course and the petroleum industry has returned
to a normal basis.
Kay County Gas Co. Increases Production.—The completion on Aug. 11 of
a 2,000-barrel oil well on property owned in part by the Kay County Gas
Co. in the Hickman district has materially added to the quantity of oil
being produced by that company.
The pay sand was found at a depth of
about 2,915 feet.
The Tidal Osage Oil Co. is a joint owner of the well.
[As to sale in April 1921 of $4,000,000 10-Year 8% Sk. Fd. Participating
gold bonds, see v. Ill, p. 1735, 1746.]
Unpaid balance June 30
1921.
Okla.
Ponca,
Subsidiaries,
charged off this shrinkage in inventory but will do so at the end of the year
if it still exists.
We have, however, taken the excess value of products
Suspense Items—As of June 30, these items
Month.
and
$34,745
.
estimate
Co.
$53,037
147,241
149,51o
— —
to
Oil
(Report for Half-Year ending June 30 1921.)
Included in Foregoing Collection Account.
Total.
Cleveland. NewYork_
March 1 1921—$87,782
Sales March 1 '1921 to June 30 1921.
215,986
Collections, March 1 to June 30—
.228,245
Accounts receivable as of
S us pease
[Vol. 113.
CHRONICLE
THE
1152
112, p.
1735.
Brief Extracts from Report of Earl Oliver, Vice-President and
eral Manager of Marland Oil Co. of Mexico, S. A.
Gen¬
Control.—This company is entirely owned directly or indirectly by stock¬
holders of the Marland Oil Co. (of Delaware), to whom, in their former
capacity as stockholders in the Marland Refining Co. and Kay County Gas
Co., the exclusive privilege was given of acquiring stock in the Marland Oil
Co. of Mexico.
A major interest was retained by Kay County Gas Co.
Sept.
10
THE
1921.]
1153
CHRONICLE
History.—Early in 1920
your President, E. W. Marland, visited Mexico
obtaining undeveloped petroleum reserves for the Mara result of that trip and at an expenditure to June 30
1921 of $1,060,168, he acquired properties (or leases) aggregating 15,345,000
[As to authorization by Alabama Power Co. of $25,000,000 bond issue,
no par value shares and additional Pref. stock, see V.
p. 1743, 2192;
also offering of $2,500,550 of the new funds in V. 112,
for the purpose of
and the issuance of
land companies.
112,
acres,
As
follows:
as
1
1.
Tampico-Tuxpam region—Lease
2.
Panuco
2644.—Ed.]
p.
,
West Coast of Mexico—
near
280,000
_
(a) Concession in Sonora, dated March 12 1920
(b) Concession in Lower California, dated July 15 1920
(c) Concession in Lower California, dated Sept. 13 1920
5,000,000
6,000,000
4,000,000
3. Isthmus of Tehuantepec region—Leases in Tabasco and Chiapas
65,000
Control of the Panuco lease and of the leases in Tabasco and Chiapas
was secured by acquiring ownership of stock of the lessee company, the
Compania Petrolera Franco Espanola.
The concessions on the West Coast
were secured directly from the Mexican Federal Government.
Your President then organized, under the laws of Mexico, the Consoli¬
dated Oil Companies of Mexico, S. A., for operations on the East Coast,
to own and hold the Franco Espanola stock and the stock of other companies
that might be acquired, and also organized, under the laws of Mexico, the
Compania Petrolera de Sonora to own and develop the concessions on the
West Coast.
It
appeared desirable to unite the Mexican enterprise into one holding
company, and accordingly the Marland Oil Co. of Mexico, S. A., was
organized and has acquired ownership amounting to 75% of the Consoli¬
dated Oil Companies of Mexico, S. A., and 91% of Compania Petrolera de
Sonora.
The percentages of the last named stocks still outstanding are
owned by interests foreign to the Marland group of companies.
The Franco Espanola stock and the concessions were delivered to the
Consolidated Oil Companies of Mexico, S. A., and the Compania Petrolera
de Sonol*a, respectively, at cost, and the stocks of the two last namedjcompanies were in turn delivered to the Marland Oil Co. of Mexico at cost.
No
profit or advantage of any kind has accrued from the first inception of the
Mexican movement to the present time that is not being shared in equal
proportion by every stockholder of the Marland Oil Co. of Mexico who
acquired stock at the price issued by that company, namely $1 per share.
The capitalization of the Marland Oil Co. of Mexico is four million pesos
($2,000,000), all of which has been fully paid in.
Geological Work.—The past year's activities have been confined to geo¬
logical and land work which is only now being completed, and no drilling
has yet been started.
Clarence E. Hyde was placed in charge of examina¬
tions in the Tampico-Tuxpam area and in the region of the Isthmus of
Tehuantepec, and Carl H. Beal, of San Francisco, Calif., was engaged to
organize and take charge of the West Coast work.
Your company has
maintained throughout this year an average force of 36 employees engaged in
geological, land, legal and other Avork preliminary to the beginning of
actual development.
Resume.—The investigation conducted throughout the past year has given
reason to believe that, through proper and conservative development of these
properties, your company has an excellent chance of becoming one of the
strongest -in Mexico.
This will, however, require time and patience in a
foreign country.
Neither is there absolute certainty of our expectations
being realized, for there is ever an uncertainty about oil development.
However, your management Avishes to 'present to you a fair picture of
the great possibilities it sees in your Mexican properties.
No drilling operations ha\'e been started on any of the properties, but it is
proposed uo begin deA-elopment on the Panuco lease at the end of the
present rainy season, subject, of course, to political and economic conditions.
FinancesThe remainder of the $2,000,000 derived from your capitali¬
zation in excess of the money so far spent, as above indicated, is, Avith the
exception of a small amount of cash for current expenses, invested in rexrenue-producing securities AAhich are liquidated from time to time as addi¬
tional funds are needed for jrour operations, and which are available pending
the necessities of your development campaign.—V. 113, p. 1059, 77.
DIVERSITY
ACCORDING
INCOME
OF
1919.
1918.
Cement mills3.25%
11.00%
4.80%
17.54%
8.10%
3.50%
6.50%
3.90%
31.30%
6.50%
4.90%
1.26%
3.50%
Coalmines.
I
8.53%
Oremines__ 5.40%
Steel milis_30.35%
Cott. mills,
9.31%
Graphite.,
be presented at the annual meeting on July
signed by Secretary-Treasurer William J. Henderson,
Montreal, who says in part:
of $227,649.
The increase in gross revenues over
extended into the present year.
In the Avholesale division 155
major industries were served, including
cement mills, coal and ore mines, cotton mills, iron and steel mills and
foundries, oil mills, and other miscellaneous plants.
The retail power and lighting divisions, serving some 40 cities and toAvns,
show a steady increase in earnings from the sale of power for house lighting
and minor industrial uses.
The income derived from the sale of power to
Public Service Corporations, supplying the Birmingham and Tuscaloosa
districts, also shows an increase over 1919.
Rates.—The Alabama P. S. Commission granted increases in the rates o
in Anniston and Huntsville, and also alloAved
sold in Selma, Anniston, and Decatur-Albany, but
the benefits received therefrom were largely absorbed in increased cost of
coal, supplies, and labor.
Since Jan. 1 1921, the rates of fare on the Gads¬
den Railway have been increased, and applications for further increases in
the gas rates affecting Selma, Anniston, and Decatur-Albany are pending.
Purchase.—Early in the year, the electric lighting and local power dis¬
tribution lines and street railway in the cities of Gadsden and Alabama City
were purchased, and are now operated as part of your system.
on
the street railways
higher rates for
gas
'
Expenses.—Operating
expenses,
including
taxes,
increased $691,000,
part to larger amount of power generated and distributed and to
practically continuous operation of reserve steam plants throughout the
year.
In the low-Avater season power was purchased from the Government
power plant at Sheffield, and the Company for a short time operated local
due
in
plants Avhich it has the right to use in case of emergency.. A serious
the Alabama coal mining district crippled all mining operations,
reducing output and greatly adding to the cost of production and delivery
of coal.
This condition was acute during the low-Avater season, when steam
steam
strike
15,000
Warrior steam plant 35,000
do
Govt. extern. 45,000
139,500
ALABAMA
OF
1920.
Statistics—
and lighting distribution systems were constructed in
Eden, Clanton, Madison, and Oakman, and existing systems in the towns
of Roanoke, Camp Hill, Montevallo, Marion and Attalla were reconstructed.
Excepting two small local systems, all of the cities and towns on the lines
New retail poAver
served from Lock Twelve.
The former isolated
plants at Huntsville, Decatur, and Selma will not be operated in
in case of emergency.
To supply the growing demand for power your Directors decided to install
the sixth generating unit at Lock Twelve which was provided for in the
construction of the dam.
The new unit Avill have a capacity of 20,000 h. p.
OAving to the variation in the flow of the river, six units cannot be operated
throughout the year, but during the winter and spring seasons a full utiliza¬
tion of the run of ri\*er power Avill be possible.
In the loAV-Avater periods
the neAv unit will be of value as a reserve in case of emergency.
of your company are now
2,000
1,000
CO.
750
300
225
3,470
CALENDAR
FOR
1919.
1918.
2.600
YEARS.
1917.
K.W.hrs. gen
__..488,135,725 354,861,835 400,839,420
K. W. hrs. sold & used by
co
1,500
1,500
170
.,
Total.....
POWER
K.W.
II.P.
_
25,000 Marion
33,000
Total. ____.__-_.187,000
STATISTICS
Local Steam Plants
1,500 Decatur
12,500 Guntersville
294,969,000
430,303,691 306,358,223 346,979,116 255,846,000
97,900
83,100
86,850
59,522
16,538
9,580
9,557
8,557
contr..
148
,141
121
114
Max. station load (k.w.)
Retail pow. & light, cus.
Wholesale power
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING DEC« 31.
{Inch Ala. Tr., Lt. Si P. Co., Ltd., and Sub Co., with Interco. Balances El-im.)
1920.
314,581
1917.
$
2,833.706
2,676,998
150,914
83,696
155,416
1,948,424
136,535
74,244
64,970
4,396
4,434,691 ' 2,913,228
3,063,366
53,591
43,173
37,563
231,867
26,670 I
107,263
2,154,325
34,759
127,705
4*149,233
2,843,385
2,918,540
1,991,861
1,391,483
234,520
1,086,372
143,723
86,452
1,220,916
109,794
73,205
652,711
105,262
47,809
92,846
28,113
31,344
13,786
15,003
1,374,536
219,470
1,500,839
229,318
1,166,387
54,363
1,594,005
1,730,157
1,220,750
/1.277.524
1,880
656,295
564,328
1,670
656,295
434,297
32,653
1,279,404
1,222,293
1,123,245
30,664
26,414
63,653
1,248,740
345,265
1,195,879
534,278
123,886
300,000
13,621
1,059,592
161,158
139,817
96,771
21,341
110,208
Gas..
3it6r
.■
Miscellaneous
1918.
1919.
$
3,929,257
Operating Revenue—
Light & power depart......_
Railway..
^
1,620
80,644
...
_
Total
Deduct—Rebates and disc...
Res. for doubtful accts., &c__
Operating revenue
Operating Expenses-
...
Light & poAver depart..'
Railway
105,300
Gas.
4,690
Water
278,656
133,625
Coal production
General .expense......
Government rental.
14,259
2,404
Ice
Net oper. income
Other income
1,988,985
112,777
2,101,762
Interest Paid—
....
PoAver Co. bonds _.L
\ 1,351,121
1
Floating debt
Total int. charges
x
1,351,121
Less: Por. of int. chargeable
to
capital acct
Total int. charges (net)
Inc. after interest
1,351,121
750,6|41
res..
262,201
Fed. tax
125,746
192,572
3,029
7,122
234,332
Deprec.
res
Miscellaneous
9,664
Dividends
Balance, surplus.........
16,795
Portion of above interest chargeable to capital account, being interest
x
on
244,444
amount
expended in properties held for future development.
CONSOLIDATED BALANCE SHEET DEC. 31 (INCLUDING SUB. COS.
1920.
$
Liabilities—
Preferred stock...
♦959,500
3,670,139
1,823,475
1,843
Stk. in Ala. Pwr.co
Disc,
on
276,041
bonds, &c 3,663,587
Other investin'ts.x
Liberty bonds
Funds in hands of
2,900
Cash in banks, &c.
295,381
Cash for bonds, &c
154,505
27,608
286,563
125,949
employees.....
77,914
........
less reserve
874,050
Miscellaneous
8,864
Materials Asuppl.
1,062,561
Oper.& leas'd equip
156,705
Deferred charges..
7,975
728,750
6% secured notes d 2,900,000
Co
250,000
Gad. & Ala. Ry.
100,000
Armiston Steel Co
Dlvs.
135,100
payable
Accounts
payable.
13,106 Customers'dep...
758,695 Wages, &c., pay'le
73,411 Fed'I taxes (est.).
13,841 Deprec., &c.,res..
Int., &c., accrued.
Res. for
6,527
478,172
555,515
270,739
181,038
125,870
76,849
557,896
482,405
444,633
75,486
11,699
767,946
pons, &c
Pref. stk., pay
137,101
48,282
663,091
...
Surplus
49,061,215 45,290,871
98,186
3,029
...
deprec
Outstanding
cou¬
*
1,900,000
250,000
1st M.5s Ala.City,
Accident, &c., res.
Total
13,174^400
1st M.5s A.P.Co.clO.188,000 10,000,000
Notes payable
Notes & accts. rec.
1,000,000
374,300
1st M. coll. 6s._..13,646,400
1st M. 7s
Stock subs, rec.fr.
1,000,000
stock...16,995,000 16,995,000
Common
Selma Lighting
24,985
employees
$
$
rights,
branches, &c.__42,455,744136,807,992
In v. in other cos..
1919.
1920.
1919.
$
Assets—
Properties,
Decatur-Hunstville transmission line Avas com¬
19 in 1919.
__100.00%100.00%100.00%
K.W.
operation was heaviest.
pleted and put into service in January.
The Lock Twelve-Vida transmis¬
sion line, serving poAver to Montgomery, was constructed and placed in
operation during April.
The transmission line from Vida to Selma was
completed in September, and the operation of the isolated steam plant at
that point was discontinued.
A second 110,000kv circuit between Bessemer
and the Reserve steam plant at Gorgas was completed in July, and enabled
us to transmit all of the power generated by the reserve steam units at that
place in addition to the load generated at Sheffield.
Transmission lines from
Roanoke to LaFayette and from Opelika to Tuskegee were .completed and
placed in commission in December.
The substations at Huntsville and Gorgas were completed, and additional
substations at Lock TAvelve, Yida, Selma, &c., were constructed.
Service
connections were made Avith 43 wholesale power customers as compared with
_
67,500 Huntsvulle
2,000
m
New Construction.—The
—
Amort, of bond disc., &c
1919 is due to the larger amount of
power sold [$1,305,841] and the higher rates applying to certain contracts
for power.
During the first half of the year the peak loads carried were the
largest in its history and necessitated practically continuous operation of
reserve steam plants.
In the last quarter of the year there was a decrease
in activity in common Avith the rest of the country, and this depression has
faro
railAvay48.lt % 44.63% 34.50%
U.S.Govt.. 1.73%,
5.03%
6.40%
Miscell
1.96%
1.89%
170%
II.P.
do
Gadsden steam plant
13 is
Results.—The operations for the year resulted in a net surplus after oper¬
ating expenses, taxes, interest on bonds and charges for depreciation, &c.,
of $244,444, in comparison with the surplus of $16,795 in 1919, an increase
1918.
&
90,000
|
Lock 12, hydro-elec_
Jackson Shoals
Traction Co. bonds
The report to
SERVED.
1919.
Public util's
Total
Co., Ltd., Montreal.
{Eighth Annual Report—Year ended, Dec. 31 1920).
INDUSTRIES
Industry— 1920.
DEVELOPED POWER OWNED BY THE ALABAMA POWER CO.
Gross income..
Alabama Traction Light & Power
TO
4.30%
1920.
Industry—
Total
49,061,215 45,290,871
.....
Includes in 1919 investments in United Gas &
70,794
388",624
Eiectric Corp, (at cost)
15,000 shares 2d Pref. stock and 5,000 shares Common stock
cAuth., $100,000,000'
issued, $16,346,400; pledged as collateral to
5-year 6% gold notes due 1922, $4,378,000, and in treasury of Ala Power
Co., $1,780,000; bal. as above, $10,188,000.
Stocks of sub. and affil. cost
aggregating $1,352,100 are pledged as additional collat to foregoing issue,
d Secured by deposit of $4,028,000 1st Mtge. 5% gold bonds,
x Includes investment in Anniston Steel Co., $1,771,775;
miscellaneous
stocks-And bonds, $51,700
Note.—Preferred cumulative dividends in arrears
aggregared on Dec. 13
1920, $360,000.—V. Ill, p. 388.
GENERAL
INVESTMENT NEWS.
steam
future except
Securities.—During the year, the following securities Avere
$1,000,000
482,000
188,000
374,300
sold:
Alabama PoAver Company 6% Gold notes (V. 110, p. 1850).
5% 50-yr 1st M. Gold bonds Alabama Tr., Lt. & Pow. Co., Ltd.
5% 30-yr. 1st M. bonds Alabama Power Co.
7% Pref. stk. Alabama PAvr.Co. (V. 112,p. 1743: V. Ill,p.296).
RAILROADS,
INCLUDING
General Railroad
ELECTRIC
and Electric
ROADS.
Railway News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
#
CHRONICLE
THE
1154
Government May Sell S380.000.000
Par to Raise Money
w
6% Car Trust Certificates if
Possible at
8, p. 1 ■
traffic from Atlantic Coast to Texas
for Relief of the Railroads.—"Times" Sept.
Rates.—(a) Lower rate for water-rail
points authorized by I.-S. C. Commission to enable Morgan SS. Line to
meet Maliory line rates. "Times" Sept. 8. p. 24.
.
Status and Outlook of Canadian Roads—Long Statement to Prime Minister
by Sir Joseph Flavelle.—See Montreal "Gazette" Aug.
Project for $20,000,000 Omnibus Enterprise in N. Y.
25.
Cily.—Pioposa'_to
2.000 vehicles on 100 routes and charge 5-cent fare.
See City
Transit Co. under "Industrials" below and "Times" Sept. 8. p- 1Cars Loaded.—The total number of cars loaded with revenue freight
during the week ended Aug. 27 was 829,709 cars.
This is the largest
week's loading since Dec. 11 1920, and it is also an increase of 13.273 cars
over the week of Aug. 20, but as compared with
1920 it shows a loss of
operate
171 599
r
cars.
follows
The principal increases as compared with the week befoie were as
Merchandise and misc. freight, total cars loaded, 499,421 .increase
nearly
8,000 (but 35,000 less than last year); grain and grain products. 59,505, a
decrease of 370 (but 13,000 cars more than 1920); Jive stock, 28,070 cars,
a decrease of 1.040; coal, 161,612, increase 7,472 (but 50,000 cars less than
Jn
of
week
1920);
forest products,
46,460,
increase 1,877; ore, 30,035,
decrease 2.355; coke, 4,606 cars, increase 170.
Senator Walsh Sees Crisis for New England RRs.—
N
^Canadian*Freight
Exchange Rate.—From Sept. 1 to
f
Times
.
Sept. 6, p. 24,
15 rate of exchange on
freight shipments between Canada and IT. 8. 10%%'. surcharge on inter¬
national freight shipments 7% and on international passenger business will
be based on 11% exchange.
"Fin. Amer" Sept. 3.
Consolidation (Tentative) Plan.—Plan for merger of leading railroad linesof United States into possibly 19 systems, suggested by Prof. W. Z. Ripley
to I.-S. C. Commission, according to data reported unofficially m daily
"Railway A ge," Sept. 3, p. 45o.
prepared by the Railway Car
Manufacturers' Assn. from the report of 26 car-building companies follows:
("Railway Age" Sept. 3. p. 468; July 30, p.224), showing the deliveries
both domestic and foreign, and the unfilled orders on hand at end of month
papers.
Official plan expected shortly. •
Car Orders, <%c.—The July summary
as
(compared with June 1921):
July Deliv.
JuneDeliv.
July 31
Orders
June 30 Orders
For.
433
Dom. For.
2,245 413
Dom.
For.
2,088
46
Dom.
12,149
Dom.
3,892
(1) New cars—
Freight
4
159
90
Passenger
6,145
218
For.
3,711
(2) Car repairs—2,281
...
2,939 ...
16,756
....
13,752
Matters Covered in "Chronicle" of Sept. 3.—(a) Valuations for 106 railroads,
P"
(b)°New^grain
rates, objections of official of Union Pacific BR., C. B. &
Q. Ry., Chic. R. I. & P&c. Ry., &c., p. 1012,1013,1014.
(c) Other railroad
rate reductions, p. 1014.
1015.
(d) Extraordinary variations in freight
business, p. 1014.
(e) Coal traffic, car loadings, &c., p. 1056, 1051.
(f) Strike ballots mailed, p. 1007.
(g) Am. Fed. of Labor withholds
action on railroad wage cut, p. 1008.
(n) Criticism of U. S. RR. Labor
Board (Elisha Lee, of Penn. RR.), p. 1008.
(i) Abolishment of Labor
Board urged by John M. Glenn, p. 1012.
(j) Views of Representatives (not
.Senators) Johnson and Rayburn on Railroad Funding Bill, p. 1012.
Baltimore & Ohio RR.—To Use the Pennsylvania Station.
announced Sept. 5 that It had completed contracts with the
The company
Pennsylvania RR. for the permanent use of the Pennsylvania Station,
N. Y. City, as the Eastern terminus for its passenger trains, i
The announce-
control the B. & O. bad developed terminals in New
York in conjunction with the Central Railroad of New Jersey.
During
the period of Government operation, in line with the policy adopted to co¬
ordinate the movement of passenger trains and to utilize jointly terminals
wherever practicable in the public interest, the B. & O. trains were trans¬
ferred to the Pennsylvania Station.
Negotiations with the Pennsylvania
assure the continuance of this direct service into the heart of New Yonc City
for passengers traveling over its lines."—V. 113, p. 1052, 847.
"Prior to Federal
Belfast & Moosehead Lake
The I.-S. C.
RR.—Lease to Maine Central.
Commission has authorized the Maine Central RR. to acquire
mutual agreement for lease of the rail¬
road of the Belfast to the Maine.
The road was leased to the B. & M. for
50 years from May 10 1871.
This lease expired May 10 1921. The com¬
panies propose in effect to extend and continue in force the terms and con¬
ditions of said lease from May 10 1921 for an indefinite period in place of a
fixed term of 50 years, but terminable on six months' notice.
control of the Belfast pursuant to a
Bennettsville & Cheraw RR.—Abandonment Authorized.
authorized the company to abandon opera¬
located in the counties of Marlboro, Dillon
and Marion, So. Caro.
The line in question traverses a territory sparsely
settled, only slightly cultivated and apparently incapable of industrial
development.—V. 112, p. 469.
The I.-S. C. Commission has
tion of 10.44 miles of its line,
Boston & Maine
RR.—Meeting Motor Truck Competition.
radical reductions—■
than 50%—in its miscellaneous express
—The Boston & Maine has announced
in
some
cases
more
applying to various local points within a radius of 50
miles from Boston.
Some of the changes will go into effect
rates
to-day, Sept. 10; others are already in effect.
Age" of Sept. 3 says in substance:
railroad freight traffic which
The "Railway
Ever since the congestion in
was caused by
conditions, freight between Boston and the cities within 50 miles has
been carried largely by automobile trucks.
Avar
The steps
which are being taken
by the Boston & Maine to meet this
competition are noteworthy as being among the few examples
railroad has made a determined effort to hold its traffic against
motor truck
wherein
a
the rivalry of the
novel or original.
truck.
The action ta*cen by the road is not particularly
It is in the form of a reduction of some 33 1-3 to 50%
termed the rates on "express matter, miscellaneous shipments of,
contents unknown or not stated,
applying to cities and towns within a
distance of 50 miles from Boston.
in what
are
These express rates are used by industrial concerns and the local express
companies, the manner in which they are used by the latter being somewhat
as follows:
The local express companies.pick up the traffic, let us say, in
Boston; the freight is loaded into a railroad car and after its rail movement
it is distributed by the express company in the local community.
The
tariff contains a note saying that the rates "will apply only when an indi¬
vidual car is assigned exclusively to this service."
,
The new tariff was filed Aug. 6 and is effective Sept. 10, except in the case
of some of the rates which have already gone into effect.
To Ames bury,
43 miles, where the rate has been 36H cents per lb., the new rate is 13 cents;
but the minimum charge per car has been advanced from $15 to $20.
To
Concord, N. H., 73 miles, the rate is 30 cents, minimum $45 a car.
Concord
does not appear in the previous tariff.
Manchester, 56 miles, and Nashua
40 miles, are two other New Hampshire towns now appearing in this tariff
for the first, time.
To Springfield, Mass., about 100 miles, the rate, 3414
cents per 100 lbs., is not changed.
To La-wrence the decrease is from 18
cents to 9 cents; to Lowell. 26 miles, from 20^ cents to 9 cents.
To Lynn
10 miles, 7H cents, there is no change.
To Peabody, 18 miles, the reduc¬
tion is from 10 cents to 6 cents; carload minimum advanced from $15 to $20
It is understood that a further reduction will be made in the rate to Lynn
to 5 cents per
100 lbs
,
and that this rate will apply each day,
even if a full
carload is not shipped.
I
The scheme of moving traffic under these miscellaneous express rates is
of long standing, but in recent years the motor truck has cut sharply into
the business, so that it is estimated that to some of the cities in the local
50% and even 80 or 90% has been handled on the highways the pro¬
portion depending in a large measure upon the distance.
[It is said that
zone
probably 80 or 90% of the business between Boston and Lynn has of late
been carried in that way.
To Salem, 16 miles, the percentage is believed
to be about the same ]
There seems to be an idea that the Boston & Maine has cut its local less
than carload rates; in view of the manner in which the reduced rates
applied this construction of the road's action is hardly correct.
Loans
Sept. 3
advanced
are
to be
from the Government.—The Boston "News Bureau"
says
in substance:
With the loan of $3,049,000
this road a
total of
undertaken AVith Government
In the reorganization the Director-General of RRs. advanced near!
$20,000,000 to take care of floating debt.
About the same time $8,000,OH
was advanced for additions and betterments during Federal control.
Subsequent loans have been made out of the revolving fund and collatera
for the loans is held by the Secretary of the Treasury.
Last year B. & M obtained a loan for $5,000,000 to aid in meeting maturing obligations .
(V
110, p. 2291.)
Another loan amounting to $5,443,979 was secured to provide for addi¬
tions and betterments and another of $1,212,500 to aid in purchase of new
equipment (V. Ill, p. 2227).
The loan for $3,049,000 just granted is toenable B. & M. to meet maturing obligations of that amount coming due
between now and Jan. 1 1922 (V. 113, p. 1052).
In all cases B. & M. has deposited General Mortgage 6% bonds as coL
lateral security.
In addition the Government holds $7,000,000 Equipmen
notes for equipment allocated during Federal control, but as this is a loan
of a little different character it is not included in the total of $42,500,000.
_
Including this total Government advances would amount to $49,584,479.
The following shows the Government loans secured by mortgage bonds:
Amount.
Maturity Date.
Purpose of Loan—
1929
For funding floating debt at time of reorg..... ..Jan.
$17,606,000
..Jan.
1929
For funding floating debt at time of reorg.
2,273,000
1929
For add'ns and betterm'ts during Fed. control. ..Jan.
8,000,000
..June
1922
To aid in meeting maturities.
5,000,000
1930
For additions and betterments—.....
5,443,979
Nov.
_ —
To aid in purchase of new equipment.
__-.-Jan.
To meet maturing obligations.
Equipment notes held by Government
—v. 113,
p. 1052, 847.' 'f;■
British Columbia Elec.
The City Council of
(V. 113, p. 1052) the Government will have
over $42,500,000 since reorganization was
aid.
1929
1,212,500
3,049,0007,000,000
...
Ry.—Service-at-Cost Rejected.—
Vancouver, B.C., rejected, on Aug. 22, the proposed
and gas services
service-at-cost franchise covering the railway, light, power
of the company.
The company is now at liberty to reinstate its application
to the Government of Canada for a Dominion charter, bringing it under the
jurisdiction of the Board of Railway Commissioners, action which public
bodies generally have approved.
The fares under the present franchise are 5 cents, but the company is
allowed by special permission of the city to charge 6 cents until July 1 1922.
—V. 112, p. 1616.
Broadway & Seventh Avenue RR.—Deposits
52
291
[Vol. 113.
At
a
meeting
on
Sept. 7 of the bondholders' protective
—
committee of First
Consolidated Mortgage 5% gold bonds, of which Harold B. Thorne, VicePresident of Metropolitan Trust Co., is Chairman, it was decided that
bonds
would
be received
for deposit
by the Metropolitan Trust Co.
cf business Oct. 15 1921.
of
New York without penalty to the close
by the committee says: "The committee reports an
adjournment of the taking cf testimony on the foreclosure of the alleged
first mortgage to a date to be agreed upon, and in the meantime counsel',
are preparing the defense of said suit.
"A number of the holders of the largest blocks of these bonds have de¬
An
announcement
posited their boDds under the protective agreement, and, while the com¬
now represents a large proportion of the $8,150,000 of bends out¬
standing, it feels tbat the interests of the bondholders are so jeopardized
by such pending foreclosure that ail holders should forthwith co-operate
Avith the committee by the deposit of their bonds."
;
The members of the committee are: Harold B.
Thorne. Chairman;
mittee
C. W. Bensen, Joseph P. Bradshaw, Frank Coenen, Robert Keliy Prentice,
Roger H. Williams, with Loucks, Griffin. Connet & Cullen, Paterson,.
Eagle, Greenough & Day, 120 Broadway, New York, counsel.
James F.
McNamara, Secretry, 60 Wall St., N. Y.—V. 113, p. 847, 70.
Cambria & Indiana RR.—Promissory
The
I.-S.
C.
Commission has authorized
Note.—
the company
(1)
to issue a
7% promissory note for $500,000; said note to be sold at not less
than
99 and int. and the proceeds applied together with U. S. loan of"
$250,000 and other funds towards the payment of $800,000 of 2-year gold
notes due Aug. 1 and (2) to pledge as collateral security therefor $750,000of series "A" 6% Gen. Mtge. bonds.
The company has arranged with the Franklin Securities Corp. of Phila¬
delphia for the latter to purchase the note at a net price of 99.—V. 113,
p. 959, 729.
one-year
v
Carolina RR.—New Officers.—
G. R. Loyall has been elected President; C. I. Millard, Vice-President
Secretary; M. Manly, Treasurer.—V. 112, p. 1023.
and*
Chicago Rock Island & Pacific RR,-r-July Earnings.—
Outlook.—Hay den, Stone & Co., in their weekly market letter
Sept. 2, say in substance:
The splendid earnings for July are in keeping with the definite turn for
the better in the general railroad situation which has been in evidence for several months.
As long ago as March the evidence appeared un¬
mistakable that Rock Island's earnings had turned the corner.
Subsequent
income so that the system in the
within $397,167 of earning all rentals, interest
months have produced satisfactory net
half year to June 30 came
and miscellaneous charges.
It remained for July, however, to produce not only the largest net income
for rentals and charges of any month this year, but what is even more
striking, the largest July net of any year in the past five.
July showed
a balance for rentals,
interest and other deductions of $2,438,668 and a
surplus after interest of $1,098,641.
Not only was this surplus equal to
30% of a year's Preferred dividend requirements, but it cured the small
deficit after interest in the first six months Of $397,167 and left the system
for the 7 months $701,474 ahead of interest charges.
In the same period,
of 1920, deficit after interest was $7,491,104, so that there has been,a
comparative Improvement amounting to the surprising total of $8,192,578Figures so far available show that the volume of freight traffic in August
was nearly 8% greater than in August last year and approximately 6H %
greater than in July.
August net should respond decisively to such a
stimulus.
In fact, one of the notable features of Rock Island's operationsso far during 1921 has been the remarkable manner in which gross business
has held its own as compared Avith the previous year.
Rock Island is, of course, largely a granger road.
The crops in its terri¬
tory this year are large and have moved to market in far greater volume than in 1920.
Not only that, but the system is getting for the first time
substantial oil traffic, a most valuable and welcome diversification.
This
a
sufficient to offset the decrease which is believed to be temporary
coal, manufactured goods and building materials.
[For the entire year 1921 the firm estimates that the road will earn itspref. dividends and a substantial amount on the $74,000,000 Com. stock.]
The Rock Island's earning improvement is due not only to its ability to
hold its volume of gross income, but to an economical basis of operation,
including a natural reduction from the heavy expenditures for maintenance
of way and equipment required in 1920 by the necessity of making up the
undermaintenance existing at the termination of Federal control.
At the
same time the Rock Island is continuing to spend very close to 35% of gross
on maintenance, a figure well up to the average of the country as a whole.
Despite the fact that at one time 60% of its cars were off its own lines, the
condition of rolling stock is to-day so satisfactory that it had in August
less than 7M % of heavy bad-order cars.
Its locomotive condition is even
more satisfactory.
The latest figures showing that at the end of July
only 8 4% of its nearly 1,650 locomotives were awaiting repairs.
In fact,
Rock Island locomotive condition is better than normal and its freight car
oil freight is
in
repair situation is very close to normal.
Rock Island's July figures show that cost of conducting transportation is
below 39%, against 51% in 1920.
This 39% is down to a pre-war level.
The total operating ratio of 77% in July went below 80% for the first
time this year and is also nearly normal.
Rock Island presents all the
characteristics of a well operated, properly functioning transportation ma¬
chine which has struggled back from abnormality to normal conditions of
traffic and earning power.
[Charles Hayden, of Hayden, Stone & Co., is chairman of the board of
the Rock Island ]
See V. 113, p. 1052.
>
Chicago Surface Lines.—Earnings,
Number of passengers carried
&c.-—
during the first seven months of this year*
435,406,774.
Operating profits were $6,266,951, after deducting 5%
nterest allowed by contract ordinances on investment, and also the city's55% of net earnings, amounting to $1,970,996.
Local attorneys and engineers will appear before the Illinois Commerce
Commission Sept. 14 to ask a reduction of fares on Chicago's surface linesfrom 8c. to 5c.—Y. 113, p. 291, 70.
was
Sept. 10
THE
1921.]
issued to all other lines of the city and
to West Danbury,
H.
Transfers will be
J. C.
Tippen has been appointed Secretary and Treasurer,'succeeding
Simpson.—V. 109, p. 2439.
H.
transfers from trolley lines will be
accepted on the bus.—Y. Ill, p. 1751.
Tramways Co.—Bonds Paid.—
$60,000 5% bonds of the Denver Tramway Terminals Co.,
Sept. 1 1921, were paid off at maturity at office of Bankers Trust
N. Y. This leaves about $970,000 of this issue outstanding.—V. 113, p.
The
Des Moines City
due
Co.,
847.
Ry.—Service During State Fair.—
Under instructions from Federal Judge Wade
service on the company's
Sept. 2.
This was to take care of
period of the Iowa State Fair.
Although the employees
offered to pay any operating deficit out of their wages if street car service
was continued for a further period of 30 days, so as to give time for some
solution of the street car problem, Judge Wade took no action.
Frank C. Chambers, receiver, on Aug. 31 submitted a proposed new
franchise to the Des Moines City Council, the principal points of which are
(l)Sliding scale of fare to start at 8 cents, to be lowered or raised as condi¬
tions warrant.
(2) Before fare is reduced these expenses must be met: $600,000 accrued interest and past debts, which will be amortized over 5 years.
<3) Disputed points that may come up from time to time to be settled by an
arbitration board.
(4) One man cars allowed.
Street car company to be
allowed to operate a supplementary bus system.
(5) No competing buses
allowed to discbarge passengers within 1,000 feet of car tracks unless these
passengers boarded the buses at a point 1,000 feet from any trolley line.
(6) Fare on owl cars to be 10 cents.
(7) School children, including high
school pupils, to be carried for 2lA cents.
(8) No dividends will be paid on the Common stock, which up to the
present has never paid a dividend, until the fare has been lowered to 7 cents.
Before the fare goes down to 5 cents a dividend will be paid.
If the fare
goes down to 5 cents a4^% dividend will accompany the reduction, and a
6% dividend will be declared when the fare is reduced below 5 cents.
Pro¬
vision is made as earnings warrant to sell 10 tickets for 75 cents, 65 cents
and 55 cents in between successive fare reductions to 7, 6 and 5 cents.
—V. 113, p. 959, 847.
lines
was
resumed Aug. 26 but ceased on
crowds during the
Detroit United Ry.—Dividend
In the report on the application,
Commission, it was declared that
which was supported by the statement that the company
was financially able to pay the dividend was inconsistent with their showing
a short time ago when representatives of the company came before the
Commission asking to be alloAved to issue bonds in the sum of $5,000,000.
Permission to issue the stock dividend, it is intimated, will be held over
Sept. 1 to holders of record Aug. 16.
written by William W. Potter, of the
the application
until
an
IXStV©
appraisal of the company's properties and an
audit of its books
YTiafj p
of ousting the company from operating on Woodward
Ave. and Fort St. will be placed before the people at the Oct. primaries,
according to E. Distin, Supervisor of the Election Commission, the required
8,000 names having been signed to the petition for that purpose.—V. 113,
p. 1052, 959.
The
question
Duluth
Street
Railway.—Fare Increase.—
The Minnesota RR. & Warehouse Commission Aug.
29 denied the petition
its fares to 7 cents, but pending final determina¬
increase to 6 cents, effective Sept. 1.
The Duluth fare
5 cents.—V. 112, p. 2536.
of the company to increase
tion, granted
was
an
Fort Smith
Light & Traction Co.—Refunding.—
has been elected Treasurer to succeed the late W. S.
182.
P. M. Boyce
Grand Trunk Railway.—Stock
Morris/
Board—Majority Decision Charges Dividends Paid
Earnings Applicable for It—William H.
Taft Dissents, but Fixes No Value for the Shares.—In the
opinion of the majority of the arbitration board appointed
to determine what the Dominion Government should pay
When There Were No
because
of
its
purchase
of
the system, the
Common and Preferred stock is worth nothing.
The decision, given by Sir Walter Cassels, Chairman
Sir Thomas White, representative of the Government,
of the Board, and
was made public
William H. Taft, the other member of the board, who
the company, dissents.
Sept. 7.
The
majority decision
"There is
no
says
represented
in substance:
value in any of the four classes
of stocks."
The decision
calls attention to the argument of counsel for the Government that "the ac¬
counts of the Grand Trunk system have been so manipulated as to render the
presented by the books unreliable and unsatisfactory," and "that
of his own, dividends were paid when to the knowledge of the
Chairman there were no earnings applicable to the payment of such divi¬
dends: and those moneys so paid were diverted from paying claims due to
the Government.
If these arguments have any weight, then the dealings
referred to would effectually destroy any value to be derived from stock
accounts as
for
reasons
market
quotations."
White announces the following as his conclusions:
The actual earning power of the Grand Trunk Ry. before, during
and since the war, and so far as can be estimated for the future, does not
justify the assumption that any profits would, from the date of the acquisi¬
tion by the Government of the Preference and Common shares, namely
May 1920, ever have been available for distribution to the holders thereof,
after providing for the contingent liability cf the company in respect of
Grand Trunk Pacific securities guaranteed by the company and dividends
upon the guaranteed stock.
"(2) Having regard to its own continuing heavy deficits, the necessity
for making provision for deferred and extraordinary maintenance and the
capital construction and its heavy liabilities in respect of securities of the
Grand Trunk Pacific bearing its guarantee, the Grand Trunk Railway,
but for the financial support of the Government since May 1920, must have
been forced into receivership.
"Upon these conclusions I find that the Preference and Common stock
of the Grand Trunk Railway of Canada has no value.
Any question as to
compassionate consideration of the shareholders must be for the Govern¬
ment and the Parliament of Canada to deal with, and not for this board."
Mr. Taft in his minority decision fixed no value for the stock but said the
shareholders were entitled to some consideration.
He said the great mistake
of the shareholders was the association of the old company with the con¬
struction of the Grand Trunk Pacific.
He said:
"Had the policy dictated
from London been as wise and efficient as the management in Canada, the
fate of the Grand Trunk would have been different."
It is expected that the Grand Trunk will exercise its right of appeal to
the Supreme Court of the Privy Council against the award.
(The letter of Sir. Joseph Flavelle to Prime Minister Meighen, dated
Aug. 12. in which he makes some important observations on the subject
of the Canadian National Rys. as to their proper organization and man¬
agement is given in full in the Montreal "Gazette" Aug. 25.]—V. 113,
p.
1052, 960.
Sir Thomas
"(1)
Great Northern
Railway Co .—Business.—
President Ralph Budd on Sept. 9,
movement
it is reported said in substance:
of wheat on the Great Northern Lines is now
"The
at its peak and
ahead of the normal movement.
Other classes of traffic show
some improvement, with the exception of ore, which is still well below
normal.
The wheat croo is neither larger nor small, but just about aver¬
is 40 days
age."
The directors will meet on Sept. 13 for dividend action.
It is
rather venerafly expected in the Street that the regular quarterly distribution
of
1H O- will be ordered.—Y. 113, p. 960.
The company proposes to increase the authorized Capital stock from
$300,000 to $1,000,000.
<
The right of way, land and townsite holdings (including franchises;
calling for $664,100 has been approved.
This amount, it is said, had been
raised in the last 16 months.
Jeff N. Miller of Houston, has been elected Preisdent succeeding Ed.
Kennedy.
Frank B. McCurdy and Bishop Aves, both cf Houston, and
W. C. McKay of La Porte, have been elected directors.
RR.—Bonds Offered.—Parker & Co.,
offering a block of $1,000,000 Refunding
Central
Illinois
New
York,
are
Mortgage 4% bonds of 1908.
The bonds are
Taxes
as
Due Nov. 1 1955.
offered at market price and int. to yield about 5.40%.
Related to Railroad Rates.—Pres. C. H.
Markham
advertisement in Chicago "Tribune" Sept.l says in part:
Notwithstanding that for the past 12 months the railroads as a whole
have earned almost no net return on the capital invested in them, many
persons insist that freight and passenger rates be reduced regardless of the
costs of producing that transportation service which the public must have.
Take the single item of direct taxes for a 10-year period.
The Class I
railroads, which include all railroads having gross operating incomes of
$1,000,000 or more annually, paid $98,626,848 in taxes in 1911.
In 1920
the same railroads paid $278,868,668 in taxes, an increase of $180,241,820.
or 183%.
The Illinois Central system paid $3,278,108 in taxes in 1911,
while in 1920 it paid $9,575,681, an increase of $6,297,573, or 192%.
But these are not the only taxes affecting transportation charges.
When
the shipper pays his freight bill, he should remember that 3% of what the
railroad's bill otherwise would be is added and collected by the railroad as
in
an
transportation tax.
Likewise, when the passenger pays for his ticket,
that 8% of what he otherwise would pay the railroad
added and collected for the Government as a transportation tax.
he should remember
is
The transportation tax collected by the railroads for the Government
on freight bills in 1920 totaled $129,710,330 and on passenger fares $103,099,633, a grand total of $232,809,963.
This vast sum is not included in
any of the railway accounts.
It was collected by the railroads acting as
agents for the Government and remitted directly to the Government.
As the agent of the Government the Illinois Central System collected
from its patrons in 1920 the sum of $3,084,072 as transportation tax on
freight, and $2,254,257 as transportation tax on passenger fares, a total of
$5,338,329.
This is not included in the above mentioned item of $9,575,681 direct taxes paid, but was collected and remitted directly to the Govt.
question of abolishing the transportation tax is having consideration
The abolition of this tax would reduce railway rates
The
at
Washington.
injury to the railroads.
that, effective July 1, railway wages were
without
It is
true
reduced 12%, but
tbey are still 108% higher than they were in 1914—the year of the beginning
of the great war which upset everything.
Road locomotives cost 123%
more, switch engines cost 144% more, gondola cars cost 117% more, re¬
frigerator cars cost 107% more, box cars cost 122% more, steel passenger
coaches cost 100% more and locomotive fuel costs 138% more at present
than in 1914.
The Illinois Central System sold bonds in 1914 on a basis
yielding less than 5% to the purchasers.
It recently sold $8,000,000 of
bonds running for 15 years, and the best terms it was able to secure yielded
a return of more than 7% to the purchasers.
*"
The management of the Illinois Central System is the trustee of an in¬
vestment in roadway and equipment of more than a half billion dollars,
and we feel, therefore, that we must present our case before the court of
public opinion.—V. 113, p. 628, 532.
Interborough Rapid Transit Co.—Firm
of J. P. Mor¬
& Co. Opposed to Receivership in Behalf of Bond and Note
Holders—Over 88% of Notes Deposited for Extension Sept. 8~
Has
Firm
Held Worthless by Arbi¬
tration
stockholders
•
gan
Georgia Railroad.—New Treasurer.—
113, p.
|p. 623.
Shore & Texas City Trac. Co.—Capital.—
.
5% bonds, due Sept. 1, were paid off at maturity
& Savings Bank, Chicago, 111.
In connection with this payment the company will issue $1,100,000 8%
2d Mtge. bonds, dated Sept. 1 1921 and due Sept. 1 1931.
The Standard
Gas Electric Co. will purchase the entire $1,100,000 new bonds as it now
owns the $800,000 issue maturing.—V. 113, p. 730.
The $800,000 2d Mtge.
at office of Continental & Commercial Trust
—V.
& Northern RR.—
Mississippi Central RR. below.—V. 113,
Houston Bay
a
Held Up, &c.—
The Michigan P. U. Commission has denied the company's application
for permission to issue a stock dividend of 214%
($384,375), payable
Mobile
Gulf
.
See
Denver
Ship Island RR .—New Officer.—
Gulf &
Danbury (Conn.) & Bethel St. Ey.—Motor Buses.—
The company, it is stated, plans a motor bus service
and the schedule will be similar to that of the trolley.
1155
CHRONICLE
No
Interest in
Surface Lines—Company's Credit
Last Three Years by Loose Talk About Result of a
Receivership—If Company Defaults City Cannot Terminate
Lease—Firm Believes Bonds and Notes Will Ultimately Be Paid.
Hurt for
—Dwight W. Morrow, a member of the firm of J. P. Morgan
& Co., who, before his entrance into the Morgan firm, was
an active practitioner at the New York Bar, appeared before
Judge Mayer in the U. S. Circuit Court Sept. 9 in opposition
to the application for appointment of a receiver for the
company.
Mr. Morrow spoke as follows:
As a member of the committee formed for the protection of the interests
5% bonds and the 3-year notes of the Interborough
Rapid Transit Co., I am glad of the opportunity to appear before this Court.
The Interborough Rapid Transit Co. has outstanding approximately
$162,000,000 in principal amount of 5% bonds which do not rail due until
1966.
These bonds are held by approximately 18,000 different persons,
making the average holding about $9,000.
There are also outstanding
of the holders of the
approximately $38,000,000 of the secured 7% notes held by about 7,500
persons, making the average holding of the notes about $5,000.
The com¬
pany has punctually paid the interest due on all these bonds and all these
notes, including the interest which fell due on Sept. 1 last.
The company was unable, however, to arrange for the payment of the
principal or the notes on Sept. 1.
It stated its position fully and frankly
to the holders of the notes, and with the approval of the new Transit Com¬
mission it asked the noteholders to extend the principal for one year.
At the close of business last night [Sept. 8] $33,444,100 in principal
amount of the notes had actually been deposited for extension.
That
means that
approximately 88% in principal amount of the notes had
assented.
These deposited notes came from more than 4,000 noteholders
scattered all over the world.
Deposits in large number are still being
received.
More than $400,000 in principal amount of notes were received
yesterday.
This remarkable result has not been accomplished
without a great deal
opinion, however, that despite the hard work that
noteholders would not have been secured
had tbere not been a universal feeling on the part of noteholders that the
Transit Commission was correct when it expressed the view in the formal
approval which it gave to the company's application for an extension that
tne interests of all concerned will best be served by a reasonable extension
of work.
I venture the
has been done the assent of the
0f ^)i
I
^50
am
not6s * *
here in the interest of no
class of security holders
except the owners
5% bor\ds and the 7% notes of the Interborough Rapid Transit
The firm of J. P. Morgan Is the holder of a substantial amount of both
of the
Co.
the
Interborough Rapid Transit Co. The
notes under the extension agreement.
that the firm of J. P. Morgan & Co. has no
5% bonds and the 7% notes of the
firm
has
deposited its
own
I think I should also say
interest in either the bonds or the stock of the Interborough Consolidated
Co.
It has no interest in any of the surface lines, nor has it ever had.
The
sole connection of the firm of J. P. Morgan & Co. with the transit situation
in New York has been as the head of the group of bankers who secured for
the Interborough Rapid Transit Co. approximately $200,000,000
investors of the United States and Europe In connection with the
tion of the extended subways.
from the
construc¬
■
There seems to be a belief on the part of some that bondholders favor
receiverships and foreclosures, if the property upon which they foreclose
their lien ultimately becomes worth more than the amount of the lien.
I
do not think there is much warrant for such a belief.
Investors do not lend
money upon mortgage to corporations or to individuals in the hope of fore¬
closing the mortgage security and ultimately getting more than their
principal.
Investorsiare primarily interested in the safety of principal and
in the non-interruptibn of income.
Of course the credit of the Interborough Rapid Transit Co. has been very
much hurt in the last three years by the loose talk about the result of a
receivership.
Tt has been assumed by many that if the Interborough Rapid
Transit Co. defaulted in its bonds or notes the city could terminate the
lease and take the property, completely ignoring the $200,000,000 invest¬
ment that has been made in it by private capital.
There is, of course, no
1156
THE
warrant for such a
CHRONICLE
belief.
The city is the owner of the subways.
It has
I eased those
subways for a long term of years to the Interborough Rapid
Transit Co.
The Interborough
Rapid Transit Co. has spent its money in
making improvements and in equipping the leased property, and with the
full assent of the
city has mortgaged its leasehold interest to secure the
people who furnished it the money to make those
improvements.
Should
default by the Interborough Rapid Transit Co. be followed by
foreclosure, the holders of the secured bonds and notes of the Interborough
a
a
Rapid Transit Co. would be compelled to buy in the leasehold and to
operate the lease in order to
protect their interest.
The firm of J. P.
Morgan & Co. has always been of the opinion that, receivership or no
receivership, the holders of the 5% bonds and of the 7% notes will ulti
mately be paid, principal and interest.
If that opinion be correct one
may ask how a receivership could hurt
the bondholders or noteholders.
The answer is that many small holders
of securities to whom the
interruption of income would be a severe hardship
might feel compelled to part with their bonds and notes at a great sacrifice
Such a result should be avoided if it
possibly can be avoided.
[In connection with the hearing, it developed that the allegation in peti
tion of Clarence H. Venner that the firm of J. P.
Morgan & Co. was paid
a large commission
for arranging the extension of the 7 % notes was without
foundation.
In fact, the firm of J. P. Morvan & Co., which has been
acting as depositary of said notes in connection with such extension, as
well as the various other
banking firms who have interested themselves in
getting extension of these notes, have been acting entirely without compen
tion and in the interest of the
general situation.]
99}^ and int., yielding over 6.55% to maturity, $10,000,000
10-Year 63^% Coll. Trust gold bonds.
(See adv. pages.)«
Dated Sept. 1 1921.
Due Sept. 1 1931.
Bonds are not callable.
De$1,000 (c*).
Int. payable M. & S. in New York.
Bankers Trust
Co., New York, trustee.
[The New York Stock Exchange has admitted to the list the above bonds
when issued".]
Security.—Specifically secured by pledge with trustee of $12,500,000
25-year 1st Ref. Mtge. 6% gold bonds, Series "A," which series is lim¬
ited to $15,000,000.
The 1st Ref. Mtge. bonds are secured
by direct mortgage lien on all the
company's railways, equipment and appurtenant property now owned,
subject to the company's present prior bonded debt, outstanding at the
rate of about $22,283
per mile.
Company.—Controlled by Canadian Pacific Ry. through ownership of
a
majority of each class of the outstanding stock.
The company's lines directly owned and mortgaged under the Ref.
Mtge.
comprise over 3,305 miles of railway, extending east and west from Minne¬
nom.
