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TWO
SECTIONS
J
u
-SECTION
ONE
mf'
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
COPTWIQHTEO IN 19.
l)*w«COHP«Wr
P.,.,..*
»
Issued
VOL 111.
Hgwronn
Weekly
CNTERCD »aatCONO-CLASS MATTER JUNE 43,
^financial
CHARTERED
1822
City Section
IS79, AT THE AOST OFFICE AT NOW YORK, NEW TORK. UNOER THE *0T Of MARCH
3. 1/tKi
NEW YORK, SEPTEMBER 18,
$10.00 Per Year
Railway Sections
1920.
WillSFBroDnTs\?0KYubc'itsyh.°'''
Jf manual
Jftnanclal
HARVEY FISK & SONS
The LibertyISalioiud Bank
THE FARMERS'LOAN & TRUST
of NewYork
32 Nassau St.
COMPANY
NEW
YORK
CAPITAL
$5,000,000.00
SURPLUS.
16, 18, 20 and 22 William Street
475 Fifth Avenue, at 41 st
NEW
Street
CITY BONDS
AND OTHER CHOICE
CARE
Jb.^5,
" JB(jf
4
FOREIGN
LETTERS
Harris Forbes A Co
BANJStfiG
1
k
v
TWNew York Trust
EXCHANGE
^
CREDIT
OF
10 Drapers Gardens,
Company
Inc.
SAVINGS
TRUST &
HARRIS
BANK
CHIC
Act
as
fiscal agents for munici¬
palities
5th Avenue and 57th Street
deal
and
in
corporations and
munici¬
Government,
pal, railroad and public utility
PARIS
LONDON
London, E. C.
FORBES &. CO.,
BOSTON
26 Broad Street
ACCEPTANCES
Pine Street, Corner William
NEW YORK
HARRIS,
LETTERS
COMMERCIAL
Special facilities in Scandinavia
y
1<-V
FOREIGN
Correspondents in all countries
INVESTMENT SECURITIES
ESTATES
OF SECURITIES
DOMESTIC AND
PROFITS.$2,200,000.00
UNITED STATES BONDS
NEW YORK
OF
$5,000,000.00
UNDIVIDED
YORK
MANAGEMENT
NO. 2882.
INVESTMENT
FOR
BONDS
List
Capital, Surplus and Undivided
on
Application
Member Federal Reserve System
and
New
York
Clearing
Profits,
House
Cable Address SABA,
$14,000,000
Established
NEW YORK
Established is92
1874.
John L. Williams & Sons
BANKERS
Edward B.Smith &Co
Comer 8th and Main Streets
Members New York and Philadelphia
RICHMOND, VA.
Established 1810
Baltimore Correspondents:
->
R. LANCASTER WILLIAMS &
Slock
Exchanges
CO., Inc.
The
i
Mechanics
GARFIELD
STREET,
FIFTH
Cronnes
Capital,
-
A
OF THE CITY OF NEW
where
YORK;
AVENUr
Surplus,
New Yoa>*
Philadelphia
The Chase National Bank
of the
Broadway
$1,800$19
Bank for
Metals
National Bank
National Bank
23rd
and
-
51,080,000
the Builders of Business
Capital, Surplus, Profits
Gty of New York
57
$25,000,000
-
BROADWAY
"
Deposits, Sept 8, 1920
$196,000,000
CAPITAL
$15,000,000
,
22,667,000
SURPLUS AND PROFITS
Foreign Exchange
AMERICAN EXCHANGE
Bond
Trust
Service
OFFICERS
Department
BARTON HEPBURN,
)A.
Chairman of the Advisory
.
new york
Chairman of the Board of Directors
EUGENE V. R. THAYER
SAMUEL H.
Foreign Exchange
Letters of Credit
EDWARD
CARL
$175,000,000
J.
REEVE
BONDS
PHILADELPHIA, PA.
OF RAILROAD, GAS
CHARTER
NO.
1
LIGHT AND POWER COMPANIES
109-111
Wm.
A.
LAW,
President
AND ELECTRIC
SOUTH
FOURTH STREET
PHILADELPHIA
TINKER
M.
C.
President
.Vice-President
Vice-President
Vice-President
Vice-President
DAHL
Vice-President
SCHLEY..
ALFRED
FIRST NATIONAL BANK
R.
MILLER.
SCHMIDLAPP
GERHARD
Francis Ralston Welsh,
Board
WIGGIN,
ALBERT H.
NATIONAL BANK
Resources over
..887,752,000
DEPOSITS (June 30, 1920)
THE
ANDREWS
Cashier
DIRECTORS
Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggin
John J. MitcheU
Newcomb Carlton|
Frederick H. Ecker
Guy E. Tripp
James N. ifill
Daniel C. Jackling
Charles M. Schwab
Samuel H. Miller
Edward R. Tinker
Edward T. Nichols
Gerhard M. Dahl
Eugene V. R. Thayer
Carl J. Schmidlapp
Andrew Fletcher
William B. Thompson
Reeve Schley
Kenneth F. Wood
H. Wendell Endicott
William M. Wood
[Voi,. 111.
THE CHRONICLE
II
investment Houses anb ©ratoets ot Jfaretgn Cxtanaeft
J. P.
MORGAN & CO.
Maitland, Coppell & Co.
52 WILLIAM STREET
Wall Street, Corner of Broad
'
NEW YORK
DREXEL
&
CO.,
KIDDER, PEABODY & GO.
NEW YORK
PHILADELPHIA
Cornet of 5th and Chestnut Streets
Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
issue Loans.
•
_
MORGAN, GRENFELL&CO., LONDON
BiUt
of Exchange,
Telegraphic
Credit
J
•
J
♦
PARIS
CO.,
&
The
National
v."''
Securities bought and sold
on
Provincial
&
Union
Bank
England, Ltd., London,
14 Place Vendome
«
NEW YORK
Transfers,
on
HARJES
18 Broad SL
BOSTON
Letters of
No. 22 Old Broad Street
MORGAN,
115 Devonshire SL
Commission.
of
Letters of Credit
Messrs. Mallet Freres & Cie, Paris,
and
v.
Foreign Exchange, Commercial Credits.
Commercial and Travellers
.
Principal Places in Mexico.
1
Cable Transfers.
Circular
on
for Travelers,
Letters
available
In
TRAVELERS' LETTERS OF CREDIT
BROWN BROTHERS.# CO.
Pheudklphia
NEW YORK.
Agents for the Bank of Australasia.
all
parts of ttie world.
BARING
BROTHERS & GO, LTD.
LONDON
August Belir ,nt & Co.
43 EXCHANGE
BOSTOK
PLA<~£, NEW YORK
Members New York Stock Exchange.
Agents and Correspondents of the
ALEX. BROWN & SONS, Baltimore
Messrs.
ROTHSCHILD,
London, Paris and Vienna
ISSUE LETTERS OF CREDIT
v} Investment Securities
*
for Travelers
'
-U
Foreign Exchange
Deposit
vyi;
Available in
of the world.
Draw'bllls of Exchange and make Telegraphic
Accounts
Commercial
all parts
J. & W. Seligman & Co.
Transfers.
Credits
Execute orders for the
Bonds
purchase and sale of
and
N2 54 Wall Street
Stocks.
Travelers' Credits
NEW YORK
BROWN, SHIPLEY & CO.
LONDON
Investment Securities
T. Suffern Tailer
Grenville Kane
MORTON & CO.
James G. Wallace
INCORPORATED
TAILER i(D
25 Broad
New York
St.,
BtAmmd&Ci
10 Pine Street, New York
33 Pine St.
Lawrence Turnure & Co.
Investment Securities
64-66 Wall
-
-
-
New York
Union Arcade Bldg.
Pittsburgh
Street,
New York
Investment Securities
Investment securities bought and sold on com¬
mission.
Travelers' credits, available through¬
Winslow, Lanier & Co.
out the United
Central
States, Cuba, Puerto Rico, Mexico,
and Spain.
Make collections
America
'
in and issue drafts and cable transfers
'
69 CEDAR
STREET
on
above
Members
^
New York and
Pittsburgh
countries.
'
NEW
YORK
London
Bankers:
Midland
BANKERS.
Received
Deposits
Allowed
•
'
1
on
Bought
Subject
to
Deposits,
and
Paris
Draft,
Interest
Securities
Sold
London
Joint
Stock
City &
Exchanges
Bank, Limited.
Bankers:
Heine &
Co.
HEIDELBACH, ICKELHEIMER & CO.
on
37 William Street.
Commission.
MEMBERS
Foreign Exchange, Letters of Credit
N.
Y.
Execute orders for
STOCK
EXCHANGE.
purchase and sale of
Stocks and Bonds,
HUTH
& CO.
New York
30 Pine Street
Foreign,Exchange Boughfc-and Sold.
Bonds fox"
Investment
Issue Commercial and Travelers' Credits
Foreign Bonds & Investment Securities,
available in all Darts of the world,
Commercial Credits, Foreign Exchange,
Schulz &
27
Eean, Taylor &* Co.
NeutTihrK
Pine
t
Cable Transfers
Ruckgaber
Street
New York
FRED* HUTH & CO., London
and
Investment Securities
on
on
the Continent of Europe
Foreign Exchange
Pittsburgh.
Commercial
Credits issued in Dollars. Pounds
Sterling, Francs, Guilders, Pesetas, etc. ?
London Agents. Messrs. Goschens & Cunliffe
John Munroe & Co.
NEW YORK
BOISSEVAIN
BOSTON
52
&
CO.
Members of the New York Stock Exchange
Letters of Credit for
Commercial Credits.
Travelers
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
Foreign Exchange
FOREIGN
r
40
Wall
New
Street
York
I
EXCHANGE
Cable Transfers.
munroe & co.. Paris
ALDRED & CO.
BROADWAY, NEW YORK
MESSRS. PIERSON & CO.
Fiscal Agents for
Public Utility and Hydro-Electric
Amsterdam, Holland.
Companies
SEPT. 18 1920.]
THE CHRONICLE
ni'
inbestment anb ^financial
Goldman, Sachs & Co.
Lee, Higginson & Co.
60 Wall Street
Millett, Roe & Hagen
YORK
NEW
60
137 So. La Salle Street
Congress Street
BOSTON
CHICAGO
Investment Bankers
14
421 Chestnut Street
Montgomery Street
SAN FRANCISCO
Boston
New York
INVESTMENT SECURITIES
PHILADELPHIA
411 Olive Street
S
24 Marietta Street
,
ST. LOUIS
ATLANTA, GA.
Title Insurance Building
LOS ANGELES, CAL.
Chicago
MEMBERS
Members of New York and Chicago
J
Higginson & Co.
NEW YORK STOCK EXCHANGE
Stock Exchanges
80, Lombard St.
Commercial Paper
London, E. C.
Securities
bought and sold
on
commission
Foreign Exchange
Commercial
&
available
Travelers'
in
all
of
NEW YORK
52 WILLIAM ST.
Letters
parts
Credit
of
the world
Hornblower & Weeks
BROADWAY,
42
NEW YORK
RAILWAY
EQUIPMENT BONDS
Investment Securities
Bonds
Stocks
Preferred
MEMBERS
NEW YORK,
Acceptances
BOSTON AND
CHICAGO STOCK
EVANS, STILLMAN & CO.
EXCHANGES
Maim
Direct wires to
all principal
Member® New York Stock
markets
60
BROADWAY
YORK
Established
Industrial
Bonds
Stocks
Preferred
&
Public Utility
BONDS
Investment Securities
Counselman & Co.
selling considerably below their norma
value due to the
unprecedented fall in Foreign
Present
U. S. Government Bonds
Securities
Equipment Trust Certificates
GOVERNMENT
Exchanges.
Robinson & Co.
Underwriters & Distributors
1888
FOREIGN
indications,
112
W.
ADAMS ST.,
26
Exchange Place
New York
Members New York Stock Exchange
Investment Bankers
CHICAQO
however
advancing tendency and a return
an
to normal would
Write for our
yield unusual profits.
suggestions and Circular F. B.
Investment Securities
Underwritten
&
BROADWAY,
NEW
Conservative
Distributed
Bond & Goodwin
65
*
Correspondent Offices in 50 Cities•
Portland
Providence
point to
NEW
Chicago
Boston
Detroit
are
Ojjicmt National City Bank Building;
Uptown Office: Fifth Avenue and 43rd St.
Exchange
Investment Securities
YORK
1
Telephone 4600 Bowling Green
Yielding 6%
Federal Securities
Corporation
Frazier & Gh.
Broad
38 South Dearborn Street
Peabody, flonghteling & Co.
EST. 1865
8c Sansom Streets
Pittsburg
Washington
INC. 1918
10 So. La Salle St.
New Yor
8%
CHICAGO
PHILADELPHIA
Baltimore
to
t
Chicago
-
Distributors
Underwriters
Wilkes Barre
Lebanon
Howe, Snow,
Corrigan & Berties
SIMON
BORG & CO.,
Investment
GRAND
Members of New
SALES CO.
SECURITIES
Bankers
B.
MICH.
RAPIDS,
H.
Collins,
President
York Stock Exchange
No. 46 Cedar Street >
-
New York
Southern
H. F. BACHMAN
64
PEACHTRER, ATLANTA
Established 1866
NEW YORK
NEW
HIGH-GRADE
INVESTMENT
Securities
& CO.
BANKERS
>
ORLEANS
BIRMINGHAM
JACKSONVILLE
CHARLOTTE
MEMPHIS
INVESTMENT SECURITIES
Members N. Y. and Phila. Stock Exchanges
H.
T.
1425 Walnut St.,
61
PHILADELPHIA
NEW
Broadway
YORK
GOVERNMENT BONDS
HOLTZ & CO.
INVESTMENT
HARPER
& TURNER
INVESTMENT
BONDS
SOUTH LA SALLE STREET
CHICAGO
FOR INVESTMENT
BANKERS
STOCK EXCHANGE BUILDING
WALNUT aTWEET ABOVE BROAD
39
RAILROAD AND FOREIGN
PHILADELPHIA
Members Philadelphia
Stock Exchange
Colgate, Parker & Co.
49 Wall
Street,
New York
^
THE CHRONICLE
IT
jMnancial
[Vol. 111.
manual
WE
ESTABROOK
& CO.
Members New York and Boston
Stock Exchanges
Electric
jffttanrial
FINANCE
and
Power
Light
Enter¬
prises with records of established
earnings.
CHASE
&
INVESTMENT SECURITIES
BONDS
WE OFFER
15 State Street,
-
24 Broad Street,
BOSTON
NEW YORK
BALTIMORE
Bankers
and
Investment
Proven Power and
SPRINGFIELD
COMPANY
Dealers
Light Securities
19 CONGRESS ST.,
BOSTON
Correspondence Solicited
PROVIDENCE
ELECTRIC BOND & SHARE CO.
Richardson, Hill & Co.
(Paid-Up Capital and Surplus $24,000,000)
71
Established
BROADWAY,
Arthur lipper & Company
NEW YORK
1870
New Street and Exchange
MUNICIPAL
AND
KAILROAD
NEW
Mace
YORK
Investment Securities
BONDS
50
Congress St.
SECURITIES
For Conservative Investment
(Boston Stock Exchange
Members] New York Stock Exchange
(Chicago Stock Exchange
R. L. Day & Co.
35
Congress St., Boston
New York
Francb
Members
N. Y. Stock Exchange
Correspondents
REMICK, HODGES & CO.
Roosevelt &
BOUGHT AND
COMMISSION
ON
SOLD
BOSTON
Offices
Waldorf-Astoria Hotels.Y
N. Y. Cotton Exchange
11 East 44th 8t.. N. Y.
N.Y Coffee & Sugar Exch.
Saratoga Springs, N. Y.
Philadelphia Stock Exch.
Atlantic City, N. J.
Chicago Board of Trade
West End, N. J.
Long Beach, N. Y.
Founded 1797
PARKINSON & BURR
Seasoned
Investments
We
Members of the New York and
Boston Stock Exchanges,
7 Wall Street
30 Pine Street
NEW
New York
Government and
Municipal Bonds
53 State Street
YORK
Specialize in
BOSTON
William P.(omptonfo.
INVESTMENT BONDS
14 Wall
Cochrane,Harper&Co.
Investment
60 State
Street, New York
Cincinnati
St. Louis
Chicago
New Orleans
Securities
St.,
Ill
BOSTON
Broadway
E. HOWARD GEORGE & CO., Inc.
NEW YORK
Investment Bankers
81
State Street
BOSTON, MASS.
BONDS
Baker, Ay ling & Young
BOSTON
Investment Securities
Letters of
PHILADELPHIA
ESTABLISHED 1865
Foreign
Exchange
Credit
Travelers' Checks
.
Correspondents Throughout ths World.
5 Nassau
St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
Deal in
New
&
CO.
Krnuf ft -NarftoTI &Kuftnt
Members
New
York
Stock
Equitable Building
Exchange
New York
Street, NEW YORK
and
Tax-exempt Guaranteed & Preferred
Railroad &
BROTHERS
160 Pearl
Underlying Railroad Bonds
•
K0HI6
Telegraph Co. Stocks
England
Industrial
Commercial and
Travellers'
Letters of Credit
on
Sec^Urrtie^
Yielding 6J4% to 8%
K0NIG BROTHERS, LONDON
Watkins & Co.
7^Wall Street
NEW YORK
and
J. MURRAY WALKER
85 Devonshire Street
Boston
NEDERLANDSCHE HANDEL-MAATSCHAPPY
ROTTERDAM
Investment Securities
SEPT. 18 1920.]
v
THE CHRONICLE
Canadian
Canadian
BANK OF MONTREAL THE CANADIAN BANK
Government and Municipal
Established
HEAD
Bonds
bonds
These
CAPITAL PAID
UP
$22,000,000
-
REST
offer
22,000,000
exceptional oppor¬
tunity for sound investment.
IfSpur- UNDIVIDED PROFITS
ohased
now
they
will yield
from TOTAL ASSETS
71/4% to 73/4%
1,090,440
571,150,138
$15,000,009
RESERVE
$15,000,000
President, Sir Edmund Walker, C.V.O., LL.D., D.C.L.
General Manager, Sir John Aird.
Assistant General Manager, H. V. L. Jones.
New York Office, 16
Off ice—MONTREAL
Head
Buy
Sir Frederick Williams-Taylor
General Manager.
Particulars C-20
Exchange Place
F. B. FRANCIS,
)
C. L. FOSTER,
|Agents
C. J. STEPHENSON,]
SIR CHARLES GORDON, G.B.E., Vice-Pres.
United States funds
OFFICE, TORONTO
PAID UP CAPITAL
SIR VINCENT MEREDITH, Bart., President.
Principal and interest payable in
Write for
OF COMMERCE
100 Years
over
and
Exchange
Sell Sterling and Continental
and
Cable Trasfers.
Collections
made at all points.
Wood, Gundy & Co.
Incorporated
WALL
14
YORK
Montreal
London, Ens.
Toronto
In
Bank
Paris,
of
West
'
'
'•r
■
: '•
<3<an<adi<an
6 Corporation,
VictomUfe
|
The Bank of
Lloyd's Bank, Limited.
