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SEP 1 9 1921
:
*
u
;
Bank &
Quotation Section
Railway & Industrial Section
Railway Earnings Section
Bankers' Convention Section
ENTERED A3 SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW
YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
COPYRIGHTED IN 1921 BY WILUAM B. DANA COMPANY, NEW YORK.
issued
VOL. 113.
Weexiy
NEW
$10.00 Per Year
YORK, SEPTEMBER 17, 1921.
Jf{natural
CHARTERED
Electric Railway Section
State and City Section
1822
William B Dana Co, Publishers
138 Front St., N.Y.City
^financial
financial
harvey FISK & sons
Harris, Forbes & Cct
Pine Street, Corner William '
NEW york
INCORPORATED
fHE FARMERS'LOAN & TRUST
32 NASSAU ST., NEW YORK
COMPANY
IB Drapers Gardens, London, E. C.
OTHER OFFICES
17
16, 18, 20 and 22 William Street
475 Fifth Avenue, at 41st Street
HARRIS, FORBES & CO., Inc.
EAST 46TH ST., NEW YORK
BOSTON
CHICAGO
BOSTON
PHILADELPHIA
HARRIS
TRUST &
BUFFALO
YORK
NEW
OF
fiscal agents for munici¬
as
and corporations ana
Government, munici¬
pal, railroad and public utility
palities
MUNICIPAL,
deal
PUBLIC UTILITY AND
ESTATES
in
BONDS FOR
CARE
INDUSTRIAL SECURITIES
SECURITIES
OF
DOMESTIC AND
FOREIGN
SAVINGS BANK
CHICAGO
Act
GOVERNMENT,
MANAGEMENT
NO 2934.
List
on
INVESTMENT
Application
v
.
BANKING
CaWe Address SABA, NEW YORK
FOREIGN
EXCHANGE
LETTERS
OF
American express company
CREDIT
INTERNATIONAL
LETTERS
COMMERCIAL
Established 1810
SECURITIES
ACCEPTANCES
The
I
Mechanics
LONDON
PARIS
FOREIGN
and
Mbtals
National Bank ■
LETTERS
65
OF THE CITY OF NEW YORK
Member Federal Reserve System
and
York
New
Clearing
OF
CREDIT
BROADWAY,
Telephone
NEW YORK
Whitehall 2006
House
Capital, Surplus, Profits
Established
EXCHANGE
COMMERCIAL
Deposits, June 30,1921
1874.
John L. Williams & Sons
-
$27,000,000
$196,000,000
",;;vr ";:V'V-'rv
*
Foreign Exchange
BANKERS
Bond
.
Trust
Edward B. Smith & Co
•
,
Members New York and
Service
Slock
Philadelphia
Exchanges
Department
Comer 8th aod Main Streets
RICHMOND, VA.
Baltimore
Investment Securities
Correspondents:
WILLIAMS &
LANCASTER
R.
CO., Inc.
garfield
Philadelphia
23rd
STREET,
FIFTH
Crosses
gipital,
A
-
where
Trust Company
AVENUE
i
Broadway
$1,000,000
Bank for
Surplus,
-
The Chase National Bank
,
of the
Jl,000,000
Undivided Profits
$15,600,006
CAPITAL
SURPLUS AND PROFITS
DEPOSITS
137
aervice
of
26 Broad Street
Vice-Presidents
Samuel H. Miller
Carl J. Schmldlapp
Gerhard M. Dahi
Liberty Office
the
120
Broadway
Reeve
Schley
Fifth Avenue Office
First National Bank
Robert I.
CHARTER NO. 1
Wm.
A.
LAW,
Preeident
William E. Purdy
George H. Savior
M. Ifadd en Howell
Barr
Cashier
Thomas Ritchie
William P. Belly
DIRECTORS
Albert H. Wlggin
John J. Mitchell
Newcomjb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J, Schmldlapp
Guy E. Tripp
Hill
Andrew Fletcher
Henry W. Cannon
A. Barton Hepburn
Member Federal Reserve System and
James N.
N. Y.
Daniel C. Jackling
Charles M. Schwab
Clearing House Association.
Edwin A. Lee
Sherrill Smith
57th St. & Fifth Ave.
Philadelphia
Assistant Vice-Presidents
Alfred C. Andrews
Comptroller
of
HEPBURN
ALBERT H. WIGGIN, President
Main Office
Corporations
experience ia at
oar depositors
BARTON
Chairman of the Advisory Board
Trustee for Foreign and
years'
290,959,006
OFFICERS
A.
National Banking Association
Oar
20,578,000
(Sept. 6, 1921)„_:
$26,000,000
The Bank of New York
Domestic
BROADWAY
57
Established 1784
as
Gty of New York
the Builders of Business
Capital, Surplus &
We Act
NewJYork
The New York
NATIONAL BANK
Gerhard M. Dab!
Wm. Boyce Thompse
Samuel H. Miller
Reeve Schley
Xenneth F. Wood
Edward R. Tinker
H. WendellEtof
VHtranf
T
Mlr.Hr.la
William
M
Wv
U
THE CHRONICLE
II
[VOL. 113.
Jnbtttnwnt i&ouses aim Bratoew of foreign Cxrijauge
1. P.
MORGAN & CO.
Maitland, Coppell & Co.
62 WILLIAM STREET
Wall Street, Corner of Broad
<9REXEL
&
PHILAOEEPHIA
CO.,
KIDBER, PEABODY & CO,
NEW YORK
NEW YORK
Corner of 5th and Chestnut Street*
Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
'Bill*
of
Exchange*
Telegraphic
of Credit
Letter8
No. 22 Old Broad Street
PARIS
CO.,
&
NEW YORK
Transfer*,
on
HARJES
18 Broad St
BOSTON
issue Loans.
«ORGAN, GRENFELL & CO., LONDON
<VOBOAN,
115 Devonshire St
The
National
Provincial
&
Union
Messrs. Mallet Freres &
Securities bought and sold on Commission.
Bank
of
Commercial and Travellers
England, Ltd., London,
i
14 Place Vendome
'
Letters of Credit
Cie, Paris,
and
•
Foreign Exchange. Commercial Credits.
Principal Places
Mexico.
m
on
Cable Transfers.
available In
Circular JLetters 'fpr Travelers,
al!
parts of the world.
TRAVELERS' LETTERS OF CREDIT
BROWN BROTHERS & CO.,
i
NEW YORK
{BSUDIUHU
i
Agents for the Bank of Australasia.
BorroitJ
—,
BARING
BROTHERS
&
CO, LTD.
LONDON
August Belmont & Co.
43 EXCHANGE
PLACE, NEW YORK
Members New York Stock Exchange.
ALEX. BROWN A SONS, Baltimore
Agents and Correspondents of the
Messrs.
FRERES
LAZARD
ROTHSCHILD,
London. Paris and Vienna
Securities
Investment
Available in all parts of the world.
Accounts
Draw bills of Exchange and make Telegraphic
Transfers
Credits
Commercial
Nassau Street
NEW YORK
for Travelers
Foreign Exchange
Deposit
19
ISSUE LETTERS OF CREDIT
Execute orders for the purchase and sale of
LAZARD
FRERES
CIE,
LAZARD BROS. & CO.,
Bonds and Stocks.
Travelers' Credits
&
11
Old
Broad
Ltd., London
Street
Lazard Brothers & Co., (Espana)
BBOWN, SHIPLEY & CO.
ioNDON
Brothers
azard
Lazard
Equipment Bonds
RAILROAD
T. Suffem Tafkar
(JrenvllJe Kane
James G. Wallace
CAR
&
Co.,
&
Foreign
Exchange
and
Letters
Cie,
Sold
Madrid
Ltd., Antwerp
Freres
Securities Bought
TANK
Pari*
PilletWill
Rue
5
Mayence
on
Commission
of Credit
INDUSTRIAL
Freeman & Company
TAILERACD
Members New York Stock Exchange
M PINE STREET,
Mimul a Co.
NEW YORK
IS Pine Street. New York
New
Investment Securities
York
Philadelphia
Pittsburgh
Lawrence Turnure &, Co.
Baltimore
Washington
Wilmlngtoa
64-66 Wall Street,
New York
Winslow, Lanier & Co.
Investment Securities
Investment securities bought and sold on com¬
mission.
Travelers' credits, available through¬
out the United
States, Cuba, Puerto Rico, Mexico,
and Spain.
Make collections
In and issue drafts and cable transfers on above
19 CEDAR STREET
Central
NEW YORK
Members
America
New York,
Philadelphia and
countries.
BANKERS.
London
Bankers:
Midland
Bank,
Paris Bankers:
Gtoosits
Received
Allowed
ea
Subject
Bought
*
to
Deposits,
and
Sold
Draft.
London
Joint
City &
Pittsburgh Stock Exchanges
Limited.
Heine &
Co.
Interest
Securities
on
Commission.
Graham. Parsons & Co,
Foreign Exchange, Letters of Credit
435 CHESTNUT ST.
30
YORK
Investment Securities
Bands fat*
Deal
in
investment:
and
Issues
Purchase
BONDS
Kcmi, Taylor &> Co,
INDUSTRIAL
Cable Transfers
FREDK HUTH A
CORPORATIONS
and
the Continent of
on
STREET,
Letters of Credit
Deposit
NEW
YORK
for Travelers
Accounts
Oommerolal Credits
ESTABLISHED
VALUE
Philadelphia.
HEIDELBACH, ICKELHEIMER & CO.
Cable Transfers.
MUNROE &
PARIS
37 William Street.
BOISSEVAIN & CO.
62
BROADWAY, NEW YORK
Members of the New York Stock Exchange
INVESTMENT SECURITIES
Foreign Exchange.
Europe.
of
iPittshurQh.
John Munroe & Co.
PINE
CO., London
UTILITIES AND
Cable Address "Graco,"
30
on
NOTES
of
TJ&uT&Az.
New York
Foreign Bonds & Investment Securities,
BONDS.
AND
RAILROADS,
30 Pine Street
Commercial Credits, Foreign Exchange,
of
MUNICIPAL
HUTH & CO.
PINE ST.
NEW
PHILADELPHIA
COMMERCIAL DEPARTMENT
FOREIGN
MEMBERS
N.
Y.
STOCK
EXCHANGE.
Execute orders for purchase and sale of
Stocks and Bonds.
Foreign Exchange Bought and Sold.
EXCHANGE
Issue Commercial and Travelers' Credits
CO.,
MESSRS. PIERSON & CO.
PAD
Amsterdam, Holland.
available in all parts of the world. ♦
SEPT.
17
TUE
1921.]
in
CHRONICLE
Snbegtmem and Jhnancial l&uuaes
Goldman, Sachs & Co.
Millett, Roe & Hagen
SO Wall Street
NEW
Lee, Higginson & Co.
YORK
137 So. La Salle Street
60 Congres*
BOSTON
CHICAGO
14
Investment Bankers
PHILADELPHIA
411 Olive Street
ST.
LOUIS
Commercial
Lombard St.
London,
WASH.
SEATTLE,
MEMBERS
NEW YORK STOCK EXCHANGE
Members of New York and Chicago
Stock Exchanges
Higginson & Co.
80,
INVESTMENT SECURITIES
Hoge Building
Title Insurance Building
LOS ANGELES, CAL.
Chicago
New York
Street
421 Chestnut
Montgomery Street
SAN FRANCISCO
Boston
Street
Securities
bought
E. C.
and
,
>
Paper
sold
commission
on
52IWILLIAM ST.B
Foreign Exchange
NEWi.YORK
Credit
of
Commercial & Travelers' Letters
available in all parts of the
world
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
EQUIPMENT BONDS
Investment Securities
Bonds
Notes
Short Term
MEMBERS
NEW YORK,
BOSTON AND
CHICAGO STOCK
Memberi New York Stock
Direct
to all
wires
Boston
fain
Office:
National
Uptown Branch: 42nd
NEW YORK
BROADWAY
City
St
&
Bank
Building
Madison Ave
Offices in 50 Cities
Chicago
|
Portland
Providence
Detroit
Exchange
principal markets
60
v
Acceptances
EVANS, stiLLMAN & CO.
EXCHANGES
Robinson & Co.
1888
Established
Investment Securities
U. S. Government Bonds
Investment Securities
W. A. Harriman & Co.
J. & W.
26 Exchange
New York
Place
Members New York Stock Exchange
Seligman & Co-
INCORPORATED
NS-54 Wall Street
Nkw York
Syracuse
Boston
NEW YORK
Conservative
Investment Securities
Yielding 6% to 8%
Distributers
Underwriters
Howe, Snow,
Corrigan & Bertles
Barsey Bro s. & Co.
Investment
BAjcsnasRS
MEMBER8 PHILADELPHIA STOCK
GRAND
Bankers
EougMcliiig &€o.
MICH.
RAPIDS,
EXCHANGI
EST. 1865
INC. 1918
Chicagcr
10 So. La Salle St.
Investment
366
Securities
Madison
Ave., New
York
DAVIS & CO., LTD.
1421 CHESTNUT STREET
BANKERS' BROKERS
PHILADELPHIA
Buero^
New York
Marshall Field, Glore, Ward & Co.
137 SOUTH LA SALLE
Santos
ALDRED & CO.
40
Uruguayan
New Yo*k
Pesos
Milreis
Brazilian
CHICAGO
1
14
WALL
Uruguayan Cedulas
Bonds
Peso
NEW YORK
'
&
Tel. Hanover 394
MUNICIPAL BO'NDS
harper
& turner
i
BONDS
STOCK
CHICAGO
INVESTMENT
EXCHANGE BUILDING
BROAD
PHILADELPHIA
Members
FOR
bankers
WALNUT STREET ABOVE
STREET
GOVERNMENT
AND
HOLTZ & CO.
SOUTH LA SALLE
RAILROAD, INDUSTRIAL,.
FOREIGN
investment
39
Companies
Issues
§
INVESTMENT1'
Public Utility and Hydro-Electric
COUPONS PURCHASED
49 Wall St.
f
T.
Dollar
Sterling
PESO
H.
Fiscal Agents for
Argentine Ccdulas
•.
STREET
Wall Street
Argentine Pesos
Foreign
Exchange
STREET
Sao Paulo
Aires
Rio de Janeiro
Montevideo
Philadelphia Stock Exchange
Parker &
49 Wall Street,
Company
New York
THE
IV
^Financial
CHRONICLE
WE
& CO
Power
Electric
finamrial
FINANCE
and
Light Enter¬
prises with records of established
Member* New York and Boston
Stock Exchanges
INVESTMENT
f
Jffnatuial
I
ESTABROOK
[VOL. 113.
CHASE & COMPANY
earnings.
SECURITIES
BONDS
WE OFFER
J5
State
Street,
BOSTON
-
and
Bankers
NEW YORK
24 Broad Street,
Investment
Proven Power and
Dealers
Light Securities
19 CONGRESS ST.,
BOSTON
Correspondence Solicited
SPRINGFIELD
PROVIDENCE
HARTFORD
ELECTRIC BOND & SHARE CO.
SIMON
Member*
BORG & CO.,
(Paid-Up Capital and Surplus $24,500,000)
71 BROADWAY,
J. S.
NEW YORK
FARLEE & CO.
of Neto York Stock Exchange
MUNICIPAL AND
N©. 46 Cedar Street
-
RAILROAD
66
BROADWAY
NEW YORK
New Yorli
-
EST. 1882
BONDS
For Conservative Investment
HIGH-GRADE
Tel. 9695-9699
Bowling Green
INVESTMENT SECURITIES
R. L. Day & Co.
ESTABLISHED 1865
35
&x/\hJCi!ldek£Co
Congress St., Boston
New York
Investment Bonds
Correspondents
REMICK, HODGES & CO.
5 Nassau St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
Deal in
/
Underlying Railroad Bonds
Bonds
\
f
Safe
as
as
Our Cities
/
and
Toi-ezempt Guaranteed & Preferred
^Railroad & Telegraph Co. Stocks1
PARKINSON
Members of the New York and
STOCKS AND BONDS
bought
and
sold
for
cash,
conservative
carried
or
& BURR
William R.(ompton(o.
Boston Stock Exchanges
on
terms.
Inactive and unlisted securities.
53
Inquiries invited.
State Street
INVESTMENT BONDS
BOSTON
14 Wall
FINCH & TARBELL
Members
ISO
BROADWAY,
■'i
NEW
•
Street, New York
Louis
St
New York Stock Exchange.
Cincinnati
New Orleans
Chicago
YORK
'
'
•
i'
BONDS
& Jhm,
H.MOUNTAGUE VICKERS
Founded 1787
49
Baker, Ayiing & Young
Street
Guaranteed Stocks
Bonds
Seasoned
Wall
BOSTON
Investments
PHILADELPHIA
Texas Municipal Bends
30 Pine Street
High Yield
Short-Term
New York
J.
HERTRON, GRISCOM & CO. INC.
141
INVESTMENT SECURITIES
40
Wall
NEW
Street
Land Title
YORK
County Notes
L. ARLITT
Broadway,
Tel
New
Rector
York
4514
Weather Texas Bankers'
Association*
Building
PHILADELPHIA
INVESTMENTS
■
1
'
R.C.Megargel
&,
Co.
A. B. Murray
gamrs Jgakctt Jnc
FOUNDED 1854
Investment Securities
'
-
A
"
Phone 1053 Rector
&
Co.
New York
.
lM|ipicipal, Railroad,
FACTORS
27 Pine
14 Wall Street
*
Public
Utility
and
Street, NewjYork
Industrial Securities
Main Office
225 4th Ave
1
•
-
New York
WATKINS & CO.
7 Wall
Cable Address
.
Quomakel
Street
NEW YORK
40 State St.
BOSTON
SEPT.
17
THE
1921.]
v
CHRONICLE
Canabiart
BANK OF MONTREAL THE CANADIAN BANK
Established
Canadian
OF COMMERCE
Years
100
over
HEAD
Government and Municipal
$22,000,000
Capital Paid Up
Rest & Undivided Profits
exceptional
offer
bonds
oppor¬
If
tunities for sound investment.
chased
now
Total Assets
C-21
Particulars
SIR CHARLES
President.
CORDON, G.B.E., Vice-Pres.
Frederick
Sir
Williams-Taylor
General
Branches
At London,
Wood, Gundy & Co.
14
WALL
In
Paris,
Agencies;
England, and at Mexico City.
Bank
of
Montreal
F.
B.
C.
L.
Exchange Plaee
FRANCIS,
1
FOSTER,
[Agents
C. J. STEPHENSON,
(France).
Travelers' Cheques and Letters of
all parts of the world.
Credit iimutC
available in
Banking and Exchange business .of
description transacted with Canada.
ever?
,
Toronto, Winnipeg, Montreal,
the
In
YORK
NEW
STREET,
General Manager. H. V. F. Jonet
New York Office, 16
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
CoI!eei!?ai
made at all points.
Manager.
and
Throughout Canada and Newfoundland.
Incorporated
$15,000,000
General Manager, Sir John Aire.
Office—MONTREAL
Head
request.
on
507,199,946
Assistant
United States funds
Full
$15,000,000
President. Sir Edmund Walker. C.V.O., LL.D., D.C.
SIR VINCENT MEREDITH, Bart.,
payable in
Principal and interest
23,531,927
pur¬
they will yield from
6%% to 71/2%
•
OFFICE, TORONTO
UP CAPITAL
RESERVE
Bonds
These
PAID
London, Eng.
York (64 Wall
United States—New
Street), Chicago, Spokane, San Francisco—
British American Bank (owned and controlled
LONDON
OFFICE—2
Lombard
Street.
H. C
BANKERS IN GREAT BRITAIN
by the Bank of Montreal);
Indies, British Guiana and West
Colonial
Bank
(of
London),
an interest is owned by the Bank
of Montreal).
West
Africa—The
(in which
The
Bank
of
England,
The
Bank
of
Scotland,
Bank,
Lloyd's
Limited.
THE
ROYAL BANK OF CANADA
United Financial Corporation
<2o
&
established
1829
MambcrtTcmmio Stock
& Corporation
(ScriAZvnment,Municipal
$19,000,000
Reserve Funds
19,000,000
550,000,000
Assets
Montreal
Head Office
INVESTMENT BANKERS
Securities
Toronto
London
Montreal
1869
Capital Paid Up
Total
Sxchangt
(Saruadicart
SIR HERBERT S HOLT. President
E. L PEASE. Vice-Pros & Man Director
O. E. NEILL. General Manager
730
NEW¬
throughuat CANADA and
Branches
In
CUBA.
PORTO
RICO,
REPUBLIC,
HAITI, COSTA
RICA. COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
FOUNDLAND.
WStoodwatj
/NewYorfe
DOMINICAN
Montreal
Toronto
Established
Limited
VictoriaUC.
Affiliated
Chicago
Trust
Guaranty
with
Co.
York.
New
of
ARGENTINA—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paul*
URUGUAY—Montevideo.
SPAIN—Barcelona
LONDON OFFICE—Princes Street. E.
Co.
&
Daly
A.
R.
and J
FRENCH
GOVERNMENT,
•'porous
TORONTO,
BONDS
Provin¬
and Corporation
Bonds
ONT.
Bought—Sold—Quoted
GREENSHIELDS & CO.
Montreal
II St. John Street
STOCK AND BOND
Government,
Canadian
cial, Municipal
Building
Bank of Toronto
McgbenHontrerf Stod^Cxchango
ef
Quatre-Septembre.
MUNICIPAL
AND CORPORATION
& a?
D Leavitt. Agents.
AUXILIARY: The Royal Bank
(France). PARIS, 28 Rue de
Canada
CANADIAN
RURNEtT.
O.
NEW YORK AGENCY—68 William St.
F. T
Walker. J A
Beatsen, E. B. Mclneray
BROKERS
The Dominion Bank
HEAD OFFICE,
Undivided Profits
Reserve Funds &
Total
Clarence A. Bogert.
Osier.
President
SECURITIES
Montreal Stock Exchants.
in
Canadian
Bond
Issues.
17 St.
John Street,
Montreal
7.669.000
140.000,000
Assets
Sir Edmund
Dialers
56.000.000
Up Capital
Paid
CANADIAN
TORONTO
Members
CANADIAN
INVESTMENT
SECURITIES
General Manager
Offerings on Request
New York Agency, 51 Broadway
G. 8. Howard. Agent
HWiSSERVvbOD^CMPANr
INVESTMENT
London Branch, 73 Cornhill
8. L. Jones, Manager
BANKCRI
CANADA
TORONTO
Correspondence Invited
McDonagh, Somers & Co,
Dominion Bank
Building
TORONTO, CANADA
CANADIAN
AND
FOREIGN EXCHANGE
BOUGHT AND SOLD
CANADIAN
GOVERNMENT,
MUNICIPAL
AND
TRAVELERS* AND COMMERCIAL
CORPORATION BONDS
Correspondence
LETTERS OF CREDIT
Invited.
iembers
H.R. BRERETON &, CO.
Bank
Dominion
Building:
Muller & Son
H,
Montreal Stuck Exchange
Bankers
CANADIAN BONDS
TORONTO. CANADA
Adrian
HERDMAN & COMPANY
Dominion
& Brokers
Express Building
MONTREAL
R. C. Matthews
& Co.
LIMITED
BOND
AUCTIONEERS
'
OFFICE
No.
55
Corner
DEALERS
Canadian Pacific Railway Building
TORONTO
WILLIAM STREET
CANADIAN
BONDS
Pine Street
Regular Weekly Sales
Nesbitt, Thomson & Co.
<>r
Limited.
Stocks
and
Bonds
Canadian
,
Municipal, Public Utility &
EVERY WEDNESDAY
Industrial bonds
ALmilius Jarvis &
INVESTMENT BANHBPS
At
the Exchange Sales Room*
14-15 Veeey Street
St., MONTREAL
Toronto
London, Out.
SIS St. James
Hamilton
Established
1891
Co
CHRONICLE
THE
VI
.
[VOL. 118.
porting
Australia
Zealand
New
and
LONDON JOINT CITY AND
BANK OF
MIDLAND
WALES
NEW SOUTH
BANK
LIMITED
(ESTABLISHED 1817.)
CHAIRMAN:
Paid-Up Capital-
$24,826,000
— —
The
17,125,000
Reserve Fund
Reserve Liability
of Proprietors_. 24,826,000
Right
McKENNA
R.
Hon.
JOINT MANAGING DIRECTORS:
'
S.
$66,777,000
B.
MURRAY
E.
HYDE
F.
W.
WOOLLEY
Aggregate Assets 31st March. 1921 $378,462,443
_
Subscribed Capital
OSCAR
LINES,
General Manager.
,»
Paid-up Capital
358
BRANCHES and AGENCIES in the
Australian States,
New Zealand. Fiji, Papua
-
10,860,565
-
Reserve Fund
(New Guinea) and London.
The Bank transacts
description of Australian Banking Business.
10,860,565
-
Deposits (June 30th, 1921)'
every
£38,116,815
-
371,322,381
-
Wool and other Produce Credits arranged.
Head
Office
London
Office
GEORGE STREET
HEAD
OFFICE:
39, THREADNEEDLE
STREET, E. C. 2
SYDNEY
OVER
STREET,
THREADNEEDLE
5,
OFFICES
1J550
IN
ENGLAND
EX.2.
LONDON,
WALES
AND
OVERSEAS BRANCH: 65 & 66, OLD BROAD STREET, LONDON, EX.2.
Atlantic Offices:
"
Aquitania "
THE UNION BANK OF AUSTRALIA, Limited
Incorporated 1880.
J Established 1837.
Capital Authorized.
.
——-
Capital Issued..,..
—
—
Capital Paid Up....
" Berengaria "
" Mauretania **
AFFILIATED BANKSt
BELFAST BANKING CO. LTD.
.£9.000.000
..£7,5r>0.000
£2.500,000
OVER 110 OFFICES IN
THE CLYDESDALE BANK LTD.
IRELAND
OVER ISO OFFICES IN SCOTLAND
£2,750.000
Reserve Fund...
Reserve I.lability of
£5,000,000
Proprietors
The
Bank
has
VICTORIA," 38
Branches to
42
in
SOUTH WALES, 19 In QUEENSLAND. 14
SOUTH
AUSTRALIA. 20 in WESTERN AUS¬
NEW
in
3
TRALIA.
LAND.
TASMANIA
in
and
46
in
NEW
ZEA¬
Total, 182
Head
Office:
Cornhlll,
71.
Manager, W. J. Essatne.
London, E.G.
Asst. Mgr., W. A. Lalng.
Secretary. CJ. T. Tobltt.
THE
Commercial Banking
of
Company
Sydney
LIMITED
Established 1834.
Incorporated in New South Wales.
Paid-Up
Capital.
£2,000,000
Reserve
Fund....
Reserve
Liability of Proprietors.... 2.000,000
.......
2.040.000
....
£6.040,000
Drafts
Credit
payable
are
on
demand, and loiters of
by the London Branch on the
Branches and Agencies of the Bank
issued
Head Office.
In
Australia
negotiated
Head
and elsewhere
or
Bills
on
Australasia
Office, Sydney,
BANKING
New South Wales
Lombard
Lane.
CORPORATION
Reserve Fund in Silver (Hongkong
Street,
E.
60
Paid.up Capital (Hongkong Currency) __-H$15,000,000
London Office:
Btrchin
18,
Hong Kong & Shanghai International Banking Corporation
Remittances cabled.
collected
O.
Curr.)H$21,500,000
Reserve Fund in Gold Sterling
£2,500,000
WALL
STREET,
Undivided
CHINA.
FOREIGN
MONEY
JAPAN.
TLEMENTS,
J.
A.
STRAITS
PHILIPPINES,
SET¬
INDIA.
JEFFREY.
Agent,
36
St..
Wall
New
York
BOUGHT and SOLD
YORK
CITY.
$10,000,060
Profits
-
Branches
GRANT DRAFTS. ISSUE LETTERS OF CREDIT
NEGOTIATE OR COLLECT BILLS PAYABLE IN
NEW
Capital and Surplus
$4,000,000
in
London
Lyons
San
China
Java
Panama
tudia
Philippines
Santo
Straits
Spain
Japan
.
Francisco
Domingo
Settlements
HANDY and HARMAN
Est.
60
CEDAR
The Union Discount Co.
1867
STREET
of London, Limited
NEW YORK
•
Telephone 1337-8 John
Remitting Money
CORNHILL
39
Telegraphic Address. Udlsco: London.
Ionian
Capital
Incorporated by Royal Charter.
every
banking facility for transaction
Paid
80
Greece.
and
years,
it
where
has
has
been
Branches
established
throughout
in
6.000,000
....
$5=£1
NOTICE
the
RATES
Alexandria,
Cairo, &c.,
Head Office: Basildon House,
at
5.000.000
—
STERLING
fur
Country.
Also
Up-
Reserve Fund.
Offers
with
Abroad
Capital Authorized & Subscribed.$10,000,000
Limited
Bank,
Egypt.
Moorgate Street,
LONDON, E. C. 2.
IS
OF
deposit
on
At Call, 3J-S
At
3
to
The
7
HEREBY
INTEREST
are as
GIVEN
allowed
that
for
the
money
follows:
Per Cent.
Days
Company
Notice,
discounts
Z%
Per Cent.
approved
bank
and
mercantile
English Scottish and Australian Bank, Ltd.
Head
5
Gracechurch
Authorized Capital
Reserve Fund
Subscribed Capital
—
acceptances,
receives
money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
Office:
St., London, E. C.
£3,000,000
0
1,085,000
0
2,495,525
0
CHRISTOPHER R'.
Manager.
NUGENT.
0
0
0
Paid-up Capital..
1,247,762 10
0
Further Liability of Proprietors- 1,247,762 10
0
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded ror Collection,
inking and Exchange business of every de¬
scription transacted with Australia.
E. M. JANION, Manager.
The
National
Discount
Company, Limited
85 CORNHILL
LONDON, E. C.
Cable Address—Natdis London.
Subscribed Capital
Lincoln Menny Oppenheimer
BANKERS
4,233,326
Reserve Fund
2,600,000
NOTICE is hereby given that the RATES OF
INTEREST allowed for money on
aa
GERMANY
Cable Address "Openhym"
Deposit
FOREIGN EXCHANGE
BRAZIL
COLOMBIA
SPAIN
ECUADOR
ARGENTINA
GUATEMALA
CHILE
SAN
PERU
VENEZUELA
URUGUAY
NICARAGUA
SALVADOR
MEXICO
Italy,
in
Belgium,
Switzerland,
Holland,
Germany,
eto.
are
follows:
Telephone Whitehall 700
per annum at call.
3H% at 7 and 14 days' notice.
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
time to time; and for fixed periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
from
iNVFSTMENT SECURITIES
Affiliations
FRANCE
Correspondents
($5=£1 STERLING.)
3H%
FRANKFORT-o-M.,
$21,166,626
Paid Up Capital
Branches
ENGLAND
PHILIP
HAROLD
WADE,
Manarer
Anglo-South American
"Bank, limited
New York
Agency, 49 Broadway
Sep*. 17
VII
CHRONICLE
THE
1921.]
jfaretgn
youtgn
JPotelgn
NATIONAL BANK
BANCA COMMERCIALE ITALIAN A
400,000,000
176,000,000
LIT.4,973,847,867
LIT.
—LIT.
CAPITAL.
SURPLUS
DEPOSITS
of EGYPT
Milan, Italy
New York Agency, 62-64 William St., N. Y. C.
London Office, 1 Old Broad Street, E. C. 1
Constantinople
80 branches in Italy, at all the
Office,
Head
Ban que
principal points in the Kingdom
AFFILIATED INSTITUTIONS
COMMERCIALE
ITALIANA
(France)
—Paris, Marseilles and branches
BANCA COMMERCIALE ITALIANA E BULGARA
BANCA
Nationale de Credit
500,000,000
92,000,000
frs.2,420,000,000
Capital
frs.
Surplus
frs.
Deposits
—Sophia and branches
COMMERCIALE ITALIANA
and branches
BANCA
E ROMENA
Head
—Bucarest
UNGARO-ITALIANA—Budapest
FRANCAISE
&
ITALIENNE POUR
DU SUD—Paris,
Buenos Aires,
Sao Paulo, Rio de Janeiro and branches
BANCA DELLA SVIZZERA ITALIANA— Lugano
BANCA
June, 1898, with the exclusive right 6*
issue Notes payable at sight to bearer.
Reserve
Office
branches
SOCIETA
ITALIANA
DI CREDITO COMMER.
CIALE—Vienna, Trieste and branches
BANCO
FRANCES
DE CHILE—Santiago, Val¬
paraiso
FRANCES
E
BANCO
!
Brussels
WILLIAM ST.,
ENGLAND.
6 AND 7 KING
350 Branches In France
4
ROTTERDAMSCHE
the Rhenish Provinces
Branches in
BANKVEREENIGING
GENERAL
ITALIANO DE COLOMBIA
ANVERSOIS—Anrers,
AGENCY
LONDON
BUSINESS
BANKING
Amsterdam
Rotterdam
—Bogota
CREDIT
£2,000,000
Fund
LONDON, E. C., 4,
branches
ITALIANO—Lima and
£3,000,000
Capital, fully paid.
L'AMERIQUE
and
Law
Egyptian
under
Established
PARIS
BANQUE
BANCO
Office—Cairo
Head
The
and
Hague
oranches
BOEHMISCHE
UNION
CAPITAL AND
BANK—Prague
F.UO.OOO.OWj
SURPLUS
BANK
The NATIONAL
of SOUTH AFRICA,
SWITZERLAND
Government, State and Municipal
BONDS
for
Capital and Reserves
Paid Up
exceed
$21,000,000
and bankers Its superior
f acUitie f for the extension of trade and com¬
merce between this country and Africa.
PURCHASE AND SALE OF
STOCKS AND SHARES
Representative for the U. S.
Agency
-
-
44 Beaver St.
7
of thtf
Investment
Rotterdamsche Bankvereeniging
J. G. van BREDA KOLFF
Apply to
14
SWISS BANK CORPORATION
BASLE
COMMERCIAL BANK OF SCOTLAND,
Established
Subscribed
GENEVA
ZURICH
Brandies all over
Switzerland and in London
York City.
Wall Street, New
Oflfars'to American banks
New York
CREDIT
LETTERS OF
FOREIGN EXCHANGE
Branches in Africa
Over 800
a
Ltd.
COLLECTIONS
Paid
up
Reserve
Capital
Capital
Fund
.
.
.
.
.
.
.
.
£6,600,006
1,760,000
1,000,08
.....
Deposits (Nov. 1920)
LHL
1810
.
.
.
41,000,08
George Street, Edinburgh
Alex. Robb, Gen'l Manager
Magnus Irvine, Secretary
Head
Office,
14
Lombard Street
113 Buchanan Street
London Office, 62
Glasgow Office,
CREDIT BANK
PRAGUE
Head
Branches throughout
American Exchange
National Bank
Siege social:
Strasbourg
1870.
Capital.
BANQUE GUYERZELLEK
Massol
4, Rue Joseph
CzK 129,000,000
Capital and Reserves
throughout Scotland'
Fondee in 1881
Czechoslovakia.
Established in
and Sub Offices
New York Agents
DE BANQUE
Czechoslovakia.
Prague,
Office:
ALSACIENNE
SOCIETE GENERALE
233 Branches
100 millions de francs
entlerement
verses
SOCIETE ANONYME
ZURICH
86 Agences notamment a
The Mercantile Bank
af .India Ltr
Head Office
Gracechurch Street, London
15
MULHOUSE
METZ
COLOGNE
MAYENCE
LUDWIOSHAFEN
FRANCFORT
Shareholders
£750,••
Reserve Fund and Undivided Profits—
£785,79*
Branches In India, Burma, Ceylon, Straits Settb»
meats, Federated Malay States, China and Mauritius,
New York Agency. R. A. Edlundb. 64 Wall Strut*.
up
Capital Frs. 6,000,000
Every description of banking
transacted.
£756,4t
Capital Paid Up
Reserve Liability of
Paid
SARREBRUCK
and Subscribed—
Capital Authorised
Established 1894
business
LOCATE CAPABLE MEN
fill vacancies In your
to
ArnoldGilissen &Co.
80 81 Damrak
NATIONAL BANK OF INDIA Unite!
Bankers to the Government in
Africa and Uganda
C
in India. Burma.
Ceylon, Kenyi
agd at Aden and Zanzibar.
Colony
Subscribed Capital
Capital
Paid-Up
Fund
Reserve
The Bank conducts every
and
the
£4,000,000
£2.000.000
£2,500.000
FINANCIAL CHRONICLE
BANKERS AND
Our
STOCKBROKERS
Classified Department facee the
Inside back
FOREIGN EXCHANGE
cover.
business.
BANK OF JUGOSLAVIA, Ltd.
THE CITY OF NEW YORK.
New York Agency
LOTHAR BERKS,
Agent
Non-Participating Policies only.
Paid to Policy¬
BROTHERS & CI.
KORIG
160 Petri Street,
HEAD OFFICE, ZAGREB
.
Over
THE HAGUE
Established 1871
Insurance Co.
Organized 1850.
Achilles-Amsterdam
ROTTERDAM
description of banklat
exchange
The United States Life
IN
AMSTERDAM
Cable Address:
Blshopsgate, London, E-
Head Office: 26,
Branches
British East
organization through the
Classified Department of
LEO
SORGER,
Sub-Agent
Forty-Five Million Dollars
Commercial
NEW YORK
and
Letters of
N. CVETNIC,
Sub-Agent
Traveller*
Credit
on
)
holders.
Subscribed Capital. .J.K.200,000,000
JOHN
Good
P. MUNN, M.
high class personal
contracts with the
Address Home Office, 105-107 Fifth
territory
producers,
Company.
A venae.
D., PRESIDENT
open
under
New York Olty.
25
Broadway,
KONIG BROTHERS,
50,000,000
for
direct
Reserve
New York
NEDERLANDSCHE HANDEL-MAATSCHAPPY
.
Cable Address 'Mugobank'
LONDON
and
ROTTERDAM
.
VIII
THE
CHRONICLE
[VOL. 113.
ganfcet* anb probers <£>utstbe fieto ffctk
MILMAUNll
CHICAGO
CHICAGO
JAMES D.
EDGAR, RICHER &, CO.
Lacey Timber Co.
East Water and Mason Streets
MILWAUKEE, WIS.
TIMBER
based
WANTED
Goodrich Transit Co. 1st 8s,
1935
A. G. Becker & Co.
BONDS
always
upon
expert
verification
of underlying assets
Wisconsin Municipal Issues
882 SOUTH MICHIGAN
COMMERCIAL PAPER
AVE., CHICAGO
INVESTMENT SECURITIES
SCOTT
Financing of Milwaukee
187 South La
and Wisconsin Industries.
& STITT
Street
INVESTMENT BONDS
111
NEW YORK
Investment Securities
Salle
CHICAGO
ST. LOUIS
W.
Monroe
St-
SEATTLE
CHICAGO
SAN FRANCISCO
LOS ANGELES
Bought and Sold.
CHRISTIAN & PARSONS CO.
First Wisconsin Company
Investment
*
MILWAUKEE
Commercial
Greenebaum Sons
Securities
WISCONSIN
lnvftStmp.nl Company
Collateral
Paper
Loans
Investment Securities
KB $. La Sale St
Chicago, IE).
Safe Investments Since 1855
S. E. Cor. LaSalle and Madison Sts.
Safe First
Mortgage
Real Estate Serial Bonds
Suitable
Second Ward Securities Co.
Investments
for
Banks,
Insure
L.Kaufmann&Co StaleBank
FOREIGN
SECURITIES DEPARTMENT
Companies, Estates and Individuals
ance
Approved and Recommended by the
Second Ward Savings Bank Bldg.
OLDEST
BANK1NQ
HOUSE
IN
CHICAQO
MILWAUKEE
Foreign
Exchange
Securities
108 So. La Salle St.
t.
MUNICIPAL BONDS
CHICAGO
and
Foreign
Specialty.
a
First Mortgage
Corporation Bonds
Specialists in
Short Term
Wisconsin Municipals
Industrial Note
and
Issues
Hyney, Emerson & Go.
High Grade Investments
v
88 South
La Salle
St
CHICAGO
FINNEY, CAMMACK
A. O.
Slaughter & Co.
&
Members
New York Stock Exchange
INDIANAPOLIS
Chicago Stock Exchange
Chicago Board of Trade
Fletcher American Company
110
WEST
MONROE
STREET
Industrial and Railroad
CHICAGO. ILL.
Bonds and Notes
*
INDIANAPOLIS
108
Capita!
$1,500,000
-
Powell, Garard & Co.
Specializing In Indiana and Indianap•lli Corporation and Municipal bonds
RAY, Inc.
Specializing in
South La Salle
Street,
CHICAGO, ILLINOIS
INVESTMENT SECURITIES
39
South
La
Salle Street
Chicago
sad stocks.
IFIIINQrilLb, ILL.
Philadelphia
St.
Loult
Matheny, Dixon, Cole & Co.
SPRINGFIELD, ILLINOIS.
BONDS
BREED, ELLIOTT & HARRISON
Cincinnati
Detroit
Chicago
Milwaukee
Investment Securities
SHAPKEK i COMPANY
Formerly
SHAPKER, WALLER
Municipal Bonds
1U
SOUTH
Indiana Corporation Securities
NEWTON
All Lomoke Bldg.
LA
A
and
Bonds and Stocks
Farm
Bonds
Mortgages
OO.
STREET
CHICAGO
Investment Securities
La Sella
and Monro#
ESTABLISHED
Chicago
!<>!(>
~MUNIC£PAL RAIJLROAD
'CORPORATION
BONDS
COMMERCIAL PAPER/
MINNEAPOLIS
ST.RAUL
BEND, IND.
F. WM.
GOVERNMENT, MUNICIPAL
&
CORPORATION BONDS
KRAFT, Lawyer
Specialising in Examination
& Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing: Same.
Rooms 517-520. Ill W. Monroe S^U
Harris Trust Boiwhtg
Corporation
'
INDIANAPOLIS
Goss-Geyer-Ross Company
Union Truet Bldg.
Illinois
MINNEAPOLIS
SALLE
_
SOUTH
and
John Buraham & Co.
TODD
Local Securities and
Indiana Corporation
Dealers in
Municipal
INDIANAPOLIS
SOUTH BEND, IND.
CHICAGO, ILLINOIS
USE AND CONSULT
The Financial
Classified
(Opposite
Chronicle
Department
Inside
Back
Cover)
Sept.
17
IX
CHEONICLE
THE
1921.]
Hankers ant> JSrokets ©tttffoe
Jeto jtorit
MICHIGAN
MICHIGAN
CLEVELAND
Members
TheGundling-Jones Company
HUGHES, GORDON, BRASIE & CO.
STOCKS—BONDS—NOTES
High Grade Bonds
HANNA
CLEVELAND
BUILDING,
DIME BANK
Parcel Is & Co.
Charles A.
SECURITIES
INVESTMENT
DETROIT
BLDG.
of Detroit Stock Exchange
PENOBSCOT BUILDING. DETROIT, MIC
Members Detroit Stock Exchange
OTIS & COMPANY
Stocks
Richard Brand Company
Bonds
Acceptances
Members of New York, Boston, Cleveland,
and Detroit Stock Exchanges, the New
Cotton
CINCINNATI
Chicago
York
Exchange and the Chicago Board
of Trade.
;;;
1
Union
-*•
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
i
!
inquiries
your
Bldg., Detroit;
OHIO
Colorado Springs
Denver
-i
.
Bids*.
Trust
CINCINNATI.
Youngstown
Akron
Toledo
SolnmbUB
ayfcon
invite
We
1721-3 Dime Bank
Cincinnati
Detroit
Boston
...
,
INVESTMENT SECURITIES
CLEVELAND
New York
\
Specializing Detroit Securities )■
CHANNER A SAWYER
....
"
•
..
•
•
!1
WHITTLESEY, McLEAN & CO.!
Municipal Bonds Corporation Bonds
THE
Stocks
GO.
MLIPFEL - WASHBORN - BERKLEY
DEALERS
Members Detroit Stock Exchange
INVESTMENT SECURITIES
INVESTMENT SECURITIES
|
■
IN
2054
DETROIT
Penobscot Building
Ind Floor National City Bids.
IRWIN, BALLM ANN & CO.
CLEVELAND, O,
Bucyrus
Warren
Dayton
Listed
Unlisted
-
-
i
323-330 332 Walnut St.
CINCINNATI, OHIO
FOYER
CLEVELAND, O.
Cincinnati
Grand Rapids
Detroit
Chicago
FRIEDLANDER
EDGAR
DEALER
ALBERT
Bankers
Investment
Inactive
Stocks & Bonds
Loader News Bldg.
FENTtiN, DAVIS & BOYLE
IN
Securities
KEANE, HIGBIE & CO,
OH!)
CINCINNATI
BONDS
MUNICIPAL
NEW YORK
DETROIT
PITTSBURGH
HUNTER GLOVER & CO.
Investment Securities
&
GORDON
431
COMPANY
KAY & CO.
BUILDING, CLEVELAND
ERIE
Ashtabula
Springfield
Phlladelpkia
New York
Cincinnati
fembers Pittsburgh
Jnlon Bank
Building,
Phone
Successors to
Court
PITTSBURGH, PA*
DETROIT, MICH
Penobscot Bldg.
3264-5
LYON, SINGER & CO.
INVESTMENT BANKERS
'
Members Detroit
''V- ?
Stock Exchange
'.v
l*aaM.atanAfnm
Banas
,
«
GEORGE M. WEST & COMPANY
Established
en nm ta
.
''
,
1893
PITTSBURGH
Commonwealth Bldg.,
Bankers—Established 1870
■fl ■HkiaSnal
Inc.,
INVESTMENT BANKER
Stock Exchange
•
David Roblaon Jr. A Sons
BROADWA Y
INVESTMENT BANKERS
TOLEDO
TUCKER.ROBISON&CO
120
GRISWOLD ST.
Securities of Pittsburgh District
INVESTMENT BANKERS
Mofstcipat, Kanroao too uorporatioo dons
Toledo
Gardner
and
Ohio Securities
Pennsylvania
Municipal Bonds
A.
E.
TOLEDO
Stock Exchange
1891
New York Stock Exchange
Boston Stock Exchange
W. A.
HAMLIN A. CO.
Pittsburgh Stock Exchange
Members
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
MUNICIPAL BONDS
GARDNER BUILDING
DETROIT,
BLDG.
MASTEN & CO.
Established
Graves, Blanchet & Thornburgfc
UNION TRUST
Members Detroit
TOLEDO. OH1
Building.
S23 Fourth Ave.,
Pittsburgh, Pa
Branch Office—
Wheeling, W. Va.
OHIO
Members
Detroit Stock Exchange
Public Utilities & OI8a
Motor Stocks,
1010 Penobscot
DETROIT, MICKi
Bldg.,
BUFFALO
A Co., I no.
Joel Stockard
JOHN T.STEELE
ALWAYS
BUFFALO, N. Y.
Government,
and
Municipal, Government
Corporation Bonds
Municipal
Corporation Bonds
SPECIALISTS
IN
refer to the Financial Chron¬
Members Detroit Stock
Penobscot Bldg.,
Biffato and Wistem New York Sesrltlis
icle
Trading
when you
bonds
IRVING
T.
LESSER
STOCKS AND BONDS
BANKERS
INVESTMENT
or
-
Square
BUFFALO, N. Y.
Exchange
DETROIT
*
Cherry
Department
wish to buy
unlisted
or
or
sell
inactive
Harris Small
stocks.
.
190
& Lawson
..v.
,
CONGRESS ST., W
DETROIT
79 Ellicott
&
THE
^Banker#
PACIFIC
ani
CHRONICLE
JBroket
COAST
[VOL. 113.
eifJleto
fstu©*
gorfe
PACIFIC
COAST
MACON
Howard Throckmorton
Pacific Coast Securities
W. M. DAVIS & COMPANY
CALIFORNIA SECURITIES
BONDS
Southern Municipal Bonda
'
AND
of
(Government
Municipal
Corporation
MUNICIPALITIES AND
Guaranteed Stocks
*
CORPORATIONS
MACON
GEORGIA
baring substantial assets
and
San Francisco
Alaska
Commercial
earning
power.
Buildin
ATLANTA
WILLIAM R. STAATS CO.
| LOS ANGELES
Quotations
and
Information
Furnished
on
SAN FRANCISCO
THE ROBINSON-HUMPHREY GO.
PASADENA
Established
1894.
Pacific Coast Securities
Established
MUNICIPAL AND? CORPORATION
1858
BONDS
SUTRO & CO.
Hunter,Duuin SCo.
INVESTMENT BROKERS
,
San Francisco1
ATLANTA
GEORGIA
Members
410 Montgomery St.
San Francisco Stock
Bond Exchange
Private Wire
AUGUSTA
and
GOVERNMENT
MUNICIPAL AND
DENVER
DAMHC
CORPORATION
JOHN W. DICKEY
U\JL\Ud
Augusta, Ga«
Municipal and
California
Corporation Bonds
WILL
H. WADE
COMPANY
INVESTMENT BANKERS
Issues
a
Bstabllshed 1888.
Los Angeles
San
Francisco
Pasadena
San
Diego
Second Floor U. 8. National Bank
Bidg.
Southern Securities
Specialty
Oakland
WM. E. BUSH & CO.
DENVER
Augusta, Ga.
PORTLAND. ORE.
ivwvvy*'^
A^WVVVV'yV^WVVVVVVVV'/WV.*' /yViAA
SOUTHERN SECURITIES
COTTON MILL STOCKS
We
specialize in California
Municipal & Corporation
-
BONDS
HALL A COMPANY
INVESTMENT BONDS
Van
"
Nuys Building
LOS
Mortgages
American Natl Bank
Bidg.,
Winston-Salem, N. C.
Sen Francisco
W. F. SHAFFNER ft CO.
CHAPMAN DE WOLFE CO.
Texas and Oklahoma
1
01 Praetorian
Bldg.,1
Winston-Salem, N. C.
Southern Investment
151-888
Montgomery Street,
FRANCISCO, CALIF.
SAN
DALLAS, TEXAS
Securities
Stocks and Bonds
Information
Texas
Municipal Bonds
and
and
Quotations
on
all
Coast Securities
Members San Francisco Stock ft Bond
Pacific
NASHVILLE
Ae M. LAW & CO., Inc.
-•
solicit
Inquiries from dealers,
banks
and
investors
American
GEO. L. SIMPSON & CO.
DEALERS IN
National
Securities Company
DALLAS
NASHVILLE,
SAN
SPARTANBURG, S. C.
Exchange
Warrants
Distributors of Entire Issues
yielding from 6% to 8%
We
•
LOS ANGELES
Municipal Bonds
Farm and City
•
North Carolina
Municipal Notes and Bonde.
R. J. Reynolds Tobacco
Company Securities
CALIFORNIA MUNICIPALS
Title Insurance
Building,
BREG, GARRETT ft CO.
■
BOND DEPARTMENT
R. H. MOULTON & COMPANY
TEXAS
■
Wachovia Bank & Trust Company
ANGELES
PORTLAND. ORI«»>
DALLAS.
CAROLINA
■
V
Loeal and Paolflo Coast Ssourltlss
LEWIS BUILDING
NORTH
DRAKE, RILEY ft THOMAS
Stocks
Bonds
Specialty
a
TENN.
SPARTANBURG, S. C.
Railroad and Corporation
Securities
Tennessee Municipal Bonds
ANTONIO, TEXAS
and
Southern Textiles
NORFOLK, VA.
J. E.JARRATT& COMPANY
Caldwell & Company
MOTTU & CO.
SOUTHERN MUNICIPALS
Investment Bankers
Established 1892
Cumberland
Tel. ft Telep. Co. 5a
Nashville Chattanooga ft St.
Louis Ry.
Nashville & Decatur
Ry.
Nashvtlle Railway &
Light Co. Securities
Municipal Bonds
San Antonio, Texas
NASHVILLE, TENN.
ST.'tLOUIS^MO
Security Bidg.
814 Union Street
817
1
Investment Bankers
* *
i-
£
'i
*
»«?>■<
NORFOLK. VA.
Correspondents: E. & C. Randolph, New Yerk
ALABAMA
CHATTANOOGA
MARX &
COMPANY
BANKERS
LEWIS BURKE ft CO.
i
MUNICIPAL
.
■
-
.
-
i
.
..
,
.
'
■
..
•
R. Lancaster Willians & Co., las.
INVESTMENT SECURITIES
SECURITIES
AND
CORPORATION BONDS
■
LOCAL AND SOUTHERN
BIRMINGHAM, ALABAMA
SOUTHERN
BALTIMORE
Equitable Building
June.
Building
CHATANOOGA
BALTIMORE
MARYLAND
SEPT.
17
THE
1921.]
xx
CHRONICLE
jBanfctrs ant) $tofcm &at*0>e fLm Pork
Philadelphia
NEW ISSUE
Standard Gas &
Electric Company
THAYER, BAKER & CO.
Secured
20-Year
73^% Bonds
Yield
Limited
8.10%
the
to
BANKERS
present issue
INVESTMENTS
from
of these
Bonds.
collateral alone
exceeds Five Times interest requirements
pledged
Commercial Trust
these
$500
and
or
part payments.
Ask
cash
$1,000 Bonds for
$100,
-For
Established 1837
Members New York and
BORDEN & KNOBLAUCH
Philadelphia
Stock Exchanges
full particulars
American Gas &Elec. Co. Securities
for Circular CC-18
S.
IIS
H. M.
Philadelphia.
PHILADELPHIA
$160,000 annually thereafter.
on
Chestnut St.,
BIdg.
Sinking Fund retires $300,000
Bonds
annually until
1924;
Monthly
of
521
of $3,500,000
I
Income
Byllesby & Co.
FOURTH
STREET
PHILADELPHIA
Incorporated
New York
111
Chicago
208 S. LaSalle St.
Broadway
Borton
Providence
10
14 State Street
Weybotaet St.
Members
Exehanfi
Philadelphia Stock
Pennsylvania Tax Free Bonds
Boles&Westwoc®
PAUL & CO.
Members Philadelphia Stock Exchange
Members Philadelphia Stock Exchange
B„ EDWARDS
GEO.
Chestnut Street
1421
Investment
PHILADELPHIA
INVESTMENTS
NEW YORK, N. T.
71 Trinity Place,
Securities
ST. LOUIS
FOR SALE—Timber, Coal, Iron,
other properties.
Confidential
Investigation*
Negotiation#
Smith
Charles
William H.
Land Title
Bi«dlii(,
•
PHILADELPHIA
-
Telephone Locust 4721
SMITH, MOORE & CO.
iEW ORLEANS
INVESTMENT
OLIVE ST..
Southern
W. Moore
Burg
Canada
West indie"
States
Herndon
urcbase* of Property,
Sttdementi and
United
Ranch and
BONDS
MISSOUR
ST. LOUIS,
Municipals
LOUIS SERVICE
ST.
MARK C. STEINBERG & CO.
Short Term Notes
Members New York Stock Exchange
Stocks
Grain
Bonds
Cotton
Members St. Louis Stock Exchange
Preferred Stocks
300
N.
Commercial Paper
Bankers
ST.
Broadway
LOUIS
securities
chosen
Carefully
for
investment
every
need
PROVIDENCE
J. F. McGOVERN & CO.
Members Philadelphia Stock
Acceptances
BODELL & CO.
10
NfeW YORK
PHILADELPHIA
WEYBOSSET STREET
Exchange
82 Broadway
1430 So. Penn Square
PROVIDENCE
Hibernia
New
Boston
York
T
Securities Company
Frederick Peirce
(Incorporated)
BIT
New Orleans
a business
Direct Private
New York Office
Wire
44 Pine Street
Service
& Co.
1421 Chestnut Street.
INVEST.
MENT
Philadelphia
executive
READING
S. A. TRUFANT
INVESTMENT
718
Member
SECURITIES
Common
capable head for
one
of your Departments
can
be obtained
the
Street
of New Orleans Stock Exchange
NEW ORLEANS,
and
Financial
Classified
(opposite
Oil
Louisiana,
Timber
-
Lands,
Leases In
Arkansas and
Plantations
Real
J.
and
Properties
through
Chronicle
XparrVardt
& [a
Li
Li
hws/meritSeairi/ies
Second Nat.Bank Bldg.
Reading, Pa.
Department
LA.
STOCKS
SECURITIES
BONDS
any
Texas
and
inside
back
cover).
Use and Consult It*
NEWARK.
H. )■
CONSERVATIVE
INVESTMENT SECURITIES
List
upon
request
Country
Estate
EDW. CRUSEL &, CO.
734 Common Street
Phones—Main 4078
New Orleans, La.
Long Distance 63
P. M. CHADBOURNE & CO.
FIREMEN'S INSURANCE
NEWARK,
N. J.
BUILDING
xn
THE
CHRONICLE
[Toi. 113.
T MDINCT DBMotment"^P
&
gaaaamra
maammattmmmt
aa
"""
am
■*=*■
gBBBsal
,
*
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•
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Brooklyn Union Gas 5%, 1945 Safety Car Heating & Ltg.
Trac., L. & P. 6%, 1922 Alliance Realty
Portl. Gas & Coke 1st
5%,1940 Central Aguirre Sugar
Bklyn City & Newt'n 5%, 1939 Hercules Powder Preferred
West. N. Y. Utilities 5%» 1946 National
Sugar Refining
Portland RR. 5%, 1945
Brooklyn City Railroad
Chicago Gas L. & C. 5%, 1937 Royal Baking Powder
Braz.
Guaranteed
Stocks
,
Tunnel
RR. of St. Louis
St. Louis Bridge 1st
pfd.
Theodore L. Bronson & Co.
Members New
120
York Stock
Valley Railroad of New York
Exchange
Broadway, N. Y.
Tel.
Rector
7580
Telephone—Broad 3500
Spencer Trask
cincinnati
We Will Buy or Sell
railroad
25 Broad
securities
securities
albany
co.
..;
Westheimer & Company
Illinois Cent. Stock Coll. 4s
'
New
York
Stock
Stock
Chicago
Board
Baltimore
Hartshorne & Battelle
York
\
•
,
Stock
"
'
.
Trade
IBerbell
;
•
Exchange
Exchange
BALTIMORE, Md.
Tat. Broad 7746
'
-
Stock
Exchange
Exchange
of
IrotljerH
new york
';
chicago
••••••.
New
CINCINNATI, OHIO
Members Nets York Stock Exchange.
II Braad St.
boston
•
.
Members Chicago Stock Exchange
Members of the
Cincinnati
\ •"
Members
Co.
&
Street, New York
jltthlit Itilitg &entrttirs
111
Braa&mag,
$ork
C. M. & Puget Sound
4s, 1949
Grand Trunk Pacific 3s & 4s
v ■
:
■■
.
•
;
,
"
;
1
•;
■..
;•
i
Prov. of Alberta
Investment
Securities
Erie Gen. 4s,
SVks* Dec. 15, '29
Adirondack
1996
Market St. Ry. 5s, 1924
1—6%,
Treasury 6s, 1929
6%,
Dallas
6%,
Members N.
Y.
Stock
6 Nassau St.
Exchange
New York
Members N. Y. and Phila. Stock
120
Broadway
Great
Co.
Edison
&
Co.
Light
Co.
due 1949
Edison
due
Western
1—6%,
Exchanges
Co.
due 1943
1—6%,
MILLER & COMPANY
Light
due 1951
Power
Detroit
Davies,Thomas &Co.
&
due 1950
Power
Commonwealth
Canada & Atlantic 4s, 1955
Cuban
Power
1—6%,
Alabama
Co.
1940
Power
Co.
due 1949
Niagara Falls Power Co.
Phone 7600 Rector, n. y.
1—6%, due 1950
Northern States Power Co.
Talophona Roctor 1110
6%,
due
1941
Shawinigan Water & Power
1—6%,
Southern
Co.
due 1950
California
Edison
Co.
Gen.—6%, due 1944
Penn Power Co.
West
TO
American Can Deb. 5s, 1928
the
LOCATE
firm
that
American Tobacco 6s, 1944
disposal
Lebigb Power Securities 6s, 1927
quire, insert
Seaboard Air Line 7s, 1923
what
an
hat
for
you
re¬
ad In the
of The Financial Chron¬
icle
8 Rector St., N. Y.
(faces
the
Inside
back cover.)
Tel. Rector 9261
Central Aguirre Sugar
Eastman Kodak Com. & Pfd.
SUTRO BROS. & CO.
Specialist in all
Mengel Co. Common
Canadian Securities
National Casket
R. J. Reynolds Tobacco
S. H. Kress Pfd.
Singer Manufacturing
Thompson-Starrett Com.&Pf.
Guaranty Trust
Ward
Baking, Com. & Pfd.
McCrory Stores Co. Com.&Pfd West Va.
Pulp & Paper
General Baking, Com. & Pfd.
Bought— Sold—Quoted
New York
(39911
Telephone 3992 Rectos
3993
.3994
ALFRED F. 1 NGOLD&CO.
74
'Phono Hanover
Broadway, N. Y.
GLOVER & MACGREGOR
345
Fourth
Ave.,
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
Gulf Oil Corporation 7s, 1933
Stone, Prosser & Doty
William St.,
BROADWAY, NEW YORK
Telephone: Rector 7350
Members of New York Stock
exchange
Equitable Trust
62
Philadelphia and Peetei
California Gas & El. 5s, '33 & '37
Pacific Light & Power 5s, 1951
Spring Valley Water 4s, 1923
120
Aluminum Co. of Amer.
Carbon Steel Com. & Pfd.
1924
phoa. Rwtir HN4,
Mll-V, HIM
Private Phones to
—
-
due
Classified Department
Trinity Bldg. Corp. 5V2S, 1939
JOSEPH EGBERT
6%,
7733
West Penn Power 7s, 1946
Armstrong Cork 7s, 1931
Sept. 17
THE
1921.]
xm
CHRONICLE
aasassgEBSsnani
DEPARTMENT
Amer. Steel Foundries 4s, 1923
Wanted
RICE, JR. & CO.
J. K.
.
For Sale
Arizona Power Co. 6s, 1933
Central Pr. & Light 6s, 1946
Clearfield Bitumin. Coal 41/^s,,32
Columbia Graphophone 8s, 1925
Continental Motors Serial 7s
25
Aluminum
300
10
American
25
100
25 American
100
E. W. Bliss
Island Refining 7s,
92
34
100
Insurance
of
America
Continental Insurance
Del. Lack. & West. Coal
E.
W.
Bliss
common
25
Fulton
50
General
20
Great American Insurance
25
Baking
Ingersoll-Rand,
25
Great Atlantic
20
Jos.
20
Guaranty Trust stock
20
25
Home
Johns-Mansville, Inc.,
Kolb Bakery, pref.
100
&
Pac.
T.
pref.
100
Insurance
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
Utah Gas & Coke 5s, 1936
500
New
5M
N. Y. State Rys. 4V£s
50
50
Niles-Bement-TPond
50
50
Wabash Valley
500
Phelps, Dodge Corp.
Pierce, Butler & Pierce, pref.
Pyrene Manufacturing
Royal Baking Powder com. &
Singer Manufacturing
Singer Manufacturing, Ltd.
500
Thurber Earthen
Elec. 5s, 1936
Co.
Eagle Inv. 6%
American-Hawaiian SS.
American Thermos Bottle
Bristol Brass
Baking com. & pref.
Goodyear Tire & Rubber pr. pref.
General
100
Hale & Kilburn 6s, 1939
25
100
common
Farmers Loan & Trust stock
25
25 Franklin
Consolidated Copper 7s, 1928
Fonda Johns. & Glov. 4V£s, 1952
Brass
American-Hawaiian SS.
Bush Terminal common
25 Columbia Trust stock
100 Del. Lack. & West. Coal
40
50
Ingersoll-Rand pref.
100 Kolb Bakery pref.
100 McCall Corp. common and pref.
50 Massachusetts Baking, all issues
50 Merck & Co. pref.
100 Nat. Ice & Coal (all classes)
25
100
25
25
Mexico
&
100
50
25
15
100
Prod.
common
Elec.
Sup.
pref.
Co.
common
Metal & Thermit common
National Liberty Insurance
New Mexico & Arizona Land
N. Y. Mutual Gas Light
Niagara Insurance
Niles-Bement-Pond
common
Pyrene Manufacturing
Royal Baking Powder pref.
Royal Canadian Oil Syndicate
Savage Arms 2nd pref.
Bread
Shults
Singer Manufacturing
Singer Manufacturing,
Thurber Earthen Prod.
500
100
Ward
500
Ltd.
Mortgage & Trust stock
100 Vulcan Detinning common
100 Ward Baking pref.'
100 Winchester Co. 1st pref.
25
100 West
Yukon
&
25
Todd
50
com.
50
50
Shipyards
Baking com. & pref.
Virginia Pulp & Paper
100 Winchester Co. 1st pref.
100 Wire Wheel pref.
& pref.
com.
com.
Crucible
Corp.
Manhattan
55
pref.
McCall
Merck
15
stock
Lehigh Valley Coal Sales
50
500
common
Dixon
40
100
Land
Arizona
Trust
Alaska Trust
U.
S.
Morion Iachenbruch&Cq
42 BroadI Street. NewYork
J.
Private IVires to, CHICAGO -PHILADELPHIA -ST. WILLS
ftnreraiPCT-nFTgniT- CLEVELAKD-ggANP RAPIDS
Wall St.,
RICE, JR & GO.
Phones John
N. Y.
4000 to 4010 and 5915
to
5919
Company 6s, 1921-39
Brown
Oxford Paper 6s, All
Lockwood Common
Buffalo Rochester & Pitts.
Ch. St. L. & New Orl.
Lunn &
Sweet Preferred
Manufacturing Preferred
SMALL
BEYER
MIDDLE
COLUMBIA
Georgia RR.
& Banking 6s, 1971
Jamestown Frank. & Clear. 4s,
1959
City Ft. Scott & Mem. 6s, 1928
L. & N. So. Ry. Monon. Jt. 4s, 1952
1
M. St. P. & Sault Ste Marie 2d 4s, '49
Nash. Chatt. & St. L. cons. 5s, 1928
New Orleans Texas & Mexico 6s, 1925
Kan.
8s, 1925
York
WANTED
Bought, Sold & Quoted
Appalachian Power 5s, 1941
Pacific of Mo. 1st,
Consumers El. Lt. & Pr. 5s, 1936
Portland Ry. 5s, 1930
Portland Ry. Lt. & Pr. 5s, 1942
Wash. Idaho W. Lt. & Pr. 6s, '41
cons.
Houston & Texas Central 5s, 1937
GRAPHOPHONE
&.
PORTLAND, ME.
ST.,
Wire to Potter Bros., New
Private
4^8, 1957
3^s, 1951
Grand River Valley 4s, 1959
Issues
Eastern
208
36
K.
St.
C. C. Kerr & Co.
t Rector
1989
S. P. LARKIN & CO.
Phone 6780 Rector
St., N. Y.
2d & 3d Ext. 4s, '38
Louis Southwestern 1st 4s,
RAILROAD BONDS
New York City
Telephone: Broad 8484
10 Broad St.
Inquiries Invited on All
Public Utility
Bonds
Louis Levenson
Public
.Utility—Industrial Bonds
Short
Tsrtn Securities.
Railroad
27 William St., N.Y.
Tel. Broad 4931
Crowell & Thurlow Steamship
5s, 1947
Ga. Southern & Florida 5s, 1945
Cent. RR. & Bank, of Ga. 5s, '37
Ch. Ind. & Louisv. 5s & 6s, 1947
Houston Belt & Terminal 5s, '37
Montauk Extension 5s, 1945
M.
Draper Corporation
Emerson Shoe Co. 1st
Fisk Rubber Co. 1st
Gillette Safety
preferred
preferred
Razor Co.
Knight Mfg. preferred
Graton &
Dept.
Terminal 4s, 1953
Chicago & Erie 1st 5s, 1982
Cinn. Wabash & Mich. 4s, 1991
M. & O. St. Louis Div. 5s, 1927
pfd.
California Elec. Generating
Bond
New Orleans
& O. Montgomery
England Oil
7s,
any
Royster Guano 8s,
BOSTON, MASS.
General Phono. 7s,
New York and Philadelphia
Telephone
Ref.
& Pr. 5s, 1940
& Pr. 5s, 1936
Pugent Sound Pr.
& Lt. 73^8, '41
1946
1951
Connecticut Lt. & Pr. 7s, 1951
Nebraska Power 6s, 1949
Alabama Power 5s,
Alabama Power 6s,
Adams Express
1930
|
1921-23
4s, 1947
Municipal Bond Dept.
Joint Stk.
their
men
in
fields
use
and
/
efficient
respective
the
consult
Chronicle
Financial
fied
KNOW
most
Classi¬
Co. common
Astoria Mahogany Co. 8% Pfd.
General Baking Co., Com. & Pfd.
Indiana & Illinois Coal, Com.
Mass. Baking Co., all issues
mind for
use
Department
when the
sion arises.
4^8 & 5s gd
Bonds, all issues
York State Bonds, all issues
in
occa¬
Bank Stock
Dept*
Guaranty Trust
Gotham
National Bank
Bank of Commerce
National Park Bank
National City Bank
CARRUTHERS, PELL & CO.
15 Broad Street,
this
Dept.
American Milling
Department.
Keep
Land Bk. 5s, all issues
Federal Farm Loan
New
the
1947
& B. C. 4%st'44
New York City
Industrial Stock
That
4^>s, 1953
any
"Fort Hill 7140."
DO YOU
Dept.
Edmonton Dunv.
Mobile Cotton Mills 7s,
WALTER S. PLACE
Private
Consumers El. Lt.
Columbus Ry. Lt.
Ontario Hydro 4s,
Island
St.,
1922 1
Lethbridge & Alta. 6s, 1951
Industrial Bond Dept.
Sharp Manufacturing common
35 Congress
Central States Elec. 5s,
Toronto Harbor
& pfd.
com.
1922
Utah Securities 6s, 1922
Canadian Bond
Liggett's International pfd.
New
Public Utility Dept.
Metropolitan Edison 5s,
New York
Philadelphia Phone, Locust 572
Phones 5161 to
5169 Hanover
Bait. Phone,
St. Paul 9389
XIV
THE
CHRONICLE
[VOL. 113.
TRADING
F.
J. LISMAN & CO.
Ohio Valley Water Co. 5s
Members New York Stock Exchange
61
Philadelphia & Eastern Certifs.
BROADWAY, NEW YORK
Central Vermont 4s & 5s
Peoria Water-Works 4s & 5s
Boonville St. Louis & So. 1st
5s, 1951
Chicago Terre Haute & So. East. 5s, 1960
Joplin Water Co. 5s
Cuba RR. Equip. & Improvement
5s, 1960
Kanawha & West Virginia 1st 5s, 1955
WE DEAL IN
N. Y. Interurban Water Co. 5s
Racine Water Co. 5s
Wichita Water Co. 5s
Leav. City & Ft. L. W. 4s, 5s & 6s
Delaware Water Co. 5s
Kansas City Memphis & Birm. 5s, 1934
Louisiana & Arkansas 1st 5s,
*
Birmingham Water Co. 5s, 1939
Clinton, Iowa, Water Co. 5s
Butte Anaconda & Pacific 1st
5s, 1944
1927
Louisville & Jeff. Bridge 1st 4s, 1945
Queens County Water Co. 5s
St. Joseph Water Co. 5s, 1941
Manitoba & So. West. Coloniz. 1st 5s, 1934
Toledo St. Louis & Western (All
Issues)
Wabash Railroad Divisional 4s & 5s
H. C. SPILLER & CO.
Wheeling & Lake Erie (All Issues)
INCORPORATED
17
Wisconsin Central Ref. 4s, 1959
Water St.,
63
Boston 9, Mass.
Wall
New York
AND ALL RAILROAD AND STEAMSHIP
SECURITIES
M. K. & T. 1st 4s, 1990
B. & O.—S. W.
Railroad
Reading-Jersey Cent. Col. 4s, '51
Grand Trunk 6s, 1936 when iss.
City
m
Underlying
3%s, 1925
St.,
Amer. Tobacco Scrip
Geo.W. HelmeCom.&Pf.
Bonds
VILAS & HICKEY
Mengel Co.
Members N. Y> Slock
Exchange
MacAndrews & Forbes
« Well
St., N. Y.
Hanover 8317
Specialists in All Tobacco Securities
WOOD, STRUTHERS & CO
Bush Terminal 4s, 1952
Consolidation Coal 5s, 1950
8 Nassau
Empire Gas & Fuel 6s, 1926
Manila Elec. Ry. & Lt. 5s, 1953
New York Telephone
4Vfes, 1939
Northwestern Elevated 5s, 1941
Pennsylvania 4s, 1952
C. Chi.
& St. L. 31/2s & 4s
(all series)
Tenn. Coal, Iron & RR.
5s, 1951
Central Ark. & Eastern
5s, 1940
Chic. Ind. & St. L.
4s, 5s & 6s
Chic. Lake Shore & East.
4j^s, '69
Elgin Joliet & Eastern 5s, 1941
Grend Trunk Western
4s,
McKinley & Morris
Members New York Stock Exchange
SIXTY BROADWAY
NEW YORK
Tel. Bowling Groon 1150 to 1157
1950
G. T. P. Prairie Mtn. Sec.
4s, 1955
So.
Caro. &
West.
N.
Y.
railroad
securities
Georgia 5^8, 1929
Shawinigan Wat. &
&
Pa.
Florida
Pr. 5s & 5^s
Southern
1st
4s,
1945
Evansville, Ind., & Terre H. 1st 7s, 1950
Central 1st 6s, 1937
Tol. & Ohio Central—West. Div. 1st
5s, '35
Montana
5s, 1937
Western N. Y. & Penna. 5s, 1937
N. Y. Sus. & Western Ref. 5s, 1937
Wilkes-Barre & Eastern 1st 5s, 1942
Wisconsin Cent. Ref'g 4s, 1959
ABRAHAM & CO.
IT William
St., N. Y.
R. J,
120 BfoarfMay UZ Phone- Hector 4594
NEW YORK
Cudahy Packing 5s, 1931
P.
Bristol £ Bauer
Street
Raymond m. Smith & Co.
T.I. Broad *TW
Incorporated
Reynolds
Investment Securities
43
Tobacco
CEDAR STREET
NEW YORK
Telephone 3723 John
B
HAVE
Stock
YOU
I
BANK FIXTURES
Bought & Sold
FOR SALE ?
MacQuoid & Coady
Members New
14 Wall
York Stock
St., N. Y.
Then consult the Financial
Chronicle
Exchange
ment
Classified
(opposite
Depart¬
inside
back
cover).
Tel. Beotor 9970
WANTED
Arizona Pow. 7s, 1924, & 6s, 1923
Catawba Power 6s, 1933
Colum. Nor. Ry., Pr. & Eq. 5s,'34
East. Michigan Edison 5s, 1931
Hooker Electro Chem. 7s, 1922
Northw. Elev. RR. 1st 5s, 1941
Penn Mary Coal 5s, Oct. 1934
Topeka Ry. & Light 5s, 1933
HANSON & HANSON
Investment
GARDNER
23 BROAD
STREET, N. Y.
Peoria & Northwest.
3y2s 1926
Chic. & West. Ind. 6s...1932
Cent, of Ga. Mob. Div. 5s_1946
Ore. Short L. Inc.
5s, "A".1946
&
72
CO.
Tel.
Rector 7430
Dallas & Waco 5s
1940
St. L. S. W. 1st & 2d 4s__1989
Chic. & East. 111. 6s
1934
_
_
.
_
.
Wheeling &L. E. 1st 5s.__1961
St. Louis South. 1st
4s—1931, Chic. & Northw. Ext. 4s_1926
Trinity Place,N.Y.
Tel.Whitehall 1056
USE AND CONSULT
the Classified Department of
the
Financial Chronicle
Our Classified
inside back
TTT
Securities
Department face# the
cever.
Sept.
17
Arkansaw
1921.]
Water
THE
Co.
(Pa.) Water Co. 5s
City of New Castle (Pa.) Water Co. 5a
Chattanooga Water Co. 6s
Clinton
xv
CINCINNATI NORTHERN RAILROAD CO.
6s
Birmingham (Ala.) Water Co. 5s
Butler
CHRONICLE
1st
CLEVELAND, AKRON & COLUMBUS RY. GENERAL 5s,
DALLAS & WACO RAILWAY COMPANY 1st 5s, 1940
EVANSVILLE, INDIANAPOLIS & TERRE HAUTE 1st 7s, 1950
GRAND TRUNK WESTERN RAILWAY CO.
(la.) Water Co. 5s
4s, 1951
1st 4s,
COMPANY
1950
E. St. L. & Interurban Water Co. 5s
KANSAS CITY SOUTHERN RAILWAY
Joplin (Mo.) Water Co. 5s
NEW YORK & NORTHERN RAILWAY COMPANY 1st 5s, 1927
Wichita (Kan.) Water Co. 5s
Muncie
ULSTER & DELAWARE RR. CONSOL. 5s, 1928;
REF. 4s,11952
(Ind.) Water Co. 5s
St. Joseph (Mo.) Water Co. 5s
Warren
Racine
1st 3s, 1950
1
(Pa.) Water Co. 5s
Wm.
(Wis.) Water Co. 5s
Indianapolis Water Co. 4%* and 5s
Tel. Rector 3273-4-5-6
...
■
'
1
Carnegie Ewen
.
...
2 Wall Street, New York
.
Huntington (W. Va.) Water Co. 5s
HOTCHKIN
& CO.
53 State Si-
fefophone
Main 460
Boston 9,
Mass.
WE BUY AND SELL
BULL & ELDREDGE
Member a of the New
20 Broad
BONDS
Bonds'
Specialists In
Bell Tel. of Canada 5s & 7s, 1925
& Tel.
5s, 1937
State Tel.
Ohio
State
Tel.
5s,
Bonds
66
tC. L, FLEMING- Un
CONSTABLE
Broadway >J Y -
,tel»
executed
and other Bonds
^
Rector 7279J
on
1951
commission.
Sherman Shreve. & So. 1st. 5s,
Mo.
the
That
men
1925-1931
Vacuum Oil Co 7s, 1936
fields
most
their
in
use
Kan.
H.
PFORZHEIMER
Standard
Dealers in
Phones 4860-1-2-3-4 Broad
Oil
& CO.
Securities
25 Broad St., N.Y.
1943
Ctfs.
efficient
and consult the
Wm. C. ORTON & CO.
,
,
CARL
Rec.
respective
Financial Chronicle Clas¬
sified
& Texas
Chicago & East. 111. Gen. 5s, 1937
Chicago & East. 111. Cons. 6s, 1934
Chicago & East. 111. Ref. 4s, 1955
Evansville & Terre H. 1st 5s, 1941-2
DO YOU KNOW
Gulf Oil Corp. 7s, 1933
Humble Oil & Ref. 7s, 1923
1929
Texas & Oklahoma 1st 5s, 1943
Companies
S. O. of New York 7s,
Boonville RR. Bridge Co. 1st 4s,
Texas Central 1st 5s, 1923
South West Coal Imp. 6s,
Preferred Stocks of
Oil
1940
Railroad
in
Department?
Specialists Reorganisation Securities
Tel. Hanover 9690-9897
•4 Wall Street, N. Y.
Keep this Department in
mind for
use
when the
arises.
casion
oc¬
>
Rochester
& Inc.
P. L. 6s
Power Securities Corp. Collat. 6s
National
Securities Corp.
St.
Joseph Water 5s
Pittsburgh Water 6s
East St. Louis & Inter. Water 6s
American Water Works & Electric 6s
South
West
Penn
Traction
Securities
Beech Nut Pack. Co. 7s, 1922-25
*
Rochester Gas & Elec. 7s, 1946
Winchester Repeat.
Members New York Stock
Superior California Farm Lands 6s
Dayton Power & Light, Common
i
BRANCHES and
Albany" Baltimore
BILLO
OTTO
Phone Hanover 6297
Chicago
West Virginia
Atch.-East
& Pitts. 4s, 1990
Chateaugay Ore & Iron 4s, 1942
New Orleans Gt.
Pere
Kan.
North. 5s, 1955
Marquette Coll. 4s, 1923
& Missouri RR. 1st 5s, 1922
Hudson & Manhattan 4%s,
Hudson Comp. Pref.
,
1957
Greeley Hudson Sees. Stock
Hudson & Manhat., Com. & Pref.
2nd 4s
Cleveland
Rochester
Kansas City
New Orleans
St. Louli
Syracuse
Philadelphia
Troy
Portland Ry., Lt. & Pow.
Ontario Transmission 5s
American Steel
Current River 5s
Atch.
CORRESPONDENTS K
Pittsburgh
Cincinnati
»
0944-6-6
Chicago & Northwestern 5s, 1933
"Soo"
m
New York City
Rector
7s, 1930
Wilkesbarre & Eastern 5s, 1942
Buffalo
SECURITIES
119 Broadway
Erie Consol.
Boston
EDWIN BANCKER &CO.
INVESTMENT
Exchange
New York / TeL,6400 Broad
Inquiries Invited
•7 Wall St., N. Y.
^
J. S. Bache & Co.
7fy2»> 1941
6s
Twin Falls No. Side Land & Water 6s
5s, 1942
Foundries 4s
Northern States Power 5s
Oklahoma 5s
Topeka & Santa Fe 4s, 1955
Georgia Pacific 6s
Fla. Cent. & Peninsular 6s
Solvay Process 5s
Consolidation Coal 4^8, 5s & 6s
American Can Debenture 5s
Shipbuilding 5s
Elevated 2nd 4s
Portland Railway 5s, 1930
South Carolina & Georgia S^s
New York
Kentucky Central 4s
Wise. Central Ref. 4s
Butte Anaconda & Pacific 5s
Manhattan
Virginian Railway 5s
Valvoline Oil Pfd.
Piggly Wiggly Corp. Pfd.
Missouri Kansas & Taxes—all issues
WOLFF 4 STANLEY
Telephone Rector 2920
72
Trinity Place, N. Y.
Mexican Govt. 5s— -large
SAM'L
Phone 5380-1-2-3
t
Wichita Falls & N. W. Ref. 5s,
Texas Central 1st 4s, 1923
BOND BROKERS
Orders
Bonds, Notes and
—,
Wichita Falls & N. W. 1st 5s, 1939l
Constable & **Fleming
T* WI-V.MiMA.Ja i
Td. Broad 2387-8-0
Conservative
M. K. & East. 1st 5s, 1942•
M. K. & T. of Texas 1st 5s, 1942
Wichita Falls & N. W. 1st 5s, 1925
MacDonald
B'waj, N. Y.
Unext.^5,% Notes, 1915
Mi, K. & T. Extended 6% Notes, 1916
Dallas & Waco 1st 5s, 1940
M. K. & Oklahoma 1st 5s, 1942
7s,
WM.
I
Farm Loan
Federal
M.
M, K. & T.
City Bonds
State Bonds
New York
1st Ref. 4s, 2004 „u, ,
Mtge. 4^s, 1936
K.f& T. St. L. Div. 4s, 2001
M. K/& T. Gen.
1944
Dec. 1922
Ohio State Tel. 7s, 1922-25
Pacific Tel. & Tel. 5s, 1937
T. L.
York
New
K.<;& T.
M.
Foreign Government Bonds
Michigan State Tel. 5s, 1924
Michigan State Tel. Pfd. Stock
N. Y. Telephone 4^s, 1939
N. Y. Telephone 6s, 1949
(Dutch Ctfs.), 1990
M. K.-& T. 1st Ext. 5s, 1944
Short Term Securities
Houston Home Tel. 5s, 1935
Ohio
K/&JT. 2nd 4s, 1990.
M. K. & T. 2nd 4s
Central District Tel. 5s, 1943
Cumberland Tel.
CERTIFICATES
DEPOSIT
Tel. Rector 8460
St., N. Y.
M.
A.T.&T. 4V2&, 1933, "$100
Amer. Tel. & Tel. 5s, 1946
OR
OF
York Stock Exchange
Broad
& small pieces
GOLDSCHMIDT
25 Broad Street
CHBONICLE
THE
xvi
[Vol. 113.
TELEPHONE RECTOR 4061
We
Buy and Sell
w
E
STOCKS
H
A
V
GOVERNMENT
BONDS
RAILROAD
Brighton Mills
Beaver Board
Bucyrus Co. Pfd.
Consol. Utilities 8s, 1925
Foundation Co.
Cincinnati Abattoir 8s,
Manhattan Elec. Supply Co
Hershey Choc. 7^g, 1930
8s, 1933
INDUSTRIAL
■
E
O
R
D
1925
AND OIL
Stocks and Bonds
Mich. Stamping
Holden Evans SS. 7s, 1924
Waring Hats
Welch Grape Juice 8s, 1931
E
R
PUBLIC UTILITY
Melhuish & Co.
S
Established 1884
1
& COMPANY
RASMUSSEN
N
111
New
Broadway
CHICAGO
Cleveland Elec. Ilium. 5s, 1939
York,
New
Kennecott
Chicago
Exchanges
3TOMK IN8.BLDG
CHICAGO
and
Boaton
We have analyzed Kennecott,
showing
7 WALL STREET
NEW YORK
tion,
NEW
YORK
FOREIGN
request for C-646.
on
A.
C.
E. D. DIER & CO.
V
Company
C.
market
com.
ALL
Broadway
and
features.
Sent
42
produc¬
important
financial
Goodyear Tire & Rubber, pfd.
A. R. Smith &
New York
Offices and Correspondents in 30 Cities
SECURITIES
Stock
Goodyear Tire & Rubber,
Branch
BABC0CK, R0SHT0N & CO.
Members
Pennsylvania Power & Lt. 7s, '51
York
Bought, Sold & Quoted
American Power & Lt.^6s,r2016
Hershey Chocolate 7^8, 1930
41 Wall Street
Stocks
CHUCKS
Building
(j|
CLEVELAND. OHIO
42 New
Bonds
-
Philadelphia
,
Grain
Pittsburgh
Chicago
BOIDS
-
Street, New York
Cleveland
Milwaukee
M
CURRENCIES
Gt. Northern 7s, 1936
IKI
Chic. Burl. & Quincy Jt. G^s, '36
Penna. 6V2»» 1936
Are
R.A.SOICH &CO
16-18 Exchange
Place
New
seeking
you
position
York
a
as a
Telephone: Bowling Green 3230-9.
BANK OFFICIAL
NEWBORG & CO.
Members New
60
York Stock
Exchange
or
BROADWAY, N. Y.
Guaranteed Stocks
Telephone 4390 Bowling Green
PRIVATE
WIRE
TO
ST
LOUIS
Write
for Quotation Sheets.
have you need for one?
Then you
should
consult
the
Chronicle
|nsjepft
Members New
Wanted
•1
200 Willys Corp. 1st pfd. or ctfs.
100 Maxwell Motors undep. com. & 1st
100 Goodyear prior preference pfd.
WLnlkexSt jftras
York Stock Exchange
New York
Broadway
pfd.
use
and
Financial
Classified
De¬
inside
partment (opposite
back cover.)
100 Carlisle Tire Corp. units
210,000 Chalmers Motor 6s, 1922
G. C. BENS1NGER
Specialists
Motor Stocks
17 Whitehall Street
Tire and Rubber Stocks
CABLE COPES
R. B.
20
Hathaway & Co.
Nassau St.,
N. Y.
B. W.
_
«i»..«in5rss-5E5r
Strassburger
"BENTLEY COMPLETE PHRASE CODE"
Tel. John 5020
1™'
f
.rnMl
MIIIM
....J
.»
um*IA—
Llrgut Mtllng cod.—ui.d
.11 ov.r tt>. world—
more than
•
we.
50% ov.r plain Engll.b
*
cabling.
'
"A
SOUTHERN
INVESTMENT
SECURITIES
ASK FOR IMPORTANT CODE CIRCULAR NO. XS9
BENSINOER—PHONE—BOWL. OR. «89_
Montgomery,
Ala.
Cincinnati, Ohio, 5%s
Due
Feb.
1,
Title Guarantee & Trust Co.
1966
Optional 1941
B.J. Van Ingen &Co.
46 Cedar St.
TEL.
New York
6364
Foreign
Mortgage Bond Co.
Bonds
Bank of Commerce
FRANK J.
71
JOHN
Broadway
M.
DILLON
Inquiries invited from
banks, brokers and dealers
NEW YORK, N. Y
Tel. 6460 Bowling Green
Jerome B. Sullivan
FOREIGN
JT1, /"VX
GOVERNMENT,
(X Ul.
MUNICIPAL &
R.R.BONDS
44 BROAD STREET, NEW YORK.
Tel.
Government,
Public
Municipal,
Utility
Investment Bonds
Investment
62 Cedar
St., New York
Co., Inc.
7180-4;
5t*34-5
105 So. La Salle
French
4s, 1917
French
Victory 5s, 1931
French
Premium
French
6s,
5s,
1920
1920
Bought, Sold & Quoted
Securities
St., Chicago
Philadelphia
Boston
Cleveland!
Detroit
Stanton
Minneapolis
Hartford
Pittsburgh
St. Louis
Milwaukee
1723-4;
french bonds
Industrial
A. B. Leach &
Broad
Railroad
DUNHAM
& CO.
SPECIALISTS
43
Exchange Place,
New York.
Telephones 8300-16 Hanover
/
17
SEPT.
Portland
Ry. Co. 1st ref. 5s, 1930
Portland
Ry. Lt. & Pr. 1st 5s,
1942
Shawinigan Wat. & Pr. 6s, July
1st 4s, 1955
Mkt. St. EIv. Pass. Ry.
Lt.
Common. Pr. Ry. &
3%®,'25 Argentine Govt. 4s & 5s
4V2S> 1930 Brazilian Govt. 4s, 4y2s & 5s
City of Tokio 5s
Ches. & Ohio Conv. 5s, 1946
C. R. I. & Pac. Refg. 4s, 1934 Japanese Govt. 4s, 4y2s & 5s
Ches. & Ohio Conv.
coll. tr. 5s, 1957
Phila. Rapid Trans,
conv.
7s, 1923
Southern Pac. Conv. 4s, 1929
Mexican Govt. 4s & 5s
Union Pacific Conv. 4s, 1927
Uruguay 5s, 1919
Biddle & Henry
Fifth
South
104
L. M. PRINCE & CO.
Buff. Roch. & Pitts. 43^s, 1957
Kansas City & Pacific 4s, 1990
Jones & Laughlin Steel 5s, 1939
Long Island Ref. 4s, 1949
Union Steel 5s, 1952
Mo. Kan. & Tex. Gen. 4^s, 1936
United States Steel 1st 5s, 1951
Muskegon Gr. Rap. & Ind. 5s, 1926
Westinghouse Machine 6s, 1940
Western Pacific 1st 5s, 1946
Duquesne Light 7^s, 1936
H. J. Heinz 7s, 1930
Philadelphia
and
Exchanges.
Railroad Equipments
Tank Car Equipments
Kansas City
9830
Philadelphia
York
New
Stock
Rector
Co.
&
Chestnut St.,
of
Tel.
Street, New York
1865
Established
Members
20 Broad
Call Canal 8487
Private Wire to Nete York
410
York Stock Exchange
Members New
Street
Philadelphia
Bioren
1929 & 1937
51/28,
B. & O. Southwestern
1950
1st 5s, 1940
Penna. Water & Pr.
Kingdom
United
5^8, 1950
Shawinigan Wat. & Pr. 1st
XVII
CHRONICLE
THE
1921.]
Power & Light 8s
CANADIAN SECURITIES
Southwestern Bell Telephone 7s
Bought, Sold & Quoted
5Ks, 1941
Nort. 1st 5s, 1940
Indiana Service Corp. Ref. & Adj.'s
Red Jacket Coal & Coke 1st 5s, 1944
Sierra & San Fran. Power 2nd 5s, 1949
Horn & Hardart of New York com. & pfd.
St. Joe Ry. Ht. Lt. & Pwr. Pfd.
Philippine Government
Waterloo, Cedar Falls &
York and Pittsburgh Stock Exchanges.
61
Union Bank Bldg., Pittsburgh
Broadway New York.
Direct Private
Wire Connection.
FLEMING
GEORGE N.
221 Lafayette
HOLMES & CO.
J. H.
Member New
Philadelphia
Building
Telephone Lombard 6414
C. M. & St. P. Pug.
6s, 2014
American Gas & Electric
Fisk Rubber 8s, 1941
BONDS
Ry. 6s, 1936
West Penn Power 5s, 6s & 7s
Canadian National
Sd. 1st 4s, '49
I. C. Ch. St. L. & N. O. Jt. 5s,
Mo. Kan. &Tex. Sec.
St.L.&S.F.Co. Pr.Lien4s&5s, '50
Municipal
Stock Exchange
Bldg., Philadelphia
New York Telephone CANAL 4845
Title
Land
(All Issues)
Government
MgCown&Co.
Members Philadelphia
'63
Mexican Securities
Railroad
(All Issues)
Corporation
WE
WILL BUY
New York Connecting RR. 4^8,
W. New York & Pa. 5s, 1937
1953
Member* of New
Members New
York Stock Exchange
York Stock Exchange
Lehigh Valley Coal 5s, 1933
100 Broadway.
ST. LOUIS
Broadway and Locust
Tel. Rector 6806
N. Y.
CO.
ARTHUR C. RICHARDS &
PHILADELPHIA
DREXEL BLDG.
Keystone: Main 6711
Bell: Lorn. 7056
Asst. Simmons Hardware 7s,
Union Elec. Lt. & Pr. 7s,
'25
1923
Members St. Louis
Sign!
a
building:
Stock Exchange
ST. LOUIS
OLIVE ST.
t
Hang Out
If you hung a sign on your
"I have need for, or I am seeking
STIX & CO
109
&RTHUR E. FRANK & CO.
G.H.WALKER & CO.
1989
Valley & New Eng. 4s,
Baldwin Locomotive 5s, 1940
Scioto
position
a
'
a
as,
STATISTICIAN
TRADER
Mich. State Tel.
1st 5s,
Gilman
1
4
SALESMAN
1924
CASHIER OF A
Si Reynolds
Investment
OR THE
Securities
New York City
Pine Street
'Phone 5691-4
John
T
Aires 6s,
1926
would
possibly
it
someone
who
attract the attention
satisfy your wants.
one
the
the
in
ment
Department?
Financial Chronicle Classified
(opposite inside back cover.)
Sao Paulo 5s
will
insure
Chinese Government 5s
This
Central Pacific 4s (francs)
ordinary man."
New Haven 4s
(francs)
If
St. Paul 4s (francs)
priate
Do
COWEN & CO.
97 Exchange
Place, N. Y. Tel. Rector
you
draw
Inquiries Invited
from Banks and Brokers
9709
of
could
why not hang that "sign" before every¬
in
the banking and
investment field
world over by inserting an
advertise¬
But
Japanese Govt. 4s, 4*/2S & 5s
Argentine Govt. 4s & 5s
Brazilian Govt. 4s, 4V2» & 5s
Buenos
BANK
LIKE,"
it
your
getting an "above
the
have occasion to "hang out a sign,"
and send or telephone an appro¬
up
ad
now.
to
our
Classified
Department.
XVIII
THE
>
CHRONICLE
[Vol. 113.
srjVf *
y
BANKS AND DEALERS
'
will find
our
a
Five Weekly Quotation Sheets
i>
-It
—helpful and valuable. ' They contain condensed data
on over 100
representative issues in each group-—Public
Utility, Railroad,
Industrial, Foreign and Canadian
buying
*
Mailed
regularly
request.
upon
bonds
PYNCHON & CO.
Members New
111
York,
Stock
!
is
Exchange
difficult problem without
a
unbiased source of infor¬
mation to check value. f For
one
dollar we will send you
an
Broadway, New York
Telephone Rector
970
Chicago—Milwaukee—London—Liverpool—Parte
Private Wires to principal cities of United
States and Canada
our
ment
Report on
security.
invest-
any
*
?
-
Investment Registry of America, Inc.
ESTABLISHED
608 Chestnut
1910
Street,
'
Philadelphia
Vilas & Hickey
Member/ ef
the New York Sttck
Exchange
49 WALL STREET
NEW YORK
Announce
the opening of a
Sugar Engineering Corp.
depart¬
WOOLWORTH BLDG.,
:
.
ment
i
to
Bonds
'
h'-"i
trade
under
public
in
the
vv".•'
management
v
y
10.
•
NEW
■'
•'
YORK
I
M(f
of
> ■*'
.
INVESTIGATIONS
■
John L. Lequin, Jr.
SEPTEMBER
hi'
utility
APPRAISALS
1021
HANOVER
REPORTS
103
DESIGN
AMERICAN
Bing'ton Lt. Ht. & Pr. 5s, '42-'46
Booth Fisheries 6s, 1926
Citizens Gas & Elec.
5s, 1926
Humble Oil
&
Ref.
Goodyear T. & R.
com.
&
Lucey Manfg. Co. "A"
pfd.
Motors, Class "A"
Packard Motor
United Lt. &
com.
Rys.
&
MANILA. SISAL, JUTE
Broadway,
Noblm and Wait Streota
Brooklyn, N.Y.Clty
We Specialize in
& pfd.
DUNN & CARR
MERRILL, LYNCH & CO.
120
NEW YORK
Houston,
Traders' Telephone: 7683 Rector
Goodyear T. & Rub. Com. &
INQUIRIES INVITEr
Texas
ROBINSON &
B'way, N. Y.
TeL
New
Amer. Tel. & Tel. Coll.
4s, 1929
Bait. & Ohio Tol. & Cin.
4s, 1959
Chic. & Northw. Gen.
3V^s, 1987
James. Fkn. & Clearf.
4s, 1959
Minneap. & St. L. Cons. 5s, 1934
Minn. S. S. Marie & Atl.
4s, 1926
N. Y. Susq. & West. Gen.
Minn.
St.
p.
&
S.
S.
Marie
Chic.
& No.
O.
&
West.
Ext.
4s,
1926
10-year 6s, 1929
Columbia 6s, 1923
N. Y. Central Ref.
3^s
Minn.
5s,1940
Pacific RR. of Mo. 2d
5s, 1938
St. Louis Peoria & Mon.
5s, 1948
Western N. Y. & Penna.
5s, 1937
& St.
L.
Consol.
40 Wall Street,
<
PRESSPR1CH
O
New York
Telephone
Joh^
0307
Broadway
173
New York
Private wires
Orange St.
New Haven
to
Philadelphia, Baltimore.
Richmond, New Haven
Scovill Mfg. Co.
Kansas City So. 3s, 1950
Can. Nat.-Grand Trunk
6s, 1936
Connecticut Bonds and Stocks Atch.-Trans. Short Line
4s, 1958
and
Waterbury, Conn.
Montgomery Bros.
Telephone
Broad S06S
idontgomery
j
capable bead for
of your
25 Broad St.,
New
York
any one
Departments
obtained by inserting
can
a
be
small
Classified Department
of the
FINANCIAL CHRONICLE
Our Classified
THE R.F.GRIGGS CO.
29
M.
A BUSINESS EXECUTIVE
ad in the
American Brass
Tel.
5s, 1934
Prince & Whitefy
52
Enchant. Place
rit».
Members N. Y. Stock
Exchange
R. W.
Jersey
OUTWATER & WELLS
19
British
SMITH
Bowling Green 1009
Securities
Consol.
5s, 1938
B.
Pf.
Peerless Motors Stock & Notes
61
!
■
Kirby Lumber Co. Com & Pf.
pfd.
com.
CO.
,:J
CORDAGE
Co.
Magnolia Petroleum Co.
Mqtor of Canada
Lincoln
,,n
Gulf, Oil Corporation
Niagara Falls Pr. 5s & 6s
Utah Gas & Coke
5s, 1936
Ford
MFG.
,,h
inalde
Department faces the
back coYer.
SEPT.
17
THE
1921.]
CHRONICLE
-
TTTT
JBatrft Statements
REPORT
jfiiratuial
CONDITION
OF THE
OF
THE HANOVER NATIONAL BANK
OF THE CITY
at New
of
OF NEW YORK
State of
York, In the State of New York, at the close
6th/1921:
Riotd
business September
5% Loan of 1912
RESOURCES.
Loans and disoounts
$97,798,129.37
U. S. Bonds to
secure
Circulation
U. S. Bonds to
secure
U. S. Deposits..
100,000.00
Redeemable
3,000,000.00
at
PAR
later
not
than
1965
edness
U.
S.
hand
on
Bonds
deposited
tendent of Banks,
drawings.
482,900.00
...
Superin¬
with
Principal and interest, April 1st and October 1st, payable
New York State,
in trust
400,000.00
4,848,823.43
....
Bonds, securities, etc
Banking house
in London in £ Sterling or in Paris in Francs at the
4,575,000 .OC
,
Due from banks and bankers
1,802,042.16
Checks and other cash items.
678,666.33
Exchanges for Clearing House...:
Specie: Gold.
Other cash In vault.
exchange of the day on London.
This
41,477.00
this issue
15,802,169.03
<
Treasurer.....
which
5,000.00
Customers'
liability (acceptances exe¬
by other banks under letters of
credit)...
419,934.75
Interest aocrued
be
Undivided profits
Discount
received
not earned
an
average
high of 83% per £100,
their position in
the confidence of
opportunity in these bonds for profit
We shall
by furnishing complete descriptions,
glad to co-operate
$3,000,000
14,000,000
*
-
$7,296,029.27
but
American Express Company
540,022.93
....
7,836,052
Reserved for interest accrued...
111,651
Reserved for taxes
791,822
National bank notes outstanding
Due to banks and bank¬
100,000
65 BROADWAY—NEW YORK
Securities
$62,172,009.78
ers
Individual
has enjoyed
indicative of
-prices and details.
LIABILITIES.
Capital stock paid in
Uwr
is
There is
172,783.44
$154,923,872.66
fund..
only external issue of the State.
^English investors.
cuted
Surplus
the
Since its listing in 1912 on the London Stock Exchange,
•
424,843.44
Due from Federal Reserve Bank
5
is
24,372,103.71
Redemption fund and due from U. 8.
■
semi-annual
by
U. S. Bonds and certificates of Indebt¬
TELEPHONE
WHITEHALL
Department
deposits sub¬
2.000
ject to check.46,491,904.30
Dividends unpaid...
Demand
948.00
certificates
of
1,047.15
deposit..
Certified
checks
Cashier's
11,992,037.80
'checks
out¬
6,528,905.40
standing
U. S. deposits
1,120,400.00
128,307,252
Letters of credit and travelers' checks..
357,160
STATE OF SAN
Letters of eredlt (acceptances executed
by other banks thereunder)
419,934.75
...
State of New York, County of New York, ss.:
I,
WILLIAM
WOODWARD,
President
of
solemnly
swear
the
of my
best
External Loan
WOODWARD,
to
sworn
before
Sinking Fund Gold Bonds
Due January
1921
Notice is hereby given that the
President.
this 9th
me,
of
day
now
are
ready for delivery at our office, 24-26 Pine Street, New
York, in exchange for
Notary
Public,
Kings County.
Certificate filed in New York County.
McLEAN,
and
upon
surrender of
WILLIAM
EDWIN
G.
SPEYER
CLARK,
^Directors.
MERRILL,
HAYWARD
our
Temporary
Receipts for such Bonds.
Correct—Attest:
E.
if-
Definitive, Bonds of this issue
1921.
ALLAN
J.
1, 193b
to
knowledge and belief.
WILLIAM
t„
do
that the above statement is true,
'Subscribed and
of September,
Fifteen-Year 8%
The
Hanover National Bank of the City of New York,
PAULO
(Republic of the United States of Brazil)
4 $154,923,872.66
New York,
FERRY,
&
CO.
September 13, 1921.
First National Bank
JSanfe Statements
SCR ANTON, PA.
Comptroller's Call September 6, 1921.
Statement
of
Condition
Financial
of
RESOURCES.
Cash
hand
on
in
and
Banks
Loans and Investments.
_
'
$3,003,464.92
.21,846,288.65
The Seaboard National Bank
United States Government
Securities
OF THE CITY OF NEW YORK
4,584,428.68
Pue from Treasurer of the
at
United States....
Bank
Building and Other
Real Estate
625,000.00
2,584.76
Overdrafts
Customers'
Liability under
Letters of Credit
Accrued
not
Profit
on
21,223.64
Loans
Collected
Other Assets not in above
17,067.53
20,620.56
_
V...
Overdrafts
$30,855,678.74
Capital
Surplus
Collected
Circulation
Dividends
$1,500,000.00
1,000,000.00
1,049,453.77
100,000.00
Profits
Unearned
Unpaid.
Letters of Credit
Deposits
Sept. 6,
1921
_.
Exchanges
U.
S.
and
2,735,016.97
6,897,687.68
2,103,936.52
345,141.51
4,706,027.37
Due
Acceptances
Total
-
4,981,515.41
Surplus and Profits (Earned)
500.000.00
Special Reserve—
Unearned
206,933.19
Discount
63,245 00
Circulation
320,342 20
Reserved for Taxes
Acceptances
Customers
U.
of
Executed
for
378,932.36
Credit
918,673.89
...
300,000 00
Bonds Borrowed
S.
Bills
Executed
$3,000,000.00
Capital
Letters
8,384,401.53
Treasurer
by this Bank
........
Customers' Liability under
Letters of Credit..
Payable
with
Federal
2,500,000 00
Reserve Bank
378,932.36
51,238,759 56
Deposits
918,673.89
$64,408,401.61
Total
.$64,408,401 6l
OFFICERS
and
108,348.37
1,356,295.00
1,569.00
32,031.81
...25,707,980.79
LIABILITIES
Customers' Liability Account
of
LIABILITIES.
Discount
business,
—337,938,568.49
15.29
Banking House
U. S. Bonds and Certificates
of Indebtedness
Bonds, Securities, etc
Due from Banks (Net)
Due
from
Federal Reserve
Bank of New York
from
Reserve for Interest_
of
RESOURCES
Loans and Discounts
Cash,
Undivided
close
75,000.00
W
B.
L
C*
O*
c*
K.
L.
N.
H.
M.
C.
S. G. Bayne, President
Cleverley, Vice-President
J. D. Smith, Assistant Cashier
Gill, Vice-President
B. I. Dadson, Assistant Cashier
DeVausney, Vice-President
W. A. B. Ditto, Assistant Cashier
Marfield, Vice-Pres. & Cashier
J. M. Potts, Assistant Cashier
Jefferds, Assistant Cashier
A. A. McKenna, Assistant Cashier
Fisher, Assistant Cashier
E. V. Nelson, Trust Officer
DIRECTORS
$30,855,678.74
C.
S.
G. Bayne
Howard Bayne
S.
J. Caldwell
OFFICERS:
Robert
Weston, President.
W. K. Cleverley#
Edward J. Cornish
Frank Hummler,
Vice-President.
George C. Nye, Cashier.
Louis N.
DeVausney
Henry C. Folger
B.
L.
Edw.
Gill
H. R.
Green
Peter
McDonnell
E. Paine
William
Joseph Seep
C. C. Thompson
Henry Whiton
CHRONICLE
THE
XX
[VOL. 113.
Jiank Statement*
The First National Bank of
Chicago
OHARTBB NUMBEH EIGHT
4
Statement
Close of Business September 6, 1921
of Condition at
LIABILITIES
ASSETS
,
316,246 00
United States Bonds and Certificates......
Bonds to Secure U.S. Postal Savings Deposits
2,271,000 00
Other Bonds and Securities (market value).-
3,203,402 30
Bldg.)
2,681,100 00
National Safe Deposit Co. Stock (Bank
Customers' liability account of acceptances.
1,001,066 51
3,646 50
2,410,^27 07
with Federal
Bank.
2,000,000 00
Liability under Letters of Credit
Liability Account of Acceptances
Time Deposits
$1,819,673 11
Demand Deposits
163,739,999 82
4,227,644 51
Reserve
Cash Letters of Credit...
Cash Resources—
53,301,098 16
36,102,072 68
4,349,973 95
Discount Collected but not Earned
Rediscounts
Due from Federal Res. Bank.$17,199,025 48
Cash and Due from Banks
12,500,000 00
Other Undivided Profits
Reserved for Taxes.....
4,244,361 63
11,656,497 65
of credit..
Customers' liability under letters
$12,500,000 00
Dividends Declared but Unpaid
750,000 00
Federal Reserve Bank stock
!
Capital Stock paid in
Surplus Fund
$138,984,562 16
Loans and Discounts
590,655 93
165,559,672 93
Liabilities other than those above stated
1,030,149 15
Other Assets
1,071,160 15
....
$218,438,417 05
\
12,224,169 50
$218,438,417 05
■■
John P. Oleson, Vice-President
Frank O. Wet more, President
James B. Forgan. Chairman of the Board
Division "A"
Vice-President
Collateral Stocks and Bonds
Meat Products, Live Stock
Arthur W. Newton, Vice-President
J. W. Lynch, Asst. Vice-President
Stone, Brick, Cement, Contractors
Wall Paper, Paints, Oils, Glass, etc.
Boots. Shoes, Leather, Hides and Wool
Real Estate and Insurance
Publishing, Printing, Engraving and Paper
Miscellaneous
H. A. Anderson, Assistant Vice-President
Grain, Flour and Feed
Coal, Doctors and Lawyers
O. V. Essroger,
.
Melvin A. Traylor, Vice-President
Division "D"
Commission
Division "B"
Vice-President
Division "E"
William J. Lawlor, Vice-President
J. B. Forgan Jr., Asst. Vice-President
Dry Goods, Millinery, Woolens, Clothing, Cloaks, Furnishing Goods
Jewelry A Merchandising Sundries Transportation Ladies
Groceries, Drugs. Dairy Products, Produce Commission and Cold Storage
Sugar Mfrs. ana Dealers, Confectionery, etc.
Malsters and Beverages
Tobacco
Restaurants, Bakers and Hotels
H. H. Helns, Vice-President
Thomas J. Nugent. Assistant
O. C. Brodhay, Assistant Vice-President
Hats & Caps
Division "C"
Charles N. Gillett, Vice-President
.
Division "F"
.
John F. Hagey, Vice-President
F. R. Newhall, Vlce-Pres. & Cashier
G. H. Dunscomb, Asst. Vice-President
J. P. McManus, Asst. Vlce-Pres.
Assistant Vice-President
Agricultural Implements, Buggies, Automobiles and other Vehicles
Iron and Steel Products
Lumber, Furniture, etc.
Manufacturing Sundries
H. P. Snyder,
Banks and
G. P. AUraendinger, Assistant Cashier
H. R. Ross, Assistant Cashier
A. B. Johnston, Assistant Cashier
Walter Lichtenstein, Executive Secretary
-
Guy W. Cooke, Assistant Cashier
Credit and Statistical Dept.
Edward M. Tourtelot.. Manager
Auditing Department
J. P. McElherne,
H. L. Droegemueller,
Bankers
Richard J. Cody, Assistant Cashier
William H. Monroe. Assistant Cashier
t
Discount and Collateral Dept.
A. V. Dillon
Manager
Asst. Auditor
Auditor
Domestic
Foreign Exchange Department
Charles P. Clifford,
Vice-President
Harry Salinger.
Wm. G. Strand
Manager
Asst. Manager
Exchange Dept.
Robert F. Green, Manager
♦
First Trust and
Law Department
Edward E. Brown, V.-Pres. & Gen. Oounse'
John N. Ott, Attorney
Savings Bank
Statement of Condition at Close of Businesa September
ASSETS
LIABILITIES
Bonds
$18,300,752 61
Capital
53,642,307 80
Surplus
Loans and Discounts
Federal Reserve Bank Stock
Loans
3,162,500 00
$15,781,275 69
Due from Federal Res. Bank.
3,706,379 31
Cash and Due from Banks
6,059,512 23
6,250,000 00
Profits
1,570,709 51
Reserve for Interest and Taxes
1,755,915 30
Acceptances Executed for Customers
3,202,500 00
Unearned
Time
25,547,167 23
$6,250,000 00
.
Undivided
375,000 00
Customers' Liability for Acceptances
Demand
6, 1921.
discount
218,286 25
Deposits
Demand
$65,681,222 44
Deposits
16,099,094 14
$101,027,727 64
JAMES B. FORGAN, Chairman os
MELVIN A
TRAYLOR
FRANK O. WETMORE
President
FRANK M. GORDON*
Vice-President
I.
LOUIS BOISOT
L. PORTER
the Board
Vice-President
Manager Bond Dept.
Vice-President
E.
ROY O. OSGOOD...
Vice-President
J. H. TEMPLETON
Asst. Mgr. Bond Dept.
JOHN C. MECHEM
...Vice-President
F. O. NASON
Asst.
ROBERT D.
DAVID
......
FORGAN
Treasurer
V. WEBSTER
A. W. CONVERSE
Secretary
Cashier
.
OLIVER A. BE8TEL
O. G.
G. R.
FLEAGER
...Trust Officer
........
ROEHM..
Asst. Treasurer
..Mgr. Savings
Dept.
DIRECTORS OF THE
A.
Asst. Cashier
STAKE
Mgr. Bond Dept.
D. W. WESTERVELT
Asst. Cashier
B. O.
HARDENBROOK
ROBT. L. DAVIS
Asst. Trust Officer
H. L.
Asst. Trust Officer
J. P. McELHERNE
ROBYN
MARQUARDT
THOMAS S. McCARTY
FlkST
Mgr. Real Estate Dept.
S. J. DONALDSON .Asst. Mgr. Real Est. Dept.
K. BOYSEN
...Manager
Real Estate Loan Dept.
Asst. Trust Officer
R
..Asst. Trust Officer
LOUIS
W.
ROY
Asst. Secretary
F. J. SHANNON
H. H. ALBORN.
W. O'BRIEN
Vice-President
W. K. HARRISON
JOSEPH R. JTJLIN
EDWARD
81,780,316 58
$101,027,727 64
DROEGEMUELLER...........Auditor
...
....Asst. Auditor
Asst. Cashier
WALTER
Asst. Cashier
Asst. Cashier
EDWARD E. BROWN.......General Counsel
LICHTENSTEIN -Executive
JOHN N. OTT
Sec'y
Attorney
NATIONAL BANK AND THE NATIONAL SAFE DEPOSIT COMPANY
ALSO DIRECTORS AND MEMBERS OF THE ADVISORY COMMITTEE OF THE FIRST TRUST AND SAVINGS BANK
Benjamin Allen
A
O. Bartlett
D.
Mark Cumminge
James B. Forgan
Robert P. Lamont
James
Clifford M. Leonard
John P. Oleson
Silas H. Strawn
Thomas E. Wilson
Joseph D. Oliver
Bernard E. Sonny
Clarence M.
William Wrigley, Jr.
Norris
John A. Spoor
Philip D. Block
John H. Hardin
William L. Brown
H. H. Hitchcock
Harold 7. McOormlck
Henry H. Porter
Melvin A. Traylor
Augustus A. Carpenter
R.T.Jeffery
Nelson Morris
Olive R una ells
Wm. J. Watson
William J. Louder back
Combined Deposits of Both Banks9 $247,339,989.51
Frank O. Wet more
Wooiley
SEPT.
17
THE
1921.]
XXI
CHRONICLE
JSatife Statements
^iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii^
The CONTINENTAL.W
COMMERCIAL
r
BANKS
Chicago
Statements of
Continental
September 6, 1921.
condition,
National Bank
and Commercial
Resources
$171,308,453.44
67,854,084.77
Time Loans
Demand
Loans
641,877.61
11,560,310.18
Acceptances..
j
Bonds, Securities, etc
Certificates of Indebtedness
Stock of Federal Reserve Bank
Bank Premises (Equity)
U.
S. Bonds and
1
Estate
Other Real
Customers' Liability on Letters of
Credit
(as per Contra)
M15,962.44
98,835.10
Customers' Liability on Acceptances
Overdrafts
$251,364,726.00
4,269,891.88
1,200,000.00
6,000,000.00
32,945.00
20,585.90
89,236,166.09
-
Cash and Due from Banks
$363,639,112.41
Liabilities
Capital
Surplus.
$25,000,000.00
—
Undivided Profits
Reserved for Taxes
—
—
Circulation
—
—
Payable with Federal Reserve Bank..
Rediscounts with Federal Reserve Bank
Bills
Liability
Liability
on
on
Letters of Credit
Acceptances
15,000,000.00
5,521,491.25
2,772,840.27
50,000.00
4,147,000.00
7,000,000.00
2,954,971.59
8,805,999.99
$178,284,148.91
Deposits—Individual
114,102,660.40
Banks....
292,386,809.31
$363,639,112.41
Continental and Commercial Trust and Savings
Bank
Resources
Time Loans
Demand
$23,168,303.08
...
Loans..
—
-
♦Bonds and Securities
Cash and Due from Banks
$21,193,931.67
5,987,183.11
24,700,791.23
51,881,906.01
$75,050,209.09
•
Adjusted to Cost or Market Price,
whichever Is lower.
Liabilities
$5,000,000.00
5,000,000.00
2,266,693.26
Capital
Surplus
Undivided Profits
113,285.58
1,869,726.13
Unearned Interest
Reserved for Taxes, Interest
and Dividends.
Demand Deposits
Time Deposits
Special Deposits
—
$16,890,777.19
41,393,153.45
2,516,573.48
60,800,504.12
$75,050,209.09
The
and Savings Bank is orwned
Continental and Commercial National Bank of Chicago
capital stock of the Continental and Commercial Trust
by the stockholders of the
Combined
Deposits, $353,187,313.43
i
XXII
THE
CHEONICLE
[VOL. 113.
J&mfe Statements
-I
"Identified with Chicago9!
Report
of
Condition
the
of
Progreee Since 188799
THE CORN EXCHANGE
The
NATIONAL BANK
Merchant^.
OF CHICAGO
^0
Loan
At the Close of Business
f The Sign of Service }
^TRUST
September 6,1921
RESOURCES
Time Loans—$58,260,346 09
Demand
Loans
18,513,141 83 $76,773,487 92
Company
-
ILLINOIS TRUST
United States Bonds & Certificates of Indebtedness
Other Bonds
Stock
In
Federal Reserve
fr SAVINGS BANK
.
1,361,600 00
3,133,099 44
...
at the
of Condition
Statement
Close of
La Salle
Business September 6, 1921.
am/JacHson Streets
1 Bank
Customers*
Liability
Letters of Credit
Customers'
Liability
Acceptances..
Chicago'
RESOURCES
Loans and Discounts
United States Bonds and
Certificates
Other Bonds and Mortgages
Stock in Fed, Reserve Bank
Customers* Liability under
Condensed Statement.^! Close of Business
$71,427,1941)8
v
September
•
!_ Letters of Credit-—---—
Customers' Liability under
Acceptances
.........
Other Banks' Liability on
t
Bills Bought
Cash & Due from
Federal Re¬
serve Bank- $9,908,950 20
Due from Other
Banks
>
'*
^
1921. >
415,350 00
_
14,083,381 35
450,000 GO
RESOURCES
Cash and
2,368,495 51
Ex¬
F
cates of In¬
debtedness
counts
Bonds and
t
Other
24,811,010 90
$108,684,241
$103,504,470 19
.
LIABILITIES
14,645.727 78
—
„
—
Customers* Liability
118,150,197 97
.
on
Ac¬
Capital..
Surplus
Undivided Profits
Dividends Unpaid
Reserved for Taxes
Unearned Interest
ceptances
29,804,785 48
-,'r w pm
,-■ I
I
r-
i
"j..
•
I,
.
j
'
6,931,250 00
Interest Accrued,
collected
but
Un¬
327,145 18
318,617 33
New Building Account
Liability
LIABILITIES
$149,767,436 45
.
Capital
$5,000,000 00
16,000,000 00
1,660,411 35
-
----------
------
Undivided Profits
Discount Collected but not
444,649 24
for
Accrued
In¬
terest and Taxes———
Bills Payable
Rediscounts
CAPITAL,
916,541 56
850,000 00
4,000,000 00
...
SURPLUS
Time
„
AND
Contingent
14,162,860 86
Other Banks Bills Bought
Deposits-
2,280,000 00
93,701,939 18
Dividends Unpaid
;
Liability on Acceptances..
Discount
Coliecied,
but
of
—
v
2,358.495 51
—
Not
06
Earned
400,000 00
1,C53 00
6,776,250 00
OFFICERS
ERNEST A. HAMILL. Chairman of Board
CHAS. L.
OFFICERS
Exchange
OFFICERS
JAMES
J.
FREDERICK T. HASKELL.Vice-President
EDWARD F. SCHOENECK
Cashier
Vice-President
LEWIS
E.
Cashier
A.
BLAIR
Vice-President
EUGENE M. STEVENS—-Vice-President
JAMES
J.
CHARLES
PRANK O.
F. I.
JOHN
E.
C.
B.
ESTES
P.
W.
BLUNT
JR
Vice-President
Vice-President
THOMPSON
Vice-President
H. O- P. DEANS
JOHN
J. GEDDES
P. E. LOOM IS
Vice-President
Cashier
-
—Assistant Cashier
A. F. PITHER
Assistant Cashier
A.
HUTCHISON —Assistant Cashier
LEON L. LOEHR.-Sec. and Trust Officer
A. LEONARD JOHNSON-Asst. Secretary
Q. P. HARDIE—Mgr. Bond Department
C. C. ADA MS.—Asst. Mgr. Bond Dept.
H. J. SAMPSON..Asst. Mgr. Foreign Dept.
DIRECTORS
CLARENCE A. BURLEY
Attorney and
Capitalist.
MARSHALL FIELD, Marshall Field, Glore,
Ward & Company.
ERNEST A. HA MILL, Chairman Corn Ex¬
change National Bank.
HALE HOLDEN, President Chicago Bur¬
lington & Quincy RR. Company.
MARVIN HUGHITT Chairman Chicago &
North
EDMUND
Western
D.
CHAUNCEY
Field
Railway
HULBERT
KEEP,
Company.
President.
Trustee
Marshall
Estate.
CYRUS H. McCORMICK
Chairman Inter.
national Harvester Company.
JOHN J. MITCHELL Chairman of Board.
SEYMOUR MORRIS
Trustee L. Z. Loiter
Estate.
JOHN S. RUNNELLS
President Pullman
Company.
EDWARD
I.
COOPER
Cashier
COOPER.—.—-Assistant Cashier
E. S. LAYMAN—
-Assistant Cashier
J. W. KNIGHT———Assistant Cashier
W. H. GEDDES
-Assistant Cashier
J. M.
MILLS
RYERSON
Chairman
Joseph T. Ryerson & Son.
JOHN
G.
SHEDD
President Marshall
Field & Company.
ORSON SMITH Chairman of Advisory *
Committee.
JAMES
P.
SOPER
President
Soper
-.Assistant Cashier
C. F. MONAHAN—
Assistant Cashier
PAUL C. MILNER
-Assistant Cashier
JOHN J. BRUGMAN.-Assistant Cashier
WILLIAM H. HENKLE
Secretary
F.
TAYLOR
Assistant Secretary
MORRIS BERGER—Assistant Secretary
C. B. OVER A KER—.Assistant Secretary
F. E. MUSOROVE
Assistant Secretary
H. W. KITCHELL
Assistant Secretary
ROOER K. BALLARD—.Mgr. Bond Dept.
M. H. BENT—Asst. Mgr. Bond
Dept.
THOMAS J. BRYCE, Asst. Mgr. Bond Dept
F. D. CONNERMgr. Publicity Dept.
Assistant Cashier
HUGH J. SINCLAIR—Assistant Cashier
DIRECTORS
WATSON F. BLAIR
CHAUNCEY B. BORLAND
<
Managing Borland Properties
EDWARID B. BUTLER
Chairman Board
of D Irectors
Butler Bros.
BENJAMIN CARPENTER
President
Geo. B. Caroenter & Co.
CLYDE M. CARR
Ryerson & Son
President
HENRY P. CROWELL
Oats Co.
ERNEST A. HAMILL
EDMUND
D.
National
CHARLES
Watch
HENRY A. BLAIR
STANLEY FIELD
ERNEST A. HAMILL
MARTIN
J«
KEEP
A.
RYERSON
CHARLES H. MARKHAM
EDWARD A. SHEDD
ROBERT
FRANK D.
SCHWEPPE
,,
STOUT
EDWARD F. SWIFT
Company.
/
Vice-Pres.
HAI^Y SELZ President Selz, Schwab
JOHN J. MITCHELL
H.
Co.
HUTCHINSON
Chairman of Board
Illinois Trust & Savings bank.
FREDERICK T. HASKELL
CHAS.
President
President Elgin
JOHN J. MITCHELL
E. D. HULBERT
CHAUNCEY
L.
T.
Chairman of Board
HULBERT
DIRECTORS
Joseph
President Quaker
CHARLES H. HULBURD
ALBERT
A.
SPRAGUE
Chairman
Sprague Warner & Company.
WALKER—Assistant Cashier
NOVAK
F.
,
Lumber
GARY——Assistant
Assistant Cashier
LEE B. DOTY
JOHN O. SHEDD
L.
FORD———Vice-President
CHAUNCEY KEEP
HENRY A.
-Vice-President
Vice-President
G. WAKEFIELD— Vice-President
JOHN J. MITCH ELL-Chairman of Board
EDMUND D. HULBERT
President
NELSON
JR
EDWARD MAASS——Vlc^-Presldent
NORMAN
JOHN J. MITCH ELL--Chairman of Board
E. D. HULBERT
President
President
HUTCHINSON-Vice-President
OWEN T. REEVES
J.
DEPARTMENTS
Loan—Foreign
88,413,475 68
EDMUND D. HULBERT
473,448 91
$149,767,436 45
Commercial-Savings-T rust-Bond
62,889,046 52
$108,684,241 09
1,000,000 00
1,635.281 12
275,000 00
$135,374,897 70
\
Bankers-$25,524,429 16
Individual.
121,968,029 36
,
19
14
436,842 83
1,718,200 00
Acceptances—
on
00
00
•
Credit
57,390.005 35
Liability on Acceptances-^
Contingent
Liability
on
Letters
-
of
00
25
Deposits— V
Banks
and
UNDIVIDED PROFITS- $17,238,374
DEPOSITS—
Demand —$64,578,024 01
Account
Reserved for Taxes
Reserved for Interest
Other Reservations
on
Credit
W.
$5,000,000
10,000,000
1,635.964
2,380
861,072
616,306
——
Letters
on
Liability
LIABILITIES
^
Earned
Farm
;
—
—
4,030,799 55
09
Se¬
.
$135,374,897 70
Liability
$5,523,865 98
Re¬
serve Bank.
7,696,647 74
Due from
Other Banks 11,590,497 18
Dis¬
&
^
tim '■■■
Reserved
1,718.200 00
$24,040,225 97
Loans
curities
'
Surplus
on
/
27,000 00
2,280,000 00
15,865,035 73
436,842 83
Federal
change
$24,013,225 97
U. S. Certifi-
14,555,691 28
and
Bankers
Checks for
Clearing
House
6,
Cash on Hand
and Checks
for Clearing
House
Due from
450,000 00
on
;
>
J.
E.
A. Shedd
& Co.
THORNE
CHARLES
H.
WACKER
President
Chicago Heights Land Association
SePTr 17
THE
1921.]
i&teitfe Statements
JSanh Statements
JStanfe Statement*
REPORT OF THE CONDITION
Cash items,
at
for
Stock and bond investments, viz.:
Public securities
$2,524,837.93
180,000 00
Private
Ac-
Loans
—-—
191,636 20
Cash and Due from Banks--
7,006,414 97
collateral
14,509,676.52
——
26,355,020.88
446,600.00
'
.
buildings
Dividends Unpaid
contra)......
$8,790,124.36
254,860.70
on
Deposits
350,000 00
Interest
tered on
40,080,282 35
-
-
Accrued
of
A.
HAUGAN
H.
HAUGAN
HENRY
Total
J.
LINDSTROM
MELLANDER
PAUL C.
JOHN D. CAMPBELL
N.
JOHN
LEROY
due
of New York
companies,
lO.Tvr.w* *8
banks and bankers..
29,250.71
50,015,353.96
Extend total deposits.5..-.-.-
as
Other liabilities, viz.i'"
Reserves for t^xes,
ex¬
$305,4.29.00
penses, etc
Accrued Interest entered
1,109,491.13
'
r
•
business
1,000,000.00
...
books at close of
on
date—
Estimated
intendent of Banks of
above
on
—
discounts
State of New York..
494,699.27
-
.
' *
33,583.30
unearned
—
20,000.00
833,711.57
Other deposits secured
by a pledge of assets.
GODDARD
1,874,503.20
Total-
Deposits
Time
subject
.
—
$68,320,190.61
-
to
check
LANQUIST
49,228,233.09
deposits,
posits,
PETERSON
certifi¬
other
and
cates
the
REPORT OF THE CONDITION OF
de¬
payment
,
;
POOL
ly be required within
of the City of New
176,681.38
thirty days
Demand certificates of
RESERVE SYSTEM.
Bank
National
First
of which cannot legal-
CHARLES PIEZ
-
....
Not preferred, as follows:
HAUGAN
HAUGAN
MEMBER FEDERAL
2,450,984.01
------
—
trust
Due
asso¬
Deposits by the Super¬
DOLE
B.
State
trustee, commit¬
depositary
Deposits by the State
A.
MARVIN
11,151,235.86
of
certificates
deposit
tor, guardian, receiv¬
H.
A.
v
of which cannot legal¬
Other
er,
OSCAR
WM.
York
deposits
HENRY
A.
•
$5,593,833.84
tee or
.
A.
State
executor, administra¬
DAU
9,243,554.65
ly be required within
ciations, credit unions
and Land Bank..
DAVID N. BARKER
J. J.
York
New
Other
to
posits, the payment
as
banks
savings and loan
DIRECTORS.
BOARD OF
subject
check
thirty days
New
Due
Cashier
Cashier
Cashier
Cashier
Asst. Sec'y
EDWARD L. JARL
949.890.84
not preferred,
follows:
Deposits,
deposits, certlficates and other de¬
$5,500,000.00
379,219.75
Preferred,
savings
Asst.
Asst.
--Asst.
Asst.
FRANK W. DELVES
13,800,205.16
depositary.
deposits secured
Time
follows:
Due
Asst Cashier
Asst. Cashier
FRANK I. PACKARD
JOSEPH F. NOTHEIS
$5,500,000.00
5,879,219.75
Deposits:
—Trust Officer
GAYLORD S. MORSE
guardian, re¬
or
Deposits
—Secretary
KNIGHT
E.
WILLIAM C. MILLER
$1,6.81,944.46
-
due as
adminis¬
deposits
Other
as
Capital stock...
Surplus:
Surplus fund
Undivided profits
Vice-President
Cashier
WALTER J. COX
SAMUEL
$95,462,270.63
LIABILITIES.
President
Vice-President
Vice-President
C. EDWARD CARLSON
AUSTIN
15,471,125.38
as
by a pledge of assets.
OFFICERS.
OSCAR
■
State
York
New
mittee
187,183.80
GODDARD-Chairman of Board
LEROY A.
•
ceiver, trustee, com¬
16,219.20
—$48,340,394 37
——
Jt>. i*
$2,000,000.00
—-
preferred,
Deposits,
trator,
—
date
Total
Capital stock
< v
executor,
en¬
above
on
.$68,320,190.61
LIABILITIES.
,
,
518,457.70
—
—
-
-
Savings Banks
books at close
business
viz.:
books at close of business
on
above date..
on
Other
$170,964.60
not
—
Bank building——
Accrued Interest
Real estate, viz.:
assets,
'
8,931,419.23
6,024,218.76
1,000,000.00
collateral.—
not secured by
entered
M
bills purchased
and
Bonds and mortgages owned—
Other
41,250.00
32,866,050.50
—J..
-i.-.
discounts
Loans,
Due
books at close of bus¬
iness on above date
Receivable Discounted
with Federal Reserve Bank
bond
deed or other real
estate collateral——Loans and discounts secured by other
mortgage,
follows:
Other assets, viz.: ;
.
Accrued interest entered
Bills
10,739,142.25
by
secured
discounts
and
-
8,535,263.66
191,536 20
Acceptances
$3,502,000.00
7,237,142.25
Surplus fund
--—$12,000,000.00
Undivided profits
3,471,125.38
ceptances (see liabilities
105 00
'
—
securities.-----
Surplus:
66,000 00
est
securities
Public
Private
H
2,551,916.21
per
v
$2,545,594.98
6,321.23
Less anticipations..
Inter-
invest¬
ments, viz.:
Total
Customers' liability on ac¬
667,000 00
Reserved for Taxes--
7,144.24
«
.
1,085,470 82
Profits
by other
by collateral
Other real estate......
3,500,000 00
Reserved for Savings
secured
Bonds and mortgages owned
$2,500,000 00
-
estate
Overdrafts
Bank
Undivided
discounts
Real estate, viz.:
Surplus (earned)
real
237,378.33
and
secured
LIABILITIES.
Capital Stock-
other
or
bond
and
4,499,652.17
._
collateral
Loans, discounts and bills purchased not
$48,340,394 37
-
4,167,497.66
collateral
1 '
f
deed
mortgage,
Stock
and
6,682,335.59
550,000 00
New Banking Premises——
offsets
Loans
Loans and discounts secured by bond and
2,624,646 68
Total-—
securities
698,742 26
U. S. Bonds and Certificates
Other Bonds
on
3,812,830.60
__
Reserve
Customers' Liability
ceptances
7,636,550.82
New York less offsets..
Due from other banks, trust companies
and bankers
7,793 94
4,600,000.00
depositaries,
Due from approved reserve
less
\
$100,000.00
Bank of
New York, less offsets
$22,998,762.01
39,915.74
23,038,677.75
$37,081,260 42
Loans and Discounts
V-
RESOURCES.
Due from The Federal Reserve
Due from the Federal Reserve Bank of
Overdrafts
the 6th day of
business on
__September, 1921.
..
Specie (gold certificates)
day's clear¬
Other cash items
RESOURCES.
Stock
of
Federal
Bank of Chicago
v
checks
ings
of Business
1921.
Close
the
and
next
close of
the
1,388,315.00
viz.:
Exchanges
Washington Streets
at
$82,377.23
—
Other currency authorized by the Laws
of the United States..
OF CHICAGO
September 6,
OF NEW YORK
RESOURCES
Specie
Statement
UNITED STATES TRUST COMPANY
1921:
STATE BANK
CONDITION OF THE
OF THE
REPORT
of September,
at the close of business on the sixth day
LaSalle and
OF
THE BANK OF AMERICA
Report of the
Condensed
XXIII
CHRONICLE
deposits.
118,077.78
*
At
York
September 6, 1921,
the clo3e of business
Other certificates of de¬
RESOURCES.
122,866.99
posit
.151,723,096.5
447,431.1
9,829.05
U. S. bonds to secure circulation.......
7,569,000.00
All other U.S. securities
48,215,006.81
Other bonds, stocks, securities, etc
69,006,729.33
Banking house——
12,208,000.00
Discounts and time loans
withdrawable
Deposits
Customers' liability account acceptances
only on presentation
of
Cashiers'
Second National Bank
OF THE CITY OF
i''l
* <
' 1#
V.
I-
RESOURCES.,
Certified
«•
*
204,805 11
$26,234,157 35
profit^-
Undivided
Unearned
Circulation
U. 8. Bond Liability.——
Due Federal Reserve Bank
Other Liabilities
...
WILLIAM A. SIMONSON,
EDWARD H. PEASLEE,
WILLIAM PABST,
'
f
.
.
Due from
Federal Reserve
22,010,046.72
-
-
83,905,677.32
,
$158,835.08
$263,084,770.14
*
LIABILITIES.
above
on
Capital.52,206.44
date
tered
books
at
business
on
on
of
close
172,962
50,000
636,597
685,000
900,000
204,812
—
Circulation
Deposits,
- -
.....
Individuals—.156,958,603.09
4,750,300.00
196,441(594.38
$95,462,270.63
Total
»
——
233,380.01
-
13,650,126.91
7,239,897.50
banks.....—$54,726,691.29
U.S--
Estimated unearned dis¬
payable
Bonds borrowed
Bills
9,000,000.00
—
220,000.00
—
Reserved for taxes...
Acceptances
54
00
50
00
,.,.
1,085,720.24
447,431.11
-
—
$263,084,770,14
jfor &>ale
I,
00
43
FRANCIS $L.
HINE,
President of the above
the above state¬
Is true to the best of my knowledge and belief >
named bank, do solemnly swear that
ment
$26,234,157 35
President «'
Vice-President,
Vice-President
,
Profits
13,588.85
above date
I...-$10,000,000.00
25,000,000.00
-
Surplus...
Accrued interest not en¬
$5,865,849 79
Vice-President u-<
.•<
Cashier j
EDWARD H. WEBB,
Assistant Cashier i
JOHN H. HOVERMAN,
Asst. Cashier
ROBERT E. SHOTWELL.
Asst. Cashier
CHARLE8 W. CASE,
—
Bank-ex-
&c
We
/
ARTHUR L. BURNS.
taxes,
458,010.38
17,718,935 09
-
Taxes
—------Discount.—
Reserve for
banks
Demand loams—
8,790,124.36
counts
—
Deposits
for
business
LIABILITIES.
and
10,000.00
12,798,004.49
3,657,165.13
44,577,328.59
Exchanges—
books at close of
on
'
f?
Surplus
of
Treasurer
States
Accrued interest entered
19,830,457 16
Capital.
from
Due from
839,807-00
|
—
Reserves
penses,
Banking House
-—
74,834,916.14
credit
ters of
,
Assets
Due
Other liabilities, viz.:
$5,076,944 09
56
—
$13,325.39
and bank
notes..
•»
3,628,668.68
Total deposits.^
»
1,415,932
32
Securities.-----
-
Acceptances of drafts payable at a future
date or authorized by commercial let¬
28
-
Specie, etc
Legal tenders
699.00
,
United
,,
?—*
Loansand Dlscounts$17,603,766
U. S.
Government
Securities.-810,758
Bonds
and
Other
Other
banks and bankers--
6, 1921
States
United
and
Bankers
758,617.88
10,958,638.80
checks
——
.
Cash on hand, tn Federal Reserve
Bank and due from Banks and
Treasurer
'
of
Unpaid dividends
Due trust companies,
Y.
1 >
Condensed Statement as of September
out-
including
checks
other officers
NEW YORK
Fifth Ave. and 28th St*» N.
'.
checks
standing,
similar
Overdrafts
215,353.66
passbooks
offer for sale
FRANCIS
a
L.
HINE,
President.
Subscribed and sworn to before me, September 13.
$150,000 1st mortgage 7% 20-year sinking fund
Bond
Water
issue
of
Middle
equity.
charges.
Population, 20,000.
O.
130 S.
B.
15th
Western
Net earnings about
$450,000
JOHN
city.
For data apply to
Philadelphia. Pa.
F. HENDRICKSONI
Notary Public N. Y. County No. 367#
4 times
LANSINGER & CO.
St..
1921.
N. Y. County Reg. No. 3281.
Correct—attest:
WILLIAM
GEO:
F.
H.
MOOREJ
BAKER,
JACKSON
E.
»
<
* ;*
REYNOLDS.
Director
XXIV
THE
CHRONICLE
[Vol.113.
IBank Statement*
National Bank of Commerce
in NewYork
Established 1839
STATEMENT
OF
CONDITION
SEPTEMBER 6, 1921
Resources
Loans and
U.
S.
Liabilities
$253,625,917.86
Discounts
of
Certificates
Capital Paid
In¬
Surplus.
debtedness
6,603,948.58
6,891,325.97
Other Bonds and Securities
Federal
U. S. Government Securities
1,500,000.00
Bills
Borrowed
Banking House...
Cash, Exchanges, and due
4,000,000.00
from Federal Reserve Bank
101,195,684.67
7,011,238.00
524,388.26
Due from Banks and Bankers
Accrued
Customers'
Liability
10,485,230.13
304,233,980.87
2,500,000.00
Reserve
Bank
Interest
Profits
Deposits
Borrowed
of
25,000,000.00
,
Undivided
U. S. Government Securities
Stock
$25,000,000.00
up
Reserve
Reserved
Taxes
Bank
for
Letters
Letters of Credit and Ac¬
6,000,000.00
and
Interest
Accrued
Unearned
under
2,500,000.00
Payable with Federal
4,279,454.08
Discount
of
Credit
1,951,140.68
and
Ac¬
ceptances
30,717,773.14
ceptances
Other
33,770,470.72
Liabilities
1,350,000.00
$414,570,276.48
$414,570,276.48
PRESIDENT
JAMES
S.
ALEXANDER
VI CE-PRESIDENTS
J.
HERBERT
HOWARD ARDREY
J08EPH
GUY
LOUIS A.
BRODERICK
A.
DAVID H.
EMER80N
E.
JOHN
SECOND
HARRY
P.
P.
G.
LOUI8
P.
I.
FARI8
ROGER
F.
CHRISTENSON
EDWARD
MAXWELL
MEYER
CLARKE
H.
E. WARD
H.
RAWL3
EVERETT
E.
HENRY
STEVENS
CASHIER
ROY
RUSSELL
H. WILLIAM8
VICE-PRESIDENTS
BARRAND
FRANZ
R.
STEVENSON
PENNY
ROVENSKY
ARCHIBALD
JAMES
HOWELL
KEIDEL
C.
RISLEY
AUDITOR
PASSMORE
ALBERT EMERTON
DIRECTORS
JAMES S. ALEXANDER
FORREST
F. DRYDEN
JOHN W. DAVIS
CHARLES
E.
WILLIAM A. DAY
HERBERT P. HOWELL
VALENTINE P. SNYDER
HARRY B. THAYER
DUN LAP
JAMES TIMPSON
HENRY W. de FOREST
THOMAS WILLIAMS
ESTABLISHED
THE COAL & IRON NATIONAL BANK 6ARHELD
OF THE CITY OF
Condensed
Statement
at
Close
NEW
731,344.69
Cash and Exchanges.
2,580,007.81
Furniture, Fixtures and Bank Im¬
provements
of
Etc
Capital
$1,500,000.00
Surplus and Undivided Profits...
for
Taxes,
Interest
55,363.58
and
Contingencies...
Circulation.
441,414.16
1,451,140.57
Reserve for Unearned Discount
Reserve
105,317.83
Letters
Acceptance
Rediscounts
117,568.15
on
Customers.
U.
S.
418,974.83
Liberty
595,701.07
Deposits.
13,937,643.07
$18,484,191.27
JOHN
T.
ADDISON H. DAY, Cashier
WALLACE A. QRAY, Asst. Cashier
$18,484,191.27
ALLISON DODD,
Capital
-
$1,000,000.00
-
Surplus & Profits
Deposits
-
-
1,658,889.59
15,302,202.65
-
Total Resources
18,737,455.71
OFFICERS
RUEL W.
POOR
HORACE
F.
ARTHUR
W.
RALPH
President
POOR
GEORGE G.
Vice-President
SNOW,
2d Y.-Pres. & Cashier
MILNE, JR.
3d Vice-President
,
T. THORN
WILBUR
C.
GEORGE
W.
Ruel
Asst. Cashier
HUSK
Asst. Cashier
Asst. Cashier
MacDONALD
W.
Poor
President
Vice-President
WILLIAM H. JAQUITH. Asst. Cashier
ARTHUR A. Q. LUDERS, Trust Officer
Member New York Clearing House
Association
CITY
DIRECTORS
SPROULL. President
Depositary of the United States, City of New Yo-k
BANK
ST.
1921
407,800.00
_
a-c
Bonds
DAVID TAYLOR, Vice-President
23RD
September 6 1921.
LIABILITIES.
$14,626,106.7g
Due from Banks
Liability,
AND
Sept. 6,
Loans and In vestments
Credit, Acceptances,
NATIONAL
AYE.
NEW YORK
of Business
RESOURCES.
Customers'
FIFTH
YORK
1881
and State of New York
William H.
Gelshenen
H. J. Baker &
Thomas
»
D.
Bro.
Adams
Attorney
Robert
J.
Horner
William
N.
Mcllravy
Chairman of the Board
Barrett Co.
Joseph H. Emery
Pres. Emery-Beers Co.,Inc.
Horace F. Poor
Vice-President
Retired
Charles S. Wills
Albrecht Pagenstecher.Jr. Pres.Charles
T.Wills, Inc.
Pres. Mfra. Paper Co.
Charles H. McDowell
Esmond P. O'Brien
Pres. Armour FertilizerWks
Yiee-rres. U. S. TTo**~an
Arthur
Co.. Inc.
Vice-Pres.
W.
&
Snow
Cashier
SiPT.
17
1921.]
XXV
®ru«t Companies
of New York
140 Broadway
FIFTH
AVE.
OFFICE
Fifth Ave. and 44th St.
MADISON
AVE.
LIVERPOOL
LONDON
GRAND
OFFICE
Madison Ave. and 60th St.
PARIS
ANTWERP
BRUSSELS
Condensed Statement)
ST.
OFFICE
Grand
2 6 8
St.
HAVRE
CONSTANTINOPLE
September 6, 1921
RESOURCES
Cash
on
Hand, in Federal Reserve Bank
and Due from Banks and Bankers
>>$140,655,042.81
_
U. S. Government Bonds and Certificates.
34,334,744.98
24,254,160.72
30,780,662.43
331,835,774.41
2,674,016.67
2,008,068.16
Public Securities
Other
Securities
Loans and Bills Purchased
Real Estate Bonds and Mortgages
..-J.
Foreign Exchange..
Credits Granted
on
Acceptances..
Real Estate.
25,176,540.91
8,658,083.41
,
Accrued Interest and Accounts Receivable
10,233,241.90
$610,610,336740
~
LIABILITIES
Capital.......
.......
$25,000,000.00
........
15,000,000.00
......
Surplus Fund...
Undivided Profits
1,131,464.93
.........
$41,131,464.93
Accrued Dividend
.....
...
550,000.00
....
Accrued Interest Payable and Reserves for Taxes and
Expenses, and Other Liabilities ____i
Notes, Bills, and Acceptances Rediscounted with
21,324,262.72
Federal Reserve Bank
Notes Secured
with
Federal
50,250,462.85
by Liberty Bonds Rediscounted
*
Reserve Bank
Acceptances—New York Office
Foreign Offices..
Outstanding Treasurer's Checks
Deposits
6,808,500.00
19,905,208.81
5,271,332.10
17,103,134.55
448,265,970.44
....
_
$610,610,336.40
UNION EXCHANGE
NATIONAL BANK OF NEW YORK
Fifth Avenue and 21st Street
Condensed Statement Sept.
MELLON
6, 1921.
NATIONAL BANK
PITTSBURGH
RESOURCES
Discounts
Bonds and Investments
Loans and
$15,001,665.33
608,812.21
505,259.37
567,816.38
3,655,308.86
U. 8. Government Securities
Exchanges for Clearing House
Cash and Reserve
$20,338,862.15
LIABILITIES
$1,000,000.00
1,647,968.45
Capital
Surplus and Profits
Circulation....
383,897.50
Acceptances & Other Liabilities...
Deposits.
1,413,973.09
15,893,023.11
$20,338,862.15
SYDNEY H. HERMAN,
LOUIS J. WEIL,
ARTHUR D. WOLF,
FRANK C. CAMPBELL,
GEORGE B. CONNLEY.
EDWARD J. DONAHUE.
WILLIAM MINTON,
ROBERT SHERWOOD,
President
Vice-President
Vice-President
Vice-President
Cashier
Assistant Cashier
Ass*-*-"* Cashier
Assistant Cashier
STATEMENT OF CONDITION AT THE
Loans and Discounts
United States Obligations
Other Bonds and Investments.