.
apolis and St. Paul, giving these cities outlets to the Pacific and Atlantic
coasts in connection with the Canadian Pacific
the $25,206,800 Common stock.
cash dividends each year since 1903.
Restrictions
with
"In view of the notes being scattered
throughout the
of several of the bondholders
being out of town on
world and in view
vacations, I adjourn this
proceeding to permit deposit of the outstanding notes and I shall not appoint
a receiver for this
company unless it is unavoidable."
Ex-Representative Jefferson M. Levy, as a taxpayer, addressed the Court
briefly asking for a dismissal of the suit on the grounds of public policy.
William D. Guthrie, counsel for the
Empire Trust Co., representing 97%
of the capital stock, favored an
adjournment and objected to the re¬
ceivership also.
Two suits have been instituted
of two of Mr. Vernier's
against the company, brought in the name
companies, the Continental Securities Co. and the
General Investment Co.
The aggregate amount sued for is but $25,000,
$20,000 in the Continental Securities case and $5,000 in the General In¬
vestment Co. case.
Both actions are
pending in the New York Supreme
Court.
See V. 113, p. 1053.
$184,000 5%
1st & Ref. Gold Mtge. bonds of 1913 at 75—V. 113,
730.
p.
Iowa Central
Kansas
Notice
was
City Mem.
given
&
a
Birm.
Mississippi Central "RR—Leases Road.—
This road has acquired under lease the Hattiesburg branch of the Gulf
Mobile &
Northern
RR., extending from Hattiesburg to Beaumont.
—V. 112, p. 470, 162.
Montreal Tramways
President
RR.—Coupons Paid.—
Liberty-White RR.—Abandonment.—
-
authorized the company to abandon
its
The
Liberty to South McComb, Miss.
part:
"Applicant's line, as operated for many years, was about 50 miles in
length.
It never earned operating expenses.
About two years ago under
a
receivership 25 miles .extending from Tylertown to Souh McComb,
abandoned and the property sold to
pay demands of certain creditors.
Interested parties purchased that
portion of the line from Liberty to South
McComb.
After $19,500 in cash had been
expended and a debt of $30,000
incurred, this property was again placed in
receivership.
Statements by the receiver show that
applicant is insolvent, that it has
neither funds nor income with which to
were
the
pay
Mississippi RR. Commission
operating
expenses,
&c.,that
has declared the line unsafe for
operation
and ordered all passenger trains
discontinued, and that $72,500 outstanding
bonds are due and no money is available with
which to pay either interest
or
principal.—V.
112,
p.
2748.
Maine Cent. RR.—Lease
of
See Belfast &
Roberts is quoted as saving that the dividend of the
danger whatsoever.
While passengers carried are said
to be falling off, strict
economy indicates a record gross showing this year,
as well as
satisfactory net return.
The company is now paying dividends at the rate of
10% per annum.
There are still 2 %% arrears to be paid.
The net regular quarterly dividend
will become due Nov. 1.—V. 113,
p. 1053, 960.
Market Street
a
notice
Sept. 3
says:
application for the appointment of a receiver of
Interborough Rapid Transit Co., which is the lessee of the properties of
Manhattan Ry., and the
necessity for unity of action, it has been deemed
wise to form a committee to
protect the interests of the stockholders,
A
deposit agreement is in process of preparation.
The Equitable Trust Co.,
New York will be the depositary.
It is not deemed necessary at the
present
to ask for the
deposit of stock, but if occasion should arise such a
deposit will be requested.
The committee already represents a
time
majority
of the shares of the
company.
Committee.—Alfred Skitt, Chairman ("Pres. Manhattan
Ry.), Alvin W.
Krech (President Equitable Trust
Co., N. Y.), Frederick Strauss (J. & W.
Seligman & Co.), Lewis L, Clarke (Pres. American
Exchange Nat. Bank),
Thomas H. West Jr. (Pres. Rhode Island
Hospital Trust Co.). with Murrav,
Prentice & Aldrich, counsel, and
Lyman Rhoades, Sec., 37 Wall St., N. Y.
President Alfred Skitt,
regarding a possible proposal that the new Transit
C omnnssion
might order cancellation of the lease of the elevated lines to the
Interborough, is quoted as saying that, the lines would not be handed back
without its consent.
was
made in 1903.
He says:
the
U.
S.
RR.
company
this
settlement
,of the year 1918 and 1919:
Class of Stock—P. C.
First Preferred... 5 %
Second
Year 1918.1
Further
Particulars
without its consent."
See also Interb.
Rapid Tr. Co. above and V. 113,p. 1053; V. 112,
p. 1741
Manistee
from
sumers
I
ower
Co., suspended operations Aug. 26.—V.
Middlesex
A
board
&
Boston
of
Street
on
Circular
as
subsidiary of Con¬
106, p. 2229.
cents
per
are
Ry.—Wages Reduced.—
A cents per hour; next 9 months, 47 cents
hour.
Line depaitments, track
to
per
hour; thereafter
departments, barnmen
receive 15% less than the 1920
award,
basis to the nearest one-half cent above
the actual
and
figured on an hourlv
fraction.—V. 112, p. 653.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Bonds
Sold.—Dillon, Read & Co., New York, have sold
at
as
Year
(after
ry. taxes), deficit....
Non-operating income
(incl. Fed. compen'n)
Year 1919.
of
J.
Pres.
$274,995
699,480
J.
Berner.
1919.
$236,618
follows:
Year
$169,920
& Feb.
Jan
1920
Total
26
$30,732
fonths.
$437,270
'•
4,282,015
4,558,917
712,935
9,553,867
$4,045,397
Gross income.
Int. & misc. inc. charges
$4,388,997
2,376,834
$682,203
296.955
$9,116,597
5,704,296
$2,012,163
$385,248
$3,412,301
$385,248
$2,887,411
3,030,507
Net income..
$1,014,890
Dirs. Preciously Paid—
lstPf.,5%;2dPf.,2H%
524,890
Avail,
for dividends.. $1,014,890
Dividends Now Declared On—
524,890
$1,487,273
Fi rst Preferred........ (5 %) 249,895
Second Preferred
(5%)549,990(2M)274,995
Common
1.774,360
(5)699,480
Balance, surplus.....
$215,001
$512,798
$385,248
$1,113,051
The payment of dividends
during the Federal control period was partially
nterrupted and such payments were made at irregular intervals because
an agreement had
not been reached with the Government regarding the
amount of "just compensation" to which the
company was entitled, and
because
of other matters in dispute growing out of the Federal control
The dividends paid out of the earnings of given
years and the dates paid
the present management assumed control of the
since
company's affairs
as
follows:
Class of Slock—
%
f First Preferred
1916\Second
5%
^
Preferred
...5%
First Preferred
1917
5%
Second Preferred
.....5%
19181 First Preferred...
5%
-.5%
/Second Preferred
[First Preferred
[Second Preferred
[Common
—
—
Jan.
1917:
1917)
2 a 9,
July 2
Jan.
2
(2h%
2'A 9,
July 1
Jan. 2
(2A%
1917)
1918:
549,995
1918)
249,895
Jan.
—.\2H%
May
—
proposes
to
S250.000
1917:
1918:
2A% July 22 1919)
Declared payable Sept. 30 1921
Declared payable Sept. 30 1921
......
1921) First Preferred
'Second Preferred
Amount.
2
2A ca
July 2
Jan.
2
(2 H%
(2H%
549,990
249,895
23 1920
549,990
249,895
1 1920
274,995
-\2A% Declared payable
....5%
Declared payable
.5% paid
July 12
5% paid
Aug.
6
5% paid
Jan. 15
5% paid
July
2
5% paid
Sept. 16
.
[First Preferred.
—
Paid.
.....5% paid
.
1919-Second Preferred
The managemen t
arbitration Sept. 7 announced a decision
reducing wages
hour, retroactive to July 1 last.
The rates for the blue uniformed
established for the year ending June 30
1922, are as follows: First
6 months, 42
others
Letter
the basis of the settlement made is
! Common
aid in the
9 cents an
men,
C
The accounting for the proceeds of the settlement w ill be had
during the
year 1921 in accordance with the rulings of the Inter-State Commerce
Commission
The company's income allocated to the Federal control
1920-i Second Preferred
Ry.—1Suspension.—
Because
Class of Stock— P
$249,895 i Second Preferred. 2 ^ %
549,9901 Common
5%
,
Preferred.5%
,
the local authorities failed to
give the company any
matter of increased fares or
otherwise this company, a
approved a settle¬
whereby the
Administration,
existing between
and the RR. Administration.
The making
has enabled the directors this day to
declare the following dividends, payable on
Sept. 30 1921
to stockholders of record
Sept. 19 1921, out of the earnings
the
of
are
profitable venture for the Interborough.
Ar~
operating income of the Manhattan lines, as leased. from 1903
TV.9.1'' shows a net profit to the Interborough of $18,704,000. The present
deficit occurs because the
Interborough includes in its Manhattan division
accounts the whole load of the
unprofitable operation and interest charges
of the extension lines in
the Bronx and Queens not owned
by the Manhattan
and not included in the
Manhattan lease.
'The traffic on
important points of the subway has reached the
point of
saturation, whereas the elevated, to which the
overflow traffic is now going,
has still a leeway.
Besides all this, of course, a contract is a
contract, and
the elevated lines cannot
be handed back to the Manhattan
Company
51
with
ment
company accepted a cash payment of $3,000,000 in settle¬
ment of all claims and accounts theretofore
For 14 years and until under
compulsion
irom the city the
Interborough extended the elevated systems into sparsely
settled districts in the Bronx and
Queens at an expense of many millions,
attan was an
exceedingly
.
Officers.—
New York Chicago & St. Louis RR.—Settlement with
U. S. Enables Payment of Dividends on Account
of Years 1918
and 1919.—President J. J. Bernet announces in circular
letter of Sept. 6 that the directors have
1918.
Manhattan Railway.—Stockholders' Protective Committee.
The lease
Great Northern RR.—New
Operating income
Francisco, trustee, and the Eouitable- Trust
Co. of New York,
co-trustee, will, until April 23, receive bids for the sale
to them of 5-year
6% Collat. Trust gold notes, to an amount sufficient to
exhaust $160,000 and at a
price not exceeding 102 and int.—V. 113, p.
1053.
In view of the pending
Co.—Wages Reduced.—
recently put into effect on this company's
1415.
1053.
Ry., San Francisco.—Tenders.—
—The committee named below in
was
Goodyear has been elected Treasurer and J. M. Gieger Secretary.
110, p.
period
113, p.
The Union Trust Co. of San
to his company
Muskogee (Okla.) Elec. Trac.
A 10% reduction in
wages
lines.—V. Ill, p. 1183.
Belfast & Moosehead Lake RR.
Moosehead Lake RR. above.—V.
Co.—Dividend Outlook.—
A.
no
New Orleans
on
Commission says in
E.
company is in
—V.
Colony Trust Co., Boston,
The I.-S. C. Commission has
hne of railroad extending from
the
C. W.
director.—V. 105, p. 1101.
Aug. 30 that the company on and after Sept. 3 would
coupons bearing serial numbers
24, 25, 26 and 27, matured Sept. 1 1918, 1919, 1920 and
1921, respectively,
pertaining to its 5% income bonds of 1894.
This is at the rate of 5% in
respect of coupon No. 26, matured Sept. 1
1920, and at the rate of 5% in
respect of coupon No. 27, matured Sept. 1 1921.—V.
106, p. 2229.
pay at the Old
The amount at any one time outstanding, together
outstanding prior debt of the company, shall never exceed three
outstanding capital stock.
all
The bonds are offered subject to approval by the I.-S. C. Commission.
—V. 113, p. 183, 71.
Ry.—New Director.—
W. B. Davids has been elected
on
the time of issue.
times
Inter-State Public Service Co.—Bonds Authorized.—
The Public Service Commission of
Indiana has authorized the company
to sell
Company has paid
Further Issues.—The 1st Ref. Mtge. closes all prior bond
issues at the amount now outstanding, $74,647,000.
It authorizes the
issue of bonds in series, with interest rate and maturity fixed for eacn series
at
Judge
The company in addi¬
$12,603,400 Pref. and
the
company.
Ry.
tion controls the Wisconsin Central
Ry. of 1,023 miles as a div. into Chicago.
Dividends.—Dividends of 7% p. a. are now being paid on the outstanding
Receivership Hearing Adjourned.—Federal Judge Julius M.
Mayer on Sept. 9 adjourned until Sept. 21 the hearing on
application for a receiver for the
Mayer in granting an adjournment said:
[VOL. 113.
Sept. 30 1921 274,995
Sept. 30 1921 699,480
1920
249,895
1920
549,990
1921
699,480
1921
1921
249,895
-
549,990
maintain the present first class physical
condition of the company's property.
The management, also, desires and intends,
so long as the present favor¬
earnings continue and financial conditions justify, to declare and
dividends on all of the classes of stock of t he company at regular inter¬
vals.—V. 113, p. 1053.
able
pav
Northern Pacific
Ry.—Nov. 1 1921 Dividend.—Status.—
It is stated that
only routine business was transacted at the meeting of
11 is understood that formal consider¬
ation was not given to the quarterly dividend regularly payable Nov. 1.
This question will probably be acted upon at the regular monthly meeting
of the board which is scheduled for Sept. 21.
the executive committeee on Sept. 7.
Sept. 10
THE
1921.]
"Our cash position
the. Northern Pacific loadings
increased to 74,250 cars, the
increase being due largely to grain shipments.
August loadings, however,
were
9.094 less than the figures for the same month a year ago.
The
loadings during the fourth week of August were particularly good on account
Chairman Howard Elliott, Sept. 7, said in substance:
is good with car loadings improving.
In July
totaled 55.970 cars, but in August this was
of heavy
grain shipments.
"Any dividends which the directors decide upon will be paid out of the
company's general earnings.
The management dees not segregate the
earnings according to the various quarters, but dividend and other require¬
ments are taken from the entire cash accumulations."—V. 113, p. 1054.
Ohio Electric
The office of B.
V.
J.
Ry.—Receiver's Office.—
Jones,
Receiver, has been removed to Lima, Ohio.
113, p. 1054, 850.
This road has bepn extended from Slick, Okla., southward, to Nuyaka,
Okla., a distance of 13 miles.
This makes about 24 miles of completed
track, viz., from Bristow to Nuyaka.
Under construction from Nuyaka
to Okmulgee, about 25 miles; total track, 50 miles.
Road connects with
St. Louis-San Francisco Ry. at Bristow.
Pennsylvania RR.—B. & 0. to Use Station.—
See Baltimore
1054 , 961.
& Ohio RR. above.—V. 113, p.
Ry.—Acquires Control of Flint Belt RR.—
Pere Marquette
authorized the company to acquire control
by purchase of its capital stock.
The Commission on
sell for cash at not less than par, 10,000 shares
of Common capital stock, par $100, the proceeds to be used solely in the
construction and equipment of its proposed 834 miles of road and as working
capital for the operation thereof.
Compare Y. 113, p. 850.
The I.-S. C. Commission has
of Flint Belt RR.
Aug. 4 authorized the Flint to
Pittsburgh
Cin.
Chic.
&
St. Louis Ry.—Bonds.—
Y. City, will until Sept. 29 receive
bonds to an amount sufficient
$1,118,273 and at a price not exceeding par and int.
Bonds of
"A" and "R" are purchased for the sinking fund flat, ex-Oct. 1
The Farmers' Loan & Trust Co., N.
bids for the sale to it of Consolidated Mtge.
to absorb
Series
coupon.—V. 113,
p.
731.
Pittsburgh (Pa.) Rys.—Interest Payments.—
been authorized to pay, with interest, the coupons
the following bonds: $41,500 Mount Oliver Incline Ry. 1st Mtge. 6s,
The receivers have
upon
$1,245 with int. from June 18 1919, and a like amount with interest from
Nov. 10 1919: $150,000 1st Mtge. 6s Pittsburgh Incline Plane Co., $4,500
with interest from June 26 1919, and $400,000 West Liberty Street Ry. 1st
$10,000 with interest from Sept. 22
interest from Jan. 5 1920.—V. 113, p. 850, 731.
5s.
Mtge.
A notification to the bondholders,
signed by the company, after referring
proceedings, says:
'
will, of necessity, occupy some weeks, and
until the award is made the company will not be entitled to payment for its
to the arbitration
Pueblo Union Depot
1919, and $10,000 with
& RR.—Bonds Extended.—
Regarding the 1st mtge. bonds, we are advised "that this issue originally
Sept. 1 1919, at which time there were outstanding $320,000.
A two year s extension was then effected to Sept. 1 1921 at which time
the outstanding issue was reduced to $272,000.
A further two year's
extension was effected on this last named amount at 634 %•
These bonds
are all held by one bank."—V. 109, p. 888.
matured
,
.
"The arbitration proceedings
It is, therefore, unable to provide the necessary funds for the
redemption of its bonds on Aug. 31.
The interest due on that date will be
paid as usual.
"The bonds only bear 434% interest, but, having regard to current
money rates and as a matter of fairness to the bondholders, the directors
have determined to pay interest at the rate of 6% for the further time which
must elapse before payment of the principal.
"The bonds are a first charge on the undertaking of the company until
taken over by the city and thereafter upon the moneys payable by the city
as compensation, and the directors, therefore, counsel the bondholders not
to sacrifice their bonds, as they are amply secured and will be paid at their
full face value,"—V. 113, p. 1054.
property.
Southwestern Ry.—Extension.—
Oklahoma
1157
CHRONICLE
City Rapid Transit Co.—Increase in Street Car
Suspended Pending Judicial Findings.—
Twin
Fare
Judge E. A. Montgomery in District Court at Minneapolis Sept. 3
suspended operation of the order of the Minnesota Railroad & Warehouse
Commission raising fares in Minneapolis from 6 cents to 7 cents cash or four
tickets for 25 cents until final determination of the case is reached on appeal.
Judge Montgomery fixed Sept. 12 as the date for taking up the city's
appeal from the emergency rate order.
Judge Montgomery said: "In the first place, I will hold that the law in
question is constitutional.
As to the question of the rate, I do not believe
that the evidence before the Commission was sufficient to justify their
finding that the company was not getting a fair and reasonable return on its
investment.
I very much doubt whether, under the evidence presented to
the Commission, any emergency was proved to justify the Commission in
fixing a temporary rate at this time.
I am very clear, however, after
reading the order of the Commission and all the evidence in the return and
all matters presented to me upon this hearing, that there is no emergency
or exigency existing which would justify carrying into effect the order of
the Commission granting the street-car company an increase to 7 cents.
"No emergency existing, the fair and just thing to do now is to suspend
the order of the Commission until hearing of the appeal fixed by the city.
I therefore will make an order suspending the operation of the order of the
Commission until a final determination of the case on appeal."
St. Paul's rate advance from 6 to 7 cents which also went into effect
Sept. 1 was suspended Sept. 3 in a similar proceeding before Judge J. C.
Michael.
This leaves the two cities still oil the same basis with a 6-cent
fare in effect and an order raising fares to 7 cents or four for 25 cents, pend¬
ing in the courts.—V. 113, p. 1054.
Utah Power &
Light Co.—New Rates Approved.—
The new schedule of power rates
prepared by the Utah Power & Light Co.,
affecting the Utah Copper Co., as the largset user of power in the State and
the only company at present coming under the classification which can
take a minimum of 6,000 h.p. and service at from 120,000 to 130,000 v.,
allowed by the Utah P. U. Commission,
was
rates are lower than those fixed
The new
ago and
abrogated by the
effective Aug. 20.
by the Commision a few months
higher than those existing under the "special contract"
Commission.
The U. S. District Court at Salt Lake
City upheld the
right of the Commission to abrogate contracts held by large users, but
no decision as to the rates.
An appeal to the Supreme Court
rendered
establish¬
Line El.
Shore
by some of the customers involved was expected, but with the
ment of the new rates on Aug. 20 the matter is considered closed.—V.
Ry., Conn.—Tracks Removed.—
of this company between Old Say brook and East Lyme,
which have been idle for some time, are to be torn up.—V. 112, p. 1867,1284
The
tracks
Southern
Railway.—Dividend Action Again Deferred—
Outlook.—The directors at their meeting on Thursday took
no action on the regular semi-annual Pref. dividend of 2%%
ordinarily paid June 30.
Action on this dividend was also
deferred at the May meeting.
(See V. 112, p. 2085.)
discussing the outlook for the South and the
President Fairfax Harrison,
general effect of the rapid advance in cotton prices, says:
"As to the situation in the South, there is every indication that the corner
has been turned.
The advance in cotton was the breath of wind for which
the Southern States have been waiting.
It has been true in the past that
good cotton prices affect all industries and increase the buying power, which
means
improved business.
Goods purchased by the South will mean
better earnings for the reads.
Improvement will of course be gradual,
but much is gained when sentiment changes.
"All of our roads showed better revenue in August than in any month
since Dec. 1920.
Our power is all in excellent condition.
Of course, w e
have not taken up as yet to any extent repair of freight cars.
Our settle¬
ment with the Government has been concluded and will be explained in
detail in our next annual report."—V. 113, p. 850.
Texas Electric
Ry.—To Increase Capital.—
has filed an amendment to
State of Texas increasing its capital stock
The company
its charter with the Secretary of
from $10,500,000, consisting of
$6,000,000 Common, $1,500,000 7% Cum. 1st Pref. and $3,000,000 7%
Cum. 2d Pref., to $12,660,000 to provide for the issue of $2,160,000 First
Preferred stock to retire debentures of that amount!
The increase in capital, it is explained, is not being made with a view to
providing capital for improvements or betterments of any kind, but is
merely to carry out an agreement made at the time of the consolidation
on Jan. 1 1917.
At that time a wrritten agreement was entered into that
$2,160,000 in debentures would be taken up by an issue of First Preferred
stock at the end of five years.
See annual report in V. 113, p. 844.
Toledo
in
crease
Rys.
& Light Co.—To Change Name to Toledo
Co.—To Consolidate Acme Power
Edison
Co.—Proposed In¬
Capital to $25,000,000.—
the name to Toledo Edison
increasing the capital from $15,000,000 (all Common) to $25,-
The stockholders will vote Oct. 6 cn changing
and
Co.
on
000,000, the $10,000,000 new stock to be all Preferred.
It is
issue $4,000,000 of Preferred stock at this time, this being part
of supply.
"Henry L. Doberty
financed the building of the Acme Power Co.
The
present plan contemplates the consolidation of the Acme Power plant with
the Toledo Railways & Light Co. under the name of the Toledo Edison Co.
and operating
of raising
electric, gas and beating properties and providing
tically ail of the Toledo Railways & Light bonds [at present amounting to
nearly $15,000,000] and freeing the Community Traction Co. of obligations.
The $1,900,000 mortgage cn the Community Traction
Co., which was
extended some time ago, will be taken up, it is stated.
said, does not affect the Maumee Valley or
lines.
These are separate corporations, the
by the Toledo Traction, Power & Light Co.
The proposed merger, it is
Toledo & Western interurban
stock of which
—V.
is controlled
113, p. 536.
Ry .—Bond Payment Deferred
Advanced by City for Company's Property\—
Toronto
|
Until Money is
behalf of the company Aug. 31 said in part:
"As the city of Toronto is taking over the enterprise on Sept. 1 under
arbitration proceedings, it was hoped that the proceeds of the award would
have been available to enable the $2,275,000 434% maturing bonds to be
met.
The company has just announced, however, that only the interest on
the bonds will be paid Aug. 31, owing to delay in concluding the arbitration.
A statement issued on
"The company is notifying the bondholders that 6% interest
434%) will be paid upon the outstanding principal from Aug. 31
(instead of
to the date
of redemption, which, it is anticipated, will be well before the end of the year.
As the bonds are a first charge upon the undertaking of the company until
and thereafter upon the moneys payable by the city
compensation, there is no question but that they will in due course be
•'
taken over by the city
as
paid at their full face value with the 6% interest above mentioned.
Bond¬
holders are, therefore, cautioned against disposing of their securities in the
meantimelatfafsacrifice."
West Penn
Rys.—Wages Cut.—
platform employees of the McKeesport branch of the com¬
reduced 5 cents an hour, effective Sept. 1.
This is the third
wage reduction of 5 cents an hour since May.
Motormen and conductors
now will receive 48 cents an hour for the first three months, 53 cents an hour
for the next nine months and 55 cents an hour for all time after a year s
service.—V. 112, p. 2299, 2085.
The wages of
pany
were
West
Virginia Trac. & Elec. Co.—Receiver Discharged.—
Joseph D. Whittemore, who was receiver for this company, has been
discharged by Judge W. E. Baker.
Two separate companies now operate
the properties as per reorganization plan in V. 110, p.
1416.—V. Ill,
p. 1853, 1280.
|
Wheeling (W. Va.) Traction
Co.—Wages—Fares.—
employees have accepted a wage reduction of 10% and the company
which were placed in operation following
the refusal of the men at first to accept the reduction.
The "Electric Railway Journal" Sept.
3, says in substance:
The
I.-S. O. Commission, in a recent decision in the case of William Wylie Beat
vs. the
Wheeling Traction Co., affirmed the findings made in its original
report.
Irrespective of the terms of incorporation of the railway, the
Commission is convinced that the company is now rendering an interState interurban business, the charges for which are within its jurisdiction.
"In its original report the Commission found, among other things, that
the inter-State passenger fares of the company for the transportation of
passengers between Steubenville, O , and Wellsburg, W. Va., and between
Steubenville and Weirton, W. Va., were just and reasonable fares, and that
the intra-State fares of the company for the transportation of passengers
in intra-State commerce between Steubenville and Brilliant,
O , were
The
has abandoned its one-man cars,
unduly prejudicial to interinter-State commerce.
10 to 20 cents] which
unduly preferential to intra-State passengers,
State passengers, and unjustly discriminatory against
In consequence it prescribed intra-State fares [from
would remove such preference and discrimination,
'4
The contention of the
petitioners was that the traction company
strictly street-railway service, over the charges
had no jurisdiction".—V. 113, p
536
a
Wichita Falls &
This
road
has
been
Southern RR.—Extension
extended from
INDUSTRIAL AND
General
Industrial
and
renders
for which the Commission
—
Tex , Southward, to
Total mileage Wichita
South Bend,
Breckenridge, Tex., a distance of 26 7 miles.
Falls to Breckenridge, 103 miles —V. 112, p
1145
MISCELLANEOUS.
Public
Utility
News.—The
following table summarizes recent industrial^ and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as
after the matter becomes public.
the means
funds for expansion which a growing city like Toledo requires."
plan is approved it means the cleaning up of prac¬
It is stated that if the
113,
850, 859, 962.
proposed to
of a plan to
provide permanent financing of the company.
President Frank Coates in a statement regarding the proposed action,
says:
"The company was not able during its franchise negotiations with the
city and during the war period to provide a permanent method of financing
and was forced to refund its debts and finance its improvements as it went
along.
It was unable to finance the building of a new power plant and to
supply the needs of the Toledo Railways & Light Co. for an additional
source
p.
Steel
and
Iron
Production,
Prices,
MARKET REVIEW—"Iron Age" of Sept.
practicable
&c.
8 says in brief:
(1) Pig Iron Production—Gain of 90,000 Tons in August.— An upward
output, after nine months of steady decline, is shown in the pig
The total was 954,193 tons, or 30,780 tons per
day, against 864,555 tons in July, or 27,889 tons per day.
Taken in connec¬
tion with the larger buying of mid-August and the firmer tendency of prices,
this increase in output confirms what has been said recently of a slight im¬
provement in consumption.
turn in
iron statistics for August.
Daily Average Production of Pig Iron in U. S. in January and August 1915"
1921—Compare "Iron Age" Sept. 8, p. 614.
Gross Tons—
1921.
1920.
1919.
1918.
191T1916.
1915.
January..
August-
77,945
30,780
97,264
101,529
106,525
77,799 101,643
88,496 109,341 104,772
4'
The slight upturn from the long decline in pig iron
cautions.
Buying has been less active in the past
time considerable
is being
'4
102,746
103,346
gl.£o9
89,666
prices made consumers
fortnight; at the same
inquiry is up and the balance between supply and demand
in view of the starting up of a furnace here and there.
closely watched
In finished steel the rate of mill
operations has not changed, yet there are
business m August than, in July.
Prices.—"Competition is rather sharper in the heavier productsplates, shapes and bars—and prices are more commonly 1 65c. and 1 /Uc.
[At Pittsburgh on Sept. 6 steel bars for early delivery to large buyers were
quoted at 1 65 cts.. agst. 170 Aug. 30, and 175 Aug. 9 1921 and 3 25 cts.
Sept. 7 1920; and beams, &c.,at 170 cts., contrasting with 1 75, 1 85 and
3.12 cts. on aforesaid earlier dates, respectively ]
In the Chicago district
a number of late transactions would figure out considerably lower if reduced
to the Pittsburgh base.
not
a
(2)
few reports of better
1158
THE
CHRONICLE
[Vol. 113.
''
Manufacturers of iron pipa announced a reduction of S10 to $12 per ton,
effective Sept. I, the fourth reduction since the opening of the year.
Among the
new rates set are: Bricklayers,
$1 10 an hour: plumbers,
tile layers (fireproofers), $1 12^; electricians, $1 10; gasfitters,
common
laborers, 72}4 cents; structural iron workers, $105;
excavating labor, 47M and 50 cents; lathers. $1; stone cutters, $1 02
stone carvers. $1 25.
Former rates were $1 25 for skilled labor and $1 for
unskilled.
For the 9 trades not included Judge Landis fixed rates
which,
in his
judgment, were fair if they decided to enter the agreement.
Officers
of the Carpenters'
Union, which was not a party to the arbitration agree¬
ment, declared their members would demand the old
wage of $1 25 an hour,
but contractors asserted
they would offer the carpenters $1 10.
Board Cuts Wages in All
Navy Yards.—Denby approves report based on
18% drop of the average pay in industries; 60,000 workers
affected; $1,000
a
year fixed as minimum for "decent"
support of skilled laborer with a
family. "Times" Sept. 8. p. 4.
Prices.—Cotton (middling uplands) in its remarkable advance reached
20.10 cts. on Sept. 6, contrasting with 10.85 on June
20, the low record for
the year to date, but closed about
18.65 cts.
On July 22 1920 the price
reached 43.75 cts.
See Cotton Dept. below and "Times"
Sept. 7, p. 21;
Sept. 8, p. 21; Sept. 9, p. 24.
Print cloths advanced
95 cents;
(3) Orders, Ac.—"The lighter products, sheets, tin plate and wire, have
a better showing in the orders of the
past two weeks.
The leading
sheet and tin plate interest showed a gain of 45% last month over
July
orders and shipments, August being the best month since
February.
Its
schedule this week calls for the operation of
50% of its mills.
IFron Pittsburgh, Sept. 6: "The American Sheet & Tin Plate Co.
subsidiary of the U. S. Steel Corporation—reports the past wees: to have
been the best of any in several months in sheet orders and shipments and
that the month of August showed a gain of
45% over July and was the best
month the company has had since last
February.
Its schedule for this week
calls for the operation of 50 % of its sheet mills.
This company also has been
enjoying a brisk business in prompt shipment orders for tin plate and has
under power 50% of its mills.
This is a clear gain of 10% in a week and
compares with an operating rate of less than 25% only three weeks ago."]
"Demand for tool steel, which is a reliable barometer of operations in
metal-working shops, has picked up of late.
Orders are coming from widely
distributed sources'"after many weeks of dulness.
(4) Foreign Prices.—"German ferromanganese, 76 to 80%, is quoted at
4,930 marks per ton, Baltimore, or considerably below the British price
QJT «$0$ so&t^Ocjjrcl'
j.
95
made
"New cuts in the British steel market, as Continental prices stiffen, have
given British steel makers a better position.
German producers are no
on semi-finished steel, having orders filling their mills to the
end of the year.
There is an improved tone in the British market and
greater activity is expected."]
longer quoting
Coal
Production, Prices, Shipments, Etc.
WEEKLY REVIEW.—"Goal Age," New York, Sept. 8 reports in brief:
(1) Production.—"Output of bituminous coal during the week of Aug. 27
is reported by the Geological Survey as 7,755,000 net tons, a
gain of 42,000
net tons over the preceding week [while the total for the
year to date (Aug.
27) is 257,073,000 tons, against 343,229,000 in 1920].
"Production is low in the Pittsburgh district but signs of gains in the steel
market are expected to help the demand for coal, while in Eastern Ohio the
slump in Lake business that kept wheels turning a month ago is now nearly
offset by better steam demand.
The labor trouble in West Virginia has
deflected
business to Eastern Kentucky and rumors of a strike on the
have
given some stii ulus to the Chicago market, where
Pocahontas, desperate for an outlet, is pushing local coals in the domestic
and apartment house trade to such an extent that bituminous
prices of
Illinois coals are likely to suffer.
[Spot Pocahontas mine run f. o. b. at
mines was quoted at Chicago Sept. 6 at $2 25 to $2 75, against $2 75 Aug.30.1
"Production of anthracite during the week ended Aug. 27 was 1,893,000
net tons.
This is a recovery of over 300,000 tons, as
compared with the
preceding week's figure, which was low because of a religious holiday, and
is more than 100,000 tons in excess of the most recent week of full-time
op¬
eration.
[The output for the cal. year to Aug. 27 is estimated at 57,486,000.
against 57,713,000 in 1920..
(2) Prices.—"The seasonal increase in buying of household coal is resulting
in the production of even more of the steam sizes of both hard and soft
coal than can be marketod, as a consequence of which the
prices on slack
are down and on sizes are up, with mine-run about on a
level.
railroads
"In New England the steam-coal market is under
heavy pressure, and
buyers there, as elsewhere, seem to doubt the stability of prices.
"In
New York and
some
of the other markets futher south and west
inquiries for October delivery are disclosing an encouraging firmness, with
prices advanced over present levels.
Purchasing agents are said to favor
covering their requirements by contracts for the remainder of the coal year.
"Anthracite, being largely a domestic fuel, is gaining as winter approaches.
Dealers along the coast are quite generally absorbing the
regular small addi¬
tions to circular prices, fearing to frighten off hesitant
purchasers.
Mean¬
while they have filled their yards to overflowing with coal at summer
prices,
on which they will realize the advance
later, after the householder has lost
his opportunity.
Dealers in Chicago are reported to be taking in bargain
lots or hard coal with the idea that even though not sold this
winter, it
can be disposed of to advantage next
spring if the expected strike in' the
hard-coal
regions matures.
Sept. 1 saw the last seasonal monthly advance of the anthracite com¬
panies, varying from 10c. to 25c. por ton.
Independent producers are
again obtaining a better premium with the increasing demand for household
sizes.
Pea coal is weak and some distress prices were
quoted in the New
York market last week.
[Company spot pea coal f. o. b. at mines was
quoted at Philadelphia Sept. 6 at $6 15@$6 25, against $6 10 to $6 40,
while company chestnut was quoted at N. Y. at $7 90 to
$8 10, against
$7 80<§48 10 Aug. 30: independent chestnut was quoted at $7
75@$8 15,
against $7 60 to $8 Aug. 30 J
The market for coke is in bettor shape, as inquiries are
increasing.
It is
now difficult to find distress lots of coke and Connellsville
furnace prices
have stiffened.. 8pot furnace is quoted $3
@$3 25 and foundry $4 @$4 50.
(3) Shipments.—"The movement of soft coal to New England via all-rail
with
to sell in the New
England territory, which can be reached by the rail-andsmokeless coals.
Fully one-third Is railroad fuel under contract.
[The all-rail anthracite totaled 2,475 cars a<rst. 2,460 and 2,313 in the two
pre¬
ceding weeks, contrasting with 3,435, 2,976 and 2,230 cars in
1920.]
"Westbound movemont of coal through the canals at Sault Ste.
Mario,
Mich., and Ontario for August 1921 was 1,698,068 net tons of
bituminous
water
and 489,142 tons of anthracite.
As the movement to the interior
increases,
the upper docks are enabled to discharge more
rapidly the cargoes sent up
the Lakes, although lack of space has necessitated a
curtailment of ship¬
ments from the heavier volume which
prevailed earlier in the season.
Total dumpings at the lower ports during the week ended
Aug. 28 increased
slightly to 712.064 net tons—686,620 cargo coal and 25,444 vessel fuelas
compared with 649,224 tons the week preceding.
Cumulative movement
for the season to date is 16,150,110 net
tons, which is in excess of 1919 and
1920, but, owing to the slump during August 1921, is now
nearly 750,000
tons
behind 1918.
"Business at the Tidewater piors is almost at
movement is concerned.
Tho total
week ended Aug. 27 was
a
standstill
as
far
as oversea
dumped at Hampton Roads during the
of which nearly 50% was for
83,628 net tons,
bunkeragc purposes."
Oil,
Oil
Products,
Statistics of Petroleum
on a
preceding
Production, Prices, Etc.
*
Production, Ac.—See "Trade & Traffic Movements"
Prices.—Magnolia Petroleum Co. on or about Sept. 7 reduced its whole¬
sale price of gasolene 2 cts. a gal. at Tulsa and other
cities in Okla., Texas,
etc.
This is said to make the wholesale
price at Tulsa 15 cts. (though
tank wagon has been
roported at 16 cts. there for some weeks) " Wall St. J. "
Sept. 7.
** Mexican Oil
Taxes—Obregon and American Producers Reach Agreement.—
See "Current Events" above and "Times"
Sept. 5, p. 4: Sept. 7 p. 2:
"Fin. Am." Sept. 9.
P& Increased Importance of Gasoline to Oil
Trade.—"Wall St. J."
Sent
6
Mexican Petroleum Inquiry as to Dividend Rumor
of Aug. 25.—"Times"
Sept. 8,
p.
21.
Other
The Ifendee Mrg. Co. on
Sept. 9 announced
on all lines of motorcycles, effective as of
a reduction of 22lA% in
Sept. 1.
Idem, Sept. 9.
Packers Plan Lower Wages and New Rules
After Sept. 15.—"Times"
Sept. 4, p. 2.
Selling at N. Y. Puts Sept. 8 Marks at New Low (1.0075 cts.)—Berlin
Stock Exchange Closed.—"limes"
Sept. 9, p. 21; "Wall St. J ' Sept. 8, p. 12.
Burglars' Activity Puts Up Insurance Rates 10%.—Idem, p. 4.
Am. Fed. of Labor Loses 173,220 Members
Since Aug. 1920, Leaving
3,906,520.—"Times" Aug. 31, p. 4.
Legislation, Taxation and Miscellaneous.
Motor
Vehicle
Legislation—Present
State
Regulations—Federal Bill.—
"Eng. News Rcc." Sept. 1, p. 354 to 365; Aug. 11, p. 254.
St. Lawrence Waterway.—Government
engineers (W. A. Bowden, Canada,
and Col. W. P. Wooten, U. 8. A.)
report that the proposed international
Montreal-Lake Ontario Waterway, 182 miles
(incl. 54 miles of canal)
ft Compare tho new grain futures bill under "Current
Events" above
San Francisco Building Strike Fails.—A four
months' tie-up in the
building
industry in San Francisco ended Aug. 29 when several
thousand union
craftsmen returned to work on the
employers' terms, which included a
cut of 7J^% in wages.
The union men voted to return as individuals
on
the best terms they could obtain, without formal
recognition by the unions
open-shop basis.
The terms of the employers
provide they may
they wish.
"Herald" Aug. 30, p. 16.
Building Wages in Chicago Cut 10 to 33% by Arbiter.—At
Chicago on
Sept. 7 Judge Landis, sitting as arbiter in the building trades'
wage contro¬
versy handed down a decision which made
wage cuts varying from 10 to
33% from the old uniform rate of $1 25 an hour for skilled and
$1 for un¬
skilled labor, and it also opens the Chicago
territory to all contracting firms
The decision is said to affect about 50,000
workers, and for 8 of the 44
building trades ruled upon it fixes wages of less than 85 cents an
hour, and
for 10 crafts which'are in the
laboring class 70 cents. "Times" Sept. 8 p. 1.
engage any craftsmen
be established with 25 ft.
can
depth
at
cost of
$252,728,000 at present
Erices and later can be given 30 ft. depth for $17,986,180 additional. See
p., (80% above pre-war) including switch board development of 1,464,000
.
"Eng. News Record" Sept. 8, p. 402 to 406 with insert
map, etc.
94 Tile Makers Indicted at N. Y. in U. S.
Building Inquiry.—30 corpora¬
tions, 32 firms and 32 individuals, manufacturing building tiles, members
of the Atlantic Coast District
Tile, Grate & Mantle Association, have been
named
as defendants in an indictment returned
by the Federal Grand Jury,
charging them with criminal violation of the Sherman Anti-Trust law.
"Times" Sept. 8, p. 1.
Weekly Commerce Reports by Secretary Hoover.—"Times" Sept. 5, p. 16.
Secretary Mellon Calls for Profits Tax Repeal as of Jan. 1 1921, Ac.—
"Times" Sept. 9, p. 17.
Counsel Prepare Appeal on N. Y. Rent
Case.—Idem, p. 1; Sept. 4, Sec. 8,
p. 1; Sept. 7, p. 9.
Leading Biscuit Companies Charged b\i Trade Commission With Discrimin¬
ating in Favor of Group Orders and Chain Stores.—Idem, Sept. 5, p. 17.
Suits to Recover Sums Paid
as
Excise Taxes in Massachusetts.—54 Foreign
corporations have filed suit to recover $270,000 paid to Charles L. Burrill,
former State Treasurer, of
Massachusetts, under law held unconstitutional.
"Bost Fin News", Sept. 7, p. 1.
Reported Gold Strike Causes Rush to Fairbanks, Alaska.—"Times", Sept.
9, p. 17.
Chic
cago
Swindle
(American Rubber Co., Ac.)—Additional Seizure.—
Idem, Sept. 4, p. 2.
Matters Covered in "Chronicle" of Sept. 3.—(a) Government cotton
report,
p. 987.
(b) N. Y. Bonus law held invalid, p. 996.
(c) Bill for refunding
of Allies' debts, p. 1002, 995.
(d) War Finance Corp. planning agricultural
relief, p. 1003.
(e) Wheat in Belgium; commission to fix price import;
restrictions removed, p.
1004.
(f) Polish Govt, to abandon foodstuffs
control,
p.
1004.
(g) Tax revision, Senate committee to rewrite
bill;
Smoot
proposal;
Amer. Fed. of Labor objects, p. 1005.
(h) Tariff bills, hearings by Senate
committee; protest against steel duties, p. 1006.
(i) Mexican Court decision as to oil land ownership, p. 1020.
(j) Oil
applied to debt, p. 1020.
(k) Condition in Mexico, p. 1020, 1021.
(1) New Mexican tax, p. 1021.
(m) Commission to pass on losses of
foreigners through Mexican revolution,
(n) Mingo, W. Va., coal miners'
uprising, p. 1015.
:
tax to be
,
Acme
Power
Co.—Consolidation Proposed.—
See Toledo Rys. & Light Co. under "Railroads" above.—V.
109, p. 1893.
Alabama
A
Company.—Bond Iss^te.—
Baltimore
ratifying
a
dispatch states that the stockholders will vote Sept. 22 on
proposed issue of $1,750,000 8% 10-year mtge. gold bonds.
Redeemable at any interest period at 110 up to
Sept. 1 1926, and at 105
thereafter, redemption to be made out of a sinking fund.
The bonds are
by a mortgage on all the company's property, subject to two
prior issues, one of 5% bonds, of which $1,000,000 is outstanding, and
the other of 6% bonds, of which only $660,000 is
outstanding.
It is
proposed to retire the 6% bonds with part of the new issue which will be
reserved for that purpose.
Of the rest of the new bonds, $840,000 will be
issued at this time and the remaining $250,000 held to be used for
corporate
needs in the future.—V. 112, p. 2647.
to be secured
Allen's
Toronto
Theatres,
Ltd.—Consolidation.—
A letter sent to the shareholders
by V.-Pres. J.J. Allen calls for a con¬
Toronto, the new enterprise to be
known under the above name with an authorized capital of
$3,000,000
Common stock and $1,000,000 8% Pref. stock, par $100.
Exchange is to
be made on the basis of share for share, both Common and
Preferred, for
the existing Common and 7% Pref. stock.
It is intended to issue $1,975,000
of Common stock and $616,500 8% Preferred to take care of the
proposed
exchanges.
The balance is to be held in the treasury.
Of the 9 theatres affected, the public own the Pref. stock and some of the
Common in the following houses: Allen's Danforth,
Temple, Beach, St.
Clair, Parkdale and College.
The other three theatres were owned by the
Alleus themselves, and are as follows: Bloor, Beaver
(West Toronto) and
solidation
of the 9
Allen
Theatres in
Net earnings of the consolidated companies for the last fiscal
year, after
allowing for interest and sinking fund, amounted to $152,955, which com¬
pares with a preferred charge in the new company of $49,320.
All of the
9 theatres have been paying dividend on Preferred up to the
present, and
dividends on Common have also been paid in each case,
varying from 2
to 10%.
Allied Chemical & Dye
Corp.—Company Now Manufac¬
turing Nitrogen Products from the Nitrogen of the Air on an
Industrial Scale, thus Matching Germany's War Achievement.—
At
Prices, Wages and Trade Matters.
New Rules for Chicago Board
of Trade.—The members on Sept. 7 (a) by
vote of 545 to 41 amended the rules on
Sept. 7 to forbid Oct. 1 indemnities
(puts and calls), which late in December will become
subject to the new
prohibitive U. S. tax; (b) by vote of 580 to 5 to forbid
trading in cotton¬
seed oil; (c) by 573 to 11 to make No. 3
rye deliverable on contracts.
"Times" Sept. 8, p. 24.
of the
sympathy
Colonial.
page.
p.* 10.
in
prices
warded
shippers
sharply
cotton.
Reductions in prices of automobiles are reported
by the Willys Overland
Co., Studebaker Corporation and General Motors
Corporation for the
Chevrolet cars.
See those companies below and "Bost. N. B."
Sept. 8;
Times" Sept. 3, p. 1.
declined during the week ended Aug. 27.
A total of 2,670 cars were for¬
over the Hudson, compared with 2,98
cars the week before [and
2,560 for week of Aug. 13.
The corresponding figures in 1920 were 5,792,
5,369 and 6,124].
It is becoming increasingly difficult for all-rail
cents;
a
luncheon given in N. Y. on Sept. 7 by the American
of the Society of Chemical Industry to the dis¬
Section
tinguished visitors from
overseas
and Canada, Dr. Nichols, (
Chairman of the Board of Allied Chemical & Dye Corp.,
that this company had already completed and
announced
now successfully operating a plant for the manufacture
nitrogen products from the nitrogen of the air on an
was
of
industrial scale.
The authoritative statement further
says
in substance:
This is the extraordinary "fixation" of atmospheric nitrogen and
"syn¬
thetic production" of nitric acid and nitrates generally on an industrial
scale from a new and inexhaustible domestic supply—the
cheapest in the
air.
Although Germany succeeded in doing this during the
accomplishment is an entirely new one outside of Europe and
marks an important step in the progress of the American chemical industry
and particularly of Allied Chemical & Dye Corporation.
The practical importance of the achievement is in freeing this country
from dependence as heretofore on the natural nitrate salts of Chile as the
sole source of supply for the manufacture of explosives, dyestuffs, fertilizers
and other nitrogen bearing products of vital necessity to our national
security in time of war and to our industrial welfare in time of peace.
world—the
war,
the
SEPT. 10
THE
1921.]
Allied Chemical & Dye Corp., already a leader in such important branches
of the domestic chemical industry as the manufacturer of acids and other
heavy chemicals, alkalis, coke and its by-products, dyestuffs and coal tar
products, such as roofing and road materials, now becomes the leading
competitor of the German industry in the highly technical field of synthetic
nitrogen manufacture, as well as in that other special field monopolized by
Germany in the past, viz., the manufacture of synthetic dyestuffs,
—V. 113, p. 73.
American Bosch Magneto
The District Court, Newark. N. J., has dismissed the
tion against this company and
on
a
Inc., below.
President A. T. Murray, it is stated, contemplates no action against the
new Robert Bosch Magneto Co., which Otto Heins, former German owner
of the American Bosch Magneto
Co., is starting in^New York City.
—V. 113, p. 963. ' ;
.
$1,200,000.—V. Ill, p. 2523.
Bethlehem Steel Corp.-—Award to Men
gress
have
American Linseed Co.—Dividend Outlook.—
American Motors
Federal
Williams, representing the workmen has declared his intention
appealing to President Harding from Secretary of War Week's decision.
113,p. 1057.
■ ■
I
David
of
—v.
.
(Robert) Bosch Magneto Co., Inc.—Incorporated.—
This
James Kerney
consent of the
was
Co.—Prices.—
1921.
$
Good-will........
8,348,317
923,244
52,515
12,164
1,847,940
19,122
Investments
Notes & accts.
rec.
Cash
1,840,351
7,281,369
1,913,637
8,879,321
1,071,839
88.805
Crop-growing
exp.
Livestock & suppl.
Other assets
1,862,496
3,127,077
4,015,606
388,384
5,589,437
632,302
504,608
6,195,800
68,722
3,941,000
4,483,631
695,000
429,908
190,866
52,152
273.899
Acceptances.
Dividends payable
Accrued taxes, int¬
erest, &c
Fed. and State in¬
come
taxes, est.
Insurance
......
46,010
reserves
1,573,772
Surplus
826,707
42,210
1,820,084
Total each side.30,023,322 28,702,676
2416.
American Woolen
M. Wood says
Co.—Operations, &c.—President Wm.
in part:
are everywhere busy and, with contented labor,
Manufacturing costs are unbelievably low.
The
approximately $4 50 a week, against the $37
average of the American weaver.
Many capable weavers on this side make
$50 a week and upwards.
Cost of living is held down rigidly by the Ger¬
man Government to pre-war basis.
The report that the company contemplated purchase of two score or
more German mills presumably arose from my presence abroad and investi¬
gations of one of our export department representatives in Czecho-Slovakia
to investigate the potentialities of that new nation.
I did not go abroad
with the idea of purchasing any foreign mills.
We have concluded the export department will be a negligible factor for
a long time.
We are at tremendous disadvantage with respect to wages.
We plan the revamping of Shawsheen Warehouse, originally planned for
goods in transit for export, into a worsted mill.
Trend of style will be toward less expensive goods and away from highpriced fabrics.
Neglected coarser wools will be more in vogue.
Our lightweight goods season has been as big a success as I had assumed,
and the company is assured of capacity operations through the winter.
Like many manufacturers, we have been pursuing a semi-liquidation policy,
but on account of comfortable financial condition have been under no
necessity to make financial sacrifices.
Considering that on account of late winter opening we shall have the
benefit of only ten months' production this year, and in the light of tre¬
mendous losses being absorbed by manufacturing concerns in other lines,
I feel well satisfied with the results of the company to-day and anticipated
showing for the full year.—V. 113, p. 963, 538.
The German factories
is
output
German
increasing.
receives
weaver
Anglo-Texas Oil Co.—Admitted to Curb List.—
admitted to
The Board of Governors of the New York Curb Market has
the list the 600,000 10% "A" cumulative
shares, par $1.—V.
112, p.
participating Preferred authorized
1285.
Arkansas Natural Gas Co.—Dividend Deferred.—
quarterly dividend of 2% which
In April and July last, 2% each were paid.—■
The directors have deferred action on the
is
usually paid Oct.
V. 113, p. 1056.
1.
Associated Producers (Motion
Pictures).—Film Merger.
A merger of the Associated First National
Exhibotors* Circuit and the
completed with the
Associated Producers, involving a $50,000,000 deal, was
signing of the contract at Chicago Sept. 2.
The agreement combines the
two largest independent motion picture producers and distributers in the
United States and provides for the placing of $50,000,000 worth of films
within a period of three years.
Film magnates entering the combination include Thomas H. Ince, Mack
Sennett, Maurice Tourneur, J. Parker Read Jr., and Marshall Neilan.
Some of the film stars who will appear in the organization's pictures are
Constance Talmadge, Norma Talmadge, Charlie Chaplin, Charles Ray,
Buster Keaton, Anita Stewart and Katherine McDonald. (Chicago "Jour¬
nal of Commerce" Sept. 3.)
Baldwin
A
director is
Locomotive
credited
Works.—Div.
Outlook—Contracts.
with saying that the full dividend for
earned in the first six months of the current year, and that
which the company had with
worked out satisfactorily.
1921 was
the contract
Rumania and Poland for locomotives has
approximately $14,000,000 was involved in the two con¬
tracts.