(Incorporated 1832)
INVESTMENT BANKERS
220,000,000
Head Office,
Halifax, N. S.
Ont. i,-
General Manager's Office, Toronto,
Newfoundland.
in Boston, Chi¬
cago and New York.
Commercial and Travelers*
Credits issued, available in all parts of the world.
300 branches throughout Canada.
Cuba, Jamaica, Porto Rico, and
Chicago
Toronto
London
Bills
or
United States.
Guaranty Trust Co. of New York.
New
or West Indian points favorably
collected by our branches in the
Correspondence invited.
Canada
on
negotiated
Government,
18,000,000
UNDIVIDED PROFITS OVER—
Affiliated with
Canadian
$9,700,000
CAPITAL
PAID-UP
RESERVE FUND AND
Limited
Montreal
cial, Municipal
England,
The Bank of Scotland,
TOTAL ASSETS OVER
TfewTbrle
Montreal
Toronto
O.
IN GREAT BRITAIN:
BANKERS
THE BANK OF NOVA SCOTIA
United Financial Corporation
Securities
Sft-ltaxufoatf
of every
Lombard Street, E.
LONDON OFFICE—2
and West
which ah
the Bank of Montreal).
Member*Stock
CBovcrnmcnt. Municipal
Credit issued
Banking and Exchange business
description transacted with Canada.
<2o
&
Sttabfcsfced ISS9
•.
(France).
Travelers' Cheques and Letters of
available in all parts of the world.
Indies,
British Guiana
Colonial Bank (in
interest is owned by
y"
Montreal,
In the United States—Mew York, Chicago,
Spokane, San Francisco—British American
Bank (owned and controlled by the Bank of
Montreal).
Africa—The
Jl'&'tAntcs
Agencies:
London, England, and at Mexico City.
At
NEW
STREET,
Branches and
Throughout Canada and Newfoundland.
York
Agency, 52 Wall Street.
H. F. Patterson, Agent.
Correspondents{jjf1 City & MidUnd
Provin¬
in Great
and Corporation
Britain}Roy®T 6ank* of
Scotland.
Bonds
R.
Bought—Sold—Quoted
Co,
Daly &
A.
THE
GREENSHIELDS & CO.
Members
Dealers
17
St.
Montreal
Stock
Exchange
tm
Canadian
Bond
Issues
John Street, Montreal
CANADIAN
ROYAL BANK OF CANADA
GOVERNMENT, MUNICIPAL
BONDS
Bank of Toronto Building
TORONTO, ONT.
CANADIAN
The Dominion Bank
TORONTO
HEAD OFFICE,
McDonagh, Somers & Co.
Paid
$6,000,000
Up Capital
President
Clarence A. Bogert,
General Manager.
New York Agency, 51 Broadway
O. S. Howard, Agent
London Branch, 73 Cornhill
S. L. Jones. Manager
U
Montreal
John Street
17 SL
7,789,000
—-—143,000,000
assets—
Sir Edmund Osier,
& CP
Profits
Reserve Fund & Undivided
Total
RURNETT,
v
POM
CANADIAN
AND
FOREIGN
TRAVELERS* AND
COMMERCIAL
HERDMAN & COMPANY
Exchange
Bankers & Brokers
Building
MONTREAL
R. C. Matthews & Co.
Montreal
Quebec
Peter St.
Sparks St.
St.
Ottawa
CANADIAN BONDS
CANADIAN
Muller & Son
H.
AUCTIONEERS
No.
ARGENTINE—Buenos Aires. .
BRAZIL—Rio de Janeiro, Santos, Sao Paulo,
URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza de Cataluna.
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—68 William St.
F. T. Walker, J. A. Beatson, E. B. Mclnemey
and J. D. Leavitt, Agents.
FRENCH AUXILIARY: The Royal Bank of
Canada
(France),
PARIS, 28 Rue de
Dominion Express
•f
OFFICE
RIGA, COLOMBIA and VENEZUELA, BRIT¬
and FRENCH WEST INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
ISH
Interest
aid
Thornton Davidson & Co., Ltd.
Adrian
700 Branches throughout CANADA and NEW¬
FOUNDLAND.
in
CUBA,
PORTO RICO
DOMINICAN
REPUBLIC, HAITI, COSTA
Members Montreal Stock
BONDS
Transportation Bldg.
63
_
EXCHANGE
Payable in Vev Yerk
81
President
Quatre-Septembre.
LETTERS OP CREDIT
Principal
Montreal
8. HOLT,
HERBERT
BOUGHT AND SOLD
STOCK AND BOND BROKERS
CANADIAN
19,000,000
590,000,000
Vice-Pres. & Man. Directs*
C. E. NEILL, General Manager
9errtsvonden.ee Invited
TORONTO,CANADA
$19,000,000
Reserve Funds
Total Assets
E. L. PEASE,
Offerings en Request
Building
*
Capital Paid Up
Head Ofrice
SIR
INVESTMENT SECURITIES
Dominion Bank
1869
Established
——_—-
AND CORPORATION
55
Corner
TORONTO
C. P. R. Bldg.
BONDS
WILLIAM STREET
Street
Pine
Specialists in
Regular Weekly Sales
OF
Stocks
Canadian
and
Bonds
EVERY WEDNESDAY
At the Exchange
Grand Trunk, Grand
Sales Rooms
14-16 Veaey
Street
Northern
Northern
Trunk Pacific*
Canadian
and
Pacific Securities
All Canadian Issnes
Dealt in.
xCmilius Jarvis &
Co.
INVESTMENT BANKERS
TRUAX, HIGGINS
Lewis
New York
CO.
Building, Montreal
Direct "Wires
Toronto
Established
JARVIS BLDG.
1891
TORONTO^ CAN.
THE CHRONICLE
vi
Joretgn
:
Australia and
Zealand
New
LONDON
JOINT
CITY & MIDLAND
BANK OF
BANK LIMITED
NEW SOUTH WALES
Chairman:
CESTABLISHED 1817.)
Paid-up Capital
The
—$23,828,500
.
Reserve Fund
LIMITED
which
Provincial
■
Esq.,
E. W. Woolley, Esq.,
.
lyde, Esq.
RUSSELL FRENCH,
General Manager.
in
the
Papua
(New Guinea), and London. The Bank transacts
description of Australian Banking Business.
Head Office
Reserve Fund..
Wales
£20,000,000
-
CAPITAL
£14,210,856
RESERVE FUND.
£7,000,000
£296,059,122
HEAD OFFICE:
OVER
1,460
OFFICES
Incorporated 1880
ENGLAND
IN
EVERY DESCRIPTION OF BANKING
BUSINESS TRANSACTED
AND
WALES
Address: The Foreign Manager,
Authorized and Issued
OVERSEAS BRANCH:
£7,500,000
Paid-up Capital £2,500,0001
To-
Reserve
Fund—£2,680,000fgether £5,180,000
Reserve Liability of Proprietors—>£5,000,000
Total Issued Capital db Reserves. £10,180,000
The Bank has 42 Branches in VICTORIA. 39 in
NEW SOUTH
WALES, 19 in QUEENSLAND,
16 In SOUTH AUSTRALIA, 21 in WESTERN
65 & 68, Old Broad Street,
ZEALAND.
|
168, Fenchurch Street,
London, E. C. 8
"Aquitania," "Imperator," "Mauretania"
Banca Italians Di Sconto
Affiliated Banks:
BELFAST
Head Office: 71 CORNHILL, LONDON, E.C.
Manager—W. J. Essame.
•
Assistant Manager—W. A. Laing
BANKING
with which
COMPANY, LIMITED
LIMITED
Over 150 Offices in Scotland
Commercial Banking Company
International Banking Corporation
of
Sydney
60 WALL STREET. NEW YORK CITY.
LIMITED
Established 1834.
Capital and Surplus
Paid-up Capital
Reserve Fund..,
Undivided
India
collected.
Office,
Straits Settlements
2,000,000
China
Java
£6,040,000
Japan
Panama
Philippine Islands
Santo Domingo
London
San Francisco
Drafts payable on demand, and Letters of
Credit are issued by the London Branch on the
Head Office. Branches and Agencies of the Bank
in Australia and elsewhere.
Bills on Australasia
or
$3,200,000
Branches in:
2,040,000
Reserve Liability of Proprietors
$10,000,000
Profits
£2,000,000
Lyons
Societa
Italiana
New
South
di
Crodito
Capital
Fully Paid Up
Reserve
Fund
Provincials
Lire 815,000,000
"
41,000,000
Deposit and Current Accounts
(May 31, 1919)
"2,696,000,000
Central
Management and Head Office:
ROME
Special Letters of Credit Branch In Rome
(formerly Sebasti A Reali), 20 Piazza di Spagna.
Foreign Branches: FRANCE: Paris, 2 Rue le
Peletier angle Bould. des. Italiens; BRAZIL: Sao
Paulo and Santos; NEW YORK; Italian Discount
A Trust Co., 399 Broadway.
Offices at Genoa, Milan, Naples, Palermo.
Turin,
Trieste,
Venice,
Florence,
Bologna,
Catania, Leghorn, and over 100 Branches in the
Kingdom.
London Clearing Agents: Barclay's
Bank, Ltd..
168 Fenchurch Street, E. C.
EVERY
KIND
Remittances cabled.
Sydney,
and the
*
>
THE CLYDESDALE BANK,
incorporated the
are
Societa Bancaria Italians
Over 110 Offices in Ireland
THE
Incorporated in New South Wales.
London, E. C., England
ATLANTIC OFFICES
AUSTRALIA. 3 in TASMANIA and 44 in NEW
Head
and
throughout
towns
DEPOSITS
Capital—
negotiated
banking
367,667,322
5, Threadneedle St., London, E. C. 2.
Established 1837
all
AUTHORIZED CAPITAL
10,840,112
..
London Office
THE ONION BANK OF ADSTRALIA Limited
Ltd.
the world.
ISSUED
29, THREADNEEDLE
STREET, E.C. 2
SYDNEY
Bank,
10,840,112
..
Deposits
Wool and other Produce Credits arranged.
Western
Capital. ..£38,096,863
Paid-up Capital
every
GEORGE STREET
in
JUNE 30TH, 1920
Subscribed
351
BRANCHES and AGENCIES
Australian
States, New Zealand, Fiji,
amalgamated the Londoa
South
1,400 branches In England
over
Agents
K.B.E.,
Ac
54, Lombard St., London, E. C., Eng.
and
Aggregate Assets 81st March, 1920 $377,721,211
JOHN
been
HEAD OFFICE:
364,082,000
Sir
has
danaging Directors:
8. B. Murray,
Reserve Liability of Proprietors— 23,828,500
BARCLAYS BANK
with
*
Right Hon. R. McKENNA
Joint
16,375,000
[Vol. Ill
OF
BANKING
BUSINESS
TRANSACTED.
Wales
Established 1879
E. C.
ROBERT BRUNNER
London Office:
18,
Birchln
Banco
Lane,
Lombard
Street,
The Mercantile Bank of India Ltd.
Head
Banker and Broker
15 Gracechurch
Espanol del Rio de La Plata
HEAD
78
OFFICE, BUENOS AIRES
London Office,
Captt s&Reserves
7 Fenchurch
m
rue
de la Lol
BRUSSELS, Belgium
St., E. C. 3
Capital Authorized and Subscribed.
Capital Paid Up
£1,509,009
Reserve 1.lability of Shareholders
Reserve Fund and Undivided Profits
£750,000
£750,000
.....
Cable Address: Rennurb.
£785,704
Branches in India, Burma, Ceylon, Straits Settle¬
ments, Federated Malay States, China, and Mauritius.
New York Agency, R. A. Edlundh, 64 Wall 8treet
legal 148,215,785=£12,939^472
Allclasses of Argentine,
Spanish and
European banking business conducted.
Office
Street, London
The Union Discount Co.
of London, Limited
NATIONAL BANK OF INDIA Limited
Bankers to the Government in British East
Africa and Uganda.
Head Office: 26, Bishopsgate,
London, E. C.
Branches in
India, Burma,
Ceylon.
Kenya
Colony and at Aden and Zanzibar.
_
Lincoln
39CORNHILL,
Menny Oppenheimer
Telegraphic Address, Udisco: London.
Capital Authorized & Subscribed $10,000,000
Capital Paid Up
BANKERS
"Openhym"
NOTICE
RATES
on
INVESTMENT SECURITIES
5,000,000
$5=£l
FRANKFORT-o-M., GERMANY
Cable Address
5,000.000
Reserve Fund..
18
OF
deposit
STERLING.
HEREBY
INTEREST
are as
GIVEN
allowed
that
for
Subscribed Capital
Paid-up Capital
Reserve Fund
£3,000,000
£1,500,000
£2,000,000
The Bank conducts every
description of banking
and exchange business.
the
money
Clermont
follows:
FOREIGN EXCHANGE
At
3
to
The
7
Days'
Notice,
5X
Per
BANKERS
Cent.
Company
discounts approved bank and
acceptances, receives money on de¬
posit at rates advertised from time to
time, and
grants loans on approved negotiable securities.
mercantile
9carantants
FEDDE
&
CHRISTOPHER R. NUGENT,
Manager.
PASLEY
The
National
Discount
Company, Limited
35 CORNHILL
LONDON, E. C.
Cable Address—Natdis London.
Liberty St.,
New York
Subscribed
Capital
$21,166,625
Paid-up Capital.
4,233,325
Reserve Fund
($5=£1
GEORGE W. MYER,
JR.
NASSAU ST., NEW YORK
Audits, Investigations,
Estate Accounting,
Income Tax Returns.
Telephone Rector 6441
2,500,000
.
O
Central America
ble Address:
"Clerment"
English Scottish and Australian Bank, Ltd.
Address: 5 Gracechurch St., E. C. 3.
Head Office: London, E. C. 3.
Authorized Capital
£3,000,000
0
Reserve Fund
585,000
0
Subscribed Capital
Paid-up Capital.
Further Liability of Proprietors.
1,078,875
0
539,437 10
539,437 10
0
0
0
0
0
Remittances made by Telegraphic Transfer.
Negotiated or forwarded for Collection.
Banking and Exchange business of every de¬
scription transacted with Australia.
Bills
E.
M.
STERLING.)
JANION, Manager.
NOTICE is hereby given that the RATE8 OF
Certified Public Accountant
31
GUATEMALA,
„
Certified $ublit accountant*
55
Co.
&
At Call, 5 Per Cent.
INTEREST
as
allowed for money on
Deposit
are
follows:
5%
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; and fo ) fixed periods
upon
specially agreed terms.
Loan (granted on ap¬
proved negotiable securitie
HAROL
CORPORATION
Paid up Capital (Hong Kong
5J£ % at 7 and 14 days notice.
PHILIP
Hong Kong & Shanghai
BANKING
per annum at call.
Currency)
Reserve Fund/In Gold
J15,000,000\
\In 8 liver.. $21,000,000/
J15,000,000
836,000,000
Reserve Liabilities of Proprietors
15.000,000
GRANT DRAFTS, ISSUE LETTERS OF
CREDIT,
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN. PHILIPPINES, STRAITS SET¬
TLEMENTS. INDIA.
WADE,
Manag
WADE
GARD NER.
Agent.
84
Wall
Street
VII
THE CHRONICLE
SEPT. 18 1920.]
Jforeign
foreign
jfaretgtt
Basildon House, Moorgate
frs.
Surplus...
Public Utility
Deposits.
and
frs.2,600,000,000
.
Hydro-Electric Companies
AND
LONDON, E. C., 4, ENGLAND.
INC.,
4
in
Branches
THE
NATIONAL PROVINCIAL AND
UNION BANK OF EN6LAND
C0MMERC1ALE ITAUANA
Limited
Office MILAN
Head
Paid-up Capital-.—..-$81,200,000
($5—£1.)
,
$199,671,606
SUBSCRIBED CAPITAL
..$11,640,000
Reserve Funds
$39,034,320
PAID-UP CAPITAL
NEW YORK,
IN
AGENCY
Swiss BankCorporation
165 BROADWAY
London Office. 1 OLD BROAD
STREET, EX.
Manager: E. Console.
RESERVE FUND
Bask, Zurich, St Gall, Geneva, Lnsann,
'
,
Head Office:
with
numerous
Regent St., S. W.
Correspondents to the Italian Treasury.
all the
54 Branches in Italy, at
Wot End Branch..._ llcRegent Street
Waterloo Piece S. W. 1
l'Amerique du Sud.
Buenos
Ayres,
BANKVEREENIGING
Rio de Janeiro, San Paulo,
Societa
Commerciale
Tripoli.
Capital paid up,
.
.
Surplus,
Deposits,
.
.
.
.
$24,000,000
$6,600,000
$190,000,000
Sec.
Santos.
r
ROTTERDAMSCHE
principal points in the Kingdom
"Representatives in New York and Agents
In Italy" of the Banaue Francaise et Italienne
£■;
Offices in England
and Wales
:>v
43 Lothbury, E. C. 2
London Offloo,
$36,195,206
-
-
15, Bishopsgate, London. England,
La Chanx-de-Fonds, Neuchatel
West End Agency and London Office of the
Italian State Railways, 12 Waterloo Place
Pour
,
Rhenish Provinces
the
GENERAL BANKING BUSINESS
;
WILLIAM ST.,
270 Branches in France
YORK AGENTS
120 BROADWAY.
BANCA
AGENCY
KING
7
'
...£1,663,270
LONDON
*
6
NEW
Fund
Reserve
PARIS
.£3,000,000
Capital, fully paid
Office:
Head
/
*
Established
under
Egyptian Law
300,000,000 ,? June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
62,000,000
frs.
Capital
Office—Cairo.
Head
Banque Nationale de Credit
FISCAL AGENTS FOR
EGYPT
of
,
St.
London, E. C.
SPERLING & CO.,
BANK
NATIONAL
CO.
SPERLING &
Amsterdam
Rotterdam
The Hague
capital and
d'Oriente,
..f.105,000,000
reserve fund
collections
Union De Banques
STANDARD DANK OF SOUTH AFRICA, Ltd
HEAD OFFICE,
$60,000,000
$31,250,000
$18,812,500
—$306,125,415
Toggenburger Bank est. 1863
Capital
Subscribed Capital
Paid-up Capital & Reserve Fund.
Authorized
Total
Resources-,
and Agencies throughout
350 Branches
South Africa.
Over
W.
H.
68
Also
Suisses
Formerly Bank in Winterthur est. 1862
LONDON. E. C.
letters of credit
/
foreign exchange
purchase and sale
stocks and
ZURICH
Winterthur, Basle, Geneve,
St. Gall,
Lausanne
MACINTYRE, Agent
representing The Bank of New
South
Australasia.
80-81
Every Description of Banking Business
Foreign Exchange, Documentary
CO.'S BANK'
LEU and
;
"
RESERVES
15,000,000
THE HAGUE
Established 1871
BANKERS AND
EVERY DESCRIPTION of BANKINQ
NESS TRANSACTED.
BUSI
STOCKRBOKERS
Credit Issued.
$5=£1
500 Branches In Africa
Over
Exceed
Reserves
•
$450,000,000 00
-
Telegraphic Transfers Effected.
Booking and Travel Department.