Overdrafts
Cash and Due from Banks---
l
$54,585,824.21
17,935,024.85
24,024,480.86
-
-
21.98
14,389,154.92
$110,934,506 82
.
LIABILITIES
Capital
Surplus and Undivided Profits
ReservesBorrowed from Federal Reserve Bank
Circulating Notes
;
/Banks
....—$21,118,740.74
Deposits!Individuals
62,194,971.58
.
$6,000,000.00
5,655,473.11
3,921,421.39
6,770,000.00
5,273,900.00
.
—
1921
CLOSE OF BUSINESS SEPT. 6,
RESOURCES
83,313,712.32
$110,934,506.82
,
[VOL. 113.
CHRONICLE
THE
XXVI
JSarrtt statement*
-14
W^Wigiit^wil •*
^ -ftMwW&v
^arc^u.,
W/*d«4-j*fceWM«*»«-Afcb-%.;^^i««wui#ab^^
Is
NATIONAL CITY BANK
THE
7 ■
'
»/V {«*>
w'.-
.^irfrE:
1tA still.
{
5
'j frf jf"% ' ■ '&
.
;";::;
;-
CAPITAL,
:
^
■>
*
fl
w
..
' ~j±
.
y^*"i
tfer
BRANCHES
"..••• "V «f. y
I
■
*Vi" ,f%
.
'
.
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•:
September 6,1921
1 ?
ASSETS
V67.*b£0T
.
;3r
.
Condensed Statement of Condition as of
|
It
' '
'
;,
.•
/YORKTR! *■«
JW-"
:+>
AND
•'«■*•
It
■
P: OF;NEW
?
f
i'f dlv.v'-.
*'1,
.*,*■
U
"
■
.
£*■•#* &*>?*> Ff a""'-.
*
«•; f,
•;; *.
r'
r
V?
'rt
Federal Reserve Bank, due
;;i.
•■*?■ *'
SURPLUS,0 ,Tc ifroni Bank*, Bankera and U. S. Treasurer . . $182,229,246.33
arrLn.
™.
V "t Acceptance* of other Banks »*; /, n j*:.;
•
».' r
2,121,469.26 $184,350,715.59
CASH
Hand, in
on
{!
i
IJ
UNDIVIDED
Loans and Discounts
H
PROFITS
J
L\ r-j,
$106,352,654.07
.
.
*..»€• :V- 'r :*! '}»: f..i
.
$513,697,316.77. >i
•
and Securities
United States Bonds, other Bonds
Stock fa Federal Reserve Bank
Banking
...
.
33,887,787.35
-
•
•
•>
t»i
(••
.
r„
,.
•
•
House
vfl?'
«
.
V
f#
»•'
•*
•
1#
'•!
a
TOTAL»
1. *7-1 :■» r e. 1 J i: 1
,.*i"f h
i'i
-it.
?-',.'
I
H *■
:"C'*{
<'' '-
'
&
J
-
■i.
1
";
V *
'"£■
t
_"•'.'
-
1!, t
;
'.
i
V
_
,.
I!
}
'•:
.
-.
Unearned Discount
e'".
-
....
.
.
.
.
..
.
sly^i*-.r.
.
•«.
.
"■
•1.' Circulation
/
.
'Endorsement
;
\IS •:,^'T
:
Office
.
.
.
.
Acceptances, Cash Letters
•%
Bonds
Head
^0«M
'&■*%%■■
Due to Federal Reserve Bank
....
Other Bank Acceptances and Foreign Bills
,-f
—
Borrowed
Other Liabilities
.
.
it5 1,230,597.50
^40,600,000.00
*.bMo»i
.,^4 ,..:
sold with our
.
^
*'p
of Credit and Travelers' Checks
Street T'V;
York-—-'—•'
•
.
.
.
II
-20,878^68.43
IS'
{i
C36,588,075.64
0-2,078,000.00
*
.
.
it
& 2,360,357.19
^>,r...vA
.
'
New
fi
.
TOTAL
1'
t
"
1
I
s
1
s
5
«
A J
I
!:
2,185,921.90
Wall
55
•!
U
$106,352,654.07
" 561,978,824.00
4 :4 7,593,277.49
fy-V{'»".*
-
'
:^ V f.;, < '., f •
'#
b.n^s
-'u
^
.....:
.
.
?«
j!
r
...v
.
.
.
.v. r\
.
^Reserves (for Taxes, Interest Accrued, et cetera)
:
f
'1 '-•
1 '
Undivided Profits
•Capital, Surplus and
Deposits
.
.
.
.
S
4 J
*>v t
'I
'
J'j.
$781,845,976.22
.
h
n..c-
'-
.'•' *■ *>
■'
L
r; i •, K';
>
LIABILITIES
•
?;
j. J',.'
L
j;]'
5,060,000.00
4,124,665.05
32,931,478.50
5^44,012.96
......
in
•f-,
i
550,135,104.12
2,550,000.00
.
Transit—"Foreign .Branches 4*^
Customers' Liability Account of Acceptances.
I tenia
|
U
$781,845,976.22
jf
t
>
■
•H:
i :'
*
'!
')
^
:
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V'
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r
:
tii.'
I
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.
■
■*-
'V. .C.
v
(
*
ri*
"S
f
'
BUILDING,;NEW YORK
n.
U' '
I.;.;
f:
-
-•
.:;f
n u tV7
-V|,
171
^
d
WOOLWORTH
<v'"i U
<"■ "f
"t
S i
\
i
rft
<»
■»
ii /1 :•
v
,;V;/
.
•
7
'i/i
iieY
-
r.;.
1
'j •>.'■
'-t
*■? to
>-*
fi j;•
;on.£
.
oiaiemem or
s^onai
Condensed\ Statement
of Condition,
September
,
^
\
Vault
in
Cash
>
^
i-V
•
'
1
' r1*
^
..7
ut-
RESOURCES
Discount
from
but
Collected
not
1,189,294.90
Earned
Reserved for, Taxes and Expenses„m X,143,454.89..„,
43,445,326.35
other Banks
$12,500,000.00
11,550,303.41
Surplus and Undivided Profits._
Clearing
due
0
Capital Stock
with &
and
for
and
House
*
LIABILITIES
Federal Reserve Bankr:$30,094,593.45
Exchanges
*4
V*. •%
\
ff-.' ^ Cm
"
CommerciaT" Paper " and''"
■
"
-
Loans
eligible for Re-dis¬
with
count
:
WUSUt* *4Wtwir Hi
r
*
•
serve
!
Federal
<t. \* 1H,
1V ^
Re-
uf f* A * ■**» f ^
Bank...
2,420,260.00 ~
this Bank and by ^;r ;, ^fr: ""
rT<hv,w4v8^Ryfy^w'iw<t^'i'*i'C'Oni6spoiDd6iits for its Accouilt/i .4 '' s' *' * m
73,844,831.03 $147,584,750.83
[a{ter deducting| ,$377|427.35 %>!'<{
IfVftU
-
'Circulating
Acceptances by
t
Otherpaqnt.ajld DtscountKn f T A f .1
M-fS
>" '
Call and Demand Loans,,.$18,591,907.30
Due within 30
;iDue 30 to
90
days.
21,720,888.76:
days
25,012,608.78
after;il80 days
521,983.60
Due 90 to 180
Due
t1 47,883,096.74
days
United States Obligations...
Other
Bank
Investments
Buildings
Customers'
_
_;
_
'Bank]-7- ' '18,003,207.03 '
f *3 ■?/"held by this
'214,373,006.795
t! ' i>-y
v
7 a
7 ; r";
| V ft
tr
.
f4,393,290.60 f
l'
-
9,844,153.84
b
f
,
j.f
Liability for Acceptances by
C'j-1- c
:' t..:
f-jf-r
lit-.-
-
r
L*'1
ft.'-'1*" V-f: —:
■
TOTAL
15,301,568.52
RESOURCES,La,...$261,179,627.02
{
i: -'Lr$
TOTAL LIABILITIES....—.
2
-rt.'o
■
■
-
■■
$261,179,527.02 r
—
%■%
nuj..t
.
*•
-
:f
Bank and its Correspondents [an- f'-*
ticipated $2,701,638.51]....1...i.r.£t
^>'4 / M
523,278.05
TTr„^rr__
■;
this
/
'
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j,.
1 83,732,485.18
'
.
I
WJ deposits...]
j..ii»imimi»»-|im,«<iiii>»iin«nn¥Mn(Miiaa—a»BWawW*WHHIff> i—r^nrvnxarKMwi nmutnoti
>«n» ■■ n irimnin snrnrrfrf
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T g-t
-
8~r.17.lMI.)
THB;Cll.BQSrCI#
®ruat Companies
«,n«-».™fjf
.,
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.
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W
.
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.
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j^1"
26 Broad
Main Office:
Liberty Office: 120 Broadway
V •'-'
'#W>
;•»'*
f;.
nf
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Jf.,l ;.''
•' ;.j Oh V
"
«*£■»
■
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•
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.*!«<,»♦.
alb
,,
' 41 '■*?>?
.7
St.44". 4o
-
Fifth Ave. Office: 57th St. & Fifth Ave.
?
/- \"U- S
i*.
■
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,
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-'
STATEMENT OF CONDITION
CONDENSED
Si
' iU
'
At the close of
ft-
:
'
■'•'
' '•
■
business, Sept. 6, 1921
•
r-j
'■•
*
,
,1
2■
Jfj
•?' •'•- *
tr
j!" 4 j'
">a\-»
i't
y \ "
'C~V$ ft
f:-;,'.'
...
,
V
Cash
' w.-
^v7;" 1
-;,
*>,
kl
,.
•
y£,
r
-S
•
' .;■!,
...
Hand and in Banks':5:7 V
on
jr
.
-'-7*
.$
21,439,664.27
.
.
.
17,912,090.64
Bbhds:''!ahOJt^HificatieS';of indebt-'^^^'i7/
ednesi««i^a.»rtyk^a ^2
.03 blt^l79,599.55
Exchanges for Clearing House
U. S.
Other Bonds and
Secu^itieM U
Lbahs aridtBills Purchased
j" *.
..
u
2H.X
aia«H
Bonds and Mortgages
Real' Estate^ 1
Bank Fixtures and
i
111 0,080,468.85
*«
v'
v#
•*-*.■
■
j,
■
''
;
i-v
;
.
•
j
.miihs ±
.
j
19,881,270.49
;* •*
'«%
j
lii * ni y ■i:>y & O
3. ,.t:J .'no. ,^r9 7]3*2 0.7 7
?
vMts'p^ftcefc^510,059.51
Aberued'Ihterest and Accounts-Recerv- bo.c 3.3'<:;iS ;ho¥'.y/3M
;.
able
..
.
,.
1,081,268.83
,
Customers'
Liability under Acceptances «.H
j
'&>.!&
I:
Letters of Credit
. •
.* j
•
'42,860,613.66
^ fand
W'.frfi',
TV', I*"v'-V ?'**
'i,«J_-,'rj.Vj 1*4
.
'r
"
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•.
,
O'O
O
>,»'
(
.
$191,257,008.42
-lrtf
i&M'-mvI '.*!)«
/.ti.tlcvisjtth
,
.I;v
j /iaQviijn —
^
"
*
.
;•*•'•••'•> i&ittutQttsA
€^§:HSiZ
Capital
..
surpio.
ab.y3iUd«dJ..;^^^.|:iTa^>iO.':»
Ob
.
.
.
.; ;
.
'
.f
*.
.
.
70;$
.
.
.
.
: io,ooo,ooo;oo
6,907,653.81
|f
49,605|00
]t
.rt^-'^4^321,768#50
!|
5,850,0QjDf 0 0
1^
\
(Liberty National Bank)
Reserve for
Taxes, efe?:jrV
Due Federal Reserve Bank of New York
'arable
•
*
**'•
.
".
.
.
.
.
.
.
'sv ,r'\
.
.
.
h,
■
1
10,000,000.00
' • 5
?:
r
^
■
2,383,159.19
12,941,717784
141,803,104.08
i
'
i
amrvh
VJ".r^'
)v
j
-1
*i
.
Kl
J
'f
CI.
~
«y4ti ^
O,
A
$191,257,008.42
.J
AX "•''•
J
.Ji«.
y
<-
»v
"
ta,
v.
4>
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i!
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.;
Circulation
Acceptances and Letters of Credit
,
:ii
LIABILITIES
Undivided ^Profits"
Deposits
.
V i,
1j W
*u.jt
Ji.
l.;»
k
j,»~r
CHRONICLE
THE
xxYin
QZxu&t Companies*
Condensed Statement of Condition on Sept. 6,
as
reported
the State Banking Department
to
RESOURCES
Cash
on
Hand and in Banks
..
Exchanges for Clearing House
.
.
$ 41,019,243.86
.
.
.
19,734,388.13-
.....
U. S.-\Governmeiit
.
New
.
60,878,207.4$*
13,920,247.6397,400,286.88
12,668,236.90
13,680,857.18
.
19,427,450.83
Demand Loans
Time Loans
on
.
•
•
•
•
*
•
•
•
U. S. Government Securities
Discounted
Other Time Loans and Bills
.
•
Securities (at market value)
York State and Municipal Bonds
.
I
(at market value)
Other Bonds
value)
(at market
Stock of Federal Reserve
Stocks
(at market'value)
.
.
Bonds and Mortgages
Real Estate
.
.....
Liability
.
.
Bank and Other
.
.
.
i
.
.
•
•
•
•
•
.
on
3,015,501.46
•
1,117,000.00
.
.
.
Accrued Interest and Accounts
Customers'
.
Receivable
Acceptances
.
8,908,772.22
3,511,704.46
.
.
12,299,777.00
.
#307,581,674.0$
LIABILITIES
Capital "
Surplus Fund
.
.
.
•
•
•
.
.
.
.
.
.
$ 20,000,000.00
11,250,000.00
Unpaid Dividends
Deposits
.
1,000.00
235,305,279.58
.
16,730,090.35
420,052.14
Checks
Certified and Other Outstanding
Accrued Interest
Payable
Reserved for Taxes, Etc.
.
.
.
.
...
Outstanding Acceptances
.
,
.
.
.
2,223,819.16
12,978.886.88
.
•
#307,581,674.06
Downtown Office: Fifth Avenue Office:"
r !j
j
410,375.59
Unearned Interest
16 Wall Street
^
8,262,170.36
Undivided Profits
at
42nd Street
Paris Office: 3 & 5 Place
57th Street Office:
at
Madison Avenue
Vendome
t.
I
I
Sept. 17
THE
1921.]
CHRONICLE
nit
XXIX
Companies!
TRUST COMPANY
OF NEW YORK
Alvin
W.
Krech, President
Condition at the Close of Business, September 6,
assets
:
Cash
1921
■
'
—
hand and in Banks
on
Exchanges for Clearing House..
Due from Foreign Banks
Bonds and Mortgages
Public Securities.
___
_
.
....
Short Term Investments
.
Other Stocks and Bonds
Demand
__
__
Loans
Time Loans
Bills Discounted
Customers'
Liability
..
on
Acceptances (Less Anticipations).
$25,887,902.37
18,848,773.59
9,385,895.74
1,652,600.00
13,041,425.87
6,259,373.59
20,939,332.86
35,455,438.22
23,116,298.70
57,958,224.52
23,726,413.50
3,406,742.56
30,253,050.94
.
Real Estate
Foreign Offices.
Accrued Interest Receivable and Other Assets
2,087,883.32
$272,019,355.78
liabilities
Capital
Surplus and Undivided Profits
Deposits (Including Foreign Offices)
Acceptances (Less in portfolio)
Notes Payable, Secured by U. S. Government Obligations
Notes Payable and Rediscounts
Accrued Interest Payable, Reserve for Taxes and Other Liabilities
.
.
.....
$12,000,000.00
...
...
...
...
16,817,531.32
201,391,413.53
26,336,578.14
7,536,000.00
31,375.00
7,906,457.79
$272,019,355.78
trustees
Charles B. Alexander,
Edward T. Jeffery,
'
Directory The Denver & Rio Grande Railroad Co.
Otto H. Kahn,
of Messrs. Kuhn, Loeb & Company
Alvin W. Krech,
#
A
Regent of the University of the State of New York
Albert B. Boardman, •
Messrs. O'Brien, Boardman, Parker & Fox, Lawyers
Robert C.
Clowry,
Director, Western Union Telegraph Company
Howard E.
Cole,
Secretary, Standard Oil Co. of New York
Henry E. Cooper,
President
James W. Lane,
President, E. W. Bliss Company
Arthur W. Loasby,
Vice-President
Frederic R.
Vice-President
Coudert,
of Messrs. Coudert Brothers, Lawyers
Cravath,
I
of Messrs. Cravath, Henderson, Leffingwell &
de Gersdorff, Lawyers
Franklin W. M. Cutcheon,
of Messrs. Cutcheon, Taylor, Bowie & Marsh, Lawyers
Paul D.
Bertram
Cutler,
John D.
Rockefeller
Cuyler,
Thomas De Witt
C°-
President, Standard Oil Co. of New Jersey
Averill Tilden,
J
N
Robert Goelet,
*
The Cord Meyer Company
George Wei wood Murray,
of Messrs. Murray, Prentice & Aldrich, Lawyers
Henry H. Pierce,
0f Messrs. Sullivan & Cromwell, Lawyers
Winslow S. Pierce,
of Messrs. Pierce & Greer, Lawyers
w
lftilln
Montdair
Chas. G. Meyer,
Blades
,.££1
Walter C. Teagle,
President, Ohio Oil Company
TiVfidnrinlr W
Hunter S. Marston,
of Blair & Company, Inc.
'
Vice-President, Merrill Cox & Co.
Director, Southern Pacific Company
Charles Hay den,
Henry Rogers Winthrop,
°f Messrs. Harris, Winthrop & Co.
Bertram G. Work,
President, B. F. Goodrich Rubber Co.
of Messrs. Hayden, Stone & Company
Henry E. Huntington^
Capitalist
37 Wall Street
222
Madison Ave. at 45th St.
London—3 King William St.,
E. C. 4
Broadway
Paris—23 Rue de la Paix
'f <»jr
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THE1 CHRONICLE
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(Market Value)
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%*'*
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■■,
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serve
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1,593,748.89
uwii l .r
-
5,687,000.00
Loans Heid for Customers
1,493,378.52
5>68,,000.00
487,108.10
4,495,197.50
Executed for.,...,
Bills Payable Federal
27,693,140.74
•' * "...
_
'■i"31-'. b
f
,
None
Bank
'j
'
114,162,710.88
DEPOSITS
8143,019,131.31
1143,019,131.31
A. ,1* AoVI,
■;.'
...
.
"LIABILITIES
Customers ii'i
D!U.
*%L
Liability
Acof Acceptances.„
CASH AND EXCHANGES.
1-;
■■'
(After deducting $1,298.34
L*.„. Held to, Customer,
;
«
^.tere1st
—
T
Circulation.** —*
Kxr
bv
—
notnmnvo'
Customers^
/
(Market
vm «*«.«!.
Va,ue)-
'profits.^.
Acceptances
11
Stocks
count
J 1 •
Unearned Discount
360,000.00
•'
wwva9
u,ViI
••
Reserve for Taxes and In-
6,555,000.00
Reserve :f)B
"l;
TCapital
(Market
StOCk.
a
ijyr/c# »r5fi 0/.4t;-oo-»j|
7,033,000.00
Value).
Other
i
i?-i
Loans and Discounts..... ?93,579,430.87
1
*ar-I?
ifjf* • I
AS OF THE CLOSE BUSINESS SEPTEMBER 6, 1921..
RESOURCES
Federal
j{"ft
j r?, -x_d2,r
/
,. .. .
.
1j
r',.;
ivbsnbyHsrw
npin','i
STATEMENT
CONDENSED
-
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Main Office, 149
L'
t
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t • ,*, "..',1
..
,
•.
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.
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.> •
t
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Broadway, corner Liberty St. A'
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Branchesi
Ninth Ave. and 14th St.
..
'!'•
Broadway and 18th St.
,
.
i'?
T(-f
:f
5th Ave. and 33d St.,
57th St. and 3d Ave.
Battery
39th St. and Seventh Ave.
Broadway and Howard St.
Bowery and Grand St.
?"A 'iwrf
'
•
it
86th St. and Lexington Ave.
:V
Broadway and 105th St. n
Lenox Ave. and 116th St. ;
125th St. at Lenox Ave.i t
;'!-
"
j:
H
Broadway and 144th St.
^5;,i v y-
iO
encourage
the opening
neighborhood thrift, we invite
of accounts in our SPECIAL
T DEPOSIT'iDepartment^/which
vSV'-'hAwS" S'£^
of
3
at each of
b «%L»H
-H
our
we
conduct
Branch Banks throughout the .Gity.^-.^
^
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Sept.1 17 1921.]
j
1
\
\
xxxi
CHRONICLE
THE
JBa^ Statements;
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Constant adherence to
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to offer generous terms to i
r>,V|..iWv'3A■* •. •&)''K:Y Sr-V'-siv' ■.
may
be seeking new banking connections
those who
this Bank
',:.-*>;
■'•*I &'•!'v/V'C vi' ^o % ,;i.noSJ
1784
ESTABLISHED
National Banking
>;»
*&T
:•>
_L;T.;ir,:. T, Ti
Association
48 Wall Street
Reportvof Condition, September 6, 1921
RESOURCES
Loans and
U.
Investments
0
r
.
H
•
S. Bonds to Secure Circulation
I.-*-!/.
1~>' <!»••-<■■• ^
j
•»**«»>,
„
I" ■*»«!»,
11.
/rV<-'r<—..p
Indebtedness
► .A>.
;
ft
'
$29,449,513 64
N 1,400,000 00
2,573,382 92
;
«,
I**!*
.It' t£iif ."CXWItf i **t"\
iWMwi WwM
Bankers
Due from Banks and
.,
.
Other U. S. Bonds and Certificates of
ftlfrf-r
lv
i
4,031,820 13
.
'
^4-tf-r; ,,lTt r i
Customers' Liability
on
Letters of Credit and Acceptances
Cash in Vault, Federal Reserve Bank
.
3,114,994 48
.
16,019,432 79
and Exchanges for Clearing House
$56,589,143 96
LIABILITIES
.
Capital
•
I''"
H.-.v'
■
•
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I 'A
■
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i"-
.
rr.
>t
Surplus and Undivided Profits
rf.,J
.w
•
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v..
f*
•*,
«C-
■
,
■
kw»
4*'--v
•
*
"!r
$2,000,000 00
$*
/h
.v:
<ni:;
i
7,333,780 72
.
606,087 11
Reserved for Taxes and Unearned Discount
Circulation
Letters of Credit and
.
.
...
.
Acceptances
.
(Including U. S..Deposits)
Deposits
1,364,750 00
.
.
;
•
.
-V
-
v.'
3,833,025 36
•
41,451,500 77
•
$56,589,143 96
( '
-
.
<
.
I
"'
.
i
i
DIRECTORS
.
HERBERT
LOUIS F.
HENRY
,SGGIRG.h
KIESEWETTER,
D. COOPER,
PHILIP T.
ROBERT
\
.
C.
President
WILLIAM J.
•
FRANK
Vice-President
.
.
DODGE,
President
.-
.
.
C.
President Munson
WALTER
:
.
EUSTIS L. HOPKINS,
WOOD
Bliss, Fabyan & Co.
HENRY C.
JAMES B.
281st
LEVERICH,
MABON,
.
.
Consecutive
.
.
.
New York
/
.1
Steamship Line
Lawyer
SWORDS,
President Fulton Trust Co.
•WILLIAM
H. TRUESDALE,
Pres. Delaware Lackawanna & Western RR.
Mabon & Co.
Dividend
i'K
New York
Vice-Pres. Atlantic Mutual Ins. Co.
SAMUEL RIKER, Jr
SAMUEL T. HUBBARD, Hubbard Brothers& Co.
.CHARLES D.
•
PARSONS,
Madeira, Hill & Co.
.
.
MUNSON,
New York
Mergenthaler Linotype Co.
HILL,
MATIIESON,
will
be
paid
-on
October
Co.
1,' 1921
'
CHRONICLE
THE
xxxii
[Vol. 113.
©runt Companies
Jxfje Insurance & Jrtxst Cxr.
cur
52
WALL
STREET, NEW YORK
Receives Deposits
Subject to Check
Allows Interest
Daily Balances.
Will
or
on
otherwise.
Manages Property and Collects Income
Agent for Owners.
Grants Annuities
Close of Business
STATEMENT—At the
on
liabilities
Bonds and Mortgages
and Stocks, viz.:
2,912,513.24
*
Deposits.
Bonds
Public Securities (Inc. U.S.
Bonds $1,351,751.20)
Private Securities
Collaterals
--x-r
(Inc. U. S. Ctfs. $444,025.94)
Cash in Company's Vaults..
Cash on Deposit
Accrued Interest, Rents, Suspense Account, &c—
Bills Receivable
Overdrafts
....... ......
__
Annuity Fund
;
Interest due Depositors, Taxes, &c
2,641,156.53
8,945,774.22
2,025,074.76
.
261,678.61
5,618,355.48
3,376,225.94
1,847,088.00
949,650.14
269,054.63
56,977.25
—
,
$1,000,000.00
2,583,330.38
22,774,146.67
Capital
Surplus Fund and Undivided Profits
$2,027,434.94
Estate...
on
as
Favorable Terms•
September 6, 1921,
assets
Loans
on
Company of Moderate Size Which Makes a Specialty of Personal Trusts.
4 Trust
Real
for Fixed Periods and
or
Accepts Trusts created by
$28,644,230.42
$28,644,230.42
TRUSTEES
Howard Townsend
Edward J. Hancy
Stephen P. Nash
Frederic W. Stevens
Cleveland H. Dodge
Stuyvesant Fish
Baylies
Thomas Denny
Alfred E. Marling
Henry Parish
Lincoln Cromwell
Moses Taylor
Nicholas Biddle
Joseph H. Choate, Jr.
Paul Tuckerman
Edward M. Townsend
William M. Cruikshank
Edwin G. Merrill
Edmund L.
Columbus O'D. Iselin
W. Emlen Roosevelt
EDWIN
PARISH,
HENRY
W.
ZEGER
J.
LOUIS
ERNEST
van
H.
MERRILL, President
JOHN
Vice-President
ZELM,
van
G.
ZELM,
COOK,
Lewis Spencer Morris
C.
VEDDER,
ALGERNON J.
Vice-President
WILLIAM
Vice-President
CHARLES
Vice-President
Secretary
PURDY, Asst. Secretary
B. AUSTIN, Asst.
ELDREDGE,
Secretary
Asst.
Secretary
Jiank Statements
National Bank
257Broadway'Opposite CityHall
Statement of Condition,
September 6, 1921
LIABILITIES
RESOURCES.
Cash,
Exchanges
and
Due
from
Federal Reserve Bank.
$3,896,914.95
117,813.36
Due from Banks and Bankers
U.
S.
Bonds
and
Certificates
of
Indebtedness
Loans and Discounts
1,084,268.95
14,459,331.44
1,697,961.06
32,565.97
i
Other Bonds, Securities, etc
Interest Earned but not Collected._
$1,000,000.00
1,144,355.43
Discount Collected but not Earned...
79,266.76
Reserved for Taxes
36,743.00
Circulation
238,400.00
U. S. Bonds Borrowed
116,100.00
.691,084.17
Acceptances Executed for Customers
Capital Stock
Surplus and Undivided Profits
Due Federal Reserve Bank—
Customers'
of
Liability under Letters
Credit and Acceptances.
Bills Payable and Rediscounts
secured
664,184.41
v
by U. S. Govern¬
ment Bonds
.
Other Rediscounts.«
$1,342,778.33
1,000,000.00
Deposits.
2,342,778.33
16,304,312.45
.
$21,953,040.14
$21,953,040.14
\
Commercial and Travelers' Ci'edits issued but not drawn
against
Phineas C.
Herman
Lounsbury,
D.
.
Chairman
President
Kountze,
Edward K. Cherrill, Vice-President
Gilbert
Kimball C. Atwood, Vice-President
Charles F.
Frank
E.
Andruss, Cashier
John
H.
Brennen,
John
H.
Trowbridge, Asst. Cashier
Asst.
$915,923.71
John
Cashier
P.
H.
Johnson, Vice-President
Junod, Vice-President
Laird,
Hugh M.
Asst. Cashier
Garretson, Asst. Cashier
George M. Broemler, Mgr. Foreign Dept.
/
SEPT. 17 1921.]
THE
XXXIII
CHRONICLE
financial
Bteftenbg
281gt Consecutive Dividend
The Bank
National
A
of New York
AND SUBSIDIARY COMPANIES
quarterly dividend of five per
(5%) kas been declared by the
cent.
COMPANY
THE ATLANTIC REFINING
Banking Association
Profit and
Consolidated
Loss Statement for
.
Board of
Directors, payable on and
after October
of record of
1,1921, to stockholders
Gross
September 20, 1921.
FRED'K C.
Income from
Less
METZ, Jr., Cashier.
Raw
Ended June 30,
Months
6
Operation & General Expenses
(not
54,709,808 14
including Depreciation & Depletion as below)
"
i
$54,753,224 46
Operation
Material,
■
1921.
September 13, 1921.
$43,416 32
BANK
THE SEABOARD NATIONAL
OF THE
CITY OF
Add
325,233 18
Other Income.
NEW YORK
$368,649 50
15, 1921.
declared the regu¬
lar quarterly dividend of three (3) per cent, pay¬
able
on
October
1,
1921, to stockholders of
record on September 23, 1921.
C. H. MARFIELD. Cashier.
New York, Sept.
The Board of Directors has
Deduct Interest
on
338,000 00
Funded Debt.
Profit (before usual Reserves
for Depreciation, Depletion,
etc., & for adjustment of Inventory
Deduct Depreciation
Hie British Bank of South America, Ltd.
$3,350,934 05
309,907 98
Insurance & Other Reserves
LONDON
$30,649 50
values)
& Depletion..
8,144,850 65
4,484,008 62
Adjustment of Inventory at June 30,1921
The Board of Directors hereby give
Loss for the period
notice that they have this day declared
a
dividend on account of FIVE PER
CENT.
of
up
'share) free
income tax, on £1,000,000, the paidcapital of the Bank, payable on
(Ten Shillings
September 23rd,
after providing for the usual Reserves
per
$8,114,201 15
of Inventory values
and for adjustment
$66,362,073 94
Surplus, December 31, 1920
Adjustment of Surplus not incident to
1,632,711 48
period J
current
1921.
The British Bank of South America, Ltd.
L. G. BALLY,
Secretary.
$67,994,785 42
;
Less Dividends declared &
1,205,100 48 66,789,684 94
paid
By The Bank of New York, N. B. A.
Attorney in New York.
v
.$58,675,483 79
Surplus, June 30, 1921
London, August 25, 1921.
Philadelphia, September 10, 1921.
CORPORATION.
UNITED DYEWOOD
New
York, September 8, 1921.
Preferred Capital Stock Dividend No. 20
Capital Stock Dividend
Common
No. 20
The following dividends on the stocks of this
Corporation haye been declared:
A dividend of $1.75 per share (from a sum set
aside for the payment #f $7.00 per share for the
year 1921) on the Preferred stock, payable Octo¬
ber 1, 1921, to Preferred stockholders of record at
the close of business, Thursday, September 15,
1921; a dividend of $1.50 per share on the Com¬
mon stock, payable October 1, 1921, to Common
stockholders of record at the close of business,
Monday, September 10, 1921.
Superior Oil Corporation
OLD DOMINION TRANSPORTATION CO.
CONSOLIDATED PROFIT AND LOSS
ACCOUNT
The Transfer Books will not be closed.
Checks will be mailed by the New York
Three Months
Trust
1921.
Ending June 30,
|
Company of New York.
DE WITT CLINTON JONES, Treasurer.
Gross Income
- — -
The
clared
directors
a
this
of
dividend
of
Corporation
corporation
1 y£%
on
Depreciation of Plant & Equipment
de¬
preferred
have
the
common
stock are
stockholders
of
September 20,
Depletion of Producing Wells..
payable October 5, 1921, to
at the close of business
Gross
record
A.
Operating Loss
Other Income
4.
—
—
$186,834.16
4,327.53
—
—
COOLIDGE, Treasurer.
Net Loss for the Quarter...
CONSUMERS
LIGHT AND
New
60,095.54
598,197.53
1921.
L.
—
General and Administrative Expenses
They have also declared a divi¬
dend of 50c. pa* share on the common capital
stock.
The dividends on
both preferred and
capital stock.
.$411,363.37
..$202,650.30
146,617.78
—
188,833.91
Operating Expenses, etc
United Shoe Machinery
- -
ELECTRIC
POWER CO.
$182,506.63
—
SUPERIOR
OIL CORPORATION,
E.
J.
HENRY, Secretary.
Orleans.
regular quarterly dividend of One and
three-quarters per cent (1H%) on the Preferred
stock of the Company has been declared payable
September 30, 1921, to stockholders of record
September 9, 1921.
The transfer books for the
Preferred stock will be closed at the close of
business September 9, 1921, and will be reopened
on October 1,
1921.
A. L. LINN, JR., Treasurer.
The
AOAVER
71
HUPP
.
September
20,
1921.
48
A. YON SCHLEGELL,
Company has
been declared, payable
1,
1921, to preferred stockholders of
Treasurer.
KAUFMANN DEPARTMENT
STORES, Inc.
Preferred Dividend No. 35
Pittsburgh, Pa., September 14, 1921.
day declared a Divi¬
dend of $1.75 per share on the Preferred Stock,
The Directors have this
payable October 1, 1921, to all holders of record
September 20, 1921.
Cheques will bo mailed.
A. JACOBI, Assistant Treasurer.
T.
C.
HARTMAN,
Treasurer.
record at the close of business September 17, 1921.
WILLIAM RESIER, Treasurer.
TEXAS
THE
COMPANY
DIVIDEND
Checks
will be mailed.
NO.
The
October
Detroit, Michigan, September 10, 1921.
The
Directors
have
declared
a
quarterly
dividend of l%% on the 7% cumulative pre¬
ferred stock, payable October 1, 1921, to stock¬
record
DIVIDEND
STOCK
regular quarterly dividend of 1J£% on
Preferred Stock of the American Power &
Light
Preferred Dividend No. 24
of
the
EDISON ELECTRIC COMPANY.
STOCK DIVIDEND NO. 62.
regular quarterly dividend of 1 ^ % on the
Preferred Stock of the Duluth Edison Electric
Company has been declared, payable October 1,
1921, to holders of record of Preferred Stock at
the close of business September 21, 1921.
DULUTH
PREFERRED
N. Y.
The
MOTOR CAR CORPORATION
holders
&^!TrG?rr^o^i^ANY
New York,
Broadway,
PREFERRED
/
3Mbttent»6
©totoenbg
A
the
NO.
74
dividend of 3% on the par value of all of
outstanding
capital
stock of this Com-
Sany,
for which definitive stock certificates
ave
been issued, has
been declared payable
September 30th, 1921, to stockholders of rec¬
ord September 16th, 1921.
W. W. BRUCE, Treasurer.
August 23rd,
UNIVERSAL
The
1921.
TOBACCO
LEAF
CO.,
INC.
regular quarterly dividend of 2% on the
Stock
of
Universal Leaf Tobacco
Preferred
Company,
Oct.
1st,
has
Inc.,
1921,
to
been
Preferred
declared
payable
C.
BOARD
OF
DIRECTORS
Dictograph Products Corporation
THE
PHILLIPS,
open.
Dictograph Products Corporation,
(Signed) H.
DELANOIE,
of
1921.
Secretary.
OF THE
have this
declared a quarterly dividend of 2% on
the outstanding preferred stock of this company,
payable Oct. 15, 1921, to the stockholders of
record Sept. 30, 1921.
Stock books will remain
day
Stockholders
record at the close of business Sept. 22nd,
D.
CAROLINA POWER & LIGHT COMPANYPREFERRED STOCK DIVIDEND NO. 50The Board of Directors of this Company has
declared the regular quarterly dividend of one
and
three-quarters
(1%%) per cent on the
Preferred Stock of the Company, payable Oc¬
tober 1, 1921, to stockholders of record at the
close of business September 17, 1921.
WILLIAM REISER, Treasurer.
8e
t.
1
1.
THE! CHRONICLE
SttHftettbl
^financial
The 1921 Edition ,of
AMERICAN GAS & ELECTRIC COMPANY.
COMMON STOCK DIVIDEND.
--Act .-iily-,n- New York; September 12. 1921 .*•„»
A
regular quarterly dividend of
two and one-
half
per cent (2^%) " on the
issued and out-i
standing Common capital stock of American Gas
& Electric Company has been declared for the
quarter -ending
September
30,--1921,
payable
to stockholders of record on the
books of the Company at the close of business
October 1, 1921,
September-■ 17V; 19212
-
*'•*
FRANK
B.
*-*■ ■ ??*»•••:
BALL, Treasurer.
H:.'U MC:;
.
Of UK,
BOSTON
CHICAGO
I
101 Milk Street
,
BKISERk
rU'U
,Nau'»-al Bank BIJg.
"J/.<■ '
IU'UUCITY INVESTING COMPANY
•.(
;
•Mr,
.
i'61
Broadway
f"A
'i'? ib 4 ■ fatsb New- York*. Septemiber 15, 1921'v;.Jsd
The Board of Directors have declared a quar¬
terly dividend of one and three-quarters per cent*
upon the preferred stock of this company, payable
at its office on October 1st,
1921, to holders of
preferred stock of record on the books of the1
Company at the close of business on Septem-'
ber 2f>th, 1921.^i 0 2
>
A
i
G. F, GUNTHER, Secretary.
j
I
;lEHIGH VALLEY COAL SATES|CO)0
New York, (September 9, 1921,
Lehigh Valley
^T<u
The Board of Directors of the
Coal
GOODWILLIE & CO
Dividend
October
W. Adams Street
:
/"
CHICAGO
J
r
!
f
425
'
ARTHUR
1
;l
LEfiMEGOWEN
■--nf2'U:;UU'
f GOODWlLUE
EDWARD C. STODDARD
t
v
U£./>
and Treasurer.
A quarterly dividend of one and three-quarters
(1%%) per cent has been declared upon the
preferred stock of the Barnet Leather Co., Inc.,
payable October 1st, 1921# to stockholders of
record at the close of business September 23, 1921.
Checks will be mailed.
President
Vice-President u'
!
81
RAILROAD, INDUSTRIAL, MUNICI PAL
-;U bbbj1 BONDS
,
to
BARNET LEATHER CO., INC.
Fulton Street, New York City.
Sept. 12, 1921.
*
IN THI1 PURCHASE AND SALE OF
Two
1921,
W. J. BURTON, Secretary
FOR THE TRANSACTION OF A GENERAL BUSINESS
UUU-'
of
1,
will be mailed.
E. Water Street !v
1 MILWAUKEE
have this day declared a
Dollars
per
share payable
Company
those stockholders of the
Company who are holders of full share certificates
of stock, registered on the Company's books at
the close of business September 15,1921.
Checks
ANNOUNCES THE OPENING 07 ITS OFFICES AT
112
Sales
i
M.
,
H.
•• ,t
IIEYMAN, Treasury
MORRIS & CO., LTD.,
•
^
INCORPORATED.
- - v.-;J
September 9th, 1921.
t,
The Board of Directors of Philip Morris & Co.,
Ltd,, Incorporated, have declared a dividend of
two per cent (2%) on each share (par value $10)
on the Outstanding capital stock of the CoPporation, payable on October 1 /' 1921', t» the stock¬
holders of record at; the close of business on
September 19, 1921.» Checks will be mailed.
JOHN V. HELBERG, Secretary.
PHILIP
!
'
i
■
.
Treasurer
INTERNATIONAL HARVESTER COMPANY
A quarterly dividend of $1.25 per share upon
941,164 shares of common stock, payable
October
15, 1921, has been declared to stock¬
holders of record at the close of business Septem¬
the
ber 24,
v."
1921.
<
m
£
V
A TLTVTTP V
T>
Sept.
\
ft
AM
..
17/1921.]*•
A»i,4 .»l
T
Jk
THE] CHRONICLE
•
XXXV
^financial
is^Le? appointment
ofo$
^''W' i*>4» 4tjU
S?lk
bxecutor, He should be onewho will see that vour wishes are
carried ^ out lifaithfiifly,^ efficiently^;.
f of your gWill
7" :—17—
*
—TT'-"- T'
' "iu
■
■!<£
■
-/
fflV
your
i
%
.On
WJ
;■/>+? I1''rC
!,<
.
and
..>■
above all
this capacity
C0F--
For
'
'f.lV
.
L'nb.M-v/
.nt%V'. t iv
offer
we
experi-
our
*i
hi\a
Uavwix i>i.
jnl s-ijc-K iHtquuO
j*b'/ ..CT
,vr.rv:<
j-.,
impartially.
r^^'^'-nr !y*
.ie-i
rc.?;tc»c>
ja
v-l ir'WldDravntcO^1
•jit'
i--?-7-«Qu^ s3-^ust..Department i?wi^ jhir->
i!6
nish^ the > experience *ianfcM
in any
^.oia.
phase of its administration
aateuaT-'NcQt.setpementfji,~io
yha^mod taunt uxfiTviao
■■
.
i- \X.
.i
L> j
:
v>
V *
1! i
•'
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;
—
S-1
?-1
•if
;
Capital and Surplus, $7,000,000
mVV;
>•"?•»
W
'•••
:Atl
i^-^i''^Ai r:K^
,V, U
,
<xt,vk>4'' ■fiuwj&Z.i
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Ul
-J m
„
if
at
b'aiihO.
1
't M*;• ^
} <hvm% iw.i od
*:h1H
H'-
miiirdtv
:£&%
u:"u-,ISTiAit
v>•>afarci|./ii.-.j j,>;{;•;
-.J-
.
...
I m
t
.^■r^x It.-') /'iV^^yo^V:;
m&o-yMk»^
We®t MoilffOe Street,
i-ntz.
GhlCagOhil
-ai.V'»i-if?V
U,i
irwtityiX' '.l-r/i•'••;'.}i.u;>ssoD |n4a,;'q
i:jntoy-.^£
J - "lh:ud'
——
071, v!-5'
hn
HIGH-GRADE BONDS
Dillon, Read & Go. Interim Receipts
r":Ln,
i'TI;
oi.'-d .ti'hj
iviU'FOR-U*
t
...
i
f
*
on
,'H*
*
•
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{%'A' ■)
r.
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w
t
-v
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t ^
W'.t
'•
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j
t
ber 19th, for definitive bonds upon
Broadway, New|York/;«u
ROtfn °f tHe Bank8
■Oy/fl:
New York City
NATIONAL' SAFETY
FOR THEIR
1
v :
surrender of ;
•
the receipts at the office of
■
...
f;
!
r.
J
/
k:i;~; L:r
•
.
Central Union Trust
Over
.
Request
^,W I
_
100
f
t.
\
•i
Circular Free
:*K
Detroit; U nitedR ail way!"
v
Semi-Monthly Investment
s
,o^KjL'y ,-h.cnY.
■
-!f:V"i.
.
—
FOR INVESTMENT tcKiiz
1
.
.">i.«;v.fi:m\>.khz-bMVinbi<I. iih'-i•• ■,' noKnt»O■
A. HUGHES &CO.
..
M
'•
'I
;'
Company of New York
80Broadway. New York
use
PAPER
d
1,1
-
;;I V
u,
Dillon, Read & Co.
,v.-a
CHECKS
George La Monte & Son
61
Broadway
■•j;
^
'
New York
Notices;
GIVEN
that
I
the
undersigned,
CONSOLIDATED
TEXTILE
CORPORATION,
has
elected
to
redeem
all
of its Three Year 7% Sinking Fund Convertible
Debenture Notes, dated April 1 1920, and will
on October 1, 1921, at the. office of Mercantile
Trust Company,
No, 115 Broadway, Borough
of Manhattan, City and State erf1 New -York, pay
V.I
Dillon. Read & Co. Interim Receipts
r..
X
j'
J J V,
;»X
FOR
The Hanna Furnace Company
i
<r*
i
■$,
/. €11 A? \
t it
'r_a
'
'f A
'TUl ]*r
*-4
IC*9
*
1
#*"
'
i
i
i
1.
'
j
.
i'
j,,
«
\ .v
and redeem all of such
notes then outstanding at
102H % of the face value thereof and the accrued
interest then due, upon the surrender of such notes
with all interest
coupons thereto
appertaining
on
and
after said
date.
All
such
hereby required to be then and there
presented
for
payment
and
redemption,
may now
maturing
notes
are
and
after
such
redemption
date,
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 21, 1^21, but thereafter shall cease
and determine, as provided in the Trust Inden¬
ture under which the notes are issued.
New York, August 29, 1921.
on
'
■
%ix
be exchanged for definitive bonds up¬
receipts at the office of
surrender oflthe
«!From
to-wit,
CONSOLIDATED TEXTILE CORPORATION,
By F.
K.
rupprecht,
President.
i
... - henry B.
STIMSON, Secretary. -*
'
Central Union Trust Company of New York
SO
Broadway, New York
/
Dillon, Read & Co.
i
[VOL. 113.
THE CHRONICLE
XXXVI
jftnanctal
$1,500,000
Orpheum Circuit Inc.
Fund Gold Notes
iy2°/o Convertible Sinking
Due September 1, 1926.
Optional on 45 days' notice on any interest date at 103 and accrued
payable in Chicago or New York.
Interest payable March 1 and September 1, without
normal Federal Income Tax not in excess of 2 %.
Authorized $2,000,000. To be presently issued $1,500,000.
Dated September 1,
interest.
1921.
Principal and interest
deduction for
interchangeable denominations of Si,000, $500 and $100
Coupon Notes in
Convertible par for par at
option of holder into 8% Cumulative
Preferred
convertible into
Common Stock on the basis of 2 shares of Common for each share of
Preferred.
Both Preferred and Common Stocks listed on New York,
Stock of the Company,
Chicago and
CENTRAL
From the letter of
The
such Preferred Stock in turn being
Boston Exchanges.
TRUST
COMPANY OF ILLINOIS,
of the Company, we summarize as follows:
Mr. Martin Beckf President
Company controls through the
CHICAGO, TRUSTEE
ownership of practically the entire capital
showing of high
of the best known theatres devoted to the
class vaudeville, located in 36 of the principal cities in the territory
Chicago to the Pacific Coast and from New Orleans to Winnipeg.
stock of its subsidiaries, 46
The consolidated balance sheet
extending from
of the Company and subsidiaires, as of July 1,
1921, shows fixed assets, including land, leaseholds, buildings and equipment of $28,207,315.88, against which are outstanding $5,528,000 of bonds of subsidiary companies,
indicating an equity in fixed assets alone of $22,679,315.
The present note issue is the
only funded obligation of the parent Company and, as shown in such balance sheet
together with current liabilities of $563,754, constitutes its total indebtedness.
The Notes
are
followed by $6,765,000 par
value of Preferred and 549,170 shares of
Capital Stock, both Preferred and Common stocks being listed on the
York, Chicago and Boston Stock Exchanges, with a combined market value of
stantially $18,000,000, or 12 times the par value of Notes outstanding.
Common
Net
earnings for 1920, after depreciation, but before
New
sub¬
Federal Taxes, are stated as
of 30 times interest requirement upon Notes outstanding.
For the half year ended June 30 1921—the first six months being normally far less
profitable in the Company's business than the latter part of the year—such net earnings
after a depreciation and amortization charge of $446,153, but before allowance for
Federal Taxes, are stated as $784,550, or in excess of 13 times the half yearly interest
requirement upon the present issue. For the year 1919 earnings of the subsidiaries
$3,391,958,
or
in
excess
forming the present Company, before taxes,
as
depreciation and bond interest, are stated
$3,191,949.
The Trust Indenture
provides for
a
semi-annual sinking fund of $100,000 begin¬
ning July 1 1922, to be used for the purchase or redemption of bonds at not to exceed
103 and accrued interest.
Such sinking fund is sufficient to retire substantially 50%
of the entire authorized issue before maturity.
All legal details
passed
on
Audit by Messrs. Arthur Young & Company.
It is expected bonds or receipts
by Messrs. Pam & Hurd of Chicago.
Offered when, as and if issued and received and subject to
will be
ready for delivery
on or
approval of counsel.
about September 27,1921.
PRICE 98 AND ACCRUED INTEREST TO YIELD 8%
Central Trust Company of Illinois
125
W.
Monroe
St.,
Chicago
Richardson, Hill & Co.
Boston
•
♦
„
We do not guarantee these statements and figures contained herein, but
they are taken from sources
which we believe to be accurate.
Sept. 17
THE
1921.]
CHRONICLE
XXXVII
^financial
'
■
■K';,:;
$1,500,000
THE AUTOCAR COMPANY
6% SERIAL GOLD NOTES
Dated
Due, in Series of $250,000, December 1, 1921, and Quarterly Thereafter
September 1, 1921.
Callable
Coupon Notes in the denomination of $1,000.
Interest
as a
whole,
or
by series,
on
thirty days' notice, at 101 ^ and interest.
payable December 1st, 1921, and quarterly thereafter without deduction of normal Federal Income Tax
FREE
PENNSYLVANIA
OF
PERSONAL
Girard Trust
We summarize
as
follows from
The Company was
a
PROPERTY
TAX
OF
FOUR
up to
2%
MILLS
Company, Trustee
letter of David S. Ludlum, Esq., President of the Company:
incorporated in Pennsylvania in 1899, and is engaged, at Ardmore, Pa., in
1*^ to 5 tons capacity.
the manufacture and sale of commercial automobile trucks of
Over
90% of the Company's output is sold direct to customers through its Branch Sales and
which are located in thirty-one cities.
Service Stations,
Over 25,000
The
Autocar trucks
are
in
by
use
than 8,000
more
owners.
Company's balance sheet as of June 30, 1921, shows quick assets of $6,012,826.28, against
current liabilities of $3,338,847.23.
As the proceeds of these notes will be used to reduce
present current
liabilities, this issue will not materially increase the debt of the Company.
Inventory at Factory and sundries at Branches
is the
ever
Cars and parts at
lower.
are
carried at cost or at market prices, which¬
are carried at the same valuations as at
Branches
Factory plus freight.
The Company has
to
reduced liabilities $916,325.16 during the first six months of 1921 and plans
these notes
pay
as
they mature through the liquidation of present inventories at
Factory and Branches.
provide that
The Indenture securing these notes will
shall maintain quick assets equal to not less than 150% of the amount of
liabilities, including the principal amount of these notes outstanding, and any
The Company
its
current
First Mortgage
'
Bonds maturing within six months.
Cash, notes and accounts receivable shall equal not less than 50% of the face amount of
notes outstanding.
these
No mortgage
,
aries, excepting
on any of the present property of the Company or its subsidi¬
improvement mortgage on the property at Newark.
shall be placed
an
The annual net factory sales
have
grown
steadily from $1,017,052 in 1909 to $11,266,690 in 1920;
sales for the first six months of 1921
were
$4,486,038.
have averaged over $896,000 after allow¬
Owing to the general read¬
justment in values, operations for the first six months of 1921 show a small loss.
Since
April, 1921, however, the Company ha& been making an operating profit.
The manage¬
ment anticipates that earnings for the year as a whole will be reasonably satisfactory.
Annual net earnings for
ance
for
The Company's
amount
the past three calendar
capital stock is $5,061,800.
Cash dividends of not less than 10% upon the
have been paid during each of the last five years, in
of stock then outstanding
addition to stock dividends.
The books
years
depreciation, but before interest and Federal Taxes.
3% in cash has been paid for the first six months of 1921.
of the Company have been regularly audited by Messrs. Lybrand, Ross. Bros. & Montgomery.
Legalities in connection with this issue of Notes are subject to the approval of Messrs. Henry, Pepper, Bodine
A Stokes mnd J. Howard Reber, Esq., Counsel for the Company, and of Messrs. Roberts, Montgomery & Mc~
iookan, Coimsel for the Bankers.
.
"
SUBJECT
TO
PRIOR
SALE
WE
THE ABOVE NOTES MATURING
OFFER
AS FOLLOWS:
December
1,
1921,
to
yield
7%%
March
1,
1922,
to
yield
8
%
December
1, 1922, to yield
j__8^%
June
1,
1922,
to
yield.
.8
%
March
1, 1923, to yield
&lA°7o
Montgomery & Co., Inc.
133 South Fourth St.
Philadelphia
All information and statistics have been obtained
September 1, 1922, to yield
Redmond & Co.
Brown Brothers & Co.
33 Pine Street
Fourth and Chestnut Sts.
New York
kom sources
which
we
Philadelphia
believe to be reliable and accurate, but they
are not
guaranteed
CHRONICLE
THE
XXXVIII
i
y
:X rr itf
■
financial
'
ISSUE
NEW
[Vol. 113.
# ■■■
&'*U :
41
■,«.
<'^v; v.-. ;■
vi
>s*
-
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.
$2,000,000
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Stock Land Bank of Chicago
A
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Farm Loan Bonds
v'rf'
?•/••<;••;••> •
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JJ,-
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(ILLINOIS AND IOWA)
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Exempt from ail Federal, State, Municipal and Local Taxation:
by the U.S. Supreme Court and
Confirmed
Dated November
completely tax-exempt
as
the First Liberty Loan 3)^% Bonds
Issued under thfe Federal Farm Loan Act
1921
1,
Due November 1, 1951
Redeemable at the option of the obligor at par and accrued interest on November 1, 1931, or on any interest
date thereafter. Coupon bonds of SI,000 denomination,.fully registerable and interchangeable. Principal and
semi-annual interest, May 1 and November 1, payable at the bank of issue or at the Continental & Com¬
mercial Bank in Chicago, or at the Equitable Trust Company in New York City, at the holder's option
j
r.
The
.
'I
^
' M
■
.?
•
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following salient facts
r
,
are
SECURITY—These bonds
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,1*,
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*,
.
summarized from President Guy Huston's letter and the Federal Farm Loan Act:,
are
direct obligations of the First Joint Stock Land Bank of Chicago and secured
by deposit with the Registrar of the Farm Loan Bureau of the United States Treasury Department, of
United States Government bonds or first mortgages upon improved farms, not exceeding 50% of appraised
value of farm lands and 20% of the appraised permanent insured improvements thereon, in the states of
Illinois and Iowa, admittedly the finest agricultural section in the country.
have been approved by the Federal Farm Loan Board based upon the appraisals
their respective territories. In addition to government inspection of the
properties, the bank has had independent appraisals made by their own experts*,^,. .
..
jrK^T
Ail of the mortgages
U
of their
own
agents operating in
All bonds of the Bank are protected not only by an equity represented by at least 100% of additional
,
also by the paid-in capital stock of the bank carrying double liability; and the accumulated
surplus and'teserVesi';'.-^~A.ixf.v-;-'.v'V-'L
land value ?• but
The Bank's statement of Aug.
reserves
.of
$120,145.73.
31, 1921, shows
paid-in capital stock of $1,200,000 and surplus and
.;. f •.
,
;
'I.
a
-.I1'--
■
TAX EXEMPT FEATURES—We quote
.
.
hereunder fromithe actual bonds certified to by the Registrar of
Loan Bureau of the United States Treasury Department as follows:;
"This bond is
the act of Congress approved July 17, 1916, which provides that—Farm
Loan Bonds issued under provisions of this act * * * and the income derived therefrom,> shall
the Federal Farm
issued under authority of
be
from
exempt
We quote
Federal, State, Municipal and Local Taxation."
from the decision rendered by the United States Supreme Court February 28th, 1921, as follows:
"These banks
are
constitutionally organized and the Securities here involved
taxation."
from
are
legally exempt
^
GOVERNMENT SUPERVISION AND OPERATION—This Bank was chartered under the provisions of
the "Federal Farm Loan Act."
Under this act, the Federal Farm Loan Board exercises supervisory
Federal Reserve Banks. "
powers
the bank, similar to the Federal Reserve Board over the
over
The Federal Farm Loan Board of which the Secretary
of the Treasury is Ex-Officio Chairman, must
all loans and they shall appoint land bank examiners who shall examine and report the condition of
Federal Land Bank and Joint Stock Land Bank at least twice each year.
approve
every
In addition thereto the board is furnished with
and also
a complete record of bonds issued and mortgages deposited
monthly detailed statements of all payments of principal and interest.^
Although the operations of the Bank are thus rigidly restricted and supervised by the Government,
private ownership and management." 'u'-*}
!' "4
?
* *■"f
-
it is under
j
Its officers and directors have had many years
r
states
successful experience in similar operations in the
.(Illinois:andTowa) and the Dank has. paid regular dividends at the rate of 8%;^ irn., I.
'
By Act of Congress these bonds, prepared and engraved by the Treasury
Department?;
same
are
'
declared
instrumentalities of
the
United
States
Government,
legal investments for all
fiduciary and trust funds under the jurisdiction of the Federal Government, and accept-
„
Jv
able at
par
as
security for Postal Savings and all other (deposits of Government funds.
„
''5.. L
Price 101 and interest, to yield about
.v'v'.IJO i
P-Uti'JTJ
3VC»U
5^% to i 1931
and 5%% thereafter
.V
I.i
KT
Discountwilbeallowed attherateof 5H % per annum on the principal sum of the
*.
.
""
"
!c1;
JISU2 '
bonds from the date of payment to November 1, 1921,
from which latter date interest will accrue on the bonds. Interim certificates ready for immediate delivery
31
'
• •
^
KISSEL, KINNICUTT & CO.
14
WALL STREET '' '
'
'
r
NEW YORK
ui:•'
;
f
1
"
We do not guarantee the statements and figures
presented herein, but they are
' 'M
THE ROOKERY
CHICAGO
•
.
'
taken from sources which we believe
-
b>
t
•
•
be reliable.
XXXIX
Sept.,.17 ,3921.]
^financial
NEW ISSUE
ssmA usVA
'
w
"%
;>*
ft
,
,
>•.
,.
i.
■
ir&
|
.
■
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Fifteen Year. 8% Sinking Fund Gold DebentureBondsr
S>
JJ-aP
V^r
t'J -PS1 li®>3u
1MW.
.
September 1,
39 S **£k£>9J
■
it
a
Due September 1, 1936
1921
P. tV A K?'
& Co. in New York, Boston or Chicago, without deduction
Callable on any interest date as a whole, or in part in blocks of not less than
for Sinking Fund; at 110 during first 3 years, 107 H during next 2 years, i05 during 6th ;?*•'•<*year and thereafter decreasing
in each year to 100H the last year.
*►?!*?
•v
Interest
^
M j&
.
*Jh
Dated
| &c£a
.
payable March 1st and September 1st at offices of Lee; Higginson
for Normal Federal Income Tax up to 2%.
,1
j
$500,000, or
vjl'i&nxi
..'1
'oj5>V"!
r.'i *•••<? r#T
v'':: *>■» =
.
5
;if
f'rjorfctw T;v?nJ«:
^n.-
JH w vi»(■<11->:>>' f
7
Capitalization
w*
(Upon completion of present financing)
8% Sinking Fund Gold Debenture Bonds (this issue) $5,000,000
Fifteen Year
Preferred Stock
Common
.!
7% Cumulative,
Stock,
??!
-
>
f
Hi'lf7
iildm:
From
'
/
r
J
F. L. Jenckes,
letter of Mr.
a
,
C./i'IVm!
/?(
I
t
't ■; I'h'.i L.
jr«n
-ioVvf^r Ih j; Ifbuj 'AIJ-AIH Aik;
Treasurer, he summarizes as follows:
J-i
v!>
The Jenckes Spinning Company,
It is
of the country.
irers
one
o.bUlLuUU
7
7
.
II' U
MtA
sc
>}<>njuj cm:; h.hwim
•jhTiwM'mf ,4'ihU^-fi-/ •l^,,)V»"iMU: 4u;;)^n.7
BUSINESS:
4,094,100
r
H'l. t
f ■( I' I.'
incorporated in Rhode Island in 1883,
of the largest
an
out-
of its kind in the world, having
concerns
Iring spindles with! cdirhplete equipment* of complementary machiiiery and looms.
averaged $23,730,000 peir Year during last five years.-..ft! mod
317,000
Ill
Sales
ASSETS
:
"Total Net Assets
$19,454,643,
the
all
indebtedness other than these Bonds)
are
Total Assets are $22,728,368 or iiearly 2% times
of $8,273,:725r|^d(Mdi^g t^opds^ £urrent Assets
indebtedness
total
(after' deducting
3% times these Bonds.
or over
$9,697^72,3;materUU^^exceed-lhi^:total indebtedness^,^^3 aAQ,0
These
include
assets
Plant is carried
good will,' patents bt 'other intangibles.
no
below appraisal',' And inventories and purchase commitments
market levels.
il'y "! i it'tri.
at Approximately $3,000,000
at
are
under present
or
•
<■'
•
annual
•
V<~'i -> f-»t,v ;
.
s 4- t
U
,
requirements
interest
averaged $1,589,248
or
on
*
i
,s-
s xr
-
-»
.«
v * i
i.
.
30,11921;((before Federal Taxes but
last 5 fiscal years ending June
all ..inventory adjustments),
and
after,tfHterest
times
t 6.v> k*"<'
Profits
Net
PROFITS:
averaged' $2,081,346 per year or over 5
Net Profits after Federal Taxes
these Bonds.
nearly 4 times these interest charges.
'■* •••:"*«<i'I .OQ'U.OO^,^ 'no
Ij-unri'A»'\
Stability indicated by fact that,in the year^of^,depression^nding June 30, 1921, the
available net profits were more than 3 times these interest charges.
Profits since June 30
■xmhave been* at a higher rate and for the year ending June 30, 1922, are expected at least to
/
hldO
t-y
jihequal the 5-year
-
;average.;
rrii'-hr/f -"*■!»or-Y--i:
) Of] j l(rIlA
i'>
f;
funded debt otheir than these Bohds and has ample work¬
ing capital for its normal requirements.
(The Company expects to pay off all bank loans
Oout of "currents operations before Decembek'Sly 1921). i-The Trusts Agreemeht? provides,
that without the consent of holders of two-thirds of these Bonds, no mortgage may be
SECURITY ^
The Company has no
-
•w®yi io
ifplaced
,'y
upon any
a&u&sui "if'I
t^ff
the maintenance
SINKING
FUND
ift.
■
assets, etc.
or
'.i-Aanimurfjh 'JMii'l
'uii *s< »*t ,'j'to £
'vj'u.wfctu fajJl/UK
,'<"ihK ./» v.^kK
sufficient to retire before maturity 75% of entire issue.
hmttut Yt htm
./Tadv#
&hrso£l vvprta brIT WT .
t
There are now about 9,000,000 automobiles in the United
Sinking Fund
:
htia
yd
»u
regarding* a
of the real estate or plahts and also contains strong provisions
.rarii1
I-jii'J. v-i ;;i'M / wi'A to ib>! J A
-.ui u.'.t
ul Ju su-
STABILITY OF THIS INDUSTRY :
States which
*
require annually, for
lieved that aiifombbile tir«
than
!•
•
'fabric5
'•
•
We
'■
.v
Xi\
-1"' V V""«•
.ys'\)
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-
'■
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f
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•'
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■
•
f'i 9.*\'
TO YIELD OVERi 8.10%
cf
v'
Pi
t
'
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*
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^jL"
The above statements while not
'?
•
•
't
guaranteed,
»r». fPT J,
* I A ji
.
r
are
*
'
based
(■
f
nf
upon
»y i r
.
f
-•*» ■ t f'«J
f
-1
*rt
I
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'
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■
+
LEE, HIGGINSON & CO.
y,a.,
/V vr.ur/u &,\*t '\u
recommend these Bonds for Investment
p
>
■
It is beI
>r> v;bm:v»K»-) V.v
PRICE 99 AND INTEREST,
ft
■ft,
'«j*.».>
f
#m^^£^C£^a&iiiii^bkU6^{ar<U public
other principal line of cotton goods.
any
v.V.y.iV,v.X'*v rA
"
#»
replacement ^ilone, about, 27,000,000 tire^-
has'
•
t- », •„
t
a
jf ■1
.
.
■
i
.4
j^ l'. U i ^
HARRIS, FORBES & CO;
«
information which
«**
we
.
t
j
T
'
•
* <v "
believe to be accurate and
i .
'
reliable
,
|f
THE
xxxx
CHRONICLE
[Vol. 113.
^financial
New Issue
$2,500,000
Appalachian Power Company
Fifteen-Year 7% Secured Gold Bonds
Non-Call able
Dated
August 1, 1921
The Company
will
interest without deduction for any Federal Income Tax not in
agree to pay
pay
excess of
August 1, 1936
2%, which it may lawfully
at the source, and will also refund Pennsylvania Four Mills Tax upon application.
Summarized from a
Business
Due
letter signed by Mr. C.N. Mason, Vice-President of the Company:
The Company owns
and operates modern hydro-electric and steam-power
serving seventeen cities and towns in Virginia and West Virginia
with electric light and power.
Power is also supplied to public utilities,
manufacturing interests and mines in Virginia and West Virginia, including
stations
the famous Pocahontas coal fields.
Security
<
These Bonds will be secured by $6,000,000 (closed issue) General Mortgage
These General Mortgage Bonds will be a direct
Bonds, due August 1,1936.
mortgage on the entire property of the Company, subject only to the First
Mortgage Bonds.
The cost value of the physical property is largely in
excess
the
of the total funded debt of the
Company outstanding in the hands of
public, including these Bonds.
For the 12 months ended July 31:
Earnings
Gross
Earnings
Operating
Expenses,
1919
1920
1921
$1,435,725
$1,911,219
$2,502,116
683,861
1,092,406
1,408,549
$751,864
$818,813
$1,093,567
including
Maintenance and Taxes
Net
Earnings.
Annual
Interest
Charges
5% Bonds.....
on
$9,174,000
First
Mortgage
458,700
....
Balance
Annual
$634,867
Interest
Bonds
on
$2,500,000 15-Year 7% Secured Gold
(this issue)
'f.
175,000
—
Franchises All franchises afford
satisfactory working conditions and are free from any
objectionable features. All of the Company's transmission lines are on right-
of-way owned by the Company
or
in which it has
a
perpetual easement.
Purpose
of Issue
To retire
an
equal amount of Ten-Year 7% Bond Secured Gold Notes.
All
legal matters In connection with the issuance of these Bonds will be passed upon by Messrs. Murray, Prentice & Aldrich of New
York, for the Bankers, and Messrs. Curtis, Mallet-Provost & Colt of New York, for the Company.
The accounts of the Company
are audited annually by Messrs. Niles & Niles, Certified Public
Accountants.
The
above
Bonds
are
offered
when,
as
and if issued and received by
us
at
Price 90 and accrued interest, to yield about 8.15%
Interim Certificates ef The New York Trust
when,
as
Company will be issued, exchangeable for Definitive Bonds
and if received from the Company.
Bonbright & Company, Inc.
W. C.
Paine, Webber & Company
Montgomery & Co., Inc.
The information contained herein is derived from sources which
we
regard
as
reliable,
based upon such information.
Langley & Co.
and all statements in this advertisement
are
Sept.
17
5TTJTTT
A AAA!
THE CHRONICLE
1921.]
Ifitwnrl/tl
$25,000,000
Canadian National Railways
Grand Trunk Railway Company
15-Year
of Canada
6% (Non Callable) Sinking Fund Gold Debenture Bonds
The Dominion of Canada
Guarantees
Principal and Interest by Endorsement
The Bonds
Dated
are
callable
not
as
a
September 1, 1921
whole
Canadian counsel advise
A sinking fund of
$500,000
that these guaranteed bonds
of Canada equally
per annum,
form of $1,000
NEW YORK, TRUSTEE
by the full credit and taxing
secured
Dominion
us
coupon
Total authorized issue $25,000,000
of principal.
UNION TRUST COMPANY OF
CENTRAL
I
Due September 1, 1936
the Agency of the Bank of Montreal
Bonds in
payable March 1 and September 1.
with provision for registration
are
in part
j
Principal and interest payable in gold in New York City at
Interest
or
power
of the
with its direct obligations
accruing from September 1, 1921, is to be available
equal semi-annual amounts xor the purchase of bonds in the market at not exceeding par
and interest.
If bonds are not so obtainable any unexpended balance reverts to the Rail¬
in
way
Company.
These bonds
are
the direct obligation of the
which is controlled by
Grand Trunk Railway Company of Canada,
the Government of the Dominion of Canada
and forms part of the
miles extending from the Atlantic to
important traffic center in Canada.
Canadian National Railways System of over 22,000
the Pacific Ocean and
reaching
every
Price 95/4 and Interest. To
We
offer the above bonds for delivery when, as
yield 6.50%
and if issued and received by us, sub¬
ject to the approval of legal proceedings by counsel.
It is expected that Dillon,
Read & Co. interim receipts ivill be ready for delivery on or about September 27.
Dillon, Read & Co.
The National
Guaranty Company of New York
City Company
'
'
X
.
Blair & Co., Inc.
Lee, Higginson & Co.
Bankers Trust
Continental and Commercial
Company
First Trust & Savings
The
information
which
we
Trust & Savings Bank
Bank, Chicago
contained
consider reliable.
Orders have been
in
this advertisement has been
While not
received in
obtained from sources
guaranteed it is accepted by us as accurate
excess
of the amount of bonds offered.
This advertisement appears as a matter
of Record.
WEE
[Vol. 113.
GHEONTCLE
j/inanna!
Old Bullion
for the future
The Chemical National Bank
announces
the expansion of its
banking facilities
entire 13-story
to
include the
building corner of
Chambers and Broadway, adja¬
cent to
its present
home*
With increased space and in¬
creased
—-
as
facilities, "Old Bullion"
the Chemical is called
better prepared than
—
is
ever to per¬
form every function of
a
bank.
Sound and dependable in the
old
days—
Sound and
dependable
now*
Seeking New Business On Our Record
/^1
THE
Chemical
NATION
A,Zj
bank
OF NEW YORK
Founded 1824
BROADWAY AND
CHAMBERS, FACING CITY HALL
Dmmetris
]
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 113.
SATURDAY, SEPTEMBER 17,1921
Terms
For
One Year
For
Six
of
Clearings at—
Inc.
WEEKLY
1921.
Subscription—Payable
1920.
$10 00
Months.
NOTICE.—On
6 00
account
of
fluctuations
the
In
the
13 50
7 75
11 50
rates
of
exchange
remittances for European subscriptions and advertisements must be made
in New York funds.
Subscription includes
Quotation (monthly)
Railway Earnings (monthly)
State and City (semi-annually)
and
Terms
of
Advertising
B.
Pine
DANA
snrl
On
COMPANY,
Deoeyster
403,634,518
43,486,698
67,235,529
75,378,135
24,881,027
13,541,000
11,3 .0,000
8,808.845
3,129,907
4,811,876
3,034,382
3,796,406
2,030,778
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Peoria
Grand Rapids...
DaytonEvansville
1,610,2521;
request
Youngs town
5,158,794
2,523,162
2,000,000
5.074,000
1,128,207
1,140,110
1, 50,000
Rockford
Akron..
Quincy
York.
Bloomlngton
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Presi¬
dent, Jacob Seibert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
P. Rlggs: Secretary, Herbert D. Sclbert.
Address of all. Office of the Company,
Lexington
South Bend
Decatur
made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $6,805,442,877, against $5,192,341,502 last week and $8,932,834,451 the
corresponding week last year.
Clearings—Returns by Telegraph.
Week ending Sept. 17.
New York.
Per
....
985,024
1,401,712
Springfield, Ohio.
CLEARING HOUSE RETURNS.
The following table,
1921.
1920.
$3,120,900 000
$3,725, 159,840
-16.2
444,946, 202
586, 969,885
-24.2
320,000 000 «|
235,948 714
440, 242,125
-27.3
-29.6
Cent.
4
1,902,510
997.441
Mansfield.
—26.4
68,796,390
—26.0
105,42 ),610
90,000,000
29,626,801
16,524,000
13,909,300
—36.2
5,735,143
4,005,786
Fort Wayne
Canton
548,068.640
—35.1
9,371,000;
1,428,845;
1,616,183,
1,300,000
1,600,000
1,562,335
1,546,233
1,368,404
—45.9
Tot.MId.West.
694,83/,9 j0
937.499,914
Francisco—-
89,700,000
65,0 0,00)
25,532,421
28,336,202
9,968,865
3,004,661
10,485,871
7,704,730
—23.4
San
-17.5
Oakland
122, 215,315
-34.7
Sacramento
5,285,077
86, 674,712
-31.6
San
63, 929,792
-15.9
2,358,358
Fresno
3, 0J, 00
Stockton
$6,071,353,323
1,264,947,681
-20.2
San Jose-.
-35.9
Pasadena
$7,336,301,004
-22.9
Reno
1,596,533,447
-27.9
Long Beach
Santa Barbara...
4,287,70Q
1,511,669
1,943,775
1,478,532
596,000
2,527.401
656,373
..Total Pacific..
263,776,245
307,366,619
146,417,416
67,154,008
33,971,660
26,010,521
16,145,495
9,105,712
9,262,802
8,532,425
4.860,331
10,589,250
3,012,824
3,140,230
1.833,833
2,000,000
939,190
702,499
452,796
1,294,917
3,027,313
1,320,090
712,579
Detroit
79,803 401
_...
Baltimore
59,248 164
....
New Orleans......
Eleven cities,
Other cities,
53,775 ,028
5 days..
$4,844,669,292
810,478,967
5 days.
.
Los Angeles.....
Seattle—..J—
Portland..
Spokane
Tacoma
Salt Lake
$5,655,148,259
1,150,294,618
All cities. 1 day.........
Total all cities for week
*
.......
$6,805.442.877
$8,932,834,451
City..
Diego
Yakima.
Total all cities, 5 days.
.......
.......
—5.7
—36.6
—2.2
+ 13.1
—22.6
—20.0
—11.6
—30.8
—18.8
146.911,591
48,572,000
47,450,788
43,035,186
14,451,822
5,608,554
17,707,484
We cannot furnish them
to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Sept. 10 follow:
City...
Minneapolis
Omaha
St.
Paul
Denver
St.
Week ending September
Joseph....
Duluth
10.
Clearings at—
Moines
Des
Inc. or
1921.
1920.
Dec.
__
Sioux City
1919.
1918.
Wichita—
......
Lincoln...
%
New
2,702,912,777 3,323,914,116
299,000.000
372,650,706
*118,000,000
142,915,354
53,815,230
84,532,035
26,522,406
33,176,477
3,3<)>>,000
3,905,164
13,587,784
14,263,756
York-
Philadelphia
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester-
6,716,219
Scranton..
3,905.739
Syracuse
3,051,441
Reading
2,109,338
1,890,999
2,166,219
2,998,763
2,774,869
1,162,159
1,660,266
Wilmington
Wilkes-Bar re
Wheeling.Trenton
York
Erie
90).<)00
Greensburg
700,047
735,325
919,947
Binghamton
Chester
Altoona.
Lancaster—
2,063,976
Monte lair—
276,237
1,313,049
Huntington..—
2,201,650
3,322,658
763,910
Bethlehem
Harris burg
_
..
Jamestown-
9,633,594
4,052,396
3,639.211
2,712,831
2,471,338
2,364,491
3,840,502
3,999,807
1,204,907
2,578,749
990,740
1,049,900
1,225,682
1,060,821
2,441,435
367,057
1,941,445
3,893,143
3,400,000
098,585
Total Middle-. 3,258,861,00- 4,029,192,218
Boston
Providence——
Hartford
New Haven..—
Portland..
-
Springfield
Worcester
Fall
River
New Bedford
198,588,442
7,268,000
9,901,659
3,790,430
2, IMS, 000
2,868,122
2,602,116
1,523,829
1,088,712
Lowell
815,384
Holyoke—
5 k t,000
Bangor
-
Stamford.
Lynn
Total New Eng
655,914
266,800,605
9,804,60)
8,701,225
5,228,480
2,448,000
4,273,192
3,542,523
1,465,354
1.443,222
1,069,029
721,000
956,149
2.684,499
Topeka
—18.7
Cedar
—19.8
Fargo...
Colorado Springs.
4,284,959,648 3,294.880,342
432,059,728
308,105,342
147,577,604
113,312,058
—36.4
84,162,918
64,848,149
—20.1
36,263,623
24,757,367
—15.5
4,531,498
4,225,684
—4.7
15,100,611
13,850,317
—30.3
9,496,873
7,692,141
—3.6
4,400,214
3,934,732
—10.2
4,094,788
4,631.374
—22.2
2,819,095
2,666,727
—23.8
4,513,446
3,050,289
—8.4
2,846,859
1,750.000
—21.9
5,560,969
3,704,848
—30.6
3,388,707
3,386,123
—34.9
1.302,304
1,433.294
—35.6
2,343,048
2,197,923
—9.2
1,000,000
1,257,327
—24.8
1,045,000
903,200
—40.0
1,399,280
1,864,102
—13.2
953,289
687,500
—15.5
2,796,145
2,412,949
—24.7
348,987
386,162
—17.4
»
309,137,878
Waterloo.......
Helena..
Aberdeen
St.
Louis
New
Orleans
Louisville—....
Houston
Galveston
Savannah—
891,120
—7.9
1,902,629
—14.2
357,428,085
234,725.198:
199,904,273 —26.8
78,364,207 —14.3
51,025,480 —33.4
36,548,992 —28.8
20,629,020 —21.7
13,481,075 —31.9
+ 8.4
8,548,049
10,103,216 —15.5
7,735,461 —37,2
12,401,405 —14.6
4,904,246 —38.6
+ 5.4
2,980,535
2,753,747 —33.4
3,000,000 —33.3
1,193,370 —21.3
273,845,805
56,043,994
72,048,593
19,714,111
219,276,764
57,005,029
55,451,532:
16,165,642
27,443,223
16,479,009
13,034,790
9,629,038
8,942,074
11,110,933
4,340,333
3,574,697
1,919,591
4,336,584
881,748
874,536844,292
1,569,414
1,856,757
2,526,871
—1.7
9,694,728
6,488,093
2.584,153
4,300,742
2,463,523
—21.7
1,963,008
—20.3
1,438.043
—11.1
1,964,621
—5.7
—16.6
—
106
—9.7
Fort
Worth
Atlanta
Memphis
Knoxvllle
3,977,900,835
279,000,840
10,532,400
6,914,886
5,243,159
2,708,441
—23.8
344,865,262
10,943,500
8,054,998
7,140,029
2,400,000
4,707,085
3,822,192
2,160,525
1,775,467
1,100,000
—23.7
700,000
—31.4
035,128
094,077
624,343
+ 13.9
—32.9
—26.5
+39.6
—24.6
—24.4
No#.—Canadian bank clearings on page 1224.
...
Birmingham
—19.1 5,053,067,809
—10.2
_____
(
Chattanooga
Charleston
...
Mobile..
Little
3,773,262
Macon
3,631,020
2.098.241
1,770,568
1,326,965
Austin
133,770,903
—32.3
171,114,109
54,275,706
16,170,833
22,578,497
9,819,977
9,227,734
67,750,288
10,648,575
143,389,103
46,369,801
22,607,774
22.077,986
7,255,872
11,693,285
53,150,163
11,862,877
52,952,835
11,328,341
16,103,366
7,875,620
4,240,485
6,812,243
2,550,409
4,871,192
3,459,559
1,460,495
6,233,822
5,219.907
10,691,678
1,800,000
2,242.427
521,467
983,018
7,081,565
2,487,603
11,467,735
12,275,450
5,285,001
2,721,059
18,667,638
2,617,510
4,154,634
1,650.000
1,200.0JO
Vicksburg.......
256,978
Jackson
675,000
Dallas
Total Southern
318,318,802
90,500,000
44,287,220
17,960,359
20,294,288
6,243,976
4,300,650
1,698,830
Shreveport
388,304,186
439,025,476
...
Muskogee
599,791
1,162,228
542,066,078
4,388,118
Tulsa
886,368
1,124,919
2,124,444
2,079,378
2,256,393
1,030,220
1,498,831
—24.1
8,335.703
22,341,185
Rock
Oklahoma
—27.5
770,194 —41.8
1,865,730 —30.7
1,458,018 + 107.0
2,165,008 —39.0
845,844 —15.7
1,277,774 —48.1
969,236
462,931,886
0,447,361
Jacksonville
25,917,534
18,287,790
7,662,202
11,730,354
10,918,370
16,010,901
0,575,747
4,360,169
2,977,368
3,812,472
1,260,115
351,215,723
28,105,349
11,173,714
31,276,588
Richmond
Augusta
—23.5
—27.5
663.926
Tot. Oth. West
Norfolk...
—2.3
—25.9
—
Billings.
—43.5
—25.6
...
Hastings
Nashville
Estimated on basis of last officially reported week.
Pueblo
Fremont..
—32.3
—27.4
1,950,217
1,244,987 Not included In total
233,800," 2
Rapids..
,
6,026.195
—14.9
-23.8
Kansas
88,781,175
25,613,000
41,387,016
29,892,719
9,221,984
13,532,167
5,972,149
3,406,090
2,114.927
2,859,022
1,528,966
1,000,000
793,470
1,117.360
571,067
907,292
—8.6
Estimated.
The full details of the week covered by the above will be given next Saturday.
*
+2.4
210,01)0
-27.9
*136,000 000
1,200,000
1,800,983
1,509,881
1,812,705
1,136,844
790,713
1,951,894
704,220
400,000
292,507
173, 300,000
164, 806,999
^
+ 18.9
—30.3
Owensboro
124,900 000
—..
—H.6
—30.2
Adrian
550,0j0
-29.7
Pittsburgh
—29.5
—5.5
161, 738,551
San Francisco. 1
—33 3
—21.0
—7.8
113,700 000
-26.4
—11.0
813,866
155,447 783
—
—10.7
661,338
2,J15.572
511,070
562,477
239,568
487,945
Kansas City.^:_.*..__.
^.
818,268,593
3,896,589,
3,000,000!
St. Louis
-....
Boston.
110,540
—20.6
—34.5
750 0 ;0
1,800,000
324,060
85,432.197
863,745
—24.2
025,000
Ann Arbor—...
80,577,499
32,051,528
19,755,000
14,390,200
14,303,703
4,798,484
6,423,747
4,931.585
5,047,0)5
2,686,509
2,075,071
5,436,734
4,037,330
2,648,942
10,387,000
2,009,254
1,593,970
1,671,573
—25.0 1,030,840,496
—16.1
Danville
Jacksonville, 111..
490,446,282
60,720,649
—12.3
—18.5
Lima
Lansing
626,444,234
65,342,342
111,353,260
—40.0
—18.0
3,111,055
1,933,755
5,793,622
335, 155,246
211, .160,858
Philadelphia
1918.
61,849,761
30,650,731
16,055,000
11,502,600
11,715,168
4.594,151
5,278,772
4,883,708
4,680,672
2,138,414
1,291,621
4,974,536
2,466,485
1,963,025
5,412,000
1,346,957
1,426,372
1,124,353
1,127,490
1,286,496
1,182,746
1,177,032
900,000
525,000
880,147
518,739
303,000
103,577
810,912
—10.0
4,780,290
117,700,000
57,456,000
32,993,773
35,405,636
11,274,208
4,344,922
12,907,098
8,432,775
5,602,827
2,826,069
3,797,697
4,369,400
1,930,172
2,501,842
1,663,948
700,000
2,743,712
720,660
Chicago
—10.2
12,813,4971 —30.9
5,000,000 —37.4
45 cents
Publishers,
New
Streets.
Chicago
Cincinnati
Springfield, 111...
Chicago Office—19 Sohfcb La Salle Street, Telephone State 5594.
London Office—Edwards & Smith, 1 Drapers' Gardens. E. C.
Front.
1919.
%"
Toledo
follovnng Supplements—
Railway&Industrial (semi-annually)
Electric Railway (semi-annually)
Bankers' Convention (yearly)
Transient display matter per agate line
Contract ami Card rates
WILLIAM
or
Dec.
Advance
in
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
Bank
NO. 2934
Week ending September 10.
Jbx (Ehxouitlz
PUBLISHED
Railway Sectiaa
City Section
4,541,504
1,860,950
22,020,676
52.216,869
—15.2
25,411,120
29,761,702
9,362,507
7,305,095
44,814,309
10,144,892
46,450,846
15,244,258
20,857,155
8,971,019
2,208,321
18,524,605
3,810,694
6,728,343
3.090,000
2,000,000
9,151,079
9,459,330
24,879,112
5.200.000
—29.3
1.200,000
391,576
667,196
10,035,969
3,089,572
—31.8
—33.3
—41.1
—37.3
—30.8
—32.7
—10.2
64,526,528
18,373,286
15,623,797
9,169,285
4,752,633
14,548.500
3,267,925
6,720,813
3,000,000
2,038,578
8,222,075
9,252,101
15,813,320
—15.6
5,000.000
+ 41.6
1,490,495
321,249
—24.8
—41.1
—18.8
+23.2
+0.8
—31.3
—38.3
—46.6
—40.0
—29.7
—11.9
—34.5
+ 1.2
—54.7
—49.0
538,265
9,963.447
3,675,690
31,428,650
3.094,465
27,160,506
3.990,267
—22.5
2.400,000
25,553,200
1,650,000
389,s47,761
542.603.y()5
-28.1
597,712.356
495.498.156
—18.0
Total all
5,192.341,602 6.588.631,320
—21.2 7.968.425.009
6,303,742,067
Outside N. Y
2,489,428,725 3,264,717.204
—23.8 3.683.465.361
3,008.861.715
[Vol. 113.
CHRONICLE
THE
118?
current year,
THE FINANCIAL SITUATION.
After last week's
Stock
in
conspicuous improvement on the
Exchange, the speculative tone the present
week
has
some
recession
been
from the
cue
This is unfortunate, be¬
the moment are taking
prices.
circles
business
cause
their
confident, and there has been
less
in
at
of Stock Exchange specu¬
course
and it has gone the House one better
increasing the normal tax on corporations still
further.
The
raised the rate
House
from 10% to
12%%, and the Senate proposes now to advance the
rate to
tion
In this State that would be in addi¬
15%.
the
to
4%% income tax levied by the State,
making 19%% altogether to be collected in income
taxes, not to
anything about the other taxes that
say
lation, which it is known generally discounts the
have to be
is
taken as foreshadowing a betterment of the trade
situation, and as the existing depression in trade
the Custom House
reports that in the payment this
week
instalment of the 1920 taxes
large number of defaults occurred." It seems neces¬
has
sary,
future,
so
that
psychological element in it, like every other
a
state of
trade, favorable
that tends to
unfavorable, anything
or
depress spirits anew merely serves to
delay ultimate
Steady progress, never¬
recovery.
theless, is being made towards
mal,
values
in
sustained advance
a
return to the nor¬
a
The
paid.
of the third
therefore, to
move comes
ington again that until income taxes are substan¬
tially reduced all hope of
enduring revival in
any
the reemployment of millions of idle
trade, with
will have to be abandoned.
men,
departure from which has been the source of
a
the ills under which the
The latest statement of the
country is laboring, and the
foreign trade of the
developments of the week have, with one exception,
United States-— that for
all been
on/Monday of the current week—indicates that
reassuring.
the first
In
place, U. S. Government bonds are
measured
chandise for the month
itself is
in
Taking
favorable factor of
a
closed
89.14,
as
importance.
example the Fourth Liberty Loan 414 s,
as an
these
mean
no
yesterday
the Stock Exchange at
on
against 88.08
Friday of last week, and
on
comparing with 85.34 in January.
place, the outlook for
In the second
agricultural population
our
wonderfully brightened, because of the great
advance in the
rise in
price of cotton and the substantial
July
tions and
amount.
generally
and
Imports, too,
showred
an
For the calendar year
week.
grappling in
way
In the third place,
a
our
bold and heroic
with the losses in the foreign trade which have
been incurred
by
reason
of the great slump in
com¬
of
large
July, but
decline from
a
der the
to date both the inward and
aggregates are not only considerably un¬
high-wateY mark of 1920, but the lowest since
1916 in the
imports, and since 1915 in the exports.
Furthermore, with the shrinkage greatest in the
imports,
compared with
as
a year ago,
the export,
modity prices and the coincident depreciation in the
balance in the merchandise movement for the
value
months
is
though
very
of
adverse
foreign currencies.
of these
one
happenings in the foreign trade would have
involved great
and
Either
the
two
in which
hardship in ordinary circumstances,
combined have
the burden
has
presented
become
How the situation is
onerous.
a
being met
was
very
shown
heavier
somewhat
With
fined
the
from
a
year
ago,
Bank
fortunately,
data
stock, and is again
new
of the
ting
subscribed
seen
up
in the action yesterday
extraordinary
reserves
(in addition
of
contingencies of
only that,
an
approximately
having
to
charged off all realized losses) to
Not
$15,000,000
Guaranty Trust Company of New York in set¬
$15,250,000
ble
for
previously
cover any
possi¬
adverse nature in the future.
but the Trust Company has also
reduced its dividends from
a
basis of
20%
per an¬
to 12% per annum, though current
earnings to
Sept. 30 will be aqual to the full dividend require¬
num
ments at the old rate.
The
the
one
dabbling with tax matters at Washington.
tax revision bill
as
it
our
people
the Senate to put
as
the
to afford the relief
burdensome
Senate is
income
recess was very
were
so
unsatis¬
inclined to rely
measure
upon
in proper shape, so
urgently needed from the
taxes.
putting the bill in
Committee in
The
passed the House before the
taking of the Congressional
factory, but
Instead
even worse
of
that
shape.
charge of the bill has this week
the
The
ac¬
cepted the action of the House-in deferring the re¬
peal of the excess profits taxes until the coming
year,
instead of making the repeal apply to the
month
In that
price this
a
exact
no
now
case
we
falling off
prevailing.
covering the
available, except for
are
cotton.
one
some
value of the cotton
we are
Un¬
current
commodity—
note that the difference in
65
million dollars.
words, except for the lower prices
lion dollars
may
and last is sufficient to account for
year
difference of
more
In
other
obtained, the
exports would h£lve been 65 mil¬
than
actually shown.
without August data for other
But while
commodities,
which will not be available for several weeks yet, the
July prices will serve to indicate in an approximate
the extent to which lower prices account for
way
unpropitious element in the situation is
interest naturally
attaches to the extent to which the
prices
Americas
eight
shown,
export totals showing such a well-de¬
decline
be ascribed to the lower
the
then
noticeably less than the high record
last month when those interested in the Mercantile
of
than
total set in 1919.
situation
necessarily
year
Consequently, the month's
export balance is much heavier this year than last.
outward
are
decidedly
a
ahead
radical
more
even
by
ran
than the exports.
ago
has in both instances
banking interests
earlier
any
July 1917, the smallest in five and one-
half years,
values established last week
been lost the present
of
monthly period since March, but with those excep¬
portion of the gain in
though
even
as
somewhat heavier than
was
fact, in excess
in
and,
a
wheat,
August 1921, made public
by aggregate values, the outflow of mer¬
slowly but surely appreciating in value, and that in
has
"a
legislators at Wash¬
our
warn
at a time when
the smaller
with
the
1920,
exports of 1921.
we
general
Comparing July 1921
find the drop in the export prices of
run
of breadstuffs to have been about
50%; copper, 30%; cotton goods, 60 to 75%; iron
and
steel and
structural
manufactures, 20 to 50%, excepting
steel, which averaged higher this
leather, 20 to 50%;
refined
naval
30%;
stores,
year;
close
to
70%;
10
to
35%;
sugar,
50%, and lumber, etc., 30 to 50%.
With
such
shrinkage
loss
oils,
a
of
account
dollars.
20
65 million
for
this
to
tobacco
in prices, and
dollars in
starting
with
a
cotton, it is easy to
year's ' decline
of
203
million
Sept.
17
exports from the country for August,
proaching the ultimate consumer, the exhibit is es¬
pecially unfavorable in the trading division, with
and
$646,054,425 in 1919, while for the two elapsed
fiscal year an
of the current
months
aggregate of
595% millions is disclosed, or 533% million dollars
For the
below 1920.
eight months of the calendar
the shipments of merchandise, as
moreover,
year,
expressed in value, were only $3,230,087,224, against
a
high record total in the preceding year of $5,475,-
303,593, and
moderately smaller amount in 1919.
a
August imports the contrast is between $194,-
In the
For the
000,000 in 1921 and $513,111,488 in 1920.
the current fiscal year
two months of
1920—372% millions, comparing with 1,050 mil¬
lions—while
the
The net result of our foreign trade
$3,994,728,933.
in
for the eight months
aggregate
January 1, at $1,693,204,266, compares with
since
general stores, grocers, butchers, etc., clothing and
August is an export balance of $181,000,000, this
Of the
manufacturing divi¬
dry goods dealers the greatest sufferers.
large failures of the month the
sion contributed the
biggest number (36) and they
approximately 70% of the liabilities of the
make up
On the other hand, heavy defaults accounted
of the debts in the trading
group.
for less than one-third
But among agents, brokers, etc., over 90%
furnished by those failing
group.
of the indebtedness was
for
$100,000
or over.
The number of
the total of
imports is not much more than one-third that
the
of
1183
CHRONICLE
1375,000,000, compares with $578,182,691 in 1920
The total of
at
THE
1921.]
mercantile disasters for August is
the liabilities
$42,904,409, against 673 for $28,372,-
895 last year,
468 for $5,932,393 two years ago, 720
$7,984,760 in 1918, and 1,149 for $18,085,287 in
for
Segregating the insolvents into classes, we
1917.
find the least
satisfactory exhibit, as already indi¬
comparing with $65,071,203 in 1920 and $338,761,347
cated, in the trading division, the
in
of debts at
1919, while for the eight months the favorable
is, with the exception of last year, the small¬
balance
est simce
with
1915,
total of $1,536,882,958 comparing
a
$1,480,574,660 last
year
and $3,010,613,251 two
years ago.
The
,
movement of gold in August 1921 was de¬
The imports,
in largest part from
cidedly in favor of the United States.
stated
at
$86,238,920,
Britain
17
millions,
contributing 35
France
Europe,
came
Great
millions, Sweden 12 millions, and Hol¬
land, Germany, etc., 10 millions, besides which 6
millions
came
from the Far
East, mainly from Brit¬
India, and smaller sums from Canada, South
ish
America, Mexico and the West Indies.
the other
aggregate volume
$20,474,508 being more than two and one-
half times that of the
period in 1920, and almost
of 1919.
ten times the total
In the manufacturing
too, the showing is unfavorable by compari¬
with recent previous years, a total of $16,479,817
group,
son
fifteen
(in which stress
was particularly in evidence a year ago) sharing in
the poorer showing.
Agents, brokers, etc., defaults
lines, except machinery and tools
were
much
more numerous
than
a year ago,
$5,950,084 covered a moderately smaller
no
essential
ately preceding calls for no extended
for the
somewhat
year
the shipments ex¬
by $82,456,096, and in 1919 by a
greater aggregate—$142,089,040.
operations of the Pittman Act have served for
over a
and
period last
the inflow
ceeded
The
eight months ended August 31 1921.
same
year
past to hold down the exports of silver
several months
in
recently the inflow has ex¬
This
ceeded the efflux.
was
particularly true of Au¬
gust, when we sent out but $3,743,133 of the white
and received
metal
as
the
$7,852,849, giving us $9,920,702
import balance for the period since January 1.
In 1920 there
months of
was
an
export balance for the eight
$25,109,492 and in 1919 it reached $107,-
731,760.
r
ber of
year
than that now
total 12,041,
1919, and 7,395 in
1918, with the indebtedness respectively $396,350,166
and $137,023,183 and $80,150,289 and $105,567,894.
Manufacturing
defaults
involved $140,819,068,,
against $51,505,138 and $38,531,841 and $42,832,847
the three years immediately preceding; trading in¬
debtedness reached $156,174,869, against $38,414,508
and $24,763,530 and $39,741,457, and liabilities of
brokers, etc., also make a very poor showing, with
the comparison between $99,356,229 and $47,113,537
distinct
reported from month to month, or the volume of the
resulting liabilities.
statements
It is true that some of the
have been less unfavorable than
those of several earlier months of
1921, but by com¬
parison with former years they make a very poor
exhibit.
The compilation
discloses
a
for August 1921 not only
moderate increase in the number of com¬
mercial failures
over
the preceding
month, but the
number is the heaviest on record for the
period covered.
particular
Moreover, due to a comparatively
number of defaults for heavy amounts, the
marked augmen¬
volume of indebtedness
showed
tation
and exceeds any preceding
over
a
year ago,
August except 1914.
that
insolvencies
The
margin.
against 4,706 last year, 4,383 in
and last.
Apparently
advances shows no real tendency toward im¬
large
reported, and the current aggregate
the heaviest on record by a
of liabilities stands as
solvency situation in the United States as the
provement, either as regards the number of defaults
recent
comment. Suf¬
that only in 1916 and 1915 was the num¬
commercial casualties for the period greater
this year
The
differing
particular from the returns immedi¬
fice it to say
the
aggregate
eight months of 1921 the exhibit,
For the
in
only $671,652—so that the net influx was $85,567,-
For
but at
of indebtedness.
268, swelling to $491,252,386 the net addition to our
stock
and only
contrasting with $14,502,294 last year,
$2,077,093 in 1919, with every one of the
Exports, on
hand, were extremely meagre in amount—
with
by Messrs. R. G. Dun & Co. as 1,562,
stated
stress was
a
Furthermore, as indicating
severest in lines most closely ap¬
no
time has been lost by either side
Irish situation. The re¬
in the consideration of the
sult is that
it
seems
Dail
empasse
Eireann
Dublin
The latest
cussed.
the New
felt that
has now been reached,
which
be overcome. A meeting of the
Cabinet was held at the Mansion
unlikely
House in
on
an
can
a
week ago
yesterday afternoon.
reply of the British
Cabinet was dis¬
special dispatch from that centre to
York "Times" it was stated that "it was
In
so
a
great was the
responsibility now thrown
colleagues in deciding
the opinion of the entire
Eamonn de Valera and his
the fate
of
Ireland that
parliamentary body should be taken
sion
was
summon a
made!"
full
before its deci¬
Accordingly it was "decided to
meeting of the Dail Eireann for
Wed¬
nesday, Sept. 14, at the Mansion House."
It was
added that "the session will be secret."
In advices
1184
THE
received
in
London
from
Dublin
tinued to be expressed that
invitation to
the
opinion
accepted."
other session of the Sinn Fein Cabinet
week ago
It
con¬
"Premier Lloyd George's
conference will be
a
CHRONICLE
to-night, and continued until
was
a
An¬
held
a
late hour.
net's
will leave here for Inverness to-morrow
reply."
of the
It
added that "the appointment
was
plenipotentiaries is considered
quarters'
for any
in
political
towards throwing responsibility
as a move
breach in the negotiations
the Prime Min¬
on
ister."
expected then that "R. C. Barton, the Sinn
was
Fein envoy,
[Vol. 113.
The
reply of
Cabinet
Eamonn de Valera
made
was
the
to
public in Dublin
British
Thursday,
on
night, certainly before Wednesday's meeting of the
and it became known that the Sinn Fein leader had
Bail Eireann."
accepted the invitation to the proposed Inverness
As
early
week
as a
ago
"Westminster Gazette" published a
its Dublin
can
tives
correspondent, in which he said that "it
be stated with
now
from the Bail
representatives in
20.
As
a
Eireann
will
Sept.
on
fact, the Dail representatives
They include Ar¬
Griffith, John MacNeill and Robert C. Barton.
It is not
the
the British
meet
conference at Inverness
matter of
a
authority that representa¬
already have been decided upon.
thur
to-day the
dispatch from
expected that Eamonn de Valera will attend
conference, but he and others will be immediately
available for consultation
by the Irish representa¬
tives."
conference, but that the Sinn Fein delegates could
negotiate only
State."
reply
The
representatives of
as
significant:
are
sentatives
Sept. 20.
dependence
and
is
It
State and
thority
positive statement
made in Dublin ad¬
was
vices late
that
Monday evening and again Tuesday morn¬
ing that "Eamonn de Valera has sent his reply to
fined it
Lloyd George's note."
the
One correspondent said that
of
the date you suggest,
on
recognizes
only
sovereign
a
position is, and
our
of
that
have
au¬
people.
our
duty to reaffirm
only he,
can
we
behalf of
on
deem it
Ave
as
guardians that
to act
powers
itself
the representatives
as
its chosen
as
or
our
repre¬
Our nation has formally declared its in¬
In this final note
The
"We hope that these
[the Sinn Fein negotiators] will find it
possible to be at Inverness
State.
"sovereign
a
following paragraphs from the Irish
have de¬
as Ave
through this correspondence.
The principle
government by consent of the governed must be
basis
of
agreement which will achieve
any
a
"although the nature of the reply has not been dis¬
closed, opinion is growing that the Dail Eireann
back Avith
Cabinet decided to accept the invitation to the
pro¬
the
posed conference at Inverness
outlining his position, Mr. Lloyd George referred to
veloped
later in
the
week
Sept. 20."
on
that
acceptance
coupled with conditions that made it
Mr.
was
Tuesday, it is reported,
ference between
there
at
official
cussed
Gairloch,
"a
con¬
Premier Llovd
Scotland."
According
came
prompt reply, in Avhich he called off
proposed conference at Im^erness, Sept. 20.
"the great concessions made
ernment to
secure
a
On your
by his Majesty's Gov¬
lasting settlement," and assert¬
advance has been made by
part you ha\Te not
single step."
In
Attention
come
to meet
us
us.
by
a
called to the fact that
Avas
he did not "close the door" to future
negotiations,
was over, they "dis¬
points in reference to the conference
net, and that he will communicate the result to the
munication.
Government's
They returned
to
last
Dublin
Lloyd George's views for further
com¬
with
Mr.
consideration."
meeting took place between 5 and G o'clock in
the afternoon.
ent cabled
Premier
telling De Valera that "he must consult his Cabi¬
communique after it
some
a
British
The
to
suggested in the British
The
was
reconciliation."
ed that "so far e\Tery
(
Joseph McGrath and Harry Boland,
Dail Eireann representatives, and
George,
for
necessary
Lloyd George to call off the conference.
On
an
It de¬
final
The New York "Times"
that
correspond¬
"from the grave demeanor of
the
Sinn Fein leaders
Prime
mal
possible."
The British
Minister, in his reply, specially directed the
attention
cepted
as soon as
of De Valera to the fact that
conference Avith your delegates
a
statement
of
the
claim
which
firmed, it would constitute
you
"if
ac¬
AA^e
the for¬
on
have reaf¬
official recognition
an
by his Majesty's Government of the
severance
of
'
Irish envoys
when they left, onlookers inferred that
the situation
There
were
had
occurred in the
Dail
again
Eireann
taken
in London
rumors
negotiations.
in
Dublin
serious
a
that
At
a
turn."
"hitch"
had
session of the
a
on
Wednesday, "the ap¬
pointment of plenipotentiaries to the proposed con¬
ference
at
Inverness
with
British
representatives
to discuss the settlement of the Irish
approved."
stated also
was
that "the Dail Eireann
gram
the
It
reply
George."
to
and
"Arthur
Michael
Barton,
C.
leading
figures
Eamonn
in
J.
of Parliament and
ment of the Irish
has acted
was
to go
as
of
Collins,
who
has
the
a
the
Finance
been
Sinn
Minister;
one
Fein
of
the
a
like
case
sult
the
and
Valera
De
telegraphed
untrammeled
ours
if there is to be any re¬
negotiators must meet Avithout prejudice
by
conditions whatever
any
cept those imposed by the facts
cable
The
advices
yesterday, from Gairloch,
tion, stated that he
was
neuralgia of the face.
physician, and
summoned, it
ex¬
they knoAv them."
as
land, where the British Premier is spending
suffering from
a
Scot¬
a vaca¬
chill and
Lord Dawson, the King's
dentist from Inverness had been
a
also reported.
was
larly
"were not appointed
to Inverness in response to the Prime Minis¬
invitation, but have been chosen
to
Developments
Nations
NeAv
representative of the Sinn Fein abroad."
carry
on
may or may not follow
receipt by Mr. Lloyd George of the Dail
that in
ous
member
leading figure in the arrange¬
men
republic."
as an
Lloyd George last evening that "it should be obvi¬
negotia¬
truce; George Gavan Duffy, who
claimed that these
independent
Empire and of its existence
I)ail^ Cabinet
preliminary
Duggan,
possible negotiations which
the
Lloyd
Griffith, founder of the Sinn
'
ter's
was
unanimously approved
Foreign Minister
Chairman;
It
question
Dublin cable¬
recent proposals of Mr.
Robert
tions;
a
The following are the five plenipotentiar¬
ies selected:
Fein
the
in
Ireland from the
Cabi¬
session
striking.
York
at the Council
in
Geneva
A special
"Tribune," in
strength of the League
said
that
"these
of the League
have not been
representative
discussing
now
and six months
is concerned, is stronger than
is not
going to perish,
remain outside.
the time will
even
In other
come
for the terms
of
the
relative
ago,
League leaders believe that the
position of the organization, at least
ope
the
of
particu¬
as
ever,
far
as
Eur¬
and that it
if the United States does
words, they suggest that
when America may desire to ask
which the League is ready to offer
Sept.
17
THE
1921.]
1185
CH lONICLE
%
membership, and then say that Wash¬
for American
He also asserted that
"a movement is gaining support among influential
leaders of the League of Nations here to ignore
the United States temporarily, at least, in view of
the attitude the Washington Government is main¬
ington is ready to negotiate."
taining toward
make the
on
the organization, and attempt to
League begin to function
vigorously, even
made in settling
dispute between Bolivia and Chile. Word came
from Geneva early in the week that "Chile has con¬
Progress appears to have been
the
commission of three her dispute
sented to refer to a
with Bolivia over the
that "Carlos
treaty of 1904."
It was added
Aramayo, the Bolivian delegate to
the
Assembly, fully accepted the plan, but asked Presi¬
dent Van Karnebeck to defer the appointment of
the commission until he had
He informed the
ment."
consulted his Govern¬
Assembly President that
inclined to accept
this arrangement with¬
"he
was
out
advising his Government, because he was sure
solution would
this
be acceptable."
In what was
special New York "Times" cor¬
characterized by a
speech to
Bourgeois,
delegation, "laid down the offi¬
respondent as "perhaps the most valuable
which the
Assembly has listened," Leon
head of the French
cial attitude of the
tinue
but two
representatives, while Spanish law, on the
contrary, will have three of the eleven judges,
and
possibly one of the four deputy judges."
situation
The
between
Bolivia
and
Chile
was
greatly relieved on Thursday, when the former coun¬
action
demand for the inclusion of her
the Assembly
League of Nations." It developed that "this
on the part of the Bolivian delegation was
taken
as
try "withdrew her
dispute with Chile in the agenda of
the
a
result of
new
instructions from the La
President Van Karnebeck of
Government."
Paz
Assembly announced that he had "appointed
of Italy, Manual Peralta
Scialoia
torio
Rica, and Senor Uritia of
would
give
an
Vit-
of Costa
Colombia as experts who
opinion on the competency of the As¬
sembly to discuss a revision of the Treaty of 1904."
The Associated Press correspondent pointed out
that
"Bolivia's
action withdraws the question en¬
the Assembly, as the ex¬
the next meeting of that
body."
In an address before the Assembly on
Thursday, Christian Louis Lange, delegate from
Norway, charged that the big Powers keep the
world armed, and thereby foil the efforts of the
tirely from this session of
perts will render a report at
League of Nations to
its way,
morning that direct word had been
received from
for
Plans
States, which is that the League
on
—
bring about disarmament.
League of Nations toward the
will con¬
with the hope that some day the
people of America will come to see that it is work¬
ing for the same ideals they love." Announcement
was made in a
cablegram from Geneva Tuesday
United
■
embracing hundreds of millions of people, will have
of the
supposition that America may never join."
the
.
Washington
the
Limitation of Armament are
definite
shape.
Conference
on
the
gradually taking more
Announcement was made at the
ago yesterday that the main
White House a week
American
delegation would consist of only
members.
They are: Charles E.
four
Hughes, Secretary
United States Senator
Senate
Committee on Foreign Relations; Elihu Root, for¬
ably John Bassett Moore of New York would be
mer Secretary of
State, former Secretary of War,
elected.
The balloting for judges took place on
ex-Senator from New York and an American mem¬
Wednesday. John Bassett Moore of New York was
ber of The Hague Tribunal; and Oscar W. Under¬
chosen on the second ballot to represent the United
wood, former Representative from Alabama, father
States.
The following were also elected as "full
numbers" of the court:
Viscount Robert Banna- of the Underwood Tariff law, and now minority
leader in the Senate of the Democratic Party.
An¬
tyne Finlay of Great Britain, Charles Andre Weiss
nouncement
was
made
at
the
White
House
at
the
of France, Dionislo Anzilotti of Italy, Rafeal Alta
same
time
that
"the
main
delegation
from
each
coun¬
mira y Cravea of Spain, Senator Ruy Barbosa of
Brazil, Antonia de Bustamente of Cuba, Max Hu- try participating in the conference would comprise
four members, who would sit in the conference, al¬
ber of Switzerland, B. C. J. Loder of Holland, Didrik Galtrup Gjedde Nyholm of Denmark, and Yothough each delegation will be assisted by an ad¬
ruzo
Oda of Japan.
Commenting upon the elec- visory group of indefinite number, the members of
which will be designated as advisory delegates."
tioii of Dr. Moore, the Geneva correspondent of the
The Washington I correspondent of the New York
New York "Times" said that "a citizen of the United
"Tribune," commenting upon the announcement of
States was named for the Bench, although the Wash¬
the American delegation, asserted that "all possible
ington Government has never answered the invita¬
doubt that President Harding regards the approach¬
tion to ratify the World Court project sent to it
Elihu Root that he could not
the International Court
at the conclusion of last
accept a judgeship in
of Justice, and that prob
year's Assembly."
observed that the Court will be open to
tions of the earth. The
ent observed that "the
four
He also
all the na¬
Associated Press correspond¬
election by the Assembly of
Spanish-speaking judges on the first ballot
of
State; Henry C. Lodge,
from
Massachusetts
and Chairman of the
limitations conference as the begin¬
association of nations was re¬
moved to-day in the making of the formal announce¬
ment of the personnel of the American delegation.
ing armament
ning of his promised
The conference is
regarded by the
Administration
association of nations, which,
once the important questions for which the confer¬
most had been
ence is called are disposed of, may grow into a per¬
generally been conceded." The Geneva representa¬
manent thing which will redeem promises made dur¬
tive of the New York "Herald" elaborated this idea
when he cabled that "the election of the new Inter¬
ing Mr. Harding's campaign, that a substitute for
the Wilson league would be evolved, which would
national Court of Justice, which is considered by
lack the disadvantages, obligations and objections
many as the greatest step yet taken in the cause of
to the Geneva conference."
international peace, was held to-day. It resulted in
caused
The election of three at the
thought possible, and only two had
great surprise.
the selection of a
the different
court, which, while embracing
dis¬
nations of
this court the English system of law,
systems of law, has caused great
appointment among the English-speaking
the
League.
In
all
as
the
beginning of an
Word
came
from Tokio that
Japan would have a
200." It was said that
this delegation "plans to sail in three groups, the
first on the steamship Korea Maru on Oct. 1, the
large delegation—"almost
1186
second
third
the
on
Shinyo Maru
understood
conference
bassador
Italy that
meeting of the
a
Minister of the Marine Kato and Am¬
It became known late
Shidehara.
chief
two
delegates
According to
dispatch from Tokio, "the popular view con¬
prepared to meet hostility.
Wednesday afternoon that
lied and Associated Powers and
must
goes
pertaining
early in October."
"Secretary Hughes, in behalf of the United States
Government, has submitted to the four principal Al¬
Associated
an
Supreme Allied
Council for the discussion of questions
was
to the Far East be held
"the
cerning the delegation is that whoever
be
It
14."
[Vol. 113.
to the
that
are
Oct.
on
and
Oct. 13, and the
on
the Kashima Maru
on
Press
CHRONICLE
THE
China, suggestions
topics to be embodied in the agenda to govern the
of
This opinion is the
outgrowth of the belief that Japanese public opin¬
character and scope of the questions to be consid¬
ion
ered in the
will
expect results favorable to Japan beyond
the range
The French
on
ton conference
It
on
was
lation
Monday that "Premier Briand
would head the French
fairs."
of armaments."
Embassy in Washington received of¬
ficial cable advices
delegation at the Washing¬
and Far Eastern
armaments
af¬
added that "other members of the
delegation have not been announced.
Armament,
according
clear
in
naval
Premier
Briand
Later in the week it
Washington
informally
known at the State
to be but
one
ments and
dispatches
the
tiers."
delegation would do all
possible.
as
It
was
the limitation of
on
Far Eastern
questions."
The
distinct discussions
embraced in the invitation issued
of
the
made
will embrace all the
before the
to the
will
China, in which the French
terest."
and
General
Diaz
Announcement
capacity for the British,
Italy.
It is said to be
an
Pershing will act for
the United States.
"satisfactory progress is being made
framing of the agenda and the rules that
govern
the conference."
It
was
rumored
The Berlin
in
eral
Bourse, which had been closed for
days because of the wild speculation,
lin
as
advisor
of
the
Chinese delega¬
a
cablegram from Tokio Wednesday morning
the Bourse
stated that "a conference of the naval
and
was
military authorities
and the officials of the
Office has decided
upon the
on
it
Foreign
following basic princi¬
navy
of
so
as
to promote the
in
it is
Washington conference
that any
superior forces sufficient
victory
over any
other Power
to
or
spirit
are
the
Power should
pos¬
secure
a
degree
smallest naval
cerned.
as
strength among
Second, the Powers
the
decisive
Powers
concerned
shall
establish any naval base or make
any arrangement
to serve as naval bases for their
navies on the Pa¬
cific."
A report was in circulation in
Paris at mid¬
week that "Great Britain has
proposed to France
Therefore,
The New
On
marks during the
are
profits by buying
the surest
up
of the
course
believed to be profit-taking
their stock transactions and
as
rigging the market.
hand, stock speculators who cleaned
in paper
exchange
per
up
salting
their
away
dollars and other foreign
means
of salvaging their pa¬
mark profits and the easiest way of escaping
taxes."
In
a
cablegram from Berlin yesterday
ing, the following outline
con¬
not
strong protest to
speculation located, not abroad, but right
believed to be at work here
paper
Powers; therefore,
that of the country
having the
a
against opening the Bourse
keep it closed "for stock trading
'catastrophe boom'
on
the Powers should minimize the
scope of armament
to the same
on
Berlin.
millions
some
of
delivered
originally intended.
as
decided to
On the other
Japan believes, first,
against the fundamental
to
Ber¬
one
hand, professional exchange
speculators, including powerful German interests,
happiness of mankind,
arrangement with the Powers.
brokers
Governors
Wednesday,
wras
blamed
independently,
Japan is willing to make efforts to establish
a
York "Times" representative said that "the trouble is
suspending the previously arranged building
program.
But as she has heartily
approved curtail¬
ment,
was
According to
during the entire week except Thursday."
the limitation of naval
armament, according
to the Asahi Shimbun:
Japan has no intention of
as
reducing the strength of her
last Wednesday.
sev¬
dispatch the big banks, the private banks and
the licensed
In
sess
same
for
established fact that General
come
sing might act
that
in
military adviser of the French delegation; that Earl
Haig will act in the
tion.
nor
save
Japan and
official advices that Marshal Foch will be the chief
have reopened
ples
with
are not taking great in¬
Washington is said to have received un¬
Washington that former Secretary of State Lan¬
it
unsuccessful,
prove
corre¬
accorded, it
made that
was
as
gathering in November."
to
the damage she
circles, President Har¬
of America's relations
arma¬
problems
are
for
pay
He added that "unless this is
ding's conference will
by President Har¬
problems that
only lend its moral force in
Europe, but also that the United States
settlement
ding to the participating nations, but the confer¬
ence
definite proposal that the
a
is believed in French official
spondent of "The Sun" added that "there may be
separate and
"France's price at the
give a concrete assurance that in case of aggression
by Germany, America will supply France with mili¬
tary aid, and, if necessary, protect France's fron¬
was
that
forces, will be
compelling Germany to
Department also that "there is
conference
on
following assertions:
caused in
the Chamber
in its power to have the sessions of the conference
as
The Paris correspondent of the
United States will not
to those closest in touch
American Government and
conducted
agenda will not be
for the
Washington Conference
discuss his plans with
with Government affairs."
made
ernments have been received the
tion, if not the absolute elimination, of her land and
the Limitation of
Deputies,
was
of the various Gov¬
"Herald," in a cablegram Thursday morn¬
ing, claimed information from "authentic sources"
time, "before he leaves for
same
America to take part in the
of
it
stated that "until the
responses
Paris cablegram that became avail¬
a
the
on
much specu¬
forthcoming conference in Washington for reduc¬
able
will meet and
was
notes, but
city."
According to
at
on
Newr York
The French
have been made at the Willard Hotel in this
Naturally there
to the contents of the
as
given publication."
delegation will be accompanied by 25 advisers, for
whom, together with the delegation, reservations
here
forthcoming Washington Conference
Far Eastern and Pacific affairs and the limitation
of probable attainment."
was
ings relative to the transaction of business
Bourse:
on
the
"The Bourse Committee has decided that
from Oct. 1 the Bourse shall open
lier and close half
time.
morn¬
given of the latest rul¬
an
half
an
hour
ear¬
hour later than at the present
Dealings in dividend-paying stocks will be
permitted only
on
Mondays, Wednesday and Fri-
/
\
Shpt.
17
THE
1921.]
CHRONICLE
1
'
1
•
1187
i
~
days. No dealings will be permitted before 11 o'clock
£11,183,000.
in the
loans
a
morning., Listed stocks will be increased with
view to
counteracting wild speculation in unlisted
loans
stocks."
to
A large curtailment
Government
on
securities,
other securities fell off
on
£79,810,000,
Announcement
varia.
It
stated
ciates
his
Tuesday morning of
on
of
Cabinet, that of Ba¬
by Dr. Yon Kahr.
It
was
resignation and that of his asso¬
"a result of the
was
National
headed
was
that
made
was
of still another
rejection by the German
Bavarian
People's Party and
People's
gold
£128,410,714.
aggregates
preceding
This
Reserves total £21,652,000,
year.
against £16,378,570 and £25,791,302
years
and
a year ago
Threadneedle Street's stock
with £123,093,370 in 1920 and £88,243,187
compares
the
hand
on
reported in
nominally, £17,000,
against £83,390,821
as
£84,722,497 in 1919.
the downfall
was
£12,805,000, but
ago,
respectively..
Last
207,000.
Circulation is
as
and two
one
£125,-
now
it stood at £125,164,800 and in
year
Party representatives in the Cabinet of the compro¬
1919
mise reached at the conference held here last week
in the
between
Clearings through the London banks for the week
delegates from the Bavarian Ministry and
members of the German Federal
was
Government."
It
said also that "this conference decided that the
decree issued
by President Ebert, conferring excep¬
tional powers upon
the German Cabinet, should con¬
tinue
the
in
for
force
time
Bank's minimum
amounted
to
We
append
the
In
a
OF
BANK
nesday morning it
was
asserted that "the resigna¬
tion of the entire Kahr Cabinet is
Bavarian
a
purely internal
affair, devoid of importance and signifi¬
Al¬
except as a temporary tactical measure.
cance
of Government,
The correspondent
immediate successor."
ther observed that "meanwhile the Wirth
ment is
Sept. 15.
£
15,052,000
15,201,579
129,547.000 122,575,386
Other deposits
'
;
Sept. 19i
Sept. 18.
Sept. 17.
£
125,207.000 125,164,800
Public deposits.
£
£
80,901,885
59,398,275
40,665,740
20,128,399
38.133,386
40,764,744
91,821,859 129,955.039 128,236,171
56.567,714
58,145,320
79,810,000
83,390,829
84.722.497
99,547,120
21,652,000
16.378,570
25,791,302
30,047.452
96,461,654
32,508,022
Coin and bullion-.128,410,714
123,093,370
88,2 3,187
70,995,727
54,723,762
Governm't securities 61,241.000
securities.'.
Other
„
Reserve notes & coin
56,103,129
19.522,956
Proportion of reserve
,
liabilities
14.97%
11.88%
23.03%
17.90%
5^%
7%
5%
5%
Bank rate
The Bank of France in its
There is already talk
in Munich that the entire Kahr Cabinet will be
own
Sept. 14.
1917.
1918.
1919.
19.23%
5%
but is impotent to carry
negotiations with Berlin.
on
a year ago.
STATEMENT.
FINANCIAL
1920.
£
to
though it has resigned, it continues to conduct the
business
ENGLAND'S
1921.
spe¬
dispatch to the New York "Times" Wed¬
with
comparison
tabular statement of comparisons of
a
Circulation
cial Berlin
in
£544,835,000,
5Yi%-
principal items of the Bank of England returns:
being, because of the
districts of Bavaria."
discount rate from
£581,628,000 last week and £665,411,000
threatening conditions in Franconia, which includes
the northernmost
No change has been announced
£80,901,885.
its
fur¬
Govern¬
temporarily checkmated in its fight against
a
this
The
week.
now
weekly statement reports
gain of 159,000 francs in the gold item
further small
Bank's
gold holdings, therefore,
5,522,750,775 francs, comparing with
amount to
with
5,520,567,646 francs at this time last year and
5,573,300,539 francs the year before; of these amounts
Bavarian reaction."
net
and
During
of the many and big problems with which Cabi¬ the week, silver gained 269,000 francs, bills dis¬
leaders in Europe have been confronted since
counted rose 72,887,000 francs and Treasury deposits
the
beginning of the
1,948,367,056 francs were held abroad in 1921
1
In
ing
fact that he
were
address, Premier Lloyd George, speak¬
recent
a
was
called attention to the
war,
Premier left of those that
the only
in office when peace was
European nations have gone down in
nets of other
rather
The Cabi¬
declared.
A week ago the resigna¬
comprising
rapid succession.
tion of Vincent Witos and his associates
the Polish
Ministry,
announced.
was
M. Witos be¬
1,978,278,416 francs in both 1920 and 1919.
augmented by 3,320,000 francs.
were
the
other
general
deposits
sponding date
Pilsudski, but was prevailed upon to withdraw his
resignation and renew his efforts to reconstruct the
francs the year
Premier
July 24 1920.
on
he tendered his resignation to President
year
Cabinet."
Stanislaw
and finance of the University of Lem-
cal economy
berg,
was
for the
Gladinski, professor of politi¬
the
war
financial
laws
and
stud¬
political situations as
they affected Poland, visiting the Polish centres
in
Bank of
£408,
England in its statement this week, namely,
and
this
as
was
accompanied by
a
in
to liabilities
with
13.08%
of Aug. 31.
reserve
ratio
to that at
of
note
week
and 14.60% for the week
In the corresponding week of 1920 the
stood at 11.88% and the year prior
23.03%.
£427,000
ago
was
In public deposits a reduction
shown while
items in this
of last week and
corresponding dates in 1920 and 1919 are as
Changes
Sept. 15 1921.
for Week.
Gold Holdings—
Francs.
3,574,383,719
Francs.
159,000
Inc.
In France
No change
Abroad
Dec.
circulation..Dec.
Status as of
Sept. 16 1920.
Francs.
1,948,367,056
3,542,289,230
1,978.278.416
5,522,750,775
5,520.567,646
Sept. 18 1919.
Francs.
3,595,022,122
1,978,278,416
277,101,495
255.004,610
72,887,000
2,402,916,298
1,859.724,212
10,852,000
2,213,820.000 2.004,156,536
126,079,000 37,128,908,000 38,665,735.035
5,573,300,539
293,907,428
940.029,180
1,275,747,418
35,655,028,210
34,841,935
3,026,086,802
87,721,969
2,742,654,327
159,000
Inc.
Total
follows:
COMPARATIVE STATEMENT.
BANK OF FRANCE'S
269,000
3,320,000
Treasury deposits.Inc.
11,154,000
General deposits..Dec,
41,637.000
2,437,334,000
|
In
circulation,
advanced to 14.97%, which compares
a
Just prior to the outbreak
only 6,683,184,785
vveek's return with the statement
Note
the corre¬
and with 35,655,028,210
cut of
total reserve was
increased roughly £1,225,000.
Moreover, deposits
were brought down so that the proportion of reserve
,£1,225,000
previous.
Bills discounted...Inc.
in gold was shown by the
year
Comparisons of the various
francs.
Advances
Another trifling gain
last
Silver-....-.-Inc.
Chicago, New York, Buffalo and Detroit."
This brings
in 1914 the amount was
He recent¬
ly "returned from the United States, where he
ied
of
suggested for the Premiership and also
portfolio of Minister of Finance.
recorded.
down to 37,128,908,000 francs,
contrasting with 38,665,735,035 francs on
In May of this
came
a
126,079,000 francs being
the total outstanding
while
11,154,000 francs.
favorable turn, a contraction
reduced
were
Note circulation took
of
Advances, on
hand, fell off 10,852,000 francs,
other deposits fell
statement issued
its
as
of September 7,
the
shows the following
changes: A decline in total coin and bullion of 126,000
marks and an increase in Treasury certificates of
Imperial
Bank
741,188,000
as
marks.
unchanged.
a
further
tered,
There
and
counted,
of Germany
The gold item was
reported
continues to expand,
gain of 654,805,000 marks was regis¬
was a
heavy reduction in bills dis¬
Note circulation
namely 3,540,895,000
marks, while de-
THE
1188
Notes of other
off[4,131,790,000 marks.
posits fell
banks increased 2,433,000
CHRONICLE
marks and advances 11,-
but other liabilities were reduced
478,000 marks,
124,650,000 marks and investments 1,898,000 marks.
Gold stocks
the
as
same
hand
on
remain
week ago,
a
583,000 marks
1,023,708,000 marks,
at
and
1918, gold holdings
In the week of Nov. 7
in 1919.
stood at 2,550,260,000
amount
to
marks
752,267,000
Notes in circulation
marks.
in
against.58,28,408,040,000
marks,
71,960,212,000
marks the year
with 1,091,-
compare
and 1,102,320,000 marks
a year ago
as
and
1920
continue to be
European centres
quoted at 5% in Berlin and Belgium;
534% in Paris and London; 6% in Rome, Denmark,
of
vaults
own
banks
State
and
trust
companies of $955,000, and a decline of $468,000
in the
kept in other depositories, by State
reserve
institutions
and
dicated there
companies.
trust
was
increase in
an
already in¬
As
of member
reserves
banks with the Federal Reserve Bank of $17,394,000,
which served to counteract the increase in
and after
brought about
excess
deposits,
eliminating last week's deficit of $400,000,
increase in surplus of $16,769,000,
an
leaving the institution with $16,368,930
legal
Official discount rates at leading
in
reserves
surplus
previous.
[Vol. 113.
of
requirements.
are
based
on reserves
requirements,
Reserve
System,
vault to
the
member
of
amount
in
Federal
cash in
including
not
the
of
members
by
but
reserve
figures for
of 13% in excess of the
above
The
own
$70,914,000 held by these
banks.
Sweden, Norway and Madrid; 4)4% in Holland and
The general trend of the
In London the private discount
4% in Switzerland.
434%
last week, and three months bills at 4 1-16%, against
4K% the preceding week.
Money on call in London
remains at 2%%, the same as last week.
Open
rate for short bills is
3%@4%, against
now
been
loaned
Exchange.
easier
amounts
reports have been received of open
at
other
centres,
far
so
as
have been able to
we
ascertain.
A still
business
of
issued at the
further
indicated
Thursday,
on
reduction in bills discounted and further additions to
gold
For the combined system the gold
reserves.
holdings expanded $28,000,000, while the total of
bills
hand
on
which
fell
$85,000,000,
$1,468,874,000,
to
with $2,830,808,000 at the
compares
time last year.
Total earning assets
serves
notes in circulation
were
likewise
were
heavily reduced, namely $85,000,000.
Federal Re¬
reduced $26,000,000.
Deposits fell $13,000,000; hence the ratio of
advanced
to
67.5%,
66.2%
against
Changes in the New York bank
lines.
were
Gold
increased
gations
week.
along similar
Bill
holdings
aggregate $340,851,108, or less than half
now
$863,412,000.
$53,000,000.
were
reserve
last
Total outstanding obli¬
the amount reported last year,
were
were
$8,000,000.
reduced $56,000,000.
same
Federal
$8,000,000
$27,000,000.
bring about
when bills
Earning assets
reserve
smaller,
were
notes
while
in
on
of
advance
of
was
to
2.8% in the ratio of
periods
had
by the return during the last hour
5% call
a
Clearing House banks and trust companies
showed that the usual method of procedure
a deficit in reserves had been
pursued; that
following
is, member
banks
increased
their
borrowings
institution and the result
surplus
reserve
from this, the
Loans fell
tion.
of
more
showing
the
Reserve
the restoration of
was
than
was
at
$16,000,000.
a
Apart
not especially significant.
$8,391,000, indicating continued liquida¬
Net demand
deposits gained $7,637,000, but
Government deposits declined $4,684,000.
The to¬
tal of demand deposits is
$3,634,961,000, which is
exclusive of Government deposits of
$54,990,000.
Net time
deposits
$3,522,000
sisted of
an
to
were
also larger, haying advanced
$214,485,000.
increase in cash in
Other
own
of the Federal Reserve Bank of
914,000 (not counted
as
changes
con¬
vaults of members
$5,725,000 to $70,-
reserve),
an
expansion in
on
quotation, after it
money
dropped earlier in the afternoon from 5 to 434% -
There
was
disposition to attribute the upturn to
a
the announcement of the withdrawal by
of
ment
terday,
the Govern¬
Yes¬
$49,000,000 from local institutions.
although loans
renewed at 5%, the
were
rate
dropped to 434% in the afternoon and did not
rise
above
at least
come
that
level.
Those
who
substantiate their predictions by
the fact that up to
tion to
predicting
are
present money rates for same little time to
the
Thursday
calling atten¬
the close of business on
subscriptions
$600,000,000
the
to
offering of Treasury notes and certificates had to¬
taled
the
to
advance in the
whole
the
from
reserve
These
same
probable trend of the
marked
of
success
money
needed, it
recent
said
that if
conditions and
market during the
may
be found in the
offerings
of
corporate
All of the issues brought out
to
have
time for
a
been
sold
within
the
Government,
that they
a
this
short
and off
on
$50,000,000 loan to the Argentine
latest
country and from local
both
advices,
sources,
are
from that
to the effect
have been broken off.
Referring to detailed
money
rates, loans on call
easier and the range for the
534%*
as
shown in this
as
observers say
Although negotiations have been
some
were
gold
by bankers in this and other important
were
time.
for
the
in
ratio of the 12 institutions
66.2% to 67.5%,
remainder of the year is
week
directing
also
are
increase
continuous
of the Federal Reserve institution and in the
reserve
a
They
$1,400,000,000.
attention
securities
analysis of last Saturday's statement of the
New York
In speculative circles surprise
534%-
was
caused
financial centres.
An
thirty days,
5% for
further evidence of present monetary
declined
Stock
moderate
of
offering
at
money
circulation
75.7%.
reserve, to
the
was
time
week's statement.
deposits
money was
striking indication of the
contracted
The outcome of these changes
an
hand
Tie renewal rate
although the nominal quotation for 30, 60 and 90-day
was
The Federal Reserve Bank statement,
market has
money
drop below 5%, but
more
conditions
Thursday to
close
local
ease.
call several days at 434% on the
on
been
No
market discounts
greater
for call loans did not
market discounts in Paris and Switzerland have not
changed from 5% and 334%> respectively.
still
toward
week
was
4J4@
against 5@5J4%'a week aS°For the
of the week, namely Monday, Tuesday and
as
first half
Wednesday, the high was 534%> the low
renewals at
534%
veloped
Thursday and there
on
434% low,
on
eac^ day.
ruling figure.
collateral
was
a
decline |to
with 5% the high and renewal rate.
Friday the range was
entiation.
5%fand
Increased ease^de-
and
agaiiji 4J4@5% and 5% thel
The above figures apply to mixed
all-industrial
loans
without
differ¬
For fixed date funds the situation is still
Sept.
17
THE
1921.]
essentially the same,'and the
continued
unchanged.
5%, against
(Friday),
This
strain of the
tions, and
surprising in view of the heavy
as
Sept. 15 Government financing
attributed by
was
release of so-called
quiet with
five and six
5%%, against 5%@6% last week.
regarded
was
how¬
lowered to
were
and four,
5%@5%%,
months' money to
till Thursday
range up
Yesterday
sixtyi and ninety day loans
ever,
CHRONICLE
to the recent
many
credits."
"frozen
opera¬
Trading
was
important trades reported.
no
Commercial paper ruled quiet and featureless at
rates hitherto
prevailing, that is, 6% for sixty and
ninety days' endorsed bills receivable and six months'
of
names
choice character,
known at 6%%.
mill paper
is reported
Offerings of the best
changed.
not so well
England
the
were
names were
The market
only moderate.
principal buyers.
remain
un¬
quiet and the turnover
was
Country banks
again in the
were
Some brokers
are
export bills to appear in the
near
f uture
cate
credits.
For
tone.
the
a
as
res
alt of the
loans
5%.
discount rates
for
on
generally firm
a
against bankers' acceptances
usual had
Open market quotations
no
were
sign
bills.
A
moderate
reported first
of
amount
side then
on one
speculation
the
on
was
other of the
market, and this in the absence of broad legitimate
operations
had
susceptible
to
still
that
held
tendency to render the market
a
outside
influences.
The
sterling is being held
as
belief
is
firmly
as
possible pending the time when the usual outpouring
of bills
against shipments of commodities will force
prices down.
The continuation of
is taken
gold imports in large volume
indication that Europe is still unable
an
as
credits to the extent needed and it is under¬
secure
stood that
leading financiers
authorities both here and in
in
endeavor
the
formulate
to
stabilization of exchange.
well
as
Government
are
still at work
plan for the
some
According to
dispatch
a
it is learned that Secretary Mellon
meeting of the American section of
a
the Inter-American High
of
as
Europe,
Commission for the
purpose
considering the subject of foreign exchange and its
relation
in the
fore'gn trade.
to
The recent violent rise
price of cotton is said to have greatly strength¬
improvement is expected to bring about
53^@5% for thirty days.
depress¬
expected seasonal influx of cotton and grain
prime backers' acceptances eligible
follow:
week
of the
ened
5% asked for bills running 120 days; 5%@
a
yet
as
The Acceptance Council makes the
5% for ninety days; 5%@5% for sixty days and
a
Offerings of bills
but there has been
larger
intends to call
very
purchase by the Federal Reserve Bank 5%%
bid and
somewhat
as
the local market.
market in the
posted rate of the American Acceptance Council
remains at
quotations and this
on
from Washington
The market showed
call
sent lower
looking for German
newly-arranged syndi¬
with 3 68%@3 74
compares
Towards the latter part of the week London
ing effect
to
light.
acceptances
market, but business for local account is practically
negligible.
mand, which
earlier.
having been placed at 5%%.
as
bankers'
and
names
A small amount of New
Out-of-town institutions
Banks'
with
1189
the
position of the South and the
banking
volume of business in the
who
some
an
future.
near
regarded the firmness in sterling
due to the repayment
France and
increased
There
as
were
largely
of loans to Great Britain by
Belgium out of the proceeds of reparations
if
funds, but few
any
willing to make
were
any
SPOT DELIVERY.
Prime eligible bills..:
90
Days.
60
Days.
31 Days.
5
@i%
5
@44
5
WITHIN
DELIVERY
FOR
THIRTY
@14
54 bid
54 bid
—
Ineligible bank bills
54 bid
—
exchange
there
3
There have been
of rates
Monday rates
at the different Reserve Banks:
DISCOUNT
RATES
IN
SEPTEMBER
EFFECT
RESERVE
16
BANKS
within
90
Federal
bills
maturing
days
(Including
IB-day col- Bankers'
secured by—
accep¬
notes)
Reserve
Bant
Treasury
of—
3
and
Other¬
Liberty
lural
a
tances
accep¬
live-stock
tances
paper
maturing
bonds
wise
for
and
secured
member
within
Indebt¬
Victory
and
banlis
90 days
edness
notes
unsecured
180
54
54
54
54
54
54
54
54
54
54
54
54
54
54
54
Cleveland
64
5,4
54
54
54
54
54
Richmond
6
G
6
6
6
6
Atlanta
6
6
6
6
6
6
6
Chicago
6
6
6
6
6
8t. Louis
6
6
6
54
6
Minneapolis..
6
6
6 4
6
64
6 4
Kansas C'ty
6
6
6
6
6
6
Dalles
6
6
6
6
6
6
San Francisco
54
54
54
54
54
54
3
was
6
noted in the sterling
exchange market this week, price levels have been
fairly well maintained
so
that changes in rates were
Trading continues light
recessions, the
comparatively unimportant.
and
same
despite
general
occasional
temporary
firmness which marked
last week's
dealings remained in evidence the greater part of the
time.
This has occasioned
of the sensational
some
surprise, in view
weakness that has persisted not
only in German marks but in several of the leading
European
currency
currencies.
for the week
in English
3 68% and 3 74% for de¬
The
were
was
lower with
a
decline to 3 71%@
73% for demand, 3 71%@3 73% for cable trans¬
fers and 3
65%@3 67% for sixty days; the volume
was not large.
Wednesday's
market
again turned weak, mainly as a result of
lower London
quotations; the range for the day on
demand
was
G8%@3 72%, cable transfers 3 69%@
3
and
72%
was
extremes
3
changes
were
to
while
days
sixty
the feature of
decline
irregularity
further recession
of business transacted
54
some
a
71%@3 74%, in cable transfers
Some irregularity marked Tuesday's trad¬
days
5 4
While
brought about
72%@3 74% and in sixty day bills to 3 66%@
67%.
ing and the trend
maturing
91 to
New
York
d
disc'ted
Boston
Philadelphia
On
A gricul
Trade
certf. of
notes
dull and listless.
increase in the volume of com¬
an
1921.
banks'
member
lateral
when
was
maintained until the latter part
were
in demand bills to 3
to 3
Discounted
trading
mercial bills offered
FEDERAL
THE
OF
sixty days;
of the day
easier and
cable transfers and 3 66%@3 6834
73@3 74% for
The following
is the schedule
was
decline to 3 72%@3 7434 for demand,
a
for
in effect for the various classes of paper
now
Saturday of last week
on
was
changes this week in Federal
no
Reserve Bank rates.
to the future of exchange.
as
Referring to quotations in greater detail, sterling
DAYS.
Eligible member banks.
Eligible non-member banks..
predictions
3
3 63%@3 66%.
triple erratic; after
frequent' and a
transfers
cable
ranged
the market ruled
quiet, with
a
for
demand,
cable
and
3 64@3
transfers
70%
Commercial
at 3
3 69
and
On Friday
fractional decline to
3 70%@3 71% for
for sixty days.
65%
for sixty days,
for cable transfers.
sight bills finished at 3 70%,sixty days
quotations
for
between
sixty days at 3 66@3 67.
3 69%@3 70%
3
a
68%, demand recovered to 3 71 1-16,
3 71 9-16 and
Closing
Dullness
Thursday's trading, though rate
were
3 64%
demand and 3 71
64%, ninety days at 3 62, documents for pay¬
ment
(sixty days) at 3 64% and seven-day bills at
closed at
3
69%.
Cotton and grain for payment
3
70%.
Gold shipments continue heavy and include:
$3,000,000 French and Swiss gold on the Paris, $400,000
I
gold
the La Bourdonnais from France and $4,300,000
on
the Potomac for
on
This latter is said to be
Belgian account.
here by the Reiehsbank for the purpose of
German gold sent
making reparation payments and is one of several shipments
due
in
arrive
to
Miscellaneous
America and elsewhere were as follows:
the
amounts from South
very
future.
near
the Pulwico from Colombia; $13,360 on
the Pastores from Port Limon; 10 packages currency on the
12 bars of
gold
on
the Nieuw Am¬
Yucatan from Vera Cruz; 3 cases gold on
and 65 bars of gold
packages and
sterdam from Rotterdam; 7 packages
the Gen. G. W. Goethals from Panama; 5
on
20 bars of
gold
the Tivivies from Cartagena and 1,516
on
and silver
bags of gold
ore
the Mineola from Peru;
on
packages of gold bullion and dust from Cristobal and
45
1 box of
gold coin
on
the Lixaola from Colombia, and yester¬
German
day the Hawaiian arrived with $4,000,000 more
Large consignments of German,
gold for the Reserve Bank.
French
Indian
and
gold
expected
are
Berengaria, La France and Finland.
in
Movements
exchanges
were
causing
some
anxiety since it is argued that
Germany's failure in this respect would materially
affect
Private advices suggested that the
France.
German Government may try to supervise exchange
dealings with
view to preventing continued
a
lation.
Whether this be
French
and
attempts to sell.
loss of 58
a
not, the fact is that
or
freer offerings and insistent
on
In the
case
of the former there
Belgian
points to 6.88.
clined to 6.80, or 30
17
so
specu¬
Belgian francs and Italian lire broke
sharply this week
was
de¬
currency
points down, while lire slumped
points, to 4.17 for checks.
moderate short
At the extreme close
covering operations brought about
slightly firmer tone and
of the losses
some
a
were
recovered.
The official London check rate
53.25,
Continental
the
This is
Olympic,
the
on
[Vol. 113.
CHRONICLE
THE
1190
on
Paris closed at
on
against 49.45 last week.
as
Sight bills here
the French centre finished at 7.06,
against 7.48%;
centring almost cable transfers 7.07, against 7.49%; commercial
exclusively on Reichsmarks. Trading though not sight bills at 7.04, against 7.47%, and commercial
especially active was much confused and quotations sixty days at 6.98, against 7.41% a week earlier.
frequently wide apart with strong evidences of Closing quotations for Antwerp francs were 6.99% for
Last week
speculative manipulation on the part of foreign inter¬ checks and 7.00% for cable remittances.
again erratic with attention still
As
ests.
be
of fact the market
matter
a
completely dominated by developments abroad.
Following
the
resinned
was
established
0.99%
made
their
of any sort,
adequate buying
demoralization;
stated, trading
was
although,
Government
although
selling
was
incidental
it
was
conceded
claim
that
the
more
German
drastic declines.
people
both domestic and
foreign securities,
a
year
a
currency
are
losing
and buying heavily
a movement
in
paralleling that existing in Austria
respects
funds in
business
possible overthrow
a
own
about
payments,
be endeavoring to get rid of their
may
confidence in their
some
consider¬
a
German
that
ago
more
when there
was
a
the close
at
and 7.38.
7.37
was
rush to place
stable form of investment than Aus¬
trian
0.96% for checks and 0.97% for cable transfers, in
comparison with 1.01% and 1.02% last week.
trian
kronen
exchange and suffered
further recession, with the
a
close 0.08 for checks and 0.08% for cable
against 0.09% and 0.10%
a
Czecho-Slovakia
at
closed
Bucharest at 0.91,
week
1.20%,
against 0.97;
transfers,
Exchange
ago.
against
on
1.20;
Poland at 0.02%,
against 0.02%, and Finland at 1.30, against 1.50
in the
Greek exchange ruled about
preceding week.
steady, until the close, when there
5.25 for checks and 5.30 for cable
was
slump to
a
transfers, comparing
with 5.50 and 5.60 last week.
The
former
neutral
also
losses
sharp
broke 53
reported.
were
declined to 17.14, a loss of 2|1
exchange
irregular,
was
closely
Dutch
points.
guilders
Swiss francs
Scandinavian
though changes
while Spanish pesetas
pronounced,
less
were
were
compara¬
tively steady at not far from last week's closing levels.
Little, if
any,
increase in activity
ing continued at
Bankers'
sight
against 31.65;
a
was
noted and trad¬
minimum.
on
Amsterdam finished at 31.50,
cable transfers 31.55, against 31.70;
commercial sight bills 31.45, against 31.60, and com¬
mercial
sixty days 31.09, against 31.24 last week.
close
''catas¬
moved
points, to 31.20 for checks.
the
of speculation with the
exchanges
parallel to the other Continental exchanges and here
Swiss francs closed at
wave
Aus¬
generally followed the lead of Berlin
kronen, with the result that Austrian exchange
collapsed completely.
Berlin dispatches compare
present
Reichsmarks finished
large extent
reparations
Government and still
Bankers
a
for account of the German
to
holdings of marks for fear of
of the
to
were
Rumors persisted that
able part of the
interests
already
as
reflection of conditions existing in the Euro¬
markets.
pean
power
at no time extensive in volume
and the violent fluctuations
a
Offerings
>
overwhelming
in
conditions at times developed bordering
utter
merely
earlier.
week
a
appearance
volume and in the absence of
upon
namely 0.8934 for
low,
new
compared with the previous low record
as
again
sensa¬
developed which carried the quota¬
down to another
checks,
Berlin marks
practically from the start and
tional weakness
tion
marks
in
improvement
temporary
noted at the close of last week, selling of
of
appeared to
and
17.25
was
for
17.23 for bankers'
cable remittances.
17.11
and
17.13.
A
sight bills
week
ago
Copenhagen
the
checks
trophe boom" of the winter of 1919-20, when for¬
eigners were said to be buying German securities
finished at 17.61 and cable transfers at 17.66, against
because of the
and
cheapness of the mark and natives
buying for the
were
reason
that they leared further
contraction in their money's
tened to get
ing selling
sible
farther
taking
buying
power
and has¬
An additional factor in induc¬
the circulation of reports that
was
moratorium
block
the
rid of it.
lAight be declared which
far
Advices
as
up
of
methods
from
defined
would
reparation payments and necessitate
the
entire
German
reparations
question again by the Allied Governments;
so
a pos¬
the
of
settlement
British
centre
are
that is,
concerned.
indicate
a
well
feeling that Germany is likely to experience
increasing difficulty in meeting future payments.
17.55 and 17.60.
cable
21.65,
Checks
on
at
21.62,
checks
on
Norway finished, at
while
and cable transfers at 12.88,
the
week
Sweden closed at 21.57
transfers
before.
Final
against
21.60
and
12.83
against 13.05 and 13.10
Quotations
for
Spanish
pesetas were
13.06 for checks and 13.08 for cable
transfers,
contrasted with 13.00 and 13.10 last
as
week.
As to
South American exchange,
undertone
prevailed and there
was
a
rather better
an
advance to
31% for Argentine checks although the close
and cable transfers
week
was
30%
30%, against 30% and 30% the
previous. For Brazil the quotation
ally lower and the final
range was
was
fraction¬
12.62% for checks
j
1*7 1921.]
Sept.
THE
against
10%,
was
with
Hong Kong and Shanghai
In
ruled
exchange
recorded in
rencies.
the
former
the
ad¬
steady
range
cur¬
53@53%,
was
75%@
against 52 @52%, while the latter was quoted
closed at
48%@48%, against 48%@48%; Manila at 49@
49% (unchanged); Singapore 44%@44%, against
43%@44%; Bombay, 26%@27, against 26%®27%,
75%,
parts of the country, in the operation of
the Federal Reserve
Eastern
vances
all
from
unchanged.
/Far
foregoing heavy credits reflect the huge mass
of checks which come to the New York Reserve Bank
firmer, at
9.95, but Peru remained at 3.40,
Chilian exchange
12% and 12%.
was
The
Last week the close
and 12.75 for cable transfers.
1191
CHRONICLE
and Calcutta,
Yokohama
70%@72%.
against
These
with the
sent
Clearing House institutions.