This director also states that Rumania has paid its bill in full,
while Poland has been making payments regulraly and only a small balance
still remains to be paid.
Vice-President Kenneth F. Rusbton died in Wynnewood, Pa., Sept. 3.—
It is said that
V. 113,p.
Certainteed Products Corp.—Business.—
30 days business has shown
improvement.
August shipments indicate one of the best
and unfilled orders on Sept. 1 were very satisfactory.
Reports indicate business will continue good through the late fall.
Bor¬
rowings have been still further reduced since June 30."—V. 113, p. 958, 853.
months of the year
Chandler Motor Car Co.—Deliveries—Dividend.—
for the six months ending June 30 1921 delivered 3,450
of
V.
113,
See Peoples Gas
permit has been granted the Central District & Printing Telegraph
Co., Pittsburgh, the local subsidiary of the Bell Telephone Co., to construct
at 416 7th Ave., Pittsburgh, a 20-story skyscraper of modern type, fire¬
A
hi
Silk
Yarn
Discontinued.—
Co.,
Paterson,
N.
rate.—-
7/';
j
Calif.—Sale.—
The sale of this company serving San Bernardino, Redland^, Colton and
Corona, Calif., to the Southern California Gas Co. for $365,000 has been
completed.
The bondholders are to receive bonds in the Southern Calif.
Gas Co. at 80.
Some months ago the City of Redlands took over the
plant there and has been operating, but due to inability to get
gas
made an agreement for the sale of that plant
the Citrus Belt Co, to the Southern Calif. Gas Co.
gas,
natural
along with the others of
See V. 113, p. 1057.
Cities Service Co.—Number of
L. Windrim
J.—Receiver-
Stockholders.—
Despite the depressed condition of the general securities market, the
on Aug. 15, when closed for the
dividends payable Sept. 1, show
books
Number
Class of
Stock. Common.
Aug. 15 1920-—8,327
May 15 1920 —-7,935
of Stockholders
Bankers' Sh.
22,535
.20,299
of Record.
Preferred.
24,680
24,507
Total.
60,426
57,491
Pref."B."
4,884
4,753
Increase--....392
2,236
173
131
2,935
These figures do not include any of the holders of Cities Service Co.
or of securities of subsidiary companies,
and should these be
debentures
Service Co. and
1057.
included the total number of holders of securities of Cities
subsidiaries would be in excess of 100,000.—V. 113, p.
City Transit Co.—Would Compete with Traction Cos.—
A description of 100 bus routes to cover all five boroughs of New York
City and over which it is proposed to operate 2,000 buses at a 5-cent fare,
was sent to the Board of Estimate Sept.
7 by Benjamin Shepard, an at¬
torney, of 154 Nassau St., acting for Austen P. Fox
of the City Transit Co.
(a holding co. with a capital of $100,000).
The company made application
for franchises several months ago, and was asked for more pecific informa¬
tion
as
to the routes and the type
The new company would com¬
of bus.
pete with street cars and the present 10-cent bus lines.
In a letter accompanying the description of the routes Mr. Shepard says
the buses can be put in operation within 30 days after approval of the fran¬
chise by installing from 100 to 500 buses, and a like number
thereafter.
The fare would be 5 cents on the main lines,
every 30 days
with transfer
privileges, and 1 cent on each of the four bridge local lines.
Appended to
the letter describing the lines is a list of names of those interested in the
whom
company, among
are
Austen P. Fox, of Austen P. Fox &
Co. Harry
Dorsen, Gen. Mgr. of Polish Navigation Co. Dr. Harry Wechsler, head of
Yale Chemical Co., Benjamin Shepard, and several real estate men and
attorneys.
.
Board
,
of Estimate will take no action
Clarke
on
■
„
-
application before Sept. 30.
Brothers, Ltd.—Amalgamation, &c.—
At
the
annual
meeting Sept.
1 the stockholders (a) approved*^
proposal to amalgamate with Clarke Brothers Paper Mills, Ltd., a sub¬
sidiary;
(6)
authorized an issue of $2,000,000 7% 15-year bonds.
Of
this issue $1,000,000 will be set aside for the refunding of the original bond
issue of the parent company; $230,000 as security for payment in full or
on account of a mortgage held by the Nova Scotia Trust Co.; $270,000 to
take up the amount of bonds issued by the subsidiary company, and the
balance to be held in the treasury.
The new company will operate under the new name of Clarke Brothers, Ltd..
will have a capital or $1,500,000 Common stock, and $2,000,000 1st
Mtge. 7% 15-Year bonds.
,_.
Among the products of the two companies are sulphite pulp, kraft board,
fibre board, shipping cases, clothes pins and wood products.
Directors are: J. G. Clarke, Chairman & Treas.; W. W. Clarke, Sec.;
F. W. Fraser, St. John; Charles T. Stark, Harry L. 8tark, Alexander Fasken, Toronto, and A. G. Maclntyre, Bear River.—V. 108, p. 2632.
and
,
Colorado Fuel & Iron Co.—Mines Resume.—
Work has been resumed at five of the company's mines in Las Animas
County, Colo.
These mines were closed last week following a walkout of
the men as a protest against a reduction in wages.
About one-third of the
strikers have returned.—V. 113, p. 1057 , 965.
Columbia (S. C.) River
Navigation Co—Construe'n. &c.
The company has been authorized by the Federal Power
construct a canal 25 miles long and 200 ft. wide, to connect
Commission to
the Santee and
Cooper rivers, also to erect an electric line from Columbia to Greenwood
and to construct a dam to develop 30,000 h.p.
The cost of the project is
estimated
at
$5,000,000.
G. A. Guignard is President— ("Electrical
World," Sept. 3).
Consolidated
Bait.—Pref.
Gas
Electric
Light
Power
&
;
Stock.—
,
Co.
of
,
The stockholders on Sept. 7 voted to increase the capital stock from $30,000.000 to $55,000,000 and to classify the new $25,000,000 as preferred
Of the new preferred only $2,500,000 is to be issued at this time, and
this has been offered by Spencer Trask & Co. and Chase & Co. at par and
div.
See V. 113, p. 965.
stock.
Consolidated
Textile
Corp.—Notes Called.—
All of the outstanding 3-year 7% S. F. Conv. Debenture notes, dated
April 1 1920. have been called for payment on Oct. 1 at 102K and
*•*>
the Mercantile Trust Co., New York, trustee.
(See offering of notes in
110, p.
1529.)
right
to
convert the notes into
p. 735, 539.
Common stock will continue
to
Sept. 21.—V. 113,
Continental
$100.
Can Co.—Omits
Common Dividend
—
Sept. 9 voted to omit the regular quarterly dividend
on the outstanding $13,500,000 Common stock, par
The company has been paying quarterly dividends of 1%% since
The directors
on
usually paid Oct.
Oct.
Berlet
quarterly dividend
Light & Coke Co. below.—V. 110, p. 873.
Citrus Belt Gas Co.,
The
Co. of Pa.—New Building.—
proof throughout.
The cost is estimated at $1,900,000.
John
of Philadelphia is named as the architect.—V. 113, p. 1057.
change in the determination
\\-f-
853, 297;
p.
Chicago By-Products Coke Co.—New Plant.—
V.
1057, 964.
Bell Telephone
against 15,552 vehicles in 1920.
as
Press reports state that there has been no
the management to maintain the $1 50
...
57,392
Deferred charges._
112, p.
150,000
Notes & accts. pay. 5,386,067
Liberty bonds..
Inventories
Tobacco Co....
Gold notes
Sk.fd.Pret. stk.of
Griffin Tob. Co.
$
1,963,500
1,963,500
Common stock...14,448,585 14,448,485
Pref. stock Griffin
911,426
Claims..
1920.
$
Liabilities—
Preferred stock...
8,700,0961
384,652/
ings, &c
Equipment
1921.
1920.
$
Assets—
Ltd.—Assignor.
Co.,
President George M. Brown says: "In the last
stock.
Real estate, build¬
Mills
Aug. 22 1921 made an authorized assignment to H. T.
authorized trustee.—V. 113, p. 1057.
considerable
reserve
for taxes, and depreciation on tobacco, of
After Preferred dividends for the year, this would leave 5.74%
Consolidated Balance Sheet as of July 31.
—V.
Canadian Cereal & Flour
Co. Property.—
The company on
interest,
for the Common
Otto
are
Calumet &
Hecla Mining Co.—Sub.
( See Superior Copper Co. below.—V. 112, p. 1744.
cars,
advanced its price of lead from 4.50
734.
American Sumatra Tobacco Co.—Annual Report.—
The company for the year ended July 31 1921 shows net income, after
deducting
$966,637.
Directors
The company
American Smelting & Refining
The company is reported to have
to 4.60c. a pound.—V. 113, p. 963,
incorp. at Albany, N. Y., Sept. 2, with a capital of $250,000.
and sell original Bosch magnetos
comoetition with American Bosch Magneto
Heins, 101 W. 78th St., N. Y. City; Guenther
John, Hasbrouck Heights, N. J. and Harvey T. Andrews, 115 Broadway,
N. Y. City.
Corporation Trust Co., N. Y. City is company's representative
S. District Court at Newark,
presented by Furst & Furst and Samuel M. Hollander,
attorneys, representing 8% of the creditors.
Assets were listed at $3,500,000 and liabilities at $600,000.
The company was incorp. in Feb. 1916 in
Virginia.
Authorized capital: $1,750,000 Common, $1,250,000 7% Cum.
Pref. and $1,000,000 8% Cum. Participating Pref.
company,
co. was
The company, it is stated, will manufacture
made here and in Germany in
Jamieson,
Corp. of Va.—Receivership.—
Judge Charles Lynch in the U.
N. J., Sept. 6 appointed Procter W. Hansl of Plainfield and
of Trenton receivers.
The suit, which was filed with the
The Secretary recommends, however, that Con¬
take cognizance of an equity which he believes the men undoubtedly
as a result of the War Labor Board's award.—V.
113, p. 1057.
Co.
President Robert H. Adams is quoted in substance:
"Although the
company's business has improved much within the last few months, it is
unlikely that the directors will declare any further dividends on the Pre¬
ferred or Common stocks until financial conditions improve."
[Action on the quarterly dividend of 1% % on the Preferred stock is due
at this time.
The directors in May last (v. 112, p. 2193) decided to omit
the Common dividend.]—V. 112, p. 2308.
Illegal.—
Congress in which he says
legal right to pay claims of former em¬
for $1,500,000 in back pay awarded under a decision
Secretary of War Weeks has sent a letter to
that the War Department has no
Co.—Regular Quarterly Div. Declared.
The company has declared a quarterly dividend of $2 a share, payable
Oct. 1 to holders of record Sept. 16.
A like amount was paid in July last.
—V. 113, p. 537, 296.
bankruptcy peti¬
discontinued the receivership in a settlement
The liabilities are said to have been
20% basis with the creditors.
ployees of the company
of the War Labor Board.
Co.—Competitor.—
See Robert Bosch Magneto Co.,
American Express
1159
CHRONICLE
1
1919.
The regular quarterly dividend of 1 % % on the
declared, payable Oct. 1 to holders of record Sept.
Preferred stock has been
20.—V. 112, p. 1981.
Consol.—Receivership.—
Cooper-Henderson Oil Co.
of the Chamber of Commerce, Breckenridge, Tex
has been appointed receiver for this $10,000,000 corporation, which operates
in the Breckenridge field of Stephens County, Tex.
...
Liabilities of the company are about $500,000, according to Pres. C. N
Henderson.
Assets include 1.250 acres in the North Breckenridge anti¬
cline, 60 producing wells, 3,000 bbls, daily production, 400 acres m the new
Palo Pinto pool south of the Hughes tract well and north of the Hart
Cleve Johnson, Pres.
tract well on the Seman survey,
Among the creditors
Ibex well.
400 acres in Shackleford County near the
petitioning for the receiver was Humble
Oil k Refining Co.
Refining
Products
daily.
Capacity is 150,000 bushels daily.
"There is reason to expect that earnings on
in excess of $1 50 a share for
a
stock will be
30 next, leaving
the Common
the three months to end Sept.
tidy sum to be carried to surplus after paying the
dividend of $1 and the extra of 50 cents a share.
mon
rgeular quarterly Com¬
Earnings in the second
and
quarter totaled $1 88 a share on the junior issue, after charges
taxes
against $1 70 a share in the first three months of this year.'
The following published statement is understood to be correct:
Ihe
shown a distinct upturn.
The
has turned German users of starch
company's German business has
of the German potato crop
to American
(see under "Reports" above) the company covenants,
this plant to the direct lien of the mortgage securing
company also has a one-third interest
the equity in the Fisk Building, New
starch.
„
shortage
products
.
,
the largest manufacturer of glucose in the
30% of its product to confectioners, its de¬
mand is not dependent on the price of sugar.
.
"The company's main product is probably Karo corn syrup, which does
not compete with sugar.
In 1920 it produced no less than 430,000,000
lbs. of Karo syrup."—V. 113, p. 422.
of Fisk
The Chicopee Falls plant is operated exclusively in the production
Is capable of producing 15,000 casings, 18,000tubes
tires and tire sundries.
working two shifts, 50 hours each per week.
Buildings with slight additional capital outlay will permit an increase in
productive capacity to 18,000 casings and 25,000 tubes per day without
increasing working hours
The Federal plant has present capacity of 4,000 casings and 6,000 tubes
day on two shifts
Ninigret plant, with mills at Pawtucket,
Chemical Co.—New Subsidiary.—
Davison
organization of the Silica-Gel Corp
as a subsidiary was effected
July 27 in Maryland with an authorized capital of 600,000 no par shares
It was announced that the management of the new company would be
the same as that of the Davison Chemical Co. and that its plant wouldd
be at Curtis Bay.
The Davison Co. owns 50% of the capital stock, the
remainder being retained by the patentees of the product which the corpora¬
tion will manufacture,
,
_
The formation of the corporation, it is stated, does not change the rights
of the Davison Chemical Co. in the patented by-product which is called
silica-gel, but is merely for the purpose of furthering the rapid development
of the product's commercial use, and to make easier the granting of licenses
for the use of the product now that its commercial success has been estab-.
lished by experimental work.—V. 112, p. 2534.
,
,
The Fisk Building, now
complete cord tire fabric unit, spinning,
The
American
for outstanding
7H% gold bonds, Series "A,"
See offering in V. 112, p. 1403.
General Mtge.
25-Year
temporary bonds
Eastern SS.
Purpose.—Proceeds will be applied to the payment of debt of the company.
Compare plan in V. 113, p. 626, 631, 854
Ac
Gates Oil Co., Wyoming.—Stock Dividend,
—
paid, together with an extra cash dividend
24£%, both payable May 1 to holders of record April 20.
The initial
dividend of 10% per anlnum was declared Oct. 1 1919, payable quarterly;
A stock dividend of 10% was
of
2J£% beginning Jan. 1 1920The company was incorporated in Wyoming in 1919 with a capitalization
of $5,000,000 authorized, of which $1,900,000 was outstanding, leaving
$3,100,000 in the treasury.
12 Mos.
■;v:
Net profit on operations
Less: Depletion of oil reserves,
& Electric
Gas
on
Commission has granted the company permission
$112,000 bonds for new construction and improvements to its
system, including the erection of an outdoor substation on the 60,000-volt
transmission line in Auburn.—V. Ill, p. 1756.
The New York P.
to
S
issue
Endicott-Johnson
Corp.—Obituary.—
Harry L. Johnson, General Manager,
728.
Federal Rubber Co.—Consolidation, &c.—
626, 631, 854.
Firestone Tire
"
a
.
Co.—Curtails Output.—
28.000 to 25.000
reductions in output will
is said to have decreased production from
The company
tires
& Rubber
day.
As sales continue to fall off further
effective.—V. 113, p. 422.
become
Fisk Rubber Co., Chicopee Falls, Mass .—Bonds Sold—
Consolidation.—Dillon, Read & Co. have sold at 99 and int.,
to yield 8.10%, $10,000,000 1st (closed) Mtge. 8% 20-Year
Sinking Fund gold bonds.
(See advertising pages.)
1 1921
Due Sept. 1 1941.
Denom. $500 and $1,000 (c*).
Int. payable in New York M. & S.
Penn. 4-mills tax refunded.
Noncallable until Sept
1 1931, on which date and subsequent int. dates callable
only as a whole: at 117H ai1^ int. to and incl. Sept. 1 1936, and thereafter
at 1124^ and int.
Chase National Bank, New York, trustee.
Application
will be made in due course to list on the New York Stocx Exchange,
Dated Sept
Data from Letter of Pres. H. T. Dunn,
Security—Secured by direct first mortgage on entire
The mortgage
securing these bonds will provide that the company shall
defined therein, in amount at
at all times maintain net current assets, as
3,272
def$97,413
729,795
314.074
$358,560
101,782
$946,456
$460,342
$314,074
109,998
15,000
$344,963
oil reserves
value...
_
Provision for doubtful accounts
p.
—A
—
3.989
42,745
750
$503,395
$71,883
Federal income tax reserve
.....
Miscellaneous
surplus
853.
Co.—Equipment Trysts.—
General American Tank Car
is given
Bank of Chicago, as
100>2 and int., $333,000 Equip.
that the Harris Trust & Savings
trustee, calls for redemption on Nov. 1 at
gold trust certificates, Series 2, dated Nov. 1 1920 and
maturing May 1 1922; $78,000 trust certificates Series 1,, dated May 1
1920 and maturing Nov. 1 1922, and all outstanding trust certificates,
Series 1, maturing May 1 1922.—V. 113, p. 965, 540.
Note Collat. 7%
Corp.—Headquarters.—
Committees of the Corporation last week
policies which will shape the future operations of the company.
These policies call for the transfer of the executive heads of the company
from New York to Detroit to provide a closer working arrangement between
the officials of the corporation and the constituent companies.
The General Motors Corporation now includes 78 subsidiary and affiliated
The Executive and Operations
new
companies.
Sales of motor vehicles by General
Motors Cos. have more than
doubled
of this year as compared writb the
The Chevrolet Motor Co.,la subsidiary, has made s
first quarter.
atraight reduction
of $100 on its "490" mcdels.
New factory prices of touring and roadster
$525; coupe and sedan, $875.—'V. 113, p. 1058, 844.
in the second quarter
General Petroleum
Corporation .—Annual Report.—
The text of the report will be cited with the comparative
week.
Production for Years ending June 30.
balance sheet
another
5,327,327
3,505,694
Oil handled by co.(bbls.) Not stated
Sales of ref.&fuel oil(bbls.)Not stated
4,262.465
/ 02,798
prod.cos.prop.(bbls.)
yr.(bbls.)
Net stor.end of
20.063,164
11.600.495
Account for
Income
Consolidated
Years
1917-18.
4.728,359
2,139,382
20.857,650
13,279.961
1918-19.
4,211,716
1,992,440
19.938,542
12.929.211
1919-20.
1920-21.
Oil
ended June 30.
1918-19.
1919-20.
1920-21
fixed assets now
of certain stocks representing
$355,288
8.720
Gross profit and loss surplus..
Depletion of oil reserves, based on the appreciation
Chicopee Falls, Mass., Sept. 7.
owned and hereafter acquired, and by pledge
interests in affiliated or other companies
def$106.134
..
Realized portion appreciation in
outlined
See Fi.sk Rubber Co. below and V. 113, p.
27,336
I..
Net profit for the period
Profit and loss surplus
112,
819,888
73.516
19,400
&c
General Motors
died in Nova Scotia on Sept. ,5.—
V. 113, p. 854,
155.370
$1,175,176
based on cost._.
profit for the period.
Income credits—rents, discounts, &c.
—V.
$1,330,546
$295,671
281,553
Gross
over cost
to
Apr. 30*20
1,732.083
_
;
convertible notes
Other interest,
Notice
Co.—Bonds Authorized.—
-.
Depreciation
Interest
11 Mos.
to
May 31 '21
.$2,027,754
.
operating and general expenses.
Cost of goods sold,
The company has sold its wharf at Portland, Me., to that
and will retire bonds with the proceeds.—V. 113, p 540
Empire
-
Sales—Merchandise and crude oil
Profit and loss
Lines, Inc.—Sells Wharf—To Retire Bonds.city for $210,500
City, should be ready for
and fronts on 57th St.
being erected in N. Y
occupancy about Oct. 1 1921.
Is 25 stories high
for entire block between Broadway and 8th Ave.
Dividends
Electric Light Co.—Perm't Bonds Ready.
Exchange National Bank is now exchanging permanent
Denver Gas &
R. I., Westerly, R. I., and
The
Jewett City, Conn
makes up a
twisting and weaving included.
"Although the company is
United States and sells about
The
that it will subject
these bonds
The
in 1767 Broadway, Inc., which owns
York City.
and 5,000 bicycle tires per day,
per
Co.—Div. Outlook—Status.
The "Wall Street Journal" Sept. 8 says: "There will be no change in the
Common dividend of $6 a share this year, according to a director.
The
current quarterly disbursement on the junior issue is being earned, and
plants are operating at 80% capacity, grinding 120,000 bushels of corn
Corn
[VOL. 113.
CHRONICLE
THE
1160
profit (oil & transportation)..$14,280.260
Depl. of oil Ids. & leases-based on cost a 1,129,561
Selling & marketing expenses
284.369
General expenses and taxes..
1,474,523
$7,669,305
$7,864,827
289,891
1,046,968
318,068
872,614
11,391,807
$6,332,446
1.015.230
326,225
$6,674,145
172,602
-....-$12,407,037
$6,658,672
$186,639
$6,846,748
$211,245
2,229,080
808,457
78,641
1,192,248
872.372
78.641
542 849
397 950
Gross
least
equal to 125% of the First Mortgage bonds outstanding
Sinking Fund.—Mortgage provides a semi-annual sinking fund sufficient
to purchase the entire issue by maturity if obtainable at or below 110 and int.
Sinking fund will accrue from date of the bonds, and be available semi¬
annually, to purchase $500,000 bonds each year.
Consolidation—In connection with present financing, Fisk Rubber Co. is
to
consolidate,
through the acquisition of their properties,
Rubber Co. and the Ninigret Co., under a plan
with Federal
looking also to the acquisi¬
by Fisk Rubber Co. of all the stocks of the two other companies.
(Compare V. 113, p. 631, 626.)
[A dispatch from Springfield. Mass., Sept. 7 states that the stockholders
of the Fisk Rubber Co. and Federal Rubber Co. voted (a) to consolidate
the two companies and also to take over the Ninigret Co.; (6) to issue
810,000,000 bonds.]
tion
.
Combined Income Account of the
Companies Now Being Consolidated (incl.
Ninigret Co. for 1920 only).
Year ended
Dec. 31—
Net sales
1917.
$
1918.
1919.
1920.
1916.
$
$
$
$
-.59,172,358 57,419,360 46,836,567 37,922,688 23,967,121
Net earnings....
Other income.
income
Gross
Interest
on
-
...
funded debt
$280,064
......
Depreciation of equipment
-
Exhaustion of oil lands
Drilling oil wells
Amortiz. bond discount
Loss on abandonded leases(incl.Mex.)
Unproductive drilling
dividends
Preferred dividends (7 %)..._;
Federal income & excess profits
deductions
1,013,627
__(12%J2,709,143(12)2.180852(113^)1650497
......
___________
224,854
$6,615,141
$43,531
$6,273,522
$4,465,961
$8,585,108
258,286
$11,155.488
$1,251,549
$5,717,510
Profit and
224,854
363,768
224,854
taxes.
surplus...
loss surplus
Balance,
1.218,850
512,728
2.918,187
381,930
Other deductions
Common
Total
996,570
1,637,817
649,146
$573,226
Gross profit after
prov, for depr. 17,834,415
Admin
selling &
general exp... 10,589.864
16,322,484 12,923,383 11,027,561
6,912,173
9,256,230
7,264,573
5,996,831
-
.
>
7,066,254
5,658,810
5,030,730
2,309,087
1920, $3,134,305 was written off net income
in adjustments of inventories.
Since that date, further adjustments have
been made, aggregating $10,232,042, covering not only materials on hand
At the close of calendar year
but also rubber and fabric under commitment.
Company estimates that net income available for interest and taxes for
the 12 months to June 30 1922 will be in excess of $7,500,000
Balance Sheet.—The balance sheet
of
as
of June 30 1921 adjusted to show the
plan of consolidation and present financing, is given under
"Financial Reports" above.
Management—During the life of these bonds, control of the manage¬
ment through the right to elect two-thirds of the directors will be vested in
James Dean, of Dillon, Read & Co ; Otis H. Cutler, Chairman of American
Brake Shoe & Foundry Co., and H. T. Dunn, Pres. of Fisk Rubber Co
or their successors, through the issue of management stock.
Plants.—Company will own plants in (a) Chicopee Falls. Mass
(land
comprises 248 acres, buildings contain 32 acres of floor space); (5) Cudahy
Wis., (land comprises 35 acres, buildings contain 10 acres of floor space)- (cj
Pawtucket and Westerly. R
I ; and holds a lease of the plant at Jewett
City, Conn, (these three plants occupy 49 acres of land, buildings contain
16 acres of floor space), and owns certain of the stock of William A Slater
Mills. Inc., in which the company now has an equity of $869,482
Upon
completion of the payments mentioned in the note to the balance sheet
addition there was deducted from
Glidden
int., taxes and
inventory adj.x7,244,551
effects
In
surplus 81.539,439, depletion cf
based on appreciation over cost value.—V. 112, p.
v
4,603.086
Net inc. avail, for
x
a
oil lands and leases,
,
Cleveland.—Balance Sheet
Co.,
2417.
—
30 1921 (Including Subsidiary Companies).
$3,350,000 1st M. 8% bonds—V. 113, p. 1058.1
Consolidated Balance Sheet June
After
giving effect to sale of
Liabic lies—
Assets-
Real est., bldgs.&eq.
less depr §8,006,296
Good-will, trade marks, &c._
Cash
—
Customers'
notes,
accts.
376,784
742,849
3,529,250
6,410,692
141,226
215.483
463,237
47,379
692,862
Prepaid Ins., taxes & adv....
Pref. stock cash red. lund...
Deferred
assets
Com.
value
sh.—
1,614,775
....
33,510
borr'd money.
lot prop. purchi
2,746,500
224,719
632,516
Notes pay. for
Notes pay.
Accounts
_
pajrable
Accrued taxes, int., <fcc
Dividends
260,921
288,582
payable
622,097
Deferred liabilities
4,047,939
$20,626,058
side)
Compare offering
322,955
Mln. int.. Glidden Stores Co.
Surplus.
Total (each
§3,350,000
6,804,500
bonds
Cumul. stock
stock,
declared
&
for losses
(book value)
Employees' stock accounts.. .
Real estate, stks., bds. & misc
accept., less allow,
Inventory
1st Mtge. 8%
Pref. 7%
of $3,350,000 1st Mtge. 8s
in Y. 113, p. 1058.
Co.—Dividend Omitted.—The di¬
rectors on Sept. 6 decided
to omit the dividend usually
laid Oct. 1 on the outstanding 300,000 shares of capital
stock, no par value.
Guantanamo
Sugar
SEPT. 10
THE
1921.]
view of the uncertainty prevailing in the sugar
company's cash resources.
In July last, the company paid a dividend of 25 cents per share, while in
Jan. and April, 50 cents each were paid.
See complete dividend record in
Y. 112, p. 2541.
This action was taken in
industry and also to conserve the
The interest due
Co.—Interest Defaulted.—
Cable
Electric
Habishaw
7% 15-year Sinking Fund
defaulted.
1 on the $2,000,000
Sept.
Convertible Debenture bonds has been
An informal committee,
holders' committee has as
....
learn, is now acting, but no official bond¬
yet been formed.
See also V. 113, p. 423.
we
Co.—Pays Off Bank Loans.—
Hendee Manufacturing
closed its fiscal year Aug. 31 with a payment to Chase
National Bank, New York, of $50,000, the last dollar it owed to the banks.
This represents a reduc ion in bank loans of $900,000 during the year.
Current liabilities are now only $200,000 as compared with quick assets of
about $4,000,000.
In short, the company enters the new fiscal year with
working capital of $3,800,000.
A new list cf prices for the coming year is announced reducing prices of
machines about $100 each from last year's list price.
The company is
offering a new motorcycle, called the "Indian Chief," at $435.
The company is anticipating substantial business from now cn and has
put itself, physically and financially, in shape where it can get the most
out of it.
The cut in prices of its machines was fully made up by a reduc¬
tion in the cost of raw materials and by many manufacturing economies.
(Boston "News Bureau" Sept. 3.)
See V. 113, p. 1059.
The
company
Hercules Powder
An extra dividend of 1
Co.—Extra Dividend.-—
stock along
Sept. 24 to holders
March and June last,
1919 to Dec. 1920,
% has been declared on the Common
with the regular quarterly dividend of 2%, both payable
of record Sept. 15.
A like amount was paid extra in
while extras of 2% each were paid quarterly from March
113,
inclusive.—V.
845.
p.
Hoosier Rolling Mill Co., Terre Haute, Ind.—Capital.
The company recently filed notice at Dover, Del., increasing its capital
frcm $4,000,000 to
$7,000,000.
companies,
failed
denied
wasted, pending an election,
and is now using only 10% of
Company (Publishers), New York.—To
Capital and Declare 200% Stock Dividend.—
The stockholders
will vote Sept. 14
on
increasing the capital stock from
$745,000, consisting of 1,450 shares Pref. stock, par $100 each, and 6,000
shares Common stock, par $100 each, to $1,945,000, to consist of 1,450
shares Pref. stock, and 18,000 shares Common stock, par $100 each.
Pr&s. George P. Britt in a letter to the stockholders says In substance:
"The directors
on
July 27 recommended the above increase.
The sole
of this proposed action is to convert part of the accumulated sur¬
plus into capital stock and thus keep it in the business.
It was therefore
also resolved, in case the stockholders shall vote to increase the capital stock
as recommended and not otherwise,
that a stock dividend of $1,200,000
shall be thereupon and thereby declared on the Common stock and that
such dividend be at once paid by issuing to each person who is a holder of
purpose
the present
Common stock on the day when such vote shall be taken, two
stock for each share of the present Common stock so
1474.
shares of such new
Marland Oil Co.
of Mexico.—Status.—
See Marland Oil Co. under
"Reports" above.—V. 110,
p.
1753.
Maynard Coal Co., Columbus, O.—Guaranty.—
Copper Cliff and Creighton
Superior Coal & Dock Co. below.—V. 110, p. 2572.
See Standard
Co.—Refineries Taken Over.—
Oil Co. of Indiana below.—V. 113, p. 1059.
Gasoline
Island Oil
&
& Oil Co.—Receiver.—
Transport Corp.—Earnings.—
Quarter and Six
lonths ended June 30 1921.
.....'...$1,735,153
1,442,978
9,571
251,313
Months.
$4,910,824
3,171,495
17.299
501.050
$50,433
....
sales
income
Deductions
_
,
-
-----
Balance,
surplus
—V. 113, p. 541.
......
-
-
T.
6
permission by
this interest as well as
materials used in the manufacture of gas
providing the total amount cf the borrowings at no time exceeded $300,000.
The receivers were given permission to reduce the amount of receivers' cer¬
tificates by making payments when possible in order to keep interest charges
on money borrowed to a minimum.
;
A new gas rate, carrying a reduction cf 17 cents, became effective Sept. 1.
The rate to consumers will be $1 11 instead of $1 28 and the municipality
will pay 98 cents instead of $1 15.
The new rate will continue effective
until Jan. 1, in accordnace with the ruling of the Federal Court in the
gas rate case.—V. 113. p. 299.
t
Montclair (N. J.) Water Co.—City Offer Refused.—
recently refused the offer of the city of Montclair to pur¬
the distribution system, pumping station and appurtenances for
$700,000.
It is expected the city will institute condemnation proceedings.
The New Jersey General Security Co. owns the entire $500,000 capital stock.
The company
chase
"^Philip) Morris"&~Col,"Ltd. (Tobacco).—Dividend.—
Corporation.—Bankruptcy.—
petition in bankruptcy was filed Sept. 7 in the U.S. District Court at
by four creditors with claims of $3,700 against the corporation.
1
Feb.
Boston
a dividend of 20 cents per share, payable
record Sept. 19.
On Aug. 2 and Nov. 1 1920, and
quarterly payments of 10 cents per share were made; none
The directors have declared
Oct.
-
Johnson Auto Body
Rand and C. T. Jaffrey. receivers, were granted
tificates of the company for the purpose of paying
$1,255,578
Quarter.
of oil
Minneapolis Gas Light Co.—Interest—Rates.—
A.
Federal Judge Wilbur F. Booth to pay $156,220 interest on the bonded
debt of the company, due Sept. 1.
The Court also ruled that the receivers could borrow money on the cer¬
paying for labor, supplies and
of Equitable Trust Co., Wilmington, Del., has been
appointed receiver b3r Federal Judge Morris.
The company was adjudged
insolvent on the petition of Joseph A. Weldon, J. H. Lutz and C. M.
Mayer, stockholders, all of Pittsburgh.
A
distributing system of the
on
Interstate
of
since it has a distributing system of its own
the Owens River energy.
Macmillan
Increase
Midwest Refining
Otbo Newland, Pres.
Other
The Los Angeles Gas &
complete its agreement to buy the local,electrical
Southern Calif. Edison Co.—V. 112, p. 2755.
Co.—Suspends Operations.—
International Radio Telegraph Co.—Merger.—
See Westinghouse Electric & Mfg. Co. below and V. 113, p. 1059.
Cost
Court
for a period of 10 years only, and the higher coim held that it was a reason¬
able agreement to bridge over a necessary period during Avbich the city was
seeking to acquire the distributing systems of the two companies.
It is stated that this decision practically clears the way for the city to
also
Net sales
Supreme
This contract complained of by the Los Angeles Gas & Elec. Corp. was
cut from
Sept. 1 for an indefinite period.
The refinery at Port
suspended operations
The reason assigned is business
depression and the accumulation of heavy stocks for which there is no
market.
About 600 employees are affected.
Of the three big nickel com¬
panies operating in the Sudbuty district, the only one in operation after
Sept. 1, will be the Mond Co., which is producing on only a limited scale.
—V. 113, p- 736
down
Colborne
the
distributing system of the two companies.
the
See
Nickel
The mines and smelter of the company at
closed
when
held."—V. 83, p.
three months ago when the dividend was
International
27,
Elec. Corp. claimed that this was a violation of a charter provision pro¬
hibiting sale by a city of its electrical energy by wholesale, unless authorized
by a two-thirds vote of electors.
The Supreme Court held with the Superior Court cf Los Angeles County
that it would be disastrous if the city were to allow its electrical energy to be
966, 855.
p.
Aug.
contracted with these two companies to
purchase this electricity and add it to 37,500 h. p. of its own developed
from the Owens River project, and to distribute it in Los Angeles through
International Harvester Co.—Common Dividend.—
dividend of 1
on the
record Sept. 24A liae
113,
California State
injunction.
the
city of Los Angeles had
The
The company has declared a quarterly cash
Common stock, payable Oct. 15 to holders of
amount was declared
1161
CHRONICLE
1
to holders of
1921,
^
since^—]^113^P-958.
National Biscuit Co.—Unfair Comvetition Charged.—^
competition and price discrimination are contained in
complaints just issued by the Federal Trade Commission against the
National Biscuit Co. and Loose-Wiles Biscuit Co.
The burden of the
citation is an allegation that these concerns discriminati in price between
single retail stores on group orders and chain retail stores to the disad¬
vantage of the single stores.—V. 112, p. 2648.
Charges of unfair
Kelly-Springfield Tire Co.—Sales Increase.—
Preliminary figures of August sales are 25% ahead of final figures fcr
August 1920 figures, despite present lower prices.
Final August figures
should materially increase this lead.
Final July sales were close to $3,000,000.
The company has quadrupled its sales without increase in ac¬
counts receivable.
Existing stocks of tubes held by 162 tire companies
placed at 3 weeks' supply and of tires at 5 weeks' supply, based on July
("Wall Street Journal.")—V. 113, p. 189.
sales.
National Brick Co.
of Laorairie, Ltd.—Exchange.—
scrip issued under Trust Deed dated Sept.
The holders of the bonds and
1911, and deeds supplemental thereto, are notified that the Quebec
Savings & Trust Co., trustee, has duly received the 7% Cumulative Pref.
stock, to be delivered to the holders of the said bonds and scrip in exchange
for their bonds and scrip in accordance with the plan passed at the meeting
of bondholders June 15 last.
The Preferred stock will be delivered to the holders of bonds and scrip
30
Kentucky & West Va. Power Co., Inc.—Extensions.—
Extensions and improvements are
contemplated by the company to the
plant on Little Island, to cost about $1,000,000.
The plans provide for the
installation of two additional 15,000 k.w. turbo-generator units and 6 addi¬
under present boiler an added power supply of 11,000
developed and a dam constructed across Guyandotte River.
tional Taylor stokers
volts will be
See V. Ill,
("Electrical World.")
p.
King Philip Mills, Fall River, Mass .—New Pres., &c.—
Oliver S.
President
The
Hawes, of Fall River, formerly Yice-Pres.,
succeed the late Francis A. Foster.
has been elected
to
has been declared on the out¬
$100. payable Oct. 1 to holders of
regular quarterly dividend of 114%
standing $2,250,000 Capital stock, par
Sept. 20.
A like amount was paid in April and July last.
compares with 2% paid In Jan. 1921.—V. Ill, p. 2429.
record
This
(S. S.) Kresge Co.—August Sales.—
1921—August—1920.
$4,311,184
$4,040,825
—V. 113, p. 736, 189.
Increase. I
1921—8 Mos.—1920.
$270,359 $32,584,305 $30,213,932
Increase.
$2,370,373
(S. H.) Kress & Co.—August Sales.—
Bales for August were
1920.
crease
$2,191,202,
a
decrease of $35,904. or 1.6% below
$16,890,185, a de¬
736.
In the eight months to Aug. 31, the sales were
of $246,642, or 1.4% below
Lake
1920.—V. 113,
p.
Superior Corp.—No Interest on Income Bonds.—
notified that no interest will be paid
non-cumul. Income Gold Bonds of 1904 on Oct. 1 1921.
in Y. 113, p 956.
The Phila. Stock Exchange has been
on
the $2,773,000
See annual report
Laurentide
Company.—Annual Report.—
The annual report issued Sept. 2 shows the following results for the year
ending June 30 1921 as compared with the figures for six months ending
June 30 1920 and calendar year 1919
Year
6 Mos. to
Cal Year
June 30*20.
1920-21.
Operating profits
-
Other income
Investments
1919.
Register
Co.,
Dayton,
O.—Capital.
The company filed notice at Columbus, O., Sept. 7. of an increase in
capital from $15,000,000 to $30,000,000.
The increase was made in the
second Preferred stock from $5,000,000 to $20,000,000.—V. 113, p. 425^
National ExDloration Co.—Buys More Burhank Pool.—
Mid-Continent subsidiary of Union Oil Co. of Del., has
The company,
purchased a half interest in a tract of 160 acres offsetting its producing
property in the Burbank, Okla., pool, from the Kay County Gas Co., a
subsidiary of Marland Oil Co. of Ponca City. Okla.
Holdings of the
former company in this field now consist of one 160-acre tract with 5 produc¬
ing wells and a half interest in another.
Its producing lease located on
the north end of the south part of the field, known as the Carter sub¬
division pool, is one of the most prolific in yie Burbank region.
Aggregate
daily production of the lease is close around 2,200 bbls.
The No. 5 well
on this property was the largest initial producer brought in since the opening
of the pool, gauging over 3,000 bbls. the first 24 hours—( Oil Trade
Journal* Sept. 1921).—V. Ill, p. 2331.
Nevada-California
Electric
Corp .—Debentures Offered.
Co. and Freeman, Smith & Camp Cu, San Francisco,
offering at 9014 and int., yielding 8.55%, $100,000 l^^tear_6 /C Con v.
Debentures of 1916, due April 1 1926
Authorized, $l,o00,000; retired,
$1,163,200; outstanding (including this issue), $336,800
Net earnings for year ending Dec. 31 1920 were equal to oyer 2U times
total interest charges on bonds and debentures outstanding —v
113. p 189Strassburger &
are
New Bedford Gas & Edison Light Co .—Earnings —
ending June 30 were $3,161,443, as com¬
Gross receipts for the fiscal year
1,029,829
319,637
243,404
165,123
232,651
212,604
pared with $2,815,806 in 1919.
Total expenses of the gas and electric
departments amounted to $2,208,760. contrasting with $l,&09,46o m
Total net earnings, including receipts from other sources, were $1,043./00.
against $973,148 in 1920.
Total disbursements, after payment of $12 per
share in dividends, amounted to $1,049,934. resulting in a deficit of $6,234.
$2,566,673
304,447
$2,955,978
762,686
Dividends-
1,728,000
864,000
895,395
1,392,000
Inventory reserve
2,000,000
$635,538
$431,656
depreciation..
of the trustee,
$2,510,723
1,3 >2,843
income
Cash
$2,158,145
$6,724,031
855,260
Total
Interest-.
presentation of their bonds and scrip at the office
See V. 112, p. 2197, 2756; V. 113, p. 425.
National
$5,374,565
'
Taxes and
upon
Montreal.
1188, 1665.
236,926
1920.
this compares with a surplus, after dividends, of $85./ /6for
Profit and loss surplus as of June 30 1921, $424,<89.—\ -
the year 1919-20
113, p 85b, <36
Richmond. Gas Co.—Readjustment.—
plan outlined in V. 112, p. 1523, has been adopted
May 1 1921 have been extended to May 1 1924 at
7%.
A new Junior 1st Refunding Mortgage dated May 1 1921 has been
created (Central Union Trust Co.. N. Y., trustee) and it is understood that
not more than $200,000 of these bonds will be issued, principal**, it is said,
to take care of company's floating debt.— V. 113, p. 299.
New York &
The readjustment
Balance, surplus..
—V. 112, p. 60.
$787,928
Loose-Wiles Biscuit Co.—Unfair
Competition Charged.—
See National Biscuit Co. below.—V. 112, p.
Los
2542.
Angeles Gas & Electric Corp.—City Wins Suit.—
by the coloration to enjoin the city of Los Angeles from
An attempt
earning out contracts with the Southern California Edison Co. and the
Pacific Light & Power Cdrp. to purchase 25,000 h. p. of electricity from these
and the 1st Mtge. 5s due
Niagara Falls (N. Y.) Power
The company,
Co.—Extensions.-—
it is stated, is planning for
mission system, with new line
exceas of $6,000,000. including
extensions in its electric trans¬
cost in
from Niagara Falls to Buffalo, to
steel towers, &c.—V. 113, p. 542.
1163
[VOL. 113.
Ninigret Co.—Consolidation,
President Dillingham said that a motion had been made to Vice-Chancellor
Stevenson to vacate the injunction against voting to authorize the increased
&c.—
See Fisk Rubber Co. above and in V. 113, p. 626, 681,
854.
Nipissing Mines Co.—Regular Dividend, Cash,
The directors have declared
to holders of record Sept. 30.
Financial
Statement
Total
Cash,
Cash in bank, incl. Canadian war bonds,.:
Pacific Mail
Southern
A like amount
Showing
Bullion and ore in transit and
—V. 113, p. 542, 189.
issue of preferred stock, and
See V. 113, p.
967, 737.
&c
quarterly dividend of 3%, payable Oct. 20
was paid in July last.
a
on
hand, &c______
&c.,
Peoples Gas Light «& Coke Co.—New Plant.—
According to Chicago dispatches, Oct. 1 has been set tentatively as the
date for the beginning of operations by the Chicago
By-Product Coke Co.
plants which have been constructed within the last year.
The new plant
covers 250 acres of ground and is served
by 12 miles of railroad track.
About 1,500 men are now employed on the construction work.
When
Dated Sept. 1 1921.
Due Sept. 1 1941.
Red. all or part on 60 days*
notice at 107*4 and int. prior to Sept. 1 1926 and thereafter at
*4% less
for each succeeding
year.
Int. payable M. & S. without deduction for
excess of 2%.
Penn. 4-milI tax refunded
New York Trust Co., trustee.
Denom. $1,000, $500 and $100 (c*).
Data from Letter of Vice-Pres. A. S. Huey, Chicago,
Aug. 31.
normal Federal income tax not in
completed the plan will have a daily capacity of 32,500,000 cu. ft. of gas
and will have storage facilities for 240,000 tons of coal, or
approximately
120 days' supply.
The Peoples Gas Light & Coke Co., which guarantees
the By-Product bonds (V. 110, p. 877) sold to finance a large
part of the
cost of construction, will take the
company's entire output of both gas
and coke.—V. 112, p. 2649.
par
$25.—V. 112,
p.
2313.
Phillips Petroleum Co., Bartlcsville, Okla —Earnings.
It is unofficially reported that net earnings after all
charges and taxes
for
August
were
$230,000.
The company is now said to be earning
outstanding stock on $1 per barrel oil.
some time past has been running at the
rate of over 10,000 bbls. per day.
The company opened up 17 new
properties this year and now has 884
producing oil and gas wells located on 130 properties.
Its casing-head
gasoline plants are handling about 8,000,000 cubic feet of natural gas
daily, with an output runningabout 5.000,000 gallons of gasoline annually.
This product, blended, is equal to about
10,000,000 gallons of marketable
gasoline.—V. 113, p. .">42, 414.
over
at the rate of $5 a share on its
Production at present is and for
Potomac Electric Power Co.—Bond Issue.—
company has been authorized by the P. U. Commission
The
to
issue
$2,235,115 in bonds, the proceeds to be used for reimbursing the company
for expenditures already made and for
extensions and improvements to
during the remainder of this year.—V. 112, p. 1874.
be made
Producers & Refiners Corp.—Par Value
Changed.—
Pres. F. E.
Kistler in
a
letter to the stockholders, Sept. 2, states that in
pursuance of the recent amendment to the articles of
incorporation changing
the par value of both
preferred and common shares from $10 each to
$50
each, arrangements have been made for the issuance
of the new $50 shares
Oct. 1 in exchange for each 5 shares of
the old stock, par $10.
No certificates for fractional shares of
stock will be issued, and no further
transfers or registration of shares of
the par value of $10 will be made on or
after Oct. 1 1921.
Stockholders are requested to adjust their holdings
of shares into some
multiple of five in order that each stockholder may have
the proper number of shares for
on
exact
conversion.
The New York Trust Co., 26 Broad
St., N. Y. City, and Corporation
Security Co., International Trust Building, Denver.
Colo., will act as trans¬
fer agents for the shares of
$10 par value up to Oct. 1 1921, but all $10
shares to be converted into
$50 shares should be forwarded to New York
Trust Co., as that company will be the
sole transfer agent for stock after
Oct. 1 1921, and will therefore handle all
conversions into the new
ferred and
new
common
pre¬
stocks.
The corporation reports the
bringing in of a new well No. 6 in the Burbank Field, Osage Nation,
Okla., with an initial production of 4,500
barrels per day.
This is the largest well ever drilled in
by the corporation.
—V. 113, p. 1060, 542.
P.
S. Commission has granted the
company permission
to issue $2,229,000
8% Cumul. Pref. stock, part of the proceeds to bo used
for extensions and
improvements.
This stock, part of the
$5,000,000
recently authorized by the stockholders and
approved by the Commission,
xt8 understood, will shortly be offered to the present stockholders.
—V. 113, p. 300.
Corporation of America.—Acquisition,
See Westinghouse Electric &
Mfg. Co. below and V. 113, p.
&
&c.—
1061.
River Raisin Paper Co.—Bonds
Offered— Elkins, Morris
Co., Philadelphia; Otis & Co. and Edward B. Smith &
Co., New York, are offering at 99 and int.
yielding over8%
$2,200,000 8% sinking fund (closed) 1st Mtge. bonds.
Dated Aug. 1 1921.
Due
(c*).
A-ig.l 1936.
Denom. $1,000. $500 and $100.
Int. payable F. & A. at Cleveland
(Ohio) Trust
for the normal Federal income tax
Co., Trustee, without
up to 4%.
Company will
refund the Penn. State Tax up to 4 mills. Security Trust Co., Detroit,
Co .-Trustee.
Callable as a whole or for annua!
sinking fund requirements
py lot at 105 and int. Compare statement of property earnings and tenta¬
tive balance sheet in V.
113, p. 190.
deduction
(A. L.) Sayles & Sons
Co.—Suit—Report
A suit has been filed in
the
—
Superior Court at Providence, at the instance
stockholders, against former stockholders to recover
$179,304 alleged
to have been
fraudulently paid in dividends for the purpose of
making its
stock salable and $62,500
paid in brokerage commission.
This transaction
took place at the time of
reorganization it is alleged.
The report of the
creditors'^committee (which took charge of the com¬
pany s affairs Feb. 12 1921) for the first six months of 1921 is
given in
brief as follows:
of the
and
P"*1* and loss Jan- 1 1921 to June 30 1921:
Net sates,
profit, $70,775; administrative expense, $33,269;
selling
expense, $38,975; operating
loss, $1,468; additions to income,
$10,117;
:^?3uctio^vI6.'044: net;
$2,407,708, additions, $158,986; total Proflt- $2,605; deficit Jan. 1 1921,
deficit, $2,566,694; deductions and
adjustments, $19,555; deficit June 30 1921, $2,547,1^9.
Balance Sheet June 30 1921.
$975,563;
gross
Assets
$1,479,587
6,550
88.307
-----
Accounts receivable
Rents
361,549
1,674
receivable
Inventory
Preferred stock
Common stock.
Stock
$1,800,850
1,328 000
subscribed
$5,188,907
__________
Banks
$/38,125,
has investments.
trade
Accounts
payable
Notes payable'.
•
143,453
11 875
Total
creditors not-es
—
Common stock
were
$342,634.
$5 jgo 997
bonds, leaving $6,500,000 outstanding.
Earnings.—Annual net revenue from collateral deposited is $1,402,000,
$1,655,872,
an
increase of 14%
over
August 1920
Corporation.—Organized.—
For the
same
period 97.79% of the earnings
pany's holdings of public securities,
other investments.
derived from the
was
leaving only 2.21%
com¬
derived from its
Sinking Fund.—Sinking fund of $300,000 p. a. for first 3 years commen¬
cing Dec. 1 1921 calls for deposit with the trustee of $25,000 on the first
day of each month.
Commencing Dec. 1 1924, sinking fund payments
will be $160,000 p. a. on a quarterly basis.
Moneys are to be used for
purchase of bonds of this issue at lowest prices tendered
up to redemption
price.—V. 113, p. 1061, 427.
Standard Oil Co. (Indiana).—Midwest Refineries.—
,
It has been announced that the Standard Oil Co. of Ind
will on Oct. 1
over the operation of the
plants of the Midwest Refining Co. at Casper,
Greybull and Laramie and after that date will act as agent of the Midwest so
far as the refining end is
concerned, without
take
encroaching on the Midwest
producing department.
The Midwest will continue its activity in pros¬
pecting and developing oil resources in Wyoming and neighboring States.
V. 113, p. 1061.
Studebaker Corp.—Reduces Prices.—
President A. R. Erskino, Sept. 8, announced the following reductions in
the prices of Studebaker cars:
''Light six" roadster from $1,300 to $1,125:
touring car from $1,335 to $1,150; coupe. $1,695 to $1,550: sedan, $1,995
to
$1,850.
and
South Porto Rico Sugar
again adjourned until
Sept. 22.
Comparative prices last December
$2,450.
sedan,
Touring
were:
The company's plant at South Bond is still continuing
capacity force of
more
car,
$1,485.
production with
Co.—Meeting Again Adjourned.
<
a
than 7,000 employees.—V. 113, p. 1061, 626.
Superior Coal & Dock Co., Duluth—Bonds Offered.
Chicago Trust Co. are offering at 99 and int. the unsold balance of
$650,000 First (Closed) Mtge. 8% Serial gold bonds.
Guaranteed principal
and interest by Maynard Coal
Co., Columbus, O.
Dated July 1 1921.
Due serially July 1 1922 to 1934.
Int. payable J. & J. in Chicago or
New York without deduction for normal Federal income tax not
exceeding
2%.
on
Denom. $1,000. $500 and $100 (e*).
Red. on or after July 1 1926
int. date at 106 and int.
Central Union Trust Co., N, Y. trustee.
any
Bonds
are
secured
by
a
closed first mortgage
upon
the property of the
company which consists of a modern dock for handling and storing coal,
with all facilities for unloading coal ftom lake vessels and
reloading the
same into cars leaving the dock.