Offers to American
banks and bankers its superior
trade and com¬
facilities for the extension of
merce
between this country
Authorized CapitalSubscribed Capital.-.-...-...—L?5?»922
Capital (Paid Up)r--------M22'K2
Surplus and Undivided Profits...
1,295,569
Branches throughout Egypt, Morocco,
West Africa and the Canary Islands.
Head Office, 17 & 18 Leadenhall St., London, E. C.
Manchester Office,
106-108 Portland Street
Liverpool Office, 25 Water Street
R. R. APPLEBY, Agent, 6 Wall Street, New York
and Africa.
Ionian
CREDIT
SUISSE
Capital paid up
frs. 100,000,000
Funds..frs.
New York Agency
R.
Established 1856
30,000,000
E.
10 Wall St.
-
-
SAUNDERS, Agent.
Royal Bank of Scotland
Incorporated by Royal Charter, 1727.
HEAD
OFFICE
Zurich, Switzerland
Deposits...........
-
.....
St. Andrew Square,
Glasgow Office
•
-
-
-
-
Head
Alexandria, Cairo, &c., in
Office: Basildon House,
r
Moorgate
Street,^
Egy t
£
£35,548,823 THE COMMERCIAL BANK OF SCOTLAND,
A. K. Wright.
•
Agent: Thomas
Country.
Also
at
Edinburgh
3 Bfshopsgate, E.
Manager: Wm. Wallace.
}"
London Office
Limited
£1,082,276
Cashier and General Manager:
Frauenfeld,
Geneva, Glaris, Kreuzlingen, Lugano,
Lucerne, Neuchatel, St. Gall.
Bank,
Incorporated by Royal Charter.
Offers every banking facility for transaction
with Greece, where it has been established for
80
years,
and has Branches throughout the
£2,000,000
Paid-up Capital
Rest and Undivided Profits
Head Office
Branches at Basle, Berne,
EXCHANGE
of SOUTH AFRICA, Ltd. BANK OF BRITISH WEST AFRICA, LTD
Negotiated and Collected
Drafts and Letters of
FOREIGN
The NATIONAL BANK
Frs. 52,600,000
Capital Paid up and\
Reserve Fund_
J
Reserve
Achilles-Amsterdam
(Switzerland)
Founded 1755
Bills of Exchange
Cable Address :
ROTTERDAM
LIMITED
ZURICH
Damrak
AMSTERDAM
Credits.
PAID UP—.Fra.70,000,000
CAPITAL
Co
Arnold Gilissen &
and many more branches
Wall St., New York
Wales with branches throughout
of
shares
C.2
Head
Capital (Subscribed)
£5,500,000
Paid up—
£20 each £5 paid._£l,250,000
500,000 "B ' shares of £1 each fully pald..£ 500,000
250,000 "A" shares of
31,750,000
Exchange Square
Lillie.
Ltd
Established 1810
Office—EDINBURGH
Reserve
Deposits
£36,071,162
MAGNUS IRVINE, Sec.
Office—62 Lombard Street, E. C.
£1,000,000
ALEX. ROBB, Gen. Mgr.
172 Branches
GENERAL
BANKING
BUSINESS.
Foreign Exchange
Documentary Business,
Letters of Credit
Throughout Scotland.
Every Description o
British, Colonial and
Foreign Banking Business Transacted.
Correspondence Invited.
London
Glasgow Office—113 Buchanan Street.
Drafts, Circular Notes and Letters of Credit Issued
and every description of British, Colonial and Foreign
Banking and Exchange business transacted.
New York Agents—American Exchange Nat. Bank
vra
THE CHRONICLE
[Vol. 111.
^Banker* anb Profeeni (feutxibe J?eto J9ork
ST.
LOUIS
CHICAGO
CHICAGO
A. G. Edwards & Sons
lilden&lilden
incohpohated
Members
Investment
New York Stock
Exchange
St.
Exchange
Louis
Stock
Olive St.
410
88
ST. LOUIS
208
Bonds
La Salle Street
CHICAGO
Prompt,
personal attention to
foreign exchange transac¬
tions
through direct connec¬
Wall St.
all
NEW YORK
tions
MUNICIPAL
abroad.
SCOTT
BONDS
111
W.
Chicago, Illinois
INDUSTRIAL
& STITT
INVESTMENT BONDS
GREAT LAKES TRUST COMPANY
CORPORATION
So.
Monroe
St.
CHICAGO
Capital and Surplus $3,600,000
PREFERRED STOCKS
"if
Greenebaiim Sons
Lorenzo E. Anderson & Company
810
N.
8th
St., St. Louis
Banlc andTrust Company
Southeast Corner La Salle and Madison Sts.
Municipal and Corporation Bonds
Exchange
Chicago Board of Trade
INew York Stock Exchange
6%
St. Louis Merchants
TIMBER BONDS
based always upon
BANKING
$2,000,000
expert verification
CHICAGO FIRST MORTGAQE BONDS
Exchange
Exchange
Exchange
Suitable for
Charles W. Moore
Oldest Banking House In Chicago.
St. Louis Cotton
St. Louis Stock
Herndon Smith
GENERAL
Capital and Surplus,
New York Cotton
Estates.
of
Trustees
and
Individuals
underlying assets
Write for Bond Circular C 26.
332
so. Michigan Ay* Ciug&gc
A State Bank
William H. Burg
SMITH, MOORE & CO.
A. O.
INVESTMENT BONDS
Slaughter & Co.
CINCINNATI
Members
609
OLIVE ST.,
ST.
ST. LOUIS,
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
MISSOURI
110 WEST MONROE
LOUIS SERVICE
$250,000.00
AKRON, OHIO
STREET
V
5/4%
CHICAGO, ILL.
SCHOOL BONDS
Due 1922
NARK C. STEINBERG & CO.
Member* Neto
Members St.
300
N.
York
Louis
Stock
1936, to yield 6^%.
FINANCIAL STATEMENT.
Assessed valuation
$279,300,700
Net debt
Exchange
Slock Exchange
Broadway
Powell, Garard & Co.
ST. LOUIS
INVESTMENT SECURITIES
Membws St. Louis Stock
Exchange
STIX &
The Provident Savings
Bank & Trust Co.
South
La Salle Street
Department
CINCINNATI, OHIO
Chicago
CO.
OLIVE ST.
6,896,000
Population 200,000.
Bond
39
New York
Philadelphia
St. Louis
Investment Securities
609
to
CHANNER & SAWYER
ST. LOUIS
Municipal and
INVESTMENT SECURITIES
DnMnc
tJ U iM LsO
Corporation
SPRINGFIELD, ILL.
Union
Trust
Bldg..
CINCINNATI, OHIO
Matheny, Dixon, Cole & Co.
SHAPKER, WALLER &<C0
134 SOUTH
LA
SALLE
Ohio Securities—Municipal Boads
New York Stocks and Bonds
STREET
Rldgely-Farmers Bank BIdg.,
CHICAGO
SPRINGFIELD. ILLINOIS.
DEALERS
WE WILL BUY
Springfield (Illinois) Pleasure Drive¬
way
& Park District 4s
BUFFALO
TAYLOR, EWART & CO.
IRWIN, BALLMANN &CO.
INVESTMENT BANKERS
328-330-332 Walnut St.
106 South La Salle Street
CINCINNATI, OHIO
I
CHICAGO
Slocum, Eckardt & Company
Municipal, Railroad and Public
EDGAR
Utility Bonds
FRIEDLANDER
DEALER
INVESTMENTS
420
IN
Cincinnati Securities
CINCINNATI
Ellicott Square
BUFFALO, N.
curities,
JOHN T. STEELE
Convertible
TOLEDO
Unlisted
41
South
Municipal
Corporation
Note
Issues, Bonds, Bank Shares,
BUFFALO, N. Y.
Government,
Salle St.
Bonds
KRAFT, Lawyer
Proceedings Authorizing Same.
STOCKS AND BONDS
Jr.
&
Bankers—Established
Sons
1876.
Rooms 517-520, 111 W. Monroe
St.,
Harris Trust Building
Y.
Ohio Securities
Gardner Building,
TOLEDO, OHIO
& Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
LESSER
BUFFALO, N.
Robison
Toledo and
F. WM.
Specializing in Examination
476 EIRevts Square
Successors to
David
Municipal, Railroad and Corporation Bonds
SPECIALISTS IN
T.
TUCKER, ROBISON&CO.
Securities.
La
CHICAGO
Buffalo and Western New York
Securities
IRVING
*
OH1IO
John Burnham & Co.
Y.
High Grade Investment Se¬
and
IN
INVESTMENT SECURITIES
CHICAGO, ILLINOIS
Graves, Blanchet &
Thornburgh
MUNICIPAL BONDS
GARDNER
BUILDING
TOLEDO, OHIO
Sept. 18
J^eto gorfe
JBattfeenf anb JSrotters ©utsibe
SBoobtf, £§>toati $e Cbtoatb* Co.
LYON, SINGER & CO.
Members Detroit
INVESTMENT BANKERS
INVESTMENT. SECURITIES
3X0 Congress
'
DETROIT. MICH.
Bldg.,
& Company
A. J. Hood
(Established 20 Years)
PITTSBURGH
Members
SECURITIES
MICHIGAN
Stocks, Bonds, Grain
BOUGHT—SOLD—QUOTED
Members
A.
Branch
Dime Bank
1613,
WHITTLESEY, McLEAN & CO.
MICHIGAN
DETROIT
Bonds
Municipal Bonds Corporation
Office:
National Bank of West Virginia
Wheeling, W. Va.
PreferredHStocks "
Building
W. A.
HAMLIN & CO.
Members Detroit
F. N. Boyle
Building
Telephone Cadillac 5050
;
;
Pittsburgh, Pa.
323 Fourth Ave.,
Securities
Investment
Suite
inquiries
Bldg., Detroit
1721-3 Dime Bank
GORDON, FORTIER & CO.
Securities
Detroit
We invite your
Members New York Stock Exchange
Boston Stock Exchange
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
Specializing
DETROIT
PENOBSCOT BUILDING
& CO.
E. MASTEN
and Bonds
Specialize in Michigan Stocks
Stock Exchange
Pittsburgh Stock Exchange
Chicago
Board of Trade
Detroit Stock Exchange
Richard Brand Company
and Provisions
Members New York
Members
MICH.
PENOBSCOT BUILDING, DETROIT,
Eberhardt &
OLIVER BUILDING,
Exchange
Charles A. Parcel Is & Co.
Pittsburgh District
Pennsylvania Municipal Bonds
Geo. W.
Members of Detroit Stock
Stock Exchange
Inquiries Solicited in All Markets.
Stocks
Carried on Conservative Margins
PITTSBURGH
Commonwealth Bldg.,
MICHIGAN
MICHIGAN
PITTSBURGH
Securities of
IX
THE CHRONICLE
1920.]
& Company, lie.
Motor Stocks,
Active Members of
Detroit Stock Exchange
2054-56-58 Penobscot
Stock Exchange
DETROIT
Bldg.,
Public Utilities & Oils
HATTERS FINANCIAL
1010
Union
Motor Stocks
DETROIT, MICH.
Penobscot Bldg.,
and
Pittsburgh, Pa.
Arcade
All
DANSARD HULL-BUMPUS
COMPANY
INVESTMENT SECURITIES
W. Carson Dick &
Company
Burdick-Thomas Company
Members Detroit Stock
Exchange
256-262 Penobscot
St., West
47 Congress
Michigan^Securities
Bldg.
MICHIGAN
DETROIT
DETROIT
INVESTMENT BONDS
Members Detroit
390-395 UNION
Stock Exchange
ARCADE BUILDING
FENTON, C0RRI6AN & BOYLE
PITTSBURGH, PA.
KANSAS
KAY & CO.
Inc.,
Bankers
Investment-
CITY
INVESTMENT BANKERS
STREET & COMPANY
Grand Rapids
Detroit
Chicago
entire issues
Industrial and Public Utility securities
Underwrite and distribute
of
Municipal & Corporate Bonds
DETROIT, MICH.
Penobscot Bldg.
Members Detroit
Stock Exchange
Local Securities
HIGBIE
KEANE,
Missouri
City
Kansas
&
CO.
MUNICIPAL BONDS
67
INDIANAPOLIS
GEORGE M. WEST &
DETROIT
GRISWOLD ST.
Detroit is the market for
Fletcher American Company
DETROIT MOTOR
INDIANAPOLIS
*Reo
Paige
-
INVESTMENT BANKERS
STOCKS
Ford
-
UNION TRUST
Continental & Packard
Capital
-
$1,500,000
j
Write
us
JOEL STOCKARD &
DETROIT,
or
DETROIT, MICH
Stock Exchange
CO.
Exchange
MICH.
'
Inaiana Security.
A. W. Wallace
COLUMBUS
Statistical Information
BLDG.
Members Detroit
Members Detroit Stock
for bids or offerings on any
Indianapolis
COMPANY
Established 1893
Furnished.
INVESTMENT BANKERS
CLAUDE MEEKER
Investment
Securities
Penobscot
BREED, ELLIOTT & HARRISON
Specialist in Cities Service
& Company
Bldg.
Issues
DETROIT, MICH.
Tel. Cherry 2800
INDIANAPOLIS
Detroit
Cincinnati
Milwaukee
Chicago
Investment
Securities
East
8
71
Municipal Bonds
Indiana
COLUMBUS, O.
Broad St.,
NEW YORK
Broadway,
CITY
NEWARK, N. J.
CONSERVATIVE
Corporation Securities
F. C. ANGER &
CO.
Investments
INVESTMENT SECURITIES
»
The Union Trust
BOND
Company
DEPARTMENT
INDIANAPOLIS
Indianapolis Bank Stocks
Local Public Utility
Indiana
List upon
Bonds
F. M.
request
CHADBOURNE & CO.
LOUISVILLE
JOHNSTON &
NEWTON TODD
Local
415
Penobscot Building
DETROIT, MICH.
Municipal Bonds
Bought and Sold
Indiana
1252-54
FIREMEN'S INSURANCE BUILDING
NEWARK, N. J.
Securities and
Corporation Bonds
Lemcke Bldg.,
COMPANY
LAWSON
INVESTMENT SECURITIES
INVESTMENT
SECURITIES
M
and Stocks
INDIANAPOLIS
HARRIS, SMALL &
Paul Jones Bldg.
LOUISVILLE, KY.
CONGRESS ST., W.
DETROIT
THE CHRONICLE
[Vol. 111.
Ranker* anb f&ttiktti ©utstbe J5eto gorfe
Howard Throckmorton
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher, Porter
BONDS
[Government
&
of MUNICIPALITIES AND
Bondsj Municipal
[Corporation
Company
CORPORATIONS
INVESTMENT BANKERS
San
having substantial assets
Francisco
and
Alaska Commercial
Building
earning power.
DENVER
Quotations
and
Information
Furnished
on
Pacific Coast Securities
LOS
Established 1853
SUTRO &
SAN
CO
ANGELES
FRANCISCO
PASADENA
WESTERN SECURITIES
.
INVESTMENT BROKERS
San
410
Francisco
Sugar Stocks
San Francisco Stock
and Bond Exchange
GREGG, WHITEHEAD & CO.
Blankenhorn-Haoter-Dulin
M. BROWN
i
-
Specialty
a
Members
Montgomery St.
F.
COLORADO
WILLIAM R. STAATS CO.
& CO
Investment
Bankers
DENVER
Company
DEALERS IN
PORTLAND,
Municipal and Corporation
^
,
•
BONDS
800 Sansome
SAN
CORPORATION
DAMHC MORRIS
DVJINUO
AND DISTRICT
Street, Corner California
FRANCISCO, CALIFORNIA
BROTHERS, Inc.
THE PREMIER MUNICIPAL BOND HOUSE
CAPITAL ONE MILLION DOLLARS
Government
LOS ANGELES
California Securities
and
Municipal
Los Angeles,
Established,
PASADENA
SAN
Company
DIEGO
We specialize In California
Municipal & Corporation
California
«
Bonds
SAN FRANCISCO
Morris Building
over a
.
Quarter Century
PORTLAND, OREGON
No. 3, Central Building
Aronson and
ORE.
MUNICIPAL
-
SEATTLE, WASH.
HALL & COMPANY
BONDS
INVESTMENT BONDS
CLEVELAND
DRAKE,RILEY & THOMAS
The Gondii ng-Jones
Van Nuys Building
Company
Local and Pacific Coast Securities
LEWIS BUILDING
STOCKS-BONDS-NOTES
DULUTH, MINN.
Private WiresrCoast
BANGOR
BUILDING,
CorrespondentslLogan and Bryan
MINNESOTA SECURITIES
Railroad, Municipal and
Stocks, Bonds, Grain, Cotton
Corporation Bonds
228-262 I. W. Hellman
Investment Bankers
Duluth, Minnesota
of Trade.
TORRANCE, MARSHALL & CO.
CLEVELAND
Detroit
Toledo
Denver
Stocks
W. M. Prindle & Company
I
Exchange,
"
Youngstown
Building
LOS ANGELES
Members of New
York, Cleveland, Chicago,
Detroit and Columbus Stock
Exchanges,
New York Cotton
Boston
Columbus
Coast
to
A. H. Woollacott & Co.
CLEVELAND
OTIS & COMPANY
Chicago Board
Akron
Colorado Springs
Acceptances
California Securities
LOS ANGELES
CALIFORNIA
SHORT TERM NOTES
A.E.LEWIS
&CO.
Municipal, Public Utility, Railroad and
Corporation
Unincorporated
BUFFALO
Niagara Life Bldg.
690 Euclid
Ave,
Los
Angeles,
Cal.
KLIPPEL - WASHBURN - BERKLEY
CO. R. H. MOULTON & COMPANY
INVESTMENT SECURITIES
CALIFORNIA
American
CLEVELAND, O.
Listed
-
Nat'l
LOS
Bldg.,
-
ANGELES
Commercial papers 1
ST. PAUL
WE WILL
BUY
Minnesota & Ontario Pow. 1st 6s
Powell
River Company 1st 6s
Red River Lumber Co. 1st 6s
Minneapolis St. Ry. Extended 7s
WELLS-DICKEY COMPANY,
NORFOLK,
Inactive
Pacific Coast Securities
San
Member
Stock and
Francisco
Minneapolis
Bond
VA.
MOTTU & CO.
Established
1892
NEW YORK
NORFOLK, VA.
Exchange
Mills Building
SAN FRANCISCO
ALBERT FOYER
CLEVELAND,
,
San Francisco
MAX I. KOSHLAND
Unlisted
Bldg.
Bank
Bucyrus
Stocks & Bonds
Leader News
MUNICIPALS
Title Insurance Building,
City Bldg.
lOT
MINNEAPOLIS
Security Bldg.
Warren
I Q
fKlTNIClPAL RAILROAD
CORPORATION BONDS J
BONDS of the PACIFIC COAST
THE
2nd Floor National
$levens-&-(£o.
ESTABLISHED
RITTER COMMERCIAL TRUST
CLEVELAND
MINNEAPOLIS
Cincinnati
Bonds
Dayton
PORTLAND, OREGON
LOS ANGELES
60
Broadway
INVESTMENTS
O.