Reserve Bank is
bank
The
never
following table indicates the amount of bul¬
principal European banks:
Sept. 16 1920.
ofGold.
Total.
Silver.
Gold.
certifying daily to the Secretary
Treasury the buying rate for cable transfers
the different countries of the world.
We give
the Clearing
through
go
Sept. 15 1921.
Barks
of the
on
and
requirements of Sec. 403 of the
now
repre¬
the Reserve Bank itself are presented directly
the
lion in the
Emergency Tariff Act of May 27 1921, the Federal
They
House.
27%@28 (unchanged).
Pursuant to the
collection scheme.
only one side of the account, as checks drawn
upon
to
par
of the Reserve Bank's operations
to the results
as
System's
large credit balances, however, show nothing
England
France a..
Germany
.
Silver.
JS
128,410, 714 123 ,093,370
11,080 000 154,055, 349 141 ,691,569
836 100 52,021, 500 54 .579,050
128,410,714
142,975,349
51,185,400
Total.
£
/./■ £
2,369 000 13,313, 000
25,113 000 125,058, 000
123 093,370
10,200 ,090 151 891,56PI
54 910,550)
331 50
13 313,000?
2.369 00
23,951 000 122, 047,000
2,998 09f 35 227,000
10 ,944,000
Aus .-Hun.
10,944,000
Spain
99,945,000
Italy.
33,307,000
2,968 000
36,275, 000
32 ,229.00'
Nellr ri'ds.
50,497,000
10,663,000
847 000
51,344, 000
53 .028,000
Nat. Belz.
1,582 000
12,245, 000
10 ,660 000
1.071 00<
11 731,000'
Sv/itz'land.
21,785,000
4,421 000
26,206, 000
21 ,601.000
3,667 ,000|
25 271,000'
morning of the following day, and therefore the latest
Sweden.__
15,830,000
12,642,000
15,830, 000
14 ,519.000
195,000
12,837, 000
12 ,643 (XP
figures it is possible to include in our table are those
Norway
below the record for the week just past.
Reserve Bank does not
for
Thursday
proclaim the rates until the
announced
noon,
BUYING
CABLE
RATES
The Federal
BY
FIXED
Noon Buying
8,115, 000
8,115,000
ocoi
54
423,000'
14 519,000'
145,000
8 ,108,0001
12 788,000
,108,000'
BANK,
a
Gold holdings of the
Bank
of France
this year are exclusive of £77,934,682
held abroad.
Rate for Cable Transfers in New York.
Value in United States Money.
THE
CAPITAL, THROUGH SCIENCE,
Unit
Sept. 10. Sept. 12. Sept. 13. Sept, 14. Sept. 15.
Sept. 9.
1,395
49,411,100 835,710,563 581,194,989 46,127,500 627,322,489'
49,476,400 635,715,095583,163,935| 46,298,150 629,462,085-
week586,238,695
Prev.
RESERVE
SEPT. 9 1921 TO SEPT. 15 1921, INCLUSIVE.
ountry and Monetary
_
Total wee' 586,299,463
Friday:
on
FEDERAL
Denmark
98 .096,000
"POOR
MAWS. FRIEND."
EUROPE—
.001025
.001011
.000946
.000967
.00095
.000893
franc-...------
.0734
.0731
.0713
.0710
.0694
.0889
Bulgaria, lev—
Czecho-Slovakia, krone—
.0082
.008217
.C07933
.008083
.007617
.007533
.012087
.012029
.011993
.011957
.011979
.012014
Denmark, krone
.1756
.1747
.1769
.1779
.1770
.1758
3.7238
3.7388
3.7029
Austria, krone
Belgium,
——
^—
pound
England,
Finland, markka...
France, franc
-
3.70
3.7409
3.7220
.013733
.013457
.0132
.0427
.011988
.01216
.0748
.0744
.0722
.0719
.07C2
.0388
.009186
.009206
.009111
.0562
.0562
.0563
.0540
.0528
.3168
.3174
.3100
.3149
.3138
.3127
.002275
.002236
.002067
.002058
.002043
.001943
Italy, lira
.0432
.0432
.0426
.0 428
.0425
.0423
.005033
.004939
.0048
.00470S
.004467
.00395
Jugosla via, krone..
Norway, krone
— -
_
Poland, Polish mark
Portugal, escuda
Rumania, leu.
—
us
our
most
thoughtful conclusion#
We attain to>
from alien sources.
principles by
a
slow
process
of mental
.009089
.009939
.0565
-
to
assimilation,/ which, though directed by will and
.010325
-
come
treasured
Germany, relchsmark
-i-■—
Holland, florin or guilder. .
Hungary, krone-*——
Greece, drachma. 4.
Confirmations of
often
wish and
.1303
.1297
.1304
.1307
.1292
.1287
.000263
.000283
.000258
.000267
.000258
.009233
.0959
.0946
.0927
:0898
scious
patient study, is to some extent an uncon¬
It is
one.
action of the
as
if there
were a
secret automatic
mind, bringing many facts together,
applying them to conditions, evolving what we term
.0972
.0948
.009767
.00954
.0087
.008113
.008413
.C0845
.020133
.019775
.0197
.018925
.01845
.016275
.1301
.1303
.1300
.1296
.1301•
.1302
.2159
.2160
,2164
.2163
.2158
.2151
.1713
.1715
.1722
.1728
.1723
.1716
this
process.
When, therefore, we encounter con¬
Hong Kong, dollar
Shanghai, tael...
Shanghai, Mexican dollar.
.5100
.5113
.5180
.5225
.5220
.5158
.6953
.6980
.7045
.7218
.7240
.7139
firmations in
unexpected ways and places, they seem
.5072
.5079
.5156
.5219
.5184
.5122
India, rupee
.2567
.2587
.2611
.2611
.2608
.2800
.4833
.4830
.4839
.4839
.4821
.4807
.3138
.3112
.3103
—
Serbia, dinar
Spain, peseta.
Sweden, krona
Switzerland,
ASIA—
- .
.
-.
— — —
-
franc
...
"truths," apt to our reason and satisfying to our
judgment.
Each of us, we think, is dimly aware of
.
—
Japan, yen
- - - - - - -
to
open
shop would seem to have little bearing
.3150
.3140
Singapore, dollar.
NORTH AMERICA—
.4267
.4283
.4267
.4283
.4267
.4233
upon
Canada,
.895208
.893125
.894583
.896458
.892604
.891458
dress delivered
guilder
Java, florin or
Manila,
.'v>
peso
—
dollar
Cuba, peso
.
Mexico, peso
—
—
- -
-—- -—- -
-
-
- -
Newfoundland dollar
SOUTH
i992721
.991875
.992102
.993971
.993551
.993138
.48406 3
.484167
.484063
.484688
.485417
.48325
.892917
.891042
.8925
,893333
.890833
.88875
•
AMERICA—
.-I
\
Argentina, peso (gold)....
.6863
.6938
.7042
.7C98
.7079
.6897
Brazil, mllreis
Uruguay, peso..
.1227
.1242
.1245
.1227
.1229
.1213
.6463
.6481
.6480
.6543
.65123
.6536
The
.
—
Clearing House banks, in their
York
operations with interior banking institutions, have
gained $6,693,345 net in cash as a result of the cur¬
rency movements for the week ending September 15.
Their receipts from the interior have aggregated
$7,853,000, while the shipments have reached $1,-
159,655,
the following table:
as per
RECEIPTS
AND
BY
SHIPMENTS
NEW
YORK BANKING
INSTITUTIONS.
Into
Week ending Sept. 15.
Out of
■
$7,853,000
Banks' interior movement-
Sub-Treasury
eral Reserve Bank
to
the
show
the
on
$1,159,C55 Gain
Bunks.
$6,413,345
taken over by the Fed¬
6, it is no longer possible
Government operations on
was
Dec.
effect of
Clearing House institutions.
serve
Gain or Loss
to
Banks.
Banks.
As the
Bank of New York
was
The Federal Re¬
creditor at the Clear¬
ing Hpuse each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
AT
Saturday,
Sept. 10.
each other, but read this excerpt from an ad¬
Monday,
Sept. 12.
Tuesday,
Sept. 13.
CLEARING
Wednesd'y,
Sept
14.
BANK
HOUSE.
Friday,
Thursday,
Sept. 15.
Sept. 16.
S
$
Aggregate
for
Week.
S
49,100,000 49,000,000 46,800,000 50,000,000 65,003,000 P3,800,000 Cr. 344,700,000
by Dr. Arthur D. Little, an indus¬
chemist, before
Chemical
of the
a
meeting
of
the
American
Society in the Great Hall of the College
City of New York, Sept. 8:
"There
New
CURRENCY
trial
Chemistry and
"proofs strong as holy writ."
us
the
.3131
is in
all
communities
a
large class that
certain superficiality of justice, that
all wealth is produced by labor.
But the amount of
wealth that labor can produce is determined by the
amount of energy placed at the disposal of the la¬
borer and by the efficiency with which, under the
guidance of management, he is enabled to utilize
that energy.
The amount of food consumed daily
by the average New Yorker has about the same en¬
ergy content as one-half pound of coal, and, like the
rest of us, he is commonly unwilling to convert all
that energy into useful work.
"Properly applied, however, the proportion so uti¬
lized in brain power may suffice to run a railroad
or
dominate an industry.
In less-favored sections
of the country a few men by utilizing gravity, may
launch a warship.
By the use of compressed air the
output of the human riveter is increased from fif¬
teen to twenty times.
Hydraulic devices enable one
man to
operate the locks of the Panama Canal. By
a delicate utilization of energy we talk from Paris
to Honolulu, or fill the ether with wireless music
available to all who will buy a $40 receiver."
Dr. Little is endeavoring to answer his own ques¬
claims, with
a
tion, which he propounds as follows:
THE
1192
"Upon what
for the
CHRONICLE
of energy may the world draw
sources
stupendous work of reconstruction and the
requirements of the
we seem
"we
cognizant of
are
race."
And he declares that
to stand ?"
ably greater than
human
social era, at the threshold
new
of which
He
of energy inconceiv¬
sources
possible requirement of the
any
some
names
of
scarcely
these,
understood, and, as yet, unutilized: direct radiant
from the
energy
to
are
the
accumulating evidences of in¬
conceivably great amounts of kinetic
now
kind
are
of its atoms."
with any
of
of energy
stores
immensely greater than
reactions,
of the forces with which
recognize them
as
of
an
we
ful
burning coal
explosive."
or
or
concerned
commonly deal.
their
a
new
avenue
energy
opened up-—to the pleasure and benefit of all ?
Are
they not acquit, having received their day's pay?
soon
this capital investment be destroyed
may
transformed bv
some
of the
revolutionary discoveries will take place?
Now, is it not apparent that man prospers when
he works with
nature, not against?
not the
bomb?
The
That produc¬
is the law of the better
of the explosive engine,
Here is where the command to
go
forth and dominate
the earth
becomes
a
religion!
bounty is free and exhaustless, and with its
reaping there
may
tions."
Does this
Does it
mean
that
machine" ? No.
be forever "better living condi¬
mean a
ment.
Why then this arrant fallacy that the "men"
own
the
loss,
It
means
that
by the
use
of his
own
How false, how futile, then, this
advancing
an
that it
seize
may
more
necessary relations of
of
he
a
and
women
continuing state of society while owning the
of
things, cannot by any conceivable "collectiv¬
uses
ism"
the
men
or
"dividing up"
same
way,
vately owned
advance.
own
the things themselves in
and that property and capital pri¬
are
Why?
necessary to civilization
and its
Because in the individual alone
is the
taxpayer is much
circumstances.
Just what
the
Government—without
that
it cannot pay even
public.
upon our
all
our
economies must
Economy is
in
an
demands will
man
the
latent energy to the
good of
through increased production, which,
through
diffusion of trade,
helps every man. Neither
these
hidden
energies,
nor
their
embodiment
in
"going concerns" of to-day are the work of the
gener¬
to-day—much less the work of those who
ation of
serve
for
under the guidance of
"manage¬
physical properties that depend upon
wages
ment" in the
brain-power for their creation—and
on
by descent to the State
that if passed
must lose the
guidance
that exists
only in the individual—to say
nothing of
commonplace of becoming the sport of politics.
There suddenly swims into the vision of
this
the
gene¬
ration the automobile.
It is
an
exemplification of
one
To those who believe
one
that when occasion
force, which must be constantly
and navy.
a
possible
a
large and
chance"
on
the continuance of
small army and navy.
a
We mention this
first, because 92 to 93% of all
ent
are
expenditures
tingent.
use
growr-
Those who feel secure, and who
a
will find economy in
peace,
so
determined
But there is
force, will find "economy" in
pres¬
for war—past, present, or con¬
Again—those
who
believe
in
"bureau¬
cracy," in the advantages of boards and commis¬
sions
to
"regulate"
business,
tions that will enable them to
ince of
these
will
find
ultimate
in providing for these ample appropria¬
and at the
bounty of the infinite
pay—
afterwards.
come
elastic term.
use
to cut off these
operate, to apply the
can
business
amount
hand, and that looks forward to
011
of
crippling
the
"strong Government,"
a
tient individual to
and
people
all know—and that is the fixed charges
national debt. These must be paid—and
But when they are embodied into
concrete industries there must be
the human sen¬
own
The
we
Those who believe that
the
a
is not easy to compute.
upon,
quantity
and
to
difficult.
and at the same^time maintain the barest needs of
economy
qn masse
more
Yet it is not quite this—and cannot be under
pres¬
ent
will-power to initiate, the directive power to
control, and the motive of love to apply!
Ideas
institutions, in the abstract, descend
impor¬
very
business of the budget-maker
belongs to the latter.
army
That
a
cutting the cloth to fit he pocket-
willing to "take
in
of change?
an era
"Cutting the coat to fit the cloth" is
are
What else?
than the wage set by the
things in
LIMITATIONS.
ing
good.
un¬
THE TEST OF NATIONAL ECONOMY—TAX
his
thousand fold
own
in the midst of
age,
paralleled scientific progress, to organize "labor,"
of brain and brawn he multiplies this energy
by harnessing it to the latent ener¬
gies the chemists of the world are unfolding, and to
energy
a
perhaps temporary disarrange¬
save
"plant"?
attempt, in
coming workless age? No.
is to become "the slave of the
man
enjoyed
no
book
use
invention, discovery?
new
suffers
through and
coal (not petroleum)
upon
more,
a
But the "labor" that earned and
spent and
foresees
more and still
no¬
been
derived
for generations to come—but who knows when
tion,
Has not
wages,
tant matter—but
life, not destruction, the
to do so.
own,
of hand-labor for those who risk
by the exploration of these hidden forces of nature,
one
na¬
corpora¬
They risk their capital—
saved-up labor, their
Dr. Little, despite all the wondrous
dependence
of
energy
into
thing, who sell their day's labor for
liberated from the most power¬
advance possible for the human race
our
an
altogether higher order
intensity and magnitude than the
from
And adds:
recognize that concealed in matter of every
those derived from chemical
We
energy posses¬
only by radium, but by ordinary matter, as
the constitutional energy
"We
ing industries is builded.
if not
extraordinary interest
It utilizes
assembling themselves
tions, though retaining their individualism, develop
and improve this invention—until one of our lead¬
How
as
sed not
no
Men
follows: "Of
an
chemists
And by
of tidal action.
explosive engine.
ture.
almost infinite form of energy which
least,
he describes
means
of the earth's rotation,
sun; energy
of the winds and
waves,
the
[Vol. 113.
completely function.
paternalism is not the
"Government by consent" will be
a
reasons
who must
appropriations and kill the
time kill these
same
that economy
agencies.
prov¬
willing
expense
It is for
reverts to the people,
specifically say what they want.
We have started in to "economize" without
really
specific directions from the people in these matters.
But
we
eral
directions, empowered representatives to
have
out these
of
a
by
a seven
million majority given
"general economies," received the promise
party, and the process is going on, and
lieve, with President Harding, that real
being made.
But such is
ernment that
we
are
opinion of the people
of
taxes
gen¬
carry
without
the will of
these
our
unable
as
we
be¬
progress
is
peculiar form of Gov¬
to
bring together the
to what business will bear
reducing its
powrer
to pay—and
"representatives," acting
as
best
Sept.
they
17
THE
1921.]
under general instructions to reduce the
can
Yet Congress is not wholly
public expenditures.
without advice in these
the two
elements
the
on
this "excess
a
certain
and then
we
find
brought together in the "excess
fact, apparent to those who know, that
profits" is
a
misnomer, in that it allows
percentage only upon "invested capital"
proceeds to appropriate the bulk of the re¬
should go to reinvestment in busi¬
mainder—that
that it
ness,
contingencies, and
There is demand for repeal—and it
profits tax."
rests
CHRONICLE
function
may
effectually and thus
more
enable business to maintain Government.
only
But
The larger
factor in the problem.
one
sertion that railroad
resent
obligations
original tricks.
In
are
tive
example, there is
water and rep¬
degree, this was
some
true, but it has no point now;
once
as an
illustra
question that England,
no
Belgium and France have been guilty of offenses
against mankind at some dates during the past two
centuries, but that
was no reason
why this country,
which is interested in the welfare of mankind and
immediately
more
interested
should have refused to go to
in
its
Without it, there would have been
Coast
been
section,
no
coun¬
Pacific
have it; there would have
as we now
Oklahoma; the time
no
safety,
own
their aid when attacked
The railroad made this
by a Common enemy.
try.
Here, then, we find one specific direction.
it is
I
1*93
was
when the
newer
question remains at present undetermined—namely
parts of the country were so eager for railroads that
the current returns of all forms
they were ready to grant anything and promise any¬
how much tax
of
enterprise
anemia?
The
tween fixed
can
without producing a condition of
pay
margin of this determination lies be¬
charges, which must be paid, and Gov¬
ernment expenses,
in
a
which
be paid, and must be
may
according to domestic policies in which
sense
war
and
The
people want peace, that we know.
possible war-preparation figures so largely.
And if they
willing to trust to the growth of peace in the
are
world
military
be cut to
expenses may
a
minimum.
Yet, again, how shall the percentage of allowable
determined
be
tax
burden
business
current
incomes
save
by first determining the
bear—business
can
sometimes called na¬
therefrom,
tional income?
other
In
according to
words, the people must
first "cut the cloth" and then
only Congress may
"cut the coat to fit the cloth."
And it must be in¬
sisted, difficult as this
fore the
a
be, it must be done, be¬
may
procedure of true economizing can become
Unfortunately the problem is further complicated
now
by the fact that more is required of business
than
ever
before, at
a
period when it is less able to
We present
than in normal times.
a
somewhat
novel
proposition—that the people shall set aside a
given
sum
we
for the
to arrive at
must
an
ultimate solution?
inside this amount.
come
Yet how else are
of Congress.
use
The budget
Economy will de¬
pend upon "doing without" many apparently needed
things, especially killing
But
as
some
wrongs
long
there is
as
coat, it will be
a
many war
a see-saw
appropriations.
between cloth and
question which is really considered
have been too
outstanding
to be
torial from the Tulsa
what that paper
City sends
(Okla.)
us an
edi¬
"T^ofld,?? concerning
calls "an overloaded business," re¬
ferring thus to the railroads.
This title
may
be
cor¬
rectly applied to the roads, though in quite another
sense
from that this writer
continued
road
gives to it.
acrimonious
and
discussion
He foresees
of the rail¬
problem, and declares that the country "is be¬
coming
more
and
more
apposed to this ceaseless
feeding of the roads from the public treasury."
article
and
is
so
wrong
His
throughout in both statement
argument that it is not
easy
to select the worst;
had
"It is very
railroad
Perhaps there
are some
to the
juggling."
men
"who made
promotions and rail¬
This merely repeats the stale as¬
assertion of dema¬
on any
reality, and
undertaken for the pur¬
necessary,"
says
this writer, "that the
roads, but surely it is equally
that it be approached without prejudice
public, which has put the values in the
prop¬
erties, and which must, in the last analysis, supply
funds required in the solution of the problem."
any
is
Here
a
confusion
formal "owners"
are
the millions whose
of
thought.
The record and
those who hold the
securities;
vastly greater in number, are
property and welfare stand upon
the life and service of most financial
or
public
cor¬
porations, in whose assets those securities are a sub¬
stantial
The keystone belongs to the arch, the
part.
lowest foundations
the broadest
the entire
"After
lem is
sense
belong to the structure, and in
the railroads
are
the property
of
population.
all," says this writer, "the railroad prob¬
simple one."
a
It
seems
simple to some oth¬
also, to the author of the "Plumb" plan, for in¬
ers,
stance, a plan still hiding but probably not aban¬
doned in the desires of its
serve
(such
the
to
over
proponents.
That plan
virtually confiscate the present ownership of
a
as
that is) and turn the properties
employees; it is a plan as simple as
sick
man
railroads
"The
Ob¬
by chopping off his head.
the Plumb-like
proposition of this article:
have
simply become overloaded
with
obligations, and seek to avoid that shrinkage
which has overtaken every other property interest
in the
Thirty years ago existing conditions
no problem to the Govern¬
country.
would have resulted in
ment or country.
Because the railroad corporation,
finding itself overloaded, would have either gone
voluntarily into court for relief, or it would have
been taken there on involuntary proceedings.
And
under a receivership or bankruptcy
proceeding
would have had itself relieved of its overload.
would the road
tions.
has
There
has
been
cease
Nor
to function under such condi¬
is
hardly a railroad in the country
through that experience in former
Why the hesitancy now? ... If a railroad
permitted itself to become overloaded in the way
of financial
ment to
wealthy
their millions out of railroad
was
to the owners of the
years.
dangerous public impulses.
an
problem be approached without prejudice
necessary
leading talk which tends to confuse men's minds
road
"water" is
are
justification in actual values.
no
but
accept, if not to further strengthen,
may
now
and with the expectation of showing that rates
pose
yet it will serve to illustrate the superficial and mis¬
and make them
made,
profuse; but that the obligations
cal valuation" which
curing
FROM THE PUBLIC TREASURY."
subscriber in Oklahoma
were
promises
some
disproved rather than sustained by the "physi¬
the roads
"CEASELESS FEEDING OF THE RAILROADS
Mistakes
committed,
and agitators, not based
gogues
would
first.
A
were
the indirect owners,
success.
pay
thing in order to get them.
obligations, instead of asking Govern¬
relief, or the public to
afford it financial
higher rates that it may liquidate its indefensi¬
obligations, it should go to the courts for that
relief available to any other private business. Then,
pay
ble
THE
1194
with
clean
a
sheet, shorn of its unnecessary burdens,
would find itself
road
the
CHKONICLE
easily able to meet its
necessary obligations under current tariffs and ex¬
isting income." *
This agrees with the philosophy of Chief Stone of
this is "the ceaseless
engineers' brotherhood, who long
the
evolved
ago
witty but abominable epigram that wages are a
first lien
always, and receivers' cash
although he
"there is
good
as
ines it
a
railroad" which has not gone
through bankruptcy.
"The stockholders of
mits itself to
are
their
So
get into the predicament the railroads
in would be
now
required to yield
a
portion of
possessions to relieve the bank corporation."
this writer, and adds that "if there is
says
sound
corporations
There is such
a
tween the two
cases.
to
a
a
rule should not apply to
we
would like to hear it."
why such
reason
railroad
ble
national bank which per¬
a
and there is
reason,
no
sees.
We may
upon
it.
but in
agents and those agents
of
but
the war,
der the
no
(and burdened)
treating of this
he is
ignorant and to whose principles he has not
such control.
railroads
is
hastily
that what they
assume
stantially
being left to their
de¬
own
Government prescribed rates and in ef¬
prescribed
done
un¬
pretense of regulation, neither their receipts
termining.
fect
long term before
a
wages
indirectly,
as
for them; the latter
was
often
witness the cowardly enactment
of the Adamson 8-hour law.
Then the
fell upon
war
with the roads already bled nearly to the exhaus¬
us,
tion stage, and with their executives long denied any
liberty except that of
shackled.
As if this
with wrists and ankles
men
not
were
enough, Government
perpetrated the worst blunder of the
these
"private" properties, offering to
determined
off
of
war
the
premises.
plants,
we may say
ceeded to make
worst
was
to
jack
up once more
pro¬
the rate of wage and
considerably backward, thereby pil¬
private control)
some
roll of the roads
as new
by which
two billions to the annual pay¬
burden.
This is the
manner
"the railroads have become overloaded
obligations" and "have permitted themselves"
to be burdened.
turn
the
seized.
the
going in¬
that Government
(before and after the return of the roads to
on
with
owners
alterations, of which the chief and
make that date
ing
as
A solemn
properties in
To ask
erable
made
savor
was
given to
good condition
as
whether this
spirit would
not been
pledge
has
as
re¬
when
been fulfilled
in
of ghastly jesting, for it has
really fulfilled in
even
the letter.
Consid¬
resistance, which did not quite prevail, was
against returning the roads at all, but the Act
of 19 months ago went
through.
It
megaphone and
(especially
true
who is himself wrong
to
that,
in print is sub¬
see
it
if
is
many persons
agrees
with
a
the
teacher
unintentionally spread
may
mischievous misinformation and thus
give strength
injurious public policies.
In
DILEMMA
had
was a compro¬
ENGLAND
Monthly," Mr.
Boston banker, who is said to have
a
long and successful experience in conducting
public utilities,
look for New
the
OF THE HEW
RAILROADS.
recent issue of the "Atlantic
a
Philip Cabot,
discusses the transportation out¬
England especially.
He takes for title
inelegant though expressive "Root, hog,
die,"
or
and for
sub-title, "The New Englander and his rail¬
roads."
He
begins by saying that the
of that section is
his
on
life-blood
on
corner
of the country, it
its railroads
as a man
food, since the end of the China trade.
rumblings
ago,
years
dependent
as
very
cheap and efficient carrying; be¬
ing the extreme northeast
has been
warning, and
and
cracks
unheeded
gave
New England railroads
now
is
Ten
not
seem
merely bankrupt but bankrupt beyond repair.
So the
rental
pay a
Using the perfectly just figure
speech which treats these properties
dustrial
in seizing
by itself, and drove the nominal
a
prejudices they have themselves gathered),
THE
subjected to throttling
were
their disbursements
nor
For
misfortune
The
since the press
own
public inter¬
a
he is under the disadvan¬
one
given enough reflection.
the business; the
with
comments
our
journalism) of talking of something of whose facts
railroads, nominally private properties,
"affected
est," have
manage
by
He may be very competent on many topics,
.
owners
personal disrespect to the
lia¬
are
assessment, because they choose their
no
tage (not always readily escaped in the demands of
likeness be¬
The bank stockholders
add that
writer of the article is intended
as any,
not reckless enough to say that
was
scarcely
feeding of the roads from the
public treasury," which the "Tulsa World" imag¬
.
the
[Vol. 113.
tor
producer and distributer turned to the
truck, and in
brief five
a
years
highways have become "rights
choked with
the
on
way"
heavy traffic for which they
and
are
were
not
The penalty he foresees is heavy, and will
designed.
fall
of
mo¬
the main radial
Massachusetts has
general taxpayer.
spent over 25 millions in road-building, and much
of that has been
of the five-ton
ground to powder under the wheels
truck, with
certainty that repair
a
cost double the rate of the
will
The contribution to this
tion.
original construc¬
by the truck-owner
directly is trivial; the back of the taxpayer
must receive the added
miles of
freight
the rate of
be
now move
tor is to
in
five
years
The business community seems
or
less the
mo¬
replace the railroad for freight carrying,
developing business according to this
The traffic
tation.
such
annually by truck, and if
decided that for 100 miles
to have
as
Two million ton-
growth persists the total will in five
sixty millions.
and is
burden.
years
so
expec¬
proposed for handling will
require, in Massachusetts alone, at
mise, and contained the defects of compromising;
least
the fact that if it had been
marily for such purpose, at a total cost of at least 80
in its
millions.
more wise and more
just
provisions the enemies of the country's pledge
might have defeated it does not excuse the manner
in which the Act has been
The
and
to
interpreted and executed.
deadening hand of Government is not taken off,
to this hour the attempts of the roads to come
just working
reach
a
structed
which
agreements
with
their<
men
and
peaceful modus vivendi
by
an
there is
Neither wise
are wantonly ob¬
intrusion of the Labor Board, for
no
policy
just warrant,
nor
even
ordinary justice yet controls
the Governmental treatment of the
in the Act.
properties, and
2,000 miles of main highway constructed pri¬
This cannot be raised
and
economically
spent within that term, yet "unless the thing is done
promptly our industrial life will be strangled." And
if this
work could
possibly be done, the resulting
transportation would be at
that if the money were
wasted.
to
The situation
a
prohibitory cost,
as
he
sees
it is that, in order
provide and maintain the necessary right of
to do the business an annual
lions for the next five years
the
job is done
we
so
raised and spent it would be
outlay of
over
way
10 mil¬
is necessary, "and when
shall have created
a
system the
Sept.
17
THE
1921.]
operating cost of which will be prohibitive."
would
be better
to
railroad owners,
cost twice the
and
A dismal
money
It
house) where overhead traveling
cranes will hoist
intervening tracks as is
necessary to deposit them on freight cars placed
according to their destination, one or several bodies
on
each
car.
If
necessary,
tarpaulins can be
stretched over them
for protection against the
weather, and the trains will be made up in small
units, hauled by light, economical engines, which in
these bodies
to the present
whose rights of way have already
sum
far better
are
the
pay
now
needed to
duplicate them
adapted to the purpose.
horoscope, certainly, but Mr. Cabot cites
the fundamental fact of the situation the "cor¬
as
ner"
position of New England geographically. From
this
position
of
ies,
New
ness.
has
of
magnified local busi¬
England resembles old England, "and
peculiar carrying, Mr. Cabot
(one might almost
great
and
name
What
hypnotized) by the ideas of
say,
motive
associated with the
power
of James J. Hill."
call "team
work," pursues Mr. Cabot, is
essential to successful
doing of all great operations.
we
Once the railroads had
and
"the
old
It
has
this, and employees loyally
affectionately spoke of their superior as
even
Doubtless
man."
and scandals to which the
the financial
blunders
public mind has been
so
railroad
collapse, but Mr. Cabot deems them not
the main
cause.
"The failure is in management, not
finance; either this great industry has assumed
proportions beyond the power of men to deal with,
or
through lack of sufficient imagination and grasp
of the nature of the
lic have failed to
tion, the type of
problem the owners and the pub¬
attract, or have driven to distrac¬
that
man
of the task is of
ness
needed."
was
course
The large¬
obvious, and the
men
who
measure
that
finding and keeping such is beyond our power.
He
to it
up
clearly that
sees
are rare;
we
but Mr. Cabot denies
have failed to get the right
"or that, having got them, we have not allowed
men,
.them to do their work," and
conditions
before
we
tent.
so we
must consider the
discharge them as
incompe¬
/;:v::«\r%:;•J^-V'-::;■;
The time has come,
business
;
Mr. Cabot tells New England
when "we must make radical im¬
men,
happens that Senator Walsh of Massachusetts
just written to Gov. Cox of that State an open
letter, urging him to call New England Governors
into
condition
with
their
business, must be cheapened and
New England industries will perish."
Neither Governmental
ownership and operation
by motor will be
transportation
two main issues to be
grasped
are
unless
that
a
remedy.
arise the need of
eral
some
people,
or
form of
Whether
the very serious course of accepting
public ownership.
we
agree or
belief that
management
sions
rather
lation
in
than
the
Executives,
past.
Mr. Cabot is
ure.
of
are
truck,
or
cars
of 30 to 50 tons' ca¬
land, is the better instrument.
van
used in Eng¬
"Light trains and
speed in handling must be the order of the new day."
In line with this assumed
ous
demand, he finds a seri
of
operation
were
While it is unsafe to
before
on
or
bodies, which
can
be loaded by the
shipping-room and
the motor chassis that backs into the room,
will take the
goods to
a
freight yard (not a freight
survive
any
try to set up sharp limits
run away
future of vehicles in the
with judgment
air, except
as
as
to the
to military
operations and the carrying of small and exceptional
If
natural conditions
anything, it
passengers
manufacturer in his
can
possibilities, it seems to us that men are let¬
ting imagination
prove
"Removable
under compulsion,
ered.
Ways for changing this have al¬
ready appeared, thus:
general public as to transportation—
belong to an indefinite somebody, who will
anything
loads.
merchant
the
somebody else's business,"
but this is about the atti¬
treatment, and whose welfare need not be consid¬
stumbling-block in the cost and delays of hand¬
ling at terminals.
slid
do
He is right in saying
railway employees "behave as if efficient and
the roads
not suited to it, but that the 5-ton motor
the like-sized railway
have
and limited service, yet that is the attitude
organized labor generally.
tude
lots, he submits that
regu¬
says,
right in calling suicidal the pres¬
next, that New England traffic conditions are more
pacity
he
railway labor in struggling for high
like those of
load
as
judgment, yet they have been blamed for every fail¬
whereas it is their own;
England is largely in less than car¬
attempted
bound, and not permitted to follow their own
economical
Returning to his statement that local
He does not
jumped at them.
trying to avoid public hearings; they have
or
industry, like all others, must be conducted by men
traffic in New
than money is
more
spent much of their time in attending, preparing
enthusiastic in the
accordingly.
even
overstate the destructive effects of
wage
Europe than in the other sections of
"
not with Mr. Cabot, either in
needed, he has evidently thought out his conclu¬
The
country and must be studied and dealt with
there may
once
choosing between extending gen¬
his idea of the seriousness of the situation or in his
that
this
The Senator thinks
aid, which will mean further load on an over¬
taxed
nor
job and loyal to it and each other;
and have already drawn more than
something is done at
ent attitude of
that the railroad
big roads there;
proportionate share from the "revolving fund"
provided by recent legislation.
been
or
Reputable
England roads.
greatly increased rates the roads cannot
hold their own,
for,
passenger
the New
of
ther advances to at least one of the
even
die; freight rates and service, and (to a lesser de¬
improved,
might make suggestions to
banking houses, he says, have already refused fur¬
provements in the whole railroad situation, or we
gree)
conference which
a
Washington for meeting the peculiarly desperate
persistently called have contributed to the present
in
as
speeded up and costs of handling reduced; and as to
the balance systems of hauling, by small electric
trucks at the freight-house, such as are now being
tried in the Milwaukee freight house of the St. Paul,
will save much man power and reduce costs."
thinks "we have allowed ourselves to be dominated
train-load
The business
separate local agencies. * By some such method de¬
liveries of much of the local freight can be greatly
properly been compared to a huge terminal."
In the conduct of this
many
if necessary, be done by the railroad compan¬
in England; but it will probably be wiser to
leave this part of the operation in the hands of
can,
than
lots—a sort
as
transporting goods to and from the freight yards
West, carrying in New England is largely in less
carload
over
the not-distant future will be electric.
the fact that, unlike the great
comes
1195
CHKONICLE
seems
and
long experience
to be that the carrying of
and merchandise, on any but a trivial
schle, will long continue to be done
of
the
on
the surface
earth, and neither above nor under it; that
the almost
perfected highway
by
resistances of gravity and surface
which
we
call a "rail" road,
are
1196
THE
brought to the minimum, will remain
ment and
dependence for
with trains of
cars
many
instru¬
our
generations to
come,
units, although perhaps not
as
directly drawn by steam.
rational
CHKONICLE
With this
the only
as
outlook, Mr. Cabot has made at least in¬
move
about, to creep, run,
found himself conscious of
ago that was,
reached out
teresting and practical suggestions towards utiliz¬
ing that instrument by better handling of local and
and
small-lot traffic.
makes
his
much
see
suggestion that "a small commission composed
of the leaders of
facts and
industrial life" could
our
publish them
taxpayers
taken at
to
"insist
so
forcefully
that
once"; for his
the
in the direction of
uable because it
the
more
repeats and emphasizes
now
as
of the railroad
ized,
problem.
Nothing is
general and vivid
a
ciation of the seriousness and the
been
being in ef¬
as
everybody's servant and property.
much needed
be done
can
His article is also val¬
indispensableness of the railroad
fect
steps be
necessary
presentation, if made
own
arousing.
once
verify the
to arouse the
as
sufficiently public, should do all which
so
promise in
personal
appre¬
important step towards solving it will have
an
was to
THE MANHOOD
to
idea is not
challenge attention, but when the subject is of
solution is proffered by an
a
exceptional authority, the
instance is before
of
this
us
is different.
case
in
book
a
article, written by
Such
bearing the title
accomplished engi¬
an
as
marking the end of
a
vast
period in the life of mankind, he terms it the end of
Humanity's Childhood and the Beginning of Hu¬
manity's Manhood. He proposes then such a study
of man and his
agency in the course of events as
will fix his real
place in the natural world and his
to establish his
own
welfare and the progress
of mankind.
himself
comes as an
engineer.
The World
War shows how extensive and essential is the work
engineer.
It is his business to estimate diffi¬
culties to be
overcome,
to
appraise
available
re¬
and to
organize all with regard to attaining
the object in view.
The engineer is at the elbow of
every man
who has any great task in hand.
In this
instance his business will be the right valuation and
direction of the
energies and capacities of human
beings in the advancement of
This
can
be done
only
human
production humanfty must perish.
the human factor is the most
this man's
desires
Man has been
mal, and in part
is
not
a
natural
an
his
new
according to
neer,
as
author, must begin.
our
has held himself
man
as
something apart from
as
Essentially
never
man
a
was.
an
ani¬
some¬
misleading.
He
The chasm be¬
is wider and
author quotes Prof.
our
ing:
"Probably
is
man
a
deeper than
Plants appropri¬
supplied by the sun, soil and air,
a distinct
plant life, and have
not power
to
the same,
availing themselves of much that plants
about in space.
done, but have
a new
Animals
can
do
and original power to
*Manhood of Humanity, by Alfred Korzybskl.
on
that basis.
affecting the world to-day
Keyser of Columbia
as
say¬
other single hypothesis (as that
no
being quite apart from the world
him) has less to
recommend
it, and yet
no
about
other
so
completely dominates the human mind."
new
which
The
our
conception, then, is the assumption upon
author bases the
argument of his book.
scientific
view of man as
occupying his own
specific place in the natural world alters our whole
understanding of human life, human society and
the
world.
fix
him
ture's
Man's
within
position and specific character
the
sweep of the entirety of Na
laws, in ethics, economics, philosophy, sociol¬
and the rest.
the good, the
The human dimensions embrace
just, the right, the beautiful.
longer true that self-interest lies
man's action
on
before he
act.
can
the
It is
no
at the root of all
assumption that he must live
That is true of
animals, because
they have not the capacity to produce artificially.
Man
is
creator
a
and
therefore not controlled
in
number
but
by the supply of food by unaided nature,
by his own artificial productivity.
He must
therefore act to be able to live
or
Human
these
in
(through the action
society), and in obedience to laws,
are
this
as
natural laws.
excellence
laws
is
measured
relation.
And
by obedience to
all
the sciences
in his
applied creatively for man; they must guide
proper life as a man and not as an animal.
Man's powers
capacity.
Dutton &
have to be studied in their productive
He is
a complex of batteries of mysteri¬
physical, chemical, mechanical, all inti¬
mately joined; they must function properly together
ous
or
energy,
he cannot live.
He must maintain
struggle for existence.
so
a
perpetual
The growth of population is
rapid that natural supplies would be readily ex¬
except for his power to develop and increase
hausted
them in
and absorb them in
move
engineering cannot be built
specu¬
The science
must be
distinct type.
plants and animals.
ate the materials
in part
not true to
was
unnatural laws.
as
engi¬
So long
law; he has felt free to make for himself
To show its influence
In that work
conception is to be
regarded
This is
tween animals and
have
atj once to apply
ability to shape them to
own
use.
ethics, which
To direct
himself
Here then is where the work of the human
of
important.
being, but of
animal, and
that between
He finds
plans, but begins
Without
combination of that with
a
thing supernatural.
Man is
and
to these materials his
parents
author holds that the
great er¬
our
has been made and the
reached.
surroundings.
gift of yesterday to serve to-day and
to-morrow; for both of which he not only has
of
place in nature must be understood.
Here is where
ror
his
and
well-being.
basis of fact.
on a
An animal
history; he belongs to the present and the
things, while man deals with time.
Life
the
as
then
ogy
To this task he
sources
doing it.
was
forever questioning as to what lies at hand available
This
Accepting the War
power
that he
in him
neer.*
of the
no
of human
in these days
rare
relations; he
past embodied in
He proceeded at pnce to make history
aware
lative, artificial and
OF HUMANITY.
sufficiently
great importance and
an
new
a
the natural world and its laws he
gained.
new
had
He
man
discloses an entirely new form.
He can ap¬
propriate everything within his reach, and, rising
by his own energies, can develop and improve both
any
A
The moment
he began to act in
in time.
go.
to be
world of
nearness
When this is clearly real¬
fly.
existence, however long
his present and
preparatory to a future into which
he
We cannot
[Vol. 113.
a
geometrical ratio.
ing guidance to do this,
duction.
brain,
as
He requires engineer¬
it must be ordered
This is made possible
which with
to Nature's
training gives
energies and
raw
pro¬
through the human
adequate value
materials.
Humanity survives only by virtue of man's abil¬
ity to exploit natural
resources,
converting products
of nature into
must be
forms
available for his needs.
To
obey the laws of his own nature, which
discover and
definite as the laws
governing plants and animals, is to open the way to
everything important to human welfare and prog¬
recognized
ress.
as
being
as
:
.
..
animal
the
or
been either in
the one hand, or to treat man, on
process;
Life
ensues.
brought to us not only the raw material
but all
this
as
attainment and
of nature,
also
that
the natural rate
of human
is the rate of a swiftly increasing, forward
leaping function of Time.
In this men are multi¬
plying and reproducing themselves in ever better
the sum of his intellectual
conditions, and the individual man may well be pre¬
spiritual wealth,- thus constituting
the civilization of
progress
;S7
human life would disappear.
know
increased with the
affected by and
results of man's energy,
has
the productive labor of
Either without the other would end the
living.
We
understandable law.
of. the past and
creations
supernatural being, a union of hu¬
failure
length what is the characteristic
life; it is the power to create material and
growing reality, charged with the surviving
ent and
on
direction
know at
we
of human
as a
either
In
But
supernatural lines, i.e., to draw upon
and divine without
man
who have neither the wealth nor the
existence.
tor
the
life,
other,
and the poor,
knowledge, but are absorbed chiefly in the struggle
spiritual wealth, to produce civilization as a pres¬
.
Hitherto the effort to do this has
zoological
1197
CHRONICLE
THE
Sei-X. 17 1921.]
posterity.
All the sciences, the life-
life beyond
paring for a continued existence in a
where
we
shall find both available resources and de¬
sciences of chem¬ veloped powers. With that future life our author
viewed as does not connect his thesis; but as presenting a
brave interpretation of the present life his book is
interlocking and inter-dependent. In economics, for
well worth attention.
It is scholarly, sincere and
example, old and familiar conceptions will have to
fundamental.
be enlarged and definitions changed.
This will be
regulating, no less than the physical
istry, biology and the others, must be
.
as
Money,
Capital
represent accepted values for
Wealth
have many
term
such
Terms
difficult.
which they
Money becomes no longer a
standards.
representing a certain accumulation of ma¬
does
portion of those
possessions that may be set apart for a particular
use; and "Wealth" likewise means much more than
terial
possessions as available in exchange; nor
Capital denote the whole or some
the
sum
of the
ownership of such material things.
accumulating and
living work of past generations; Capital and Wealth
expand in the same direction, as they are seen to
Money becomes the symbol of the
embrace
besides
material
things
knowledge
work, i.e., the results of man's energy as
their
use,
and
directed to
creating value, and constituting thus a
permanent force in human existence.
In this form of existence men do not die; individ¬
ually in their bodies they do,
vives and the wealth
but their energy sur¬
is the ae-
of any age or period
| cumulation of all that has proved precious and use¬
ful in the work of
the past generations.
The ethics of
and
The steam
pear
to have entered, we may believe
ethics of tooth and claw,
a
distinct and entirely
will be not the
of profiteering, of beasts
fighting for a place in the sun.
of
,
Humanity's Manhood, which we ap¬
It will be the ethics
natural civilization, hold¬
ing the accumulations of the past as the capital for
the future.
This will be the creation and possession
of
a
Humanity in which in its Manhood
will not be of the
survival
strongest, but of the best as meas¬
and
high and low.
will be the product of the ethics of men who can
content with nothing short of a realized Broth¬
ured in its
production of wealth, both spiritual
material, for the benefit of all, both
It
be
!
erhood of Mankind.
to
Lord Bryce's question the other day, in his Williamstown address, when he said:
"In the last resort
the question, is there any cure for the world's ills,
is one of the moral progress of the individual men
who compose the comunities."
For it identifies this
moral progress of the individual with that assured
to the community which becomes obedient to its own
The book may
be taken as a scientific answer
example, represents the accu¬
God-implanted laws.
mulated potential acquirements of man for, say
6,000 years, and required their continued existence
for its production.
The energy the engine releases
(Umxcnt "gvcnts and discussions
was existent, but it wras not available.
To produce
GERMAN
MARK
TO NEW LOW LEVEL—ACTION
the engine, when it was invented, required continu¬
BY BOURSE.
ally the gathering of certain numbers of workmen
Following the closing of the Berlin Bourse on the 8th inst.
and much machinery, with buildings and power, all
for the remainder of the week, (noted in our issue of last
of which are the production of past generations and
week, page 1099) because of the feverish speculative opera¬
are represented in the engine to-day.
tions, it was decided later in the week to keep the exchange
This removes all inherent antagonism between closed for stock trading throughout the present week except
Still later Berlin press advices (Sept. 15) state:
Labor and Capital, as it changes the conception of Thursday.
engine of to-day, for
of social institutions and
the like, from a static into a dynamic one, in which
in all these are to be recognized the results ofthe life
and work of the men of the past, which are con¬
ethics, of jurisprudence,
producing in a developing ratio.
catastrophe of the War marks the close of
tinuing and forever
The
Humanitv's childhood.
*/.
In the view of our
author,
largely in his own
words, these days are the beginning of a new order
in human affairs, the order of permanent peace and
the swift advancement of human welfare.
We shall
still have to find men divided into three classes:
the intellectuals, who possess the knowledge gath¬
ered by the men of the past, but who have not ma¬
terial wrealth; the rich, who have that wealth, which
is dead until transformed by the labor of the living;
whose
conception we are giving
The Bourse
Committee has decided that from
Oct. 1 the Bourse shall
half an hour earlier and close half an hour later
time.
Dealings in dividend-paying stocks will be
open
than at the present
permitted only on
and Fridays. No dealings will be permitted before
11 o'clock in the morning.
Listed stocks will be increased with a view to counteracting wild specula¬
Mondays, Wednesdays
tion in unlisted stocks.
situation, points out that, while Ger¬
steadily become worse, the economic situation
has materially improved.
That the German Treasury has not profited by
the improvement Vorwarts attributes to "sabotage of taxation" on the part
Vorwarts,
discussing the financial
many's financial position has
of producers.
13 the cable advices to
On Sept.
the daily papers from
Berlin said:
speculation, the Govern'
Tageblatt," is contemplating steps to
establish some measure of control of the money market by a system of
"rationing," or, as a last resort, sequestrating foreign currencies or bills
thrown on the market in excess of what is regarded as legitimate require¬
With
a
view to counteracting
insensate Bourse
according to the "Berliner
ment,
,
ments.
The difficulties of such
learns it would
intervention are obvious, and the "Tageblatt"
except in the last extremity.
An an
not be resorted to
alternative the Government
heir
is reported to be
seeking a means to induce
industrialists to transfer, without compulsion on
part, their foreign bills to the Treasury.
The "Tageblatt" is of th«
German
exporters and
1198
THE
opinion that the time to intervene is
currencies
and that all requisitions of foreign
now,
bills should be immediately placed under Government
or
The dollar with
record
a
CHRONICLE
of 110 marks in January
representative of
the State recently filed an answer in opposition to a
petition of Imbrie & Co. to
expunge the State's claim for an accounting, in
control
which
1920, to-day reached
108^j for cable transfers.
On
the lowest
of
In recording
touched in the local market.
low
quotation
touched
was
At the
same
of selling from
avalanche
an
time that marks
within
were
a
fraction of the opening point.
hovering about the low point, announce¬
made of the receipt of $4,330,000 in gold coin, sent
was
by the Riechs-
bank to the Federal Reserve Bank of New York, to be deposited to the
of the Belgian Government on reparations account.
credit
The metal was con
signed to the Federal Reserve Bank of New York by order of the National
Bank of Belgium.
lines and
It arrived
on
the steamer Potomac of the United States
contained In 117 cases.
was
The
consignment is described as gold
ooin consisting of American dollars to the amount of $1,060,000 and the
remainder
in Austrian
This shipment is
crowns.
the second to be made
to the Federal Reserve Bank by the Reichsbank on account of
reparations
Ten days ago the steamer Mount Clay brought ninety-three cases of
valued at $3,500,000, for this account.
Announcement
made
was
one
made
to sail
on
the
from
course
Hamburg yesterday.
of regular
Forshay that they have
the steamer Bayern,
on
The announcement follows
These two consignments come here
banking transactions, and
far
so
as
known have no
a
be
It is generally believed that the shipments represent
part of the endeavors of Germany to rebuild her dollar
balances in New
drawn upon
was
State
invalid.
are
This
belief of
following language
Court in its decision rendered
The German mark underwent
a
sharp decline in the exchange market here
Its value in the early afternoon fell to 397 H
sterling,
marks the i>ound
low record for the mark here, while later there
a new
further decline in value, the mark reaching 400 the pound.
drop
was
that the bonds
sustained
by
opinion of the United States
the
Distrlc
15 1921, directing that the claim
Aug.
on
has been
of the State for
an
accounting be expunged: "It is clear that Imbrie & Co.
purchased the bonds and the title thereto
passed on the delivery of the
bonds;" and, further: "The State has accepted a substantial sum in
payment
for the bonds.
They should not
Notwithstanding
declining
this
decision
question the validity of the bonds."
now
of
the
Court,
to remedy the existing defaults.
In
the
State
still
in
persists
inasmuch
any event,
as
the
was
willing to accept the credit of Imbrie & Co. in payment of the
purchase price for these bonds, the failure of the State to realize
upon this
credit in full certainly should not affect the
rights of bona fide holders for
value of these bonds.
With respect to bonds held in
pledge to secure loans of Imbrie & Co., the
Committee has procured the
entry of an order in the United States District
Court for the Southern District of New
York, permitting the deposit by
pledges of their pledged bonds and authorizing Imbrie & Co. and the re¬
ceivers of Imbrie & Co. to
consent to such deposit.
This order does not,
however,
purport to affect any orders that may be in effect in the ancillary
and
Pittsburgh.
was
a
still
The normal
enforcing the rights of the bondholders
Committee
ascribed in financial quarters to Germany's recent
reparar
not
such that the
are
formation of this
only necessary but imperative, and that the deposit
rights of the bond¬
holders.
The
tions payment and to the unsettled state of German politics.
was
of bonds with
them, and such other co-operation as they may request, will
greatly promote the protection and enforcement of the
parity is 20.43 marks to the pound.
The
Committee
an
It will appear from the
foregoing that the difficulties that may arise in
On Sept. 12 London pi^ess advices stated:
fco-day.
successfully maintain
can
the
contained in
receiverships in Boston
York.
by the State prior to the receivership,
the
as
State
relation to reparations, although, of course, the metal may ultimately
used for that purpose.
The Committee
Committee are informed, to the extent of approximately $1,500,000.
It is the opinion of the
Committee that this contention is prompted solely
by the fear of the State that it will not realize cash upon the full amount
of the credit balance
in its favor on the books of Imbrie & Co., and they
do not believe that the
previous day of $100,000 engaged on the same ship for the
International Acceptance Bank, Inc.
in the
gold,
Others are to follow.
by Zimmermann &
$100,000 in gold coming to them from Germany
scheduled
invalid.
are
$5,000,000 in principal amount for the price of $4,325,000, paid for the
by establishing a credit in favor of the State on the books of Imbrie &
Co., which credit
under
local banks and Liverpool, but support came into the market at the close
and marks closed at .92 M cent,
ment
alleged that all the bonds
same
this the New York "Times" said:
The
it is
convinced that no valid reason exists for the defaults, and in their
opinion the present situation has arisen
solely by reason of the fact that
Imbrie & Co., In
purchasing from the State the whole issue of these bonds
Thursday of this week (Sept. 15) the German mark
ever
answer
are
declined in the New York market to .90 M cent,
point marks
[VOL. 113.
Committee
already
has
authority to
$2,000,000 in principal amount of these bonds.
approximately
represent
Under the deposit
agreement, the time for the
deposit of bonds expires
Sept. 20 1921.
New
RETURN OF
SECURITIES LOANED
TO
THE BRITISH
TREASURY.
The
National
Debt
York, Sept. 2 1921.
A. W.
LOASBY, Chairman,
A.
V.-P., Equitable Tr. Co. of N. Y.
Commissioners
RAYMOND E.
give
notice in
"London Gazette" of Aug. 19 1921 that the British
the
T.-P., Bank of the Manhattan Co.
80 B'way, N. Y. City, Committee
H.
has decided to exercise the option, under Clause 3 of Scheme
B, of returning Southern Pacific Co. Common stock
as
The
cease.
Treasury
month before
can
the
Register
will
date specified, and
close
one
calendar
R.
HARRISON.
The
"Wall
Street Journal"
in
its
issue
of
of the bonds has been
pledged with bankers
as
Judge Manton In the United States District Court
A BRAZIL STA TE IN DEFA ULT—PROCEEDS OF SANTA
CATHARINA BONDS TIED
Imbrie
&
Co.
It
also
appears
that the
default has grown directly out of the failure of Imbrie &
Co.
The bonds
were
sold to the latter for
paid for "by establishing
$4,325,000 and
credit in favor of the State
a
a
an
the books of Imbrie & Co., which credit
was
a
on
drawn upon
are
far
concerned, and will make it clear that
of Interest due
opened
a
price.
At the time of the failure of Imbrie & Co. there
jeopardy.
The facts
the
asking
set out in the
are
has appeared
bondholders
to
in
some
deposit
following adver
the daily papers
of
their bonds
protective committee which has been formed
to
with
—Ed.)
still due
Santa
Catharina
on
($1,500,000 by the advertisement)
from the
this
rights of the bondholders.
To
the
Holders
Brazil,
6%
External
Secured
a
Deposit Agreement dated
as
collateral for
a
$3,000,000
some
loan to Imbrie & Co.
The
attitude
the State has defaulted In the payment of interest
due upon these bonds on June 1 1921, as weU as in
meeting the
are
Sinking
are
Informed
and
believe, from
any
not, however, as
inability
on
the
the part
although organized and active for
heretofore
asked
a
considerable time,
not
now in a position to
buy up all of the outstanding
bonds for less than the $1,541,000 cash received
by it on account thereof
and still preserve its claims against the Imbrie estate for the
balance.
The
position is taken that, the plaintiff South American State having
appealed to
moral
been
engaged in negotiations with representatives of the State of Santa
in the hope of arriving at some amicable
adjustment of the
The result of these negotiations has, however,
for
the
deposit of bonds,
because
they have
Catharine
unsatisfactory that the Committee
the Trustee under
the
Trust Agreement
are
now
prepared to call upon
to institute legal
the courts of Brazil to enforce the terms of the Trust
proceedings in
Agreement,
or,
if
deemed necessary, the payment of the bonds in full.
In the judgment of
the Committee, concerted action by the bondholders is essential to
success.
During the negotiations with the Committee, the representatives of the
State
never
asserted positively that the State repudiated these
bonds and
advanced
On the
our
Courts for
ground for
a
decision in the
any
valid
other hand, in
the
for the defaults which have occurred.
Imbrie & Co. receivership
proceedings, the
reasons
it
matter,
will
be
without
further withholding
of interest payments in case our
finally sustain the validity of the bonds.
Intimations have been
received
from
the
State
Department that
once
the matter
has
been
ad¬
our courts favorably to the
petitioners, Imbrie and others the
United States will take up the matter of payment
witft Santa Catharina
behalf of the bondholders.
on
T. W. LAMONT TO VISIT MEXICO TO DISCUSS STATUS
OF
MEXICO'S EXTERNAL
Announcement
tance
was
made
on
OBLIGATIONS.
the 14th inst. of the accep¬
by Thomas W. Lamont, of J/ P. Morgan & Co., of
invitation
of the
to
visit
Mexico
and
discuss
came
The
International
of
an
the
following state¬
Morgan & Co.
Committee of Bankers
Acting Chairman, Thomas W. Lamont,
to
behalf
Mexico the status
in the form of the
ment issued at the offices of J. P.
some
on
outstanding external obligations of that Government.
The announcement
rights of the bondholders.
never
seeking to avoid payment of the
International Committee of Bankers of
The Committee,
have
so
Catharina in
by the attorneys for the petitioners, Rabenold & Scribbner, with the
Com¬
of the
State to pay.
been
Santa
held by bankers
result that the State is
aware,
Fund requirements of the Trust Agreement,
mittee
of
are
The bankers are, therefore, inti¬
bonds has been to depress their market
price from 85% to 35%, as pointed
York, is the Depositary for the Committee.
you
$1,700,000
having been withdrawn by the State
oi
Aug. 1 1921, an original of which is lodged with the Depositary, and copies
of which may be obtained from the Depositary or from the
Secretary of
the Committee.
The American Trust Co., No.
135 Broadway, New
As
about $3,300,000
other
judicated in
Sinking Fund Gold Bonds of 1919:
The undersigned Committee for the holders of the State of Santa
Catha¬
rina 6% External Secured Sinking Fund Gold bonds of
1919, invite the
deposit of said bonds with them under
The
About $1,000,000 of the bonds have
passed into the hands of the public
courts
of Slate of Santa Catharina,
was
amount due is $2,825,000.
credit.
banking firm.
through sale by Imbrie & Co. and
as
a
uphold the
the United
further withholding
credit in favor of the State of Santa Catharina for the
purchase
(according to the advertisement above quoted the
out
in
courts in
as
any
the bonds by the State is an act of repudiation.
The State of Santa Catharina bonds were
bought by Imbrie & Co., who
on
receivership the State
finds the remaining $2,825,000
Monday handed
higher court will result in
a
mately concerned with the result of this decision.
now
on
$5,000,000 bond issue sold to Imbrie &
by the State prior to the receivership (of the firm) to the
extent
of
approximately $1,500,000."
Because of the
tisement which
collateral for
decision denying the claim of the State of Santa
Catharina, Brazil,
accounting in the matter of
States
It developed recently that the State of Santa
Catharina,
Brazil, had not paid the interest due June 1 1921, on the
$5,000,000 6% External Secured Sinking Fund Gold bonds
to
for
Co.
This decision if
appealed and upheld In
establishing the validity of the bond issue so
UP IN IMBRIE & CO.
FAILURE.
sold
16 in
loans.
then be accepted.
1919
Aug.
discussing the court decision referred to above had the follow¬
ing to say. This makes it plain that a considerable amount
down
of
Secretary,
37 Wall Street, New York City
on
further transfers
no
WESTERVELT,
WILLIAM V. GRIFFIN,
Treasury
Nov. 20 1921, from which date the additional allowance will
B.
Vice-Pres., American Trust Co.
JONES,
on
Mexico
to accept the
has
requested its
invitation extended
time ago by the Mexican Government officials, and, at his convenience,
$
proceed to Mexico for the
outstanding
external
purpose
obligations
of
of discussing there the status of the
the
Mexican
Government.
Mr.
Lamont has been asked by the other sections of the International Committee,
namely, the British, French, Swiss, Dutch and Belgian, to represent their
Interests during the pending discussions in Mexico City.
of
State
at
The Department
Washington is cognizant of the fact that the International
Committee's representative will shortly visit Mexico.
Sept.
17
THE
1921.]
Commenting
proposed mission
Lamont's
Mr.
on
the
Mexican Government's prestige in international
and means to restore the
finance.
It is roughly
the whole financial situa¬
angles in an attempt to find ways
tion will be studied thoroughly from all
y
That, in turn, adds to the cost of the production of commodities, and ham¬
will take with him to Mexico a staff of
statisticians and other technical experts and that
difficult, causing discontent and ever-increasing demands for higher
more
wages.
"Journal of Commerce" of Sept. 14 said in part:
It is understood that Mr. Lamont
1199
CHRONICLE
the nations in the foreign trade which is
pers
from the financial effects of the war.
much concerned as to the
are
these
on
been present at a series of conferences in
Lamont had
liquidation of the external debt of Mexico
Washington to discuss the prompt
branded
are
as
incorrect by Mr. Lamont.
For some time Wall Street has
tions
were
in progress to
been permeated with rumors that negotia¬
clear up Mexico's external indebtedness and from
time to time there have been sharp
still
advances in Mexican bonds listed on
day and the 4s changed hands between
in
of the great obstacles
as one
in the
anxious to secure the
has long been recognized
as
In France the
reckless
in Europe.
and
In the essential
GOLD
SEES
LITTLE
PROGRESS
go
to make peace, little, if
STANDARD
two months to
dispatch from Dairen, Manchuria, states that the
to
appear
propitious for such a step,
standard
of
Bank
whereas
same
Chosen in
circulation throughout
only 840,000. silver yen notes were
this
Undoubtedly
date.
gold yen was the dominating
been.
in their market.
In plain English,
politically and industrially.
the relations between the British and the French in the
ultimately to react on France herself.
substantially wants to destroy Germany
It is no secret that
occupied territory are not pleasant and,
the two nations are not exactly cordial.
Broadly speaking, I should say that
there has been very
make peace
indeed, that the relations between
in the essential things that go to
little if any progress in Europe since the
signing of the armistice.
REYNOLDS
TION OF
In
a
OF CHICAGO BELIEVES
SOLU¬
EUROPEAN PROBLEMS WILL BE SLOW.
review of conditions in Europe, made on
with his return from a
Sept. 12
three-months' trip abroad, Arthur
Reynolds, President of the Continental and Commercial
of Chicago, describes the situation in Europe as
Banks
his mind "the problems will require
solution." While Mr. Reynolds feels
problems will be worked out, he expresses the
"very complex," and, to
a
long time for tlieir
sure
that the
opinion that "the process will be slow, and readjustment in
this country will be affected directly by the difficulties over
there."
He is further
quoted in the Chicago "Post" as
saying:
rapidly in liquidation than any of the
We suffered some hardship because
of the pressure that was necessary in order to bring about deflation of prices,
but we made progress in the right direction, and it is now possible to see by
contrast how we have benefited from that process and what serious dangers
Aonerica has gone farther and more
other
e
countries involved in the war.
In all the European
rae
countries prices are very high, and in most of them
This is making the problem of living more and
constantly going higher.
silver
standard
recent world-wide
market has played a
prominent
people appreciate that the
gold yen is a superior medium of exchange to the silver yen,
more especially as the former is amply backed by the gold
reserve.
It is thought inevitable that the interior districts
will follow this example as the feeling in favor of the gold
accentuated by the fact that with
obtain more favorable terms
from buyers, as the latter will be relieved of the great risks
they were compelled to run when trading on a silver basis.
When business in Manchurian products is transacted on
a
silver basis the merchants are confronted with many
a
is strong, this being
gold standard the natives can
of which are (a) the direct risk
(b) the indirect
constant fluctuation of commodity prices.
It is
risks, the most prominent
in
gold and silver;
the difference between
risk in the
however, a fact that some
merchants prefer to assume the
instances it wrould react to
first-mentioned risks, as in many
their advantage in
realizing
majority,
the form of
additional profits, but the
this desire for
that
gambling in ex¬
retarded the healthy improvement of
Manchuria, especially as it relates to their export
change has seriously
trade in
deemed
business,
medium for
it advisable
much
eliurian
to establish a more
staple
transactions.
The abolition of silved
has
escaped.
factor in the decision of
to abolish the silver
In addition to this, the
the
in use on the
of
part in having the Manchurian
yen
ARTHUR
of
fluctuation
notes of
Manchuria,
wide disparity in favor
'
the
consequently the silver
there were 32,000,000 gold yen
On June 30 1921
the
the Dairen Produce Exchange
I
in terms of
put in use as a temporary measure.
was
trary, the
France
in 1913 plans were
deemed advisable
defer the adoption of such policy until some future date,
the economic situation of Manchuria at that time did not
as
competi¬
bean
quoted
After careful deliberation, it was
gold.
Germany is turning out realize that no one can com¬
to
before Sept. 6.
exchange was established
whereby prices were to be quoted
formulated
in the occupied territory.
But Germany politically is in a parlous state.Her relations
moved toward a condition of peace, but, on the con¬
oils, such commodities having been
bean
When this
Germany has gone to work.
feeling between the two nations now is worse than it has ever
France's attitude toward Germany is a very human attitude, one
think most Americans sympathize with, but in my judgment very
Sept. 14, as
Hereafter the gold yen will be the
in terms of silver yen
England, France,
with France have not
changed from the silver standard
of exchange in transactions of beans,
medium
only
cakes and
the 12th inst.,
American manufacturers who come into
(MAN¬
BY DAI REN
ADOPTED
PRODUCE EXCHANGE.
highly successful.
be
The second is the restrain¬
beneficial effect of the American troops in
Coblenz, led and inspired as they arc by General Henry T. Allen.
General
Allen is not only a fighting man but a diplomat, and has achieved an almost
unique position in the relations that have sprung up between the Germans
that
prosperity.
originally intended, and it is reported that it has proven
influence and generally
unwise and likely
Her people are
The
cultivation is bringing the
gold standard on Sept. 6, instead of on
to the
Switzerland and Belgium. Stating that he
brought back "only two pleasant and encouraging impres¬
sions from Europe," Mr. Kingsley added:
pete with them.
neighbors,
.
their crops this year are as good as I ever have seen.
Dairen Produce Exchange
Germany,
Germany is at work.
become
Business
Although these countries are
country back to its former appearance of thrifty
Mr. Speyer is at present
Kingsley returned on the Aquitania on
tion with the goods that
times.
has also been extended to
in Europe has been made since the signing
of the armistice, according to Darwin P. Kingsley, President
of the Chamber of Commerce of the State of New York,
and President of the New York Life Insurance Company,
The first is that
generally supposed to have
are
of war are fast disappearing and intensive
scars
progress,
business trip of
received
hours' work, and
Belgium is making rapid strides toward rehabilitation.
all at work and
PEACE IN EUROPE.
things that
steadily
Prices are five or six times those
A street laborer who ordinarily
Switzerland, which
CHURIA)
KINGSLEY
In
Here also there is con¬
the paper money mills are working
they are having their troubles in common with all.
Government.
TOWARD
and the Allies
wages,
bad, and the people are discouraged.
A cable
ing
higher
wealthy from their trade during the war, are in the dumps.
1
P.
again.
hard at work and
laboring under the crushing burden of debt that inflicts their
not
It is
international bankers already have worked
of Speyer & Co.
James Speyer
a
are
probably the worst financial condition of all the Allied na¬
is in
Holland
very
is very
regard to the plans for the liquidation of
It is stated that an invitation
after
they .should, or as
spends his present wages more quickly than he did those of pre-war
There is much unrest, but I saw no serious disturbances.
and means for the rehabilitation of Mexico's finances.
Lamont will not visit the Mexican Capitol in any capacity repre¬
senting the United States
Mr.
as
noticeable.
The government has a serious
balancing of its fiscal budget.
There seems to be no
of normal times and going higher.
out ways
any
hard
are more
tions, because inflation there is greatest.
on
of the early recognition
might be expected to arrive there Wednesday.
reported here that a group of
DARWIN
so
Bad Conditions in Italy.
representative of an associate house of J. P. Morgan &
route to Mexico City in
the external debt and
Mr.
working
prices are moving upward.
Italy
made to-night by sources close to the Mexican ad¬
was
ministration that a
was en
are not
regards internal obligations is not so assuring.
as
reported to have received satisfactory assurances from
Lamont is
The statement
Co.
expenditure
stant clamor for
Sept. 13 said:
Mr.
dangerous element that will be hard
less frequent now than they were a few months ago,
people
3H lire for ten hours' work now is paid 40 lire for seven
Government officials with regard to the prospect
of the Obregon regime by the United States.
realized that it
doubt that the external debt of France will be taken care of, but the outcome
Washington had been notifed of the acceptance by Mr.
Lamont of the invitation from the Mexican Government,
j
now
They bought about 5,000,000,000 francs of government
task ahead of it in the
and
Commerce"
a
a
adopted during the
a measure
cities, conditions are less satisfactory, and the evidences of inflation and
the
of formal recognition of the Mexican
the "Journal of
This is
people, especially the farming element,
making headway.
good will and friendship of American business
advices to
complications, but conditions there
securities last year and paid off $750,000,000 of their external debt.
bright.
Washington
are
nations in
than the other European
war
The government is paying 15 shillings
they must if they are to win in the struggle to get on their feet
referring to the fact that the Mexican Embassy at
In
Strikes
but it seems to me the
mission being successful
in ^securing the Government's promise to meet defaulted obligations are
regarded
in which it is to be answered.
have been wise at the time, but it is
may
to remove.
political interests the chances of Mr. Lamont's
and
of
injects into the economic situation
As the Obregon administration is supposed
Government by Washington.
to be
way
The delay of Mexican
38 and 39.
the country's obligations
meeting
more
load
satisfactory.
each of her unemployed.
and
war,
from
far
week to
The Mexican 5s sold up around 51 yester¬
the New York Stock Exchange.
officials
from Washington to the effect
yesterday's newspapers
Thomas W.
accomplished
England has
digging out from under the
Washington Conference.
are
Dispatches in
manner
Conditions in England.
outside of the country, and that interest
obligations approximates $40,000,000.
No
that
essential to their recovery
estimated that Mexico has defaulted on some $200,-
000,000 of securities, largely held
due
so
The result is that labor is the para¬
question in all these countries, and statesmen and business leaders
mount
significance.
exporters had
foreign trade
standard, Mantake into account not only th©
standard relating to
Under the silver
to
1200
THE
price of products in silver
gold
but exchange between
yen,
protection
against
loss caused
by
fluctuations
Change, exporters had to include in quotations
above
(a)
in
BURG
ex-
premium
a
ordinary cost of merchandise.
►Since the outbreak of the World
War, the importation of
expanded, and
the
that
now
maintenance and
been
to this country has
of
one
the
expansion
obstacles
greatest
of foreign
rapidly
to
has
commerce
removed, namely the silver standard, it is therefore
reasonable to assume that the exportation of these products
will
steadily
increase
and
A
the
prove
of
means
bringing
them into closer contact with the rest of the world.
somewhat
mated
in
the
agreement
a
beans, bean cakes and bean oils
REMEDIES
FOR
BRAZILIAN
ECONOMIC
CRISIS.
the
The
present economic
situation
Commercial
Janeiro, July 2:
Brazil has evoked endless discussion,
in
and
the suggestion of innumerable remedies, most of which
the
belief that
still
of
the
continues,
this
false
the usual
the
in
responsible for
hypothesis
most
of
processes
based upon
are
exchange, which occurred in June and which
the
prevailing
the
of
conditions.
suggestions
offered
tendency to rely.on artificial Governmental
natural
tion.
is
break
thus
failed
far
of
increasing production
singular
any
of
the
dismembered
Austria
estimated,
of
daily
success,
interbank
$50,000,000.
As
result
a
evidenced
have
are
this loan
of
decreasing
included
consump¬
the
to
rediscount
£5,000,
has
already
Preventing
the
and
been used,
remaining $25,000,000 will be taken
Factors
shortly.
up
Although the commercial deficit of Brazil, excluding its foreign obliga¬
amounted to 220,453,000 milreis in April, 1921, a balance might
nevertheless have been expected by late
July or August had trade taken
the anticipated normal course and the decline in
imports continued.
Un¬
zation.
at
were
operating to prevent this equali¬
Increasing quantities of German goods
entering the country
were
prices
which encouraged buying that should otherwise have been cur¬
the expected increase in the price and exportation of coffee failed
materialize; and the meat industry was paralyzed by the various foreign
tailed ;
to
embargoes against products from
the
pest-infected
district
of
Sao
Paulo.
At the close of
series of special
a
resolutions
drawn
were
consideration of
up
meetings, held by the Brazilian Cham¬
considering
recommending the
means
following
the
to
measures
the Government:
community, which considers that the responsibility of the Government
that the result would be doubtful.
of
use
the gold
held
reserve
the
in
Caixa
da
Amortizacao
as
guaranty of paper money, amounting to 69,000,000 milreis.
There are
strong legal and patriotic objections to the utilization of this fund.
(3) The use of the Italian credits, amounting to about 40,000,000 mil¬
reis.
This sum represents the amount of the
100,000,000 milreis credit
granted
has
in
by Brazil
to
Italy for purchases in this country for which Italy
It is proposed that the Government utilize these bills
already drawn.
the
exchange market.
the
factories,
importation of luxuries
and
non-necessities.
Charles H.
are
kins
University.
In
This class of merchandise represents such
a
small
made
public by
Replogle,
Mr.
The management of the estate
family, in which
thirds
a
in Geneva,
the
of
which
of
(5) The stimulation
of
military
materials
salutary
a
production
and
included,
were
the
This
logical
very
the
New York
this
of
is owned
by
been
properties of
Estate
&
Trust
which
from
twelve
ment
houses
the Hapsburg family
in
include
Austria,
fourteen
to
in
the
and
beet
alone
is
estimated
considered
at
The
to
self-sufficiency.
Among
the
industries
capable
of
much
iron
and
steel
vast
and their
ore
of Minas Geraes.
resources
manufactures
in
1920
amounted
292,541,000 milreis.
Cotton Textiles and Yarn.—In
spite of the rapid growth of
Brazil is still
depending on
large amount of cotton.
this
industry,
foreign countries, particularly England, for a
Imports of cotton for 1920 amounted to 169,006,000
and
that
all
the imports
of
and Parana.
this
.
.
projects
as
costly
a
be
grown
show
of
no
In
the
valued at
141,068,000 mil¬
in Rio
Grande
do
Sul,
It is estimated
Santa
Catharina
works
not
under
contract, especially such
importation of considerable quantities of
foreign
The present Administration has been
and
reclamation
financial depression,
much
criticised
for
the
projects which
it has undertaken in
but thus far these Government
expenditures
were
meantime
Hun¬
several
coal
includes
mines,
apart¬
The value of
the art
objects in this
museum
The Hapsburg family before the
the wealthiest in Europe,
comparing with the
the Rothschilds.
which is headed by H. S. Ends-
countries
heretofore
Sabin,
logle,
Mr.
of
it
out affair.
that
is believed
The
by the trust
President of
realization
them will be
upon
a
long
manufacturing plants, however, will be operated
which
company,
the Guaranty
is
to be
managed
Trust Company of
as
by Charles S.
this city;
Mr.
Rep¬
President of the Vanadium
Steel Company, and Frank A. Munsey.
President of the Replogle Steel Company during its period
reorganization.
Rene Viviani is general counsel of the General Real
Endsley
Estate
&
was
Trust
Company,
and Samuel Untermyer
represents the American
interests.
Associated
der, William A.
Hopkins
Milton
very
in
Sabin, Replogle and Munsey
Honnald,
University.
the
from
Messrs.
with
Mr.
start, and
the
Louis Chevrillon
Felder
was
Bergunhutten
has
The
and
been
Dr.
interested
associated with Mr.
steel plant.
Thomas J.
are
Fel¬
Hugh Young of John
the
in
negotiations
Replogle in securing
He is
son-in-law of
a
the
an
late
Smith, President of the Louisville & Nashville RR.
investment in
or
abroad.
the
the
General
Real
The investment is
American
Estate &
no
a
And
group.
Trust
Company has been
offering of securities either in this
personal
one
on
the holdings
behalf of the in¬
of the
Hapsburg
liquidated by the trust company, dividends will be distributed in
proportion to the holdings of the Hapsburg family, which is two-thirds, and
to the American syndicate, which is one-third.
last
as
is
Replogle has made two visits abroad investigating the property, one
and one this year.
The plans call for Mr. Replogle making m
year
annual visit to
Mr.
Viviani
Europe in behalf of the local syndicate.
has
of
been
of
some
entrusted
the
with
estates
was
the
a
task
of
bringing the
matter
the ground that the
on
violation
of
the
Negotiations for control of this vast estate started
Treaty
Mr.
Replogle
the
French
and
the
the
on one
steel
of
ago
St.
when
of his visits abroad negotiated with Eugene Schneider,
to obtain an interest in the Bergunhutten
manufacturer,
plant located at Teschen,
Mr.
two years
Replogle is
one
parties interested
Czecho-Slovakia.
This
deal
went
through
of the directors of this company.
Following this
approached on the matter of taking over addi¬
were
properties, and finally the deal reached such large proportions that
assistance of
other Americans
was
solicited.
The Teschen steel plant is said to be modern in every
approximately
20,000
men
at
the
present
time,
and,
detail.
It employs
according
to
Mr.
It has its own by-product
plate mills, and besides being one of the
lowest co6t producers of steel compares with any of the
large plants in
this country in equipment.
Mr. Schneider will continue to operate this
coke
ovens,
coal mines, bar and
plant.
customs
a year ago,
in the customs warehouses to await the
In
land,
in
sign of curtailment.
receipts have dropped to about 60% of what
the requirement that 55% of the amount of all im¬
port duties be paid in gold milreis causing importers to leave
their goods
they
of
It
Replogle, is operating at about 85% of capacity.
would require
construction
time
were
.
(6) Postponement of public
equipment.
1920
of wheat flour at 80,724,000 milreis.
could
acres
290,000
Czecho-Slovakia.
President, to liquidate the land holdings and other properties as soon
but as about 50% of this property has been confiscated by
drawn
tional
Wheat.—The imports of wheat in
by the General Real
possible,
various
steel
milreis.
reis
in¬
Germain.
development
imports of
were
the American
1,200,000
confiscation
are
the following:
Steel.—By utilization of the
These details
over
to
Iron and
Rene Viviani, former
in Rumania,
in
factories,
sugar
$100,000,000.
among
and
Russia
120,000
200,000
It is the intention of the trust company,
as
Two-
family,
larger cities of Austria and Hungary, palaces and the
was
of
taken
approximately
is in Italy,
acres
Albertina Museum at Vienna.
ley
hisj
interest,
an
release of the properties
a
Replogle, who heads
Leonard
Company
60,000
200,000
Czar
on
,
The
gary,
"Times"
Hapsburg
by various Governments.
terests.
of
the
by the American syndicate.
confiscated
before the mixed tribunal of the League of Nations
greater
American
capitalization of $500,000.
a
company
suggestion has been given great prominence, for while some of the
staple
agricultural products have little demand in foreign markets at
present,
or a demand
only at very low prices, the country can at least come nearer
economic
Rep¬
of Archduke Frederick of Austria and
Switzerland, with
stock
divulged yesterday by J.
Mr.
move.
exportation.
Leonard
say:
France, has been retained to obtain
have
dividuals of
purchases
J.
of American capitalists has obtained
group
while one-third is owned
estate
imports, however, that its elimination could have little
exchange situation; but if the elimination of automobiles and
parts, imports of which amounted to 84,000,000 milreis in
1920, and the
doubtless prove
houses,
operated by the General Real Estate & Trust Co., recently incor¬
be
share of the total
the
Sabin.
reporting the plans of the
Sept. 13 had the following to
effect
large
apartment
syndicate for operation of the newly acquired properties, as
country
of
in¬
nald, Louis Chevrillon and Dr. Hugh Young, of Johns Hop¬
manufacture, and silks.
curtailment
to
housed about 1.000,000 articles of
completely financed and there will be
proposition would
is
it
said
the celebrated Albertina Museum
The suggested list to be
barred, or on which prohibitive duties would be
placed, includes jewelry, perfume and liquors and raw materials for their
on
value,
a
are
logle, Frank A. Munsey, Thomas J. Felder. William A. Hon-
interest
(4) The prohibition of
having
These estates
Included in the American syndicate which purchased the
Hapsburg estates
as
would be too great and
The
Empire,
farms,
are
of averting a panic,
The delivery of the goods held in warehouses to the consignees
by
the Government, which should issue
one-year bonds to cover the operations
and should guarantee an
exchange rate of 5 milreis to the dollar.
This
proposal has received little support from the sounder element in the busi¬
(2)
republics,
Vienna, in which
war
(1)
ness
Austrian
of $200,000,000.
^
Recommendations of Chamber of Commerce.
ber of Commerce for the
purpose of
Americans, and the Archduke Freder¬
at
Premier of
Trade Balance.
tions,
fortunately, however, several factors
an
members
even
rather than
measures,
and
transactions
Half
and
palaces, castles, and
porated
limiting
loan
consum¬
when
lands stretching across many miles of several new Central
tion
and it is rumored that the
was
Sept. 10,
on
clude the rich steel works and mines at Teschen, vast forest
will
decree
transaction
Paris,
of his family, by which the
Americans acquired control of all the Archduke's estates in
operations of the Banco de Brasil, the valorization of coffee, the fiscalizaAmerican
at
HAPS-
signed by Samuel Untermyer, representing
group of prominent
Among the remedies which have already been tried out, but which
have
Hotel
OF
AUSTRIA.
artistic and historical interest.
receipt of the following from
Attache W. L. Schurz, at Itio de
PROPERTY
IN
business
unusual
ick
On Aug. 30 the Department of Commerce at Washington
announced
BUYS
FAMILY
RItz
was
European
PROPOSED
[VOL. 113.
AMERICAN SYNDICATE
dollars and (b) gold yea and silver exchange;
yen and
for
CHRONICLE
our
issue
of
AMERICAN PROPERTY RIGHTS
FOREIGN
improvement of the exchange.
DEBTS
PROPOSED
SOVIET RCSSIA—
AS
FOR NEGOTIATION.
BASIS
I
I
1
Aug.
6,
page
577,
we
referred
to
the
adoption of bills by the Brazilian Chamber of Deputies for
the regulation of storage charges to relieve the
exchange
situation.
A statement
regarding the attitude of the Soviet Govern¬
ment toward American
Leonid Krassin,
property rights in Russia
came
from
Foreign Trade Commissioner, on Sept. 9.
according to -whom the only American property not N ational-
Sept. 17
THE
1921.]
by t'he Russian Soviet Government is the Westinghouse
ized
Company, the National City
of the New York Life Insurance
reported
as
SpeyeT & Co. are now delivering, at
Krassin
State
Gold
Singer Sewing Machine Company.
and trade the
Soviet Government is willing to make foreign property and
even foreign debts a basis for negotiation.'*
" The Associated
situation, and reestablish industries
national
Press account of his contentions
erty rights came from Moscow,
here
by the daily
receipts for such bonds. The
referred to in our issues of March 5, page 884;
April 16, page 1568; and May 7, page 1923.
change for their temporary
offering
regarding American prop¬
HUNGARY'S PAPER BILLIONS.
fol¬
A
lows:
Soviet trade representative,
Leonid Krassin,
told The Associated Press
to-day that the Westinghonse electric factory on
American property
only
Government.
managers
the Volga River was the
entered into an arrangement
amounted to practically the same thing
did not abandon the factory, but
nationalization.
as
Concessions
are
now
being offered to manufacturers
Sept. 9.
10th inst. as
copyright cablegram from Zurich,
follows:
had not been nationalized by the Soviet
exception was made in that case because the
with the Soviet Government which
special
appeared in the New York "Times" of the
that
He said the
was
Sept. 9; they were received
for publication on Sept. 12 as
papers
their office, No. 24-26
Definitive Bonds of the issue of $10,000,000
of San Paulo, Brazil, Fifteen-Year 8% Sinking Fund
Bonds External Loan of 1921, due Jan. 1 1936, in ex¬
Pine St., the
stating that "in an effort to better the inter¬
Bank and the
TEMPORARY RECEIPTS
DEFINITIVE SAN PAULO BONDS.
FOR
the Russian interests
property of the Soviet Government are
is
SPEYER & CO. EXCHANGING
Among those which are regarded as the
electric factory.
1201
CHRONICLE
of other countries,
the Hungarian bank note printing
Hungarian Government was forced to engage
large Zurich printing firm to turn out for it 5,000,000,000 kronen worth
of notes.
Before long, however, the Hungarian Government found that it
was running short of paper.
Consequently, it has just ordered another
5,000,000,000 kronen worth from the same Zurich firm.
Owing to the heavy demand made on
machinery it wore out, and the
a
revive manufacturing to utilize raw ma¬
the Soviet Government takes Westinghouse products
M. Krassin said, in an effort to
He said that
terials.
and pays money to
a
percentage
on
the concern, which in turn pays
the Soviet Government
production.
national¬
ized, but that the Soviet Government did not recognize American owner¬
ship of the plant, which he said was still operating.
He declared that the
Singer Sewing Machine factory was taken over by the old Russian Govern¬
ment and converted into a factory for the manufacture of arms before the
Soviet regime.
Consequently, he said, the Soviet Government recognizes
He said the International Harvester
no
American property rights
plant had not exactly been
in the factory.
He said also that the interests of the New
and the National City Bank
INDIAN GOVERNMENT RUPEE
Loan, for the first six weeks
ports" of Sept. 12, which states that the loan, which is free
of income tax, is at 6%, five and ten-year bonds at par.
INTER-AMERICAN HIGH
Government recognized no legal
before the revolution, yet
DISCUSSED BY
COMMISSION.
INTERNATIONAL EXCHANGE TO BE
Soviet Government.
However, he continued, while the Soviet
subscriptions to the 1921 Indian Government
York Life Insurance Company
regarded as the property of the
in Russia were
LOAN.
Rupee
following the opening of the loan
on June 20, exceeded 1,650,000,000 according to the Near
East "American."
This is learned from "Commerce Re¬
The
the Inter-American
the subject of international
to make foreign property and even foreign debts a basis for negotiation .
exchange and its bearing on foreign exchange will be heid in
When asked if the Soviet Government would give foreign owners of
Washington in the near future. At the call of Secretary of
property in Russia preference in granting concessions in lines formerly
the Treasury Mellon, Chairman of the Commission.
Meet¬
controlled by certain interests in Russia, he said:
"Naturally we consider the special knowledge of former factory owners.
ings of the sections of the Commission in the Pan-American
It is
desire to get industrial concessions into the hands of men who know
countries will beheld simultaneously for like discussions.
their business thoroughly."
1
The New York "Times" in a Washington dispatch Sept. 9,
f»A Swedish concern has been granted a concession to establish a ball-bear¬
said:
'
'
ing factory in Russia, which M. Krassin said, is the only foreign concession
right of
foreigner to property held in Russia
any
for purposes of
negotiation in an effort to better the international situation
Soviet Government was willing
and to reestablish industries and trade, the
A
meeting of the American Section of
High Commission to discuss
our
,
actually signed up.
Under the
new
economic policy concessions
ly to Leslie Urquhart to take over certain
will probably be granted
short¬
mining properties formerly owned
with Norwegians and Swedes
and with German financiers for
There are also negotiations pending
by him.
for the manufacture of matches and paper,
of iron ore in Kurska.
the mining
where there are
valuable deposits of
magnetic ore.
would be granted would
be allowed to deal individually with workmen, through unions, and that the
Government would not interfere.
He declared that the Soviet Government
M. Krassin said the persons to
still
adheres
strictly to
the
whom concessions
principle of State monopoly in
export and
domestic free trade both in retail and
wholesale dealings.
Special arrangements, he said, will be made for the
exportation of the products manufactured by foreign concerns, but those
foreign firms desiring to sell to Russians must deal through the Soviet
co-operatives or the Soviet Government on a cash or credit basis.
import trade, although recognizing
Foreign Trade
Krassin in detailing on Sept. 9 the new economic
Russia, according to special copyright advices to
following principles were laid down by
The
Minister
policy of
countries have been asked to
possible after the meetings full state¬
ments of the discussions which take place.
On the basis of these statements,
made over the responsible signatures of the ministers of finance, the Secre¬
The Ministers of
send to Secretary
Finance of the different
Mellon
tary of the Treasury
as soon as
will have authenticated declarations from the various
Latin America.
Recently there have been
Ministers of Finance throughout
unofficial and irresponsible statements
blaming the United States for the
exchange situation,
charging either that the United
that it was doing nothing to
present
unsettled
States was
deliberately depressing exchange or
relieve the situation.
High Commission, which was established in 1915 to
with' uniformity of law and fiscal relations among the American nations
to aid in economic stability, consists of national sections in each of the
The Inter-American
deal
and
twenty-one
American republics, except Mexico, with the respective Minister
Chairman and including in addition in each case eight other
of Finance as
prominent jurists and
members, made up of
is Chairman and John Bassett
sections.
.*
.
•
'
-
Moore is
financiers.
Secretary Mellon
Vice-Chairman of the American
,
American republic not a
Mexico is the only
member of
the Commission.
the New York "Times" from Moscow7.
The Soviet Government recognizes no
1.
right of ownership in goods or
Former
position as other con¬
cessionaires, but exceptions probably will be made in the case of large or
small interests who carried on work throughout the revolution.
The
factories in
owners
Russia,
whether owned by
Russians or foreigners.
NATIONAL BANKS NOT
CORPORATIONS.
The
Soviet
foreign debts, but
of
Krassin expressly stated that, taking France, for instance,
Government similarly
they would be willing to negotiate on a
disavows its legal obligation
consolidation basis.
hands of the Government, but foreign
concessionaries will be allowed to import machinery, &c., and export produce
or manufactured goods.
Foreigners trading here will be allowed to import
Import and export remain in the
3.
goods from abroad provided they are paid for
money
by credits abroad, and not by
basis,
to be paid in cash, or preferably in products.
The guiding principle of all
such concessions will be an Increase in production.
Once this is guaranteed
the Soviets will be
concessions will be a lease on a royalty
prepared to offer generous terms.
immediate needs for instance, agricultural
import goods under guarantee of
national and local authorities and sell direct to the peasants in return
Krassin suggested that to meet
machinery,
the
for
foreign consortium should
products—a sort of hire-purchase
machinery already being "carried"
banks in America and Great Britain might better be earning money in
a
yearly percentage of the latter's
system.
by
a
He declared that agricultural
Russia where it is so urgently
Asked what guarantee a
that
the
Soviet
needed.
consortium or other
Government would keep its
concessionaire would have
obligations, he replied in¬
dignantly that it had never broken its word yet, adding that
revolutions established the principle that new regimes wiped
as
far as their
predecessors' obligations were
Krassin made clear that liberty of
The
Government even when
retain full control over
them.
other national
the slate clean
concerned.
trade applies only to
in Edge
Sept. 8 1921,
your
whether handled by natives or
returns on the same,
but will not let Russia become
production for the general benefit,
ploitation for general
protection."
combined with the prevention
of ex¬
purchasing stock
Board's decision, under date of
withdrawing its former ruling on this subject is sent to you for
Corporations.
The text of the
information as follows:
"The Board has
to invest stock of a
ruled heretofore that any national bank which desires
corporation organized under the provisions of Section 25
(a) of the Federal Reserve
Act must make
application to the Board for
intended
permission to subscribe to such stock.
That ruling was not
as
an interpretation of the I iw but was promulgated as a matter of regulation
based upon practical considerations.
Upon careful consideration of the
practical value of this requirement in the light of experience, the
has decided to withdraw this ruling and will no longer require national banks
Board
permission before purchasing stock in Edge Corpora¬
remembered, however, that national banks are re¬
quired by the terms of Section 25 to apply for and obtain permission of
the Federal Reserve Board before investing in the stock of international
banking or financial corporations organized under State l3w; and that the
aggregate amount of stock held by any national bank in all corporations
engaged in business of the kind described in Sections 25 and 25 (a) of the
Federal Reserve Act must not exceed 10% of the subscribing bank s capital
obtain the Board's
tions.
It should be
to
and surplus.
j
APPOINTMENT
BY
OF COMMITTEES
foreigners, and will allow profitable
the prey of foreigners.
This is fully in accord with the new interpretation given by the Commun¬
ist Party to the economic change; "Communism means the Increase of
in Russia,
obtain its permission before
requires national banks to
internal trade.
permitting imports and exports, intends to
It desires to encourage trade and industry
15 issued
through Governor Strong the following circular (No. 400)
to member banks in the local Federal Reserve District:
According to a recent decision of the Federal Reserve Board, it no longer
taken out of Russia.
The general scheme of
4.
Bank of New York on Sept.
The Federal Reserve
Westinghouse Company is a case in point.
2.
REQUIRED TO APPLY FOR
STOCK IN EDGE
PURCHASE
TO
PERMISSION
wishing to reopen will be in exactly the same
UNDER
WAR
TO RECEIVE
Corporation announces
Agricultural Loan Agencies in the
districts throughout the
whose duty it will be to receive applications for
their districts under the Agricultural Credits Act
appointment of the local
country
loans in
ACT.
this week the
AGRICULTURAL CREDITS
The War Finance
various
CORPORATION
APPLICATIONS
FINANCE
agricultural and live-stock
1202
THE
recently passed by Congress (the text of which
where to-day) and to make recommendations
loans
the War Finance
to
procedure"
the
week says, "will save
and
rowers
Corporation.
Corporation
will
give else¬
The
"This method of
relieving the agricultural situation materially.
The loans
should especially
aid, it is stated, in preventing the unsea¬
sonable marketing of farm
products.
Under the Act there
this
of
announcement
the
War Finance Corporation the
benefit of the experience and local
knowledge of conditions
by the bankers, who will
Agencies."
for
announcement,
offices and the
list of
a
not
are
the location
membership of
is
the
of
ably being issued in loans
principal
warehouse products,
on
complete is furnished by the Corporation, which in its
are
As the administration of the Act is
almost entirely a banking proposition,
two
or more
States
State.
the committees
names
not
been
that
were
organizations
chosen
on
in
different
the
the
recommendations
districts.
time
to
following list gives the location
membership of
some of the committees
of
Indianapolis, Ind.
Itoyse, Terre Haute, Ind.
Headquarters
of the
which
as
HENRY
of
their membership is
principal offices and the
are now
J. Elwood Cox, High
Point, N. C.
Dr. B. W. Kilgore,
Raleigh, N. C.
Ind.
at
Louisville.
Chmn., Louisville, Ky,
Louisville, Ky.
Headquarters
Embrey L, Swearingen, Louisville,
Ky.
M. O. Hughes,
Lexington, Ky.
Chas. Stewart, Portland, Ore.
Headquarters
Orleans.
Chairman, New
Orleans, La.
81ms, New Orleans, La.
L. M. Pool, New
Orleans, La.
W. J.
Mitchell, New
Orleans, La.
Travis Oliver,
Monroe, La.
Hcadtuarters
at Denver.
Albert A. Reed,
Chairman, Denver, Colo.
W. B.
Morrison, Denver, Colo.
D. T. Stone, Grand
Junction, Colo.
Trotter, Pueblo, Colo.
R. E.
at
Minneapolis.
MacGregor, Chmn., Minneapolis,
Minneapolis, Minn.
Baldwin, Socorro, New Mex.
E. A. Cahoon,
Roswell, New Mex.
Geo. D. Campbell, San
Corporation
now
at
Richmond.
Cunningham, Chmn., Rich¬
National
R. L.
J. K.
J. W.
Headquarters at Spokane.
Rutter, Chmn., Spokane, Wash.
McCormack, Spokane, Wash.
<
Spangler, Seattle, Wash.
S. M. Jackson,
Tacoma, Wash.
W. D. Vincent,
Spokane.
Billings, Mont.
Wash.
Headquarters at Jackson.
Oscar Newton,
Chmn, Jackson. Miss.
Senator LeRoy
Percy, Greenville, Miss.
Osacr Johnson,
Clarksdale. Miss.
J. P.
Thomas, Grenada. Miss.
Frank Foote,
Hattiesburg, Miss.
Headquarters
GeorgeR.
A. H.
and
at
Cheyenne.
Abbott,Chmn.,Cheyenne, Wyo.
Marble, Cheyenne, Wyo.
Cheyenne, Wyo.
George W. Perry, Sheridan, Wyo.
B. B. Brooks,
at
Columbia.
Arizona.
ried
'
TION FOR
by
the
War
Agencies
under
W.
of
the
appointment
receive
Agricultural
Commerce, has
THE
of
Credits
Vice-President
Act,
of
we
the
War
Hemingway has accepted.
St.
Louis.
the
Corporation
made
loans
committe
will
An
Agricultural
and
on
receive
for
agricultural
which
to
the
War
to make loans
Mr.
applications
and
for
Loan
loans
learn
Act
It is
and
for
the
Announcement
the
is
Los Angeles Trust
announcement
no
yet
as
as
Mr.
following statement from Eu-
plans
a
and
War
the
activities
Finance
to
be
car¬
is
a
of
measure
great significance
to
our
very
conditions
new
meet those
assist
they
in
existing in
conditions
financing
the
be marketed in
can
foreign
merchants
international and domestic
our
by giving the War Finance Cor¬
carrying
orderly
an
and
of
agricultural
com¬
The inability and
way.
manufacturers
to
purchase the
greater part of their requirements for the year
during the period immedi¬
ately following the harvesting of our crops, as they are accustomed to do
in normal times,
coupled with the failure of our own merchants and manu¬
facturers
makes
a
to
it
normal
carry
for
necessary
stocks,
to
us
has
market
brought
about
staple
our
a
situation
which
agricultural products
over
longer period than usual.
The
pressing need at the
vide
these
present| time, therefore, is for additional facili¬
staple agricultural products
our
gradually than
formerly.
that they can be marketed
so
The Agricultural
Relief Act
aims
to
pro¬
facilities
along sound lines and in a way that will be helpful
only to the producers themselves, but also to the whole business of the
country.
should
designed
ence
in
be
to
clearly
connection
determine
to
abnormal
with
what
is
if
to
responsible
an
emergency
confronting
measure
Experi¬
us.
of
care
way
us to
machinery of a
the marketing of our
financial
under normal conditions.
banking
For
prompt shipment against
For
future
deferred
under
shipment within
payments
definite
institutions
after
deferred
a
arrival
for
finance
contract for
account
of
payments.
reasonable
time
in
countries, where
sale;
foreign
against either prompt
the
goods
or
prompt shipment to warehouses
there
which
These advances probably will be made:
1.
held
is
that the War Finance Corporation will make ad¬
to
For
take
orderly
an
2.
are
Act
now
completely in operation, it is probable, Mr. Robin¬
says,
vances
the
additional
any,
necessary
staple agricultural products in
When
that
conditions
it^s administration, however, should enable
extent,
character
permanent
understood
the
meet
application, of
accordance with
American
at
foreign distributing points to
exporters and bankers
course,
law
and
will have to be considered
the
requirements
of
the
for
market¬
on
its merits and
Corporation.
TEXT OF AGRICULTURAL AMENDMENT
The
ing
War
as
our
purposes.
action
on
the
approved
Corporation
and
to
make
by
the
to
issue
advances
to
the
financing agricultural exports.
to make
President
extent
of
or
association
or
Aug.
24.
As
its
own
of
persons
bonds,
$1,000,000,000 for
The Corporation is empow¬
advances, for periods not exceeding
from the respective dates of the advances
dealing in,
on
$1,500,000,000 in
ered
such
McNary bill amend¬
Act
issue of Aug. 27, page 902, the bill
empowers
Jr.,
appointed
the
Corporation
Mr!
The
WAR
so as
to provide
financial relief for producers of and dealers in
agricultural
products,
been
Finance
TO
CORPORATION ACT.
following is the full text of
the
stated in
banks which have
recommend
transactions in the St. Louis district.
Relief
to
of
that
Finance Act gives
has
the
to
unwillingness
National'Bank
Corporation.
livestock
Hemingway
and
to
aims
power
modities until
announced
The committee will
function in
amendment
power
Finance
been
the
FINANCE
Meyer,
the
$1,200,000
ing out of warehouses.
a member of the
agency
committee of the War Finance
Corporation in the St. Louis
district.
Appointment was made by
Eugene
of
of
crop.
Managing-Director of
covering
recognized the
be
been appointed
Managing-Director
credit
a
cotton
AGENCY
Agricultural
applications
WAR
constructive piece of legislation, and, in
my opinion, is thoroughly workable from the administrative
point of view.
CORPORA¬
above
THE
under the Act:
on
The
DISTRICT.
as
Corporation
will
Hemingway,
TO
FINANCE
THE ST. LOUIS
Finance
which
the
L.
to
WAR
FOR
Robinson, President of the First
has
public
Jr.,
agricultural interests.
3.
Bennettsville, S. C.
Barnwell, Columbia, S. C.
Self. Greenwood. S. C.
APPOINTED
THE
makes
Corporation,
in
OF
ACT
AND ARIZONA.
Los Angeles
There
Meyer,
Each
HEMINGWAY
of
,
or
C. L. Cobb. Rock
Hill, 8. C.
H. L. McCoIl,
Wm.
extended
products for export.
J.PopeMatthews,Chmn.,Columbia,S.C.
J. C.
had
Bank
Robinson
Casper, Wyo.
Headquarters
TO
to the other members of the
committee for this district.
son
John W. Hay,
Headquarters at Omaha.
F. W. Thomas.
Chmn.. Omaha, Neb.
A. W.
Pratt, Omaha, Neb.
Carl Well,
Lincoln. Neb.
C. H. Randall,
Randolph, Neb.
R. P.
Morsman. Omaha. Neb.
addition
begun
Savings Bank, has been appointed Chairman of the War
Finance Corporation Committee for Southern California
It
Norfolk, Va.
Warren M. Goddard,
Richmond, Va.
E. Frank Story,
Franklin. Va.
Lee M. Ford, Great
Falls, Mont.
R. J. Covert,
In
be
not
A. F. Ryiand,
Richmond, Va.
Tench F. Tilghman,
Headquarters at Helena.
T. A.
Marlow, Chmn., Helena, Mont.
R. O.
Kaufman, Helena, Mont.
A. C. Johnson.
Helena, Mont.
COMMITTEE
indicates
will
&
mond, Va.
F. H. Johnson. Sioux
Falls, 8. D.
E. J. Welser,
Fargo, N. D.
L.
Corporation
amendment
(page 1102) that the War Finance
made that Henry M.
ties to finance
Antonio, Tex.
E.
ROBINSON
marketing of the Arizona
more
C. L. Ezell, El Paso, Tex.
Richard
Prentiss, Winona. Minn.
Bennett, Renville, Minn.
Jas. L. Mitchell, St.
Paul, Minn.
W.
the
new
[CALIFORNIA
poration
Headquarters at Ft. Worth.
Marion Saneom, Chmn., Ft.
Worth, Tex.
W. L. Smallwood, Ft.
Worth, Tex.
Judge W. F. Ramsey, Dallas, Tex.
Headquarters
C. T. Jaffray,
A. A.
M.
We reported last week
It
Headquarters at Memphis.
R. B. Snowden, Chmn.,
Memphis, Tenn.
D. M. Armstrong,
Memphis, Tenn.
T. M. Preston,
Chattanooga, Tenn.
Peter Fyfe, Covington, Tenn.
John D. McDowell,
Memphis, Tenn.
Minn.
J3. L.
the
FINANCE CORPORATION IN SOUTHERN
trade,
Lee
Lou D. Sweet,
Denver, Colo.
Headquarters
Ore.
Corbett, Portland, Ore.
F. L. Meyers, La
Grande, Ore.
Wm. 8. Walton, Salem, Ore.
It. M.
Geo. F.
Cookingham, Chmn,, Portland,
E. R.
Pageville, Ky.
at Nevr
,
at Portland.
Edward
Chas. DeB.
Claiborne,
although
under
complete.
James B. Brown,
John W. Barr,
Gen. E. H. Wood,
way
less short-
or
the
Members
Headquarters at Raleigh.
J. R. Young, Chmn., Raleigh, N. C.
Samuel F. Austin, Nashville, N. C.
Chas. E. Taylor, Wilmington. N. C.
Jas. M. Mcintosh,
K. A. Osterle, Muncle.
limited
a
more
at once.
aene
Headquarters at Indianapolis.
Evans Woolen,
Chirm., Indianapolis, Ind.
Andrew Smith,
Indianapolis, Ind.
Jan. 8.
breeding stock, and in
announced,
operations
are
indicating that they realize the opportunity for great public service.
The procedure in
making application for loans will be as follows: The
financial institutions
desiring an advance will fill out the application form,
which can be obtained from the
nearest Agricultural Loan Agency, Federal
Reserve Bank, or the War Finance
Corporation at Washington.
Forms
will be submitted in
triplicate to the local Agricultural Loan Agency.
The members of the
Agency will then investigate the case thoroughly and
will send the application form
with their recommendations to the War
Finance Corporation.
If the appliaction is finally
approved by the Cor¬
poration the money will at once be made available to the
borrower.
All of the committees are not
yet ready for announcement as some of those
invited to serve on the committees
have not yet answered.
The other
committees will be anonunced from time
The
activities, prob¬
security as non-perishable
dealings.
unpaid and the Corporation has been gratified at the
very large proportion of acceptances on the
part of the indi viduals selected,
filled.
such
on
served by one Agency, members were
appointed from
are
The
business
It is expbeted
less long-time
or
Other members of the St. Louis district committee
have
the list of members consists of
bankers, both State and National, who are
familiar with agricultural conditions
in their sections.
In order that fre¬
quent meetings of the committees
may be held, it was found necessary to
appoint three members in or near cities where aegncies are located.
Where
various
more
feeding stock, although the latter is
term
announcement says:
each
on
credits without interference with land bank
yet ready
of the committees which
some
billion dollars available for such loans.
a
that this money will be extended
the Agricultural Loan
compose
While all of the committees
[Vol. 113.
operations of this committee,
according to well-informed bankers, should aid the
general business situation,
these
to
as
great deal of time to the local bor¬
a
give
in its
we
CHRONICLE
(a) to
one year
any person
engaged in the United
States in
marketing agricultural products,' (b)
to any
without the United States purchasing such
products,
but in no case is any of the money so advanced to be
ex¬
person
pended without the United States, and (c) any bank, banker
or
trust company
\
in the United States, which makes
or
has
Shpt.
made
17
THE
1921.]
advance or advances for the purpose
an
set forth in
by such bank, banker, trust company or
herein described.
Corporation may,
poses
(a),
paragraph
to any producer set forth in
or
said para¬
only be exer¬
notice that the first
The special powers thus granted can
graph.
July 1 1922, though we
cised prior to
of the War Finance Cor¬
paragraph of Section 12 of Title I,
"the power of the
Corporation to issue notes or bonds may be exercised at any
time prior to Jan. 1 1925, but no notes or bonds shall ma¬
poration Act, as amended, provides that
1925."
ture later than Jan. 1
Act
An
amend the
to
provide relief for producers of
1918, as amended, to
well
and dealers in agricul¬
Representatives of the United
of America in Congress assembled, That when used in this Act the
"person" includes partnerships, corporations, and associations, as
enacted by
Be it
term
Act, approved April 5,
and for other purposes.
tural products,
States
War Finance Corporation
the Senate and House of
individuals.
as
Sec.
That section
2.
Corporation Act,
of Title I of the War Finance
1
amended, is amended to read as follows:
"That the Secretary of the Treasury, the Secretary of Agriculture, and
four additional persons (who shall be the directors first appointed as herein¬
after provided) are hereby created a body corporate and politic in deed and
in law by the name, style, and title of the War Finance Corporation (here¬
in called the Corporation), and shall have succession for a period of ten
approved April 5, 1918, as
provided by this Act the Cor¬
of the powers conferred by this Act except
Provided, That except as otherwise
years:
poration shall not exercise any
such as are incidental to the liquidation of its assets and
its affairs, after
of
Sec.
amended
is
amended,
Corporation Act, approved April 5, 1918, as
21 of Title I thereof the
adding after section
by
Board of Directors
Whenever the
22.
of the Corporation shall be
of the war, or out of the disrup¬
have resulted in or may result in
abnormal surplus accumulation of any staple agricultural product of
United States or lack of a market for the sale of same or that the ordi¬
trade created by the war,
tion of foreign
an
the
inadequate to enable producers of or dealers
in such products to carry them until they can be exported or sold for ex¬
port in an orderly manner, the Corporation shall thereupon be empowered
to make advances, for periods not exceeding one year from the respective
dates of such advances, upon terms, not inconsistent with this Act, as it
banking facilities are
nary
determine;
may
bills of lading,
be
shall
financing the exportation of agricultural and
in
porations
To
"(b)
person
any
United
the
out
shall
States.
The rate of interest charged on any
Corporation.
determined
be
by
be secured by adequate
be prescribed by the Board of Directors
security of such character as shall
of the
prod¬
with¬
without the United States purchasing 6uch
any of the money so advanced be expended
Every such advance shall
the Board
Directors.
of
such advance shall
The Corporation shall
retain
require additional security at any time.
"(c) To any bank, banker, or trust company in the United States which
makes or has made an advance or advances to any such person as is de¬
scribed in paragraph (a) of this section for the purpose therein set forth
or which makes or has made an advance or advances to any producer for the
to recall an advance or
power
The aggregate of advances made
not exceed the amount re¬
maining unpaid of the advances made by such bank, banker or trust com¬
pany for purposes herein described.
Such advances shall bear interest at
set
purpose
to
the
(a).
in paragraph
forth
bank, banker, or trust company shall
any
the Corporation.
fixed by
rates
23.
"Sec.
the
Notwithstanding
limitation
of
section
1, the advances
of this Act may be made until
July 1, 1922.
The Corporation may from time to time extend the time
of payment of any such advance or advances through renewals, substitution
of new obligations, or otherwise, but the time for the payment of any ad¬
vance made under authority
of section 21 and section 22 shall not be ex¬
tended beyond three years from the date upon which such advance was
provided for by section 21 and section 22
originally
made.
"All advances made under section 21 or
be
writing
in
ments
imposing
on
shall
instrument or instru¬
under section 22 of this Act
against promissory note or notes, or other
made
the borrower a primary and
unconditional
with interest as stipulated
therein, with full and adequate security in each instance by indorsement,
guaranty, pledge, or otherwise.
The Corporation shall retain the power to
require additional security at any time.
All notes or other instruments
evidencing advances to persons outside the United States shall be in
terms payable in the United States, in currency of the United States, and
shall be secured by adequate guaranties or indorsements in the United
States, or by warehouse receipts, acceptable collateral, or other instruments
in writing, conveying or securing marketable title to agricultural products
to repay the advance at maturity,
obligation
in
United
the
24.
"Sec.
States.
Whenever
in
the
opinion
of the
Board of
Directors of the
Corporation the public interest may require it, the Corporation shall be
authorized and empowered to make advances upon such terms not incon¬
sistent
with
this Act as
it
may
determine to any bank, banker, or
trust
in the United States, or to any co-operative association of pro¬
in the United States which may have made advances for agricultural
company
ducers
including the breeding, raising, fattening, and marketing of live
have discounted or rediscounted notes, drafts, bills of ex¬
change or other negotiable instruments issued for such purposes.
Such
advance or advances may be made upon promissory note or notes, or other
instrument or instruments, in such form as to impose on the borrowing
purposes,
stock,
ortmay
bank, banker, trust company, or
conditional
co-operative association a primary and un¬
at maturity with interest as
obligation to repay the advance
and shall be fully and adequately secured in each in¬
stance by
indorsement, guaranty, pledge, or otherwise.
Such advances
may be made for a period not exceeding one year and the Corporation may
from time to time extend the time of payment of any such advance through
renewals,, substitution of new obligations or otherwise,, but the time for the
stipulated therein,
payment of any such advance
tion
shall not be extended beyond three years
from
which such advance was originally made.
The aggregate of
bank, banker, trust company, or co-operative associa¬
shall not exceed the amount remaining unpaid of the advances made
the date
upon
advances made to any
The
manufactured
products from the United States to foreign countries.
No such acceptances
shall be purchased which have a maturity at the time of such purchase
of more than
"Advances
three years.
cr
be made under this section at any time
purchases may
prior to July 1, 1922.
all advances made under sections 21,
bills of exchange, or other securities
purchased under section 24 remaining unpaid, shall not at any one time
The aggregate amount of
25.
"Sec.
and 24, and of all notes, drafts,
22,
$1,000,000,000.
exceed
'bank, banker, or trust
include any reputable and re¬
sponsible financing institution incorporated under the laws of any State or
of the United States with resources adequate to the undertaking contem¬
in
Whenever
26.
Act
this
the
words
company' are used, they shall be deemed to
plated.
In order to enable the
27;
"Sec.
this Act,
of
nish
Corporation
the
to
information
other
as
he
national banks to
tion of
making advances, and to
Corporation,
the
of
use
Corporation to carry out the purposes
is hereby authorized to fur¬
reports, records, or
may have available relating to financial condi¬
which the Corporation has made or contemplates
make, through his examiners, for the confidential
examinations of banks, bankers, or trust com¬
the Comptroller of the Currency
for its confidential use such
panies, other than national
banks, to which the Corporation has made or
Provided, That no such examination shall
or trust company.
contemplates making advances:
the consent of such bank, banker,
made without
hereby amended
ucts, but in no case
live stock.
organized under section 25 (a) of the Federal Reserve Act:
acceptances of the said banking corporations
made except for the purpose of assisting the said banking cor¬
porations
Any such advance shall bear interest at
a
rate not exceeding 1 y»% in excess of the rate of discount for 90-day
commercial paper prevailing at the Federal Reserve Bank of the district
in which the borrower is located at the time when such advance is made;
export in an orderly manner.
for
including
Provided, That no purchase of
under the
or
products,
time, upon like security, extend the time
bill of exchange, or other instrument ac¬
quired under this section, but the time for the payment of any such note,
draft, bill of exchange, or other instrument shall not be extended beyond
three years from the date upon which such note, draft, bill of exchange, or
other instrument was acquired by the Corporation.
The Corporation is fur¬
ther authorized, upon such terms as it may prescribe, to purchase, sell, or
otherwise deal in acceptances, adequately secured, issued by banking cor¬
the United States in dealing in, or mar¬
to any association composed of persons en¬
gaged in producing such products, for the purpose of assisting such person
or
association to carry such products until they can be exported or sold
products,
such
agricultural
staple
payment of any note, draft,
of
be
To any person engaged in
"(a)
keting any
other instruments in writing conveying or securing mar¬
or
to
title
Corporation may from time to
opinion that conditions arising out
of the
by chattel mortgages, warehouse receipts,
struments of indebtedness secured
ketable
drafts, bills of exchange, or other in¬
trust companies, notes,
or
such terms not in¬
determine, purchase from domestic banks,
consistent with this Act as it may
bankers,
co-operative association for pur¬
in exceptional cases, upon
"The
"Sec.
sections:
following new
"Sec.
the winding up
July 1, 1922."
The War Finance
3.
1303
CHRONICLE
"Sec.
No person,
28.
receiving money
at a rate of interest
bank, banker, or trust company
provisions of this Act shall loan such money
greater than 2% per annum in excess of the
received by the Corporation upon such money.
rate of interest charged or
Act is
(b) and (c) thereof, and by
striking out at the beginning of the first paragraph the letter (a).
"Sec. 5.
The first paragraph of section 12 of Title I of the War Finance
Corporation Act is hereby amended and re-enacted to read as follows:
"Sec.
12. That the Corporation shall be empowered and authorized to
issue and have outstanding at any one time its notes or bonds in an amount
aggregating not more than three times its paid-in capital, such notes or
bonds to mature not less than six months nor more than five years from the
respective dates of issue, and may be redeemable before maturity at the
option of the Corporation, as may be stipulated in such notes or bonds, and
to bear such rate or rates of interest as may be determined by the board of
.directors, but such rate or rates of interest shall be subject to the ap¬
proval of the Secretary of the Treasury.
Such notes or bonds shall have
a first and paramount floating charge on all the assets of the Corporation,
and the Corporation shall not at any time mortgage or pledge any of its
assets.
Such notes or bonds may be issued at not less than par in payment
of any advances authorized by this title, or may be offered for sale pubiicly
or
to any individual firm, corporation, or association, at such price or
prices at not less than par as the board of directors, with the approval of
the Secretary of the Treasury, may determine."
The power of the corporation to issue notes or bonds may be exercised
at any time prior to January 1 1925, but no notes or bonds shall mature
"Sec.
later
Section 21 of Title I of
4.
than
the War Finance Corporation
by striking out paragraphs
July 1
1925.
Title I of the War Finance
amended and reenacted to read as follows:
Paragraph 1 of Section 13 of
Sec. 6.
poration Act is hereby
the
"That
Federal
banks
Reserve
shall be authorized,
Cor¬
subject to the
regulations of the
of member banks
secured by such notes or bonds of the Corporation and to rediscount notes
other negotiable instruments secured by such notes or bonds and in¬
dorsed by a member bank.
Discounts or rediscounts under this section
maturity limitations of the Federal Reserve Act and to
Federal Reserve Board, to discount the direct obligations
or
shall
at
be
an
interest rate
equal to the prevailing
rate for eligible com¬
corresponding maturities."
Sec. 7. That Section 15 of Title I of the War Finance
be amended and reenacted to read as follows:
mercial
paper
of
Corporation Act
employed
the United
States, or in any
the direc¬
tion of the board of directors of the Corporation, with the approval of 'he
Secretary of the Treasury, be invested in bonds or other obligations of the
United States issued or converted after September 24 1917, or upon like
direction and approval, may be used from time to time in the purchase
"Sec. 15.
That
all
moneys
of the
Corporation not otherwise
to check, with the Treasurer of
of the Federal Reserve banks, or may, upon
be kept on deposit, subject
may
redemption of any bonds issued by the
Federal Reserve banks Are hereby
or
Corporation.
authorized to act as depositories
Corporation in the general performance of
the powers conferred by this title.
"Beginning July 1 1922, the directors of the Corporation shall proceed
to liquidate its assets and wind up its affairs, except as specifically pro¬
vided in this title; but the directors of the Corporation, in their dis¬
cretion, may, from time to time prior to such liquidation, sell and dispose
"The
for
of
and
any
as
fiscal
agents of the
securities or other property
acquired by the Corporation.
of the
States,
special deposit, out of the money belonging to the Corporation, or
from time to time received by it in the course of liquidation or otherwise,
amount equal to the aggregate amount of all outstanding bonds or
notes of the Corporation,
including principal and interest to maturity.
Moneys so deposited shall constitute a special fund for the payment of
principal and interest of such bonds or notes, or for the purchase or re¬
demption of such bonds or notes at not more than par and accrued interest,
"After
July
1
1922
as
Corporation may, with the approval
deposit with the Treasurer of the United
the
Secretary of the Treasury,
a
an
and may
be drawn upon or paid
out for no other purpose.
1204
THE
"Whenever
amount
equal to
poration
the
shall
there
have
been
deposited
including principal
fund
special
such
in
the aggregate amount of all bonds
then outstanding,
an
Cor¬
notes of the
or
maturity,
interest to
and
CHRONICLE
orporation
may, with the approval of the Secretary of the Treasury,
into the Treasury of the United States, as miscellaneous receipts, any
moneys belonging to the Corporation, or received from time to time in the
The bonds
are in
coupon form, of $1,000 denomination,
fully registerable and interchangeable.
Principal
and semi-annual
interest, May 1 and Nov. 1, is payable at
and
of
meet
all
liquidation
liabilities
payment is made,
otherwise,
or
and
expenses
value to the amount
par
"All
net
in
of
excess
reasonable
a
during liquidation.
reserve
to
such
Whenever any
amount of capital stock of the Corporation equal in
an
shall be accumulated
paid in shall be canceled and retired.
sa
earnings of
the
as
a
Corporation
required
not
fund until
reserve
its
for
such time
the
as
operations
Corporation
balance
remaining
after
payment
of
all
Corporation's
the
debts, and after the retirement of all its capital stock as herein provided,
be paid into the Treasury of the United States as miscellaneous re¬
shall
ceipts,
thereupon
and
the
Approved, August 24
Chicago, or at the Equitable Trust Co. in New York
City, at the holder's option. We also quote from the cir¬
cular the following salient
facts, summarized from President
Guy Huston's letter and the Federal
These bonds
Bureau
the
Corporation
shall
be
dissolved."
1921.
of
secured
the
Farm Loan Act:
direct obligations of the First Joint Stock Land bank of
are
by
United
Government bonds
deposit with the Registrar of the
States
Treasury
Department,
Farm Loan
of United States
first
or
mortgages upon Improved farms, not exceed¬
ing 50% of appraised value of farm lands and 20% of the appraised perma¬
nent insured improvements
thereon, in the States of Illinois and Iowa,
admittedly the finest agricultural section in the country.
-'V:
All of the mortgages have
Board based upon
respective
PROPOSED ISSUE OF $30,000,000 JOINT STOCK LAND
BANK
at the Continental & Commercial Bank
or
in
Chicago and
liquidates under the terms of this title.
"Any
are
the bank of issue
pay
course
[Vol. 113.
been
approved by the Federal Farm
the appraisals of their
territories.
In
addition
own
Loan
agents operating in their
Government
to
inspection of
properties, the bank has had independent appraisals made by their
the
own
experts.
BONDS.
All bonds of the bank
Announcement
that
the
Joint
Stock
Land
had
Banks
authorized the issue of $30,000,000 10-30 year bonds with
interest at 5JA% was contained in advices from the Wash¬
ington bureau of the ''Journal of Commerce" Sept. 13, from
which we quote the following:
The first offering of these bonds has just been made to
the $30,000,000 bonds will be
bond houses.
The details of the plans for the flotation of the issue
are
not available here.
been made to farmers
2.
already
by the commercial banks; and
To raise $18,000,000 additional to loan to the farmers.
During the closing hours of the last session of Congress a bill was passed
raising the maximum interest rates payable on Farm Loan bonds and Joint
Stock Land Bank bonds from 5 to 5 H %
This action is expected to make
it easier for the banks to dispose of the bonds
through the group of bond
as lower interest rates have not proved to be attractive.
•
carrying double liability, and the accumulated surplus and
reserves.
'
The bank's statement of Aug.
bonds
the
are
only
agricultural outlook is regarded
as
a
rise in the
somewhat
commodity prices.
more
The
promising.
It is understood that the officers of the American
Association of Joint
Stock Land Banks believe the $30,000,000 issue will be
sold without much
difficulty.
of
Chicago and the Cali¬
fornia Joint Stock Land Bank.
sentatives
the
of
Land Banks in
sentatives
American
Chicago
local
of
a
At
Association
month
banks
conference of repre¬
a
and
ago
(Aug. 15) with
was
approximately $20,000,000.
Secretary of the Association,
"Post" of Aug. 16 as saying:
The loans will result in
all the rural districts.
was
to
repre¬
enjoying complete tax exemption,
Liberty 33^s, Federal Land bank bonds
as
funds
under
the
jurisdiction of
and acceptable at par as
OFFERING
OF
The bond
San
tentatively de¬
reported in the Chicago
the
everybody from the farming
mail-order
houses.
And
the
farmer
ma¬
will
find himself lifted out of the straits to
which the drop in crop
prices had
him.
reduced
The bonds, we
confidently expect, will be marketed
bility, including the Federal
farm
at par.
In all proba¬
loans, about $100,000,000 of
credit securities will be issued
during the next few years.
these rural
the
Federal
Government,
security for Postal Savings deposits.
CALIFORNIA
BANK
JOINT
STOCK
LAND
BONDS.
department of the Bank of Italy (head office
an issue of $1,000,000 California
Francisco) is offering
Joint Stock
interest
Land Bank 5^A% bonds at 101 and accrued
yielding about 5%%. The bonds in denomination
$1,000, and in coupon form registrable and interchange¬
are dated Nov. 1 1921 and are due Nov. 1
1951; they
able,
not callable
are
prior to Nov. 1 1931.
semi-annually, May 1 and Nov. 1.
under
the
Federal
Farm
Interest is payable
The bonds
Loan Act
and
are
issued
exempt from
are
all Federal, State, Municipal and local
taxation, excepting
only inheritance taxes.
They are legal investment for Sav¬
ings banks in California.
The bank in its offering says:
W. W. Powell,
general loosening up of the credit situation in
a
This will benefit
chinery manufacturers
Stock
security houses to consider
the floating of new land bank bonds it
cided to float
Joint
of
$120,145 73.
outstanding Governments and Territorials,
Philippines and Porto Ricos.
By Act of Congress
these bonds are. legal investments for all
fiduciary and trust
of
Elsewhere to-day we refer to the
offerings of bonds
the First Joint Stock Land Bank of
reserves of
.
paid-in capital stock of
a
and certain old
Reports which have recently been made to the Department of Agriculture
said to indicate that there will be
;■
1921 shows
ones
with the exception of
houses,
are
31
It is pointed out by the firm that Joint Stock Land bank
such
It is reported that the bonds will be put out for two
purposes:
1. To provide $12,000,000 with which to liquidate loans that have
are protected not
only by an equity represented by
100% of additional land value, but also by the paid-in capital stock
of the bank
$1,200,000 and surplus and
private investors
Within the next ten days, it is reported here, a large block of
placed on the market through a group of
Jn Chicago.
at least
By
an
Act of Congress these bonds
are
Government of the United States and
Treasury Department.
They
United States Government bonds,
or
declared instrumentalities of the
are
are secured
or
prepared and engraved by the
by either first farm mortgages,
certificates of indebtedness.
These bonds and the collateral pledged as
security have been approved
by the Federal Farm Loan Board of the United States Government.
The banks operate under Federal charter and Government
supervision,
and may be
designated by the Secretary of the Treasury
as
financial agents
of the Government and depositaires of public funds.
A
legal investment for all fiduciary and trust funds under the jurisdiction
of the Federal
and all other
Government and acceptable as security for postal
savings
deposits of Governmental funds.
Security Approved, by United States Government.
OFFERING OF FIRST JOINT STOCK LAND
BANK OF
CHICAGO FARM LOAN BONDS.
First mortgages on farm lands, or United States Government
bonds, or
certificates of indebtedness, are deposited with a
registrar approved by the
Farm Loan Board at
Kissel,
Kinnecutt
announced
&
Co., of New York
and
offering yesterday (Sept. 16) of
000,000 issue of First Joint Stock Land Bank
an
5lA% Farm loan bonds
which
are
offered at 101 and
5lA% thereafter;
oA% per annum
date
(Illinois and Iowa).
issued under the
of
new
$2,-
Chicago
The bonds
Federal
Farm Loan
Act,
interest, to yield about 5%% to 1931
are
and
the
principal
accrue
on
1
sum
of the bonds from the
1921, from which
the
bonds.
Interim
later
date
certificates
ready for immediate delivery.
The description of the
bonds,
by the bank, is printed as follows in
the
These bonds
as
indicated above
Government bonds,
or,
are
secured
by first mortgages
States of Illinois and Iowa.
by deposit of United State
on approved
farm lands in the
By recent Act of Congress the
coupon rate has been raised
temporaily
from 5% to 5M %, redeemable
from 5 years to 10
years, and the maturity
These bonds will be dated
Nov. 1 1921,
maturing
Nov. 1 1951, but redeemable at
par and accrued interest
upon any interest
date on and after Nov. 1 1931.
These bonds
are—"deemed and held to be
instrumentalities of the Government of the
United States, and as
such, they
and the income derived
therefrom, shall be exempt from
from 20 to 30 years.
Federal
Municipal and local taxation."
*
The
*
The
termined by an appraiser of the Federal Farm Loan Board.
are
issued the original application and
loans
Before bonds
which such
based, must be submitted and approved by the Federal Farm Loan
are
in
Washington.
The
Government supervision and
Treasury
appraisers' report,
as
a
financial
bank
may
agent
operates
under
on
Federal
charter
and
be designated by the Secretary of the
of the
Government
and
a
depositary of
public funds. '
<
Legal for Trust Funds and Security for Deposits.
The bonds of the Joint Stock land bauks
are
legal investments for all
fiduciary and trust funds under the jurisdiction of the Federal Government,
and acceptable as security for Postal Savings and all other
deposits of
G overnmental
funds.
Exemption from Taxation.
The Act provides that:
"Farm Loan bonds issued under the provision of
this Act shall be deemed and held to be. instrumentalities of the Govern¬
ment of the United States, and as such
from shall be
they and the income derived there¬
exempt from Federal, State, municipal and local taxation."
It will be noted that this exemption clause covers completely all forms of
taxation
exclusive
of inheritance
taxes
and
includes
both
principal and
interest.
Supreme Court Decision.
Under decision of the Supreme Court of the United States handed down
Feb. 28 1921, the constitutionality of this Act and the
tax-exemption fea¬
tures of these bonds were
fully sustained.
\
State
*
PROPOSED FARM
bank has
paid since Jan. 1919, regular
quarterly dividends unin¬
terruptedly, and its 5% bonds have sold as
high as 103, a substantial
portion
of the original
5% bonds having been marketed at 102 and
interest
Since
organization the bank has loaned $18,690,875 on
lands that were
valued at
$44,234,659, or 42H % of the appraised value.
On basis of
actual sale of
lands on which this bank has loaned the
average sale per acre was
$224 07
whereas the average amount loaned
per acre was $86.22 or less
than 38°7
the law permitting loans at
50%.
collateral security for the bonds.
mortgages are limited by law to one-half of the value of the land and
20%
insured improvements, such value to be de¬
etc., submitted
firm's circular:
as
of the value of permanent,
Board
discount will be allowed at the
rate of
a
on
of payment to Nov.
interest will
a
Chicago,
Washington
Secretary
of
the
LOAN BOND
Treasury
Mellon
ISSUE.
stated
yesterday
16) that "in accordance with the general plan of
financing the Federal land banks as annonuced in connection
(Sept.
their last issue and in harmony with
suggestions re¬
cently made, the Federal land banks will, about Oct. 1,
make another general offering of Federal farm loan bonds."
with
SEPT.
17
5% interest. Selling
will be announced later.
In referring to the plans respecting the forthcoming issue,
the "Journal of Commerce" printed a Washington dispatch
'These
bonds," he added, "will bear
price and amount of the issue
;1
16, saying:
under date of Sept
the date upon
and the rate of interest
which will be offered on the securities.
There was a conference here to-day,
attended by officials with representatives of the syndicate, which has
previously handled the offerings of the Federal Board, at which time the
question of the new isuse was discussed.
The bond houses rperesented were
the National City Company, the Guaranty Company, Brown Bros., Lee,
Higginson & Co., Harris, Forbes & Co. and Alexander Brown & Sons of
Baltimore.
will be brought out
>
in their present
,
.
,
continued to-day, and it is
The conference will be
ment will be issued
>
,
regarding the outlook of
-
in
great attention now being paid to the question of tax
ties.
He called attention to the ranging of numerous
the amount of the new
determined for several days, as this will depend upon the
of the market.
The bonds wiU bear interest at the rate of 5}4 %.
been to the effect that the Federal Farm
issue some time between Oct. 15
early in 1922.
Owing to the develop¬
meeting to-day it is possible that there may be some change
"While the size of the issue has not been decided upon it is
Reports in financial circles have
Loan Board
expected to bring out its new
Another is scheduled for
and Nov. 1.
ments at the
in the dates.
reported that it wUl range from $30,000,000 to $50,000,000.
Inasmuch as the bonds are tax exempt it is thought here that
absorbed* since the maximum rate
be
they will
of interest has been raised
from
S.; the Illinois
Association; the Rochester Chamber of Com¬
merce ;
the National Association of Real Estate Board and many others.
He also called attention to resolutions for the amendment of the Federal
Constitution on this subject, introduced by Senator Reed Smooth and
Representative L. T. McFadden.
His own association he shows to have
flourished, despite the Farm Land Banks, its membership having increased
FROM
FARMERS
TO
LAND
BANKS AND
FEDERAL
FARM
JOINT STOCK BANKS
TO BE DELUSIVE.
CLAIMED
Implement Vehicle Dealers'
169 to
from
269 in four years.
That many
expected from Federal Farm
of the benefits
Banks and Joint
Stock Land Banks have been
delusive, and that the farmer
has gained nothing
from an
inexorable economic laws, was the state¬
Des Moines, Iowa, on Sept. 13 in the annual
attempt to override
ment made at
Secretary of the Farm Mortgage
Bankers' Association, at the eighth annual convention of
the Association.
"After four and a half years the Federal
Land Banks have made loans to about 130,000 farm own¬
report of E. D. Chassell,
3% of the 6,448,366 farm owners in the United
"There are 3,063 counties in the
Estimating 16 townships to the county the farm
less than
ers,
OUTSIDE
OF
TIONS
S.
U.
less than three to a
he said:
"When the Federal
was
township."
'
Continuing
at 5% in 1917 it
established would govern
Land Banks began loaning money
predicted by their friends that
the rate thus
demand for money.
subsequently been twice raised and it is now at the
legal limit of 6% with a possibility that Congress may be compelled to
grant a still higher rate.
Instead of controlling and reducing the prevailing
rate of interest where their loans are made, careful investigation shows that
the average interest rate in all State has increased on farm loans in the
in
all
The
States and no allowance
was
made for supply or
prevailing rate has
five
last
a
Federal
Farm
Loan
Banks are now loaning money
margin of % of 1%, instead of 1%."
Mr. Chassell then pointed out that the
*
borrower of $1,000 from a
Fed¬
6% interest on the
full $1,000.
The remaining $50 he receives in the form of land bank stock,
and if this earns no dividends, as he predicted because of decreased margin
for epexnses and dividends, then the farmer's loan, instead of bearing a
6% interest rate, bears an interest rate of 6.315%.
He also stated that
the overhead expenses of the land banks are too great, showing by Govern¬
ment figures for June, , 1921, that the yearly expense is approximately
$1,817,727.72, paid from interest paid by farmers, in addition to which
is an appropriation of $303,000 by Congress.
This latter amount he com¬
pared with the administrative expenses of less than $40,000 per year for
Land
eral
the
loan
as
Mortgage
Bankers' Association, and
aggregate loans on July 31
billions
gage
over
in cash, but pays
showed that administrative
of the Farm Land Banks are about 35 times as great per unit of
those of his own organization, since the Farm Land Banks had
Farm
expenses
Bank only receives $950
of live loans now
1921 of $364,738,851 63, as
carried by the 269
against nearly two
members of the Farm Mort¬
Bankers' Association, or less than one-fifth
seven times the amount of expense.
the amount of loans,
with
\
Banks, Mr. Chassell showed that several
have difficulty in meeting their outstanding note obligation, totalling $13,781,822 14, claiming their own bonds as assets for the amount of $14,761,500 to pay these notes.
These bonds, however, Mr. Chassell stated, are
carried at par, and could not be sold for over 93 on the market, thus writ¬
ing off about a million dollars of such assets.
Mr. Chassell pointed out
what he asserted were fatal defects in the organization of the joint stock
banks, in that they are restricted from lending throughout the country
Concerning
Joint Stock Land
adjoining State. This,
said, militates against profitable business, as local conditions are likely
to injure certain districts at different times.
He also protested against a
uniform rate of interest for the entire country, stating that in pioneer
localities, where credit facilities are most acutely needed, the banks can¬
not be operated profitably because the interest rates are insufficient to
defray expenses and losses.
He pointed out that the Dallas, Texas, bank
showed a loss on July 31 1921 of $49,836 69, with only a little more than
$2,000,000 of loans, while the Montana Joint Stock Land Bank, with only
about $1,000,000 of loans, showed a loss of $35,214 83.
He asserted that the failure to observe economic laws will continue to
militate against the success of these banks, until they are placed upon a
sound economic basis, and said:
"To attempt to bring about permanently
prosperous times for agriculture by raiding the national treasury for in¬
and confined to their own
State of location and one
he
dividual subsidies to an
average
of three fanners in a
township every four
TO
PREVENT OPERA¬
CURB
MARKET.
injunction suit to force the discontinuance of the
outside Curb Market in Broad Street—conducted by the
Stock and Bond Market, Inc.—was
New York Curb
in the State Supreme
filed
Court on Sept. 8 by property owners
neighborhood in which the market operates, on
in the
the
ground that it is a nuisance, interfering with the rights of
the realty owners and the public.
At the time indoor trading
the New York Curb Market (formerly
begun last June by
Curb Market Association) those
who elected
outside curb—so-called "outlaws"
—formed the New York Curb Stock and Bond Market, Inc.,
to
continue trading on the
issue of July 2, page 26), a resolution
identified therewith to contest
any injunction which might be obtained to prevent them
from conducting operations oil the outside market.
Regard¬
ing the proceedings which have just instituted, the New
and (as
stated in
our
adopted by interests
9 said:
York "Times" of Sept.
Tho suit names
formed by curb
as
Bond Market, Inc.,
the other curb brokers when they
defendant the Curb Stock and
brokers who did not follow
indoor market in Trinity Place.
The complaint asks that the members of tho outdoor corporation be re¬
strained from conducting the business of buying and selling securities from
the street and sidewalks in the vicinity, from publishing quotations of
transactions there, and from congregating in the street or sidewalks for the
transferred their activities to an
purpose
of doing any business whatsoever.
The
I
Complainants.
and tho value of their property as
Broad Exchange Co., $5,000,000: Western Union
Telegraph Co., $1,000,000; Johnston Building Estate Corporation, $2,500,000; White's Oil Realty Corporation, $1,050,000; Wall Street Journal Build¬
ing Co., $975,000; No. 51 Broad Street, Inc., $1,100,000, and the Seaboard
complaining property owners
The
given in the complaint are:
$2,443,000.
National Bank,
The
now
filed by Parker & Aaron, as attorneys, allege
Inc., was formed last December and
It is alleged that the members have been
injunction application,
that the Curb Stock
has about
& Bond Market,
300 members.
using the street and
sidewalks and have been consummating trades
word of mouth" from windows In 35 and 39
"sign language and by
Street since
by the
Broad
June 27 1921.
appropriated half the
understanding
with the
from the road¬
way by a line of heavy posts, and that only members of the association are
allowed within that boundary.
The complaint says that the hours in which
the curb market is in session are the same as the trading hours on the New
York Stock Exchange and fit in with tho hours when the financial institu¬
tions In the neighborhood are busiest.
Hence, it is argued, travel on the
The
years.
at 6%, ob¬
tained from the sale of 5% bonds, allowing 1% as a margin for expenses
and dividends.
Their legal loan rate is 6%.
If any 5%% bonds, such as
recently authorized to compete with other securities, are issued by the
Federal Land Banks, expenses and dividends must in future be paid out of
"The
.
.
An
States," said Mr. Chassell.
loans average
.
PROCEEDINGS
INJUNCTION
was
Loan Land
the Chamber of Commerce of the U.
New York;
of
ence
the New York
LOAN
organizations in the
campaign against such securities, these including the Investment Bankers'
of America; the National Tax Association; the Tax Confer¬
was
5 to 534%.
BENEFITS
the
exemption of securi¬
expected that a state¬
confidently predicted.
it is
activities of his association, and referred to
Chassell detailed the
issue may not be
condition
tire national debt by dropping nickels
slot."
a
Mr.
.
further loans to assist farmers
It is understood that
predicament.
,
would be like trying to pay
years
Association
,
Board to-morrow will announce
The Federal Farm Loan
which the next issue of bonds
1205
CHRONICLE
THE
1921.]
property owners say
the curb brokers have
about 60 feet wide, "and by collusion and
Police Department" have had the market separated
roadway in a space
sidewalks and in the street
is heaviest during those
Say Rental Values Are
petition alleges that the
The
their
hours.
Lessened.
defendant is "depriving the
plaintiffs and
public of the fair, free and reasonable use of the
thoroughfare, thus lessening the rental value of the adjacent
neighbors and the
street
as
a
buildings."
of and
the acts of the defendants are "committed
warrant and in defiance of and to the great prejudice
the plaintiffs and their neighbors and the
It is alleged that
unlawfully and without
injury to the rights of
public."
The plaintiffs say that the congestion around the curb
annoying for persons who have business there,
is made th9 more
of the crowds of sightseers
market
because
during the trading hours.
A. Cook, President of
occupies a small office
at 32 Broadway, and that he replied that the membership of the defendant
is growing, and the "the Mayor and Police Commissioner will protect the
defendant in conducting its business in the block referred to, and it has a
The
plaintiffs say that they protested to Thomas
organization, who, with other officers,
the defendant
right to do so."
that the value of the surround¬
outdoor market, and a score of photographs
assemblod In the street were attached to the complaint .
Affidavits by real estate
experts asserting
ing property is lessened by the
showing the crowds
EXTENT
OF
POSTAL
SAVINGS DEPOSITS.
Postal Savings on
approximately $152,400,000, a decrease for
tho month of about $100,000.
This, according to the Divi¬
sion of Postal Savings, is the smallest decrease shown in
deposits for several months.
It adds:
Aside from the fact that this is the smallest decrease shown in deposits
for several months, it Is very gratifying to observe that there has been a
general improvement in deposits throughout the country.
The offices
enjoying increases are distributed throughout the United States and the
deposits at the industrial centres showed an improvement.
During the month of August the following offices reported gains in
The total
deposits in the United States
Aug. 31 were
deposits of over $12,000:
Boston, Mass
Seattle, Wash
Atlantic City, N.J
.$834,291
92,151
j 57,333
______
New York,
N. Y
Tacoina, Wash
Bremerton, Wash
--______
$36,686
25,155
12,775
1206
THE
The attached statement contains
depository post offices with
$500,000:
list of
a
amounts
Postal
CHRONICLE
Sayings
deposit in
on
vehicle
Y_-_..___$47,472.053
Brooklyn, N. Y_
Chicago, 111
Boston, Mass___.._.»____
Pittsburgh, Pa...______
Seattle, WaRh______.__;
Detroit. Mich
_
_
Kansas City, Mo__
Milwaukee, Wis
St,
Louts. Mo._
___
cities.
The
postal
and all other branches
for
that purpose will
methods are used.
be selected
management
of the
service,
cities
from
932,722
911,140
STATE
829,990
INSTITUTIONS
810,454
712,072
MEMBER8
FROM
OF
FEDERAL
EARLIER
ADMITTED
567,615
A
saving of $1,000
5y$% is
The Minerva
531,574
500,250
First-Tyler
OF
day in interest charge
a
being effected
to
the
business
the basis
on
Capital.
Banking Co.,Minerva,O
by
of
House
The bank
reports that
$6,000,000 daily is collected
postal
3,000
134,759
520,256
through
the
an
aver¬
TO
Federal
EXERCISE
Reserve
National Bank
has
stations
in
the
RAY
financial
district
This
without
method
GIDNEY
Ray M.
Branch
of
Butler,
Butler,
ferred in
the
S.
U.
Treasurer's
account.
Checks
from the Treasurer have
been collected
on
the
ceipt, and immediate credit given therefor.
At
would
con¬
be equal
amount
to $100
collected
periods of each
year
when
be
even
the
Federal
of
The
more
transactions
are
terests in
the
on
"20th
Cen¬
daily saving to business in¬
a
new
were announced
Walter W..
falo
as
branch.
H.
was
W.
as
duties
MOTOR
TO
REORGANIZE
in his office
Assistant
as
TREASURY
announced
this
week
the
ap¬
pointment of Ralph 11.
Matthiessen, President of the Motor
Haulage Company of New York
City, as a special assistant
Postmaster-General
portation, and issued
to
reorganize
the
motor
trans¬
the
following statement outlining his
plans with reference to this branch of the
service:
Matthiessen
selected
was
because
transport business, and because of the
City for efficiency and economy in this
of
successful
business
men
his
of
work.
that
Mr.
Bureau of
one
in
this
small
vehicle
rural
Post-Office
been
The
operated,
made
from
the
growth
of
motor
York
to
the
introducing to
all
Government, will organize
Sept. 15.
was
maintaining
There
are
over
used
only
cities.
to
and
Rural
mail
3,600. motor
transportation
carriers
motor
own
and
these
trucks
within
cities,
through
the
large
of
mail
contractors
from
on
star
vehicles.
began operating its
the establishment of the
Parcel Post.
of
for
service
Department
War
number
own
on
a
Its great
expansion
of motor trucks re¬
Department.
this
motor
Cashier, and Clifford L. Blakeslee will continue
Cashier, to which he
service
as
occurred under abnormal
super¬
Postmaster-General
Hays believes that the motor truck
service of the
Post Office Department should
be a big mail
transportation aid, just as is
the
Railway Mail Service, and as
efficiently managed.
Mr. Matthiessen will
organize a force of expert field men
taken from
cities where the service is
best managed and endeavor
to build
up the weak
points.
There will be expert mechanics
and garage men
picked to or¬
ganize
the
repair work,
motor vehicle
because
service.
street
and
the
operation
There will
congestion
was
recently appointed.
CERTIFICATES AND
TREASURY
NOTES
The offering of the Treasury notes and certificates
referred to
were
by
us
closed at
last week, page 1109.
Sept.
noon
September 15 1921, and
offering
were
15.
The subscrip¬
Treasury notes
The
dated and bear interest
are
due Sept.
are
given in
our
15 1924.
item of
De¬
week
a
Two series of Treasury certificates
were comprised in
last week, namely, Series TM3-1922,
5%,
due March 15 1922, and Series
TS-1922, 534%, due Sept. 15
1922.
The
Both
are
following
dated and bear interest from
Sept. 15 1921.
the text of the certificate offering.
was
The
Secretary of the Treasury, under the authority of the Act
approved
1917, as amended, offers for subscription, at
par and accrued
interest, through the Federal Reserve banks,
Treasury certificates of
indebtedness, in two series, both dated and bearing interest
from Sept. 15
1921, the certificates of Series TM3-1922
being payable on March 15 1922
Sept.
24
with interest at the rate of
5%
cates of Series TS-1922
per annum
being payable
5H%
per
annum,
on
semi-annually, and the
Applications will be received
the Federal
at
and
$100,000.
The
at
Reserve banks.
Bearer certificates will be issued in
denominations of $500,
$10,000,
certifi¬
Sept. 15 1922, with interest
payable semi-annually.
certificates
of
$1,000, $5,000,
Series
TM3-1922 will have
interest coupon attached,
payable March 15 1922, and the certificates
of Series TS-1922 two interest
coupons attached,
one
payable March 15
and
Sept.
15
1922
1922.
The certificates of said series shall be
exempt, both as to
principal and
is
be
a
now or hereafter
imposed by the United States,
State, or any of the possessions of the United States, or
by any local
taxing authority, except (a) estate or inheritance taxes, and
(b) graduated
additional income taxes, commonly known as
surtaxes, and excess profits
and war profits taxes, now or hereafter
imposed by the United States,
any
the income
tions.
said
or
profits of individuals, partnerships, associations,
The interest
Act
on
an
approved Sept, 24
men
of
garages
now
a
part
of
the
picked for their traffic
experi¬
factor in the
operation of any motor
partnership,
association,
or corpora¬
amount of bonds and certificates
authorized
1917
and amendments thereto,
of which does not exceed in the
aggregate $5,000, owned
vision.
ence
his former office
Cashier of the branch
upon
machines
conditions,
produced by the war, and the
tremendous growth of
parcel post.
Each large
city built it up as a separate unit with a
minimum of uni¬
formity.
Some few cities have splendid
organizations and efficient
service;
many have been inferior and
wasteful, due to lack of more uniform
such
to
interest, from all taxation
extends
delivery of mail
possible
Manager of the Buf¬
as
the offering of
a
year.
service
and
sendee.
territory operate their
scale with
ceived
are
class
tires each
collection
in
The
has
vehicles
point to another within
routes
is
the
New
adds
operating expenses annually amount to about
$15,000,000.
nearly 5,000 supervisory officials, clerks,
chauffeurs, mechanics,
motor
as
in
which Govern¬
motor
25,000
The
the
to
Mr.