Superior Copper Co.—Abandons Property.—
A Boston dispatch Sept. 7 says that President R. L. Agassiz is
authority
for the statement that the property, which has been closed for
the past
8 months, has been permanently abandoned.
This action, it is said,
was taken only after the expenditure of a
large sum of money in a compre¬
hensive exploration of the property by diamond drilling crosscuts with such
discouraging results as to offer no inducement for the expenditure of any
further funds on the property.
Of the 100.000 shares (par $25) authorized
and outstanding, the Calumet & Hecla Mining Co. owns
50,100.
Company
paid an initial div. of $1 per share Oct. 10 1916 and $1 per share April 30
1917.
None thereafter.
'
Tamarack
Co., Pawtucket, R. I .—Retires Pref. Stock.—
The company filed an amendment to its charter
Aug. 26 with the
of State of Rhode Island, reducing its
capital from
Secretary
$2,200,000 to $1,000,000
by the retirement of $1,200,000 Pref. stock.
The company manufactures
auto tire fabrics, supplying big concerns, main
plant in Pawtucket.
Texas
See
Co.—Mexican
Events'" in
"Current
Supreme Court Sustains Co.'s Right.
last
week's
"Chronicle,"
p.
1020.—V.
113.
1061, 968.
Co., Okla.—Taken Over.—
See Middle States Oil Corp. in V.
Union Ice
113,
p.
1059.
Co., Pittsburgh.—To Retire Pref. Stock.—
The stockholders will vote Sept. 15 on reducing the capital from $1,200,000 to $600,000 by retiring the $600,000 7% cumul. preferred stock.
Union Oil Co. of Del.—Sub. Co.
See National
Acquisition.—
Exploration Co. above.—V. 112,
United Cigar Stores Co. of
Gas
Decrease I
p.
1875, 1862.
America.—August Sales.—1921—8 Mos.—1920.
$240,0081 $50,102,228
$49,860,399
Increase.
$241,829
Improvement Co., Phila.—Citizens Offer
Philadelphia Gas Works.—
Certain prominent citizens of Philadelphia, headed by Samuel H. Barker,
on
Sept. 7 presented a communication to Mayor Moore concerning the
situation between the city and the U. G. I. Co. regaiding the lease of the
Phila. Gas Works.
The communication says in part:
"As procedure and for accomplishment, let the whole problem be sub¬
one or two men competent in the matter of gas manufacture and
service and experienced as negotiators, representing the municipality and
mitted to
The adjourned special
meeting of the stockholders scheduled for
Sent 8
vote on increasing the preferred stock
from $5,000,000 to
$10 000 000
was
or
5 times annual interest charges on this issue.
Actual net revenue of
Standard Gas & Electric Co. for year ended June 30 1921 was $3,153,312,
which did not include any income
applicable from $1,849,931 of earnings
retained by the public utility subsidiaries for surplus and reserves.
Plan to Settle Lease of
Corp.—August Sales.—
See Diavison Chemical Co. above.
to
12,679,550
over
1921—Aug.—1920.
$6,251,074
$6,491,082
V. 113, p. 738, 427.
trarto
1'^p^r^112'800'000' as comSilica-Gel
i5.000,000
x $11,800,000 have been
issued, of which $5,300,000 have been canceled
from sinking fund payments,
treasury cash and proceeds received from the
sale of securities pledged under Collateral Trust
agreement securing these
United
Schulte Retail Stores
Sales for August
•
Purpose.—Proceeds will provide funds towards the payment of $3,107,500
7% Convertible Sinking Fund notes due Nov. 15 1921.
The $620,000 7%
Coll. Trust notes, due Sept. 1 1921, were
paid off (see V. 113, p. 1061).
Capitalization After This Financing—
Authorized. Outstanding.
Secured7K% 8. F. bondsdue Sept. 11941 (thisiss.)
Closed
$3,500,000
Convertible 6% bonds due Dec. 1 1926
$30,000,000
x6,500,000
6% gold notes due Oct. 1 1935.
15,000.000
8,790,650
8% Cumulative Preferred stock
30.000,000
12,667,400
7 075
.......
x
Security.—Direct obligation of company.
Pledged as part collateral
security will be entire capital of Byllesby Engineering & Management Corp.,
including contracts of that company, extending beyond the life of these
bonds, with the public utility subsidiaries of Standard Gas & Electric Co.
Additional collateral security $2,019,000 bonds and notes and $4,912,800
Preferred stocks of companies in which Standard Gas & Electric Co.
Turman Oil
601,217 Other current liabilities._
18,549
102,883 xSuspended under creditor's
2,547,139
agreement
1,879,105
Deferred & prepaid items.
Deficit
Total.
ties, among which are Minneapolis. St. Paul, Louisville, Mobile, Tacoma,
Oklahoma City, Stockton, San Deigo and other cities.
Liabilities—
Plant, &c., less deprec
Liberty bonds
Casb
Company.—Company and its subsidiaries constitutes one of the largest
public utility and management organizations in the U. S.
The service of
the public utility subsidiaries
comprises 70% electric, 23% gas. 3M% trac¬
tion and 3*4% miscellaneous.
Population (est.) 2,135.000 in 533 communi¬
.
Queensboro Gas & Electric Co.—New Pre/. Stock.—
The New York
Radio
Co.—Decision.—
Standard Gas & Electric Co.—Bonds Offered.—Federal
Securities Corp., Chicago, H. M. Byllesby & Co., Inc., and
Hambleton & Co., Chicago, are offering at 94 and int., to
yield over 8.10%, $3,500,000 Secured 7J^% Sinking Fund
gold bonds (see advertising pages).
Thomas A. Graham, formerly Assistant Freight Traffic Manager of the
Southern Pacific Co., has been elected General Manager.—V. 112, p. 2198
8% Cumulative Preferred capital stock,
Edison
See Citrus Belt Gas Co. above and V. 113, p. 1061. 426.
Steamship Co.—General Manager.—
Philadelphia Electric Co.—Listing.—*
California
Southern California Gas Co.—Acquisition.—
9 '21
$3,209,526
675,035
Apr.
The Philadelphia Stock Exchange has authorized the
listing of $11,000,000
decision in the matter is expected next week.
See Los Angeles Gas & Electric
Corp. above.—V. 113, p. 1061, 738.
$3,822,714-
Sept. 1 '21.
$3,278,034
544,679
a
'
the
public, to meet with a representative of the company and prepare a
lease, subject to approval by the city.
This we urge in no disrespect
Mayor, bur; as the practical, safe and busi¬
ness way of solving quickly and intelligently a matter vitally affecting the
welfare of the city and people of Philadelphia."—Y. 113, p. 968, 738.
new
to the abilities of Council or the
1
Sept. 10
THE
1921.]
U. R. S. Candy
CHRONICLE
bonds of the company having signified, by depositing their holdings, their
approval of the plan of reorganization heretofore submitted to you by
this committee, we have this day, and do hereby declare this
plan of re¬
Stores, Inc.—To Retire Stock.—
The stockholders voted
stock if they can be
Sept. 8 to retire 100,000 shares of Class A common
acquired at $5 a share.
Compare V. 113, p. 858.
S. Light & Heat
U.
Corporation.—Financial Statement
Aug. 10 1921—Balance Sheet Dec. 31 1920.—
Pres. C. O. Miniger, Niagara Falls, N. Y., Aug. 10, says:
dated
into the hands of the present officers on Feb. 7
During the five months preceding said date, the company operated
The management passed
1921.
at
loss of $296,831, or an average of
approximately £60,000
per month.
readjustment of salaries
possible, and reductions
totalling approximately $40,000 per month were made in the overhead
operating expenses in the executive and manufacturing departments.
Immediate attention was also given to the securing of additional business.
The month of March showed a resulting profit of $3,187, April $6,116,
May $22,816 and June $35,847.
A considerable part of the profit shown for
June, however, resulted from the price at which bonds secured by first
mortgage on the property were retired.
In May 1920 sales of $577,957 resulted in a loss of $10,644, whereas in
May 1921 sales of $346,787 resulted in a profit of $22,816.
While the vol
ume of business cannot be predicted with certainty, it has been demon¬
strated that any return to normal times will result in substantial profit.
The company now numbers among its customers for its automobile
batteries—Ford Motor Co., Willys-Overland Co., Chalmers Motor Car
Co.,.Durant Motors, Inc., Dort Motor Car Co., Briscoe Motoe Car Co.,
Handley-Knight Co., Stephens Motor Works, Republic Motor Truck Co.,
and others, but the business is not dependent upon the automobile industry,
and there will be an increase in business in train-lighting equipment,
batteries for
farm lighting
devices, electric welders, &c., as business
a
The
and
management immediately inaugurated a
elimination of operating expenses wherever
new
an
improves.
.
,
The conditions resulting from the radical change in operation expenses
above set forth have placed the finances of the Company where it is assured
of continuing to operate
without concern as to Its finances.
It is confidently
expected that the next report will show even greater improvement.
Balance
Assets—
$96,712
Bills&accts.receiv.
Inventory
...
552,818
1,622,862
Property account-a2,594.811
Patents & goodwill 4,363,595
143
i
4,608,256 Willys Corp notes.
802,154
lstM.S.F.6s
Miscellaneous....
Investments
31.
Liabilities—
1920.
1919.
1919.
$242,948 Common stock..b$3,778,250 $3,778,250
595,806 Preferred stock._.c2,995,150
2,995,150
342,370
426,129
1,530,202 Accounts payable..
279,836
822,894
2,017,420 Notes payable....
1920.
Cash
Sheet—December
240"30i
155,518
1,000,000
279,387
74,780
79,940 Reserves
Deferred charges__
87,112
18,489 Accrued Items
Total
(each side)$9,548,352 $9,333,362
327,637
25,822
44.300
d$24,825
Surplu
$22,761
a Real
estate, plant and equipment as of Dec. 31 1919, $2,215,495,
additions to Dec. 31 192,), $721,374. less reserve for depreciation, $342,058,
balance
as
above,
$2,594,811.
b Authorized and issued $4,000,000,
reacquired and held in treasury $221,750.
c Authorized
and issued,
$3,000,000: reacquired and held in treasury, $4,850 (the par value of all
shares is $10).
d Surplus, Dec. 31 1919, $22,761: net loss for the calendar year, $256,216; credit adjustments covering inventory, See., $258,280, surplus, Dec.
31 1920, as above, $24,825.—V. 112, p. 753.
United States Steel
Corp.—Sui
Against Oliver Iron.—
A decision was rendered Aug. 17 by Federal Judge Wilbur Booth at
Duluth, Minn., against Capt. Alexander McDougall, who brought suit
against the Oliver Iron Mining Co., a subsidiary of U. S. Steel Corp., for
the recovery of royalties amounting to more than $19,000,000 on a claim
that the engineers of the mining company were guilty of infringement on a
patented ore washer invented by the plaintiff.
The royalty stipulated was $2 per ton.
Judge Booth absolves the de¬
fendant from all liability, on the ground tint no device can be held to in¬
fringe a combination such as the one in
uestion unless it employs all the
elements of such a claim.
The conten'ion of the plaintiff that the devices
used in the manufacture of the mining company's machine were mere
mechanical equivalents was not held valid, but the few differences existing
between the two machines distinguished one from the other, and it was
held that there was no infringement.
<•■ ■
The machine or log washer of the Oliver Iron Mining Co. was granted a
patent owing to the fact that essential elements were lacking, and under
the patent law the absence of these elements freed them of the charge of
infringement.
It Is expected that Capt. McDougall will appeal the case.
—V. 113, p. 1062, 968.
Utah
Copper Co.—Regular Dividend—Status.—
Utah Copper is a completely rounded out proposition, in every
for large funds for new construction.
board is of the same opinion it was
•three months ago that the large earnings made during 1915 and 1916,
which were not paid out to the shareholders at that time, should continue
to be paid out in reasonable amounts at the present time even though the
mines are closed, as the company still has in excess of $10,000,000 in cash
an
bonds on hand in addition to which it has several million dollars worth
2545).
way equipped, and with no necessity
Under thesee circumstances, the
of copper
paid for outright.
'
•
,
"There nas been substantial improvement in the metal market, both
foreign and domestic within the last ten days.
From a low price of 11 % @
11% cents copper has sold to-day for domestic trade at 12%, and sold
as high as 12% and
12% cents for foreign delivery.
The largest copper
purchasers abroad have been Germany and Japan.'
See Utah Power & Light Co. under "Railroads" above.—V. 113, p. 968,
•859.
Utah Gas & Coke Co.,
Els ton, Allyn &
Salt Ld.ke
City.—Bonds.—
1 1936.
carries coupon notes
calling for the payment of 3% annually.
Int. payable J. & J. 1 at First
National Bank, New York, or Continental & Commercial Trust & Savings
Bank, Chicago, trustee, without deduction for normal Federal income
tax not to exceed 2%.
Callable at 105 and int. on any int. date.
Addi¬
tional int. notes are not callable and mature semi-annually until Jan. 1 1936.
$1,000 (c*).
Cavitalization—
First Mortgage bonds
;
7% Cumulative Preferred stock.—
'
Common stock
x
Of
a
.
"
Authorized. Outstanding.
$3,000,000 x$] ,988,000
700,000
700,000
—
-
„
2,500,00d
—
total of $2,203,000 issued $215,000 have been
Earnings Year Ended July 31—
Gross earnings
Net, after operating expenses & taxes..—
Interest on all outstanding bonds, incl. this issue-
2,500,000
retired by sinking fd.
1921.
1920.
_
$673,532
229,118
$525,801
158,661
' 104,350
$124,768
Surplus
—V.
f
Western Union
under"Financial Reports" above—V. 113
succeedin
968.
Virginia-West. Power Co., Clifton Forge, Va.—Capital
has filed notice of an increase in capital from $1,250,000
$4,000,000.—V. 107, p. 1009.
West
Sacramento
(Calif.)
Co.—Plan Operative.—
At a meeting of the reorganization committee Sept. 1 the following
resolution was passed:
"Resolved. That the privilege be extended to all
non-depositing stock and bondholders, for a period of 10 days from date
by depositing their securities with the Mercantile
hereof to join this plan
Trust Co., 464 California St., San Francisco, without penalty. '
The committee urges prompt co-operation from the non-depositing
stock
stating in a letter
of 51% of the stock and
and bond holders on the grounds of personal protection,
.-that: "Stock and bond holders holding in excess
&
Mfg.
Co.—Ms
Assets
of
Telegraph Co. to Radio Corp. of America.—
has issued the following statement:
The company
The Radio Corp. of America has acquired from the International Radio
Telegraph Co. a group of patents relating to wireless telegraphy which the
Radio Corp. found it necessary to make use of to enable it to give to the
public proper and efficient service.
Among its patents were the well-known Fessenden and Heterodyne
patents which have been sustained by the Court.
The Westinghouse Elec¬
tric & Mfg. Co., a large stockholder in the International company, had re¬
cently acquired an option to purchase the Armstrong and Pupin patents
on what is known as the "feed-back circuit" which serves to
Intensify very
weak signals, and these patents are of great importance in all systems of
wireless telegraphy and telephony.
The International Co. had not embarked upon commercial work to any
very great extent and was confronted with important patents owned by
the Radio Corp., so that neither company was in position to give to the
public satisfactory service without infringing upon the patents of the other.
Under the circumstances, it was found essential that the right to use the
several groups of patents should be acquired by one corporation.
This
led to the purchase by the Radio Corp. of the assets of the International
Radio Telegraph Co., consisting principally of patent rights and a few
At the same time the Radio Corp. purchased from the
Westinghouse Electric & Mfg. Co. its rights with reference to the Armstrong
Pupin patent rights.
The purchases were made with stock of the
and
Radio
Corporation.
The General Electric Cov a largo stockholder in the Radio Corp., was
manufacturing for the Radio Corp., and the Westinghouse company was
manufacturing for the International company.
As a result of the new ar¬
rangement the Radio Corp. has available the facilities of both the General
and Westinghouse companies, which enables the Radio Corp.. which is
not
itself
an
apparatus manufacturing company, to have two sources of
supply for wireless apparatus and at the
same
time to utilize the inventions
of the several groups of
patents, thereby giving to the public the best service
possible without incurring the danger of interference by patent suits.
In addition to this, another source of
supply for certain lines of wireless
apparatus is the Western Electric Co., which manufactures for the American
Telephone & Telegraph Co,, which is licensed under the entire group of
patents for commercial wireless telephony, while the Radio Corp. receives
rights under the wireless patents of the Telephone company for its field.
[It is understood that purchase of assets of International Radio Corp.
was made with Radio Corp. stock in amount of 1,000.000 shares of Pref.
stock (par $5) and 1,000,000 shares of Common stock (no par value).
In
1921 authorized Pref. stock $25,000,000 and authorized Common
5,000,000 shares.
Capital stock outstanding of Radio Corp. as of Dec. 31
1920 included $13,525,870 7% Pref. and $9,611,392 Common stock.
Gen¬
eral Electric controls Radio Corp. and American Tel. & Tel. holds a iarge
block of stock.
Stock to be taken over by Westinghouse will be treasury
stock, it is stated.J—V. 113, p. 739, 301.
March
Whalen
Pulp & Paper Co.—Operating Management.—
The Reliance Mill &
Trading Co., a U. S. concern, which has been in
charge of production for the Whalen for the past 8 months, has withdrawn
from the operating management.
The Whalen Pulp & Paper Co.'s wood fibre plant has been reopened,
employing about 300 men.—V. Ill, p. 1573.
White
Motor
Co.—Sales—Business.—
A statement
approved by the company says in substance:
"The com¬
in the first half of 1921 sold 3,526 trucks, which was 11% of total
truck sales for the period.
This compares with 7.5% which was the White
Co.'s proportion to all truck sales the first half of 1920.
A news agency
figures that the sales of all trucks in the United States for the second quarter
of 1921 totaled 39% of sales in the corresponding period of 1920, while
the Company did 51% as much business as in the same quarter of 1920.
"The company's business has been stimulated since the price of trucks
was reduced with the result that the plant is operating five instead of four
days a week."—V. 113, p. 1062.
Willys-Overland Co .—Financing Reported—Prices Cut.—
Toledo
dispatch Pept. 8 says that Pres. Willys and V.-Pres. W. Chrysler
a series of conferences relative to plans for a new
pioduction schedule and further financing of the corporation.
The dispatch
says that the company is planning a $20,000,000 bond issue through Kuhn,
Loeb & Co., New York, with which to take care of Its banking obligations
due Oct. 1, is not denied, although Mr. Willys declined to discuss the
details.
It is understood that the company will have a "revolving credit"
of $5,000,000, which, with the $10,000,000 in cash the company is said
to have on hand, would give it a wording capital of $15,000,000."
In connection with the new price reduction which went into effect Sept. 3,
Pres. Willys says:
"We have cut prices to the bone.
Volume production
at last has freed us from the shackles of war-priced materials.
The public
now gets the benefit of great manufacturing efficiency, low costs and the
lowest prices in our history."
The new prices are as follows: (a) Chassis, $485 (reduction $105)
touring
$595 (reduction $100) roadster, $595 (reduction $100) coupe, $850 (reduc,
tion $150)
sedan, $895 (reduction $380)
(b) Willys-Knight touring
$1525 (reduction $370)
roadster, $1475 (reduction $420)
coupe, $2,195
(reduction $355) sedan. $2,395 (reduction $355).—V. 113, p. 635, 427.
have arrived at Toledo for
(F. W.) Woolworth Co.—August Sales.1921—August—1920.
$11^637,578
$11,078,646
1921—8 Mos.—1920.
Increase.
$558,932 $84,621,005 $82,762,757
Increase.
$1,858,247
New stores added since 8ept. 1 1920, 36.
"Financial America" Sept. 7 says: "It is officially stated that a year ago
the merchandise stocks were abnormally heavy and the company was
borrowing about $6,000,000
account of excess merchandise on hand.
The company has disposed of
payable and its cash in bank is
between $2,000,000 and $3,000,000.
The loss on war-time merchandise
which had to be sold at reduced prices during the year 1921 was all ac¬
counted for in the deduction made from inventory as shown in the annual
statement Dec. 31 1920."—V. 113, p. 739, 301.
on
This year the stocks are down to normal.
the war-time merchandise, it has no bills
ended
Operating
Operating
Gas
Light Co—Earnings.—
June 30—
revenue
expenses
1920.
$1,350,151
1921.
$1,654,162
1,390,284
1,134,925
•
p.
The company
to
Electric
Westinghouse
Years
Virginia-Carolina Chemical Co .—Directors—Report.—
See annual report
Telegraph Co .—Bond Issue Ratified.—
International Radio
Worcester
109, p. 987.
Lucien Oudin and H. M. Tucker have been elected directors
the late A. J. Hemphill and the late T. W. Watts.
i
fi -w
The stockholders Sept. 8 ratified the issuance and sale of $15,000 000
15-year 6%% gold bonds due Aug. 1 1936.
'
'
These bonds were offered by Kuhn, Loeb & Co. in August at 99 and int
to yield over 6.60%.
See offering in V. 113, p. 739, 859
.
Co., Chicago, fire offering at price to yield 8% $165,000
1st Mtge. Sinking Fund gold bonds of 1906, due Jan.
In addition to 5% 1st Mtge. coupons, each bond
Denom.
organization in effect and operative."
An informal meeting of bondholders who had not
deposited their bonds
was held Sept. 1 and the unanimous
opinion of those
present was to reject the plan.
A committee, headed by G. J. Rector
Pres. of Nevada County Bank, was appointed to call on the Mercantile
Trust Co. to ascertain what the trustee was willing to do in the
way of
protecting the bondholders, or whether these holders of underlying securities
would be forced to other remedies.
It is the opinion of the committee
that the rights of the bondholders are seriously impaired by the
reorganiza¬
tion plan and that definite action for their enforcement is necessary.
See
plan in Y. 112, p. 2776.
:
with the committee
pany
The company has declared a quarterly dividend of 50 cents per share on
Its capital stock, payable Sept. 30 to holders of record Sept. 16.
Charles Hayden of Hayden. Stone & Co., a director, says: "There is
•practically nothing to add to the statement published three months ago at
the time of the declaration of the preceding quarterly dividend (V. 112,
p.
I
coastal stations.
936,800
Funded debt.....
Dis.on fund. debt.
1163
Net income
$263,878
$215,226
Balance, surplus
81:752
<64,830
Profit and loss surplus June 30--—
281,127
226,678
Total assets as of June 30 1921, $5,651,181, an increase of $185,289.
—V. Ill, p. 400.
Worthington Pump & Machinery Co.—Div. Decreased.
The directors
on
stock of $4 a share,
as
follows:
Sept. 8 declared an annual dividend
on
the Common
per share
payable in four quarterly installments of $1
Oct. 15 1921 and Jan. 16, April 15 and July 15 1922, to
stockholders of record about 10 days before the day of payment.
This
compares with 1%% paid quarterly from April 1920 to July 1921, incl.
The regular quarterly dividends of 1% % on Class "A" Pref. stock and
1%% on Class "B" Pref. stock have been declared, both payable Oct. 1
to holders of record about Sept. 20.—V. 113, p. 91.
each,
i
CHRONICLE
THE
1164
halted
the
ginia.
(&ommzxti<xl %imzs.
TRe
COMMERCIAL EPITOME
Friday Xiyht. 8ept. 9
York.
trade continues
to
increase somewhat,
These things are ac¬
Stocks have advanced.
2 to 0 cents.
in the busi¬
speculation
in some commodities, as for instance cotton, may at times
go to rather extreme lengths, but economic law provides
its corrective, a practical illustration of which was seen at
times during the week in such sharp setbacks as $15 to $20
cepted as surface indications of a better feeling
ness Community of the United States.- Possibly
a
bale here and at New Orleans.
South has been
The
greatly helped
by the advance in
prices of the last two months of roughly $45 to $50
and also by the advance in rice and other com¬
modities.
Old debts have been paid off there; frozen cred¬
cotton
a
bale,
liquidated, and the banks and merchants are
At the West also the recent rise in prices
has put the farmers in funds and also had the effect of
2iquidating some of the long outstanding obligations.
The
textile industries at the South and New England are more
active at rising prices.
Wool sales in foreign markets are
at advances of 5% to 15%.
Collections in this country are
its have been
in better shape.
time during the present year.
marketed with great rapidity after
last year's sorry experience in holding back, and there are
signs that the Cotton farmer, after seeing the price fall
$150 a bale on last year's holding-back movement will take
a leaf out of the grain farmer's book and follow suit, much
to the advantage of both of these great sections of the coun¬
said
the
be
to
best of any
The wheat crop lias been
try.
Jobbing trade shows some slight increase.
Retail trade
is rather better.
The industries are looking up.The out¬
increased. The total
nearly a year and a
Unemployment lias decreased somewhat.
Projects
put of pig iron and steel has recently
of August building is the largest in
half.
foot
are
on
the
best
relieve it by Governmental measures.
to
But
of relieving unemployment is to reduce the
way
that will enable industries to use
labor on a larger scale.
That is the natural way, and in
the end the only way by which the situation can be perma¬
of labor to a price
cost
relieved, not by charity, or anything
semblance of charity. When labor, like the manu¬
facturer and farmer, is prepared to sell what it has to sell
at a price within the buyer's ability to pay, the whole situa¬
tion will clear up automatically.
It is, of course, a sorry
mistake to keep up the price of labor when this merely
keeps labor out of employment.
Lower costs would mean
larger production, greater employment, lower prices, larger
consumption, and reduced costs of living.
Labor has ser¬
vices to sell and the price must come down with the price
nently and radically
having
of
a
what
be
must
the
a
farmer and
square
manufacturer lias
to
sell;
there
round, and not until there is a
deal all
deal all round will unemployment, with all its hard¬
ships. both to labor and society at large, cease.
Meanwhile,
square
despite all drawbacks, the trend in American trade is to¬
ward some improvement.
There is a big foreign demand
for
report
increase of 2.S71 employees re¬
United States Em¬
Washington wired that booming cotton
interpreted by high Government officials to mean
of business revival upon a permanent basis.
Officials whose words count said that business has now
prices
the
are
real
start
definitely entered into a stage of revival, and that prosper¬
ity is the next stage of the process of readjustment.
More
men. it is said, are at work in the Southwest than at any
time since last fall.
The Missouri, Kansas & Texas RB. re¬
its shops at Deriison.
opened
selling around $12 50,
In the Pacific Northwest lumber is
far from
level, and is being exported
liberally by vessel to South America and Orient and sea¬
board territory.
This helps general business, and railroads
not
or
again
the pre-war
enjoy
should
tion of building in
a
large lumber haul with the resump¬
interior cities.
Crop conditions out there
unusually good, and there is sure to be sufficient food
are
The Northwest is more
regardless of financial conditions.
cheerful than the East.
The
in
the
In
Studebaker
Corporation
made
has
reductions
new
South Bend, of $145 to $180.
lien dee Manufacturing Co. announces a re¬
price of its cars, f.o.b.
Boston
the
duction of 22%
% in prices
on
11 lines of motorcycles.
August pig iron output increased 10%
remains very low. President Harding insists
repealed
as
The
July, but still
over
that the excess profits tax be
of Jan. 1 1921, and it is stated in Washington
dispatches that his wishes will be complied with.
much
uncertainty
32%, effective
reduction of the high surtaxes to
(late.
But
it
is
believed
that
Naturally merchants
interested in this matter.
trade
will
sa me
be
ar¬
into effect next Jan¬
manufacturers
and
much
go
as to
the
on
compromise
a
ranged. whereby the reduction will
uary.
There is
to what course will be followed
as
are
very
long enough.
The
War taxes have
buildings and timber at Camp Upton
$300,000.
The original cost
was
hampered
sold
were
$15,000,000.
for
The Govern¬
ment retains the land and cement foundations for
an
emer¬
site. Surplus materials sold by the War Depart¬
week amounted to $1,599,000. bringing a* total
gency camp
ment
last
revenue
of
$1,457,846,000 from such sales since the armis¬
tice.
The
first frost of the
season
was
in the vicinity of O'Neill. Nebraska.
in Montana; at
LARD
Helena it
was
reported Monday night
It was snowing' to-day
down to 34 degrees.
prime western 12.30@12,40c.; refined to
Continent 14c.; South American 14.25c.; Brazil in kegs
15.25c.
Futures declined with hogs.
Eastern interests
bought Jan. and Mar. lard believing it to be cheap as com¬
pared with cottonseed oil.
But nearby months were sold
prettv freely by packers and a reaction followed.
At one
lower;
time lard felt the effects to
in cotton.
But later
made
some
extent of the great
advance
time ago.
the
drop in the price of hogs was the
dominant factor. To-day prices declined with hogs off 10
to 25c.
Packers bought Oct. prices are down 80 points
for the week.
There was heavy buying of Jan. and March
lard last week by houses with extensive cotton connections.
Provision specialists estimate that around 4,000.000 lbs.
were bought to hedge against short sales of cottonseed oil
DAILY
some
CLOSING
on
PRICES
OF
Sat.
LARD
Mon.
September delivery.cts.il.95
October delivery.
12.02
January delivery...... 9,87
FUTURES
Tues.
IN
Wed.
CHICAGO*
Thurs.
Fri.
11.87
11.60
11.42
11
12
Holi- 12.00
11.65
11.50
11
20
1 0.00
9.80
day.
10.07
9.75
PORK
dull; mess $25.50@$26; family $30@$34; short
$23@$27.
September closed at $17.60 a rise this
week of 10c.
Beef, steady; mess $12@$14; packet $13@
clear
$14; family $15@$16; extra India mess $19@$20; No. 1
canned roast beef $2; No. 2, $3.25; 6 lbs. $16.50.
Cut
meats quiet and lower; pickled hams 10 to 20 lbs. 21pgc.;
scale.
grain, and exports of wheat are still on an enormous
pickled bellies 10 to 12 lbs. 16c.
Butter creamery extras
42%c.@43c.
Cheese, flats 15@21%c.
Eggs, fresh gath¬
ered extras 42@45c.
it. is
true,
still
is
rather
slow,
But,
taking the country as a whole, especially as already inti¬
mated at the West and the South, the feeling is becoming
trade,
owing to high prices and widespread unemployment.
cheerful.
The Board of Governors of the New England Daily News¬
Association
paper
industry and
York
44-hour week for the printing
opposes a
a wage
increase at this time.
stevedores is threatened
for
Oct.
1
A strike of New
unless steamship
operators recede from their insistence on a 9-hour day.
Judge K. M. Landis, in his capacity of arbiter, reduced the
wages
award
of Chicago building trades by from 10% to 33%, the
affecting about 50,000 union workers.
As a result
of his decision,
a
boom in
Chicago building is looked for.
The, new navy wage scale, decreasing by 10% to 20% the
pay
Vir¬
in
Georgia
and
Mail-order
our
more
mills
texrile
to figures sent the
according
ployment Bureau.
1021.
with the
West and the South in the best shape, owing to recent ad¬
vances in the prices of their products.
Cotton has recently
advanced .$40 a bale, including $8 to $9 a bale during the
past week.
This, curiously enough, has had a certain brac¬
ing effect on the stock, grain, provisions and coffee markets,
acting for a time, indeed, as a leader among the specula¬
tive markets of the country.
Fluctuations in cotton have
been wild, and the 200-point limit provided for in the rules
of the New York Cotton Exchange for daily fluctuations up¬
ward or downward have been reached more than once.
But
the crop is believed to lie short; rains in the Southwest
threaten to lower the grade: a tropical storm is feared
over Sunday, arid mills have been buying the near months
freely,
Wheat is up 10 cents for the week, and other grains
Xeir
General
310
The
South Carolina
Carolina,
from July 15 to Aug. 15 an
engaged.
I
revival.
textile
North
of about 68,000 civilian
Secretary Denby
on
employees,
the 8th instant.
The
was
new
approved
by
scale becomes
effective Sept. 15.
The
Cliadwick
Cotton
COFFEE
the
V
steady; No. 7 Rio 7^@7^e.;
No. 4 Santos 10%@112^e.; fair to good Cucuta 10%@llc.
Futures advance under the spur of an increased speculation
traceable in part to the great advance in cotton and to some
extent to a rise in stock.
At times, however, both Wall
Street and Europe sold.
And this in a measure neutralized
the effect of trade buying, outside speculative demand and
higher Brazilian quotations and a somewhat better spot
situation.
On the whole, prices advanced under the stimu¬
lus of Wall Street and other buying coincident with higher
prices for cotton and stocks.
To-day prices advanced and
closed 35 to 40 points up for the week.
on
spot
(unofficial) 7%c I December—7.68@7.69 • May
September _7.36@Nom. |March
-7.98©7-99! July
S.14@8.16
---8-27@8.29
Spot,
SUGAR.—Spot
ravrs
have been
more
or
less unsettled,
owing to large arrivals and dullness of the refined product,
which has declined to 5.60@5.65.
Porto Rico sold it seems
Mill,
Charlotte, N. C., reopened
full working force, leaving only
one Charlotte mill, the Calvine, still idle, as a result of the
strike of textile operatives.
At Fall River cotton mills are
at 4.61c. c.
a
stated
nearly all in operation and the labor situation lias improved.
The erratic movement of the cotton market, however, has
waiting market than anything else, pending further develop¬
ments.
Philippine sugar due second half of Sept. sold at
yesterday with practically
at
i. f. Sept. 10 loading.
Full duty sugar sold it is
c. i. f.
The demand for raws has been
2.80e.
rather indifferent.
denied later.
Sales of Cuba rumored at
one
On the whole it has been rather
time
more
were
of
a
Sept. 10
THE
1921.]
CHRONICLE
43sc. c. i. f. and Porto Rico prompt shipment without port
options at 4%e. e. i. f.; full duty sugar 2.75c. e. i. f.
Re¬
ceipts at Cuban ports for the week were 31,228 tons against
26.032 last -week, 19.796 last year and 38,839 the year before.
Exports for the week were 62,686 against 77,874 last week,
32,427 last year and 94,454 in 1919; (stock, 1,225,285,
against 1,256,743 last week, 314,401 last year and 757,457
in 1919.
Exports included 35,927 tons to U. S. Atlantic
ports, 2,857 to Galveston, 4,157 to Savannah, 2,000 to
Canada and 17,745 to Europe.
To-day prices were prac¬
tically unchanged for futures which end 6 to 13 points lower
for the week.
Spot unofficial
4 ?! c. | December
September__2.80@Nom (March
__
2.55@2.57IMay
2.44@2.451 July
2.49® 2.51
2.64@Nom
OILS.—Linseed
quiet but steady.
Linoleum interests
purchasing from hand to mouth.
August carloads were
quoted at 73@75c.; less than carloads, 77c.; five bbls. or
less, 79c.
Cocoanut oil, Ceylon bbls., 9@934c.; Cochin,
9%@10e.; olive oil, $1 10@$1 20; Soya bean, 10@1034c.
Lard, strained winter, 87c.
Cod, domestic, 40c.; New¬
foundland, 43c.
Cottonseed oil sales to-day, 18,400 bbls.
September closed at 9.75c. to 9.84c.; October at 9.70c, to
9.75c.; December at 9.62c. to 9.64c.; January at 9.63c. to
9.65c., and March at 9.78c. to 9.79c.
Spirits of turpentine,
68c.
Common to good strained rosin, $5 25.
are
PETROLEUM quiet with the trend of prices believed to
There was a report that a carload of cased
1165
would be granted by holders.
However that may be, it is
clear enough that the tobacco trade is still sluggish.
When
it will awaken is a matter of pure conjecture.
The weather
has been favorable for
ripening and curing tobacco.
The
Government report says the crop is declared to be small
in Kentucky with some rust.
In New England harvesting
is nearly over.
firmer but quiet at 1234c. for electrolytic.
quiet but steady at 27@2734c. for spot.
Lead steady
but quiet at 4.50c. for spot, New York.
Zinc in small
demand but steady at 4.20@4.25c. spot, St. Louis.
COPPER
Tin
PIG IRON production, it turns out, increased during
August to 954,193 tons, or 30,780 tons per day, as against
864,55 tons in July, or 27,889 tons per day.
The trade has
latterly been less active, so far as actual sales are concerned.
But some insist that the position is better, that the demand
is increasing and that is to a certain extent reflected in the
increased output during August.
On the whole the feeling
is rather more cheerful as the increase in August production
marks the first gain recorded for 10 months past.
Prices
are
steady.
In the Buffalo district they are said to be
firmer.
Eastern Pennsylvania is offered at $19 50 to $20
as to grade at the furnace; Buffalo is quoted at $20 and up¬
ward, which checks business.
Chicago talks more cheer¬
fully.
Coke is in better demand and steadier at $3 to $3 25
for furnace.
be downward.
gasoline had been offered around 30c. per gallon with more
offering at slightly higher prices.
Larger refiners still quote
32Mc., but it is said they too would probably shade prices
for an order worth while.
Fuel and gas oils are quiet.
Kerosene remains quiet and unchanged.
Gasoline, U. S.
Navv specifications, 17c.; export naptha, cargo lots, 1834c.;
63 to 66 deg., 2134c.; 66 to 68 deg., 2234c.
Refined pe¬
troleum, tank wagon to store, 13c.; gasoline/steel bbls. to
Kerosene for export in cargo lots, 6 to 7c.;
garages, 24e.
in bbls., 13®14c.; K cases, 1734@18/4c.
Cabell
Somerset, 32
and above
Ragland
$1 38 Electra
$2 25 Indiana
1 20 Princeton
Pennsylvania
Corning
11
deg.
1 27
Strawn
Illinois
1 27
Thrall
Plymouth
1
0 65 Healdton
1 10
Kansas
0 60
&
1 80
Moran
Okla¬
homa
Corsicana, light—
Lima..—-A—1 58 Corsicana, heavy.
Wooster
1 00
Henrietta
85 Caddo, La., light.
50 Caddo, heavy
$1 00
100
1 00
1 00
1 00
1 00
1 25
60
has
been:quiet with sharp competition still a
plates, shapes and bars.
Prices are usually
1.65 to 1.70c., with Chicago sales on a lower basis calcu¬
lated from the Pittsburgh standpoint.
Broad iron pipe
recently has been reduced $10 to $18 per ton.
Here and
there a somewhat better business is reported, but in the main
sales are slow.
The steel business has not yet reawakened.
STEEL
feature
in
WOOL has been less active, with the better grades which
readily salable steady.
London has been stronger
expected.
Australian markets have been higher and
fairly active.
Melbourne 64-70s warp wools, it is claimed,
cost about 70c. clean landed free of duty.
In Boston staple
territory clips in the original bags have been quoted at
about 75c. clean basis; short combing, fine and fine medium
clips, 65c. to 70c., and clothing types about 60c. to 65c.
In London on Sept. 5 offerings of 10,770 bales of wool were
jointly submitted at the auction by private owners and by
are
most
than
RUBBER, dull, lower and unsettled.
A plan to reduce
production in the Far East has fallen through.
Some the British Australian Wool Realization Association. France
Sydney, 2,056
manufacturing centers report a better business however. and Germany bought freely at firm prices.
Greasy merino, although in a hurry condition, was
Smoked ribbed sheets on the spot and for September delivery bales.
Combing 1134d. to
was quoted at 1434c., October-December,
1434c., January- sold chiefly to Continental buyers.
19d.; broken 1034 to 1634d.; pieces 7 34 to 1434d.
Vic¬
March 1534 and January-June 16c.
Paras unchanged at
toria, 1,295 bales.
Greasy merino 15%d. to 2134d.; scoured
1734c- for up river fine, 9% for coarse, 1634c. for island fine,
New Zealand, 6,234
and 734 for coarse.
; A 1934 to 3134d.; pieces 2034 to 2334d.
bales crossbreds, the biilk going to Yorkshire.
Greasy
HIDES have been firm.
Desirable stocks in the River
534 to 1434d.; scoured 1534 to 22d.
In London on Sept. 6
Plate section have been largely cleaned up, it is said.
Dry
offerings were 10,600 bales of privately owned wools.
De¬
hides have been quiet here, but apparently about steady.
mand sharper, home and foreign.
Prices 10 to 15% higher
There was a rumor given here for what it is worth that 4,000
than at the July sales for merinos and greasy crossbreds,
Bogata sold supposedly for export at 14c.
Regular quota¬ mediums and fine; coarse grades 10% up. Yorkshire active.
tions here for the home trade it appears, however, are still
New Zealand crossbreds, which covered 3,000 bales greasy
12 to
13c.
As to foreign business Wilson steers sold to
clips, halfbreds, 15 34d., and scoured halfbreds 22d.
Of
Europe, it is said, at $46, equal to 1534 cents, 90-day drafts Australian merinos brisk
buying by the Continent, of best
only.
Packer hides are said to be about steady here, but
grades.
Sydney, greasy, 2234d.
Victoria, scoured, 3334d.
on the other hand 43,000 sold at the West at some decline.
At the sale at Melbourne on Monday 5,500 bales of wool
Thirteen thousand May hides sold at 10 34 and 20,000 June
were offered and all sold.
Keen demand from America for
at 11 cents.
Country hides are reported steady but still merinos and crossbreds.
Compared with closing prices at
rather slow of sale.
the August sale" merinos fully 10% higher, fine crossbreds
OCEAN FREIGHTS have been quiet and more or less
from 5 to 734% up and medium and coarse grades 5%
weak with a big supply of tonnage.
It is said that shippers dearer.
In London on Sept. 7, offerings of 11,000 bales of
ideas are crystalizing around 18c. from the Atlantic range
wool at auction met with a quick demand at firm prices,
to one port in the Antwerp-Hamburg range and 19c. for two
mostly taken by France, Belgium and Germany.
Sydney
ports.
From Montreal the quotation is 5s. per quarter 4,607 bales; greasy merino 1234<L to 20d.; large supplies
one port, 5s. 3d. per quarter two or more parts, 6d. less for
of pieces and bellies at 1634d. to 15d. respectively; scoured
oats and Is. less for barley.
From London two boats were 25d. to 32d.
Queensland, 3,019 bales; greasy merino 1134d.
reported closed over the holiday, the first for 32,000 quarters to 2334d.;
scoured 2434d. to 3434d.
Victoria, 1,496
Montreal to Rotterdam direct at 4s. 9d., and the second to
bales; greasy merino 1234d. to 1734d.; pieces 1334d. to
the Mediterranean at 5s. 9d. one port, 5s. 1034d. two ports
2034<L; broken 1834d. to 2334d.; comeback 1234d. to 19d.;
not East of the West coast of Italy.
crossbreds, 4%d. to 1334d.
At the Sydney wool sales on
Reductions in rates on botton from Galveston to Hamburg
Sept. 7, the bulk of the offerings consisted of merinos,
and Bremen and to French Atlantic range were made last
medium sorts and average and faulty crossbreds; all were
week by steamship operators handling vessels out of Gulf
firm.
Buyers took hold promptly; prices generally a shade
ports, in order to meet certain tramp competition that had higher than those of the last sale.
Future wool sales in New
appeared both at Galveston and New Orleans.
The cut Zealand: Wellington, Oct. 11, with 10,000 bales; Napier
was
10 cents in both cases.
Since Sept. 1, 33 steel cargo Oct.
14, with 6,000 bales; Auckland Oct. 18 with 6.000,
ships, representing 237,763 deadweight tons have been bales; and Wanganui Oct. 20, with 5,000 bales to be offered.
added to the Shipping Board's idle fleet.
Total vessels of
In London on Sept. 8 offerings of 11,400 bales of privately
this class now laid up is 902 with aggregate deadweight
owned wools were all quickly sold at steady prices.
New
tonnage of 6,135,694.
The closing of three steamers from Zealand 3,834 bales greasy crossbreds, the bulk being
up-river points on the River Plate to United Kingdom and the bought by Yorkshire interests, ranged from 534 to 14d.
Continent is reported at 27s. 6d. per ton.
This is said to be Puntas 4.203 bales greasy crossbreds, in the majority went
the lowest rate of the year and is 7s. 6d. per ton under thad
to Continent buyers at from 6 to 14d.
Sydney 1,810 bales
last reported.
The number of idle Shipping Board vessels merinos and best greasy went to home buyers at 2534d.;
at anchor in Staten Island Sound was increased to
171
scoured to Continent buyers at 33d.
Other Australian
Sept. 6 when 12 more ships were added to the great fleet. merinos brought forth a brisk sale at hardening rates. Cables
Charters included 32,000 qrs. grain from Gulf to West Italy
on
Sept. 8 at the close of the Melbourne Geelong sales,
6s. prompt; 17,000 qrs. from Montreal to four ports in
state that 98% of the offering of 20,000 bales were sold
Denmark 2434c. U. S. currency September.
largely to America and England.
Selections were fairly
TOBACCO has been in only moderate demand at best,
good.
Up to 20d. was paid for choice 58-60s., compared
with 15d. a few weeks ago.
and on the whole has been rather quiet, as it has been for
American buyers paid up te
months past.
Some regard prices as about steady, but others 62c. clean landed basis for 64-70s. top making wools. Japan¬
ese
consider them no better than nominal and think that on
buyers bought fine warp wool freely.
In Boston on
Sept. 8 the Government sold about five-sixths of its eataany considerable sized purchases some concessions as to prices
THE
CHRONICLE
logue of 5,000,000 lbs. of low South American wools grading
46s. and below here as compared with less than half of the
offering of similar wool at the sale a month ago.
Greasy
wools were in some cases 5 to 10% dearer and sometimes
15% higher; scoured were on the whole about par to
5% higher than in August.
Prices, however, were rather
irregular; fairly good wools sold for less than the extreme
prices of a month ago; 29c. was paid by A Brightman & Sons
.
In addition to above exports,
our
telegrams to-night also
give us the
following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
oven
scoured, against 29c. to 31c. for similar wools at
the previous sale.
Most of the wool sold on Sept. 8 was
taken by dealers rather than byl the carpet mills.
for supers
Exports
from—
Galveston-Houston
New Orleans
Mobile
Savannah
Charleston
.
Wilmington
Norfolk
New York__
Boston
Baltimore
-_
Philadelphia
Los
Angeles
San Fran
Seattle...-Taeoma
Portl'd, Ore.
H Total—
Total
1920
Total
1919.
On
Shipboard, Not Cleared forGer-
Great
Britain,
France,
Other
Coast-
Leaving
many.
Cont't.
wise.
Stock.
SEPT.
what
10
THE
1921.]
CHRONICLE
Calculations for the future were
V
:
it is true that the weather in Texas
THE VISIBLE SUPPLY OF COTTON
coming next.
was
out of the
question.
'
As regards the crop,
at times has been rather more favorable.
in
some
State
that
1
cases
The Government
fallen
have
2y2 inches; to-day there
And
inches.
4
to
For
sharply.
temperatures in
long period
a
September 9—
Stock
they
the bolls.
tention
As regards
supplies of the world's
ernment
—-
—
.
.
—
253,000
117,000
177,000
3,000
106.000
; 1.000
69,000
64,000
22,000
—.
12,000
82,000
4,000
25,0)0
551,000
316,000
313,000
144,000
1,313,000
137,000
136,173
29,000
68,000
1,184,000
736,122
786,364
1,273,000
19,000
302,394
63,000
94,000
899,000
808,998
629,161
6,998
397,000
20,000
170,000
51,000
185,000
*675,000
838,814
661.407
19,292
American cotton afloat for Europe
264/91
Egypt,Brazil,&c.,afloat for Eur'e.
60.000
Stock in Alexandria, Egypt
233,000
Stock in Bombay, India.
...1,045,000
Stock in U. S. ports
1.30M24
are
Stock in U. S. interior towns....
The last Gov¬
987,030
U. S. exports to-day
5,415
sidered
U. S. exports
850
5,591,160
4^390,509
Liverpool stock...bales.
significant.
from
were
in
belief
a
some
the actual cotton;
come
on
continue
will
showed
They
that is
the decline in
prices.
take the ground
finished by Oct. 1.
be
to
in
brisk
■
in the Far
5,415
Manchester stock.
the
Caribbean Sea,
snow in
Continental stock
degrees at Helena, a sharp mill demand, rising spot markets
in some cases 75 to 125 points—higher stocks and grain
and
markets,
rebuyihg
points
months.
near
on
by
Prices
sold-out
are
Spot
up
bulls,
not
to
mention
for the week 165 to 185
cotton
closed
at
19.80c,
Hoi.
NEW YORK
1921.c
Hoi.
20.10
19.75
18.65
1913
.10.85
1897_c--
1912
11.75
1904——.11.00
29.10
1918----—-36.45
1911...
12.00
1903
1896—
1895..._
1917
1909.
1019
—
.21.20
1916
1935
1910
15.35
10.20
1914
—
13.25
_c
—14.00
1905.C
12.25
MARKET &
1892
1898
AT
SALES
6.44
—
1,906,000 1,843,000 1.381,000 1,118,000
-—3,585,160 2,547,509 2,714,-551 1,899,513
...
-
INTERIOR TOWNS the movement—that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
,
8.75
detail below:
8.75
---
Movement to Sept.
--10.62
NEW YORK.
Receipts.
Towns.
9 1921.
Futures
Market
Market
Closed.
Closed.
Saturday—.
_
_
195 pts. adv.
35 pts. dec..
110 pts. dec.
115 pts. adv.
"907
Very steady
steady.
200
722
2,051
3,310
1,436
15,080
619
Helena.
Sept. 3.
_
Sept. 5.
Range
4
209
4,840
3,084
33,326
574
3,656
1,140
455
215
5,481
705
149
802
'2,242
1
1
91 ;/
346
1,096
•
.
.
"""620
t
»
'f.
*
208
1,331
•
—
—
—
~
—i.,:-'-
19.27
Sept. 8.
—-
—
1,644
12,270
1,007
3,844
600
21,115
65
2,545
11,646
15,080
583
4,533
339
11,767
Augusta
8,070
26,243
3,846
4,176
95,879
4,020
8,231
756
Columbus...
1,107
2,508
3,636
325
12,389
205
280
44,766
3,084
1,197
541
8,142
3,029
23,213
Macon.
-
680
:
375
:
'
887
Rome
».
272
2,791
945
10,887
243
1,587
300
6,047
49,457
""742
'mm
500
213
0+1.
-
-
536
752
La., Rhrevcport
Miss.,Columbus
Sept. 9.
19.65
_
15,050
23,159
+ m
Atlanta.....
——
18.15
—•
—
18.65
—
19.35
199
102
1,522
3
55
500
31,000
932
1,656
32
861
1,800
1,630
1,500
Greenwood..
1,212
24,819
307
863
47
726
2,254
570
11,580
59
215
Natchez
Week.
199
Clarksdale./
Friday,
Sept. 6.
Sept. 7.
1,034
38
948
/
48,822
630
Ga., Albany...
•
10.
Athens......
Tuesday, Wed'day, Thursd'y,
—
940
3,523
1,187
5,636
24
26
....
—
18.65
>—
*
i*
120
Vlcksburg...
635
11,500
18,260
129
1,041
2
7,212
2,152
m
+
-
5,387
-
18.75-188
19.88
Closing
—
Yazoo City..
Mo., St. Louis.
Range
19.20
—
Closing
20.04
—
....
—
19.65
—
18.46
—
—
.
19.68
—
19.20
"393
8,165
112
152
85
4,174
17,499
20,337
2,640
19,792
2,566
743
467
4,358
13
870
473
9,773
3,176
196
895
250
124
357
1,693
4.4,498
835
6,734
1,000
1,000
7,102
S.C., Greenville
1,348
13,056
Greenwood..
297
975
10,652
49,939
—
•
,
—
900
85,329
42
Chlekasha...
November—
"406
Raleigh.....
Okla., Altus...
19.50-/50 18.00-110 18.4,5-173 18.00-/50
19.50 — 18.30-.40 19.55-.57
14,37/7
N.C..Gr nsboro
Tenn., Memphis
October—
Range——.
19.20-/20 19.80-/80 18.40-Z41
Range'..
20.20
—.
—
19.80
r—
18.80-195 18.40-/80
18.65-.73 19.83-.S5
January—
Nashville....
19.20-/23 19.75-75 18.40-. 38 18.60 180 18.40-/75
Range
20.23
____
—
19.75
—
—M
18.68-.70 19.60-.70
HOLI¬
Closlng
HOLI¬
DAY.
Range
DAY.
—
20.34
—
—
19.85
—
18.80.11
18.63
—
—
—
20.48
—
20.12
—
20.15
—
18.80
—
19.60
—
19.18-.30
—
Closing
18.82
—
__
19.58
■—
20.50
—
20.38
—.—
—
—,
20.55
..