TEXAS
Hunter Glover &
f.
Company
-
,
Investment Bonds and Stocks
Short Term Notes
CHAPMAN DE WOLFE CO.
361-353
SAN
Montgomery
FRANCISCO,
Stocks
Information
and
a
ad
DUNN & CARR
Street,
CALIF.
Bonds
Quotations
on
all
Investment Securities '
Pacific
Coast Securities
CLEVELAND
Members San Francisco Stock & Bond
Union
Exchange
HOUSTON,
Nat.
-
Bank
-
-
Bldg.
i
TEXAS
I
Sept. 18 1920.]
the chronicle
xx
iBanfeenf anb Jirofeersf (Shitsibe Jfteto gorfe
PHILADELPHIA
ALABAMA
MARX &, COMPANY
BONDS
BANKERS
BIRMINGHAM,
Southern
-
PHILADELPHIA
STOCKS
SHORT-TERM NOTES
-
Graham. Parsons 3c Co.
41! CHESTNUT ST.
Parsly Bros. & Go.
Municipal and
Corporation Bonds
111 RROADVAT
PHILADELPHIA
ALA.
.
Investment Securities
BANKERS
v
Y9II
NEW
CHESTNUT STREET
1421
PHILADELPHIA
Deal in and
CHATTANOOGA
Purchase
Issues of
' '
v
MUNICIPAL
'
;
.
|
EXCHAN.I
PHILADELPHIA STOCK
MEMBERS
BONDS,
.
BONDS, NOTES AND PREFERRED STOCKS
LEWIS BURKE & CO.
of
Established
1865.
'•
-
RAILROADS,
LOCAL AND SOUTHERN
INDUSTRIAL
hiore*T&-CXB>
SECURITIES
CORPORATIONS
of
-
ESTABLISHED VALUE
BANKERS
James Building
UTILITIES AND
CHATTANOOGA
110 Chestnut
St.
Philadelphia
Government,
MACON
Cable Address "Grace," Philadelphia
^
i
Municipal, Railroad and
Public Utility Securities
W. M. DAVIS & COMPANY
Iembers New York and
Philadelphia
Stock Exchanges.
Southern Municipal Bonds
AND .::v.
e«l.0arlt$e#.
•
Guaranteed Stocks
MACON
-
GEORGIA
-
-
BANKERS
MILWAUKEE
-
East
321
RICKER
EDGAR,
Water
and
Chestnut
&
Established 183*/
MILWAUKEE, WIS.
SPARTANBURG,
St., Philadelphia
Streets
Mason
S. C.
Specializing
A. M. LAW & CO.,
DEALERS
Stock
a
Philadelphia
Exchanges
Specialty
Financing of Milwaukee
SPARTANBURG, S. C.
and Wisconsin Industries.
MONTGOMERY
SOUTHERN
Members New York and
IN
Southern Textiles
B. W.
WISCONSIN CORPORATION ISSUES
Bonds
Stocks and
*
Inc.
Investment Securities
Strass burger
INVESTMENT
Members Philadelphia
Stock Exchange
INVESTMENT BANKERS
;
Land Title Building
SECURITIES
Bought and Sold.
V
PHILADELPHIA
[• v
New York Telephone
Canal 4845
tfmtginry. Aim
$99,000
First Wisconsin Company
New
Castle, Pa., School 5^s
Due July 1,1935 to
Investment Securities
to return
1938, inclusive,
5.10%
WISCONSIN
MILWAUKEE
M. M. FREEMAN & CO.
Philadelphia
4S1 Chestnut Street
Telephone. Lombard 710
Interest is Growing
in Canadian
Pulp
and Paper
0
things
that the rest of the world
must have
They are
Second Ward Savings Bank
>
pulp and paper.
' t
You know perhaps that :
Canadian pulp and pa- *
shares have risen ',
phenomenally aju value r
during
the past
lew
months.
This advance
is
a
good indication of
sound
investment
Bldg.
108 So.
La
Salle St.
1481
8
terprises
to
Air irican
yield
Investors from
6J^% to 9%.
write for our
edition of Investment
We suggest you
current
Recommendations*
Street,
Wisconsin
Municipals
Public
and
Utilities
growing communi¬
operated and
High Grade Investments
ties
financed.
q Their securities
offered to investors.
Morris Oox& Co.
Ihvestm
CURXTIES
ria.r wifrcoHtiH
Middle West
MilwaukelWol
NATlOWAl MM tLO.
Utilities Co.
Underwriters and Specialists in
Wisconsin Issues
Suite No.
72
Write
our
Trading Department.
West
Of
CORPORATION
(canada)
iicifal
limited
Cortlandt
1500
St.
Adams
CHICAGO, ILLINOIS
Over
Royal Securities
Tel.
in
of
agency
165 Broadway
Philadelphia
Specialists in
preferred
and common shares.
We can offer you sound Binds
and Debentures of established
Canadian pulp and pap* r en¬
Chestnut
MENT
CHICAGO
qualities of pulp and
paper Bonds and
De¬
bentures, for they rank
senior to both
& Co.
FOR
;
''
INVEST-
BONDS
MILWAUKEE
per
the
Frederick Peirce
Second Ward Securities Co.
Canada has two
NATIONAL
1
Corporation Bonds
New York
3234-5-6
Railroad^?
20
Broad Street
-
New Ybiot,
KCTSS IMS—CABLE ANIEH
List
StOlMUU"
L'llve* current sffcriBgi,
'0
80%
the
Banks
New York
City
SAFETY
in
use
PAPER
FOR THEIR CHECKS
George La Monte & Son
61
Broadway
New York
[VOL. 111.
THE CHRONICLE
xn
Jffnanrial
jffnatwlal
We
own
,
and offer
Actual
valuation,
Due July 2, 1940, without prior option.
estimated
...
Earnings
$8,000,000
3,469,747
....
Assessed valuation, 1919...
Total bonded debt, Including this issue...
99,500
Leonard Morton & Co.
are payable by direct ad valorem taxes upon all the taxable
property situated in the city.
Price, 95.79 and interest, to yield 6.37%
8% Preferred
Bosworth, Chanute & Company
$1,000
Investment Securities
H.
New York Gas Lt.,
P.
M.
Ht; & Pr.
Ask
Mountague Vickers
*
value &%
par
An unusual
Columbus & Ninth Ave. Ry.
5% 1993
Stock
Preferred 3tock with
6 shares of Common
Denver, Colorado
-
8 times the divi¬
requirements oa
are now
dend
Bonds
17th and California Streets,
Years
in 2Vz
CITY OF YUMA, ARIZONA, 6% CITY HALL BONDS
Dated July 2, 1920.
Customers
1,000,000
$30,000
11,000
opportunity
for circular CC-50
BONDS
49 Wall St.
Tel. Han. 6570
4%, 1949
HLALByllesbry
& Co.
Incorporated
„
Safety Car Htg. & Ltg.
111
Chicago
NewVbrk
206 S.LaSaue St
Broadway
GUARANTEED STOCKS
Company
nee
K>
McCall Corporation
set
St
StSefSrcet:
30
& Pfd.
Com.
National City
TIEODORE L. BRONSON & CI.
Members New York Stock Exchange
16 Wall St., N. Y.
Bank Rights
Mortgage Bond Co.
GLOVER & MACGREGOR
Alliance Realty Co.
845 Fourth Ave.,
PITTSBURGH, PA.
Tel. Rector 7580
AUGUSTA
DILLON
M.
FRANK J.
71
NEW YORK, N. Y.
Broadway
Tel. 6460 Bowling Green
Amer. Wat. Wks. & Elec.
5s, 1934
System Securities
Gulf Oil Corporation 6s
West Penn
Am. Fruit Growers 7s
JOHN W. DICKEY
Pennsylvania Tax Free Bonds
Augusta, Ga.
PAUL & CO.
Southern Securities
We
fembers Philadelphia Stock Exchange
Established 1886.
Wish to
Bus
1481 Chestnut Street
Illinois
PHILADELPHIA
WM. E. BUSH & CO.
1
Central RR.
Security 4s, 19S2
Augusta, Ga.
SOUTHERN SECURITIES
COTTON
New Jersey
Municipal Bonds
Descriptive List
MILL STOCKS
on
Request
& Battelle
Hartshorne
J.S. RIPPEL A COMPANY
18 CLINTON STREET
25 Broad
St.
MEWARK, N. J.
NEW
Tel.
Broad 7740
YOpiK
CENTRAL NEW YORK
STOCKS AND BONDS
SECURITIES
bought and sold for cash,
Bought—Sold—Quoted
Investment Bankers
UTICA, N. Y.
carried
& TARBELL
Members New York Stock Exchange
120
BROADWAY,
NEW YORK
100 shares
Fidelity Trust Co.
Kansas
of Newark
ALFRED F.INGOLD&CO.
74 Broadway,
Colorado & Southern
N. Y.
Rector 3991
4%s> 1935
City Southern 3s, 1950
Western N. Y. & Penn. 5s, 1937
Montgomery
R. Lancaster Williams & Co., Inc.
For Sale
on
Inquiries invited.
Fl NCH
Mohawk Valley Investment Corp.
or
conservative terms.
Inactive and unlisted securities.
Bros.
F.
E. MAGRAW
MUNICIPAL AND
Broad 3063
CORPOBAVION
BONDS
15 William St.,
Telephone
New York
Commercial Paper
Our New
INVESTMENT SECURITIES
»,
•
'
.
.
Guaranteed
Equitable Building,
BALTIMORE
.
...
MARYLAND
describes
securities
instances
ralread
Booklet
on
Railroad
Stocks
the investment features of these
whose
dividends
are
in
many
guaranteed
systems.
by
the
Local Securities of the Twhi titties
Globe Building
ST.
PAUL, MINN.
strongest
This booklet will be mailed free upon request.
PROCTER & GAMBLE CO.
INDIAN REFINING CO.
$08£t>h
fShalher A Jlous
Members New York Stock El
61
change
New York
Broadway
A. G. Becker & Co.
COMMERCIAL PAPER
Westheimer &
Company
Members of the
New
York
Stock
Exchange
Cincinnati Stock Exchange
Chicago
Board
of
Trade
Baltimore
Stock
Exchange
CINCINNATI, OHIO
BALTIMORE, MD.
WE WISH TO BUY HIGH-
GRADE PENNSYLVANIA
TAX-FREE
SECURITIES.
Boenning, Garrison & Co.
Members Philadelphia Stock
Stock Exchange
,
INVESTMENT SECURITIES
137 South La
Building
PHILADELPHIA
Afreet Private Telephone to Berdell Bros., N. Y.
Salle
Street
CHICAGO
Exchange
NEW YORK
St. LOUIS
SAN FRANCISCO
SEATTLE
LOS ANGELES
Sbft. IS
CHRONICLE
THE
1920.]
XIII
Current ptonb Snquirie*.
Amer. Water Wks. & Elect.
Brazilian Trac., Lt. & P. 6s, 1922
Cleveland Elect. Ilium. 7s, 1935
Consumers Power 5s, 1936
American Light & Traction
Consumers Co. 6s, 1921 to 1928
Burroughs Add. Mach. Stock
Grand Trunk Pacific 3s & 4s
Detroit Edison Co. Stock
Minnesota-Ont. Pow. 6s,
Kentucky Utilities 6s, 1924
Miss. Valley Gas & Elec. 5s, 1922
Nashville Ry. & Light 5s, 1958
Chicago By-Prod. Coke 7s, 1938
Island Refining Corp. 7s, 1929
Norwalk Steel 4V23» 1929
Wayne Coal 6s, 1937
Firestone
Tire
Com.
&
Pfd.
North West. Elevated 5s, 1941
Goodyear T. & R. Com. & Pfd.
N.
National Bank of
Y.
Susq. & West. 5s, 1937
Rock Isl. Ark. & La.
West Penn. Power 5s, 1946
'21 to '28
43^8,
Cuba
Paige Detroit Com. & Pref.
1934
Tol. & Ohio Cent. Gen. 5s, 1935
Packard Common & Preferred
United Light & Rys. 5s, 1932
Woodward Iron 5s, 1952
Sherwin
Williams
Pfd.
Steel & Tube of America,
Pfd.
Merrill, Lynch & Co.
120
Broadway, New York
Traders Telephone 7683 Rector
Telephone 6070 Rector
Private wires
Amer. Tel. & Tel.* 6s, 1922-24
to
Chicago, Detroit, Cleveland,
Youngstoum, Grand Rapids and Lansing,
Cons. Textile 7s, 1923
Morris & Co.
7^8, 1930
Sinclair Cons. Corp. 7V£s,
and other active
1925
We
Specialize in All
American
short term issues
Dividend
Morton. lacheribrach- & Ca
Scrips
"G"
SERIES
and
tKi
42 Broad Streak,
Tobacco
8% Dividend Scrip
Imperial
Tobacco
of Great
Rights
BOUGHT
cmcAoo DETEorr Philadelphia pittsbukoh
Britain
_AND SOLD
Specialists in all Tobacco Securities
Bristol £ Bauer
Instantaneous communication between
possible through
their intercon nection by private wires.
offices is made
our
C. C. Kerr & Co.
2
Rector
l20Efoa.&vJay taY Phone-. 2ector 4594
Phone 6780 Rector
St., N. Y.
Foreign Securities
Foreign Cheques
Central Pacific 1st ref. 4s,
(
NOBLE & CORWIN
25
CO.
Securities
Investment
'Phone'8300 Hanover
Exchange Place
New York
Broad St.
Circular
on
Louis 1st 4s,
1937
Nor. & West Poco. Coal & Coke 4s,'41
Bank
Oregon & California 1st 5s, 1927
National Bank
Prince & Whitely
Surety
Eastman
Kodak Common
New Jersey
52
Zinc
Tel. Broad 6323
Broadway
Private
wires
to
Philadelphia,
Boston,
Baltimore, Richmond, New Haven
Telephone 1111 Broad
request.
Y. Stock Exchange
Members N.
Niles-Bement Common
Liberty Bonds"
City Term. Ry. 1st 4s, 1960
Equitable Trust
National
"Opportunities in
1955
Southern 1st 3s, 1950
N. Y. Chic. & St.
Chase National
Citizen
Kansas City
Kansas
Trust
Bankers
48
Theodlore C. Corwin
Mark A. Noble
Bought and Sold
DUNHAM &
Okla. 1st 4s, 1928
Atchison-Eastern
Foreign Currency
SUTRO BROS. &CO.
BROADWAY. NEW YORK
Telephone: Rector 7350
180
leoebers of New
York Stock Exchange
Railroad
Bond
Public
Dept.
Shares
Canadian, Cuban
and other
Nebraska Power Preferred
Iowa
Bang.& Aroos., Wash. Ext. 5s, *39
Seaboard Air Line 6s, 1945
C. C. C. & St. L., St. L. div 4s, *90
So. Rwy., Memphis div., 5s, 1996
M. & O. Montgom. div. 5s, 1947
Rich. & Mecklinburg 4s, 1948
Tenn.
Southwest. Pwr.
Idaho
Light Pfd.
Springfield Ry. & Lt. Pfd.
Northern Ohio & Electric
New York
Telephone Rector 6834
CORRESPONDENTS
Lehigh Valley Coal Sales
Corrugated Bar
Worcester Salt
1921-22
All
Important Foreign
Capitals
Scott & Dillon
Toronto
American Cigar
Heine Safety
Standard
Dept.
Oil
Boiler
Dept.
S. O. of California
S. O. of Indiana
South Penn Oil
Trust
'
Bank
Bank Stocks, Miscellaneous
Broad Street, New York
Bonds,
15
Common
Colorado Fuel & Iron Pfd.
Vacuum Oil
Prairie Oil & Gas
CARRUTHERS, PELL &
PRIVATE WIRES
Montreal
Mills Pfd.
Utica Knitting
National City Bank Rights
Title Guarantee & Trust
Importers & Traders Nat.
Seaboard National Bank
Dept.
D. L. & Western Coal
6s
1925
Wax & Parchm. Pap Ext. 6s, 1940
Dominion Glass 6s, 1933
Union Carbide 6s, 1950
Guaranty
Stock
Paul Delaney
Wayne Coal 6s, 1937
Island Refining 7s, 1929
Bank Stock
Pfd.
Standard Gas & Electric Pfd.
Retsof Mining 5s,
Broadway
Pfdl
Power
Utah Power &
Pacific Coast 5s, 1946
120
Ry., Lt. & Pwr. Pfd.
industrial
Dept.
5s, 1936
Consolidation Coal 4Hs, 6s,
Norwalk Steel 4^s, 1929
Pfd.
& Light Pfd.
United Utilities Pfd.
1940
Steph'n'lle N. & S. Texas 5s,
Crown Oil 7s,
Kuczynski & Co.
Gas & Electric Pfd.
Western States Gas & Elec
Monon Coal
Securities
Ry. & Light Pfd
Kansas
City & Fort Dodge 4s, *55
Des Moines & Ft. Dodge 4s, 1935
industrial Bond
International
Pfd
Y., Penna. & Ohio 4Hs> 1935
Cinn., Wabash & Mich. 4s, 1991
Atlantic & Yadkin 4s, 1949
Mason
Steel
Power
States
Northern
N.
British Empire
Utility Dept.
St. Louis & Cairo 4s, 1931
Philadelphia Phone, Locust
CO.
Securities, Standard Oil Stocks
Phones 5161 to 5169 Hanover
572; Bait. Phone, St. Pau1 9389
-
THE CHRONICLE
XIV
[Vol. 111.
Current JBonti fnqutrfea
F. J.
Members New York Stock
I
61
New York Interurban Water 5s
LISMAN & CO.
West Va. Water & Elec. 6s
Exchange
Acquackanonk Water Co. 5s
St. Joseph Water Co. 5s
Joplin Water Co. 5s
BROADWAY, NEW YORK
Carolina Clinchfield & Ohio 5s & notes Clinton Water Co. 5s
Racine Water Co.
Chicago Terre Haute & Southeastern 5s
Des Moines & Fort
City Wtr. Co. of Chattanooga 5s
Bijou Irrigation District 6s
Emmett Irrigation District 6s
Ft. Wayne & Wabash Valley *5s
Queens County Water Co. 5s
Louisiana & Arkansas Railroad 5s, 1927
Louisville
WE DEAL IN
N.
Y.
Norfolk
Henderson
York
New
&
Penna.
&
Ohio
Southern
&
St.
L. Ry. 5s
1st
5s,
&
Jersey RR.
RR.
RR.
1932
4y2s, 1935
1941-54
5s,
Philippine Railway 1st 4s, July 1 1937
St. Louis Bridge Company 1st 7s,
5s
Wichita Water Co. 5s
Dodge RR. 4s, 1935
H. C. SPILLER & CO.
1929
INCORPORATED
Toronto Hamilton & Buff. 1st 4s, 1946
17 Water St., corner Devonshire St., BOSTON
63 Wall
Street, NEW YORK
Washington Ohio & West. RR. 4s, 1924
Wheeling & Lake Erie 5s, due 1926 & 1928
Elect. Dev. of Ontario 5s, 1933
AND ALL RAILROAD AND STEAMSHIP SECURITIES
Cedar
WOOD, STRUTHERS & CO.