Other
Secretary of the Treasury Mellon announced on Sept. 15
preliminary reports indicated subscriptions aggregating
more than
$1,400,000,000 to the Treasury's combined offer
of $600,000,000 in short-term notes
and certificates dated
the rate of
Its
employed
such
in
made
Motor Vehicle
Transportation in the Department of the Fourth
Postmaster-General.
There are now 271 cities in
ment-owned
about
has
His acquisition
Hays
branches of the Postal Service.
Matthiessen, during his service
experience
he
success
since
OVERSUBSCRIBED.
ago.
Hays
Sept. 15 1921.
Snow, Jr., has been advanced
tails of this note
TRANSPORTATION SERVICE.
Postmaster-General
York
follows by the Federal Reserve
(Series B-1924) at 5H% interest,
IIAYS
New
promoted to the managership from
from the office of Assistant
from
POSTMASTER-GENERAL
of
Schneckenburger succeeds Mr. Gidney
He
Cashier.
tions
district of about $75 to $150.
our
Bank
that
daily to western ports
tury," which would indicate
OF
5V2% this
Federal
$1,000,000
Reserve
his
up
greater during those
the volume
CONTROLLER-AT-LARGE
Bank of New York this week:
day saving in interest charge.
per
would
MADE
re¬
Reserve Bank also reports that the
hour
gained in dispatching mail permits it to
forward $500,000 to
are
Jersey.
Federal Reserve Bank at its main office in
New York.
received
day of
larger than the period under review.
etc.,
New
Gidney, who has been Manager of the Buffalo
of
changes
There
to
May 15 1019, has been appointed
Controller-at-large of the
mediately preceding the inauguration of the direct
pouch
method, the sum of approximately $800,000 a
day was de¬
[
permission
to exercise trust powers:
NEW YORK FEDERAL RESERVE
BANK.
going
saves
M.
10 a.m., the time when
transactions for that day close.
The
Federal Reserve Bank
reports that during two weeks im¬
vehicles.
POWERS.
granted
The First National Bank of
Montpelier, Montpelier, Indiana.
The First National Bank
of Blooming Prairie. Minnesota.
Clearing
Gidney will take
Assistant
BY FEDERAL RESERVE
TRUST
Board
following institutions
The First
siderable handling, and often avoids
twenty-four hours' de¬
by getting the mail into the
Clearing House before
Mr.
2,721,283
30,000
lay
corps
100,000
50,000
the
in transit, and sent direct to the
through the general post office.
Mr.
$395,253
200,000
30,000
in direct sacks, either at the place
arranged
the
Resources.
$3,084
on
this class of mail made
up
of origin, or so
of
Total
:
[
■
Surplus.
Victor Savings Bank,
Victor, Iowa._
The
the day of
receipt, which, under the old condi¬
tions, would have been received too late for
clearing.
On July 1 the Post Office
Department arranged to have
The
the Federal
Bank & Trust Co., Sisters-
BOARD
Postmaster-General Hays from the Federal Re¬
Bank of New York.
serve
age
to
Citizens Bank of Claxton,
Claxton, Ga
District No. 7—
York
ceived
keeping
$50,000
INSTITUTIONS AUTHORIZED
community
of
through the earlier delivery of registered bank
mail arriving in New York
City, according to a report re¬
New
cost
FEDERAL
:
District No. 4—
536,897
REGISTERED BANK MAIL.
of
know
TO
The following institutions were admitted
Reserve system in the week
ending Sept. 9:
683.501
676,583
614,210
583,853
RESERVE
DELIVERY
to
Statisticians
best
District No. 6——
TO
BANK
determined
costing.
the
RESERVE SYSTEM.
ville. W. Va
BENEFIT#
is
are
where
SI,024,379
_.
Philadelphia, Pa
Tacoma, Wash
Newark, N. J
Portland. Oregon
San Francisco. Calif.___
14,985,099 Cleveland, Ohio._______
6.858,725 Los Angeles, Calif.
6,091,377 Jersey City, N. J
3,318,632 Cincinnati, Ohio
2,961,620 St. Paul, Minn___
2,737,945 Uniontown, Pa___
2,660,495 Columbus, Ohio...
1,901,391 McKeesport, Pa_
1,683.879 Buffalo, N. Y__._
1,579,645 Providence, It. I.
1,496,447 Passaic, N. J—_
1,162,785 Iron wood, Mich__
1.079.116 Butte, Mont
—
[Vol. 113.
large
what this,
excess
of
New York, N.
in
•
or
corporation,
shaU
by
be exempt
by
the principal
any
individual,
from the taxes
provided for in clause (b) above.
The certificates of these series will be accepted at
par, with
of accrued interest,
as
shall
an adjustment
during such time and under such rules and regulations
or approved by the Secretary of the
Treasury, in
be prescribed
payment of income and profits taxes payable at the maturity of the certifi¬
cates.
The certificates of these series do not bear the circulation
privilege.
The right is reserved to reject any
amount of certificates of either or
subscriptions
ment at par
or
as to
either
or
subscription and to allot less than the
both series applied for and to close
the
both series at any time without notice.
and accrued interest for certificates allotted
before Sept. 15
1921,
or on later allotment.
Pay¬
must be made on
After allotment and
upon
upon payment Federal Reserve banks may issue interim
receipts pending
delivery of the definitive certificates.
Any qualified depositary will be
permitted to make payment by credit for certificates allotted to it for
itsel
and its customers up to any amount for which it shall be
qualified in excess
Sept.
of
17
existing deposits when
notified by the Federal Reserve bank of its
so
1—Repeal of profits tax as of Jan.
Treasury Certificates of Indebtedness of
3—Increase of corporation income tax to
5—Tax
facturers'
on
proprietary medicines, perfumery and cosmetics on the manu¬
or
importers' selling price as of Jan. 1 1922.
estimated revenues under the House bill and as
accordance with the suggestions of the Secretary of the Treasury
The tables showing the
amended in
1922 and the calendar year 1922 are as
for the fiscal year
ESTIMATED
COMMITTEE
SENATE
BILL—RECOMMENDATIONS OF
REVISION
redrafting the Administration's
of
completed the
Gains
investiga¬
the Com¬
the 15th inst. that the bill would be ready
mittee, stated
on
for submission to the Senate
The bill
Wednesday, Sept. 21.
as
and
and 9th inst.
8th
the
on
mendations
As
a
as
"Times," from which
could be obtained by reducing the
taxes
weli
as
latter taxes,
in
on
the Secretary insisted, should be
along the lines
In his original statement
In
one
He
uary.
on
checks.
taxes
amount
peace
should
times,
reach
not
$450,000,000 this year,
a
industries
were
tax.-:
\\
making
no
a
effort to
Jan¬
collected for
On the 9th inst.
a
■
was
given out
The statement also included two tables which
inst.
give the esti¬
and under
was expected to be amended by the Finance
It was reported on the 9th that the bill would
revenue
the bill
as
it
Committee.
under the bill that passed the House
instead
of $2,785,790,000, the total that, it is estimated, would be
the result if the suggestions of Secretary Mellon were followed
be framed to
to the letter.
yield
a
total
revenue
of $3,200,000,000,
The New York "Times" which is
for this also said in its
authority
Washington advices of the 9th inst.:
1 1921, as
was
the
date
same
the committee inserted a
and adopted an amendment
the 13th inst. was
The further action of the Committee on
as
follows
in the Washington press
Provisions in the House bill stricken out
from
the income
tax
the salaries of the
courts, the first $500 of income from
and contributions made by
ciations
The committee also
dispatches:
to-day included those exempting
President and Judges of
Federal
investments in building and loan asso¬
corporations for charitable purposes
provision allowing travelling
incurred while on the road.
bill would require individuals having
disagreed to the House
salesmen to deduct from their income all expenses
A
new
gross
section added to the House
income of $5,000 annually to make a return,
the total amount of net income was
taxable.
Treasury expected through this provision to
persons
not
Another
mated
On
effective next year,
reported
indicating the six changes in
the
by the Senate Committee.
of
recommended by
approved by the Committee on the
provision repealing excess profits taxes as
next, instead of Jan.
capital stock
in¬
creasing the corporation income tax from 10 to 15% instead
of 123^% (as proposed by the House) effective Jan. 1 1922.
tax,
their activities because of the
existing law advocated by Secretary Mellon and
Administration
consideration a
provision in the House measure repealing the
end worked
Mellon appeared to meet with the
statement
1
13th
a
the
year,
Secretary Mellon
and even if this
to impose in
v.'
maximum income
25% the Committee took under
income surtax brackets by
as to lighten the taxes on those having incomes of less than $68,000
as well as those whose incomes exceed that amount.
The House
It was pointed out that many
renew
dependent—the Washington press advices
voting to reject Secretary Mellon's proposal that the
Jan.
should
approval of a
majority of the Republican members of the committee, although Senator
Smoot expects to offer his suggestions for a tax on manufacturers and a sales
tax.
He will have very little support in the committee, it is said.
The views of Secretary
In
wrong tax
it throttled industrial initiative and in the
as
against the interests of the unemployed.
account of each
1 %, so
repeal of the excess profits tax, as
be realized, he declared, it was
increasing by
heads of families having net
less and by $200 the exemption allowed
Treasury plan to reduce the rate in each of the
had come to the conclusion that the returns from excess
would
Committee oil
fixing the maximum income surtax rate at 32%, as com¬
surtax rate be reduced to
surtaxes
of
January last, was the most important step the Government could take to
place the country upon the high road to prosperity and industrial activity.
He said the experts
,
reporting the approval by the Senate
said:
1921 and the reduction to 25% be made operative next January.
profits
it was his plan
offer it as a substitute
Committee.
Should the Committee
to be that it will, the Utah Senator
amended by the
as
incomes of $5,000 or
recommenda¬
of his original recommendations made to the
before the White House conference at which
Mr. Mellon strongly insisted that the
stated.
$500 the exemption allowed to
be any necessity for additional sources of tax¬
that these high surtaxes should be
believes
now
defining foreign
treatment for
pared with the present 65%, and the other
effective January last, and reduced to 25% next
be reduced to 32%,
.
Monday, the i2th inst., of two of the House provisions, viz.
automobiles, an
Mr. Mellon recommended that surtaxes
10th inst.
the press
embodying the sales tax plan and
plans to offer it in the Senate
recommendations were enacted there
expenditures were agreed upon.
reductions in Government
■
Republican, of Utah, announced to-day
for the House bill
departments followed an economical program.
Ways and Means Committee
was
reject it, and the general belief seems
suggestion that the capital stock tax be repealed, the
tions followed
Washington said:
Senator Smoot,
$400, should be retained in the Senate measure.
and the
undertaken by the
by section, on the
foreign trade corporations, providing the same
clarification, it
retained, but collected from
modifying his recommendations as to reduction on
section
principal sections agreed upon to-day were those
to withhold his bill
provisions as to increasing
the exemption for married persons from $2,000 to $2,500 on incomes not in
excess of $5,000, and the increased allowance for dependents from $200 to
Aside from
Committee,
corporations and fixing the basis
for determining gain or loss in accord with decisions of the Supreme Court.
Some minor changes in the HousG language were made for the purpose of
,13,176,000,000.
ation if the Government
utilized as a
debt which matures
personal service corporations as for other
Secretary Mellon recommended that House
He said there did not appear to
appropriation of $500,000,000 to bo
1923 and totals $3,800,000,000.
traders and
he said,
2 to 3 cents, and a stamp tax on
taxes would be necessary.
new
no
"leeway" fund in readjusting the Victory Loan
accounts from
also
greater revenue yield than provided in the
increase in the first class postage from
testimony before the Committee, Secretary
Regarding the Committee's action on that day,
income of corpora¬
Mr. Mellon abandoned his recommendation of a tax on
$750,000,000
667,500,000
981,290,000 1,068,290,000
300,000,000
300,000,000
235,000,000
The actual revision of the House bill was
House bill and, in his
opinion, sufficient to meet the needs of the Government if rigid economies
were followed.
He estimated that the yield under his proposed plan would
be
235,000,000
taxes
Senate
transportation taxes by half during 1922
Secretary Mellon said that if these
a
450,000,000
He also asked for an
the manufacturer rather than the consumer.
would be
400,000,000
419,000,000
sort of
The House bill repeals all the transportation
cosmetics and proprietary medicines.
These
in 1923.
the tax
as
$750,000,000
610,500,000
669,000,000
opinion that
radical repeals and re¬
Additional revenues to make up the losses,
House bill.
the
$800,000,000
450,000,000
tax-.—
Mellon
if necessary, substituted for
already under consideration or mentioned.
These would include
taxes on documents, a stamp tax, increase of letter postage to three cents
and an automobile tax.
The Secretary, however, expressed it as his
instead of to 123^ %, as provided
tions should be increased from 10 to 15%
and repealing them
$800,000,000
Profits
The
substitute for the loss in revenues by such
As
Proposed.
House.
Proposed
Corporation....
In the course of his
follows:
ductions, Mr. Mellon suggested that the tax on the net
in
we
i As Passed by
As
by
House.
taxes
1922,
payable July 1 1922—both said to represent President
Harding's final opinion on taxation adjustment—and a
reduction of the high income surtaxes to 25%, beginning
next January, were the chief recommendations made by
Secretary Mellon, according to advices from Washington on
quote
As Passed
-,
suggested various new taxes that might be,
regarding amendments to the House bill.
On
repeal of the excess profits taxes, effective
the 8th inst. to the New York
95,500,000
Total.—$3,314,455,000$3,298,455,000$2,881.290,000$2,785,790,000
Secretary of the Treasury
January last, and the tax on capital stock for
of
16,000,000
-
-
Mellon follows:
Back
the 8th inst., the
as
6,000,000
414,500,000
—
Miscellaneous.-1,160,455,000 1,233,955,000
appeared before the Committee to submit his recom¬
Mellon
10,000,000
3,000,000
234,000.000
.-.A,
-
The other table sub mi b ted by Secretary
Personal
on
267,500,000
131,000,000
5,000,000
...
— —
Fiscal Year 1922.
with the reconvening of Congress
passed by the House
August 20 (details of which were given in our issue of
Aug. 27, page 904) has been materially changed by the
Senate Committee during the past ten days.
The reading
of the bill by the Committee was completed on the 7th inst.
next
gains
Net loss—
Senator Penrose, Chairman of
160,500,000
65,500,000
—-----
—
Perfumery, cosmetics, &c__——_
Treasury tax expert, Dr. T. S. Adams, for
and report
tion
510,000,000 '
— _ — —
— — „
Insurance
Total
250,000,000
bill:
House
from
Transportation
While certain of the features of the bill have
to the
60,000,000
...
Corporation tax
Tuesday,—
deferred until next week.
been referred
the bill being
on
$250,000,000 $450,000,000
Total loss.
tax revision bill
yesterday (Sept. 16) when it adjourned until next
its final vote
Calendar
Year 1922.
Capital stock tax
The Senate Finance Committee virtually
work
Fiscal
Year 1922.
Losses from House bill:
Profits tax
MELLON.
SECRETARY
follows:
REVENUE.
TAX
TO
1922.
6—Elimination of the capital stock tax as of July 1
v.
OF
50% as of Jan. 1
1922, and repeal as of Jan. 1 1923.
the United States, Federal Reserve
AMENDMENTS
of Jan. 1 1922.
as
15% as of Jan. 1 1921.
4—-Decrease of transportation tax and insurance tax
banks are author¬
ized and requested to receive subscriptions and to make allotments in full
in the order of the receipt of applications up to amounts indicated by the
Secretary of the Treasury to the Federal Reserve banks of the respective
districts.
1 1921.
2—Reduction of maximum surtax rate to 25%
offered which shall be subscribed for and allotted.
As fiscal agents of
by Secretary Mellon follow:
The changes proposed
dis¬
Series TS-1921 and Series
TS2-1921, both maturing Sept. 15 192.1, and of Series F-1921 and Series
H-1921, both maturing Oct. 15 1921, with any unmatured interest coupons
attached, will be accepted at par, with all adjustment of accrued interest,
in payment for any certificates of the Series TM3-1922 or TS-1922 now
trict.
1207
CHRONICLE
THE
1921.]
now
making returns.
provision added by the committee
for purposes of
irrespective of whether
Chairman Penrose said the
collect income tax from many
would permit banks to
Federal taxation the amount of taxes
deduct
paid to States onjhe
shares of stockholders.
The committee
interest
on
agreed to sections of the House
bank deposits of
bill exempting from tax
foreigners engaged In business in
this country,
exempting fraternal bene¬
ficiary societies from Federal taxation.
It also agreed to the House pro¬
vision permitting corporations after next Jan. 1 to make consolidated returns
for subsidiary companies or an individual return for each subsidiary.
Discussing action on the levy sections, Chairman Penrose said in his
opinion no new taxes would have to be imposed and that sufficient funds.
but not having regular places
of business, and
CHRONICLE
THE
1208
The thought of the
would be raised by the levies already agreed upon.
transportation of
freight and passenger, with the levies on oil by pipe lines and on express
packages retained because there was no particular demand for their repeal.
Under the bill as amended to-day corporations would pay $60,000,000
less in taxes in 1922 than under the present law, but it was explained that
he added,
committee,
the taxes on the
to repeal
was
would be made up by
most of this loss in Government revenue
The reduction in
corporations
according to
brought about through repeal of the
profits tax, which would cut Government revenues
$450,000,000 a year.
additional 5%
it was explained, would pay an
offset corporations,
an
Income tax, estimated at $267,500,000.
Among the more important of the changes made by the
was the decision to retain in
Committee oh the 14th inst.
force for 1922 all
freight, passenger
and Pullman accommodation, at however, half the present
rates.
The House bill would repeal these taxes on Jan. 1
next.
Further action on the bill by the Committee on the
14th inst.
was
transportation taxes
detailed
ington to the daily
on
follows in the advices from Wash¬
as
papers:
perfumes, cos¬
medicines, the Committee voted
to impose a manufacturers' tax of 4% on toilet articles and 2% tax on
toilet soaps and powders which the House bill proposed to repeal.
Five per cent reductions in the taxes on fur articles, motorhoats and
yachts, portable electric fans and works of art, agreed upon by the Howe,
were disapproved by the Committee, which voted to continue the present
metics, toilet preparation^ and proprietary
amended to
bill reducing the tax on candy from 5% to 3%
provide that candy sold at wholesale for more than 40 cents
accepting the House reduction from 10% to 5% in the tax on sporting
goods, the Committee decided to make taxable skates, snowshoes, skiis,
which were
toboggans and baseball, football and basketball equipment,
eliminated by the House.
tax
chewing
on
made
gum
The House measure
be reduced from 3% to 2%.
change in this levy.
no
The House
imposed.
Sections of the House bill accepted without change included those
to taxes
not
cereal beverages and soft drinks,
repealing the tax
on
relating
eye-glasses
spectacles, eliminating the license levies on yachts and motorboats of
more than five tons or not over 32 feet in length, and impoisng a tax of
10%
to
on
on camera
The beverage tax changes were accepted subject
lenses.
possible amendment after further information on this subject has been
furnished by Treasury experts.
While the Senate Committee
tives of
revising the House
was
measure, representa¬
manufacturing interests, in conference here, decided to support and
work for
entertained,
the Committee members believed
as
reached.
On the 9th inst. Senator Hitchcock of
Democratic leader, issued
Nebraska, acting
formal statement attacking the
a
proposals to repeal the profits tax and cut the surtax rates,
declaring such action "very objectionable"
Senator Hitch¬
cock said:
with' the
The proposal to do away
25%
over
adds to the mistake.
large incomes.
the present
The surtax is the extra tax
would
year
regardless of whether the
I think the
25%
pay
everything above that amount
on
$1,000
excess was
paid by inidviduals with
or
$1,000,000.
graduation should continue upward,
cannot bo used
incomes.
as
objectionable.
very
higher the rate, of tax until under
That is to say, a man having
The larger the incomethe
a
opinion,
my
profits taxes retroactive to Jan. 1 last
law the rate reaches 64%.
$50,000 income
profits tax and with all surtaxes
excess
individual incomes, is in
on
To make the repeal of the excess
it does not, at least
as
Such vast incomes
$500,000
as
They are merely capital increases.
such they add enormously each year to the wealth of a few.
or over
And
They
as
are
contrary to the public interests and ought to be considered contrary to
public safety.
In
my
They can be limited and restricted by limitation.
opinion,
one
incomes has been
to
great benefit which has come from high taxes
arouse
on
great interest in Government economy by
a
making the peoplefeel the cost of Government.
The tax
consumption
on
raised in that way the well-to-do classes were indifferent to the needs
were
of economy.
When
began paying definite taxes
men
The country produces a
of it which each person
on
their incomes they
in Government expenditures.
certain amount of wealth each
receives is his income.
The share
year.
If the very fortunate get
incomes much larger than they can legitimately spend they deprive others of
This creates
evil.
an
To remedy this, graduated
income taxes and graduated inheritance taxes
are desirable.
They not
only distribute the burdens of Government in proportion to the benefits re¬
ceived but they tend to return to society in general the excessive
provision repealing all of the so-called luxury taxes was ac¬
cepted, but the Committee deferred action on the proposal to impose a
manufacturers' tax on a number of the articles on which a retail tax is now
and
not
the point of absorption had been
what they actually need.
bill, the Committee proposed the
section to the House
new
a
$50,000,000 additional could be realized from tobacco
or
In
Under
tobacco
same as in existing the law.
In doing
this, the suggestion of Secretary Mellon that $25,000,000
started the demand for economy
pound should bear a tax of 10%.
a
the
to
is not felt by the well-to-do, and as long as the revenues of our Government
10% in each case.
The section of the House
was
given
was
until the rate of tax reaches 64%.
While agreeing to the House plan to repeal State taxes on
rate of
Approval
which remains the
In the calendar year, 1923, however,
This would be
Treasury estimates.
As
repeal of
$242,500,000 less than under the present law,
pay
technical
schedule,
was
corporation taxes would be accounted for by
the capital stock tax.
would
the 15th inst.; these it is stated are of a purely
nature.
committee
changes already agreed upon or anticipated.
[Vol. 113.
tax revision program
amounts
certain favored Individuals have received and for which they have no real
use.
;
On
the
y
V'-';-,,/
7th inst.
'■
the
Real
submitted to the committee
:-:i ?.V
Estate
exchanging real estate, and for
taxation bill.
of
brief in which it
a
corporations organized for building,
be exempt from the
V-.'yv-C
Vi
y
Board
York
urged that all
operating,
other
no
New
selling
or
should
purposes,
taxation contemplated in the pending
The brief
submitted by Edward P.
was
Charles G. Edwards and Lawrence McGuire.
Doyle,
We learn from
the New York "Times" which also said:
The Real Estate Board contends that it is "the bounden duty of Congress
substantially the same as that which Sena¬
tor Smoot of Utah, Republican member of the Finance Committee, has an¬
nounced he will offer as a substitute for the pending measure.
The main
duty that Is "paramount to the raising of revenue for wasteful and extra¬
features of this program are:
vagant government."
a
Enactment of
new
a
Retention of present
to encourage
"You
general manufacturers' tax;
income taxes
on
individuals, with revision of surtaxes;
on
can
in
every way
the building industry," and adds that this is
a
get an accurate idea," says the brief, "of the burden imposed
the head of a
family of five in New York City by citing the cost of Federal
Retention of the present income tax of 10% on corporations;
Government annually to such a family, which is $250, while the State and
Retention of existing taxes on tobacco, narcotics and oleomargerine, and
local government cost
Retention of existing inheritance taxes.
sive taxation and partly due to the cost of
Spokesmen for the manufacturers explained the proposed manufacturers'
labor,
tax was not a
lected and
ported,
general sales tax, inasmuch
paid
upon
sold,
when
further process of
every
leased
commodity manufactured, produced or im¬
licensed for consumption or use without
or
'
manufacture."
The rate of the proposed
was
it would be "levied, assessed, col¬
as
manufacturers' tax was not agreed
reported discussion revolved around
a
Action of the Senate Committee to-day
upon,
but it
maximum of 3%.
or a
total of $540.
thickly settled sections of the city
suburbs,
in
or
a
house
or
a one or two
or
and they
The same rule, it is argued, should apply
wider margin between Government income and
v
Director of the Budget Dawes furnished the committee to-day detailed
statements showing how it is proposed to effect the $350-000,000 savings
upon at the White
"Both the Secretary (of the Treasury) and myself," wrote Mr. Dawes,
"feel it possible to state that there is such reasonable assuarnce that the
during the fiscal
year 1922, heretofore determined upon, will be reached, that your cornmittte
may
safely consider it
as a
Democratic members
declared against
ized
*
/
The statements furnished the committee embraced savings of $305,000,-
not
as
Jan.
Mr.
in matters of national taxation.
Carolina/speaking for the six
the committee,
the 9th inst.,
on
retroactive repeal of this tax and character¬
"indefensible" the proposal of Secretary Mellon to
1922.
1
He
declared
fixed in the House bill
PRESIDENT
was
that
the 32%
maximum rate
too low.
been included.
Estimates from
that
department
are
not
Dawes's revised estimate was tabluated
Aug. 10.
as
follows:
recess
New Estimate. Net Reduction.
War Department..-$450,000,000
$390,000,000
$60,000,000
Shipping Board
200.000,000
100.000,000
100,000,000
Railroads
545,000,000
456,000,000
89,000,000
Veterans'Bureau
37,500,000
Miscellaneous
18,500,000
IN
REVIEW
OF
momumental accomplishment which has
A
work of the
Navy to reduce its outgo.
HARDING
WAR
EXTRAVAGANCES AND WORK OF CONGRESS.
yet at hand, but the Director assured the committee that pressure would
be brought to bear on the
of
the special taxes for State purposes."
reduce the income surtax rates from 63%, to 25%, effective
000, but the Director-General explained that figures for the Navy Depart¬
had
pay
"real
purposes,
fixed amount in the determination of the legis¬
lative taxation program."
ment
should not be asked to
Senator Simmons of North
month.
total reduction of $350,000,000 in ordinary expenditures
min¬
The short¬
organizations are heavily burdened by taxation for local
agreed upon at the White House conference last month would be effected.
last
a
16% of the cost, of which it is claimed
Senators said they wanted a
outgo than would be provided if the House changes in the present law had
expenditures for this fiscal year agreed
family house In the
apartment, the Real Estate Board contends,
of apartments in New York City is estimated at 100,000.
board contends that the States themselves recognized that
estate
conference
a
multi-family house in the
2% light, insurance and incidentals, and 2% necessary repairs.
age
Budget Dawes that the $350,000,000 reduction in Government expenditures
House
a
$6,000/'
imum rent of $960 must be charged,
The
in Government
exces¬
7% represents interest on the investment, 3% taxes and water, 2% heat.
in voting to recommend restora¬
been accepted.
Partly due to this
material and the inefficiency of
family of five, costs, with the land, either in
despite asstrances from Secretary Mellon and Director of the
was
is $290,
apartment of four rooms and bath, the smallest decent unit for
For such
tion of the transportation taxes and changes in other proposed excise levies
taken
an
is the term psed by President Harding in describing
work of
the
the Administration in
reviews the measures
Congress.
page
marked the
extraordinary session down to the time of its
placed
on
a
in which he
letter
the statute books by the
new
The letter, commented upon by us last week,
1082, in our article on "The Financial Situation," is
Senator Medill McCormick of Illinois, and
addressed to
Total.
On
-
_
15th
the
the
Committee
day accepted the taxes of 4 cents
House
on
cereal
beverages,
lowered the rate to 2 cents
House bill
3 cents
a
on
a
which
a
had
.$305,000,000
the
gallon imposed by the
reconsidered its
action
and
gallon, the rate fixed by the
unfermented fruit juices; still drinks
gallon under the House bill.
the inheritance tax features of the bill
previous
are
taxed
All amendments
were
perfected
to
on
while
bearing date Aug. 29, was not made
Sept. 7.
public until
The missive deals with "some of the extravagances
incident to war" and
states that "the Administrative de¬
in full sympathy with the program of
rigorous and unremitting economy through which I believe
partments, are now
we
will be able during the next year to cover
the Treasury so
may
large
a sum
back
into
that the aggregate of taxation
be reduced to $3,500,000,000 a year."
The President
17
Sept.
legislative product of a year's
in a policy o
shall be greatly aided
"we
that
observes
of the
expenditures by the budget law
design, enactment and execution,'
other accomplishments of his Administration the
progressively reducing
absorb them.
The
production and profitable exchange of foodstuffs and commodities under the
conditions of peace and corrolary assurance of good wages and general
industries would in other times have constituted a striking
legislative product of a year's session.
These include the law for control
of the packing industry, the act for the regulation of grain exchanges and
the law for the extension of credits to foreigners through the War Finance
great agricultural
Corporation to enable them
to carry their crops
employment.
its uninterrupted
Congress wiselydetermined upon a thirty-day recess.
We may confidently hope, I am
sure, that after the recess and before the end of the extraordinary session
Congress will adopt both the taritf and taxation measures,
that along
with these it will pass the bill to permit funding the debts owedVs by foreign
governments.
This, I hope, will shortly be followed by arrangements
under which the debtor countries will begin paying interest on their obliga¬
In order that the
attention to the
until the markets will
absorb them.
in which in instancing
he says that "approximately
$3,500,000,000 have been poured out under the direction o
the Shipping Board; yet I have from the War Department
the curoius bit of information that only one vessel built by
is his letter in full
The following
due
extravagances
the
to
war
Shipping Board ever
tions.
29 1921.
McCormick:
letter of congratulation on the accomplishment of the
to date.
You have been good enough to speak
kindly of the work which the executive departments have accomplished, as
well as of that which has been done by the Congress.
For myself, I feel
disposed to emphasize what seem to me the remarkable achievements of the
extraordinary session of the Congress.
In view of the fact that during the war practically no consideration was
given to preparation for the new conditions which would come with the
return of peace, and that in the two years after the armistice there was
hardly any more administrative attention to these problems, I cannot but
account it a momumental accomplishment which has marked the work of
the extraordinay session down to the time of its recess.
For two years
befor before the inauguration of the present Administration a Republican
Congress patiently and assiduously labored to reduce expenditures.
These
efforts despite that the Administration was not at that time in political
accord with the Congress, produced results which we can summarizo in the
statement that the appropriations for the current fiscal year will aggregate
about four and a quarter billion dollars, and that this is:
Three-quarters of a billion less than the expenditures for the previous
half less than
billions
the last Administration
than were
less
I
*
$3,500,000,000 has been poured out under the direction of
the War Department the curious bit of
information that only one vessel built by the Shipping Board ever carried
any American troops to fight in Europe.
This was a cargo boat, the
Liberty, which, according to the War Department records in Oct. 1917,
carried approximately fifty soldiers, these were the only soldiers, according
to the record, that were transported to Europe before the armistice in a
Shipping Board.
conservative estimate which has come to me, the
the Government between one and a
Administration has cost
It is
therefore, that probably no other Government in
the world has during a similar period so drastically reduced expenditures as
has the Government of the United States during the last two years on the
insistence of the Republican Congress.
Moreover I am happy to assure you
gratifying to be able to say,
that
the
administrative departments are now
in full sympathy
with the
through which, I believe,
we
back into the Treasury so
large a sum that the aggregate of taxation may be reduced to $3,500,000,000
rigorous and unremitting economy
will be able during the next year to cover
program of
a
remembered that the service of the national debt demands
quarter of dollars annually; that nearly a half billion dollars
billion and a
a
a
appropriated for war risk insurance, vocational training; the
maintenance of hospitals—in short, for the care of those suffering the
disabilities arising from the war; and that approximately a quarter of a
billion dollars more is appropriated for pensions on account of earlier wars.
In short, half the present total expenditures of the Government arises
from wars of the past.
Similar burdens are imposed upon the taxpayers of
other countries, and a well-nigh universal protest against a possible repeti¬
tion of gigantic conflict gives rise to the common hope that the conference in
November may lighten the burdens of both armament and taxation, not
only for this but for other lands.
Almost without exception the Governments of other countries are faced
with great deficits.
Their people not only suffer from the general business
year
was
depression, unemployment,
chaotic exchanges and disorder in agricultural
burdens of taxation, which, nevertheless,
expenditures of their Government.
prices, but they carry very heavy
is Insufficient to meet the current
Budget Law and Other Measures.
We
must
not
overestimate our good fortune and
the prudence of our
permits us to balance revenue and expenditure at a time
when deficits are the rule throughout the world.
We shall be greatly aided
in. policy of progressively reducing expenditure by the budget law, Repub¬
lican in origin, design, enactment and execution, it was the first of a series of
measures placed on the statute books at the present extra session of Con¬
gress, but I do not hesitate to say that in ordinary times it alone would have
been considered a highly creditable chief product of a year's legislative
program.
Yet in a time of such legislative activity as the present, it is
Congress, which
only one among many measures
be enacted.
law, calcu¬
depression
Americanization of all
of the first importance to
quickly followed by the anactment of the Immigration
lated both to limit the inflow of population during a period of
It was
and to hasten the
newcomers
day when we may
effect the true
to our shores.
The series of measures
agricultural industries
the great
constituted a striking
looking to the amelioration of conditions in
would, in other times, have
■;;
WARREN G. HARDING.
Senate, Washington, D. C.
decrees that government
to
income.
Government. expenditures
have
Director of the Budget
cruise of "the President and"his
the Mayflower over Labor
Sept. 6, to the
to
The New York
Day.
Washington dispatch of
Commercial" in referring, in a
policy to which the Administration proposes
adhere, said in part:
Heretofore the aggregate
of expenditures has been controlled by the antici¬
in a perfunctory sort of way. Frequently the end of the
fiscal year has found the outgo greatly in excess of the income, leaving a
deficit to be cared for through an issue of Treasury certificates or increased
pated revenue only
taxes
during the
succeeding year.
•
to an end, the President has decreed.
Cabinet chiefs and other department and bureau heads will be given per¬
emptory instructions to give sympathetic co-operation to Budget Director
Dawes, to the end that appropriations shall be kept within the estimated
But this
practice now has come
revenues.
President Harding came to
hours' discussion of
this determination after several
the preliminary estimates for next
year's
budget with Director Dawes on the Mayflower during the
Presidential party's week-end cruise.
The President said
his return on Sept.
on
6 that the only business
the trip was the work on the budget.
The plan agreed on was to "go ahead and cut to
Harding explained to the newspaper correspondents,
transacted on
the bone." As Mr.
"the Administration
make the garment according to the cloth."
Some displeasure has been aroused by the economy efforts, it was revealed,
but this will be put down ruthlessly.
"Cut to the bone" is the command
from the White House, and no official will be allowed to stand in the way.
simply must
Hardly had the
Mayflower tied up at the
Navy Yard and had landed her
Dawes had in joint session,
possible for the Admin¬
business basis. These
organizations are the Federal Purchasing Board and the Federal Liquidation
distinguished passengers,
before Budget Director
organizations which are counted upon to make it
istration to operate the Government on a strictly
the
Board.
year.
It should be
.
President Harding and
party on
Board, yet I have from
war.
.
during the week "end
Dawes
Approximately
Such Is the
.
determination
between
and six billion dollars for the manufacture of aircraft,
ammunition.
it has been officially testified that less than
200 American-made airplanes or 200 American-made cannon ever went into
action on the fighting front of the war, while not more than 1% of the
ammunition expended by American artillery was, according to the same
and a half billion dollars, and the end is not yet.
summary of some of the extravagances incident to
support
kept within theANation's income was reached during a dis¬
cussion of the preliminary estimates for next year's budget
this expenditure,
According to the most
V"
Medill McCormick, United States
The
artillery and artillery
Railroad
throughout the
will appreciate what has been accomplished and sincerely
of achievement along the same lines,
Expenditures be kept within
asked of Congress.
quarter and one
that thoughtful men and women
president harding
and to
vessel built by the
vV
assurance
.
appropriated for the second preceding
American manufacture.
retrenchment and greatly
■
efforts for yet more
To Hon.
expended between five
the Shipping
made much progress toward
Most sincerely yours,
Republican majority to lay a foundation for economic
reduce taxation deserve the utmost apprecitaion
of the country.
The habit of vast expenditures without proper considera¬
tion for results is the inevitable fruit of war.
Our Government, for example,
testimony, of
all
have
our
The labors of the
To show for
have
We
country
fiscal year.
reconstruction
'
situation as a whole, It is plain that we are working
of waste and prodigal spending at a most Impressive
out of a welter
increased efficiency.
down
fiscalyear.
Three
idle.
now
rate.
Thank you for your
A billion and a
■
of the debt
Surveying the national
our way
My Dear Senator
Administration
'.'v-,'"
vf.
-V:
confident that the bill facilitating the funding
the United States will become law during the extraordinary
insuring a large and immediate demand for employment of
session, thus
men
Washington, D. C.. August
am
of the railways to
carried any American troops to
White House,
Senate Finance Committee may devote
permanent tariff and revenue measures,
v.
''V
,
Likewise I
fight in Europe."
The
caring for our disabled men which were
We have
order.
ameloriation of conditions in the
Veterans' Bureau insures a consummation of those
inaugurated by Executive
established peace and are seeking to establish the generous
establishment of a
reforms in
looking to the
The series of measures
them to carry their crops until the markets will
Corporation, to enable
in part:,
President says
control
These include the law for the
session.
packing industry, the act for the regulation of grain exchanges, and
extension of credits to farmers, through the War Finance
the law for the
Republican in origin,
In reciting
1309
CHRONICLE
THE
1921.]
It
is the
function of these
system was
co-ordinate all pur¬
boards to supervise and
of surplus by every
chases and all sales
branch of the Government.
described officially to-day as a
This
replica of that which has obtained
Corporation for years.
it was explained, will buy its
and will dispose of its surpluses. But there will be
representative of each Government department on each of the two boards.
in the
United States Steel
Each department
of the Government,
supplies, as in the past,
a
method, each department will be kept advised as to the pur¬
of the other branches.
competitive bidding will be eliminated and one department
not be permitted to buy in the open market when another department
a surplus of the needed articles.
The lighthouse service now needs
Through this
chases and sales
For example,
will
has
appropriation ordinarily would be asked. Now
of mine sweepers, which are splendidly equipped
called upon to transfer to the lighthouse service
as many of them as are needed.
The meeting of the two boards to-day was presided over by Colonel
Smithers (Sept. 6) chief co-ordinator of the United States, whose relation
to the boards is similar to that of Judge Gary to the several subsidiaries of
the Steel Corporation.
Director Dawes addressed the meeting advising
them of President Harding's decree that expenditures must be kept within
An
vessels to
lay buoys.
the navy,
with a surplus
for laying
buoys, will be
income.
president
local
harding
government.
The inevitable
tendency to rely
Government "for performance
only
be
reliance
deplores
of
administrations on federal
discharged by local
.
unduly on the National
which can
of many functions
administrative entities" is
Dr. Howard W.
Welfare, of the
deplored by President Harding in a letter to
Odum, Director of the School of Public
THE
1210
University of North Carolina prompted by
and
town
is not
made public at
was
Chapel Hill, N. C.,
on
It
the 11th
in the
My attention has been called to the regional conference on local govern'
under their control which
any company
same manner
as
agreement "shall expire or be terminated
new
the principal agreements."
ated under the American flag.
industrial and technical problems of local government.
a
by
or
Company."
stipulated that the
to whether Great Britain controlled vessels of the I. M. M. which
oper¬
as
mcnt, which you are about to hold for broad consideration of the social,
It is
I. M. M.)
British
a
was
In the preamble it was set forth that the
agreement had been drawn to
satisfy doubts which "have been raised in the United States of America"
follows:
as
[Vol. 113.
second part (the
conference on
a
country administration held at the University
The letter
nst.,
CHRONICLE
pleasure to record my hearty endorsement of the efforts you are
making, and to emphasize the need which I believe exists for an earnest
and
continuing presentation of these subjects to the people throughout
the country.
The problems
are
CHICAGO
manifold and difficult, accentuated by the
BOARD
complexity of conditions which have arisen during and following the war.
There has been
an
it for performance of
upon
many
The
functions which can only be discharged
It will be corrected whenever the attention
following dated Chicago Sept. 7, is from the New
discontinue
on and after Oct. 1, the vote on the amendment sub¬
mitted by the directors being 545 for the amendment to 41 votes
against it.
inefficiency of the minor administrative organisms which greatly needs to
be corrected.
IN¬
1.
trading in indemnities
quately planning local governmental machineries, has resulted in a certain
is fully aroused and
DISCONTINUE
Board of Trade members to-day voted overwhelmingly to
country's rapid growth and the consequent difficulty of ade¬
our
TO
TRADING OCT.
York "Commercial" of the 8th inst.
This, together with the further
properly by local administrative entities.
fact of
TRADE
because of the overwhelmingly
inevitable tendency,
important work which confronted the National Government, to rely un¬
duly
OF
DEMNITY
By this vote, the members of the exchange backed up the officials of the
of the people
Board of Trade, who contended this should be done
the national genius for administration is effectively
faith.
applied.
V|
.
as
matter of
a
good
-
The amendment to the rules providing for the
inauguration of trading in
cotton seed oil and similar
products was also carried by a big
majority,
580 for it to five against.
PRESIDENT HARDING DECLARES PURPOSE
THOSE DISABLED
President
nterest in
Harding voiced
centre for this
Exchange.
All
America is proud of what you and your division did at the Meuse.
All
America is proud of what our soldiers did in the critical days of the W ar.
I would be the last
glad to
to say
man
that we of America won the War, but I am
that we of this Republic saved the morale of the allied armies.
say
We saved for ourselves and the world the present-day status of civilization.
I
am
not unmindful of the
job that you did over there.
I
not unmind¬
am
ful of the service you rendered the country under your former Commander
in Chief, and I ask that you render the same faithful service during the years
I am in office.
There is still greater service to be rendered in establishing national lines
of peace.
It is
up
to you to help solve the problems that have been thrust
upon us by the enemy from
I want this to continue
within.
as
an
America of
America of grateful appreciation.
an
and
impaired in ability to carry
aid and assistance in
our
opportunity and service and
indemnities have been used
The
man
who came back wounded
and I purpose to use all the influence
power to give,
I have to see that he gets it, but I am not so much concerned
who
came
out of the War
we are
with those
men
190765—lsthaf.-
as a
legislation, but I want
you
to
interested in your welfare.
was
garded
as
a
MERCANTILE
MARINE
AGREE¬
MENT WITH GREAT BRITAIN NOT APPLICABLE
TO AMERICAN
A
President
Shipping Board
the
of
supplementary to
corporation "to
International.
submitted
The
new
agreement
is
the 1913 agreement, which bound the
pursue no
policy injurious to the interests
of the British mercantile marine
new
was
Sept. 9 by P. A. S. Franklin,
on
or
of British trade."
The
pack provides that vessels operated by the International
Mercantile
Marine under
regarded
affected by the original agreement.
as
the
American flag
shall not be
It is stated
that the latest agreement was presented in compliance with
request made last March by the Shipping Board which
a
conducted
an
extensive
ington, in
an
address before the National Merchant Marine
inquiry after Senator Jones of Wash¬
Association, directed attention to the corporation's contract.
The
supplementary agreement
was
discussed
with
the
Board by Mr. Franklin on the 8th, the Board
announcing
at the conclusion of the conference that
hearings would be
held in New York Oct. 4 and 5, at which time the
well
as
the
as
I
am
original,
supplementary agreement, would be taken
for consideration.
Mr. Franklin is quoted as
satisfied that this
new
agreement fully
up
in effect
opinion it will cut down business at least
pleased at the outcome of the ballot,
were
vote of confidence in the
a
complies with the resolution
of the Shipping Board, passed at its meeting on Mar. 3
apply to
glad that
a
any
American flag vessels which it
owns
hearing is to be held at New York Oct.
of thoroughly
familiarizing the
new
1921, and clearly
or
operates.
I
am
4 and 5, with the object
Shipping Board with the affairs
of the
International Mercantile Marine Company.
The agreement was
Brock, as "two of the
Commissioners for executing the office of Lord
High Ad¬
miral" of Great Britain; by Stanley Baldwin, as President
Trade, and by officers of each of the
■ubsidiary companies involved.
The
Washington state:
It is
press
-
dispatches from
v
specified that the agreements of Aug. 1 1903; Oct. 1 1910, and Sept.
11913, "shall be read and construed
apd all vessels documented under
which
are
at any
if there
excluded therefrom
any
the laws of the United States of America
as
time operated
as was re
Regarding the action of the Board, the Chicago "Tribune"
President Joseph P. Griffin, as saying:
Action of the Board of Trade members in
voting to eliminate the indem¬
nity rule
in
was a clear indication of the earnest desire of the
enforcement of the
Such contracts
law.
new
at
grain trade to aid
times serve
a
useful
economic function, and the Board of Trade's
voluntary elimination of them
was in line with public
opinion in the grain trade itself as in the legislative
centres.
;■
?v\: '
' X.,".
'.-'..A'
N
The full effect of the Capper-Tincher law will not be known until it has
been in operation for
time.
some
The grain trade will do everything pos¬
carrying out its provisions, despite the fact that the law
does not by far represent the wishes of the
grain trade.
Previous reference to the intention of the Board to end
'puts" and "calls" deals appeared in
906.
our
issue of Aug. 27,
.
FIRST
American
Iron
HALF
&
of
OF
Steel
THE
U.
S. IN
;
1921.
Institute
recently
issued
pig iron in the United States for the first six months of the
were
by the parties hereto of the
The figures show that the output
present calendar year.
•or
the first six months of 1921
was
production of either half of 1920.
half of the current year is
given
as
barely one-half of the
The amount for the first
9,530,981 tons,
as
against
18,490,385 tons in the second half of 1920, and 18,435.602
in the first half of 1920.
ons
half-yearly figures
as
In the following we show the
reported by the American Iron & Steel
Institute back to 1900:
PRODUCTION OF PIG IRON IN HALF YEARLY PERIODS.
1900 —1st half-—
2d half.
-
1901- -1st half
2d half
1902 —1st half
2d half-1st half
1903
2d half------—
_
1904—1st half...
2d half
2d half2d
—
— —
—
—
—
—------
— -
Gross Tons.
Gross Tons.
7,642,569
6,146,673
7,674,613
8,203,741
8,808,574
9,012,733
9,707,367
8,301,885
1911—-lsthalf—11,666,996
8,173,438
-
-
—
half-—
w — -
-
2d half
11,829,205
12,582,250
12,724,941
13,478,044
12,303.317
6,918,004
9,018,014
11,022,346
14,773,125
14,978,738
12,324,829
--..
1912—1st half2d
half
w
2d half——
1914—1st half-...
2d
half
1915—1st half
2d
half...
1916—1st half——l'
2d
half
1917—1st half...
2d
half-
1918—1st half.
2d
half
1919—1st half...
2d
—
.
half
1920—1st half..
2d half
11,982,551
14,072,274
15,654,663
1913—1st half
8,323,595
11,163,17.5
half.
1909—1st half.
2d half
2d
-
—-------
2d half
—
1921—1st half
16,488,602
14,477,550
12,536,094
10,796,150
12,233,791
17,682,422
19,619,522
19,815,275
19,258,235
19,389,162
18,227,730
20,824,261
16,278,175
14,737,189
18,435,602
18,490,385
9,530,981
Notwithstanding the repeated reductions in prices,
demand for
kept
signed by Rear Admiral F. L. Field
and Vice-Admiral Sir Osmond de B.
of the British Board of
administration,
demonstrating the good faith of the institution.
1908—lsthalf-2d half
saying:
defines what the company has always contended, that its
agreements did
not
In
special statistical bulletin No. 4 which gives the production
by the International Mercantile Marine
to the U. S.
now
contraction of trade', as the
of the 8th inst.
quoted
The
VESSELS.
agreement entered into with the British Govern¬
new
ment
short time.
,
PIG IRON PRODUCTION IN
INTERNATIONAL
a
basis for active trading by many operators.
of the
are
-
,
which
page
unimpaired.
You may be disappointed in matters of
know that
.
sible to aid in
as
the vocation of his life deserves the fullest
on
expected there will be
Officials of the Board of Trade
Veterans.
for its veteran defenders.
nothing too good in America
in
a
many other ways it is
20%.
There is
mean
Some commission
his remarks said:
Too Good for
up
confined their business almost entirely to indemnities, and
they will
be obliged to turn their attention to other
departments of the trade.
his remarks
having been addressed to veterans of the Fifth Division
assembled in reunion at Atlantic City.
The President in
Nothing
It is believed that with Chicago the natural
big business will be built
a
or "puts"
big change in the operations of many members of
A considerable number of members of the Exchange have
and "calls" will
the
Sept. 11, the country's
anew on
trade,
The passing of the amendment doing away with indemnities
WAR.
IN
disabled in the World War,
those
TO AID
continually
amount of
Steel
off
the
practically all kinds of iron and steel products
The steady decline
shrinking.
unfilled orders
on
in
the
the books of the United States
Corporation affords an excellent example of this falling
The Steel Corporation on April 12 1921,
in demand.
made its first readjustment
which had been
persistency
reductions
maintained
from the 1919 price schedules
up
to that time with undeviating
regardless of general market conditions. The
which
were
made
effective
April 13 averaged
from the 1919 prices and were announced in
of nine items.
Other reductions followed in
about $7 per ton
a
schedule
quick succession, but the slump
in orders was nowise checked
Sept.
17
1921.]
THE
CHRONICLE
—in fact the
depression- in the steel trade became greatlyintensified.
The "Iron Age" of this city
compiles each
month a record of pig iron
production (exclusive of the small
amount
of
had been
however,
Blast Furnaces.
charcoal iron produced)
In
and in presenting its
July 1921 said that the output in that month
tabulation for
the
smallest
since
December 1903.
In
August,
Maine
nish
drop of
than 50% in
more
Valley Furnace
a
little
over
No.
2
$39 50 Jan. 4
quoted at
as
1921
high
ham, which got
Jan.
and
4
as
Cincinnati
moved
June 28
1921.
In
cases
28
1921.
In like
manner
3
4
1,207,475
1,393,659
134
161
506,113
1
7
3,577,570
4
2
15
17
15
7,241,726
254,420
223,522
6,741,408
6
8
35
43
1,225,236
1,167,726
4
4
53,519
659,225
374,906
397,473
117,215
159,041
4,130,811
1,634,164
124,166
4,402,659
2,081,847
1,646,711
1,030,801
1,426,045
1,513,476
1,019,010
345,091
366,314
211,574
206,985
257,599
185,071
18,435,602
18,490,385
9,530,981
Georgia
0
0
Texas
0
0
1
West Virginia..
3
1
4
5
Kentucky
Mississippi
0
0
7
7
0
0
1
1
second
0
17
14
66
80
6
20
26
17
Indiana
12
7
9
16
Michigan
Wisconsin.....
Minnesota
10
2
11
13
3
1
6
7
....
2
0
3
3
Montana.—...
0
Colorado......
3
Oregon
0
The
3
1
3
4
0
0
0
0
0
0
0
2
3
5
0
1
1
0
0
0
0
216
76
376
452
FENTRESS
settlement
a
ON
of
75,130
12,369
r>
Nq
THE
building
LUMBER
trades
SITUATION.
disputes in
Phila¬
similar settlement in Chicago, and
liquidation in lumber prices, I believe the
likelihood of
a
lumber
industry is in
a
peculiarly strong position.
lumber industry.'
war—one of the few
This, it will be recalled,
requested that home building, which
No. 2 Birming¬
the
3
16
.
269,313
205,780
1
49
—
productive capacity during the
production, be deferred
A study
of
because the Government
was
consumes
until after the
war was
exceptions being the
so
large a part of lumber
ended.
The present situa¬
tion, therefore, is:
(1) The production of lumber
during the war was not increased; on the
contrary there were a number of years before the war in which
production
exceeded that of any of the war
years.
It is evident that we have not built,
up, in the lumber industry, a
large number of plants which could only exist
on war demands.
half
reductions to still
lower levels.
Bessemer pig iron at Pittsburgh dropped from
$50 46 in October 1920 to $33 96 Jan. 4 1921 and to $24 46
June
1
27
statistics shows
practically all of the large industries greatly increased thei
from
to $42 00 in 1920, brought only $35 00
50
1
2
thorough
industry throughout the country is getting back to
normal faster than
any other industry," says Calvin Fen¬
tress, of Baker, Fentress & Co.
Mr. Fentress adds:
$26 00 June 28, after having been
there have been in all
1,537
lumber
No. 2
down
4,101
73
with the
down to $25 50, a
$46 50 in October 1920.
up
$21
of the year,
to
at
6,180
Pennsylvania..
delphia,
on
Southern
1
2
"The
June 28 1921 commanded only $21 00, as
against $33 00 Jan. 4 1921 and $50 00 early in September
1920.
1
27
For
nine months.
of 1921.
2
CALVIN
example,
Philadelphia pig, which in 1920 had risen to the
unprecedentedly high price of $53 51, was quoted on Jan.4
O/1920.
24
Total
2X
0/1920.
0
3
Washington J—
close of 1920, it is perhaps well to take note of the fur¬
1st Half
0
Iowa
While drastic reductions in prices were witnessed at the
2d Half
0
day,
per
,
Half
16
Missouri
77,945 tons; in February the average output was 69,187 tons
per day; in March, 51,468 tons per day; in April, 39,768 tons
per
day; in May, 39,394 tons per day; in June only
Total
New York
New Jersey---.
Illinois.
per day for the different months shows more con¬
clusively the downward trend in the rate of output.
The
"Iron Age" gives the average
daily output in January at
was
0
0
Ohio
production
1921 at $34 79, and on June 28 1921
0
1
Tennessee
an
absolutely reliable test of the course of production
since the number of days in the months varies.
The average
No.
0
_
Alabama
1,193,041 tons; in May, 1,221,221 tons; in June,
1,064,833 tons; in July, 864,555 tons, and in August 954,193 tons.
These monthly totals, however, do not fur¬
ther declines recorded in the first half of 1921.
Out.
Maryland
Virginia
April,
very
In.
Connecticut
According to the record of the "Iron Age," the production
pig iron (always excluding the insignificant amount of
charcoal iron produced) in January was
2,416,292 tons; in
February, 1,937,257 tons; in March, 1,595,522 tons; in
day, and in July but 27,889 tons
and in August 30,780 tons
per day.
,
1st
1920
Massachusetts.
per
Production—Gross Tons.
(Includes spiegeleisen,
ferro-mang.,
ferro-sillcon ferro-phosphorus dkc.)
1921.
Dec. 31
of
35,494 tons
June 3
Blast
Spates.
in production occurred.
some recovery
1311
HALF-YEARLY PRODUCTION OF ALL
KINDS OF PIG IRON BY
STATES.
(2) Building during the war was deferred and has since been
held back by
high price of labor and the falling lumber market.
Thus there
Gray Forge iron at Pitts¬
burgh was quoted at $50 96 in 1920, but on Jan. 4 1921
brought only $33 96, and by June 28 was down to $21 96.
The following table compiled from
quotations appearing in
the "Iron Age," shows the prices of the various
grades of
pig iron at the beginning of January and the end of June for
dammed up for
home
has been
number of years the unsatisfied lumber
requirements for
a
building.
These conditions forecast
employment of
conditions,
employed
in
lumber
men
who, under
manufacturing
normal
lumber
plants,
1
&c.
camps,
early increased demand for lumber, and the
an
larger proportion of the 732,000
a
are
the last three years.
WAGES
June 28
Grade.
No. 2x, Philadelphia,
No. 2 Valley Furnace
Jan. 4
June 29
Jan. 6
Jan
July 1
1921.
1921.
1920.
1920.
1919.
S25 50
$34 79
$47 15
$44 35
$29 00
$36 15
21 00
33 00
45 00
39 00
26 75
31 00
26 00
39 50
45 60
21 50
35 00
42 00
37 00
24 75
31 00
Bessemer pig at Pittsburgh.
Gray Forge iron at Plttsb'g.
24 46
33 96
46 40
38 40
29 35
33 60
21 90
33 96
44 40
38 40
27 15
31 43
28 35
34 60
slump in output
confined
is
no
to
seems to have been general and
particular section of the country.
There
no
instance in the tabulation of production
by States as
prepared by the American Iron & Steel Institute in which
the output for the first half of 1921
in the last half of 1920.
to have suffered
regions,
but
to
a
equaled the production
The middle western States seemed
relatively less degree than the other
here
the
showing is inordinately bad.
Pennsylvania is credited with a production of 7,241,726 tons
even
for the first half of 1920;
1920 and with
6,741,408 tons the second half of
only 3,577,570 tons the first half of 1921.
In
like
manner the product of New York and New Jersey com¬
bined in the three successive half years was
respectively
1,207,475 tons, 1,393,659 tons and 506,113 tons.
the record of Alabama for the three
stands at 1,225,236 tons,
When
we
come
1,167,726 tons and 659,225 tons.
to the middle western States we
find
as
al¬
Board,
shows 1,634,164
respectively.
tons,
Indiana
1,646,711 tons and 1,030,801 tons,
and
Michigan
combined
similar showing, the output for these States
tons in the first half of
half of
1920 and
make
a
being 1,426,045
1920, 1,513,476 tons in the second
1,019,010 tons in the first half of 1921.
Wisconsin and Minnesota
(combined) too disclose like
re¬
sults, the record for the the three successive half-year periods
being 345,091 tons, 336,314 tons and 211,574 tons.
following
In the
show the production of pig iron by States for
the last three half-yearly periods.
we
a
make
NAVY
special commission appointed by Secretary Denby
study of economic and industrial conditions on
a
which to figure
readjustments.
the minimum
per year was
The Board held that $1,000
on
which
an
American family
could live with the present level of
prices.
A summary of
the recommendations which became effective
Sept. 16
given in
dispatches from Washington
press
on
was
Sept. 7
as
follows:
£
Overhead positions,
including supervisors,
foremen
and such so-calle
non-producers, felt the full force of the recommendations.
a
In addition to
general reduction of 20% in pay for such employees, the number of such
positions
was
decreased one-third, and in some cases one-half.
Unskilled labor was reduced from 48 cents per hour to 41 cents.
The
Board refused to ask American c.tizens to work for less,
despite the collapse
of the unskilled labor market in other industries.
the great mass of navy
to
yard workers,
73 cents.
were
Skilled labor, including
dropped from 84 cents per hour
■<*■■■..
In many cases the
Wage Board made reductions below those recommended
In general the established wages were made uniform for
all yards.
According to the Board's report, the scale runs 4 cents an hour
below prevailing Wages in railroad trades and 5 cents
higher than in ship¬
building trades,
*
ready stated that the drop in the last half-year period is not
quite so pronounced.
Thus, Illinois for the three half-years
THE
16.
The reductions ranged from 13 to
20%, and were in
line with the recommendations made
by the Naval Wage
by local boards.
years
IN
Wage reductions affecting approximately 60,000 civilian
Navy went into effect yesterday, Sept.
Similarly
respective half
EMPLOYEES
workers in the U. S.
to
The
CIVILIAN
REDUCED.
1919.
No. 2 South'n at Cincinnati
No. 2 Birmingham-.
40 60
OF
1
The
were
Board, in
v**1"
-Hi
its"report,
also pointed out that the
only 45% higher than pre-war scales.
to the
readjustment between
war
at its most acute stage, one of
wages recommended
They likewise called attention
and peace conditions that now is "perhaps
the painful results of the war."
"The decrease in wages is due to three causes," the report
said,
"(a) Decrease in living costs amounting to
16.7%,
according to Department of Labor figures;
industrial depression
expected to be but
pre-war
state;
a
in the country, which
conditions that is
purely
possible rate."
as a
may
well be
phase of the readjustment from
now
(c) to the treatment by
of labor
(b) the general
a
war to
perhaps at its most acute
certain number of employers
commodity to be obtained at the cheapest
The report of the Naval Wage Board
was
the chronicle
1212
quoted and referred to
"The
in Washington
"Times," which had the
the N. Y.
to
■
'
.
dispatches of Sept. 7
following to say:
believe,*' the report adds, "that
board does not
Government to pay lees money
than this $1,000j to
•
■
it is decent for the
American citizens with
.
'
■
[vol. 113.
'
.,
From the business center the flood tore southward, joined
by torrents from other creeks, through the Mexican quarters
I and carried away some two hundred homes of the poorer
I
A j a.
* v*
i
,
• i.
classes while the loss of life mounted to sixty persons—
support, and with present prices of I mostly children.
Mayor 0. B. Black has stated that he
necessities of life, with less than 41 cents per hour, it is practically
Dlaces the nronprtv Hsmaxro flt
000 000 Tho orpntoct
impossible for him properly to clothe, house, feed and educate his family.
1 T*
Pr°Peiy damage at &5,UUU,UUU. 1 He greatest
believes that it is contrary to the public interest to give less I 10SS Has been to Stocks Of gOOQS that Were washed away or
the above to first-class laborers."
covered with mud. The Mayor says that San Antonio, the
report received the general approval of Secretary Denby to-day and
,
t ;t ; Texas, has its Alamo from which it has ever
scale will become effective Sept. 16.
I ,
., ;
„ ',
,.
"
,
.
general, the established wages are made uniform for all navy yards in I drawn its lesson of self-reliance; that while the people of his
and according to the board's report are 4 cents an hour leas
stricken city appreciate the kind and generous offers from
prevailing wages for the railroad trades and 5 cents an hour higher I
«
.
»
r
j ^ ,v
paid in the shipbuilding trades.
aI1 P^rts °f ^e country, no assistance is needed,and that the
from 13 to 14% for artisans, 10% for technical employpeople of San Antonio will quickly recover from their dissupport.
laborer usually has a family to
families to
"The
the
"The
board
than
wages
The
the new wage
In
the country,
than the
than those now
The decreases are
I aster.
I
—
the number of authorized supervisors is decreased about one_
and the other overhead positions are decreased in some cases as much
SALE OF RAILROAD EQUIPMENT TRUSTS BY
GOVERNMENT TO AID RAILROAD SETTLEMENTS.
for artisans or skilled labor is fixed by the board at 73 cents
#
and
tbis point a lengthy statement of findings was made.
I A statement issued by the War Finance Corporation
Up 80%, Wages 45.
on Sept. 12 announces the sale by the Director-General of
board Invites attention," says the statement, "to the fact tnat the
Railroads, with the approval of the President, of $7,500,000
present cost of living is 80% higher than that obtaining in 1913.
The go/ railroad equipment trust certificates now held bv the
herein recommended are only about 45% higher than the pre-war
~
ir r.
* xt
*r i x,
^13
;
,
Government to Kuhn, Loeb & Co., of New York, the
has been more talk about high wages and less about high prices
price being par and interest. The War Finance Corporation,
statistics appear to Justify.
To secure a pre-war living^ s<*le the p- appears did not conduct the sale itself, as it possesses no '
ees,
15% for
clerks and
supervisors, and 20% for
certain of the other over-
positions.
head
In addition
third
50%.
^
^
The wages
on
hour,
an
Living
"The
wages
:
"There
than
present rate of pay
artisans
should, with present prices,
73 cents an hour.
in the living scale
hour than
an
'
be nearer 90 cents
I
it is one of
of
the
unemployment In the
general concountry."
shipbuilding trades is more or less a
throughout practically all trades and localities of the
The Board finds the decrease in wages is due to three causes:
dition
"(1) The decrease
in living costs,
amounts according to figures
from the I
to 16.7%.
"(2) General industrial depression, a phase of readjustment to pre-war
conditions, that is now at perhaps its most acute state.
"(3) The treatcnt, by a certain number of employers, of labor purely as
a commodity, to be obtained at the cheapest possible rate.
"Fluctuations in rates paid to workmen in all trades," says the report,
"are so great that it has been difficult to determine what may be termed the
'prevailing rate In any narrow vicinity.
Wage Cuts
in Industries.
\
.
, „
.
^
\
authority to act for the Government m marketing railroad
securities prior to the passage of the Railroad Funding Bill
• ; M
Eugene Mover Tr Manaonn^ Director nf thl
iVir\
^^yer, Jr., IVianagmg JJlTOCtor Ot tH©
Corporation, who has been actively interested in the matter,
received the bankers' offer and turned it over to the Director-
Department of Labor,
Cite
..
,.
,
is probably a transient condition, hut
painful results of the war. It Is a fact that the condition
"The decrease
■,
m,
,
.
. i
,
General. The bankers are quoted as saying that they have
purchased the certificates to hold and will not offer them to
_
^0 public.
The official announcement follows:
,
Statement Issued to the Press by War Finance Corporation Sept. 12 1921.
The Director.General of Railroads announced to-day that he had. with
th0 approval of the president, confirmed the sale, at par plus accrued
I interest, of $7,500,000 par value of railroad equipment trust certificates
now held by the Government. The purchasers are Messrs. Kuhn, Loeb <fc
Co-' bankers of New York.
I The offer for the purchase of these securities was received from Messrs.
Kuhn, Loeb & Co. by Eugene Meyer, Jr., Managing Director of the War
I Finance Corporation, and transmitted by him to the Director-General of
exceed 25%.
Railroads shortly before Mr. Meyer's departure for a Western trip.
the Navy Departmental Wage Board reported that the highest
Tiie equipment trust certificates bear interest at 6% per annum, and
for
trade was 85 cents an hour and the pay at'that time of ship- J niature serially from 1928 to 1935, inclusive. The securities sold are of
trades, then almost fully employed was 80 cents.
the following railroad companies:
determined by the Department of Labor for the automobile Atchison, Topeka & Santa Fe Railway Co
$1,500,000
industries
77 cents an hour.
Chicago, Burlington & Quincy Railroad Co
1,500,000
decrease in wages of 18.5% be applied to the foregoing
Norfolk & Western Railroad Co
1,500,000
would obtain a prevailing current wage for artisans throughout
Central Railroad Co. of New Jersey
1,500,000
of somewhere near 65 cents an hour.
Southern Pacific Co
1.500,000
of the Bird's report Is on the subject of thepayment of wa*es
wh;je th amount involved jn this transaction is not
productive labor basis, and Is of interest, as the Board says, in that
ornn nnn nnr\
•V
at
yards, as elsewhere, depends upon the sympathetic I
When compared. WltH tHe $5(X),(XX3,UOO Or more which
cooperation between the workmen and the management.
The essential the Government is owing to the railroads, the sale has
ItoenttatTo 1thte0wtorkmanaBOment °' the
^ the
aroused much interest both as showing the improved condirecommended liberal construction of provisions of the law by
tion of railroad credit sincO the sale of 6% certificates Was
advancod by employees may be met with various forms of
possible at this time at par and interest, and as evidence
conditions with those a year ago, when the present
Navy scale was established, the Board finds there has been a general
decrease in wages of about 18.5%.
For railroads, decreases in pay have been but 10%; In steel plants, the
Comparing present
decreases
A year ago
any
wage
building
The pay as
was
and similar
If the average
rates, we
this country
One Item
on
a
"efficiency
navy
omo
The Board
which
a
ideas
willingness of Government
in some cases.
•
provided at ail yards and stations, where shop
committees of each trade are to take part.
These meetings are to be
attended by the commandant in person, and the right of employees to
cash rewards are
also to be paid
Monthly meetings are
present any grievances
through their shop
committees is made free and
untrammelled.
in an effort to hasten the settlement of the Government's
obligations to the roads with a view to enabling the latter
,
, ,, .
.
.
, „
. .
x.
meet their pressing requirements
provements, &C., and thus
Government officials at
belief
SOUTHERN TEXAS AND
SAN ANTONIO
FLOODS.
southern Texas was devastated
floods—the precipitation in localities varying
from two to twenty-four inches of rain in twenty four hours,
From Temple clear to the Rio Grande the raging waters and
wind took a toll of upwards of] 200 lives while destroying
Beginning Friday, Sept. 9,
by storms and
property
conservatively placed at $5,000,000. The edge
touched by a tornado.
In the low lands the
and bankers to co-operate
that
the
for rehabilitation, im-
stimulate industrial activity.
Washington express the confident
Director-General will be able shortly to
negotiate further large blocks
of the equipment trust certifi-
cates which he holds, possibly up to a total of $200,000,000.
However, he is not permitted under the terms of the existing
law to dispose of the certificates for less than par and interest
and it is questionable just what amount of his holding will
be found saleable at that figure.
It is considered important
therefore that the Railroad
passed by the House shortly before
grade of an already short cotton crop was materially dam- Congress adjourned for its summer recess, should become a
aged. Along the San Gabriel River in Williamson and law as quickly as possible so that the credit of the War
Milan Counties 110 lives were lost—mostly Mexican farm
Finance Corporation may be available in disposing of the
laborers.
At Thorndale alone sixty-five bodies of Mexicans railroad securities held by the Director-General or the
recovered.
United States Treasury. This measure, which was fully
The greatest destruction was at San Antonio where the
described in the "Chronicle" of Aug. 27, p. 910 to 912 and
small San Antonio River rising at the .upper limits and
914, also authorizes the funding of the indebtedness of the
meandering through the city burst its banks and sent a roads to the Government for not exceeding fifteen years,
wall of water through the heart of the business section,
thus obviating the necessity which now exists under the
The raging torrent swept away or damaged half of the
Transportation Act of offsetting the same against the
26 bridges that span the stream.
At once the pumping amounts due the roads from the Government. With modeiv
of Austin was
Funding Bill, which was
were
of commission, and
danger of pestilence,
Electric lights, telephone and telegraph went out.
Hotels,
churches, office buildings, banks, department stores were
flooded as the water rose in some places of the down town
works was put out
mains were severed, adding the
plant of the water
sewerage
district to ten feet.
ate use of Treasury funds and realization, with the help of
the War Finance Corporation, on the negotiable portion of
the railroad securities in Federal vaults, it is believed there
should be no difficulty in discharging the entire $500,000,000
of Government
indebtedness to the railroads recently under
I Federal management.
Sept.
There
17
are
1921.]
THE
CHRONICLE
included in the $7,500,000 of
equipment trust
five lots of $1,500,000 each, consisting
Atchison, C. B. & Q., Norfolk & Western, Central of
1213
bonds, equipment trusts, &c., which the Government should
certificates just sold
be authorized to
buy.
of
the
following miscellaneous bonds, notes, &c.:
New
Jersey and Southern Pacific, being parts of
as
many
of the
owner
In this
Obligations of $65,297,250 Held by U. S.
equipment issues, together aggregating nearly 25 millions
which, with similar issues made by 75 other railroads, the
Boston & Maine RR-_-.._.$26,695,000
Chicago Junction Ry........
200,000
whole
Chicago T. H. & S. E. Ry..
face
representing
value,
the
in
neighborhood
the
of
$330,000,000
createcj. under identical trust agreements,
were
Guaranty Trust Co. being trustee and turned
to
over
the Government in payment for new rolling stock allocated
One-fifteenth of each issue of
tures
yearly
Jan.
on
15 and
these
50,250
3,000,000
Erie Railroad...
Hudson
&
Manhattan
RR_.
1,000,000
Receiver Int. Grt. Nor. Ry.
Locomotive Superheater Co.
1,400,000
250,000
750,000
Minneapolis & St. Louis RR.
gations
equipment trusts
ma¬
the first installment has al¬
May 31 1921 Acquired Under
on
Section 7 of Federal Control Act
of 1918.
In addition to the equipment
to the several roads at the close of Federal control.
the Government became
way
above
mentioned,
$52,000
6,500,000
3,000,000
Pennsylvania RR
Pittsburgh & Lake Erie RR.
20,000,000
500,000
1,850,000
Seaboard Air Line RR.
Washington
Brandywine
&
Point Lookout RR.......
trust
certificates
bonds
and
50,000
other
(a)
a
ready been paid (on Jan. 15 1921), leaving still outstanding
Government existing at end of Federal control
6% notes running not
10 years, $89,506,500 of May 31 1991, viz.: B. &
and in the hands of the Government
Mil. & St. Paul, $20,000,000;
no
prior to the present sale,
previous attempt having been made to market the
substantially
the
following
May 31 $310,175,300:
aggregating
amounts,
i ;
same,
of
as
^
O.,
Mobile
notes
&
Northern.
running not
Southern
Ann
RR__
Arbor
RR___
Ateh., Topeka & S. Fe Ry.
$154,000
733,600
_
Atlanta Birm. & Atlantic Ry_
Coast Line RR____
,
Atlantic
Kanawha & Michigan Ry...
8954,800
890,4(0
6,865,600
Kansas
617,COO
5,954.20C
Lake Erie & Western RR...
597,800
Nashville RR..
9,770,600
City Terminal
Louisville &
Atlantic Coast Line RR. and
Ry..
1,122,800
Michigan Central RR......
4,776,800
Minneapolis & St. Louis RR.
1,388,800
Mo. Kansas & Texas Ry____
1,177,400
4,974,200
Missouri
9,549,400
Ry__
1,870,400
Mobile &
Carolina Clinchf. & Ohio Ry.
Central RR. Co. of N. J
5.640,600
Monongahela Railway
3,262,000
763,000
Morgantown&KingwoodRR
2,427,600
Nash. Chatt. & St. L. Ry..
New York Central RR.....
1,211,000
12,762,400
N. Y.N. H.& Hartford RR.
4,019,400
1,104,600
16,406,600
Baltimore & Ohio RR
Boston & Maine RR.
Buff.
Roch.
«fe
Pittsb.
Charleston & W. Caro. Ry„_
Chesapeake & Ohio Ry
10,458,000
Chicago & Alton RR
1,695,400
Chic. Burl. & Quincy RR_._
5,656,000
Chicago & Eastern 111. RR__
691,600
Chicago Ind. & Loulsv. Ry.
970,200
Chicago Great Western RR.
607,600
Chicago Junction Ry
446,600
Chicago Milw. & St. Paul Ry. 15,348,200
Chicago & North West. Ry.
9,308.60C
Chicago R. I. & Pacific Ry.
7,576,100
Chicago St. P. M. & O. Ry.
2,195,200
Chicago & West. Ind. RR-.
260,400
Cin. N. O. & Tex. Pac. Ry.
893,200
C. C. C. & St. Louis Ry
4,788,000
Colorado & Southern Ry
980,000
Delaware & Hudson Co....
3,651,200
Detroit Tol. & Iron ton RR..
788,200
Detroit & Tol. 8h. Line RR.
467,600
Erie Railroad
Pacific RR
Ohio RR..
Southern
Norfolk
567,000
RR
6,426,000
253,400
RR.^_.48,544,000
Pere Marquette Ry.
8,519,000
Pittsburgh & Lake Erie RR.
543,200
Pittsb. McK. & Yough. RR.
2,613,800
Rich. Fred. & Potomac RR.
Rutland
Railroad
319,200
2,233,000
Pacific Ry_.......
2,825,200
4,008,200
Washington Southern Ry—
393,400
Hocking
2,623,600
8,509,200
Washington Terminal Co—
Western
88,200
799,400
4,281,200
Wabash Railroad
Maryland
2,003,400
1,103,200
1,521,800
10,381,000
Ry
Wheeling & Lake Erie Ry...
Note.—A table showing the maximum and minimum amounts of
equip¬
ment trusts authorized to be created
ment
was
by the several roads under this arrange¬
given in the "Railway & Industrial" Section for Nov. 27 1920.
oil duties
noted in the
was
It is further
the larger
as
following copyright cablegram to
City, Sept. 8.
the New York "Times" from Mexico
One of the first results of the conferences held
by the American oil group
with Finance Minister de la Huerta is the
repeal of the decree
regime and
were redeemed
Obregon signed
estimated that
a
Tnese bills
by their collection
decree tris
afternoon
or
any
corporation like the War Finance
Corporation marketing them has the option, if it desires, to
the
ensure
the
remainder
after
the
ready saleability of
such
of
issue
1930) before selling the
inferior
latter
in
a
portion of
installments
(the
same
issue to stamp
any
with
as
maturing
preference and priority.
Particulars
retiring
on
a project offering a
exportation it the oil companies would build refineries
The finished product would pay a much lower rate.
It is understood that the time limit
tax is Dec. 25.
and the rate
the market
given for tbe payment of the exportis to start immediate shipments
The object of tbe oil group
on
exportation will be averaged when the cost of production and
prices in London and New York
The conference agreed to
adopt
a
are
taken into consideration.
sliding scale, making
averages each three
one
stated in the
The
"Chronicle," V. 110,
922.
p.
certificates, it should be added,
in any
way
by the Director-General
stock,
backed
of the members of the Committee
of the oil tax
Mexico
as
the United States
on
its
own
allocated
the
the
credit
the
of
The
as
press
having in
adjustment
an
statement with his return from
Sept. 9 in which he said:
on
throughout
we
our
negotiations
were
amicable settlement
an
most
was
courteous.
us
President
cordinally and
Every disposition to
manifested by the Mexican officials
feel that the adjustment which was made, representing concessions
both sides, was ail that could be expected in the circumstances.
The companies which we represent expect to resume immediately their
exportation of oil from Mexico, and it is hoped that they
may be able to
continue the development of the industry in Mexico to the advantage of all
concerned, both the companies themselves' and the Government and
The certificates
were
issued
We see
no reason
to doubt that the
Mr.
"Philadelphia plan" for securing
dispatches speak of the Director
his
possession,
available
for
sale,
personal contact
the Mexican officials wiil result iii better
Teagle stated that
American companies
Washington
a
Obregon and Secretary of Hacienda de la Huerta received
railroad that
equipment trusts.
General
dispute, issued
Our sojourn of one week in Mexico City was very
pleasant.
on
not guaranteed
representing American
people of Mexico.
by
purchased this rolling stock.
under what is known
fully
more
'
are
or
Government, but each issue is secured
rolling
5, and
page
Teagle, President of the Standard Oil Company
oil companies which went to Mexico to effect
arrive at
1921,
v'.o
Walter C.
and
May
It is
During the conferences the Government presented
dustrial"
for
them.
small amount, less than a million, is in
a
reduction of taxes
In Mexico.
regarding this right will be found in the "Railway & In¬
Section
issued by the
part of the taxes.
circultion, and this
speculators, who demanded high prices when the oil
companies were obliged to use them to pay taxes.
statement making
a
calling for the
were
is held by
amount
interesting feature of these certificates is the fact that
the Government
com¬
The repeal of the
months.
An
Sept. 13.
proportionately small
panies had postponed their payments.
President
St. Louis-San Francisco Ry__
550.200
were
820,400
13,094,200
Grand Trunk Western Ry...
Great Northern Ry
Ry...
paid
as were
compared with the usual payments,
as
on
in accordance with
heads in Mexico City last week.
said that such taxes
payment of infalsefiable bills for oil duties.
Virginian Railway
RR
oil company
Carranza
Texas &
was
announced in
agreement said to have been reached with five American
an
9,606,800
Toledo & Ohio Central Ry..
Toledo St. L.& Western RR.
Valley
stated,
2,626,400
240,800
Central
was
City
Southern Railway
838,600
Indiana Harbor Belt RR
companies in compliance with that decree
The return of the taxes, it is
by the
by various oil
Associated Press dispatches from Mexico
1,540,000
Terminal RR. Assoc. of St. L.
made
payments
Southern Pacific Co........
Ft. Worth & Denver City Ry.
Grand Trunk Ry. of Canada.
Illinois
Government of
Seaboard Air Line Ry
Spokane Port. & Seattle Ry.
6%
697.
the Mexican export tax decree of June
7, the return
Obregon
918,400
345,800
:
Gulf
amended,
as
TAXES RESCINDED.
123,200
Western Ry
Northwestern Pacific RR
Pennsylvania
MEXICAN OIL
460,600
Norfolk &
4,201,400
(b) Under Section 210
Following tho rescinding of the oil taxes, called for under 1
175,OCu
Maine Central RR....
Louisville & Nashville RR.,
Joint leasees of Georgia RR_
$480,000;
over
p.
Kansas City Southern Ry...
over
$9,000,000; Chic.
N. Y. N. H. & H. RR.. $60,626,500;
15 years to a total of $222,225,667
(as of July 29
1921) representing loans from the Revolving Fund.
A list of these last
named notes will be found in "Chronicle" of
Aug. 13,
Equipment Trust 6% Gold Notes Held by Director-General of Railroads May 31
1921 Persuant to Federal Control Act of 1918.
Ala.- Great
obli¬
the
Government
has
acquired under
the
large amount of 6% promissory notes secured
Under Section 207 to refund indebtedness to the
Transportation Act of 1920,
by collateral, viz.:
Receiver M.K.&T.Ry.ol Tex
New York Central RR__.._
N. Y. N. H. & Hartford RR.
Mexico
as
a
now
established with
understanding and mutual benefit.
result of the agreement the
which discontinued exports of oil to
following the imposition of the duties, would
their shipments.
resume
The committee of which Mr. Teagle was
It
head, also included E. L. Doheny, President of the Mexican
i$ apparent therefore, that this figure, if correct, includes
Petroleum Company; J. W. Van Dyke, President of the
Atlantic Refining Company; H. F. Sinclair, Chairman of the
equipment trust- certificates to
issues
other
than
the
a
total of $380,000,000.
$310,000,000 equipment certificates
described, dated Jan. 15 1920, possibly issues not
strictly in the nature of equipment trusts; perhaps those
referred to in the following table as having been
acquired by
Sinclair
the
DEVELOPMENTS
above
may
U.
S.
Treasury
Control
under
Act
be that the larger total embraces to
of
1918.
Or
extent
some
equipment trusts obligations created in accordance
it
"Chronicle" of July
16,
p.
Erie in "Chronicle" of Feb.
V. Ill, p. 458
1921;
also
see
"Chronicle"
and "Railway & Industrial Section,
In addition to the
ment
19
page 5)
equipment trusts aforesaid, the Govern¬
(or the Director-General of Railroads) holds
railroad
obligations but
many
of these
are
original Federal Control Act it
immediate
corporate
was
requirements
numerous
notes (secured by
collateral) and could not be readily marketed.
Under the
provided that to meet
the
roads
IN
OF
witjh the
291, and Wheeling & Lake
could
issue
Company
and
Amos
L.
Beatty,
Company.
NEGOTIATIONS
LOOKING
TO
SOLUTION OF IRISH PROBLEMS—CANCELLATION
the
plan under which the National Railway Service Corporation
was formed.
(Compare Chicago Rock Island & Pacific Ry.
in
Consolidated
President of the Texas
The cancellation
CONFERENCE.
by Premier David Lloyd George of Great
Britain of the conference which he had proposed be held at
Inverness
on
Sept.
20, for
the further discussion of the
proposals looking to the adjustment of the Irish problem is
the latest development of the interchanges which have taken
place between the Prime Minister and Eamonn de Valera,
the so-called President of the Irish
of
Republic.
This action
Lloyd George results from the reiteration of the claim of
the
envoys
of
the
Dail Eireann to negotiate with Great
Britain "as the representative of an
eign
state."
This
claim,
Lloyd
independent and
George
states,
sover¬
"would
THE
1214
make
"constitute
Government
official recognition by His Majesty's
an
Ireland from the Empire and
independent republic."
In canceling
of the severance of
of its existence as an
for next week's conference, Lloyd George
that he must consult his colleagues on the course
the arrangements
announces
of action
this
situation
new
Lloyd George's
Inverness on Sept. 20 "to
necessitates.
suggesting the conference at
letter
Ireland with the Community
the British Empire can best be recon¬
ascertain how the Association of
of Nations known as
Aspirations"
ciled to Irish National
given in our issue
was
Mr. de Valera, in his reply
10th inst., page 1119.
of the
On the 14th inst. it had been announced that the appoint¬
impossible," since it would,
conference between us
a
he states
Fein to enter into such a
independence
and a Sovereign State, and insisted that the Sinn Fein
envoys be recognized as representatives of such a State.
The couriers through whom this reply was delivered,—
Harry Boland, Secretary to de Valera, and Joseph McGrath,
were received
by Lloyd George at Gairloch, Scotland, on
the claim of Ireland to
.
Sept. 13, and an official
communique issued thereon that
Boland had an interview with Mr. Lloyd
which
Both the letter of de Valera
the
and
made public
is de Valera's letter
Dublin:
following
presented1 by the
of Lloyd George canceling next
answer
week's conference were
was
the 15th inst.: the
on
reported in Associated
as
Press advices from
Dublin, and that it had likewise unanimously approved the
reply to the proposals of Lloyd George regarding the Irish
conference
to ascertain how the association of Ireland with the community of nations
known as the British Empire can best be reconciled with Irish national
aspirations.
Dublin
The Dail's official bulletin
tiaries says
Aug.
indicated in our
Dail, that we
We have accordingly summoned the
10.
the representatives it is
our intention to propose.
We hope that these representatives will find it
possible to be at Inverness on the date you suggest, Sept. 20In this final note we deem it our duty to reaffirm that our position
is and can only be as we have defined it throughout this correspondence.
Our nation has formally declared its independence and recognizes itself
as a sovereign State.
It is only as representatives of that State and as
its chosen guardians that we have authority or powers to act on behalf
submit to it for ratification the names of
may
of our
As
nation
The
suggested
interpretation of that principle save the every¬
no
example, in which it was understood by
of the world when on Jan. 5 1918, you said:
plain men and women
must be based
of Europe
settlement
"The
on
such grounds of reason
justice as will give some promise of stability.
government with the consent of the
basis of any territorial settlement in this war.
and
feel that
we
These words are the true answer
your
nations that had been annexed to
free themselves from the
understand it.
empires against their will to
That is the sense in which we
grappling hook.
In reality, it is your Government,
ancient nation and to
Arthur Griffith,
interpretation that would undermine the fabric of every
world back to tribalism.
an
democratic
Robert C.
EAMONN
telegraphed
the 15th, and from London the Asso¬
on
ciated Press cablegrams
I informed your
of your
tion
give it
claim to
ference between us
follows:
negotiate with his Majesty's Government as the
Eamonn J. Duggan, Sinn Fein member of
George Gavan Duffy, who has acted
The Dail
dence and recognizes
itself
as a
the
chosen guardians that we have
behalf of our people."
authority or powers to act on
I asked them to warn you
of the very serious effect of such a paragraph,
and offered to regard the letter as
might have time to reconsider it.
not delivered to me, in order that you
Despite this intimation, you have now
I must accordingly cancel the
week at Inverness, and must consult
published the letter in its original form.
arrangements for the conference next
colleagues on the course of
my
action this new situation necessitates.
I
possible, but, as I am for the moment
will communicate this to you as soon as
here, a few days' delay is inevitable.
laid up
absolutely
clear
that
his
Majesty's
Meanwhile, I must make it
Government
cannot reconsider its
If
we
accepted a conference with your delegates on the formal statement
claim
which
have reaffirmed, it would constitute an official
you
recognition by his Majesty's Government of
the
the severance of Ireland from
republic.
Empire and of its existence as an independent
It
on
would,
moreover,
land's
would be irreparably
cause
the proposed conference
Mr. de Valera's
clear.
that if
have not come to meet us by a single step, but have
I am, yours faithfully,
\
LLOYD
GEORGE.
am
surprised that you do not see
letter of
Sept. 7 without making our position quite clear, Ireland's representatives
would enter the conference with their position
that has
right irreparably prejudiced.
misunderstood and the cause
Throughout the correspndence
place you have defined your Government's position.
taken
We
have defined ours.
definitely opposed there would indeed be no
If the positions were not so
if
and
conditions whatever except those imposed by the
It should be obvious that in a case like ours
problem to be discussed.
result the negotiators must meet without prejudice
there is to be any
untrammeled
by
facts as.they
know them.
any
PRESIDENT HARDING ANNOUNCES AMERICAN
TO CONFERENCE FOR LIMITING
ARMAMENTS.
Names
the delegates from
of
international
conference
the United States to the
limitation
on
of
armaments and
which will be held beginning Nov. 11 at
Washington, Were made public by President Harding on
related questions,
Sept. 9 as follows:
Charles Evans Hughes. Secretary of State.
the
Lodge. Senator from Massachusetts, Chairman of the
on Foreign Relations and Republican floor leader in
Cabot
Committee
Senate
Senate.
Elihu
former
Root,
Underwood,
W.
Oscar
the
of State, former Secretary of War,
Secretary
York and
Senator from New
an
ex-
American member of The Hague Tribunal.
of Alabama, former Democratic floor leader
House, father of the Underwood
in
Tariff Law and present leader of the
Democratic minority in the Senate.
delegation from each country participating in
stated, be confined to four members.
It is said further that only
Great
Britain,
Japan,
the chief Allied Powers—France,
Italy and the United States—will
take part
in the discussion of the question of disarmament.
JAPAN
NAMES
THE
BASIC PRINCIPLES FOR
THE
LIMITATION OF NAVAL ARMAMENTS.
The
tude
was
on
first intimation of wrhat appears to
on
be Japan's atti¬
question of the limitation of naval armaments
the
given in dispatches from
Tokio to the Associated Press
These dispatches said:
Sept. 13.
A conference of the
officials of the
basic principles as the limi¬
naval and military authorities and the
Foreign Office has decided upon the following
of naval armament, according to the
"Asahi Shimbun":
"Japan has no intention of reducing the strength of her navy independent¬
ly, nor of suspending the previously arranged building program.
But as
she has heartily approved curtailment, so as to promote the happiness of
mankind, Japan is willing to make efforts to establish some arrangement
tation
with the Powers.
first, that it is against the fundamental spirit of the
conference that any Power should possess superior forces
secure a decisive victory over any other Power or Powers;
Powers should minimize the scope of armament to the same
"Japan believes,
sufficient
to
therefore the
degree as that
the Powers
"Second,
of the country
any
having the smallest naval strength among
concerned.
the Powers
any naval base or
naval bases for their navies on the
concerned shall not establish
arrangement to serve as
should be put on
in phrases of emphatic challenge the letter and the spirit
telegram said:
side accepted a conference on the basis of your
our
we on
prejudiced if she entered
without making her position quite
telegram last night and
has been made by us.
original claims.
night announced from London
telegraphed Premier Lloyd George
expressing surprise that the Premier did not see that Ire¬
make
On your part you
responsibility for any breach in the nego¬
The Associated Press last
association with the British Empire you would
pursue closer association by treaty with some other foreign power.
There
is only one possible answer to such a claim as that.
The great concessions which his Majesty's Government made to the
feeling of your people in order to secure a lasting settlement deserved,
in my opinion, some more generous response, but so far every advance
merely reiterated
plenipotentiaries is considered in political quar¬
towards throwing
that Mr. de Valera had
entitle you to declare, as of right acknowledged
by us, that in preference to
of your
possible negotiations which may or may not follow
the Prime Minister.
on
W'ashingtqn
position, which I have stated to you.
of the
the Prime Minister's invitation, but have been
response to
carry
a move
as
tiations
representatives of that State and as its
any
to
receipt by Mr, Lloyd George of the Dail Cabinet's reply.
ters
•
sovereign? State," and it is only, you added,
Parliament and a leading figure
representative of the Sinn Fein
plenipotentiaries, it was explained, were not appointed to go to
Inverness in
chosen
in which you specifically reaffirmed
stating that your nation "has formally declared its indepen¬
claim,
as
abroad.
sovereign State would make a con¬
impossible.
They bought me a letter from you
"as
as
the
>
in the arrangement of the Irish truce.
emissaries who came to me here Tuesday that reitera¬
representative of an independent and
that
founder of the Sinn Fein and Foreign Minister of
the conference will, it is
VALERA.
Lloyd George's reply to the Dail Eireann
The text of Mr.
was
DE
of the
those
were
Barton, who has been one of the leading figures in the pre¬
The main
faithfully yours,
Sir,
approved
liminary negotiations.
State and drive the civilized
I am,
possible conference with repre¬
a
Michael Collins, Finance Minister.
when It seeks to rend our
partition its territory, that would give to the principle
of
plenipotentiaries
of
Dail, Cabinet, chairman.
Henry
to the criticism of our position which
The principle was understood then to mean
forward.
last letter puts
the right of
Therefore, it is that
governed must be the
from
following:
that will
have at heart—that is, the final reconciliation of
day interpretation, the same for
the
appointments
by consent of the governed, in
with yours.
We have
advices
announcing approval of the five plenipoten¬
done "in view
was
of things it must be the basis of any agreement
achieve the purpose we
our
this
DELEGATION
regards the principle of government
Press
sentatives of the British Government."
people.
the very nature
Associated
The
Sept. 14 also stated:
on
of Ireland's
contemplate such an association was
Our readiness to
of
negotiations.
peace
I received your
in declaring our willingness "to enter a
We are unhesitating
proposed conference at
the
to
approved by the Dail Eireann at its session at
was
The appointment of the
George
this afternoon and discussed some points in reference to the conference
suggested in the British Government's last communication.
They return
to Dublin with Mr. Lloyd George's views for further consideration.
Mr. McGrath and Mr.
letter
plenipotentiaries
Inverness
date said:
couriers
of
ment
declaring the willingness of the Sinn
conference reaffirmed
[Vol. 113.
CHRONICLE
Pacific."
Concerning the second
officers
be
provision, the "Asahi Shimbun" says that the naval
originally suggested that
fortified islands in the Pacific should
prohibited, but this was amended as above.
continues the paper, Japan wants to suggest that
Furthermore,
limitation
construction after a certain year, to be
named, because destruction of existing warships or suspension of construction
on those building would involve inconvenience.
Also the period for the
completion of previously planned vessels should be extended.
For example,
it is pointed out, the United States should extend her three-year program
future warship
Sept.
over
17
1921.]
THE
CHRONICLE
longer period, thereby regulating the augmentation of her naval
a
Esther Hirsch et al.,
respondents, vs. Morris Weiner, appel¬
strength.
,
lant.
stated, there will be further discussions.
Diplo¬
Japanese newspapers
that the Japanese Government,
say
the
belief that army matters
may occupy a more important place in the con¬
was first believed, has decided to send to
Washington additional
on
ble way to
ference than
The
Japanese army, which
founded
was
German system, has few officers who
language.
General
Kanae
French
the
on
fluent in the
are
Utsonomiya
and
General
and
Yur
dence.
English
the
are
only
It
is
argued that,
legal
loss
brought
up,
cation from the United
The Court said
the territories of
on
Thirty-four actions
Railway.
same
has been made between
progress
PEACE
AND
CONFERENCE
LABOR
WITH
CHIEFS
rental the
URGED
message
of the
promotion of
of
the Irish crisis.
thern face to face in conference.
af¬
way
The full text of the decision follows:
Each of the actions
was
brought to
recover
several parties
particular action tried, the
herein, is claimed to be
arising under the tenancy of Morris
one
July 20 1920, for
on
executed by the landlords and
was
from Oct.
in the month of Aug. 1920.
term
same
one year
All of them, therefore,
were
executed prior to the Housing Bills passed at the special Legislative session
joint meeting at
1920 and which became law Sept. 27 1920.
Sept
of the tenants in the
answer
case at
bar
simply sets
up
defense under the statute that the amount of rent sued for
and that the agreement under which the
unreasonable,
The
involves personal negotiation in conference in
no
1 1920, to Sept. 30 1921.
majority of the other written leases with the other tenants were executed
for the
The
peace
property is
in
were
executed by the
leases,
Weiner
opinion should invite the representa¬
our
Irish people to meet
the
The amount of rent reserved in
says:
"The British Government in
tives
if
giving
expenses,
and January and February 1921.
In the
Parliamentary Committee of the Trades Union Congress and the
on
for
October, November and December
The
a
and
gas
made
the reasonable rental value of the several apartments.
copyright cablegram from London Sept. 6 to the New
National Executive Committee of the Labor Party, at
Cardiff to-night, sent a telegram to the Prime Minister
operating
be
depreciation,
five months' rent, viz., for the months of
IRISH LEADERS.
York "Times" said:
The
coal,
as
should
annual
mattered not whether
Weiner, it appeared that a written lease
A
for
since its rental value is
separate judgments rendered.
written
WORKERS
insurances, janitor services,
Allowance
City of New York.
1920,
BRITISH
repairs.
(3)
consisting
year,
brought against as many tenants living in the
2104 and 2114 Caton Ave., in the Borough of Brooklyn,
All of these actions were tried together as one, and
premises Nos.
insists that great
newspaper
Japan and the United States in the negotiation of the immigration question,
based on the Morrls-Shidehara report, but with modifications of it.
The
it
not,
or
erating expenses.
Powers, spheres of influence, mandates, if they have not been pre¬
viously settled, and also the question of Manchuria and the Chinese East¬
The
past
supplies, such
necessary
gross
the
fected thereby, but interest paid on
mortgages and expenses
of negotiating mortgages are not to be included
among op¬
other
ern
Deduct from the
mortgaged
communi¬
concerning the agenda of the conference,
and navy restrictions, the open door and equal
subjects army
as
rates,
by the landlord.
(5) If this net rental does not exceed 10 per cent of the
present value of the property, then the rent demanded is not unreasonable.
States
opportunity in China and Siberia, non-encroachment
for
non-payment and
or
laws.
a
demanded
expenses
water
current
necessary
by vacancies
(4)
taxes,
collection of rent,
and
rent
operating
for
payments
rentals
gross
the net rental.
French
According to the "Yamato Shimbun," Japan has received
suggesting
of
proved.
uses the French language fluently, he could
delegation if the question of conscription is
Japan and France being the only two great Powers now having
conscription
allowable
expenses,
electricity,
he
as
Determine the
the
ordinarily of
Washington.
negotiate with the
(2)
Determine
superior officers who speak English perfectly, but, as both these men are
unavailable, the opinion is growing, according to the newspapers, that
Lieutenant-General Baron Yusaku Uyehara, Chief of the General
Staff,
should be named as the supreme Japanese milit ary adviser to the
delegation
at
reasonable rent:
a
competent evi¬
then the
of the
use
determine
(1) Determine the present fair market value of the premises
by offering
opinion evidence as to both fee and rental value or by other
influential representatives.
.
an
in
Definite plans will be drawn
up
after this draft is submitted for consideration
by the Cabinet and
The
In
opinion, written by Justice Kelby and concurred
by Justices Cropsey and Lazansky, five
rules, intended
for the guidance of
municipal courts, landlords and tenants,
were promulgated.
The following is laid down as the sensi¬
Concerning seaplanes, submarines and other destructive agencies, it is
matic Advisory Council.
1215
order
recovered is
be
to
oppressive."
The
the affirmative
was
same
also sets up
answer
as
"unjust and
sought
was
separate
a
that the British Government and the Irish leaders
may escape from verbal
defense "that the premises were unfit for the purpose for which demised."
controversy
No mention of this latter so-called defense appears elsewhere in the record,
fronts
to
recognition
the
of
realities
of
the
problem
which
con¬
and
them.
"The
termination
resumption
of
negotiations would,
of hostilities
phatically that
intensified
an
war would
new
a
in
whole world and would
be
an
according to
form.
We
you,
declare
outrage to the moral
mean
the
most
em¬
sense
the agreement under
of the
upon
assembly
of
a
without
conference
peace
delay.
desire of the citizens of both countries and that
tions
supersede
would
written
communication
We
once
believe
this
to
disappear, and the negotiations would be carried
is
the
estate experts
the
the
conversa¬
of the
plaintiffs further undertook to
new
statutes
Some trial
AGAINST
CIRCUMSCRIBING
POWERS
OF
Warning to the British Government against circumscrib¬
Hugh
of the
O'Neill,
Ballymena,
Speaker
County
Ulster Parliament
new
of
Parliament,
Antrim,
was
address
at
according
to
an
saying:
11,
war
in
Ireland.
horrors
calamity,
It
and
new
would
Prime
as
mean
Minister
between North
war
we
do
not
like
to
South
The
Lloyd George has truly said, wouidnot
be
"The war would become worldwide," he
continued.
"Hundreds of
thousands of people from Great Britain and the
empire would support the
point of view held in Northern Ireland, and there would be hundreds of
thousands of people from the United
States, and possibly from the British
colonies and dependencies, who would come to the aid of
Southern Ireland.
brief, there would
and the United
Irish
has
be in Ireland
a war
which would embroil Great
States, and would spread horror
been
declared
the
official
over the
Britain
earth."
language of the Irish Republican
prominent Republican, in address
Parliament, declared Pierce Beasley, a
ing the Waterford Gaelic festival to-day.
He added that when the Dail
Eireann controlled its
own Government it would "no
longer allow an English
Education Board to officiate, but would start to make
Irish the spoken and
written language of Ireland from the
centre to the sea."
"The Dail Eireann," he continued, "will make Irishmen
out of the
of Spaniards or
Englishmen, and
This remark, in which
who
was
was
even make
seen
born in America, evoked
COURT
OF PROPERTY
subject of
was
a
great deal of controversy since the enact¬
of amendments to
held to be
property in
a
a
the
return of
case
rent
10%
decided
laws
on
by
of
The
Aug. 31, was given in the
at
in
Brooklyn,
the ground
who
York
State,
the present value of the
The decision,
of the
announced
on
of apartment house tenants
had
refused
was
oppressive.
to
pay
The
premises No.
6%.
to
$215,000.
The
2104 Caton Ave.
Plaintiffs claim
$1,000.
value
some
The facts in the
was
$192,000.
of the lots it
The
appears
contains sixteen apartments and
The premises No. 2114 Caton Ave.
and
one
and
hundred and eight
estimated charge for renewing mortgages of
an
Water rates $456 86.
Janitor's services $1,375.
and electric bills $236 12.
also
case
claim for loss
a
Gas
A claim of $1,725 45 for services in
collecting rents and for supervising the property
was
Yearly
Coal bills $4,888 80.
The yearly repairs claimed by the landlords and
supported by proof were $4,423 31.
being collected in this
and
rooms
second mortgage of $36,000
a
Taxes for the year were $4,876 80.
insurance $380 48.
by the husband of
of $292 35,
of rents
was
one
also made, the rents
of the
There
owners.
which is not supported by
the proof.
The evidence supports a
finding that the fair market value of the premises
at the time of the commencement of the action was $215,000 and the value
leaving the value of the building $190,000.
It is the appellant's contention that the landlords are entitled to a fair
return
the
only
the amount of cash actually paid
on
premises,
upon
viz.,
$49,750, and not upon the
as part
consideration for
fair market value of the
increased
case
wras
rent
so, an owner whose property came to
not
enough to
property
or
or
be
entitled
the
pay
was
to
any
expenses.
And under such
for $9,000,
If
a
on
way
a
rule
were
an
owner
whose
purchased for $10,000 and the
a
a
purchase money mortgage
he is still obligated to pay the $9,000.
correct
for
If this
gift in any form
for it, would be entitled to and would
house
the buyer would only
fair percentage, say at most 10%
rent
or
larger net return than if he had mortgaged the property for a part
purchaser paid $1,000 in cash and gave back
a
his net rental.
as
him by will
net return and could charge as rent only
elsewhere every dollar he paid
a
nor
This contention is clearly
free and clear, though he may have borrowed from his bank
the whole of its cost.
JVe
that of
the full consideration of $196,000.
The amount of cash paid by an owner when purchasing cannot
help to determine the amount he should have
were
be entitled to
on
If appellant's theory,
as
net income for rent
the $1,000, or $100 a year,
as
net
$10,000 property.
think it
charge,
that it
reduced
first mortgage of $52,500 at 6%
a
obtain
New
the Appellate Term
case
been
contains twenty-three apartments
has
were
Supreme Court in Brooklyn.
and endeavor to lay down
are,
seventy rooms and has upon it a first mortgage of $36,000 at 5H % and a
would
REASONABLE RENT.
the
they
premises prevailing at the time for which rent is sought to be recovered,
The definition of reasonable
rent, a matter which has been
ment
as
second mortgage of $27,750 at 6%.
unsound.
APPELLATE TERM OF NEW YORK SUPREME
VALUE
deprecia¬
is $25,000.
sons
Irishmen out of Orangemen."
peals of laughter.
ON PRESENT
never make allowance for
by some justices, while others add repairs to capital
The assessed valuation for 1920
$27,000.
has
ment
even
HOLDS 10%
actual money invested only; some on
of $196,000 and that the total gross rental at the time of pur¬
sum
was
of the land $25,000,
application to Eamonn de Vaiera,
an
on
property was assessed for the year at $245,000, but it appears this assess¬
Ireland
contemplate.
confined to Ireland.
In
Questions of law arise under the
It appears that the present landlords purchased the property in Feb. 1920
Ulster Parliament
and
years
have to deal with them
for the
misery of which
expenses
considered in
present case will aid in elucidating a general rule.
a
the
to be
are
of the trial justices decide in different ways.
equity; some say that they
period of
a
chase
result of the projected negotiations between members
of the British
Cabinet and the Sinn Fein," he declared, "would lead
to a bitter civil
as
The
The statutes could easily have been made more definite and certain, but
/
Any diminution of the rights and privileges of the
their operating
prove
general principles by which they should be interpreted.
Associated Press accounts from Belfast, which
reports him
as
Laws of
reasonable.
account.
given by
we
in
Sept.
on
was
tion; others that they never allow legal expenses; ordinary repairs are spread
over
powers
which many
justices allow income
the landlord's
ULSTER PARLIAMENT.
ing the
prior to
year
shown by the bill of particulars.
as
And what factors
reasonable rent?
a
determining the reasonableness of rent?
issue."
WARNING
one
the present market and rental value of the premises,
as to
premises during the past year
What is
successful
a
it existed
as
sought to be recovered.
now
1920, of showing that the amount of rent sued for
reconciliation
to
which rent is
plaintiffs offered and the trial judge admitted opinion evidence of real
and
continuous
obstacle
any
stipulated that the rent of the tenant's
was
The plaintiffs then undertood the burden, under Chapter 944,
receive the sanction of the British people.
never
of the trial it
apartment had been Increased over the rent
"The trades union and labor movement of this
country must resist to the
further reference to the arbitrament of force and insist
utmost
attention will be accorded to it in this Court.
no
At the opening
matters
whether
the
affected thereby.
not,
in determining the reasonableness of
property is
mortgaged.
a
rent
Its*:rental value is in
no
This is the recognized rule (People ex rel. Fitch-
burgh R. Co. v. Haren, 3 Supp.,
be larger than
expenses were
rule there
would
the properties and their operating
an illustration: Two houses exactly
If this were not the
86).
reasonable rental of one property
would be discrimination, and the
that of another though
Identical.
Take this as
ship and with the same amount of operating expense; each
the same return and there should be no difference in their
should yield
rental value;
bqt if the owner placed a mortgage on one of the houses the rental value
while the rental value of the other one would
of that one would be lessened,
remain
fair and reasonable
of interest carried
This would be the result if the
it had been.
as
net rents allowable were
in excess of 6% or of the rate
by the mortgage.
higher the rate of interest paid on the mortgage the greater would
charge.
This may be demonstrated:
And the
be the amount of the reasonable rent
Assume property
reasonable net return 10%,
$500; the reasonable gross rentals, upon this
worth $5,000 free and clear,
$500; operating expense,
or
hypothesis, would be $1,000, the total of the expenses and the reasonable
net return.
Assume the same situation, except that the property is mort¬
gaged for $3,000, with Interest at 6%; then if the mortgage should be con¬
sidered, the owner's net return of 10% would be figured only on the equity
of
$500, plus interest on mortgage of $180 totals $880, which would be the
reasonable gross rental.
Assume again a situation as last stated, except
that the interest rate on the mortgage was 5%; then the gross rental would
be $850.
Upon that basis the rental value increases as the interest rate
be $200; this amount, plus
of $2,000 and would
Increases.
rental
the mortgage
of calculating
be that if the mortgage equalled or exceeded the
owner would not be entitled to any net return and the
would
value
property's value the
rental value would just
equal the operating expenses.
September housing legislation
The
the operating expense
increases, but decreases as the amount of
And the logical conclusion from such a method
the mortgages
on
the landlord to
give
a
(Chap. 944, Laws of 1920) requires
This must include among other
bill of particulars.
by the
annual interest charge upon any incumbrance paid
landlord and "such other facts as the landlord cla'ms affect his net
things
the
find
none
The reference to interest
in these statutes.
paid on mortgages
We know
other logical method for determining
no
rental value than to
market value of the property regardless of its incumbrances
of the factors.
What the owner pa'd for it may be some evidence of
take the present
as one
its present value or
it
First Department has
be, depend'ng upon the time of and the
purchase.
The Appellate Term in the
may not
Its
surrounding
circumstances
held otherwise in Hall Realty Co. v
Moos (188 N. Y.
There it Is said that proof of present value Is inadmissible
that the owner Is entitled only to a "reasonable income on his Invest¬
Supp., 858).
and
The same Court, however, has also
ment."
be
a
apartment or at least upon
of the
owner
said In another case (Schwartz
the
the value of the premises should
material factor in determining what amount
This statement may mean that
rental."
will constitute a reasonable
the value of the property is to
owner's investment.
But why should such a rule prevail?
If the investment of the owner be
the basis it should be used in all cases.
There should not be one basis for
one case and a different basis for another.
The courts cannot prescribe
be the factor only
one
if it be less than the amount of the
another rule for "Mr. Black."
rule for "Mr. White" and
of the investment be the factor, then does
Or is not the owner's real Investment
bought and the investment made?
in his property
the
sum
it is worth—the amount for which he can sell
If the rental value is to be determined in part
should
by what the owner paid for
him
exceeded the property's present value why
And if the investment
tenant bo
a
it?
would he have any "investment" if the property came to
the property,
by will ?
If the amount
It matter when the property was
obliged to
pay a
Though
larger rent because of that fact ?
maybe a number of years ago, if
fairly worth $15,000 now, why should not the owner who has held it
all the time have a fair return upon the amount it now represents?
If
he sold it for $15,000 the new owner would be entitled to rentals based upon
that figure.
We think the change of ownership should not affect the rental
value.
That value is the same regardless of who the owner is or may be.
property has been acquired for $10,000
it be
Rental value is not
a
matter of
It is obvious that expenses
gas
for taxes, insurance, janitor services, repairs,
and electricity, should be allowed an owner in calculating what gross
income should be allowed.
in other
as
cases
We think it is established in this case, as well
before us, that an annual
charge for depreciation on the
buildings at the time for which rent is sought should be
value of the
The great weight of evidence
allowed.
is that an annual charge of 2% per year for
The Federal and State
governments allow such depreciation in the calculation of income tax.
There is also judicial authorities for some allowance for depreciation
depreciation
(Schwartz
When
of rent
on
v.
the value of the buildings is fair.
Deutsch, 187 Supp., 521).
vacancies
by
reason
are
to
proven
allowance should also be made for failure
the premises.
Two
sections of the boiler had become defective and were replaced by the land¬
lords at
a new
an
expense
floor
on
of $575.
the roof at
a
There was also included in the repair account
electric wiring, $773; awnings
cost of $400, new
and window shades, $45, and new
plumbing $925.
the items for boiler, awnings and window
be distributable against future
item for
new
depreciation
considered
these items
There
Appellant claims that
shades and new plumbing should
earnings for "a period of years;" that the
floor should be considered "a replacement chargeable against
reserve;"
an
and that
the item
addition to investment
were
for electric wiring should be
We think all of
and capitalized.
properly allowed by the Court below as current repairs.
of course instances where buildings are largely remodeled and
are
rebuilt where the improvement should be
charged to Increase of capital,
but the items here for review are not of that character.
Nor is the Court
Impressed with the argument that repairs should be spread over a period of
years
and charged against future income.
the past
In the
on
If that were so repairs made in
should be brought forward and charged to current income.
case at bar the landlords stipulated that they would accept 7%
the fair value of the premises as the proper amount
of net income.
We
think that this is not only fair, but that a larger rate of net income would
be fair.
The evidence shows that at the present
time
one can
buy with
reasonable safety first mortgage coupon bonds that are producing Income
at
8% to 8*£%.
Determine the allowable operating expenses
its
attendant
legal
necessary
made
expenses
value of the buildings.
4.
Deduct from the gross rentals
the operating expenses
and this will
give the net rental.
If this net rental does not exceed
5.
10% of the present value
The investor in real estate, if building of houses Is to be
trouble,
as
the
investor in mortgages
on
realty ^.nd
franchises.
We think the sensible way to
determine these questions is
as
of the
unreasonable.
The reasonableness
vary under changing financial conditions.
Upon the
showing the return upon other well recognized and
property, then the rent demanded is not
of
rent
a
charge
may
proof In this record
think that 10% as a net return
But such a percentage
evidence showed a different situation regarding
generally accepted forms of investment we
to
an
is not unreasonable.
of real property
owner
might be excessive if the
other investments.
The landlords should not be allowed to
charge as an operating expense
in negotiating mortgages. The
reason for this is apparent.
The landlord Is getting a return as rent on his
total investment, which includes that part represented by the mortgages on
the property, which must be paid to save the amount actually advanced.
Applying these rules to the facts in the case at bar we find the net rental
much less than 10% and therefore reasonable.
The judgments are affirmed, with $10 costs in each case.
the interest
paid
mortgages, or expense
on
CROPSEY and LAZANSKY.
The decision
a
JJ., Concur.
Supreme Court called forth protests
of the
from organizations representing
tenants, and on Sept. 6, at
special meeting of the Mayor's Committee on Rent
Profi¬
teering, called to consider the effect of the decision, a reso¬
lution
was
adopted and forwarded to Governor Miller, pe¬
to hear an
conflicting questions might be settled before
der that
resolution
The
building enterprises now in process
insufficient for the increase in population
present earning capacity of citizens is less
was
a
composed of Otto B. Shulhof, chair¬
was
Commissioner of Accounts David
sioner
S.
R.
Commissioner
Copeland,
ton
Wilson, counsel.
tee
followed
would
tee
for
Hirshfield, Health
House Commis¬
Tenement
Mann, Justice Henry M. Goldfogle,
Frank
The meeting of the Mayor's Commit¬
the announcement by
convene
Albert I.
Sidney Cohen and J. Pendle¬
Solosky, Edward I. Hannah,
he
and that the
to-day than it
year ago.
The committee
man;
Oct. 1.
overcrowding
pointed to the congestion and
in the city, the fact that
are
Appeals,
appeal from the Appellate Term's decision in or¬
Senator Lockwood that
the Lockwood Joint
Legislative Commit¬
the housing situation
investigating
with the pur¬
Appellate Term.
The first steps toward an appeal to the Appellate Division
were taken Sept. 8, following the arrival from Washington
of Harold G. Aron, attorney for the tenants in the case at
issue.
With regard to further developments on that date,
of appealing the decision of the
pose
the
New York "Times"
Charles C.
Senator
said:
Lockwood
discussed the question of appeal yesterday
Aron and other counsel in
Mr.
the ease.
Definite action would have
Washington of Mr.
the U. S. Shipping Board.
When asked by the "Times" to indicate the line of argument the appeal
might take Mr. Aron said that in general the rulings on the matter of de¬
preciation and the return on the value of the house rather than the capital
been
earlier
taken
Aron, who
invested
a
would
into
enter
fair
was
a
the unavoidable absence in
but for
engaged in litigation involving
be
attacked.
He
said it would be unwise at this time to
technical discussion of the opinion, but
outlined his theory of
rent.
"The court has rendered
a
Whether the rules are correct
real public service in facing
the problem," he
had courage to lay down some rules.
is for the higher court to determine. At any
workable.
from that of the court. I am
conclusions on findings of fact rather
than upon the theory that the renting of private property, having become a
public utility, was therefore subject to rate regulation.
"My theory regarding a fair rent is that inasmuch as the rent laws apply
only to buildings which were actually constructed at the time the laws
took effect and did not apply to new buildings, it seems to me that every
building is affected by what you might call an experience rating under nor¬
mal conditions.
If you take the rent at a normal period, say 1918, and in¬
crease that by an amount which
the landlord proves to have been the in¬
crease in
operating expenses and then allow the landlord a return on the
investment based on the present market value of good securities, you will
leave the parties in the same relative position as they were when the rents
werer fixed by the law of supply
and demand."
In illustrating his point Mr. Aron took a house whose rents in 1918 to¬
taled $30,000, with $15,000 expenses and interest on a $10,000 mortgage
at the rate of 6%.
If the landlord could show that his present expenses
were
$5,000 more than in 1918 he would be allowed the 1918 rent plus
$20,000 expenses, and in addition thfe rate of interest on the mortgage
would be reckoned at 9%, the present value of money.
In this way the
owner would receive
$35,900 in rents, as compared with $30,000, an in¬
crease
based on his increased expenses, or "a return on the investment
the decision shows that the rent laws are
"My theory of arriving at a rent differs
glad that the court saw fit to base its
based
on
the present market
encouraged, should at least get as much income from real property, with
all
These
insurance, janitor's
by the landlord incidental to
maintaining his right to possession and necessary expenses actually paid
out for collecting rents; also payments for necessary supplies incident to
the use of the premises, such as coal, gas and electricity, and also necessary
current repairs for the year.
Allowance should also be made for loss of
rents by reason of vacancies or tenants failing to pay.
Allowance for annual
depreciation if established by the proof should be made upon the fair market
services,
rate,
evidence that the landlords had paid or obligated
for repairs made to a boiler on
pay
Determine the gross rentals
3.
said, "as shown by the fact that they
^
thereof.
It also appeared in the
themselves
demanded by the landlord.
for the past year.
2.
with
individuality.
This may
both fee and rental value (see
Dec. 301920) or by introducing
ordinarily consist of payments for taxes, water rates,
"The return upon the investment of
187 Supp., 521):
Deutsch,
v.
value of the premises.
offering opinion evidence as to
Nichols, decided by this Court on
titioning him immediately to convene the Court of
be disregarded.
may
v.
other competent evidence.
It is argued that this shows the
property."
Determine the present fair market
Graeber
income
Legislature intended
mortgages to be considered In fixing rental value.
But we do not so construe
those provisions.
The rule to which we have called attention says it is
immaterial whether the property is mortgaged.
This holding is well
established and has been recognized generally and should not be deemed
changed unless there is a plain legislative direction to that effect.
We
from such
1.
be done by
under same owner¬
other, both free and clear and
alike and adjoining each
[Vol. 113.
CHRONICLE
THE
1216
follows:
value of good securities."
Illustrates
In
Mr.
illustrating
Aron
Case
assumed that a man
in
Point.
the Brooklyn decision worked out
bought ten $10,000 houses, paying $1,000
the manner in which
Sept.
for
17
1921.]
THE
recent
ruling gives the
man's
gross
interest
income
each house would be
$9,000 mortgage
a
on
who
man
of
owned
Mr. Aron
the net income would be $460
his money.
on
reason
2%
a
on
landlord
the
to
depreciation
obvious
his investment.
than
more
"The true
his
measure
to allow such
other
than
the
actual
was
viously, 2%
investment under
of
as
the
the
"for
over
the life of
allowance,
even
language
of
Mr.
Justice
Lehman
in
Report
Schwartz
vs.
lowed
Deutsch
deduction
of
$4,000
for
is
in
addition
to
Report
Bank
on
Address,
(Speaker to be announced later).
Thursday,
5%
for
50
depreciation alone is computed
years, it will aggregate a total
available
Report of Committee
on
the
present
announced
week.
of
some
Public Education, John H. Puelicher, Chairman.
Appointment of Resolutions Committee.
Report of Committee
on Federal Legislation, C. H. McNider, Chairman.
Communications, Announcements.
Association.
Call to Order, John S. Drum, President.
Invocation, Rt.
plans which
were
The general convention sessions
Monday,
an
extended program
Tuesday,
Wednesday and Thursday
the National Bank Division will meet on Wed¬
Oct. 3 to 6;
nesday and Thursday Oct. 5 and 6; the State Bank Division
convene on Monday
and Wednesday, Oct. 3 and 5;
Clearing House Section has set apart Tuesday Oct. 4
Thursday Oct. 6 for its deliberations while the State
Secretaries Section will meet
we
Sessions,
Monday Oct. 3.
on
to-day's issue of
The
to
Further
program of the General
thus far arranged the features of the programs
which the various divisions will present
us
our paper.
In
being given elsewhere
an announcement
following and other speakers and their subjects will be arranged
later:
Sir D. Drummond Praser, K.B.E., International
Bond
Scheme;"
Frank
O.
Watts,
Chairman
Bank of St. Louis—"Our Part in the
World's Commerce;" Dr.
Henry T.
Suzzallo, President of the University of Washington—-"Economic Intelli¬
gence in Public Opinion;" Judge Chas. F. Moore, Counsel Seaman
Paper
Co.. N. Y. City—"Our Free Country;"
Company—"The
Railroad
•
New Business.
Commun ications, Announcements.
Adjournment Sine Die.
COMMITTEE,
DIVISION AND
OF
In
our
item above
Wm. Sproule, President Southern
Tuesday,
Oct.
4: J.
M.
Elliott,
John
Puelicher,
Association
for the
we
indicate the days which have been set apart
general body and the various divisions of the Asso¬
ciation;
an
outline of the Committee, Division and Section
meetings is furnished
following is the outline of the
S.
Drum.
program of
the general
convention sessions, which will be held in the Auditorium
at 5th and Olive Streets.
Administrative
Committee, Finance Committee,
Committee on Pubic
Education, Executive Committee (Trust Company Division).
Executive
Committees
(Clearing
House
Section
Division).
Bank
National
and
•'
•
.
Executive Committee (State Bank Division).
Board of Control—State Secretaries Section.
State
Secretaries
Section
meeting,
Insurance
Committee,
Committee
Public and Private Thrift.
State Bank Division
(Luncheon meeting).
meeting, Committee on State Taxation, Executive
Committee—Savings Bank Division.
Committee
of
Committee
on
Five,
Legislation
State
and
State
Legislative Council.
Membership, Economic Policy Commission, Agricultural
Commission.
Federal Legislation and Federal Legislative Council.
Public Relations Commission.
Bank
Advertising and Publicity Conference.
Executive Council.
Savings Bank Division meeting. Clearing House Section meeting. Trust
Company Division meeting.
State
tional
Bank
Bank
Division meeting,
Trust Company Division meeting,
Na¬
Division meeting.
Thursday, October 6.
Savings
Bank
Division
meeting,
Clearing
House
Section
meeting,
National Bank Division meeting.
Friday, October 7.
.
GENERAL SESSIONS OF THE
Tuesday,
follows:
as
Monday, October 3 1921.
Wednesday, October 5.
John
Wednesday: A. D. Noyes, Henry T. Suzzallo, William Sproule.
Thursday:
F. O. Watts, Sir D. Drummond Fraser, Francis W. Hirst.
And Friday:
Donald McFayden and Judge Chas. F. Moore.
The
of the
Nominating Committee.
will be:
H.
program
Tuesday, October 4.
Secretary of the Public Relations Commit^
tee, has since advised us that the order of the convention's
program
A.
giving the details of the
Situation."
G. B. Walker,
session speakers'
MEETINGS
SECTION
B.
general sessions of the convention of the American Bankers
_
general
THE A.
Commerce and Marine Commission
American Finance Group at International Chamber of Commerce
Meeting,
London. June 25 to July 3, inclusive, and President of the First National
Pacific
Installation cf Officers.
on
early this week, the Association said:
"The Ter Meulen
Legislation, Craig B. Hazlewood.
Resolutions Committee Report.
which
the program
Credits.
State
on
Address, (Speaker to be announced later).
Discussion.
give the outline of the
as
Cantwell, Bishop Diocese Monterey &
State Taxation, Ernest J. Perry.
are
Wednesday Oct. 5, Thursday
Oct. 6 and Friday Oct. '7.
The Trust Company Division
will hold its sessions on Tuesday and
Wednesday Oct. 4
the Savings Bank Division has
John J.
on
Address, (Speaker to be announced later).
complete information is given in
the program, which, however, it is
noted,
subject to change.
covering
Committee
under way-
scheduled for Tuesday Oct. 4,
and 5;
Report of Committee
More
the latest outline of
Rev.
Los Angeles.
and the various divisions of
proper
1
Friday, October 7.
Last week, pages 1122-1124,
the
,V
j
Election of Officers.
of
$610,687.02, whereas the actual capital invested
respecting the convention
in
6.
Report of Agricultural Commission, Joseph Hirsch, Chairman; Nominat¬
ing Committee.
on
The details of the program which will be
presented at the
47th Annual Convention of the American Bankers' Asso¬
ciation to be held at Los Angeles Oct. 3 to 7 have become
came
October
Address, (Speaker to be announced later).
CONVENTION.
in
i
Public and Private Thrift, S. Fred Strong, Chairman.
Address, (Speaker to be announced later).
$171,000."
below
State
Institute of
Invocation, Rabbi Edgar F. Magnin, Jewish Synagogue.
Report of Committee of Five, C. deB. Claiborne, Chairman; Committee
Adjournment.
and
President;
American
Call to Order, John S. Drum, President.
PROGRAM OF GENERAL SESSIONS OF A. B. A.
the
McKee,
Address.
for
allowed by the court for
sum
sinking fund basis at
will
Henry
Report of Commerce & Marine Commission, John McHugh Chairman;
Kloss, President.
Adjournment.
•
the
$836,820.08, and at 4%,
is
Hulbert, President
State Secretaries Section, D. S.
by the court for depreciation and repairs ($7,450)
sinking fund basis at 5% for 50 years, the alleged life of
a
$171,000.
the
Division,
Elliott
Communications, Announcements.
improvement will aggregate a total of $1,558,577.40, and at 4%, $1,137,404.58, where the actual cost of the buildings to the plaintiffs was
we
D.
C. McDougal, President;
Banking, Robert B. Locke, President.
allowed
sum
oomputed
was
of National
Division
"keep
$3,450
Edmund
on
the
"If
Division,
Address, (Speaker to be announced later).
the
a
Company
a
depreciation
Manager.
President.
per year
a
of Trust
will,
as
repairs.
"If
Gammon,
Division, W. A. Sadd, President; Clearing House Section, A. A. Crane,
sinking fund contribution of
at 5% and $1,120.05 at 4% would in 50 years pay back
the original investment in the
buildings, whereas the court has, in fact, al¬
$817.35
case
W.
Savings Bank.
Bank
greater than the original investment is clearly
if the building has only a life of 50 years.
capital intact,' and in the instant
L.
Call to order, John S. Drum, President.
year as will, if invested in a sinking
building the original investment.
Ob¬
the
Department,
Invocation, Rev.'Willsie Martin, Pastor 1st M. E. Church, Hollywood,
the
in all others, is
The true allowance to the landlord should be such annual allowance
in
to
erroneous
investment
cases,
Protective
Calif.
guise of depreciation.
depreciation in these rent
a year on a sum
erroneous
the
Secretary;
Wednesday, October 5.
to be deducted each
sum
fund, amortize
wilson,
computing depreciation.
Appellate Term he said it
on
Guy E. Bowerman; Treasurer, Harry M. Rubey;
Thomas B. Paton; Protective Committee, W. G. Fitz-
on
that it thus becomes a means of
making a profit; to allow
building having a life of fifty years costing $171,000 and to al¬
depreciation on an assumed value of $200,000 is to return to the
low that
Executive Manager,
On the other hand, the
differs from the court in its method of
the
compute
on
1217
General Counsel,
$10,000 house free and clear and without encumbrances
a
his brief submitted
an
at 6%,
46%
or
kind, would receive merely the 10%
any
In
on mortgage.
As the
10% of the market value of the property, the
$1,000.
Deducting $540 for
man
on
investment of $1,000,
an
CHRONICLE
equity, in each house and having the balance
an
October
CONVENTION.
Executive Council (organization of new council).
Administrative Committee meeting,
'
"',J
'
4.
Convention called to order, John S. Drum, President.
Invocation, Bishop W. B. Stevens,
Episcopal Diocese.
PROGRAM FOR SESSIONS OF SAVINGS BANK SEOTICN
Address of Welcome, J. M. EUfott.
OF A.
Response to Address of Welcome, John H. Puelicher.
Annual
Address, John
S.
Drum, President.
(Including report of Ad¬
ministrative Committee and Executive Council).
Report of Economic Policy Commission.
Address, (Speaker to be announced later).
Public Relations Commission Report,
Francis H. Sisson,
Angeles the coming month is
Chairman.
conference
of
Savings
Address, (Speaker to be announced later).
Insurance Committee Report, L. E. Sands, Chairman.
Oct. 3, and on the
Communications, Announcements.
will take
Adjournment.
(Note).—The following official and committee reports having been pub¬
lished In pamphlet form and distributed to the members will not be read.
B.
A.
The program of the Savings Bank Section of the American
Bankers' Association at the Convention to be held in Los
place;
an
Bankers
same
extended
is
one;
planned
a
for
national
Monday
day the annual reunion luncheon
the sessions
proper
will be held
on
Tuesday
Oct. 4 and Thursday Oct. 6, while on Wednesday Oct. 5
the
subject of "School Savings Banking" will be discussed at
:yy:
''
.y'-/
.
-yyv♦
a
The details of the program of
luncheon.
Division
are
furnished
as
the Savings Bank
as
Monday Oct. 3, Auditorium Bldg.,
Savings Bank Advertising:
W.
D. Longyear,
'
Savings Bank, Los Angeles.
*
Cypst
Los Angeles.
Real
''
' "A • "
'•
,:rh
Vice-President, Security Tr. & Sav. Bank,
"Recent and
Liquidity.
Term of maturity.
4.
Amortization.
D. Price,
5.
Extension and foreclosure.
"The National
,
1.
Land
Frazier, President,
Washington Mutua
laving
of
Trust
Companies,
York City,,
yy-
"The State and City Trust
Depreciation and Obsolescence.
Vice-President St. Louis Union Trust
Public Liens.
L. H. Roseberry, Vice-President
Angeles.
>
Bar."
William S. Miller, VicePresident, the Northern Trust Company, Chicago.
"Payment for Services Rendered."
Geo. D. Edwards, Vice-President,
"The Relationship
"Facts
Urban and rural.
Institutions.
Forecast.
Vice-Pres. Mercantile Tr. Co., San
Francisco.
Alexandria, Ball Room.
charge of the following
committee on arrangements for the
Guaranty Trust & Savings Bank, Los
Angeles
(Chairman)
(Vice-Chairman).
& Savings Bank
California Bank.
Commercial Trust & Savings Bank.
ANNUAL MEETING—FIRST
President's Address
SESSION.
Announcements
that
Savings as to
Encourage and Protect
b.
Management
c.
Supervision
d.
Reserves
a.
Mutual—William E.
"
.
Interest Rate
f. Service
g. Security
h. Flexibility
Knox, Vice-President & Comptroller, Bowery
e.
Publicity Conference, Led by Francis H.
Vice-President, Peoples State Bank,
Borgman,
Detroit.
National—investment
Savings
of
Beach, President, Rome
Bank
H.
Resources—Samuel
Comptroller of the Currency D. R. Crissinger, will address
National Bank- Division of the American Bankers
SCHOOL
Wednesday October 5.
on
President of the College of the Pacific
scheduled to address the
Division, the program for which is as follows:
Tully C. Knowles,
at San
Jose, Cal., are the others
National Bank
Monday,
Washington Mutual
Chairman, Committee on State Legislation
Hotel Alexandria, BallRoom.
Wednesday, October 5, 2 p.
officers, managers and employees who
desire information.
State Superintendent of Banks, California;
W. C. Wood, State Superintendent of Schools, California; Philip J. Lawlor,
Bank of Italy, San Francisco;
Frank Hummler, First National Bank,
Scranton; C. J. DuFour, Supt. of Schools, Alameda; Miss Meta C. Mohr,
Farmers & Merchants Savings Bank, Oakland; A. B. Post, Bank of San
Jose, San Jose; J. E. Hall, Alameda Savings Bank, Alameda; A. E. Adams,
operate school systems or
National
S.
Bank, Youngstown.
of
retaries Report,
S.
Chambers,
For¬
California.
Combining Insurance with Saving Accounts—Alexander C. Robinson,
President, Peoples Savings & Trust Company, Pittsburgh.
merly Comptroller of the State of
Practical
School
and
Industrial
Savings
Vice-President, Union Savings Bank &
Postal Savings System—Proposed Changes
E. Adams,
Banking.—Charles
in the Postal Savings System.—
I
a.
Reports of Standing Committees (printed)
b.
Reports of Special Committees.
c.
Reports of Convention Committees:
d.
New Business.
e.
H.Deppe,
Trust Co., Cincinnati.
President, Dollar Savings Bank and First National Bank,
Youngstown.
McKee.
Executive Committee Report.—-Waldo
Address,
New
D.
Hon.
Responsibilities."
y
(y,.'
of Executive Committee at conclusion of Division meeting.
Thursday, October 6.—Berean Hall,
in
our
year's
Free Zones," Henry M. Robinson,
Address, "Free Ports and
First National Bank of
Address,
"Labor
President,
Los Angeles, Cal.
and
Dr. Tully C. Knowles,
Radicalism,"
President,
Cal.
Resolutions, Committee on
Election and Installation of
Officers.
Meeting of New Executive
Committee.
The State Bank
ciation
as we
a
week
:
DIVISION OF A. B. A.
Division of the American Bankers
reported
dressed by Guy
Nominations.
"
PROGRAM OF STATE BANK
ago,
Asso¬
(page 1123) will be ad¬
Huston, President of the Joint Stock
and L. E. Thomas, Examiner of
Land
State
the State
Bank Division will be held on Monday and Wednesday
afternoons, Oct. 3 and 5; the program will be as follows:
Bank of Chicago
Banks of Louisiana.
The Los Angeles sessions of
Monday
"The Star
issue of Saturday last,
the
page
1123,
Convention of the Trust Company
Division of the American
of
Auditorium.
Afternoon,
Room,
October 3.
Hotel Alexandria.
Invocation.
PROGRAM OF TRUST COMPANY DIVISION OF A. B, A.
occasion
.yv y'y
■
Call to Order, President.
Spangled Banner."
Address of the
(present
First
Cal.
Adjournment.
Meeting
H. C. Carr, Vice-President,
"The Spirit of the West,"
Ball
Adjournment.
As indicated
Newcomer; Sec¬
Resolutions and Nominations.
R. Crissinger, Comptroller of the Currency, "Our
Appointment of Committees on
Resolutions—Nominations."
Organization Meeting of New Executive Committee.
the
Church, Los
Unfinished Business, New Business.
as
Vice-President, Bank of Italy, Sacramento.
--r-
Edgar E. Mountjoy.
Report of Committee on
time permits.
Public Economy.—(Including Budget control of expenditures and credit
for the benefit of all people and not minorities and special interests)
John
Saving.—Addresses followed by discussion
m.-—Division Meeting, Berean Hall.
-
College of the Pacific,. San Jose,
ANNUAL MEETING—SECOND SESSION.
and
.A.";y y
Angeles.
Dodge,
Thursday, Oct. 6, 2:00 P. M., Hotel Alexandria, Ball Room.
Thrift
y
Francis, Pastor, First Baptist
Invocation, Dr. James A.
Address,
SAVINGS BANKING.
This meeting is open to all bank
3.
October
Standing Committee—Clark Hotel.
Call to Order.
National Bank of Porterville,
Speakers—J.
day's session of the
first
the
at
Angeles,
Chairman
Closing Remarks—Raymond R. Frazier, President,
Wednesday, Oct. 5, 1:00 P. M. Luncheon,
DIVISION OF A. B. A.
Report of President, H. H.
Savings Bank, Rome, New York,
Discussion
Savings Bank, Seattle.
Managed," A Symposium.
Executive Committee,
Departmental—Charles F. Stern, Vice-President, Los Angeles Trust
& Savings Bank, formerly State Superintendent of Banks, Cal.
P.
Sisson, Vice-President, Guaranty
York.
"Some Businesses We Have
Savings Bank, New York,
Composite—H.
Evening.
Tuesday
,
Hathaway,
E.
Division at
The subject of
Comptroller Crissinger's remarks will be 4'Our New Re¬
sponsibilities." Henry M, Robinson, President of the
First National Bank of Los Angeles, H. C. Carr, VicePresident of the First National Bank of Porterville, Cal., and
Appointments
Organization
;
Los
Ball Room.
,
a.
V ;■
P.
Co., Chicago, 111.
Employment Manager, The Northern Trust
Association
Tuesday, Oct. 4, 2:00 P. M., Hotel Alexandria,
Vice-President,
the
Savings Bank.
Lipman, Union Bank & Trust Co.
Jay Spence, Los Angeles Trust &
1
How
PROGRAM OF NATIONAL BANK
*
Ralph N. Dobbs, Bank of Italy;
C. R. Bell, Hellman
Frank J. Parsons,
Co., New York.
to Develop Them."
.
Citizens Trust & Savings Bank.
H. A. Kahler,
and
Relations
Trust Co., New
jy
«
H. Toll, Security Trust
Pittsburgh.
Spread of Community Trusts."
"Staff
Savings Bank Division, which has invited as guests the elected officers of
the American Bankers' Association and of this Division, also former presi¬
dents of the Division:
the
With
United States Mortgage & Trust
REUNION LUNCHEON.
ANNUAL
Leo S. Chandler,
Company.
Need."
We
Figures
Commonwealth Trust Company,
"The
1:00 P. M. Hotel
M. N. Avery,
of
Co-operation
"Practical
Competition with Government Credit
This Is in
and
Security Trust and Savings Bank, Los
Discussion:
General
A.
Association and itsWork."
organizations.
Insurance to Trusts," Herbert M. Morgan Assistant
Building
W. B. Blakewell,
First
M.
Company Section or
By Chairmen or Presidents of those
2.
3.
d.
J. N. Babcock, President
3.
2.
b.
Hartford-Connecticut Trust Company.
New York City Association
Vice-President Equitable Trust Company, New
Vice-President
4.
1.
c.
Publicity Campaign," Francis
"Investments."
Interest Rates—
Laws
and His Equipment."
"The Trust Officer—The Man
Judge William R. Hervey, Vice-President
Bank, Seattle.
,
Chairman of Board, Union Trust
Campbell,
Henry M.
Company, Detroit.
3.
Raymond R.
J. C.
an<J its Work" Theodore G. Smith, ChairsCommittee, Vice-President Central Union Trust Co., N. Y.
Current Events at the National Capitol of Interest to Trust
Los Angeles Trust & Savings Bank
H. Sisson, Vice-President.
Guaranty Trust Company, New York City.
"A Bird's-Eye View of Forty-three State Legislative Sessions," Nathan
Banking—
Valuation, primary and secondary—
'
Executive
man
Los Angeles.
Investment of bank funds,
1.
C.
in
'
2.
Relation to Sound Savings
c.
p
Organizers and past active workers
"Your Executive Committee
Springfield Institute for
< ■ '
Chairman, Treasurer,
Savings, Springfield.
b.
:;yV
Companies."
John W. B. Brand,
a.
Orleans.
Hibernla Tr. & Sav. Bk, New
Mortgages:
Estate
Edmund D. Hulbert.
Greetings by and messages from
Division.
C. H. Toil,
announced.—Ed.]
Call to order.
,
Cashier, Guar. Tr. & Sav. Bank,
4.
October
Wednesday, October 5.
v.'-'.'
Annual Address, President
Alvln P. Howard, Vlce-Pres.,
C
'Vy'.
arranged.
[No details for this day's session yet
Security Trust &
Vice-President
Results—
b.
thus far
referred to in
give here the order of the program
week ago, we
Tuesday,
:
W. R. Moorehouse,
,,
a
BANKERS
Methods—
a.
item of
Bercan Hall.
OF SAVINGS
Chairman,
speakers and their subjects were
the various
our
follows:
NATIONAL CONFERENCE
[Vol. 113.
CHRONICLE
THE
1318
Bankers' Association will be the
Division's
"silver"
anniversary.
/
While
pany,
President, E. C. McDougal,
President Marine Trust Com¬
Buffalo, New York.
Federal Legislative Committee, J. D. Phillips, Chairman,
Vice-President and Cashier Green Valley Bank, Green Valley, Illinois.
Report of the
Report of the
State Legislative Committee, R. S. Hecht, Chairman,
Bank & Trust Company, New Orleans, Louisiana.
President Hibernia
Report of the
Membership Committee, George W. Rogers, Chairman,
& Trust Co., Little Rock, Ark.
Vice-President American Bank of Commerce
Sept.
17
1921.]
THE
Report of the Committee
man, President
Report
of
Public Relations, H. A.
on
CHRONICLE
McCauley, Chair¬
Sapulpa State Bank, Sapulpa, Oklahoma.
the
Conference
Committee,
C.
B.
Hazlewood, Chairman,
Vice-President Union Trust Company, Chicago, Illinois.
Address, "Country Banks and Farm Finance" by Guy Huston, President
of the First Joint Stock Land Bank of
Chicago and President of the Huston
Banking Company of Blandinsville, 111.
Current Topics.
New Business.
-
tion bureau of the Los
Room
1:30 P.
^
Banquet
OF
TREASURY
MELLON
AND
OTHER
v
aV ;::y';7v''- A.':;7.7;; .77;'7.'
GOVERN MEN T HEADS IN APPRECIA TION
M
OF A. B. A. COOPERATION.
Ball
Room,
Hotel
The
Alexandria.
Address, "Importance of Efficient Bank Supervision and How It May Be
Secured," by L. E. Thomas, Examiner of State Banks of Louisiana.
Report of the Committee on Exchange, Charles deB. Claiborne, Chairman
Director Whitney-CAntral Trust & Savings Bank, New
Orleans, Louisiana,
and President National
and
State
Bankers
Protective Association.
cooperating with the National and State Bankers Protective Associa¬
tion in endevaoring to obtain
Congressional action
authorizing charges for
the collection of checks.
on
Report of the Committee
on
been received by Marco H.
Hellman, representing Los Angeles bankers in charge of the
coming convention of the American Bankers Association,
from A. W.
Mellon, Secretary of the Treasury.
With respect to the annual convention of the American
Bankers Asso¬
wishes
for
the
of
success
the
convention.
my
best
am
appreciation of the helpful cooperation which the Treasury has
constantly
had from American bankers in the past, and
my confident hope that the
the many financial problems which confront the
Nationa, with the broad
vision and earnest effort that have characterized the Association's
activities
in the past.
■
Resolutions.
Nominations.
Sincerely
Adjournment.
;:V.w:'V
''vv
Executive Committee Meeting.—A meeting of the new Executive Com¬
mittee of the State Bank Division will be held
yours,
A. W.
|
Hellman is also in
Mr.
Secretary
7 v;■''
State
of
Hughes
and
Hoover, both of whom interested
PROGRAM OF CLEARING HOUSE SECTION OF A. B.
AI
the Clearing House Examiner
on
the
MELLON,
Secretary.
receipt of communications from
immediately after adjourn-
symposium
glad to extend
glad also to have this
opportunity to express to the American Bankers Association my sincere
Election and Installation of Officers.
ment.
am
I
Treasury will continue to hvae the cooperation of the Association in
meeting
New and Unfinished Business.
Report of the Committee
following letter has
ciation, to be held in Los Angeles in October, I
The
Committees on Exchange—the Committee of Seven of the State
Bank
Division and the Committee of Five of the American Bankers
Association
a
of those
use
Headquarters.
M., Oct. 3.
SECRETARY
V
Wednesday Afternoon, October 5.
Besides
for
The Board of Control will meet in the Clark
Hotel
Adjournment.
—are
Angeles Committee
secretaries who do not have individual State
-
Three minute talks by anybody and everybody.
Committee Appointments,
1219
Secretary
they
as
Commerce
of
are
in the restora¬
tion
of
were
asked to attend the annual convention of the American
country
to
normal
more
business
conditions,
System, led by Charles II. Meyer, Chief Examiner of the
Chicago Clearing House Association, the program of the
Clearing House Section of the American Bankers Association,
Bankers Association.
In asking
Secretary Hughes and
Secretary Hoover to attend the sessions of the Convention,
the bankers were in hope that their program for better busi¬
contains addresses
ness
the
Bank
of
by Alexander Dunbar, Vice-President of
Pittsburgh,
Pittsburgh,
at
Pa.;
Locke, President of the American Institute
Dr. James A. Francis of Los
discussion
Angeles.
of
Robert
B.
Banking and
There will also be
a
of
Clearing House Problems led by George A.
Kelsey, Manager of the Cleveland Clearing House Associa¬
tion.
An address by Fred I.
Kent, Vice-President of the
Bankers Trust Co. of New York.
The program
which the
Clearing House has arranged for the annual meeting in Los
Angeles, follows:
;
.
Tuesday, October 4, Clark Hotel.
Call to Order, President A. A. Crane.
,
to leave
an extended trip, they have
expressed in their letters to Mr. Hellman their hearty ap¬
proval and best wishes for the isuccess of the Convention
itself and of the curative
Slogan of To-day",
Alexander
Dunbar,
always coming to the assistance of the Government
American Institute of Banking.
and the fact is evidently fully
preciated at Washington, from the tone of the letters
In
Vice-President
Locke,
President,
I
\
October
6,
Clark
Hotel.
the international
Speakers:
Clearing House Association.
Francis Coates, Jr., Examiner Cleveland
Clearing House Association.
John W. Wilson, Examiner, Los Angeles
Clearing House Association.
J. H. Peterson, Examiner,
New Orleans Clearing House Association.
Discussion of Clearing House Problems led
by Geo. A. Kelsey. Manager
Cleveland Clearing House Association.
ommittee.
er
foregoing
FOR
STATE
program was
a
speaker has
B.
A.
SECTION
:>■
,
.
OF
next
American
Bankers
following is the
Association
scheduled
y
Oct.
3,
program:
of world
M. A. Graettinger, Illinois.
Simplified Income Tax Forms for Banks, Secretary W. F.
Keyser, Chairman, Mo.
on
Committee
on
Forms—Secretary W. C. Macfadden, Chairman, No. Dak.
Committee
on
Insurance—Secretary Geo. H. Richards, Chairman, Minn.
Committee
on
Report of Committee
on
A.
E.
However,
as
well
(appointed by Central States
Graettinger,
Chairman,
Illinois.
Bowerman, Executive Mgr., A. B. A.
late, the relieving
international bankers,
as
now
even the small bankers of the United
a
coming
most chaotic
States is force dto take
lively interest in those aspects of foreign finance that
affect the exchange rate of these countries.
of almost every
were
that tbe entire financial structure of
those of the Near East lsin
are
a
continuing
With the manufacturers
section cut off from foreign markets through the greatly
a
foreign
one to one
One
of the
of the most vital concern to the banker in interior
most
interesting phases
of the discussions
at the
Convention of the American Bankers Association to be held in Los Angeles
country, there should be formed
economic
the
pressure
or
some
international body, which through
otherwise should devise
some
depreciated currency of these mushroom states
means
so
to
reestablish
that international
Experts from abroad will lend their knowledge
Convention, and it is hoped that with the cooperation of this great
some
definite plan to relieve the present situation can.be
.
SPECIAL TRAIN EN ROUTE TO A. B. A. CONVENTION.
\
The first of the special trains
to
the
Bankers' Association in Los
the
carrying banker delegates
Forty-Seventh Annual Convention of the American
Angeles, Oct. 3 to 7 1921, left
^Grand Central Terminal yesterday (Sept. 16).
special de luxe train is going by
way
This
of the northern route,
and will carry
Resolutions and Nominations.
Election and Installation of Officers.
the
Adjournment.
as
.
Report of Secretary-Treasurer
Conference)—Secretary M.
more of
However, the average bank¬
devised.
Committee
Revision
and
Not
private
always more or less localized, and
were
foreign financing with which they,
Into constant contact.
to the
Address—President—Secretary D. 8. Kloss.
State Convention Dates—G.
His problems
banking.
trade can again be resumed.
Call to Order—President.
Law
more
foreign governments.
a
he left to the great banking houses of the Atlantic seaboard the problems of
body of bankers,
Tax
steadily increasing extent.
By this is meant that in the opinion of some of the wisest financiers of the
Monday, Oct. 3, Clark Hotel.
Federal
a
Oct. 3 to 7, will be that of the international regulation of national finance.