—
20135
—
-
133
-
997
895
870
400
1,307
4,145
2,807
11,418
51
-
1,683
566
275
1
■■
6,373
5,138
2,622
320
7,415
2,877
4,538
615
■
.
2,711
.
"2",595
5,216 252,532
20,325
1
24
......
23,747
1,567
-
4,890
3,419
3,891
-
""871
833
809
Houston
....
-
*
-
J
„
955
1,119
««
1,099
.
*p
^
»
1,875
-
300
970
200
3.500
200
1,760
3,000
-
312",776
75,145
67,681 213,069
*
-«/.
56", 182
•
»
16,000
200
-
867
35
5,897
171
196,498
1,636
760
2,549
1,536
11,537
185
2,744
577 224 138.193 987.030
75 514
281.955
1,999
£5,169 216,654
4,379
6,457
221
Paris
—
12.791
83
'
San Antonio.
Fort Worth..
19.18-.30
-
1,408
1,113
•
2,247
V558
10,146
—
—
Total, 41 towns 137.539
19.40-/50 20.38-138 18.55-150 18.65-174 18.55a38
..
,•
«
'
May—
Range
-
»
'
April—
Range
W
•
Dallas
19.35-/45 20.12-112 18.50-150 18.60-175 18.50al2
20.45
*
Austin 5
—
March—•
-
~
14,952
7,247
15,360 221,498
611
325
Honey Grove
~—
^
w
......
1,104
895
Brenham
18.80-.11
19.60
«
203
13
'
_
Tex., Abilene..
——
February—
—
■
Oklahoma...
December—
Closing
840
11,134
1,000
1.
0
200
"'188
145
.
September—
Closing
49
_
Sprit
Kioytr
Meridian....
Saturday, Monday,
Range
:^Z.-rZ
Pine Bluff...
200
1,107
Closing
4,138
4,228
24,768
76
Little Rook.
"907
FUTURES.—The highest, lowest and closing prices at
New York for the past week have been as follows:
Closing
812
2,188
Ark.,
Strong
Weak
Total
Closing
1,792
5,602
Selma
HOLIDAY
HOLIDAY
Quiet,
Quiet,
Quiet,
Quiet,
734
Eufaula
Stocks
«
Wecki
Seasno.
Week.
1920.
10
Ship( / Zv 11>{/0
0.
2,191
Ala, Blrm'g'm.c
Total.
Sept.
.Qafif
OVyl*
is.
Week.
Montgomery.
Contr't.
Spot.
to
Receipts,
SALES
Monday
Tuesday
Wednesday.
Thursday
Friday
...
Season.
Movement
Stocks
Shipme
Week:
Spot
set out in
7.19
—
1890
corresponding period of the previous year—is
8.12
-—
1891
5.81
-
68/00
1,184,000
6.94
1893
-.10.12
29,000
233,000
.1,045,000
.
__
1918.
AT THE
8.38
...
1894
8.62
1900
1899
9.80
1906
8.88
1901
9.40
13.25
-
1902——
12.65
1908
1907
60,000
bales, a gain of 1,200,651 bales over 1920, an excess
1,495,609 bales over 1919 and a gain of 2,573,647 bales
over
7.50
_
94,000
-
of 58,826
19.80
---
—
73,000
137,000
.
Estimated.
/..//
;".'V/v, ■'
•'
Continental imports for past week have been 53,000 bales.
The above figures for 1921 show a decrease from last week
of
QUOTATIONS FOR 32 YEARS.
19.80
-.31.75
1920.
9,000
.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
„3 to
9—
Sat. Mori. Tues. Wed. Thurs.
Fri.
Middling uplands
120,000
19,000
30,000
*18,000
20,000
51,000
185,000
675,000
331,000
12,000
,
*
.
an
of 165 points for the week.
advance
1,899,513
227,000
12,000
34,000
33,000
19,000
63,000
94,000
899,000
60,000
Total visible supply.....
5,59/160 4,390,509 4,095,551 3,017i,513
Middling uplands, Liverpool
12.56d.
21.65d.
17.85d.
25.10d.
Middling uplands. New York
19.80c.
32.25c.
29.15c.
36.20c.
Egypt, good sakel, Liverpool....
23.50d.
G8.00d.
32.50d.
33.92d.f
Peruvian, rough good, Liverpool.
13.00d.
38.00d.
29.00d.
39.00d.
Broach, fine, Liverpool
11.80d.
18.10d.
I7.55d.
25.50d.
Tinnevelly, good. Liverpool—12.30d.
19.35d.
17.80d.
25.75d.
Montana and 34
—up
covering of shorts.
2,714,551
384,000
i
,000
17,000
72,000
.
Total East India,
cold
a
,,
850
.
Total American-
/
-3,685,160 2,547,509
.
India afloat for Europe
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
.
627,000
280,000
302,394
808,998
629,161
6,998
London stock
To-day prices advanced 90 to 140 points
be damaging to the grade,
Northwest, with
136,173
736,122
786,364
to'day_-._-
Liverpool stock
Greenville, Texas, advices in some
that picking in that section will be
'1
561,000
84,000
243,000
964,5 U
1,30/124
187,030
Europe
Total American
East Indian, Brazil, &c.—
From Waco have
follows:
are as
■
68,000
16,000
*126,000
170,000
838,814
661,407
19,292
U. S. port stocks
U. S. interior stocks
take
4,095,551 3,017,513
descriptions
.
47/ 000
American afloat for
de¬
i-'
59/000
157,000
Continental stock
heavy rains in Texas, said
wave
'
•'
Manchester stock.__
pur¬
disposition to
a
vital point.
a
tropical storm warning from
a
*'♦
reports of a very sharp demand from big spot houses
cases
on
Whether these
supply
Of the above, totals of American and other
against sales to mills, or simply
cases
that cotton
mand, matters little.
Total visible
Southern spot in¬
Mills want cotton.
buying Oct. and Dec.
15,000
15,000
Total European stocks......__1,601,000
India cotton afloat for Europe—
94,000
Conditions in Texas are
gloomy.
Much damage has been done by drought and wee¬
vil.
Bains, it is said, lower the grade there.
Georgia re¬
ports are dismal.
Some of the informal crop estimates are
around 6,500,000 bales.
Nobody is obliged to accept them;
they are only tentative.
But they show the drift of senti¬
ment.
The strength of Oct. and Dec. here of late is con¬
chases
60,000
weekly report was bad.
terests have been
29,000
46,000
960,000
Total Continental Stocks
mills have be¬
believed to have been considerably reduced.
1918.
188,000
56,000
117,000
11,000
57,000
Stock at Ghent
is said to be in¬
carry-over
Jobbers' and retailers' stocks of goods
depleted.
come
of the
Much
The
854,000
12,000
94,000
997,000
Stock at Genoa
Orleans.
12,000
93,000
591,000
Stock at Barcelona
cotton.
1919.
892,000
1,050,000
20,000
Stock at Rotterdam
there is no doubt that there
is a strong undercurrent here of bullish sentiment.
Higher
prices are predicted.
The recent pace was too rapid, but
that mistake, it is declared, has been corrected in the sharp
reaction of some 300 to 400 points from the top here and
New
___________
1920.
975,000
1,000
74,000
—..
Stock at Havre...
142,-
On the other hand, however,
in
•
Stock at Hamburg
Stock at Bremen
625 in 1919.
ferior
_._^_bales_
Total Great Britain......
8th instant that the total prior to
against 351,589 bales for a like period last year, and
1921.
Liverpool
Stock at Manchester
ginning, moreover, although little at¬
paid to it, the Census Bureau did report on the
Sept. 1 was 481,788 bales,
was
at
Stock at London.
altogether too high and caused premature opening of
were
made
as
well
heretofore have complained of drought.
Latterly
there has been rain in Texas.
On Thursday 23 stations in
were
to-nigl^t,
by cable and telegraph, is as follows.
Foreign stocks, as
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.
up
reports
Texas reported rains ranging up to
1167
18.84-.S8 19.55-.58
—
—
.—
a
•
Last year's figures are for Hugo, Okla.
vllle, Tex.
J
,
6 Last
year's
74.733 786,364
figures are for Clarks■
June—
Range
Closing
.—
—
—
18.74
—
—
19.40
—
__
„—
—
July—
Range
19.62-.5S 20.30-130 18.40-110 18.40-160 18.40 a30
20.58 — 20.30 — 18."A —. 1/26 —
.....
Closing
a
22c.
—
/21c.
/ 20c.
/19c.
1 The
creased
above totals show that the interior stocks have doduring the week 654 bales and are to-night 200,666
bales more than at the same time last year.
The receipts at
all towns have bben 62,025 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and sinee Aug. 1, as made
up
The results for
night.
from telegraphic reports Friday
the week and since Aug. 1 in the
last two years are as follows:
-1920
-1921-
September 9—
Shipped■—
Via St.
.
Louis
—
Total gross overland.—
848
2,215
6,106
10.580
183,857
7,151
2,367
11.409
2,494
1,287
13,459
197
1.656
795
421
103
4,652
22,687
3,986
12,213
7,122
—
j~'
Closing Quotations for Middling Cotton cmWeek ending
September 9.
36,590
5.470
Baltimore.
147,267
1,681
Houston
19.75
Little Rock
Dallas
Fort
Week.
Aug. 1.
Week.
Receipts at ports to Sept. 9...... 107,847
27,2/6
Southern consumption to Sept. 9.a 64,000
516,123
147,267
393,000
76,219
1,681
70,000
265,260
32,082
423,000
199,123
*654
1,056,390
*130,208
147,900
720,342
*73,577
Net overland to Sept. 9
194,769
—
18.50
19.30
Monday,
Sept. 5.
Less than Aug. 1,
a
These figures are con¬
Since Aug.
Bales.
WEATHER REPORTS BY
advices
to
us
19.24
—
19.24
17.70
—
19.00
19.49
—
19.49
—
17.95
—
19.25-.30
—
19.85
—
18.25-.36 19.t9-.52
19.88
19.88
HOLI¬
20.05
—
20.05
—
DAY.
DAY.
20.10
—
20.10
—
20.20
—
20.20
—
January
—
Bales.
1-
600,700
938,216
.-..-1,109,406
......
......
this evening indicate that
Tone—
Firm
Steady
Strong
Spot
Options
Weak
—
TEXAS.—General.—Cotton has
deteriorated further
on
of drought and weevil.
Very little new fruit is
setting.
Condition mostly very poor. Bolls
opening
rapidly and picking well advanced under ideal weather
account
conditions.
Rainfall.
Bain.
SEPT.
report
on
1921.
Galveston, Texas—.i
Abilene
—
Brenham
iz
Brownsville
Chrislf
Corpus
Dallas
.
Henrietta"—IIIII_I
Kerrville
.__.__L
—
in.
In.
in.
in.
.1....I day
1.52 in. high 100
3 days
0.49 in.
high 92
high 99
dry
high 98
-.2 days
0.75 in
Lampasas
Longview
Luling
Nacogdoches
_
high 88
high 96
high 98
high 96
high 90
—-1 day
0.53 in.
high 95
dry
—2 days
1.80 in. high 102
1 day
0.01 in.
high 95
1.20
0.56
0.01
0.84
.2 days
1 day
1 day
2 days
—
—
...
—
lew 72
mean
low 66
mean
81
low 72
mean
85
low 72
low 76
mean
84
mean
5,549
42
29
173
359
1,755
13,913
2,789
541
1,123
77,573
561
502
mean
mean
low 66
low 70
mean
mean
83
81
low 72
mean
85
mean
low 67
mean
82
mean
81
low 69
low 71
mean
83
mean
84
mean
81
low 69
low 65
mean
mean
Weatherford
1 day
low
Ardmore, Ok] a
Alexandria, La
0.30
1 day
0.78
2 days
0.44
4 days
4 days
1.46
dry
3 days
0.68
2 days
0.60
0.29
3 days
0.28
2 days
Amite
3 days
2.00 in.
Shreveport
Ok o Ion a, Miss
2 days
1 day
1 day
0.41 in.
0.14 in.
Alt us
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado.
Little Rock—
Pine Bluff—
1
Columbus
Greenwood
0.17 in.
high 98
high 100
high 103
high 98
high 98
high 99
high 99
high 93
in.
in.
in.
in.
in.
in.
in. high 101
in.
high 95
high 92
high 94
high 101
high 101
high 97
high 93
0.19 in.
dry
—
Vicksburg
2 days
0.13 in.
Mobile, Ala.—Picking and ginning progressing rapidly.
doing fairly well
3 days
1.25 in.
high 94
0.85 in.
Decatur
2 days
high 99
0.05 in.
high 97
Montgomery
2 days
Selma
2 days
0.90 in.
high 94
Gainesville
0.79 in.
PI a
2 days
high 97
0.12 in. high 100
Madison
2 days
0.14 in.
high 97
Savannah, Ga
1 day
Athens—
1 day
0.95 in. high 100
0.11 in. high 100
Augusta
2 days
__.
_.
,
Columbus
high 100
_
Charleston, S. C
Greenwood
Columbia
___2 days
1 day
—1 day
5 days
3 days
t day
1 clay
Conway
Charlotte, N. C—
Newborn
^.84
in.
dry
0.18
0.28
0.08
1.53
in.
in.
in.
in.
.2 days
...
Weldon
Dyersburg, Tenn
Memphis
high 98
high 94
high 99
high 96
high 95
0.58 in. high i01
0.73 in.
high 94
0.01 in.
high 90
64
low 61
mean
84
80
low 64
mean
81
83
iow 68
low 69
mean
mean
84
low 68
mean
mean
84
mean
78
mean
83
low 70
mean
85
low 71
mean
86
low 67
low 71
mean
82
mean
82
84
mean
83
mean
low 68
mi an
81
low 70
low .71
low 74
mean
low 67
low 71
mean
mean
85
low 69
low 72
low 72
mean
mean
1920
1921 figures are subject to slight corrections when cheeked against
mean
81
mean
80
mean
76
mean
80
Takings.
Season.
Week.
following statement we have also received by tele¬
graph, showing! the height of the rivers at the points named
at 8 a. m. of the dates given:
' '
•
Sept. 9 1921.
Feet.
New
Orleans
Shreveport
Vicksburg
__„
zero
of gauge.
5.4
zero
of gauge.
Above
Nashville
Above
.Above
Memphis
zero
of gauge.
Above
.Above
zero
of gauge.
of gauge.
5.7
7 9
6.5
11.3
zero
Sept. 101920.
Feet
6 2
12 6
8 8
117
18^6
QUOTATIONS FOR MIDDLING COTTON AT OTHER
are the closing quotations of
middling
principal cotton markets for
each day of the week:
MARKETS.—Below
cotton at Southern and other
1920.
Season.
Week.
5,649,986
Season.
4,446,561
6A1L250
4,956,257
646,765
117,000
48,000
3,000
2,000
16,000
—
Total supply
mIooo
51,000
5,000
5,873,455
7,297,432,4,623,242
5,789,022
5,591,160
5,591,160 4,390,509
4,390,509
— —
Deduct—
Visible supply Sept. 9
__—
Total takings to Sept. 9.a.
Of which American
282,295
237,295
45,000
Of which other
1,706,272
1,324,272,
382,000
232,733!
181,733!
51,000!
1,398,513
1,084,513
314,000
*
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces the total estimated consumption by Southern mill5!,
393,000 bales in 1921 and 423,000 bales in 1920—takings not being avail¬
able—and aggregate amounts taken by Northern and foreign spinners.
1,313,-72 bales in 1921 and 975.513 in 1920, of which 931,272 bales and
661,513 bales American.
6 Estimated.
a
BOMBAY
COTTON
MOVEMENT.—The
receipts
of
India cotton at Bombay for the week ending Aug. 18 and for
the season from Aug. 1 for three years have been as follows:
1921.
August
•
Week.
'■ice
Aug.
27,000
Bombay
j1
192C.
Bivee
Week.
1.
82,000
18,000
For the Week.
Exports
Great
CO'ltrer,t.
Aug. 1.
58,000
Fi'Ce
Week.
33,000
Aug.
t.
136,000
Since August 1.
Japa»&
Britain.
from—
1919.
18.
Receipts at—
CM.M.
Great
Total.
Britain.
Corti16
4.
Japan &
China.
Total.
Bomhay—
1920
50,000
12,000
18,000
85,000
"3,000
48,000
20,000
6,000
10,000
18,000
91,000
103,000
69,000
107,000
2 00"
"1,606
26,000
12,000
4,000
1,000
3,000
2",666
3,000
21,000
"2,000
14,000
,...
1919
63,000
19,000
13,000
1921
The
1921.
and
15,000
8,000
mean 85
low 57
lew 71
Cotton
1481681
S3
low 67
lew 58
a
200,000
10,000
27,000
23,000
86
83
1,038,079
926,182
81
low 69
142,625
520,000
85
mean
351,589
751,763
1981469
85
low 70
low 73
13
481,788
—
79
Bombay receipts to Sept. 8—Other India ship'ts to Sept. 8_
Alexandria receipts to Sept. 7—
Other supply to Sept. 7*~
85
mean
mean
_
39,364
317
Ameiican|in sight to Sept. 9——
83
mean
224
329,457
127
Visible supply Sept. 2
Visible supply Aug. 1_.
82
mean
1
409,026
States.._
Week
Young cotton is
low 70
low 69
low 70
107
—
following brief but comprehensive statement indicates
glance the world's supply of cotton for the week and
sinee 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.
85
mean
low 64
low 72
997
16,199
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
80
low 70
low 73
2
—
7
63
704
1,167
1,040
Carolina
...
849
'
73
...
—
The
84
low 70
1.85 in.
—
—
—
119
35,481
8,819
1,075
1,347
117,515
32,682
33,911
1,851
19,212
34,186
the individual returns of the ginners being transmitted by mail.
The number of round bales included this year is 36,208, against 21,143
bales in 1920 and 1,118 bales in 1919.
The number of Sea Island bales
included is 31, contrasted with 3 bales in 1920 and 26 bales in 1919.
83
low 70
1.22 in.
San Antonio
Taylor—.
high 92
high 98
high 98
0.15 in.
—
— —
—
Tennessee
Texas.
All others—
80
2 days
_____
—
Oklahoma
84
lew 65
0.09 in.
Paris
-
....
North Carolina—
83
80
low 72
lew 67
______.3 days
1 day
1 day
Palestine.
—
——
Mississippi
United
1918.
1,574
49,124
2,688
3,803
——
Louisiana
South
1919.
1920.
13,941
265
California—
at
Thermometer-
■
Stead3r
Steady
Steady
Ba'ly sty
CENSUS BUREAU REPORT ON COTTON GINNING
TO
The
picking has made excellent progress as a rule.
crop,
—
—
18.27-.3.3 i9.34-.40
18.37-.40 19.23-.26
18.36-.37 19.20-.—
18.44 — 18.75 —
—
HOLI¬
May
July...
the whole for gathering the
on
—
March.
Georgia
TELEGRAPH.—Telegraphic
South
the
from
with the weather favorable
Friday,
Sept. 9.
19.85
Florida....
127,941 1919—Sept. 12_.
234,033 1918—Sept. 13..
253,392 1917—Sept. 14-
—
19.05
19.10
Alabama——
sight in previous years:
Week—
17.90
17.95
139,965
10,689
sumption; takings not available.
1919—Sept. 12
1918—Sept. 13
1917—Sept. 14
18.50
19.50
19.50
December
Stale—
Movement into
19.25
19.00
Tuesday, Wed'day, Thursd'y,
Sept. 7.
Sept. 6.
Sept. 8.
Arkansas
z
18.50
19.00
18.25
646",755
781
"926*182
takings to Sept. 9 36,461
Decrease during week,
20.05
1.—The Census Bureau issued on Sept. 8 its
the amount of cotton ginned up to Sept. 1 from
the growth of 1921, as follows, round bales counted as half
bales, comparison being made with the returns for the like
period of 1920, 1919 and 1918:
148,681
Came into fcight during week- ..198,469
Total insight Sept. 9
*
18.50
18.90
Worth._.
Saturday,
Sept. 3.
Aug. 1.
North, spinners'
19.75
19.00
18.00
19.50
NEW ORLEANS CONTRACT MARKET.—The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Since
Since
In Sight
..
19.00
18.75
19.00
19.50
19.00
19-50
20.00
19.10
19.88
...
——.
Memphis
-1920
-1921
Interior stocks in excess
20.35
Friday
18.75
18.00
17.50
18.50
18.00
October
foregoing shows the week's net overland movement
has been 2/,276 bales, against 1,881 bales for the week last
year, and that the season to date the aggregated net over¬
land exhibits an increase over a year ago of 115,185 bales.
——
DAY.
September
Including movement by rail to Canada.
and Spinners'
Takings.
18.50
19.50
18.75
20.50
20.00
18.75
19.00
Augusta
32,082
The
—
_.
20.00
HOLI¬
HOLI¬
DAY..
—_.
Philadelphia.
27,328
Leaving total net overland*—— .27,276
Total marketed
19.00
Norfolk
Wed'day. Thursd'y,
19.50
18.50
19.50
Monday.
Galveston
New Orleans..
Mobile
Savannah—...
.mm.;,
.
Tuesday.
19.50
Saturday.
59,410
Total to be deducted—_
*
15.464
818
41,o31
7,143
— —
Deduct shipments—
Overland to N. Y., Boston, &c___
Between interior towns
..
250
4,206
—__
Inland, &c.f from South.
2.271
854
7,199
34,398
Virginia points
—
2.566
24.227
20,024
_
Via other routes, &c_
Aug. 1.
Week.
£8,"00
———17,499
3,865
83
1,602
.
___
Via Mounds, &c
Via Rock Island
Via Louisville..
Via
Since
Since
Aug. 1.
Week.
[Vol. 113.
CHRONICLE
THE
1168
4,000
7,500
106,000
Other India-
2,009
1921
2,000
10,000
2,000
1
Total all—
15,000
1920
"2",666
1919
1,000
24,000
2,000
ALEXANDRIA
500
1
50,000
12,000
21,000
65,000
38,000
24,000
RECEIPTS
2.000
16,000
3,000
"
1,000
20,00o!
6,000
64,000'
85,000
20,000
6,500
13,000
95,000
AND
90,000
114,500
SHIPMENTS
OF
COTTON.—The following to the receipts and shipments for
the week ending Aug. 17 and for the corresponding week
of the two
previous
years:
SEPT. 10
1921.]
THE
Alexandria, Egypt,
August 17
1921.
1920.
CHRONICLE
1919.
Sat.
12 H
t,>
week__
Since
Sept. 9.
38,000
Aug.
Mon.
1___
88,000
12 J4
12H
d.
d.
September
Exports (bales)—
Week. Aug.
Since
Since
Week. Aug.
Week. Aug. 1,'
1.
1.
October
2,750
2,750
2", 350
5" 950
1,750
1,750
300
""50
6,850
"
-
10,450
"650
"900
17,250
21,001
600
700
.1:
Total exports
25,580
250
600
25,000
650
/
November
_.j_.
December.
Aug.
d
p. in. p. m
d.
d.
4
Fri.
12 M
4
p. m. p. m. p. m. p. m.
d.
d.
d.
d.
11.9812. 3012.7513 9813.77112.4112.28 12.45 12.26
11.8912 .19 12.6313 8613.62:12.2712.15 12.35 12.16
12.25 12.06
11.81(12 ,1012.5313 75
OLI-
February
March
DAY
13.48|12.1412.03
July
11.7412 .0312.4613 6613.4012.0611.95 12. 9 12.00
11.6811 .9612.4113 5813.3311.9911.88 12.14 11.94
11.6011 .8812.3313 .4913.2411.8811.81
2.0 11.87
11.5511 .81112.2613 ,42 13.1611.8011.76 1 !,0 11.81
11.45lll .70,12.1413 .3013.02111.6711.63 11.83
April
May
....
11.68
38,000 cantars and the foreign shipments 6.850 bales.
MANCHESTER
MARKET.—Our
received
report
'
"
1921.
1920.
Cot'n
32s Cop
8}4 lbs. Shirt¬
ings, Common
Mid.
32s Cop
ings, Common
Mid.
Twist.
to Finest.
Upl's
Twist.
to Finest.
Upl's
d.
July
d.
15
d.
s.
d.
s.
Cot'n
8!4 lbs. Shirt¬
d.
d.
d.
d.
s.
d.
d.
s.
@
19?i 15 9
@17 0
8.19 48
@
69
40 0
@43 0
26.65
22
17
@
19
15 9
@17 0
8.28 50
@
70
40 0
@42
6
26.77
29
17
©
19
15
9
@17 0
7.88 49
@
69
39
6
@42 0
26.15
©
19
15 9
@17 0
8.49 54
@
70
39
6
@42 0
27.10
©
18 >4
15 6
18H 15 6
@17 0
8.54 523^
@,
69
38
6
@41 0
©
8.47 50
@
67
38
d
@40 6
©
18
@16 6
@16 6
9.61 46H
@
64
37 6
@40 0
22.49
11.20 46
@
63
36 6
@39 0
20.96
12.56 46
@
58
36 0
@39 6
21.65
Aug.
5
16 X
16K
16 K
15 3
-*
..a
Sept.
2
17K
©
9
21
©
19l2 15 10c@17 0
24
17 712C@18 9
BREADSTUFFS
by
Liverpool news.
We give prices for to-day and leave those
for previous weeks of this and last year for comparison:
26
p. m. p. m
12M
17
cable to-night from Manchester states that the market con¬
tinues firm for both yarns and cloths, in consequence of
19
January
June
47,481
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending
12
Thurs.
4
12K
4
August
•
1,850 42,850
12}4
12.1912 5813.0414 3014.0712.7012.52 12.61 12.43
12.1512. 5413.0014 3014.0612.6612.50 12.6: 12.43
12.09 12. 47il2.9314, 2814.0512.6612.46 12.58 12.40
12.07J2 4412.88 14, 1813.9512.5712.40 12.55 12.36
...
....
To Liverpool
To Manchester, &c
To Continent and India.
To America
4
p. m. p. m. p. m.p. m
18,000
45,668
3,600
Since
were
Wed.
Tues.
Sept. 3
Receipts (cantars)—
This
1169
27.19
24.82
Friday Night, Sept. 8 1921.
Some of the time,
though latterly a sharp advance in wheat has imparted
rather more strength to flour.
Most of the mills have been
asking higher prices. Receipts of wheat, it is true, especially
at the Northwest, have been
very large.
Many of the
mills last week in the spring wheat region were running, it
appears, at 64% of capacity, against 46% a year ago.
And
spring wheat mills and winter wheat mills combined were
operating, it is stated, at 62%, against 44% a year ago.
It is
stated, too, that the output thus far this season is
6,200,000 bbls. larger than up to this time last year, while
exports are a million bbls. smaller than for the same period
last year, v In other words, there is a difference of 7,200,000
bbls., theoretically at least, against the statistical position.
Flour has been somewhat unsettled.
Back of this is disinclination of
buyers to take hold freely.
scepticism as to the stability of
prevalent prices.
Domestic buyers are holding aloof await¬
ing further developments.
Export business, as a rule, is of
very moderate size.
To-day a better export trade was re¬
ported, with wheat up.
Wheat advanced partly under the influence of a big rise
There
seems
to
be
some
.
SHIPPING NEWS.—As shown
on
previous
a
the
page,
exports of cotton from the United States the past week have
eached 86,721 bales.
The shipments in detail as made up
mail and
rom
telegraphic returns,
follows:
are as
Total bales.
1
.
NEW YORK—To
Hamburg—Sept. 2—Ipswich, 25--25
Piraeus—Sept. 6— Dochet, 50
;
50
GALVESTON—To Liverpool—Sept. 2-—Philadelphia, 12,420—--- 12,420
To Havre—Sept. 2—Michigan, 6,977; West Totant, 10,414-'
17,391
To Bremen—Sept. 1—Eastern City, 5,923—_Sept. 2—Michi¬
gan. 8,315
14,238
To Hamburg—Sept. 1—Eastern City, 350-350
To Antwerp—Sept. 2—West Totant, 5050
To Japan—Sept.
2—Scotland Maru, 6,658
Sept. 3—Tsu¬
shima Maru, 2,9179,575
To China—Sept. 3—Tsushima Maru, 625
625
HOUSTON—To Bremen—Sept. 3—Pawtucket,
7,5057,505
To Hamburg—Sept. 3—Pawtucket, 710
710
NEW ORLEANS—Tc Liverpool—Sept.
10,500
7—Actor, 10,500
To Rotterdam—Sept. 3—Burgerdyk, 25-_-_
25
To Gothenburg—Sept. 3—Stureholm, 1,150
1,150
To Japan—Sept. 8—Knoxville City, 2,1002,100
MOBILE—To Havre—SeptL 3—Hastings, 1,329
1,329
To Antwerp—Sept. 3—Hastings, 1,016.
1,016
SAVANNAH—To Gothenburg—Sept. 6—Bullaren, 150-_150
CHARLESTON—To H avre— Sept. 8—Coldbrook, 500
500
To Bremen—Sept. 8—Wekika, 2,570-2,570
NORFOLK—To Antwerp—Aug. 27—Missouri, 950-------950
BOSTON—To Hamburg—Aug. 25—Deranof, 2,763
2,763
1
PHILADELPHIA—To Liverpool—Aug. 26—Thistlemore, 47
47
To HambU'g—Aug. 25—Callisto, 100-.:
100
LOS ANGELES—To Liverpool—Sept. 1—Eastern
585
Merchant, 585-
<
—
-
-
'
-
—
—
-
______
-
-
-
Total
-i.—
J
~86,724
The particulars of the
arranged in
our
foregoing shipments for the week,
usual form, are as follows:
Great
-Other
Britain. France.Germ'y.
New
__
"12",420 17",391
South.
...
1,329
"~50
9",575
2,100
54,649
625
8,215
13,775
2,345
1,016
Savannah.i_»
Charleston
Total.
75
\Japan. China.
1,175
Houston
14,588
8,215
New
Orleans. 10,500
Mobile
\
Europe-
North.
York
Galveston.
150
150
"500
____
2^570
3,070
"950
Norfolk..
950
2", 763
Boston
Philadelphia
Los Angeles-.
47
585
Total—...23,552
19,220 28,261
2,763
100
_
147
585
3,341
50
11,675
86.724
625
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
Aug. 19.
Sales of the week
Of which American.
Actual export
29,000
22,000
—...
Total stock.-—.
Of which American
—
...
—
—
imports—
Of which American—.-..--..
Amount afloat
Of which American.
Aug. 26.
37,000
Sept. 2.
85,000
Sept. 9.
36,000
61,000
5,000
38,000
51,000
9,000
43,000
975,000
7,000
Forwarded
Total
...
—
8
8,000
49.000
37,000
1,050,000 1,015,000 1,001.000
>
652,000
625,000
608,000
45,000
6,000
27,000
23,000
2,000
103,000
58,000
591,000
27,000
15,000
14,000
64,000
28,000
,000
87,000
49,000
The tone of the Liverpool market for spots and futures
day of the past week and the daily closing jirices of
/
each
spot cotton have been as follows:
Saturday.
Spot.
Monday.
f
12:15
{
business
P. M.
1
Tuesday.
Fair
doing.
Market,
-----
Wed
Hardening.
Thursday.
esday.
Active
and
rising.
1
i
business
Good
doing.
demand.
HOLIDAY
12.43
14.25
12.65
12.56
20,000
15,000
15,000
15,000
15,000
Futures.
Strong,
Strong,
Excited,
Market
\
15@30 pts.
75 @100
148 to 167
opened
j
pts. adv.
pts. adv.
pt>. dec.
Market,
f
<
t
4
P. M.
The
Friday.
Large
11.86
Mid.Upl'ds
Sales
in cotton and also of
an
advance in the market for stocks.
—
To
Firm,
Strong,
40 @58 pts. 69 @85 pts.
advance.
advance.
Steady,
88 @107
pts. adv.
3
11
pts. adv.
Barely st'y, Ba'ly s'y, 9
139@159
pts. dec. to
6 pts. adv.
pts. dec.
prices of futures at Liverpool for each day
below:
Steady,
pts. dec. to
are
given
Export demand, too, increased late in the week.
Com¬
modity markets in general were on the upturn.
Moreover,
a
Washington report stated that a billion-dollar fund will
soon
be available to help farmers market their crops in
Europe.
The world's supply and demand situation is by
very many considered to be distinctly bullish.
In five days
the advance in Chicago amounted to 16 to 17c. per bushel,
or "27c. over the "low" of two weeks
ago.
On the 7th inst.
it was up 5 cents or more; to-day 3 to 4c.
True, the receipts
have been large at spring wheat points, and there was an
increase in the visible supply in the United States last week
of 4,042,000 bushels against 1,536,000 bushels in the same
week last year.
The total is now 38,741,000 bushels against
20,758,000 a year ago.
But is is believed that there will be
large buying sooner or later for Russian relief.
Moreover,
on the
7th inst. Eastern interests are said to have bought
heavily in Chicago on a report that India, which usually
exports wheat, had bought about 1,500,000 bushels in Aus¬
tralia; also that the Australian crop is fully 30,000,000 bush¬
els smaller than that of last year.
If the Australian crop is
smaller and Argentina is to be hit hard by the prevailing
drought there Believers in higher prices think that the poition must grow steadily stronger.
Canadian crop * esti¬
mates, it is said, are being reduced.
In the United Kingdom
good weather prevails.
There
is much sprouting in northern sections of that country.
In
France commercial reports generally confirm official esti¬
mates
of
wheat.
The
official
estimate
about 312,000,000 bushels to which
makes
the
wheat
be added 8,000,000 bushels for the Rhine districts or a full total of 320,000,000 bushels.
The yield per acre is 24^ bushels.
In Ger¬
many most cereals have been harvested and crops generally
good.
In Denmark thereare good breadgrain crops.
In
crop
can
Australia beneficial rains
have occurred.
Victoria cabled
that crops were about average.
In North Africa the out¬
turn of wheat is about
16,000,(XX) bushels larger than last
In India the outlook is excellent but for all that,
is encouraging imports of Australian wheat.
In
Russia, it is estimated by one authority 2,000,000 tons of
foodstuffs are required to relieve the famine there.
The Government
gave the condition of wheat on Sept. 1
at 62.5
against 66.6 a month ago and 64.1 two years ago.
The spring wheat
crop is stated at 210,000,000 bushels
against 209,000,000 a year ago and 358,651,000 in 1918;
total crop
754,000,000 against 789,878,000 last year, 934,265,000 in 1919 and a high record of 1,025,801,000 in 1915;
the spring wheat
yield per acre 11.7 bushels; acreage 18,033,000 against 19,487,000 last year; total spring and winter
acreage this year 56,744,000 against 53,652,000 last year.
On Thursday wheat fell
sharply in sympathy with a break
in cotton.
Export demand was confined to Manitoba.
It was cheaper than winter for distant
shipment.
Pre¬
miums at the Gulf were lower.
September in Chicago
touched 130^ but
dropped to 126^c. closing at 129%c.
To-day 2,000,000 bushels were reported taken for export
and prices advanced
3K to 4c.
There was a good milling
demand also.
Prices ended 9 to 10c. higher than a week
ago.
Members of the Chicago Board of Trade, by a vote of
year.
India
545
to
41,
on
the 8th instant voted
rules that will prohibit
after October 1.
an
amendment to its
trading in indemnities (puts and calls)
THE
1170
DAILY
CLOSING
WHEAT
IN
NEW
YORK.
Man.
OP
PRICES
Tues.
Wed.
145
Thurs.
Sat.
No. 2 red.,
141%
Hoi.
cts
CLOSING
DAILY
OF WHEAT FUTURES IN
Sat.
Man. Tues. Wed.
PRICES
September delivery in elevator.cts 126126 %
December delivery in elevator
128
Holi- 12914
May delivery in elevator
13234
day. 134
Indian
CHRONICLE
143
Fri.
147%
CHICAGO.
Thurs./Fri.
129
*29% 133
132% 132% 135%
13814 13814 141%
advanced only moderately
It had been hampered by
in response to the
large receipts and
an increase in the visible supply of 1,450,000 bushels, whereas
for the same week last year there was a decrease of 334,000
bushels.
The total now is 11,500,000 bushels, against 2,564,000 bushels last year.
Liquidation has been quite heavy
at times.
On the whole, however, outside trading has been
on only a fair scale.
Crop reports in the main have been
favorable, and these together with the large crop move¬
ment have not been without their sobering effect upon those
who might otherwise have bought for a rise.
It is stated
that the crop is maturing fast.
And the idea of many is
that it will turn out to be much larger than was at one time
expected.
The export sales on the 6th inst. were 200,(XX)
bushels.
On
Thursday prices advanced slightly.
The
Government report, however, put the crop at an increase of
154,000,000 bushels over the figures of last month.
It
made the condition 85.1 for Sept. 1, against 84.3 on Aug. 1
and 86.4 on Sept. 1 last year.
The indicated crop is 3,186,000,000, against 3,032,000,000 last month and a harvested
crop last year of 3,232,367,000 and the year before 2,917,450,000 bushels.
The present crop promises with one
exception to be the largest on record.
The yield per acre
this year is 29.3 bushels, against 30.2 last year; acreage,
108,901,000, against 103,648,000 last year. To-day prices
advanced and ended 1Yi to 2c. higher than a week ago.
Despite the increased crop as compared with recent expecta¬
tions.
Sales for export to-day were 250,000 bushels, to
arrive at Chicago, 750,000.
corn
rise in wheat.
DAILY
CLOSING
PRICES
CORN IN NEW YORK.
Mon.
Tues. Wed.
Thurs.
OF
Sat.
No.
2 yellow
Hoi.
cts
77
,
74%
77%
_
Fri.
7414
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Mon.
54%
Wed.
53%
54%
59
5434
5414
60%
5414
December delivery in elevator....
May delivery in elevator
Tues.
Holiday.
Sat.
September delivery in elevator.cts.
58%
Thurs.
54%
5514
60%
[VOL. 113.
summarized in the weather bulletin issued by the Department
of
Agriculture fqr the week ending Sept. 6 were as follows:
COTTON.—Cotton continued to deteriorate in molt parts of the bel
temperature, lack of moisture or insect damage.
The
weather was favorable for growth in Arkansas, but boll weevil, boll worms
because of high
and
army
worms
Oats have advanced somewhat under the influence of the
But the big receipts have had a rather
chilling effect.
They have been so large that the visible
supply last week increased no less than 1,642,000 bushels,
although, it is true, that in the same week last year "the
increase was 4,649,000 bushels.
People have their eye on
the further fact that the total visible supply has now
reached
figures nearly five times as large as those of a year ago.
In
other words, it is now 60,455,000 bushels against 12,795,000 bushels at this time last year.
Oats have shown rather
more strength than corn, but the demand has not been urg¬
ent, and they have shown nothing like the strength exhibited
at times by wheat.
On Thursday prices advanced with
country offerings small and spot prices firm.
Heavy¬
weight oats met with a good demand at noticeable premiums
over September.
The Government report put the condition
on Sept. 1 at 61.1 against 64.5 on Aug. 1 and 88.3 on Sept. 1
last year; acreage, 44,829,000 against 41,032,000 last year;
indicated crop, 1,090,000,000 against a harvested crop last
yeai* of 1,524,055,000 and 1,248,310,OCX) two years ago.
It is the smallest crop for many years past.
The high record
in 1917, when the yield was 1,592,740,000 bushels.
To-day prices advanced, ending about 3c. up for the week.
was
DAILY CLOSING PRICES OF OATS IN NEW YORK.
\
No.
2 white
Sat.
(new)
Mon.
Tues.
Hoi.
46%
cts.
Wed.
46%
Thurs.
48%
Fri.
48%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
September delivery in elevator.cts.
35%
December delivery in elevator
38%
42%
May delivery In elevator
_____
Holi-
da/.
35%
38%
42%
36%
39%
43%
37%
40%
45
28
41%
45%
Rye advanced noticeably under the influence of higher
prices for wheat.
But the trading has shown no activity,
the demand in fact being moderate for home consumption,
and export trade to all appearance being absent.
The
visible supply moreover last week increased 214,000 bushels
as against 45,000 during the same time last year.
The total
is now 4,400,000 bushels against 2,209,000 bushels a year
ago.
To-day prices advanced 2Kc. closing 6 to 8c. higher
than last Friday.
DAILY
CLOSING
PRICES
OF
RYE FUTURES
Mon. Tues.
Sat.
September delivery in elevator_cts_ 105%
December delivery in elevator
107%
The
following
are
Holi- 105%
day. 107%
IN
CHICAGO.
Wed.
107%
111%
Thurs.
to grains in the Central
Rocky Mountain States by showrers.
PLOWING, &c.—Plowing and preparation of the ground for the seeding
grain made very good progress in the Central Valley States, under
favorable soil moisture conditions.
This work was delayed, however, by
dry soil in much of the Missouri Valley, the Central Great Plains and in
some Eastern
States.
Grain sorghums are standing the drouth well in
Western
Kansas.
CORN.—Corn continued to mature rapidly under conditions of high
temperature and abundant sunshine.
Ripening, however, was too rapid
in Iowa and Nebraska, and considerable deterioration resulted.
The crop
deteriorated also because of dry weather in Oklahoma and the Middle
Atlantic Coast States.
Late corn improved with considerable rainfall in
the Ohio, Central Mississippi valleys, but it was too dry in the Western
Great Plains States and in much of the South.
Considerable corn is beyond
frost danger in the northern a d western parts of the corn belt.
Harvest
carried
was
under fair weather conditions in most districts.
on
AGRICULTURAL
DEPARTMENT'S
The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates, from the reports of the cor¬
respondents and agents of the Bureau, as follows:
TOTAL PRODUCTION IN
September 1921
Crop—
BUSHELS.
Winter wheat
Estimate.
bushels.
544,000,000
Spring wheat
.bushels.
210,000,000
All wheat
bushels.
754,000,000
Corn
____bushels.3,186,000,000
Oats
bushels 1,090,000,000
Barley.
bushels
167,000,000
Rye
.bushels
64,300,000
Buckwheat.
bushels.
13,000,000
White potatoes
bushels.
323,000,000
Sweet potatoes
bushels.
110,000,000
Tobacco
lbs.
948,000,000
Flax
.bushels.
8,300,000
Rice
bushels.
32,700,000
Hay. tame
tons.
79,800,000
Hay, wild
tons.
14,800,000
Sugar beets
tons.
8,000,000
Apples, total
bushels.
107,000,000
Peaches
...bushels.
33,000,000
Kafirs
bushels
127,000,000
Peanuts ___________bushels_
32,500,000
Beans
bushels
8,800,000
209,000,000
787,000,000
3,232,000,000
1,536,000,000
202,000,000
69,300,000
13,800,000
428,000,000
112,000,000
1,508,000,000
11,000,000
53,700,000
91,200,000
17,000,000
8,550,000
244,000.000
43,700,000
144,000,000
_
_
_
—
...
.
OF
69,200,000
15,000,000
371,000,000
84,700,000
1,272,000,000
11,700,000
37,200.000
85,800,000
17,600,000
6,220,000
183,000,000
46,300,000
86,100,000
36,000,000
9,100,000
_
CONDITION
Average.
572,000,000
258,000,000
831.000,000.
2,798,000,000
1,433,000,000
208,000,000
578,000,000
______
...
1915-1919
December 1920
Forecast.
13,300,000
PRINCIPAL CROPS.
Condition
Sept. 1
Sept. 1
1921.
Crop—
Spring wheat
1920.
Sept. 1
10-?/r. arge.
Aug.
64.1
AJ1 wheat
Corn
85.1
Oats
61.1
88.3
81.2
...
Barley
1
1921.
62.5
72.6
—
70.0
66.6
74.1
77.4
86.4
75.0
74.0
74.3
64.5
68.4
82.5
78.8
71.4
85.6
63.7
91.1
86.0
87.2
84.3
75.4
65.8
80.7
70.5
86.8
83.0
84.5
Tobacco
84.6
78.0
Flax
62.3
63.8
71.2
Rice
83.8
88.3
86.9
66.6
70.0
86.5
64.7
Buckwheat
Whi te potatoes
...
Sweet potatoes
Cotton
...
67.5
Kafirs
68.2
90.4
93.0
89.2
89.9
84.6
—
91.0
75.5
88.5
__
Sugar beets
l
The statement of the movement of breadstuffs to market
indicated below
prepared by
are
the New York Produce
us
Exchange.
from figures collected by
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:
Flour.
Receipts at-
Wheat.
Corn.
bbls.imhs, bush. 60 lbs. busk. 56 lbs
Chicago
261,000
Oats.
bush. 32 lbs
Parley.
bush 48//).?
Rue.
bush
'Albs.
1,743,000
37,000
Toledo
Detroit
181,000
51,000
1,164 000
300,000
110,000
73, 000
314 000
100,000
50,000
1,291, 000
411 000
236,000
33,000
111,000
Duluth
Milwaukee
1,364, 000
129, 000
207,000
_
6,135, 000
4,781,000
2,836.000
Minneapolis.
59, 000
65 ,000
25,000
44, 000
52 ,000
1,270,000
242, 000
382 ,000
16,000
43" 000
337, 000
317 ,000
22,000
1.000
Kansas City..
129,000
2,114,000
64 000
174 ,000
Indianapolis-_
60,000
353 000
272 ,000
14,286,000
8,208,000
18,279,000
8,983,000
3,110,000
4,741,000
855,000
7,384,000
3,882,000
5,963,000
849,000
1,465,000
288,000
923,000
1,293,000
Louis
St.
149,000
74,000
Peoria
Total
wk.
*21
521,000
Same
wk.
*20
Same
wk.
'19
316,000
411,000
Since Aug. 1
1921
2,447,000
1,308,000
74,856,000
45,790,000
33,383,000
11,102,000
42,300,000
1920.
30,600,000
3,757,000
3,088,000
3,183,000
1919
2,264,000 106,467,000
13,688,000
36,934,000
9,270.000
4.520,000
113%
Total
2,644,000
receipts of flour and grain at the seaboard ports for
the week ended Sept. 3 1921 follow:
Oat*—
Wheat—
No. 2 red
spring
No. 2 white
$1 47%
Nominal
Corn—
No. 2 yellow
$0.74%
;
48%
No. 3 white
72
meal
Corn flour
1 80 @
Oats.
Barley.
Rye.
Bushels.
Bus'As.
Bushels.
York
New
219,000
900,000
32,000
358,000
Philadelphia..
60,000
380,000
151,000
41.000
51,000
666,000
70,000
30,000
8 50
6 50
Newport News
7 75
6 50
7 50
No. 1
Nos.2,3 and 4 pearl
Oats
2*00
Nom.
_
delivery
41,000
93~O66
190~ 000
lie",600
613,000
"30",000
80,666
3,990,000
1,102", 000
481",660
Boston
25,000
2,000
2,000
21,000
528,000
1,800.000
7 25
Total
7 50
wk.
"21
6 15@
10,027,000
1,497.000
Since Jan.1*21 16,837,000 169,587,000
goods—Carload
spot
i4o"666
Montreal
7 50
7 20@
2-0 and 3-0.
Nos. 4-0 and 5-0.1
2,250,000
260,000
39,000
90,000
Galveston
7 25
Nos.
3,000
New Orleans.*
Barley goods—Portage barley
60.301,000
961,000
469,000
844,000
35,162,000 11,646,000 16,902,000
Week 1920---
397,000
14,372,000
17,878,000
6 45
WEATHER BULLETIN FOR WEEK ENDING SEP¬
TEMBER 6.—The influences of weather on the crops as
Corn.
Bushels.
76@80
FLOUR.
$8 10@$
Spring patents
6 15 @
Winter straights, soft
7 35 @
Hard winter straights
5 75@
Clear
6 75@
Rye flour
Corn goods, 100 lbs.,
Wheat.
Bus'As.
65 @69
1.19
No 2
Flour.
Bar As.
Receipts at—
46%
Barley—
Feeding.
Malting
Baltimore
Rye—
Yellow
ON
CROPS, &c., TO SEPT. 1.—The Agricultural
Department issued on the 8th inst. its report on the cereal
crops for the month of August, as follows:
closing quotations:
GRAIN.
No. 1
REPORT
CEREAL
109%
111%
are
of winter
Fri.
107
worms
HARVEST.—Weather conditions were favorable for the harvest of late
grains and for threshing in most of the Northwest.
There was some damage
__
rise in other grain.
Army
homa.
Bolls are opening very rapidly in nearly all portions of the belt
prematurely in many eastern and some northwestern districts.
Reports of
shedding are received from mafcy Eastern States.
The condition remains
poor in nearly all portions of the belt.
Picking progressed rapidly under
favorable weather conditions.
The condition
is
mostly very poor in
Texas, although fairly good in some southwestern, central and northern
sections; it is fairly good inNorthernArkansas, parts of Oklahoma, Northern
Georgia and Tennessee.
Weevil damage continues large in most central
and southern sections, although slightly less destruction in Georgia; there
is some damage in extreme Southern North Carolina and extreme south¬
western parts of
Tennessee.
_______
,
Fri.
5514
55
60%
causing considerable damage.
were
damaging in extreme Southwestern Tennessee, while they are active and
denuding plants of foliage and tender bolls in estreme Eastern Okla¬
are
297.000
7,597,000
Since Jan.1'20 16,571,000 136,941.000
*
cn
Receipts do not include grain
through bills of lading.
890,000
288,000
789,000
7,187,00037,478,000
passing through New Orleans for foreign ports
Sept. 10
THE
1921.]
CHRONICLE
The exports from the several seaboard ports for the week
ending Sept. 3
shown in the annexed statement:
are
becoming more and more an object of speculation among
agents and manufacturers, who contend that the month of
August
Corn,
Bushels.
Rye,
Oats,
Flour,
Wheat,
Bushels.
Exports from—
Barley,
Bushels.
Barrels. Bushels.
Peas,
Bushels. Bushels.
859,084
65,327 199,063
127,000
43,000
43,000
Philadelphia...
Baltimore
1,416.000
Newport News.
7
39,000
2.381,000
121,000 203,000
Galveston
4,154,000
Montreal
3,115,000 1,329,000
Total
week..
Week 1920-
6,120.626
27*666 343*,000
80,000 156,000
of the year
and the
largely goods purchased at the manufacturers' lowest
prices.
Com.
Since
Week
Since
Week
July 1
Sept. 3
July 1
Sept. 3
July 1
1921.
1921.
1921.
1921.
1921.
1921.
Barrels
Barrels.
Bushels.
Bushels.
Bushels.
Week
and Sinee
Sept.
3
'Bushels
176,707
'1,205,474
2,346.643
9,544,441
So.& Cent. Amer.
32,700
214,479
200,000
West Indies
38,200
232,304
1,500
1,500
24,615
97,275
1,281,892
Kingdom. 203,341
Continent
Brit.No.Am.Cols.
_
18,199,390
Since
477,063
Total 1920
302,783
encing.
5.491,131
283,131
53,768,723 1,178,096 13,966,507
420,400
1,141,000
123,000
16,100
206.300
1*000
......
*7*196
*
.
3,032,924 12,091,084
2,884,298
6,120,626
72,388,513 1,601,327 20,812,134
68,453,649)
649,527
68,000
The world's shipment of wheat and corn for the week
ending Sept. 3 1921 and since July 1 1921 and 1920 are
shown in the following:
Wheat.
.
Corn.
192C.
1921.
Exports.
SWce
Week
1921.
Week
Si-ce
Sept. 3.
July 1.
July
Bus-he's.
Bus'e's
Rusyc's
North Amer. 12,121,000
Russ.& Dan.
24,000
Australia
1.
Sept. 3.
July 1.
July 1,
Bv<tye,s.
Bushels.
Bushels.
93,335,000
624,000
80,508,000
1,684.000
21,664,000
523,000
29,072,000
860,000
2,175,000
5,920,000
8,379,000
37,915,000
635,000
23,474,000
928,000
11,720,000
712,000
6,256,000
3*6*0*666
3,12*0*666
"5*1*4",000
5.07^,000
68,619,000
25.146.000
India
8,000
Oth. countr's
Total
13,152,000
The
1920.
Since
Since
71,000
...
114,770,000^115,836,000'
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
at
granary
seaboard ports Sept. 3 1921 was as follows:
the
Wheat,
Cora,
Oats,
Barley,
Rye,
bush.
hush,
hush.
hush.
hush.
80,000
864,000
56,000
220,000
50,000
1,000
10,000
1,000
Philadelphia...