Investment
;
■
•'
-
...
;
■
•'
; /;
.
Securities
' *
■
:
,
-.•/
••
/-
-
a
Street
Nassau
5
C. N. R. Manitoba &O nt. 3^8 & 4s
Province of Manitoba
NEW YORK
Nassau St.
Kansas
New
York
New York
ORDERS EXECUTED
4l/2s, 1933
ACTIVE
ON
Braden Copper Mines 6s, 1931
Marion
Pacific Light & Power 5s, 1951
Amer. Tel. & Tel. Coll. Tr. 5s, '46
New York Tel. Co. 4%s, 1939
Penn
507 Chestnut
McKinley & Morris
and
Phila.
Stock
Exchanges
'Phone 7500 Rector, N. Y.
to 7936
St.
5s, 1932
5s, 1939
6s, 1926
5s, 1933
Wall
66 BROADWAY
Postley
Street
NEW
YORK
LAND TITLE BLDG.,
BROADWAY
Y. CITY.
We
Cleve.
1933
Elec.
.
West.
5s,
5s,
1965
1940
Det. Gd. H. & M. Con. & Eq. 6s,
'20
Nickel Plate 1st 4s, Deb. 4s, 2d 6s
N. Y., Pa. & Ohio 4^8, 1935
Oregon-Wash. RR. & Nav. 4s, '61
Philippine Ry. 4s, 1937
Shawinigan Wat. & Pr. 53^8, 1950
Seattle-Everett 1st 5s, 1939
Wisconsin Central Ref. 4s
ABRAHAM & CO.
27 William St.,
N. Y.
Sell
Will
111.
7s, 1935
Detroit Edison Ref. 5s,
Long Island Lighting Co. 5s, 1936
&
Coal
Tel. Rector 1 & 2
Private wire connection
Rector 7416
Buy
Ind.
PHILADELPHIA
N.
1939
Tel. Hanover 427-8-9
Trac., Lt. & Pr. 5s, 1962
Buff., Roch. & Pitts. 43^8 & 5s
Berkshire Cotton Mfg. Stock
Dominion
BAUER, STARR & CO.
116
Members New York State Bankers' Association
Exchange PI., N. Y.
Cinn.
Telephone Rector 9697
Members American Bankers' Association
Taylor & White
43
Ala.
Duquesne Ltg. 6s, 1949
Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926
Mississippi Val. Gas & El 5s, 1922
Lehigh Power Sec. 6s, 1927
FARLEE & CO.
Jersey 5s, 1932
Puget Sd. Tr., Lt. & Pr. 7s, 1921
Springfield Ry. & Lt. 5s, 1926
Term. Warehouse 5s, 1942
Consumers Power 5s, 1936
Southern California Edison 6s, 1944
Wisconsin River Power 5s, 1941
7
Inc. 5s, 1960
New England Power 5s, 1941
N. Y. &
PHILADELPHIA
Gilbert J.
Chicago Terre Haute &
Southeastern Ry.
Bronx Gas & Elec. 5s, 1960
Cent. Ark. Ry. & Lt. 5s, 1928
Colo. Pr. 5s, 1953
Cleveland Electric Deb. 5s & 7s
.Wanted
Edison 5s,
Y.
Del. Lack. & West. Coal
COMMISSION
SAMUEL K.PHILLIPSduCO.
Manila Elec. Ry. & Lt. 5s, 1953
Detroit
AND
FOR
Light & Htg. Co.
Mary Coal Co. l«t
Empire Gas & Fuel Co.
Cincinnati Gas Transport.
New York Tel. Co. 6s, 1949
We Will
RAILROAD
ISSUES
Telephone Hanover 8317
Minn. St. P. & S. S. M. 4s, 1938
Tel. Rector 7931
IN
BOND
DEALERS
Mont. Central 6s, 1937
Clev. Elec. 111. 5s,
N,
Broadway.
Ashland Lt., Pr. & St. Ry. 5s, '39
Buff. & Lake Erie Tract. 5s, 1936
BOND BROKERS
Oregon California 5s, 1927
J. S.
120
'48
VILAS & HICKEY
49 Wall Street
Central Pacific 314s, 1929
10,000
Members
& COMPANY
Atch. Top. & S. Fe conv. 4s, 1955
Canadian Pacific 6s, 1924
ONE WALL ST., N. Y.
City Terminal 4s, 1960
St. Louis Peoria & N.W. 1st 5s,
Telephone Rector 0526
St. Paul Minn. & Man.
MILLER
Mil. Sparta & N. W. 1st 4s, 1947
Members N. Y, Stock Exchange
5
& 6s
City of Montreal 6s, 1922-23
Cuban Govt. 41/^s> 5s & 6s
Chic. Burl. & Q., Ill Div. 3^s, 1949
Davies, Thomas & Co.
Rapids Mfg. & Pr. 5s, 1953
Canadian Car & Fdry. 6s, 1939
Grand Trunk Pac. 3s & 4s
Duluth Edison Elec.
1940
^Brother#
fubliclltilitg Securities
m
BaroadWa
5s, 1931
Empire District Elec. 5s, 1949
Niagara Falls Power 5s, 1932
Madison River Power 5s, 1935
Ohio Cities Gas 7s, 1921
Milwaukee Elec
Ry. & Light 5s, 1951
Southern Power Co. 5s, 1930
Niagara Lockp. & Ont. Pow. 5s, 1954
Southern Public Util. 5s, 1943
Ohio Cities Gas 7s,
1925
Arkansas Lt. & Pow. Co. 6s, 1945
Dallas Electric Co. 6s,
1921
Lehigh Power Secur. Co. 6s, 1927
Northern States Pow. Co. 7s, 1923
Philadelphia Co. 6s, 1922
EARLE A.
SPECIALISTS
IN
DIRECT PRIVATE
TELEPHONE RECTOR 8060-1-2-3
MILLER & CO.
PUBLIC
UTILITY SECURITIES
WIRE CONNECTION
WITH
111
Public Serv. Corp. of N. J. 7s, 1922
South. Calif.
Edison Co. 6s,
1944
CHICAGO
BROADWAY, NEW YORK
Private Phone*
to
Philadelphia ft Boston
Sept. 18 1920.]
THE CHRONICLE
Current JSotib Snqutrfttf
Michoacan Power 6s
Guanajuato Pow. & Elec. 6s & stocks
Cent. Mex.
Lt.
&
6s & stocks
Pow.
Mexican Light & Power 5s
Cape Breton Electric 5s
Southern Public Utilities 5s
Guanajuato Reduction & Mines 6s
Indianapolis Water Co. 4j^s & 5s
Wichita (Kan.) Water 5s
Empire Lumber 6s
American Finance & Securities
Ala# Great So. Ry. 5s, 1927-1943
Mo. Kans. & Texas Ry. 2d 4s, 1990
Big Four" Underlying Bonds,
N.Y. Pa. & O. RR. reorg. P.L.4^£s, *35
Chic. Ind. & St. L. Sh. L. 1st 4s, 1953
Oregon Short Line Ry. 5s and 6s
Cleve. Akron & Colum.
Ry. 1st 5s, *27
St. Louis & Cairo RR. 1st 4s, 1931
Grand Trunk Western Ry. 1st 4s, '50
Utah & Nor. Ry. Con. 1st 5s, 1926
Harlem Riv. & Portches. 1st 4s, 1954
Bway. & 7th Ave. RR. Con. 5s, 1943
Illinois Centl—Cairo Bridge 4s, 1950
Brooklyn City RR. Co. 1st 5s, 1941
Loiiisv. & Jeffersonv.
Bdge. 4s, 1945
Flatbush W. Wks. Co. Gen. 6s, 1931
Man. & S. W. Coloniz. Ry. 1st 5s, 1934
New Amsterdam Gas Co. Con. 5s, '43
Portland Terminal 4s
Toledo Fremont
&
Norwalk Ry.
Oregon & Calif. Ry. 1st 5s, 1927
Ches. & Ohio Ry. 1st cons. 5s, 1939
Wm.
5s
Rochester & Syracuse RR. 5s
Carnegie Ewen
Tel. Rector 3273-4 and 3294
2 Wall
Street, New York
Birmingham (Ala.) Water 5s
HOTCHKIN
& CO.
State
53
Telephone
Main 460
Boston 9,
St.,
Mass.
Japanese Govt. 4s, 1931
Chicago & Eastern Illinois RR*
Japanese Govt. 4V^s, 1925
French Govt. 8s,
All Issues
1945
Missouri
•
Central Petroleum
Members of the New York Stock
20
Western Power
BROAD
ST., N. Y.
Federal
Specialists
\
Texas
#
■
,
,
•
Ry.
.
.
(J
New 10-Year
4% Notes
Tel. Rector 8460
York
New
-
Wm. C. ORTON & CO.
Bonds
City
Specialists Reorganization Securities
Tel. 7160-1-2 Broad
St., New York
Coady
Kodak
Eastman
Members New York Stock Exchange
Tel. Rector 9970.
N. Y.
•
Western Pacific
26 Broad
14 Wall St.,
-v
Exchange
Loan Bonds
Farm
in
&
All Issues
•'
BULL & ELDREDGE
Pacific Gas & Electric
MacQuoid &
Kansas
Argentine Govt. 4s & 5s
Amer. Lt. & Trac.
FOREIGN EXCHANGE
Bought and Sold
Common & Preferred
Listed
on
the
Stock
New York
Exchange
on Order
Bonds
Checks
Currency
Anaconda Copper 6s, 1929
Buffalo & Susq. 4s,
Southern Ry.—St.
L. &
Shuman
1963
Louis 4s, 1951
N., Mob. & Mon.Div.lst 4)^8, '45
Hocking Val. 1st Cons. 4j^s, 1999
Des Moines & Ft.
Dodge 4s, 1935
.
Illinois Cent.—Western Lines 4s, '51
Cleveland Short Line 1st
&
Rollins, Kalbfleisch & Co.
;
.
Members N. Y. Stock Exchange
66 BROADWAY
Telephone Rector 2687-8-9
4^s, 1961
30 Broad
Specialists in Railroad Terminal Bonds
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light &
Power of Baltimore Securities
Elk
72
Tel. Rector 6881
Trinity PL
WANTED
Green Bay
CONSTABLE
& FLEMING
constable
*
,71
Broadway NY"
icl, Fleming xT*.
Coal
Horn
SOUTH ST.
Denver & Rio Grande Income 7s, 1932
Soulthern Ry., Memph. 1st 5s, 1996
& Western RR.
INDIAN REFINING
GILMAN
INVESTMENT
SECURITIES
NEWBORG & CO.
Members New York Stock Exchange
60
BROADWAY,
N. Y.
Telephone 4390 Bowling Green
PRIVATE
WIRE
TO
ST.
LOUIS
Newburgh & New York 1st 5s 1929
Mobile & Ohio St. L. Div. 5s, 1927
City 3s, 1933
New Orleans Gt. North. 5s, 1955
Vicks & Meridian 1st 6s, 1921
Traverse
Monon Coal 5s, 1936
Chateaugay Iron & Ore 4s, 1942
Chic. T# H. & So. East Inc. 5s, '60
Chic. & East Illinois Bonds
Evansville & Terre Haute Bonds
Mo. Kansas & Texas
Bonds
Haytian Amer. Corp. 7% Pref.
WOLFF & STANLEY
Railroad and
Public* Utility
Phone Broad 7118
Stock & Scrip
5691-6 John
Liberty Registered Bonds
HENRY NIGHTINGALE
Canadian, Mexican and Foreign Government
Bonds.
42 BROADWAY
PROCTER & GAMBLE
N. Y. CITY
PINE STREET
(Established 1874)
BALTIMORE. MD.
Baltimore Stock Exchange.
CANADIAN SECURITIES
Com. & Pfd.
.
34
Members
We buy and sell for our own account
Deb. "A" Bonds
JOSEPH
Corp. Securities
Annapolis Securities
J. HARMANUS FISHER & SONS
Bowling Great 6450
East. RR. of Minn. N.Div. 1st 4s, 1948
St. L. Iron Mt. & So. Unif. 4s, 1929
Tel. Broad 7270
St., N. Y.
Wash. Bait. &
Finlay Si Davenport
Seiigmann
Members New York Stock Exchange
STANDARD
J. S. Baehe & Co.
Members New York Stock Exchange
BRANCHES and CORRESPONDENTS
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Pittsburgh
Cleveland
Rochester
Kansas City
New Orleans
St. Louis
Syracuse
Philadelphia
Troy
Free
Upon
L
Booklet
CARL H.
Mailed
1
Edition
New York % TeL, 6400 Broad
Albany
0
New
Eighteenth
Request
PFORZHEIMER &. CO.
Dealers in Standard Oil Securities]
Phones
4860-1-2-3-4 Broad.
25 Broad St., N. Y.
Utah &
New Haven 4s, 1956 & 1922
Northern 5s
Granby Mining 8s
Indiana, Columbus & Eastern 5s
Manitoba 42^8
United Lead Debenture 5s
R.I-Ark.&
La.43^8,St. P.& K.C. 42^s
Denver & Rio Grande
West Kentucky Coal 5s
Manila Elec.
Oklahoma Central 5s
Impt 5s
Porto Rico
Ry. & Lt. 5s
Rys. 5s
Western N. Y. & Pa. 5s
Brooklyn Rapid Transit 7s
Kansas
Virginian Power 5s, 1942
City Southern 3s
Central Pacific Ref. 4s
Bordens Condensed Milk
Erie-Pa. Coll. 4s
Dominion Steel Preferred
L. & N.-St. Louis 68
American Cities Preferred
Seaboard Air Line 6s
Valvoline
M., K. & T. Issues
Cuban Govt.
Chic. & East.
111.
Issues
Oil Preferred
,
,
4}^s & 5s
Mexican Govt.
Issues
Telephone Rector 2920
72
Trinity Place, N. Y.
SAM'L
Phone 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
[Vol. Ill
THE CHRONICLE
XVI
Current JBontu 3togufrietf
VNUSIED
Automatic Fire Alarm
Amer.fcT ypefoundersj6s,|1937
Federal System of Bakeries
Flatbush Water 6s, 1931
Harring-Hall-Marvin Safe
Hecker-Jones-Jewell
Locomobile Corporation
Hoffman Brewing 6s, 1921
Mathieson Alkali Pfd.
Nazareth Portl.
Manning, Maxwell & Moore
New
Morris Plan Bank Stocks
Piscataway Water 5s, 1961
National Licorice
Securities Co. of N. Y. Cons. 4s
Noiseless
Wall
lOBEV&KnQC
Typewriter
Exchange Bldg. Assn.
Members New York
Cement[5s,J1946
Jersey Steamboats, 1921
Union
Stock Exchange
]6s? 1922
Railways of N. Y. 5s, 1942
United Lead Deb. 5s, 1943
25 Broad Street
New York
Aetna Petroleum Corporation
Government,
8% Convertible Gold Notes
Circular
Railroad
Industrial
Investment Bonds
Jones & Thurmond
4
A. B. Leach & Co., Inc.
;
New York, N.Y.
25 Broad St.
Municipal,
Public Utility
Request
on
v
Investment Securities
'
■
Phone: Broad 7412
'''
"
62 Cedar
'
'
\-v
'
V''1'
'
-V
:
1
'
?
7|' '
•'
''' '
■
'
.
Cleveland
Buffalo
Boston
Philadelphia
Baltimore
'
'"•'7
!'
105 So. La Salle St., Chicago
St., New York
Scranton
Minneapoll
Milwaukees
Detroit
Pittsburgh
BROKERS AND SALESMEN WANTED
to sell securities of
Industrial
able
established profit¬
an
corporation.
Details
on
application.
L. N. Rosenbaum &
135
IllinoisTrust &Savings Bank
Company, Inc.,
BROADWAY. NEW YORK
La Salle
WE
WILL
BUY
Fairmont Coal 1st 5s,
1931
Jackson
Pays Interest
on
Time
$15,000,000
Has
on
Deposits, Current and Reserve
JOHN D. HOWARD & CO.
South
&
Redwood
BALTIMORE,
Bond
"
change.
Salesmanship
'The Human Side of Business* is the
on this subject ever written."
Price $3, cash with order.
Descriptive
best book
circular free.
Published and for sale
by
the Investment House of
Frederick Peirce & Co.
1421 Chestnut Street
BOUGHT
Philadelphia
AND
Accounts.k Deals in
Sts..
MD.
Acts
Transacts
as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent
variety of
ex-
Government, Municipal and
General Trust Business.
Corporation Bonds.'
Girard Trust Company
PHILADELPHIA
Chartered 1836
CAPITAL and SURPLUS, $10,000,000
Member of Federal Reserve System
on
10 STATE ST.,
E.
deposits.
G. F. Redmond & Co., Inc.
New Jersey
BOSTON, MASS.
Direct Private Wire to New York.
Tel. Main 3138—Fort Hill 920
Securities
New French Govt. 8s, 1945
II Exchange Place
President
American Power &
Light 6s, 1921
Light 6s, 2016
Southwestern Power & Light 5s, 1943
American Power &
Kansas
Gas
Denver
Gas &
&
Electric 5s,
Electric 7s,
1922
1922
H. L. NASON & CO.
Tel. SO Moats ornery
Jersey City* N. J.
&
B. Morris,
OUTWATER & WELLS
N. Y. Central 7s, 1930
111
a
Buys and sells
Interest allowed
Unlisted Oil, Mining, &
Industrial Securities
CONNELL
hand at all times
cellent securities.
Foreign Exa
SOLD
Bay State Film
El Favori Mines
Chicago
Capital and Surplus
Wheel. & Lake Erie Equip. 4s, 1923
Florida Southern 1st 4s,
1945
Potomac Valley 1st 5s, 1941
at
85
Devonshire St.
BOSTON 9
NICHOLS
Broadway
New York
Scott & Stump
Telephone: Rector 5467 jand 622
BERTRON, GRISCOM & CO. INC.
INVESTMENT SECURITIES
W. He
Goadby & Co.
Member. New York Stock
NO. 74 BROADWAY
Exchange
NEW YORK
Stock Exchange Building
PHILADELPHIA
Phones: Locust 6480. 6481, 6482, 6483
I
Keystone: Race 2797
INVESTMENT
40 Wall Street
NEW YORK
SECURITIES
Land Title Building
PHILADELPHIA
Sept. 18
1920.]
THE CHRONICLE
^financial
"We will
^financial
all things
answer
XVII
Leave NoWill
faithfully."
—SHAKESPEARE
dlze <=^aw would
FIDELITY
As
an
close
in
with the
contact
of its
affairs
this
,
c
customers
has
Company
for itself
up
\Perhaps not asyou
institution coming
a L
would have wished
i .1
il; 'A mills w<"i \un iss*
*
Someone M^ht
Suffer
Perhaps yourWe
set
purpose
a
which it strives at all times
or a
that
Within
fulfill.
to
safe¬
customers'
guarding
our
interests, protecting
,
oAwid Ihis by
their
respecting their
property,
MaW
confidence, and perform¬
ing
the best of
to
Bankers
Trust
Company
METROPOLITAN
TRUST COMPANY
THE
CITY OF
NEW YORK.