Appointment of Resolutions and Nominations Committees,
its passengers to such well-known points in
West, Northwest, and Canada, as Portal, Moose Jaw,
i
elected Board of Control will meet1 immediately after adjourn¬
Medicine
Hat,
Banff,
Lake
Louise,
Glacier, Vancouver,
Seattle, Portland, Shasta Springs, San Francisco, Yosemite
ment.
It
most
in the United States has never given serious consideration to this phase
from
Angeles meeting of the State Secretaries section
^
the
the
of
depreciated currency of these European countries, the problem has changed
prepared.
SECRETARIES
A.
The newly
CONVENTION.
one
decade the great American banking firms have engaged
a
semi-private nature, but has included
America.
Annual
that
under date of Sept. 9.
than
of the financial stress of
to
The announcement that Mr. Kent would be
the
the fact
REGULATION OF
A.
B.
only has this included the financing of large foreign enterprises of
most
;
since the
more
condition,
Unfinished Business, New Business.
the
A.
regulation of national finance, the publicity
(Marco H. Hellman, Chair¬
the continental nations
Election and Installation of Officers.
of
AT
in international financial transactions in
or
E. A. James, Examiner, Salt Lake
City
Report of Nominating
says
For
Symposium, Clearing House Examiner System led by Chas. H. Meyer,
Chicago Clearing House Associatibn.
For the Los
FINANCE
calling attention to
man)
Chief Examiner
PROGRAM
re¬
Committee of the Convention
Thursday,
us
ap¬
•
interesting of the discussions at the annual convention
Call to Order, President.
to
7v.;.
NATIONAL
Adjournment.
come
at any
time it is called upon,
month of the American Bankers' Association will be that of
"The Institute Clearing House" Robert B.
Adjournment.
be discussed there.
has the reputation of
DISCUSSION OF INTERNATIONAL
Bank of Pittsburgh (Pres. Penn. Bankers
Association.)
Address,
to
measures
The American Bankers Association
Appointment of Committees—Nominations and Resolutions.
Address, Dr. James A. Francis, Los Angeles.
"The
of national business will not permit them
press
Washington for such
.
y"
Report of Chairman of Executive Committee, James Ringold.
Report of Secretary, D. A. Mullen.
Address,
light of their knowledge of international conditions.
Although the
ceived.
Invocation.
President's Address,
conditions could be reviewed by these men and approved
in the
is
announced
State
that
Secretaries
no
provision for headquarters for
Section
Arrangements will be made for
a
has
been
made
this
year.
desk at the general informa¬
Valley, and
Los
other points
of interest
Angeles, Sunday, Oct. 2.
enroute,
arriving in
According to the Associa-
tion, it is the first substantial quota of Atlantic seaboard
by other special trains which will leave New York,
United
Chicago and other important cities throughout the
hundreds
This is simply a forerunner of the many
States.
Sales
Convention, and will be followed at
bankers to start for the
intervals
of American bankers who will
banking gathering of the
action.
journey to the most important
basis of
INDUSTRIAL LOS ANGELES.
Angeles
Los Angeles Trust and
Savings Bank, formerly State
20%
thirty
advertised as a winter
movement on
has been
California
Southern
years
foot
make
to
These
this
u.s
to
working
make this
blocked
by
cycle
snow
and
the
in
Our traffic is not
is not hindered by the
year.
production
summer
permit of a
ideal playground, also
an
days
365
of
ice,
or
industrial future of
of the United States that the very
of
as
The step was
per annum.
and conservatism, as current
continuance of the old
earnings
rate.
The
further noteworthy step in submit¬
a
ting to the stockholders of the company
dition
well.
as
fall far short of the mark, and
Southern Cali¬
are,
the
the people
show
climatic conditions which
complete
they
as
interested in
are
is
do
fornia must
resort
summer
a
movements, excellent
those of
what
section
has taken
company
12%
to
per annum
warranted
have
Superintendent of Banks of California.]
resort, and for the last three or four years there has been a
quarterly dividend from 5% to 3%, or from a
dictated by prudence
would
yesterday
Trust Company of New York
The Guaranty
year.
[By Charles F. Stern, Vice-President, First National Bank of Los
For
Curb Market seats were reported,
York
New
of
early last week at $4,250 and another at $4,500 in each
instance an advance of $250 over the last preceding trans¬
one
reduced its
and the
[Vol. 113.
CHRONICLE
THE
1220
a
report of con¬
indi¬
6, with an explanatory,, statement
Sept.
of approximately $15,that may be
banking operations in Central and South
cating that extraordinary reserves
250,000 had been set up to cover "any losses
from
sustained
America."
ment
explanatory
the
is
following
The
announce¬
:
killing heat of the Middle West.
Originally people
have
stayed
manufacturing institutions of varying
in and around Los Angeles, with the result that since
sizes have sprung up
the
industrial
definite
if
future,
so
be that
we
what
are
how
climatic
our
asset,
governing conditions, and
our
the offerings of other sections of the United
they compare with
States?
Let
the
eoonoraic
the
consider
us
six great
Markets
Transportation
Power
Water
If any one
plied,
requirements
it is
difficult
somewhat
disposal it is the less necessary that such
merely enough that they
As
result,
a
with
to
centuries
segregation should be made.
a
westward
a
a
has
movement
movement
been
westward
this
across
of
continent.
the west slope of the Sierras face, across the Pacific, the
world-encircling movement, and,
back
flow
industrial
new
era,
problems to solve.
new
been
the lines j of
along
brought
us
Pacific
Coast
west will take
people—first
our
result, Oriental
a
trade
advancement.
own
To-day,
position
same
in regard
we
will
and
can
The railways that
to
the
we on
Pacific
that
trade
people of the Atlantic Seaboard have occupied in regard to Atlantic trade
in
the past century.
Our
seek
Orient,
from
direct route than does
the South
the
direct
far
this city,
routes
the
as
the
few
a
while for sailings from American ports to
from
runs
Southern
haul
trans-continental
line, tapping the Southern States,
from
within
pass
San Francisco lies farther from their most
even
is
These figures have been
The
the Santa
Los
Angeles and San Francisco
on
been excessive.
for the nine months
dollars, the total dividend
at the former rate, but your directors have adopted
company's current earnings (before charge-offs)
ending Sept. 30 will be in excess of five million
requirements for the year
the
conservative
course,
of setting up immediately ample
first
reserves
and second, at this time, of making
dividend distribution so as to devote a greater
a
certain reduction in its
portion of is earnings than heretofore to the increase of its surplus fund.
By order of the Board of Directors.
The condensed statement
as
the
Southern
of Sept. 6 of resources and
liabilities follows:
1
Liabilities—
Resources—
Cash
on
Res.
hand,
Bk.&
in
Fed.
due
from
Credits granted on
Real
1,131,464 93
$41,131,464 93
550,000 00
Accrued dividend..
41 Accrued int. payable &
reserves for taxes & ex¬
67
penses & other liabs...
16
91 Notes, bills & acceptances
rediscounted with Fed.
8,658,083 41
Reserve Bank
10,233,241 90
331,835,774
2,674,016
2,008,068
accept
25,176,540
Real est. bds. & mtges...
Foreign exchange
$25,000,000 00
15,000,000 00
Capital
Surplus fund
Undivided profits
...
81
98
72
43
$140;655,042
U. 8. Govt. bds. & certfs.
34,334,744
Public securities
24,254.160
Other securities
30,780,662
banks and bankers
..
estate
Acer. int. & accts. receiv.
21,324,262 72
50,250,462 85
Notes secured by Liberty
bds. rediscounted with
California.
concerned,
directly here.
comes
the shrinkage in the value
unprecedented fall in the price of commodities
and the fluctuation in exchange, have
Pacific
The economic haul
Federal Reserve Bank.
6,808,500 00
Acceptances—N.Y.office
Foreign offices
19,905,208 81
5,2 1,332 10
17,103,134 55
Outstand. treasurer's cks.
Mississippi Valley and points south of Kansas City and Chicago,
Fe, lies directly to Los Angeles.
The dividing line between
via
The
capital, surplus and undivided profits
arrived at by the directors, in
consultation with leading authorities, after exhaustive examination; and
make complete allowance for all accounts concerning which question has
been raised.
These include any losses that may be sustained from banking
Company's statement thus shows
of $41,131,464.
Seas and to that part of the Orient lying south of the Equator,
most
As
As ships through the Panama Canal
by the great circle route, they must
port, and
our
$15,250,000, charging such reserve
company's surplus and undivided profits accounts.
Loans and bills purchased
geographical position is ideal.
the
miles
items against the
on
beginnings of this
products east, with the result that
our
the
occupy
as
other possible losses, have now set up
against all its known or potential losses;
the threshold of
on
and
face
has
ex¬
Asia and Europe, then across the Atlantic, and, in the last 150 years,
across
the
to
there
segregate
definitely at our
available.
are
Los Angeles is
conditions
new
For
charged off all realized lasses; but in
heretofore
extraordinary reserves of approximately
Because of the inter¬
for industrial structure would fail.
these
of
actly their relative importance, but because all six are
It is
have
directors
of customers' loans, due to the
of these six requirements were lacking, and could not be sup¬
plan
our
Your
operations in Central and South America, where
Labor
Materials
Raw
locking
growth under
requirements for industrial
basic headings of:
quarterly that has been paid
for some years.
addition, in order to anticipate any
from
do
voted a dividend for the quarter ending
Your directors have unanimously
September 30 of 3%; this contrasting with 5%
take full advantage of our op¬
portunities.
Aside
To the Stockholders:
4,000
some
awakened to the fact that Southern California has a very
have
we
war
they
to Southern California to play, and because
came
work,
to
448,265,970 44
Deposits
$610,610,336 40
$610,610,336 40
the economic haul from the inter-moun¬
tain territory
lies half-way between Ogden and Salt Lake City, so that all
that part of the Colorado tapped by the Denver & Rio Grande is
tributary
Los
to
Anegeles.
For
traffic
Pacific and down from
the
economic
in
full
haul
mileage,
the
between
but
to
or
be
the
years
Los
bay
a
the
Francisco Bay district,
of
Angeles that
be
ferried
or
freight
the Peninsula—even after
Costa.
a
more
compact and
cisco
Bay with
every
inch of
which
space
making each slip
tailor-made
as
a
hand-made harbor
to
to
efficient harbor,
we
start.
had
At
the
part of
Los
was
benefits of
Angeles harbor
compact whole.
a
We
are
we
as
must
utilize
need
we
forced
to
them,
make
vessels
in
international
has increased
476,000 tons in 1920—not bad for
ABOUT
BANKS,
No sales of bank
single
a
the Stock
Exchange
TRUST
trust company
or
or
from
and had formerly been
the death of his father he became
$86,000,
an
advance
COMPANIES,
stocks
were
transaction.
$6,000
Street.
Stuart D. Preston has been elected an Assistant Secretary
of the American Trust Company
of this city.
The
Industrial
&c.
made at
ner
over
the
last
case
York has leased
of 4th Avenue and 27th Street.
be occupied as soon as
make necessary
cate the
the first
the southeast cor¬
The
new
quarters will
the bank can obtain possession and
The present tenants will va¬
alterations.
premises Feb. 1 and remodeling will begin immedi¬
posted
being
preceding
The bank expects to move on or about
The Industrial Bank opened for business Dec. 22,
1919, in its present quarters at 4th Avenue and 24th Street.
The
bank
has
date Safety
.
were
Bank of New
floor of the Fourth Avenue Building, at
total more than
the consideration each
of
Following
associated with E. & C.
Randolph, and at the time of his death had his offices at
Maxwell & Co., 15 Broad
ately afterwards.
year.
TheJNew York Stock Exchange memberships
fori transfer this week,
connected with the firm of which his
father, the late Howard Lapsley was the head.
service,
192,000 tons
at auction this week.
»
Mr. Lapsley was 54 years of
He was a member of the Stock Exchange since 1907,
April 1.
ITEMS
member of the New York Stock
8.
a
Already
having
commerce
our
John Willard Lapsley, a
San Fran¬
our own measure, and to our own
needs, and,
draw specifications to fit these needs, we will gain
by the
and the efficiency which is being forced upon us.
companies,
prolonged illness.
dug from
harbor, fitted to
steamship
a
because it must be built
natural
and must dig our slips and channels
operate at this harbor and
1919
workshops have
we
compactness
thirty-nine
more
it would have if
Sept. 11 after
com¬
the Port of Los Angeles is considered
a
on
Exchange, died on Sept.
age.
will take place in the district surrounding the present
harbor, with the result that this city in the future may have
order, than
long
for
member of the banking firm of
a
died
the Atlantic.
upon
the Great Lakes, where
Moore, Jr.,
in
must
up
Samuel
E. J. Moore & Co.,
are
banks,
Los Angeles
even
we
little the best of it
but it is extremely "doubtful how long that idea
there is every indication that what happened at
joke,
a
maintained,
clay
Union
materials for the industrial workshops
business
San
on
the
over
little difference in
the Mississippi Valley and the inter-moun¬
raw
less
Ashtabula,
in
and
so
compete at every point, and this ability to stand
have furnished the
furnished America's
In the
more
will
so
Omaha
the Ohio Valley and of the Atlantic seaboard, and those
in turn
to
city
expensive railway portages at Port
petition is vital, since for
of
Francisco
bay through San Jose and
Los Angeles can
tain country
from
Butte, there is
San Francisco has
reach >that
the
and
San
position to compete.
hauled around
coming west
Pocatello
the change
made steady
$7,000,000.
gains until
now
the deposits
The bank plans to add
an up-to-
Deposit Department to its present services when
in location is made.
The officers of the
bank
are:
Staughton B. Lynd, Presi¬
Stephenson and Richard EL Gatling, VicePresidents; Junius B. Close, Cashier, and David V. Austin,
dent; Ralph A.
Assistant Cashier.
The following are the directors of the
Sept. 17
bank:
Co.;
1921.]
Frank
N.
Williams
THE
B.
Close.
Vice-President
1221
CHRONICLE
Bankers'
Trust
Cochran, Luke, Banks &\Weeks; Philip De
the oldest and
two of
largest banks in that distriot.
McDowell National Bank has
of
resources
Ronde, President Oriental Navigation Co.; J. Fletcher Far-
$4,000,000 and the Sharon Savings & Trust Co,
rell, Vice-Pres. and Treas., Sinclair Consolidated Oil Corp.;
about
Under the
$2,000,000.
Donald G. Geddes, Clark, Dodge & Co.; Thomas Hildt, Presi¬
Dowell National Bank will have
value of shares $100)
Merchants
National
Baltimore,
Bank,
Md.;
Arthur
Iselin, William Iselin & Co.; Percy H. Johnston, President
Chemical National Bank, New York; Frederic A. Juilliard,
D.
A.
Juilliard & Co.;
York
Life
Insurance
about the
777 7K.
Darwin P. Kingsley, President, New
Co.;
Staughton
B. Lynd,
President;
amount.
same
':77777^7,7.'7';7777
♦——■
Charles D. Zell, the former Treasurer of the failed Agri¬
cultural Trust Co. of Lancaster,
Pa., pleaded guilty to 14
charging him with embezzlement and fraudulent
indictments
Chicago,
entires in the books of the institution in
Moore,
Paul
Taylor,
Co.;
Bates &
George
Nichols, Minot, Hooper & Co.; Richard E. Reeves, President
Court
Hunter Mfg. & Commission Co.; Samuel W.
Lancaster
dent
Lord
Bro.;
&
Paul
Taylor ;
Reyburn, Presi¬
Smith, H. J. Baker &
Frank Morse
Sturtevant, Harris, Forbes & Co.;
Everett B.
of
Mc¬
a capital of $300,000
(par
with surplus and undivided profits of
Charles M. Macfarlane, Vice-Pres. and Treas., Morris & Co.,
111.;
resources
the enlarged
merger
dent
The
approximately
of
Sept.
on
on
the
that date,
dispatch from
printed in the Philadelphia "Record"
State Bank
request of
Quarter Sessions
press
a
The dispatch states that it
Sept. 16.
at
according to
15,
was
announced that
Commissioner Fisher,
the
Sweezy. Vice-Pres. First National Bank of New York; Mel-
local
vin A.
arraign Zell for sentence until the November term of the
cago,
&
Traylor, President First Trust & Savings Bank, Chi¬
111.; Stephen H. Tyng, President Stephen H. Tyng, Jr.,
Co., Inc.; Royall Victor, Sullivan & Cromwell; John J.
Watson,
Vice-President
Jr..
International
Agricultural
Corp.; Ridley Watts, Ridley Watts & Co.; C. Morton Whit¬
man,
Vice-President
colm
D.
Clarence Whitman & Son,
Whitman, Vice-Prest. Wm.
Inc.; Mal¬
Whitman & Co., Inc.;
District-Attorney, Major William C. Rehm, will not
Court.
The
dispatch further states, that it is understood
the Commonwealth will
former Assistant
the
use
Zell in the
Treasurer of
case
of Frank E.
the institution,
charged with the alleged making of false
books of the bank.
Herr,
who is
entries in the
We last referred to the affairs of the
Agricultural Trust Co. in these columns in our Sept. 10 issue.
George Whitney, J. P. Morgan & Co., and Thomas B. Yuille,
President Universal Leaf Tobacco Co.
77 ■'
777Y":7
77 77
At
7' f,:7)7"
—•
7.;.
1
^7;;
meeting of the directors of the Merchants National
a
Bank of Baltimore held
on
Sept. 13 Eugene Levering, who
Application to convert the Metropolitan Bank of this
has been Chairman of the executive committee of the insti¬
city into the Metropolitan National Bank of this city has
tution, created in June last, when the National Bank of
been made to the
made in
was
Comptroller of the Currency.
Reference
issue of May 21 to the proposed offer to
our
Commerce
Bank,
purchase the minority shares of the Metropolitan Bank by
succeed
the Chase Securities Corporation (a subsidiary of the Chase
before his
National
lifetime
It
stated
was
which
Bank)
at
controls
time
that
the
that
it
Metropolitan Bank.
understood that
was
ultimately the Metropolitan Bank would be merged in the
Chase National.
777777/
•' .-'.o -,:-
Jeremiah
Milbank
7' 7;
—
has
♦
1
Chase National Bank of this
elected
city.
a
director
of
Mr. Milbank is
the
a mem¬
ber of the firm of Milbank & Co., 40 Wall Street.
consolidated with the Merchants National
made Chairman of the board of directors to
the
late
John
death.
out
B.
The
Ramsay, who resigned shortly
position
of respect to
was
Cleveland
J.
created
S.
Hall,
President
of
the
Bank,
Hempstead, L. I., and Cashier of the Freeport Bank, Freedue
was
to
apoplexy, following
a
Mr. Hall
of age and a native of Hempstead.
777
The Boston
was
00
He had been Cashier of
•
Co.
by Bank Commissioner Joseph C. Allen,
of
Boston, showing the exact status of the bank's af¬
fairs at the close of
said the
one
year
of liquidation.
Mr. Wands has
the bank upon a 12%
"He explains,"
"Transcript," "that the plan for the taking over of
This dividend places
basis annually and is payable Oct. I
stockholders of record Sept. 26.
to
7,
77
The
7>. 7
7,1'
7-' r/V.7.7/
7.'.
♦
;;v
acquisition of the Central National Bank of Colum¬
bus, O., by the Citizens Trust & Savings Bank of that city
our
as
Aug. 6 issue) became
institution
the central branch of the Citizens Trust &
The affairs of the central branch remain
the hands of Howard C.
the
was
heretofore
as
valuable assistance of
as
Vice-President and director of the Central National Bank.
Charles
Schenck, heretofore Cashier of the merged, insti¬
Assistant Manager of the central branch-
court action of the trustees in
The entire former board of directors of the Central
now
and that unless the sale takes place he will proceed at once
Bank will continue
to pay a
branch of
dividend of 50% in the Savings Department and to
soon
as
as
The Com¬
possible.
missioner states that during the year $1,400,000 of the assets
have been
than
liquidated, but that there remains
to realize and
a
of more
long time
which do not disclose sufficient value to pay
the commercial creditors in full."
was
sum
a
$1,500,000 of loans unpaid, which will take
closed by Commissioner
ported in these columns in
Allen
our
The Hanover Trust Co.
on
Aug. 11 1920, as re¬
♦
L. A. Lewis,
of
Cashier of the Broad Street National Bank
Philadelphia,
was
recently
elected
a
director
of
the
institution.
Director-Manager of the central branch, is President
Columbus Clearing House and is one of the best
known bankers in Columbus.
The capital of the Citizens
Trust & Savings Bank has been
$900,000, the $200,000 of
The
Northeastern Trust Co.
000.
As
of
Reading, Pa., recently
increase in its capital from $250,000 to $500,-
The bank is
advised.
had
an
of
now
ready to issue the
new
stock,
resources
surplus and undi vided profits of the institution amounts
of $1,210,852
•
The McDowell National Bank of
acquired
a
R. H.
of
place.
This will bring under
one
resources
aggregate $13,129,029.
The
Schryver, President; G. W. Bright, Chairman board
directors; Walter B. Beebe,. 1st Vice-President; O. A.
Vice-President;
H.
Julius
F.
Vice-President
Stone,
J. Schlaechter, Auditor
John B. Dury, Assistant Cashier; John Blanpied, Assistant
Secretary; M. C. Williard, Manager safe deposit department.
Lange,
Cashier;
Leo
On Jan.
management
1, next, the Salem Bank of Goshen, Ind., and the
Elkhart
dated
new
Sharon, Pa., recently
majority interest in the Sharon Savings & Trust
Co. of that
and total
we are
John L. Rhoads is President of the institution.
.
$700,000 to
personnel of the Citizens Trust & Savings Bank is as follows:
Aug. 1 last, the Northeastern Trust Co.
deposits of $842,498 and total
incresed from
stock having all been taken
$243,626; deposits (as of Sept. 6 1921) amount to $11,-
John
The
new
by the stockholders of the former Central National Bank.
Miller,
authorized
manage
the
709,675,
■
National
the affairs of the Central
the Citizens Trust & Savings Bank.
Mr. Park,
to
the
of
to
issue of Aug. 14 1920.
m
Director-Manager, with
William^ Trautman, formerly a
Park
tution, is
bankruptcy of Charles Ponzi
opened
Savings Bank.
the bank by the Boston National Bank has been held up by
liquidate that department
meeting
same
quarterly dividend of 3%, the
a
declared last quarter.
(referred to in these columns in
that day, to each depositor in the closed Hanover Trust
on
as
effective Sept. 6 when the former
7'777;77-
■
rate
same
years
"Transcript," in its issue of Aug. 31, printed
statement sent
a
Death
Freeport Bank since its organization in 1892.
777-';.:77.7;J:^77/7 77777
the
Assistant Cashier of
the bank, was elected a Vice-President.
stroke of paralysis suf¬
fered by Mr. Hall some months ago.
the
Sept. 9.
on
At
an
been with the Merchants National Bank for several years.
Hempstead
port, L. I., died at his home in Freeport
him.
for
Wands, heretofore
The directors also declared
William
not filled during his
was
Mr. Ramsay, who has held it
largely as an honorary office during his long illness. Mr.
Levering was formerly President of the National Bank of
Commerce, and the position of Chairman of the executive
committee
*
been
was
was
bank
shares
be
County Trust Co. of that place, are to be consoli¬
under the title of the Salem Bank & Trust Co.
The
will
have
a
capital
of $200,000
$100), with surplus of $50,000.
(par value of
Haines Egbert will
President; Anthony Deahl and L. W. Vail, Vice-Presi¬
dents; William H. Nymeyer, Cashier, and
C. Edwin Stout,
*
The Salem
Secretary.
Elkhart County
the
Bank
efforts looking towards the
Trust Co. in 1900.
''
Board of Directors of the
At the August meeting of the
National
Bank
of
Snyder was
Chicago, Herbert P.
Vice-President,
appointed Assistant
Cordell, who has resigned to enter
a
succeed Arthur N.
to
manufacturing business.
the Noel State Bank,
Chicago, has become asso¬
ciated with the Old National Bank of Battle Creek, Mich.
will
Obern
Mr.
charge of the Old National Bank's
take
business and publicity department.
new
Aug. 22
and
the
(the closing of which on
reported in these columns Sept. 3) have failed
was
J. Finch
has named T.
Commission
Corporation
receiver for the institution.
Mr. Finch, it is understood, is
President of the First National Bank of Thomasville.
the publicity depart¬
Earl R. Obern, formerly manager of
ment of
re-organization of the Bank of
Thomasville, Thomasville, N. O.
*
\
First
According to the Raleigh "News & Observer" of Sept. 8,
established in 1854 and
was
[You 113.
CHRONICLE
THE
1322
His
Majesty the King of Italy has recently conferred upon
Messrs. Siro Fusi and John Stewart Durland, Agents of the
Banco Commereiale Italiana, the Order of
Crown.
Dr.
Guido
Chevalier of the
Officer
formerly
Pedrazzini,
Order of the Crown of Italy, was recently made
the
of
Commander
—
of the
Bank,
Carl J. Lankenau, former teller of the Bay City
arraigned before United States Commissioner Frank S. Pratt Sept. 2 on a Federal warrant chargBay City, Mich.,
was
the
the
war
Press," printed in its issue of Sept. 3.
"Free
from the
dispatch
as
We quote
follows:
to arrest
As soon
Algonac Thursday
to
(Sept.
Lankenau learned that the warrant was out he started for this
as
arrived
here
Friday
to
the
of
1)
Lankenau, but he was not at that place, and the officer returned.
Schindehette went
Marshall
The
give himself up.
Leo P.
on
is
warrant
converted it to his
the
culmination
by the State Banking
for several months.
The
a
of
bank
The
«
The
a
The
issue,
is
covered
by
prosecuting, but nothing
insurance,
steadfastly
Lankenau
reported in
these columns in
of Rochester, according to a press
August 20
our
dispatch from that place,
printed in the Minneapolis "Journal" of September 10.
The
follows:
at
a
meeting attended by W. A. Smith, of Windom, Bank
Examiner, decided to petition the State Banking Department for permission
to
liquidate the accounts
Bank
of
Rochester,
Old World financial,
of
the
according to
bank
closed
a
Depositors would be paid 100 cents
are much
better in every way than I expected.
Turkey and other countries I visited
of the
may
problems, but the task will take years.
not
through
statement by A.
on
the Olmsted
R.
Zick,
a
State
director.
work out their vexatious economic
As I see it, the United States may
From careful studies of conditions,
I
am
convinced that it will be all of
dispatch from Lincoln, Neb., dated Sept. 10, print¬
America"
of
Sept. 12, reports the closing
State Trade & Commerce
Department.
A
receiver¬
ship, it is said, will be asked to liquidate its affairs.
a
year ago.
In
my
i
judgment Germany will be able to
Allies if she is allowed to function
danger right
at
capital of $20,000 and its deposits
are
The
once
600 factories in the Milan section alone and made
over
The reflex from the socialists' failure
by the Italian laborer, and the reaction
satisfactorily in
Sept. 16, states that the Farmers' State Bank at Winston,
Mo., has been placed in the hands of
by State Director of Finance
a
State bank examiner
Hughes.
The closed bank
capital of $10,000.
France,
Italy,
industrial manner.
an
Austria,
Germany,
Turkey,
Hungary,
Czecho¬
Of all these countries England, in my
slovakia, Jugoslavia and Scotland.
judgment, is in the poorest industrial shape,
a
condition that is due to
'
4
Bank of Santa
one
of the oldest financial institutions
in northern Santa Barbara
County, becomes closely affiliated
Maria,
with the First National Bank of Los
Angeles and the Los
Angeles Trust & Savings Bank, of which banks Henry M.
Robinson is President.
These banks
already constitute the
strongest financial interest in the Pacific Southwest, having
«
According to
a press dispatch from Jefferson"City, Mo.,
Sept. 16, the People's Exchange Bank at Sturges,
Mo., has been placed in the hands of a State bank examiner
dated
by State Director of Finance* HugheZ^ The" banket* is
a
understood at
By transaction consummated in Los Angeles Sept. 9 the
—^^
said, had
was
such that Italy to-day
was
My study of industrial Europe and its financial condition took me into
England,
estimated
A press dispatch from Jefferson City, Mo., under date of
a
Germany's chief
scale.
is from the tremendous issues of fiat money.
now
is improving very
$175,000.
had
her indemnities to the
pay
the present
on
disastrous labor troubles.
a
England,
France and Italy are very much stronger in an economic way than they were
Italy is improving in an economic way after an experience with extreme
the dollar, said Mr. Zick.
Community State Bank at Table Rock, Neb., by order
bank has
Under careful
expect a payment of her huge war credit for five years, at the very least.
failures of them.
of the
progress.
supervision the industries of England, France, Italy, Germany, Austria,
«
ed in "Financial
industrial and economic
Critical, indeed, is the economic and industrial status of Europe, but
conditions
socialists who took
A press
Francisco,
months' exhaustive study
a seven
five years before industrial Europe regains normal production.
Stockholders of the People's State Bank of Rochester, closed by the State
Bank Examiner,
just returned from
Mr. Hale says:
be liquidated through the Olmstead State Bank
as
situation has been
First Vice-President of the Bank of Itafy, San
who has
of
——•
was
dispatch is
the
furnished the last few days in interviews with P. C. Hale,
People's State Bank of Rochester, Minn., the closing
may
approved
has
Currency
the
of
Authoritative opinion on the overseas
City Bank
Department and the Bay
grand jury investigation by Judge Houghton
;
of which
Comptroller
has been
which
maintains his innocence.
■
The
4
investigation,
>
investigation included
•
August 31 1921.
effective
Texas,
capital of $100,000.
own use.
an
month ago, the Attorney-General's Department
developed.
Falls,
a
City, Okla., into the Fidelity National Bank of Oklahoma
City, Okla.
The institution has a capital of $200,000.
the bank, whereas he
The
Wichita
Jan. 5 last and that the $60,000 was last given into the
The warrant alleges that Lankenau falsely claimed
of Lankenau.
conducted
Sept. 6
voluntary liquidation of the Exchange National Bank
application to convert the First State Bank of Oklahoma
pretended that he turned the money over to David Miller, Cashier of
and
»—»—
single package
It is alleged that 3,000 $20 Federal Reserve Bank notes in a
disappeared
this further
had
periods.
V;
city and
Examiner, is the complaining witness.
care
is senior Agent of
has
Comptroller of the Currency announced on
bank had
State Bank
Kalahar,
Italiana,
him in recognition of his work during
posij-war
and
■
special dispatch from Bay City to the Detroit
a
Dr. Pedrazzini, who
Commereiale
honor conferred upon
ing him with taking $60,000 from the Bay City Bank,
according to
Order.
same
Banca
capital of $10,000 and deposits of approximately
$70,000.
aggregate resources of more
transaction
gives
the
to
than $130,000,000,
Santa
Maria
financial support of the Robinson banks.
Bank
the
Santa
of
Maria
exceed
According to the Atlanta "Constitution" of Aug. 24, T. RBennett, Superintendent of the State Banking Department'
Aug. 23 announced that the Bank of Bronwood, Bronwood, Ga., would reopen; The bank re-opens with a capita^
The
the
resources
$5,470,000,
of
the
while
capital, surplus and undivided profits approach $900,000.
The transaction does not entail
an
outright purchase, but
the stockholders of the Bank of Santa
4
and this
institution
Maria, through
an
exchange of shares, become co-partners in the entire business
of
the
The
on
Los Angeles
Bank
of
institutions.
Santa Maria
occupies
a
particularly im¬
portant position in northern Santa Barbara County, and is
the
banking centre for the movement of commodities, not
a surplus of $ 15,099 "VTho "Constitution'
further states that Superintendent" Bennett is
preparing to
grant permission to several other banks to re-open their
only of northern Santa Barbara County itself, but also for
doors after being closed for several months
O.
ofj£25,000 and
the State
by orders of
Banking Department..
office,
Ross has
been
appointed receiver for the closed
Bank of Denton, at Denton, N. C.,
according to the Raleigh
"News & Observer" of Sept. 8.
Efforts looking toward the
Mr. Paul
Tietzen, who organized the Bank of Santa Maria 33
years ago,
»
Arthur
southern and eastern San Luis Obispo County.
as
and who is now its President, will continue in
as Manager L. P. Scaroni, who has been
well
connected with the institution for
were
more
than 22
years.
The
to the closing of this transaction
under the direction of J. O. Moore, Assistant to the
negotiations leading
up
re-organization of the bank, it is said, proved unsuccessful.
President of the Los Angeles Trust & Savings Bank, and were
The Bank of Denton
consummated
on
Aug. 22,
as
was
closed by a State Bank Examiner
reported by us in these columns in
of Sept. 3.
4
our
issue
by
Mr.
Charles F.
Stern,
formerly State
Vice-President of both
Superintendent of Banks and
now
the First National Bank of Los
Angeles and the Los Angeles
Trust &
Savings Bank.
j
Sept.
17
1921.]
TREASURY
THE
DEPARTMENTS
PUBLIC
Comparison of the
the United States
this
amount
of the
at
year,
$23,941,619,785
public debt
As the demand for the encashment of notes
Treasury
on
reduction in the net debt
a
during the
year
of $513,847,338, the
$23,427,772,447,
comparing with
The preliminary statement of
a year ago.
§24,974,963,027
$23,952,741,592
Total gross debt June 30
$24,299,321,468
$23,977,450,552
by the Treasurer free
obligations and without any deduction on account of obligations of foreign
Governments or other investments was as follows:
Note.—Total gross debt before deduction of balance held
Bonds—
Panamas, 1916-36.
Panamas, 1918-38.
$599,724,050
118.489,900
48,954,180
25.947,400
Panamas of 1961..
50,000,000
50,000,000
Conversion bonds.
28,894,500
28,894,500
Postal Sav. bond3.
11,539,360
11,718,240
$599,724,050
118,489,900
the
Dutch
Indies:
...—
Redjang
276,784
132,769
124,057
126,609
350,370
203,960
rise, the production of these three mines
compared with the year before.
bonds—,
$883,728,270
and there had been
recent purchases of importance.
The total number
of silver dollars coined since the law became effective in
April 1918 is said
to have been $22,123,000, according to "Financial America."
no
Aug. 7.
circulation.—
in
Loan
7465
7476
7559
2435
2435
2435
6690
6692
6692
835
835
835
Act
259,375,000
Special issues
24,000,000
$16,119,131,370
$4,246,385,530
$3,913,933,350
311,191,600
.....
Securities (Indian
Government)
securities
Total gross debt
Bar Silver per oz. std.
Cash
695,070,814
Highest price
$23,738,900,084
Lowestprice
Average price
6,745,237
10,688,160
227,862.308
Department also makes
Aug. 31 1919, when
war
debt
$23,977,450,552
public
statement
the quarterly
Quotations—
Ills.
Id.
at its peak), on the basis
37%d.
110s.
4d.
4d.
these figures
are
cates
given
as
September
Treasury Certifi-
$
$
$
as
614,593.427 23,365,510,971 2,474,612,000 280,229,450
549.678,105 23,427.772.447 2,450,843,500 824,729,450
THE ENGLISH GOLD AND
SILVER
the following from
Samuel Montagu
MARKETS.
Silver,
as
as
Mon.
follows the past week:
Tues.
Wed.
Fri.
Thurs.
Sept. 10. Sept. 12. Sept. 13. Sept. 14. Sept. 16. Sept. 16.
d. 39
per oz—
39
——llOa.ld.
39%
39%
39%
39%
110s.2d. 1108.3d. 110a.4d. 110g.6d. 1108.lOd.
Consols, 2% per cents
47%
48
48
48%
48
48%
British, 5
88%
88%
88%
88%
88%
88%
81%
81%
81%
81%
81%
81%
56.55
56.55
56.55
56.50
56.50
55.82
81.45
81.45
81.45
per cents
per cents
French Rentes (in Paris)—fr.
French War Loan(in Parls)fr.
81.45
The price of silver in New York on the same
81.45
81.45
day has been:
Silver in N. Y., per oz. (cts.):
Domestic..
reserve
—
Foreign
99%
99%
99%
99%
99%
99%
64%
64%
65%
65%
64%
65
against its note issue is £126,586,960,
compared with £126,586,435 last week.
came
Sat.
Gold, per fine ounce
*
England gold
MARKETS—PER CABLE.
closing quotations for securities, &c., at London,
Week ending Sept. 16.
GOLD.
The Bank of
ago.
London,
the weekly circular of
& Co. of London, written under date of
Sept. 1 1921:
weeK
reported by cable, have been
British, 4%
reprint
a
ENGLISH FINANCIAL
The daily
3,262,184,500 316,301,300
1921.
We
110s.
110s. lid.
$
$
3,267,878,500 361,217,490
3,938,225,000 262,914,050
3,462,258,000 274,753.683
251,622,538 24,447,049,046 2,278,259,000 388,961,055
357,701,682 23,941.619,785 2.485,552,500 283,375,000
434,961.050 23.662,395,079 2,347,791,000 292,229,450
504,951,394 23,477,272,774 2,300,656,000 292,229,450
>2
37%d.
37 625d.
and Special
1920.
30—23,977,450
37%d.
38d.
The silver quotations to-day for cash and forward delivery are each %d
below those fixed
(unmatured).
Loan and Tax.
30.-25.484,506,160 1,251,664,827 24,232,841,332
31-26,596,701,648 1,118,109,535 25,478,692,113
Sept. 30—26,194,996,799 1,191,738,500 25,003,258,298
Dec. 31—25,837,078,807
987,415.560 24,849,663,348
31—23,980,104,398
1
Average
Pitman Act
Aug.
une
4d.
Ills.
37%d.
June
Mar.
37%d.
fine.
6d.
37%d.
Net Debt.
31—23,982,224,168
—38d.
per oz.
Ills.
37%d.
in
Dec.
37%d.
,
Bar Gold
Two Months.
Augu. t 31
General Fund.
Sept. 30—24,087,356,129
112s. 6 6d.
38%d.
Gross Debt.
31-24,698,671,584
30—24,299,321,467
37.711d.
_„38%d.
Includes
June
115s. 5d.
110s. 4d.
38d.
August 29.
fine.
38%d.
36%d.
August 30
Net Balance
Mar.
Cash.
August 26
follows:
1919.
per oz.
-Bar Silver per oz. std.
August 27
com¬
Bar Gold
Delivery. Forward Deliv'y.
38%d.
36%d.
38 096d.
(showing also figures for
was
daily Treasury statements;
7d. the tael.
Statistics for the month of August are appended:
230,075,945
$24,299,321,467
parative public debt
of
as compared with about 29,in sycee, $25,500,000, and 2,100 silver bars on the 20th inst.
2,699,572,950
$24,062,500,285
which interest has ceased
Non-interest bearing debt
The
ounces
The Shanghai exchange is quoted at 3s.
828,739,702
Total interest-bearing debt
on
$25,500,000 and 1,900 silver bars,
sycee,
(net cash
receipts)
Debt
n
215,875,000
32,854,450
2,768,927,500
War savings
The coinage during the week ending 22d inst. amounted to 8 lacs of
rupees.
The stock in Shanghai on the 27th inst. consisted of about
29,300,000 ounces
100,000
$1,527,514,000
923,329,500
*■
17521
Gold coin and bullion out of India
$16,218,447,553
681.170.000
Pittman
Aug. 22.
17438
Gold coin and bullion in India.—
$15,235,403,100
Treasury Certificates—
SI,804,382,500
Aug. 15.
17425
Silver coin and bullion in India
Silver coin and bullion out of India
$15,334,898,163
Tax....
as
tion, though, of course, they may lower the margin of profit.
Up to
Aug. 2 purchases of silver under the Pittman law totaled 65,534.816 ounces
Notes
Notes
Victory Liberty Loan..
Treasury Notes, Series A, 1924..
34% in 1920,
within welldefined limits, higher prices and wages do not
necessarily decrease produc¬
Securities (British Government).
Total
rose
The above suggests that,
INDIAN CURRENCY RETURNS.
$1,952,257,350
3,316,611,700
3,611,575,900
6,354,958,150
6,394,374,813
1918.
284,095
that, notwithstanding the world tendency of prices
In Lacs of Rupees—
$883,549,390
Liberty L'n 3.662,748,250
1919
(in fine ounces).
—335,946
—
4&,954,180
25,947.400
First Liberty Loan$l,952,460,000
Second Liberty L'n 3,325,315,100
Fourth Liberty L'n
append details with reference to the silver production of three mines
and wages to
*24,708,960
of current
Third
We
It will be observed
1,605,816,001
,
The United States of America
ounces.
has sold with some freedom in this market.
Aequator
675,641,559
Loan Of 1925
successive steamers consigned to various banks, some of whom
refining, others not.
It is anticipated that the
total amount may reach 35,000,000
SI ,630,524,961
mentsJunelto30 2,191,485,350
Consols of 1930—
States by
have made arrangements for
1920.
-1921-
have somewhat abated,
The Indian Bazaars
have been the most active factor, often posing on the same
day as buyers
and sellers.
Quantities of German silver have been arriving in the United
Simau
-1920-
Decrease for period
the other hand the tone of
the basis
on
daily Treasury statements, follows:
June 1 to 30
$1,515,843,791
Public dt. disburse-
on
seems to
inquiry from that quarter is likely to be less in evidence.
in
June 30 1920 and June 30 1921,
Total gross debt May 31.—
Public debt receipts
profitable;
exchange and the size of the stocks in China have not encouraged sales.
Department's preliminary
the Government's public debt for June 30 1921
statement of
1333
of silver, purchases have not been
OF
DEBT.
with that of June 30 1920 shows
of
STATEMENT
CHRONICLE
A fairly large amount of gold
into the market, and was taken for the United States of America.
TRADE
AND
TRAFFIC
MOVEMENTS.
Geld to the value of $7,921,000 is reported a« being received in New York—
$5,295,000 from London, $1,875,000 from France, $511,000 from India
and $240,000 from Chile.
The Southern Rhodesian geld output for July
1921 amounted to 51,564 fine ounces, as compared with 49,466 fine ounces
1921 and 46,208 fine ounces for July
for June
1919, which prohibited the introduction into Fiance
of Russian bank notes,
money, and
securities, has been abolished.
It is
explained in the "Official Journal" this morning that the object of the pro¬
hibition was the maintenance of political order, but since Russian paper
the Anthracite
imported
as
The
use
of nickel for currency still continues to increase.
land
a
during the
Aug. 1920
tinued
date
with
Reuter caoled
Legation in London has been authorized to buy in Eng¬
of Aug.
M. Doumer, the
31
the
"Times"
tion.
Paris correspondent statas
that
in 2-franc, 1-franc and 50c. notes now in circula¬
The substitution of coins for this paper money will begin on Sept. 15
francs
issued by the Paris Chamber of Commerce, which
are ne¬
gotiable all over France.
Coins to the value of 40,000,000 francs (about
£800.000) have now been struck.
The operations of the Mint are to be
accelerated, and it is hoped that by the end of next year metal coins will
have taken
the place of paper money over the whole of France.
SILVER.
The market has
keen slight.
been rather quiet, owing to an absence of competition for
Operations on account of China have
Owing to the parity having been about l%d. below the price
reported
Philadelphia,
same
month last
year.
The decrease from
due, according to the Bureau, chiefly to
light demand for all sizes except stove, and to
strikes.
con¬
a con-,
caused by market
The movement for the first
ponding period in 1920:
Shipments by originating carriers during August 1921 and
1920 and for the
as
respective coal
years
to Aug. 31 have been
follows:
August
Road—
1921.
1920.
5 Mot. Coal Yr.to Aug.31
1921.
1920.
tons.1,116,844
1,401,849.
5,545,721
Lehigh Valley—_
924,649
1,159,816
5,071.210
6,172,464
5,558,071
Central Railroad of New Jersey.-..
Delaware Lackawanna & Western..
544,007
953,014
510,593
2.705,700
2,3 51,495
4,058,124
756,982
878,222
917,579
4,733.445
Delaware &
3,778,013
4,399,549
Pennsylvania
360,817
513,233
2,013.134
2,418,
Erie..
628,280
98,355
358.740
177,151
3,06 4.572
Philadelphia & Reading
mtario
the moderate
Information at
fiv? months of the coal year (beginning April 1) aggregated
as against 29,886,799 tons for the corres¬
Minister of Finance has now decided, after a conference
representatives of the Banque de France and the Paris Chamber of
the issue of metal coins to take the place of the
with the notes
of
shipments
as
28,831,172 tons,
Commerce, not to postpone
300,000,000
was
conditions and petty
quantity of nickel for the Argentine Mint to a value of 9,400,000 pesos.
Under
Bureau
August 1921,
tinuance of scattered colliery suspensions
ingots, the decree has now lost its force.
CURRENCY.
that the Argentine
SHIPMENTS.—The
Pa., aggregated 5,575,115 tons, as compared with 6,207,653
tons
rubles have no longer any value, and Russian metal money can be melted
down and
COAL
of anthracite coal for the month of
to
1920.
Under date of the 23d inst. the "Times" correspondent in Paris states:
"The decree of Jan. 22
ANTHRACITE
&
Hudson
Western..
Lehigh & New England
-
655.195
192,167
290,470
1,254,152
5,575,115
6,207,653
28,831,172
85
2,803,945
865.401
1,445,285
supplies forthcoming.
Total
-
29,888.799
Corporation on Saturday, Sept. 10.
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of Aug. 31
1921 to the amount of 4,531,920 tons.
This is a decline of
298,398 tons from the orders on hand at the close of July
1921.
On Aug. 31 1920 the unfilled tonnage on hand aggre¬
gated 10,805,038 tons.
In the following we give, comparisons
with previous months:
The United States Steel
Tons.
Tons.
1921.. 4,531,926 Nov.
July
31 1921.. 4,830,324 Jet.
June 30 1921.. 6,117,868 Sept.
Aug.
31
1921.. 6,482,487
31
Apr.
30 1921— 6.846,224 luly
31 1921— 6.284,766 June
Mar.
8.897,106;Feb.
31 1917—
9,009,676 Jan.
28 1921—
6,933,867 May
7,673.164 April
31
Dec.
31 1920-
8,148,122 Mar.
31
Nov.
30 1920— 9,021.481 Feb.
31 1920—
30 1920-10,374,804 Dec.
31 1920-10.805,038 Nov.
1913—
6.223,40t-
28 1917-11,576,697 May
5,399,366
30 1913.. 6,807,317
31 1913.. 6,324,322
31 1917-11,474,054 April
30 1913-
31 1913..
1917-11.711,644 June
6,978,702
7,468.956
7,656.714
31 1913.. 7,827 368
31 1912.. 7,932,164
31
1916-11,647,286 Mar.
31
1913..
28 1913—
30 1916-11,058,642 Feb.
31 1916-10,016,260 Jan.
30 1920-11.118,468 Oct.
July
4,013.080
31
1917-11,886,591 Aug.
30 1917-12,183,083 July
9,836,862 Jan.
Oct.
Sept.
Aug.
31 1914
4,282.108
4,390,34
31 1913.. 4,513,707
30 1913.. 6,003.785
1917..10,844,164 Oct.
30 1917. .11,383,287 Sept.
31 1921—
5.026.440
30 1913..
31
Jan.
28 191431 1913..
9,833,477 Dec.
1917-10.407,049 Nov.
30 1917-
Feb.
June
30 1920.. 10,978,817 Sept.
30 1916-
May
31 1920..10,940,466 Aug.
31 1916..
9,522,684 Dec.
9,660,367 Nov.
April
30 1920—10.359,747 July
31 1916..
9,693,592 Oct.
31 1912..
9,892.075 June
30 1916—
9.640.458 Sept.
30 1912..
Mar.
30 1920—
Feb.
28 1920—
9,502.081 May
31 1910-
9,937,798 Aug.
31
Jan.
31 1920—
9,286,441 April
30 1910..
31 1912..
31 1910-
30 1912..
5,807,349
Nov.
8,265,366 Mar.
30 1919— 7,128.330 Feb.
9,829,551 July
9,331,001 June
7,852.883
7,594,381
0,551,507
6,163,375
6,957,073
29 1916-
8,568,966 May
31
1912..
5,750,986
Oct.
31 1919—
31 1916-
7,922,767 April
30 1912—
5,664,885
Sept.
30 1919— 6,284,638 Dec.
31 1919— 6,109.103 Nov.
31 1915-
7,806,220 Mar.
7,189,489 Feb.
6,165.452 Jan.
29 1912..
5.454,201
31 1912..
5,379.721
6.084.766
4,141,958
3,694.327
3,611,315
3,695,986
3,584,088
3.361.087
Dec.
Aug.
31 1919-
6.472,668 Jan.
30 1915-
1915-
30 1912..
1912..
31 1912-
31 1919— 6.678.661 Oct.
30 1919.. 4,892,855 Sept.
31
30 1915-
6,317,618 Dec.
31 1911..
Aug.
July
31 1915—
4,908,455 Nov.
30 1911..
31 1916—
4,928,640 Oct.
31 1911..
Feb.
31 1919.. 4,282,310
30 1919.. 4,800,685
31 1919— 6,430,572
28 1919— 6,010,787
Jan.
31 1919—
July
June
May
Apr.
30 1911..
June
30 1915-
31 1911..
30 1915-
31 1911-
Dec.
May
6.684.268 April
31 1918- 7.379,152 Mar.
4,678,196 Sept.
31 1915.. 4,264,598 Aug.
Nov.
30 1918—
Mar.
31 1918—
30 1918.. 8,297,905 Dec.
31 1918— 8,769.042 Nov.
Aug.
1915-
4,255,749 June
30 1911..
4.345,371 May
4,248.571 April
31 1911..
3,113,154
30 1911..
3,218,700
31 1911-
3,447.301
28 1911..
3,400,643
31 1911-
3.110.919
31 1916-
8.353.298 Jan.
Oct.
Sept.
4,162,244 July
31 191430 1914—
3,836,643 Mar.
3,324,592 Feb.
31 1918— 8,883,801 Oct.
8,918,866 Sept.
31 1914-
June
30 1918..
30 1914-
May
31 1918— 8,337,623 Aug.
31 1914-
3.461.097 Jan.
3,787,667 Dec.
4,213,331 Nov.
April
30 1918.. 8.741,882
31 1918.. 9,056,404
28 1918.. 9.288,453
31 1918.. 9,477,863
31 1917— 9,381,718
July
31 1914-
4,158,589 Oct.
June
30 1914-
July
Mar.
Feb.
Jan.
Dec.
5.304,841
28 1915-
31
8,124,663 Feb.
—Through the courtesy of the Secretary of the Treasury, we
are enabled to
place before our readers to-day the details of
Government receipts and disbursements for August 1921
and 1920, and the two months of the fiscal years 1921-22
and
31 1910-
May
4.032.857 Sept.
31 1914- 3,998,160 Aug.
2.674,760
2.760.413
31 1910- 2.871,949
30 1910- 3,148,106
31 1910- 3,537,128
April
30 1914-
31 1910..
Mar.
31 1914-
30 1910..
4,277,068 July
4,653,825
3,970,931
1920-21.
Receipts—
Ordinary—
Internal
Miscellaneous
Miscellaneous revenue
Panama Canal toils, &e
Canada—
bank
and
notes
Fed.
Winnipeg
—
+ 6.6
80,896,897
43,097,376
13,499,392
16,592,935
—18.6
14,832,551
6,855,050
5,393,769
8,621.861
—32.1
7,506,859
—28.1
9,378,315
6,215,391
Halifax
2.949,503
Hamilton.
Calgary
4,724,227
2,435,721
5,414,958
Victoria
1,938,089
London
2,473,356
Edmonton-
4,155,691
3,579,344
816,079
659,077
1,666,398
1,454,712
942,700
733,890
4,892,220
5,884,201
2,934,326
6,300,700
2,903,615
3,139,180
5,188,440
Vancouver
Ottawa
Quebec
—
St. John
Reglna..
Brandon
Lethbridge
Saskatoon
Moose Jaw
...
Brantford
Fort William
New
Westminster
505,310
Medicine Hat
411,661
Peterborough
Sberbrooke
823,627
859,181
Kitchener
826,800
Windsor
/___
Total Canada
66,945,859
26,525.575
12,834,418
6,601,282
4,751,849
5,109,467
—33.2
3,180,206
6,653,904
2,971.762
—21.2
3.345,437
—19.9
5,225,287
4,504,216
718,322
2,352,445
5,313,837
2,031,606
2,516,420
3,212,165
3,017,773
568,151
—
17.C
—
14.1
4,920,009
—27.3
702,707
+ 16.1
706,480
—6.7
1,898,679
1,487,900
1,096,851
922,973
624,554
404,067
864,686
1,170,217
1,059,028
3,083,078
690,064
—12.2
750,955
2,123,074
—2.2
1,771,957
14.0
1,109,788
—16.1
848,704
—19.1
601,909
421,133
—
+ 1.9
—4.7
—26.6
718,118
1,090,156
—22.0
987,280
267,997,554 320,942,342
952,716,000
14,065
4 590,784
72,800
J
Total.....
61,300
2,724,305
55,780
......
bank notes (Acts of July 14
1890 and Dec. 23 1913)...
Grand total receipts
303,750
13,541,790
448,400
388,611,891 221,199,760
412,683,075
957,842,049
10,929,492
.631,055,078
6197600,425
864,194,716 1,586,609,240
Disbursements—
■>
Ordinary—
'
Checks and warrants paid (less
balances repaid, «fcc.)
Interest
I
c638,531,291
63,333,857
550,777,938
61,594,211
272,946,457c398,570,874
17,740,166
15,392,670
public debt paid..
Checks paid
(less balances repaid, <fec.).
Purchase
of
obligations of
foreign Governments-.--on
Panama Canal:
Purchase
of
Federal
471,224
41,469,408
Farm
Loan bonds:
Accrued
2,257.002
604,268
1,627,602
30,469,468
"
.VV
"!'■
■
Principal
•
8,400,000
81,284
1,500,000
20,448
interest
Total ordinary.....
—
...
291,157,847 447,571,062
612,976,417
754,072,902
230,128,118 118,109,060
455,871,961
929,681,132
Public Debt—1
Bonds, Interes+bearing notes
and certificates retired
Nat. bank notes and Fed. Res.
bank notes retired
(Acts of
1,335,590
11,932,000
2,810,261
237,519,233 119,444,650
467,803,961
932,491,393
disbursements...528^677,081 567,0157712 L080J807377
1,686,564,294
July 14'90 & Dec. 23'13)„
Total
7,391,115
Receipts and disbursements for June reaching the Treasury in July are Included.
b Counter entry (deduct).
c The $100,000,000 reduction in the capital stock of the United States Grain Cor¬
poration effected Aug. 20 1920 is reflected in an Increase of both receipts and dis¬
bursements by that amount
in the fiscal
year
1921.
Auction
not
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold
auction in New York, Boston ana Philadelphia:
Price.
Stocks.
100 Cedarhurat
Realty
750,945
1,551,395
1,191,837
827,872
669,172
$250 lot
$145
200 Grape Ola Prod., pref., $1 each.$6 lot
416 Valier-Mont. Land & Water,
$5 lot
pref
% per sh.
120
8hoe.com.
634
Naumkeag Steam Cotton
18934
Stocks.
5 Marlboro Electric
60 Beacon Falls Rubber
10
$persh.
235
11 New London & Northern RR__ 90J4
110 rights Fitchburg Gas «fc Elec_.l-1.07
Stocks.
2 Dartmouth Mfg., com
5
6 Cabot
5 Fisk Rubber, 1st pref
Per cent.
Bonds.
$1,000,000 Equitable
Office Bldg.
Corp. s. f. deb. 5s, 1952, M. <fe N.
Valier-Montana
Water 2d
Shares.
cum.
Land
inc. 6s, 1928
59Vi
&
$20 lot
$ per sh^
Stocks.
pref
60V»
Gas & Electric
1
20 Fiske Rubber, 1st
10 rights Fitchburg
Shares.
156 Mass. Security Corp.,
Bonds.
pref..\$6,000
oom../
Percent.
$5,000 Fitchburg RR. 4s, 1927
70
$21,000 Penn Pub. Serv. Corp. 1st
and ref. 7)48, 1935
96
-
61J4
$ per sh.
Bank of Pbila
240-250
26 Bank Of North America..
290
50 Farmers & Mech. Nat. Bank..
534
3 Belmont Trust, $50 each
53
8 Manayunk Trust, $50 each
100
2 John B. Stetson, pref
123
6 Delaware RR
34
13 Hale & Kilburn, pref
1134
2 Frank. & So'wark Pass. Ry__.20834
5
Germantown Passenger Ry
65
1 13th & 15th Streets Pass. Ry__151
Stocks.
$ per sh'
Stocks.
780 Mass. Security Corp.,
By Messrs. Barnes & Lofland,
12 First Nat.
STOCK OF MONEY IN THE COUNTRY.—The follow¬
com.$l per sh.
$2 persb.
40 ehs. U. S. Lloyd8_$ll lot
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
Shares.
ing table shows the general stock of money in the country,
as well as the
holdings by the Treasury and the amount in
circulation on the dates given:
on
By Messrs. R. L. Day & Co., Boston:
Shares.
Manufacturing
120
50 rights Fitchburg Gas & Electric $1
16.5 330.663,548 263,222,796
Rights
$35,100
80 Amer. Standard Met. Products,
14 Greater Cotuit Shore
al
150 Sugar Planters Corp.,
983 Atlas Truck Corp
..$5 Jot
common
Price.
Stocks.
80 Criterion Concessions, pf..$l persb.
200 Sugar Planters Corp., pref.$6 per ah.
($150)
395,460
695,288
642,818
1,038,016
1,880,439
$6 per eh.
564,062
882,646
Shares.
320 Am. Stan. Metal Prod., com..$3 lo>
Holdings,
160 Mead Fibre, 2d pref
$6 per sh.
1 free share N. Y. Soc. Library
4,842,252
4,683,290
6,093,413
—7.1
2,863,902
+ 58.0
1,090,891
771,231 Not Include d In tot
Moncton..
Kingston
—39.7
—19.7
396,362,500
Res.
160 Mead Fibre, com
—20.9 126,563,658 107,390,186
—17.5
628,767,191
By Messrs. Adrian H. Muller & Sons, New York:
1918.
1919.
%
85,840,098 108,472,977
72,817.418 88,297,172
43,266,710 40,576,503
Toronto...
1,085,624
451,511,642
——
Inc...
Montreal
1,593,987
242,443,187 398 400 665
Postal Savings bonds
Deposits for retirement of Nat.
Shares.
or
Dec.
94 596,615
247,775,281
61,300 406
Public Debt—
Treasury notes....
at
Inc.
124,469,563
252,381,849
cl90 8C8.339
59,551 ,f 72
144,710,931
30,971,194cl64,151,146
802,711
659,198
47,439,707
Certificates of Indebtedness..376,362,500 218,654,500
Lib. bonds and Victory notes.
61,300
10,000
War Savings securities
1,321,199
2,231,510
Week ending September 8.
1920.
*2 Mos. 1921 *2 Mos 1920
$
$
46,245,353
60,021,816
.136,7 0.513
Total ordinary...
Clearings at1921.
29,327,519
revenue.
Income and profits tax....
*
Canadian Bank Clearings.—The clearings for the week
ending Sept. 8 at Canadian cities, in comparison with the
same week in 1920,
shows a decrease in the aggregate of
16.5%.
$
26.449,062
Grand total
©mumcvcial atidlllis ccllaticoua Uctug
Aug. 1920
$
Aug. 1921.
Customs
Tons.
I
30 1917..
31
Uig.
May
GOVERNMENT REVENUE AND EXPENDITURES.
CORPORATION.—
UNFILLED ORDERS OF STEEL
[Vol. 113.
CHRONICLE
THE
1224
Philadelphia.
Shares.
$ per sh
Stocks.
1 Continental
Passenger Ry
70
34
300 Sun Iron & Metals Corp
Percent.
Bonds.
$4,000 Seaboard Portl. Cement 6s,
1
1927
$1,000 West Penn Rys. 1st 5s, 1931 80
$1,000 City of Wilkes-Barre 4 34 8 '29 90
$283,000 Amer. Manganese Mfg.
1st gen. Dunbar 6s, 1919
913$
$1,500 Consumers Brewing p. 1. 6s,
1923
$200 lot
-Stock of Money Sept 1 '21
Money in Circulation
in U.S.
afield in Treas Sept. 1 1921.
Sept. 11920
$
§
S
Gold coin (including bullion
in
Treasury)
Gold
certificate.
Standard silver dollars
363,739,326
Silver certificates
11,366,390
_
Subsidiary silver
.
Treasury Notes of
272,366,584
11,587,229
890
United States notes
Federal Reserve notes
346,681,016
c2.849,722,060
Federal Reserve Bank notes
National bank notes
$
1
3,377,417,980 383,347,076
_■
121,766,400
739,148,874
6904,788,212
854,401 203
508,468,289
75.291,909
377,419 858
National
Currency, Treasury
'
136,816 599
215,518,263
122,921 830
260,779,355
1,562,764
253,633 430
1,652 105
2,952,147
343,728,869
339,661 777
2,962,222 2,527,499,111 3,200 074*445
2,593,508
119,172,892
218 763 017
16,815,334
722,333,540
706!686'713
8.010,842,240 431,623,906 5,679,143,204 6,212,030 977
Population of continental United States estimated at 108,365,000.
Circulation
capita, $52 41.
a This statement of money held In the Treasury as assets
of the Government does
not
Capital.
Sept
'
*
Sent
|
amounting to $278,104,482 87.
b Includes
with
c
$428,750,996 46
Treasurer
Includes
Federal
Reserve
Gold
Settlement
Fund
APPLICATION TO ORGANIZE APPROVED.
Syracuse, N.
Sent
deposited
Federal Reserve notes held by Federal Reserve banks.
1921 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $1,260,456,123 gold coin and bullion, $320,358,280
gold certificates, and $319,260,727 Federal Reserve notes, a total of $1,900 075 130
against. $1,299,165,566 on Sept.. 1
1920.
National Bank of Syracuse, N. Y_
$200,000
Harry H. Skerritt, 331 Union Bldg.,
Y.
1
|
10—The First National Bank of Spur^eon, Ind
25,000
Correspondent, Albert Jordan, Oakland City, Ind.
Correspondent,
of the United States,
own
Note.—On Sept. 1
6—The Security National Bank of Harlingen, Tex
$25,000
Correspondent, H. M. Barton, Harlingen, Tex.
7
The First National Bank of Savannah, Ga
250,000
Correspondent, R. L. Denmark, Savannah, Ga.
10—The National Bank Savings & Trust Co. of St. Louis, Mo.$250,000
Correspondent, J. Lionberger Davis, 1210 Federal Re¬
serve Bank Bldg., St. Louis. Mo.
9—The Liberty
Soot
Include
deposits of public money in Federal Reserve banks and in national
banks and special depositaries to the credit of the Treasurer of the United Statrs
Comptroller of the
Department:
APPLICATION TO ORGANIZE RECEIVED.
Sept
Total
per
Banks.—The following information regarding
national banks is from the office of the
Spr»t
P
'
APPLICATION TO CONVERT RECEIVED.
7—Metropolitan National Bank of the City of New
York, N; Y
-L
$2,500,000
Conversion of the Metropolitan Bank of New York.
Correspondent, Rushmore, Bisbee & Stern, 61 Broad¬
way, New York.
Sept.
17
1921.]
THE
CHRONICLE
1225
CHARTERS ISSUED.
Sept.
$—12013, The Farmers National Bank of Sardinia, O
$30,000
President, W. L. Kautz; Cashier, Eugene Carter.
Sept. 10—12014, The City National Bank of Hackensack, N. J__ 100,000
President, George P. Pitkin; Cashier, W. B. Todd.
CORPORATE
EXISTENCE
5971—The First National Bank of Center, Tex_
Sept.
9 1941
-
Sept.
LIQUIDATIONS.
6—727, The Peoples National Bank of Pittsburgh, Pa.
Capital,
$1,000,000.
Liquidating agent, Joseph W. Ward, 409 Wood St.,
Pittsburgh, Pa.
Absorbed by the First National Bank at Pitts¬
burgh. No. 252.
Liability for circulation assumed under Sec¬
tion 5223. U.S.R.S.
Liquidation effective at close of business
6—f 1486f The1
Exchange National Bank of Wichita Falls, Tex.
Capital, $100.
Effective Aug. 31 1921.
Liquidating agent,
P. L. Jennings, Wichita Falls.
7—9282, The Central National Bank of Columbus, O.
Capital,
$200,000.
Effective Sept. 3 1921.
Liquidating agent, Howard
C. Park,
Columbus, O.
Absorbed by the Citizens Trust &
Savings Bank of Columbus, O.
Dividends
rent week.
we
are now
grouped in two separate tables.
In the
bring together all the dividends announced the
we
show
Then
the
we
follow with
dividends
have not yet been
a
second table, in which
previously announced, but which
paid.
The dividends announced this week
Navic of Company.
Railroads
are:
Per
When
Books Closed.
Cent.
Payable.
Days Inclusive.
(qu.)
—
*14
•IK
1 ♦Holders of rec. Oct. 25a
1 ♦Holders of rec. Sept. 23
Dec.
Nov.
St. Louis-San Francisco—
K. C. Ft. S. & M., pf. tr. ctfs.
and
Electric
Oct.
(qu.)—
1
Sept. 25
Ja*
Oct.
to
1
Railways.
Oct.
1
Holders of rec. Sept. 17
$ 1.37 4
Carolina Power & Light, pref. (quar.)—
IK
Cincinnati Street Ry. (quar.)
14
Oct.
1
Holders of
Oct.
1
Holders of rec.
Oct.
1
Sept.17
Manila Elec. RR. & Ltg. Corp.
IX
Oct.
1
Holders of
Ridge Ave. Pass. Ry., Phila. (quar.).. *$3
1
Trinidad Electric Co., Ltd. (quar.)
Wash. Bait. & Aim. Elec. RR.,com.(qu.) *50c.
Preferred
*75c.
(quar.)..
Winnipeg Electric Ry., pref. (quar.)
IK
Oct.
1
Oct.
10
Asheville Power & Light, pref. (quar.)
Boston Elevated Ry., com. (quar.)
1K
—
(quar.).
Yadkin River Power, pref. (quar.)
IK
Oct.
1
Oct.
to
♦Sept. 16
Oct.
rec.
1
♦Holders of
rec.
Sept.
Sept.
Sept.
Sept.
17
17
30
19a
to
Oct.
2
to
Oct.
11
rec.
Sept. 17
1 ♦Holders of rec. Sept. 17
Holders of rec. Sept. 15
Oct.
1
Oct.
1
Holders of
rec.
Sept. 17
Banks.
America, Bank of (quar.)
Manhattan Co., Bank of the (quar.)—
New York, Bank of, N.B.A. (quar.)
Seaboard National
3
Oct.
1
Holders of
rec.
$3
Oct.
1
Holders of
rec.
5
Oct.
1
Holders of
rec.
Oct.
1
Holders of
rec.
Sept. 30
Holders of
rec.
1
3
(quar.)....
Sept. 21
Sept. 22a
Sept. 20
Sept. 23
(quar.)
IX
Brooklyn
(quar.)
6
Oct.
Holders of
rec.
Columbia
(quar.)
4
Sept. 30 Holders of
Sept. 30 ♦Holders of
rec.
MacAndrews & Forbes,
Preferred
(quar.)
com.
*2X
-
Abitibi Power & Paper, Ltd., pref. (qu.)
Amer. Brake Shoe & Fdy., new com.(qu)
New preferred (quar.)
Securities, Class A (qu.)
Amer. Gas & Elec., com.
Preferred
(quar.)
(quar.)
American Hawa'lan SS. (quar.)
Am. La France Fire Eng.,Inc., com.(qu.)
....
IK
*1
—
IK
Oct.
1
2
Oct.
1
IX
Nov
1
*7 5c. Oct,.
25c
IX Oct.
_.
(quar.)
Barnet Leather, pref. (quar.)_
Barnhart Bros. & Spindler—
—
♦1
Oct.
*1K
Oct.
rec.
Sept.
Sept.
Sept.
Sept.
23a
Bell Telephone of Canada (quar.).....
Brier Hill Steel, pref. (quar.)
Brunswick-Balke-Collender, pref. (qu.).
Buffalo General Electric (quar
20
(quar.)
....
National Fuel Gas (quar.)..
National Licorice, pref. (quar.)
Pan-Amer. Petrol & Tr.,
com&cmB(qu.)
Pittsburgh Plate Glass, com. (quar.)
Connor (John T.) Co., com.
(quar.)
Dodge Mfg.,
com. (quar.)
(quar.)
Dominion Canners, pref. (quar.)
Dominion Textile, com. (quar.)
Preferred
(quar.)_
Preferred
Duluth Edison Elec., iref. (quar.)
Electric Controller & Mfg., com. (quar.)
*_
....
Endicott-Johnson Corp., com. (quar.)
Preferred
(quar.)
*
—
...
Corp., pf. (qu.).
General Tire <St Rubber, pref. (quar.)...
Godchaux Sugar, Inc., pref. (quar.)—
Goulds Mfg., com. (quar.)
Preferred
(quar.)
Grant Lees Gear Co., pref.
(qua?.)
Great Western Sugar,
pref. (quar.)
(quar.).....
Hendee Mfg., pref. (quar.)...;
Hupp Motor Car Corp., pref. (quar.)..
Imperial Tobacco of Canada, ordinary..
Heath (D. C.) & Co., pref.
—
1
Nov.
1
Oct.
•IK
Oct.
1 ♦Holders of rec,
1 ♦Holders of rec.
*2
Oct.
k
10
10
•IK
*14
*2
Oct.
1
♦Holders of rec. Oct.
1 ♦Holders of rec.
Sept. 20
Sept. 30 Holders of-rec. Sept. 15
Sept. 30 ♦Holders of rec. Sept. 20
Sept. 30 Sept. 20
to
Sept. 30
1
Oct.
Sept. 21
to
Oct.
4
1
Oct.
Sept. 21
to
Oct.
4
1
Oct.
1
Oct.
25
♦Holders of
rec.
Sept.21
Holders of rec.
Sept. 24
Holders of
Oct.
Oct.
1
Sept. 21
1
Holders of
Sept. 30
rec.
to
rec.
Holders of rec.
1 ♦Holders of rec.
*25e.
Oct.
nx
Oct.
1
♦Holders of
Oct.
15
Holders of
IX Oct.
IK Oct.
Oct.
IK
3
Holders of
1
Sept. 25
1
Holders of rec.
3
Oct.
1
Holders of
rec.
IK
Oct.
15
Holders of
rec.
IX
Oct.
1
Holders of rec.
75c
Oct.
1
Holders of
2
26
Sept. 20
Sept. 20
Oct.
IK Oct.
2
Sept. 20
15 ♦Holders of rec. Sept. 30
1 ♦Holders of rec.
Sept. 20
rec.
Sept.
Sept.
Sept.
Sept.
8ept.
15
Pond Creek
Coal
20
20
Sept. 15a
rec.
Sept.15a
IK Oct.
rec.
2
1
Holders of
rec.
Oct.
Nov.
Sept. 30 ♦Holders
rec.
of rec.
Oct.
1
*1K Oct.
1
IX Oct.
1
Holders of rec.
IK Oct.
1
Holders of
1
Holders of rec.
IK
1% Oct.
•IK Oct.
IK Oct.
*1K Oct.
IK Oct.
15
Sept. 19
Holders of rec. Sept. 20a
♦Holders of
rec.
rec.
Sept. 17
Sept. 20
Sept. 20
1
Sept. 20
Holders of rec. Sept. 20
•IX Sept. 29
(quar.)
1
Oct.
1
•$1.50 Oct.
1
$2
Holders of
to
rec.
1
15
Holders of
rec.
15
Holders of
rec.
1
Holders of
rec.
rec.
rec.
rec.
Sept. 30
rec.
rec.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
14
Oct.
15
Oct.
15
Holders of
Holders of
♦14 Oct.
IK Oct.
1
♦Holders of
rec.
Holders of
10 ♦Holders of
rec.
Oct.
rec.
1
rec.
1
♦Holders of
Oct. 15 ♦Holders of
*24
14 Sept.30
Holders of
2
Oct.
1
24
Oct.
1
♦$1.50 Oct.
rec.
rec.
rec.
*2
10 ♦Holders of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Oct.
1
♦Holders of
rec.
•IK Oct.
37 X Oct.
1
♦Holders of
rec.
1
Holders of
♦Holders of
rec.
*3
Oct.
31
*2
Oct.
31 ♦Holders of rec.
uct.
31
*14 Oct.
1
♦Hoiuers of
Sept.30 ♦Holders of
19a
Sept. 30a
Sept. 30a
Sept. 23
Sept. 26
Sept. 26
Sept.19
Sept.19
Sept. 21
Sept.21
Sept. 30
Sept.23
Sept. 15a
Sept. 30a
Sept. 20
Sept. 10
Sept. 30
Sept. 12
Sept. 12
Sept. 20a
2
*2
Oct.
rec.
Oct.
Oct,.
15
Sept.20
Holders of
Oct.
*3
Sept. 20
rec.
24 Oct.
rec.
21
15
24
23
30
30
30
rec.
Sept. 17
Holders of
rec.
IK
Sept.30 ♦Holders of
Oct.
1
Holders of
Sept. 15
Sept. 15
rec.
2
Oct.
1
Holders of
rec.
Oct.
1
Holders of
Sept. 30 ♦Holders of
rec.
Oci
1
2
*3
Mfg. & Engine, common (quar.).
Tobacco Products Corp., pref.
(quar.)..
2
Tonopah Mining
Torrington Co., common (quar.)..
United Drug, 1st pref. (quar.)
Second pref. (quar.)
United Fruit (quar.)
United Gas Improvement, com. (quar.).
*5c
Oct.
21
*$1.25 Oct.
1
•IK Nov.
*14 Dec.
rec.
Sept. 23
Sept. 23
Sept. 15
Sept. 27
Ho ders of rec. Se
1
IK Oct.
rec.
Holders of
♦Oct.
*
1
rec.
to
t. 20
Sept. 194
Oct.
9
miders of rec. Sept. 22
1 ♦Holders of
1 ♦Holders of
rec.
Oct.
16
rec.
Nov. 15
rec.
Sept. 20
Sept.30
2
Oct.
15
50c
Oct.
15
Dec.
lo ♦I'oi'leiS of rec. Nov. 30
5
Holders of rec.
Holders of
Holders of
rec.
Preferred (quar.)
United Shoe Machinery, com. (quar.)..
•IK
Preferred (quar.)
U. S. Industrial Alcohol, pref.
(quar.)...
Universal Leaf Tobacco, preferred
Victor Talking Machine, common
374c Oct.
5
IK
Oct.
15
Holders of
Hc'lers of
rec.
Sept. 30a
2
Oct.
I
Holders of
rec.
Sept. 22
50c
(qu.). *10
Preferred (qua'*.)
2
Oct.
rec.
15 ♦Holders of rec. Sept. 30
15 ♦Holders of rec. Sept. 30
15 ♦Holders of rec.
Sept. 26'
1
Holders of rec.
IK Oct.
1
Holders of
rec.
IX Sept. 15
Holders of
rec.
Holders of
rec.
50c
Sept.20
Sept. 20
Oct.
1
*14 Oct.
1 ♦Holders of rec.
Sept.
Sept.
8ept.
Sept.
Sept.
20
23
8
20a
20a
give the dividends announced in previous weeks
paid.
This list does not include dividends
we
not
Oct.
•IK Oct.
Wilson & Co., Inc., pref. (quar.)
Wyman-Gordon Co., 1st pref. (quar.)..
Youngstown Sheet & Tube, com. (quar.)
Preferred (quar.)
and
Oct.
Oct.
•IK
...
Western Union Telegraph (quar.)
Williams Tool Corp., pref. (quar.)
yet
announced this week.
Name of
Company.
Railroads (Steam).
(quar.)
Albany (quar.)
Creek
Boston & Providence (quar.)
Buffalo & Susquehanna, com. (quar.).—
Canadian Pacific, com. (quar.)
Preferred
Per
When
Books Closed.
Cent.
Payable.
Days Inclusive.
60c.
Oct.
Holders of
rec.
Sept. 15a
2
8ept.
Holders of
rec.
Aug. 31a
*2X
IK
2X
Oct.
Sept.
Sept.16
Oct.
Holders of
rec.
Oct.
Holders of
rec.
Holders of
rec.
to
Sept. 30
Sept.20a
Holders of rec. Sept. 23
♦Holders of rec. Sept. 23
Sept. 30
Sept. la
Sept. 1
Sept. 12a
Sept.12a
2
Chic. St. Paul Minn. & Omaha, com...
Preferred
2X
3X
Sept.
Sept.
Holders of
Clev. Cln. Chic. & St. Louis, pref. (qu.)_
Delaware & Hudson Co. (quar.)
Joliet & Chicago (quar.)
IK
Oct.
Holders of rec. Sept. 30a
24
Sept.
Holders of
rec.
IK
Oct.
Holders of
rec.
.
...
Lehigh Valley, common (quar.)
Preferred
(quar.)
87 Xo Oct.
rec.
IK
Nov.
5
Sept.
Holders of
rec.
5
Sept.
Holders of
rec.
Second preferred (from 1919 income).
N. Y. Lackawanna & Western (quar.)...
2X
Sept.
Holders of
rec.
IK
IK
Oct.
Norfolk & Western, common (quar.)...
Pitts. Bessemer <fe Lake Erie, common—
Pitts. Ft. W. & Chic.,
com.(quar.).
Preferred
(quar.)
Southern Pacific (quar.)
Southern Ry.—
Holders of rec. Sept. 30a
Holders of rec.
Sept.
Sept.
Sept.
Sept.
Aug.
Holders of
rec.
Sept. 15
Sept. 10a
Sept. 10a
Aug. 31a
Holders of
Sept.
75c. Oct.
rec.
1K
Oct.
Holders of
rec.
IK
Oct.
Holders of
rec.
IX
Oct.
Holders of
rec.
2
rec.
Mobile A Ohio stock tr. ctfs
Union Pacific, common (quar.)
Preferred
Oct.
Oct.
1
Holders of
24
1
Holders of
rec.
2
Oct.
1
Holders of
rec.
United N.J. RR. & Canal Cos. (quar.)..
2X
Oct.
10
Street
and
Electric
Aug. 27a
Sept. 20a
Holders of reo. Sept. 17a
Holders of rec. Sept. 17a
$1.25 Oct.
New York Central RR. (quar.)
New York Chicago & St. Louis, com
1st & 2d pref. (from 1918
income)....
Sept. 21
to
19a
19a
19a
14a
31a
Sept. 15a
Sept. la
Bept. la
8ept. 30
Railways.
Bangor Ry. & Elec., pref. (quar.)
Brazilian Trac., Light & Pow., pref. (qu.)
Cleveland Railway (quar.)
...
IK
Oct.
Holders of
rec.
IX
IX
Oct.
Holders of
rec.
Oct.
Holders of
rec.
$4.50 Oct.
Sept. 20
Sept. 15
Sept. 15a
Sept. la
Holders of
rec.
Traction, preferred (quar.)
Kentucky Securities Corp., pref. (quar.)
IX
IX
Oct.
Holders of
rec.
Oct.
Holders of
rec.
Northern Ohio Trac. & Lt., pref.
IX
Oct.
Holders of
rec.
Sept. 15a
1
Oct.
Holders of
rec.
Sept. 15
Oct
Holders of
rec.
Sept. 10a
Ottawa Traction (quar.)
Philadelphia Traction (quar.)
(qu.)L.
—j
$2
Puget Sound Pow. & Lt., pref. (quar.)..
Second & Third Sts.Pass.Ry..Phlla.(qu.)
Springfield Ry. & Light, pref. (quar.)...
Tri-Cltv Ry. & Light, pref. (quar.).
Twin City Rap.
Transit, pref. (quar.)—.l
United Light <fc Rvs., 1st pref. (quar.).J
Utah Power & Light, preferred (quar.)..
West End Street Ry., Boston, common.
West India Electric Co.
York Rye., pref. (quar.)
(quar.)...T
....
Sept. 15
Sept. 30a
Oct.
Holders of
rec.
Oct.
la
Oct.
Holders of
rec.
Sept.
la
IK
Oct.
Holders of
rec.
IX
Oct.
Holders of
rec.
Sept. 15a
Sept. 20a
IK
Oct.
Holders of
rec.
Sept. 17a
14
Oct.
Holders of
rec.
Sept. 1 La
Oct.
IK
$1.75 Oct.
Holders of
rec.
IX
$3
Sept.16
IK
Oct.
Sept. 16
Sept. 24
624c
Oct.
Holders of rec. Oct.
to
to
Oct.
2
Sept.30
21a
Banks.
Chase National
4
(quar.)
Oct.
Holders of
rec.
Sept. 23a
Sept.23a
Chase Securities (quar.)
Chatham <k Phenix National (quar.)
Commerce. National Bank of (auar.)
$1
Oct.
Holders of rec.
4
Oct.
Sept.18
3
Oct.
Holders of
rec.
Sept. 16a
Metropolitan (quar.)
*24
Oct.
♦Holders of
rec,
Sept. 23
—
National
Sept. 22
IK Nov.
1%
over
Sept.16a
3 ♦Holders of rec. Sept.15
1
Holders of rec. Sept. 26
1 ♦Holders of rec.
Holders of
IK Oct.
1 ♦Holders of rec.
Oct.
1
Holders of rec.
(m)
Frankford & Southwark Pass. Ry. (qu.).
Solders
olders of
of rec.
Holders of
1
Nov.
IX Oct.
2
*2
♦14
Illinois
rec.
1
Oct.
Holders of rec. Sept. 23
Holders of rec. Sept.20
Singer Mfg. (payable in French francs)..
Soden (G. A.) & Co., 1st pref.
(quar.)...
Sept. 24
Sept.30
1
1
IK Oct.
rec.
Holders of
*3
Sept. 30a
1
Sept. 30
1
3X Oct.
—
Holders of
1
3
Prairie Pipe Line (quar.)..
rec.
*3
Preferred
(quar.)
1
Oct.
Royai Baking Powder, pref. (quar.)....
Safety Car Heat. & Ltg. (quar.)
rec.
to
Oct.
IK Oct.
$1.25
Indianapolis W. W. & Securities, pref..
Island Creek Coal, com.
Oct.
IX Oct.
Prairie Oil & Gas (quar.)..
Extra
S
la
14
■
(quar.)..
Sept. 20
Sept. 20
Sept. 20a
IK
30
26
15a
Sept. 17
Sept. 15
Sept. 30
Sept.21
Sept.17a
Sept. 17a
Sept. 22
Sept. 22
Internat. Motor Truck, lst&2d pf. (qu.)
Preferred
rec.
♦4
*2
Alpaca (quar.)
rec.
15 ♦Holders of rec. Oct.
15 ♦Holders of rec. Oct.
Holders of rec. Sept. 20
Holders of rec. Sept. 23
IX
Dayton Power & Light, pref. (quar.)
Dictograph Products Corp., pref. (quar.)
Holders of
Sept. 19
Sept. 17
1
City Investing, pref. (quar.)
(quar.)
1
IK Oct.
Oct.
IK
$2.50
Chicago Pneumatic Tool (quar.)
Cincinnati & Sub. Bell Telep. (quar.)...
Holders of rec. Oct. 15
♦Holders of rec. Sept. 15
15
Holders of rec. Nov. 1
1
Holders of rec.
1
Holders of
*$1.50 Oct.
(quar.)
Central Petroleum, pref
Farr
Oct.
Pittsburgh Rolls Corp., pref. (quar.)
Boston &
Sept. 17
1 ♦Holders of rec:.
Sept. 15
IX
IK
Famous Players-Lasky
rec.
Holders of
Holders of
New River Co., pref. (acct. accum.
Oct.
1 ♦Holders of
divs.) */»I4
Niagara Falls Power, com. (quar.)
14 Sept.15
Holders of
Preferred (quar.)
IK Oct. 15 Holders of
Northwestern Yeast (quar.).
*3
Sept. 15 ♦Holders of
Extra
*3
Sept.15 ♦Holders of
Ohio State Telephone, pref.
1
IK Oct.
Holders of
(quar.)
Pa ;!fic G is
"It.
1
*-«oi uri of
Electric, common (quar.).
*1K
Beech
rec.
1
IK
—
Holders of
National Refining, preferred
(quar.)....
Nat. Automatic Fire Alarm of Cln.
(qu.)
Holders of
Oct.
2
Burroughs Adding Machine, com. (qu.)
(quar.)
15
McCrory Stores Corp., pref. (quar.)
Mexican Petroleum, com. (quar
Holders of rec. Sept. 20
Holders of rec. Sept. 23
Holders of rec. Sept. 23
Holders of rec. Sept. 17
Oct.
Canfield Oil, com. (quar.)
Preferred (quar.)..—
Preferred
rec.
124c Oct.
20
$1
CanadianCi ocker-W heeler,com.&pf. (qu.)
Cleveland Worsted Mills
rec.
Holders of
Eight per cent preferred (quar.)
pref. (quar.)...
24
*1K
*1
First and second preferred (quar.)
Beatrice Creamery, com. (quar.)
Preferred
(quar.)...;
•.
Central Aguirre Sugar Cos.
Nov
IK Oct.
—
1
2
Preferred
(quar.)
Light, pref. (quar.)
Amer. Type Founders, com. (quar.)
Preferred
(quar.)
Amer. Wholesale Corp., pref. (quar.).
Auburn Automobile, com. (quar.)
Oct.
Sept 30
Sept 30
Amer. Power &
Preferred
rec.
Holders of
(quar.)..
Miscellaneous.
Amer. Exchange
♦Holders of
1
1
Malllnson (H. R.) & Co., Inc., pf. (qu.)
Massachusetts Ltg. Cos., 6% pf. (qu.)..
Below
Trust Companies.
American
Hudson (quar.)
1
lK V-lCt.
Preferred
(quar.)....
Llggetts International, Ltd. (quar.)
Loose-Wiles Biscuit Co., 1st pref. (qu.).
Second preferred (quar.).
Second prefe-red (quar.)
South Porto Rico Sugar, pref.
(quar.)..
Standard Safe Deposit (quar.)
(Steam).
Atchison Topeka <fc Santa Fe, com.
Great Northern (quar.)
Street
cur¬
Closed.
•IK Oct.
IK Oct.
(quar.)
(quar.).
Kroger Grocery & Baking, 6% pref. (qu.)
Eight per cent pref. (quar.).........
Laurentide Co., Ltd. (quar.)
Library Bureau, com. (quar.).
Preferred
Books
Days Inclusive.
(Concluded).
pref.
Maverick Mills,
DIVIDENDS.
first
Tea,
Kerr Lake Mines, Ltd.
burg, Pa
Sept. 9 1941
2566—The First National Bank of Butte, Mont
Sept. 11 1941
2570—The First National Bank of Grand Forks. No. Dak..Sept. 11 1941
Sept,
Jones Bros.
When
Payable.
Kay nee Co., pref. (quar.)
CORPORATE EXISTENCE RE-EXTENDED.
2562—The Merchants & Farmers National Bank of Greens-
Sept.
Miscellaneous
Per
Cent.
Kaufman Dept. Stores, pref. (quar.).—
EXTENDED.
Until close of business.
VOLUNTARY
Name of Company.
City
4
(quar.)
Extra
——
Sept. 30
Holders of rec
Sept. 20a
1
Oct.
Holders of
rec,
2
Oct.
Holders of
rec.
Sept,
Holders of
rec.
Sept.
Holders of rec.
Sept. 20a
Sept.20a
Sept. 23a
Sept. 21
National City Co. (quar,)
Public National (quar.)
4
Yorkvllle
5
(quar.)
to
Oct.
Name of
Trust
Comvany.
When
Payable
Name of Company.
Miscellaneous
-
Manufacturers (Brooklyn) (quar.).
(quar.)
2X
Sept. 30
Holders of rec.
Sept. 20
IX
Oct.
1
Sept. 16
Oct.
*3
Oct.
1 ♦Holders of rec. Sept. 20
2
Oct.
1
to
2
15a
Holders of rec. Sept.
Advance-Rumely Co., pref. (quar.)___
Preferred (quar.)
American Beet Sugar, pref. (quar.)
American Can, pref. (quar.)
Amer. Car A Fdy„ com. (quar.).
Preferred
foiiar.)
....
^
American Cigar, preferred
American Express (quar.)
Preferred
(quar.).
(quar.).
Amer. Public Servlc
1
Holders of rec. Sept.
Oct.
1
Hold pis of rec.
Manati Sugar, preferred (quar.)
1
Nov. 15
Holders of rec.
IH
Oct.
15
Holders of rec.
IX
Oct.
15
Hulders of rec.
IX
IX
Oct.
1
Oct.
3
Holders of rec.
1H
Oct.
1
Holders of rec.
3
Oct.
1
Holders of rec.
Sent, la
A (quar.)___
IH
Oct.
1
Holders of rec.
IX
Oct.
1
Holders of rec. Sept.
Oct.
1
Holders of rec. Sept.
IX
Sept. 30
Holders of rec. Sept.
1H
Sept. 30
Holders of rec. Sept.
1H
Oct.
1
Holders of rec. Sept.
Sept. 30
(quar.)
Amer. Steel Jbounuma, com.
Preferred
IX
1H
American Snufi, common
Prelerred (quar.)
'quar.)..
(quar.)
Holders of rec.
2
$1
Amer. Smelt. Secur., pref.
Preferred B (quar.)
1
Sept. 17
Oct.
1
Sept. 17
Sept. 25
Sept. 25
to
to
3
Oct.
1
Holders of rec. 8ept. 16a
IX
Oct.
1
Holders of rec. Sept.
7 be.
Oct.
15
1 %
^ept.30
Oct.
1
Ja
Sept. 21
Sept. 21
IH
3
Holders of rec. Sept.
2H
IX
Oct.
15
Oct.
1
(qu.)
IX
1H
Oct.
Oct.
1
American Woolen, oom. and pref. (quar.)
J H
Oct.
15
8ept. 16
to
Sept. 16
to
iquar.).
prei.
Amerlean Telephone A Telegraph (q
American Tobacco, pref
/quar).
Amer. Window Glass Mach., com.
Preferred
(quar.)
Armour A Co.,
1H Oct.
1
IX
IH
Oct.
25
preferred (quar.)
Associated Oil
(quar.)
.
Bethlehem Steel, common
(quar.)
1
Oct.
1
la
Holders of rec. Sept. 20a
Holders of rec.
Sent. If a
Montana Power, common (quar.)
Preferred
(quar.)
Motor Wheel Corp., common (quar.)
Mountain Producers Corp. (quar.)
Preferred
Holders of rec. sept.
15a
Preferred
Dec.
15
Holders of rec.
Oct.
15
Sept. 18
1
Holders of rec. Sept. 20
1H
1
Holders of rec. Sept. 20a
(quar.)
Calumet A Arizona Mining (quar.)
Cambria Iron
— ..
60c. Kept. 26
$1
............
Oct.
1
No. 87p
Holders of coup
9
Holders of rec. Sept.
IF.a
(quar.)
Orpheum Circuit, Inc.,
31
3In
29n
rec.
1
Holders of
Oct.
1
Holders of rec. Sept. 15a
1
Oct.
1
Holders of
50c. Oct.
Oct.
Paige-Detroit Motor, preferred (quar.).
Panhandle Prod. A ReL, pref. (quar.)..
*1H
Oct.
3X
Oct.
1
Holders of rec. Sept.
15
2
Oct.
1
Holders of rec. Sept.
20
Penn Central Light A Power, pref. (qu.).
in
Oct.
1
Holders of rec. Sept. 20
Penney (J. C.) Co., preferred (quar.)...
IH
1
1H
Certaln-teed Products corp., JUt pl./qu.)
Second preferred (quar.)
Chandler Motor Car (quar.)...
Oct.
Holders of rec. Sept. 12a
i'enusylvunia Water & Power (quar.)
Sept. 30
Holders of rec. Sept. 16a
Nov. 15
Holders of rec. Get.
IH
Oct.
IX
Oct.
1H
Oct.
$1.50 Oct.
IX
Chesebrough Mfg., pref. (quar.)
1
Holder* ol rec. Sept. 2< a
1
Holders of rec. Sept. 20a
Puieun, oX %
Holders of rec. Sept. 201
Sept. 30
Holders of rec. Sept. 14a
Eight per cent preferred (quar.)
Railway Steel-Spring,
common
(quar.)..
to
Sept. 29
1
Holders of
rec.
Sept. 10a
Sept. 30
Holders of
rec.
Sept. 20
.
>
1
rec.
ree
8ept.
la
Gap
1
rec.
Sept. 16a
Oct.
♦Holders of
rec.
Sept. 20
Oct.
Holders of
rec.
Sept. 15
Oct.
Holders of rec. Sept.
oct.
-iO.aCiO
ol
.ov;.
Sept. 15a
Oct.
Holders of
rec.
Sept. 15
oct.
Holders ol
o'
.vt:
ly*
IH
(quar.)
Six per cent preferred (quar.)
Holders of rec. Sept. 20a
Holder* of
Oct.
1
Cities Service—
1
Sept. 15 a
Sept. 30
31
90c
Holders of rec. Sept. 10
piei.
rec.
Sui,t. 21
Holders of
Dee
1
n
rec.
♦Holders of rec. Sept. 15
30
50o
°o».' bone M illlken Co.. 1st A 2(1 pf. (qu.)
1 X
•51
Phelps, Dodge A Co. (quar.)
Provincial Paper Mills, common (quar.).
IX
Preferred
IH
(quar.)
31
Holders of
1
50c. Sept
■
IX
Holders of rec. Sept. 15a
1
>epl. 3'
4
Sept. 15a
Sept. 15
1
Oct.
2
Co. (quar.)
Peerless Truck A Motor, oom. (quar.)..
rec.
15 ♦Holders of
50c. Oct.
Oct.
2
Apr.
2
1H
2
Aug. 29
rec.
Holders of rec. Sept,, 1
pref. (quar.)
rec.
Holders of
Holders of rec. Sept. 15
(quar.)
Central States Elec. Corp., pref. (quar.)
la
17
Oct.
IH May Ion
1
Preferred
to
Holders of rec. Oct.
1
(quar.)
1
Holders of rec. Sept. 15a
Holders of rec. Jan.
Oct.
Case (J. I.) Thresh. Mach.,
la
Nov.15
*1X
Common /quar )
9a
10
1 % Feb.1on
1H
(quar.)
iJaVlrf A
Holders of rec. Sept.
♦$1.25 Sept. 30 ♦Holders of
Oct.
Celluloid Co., common (quar.)
10a
Holders of rec. Sept. 20
Oct.
Pacific Teleph. A Teleg., pref. (quar.)..
fufke
15
1
(quar.).
common
(quar )
Manufacturing (quar.)
Owens Bottle, common (quar.)
Sept.20
20
1H
Preferred
Dec.
Oct.
2
Canadian juocomotlve, com. (quar.)
Sept. 10a
reo.
75c. Oct.
Canadian General Elec., com. (quar.)..
Preferred
rec.
Holders of
3
Canada Steamship fines, pref. (quar.)..
a
Holders of
31
Oct.
(quar.)
Preferred
Haulers of rec. Sept.
Sept. 80
Holders of rec. Sept.
(qu./
Prelerred
Oct.
Holders of reo. Nov. 10a
Sept. 30
Ottawa Car
Oct.
Sept. 15
Nov. 30
1
(qu.)
....
1
California Petroleum Corp,, pref.
com.
Nlphwing Mines Co. .Ltd. (quar.)
Oct.
4
Sept. 15
giH
IH
IH
rec.
Holders of rec.
$4
Vilftfl-Bement-Pond Co..
Ohio Oil (quar.)
Ontario Steel Products, pref. (quar.)...
British American Tohacco. ordinary
Holders of
Oct.
Holders of rec. Sept. 20a
Holders of rec. Sept. 15a
Bucyrus Co., preferred (quar.)..._
Oct.
1
North American Co. new com. & pf.
la
r
,
Oct.
Holders of rec. Sept. 30a
14
or r^c. Sept. 19
4**
Holders of rec. Sept. 15a
•t '
•:
••
r »i.
->••(»»
30a
3
New York Transit
Dec.
Hold
♦Holders of rec. Sept. 10
Sept.
20c. Oct.
Holders of rec. Sept.
9
Oct.
Holders of rec. Sept.14a
♦Holders of rec. Sept. 20
Oct.
3
9
Holders of coup. No. 36
9a
Oct.
Holders of rec. Sept.
to
Oct.
20c. Oct.
.....
Holders ol rec. Sept.
Sept. 30
Sept. 30
Holders of rec. Sept. 14a
1H
Seven per cent non-cum.
IX
Holders of rec. Sept. 20
Holders of rec. Sept.
Eight per cent cum. conv. pref. (quar.)
2X
Holders of rec. Sept.
Oct.
Oct.
Dec.
Preferred
20
Sept.
Sept.30
Holders of rec. Sept. 15a
(quar.)
6a
Holders of rec. Sept. 10a
IH
Holders of rec. Sept. 15a
preferred
Holders of reo. Sopt..
Holders of rec. Sept. 17
Oot.
IH
1
Co.,
Hit.
IX
IH
(quar.)
(quar.)
Preferred
1
Bourne Scrymser Co. (annual)..
Brit,lah-American Tobacco, Ltd., pref...
Sept. 20a
National Lead, com. (quar.)
National 8ugar Refining (quar.)
Oct.
Borden
rec.
Holders of rec. Sept. 19a
IH
*1H
Enameling A Stamping
Common (quar.)
Oct.
pref. (quar.).
Holder? of
Holders of tec. Sept. 30a
Hm »« -h u« <«jc. Kept. J5a
Sept.
I >/4
7a
7a
Oct.
IH
51
IH
Sept.
Sept.
Oct.
H
>
rec.
Nat
1H
(quar.)
Holders of
2U
♦2
National Breweries, common (quar.)...
Preferred
(quar.)
National Surety (quar.)
New York Air Brake (quar.)..
Sept. 26
Sept. 30
Holders of rec.
51.25 Sept.
.
15a
Sept. 19
Holders of rec. Sept. 15a
Oct.
2X
Morris (Philip) Co.
"omipop'/|iiar
Oct.
2
....
...
1H
3
Sept. 15
:
Holders of rec. Sept. 15a
Oct.
.
•}
Oct.
Oct.
51
rec.
rec.
Holdeis of rec. Sept. 15a
1
1H
Montgomery Ward A Co., pref. (quar.).
Holders of
Holders of
Oct.
IX
$1
Middle States Oil Corp. /quar.)
Midland Securities (quar.)
Mill Factors Corp., Class A (quar.)..
2
Common B
.....i
...
N dine d
Closed.
Inclusive.
id
\1H
Manhattan Electrical Supply (quar.)
1
25c. Sept.
(quar.)
com.
Manufacturers' Light A Heat (quar.)...
May tvcp./roiuent. Stores, pref. (quar.)..
Mereenthaler Linotype (quar.)
Merrlmac Chemical (quar.)
2
2
Oct,
Oct.
to
to
1
Oct.
American Sugar Keiiuiug,
Oct.
Days
m
Manhattan Shirt, preferred (quar.)
Holders of rec. Sent. l.ra
Oct.
First and second preferred (quar.)
16a
Homers ol rec. oei.
IH
$1
American 8tores, common (quar.)
16a
16a
13a
13a
15
15a
Holders of rec. Sept.
Oct.
$2
3
Lorlllard (P.) Co.. common (quar.)...
Prelerred
(quar.)
«_
Oct.
15a
Sent. l"a
Oct. 24a
Sept. 24a
Sept. 30
Sept. 15a
Sept. 10a
Sept. 15a
Sept. If a
H
1H
When
Payable.
eluded).
(Co
Lehigh Valley Coal Sales (quar.).—
» * .Vlv« h
i o'» »<'.<so. pref. (quar.).
Loft, Incorporated (quar.)
Mackay Companies,
Preferred
(quar.)
Miscellaneous.
Book*
Per
Cent.
Closed.
Days Inclusive.
Companies.
Hudson (quar.)
Mercantile
Books
Per
Cent.
[Vol. 113.
CHRONICLE
THE
1326
l<
r>f
r <
21a
15
Holders of rec. Sept. 15
2
Oct.
2
Sept. 30
Holders of
1H
Sent. 20
Holi»rs of ree. Sept.
1
Oct.
Holders of
rec.
Sept. 17a
6a
Common (monthly payable In
1
'Holders of rec. Sept. 15
Common (payable In scrip)
Oct.
1
"Holders of
rec.
Sept. 15
Ranger Texas Oil (monthly)
Pref. A pref
scrip).. ♦o X
*olH
B (rnt.hly.) (pa.v. In scrip) *o X
Oct.
Oct.
1
"Holders of
rec.
Sept. 15
30C. Oct.
1H
Oct.
1
Reece Buttonhole Machine (quar.).,
Reece Folding Machine (quar.)
5c. Oct.
Holders of
rec.
Sept. 15
3X
$1
Oct.
1
Reo Motor Car, common (quar.)
30c. Oct.
Holders of
rec.
Sept. 15
Cluett, Peabody A Co., Inc., pf. (qu.)..
Coca-Col*
i
preferred
o..
Commonwealth Finance
Corp.,com.(qu.)
Common (extra)
Compuimg-tabulating-Recording (qu.).
Cons. Gas El. L. A P., Balto., com. (qu.)
Continental Can preferred 'quar.)
Corona Typewriter, first pre!, (quar.)..
Second preferred (quar.)__
Cramp fWui.) a Sous S. a E. Bldg.(qu.)
Crucible Steel, preferred (quar.)
Cuban-American Sugar, pref. (quar.)...
Davis Mills (quar.)
Dav 11 Mills (quar )
Holders of rec. Sept. 20a
holder* of
r«o.
s *pt
*
a
Oct.
15
Holders of rec. Spet. 30
75C. Oct.
15
Holders of
uct.
10
Holders of rec.
$1
2
l
H
rec.
Sept. 30
1 Oct.
1
Holders of rec. Sept. 1; a
Oct.
1
Holders of rec. Sept. 21a
Oct.
1
Sept. 30
Oct.
1
Sept. 16
Sept. 16
to
IH
to
Sept. 30
l
Kept. 30
Sept. 16
to
Sept. 30
IH
Sept. 30
Holders of rec. Sept. 15a
Oct.
1
in
IX Sept. 24
Holders of rec. Sept. 10a
Holders of rec. Sept. 10a
IX Oft.
1
Holders of
rec.
Sent. 24 a
rec.
Sept
Detroit A Cleveland Navigation (quar.).
2
Oct.
1
Holders of
Dominion Class, common iquar.)
IX
IH
Oct.
1
Holders of rec. Sept.
Oct.
1
Holders of rec. 8ept.il5
Preferred
(quar.)
Dominion Iron A Steel, pref. (quar.
1H
Oct.
1
Sept.
Dominion Oil (monthly)
1
Oct.
1
Holders of
Draoei
3
it.
1
Mm i*i
Oct.
1
or
«» •
*r.)„
i
,
21
•*
ol
15a
1
Got
to
lo
Sept. 10
iee.
Km
-t.
Oct.
Holders of
rec.
Sept. 15
con.
(quar.)..
(quar.)
Prelerred
.
Preferred
__
Standard Oil (Kentucky) (quar.)
Standard Oil (Ohio) (quar.)
SWlit,
Sept. 21
Sept. 21
to
Oct.
2
Swift
to
Oct.
2
Texas Chief Oil
Sept. 21
to
Oct.
2
eAiw
(quar.)
Eastman Kodak, common (quar.)
Common (extra)
Common (extra)
Holders of rec.
10
Tbomnson-Starrptt
rec
Oct.
20
Tide Water Oil (quar.)
1H
Holders of
rec,
Oct.
20
2 X
Oct.
1
Holders of
rec,
Aug. 31a
Tonopah Extension Mining (quar )
2X
Oct.
1
Holders of
rec,
Aug. 31a
1
Underwood Typewriter, com. (quar.)
Preferred (quar.)
Holders of
rec,
Sept. 30a
1
Holders of
rec,
Aug. 31a
1
Holders of rec. Sept. 20
Union Twist Drill, prelerred (quar.)
Elec. Storage Battery, com. A pref. (qu.)
3
Oct.
1
Holders of
United Dyewood Corp., common (quar.)
Elk Horn Coal Corp., preferred (quar.).
Erie Lighting, preferred (quar.)
Famous Players-Lasky Corp., com. (qu.)
Farrell (Wm.) A Son inc., pref. (quar.).
Holders of rec.
Dec.
1
Holders of
rec.
Sept. 15
Unlteu Retail stores Corp., com. (quar.)
Oct.
1
Holders of
rec.
Sept. ifa
U. S. Gypsum, com. A pref. (quar.)
Ho'ders of
rec.
Sent, 20
75c. Dec.
1H
Oct.
1
IX
Oct.
15
1H
Nov. 15
Holders of rec. Oct
1
Holders of rec
Nov
1
rec
Aug
3la
rec.
Sept. 20a
Firestone Tire A Rubber, 6% pf. (quar.)
Seven per cent preferred (quar.)
Galon
2
K*'Ot. 30
Holders of
in
Oct.
1
Holders of
,i
i
hi
,»• •
,.rr<'p
quar.)
...
General Amer. Tank Car. pref. (quar.)..
Genera
Baking, common (quar.)
Preferred
(quar.)
Genelid iHgoi. din. pref. (quar.)
la
in
Oct.
1
1H
Oct.
1
Holders of rec. Sept. 17
Holders of rec. Sept. 17
in
uct.
1
Holders ol
rec.
Preferred
P-
S
Stool Corn
,
First
Sept. 24«
preferred (quar.)
2
15
Holders of
IX
Oct.
1
Holders ot
rec.
Sept. 20
West Coast Oil
IX
Oct.
1
Holders of
rec.
Sept. 21a
Weyman-Bruton Co., common (quar.)..
Grasselll Chemical, com. (quar.)
2
rec.
Sept. if a
Preferred
(quar.)
Preferred
(quar.)
Greenfield Tap & Die, pref. (quar.)
Gulf States Steel, first pref. (quar.)
Harbison-Walker Refract, pref. (quar.).
Hart, Schaffner & Marx. Inc
Haskell A
Barker Car
,
pf. (qu.)
Holders of
to
Sept. 30
Oct.
1
Sept. 16
to
Oct.
2
Oct.
1
Holders of
rec.
Sept. 15
Wilson (C. R.) Body Co.,
in
IX
IX
Oct.
1
Holders of
rec.
Sept. 15a
Oct.
20
Worthington Pump A Mach., com. (qu.)
Preferred A (quar.)
Preferred B (quar.)
1
1
Oct.
1
Hercules Powder, common (quar.)
Preferred
(quar.)
2
Sept. 24
Sept. 24
25c. Sept. 26
(monthly)
.
International Buttonhole
Mach. (quar.)
Internat. Cement Corp., com. (quar.)..
Fieferred
(quar.)
Internat. Harvester, common
(quar.)_.w
International Salt (qu«r.)
Jordan Motor
or^Wred (quar.)
...
Kelly-Springfleld Tire, pref. (quar.)
King Philip Cotton Mills (quar.)
Kolb Bakery, preferred (quar.)
Kresgc <S. S.)
* ;•>
.
preieri' <1 (quar.)
Kress (S. H.) A Co., preferred (quar.)..
2
Oct.
2
Knot. 30
10c. Oct.
1
1
62XC Sept. 30
♦1 H
,
Holders of rec. Oct.
10'/
.
Holders of
Oft.
Oct.
Ide (Geo. P.) Co., pref. (quar.)
Illinois
e
••
t
nKt •
»
.
2
Holders of rec. Sept. 20a
IH
1
.
Sept. 30
2X
Homestake Mining
(quar.)
Sept. 16
Holders of rec. Sept. 15a
.
rec. Sept. 15m
Holders of rec. Sept. 17a
Holders of rec. Sept. 17a
.
.
OHIO'S (>!
f'HO.
S
.
.
rec
15
rec
1
IX
IX
IX
Sept. 30
Holders of
rec
Oct.
1
Holders of
rec
Oct.
1
Holders of
rec
IH
Oct.
1
Holders of
rec
1
2'»a
.
vJCt.
1
*(..
.
Oct.
<let.
•
Holders of rec. Sept. 15a
Holders of rec. Sept. 24a
Holders of
Hoidtrs of rec
Sept. 24
.Sept.di a
,
15a
.
.
.
.
.
rec
pref. (quar.)..
rec.
Sept.
*
From unofficial sources,
books
not
1
f'ol 'era of rec.
Sept. 10a
1
Holders of rec.
Sept.
Oct.
1
Holders of
rec.
Sept. 30 ♦Holders of
rec.
n
o
«e
8a
Holders of
rec.
Sept. 15a
uoid^rs of rec. oepi. 15a
Sept. 30 •Holders of
Sept. 27
Oct.
1
1H Oct.
1
*50c, Oct.
1
*20c. Oct.
1
1 u
:
lent
30
Ml'
~»enf
s
50c. Sept. 30
.
3
•
rec.
to
Sept.15
Antr.
31
Holders of rec. Sept. 16a
Holders of rec. Sept. 17
..
15
O;
»}.*. s i
Sept. 23
to
Sept. 23
to
Sept, 30
Sept. 30
"welders of rec.
Sept.20
•Holders of
Sept.20
'i
'ers
of
♦Holders of
rec.
-O"
Sent. 20
rec.
Sept. 30
*51.50 Oct.
5
2X
Oct.
1
Holders of rec. Sept. 19a
1H
Oct.
1
Holders of rec. 8ept. 19a
Oct.
31
Holders of
Oct.
15
Holders of rec. Sept. 30a
$1
*1
Sept. 3»»
*1H
Oct.
1
Oct.
•..M
of
r-
rec.
r<ii
Sept. 30a
s *pt.
15a
1 ♦Holders of rec. Sept. 20
15
Holders of
rec.
Oct.
Sept. 20a
8ep&. 20a
1H
Oct.
Holders of
rec.
IX
Oct.
Holders of
rec.
1H
(>et.
5a
Holders of rec. Sept. 10a
50c. Oct.
Holders of rec. Sept.25
ct.
Holder? of rec. Sept. 25
t The New York Stuck Exeiumgt ua» ruieu tnat
stock.
stock
Payable In common stock,
a Payable In scrip,
h On aoI Payable In
Liberty or victory Loan bonds,
in quarterly Installments beginning with Oct. 15 1921.
p ivible
Dividend Is 20 French francs per share.
l922.
Dividends of 50c. a month declared on common
stock, payable on the first day
the 25th day of the month
preceding date of
Also three quarterly dividends of IH% each on the
payable July 1. Oct. 1 and Jan. 1 1922 to holders of record June
Dec. 25. respectively.
p
Sept.
of accumulated dividends.
I D k?1 .red 4%
to
e *.
3a
3a
quoted ex-dlvldend on this date and not until further notice,
a Transfer
closed for this dividend.
6 Less British income tax.
d Correction.
Payable In
count
la
et.
Oct.
1H
payment.
di J a
Sept. 19a
Sept. zu
ot
I
pref. (quar.)...
of each month to holders of record on
Sept. °0a
Sept. 20a
rec.
tlelUul'o
1
oPreferred(quar.)
Sept. 20
Holders of rec .Sepi
Holders of
ree
Holders of
i
Oct.
$1
Sept. 16a
Sept. 20a
Sept. 17
Holders of
Sept. 30
Oct.
_—
.Ipiiil .)
5
9a
IH
(quar.)
Wool worm (F. W.) Co.,
e
rec.
Holders of rec.
Sept.
l»
*1H
oWrigley (Wm.) Jr. Co., com. (mthly.)_
will not be
Holders of
Sept. 23
Sept. 20a
Sept. 15a
(quar.)
Motor
Sept. 23
Sept. 30 "Holders of
Oct.
WhM.«
to
1 yu
\H
Preferred
to
IH
IH
Preferred
Westlnghouse Elec. A Mfg., com. (quar.)
,
Sept. 16
Sept. 16
rec.
rec.
Wa'wo-th MnnMf-o'tnring, pref. (quar.).
Sept. 30
SI
__
9a
Sept. 30
Sept. 30
Helme (George W.) Co., com. (quar.)..
Preferred
(quar.)...
(quar.)
Sept.
IX
1H
IX
Great Lakes Towing, common (quar.)...
rec.
Sept. 16a
Holders of
Holders of
$1
General Electric (quar.)
General Railway Signal, pref. (quar.)
Goodrich (B. F.) Co., pref. (quar.)
Oct.
Sept.
rec.
1
1H
inc., com. (quar.)____
Jan.n21a
rec.
$1
Waldorl System,
Sept. 10
Holders of ree.
1
i
preferred (quar.)
Preferred
(quar.)
Sept. 30
r«c.
Oct.
_
Wahl Co.,
4ug. 26
rec.
Sept. 22
Sept. 19a
(quar.)..^..
mm.
(quar.)
Utilities Securities, preferred (quar.)
1
2
Aug. 26
Hoiaers of
tint
*1H
IX
(quar.)
Utah Copper
Oct.
Holders of
'SI
50c. Oct.
$2
10
_
-arbon fo'tar.)
MH"
Sept. 15a
1
5c
Oct.
o
i
rec.
17a
Sept. 30
30
Sept. 3t)
Oct.
2X
1H
n
a
20 Feb .2 In
2
Oct.
p
♦TfnHors of rec.
5 ♦Holders of
a:t.
$2
IX
si
1
Get.
Co., pref
1H
k
♦Holders of
2X
,d Smpy ardo iquar.)
to
Sept.16
1
Oct.
nit. 15a
•Holders of rec. Sept.
1
4
Oct.
Holders of
1
,
l
•
>ot.
7oc. Sept.
1
Sept. 12a
>ct.
to
Oct.
IX
Nov.
ttnbm
ol
3
(monthly)
Nov.
rec.
iiuiaeio of rec.
Company (quar.)
Oct.
Nov.
Sept. 14
ocl.
51
international
IX
5
s.'pt
Sept. 30
2
*10c
Elsenlohr (Otto) A Bros., Inc., pref.(qu.)
(quar.)
rec
3
•h
2
IX
i o
Sept. 15
Sept. 15
*3
Texas Pacific Coal A Oil (quar.)
25
rec.
*1>4
(>|UUt .)
O.
t.
1
l
rec.
♦1
Extra
Sterling Oil A Development (quar.)
Sept. 19a
Holders of
1X
...
(quar.)
Southwest Penn. Pipe Lines (quar.)
Sent. 20
rec.
Holders of
IH
Suuin Porto Rico Sugar, pref.
to
Holders ol rec. Sept. 19a
4
IX
sioMs-rtiiHiiel' Sieel a Iron, pref. (qu.)..
South Penn Oil (quar.)
10
9'
Sept. 30
Sept. 30
1
.
(quar.)
,
Holders of
1H
it ,
<
y co
oref. (quar.)..
Sherwin-Williams Co. (Can.), com. (qu.)
ifl At
Sept. 30
Sept. 30
1
(quar.)
S*v
1
Preferred
25c.
St,. Joseph lov' ( mar.)
St J L. Rocky Mt. A Pac. Co., com. (qu.)
Oct.
(quar.)
16a
Sept. 15
IH
Preferred
Oct.
Debenture stock
Holders ol rec. Sept.
r^c.
IX
Preferred
Oct.
Holders ol
IH
du Pont de Nemourt Powder, com. (qu.)
Sept. 15
Holders of rec. Sept. 15
Oct.
3
du Pout (E. i.) de Nemours A Co—
rec.
2
Second preferred (quar.)
IX
1
Reynolds (R. J.) Tobacco,
First prelerred (quar.)
.Dunham (James H.) A Co., com. (quar.)
...
1H
1
rec.
(qnar.)
Republic iron A Steel, prelerred (quar.).
Sept. zia
2
k
^referred
Transfers received In order In London on or
payment of dividend to transferee.
preferred stock,
25, ept. 25 and
before Sept. 10 will be Hi time for
>
Sept.
17
THE
1921.]
CHRONICLE
Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 1231.
'
t
Week ending
Stocks.
Par Value.
Shares.
Saturday
A Foreign
V. S.
Bonds.
Bonds.
561,900
$43,233,500
$2,396,000
$676,000
$2,237,000
732,000
53.715.000
3.370,000
646.700
48.087.500
1,363,000
1,574,000
1,333,500
1,138,000
1,» 8,000
5,319,000
Tuesday
Wednesday
Thursday
862.308
64,810.800
5,149,000
5,232,000
568,615
42,761,500
5,425,000
67
3,-25,000
3,94.,973 $299,241,967
$25,397,000
...
Friday
.45)1
57
Total
46,636.
give below a sum¬
showing th* totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE
Ac.,
Bonds.
Monday
__
Boston Clearing House Banks.—We
mary
State, Mun
Railroad,
Sept. 16 1921
$
1227
Sales at
York
10.004.000
8,776.000
1
,428,000
.072,500 $45,9
,
,000
Jan. 1 to
Weekending Sept. 16.
Sept. 16.
3 Q4
Stocks—No. shares
0-3
Bank shares, par
Bonds.
Government
bonds.
State,
mun., Ac., bonds
RR. and misc. bonds.
Due to banks
86,934,000 Inc.
Time deposits
22,128,000
7,501,000
12,329,000
47,85 ,000
40,809,000
7,540,000
Total bonds._
DAILY
$32,520,000
10,200.000
$1,309,775, 60
215,614, 00
f3 ,493, 00
$1,955,339,850
251.002,500
16,138,000
$79,449,500
$58,858,000
$2,168,912, 60
$2,647,386,850
TRANSACTIONS
AT
THE
BALTIMORE
BOSTON,
Shares
441.044.500
PHILADELPHIA
Sales
Shares
Bond
Reserve
in
excess
$19,550
10,414
Monday
Tuesday
13,6 55
14,305
12,679
11,111
Wednesday
Thursday
2f;9,050
10,82
__
...
Friday
Total
1,898
Sales
Shares
Rales
Bo >d
73 180
582
39,600
HOLl
120.6C0
2,191
62.350
221,
50
3,496
104,700
5 »,300
2,895
1,605
104.750
19,000
14,0011
$705,150
$9,000
514,
19,500
1,788
44,090
235'
453
21,000
$350,500
3,570
$122,800
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
counts,
Nat.bks.June30 Invest¬
Week ending
S*;ate " June30
ments,
Sept. 10
Tr. cos. June30
&c.
1921
Members of
Fed'l
Res.
COO omitted.
CLEARING
Reserve
Net
Net
Cash
with
Demand
Time
Bank
in
Legal
Deposi¬
De¬
De¬
Circu¬
posits.
posits.
lation.
Vault,
Nat'l
tories.
Net
Bank.
$
$
%
754
526
4,001
43,718
1,030
770
W. R. Grace A Co.
500
1,032
Yorkvllle
200
2,400
$
$
208
1,443
200
Total...
$
11,559
10,162
5,195
16,802
1,500
Mutual Bank
265
31
$
8.316
126
364
1,500
9,237
2,840
8,726
8,816
4,488
29,119
10,642
1,174
1,312
5
2
*194
1,336
Nat'l,
194
State Banks
100
433
Colonial Bank.
600
1,691
Total
700
3,559
15,648
2,125
19,207
520
232
2,137
1,452
2,657
30
3,783
16,725
1,684
30
20,508
Trust Companies
Not Members of the
200
Total.
Grand aggregate..
Comparison previo
us
530
200
530
3,300
6,656
week
9,235
9,235
Bk of N
$
3,300
Gr'd aggr. Aug.
3,300
a
3,300
3,300
12
6,656
6,656
6,656
6,656
328,
262
5,489
3,740
3,740
202
5,489
a53,367j 16,101
2,000
7,184
Co.
5.00C
16,828
6,434
+268 1
+165
+159,1
+23
—3
72,041
72,322
73,282
73,928
3,747
3,798
3,675
3,861
6,269
6,335
6,621
6,767
a53,208
a54,234
a55,547i
16,138
16,118
16,090
197
a55,82o! 16,074
189
196
195
U. S. deposits deducted, $283,000.
liabilities, $2,448,000.
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Sept. 10 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
not members of the Federal Reserve system the reserve
required is 10% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
L7.004
5. ►<>(
National City..
Chemical Nat--
40,000
4,500
Atlantic Nat...
1,000
1,084
Nat Butch & Dr
500
233
Legal
ments,
Vault
Depos
Ac.
593,000
Net
Time
Bana
Demand
De¬
Circu¬
Deposits.
posits.
la¬
tion.
tories
Ave age
A wage,
<*
*
5,976
64,05'
15.339
34,116
1,963
8.788
1,438
6,260
7,170
51,675;
117,732
1,234
12.009
356
5,000
7,030
25,000
34,494
1,000
1,668
7,000
3,000
2,500
8.402
107.681
20,954
Metropolltan..
112.040
44,085
Corn Exchange
7,500
Chat & Phenix
Nat.
East River Nat
4.403
10,098
4.73".
36,533
11,202
Continental---
1,000
1,000
859
Chase
Rational
15,000
Fifth
Avenue--
National
Irving
Nat
501
545
1,287
10,277
1.317
30.692
1,049
4,594
3,076
12,567
494
13.358
2,649
6,440
6,953
2,359
3,047
4,741
6,019
23,062
176,099
728
1,701
108
901
13,030
5,554
693
6.877|
226,118
19,518
8,704
8,619
13.802
19,710
2,189
269,170
19,299
4,931
16,423
1,489,
350
238
291
1,660
12.969,I
292
983-
1,252
85
169,727
622
1,223
22,498
3,38 |
1,361
774
2,315!
10.701:
21,469.
220.006!
1
1,811!
14,103
2,390
1,070
19,737
1,583
22,220
156,938
73)
1,000
17,418
Avge.
t
937
512
8.500
23,011
1,000
10,000
12,500
f
763
1,500
10,000
First National-
Average
*
25,122
99,535
134,655
47,610
*485,792
90,052
13,633
3,676
76,663
234,214
21,644
87,868
99,737
46,758
152,916
25,726
125,638
12,779
15.801
159,240
37.718
Second Nat—
102
Average
s
3,558
13,710
50,043
476,033
Nat
Pacific Bank.-
Average
172.923
Nat Bk of Com
Amer Exch
I
598
121,948
17,246
5,678
96,481
274.954
22,104
161
15,409
4,484
\
100
466
15,580
35
51
2,059
1,299
5,338
50*
83
628
5,268
2,518
7,2 3
2,472
196
100
1~074
797
28,195
2,656
Commonwealth
400
835
8,190
517
1,241
Garfield Nat...
1,000
1,606
482
1,726
National
Seaboard Nat.
1,000
3,000
730
14,985
15.142
326
1,546
49,275
880
Coal & Iron
1,500
1,000
1,500
1,400
1,509
2,678
19,034
14,907
15.981
30,335
5,650
1,508
11,860
41,385
12,205
353
4,829
416
403.
414
387
946
49,032
589
14,912
26,451
*211,195
45,178
320
225.373
1,977
3,627)
27,509!
5,927.
3,288
8,591
1,143
396,435
2,072
39,589;
*394,166
15,815
347
2,388
8,977
3,563
17,289
69,255
2.307
Union Exch Nat
500
Brooklyn Tr Co
Bankers Tr Co
20,000
63,85(!
30,545
744
825
USMtg&Tr Co
*3.000
Guaranty Tr Co
Fldel-Int Tr Co
25,000
1,500
1,631
Columbia Tr Co
5,000
7,652
18,104
71,287
People's Tr Co.
N Y Trust Co.-
1,500
1,905
16.340
36,185
137,062
1,202
3,394
2C.685
26,792
1.501
400
11,617
15,480:
116,972j
14,822
2,981;
2,828
1.341
682
12,214;
2,000
1,606
25,252
507
12,000
16,599
137,335
2,792
19,200
Equitable Tr Co
10,000
2,000
2,000
1,000
5,000
1,002
1,246
605
431
577
1,654
37
763
388.
244
63
583
1,353
34,929
111,360
20,461
21,785
12,978
*100,660
17,454
21,442]
572
1,856
633
700
311
50
*167,609; 10,165
271,401 454,821; 4,163,920
70,720 470,159
c3,529,783165,12032,417
Totals, actual co ndltioi) Sent. 104,163,406
Totals, actual co ndition Sept. 34,172,148
Totals, actual co ndition Aus. 2 . 4,184,696
70,914 480,021
65,189 462,627
c3,549,997 166,88232,433^3,534,011163,524 32,523-
70,727 467,114
c3,530,697165,00132,250
Avge.Sept. 10-
Not Me mbersoj
i/F. R. Bk.:
State Banks.
Bills payable, rediscounts, acceptances and other
Excess reserve, $313,470 Increase.
10,000
Bank of Amer..
ColuWbia..
194
4,015
+118
.1
with
in
$
Y.NBA
Metropol Tr Co
NassauNat, Bkn
Farm L & Tr Co
72,160
|
'
.
Gr'd aggr. Sept.
3
Gr'd aggr. Aug. 27
Gr'd aggr. Aug. 20
328
June 30
Members of
Fed. Res. Bank
Lincoln Tr Co--
Federal Reserve Bank
Mechanics'Tr, Bay
.
Reserve
Cash
Invest¬
June 30
Tr.cos..June 30
Sept. 10 1921
Fifth
Not Members of the
Federal Reserve Bank
Bank of Wash Hts.
Loans,
ending State,
Week
N Y County
Average Average Average Average Average Average
Battery Park Nat.
122,000
Capital.j Profits Discount,
MEMBERS.
Imp & Trad Nat
National Park.
Loans,
NON-MEMBERS
374,000
Inc.
Inc.
81,220,000
21,475,000
10,373,000
11,403,000
44,466,000
41,122,000
7,275,000
Companies.—The following detailed statement
City Clearing House
The figures for the
separate banks are the average of the daily results.
In tho
case of totals, actual
figures at end of the week are also given:.
Hanover
three ciphers
Dis¬
496,000 Inc.
Inc.
29,300
21,100
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:
Net
Inc.
81,318,000
21,774,000
8,735,000
11,057,000
46,800,000
40,311,000
6,973,000
Dec.
shows the condition of the New York
members for the week ending
Sept. 10.
Mech & Metals.
Capital. Profits.
0,000 371,901,000 373,494,000
5,616.000
354,000
1,234,000
1,272,000
1,058,000
,498,000
567,000
Inc.
2,610,000
.000 ■V,744,000
Statement of New York City Clearing House Banks-
(.000 omitted.
DAY
New York
CLEARING
$
,000
and Trust
Manhattan
(<Stated In thousands of dollars—that is,
.9
NEW YORK WEEKLY CLEARING HOUSE
RETURNS.
(.Stated in thousands of dollars—that <s. thre> ciphers (000 omitted.)
$18,009
1,976
2,1
2,61
1
and
Federal Reserve Bank.
HOUSE
Saturday
bank
3,00^
154.000
Baltimore
Philadelphia
Bond
AND
EXCHANGES.
Boston
Week ending
Sept. 16 1921
Cash in bank and F. R. Bank
$45,9 0,000
7 ,500
2 ",397.000
,
_
1921.
_._l
2,613,000 Inc.
Loans, dlsc'tsA Investments. 510,822,000 Dec.
Individual deposits, Incl. U.S. 369,
i ,000 Dec.
Reserve in Fed. Res. Banks..
1920.
121,450,777
158,423,238
$9,119,533,274 $13,963,514,175
$1,400
2,945,486
$251,127,600
$239[244[967
Par value
1921.
1920.
Aug. 27.
1921.
Circulation
Due from other banks..
'
1921.
Sept. 3.
previous week.
$
Exchanges for Clearing House
Stock
Exchange.
Changes from
1921.
8,216.000
United States deposits
New
MEMBERS.
Sept. 10.
Greenwich Bank
1,000
Bowery—
State Bank....
2,500
Avge.Sept. 10--
3,750
1,95;
84;
250
3,172
Totals, actual co ndition S
16,569
5,219:
74,929
5
2,477
1,542
16,583
603
3,230
303
1,823
5,043
27,052
48,678 46,297
~46~,247
5,973
96,717|
6,310
3,668
>'.10
96,738;
6,598
3,747
48,980
46,333
96,862
96,909
5.925
3,966
48,799
46.220
6,135
3,932
49,151
46,462
44,734
1,417
23,744
802
3,021
1,578
29,556
14,950
370
■
Totals, actual co ndition Sept.
3
Totals, actual co ndition Aug. 2
Not Me mhers 0.if F. R.
Trust Cos.
Title Guar & Tr
6.000
Lawyers Ti&Tr
4,000
Avge. Sept.10__
11,000
12,41
6,29-
859
17.713
68,478
2,219
4,599
44,500
1,229
Totals, actual co ndition jS
*.10
Totals, actual co ndition Sept. 3
69,168
2,299
4,604
68,693
2,017
Totals, actual co ndition Auk. 2'/
69,652
2,117
4,853
4,873
44,984
44,514|
1,270
1,219
1,252
45.8241
Gr'd aggr. avge
286,150 478,50.'- 4,329,115 79,249478,426
—27,202+1,142—2.575
Comparison, pre vious w eek...
3,622,967212,64632,417
—17,622
+8531 +20
Gr'd aggr., act'l cond'n S ;pt. 1041,329,312 79,811488,372
—8,391 +0,680 +16926
Comparison, pre vious w eek
3,634,961 214,48532,433
+7,637 + 3,522) —90
Week ending Sept. 10 1921.
Sept. 3
Two
ciphers
omitted,, Members of
Trust
j
F.R.St/stem Companies
(00)
1921.
Aug. 27
1921.
Total.
_
Due from banks.
Bank
_
deposits...
Individual deposits
Time
deposits
Total deposits
U. S. deposits (not
„
Cash In vault*
and cash held
Reserve required
Excess
rec.
61
,364,0
20,067,0
80,997,0
102,219,0
448,973,0
12,823,0
564,015,0
$4,500,0
13,298,0
33,761,0
208,0
17,0
268,0
17,786,0
292,0
18,346,0
inel.)._
Reserve with legal deposit's
Reserve with F. R. Bank..
Total reserve
$33,225,0
93,591,0
A cash In vault
2,091,0
47,819,0
9,327,0
57,146,0
45,396,0
750,0
""815,6
2,906,0
2,688,0
218.0
$37,725,0
106,889,0
648,125,0
20,275,0
81,014,0
102,487,0
466.759,0
13,115,0
582,361,0
8.341,0
2,091,0;
47,819,0
10,142,0;
60,052,0,
48,084,0
11.968.0
$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
47,502,0
12.397.0
37,725,0
105,848,0
651.385,0
*8.918,0
78,422.0
101.818.0
461.284.0
12,720,0
575,822,0
11,428,0
1,896,0
46,508,0
10,630,0
59,034,0
47,826,0
11.208,0
Gr'd aggr.,
Gr'd aggr.,
Gr'd aggr.,
S)Pt. 34,337,703
Aug. 20 4,379,203
■Note.—U. S.
Aug. 27
\ ii<»
1 '<
4,418,252
78,227 479,616
80,612478,935
3,560.460210,20032,122
3,562,3471208.05631,967
d;;po.->it.n deducted iroiu net (i .u .ud djpo iti
above were as follows: Average
in tne -'enerd totals
for week Sept. 10, $56,483,000; actual totals
Sept. 10,
Sept. 3, $59,674,000; Aug. 27, S73.409.000; Aug. 20, $81,177,000;
Aug 13 $142,080,000.
Bills payable, rediscounts, acceptances and other liabilities,
average for week Sept. 10. $537,758,000; actual totals Sept. 10. $531.205,000; Sept. 3,
$519,950,000; Aug. 27, $535,043,000; Aug. 20. $585,885,000; Aug. 13, $584,639,000.
$54,990,000;
*
Includes
depositsJaJorelgn branches not included in total footing as follows:
National City Bank, $96,152,000; Bankers Trust Co..
$9,580,000; Guaranty Trust
Co., $95,816,000; Farmers Loan & Trust Co., $11,108,000; Equitable Trust
$24 985 000.
Bankers carried in banks in foreign
countries as reserve for
Co.,
such
deposits were: National City Bank, $33,811,000; Bankers Trust Co., $1,129,000;
Guaranty Trust Co., $17,594 000; Farmers Loan A Trust Co., $l.r3'l,000; Equitable
Trust
♦Cash in vaults not counted as reserve for Federal Reserve members.
73.131471.446 3.0^7.324 210.96332,523
4[35L257 78[979475,91963,615,672212,71532,258
con'dn
act'l cond'n
act'l cond'n
act'l itmd'rt
Gr'd aggr., act'l
Capital
Surplus and profits..
Loans, disc'ts & investm'ts
Exchanges for Clear. House
Aug. 1
$6,795,000.
1921.
Co.,
c
Deposits in foreign branches not
include J
& As 01
CHRONICLE
THE
1228
STATEMENTS OF RESERVE
POSITION OF
TRUST
AND
CLEARING HOUSE BANKS
\.Y
Reserve
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
$
State banks*.......
6~,3~ib"666
Trust
2,219,000
companies
Total Sept.
Total Aug.
20....
TRUST
COMPANIES
IN
Loans and
Demand
Investments.
Deposits.
*
Total Cash
in Vaults.
Reserve in
Depositaries.
Week ended,—
$
•
3
S
4,274,515.500
4,255.964,300
115,1-58.000
582.114,000
116,703,500
574,530,000
508,566,800
%
July
9
5.137,681,600
July
10
5,077,470,000
July
23_.___.______
30
5,012,064,900
4,241,523,600
4,191,083,000
4,128,630,500
4.149,772,900
105,266,300
107,530,100
103,028,500
5,029,3-55,400
4,247,218,500
108,531,900
108.482.600
8
%
%
$
470,159.000 470.159,000 463,825,390
8,762.040
9,978.000
3,668,000
6,333.010
July
1,215,930
Aug.
6,675,900
142,100
Aug.
13
5,074,549,200
5.035,730,400
Aug.
20
4,998,030,100
7,691,670
Aug.
27
4,934,541,000
4,179.950,800
103,148,400
Sept.
3
4,958,682,700
4,230.740.700
100,232,500
475,898,080
7,833,900
9.238,920
551,389,400
553,046,600
557,963,400
561,932,200
Sept. 10
4.940 375-800
4.216,287.200
102.597.500
527.490.400
471.418,380
8.806.620
6,818,000
4,599,000
8,529,000 478,426,000 486.955.000
8,390,009 181,001,000 489,391,000
8,363,090 476,774.000 485,137.000
8.395.000 471,830.000 480.225,000
10
Total Sept.
3....
Total Aug. 27
AND
a
Reserve
Reserve banks....
BANKS
OF
GREATER NEW YORK.
in Vault.
Members Federal
RESULTS
COMPANIES.
Averages.
Cash
COMBINED
[Vol. 113.
479,263,330
481,557,100
*
0.
This item includes gold,
^06,326,300
559,269,800
silver, legal tenders, national bank note3 and Federal
Reserve notes.
Actual Figures.
'
-V
v
■" -Y
'
'
Cash
in
Total
Reserve
Surplus
Depositaries
Total
Reserve
Reserve
.
Reserve banks....
banks*.......
6,598,666
Trust companies....
2,; 99,000
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 14 1921, in
8
! :
8
$
-i
$
480,021,000 480,021,000 405,336,070
Members Federal
State
Condition of the Federal Reserve Bank of New York.
b
Reserve
Reserve
in Vault.
14,684,930
8,816,400
0,747,600
1,528.600
497,239,000 480,900,070
16,368,930
10,345,000
3,747,000
4,604,000
6.903,000
comparison with the previous week and the corresponding
date last year:
155,400
Sept. 14 1921.
Resources—
8,897.000 488,372,000
7,942,000 471,449,000
8,252,000 475,919,000
8,499.000 479.616,000
Total Sept. 10
Total Sept.
3
Total Aug. 27....
Total Aug.
*
20
479,388,000 479,788,070 def.400,070
5,809,580
484,171,000 478,361,420
16,975,670
488,11-5.000 471,139,330
Not members of Federal Reserve Bank.
State banks
and trust companies, 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:
Sept. 10, *4,9.VJ,6(){):Sept. 3, S 1.03) >20; Au?. 27. 84,934,220: Aug. 20. S4 141.3i >.
This la the reserve required on net demand deposits In the ease of
a
required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
b This Is the reserve
81,829,000
40,052,390
25,538,000
40,906,000
895,71 i,856
501,598,178
15,000.000
387,549,886
148,273,000
501,847.878
268,711,000
..
Legal tender notes, silver, Ac.......—
Gold with foreign agencies
Total gold held by bank
Gold with Federal Reserve A gent.....
Gold redemption fund...
Total gold reserves...
Total reserves
15 090 000
35.857,000
912,313,035
60,075.550
901.3 )7,764
452,841,000
58 039.528
128,978,000
972.388.586
962,487,293
581,819,000
100,404,743
123,302,751
26,970.090
27 6 45 000
Bills discounted: Secured by U. S. Gov¬
ernment obligations—for
members...
For other Federal Reserve banks
151,037,751
492,507.000
211,159,256
278,178,000
7,060,000
8,230,000
190,142,329
219.389.256
267,203,000
23.331.035
25 910 135
103,702,000
'
>
.
•
•
•
».
340,851,108
396,337.143
863,412,000
1,005,400
1,005,400
1,512,000
49,276,090
50,776,000
59,276,000
SUMMARY OF STATE BANKS AND TRUST
NEW YORK,
COMPANIES IN GREATER
NOT INCLUDED IN CLEARING HOUSE STATEMENT.
15 550 000
112.209,000
(Figures
Furnished
by
State
Loans and Investments._.
„
.
_
.
_
Gold..
Currency and bank notes.
.......
Deposits with Federal Reserve Bank of New York.
Total deposits
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
.
Reserve on deposits.......
.
Sept. 10.
$611,260,800
6,719,100
16.629,400
49,034,4.00
634,983,700
on
...I"
hand...
U. 8. Government bonds and notes
U. S. certificates of indebtedness—
One-year certificates (Pittman Act
All others
...
19.050.000
........
Total earning assetH
410,182,608
5.592,323
2,346,000
3.198,130
3 076.177
269.516,000
850,000
...1,526.021,010
1.535,629.366
1,894,886,000
27,068,600
27.068.600
25,353.000
51,307,000
All other resources.........
Uncollected Items
Total
—.......
resources
Inc.
1,302,800
Dec.
1,408,000
Capital paid in
Inc.
3,205,200
Surplus
59,318.368
59.318,368
Reserved for Government Franchise Tax
19,590,010
19,280,010
Liabilities—
>
Deposits:
593,320,200
103,254.100
Inc.
3,168,500
Inc.
197,400
Government....
—
—
-
8,590,668
16,466,732
95,000
623,957,783
643,656.728
732,127,000
12.478,773
12.840.901
19,501,000
645,033,224
639,847,182
672.961.362
721,723,000
647.336,977
27,541,200
861,597,000
77,661.022
4.458.826
129,807,000
4.230.119
1,526,024,040
1,535,629,366
1,894,886,000
72.9%
39.5%
-
Member banks—Reserve account
All other——
RESERVE.
Total deposits....
—State Banks
...*$24,130,700
Deposits In banks & trust companies
—Trust
Companies
$48,276,200
14.12%
15.41%
05.44%
8,518,300
22,322,900
06.53%
F. R. notes in actual circulation
23,030,200
F. R. bank notes in circul'n—net liability
107,906,335
Deferred availability items
All other liabilities
Total
*
...$32,655,000
.........
20.85%
870,599,100
20.65%
Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Sept.
10 were $49,034,400.
Equitable Trust Co. Is no longer Included in these totals, it having become
member of the Clearing Houso and being now included in the statement of the
k The
a
Clearing House member banks.
3,946,000
1,683.760
99,182,715
Dec. $1,104,900
79,800
5 530 878
1,412,710
5% redemp. fund agst. F. R. bank notes
Dec.
463,668,513 1,056,409,000
133,249.781
Differences from
previous week.
Percentage of reserve, 20.7%.
Cash In vaults
Total bills
.......__
Bank premises.
Banking Department.)
k
Yo",975,000
Less: Rediscounts with other F.R. banks
Bills bought In open market
492,507,000
127,374,7*3
183,082.329
For other Federal Reserve banks
figures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House as follows
S
341.497,496
38,709,122
All other—For members
■'
$
357,005,734
Sept. 10, *5,006.400;sjpt. 3, $4,90^,720; Au,'. 27, *4.950.030; Aug: 20. $4,882,020.
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Sept. 7 1921.Sept. 171920.
$
Gold and gold certificates
...
Gold settlement fund—F, R. Board..
The change began with
the return for Sept. 25.
Total liabilities
Ratio
City Clearing House banks and
with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
averages of the New York
trust companies combined
total
to
reserves
deposit
in
of
total reserves to
F.
R.
34,488.000
and=
F. R. note liabilities combined
Ratio
75.7%
notes
circulation after setting aside 35%
against deposit liabilities.
Contingent liability on bills
for
Banks and Trust Companies in New York City.—The
of
40,611,000
116.7%
112.3%
42.7%
12.725,146
12,712,644
6,073,683
...
purchased
foreign correspondents....
Note.—In conformity with the practice of the Federal Reserve Board at Washing¬
ton, method of computing ratios of reserves to
liabilities was changed beginning with
Instead of computing reserves on the basis of net deposits—
the return for March 18.
"deferred availability Items" but deducting
method Is to disregard both amounts and figure the
that is. Including in the total of deposits
"uncollected Items"—the new
percentages entirely on the gross amount of the deposits.
For last year, however,
the computations are on the old basis; that Is, reserve percentages are calculated on
basis of net deposits and Federal Reserve notes in circulation.
The Federal Reserve Banks.—Following is the
weekly statement issued by the Federal Reserve Board on Sept. 15figures for the system as a whole are Igiven 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:
The
Aggregate gains of $28,100,000 of gold and of $3,100,000 of other cash
reserves, accompanied by reductions of $25,900,000 in Federal Reserve note
circulation and of $12,300,000 in deposits, are indicated in the Federal
Reserve Board's weekly consolidated bank statement issued as at close of
business on Sept. 14 1921.
The bank's reserve ratio, in consequence of the
above changes, show a rise from the 66.2 to 67.5%.
Federal Reserve bank holdings of bills secured by United States Govern¬
ment obligations show a further reduction for the week of
Cleveland banks includes $71,000,000 of bills discounted for the Richmond.
Atlanta, Minneapolis and Dallas Reserve banks, compared with $69,600,000
shown on the previous Wednesday.
Richmond's rediscounts with the New
York Reserve Bank show an increase from $24,900,000 o about $25,000,000,
while Atlanta reports an increase from $9,700,000 to $12,700,000 in bills rediscounted with the Boston and Cleveland banks.
Bills discounted by
Minneapolis with the New Yonc Reserve Bank show a further reduction
$35,600,000, other
while holdings of acceptances
purchased in open market fell off $4,200,000.
Pittman certificates used as
cover for Federal Reserve bank note circulation show a decrease of
$3 000
OOO, while other certificates on hand, in consequenceIof purchases made in
open market by the New YorK bank, show an increase for the week of
$24,100,000 to $24 300 000Government deposits were $11 500 000 less than the week before; reserve
deposits show a decline of $1 100 000 while other deposits
composed
largely of non-members' clearing accounts and cashiers checks
show a
$2,700,000. • Slight decreases are shown in the holdings of U. S. bonds and
Victory notes.
Total earning assets in consequence of the changes noted
were $84,900,000 less than the week before, the Sept. 14 total of
$1 710 300,000 being 47 4% below the total reported on the corresponding date
for the preceding week to meet the holiday demand for currency, the week
under review saw a return flow to the Reserve banns of $25,900,000, re¬
discounted bills decreased by $44,700,000,
last
year.
Of the total
holdings of $503,700,000 of
Government
and other
paper secured
by United States
"**
000, or .8%, wj
certificates, compared
uiiu
and
RESOURCES.
$11,000,000
As against an
v«i,uuu,uuu,
vi
rt-ovn.
oy
areasurv
Liabilities
of the
Sept. 14 1921.
Sept. 7 1921.
$
S
S
$
430,585,000
413,900,000
425.699,000
438,590,000
428.075,000
426,454,000
Dallas
Close
of
Business Sept. 14 1921.
$
407,452.000
418,738,000
$
423,005,000
408,756^000
/
1921. July 27 1921. Sept. 17 1920
$
412,836,000
425,766.000
S
389,665,000
419,741,000
S
164,529,000
331,308,000
111,455,000
887,751,000
869,175,000
831,761,000
838,602.000
809,406,000
607,292,000
826,190.000
841,975,009
852,153,000
1,694,301,000 1,677,195,000 1,094,523.009 1,646,109,000 1,660,062,000 1,640,625,000 1.615,482,000 1,616,287,000 1,237,942,000
102,449,000
110,008,000
103,514,000
98,729,000
105,538,000
114,043,000
127,893,000
104,533,000
120,816,000
Gold with Federal Reserve agents.
Gold redemption fund
—
at the
Aug. 31 1921. Aug. 24:1921. Aug. 17 1921. Aug. 10 1921. Aug. 3
441,109,000
^ Total gold reserve
rediscounts of the
increase of $36,100,000 in Federal Reserve note circulation
Federal Reserve Banks
446,642,000
Total gold held by banks
while
ducing Federal Reserve note circulation to $2,491,700,000, a decrease of
nearly 25% from the total for the corresponding date in 1920.
There was
a decrease of $4,700,000 in the banks' aggregate liabilities on Federal
Reserve bank notes in circulation, the Sept. 14 total of $103,100,000 being
less than one-half the corresponding total in 1920.
Total gold reserves on Sept. 14 were $2,684,500,000, indicating a gain
since Jan. 1 of $621,700,000, as against a loss of $40,900,000 in other cash
reserves, i. e., silver and legals.
Gold and gold certificates
Gold with foreign agencies.
about $9,100,000,
nominal increase
Gold settlement fund,
F. R. Board...
to
bans: with the Boston and Cleveland Reserve banks show a slight increase
also
with $355,900,000, $154,500,000, $2,800,000 and
$26,100,000 reported the week before.
. m,ow,wu ana
The total of discounted paper held by the Boston, New Yor* and
Combined Resources
from
from
-
2,684,501,000 2,656,378,000 2,641,061.000 2.019.078.000 2,600,295,000 2,575.901.000 2,552,813,000 2.531.231.006 1,973.127.000
THE
CHRONICLE
Legal tender notes, silver, Ac
Total reserves..
Bills discounted:
Secured by U. S. Govt, obligations.
Allotber
Bills bought in open market
Total bills
hand
on
—
U. 8. bonds and notes
U. S. certificates of indebtedness:
One-year certificates (Pittman Act)
All other
—
Total earning assets
Bank premises
....
5% redemp. fund agst. F. R. bank notes
Uncollected Items
All other resources
Total resources
9
LIABILITIES.
Capital paid in—
Surplus
Reserved for Govt, franchise tax...
Deposits—Government
Member banks—reserve account.
Allother
Total
-
F. R. notes in actual circulation
F.R. banknotes In
circulation—netliab
Deferred availability items
All other liabllitlies
....—.......
Total liabilities
-
to deposit and
combined
Ratio of total reserves to deposit and
F. R. note liabilities combinedRatio of total reserves to F. R. notes in
circulation
after setting aside
35 %
of
Ratio
gold
reserves
F. R. note liabilities
against deposit liabilities
Distribution by Maturities—
1-15 days bills bought in open
$
market.
23,864,000
832,181,000
21.082,000
8,702,000
168,007,000
16,686,000
discounted
1-15 days U. 8. certif. of indebtedness.
1-15 days bills
16-30 days bills bought in open
16-30 days bills
market.
discounted
of Jndebtedhess.