1 164,000
640,000
261,000
24 000
*2*666
Baltimore
3 913,000
73.000
381,000
1,253,000
72,000
States—
,
Boston..'
......________
20.000
Newport News
3
New Orleans
259,000
,o"i"o"666
22", 000
198,000
4,698,000
4 095,000
Galveston...
Buffalo
,14*7*666
...
882,000
...
26,000
995,000
Toledo
52,000
1,215.000
49,000
18,000
17,000
3 ,016,000
859,000
141,000
19,433,000
3,546,000
2,389,000
Detroit
Chicago
.......
206*000
227,000
4,000
29,000
145", 000
355,000
264,000
255,000
533.000
1,449,000
73,000
Duluth
2 ,941,000
120,000
5,561,000
1,228.000
569,000
Minneapolis
1 ,476,000
10,000 15,972,000
155,000
St. Louis....
2 ,720,000
1,077,000
4,000
Kansas City..:
8 ,408,000
afloat
Milwaukee
•
__
361*666
Peoria
220,000
194,000
1,255.000
37,000
Indianapolis.
500,000
314,000
550,000
"*6*666
1 ,933,000
478,000
2,295,000
295,000
42,000
1 ,688,000
,169,000
144,000
369,000
378,000
238,000
Omaha
_
On Lakes
On Canal and River
Total Sept.
465,000
857,000
20,000
34,000
2,822,000
910,000
30,000
60,000
38,741,000 11,500,000 60,455,000
34,699,000 10,050,000 58,813,000
4,400,000
2,932,000
4,186,000
20,758,000
2,564,000 12,798,000
2,209,000
63,309,000
3 1921
Total Aug. 27 1921
Total Sept.
4 1920
Total Sept.
6 1919
1,333,000 20,569,000
13.212,000
2,691,000
2,238,000
6,343,000
Note.—Bonded grain not included above:
Oats, 18,000 bushels New York; total,
18,000 bushels, against 13.000 in 1920: barley. New York, 5.000 bushels: Buffalo,
16,000: Duluth. 4,000 bushels; total, 25,000 bushels, against 9,o6o bushels in 1920;
and wheat,
total,
40,000 Baltimore, 83,000 Buffalo, 10,000 Philadelphia, 18,000 Boston;
1921.
151,000 bushels in
Canadian—
Montreal
__
2,138,000
Ft. William & Pt. Arthur.
2,347,000
3,502,000
27,000
3,288,000
_
Other CanadianTotal Sept.. 3 1921.
1,059,000
1,147,000
528,000
294,000
817,000
150,000
1,059,000
7,937,000
528,000
Total Aug. 27 1921.
4,512,000
3,369,000
1,518,000
6,404,000
71,000
8,544,000
334,000
341,000
Total Sept.
Total Sept.
2,855,000
18,000
2,049,000
209,000
1,261,000
1,295,000
429,000
1,623,000
.38,741,000 11,500,000 60,455,000
4,400,000
528,000
2,932,000
1,261,000
4,928,000
4,527.000
4,193,000
4 1920.
6 1919.
95,000
Summary—
American
Canadian
4,512,000
.
Total Sept.
3 1921.
Total Aug. 27 1921.
Total Sept.
4 1920.
Total Sept.
1,059,000
7,937,000
.43,2,53.000
12,559.000 68.392,000
.38,068,000 11,568,000 67,357,000
.27,162.000
2,635,000 13,132,000
.66,164,000
1,351,000 22,618,000
6 1919.
2,218,000
3,986,000
2.667,000
13,421,000
7,966,000
on the sales recorded, but
have practically withdrawn
from the market, waiting for some cessation of movement
in order that they might make prices on which they felt
reasonably secure.
This has been practically impossible
during the week, as orders booked at the beginning of trad¬
ing stand a net loss when compared with the price of the
commodity at present.
Buyers are still in the market and
are willing ahd
glad to take anything that is offered to
them below nominal quotations, and those agents wrho have
received little advances in prices from their mills have had
to turn orders away.
At present many agents are unwill¬
ing to consider any propositions, contenting themselves with
the announcement that they are waiting for some definite
advancing
been
of
many
the
On account of the
week
until
scene
of
nessed
Tuesday,
more
for
holidays, the market did not
but
since
that
time
it
has
open
been
this
the
activity and uncertainty than has been wit¬
some
time
past.
The
spectacular
rise
in
the
price of cotton has had a direct influence, not only on cot¬
ton
In
goods manufacturers, but on all sections of the market.
many
quarters the advance is not looked on favorably
by the trade, who seem to be convinced that the necessary
advance in
consumer
prices cannot be successfully passed on
without
that is already
a
further curtailment
sadly below normal.
of
a
steadily
manufacturers
prices from their mills. As a rule the advance in values is
not regarded as beneficial to the industry.
The lowered
purchasing power of the buying public is not expected to
goods prices, and the re¬
tailer will probably make his commitments as small as
assimilate any advance in cotton
possible to satisfy his customers.
the fact that there are
the
All indications point to
orders about to be placed at the first
opportunity, and buyers are becoming anxious
Nearly all lines have strengthened
situation.
demand has sprung up for
of late, as in the case of
heavy ducks, which tire manufacturers evidently have de¬
cided they have waited too long to buy.
Practically all
quotations are nominal at the present time, subject to
trading, and fluctuating rapidly.
At present print cloths,
28-inch, 64 x 64's, are quoted at 6%c; 27-inch, 64 x 60's, at
6c.
Gray goods, 39-inch, 68 x 72's, are listed at lO^c, and
38^-inch, 64 x 64's, at 9%c.
Sheetings have been active,
but with some of the houses withdrawn.
Quotations on
3-yard brown sheetings stand at 12c.
WOOLEN GOODS—The entire woolen goods section of
the market is very quiet at the present time.
In the dress
goods section there are practically no new developments.
Cutters are engaged on the fall requirements, and are mak¬
ing deliveries in many cases, but at that they contend they
are disappointed at the small volume of business which has
been placed.
All reports indicate that the showings in this
section for spring 1922 will commence during the latter part
of the current month, and, if they follow the example of the
other openings, will give some room for dress goods manu¬
facturers to take an encouraging view of the situation for
the coming year, although there is little in view for them
on the current season.
The men's wear section of the trade
continues to do business on a decidedly spotty basis.
Du¬
throughout
week,
the
and
a
lines that have been neglected
some
plicate orders, even at this late date, continue to arrive,
principally for tweeds and rough mixtures for sport wear.
Many of the retailers are receiving their fall deliveries, and
commenced on a very limited scale. That
the season the retailers are
perfectly willing to admit, but feel that they can re-enter
the market after noting the disposition of the buying, even
at the last moment.
Cutters are not carrying any large
stocks on the basis of this last-minute demand, and it is
active buying has
they are lightly committed for
probable that retail distribution will be
DRYGOODS.—Burlap has
to the
production
The retail situation is
by Calcutta quotations,
York
cramped once the
is in full swing.
again in the local market, and the India
York, Friday Night, 8ept. 9 1921.
with
consequent advance in the price of cotton goods, has
overshadowed all other features.
Most of the cotton lines
the
FOREIGN
'New
.
goods have been
predominating factor in the entire drygoods trade dur¬
season
THE DRY GOODS TRADE.
:.
.
ing the week, and the advance in the price of cotton,
over
491.000
United
of cotton goods, which have moved
DOMESTIC COTTON GOODS.—Cotton
favorable
STOCKS.
GRAIN
New York
the case
In
considering the advance that cotton goods are now experi¬
have
Total
Argentina...
to work off surplus stocks, in so far as possible,
goods which they now have on their shelves repre¬
freely, this should work as an inducement to future buying,
July 1 to—
Other Countries.
Re¬
ports tend to indicate that retailers have taken this season
Exports for Week,
United
still continues to be of the hand-to-mouth
season
spring 1922 season, which has been most encouraging.
sent
Wheat.
FlOUr.'
.
are
has
That this is a lack of confidence in the fall sea¬
alone is shown by the strength of the openings of the
son
477,063'354,800'
below:
as
which
variety.
The destination of these exports for the week and since
July 1 1921 is
confidence
long predicted has not made itself apparent from
generally, buying for the cur¬
fall
rent
5,000
174,120 537,350
68,000 302,783!134,000 1,028,180 501,262
12091084 1,601,327
so
The
the retailer's standpoint and,
25*666
3,000
New Orleans...
7*666'
commitment.
future
for
been
17.12C 356,350
6,800
16,000
29,000
falling off of sales in that field, and who
saw a
disgruntled over the reticence of the retailer to hand out or¬
ders
New York.....
1171
prices.
advanced in price
market, as shown
stands even higher than the New
At present spot lightweight
ing quoted at 4c, and the heavies at 5.15c,
burlaps are be¬
and business is
being transacted on that basis.
Linen
ers
importers are encouraged over the
week.
during the
The recent advance
maintained, and
the
action of buy¬
established in
demand has
buy for
future requirements, but filling in stocks generally is hav¬
ing a beneficial effect on buying.
Advices from Europe on
the linen situation are not encouraging.
Flax is said to be
scarce and the output of weavers badly limited.
Many of
the importers have buyers in Europe at the present time,
and report that they are placing orders wherever possible.
linens
has
been
strengthened.
well
There is little disposition shown to
1172
[Vol. 113.
sissippi Valley Trust Co. and Others at 94.07,
The Chronicle
about
PUBLISHED WEEKLY
Terms
Fir
One
Fir
Six
of
Subscription—Payable
-510
0
—
14
7
—
11
Months
European Subscription (including postage).--European Subscription six months (including postage)
Canadian Subscription (including postage)-—
NOTICE.—On
remittances
of
account
fluctuations
the
In
the
obligations.
00
00
there
50
75
50
-
Subscription includes
Bank and Quotation (monthly)
Railway Earnings (monthly)
State and City (semi-annually)
Terms
of
Advertising
of
$3,000,000 6s at 100.89.
A
comparison is given in the table below of all the various
forms of securities
-
placed in August of the last five
1921.
1920.
-—
WILLIAM
B.
DANA
Front, Pine and
:
$
Permanent loans (U.S.)
105,280,620
Canadian loans (perm't)
Bonds of U. S. Poss'ns.
New York,
1919.
' ■>
•
years:
1918.
$
1917.
>
$.:■>';
5,000,000
None
None
None
None
171,936,049 117,942,507 87,465,717 63,165,698 85,653,506
*
Including temporary securities issued by New York City, $38,450,000 in August
1921, $30,835,000 in August 1920, $20,305,000 in August 1919, $14,355,000 in 1918
and $41,380,000 in 1917.
:
MUNICIPAL BOND SALES IN AUGUST
The number of
The output of new
an
unusual
sible
municipal bond issues continues on
scale, and such issues when sponsored by respon¬
banking syndicates
houses find
that
or
unvarying
success
attends the efforts of municipalities
in inviting bids for new issues.
centred
on
by well-known bond
offered
It is not to be inferred, however,
ready takers.
Attention is
rate of interest is at the proper
bonds
new
are
100 million dollars
a
now
month.
$103,299,831,
and
280,626.
As
compared
previous
years,
The largest
last
month
which
on
strongly
the larger loans that moderate-sized loans not
infrequently fail to attract satisfactory bids
term
so
for
now
figure.
even
when the
The disposal of longin
running
For July
August
the
vicinity
the aggregate
our
total
is
striking increases
undertaking in the
of
$105,-
shown.
are
way
August
in
a
price to net 5J^%, plus the
1921
on
of municipal financing
an
issue of $21,826,000
sum
of $10,000, with
an
figure.
A syndicate headed by the National City
offering the $13,306,000 bonds to investors at prices
ranging from 85.03 to 88, according to maturity, yielding
were:
to
Calif., which
Irving II. Hellman, representing
on
Aug. 2, at
power
dian
syndicate of bankers,
a
A
Superior Court of
California.
South
6% soldiers' bonus bonds, awarded to
Dakota, $6,000,000
syndicate composed
Guaranty Co. of New York, the Bankers Trust Co.,
the Irving National Bank, Hannahs, Ballin &
Lee, Stacy
& Braun, William R.
Compton Co., Ames, Emerich & Co.
and the Wells-Dickey Co.;
Milwaukee, Wis., $3,600,000
Z>lA and 6% bonds, consisting of eight separate issues for
municipal
purposes,
1921
a
Co., Marshall & Ilsley
Bank, Wells-Dickey Co., A. B. Leach & Co., Inc., William
R. Compton Co. and
Halsey, Stuart & Co., Inc., at 102.55,
basis of about
5.58%; St. Paul, Minn., $3,030,100, part
5% 1 to 20-year bonds, sold over
issue of $4,700,000
an
the counter to local
investors; Michigan, $3,000,000 5A%
highway improvement bonds awarded to Lamport, Barker
& Jennings, Inc., of New
York, at 102.5021, a basis of about
5.30%; Columbus City School District, 0., $2,850,000 6%
school bonds awarded to
syndicate composed of Hayden,
the National City Co., Estabrook & Co.,
Miller
& Co.,
Harris, Forbes & Co.
basis
of
&
a
and
Curtis &
Sanger, at 102.834, a
about 5.73%; Montana,
$2,804,000 5A% State
education bonds to
Barr
—
.
1920-..
59,188,857
38,538,221
...
1918—
...
excluded.
For the
August.
.$105, <s»>,6 '6
.59,684,048
Month of
Eight Mos.
S"»3 ,*M>,5'>7
439,355,455
448,830,120
For the
Eight Mos.
August.
1906..
.-$16,391,587
1905
8,595,171
131,196,527
187,226,986
.....
1904—.
213,447,413
$144,171,927
—
.—
1903
16,124,577
7,737,240
32,496,308
346,903,907
1902.....
25,137,902
346,213,922
1901
15,430,390
1915
22,970,844
379,789,324
394,666,343
1900
7,112,834
...
1914.........
10,332,193
1913—.
19,822,191
15,674,855
^62,178,745
22,522,613
1896-
1910
14,878,122
288,016,280
213,557,021
1909
22,141,716
249,387,680
18,518,046
208,709,303
151,775,887
1908—
—
.
20,075,541
102,983,914
5,865,510
1897
1911.........
8,009.256
1898
292,443,278
108,499,201
84,915.945
93,160,542
87,824.844
25,029,784
6,449,538
76,976,894
97,114,772
1899—
—
4,045,500
52,535,959
1895
8,464,431
1894
80,830,704
82,205,489
1893
7,525,260
2,734,714
1892-w—.w.
4,108,491
_
37,089,429
57,340,882
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
I
Gold-Stabeck Co.
Schmeltzer of New
York at
of
par;
Minneapolis and
Detroit, Mich.,
$2,000,000 5A% public utility bonds to the Harris Trust
& Savings Bank of
Chicago at 100.85085, a basis of about
5.44%; Mercer County, Pa., $1,500,000 5^% road bonds
to a syndicate beaded
by Biddle & Henry at 100.52, a basis
of about
5.45%; Oregon, $1,500,000, part of an issue of
$2,500,000 State highway bonds, awarded to a
syndicate
headed by Blodget & Co., at 100.07 for
53^s, a basis of
about 5.49%; Wichita
County, Tex., $1,500,000 6% road
Compton Co., the Mortgage Trust
bonds to the William R.
Co.
and Kauffman, Smith, Emert &
Co., Inc.; St. Louis
County, Minn., $1,000,000 5% highway bonds to a svndicate composed of
Blodget & Co., Wells-Dickey Co., Mis¬
NEWS
ITEMS.
Colorado.—Attempt to Sell Highway Bonds
Through
Subscriptions Started by State Treasurer Strong.—In
effort to sell the $2,000,000 5% State of Colorado
highway
bonds, offered unsuccessfully on Aug. 3, a public campaign
for the sale of the bonds was opened
by State Treasurer
Strong on Sept. 3.
The Denver "Rocky Mountain News"
Public
an
on
Sept. 4 said:
A
public campaign for the sale of $2,000,000 of State highway bonds
launched
yesterday by State Treasurer Strong.
He opened the
campaign by subscribing to one $1,000 bond.
was
In
a
letter to the citizens of Colorado the State Treasurer declared that
will be enabled to keep 6,000 men at work
the State
by the sale of the
time the highway department will be enabled to
carry
building program which calls for the construction of
highways in every county in the State.
At the
bonds.
same
out its present road
new
awarded to the First Wiscon¬
sin Co., the Second Ward Securities
of
are
Month of
of the
a
municipalities
a
bonds
suit, asking that the city be restrained from
carrying out the provisions of this sale has been filed in the
various
of years.
In these figures temporary loans, New
City's "general fund" bonds and also issues by Cana¬
York
Other important sales of municipal bonds in
Los Angeles,
private sale, awarded $13,500,000 municipal
at 88.62.
add the following table,
we
series
a
1907
same
August
\
purposes
showing the aggregates for August and the eight months for
the remaining $8,520,000 at
Co. is
about 5.40%.
'
.
comparative
1912
Aug. 1 sold $13,306,000 of
option until Nov. 1
the
For
This contrasts
1921 and with 399 and 444 for
1916—.
by the city and county of San Francisco,
was
and 393 for July
V
perma¬
separate issues made during
318 and 397, respectively.
were
August 1920.
1917—
,
434.% water bonds to the Construction Co. of North America
at
with 311
of
was
places in the United States selling
nent bonds and the number of
August 1921
1919—
with the month
$
32,496,308
33,100,000 23,275,611 21,830,000 46,816,460
15,143,469
5,001,249
2,797,477
4,840,738
10,015,000
None
None
1,500,000
9,054,423
Total—
Department
$
59,684,048 59,188,857 38,538,221
10,592,000
Gen. fund bcls.(N.Y.C.)
awxl Cxht
vi'-vr-V'*:
♦Temporary loans(U.S.) 42,009,000
Publishers,
COMPANY,
Depeyster Streets.
concerned,
In Canada $9,054,423 debentures were placed
during
August, including the sale by the Province of Saskatchewan
j,
following Supplements—
kailway& Industrial (semi-annually)
Electric Railway (semi-annually)
Bankers' Convention (yearly)
Transient display matter per agate line
„
45 cents
Contract and Card rates
On request
Chicago Office—19 South La Salle Street, Telephone State 5594.
London Office—Edwards & 8mith. 1 Drapers' Gardens. E. C.
are
$42,009,000 of these negotiated last month, in¬
were
revenue bonds and bills and corporate stock notes
issued by New York City, amounting to $38,450,000.
subscriptions and advertisements must be made
for European
In New York funds.
August relate only to permanent
temporary securities
as
cluding
of exchange,
rates
As far
basis of
a
'A
The above figures for
Advance
in
Year
A-W
5.84%.,
Citizens
Urged to
Subscribe.
Public subscription for the bonds was adopted by the State Treasurer
for the sale of the State securities after banks and local
brokerage houses
refused to bid for them
on the ground that the rate of interest which the
bonds bear will not permit of their handling in the bond market.
Treasurer Strong states that a New York brokerage house has off red to
handle, the sale of the bonds for the
the bonds themselves the citizens
in the construction of
new
sum
can save
of
$165,000.
By subscribing to
this amount, which can be used
roads.
Behind these bonds is the entire wealth of the State of Colorado.
They
exempt from State and Federal taxes and bear a higher rate of interest
are
than Liberty
bonds, said the Treasurer.
Good
Highways Necessary.
He also states that good highways mean greater prosperity to all citizens
State, through increased tourist travel, bigger crops and cheaper
of the
transportation
and
increased
employment.
Scores
of
contracts
have
already been made by county commissioners throughout the State for new
road work with the expectation of receiving funds from the sale of these
bonds.
He suggests
that if 2,000 individuals
or
agencies,
such
as
automobile
clubs and associations, commercial organizations, banks and other financial
institutions purchased only one $1,000 bond the entire issue can be dis¬
posed of.
Order of the printing of the bonds was given
yesterday.
They will be
put out in $50, $100, $500 and $1,000 denominations.
Indiana.—Opinion that County Unit Law Creates a New
Taxing Unit and Raises the Road Debt Limit.—The Indiana
county unit law, said the Indianapolis "News" on Sept, 2,
creates a new taxing unit in a county against which indebted¬
ness may be accumulated to the constitutional or legal debt
limit, says ah opinion by U. S. Lesh, Attorney-General of
Indiana, has submitted to the State Board of Tax Com¬
missioners.
The
"News"
continues:
Board has been acting on the assumption that other county
indebtedness and the legal debt limit should be taken into consideration
in acting on bond issue proposals.
The Lesh opinion, however, regards
the county as a separate unit for county unit road debt incurrence.
The effect of the law so construed is greatly to increase the total debt
The
Tax
possibilities which may be laid on taxpayers in
Take
(Province
a
county.
of)—Metropolitan
Commission
to
Control of Finances of Municipalities Which are Unable \
Quebec
SEPT. 10
to^ Meet
1921.]
Their
THE
CHKONICLE
Obligations.—-"In
accordance with law,"
Sept. 7, "the Metropolitan
Commission adopted a resolution yesterday afternoon,
by
which they take control of the finances of the four
Quebec
municipalities which are unable to meet their obligations,
namely, Pointe aux Trembles, Laval de Montreal, Mont¬
real North, and St. Michel.
said the Montreal "Gazette"
"The
to
pay
on
Commission", continues the " Gazette'is raising a loan of $1,250,000
these obligations, and yesterday they passed a resolution calling
upon the four municipalities to submit their budgets for the balance of the
present year, and they also resolved to notify these municipalities they
may
not incur any further
expense without the approbation of the Commission
The report of the sub-Committee, which was
adopted was to the effect
that
they had met yesterday and that it had been resolved to submit the
following resolution to the Commission:
"Whereas the municipalities of Point aux Trembles, Laval de Montreal,
Montreal North, and Saint Michel, are not in a
position to meet their
obligations and whereas they sent to the Metropolitan Commission an
official notice of this state of
things;
It was proposed
by Mayor Beaubien, seconded by Mayor Leclair, and
resolved: That, these four municipalities be required to submit to the
Metropolitan Commission for its approval a budget in detail, beginning
Sept. 1 1921, of the unexpended balance for the current year.
Must Anprove Expenses.
That a notice be also given to the said
municipalities that no expense
can be incurred
by any of them, unless such expense has been approved
by the Commission in conformity with Section 19 of the law "George V.,
Chapter 140."
Section 19 of the Act constituting the Metropolitan Commission referred
in the resolution reads as follows:
"So soon as a
municipality fails to meet its obligations without the
help and the credit of the Commission or of other municipalities, and so
long as such condition continues to exist, all loans for such municipality
to
are
made by the Commission, subject to the
provisions of Sections 23 and
24,
as to the assessment for such loans, and the budgets of such
municipali¬
ties must be submitted to the Commission who
may approve the same with
without amendment, and so long as they are not
approved they are
ineffective; and for such municipality no expense can be incurred, which
or
has not been approved
"
The Commission will later consider the budgets of
1922, as it
noted the law authorizes the commission not
only to approve these
but also to amend them if deemed advisable.
The members of the Metropolitan Commission
present at
Trust
Agreement on Bonds of 1919.—A committee composed
Loasby, Chairman, Vice-President of the Equitable
Trust Co. of N. Y.; Raymond E.
Jones, Vice-President of
the Bank of the Manhattan Co.; A. B.
Westrevelt, Vice-
of A. W.
American
Trust
Co.; William V.
Broadway and H. R. Harrison, Secretary, of 37 Wall
St., N. Y. City, is notifying holders of the 6% external
secured sinking fund
gold bonds of 1919 of the State of Santa
Catharina, Brazil (upon which the June 1 1921 interest has
not been paid), by
advertisement, that they may, until
Sept. 20, deposit their bonds with the committee's deposi¬
tary, the American Trust Co., at 135 Broadway, N. Y.
City, under a deposit agreement to protect the rights of the
bondholders.
A
inclusive.
62,000 Dawson Avenue
improvement bonds.
Denom.
$1 000.
Due
$6 000 yearly on April 1 from 1922 to 1929, incl, and $7,000 on
April 1 in 1930 and 1931.
76,000 Stanberry Avenue improvement bonds.
Denom. $1,000.
Due
$3,000 yearly on April 1 from 1922 to 1925, incl., and $4,000 yearly
on April 1 from 1926 to 1941, inclusive.
48,000 Ashbourne Road improvement bonds.
Denom.
$1,000.
Due
$2,000 yearly on April 1 from 1922 to 1933, incl., and $3,000 yearly
on April 1 from 1934 to 1941, inclusive.
14,000 Ashbourne Place improvement bonds,
Denom. $700.
Due $700
yearly on April 1 from 1922 to 1941, inclusive.
Date April 1 1921.
Int. payable semi-ann. (A. & O.).
Cert, check for
5% of amount bid for, payable to the Village Treasurer required.
Bonds
to be delivered and paid for within ten days from date of award.
Purchaser
to pay accrued interest.
These are apparently the same bonds offered
without success on May 31—V. 112, p. 2559.
BIG HORN COUNTY SCHOOL DISTRICT NO. 17 K (P. O. Kirby),
Mont.—BOND OFFERING.—The clerk will receive bids until Sept. 26
for
6%
$35,000
will not
10-20
(opt.)
year
bldg
school
bonds.
Bids
below par
be considered.
BIRMINGHAM, Ala.—BOND OFFERING.—H. S. Ryall. City Clerk,
will receive sealed bids until 12
m.
Sept. 16 for $115,500 7 % tax-free public
imot. bonds. Denom. $500. Date Sept. i 1921. Prin. and semi-ann. int.
payable at the Hanover National Bank, N. Y.
Duo Sept. 1 1.931, not
exceeding one-fifth in amount of said bonds being redeemable before
maturity on Sept. 1 1923 and a similar number of bonds each year thereafter,
by paying holder one-half the annual interest on the bonds redeemed.
Notice of redemption to be given as provided by law.
Cert, check for 1 %
cf the amount bid for. payable to the City, lequired.
Legality approved
by Jno. C. Thomson, N. Y.
The bonds will be delivered to the successful
bidder or bidders on Sept. 30 1921 unless a later date should be mutually
agreed upon.
BLUFF CITY, Harper County,
COUNTY
BOONE
Kans.—BOND SALE—The $20,000
voted—V. 113, p. 978—have been sold.
O.
(P.
Lebanon),
Ind.—BOND
OFFERING.—
Granville Wells, County Treasurer, will receive bids until 10 a. m. Sept. 15
for $17,700 4M % Michael
W. Lane et al., Center Township bonds. Denom
$885.
Date Sept. 7 1920.
Int. M. & N.
Due $885 each six months from
May 15 1922 to Nov. 15 1931, inclusive.
NO BIDS RECEIVED— No bids were received on Sept.l for the $7,800
446% bonds offered on that date—V. 113, p. 978.
&
BOSTON, Mass .—TEMPORARY LOAN.—A temporary loan of $1,500,dated Aug. 26 and due Nov. 4 1921, was awarded to the Sinking
000,
Fund at par for 5s.
BREA, Orange County, Calif.—PRICE PAID.—The price paid for the
$40,000 6% tax-free water works bonds, awarded as stated in V. 113, p. 872
—was par and interest, it is reported.
BRIARCLIFF
Griffin
of 80
of $38,160
BEXLEY,
Franklin County, Ohio.—BOND OFFERING.—S. W.
Roderick, Village Clerk, will receive bids until 12 m. Sept. 17 at the Market
Exchange Bank in Columbus for the following 6% assessment bonds aggre¬
gating $279,000:
•
$79,000 Euclaire Avenue improvement bonds.
Denom.
$1,000.
Due
$7,000 April 1 1922, and $8,000 yearly on April 1 from 1923 to 1931,
electric light bonds recently
Santa
Catharina
(State
of),
Brazil.—Bondholders'
Committee to Institute Legal Proceedings to Enforce Terms
of
the
BEND, Deschutes County, Ore.- -BOND SALE.—An issue
paving bonds has been sold.
will bo
budgets
yesterday's
meeting were: Aid. Brodeur, Chairman; Mayor Ballantyne of Montreal
West; Aid. Dixon, Aid. Carmel, Aid. Elie and Aid. Lamarre; Mayor Prieur
of Pointe aux Trembles;
Mayor Beaubien of Outremont, and Mr. Pelletier,
City Comptroller.
President of
1173
MANOR,
Westchester
County,
Y.—BOND
N.
OF¬
FERING.—Alfred H. Pearson, Village Clerk, will receive sealed bids until
4 p. m. Sept. 12 for $15,000 a%% bonds.
Denom. $1,000.
Date Sept. 1
1921.
Prin. and semi-ann. int. payable at the above Clerk's office.
Due
yearly on Sept. 1 as follows: $2,000 from 1924 to 1930, incl. and $1,000 in
1931.
Cert, check, cash or bank draft for 5% of the amount bid for,
Purchaser to pay accrued interest.
required.
BRISCOE COUNTY ROAD DISTRICT NO. 7, Tex.—BONDS REG¬
ISTERED.—An Issue of $100,000 546% serial bonds was registered on
Aug. 29 with the State Comptroller.
BUCHANAN COUNTY
issue
of
$200,000
(P. O. St. Joseph), Mo.—BOND SALE.—An
coupon road bonds has been sold to the
Denom. $1,000.
Date June 1
Principal and semi-annual interest (J. & D.) payable at the Empire
Trust Co., St. Joseph.
Due $100,000 June 1 1927 and $100,000 June 1
5%
tax-free
Harris Trust & Savings Bank of Chicago.
.
1921.
1928.
BOND
PROPOSALS
this week have been
as
AND
NEGOTIATIONS
follows:
ADRIAN, Lenawee County, Mich.—BONDS NOT SOLD.—The
000 5% bonds offered
ALEXANDER
on
for
the
1921.
$30,-
Aug. 29 (V. 113, p. 871) were not sold.
COUNTY
(P.
O.
Fred. D.
Cairo),
III.—BOND
OFFERING.—
Wellis, County Clerk, will receive sealed bids until 2 p. m. Sept. 12
purchase of $350,000 5% bonds.
Denom. $1,000.
Date July 1
Prin. and semi-ann. int. payable at the office of the
County Treas.
Plie„yea^y on Ju*y 1 as follows: $17,000 from 1922 to 1940, incl., and
$27,000 in 1941.
Cert, check for 2% of the amount bid, drawn upon a
responsible bank or trust company, payable to the county required.
Bonds
approved by Wood & Oakley, attorneys, of Chicago, 111.
ALLEN PARISH ROAD DISTRICT NO. 3
(P. O. Oberlin), La.—
BOADS NOT SOLD.—We are advised that no sale was made on
Sept. 1
of the $150,000 5% registered road bonds V.
113, p. 977.
We are also
told that the Secretary of Police
Jury would like to
mission
AMHERST
(P. O. WiHiamsville), Erie County, N. Y.—BONDS TO
RE-ADVERTISED.—The $17,100 5% counon road bonds offered on
Sept. 3—V. 113, p. 878—will be re-advertised for sale some day next week.
BE
ANOKA COUNTY (P. O. Anoka), Minn.—BOND SALE.—On
Sept. 7
the Minnesota Loan & Trust Co. of
Minneapolis was awarded the $150,000
113,
a
bidders
p. 977—at 101.31,
Due $15,000 yearly on
(State
of).—SUITS FILED.—The Bankers Trust Co., of
Denver, one of the members of the syndicate, whose option to purchase
any tax-anticipation bonds issued against taxes levied the first half of the
fiscal year commencing July 1 1921, was
repudiated on Aug. 31 by the
State Loan Commission (V. 113, p. 1073), has filed suit to
stop the sale of
the $1,000,000 6%
tax-anticipation bonds which is scheduled to take plarc
at 2 p. m. to-day (Sept. 10).
Suit has also been filed by the bankers to
compel delivery of bonds under their contract.
ASHTABULA,
Ashtabula
County,
Ohio.—BOND
SALE.-—The
$400,000 6% bonds offered on Aug. 15—V. 113, p. 652—were sold to A. B.
Leach & Co., Inc. and Halsey, Stuart &
Co., Inc., jointly at 101.28, a
basis of about 5.92%.
Date Mar. 1 1921.
Due yearly on Sept. 1 as
follows: $8,000 from 1925 to 192"/, incl.;
$12,000 from 1928 to 1933. incl ;
$16,000 from 1934 to 1936, incl.; $20,000 from 1937 to 1939, incl.- $24,000
from 1940 to 1942, incl.; $28,000 in 1943 and
$32,000 in 1944 and $32,000
on
March 1 and Sept. 1 in 1945.
These bonds are being offe/ed to investors
prices to yield from 6% to 5.65%, according to maturities.
AUGUSTA COUNTY (P. O. Staunton), Va.—BOND OFFERING.
County Treasurer, will receive sealed bids until 2 p. m.
Sept. 21 for $100,000 6% Pasture Road District bonds.
Date Feb. 1 1921.
Int. F. & A.
Due Feb. 1 1951 optional Feb. 1 1926.
Cert, check for 1%,
J. N. McFarland,
required.
BARNESVILLE
CALDWELL
tho
at
HIGH
SCHOOL
DISTRICT
(P.
O.
Lumberton),
6% coupon school bonds.
$1,000, required.
for
Denom. $1,000.
Int. M.
&
N.
Cert, check
O.
(P.
Logan),
Utah.—
$180,000
SCHOOL
(P. O. Caldwell),
W. Darke, Clerk, will
DISTRICT
Ohio.—BOND OFFERING—J.
District
Treasurer's
office.
Due
$1,000
yearly
Sept.
on
1 from
1922 to 1927, incl. and from 1933 to 1956, incl. Cert, check for 5% of the
bid for, payable to the District Treasurer required.
Purchaser
amount
to pay
accrued interest.
CAMPBELL
(P. O. Jacksboro), Tenn.—BOND SALE
$356,000 6% road bonds—V. 112,
May to I. B. Tigrett & Co. of Jackson on a depository
completed because it was found that the bid would not
COUNTY
NOT COMPLETED.—The sale of the
p. 2660—during
contract was not
have
brought par.
bonds
were
6—V. 113, p. 1074—but were
bids being received.
offered again on Sept.
date,
CAMBRIDGE,
J. E.
no
Guernsey
County,
Ohio.—BOND
OFFERING.—
Eaton, Citv Auditor, will receive sealed proposals until 12 m. Sept.
27 for $25,000 6% waterworks bonds.
Denom. $500.
Date
Due in from 1 to 10 years from date.
•
BOND OFFERING.—Sealed proposals wili also be received
official
until
the
same
time
for
$5,000 6%
park
bonds.
Sept. I 1921.
by the above
Denom. $500.
1921.
Due in from 1 to 10 years.
All bids must state the
number of bonds bid for and the gross amount of bid and accrued interest
to date of delivery, all bids to be accompanied with a certified check,
Date
Oct.
1
payable to the treasurer of the city, for 5% of the amount of bonds bid for,
upon condition that if the bid is accepted the bidder will receive and pay
for such bonds as may be issued as above set forth, within ten days from the
time of award, said check to be retained by the city if said condition is not
fulfilled.
CANANDAIGUA, Ontario County, N. Y.—NO BIDS RECEIVED.—
were received on Sept. 2 for the $120,000 bonds offered on that
No bids
date.—V. 113, p. 872.
CANTON, Stark County, Ohio.—BOND OFFERING— Sealod pro¬
posals will be received until 12 m. Sept. 19 by Samuel E. Barr, City Auditor,
$149,507.30 6% coupon funding deficiency bonds.
Denoms. $1,000
and $507.30.
Date Sept. 1 1921.
Prin. and semi-ann. int. payable at
City Treasurer's office or Kountze Bros., N. Y.
Due Sept. 1 1930.
Cert,
check for 5% of bid, on a solvent bank in Ohio, required.- A certified
for
copy of the abstract showing the legality of the issue will be
successful bidder.
The legislation providing for tnis issue
furnished the
of uonus has
approved by the law firm of Squire, Sanders &s
Dempsey of Cleveland, but tho successful bidder will be required to furnish
his own bond opinion if he desires the same.
The successful bidder shal
print at his own expense the necessary blank bonds on special bond border
and necessary coupon sheets shall be furnished by said city.
Purchaser t
pay accrued interest.
been submitted
Robeson County, No. Caro.—BOND OFFERING.—J. R. Poole, Clerk,
Board of Education, will entertain sealed bids until 12 m. Oct. 3 for $25,000
DISTRICT
SCHOOL
VILLAGE
County,
not sold on that
.....
at
COUNTY
receive sealed proposals until 12 m. Sept. 15 for $30,000 6% coupon bonds.
Denom. $1,000.
Date Sept. 1 1921.
Prin. and semi-ann. int. payable
These
were:
Wells-Dickey Co., Minneap.$151,9701 Minneapolis Trust Co. ,Minn$150,975
Kolman, Wodd & Co., and
Scbanke & Co., Minneapolis 150,115
Noithw. Ti. Co., Minn._ 151,8151 Harris Trust & Sav. Bank,
Capital Tr. & S. B.f St. Paul 151,5501
Chicago.
149,355
ARIZONA
CACHE
BOND SALE.—E. H. Rollins & Sons and others haver been awarded
5% serial school bonds at 89.67.
Noble
ALTO, Cherokee County, Tex.—REGISTERED.—An issue of $35,000
6% 30-year bonds was registered on Sept. 1 with the State Comptroller.
5%% trunk highway reimbursement bonds—V.
basis of about 5-65%.
Date Sept. 1 1921.
Sept. 1 from 1932 to 1941 inclusive.
BUTTE,
Silver
Bow
County,
Mont.—BOND
OFFERING.—The
City of Butte will sell at public auction at 8 p. m. Sept. 21 at not less than
par $1,000,000 6% funding bonds.
Denom. $1,000.
Date July 1 1921.
Int. J. & J.
Due July 1 1941 optional on or after July 1 1936.
The
legality of the bonds will be approved by Jno C. Thomson of N. Y. and a
copy of his opinion approving the validity of tho bonds will be delivered to
purchaser or purchasers of bonds.
correspond with Com¬
brokers to have them sell above issue.
Other
BURBANK
HIGH
SCHOOL DISTRICT,
Los Angeles
County,
SALE.—The $161,000 546% tax-free bonds, offered on
Aug. 22—V. 113, p. 872—have been sold to tho California Company of
Los Angeles.
Date April 1 1921.
Due yearly on April 1 as follows:
$2,000, 1922 to 1925, incl; $3,000, 1926 to 1929, incl; $4,000, 1930 to 1933,
incl.; $5,000. 1934 to 1937, incl.; $6,000, 1938 to 1941, incl; $7,000, 1942 to
1946, incl.; $9,000, 1947 to 1950, incl., and $10,000, 1951.
Calif.—BOND
to
and
THE
1174
CHKONICLE
CARLTON COUNTY SCHOOL DISTRICT NO. 7, Mlnn.—BOND
SALE.—The State of Minnesota has been awarded $100,000 4 % bonds.
CASS
DONORA, Washington County, Pa.—CORRECTION.—'The price
(100.014) by a syndicate composed of J. H. Holmes & Co., M. M.
Freeman & Co. and Lyon, Singer & Co. for the $175,000 5 6% tax-free
municipal bonds was on a basis of about 5 59% (not 5 99%, as reported
in our issue of
Aug. 13, page 753).
paid
COUNTY
(P. O. Atlantic),
Iowa.—BOND OFFERING.—
C. E. Krlngel, County Auditor, will receive sealed bids until 1.30 p. m.
Sept. 12 for 327,000 6% funding bonds.
Int. semi-ann.
CENTERVILLE,
Wilkinson
County,
Miss.—BOND
DUBUQUE, Dubuque County, Iowa.—BONDS NOT SOLD — On
no sale was made of $50,000 sewer and $50,000 water works 5%
bonds.
These bonds will be sold
by the City Treasurer over the counter.
OFFERING.—
The town of Centerville will receive bids until Oct. 4 for $16,000 6%
W. L. Hagood is Town Clerk,
Sept. 1
bonds.
CENTRAL DRAINAGE DISTRICT (P. O. Central), Graham Coun¬
12 $24,000 6% drainage bonds
DUNEDIN, Pinellas County, Fla.—BONDS NOT SOLD —The $39,000
6% public improvement bonds offered on Aug. 30—V. 113, p. 753—were
sold, no bids being received.
ty, Ariz .—BOND ELECTION.—On Sept.
will be submitted to a vote of the
people.
CEYLON,
that
an
Martin
County,
not
Minn.-—BOND
is
SALE.—It
issue of $15,000 water works and electric light bonds has
CHAVES
reported
been sold.
COUNTY
(P. O. Roswell), N. Mex*—BOND SALE.—On
Sept. 5 $14,000 6% 10-15-yr, (opt.) bridge bonds were sold to Bankers
Trust Co. and Benwell, Phillips & Co., both of Denver.
CHEYENNE WELLS, Cheyenne County, Colo.—BOND DESCRIP¬
TION.—Further details are at hand relative to the sale of the $20,000 6%
15-year water bonds, awarded as reported in V. 113, p. 1074.
Donom.
$1,000.
Date Sept. 1 1021.
Int. semi-ann. payable in Denver.
,
|
CITRUS UNION HIGH SCHOOL DISTRICT, Lob Angeles County,
Calif.—NO BTDS RECEIVED—The $261,000 514% school bonds, offered
on Aug. 22—V. 113, p. 873—were not
sold, as no bids were received.
CLAY COUNTY (P. O. Brazil), I rid—BOND
SALE.—The Brazil
Trust Co. was the successful bidder at par and accrued interest for the $46,800 5% bonds offered on
Sept. 3—V. 113, p. 1074.
CLEARWATER SCHOOL DISTRICT, Lob Angeles County, Calif.—
BIDS.—The following are the other bids received for the $45,000 6%
school bonds on Aug. 29, awarded
R. Staats Co
reported in V. 113, p 1074
$45,326(state Board of Control...-$45,055
Wm.
as
CLEVELAND, Cuyahoga County, Ohio.—BOND OFFERING.—C. S.
Metcalf, Director of Finance, will receive sealed bids until 12 m. Oct. 3
514% coupon water-works bonds.
Denom. $1,000.
Date
July 1 1921.
Principal and semi-annual interest payable at American
Exchange National Bank in New York City.
Due yearly on July 1 as
follows: $60,000 from 1923 to 1932,
inclusive, and $70,000 from 1933 to
1952, inclusive.
Certified check drawn upon a solvent bank for 3% of
the amount bid for. payable to the
City Treasurer, required.
Purchaser
to pay accrued interest.
'
for $2,000,000
DURHAM, Durham County, No. Caro.—BOND OFFERING.—C. B.
Alston, City Treasurer, will receive sealed bids until 8 p. m. Sept. 20 for
$525,000 6% coupon or registered school building bonds. Denom. $1,000.
Date July 1 1921.
Prin. and semi-ann. int. (J. & J.) payable in New YTork
City.
Due yearly on Jan.
1 as follows:
$12,000. 1923 to 1928, incl.;
$13,000, 1929; $15,000, 1930 to 1934, incl.; $20,000, 1935 to 1940, incl.;
$25,009, 1941 to 1945. incl., and $30,000. 1946 to 1949, incl.
Certified
check for $10,500 reouired.
vision of the TJ. S. Mtge.
The bonds will be prepared under the super¬
Trust Co., N. Y., which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon.
The validity of the bonds will be approved by Chester B. Masslich, N. Y.
Bids to be made on blank forms furnished by the above official or said
trust company.
EAST BATON ROUGE PARISH ROAD DISTRICT NO. 2 (P. O.
Baton Rouge), La .—BOND OFFERING —Joseph Gebelin, President of
Police Jury will receive sealed bids until 12 m. Oct. 13 for $175,000 5%
bonds Series "J"
Denom
$1,000.
Prin. and semi-ann. int. (J. & J )
payable at the office of Parish Treasurer or at National City Bank, N. Y.
option of holder or holders
Due yearly on July 1 as follows: $11,000,
1922 to 1926. incl
and $12.000,1927 to 1936, incl.
Cert, check for $3,500,
required
The legality of the Issue and bonds will be
approved by Wood &
Oakley of Chicago and a certified copy of said opinion will be furnished the
purchaser free of charge.
Any other opinion as to legality, etc., to be at
the expense of the purchaser.
Purchaser to pay accrued interest.
Bonded
Debt (excluding this issue) $321,000.
Assessed value 1921, $36,000,000.
at
,
EASTLAND
INDEPENDENT SCHOOL DISTRICT (P. O. East¬
Eastland County, Tex.—BONDS REGISTERED.—On Sept. 3
bonds amounting to $50,000 were registered with the State Comp¬
land),
6%
troller.
B. J. Van Ingen <fc Co. and J. G. White &
Co.,
N.
ELK
RIVER,
Sherburne
County,
Minn.—BOND
SALE.— The
$26,000 6% water works bonds, offered on Jan. 8—V. 112. p. 180—have
been sold to the Minnesota Loan & Trust Co. of Minneapolis.
5.70%.
113, p. 978—at 103.60, a basis of about
Date June 21 1921.
Due yearly on June 1 as follows: $3,000,
1922 to 1957, incl. and $4,000 from 1958 to 1960, incl.
EL PASO, El Paso County, Tex.—BOND ELECTION POSTPONED.—
The election, which was to have taken
place on Sept. 6 on the various 6%
impt. bonds, aggregating $1,850,000 has been postponed until Oct. 11.
COLEMAN COUNTY ROAD DISTRICT NO.
1, Tex.—BOND SALE.
—An issue of $70,000 bonds,
maturing serially from one to twenty nine
Co., both of Kansas City subject to being voted at said election.
The bonds mature serially in 6 to 30 years, not due in 20 years,
optional
CLIFTON,
Passaic
County,
J.—BOND SALE—On Sept. 6,
jointly purchased the $120,6% coupon (with privilege of registration) school
000 ($124,000 offered)
bonds offered on that date—V.
years,
average
maturity
16M years, bearing 5)4% semi-annual interest
Garrett & Co. of Dallas.
Debt (authorized) and
$100,000.
Assessed value $1,306,000.
Population,
These bonds have been sold to Stern Bros. & Co. and Commerce Trust
in
10 years.
has been sold to Brog,
including
this
issue
4,000.
EMERSON, Dixon County, Neb.—BOND OFFERING.—C. V. Dunn,
Village Clerk, will receive bids until 6
COLUMBINE SCHOOL DISTRICT, Tulare
County, Calif.—BOND
—The $10,000 6% school bonds, offered
unsuccessfully on July 16—
V. 113, p. 554—have been sold
CONEJOS COUNTY SCHOOL DISTRICT NO. 10 (P. O.
Antonito),
Colo.—BONDS VOTED.—At a recent election the
$22,000 6% high-school
p. 873) were carried by 54 to 10.
building bonds (V. 113,
p. m.
Sept. 12 for $12,000 6% light
bonds.
ERIE, Erie County, Pa .—BOND OFFERING.—T. Hanlon, City Clerk,
will receive sealed bids until 9:30 a. m. Sept. 23 for $200,000
5lA% coupon
bonds.
Denom. $1,000.
Prin. and semi-ann. int. payable in Erie.
Due
serially from 2 to 26 years.
Cert, check for 1%, payable tc the City
Treasurer, required.
Chicago.
EURE
SCHOOL
DISTRICT, Gates County, No. Caro.—BOND
OFFERING.—The $15,000 6% 20-year school-house bonds dated Sept. 1
1921, offered on Sept. 5—V. 113, p. 874—are now being offered for sale by
Bruce Craven of Trinity, who is acting as agent for the
county.
COTTER SCHOOL DISTRICT (P. O.
Cotter), Louisa County,
Iowa.-—BOND SALE.—An issue of $32,000 5% bonds has been sold to the
temporary loan
dated
awarded
on
CONRAD, Pondera County, Mont.—BOND SALE—The $180,000
6% water works system bonds, offered but not sold on March 10—V. 112,
1185—have been sold, it is stated, to the Hanchett Bond
Co., Inc., of
p.
First National Bank of Chicago.
ELECTION PROPOSED.
future an election will be held to vote
$60,000 electric light and water bonds.
near
CRESCENTA SCHOOL DISTRICT,
on
the question of issuing
Los Angeles County, Calif.—
BID —The only ot her bidder on
Aug. 29 for the 318.500 6% bonds, awarded
stated in V, 113, p. 1074—was the State Board
of Control, which bid
as
$18,520.
CUSTER COUNTY SCHOOL DISTRICT NO. 83
(P. O. Beebe),
Mont.—BOND OFFERING.—Maretta
Zoak, Clerk Board of Trustees,
will receive sealed bids until 2
p. m. Sept. 12 for $2,928 30 6% 10-20 year
(opt.) funding bonds.
Donom. $100,000 for $28 30.
Date Sept. 1 1921.
Int. semi-ann.
Duo Sept. 1 1941 optional
Sept. 1 1931.
Cert, check for
$100 payable to the above Clerk,
required.
COUNTY (P. O. Lawrenceburg), Ind.—BOND SALE.—
The $28,980 5% John A. Andres et
al., Kelso Township bonds which were
offered on Aug. 29 (V. 113, p.
753) were sold to the Peoples National Bank
of
Lawrenceburg
at par and accrued interest.
Date
Aug. 1 1921.
$966 each six months from May 15 1922 to Nov.
15 1931, incl.
rtr,PECATDR, Morgan County, Ala.—BONDS VOTED.—By
285 to 37 the $100,000
6% school bonds carried at the election
—V.
a
on
113, p. 753.
Due
C.
£A_LB COUNTY (P. O. Auburn),
H.
Ind.—BOND OFFERING.—
Baber, County Treasurer, will receive bids until 10 a. m. Sept. 12
$12,500 5% Geo. W. Ditmars et al, De Kalb County, bonds.
Denom.
ft?, Date Sept. 1 1921.
Int. M. & N.
Due $625 each six months from
May 15 1922 to Nov. 15 1931, inclusive.
BOND OFFERING.—The same official will also
receive bids until 2 p. m.
Sept. 20 for $18,450 5% bonds.
Denom. $307 50 and $615.
Date July 27
1921Int. M. & N.
Due $922 50 each six months from
May 15 1922 to
Nov. 15 131, inclusive.
DELAWARE (State, of).—BOND
OFFERING.—George M. Fisher
State Treasurer, will receive sealed
bids at his office in Dover until 1 p. m.
Sept. 28 for the purchase of $500,000 4M%
(opt.) coupon State highway
bonds.
Denom
$1,000.
Date Jan. 1
1921.
Prin. and semi-ann. int.
(J. & J.) payable at the Farmers Bank of
Delaware at Dover.
Due in
40 years from date,
optional at 105 after one year.
Cert, check for 5%
of the bid, payable to the
above
treasurer, required.
DESDEMONA INDEPENDENT SCHOOL DISTRICT
(P. O. Desdemona), Eastland County, Tex.—BONDS
REGISTERED.—The State
Comptroller registered 6% 20-40 year bonds,
amounting to $75,000 on
wGpt»
o*
DICKENS COUNTY COMMON SCHOOL
DISTRICT NO. 8, Tex.—
Comptroller
on
Aug. 29 registered
,»
DILLONVALE, Jefferson County,
Ohio.—BOND
OFFERING.—
Martin Campfield, Clerk, will receive sealed
proposals unt 1 12 m. Sept 19
for $30,000 6%
coupon fire department bonds.
Denom. $500.
Date
Oct. 1 1921.
Principal and semi-annual interest (A. & O.) payable at the
First National Bank in Dillonvale.
Certified check for 3% of the amount
bid for, payable to the
Village Treasurer, required.
Purchaser to nav
accrued interest.
1
*
DIXON TOWNSHIP
Preble
RURAL SCHOOL DISTRICT
(P. O. Eaton),
County, Ohio.—BOND OFFERING.—Carl L. Ballinger, Clerk of
the Board of Education, will receive sealed
proposals until 1 p. m. to-dav
(Sept. 10) for $8,000 6% funding deficiencies bonds.
Denom, $500.
Prin¬
cipal and semi-annual interest (A. & O.)
payable at the County National
Bank at Eaton, Ohio.
County,
a
Mass .—TEMPORARY LOAN.—A
Sept. 8 and due Nov. 23 1921, was
5.23% discount basis.
FAYETTE, Fulton County, Ohio.—BOND OFFERING —C. Ilause,
Village Clerk, will receive sealed proposals until 7 30 p. m. Sept. 19 for
$26,400 6% street improvement bonds.
Denom 26 for $1,000 each and
1 for $400.
Date June 15 1921.
Prin. and semi-ann. int. (M. & S.)
payable at the Village Treasurer's office.