716 FIFTH
*
AVENUE
and Trustee
your Executor
30 Years
in
Will
appointing
trust to us.
60 WALL STREET
a
and
our
ability the tasks they en¬
OF
dependent
is included
purpose
pamphlet CiFAy d Trust
Company" sent onvecfixest
Our
Export Banking
Downtown Office
AstorTrust Office
16Wall Street
5^Ave. at 4Z#St
Paris: 9 Rue st.Florentin
KNOWLEDGE
INTIMATE
of
the needs and habits of the people,
acquired
by
tries
of
years
experience
residence in
actual
and
the
coun¬
themselves, is essential when
transacting business abroad.
Branches
23
South
in
America
New French Internal Loan
Branch in Mexico
1
Offices in Europe
8
Connections
Direct
with India
Anglo-South American
tbank, limited
49 Broadway
New York Agency,
Subscriptions to the
Securities Department is prepared
subscriptions and forward them to our
delivery of the
92
CEDAR
9.
of previous
per
privileges
Internal
Fes. 1,000 Bond.
have
been
provided
for
Loans, and we will forward
such securities to Paris for conversion.
and
investment
houses
are
invited
to
write
for
complete details.
American Express Company
First National Rank of Lowville, located
Lowville. in the Slate of New York, is closing
Its affairs.
AH note hnldt-rs and other creditors
The
at
of the association are
therefore hereby notified to
for payment.
the notes and other claims
C.
conversion
NEW YORK
North American Bldg.
Philadelphia, Pa.
Mass.
Notices
present
bonds, if, when, and as issued.
Approximate price $66.50
STREET,
50 Congress St.*
Boston,
Paris'of-
Interim receipts will be given, subject to
fice for entering.
Banks
Securities
French Internal
The American Express
to receive
holders
Investment
unlimited 6%
October 20 and close November 30.
Valuable
Hollister,White & Co.
new
Loan of 1920 will open on
FRED
BOS HART.
Dated July 31st. 1920.
President.
Securities
Department
TELEPHONE'
BOWLING GREEN 10,000
[VOL. 111.
THE CHRONICLE
XVIII
engineers
V
of Condition of
Statement
7£e National (ityRank
of Ciicago
Loans
RESOURCES
Discounts.,»_._S29,713,701.33
and
Certificates
Invest¬
and
Bonds
Other
2,067,941.61
—
4,508,836.46
ments
Customers' Liability for Ac¬
ceptances
and Letters of
2,090,081.88
Other Assets.
10,729,261.41
Banks..
Cash and Due from
—
--
117,810.23
—
$2,000,000.00
1,000,000.00
595,710.82
211,947.39
63,000.00
Capital Stock...
„.......
Undivided Profits
— -
Unearned Discount
Reserve for Taxes.
.
Acceptances and Letters of
Credit
Borrowed from Federal Re¬
serve
Bank
on
Liberty
Loan Bonds and Commer¬
— -
-
cial Paper....
Deposits
-
2,114,231.88
----
industrial and public
utility properties and conduct an
FINANCE
investment
fESIGN
'
KING,
U.
R.
JOHN
It.
public utility and
companies.
dustrial
REPORT
Trust Officer
ARTHUR J. BAER,
BOND
vlANAGE
in
DEPARTMENT
TRUST
'
either from their
design or from designs of
cuher engineers or architects,
T. R. THORSEN, Ass't Cashier
S. P. JOHNSON, Ass't Cashier
JR.. V. KELLEY, Ass't Cashier
Ass't Cashier
R. B. FUESSLEAss't Cashier
A.
ware¬
own
Cashier
BEATY,
HENRYJMEYER,fAss't Cashier
LEE
stations,
houses and
CONSTRUCT
F. A. CRANDALL, Vice-President
WALKER G. McLAURY, Vice-Pres.
CLIFFORD ARRICK, Vice-President
fUFORGAN.JPresident
DAVID
power
plants, industrial plants,
buildings.
.$49,227,632.93
OFFICERS
ALFRED L. BAKER, Vice-President.
H. E. OTTE, Vice-President.
CLAUDE H.
banking business.
steam
hydro-electric developmentSj
transmission lines, city and interurban railways, gas and chemical
4,858,697.50
38,384,045.34
...
Total
$49,227,632.93
J-
Total
INCORPORATED
LIABILITIES
_
Credit Transactions.:—
STONE & WEBSTER
1920
September 8,
Surplus_
and
Bonds
States
United
Business
of
Close
at
LANSING,
concerns,
going
new
projects
and Manager
Vice-President
on
proposed extensions and
DEPARTMENT
J. B. CHRISTERSON, Ass't Manager
GRAY, Ass't Manager
mWYOKK
BOSTON
CHICAGO
Chicago Trust Company
THE
STATEfAND MADISON STREETS
J. G. WHITE ENGINEERING
CORPORATION
of
Statement
Business Sept.
Condition at the Close of
LIABILITIES.
RESOURCES.
Time loans on collateral.
$2,685,305
845,288
4,166,437
1,532,900
__
Demand loans on collateral
Loans
and
discounts..
Loans on real estate
indebtedness
Capital
Surplus
(net)
$1,000,000 00
undivided
and
securities
Stock in Federal Reserve Bank—
Stock—79 W. Monroe St. Bldg.
and
Corp. (new bldg.)
Overdrafts
Cash and due from banks
Buildings—Industrial Units
8,374,476 91
1,643,111 64
42,000 00
Dividends unpaid
400,000 00
2,005 99
2,739,954 45
Federal Reserve Bank—Loans and
Customers' liability under letters
of credit and acceptances
543,667 67
40,000 00
__
$3,169,414 64
Demand.,..
11,543,891 55
272 50
Liability under letters of credit and
acceptances
discounts
Constructors
Engineers
profits
Reserved for interest and taxes.
308,700 82
-
—
82
51
35
00
Deposits—Time
Liberty bonds and certificates, of
Bonds
8, 1920.
23,835 00
1,237,872 86
l
Public
Utilities
Reports—Valuations—Estimates
43 EXCHANGE
PLACE, NEW YORK
23,855 00
joining (Engineers
$14,389,559 58
$14,389,559 58
OFFICERS
LUCIUS
JOHN
BLACKWELL, Asst. Cashier.
HOPKINS, Secretary
ANDERSON, Asst. Secretary.
ROY K. THOMAS, Trust Officer.
J. W. MARSHALL, Manager Bond Dept.
ARTHUR B. CODY and HIRAM S. CODY,
Managers Real Estate Loan Dept.
D. D. KLEDER, Auditor.
President.
O'LEARY, Vice-President.
WILLARD F
WILLIAM T.
BAILEY, Vice-President.
JOHN A. McCORMIOK, Vice-President.
F. O. BIRNEY, Vice-President.
C. H. FOX, Vice-President.
EDWARD
P.
S. POPE, Cashier.
STEINER, Asst. Cashier.
FREDERIC
MAX
W.
C.
TETER,
W.
H.
COAL AND MINERAL PROPERTIES
Examined,
Condensed report
at close of business
under
Letters
of
Due from Banks.
Exchange for Clearing House
__
Cash and Reserve
__
Total.......
3,744,720
59,459
7,084,902
972,078
3,637,571
13
00
Nobel A, West Streets,
...$53,056,834 64
ctutymcwvri
Capital
Surplus and Undivided Profits
Discount
Collected but not
Earned..__
Reserved for Taxes, Interest, etc
other Banks sold
Letters of Credit and
Acceptances
(Federal Reserve Bank)
(Federal Reserve Bank)
Bonds Borrowed
Rediscounts
Bills Payable
$1,500,000
2,606,094
154,623
518,473
2,167,991
1,576,728
4,557,025
2,402,000
750,600
00
73
02
06
96
17
00
00
00
36,823,298 70
Total
.$53,056,834 64
_
WM.
KENTON
WARNE,
;
A.
Vice-President
THOS.
W.
CHASl H. JAMES, Asst. Cashier
Brooklyn, N. Y. City
27
98
53
LIABILITIES
Liberty
Deposits
CO.
and
Credit
Interest Earned but Uncollected
Acceptances of
MFG.
NILA, SISAL. JUTE
L. $37,558,102 73
Investments
•Interest and
Appraised
PHILADELPHIA
CORDAGE
Sept. 8, 1920
RESOURCES
Liability
Acceptances
Managed,
Drexel Bldg.
315 CHESTNUT STREET
and
&. CO
PHILADELPHIA
OF
Loans
CHANCE
AMERICAN
First National Bank
Customers'
M.
Mining Engineers and Geologists
LAW,
President
HAAS, Vice-President
Cashier
CARL
H.
//-£
jV. S£a,$/cU/e f/L
^/uca^o, jf/l.
Foreign Exchange, Foreign Securities,
European Currency, German Bonds,
European Bonds.
New
Jersey
Municipals
I
HARRY J.
ANDREW,
o.
INCORPORATED
CHAFFEE, Asst. Cashier
HOWARD D. SORDON, Asst. Cashier
B. J. Van Ingen
46 Cedar St.
& Co.
New York
TEL. 6364 JOHN.
SEPT. 18 1920.]
THE CHRONICLE
Jfinandal
xtx
SJanfe IHatementef
Six Per Cent
Southern
Municipals
Short Time Notes
CHICAGO
Commercial
Close of
Call
Paper
Loans and Discounts
Bonds and Securities..
Preferred Stocks
September 8,
Furniture and Fixtures
Customers'
Liability
Letters of Credit..
Capital
Undivided Profits..$90,562 46
261.594 45
Reserve for Interest and Taxes
Surplus
Collected
Prior to
47,170 00
ceptances
Federal
154,294 54
27,906 27
Re¬
,589,375 00
261,594 45
47,170 00
8 ,639,932 51
___
Liability under Letters of Credit
Liability under Acceptances
Deposits
12,585 69
2,535,338 22
..........
Maturity 63,732 08
Rediscounts with
serve
Bank
Interest
Hibernia
...
Discount
Customers' Liability under Ac¬
$3 ,000,000 00
600,000 00
....
1,018,937 41
108,000 00
35,411 19
under
Earned but not Col¬
lected......_.l.
Cash and Due from Banks._.
1920
LIABILITIES
$12,301,235 81
Stock of Federal Reserve Bank
Acceptances
Business
RESOURCES
.....
$16,320,°72 77
$16,320,272 77
OFFICERS
Securities
Company
(Incorporated)
Hibernia Bank
Building
HARRY H. MERRICK, President
JAMES O. JOHNSON, Vice-President
JOHN W. THOMAS, Vice-President.
EVERETT L. AUGUSTUS. Asst.
R. J. BIRKLE, Asst. Cashier.
New Orleans
VALLEE
Dept.
THEODORE
HOWARD
S.
PALLAS, Asst.
MOY,
Asst.
Mgr.
Mgr.
For¬
Foreign
Dept.
F. MARVIN AUSTIN, Asst. Cashier.
WILLIAM F. ROBERTS, Manager
44 Pine St.
-
8.
eign Dept.
Cashier.
TILLIE
Bond
S.
Service
Dept.
New York Office
O. APPEL, Trust Officer.
NATHAN G. CHATTERTON, Mgr. Foreign
RAYMOND R. PHELPS, Vice-President.
CHARLES C. WILLSON, Vice-President.
WILLIAM A. NICOL, Cashier.
ALBERT J. HUNTER, Asst. Manager Bond
HAROLD
Dept.
FRANKENTHAL, Mgr. Special
Dept.
L.
HIBBOTT,
Mgr.
New
Bus.
Dept.
DIRECTORS
R.
F. AFFLECK, Pres.
Cement Co., Chicago.
F.
CINCINNATI
GAS
ELECTRIC CO.
&
Universal Portland
L.
BATEMAN, Pres. Trans-Continental
Freight Co., Chicago.
WILLIAM
BUTTER WORTH,
Deere
Pres.
& Co., Moline.
BYFIELD,
Co., Chicago.
Pres.
Hotel
Sherman
A. A.
Dec.
Due
Principal
and
1,
Notes
1922
interest
semi-annual
payable in New York.
J.
cago.
•
■'
;
DAVID B. PIERSEN, Vice-Pres. StephensAdamson Mfg. Co., Aurora.
FRANK
W.
REN WICK,
Pres.
Chicago
JOSEPH
B.
EDWARDS,
Pres.
Kellogg
Switchboard and Supply Co., Chicago.
SAMUEL M. HASTINGS, Pres. Computing
Scale Co. of America, Chicago.
JAMES C. JOHNSON, Vice-President.
EDWARD R. LITSINGER, Litsinger, Healy
Gravel
Price to Yield
BOND
Co.,
Chicago.
JOHN
F.
SMULSKI, Pres. Northwestern
Trust and Savings Bank, Chicago.
GEORGE H. TAYLOR, Real Est., Chicago.
JOHN W. THOMAS, Vice-President.
L. M. VILES, Pres. Buda Co., Chicago.
CHARLES C. WILLSON, Vice-President.
A. YAGER, Pres. Arms Palace Horse
W.
Car Co., Chicago.
&
Complete description on request.
Byllesby & Co., Chicago.
<5. PADDOCK, Cashie
The Merchants
and Illinois National Bank, Peoria, 111.
R. PHELPS, Vice-Pres., Chi¬
CRANE, Vice-Pres. First and Security
National Bank, Minneapolis, Minn.
Secured Gold
OTTO
RAYMOND
JOSEPH
DONALD R. COTTON, Manhattan Oil Co.,
St. Paul, Minn.
6%
H. OGDEN, Pres. The First National
Bank, Muskogee, Okla.
E.
OSTHOFF,
Vice-Pres. H. M.
H.
Reid, Chicago.
HARRY H. MERRICK, President.
JOHN S. MILLER, Attorney, Chicago.
.
JOSEPH I. ZOOK, Treasurer
Ward & Co., Chicago.
7%%
Great Lakes Trust
DEPARTMENT
Company,
110 South Dearborn Street,
Fifth-Third
Chicago
Surplus $600,000
Capital $3,000,000
National Bank
CINCINNATI, O.
,
'AMERICAN
OUR
FORTY
YEARS
FOREIGN BANKING
CORPORATION
53
Broadway, New York
CONDENSED
La Salle and
Branches
BRUSSELS
HAVANA
HARBIN
PANAMA
MANILA
PORT
RIO
AU
DE
SANTO
PRINCE
Correspondents throughout the
RESOURCES
Loans and Discounts...
.$34,578,402.70
Overdrafts.........
11,623.78
Stock
of, Federal
Reserve.
180,000.00
281,300.00
Bank of Chicago......
JANEIRO
DOMINGO
World.
U. S. Liberty Bonds..
U.S. CertUF. of Indebtedness
Other Bonds
2,877,434.74
650,000.00
...
& CO.
BONDS
Interest
41 So.
SECURITIES
La Salle St.,
CHICAGO
$2,600,000.00
3,500,000.00
631,111.99
Surplus (earned)...........
Undivided Profits..........
Reserved for Taxe*
Reserved for Savings
Acceptances
460,000.00
Interest
...
...
Deposits.
...
.....
62,000.00
145.00
1,399,801.07
Allowed
On
....
39,545,286.71
$47,998,344.77
$47,998,844.77
Deposits—Your Business Invited
OFFICERS
LEROY A.
GODDARD, Chairman of the Board
HENRY A. HAUGAN
President
OSCAR H. HAUGAN. ..Vice-President
C. EDWARD CARLSON.Vice-President
WALTER J. COX
Vice-President
AUSTIN J. LINDSTROM
Cashier
SAMUEL E. KNIGHT
-Secretary
BANK SHARES
UNLISTED
1920
LIABILITIES
1.399,801.07
7,995,282.48
.
JOHN BURNHAM
Sept. 8,
Capital Stock
Dividends Unpaid
Banking Premises
Customers' Liability on Acceptances
Cash and Due from Banks.
New
Chicago
Washington Streets
Close of Business
AIRES
BUENOS
BANKING
REPORT OF THE
State Bank of
Capital and Surplus, $6,500,000
Principal
RECORD
CONSERVATIVE
OF
BOARD
WILLIAM C. MILLER
Trust Officer
FRANK I. PACKARD
Asst. Cashier
JOSEPH F. NOTHEIS
.Asst. Cashier
FRANK W. DELVES.
...Asst. Cashier
GAYLORD S. MORSE...Asst. Cashier
JOHN D. CAMPBELL..Asst. Secretary
OF DIRECTORS
DAVID N. BARKER.
OSCAR H. HAUGAN...Vice-President
J.J.DAU,Chairman Reid, Murdoch & Co.
A. LANQUIST, Pre&Lanq't & Illsley Co.
W. A. PETERSON, Prop. Pet'n Nursery
LEROY A. GODDARD ..Ch. of Board
HENRY A. HAUGAN
President
H. G. HAUGAN..
Retired
CHARLES P1EZ
„
Montgomery *
.Pres. Link Belt Co.
MARVIN B. POOL..Mgr. Butler Bros.
[VOL. 111.
THE CHRONICLE
XX
i&snk statements
CONDITION OP
REPORT OF THE
"Identified tcith Chicago's
Since 185V
Progress
THE CORN EXCHANGE
The
NATIONAL BANK
Merchants,
Loan
CHICAGO
OF
At
Close
the
Sept.
Business
of
8,
1920.
RESOURCES
ILLINOIS TRUST
Time Loans-$79,857,801.33
Demand
Loans
19,915,174.89
Condition at the Close of
Business September 8, 1920.jH
Statement "of
la
.
m resources
Bonds
States
"-uaaajtf-Tr?
and
2,285,944.69
13,421,961.41
420,000.00
Certificates
Other Bonds and Mortgages
Stock in Fed. Reserve Bank
Customers* Liabiiity under
Letters of Credit
—Customers' Liability under
3,884,415.00
Federal
In
Reserve
Condensed Statement
420,000.00
Foreign
Banking Corporation—
Customers'
Liability
on
Stock
441,033.00
1,099,378.07
Letters of Credit—
Customers'
Liability
on
6,429,462.97
Acceptances
Other Banks' Liability
Bills Bought
Cash
on
on
and
12,561,587.21
Cash & Due from
Federal Re¬
serve Bank. $11,061,318.27
Due from Other
Banks
and
Bankers
18,661,265.64
Checks for
50,000.00
Hand
and
Ex¬
change
$21,853,758.82
U. S. Certifi¬
cates of Indehtedness.
&
Re¬
9,962,870.68
Other Banks
16,748,707.48
33,177,121.88
—$109,787,551.91
Bonds and
Other Se¬
curities
17,072,298.33
$8,077,823.65
serve Bank.
Due from
437,500.00 $22,291,258.82
Dis¬
counts
for Clearing
House
Due from
Liability of Other Banks
Bills
34,789,401.81
3,554,537.97
1920.
RESOURCES
Cash
Loans
Clearing
House
Close of Business
at
8,
.
on
Checks
Federal
—
Sept.