16-30 days U, 8. certif.
31-60 days bUls bought in open
31-60 days bills
market.
5,704,000
246,313,000
17,280,000
2,342,000
discounted
Indebtedness.
•61-90 days bills bought in open market.
61-90 days bills discounted
•61-90 days U. 8. certif. of indebtednessOver 90 days bills bought in open market
31-60 days U. S. certif. of
Over 90 days bills
148,124,000
17,013,000
100,000
33,537,000
135,617,000
discounted
indebtedness
Over 90 days certif. of
j i
$
27,294,000
878,094,000
20,430,000
6,243,000
172,739,000
23,689,000
7,804,000
275,915,000
16,063,000
3,579,000
153,695,000
15,799,000
I
8
18,351.000
854,606,000
9,000,000
7,375.000
149,549.000
17,333,000
5,892,000
291,860,000
30,690,000
3,588,000
19,876,000
859,576,000
10,354,000
5,019,000
155,111,000
15,506,000
6,987,000
279,433,000
30,107,000
2,838,000
164.105,000
9.800.0CO
162.983,000
14:701.000
3,000
36,353,000
132,951,000
-
28,044,000
131,978,000
33.710.000
130.458,000
$
24,264,000
860,478,000
19,026,000
8,472,000
157,136,000
12,397,000
4,813,000
273,237,000
32,663,000
4,358.000
181,320,000
13,659,000
3,000
39,946,000
133,506,000
$
30,069,000
877,117,000
23,895,000
5,548,000
146,977,000
15,010,000
4,931,000
268,905,000
38,929,000
4,267,000
185,668,000
20,425,000
163,000
47,992,000
127.331,000
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
29,450,000
3,000
50,989,000
127,745,000
$
$
9,675,000
109,503,000
943,796,000 1,349,550,006
4,700.000
147,405,000
2.951,000
62,189,000
156.985.000
265,315,000
10,245,000
13,052,000
3,259.000
281,629,000
34,317,000
3,536.000
123,260,000
579,209,000
23,108,000
26,653,000
198,559,000
25,742,000
286,988,000
22,382,000
3,000
69,527.000
140.309.000
28,141,000
187,532,000
Federal Reserve Notes—
Outstanding
L
2,862,670,000 2,852,311,000 2,849,721,000 2.854,623.000 2,885,217,000 2,900,323,000 2,917,123,000 2,933,241,000 3,581,625,000
371,019,000
334,748,000
368,255,000 368.709,000
381,575,000 379,579,000 380,450,000 395,624.000 291,944,000
■Held by banks
2,491,651,000 2,517,563,000 2,481,468,000 2,485,914,000 2,503.642,000 2,520,744,000 2,536,673,000 2,537,617,000 3,289,681.000
In actual circulation
Fed. Res. agent 3,706,770,000 3,688,605,000
of Federal Reserve Agent,....
844,100,000
836,294,000
Amount chargeable to
In hands
Issued to Federal Reserve
2,862,670,000 2,852,311,000 2,849,721,000 2,854.623,000 2.885,217,000 2,900,323,000 2.917,123,000 2,933,241,000 3,581,625,000
banks
'
Hmo Secured—
■By gold and gold certificates
By eligible paper
Gold redemptionfund
With Federal Reserve Board
Total
— —
•Eligible paper delivered to F. R. Agent.
402,737,000
402,738,000
400,992,000
371,992,000
373,992,000
344,992,000
344,992.000 344,993.000
1,168,369,000 1.175,116,000 1,155,198,000 1.208,514,000 1,225,155,000 1,259,697,000 1,301,641,000 1,316,954,000
113,195,000
113,842,000
113,709,000
109,417,060
125,550,000
107,104,000
119,176,000
117,047.000
1,178,369,000 1,160,615,000 1,179,822,000 1.164,700,000 1,160,520,000 1,188,530,000 1,151,314,000 1,154,247,000
279,226,000
2.343,683,000
115,600,000
843,116,000
2,862.670,000 2,852,311,000 2,849,721,000 2,854,623,000 2,885,217,000 2,900,323,000 2,917,123,000 2,933,241.000
3,581,625,000
1,427,9157000 1^07.187,000
WEEKLY STATEMENT OF RESOURCES
Two ciphers (00) omitted
Federal Reserve Bank »/—
Boston,
RESOURCES.
Gold and gold certificates
Gold settlement fund—F. R. B'd
Total gold held by banks
Ookl with F. R. agents
Gold redemption fund
Total gold reserves
Legal tender notes, stiver. Ac...
Total
Bills
•
reserves
discounted:
Secured
by
U. S. Govt, obligations
All
other
Bills bought In open market
Total bills on
hand
U. S. Bonds and notes
U. 8. certificates of Indebtedness:
One-year ctfs. (Pittman Act).
All
other.,
L
Total earning assets
Bank
premises
5 % redemption fund against
Fed¬
eral Reserve bank notes
Uncollected Items
All other resources
Total resources
LIABILITIES.
Capital paid In
Surplus
Reserved for Govt, franchise tax.
Deposits: Government
Member bank—reserve acc t__
All
other...
8?
1
Total deposits..
F. R. notes In actual circulation.
F. R. bank notes In circulation—
net liability
3,701,933,000 3,694,122,000 3,714,561.000 3,717,657,000 3,720,177,000 3,742.072.000 4,027,814,000
851,315,000
839,499,000
829,344,000
817,334,000
803,054,000
808.831.000 446,189,000
...
Deferred availability Items
All other liabilities
Total liabilities
•
1,479,891,000
1,490,547,00(717^,343,00011,528,776700017607,793,000
1,626,719,000 2,732,661,009
AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
PhUa.
Cleveland,
Richmond
Atlanta
Chicago
St. Louis
Minneap,
Dallas
SEPT. 14 1921,
San Fran
LIABILITIES (Concluded)—
Cleveland. Richmond
Phlla.
New York.
Boston.
(00) omitted.
Two ciphers
[Vol. 113.
CHRONICLE
THE
1230
Atlanta.
San Fran.
Dallas.
St. Louis. Minneap. Kan.CUv.
Chicago.
Total.
S
5
Memoranda.
Ratio of total reserves to deposit
and
F. R. note liabilities com¬
72.8
75.7
69.5
68.8
2,403,0
12,725,0
2,729,0
2,797,0
27.058.0
34,030,0
bined, per cent
Contingent liability as endorser on
discounted paper redlscounted
with other F. R. banks..
bills pur¬
Contingent liability on
chased for foreign correspond'ts
a
Includes
discounted
bills
for
other F. R. banks, viz.:
STATEMENT
Federal Reserve
40.2
24,970,0
12,673,0
1,672.0
1.22S.0
72.7
57.9
4,060,0
1,603,0
67.1
67.5
1,569,0
34,319,0
42.3
57.6
39.3
70,998,0
24,295,0
9,050,0
837,0
1,633,0
921,0
70,998,0
9,910.0
FEDERAL
OF
41.7
RESERVE AGENTS' ACCOUNTS
Boston. New York
Agent at-
Phila.
Cleve.
S
$
SV.PT. 14 1921.
AT CLOSE OF BUSINESS
Richm'd Atlanta
Chicago
St. L.
S
%
K.
Minn
City
Dallas
San Fr.
$
-S
Total.
1
(In Thousands of Dollars)
Resources—
S
$
Federal Reserve notes on hand
101,950
Federal Reserve notes outstanding
257,060
—
outstanding:
Collateral security for Federal Reserve notes
Gold and gold certificates
Board
Eligible paper/Amount required
Total
received
Reserve notes
from
Comptroller of the Currency
—
/Gold
Bank!Eligible paper
Collateral received from
Reserve
Federal
27,660
1.1,670
4,64^
477,873 122,495
60,308
83,049
6,110
13,052
163,980
3,400
"
26,13"
$
844,100
41,280
42,877 281,570 2,862,670
3,876
402,737
14,230
1*762
3,053
13*154
3.889
1,555
*3,972
139,090 131.389 145,090
71,397
293,657 93,037
28,090
45,709
313,644
45,931
4.299
32,360
18,835
113,195
1,234 148.911 1,178,369
83,98 4
14,590
85,982
151,075
65,585
41,501
46,717
34,413 113.824 1,168,369
18,949
45,.502
8,144
27,753
19,545
13.172
14,844
1,704
21,853
63,556
3,424
9,019
259,546
v
of Federal
amount
23,775
343.924
18,674
5,609
$
$
639,029 1,911,863 500X21 316,560 233,931 366,258 1,185,228 280,79 4 160,639 190,233 130,058 513,419 3,828,986
Liabilities—
Ifet
29,229
44,200
21,849
81,039
795,255 239,300 254,492 113,745 134,135
12,759
lExcess amount held
$
299,590
15,82.3
159,090
86,237
Gold redemption fund.
Cold settlement fund—Federal Reserve
%
359,610 1,094,755 259.529 298.602 135,595 215,174
591,598 146,233 183,095
29,762
47,153
171,423
315,519 9 4.771 13 4,953
98,574 103,931
98,998
71.978
87,689
325,798
56,910
18,807
35,332
69,009 322,839 3,706,770
8,53 4 157.748 1,694,301
193,577
73,729
69,254
66,282
52,515 122,8 43 1,427,915
641,853 150,155
630,029 1,911,863 500,52 4 615,560 283,931 356,258 1,165,223 280,794 160,039 190.283 130,058 613.419 6,828,986
Total
Federal Reserve notes held by banks
Federal Reserve notes In
795,255 239,309 254.492 113,746 134,135
25,485
20,857
155, 08
7,617
6,742
477,873 122,495
60,303
83.0 49
15,661
47,985
23,148
3.138
8,622
241,999
241,999
639.8 47 213,815 233,545 106,129 127,393
429,888
99.347
57,172
74,427
257,660
Federal Reserve notes outstanding--—
actual circulation
42,877 281,570 2,862,670
3.462
371,019
52,896
39.415 228,674 2,491,651
System.—Following is the weekly statement issued by the Federal Reserve
Member Banks of the Federal Reserve
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.
Board
statement showing
principal resource and liability items of reporting member banks in federal reserve
other reporting banks as at close of business sept. 7 1921.
bank and branch cities and all
Moderate reductions in loans and
Federal
total shown
discounts and somewhat larger liquida¬
certificates,
Reserve
are
year ago.
For the New York City members the corresponding
$4,623,000,000, or 18% below the 1920 total.
a
amount was
indicated by the
Board's weekly consolidated statement of condition on
tion of investments, chiefiy of Treasury
Total accommodation of the reporting! nstitutions at the Federal reserve
banks show an increase for the week from $956,000,000 to $980X00,000, or
Sept. 7 of 810 member banks in leading cities.
All classes of loans show slightly smaller totals than the week before;
from
obligations by .$4,000,000, Joans secured
by corporate and other obligations by $2,000,000, and other loans and dis¬
counts, mainly of a commercial and industrial character by $3,000,000.
total borrowings from the local reserve bank, and from 5.2 to 5.6% in the
ratio of accommodation is noted.
*
6.5
to
New York
loans secured by U. S. Government
6.7%
of the banks' total loans and investments.
For the
an increase from $241,000,000 to $256,000,000 in the
City banks
City reductions of $2,000,000 in loans
Government deposits show a further reduction of $27,000,000, of which
by Government obligations, of $17,000,000 in loans secured by
corporate obligations and of $7,000,000 in commercial loans are shown.
Investments in Treasury certificates show a further reduction for the
week of about $17,000,000. U. 8. bond holdings show but a nominal change,
while those of Victory notes and Treasury notes show a reduction of $3,000,000 each.
For the member banks in New York City a reduction of
$10,000,000 in Treasury certificates, as against only a nominal change in
other U. S. securities, is noted.
Investments in other securities of all
S12,000,000
ther demand
represents
withdrawals
from
the New while
York time
Citydeposits
banks,
deposits net
(net)
increased by
$15,000,000,
reporting institutions were about $1,000,000 less than the week before,
while those of the New York City banks show an increase for the week of
about $5,000,000.
Total loans and investments, in consequence of the
alxvve changes, show a further decline for the week of about $32,000,000
and on Sept. 7 stood at $14,730,000,000, or 13% below the corresponding
increase
For the member banks in New York
secured
Data for all reporting
I.
Federal
Reserve
a decrease of $11,000,000 for the week.
Net demand deposits of the
banks, because of the large withdrawals of bank balances
by country correspondents, show a decrease of $13,000,000. while time
deposits were about $2,000,000 larger than on the previous Wednesday.
New York City
balances of reporting banks at the Federal reserve banks show
increase of $19,000,000 for the week, of which $9,000,000 represents an
in the reserves of the New York City banks.
Cash in vault,
Reserve
an
because of the large amounts of Federal reserve notes obtained by memberbanks shortly before Labor Day to meet the holiday demand for currency,
was
ing
$18,000,000 larger than the week before, New York City banks report¬
increase of $5,000,000 in this item.
an
member banks in each Federal Reserve District at close of business Sept. 7 1921.
New York Philadel. Cleveland. Richm'd.
Boston.
District.
49
Number ol reporting bunks..
112
58
85
Atlanta.
82
St. Louis. Minneap. Kan. City
Chicago.
43
Three ciphers (009) omitted.
112
35
37
Dallas.
79
sec.
by U. S. Govt. obligations.
Loans secured by stocks and
$
S
discounted with F. R. bank:
bonds...
All other loans and discounts
Total loans and discounts
8
$
$
S
188,299
335,937
109,882
352,380
657,603
325,351
812,532 4,134,792
611.152 1,049,814
460,744
377,477 1,693,445
69,931
30,300
70,437
56,27,
24,501
37,45?
314,08?
>
104,547
60,380
5,609
78,192
5,331
16,400
4,859
U. 8. Treasury notes
1,697
29,80-
6,43?
1,150
665
U. 8. certificates of Indebtedness
3,70f
64,350
715,243
10,299
9,250
1,959
152,708
274,663
53,251
832,954 1,455,836
581,86 4
Other bonds, stocks and
140,531
securities
47,02
Total loans, disc'ts & Investments, incl
bills redlscounted with F. R. Bank... 1,001,519 5,330,466
810
26,938
604,710
118,495
39,721
38,427
116,523
2,920,893
3C1,376
235,686
370,93
203,601
715,739
7,959,420
438,253
280,399
454.736
252,479
919,200 11,435,023
66,11 i
7,448
$
78,099
26,868
15,397
33,978
97,593
26,936
1,925
762
2,4S'i
1,172
15,058
4,683
91
254
150
497
2,887
48,333
2,354
19,281
894
1.079
5,48
2,718
19,238
140,621
37,128
341,183
67,571
20,310
44,151
9,372
167,258
2,023,369
449,445 2,155,459
2,176
32,91
870,482
161,897
535,605
318,201
539,929
29,429
14,451
296,279
174,580
40,015
19,228
41,909
55,544
214,150 1,202,772
7,411
.6,610
13,075
283,698
174,671
.
1S5,2 58
571,301
9,982,367
122,166
141,157
653,032
145,379
68,389
99,913
00,029
511,682
2,914,007
14,881
3,859
4.15G
3,407
2,911
6,535
139,747
23,380
13,907
3,330
8,441
4,781
23,003
264,815
59,118
92,292
16,145
29.088
Net demand deposits
700,562 4,457,557
61 4,852
Time deposits
Government deposits
180,740
435,508
810,175
424,3 40
10,633
60,995
14,355
11,46 4
4,299
2,255
9,797
91,267
27,746
20,104
23,458
12,601
Bills payable
17,692
$
449,892
101,835
41,622
12,989
18,382
$
18,063
586,040
R. Bank
S
51,382
71,675
27,648
9,478
378,07
300,216 1,222,234 14,729,728
18,579
76,314 1,236,233
9,807
23,643
307,600
with Federal Reserve Bank:
Secured by U. 8. Govt, obligations...
All other
w -
„
-
«.
-
27
*
264
218
141
680
2,434
1,011
1.622
352
2,917
68,363
29,893
31,230
25,381
17.915
39,697
645,675
Bills redlscounted wl h F. R. Bank:
■
5,832
14,705
18,042
7,801
2,803
5,125
39,576
199,192
21,092
69,476
44,172
34,923
Secured by U. 8. Govt, obligations...
All other
2.
Data of
New York City.
ciphers
(000)
5,688
93,125
reporting member banks in Federal Reserve Bank ahd branch cities and all other reporting banks.
City of Chicago.
All F. R. Bank Cities. F. R. Branch
Cities.
AllOther Report. Bks.
Total.
omitted.
Sept. 7
Aug. 31
70
Number of reporting banks
Loans and
Total.
66
308,032 1,165,454
20,448
Reserve balance with F.
Cash In vault
8
$
$
2 49,391
33,451
186,547 1,198,691
592,544 2,695,70
U. 8. Victory notes
U. 8. bonds
Three
San Fran.
52
discounts, Including bills re
Loans and
Loans
show
Sept. 7
70
Aug. 31
51
Sept. 7
51
Sept. 7
213
212
280
280
Aug. 31
Sept. 7
Aug. 31
A ug
.
318
31
Sept. 7 '21
lug. 31'21 Sept. 10*20
81C
319
812
818
discounts, incl. bills redls¬
counted with F. R.
$
Bank:
Loans sec. by U. 8. Govt, obllg'ns
$
217,367
S
$
•
$
219,463
55,527
55,239
429,480
Loati3 secured by stocks & bonds. 1,040,302 1,057,730
All other loans and discounts
2,399,313 2,408,756
329,072
324,417
2,037,133
741,520
740,177
5,158,581
3,656,982 3,683,949 1,126,119 1,116,833
255,918
267,675
17,179
17,557
70,393
71,842
11,155
10,971
27,166
27,372
1,207
1,219
59,416
69,365
7,652
9,200
7,625,194
Total loans and discounts
U.S. bonds
U. 8. Victory notes
U. S. Treasury notes
U. 8. certificates of Indebtedness
Other bonds, stocks and securities..
Total loans & disc'ts, & lnvest'ts.
541,023
536,570
132,937
132,42 4
Incl. bills redlsc'ted with F.R.Bk. 4,622,655 4,655,016 1,297,249 1,238,294
Reserve balance with F. R. Bank
543,811
535,010
123,135
127,844
Cash In vault
Government
deposits
96,053
35,761
90,435
1,104,592
5
S
$
98,341
78,863
'98,367
80,056
430,790
414,957
466,211
412,097
468,803
5,159,791 1,449,861 1,447,23.1 1,350,978 1,354,98 4
2,044,412
$
604,719
609,197
958,861
2,929,893
2,922,720
3,048,133
7,959,420
7,962,003
7,634,993 2,015,031 2,011,783 1.844,798 1,847,147 11,485,023 11,493,923
212,21-4 43,561
211,13*
870,482
215,359
870,054
213,012
26,193
161,897
39,974
25,983
165,219
39,651
98,257
48,333
6,747
6,895
6,818
5C.851
5,825
37,147
140,62 '•
18,806
31,413
18,503
157,733
31,383
107,822
346,525
348.478 2,023,338 2,024,094
573,810
572,252
1,101,805
(a)
(a)
878,859
189,282
"
350*,384
(a)|
83,337
32,201
30,007
3,994,447 4,007,827
289,100
286,783
900,510
901.761
174,844
7.009,179
9,423,585 2,877,154 2,879,157 2,455,283 2,459,147 14,729,728 14,761,889 16,923,521
134,439
134,190 1,236,233 1.217,579
185,361
192,636
1,389,478
898,023
73,932
307,609
54,959
16 4,62 4
70,131
239,71 7
58,824
375,094
7,008,810 1,563,744 1,552,571 1,409,444 1.406,166 9,982,367 9,987,547 11,359,551
310,539
311.567
88,142
Net demand deposits
Time deposits
445,258
S
S
$
$
9,397,291
909,158
1,353,348
1,354,718
909,049
918,858
651,619
651,125
2.914,007
2,924,701
58,785
71,000
11,324
11,885
108,473
129,670
20,356
24,222
10,918
13,212
139,747
167,104
30,054
70,858
72,008
7,758
8,591
145,485
47,285
76,195
76,698
43,135
41.084
264,815
265,687
756,448
373
373
397
298
630
13,221
13,494
3,725
4,590
45,460
48,552
4,183
13,802
7,720
8,055
68.363
70,409
269,204
172,471
156,208
43,539
37,952
420,458
394,632
103.888
109,299
121,329
124.274
645,675
619,205
1,114,544
5.6
5.2
4."
4.^
6.*
"
7 n
2,771,208
Bills payable with F. R. Bank:
Sec'd by U.S. Govt, obligations._
All other
671
2,056
Bills redlscounted with F. R. Bank:
Sec'd by U. 8. Govt, obligations..
All other
Ratio of bills payable & rediscounts
with
F.
R.
Bank
and investments,
a
to
total
loan"
per cent
Comparable figures not available.
6
t
6
3
6
7."
e
*T
6
12.7
Suit.
17
THE
1921.]
A list of the
exceptional feature includes Bait. & Ohio,
Nat., Ches. & Ohio, Rock Island, Cuba Cane
Sugar, Du Ponte, So. Pacific, Sinclair and the Steels.
a^jelle.
Railroad
Canadian
Wall Street, Friday Night, Sept. 16 1921.
Miscellaneous
Stocks.—More normal
and
1331
CHRONICLE
United
for
time
some
The violent disturbance reported
previously.
Bonds.—Sales of Government bonds at
States
the Board
limited to the various Liberty Loan issues.
are
conditions have obtained in the stock market this week than
Sept. 10 5 pt.
Daily Record of Liberty Loan Prices.
earlier in the month in the cotton market, and which was
reflected
the
in
grain and stock markets,
subsided and practically all subsequent
been of a favorable character.
has gradually
developments have
during the dis¬
4j^% and the
increasing reserves reported by the Federal Reserve System
seem to indicate that any ser ous stringency in the
money
market this Fall is quite unlikely.
Reports from the steel
industry are of a more cheerful tone.
The U.S. Corporation
states that its wire production has
materially increased
under the stimulus of
advance in prices of from two to
an
three dollars per ton.
The Government report of foreign trade for August shows
an increase in volume for both exports and imports as well
balance in favor of this country,
flow automatically to this centre, the
and gold continues to
receipts week by week
aggregating a large amount.
Foreign exchange has been
irregular.
Sterling declined early but recovered later in
the week while German marks have been quoted in this mar¬
ket at only a fraction above 0.90.
more
Week ending Sept. 16.
for
Lowest.
Week
Pa-
American
_no par
Radiator...25
American
Snuff
100
Preferred
100
Am Water Works & Elec
1st preferred.
Particip preferred
Ann Arbor, pref._... 100
Atlantic
Petroleum...25
Atlantic Refining
100
(>00
45
Sept 14
Sept 13
9
8%
8 850
100
300
300
Batopilas Mining
20
100
15
Sapt
< 50:188
Sept
?
7% Sept
5% Sept
00;
300j
200
5% Sept
CSt PM& Omaha.. 100
100/55
Cluett, Pea body & Co 100
200
Davison Chemical.no par
800
pf.l00:
100
57
no pan
100
Hydraulic Steel
10
100
Cement.no par
400
Internat Paper, pref. 100
Kelly-Springf 6% pf.100
300
Kelsey Wheel, Inc... 100
400
Kresge
100
,.00
Kress
100/
100
100
Indian Refining..
Internat
(S. S.)
(S H) & Co
Lima Locom Works.
00
.100
300
(H R).no par
00
Preferred
Mallinson
_
100
.100
100
25
800
Market Street Ry___100
700
Preferred
Manhattan Shirt
Prior
preferred
Preferred
2nd
100
1,400
100
200
preferred... ..100
Marland
Martin
v
1,900
100
no par
2,300
50
100
Parry
Mathieson Alkali
Maxwell
Motor
1st
certificates
Norfolk
100
Southern...100
Norfolk & West, pref.100
Ohio Body & Blow.no par
Ohio Fuel Supply
25
Ontario Silver Mg.__100
Otis Elevator
100
Otis Steel, pref
100
Pacific Tel & Tel
Panhandle P & R.
100
no par
Parish & Bingham .no par
Shattuck-Arizona
10
57
39
7% Sept 16
7%
24
Sept 12 24%
92
Sept 15 92
70
Sept 12 70
55% .Sept 13 58
13 7
Sept 1 13'
70
Sept 16 70
68
Sept 13 75
90
Sept 12 90
15
Sept 13 18
60
Sept 14 60
23% Sept 14 26%
3% Sept 13
4%
29
Sept 10 33
14% Sept 13 14
5% Sept 13
6%
16
Sept 12 18%
6% Sept 15
6%
13 % Sept 12
14%
12% Sept 14 12%
4
100
£3
Sept 13
8%
25
Aug
23%
1125
June
50
Sept 10)
23
Mar
57
Sept
7
Aug
Sept 161
7% June
Rent,
Aug
Sept 16|
Sept 14
46%
Sept 15
18
May
Jan
Jan
44
May
62
Aug
Jan
15%
Jan
*31 Sg
Jan!
Jan;
June!
Anr
May
June
May
Mav
Aug
May
May
18
ReDt
67
June
26%
ReDt
3
May
13
7
May
Aug! 45% Mav
14 27
12
Aug:
13
18% May
4% Aug)
14 j
8% Mav
14; 12% Aug! 21% May
June
6
15 !
Jan
19%
13% Sept 21
Sept 14
Jan
Aug
11%
Sept 14
20
Jan
Sept 16
9% Sept 14!
9%
1j0 67% Sept 14; 67%
75
8
Sept 16;
8
200 42
Sept 12; 42
1001
3% Sept 15
3%
300 90
Sept 12 92
100i 50% Sept 12 50%
600! 50% Sept 15 51%
200,
7% Sept 14
7%
00 10% Sept 10 11%
300
7
6% Sept 13
Sept 14
300!
Sept 14
Sept 16
Sept 10
Sept 13
Sept 14
Sept 15
100
100
Aeronaut .no par
200
11% Sept 14
7% Sept 16
For volume of business
on
phia and Boston exchanges,
and Railroad
May
53
8%
Sept 14
Sept 16
62
Sept 12
40
Sept 15
7%
3 %
9%
Jan
Sept
59%
Feb
Aug
13% May
67%' Jan
June
Aug
June
Aug
10
Jan
48
Jan
6
May
Sept 15,
87
Aug 148
May
Sept 12
50%
Sept 15'
38%
Sept
Jan
Sept 13
6
Sapt 13
9%
4%
Sept 10
12% Sept 14
7% Sept 12
75
4%
12%
19
8
36%
8%
Aug
June
Jan
June
Aug
85
51%
7%
15%
Sept
Sept
Anr
7% May
79% Sent
Jan
25%
Aug
Sept 175
Apr
Jan
Mar
May
12%
Jan
July
47
Feb
Jan
13
6% June
9%
Ja:"
July
New York, Boston, Philadel¬
see page
1227.
Bonds.—No sales of State bonds
have been
reported at the Board this week.
bonds, in response
to easier money market conditions and a better investment
demand, has been more active than during the summer
months and has broadened its scope.
More than threefourths of the issues traded in have moved to a higher level
and several are unchanged.
The market for railway and industrial
294
547
383
340
753
87.90
88.15
88.28
Low
87.90
83.r
88.23
87.90
88.13
4 %s)
----
Second
Converted
bonds
3
1
8S.66
88.00
88.20
83.20
83.60
Low
87.94
87.90
88.00
83.10
88-30
88.50
Close
88.03
88.0)
88.04
88.18
88.42
88.90
56
23
193
5f<
110
95.70
94.50
95.0)
94.50
_
;
Second
4%%
"High
9-5.70
(First
Low
95.70
1932-47
of
Close
4%s)
-
;
95.70
-
Liberty Loan
High
87.80
87.82
83.03
4% bonds of 1927-42
Low
87.80
87.82
83.03
Close
(Second 4s)
Total sales in 51,000 units..
87.80
87.S2
88.03
2
1
1
High
83.03
88.00
88.22
Low
87.94
87.02
87.95
Converted
4%%
1927-42
r
(Second 4%s)
Total sales in
Third
bonds of
Liberty
4%% bonds of 1928
(Third 4%b)
Liberty Loan
4%% bonds of 1933-38
(Fourth 4%s)
above
1st
3%8
3
lit
4s.
5
lit
4%8_.__
89.30
87.93
88.13
88.30
88.46
83.12
88.23
88.44
89.30
1,336
863
1,084
92.50
92.54
92.96
Low
92.04
92.02
92.08
92.13
92.40
92.40
Close
92*01
92.04
92.18
92.42
92.42
92.88
308
435
696
758
1,436
2,165
High
83.14
88.14
88.32
8S.50
88.70
89.30
Low
88.08
88.OS
88.14
88.30
88.46
88.60
83.12
88.10
88.20
83.44
88.62
89.14
354
802
2,351
1,950
2.549
2,092
High
99.06
90.08
99.08
99.08
99 14
99.08
Low
99.04
99.02
99.02
99.02
99.02
99.50
Close
99.04
99.03
99.04
99.04
99.04
99.06
1,104
2.999
2.239
2.618
3,023
2,567
90.03
90.08
99.08
99.05
99.06
Low
99.04
99.04
99.04
99.04
99.04
99.02
[Close
99.04
99.00
90 04
99.03
99.04
99.08
61
653
1 753
3,377
982
451
-
table
Transactions in
12
88.54
includes
only sales
registered bonds
of
coupon
were:
........87.60 to 87.83
50
3 1 4%s._--.i.
;_87.90 to 88.10
130
4th 4 % 3......
.91.82 to 92.50
to 88.62
...87.64 to 88.20
132 Victory
4%s_
.98.86 to 98.90
87.92 to 88.44
10 Victory
3%s.
.98.86
28 2d 4%s
S.
Quotations fori Short-Term U.
Obligations.
Govt.
lu.
I at.
Maturity.
-
1,495
(Victory 3%s)
Note.—The
2
88.34
-
92.24
[High
Total sales in $1,000 units..
89.00
3
-
862
'
of 1922-23
89.00
88.28
92.10
Total sales in $1,000 units..
notes
89.00
88.28
60
4%% notes of 1922-23
3%%
-
88.28
87.94
Blose
(Victory 4%s)
r"
92.08
otal sales in $1,000 units
Victory Liberty Loan
,
High
Total sales in 51,000 units
Fourth
351
■
1
■
4—
88.90
Close
$1,000 units
Loan
•
94.50
22
2
Total sales In 51,000 units
Second
88.28
1
High
.
bonds of
Rate.
Rid.
.4 skeri.
I
R ue.
Malunty.
Asked.
Bid.
M^r.
151912....
5% %
ino%2
100%1
100%
Mir.
15 1022....
5%%
100%,
100%,
100 %
J me
15 1922
5%%
100%
100%
5%%
100%,
100%,
5% %
inn%
Oct.
t>l92l._:.
5%%
1 10*,t
loo'it
Oct.
15 1021
15 I "21
5 % %
6%
'99%,
Dec.
100%
Feb.
16 1922
5%%
100%
100%
Aug.
1
June
15 192i
1922
...
101
Foreign Exchange,—Sterling exchange moved within
comparativelynarrowlimits.
In the Continental exchanges
reichsmarks again established a new low record.
To-day's (Friday's) actual rates for sterling exchange were 3 f>4@3 65%
sixty days. 3 69%©3 70% for cheques and 3 70%@3 71% for cables.
on banks sight 3 69% (3)3 70%, sixty days 3 63% @3 64% ,
ninety days 3 61% @3 61% and documents for payment (sixty days)
3 63%@3 64%.
Cotton for payment 3 69%@3 70% and grain for pay¬
ment 3 69%@3 70%.
To-day's (Friday's) actual rates for Paris bankers francs were 6.85(5;
6-98 for long and 6.91 @7.04 for short.
German bankers' marks are not
yet quoted for long and short bills.
Amsterdam bankers' guilders were
30.99@31.09 for long ahd 31.33@31.45 for short.
Exchange at Paris on London, 53.25 francs; weeks range, 51.70 francs
high and 53.25 francs low
Tbe range for foreign exchange for the week follows:
for
Commercial
,
t
20%
Sept
Sept
Sept
Sept
Sept
Sept
Sept 13
87.82
288
High
-
of
Anr
62%
Si's"
10
87.82
88.08
Sent,
63
June
Sept 13 21
25
Sept
Sept 151 92
Sept 12 70
Mar,
Sept 10 35
Sept 1 1130
1 50
Sept: 75
Sept 16; 70
Sept 14: 64
Sept 10| 87%
4
1,500
State
Rent
36% June
Sept 16: 53
Weber & Heiibron.no par
no par
Toledo St L & W tr rects
Wright
48
Sept
Sept 12,
87.42
87.40
Total sales in 51,000 units..
Sixty Days.
3 68%
Sterling, Actual—
High for the week___
Paris Bankers' Francs
Low for the week
__
Germany Bankers' Marks—
High for the week
7.39%
7.46%
6.84
6.91
!'
.0089%
Amsterdam Bankers' Guilders—
...
Low for the week
Domestic
$1,000
.0099%
—
Low for the week
discount.
3 68%
{in cents per franc)—
High for the week
High for the week
Chcaues.
3 74%
3 62%
Low for the week
....
„
Cahles.
3 74%
3 69
7.47%
6.92
.010%
.0090%
„
3131
31.72
30.79
31.20
31.77
31.25
Exchange.—Chicago, par.
St. Louis, 15@25c. per' $1,000
par.
San Francisco, par.
Montreal, $120,325 per
Cincinnati, par.
Boston,
premium.
Curb Market this week
upward movement being
The Curb Market.—Prices in the
moved
100
United Drug, 1st pref.50
C&FC1A.
Third Avenue Ry.__100
Tidewater Oil
Rent,
Sept
Sept 12
Sept 15
7% Sept 13
78% Sept 14 79
100
8
8
Sept 16
16
1, 00 14% Sept 1
200119
Sept 12 120
200
9% Sept 10
9%
100 4<
Sept 15 40
Standard Mill, pref.. 100
Temto
4
48
84%
pref
ctfs dep stmpd asstd..
M St P & S S M leased
line
300
no par
t c.no par
Oil
Marlin Roek
Sapt 15
7% Sept 13
41
4%%
1932-47 (First
112% Mav
15
Sept 12 z55
40% Sapt 15
38
Sept 10
87.30
87.33
Close
Converted
Jan
Sapt 12
% Sept 14
66
Sept 14
.00!
Fisher Body Ohio
Apr
Aug 20
Sept 14! 15
Anr
2% Sept
2% Sept 14
Jan
4%
18% Sept 15, 14% June 35
Jan
%
Aug
% Sept 14
1
•Tan
Jan
51
66
Sept 14
72% May
4
June
1
5% Sept 10
Anr
10%
Sept 209
Sept 16 188
12 19
Mar
6
Apr,
7% Sapt 14
14!
Jan
8%
5
June'
10
5% Sept 10;
7% Mav
5% Aug
Sept 1 i
15
7% May
Sept 14
88.44
87.28
87.38
4s)
Mar
2% Sept 10
18
400
100!
29
75%
Aug
Apr
Case
Pref trust rec 1st paid.!
53
Sept
June
88.20
87.30
% wr Sha-o
4
20
24% Sept 13|
Highest.
77
12% Sept 12! 10
Sept 14 852
Sept 14 820
Brooklyn Union Gas. 1001
C & E 111 tr rec 1st paid.
Sept
8% Sept 13
8% Sept 13
100
300 24% Sept 10
1,700 I 11
Sept 10
25
Chicago & Alton
Jan
9
Jan
.50
J._.100|
42
Sept 10
Jan
Barnsdall Class B
Central RR of N
Sept 14
10
95
Auto Sales
Plow..wo par.
3 ver shore
45
66%
Atlas Tack Corp. .no par
(J I)
$ per tho.-e.
Lowest.
100 68% Sept 14 68% Sept 14,
100 105
Sept 13 105
Sept 13)
100 84 % Sept 13 84% Sept 13,
4
4
100
Sept 13
Sept 13,
Sept 13;
Sept 13 48
100 48
100
Corp
Hi ihest.
p er sha*e.
Shi'
Am Br Shoe & F__ no par
American Chicle.
Range sinCe Jan. 1.
Range for Week.
bonds
Total sales in 51,000 units.
bonds.
Sales
stocks.
$1,000 units..
4%
1932-47 (First
active than of late and the trend of prices has
been toward
a
higher level.
A considerable number of prominent rail¬
way issues have fluctuated over a range of from 2 to
points with net results somewhat smaller.
Industrials,
led by Bald. Loc. and Mex. Pet., have covered from 3 to
over 6 points with similar results.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
87.44
87.24
87.46
(FJr3t 3%s)
as
Under these conditions the stock market has been
87.44
Low
Close
High
Converted
Call loan rates, which had run up to 5H%
turbance mentioned, have dropped back to
87.44
Liberty Loan
3%% bonds of 1932-47.
Total sales in
12js^pL 13 Sept, 14 Sept. 15 Sept. 16
87.50
First
in
uncertain
fashion,
an
usually followed by profit-taking.
Trading was quite active
and covered a broad list of securities.
Mac Andrews &
Forbes com., while not specially active, was conspicuous for
an advance from 89 3d? to
106, due to the declaration of a
quarterly dividend of 23^% as against llA% Paid previously.
Peerless Truck & Motor was specially active, rose from 343^
to 43, reacting finally to 40%.
Amal. Leather com. fell from
9% to 8*4.
Durant Motors, after early advance from 25
to 27, sold back to 25.
Wm. Farrell & Son was active and
ran up from 9 A to ISA and closed to-day at 12%.
Glen
Alden Coal advanced from 3634 to 38 M and reacted finally
to 38.
Tob. Prod Exp. rose from 53^ to 7 and closed to-day
at 6%.
Trading in oils was overshadowed by business in
other departments.
Standard Oil (Indiana) was active and
irregular, moving between 7034 and 7134 and resting finally
at 71.
Carib Syndicate improved from 434 to 434 an(* sold
finally back to 434Internat. Petroleum weakened from
10J4 to 9^4 and ends the week at 10.
Maraeaibo Oil, after
early advance from 18 to 19%, reacted to 17 A, the final
transaction to-day being at 18.
Mexican Panuco Oil lost
134 points to 134Southern Petrol & Ref. was traded in for
the first time and gained over 134 points to 3 ABusiness
in bonds was good.
United Drug 8s, owing to the dissolu¬
tion of the syndicate, opened at 93 34» down some seven
points from the preceding transaction, recovered to 98 and
sold finally at 96%.
Beaverboard 8s were off from 75 to 73,
123?
New York Stock
Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
For sales during the week of
stocks usually Inactive,
preceding page
see
PER
HIGH AND LOW
SALE PRICE—PER
STOCKS
Sales
SHARE, NOT PER CENT.
NEW
for
Saturday
Sept. 10.
Mon&iy
Tw*d v
Wednesday
Thursday
Sept. 12.
Sept. 13.
Sept. 14.
Sept. 15.
Sept. 16.
Week.
$ per sha e
$ v' share
t ver shire
$ per share
S per share
$ per share
Shares
85%
80%
85%
80%
*2
86
86
38%
51%
39%
*10%
86
85%
80%
80l2
80
86
80%
2%
♦2
2%
87
87
i
38%
40
I
♦51
51%
10
11
♦6
85*4
♦2
2%
7
80%
87
*2
♦86
51 %
38%
51%
3934
51%
10%
10
10
♦612
7%
112% 114%
55% 57%
113% 113%
55% 56%
♦86
85%
♦6%
7
112% 113%
55%
66%
38%
51%
9%
*6%
113%
56%
*%
7%
7%
7%
165s
17
17%
7%
17%
2612
26%
40%
65%
26
39%
66%
40
65I2
♦101
160
3312
♦76
6578
♦36
*6
%
36
♦101
*7
26%
51%
39%
40%
26%
40%
67%
67
66
67
110
*101
110
k102
66
66
40
♦35
40
*37
40
39%
40
36%
64
*60%
*63
64
63%
63%
37
37
35
33%
34%
77
77
76%
76%
101
*100%
!
102
101%
l
!
I
13%
76%
>
28%
:
8%
22
95%
2%
95%
2%
8%
27%
51%
♦19
22%
52%
27%
51%
11%
22%
53%
109% 110
42
42
10
10
*3
*6
13%
19%
13%
75%
28%
*6%
110%
41%
2%
2%
2%
3%
*2%
20
53
"'
71%
72%
60
61
,
'
68
69
67%
15%
67%
15%
19%
19%
9
27%
Feb
49%
10,900
100
4,900
1
1
200
Coast Line RR..100
Baltimore & Ohio
100
Do
2
7%
500
700
Chicago Great Western
2,000
26
26
5,900
39%
40%
9,400
3,600
Do
1
31,700
*76
77
1,200
66
66
1,309
36%
*34%
38
300
64
*63
64
100
900
36%
10
10
69%
70
2%
7%
8%
19%
95%
2%
2%
3%
20%
39%
*4%
53%
72%
59%
60
7
*6
8
13%
19%
13%
19%
*13%
13%
8,000
19%
7,500
Chicago MIlw
Do
75%
76%
29
29
95
8%
*6%
*20
21
95%
2%
2%
7
7%
95%
2%
7%
700
27,400
4,000
22
26%
26%
51
51
1,800
13
100
22%
19%
*52%
19%
52%
53
20,100
100
109%
108% 108% ♦108
41
40
40
39%
10
70%
*86
90
1%
2%
t
3%
"l9%
20%
39%
41%
4%
4%
53% .*50%
71
73%
59
60%
90
Chic Rock rsl A Pac
...100
42
Jan 26
Delaware A Hudson
100
Delaware Lack A Western. 50
90
Apr 14
693
Aug 25
60
2,300
300
53%
600
72%
13,500
*63
69
*65
71
300
*64
68
500
14%
15
15
14%
67%
15%
14%
6,900
19%
20%
20
20%
14%
19%
*95%
77%
38%
19%
20
5,600
58
.56
*53
58
*55
*34
39
*34
*34
39
*36
*26
26%
26
*74
75%
70%
*74
26%
*74
69%
26%
25%
75%
*74%
60
*74
42
42
900
24
23%
24
9,800
37
600
43
24%
36%
25%
34%
*5%
25%
24%
25%
24%
35
34%
34%
5%
10%
34
20%
47%
24%
*38
500
*34
5%
984
6
10%
78%
21%
48%
24%
1,200
8
♦7%
*17%
7«4
20%
7%
21%
*14
16
♦14
15
10
10
9%
%
1%
39%
86%
1%
38%
85%
85%
87
33%
32%
33%
33%
75
75
35%
36
35%
35%
65
58
29%
20
*55
*57
29%
*55
33%
28%
133
i%!
39%
70
*73
I
*109
45"
112
31
64%
Feb
Feb
65
Oct
...100
58
July 16
50
Apr
73%
Oct
100
54
June 24
70
Oct
100
13%June23
First preferred
Second preferred
NYNHA Hartford
Pacific
Pere Marquette v t c
Do
prior pref v t c
pref v t
Do
1st pref
Do
Texas A Pacific
Do
30%
16%
1,500
70
45%
♦13
14%
*37
41
4484
13%
*37%
Do
pref..
Wabash..
Do
Pacific..
I
20
45
1
*44
63
*61
63
32%
29%
31%
8%
*8%
9
20%
20%
20%
43
42
42
93%
91%
93
1C6
*105
4%
7
38
70%
4%
j
!
106
36%
4%
6%
38%
70%
70%
6%
I
63
63
29%
31%
|
*8%
9
|
I
41%
290%
19%
|
20%
42
91%
*103% 106
4%
484
6%
!
6%
,
Do
4584
700
Adams
13%
2,400
53
I
56
61%
31%
33
I
*8%
9
I
20%
23
42%
91%
48
92%
106
104% 104% *104
4%
4%
4%
4%
6%
6%
6%
6%
37%
37
37%
70%
70%
71
'
36%
7u%
36%
7034
&
16% Jan
5
June 21
41
20% May
Jan 13
88%
18
Feb
60
Jan 13
50
Feb
27%May 16
55% Apr 7
14
Dec
62% July 18
6
Aug 24
6734 Mar
12% Mar
100
17
Aug 27
26
100
7
Mar 11
9
Mar 11
27% June
110
Advance Rumely
Do
pref
600
Air
20
22
6,500
%
1%
41%
85
34
81
26% Jan
3,
100
11
2
100
Se.it
100
35
No par
30
June 21
AJax Rubber Inc
50
17
Sept
2,100
Alaska Gold Mines
10
3,500
Alaska Juneau Gold Min'g
10
Reduction, Inc.
2
%May 25'
1
Jan
3
Allied Chem A Dye
Do
pref
No par
34
Aug 15
700
100
83
June 23
Allls-Chalmers Mfg
100
28% Aug 24
67% Aug 26
20% Aug 291
220
Do
21
pref
100,
Amer Agricultural Chem..100
100;
51
2584June 23
Do
100
100
pref
American Beet Sugar
pref
55
Aug
47
43
Mar
Oct
129% Nov
3
3
14
Aug
32%
7
May
13
Oct
17
Dec
34%
Oct
12% Dec
8%
Feb
July
Feb
Feb
Dec
15%
23% Oct
15% Sept
27% Oct
40
Sept
78
Nov
16
Oct
May
28
Oct
25
May(
48
Oct
22
Dec
8
14
Dec
52% Feb 17
40
Dec
72
24
Dec
8884
9
19%May
9
15
37%May
9
48
Sept
6
1934 Jan
8%
83
4284
Apr
46% Mar
Jan
Jan 12
39% Jan 11
1% Feb 9
I84 Feb 9
55% Jan 13
93% Jan 26
39%May 2
Mar 23
% Deo
84 Dec
43% Dec
84%
Dec
26% Dec
Jan
2% Mar
3
Mar
62% Sept
92% Nov
53%
Jan
Jan
67%
Dec
92
6
51
Dec
95
90
Jan 20
79
Dec
96%
Jan
61
Feb 15
3234
Dec
103%
Apr
75
Oct
93
Jan
65% Jan
June 22
Oct
Oct
Oct
118% Nov
33% Oct
66% Oct
20%
Jan
Oct
Oct
ll%May
40
291
Do
Oct
Sept
69%
70% Jan 10
Aug 17,
4,300
7,900
Mar
Feb
49%
11%
61% May
7% Aug
10;
May 9.
24%May 10
15%May 5
ll%May 9
July 22
Feb
24% Jan 13
3
Oct
Oct
40
Dec
Aug
Oct
65%
33%
Feb
Dec
123
61
11
8%
3
Nov
48%
6%
Jan
103
Feb
Jan
9
Oct
84% Sept
15%
23%
12%May 10
101
June 21
7
33% Mar
7%May
36% Jan 10
111
Feb
Miscellaneous
Express......
300
74% Jan
5
Jan
34
35%
1,600
Amer Bosch Magneto..Wo
par;
29% Aug 10
65%May
2
45%
Dec
27%
27%
8,900
American
100
23'2June 21
7684June 25
3284 Jan 29
2184
Dec
12884
6I84
88
72%
Dec
101
Jan
Dec
147%
116%
Apr
127% 129 ~
108% 108%
20% 20%
*43 %
45
4%
4%
11784 2II6
116
11%
11
11
70%
100
Wheeling A Lake Erie Ry.100
35
*74
36%
42
100
43
41
*61
67%June 21
17%June 20
100
pref
35
84%
33%
28
20
5% Apr 16
8% Mar 11
100
United Railways Invest...100
100
100
20
June 24
100
100
pref
Wisconsin Central
70
«43%
55
5784 Jan 15
2534 Aug 3
38% July 30
30%May 9
25
30%
8%
*55
44%
20
24
26
11
23
23
100
8%
100
70
20%
Oct
39%
21%
100
16%
*4%
4%
4%
4%
*4%
120 ,*116
118% *115
120
*116
10%
11
11%
11%
11%
*11
51
50% 52%
52
53%
53
56
55%
55%
56
57%
56
57%
5
89% Jan 15
11
62
4,400
44%
Dec
Feb
66% Aug
64% Feb
32% Mar
Jan 10
20%
54%
23%
30
20%
37
Jan
Aug
9
8%
*15%
4%
6
Mar 11
6
35%
130
Feb
May
*74
*109
68
30%May
2284
*60%
8%
*15%
62
40
■
Dec
20% Aug 24
58
Aug 22
7%June 21,
13%June 21!
16%
I
50
28
100
pref
Jan 20
100
Rapid Transit—100
Union Pacific
57
100
100
Railway
pref
Oct
Feb
Apr 29
6084 June
36i2June
38% Aug
19% Mar
27% June
19%June
100
95% Nov
44
32
79
..100
Do
Feb
Dec
32
50
16
37% Sept
27% Oct
105% Novl
14
45
.
Seaboard Air Line
37% May
41% May
15% Dec
65% Oct
84% Nov
23%May 18
Jan 19
...
pref
6684 June
Jan 12
70
Do
2d pref
50
St Louis-San Fran tr ctfs .100
Preferred A trust ctfs...100
Do
Jan 28
24%June 21
50
St Louis Southwestern
84% June
88
4184
100
35
June
10
6
12
14
19
100
..100
c
Pittsburgh A West Va
Do
pref
Reading
Sept
68%Seet
23% Jan
20% 4 • i104% Feb
Western
16%
111
50
Mar 11
6)
1,100
17
23%
111
June 20
4,400
17
130% 131
Feb
Oct
Oct
8% Aug 26
14%June 23
190
i
Feb
Western Maryland {new).. 100
Do
2d pref...
100
30
82
,
Feb
18
18
29
82
11
31%
55%
884
12% Mar 12
23
Oct
Oct
Dec
100
*61
9084
11%
100
3,900
21
Nov
pref B
984
Feb
Oct
95
pref A
600
33%
Jan 31
584 Jan 10
23%May 18
Mar 11
Dec
40
56% Nov
112% Jan
6534 Oct
80% June
2% Dec
384 Dec
Do
62%
28%
3
1% Aug 25
2% Aug 25
8%
63
Do
62%
33%
Jan 11
200
58
27%
93
Feb
Feb
38% July
7,300
13%
3,500
33%'
118 July 6
58% Jan 25
1434May 9
73%May 9
8%
16
3984 May
94
Aug
21%
13%
21
300
35%
28%!
5
800
*85%
33%
I
Apr 14
35%
«31
Jan 25
56% Jan
4,000
35
33%
27%
130% 131%
112
81
97
28
7%
%
1%
39%
87%
33%
17% Aug 25
47%June 21
8
1%
39%
100
6
Mar 30
19%
*31
20%
*%
28%May
7
Mar 11
8% Dec
13% May
40
May
23%
Industrial
20%
Jan 25
Dec
77% Feb 17
Twin City
1,100
16
30
8
17%
13%
Aug
*18%
7%
24
61%
*36
Feb
3
9
17%
♦44
80%
19%
23%
61%
8%
*40
18%
2
74% Jan 12
61% Sept 9
23%
18%
7%
21%
1
Aug
5% Jan 25
June 21
22%
8
Feb
98
64%June 21
23%
65%
Oct
39
24
65%
Oct
100
Southern
18%
7%
21%
26
1% Aug 30
46
8
100
Chicago A St Louis
22,000
65
June 24
85% Mar 12
16
Oct
260% Sept
New York Central
33,900
"7J0
5%
108
Oct
N Y
77%
44
May,
Dec
48
120% 120%
Feb
3
3%
21%
*38
83% June
7
48
44
165
6% Feb
20%
10,800
103%May 11
May 16
4% Jan 3
3% July 28
78
2,200
Dec
Nat Rys of Mex 2d pref.-.100
New Orl Tex A Mex v t C--100
48
600
46
Dec
21
10%
Aug
33%
48
65
9
6
1,900
35
9
77%
20%
65%
65
5,000
7
47% July
43%May
pref
Southern Pacific Co
120% 120%
120% 121%
24%
34%
Oct
33% Mar 11
*5%
*8%
77%
*38
44
*34
37
Oct
54
91% Nov
4178 Mar
17% Oct
3584 Oct
97% Oct
6% Oct
17% Nov
27% Oct
52% Oct
24% Oct
50
23%
42%
24%
36%
36%
Jan
100
94,500
69
Feb!
July;
60
7
6% Aug 10
100
72
Dec|
20
46
2234 Sept
88%June21
61%June 14
32%June 23
1584 Mar 11
70%
3
6
53% Apr 27
Dec
100
71%
Mar
39%May
Dec
100
200
Oct
Oct
Sept
62
12
Pennsylvania
T, 800
31%
Jan 20
6584 June
14
Northern
75
48
1284
18,10
70%
42
10%
77%
26%
8484
71%
100
Do
26%
75
Mar
Feb;
Dec,
21% Sept
30% Oct
36,400
40
26%
41
Feb'
54
Feb'
16
6,900
Dec
64
Dec;
100
1,100
21%
Dec
N Y Ontario A Western.
Norfolk A Western
200
71%
42%
73
96%
78%
38%
19%
Sept 11
May 10
14% Jan 13
Missouri Kansas A Texas. 100
Oct
91% Mar
67%May 10
62
Do
pref
100
Missouri Pacific trust ctfS.100
pref trust ctfs
78
10
100
Do
35
24%
•
65
Jan
79% Jan 29
32% Mar 4
ll%May 10
6%
Oct
44% Nov
120
18% Feb
3,166
Dec
Dec
45% Jan 25
....100
Dec
3634
9%
Aug 22
pref
21
June
100
..100
17% Sept
14% Oct
33%
60
100
100
Dec
Dec
Dec
98
100
50
384
6%
15%
16%
83
*58
20
.100
Lake Erie A Western
Do
pref
Do
~
59
19%
pref
Jan
70% Nov
15
Sept
9
90
*64
20
Do
13% Mar
134
Jan 11
7% Jan 17
June 14
20
Mar
15%May
25%June 24
par
Kansas City Southern
Do
pref
Feb
Oct
17
2234May 9
15% Jan 12
*85
70
19%
100
...100
Corp..Wo
4
Oct
54
12
Aug 24
69
19%
pref
Feb
Oct
Jan 24
23
Mar 11
72%
97
Do
100
60
Dec
47
Jan
12% Sept
21
9
11,100
78%
38%
Do
2d pref.
100
Great Northern pref
100
Iron Ore properties.Wo par
434 Feb
11% vi ar
16%June
11% Apr
63
40%
4%
77%
100
100
39%
4%
*50%
71%
96
100
1st pref
Minn St P A 8 8 Marie.-.100
1,600
40%
4%
38%
100
Erie
5% Sept
109%
90% Nor
82
71
249
1% Mar 24
100
1,100
13,400
97
pref
2,600
2
79%
38%
20%
2d
10%
20"
97
Do
3
Jan 12
May
110
66
Jan
Jan
70
2
78%
38%
Feb
60
70
*66
96
June 21
27
1,500
*66
38%
32
49
1st pref
Lehigh Valley..
67%
*66
60% Apr 14
July
22% Mar 11
6S34 Mar 12
56%June21
95
100
Do
Louisville A
"l9%
55
100
7% preferred
100
6% preferred
100
Clev Cin Chic A St Louis..100
Do
pref...
100
Colorado A Southern
100
4,300
20%
2%
3%
...100
June 18
Nashville
Manhattan Ry guar
Minneap A St L (new)
*10
10
70%
31
46% Jan 12
Interboro Cons
*10
% Apr 28
6%June 23
June 20
Illinois Central
13
% Apr 28
Feb
40% June
9% Augi
Jan 25
119% Jan 11
65%May 9
684 Jan 29
6% Jan 31
9%May 9
20%May 9
June 21
1,000
51
June 20
32
5,500
26%
June 20
46
22
pref
Do
10
6%June 17
101
Jan 11
14% Jan 25
..100
Chicago A North Western.100
"""160
51
54
& St Paul..100
pref
2%
7%
26%
*11%
*19%
52%
42%Msy
Mar 14
9%June 13
14
95%
1,800
30% Mar 11
100
Gulf Mob A Nor tr ctfs
8%
Apr 27
47
100
—
.
Dulutb S S A Atlantic
Do
pref
14
77
29
*20%
I
14
76
*6%
26% 27%
51
51%
*11%
12
*19% 22
63%
53%
109% 109%
40%
40%
10
10%
70%
70%
52%
71%
600
4
29
pref
Do
7,400
*13%
100
.
16%
107%
14%
78
29
pref
Brooklyn Rapid Transit-.100
Certificates of deposit-.
Canadian Pacific...
100
Chesapeake A Ohio....... 100
7%
101%
19%
100
16%
*3
13%
pref
Chic A East Illinois trust rects
Do
pref trust rects
103
96
69%
104%
*101
76%
38%
*53
Dec
4
19%
97%
76%
38%
19%
78
x82
103
*5
*6%
*19%
95%
4%
"53"
77
101
*3%
10
14%
19%
38%
39%
800
101
14
20%
*85
19%
88%
Dec
102
13%
77%
28%
*95
2%
8%
26
*51
*11%
*19%
52%
*109%
40%
5
*6
20
*19%
21
9
101% 101%
102%
102
*3
7%
13%
19%
4%
100
1
I
76
36
72
7% Jan
89% July 28
56
52%
4
28%
8%
*63
87% Aug
81%^ »t
1
Do
1,050
34%
Highest
3
56
33%
34%
j
share 8 per share
per
77%June 24
112% 113%
69
Lowest
$
75% Jan
2
Sept
1,700
*%
Highest
t per share
Atlantic
9%
6%
110
77
Atch Topeka & Santa Fe—100
Lowest
$ per share
Atlanta Blrm A Atlanta.>.100
24,800
51
♦66
66
7
39%
*101
66
13%
19%
13%
38%
J51
9%
6%
67
66
j
87
Par
400
4,300
*85
SHARE
76
6,800
110
34%
Railroads
85%
2
PER
Range for Previous
Year 1920
EXCHANGE
the
80%
2
66
66
64
85%
80%
*102
33%
77
*65
13
*2%
110
34%
76%
66%
♦10
52
26%
41
39
51%
9%
9
*6%
7
112% 113%
56% 56%
1%
1%
1%
1%
*7%
7%
*16%
17%
26
26%
39% 40%
76%
*65%
*5
2%
27
38%
33%
101% 101%
101%
*3
4%
19%
*13%
74%
28%
*6%
1%
7%
17%
27%
40%
67%
17%
36%
13%
*%
*7%
17
' 87
86
51
86
80%
2%
77
♦100
21
7%
16%
26%
85%
80%
2%
34
52%
*95
7%
86%
80%
2%
87%
40
51%
9%
7%
114
57%
1%
Friday
SHARE
Range Since Jan. 1
On basis of 100-share lots
YORK STOCK
9,800
200
1,100
100
56
1,600
*61
64
200
4
*6%
36%
70%
24%
4134
9184
100
Do
pref
American
Do
100
Cotton Oil
100
100
pref
American Express
56
90
*104
American Car A Foundry. 100
300
1,400
6,200
9
100
Amer Druggists Syndicate.
51%
32%
pref
600
51%
31%
*8%
22%
48%
Do
Can
38,400
100
5,700,:
3,500j
23,000
100,
Do
pref
American Ice
Do
pref
Amer International
Do
Do
Jan 25
100
57
Jan
10
100
100
6%
37
10,450
Amer
70%
2/700
Do
pref
American
Am
Safety Razor...
Ship A Comm
100
25
No par
Smelting A Refining. 100
pref
July 15
42
100
American Locomotive
13,200
114
100
Corp..100
pref
June 13
8
Apr 14
40% Feb 2
American La France FE..
American Linseed
4
1")
American Hide A Leather. 100
4%
2,000
10
...100
115%June 17
May 23
15% June 23
35% July 5
108
100
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
131
114
Jan 20
S«,»
10
Feb 25
23% Jan 28
67
Apr 26
8<4 Jan 11
135
May 9
13%May 18
5734May 18
59%May 2
65 1 Apr 27
53%May 6
11% Apr 18
62% Jan 31
93
9
Jan 29
.%Sept
0
107% Feb 26
10
14
Jan
Jan 20
4434May
83
7
2
Jan 20
111
105% July
15% Dec
59% Dec
6% Dec
95
Feb
6
Dec
35
Dec
5434
86
15%
175
30%
122
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Jan
37
Aug
53% Mar
53
Feb
68
Jan
30%
Dec
120%
Jan
8% Dec
14%
Jan
Apr
Jan
42
Dec
80
Aug
74
Dec
96%June
6%
7%
Dec
Dec
29% Dec
64% Dec
95
99%
109%
107
Apr
Mar
17% June
30% Jan
72
100%
Jan
Jan
♦
Bid and asked prloes: no sales on this day.
f Ex-rights.
| Les3 than 100 shares,
a Ex-dividend and rights,
share for share, to stock of Glen Alden Coal Co. at 65
per share anl ex-dividend (100% in stmk Aug. 22).
x
Ex dividend,
b
Ex-rights
(June 15)
to subscribe
New York Stock Record—Continued—Page 2
For sales
during the week of stocks usually Inactive,
see
1333
second preceding page.
PER
HIGH AND LOW SALE PRICE—PER
SHARE, NOT PER CENT.
for
Saturday
Monday
Sept. 10.
Sept. 12.
$ per share
*66
24%
_62~
88*2
45%
$
Tuesday
Sept. 13.
Wednesday
Thursday
Friday
the
Sept. 14.
Sept. 15.
Sept. 16.
Week.
S per share
$ per share
$ per share
$ per share
Shares
70
68%
68%
68
68
68
68
25
25
25*2
24%
25
24%
25*4
84
84
60%
62%
89*2
40%
62%
88*2
46%
"eoi'z
62%
89
89%
41%
44*2
90
*75
*75
107% 107%
126
sharp.
vr
*75
90
127
61%
63%
89*2
89
89%
43%
42%
44
90
75
75*2
88
*87
88
*87
89
125
125%
124
124
*123
125
78
25
75*2
25
8
25
25
38
38%
30*2
30*2
76*4
78%
25
8*4
8*8
8*4
*25
25%
27
37%
38%
38
30%
88
88
77%
77%
8%
78%
68
*64*2
24%
24%
42%
43%
*70
66%
300
25
4,800
89
125% 125%
76%
*74%
*95
98
*23%
25%
8
26%
38%
37%
'
90
90
200
107% 108
125% 125%
*89% 91
124% 125%
Am Steel
Pref
Fdry tern ctfs_33 1-3
7,400
pref
;
100
Amer Telephone & Teleg__100
American Tobacco
200
Do
pref (new)
Do
common
75
76%
62,800
Amer
300
Do
100
pref
100
Amer Writing Paper pref.. 100
Amer Zinc, Lead & Smelt.
13,800
100
Do
1st
*50
55
*50
55
*51
55
55
55
*52
56
*52
56
100
Do
2d
*92
98
*96
100
97
97
*4
5"
3
3
26%
22%
9%
27%
22%
9*8
*54
86*2
89%
85%
*95
99
50
51
54
55%
90*8
90*8
51%
53*2
*90*s
99
£9
*99
3%
•
-V-
3%
87%
mm m-m
3%
98
87
87
*86*2
4%
89
*24
4%
52
88*4
*90
87*2
4
4%
88
*24%
26
13%
*13
13%
9%
9%
39
10*2
62*2
40%
75
75
38%
39
rn.mm.rn.
•4
4
29%
63%
27%
47%
52%
29%
64
10%
63
63
37
38*2
10
1,600
*63
64
62*2
63
*62
64
800
37%
37*2
29%
65%
30
66
65*2
29%
65*2
27
27*2
26
26%
46%
47*2
46%
48*4
4%
28%
53
50
11*4
10%
24
23*2
23%
23%
24%
24*8
24*2
24
35%
35
35
35%
35%
36
34%
24%
35%
24*2
5 %
5%
24%
26*4
56%
25
25
24%
24%
57*2
5%
22%
20*2
22*2
19%
18
19*2
56%
4%
17*4
56%
6
56%
4%
57*2
5
24%
56*2
5*8
19%
*32
37
34*4
34%
30
30*2
35
24%
mmm
m
70
*68
68*2
3%
*68
5
*3%
37
3%
5%
*68
68*2
2*4
1%
87%
18*2
*41*2
3%
1
88
89
88
88
88
88
16%
39%
17%
17*2
18%
18*8
19%
40
40
42%
42
42*2
%
74%
75%
%
73%
76
102
*100
mm
60
59*4
........
9
17
■mm
67*4
59*2
78
79
56*2
77*2
14
*59
61
60
*85
88
*85
88
*85
125
126%
10
9%
*62%
64
64
•
64%
*71
-
-
'
-
«
63*2
73
mm
33*2
76
76
*73
17
18
19
*22
24
32*2
*12
8
37*2
58%
40
17
17
51*2
52%
51
11*2
11
"mm
m
*72
1,900
10*4
13*2
%
51%
10%
10
10%
13%
13%
13%
6,000
3,800
38*2
%
53
126% 127%
10
10%
64*4
64%
*63*2
72%
19
59
59%
90
64*2
18
39*2
89
*85
89
76%
54%
59*4
60%
76*2
1
*83
88
80
10%
13%
18
*18
*11*2
12*2
*11*2
21%
7%
37%
58%
21%
21,
,•
7%
20
*11
2%
34*2
*7*2
2*2
35
8*2
39%
80*2
9%
mm
2%
2*2
34%
8*2
39%
39
81
78*2
10*2
82
*67
*58
14
14*2
14
49
47
~
-
-
-
9*4
"2% "2%
10
10*8
21%
21%
44%
§69
8%
69
♦22
28
12%
84
26*2
*161
170-
*101
102
14%
10*4
31
*99
•
9
9*4
2%
9%
22
42%
20
20*8
43%
43%
*81
85
*83
31%
21
20
20%
12%
13
40
42*2
*161
,
102
25%
26%
52
26
26%
13%
14%
6,166
49%
68%
8%
51%
34,800
68%
8%
350
25
25
8*2
24*8
2*2
*9%
*31
2%
10
32
19
19
41%
43%
19%
12%
40*2
*50
27*2
8%
24%
26%
86
10%
33
34
*29
33
*97
115
*97% 115
Bid and asked prices; no
32%
34%
*97*2 115
sales on this day.
Nickel
Do
Iron Products
Corp
86
400
20
12,300
50
Temporary 8% pref
33
33
*32%
*97*2 115
*97
(Less than 100 shares,
34
700
t Ex-rights,
4384 Apr 29
Jan 17
26
Feb 14
2134 Apr 21
25%May 6
69i4May
2
Dec
107
43%
Dec
278*2
70
81*2 Dec
16*2 Dec
54
Dec
100
59%
85%
21*2 Dec n605
13
914 May
28
138s Dec
Jan
Apr
Apr
Jan
Apr
Jan
Apr
Jan
Jan
Dec
104
Jan
82*2 Apr 29
90
Apr 27
40
Dec
95
Jan
60
Dec
91%
Apr
Mar 23
5
Dec
16*2 Mar
217s Dec
4484 May
134% Mar
9
29*2 Jan 28
90
Jan 11
1938May
5
20i2 Jan 17
5*8 Jan 13
78
Dec
10
Dec
48
12*8
Jan
Dec
36*2
Jan
19*2
Jan
78%May
o
1*2 Dec
32*2 Dec
43
Dec
xHijjMay
5
71*2 Dec
79*2
Dec
Dec
75%
7834 Dec
16*2 Dec
1234 Dec
64*2 Nov
58% Dec
9484
Jan
Jan
62*2 Ja 1 20
88 May
6
138%Mafl8
16% Jan 11
7184 Apr 18
708s Jan 13
82
51
Jan 24
69
44*8 Jan 11
Jan
42
Mar
8984
85*4
Jan
Jan
Dec
94
Apr
27
Deo
Jan
7
70
Dec
85%
102%
25
Jan 26
15
Deo
55*2
8*2 Dec
4984
38*8
20*2
84%
78*4
Jan
Jan
Jan
Jan
Jan
Aug
Jan
July
1634 Mar 23
3
8
15
Dec
11*4
Dec
48'2May 6
6184 Sept 1 :
25
Dec
25i2May
165s Jan
25*8 Apr 25
86 May
6
1634May
7is Jan
June 30
172
85
51% Dec
12*2 Dec
Dec
Dec
6% Aug
55*4
2
8
375sMay 18
1334 Jan 11
9*4
28
Dec
46*4 Apr
116*2 Sept
23*4 Apr
9% Apr
61% Apr
27
Apr
88%
100i2 Feb 16
88
Nov
142*2
Apr
Apr
Jan 29
100
Nov
115
Jan
57
110
Jan
7
Aug 25
4
93s
*4
17U J»n 11
10*4
6334 Jan 11
42 May
6
44
Jan 18
Dec
Dec
Dec
Nov
Jan
Jan
170
84
547g
Dec
71
Apr
11*8
38*2
69*4
Dec
Deo
Dec
2634
Jan
Dec
68
Nov
Jan 20
19
40
Jan 11
27*2 Dec
8j2 Jan
5184
111%
Apr
Jan
28*2 Dec
26
4
Dec
3
Dec
778 Sept
91% Mar
79% Jan
47*4 July
61*2 Jan
7*4 July
2184 Jan
45*4 Jan
13
54%May
25% Dec
152*2
Jan
100
70%May 31
75
105
Jan
16
No par
94
Mar 11
5
Jan 25
Jan
33*2
Apr
Deo
48*2
Jan
58i2 Jan 11
45
Dec
9184
3
57i2May 17
35
Aug
57*2
17i2 Jan 14
138U Jan 22
2984 Apr 30
Jan
Oct
Jan
1
2
o
42
Jan 31
94*2June 23
100
Mar 11
100
30
3
Jan
784 Aug 25
30
Aug 25
Loose-Wiles Biscuit tr ctfs.100
Dec
June 23
8J4 Jan
No par
100
Dec
22%May 11
17%May 2
Loft
and rights.
97
24*2 Dec
84
7
a Ex-div.
Apr
Sept 12
3
preferred
Apr
105*4
Jan
10
2d
Jan
14*2
Dec
147
97&8 Jan
Do
IO284
61
Dec
No par
Incorporated
9784 June
383 Dec
47
100
June 20
31
22
20
24
Aug 25
Aug 24
91
68l2 Feb 28
3314 Feb 25
93% Mar
46*4 Apr
98
Apr
8
25*2 Jan 27
Liggett & Myers Tobacco. 100
115
76% Mar 26
Loew's Incoroorated
...
Dec
Jan
33% 4<»iit
Copper
pref
70
Dec
4
-
Do
18
14i2 Jan 3
3212 Aug 24
26%
5,400
Mar 26
7*4 Nov
1638 Dec
25
100
26%
10
10
6
27*2
10
Aug
Feb 18
Jan
4
40
13,300
897s
80
484 Jan 8
1134Mar 17
32
"400
Aug
512 Aug 5
2212
9
2% Aug 25
100
170
80
67
100
101% 101%
13%
14*4
10*4
*9*2
Jan
51t2 Dec
100
LacledeGas (St Louis)
Lee Rubber & Tire
*162
56
7334May 17
75
Jan 20
Lackawanna Steel
170
Dec
383s Aug 24
9,200
5,100
34
100
7,600
200
Jan
9284
(The)25
Inc
Kelly-Springfield Tire
Kennecott
Jan
65*2
6412 Apr 25
17
May 2
Jones Bros Tea,
77,300
67
76
No par
Nov
Dec
5634June 22
1112 Aug 24
Invincible Oil Corp
60
Dec
66I4 Aug 26
stamped pref
80*4
24*4
52*2
100
International Paper
Dec
Dec
Dec
598s Dec
30*2
Jan
Jan
Jan
61%
Jan
164% Mar
11178 Apr
21*4 Jan
41% Jan
4084
Jan
44*4
Jan
Dec
100
pref
1?2
*161
10%
2d
50
*101% 101%
13%
13*2
10
1st pref
Do
42%
102
10%
Do
International
12%
170
10%
f
50
*101
10
pr
2
41%
*161
14
Do
600
1,100
43%
Int Mercantile Marine
400
17,600
9%
20
Internat Harvester (new)..100
Do
pref (new)
100
Island Oil & Transp v t o._ 10
Jewel Tea, Inc
100
Do
pref
100
2%
32
Do
Agricul Corp
pref
12*2
41%
170
13%
*83
200
Refining
Inspiration Cons Copper..
52
102
13%
10%
41%
6,500
Indlahoma
Internat
13
No par
Keystone Tire & Rubber.
10
*100
13*2
*30%
*18%
19%
*161
14%
2%
9%
20%
170
13%
31%
43
52
13%
52*2
*83
13
12*4
42
*50
13%
*68*2
2%
100
"
49
102
14%
115
70
60
84
*50
25%
*67
*58
20%
13%
8,000
61
20
52
81
68
83
41
27
80*2
68
20%
12%
Internat Motor Truck..Wo pvr
81*2
*58
84
40*4
36
1,000
70
31%
21%
44%
32
100
39*2
39
61
10
32
100
33*8 Aug
676s Aug
99%June
718 Aug
200
1,200
10
*18
41%
4334
2*2
100
6,800
Jan
20*8
10484
108*2
9
June 21
295s Mar 12
6
Aug Jl
3,100
7%
75*2
Dec
8
62i4 Feb 10
42%May 9
59U Jan 11
1284 Jan
6
20
100
2%
34%
31
9*4
Jan
10%June21
Hupp Motor Car Corp
Jan
Nov
4
May
July 21
7%8epc 8
40% Aug 25
31
9
9
10
5
2,800
46
63
50
19
100
7,200
11%
32
9*4
Aug 20
HouBton Oil of Texas
53*2
*30
68*2
Aug 22
69
50i2June 20
39
69
60
Jan
Jan
22
26%June 24
62%June 23
15
Aug 16
25
1,600
69
No par
June 21
Haskell & Barker Car. .No par
Hendee Manufacturing
100
6,900
69
Copper.. 100
63
Gulf States Steel tr ctfs... 100
10
33
Cananea
80% Apt 25
109% Aug 22
98s Aug 24
Jan
Jan 29
63
Jan
9,100
46%
45%
Do
Aug 25
10,400
400
m
10
13%
53%
9%
11*4
2%
33%
7%
mm*,
45
13%
2%
7%
>
40%
59*4
'
11
51
9%
32*2
2*4
38%
45%
*10*2
14
2%
*20
11
60*4
9%
*50
~26~
48%
68*2
2*2
32%
20%
13%
41%
*13%
14%
50*2
41
80
70
47%
38*2
100
9*8 Deo
55*4 Dec
158e Nov
11*2
1284 Feb 10
27%May 11
3
Sept 14
3234May 6
June 28
54
Guantanamo Sugar
12%
24
75
77
Greene
*11%
*21
8
4,300
Apr 30
70*4 Jan 11
7434 July 22
39t2 Aug 25
Deb stock (7%)___ 100
86
10412 Jan 17
100
100
12%
*7*2
47%
Do
Goodrich Co (BF)
Jan 12
107i2 Jan 11
100
General Motors Corp. _No par
Do
pref
100
Do
Deb stock (6%)...100
96
32i2 Jan 20
June 15
100
100
49B8May 14
79 May 13
7*2 Jan
8
4314 Jan 19
96
No par
100
Jan
22% Aug 22
49
Aug 25
884 Aug 3
9% Aug 24
84 Sept 29
Debenture pref
General Electric
Jan
29*4
28*4
85*2
7
5%June 18
21
Sep 30
Cigar, Inc
26
Dec
Dec
6
44% July 21
pref
Dec
8
384
Jan
Federal Mining & Smelting 100
General
10
Jan
Famous Players-Lasky.Wo par
Do
preferred (8%)
100
No par
8
2
5
5
Freeport Texas Co
Gaston, W & W, Inc
General Asphalt
Jan
Aug
98
Jan
129
6
June 20
87
25
Dec
1534May
2
1938 Apr 19
6478 Feb 17
l2 Aug 26
100
100
76
Apr
Apr
28
59
5
No par
Jan
9684
82% Aug 25
Jan
pref
15
Dec
Dec
July 11
Aug 23
Aug 17
Jan 3
Jan
Dec
Dec
52
Fisher Body Corp
Fisk Rubber
284
82
16
50
pref
Feb
114
52
Endlcott-Johnson
Do
Jan
102*4
7184 Dec
Jan 24
.
102*2
Dec
Jan 29
June 27
148*2 Apr
102*2 Jan
963s May
Aug
66
77
Jan
99*4
343s Aug 16
16
10
Ltd
May
97i2Sept
Jan
Aug
90
91%May 17
2178 Jan
7
10
Dome Mines,
95
125
4878 Dec
77% Jen 5
1284 Aug 26
50
Cuban-American Sugar
300
18*4
24
80
60
100
21%June 24
65
Apr 19
1
Sept 16
Elk Horn Coal Corp
100
900
40*2
31*2
500
914 Aug 24
2834June21
678
17%
\ 12*8
10%
No par
18
40*2
*56
65
18*4
*11*2
39%
80%
Cuba Cane Sugar...
Do
pref
18
40
10*2
46*2
64%
400
..No par
pref
100
Granby Cons M, Sm& PowlOO
Gray & Davie, Inc.
25
34
77*2
"1,800
Feb 24
28g Aug 24
par
800
2%
33%
7%
*37
100
Candy Corp.Wo
77
8
,
pref
76*2
34
8*2
Consolidated Textile. .Wo par
Continental Can, Inc
100
76*2
*7*2
2%
34
100
Consol Distributors, Inc No par
Consolidated Gas (N Y)._100
-
*20*2
18*2
pref
32%
11*2
2%
-
12*2
x59
No par
32*2
11%
*7*2
100
75*2
32%
51
*67
60
*72%
11%
2%
32%
69
75
55
*31
*67
31*2
76*2
64%
11*4
2*4
33%
32
*58
22,300
9%
64*2
*63*2
10
■mmrnrn
53
33
61
10
9%
11*4
10
70
io~, 200
53%
45*2
*56
126%
11
10
*65
126
50
45
32
127%
58
60*4
18*2 "rnmmm■
53%
53%
10%
32
126
42*4
61%
17%
46
46
95
-
21
1
mrnmm
*9*2
44%
44*2
*86
17*a
34
,
90
60
-
3934
79%
*85
"§9*2
11%
*7*2
59
17
52%
pref
Do
59
-
19i2Mar 30
July 29
Do
%
1,600
53% 159,400
«._««•
60%
mmm
33%
%
51%
1
52%
38*2
17
m
9
59
64%
*72*2
76*2
900
59
*64*2
76*2
40,300
88
64%
72%
34
57
55*2
*81
65
32
'
mm
300
■■■rnmmm
87
33*2
mm mm
m
43,200
24
32%
-
65%
85%
74*2
33*2
•
22
*57
59
*63%
*63%
-
12*2
22
*7*2
-
100
64%
*5%
*22%
126%
10%
9%
64*8
-
32%
«...
.
17*4
66
9
125
125% 127%
10
10*8
500
88
%
60%
17*4
64%
1,000
24
12*4
%
51%
60
13%
•17*4
*5%
12*4
50*2
13%
17%
87
12*4
*82
17
♦22%
12*4
1
14
17
600
8,900
18,300
7,700
9
June 20
Crucible Steel of America. 100
Do
pref
loo
24
10
88
20*2
Mar
9
19
Cosden & Co
*5*2
*22*2
10
53*4
19%
39% Aug 2 >
47
Aug 25
52
65,900
78
10
*83
8%
22
MarlO
22
40,000
57
10
1
82*4
2218 Aug 24
57is Aug 24
23
100
Corn Products Refining...100
Do
pref
100
700
384 Aug 25
No par
Contint'l
78
9%
12%
*%
60*2
87
67
27
63%
24
3
20
22
28
Columbia Gas & Electric.. 100
23,300
z55%
10*4
12*4
5
"4", 700
9
9%
11*2
25
%
78
24
Copper
Chlno Copper
Do
85
%
60
90
Chicago Pneumatic Tool.. 100
Chile
75%
74%
102% 102%
26%
26%
61%
63%
*81
82%
8%
8%
%
74%
77%
24
52*2
*84*2
85
2,300
58
9
89
1
42%
2,400
41,1.00
77*2
*22
50*2
'
is", 700
58%
90
*5%
*22%
1%
8*4
19*2
13%
100
24
9
17*4
17*2
mm
89
*5%
1
102% 102%
13*2
*584
*22*2
*85
73%
17
98*2 100
mm
*84*2
%
12*2
17*2
65%
100
Columbia Graphophone No par
42
13*4
17*4
17*2
100
pref
Cerro de Pasco Copper.Wo par
Chandler Motor Car
No par
61,900
42
21%
66*4
Central Leather
Coca Cola
43*2
82*2
8%
17*2
10
Colorado Fuel & Iron
18*4
43%
8
64%
pref
Callahan Zinc-Lead
5,000
88
19*2
18*2
No
69
82%
66%
4
California Packing
California Petroleum
*68
84
63%
5
Caddo Central Oil & Ref-.lOO
69
20%
*17
18%
64*4
63
Jan
68% Jan
10
*68
7%
19*4
13
25
loo
5
100
Superior Mining..
68*2
102
*17
100
Copper & Zinc vtc.
Consolidated Cigar
82
12%
8
par
81'4 Jan
3% Aug
14% Jan
10%June
734 Aug
535s July
800
61%
*81
17
100
30
26%
13*2
Aug 20
*28%
65%
82*2
8%
22*2
17
9314 Jan
1C712 Jan
584 Jan
29
27%
17
June 13
June 24
9,900
18
Dec
90
5,900
86%
Dec
47
87
29
2%
92
6
6
11
15
27
6
16
62i2May
65 May
100
57*2
4%
18%
IO2I4 Jan 25
8% pref. 100
30*2
63*2
13*4
common..100
35
87
9414 Jan 11
June 27
95
39%June 24
4l%June 23
Co»putlng-Tab-Recording 100
26*2
8%
Dec
Jan 21
62%June 24
100
100
63%
21*8
78
5
100
36
%
75%
*81
Jan
June
*34
1%
176*2
82
25
18
Dec
Jan
Dec
34*2
87
20*4
5778
24%
19%
Dec
70
3,500
88*2
Dec
50% Aug
Burns Bros
Do
84
May
8
Do
Dec
75
24
4*4
Jan
Jan
38
74%
7584
24
36
27%
8%
600
8,300
67*4
Dec
Dec
Jan
Do
66*2
Dec
Dec
*34
61
63
18
102
102
21,300
Jan
Dec
18
497s
8
2,000
25%
61%
8*2
%
1,800
30
Jan 26
42
20
2%
74
3,300
1
Apr
3184 Aug 25
24
Jan
Jan
7
*15
27*4
64*2
26
64*2
21
%
75%
*101
102
27%
8
%
73*2
%
66
26*2
47%
52%
10%
Jan
Jan 14
3
Do
59*2
33
Dec
13*4 Jan 12
17*4
P
%
19,300
28%
*23
5
100
2,000
4*4
*63%
26%
46%
10%
*47
9,000
75
11*8
53
38*2
4*4
28%
48%
*69*2
41
37%
*74
11
30
20*8
4
47%
29%
*81
76
4
11
*47
53
29
42%
*74
Dec
22% Aug 22
88
Butte &
105*2
6138
21*2
Jan
Dec
May 16
100
Butte
Dec
10
No par
Butterlck
10
B
Jan
44*2 Jan
Corp
conv
165*2
1
Brooklyn Edison, Inc
700
10
----
1
Dec
1584 June 17
8%June 13
Booth Fisheries
200
10
65
49%
*52
1,000
26
10%
29*4
27
7,5o6
97*2
4%
13*2
27%
65
cum
26
76
28%
Class
pref...
*13%
39
28
Do
Do
*23
4
Steel
Do
500
June
Jan
55*2
88*2
28*2
584
25*2
3
Locomotive Wks.100
600
"
98
39i2 Jan 20
Jan
June
Jan
pref
200
13%
38
Do
Bethlehem
48,600
4%
*23*2
4*4
Baldwin
91
4
Feb 21
€%'Se.»
97^
210
76
100
100
98
93
2G12 Aug 12
283
June 17
pref
91
24*2
*74
30
~
4%
100
1,400
Do
*97
94
95*2
318,490
m-m
52%
56%
*90
4
30
8%
90*2
m
*3%
3%
98
75
*34
•
3%
56%
91*2
100
4
37
....
*97
*74
4*4
30%
65*2
*34
20
2:54*4
*90*2
10%
35%
24%
56%
25*8
61%
♦62%
*50*2
53*2
11*4
23%
*100
•mrnmm'
55
100
91
88%
91%
100
*52
11
47
52%
11*4
21
*27
49
11
4%
28%
64
27%
10*2
24*2
13%
10%
88%
62%
*95
*90
90*4
4%
*4
4*8
26
63
98
90%
13*4
63
52*2
57%
*90
98
13*4
13%
9%
62%
91%
mm4mm
52*2
56
54%
56%
91%
*90%
91*2
102
99*4 100*2 *100
3%
3%
*3%
4*2
3%
*90
26
98
*90%
98
*4*4
89
98
52
91%
100
*90
*24%
85%
51%
55%
*54
62*2
Feb 21
Jan 31
18
Do
pref
100
Austin, Nichols & Co ..No par
59
57
94
127%May 23
82'4 May 5
6*8
71*2
1,000
10
3
3
4,800
24*2
Jan
Jan
10
23
9
Aug 27
9
22%
23
*8%
Dec
92*8 May
104*8 Deo
85*4 May
100*8 Deo
Sept 15
*9
22%
9
Deo
79
June 20
10
22%
9
65
3
*9
27%
1
93*2 Jan
142&8 Apr
11884 Jan
10684 Mar
105
Apr
10084 Mar
93
22%
30*2
Mar
79*2 Dec
82ia Dec
9778 Dec,
100
68,200
28%
Mar
50
.No par
29%
28
59
Associated
27%
22%
26
60
preferred
29%
23%
27*4
*54
100
:_100
Atl Gulf & W I SS Line... 100
26%
22%
9*4
500
1,200
preferred
83
9184 Feb 17
108'2Mar 29
12934May 24
share
Dec
Nov
10714 Jan 27
Mar
Highest
61
70%June 20
9534 Jan 3
llli2June21
88
|
26
85%June 16
37% Aug 27
107% Mar 23
400
65
3
Jan 19
Oil—
32
65
97%
7
Atlantic Fruit..
*28
66
3
50
96
Mar
100
32
*64
97%
58% Aug 30
91
5
*28
66
3*2
78
72i8June 6
31% Jan 11
45
32
*61
3*2
Aug 24
Aug 2/
43%May 11
35%May 6
65 May
3
61
May 21
*28
66
4
Jan 11
18
6
32
*61
3*2
63
Lowest
$ per share % per
5534 Jan
Associated Dry Goods
*28
66
_
25
Anaconda Copper Mining.
30%
5
25
pref
*60
97%
Highest
$ per share
86
700
Do
Lowest
$ per share
110
800
38%
SHARE
Year 1920
100
8%
400
PER
Range for Previous
Class B ...100
26"
mi
38%
100
Woolen of .Mass
66
5
100
Do
*60
97%
ctfs
tem
4,400
mmm
38
Indus. & Mlscell. (Con.) Par
Am Smelt Secur pref ser A. 100
124*2
8%
26%
20,400
SHARE
Range Since Jan. 1
On basis of 100-share lots
EXCHANGE
124
~25_
8
STOCK
38,100
45
42%
107*2 107%
98
38*4
*88
NEW YORK
American Sugar Refining.. 100
Do
pref
100
1,100:
25,800 Amer Sumatra Tobacco...100
64%
*70
26
8*4
63*2
90
98
mmm'm'
38%
88*2
64*4
89%
*23%
8*4
26
61%
89
124% 126
26
*23
25
8
107% 107%
126% 127
124% 126%
*87
76
24*2
100
107% 107*2
107% 107*4
124*2 126
*66
qtapxtq
Sales
June
nPar value $100.
105*2 Feb 8
21*2Mar 28
14% Deo
5%
15% Dec
127*4 Nov,
95
9%
12% Jan 10
0 Old stock.
Dec
14*2 Dec
2
>
100
Novl
Dec;
Dec
$ Ex-dividend.
38%
207
Jan
190%
Jan
36
Apr
28
Jan
70
Jan
115% Jan
234
New York Stock
Record—Concluded—Page 3
week of stocks usually inactive, see third preceding page
For sales during the
PER
CENT.
HIGH AND LOW SALE PRICE—PER SHARE, NOT PER
Monday
Sept. 10.
Sept. 12.
3 per sha'e
*147
150
*100
Sept.
*147
*67
*1005g 104
6712 *6714
70
*55
56
27%
27%
*77
80
*55
56
27
27
*76
150
104
150
*100
150%
104
70
*67
*55
27%
*77
80
S r>»'
*67%
i
!
28%
i
80
6
*68
§55
29
*27%
80
*55
56
29
*77
for
the
EXCHANGE
Week.
shd'C
Shares
800
151
*145
80
*68
*55
56
15
*27%
29
2,200
80
100
*77
78
Indus. & Miscell. (Con.)
Lorlllard (P)
Do
pref
Mackay Companies
*98% 104
80
55
29%
78
80
STOCKS
NEW YORK STOCK
16.
Sept.
Sept. 15.
14.
.
8 ne- shi'e
$• oe* nhr*
150
1525s *146% 146%
*100l2 104
*99
104
$ vpr sha-e
$ per shf*
>
Sep
13.
Friday
Thursday
Wednesday
Tuesday
Saturday
Do
*75
....
21%
21%
11%
11%
21%
11%
24%
25
245s
48i2
*92
48%
94%
19
20%
14%
117
*108
112
19%
*1
15%
*14%
118%
57
*1
*84
90
74%
.*102
11%
11
55%
30
31
I
*50
53
I
38%
33%
33%
24
24
♦9%
17«
2U2
31%
*50
37%
33%
j
10
1%
21%
108
20%
36%
37
37
33%
*24
10%
2
20%
11%
56%
30%
*50
38%
33%
11%
i
30%
j
38%
33%
26
24%
10%
11
2
19
20
19
1
*84
90
*74
75%
*102
106
105
30%
31%
*29
31%
53
*50
53
38%
*37%
z33%
38%'
*23
26
34
1
1%
I
I
18%
10%
10%
*9%
10%
*9%
29
30%
29%
29%
28
10
10
10%
11
*8%
12
*8
12
56
55%
56%
55%
36%
53%
36
36%
35%
55%'
36%.
49%
"36%
50%
45
8%
55%
285s
36%
52%
47%
9
)
53%
35%
51%
46
50
48
55
28%
28%
42%
58%
59%
87
*85
88
*86%
87
87
87
*137«
15
*13
15
*13
59
60
59
60
59
83
83
15
14%
14%
59%
59%
60
96
29
25
25%
84%
|
28
28%
30
25
25%
28%
24%
30
24%
84
84
85
87
86%
86%
13%
24%
49%
84%
84%
9
9
10%
3%
3%
69
70
18%
*36%
20%
19
38
36%
37
12%
24%
|
J
"13%
12%
24%
24%
13
24%
24
24%
25
25%
54%
49%
51
49%
53%
85
85
9
9
85%
9%
50
11%
51%
85%
9%
48%
*2
11%
2%
11
11%
*37%
19%
36%
*11%
2%
*10%
3%
3%
19
jjg
20%
71
*69
72
71%
71%
139% 141
*85
49%
11%
49%
12
*2%
2%
*10%
12
*3
3%
69%
69
18%
*35%
19%
19%
36%
17%
35%
20%
38%
37
71
20%
38
71
71
72
72
*70
76
97
*93
4%!
4%,
4%
4%
4%
8%
31
37
36
19%
20%'
19
20%
69
70%
67%
85
85
69%
86
86
37
34%
8%
34%
57
68%
18
18%
17%
18%
26
24
24
47%
*42%
*6
49
.55'8
I
18
49
*6%
I
"46"
17%
48%
48
49%
60%
87%
*85
1
51%
3%
71%
19%
37%
4%
5
32
8%
37%
36%
37%
19%
19%
20%
72
70%
86%
71%
33%
8%
85%
8%
8%
8%
*6
17%
45%
17%
47%
*42
I
I
"~6%
74
74
*74
77
68
68
70
70
8%
8%
58%
59
*55
59
*55
58%
84
83
83
*82%
84
*83
84
84
86
84
45%
44
45%
43%
44
44%
44%
34
33%
33%
33%
33%
8%
33%
34
10
*9
6%
"~6~
6%
6
6%
29
29%
28%
28%
29
29%
37%
37%
36
37
*110
115
*110
40%
*70
5934
*
*110
115
4~l"
*no"
40%
40%
75
*70
75
72%
60
*60
61
39%
112
"
*59%
6%
"35%
*110
35%
112
*105
*58
1
81%
*84
44%
z33
8%
*9
8%
60
12
Dec
27%
72
Dec
113%
Apr
90%
104%
Public Service Corp of N J.100
Pullman Company
100
54
Jan 15
70%May 19
52
Dec,
Dec1
68
Jan
110% Jan 21
51% Jan 11
95%
Dec!
124
Mar
50
89% Aug 24
25isJune 11
40
Dec,
120
Apr
25
21% Aug 25
29%
Dec
50%
Jan
73
Dec
106%
Apr
Nov
Punta Alegre Sugar
Pure Oil (The).A..
100
100
67
July 28
98
Ray Consolidated Copper. 10
Remington Typewriter v t c 100
11
Apr 21
Mar 12
Replogle Steel
Republic Iron & Steel
18
Railway Steel Spring
Do
pref
No par
100
Do
pref
100
Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
Joseph
Lead
10
Savage Arms Corp
Sears, Roebuck & Co
100
No par
Shell Transp & Trading
£2
Sinclair Cons Oil Corp.No par
Sloss-Sheffield Steel & Iron 100
Do
pref
Standard oil
100
>
of Cal
25
Standard Oil of N J
Do
pref non
25
voting... 100
41
72%
*70
76
61
*60
61
41%
day.
/
Dec
106%
Jan
Jan
16%
Dec
55%
Jan
49%
Dec
13
Jan 12
10
Dec
5%
23%
6%
98%
20%
Feb 16
49
Jan
ll!
Apr 30
Jan 3
Jan 17
May
9
28%May
9
Dec
2%
Dec
85%
14%
33%
Dec
Oct
Dec
123% May
17% Apr
25% June
83% Apr
21% Jan
243
Apr
23% Nov
90% Jan
6
20
Dec
43
Dec
48%
82%
Jan
Jan 11
75
Dec
94%
Apr
75% Aug
167% Jan 13
110
Jan
1
Jan 20
82
Feb
6
37
Jan 24
25% Aug 24
42% Jan 3
46
June
Dec
73% Feb 28
56
Aug 29
21
2%
7
Apr 30
93% Apr 29
.
el42% Dec e212% Mar
113% Mar
100% June
77
Dec
91% June
51% Mar
24% Dec
118% Apr
22% Dec
1^6%
Apr
Dec
101%
Jan
8%
Dec
14
11%
Dec
20% Sept
41
Feb
60
37%
Dec
97%Sept 13
10% Jan 7
13% Jan 11
76
Jan 13
13%
Mar
Jan
18,650
53% July
45,900
45
Mar 22
72
Sept 13
46
Dec
95%
400
Tobacco Products Corp... 100
Do
pref
100
76%June28
91
Jan 13
80
Dec
20,300
Transcontinental Oil—No par
6
13
Apr 25
5%
Dec
38%
400
Transue & Williams St.No par
28
Aug 25
June 25
44% Apr 25
34%
Dec
66%
600
Union Bag & Paper Corp.. 100
o7
Sept
75
Jan 13
61%
25%May 19
19%
Dec
Dec
27%
Dec
53
Jan
91
Dec
148
Jan
176
Feb
224%
Oct
19%
70%
87%
8
36%
62
18%
26
4,100
300
Union
United
(The)...100
100
Oil
10
No par
Alloy Steel
53%
50%
44,600
86%
640
79%
8%
59
16,600
100
1,400!
8%
10
100
3,550
200
6
700
38
800
6%
8,600
z95%June 20
46% Aug 22
11% Jan 3
207
Jan
100
100
pref
Wilson & Co, Inc, v t
3,400
72%
100
600
I Ex-rights,
pref
Worthington P & M v t
Do
Do
a
100
(F W)
pref A
prefB
Ex-dlv. and rights,
100
C..100
100
100
x
Aug 27
Apr
June 21
41% Aug 25
7
Jan
Jan
127
Apr
38
Jan
Dec
96%
Jan
10% Nov
25%
55%
Apr
6
27%
Mar
Dec
Dec
37%
78%
3
56%
Dec
116%
8
90
Aug
35%
Nov
Jan 19
74%May
102
38
58%May 18
79% Apr 30
103% Jan 4
35% Jan 27
5%
15
Dec
Jan
Apr
Jan
Jan
95%
Dec
103%
69%
143%
116%
29
Dec
76
47% Mar
53
Dec
Jan
Apr
Jan
Jan
Jan
44% Jan
3
39%
Dec
86%May
6
76%
Dec
109
Jan
Jan
' Jan 27
104%
Dec
115%
59% Jan 19
44%
Dec
80%
12% Mar 17
7
Aug
14
Oct
97
Apr
112
5
25%June 21
41
Jan 11
28%
Dec
20% July 30
42% Jan 11
24%
Dec
57% July 30
59
Aug 17
5% Mar 11
102% Jan 18
88%
Aug
Jan
45%
May
Jan 13
26
Jan
106
19
Mar 24
74
Oct
Apr
62%May 23
7
105
95
Jan 25
Jan
Dec
80%
112%
76
Feb
120% Sept
Dec
21
June
NOV
76
Mar
Apr
Jan
4
72
Jan 20
5%
46%
Aug 10
8l% -vj.i,. 8
94
Apr 12
80% July
96% Jan 14
89%
38% Aug 22
497a Mar 29
40
Dec
29% June 23
7
July 16
44
2
30%
Dec
69% Mar
8
13%
Dec
25%
19
Nov
32% Sept
49% Jan
76
9% Aug 25
3
Aug 26
July 15
5% Jan
23
31
105
Aug 25
105
June 24
Ex-div.
7
50
1
37
Aug 9
70%June 23
c.No par
4
Aug 25
40% Aug 27
No par
Jan
5%June 20
ItaSept16
43% Sept 1
84
July 29
41% Mar 11
Virginia-Carolina Chem___100
Do
pre!
100
Virginia Iron, C & C
100
Vivadou (V)
No par
Wells Fargo Express
.100
Western Union Telegraph-100
Westlnghouse Air Brake— 50
Westinghouse Elec & Mfg. 50
White Motor
50
White Oil Corporation.No par
Wickwire Spencer Steel—
5
Willys-Overland (The)
25
Do
pref {new)
100
Do
40%
38
pref
Vanadium Corp
...
60
pref
Wool worth Co
112
15% Aug 25
100
Drug
50
133,900 United States Steel Corp.. 100
Do
pref
100
3,100
10
18,600 Utah Copper
100
400 Utah Securities v t c
42,700
0
Jan 19
100
U S.Realty & ImprovementlOO
United States Rubber
100
Do
1st pref
100
U S Smelting, Ref & M— 50
Do
45
34
Retail Stores..No par
10,600
6%
10% Apr 26
June 21
106
U S Cast Iron Pipe & Fdy.100
Do
6% Aug 26
29
8
United
100
48
Se>R .3
Fruit
Do
June 20
June
United
43%
5
19
United
1,500
Jan
46
6,500
43,500
83
No par
19,600
35
| Less than 100 shares.
84
€57%
3,700
*58
96% Mar 2
24% Jan 25
6978May 5
Elec
44%
59%
12 %
Dec
29%
59%
Dec
Dec
1,100
40%
55%
22
1,000
*70
73% Jan 13
40
86
76
Jan
93% July
Jan 10
44%
*32%
40%
167
94
Dec
3678 Jan 21
6
39%
2% Jan
5i % Aug
Jan
Dec
Nov
15% Aug 24
*32
*70
45% Aug 22
10% Aug 26
2
June 23
22%
2t%
30
Texas Pacific Coal & Oil..
1,100
'
1,400
*105
Aug 13
15
May 11
38%May 11
39% Jan 12
45,900
36
2,500
*110
41%June 23
79%June 22
10
107
26
*82"
112
June 21
92% May
3
Superior Steel Corp'n
100
Tenn Copp & C tr ctfs.No par
Texas Company (The).... 25
*28%
*110
17%June20
8
Mar
3,400
75
6
36%May 6
90%May 10
109
Feb
33%
76%
8
16%May
3% Aug 10
29%
10
Jan
No par
86
8%.
91%
Superior Oil..
44%
33%
10
Dec
4,300
75
8%
83
88% Jan 19
4%
29%
*56
72% Sept
3% Aug 2 )
82%
*105
40%
Hid and asked prloos: no sale on tbk
9
10
6
i
*104%
*108
8%
8%
58%
98
Feb
No par
109% 109%
z49% 50%
9%
9%
32%
34%
*65
Dec
51%
Submarine Boat
*42
70
72
3
6
200
69
7
700
400
9
Jan
6478May
Jan 24
49
67
78
Jan 24
50%
87%
74
8
96
87
65
11% Jan
104
10
Car
49
73
88
Aug 25
Steel
pref
88
65
Apr
June 22
Do
51%
72
Apr
Apr
83
Pressed
52
72
116%
111%
36%
48
Pond Creek Coal
51
65
Dec
Dec
Dec
100
100
54%
50%
9%
69%
64%
6%
100
pref
U S Industrial Alcohol
10
Dec
Jan
Jan
Do
17,700
10
4178
100
77% 160,500
44
109% 109%
49%
49%
10
*9%
32%
33%
29% 29%
65% 76%
Jan
Dec
Jan
28,900
51
Jan 17
Jan
35
Jan
Jan
87
50
17
Jan
61%
82%
87
50%
71% Jan 12
78
98%
4%
15%
77%
41% Jan 4
79% Feb 17
65
Dec!
41% May
Studebaker Corp
Do
pref
54% 56
108% 108%
53% 54%
15%
15%
78%
'
28% Sept
4178 Jan
23%
92
77%
»
Dec
Dec
108%
*80
79%
109% 109%
56
12
z42%
10%
Dec
"""260
78%
23
Jan 11
Dec
6%
40
16
54% Jan 11
19% Jan 8
Apr
5% Mar
Dec
16%
49%
30
8%
*24
22%
Dec'
Novl
9
6%
14%
47%
29%
*9
%
Dec
278
15
6%
16%
29%
8%
7%
*33%
77%
9
7
59
49
29
10
*80
Dec
8
Jan
8
15%
40
Jan
26
127js Jan
Jan
2
46%
30%
Jan
Mar 28
17%
29%
61
42%May
48%
*6
Dec
31% Jan
5%
16%
5%
Jan
35%
Jan
9% Aug 26
46%
29%
§8%
*42
4*%
21% Aug 26
pref
100
U S Express
100
U S Food Products Corp..100
28%
*
68%
15%
Dec
100
No par
Do
Seneca Copper
100
9
25
30%
8%
70%
*8
25
30%
10
*4%
4%
32%
18%
43%
6%
39
75%
*94
19
54% 57%
108% 110%
55%
253%
%
1
Jan
No par
Phillips Petroleum
Pierce-Arrow M Car
21,400
900
18%
50%
108% 111%
117%
Oct
3
23
12% Mar 11
32
Aug 17
16% Aug 25
32%June 29
68%June 29
67%June24
124%June 13
105% Jan 3
3,400
18%
34%
8%
70%
18%
70
z35%
26
17%
Dec
Jan
9% Aug 26
139%
■■■
19%
*24
Nov
66
30% Apr 29
6%June20
3
2 •% Aug 26
100
107% 107%
18%
56
8
Feb 19
4
38% Aug 25
34% Aug 17
Saxon Motor Car Corp.No par
700
100
18%
18%
13%May 11
May 19
57%May 1 i.
3» Sept ill
-27
1,600
17,300
1,000
36%
87%
Dec
44% July
2%
3
vi
110
100
Dec
San Cecilia Sugar v t c.No par
11%
8%
Jan
26%
St
71
*8%
36%
*86
Apr
June 17
800
72
32%
8%
Jan
93%
Mar 31
16
200
72
*137
*
4%
102%
Dec
42%
33,400
*63%
6
33%
*
75
72%
4%
Nov
45
49%
12
1,500
65
34
*33%
18%
*59
*41
*82
18%
60
58%
49%
86
71
8%
36%
32%
*82
3%
7%
*33%
36%
35
44%
"l0%
8%
36%
60%
37
33
*82
*11%
*2%
*10%
*2%
69%
32
19%
68%
86%
35%
84
4%
4%
89%
Dec
StrorabergCarburetor..No par
15%
43%
8%
"48"
12
99
Nov
Aug
1,200
57
•
36,100
1,200
77%
45
30%
3,000
75%
Feb 14
27
33
*94
Apr
57%May 17
25%
99
13
35% Jan 11
"25%
78%
Dec
9
33% Jan
*31
*87
9%
1,000
300
86
50
70
2
May
People's G L & C (Chic)..100
Philadelphia Co (Pittsb).. 50
34
34%
8%
"l~,906
2,600
54%
t c No par
25%
10
0%
51%
50
v
"25%
15%
9%
4,000
*85
50
B
*31
56
10
4,600
85
26
Class
25%
*9%
83%
Do
Penn-Seaboard St'l
33%
15%
49%
5,400
24%
3,000
4%
31%
109% 109%
29%
55,600
56
51%
9,900
94
39%
4%
78%
1
33%
*95
50%
200
20%
49%
*9%
*55
400
3,200
39
*
Jan
Jan 10
108
30% Aug 22
52
July 16
82% Jan 8
12% Mar 15
20
70%
102%
June 20
32% Aug 31
Jan
Dec
100
50
No par
Bottle
Jan
80
59%
63%
45
Steel
Jan
116
88
100
Owens
125
7
4
3»
Otis
Dec
9
9
Orpheum Circuit, Inc
Mar
96
103% July
25% Dec
Mar
20% Feb
5
Jan
Mar
40
May
100
Oklahoma Prod&Ref of Am
4 >
Dec
81
New York Dock
pref..
Dec
95
89
Do
12%
June 11
Jan 26
Jan
25%
67% July 28
100
38%
72%
89
100
35%
20%
*68
65
Pittsburgh Coal of Pa
38
72%
Aug 25
1,900
35%
19%
*14
77%
?
17%
26
3,600
39%
4%
54
69
5
5% Aug 22
21
4%
109
*2%
10%
2%
11
1
47% Aug 17
25
77
78%
97%
109
9
49%
*11%
11%
2%
53%
86
79%May 16
25
24%
26
25%
9
35% Jan 18
l1
Apr 13
Pierce OH Corporation
Do
pref
14%
*97% 105
12%
12%
*23
25%
"12%
*85
4
Jan 26
S vt t'A
15
5
pref
2
4'
%Sept
100
Steel & Tube of Am pref.. 100
Stewart-Warn Sp Corp.No par
70%
52
78%
77%
109% 109%
109% 109%
50%
51%
8%
19,100
29
x85
139% 139% *137
140
105% 107%
106% 107
48%
39
79
6%
17%
49%
77%
58%
17%
56%
46
49%
87%
8
*32%
_
6%
17%
47%
8%
34%
48%
47%
107% 109
i*
44
7%
34%
....
108% 110
55%
56%
14%
31%
8%
35%
18%
69%
85%
8%
36%
|
75%
97%
*4%
4%
98
*4%
31
8%
78%',
j
25%
25%
24%
51%
80
72%
136% 137
139% 140
106% 106%
107
107
I 106% 107%
70% *_.__
70
70% *-..
"26% 26%
26
26%
26%
26%
32%
32%
33
32
31% 33 I
12%
*23
86
67%
37
*70%
79%
"l3"
"13"
52%
*65
*24
7,300
58%
69%
93%
*99
27
3%
67%
18%
20%
*98
*97
t?
120
Aug 25
Nevada Consol Copper
New York Air Brake
100
87
14%
58%
94%
24%
26%
60%
"16%
92
84%
25
11%
94
25%
13
62
93%
28%
25
11%
93%
84
25%
50%
65
100
North American Co
5,100
*64
64
24%
94%
*96
8%
14%
59
28%
91%
*96
"8%
14
100
pref..
Do
1,200
29
"l2% "l2%
*85
58%
Do
Lead
38,200
22%
13%
92%
27%
|
28%
4%
4%
1
National
39,000
53%
*28%
87
*85
Enam'g & Stamp'g._100
Do
pref..
100
100
69%
.
42%
58%
13%June 23
Jan 4
Jan
Nat
49,800
42%
58%
43%
57%
May
4^%
11%
53%
58%
57%
*42
100
50
50%
47%
9%
49%'
59
56
25
30
105
53
53
2,800
43%:
14% Aug 25
102
Pan-Am Pet & Trans
7%
56
June 15
100
25,400
6%
42%
7%
7
Jan
Jan
100%
98
100
35%
7%
43
7
52%
69%
Dec
June 15
35%
7%
7%
Dec
Dec
93
Aug 25
93
Pacific Development
Pacific Gas<fc Electric..... 100
Pacific Oil
6,100
7
28%
47%
43
pref
100
Nat Conduit & CabIe._No par
500
27%
7%'
Jan
22
1,500
12
26%
13%
28%
7%
42%
71%
100
55%
27%
12%
27%
Aug
10
*10%
55%
27%
24
23
13%
27%
10
15% Apr 25
83% Jan 4
56% Jan 11
July 20
June 21
50
Do
700
28%
43%
*93
1,300
28%
44
78
2,800
27
28%
22%
12%
68%
84
19
27
28%
23%;
Jan
46% Jan 19
27% Mar 12
17,000
28%
12
26
25
2
28%
26
Dec
Mar 29
1%
18%
28
23%
14%
Sept 14
52
13%
Apr 26
34
55
29
Jan
24
39
52%
23%
National Cloak & Suit
105
15% Jan
20%June10
8% Mar 8
l%May 31
16% Aug 25
9%June 28
26% Aug 25
j
10%
52%
prer
Mar
31% Aug 31
55
27
Do
88
50
54%
23
12%
National Biscuit
222
Jan 11
100
50
Oct
Aug
94
10
Mont Ward&CoIlIsCorp No par
95%
148
June
Nunnally Co. (The)...No par
56
9%
5
95
Nova Scotia Steel & Coal.. 100
26%'
I
1511a Apr
137% Apr
Jan
107
900
9%
58
95%
51%
47%
50%
10%
10
Dec
400
9
43
♦64
54%
10,000
64% Mar
Dec
65
2
12
8%
,
13%
29
*85
52%
49%
33%
9
|
13
28
7%
36%
8%
55%
24
23%
35%
50%
9%
33%
Dec
63%
93% Apr 18
26
18%
10%
29
*26%
14,500
56
89% Feb 14
12
2
*28
10%
28%
39
57% Feb
Aug
*23
33%
12%
*10
|
38%
June
National Acme....
1,700
200
55
24
Middle States Oil Corp...
Midvale Steel & Ordnance.
900
30%
100
100
Miami Copper
"2",600
53
*51
Jan
7,
2,700
60
Jan
Jan
69%
iV
100
11%
*55
110%
Dec
167% Jan
"
105
Dec
56
Feb
101% Apr
2,800
11
11%
56%
*10
~56~
1
200
75
11
19
600
90
56%
2
2,£00
75
11%
25
19
183%
97
68
Mar
800
65
120%
107
84
12,266
*'7
Dec
3
Jan 24
164% Feb 28
84% Aug
pref
Highest
share $ per share
Jan
100
100
Montana Power..
per
59% Jan
...100
I
pref
Do
*57
$
65% Jan
100
*84
58
800
Highest
$ per share
160
1,500
*36%
11%
2
2
.5,700
1%
36%
76%
106
*102
26%
48%
94
19%
16
*14%
54
36%
90
76%
12%
2'.%
48%
19
~18"
*1
37%
*84
76%
53
1
1
90
*50
37%!
10
34%
58
33%-
10
48%
*1
50%
1%
11
58
29
53
25
16%
t
12
26,000*
*90%
110
110
3,400
111% 111%
*50
106
2;
48%
94%
17
*102
12%
11%
25%
*8%
I
49
50
75%
11%!
55%!
31%'
12%
26%
16%
*84
76%
25
1%
|
11%
25
*90% 94
19%
18%
19% 20%
16
17
*14%
*15
120%
121% 121% *118
,
18
50%
1%
35
j
121
15"
|
35
12
...J
"19%!
57
54%
38%
*90%
118% 118%
75%
11%
53%
94%
19%
16%
19
19
104
*102
*47
20%
l
90
745g
48%
18%
1%
34%
*84
25
48
*92
I
63
34%
24%
94%
19%
*53
12
25%
*92%
15
.
21%
21%
21%
21
21%
100
Lowest
Lowest
$ per share
136
Feb
Department Stores..100
pref
100
Do
21%
Year 1920
Mexican Petroleum.^
i
21%
21%
11%
21%
*48
14%
*110
85
114% 117% 272,700
114% 117%
116% 119%
1135s 118%
113% 11678
>
...100
pref
Do
11658 119%
P
SHARE
Range for Previous
1
On basis 0/ 100-share lots
Manati Sugar
May
PER
SHARE
Range Since Jan.
Sales
30% Aug 25
9%May 11
May
17% Jan
18% Jan 11
10%May
42
May
4
3
47
Jan
7
117% Apr 11
Feb
2
55%May
5
111
Feb 11
70% Aug 15
81
54
65% Mar
Aug
8
e Reduced to
4
5%
26
34%
92%
119
Nov
55%
32
Dec
93
Dec
Dec u
¥
82%
Oct
Jan
Jan
Oct
Jan
Jan
Jan
100
June
145
Apr
102
Dec
116
Jan
35%
Dec
95
Jan
73
Dec
93%
Jan
53%
Dec
76
Jan
ba3ia of $25 par.
n Par 3100.
New York Stock Exchange—BONO Record
Jan. 1 1909 the Exchange
BONOS
Week ending Sept
U.
S.
10
Range or
Last Sale
Alt Low
Bid
Government.
Liberty Loon—
J
*H% of 1932 1947
Conv 4% of 1932 1947
J
Conv 4)4% of 1932 1947
JJ
2d oonv 4)4% of 1932 1947... J
leoond Liberty Loan—
4% of 1927 1642
Conv 4)4% of 1927 1942
Third Liberty Loan—
4)4%
Y
87.82 Sale
No. Low
High
D
88.30 83.70 87.90
D
88,9 J Sale
D
94.00 97,00 94.50
87 90
83 44 2501 86.00 93.50
5 85.24 88.50
88 33
78 9 85.40 88 90
88 99
I 25
95.70
94.00 100 50
T 85.34 89 00
MN
89.01 Sale
87.80
89 00
MN
89.3J Sale
87 92
89.30 5694 85.30 89.30
of 1928
M S
92.83 Sale
92.02
92.96 5818 88.00 92.95
A
89.14 Sale
83.0 3
8 9-30 10098 85.34 89.30
l
fourth Liberty Loan—
.
O
Victory Liberty Loan—
494 %
Bid
Canadian North deb
10-yr temp secur 6s June..1929
Chatt Dlv pur money g 46.1951
Notes of 1922 1923
394% Notes of 1922 1923
99,03 Sale
99.06 Sale
J *100%
Is oonsol registered
41930
3l oonsol coupon
is registered
41980
J
1925
F
1925
F
*1936
F
is coupon
Pan Canal 10-30-yr 2s
Pan Canal 10-30-yr 2s reg—.1938 Q
Panama Canal 3s g
Registered
99.03 14550 95.56 99.10
9902
99 03 7377 95.80 90 03
100
100
IOH4 100
June'2L|
10012 101'4 100% June'20
10412 198
104% Aug *2.11—— 104" i05U
104i2 108
101% July'21
102% 104 %
100
100
100
July'21
99
10012 Iof%
July'13
7 02
78
Apr'20
7914
75
75%
73
75
July'21
79ij
D
D
99 00
-—
N
1961 Q M
1961 Q M
Belgium 25-yr ext s f 7)4 s g.1945 J
5-year 6% notes
Jan 1925
20-year sf8s
1941 F
7H2
S
M
71
72
D
103
Sale
9
Sale
A
10134 3;ue
94%
.101
9J%
10212
102%
i
104
1945 M N
1JJ
I 9J%
10 »i2
Beron
1945 M N
101%
J
D
10i38 Sale '101
84
Sale
835s
100'8 Sale
9J%
5s..1926 A
...1931 A
O
,9334
O
90
1929 F
A
9 j*a Sale
93%
F A
Chinese (Hukuang Ry) 6s of 1911 J D
9312 Sile
99
Sale
9 M
47
101% Sale
10H8
1 7 1%
7812 7584
(City of) s f 8s
Bordeaux (City of) 15
Brazil, U 8 extern 8s
yr
6s. 1934 M N
1941
Canada (Dominion of)
do
do
g
10-year 5)£s
Chile
(Repubiilc) ext sr 8s
1941
+
Ohrletianla (C ty) s f 8s
1945 A
Copenhagen 25 yr s f 5Ha..1944 J
Cuba—External debt 5s of 1904. Wl
Exter
dt of 6s
1914
82
76
80
Sale
102
Sale
F
102
Sale
1949 P
Mid Ga A Atl Dlv 5s
s f 8s
1945 A
Dominican Rep Con* 4dm if 5* 58 F
French Republic 25-yr ext 88.1945 i
D
20-year extern loan 7 >*8 ..1941 J
A Ireland (OK of)—
I
gold
bond
99
A
10-year oonv SHIs
1929 F A.
8-year conv 5)4s
pl922 F A!
Italy (Kingdom of) Ser A 6)4s.'25 F A
Japanese Govt—£ loan 4 Ha. 1925 F A +
Seoond series 4)4s
.1925 J
J +
debt 4s of
9978
89l4 Sale
807S Sale
90% Sale
Norway external
Paris
1940 A
f 8s
s
(State) ext
Sweden 20-year 6s
s
83
89
o>
Sale
^4;8
Sale
J
1939
9 jAs
O
J
D
1921 A
f 8s. 1936 J
...
92
102
31
9434 102
82
193|
8
7334
78
43
6 /I4
2
lj
35
10212
10212
28|
73
10 i%
3
7.12
,
ljl%
5 .8
9o78 230 ),
72
49
82
j
3j:4
Sale
io
S ale
63
64
Sale
101U
Sale
I
2
8812
8178
81'8
0934
Sale.
SwlgsConfe le-atlin20-yrsf 8s*40
Tokyo City 5s loan of 1912
JM S
Uruguay Rep ib ext 8a
1946 —
Zurich (City of) s f 8s
1945 A O
I These are prices on the basis of ,55
Stle
63'
997s!
8912 31)
534
9 J%
9834 258!
9934
105
83l2
...1992 M
91 '4
93i8
81
8312
753s
87is
86i2
137
7518
87
i48
56
73
7412
85
I
813s
53
I
3 >%
107
31
30
j
and
74
84i2
Chlo B irl A Q—111 Dlv 33^8.1949 J
J
Illinois
I
M
D
S
M N
M N
General 4a
Chic A
E 111 ref A Imp 4s
Scamped
J
*1990 Q
J
O
A O
Nov
Nov
J D
J D
M 3
1995 A
*1995
1955
Conv 4s Issue of 1910
1960
East Okla Div 1st g 4s....1928
Rooky Mtn Dlv 1st 4a
1965 J
Trans Con Short L 1st 4s. 1958 J
Cal-Arls 1st A ref 4 )i a "A" 1962 M
8 Fe Pres A Pb 1st g 5s... 1942 M
4tl Coast L 1st gold 4s
101
31
16
94
102i2
83%
86I4
892
July'2t
1
82%
82%
88%
82%
88
91
«:
99%
90i2
9034
9j34
1
81%
8U2
10
83
81 if Sepc'21
81
Ai^'il
8134
81tg
90
91
90
90
91
8934
73
7412
72
Sept'2l
Aa,''21
Au;'21
90
Deo'20
89
Sept'20
93
Apr'21
38
4
--!
11
93%
Apr'2l
95
July'20
71U
Oot'20
75i«
Dec'20
1930 M N
Gen
1964 J
unified 4)ja
Ala Mid 1st gu gold 6s
D
1928 M N
Bruns A W 1st gu gold 4S..1938 J
J
Charles A Sav 1st gold 7s.. 1936 J
J
LAN coll gold 4s...
ol952 M N
Sav F A W 1st gold 6i
1934 A O
1st gold
1934 A
O
1925 J
J
*1925 Q
J
...*1948 A
O
*1948 Q
J
5b
Bait A Ohio prior 3Ha
Registered
1st 50-year gold 4s
Registered
10-yr oonv 4)4s
1933
Refund A gen 5s Series A..1995 J
Temporary
10-yr 0s—...1929 J
Wla A
Chic A
J
Minn Dlv g 5a.. —.1921 J
N'weat Ex 4a
1886-'20 F
87%
93%
86%
93%
10-year secured 7s
72
74
15-ye,t
5a..
Registered
=3
S
O
Registered
Refunding gold
4s
81
87%
72
72i2
77
77
81
777s
83
103%
7334 Sale
Jau'2L
129%
Aug'15
7)l2
100%
993s
905s
88
79
Sale
74
June' 11
88i2
72 78 Sale
93
Sale
70%
63%
70%
72%
92%
71
6U4
7134
69
94
56i4 Sale
9H2
"66% "7l"
73
64%
6434
88%
79%
71
6834
337
05
71%
53
66
73
87%
93%
...J
57
II
7934
79%
"68"%
83%
84
68
70
33
61%
70
8334
81
87
7334
84
85
3
9
*86% *91%
10
7014
885s
71
May'21
85
Apr'20
81%
100%
Ref A
Impt 6a 8erlea A
Cairo
Dlv
cona
50%
96«4
56%
93
71
71
99% 130%
Refund A Ext 4 >4a
1935 M N
Ft W A Den C 1st g 68—__ 1921 J
O
Tonn A Pas Rlva 1st g 4s...1943 a o
O'ba
RR
let
50 rear
5e g
asked. aDue Jan. dDue April. cDue May. yDue June. ADue July. *Due Aug.
—1952
»
I
oDuo Oct.
...
...
81
1
67%
2
Jan'il
98%
90
Feb 21
Aug'21
90%
Nov'20
102
101%
Vo
6634
....
....
06%
-
0
1
75
98%
77
904
7o34
*76% IIII
70
70
Mar'21
99
99
98%
74
90%
78%
85%
90
63%
86
'
7
8;%
81%
1
j
83
Sept'21
Nov'10
95
May'18
68
May'21
04
69%
85%
80
Aa 021
81%
81%
79
84
64
68
100% 101%
61
23
53
9 j%
100
53
73
2
93% 100
72% 75
75
88
Mar'17
81
Au2'2l
92%
70
67
60-8
69
81
81
22
65%
75
17:
72
81
81
'I39
95
62%
83%
85%
95
73
76
60
A'l t'21
Sept' 21
A 4 {'21
62%
65%
69
71
77
June'21
68
77
84
Nov'10
75%
J llv'21
75%
75%
"75"%
82% 8ept'19
90
99%
74
*85% "90"
Au;"2l
9934
98%
99%
54
61%
18
26
Nor'20
...
57%
51«4
20
22%
83%
57
57
22
23
85% Sale
83% Sept' 21
85
85%
77
77
78
99% Sale
66
70%
60%
June'21
82
74%
69
64
79%
82%
62%
73
61% 68%
97% 102%
fan'21
82
99
42
....j
68
118
75%
6.%
~87~34 *92 ~
344
63
79%
7734
! 07%
Au;'2l
70
75
58j 67
6 ><%
Feb'19
78
...
11
—
June'21
97%
63
j
%
7.4% Sale
74%
96% 104
100% 102%
93%
69
77%
'lO "99"% 1*05"
66%
Sale
dale
99%
77% Sept 21
87%
I
»i%
81%
Sale
99%
"87% "91%
9314 I-ine'21'
101% 101% 101%
01
98%
90%
70
99
01 %
3S% 63
ldl34 102
101
00
77%
91
70%
83%
99%
66%
69
5
96%
78
Ail2'2l
June'21
Aur'H
63%
96
Mar'21
91
74
8234
71%
72%
87%
89
97
34
69
92
08
69
9
6)
S534
68
84%
99%
90
19
1>2%
7«% Sale
Sale
91
...
...
15
Oct*
i02% JO 184
..
81%
...
...
Mar'19
1 )1%
77%
F°n'2l
98
1 )3%
Sale
...
76%
84%
98%
85%
84%
62%
Feb'20
89%
103% Sale
...
Sept'2li
993*
102
"45
1
Sept'21
90% J ny'2l
94%
72%
o
67%
90
6"S34
Income 4s
....1990 \pr
Cleve Short L tat gu 434s....1961 A O
Colorado A Sou 1st g 4s
1929 F A
80
yl
J
J
Jan'2l
9034 Sop '21
87%
O
95%
89%
...
F
1st pref 5s...<fl938
Peoria A East 1st cons 4s. .1940
91
68%
73%
J
O Ind A W
89%
59%
7 3.
100%
97%
2
73
94
lat g 5s... 1928
C C C A I gen cons g 6s...1934
Ind B A W 1st pref 4s
1940
J
63
77
F
84
>1
j!
r940
_
72
9)
73%
*1930
*1930
Registered
May'24
62%
6'934
7 734
9o
St L Dlv lat coll tr g 4a....1990 M N
S
1940
8pr A Col Dlv lat g 4s
W W Val Dlv lat g 4a
O I St L A C lat g 4s
68%
98%
95%
85
1929
92%
85
D
lat gold 4a—...1939
Cln W A M Dlv 1st g 4fl—.1991
81
79
J
Clev Cln Cb A St L gen 4a..1993
20-year deb 4)4a
1931
General 5a Series B
....1993
85
50
16
M S
15 yeir s f 7 >41
...19)5 M S
Cln H A D 2d gold 4)4a
J
1937 J
C Find A Ft W lat gu 4a
g.1923 M N
Day A Mich lat cona 4 )4a.1931 J
J
Cln SAC!
Feb* 21.
81%
100%
"
Mar'20
86'2 J Jly'21
92%
34
Sale
96
J
78%
55%
92
83% Sale
M
70
36
74
80'H
West Ind gen g 6s..«1932 Q M
Consol 50-year 4s
I
1952 J
"89" "89
95
9312
81
10012 Sale
Chic A
Jan'12
95% May'2l
55%
50l2
91%
91%
68
112
95
79
101
Nov'20
89
87
79% Mar'21
"ff" Sale"
79
91
78%
72%
49
1923; A O
St Paul A K CSh L lat
4i^a.'ALiF
Chic St P M A O cona 6s
1930 J
Cons 6a reduced to 3His..1930 J
Debenture 5a
1930
North Wisconsin 1st 6s....1930
Superior Short L 1st 5s g— el930
Chic T H A So East lat 58—1960
99
M
69
78
9)
68
70% Sile
79
73%
'H'
70
1934 A
83
86%
61%
9i%
90%
67%
79%
%
...
90% Sale
1988 J
1
Aug'2l!
78
71%
----
74%
July'21.
9834
77%
8512
87
*
51%
6
99% June'21
98%
Mil Spar A N W lat gu 48.1947 M
8t L Peo A N W lat gu 6a. 1948 J
Chic R I A P—Spgen 4a
1988 J
sr*
80i8 80 <2 sou
10 .'% 103 '2 103
Sept'21
77
7 Ji2
73i2
95
Jiiy'ii
9212
..1
79
93 8
86 '2
8734
Au,,-21
m
84%
06
334a...l94llJ
8OI2
77
59%
76
63%
1
70
6034
85
97%
lat gu
D
Sale
J
•No price Friday; latest bid and
1930 J
Mil L 8 A West Imp g 58..1929 F
Ashland Dlv 1st g 08 —.1925 M
Mlcb Dlv 1st gold 08
1924 J
8
66
"
7 02
1933 M NT
g—
.-woured 6^s g ....1930
Dea Platnea Val latgu 4H5s—'47 M
Frem Elk A Mo V lat 0a.. 1933 A
Man G B A N W 1st 3 348.1941! J
85
81
33
...
1921 A
Registered
Mllw A 8 L
,134
Sale
100%
A
R I Ark A Louis 1st
434a._1934
O
D
1879-1929
Burl C R A N lat 5a
i 1934!A
C R I F A N W lat gu 5a._1921A
Cb Okla A Q cona 5a
1952 M N
Keok A De8 Molnea lat 5s.
Pitts Clev A Tol 1st g 6s..1922 A
J
Registered
O
73
Tol A Cin dlv 1st ref 4s A..1959 J
J
1879-1929 A
74
84
O
J
...1987 M N
75
77i2
A
1987 M N
67%
86
M N
1987 M N
Stamped 4s
General 5a stamped
Sinking fund 0a
68
Ohio River RR 1st g 5s...1930 J D
General gold 5s
1937 A O
1957
All A West 1st g 4s gu
1998
Clear A Mab 1st gu g 6S...1943
Booh A Pitts Con 1st g 6s 1922
General 4a
F
8
8378 Sale
82ig
8734
4)4s
1987 MN
pi987 Q
40
82
-.1
71%
Feb' 16
Sept* 19
8j%
1880-1926 F
gold 34a
72.
81
AlH'2L
92-8
102
"yo""
75
BouthwDIv 1st gold 3 Hs.. 1925 J
J
Cent Ohio 1st c g 4 Ha.. .1930 M S
cl Lor A W con 1st g 5s.. 1933 A O
..1937 M S
8»%
71
8OI2
71%
69%
98
1921 J
72
~71% Sale"
D
71% Sale
6<%
oi
7278
973s
83%
Oonsol
1932 J
75
Pitts Juno 1st gold 6s
1922 J
J
P Juno AM Dlv laty 3)4s.l925 M N
P L E A W Va8ysref 4S..1941 M N
Buffalo RAP gen g 5s
4)$s
m
72%
"I "70 " "7*1%
81%
i
Convertible
1921 A
77%
81%
88
71%
70
66
—
72%
1933 M N
65
•
02
Debenture
72%
*
98
61
Sinking fund deb 5a.
2
«
54
91%
67
84%
o;
«•
"47%
—
65%
6)%
71%
5,'%
Sale
I
—
38
Sale
Sale
7212
Mar'17
5l34
53
95% S3P./21
70
Aug'2l
66
Au,'*21
03
May'19
6 1% Sale
1879-1929 A
07%
90%
70
90%
67
84%
83%
"~2
78
50
78
61
1879-1929 A
75
Au{'21
68% May'2L
J Uv%l
87
65
Registered
79%
7714
90%
71%
57%
Sinking fund 5a
55
95%
73
57%
92%
73%
34
90%
23
94
50
1
4»
78%
125
.—I
(
59%
74
Sale
~ II"
79
78%
78%
1
5338
52%
7 314
79
7512 July'21
Auz'2i
82
35%
,
20
77
84
101
91%
78
Sale
28
35
2734
79
I
.
21%
84
91
74%
5 >%
79
101
89%
Said
87%
87*4
87%
July'20
101
28
78% Sale
81%
m
89
87
84%
Oct'10
59
75
7 2
10-year secured 7s
60
mm
m-m
....
69%
77%
86%
Gen A ref Ser A 4)$s
<*,014 A
Gen ref conv Ser B 53—a20L4 F
mm
-
ijl4
76%
70
93-8
43
4
90-8
80
68
Fargo A Sou assum g 6a...1924 J
Mtlw A Nor tat ext 4 )$s—.1934 J
Cona extended 43$a
1934 J
91
77
*1952 M S
71%
1920 J
91
J
S
S
1956 J
Chic A L Sup Dlv g 6a
Chic A Mo Rlv Dlv 5s
9812 10)l4
82%
8.%
9»% Sob ,''21
32
83
1925 J
4
jj%
90s
5.%
97%
50
1934 J
91)
J
91%
85 2
6 02
Permanent 4s
61' 10278 10)
5
'
2814 May'21
1950 J
25-year debenture 4s
90
87*8
%
7 -34
1947 J
55
273
75%
39%
76%
8j%
1946 J
41
5
30%
7,34
90
IOOI4
10212
27
3
8134
10)
47
%
37
74
99U
41
3/% Sile
75% Sale
9J
743s
16
47
90
65
June'19
4 >34
62
91
"72" ~73%
73%
C M A Puget Sd 1st gu 4s..1949 J
91
5312 54%
7812 Sale
69
Apr'21.
99'4
8512
"6*3% ~68
67
71%
94
89%
IOH2
82
"74"
Sale
Chlo L 8 A East lat 4Hla
1969 J
Oh M A St P gen g 4a aer A.C1989 J
Registered
.el989 Q
Gen'l gold 3 )$s Ser B
el989 J
General 4 )$s Series C_.
«1989 J
70
73
69
1930 J
Ind A L011I8V Lat gu 4s
Chlo Ind A Sou 50-yr 4a
67
65
63
...
Refunding gold 5a.
Refunding 4a Series G
85
67
~70"
Guar Tr Co otfa of dep
Chic A Ind C Ry lat 5a
80%
79
Apr'21
n
....
|
82
71%
July'21
8a%
U S Mtg A Tr Co otfa of dep
Apr'21
Aug'21
09
s2/34 Sale
O
95
84
70% June'21
I
1937 M N
40
Railroad.
*1995
g._1955.J
Il2
80%
65%
95
8 5'4
9634
S
I 7
ir
09
61
83
5s deferred Brown Bros otfs
Conv gold 4s
1958 ir
M
7)%
83%
"71% "77%
65
*S
'
33
77%
64
54
83%
87
j
4a—.1927 m N
1927 Ml N
29
100
76%
...5!
97%
72%
Gj'S
90%
86%
81%
Sale
9)%
85%
81
Sale
84
97 %
8512
81'2
79*%
9 4%
80%
M N
Virginia funded debt 2-3e._.1991 J
1995
1949 j
4a
Extension
Registered
Registered
93
M N
New 4Hs—
1957 M N
4H% Corporate stock... 1957 W N
8)4% Corporate stock... 1954 M N
N Y State—4s
1901 M 8
Canal Improvement 4s
1901 J
J
Canal Improvement 4a
1960 J
J
Highway Improv t 4)£s..l963 M S
Highway Improv't 4)fs—1965 M S
Registered
Adjustment gold 4s
Stamped
Dlv
Nebraska
131'
903s 107
93%
4
85
93%
78% June'29
....
O
J
631
12l!
85
87
85
92
7 )•>8
47
S ild
S
1950 J
Registered
City—ilia Corp stock. 1960 M S
AHb Corporate stock
1964 M S
4)^8 Corporate stock
1968 A O
Ann Arbor 1st g 4s
Atoh Top A 8 Fo—Gen K 4s
1989 J
Railway lat lien 3 His
to 1
N Y
iH s Corporate stock July 1967
iHls Corporate stock
1965
4)4s Corporate stock
1903
4% Corporate stock
1959
4% Corporate stock
1958
4% Corporate stock
1957
4% Corporate stock reg__.1956
1946 J
4a...1989 J
g
Warm Springs V lat g 5a..1941 IW
Chic A Alton RR ref g 3a
1949 A
I
City Securities.
con
83
79
99
Aur'21
86
Greenbrier Ry 1st gu g 4s. 1940 M N
General
♦tat*
lat
19
97
80
82
Dlv
87%
83
75% 84
92% 100%
100
7S%
2d oonsol gold 4s.
5
78
Craig
R A A
87
94%
69%
99
70
Potta Creek Br lat 4a
89
94
"77% Slid"
1940 J
95%
80%
84%
67%
vtuy'21
68
Chic Ind A Loulav— Ref 6s..1947 J
86
Apr'21
8034
Coal River Ry lat gu 4a„-1945 J
Chicago Great West lat 4a.. .1959 M
94
Aag'21
83
67
Valley lat g 5a
76
85%
834 100% June'21
9J34
S
68
May 18
87%
7J%
96
98
3
80
85
......1944 J
954 10312
705a
83 1
95
50
94
20-year convertible 4 Ha..1930 F
30-year oonv secured 5a...1940 A
General consol lat 5a
975s 100
83
8J34
94%
6 (%
9 i%
1992 M
-
92%
Sale
79
1939 M N
1939 VI M
Registered
General gold 4)^8
Registered
9tj% 10234
2
6
69-8
8934
I
J
hiss
81% ,88%
99% 105%
350
8,%
85
J
1921 J
76
7034
8a
A1987 Q
N Y A Long Br gen g 4s...1941 M S
Cheaa A O fund A linpt 5a
J
1929 J
75^8
10ll2
J
Lo9
4
65
94
90
..
No.
87%
10 ,%
10 .34
18
6s%
82%
6J%
Jan. 1
74%
93
87
97
lat consol gold 6s
Rang
Slues
or
Hloh
100%
7 t%
87% Sale
yj% Sale
79
J
1987 J
U S Mtg A Tr Coctaofdep
|
lat consol gold 0a
1930 A
82i2
81
63
7158
9512 103
95i2 103
J
Sale
Cent of N J gen gold 5a
Registered
Am Dock A Imp gu 5a
104
l-AO's
76
81%
81%
50%
3iT4 Sale 1 3)%
l-> >% Sale 10 Ji2
*>
O
1954 J
(City of) 5-year 6s
9an Paulo
I5i
73
8SI4
8 a4
9 02
802
1931 J
1904
107
84i2
97
10li8
851s 96
83i2 90;,4
87JS
9512
30
I
48%!
J 63
J* 3J:4 Sate
1934 M N
g*% 8 02
Marseilles (City of) 15-yr 88.1934 M N
83 2 8412
Mexico—Exter loan £ 5s of 1899 O J * 2i?4 Sale
Gold
74
I
MN;
6Xs—1937 F
Sterling loan 4s
Lyons (City of) 15-yr 6a—
903s
9438
70
79%
79;4
10)58 Sale 100
9578 Sale I 955s
D
Qt Brit
20-year
90
t%
>4
93U 10 L
927s 10H2
34)
4II
0
97
87
75
93
j"d
1947 J
Sale
71
8134
81%
9634 10 2'2
67!
9334
102
,10112
10 3% Sale
10284
Denmark external
1921
t
160
149
5 31
41'
8112
100%
Sale
A "1946 F
1946
notes
Sale
06
Series B
5%i%
.47
A.1949 F
ser
External loan 4%>a
Danish Con Municipal 8s
5-year
8
9458
72
95i2 IOP4
66l2
j 193
Bergen (Norway) s f 8a
1 Sale
8
71l2
102
Mobile Dlv 1st g 5s—....1940 J
J
Cent RR A B of Ga ooll g 5a.1937 (VI N
Big Sandy lat 4a
Fmrelqn Government.
Argentine Internal 5s of 1909
O
Nor Dlv lat g 5s..1940 J
Ail Low
83%
87% 87%
10134 Sale lot
O
f 7a_.1940 J
a
25-/eir a (ci.-b 5)43—___ 1943 J
J
Oar Clinch A Ohio 1st 30-yr 5a.38 J D
Central of Ga 1st gold 5a...pi945 F A
Consol gold 5b
1945 M N
Mao A
4)4% of 1933 1938
fVeets
Lait Sals
A 5s...1962 A
cons gu
1335
bonds.
Rante
15
High
Canada Sou
87 24
and defaulted
STOCK EXCHANGE
Week ending Sept
I
D
income
BONDS
pr<dav
Sept 16
Pint
Friday, Weekly and Yearly
now—"and interest"—except for
are
IFMi'i
Pries
It
Y. STOCK EXCHANGE
method of quoting bonds was changed and prices
63%
7)
79
84%
77
85%
i
72
78
28
I
22
99%
99%
3 1
93
99%
63
07"
7
59%
73
pDue Nov. qDue Dec. xOptioa sale.
1236
New York BOND
Record—Continued—Page 2
■3
Week's
Range
BONDS
H. T. STOCK EXCHANGE
Frldup
Since
N. Y. STOCK EXCHANGE
Week ending Sept 18
Sept 16
Range or
Last Sale
/
Del Lack A Western—
1st lien equip g 4Hs
1st A ref 4a
1922 J
10-year secured 7s
1930 i
9712 Sale
A
4,4s
...1938 J
J
1928 J
D
..1956 F
Trust Co certlfs of deposit...
Rio Gr Juno 1st gu 5s
1939
81%
Sale
85
Sale
s73
Alb A 8usq oonv 3Hs
1946 A O
Renas A Saratoga 20-yr 60.1941 M N
Oen A R Or—1st cons g 48..1936 J
J
A
80%
81%
85%
104%
73
73
Registered
1934; j D
20-year p m deb 5a
37
35
35
3"5
48%
Guar refunding gold 4a
1937, rw N
1949 jyi 9
72%
75
Registered
NYB4MB lat
O
91
....
78
Sale
9334
50-year
"7*3"" "83
9212
90
Sale
98
oonv
86is
Sale
89
*79
May'2i
50
May'21
79
Sept'2l
'83 *
86% June'21
94%
93
86%
89%
94%
99%
Sale
43
"74" "7 4*12
95%
95%
88% Aug'21
9434 Nov'15
5
58%
Oct'20
43%
39
Aug'21
74
Sept'21
39%
19
39
23
42%
44
59
1982 IW N
80%
80
80%
106%
82
79
76
8212
82
Aug'21
O
100
97
June'21
...
j
*78%
1946 M N
705s
1
J
1937 F
A
1940 F
A
80
103
1922 m n
40
40
43
45%
44%
50
77
81%
82%
let gen g 5a...1942
851a
ZZ1Z
53U
76
64
Registered
1961
Bt Paul M A Man 4s.
1st consol g 6s
Registered
78
....
66I2
64%
68
104% Sale
102% Bale
Sale
82
1933 J
"85% "86%
1933 J
101%
Registered
..1933 J
Mont ext 1st gold 48
1937 J
Registered
*
95
_
81%
D
1937 J
—I "78 "
Pacific ext guar 4f? £
1940 J
E Minn Nor Dlv 1st
g 4s..1948 A
Minn Union 1st g 6s
1922 J
Mont O 1st gu g 6s.......1937 J
Registered...
93
IOU4 103%
1938 J
Bay A W Dob ctfs
D
102%
81%
102%
461
82
25
77
90
90
70
Feb"21
65
7
7%
Sept'2 L
65
69«4
76
73%
74%
7234
74%
73% June'1.3
73% Oct'lS
67%
68% Aug'21
67%
68%
82
Aug'21
76
84
85
Aug'2l
1948 A
o
A
Registered
1st
gold 34s
Registered
J
J
...1951
J
1951
J
734
68%
60%
73
80
84
84%
S3
1951
J
62%
1951
O
70%
Registered......
1951
1st gold 3a sterling
1951
Collateral trust gold 4s....1952
o
Extended 1st gold 34s
Registered
S
.1952 J
L N O A Toxae gold 4a
J
1953 M N
Registered
74% Sale
78
"I Sale"
J
J
7034
Dec'20
74%
95% 8ept'19
77%
78%
Sale
70
68
92
Sale
92
102% Sals
75
58%
68%
72%
58
05%
72%
May'2l
74
93
102%
73%
58
193%
80% Nov'16
70%
70
1951
Bellev 4 Car 1st 6h
1923
70
78
Registered
1951
Gold 3 48
1951
Joint 1st ref 5s Series A.1963
MemDh Dlv 1st g 4s
1951
Registered
1951
Nov'10
70
73
Mar'19
90%
86%
86% June'21
Bt Louis 8ou 1st gu g 4s
Ind 111 A Tows 1st g 4s.
87%
....
83% Sale
74
70%
80
1950
73%
Sale
80
93
91
74
75%
74
Kansas City 80a 1st gold 3s..1950 A
5834 Sale
..
1950 A
Ref 4 Impt 5s
Kansas
7S'4 Sale
73%
73%
Apr 1950 J
City Term 1st 4a
1960 J
Lake Erie 4 West 1st 9 5s
2d gold 6s
1937 J
...1941 J
,
Lehigh Val (Pa)
oons g
General cons 44a
I
—2003 M N
5734
5834
78
Oct'O'J
78
79
73%
75
81%
70
69
50%
70
65
Aug' L9
84%
85%
85
Sept'21
80
Julv'21
.
4a...2003 1*1 N
74
82
81%
67%
North Ohio 1st guar g 6s..1945 A
Lsh Val N Y 1st gu g 448... 1940 J
Registered
1940 J
80
"70" "71~%
79%
10
80%
No prioe Friday; latest bid
and
41%
43
41%
43
40
42%
30
33
34
35
81%
Aug'21
60
58
63%
57
40
42%
42
4cl%
42%
42
asked this week,
a
Due Jan.
42
33
Oct'20
81
94%
87
56%
refunding 6s Ser C..1926 F
62
A
S
1975; M
4s
81
Aug'2l
Aug'21
17
18%
43
51%
63
Sept'21
55
58
52
Aug'21
60% July'21
52
52%
79»4
Sale
94% Sale
85%
87%
54% Safe
81
9!%
9484
87
87
5234
5434
*63%
7334
58
Oct'18
3d 7s extended at 4%
Cent Br U P 1st g 4a
69 %
7334
71
Aug'21
60%
75
1927 J
193lj J
6s.._1928!A
D
J
O
1923
4s..._1977jA
91%
83
20%'
16%
1434
J
70%
73
J
66% Sale
S
1998
2013
A
O
04
75%
75%
99
27%
A
90
57
Aug'21
J
N
100
90
Aug 21
Sept'21
59
*119
Mar'21
78
77
78
91%
95
(
98
99%
2'
19
26%
18%
28%
30%
July'21
24
16% Sept'21
j
Sale
93% Saie
1934
...1934
1942
1998
Registered
1998
Mich Cent coll gold 3H0—1998
Registered
1998
30-year deb 4a
Lake Shore coll g 3Ha
Battle Cr A 8tur 1st gu 38.1989
1
72
75%
Beech Creek lat gu g 4s—1936
74,
54
5834
59
72
79
3i
69%
75
Cart A Ad lat gu g la
79
83
Gouv A Oawe let gu g
64
72
Ext 1st g
lat gu g
Lake Shore gold 3H*
1997
Registered
80
Debenture gold 4a
25-year gold 4a
g
Due June,
N
J
J
1997
j
80
Registered
(VI
3|h's.dl951
1981
5a..1942
5a.. 1935
Ka A A a R
M N
19S6
1936
Registered
2d guar gold 5s
Beech Cr
..—1928,
1931jW N
1931 M N
4a..: .1991 MS
h Due July,
n
16%
33
6634
61%
70%
90
99%
64%
70%
6
04%
60%
29
94
94
57%
59%
32
93%
263
87
10>%
52
98
69
65
72%
71
32
93
|1
9afe
10234
71% Sate
80% Sale
71%
72
8C%
80%
3
53%
5
67%
93
103%
l
1997
1997
Debenture gold 4s..
27
70%
New York Cent A Hud River—
Registered
85
72
15
18% July'21
30% Sept'21
94%'
103
9a
24
I
"75%
64
77
27
90%
06%
90
72
9334
O
S3
'"33
Oct'17
94
"21%
78%
79%;
Sept'20
77%....
Sale
75%
75%
79%
20
75% Sept'21
24%
F
75
71
65
67
"72"
95
1935 A
123
04%
99%
D
8D4
50%
94
99% Sale
75%
77%
86%
99%
87
J
M
91%
80%
63
75%
6
69
July* 14
72
72% Sale
8234
90
1925 J
1V3
80%
7434 Sale
99 %
o
June'19
June'21
3
30
80% July'21
20%
\
68
77
102
9i%
1930
Ref A Impt 4Ha "A"
67%
91
J
1953
N Y Cent RR couv deb 6a...1935
10-year coll tr 7s
Consol 4a Series A
82%
o
J
1951|A
77
55
62
Missouri Pac 40 year 4a
Non-cum Income 5s A
*83* " *85*
42
37
F A
B.al923|F A
91
b Due Feb.