Due yearly on March 15 as
follows:
$2,000 from 1923 to 1926, incl.; $3,000 from 1927 to 1931, incl.,
and $3,400 in 1932.
Cert, check drawn upon some bank acceptable to the
Village Council, payable to the Village Treasurer for 5% of the amount bid
for required.
Purchaser to pay accrued interest.
FLATHEAD
COUNTY
(P. O.
Kalispell), Mont.—NO
bids were submitted on Aug. 29 for the 6%
funding bonds not to exceed $2,675—-V. 113, p 653.
CEIVED.—No
School
BIDS
Free
RE¬
High
FLATHEAD COUNTY SCHOOL DISTRICT NO. 23 (P. O. Poison),
Mont.—BONDS VOTED.—On Aug. 27 the $65,000
6% school bidg. bonds
—V.
113, p. 979—were voted by 44 to 21.
FULTON
COUNTY (P. O. Wauseon), Ohio.—BOND SALE.—'The
Peoples State Bank and the First National Bank of Wauseon, Ohio, were
bidders for the $137,950 6% bonds offered on Sept. 3—V.
113, p. 871—by submitting a bid of par and accrued interest.
the successful
GALLATIN COUNTY (P. O. Bozeman), Mont.—BOND SALE — The
Commercial National Bank of Bozeman has been awarded at par and interest
$150,000 6% road bonds.
Denom. $1,000.
Int. J. & J.
Date Jan. 11921.
GARDNER, Worcester County, Mass.—NOTE SALE.—The following
tax-free notes offered on Sept. 6—V. 113, p. 1075—were sold to F. S.
Mosely & Co. at 100.89.
$50,000 5% Prospect Street School loan.
Due $2,500 yearly on Sept. 1
from
1922 to 1941,
inclusive.
7,000 5Y\ % Prospect Street School loan.
from
Due $1,000 yearly on Sept. 1
1922 to 1928, inclusive.
34,000 534% South Main Street Permanent Road loan.
Due $3,400
v
yearly on Sept. 1 from 1922 to 1931, inclusive.
6,000 5%% Main Street Permanent Road loan.
Due $1,000 yearly on
Sept. 1 from 1922 to 1927. inclusive.
Date Sept.
1 1921.
GASTONIA
GRADED
SCHOOL
DISTRICT
(P.
O. Gastonia),
County, No. Caro.—BOND OFFERING.—Sealed bids will be
by the Board of School Commissioners, at
he office of A. G.
Myers, Chairman of said Board, in the City of Gastonia until 12m. Sept.
15 for $450,000 6% bonds.
Denom. $1,000.
Date Sept. 1 1921.
Prin.
and semi-ann. int. payable in Newr York.
Due $18,000 yearly on Sept. 1
from 1924 to 1948, incl.
Cert, check on a national bank for 2% of the
par value of bonds bid for, payable to R. C. Patrick, Secretary and Treas¬
urer of Board of School Commissioners, required.
Gaston
received
GEM COUNTY (P. O. Emmett), Ida.—BOND SALE.—An issue of
$75,000 6% 10-20-year bridge bonds has been sold to the Hanchett Bond
Inc., of Chicago at 93 60.
/
Co..
GILBERT,
St.
Louis
County,
Minn.—BOND
OFFERING.—Sealed
bids will be received until 8 p. m. Sept. 20 by A. W. Indihar, Village Clerk,
for the
^?^J!oSa3EPlnTEREu'~7The State
year bonds.
$7,000 6% 5-20
Bristol
of S300.000,
Estabrook & Co.
vote of
Aug. 22.
DECATUR COUNTY (P. O.
Greensburg), Ind.—BOND OFFERING.
—Ozro J. Butler, County
Treasurer, will receive bids until 2 p. m. to-day
(Sept. 10) for $9,700 4)4% J- H. Myers et al, Adams
Township, bonds.
Denom. $485.
Date Nov. 15 1919.
Int. M. & N.
Due $485 on May 15
in
1921 and 1922 and $1,940 each six months from Nov.
15 1922 until all
paid.
Principal and interest payable at the above Treasurer's office.
Although the maturity of this issue seems to be in error as the first bonds
mature May 15 1921, this
maturity has come to hand officially.
for
RIVER,
to
Int. M. & N.
CRESCENT, Logan County, Okla.—BOND
—In the
FALL
purchase of $200,000 tax-free gold coupon refunding bonds at not
exceeding 6% interest.
Denom. $1,000.
Date July 1 1921.
Int. J. & J.
Due yearly on Jan. 1 as follows: $2,000, 1924 to 1926, incl.: $14,000, 1927
and $20,000, 1928 to 1936. incl.
These bonds were mentioned in V. 113,
p
874Bonded debt (excluding this issue) March 1 1921 $149,500.
Wan-ant debt
(add'l), $273,742 81.
Cash on hand, general fund, $7,061 73.
Cash on hand, water and light fund, $3,305 50.
Total assessed
value, $5,681,160.
Actual value (est.), $15,000,000.
BOND SALE.—An $80,00 0 6% bond issue offered on Aug.
sold
at
par
to
Lawrence
&
Due $16,000 yearly on Aug.
McCann.
Denom. $1,000.
1 from 1922 to 1926 incl.
16 has been
Int.
semi-ann.
GOODHUE COUNTY (P. O. Red Wing), Minn.—BOND OFFERING.
C
II. Meyer, County Auditor, will receive sealed bids until 1 p. m.
Sept. 9 for $222,000 (not $221,937 as reported in V. 113, p. 1075) trunk
highway reimbursement bonds, denomination $1,000 each, dated Sept.
15
int. payable semi-annually, running ten to fourteen years, payable
at
option of bidder at either St. Paul or Chicago.
bid is required.
Deposit of 5% of amount
SEPT. 10
THE
1921.]
GRAHAM SCHOOL DISTRICT,
BOND SALE.—The $11,000 6% school
p. 204—have been sold.
Los Angeles County, Calif
bonds, offered on July 18—V. 113,
Due $1,000 yearly on July 1
Date July 1 1921.
from 1922 to 1932, incl.
GREENE COUNTY (P. O. Bloomfield), Ind.^—BOND OFFERING.—
Herschel Corbin, County Auditor, will receive bids until Sept. 15 for $9,200
5% Henry A. Wolfe et al., bonds.
GREEN
BOND
Date Aug. 15 1921.
Denom. $460
TOWNSHIP
(P. O. Laings), Monroe County, Ohio.—
$1,600 6% school bonds offered without success on
555—were later sold.
SALE.—The
July 16—V. 113,
p.
GREENVILLE COUNTY
(P. O. Greenville), So. Caro.—BOND
SALE.—On Sept. 1 the People's National Bank of Greenville was awarded
the $100,000 coupon bonds—V. 113, p. 979—at par and interest.
Date
July 1 1921.
Duo July 1 1941.
GREENVILLE
The lowest bid received was 97.10.
COUNTY
(P. O. Greenville), So. Caro .—BONDS
Aug. 30 the $500,000 road bonds—V. 113, p. 979—
The vote was 765 "for" to 1087 "against."
Phillips, Este & Co., of Denver, subject to being voted at said election.
The notice of the election and sale appeared in V. 112, p. 959.
The above
corrects the report given in V. 112, p. 1053.
LEONIA, Bergen County, N. J.—BOND SALE.—On Sept. 6, the
$88,000 6% coupon or registered park bonds offered on that date—V. 113,
p. 875—were sold to B. J. Van Ingen & Co. and J. G. White & Co. jointly
for $88,725 (100.823), a basis of about 5-93%.
Date Sept. 1 1921.
Due
yrly. on Sept. 1 as follows; $2,000 from 1922 to 1953, incl., and $3,000 from
1954 to 1961, incl.
LITTLE
OPOSSUM-BAYOU
DRAINAGE
DISTRICT, Quitman
County, Miss.—BOND OFFERING.—On Sept. 10 $65,000 6% drainage
bonds will be offered for sale.
defeated.
GREENWOOD, Le Flore County, Miss.—BOND ELECTION.—On
Sept. 15 $55,000 impt. bonds will be voted upon.
HAMILTON COUNTY (P. O. Noblesville), Ind.—BOND SALE.—The
following two issues of 4 *4 % road construction bonds offered on Sept. 3—
V. 113. p. 979—were scld to the Citizens State Bank of Noblesville at
par and accrued interest:
$5,500 Irions gravel road bonds.
Denom. $275.
5.000 Beard gravel road bonds.
Denom. $250.
Date May 15 1921.
Int. M. & N.
Due one bond of each issue each
six months from May 15 1922 to Nov. 15 1931, incl.
HAMMOND INDEPENDENT SCHOOL DISTRICT
(P. O. Ham¬
mond), Robertson County, Tex.—BONDS REGISTERED.—On Aug.
29, $10,000 5% 5-20 year bonds were registered with State Comptroller.
HAPPY VALLEY IRRIGATION DISTRICT (P. O. Olinda),
Shasta
that the directors of
County, Calif.—BOND OFFERING.—Reports say
this district have decided to advertise the sale of $100,000 worth of bonds of
the $150,000 6% issue—V. 112, p. 1489—-the sale to be Sept. 19HARRISBURG,
Harris
County,
Tex.—BONDS
REGISTERED —
$85,000 sewer
The State Comptroller registered $15,000 street impt. and
6% serial bonds
on
Int. semi-ann.
LOGAN,
Harrison County,
Iowa.—BOND
reports $9,500 bonds have been sold.
$50,000 school
bonds.
HICKORY, Catawba County, No. Caro .—BOND OFFERING.—
Henry, City Manager, will receive sealed bids until 7 30 p. m. Sept.
R. G.
20 for $125,000 6% street improvement bonds, it is reported.
SCHOOL
incl.
LOMPOC PERMANENT ROAD DIVISION, Santa Barbara County,
SALE.—Recently Bradford. Weeden & Co., the Bank of
Italy, and the County National Bank & Trust Co. of Santa Barbara pur¬
chased
$400,000
5*4%
sold tax-free bonds.
Denom. $1,000.
Date
March 15 1920.
Principal and annual interest (March 15) payable at the
office of County Treasurer.
Due $20,000 yearly on March 15 from 1925
to 1944, inclusive.
Calif.—BOND
LOS
ANGELES,
Los
Angeles County,
Aug 31 Eldredge & Co., Stacy & Braun and
of New York, were awarded the $1,200,000
St. Louis for the $1,250,000 6% tax-free bonds (part of a $1,500,000 issue)
—V. 112, p. 959—was 90.
The remaining $250,000 bonds are in the dis¬
trict's treasury and probably will not be sold for some time.
HOBBSVILLE
SCHOOL
DISTRICT, Gates
County,
Calif.—BOND SALE.—On
Kissel, Kinnicutt & Co., all
5H% tax-free coupon (with
privilege of registration) harbor impt. bonds—V; 113, p. 980—at 102.32,
a
basis of about 5.56%.
Denom. $1,000.
Date Sept. 1 1921. Prin.
and semi-ann. int. (M. & S.) payable at the office of City Treasurer or at
the Guaranty Trust Co., N. Y.
Due $30,000 yearly on Sept. 1 from 1922
to
1961, incl
The other bidders and their bids were:
•
,v
■
■
/
Guaranty Co. of New York; Hunter,
& Co.. Inc.; Cyrus Pierce & Co
Blyth, Witter & Co.;
-.7'
.7 '
$15,240
E. H. Rollins & Sons-- 21,<32
R. H. Moulton & Co.;
Bond department. Security Trust & Savings Bank, California Co.;
Bond & Goodwin & Tucker; Mercantile Trust Co. of San Fran-William R. Staats Co.;
First National Bank—_ —;
Bank of Italv
-
Savings Bank!
Frick, Martin & Co.; Banks. Huntley & Co.; R. M.
California Bank; Citizens' National Bank—
No.
Caro.—
I.
H.
19,108
Financial Statement.
$704,599,078
Assessed valuation, taxable property, 1920
Total bonded debt, including this issue
- -
Sinking funds
HUBBARD
VILLAGE
SCHOOL
DISTRICT
(P. O. Hubbard),
Trumbull County. Ohio.—BOND OFFERING.—L
M. Stewart, Clerk,
will receive sealed bids until 12
m. Sept. 16 for $25,000 6% bonds.
Denom.
Prin. and semi-ann. int. (A. & O.) payable
Ohio,
Due $1,000 yearly on
April 1 from 1925 to 1949, incl.
Cert, check for $200, payable to the District
Treasurer required.
Purchaser to pay accrued interest.
$1,000.
Date Oct.
1921.
1
Hubbard Banking Co., of Hubbard,
HUNTINGTON
PARK
UNION
HIGH
SCHOOL
DISTRICT, Los
Angeles County, Calif.—BOND OFFERING.—L. E. Lampton, County
Clerk, ex-officio Clerk Board of County Supervisors (P. O. Los Angeles),
will receive
proposals Until 11 a. m. Sept. 19 for the $75,000 6% school
bonds—V.
113,
p.
979—Denom. $1,000.
Date Aug.
1 1921.
Prin.
and semi-ann. int. payable at the office of the County Treasurer.
Due
yearly on Aug. 1 as follows: $3,000, 1922 to 1926, incl., and $4,000, 1927
to 1941, incl
Cert, cashier's check for 3% of the amount of bonds bid for,
payable to the Chairman Board of County Supervisors, required.
Assess,
val. 1920, $16,749,720, bonded debt, $337,000.
Purchaser to pay accr. inf
IDAHO (State of).—BID REJECTED.—D. F. Banks. State Treasurer,
informs us that only one
State
that
bid was received on Aug. 23 for the $2,000,000 5%
Highway bonds—V. 113, p. 875.
This bid contained conditions
objectionable and was rejected.
were
He also informs
for
us
that it is not likely that this issue will
be again offered
several months.
JASPER
were
—V.
COUNTY
submitted
on
(P. O. Rensselaer), Ind.—NO BIDS.—No bids
Sept. 5 for the $330,775 13 6% bonds offered on Sept. 5.
113, p. 875.
JERSEY CITY, Hudson County, N. J.—BOND SALE.—On Sept. 7,
Harris, Forbes & Co., Estabrook & Co., the National City Cc. and Remick,
Hodges & Co. were awarded the following two issues of 5*4% coupon
(with privilege of registration) bonds offered on that date.—V. 113, p. 875.
$2,261,000 ($2,275,000 offered) general improvement bonds, for 100.638,
a
basis of about 5.45%.
Due yrly. on Sept.
1 as follows
$62,000 from 1922 to 1939, incl., and $61,000 from 1940 to
1957, incl. with $47,000 due on Sept. 1 1958.
1,878,000 ($1,892,000 offered) water bonds, for 100.779, a basis of about
5.45%.
Due yearly on Sept. 1 as follows: $49,000 from 1922
to 1941, incl. and $48,000 from 1942 to 1959, incl., with $34,000
due on Sept. 1 1960.
Date Sept. 1 1921.
These bonds are now being advertised to yield the
purchaser from 5.50% to 5.25% according to maturities.
JUDITH
BASIN
Raynesford),
receive bids until 2 p.
ported.
Cert,
COUNTY
SCHOOL
DISTRICT
NO.
49
(P.
O.
Mont.—BOND
check
OFFERING.—'The
District Clerk,
will
m. Oct. 1 for $7,954 72 6% funding bonds, it is re¬
for $250, required.
Bids under par will net be
considered.
KANSAS CITY SCHOOL DISTRICT (P. O. Kansas City), Jackson
County, Mo.—BOND SALE.—Wm. R. Compton Co. and Blodget & Co.,
tax-free coupon bonds on
Sept. 6 at 95 42, a basis of about 5 38%.
Denom $1,000.
Date July 1
1921.
Prin. and semi-ann. int. (J. &J.) payable at the National Park Bans:,
N. Y.
Due July 1 1941.
both of New York, were awarded $500,000 5%
KENDALLVILLE
SCHOOL
CITY
(P.
Ind.—BOND SALE—The $35,000
offered on Sept. 2 (V. 113, p. 875) were sold to
par and accrued interest.
Date Sept. 3 1921.
County,
O. Kendallville),
Noble
6% coupon school bonds
the Noble County Bank at
Due Sept. 3 1926.
KENOSHA,
Kenosha County, Wise —BOND SALE— On Sept. 1
6% bonds—V. 113, p. 979—were awarded to the First Trust
Savings Bans: of Chicago for $406,500 (101.62) and interest, a basis o
5.65%:
$100,000 Washington School bonds (second series).
Due $10,000 yearly
on Aug. 1 from 1922 to 1931, inclusive.
300,000 McKinley School bonds (second series).'
Due $30,000 yearly
on Aug. 1 from 1922 to 1931, inclusive.
the following
&
KNOXVILLE,Tenn.—BOND OFFERING.—Sealed bids will be received
by the Board of Commissioners, in care of John L. Greer, City Recorder,
until 10 a. m. Sept. 13 for $500,000 6% coupon refunding bonds.
Date
Sept. 1 1921.
Principal and semi-annual interest (F. & A.) payable
in New York City.
Due Sept. 1 1941.
Certified check drawn on an
incorporated bank or trust company for $10,000, payable to City of
Knoxville, required.
The approving opinion of Chester B.
Masslich
of N. Y. will be furnished to purchaser.
The purchaser must agree to
print, lithograph or engrave the bonds, under the direction of Recorder,
at the bidder's expense,
and to cause such prepared bonds to be delivered
Sept. 24 1921
Delivery of bonds
place of purchaser's choice, east of Mississippi River on
to Recorder for signature not.later than
will be made at
Sept. 28 1921.
LA
PLATA
SCHOOL
DISTRICT NO. 4 (P. O. Bayfield), Colo.—
BONDS DEFEATED.—An issue of $19,500 6% school bldg. bonds has
been defeated.
These bonds have already been reported as sold to Benwell,
38,784,025
$21,572,800
debt.
Water
the county, is now offering for sale the $30,000 6%
bonds which were offered on Sept. 5—V. 113, p. 654.
20-year school-house
Date Sept. 1 1921.
12,100
8,438
1/,288
19,320
Grant & Co__ 12,720
15,327
Hellman Syndicate
BOND OFFERING.—Bruce Craven of Trinity, who is acting as agent for
at the
Premium.
'V. :7..7•
Dulin & Co.; Halsey, Stuart
Harris Trust
HIDALGO COUNTY WATER IMPROVEMENT DISTRICT NO. 2,
Tex.—PRICE PAID—The price paid by the Wm. R. Compton Co. of
to
1
DISTRICT, Santa Barbara
County, Calif.—BOND SALE.—The. $45,000 6% school bonds, which
were
offered on July 5—V. 113, p. 103—have been disposed of.
Date
June 6 1921.
Due $2,000, 1922 to 1941, incl., and $1,000, 1942 to 1946,
HIGH
UNION
LOMPOC
.
ceived until 3 p. m. Sept. 22 by O. Kadlecek, Sceretary, for
SALE.—According
newspaper
Aug. 29.
HAY SPRINGS SCHOOL DISTRICT NO. 3 (P. O. Hays Springs),
Sheridan County, Neb.—BOND OFFERING.—Sealed bids will be re¬
J. W. Mock is Secretary.
LIVINGSTON, Overton County, Tenn.-NO DATE YET SET.—No
date has as yet been decided upon for the reoffering of the $25,000 10-20year (opt.) street improvement bonds—V. 113, p. 980.
DEFEATED.—On
were
1175
CHKONICLE
780,372
22,353,172
16,430,853
Net debt
Population, 1920, 576,673.
COUNTY
(P. O. Toledo), Ohio.—BOND OFFERING.—
Adelaide E. Schmitt, Clerk of the Board of County Commissioners, will
receive sealed bids until 9 a. m. Sept. 16 for the purchase of the following
6% bonds:
.
$13,749 82 water supply line No. 42 bonds.
Denom. 1 for $749 82 and
13 for $1,000 each.
Due yearly as follows: $3,749 82 two
years after date and $2,000 each in 3, 4, 5, 6 and 7 years after
LUCAS
_
__
„
27,506 29 water supply line No. 39 bonds.
Denom. 1 for $506 29 and 27
for $1,000 each.
Due as follows: $3,506 29 two years after
date and $3,000 each in 3, 4, 5. 6, 7, 8,9 and 10 yeara after date.
10,998 53 local sanitary sewer No. 78 bonds.
Denom. 1 for $998 53 and
10 for $1,000 each.
Due as follows: $2,998 53 in 2 years from
date and $2,000 each in 3, 4, 5 and 6 year from date.
44,366 01 local sanitary sewer No. 77 bonds.
Denom. 1 for $366 01 and
44 for $1,000 each.
Due as follows: $4,366 01 in 2 years from
date, $5,000 in 3, 4 and 5 years from date and $4,000 each in
6, 7, 8, 9, 10 and 11 years from date.
Date Oct. 3 1921.
Prin. and semi-ann. int. payable at the County
Treasurer's office.
Cert, check for $500, drawn upon a bank doing regular
banking business in Toledo required.
Purchaser to pay accrued interest.
Financial Statement.
Assessed valuation of property for taxation on the 1920 duplicate,
$525,121,270.
Property is assessed at its true value.
■
Tax rate per $1,000 for 1920 $19.40.
Population 1920, 275,000.
QO
Total bonded debt of county, foregoing issues not included, $5,064,932 00.
Of the bonded debt of the county, the sum of $636,503 33 is paid by a
levy on townships, and the sum of $3,451,225 47 is paid by special assessThere has
never
been any default in the payment
McCLAVE DRAINAGE
DISTRICT
of principal or interest.
(P. O. McCIave), Bent
County,
Colo.—BOND SALE.—The $35,000 6% drainage bonds which were men¬
tioned in V. 113, p. 1542—have been sold to the Bankers Trust Co. of
Denom. $1,000.
Date June 1 1921.
Int. semi-ann. payable
Bros., N. Y.
Due as follows: $1,800, 1932 §2,100, 1933
1934
$2,800, 1935
$3,200, 1936
$3,500, 1937 $4,000, 1938
$4,200,1939 $4,300, 1940 and $5,600 1941.
Denver.
at
^
Kountze
$2,500,
McCOOK, Red Willow County, Neb.—BONDS NOT SOLD.—No sale
was made on Sept. 5 of the $100,000 6% intersection paving and of approxi¬
mately $250,000 7% Paving District No. 2 bonds—V. 113, p. 876.
MADISON COUNTY (P. O.
S. L. Van Petten, County
Anderson), Ind.—BOND OFFERING.—
"will receive sealed bids until 10 a. m.
et al., Stoneycreek and Green Town¬
Sept. 15 1921.
Due $850 each six
19o2, incl., at the County Treasurer s
Treasurer,
Sept. 15 for $17,000 6% Olan Wyant
ships bonds.
Denom. $850.
Date
months from May 15 1923 to Nov. 15
office.
Int. M.&N.
Ariz.—BOND OFFERING —
$4,500,000 6% serial highway
MARICOPA COUNTY (P. O. Phoenix),
This
county will offer around Nov. 1 the
bonds recently voted—V. 112, p. 181.
,
|
MARIETTA,
Washington County, Ohio.—BOND OFFERING.—
Fowler, City Auditor, will receive sealed proposals until 12 m.
to-day (Sept. 10) for $31,500 6% deficiency bonds.
Denom. $500.
Date
June
1 1921.
Prin. and semi-ann. int. payable at the National Park
Bank in New York City.
Due $3,000 yearly on June 1 from 1922 to 1930,
incl., and $4,500 in 1931.
Cert, check for 5% of the amount bid for. pay¬
able to the City Treasurer required.
Purchaser to pay accrued interest.
Frank O.
MARTINEZ,
Contra
Costa
County,
Calif.—BOND SALE.—An
been sold to W. J. Toben, contractor.
issue of $35,090 7% impt. bonds has
MEMPHIS, Tenn.—BOND SALE.—On
bonds
were
sold to the Harris Trust &
Sept. 6 the following coupon
Savings Bank of Chicago:
$200,000 6% 22%-year (average) water bonds.
Date July 1 1921.
Due
yearly on July 1 as follows: $5,000 1926, $6,000 1927, $5,000 1928
$6,000 1929, $5,000 1930, $6,000 1931, $5,000 1932, $6,000 1933.
$5,000 1934, $6,000 1935, $5,000 1936, $6,000 1937, $5,000 1938,
$6,000 1939, $5,000 1940, $6,000 1941, $5,000 1942, $6,000 1943,
$5,000 1944, $6,000 1945, $5,000 1946, $6,000 1947, $5,000 1948,
$6,000 1949, $5,000 1950, $6,000 1951, $5,000 1952, $6,000 19o3.
$5,000 1954, $6,000 1955, $5,000 1956, $6,000 1957 to1961. ind.
100,000 5%% recreation park bonds.
Date June 1 1921.
Due yearly
as follows: $3,000, 1926 to 1939, incl.; $2,000, 1940 to 1947, incl.;
and $3,000, 1948 to 1961, inclusive.
2/5,000 5%% 14 2-3-year (average) street improvement bonds.
Date
May 11921.
Due $11,000 yearly on May 1 from 1924 to 1948,
inclusive.
150,000 5%% sewer bonds.
Date May 1 1921. Due $6,000 yearly on
May 1 from 1924 to 1948, inclusive.
75,000 5%% grade separation bonds.
Date May 1 1921.
Due $3,000
yearly on May 1 from 1924 to 1948, inclusive.
_
1176
THE
CHRONICLE
river terminal and warehouse bonds.
Date July 1 1921.
Due as follows: $3,000. 1927 to 1941. Incl.; $2,000, 1942 to 1946,
incl., and $3,000, 1947 to 1961, inclusive.
95,000 6% 3 1-3 year (aver.) street! mprovement front foot bonds. Date
Sept. 11920. Due on Sept. 1 as follows: $11,000 1923, $42,000 1924
$100,000 5K%
,
and 1925.
75,000 5%
Due
as
(average) grade separation bonds.
Date Jan. 1
follows: $12,000 1945, $30,000 1946 and $33,000
1947.
Denom. $1,000.
Prin. and semi-ann. int. payable in New York City or
Memphis.
These bonds, which are reported to be exempt from all federal
income taxes (both normal and surtaxes) are now being offered to investors,
to yield from 5.80% to
5-50%, according to maturity.
MAUMEE VILLAGE SCHOOL DISTRICT (P. O. Maumee), Lucas
County, Ohio.—BOND OFFERING.—William A. Clarke, Clerk, will
receive sealed prooosals *.ntil 7 n. m. Sept. 22 for $150,000 6% coupon bonds.
Denom, 18 for $500 each and 141 for $1,000 each.
Date Sept. 1 1921.
Prin. and semi-ann. int. (M. & S.) payable at the District Treasurers
office
at any
of the banks in Toledo, Ohio, at the option of the
purchaser.
Due yearly on Sept. 1 as follows: $1,500 from 1922 to 1927:
incl.; $2,000 from 1928 to 1933. incl.: $3,000 from 1934 to 1939. incl.
$4,000 from 1940 to 1946, incl.; $5,000 from 1947 to 1953. incl., and $6,000
from 1954 to 1961, incl.
Cert, check on one of the banks doing a regular
banking business in Lucas County for 3% of the amount bid for required.
Purchaser to pay accrued interest.
or
one
MEMPHIS, Hal! County, Tex.—BONDS REGISTERED —The State
Comptroller on Aug. 29 registered $65,000 6% 30-year electric light bonds.
MERCER
COUNTY
(P. O. Celina), Ohio.—BOND SALE—The
following 2 issues of 6% coupon road bonds offered on Sept. 3—V. 113, p.
980—were sold
as
stat ed below:
$8,000 Ahlers Road bonds to Wm. O. Marker at par and accrued interest.
Denom. $500.
Due $1,500 yearly on Sept. 15 from 1922 to 1926,
incl., and $500 Sept. 15 1924.
21,000 Krugh Road Txmds to John Heitzman at par and accrued interest.
Denom. $1,000.
Due $1,000 yearly on Sept. 15 from 1922 to 1926,
incl., and $1,000 Sept. 15 1924.
Date Sept. 15 1921.
Int. semi-ann. (M.-S ) payable at County Treas¬
lowing three issues
-—V.
Niagara
County,
Y .—BOND
N,
OFFERING.—
Bernard J. Mahar, Clerk of the Board of Trustees, at 2 P. M.,
will receive bids at
for $16,000 6%
and semi-ann. int.
any
$1,000.
Date Aug. 10 1921.Prin.
(P. & A.) payable at the Village Treasurer's office,
place mutually agreed
Due
Denom.
$1,000'yearly
on
on
or
at
by the Board of Trustees and the purchaser.
Aug. 10 from 1938
to 1953,
incl.
Cert, check for
The official notice of this
offering
may
be found among the. advertisements
MIDDLETOWN, Orange County, N. Y.—BOND SALE.—The $75,000
registeredT>%% street improvement bonds offered on Sept. 8—
1076—were s?ld
Dickinson
to
Clark, Williams & Co. at 101.033.
County,
Iowa.—BOND SALE.—Schanke &
City, purchased during March, $13,500 water worjts and $3,500 electric light 6% bonds.
Denom. 3500.
Int. F. & A.
Co. of Mason
of Newark at 100.208, a basis of about
MILWAUKEE, WiBC.—ADDITIONAL DATA.—The syndicate, whose
was successful on Aug. 30 for the
$3,600,000 5lA and 6% 20-year serial
113, p. 1076—was headed by the First Wisconsin Co,
MONTCLAIR, Essex County, N. J.—BOND SALE.—A syndicate
composed of the William R. Compton Co., Kissel, Kinnicutt & Co. and
Graham, Parsons & Co., all of New York, aws the successful bidder at
a
bas's of about 5.36%, for $210,000
($212,000 offered—V.
113,
6 1076) 5lA% coupon or registered school 1940, incl.; $12,000 yearly on
bonds. Date Sept. 1 1921.
$8,000 yearly on Sept. 1 from 1922 to
ue
Sept. 1 from 1941 to 1944, incl., and $10,000
on
Sept. 1
1945.
MONTE VISTA SCHOOL
DISTRICT, Stanislaus County, Calif.—
SALE.—On Aug. 22 the State Board of Control purchased the
$13,000 6% school bonds which were offered unsuccessfully on Aug. 9
BOND
(V. 113,
p.
876).
MONTGOMERY COUNTY (P. O. Montgomery), Ala.—BOND SALE.
11 Seasongcod & Mayer were awarded $300,000 6% bonds at
97.5555, a basis of about 6.18%.
Denom. $1,000.
Date July 1 1921.
Int. J. & J.
Due July 1 1951.
—On Aug.
MONTICELLO
SCHOOL DISTRICT (P. O. Monticello),
Jasper
County, Ga.—BOND SALE.—The $80,000 6% school bonds, offered on
Juno 30—V. 112,
p. 2663—have been sold at 98.00 a basis of about 615%.
Denom. $500 and $1,000.
— •
Date Jan.
-—
1 1921.
Int. annually (Jan. 1).
Due Jan. 1 1951.
MORGANTON,
Burke
County,
No.
Sealed bids will be received until 2
p.
Manager, for $25,000 water bonds.
m,
Caro.—BOND OFFERING —
Oct. 1 by T. O. Cannon. City
O. Munday),
County, Tex.—BOND SALE
Breg, Garrett & Co. Of Dallas, have
been awarded at 90 and int., the $40,000
6% bonds, maturing from one to
forty, years, optional after 20 years—V. 112, p. 2562—Total Debt (including
this issue) $50,000.
Assessed value $1,500,000.
Population, 3,000.
(P.
—
NASHVILLE, Tenn.—BOND
will receive sealed bids until 10
issues, denomination $1,000:
OFFERING
a.
m.
—
S.
H.
McKay. City Clerk,
Sept. 23 for the following 6% bond
$58,000 street impt. bonds, issued for the purpose of
providing means for
payment of not exceeding two-thirds of the estimated cost of
certain street improvements.
Due yearly on Eept. 1 as follows:
$11,000. 1922 and 1923, $12,000, 1924 to 1926, incl.
46,000 general impt. bonds, issued for the purpose of
providing means for
the payment of the city's shares of the
cost of certain street im_
££°™ments-
I1
Due yearly
$3,000, 1928 to 1941, incl.
1
on Sept.
1
as
follows: $4,000, 1927 and
1921.
Prin. and semi-ann. int. (M. &
S.) payable at the
City Treasurer's office or at National Park Bank, N. Y. at holder's
option.
Reads registerable as to
principal in New York City, will be prepared and
certified as to genuineness
Y.
The
by the United States Mortgage and Trust Co.,
same will be approved by Caldwell and
Raymond of
approving opinions will be furnished puerchasers without
legality of
New York, whose
JIt 18 Provided by Chapter 86, Public
Acts of 1921, passed March 29
that neither the principal nor the interest
by the State of Tennessee or by any County or
1^21, and approved April 1 1921,
of said bonds shall be taxed
Municipality thereof.
All bids must be upon blank forms which will be
furnished by the above official or said Trust
Company, and must be accom¬
panied, by a certified check upon a National
bank, or
Trust
Company
upon
any
bank
or
Tennessee for 2% of the face value of the bonds bid on.
The bonds will be delivered
in Nashville or at the office of said Trust
Company in New York at purchaser's option on Oct. 1 1921.
Official
circular says:
There has never been any default or
compromise in the
payment of any of the City's obligations, nor has
in
any previous issue of
controversy or litigation
pending or threatened concerning the
validity of thsee bonds, the corporate
existence of the
mumcpality. or the title of the present officers of the city
to their respective offices
There is no political district or subdivision
anv
part of which is within the limits of
Nashville, except Davidson County.
Authority for the issuance of the bonds now offered is to be
found in the
Charter, being Chapter. 193, Private Acts of
1921, as amended.
The bidder may provide that his bid
for any one issue shall not be
accepted
unless his bid for all bonds be also
accepted, by inserting in the blank space
which
precedes the statement concerning the 2% deposit, the following
words:
This
bonds
or
notes
been
contested.
There
is
no
bid is for all of the bonds herein
bid for or none."
If the
amount of the certified check
deposited exceeds 2% of the face value of the
bonds awarded, the certified check will
be returned
upon
deposit of
a
similar
check .under like conditions, for
2% of the face value of the bonds awarded.
Additional bonds at present
authorized, other than those now offered
consist of $400,000 Sewer Sanitation Bonds
of 1917, $180,000 Street Open¬
ing and Improvement Bonds and $43,000 Hospital
Bonds, the sale of which
is not contemplated during the
present year.
r
that date
$1,000.
Date
Sept.
15
Co.
of
Newark
Due $15,000 yrly.
at 100.10. a basis of about
5.47%.
from 1922 1o 1931-inclusive.
Denom.
on
Sept. 15
1921.
NEWPORT, Cocke County, Tenn.—BONDS CAN
The
$25,000 6% funding bonds, offered but not sold
981), can now be acquired at private sale.
p.
Due $15,000 yrly.
Trust
BE ACQUIRED —
Aug. 19 (V. 113,
on
NEW YORK (State of).—BONDS DISPOSED OF BY SYNDICATE —
The syndicate composed of the National City Co., the First National Bank,
Guaranty Co, of N. Y
Bankers Trust Co., Brown Bros. & Co. and
Harris, Forbes & Co., which on June 9 purchased the $31,800,000 5%
bonds, composed of $20,000,000 highway improvement bonds, $5,000,000
the
,
State
as
Forest
Preserve bonds and $6,800,000 barge canal
reported in V.
112, p.
have been
the syndicate
terminal bonds
2557 has disposed of them all and the books of
closed.
NORTH TONAWANDA, Erie County, N. Y.—BOND SALE.—The
$47,000 6% street improvement bonds offered on Aug. 31—V. 113, p. 981—
sold to O'Brien, Potter & Co. of Buffalo at 100 03, a basis of about
5 99%.
Date Sept. 1 1921.
Due $4,700 yearly on Sept. 1 from 1922 to
1931, incl.
were
NORWALK
SCHOOL
DISTRICT,
Los Angeles County, Calif.—
Aug. 22 of the $40,000 5^%
NO BIDS RECEIVED —At the
offering on
bonds—V.
113, p
377-—no bids
were
received.
OAK GROVE SCHOOL DISTRICT, Tulare County, Calif,—BOND
SALE.—The $9,000 6% school bonds, offered unsuccessfully
113, p. 756—have been sold.
on
Aug. 1—
ODCEN,
Trust Co
bonds.
Weber
County,
Utah.—BOND
SALE— The
Bankers
of Denver has purchased $28,338 84 6% Paving District No. 132
Due one-tenth annually.
OGDEN
SCHOOL
DISTRICT
(P. O. Ogden), Weber County,
Utah.—BOND OFFERING.—The Board of Education will receive sealed
bids until
8pm Sept. 16 at its offices 538 25th Street, Ogden, for $75,000
10-20 year (opt.) bonds
Prin. and semi-ann. int.. payable in New
Cert, check for 5% of amount required.
Bids are to include
the furnishing of blame bonds,
legal opinion and all expenses of preparing
bonds.
These bonds are part of a $150,000 issue, $75,000 of which were
sold to Merrill, Oldham & Co. of Boston, as
already reported in V. 113,
p
656OHIO COUNTY (P. O.
Rising Sun), Ind.—BOND OFFERING.—
H. Earl "Williams, County Treasurer, will receive bids until 10 a. m.
Sept. 20
for
$8,160 5% Harry Vinup et al, Cass Township, bonds.
Denom. $204.
Due $204 each six months from May 15
Date Aug. 1 1921.
Int. M. & N.
1922 to Nov. 15 1941, inclusive.
ONONDAGA
NASHWAUK, Itasca County, Minn.—BOND OFFERING.—Until
Sept. 14, A. J. Lemire, Village Clerk, will receive bids for $160,000
bonds.
Denom. $1,000.
Date Sept. 1 1921.
Int. semi-
FREE
SCHOOL
DISTRICT
NO.
1
(P. O.
Y.—BOND OFFERING.—
N.
Albert J Lamb, Clerk, will sell at
public auction at the Bank of Onondaga
in Onondaga Valley at 10 a. m.
to-day (Sept. 10), $200,000 bonds not to
annum.
Denom. $1,000
Date July 1 1921.
Due yearly on Jan. 1 as follows: $1,000 from 1923
1925, incl.; $2,000 from 1926 to 1928. incl.; $3,000 from 1929 to 1931,
incl ; $4,000 from 1932 to 1934, incl : $5,000 in 1935 and 1936; $6,000 in.
1937 and 1938: $7,000 in 1939 and 1940: $8,000 in 1941 and 1942; $9,000 in
1943 and 1944; $10,000 in 1945 and 1946; $11,000, 1947: $12,000, 1948:
$13,000. 1949; $14,000, 1950; and $15,000 in 1951 and 1952.
Certified
check for $5,000, drawn upon an incorporated bank or trust company,
payable to Hadley A. Weeks, District Treasurer, required.
The approving
opinion of Clay & Dillon, of New York City, will be furnished the successful
bidder.
Purchaser to pay accrued interest.
exceed
interest
6%
Interest
per
semi-annually.
to
OREGON (State of).—BOND OFFERING.—Sealed bids will be received
until 11
Sept. 20 by Roy A. Klein, Secretary of the State Highway
room 520, Multomah County Court House, Portland, for
highway bonds.
Date Oct. 1 1921.
Prin. and semiann. int.
(A. & O ) payable at the office of the State Treasurer or at the
office of the fiscal agent of the State of Oregon in New York CityCert,
check for 5% of the par value of the bonds payable to the State Highway
Commission, required.
The legality of this issue has been passed upon by
Storey, Thorndike, Palmer & Dodge of Boston and their approving opinion
a.
m.
Commission at
$1,000,000
State
will be furnished the successful bidder.
Accrued interest from Oct. 1 1921
to date of delivery of bonds will be added to the amount of the successful
bid.
Purchase price to be paid 0,1 delivery of the bonds at Portland, Ore.
printed, executed and ready for delivery about Oct. 10
will be sold to the bidder bidding the lowest rate of
accepted by the Commission.
The bonds are
issued under authority of Chapter 6, Title 30, General Laws of Oregon
and Chapters 245 and 348 of the Laws of 1921.
Bids will be received on
$1,000,000 par value, maturing on Oct. 1 1925 or as alternate, bids will be
received on serial bonds maturing $25,000 Oct. 1 1926 and the same amount
each April 1 and Oct. 1 thereafter to April 1 1946, when the full amount is
paid.
Denom. $1,000 each.
These bonds are part of the $2,500,000 issue, of which $1,500,000 were
sold as stated in V. 113, p. 1077.
1921.
The
interest
on
bonds
the
alternate
PAGE COUNTY (P.
O. Clarinda),
Iowa.—BOAT) OFFERING.—
Freed, County Auditor, will receive sealed bids until 1.30 p. m.
Sept. 14 for $137,000 6% funding bonds, dated Sept. 1 1921 and maturing
serially from 1931 to 1941, incl
Bidder will be required to deposit certified
check on a State or National Bank for $5,000.
The bonds and opinion of
Chapman, Cutler & Parker of Chicago, will be furnished by the County and
Victor
the bonds must be paid for at Clarinda, within five
days from date of sale.
PARK COUNTY SCHOOL DISTRICT NO. 41 (P. O. Clydepark),
Mont.—BOND OFFER ING.—Bids will be received until Sept. 20 by J. S.
Cable, Clerk, for $4,082
considered.
6% funding bonds.
Bids under par will not be
PASADENA CITY
SCHOOL
DISTRICT, Los Angeles County,
Calif.—BIDS.—The following bids vrere also received on Aug. 29 for the
$750,000 5M % school bonds, awarded as stated in V. 113, p 1077.
Citizens National Bank
$754,727 Bank of Italy
Bk_)
Cyrus Pierce & Co.:—
[
Hunter, Dulin & Co
Drake, Riley & Thomas
Banks, Huntley & Co
R. H.Moullon&Co
Los Angeles Tr. & Sav.
754,255
.
Wm
.
R
.
Compton Co
POLYTECHNIC
Polytechnic),
National Bank
INDEPENDENT
Tarrant
County,
SCHOOL
Tex.—BONDS
751,145
750,807
National City Co
California Company.
Guaranty Trust & Sav. Btc.
Aug. 30 $265,000 6%
{$751,688
Cyrus Peirce & Co
\
Hunter, Dulin & Co
Security Trust & Sav.- Bk__
Anglo
&
London
Paris
J 752,125
Frank & Lewis.
,
DISTRICT
(p.
O.
REGISTERED.—On
serial bonds were registered with the State Comp¬
troller.
PORTAGE TOWNSHIP
RURAL SCHOOL DISTRICT (P.
O. Port
Clinton),
Ohio.—BOND SALE.—The Magruder Bank Co. of Port
Clinton, Ohio, bidding par and accrued interest was awarded the $5,000
6% bonds offered on Sept. 3—V. 113, p. 878.
Date Sept. 1 1921.
Due
$500 yearly on Sept. 1 from 1923 to 1932, incl.
PORTER
COUNTY
<P.
O. Valparaiso),
Ind.—BOND SALE.—The
following two issues of 4H% bonds offered on Sept. 3—V. 113, p. 981—
were sold at par and accrued interest as stated below:
$24,000 William Henry et
Trust
&
$1,200
every
Date
al., Center Twp. bonds awarded to tbe Citizens
Bank of Valparaiso.
Denom.
six months from May 15 1922.
Savings
$1,200.
Due
W. Clifford et al., Center Twp. bonds awarded to Gavin L.
Pavne
&
Co.
of Indianapolis.
Denom. $1,350.
Due SI,350
every six months from May 15 1922.
Aug. 16 1921.
Int. M.-N.
27,000 P.
2 p. m.
6%1 funding
UNION
Onondaga Valley), Onondaga County,
The bonds will be
MUNDAY INDEPENDENT SCHOOL DISTRICT
Knox
Date Sept.
5.42%.
on
Sept. 15 from 1922 to 1926 inclusive.
50,000 asphalt plant bonds, sold to the Federal
bid
tax-free bonds—V.
of Milwaukee.
101.20.
8 the fol¬
York City.
elsewhere in this Department.
MILFORD,
on
5%
$500, required.
coupon or
V. 113, P.
of 5)4 % coupon or registered bonds offered
as stated below:
981—'Were sold
p.
75,000 street cleaning anparatus bonds, sold to the National State Bank
Sep*. 22
public auction at the Village Trustee Meeting Room
a
water bonds.
113,
$978,000 ($1,000.000 offered) water bonds, sold to Eldrodge & Co. of N. Y.
at 102.31. a basis of about 5.31%.
Due yrly. on Sept. 15 as fol¬
lows: $20,000, 1923 to 1931 incl.; $22,000, 1932 to 1941
incl.;
$30,000. 1942 to 1960 incl., and $8,000 in 1961.
urer's office.
MIDDLEPORT,
Cert, check
NEWARK, Essex County, N. J.—BOND SALE.—On Seot.
j
_
24M-year
1917.
_
[Vol. 113.
Due $16,000 yearly on Sept. 1 from 1922 to
1931, incl.
for 5% payable to the
village, required.
ann.
Sept. 10
PRAIRIE
THE
1921.]
SCHOOL
TOWNSHIP,
Tipton
CHRONICLE
Ind.—BOND
County,
SALE.-—The $105,000 6% bonds offered on Aug. 30 (V. 113, p. 657) were
100.267, a basis of about
six months from Jan. 1
sold to the Citizens National Bank of
Tipton at
5 96%.
Date Sept. 1 1921.
Due $3,500 each
1922
to
July 1 1936, inclusive.
Other bidders:
Wells-Dickey Co
,$62,800 00
Harris Tr & Savs. Bank__
62,587
62,482
62.471
61,456
22
30
00
00
&
Continental
62,634 00
Hill, Joener & Co
Wm. R. Compton Co
A. B. Leach &
Co., Inc.__
Bolger, Mosser & Will'ms
Paine, Webber & Co
.
&
Com'l
Tr.
Savings Bank
E. H. Rollins &
Sons
Halsey, Stuart & Co., Inc.
Schanke
&
Co
Jno. Nuveen & Co—
62,330 00 C. H. Coffin
PRINCE GEORGES COUNTY (P. O. Upper Marlboro),
SALE
$62,260
62,232
62,227
61,155
61,106
61,101
00
20
00
00
00
00
Md.—BOND
The $50,000 5% coupon 30-year school bonds offered on Sept. 6—
V. 113, p. 1077—were sold to the First National Bank of Southern
Mary¬
land at 97.137. a basis of about
—
5.19%.
PROWERS
COUNTY
Colo.—BOND
EXTENSION
SALE.—The
DRAINAGE
DISTRICT,
Trust Co. and Benwell, Phillips &
Co., both of Denver, have been awarded $30,000 74$% 11-20 year serial
drainage bonds.
Denom. $1,000.
Date June 1 1921.
Int. semi-ann.
payable at Kountze Bros.. N. Y.
Bankers
POMONA CITY HIGH SCHOOL DISTRICT, Los Angeles County,
Calif.—ArO BTDS SUBMITTED.—No bids were submitted for the purchase
of the
$425,000 54$% school bonds
on
Aug. 22—Y. 113, p. 878.
PORTLAND, Ore.—BOND SALE—The City Treasurer
was the suc¬
Sept. 6 at par for the $27,000 5% fire bonds—V. 113,
1077.
Date Sept. 1 1921.
Due on Sept. 1 as follows: $1,000, 1924
1932, incl., and #2,000, 1933 to 1941, incl.
I
cessful bidder
p.
to
PRAIRIE
on
DU
CHIEN,
Crawford
County.
Wise.—BOND SALE.—
On Sept. 6 the $61,000 6% water works bonds—V. 113,
p. 1077—were sold
to the Crawford
County Bank of Prairie Du Chien for $63,605 (104.27)
a basis of about
5.56%.
Date Sept. 1 1921.
Due yearly on Sept. 1 as
follows: $3,000, 1928 to 1931, incl., $5,000, 1932 to 1940, incl., and $4,000,
1941.
PUEBLO, Pueblo County, Colo.—BOND ELECTION.—At the regu¬
$500,000 bonds, to be used to rehabilitate the
city property destroyed by the flood, will be voted upon.
lar November city election,
REDFIELD
SPECIAL
SCHOOL
DISTRICT
(P.
O.
Redfield),
Jefferson County, Ark.—BONDS NOT SOLD.—No sale was made on
Aug. 31 of the $11,000 6% tax-free coupon impt. and equipment bonds.—
V. 113. p. 657.
RICHARDSON
14
(P.
O.
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
Salem),
Neb.—BOND SALE.—On Sept. 1 the $30,000
54$% 1-20 year school bldg. bonds—V. 113, p. 982—were sold to the
Peters Trust Co. of Omaha at 93.65.
Denoms. $500 to $3,000.
Date
Aug. 1 1921.
Int. F. & A.
RISING
The
State
by this County
on
Aug.
17—V. 113,
p.
Due April 1 1960.
982—Date April 1 1920.
SOUTH ORANGE TOWNSHIP (P. O. Maplewood), Essex
County,
N. 3.—BOND OFFERING.—Edwuvd R.
Arcularius, Twp. Clerk, will re¬
ceive bids until 7 p. m. Sept. 20 for an issue of 54$ %
coupon (with privilege
of registration)
park bonds not to exceed $125,000.
Denom. $1 000.
Date May 11921.
Prin. and semi-ann. int. (M. & N.) payable at the office
of the U. S. Mtge. & Trust Co. in N. Y. City.
Due yearly on May 1 as
follows: $2,000 in 1922 and $3,000 from 1923 to 1963 incl.
Cert, check
for 2% of the amount bid for, drawn upon an incorporated bank or trust,
company, payable to the township, required.
The successful bidder will
be furnished with the opinion of Hawkins, Delafield & Longfellow of N.
Y.
City that the bonds are binding and legal obligations of the township.
The bonds will be prepared imder the supervision of the U. S.
Mtge. &
Trust Co., which will certify as to the genuineness of the signatures of the
officials and the seal impressed thereon.
SOUTH
PASADENA
CITY
SCHOOL
DISTRICT, Los Angeles
County, Calif.—BOND OFFERING.—L. E. Lampton, County Clerk and
receive
Board of County Supervisors (P. O. Los Angeles), will
proposals until 11 a. m. Sept. 19 for $105,000 6% school
Clerk
ex-officio
sealed
bonds.
Denom. $1,000.
Date May
interest payable at the office of the
1 1921.
Principal and semi-annual
County Treasurer.
Due yearly on
follows: $4,000, 1922 to 1941, inclusive, and $5,000, 1942 to 1946,
inclusive.
Certified or cashier's check for 3% of the amount of said bonds,
payable to the Chairman Board of County Supervisors, required.
Pur¬
chaser to pay accrued interest.
Bonded debt. $67,500.
Assessed vaiue of
taxable property, 1920, $7,999,780.
Population (estimated), 9,500.
A like amount of bonds was reported as sold in V. 112, p. 2339.
May 1
as
STAMFORD,
Fairfield
County,
Conn.—BOND
OFFERING.—
Edgar S. Weed, Town Treasurer, will receive sealed proposals until 3 p. m.
Sept. 12 for the following three issues of 5% coupon (with privilege of
registration) bonds:
$258,000 South and State Street or Rice School bonds.
Due $11,000 on
Sept. 1 1923 and $13,000 yearly on Sept. 1 from 1924 to 1942, incl.
234,000 Hope Street Road Improvement bonds.
Due $6,000 Sept. 1
1923 and $12,000 yearly on Sept. 1 frcm 1924 to 1942, incl.
36,000 Richmond Hill Avenue Bridge bonds.
Due $2,000 yearly on
Sept. 1 frcm 1923 to 1940. incl.
Denom. $1,000.
Date Sept. 1 1921.
Prin. and semi-ann. int. (M. & S.)
payable at the National Park Batik in New York City.
Cert, check for
2% of the amount bid for, payable to the above Treasurer, required. Pur¬
chaser to pay accrued interest.
STEPHENVILLE,
Erath
County,
Tex.—BONDS
REGISTERED.—
The State Comptroller on Aug. 29 registered $10,000 6% serial sewer bonds.
REDMOND, Deschutes County, Ore.—BOND OFFERING.—Sealed
bids will be received until
Sept. 27 by Max Cuming, City Recorder, for
$100,000 7% water bonds.
Denom. $100 or multiples.
Date July 1 1921.
Due July 1 1941 optional July 1 1931.
Cert, check for 10%, required.
NO.
success
1177
STAR, Eastland County, Tex.—BONDS REGISTERED.—
Comptroller registered on Sept. 2 $35,000 water works and
$35,000 street impt. 6% serial bonds.