American
In
------
13.306,912.41
Acceptances
Other Banks' Liability
Bills Bought--
Stock
Jackson-/ Chicago
1,162,100.00
2,167,441.50
Bonds
Bank
$80,710,127.27
Loans and Discounts
United
'•
La Salle at
United States Bonds & Cer¬
tificates of Indebtedness
Other
—
$99,772,976.22
O SAVINGS BANK
$146,331,793.57
126,859,850.24
on
Purchased-
1,376,434 33
Customers' Liability
Ac¬
on
5,117,603.45
ceptances
Interest Accrued, but
not
Collected
344,723.45
$159,768,069.87
$155,989,870.29
LIABILITIES
LIABILITIES
$5,000,000.00
Capital
Surplus
--------
-
Undivided Profits
Discount Collected but not
Earned
terest
Undivided
2,033,889.02
Dividends Unpaid
Reserved for Taxes
701,364.95
Accrued
for
and
In¬
Bills Payable with
Reserve Bank
Federal
350,000.00
Rediscounts with Federal
Reserve Bank
Liability
on
Letters
of
12,675,000.00
Credit
3,884,415.00
Liability on Acceptances..
10,929,970.16
Contingent
Liability
on
Other Banks Bills Bought
12,561,587.21
Deposits
102,052,301.79
Profits
Unearned
Due
579.541.74
Taxes
$5,000,000.00
9,000.000.00
2,161,052.10
.
9,000,000.00
-
Reserved
Capital
Surplus
Federal
to
298.00
—
743,838.33
832,487.12
Interest
Reserve
17,400,000.00
Bank
Liability
Credit
of
Letters
on
1,099,378.07
6,429,462.97
—
Liability on Acceptances—
Liabiiity on Other Banks'
Bills Bought
LIABILITIES
CAPITAL Surplus and Un¬
divided Profits
$16,662,573.89
DEPOSITS—
Demand —$62,905,900.77
Time
56,503,171.45 119,409,072.22
-
Reserved for Taxes & Int—
Dividends Unpaid..
Bills
Payable
counts
with
846,044.55
824.00
Redis¬
Federal
Re-
Bank...
.serve
50,000.00
and
Liability
12,475,000 00
Endorser
as
on
Bills Purchased and Sold
Deposits—
Banks and
Bankers .$31,912,369.87
Individual- 71,702,907.11
Liability
1,376,434 33
Acceptances
on
4,757,500.00
Discount Collected but Not
Earned
462,421.30
103,615,276.98
—
$155,989,870.29
$146,331,793.57
$159,768,069.87
OFFICERS
•
DEPARTMENTS
OFFICERS
Commercial-Savings-Trust-Bond
Farm
Loan—Foreign
Exchange
OFFICERS
JOHN J. MITCHELL.Chairman of Board
EDMUND D. HULBERT
President
FRANK Q. NELSON
Vice-President
JOHN E. BLUNT
JR
Vice-President
C.
E.
ESTES
—Vice-President
F.
W.
THOMPSON
—Vice-President
H. G. P. DEANS
Vice-President
P. C. PETERSON
Cashier
JOHN J. GEDDES
Assistant Cashier
F. E. LOOMIS—...
Assistant Cashier
A. F. PITHER
Assistant Cashier
LEON L. LOEJJR—Sec. and Trust Officer
JOHN J. MITCHELL-.Chairman of Board
ERNEST A. HAMILL. Chairman of Board
EDMUND D. HULBERT
President
CHAS. L. HUTCHINSON-Vice-President
OWEN T.
J.
REEVES
EDWARD
NORMAN
JAMES
J.
LEWIS
FORD
Vice-President
J.
--Cashier
Assistant
Cashier
Assistant Cashier
NOVAK-
Mgr. Bond Department
Mgr. Bond Dept.
Field
Estate.
DIRECTORS
EDWARD B. BUTLER
Chairman
of Directors
Butler Bros.
Field
ORSON
&
CARR
Ryerson & Son
CLYDE
M.
HENRY
P. CROWELL
Co.
Oats
President
Chairman of Advisory
Committee.
JAMES
SOPER
President
Soper
Company.
A.
SPRAUUE
Chairman
P.
Lumber
ALBERT
Sprague
Warner
&
Company.
LAYMAN—-—-—Assistant Cashier
J.
M.
ERNEST A. HAMILL
—Assistant Cashier
Assistant
MILLS——
Cashier
Assistant Cashier
Assistant Cashier
President Elgin
J. HARRY SELZ
& Co.
EDWARD
A.
VIce-Pres.
ROBERT
J.
gomery
CHARLES
Chicago
Shedd & Co.
THORNE
President
& Co.
Mont¬
W nrd
H.
W4CKER
Heights
BERGER—-Assistant Secretary
Land
Assistant Secretary
MUSGROVE—Assistant Secretary
KITCHELL
Assistant Secretary
ROGER K. BALLARD—Mgr. Bond Dept.
M.
H.
BENT
F.
D.
CONNER
Asst.
Mgr.
Mgr.
BLAIR
A.
STANLEY
FIELD
FREDERICK T. HASKELL
E.
D.
HULBERT
C.
HUTCHINS
CHAUNCEY
President
Association
KEEP
MARKHAM
JOHN J. MITCHELL
CHAS.
H. SCHWEPPE
JOHN O. SHFDD
FRANK
D.
STOUT
EDWARD F.
SWIFT
Bond
Publicity
DIRECTORS
HENRY
CHARLES H.
E. A.
Secretary
Assistant Secretary
C. B. OVERAKF.R
JAMES
President Selr. Schwab
SHEDD
HENKLE
TAYLOR
ERNFST A. HAMILL
RYERSON
A.
BRUGMAN—-Assistant Cashier
of Board
JOHN J. MITCHELL Chairman of Board
Illinois Trust & Savings bank.
MARTIN
J.
H. W.
T.
President
HUTCHINSON
L.
Joseph
Chairman
HULBERT
D.
EDMUND
F.
F. E.
President Quaker
Company.
SMITH
Cashier
H. GEDDES
MORRIS
Board
CARPENTER
President
Carpenter & Co.
BENJAMIN
Oeo. B.
CHARLES
Company*
EDWARD L.
RYERSON
Chairman
Joseph T. Rverson & Son.
JOHN
Q.
SHFJDD
President Marshall
W.
Vice-President
..—Assistant Cashier
J. W. KNIGHT
F.
B. BORLAND
Managing Borland Properties
CHAUNCEY
CHARLES H. HULBURD
National Watch Co.
President Pullman
STEVENS-
WILLIAM H.
SEYMOUR MORRIS
Estate.
JOHN S. RUNNELLS
E. S.
Vice-President
Vice-President
COOPER--
F. I. COOPER
JOHN
CYRUS H. McCORMICK Chairman Inter¬
national Harvester Company.
JOHN J. MITCHELL Chairman of Board.
Trustee L. Z. Leiter
BLAIR
HUTCHINS.
M.
PAUL C. MILNFR———Assistant Cashier
WATSON F. BLAIR
CLARENCE A. BURLEY
Attorney and
Capitalist.
R. T. CRANE
JR.
President Crane Co.
ERNEST A. HAMILL, Chairman Corn Ex¬
change National Bank.
HALE HOLDEN, President Chicago Bur¬
lington & Quincy RR. Company.
MARVIN HUOHITT Chairman Chicago &
North
Western
Railway Company.
EDMUND D.
HULBERT
President.
CHAUNCEY
KEEP
Trustee
Marshall
I.
C.
Vice-President
C. F. MONAHAN——Assistant Cashier
Asst.
DIRECTORS
President
HASKELL.Vice-President
LEE B. DOTY_——_
A. LEONARD JOHNSON--Asst. Secretary
G. F, HARDIE
C. C. ADAMS
A.
EUGENE
WALKER—Assistant Cashier
CHARLES
HENRY
JAMES
Vice-President
QARY
A.
HULBERT
CHAUNCEY KEEP
Vice-President
JR-
SCHOENECK
F.
E.
D.
FREDERICK T
MAASS
O. WAKEFIELD-Vice-President
EDWARD
JAMES
E.
Dept.
Dept.
Sept. 18
1920:]
THE CHRONICLE
xxi
Panfc Statements
The CONTINENTAL^
COMMERCIAL
BANKS
Chicago
of Condition September 8,
Statement
A''AAA'
Bank
National
Commercial
and
Continental
1920
Resources
$210,176,567 26
74,904,989 89
Time Loans
Demand Loans
Acceptances
Bonds, Securities, etc
607,540 32
11,346,655 79
—
.
$297,035,753 26
U.
S. Bonds and Certificates of Indebtedness
Stock
of
Bank
Federal Reserve
Bank Premises
11,622,098 78
1,125,000 00
.
6,000,000 00
(Equity)
32,945 00
Other Real
Estate
Customers'
Liability
on
Customers'
Liability
on
5,089,685 44
14,675,255 35
Letters of Credit
Acceptances (as per Contra)
20,546 05
107,012,358 15
Overdrafts
Cash and Due from Banks
1
$442,613,642 03
Liabilities
6';-;AVU:.
...
Undivided Profits...
Reserved for Taxes
4.—
—
...
/■;
2,084,295 46
50,000 00
*—
#
Circulation
10,011,000 00
Bills Payable with Federal Reserve Bank
Rediscounts with Federal Reserve Bank
Borrowed—
U. S. Certificates of Indebtedness
■.
$25,000,000 00
12,500,000 00
6,760,555 01
Capital
Surplus
52,595,000 00
250,000 00
-
5,376,842 15
14,241,684 70
Liability on Letters of Credit
Liability on Acceptances
Deposits— Individual
-
Banks
-
$198,069,482-78
-
115,674,781 93
-
313,744,264 71
$442,613,642 03
Continental and Commercial Trust and Savings
Bank
Resources
Time Loans
—
-
Demand Loans
♦Bonds and Securities
Cash and Due from Banks
-
$27,124,102 03
$21,904,695 31
13,573,715 31
11,188,077 09
46,666,487 71
—
•Adjusted to cost
or
$73,790,589 74
market price, whichever Is lewer.
Liabilities
$5,000,000 00
4,000,000 00
1,830,137 06
1,448,850 61
Capital
Surplus
Undivided Profits
Reserved for Taxes, Interest and
-
Dividends
—
•
—
$12,278,987 67
$21,382,700 40
Demand Deposits
40,128,901 67
Time Deposits
61.511,602 07
$73,790,589 74
The
Commercial Trust and Savings Bank is (rwned
Continental and Commercial National Bank of Chicago
capital stock op the Continental and
by the stockholders of the
Combined
Deposits, $375,255,866.78
[VOL. 111.
THE CHRONICLE
XXII
SJanfe Statement*
The First National Bank of
Chicago
CHARTER NUMBER EIGHT
Statement of Condition at Close
■
'V-.V"
LIABILITIES
Capital Stock paid in...
Surplus Fund
-.$173,548,531.48
United States Bonds and Certificates
8,911,461.70
2,338,500.00
Bonds to Secure U.S. Postal Savings Deposits
3,334,248.61
Other Bonds and Securities (market value)..
Loans and Discounts.-
of Business Sept. 8, 1920
' ASSETS
■
.
_
National Safe Deposit Co. Stock (Bank Bldg.)
Federal Reserve Bank stock.
2,381,700.00
660,000.00
Customers' liability under letters of credit.
Customers' liability account of acceptances.
8,120,625.29
14,161,152.30
—
_
—
—
—
Other Undivided Profits-.-..
— -.--.
Special Deposit of U. S. Govt. Securities—.
Dividends Declared but Unpaid
Reserved for Taxes
Bills payable with
Rediscounts with
Federal Reserve Bank—
Federal
Bank.
Reserve
—
Due from U. S. Treasurer
$20,000.00
_
18,804,666.92
53,263,097.81
Cash and Due from Banks
...
Liability under Letters of Credit..
Liability Account of Acceptances
Time Deposits....
$2,404,313.97
Demand Deposits....
.191,639,995.15
v
Due from Federal Res. Bank.
......
72,087,764.73
194,044,309.12
908,080.01
Liabilities other than those above stated
663,875.19
Other Assets.
$286,207,859.30
$286,207,859.30
Division "D"
Division "A"
Arthur W. Newton, Vice-President
O. V. Essroger, Vice-President
H. A. Anderson, Assistant Vice-President
Grain. Flour and Feed
Collateral Stocks and Bonds
Coal, Doctors and Lawyers
Meat Products, Live Stock Commission
Division "E"
William J. Lawlor, Vice-President
J. B. Forgan Jr., Asst.
H. H. Heins, Assistant Vice-President
Division "C
Nugent,
Richard J. Cody, Assistant Cashier
Vice-Pres.
William H. Monroe. Asst. Cashier
Allmendinger, Assistant Cashier
H. R. Ross,
-
Domestic
Statement of Condition
.....
_
Savings
...
...
$16,681,008.19
53,689,227.45
Capital
Surplus and Undivided F^rol'its
186,000.00
Reserve for Interest and Taxes
6,636,122.69
681,716.39
352,500.00
Acceptances Executed for Customers
2,485,000.00
Federal Reserve Bank Stock
Cvsoomers'
Due
Liability for Acceptances......
Loans.......
.$14,335,799.47
trorn
Cash
Federal Res. Bank.
Banks
uue from
«,ua
Sept. 8, 1920
LIABILITIES
United States Certificates of Indebtedness..
Demand
Edward E. Brown, V.-Pres. & Gen. Counsel
John N. Ott, Attorney
Close of Business
at
ASSETS
Loans and Discounts...........
Law Department
Exchange Dept.
Robert F. Green, Manager
Wm. G. Strand
Asst. Manager
Manager
and
Bonds
Discount and Collateral Dept.
A. V. Dillon—
Manager
Credit and Statistical Dept.
Edward. M. Tourtelot. Manager
Asst. Auditor
*
Foreign Exchange Department
Harry Salinger,
Charles P. Clifford,
Vice-President
O. C. Brodhay, Asst. Cashier
Guy W. Cooke, Assistant Cashier
Assistant Cashier
Auditing Department
J. P. McElherne,
H. L. Droegemueller,
Auditor
R. F. Newhall, Cashier
•
•
G. H. Dunscomb, Asst. Vice-President
J. P. McManus, Asst. Vice-Pres.
Banks and Bankers
Asst.
G. P.
3,905,206.47
payments...
Bills payable with Fed. Res. Bank,
4,372,264.91
Unearned discounts
22,613,270.85
10,959.55
Chicago.
;.
Deposits....
Demand Deposits...
243,505.96
.$68,480,965.78
I.
FRANK M. GORDON
Vice-President
E
Vice-President
J. H. TEMPLETON..Asst.
......
JOHN C.
MECHEM
ROBERT
D.
DAVID
A.
W
V.
— ...
..Vice-President
Vice-President
FORGAN..
Treasurer
WEBSTER....
CONVERSE.....
Secretary
......
OLIVER A. BESTEL
O,
G.
FLEAGER
..Cashier
..Trust Officer
Asst. Treasurer
—
G, R. ROEHM
Mgr.
Savings
Dept.
Fj
A.
PORTER
..Manager Bond
STAKE.
O. NASON—
ROY
R
Bond Dept.
...Asst. Cashier
Asst. Trust Officer
_________
W. O'BRIEN.
EDWARD
Mgr. Bond Dept.
Asst. Mgr.
JOSEPH R. JULIN...
H. H. ALBORN.
Dept.
Asst. Cashier
D. W. WESTERVELT
W.
Board
FRANK
B. O. HARDENBROOK.......Vice-President
ROY 0. OSGOOD..
of the
Chairman
.President
L.
79,498,701.90
13,017,736.12
...
$95,992,006.49
FORGAN.
MES B
186,000.00
...
$95,992,006.49
MELVIN A. TRAYLOR-....
$6,250,000.00
...
...
Liability to customers account Liberty Loan
2,470,000.00
Time
LOUIS BOISOT.
Vibe-President
<
Division "F"
John F. Hagey, Vice-President
A. N. Cordell, Assistant Vice-President
Agricultural Implements, Buggies, Automobiles and othe' Vehicles
Iron and Steel Products
Lumber, Furniture, etc.
Manufacturing Sundries
Charles N. Glllett, Vice-President
J.
Vice-President
Groceries, Drugs, Dairy Products, Produce Commission and Cold Storage
Sugar Mfrs. and Dealers. Confectionery, etc.
Malsters and Beverages
Tobacco
Restaurants, Bakers and Hotels
Dry Goods, Millinery, Woolens, Clothing, Cloaks, Furnishing Goods
Jewelry & Merchandising Sundries Transportation Ladies
Hats & Caps
Thos.
J. W. Lynch,1 Asst.
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
Division "B"
M. D. Witkowsky, Vice-President
Melvin A. Traylor, Vice-President
John P. Oleson, Vice-President
Frank O. Wetmore, President
James B. Forgan, Chairman of the Board
1,208,259.79
2,000,000.00
2,095.50
1,694,415.84
7,625,000.00
26,850,000.00
97,500.00
808,539.43
7,781,549.27
14,645,725.33
...
Cash Letters of Credit
;
3,542,385101
—
Discount Collected but not Earned
Foreign Bills Rediscounted
Cash Resources—
$12,500,000.00
12,500,000.00
Asst. Trust Officer
O.
WETMORE...
THOMAS S
MARQUARDT
Asst. Cashier
Asst. Secretary
F. J. SHANNON.......
Asst. Trust Officer
H. L. DROEGEMUELLER
J.
P. McELHERNE..——.
Auditor
Asst. Auditor
ROBT. L. DAVIS.....Mgr. Real Estate Dept.
S. J. DONALDSON .Asst. Mgr. Real Est. Dept.
.Asst. Trust Officer
...Asst. Cashier
Asst. Cashier
W. K. HARRISON
LOUIS
_______
ROBYN
Vice-President
McOARTY
K.
BOYSEN-.
Manager
Real Estate Loan Dept.
EDWARD E. BROWN.
General Counsel
JOHN N. OTT.
DIRECTORS OF THE FIRST NATIONAL BANK AND THE NATIONAL SAFE DEPOSIT
Attorney
COMPAN'lf
ALSO DIRECTORS AND MEMBERS OF THE ADVISORY COMMITTEE OF THE FIRST TRUST AND SAVINGS BANK
Benjamin Allen
D.
Mark
Cummings
Robert P. Lamont
Charles H. Morse
Clive Runnelis
Wm. J. Watson
A.C. Bartlett
James B.
Philip D. Block
John H. Hardin
William J. Louderback
John P. Oleson
Silas H. Strawn
Thomas E. Wilson
William L. Brown
H. H.
Harold F. McCormick
Joseph D. Oliver
Bernard E. Sunny
Clarence M.
Augustus A. Carpenter
E.T. Jeffery
Nelson Morris
Henry H. Porter
Melvin A. Traylor
William
Forgan
Hitchcock
Clifford M. Leonard
James
Norris
John A. Spoor
Combined Deposits of Both Banks9 $273,543,011.02
♦
Frank O.
Wetmore
Woolley
Wrigley, Jr.
SEPT. 18 1920.]
THE CHRONICLE
Jitenfe Statement*
Stenfe Statement*
REPORTJOFJTHE CONDITION OF
THE
HANOVER
XXIII
10
'
JL
NATIONAL
BANK
OF^THEJCITY OF NEW YORK,
at New York.
of
Member
luHhe State'of New York, at the c«ose
business, 6eptember£8th,
1920:
Federal
United States
Reserve Bank
Depository
RESOURCES.