42
37
58
50
5s..l943jM S
76%
84
30%
62
N O Tex A Mexico 1st Qa
~75~ *80 *
72%
42
32
Registered
7S84
58%
30
69
78s4
58
4812
May'21
1st consoles
88%
37
49%
Sept'21
Sept'21
32
64%
71
42%
25
40
58%
67%
43
34
6
55
50%
70
34%
42!
62
M S
5B...1942 J D
60%
70
36)
Sale
Mob A Mai lat gu g
*
J
A T of T lat gu g 6a..1942
«
68%
88%
Aug'21
70%
64%
70
Nat of Mex prior lien 4He... 1926;
Nuv'17
68% July'21
91%
56
60% June'22
50
73
92
70%
70%
04%
*87
88%
64%
New Orleans Term 1st 4s
67%
SOPt'21;
July'21!
Dall A Waco lat gu g 5a...1940 M f*
NO A N'Elst ref A Impt 4>*sA *52
78%
92
99% 100%
18%
Mortgage 3 Ha
161!
293
100%
Dec'20,
|
73%
58%
"91%
j
June'2lj
85
42
68
86%
87%
91
99%
75
41%
Nat Rye of Mex pr
Guaranteed general
"94" "94"
87
90
A
J
lien 4Hs.l957:J
»
44
84%
yl990 F
2001 AO
Jasper Branch 1st g 6a
ICO 'Sr ^ *75* "
75%
323'
58
»
38%
42
22
Nashv Chatt A St List
109% 103%
73%
71% July'21
Int A Great Nor 1st g ext 7s..1922 M N
James Fraok 4 Clear 1st 4s..1959 J
Registered...
47
25
64%'
St L A Cairo guar g 4s
'15' *8*5*% "93""
Aug'21
65% July'18
85
83%
65
1931
74
69
May'21
64
66%
1
39%'
70
1936 J
St Louis Dlv 6a
*3o'
July'21
94
*95% IIII
Carb A Shaw 1st gold 4a... 1932
Chio St L A N O gold 5s._. 1951
6>
92
1951
05%
ft 984
Jau'21
66
67%
7S%
June'21
8prlngf Dlv 1st g 3 4s
1951
*7*1%
65% July'21
60
Julv'21
57% Sepi'21
53%
Western Lines 1st g 4s
Registered
7478
20
Dec'20
Omaha Dlv 1st gold 3a
1961
St Louis Dlv A Term
g 8S..1951
Gold 3 4s
1951
58
.13
67%
1
6734!
81%
62%
1945;
1938 M N
1948 J D
Pac R of Mo 1st ext g 4s...1938 F A
2d extended gold 5s
1938 J
J
St L Ir M A 8 gen con g 68.1931 A O
Gen con atamp gu g 5s._193l!A O
Unified A ref gold 4s
1929. J
J
Registered
1929 J
J
Rlv A G Dlv lat g 4s
1933 M N
Verdi V I A W lat g 5a
1926 M S
Mob A Ohio new gold 8a
1927;J D
lat ext gold 8a
A1927 Q J
General gold 4s
1938! M S
Montgomery Dlv lat g 58.19471 F A
85
68
47
49%
General
*68*" *74%
I
19
1st A
July'09
73%
74
...1953 M N
16-year secured 64s
1934
15-year secured 0%s g
193 i
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s. .1951
Loulsv Dlv A Term «
34s.l953
Nov'15
65%
67%
81%
Sept'17
74% Sept'21
40
48
1st A refunding 5s Ser
8
2
6334 Sale
2004 M S
45
48
3^4
80%
9984 Sale
dale
72%
39
39
0734
92
*91%
I
70
J
1st A refunding 4s
Texas A Okla 1st gu g
92
84
80
O
1956 M N
Purchased lines 34s
75
9
1952 A
1st refunding 4s
75
71 '
81%
85
.
67%
9,
23!
D
Missouri Pacific (reorg Co)—
lat A refunding 5s Ser
A..1965,
70
5%
Sept'21
1990 J
_
1944 M N
Sher Sh A 80 lat gu g
90
65
Col A H V 1st ext g 4a
80%
1941
Trust Co ctfs of deposit
1st ext gold 5s
M
72
Col A Tol let ext 4s
1956 F
Houston Belt A Term 1st 68.1937 J
Illinois Central 1st gold 4s...1951
69%
39% Sale
M.ar'20
Jau'21
July'20
Mar'20
43
83
9*4*%
95
44
62%
90**
Nov'10
90
45
57%
Sept 21
75
44
A
O
99%
68%
3934!
40%)
M K A Okla lat, guar 5s...1942 IY1 N
99
64%
40
Kan City A Pac lat g 4s...1990 F
Mo K A E lat gu g 5a
1942 A
90% 103
88
39%
85%
Mar'21
94%
80%
83
70
80
July'21
91
72
80
99
81
Jan'21
3J34
79
99
90
June'21
40%
...
1931-M S
|M N
4a Int gu'26'J
J
Jan'21
85
39
68%
" "90
90
39%
Mar*21
79%
80
64%
70%
Feb'05
083g
Sept'21
75
82% Sept'21
69%
Mar'10
80
60
70%
J
~
72
77
71
100
87%
82%
71%
22
81
92%....
...
gu'38|J
Trust Co certfa of deposit
120% May'16
92
*
.1951; M 9
St Louis Dlv lat ref 4a
'8534 '9*2" "
yo
65
J
J
5% secured notes "ext"...1916
Feb
1999 J
D
*85%
99% 102%
8ept'20
Debenture ctfs "B"
Feb
GUlf A 81 1st ref A tg59_.61952 J
3
Hooking Vai 1st cons e 44a.. 1999 J
J
Registered
Iowa Central 1st gold 5s,. 1938 J
84%
81%
i0J
S
F
Gen sinking fund 4Ha
85% Sept'21
N
Ref A oxt 50-yr 5s Ser A ...1962 Q
Dea M A Ft D 1st gu 4s
1935 J
100"
83
69
96%
69%
70
68
S
55
73%
50%
86%
88
D
D
101%
Aug'2J
89
Trust Co certfs of deposit
June'16
53
83
42%
2d gold 4a
98
Feb'20
Dec'20
94%
08%
66
67%
9934 105%
96% 102%
62%
99% Sepc'2l
94"
1936 M N
M 8 8 M A A lat g
90
78%
90%
1945 M
01%
51
"89% *91"
4a.._1977jM S
1938
80
71%
86%
90
92
Sept'21
73
Sept 21
95% Nov'19
100
May'2l
70% Sale
La A Jef Bdge Co gu g 4s
Mo Kan A Tex—lat gold 4s.
66
7434
88
Manila RR—Sou lines 4a
Mlsslaslpp! Central lat 5a... 1949:J
67% Sept'21
102%
105%
102
72%
80%
82%
21
106
95
77%
66
S
101
78
85%
100
52%
f
78
105
71%
53%
89%
84%
78%
"l
89%
100
75
*90* "93%
29
84
Feb'21
93
98%
A1952
66
90
70
| 73%
D
71%
"93" nrr
7
S
N
Atl Knox A Nor lat g 60...1946 J
10-.jrear coll tr 6%s...
136% May'06
,.1937 J
St Louis Dlv 2d gold 3s ...1980 !VV
Atl Knoxv A Clo Dlv
4s_..1955;lVI
73%
5234
5a
7G«4
72%
104
8:»lft
90%
92%
cona
83
75%
82%
85
105
99%
1st Chic Terra a f 4a.
71
69%
83
63%
7984
99% Nov'.'O
9234 June'21
83
J
*84*" *87
70
89%
66
74% May'21
76%
.1937 J
1st guar gold 5s
Will A 8 P lat gold 5s
Apr'21
Apr'21
99
"8934 "91"
60%
69%
July'21
Apr'21
7534 July'21
87%
1930'J
4s Int
Jan'll
87
1931 jM N
1930, m N
1931jM N
68
102
1933 J
*8*8*" *88*34
7934
*91%
J
con g
95
78
7434 Sept'21
96
_
Reduced to gold 44s.._1933 J
Green
69%
53U
1959
Fort St D D Co 1st g 44s...1941
Ft Worth A Rio Gr 1st g 4s..1928
Apr'21
Apr'21
69
A
lat
Jan'17
88
69%
80
1930 J
M St P A8 8 M
66
69%
May'21
83
*83%
Paducjab A Mem Dlv 4s..-1946 F
Refunding gold 4s
*4*7" *54"
53
23%
1928
--
* "it"
64
80%
Stamped guaranteed
1977IM
Midland Term—1st s f g 5s._1925 J
Minn St Louis lat 7a
1927, J
lat consol gold 6s
1934,M
1st A refunding gold 4s
1949 IY»
40
72
57%
67
j
99
78%
92"
"83%
08
67
j
N Fla A 8 1st gu g 5a.
1937
N A C Bdge gen gu 4H3...1945
SAN Ala cons gu « 6a
1936 F
Gen cona gu 50-yr 5s
1963: A
I
55
Mt Vernon 1st gold 6s...1923
Bui Co Branch 1st g 6s
1930
Galv Hous A Hend 1st 5s
1933
Grand Trunk of Can deb 7s..1940 A
Great Nor Gen 7s ser A
1936
1st A ref 44s Series A
1961
—
76
69'4
66
1940 ,j
Mex Internal lat cona g
55,
Nov'19
1937iM N
Registered
Jan'18
72
Florida E Coast 1st 4 4s
97
.
67
*63"" "67 "
87
65
1940;j
83
Apr'21
53
Evans A T H
81%
40
7214
O
1942
75
85
82%
1940 A
45%
55
54
6e..l943 M N
gold
37
77
82
1st
35%
34%
74
40%
41
40
52l2
Terminal
Wllk A East 1st gu g 6b
EV A Ind lstoons gu gte
39
72%
80
Apr'21
Aug'21
Aug'21
Mid of N J 1st ext 6s
39
Sale
55
D
Kentucky Central gold 4s. 1987 J
J
Lex A East 1st 50-yr 5a gu.1965 A O
LA NAM AM! 1st g 4 >48.1945 M S
LAN South M Joint 4a...1852
58%
*7602 *88 "
Jan 18
78%
-
90
51
J
Jan'17
70
J
7«34
" *95%
'Ii3! *39% "45"
37%
J
5s
j
Hender Bdge 1st a f g 6S...1931 M
74|
3734
J
6s...19301
gen
2d gold 08.
Aug'19
50%
42
91
86%
Sale
805s
83
Jan'20
4312 Sale
YSusq A W 1st ref 5s...1937
"
10 year secured 7s
L Cln A Lex gold 4Hs
N O A M 1st gold 6s
Feb '21
83
Cleve A Mahon Vail g 5a. .1938 J
2d gold 4 49
General gold 5e
gold 4a
Registered
Collateral trust gold 68
87%
33
1943 .r
Unified
92
3734 Sale
1935 A
Gold
79%
95
92
92
1953 A
Dock A Impt 1st oxt 5s
!* Y A Green L gu g 6s
50
74%
con g gu
Louisville A Nashv
.
Sale
66
85%
Oct'00
67
72
10
88
99%
09%
9
fia.al 932;Q J
Louisiana A Ark lat g 5s.;
1927!\f 5
50
92%
1963 A
Long Dock oonsol g 6s
Coal A RR 1st cur gn 6s
Nor 8h B 1st
57
95
Erie A Jersey 1st s J 6s
1955 J
Genessee River 1st s f 6s... 1957 J
N
*
1949 rvt
57
95
98%
"56% Sale"
4s Ser A...1953 A
do Series B
57
80
1996 J
Gen oonv 4s Series D
Ohio A Erie 1st gold 6s
9
-58
D
1949 m
con g 58.1935: \
O
& R B 1st gold 5a....l927|\f S
NY
105% Mar'08
O
F
68
40%
1996 J
Perm ooU trust gold 4S..1961
1932 j
13
95
1st oonsol gen Htm g is. .1996 i
91%
4434
"j" "79 "
1996 i
75
91
44
N Y L E A W lit 7s ext ..1930 MS
Registered
66
Feb'21
78
73
N Y A Erie 1st ext g 4s....1947 M N
A 9512
3rd ext gold 4 4s
1923 (VI 8
Erie 1st cons « 4s prior
Aug'21
91%
66
J
D
70
98%
9
60'8
1920 AO
73
96%
D
1922;rv» 9
Debenture gold 5s
Dst A Mack—1st Hon « 4s...1995
D
Qold 48
D
...1996
Det Rlv Tun Ter Tun 448.-1961 IW N
Elgin Jollet A East 1st g 5s..1941 •W N
Erie 1st oonsol gold 7s ext ..1930 M S
8384
69
1938 j
Ferry gold 4Ha
70
56
71%
91
82%
General gold 4a
61%
47%
70
88
Unified gold 4a
9
Julv'21
03%
82% June'21
Oold
....
70
91%
83%
70
72% June'21
Oct'12
91
72%
47%
77
July'21
*95% 160%
32
100
92
Hioi
90% 92
82%
72
1
Low
90
j
4s
99
70%
j
Z>1931q
63%
8
J
1945 m S
gold
5b.J)1931;q
conB
1st consol gold 4a
67%
66
1928 i
Long laid lat
62
563®
6th ext gold 4a
86
18
O
4tb ext gold 5a
Leh A N Y lat guar g 4s
78
7, 100% 105
5
68% 73%
13
6684
1937 1
11;
38
No
High
105
95
8*nct
Jan. 1
Aug'21
Mar'12
92
113
Sale
Ramg»
53
"81%
_
7134
Apr'11
Dec'20
Dal Sou Shore A Atl g 63
1933
68
66%
1937 A
1st Int reduced to 4s
98%
81%
69%
61%
29%
Registered
1933
71
10
Dul Mlssabe A Nor gen 5s...1941 J
Dul A Iron Range 1st 6s
1937 A
93%
93%
....
6-)34
6612 Sale
Mtge. A coll trust 4« A. .1949 A
"99%
Leh Val Coal Co lat gu g 5a._1933
Registered
A>k Low
■
Registered
1941
Leh Val RR 10-yr coll 6«..ol928
96%
74%
149
Last Sals
67
1
i
95
91
Range or
Sept 16
92
Leh V Term Ry lat gu g 5S...1941
Peek's
yiday
7134
71
J
Rio Gr Sou 1st gold 48.—1940
Guaranteed
—1940
Rio Gr West 1st gold 4s...1939
95
as
16
Bid
High
70%
97%
.
66%
Feb'08
104%
85
Week ending Smt
Price
w
u
7018 7212
4412 Sale
6734 Sale
71
D
Low
98% Sept'21
104% 105
D
No.|
Aug'21
102%
9812
80»4
J
High
Aug'21
97%
97%
68%
95
951s
59%
.....1943 m n
80-year conv 5s..........1936 A O
Improvement gold 6s
1st A refunding 5e
707*
63
D
Term A Improve 4s.-...1923 m n
Warren 1st ref gu g 3H8---2000 F A
Delaware A Hudson—
Consol gold
Ask Low
Bid
Morris A Essex 1st go 3 >*92000 j
N Y Lack A W 5s
1923 "
Jan. 1
,
5s
Price
BONDS
Due Sept.
67%
63%
67%
70
6434
Aug'21
80%
81%
79%
81%
75%
76
68
119
56
62%
69%
61%
67%
71
81%
06% June'20
74%
74%'
63'8 Sale
63%
57
63%
60%
64%
Aug'2il
65
64
57
63%
*51
52%
60
49
70%
81%
~76% III1
61%
72
70%
59%
64%
56
61
Sept'21{
59
68
June'211
Feb'20
57
62
51
*81% *81%
Apr'21
76% July'2l
May'10
76%
76%
104
....
70%
59
June'21
73
June'20
*59*" "59%
78%
82%
70
64%
87
Sale
69%
68
8534 Sale
71%
tfDue Oct.
70
14
67% Sept'21
Sale
s
64%
63%
71%
67%
8
87%
53
82
87%
85
85%
47
78«4
86
89
July'21
80
82
69
Dec'20
Option sale.
New York BOND
BONDS
Price
N. Y. STOCK EXCHANGE
Week
ending Sept
Sejn
N Y Cent A H R RR (Om)—
1934 J
J
861S
Michigan Central 6b
Registered
1931 M
S
90is
1931
Registered
J L A 8 lat gold 3Ha
Range
16
J
1940 J
J
74
High
93U
90ia
98i2
7212
Q M
1940 J
or
BONDS
<§<*a
77
Jan. 1
No.
Low
Week
90
" ~&o"%
Nov'18
72"% "72"%
Sept'21
74U Sept'20
00% Mar'20
71
69
74
67
July'21
62
71
20-year debenture 4b
1929 A O
N J June RR guar 1st 4a... 1930 F
A
N Y A Harlem g 3 >48
2000 M N
N Y A Northern lat g 6a..1923
a O
80%
ft 2
80i2
80%
Aug'21
74
80%
70%
7034
N Y A Pu lat cons gu g 4a-1993
A
O
71
D
103
O
99
Pine Creek reg guar 6s
1932 j
M922 a
R W A O con let ext 5a
Rutland let
7
68*2
941$
4Ha
1941 j
Og A L Cham lat gu 4a g_194S J
j
66%
j
561a
Rut-Canada lat gu g 4a. 1942 j
8t Lawr A Adlr lat g 5a__.l996 j
j
55
j
con g
2d gold 6a
1996 A
Dtlca A Blk RIv gu g 4a
Pitta A L Erie 2d g 5a
Registered
2361 J
"00
Registered
Debenture 4a
Non-conv debon 4a
...1947 rvi
Non-conv deben 3Hs
Non-conv deben 3Hs
1947
1954
m
Aug'21
97
9H4
7334
72
A
72
99i2
8H2 Sale
"7534
Sale
81%
85
Nov'17
75
3812
37
55
35
310
58
63%
135
70%
84%
76%
128
O
69
Sale
68
69
i 16
58
Bale
57%
58%
98%
91% Sale
67%
98%
98%
67
7534
77
84%
90
~67% *74%
66
"70% "7534
71%
7834
4978
50
70% July'21
2618
1950 IVV
9
6818
1943 J
J
.<11992 M 8
Registered $5,000 only...01992 M 9
6112
General 48
D
53
59
59
A
4312
48%
45
32
Norfolk A Sou 1st gold 5a
Norf A West gen gold 6a
1941 W N
1931 IV! N
New River 1st
1932
O
10034
N A W
1996
o
1996
o
Dlv'l 1st Hen A gen g 48.1944
J
D
O C A T lat guar gold 5a..l922 J
J
Solo V A N E lat gu g 4s
198j9 M N
Pacific prior lien ral -
102"
17
63
70%
Cent Pao 1st ref gu g 4s
~77% ~79%
79
80%
Oct'20
77%
72
33%
56
43
30
65
39
85%
79
92% 104%
103
90
80
7834
*97% ioi%
73%
8044
*7*4" "so"
80% July'21
9284 Apr'21
90
54%
73%
73
78%
10312 10358 103%
75
80%
92%
90
99
105%
79
98% July'21
7334
70%
98%
73%
Aug'21
A laud grant g 4s
1997 Q
Registered
J
Q
J
a2047 Q
F
1997]
General Hen gold 3a
7734 Sale
77%
57% Sale
56%
O2047 Q
F
54
Ref & lmpt 6e ser B
2047 J
J
102
Ref A Imp 4 Ha aer A
2047 J
J
St Paul-Dulutfa Div g 4a
N P-Gt Nor Joint 6 Ha
1996 J
D
1936 J
J
St P A N P gen gold 6s
1923 F
A
Registered
Registered certificates. .1923 Q
St Paul A Dulutb lat 58...1931 Q
79 »2
72%
Wash Cent 1st gold 4a
1948 Q M
Nor Pac Term Co lat g 6b...1933 J
105%
nregon-Wash lat A ref 4e
PAoifio Coast Co lat g 5a
Paducah A Ills 1st
a
1961 J
J
1946 J
D
f 4HS...1955 J
J
Pennsylvania RR lat g 4«._.1923 M N,
Consol gold 4a
1943 M N
Consol gold 4a
...1948 M N
63'8
96
80
~82%
General
1968
S912 Hale
10-year secured 7s
105
1930
15-year secured 6Ha
1936
Alleg Valgen guar g 4a
1942
105%
71%
79'8
Safe"
5s
105%
74
314
80
Sale
82
81%
88%
90
103%
100%
105
81%
—r
1
13
82%
87%
101
80
May'21
83
Feb'20
11
210
217
41
249
M
S
6712
F
A
6734
Guar 3 He trust ctfg C
1942 J
D
08%
Guar 3Ha trust ctf
1944 J
D
67%
81%
Guar 3 Ha coll trust S r B.1941
79
74%
75
D
go"d 4a...1931
4s ctfa'Ser E..1952
Guar 15-25-year
_
40-year guar
Oin Leb A Nor gu
A
O
~79%
CI A Mar 1st gu g 4 Ha
1935 m N
CI A P gen gu 4Ha Ser A..1942 J
J
Series B
1942 A O
84%
79%
Int reduced to 3Ha
Series C 3Ha
O
1948 M N
69i4
...,
Series D 3HS
1950 F
6914
....
Erie A Pitts gu g
A
A
73
J
J
...1940 J
J
73
J
7912
3He B...1940
Series C
Ohio Connect lat gu 4a
Pitts Y A Ash lat
cone
1943 M S
5a..l927 M N
82
82
P C C A St L gu 4H» A...1940 AO
85%
77
86
Apr'2"l
73
81%
88
88
Ore A Cal lat guar g 5a.
So Pao of Cal—Gu g 5s
So Pac Coast 1st gu 4s g
1927 J
J
Tex A N O
...,
....
Dec'20
....
86
3eriea D 4a guar
1945jM N
8312
....
A
8312
....
1953 J
D
1957 M N
83%
83%
82%
83%
83%
85% Sale
84%
Series E 3Hs guar gold..1949iF
Series F guar 4a gold
Series G 4a guar
Series I cons guar 4H8..1963 F
Series
cons g
W 1st g
A
1970 J
D
6a.-1932, A
O
A
U N J RR A Can gen 4s—1944: M
Pere Marquette 1st Ser A 58.1950 J
lat Series B 4s.
1956,J
i
No price Friday: Iate?t
81
102
Aug 21
81
82%
89% June'21
81%
83
66%
67
67
-
67%
a
Due Jan.
b Due Feb.
63%
81%
73
80
83*8
8534
Nov'25
"59"
61%
1938 M
83%
66%
83*4
81%
88%
4a
1948 J
Atl A Yad 1st g guar 4a.._1949 A
E T Va A Ga Div g 6a
1930 J
J
94
Sale
Jan'21
Feb'21
93
94
Sale
80
85
78
62%
85
74%
65
70
76%
93%
79%
95%
80
84
76%
85%
83
92%
Spokane Internat 1st
74%
86
81
92
100
106
Term Aasn of St L lat g 4H8.1939 A
lat cona gold 6a
1894-1944 F
Gen refund a f g 4a
1953 J
94% 101%
81%
88%
G7
67
78%
82
F
70
90
Sept'211-5' %' 204
5S%
83
83
55
61%
6134 Sept'21
67%
62
83
80
86
69
69
8334
8334
92
85%
52
Sept 21
84
&
87
75%
58
*7i"%
81%
93
83%
D
70
Hen
g
co
Ulster A Del 1st cona g 6a
1st refunding g 4a
Union Pacific 1st g 4a
Registered
conv
10-year
perm
50
74
75
Sept'21
"07"
85
79
49
45
15
63% June'21
03%
70
78%
75
79
52
Aug'21
May'21
83%
82% Sale
82%
1927 J
J
88
Sale
87%
8',%
#2008 M S
secured 6s_.1928 J
J
78
Sale
78
79
100% Sale
100
1940 J D
19221F A
19461J
J.
82%
78
81
99% Safe"
91%
S334 Sale
88?
Aug'21
180
19,
100%!
9734 100
93
17,
86%
92
85%
84
70
7734
84%
91
89
94
1926 J
J
91%
91
82
82
Utah A Nor gold 5s
1st. extended 4a
1933;J
J
7934
75%
75%
4s Ser A
1956 F A
Consols 46 Series B
1957jMN
Vera Crua A P lstgu 4H8...1934 J
J
71%
74%
79% Sept 21
74% Sept'21!
72% Jau'2l|
24;
79
87
"5'
95%
90
Wabasn 1st gold 5a.....
2d gold 58
80
81
80%
"8*0
77%
85
03
70
Due June,
.1939 fVI N
88%
1939 F
A
79
Debenture aeries B 6a....-1939 J
J
1st Hen 50 yr g term 4a....1954 J
Det A Ch Ext 1st g 5s
1941 J
J
"55%
J
J
56%
Des
Moines
r»no Div
Div 1st g 4s...J939 J
lstcSHa
1941 A
Tol A Ch Div g 4a
1941 IV!
h Due July.
* Due Aug.
0
Due Oct.
O
S
82%
24
83%
8734
89
Sale
78%
70%|
*70"!
53
60%
58
70
p Die Nov.
Mar
89
79
Feb 21
84
3
2
Aug'18
62
84
s
79%
79%
72%
76%
!
72%
23
24
78%
82%
85
90
72
80
60
Aug'21
Due Dec.
75
72%
—
8
I
90
56%
—
21—.
84%
61
May'21
j 68% May'2l!
q
97% 101%
80%
92
84
~27 '
80%
17;
83%
Sale
88%
27
O
"84 "
81%
81
73
9:'
1929 J
1902 IW N
52
84%
80%
Guar refund 4e
79%
52
78
77%
79
87
cons g
54
15%
99%
85
Vandalla
53
15
15
Sept'21
J
Ore RR A Nav con g 48
71
84
15
J
Ore 8hort Line 1st g 6a
1st consol gl 5s
75
80
*73" "78"
46
1947 J
4s
75
69
15% June'21
1947 J
83
76
65%
70
"12"
"82% "90%
75
Feb'19
45
"77" "83%
Feb'21
30
A
*1946 J
1928 J D
1952 A O
50
60
84
47
72
Mar'21
36
15%
85
88
67
71
70%
106% Nov'04
82% July'21
82%
46
71
83%
July'20
80%
Aug'21
Aug'21
"77% "ao"
85%
82
oO
75
"84%
89
80
71
J
Buff 1st g 4s
"73"
81
71
O
ctfa of deposit
i
72
67%
1950 A
1917 F
72
76%
3 Ha. 1925 J
4s
85% Mar'2 i
86%
8fJ
pr
81%
66%
Aug'21
Aug'21
86
W
86%
60%
85%
68%
Aug'21
80%
"do" "do"
SO
71
78
60-year gold
75%
*88 " "89%
80
82
60
Tol St L A
55
86% July'21
87
A
J
O
1st gold 4s
50
75%
Aug'19
May'2l
*78~
W Mln W A N W lat gu 68.1930 F
Tol A Ohio Cent lat gu 5a
1935 J
Western Div 1st g 6a
1935 A
W
90%
89%
96% 100
96
96%
July'2)
66%
66%
"07"
71
J
J
99%
Aug'21
Aug'21
92
88%
84%
82
Jan'21
98
J
1927 J
1917 J
70
90
72
..1990 A O
04
92%
60
1931 J
1935 J
85
79%
90%
45
gold 5a
71%
82
77%
84%
*6*7" "?7%
Sept'21
Aug'21
Aug'21
96
^2000 Mar
B L let g 5a
90%
Aug'21
82
99%
83%
2000 J
07
58
84 84
St L M Bridge Ter gu g 58.1930 A
Texas A Pac 1st gold 5a
Sept'21
85
71
J
78%
80
90%
1924
1955
4a.
6a
78
73%
Apr'21
W o A W lat cy
gu
g
78
Dec'20
66%
88%
1958 A
80
90%
87%
8034
J
120
93
94
86
88%
80%
S
"i(j|
90%
88
94
91%
1936 IV! N
1926 IV!
5a
84
91%
2003 J
F
General 5a
78%
73%
86%
81% Mar'16
07% Fob'21
Va A So'w'n lat gu 6s
1st cona 50-year 5s
Series
Aug'2l
05
56
87%
88
72
So Car A Ga 1st extd 5HS.1929 M N
Virginia Mid Ser E 5a
1920 M 9
67%
86
8638
08
104% 106%
.1945
86
57
9934
90
88%
June'21
ft/%
89
1
5
88%
"95"
73%
*84" *84"
35
93
77% June'21
*90
"52"
Mortgage gold 4a
x
83
Sale
67%
Mar'19
84
90%
92
51%
Virginian lat 6a aerlea A
0
83
Mar'21
Ga Pao Ry lat g 6a
1922
Knoxv A Ohio lat g 6s
1925
Mob A Blr prior Hen g 68..1945
83%
69
July'21
86
80% June'2
82
J
7634
*76% "81%
8984
43%
05%
91%
100
SO
1
73
Aug'21
67
87
*13
86
70%
90
Cona lat gold 5a
1956 MN
E Tenn reorg Hen g 5a
1938 M S
Ga Midland lat 3a..2....1946
O
J
81%
90
Feb'21
84%
1956 A
7
93%'
7634'
Scpt'lOj-
74
83
85%
Mem Div 1st g 4Hs-6a..._l996 J
St Loula div 1st g 4s
1951 J
83a4
90
Sale
1994 J
70
75%
95
86
Registered
66%
68%
87
1994 J
5a
cons g
26
362
84%
73%
Southern—1st
74
Sept'21
8334
May'21
8934
89
!
bW and naked,
78
83%
"go'
82
89%
73%
73
65
*80 ~ "Si"
—I
82%
Apr'21
43
87
89%
82
Jan'03
J
8
"88""
60%
84
AUg'21
93
81
84
96%
89%
J
*76% "77"
Apr'20
May'21
8
J
81%
J
1st A refunding 4s
May'21
75% Feb'21
93%
4a...l943|M N
5a._1924jJ J
Sodua Bay A 8ou l8t g
93
77%
20-year
83%
86
05%
Sale
Tor Ham A
82
80
55
59%
63%
7338 Sale
Trust
87
93
J
Coll trust 4s g Ser A
May'21
83%
45
J
88%
77
87
8 584
O
37
Rlob A Dan deb 5a atmpd.1927
O
Rich A Meek 1st g 5s
1948 M N
*8*0*% "S0*%
Jan'21
July'21
48%
6334
1950 A
Tol P A
Apr'21
84
77
48%
6334
1955 J
2nd gold Income 5a
Feb'21
82
36
Sale
85
gold 5s.__.1943 J
Fran Terml let 4s
Feb'20
....
39%
40
San
80
Mar* 10
57
3984
80 Pao RR lat ref 4a._.
69%
93
6934
69%
75%
80
79% Aug'21
80
Sept'20
....
67%
62
"35 *58" *64%
64%
81
"0"
86
June'21
Dec'12
58
60%
Jan'13
Aug'21
92
85%
85%
87%
J
72
90%
55
25
99%
94%
80%
96% 102%
98% 100%
85
Apr'20
79% May'19
....
con
9038
1937 J
Kan A M lat gu g 4a
2d 20-year 5s
Feb* 12
72
56%
87%
8934
90%
General
96%
69
85
62%
50
89%
"81% Sale"
1937 M N
69
1942 M N
Phlla Bait A
O
83%
72%
Series C guar
CSt LA P lat
1938 A
70
1942! A
6a
No of Cal guar g 5a
76%
Series B guar
General
lat guar 5s red
1933 M N
H A T C 1st g 5s Int gu
1937 J
J
Waco A N W div 1st g 0a_ .1930 (VI N
A A N W lat gu g 5a
1941 J
J
68
Dee'15
D
86
67
04
7O84 Sale
A
73
8112
67
G9
Tol W V A O gu 4HS A...1931 J
J
Series B 4Hs..
1933
TJ J
Series C 4s
1942 !\f S
May'21
70
1^8%
....
88%
69
80%
....
96
Gr R A I ex lat gu g 4HB..1941 J
•
...
0W%
1942
Dec'20
81%
82%
M N
1942 M N
4a g
67
A
2d exten 5s guar
1931 J
J
Qlla V G A N 1st gu g 5a.. 1924 M N
Hous E A W T lat g 5s
1933 M N
2d
59%
54% 54%
96% 103%
52%
09% Mar'20
53%
D
Through St L lat gu 48..1954 A O
GHA8AMAP lat 5S...1931 M N
La Div
3He coll trust rfig A. 1937
1934 J
1949 F
Ala Gt Sou 1st cona A 5s. .1943 J
Pennsylvania Co
Guar
69
98
78
5c
70
1949 F
Atl A Charl A L 1st A 4HB.1944 J
1st 30-year 5s Ser B
1944 J
Atl A Danv lat g 4a
1948 J
73
75%
42
81
5s
77
99% 100
9142 92
65% Sept'2
79% Sipi'21
94% May'21
81% Sept 21
87%
10118 Sale
7912
D R RR A B'ge lat gu 4s g.1936
"43
July'21
75% May'21
37% Dec'16
63
8712
81>4
A
"87
-
68
82
I960 F
88
Apr'21
102%
102%
99% Sept'21
400
May'21
7314 Sale
1965
4H*--
54
102%
Sept,'2l
149
92
General! He..
Consol
54
80
A
"9318
Aug'21
59%
102
9514
87
F
1968 J
56
Sale
10278 Sale
9912 102
D
1st conso! gold 4a
78%
75
'l4 6
67%
6734
76% Aug'21
73% Sept'21
83% Aug'21
8334 Sale
92% 91
98%
Northern
way
conv
gen 4s Ser A
Mob A Ohio coll tr g 4a
90
164
99
4s
Develop A
96
Apr'21
76*4
conv
Mort guar gold 3Hs.--*1929 J
Nov'16
74
D
<71929 M S
39%
*49% "59"
45
97% June'21
73
D
*1949 J
70%
23%
73% June'21
10134 102% 101% Aug'21
A
Pocab C A C Joint 4a... 1941 J
13
May'21
122
*1949 J
20-year
20-year
Dec'19
62
87
i
Gold 4s (Cent Pao coll)
Registered
Registered
70
Improvement & ext g 0a.__1934 F
10-25-year conv 4a
1932
D
10-20-year conv 4a
1932 M S
10-25-year conv 4H8.--193S M S
10-year conv 6a
1929 M S
62
"6*3% "dd"
59% Nov'20
10034
gold 6a
Ry 1st cons g 4a
Registered
Aug 21
Feb'18
74%
61%
W A Con East lat 4Hs_
N Y O A W ref 1st g 4a
26%
88%
June'21
63% May'21
95% Sept'21
95%
84
*45
72
02
22
75%
Cent New Eug 1st gu 4a...1991 j
61%
9234
46
27
82%
Oct'19
Atl A Btrm 30-yr lat g 4a-cl933 M 8
Caro Cent lat con g 4s
1949 I
J
Fla Cent A Pen 1st ext 6a..1923 J
J
91
Southern Paclflo Co—
63% June'21
64% nov'20
1957 M N
4584 Sale
59% 6334
87
*77" ' "77"
69
26
3J%
73%
49
Providence Term 1st 4a
Sale
7334 Sale
Non-conv doben 4s
1956 j
j
Harlem R-Pt Chea lat 4a.. 1954 m N
BAN Y Air Line lBt4a__.1955 F A
Providence Secur deb 4s
39
92
July'18
36
26
O
98%
51% Sept'21
87%
Oct'17
60
Sept'17
A
1859 A
55%
J
50
j
70
01949 F
60
•
85
A
61
O
54
J
1955'j
67
59%
1945 M S
98%
63%
....
Sale
64
J
O
Ga A Ala Ry 1st con 6s_..01945 J
Ga Car A No 1st gu g 5s
1929 J
Seaboard A Roan 1st 5a
1926 J
1930 F
1945 J
63%
1943 J
J
45
1946 J
6s Series A
67
1943 J
72%
New England ooua 6b
Consol 4a
cons
5s
55
6184
6738
1950 A
1950 A
4s
60
67
Consol gold 6s
53
F
Refunding
59
66% Sale
83%
Aug'21
68%
49%
35
1955 J
Adjustment
6934
39%
5478
Aug'13
4s stamped
O
69%
84
2!
98
68
J
35
35%
5a..l947 J
6834
6934
59%
13
91
93
314
61*4
44%
Oct'20
Jan'21
9734
683a
80%
1st land grant ext g 6a. .1930 J
54
S3
g
8 A A A Pass 1st gu g 4o
Seaboard Air Line g 4a
J
Sale
50
35%
Norfolk Sou lat A ref A 5a...1961
K C A M R A B 1st gu 5a._1929 A O
St L S W lat g 4s bond etfa...l989 M N
2d g 4s income bond otfs.pl989 J
J
Consol gold 4s...
1932 J »
98
45
j
35% Sale
cons g
90
40%
j
6012
J
31%
3834
1948 j
July'14
J
O
46
1956 j
87
J
37
Conv debenture 3 Ha
j
Oct
35
Oonv debenture
Housatonlc Ry cons g 6a.. 1937 m N
Naugatuck RR 1st 4e
1954 m N
N Y Prov A Boston 4s
1942 A
N Y W'chea A B lBt Ser 14HH'46 J
61960
6s...1928 IV! N
KCFtSA M Ry rof g 4a. .1936 A O
Gold
41
Cena Ry non-conv 4s
Non-conv deben 4e
A1955 A
General gold 5s.___
1931 J
St L A 8 F RRoona g 4a...1996 J
Soutbw Div 1st g 5s
1947 A
Gray's Pt Ter 1st gu
a o
1955 j
j
1956 m N
6a
Cum adjust Ser A 6a
Income Series A 6a.
1st terminal A unifying 6a. 1952 J
73
"7*7% "82"
Aug'21
64
93
*93" "93"
35
87
59
76%
KCFtSAM
41% July'21
73
63%
Non-conv deben 4s
Non-conv deben 4a.
*83 "
70
90
"55% "do"
Apr'21
Apr'21
35
9
J
June'21
73
62%
75%
1st A
S
59
St Louis A San Fran gen 6a..1931 J
7534
Sept'21
>
78
78%
"59% ::::
71%
Sale
Feb'19
SO
J
I
14
79%
92
0712 June'20
J
O
71
71
•
03% Sale
75% 8ale
Jan'09
7318
Aug'21
78%
J
9514 June'20
74
Sal p
77%
73
*78% Sale"
J
Nov'16
j
62
1928 J
103
j
J
1947 J
St Loula A San Fran (reorg Co)—
Prior Hen Ser A 4a
1950 J
Dec'17
1950 J
76
j
J
91
97%
76%
Prior Hen Ser C 6a
50
Jan'21
1951 J
42
81*4
Prior Hen Ser B 5a
76
May'21
O
HI# A
35%
73
50
90
J
1951 A
Low
38%
June'21
70
Feb'21
93
J
J
90
No
High
38%
94%
Apr'21
I30i8
1943 J
1997 J
Atk Low
3S% 40
88%
84%
76% Sale
6S
"97"% "90%
July'21
9914
J
O
1997 J
Atlantlo City guar 4a g
St Jos A Grand Isl 1st g 4a
Since
68
76
84%
j
.1940 A
let consol gold 5a
Reading Co gen gold 4a
Registered
Rung*
Jan. 1
92%
50
O
1937 a Q
1931 m N
N Y Connect 1st gu 4Hs A..1953
f
N Y N H A Hartford—
June'21
60
*90
NYC Lines eq tr 6a._.1920-22 m N
Equip trust 4H8-.-1920-1925 J
N Y Chic A St L 1st g 4a
1937 A
68
94
Bid
Pitta Sh A L E 1st g 5s
w
or
Last Sale
Philippine Ry lat30-yr sf 4a.l937 J
Jersey Central coll g 4s
71% Sept'21
113
May'15
9912 9878 Sept'21
71i2 Nov'20
O
1922 J
al928 A
Pitta McK A Y 1st gu 6S..1932 j
2d guaranteed 6a
1934 j
West Shore lat 4a guar
2361 j
7034
i
Range
16
...
1951 M S
...1952 IVV N
1st gold 3H8
ending Sept
High
May'20
June'21
3
Week's
N. Y. STOCK EXCHANGE
since
Last Sale
Atk Lots
Bid
Mahon C'l RR lat 6a
4B
Week's
Friday
Ba«
16
1437
Record-Continued—Page 3
62
S4
84
56%
5134
56%
61
65%
59
Option sale.
1238
New York BOND Record—Concluded—Page 4
Week ending Sept
Friday
Stpt
16
1st 40 yr guar 4e
A
68
08
Aug'21
1946 F
A
77%
5478 Sale
86% 90
78
June'21
64
6334
80*4 Sale
80
1937 J
Gen gold 4s
J
1943 a
Income 6s
O
1946 m
Wheeling 4 L E 1st g 6s
..1926 A
1928 J
Wheel Dlv 1st gold 6s
Ex ten 4 Impt gold
6s
1930 F
s
86
86%
Street
O
85
84
8034
9212
9034 Mar'17j
49
55
49
5534
60%
5534
Aug'21
71
June'21
69
7L
34
68%
70
70
70
5
23
25
25
25
of
Bklyn Q Co 4 8 1st 6s
1941 J
Bklyn Un El 1st g 4 5s
1950 F
A
A
Stamped guar 4s
1949 F
Chicago Ryfl 1st 5s
53%
30
53%
13
49l2
50
60
86
7212
73
3
70
7&
1955 J
J
7134
72
7212
72
151
0714
72»4-
i960 A
O
74
75
9!
ioji2
10914
51%
56%
Consol
83
89%
Building
60%
63%
Cerro de Pasco Cod 8s
Chic C 4 Conn Rys s f
88
Chlo Un Sta'n 1st gu 4)4s A.1963 J
J
1st Ser C 6 Xs (ctfs)
1963 J
J
Chile Copper 10 yr conv 7s._1923 M N
Co 1 tr A conv 6s ser A
1932 A O
*75%
85
82
J
59
Granby ConsMSAP
22%
32
Great Falls Pow 1st s f 6a
1940 M N
Inter Meroan Marine s f 6S..1941 A O
Marlaad OH sf 8s series A ..1931 a O
65
58
8
o?34 Sale
45
19571..
N Y 4 Jereey 1st 6s
fnterboro Metrop coll
1932, F
1*% Sale
4H®--1966jA O
12
L.
of deposit
Interboro Rap Tran
1st 6s.. 1966 J
Manhat Ry (N Y) cons g 4s.
1990 A
.
86
55
O
Aug'21
14
Sale
51*2 Sale
j
Sale
433
"~22
15
12
1234
83
5312
5<%
412
55
53
1
55
13
69 "4
4-6
82
86
11%
2H2
8*2
G334
6834
19%
58*4
58
00
6334
74
37
44
21%
25i2
54
Dec'11
J
J
J
Certificates
of
dl942 A
deposit
74i8
7414 Sept'21
50
Feb'2l
57
July'19
2)
21
20
Aug'21
21
Sale
21
J
If Y Munlolp Ry 1st s f 6s A.1966 J
N Y Rys 1st R E 4 ref 4S...1942 J
Certificates of deposit...
80 year adj lno 6s
74
15
6
O
4*8
1.
f* Y State Rys 1st oons 4148.1962 'M n
Portland Ry 1st 4 ref 6s
1930 M N
53
Portld Ry Lt 4 P 1st ref 5s..1942 F
6914
34
9412
9334
1934 J
J
1924 A
O
1927 A
O
....
27
Equit Tr (N
Gai
and
2
■%
65U
Y) Inter ctfs
Fa Ry Pow 1st 4 ref 6s
Electric
Bklyn EdlBon lno
gen
1934 J
Light
6s A..1949
General 6s series b
1930 j
General 7s seies C
General 7s series D
Bklyn Un Gas 1st
oons g
j
J
d
Olncln Gas 4 Eleo 1st 4 ref 5s 1956 A
O
83
8434
J
84
Stamped
...1927 J
J
Columbus Gas 1st gold 5s...1932 J
J
Oonsol Gas 5 yr oonv 7s
192o Q F
Cons Gas ELAP of Bait 6 yr6s '21 M N
Detroit City Gas gold 6s
1923 J
J
84
Columbia O 4 E 1st 6s
1927 J
Detroit Edison 1st coll tr 6s.. 1933 J
J
1st A ref 5s ser A
...*1940 M 8
1st A ref 6s series B
ft 1940 M 8
Duquesne Lt 1st 4 ooll 6s..1949 J
J
Eq G L N Y 1st
s
cons g 6s...1932 M
Havana Eleo consol g 6s
Hudson Co Qas 1st g 6s
1952 F
1949 M N
94%
1937iA
O
85
g
5s
Purohase money 6s
Convertible deb 6s
1997] A
O
96%
88I4
73%
1925 M
S
Ed EI 111 Bkn 1st oon g 4s. 1939 J
J
Lao Gas L of St L Ref 4 ext 6s '34 A
O
Milwaukee Gas L
1st 4s
Newark Con Gas g
5a
fVYGELAPgSS
Purchase money g 4s
Ed Elec 111 1st cons g
NYAQ El LAP 1st
1927 (VI N
82%
1948 J
D
73
1948 J
D
86
1949, F
A
70
6s...1995! J
con g
78
5S..1930 F
J
89
A
76
Peop Gas A C 1st oons g 6S..1943 A O
Refunding gold 6s
1947jM S
ChG L4 Coke 1st gug 58.1937 .J
J
Con G Co of Ch 1st gu g 58.1936 J
J
Ind Nat Gas 4 Oil 30 yr 68.1936 M N
Mu Fuel Gas 1st gu g 5s..1947 M N
conv g
5s... 1922 M N
96%
76%
99%
9334
9.(38 Sale
S
99
General Baking 1st 25-yr 6s. .1936 J
Gen Electric deb g 3>^a
1942; F
1952 M
Feb 1940 F
1st conv 6s. .1938 M
2612
36'4
Standard
60
69
Steel 4 Tube gen s f 7s
39
102l2
22
3
83
T
8!34
Aug'21|Sept'21
-
78
102
Apr'20|
87
93
-
102
90%
99% 10 >34
97% 102%
J
98l4 103
*8*958 *8958
91
94%
44
88
945S
90
82%
66
9,l2 8ale
10/
Sale
815s
Aug'2l
815)5
100
10-year 7^s
o
Aug'21
883s
83t2
53
7a%
4
July'17j
92
7634!
79
Aug'2 Li
103
Apr'17|
13
*il|
80%
9-3%
80
73
1930 F
a
A
9978 Sale
Sale
9
100%
59
91
«i%
92%
bo
86
91%
93
53
D
9258 Sale
O
8£i2
N
9i78 4 .«J
J
SI4 Sale
103%
92
Sale
J
20 yr p m 4 Imp s f 5s
5s
1932] J
D
a1920 M
3
Sale
S
o
No prioe Friday: latest bid and asked,
10
a
71
81%
7478
72
78
Feb'19
81%
1940
1952 M N
1st 5s
Lackawanna SteeMst
93
s
g 5S..1923 a
o
9u%
1950 M
S
75i2
J
85%
s
f 6s 1930 M S
83%
93%
90
Sale
Sale
77
%
34
93%
96%
8
86
93%
5
91
96%
75
76
70%
78
Aug'21
7o%
77%
Juiy'2i
Aug'21:
86
!
~77%
81
Repub I 4 8 10-30-yr 6s 8 f__1940
86
Sale
86
69%
Tenn Coal I 4
8
RR gen 5s
1951
8 Steel Corp—(coup
dl963 MN
f 10-60-year 5s/reg
dl963 MN
s
Victor Fuel 1st s f 5s
1953 J
Va Iron Cr -14 Coke 1st g 58.1949 M
j
%
<j5
63%
8,.%
8j34
91%
Sale
II"! "73"
70%
6»
'2
95
)
93
Sept'2l
52
Jau'21
83
Sale
83
J
83
72
Sale
76%
82
8
S
—
S
1
82%
Pocah Con Colliers 1st s f 5s. 1957
U
70"" "83%
8
93
95%
79
j
*82"
6234
St L Rock Mt 4 P 5s stmpd.1955
v 98l4
Ml g'2l|
203
88
9s14
81
84l2
Telegraph & Telepl
Am Telep 4 Tel ooll tr 4a
Convertible
4s
20-year conv 4His
68%
73
73
73
7-year convertible 6s...
78%
79
June'21
Bell Telepb of Pa s f 7s a
July'19
63
15
"68
106
83
83
73
79
79
80
76%
80%
86%
80
4
66
1
86
91
92%
96%
264
5 i
75
93
95%
52
52
81
85
< ne
1929 J
1936, M
1933;M
1946;J
1925 F
1945
*81* *85*
70
77
Cumb T 4 T 1st 4 gen
82
77
N Y
1924
Telep 1st 4 gen s f 4^8.1939 M N
F
A
s f 6s..Feb 1949
63i4
Northwest'n Bell T 1st 7s A.1941
1212
124
1014
Aug'21
10
1934
19'4
South Bell Tel 4 T 1st
81%
8212
59
75
83
West Union coll tr our 5s
1938
35
3684
27
33
73
Fund 4 real est g 4 His
101%
31
9834 112%
1960
193d
56i8
10
1937
Pacific Tel 4 Tel 1st 6s
15-year G'ss g
f 58.1941
s
87
125
101
2il
106
65
105% Sale
10o
82
30-year deben
61%
86
80
64%
2397
5s...1937
Sale
>2
9' % Sale
103% Sale
87% 83
84% S de
M N
98
Apr* 10
9 4%
84
,
Feb 21
82
9'34
4
June 21
82
91%
% Sale
84% Bale
59
72%
89
100%
Commercial Cable 1st g 4s
83
72
86%
91
8t>34 Sale
100% Sale
88%
86%
Cent Diet Tel 1st 30-year 58..1943
1
20
90
78
81%
62%
7i%
Juiy'21
30-year temp coll tr 5s
1015s
82%
78
Dec" 14'
79«4
Nov'20
May'21
7g Sale
67
Apr'21,
883g
83l2
Miscellaneous
1931 M
bi34
98
9
1926 a
78
101
78
1926
Mlcb State Teleph 1st 6s
*
95
87
71%
Nov'19
Atlantic Refg deb 6 M a
Booth Fisheries deb s I 6s
86%
15! 78%
12
747g
3,
I
76%
Aug'21
72
80
363s Sale
8u
95
6 $14
7712
d
93%
78%
1957
Sale
103%
91
80%
Utloa Gas A Eleo ref 5s
82
9-
10
1934
91%
S
107
Indus 1st 4 ooll 6s gu
Keystone Telephone 1st 5s—1935
S
103%
Cons Coal of Md 1st 4 ref 5s_1950
Mar*20
D
100
76
95
1926 m
9;
Juiy*2l!
77%
1925 m
98%
9534
76
I960
Conv deb 6a series B
9334
79
Utloa Elec LAP 1®' 8 5®
Alaska Gold M deb 6s A
8'
9
76
82
Armour 4 Co 1st real est 4 Kg 1939 j
Atlantic Fruit oonv deb 7s A.1934 J
95%
39
1943
08%
61
94%
81
8<
Mar'17i
85
62t2
12% Sale
10'4
14%
80
102
8
96%
68i2 Mar'21
75
88%
100
9
bo
73«4
May'19
June'21
6178
85
1922
81%
S
95%
5
,
93%
75t2
80
88%
81
Cababa C M Co 1st gu 6s
Colo F 4 I Co gen s f 6s
Lehigh C 4 Nav s f 4^® A..1954 j
7634
85
9i%
1
15
93
80
631s
721a
97%
32
91
92%
77%
78i4 Sale
8134
1944
m
102%
93l2
8G
Utah Power 4 Lt 1st 6s
1948
98
9
83
.1950
8jU
8
93%
96
"86%
76
1942 M N
J
1930 j
A
1st cons 5s series A
84" "9'2""
j
yj%
1920 j
Beth Steel 1st ext s f 6s
Debenture
1
43
87
%
88
& Steal
Illinois Steel deb 4^8
827s
I
79
90
90
100%
94% 100%
4
ygi4 Sale
1931 M N
8P2
90
*44
83i4 Sale
Oale
108%
87%
86
J
6s.. 1926 F
M 7s
8912
87
Aug'21
87
G9
108%
88%
88
10
31%
96
67
87
103
78
M.%
96
7758
87%
J
Wlckwlre Spen Steel 1st 7S..1935
79
8612
9U°4
823)5
...
26
D
Westlngb E 4
78
70
86
Union Elee Lt 4 P 1st g 6s..1932 M S
Westchester Ltd gold 5s
10/
J
el924 a
68i8
64'%
9.%
66
102
61
80
9H4 Sale
Refunding 4 extension 5s.. 1933 ivt N
United Fuel Gas 1st s f 6s...1936 j
J
▲dams Ex coll tr g 4s
1U.34
75%
83%
80
92%
7
80
84
71
l'
1922 J
1st 15 yr 5s..1923 J
Mid vale Steel & O oonv
76%
80
108
%
1
132
1947 J
1932 M
1922 J
Indiana Steel
70
conv
Elk Horn Coal conv 6s
*81 " "m"
N
12-year 8 f 7^8
West Electrlo 1st 5s Dec
Col
"73" " *7634
80 :f4
7214
9<34
8
106'8 168
I
82
9-34
lu/
Sale
gq
7i
82
Jau'2i
Buff 4 Susq Iron s f 5s
78% May'20
7034
Sale
80
66%
" "75"
Dec'20
84l2
7 ;78
85
1st 4 ref 5s guar
June'21
9712
295
J
Coal, Iron
92
84%
4i
102^8
1931 J
Conv deb 0s
86
75
75
10-%
iO'l2
7.'s
Nov'20
Va-Caro Chem
3/,
Aug'21
89
-0.34 I0U2
102l2
b0%
86
91
773s
78
88%
80U July'21
101% Aor*17
8578
86
~73~ IIII
A
80
75
87is
7612
Feb'18
75
S
/6
J
81
6
75
D
1949 M
8j%
1930 J
75
75
J
6/
O .le
Stamped
Union Oil Co of Cal 1st 5b
U S Smelt Ref A M
95
81 >8
Sale
88
U2%
8512
8912
12
87i8
98
S
Juue'2i
8314
80i2
SU34
Sale
65
90%
70
92
series A
99%
66
bi
1st 4 ref 5s
101)
89%
0^14 Sale
82
84
U S Realty 4 I oonv deb g 58.1924
93
89%
1
J
U 8 Rubber 6-year sec 7s
-
8734 Sale
77
8 '%
J
85
97
72
'a
C. 1951 J
71
82%
94
8S34
7514
90
99
Union Bag 4 Paper 1st 5S...1930 J
9512 105
79%
79
104
21
10 yr8s,193l
9512 101
|
483;
0.%
97l4 Sale
P
Sharon Steel Hoop Is) 89 ser A '41
101
105
3
>
9 ;'S
6."8
A O
M S
1930 M N
3078
30
101% 106
II 02% 77
A Kr'ai
7
86%
102
96
99%
99
Sale
92
52%
53
6912 Sale
a
29
S9l4
8)
12
93
88%
8912
o
26
75
Sale
W
8G%
89%
89%
387
Zx
70
70
55
,
104
10414 Sale
62*2
b-l's
7478
75>4 78
75
91
...!i
21
64
9«%
98%
97%
65
A
1951 F
U8
94i2
Sale
JuL
5g
y8'2
92%
U
1944 A
A
:
-
8
Agrlo Corp 1st 20-yr 5s. .1932 M N
1947 j
9U
98
V
93 34
Mar'2^
t>0%
88
181
byi2 Mar'ax
Sale
Sale
O
D
4~
75
7G
90 i8
Distill 8eo Cor conv 1st g 6s_1927 A
Pont Powder 4^s...l936 J
30%
8234 Sale
79i8 7934
73
9014 Sale
8<»34
du Pout de Memours & Co 7 M* '31 M
Fisk Rubber 1st s f 8s
1941 M
Apr'21
102%
89%
7o
8y34
Feb'21
87
92
N
93 34
61
86
103
D
Trenton G A El 1st g 5s
5)
92
18
1926 J
f 6s
99%
.
80
93
Syracuse Lighting 1st g 5s...1951J
Syracuse Light A Power 6s..l954'J
oonv s
97<4
Pleasant Val Coal 1st a f 5s..1928 J
Corp unifying 4 ref 5s....1937 M N
Pacific G 4 E gen 4 ref 5s. ..1942 J
J
Pao Pow 4 Lt 1st 4 ref 20 yr 5s '30 F A
Pat 4 Passaic G A El 5s
1949 M S
Philadelphia Co
80
67
J
Pacific G 4 E Co—Ca G 4 E—
Stand Qas 4 El
73
10
Au,4'2l
Aug'21
s
*107
(b%
88
83iS
90%
87%
71
bo
70
77%
7u
83
11!
82%
7.34
1934 M
ser
04
7734 Sab a
71
?ii2
1930 J
Milling 1st 6s
99%
102
100
1
97%
Sept'2l
90U
26
94%
86I4
90l2
O
f
99
Mot»rCir
105
101
1
38
93
74
89
83%
69%
,
8J'2
94% Sept'21
81% Apr'21
Sale
12
a
89% Sept'21
96
10.34
D
83>2 July'21
....
213
1951 F
83
73
O
Kan City (Mo) Gas 1st g 5S..1922 A
Kings Co El L A P
A
4
714
j
93
59
cka rt
88
IOT4
Jul '-A
9(jl4
N
9312
62
8712
83
93
36
Sale
1u3/8
104'4 Sale
1944
82%
92%
"70" "74 "
90'a
Sale
7378
36
s34
476
9034
Mar'21
90
9234
72'2
36
Sale
9i>4
68%
9434
91
o
1930 J
91
94
57«4
A
a
1942 M N
89
87
J
Brake
78
671s
....
12
S
Y Air
83
i2
Cuban Am Sugar 1st coll 8s 1931 M
Diamond Match s f deb 7 Ms. 1036
1st 5s
89
7">l4
N
a
National Tube
8 U4
2
1929 j
28
9U2
|
83
1931 M
Nat Starch 20-year deb 5s
82% Sale
83
5212
65
90
89%
63
9334
68
2
93
76
6
93)8
5s
13
8.12
A
Liggett 4 Myers Tobao 7-
I
67
N
6a
93
8912
91*2
6i
9214 dale
1936 F
f 5s
86 is
83
673s
1940 M
s
791*
72
90
63
July'21
7U2
62
89l2
Baldw Loco Works 1st 5s
25-year
1
....
118
68
Cent Foundry 1st 8 f 6a
19311F A
Cent Leather 20-year g 5s... 1925! A O
Corn Prod Relg a f g 5s
1931'M N
Cuba Cane Sugar conv 7s
5
S212
74
60
8
82i2
5012
79
77 'a
s
82I4
1931 M N
8818
82i4
9S58 Sale
r conv
54
39
Sole
7i2s g
Ati 18 Powd
20-year deb 6s
81%
92»2
8J12
Goo 'year TlreA Rub 1st sf8s'l94l'M N
75
9J34
90
82
19
1941 F
1£
1st 0 6s
Am Stn 4 R 1st 30-yr 5s ser A 1947 A
Am Writ Paper e f 7-0a
1939 *
Debenture
25
Sale
72
8212 Sale
70
IOH4
12
8/34 Sale
47
75
87
79
79
10134 Sale
65
84%
8oi2
78i2
a
65i2
70
8634 Sale
y,i4
1j»I2
May'2i
S4
92«4
97%
99%
97H Sale
47
8412
8ol2
125
97 '2
51
65
....
84
Sale
97
6212
27%
10i34 Sale
24
9334
30
86
.*•
..
67
05%
100% 101
si >4
Sale
5S..1945 M N
Am Agrlo Chem
LSI ref s
7i2s g
Am Cot Oil debenture 5s
89%
77i2
8812
\
^.1928
conv s f 6s
82
17
Aug'21
6u%
93
188
39
3H2
2912
J
conv
74*1*8 *74%
4034
O
84
43
Manufacturing and Industrial
Int
31
Aug'21
Sale
82% Sale
1940 J
52%
65
J
1930 J
"
A
Water Oil 6 4s
1931 F
Union Tank Car equip 7s...1930 F
Wilson 4 Co 1st 25 yr s f 6S..1941
57
Feb'17
67i
61
44
Union Tr (N Y) otfs dep
63
37
94
...
United Rys Inv 5s Pitts lss_.1926 M N
578
46%
74% June'2l
52%
.54
68
United Rys St L 1st g 4s
St Louis Transit gu 5s
United RRs San Fr s f 4s
6J2
3
72
Undergr of London 414s
54
318
75
Trl City Ry 4 Lt 1st s f 6s.. 1923 a
1933 J
10
69
81
..1948
39
6
4%
Aug'21
22
16
56
8258
Inoome 6s.
1
21
73U Sept'21
Sale
5s
I0-yr73l930j
E I du
68
82
1937 J
50
71%
53i2 Sale
a1960 A
50
*17% "25""
55
"II *76 '
1960 J
74
75
54
9034
Portland Gen Eloc 1st 6S..1935 J
Adj Inoome 6s
Third Ave Ry 1st g 5s
514
4i2
518
80
A
8t Paul City Cab oons g 68..1937 J
Third Ave 1st ref 4a
Saie
71%
6712
A
1945 M N
Tide
1st
*75% "93" I
O
7'2s
1925 M N
Standard Oil of Cal 7s
al931 F A
Tennessee Cop 1st conv 6S..1925 M n
10-year
23%
52i2
52%
Transmission
J
O
82
79
,9%
635)5
N Y Dock 50 yr 1st g 4s
1951 F
Niagara Falls Power 1st 6s.. 1932 J
Ref A gen 6s
al932 A
80i2
90
Sale
57
Juiy'21
Montreal Tram 1st 4 ref 6s..l941:J
New Orl Ry 4 Lt gen 414s..1935 i
Sept 2i
90
78
90
62
25
75% Sept'21
8 7
107
101
89i8
96l4
7914 Sale
61
19
71% June'21
Aug'21
60i2
12
93
79
57i2
Sept'21
70U
Aor'20
60
12
J
May'21
95
58
43
A
~87" IIII
82
Sinclair Con Oil
20
A
82
IIII ~'81~
Pan Amer. P.& F.lst
42
Refunding 4 exten 414s...1931, J
77
Pub Serv Corpof N J gen 5s_.1959
41
MIlw Elec Ry 4 Lt cons g 5s. 1926 F
8
Ontario
Market St Ry 1st cons 59
Met W 8 El (Chic) 1st g 4s. .1938 F
80
82
2478
Sale
....
945s
7678.
80
fcO'4
54%
72
25
60
55
6334 May'21
7034
7212
Col 4 9th Av 1st gu g 6S..1993 M S
Lex Av 4 P F 1st gu g 68.. 1993 M S
150
18
65
Apr'21
73
53
64
S
7178
53
5478
D
Sale
73
68
57%
1924iM
6 7i
83
5314
Metropolitan Street Ry—
Bway 4 7th Av 1st o g 5s..l943'J
29
94
Nor States Power 25-yr 6s A. 1941 a
Ontario Power N F 1st 5s...1943 F
4 Ma
a f
"77"" *8278
iOuU
82
67
Stamped tax exempt
..1990 A O
Manila Elec Ry 4 Lt s f 6s__1963 M R
"93
"*2i|
6l34
L0u78
933g
8J12
873g
4«%
I
8s.. .1936 M N
f
s
8H4
1)6'4 dale
9t58 Sale
93
*178 "59"
68%
45
s
Mar'I
68
76
10414 111
0778
90
Nlag Lock 4 O Pow 1st 5s... 1954 M N
53%
37
.1
Jan'20
67%
4234
Sale
8J
9
59
Petroleum
in
74's Sale
1(M<»4 Sale
7914'
72
69i2
|
9 84
9i34
9-34 Sept'.l
22
53
1957|F
J
A
July'21
5418 June'21
58
6s
J
1939 J
55
5834 Sale
Adjust Inoome
1943 J
Morris 4 Co 1st
55
J
Ft Smith Lt 4 Tr 1st g 6s...1936 M
Hud 4 Manhat 6s ser A
Montana Power 1st 5s A
08
July'2i
cons g
5034
55%
53
June'21
Det United 1st
33
39
69
62
1925 M N
40%
58
61
1928 M V
Mexic
63
6234
con
73
68
61%
J
6s A 1928 M N
65
67
5914
1 6S..1941 J
s
Conv deben 8s
69
J
O
71%
67l2
j
5s...1927!A
71
69
A
J
i »
63%
68
1927 F
1951 J
4^g._1932 J
4^8
guar
J
...
66
Sale
64
ex
Stamped
Dec'20
Sale
uU
r
51%
Dec'20
64
40
Computing Tab Reo
May'18
Aug'21
*
50
64
1/%
6a
47
24
Conn Ry 4 L 1st Aref g4Hs 1951J
Certificates
8612
72'2
86
73
S4
O
80
52
High
8334
1952 A
90
68
4
15
50*2
Low
A
Bush Terminal lit 4s.
25
52
49% Sale
A
Nassau Elec guar gold 4a.. 1951 j j
3U2 Sept'21
53
J
Stamped guar 4 6s
1956 F
Kings County E 1st g 4s.. 1949 F
35
Sale
5312 tJJd
52
J
deposit
No
High
Braden Cop M ooll tr s f 6s..l931 f
<T
Sept'21
Jan. 1
79%
....
Sale
71
3112
J
secured notes...*1921 J
Certificates of deposit stmpd..
Bk City 1st oons 5s.. 1916 1941 J
J
Bk Q Co 4 S con gu g 6S...1941 (VI N
Stamped
5
or
68%
Oct'20
83
68I4
98
81%'
84 I
Ask Low
Bid
High
Sines
Ratios
Last Sals
78
Railway
Brooklyn Rapid Tran g 58...1945'A
1st refund oonv gold 4s
2002 J
Certificates
7,
Aug'2l|——|
84
84
A
Sup 4 Dul dlv 4 term 1st 4s'36 M N
25
Sept 16
66%
Oct'17
O
Refunding 4Hs series A...1966 M
RR 1st consul 4s
1949 M S
Winston Salem 8 B 1st 4s
1960 J
J
Wis Cent 50 yr 1st gen 4s
1949 J
j
3 yr 7%
543s
55
pi943 Nov
Western Pao 1st ser A 6s
No. Low
High
1946 F
West Maryland 1st K 4s.....1952 A
West N Y 4 Pa 1st g 6s
16
Week ending
Hangs
Friday
SeVl 16
If. Y. STOCK EXCHANGE
Jan. 1
Week's
trios
BONDS
Ratar
8
Range or
Last Sals
Ask Low
Bid
Wash Terml 1st gu 3 HJs
4*
Week's
tries
BONDS
H. Y. STOCK EXCHANGE
5
81%
97
,
73%
83
63
77
80
90
77%
87
94% 102
100% 106%
86
86%
64%
64%
78
82
85*" "9l"%
43
75
55
87% 97
96% 103%
84%
10%
105%
87%
87%
83%
8 4%
9
80%
84%
887,
4
83
82
6
77%
89%
82
101
486
143
16'
80
99
87%
101
Feb'18
Due Jan. ft Due April,
c
Due May.
g
Due June,
ft Due July.
* Due Aug.
Q
Due Oct.
p Due Dec.
s Option sale.
BOSTON STOCK EXCHANGE—Stock Record
HIGH
AND LOW
SALE PRICE—PER SHARE,
Monday
TurMav
Wednesday
Thursday
F'idav
the
Sept. 10.
Sept. 12.
Sept. 13.
Sept. 14.
Sept. 15.
Sept. 16.
Week.
122
122
*120i2 122
12134 124
122
122
.
I
122
123
123
1
Lowest
100
Apr 16
6178 Jan 11
100
78
100
15*4June20
Boston
48
66
6612
67
68
68
70
83i2
83i2
84
84l2
84i2
*84
89
*84
*17
18
17
17
18
18
17
17
*17
18
17
17
Do
100
Boston & Maine
93
119
Elevated--
Boston & Albany
682
89
6612
83
6914
pref
169
70
6512
Highest
Lowest
Highest
Railroads
123
66
83%
65«4
Year 1920
EXCHANGE
Shares
*83
Range for Precious
Jan. 1
STOCK
BOSTON
for
Saturday
Since
Range
STOCKS
Sales
NOT PER CENT.
1^9
Jan
129*4 Feb 25
79
Sept 15
86
May 24
2534 Feb 8
7
119
Feb
134
60
May
68
Nov
Oct
74*2
Dec
89*2 Nov
13*2
Dec
40
4
25
Dec
49
Oct
Jan 21
124
Jan
143
Mar
Dec
25
Oct
Sept
■
■
*125"
23
*19
23
127
*126
127
*
23
*.-..
126
23
*l26~
126
|
Last Site 24
127
75
*70
*38l2
Ye"
15
*130
*130
*130
*70
75
—
*70
75
*70
I
J
3812
*38l2
Feb'21
3%
Mar'21
No par
pret.No par
Chic June Ry & U S Y
100
Do
pref
-.-100
15i2
15's
'l5h
15'2
*63
*en2
6012
6H2
*6012
*52
*52
52
52
*52
60
*60
*60
*17
*17
21
*70
60
19l2
4412
*52
53
*.04
*44
53
|
.10
*.04
3U
3
3
12%
12
12
90
I
90
*76
*76
52
52
44l4
*52
*.09
.10
3 I
12 I
1073s 1075s
278
*2%
I *11
107U 107l2
90
44
*.04
.10
*3
10718 107%
|
53
4312
*11%
53
*61
*52
60
60
j
53
53
15i2
15U
1514
*1334
I
1534
15i2
1534
*77
*1334
15
*.70
15%
*234
3
*11%
12
*.70
1
*.70
1
*.15
.50
*15
*.25
.50
*.25
i
90
108
.50
*.20
.25
.50
*.25
.50
lli2
11%
*312
1134
2834
113s
I
"
*11
12%
*11
1212
4%
13U
*3%
12
414
12%
*3l4
12
1218
26%
28%
27
283g
2734
28%
94
98
*100
152
152
150
*3%
*12
'I
*11
*.25
.50
<*
8U
*iou
—
11*4
*
10»2
105
150'2
8%
*22%
23
23
23
24
24
24l2
24l2
*36
37
36
36
77
77%
*2«4
77%
3%
*5
15
+
"2~
2
*5
15
27,
*2%
8
8
*15
16
2%
734
16
*80
56
56
60
60
-*118
~
15
152
152
150
153
*1012
8I4 *5i2 *
*22%
2412
*36
*5
2l2
25s
8
8
16
*15
*80
2412
24V
39
36
36
*234
7714
3i2
*5
15
,
2*4
2&S
8
814
16
16
I
2414
2412
36
37
*234
*2i2
8*8
16
102
102
102
102
634
5U
5
102
102
,
6*8
7
47g
5*4
102*2
20l2
193s
21
102
163*2 16312 *162
164
.
16
"*412
*14
I
*
5*4
14
14*2
*-
16
*4*2
96*2
97
50
—
50
50
*48
50
1378
13*2
*13
137g
35*4
13*2
35
24
2334
17*4
17's
2078
137s
*13
35
35*4
2334
24
*23*2
17
20%
237g
17*4
207s
35
*23*2
17
20%
7*4
*8
17*4
21
*684
*8*2
*9
7*4
7*8
7*4
9
87«
87g
13*2
*17
I
18*2
t>
21
17*2
*_...
10
*8*2
*8*2
11
17
17*2
Last Sale
9 684
*13
35
5*4
2034
8
8*2
11
11*2
17
17
20
20
10
10
*8*2
7*2
8*4
95*2
35*2
"*9~
1134
2814
37
7714
.07 Jan
12
10
14%S
Refining.
Prod &
Boston Land
""285
Eastern
5,235
Eastern SS Lines
539
Do
434
Edison
Y.370
Manufacturing
167
81*4 July
70*
Nov
83
.16 Feb
9
Electric Ilium
3
Jan 10
2
Jan 17
193
100
15)
Sept 15
164
8
June 23
17
Gardner
No
par|
11
lc
Nov
Sept
Apr
Jan
Dec
19
Jan
*
10
Nov
38
Apr
14
Dec
35*4
Apr
25
957g
50
50
17*8
734
13
*11
16
*11"
17*8
*18
19
*18
Last Sale 20
8
Ye""
19
10
11
McNeill
&
Llbb._
2*2 Aug 29
7'4June 21
10
10
The itres
Linotype
Investment Inc..
National Leather
Dec
45
Jan
Dec
80*2
8*8
Feb
3
31%
Apr
18
6*8
IO'r Nov
Oct
Jan
Jan
Apr
7
c9*2
Apr
el2*2 Sept
92*2 Feb 23
89*2
Deo
101*2
Jan
86
Nov
June
85
Jan
8
68%
59*4 Jan
6
64
May
9
57
June
100
117*2June
9
122
Jan 26
118
Nov
35*8 Apr 25
9*4 Jan 13
15
Dec
53
Jan
Dec
12
July
82% May
101
Nov
14
10
Aug 25
6*2June 28
10
—
Orpheum Circuit Inc
Jan
Mar 28
100
New England Oil Corp
|
218 New England Telephone.. 100
1 Ohio Body<fe Blower
No par
4
7
6
Aug 26
95*2 Jan
17
1
3
July 26
Aug 25
7%
Feb
63% Nov
138*2 Jan
Aug 18
105
May 9
10*2 Jan 7
30*4 Apr 29
167*4 Feb 18
9
Dec
36%
23%
Dec
34% Mar
140*4
Dec
176%
Jan
Jan
Jan
146
Jan
3
80
Mar
8
87
Feb 17
85
Dec
99
12*2 Apr 14
14
Jan 10
13
Nov
16
Root & V Dervoort CI A No par
Simms Magneto
5
17
24
Mar 23
17%
Dec
55
Jan
5
Nov
25%
Apr
Swift & Co
88*2 July 11
1
Pacific Mills
Plant
(Thos G) pref.
Reece Button
United
Do
238
100
Hole
10
100
Jan 29
4*2 *
.,
•
1
9*4May 2
IO534 Jan 12
25
47
June 16
61
Feb 15
;
5
12
July 12
22
Jan 10
Shoe Mach Corp..
25
pref
25
...
Ventura Consol OH
465
Waldorf
Fie ds.
8ysteralnc-.
5
10
133
Waltbam
205
Walworth
175
Warren
Bros...4
50
172i
Do
1st
50
Do
2d
'""115;
96
Dec
Mexican
Sept'21
Dec
4
pref
Mergenthaler
2,030
80
47g Mar 18
13
Jan 11
Union Twist Drill
21
86
24
Torrington
17*g
29*4
74*2
8
30
21
60
Apr
Dec
7
37
17*2
Dec
16
40
Jan
2,900
21
May
Jan
35*2 Jan 17
25*2 Apr 18
41*2 Feb 7
Jan
36*2
24
June
13
137g
2O84
24
26
32
Do
583
Dec
32 %
1
July
Aug 3)
95
*13
36*4
8'
3
Sept 10
54
14
Jan
2
June 15
Sept'21
8
17
73
June'21
Nov
36*2
100
oil
I
164
Dec
No par
pref
25
85
Apr
May
Aug 19
McElwaln (W H) 1st pref. 100
Massachusetts Gas Cos... 100
Aug'21
88
140
15*2
8
23*4 Apr 12
6
Libby.
24
Dec
Aug
75
July
Loew'g
163*4 163*4
Dec
15*2
62
100
pref
Island Oil & Transp Corp.
"""780
Jan 25
Jan
6*2 Mar
36*2 Jan
28% May
June 20
Do
2,127
*
Dec
19
Internat Products
22
21
8
14
13
14'4 Sept
36
J
350
3*8
Nov
50
Do
325
3u
12
Internat Cotton Mills
5
1,163
Jan
*2 }.•,
378
3
Internat Cement Corp .No par
15
July'21
13V
1
•
62
1°1*2 102*2
7
9'>s 1
5*2 Mar 8
22*2 July 28
50
Greenfield Tap <fe Die
55
23
16
70
No par j
Motor
L)
25
2,216
1
Nov
100
Elder Corporation
Gorton-Pew Fisheries
24
11*2
5
Inc
pref...
4
812
15*4
6%
658
8*2
Apr
71
20
7
.50June 24
8
14
734
80
7
9
II
i >1;
278
119*2 119*2
20
4*2
6
Jan 21
16
2334
173g
11
Feb 24
Inc..
160
21
10
150
3l2
24
10*2
73
Construe
Mar 30
May
Jan
237g
17*2
20
9>
3 *2 May
734
96*4
734
8*4
3
Mar
Nov
10
363g
8*2
109
Jan
7*4
3*2
13*2
10034
East
353g
7*2
3
74
Feb
Feb
Jan
July'21
13*2
Last Sale
5*4
96*2
50
1 *47*2
13*2
35*4
17
*13
16
96%
I
51
*13
2078
*
50
97
*50
96*8
16
13*2
*4*2
9534
*4*2
5*4
*13
14
96*8 Jan
Amoskeag Mfg
Dec
1
5
13*2 Jan 10
4*2 Feb 11
Last Sale 80
14
14
4*2 Apr 30
May 2
15
No par
3c
9*2 July 27
16
19%
19%
19
19
163*2 163*2 *162*2 164
2012
5
10
*2%
Last Sale
21U
21U
163% 163%
Jan
Apr
*2'4
i
July
Aug
3
7
60
I
48
54
Dec
60
5i2
Dec
49c
5612
5
June
36
1*8 Jan 10
60
6%
70
9
9
9
55*2
6
Jan
9
lk
.25 Mar
80
7i«
15
Feb
44*23
10
56i2
5%
Jan 12
76
Century Steel of Amer Inc.;
Connor (John T)
1
60
634
27*4 Oct
8934 Nov
4534 Jan
55*2 Jan
21
Aug'2l
80
71#
Apr
Apr
5414
6
July
86
3%
60
7
Jan
89
Dec
10
17
1
86
July
1278
54%
15
Dec
77
60
Dec
60
14*2
76
Jan 27
Jan 19
3
Atlas Tack Corporation No par
Beacon Chocolate
10
380
419
119*2 119*2
Feb 23
75
Dec
54
7
75
76
Nov
55
12012
1434
1534
5
62
14 34
Jan 12
6O0
60
|
Dec
23*4
Sept
37*4 Sept
Jan 10
547«
15
Jan
75
Jan
60
119% *U9
86
Dec
4
80
15
Jan
Dec
32
6*8
56
15
132
65*8
.95
80
119t4 *117
Jan
4
3
8*2 Jan
Metal
130
Feb
73
50
Amer Telephone & Teleg._l00
Art
Feb 20
43i2 Feb
Jan 21
2
25
pref
Do
pref
No pari
Anglo-AraCoraralCorp.Afo par
July'21
8
130
4*4 Mar 18
37
278
Mar
.15 July 25
I
16
Mar
11
10
27%
312
778
16
218
7
Nov
par\
---
Last Sale
23/
2,699
5
Dec
3
I
j
.10
Pneumatic Service..
8
75c
Jan 28
334 Feb 16
Boston Mex Pet Trustees Wo
7714 *----
*80
5%
102
*
3l2
15
7
102
23
2478
77
~*2h
11
Do
Jan
.04 Aug
.99
Bigheart
11'2
103
Ampr
10
Aug'21
IH2
2812
200
May 24
Jan 3
49
50,
pref
Amer Oil Engineering
15
70
40
10c
Mar'21
Aug'21
103
103
152
152
I 15012 152
Last Sale 8*8
Aug'21
1034
11
11
IH4
Last Sale 5i2
Aug'21
23
23
i *22l2
23
103
5%
*22i2
23
50
Jan
.25 Jan 29
Apr 29
Jan
8
16
Last Sale 3%
11%
2712
8I4
1012
12
Do
135,
Aug'21
60
15
.
103
pref...J.
End Street..
West
June'21
55
118% *119
15
103
♦
5%
4V
1134
103
,
IH4
29l2
101
*
1034
6% *
414
100
100
Vermont <fe Massachusetts. 100
10
*77
10
16
*14
16
I *14
Last Sate *4
Last Sale 4^4
Last Sale -15
Last Sale -30
1
1
*.15
90
Last Sale
15%
12
108%
90
90
*77
*.70
~
Aug'21
2%
2%
*11%
1075a 108
90
15i2
1512
52
pref. 100
Miscellaneous
Last Sale .04
278
76i«
Rutland
April
Aug 16
Mar 31
Apr 23
6»
52
58
New Hampshire. 100
Northern
Old Colony
July'21
52"
100
H & Hartford
N
Norwich & Worcester
4
14
60
"416
Last Sale
*1334
N Y
2,463
6
....
Last Sale 70
44
1478
29
19
26
16
36'4 Mar 19
13*2June 18
100
Central
30
133
.75 Jan
3*4 Jan
130
Feb
63%June
pref..
Maine
10
1612 Aug'21
Last Sale
12
76i8
60
x44
.10
*1334
15%
1434
15
*52
1
107i2 10734
90
Aug'21
Sept'21
*38%
*61
19V
90
...
I
44%
90
90
Do
Bost & Wore Elec
Last Sale 72
*38i4
1434
60
*70
*70
i
44l2
*11
*1712
■
*70
44%
60
Last Sale 130
75
38l2
15i2
100
Elec.ATo par
Last Sale .75
June 22
110 June22
.25 Jan 29
20
100
pief
Boston Suburban
Last Sale
*38*4
155s
Do
Boston & Providence
38
127
Jan'21
25
Last Site
*130
1
Aug'21
125
127
*120
Watch
100
Manufacturingpref...
pref
Wickwlre Spencer Steel...
20
33Se
1
39*4 Jan
22*4 Apr l!
16*4 July 16
1678 Jan 5
25
V*8
V A : 29j
8*4 Sept 14'
11
Apr 13
17
Aug 12
50
18
Apr
5
8
July 12,
.4
Mar 29
6
97*2 Nov
1
Jan 14
19
Mar
22
May 18
4
50
Dec
21
N
Jan
133
Jan
76
Mar
w
28
33*2 Dec
22% Sept
12% Feb
49
Apr
Jan
15
Dec
Apr
Jan
Feb
26
Feb
19
Mar
17
Jan
14*2
Dec
23*4
44%
17
Feb 18
14
Dec
26
22*2 Apr 28
29*2 Apr 18
Deo
39%June
27
Deo
33
30
Jan 11
25
Deo
35
Jan
18's Jan 11
15
Dec
32
Sept
5
19*2
Jan
Mining
.75
*.50
47
4534
.50
*.25
*18
20
*1'4
8*2
2
8%
*.50
47
♦.03
230
.05
231
14*2
147g
20
2
2
8*4
*8*2
9
34*2
*1»4
6*4
93s
*1*2
*2*4
134
35
*.60
.05
230
239
9
34
35
*8*2
3334
*134
63g
I
6*2
9*2
1»4
6
*1%
6*2
9%
1«4
9*4
17s
*2*2
*1*4
.75
*.60
*9
1*8
3
*2*2
134
2
*.50
.75
66
66
84
84
4
1478
*8*2
34*2
*1*4
6*2
9*4
1%
*1*8
3
IV
*2*2
*134
.75
*.60
*82*2
19*4
1
*.90
*2*4
*1*2
1%
3
2*4
*1*2
3*4
*.03
230
83
*3*2
2*4
1*4
1*2
33s
9*4;
178
8*8
10*4
83
*.98
1*2
6*2
*18
67
1
1*4
1%
3*4
2*2
*.25
66
*18*2
19*2
*3*2
3434
*.50
*47
66
3
2*4
230
9
*18
*3
1038
15*8
84
1«4
*1*2
103s
*.03
2*4!
4
8*2
.05
*1*
3
1*4
14*4
20
*2*4
*1*2
8*4
19
1434
*19
*.98
*8
.50
14*4
*8*s
*82
*3*2
1»4
2*4
66
66
19
.75
47
10*2
*.03
239
46*4
*.20
.20
*18
*10
♦10
*.50
.75
47
.20
2
1*2
3*8
.1**
19*2
4
1
2*4
2*4
2
1*8
3*4
3*8
*.98
*2*4
*1*2
*1*4
*1*2
3
.75
9
2*4
4*2
10
4*2
*.25
.50
*.25
*1*4
*23*2
27*4
1*2
24
27*4
38
38
38
38*2
97s
19*2
3*2
1*4
*1*2
234
1*4
33g
2
1*4
1 4
3
137g
.50
50
137g
|
4*8
4*2
934
934
97g
79
23
I
*25
28
!
25
25
25*2
25*2
*25
27
*37*2
38
38
38*4
*37
39
36
36
*35
37
*35
37
*1*8
*22*2
1%
23*2
*.85
.95
.99
.99
.90
.90
.90
*-50
1*4
*.50
1*2
*.50
1*2
Last Sale 1
*.07
.10
*.07
.10
*.07
.10
*07.
*3*4
158
1*8
334
*i
•10.
.50
1*8
.
*1%
*.48
12
*.25
*
3*2
3
3
3
1*8
1%
1*8
1H
1*1
1*4
1*2
1*4
1*2
1*4
1*4
.50
.46
.50
*.40
.46
*.40
1*4
2*«
*3*2
2*8
*2
4
*3*2
1*8
1*4
1*8
1*4
1*8
1*4
*1*8
*.45
.50
*.48
1%
*1*S
1*4
138
.50
*.45
.50
12
.50
*11*2
12
*.35
.50
Bid and asked prices,
*2*4
1*2
IV
1*4
3
134
*1*4
1*8
*.40
.50
Kerr
pref
Royale Copper
Lake...
Mason
Mass
Mohawk
New River
Do
115
Company
Nlplssing Mines
630
North
Butte
7*4
16
5
5
Jan
5'4
Dec
0% Mar
2*2 Jan
7
15
25
Jan
Jan
2
75
4
Jan
16%
48%
6
22
Jan
Jan
40%
3*2 Jan
St
1*4 Jan 25
Jan
Apr
Dec
6
2
40c
409
Dec
Jan
25
Jan
Apr
Jan
Aug
16*4 Jan 3
2% Mar 14
25
Jan
4*2
15%
10%
50c
75
Aug 16
Jan
42
6
1
1
Feb
i2
Jan
3*4
Feb
June 20
25 Mar 18
Sept 12
May 11
Apr
Jan
4
60
Jan
Sept
Nov
82
June
%
Dec
38
Jan
7
2*8
Dec
5
Mar
134 Apr 12
3*4 Feb 16
2*4 Feb 11
1*8
Dec
334
»i
'
1*2
Dec
1*4
Dec
2%
4%
3%
Jan
Apr
Jan
1*4 Jan 22
2
Sept
3
90c,
Dec
3
Jan
.55 Apr
35s Jan
8
1%
Dec
5%
Jan
5*4 Jan
8
3*4
Dec
11%
3'2May
5
1%
40*2
12*4
Jan
Jan
Dec
72
Mar
Nov
24
Jan
35c
Dec
9
2*8 Aug 11
1*4 Aug 4
43*2 Jan 3
12*4 "»> »t 2
55
May 5
1634 Apr 25
.95
.50 Apr 25
40
Feb
4
57
73*280
95
l~
July 14
Mar 23
Jan
7
Dec
7%
7*2
Jan
May 10
21
Mar
48
Oct
7
79
Feb
95
Sept
8*2 Jan 20
12*2 Feb 21
7
Dec
Dec
12*2
21%
Oct
80c
Mar
15
8
25
.15 Aug 11
.50 Jan
7
25
1
1?8
6
8
*4
1
Dec
2%
Jan
Apr
Jan
23
175
Old
25
15% Jan
25*2 July U
15
Dec
37*2
Jan
Jan
25
25
110
Osceola
25
21
Aug 10
33
May 14
20*2
Dec
58
Jan
36
38
226
33*2 Aug 25
43
May
3
34*2
Dec
65
Jan
36
40
Quincy
Mary's Mineral Land..
25
*35
25
28
Apr 26
25%
Dec
58
50c
Dec
2
Jan
10c
Mar
2%
Apr
25c
*22
.90
.90
"~50
260
Aug'21
234
190
1*2
1,600
1% 1%
1,270
Mining
Dominion Co
St
Shannon
10
.75
South Lake
25
1
South
Aug'21
234
1*2
OJibway
Utah M & S
5
Superior
25
Superior <fc Boston Copper.
Trinity Copper Corp
10
5
5
5
Tuolumne Copper
Aug 18
3
40
Jan
3
1
Jan 22
6
Jan
Dec
0%
Jan
l%July
4
8
4
8
Feb 15
.34 Aug 19
.75 Jan 17
ia4 Aug 16
3
Jan
3
5
Jan 12
.40 May
25
.35
*11*2
12*2
12*2
VlT'21
ft°' .50
25
8*2 July
vVvindoffe
25
Jc-A-umueud.
Jan
Dec
Dec
I
25
A Ex-n^uto.
Jan
2%
Winona.
e Assessment paid.
.12
Jan
3c
Wolverine
Lad S
Jan 18
4*2 Feb 11
Victoria
10
2
2*4 Feb 17
120
Metal <fc Tunnel
'At Jan 28
June 23
1
800
Utah
Mining
Jan
2*2 Aug 10
.04 Mar
.50
*.40
3
Jan
.45
2*4
3*2
4%
1%
77
4% Mar
14% Jan
Deo
Aug
1
5
North Lake
3*2
Nov
100
942
Dec
1
100
pref
25
Dec
39
25
New Cornelia Copper.....
New Idria Quicksilver....
6*2
25c
25
....
Oct
Dec
.95 May 27
6834Juoe 16
5
Mayflower-Old Colony
Michigan
Dec
3
25
10
Aug
Jan
25
Consolidated
8
2
10*4 Nov
Jan 18
6
Deo
2c
3
7*2 Jan
15
6*2 Mar
Jan 28
10*8 Jan
Dec
200
4
16*8 Jan 17
4*4
1)»C
48
5
Copper
Valley Mine
.
2
7
Jan
Aug
1
25
Copper
Copper Co
Lake
Aug 25
13s Apr
*2
v
*1*8
1*4
13s
d Ex-dividend and rights,
25
7
1,795
.50
*11*2
5*4 Mar 28
Utah Consolidated
.50
.50
10
Utah-Apex
1*4
*1*8
12
7
345
13s
*.35
Sept
2*2
.50
*11*2
2
25
22
862
20
25
Do
Isle
La Salle
1,550
3634Muy
334
138
138
1*4
.50
Consolidated
Mining
Keweenaw
290
3
Copper Mining 10
Island Creek Coal
57
"""355'
Jan
25
Hancock
"""356
27
25
Indiana
"""795
10
Apr
0
40*4
20c
6*4
i
Sept
»|
.08May 25
4
Copper Range Co
Daly-West
180. Helvetia
1
Mar
Jan
25
East Butte
8
I
Apr 28
259
Centennial..
Davis-Daly Copper
10
5
11*2 July 29
1
Franklin
334 Jan
.03 Jan
210
*3*4
*1*8
4
11*2
570
10
10
25
*2
2*4
11*2
...
Copper..
7
23*2 Feb 11
6% Jan
500
*3*2
3*4
Butte-Balaklava
4
3
Jan 19
.50 Apr
5
•
743
4
2
4%
10
Bingham Mines
.75 Mar
56
Aug 22
.50
2*4
|
80
Sept'21
*1*4
1*8
Last Sale .07
3
.46
79
.90
*2
*35
1,459
July'21
Last Sale .25
79
1*2
r4,
14
*4*8
l
I
Apr'21
Last Sale .40
78*2
4*2
.90
*3*2
50"
14
Last Sale .50
.90
2
*49"
9?8
37
2*4
Aug'21
*1*4
134
1*4
134
234
27g
.50
38*4
9*2
2
2
*134
*49
*.50
1*4
2*4
2*8
*22
38
553
5
Carson Hill Gold...
50
20
*1*4
22%
*35
34*2
Last Sale 1*2
2
23*2
11,070
130
Last Sale ht
*22*2
1484
8*4
Commercial
Calumet & Hecla
72
35s
Sept'21
*934
23
1,590|
19*2
2*8
1*2
11
85
1
1*2
Arizona
35g
*.25
1*2
8*2
258
*18
.50
1*2
l3/.<
*82*2
978
*1
25
19*2
♦.25
4*4
Arcadian Consolidated
85
78*2
4%
385
67
7934 *-.4*2
4»4
10
934
.50
25
66
67*4
3
50
Allouez
Sept'21
*134
2
Sept'21
2
3*2
2
14
78*2
*84*2
334
14
*35
66*2
19*4
14
19*2
2
10
.15 July
16
Apr
Last Sale .60
85
1334
50
*1*4
67*2
14
*35
178
Last Sale 2
2
40
25
Sept'21
6*2
6*2
*9
9*2
1*4
*1*8
3
13»4
50
6*2
*9
.75
135*
79*4
6*2
9*2
134
13*2
*35
34
Last Sale 2*4
6*8
50
80*2
834
!
25
Algomah Mining
238
14%
1478
25
Ahmeek
200
Julv'21
237
232
14*4
345g
*49
50
231
*8*2
50
*7934
4*2
934
10*2
1034
33*2
49
*35
8*2
*8
34*2
2
.50 *---
*134
9
50
.60 *
2
Last Syle .05
153g
*134
.50 *
10*2
230
*47*2
►
*8
.05
*18
19*2
*184
8*8
10*2
2
*134
*18
1%
Consolidated..
165
.50
49
*.25
.50
Adventure
Aug'21
*47
47*8
*.25
19
50
1*2
47
.50
50
*1*2
Last Sale .60
49
1
3
Jan
1
.95
Jan
2U
Jan
m"
0 Far value *10 per auaie.
5
27/U Jan 31
2*4
Feb 17
.80 Mar
14
m
4
Feb 21
1
1 r
33c
Dec
1%
Jan
ls/e Aug
4
Oct
42*2
Dec
9%
2c
Nov
3%
Feb
Jan
Jan
1
25c
Dec
S
p
8
Dec
I V
4 }i',t
3*2
l
Jan
23
Jan
\h Mar
1240
CHRONICLE
THE
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Sept. 10 to Sept. 16, both in¬
Outside Stock Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Stock
Bonds—
Last
Week's Range
for
of Prices.
Week.
Price.
F
Low.
High.
Range since Jan. 1.
High.
Low.
Sha~es.
87.50
$850
85.84June
92.90
Jan
87.84
87.84
50
85.64 May
87.84 Sept
1927-42
87.74
87.74
100
85.44 Mar
87.74 Sept
4^8.1932-47
87.84
88.68
5,250
2d Lib Loan 454s 1927-42
3d Lib Loan 454s.._ 1928
87.84
88.34
14,850
85.54
Jan
88.68 Sept
88.72 Jan
91.84
92.56
14,400
88.10
Jan
92.56 Sept
87.84
88.81
2d Lib Loan 4s.
1st Lib L'n
_
4th Lib L'n 454s 1933-38
Victory 454s
1922-23
50%
Hill Gold 7s.. 1923
Chic June & U 8 Y 58.1940
Miss Riv Power 5s...1951
"81""
N E
Telephone 5s
1932
Seneca Copper 8s.._.1925
9wlft& Co 1st 5e.._._1944
Union Pacific 4a
"ioo"
1927
U 8 Realty 5s
1924
U 8 Snaltg R & M conv 6s_
Weetern Tel A Tel 5s. 1932
Jan
85.62
Par,
88.80 Sept
Armour
&
(Jo
"90
Board.
Wash Bait & Annap....50
Jan
101
Jan
Bait Traction 1st 5s...1929
Apr
Sept
Sept
Consolidated Gas 5s__1939
9854 100
84 54
85
60,200
Jan
5,000
80%
87
87
2,500
87
87 54
87%
1,000
87%
92
9254 122,000
92
84 54
78
10,000
87%
87
Sept
Sept
July
July
8754
92h
Sept
Sept
84i4
Sales
Low.
Range since Jan. 1.
Shares
High
235
68%
Low.
25
55
Aug
85
Feb
25
.50
Aug
77
feb
90
92%
530
12%
12%
590
12
July
15)4
Jan
83
83
50
83
June
94
Jan
Aug
42
Feb
1154
690
8
21
100
20
Briscoe, common..*._..(*)
Ry pref
100
Chicago Rye Part Ctf Ser 1
Chicago Title & Trust. 100
10
13
1,225
Chic ei
2
Continental
Crane Co
Motors
10
pref
100
Cudahy Pack Co
109
com..
5%
103
100
2%
9%
1%
350
General 4)48
1954
Consol Gas E L& P4 %s 1935
7% notes...
Convertible 6s
Cosden A Co
Aug
35
Jan
Sept
24
Mar
Aug
5
52
104
Stocks—
July
July
105
70
70
25
65
11
11%
950
7%
8%
6,485
4)4
4)4
50
42%
400
41
6)4
7%
12,955
19
21%
140
52
52
25
23
23
130
61
Jan
July
Jan
10%
Aug
7% June
4
Jan
6% June
18% Aug
Jan
May
75
13
7%
44
14
13?4
15
80%
80%
84
84
xl8%
9%
Jan
30%
Apr
Aug
535
10
Aug
19%
Apr
26
79
Aug
85)4
Mar
95
57% May
May
100
73
June
387
17
June
950
59%
Aug
87
Feb
90
90
91%
27%
Jan
Mar
no par
Sept
100
Feb
Phila Insul Wire
Feb
66
Jan
Swift & Company.....100
Swift International
15
36%
Jan
Phila Rapid Transit
Reading
94 %
94%
79
3,685
105%
Jan
Tono-Belmont
22%
22%
24%
4,330
21%
Aug
31%
Jan
Union
400
4%
Aug
26
Jan
United Gas Impt
Jan
27%
40)4 June
46
May
9
42%
44%
44
45 %
455-1
13,090
10%
10%
10%
25
(*)
Co
44
43
45
20
19
18%
20%
5,145
10 %
10%
10%
685
8%
t c_60
Ward
Montgomery &
when
issued
Western Knitting Mills. (*)
Wrigley Jr
Yelow
*
1,250
400
com
__25
75
76
700
Mfg...
„._1g
96
96
25
8
July
x36% June
15
Cy & Con Rys 6s 1927
Chicago Railways 5s.. 1927
*
No par value,
Jan
Mar
Feb
24% May
32%
72%
74
Mar
32%
32%
4,000
64%
5,000
32%
61%
1927
48%
48%
1,000
39
5s. 1943
85%
85%
6,000
78%
x
16%
■50%
Jan
Aug
64%
5s, Series "a"
Commonw Edison
62
Aug
Jan
77% May
113% May
Friday
Sale.
of Prices.
Low.
High
for
8
8
68
150
75
75
150
Arkansas Nat Gas
com.
.10
8%
Barnsdall Corp Class a. .25
Class b_
25
Carnegie Lead & Zinc
5
Consolidation Ice pref...50
Habirsliaw el Cable (no par)
Indep Brewing
com
Preferred
50
Lone Star Gas...
25
Mfrs' Light & Heat
50
Nat
Fireproofing com...50
Preferred.
50
Ohio Fuel Oil
Ohio Fuel
"l%
.50
1
Supply
25
Oklahoma Natural Gas.. 25
Oklahoma Prod & Refln. .5
Pittsburgh Brew com...50
Preferred
"18%
19
19
20
19
200
4%
24%
440
900
20%
2%
1%
8%
2%
\*
18%
18%
46%
47
6%
15
115
Jan
June
85
Jan
Jan
8
Feb
17
Aug
2854 May
200
2
Aug
12
260
1%
3%
Feb
254
Jan
8
Feb
July
July
Jan
9
Mar
16%
630
18
Mar
Jan
11%
July
19
Jan
June
50
21
Mar
21
21%
30%
3%
Mar
610
19
June
2
2
100
2
"l%
1%
1%
100
1%
Sept
Aug
7
6%
7
465
5
8
13
Transcont'l oil..(no par)
Insurance
June
Jan
53
121
Western
12
26
121
Union Natural Gas
High.
Sept
40
(no par)
8%
100
114
50
8%
14
Jan
Jan
June
Mar
9
Mar
88
Jan
40c
7
Aug
12
5
113
June
120
71c
8%
100
114%
21
7%
Aug
6% June
7
107%
Jan
4
725
110
854
29%
Jan
Feb
Aug
July
119
Mar
55
Sept
10%
Jan
55
55
10
44
Feb
84
85%
365
83
Sept
9754
Jan
140
39%
Aug
66%
45%
67%
49%
Mar
West Penn Tr & w p com 100
11
11
85%
26
50
x67% June
9
Jan
Bonds—
Indep Brewing 6s
Union Natural Gas 6s
x
1955
,
Ex-diYldend.
64
99%
99%
$26,000
1,000
41
99%
Apr
34
Jan
92
Jan
119
Apr
40
Aug
70
Jan
2854
120
2754
July
2954
29
60
25
Aug
56
Jan
8
10
7
Apr
10
May
754
1,180
554
Aug
10
Jan
908
m
^
""30""
6654
53%
62
July
5254
152
47
June
45
40
40
Jan
45
Aug
6554
65%
44
Jan
7454
Mar
38
38%
1,580
6454
3254
40
28
Apr
Sept
42
29
2654
10
26
Jan
28
31
32
95
2254
5
2654
26 -i
1,727
no par
5054
50
50
1354
"T%6
..50
2
5054
2
6
16%
17
3
2
70%
7154
340
1 7-16
154
Feb
73
Feb
14
Mar
Sept
65
99 J4
Jan
June
34*
Jan
Feb
50
June
5234
Jan
15
Aug
6254 June
1
1,250
Feb
1954 May
88
Jan
June 1 11-16
31
2
50
3154
31
32
1,211
.50
49%
4954
854
3154
49%
854
10
4954
754
3154
29
27
87.38
87.38
$6,000
88.36
88.36
1,000
87.84
88.50
91.86
92.50
17,450
25,300
88.00
88.66
99.00
99.16
21
Jan
3554
2254
2854
Sept
2554
30)4
Warwick Iron A Steel... 10
West Jersey A Sea Shore.50
Jan
Apr
Apr
3054
21
31
3
Feb
5654
26
2154
1
71
29
22)4
2'<54
50
Jan
45
25
Preferred
63
8
Devel
2954
29
Jan
33
Aug
38
Jan
50
Jan
May
May
Feb
854
May
Apr
June
3754
Feb
92.44
Jan
Bonds—
U S Lib Loan 354s. 1932-47
1st Lib Loan 434s-'32-'47
2d Lib Loan
4%a.'27-'42
3d Lib Loan 4%b
1928
4th Lib L'n 434s..'33-'38
Victory 4%b
1922-23
do
do
email.
small
86.87 July
86.47 Mar
88.36
84.40
88.50
Jan
88.20
Jan
85.60
Jan
1945
55
56
"7»5~"
55
55)4
88
Harwood Electric 6s__1942
•
94.50
Jan
Jan
6854
9854
Aug
Sept
Sept
92.50 Sept
88.66 Sept
99.16 Sept
75
Aug
75
Sept
10554
Aug
105
Apr
Apr
5654
57
Apr
88
88
10,000
88
Feb
90
Keystone Telep 1st 5s. 1935
6654
6654
5,000
59
Jan
6654
Lake
25
33
9,000
25
Sept
48
Jan
Sept
Sept
Superior Corp 5s 1924
General consol 4s
2003
Lehigh Val Coal 1st 5s.l933
Pennsylvania RR 654s 1936
Phila Co consAcolI tr 5s '51
do
small
—
.*
■
—
"85"
Phila Electric 1st 5s...1966
1966
Reading gen 4s
1997
Reading Traction 6s._1933
"1
.
"96"
United Rys gold tr ctf 4s '49
United Rys Invest 5S.1926
West Jersey A S S 354s 1936
New
York
9954 100
6,000
96
June
100
9854
9854
2,000
97
June
99
70
70
2,000
July
7154
Jan
9354
9434
6.000
6854
9254
95
Feb
10034 10134
7754
7754
29,500
4,000
44,000
9454
Apr
77
Aug
600
81
Jan
11,000
72
June
1,000
3,000
96
Sept
96
33
Jan
40
7,000
65
Sept
70
5,000
7354
Sept
7354
85
8654
87
87
77
7754
96
96
39%
3iVi
40
6554
65
6554
7354
7354
Curb
Jan
Sept
Market.—Below
is
Mar
82
a
Jan
record
10154 Sept
8254 May
8854 Aug
8854 Aug
8454
Feb
of
Sept
Aug
Jan
Sept
the
transactions in the New York Curb Market from Sept. 10 to
Sept. 16, both inclusive, as compiled from the official lists. As
our issue of July 2, the New York Curb Market
noted in
Association
on
transferred its activities from
June 27
Broad Street curb to its
the
building on Trinity Place, and
thH Association is now issuing an official sheet which forms
the basis of the compilations below:
new
Sales
Friday
Week ending
Sept- 16—
Par
Stocks—
Last
Week's Range
for
Sale.
of Prices.
Week.
Price.
Low.
High.
Range since Jan. 1.
Shares.
Low.
High.
Industrial & Miscell.
Acme
Coal
Acme
Packing
-
——-.-1
July
Sept
93c
90c
95c
3,500
54
Mar
2
Apr
5H
Feb
10
1)4
154
154
2,200
75c
Aug
(no par)
Aluminum Mtrs, com..(t)
3%
2%
3%
1,200
254
Aug
10
Jan
167
1454
854
Juiy
23
Jan
Sept
25
73
Sept
50
37
16)4 May
73
Sept
37
Sept
Allied Packers
(t)
American Cigar, com..100
Amer Gas A Elec, pref..50
AmalgamLeather.com
Brit-Am Tob ord
Ordinary
17
854
17
854
18
954
73
73
37
37
5,500
Sept
12)4
12 V4
100
9
Mar
13
(t)
39
39
100
38
June
68
bear...£l
12
1254
3,300
11
Aug
14
Jan
£1
12
12
1154
254
Mar
1354
Feb
Sept
3%
Sept
Armour Leather, com...
Automatic Fuel S
62%
Jan
30
July
Sept
44
50
44
15
75 *
29
25
Traction
Jan
28
Sept
w'house el & Mfg com. .50
West Penn Rys pref...100
West'house Air Brake
982
30
Jan
330
Salt Creek Cons Oil
63
Mar
Jan
Pittsburgh Plate Glass. 100
5954
30
10254 10854
53
June
8
Jan
50
6
7
June
17
00
16% June
Pittsburgh Oil & Gas.___5
27
20
100
July
Sept
84
119
22
100
Jan
20c
Mar
Sept
33
Bethlehem Steel p m 6s 1998
Elec A Peop tr ctfs 4s. 1945
Apr
10
Aug
2554
3254
22
Jan
9
140,775
35
High.
88
42
37c
19
Jan
40
87
Apr
Low.
Jan
640
30c
17
101
8%
87
25
15,000
1,000
7,000
479
~
1754
10554
2%
37c
1754
105
Jan
Jan
Ramge since Jan. 1.
Bell Telep of Pa 7s... 1945
35
12
6554
4754
Jan
7154 May
Sha-es.
Apr
42%
12%
Jan
Mar
Sept
8554 Sept
83
Sept
High.
50
Aug
Sept
Sues
Jan
35
170
41
6754 June
Mar
June
290
Sept
Aug
Sept
68
42
Pittsburgh Coal pref... 100
Tidal Osage Oil
10,590
Jan
83
500
16%
12%
42%
.50
Pittsb & Mt Sha9ta Cop.. 1
7%
18%
8%
6%
"'7%
10
8054
6054
75
IjOW.
49%
71%
6%
18%
17%
3%
4
24%
8554
75
Week.
63
75
42%
69 %
June
3,000
4,000
1,000
14,000
33,000
5,000
7854
10
±
Lehigh Valley coll 6s__1928
Registered 6s
1923
Shares
Amer Wind Glass Mach 100
..100
41%
84
75
Range since Jan. 1.
Amer Vitrified Prod com .50
Preferred
83
64
8254
87
Mar
75
Sales
Week's Range
Price.
85%
83
63
June
June
2007
sive compiled from official sales lists:
Par.
85%
77
75
84
Amer Gas A Elec 5s...2007
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Sept. 10 to Sept; 16, both inclu-
Stocks—
85%
85%
1,000
2,000
1,000
41%
Apr
66% May
Sept
Jan
Ex-dlvidend.
Last
85%
61,150
73,400
1,000
Bonds—
Chic
85%
Jan
100
Preferred
21% June
88% July
v
9754 May
9254
Apr
100
Phila Electric of Pa
90
Co
J an
52
(5%)
50
Pref (cumulative 6%).50
38
Union Carbide & CarbonlO
89
52
m
Preferred
175
8%
'
Philadelphia Co (Pitts)..50
7,415
Wahl
2,000
77%
91%
78%
77%
64%
4,000
United Iron Works
91%
65%
27
25
9754
Jan
Navigation.....50
Lehigh Valley
50
Penn Cent LAP, pf.no par
Pennsyl Salt Mfg
50
Pennsylvania
.....50
48
"a"(*)
"104""
Lehigh
24%
com
Jan
6%
46%
Terator Prod c & f
Jan
96%
90%
"~6%
"25"
Thompson j r
72
1,000
100
Lake Superior Corp
com 100
(*)
33
Consol Trac of N J
100
Elec Storage Battery... 100
50
May
91
American Stores
Keystone Telephone
19%
68
...100
Jan
71
70%
Gas
Jan
Inc
80%
Aug
Sept
9954 Sept
80
May
1,000
Low.
Railways, pref...100
100
34%
22%
27
Price.
10
General Asphalt
Insurance Co of N A
J G Brill Co
Jan
16% May
June
24%
Mar
94% May
77%
Jan
7654
9854
94
69
Par.
Alliance Insurance.
69%
95
Apr
76
Jan
7%
Sept
Apr
94
18,000
19,000
for
4% June
July
86
6834 June
7234 June
9334
Jan
9534 June
98%
79%
Apr
103
84%
97%
110
25
Jan
78%
Sept
1,415
Sept
Jan
97%
100
50
Speed
42%
1,000
205
50
com
'85%
11,000
109
5.50
Warn
%
Week.
85
Preferred.
76%
of Prices.
70
Stew
Sept
$1,000
2,000
1,000
Week's Range
101
Shaw w w
88%
73%
76%
98%
Last
70
.10
com!.. 100
9234
8954
89%
Sale.
83
Motor
Jan
Mar
88%
89%
73%
Friday
101
Reo
12)4
14%
12
100
Great Lakes d & d...100
Sears-Roebuck
88
77%
7%
-100
78%
Jan
Hartman Corporation.. 100
Hart Sch'r & Marx com 100
(*)
Jan
1,000
Jan
Amer
"A"
90
Sept
Apr
Aug
12%
American
Pub Ser of Nor 111 pref. 100
Quaker Oats Co pref. .100
Apr
24
218
Jan
(*)
29
Jan
Mar
Feb
Pick (Albert) & Co
Piggly Wiggiy Stores
83
Jan
May
91
6%
Aug
23
10
63
19
67
23
200
June
Orpheum Circuit, Inc
1
Peoples Gas Light & ColOO
50
75
5%
Mar
20
50
103
23
4% Apr
4334 May
160
10
June
Middle West Util pref. 100
National Leather
..10
Jan
290
217
70
7%
Jan
8834
Philadelphia Stock Exchange.—Reoord of transactions
Philadelphia Stock Exchange, Sept. 10 to Sept. 16, both
inclusive, compiled from official sales lists:
46
..10
92
July
July
3%
at
50
Hupp Motor....
Aug
79
4634 June
Jan
94%
50
Libby, McNeil & Libby.'o
Lindsay Light
10
conv 8 f
Penney Wat A Pow 5s. 1940
United E L A P 4540—1929
75
"75""
80
Jan
8
98%
"79
1923
Lake Roland El gu 5s. 1942
No Bait Trac 5s.
1942
52
...100
13
56
10
5%
Jan
Jan
39
13
7%
Apr
.95
7
3
217
103
.36 Jutv
13
9
Elkborn Coal Corp 6s. 1925
Fair & Clarks Trac 5s. 1938
Ga Sou & Florida 5s.. 1945
75
Co pref
76%
7 % % notes
Consol Coal ref 5s....1950
Match..... 100
Deere &
Diamond
83%
7%
39
28%
2% June
|
365
3%
High.
Mar
Bonds—
Income 4s
_.._1949i
Wash Bait A Annap 5s 1941'
70
Jan
25
United Ry A EJec 4s.. 1949
52
84
Preferred
Mar
70
10
EdLeonlOO
73%
52
21
Commonwealth
High.
66% June
(*)
10
8'-%
Pennsyiv Wat & Power. 100
United Ry <fe Elec____..50
Sept
May
Booth Fisheries pref...100
_
83%
Jan
81
68
...100
24.
82
Week.
.15
Preferred.
27%
24
86
of Prices.
100
pref
Armour Leather
70
27%
Jan
Sale.
10c
70
27%
Jan
for
American Shipbuilding -100
37%
Apr
Q4.
84
Chemical..no par
Houston Oil pref tr ctfs. 100
I Benesch <fc. Sons. _no var
Davison
74
Sept
81%
83
3%
37%
79%
10054
80%
3%
74 %
3,000
99.20 Sept
Jan
62
Aug
83
110
45
...5
85
Week's Range
68
Cosden <fe Co pref
21%
1.0T1
2%
45
ConsoJ Gas E L & Pow. 100
Consolidation Coal
100
Jan
Last
Price.
Commercial Credit.....25
Low.
40
.45
2%
Range sines Jan. 1.
Shares.
25
.40
._.l
.
High.
25
Cent Teresa Sugar pref..10
90
85
Jan
Jan
45 54
Low.
Price.
for
Week.
of Prices
50
95.78
84 54
100
Preferred.....
Arundel Corporation
85.34
Friday
Stocks-
Par.
33,500
49
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Sept. 10 to Sept. 16, both inclusive,
compiled from official sales lists:
American Radiator
Stocks—
99.20 160,900
243.000
54 51
99 54 100
3,000
76 J*
76 %
4.000
14,000
7954 81
98.84
AtlGA WISSL5S..1959
Week's Range
Sale.
CelestmeOil
87.04
Sa'es
'day
Last
Sales
Sale.
U 8 Lib Loan 3548-1932-47
1st Lib Loan.4s._ 1932-47
Beaver
clusive, compiled from official sales lists:
Exchange Sept. 10 to Sept. 16, both inclusive:
Friday
Carson
[Vol. 113.
15
California Crushed Fruit.l 1
354
254
354
800
10,000
Feb
Jan
sept.
17
the
1921.]
(Concluded) Par,
Car Lighting A Pow
Carlisle Tire
Last
Week's Range
Sale.
of Prices.
Price.
Shares,
1
1%
1,300
3%
500
3%
Preferred
new
com..
New pref
70
400
98% June
1% Sept
1
200
75c
2,100
20C
100
14
14
14
100
29
29
29%
4%
3%
43%
43%
Cities Serv Bankers' sh. (t)
Cleveland Automobile.. (+)
13%
13%
14
25 Mi
25
25%
50
50
119% 121
100
Colombian Emerald 8ynd
Syndicate..
_
1
1 1-16
Colombian
3%
C'mnwealthllflance com(f)
61
....100
75
Commonwealth Hotel.. 100
Conley Tin Foil..(no par)
Motors
10
Davles (Wm) Co, Inc__(t)
Denver A Rio Gr RR..100
com..
Durant Motors
com..
Preferred
Grant Motor Car..
Griffith (D W) fno
Preferred—
1,400
11%
July
31%
Apr
North American
600
23%
Aug
50
Jan
<'»uo
Sept
80
May
60c
a uv
3%
Sept
7,900
100
16
4,248
3,167
44
hi)
85
85
Kent
53
5
50
July
53
Sept
13%
13%
100
11
June
19%
5%
1,300
4% June
Sept
19
150
7,000
50c
S< pt
2%
25
2%
27
22
15%
13%
9%
5%
5%
142% 142%
2%
100
13
1,400
3,780
13,800
7%
Apr
Aug
4%
Jan
10C
130
200
Sept
Jan
1%
30%
Jan
900
2
Aug
8
50C
7%
2%
100
1
Aug
16c
18c
48,100
15c
July
00c
60c
100
45c
1%
300
July
Aug
Julv
6c
1-16
98c
90c
3%
"16%
3%
4%
13,300
7.80C
5%
5%
100
1
10
1C
"4%
Jan
Skellv
South Petrol & Refin._.._
3%
4%
1%
Aug
Southwest Oil
3c
3c
—;
33
Aug
Texon OH A Land
Spencer Petroleum Corp. 10
Stanton Oil, new.......
1
70c
55c
21
Jan
1
12c
600
Aug
50
May
White Eagle OU A Rel.(t)
Wilcox Oil & Gas
6
17%
1%
10C
4
June
26 %
Jan
Woodburn OU
June
54
Jan
"Y" Oil & Gas.....
10
2
2
100
6
Aug
Jan
2%
1%
Corp...-(f)
%
67,900
%
180
11
June
2
Mar
3
Jan
Alaska-Brit Col Metals.
_.
1
41c
39c
52c
3
July
8
Jan
Arizona Silver
..1
18c
18c
18c
1%
11%
Mar
Aug
3%
Feb
Atlanta
Sept
4%
Mar
Aug
16%
9%
14%
2tz
June
9
Lake Torpedo Boat ^om 10
Lib by, McNeill A Ubby. 10
51c
Llggetts Inter nvt.
com.
7
7%
100
40
40
Lincoln Motor, Class A.50
LocomoblieCo.com (no par)
MacAndrews A Forbes. 100
Manhattan Transit
Maxwell Motors (undepos)
Mengel Co
100
Preferred
500
8
600
15%
50c
2%
2%
6%
4%
New Mexico A Ariz Land. 1
"2 H
6
...
Southern Coal A Iron
6
Sweets Co of America.
.11)
Swift A Co
100
Swift International
Tobacco Prod
Co-p.
U 8 Ship Corp
U S
2%
48c
11
1
~82c
1%
Aug
Creeson Con Gold M&M.l
1
Gold Zone Divide..;
40c
39c
44c
.1
8c
39
Jan
Hollinger Cons GM
5
7,625
1
July
10
Apr
Howe Sound Co
1
3
Sept
200
2
Jan
140
90
July
300
22%
Aug
8,300
4
45%
200
40
1% 17-lf
5%
6%
22%
22%
17,600
0,500
1,900
2%
300
June
1% Mar
5
21%
700
1 7-If
Aug
1
Aug
Apr
Aug
%
Jan
% May
19,400
65,500
% June
50c Aug
13,100
55c
4,500
48«
48c
400
35c
8
10
450
8
!
9%
Jan
3% MnV
106
Jan
28% May
Jan
9
8c
9c
10c
12c
16c
25c
4
4
3CC
6%
7
2,300
Copper—
Imperial Cons Min
Iron
10c
Blossom
Jerome Verde Copper
Jumbo Extension
Standard
Crescent Pipe Line
Galena-Signal,
15%
81
10
7
60
100
25
25
10
25
com
34%
34%
355
31
New York Transit..... 100
Ohio
1,100
7c
7c
8c
16c
16c
18c
35
Jan
6
6
1
21
20%
1% Mar
1% Jan
1%
1%
2%
Jan
Jan
Jan
3
25%
Magma Chief
3c
Magma Copper..
Mason Valley Mines
Mclntyre Porcupine
Copper Min. 10
Jan
Motherlode
Coalition.. (t)
Jan
National Tin
22
May
'89
July
Sept
July
May
26
Aug
51
Jan
148
Sept
38c
42c
8c
7c
12c
1%
1%
New Dominion Copper...6
New Jersey Zinc......100
N1 pissing Mines
Nixon Nevada.....
5
Peruvian Copper..
Peterson Lake
Aug
320
Aug
202
Mar
100
170
170
20
165
July
Sept
259
Jan
60
July
Ray Hercules
Rex Consolidated Min
77
May
Seven Metals
385
Apr
Standard Oil of N Y...100
321
296
110
325
June
Pi tie A Mt Shasta
Cop..
_
1
Allen OH.
Allied
Oil
New
30c
40c
1,500
20c
4c
4c
5c
9,300
3c
28c
30c
1,700
6,000
1,000
4c
.10
Amalgamated Royalties...
Amer Fuel
OH, com.....10
Arkansas Nat Gas. com. 10
Atlantic Lobos Oil com
5
Boone OH
Bos ton-Wyoming
OH
3c
4c
15c
15c
8%
11%
"2%
13
2%
1
10
25c
,iuiy
28c
47c
38c
54c
8,500
35c
July
1% 1 7-16
7
8%
3,900
7%
1%
Granada Oil Corp Cl A._ 10
3%
15c
"id"
10
Magna OH & Refining
Marnrnlbo Oil Exrt
50c
2
94c
87c
Is"*
1%
17%
1
(t>
S%
5
Keystone Ranger Devel-.l
Livingston Petrol
(f)
Lyons Petroleum
14c
8
25
Kansas A Gulf Co
84c
2,700
96c
16.70C
3%
) 5c
9
10%
1% June
6
1,7C(>
2%
1
55c
2%
500
(t) See Ti da! Osage Oil Co belc
<no par)
1%
Sept
4,100
"91c"
imperial OH (Del)
July
200
9.00C
26c
6
1
1
5%
1%
5%
310
50c
20C
2
100
1
13,825
1%
SCO
20%
7,000
6
1
White Caps Mining....10c
Jan
deb 6s '39
% April
1%
78c
%
10%
Aug
Sept
Aug
Jan
9% May
May
Feb
17%
Jan
11%
Mar
1 3-10 April
Jan
3%
1%
July
3% May
32%
Sept
3c
Aug
16c
June
1%
Aug
24
24%
200
4%
33c
34c
1,000
26c
Sept
July
4c
4c
500
4c
34c
35c
34c
Sept-
1
May
15c
July
Sept
70c
70c
200
25c
July
July
July
50c
60c
Feb
10c
1,500
9,000
2,200
3,COO
1,500
36c
9c
3c
3%
Apr
Feb
1%
158
Sept
Jan
8%
4%
Jan
Sept
34e
Sept
4c
Sept
35c
Sept
1% June
%
Feb
14c
Apr
8c
July
July
75C
Aug
1% July
16c
July
140
6%
Jan
*2
67c
I 7-16
73c
1 9-16
15-16 1%
43c
50c
5-16
2% 2 7-10
23%
24%
24
84c
"3c"
45c
53c
84c
90c
21c
21c
3c
4c
15
15
85c
98c
500
2,800
8,750
3.100
7.000
50
3c
June
10c
July
6C
Aug
16c
Sept
1% Sept
Aug
Sept
111-16 Mar
Aug
% May
2
June
3
Mar
22
Aug
24
July
% June
11-16
Apr
G5o
Aug
1 3-16
May
15c
Aug
40c
Mar
10c
Jan
3c
Sept
15
Sept
% April
22
2,400
July
1% May
41%
39
41% §99,000
38
35
40
35
45
Aup
7s.. 1926
98%
98
99
90
Mar
99
Sept
1922
99%
98%
107,900
24,000
144,000
79,090
1,000
3,000
197,000
May
Sept
60
37
09%
July
deposit...
Aluminum Mfrs
Amer Tel & Tel 6s
6s
Aug
Stpt
42c
July
1 9-16 May
$
conv
Certificates of
American Tobacco 7s .1922
9%
June
July
Bonds—
Allied Pack
Jan
14
Sept
Mar
16c
4
1%
..5
Jan
Aug
1 7-16
Yukon-Alaska Trust
Yukon Gold Co.-
7s
1924
1923
Anaconda Coo Min 7s.'29
6%
,
West End Consol'd
Western Utah Copper
Jan
6%
4%
7-16
Apr
15
11-16
Aug
July
July
24
Sept
5%
4% Apr
3% June
1%
Aug
Aug
10C
16.800
6
Apr
Aug
ow
19,500
1,000
Jan
lie
Apr
Aug
July
2%
30c
July
Aug
1 11-16 Apr
2%
July
5c
Sept
Apr
1%
5%
1% IfJuly
lie
1%
35c
67c
1
July
26c
1% June
Feb
1% May
1 7-16
Mining
4%
5%
25%
June
July
4%
26c
Aug
Mar
1
3
31,000
1,600
1,10C
1,300
18,100
1%
1
7
17
2%
1%
900
an
May
1 7-16
800
j
Feb
31c
July
2%
Jan
20c
Sept
July
62 c
3%
Jan
Feb
June
98c
2
%
%
4c
12c,
900
3%
1%
Apr
Feb
Aug
Mar
500
6
10
3%
24c
1%
5
July
Jan
Feb
July
1%
U 8 Continental Mines new-
June
July
%
1%
Jan
June
12c
15-16
Belmont Dev... 1
Divide
1
Extension
1
10%
7
25c
Jan
Tonopah
Tonopah
Tonopah
Tonopah
3% July
3% Aug
8c
June
16c
9,350
10c
June
4c
16c
4%
400
12o
10c
Feb
Aug
Sept
Teck-Hughes
Tin tic Stan Mining
4%
7,000
9c
3c
Tuolume Copper
1
United Eastern Mining.. 1
3,000
380
2
Feb
3c
United Verde Extension 50c
11c
4%
1
Jan
12c
10c
3%
Sept
7%c
%
Feb
Sept
June
110
1%
7
9c
40
1
4%
30c
3,700
4%
Mar
5%
Sept
7%
July
1% May
9-16 Jan
4%
Mar
7
Feb
34c
Jan
Jan
1%
lie
26c
May
3o
lH
11c
Sept
3%
5%
1,000
2%
1
8c
7c
3c
July
5
Sept
3c
SHver Dale Mining
Sept
Aug
Sept
47c
5c
July
(f)
10
Guffey-Glllespie Oil
Apr
June
40c
June
4c
15c
(no par)
Hudson OH
3
Sept
20«
500
50c
•
35c
7c
44c
5
Glenrock OH
Aug
Apr
2
10c
100
Empire Ky OH...
Gilllland Oil, com
18%
25%
June
7c
19,250
10
Engineers Petrol Co
Federal OH
July
June
June
8c
Stewart Mining..
July
75e
t
8c
9c
Jan
8c
July
65c
24c
1
'.
Feb
37c
Mar
20c
Silver Pick Coneol....„.J
South Amer Gold A P.. 10
1 7-16 June
July
15c
1%
"4%
_
2%
20c
Apr
10c
65c
20c
7 c
35c 132,900
Petrol
10
Aug
Sept
1%
2
Aug
June
5
1%
1%
18c
69c
Edmonds Oil A Refining.
Sept
40 0
70c
Dominion Oil
3c
14c
6%
1,700
Aug
July
July
Sept
5,300
25c
Cushing Petrol Corp
Denny OH
Tnternat Petrol
2%
8%
.6
(no par)
Fensland Oil
8%
OH....1
Carlb Syndicate
Cosden & Co old pref
Creole Syndicate
Elk Basin
3c
15c
(t)
Atlantic Petrol (old)
Brazos
38c
1%
115%
800
4,300
4,500
1,100
1,800
41,800
40,500
10,100
2,000
Mar
7c
18c
2,000
1,500
33,400
38,000
35c
Portland C M of Del.
Silver King Consolidated..
Sliver Mines 01 America.-I
Other OH Stocks
100
38,000
6,300
5,000
39,OOC
1,400
6,700
1.40C
15-16
4%
115
""4%
24
June
52
4%
40c
160
60% June
6%
4%
1
145
1,070
6%
Ophlr
Nevada Silver Hills
223
8,900
6c
02c
5
71%
15c
6c
55c
10
55
13c
59c
10
70%
6%
4%
1%
1%
50i
148
,
15c
3c
22
1%
1%
Corp
183
*53%
15c
Mizpah Extension
Mother lode
Aug
1%
M cKinlev-Darrngh-Sav ..1
228
71
30c
1
1
183
55
17c
La Rose Consol Mine...5
30c
1,200
1,000
4,000
7,500
10,000
3%
13c
MacNamara Mining
148
(lnd)_____26
3%
10c
MacNamara Crescent
228
Southwest Pa Pipe L..100
5c
Jan
2
Standard Oil
18c
22c
4c
10c
100
OH
Prairie Pipe Line
South PennOil
15%
18c
I 19c
1
Jan
1 June
14
15
81
£1
9c
Jan
Oil
50
31c
9c
1
5
Kerr Lake
Knox Divide
31c
1%
Subsidiaries
Anglo-Amer Oil
Buckeye Pipe Line
I
800
2%
2%
Hull
Nevada
Former
6%
9
60
Aug 1 13-16 May
Aug
Sept
65c
35c
Jan
7,300
7c
33c
41c
31
2%
7c
24c
40 c
800
Divide..
Hecta Mining
Jan
Aug
Sept
1
Harmill
July
2%
40c
500
Jan
Jan
3c
Aug
82o
34,325
106,400
26,500
43,200
15,070
21,500
Mar
June
Jan
19c
1
Jan
lc
83o
July
75c
2%
May
9c
21c
33c
2%
2
62c
16c
Aup
May
Apr
Sept
1
SCO
29c
Aug
55o
3c
23,000
5,500
2,400
70,470
10c
Golden State Mine
Sept
39c
31c
Goldfield Florence
Jan
7-16 June
82c
65c
Mar
12c
17c
78c
Eureka Croesus..t
1
39o
39c
1% 1 13-16
"25c"
1,300
3,500
1,000
1,700
Dundee Arizona Copper. .1
Ei Salvador SUver Mines. 1
Aug
%
1%
1
Reserve
14c
13,225
4,200
1,000
4%
36c
(no par)
90c
July
June
1% 15-lf
1
1%
First preferred......IOC-
Sent
8%
1%
Feb
June
24c
1
2%
Apr
60
1 5-16
Silver
Divide Extension
100
45
"T%
Crown
Apr
7
1%
5
Apr
Aug
24%
lc
1
5
Aug
Jan
1%
96
96%
lc
Con Arizona Smelt
Consol Copper Mines
Consol Va of Nev new
Cortez
41%
97
4c
Jan
Jan
%
2
10
10C
29c
1
19
1%
3c
17
5%
30c
27c
4c
Feb
Aug
17c
36c
28c
Sept
400
21c
Chemical...
.
50c
100
32c
West End
com.
100
10
"23c
1%'
Willys Corp,
50c
10
I
75c
4,800
10,820
5,200
...10
Steamship
6%
13c
35c
1
Sent
Sept
Sept
98
1%
Wayne Coal
13
48c
.1
Candalaria Silver
15
55
5%
7-ie
6%
40c
Carson River Corp
Cash Boy Consol
Mar
2% Juue
7%
98
22%
1
Jan
200
53
6%
45%
1 7-16
10
38o
Sept
""22%
Preferred
July
Sept
.15
U 8 Light A Heat com. .10
July
16c
43
2%
6%
12o
b&c
4
Un Retail Stores Candy, (f)
U S Distributing com...50
8,000
1,400
19,200
14c
Sept
2% Sept
July
_.(t)
UnCarbldeA Carbon (no par)
United Profit Sharing..25c
101
6c
29c
2%
2%
88% Sept
12
2
Standard Motor Constr. 10
2,400
Apr
37%
Stand Com'l Tob, Cl B_(+)
Preferred
100
Jan
June
Sept
36
July
July
July
8c
2
36%
10c
37c
45c
Jan
Sept
500
1
4c
Jan
10
74c
6
2%
50c
77c
4c
7-16
27c
100
2
6c
Jul.v
Sept
Sept
Sept
70c
300
17c
June
13o
10
27c
88c
1%
lo
100
70c
6
17c
4c
1
27c
2%
1%
VA
10
...1
Calumet A Jerome Cop... 1
Canada Copper Co
5
6
10
28c
10
Boston A Ely
2%
60c
Blackliawk Cons.
22c
July
Jan
5%c Jan
Caledonia Mining
200
50c
25c
July
2,000
1,000
47.70G
Sept
2c
Boston & Montana Dev..5
100
Pressman Tire & Rob.. .10
5
10
le
62o
36c
Jan
56,000
85c
Big Ledge Copper Co...
Bingham Mines....
Jan
Sept
April
Mar
6%
43
.-lOo
Belcher Extension..... 10c
Belcher Divide M
18c
1,000
3,000 7-16c
Sept
Jan
82c
1
Mines
4
900
Apr
Mining Stocks
40
July
77c
Jan
20
6
35%
Feb
H
Aug
1.6C0
200
48c
5
2
Sept
2%
78c
17% Sept
Sent
3
7%
Jan
Aug
15
64
17
Feb
1
35c
40
Aug
15
30
38o
1,240
100
Jan
Jan
Mar
4,COO
5,000
131,700
July
40%
Preferred
Jan
2
"76c"
Republic Rubber.. (no pari
* Reynolds
(R J) Tob B.25
13
30
Perfection Tire A Rubb.10
Pyrene Manufacturing.. 10
Radio Corp of Amer
(t)
Feb
300
Packard Mot Car, com..10
Parsons Auto Accessories
Peerless Trk A Mot Corp50
_
Mar
200
2%
45
15
87c
"2%
July
7% June
Sept
Sept
Sept
14c
15
6%
6%
5%
50c
80
40
15%
44
60
Nor Amer Pulo A Pan._(t)
2,700
35c
10c
National Leather, com.. 10
400
7%
89% 106
106
20
Mercer Motors—(no par)
Morris (Philip) Co.. Ltd '0
Nat Fireproofing, com..50
9%
51c
Aug
Feb
H
1
July
300
Imp Tob A GB A Ire...£l
Intercontinental Rubb.100
70c
200
200
16%
Aug
1% June
2,000
2%
15%
15%
28c
5%
16%
Jan
June
81c
2%
1,500
1,900
%
26c
4%
1%
2
300
5% June
21o
81c
Hall Switch A Big. com.100
Aup
9%
26c
Havana Tobaoco, pref.100
Heyden Chem
(no par)
Holbrook (H F) Inc(no par)
7%
July
1
1%
4%
Aug
4c
Aug
1,000
21
Feb
July
Sept
50c
Mar
lc
June
34c
90
Sept
1
30c
Jan
2%
Jan
5%
Jan
14%
14% May
Jan
6%
12% May
3%
12a
45c
Jan
Apr
June
9%
400
32C
Jan
Aug
June
700
45c
Jan
1% Sept
2,000
Western States Oil A Gas.l
17%
3
12c
Tidal Osage OU... (no par)
Victoria OU
13%
9% Feb
2% June
5% June
75
July
1%
Apr
...
78c Sept,
2% July
4% June
75c 206,900
300
13%
Feb
7%
37
6%
25
7,600
225,440
3c
2,000
147
700
7X
8,400
Jan
4%
(t)
1,300
2,200
10%
3%
6%
79%
4%
3%
3
Aug
July
58c
July
Aug
July
13-16
2c
1%
Feb
Feb
7c
8
29%
Aug
2
Apr
July
2% June
2% Sept
Apr
12%
5
Aug
500
60c
11%
3%
2%
6%
79%
27
3%
2
T »H
11
11%
% June
July
4,500
5
27
4
100
38%
2
Slmms Petroleum, (no par)
Sinclair Cona OU, pref.. 100
100
36%
500
18%
6%
5c
10
23,600
3,COO
38
50,200
2%
45
1%
3%
Aug
65c
2%
16c
8c
(no par)
OH
75c
Aug
5c
Producers & Refiners... 10
Sapulpa Refining
Sept
8c
Salt Creek Producers new..
75
6 %
1
Okmulgee Prod...
Omar Oil A Gas
8c
1,500
2,800
3%
%
Ryan Consol
85c
5%
j
Feb
9,200
4%
1%
Sept
50c
12%
9%
10c
7%
3
High.
Aug
0%
2%
17c
Low.
2
80
*7%
"2%
100
Ramos since Jan. 1.
5
71
60c
142 %
4%
Ranger..
2
1%
1
OU
High.
57c
*"2%
1
Apr
Feb
Aug
Goldwyn Pictures (no par).
Goodyear T & R,
Feb
1%
62C
10
Noble Oil A Gas
71
35c
2%
1
Preferred
Mountain Hrod...
June
50
10
National Oil of N J, com. 10
35
Shares.
7
10
Jan
100
Low.
.1
com..
Feb
for
Week.
2
..10
Corn
255
1,900
17
7%
Oil
Midwest OU,
July
25
25
Meridian Petrol
Vf»-1fo
Jan
Price.
Sales
Week's Range
of Prices.
(no par)
10
_
1 9-16
Sept
Sale.
Par.
Merrltt Oil Corp
Mexican Panuco Oil
101
57c
10
July
Margay Oil Corp.
376
24%
(no par)
Federal Tel A Tel
..5
Gillette Safety Razor. _(f)
Glen Alden Coal._(no par)
Aug
35c
Empire Food Products, (t)
Farrell (Wm)&8on.com.(t)
Feb
53
5
5%
1%
71
2%
(Concluded)
14% May
32% Mar
12% June
Stock*
May
103% May
2
28% June
1.100
25
3%
60
5%
Aug
"35c
100
Dictograph Prod,
105
1
43 Ml
Preferred
«
Apr
1% 1 1-16
100
Continental
July
102% 102%
100
Preferred
2%
(t)
4%
119%
Preferred
July
100
Chicago Nipple Mlg cl A10
Cities Service com.
Pref erred
75c
100
15
High.
102
Chalmers Motor Corp
Chic A E 111
Loto.
100
102
Last
Other Oil
High.
_
Central Sugar, com
Friday
Range since Jan. 1.
for
Week.
Low.
25
Celluloid Co, com
1241
Sales
Friday
Stocks
chronicle
Mar
6% notes Series A.. 1929
Anglo-Amer Oil 7%s._1925
Arniour&Co
7%
notes.'30
101
95%
101
99
Barnsdall Corp 8s
1931
Beaver Board Cos 8s..l933
Beth Steel 7% notes.. 1922
7% notes
...1923
Equipment 7s
1935
Brazilian Tract L A Pow 6s
99%
99%
98
98%
102% 102%
73
Jan
99% June
99% Mar
91
Jan
12,000
83
Jan
97% June
93% June
97
53,000
28,000
90
July
75
13.000
65
May
8,009
15,000
48.00C
99
Feb
95
June
92
June
95%
89%
89%
1C0% 101%
99
98%
100
Jan
02%
30,000
94%
95%
100
101
94%
100%
98
98%
95%
94%
98%
95%
95
95
on nnn
87%
Jan
Jan
98% Aug
102% Sept
101)4 Aug
95% Sept
89%
aug
101%
Jan
99
Sept
98
Feb
99% feb
100% Aug
99% Aug
96% Mar
95
Sept
[Vol. 113.
chronicle
the
124?
tlXUUy
Week's Range
Last
Sale
Bonds (Concluded)
1.
Range since Jan.
Sales
Quotations for Sundry Securities.
for
of Prices.
Low.
Price.
High.
All bond
High.
Low.
Week.
price* are "and Interest" except
Standard oh
Canadian Nat Rys 7s.
Gr Tr Ry 6s w i.
1936
_
100 %
100%
95%
95%
96
98 %
61
98
98%
193
—
.
Canadian Pac Ry 0s__1924
Chic & East iii 11r 5s 1951
i Chic Colon Ktal h%«
60
'63
Col Graphophone 8s. 1925
cono g-t of a 1 hb,,
iy/j
102 %
60
100%
Cons tevt1|p dob
Copper Exp Assn 8s.. 1922
$40,000
101,000
61%
7,000
96.000
99%
95%
July
94
June
Aug
Juue
105% 106%
47
52%
23,000
62,000
innjf
30,000
98%
102% 102 %
42,000
92
99%
8% notes Feb 15.-.1923
100 %
Mar
101%
101% 101%
.,000
44,000
98%
8% notes Feb 15
98%
Mar
101%
101% 102
94
94%
50,000
7,000
9
Mar
-.1924
8% notes Feb 16—
i
.
Deere a Co 7%s
Stk
ji.
c
■
•
1931
b
,u.nd
i
/Flsk Rubber 8a
1941
FlelshmaDn Co 8a
1930
G'lh-fi.t
«h|«'ll/h.
r»i
29,000
101%
99
99% 133,000
5,000
101% 101%
59,000
94%
96
3,000
98% 99
96
r«»<l
Goodrich lb t) Co7s
.1926
Grand Trunk Ry 6% a. 1936
"oik
Gull Oil Corp 7s
Heinz (h j) Co 7s
1933
"99%
1930
100%
Humble Oil a Ref7s
1923
97%
1921
76%
8s j
p m receipts
75
Kenoeooti t'oppei 78
1930
Laclede Gas Light 7s
l bb> mrm'l «v i ilibv 7h '31
Liggett a Myers Tob 6s '21
morn- a co 1 '•/.
National
iu<i
...
>
91%
94
58,000
92
4,000
90
91 %
1,000
10,000
34,000
96
96%
18.0CC
103% 103%
100%
100
54
55
91%
91%
91%
99
99
l04l
..
Reynolds (r j) Tob 0s 1922
Sears. Roebuck a Co 7s
'99%
99%
South Ry 6% notes...1922
Buuthw Bell Telep 7 a
1926
98%
98%
7%
eer
7%
ser gold deb
gold deb
1920
103
102%
102%
102%
1C2%
102%
102%
102%
192
7%
aer
7%
7%
ser gold deb
1929
ser
gold deb
1930
7%
ser gold deb
gold deb..-.1928
103%
.Aug
95"
1926
99%
16
193i
99
TexasCo7% equ'nts. 1923
100
.
United
...
Drug 8s...... 194.
United Oil Producers 8s
31
United Rys of Hav 7 %s '30
Vacuum Oil 7s_
193t
102%
Western Elec
101
couv 7s. 1925
Winch Repeat Arms 7 % s '41
June
70%
Sept
Aug
69%
"1
9
Jali
94
ju>
Jan
94
Jan
99
101
Mar
101
July
103 %
10
Sept
93%
Aug
47
Apr
87
July
96%
Sept
70
99
50,000
94%
Mar
99
Aug
8,000
97%
19,000
100%
75,000
98%
64,000
97%
112,000
103
37,000
102%
14,000
102%
7,000
102%
2,000
102%
4,000
104
94%
Mar
98
May
10,000
100% Sept
June
97
102%
9«%
94% May
92
Jan
97
June
98%
103
Jan
102%
Aug
100%
Jau
103
Jul}
Jau
103
jub
Jau
104
Sept
Aug
104%
Aug
re
101%
89% June
10 >yi
100%
100%
100%
93%
96
Juue
Sept
Sept
Aug
99%
98%
Jan
100%
93%
Sepi
97%
Aug
107%
91
June
101%
99%
June
102%
lol
Jul)
97%
89% June
86
Chicago a n w 4%s
100
150
153
*74
76
Chicago r i a Pac 4%a, 5a._
*9*4
♦2**2
10
Colorado a Southern 5a
8.00
Erie 4%s,
7,50 7.00
7.12 6.50
12.60
York Transit Co...100
| Berlin 4*
Brazil 88
w
— —
1.
French Govt
88
Prairie oh a Gas
100
435
445
Equipment 7aa6%a—6.60
Kanawha a Michigan 4%a—
7.10
Prairie Pipe Line
100
182
185
Louisville a Naahvllie 6a
Solar Refining
100
Southern Pipe Line Co..100
South Penn Oil
100
340
360
8% 7103000
99% 471,000
7%
Sent
16%
Jan
99%
98%
58
57
Aug
Sept
99%
57
Sept
Sept
8
.
1941
7%
99%
5Hamburg 4 4s
Italian Govt
Piiiiiiniiie-'
'
.i
Vjo..
1941
96%
15
96% 100,000
5,000.
16%
19,000
15%
10%
10%
90%
16%
6% % certificates..
.mi
*
(,ovi
"90%
a'/jb 1929
4s__—
8%
32%
1,000
33
96%
Stuttgart 4s.
Vienna
7164666
33
Russian Govt 6 %s ...1919
b
9%
8%
5s
conv
mm
9.vv
12%
1,000
12%
10%
91
68,000
79yj
1
1.50,000
1
1
62
17%
July
35
Aug
98%
auk
Mar
1
Aug
Mar
20
Aug
Sept
15%
Feb
Jtui
91
Sept
3
S<.
Odd
lota,
t No par value.
/ Listed
dend.
Ex-rights,
y
1,000 marks,
per
z
g
on
Ex-stock dividend.
Marks,
the Stock
0 New
w
j Dollars per
When Issued,
x
Standard Oil (Indiana) ..25
*71%
713s
Missouri Pacific 5s
1,000 lire, flat.
100
530
545
Standard Oil (Kentucky). 100
380
390
Eq iipm nt 6%s
MobUe a Ohio 4%s, 5a
100
145
150
New
25
137
13978
All
prices
dollars
Bid
Ask
Banks
America*
170
175
Irving Nat of
Amer
per
370
Northern
-.100
108
112
Pacific Fruit Expre8B 7e
100
30
35
100
80
90
-100
90
100
100
240
245
Pittsburgh a Lake Erie 6%f
Reading Co 4%a
10
*23
28
St Louis Iron Mt a Sou fla.
25
*75
80
100
125
130
Finch
-
Oil
10
5
100
*11*4
1214
*11*4
1*14
*14
16
154
159
91
94
bearer..£1
par
no
Imperial Tob of g b a Ire-
*8*4
Johnson Tin Foil a Met. 100
90
100
Mac Andrews a
Forbes—100
00
105
100
78
82
100
41
43
Porto Rlcan-Amer Tob—100
50
60
233
176
American
210
Manhattan *.
1H8
194
Bankers Trust
284
288
140
150
Mecb A Met.
267
292
Central Uniou
3c 0
340
Bowery*
425
450
510
N
Y
171
Mutual*
525
Columbia
266
272
Broad way Cen
120
Nat American
140
150
Commercial..
Bronx
Bur
*_
105
125
Nat
3L2
316
Empire
300
310
Bronx
Nat...
150
160
New
Neth*..
140
150
Equitable Tr.
2
3
248
Park*
145
155
New
York
130
140
Farm l & Tr.
352
Druv
130
140
New
York
400
415
Fidelity
198
Cent Mercan.
'75
190
Pacific*
300
235
250
2»5
305
Park
360
370
Guaranty Tr.
180
185
230
237
Public
236
2u0
Hudson
150
jLaw Tit a Tr
^Lincoln Trust
0)
1Y0
150
160
Mercantile Tr
275
30j
Metropolitan.
230
245
Bryant
Butch A
Chase.
-
Chat A Phen.
Chelsea Exch*
«•
«.
City
75
1(0
Seaboard
Chemical
463
473
Coal A
215
225
Second
St tiulard*
Iron-
Co
....
23
Fulton
>
245
460
•180
200
22 5
State*
225
23>
Tradesmen's *
200
Colonial*
350
Columbia*
150
165
214
219
23d Ward*.
Exch..
167
174"
•n
215
225
United States*
105
175
!
Continental--
120
130
Wash
325
350
Corn
315
3i5
Yorkvlile*
Commerce
Common¬
Union
wealth*
Exch*..
Co8mop'tan*_
90
East River
170
Fifth Avenue*
900
_.
H'ts*..
93
70
85
Preferred
Stocks
Rubber
*0 0
6% preferred
7% preferred
190
i
420
Brooklyn
Island*
82
100
100
145
155
215
230
Chester
y
&
...
Life
45
60
70
73
100
70
80
100
3
Swlnehart Tire a r, com. 100
40
00m—100
100
43
44
6
8
100
68
73
Lt-100
7
9
100
27
28
81%
83
18
Cent Agulrre Sugar com..20
*48
52
60
90
93
365
Fajardo Sugar.
100
Federal Sugar Ref, com..100
Preferred
100
90
93
206
Godchaux Bug Inc..(no par)
*12
18
100
50
55
Great Western Sug, Com. 100
100
110
100
95
100
Preferred
Preferred.