STEVENS COUNTY
SCHOOL
DISTRICT
NO.
Wash— BOND
Colville) will
141,
OFFERING.—Sarilda McKeown, County Treasurer, (P. O.
receive bids until 1 p. m. to-day (Spet. 10) for $1,400 bonds.
STODDARD
SCHOOL
DISTRICT, Stanislaus County, Calif.—
BOND OFFERING—C. C. Eastin, Clerk Board of County Supervisors
(P. O. Modesto), will receive sealed bids until 10 a. m. Sept. 13 for $12,000
6% school bonds.
Denom.
$1,000.
Int.
semi-ann.
Due $1,000 yearly
from 1926 to 1937, incl.
Cert, check for 10% of the amount
to the Chairman Board of County Supervisors required.
bid, payable
COUNTY (P. O. Riverhead), N. Y.—BOND SALE.—
$314,000 54$% registered highway bonds offered on Sept. 6—V. 113,
SUFFOLK
The
1078—were sold to Geo B. Gibbons & Co. of New York City at 101 33,
basis of about 5 33%.
Date Oct. 1 1921.
Due $16,000 yearly on Oct. 1
from 1922 to 1940, incl. and $10,000 on Oct. 1 1941.
p.
a
ROCHESTER, N. Y.—NOTE SALE.—The following two issues of notes
payable 6 months from Sept. 12 1921 at the Central Union Trust Co. of
New York offered on
Sept. 8 were sold to S. N. Bond & Co. of New York
at 5 35%, plus a premium of $36.
$400,000 local improvement notes.
250,000 school construction notes.
,T
ROOSEVELT COUNTY SCHOOL DISTRICT NO.
N.
Mex.—BONDS
VOTED.—AX,
the
election held
878—the $80,000 6% high school bldg. bonds
p.
1 (P. O. Portales),
Aug. 27—V. 113,
voted by 348 to 43.
on
were
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 16 (P. O. Bain,
ville), Mont.—BOND SALE.—The $5,500 funding bonds, offered on
Aug. 1—V. 113, p. 557—have been sold to the State of Montana at par for
6s.
Denom. $500.
Date Aug. 1 1921.
Int. semi-ann.
Due in 20 years.
Optional after 10 years.
RUTHERFORDTON,
Rutherford
County.
No.
Caro.—BOND
SALE —On Sept. 3 Ross Bros., were awarded the $15,000
6% waterworks
bonds—V. 113, p. 982.
The $95,000 6% street paving bonds offered at the
time were not sold.
same
SAN ANTONIO
SCHOOL DISTRICT, Los Angeles
County, Calif.—
bids will be received until 11 a. m. Sept. 26
by L. E. Lainpton, County Clerk, and Ex-officio Clerk Board of Super¬
visors (P. O. Los Angeles) for $6,500
6% bonds.
Denom. $500.
Date
Sept. 1 1921.
Prin. and semi-ann. int. payable at the Ccunty Treasurer's
office.
Due $500 yearly on Sept. 1 from 1922 to 1934, incl.
Cert, or
cashier's check for 5% of the amount of said bonds, payable to the Chairman
Board of County Supervisors,
required.
Purchaser to pay accrued int.
Bonded Debt $13,500.
Assessed value of taxable property 1920, $405,005.
Population (est.) 2,000.
BOND OFFERING.—Sealed
SANDUSKY COUNTY (P. O. Fremont), Ohio.—BOND OFFERING —
E. Siegenthaler,
County Auditor, will receive sealed bids until 12 m.
Sept. 13 for $25,000 6% coupon road bonds.
Denom. $1,000.
Date
Sept. 15 1921.
Int. M. & S.
Due each six months as follows: $1,000 from
F.
March 15 1922 to March 15 1927, inclusive, and
$2,000 from Sept. 15 1927
to Sept. 15 1930, inclusive.
SANTA CRUZ COUNTY (P. O. Santa
Cruz), Calif.—BOND SALE.—
The Mercantile Trust Co. and the National
City Co. were the successful
bidders on Aug. 30 for the $209,000 6% gold
coupon highway bonds at
of about 5-68%.
Denom. $1,000.
Date Aug. 1 1921.
A., payable at the County Treasurer's office.
Due vearly on
Aug. 1 as follows: $10,000 1922 to 1940, incl., and $19,000 1941. Bonded
debt (including this issue). $1,041,000.
Assessed vaiue, $20,832,975.
102.61,
Int.
F.
a
basis
&
SARCOXIE,
Jasper
County,
Mo.—BOND
OFFERING.—Proposals
will be received until Sept. 20
(not Sept
17 as stated in V. 113, p 1078)
for $12,000 7% 5-10 year (opt.) bonds.
Denom. $500
These bonds take
the place of the $9,000 bonds—V. 112,
p.
F. O.
SCIOTO
Jackson
offered
sion
2793—which
were
canceled.
Gustafson is City Clerk.
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P. O. Cove),
County, Ohio.—BOND SALE.—The $15,000 6% school bonds
on
July 11—V. 113,
105—were sold to the Industrial Commis¬
p.
of the State of Ohio.
SHELBY COUNTY (P. O. Shelbyville), Ind.—BOND OFFERING.—
Geo. R. Carlisle, County Treasurer, will receive sealed bids until 10 a. m.
Sept. 12 for the purchase of the following 5% highway construction and
improvement bonds:
$6,000 Hey Tyner et al.. Van Buren Township bonds.
Denom. $300.
9,880 Elmer E. Barton et al., Liberty Township bonds.
Denom. 8494.
19,360 S. S. Montgomery et al., Noble Township bonds.
Denom. $968.
14,280 Frank Rohm et al., Van Buren Township bonds.
Denom. $714.
Date Aug. 15 1921.
Int. M. & N.
Due one bond of each of the above
4 issues each six months from May 15 1922 to Nov. 15 1931, inclusive.
SHELBY CONSOLIDATED
(P.
O.
Shelby),
Iowa.—BOND
Harrison,
INDEPENDENT SCHOOL DISTRICT
Shelby and Pottawattamie Counties,
OFFERING.—The
Board
of
Directors
will
meet
at
the
Shelby County Savings Bank in Shelby on Sept. 17 at 2 p m for the purmose
receiving bids for the purchase of $63,000 6% school bonds
Date
Sept. 1 1921.
Denom. $500.
Int. semi-ann. payable at the First National
Bank, Minneapolis.
Due yearly on Nov. 1 as follows: $4,000. 1922
$5,000, 1923 $5,500, 1924 $6,000, 1925 and 1926; $6,500, 1927; $7,000,
1928; $7,500, 1929 and 1930. and $8,000, 1931.
Sealed bids may be
addressed to Ray F. Freeman, Secretary Board of Directors.
of
SHOALS SCHOOL TOWN (P. O.
Shoals), Martin County, Ind —
BOND OFFERING.—Charles W. McCavitt, President Board of Trustees,
receive bids until 10 a. m. to-day (Sept. 10) fcr $12,000
will
6%
Denom. $1,000.
Date day of issue.
Bank in Shoals.
bonds.
Due $1,000 yearly cn Jan.
Int. payable at the Martin County
1 from 1923 to 1934, incl.
^ SMITH
COUNTY (P.
O. Carthage), Tenn.—BOND SALE — Ac¬
cording to newspaper reports the Harris Trust & Savings Bank of Chicago
has purchased the $200,000 6% coupon bonds, which were offered without
SWAIN COUNTY ROAD DISTRICT (P. O. Bryson City), No. Caro.
—BOND OFFERING.—D.
E. Nichols, Register of Deeds, will receive bids
Sept. 24 for $50,000 6% bridge bonds.
Date Sept. 1 1921.
int. payable in New York.
Due $2,000 yearly cn
Sept. 1 from 1924 to 1948, incl.
until
12
Prin.
and
m.
semi-ann.
SWIFT
COUNTY
(P.
O.
Benson),
Minn.—BOND
SALE.—The
Minneapolis Trust Co. of Minneapolis was awarded an issue of $48,663
5K% tax-free drainage bonds.
Denom. $1,000.
Date Aug. 1 1921.
Prin. and semi-ann. int. payable at the First National Bank. Minneapolis
Due yeaily on Aug. 1 as follows: $3,000 1927 to 1940. incl., and $6,633 1941.
TENNESSEE
(State!
of) .—BOND SALE.—On Sept. 8 the Old Colony
Trust Co. and S. N. Bond & Co., jointly, purchased $1,000,000 6% 1-year
tax-free revenue bonds.
Denom. $10,000.
Date Sept. 1 1921.
Prin.
and
seini-ann.
int., payable in New York.
Due Sept.
1
1922.
TIFFIN, Seneca County, Ohio .—BOND OFFERING—3. E. Hershberger. City Auditor, will receive sealed proposals until 12 m. Sept. 30 for
••he following two issues of 5% Hedges St. improvement bonds:
$10,336 63 city's portion bonds.
Denom. 1 for $.333 63, 6 for $500 each
and 7 for $1,000 each.
Due $1,333 63 Sept. 1 1922 and $1,500
on Sept. 1 from 1923 to 1928, inclusive.
22,462 19 assessment portion bonds.
Denom. 1 for $2,462 19 and 20 for
$1,000 each.
Due $4,462 19 on March 1 1922 and $3,000 on
March
1
from
Date Sept. 1 1921.
bid for required.
1923
to
1928, inclusive.
Int. M. & S.'
Cert, check for 2% of the amount
TIPPECANOE
COUNTY (P. O. Lafayette), Ind.—BOND SALE.—
coupon James M. Stingle et al,.
County Unit Road
Sept. 2 (V. 113, p. 878) were sold to the City National
Bank of Lafayette at par and accrued interest.
Date June 4 1921.
Due
$1,925 each six months from May 15 1922 to Nor. 15 1931, incl.
The
$38,500
bonds offered
6%
on
TRUMBULL COUNTY (P. O. Warren), Ohio.—BOND OFFERING.—
Frank F. Musser, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p. m. Sept. 16 for $28,000 6% Watson-Marshall road
No. 60, Section C and D improvement bonds.
Denom. $1,000.
Date
Sept. 1 1921.
Prin. and semi-ann. int. (A. & O.) payable at the County
Due each six months as follows:
$1,000 from April 1
1923 to Oct. 1 1924, incl., and $2,000 from April 1 1925 to Oct. 1 1930, incl.
Cert, check for $300, payable to Evan J. Thomas, County Treasurer ,
Treasurer's office.
required.
Purchaser to pay accrued interest.
TUCSON HIGH SCHOOL DISTRICT (P. O. Tucson), Pima County,
Ariz .—BOND SALE.—On Aug. 23 the $750,000 6% gold coupon high
school bonds—V.
113, p. 208—were sold to the Ar izona National Bank of
Tucson at par.
Date June 15 1921.
Due $75,000 yearly on June 15 from
1932 to 1941, incl.
This item was incorrectly reported under the caption "Tucson High
School District, Calif." in last week's issue.
TURLOCK HIGH SCHOOL DISTRICT (P. O. Turlock), Stanis¬
laus County, Calif.—BOND ELECTION OFF.—Reports say that the
High School Board has received word from district Attorney that the pro¬
posed election for $65,000 bonds which was to have been held Aug. 31—
V. 113, p 879—can not legally take place.
TURTLE
CREEK, Allegheny County, Pa .—BOND OFFERING —
Secretary, will receive sealed proposals until 7 p.m. Sept. 22
$94,000 5% or 54$% bonds.
Denom. $1,000
Date Nov. 1 1921.
Int. payable semi-annually.
Due on Nov. 1 as follows: $20,000 in 1944,
1946, 1948 and 1950 and $14,000 in 1951.
Cert, check for $2,000, payable
to the Borough Treasurer, required.
Purchaser to pay for the printing of
J. J. Schmidt.
for
the bonds.
UNION
COUNTY (P. O. La Grande), Ore.—BOND SALE.—The
54$% gold road bonds offered without success on May 24—
2794—have been sold.
Date May 15 1921.
Due yearly on
Jan. 15 as follows: $30,000, 1925 to 1927, incl.; $45,000, 1928 to 1933, incl.,
and $40,000, 1934.
$400,000
V.
112,
p.
VALLEY CENTER UNION SCHOOL DISTRICT, San Diego County,
Calif.—NO BIDS RECEIVED.—No bids were received on Aug. 29 for the
$4,200 6% bonds—V.
113, p. 879.
*
VERONA,
Essex County,
N. 3.—BOND OFFERING.—Frank E.
Moore, District Clerk, will receive sealed proposals until 8:30 p. m. Sept. 22
for an issue of 6% coupon (with privilege of registration) school bonds not
to exceed $140,000.
Denom. $500.
Date March 1 1921.
Prin. and semiann. int. (M. & S.)
payable at the Verona National Bank in Verona, N. J.
Due yrly. on March 1 as follows: $3,500 from 1923 to 1932 incl., $4,000
from 1933 to 1942 incl.,
$4,50Q from 1943 to 1952 incl. and $5,000 from
1953 to 1956 incl.
Cert, check for 2% of the amount bid for, payable to
the District Clerk, required.
Purchaser will be furnished with the approv¬
ing opinion of Hawkins, Delafield & Longfellow of N. Y. City.
THE
1178
CHRONICLE
Versailles), Morgan
County, Mo —BONDS REGISTERED.—State Auditor Gcx>rge E. Hackmann, has registered the $31,000 6% tax-free modern school bldg. bonds—
V. 112, p. 2004.
VERSAILLES
WALLINGFORD,
Rutter &
DISTRICT
SCHOOL
Haven
New
O.
(P.
Conn.—BOND
County,
Co., of 14 Wall Street, N. Y.,
were
tax-fr^refundmg
Due $4,000
1924 to
(P. O. Corry, R. F. D. No. 4), Erie County,
advised by S. R. Lyons, Township Treasurer,
1937.
Sept. 1
the
bonds.
Whitney),
County, Tex.—BONDS REGISTERED —On Aug. 29, $15,000 6%
DISTRICT,
Los Angeles County,
Calif.—BOND SALE■—Recently the $150,000 6% tax-rree gold bonds
were sold to the Citizens National Bank of Los
Angeles for $153,000 equal
to 102.
Due yearly from 1924 to 1945. incl.
time
Date Sept.
basis of about
Aug.
Township of Spallumcheen.—School Loan By-law, 1921, No. 241,
$10,000,
payable in ten years with interest at 6%.
Armstrong.—School Loan By-law, 1921,
ten years with interest at
6%.
District of Surrey.—Debentures Nos. 1 to
...$5,691,350
212,200
at
FINANCIAL
United States and
NEW
TO
Ground
Floor Sinner Buildiny
New York
Telephone Uortlandt 3183
89
Liberty Street,
1924, to
1950.
Prices: To Net 5.25%
MUNICIPAL BONDS
•elicited
Henry
Circulars
on
request.
104 South Fifth Street
HAROLD G. WISE
Philadelphia
&
HOUSTON
Private Wire to New York
Call Canal 8437
COMPANY
Established
THE
TEXAS
Ballard & company
Bonds
of $1,000.00 each, all to be dated
10th, 1921, bearing six per centum per
interest,
payable
semi-annually
on
February 10th and August 10th of each year; the
August
annum
first two bonds to become due 17 years after their
date, and the other 14 to become due two each
Sear after the maturity of said first two bonds;
iterest
and
principal payable in New York
exchange at the office of the Treasurer of said
Village, unless another place of payment be
mutually agreed on by the Board of Trustees
and the purchaser.
The issuance and sale of said bonds is duly
authorized by votes of the duly qualified electors
of said Village and by the proper actions of its
Board of Trustees, a record of all of which is on
1915
Of the Banks in
80%
Exchange
open
the office of the Clerk of said
to
New
York City
SAFETY
FOR THEIR
use
PAPER
CHECKS
proposals may be filed with the
Village Clerk at any time prior to said sale, to be
opened and received as bids at said sale.
George La Monte & Son
Connecticut Securities
The Board of Trustees of said Village reserves
the right to reject any and all bids or proposals
prior to the bonds being struck off to the pur¬
61
Broadway
New York
Said bonds will be ready for delivery to the
purchaser and he shall pay the Treasurer of said
Village therefor in New York Exchange
on
October 6th, 1921, at 12 o'clock, noon, at the
First National Bank in said Middleport, N. Y.,
unless a different time and place shall be mutually
agreed on by the Board and the purchaser.
Each
A Bank
to
In
Represent You
DATED:
foreign,
of
the
our
a
to
complete banking service, both domestic and
knowledge of the financial and industrial affairs
a
Pittsburgh District is
at
your
PITTSBURGH, PA.
-
-
shall
with
his
first
bid
make
a
September 6th,
1921.
BOARD OF TRUSTEES OF VILLAGE OF
MIDDLEPORT,
N.
Y.,
JENNINGS, President,
and BERNARD J. MAHAR, Clerk.
By TRUMAN
disposal.
MELLON NATIONAL BANK
Capital and Surplus
bidder
deposit of $500.00 with the Board, to be applied
on the price of the bonds if his bid shall be ac¬
cepted, and if not accepted, to be returned to
such bidder at the close of the sale.
Pittsburgh
completely organized department for the service
of out-of-town banks, firms and
individuals.
addition
or
chaser.
HARTFORD
In
Village and
inspection by the public.
Sealed bids
NATIONAL
BONDS
PUBLIC:
TAKE
NOTICE,
That
on
SEPTEMBER
22nd, 1921, at two o'clock P. M., at the Village
Meeting Room in the Village of Middleport, Niagara Co., N. Y., the Village Trustees
will offer the below described water bonds of said
Village for sale in bulk at public auction to the
highest bidder for cash, to wit:
file in
Over
We maintain
No.
Trustee
16
Underwriting and distributing entire issue* of
Olty, County, School District and Road District
Bonds of Texas.
Dealers' inquiries and offerings
Members New York Stock
1921,"
LOANS
WATER
5y2s
Biddle &
payable in
VILLAGE OF MIDDLEPORT, N. Y.,
W4DDELL
August 1,
$11,000,
sie.ooo
Canadian
Pennsylvania
August 1,
94.
Municipal Bonds.
Mercer County
Due
No.
56 at $500, and Nos. 57 to 63
$100—$28,700, issued under "School Debenture By-law,
203, ten years, payable July 2 1931, with interest at
6%.
Present population, 11,900.
$1,500,000
be
Date
1921.
same
16 to Aug. 23.
Statement.
LOANS
will
BRITISH COLUMBIA.—CERTIFICATES
ISSUED.—The following,
according to the "Financial Post" of Toronto, is a list of certificates issued
by the municipal department of the Province of British Columbia from
registered with the State Comptroller.
NEW
Municipalities.
OFFERING.—Tenders
6.57.
This is in addition to the $1,000,000 issue sold to
Miller & Co, and Brandon, Gordon &
Waddell, jointly on the same date as
reported in our issue of Aug. 27, page 984.
These two last mentioned
$1,000,000 sales brings the total borrowings of the Province this
year to
$13,000,000.
One of these loans exhausts the last of $4,000,000 which the
legislature authorized the Government to borrow at the last session.
WHITNEY INDEPENDENT SCHOOL DISTRICT (P. O.
Financial
Assessed valuation for 1920
Total debt, including this issue
and
of).—BOND
BRITISH COLUMBIA (Province of).—BOND SALE.—An issue of
$1,000,000 6 % 20-year bonds was sold on Aug. 20 to A. E. Ames & Co.,
Wood, Gundy & Co. and the Canada Bond Corporation, jointly at 93.59,
—96 625
revolving fund bonds at par and accrued interest.
Due $5,000 1924 to
1929, inclusive: $6,000, 1930; $7,000, 1931 and 1932; and $8,000, 1933.
SCHOOL
Provinces
(Province
Payable in Toronto, Montreal, Edmonton or New York.
bids will be received for $2,250,000 6
% 20-year gold
1 1921.
Payable in Toronto, Montreal, or Edmonton.
Delivery of both issues is to be made in Edmonton.
Cert, check for $20,000 for each issue bid for. required.
Legal opinion will be ready on the
date when the tenders will be opened and
may be obtained from E. G.
Long, Toronto at purchaser's expense.
At
a
CITY
part of an authorized issue of $897,427 39.
10-year gold bonds.
WEST ST. PAUL, Dakota County, Minn .—BOND SALE— On Aug. 4
Bros. Co. was awarded $58,000 6% permanent improvement
were
its
ALBERTA
Thornton
WHITTIER
are
received until 12 m. Sept. 19 by the Provincial Treasurer at his office in
Edmonton for the purchase of $2,100,000 6%
WEST POINT, Cuming County, Neb.—BOND SALE.—The Harris
Trust & Savings Bank of Chicago was the successful bidder on Aug. 30 for
$58,000 6% municipal light and power-plant bonds (V. 113, p 879) at
Hill
These bonds
CANADA,
COUNTY
(P. O. Newcastle), Wyo.—BOND SALE.— On
Sept. 6 the First National Bank of Newcastle purchased at par and deposit
agreement the $75,000 6% 10-20-year (optional) road bonds—V. 113, p
445.
Date Sept. 1 1921.
Bonds have been resold to Keeler Bros. &
Co., Denver,
Other bidders were:
Sidlo.
Simons,
Fels
&
Co.,
JAntonides & Co., Denver.—>93.15
Denver
94.20|C. H. Coffin, Chicago....
92.53
serial bonds
optional after 15
$1,307,737.
Popula¬
years,
value
YUBA COUNTY RECLAMATION DISTRICT NO. 784, Calif.—
BONDS OFFERED BY BANKERS.—Hunter. Dulin & Co. and Girvin &
are
Wachob..
Due in 30
Assessed
Miller, both of Los Angeles, are ■offering to investors to yield 7% interest,
$697,000 6% tax-free bonds.
Denom. $1,000.
Date Jan. 1 1921.
Int.
payable by coupon Jan. 1 and July 1 at the office of County Treasurer.
Due yearly on Jan. 1 as follows: $90,000 1930 to 1936,
incl., and $67,000
accrued interest.
99.50 and interest.
Other bidders were!
Omaha Trust Co....
9914 IJ. T.
Peters Trust Co
——98 2651
$140,000.
OF BONDS.
stated in V. 113,
Date Sept. 1 1921.
as
.
that the $10,000 6% (opt.) Hare Creek Road bonds which were offered
without success on Aug. 20 as reported in our issue of Aug. 27, page 984,
were later sold to the Citizens National Bank of Corry.
WESTON
Sandusky
YAKIMA COUNTY (P. O. Yakima), Wash.—BOND SALE.—On
Aug. 29 Jno. E. Price <fc Co., of Seattle, were awarded the $42,000 6%
road bonds (V. 112, p. 799) at 100.25.
Denom. $1,000.
Date Sept. 1
1921.
Interest J. & J.
Due Sept. 1 1936, optional after four years.
x
/
WAVERLY, Pike County, Ohio.—BOND OFFERING.—A S. Keechle
Village Clerk, will receive sealed proposals until 12 m. Sept. 19 for $8,000
6% deficiency bonds.
Denom. $1,000
Date July 1 1921.
Interest
semi-annually.
Due $1,000 yearly on July 1 from 1924 to 1931, inclusive.
Fa.—BOND SALE—We
debt
tion, 1,285.
accrued interest.
pay
payable in New York.
Bonded
years.
months from July 1 1922 to Jan. 1 1941, incl., and $1,200 on July 1 1041.
Cert, check for $1,000, payable to the above trustee required.
1 urchaser
WAYNE TOWNSHIP
Woodville),
WORLAND, Washakie County, Wyo.-DESCRIPTION
Int. semi-ann.
WASHINGTON TOWNSHIP (P. O. Bowling Green), Clay County,
Ind.—BOND OFFERING.—Ernest A. Fischer, Township Trustee, will
sealed proposals until 2 p. m. Sept. 25 for $33,500 6 /o bonds.
Dcnom. $850.
Date Aug. 15 1921.
Int. J. & J.
Due $8o0 each six
Purchaser to
O.
—The $35,000 6% water extension bonds, awarded
p. 1079—are described as follows:
Denom. $1,000.
receive
to pay
(P.
(A. & O.)
payable at the District Treasurer's office.
Due $5,000 each six months
from April 1 1931 to Oct. 1 1939. inclusive.
Certified check for 10% of the
amount bid for, payable to the District Treasurer,
required.
Purchaser to
pay accrued interest.
i1
SALE.—
April 1 in 1922 and 1923 and $5,000 yearly on April 1 from
1950, inclusive.
on
WOODVILLE SCHOOL DISTRICT
„
County, Ohio.—BOND OFFERING.—E.A. Voorhees, Clerk, will receive
sealed proposals until 12 m. Sept. 22 for $90,000
6% coupon bonds. Denom,
$5,000.
Date Aug. 1 1921.
Principal and semi-annual interest
the successful bidders at
100.633 for 5Hs, a basis of about 5.45%, for the $141,000
bonds offered on Aug. 30—V. 113, P- 658.
Date Sept. 1 1921.
[VOL. 113.
$
3GYLE, BROCKWAY & GRAHAM, INC.
MATTERS FINANCIAL
Union Arcade
Pittsburgh, Pa.
Sei-t. 10
1921.]
THE
CHRONICLE
Trail.—Debentures Nos. 1 to 100 at $500—$50,000, issued under High
School By-law" No. 371,
twenty yrs., payable Aug. 1 1941, with interest
at 6
%.
Kamloops.—Debentures Nos.
1R
to
1R
70
under By-law No. 307, to
provide for a Public
By-law 1921, twenty years, pa
payable Aug
Township of Richmond.—By law No. 272, to provide for Draining and
on No. 8
Road,_Lulu Island, $7,500, payable in 20 years with interest at 6%.
Namaimo.—Debentures Nos. 1 to 20 at $100, and Nos. 21 to 40 at $500—
$12,000, issued under "High School Debentures By-law No. 334, 1921,'
10 years, payable June 15 1931, with interest at 6%.
dent
ent
GREY COUNTY (P. O. Owen Sound), Ont.—DEBENTURE SALE.—
On Sept. 1, Bell, Gouinlock & Co. of Toronto,
purchased an issue of $260,000 6% road improvement debentures at 96.637.
Denom. $500 and $1,000.
Date Sept. 15 1921.
Int. M. & S.
Due Sept. 15 1941.
HALTON COUNTY, Ont.—BOND SALE.—Aemilius Jarvis & Co. of
Toronto were the successful bidders at 96.41, a basis of about 6.35% for
an issue of $100,000
6% 20-year bonds recently offered.
The following
tenders were received:
•
Bidder—
Price Bid.
Bidder—
Price Bid
A. Jarvis & Co
96.41
Harris, Forbes & Co
96.37
R. C. Matthews & Co
95.45
96.33
McLeod, Young, Weir & Co..95.08
95 93
A. E. Ames & Co
95.833
95.82
W. C. McKinnon & Co_-.-__94.894
C. H. Burgess & Co
—94.75
__
'
Rural Telephones.—West Creek, $17,300; 15-iyears
8%, T. P. Taylor,
Regina.
Swift Current, $1,600; 15-years 8%, Northern Ele. Co., Regina.
Crescent View, $450; 10 years, 8%, Regina P. S. Sinking Funds.
SAULT
STE
MARIE,
Ont.—DEBENTURE SALE.—An issue of
$140,000 6% debentures was sold "over the counter".
This is in addition
to the $350,000 issue sold to Wood,I Gundy & Co. some time
ago.
STRATFORD, Ont.—BOND SALE.—An issue
bonds was awarded on Aug.
basis of about 6.36%.
STURGEON
FALLS,
of $79,000 6% 30 year
30 to R. C. Matthews & Co. at 95.178, a
Ont.—BOND
SALE.—An
7% 20 and 30 year town bonds offered recently
Assurance Co. of Canada at 99.10.
issue
was sold
of
$126,500
the Sun Life
to
SUDBURY, Ont.—BOND SALE.—An issue of $50,000 bonds was
on Aug.
27 to Dyment, Anderson & Co. of Toronto, at 95.09.
The following bids were received.
awarded
Price Bid.
Bidder—
Bidder—
Price Bid.
.
Dyment, Anderson & Co
Wood, Gundy & Co
95.00 A. E. Ames & Co
94.93 C. H. Burgess & Co
R. C. Matthews & Co
94.87
94.59
...
94.31
95.457
Dymerft, Anderson & Co.
MacNeill, Graham & Co
Wood, Gundy & Co
1179
Housser, Wood & Co
Bell, Gouinlock & Co
Dominion Sec. Corp
95.761
95.71
Brent, Noxon & Co
94.269
b. Pepler & Co.
94.067
Nesbitt, Thompson & Co..—93.856
T. S.
LACHINE, Que.—BOND SALE —An issue of $255,800 6% pavement,
sidewalk, waterwork, electric-light, sewer and monument bonds offered
on Sept. 2 was awarded on that date to the Credit Canadian
Corporation at
98 26Denom $100, $500 and $1,000.
Date Aug. 1 1921.
Int. F. & A.
Due Aug. 1 1931.
MOOSE
Sask.—BOND
JAW,
SALE.—Wood, Gundy & Co., Ltd..
was the successful bidder at 100.50, a basis of about 6.37, for an issue of
$28,300 65-year school bonds.
ONTARIO COUNTY (P. O.
Whitley), Ont .—BONDS NOT SOLI).—
$75,000 6% 20-year bonds recently offered was not sold as all
bids received were rejected.
The following bids were submitted
An issue of
Bidder—
Price Bid.
Brent, Noxon & Co
_9o.201
C. H. Burgess & Co
96.17
Bidder—
Dominion Securities Corp
Price Bid.
A. E. Ames & Co
96.078
95.89
TORONTO, Ont.—BOND OFFERING.—Geo. H. Ross, Commissioner
of Finance, will receive sealed tenders until 12 m. Sept. 13 for the
purchase
of $4,000,000 4^% City of Toronto guaranteed bonds.
Denom. $1,000.
Prin. and semi-ann. int. (M. & S.) payable in Toronto, New York or Lon¬
don.
Due Sept. 1 1953.
Cert, check for 2% of the par value of the bonds
bid for, required.
These bonds are an obligation of the Toronto Harbor
Commissioners and are guaranteed unconditionally by endorsement both
as to principal and interest by the City of Toronto.
Delivery of the bonds
(now ready) and payment are to be made at the office of the above Com¬
missioner not later than Sept. 27, 1921, the latter to include accrued int.
from Sept. 1 1921, to date of payment.
'
YORK
TOWNSHIP,
Ont .—DEBENTURE
SALE.—The
eight issues of 6% debentures, which were offered on Aug. 29,
to Wood, Gundy & Co. at 94.935:
Iss. Under
.96.13
96.08
SASKATCHEWAN
AUTHORIZED.—The
SCHOOL
Bell,
Gouinlock &
Co
95-80
Mac Kay & Mac Kay
DISTRICTS,
94.96
auth of
S.
By-Law
No.
When Passed.
5461 Apr. 14 1921
5462 Apr. 14 1921
5596 May
6 1921
Sask.—DEBENTURES
following,
according to the "Financial Post" of
Toronto, is a list of authorizations granted by the Local Government
Board from Aug. 13 to Aug. 20.
I
School District.—McLean $1,200; Willow, $4,000; Winslow Lake, $3,700;
Welssenberg, $4,500; Snowdrop $1,000; Welby, $2,600; Fruitvale, $3,500;
Bordervale, $1,600; Fertile Field, $3,500.
Rural Telephones.—Penzance $2,000; West
Grayton, $500; Crooked
Valley, $275; Pasqua, $1,600.
DEBENTURE SALES.—The following we learn from the same source
is a list of debentures amounting to $49,050 reported sold from Aug. 13 to
Aug. 20.
School Districts.
Regina Beach, $13,500; 20 years 8%, Nay & James,
Regina.
Tee Lake, $5,000; 15-years 8% T. J. Edminston, Driver.
Bay¬
ard, $2,000; 15 years 8% Citizens Lbr. Co., Winnipeg.
Meyronne (Sep.)
$1,000; 15 years 8%, various-Meyronne.
Ridge Hill, $700; 10-years 8%
A.
Duncan, Liberty.
Orel, $500; 10 years, 8%, Rosetown & Biggar
sinking funds.
Pioneer, $7,000, 10 years 8%, A. E. Martin, Moose Jaw.
5609
May 20 1921
4 1921
4 1921
5751 July
5752 July
5672
June 16
5829
July
of
In-
Sec-
Int.
stal-
Hon J
Purpose of Issue.
pay. ments
Amount.
28 Erection of 9 room school
6%a 20 $110,000 00
15 To complete & equip schools 6%a 20
25,000 00
27 Erection & equipt. of 6 room
addition
80,000 00
6%a 30
7 Build & equip school
185,000 00
6%6 30
"
1921
22 1921
.
6 %b
Harcroft
Avenue..
Yearly,
65,000 00
65,000 00
5
6%6
Rd.
5
12,677 00
&
4,110 29
$546,787 29
.
b Half-yearly.
The interest under By-Laws No. 5461-5462 and 5596 is payable with and
with each annual Instalment of principal.
The interest under;
included
By-Laws No. 5609-5751-5672 and 5829 being payable semi-annaully the
instalment only in each year is payable with an included in each
instalment of principal.
The following bids were received:
second
annual
Price Bid.
Bidder—
{
Bidder—
Price Bid.
L
| R. C. Matthews & Co.
94.2891 A. Jarvis & Co—
__93.964|C. H. Burgess & Co—
A. E. Ames & Co
..94.57
Dominion Securities Corp
National City Co..—
93.33
j.
92.897
91.09
FINANCIAL
Sugar Engineering Corp.
BLDG.,
Grading
on
Olympus
,
FINANCIAL
WOOLWORTH
26 Purchase of school site
6%6 30
29 Building 4 rooms& alter'ns
6%6 20
Tarvia X Pavement on Baby Rd.
& Crescent.
a
sold
Date
,
Housser, Wood & Co
Wood, Gundy & Co
following
were
The
NEW YORK
First National Bank
INVESTIGATIONS
of Boston
APPRAISALS
REPORTS
DESIGN
Transacts commercial
banking
business
nature.
of
every
Make it your New England correspondent
Edward E. Hall & Co.
(EtUbllched
I860)
Insurance Brokers
B0
MAIDEN LANE
NEW
Capital, Surplus and Profits, $37,500,000
YORK
Tel. John 4S76
Are
yoor
Holdup
and
Bonds,
Firs.
Liability
Automobile,
policies properly
written ?
Advice given on policy
contracts,
protection and loss adjustments.
Prompt
coverage
procured
fire
wherever
desired.
Illinois Trust & Savings Bank
La Salle at Jackson
GEORGE W.
Certified
3ff
Accountant
ST., NEW
YORK
Aooounting,
Income Tax Returns
TMaphoM Btofcw 6441
Capital and Surplus
& Sign of
▲adits, Investigations,
Estate
Chicago
$15,000,000
MYER, JR.
Public
NASSAU
...
l'.- ■>,■■■
Paya Interest
on
Time
Deposits, Current and Reserve
Aeoounts.
h&nge.
Deals in
Foreign Ex-
Has
on
hand at aH times
oellent securities.
Government,
Transacts a General Trust Business.
a
!
variety of
ex-
Buys and sells
Municipal
and
Corporation 'Bonds.
Department
COMPETENT, responsible banker "with commer¬
and
cial
financial
DO YOU NEED
several years of
education,
foreign banking experience acquired with
lead¬
We Desire to
ing London and Continental Banks and Mer¬
perfectly familiar with foreign
chant
Bankers,
trade
financing,
credits, discounts, collec¬
tary and acceptance
investigation
tions,
&c.,
work,
New
wishes to co¬
dividual
concern
would
or
in
MAN
Financial Chronicle, 90 Pine St., N. Y.
Old
Issues
of
from
thousands to
a
a
few
take
To
Public
bond
few millions.
ganization, handle wholesale
distribution,
S.
140
15th
such
Philadelphia.
originate
has
Advertiser
sues?
St.,
investigate
and
properties
and an ex¬
broad
training
in investment business.
Public Accounting
York
from
A.
(N.
City
Y.)
Practice
practice,
of
York
held
Replies
Box H-10,
care
practice
City
strictly
con¬
of Financial Chronicle,
90 Pine Street, New York City.
travel
and
hard
man
country.
Only
to take
constantly
need
offering
and large possi¬
proposition
permanency
charge of whole¬
sale selling of preferred stocks of seasoned
electric power companies.
Only those with
good experience and who are willing to work
Experienced
of
the
of
WANTED
WANTED
retiring
accountant
an
New
or,
firm.
out-of-town
fidential.
MEN
Christian, will purchase New
practice
Pre¬
viously associated with some
of the largest banking houses
INVESTMENT
P.
is¬
had
experience
ceptionally
BUSINESS OPPORTUNITIES
C.
of
manage
office,
Brooke, Stokes & Co.
City.
charge
complete
department,
Chicago
or
other
Western
direct retail sales or¬
hundred
their
pooling
Address Box 8-25, care of
European business.
Buy
Railroad Companies in
or
amounts
of a consortium of Banks,
advantage
find
or
Utility
foreign de¬
partment of a first-class progressive Bank or
act as European representative either of an in¬
operate in the development of the
who
AN EXPERIENCED BOND
documen¬
exchanges,
foreign
WANTED
POSITIONS
WANTED
CONNECTIONS DESIRED.
BANKING
bilities would
Box
Address
Chronicle,
apply.
be of interest.
financial
H-14,
Street,
Pine
90
York.
New
Exceptional opportunity for the right man.
Box
F-10, Financial Chronicle, 90
Answer
Pine
CAPITAL FOR MANUFACTURING
Street,
N. Y.
i
STATISTICIAN-CORRESPONDENT,
ENTERPRISE
I
am
seeking
capital
finance
to
a
manufac¬
CUSTOMERS'
there
is
steel tools and
unlimited
an
Interested
specialty for which
a
CUSTOMERS' MAN—Large Consolidated House
has
market.
parties please
arrange
"Manufacturer,"
Address,
care
The
Financial
opening for customers' man controlling
accounts.
right
man.
Exceptional opportunity for
Address
Financial Chronicle, 90 Pine
90 Pine Street, New York.
Chronicle,
an
active
interview.
of
writer, thoroughly familiar with securities
cial
turing proposition for the production of high grade
patented
Box E-8,
college
graduate, experienced correspondent and finan¬
MEN WANTED.
care
and
connection.
desires
analyses,
Address
Chronicle, 90 Pine
Box H-16, care of Financial
New York.
Street,
o
Street, New York
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City.
MAN, experienced bookkeeper, steno¬
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and
CONNECTIONS
Exceptional
position.
seeks
secretary,
Address Box G-ll, care ®f Financial
reference.
WANTED
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STATISTICIAN.
STATISTICIAN, thoroughly familiar with gath¬
as
now
railroad,
on
public
utility and industrial securities, desires position
conducting profitable unlisted department of
Statistician
Assistant
bouse.
Bond Men,
compiling data
and
ering
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PARTNER
with
investment
an
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Box G-7,
I
Street, N. Y. City.
large, prominent and well-regarded New York Investment House,
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of their
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over same,
paying the firm
and for office
partner in this connection with
extraordinary and
Address
Box
one
that
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a
$5,000 to $20,000.
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and desire to
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with
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Address
Box
data,
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make
to
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1-3,
care
of Financial Chronicle,
90 Pine Street, New York
City.
E-6, Financial Chronicle, 90 Pine St., New York.
UNLISTED
TRADER,
in
new
Address
unlisted
all
trading
seeking
five
Box 1-4,
care
years'
stocks
connection.
experience
and
bonds,
is
Best of references.
of Financial Chronicle.
90 Pine Street, New York City.
TRADER
experienced in handling unlisted and
inactive
securities
consider
out
of
best of references.
Connecticut
Bankers, Brokers and Security Dealers
of
the Financial
Chronicle.
In the advertisements
Always turn to the Financial Chronicle
Trading Department when you wish to buy
sell bonds
or
furnish
Address Box E-15, care of
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City.
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STATISTICIAN—Expert
statis¬
tician desires connection with New York Stock
where
long established banking house,
or
experience will be an added
publicity
Box
Address
asset.
E-8,
care
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of
Chronicle. 90 Pine Street, New York City.
seeks
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of
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or
Stock Ex¬
Capable of taking entire charge
change House.
Department.' Address Box A-l,
Chronicle, 90 Pine Street,
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of
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York City.
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In
Bonds
and
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with promin¬
Exchange
or banking house.
Address Box E-18, Financial
Chronicle, 90 Pine Street. New York.
thorough knowledge of markets, now
ent house,
or
Can
SUCCESSFULBONDandUNLISTEDTRADER
these pages,
dealers and brokers
list the bonds and stocks they wish to buy or sell and indi¬
cate the class of securities they
specialize in.
From time
to time virtually every security
having any degree of salability in the United States is bought or sold through this
department, the advertisers in which are prepared to furnish
quotations on thousands of securities.
on
Will
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position.
Financial Chronicle, 90 Pine Street, New
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locate the houses that will
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can
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and
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Address
Box E-2,
Financial Chronicle, 90 Pine Street, New York.
SEPT. 10
1921.]
THE
CHRONICLE
Cotton
jfmantfal
Otfftfl. O.Oorn
Frank A. Kimball
Corn, Schwarz
COMMISSION
William
&
Co.
MERCHANTS
Street
New
MEMBERS
New York Cotton
York
OF
"Let
Specializing—
and
transmission
BUSINESS
of
parts
Geo. H. McFadden & Bro.
can,
PHILADELPHIA
NEW
Street
Worth
67
of
*
American, Egyptian and
Foreign Cottons
FOREIGN
en
William
Street
& Co.
85
Congress Street
BOSTON, MASS.
NEW YORK
AND
Reserve
We
draw
Surplus and
all parts
side
payees
furnish
Correspondence invited
32
Burke
Broadway, New
out¬
be
can
¬
conference and
We invite
York
correspondence with bank¬
ers who are seeking a con¬
Baltimore
Pittsburgh
York
New
placed with the Metropoli¬
tan Trust Company advan
tageously.
Liberal interest
is allowed and personal at¬
tention is given all business.
the
equipment.
Kardos &
funds
reserve
of financial institutions
y
Hentz
COMMISSION
Surplus
remit by
to
Philadelphia
Henry
all
Havre.
Baltic Cotton Co., Copenhagen.
Reinhart & Co., Alexandria, Egypt.
Geo. II. McFadden South American Company,
Inc., Lima, Peru.
on
or
order
necessary
Export,
Rotterdam.
Societe d'lmportation et de Commission,
Fachiri & Co., Milan.
—PROPERTIUS.
the
whereby they
drafts
abroad.
CORRESPONDENTS.
Hibbert, Finley & Hood, Liverpool.
N. V. McFadden's Oie voor Import
us
world,
money
in
he is
make arrange¬
principals,
own
the
Street
in the
Andv;
can
as
their
YORK
Broad
25
to
engage
best acquainted."
world.
ments with
COTTON MERCHANTS
in
funds
of
the
Bankers
MEN
everyone
business with which
in-serving BANKS, BANKERS
Exchange
New Orleans Cotton Exchange
New York Produce Exchange
New York Coffee Exchange
Dealers
jfimxuiul
Paul Schwars
August Schierenberg
43
XXVII
nection in New York.
Chicago
Our
40 yea-rs of experience
should be of value to you.
Direct Private Wires Connecting All Offices
MERCHANTS
BROKERS
METROPOLITAN
Members of
Investment Securities
New York Stock
Exchange
New York Cotton Exchange
New York Coffee & Sugar Exchange
New York Produce Exchange
Chicago Board of Trade
Underwritten
&
TRUST
OF
Distributed
COMPANT
THE CITY OF
NEW YORK
60 WALL STREET
716 PIFTH AVENUE
Associate Members of
Liverpool Ootfcon Association
Federal Securities
Hubbard Bros. & Co.
COFFEE
W. H. Goadby & Co.
Corporation
EXCHANGE BUILDING
Members New York 3tock
38 South Dearborn Street
HANOVER SQUARE
CHICAGO
NEW YORK
NO.
74
BROADWAY
Exchange
NEW
YORK
COTTON MERCHANTS
Liberal
Advances
Made
on
Cotton
CHARTERED 1858
'
Consignments
GWATHMEY & CO.
39-24 EXCHANGE
475
AVENUE.
FIFTH
United States Trust
45-47
PLACE, NEW YORK
NEW
YORK
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
Stephen M. Weld & Co.
COTTON
82-92 Beaver
MERCHANTS
Street, New York City
BOSTON,
It receives deposits
subject to check and allows interest
EDWARD
WILLIAM
M.
KINGSLEY,
WILFRED
J.
WORCESTER,
CHARLES
A.
EDWARDS,
C.
WILLIAM
G.
1st
LEE,
LYMAN
JOHN
J. PHELPS
LEWIS CASS LEDYARD
LYMAN J.
PAYNE
COTTON
MERCHANTS
personal, fos
WILLIAMSON
FREDERIC
Secretary
W.
PELL, Vice-President
|
ROBBERT, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
ALTON S
KEELER. Asst. Secretary
TRUSTEES
FRANK
MOORE A, CO.
daily balancea.
SHELDON, President
Assistant Secretary
GREEN, Assistant Secretary
WILLIAM ROCKEFELLER
44 Beaver Street, N. Y.
W.
Vice-Pres.
Secretary
Asst.
JOHN
ROBERT
on
estates, corporations and individuals, and acts as Trustee under corporate mort¬
gages, and as Registrar and Transfer Agent for corporate bonds and stocks.
WILLIAM
NEW BEDFORD
$2,000,000.00
$15,020,679 60
It holds and manages securities and other
property, real and
UTIOA, N. Y.,
WELD A CO.,
LIVERPOOL.
PROVIDENCE,
-
-
This Company acts as Executor,
Administrator, Trustee, Guardian, Com¬
mittee, Court Depositary and in all other recognized trust capacities. \
PHILADELPHIA.
FALL RIVER,
STREET
Capital,
Surplus and Undivided Profits,
MEMBERS
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
Company of New York
WALL
GAGE
WHITNEY
A.
STEWART, Chairman of
EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTIS3 JAMES
WILLT.AM M
KINGSLEY
WILLIAM Bi'EWAKT TOD
OGDEN MILLS
the
Board
1
CORNELIUS
HENRY
W.
WILLIAM
WILLIAM
N.
BIJ8IL
de FOREST
VINCENT
SLOANS
Members New York Cotton Exchange
STEINHAUSER
CO.
Successors to
WILLIAM RAY & CO.
COTTON BROKERS.
B9 Cotton Exchange
New York
Orders for future delivery contracts executed on
III New York and Liverpool Cotton Exchanges.
MERICH & CO.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
Hopkins, Dwight & Co.
COTTON
Offices, 254
and
Fourth
COTTON-SEED OIL
COMMISSION MERCHANTS
fioom 90
Cotton Exchanga
NEW YOR
NEW YORK
Building
Established Over 09 Years
Avenue
AiTCX
THE
XXVIII
[VOL. 113.
CHRONICLE
ytnamlai
jffnanrtal
^financial
Municipals
Mid-West
While money rates are
State of San Paulo
high in the
grain-producing States, Municipal
bonds from this section are avail¬
able at very low prices.
For 27
years we have specialized in City,
County and School District bonds
In the principal agricultural States,
and never before have had such
The Glidden
(United States of Brazil)
1st
Sinking Fund 8% Gold Bonds
Dated Sept.
Interest
Holland Issue
for
Special circular
These bonds
New York Stock Exchange
New York Cotton Exchange
Bolger, Mosser & Willaman
New Orleans Cotton Exchange
Members:
>
Detroit
New York
Chicago
1.
the sole funded
are
leading corporation in
the paint and varnish industry.
Net assets are reported in excess
of S4,400 for each $1,000 bond.
A. A. Housman & Co.
list
1 and Sept.
request
upon
debt of
our
Due Sept. 1 1936.
1 1921.
payable March
Denominations $1,000, $500 and $100.
attractive offerings.
Send
Company
Mortgage Sinking Fund 8s
N. Y. Coffee & Sugar Exchange
New York Produce Exchange
,
a
Price
993^
and
Interest
Chicago Board of Trade
Liverpool Cotton Association
MUNICIPAL BONDS
Broad
20
Our
current
list
opportunities
to
diversify
in
high grade Municipal Bonds and
to
&
Branch Offices:
25 W. 33rd Street, New York City
good
exceptionally
average
Ames, Emerich
Street, New York
Telephone Rector 6330
unusual
offers
8.05%
Yielding
Associate Members of
111
Liberty Budding, Philadelphia
returns.
1st
Amsterdam, Holland
La
So.
105
Woodward Bldg., Washington
Correspondence Invited
Company
Broadway, New York
Wis.
NatT
Salle
Bank
Chicago
St.,
Bldg., Milwaukee
MORTGAGETRUST COMPANY
Affiliated with
Louis Union Trust
We
Offer —
Central Bond & Mortgage Co.
National Bank
First
St.
Co.
South
208
Broadway & Locust—St. Louis
LaSalle
Street
GERMAN BONDS
CHICAGO
and
Mark
Exchange
Investment Bankers
Radon, French & Co.
Write
Exchange and Foreign Bonds'''
INVESTMENT
Listed and
Unlisted
Securities
SECURITIES
W« purchase and
W0LLENBER6ER & CO.
underwrite entire issues of
Investment
Dodge & Ross
Mads and stocks of established corporations.
W* offer high-grade investment
Sa
the' securities
of
opportunities
public
municipalities,
Investment Bankers
BanKers
So. La-Salle street
CHICAGO
'
Underwriters and Distributers of Investment
porations.
Securities
Correspondent*
Invited
Public Utility
WEST MONROE STREET
and
CHICAGO
Industrial Issues
Bought
111
Hord, FitzSimmons & Co.
Sold
MONROE
W.
SOUTH LA
Quoted
ST., CHICAGO
F. H. PRINCE & CO
BANKERS
High Grade Bonds
137
105
Incorporated
utilities, and well established Industrial cor¬
79
",ralucric
for
Private Wires to the East and Southwest.
108 So. La Salle St.
BOSTON, MASS.
SALLE STREET
BUY AND SELL
CHICAGO
HIGH-GRADE
INVESTMENTS
HIGH-GRADE
BONDS
EMERY, PECK & R0CKW00D
Member* ef New York ft Boitra Stock Bxchseget
INVESTMENT SECURITIES
Commercial
ft
floatinental
Bank
Building
C. F. Childs & Company
CHICAGO
Specialists
Railway Exchange Building
MILWAUKEE
WE
Atlas
OFFER
Power
Amer.
&
Government
Co.
108 So.
8s
110 Broadway
La Salle St.
Stevenson
Co. S. F. 8s
& Vogel Leather Co. S. F. 7s
& Perry,
Wisconsin River Power Co. 1st M. 5s
The Rookery,
108
CHICAGO.
Inc.
So.
La
Salle
St.,
BANK
RICHMOND, VA.
-
INVESTMENT
ENGINEERING
SECURITIES
141
Grand Rapids
A
Long Maturity
P. W. Chapman
INVESTMENT
Municipal Bonds
York
from
Federal
& Co., Inc.,
SECURITIES
.
CHICAGO
118 Broadway
NEW YORK
Income
5>£%
to
Taxes/
7%.
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THE HANCHETT BOND CO.
Incorporated
118 South La Salle St.,
Members New York Stock Exchange
Exempt
Yielding from
SEAS0NG00D, HAAS & MAC DONALD
New
CITY
\
Detroit
New York
Milwaukee
Invited
City 3V^s Registered
Broadway
YORK
CHICAGO
WANTED
§0
MANAGEMENT
La Salle Street,
**Are
n. Y.
&
BROADWAY '
NEW
808 South
R.
Burnett,
Vice-President
Alex F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas. M. Bull, Jr., Cashier
Correspondence
CINCINNATI
McClellan & Campion
John M. Miller, Jr., President
W. M. Addison, Vice-President
C.
Wiggins Bloefe
Broadway
NEW YORK
CHICAGO
W. G. SOUDERS & CO.
$3,000,000.00
INVESTMENT SECURITIES
115
Telephone Randolph 5520.
Capital and Surplus
1870
Dominick & Dominick
Bros.
Investment Securities
RUTTER, LINDSAYS CO., Inc.
FIRST NATIONAL
Established
Member* New York Stock Exchange
Ppwder Co. Conv. 73^8
DeLaval Separator
Pfioter
NEW YORK
CHICAGO
AT MARKET
Light
Bonds
1910
39 South La Salle Street
CHICAGO
@FedFRASER