Holly Sug Corp, com (no par)
100
Preferred...
8
12
35
40
100
50
75
National Sugar Refining. 100
98
102
Santa Cecilia Sug Corp, pflOO
10
20
Juncos Central Sugar
*15
105
125
Savannah Sugar, com (no par)
100
37
41
559
570
West India Sug Fin, com. 100
100
200
100
65
70
Preferred
n y Trust...
2-0
3(0
Title Gu a Tr
u 8 Mtg a Tr
United States
315
£25
Industrial & Miscellaneous
260
268
American Brass
Preferred
65
81
9212
100
165
12b
Typefounders, com. 100
39
43'
*2
5
-----100
10
20
North'n States Pow, com. 100
44
47
100
79
81
North Texas Elec Co ,00m 100
76
80
100
69
72
19
100
79
1941 -..man
Republic Ry a Light
100(
100
Preferred
South Calif Edison, com.lOO;
6
23
1st
100
preferred
Western
100
Power Corp
Preferred
Short Term Securities—PeJ
Am Cot oh 6s 1924—mas2,
Amer Tel a Tel 6s
0%
notes
1924_faa|
1922
aao
man
man
7% notes 1922
7% notes 1923
AnacondaCop Mln 6a'29.jaj
7s
b—— .jaj
1928 8erles
Anglo-Amer oh 7%s'25 AAOj
arm'rACo7sJuly 15'30jaj15
170
80
85
Brooklyn
Tr.
415
425
Bliss (e w)
Co, new..no par
*20
25
Beth St 7s July 15
100
660
670
Preferred
60
*50
60
200
Mechanlcs'*..
85
95
Kings County
Manufacturer
People's
200
2i0
7% notes July 15*23 jaj16
Canadian Pac 6s 1924. mas2
270
2S0
255
Moutauk*
125
Nassau
220
North Side*..
195
205
490
510
People's.....
160
160
159
160
Imp A Trad
—
Industrial*...
♦
"
Preferred
t New stock,
x
Ex-dlvidend.
irEx-rights.
Havana
New York
Hocking Valley 6s 1924.mas
Interhoro r t 7s 1921.-mas
1
Bid
Ask
65
75
63
65
Bond A M G.
205
212
City Investing
Preferred
50
65
70
80
prices
dollars
per
Preferred...
1st g 58, tune 1 1922..jad
International
Salt
100
City Realty and Surety Companies.
All
Amer
Goodrich(b f)Co 7s'25.aao
86
Lawyers Mtg"
Mtge Bond..
115
120
75
84
Nat
170
174
N
Y
Surety..
Title
A
Mortgage..
114
Bid
(Realty
Ask
Assoc
j
6s'23.man 15
1931
jaj
6%s July
2
Laclede Gas 7s Jan 1929 faa
slh
Lehigh Pow Sec 6b 1927. faa
48
6012
LlggettA m y ersTob6e' 21j a d
Pub Ser Corp n j 7s '22-mas
68
Sloss Sheff 8 a i 6s '29.-faa
*85
90
Southern Ry 6s
69
145
80
71
8wlft a Co
160
7% notes
f 0
Texas Co 7s 1923
100
78
80
u h Rubber 7 %s
95
Preferred
103
145
160
Singer
Manufacturing.-.100
*92
;u 8 Tltl Guar
70
80
8ineer
mfe
..£1
»2
145
155
Ltd
(West a Bronx
•
re1
-mare
/Flat Drioe.
t> Baals.
fcLast sale.
2%
Nominal,
1922---mas
7% '25.. a ao 15
15 1931
—..
mas
1930—faa
Utah Sec Corp 0s'22. mas15
West elec conv 7#
4 Purchaser also
»
1924man
k c Term Ry
6s12
100
Royal Baking Pow, com. 100
93
Title a m g
100
115
Valley Coal Sales.50
Phelps Dodge Corp
(Brooklyn).
|u 8 Casualty.
>
Federal Sug Ref 0s
/66
Lehigh
Ask
83
9b
112
67
1
*4%
/4o
40
gold 5s, 1951
aao
International Silver, pref. 100
1st
share.
Bid
100
100
Tobacco Co
94J2
87
102
100
Debenture stock.
92%
85
100
100
Chllda Do com
,
R'lty..
Surety.
Company
'22.jaj15
100 *100
100
Preferred
du Pont(e i) de NemAColOO
Banks marked with (*) are State
banks,
Allian
Company, com.. 100
Borden
Celluloid
90
90%
98
98%
99*4
99*8
t
1003,j 101%
101 101%
90%
94%
90
94
1007s 101%
96*4
100
185
80
360
Cent
Deb 6s j'ne 15 '24 .jad15
Preferred
175
7 45
71
Cent
9838 98h
99%! 99?8
9<%
Deb 6s j'ne 15 '22 .jad 15
First
5
29
Deb 68 j'ne 15'23 .jad15
Homestead*.
7
60
28
Amer Tob wco
Greenpoint...
240
58
70
—100,
166
350
1%
4
225
.
*4
21
855
Hanover
8%
35
100
Preferred
215
Harrlman
99%
*7*4
United Lt a Rys, com—.100
150
Greenwich*.
6
12
93
a p.comlOO
Tennessee Ry, l
845
190
4%
10
91
*33
50
Preferred
98% 100
98
100
Preferred
Standard Gas a el (Del)—50
Fifth
Gotham
81
17
76
First
Brooklyn
79
pref 100
Puget 8ound Pow a Lt—100
Garfield
j
94%
par)
Gen m 7%s
20
American Hardware—..100
~if%
s f g
1961— -jaj
deb 7s 1935— man
Pacific Gaa a el, 1st
70
70
51
10%
80
Preferred
1%
50
1
64
Preferred
10
8
6%
First Mtge 5s,
Preferred
*14
1
Colorado Power, 00m —100
Preferred
Stocks
5o
Amer
28
120
Northern Ohio Elec. (no
1%
59
27
Mississippi Rlv Pow, com 100
Preferred
100
100
5~
57
Preferred
%
1
118
90
49
850
9%
45
Miller Rubber
Cupey Sugar common...100
Preferred
100
Ins
Trhst...
48%
12
9
80
2
67t2
8%
100
preferred
100
Federal Light a Traction. 100
1112
93
81
00
5si2
1st
Preferred
20 J"
39
*38
91
79
3%
4778
Elec Bond a Share, pref.
11
Central Sugar Corp. (no par)
Preferred
100
6.00
6.35
100
28%
Sugar
6.40
7 00
15
Com'w'tb Pow, Ry a
75
100
6.40
Great West Pow 6s 1948. jaj
100
Rubber
6.00
7.00
60
Preferred
7.00
*65
Preferred
7
150
Gen'i Tire a Rub, com—. 100
Preferred
100
6.10
—100
Preferred
90
95
100
{Cleti and pi ices)
65
135
(Mutual (West
100
925"" Coney
Inter
9i%10.%
90
6.25
6.25
Utll, com-—100
100
Amer Wat Wka a ei
100
Preferred
Cities Service Co,
100
6.25
Preferred
37
100
6.10
6.50
Amer Public
75
158
s) Co
Lt, 00m—100
Amer Power a
80
153
(j
100
Preferred
60
Weyman-Bruton Co, com 100
Preferred
50
100
•70
93
6.60 6.15
6-60
6.75
6.75
6.70
6.75
50 **101 103
Preferred
AmerLtATrao.com
•3o%
scrip
Young
—
25
99
6.40
6.7o 6.10
0.70 6.10
7.50 6.75
6.75 6.25
7.121 6.50
25
91
t%
Ry 6a
Utilities
Amer Gas a Eleo, com—
914
93
6.60
6.30
7.00, 6.40
Participating pref
100
5s, 1934
aao
Carolina Pow a Lt, 00m. 100
wo
7.15
6.50
7.00
6.85
Public
Brlt-Amer Tobac,
Caracas Sugar
227
Virginian
Brltlsh-Amer Tobac ord..£l
At.
l'JU
Exch—
Union Pacific 7a
109
6.10
6.10
6.75 6.25
—
83
130
American Tobacco scrip
6.60
6.0o
7.00
6.60
7.50
7.00
6.75'
7.50
—-
Equipment 7a.
Southern Railway 4%a
7Sl
78
Portage Rubber, com
Battery Park.
Equipment 4%a
Southern PaclfloCo4%a
Equipment 5a
Toledo a Ohio Central 4a—
107
Mohawk
Atlantic
70
6.75 0.30
7.75 7.00
7.75 7.00
7.50 7.00
Seaboard Air Line 6a
145
125
Preferred
New York
Equipment 4a
73s
19%
100
Jan
Bid
*18
60 •136
Preferred
Trust Co.'a
Ask
*7*8
Amer Machine a Fdry._100
(new)
—j
St Louis a San Franolaoo 6a
Eagle oh
Foil
Western 4%a
Pacific 7a
Pennsylvania rr 4%a—-
Stocks
Petroleum
Tobacco Prod Corp 8% scrip
share.
4%s—
Norfolk a
100
Goodyear Tire a r, com. 100
Bid
n y Ontario a West
323
Standard oh (Ohio)
Preferred
Banks—N Y
—
300
b common stock..
New York City Barms and Trust Companies.
7g 107
7a
3i0
Scrip
k Correction.
10
York Cent 4%a, 5a
Standard oh of New y'k.100
Reynolds (r j) Tobacco.
5 Dollars
Equipment 6%a a 7a
Standard Oil (Nebraska)
Helme (Geo w) Co, com. 100
Preferred
-.100
Ex-dlvt-
Michigan Central 5a, 6s_.—
Minn St p a 8 8 m 4%b a 5s
Missouri Kansaa a Texas 5b.
Conley
Exchange this week, where
stock,
75
173
55
Firestone Tire a Rub, com 10
additional transactions will be found.
72
108
73
100
7.00
6.40
6.«5 6.30
Equipment 6%s
Equipment
6.30
6.75 0.30
6.00
52
Preferred
1
—
Equipment 4%a
*72
American Cigar common.
Jan
Sept
Illinois Central 5a
Southwest Pa Pipe Lines.100
Standard oh (California). 25
Mengcl Do
5s
5e a 6s
Hocking Valley 4%a. 5a
20
Midwest Refining
Tobacco Stocks—
Municipalities.
150
232
Preferred
and
2512
6.50
6.73 6.30
6.60 6.10
7.50 6.75
85
Mexican
Foreign Government
,
Equipment 6%a
7.25
6. 0
•18
Merrltt oh Corp
s«5i»t
Sept
Chicago a Eastern 111 5%9—
Chic Ind a Loulav 4%a
25
Other
97% May
76
36
26 *228
Magnolia
Aug
July
82
145
4a
Equipment 6a
Canadian Paclflo 4%s a 0b--
Penn Mex Fuel Co
Imperial oh
100% June
100
83
Washington Oil
Aug
Sept
Chic St Louis a n o 5a
100-
new
Vacuum Oil
Sept
99%
91
Equipment
Ohio oh Co
Aug
100
120
—.100
115
73
34
86
100
Preferred
Sepi
Aug
100
Equipment 6a
Chicago a Alton 4%a, 5a.—
Union Tank Car Co
Sept
102%
26
100
Swan a
Jan
Jan
*24
Preferred
Juiy
100%
50
6.5'• 6.15
6.75 g.30
8.00 7.00
8.00 7.00
Preferred
Aug
100%
Chesapeake a Ohio 8%a—1
Standard oh of New Jer.
Sept
Jau
6.50
111
Galena Signal oh com
jcui
91%
7.00
7.25
108
Standard Oil (Kansas)
rwm.
May
8 00
Central of Georgia 4%a_——
100
Northern Pipe Line Co..100
Sept
97
Caro Cltnchfleld a Ohio Sa—
97
60
International Petrol.(no par)
Aug
100%
9d
155
94
60
National Transit Co
Sept
96%
June
%
97/s
18,000
88,000
90
99% 107,000
99% 128,500
100
93,000
100%
39,000
93% 98
3,000
100% 100%
95
98 %
82,000
102
59,000
102%
24,000
100% 101
6,000
90%
91
100%
97%
j<u>
83
jau
84%
94%
98%
98%
96%
94% June
67
*80
145
100
Illinois Pipe Line
Indiana Pipe Line Co
100% Sept
Jan
98
87
104% 104%
1931
Sept
sent
8 20
100
new
Cumberland Pipe Line
Eureka Pipe Line Co
New
6.t5
6.65 6.20
6.65 6.20
6.75 6.10
350
Crescent Pipe Line Co...
Preferred
Buff Rocb a Pittsburgh «%a
865
100*225
new
Preferred old
16%
\
108
Continental oh
Ma>
99
10j
97%
103% 103%
108%
1931
Sun Co 7s
Bwlft a Co 7a...
7a..
97%
97%
Stand Oil ol n y deb6ha '33
7% ser gold deb 7s
19'5
Mar
Mar
99%
98%
97%
1927
Solvay et Cle 8s
Preferred
Apr
93 >i
J all
92% June
1,000
5,000
32,000
8,000
j uii
Aug
99%
98%
'98%
7% sernotes...Oct 15'22
7% aer notes.. .Oct 16'23
83
Feb
97
102%
Sept
98%
102
98%
100%
100
100%
21
in
wl
123,000
54%
Niagara Falls Pow 68.1950
Jan
100%
96% 124,000
20,000
100%
n y n h a Hartf 4s..1922
Otis Steel «s
Sept
25.00C
98% 144.000
61,000
100% 48,000
280.06C
98
78% 118,000
90,000
76%
1C0
Leather 8s..l926
Sent
99%
94%
95%
90
101%
99%
97%
75%
74%
92
100%
Sept
Sept
94
90
100%
1930
..
Cbesebrougb Mfg
Mar
99
99% 100
93
Lou Nash St l Dlv 08.1971
Nat Cloak a Suit 8s.
98%
10
•f/
Equipments—PerCt. Basis.
Baltimore a Ohio 4%s
7.00 6.40
.
Buckeye Pipe Line Co
Apr
101
91%
91
97%
Interhoro r t
...
8h0
j uiic
*15
100, 840
100
Borne Scrymser Co
|f>->% sen'
101% Aug
101% Aug
101% Aug
102% j'dy
June
90
101
101
General Asphalt 8s.-.1930
"8
%
£11
new.
Refining
Preferred
.u
10
5%s
94
80
lui
m ft r
100% 100%
100% 100%
Atlantic
where marked
rr.
Ask
StockaParj Bid.
Anglo American oh
Mar
100%
Jan
June
Aug
Sept
98% Sept
70
Sepi
35
1,000
96
Sepi
58%
100% 100%
103%
pays
accrued
Ex-dlvidend.
1025
4ao
diviucuu
y
Ex-rlghts.
97%
99?8 <00%
9^ 9878
98
98%
9'% 96*4
9d8 9h2
9*
91*4
76
78
98% 98l2
99
igo'4
9j42 9^%
69
70
10 i 1
100%
97h 97?8
8 '2 88
98l2 98*4
9b7g 99%
9 *4 99
100
100%
9 *4 100%
93*4 94%
uk)7g jql
a New
stock
****•
Jmrjestromt ami flaili'imcl gixijcllxgmcie.
1343
l^^w'^^*/>^«^^A«v>vw<^vvs^^A^tfvw^/yvvvvvvvvvv^*AVVv»^vv^^^vw^/vVWVVWWv^vvvv<^>^VVWv*>^v^w-,wwvN^^
*
RAILROAD GROSS EARNINGS
The following table shows the
gross earnings of various STEAM roads from which regular weekly or monthly returns
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
can
are
brought together separately
on
a
subsequent
Latest Gross Earnings.
ROADS.
Week
Current
or
Month.
Alabama & Vicksb- July
Ann Arbor
3d wk Aug
Atch Topeka &
S~Pe July
Gulf Colo ASFe- July
Atlanta & West Pt_ July
Atlantic City
July
$
$
Y^r.
1,943,534
1,857,083
3,153,544
3,042,586 117553023
104682915
2.738.798 1,962,932 16.749,990 14.043.838
4,793,686
835.921
800,860
4,969,485
3,383,634
514,855
279.342
1,769.236
B&OCh Term__ July
Bangor & Aroostook July
Beliefonte Central.. May
Belt Ry of Chicago. July
Bessemer & L Erie.. July
Bingham & Garfield July
July
July'
Buff Roch A Pittsb. 1st wk Sept
Buffalo A Susq
July
753,214
4,402,904
16537 773
188.608
371.188
5,289
432,371
1,488,101
10.154
6,541,142
99,827
ROADS.
Current
Year.
Week or
Month-
Jan. 1 to Latest Date.
Previous
Current
Year.
Previous
Year.
Year.
$
280,748
113,015
102.042
200,467
Atlantic Coast Line- July
Baltimore & Ohio__ July
Bklyn E D Term
Year.
Latest Gross Earnings.
Previous
Year.
Current
15482 787 18060 955
Panhandle S Fe__ July
Atlanta Birm & Atl_ July
Boston A Maine
Jan. 1 to Latest Date.
Previous
Year.
258.860
page.
237,590
687,108
5,791,532
19072422
145,776
436,292
8,302
380,517
1,513,214
171,316
7,558,911
124,044
577,413
243,656
126,263
Canadian Nat Rys. 1st wk Sept
2,144,345 1,998,011
Canadian Pacific
1st wk Sept
3,951,000 3,991.000
Caro Clinch A Ohio- July
596,200
644,954
Central of Georgia.. July
2,051,273 2,276,516
Central RR of N J__ July
273.949
1,720,285
1,455,240
2,541,183
2,618,447
42,710,468
41,018,309
112768724
118859144
1,121,444
3,649,292
38,472
2,251,596
1,397,266
4,147,348
31,193
2,935,811
6,531,285
7,411,453
1,080,372
116,649
45,971.891
43,690.952
595,667
760,894
14,861,853
10,088,626
1,585,442
1,161,729
66,149,498
70,147,619
129011000
118139000
3.989,661
4,226,675
14.591,389
13,183.955
,
$
2,385,009 2,204,315 15,585.115 15.456,633
5.601,772 5,938,520 35,931,115
38,982,937
8,959,260 9,209,976 61,360.215 63,610,744
Mobile A Ohio..-.329,340
412,811 12,397,079 11,996,427
1st wk Sept
Coium A Greenv.
85,307
125.645
855,119
1.034.021
July
309,223
Monongahela
328,982 2,194,396 2,041,829
July
43,030
Monongahela Conn. July
254,661
1.767,829
413,095
Montour
109,685
150,692
July
913,470
701,965
Nashv Chatt A St L
1.853,173 2.059.015
11.949,311 13,854.275
July
Nevada-Calif-Ore
15,915
11,025
4th wk Aug
238,069
205,570
Nevada Northern.
15,695
168,954
1.108,512
July
223,438
81,553
Newburgh A Sou Sh
137,446
730,495
July
912,272
New Orl Great Nor_
217,644
221,213
1,448,171
1,478,292
July
N O Texas A Mex_.
131,739
253,688
1.425,807
1,516.954
July
Beaum SLA W__
187,544
196,946
1,298,578 H2S'176
July
St L Brownsv A M
428,793
479,254 3,421,526
3,983,221
July
New York Central
26295230 32703 027
183821842 195785765
July
Ind Harbor Belt675,529
737,851
5,078,284 4.537,250
July
Lake Erie A West
704,020 1,120,854
6.339,821
5,158,380
July
6,346,834 7,950.186
Michigan Central
40,831,059 47,073 825
July
ClevOC A St L.¬
6,242,501 7,585,540
45,836,267 47,461,412
July
326.003
Cincinnati North290,755
1.865.038
2,078,666
July
1,521,252 2,373,585
Pitts A Lake Erie
July
13,881,396
929,761 1.118,943
Tol A Ohio Cent.
5,924,290 6,366,492
July
429,781
Kanawha A Mich
460,612
2,719,452
2,710,645
July
2,128.542 2,507,378
N Y Chic A St Louis
July
15,248,849 14,653,787
277,589
N Y Connecting—
120,056
453,449
July
2,061,322
10046886
10739 271
N YN H A Hartf..
65,101,888 65,758,311
July
1,655,942 1.508.614
N Y Ont A Western
6,856,870
8.135,797
July
347,950
397,052
N Y Susq A West.. July
2,422,879
2,505,391
689,400
558,981
Norfolk Southern __ July
4,620,807 4,415,061
6,787,348 7,058,543
Norfolk A Western- July
45,978,419 45,362,810
7,877,354 9,239,716
Northern Pacific.
48,304,574 60,267,485
July
958,643
813,374
4.169.039
4.649,417
Northwestern Pac_. July
41231622 51188391
289816 545 285849 544
Pennsyl RR & Co-- July
201,014
178,945
809,249
BaltChes A Atl__ July
920,272
111,880
155,593
697,942
Cine Leb A Nor__ July
642,761
715,124
803,634 4,801,162 4,975,987
Grand Rap A Ind July
.315,432 2,999,125
16,082,566 13,646,912
Long Island..— July
3 150,529
143,137
644,630
690,194
Mary Del A Va__ July
600,207
809,669
N Y Phila A Norf July
3,672,564 4,311,015
127,807
159,008
1,157,296
935,122
Tol Peor A West. July
689,818 1,690,393 7.233,796 6,887,787
W Jersey A Seasb July
1.344,059 9,123,097
Pitts CCA St L. July
55,521,700 60,432,361
7,122,421
122,659
874,408
952,757
Peoria A Pekin Un. July
353,879 3,744,766
20,307,54( 21,299,128
Pere Marquette
July
3,108,036
99,908
655,331
Perkiomen
July
754,337,
811,224
7,104,837 49,132,949 48,314,647
Pbila A Reading— July
6, 74,005
142,314
906,670
691,235
Pittsb A Shawmut - July
86,957
122,811
798,644
683,169
Pitts Shaw A North July
.63,985
229,275
1,179,253
1.114,057
Pittsb A West Va_. July
129,822
108,721
952,433
1,336,525
Port Reading------ July
107,603
728,525
97,244
735,867
Quincy Om A K G — July
118,324
912,958 6,215,709
6,453,246
Rich Fred A Potom. July
§84,328
488,012 3,278,970 3,088,659
Rutland ---------- July
£03,956 241,492 1,814,079 1,762,639
St Jos A Grand Isl d July
368,500
9,927,685
8 49
St Louis-San Fran.
July
6*536,679 7,404,411 46,518,88; 1,064,294
146,082
969,173
Ft W A Rio Grand July
198,404
922,957
142,813
1,054,171
StL-S F of Texas. July
132,032 1,797,536 9,627,020 11,500,272
St Louis Southwest- July
1
§41,922 714,043 4,255,635 4,944.775
StLSW of Texas July
649,863
672,934 16,156,190 19,670,311
1st wk Sept
Total system
488,204
753,083
654,276
101,220
St Louis Transfer-_ July
56,762
2,640.680
510,782 3,370,101
San Ant A Aran Pass July
599,095
856,148
718,593
128,747
San Ant Uvalde A G July
73,979
25.352.190 28,297,327
Seaboard Air Line.. July
3,174300 3,620,263
17781187 108541722 107594417
Southern Pacific— July
MoKATRy of Tex
Total system
Missouri Pacific
July
July
July
to
„
_
,
4.630,517 4,997,796 29,780,353 25,784,136
3,562,387
677,246
693,315
4,802,982
3,714,828
624,655
540,028
3,626,864
Charleston & W Car
2,028,352
293,491
252,481
Ches & Ohio Lines.
1,950,578
46.145,621
7,990,618 7,259,357
49,873,764
Chicago & Alton
15.969,720
2,795,251
2,630,677
17,097,760
Chic Burl & Quincy99,321,415
14028 677 14705 751
92,426,593
Chicago & East 111..
16,110,690
2.187.604 2,362,275
15.038,422
Chicago Great West
1,971,692 1,979,580 13,631,578 12,950,981
Chic lnd A Loulsv..
8,359,996
1,287,482 1,375,040
8,600,671
Chicago Junction.
1,778,136
432,803
279,688
2,894,212
Chic Milw & St Paul
91,481,709
12197 540 15207374
79,967,120
Chic & North West87,643,228
12215106 14805 889
79.821,464
Chic Peoria & St L.
178,855
237,215 1,135,474 1,402,361
Chic R I & Pac
74,018,833
11583 048 11897 837
73,896,404
Chic R I & Gulf__
702,775
599,177 4,271,170 3,784,858
Chic St P M & Om_
17,453,196
2,260,540 2,542,076
15,307,511
Cine lnd & Western
2,440,459
308,072
392,337
2,005,820
Colo & Southern— 1st wk Sept
19,563,905
442,720
602,961
17,358,892
Ft W A Den City. July
6,814,016
1,018,468 1,101,355 6.256,721
Trin A Brazos Val July
1,000,035
271.330
135,238
1,568,613
Wichita Valley
July
932,073
138,920
122,781
925,762
Cumberland Valley- July
423,625
140,623
76,262
873,581
Delaware A Hudson July
3,965,073 4,085,257 26,376,330 22,805.980
Del Lack A Western July
41,821,808
7,494,704 7.054,435
49,774.689
Deny A Rio Grande July
2,738,016 3,419,764 16,978,783 20,661,698
Denver A Salt Lake July
1,431,165
277,94V
273,456 1.439.218
Detroit A Mackinac July
1,062,008
184,110
180,614 1,100,805
Detroit Tol & Iront. Julyl
2,669,220
744,498
427,334 3,777.571
Det A Tol Shore L__ July
256,333
204,625 1,428,940 1,171,657
Dul & Iron Range
JuiyJ
5,358,913
781,085 1,764,439
2,909,344
Dul Missabe A Nor. Julyl
9,290,381
2,068,604 3,307,528
6,565,721
Dul Sou Shore A Atl 1st wk Sept
3,742,141
76,098
118,266 3,103,531
Duluth Winn A Pac July
1,370,305
105,369
185,093
1,496,356
East St Louis Conn- July
727,724
123,363
114,588
931,850
Eastern SS Lines
July
753,693
691,426 2,628,626 2,311,252
Elgin Joliet A East- July
1.261.147 1,855,771 11,675,448 12,720,301
El Paso A Sou West July
8,246,938
976,986 1,208,003
6,980,003
Erie Railroad
July
55,316,468
8,503,539 9,697,175
58,100,024
Chicago A Erie.. July
6,580,487
715,131 1,213,597
6,040,314
July
NJANYRR...
714,673
135,769
120,043
855,759
Florida East Coast- July
725,385
913,614 9,021,050 8,262,107
Fonda Johns A Glov July
804,050
111,633
134,997
779,047
Ft Smith A Western July
165275ns 23808143 152875873 149369440
996,220
113,744
138,123 1,027,656
Southern Pacific Co July
Galveston Wharf
July
649,342
285,724
132,595
Atlantic SS Lines- July
253,567 5,959,416 2,995,552
1,530,885
July
Georgia Railroad
417,192
1,763,422 2,348,207
343,914
544,157 3,053,458 3,724,521
Arizona Eastern. July
176,424
July
Georgia A Florida.
790,441
128,260
135,179
Galv Harris ASA July
1 818,413 2,120,263 14,650,265 14,009.471
819,663
Grand Trunk Syst._ 1st wk Sept
2,416,740 2,473,270
0,249,335
7,173,207
Hous
A
Tex
Cent
928,333
July
f101.335
Atl A St Lawrence July
1,676.373
145,749
1,011,826
235,842 1,719,220 1,674,175
Hous E A W Tex_ July
222,125
258-196
ChDetCanGTJct June
764,533
3,014,939
129,755
2,476.292
116,372
Louisiana
W
estern
445,676
July
379.004
963,476
Det G H A Milw. July
2,450,134
5,883,394
477,485
4,987,305
496,613 2,271,453
720,849
691,958
Morg La A Texas July
Grand Trk West. July
1,274,609 1,497,446 8,184,395 8,505,802
Texas A New Orl. July
347.403 4,963,436 5,434.644
709.639
Great North System July
8,142,962 10798495 50,046,749 65,747,635
1st wk Sept 3 217.896 3,912,712 113087374 130458980
Southern Railway.
Green Bay A West. July
697,755
104.625
98,206
Ala Great South. July
794,923
751.734 1,066,485 5,456,175 6,246,181
Gulf Mobile A Nor. July
319,441
287,118 2,368,767 2,053,482
Cin N O A Tex P. July
1 .378,618 1.875.615 10,205,876 11,224,057
Gulf A Ship Island. July
1,633,383
233,981
247,087
380,863 2,616,878 3,014,957
Georgia Sou A Fla July
388.756
1,625,455
Hociring Valley
July
1,355,653 1,523.062 7,736,526 7,972,580
New
Orl
A
Nor
E_
664,728 3,747,350 4,291,953
July
485,963
Illinois Central
July
11565130 11646139
871,508
77.426,153
503,140
Northern
Ala
125.646
58,296
July
80,441,877
Internat A Grt Nor. July
871,662
1,587,616 1,458,448 11,061,580 9,606,736
738,729
130,615
105,613
Spokane Internat-- July
Internat Ry of Me__ July
147,534
1,727,731
4,184,135 4,843,471
156,354
813,495
653.258
July
1.747,344
Spok
Portl
A
Seattle
Kan City Mex A Or July
152,812
902,042
249,939 1,450.393 1,290,366
Staten Island R T_- July
148,729
253,284
986,144
K O Mex A O of Tex July
202,562
124,981
922,837
5,351
83,496
7,117
154,867
Tenn Ala A Georgia 4th wk Aug
1,219,100
Kansas City South. July
1.622.148 1,586,722 11.618.514 10,290,015
Tennessee Central._ July
231,288 1.356.922 1,629,317
178,526
Texark A Ft Sm__ July
170,655
395,043 2,522,522 2,511,511
160,939 1,261,386 1,173,313
TermRRAssnofStL July
346,192
Kansas City Term.. July
147,391
851,161
St L Mer Bdge T_ July
138,147
356,183 2,019,880 2,155,426
277,296
905,104
Kan Okla A Gulf
July
205,465
Texas A Pacific.
1st wk S«pt
802,898 24,014,090 26,913,853
211,065 1,353,338 1,344,029
595,887
Lake Sup A Ishpem. July
30,117
813,240
5.094,485 6,284,977
288,719
Toledo
St
L
A
West1,017,670
736,597
July
104,256
Lake Term
Ry
July
74,543
T24.985
731,543
933.114
121,058
Ulster A Delaware.- July
147,368
249,235
772,163
Lehigh A Hud River July
271,269
1,489,605
10161766 58,023,239 66,491,357
274,076
Union Pacific
July
1,865,976
9,317,262
Lshigh A New Eng. July
399,970
109204713
10382451
91,898,2121
445,210 2,610,705 2,526,696
Total system
1404^569
July
Lehigh Valley
July
6.259,984 6,640,739 43,102,024 37,723,483
Oregon Short Line July
2,590,599 3.479.016 18,243,276 24,237,864
Las Ang A Salt Lake July
1,626,089 1,985,935 11,590,155 11,209,025
Ore-Wash RR A N July
2,141,709 2,741,668 15,631,698 18,535,491
Louisiana A Ark am. July
251,415
6,295,289
2,343,753
Union RR (Penn)
854,332 5,719,051
322,698 1,935,296
July
733,869
Louisiana Ry A Nav July
316,373
1,034,593
626.445
Utah
321,863 2,162,756 2,287,678
155,183
65,584
July
Louisville A Nashv. July
9,610,560 10484 835 67,214,699 70,031,628
2,598,963
2,370,790
Vicka Shrev A Pac_. July
356,972
323,504
Loulsv Hend A St L July
222,035
260,318
1,729,902
1,629,021
Virginian Railroad. July
1,549.525 1,578.771 11,146,174 1,622,687
Maine Central
July
1,550,690 1,761,492 12,027,462 10.920.839
Wabash RR
July
4,862,653 5,003,882 33,694,921 30.791.050
Midland Valley
July
334.774
385.205 2,586,072 2,666.896
Western Marvland. 1st wk Sspt
506,703 12.206.191 11,555,016
310,064
Mineral Rang*.
1st wk SePt
2,110
Western Pacific
8,217
445,663
1,017.930 1,433,074 6,573,626 1,122,206
218,665
July
Minneap A St Louis 1st wk SeP^
296,387
380,870 10,531,284 10,847,818
Western Ry of Ala.. July
213,019 1,422,900 1,576,668
208,783
Minn StP&SSM.
July
3,534,772 4,279,521 22.913.515 25,609,100
Wheel A Lake Erfe. July
1,477,255 ,627,252 8,226,180 8,736,614
Mississippi Central. July
86,413
1,509,302
1,505,588
Wichita Falls A NW July
85,110
225,117
539,653
380,594
599,829
Missouri Kan A Tex
July
2,836,169 3.509,089 18.840,412 22,017.002
Yazoo A Miss ValleM July
1,503,486 2,534.078 11.497.666 16,731,295
Cent New England- July
Central Vermont
_
_
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
--
-
„
0
.
_
„
228609,897
_
.
-
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Current
'Weekly Summaries.
4th
week June
$
3d
week
4th
week
(13 roads)-.
roads)-,
roads)-,
roads).,
roads).,
1st
week
roads).,
1st
week
2d
week
2d
Id
week
week
4th week
lKt
week
*
Previous
Year.
Year.
We" no longer
roads).,
roads)-,
roads).,
roads)
-.
15,455,421
12,479,200
13,432,807
13,598,294
18,335,255
13,508,904
14.213.116
14,019,071
17,389,500
14,508,570
any~of
or
Decrease.
*Monthly Summaries.
%
Curr.Yr.
$
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
16,462,977
include Mexican roads in
Increase
our
—1,840,856 10.64
—1,601,332 11.37
—1,856,297 12.14
—2.327.560 14-61
—3,587,767 16 37
—2,163,018 13 80
—2,314,449 14.00
—2.568,097 15.48
—1,920,656 995
—1,9.54,407 11.87
totalsT
October
..231,439
Current
Previous
Year.
Year.
$
229,935 433 .852,568 503.281.63(1
>92 .277.620 438.038.04*
228.131 >39 .197.615 443.124,1 i*
233,839
January
February
-232.492
-235.653
231.51
234,511
March
-234.832
233,831?
April
-220,340
219.74.
—235 333
231
-235,208
-230,991
235,059
160 .582.512 494.164.60
230,410
160 ,989,697
Mav
July
.
or
Decrease.
Prev.Yr.
November ..235,213
December- -229,422
June
Increase
9!
1
-33.226.5*
-19.171.0;
-1.483.39
30.166.9*
169 .784.512 503.011,12'
424,172,34"
1.56 .978,910 458.462,33'
ill .279.831 381,112,84
11 0'>8 S«5 15".243.21
105 .001.273
!
527,396,81
•I-130 570 9.3 >
r 15423957
<-96,073.43'
-
,
13.214. .3:
-33,582,09.
66,407,11|
TfS'
we sum
>
the fiM; w6ek
IS roads and shows 11.87%
tin?
>
.————la;
-1';1
'
g
'■'/
V
303,464
Buffalo
Pittxburgh. ;;:273 «n ,V 577,413
2.141.3)' J .9 Uon
"Canadian National Railways-,
3,951.009 '3,001.000
canadf an Pacific
V Ay f *
-
-„
„
145.334
J4I2.720
'A 602.961
|;76,C9S
""-118,266
iMkip
2,473.270
yT
,'4'A
/
f;, 56,^0
6,107
8,217
ri.ib' * ^iv:-
672A34
A
,
412*11
>.- 4,911
223,071
>
> >*>
Lake Sh Elec Ry
•»
508,70 i
,
"Tyt- "-4
—
'
446,334 2,100,741
1.954.407
14,508,570 16,462,977
1' ui L 'J,
•
-
-
|
-
1 ■
>
^
t
,
n
;1i
*
f * ♦.. *"
^
j
,.j,,
,
j :
14
■
-
•* !
r r •■*
•
•*
;
1921.
7
1920.
:
•
July.
.
. •
.
c
7-,-i
'l-,M
♦New Orleans
Orleans Great Northern
?*New
Northern RR~
RR-
'.^-.72,924
M 302,408
ri
Penna Edison Lt & P. July
183.518
162.840
1,355,371
1,025.308
1,213,750
Pennsylv Dtil System May
446.-26
90" 014
6.«1^809
717,018
9.141X740
July-VJ.-i.r-217,644
i : 221,213
38,102
—20,105
i!
From Jan 1
1.478,292
1,448,171
220,529
21,691
-i i'l.lf'..
r
^
From
404,323 r) 280,682
914,216
'879,714 \
729,525
f-'j
i" -V- 71
hlth'ut
kFr0m
1'
I
8
'
.
,
Q70
978
3,088,659
3,278,970
»
w
'*
i
-V:
T
*
,
4>t; 1
*
,
i
t!'
.
h
■'
,'l
j>
t,
/;
•'
.
Corrected fepon.'
r
-
t c
'•!
-r-r
Li
''Name.of Road
1—"—kttt
^Jv'
■j^ktest
Gross Earnings.
,,'.„.X4y..a
I
'. ' Month,
i
\(
,„'■> $!'
35S
.Baton Rouge Elec Co July
.
,'Beaver Vail Trac Go. July
!
i;
)
■
..
.
Previous
I Year, if
-
ilS&u
-+Wi-au
8 I Jb
2,572.058
2,640,482
2,400,679 ••2,148,039
•*1*>13
47
1,568.179 71,311,005:
191,268
105.310
18.339
00,420
x
45,247
0
v
Nassau Electrici--
9,858
572,435
4.634.570 4.206,480
>>''30,431 ^ > 33,806
1,046.007 •T 9.56,986
29.013 fu^,-28,797
1,877,624 2,549,489
i
353,027 /•1347,313
9,144,559 8,697,974
J
864.644 '.-3 747,235
•
•
June i-*2
78.533 !^90',0n0 ':'LI-7'X'xiX-'
JA
132,185 i
Juiy?:f
-140,994
999,881 "915,889
1197,109 1 139.390 6.805,408 X 6.467 430
May"'.".
July >*:
2447,556 2546,612 18,221,379 17,550,990
118.827, 112,296 'l - 832,517
July><
830,097
Co July
onsuiners Powt
[ > ! ■ | 1061,646 1128,462 8,197,000 7,934,356
•Cumb County P & Lt July id
283,508 296,428 -.1,863,391 x a;726,197
Dayton Pow & Lt Co_ July 'i"l|x. ••295.485 277,933 2,380,509 2,068/143
Detroit Edison Cb_L m July x 91 \i.ic 1671,161 1674,117 13,295,561 11,983.119
'Dulurh-Hup Trnc Co August, K;K'i v 141,16j3 158.958 1,184,777 :1,282,596
■<y Aib'T ;•: f; '*
Duquesne Lt Co subs
H!i 1234,799 1173.651 9,539,634 •'8,408,958
light & pownr cos'__ July? PZ
E St Lopis & Suburb. July
I
281,766
329,714
2,262,823 2,307,670
jil
East Sh G l&j,-;E Subsid JunO'X 6
^ *X 39,422
37,717
248,094 >X235.052
Eastern Texas El Cox. July 7a.Ii6S •140,089
138,389 -.-999,348 ti 897,782
Edis El 331 Co of Brock July' •■b, ?.}} x ' 93,339
92,449
707,886 I 769,431
?
t •
i y
Elep Lt & Pow of Abf"
1 28,077
1 190,542 T i 194,743
ingtoh & Rockland. July ?•
31,774
El Paso Electric Co_
July i
188,838
156,328
1,331,007 hi ,067,794
76,782 ■i
68,638
530. r 91 5 '580,141
/Erie Lt Co & Subsid's June
)
Pall River Gas works June
85,778
71,130
7480,642 ri 412,723
Federal Lt & Trac Co July r,
365,704
358,075 2,797,074 2,616,364
Ft Worth Pow & Lt._ July
207,607
242,370 1,290,472 1,254,242
Galv-Hous Elec Co__ July —
"326,634
337,937 2,205,599 2,097,997
General Gas & Elec__ July
897,333
910,336 6,500,611
6,125,110
129,573 -,132,687
Georgia Lt & Power_ June !
840,889
828.144
fuly
_„
•
(
;
.
5.675,359
-
318.471
44,136
39,693
13,439
49 .522 >■„
313,848
•407,616
110,384
85.017
84 ,223
4.509
4 .573
52 .413
12 .823
r,
224.81.6
>
-300,990
389,866
;
.
366.176
25.353
502,168
"
..
87.098
<275,291
23,893
J
X
450,387
7,619,456
9,186.014
Vfjrl
>7f'i&lCb
112 .321
211 .225
176.704
506,947 530 .430
351.832 362 .763
1246,179 1160 .624
1113,971 1030 .222
936 ,286
955,506
512 .603
,519.227
1,387,853
1,397,056
3,818.392
2.779,2x5
8.502.268
8,127,194
3,718,106
2,405.926
6.857,248
7,199,242
7
'137,213
.,.
686,642
Vermont Hydro-Elec- July
Virginian Ry & Pow_ June/AWinnipeg Electric Ry June X V
Youngstown & Ohio- June;./*
---
019
41
62 .343
74.872
1529.825 1524 ,458
57 .339
62.975
J
Utah Power & Light. July
I Utah Securities Corp August
:
'jUaX J
V
of
u
?777,565
1,003,470
•
.
JM
Stai-'i*
.
3.861.1221
695 .212 *8,766,982
42 .812
x277,819
32,097
835,578
446,209
784 131
47.502
Ziti
5.090.882
2.856.715
407, 625
•
(iiiXl—
f
3,714.444
8,077,363
308,733
4.679.542
2,645.743
-j.267.7.72
ofltheJlrbokiyn Rapid Transit
Hesights RF^!'Co. haVjlii^X/'^ttb; ibe
'// a The Brooklyn City RRife no longer part
Si-seerh'.Kther receiver of ;tha.Brooklyn
approval of the Court,
declined to continue paymeptof the rental; therefore,
haf/lieen operated by if* owners.
slnceG/t. 18 1919, the Brooklyn City RR.
:liThe
xElghtb Avenue; and Ninth Avenue
RR. Companies werd/formerly
were''terminated on
eased to the Now York Railways Ooxx but these leases
July 11 '1919, respectively, since which dates these roads have been operated
separatelyij/A tiidudas./Milwaukee/Light, float and Traction1 Ootft-'d In.bludesl;-allj ..sources.e .Includes^•'constituent
JExirnings given in milreis, ' g Subsidiary icos.
'Railway/ Eight
PowcV'Co., the Nashville
or.' subsidiary companies.
onlyxif;.7i Inchules Tennessee
Railway &
Light Co,,
the
inga.r^Tlie following table gives5the returns of ELECTRIC
railway and other public utility gross and net earnings with
.
62.128
>
June f'K
•,
;
x
•'
•'
54,764 ■i '377,860 '
340,604
39,644 ti 1294,534 ci; 277,003
42,116
107,553
104,315
769,819 if 756,070
698,671 2117,919 8,660,242 14,861 <*215
81.740 >
487.982 i ' 467.984
75,724
80,796
70,150
605,616 h 436.413
74,419 A 371/240 i >362,254
2'72,188
.Cent Miss Vail ElCo- JulyrX*
:Chattanooga Ry ^ Lt July Xti
;Cities Service CP--.4 July '41
Citizens Traction Co_ June-, i
1,744,331
732 .246
v f it
74,213
72,322
1954.490 1836,187
172.753
228.558
X
1,739,143
'
932,718
6,864
230,476
•s
BrooklynMayth
New York Consol'd May' ■
I' Bkln Ou Co & Sub_ May
OapeBretonElCb.Ltd July h
South
City Gas Cp. Norfolk
V.
1H «» <*\k(
,'Binghamton L, JI & P Julyr s,
Blackstone V G & El_ Juiy"';.
/ BrazilianTrL& P .Ltd July A
U; i !
Bklyn Rap Tran Syst
1014.166
U aBrooklyn City RR May'^-'X
j nt
aBklyn Heights RR May xx!
7
: 6,160
f: * Coney Isld & Bklyn May— ,44 {251.853
'
0,687
V5 Coney Isld & Grave May i t
jit.
413,656
May -»
rCleve Painesv 0c East
•Colorado PoiverCx,-rColUmbus Electric A
^Columbia iriuH & Elee
•Oom'w'th P; Ry & Lt
1 to Latest Date.
Current >'■
;
374.80*
337,407
P
272 ,583
/.
•>
System_ July
RanTr Co July
Twin City
I
794,166
677X766
100,447
2542,202 20,944,972 17,346.784
38,696 X*5 322,866 / 266,279
I 408,821
61.779 i
400,479
r 54.214
t» 381,582
61,772 j ■ 494,779
69^227
276,845 259,808 1,983,881
I.845,768
14577000 11745000 95,676.000 72.785.0001
4
-
1
¥<i«
-
5.839.188
5,882.342
5.313,131
766 ,693
rrrrr,
Jan.
.j
Year.iv
,
Mayj
United Gas & El Corp July
;
-1—ku
{.•]
i Adirondack P&L Corp July; •
!
•2^
355,970
Alabama Power Co.. July 1 r!XK
jMi.fi>>;
:2Amw.liow. <v 'Lt CO-;
199.610
uwy
lApplaladhian Pow Co
16,759
;Atlantic Shore Ry-x. June;!'
: 113,379
Bangor Ry & Eiectr'e July |
2844,138
July
Lt
^Barcelona Trac.L&P
fx
'Jn'.'f
UTILITY COS.
Previous
>,>Year.;
M.iGV
'8K
*4:
t
i
Ahd,
.
Currerii
U»jk®
ioi
fl
Second Avenue..
May
July
July
July
«06 .131
770,913
264,984
...547,873
68.350
1
Third Avenue
520j509
—-WC.finQ
—63,319
wfid
w
ok,u.tr.f
v i.
i
i
PUBLIC
';EL® CTEICf ^RAILWAY
^2
—!—!"!T!'"rT
rTi: I'
f
r—!
r-
34,972
—8R4
841
-364,841
O.ctf f n.-I
i'r <nj
;*.'{■
V?
;
851,865
793.198
-
_
-i
'-^-61,474
■'
—39,037f
104>16
4lfU
»
.
July > f.
July /'"x
July /
July >.
»b- t' A'"* / •>./>>! -f, )•*,;/' •
July ,
Tampa Electric Co_
Tennessee Power Co. July 'J: l
Tennessee Ry, L & P_ July .'!■ /i
Texas Pow & Lt Co A July '
■1
4,930,1391 7.673,909 1,944,053
--^65,911.723 67,497,472 10;873,876
Jan 1 382376058 378595,993 39,742,342-21.823,731,24,621,188-36,0321325
Mlkl™ f
JubvipAt"*-484,328';.;;'3/1S«
'488,012
^ ■ 59,795
6.^9
7lfi
1
/<
Ry, L & P Co
Puget Sd Pow&Lt Co
Reading Trans & Lt. ^
Republic Ry & LtCo.
Richmond Lt & RR- /
Rutland Ry, Lt & P.¬
Sandusky Gas & Elec
Sayre Electric Co.-_-
|Vfr <•
-
-
;
South Can Power Co- July
311,339
^■RuVland RhiUiK
1"
—61,686
110,441
161.492
60,*61
1,434,842
274,590
107 .563
55,748
1,049,143
72 .435
71.651
461,832 "'433,912
3340.592 3107 .889 24.894,626 21,761,420
200 .473
2,092,101
1,434,011
260,461
j
|
;
17th St Tncl Plane Co July
Sierra Pacific Elec Co July
Southern Cal Edison- July
;
Pennsylvania System—.
5U July.
>UoVifij/!
—32,29 9
.
;
f: July,.--^ ;958,643 ,V-813,374 :■!, 450,917
\l From Jan 1 4,649,417,; 4,169,039- 1,109,649
!
yh-.:>r<yt-
J,
J*}? a
1,660,980
Co
Port I'd
2,662,769
H.
21,893
,
'
Philadelphia Oil Co.4 July ,7
Phila & Western
xs July
■ ir.
n' 555,840
r.tV/
'4ir-V
ry
.Northwestern:Pacific RR Co—
r 'i
,
363,216 ' 1,597,954
1,383,369
5,205,981
5,938,520 4,812.457
135.931415 38.082,937! 6,549,451
J,—4''',6.601,772
From Jan
O v
]0 950
214,682
39,293
May
.
Phila Rap Transit Co July,
Portl'd Gas& OokeCo July
$
J Missouri Kansas «fe Texas System—^
.
and
Subsid Nat Gas Cos July/;.
V19204
1921.
—
23.231
Electric Co,
Philadelphia
—'.V« afti' Tabes—
1920.
1921.]
—
246,084
42,159
186,473
Dates.—The table
-^-Nd from Ri"wiv~
»
_
Pacific Power & Light July
following shows the gross and net earnings with charges and
surplus of- STEAM ^ railroad and industrial companies
>■>-. y'j.rnG.4 P»T
.reported,,this week: >f *;fiio f
t i~Gros* from Railwaj—
—
.
.
-
Paducah Electric Co.
.Int.
•
Net' earnings 'Monthly to Latest
'
-
196.639
,
Ocean
_
.
<
A'2,240
T9/.0! 1
PTfy'A
,'jl 310.001
jr;l
■
•6^5.316
; ,8V?]
,
Year.
> a* $
rr;A
■i'j tf $ .j v } ••S'i1
' fn W
1,250,036 ,1.583.424
213,419 289,351
Syst June ,tri /
31.850
'-114.660
/
35.854
I-nng Island Elec Oo_ May
' d33.341
98.623 I' -666.482 »x 705,537
Lowell Elec Lt Corp. July x
yy i «;> 86,926 I:
23 A 3
-Il8,;83
109.481
25 ,093
Manhat Bdge 3c Line May
26.861
136.257
102.787
33.337
Manh & Queens(Rec) May
1,526,427
203,951
215,802
1,541,185
Metropol Edison Co. July. /> X:,-.-;
2,33048
1.589,775 1,515,618
Miss River Power Co. July - - -— ■221.409
W
W-LSJ" '
189.971 t
Munic Serv Co & Sub June vi •
197,838
300.207
Nashville Ry & Light. July if
301,424 2,215,824 2.149TI5
I
221,549
1;780,360 - 1,613,307
Nebraska Power Co
231,471
July -, (-•
332.124
301.903 1.902,464 1,804.739
Nevada-Cal f EI Corp July
j
2,585/16 p 2.-*04 50
If; ^42-7406
486 >54
?N Kng Co Pow Svx.. Juno
253,649 A 242,250
New Jersey Pow & Lt July i |
1 ') 34,310 >/ 35,016
274.246
1,608,129
255.681
1,557,452
;■
NewpN&HRyG&E July
t ""
489,577 3,498.533 3,224.431
New York Dock Co
July >q
v 432,318
5224.341
•N Y & Long Island.1. May; )>'
50,116
187,290
54,849
11
d
N Y & Queens County May i r.
113.904
444,591
502,053}
A'/ xj 19.720
6 N Y Railways. XX.
3,862.287
3,211.772
690,921
807.633
May
I
*'
b E ighth Avenue, j May ,
95.048 !■- 490.628 ■} '364,585
108.772
II
226.144 > 127,552
b Ninth Avenue— May
38,647
48.246
643,740 A 571,504
No Caro Pu b Serv Co July «
82.919 !
89,195
903.028 5.115,937 6.562,239
Nor"n Ohio Elec Corp July
i 704,107
J
X'262.138
N W Ohio Ry & Pow. July
233,650
47,439
46,817
North Texas Elec Co. July
285,998, 334,754 2,137,945 2,246,071
•
_
3,°* 12.712
-
Previous
*
-
.;XS4,4S1
389,8/0
YYeqr.
,Year
-
:
1
1 to Latest Date.
Current
i
_
r-A bi'ii." at/
.A
vi:X.
1
.
V>#JA
'V'1' -'vr"
■■■:
Detroit! Grand Hay & XVDhv_ ■■■•y-.'P''. - .H; '
*; Canada Atlantic
>*. < A'.- 'Mineral Range-4,-----j-?A'-;--r V, V 2,110
••iMinnoapoii'i <xXc>t Lout LA A.) : /2A.38/
r.Iowa CdDtral;/Ar. AAA — - {
*
St Ix)uis southwestern. A A- — l'/' .''iio.gM
3,217,390
Southern Kail way. A A ■? -f A
};>W* .*340
•'!
Mobile '&/'• Ohio. .> j
^ 2,071
Tennessee Alabama & Georgia,;
V.fas.w
•Texa/ & Pacific-.'
.
Year.i
Month.
"
160.241
42,168
.
Previous
Current
m>
r,3v40.000
-
;
Colorado & SouthernL-~
Duluth South Shore & At).
Grand Trunk of Ca >ada-. A-Lc
l^Grartd Trhrtk Wo/tof pl.'XZ
s
pompanuX I A-
or
,
___
'1
Roag..
Cf
>Ik )
,
Decrease.
Increase,
1929.
1921.
Week of September.
week last year: '
same
;—- >
■■
Jan.
Latest Gross Earnings.
table which
by Weeks.-—In the
'decrease in the aggregate from
First
Hi
t"f f A
separately the earnin^S for
up
-•.■>
f $
f* *-
September/fr The;table covers
>of
!o;
■
Latest Gross Earnings
follows
[VOL. 113.
rf.i
1244
r
■t #%
hharge^ andtsurplus reported this wee^^-^^y
-Net
!n7"'4 jtft;
:
Gross Earnings
Earnjngs
m\h4fx/V----x
gonnecticut Pow Oo
VV'V/a'i purrenl i f Previous*^] Current
t
Sfy
r
rA-r '
i
j •>[Previous
i
f.. Year it* >. & •■' Year A
..$• \ < x P ."f $
a.619.09^^"657y02i* ^A5o,006
Yearyrtij]
,1
-
V
Year.
%
k
.
Light Co/July 1.8l6.r.B1
31 >XA
*21A76.553* 18,913.9
t{. July
ir;,fS:;2Q0^7^7 *6^99^222
-VLt.Jubv1 76(i;870 ' 731,8^nL;!3a^81^/?9'lo3i29
JY4rl tf;.TUlir o'l A'ti^*10,291,210 *7.697,756x*3;si9,690, *3,041,040
1
•
-
XX
"
tatea*?'Pow
,
•
?7-f>
1K7.,77.1
-
-
'
Pfn/rtjXi.Cotypames.j
nUtah Securities Corp-xAug
686,642
A X/Jan 1,to Aug 3fxII^-'*8.766,982
Western Union Tel
•
-
-
'
I 695.2^2;^ >31f;969^ f i 32^009
*!l,077,363t *4,14V.122 *3,862,076
C6,-.July. 8,349.085 10,279,247;;xz785,939 zl,345,464
500,864
z7,017,082zl0,153,804
•
•
•
•
-
k
i
<
_
-
-
-
r
.a W/. ho-I
>}. a The earnings as shown above w ere the earnings "from operation of the
properties of subsidiary compani&s,
j
'/•,>
-v -.j
z Net
aftertaxes.;
'J'•.■■ ■ »si
"V!
J
{•
L
V/'plrj. f
X K, 'W. 1'L.tnij
\U*>
I
i-.-'A >• / 5 "'XX'
Gross r / tNet after A i Fixed], •
Balance,
"t'
' ■'■{ ;•■• "•
t■ t-,
.*•
'
) X•'■Earnings./
Taxes. ii*Charges.
Surplus.A
f!$! "
b.j 5 >, W-iR j.
Sl
1 iO3 lii.I't
t {
VT41X3R*. : r'V%L
575.551
'168,520
j' 871.500 -;! 202,989
Groat WtrsTn :, ",,/ July 21
1144/14
? 592,087, Xj
xVPowerr8y:?fcexn: h, ■ X i v '20
350,006
155,4'»2
2.295.7/.*
7.3IU.687
4,.c20 403xx2.224.639
12 moi oadi.is? July 31 *21
1,392,520
5.838.793
X3.236.701'A,844,183
'V-.x:Ax"x:i•*20
-
•
,
.
.■
.
,•
.
.
,
July '21
Houghton Co Elec
'20
Light Co
12 moo ending July 31 *21
,
-Great
'hla ,>X ; ~£9j_0 "7 ::a 2
™mvr.
July
Harrisburg Ry Co
42,530
35,507
140,057
146,244
1005.423
999,344
80,530 —71,731
Havana Elec Ry & Lt June v
Haverhill Gas Lt Co July
Honolulu R T & Land July
Hou^
M /
v >
»k>
1 . ,te;o
Houghton Co Trac___ July
Hudson & Manhattan July
Huntging'n Dev&Gas July
Idahb Power Co..f... July
Julv
dlllipois Traction.-
■
3
•!
','■
t
:
|,
t
17,344
28,010
82 7.907
7/5.754
A,,;/.
,;
291,203
844,664
7,409,439
-■
.
542,339
V'v pi rV
-
'
1
•
•
L
May
4730.491
-
-
31.257
142.486
Key West Electric Co July
.19.710
4597.479 23,675.145 22.986.332
.
30,222
143,919
210.956
.1,153,940
21.046
156.441
--
Aug '21
?20
•
8
;
mos
ending Aug 31 '21
'20
1
157,069 -.189,301
6.043.043 5.02K.9/O
-f
624,008
926,607
69,105
117,289
209,966
226,652
1.280.571
1.277,192
1686,191 1616,926 12,617,919 II,605,338
Keysitone Telsp CO._ August j
A
Twin City
i'-x-t,
70.030
,599,965...
■
—
1,149.421—
; •
-
39,943
384,835'/
388.227
x
5,300
4,324
64,471
;
:
»
a231,904., .6197,886
«
fl299,102
ru'j-
\
•
•.' : '20 '2,980,514
,••'.! i s x>
195,987
a
J
Net before taxes.
6 Fixed charges and taxes.
.~.la
,
if
■
-4»
1,541,798
1,507,648
3,181
5,559
98.948
15,696
40,498
35,729
312,437
287,064
.
4,214
72,398
101,163
~
j.;
,6191,689
7 mos ending
8 mos ending Aug 31'21 : 3,112,310
3,232
"_:r
47,622
July,31"21/ 8,127,194 al,722,485 61^49,700
\l 1 / ,.c. x.^ •; n. "20 7,199.364 ol,958,878 61,315,207
Washington Water Power Co—
'
>H'1 ! } *
X
1,149,421
,149.677
56,186
142,486
143,919 4
1,153,940
July ',21, 1,113,971
Y '20 1,030.222'
Rapid
i
2,067.:
7,511
o ['29 A-/491.666J* 146.571
-
Keystone Tel Co
■
Keokuk Electric Co__ July
37,846
X
37,453 "
"6-
interjboro Rap Tran—
Total system
u
255J184
861,948
6,557,285
480,357
)
t\
v
x
ly
*
34,021
107,412
372,784
643,670
t
i«I
r
640,554
901,244
1 635,779
871,869
/
Sept. 17
■
FINANCIAL REPORTS.
Federal Valuation.—It is believed that the engineering and land reports
of the Bureau of Valuation will he received before the end of 1921,= and that
Ac.,.in ..Colorado A Southern Ry. Co.—During the year
ARA Type VAM rail were laid in the main line,
replacing worn 75-lb. and 85-lb; rail, while 12,000 ft. of 56-1 b; rail were
laid in narrow-gauge main linec..
26,180 90-lb. rail anchors and 46,978
85-lb. rail anchors were Applied to main line track.
74,000 tie plates were
applied on standard-gauge main line track, and 33,203 plates were applied
on narrow-gauge main line track.
-413,403 cross-ties were renewed: 10 miles
of main track were ballasted with gravel or waste rock and 2.8 miles with
Maintenance,
annual reports of steam
railroads/street railway and miscellaneous companies which'
have been published during the preceding mo'nth will be given
'on the last Saturday of each month.
"This index will not
include reports in the issue of the "Chronicle" in which it ia
published.
The latest index will be found in the issue of
Aug. 27. CThe next will appear in that of Sept/24. ;*£;!•*■ i
1
.
Hartford RR.
New York New Haven &
volcanic cinder.;
;
i-tf In view of the interest in this company's affairs we have
; obtained
transcript of the quarterly reports made by it to
of 1921
a
Public Service Commission for the first two quarters'
<
The net results for the month of July are so
J and 1920.
-much
r<
favorable that
more
show those in comparison with
we
Commission/'
•;
Although there were large increases in the production of crops throughout
this territory, the farmers were unable to market them profitably and conse¬
"
quently unable,to make improvements or increase area under cultivation.
Denver A Interurban RR.—The property has been operated by a receiver
12 1918, and the operation for the year 1920 shows operating
revenues
$296,784 agst. $276,344 in 1919; operating expenses, $363,735
agst.: $177,104; balance, deficit, $66,951 agst. net earnings of $99,240;
JUNE 39
since June
Quarter—*
1921.
1920.
1921.
1920.
r—--$13,285,728 $13,211,907 $11,691,363 $10,963,697
Passenger.
12,415,181
11,996,077 v 12,088,913
10,531,055
Other transportation
1,431,256 / 2,450,824- -1,408,120 ' 3,462,211
Incidental
968,941 ' 1,118,9401,153,950
1,101,324
/Joint facility—--308,108 / 252,493- " 303,441 /
221,622
Transportation—
deficit after fixed
charges, $175,991 agst. $23,667 in 1919.
Day, Sept. 6 1920, a head-on collision occurred between a
excursion train, which resulted in the death of 12 and the
injury of 134 passengers.
Claims amounting to a substantial sum were
presented and settled before Dec. 31 1920; the charges to operating expenses
on account of this unfortunate accident adversely affected the results on
this property, for? the year.;.'
>.+ < uC A
ji
' "jjjW'ioVtM n i.V+U
Freight
'.On
— -
/'f Total oper. revenues..$28,409,214 $29,030,241 $26,645,787 $26,279,909
Operating Expenses—
-
— -
-
7,114,547 * 6,573,724
187,376
.166,442
15,585,950 +5,179,187
>."576,961"
523,418
" 1,089,786 - > 966,506
+ Cr.3,401
Cr.637
6,744,544
169,924
14,783,472
566,061
4
998,760
Cr.1,387
-
■
f
Colorado Springs A Cripple Creek District Ry.—The property was operated
by the receiver throughout the spring and summer months of 1920.
Opera¬
tion was discontinued about Oct. 1 1920 and has not since been resumed/
$4,146,944
$3,901,945
■
-
Trinity A Brazos Valley Ry.—The property was returned to the receiver
under
has
-
"
.
OPERATING STATE IENT OF COLORADO A SOUTHERN RAILWAY
■%i
:l
r/'(l,099 MILES) FOR CALENDAR YEARS:'
'
-
■:Operating Revenues-r-f vi 1920 : S
1919.,
■
j.7918.
1917.
Freight^
^$11,986,502 $9,701,857 $.10.,114,942 ^$8,278,757
Passenger028,085^., 2,510,93.+ ?; 2,019,673 q J,913,524
Mail, express,
257,071 <
763,852
813,073n ?r,774.883
'
,
278,185.
"$6,667,277
$1,868,486
$2,176,666
Total non-oper. inc..i
Gross income^
--
$2,335,992 $10,063,089
$7,770,520.
of freight
cars—
debit balance-L-J--—
-
^ Rent for
equipment
ii-.L
-Rents for leased roads
-Joint facility rents
'•
f Miscellaneous rents—
'
Misc. tax accruals..
4
—
-1
'
$191,642
135,903
1,021,978
1,462,424
■•,. 47,690
26,400
.
$752,900
21.5,279
954,389
1,462,156
..
48,014
27,600
•
,
$600,680?
$206,536
; 143,857
1,011,989
1,462,430
50,763
1,018/35!
26.400
27,600'
i>
-
ties, loss
'Int. on funded debt, i-i
Int. on unfunded debt..
Miscellaneous
.
_
,,— ...
General/
r
>
'
+ '(■.
u"
t<
146,120
,
i
Tax accruals.
Ac/Ar--x. 890,320
Net income.
_
,,
■
Miscellaneous
x$465,872;
•
!i $9,522,898
i$3,797;304
$4,169,360
$3,424,789
575,505
609.035
iv.;
$2,815,754593,855
"$660,149 J :"V$70,219
638,706 1
840,5+7
504/663
"'!/' 38+383
271.455
;
»
W- '322,464
I boo AAA
■
-
Income from fund- sec.
»
88J92:f/,;;/;60l749;;^M|7;965
572,220
'
_
_
$7,304,648
$6,999,979
$6,985,474
x$147,791 df$7,651,922
441 AftU
441,664
$1,692,906
$253,898
740,629
525,066
$2,607,492
Operating income....
Hire of equipment. j_
3,372,309
4,539,092
462,15
1 SR'
125,114
+31,729
99.141
4,855,575,
Dividend income^/
$7,090,132
./___ + def.$4,913,466 =
Total deductions
104,019
,.
5,789,036
009,555
Operating Expenses—$12,773,845 $10,711,517
Netrevenue.,..;;:.... $3,497,813 - $2,265,127
:
715,918
def.43,654
"(
Miscellaneous ;/-.
-
247 ,000
244,000
3,415,796 = j 2/03,299
740,619
125,660 f
437,856
298,042'
391,258
2,476,117 i
244,000
3,475,488
281,072
203,528
f
«
Cnnnm I'
1,461 347j
46.591
,
,
Transportation
'•
•
Separately oper. proper-
Traffic
321,019
..
$12,976,644 $12,947,688, $10,966,664
$2,092,587
$1,483,217
$1,021,845
.3,108,389
2,899,036f..< 1/880.993
Total oper. revenues^$16,271,658
Maint. of way & struc.. $2,626,425
Maint. of equipment./js:, 3,477,596
.$7,147,770 def$666,448
Deductions—
'Hire
;
.
.
-T
YEARS.^Q.
>v.K+;U ?192oi
1919.
' •rT
freight-tons..ri'_
6,789,747
5,697,261* ^7,0^1/428
Revenue freight ton-mile3—
.882,016.330 805,616.645*015,697,052
Average freight rev. per train-mile..
$6.19
$5.15'"7,+,'f"$4.66
Average rev. per ton of freight.- —
$1.77
$1.70
u< $l.l44
Passengers carried
V 1,146,221 > %, 103,450
■ 933,864
Passengers carried per mile.i-.-J—95,127,825
86,760.584 ""6$,920,788
Average pass. rev. per train-mile.--'
$2.86
$2.28$1.97
$2.64
$2.28
$2.16
Average levenue per passenger.
'<>■) L
{i Operating income..--'
$308,180! ',: $480.492df$3,002,440df$2,292,569
Non-Operating Income—
"
$310,625'$317,456 =
$333,930 f
XRerit from equipmehtlLL > $243,647
43.611 j
r Joint facility rent income ■
52,744
52,778.,,, i 62,404 ;
i] .
3001880
"
;298,998 > 3,164,274
Inc. from lease of road./*
"299,373
216,199 ;>:I19L439
/> 196,131
Miscell. rent income.168,876
262,933
263,237
554,529
Dividend income
262,943
306,626
260,620 f-(.i255,503!
Inc. from funded secur.-- /
256,055
Line, from unfunded set»
473,500 ;
' 658,231:
262,710
curities and accounts.
306,661
469,169
x4,873,353
x4,931,221
,u..
.
Revenue
.
^liscellaneous income/.-
The receiver
operation during the
v-.'u> ••jUm/vJuw ecu.
obtaining advances for losses in
•
-. /
> - '
in
•:<yy. OPERATING
STATISTICS
FOR CALENDAR
:
Ci 1
$27,522,460 $28,453,164 $27,555,584
$i ,507,781 $+807,377df$+?.75,675
Railway tax accruals... $1,185,000
$1,023,000df$+ 185,000 $1,011,000
Uncollectible revenues.
J
8,094 1.7 + 4,289!++, 10,064
5,894
.
......
provisions of Transportation Act, 1920, on March 1;
succeeded
guaranty period.-
At
Total opsr. expenses..$26,907,940
Net revenue from oper._ $+.501,274
an
.
"*
s
"
$4,261,086
$4,282,486
7 {\r,Q OQ7
7,058,997
Traffic --—1.
;
180,030
Transportation, rail line 13.804,075
Miscellaneous operations
521.890
General
1,061,041
/Transp. for investment.
: Cr.579
of way & struct..
Maint. of equipment
-
'
:
'
Ma/nt.
Labor
regular and
.
——
119,766
able
—
—-- —
plates.;
Oil, Ac.—-Oil production along the line of the Fort Worth & Denver City
Ry. Co. has been steady throughout the year, but there has been a consider¬
decrease in crude oil and its products received from connections.
-■
...
STATEMENT
FOR THE QUARTERS ENDING
AND MARCH 31 IN 1921 AND 1920.
1
'*
&V
June 30 Quartern
—'—MartR' 31
Ft. Worth A Denver City Ry. Co.— During the year 15.48
90-lb. ARA Type "A" rail were laid
on
Approximately 32 miles of repair
gravel ballast were applied on tracks previously ballasted.
r
*INCOME
•
cross-ties were renewed in the main line.
Operating Revenue and Railway Operating Income (After Taxes) for 1921.
SYJ
! "
' ' '. *•''
Not
Gross.":"
' --i'l'
'.'Net.',
Net.
Gross.
$9,831,936 >+/ $54,069
$914,925 March
$10,046,886
> 229,092 February8,15.7,804 loss 1,513,672
.June
9,772,686
111,034 January..
8,656,046 loss 1,542,837
9,423.485
May
loss 31,946
Total ..$65,101,888 loss 1,779,334
9,213,041
"[April ;
■
''
miles of 85-lb. rail and 28.91 miles of
1
?"
.=/.
in the main line ; also 40,185 rail anchors and 118,22o tie
1 Total
* July
Maintenance
.
reported to the I.-S. Ci:
+•>.." vni-v
]
the earlier months of the year as
•
Agricultural Products.—Ip' 1917 the Colorado & Southern, Fort Worth &
lines handled 1,932,526 toni, repre¬
senting agricultural, live stock, forest and farm implement products, and
in 1919 these three lines handled 2,512,505 tons of the same products,
an increase of 30% over 1917.;.
The number of carloads of live stock handled
into the Denver Union Stock A ards by the Colorado & Southern in 1910 was
3.953 cars, and in 1920 10,046 cars, showing an increase of 154%.
*
In dairying the production has increased rapidly in Colorado & Southern
territory.
Union County,,N. Mex., leads that State in daiiy production,
having over 10,000 cows in the county classed as milk .stock in 1920 as com¬
pared with ,5,000 in 1917. :Of the 63 counties in Colorado, 14 counties
which are served by the Colorado & Southern have approximately 60,000,
or 24% of the total number of milk cows in the State.„:>'■/=
Denver City and the Wichita Valley
'
March 31.),:
(Report for the Quarters ending June 30 and
.
27.01 milas of new 90-lb.
Financial Reports.—An index to
r
will be announced early in 1922.
tentative valuation
the
.
i
1345
THE; CHRONICLE
1921.]
V/.'See
x
After allowing, no doubt,
compensation
Federal guaranty or
for
and!
Gross income
Deduct— ' ; ;\V
i
.
'
Hap-overs,
The Federal compensation during Federal control Jan. 1 1918
K,to Feb. 29 1920 amounted to $17,095,884 per annum.—V. 113, p. 1053,
}
Colorado
(22c?
ti'j.
•
Annual
r~
&
Southern Railway Co.
;»v
3, <.'*•*•/•
f<f*
?
thov
.....
firo
l ancj
H.T.
w
r,-.<r
.
05
City Ry. Co.—-. 1,891,386 40
Operating Results.—For the entire year compared with 1919 these show,
the following changes:
'[■/ A'• >♦ •'« |
Incr'se Over. Rev.
Incr'se Oper .Exp.
Change in Oper .Rev. i
C. & S. Ry—.$3,295,014 25-39% $2,062,328 19.25% +$1,232,686 54.42%!
F.W.&D.C.Ry. 2,089,644 18.72%
3,838,404 49.42% —1,748,760 51.51%;
Wich.Vall.Ry_
631,042 51.41%,'
545.873 59.83%
+85.168 27.04%;
i
.
Percentages of Oper. lie^s. Required for Oper. Expenses-—
1920.
The Colorado & Southern Ry. Co_-.i..,-_--.--^-T,->.T;.78.50%
Fort Worth & Denver City Ry. Co.— —,—81.58%
The Wichita Valley' Railway Co
—
—<8.46%
1
Funded Debt.—During the year
;in the long-term debU
•
1919. ]
82.54%
69.59%
74.33%
the following changes have been made
.
a
•
v
,
(1) Colorado & Southern Ry. Co.—15 6% notes of $70,000 each were
issued under Equipment Trust Agreement dated Jan. 15 1920 to DirectorGeneral of Railroads for 300 55-ton capacity all steel hopper coal cars and
5 heavy Santa Fe type locomotives; total note:: issued. $1,0.50.000.
'
(2) F*ort Worth & Denver City1 Ry. Co.—15 6% notes of $17,200 each,
issued under Equipment Trust Agreement, dated Jan. 15 1920, to Director-;
General of Railroads for 5 heavy Mikado locomotives; total issued, $258,000.
retired under Eq. Tr. Agreement, se!. "C" $112,000.
Improvements.—For the physical improvements and developments of the
system the following sums have been expended:
Improvements, Ac., in 1920—
r
Colo. A So. F.W.AD.C. Wich. Vail.
Total
t
—■
$888,080
$1,492,901
-$46,374
ess equipment retired- —350,808
.46,160
33,397;
(3) Deferred rentals
— -
.
r
-
(Jan
-169.227
pj;
340,000
340,000
....
$1,231,211; $1,8.13,456
RY:INCOME ACCOUNT FOR YEAR 1920
...
Federal
; $7i;498
$116,329
2,162,826
--'89,067
,
t.ivv
-i, t.u .;
.
Oper. Guar.Period
*•!» zit
rj of
:■
4 Mos.^. Total-
■*
'
■>
i
';>>»■■
*Corp
,
Inc
for Year
AFcbYiMar^-Aug.) Se^.-Dec.) ,fYeor>
13i816,741
Operating revenues.2,460,621 7,149,559 6,640,477 16,250,658.
Operating expenses.2,150,030 6,627,154 4,254,240 13,031,423 11,342,899
Net from oper.I/.
Ry..tax accruals...
Uncollec.
ry.
310,591
108.062=
2,273
rev.t>
T522,405
449,413
1,273
2,386,237
311,130
? 3,219,235
■2,473,842
■; 868,605 v ,f.784,225
4,1153,160
.569
;; '&
cnh~
^ort Worth & Denver
,
2,160,018
61,155
340,000
340,000
"
'
.
"IWIWI
C;
n
.
'+!>+
I
i liC
$692,159 !*
173,400 l!;
$31.3,085
176,328
2,105,095
137,948
340,000
340,000
•
»
Ry.
oper
200,256
229,303
Income.
Rents ,& hireofequip
88=
I
•
•
Balance, surplus."...
.
Federal control ended on Feb. 29 1920.
The annual compensation for;
[the use of the properties by the U. 8. RR. Administration was as follows;
but these figures are based on the average net operating revenues of the
and
below.
COLORADO A SOUTHERN
-
1919 and 1920 taken from the report of that company;
'(and these as now in the present report referred to as not a
final statement) was given in "Chronicle" of June 4, p. 2413.'
President Hale Holden, Chicago, Jan. 1, said in substance:
1 01*7 inblncimo
account:
%\-
}fears
to
$3,483,953
corporate
|
_
First pref. div. (4%)_.
Second pref. div.; (4
'
This company is controlled by the Chicago Burlington &
-Quincy RR. by ownership of 123,657,500 of the $31,000,000
•Common stock,; and the corporate income statement for the
lAront* tvonmH
_
Miscellaneoils
- 1
.
_
Rents,
Int. on funded debt./,/
31-1920.)
Report—Year ended Dec.
/.V
»
Hire of equipment.,
Standard
return"
(Jan. and Feb.)..
Federal guar, 6 mos.
-
end. A
g.
31
+
:
2.346,515
./596.347
71,719 2,074,538
288,816
78,227
..
f
wl i'
."'j .'
•:m
*u
+686,457
a
'^370.879
o!
^-i.t*,t,"(
638,765
30,48652+546
......
30,486
,
:
v
& accounts.
income
6,991
Miscell.
Gross
income...'/
470,056
360 536
2,152 ,765
85,808
156, 279
188 604
„
3,019
(
_____
6,991
,1? 192,219
3,019
533,749
2,983,357
430,692
5,357,713
259,168
1
_
on
funded debt.''
Int.
on
unfund. debt
2,140,438
17,968
17,968
Cr. +634
Cr.+634
+989
13,574
Amortization
charges_^.r_
Net income
367,914
204,258
1,964,160
*
to P.
&
Includes corporate general expenses
and the corporate lapovers prior to Jan,
'
219,402
2,536,332
1st pref. dividend
2d pref. dividend...
Inc.
111.830
5,245
tax accruals
Int.
Miscell
'I
34.874
.
sec/,
Rents & hire of equip.
Rent for leased roads
wit
413,535
959,688
(est.)--
Income from unfund
Miscell.
-•
..&/>' Uu.fi
fr. leasoofroad. i
Dividend income
secur.
■
>4
Inc
Inc. from fund
1
!
/■
-f
-
2,606,066
J4%)340,000
(4 %)340.000
1,926,066
and war taxes for Jan & Feb 1920
1 1918 excl. from othe*- columns.
■
CHRONICLE
THE
1246
OPERATING
a
$4,444,135
$8,434,056
4,086,611
731,279
$7,112,886
3,615.777
433,639
$5,611,412
1,98/ ,611
351,319
Total oper. revenue—$13,251,946
$11,162,302
$1,100,557
2,188,479
$7,950,342
$6,546,863
$792,875
1,741,867
$550,412
1,127,333
53,934
3,144,590
278,796
30,487
2,015,834
214,106
35,551
Freight revenue
Passenger revenue
Mail, express, &c
_.
Maint. of way & struc..
Maint. of equipment—
$2,033,334
2,985,747
101,087
54,669
5,972,814
4,068,432
440,692
72,085
316,952
38,265
Traffic
Transportation
General
Miscellaneous
__
Operating expenses
Net
$1,646,188
380,444
$3,394,948
$1,907,793
259,048
310,219
$2,514,229
463,368
$1,265,743
Gross income
Int.
$2,050,861
231.871
438,881
$1,829,444
359,519
534,716
125,341
57,081
36,596
539,756
122.814
545,034
x639J52
2581,243
X639.152
123,948
250,723
X639.152
$1,628,193
$212,398
$894,288
account
Miscellaneous
below.
Invest, in phys. prop'y.
Common dividend (8%)
Balance, surplus
Practically all
x
$2,489,741
$3,286,922
corporate
funded debt
on
$1,597,574
joint
equip.,
facility rents, &e
—,
on
By.
stock owned by Colorado & Southern
FORT WORTH & DENVER CITY RY. .INCOME
Federal Oper.
Guar.Period
ACCT. FOR YEAR 1920
*Corp.Inc
for Year
Total
4 Mas.
Year.
(Jan.&Feb.) (Mar.-Aug.) (Sep.-Dec.)
Operating revenues.2,135,329 6,073,230 5,032,172 13,240,731
Operating expenses.2,227,822 6,004,302 3.816,512 12,048,636
Net from oper_._def92,493
Ry. tax accruals
32,424
Uncollec. ry. revs...
2,472
'68,928 1,215,660
1,192,095
152,784
644
368
374,561
3,484
oper. income.defl27,389defl21,069
Hire & rent of equip.
34,441
50,087
1,062,509
27,987
814,051
112,516
189,353
Ry.
Standard
11,196,885
10,383,618
813,267
333,161
3,062
477,044
94.223
from
3,424
3,424
315,231
31,161
12,652
Or.4,854
12,652
Dr. 4,854
unfunded'
securities & acc'ts.
Miscell.
Operating Expenses—
income
Due under guaranty
Gross income
def.81,726 def70,982
136,414
163,294
Hire & rent of equip.
Rent for leased roads
Int.
on
funded debt.
Int.
on
unfund- debt
Miscell. charges
Net income
937,788
473,711
1,090.496
174,005
710
710
Cr.65,267
Cr.65,267
defl53,583def234,275
528,634
916,492
Dividends
Bal. to P.
$2,933,567
4,508,533
142,888
11,804,885
$3,195,693
3,544,529
176,368
Transportation, rail line 10,428,376
Transport'n, water line.
778
Miscellaneous operations
83,673
75,830
549,708
1,113,733
2,656,931
337,321
18,000
544,511
19,004
262,045
1,476,050
639,152
836,898
& L__.
744,238
Cr. 1,811
Transp. for investment.
$3,600,868
$3,274,320
4,583,999
185,937
11,263,178
11,626,058
4,446,872
142,064
2,200
319
82
107,236
691,339
Cr.2,115
86,253
831,879
Cr.7,818
659,351
76,939
Cr.2,174
-
Total oper. expenses..$18,171,844
Net revenue from oper..
$684,128
$20,188,532 $20,544,615 $20,223,512
$754,045df$2,250,777df$2,753,109
$772,904
$713,612
$758,064
$757,210
389
44,431
562
3,329
Railway tax accruals...
Uncollectible ry. rev
def $3,998 df$3,009,403df$3,513,648
Ry. operating income. def.$89,165
Non-Operating Income—
Rent from equipment
Joint facility rent income
$87,495
20,680
4,500
91.561
1,146
7,895
$124,718
30,227
Inc. from lease of road., deb. 167,073
Misc. rent income
305,706
Dividend income
20,673
Income from funded sec.
2,781
Income
from
$755,677
98,397
58,106
230,261
1,149
1,540,607
23,692
$1,445,986
$2,707,888
$2,376,396
__
Miscellaneous rents
Interest on funded debt.
unfunded debt—
Total deductions
Net loss
other
to
2,423
534
12,843
79,283
7,607
270,057
4,836
' '
"
$272,795df $2,669,637df $2,998,455
$331,492
debit balance
Rent for equipment
Applied
it
cars—
Joint facility rents
Rents for leased roads
on
'
$102,457
26,281
4,500
91,796
$106,930
39,273
4,500
98,907
2,732
54,733
8,782
91,037
12,589
Gross income
Deductions—
Hire
of freight
Int.
•
unfunded
securities and accounts
Miscellaneous income
return
(Jan. and Feb.)..
Inc. from fund. sec.
Inc.
Total oper. revenues..$18,855,972 $20,942,577 $18,293,838 $17,470,403
Maint. of way & struct
Maint. of equipment
General
$3,135,900
151,022
March 31 Quarter
1921.
1920.
1921.
1920.
$11,868,827 $13,367,342 $11,218,786 $10,158,085
5,463,413
5.455,317
5,540,555
4,990,112
Other transportation...
1,180,495
1,574,331
1,185,268
1,806,295
153
Transport'n, water line.
143
Incidental
544,962
348,225
515,052
342,589
Joint facility
471
859
1,004
504
Traffic
$4,032,634
Operating income
of
89.399
$6,042,549
Hire of equipment, &C—
QUARTERS END. JUNE 30 AND MAR. 31.
June 30 Quarter
Transportation—
FreightPassenger..
•
$7,767,354
revenue
Hire
1,743,811
3o8.917
,
$11,605,759
Tax accruals, &c
IENT FOR
14
1918.
1919.
1920.
IE STATE
INCO
YEARS.
FOR CALENDAR
(454 MILES)
CITY RY.
WORTH & DENVER
STATEMENT OF FORT
[Vol. 113.
$966,066
100,767
61,084
231,961
20,835
1,193.038
$693,220
86,451
37,499
58,625
231,961
2,702
45,065
232,732
1,355,071
8,547
1,460,612
38,810
$3,189,344
$2,585,896
$5,584,351
$35,832
147,096
1.435
$2,916,549
$2,509,373
$5,179,011
$50,336
$36,940
$44,889
233,054
1,017,857
12,144
sinking and
reserve
funds
Dividend appropriations
Investm't in phys. prop.
Balance, deficit—„..
113, p. 1154.
88~825
$5,312,724
$3,971,346
$2,659,787
$5,767,279
-V.
Atlantic
Refining Co.
(Semi-Annual Statement of Earnings—6 Mos. end.
June 30
'21)
profit and loss statement for the six
months ending June 30 1921 will be found in the advertising
The
consolidated
columns of this issue.
*
for Jan. & Feb. 1920
and the corporate lapovers prior to Jan. 1 1918 excl. from other columns.
The corporate income account for the year of the Wichita Valley Ry.
shows: Operating revenue,
$1,526,432; operating expenses, $1,372,328;
net from operations, $154,105; operating income (after taxes), $96,431;
standard return (Jan. & Feb.), $58,728; estimated amount due under
guaranty, $270,738; other non-operating income, $248,987; gross income,
$574,884; income deductions, $431,498; balance to P. & L., $143,386.
1921.
1920.
$54,753,224
54,709,808
$60,160,170
55,249,142
$43,416
325,233
$4,911,028
385,243
$368,649
338,000
309,907
$5,296,271
Includes corporate general expenses and war taxes
income
Gross
Raw
material, operating expenses, &c
.1.
Net income.
income.
Other
Total income—
Interest
BALANCE SHEET DEC.
31
1920
(Compare
V.
ill,
p.
Colo. & So. Ry. F.W.&D.C.
equipment..$79,180,854 $27,391,166
Deposited in lieu of mtge. property.
31,784
Miscellaneous physical property
4,660
194,978
Investments in affiliated companies._yl9,001,830
527,038
Assets—
Investment in road and
384.)
Insurance and other
Wich.V.Ry.
$1,909,743
reserves
Federal
taxes
-
—
—
43U585
3,350,935
Depreciation and depletion
—
1,082",132
—— — -
—
4,484,008
Inventory adjustment
_
Other investments
5,036,360
Cash
2,486,481
Time drafts and deposits.
Agents and conductors
Materials and supplies..
298,821
1,688,996
Other current assets
32,804
Special deposits.
Traffic, &c., balance receivable
Miscellaneous accounts receivable.._
Interest and dividends receivable
TJ. S. Gov't deferred assets
Deferred
213,436
83,405
1,205,100
$3,782,554
56,324,454
1,177,589
.$58,675,483
$58,929,418
— — —
Profit and loss surplus June 30
V. 113, p. 852.
3,138
67,994,785
International & Great Northern Railway Co.
"798
(Tenth Annual Report—Year ended Dec. 31 1920.)
49,695
461,637
769
580
7,764,576
39,346
564,597
5,697,338
950,951
"""9",773
$118,764,539 $41,073,243
$3,252,255
$9,243,800
$1,020,000
L„
Previous surplus (adjusted)
Dividends
•
"""30",733
3,375
174,164
assets
Unadjusted debits
584,846
352,153
1,044,475
722,079
470,081
3,500,000
114,139
1,372,864
35,970
18,719
377,029
663,852
loss$8,114,201
Net income
Thornwell
Fay,
Executive
Officer,
Houston,
Texas,
July 15, reported to Jas. A. Baker, the receiver, in substance:
Deductions."—The corporate income
statement shows the
This includes [along with the $930,643
paid—see below] the interest accrued during the year, amounting
to $845,616 on the company's obligations in default, no portion of which
has been paid [viz.:
(a) On 3-year 5% notes, $550,000; (b) on First Ref.
bonds, $55,400; (c) on defaulted coupons of 3-year notes, $203,500, and on
defaulted coupons of First Ref. bonds, $20,215; (d) on judgment claims
antedating receivership, $16,330; (e) other, $171].
Following is summary of the fixed charges paid during the year on au¬
thority of the Court: (a) Principal: Equipment notes of 1913, $100,000, and
Equipment notes of 1916, $78,000.
(6) Interest: Equipment notes of 1913,
$16,458; Equipment notes of 1916, $26,730; receiver's certificates, $84,000;
Colorado Bridge bonds, $13,120; 1st M. bonds, $790,335; total, $1,108,643.
Receiver's Certificates.—The receiver's certificates, $1,400,000, due to have
"Interest
"interest deductions" as $1,776,192.
Total
Liabilities—
Capital stock
...
Common stock
$31,000,000
17,000,000
49,428,900
Preferred stock
Funded debt.
Non-negotiable debt to affiliated
cos.
Traffic, &c., balances
Audited accounts & wages payable._
Miscellaneous
accounts
Interest matured unpaid
Dividends, Ac., matured unpaid
Unmatured interest, &c., accrued
U.
S. Gov't deferred liabilities
Other deferred liabilities
Accrued depreciatian, &c
Tax liability
Operating reserves
Unadjusted credits
Add'ns to prey, through inc. k
Appropriated surplus
sur.
Profit and lots
Total
y
224,627
1,925,189
167,152
53,166
512,918
581,028
$,723,505
60,429
1,979,379
660,177
279,872
36,885
S,938,000
629,918
433,556
1,842,042
769,000
"98", 076
142,034
29,761
17,734
18,558
161
46,822
434,356
258
"2", 082
1,737,914
284,663
,
204,643
169,148
6,696,207
500,000
5.417,66$
4,768,269
408,155
478,584
(a)
stocks,
$3,252,255
$5,960,276;
(b)t bonds, $11,332,327; (c) notes, $1,323,002; (d) advances, $386,226.
2413.
Boston & Maine Railroad.
(Results for the Quarters ending June 30 and March 31.)
The detailed statement of
ters
of
1921
and
1920
as
earnings for the first two
furnished
to
the
quar¬
Massachusetts
P. S. Commission and the monthly results (after taxes but
before rents) as reported to the I.-S. C. Commission are
given below:
Total Operating Revenue and Railway Operating Income (After Taxes) for 1921.
Net.
Gross.
July-__.-S6.541,142
June
$6,440,900
May—
April
.....
6,277,762
6,137,308
;
$275,907
Gross.
March
$83,582 February—
36,535 January.._
loss 209,283
6% per ann. from the dates of judgment.
Federal Control.—Federal control ended at midnight
est at
|
Feb. 29 1920, but
theU. S. RR. Administration was not signed until
Feb
28 1920.
The rental compensation fixed was $1,577,530 par ann., or
$3 413 671 for the entire 26 months of Federal control—far short of "just
compensation" in view of the income resulting from operations during the
calendar years of 1916 and 1917, directly caused by the expenditure of large
sums of money during the years 1915, 1916 and 1917. for equipment, ballast
and other improvements.
The average "test period" income was not a fair
measure of just compensation.
The net income during the calendar year
of 1917 amounted to $3,254,472 nearly as much as the total amount allowed
by the Director-General for the whole of the 26 months of Federal control.
A very complete showing of our case was made to the Director-General ,
but without appreciable results.
.
The property when returned to us on March 1 1920 was not in as gwd
repair nor as well equipped as it was on Jan. 1 1918.
YVe have filed claims
for the amount necessary to meet this deficiency of guaranteed maintenance.
When the property passed into the hands of the Director-General it wag
in good physical condition, and its net earnings were most satisfactory.
When it was returned to us it was not in as good physical condition, and
was operating at a loss of more than $1,500,000 per ann, due largely to the
enormous increase in wages, coupled with new working rules, requiring the
payment of wages for skilled workmen to ordinary laborers, and the em¬
ployment of two or three people to do the same job of work that formerly
this road's contract with
$111,764,539 $41,073,243
112, p.
paid on Nov. 1 1920, were extended on authority of the Court for a
period of one year at the same rate of interest, 6% per annum.
Claims.—On Dec. 31 1920 there were $296,607 unpaid claims dating prior
to the receivership on Aug. 10 1914, $296,607, principally for personal
injury loss and damage of freight and damage to live stock, all of which have
been reduced to judgment but without preference.
No provision has bee*
made for funds with which to pay these accounts.
They are accruing inter¬
been
74,470
6,727,935
21,598
134,495
149,487
8,417
Investments in affiliated companies include:
—V.
interest
Net.
$6,394,817 loss $368,035
5,778,757 loss 1,300,355
6,120,263 loss 1,341,011
Total ..$43,690,949
loss 2,822,661
,
required the service of only one
work
_ori
Heavy penalties are now in¬
service.
For example, if a shop employee is called, after
fix a headlight on a locomotive, he receives pay for five
notwithstanding it may require only 30 minutes or one hour to do the
and in addition, he must be furnished with one or more helpers or
flicted for extra
being released, to
hours,
employee.
.
17
Sept.
Pinal settlement with the Director-General of matters
control of railroads has not yet been made.
assistants.
growing
•ut of Federal
Wage Increase.—The pay-rolls have increased, due to the Adamson Law,
Federal control and the U. S. BR. Labor Board, from $4,733,589 in the
year 1916 to $10,987,899 in the year 1920.
On top of the very heavy wage
during Federal control, the Labor
Board made further increases in July 1920, retroactive to May 1 1920,
which added approximately $2,000,000 per annum to our pay-rolls.
The
full force of thase last increases is not reflected in the total of $10,987,899
above shown for the year 1920, as the increases applied only to the eight
months of May to December, incl.
Application of the increases to the full
year would produce a total for pay-rolls of approximately $11,500,000, very
much in excess of the "total operating expenses" for any one year before
increases
made by the Director-General
Federal control
of railroads.
Guaranty Period.—The United States offered to guarantee that the op¬
erating income for a period of six months, March 1 to Aug. 31 1920, should
not be less than an amount equal to one-half of the annual compensation
named in the contract with the Director-General of Railroads.
That our
Needed
Improvements.—Shortage of funds, resulting from Federal con¬
trol. and the general unsettled financial condition of the railroads,, has
rendered impossible the carrying forward of any extensive program of needed
more
Claim has been filed with the
than $2,000,000.
Commission for the Government guaranty,
settlement has not yet been accomplished.
Federal
Valuation.—It is
Inter-State Com¬
less advances, but final
GENERAL STATISTICS FOR CALENDAR
engineering and
Com¬
report
Operating Revenues.—Gross operating revenues amounted to $19,514,093
(the largest in the history of the property), an increase of $5,103,802 as
compared with 1919, or 35.4%.
Notwithstanding this large increase in
gross revenues, the operating results for the year show a loss of $1,644,731.
1,160
carried
Passengers carried 1 mile-
2,161,798
1,160
2,058,884
135,899,539
126,330,942
--$1,728,576 $1,105,736
1,029,408
1,316,520
1,033,187
March
1,279,704
1,092,233
1,186,969
April
1,245,947
1,240,542
May
1,251,253
June
1,395,977
1,172,180
July-.. 1,458,448
Jan
.
.
1919. Increase
1920.
1919. Increase,
1920.
Feb
Monthly Gross Revenues.
56%
Aug...$1,446,937 $1,152,182
28
Sept.—
1,828,392
1,295,424
41
Oct
2,422,172
2,143,400
2,066,455
1,364,461
1,451,544
1,216,735
48
24
9
...
Nov...
__
Dec
26%
"
__
2.877 cts.
2.702 cts.
2.536 cts.
2.390 cts.
4,973,659
922,502,143
3,902,256
718,629,643
3,949,854
Revenue tons carried 1 m_
691,239,368
4,140,032
751,526,133
mile.
1.5 cts.
1.4 cts.
1.282 cts.
Rate per passenger per m.
Revenue tons carried
Revenue per ton per
INCOME FROM
35%
increase of $422,532, or 209.4%, of which
$307,637 relates to the period of Nov. 1 1916 to Dec. 31 1919, being retro¬
active allowances under decision of the I.-S. C. Commission.
The balance
of the increase is applicable to 1920 growing out of the same decision.
Express revenue amounted to $507,926, an increase of 21.5%, due to
business.
amounted to $128,773, an increase
319.8%, due to the re-establishment of settlements with con¬
necting lines for switching service.
During Federal control the "unification
plan" rendered unnecessary the billing of switching services against con¬
Miscellaneous transportation revenue
of $93,099, or
necting lines.
On
July 29
Guar.QMos.
Federal
Cons.l2Mos.
CorpAMos.
1920.
1920.
1920.
1920.
1919.
$1,618,418 $5,903,264 $6,466,963 $13,938,645 $10,061,736
567,798
1,791,457
1,550,334
3,909,589
3,439,697
277,147
165,359
181,814
624,320
201,788
84,861
255,663
167,402
507,926
419,873
12,114
230,811
240,688
483,614
287,207
Mail
Express
Miscellaneous
$2,560,338 $8,346,554 $8,607,201 $19,514,093 $14,410,300
Total
Operating Expenses—
$4,061,991
4,809,507
$949,935 $1,957,912 $1,154,143
2,491,785
1,417,251
900,471
93,130
141,433
35,761
3,583,160
Transportation
1,537,747 5,139,015
6Q577
38,791
Miscellaneous operat'ns
17,781
213,542
317,954
General
86,783
Cr .3,015
Cr.22,513
Transp. for investment. Cr.83,765
Maint. of way & struc.
Malnt. of equipment
$3,314,864
3,859,166
270,324
160,018
10,259,923
7,263,432
618,279
90,319
506,470
Cr.109,293
Cr .4,681
117,149
$3,444,714$10,105,661 $6,477,504 $20,027,879 $15,189,587
operations—def.$884,377df$1759,107 $2,129,697 def$513,786 def$779,287
65,003
180,000
119,831
364,834
319,384
Uncollec. ry. revenues.
2,349
176
4,621
7,146
1,282
accrued
Operating income-def$951,729df$1939,283 $2,005,245
equipment—Cr.
230,925
743,132
349,916
22,163
32,045
31,309
Miscellaneous
31,163
169,491
def$885,766def$10 99,953
1,323,973
267,744
85,517
66,928
200,654
17,179
income.def$667,479df$ll64,106 $2,555,962
250,072
1,056,507
779,155
40,445
73,790
62,845
Miscellaneous
82,856
23,438
$724,377 def$748,102
2,085,734
494,002
177,080
153,862
106,294
8,821
Hire of
Joint facil. rent income.
Gross corp.
Hire of equipment—deb.
Joint facility rents
def$l,040,853df$2294,403 $1,690,525df$l,644.731 df$l,404,787
Net income
1920 general increases in rates
.
Net from
S. mail revenue shows an
increase in volume of
1.142 cts
TRANSPORTATION OPERATIONS.
Fed'12 Mos.
Operating Revenues—
Freight
Taxes
Total-$19,514,093 $14,410,290
132,149,002
Total-
70
12
24
1,160
1,747,921
78
__
U.
<
1,160
1,766,191
141,871,337
Traffic.
Summary Shows
1917.
1918.
Average miles operated—
Passengers
YEARS.
1919.
1920.
Statistics—
Passenger
expected that the accounting,
reports will be presented to us by the Inter-State Commerce
mission during the year 1921, and it is probable that the tentative
of valuation will be rendered about Jan. 1 1922.
land
particularly between
75-lb. rail for re-laying on other portions of the line,
San Antonio and Laredo.
by the
of
Approximately 300 miles of new 90-lb. steel rail should be
improvements.
Erovided,
etween Palestine
extending
and
over
Houston,
a period
and
not
Palestine
to exceed
andthree
San Marcos,
years, forreleasing
laying
acceptance of the guaranty was a wise course is clearly shown
guaranty period operating results, which indicate a loss to the Government
merce
1347
CHRONICLE
THE
1921.]
of transportation were au¬
switching rates being increased 35% in this terri¬
tory.
On account of the time required to file the necessary tariffs it was
not until Aug. 26 that the rates became effective.
The Texas RR. Com¬
mission declined to recognize the authority of the Inter-State Commerce
Commission to fix the rates on intra-State business and directed the rail¬
roads to apply only 33 H % on State business.
The Texas railroads appealed
the case to the former Commission, who authorized the application of the
35% in order to remove the discrimination between inter-State and intra¬
YEARS.
OPERATING STATISTICS FOR CALENDAR
thorized, the freight and
iRoad operated by U. 8. Railroad
Passenger
1917.
1918.
1919.
1920.
$13,988,645
3,971,536
Operating Revenue—
Freight
$8,859,715
3,624,117
734,760
258,297
$8,582,335
3,184,218
628,780
192,891
$13,476,888
270,324
$14,410,300
$3,314,864
3,859,166
160,018
10,259,923
7,263,432
5,858,605
$12,588,224
$1,438,225
2,017,287
271,488
4,596,544
618,279
117,149
506,470
90,319
Cr.109,293
Cr .4,681
$20,027,879
def.$513,786
371,980
$15,189,587
def.$779,287
320,666
$11,643,903
$1,833,885
def.$885,766def.$1,099,953
267,745
1,323,973
$1,440,353
85,517
200,654
66,928
17,179
81,3.54
12,296
$724,377
def.$748,102
$2,176,481
$4,636,181
$283,374
2.085,734
$162,683
$149,357
648,479
1,197,454
$10,061,736
3,439,696
652,346
256,523
1,261,019
Mail, express, &c
Incidental
Administration Jan. 1 1918 to March 1 1920.J
292,893
*
state traffic.
The revenue derived
This increase is due to
from freight traffic increased $3,926,909, or 39%.
increase of 27 % in tons hauled one mile, and the
freight rates granted by the Inter-State Commerce Commis¬
sion effective Aug. 26 1920.
[The average revenue per ton per mile being
increase in
1919, an increase of 8.3%.—Edl.
increased $495,617, or 14.5%.
The number
1.516 cts., against 1.4 cts. in
Revenue from passengers
of
102,914 compared
passengers carried was 2,161,798, an increase of
with the previous year and is the largest number of passengers
revenue
any one year
in
passengers with
1916 to handle
handled in
the history of the road.
We handled this large number of
275,000 less passenger train miles than was run in the year
1,525,545 passengers, or 636,253 less passengers than was
The average number of passengers per train mile
70.76, or 4.2% [and the revenue received per
carried in the year 1920.
increased from 67.94 to
passenger per
Operating
increase of
mile was 2.877 cts., against 2.702 in 1919,an
increase of 6 Vi %.
Expenses.—Operating expenses amounted to $20,027,879,
$4,838,291, or 31.9%—nearly 2j^ times the expenses for
an
the
of business as reflected
train miles in 1917 and
4,446,650 train miles in 1920, an increase of less than 2%.
The total in¬
crease in expenses locates as follows: Maintenance of way and structures,
$747,127, or 22.5%; maintenance of equipment, $950,341, or 24.6%; traffic
expenses,
$110,305, or 68.9%: transportation expenses, $2,996,491, or
41.3%; miscellaneous operations, $26,831, or 29.7%; general expenses,
year 1917, with only a small increase ih the volume
by the total revenue service train miles—4,379,399
$111,809, or 22.1%; transportation for investment, credit, $104,612.
Maintenance of Way and Structures.—The increase of $747,127 is due
principally to the increase in rates of pay effective May 1 1920, and to
increases in force and material, especially ties applied during the first six
months after the end of Federal control, made necessary by reason of failure
on
the part of the Director-General to fulfill his contract maintenance
obligation before the property was returned to you.
The average expendi¬
ture per mile of road owned and maintained during the year was $3,503,
as compared with $2,859 for 1919, an increase of 22.5%.
Tie renewals for
the year included: Cross ties, 628.017; bridge ties (B. M. in feet) , 357,162;
switch ties (B. M. in feet), 906,960; 32.926 tie plates were applied.
The average cost of cross ties was $1.24739, bridge ties $41.5679 per
thousand B. M., and switch ties $44.2360 per thousand B. M., as compared
with $1.09960, $38.5700 and $37.0134, respectively, for 1919.
The work of relaying 59 miles between Longview Junction and Palestine
with new 85-lb. steel rail, releasing 75-lb. rail, commenced during Federal
control, was completed during the year.
This section of track, on which the
traffic density is heavy, is now in excellent condition, well ballasted with
gravel and laid with 60.5 miles of 85-lb. rail and 20.8 miles of 75-lb. rail.
On the Columbia branch 40 miles of 75-lb. re-layer rail was put down.
Maintenance of Equipment.—These expenses increased $950,341, or 24.6%,
of which approximately $550,000 is due to wage increases granted mainte¬
nance of equipment employees by the Labor Board, effective May 1 1920,
and the national agreement made with the same ciass of employees by the
Director-General, which was in effect only eight months of the year 1919.
The balance of the increase is due to placing into service rolling stock equip¬
ment not safe for operation at the end of Federal control.
Average Cost of Repairs
Per Unit of Equipment Owned During the Year.
Locomotives.
Freight Cars.
Passenger Cars.
$13,118 36
$307 50
$2,837 90
9,906 25
234 47
2,565 78
.
1920
1919
Transportation Expenses.—The increase of $2,996,491, or 41.3%, in
transportation expenses is due to wage increases made effective May 1 1920
by the Labor Board, increase in the cost of fuel for locomotives and increase
in number of employees on account of the increase in traffic handled.
The cost of conducting transportation has been seriously affected by the
unbalanced movement of traffic resulting from the preponderance of south¬
bound tonnage for export through Gulf ports and the Mexico gateway at
Laredo.
The unsettled conditions in European countries and Mexico have
been a great drawback to this road in securing import compensating tonnage
for northbound movement.
The report of train statistics for the year show
that 63% of the net ton miles moved southbound with an average lading
of 496 net tons per train, including all freight trains, both main and branch
lines.
An equal tonnage northbound at the avetage rate per ton mile
earned during the year would have produced additional revenue amounting
to $3,765,500, with practically no additional train exoense as the total train
mileage for the year was substantially in balance.
The increase in price of fuel oil accounts for $1,200,000 of the transporta¬
tion expense increase, while $650,000 of the amount is due to the wage
award of the Labor Board.
The fuel cost per locomotive mile in 1920 was more than 3K times the
oost in the year 1916.
Taking these two items into consideration, with the unbalanced traffic,
for the purpose of elimination to reach a more normal basis of operating
find that the cost of conducting transportation would have
of the total operating revenues, instead of 52.58%, or a saving
approximately $5,600,000.
This is a striking illustration of the effect
on the cost of railroad operations growing out of the changed conditions
during and following the World War.
expenses, we
been 36.12%
of
Total oper. revenues.
..
Malnt. of way, &c
Maint. of equipment—.
Traffic
$19,514,093
$4,061,991
4,809,507
expenses
Transportation
General expenses
Miscellaneous
Transportation for invest.
Total oper. expenses.
Net oper. revenue..
—
Taxes accrued, &c
Operating income..
...
Hire of equipment
Joint facility rentsMiscellaneous
Gross Income
$2,103,700
3,083,452
159,154
381,737
60,767
449,047
57,029
Cr.67,984
393,532
642,47$
Cr. 116,05 4
$8,649,994
$3,938,230
360,863
$3,577,367
973,021
81.477
'
4,317
Deductions—
Joint facility rents, dec...
Hire of equipment
GENERAL
BALANCE
1920.
1919.
$
$
Assets—
SHEET
road&equip40,830,299 40,630,247
16,149
funds
32,702
Dep. in lieu of mtg.
phys.
2,493
2,493
7,409
property sold...
prop.
Cash
15,000
4,400
548,333
Special deposits.—
Traffic, &c., bal—
605,920
709,622
Agents & conduc—
1,705,862
Misc.accts.receiv.
1,497,195
3,445,192
Inv. in affil. co's—
Other investments
Materials & supp.
7,409
15,000
4,400
48,159
U.S. RR. Admin.:
Compen.
762,297
5,602,077
acct.a
Other items
S.
U.
1,212,117
5,439,908
Misc. def. assets..
114,341
8,147
Rents & ins. prep'd
9,197
496,823
79,947
matured.
Interest accrued--
Condit'l interim
certificates
5,078,000
5,078,000
610,427
2,176,912
135,160
unadjusted
Profit and loss
908,065
75
or assum.:
Pledged
500
500
12,150,000 12,150,000
Total
69,862,282 59,889,270
Unpledged
a
$
Misc. accts. pay._
Interest
credits
1,268,168
Sec. iss.
1919.
$
3,400,000
3,400,000
1,422,000
Cbmmon stock
1,422,000
Mortgage bonds-.26,319,000 26,347,000
865,000
Equip, trust note3
687,000
1,400,000
Receiver's certlfs. 1,400,000
46,767
Traffic, dec., bais- 2,561,085
279,188
Accts.&wages pay. 2,658,055
Preferred stock---
Other
Govt. guar.
account—net.—
Other unadj. debits
31.
1920.
904
156,919
3,866,117
4,726,606
179,658
177,181
Funded debt mat. 11,039,000 11,039,000
15,804
192,213
47,504 Other cur'nt llabiiMisc. def. Ilabii
14,416
~2~207 U.S. RR. Admin. 7,190.459 4,906",607
Tax liability
53,011
33,963
141,045
54,451
Work, fund adv..
DECEMBER
Liabilities—
Sinking
Misc.
$183,942
$2,369,108
$656,684'
$797,836
$1,381,395
def.$l,644,731def.$l,404,787 Cr.$l,378,645 Cr.$3,254,78 7
Total deductions
Balance
Inv. in
494,002
United
69,862,282 59,889,270
Total
Compensation account, $3,417,981, less advances
of
$2,655,684.—V.113,p.l053.
Drug Co., Boston.
{Report for Half Year ending June 30 1921.)
The omission of the usual dividend on the Common stock
and the declaration of the usual Pref. dividends are noted
on a
subsequent
page.
President Louis K.
the
Compare V. 113, p. 544, 634, 1061.
says in susbtance:
Liggett
Improving.—Our quick assets show a decrease
quick liabilities a decrease of $16,350,000
However,
Finances
of $6,000,000;
there must be
charged against this decrease in liabilities our issue of gold notes and gold
bonds, amounting to $15,000,000.
That there was not a further reduction in our quick liabilities was due to
the fact that on Dec. 31 we had contract obligations for the completion and
equipment amounting in all to $4,281,000.
All such contracts and obliga¬
tions have been completed and paid for. and we have no further investment
or building commitments of any kind.
Our contracts for raw materials are below normal for the volume of
business that we are now doing.
Inventories.—We have carefully reviewed our Inventories, both In the
manufacturing plants and retail stores, as of June 30, and have written
them down to or below replacement Value, so that we can say with safety
1248:
tbat
we
THEICHBONICLE
values of
manufacturing and retailing based on
supplies and raw materials.
2
: '
now
are
our
market
present
[Vol. 113.;
ri;
■
THE TORRINGTON CO.
\
"
(OF CONN.) ANli ITS SUBSIDIARY CORPORCONSOLIDATED
BALANCE
SHEET,
JUNE SO.
"
ATIONS'
r..»o
Surplus Reduced.—To get
heavily into our surplus,
1
,
Results.—Our gross volume {of business) in dollars for the
of this year shows a decrease of 13 %,
as our
prices have been reduced
Assets—u
basis above indicated we have cut
on the
Real
first six months
percentage of
v
<
=*•
„
period of last
same
business showed
year.
July and August sales of
increases
over
1%
...
675,329
Deferred charges (prepaid insurance)...^._-_y
the
over
f
complete change in the past 60
manufacturing plants show substantial
pur
a.
the same two months of last year, which were the
I
y*
reduced
'
l>rr::tv
'
Nei merchandising
Other
income. Xl
.
prciM J->
i'is -H-
n- —
_
_
-■JZZZZiz'-l Zb! $1,581,568
-
-
479,080
Company.
ri
President B. L. Hupp, Feb. 24, wrote in brief:
The net profits for the year, after providing for renewals,
depreciation,
Federal taxes and contingencies, amount
to $945,793
The profits were adversely affected by the unusual trade and
market conditions, particularly during the last
quarter of the year.
A'previously provided, was charged
against earnings to reduce inventories to a conservative replacement value
there are no obligations for future deliveries on contracts for raw
materials and supplies, except for usual current needs.
1
■
: •' Since Dec. 31 1920 the bank loans (notes
payable) have been reduced
to $667,000.'
;
During the year 7% was distributed in payment of back dividends on !
the 2d Pref. stock [and c-n Feb. 1 1921,
May 1 and Aug. 1 1921 1%% was,'
paid, and a further 1 % % has been declared payable Nov. 1 192i, thus dis¬
charging all accumulated dividends up to Feb. 1 1917 on the 2d Pref.—Ed.).:
I
An additional $150,000 was added to the sinking fund for the redemption
of the 1st Preferred stock, which makes the total
appropriation from surplus,
for this purpose $525,000,. i. r
rf
,
A
i
Net additions to property for the
year represent expenditures for new
and labor-saving machinery, and for the
purchase of a tract of land adjoin¬
ing the Minneapolis plant. which is to be used for a needed addition to the
already substantial facilities.
*; - '•
-v
u
[A brief summary of the income account was published in V, 112, p. 938'.,,
substantial amount, in excess of reserve
,
and
.
.
$3,252,491
600,452
.Zr $1,670,583
7
..
89,015
-cr" y
1181 -.»>
p.
I'
$3,218,004
34,487
-
- - - - - -
'Total profit.
Depreciation, taxes,' &C_ Z'Jbbl».v-
Ill,
estimated adequate reserve for
$11,372,666
8,154,662
7,277.132 ,U
Biscuit
{Report for the Fiscal Year ending Dec. 31 1920.)
1921,
c ■,
1920. •;.
.$28,409,125.: '.,. $32,896.190
V 19,550,425
21,523,524
58,858,700 "
;47,000
3,338,815
:
Loose-Wiles
.
iV'ir >;
! Gross profit,
Operating oxPenses
$8,000,000^
678,823 i
1,168,000 f
3,712,179,
f.,
._J._.._L__.$11,617,648 $13,559,002 f
Includes profits to June 30 of the current year —-V.
a
r
--
Liabilities—
Total
,
Net sales. 77*kZJlj*Cost of merchandise soldT+-i.i'.--->-^r-,-
...$11,617,6-18 $13,559,002•
.
geserves
for income and taxes._fc
alance, surplus.
.
notes payable account $950,000
our
Total assets..
■...
;
ACCOUNT, EXCLUDING LIGGETTS INTERNATIONAL,
r LTD., INC
FOR THE SIX MONTHS ENDED JUNE 30. MM'
r
10,154
-
Accountspayable^.^.....-231,833
INCOME
.
696,304
19,018
•-;
Capital stock: Com.. $7,000,000; Pref., $1,000,000 $8,009,060
largest
July and August in the company's history.
'":K-'-Z.
'
1 V
£Economies and expenses that were put into effefct- in Jan. 1921 were not,
all effective in the first six months' showing, but are now showing actively
in our monthly statements and will be much more apparent in the last
six months than in the first, particularly as we.have brought our merchan¬
dise down to present market values! •
t. J.J v, '
'.Our drug, perfume and candy factories are now operating normally.
We
are increasing monthly the number of our employees in our St
Louis factory
and enlarging its work
We are now employing over 900 persons in that
plant.
Our rubber plant at New Haven had the largest safes and produc¬
tion in its history for the month of August, and is now on a paying basis.
>
With the exception of fancy stationery and our fruit syrup business, we
have, within the past;60 days, reached both normal production and sales.
Our stationery plants are operating at about 65% of normal, and our fruit
syrup plant 70%'of normal, but not of capacity
v.,
v ■>
'The net result should be a materially increased earning power in the last
six months of this year.
Since July 1 we hafe
.
4.1
-
Outlook.—We feel that there has been
days
of only
decrease
a
,
United States certificates of
indebtedness.120,000
Canadian Victory bonds
-&b
199,5024
been made in the history of the
company and is due very largely to the cost of liquidation of inventories
and to loss of volume in our manufacturing plants, as for the first six months
of the year our retail
-
,
to sales is tip
82 of 1%, although the expenses were reduced
The net effect of this is to reduce our net profits from
ever
t
1920.
,
almost $1,000,000.'
operations from 0 78% to 5 57%. r
;This Is the lowest profit that, has
1921.
—...
20%. it is apparent that we have sold
more
expenses
••
and buildings,
and
.
However,
compared with a year ago
over
units of merchandise than in the earlier
period
Our gross profit has shrunk from 34 5% to 311%, and our
estate
$1,700,221; machinery
equipment.,- $2,055,059, less reserves for
o
r
& ■:
.i-rr
!
depreciation, $768,081-....
yy.u.i..
$2,987,199, $2,477,400
Good-will, patents,
1,942,538
c 1,942,5381
Invest'ts in foreign subs
incl bal. dueon curr.acct al,510,776
1,426,391s-*
Investments in other corporations...
60.192
*
70,973;
Inventories of material, supplies, &c____
3,248,102
3,760,256;
Bills and accounts receivable less reserve..^
'-.976,655-. -:2,101.898;
United States Liberty bonds.........197,840753,587-
-1.-
..
•
Net profit before Interest.
1.$lil91,503 "**'
$2,652,039
INotti.-i-To make the 1920 figures strictly comparable there have been
deducted therefrom gross sales and profits of the Canadian and British
branches which
t
'01.-7.tX,}BALANCE-
:
T»:? -jf F
.'T<I
■
w
:
SHEET JUNE
1920C.
"mi.-"
*
-
-
Balance, surplus.X,
r.,. 39,626
■"... 'it!
*
Accts.,receivable.» ;6> 146,765
Sub: company--a2,579,752
i
,iv'*' '
3,026,021 Real estate bonds *
and mortgages.. 1,022,780
5,519,228
7,339,126 '5HW.- gold 85--*; 2,750,000
953,063 20-yr.cony:gold8s 12,250,000
--
3,151,692
5,797,994
Inv. stks. Ahonds 10,329^525
Adv. <fc der. items;';. 1,527,532
^
T j* Br d
upi
rlc $ ' *
xwAi-.!
frt
•
af>,.\*5r
Total
-
I'
SL-S
Surplus.^':!....-
-VNA.if
.■
subscrlp.659,700
sub cos outg
713,700
.-r,—-•
716,200
3,662,103
4,745,188-
1,198,032
Total.80,338,083
*
Includes patents, Process and formulas."'
have been reduced $950,000 as of Sept.
Combined
a
82,076,^26
notes
:
was
set
1919
shown above.
as
1920.
1919
S
$
Alvord
None.
in briefe
says
$1,178,354!jl
year
•••".y..-
.>
Ar-'VvrJ
on
,'1920.
Total
The financial condition of the
company is good.:. There has been a
steady reduction in inventories.i and inventories are now taken at figures
where, if there is business, it should show a fair profit.
The company
has paid its regular dividends and we estimate that at the
present time is
at least earning them.
As a whole, the business is showing improvement a
.
,
'
».
692,934 '
hand, &c_
177,403
'136,659
44 ,461
.
') 138,124
taxes &
,
2,000,000 :
8,000,000
Federal"
h
' 457,394 /1,071,60if;
r."
/
' 625,000 "' 375,000;,
Surplus...4,154,686
3,819,122"
eonting.
Res've for redem'n I.,
„
.
of 1st pref. stock
.
22,172,944 21.279,102
i.'...
for
1919.
4,599,700
1,693,597:'
200,000 '
762,567/ 1.213,676
Accounts payable.,
Prov.
'q|
3i:~^
*
Notes payable....
4,335,213
.....
Prepaid insur., &Cii
r/./-.
j,
COS.) DEC.
"4,579,700
goodwill,
U/.,'.• 2d pref., 7% cum.c2,000,000
al3.241,088 13,133,922 Common......,', 8,000,000
136,593
Cash
** *. "
(INCLLSUB.
Liabilities-^
(I«3S reserve)..w. 2,694,114 .?3,094,722
'Mwc. investments,'4,',
r - J.
flitcql Yearr ending June 30 1921.)
P.
$709,172
1st pref., 7% .cum.
Inventories. ^.. .b5,230,811
Torrington Company (of Connecticut). '
President Jolin
-
Li»f
V,
..
h
y
-J
! a.s'j
Accounts receivable
payable
1£ 1921,—V. 11^, p..l061,'7 V7:,*..
^
None
$335,564" $1,521,088
-y.'e' f-'.-.-i'i
aside until
Assets-?- ;•
Real estate, bldgs.,:,
plant,
80,338,083 82,076,826
)
CONSOLIDATED BALANCE SIIEET
'
Reserves-.:^.:'.-- 3,299,236
'
'■
r'il
290",000
v'f
1917.
,
x On Jan. 31 1915 a reserve of $76,545 was set aside as alreserve for the,
redemption of the 1st Pref.; stock.
To this was credited $8,455 arising^
from discount en stock purchased, making
$85,000 in alL, No further»
reserve
'
Com. stk.
^22,793,688 22,^93,689
■
x150,000
.
$1,053,222
$1,522,404.
1344,050 V
344,050j
.v j;'
In 1920 represents "net profits from operations for
'taxes.'f
1,022,900
,
j ■»» * * Tf. ■
$2,136,569
325,481
{
'.''
'
•
1
YEARS(\: A'
1918.
$945,793
320,229
>140,000
after deduct¬
ing all expenses, interest charges, depreciation and shrinkage in inventory?
{Values (in excess of reserve provided therefor) and providing for Federal
2,379,941
.
provement......
Land & buUdlngs.
good-will, &c.
(7%)..
CALENDAR
1919-
Liabilities-^-,
^$,973,318
bonds...
div.
IENT FOR
1920.
■Sink, fund of 1st pref. stk
192a.
2,299,947 First pref. st66k.--16,321,900 16,321,900
77 40,976* Second pref) stock *183,100
308,300
7,501,802 Common stock._'-33,925,1Q0 29,928,900
Notes receivable.. 1,891,083
I 252 330 Current acCts. pay. 3,244,282
4,580,815
Inventory*'......ridi 15(9'628 23^ 115!848 Notes payable: ■
""yl'j.Z."17
V
Machinery, &c.^.;i8,547,229
Parent company a2,190,500 18,410,579
8,234,793
T
'
Second pref
1_
.
f,
ZZZZjJf.
Govt;
INCOME STATE
Net profits
First pref. div.:(7%)-L4L
.
-1921,
Cash
r,
sold to
Liggett's International last, year and conse¬
quently do not Appear in this year's results of the United Drug Co.
were
Total
22,172.944
21,279,102^
After deducting reserve for depreciation
b At cost or market
whichever were lower,
c Last dividend
payment for period ending Feb. ;L;
a
price,",
1916.—v. 113, p! ii6i.
:-
i:
'
y
;.
..
.
UNQOME ACCOUNT OF, THE TORRINGTON
CO.
(OF MAINE)
FOR
YEARS ENDED AUGUST 31
For
.Receipts—
. j!;
pj.
1920-21.
^,1919-20.
Dividends from sub cos^> x$699,926; :
$594,941
Miscellaneous income,
7,614 /
■
.»i • 38
1918-19.
,
Total receipts—v.Divs. on preferred (7%)
Divs. on common.
$707,540
:.
7
(20)700,000
-,
_
$566,855
122
287
$573,209
$567,142
44
2.560
•
Taxesa-2-\.-i,i,i.u.
?; $594,979
-.m 26
(17)595,000
275
275
2,528
2,147
$702,810
Balance, sur. or def—sur$4,730
Cash balance end of year..
$4,697
'$597,448
def$2,469
\
$35
Other expenditures
a
Total payments..
(16)560,000
(16)560,000
11,580
1,861
1,872
,$573,485
$564,432
sur$2,710
$86,018
def$276
t.j
„
dated
1917-18.
*$573,087
.
$2,434
Dividends received from
subsidiary, The Torrington Co. (of Connecti-r
cut), viz.: 10% on its common stock, $699,900, and
7% on pref. stock
remaining unexchanged, $26; total. $699,926x
THE TORRINGTON CO.
(OF CONNECTICUT) AND SUB. COS.' CONSOL
PROFIT AND LOSS ACCOUNT FOR YEARS
ENDING JUNE 30.
r.;,
Net oper. profit (incl. sub.
1920-21.,
cos.)—1.__
Total income
: 1ZJJ
Admin, salaries & expen..
Int. on Maine Co bonds.
Loss on sale of Lib. bonds
1919-20-
6,631
8,939
$3,814,585
.
89,621
$2,991,636
V
,98,071
92,100
,
-
84",717
->
Cornmon dividends..
.
l
.
■-
Rate
(10%)
t.
Preferred divs.
(7%)..__
Subsiduary pref. (6%)_uRes.
i
for income &
profits taxes..bi
70,000
950
$1,572,964
53,563
2,075
$2,892,615
$1,517,326
.
-f>i<
T
$487,581
.700,000
$3,724,964
i: 595,000
(8Vi%)
70,000
■
■
■
"
573,125
564,375
-.(8 3-16%)
-A '70,000
(8 1-16%)
70,000
7 ,200
•>
:
excess
Jiuus
Total deductions... ..L
Balance, surplus^....
i.-
'
b47,000 :i 1,168.000
$817,000
$3.9,419
$1,833,000
$1,891,964
-kt
',v:
856,000
below.y d%
(Report for Fiscal Year ending Dec. 31
President J. A.
Remits.—Gross
Trawiek says in substance:
earnings
have
increased
$649,159,
1920.)
.
40% over 1919.: I
Railway gross
earnings are included for 11 months only, as the railway system has been
sold and was delivered to the purchaser on Dec. 1.
The company received
for the railway property short term bonds the interest on which
appears
as other income in the profit and loss statement attached.
•> j
i
Operating expenses exceed previous year's by $442,585.
Of this amount ;
$202,077 represents the increase in cost of fuel and $48,612 in taxes.
Main-f
tenance expenditures amounted to $200,894, or 8.9% of gross earnings.
T
i Properties.—The second steam turbine installation at Glen Lyn of 20,000
kilowatts was completed in September and no extensive enlargements of
generating plants are contemplated for 1921.,
{The first unit of this plant
of 18 750 kilowatts was completed and put in commission in July
1919—Ed.)
Certain apparatus from the former Switchback steam reserve plant has
been disposed of. and the sale of that property and of the railway is reflected
in the balance sheet by a reduction of the plant account.
i
The company has under construction a 1,500 kilowatt 88,000 to 13,000
volt transforming station in southwest Virginia, a similar station at
Prince-, j.
ton, West Va., and a 600 kilowatt alternating to direct current automatic ?
substation at Eckman, West Va., at an estimated cost of approximately *
$50,000 each.;
.
T The present generating capacity is as follows:
(a) 2 hydro-electric plants, f
in Carroll County, Va., viz.: No. 2, capacity in k.w.> 16,000; No. 4, capacity
6,900 k.w.; total, 22,900 k.w.
Approximate overload capacity
in horse-,
power, 38,000.
These plants are on the New River and the available
capacity is dependent on the flow of that stream; (b) 2 steam electric power-¬
plants. viz.:
Glen Lyn, Va., capacity 38,750 kw., and Clinchfield, Va.,.'/,
reserve, 2,000 kw.
(leased); total capacity in horsepower, 54,333.
The present Glen Lyn capacity is limited by boilers installed to about!,
33.000 h.p.
•
.•
01
We have three interchange connections with other companies as reserves,
viz.:
At Switchback, W. Va., and Bluefield, W. "Va., connecting with N; &
W. Ry. Co., capacity 7.000 and 1,000 kw., respectively; at Roanoke, Va.,:.
connecting with Roanoke Ry. & Elec. Co., capacity 3,000 kw. approx.,;^
total capacity in horsepower,? 14,666..
r
*•
o
*
'
v
Transmission lines now measure approximately 330 miles of 88,000
volt,,,
307 miles of 13,000 volt and 36 miles of lower voltage lines, distribution
lines not being included.
■
v.>
or
This is due to larger sales and since June 1 to higher rates.
.
$1,656,238
7,726
1,879
V
1917-18.
$2,982,696
$664,398
,:
Net profit for
year___^'
I
1918-19
,
$662,519, $3,807,954
Divs. from other corp'ns.
:
Appalachian Power Company. '• ■'L'ftr
offering of $2,500,000 15-year 7% secured gold bonds,
Aug. 1 1921, see under "Investment News"
:$1,499,125'
510,898
$1,152,473
$364,853
$1,393,4901.
.
,
..
.
.
,
,
.
,
.
'
■a
Net operatmg profits,
including the Canadian and foreign companies.
1920 and 1921, reducing the profits of the
English and German companies to, and valueing the current assets in South
for years ending June 30 1919,
America at the current rate of, and in 1920-2L
1919-20 before deducting
or Canadian income taxes v6- v, y...
lb In addition to this amount: $43,945 was deducted
from
American
adjustment t>f domestic taxes.
surplas for
wJi < ; vrWi
y -
-
-
:
.
Property account increases for the year, $452,909 net, as shown by the
balance sheet attached,
against which customers have advanced
,
$84,098*,
which the company is gradually refunding by a percentage of power bills.; -v,
Bonds.-rrFirst Mortgage bonds outstanding increased $298,000 during,the year and $337,000 additional were sold in 1921 prior to March 1;
$136,-!>
-
SeH. If'1921.]
THE CHRONICLE
bonds were cancelled by the &nking fund.
Tbe sinking fund rate
this issue chariges from, the 1 % to m
% in 1921,
,<
Preferred Stock.—-The original issue of $267,300 of 7% Cum. First Pref.
stock, per last report, has been increased by local sales at par to $320,100.
000
In determining these earnings there has been: deductedt$925,857 for
shrinkage in value of oil in storage, $3,931,814 to cover abandoned proper¬
ties, including areas in tbe northern fields of Mexico which have gone to
water, $2,767,378 f<?r depreciation and depletion, and $1,218,850 for labor
and incidental expenses In .drilling producing wellsivrhich' the Treasury^ per¬
mits to be charged either to capital investment or operating costs at thd
company's option;
These and other miscellaneous deductions^ aggregate
slightly over $10,000,000.
.;
; r
> r.;
>r*fiV
•».
i
t
on
r
......,
.
"•'{The
company's Collateral Note to the War Finance Corporation for
was paid on July 15 1919, when due, and other ribtes payable
$698,928 at Dec..311918. to $125,000 at the end of 1919.
Collateral Gold Notes amounting to $2,170,700. falling due Jap. 31 1920,
arrangements were made for issuing new securities in exchange, not only
r the
accrued
ler notes, all
retirement of the
above-mentioned notes, and the issue of $267,300, of 7% Cum. First Pref.
stock and $3,044,600, of lO^year 7% fcold notes in lieu tberoof. leaving
some fractional adjustments to be made in cash.
The 10-year 7% Gold
Notes are. secured by a $6,000,000 issue of 2d mortgage bonds.
See V. 110,
p. 361; V. 111. p. 75.
:
5 A • >srVv! ;."A: / ! ■„/,V ~ X
The West Virginia P. S. Commission in August 1920 granted an increase
of 30% in rates to continue until May 1921
- • This increase
was additional
to the 16 2-3% increase granted early in 1919—Ed.]
;
Power Production
*
, • ■
•
-
81,000,000
were reduced from
...
....
,
Plant Property and Equipment,—The net book value of this account in
the balance sheet of June 30 1921 was $50,108,991 i after thC deduction of
the charges referred to in the preceding paragiaph, as well asall reserves for
i
depreciation and depletion.
The net result is an increase in the Yalue of the
property of $19,152,144 during the current year, $11,787,059 of which is
appreciation in the value of our oil lands due to the active' campaign of
exploration of prospective oil territory.
rr,f
w
.
„
(KW. hours)—
1920.
.
Hydro-electric.83,828,000
purchased...; 63,858,622
1919.
84,816,733
1918.
74,822,530
39,278,778
26,870,882
times the current liabilities.
Total._r___..._
__...
147,686,642
;
light and
'
:
:
—
Water..
$2,149,056
103,418
$1,490,955
112,356
13,136
_
v
7
1917.
$846,631
91,614
95,545J
,10,032
11,111
13,141
,
80,354,430
years.
1918.
$1,147,610,,
1919.
1920.
power....—
Railway
26,026,130
124,095,511 101,693,412
income account for calendar
:
1917.7
54,328.300
•
Current Assets .-—These on June 30 were
i
.
.
Steam and
1249
$14,657i085,
V
or morOv than
*
„
four'
^
Capital Stock.—During tbe fiscal year the sum of $2,320,344.vrUs received
in discharge of balances due from stocMioIders on subsCTiptions for capitalstock made during the preceding fiscal year.
The common capital stock.;
outstanding on June 30 1921 was $22,742,196. "W :
?
Funded Debt.—-During the fiscal year there were issued $i0,0003000 par ,
value 10-year 7 % Sinking Fund Gold Notes.
The entire outstanding .bal¬
ances of the General Petroleum Corporation 6% Gold Notes and General.
Pipe Line Co. of California First Mortgage Bonds,were called ,for redemp¬
tion, ' These latter have all.been surrendered for cancellation with the ex¬
ception of the amounts shown on the balance sheet for which funds have
been deposited with the trustee and interest payments stopped. J,/,
1 J
i
Properties Released.—Litles to properties in the hands of the receiver
have been adjusted during the year, and the eompany is again, operating•'
the properties released by the receiver; and has received practically all the
impounded funds with the exception of a few thousand dollars Which await"
the settlement of the receiver's accounts. V
;
V :
.
Total
$1,254,266"
revenue..$2,265,611 1 $1,616,452
Operating expenses.....
1,266,227
823,642
'"Operating income....
$999,383
Other income—
Int. 1st M. 5% bonds.*
Other int. charges—_
—
—
—
reserve.
;! 168.000
__
&c
Dividends (1stpref. stk.)
Balance, surplus....
:Ar$78.10S
i/
condensed
Assets
Plant
-
'v
balance
1920.
1919.
5
5
u
$76,570;,;.:: $25,521
438
companies, u..Liberty bonds
210,000
•
T.
,
Notes receivable:!:
Interest
4,504V
,
-
A35,580
prepaid.
Bond discount:..:
Miscellaneous
1919. -7
-
$
i
320,100
stock
V-
=
.
;
2,180,000
still
325 Common stock
6,000,000
1st M 5% bondsit. :' 8,837,000
6,000,000
8,539,000
Development in Wyoming.—The operations in Louisiana have been -s aban-r:
A new well was brought in during the current year? in- Wyoming , ^
where drilling is now progressing on 4 wells and 3 more are shyt-aown.
On
account of the very low price of oil in Wyoming .operations-bay© beqn j
temnorarily curtailed.as much.as possible, v--• v-j.- *»..T
.tapr*
:
Mexico.-^-During the year the projected work on the company.s-terminal <
opposite Tampieo has been completed, and the refinery,has;beert in pwra? j
tion since April.
?The plant has a capacity of about 10,600 bbls* a day,
and has steel storage practically completed with a capacity of approximately
600.000 bbls;
The pipe line connecting with-tho nmlnbue of jtb^:Mexi^an->
Gulf Co. on the Panueo River is in operation as is also a,toe,i3mi#pgfr©m
Zacamixtle through the southern Amatlan fields to Palp Bkmcov.^t
*
[
In addition to the terminal at Tampieo, and the contract: foi^ use QfdhO'2
Gulf pipe line, to the extent of 7,000 bbls. daily, the company has contracted
with the Texas Co. of Mexico to use pipe line and terminaltfa^ilitieB»at Poipt 5
Lobos to the extent of an additional 8.000 bbls. per
s:
r t'
The first well brought in on. Lot 95 Chinamoa wont to water, after prpr,
ducipg 101,488 bbls.
This property has been abandoned;
$bat,mp« t
two additional wells have beien completed in the; Amatlah.-fdistriOlt
estimated capacity of 50,000 bbls. per day each.
At the present writing
these Wells are producing clean oil, and from their position on the^stfutture* f
and their shallow depth, they should be the last to be affected by saltwater.-,
encroachment.
The company is also drilling a well in the neW'-Toteco;
pool, which is standing cemented at about 2,200 feetUi 'I lu
Vernon.—The details of closing Up the Government toluol' contract .were,v
settled on a satisfactory basis; thus permitting the completion of an installs t
tion for the successful manuafcture of synthetic gasoline.' .The operation
of this plant during the period of shortage of gasoline was very successful. ;
One of the Trumble units has been completely rebuilt on modern lines.;
f Marine Equipment.—The two tankers referred to in tbe last annual report ?
have been completed/and are now in operation by the company.
.A sailing <
vessel with a carrying capacity of 17,000 bbls. was purchased, and is being •
profitably operated in the South American trade. ?
Uir. •
General.—'The plan for permitting the employees to become subscribers
to the stock was very favorably received, as over 70% of thei eligible em^ H
ployees subscribed for stock totaling over $800.OOOmar value;_:! «
[As announced in San Francisco on Sept. 9, the dividend rate has been
reduced from 12 to 8% per annum.
See news department in issue of
kMi cii',
Sept. 17 J
b41t,500
payable.A' I, 170.032
.->.2,953;
Note? payable...^
A 4,580
Accts.
i
174,813
TotrJ ..r_;,:21,512,019 20,405,320
Second
Mortgage 6% bonds aggregating $6,000,000 not shown above
pledged as security for notes at Dec. 31 1920.
b Notes payable
reduced to $137,500 at Feb. 28 1921.
c Unpaid coupons from 1st Mtge.
bonds and cash deposited to cover same eliminated.—V. Ill, p. 591.
a
Laurentide
Pres.
•
Company, Ltd.
a
>
Year ended June 30 1921.)
,
-us.-,
fdr the
ending June 30 1921, after setting aside sufficient
reserves for taxes, depreciation and depletion, were $4,515,929. - After the
payment of interest and all other charges, and dividends at the rate of 6%,
the surplus for the year was $2,787,929.
It was thought to be a conserva¬
tive policy to set aside a reserve of $2*000,000 for possible depreciation of
inventories.
year
.?
;s
.u,
>
-•
jr
-
( The two new paper machines and other mill changes referred to in the
last annual report were completed at the beginning of the present calendar
year; and are operating in a satisfactory manner. L The product of these
machines is entirely contracted for some years to come.
.;>
{For comparative income account, see last week's "Chronicle," V. 113,
-
.
U6U.:;
■
balance sheet june 30.
kkJk Vr";). V-'t
.
f
1921.
1920.
;
•
-
UK i:
Assets—
■
«
Liabilities— 7
$
.1921.
1920. >
J $.4 'cf.k-x $! • I
..28,800,000 28,800,000
Stock...
Cash in hand, Ac.
Contlng't account.
Empl, pen'n fund.
.
,
—
—
20,116
280,452
Investments...... 5,071,855
5,001,695
55,939
Miscellaneous...
Deferred charges..
,
■,
53,733.:
3,915
Com.div.(ducJuly)
Wages..-.J.......
Bank loans..:,
432.000
i 130,044 ;
i. a.
5,067,945
Bills payable-.—
265,883
1,035,487
390,403
Accounts
payable.
—
-
— ~
}
320,418
2,812,859
204,100
551,938
441,697
1,095,918
Invent, reduc. res. 2,000,000
Miscellaneous....
6,659
Surplus—
..^.—
1,423,468
Total
count
432,000
Bus. prof, war tax.
Total .......41,089,504 35,087,014
The
*
Miljs.bldgs;,plant,, ; -A.
s
,]
real est., timber :v
,
''/
lands/ Ac
i u_b25,073,602
21,599,846
>
Logs, merchandise,
.'
i l
&c»
.a9,583,754
6,558,534
Accts. receivable— 1,282,530
1,590,548
production statement and comparative income ac¬
were published in ' 'Chronicle," V. 113,^.1 IpB-:
/';
CONSOLIDATED GENERAL BALANCE
-;
,273,715
411,015
,640,000
_ .
5,430
635,539
..
Liberty and Victory bonds
Oil in storage, $6,357,363; material and supplies,:;
$2,580,471; total....,...-.....-..:——-,
.41,089,504 35,087,014
.1 ■, v>-
items,
.
Exchanges receivable in oil
Special advance to Texas Co, of Mexico..
.
r
""43,075
.$71,267,149
$47,385,418
$3,212,200
22,742,196
$3,212,200
21.123,900
-
—
....
j...
.
......
....
the payment of dividends at the rate of 12% on the
stock and 7% on the preferred stock, aggregating $2,933,997, there
in value of oil in storage, $3,931,815 to cover abandoned properties,
including areas in the northern fields of Mexico which have gone to water,
$2,767,378 for depreciation and depletion, and $1,218,850 for labor and in¬
cidental expenses in drilling producing wells which the Treasury permits to
be charged either to capital investment or operating costs at the company's
option.
These and other miscellaneous deductions aggregate, slightly over
$10,000,000.
[The amount written off on account of abandoned properties
includes, it is stated (a) $2,297,000 for loss on leases in California acquired
at and since the organization of the company; (ft) $1,250,000 for loss on
age
land
acquired in 1916, while $600,000
loss
was;
on
naval reserve lands
surrendered to the Government.
•
<
...
<
^
/
The company is said to have handled about 1,100,000 bbls. monthly for
tbe last three months; 430,000 bbls. being company's production and 670,000
purchased.
The company now has, it is said, about 100,000 bbls. daily
production from its two wells in Mexico.
Neither do these earnings include $3,560,997 received from tbe United
States during the fiscal year upon the adjustment of the controversy over
'This item is necessarily omitted on account of the uncertain¬
land titles.
ties still existing as to the method of accounting for this sum in the income
tax returns.
"
'
.... T -
Liabilities
Preferred stock
added to profit and loss surplus during the year the sum of $1,251,549.
In determining these earnings there has been deducted $925,857 for shrink¬
147,000.
819,174 - ;
341,945
;
—
(5th Annual Report—Year ended June 30 1921.)
Results.—After
2,509,486
-506,321
1,384,494
3,014,756
l,803,5o«J
Total
J
.
>
Notes rec., $85,958; accounts rec , $3,010,587--3,096,545
U. S. Treasury certificates........
Corporation.
was
'-1,194,550
........
»,937,834 *
907,259
Cash...
President John Barneson, San Fran., Sept. 1, wrote in sub.
common
1920*
;
_
Miscellaneous
Petroleum
1921.
x$22,169,811;
development and
equipment,
$21,455,461; total
.$43,625,272 $25,110,109'
7;815;279. 1
7,370,826
Pipe line transportation system. .......
3,363,642
•5,883,330
Construction work in progress._
267,625 ' "
1,338
Mortgage sinking funds..
...... — —:i«
289,040
* '
220,133,
Investments in stocks of other companies—
Deferred debit
General
SHEET—JUNE 30
Assets (with special details for 1921)—
-•
General Petroleum Corp.1 oil lands, &c , property,
a Includes logs and supplies, $8,932,813; merchandise,
$235,065; and mill
supplies, $955,876.
b After deducting $1,133,293 for depreciation.
Indirect liability for customers' paper under discount is $190,419.
Contingent liability for guarantee of bonds of Laurentide Power Co.,
$1,250,000.—V. 113, p. 1161. ■
;
w.*
,
George Chahoon, Jr., Grand'Mere, Aug. 31, wrote:
The profits
p*
<"p.l
<
were
{Report for Fiscal
-■•■i
- t-
,
tot!A
?Total .-.*.....21,512,049 20,405,320
.1
.
l25„0?O
>
7,168
*
doned.
82,393
39,278
270,987 Consumers' deo'is "
333,954
240.602 Accrued liabilities. - cl47,410
64,056
117,567 ,.,,167,240
,;. -: 6,217-.;
5,760 Deprec. reserve...
' y.—A
r. 43,581 Sundry, reserve—« A.40>8*7 A10,05,7:
918,741
4 610,78* surplus..:.:...:.'
154,899
; 76,791
....
unsettled.
2,180,000
reeely'Jg...... 307,364
Mat, & supplies,
Insurance prepaid.
31.
1920. ■7.'
52,501 Coll. gold notes.2,170,700
10,000 Interest notes
858,385
30,939 Bond see "note?;:* 3a3;Q 14,600 -xrf
.
152,501
50,367 in,•
Accounts
sheet dec,
LlnMlitirr—
.
Cash
.
def.$60,l7l
./AtA—>* /A,
Preferred
Stocks of affiliated
on coupons.
44",o66 ;
19,132,307 1st Preferred..
accounts*.._ 19,585,215
Sinking fund trust
deposits....
Tax
^
;; 194,609
VflJlAlV.
J
"u 15,205s
Deducted from interest charges below.
a
,
.
32,054
;
287",961
nr *
205,236 ;
.
55,102
Commissions,
305,961
387,4347
189,503
l:
14,293
125,000
:
435,813
220,519
-
-
_
Amort, of disc. & exp..
Depreciation
;; $580,718:,.;^; $422,400
Cr.5,418
—
—
of the company,
525,877
673,548
.
$792.8107,
Oil Production and Storage.—Tbe production of oil from the properties
including 313,490 bbls. from Mexico and 53,567 bbls. from
Wyoming, was 5,327*327. bbls,, an.increase.of 1,064-862 bbls, over the pre¬
ceding year.
Daily production from California properties during July 1921 .
was approximately 1,250 bbls. greater than during July 1920.
■
f - Oil in storage at the close of the fiscal year consisted ofsl:727[946 bblrf. of
refinable crude, 1,328,207 bbls. of fuel oil, and 449,541 bbls: of refined
products, or a' total bf 3,505.694 bbls. ' euJ
11.a-ro:)
i
California Properties.—(During the year the company acquired by pur¬
chase or lease 2.679 acres of proven or prospective oil land, and abandoned *
after test 6,819 acres.
36 wells were completed to production, and. 22 3
Wells were drilling at the close of the year.
4 wells were abandoned on,
account of mecbanicardifficulties, and 10 dry holes were drilled.
Our .
drilling campaign has been principally centred in the Richfield: and Brea j
Canyon districts where the company has now a total of 24 wells producing
4.800 bbls. of oil per day.
Acreage has been secured in the new Huntington $
Beach field and. near Signal Hill. '
One wellis now being drilledUat punting7 i
ton Beach.
Work is still proceeding in Ventura County, and spmo.jevenue f,
has been realized from intermittent production of high gravity pil and from,
sales of gas. but the problem of obtaining a steady commercial production is
[
$948,277
Common stock*
— -
383.0Q0
a40,825
secured 6% gold notes.
10.000 000
10-year:7.% gold notes..
—
a226,800
Pipe Line Co. of Cal. 1st Mtge. 6% bonds.
460,862
Lands purchase contracts
2,088,557
Accoimts payable.....
....
115,620
Salaries and wages payable.
—
—
298,769 'Exchanges payable in oil..:
Accrued interest not due, $270:591; liability in,
.
,
surance, $22,455-..
293,046
Reserve
eserve for depreciation
:....
4,695,203 $ (,
300,000r,w j
Reserve for Federal taxes:_ _—*■
General Petroleum Corp.
(to
2,537,666
Gen
—
!
-
343,210
2,132.972
119,4791
i
<rjr-
■
—
Unrealized portion of surplus arising from appre¬
ciation in value of oil lands and leases...-.^*.
11,787,059
5,696.017
Capital surplus_
l'**--:.—.*-•
5,717,510
Profit and loss surplus.iJ.i.*.
Rev.
from Govt, receiver subject to uudeter3,560,997
;
mined Federal tax and other adjustments..—
31,487
Unadjusted accounts
w~
.
:
;
_*
-
.
.....u———:—4.:—--$71,267,149
Total
x
_
•>->
.-
...
Oil lands, Ac:, property at cost,
based
on
based
on
-i '*
*
-
4 4
*•,**,r
f:
f,
.
~
-
,20,583
7,407,418
1
367,406
:
'!<11.
5,272,289;
4i.465.961 •
I
;7'...
'
«.
f
— ~
$47,385,418
'■
">«
$15,644.255; less reserve for depletioij'
appreciation, $13,326,498; less res. for depletionappreciation. $1,539,439- k Called (br redemption>-*V
l$,p*U6(k4
cost; $5,261,503;
•
THE
1250
CHRONICLE
[Vol. 113.
Birmingham Ry., Light & Power Co.—Injunction.—
GENERAL INVESTMENT NEWS.
Injunction proceedings have been filed by the city of Birmingham against
RAILROADS,
ROADS.
ELECTRIC
INCLUDING
General Railroad and Electric
Railways News.—The
following table summarizes recent railroad and electric rail¬
way news ©f a more or less general character, full details
concerning which are commonly published on preceding
pag
@FedFRASER