Loans and discounts..
;
599,179,021.63
100,000.00
U. 8. bonds to secure circulation
U. S. bonds to secure U. S.
750,000.00
deposits..
U, 8. bonds and certificates of indebt-.
edness owned and unpledged.......
7,453,200.00
U. 8. bonds deposited with Superintend¬
ent of Banks, New York State, In
trust
400,000.00
7,538,245.81
4,675,000.00
5,626,826.68
980,238.41
33,939,752.80
4,233,090.50
1,227,976.50
21,278,162.35
...
Bonds, securities, &c__
Banking house
—
Due from banks and bankers
..
Checks and other cash items
Exchanges for Clearing House.
Specie; gold
"...
...
...
Other cash in vault..
Due from Federal Reserve Bank
Redemption fund and due from U. 8.
DETROIT, MICHIGAN
81,000.00
Treasurer.......
Customers'
liability
(acceptances
exe¬
STATEMENT OF CONDITION
cuted by other banks under letters of
72,701.78
credit)
Interest accrued
At the close of
139,545.23
....
$187,674,761.69
LIABILITIES.
$3,000,000.00
14,000,000.00
Capital stock paid in...
Surplus fund
Undivided profits
$6,331,578.21
Discount
received
Loans and Discounts
Real Estate
Bonds
but
622,227.76
not earned
Reserved for interest accrued-
.
$65,274,577.93
.
.
26,361,134.18
10,611,442.09
...
and
Liberty Loan Bonds
21,406,450.40 $123,653,604.60
.
Stock in Federal Reserve Bank
100,000.00
National bank notes outstanding
.
Mortgages
United States Government Certificates
6,953,805.97
100,478.72
933,590.42
—
Reserved for taxes
business, September 8tb, 1920
RESOURCES
Due to banks and bank-
.
.
.
,
375,000.00
1,750,000.00
.
.
Banking House and Branch Buildings
Customers' Liability on Acceptances, Letters of Credit
and Travelers' Checks
.
ers...—............$87,445,410.21
Individual deposits sub¬
ject to check
47,164,554.60
certificates
Certified
>
on
checks
4,297,143.48
72,012.38
standing
deposits...
161,962,905.59
sfti
Letters of credit and traveler's checks..
executed
Letters of credit (acceptances
Capital Stock
....
Surplus Fund,
.
Bills
*
I, WM. E. CABLE, JR., Cashier of The Hanover
do solemnly
swear that the above statement is true, to the best
,
W.
il
1,273,260.92
.
Commercial Deposits
knowledge and belief.
j
.
CABLE, JR., Cashier.
Bank
Deposits
Savings Deposits
13th day of
'
.
.
$47,898,597.72
.
.
.
.
7,333,159.36
51,035,327.77
.
1
WM.
WARREN
HENRY W.
OFFICERS
•
1
WILLIAM WOODWARD,
BARBOUR,
'
JAMEP T.
[Directors.
JOHN
J
HOWE,
KE EN A, Chairman of the Board
F
W. STALEY, President
A. H. MOODY, Cashier
D N. SWEENY, Assistant Cashier
D. E. LEUTY, Assistant Cashier
WILLIAM BRAASCH, Assistant Cashier
G. W. BEASLEY, Assistant Cashier
F. A. SCHULTE, Vice-President
R. BODDE, Vice-President
JOHN
BORGMAN, Vice-President
SMYLIE, Vice-President
CUDMORE, Vice-President
H. P.
R. W.
CURTIS C. BOGAN, Assistant Cashier
C. I. NORMAN, Manager Bond Dept.
AUSTIN K. WING, Asst. to President
GEORGE T. COURTNEY, Auditor
RODERICK P. ERASER, Manager Foreign Department
R
UNION EXCHANGE
T.
CHARLES II. AYERS, Vice-President
NATIONAL BAM OF NEW YORK
DIRECTORS
Fifth Avenue and 21st Street
Condensed Statement, Sept. 8,
1920.
RESOURCES
and
Bonds
and
Government
Discounts
Investments
Bonds
RUSSELL A. ALGER
GEORGE H. BARBOUR
FRED W. HODGES
J. C. HUTCHINS
W. T. BARBOUR
JOHN R. BODDE
JAMES T. KEEN A
H. B. LEDYARD
....
F. A. SCHULTE
ANGUS SMITH
FRED T. MOR*-N.
FRED T. MIJK '11Y
.
R. W. SMYLIE
M.J. MURPHY
Nineteen Branches
$23,847,260.67
W. HOWIE MU1R
TRUMAN H. NEWBERRY
WALTER S. RUSSJCL
HUGO SCHERER
ROBERT S. MASON
H. P. BORGMAN
II. M. CAMPBELL
B. S. COLBURN
C. A. DU G'HARME
FRANK J. HECKER
—$16,046,258.12
747,505.65
832,550.00
Exchanges for Clearing House. _.
643,261.08
Cash and Reserve
5,577,685.82
Loans
106,267,084.85
$148,780,616.44
New York County.
Correct—Attest:
1,828,308.95
4,749,461.72
2,762,500.00
19,400,000.00
.
Public,^ n
THOMAS, Notary
$13,773,260.92
.
Payable Federal Reserve Bank
Secured by U. S. Securities
National Bank of the City of New York,
September, 1920. |
.
$5,000,000.00
7,500,000.00
.
Rediscounts Federal Reserve Bank
State of NewTYork, County of New York, ss.:
WM. E.
.
.
5187,674,761.69
b*
$148,780,616.44
Acceptances, Letters of Credit and Travelers' Checks
Liability, Acceptances of other Banks
72,701.78
Subscribed "'and sworn to before me, this
.
Undivided Profits
55^,279.21
*
by other banks thereunder)...
'•*•!
1,768,759.89
21,233,251.95
....
LIABILITIES
out-
U. S.
of my
hand and due from banks
1.789l36
22,980,679.56
checks
Cashier's
Cash
of
deposit
>
.
1,316.00
Dividends unpaid
Demand
JOHN W. STALE?
HOMER WARREN
Conveniently Located
3
LIABILITIES
Capital
■_
Surplus and Profits
—...—
......
$1,000,000.00
1,530,907.97
279,214.45
Res. for taxes, accrd. int. etc—..
Bills
2,386,000.00
12,253.78
18,247,834.47
payable Fed. Res. Bank
Acceptances under guar, by this
Deposits.
b'k
$23,347,260.67
«*
HERMAN,
LOUIS J. WEIL,
SYDNEY H.
ARTHUR D. WOLF,
CONNLEY,
EDWARD J. DONAHUE,
WILLIAM MINTON,
B.
The Northwestern National Bank
Minneapolis, Minn.
President
Vice-President
! Vice-President
Vice-President
FRANK E. WHEELER,
GEORGE
17
391,050.00
Circulation
Cashier
Assistant Cashier
Assistant Cashier
At Close of Business
Sept. 8,1920.
RESOURCES
Discounts
U. S. and Other Bonds.
Stock in Federal Reserve Bank of Minneapolis....
....$52,553,150
2,953,293
180,000
Banking House..
...
549,000
New Banking House Site
600,000
Customers' liability on Letters of Credit and Acceptances....
4,567,234
Interest Earned But Not Collected—
133,179
Overdrafts
13,398
Loans
and
...
........
...
——.
...
.....
—
Redemption Fund and Due from U. S. Treasurer.....
ALL
FOREIGN
V
CHUCKS
M
'
BOP3DS
M
CURRHNCIES
N
r
Cash and Due from Banks
......
—
10 Wall
St. N. Y.
Tel. Reelot 5289-92-4038-4730
27
07
48
—.
120,815 00
....
16,768,946 09
$78,439,016 53
LIABILITIES
Capital
Surplus
.
......
.........
Undivided Profits
Interest Collected but not Earned—.......—........
Reserved for Taxes.
Circulation
Letters of Credit and Acceptances
—..........
—
.........
...
Payable at Federal Reserve Bank—
Rediscounts at Federal Reserve Bank—
...
Bills
J
$4,000,000
2,000,000
1,422,647
385,688
00
00
33
72
250,900 25
—
—
Deposits
290,000 00
4,567,234 27
374,000 00
13,160,508 31
51,988,037 65
$78,439,016 53
OFFICERS
EDWARD W. DECKER. President
R.A.SOICH&CO.
...
.........———--
...
37
25
00
00
00
THEODORE WOLD. Vice-Pres.
JAMES A. LATTA, Vice-President
ALEXANDER A. McRAE, Vice-Pres.
^
_
WILLIAM E. BRIGGS, Vice-President
ROBERT E. MACGREGOR, Vice-Pres.
SCOTT H. PLUMMER, Cashier
THE CHRONICLE
xxrr
$5ank Statements
JBarik Statements
Second National Bank
Statement of Financial Condition of
OF
The Seaboard National Bank
of the
at
CITY
OF
YORK
NEW
Ave. and 28th St., N. Y.
Condensed Statement
Cash
as
of Sept. 8, 1920
hand, in Federal
on
and
Bank
1920
8,
THE
Fifth
RESOURCES.
City of New York
close of business Sept.
[Vol. Ill
.
Reserve
Banks and
United
States
due
from
and
Bankers
$6,678,891.02
Treasurer
Loans and
LIABILITIES.
RESOURCES.
$40,360,491 93
Loans and Discounts
20 52
Overdrafts
Bonds, Securities, etc
Due from Banks (net)
from
Due
Federal
2,893,853 32
267,638 71
Circulation
count
9,548,755 26
Bill*
Ac¬
i.
940,757.26
Bonds and other Se¬
1,488,986.90
curities.
$23,938,490.81
1,121,950.99
71,672.80
Banking House
Assets
$31,809,005.62
1,297,949 76
LIABILITIES.
300,000 00
with Federal
Payable
S. Government
Securities
668,988 21
Deposits..................
Surplus
Capital,
4,150,000 00
Reserve Bank
668,988 21
this Bank
Customers' Liability Under
U.
Other
Bonds Borrowed
U. S.
of Acceptances Ex¬
ecuted by
Letters of Credit
for
Letters of Credit
due
328,985 90
....
Executed
Customers...
9,221,571 82
from U. S.
65,895 00
.....
Reserved for Taxes
Acceptances
Bank of New York
exchanges and
Treasury
Customers'
Liability
450,000 00
237,655 89
Unearned
Reserve
Cash,
.......
Discount.......
Reserve
6,064,435 55
783,955.55
^
$21,508,746.65
4,599,923 43
(Earned)....
Special
Certifi-
of Indebtedness
cates
rediscounted
Surplus and Profits
1,288,152 84
Banking House
U. S. Bonds and
$1,000,000 00
Capital..
discounts$22,292,702.20
Less Notes and Bills
58,517,459 73
and
Undivided
Profits
21,321,013.52
Deposits
217,256.20
172,000.00
034,897.50
685,000.00
3,168,000.00
58,396.09
Reserve for Taxes
Discount
Unearned
1,297,949 76
...
Circulation
$71,616,857 92
$71,616,857 92
U.
S. Bond Liability
Due Federal Reserve Bank
Other Liabilities
OFFICERS
S.
W.
Bayne, President
K. Cleverley, Vice-President
L,
Gill, Vice-President
L. N. DeVausney, Vice-President
C. H. Marfield, Cashier
B.
O, M.
'
C. C. Fisher, Assistant Cashier
J. D. Smith, Assistant Cashier
B. I. Dadson, Assistant Cashier
J. E. Orr, Assistant Cashier
W. A. B. Ditto, Assistant Cashier
E. V. Nelson, Trust Officer
G.
Jefferds, Assistant Cashier
DIRECTORS
S.
Henry C.
G.
Bayne
Robert J. Caldwell
W.
K.
B.
Peter
Folger
Gill
Edw. H. R.
Cleverley
Edward
L.
A.
SIMONSON,
EDWARD
II.
PEASLEE,
ROBERT
Green
Asst. Cashier
SHOT WELL,
E.
Joseph Seep
C C. Thompson
Henry. Whiton
Cornish
J.
McDonnell
$31,809,005.62
President
Vice-President
WILLIAM .PABST,
Vice-President
ARTHUR L. BURNS,
Vice-President
CHARLES W. CASE
Cashier
EDWARD H. WEBB,
Assistant Cashier
JOHN II. HOVERMAN,
Asst. Cashier
WILLIAM
jfot g§>ale
FOR SALE: A water-works plant serving
community of 8,000, a substantial Missouri
and its suburbs.
Plant is now on a
paying basis—900 new meters installed this
year—meterization
almost
complete—over
twelve hundred taps.
Company now work¬
ing under schedule of increased rates granted
by Missouri Public Service Commission this
year.
Fuel used, good coal, mined locally.
Just the right time for a
practical water¬
works man to buy.
Financiers are favorably
inclined to aid practical person or organiza¬
tion if assistance is needed.
Inspection and
inquiries requested.
Address Secretary,.Box
325, Lexington, Missouri.
city
First National Bank
Minneapolis, Minn.
Statement of Condition
Sept. 8, 1920
LIABILITIES
RESOURCES
Loans and Discounts
$68,213,737 60
220,274 82
Overdrafts
United States Bonds
U.
S.
Certificates
debtedness
of
2,385,227 00
In¬
478,000 00
2,091,638 74
Other Bonds and Securities
Bank Building and other
Real
Letters
950,000 00
Credit
Acceptances
6,418,374 04
Pur-
Cash
on
hand
and
Ac¬
and
6,418,374 04
Dis¬
1,850,000 00
345,496 02
.....
Accrued
Bills
and
Redis-
ccunted
19,292,007 00
528,000 00
Deposits. ......65,822,871 15
......
Bills Payable
,
1,850,000 00
chased
1,313,970 71
1,739,700 00
Acceptances
counted
Notes
and
...
Bankers' Acceptances
ceptances
due
24,703,166 72
from Banks
F. A. CHAMBERLAIN,
Chairman Board of Directors
C. T. JAFFjRAY,
President
CHICAGO SECURITIES
BABC0CK, RUSHT0N & CO.
Members
J. G. BYAM, Vice-President
E. BLACKLEY, Vice-President
E.
New
York,
Chicago
Stock Exchanges
and
Boston
7, WALL STREET
HOME INS. BLDG.,
NEW YORK
CHICAGO
STANLEY H. BEZOIER, Cashier
FRED 8PAFFORD, Vice-President
H. A. WILLOUGHBY, Vice-President
P. J. LEEMAN,
of "Chronicle."
Bought, Sold & Quoted
OFFICERS
A. A. CRANE, Vice-President
J. S. POME ROY, Vice-President
$15,000 SECURITY SALESMAN
New
York Stock Exchange House wants an
experienced salesman, preferably now employed
by a good investment house, who has a definite
clientele
with whom he
can
place high-grade
investment securities.
The right man can have
a permanent position with
a large salary and a
liberal
commission.
We want a man who is
worth at least $15,000 per year.
State in your
letter your experience in detail.
Address C...T. A.
care
$107,310,418 92
$107,310,418 92
F. M. PRINCE,
Chairman Executive Com.
$$ante&
$5,000,000 00
5,000,000 00
...
.....
Profits
Circulation
Letters of Credit
Taxes
Liability Acc't
of
Undivided
Bankers'
Estate
Customers'
Capital Stock
Surplus
JOHN G. MACLEAN, Assistant Cashier
WALTER A. MEACHAM, Assistant Cashier
Vice-President
SUMNER T. McKNIGHT, Vice-President
GEO. A. LYON, Vice-President
MOORE,
C. B.
BROMBACH, Assistant Cashier
K. M. MORRISON, Assistant Cashier
LEONARD &
LYNCH
Members New York, Pittsburgh cc
Philadelphia
Stock Exchanges
WE FINANCE
Frick BIdg.
111
B'way
Ritz Carlton
Pittsburgh
New York
Philadelphia
established meritorious industrial enterprises under longtime contracts
as sole fiscal agents with permanent financial interest, representation
on
board of directors and executive committee,
control of finances, and
right of audit and inspection without notice.
WE OFFER
a constant supply of proven industrial
profitable underwriting opportunities, together with
financial assistance on their own local underwritings and the
assistance of all our affiliated sales organizations in distribution of
security issues too large to handle locally.
bankers and investment dealers
securities
and
Correspondence Solicited
Central National Industrial
Finance Corporation
Capital SI,000,000
National Association Building
$
28 WEST 44TH
STREET,
NEW YORK
GEO,
B.
EDWARDS
INVESTMENTS
72 Trinity Place
NEW YORK, N. Y.
FOR_SALE—Timber, Coal, Iron, Ranch and
k other properties.
«■
Confidential
Negotiations
Investigations
Settlements?and! Purchases!of Property
UnitedlStatesk. West Indies
Canada
SEPT. 18
rn
THE CHRONICLE
1920.]
Panfe Statements
National Bank of Commerce
in NewYork
1839
Established
STATEMENT
CONDITION
OF
SEPTEMBER 8, 1920
Resources
187,500.00
1,500,000.00
Due from Banks
5,636,769.79
399,689.90
and Bankers
Interest Accrued
...........
Reserved for Taxes, etc....
3,965,168.38
Unearned Discount
2,997,178.37
Credit
of
Letters
under
Liability
Customers'
93,250,288.55
Bank
35,904,625.00
Reserve Bank
and due
from Federal Reserve
Federal
with
Rediscounts
4,000,000.00
Banking House
Exchanges,
6,000,000.00
U. S. Bonds Borrowed
Reserve
Bank
Cash,
7,695,966.10
324,861,019.29
Deposits
6,000,000.00
Borrowed
Federal
of
Stock
25,000,000.00
Undivided Profits
15,981,056.14
Bonds and Securities
U. S. Bonds
$25,000,000.00
up
Surplus
edness
Other
Capital Paid
of Indebt¬
S. Certificates
U.
Liabilities
;
$310,748,229.90
Loans and Discounts..
and
Ac¬
62,069,823.95
ceptances
Letters of Credit and Ac¬
Other Liabilities
59,483,025.38
ceptances
3,692,778.57
$497,186,559.66
$497,186,559.66
PRESIDENT
JAMES S. ALEXANDER
VICE-PRESIDENTS
HOWARD ARDREY
J.
JOSEPH
GUY
A.
BRODERICK
EMERSON
HERBERT
P.
P.
LOUIS
BARRAND
CHRISTENSON
JAMES
ROGER
VICE-PRESIDENTS
I. CLARKE
ARCHIBALD
EDWARD
MAXWELL
F.
H.
RISLEY
EVERETT
E.
HENRY
STEVENS
C.
RAWLS
AUDITOR
CASHIER
ROY
E. WARD
H. WILLIAMS
ROVENSKY
E.
JOHN
RUSSELL
R.
STEVENSON
PENNY
DAVID H. G.
SECOND
HARRY
FARIS
HOWELL
P.
A. KEIDEL
LOUIS
ALBERT EMERTON
H. PASSMORE
DIRECTORS
JAMES S. ALEXANDER
WILLIAM A. DAY
HENRY W. de
HERBERT P. HOWELL
CHARLES H. RUSSELL
ANDREW W. MELLON
VALENTINE P. SNYDER
HARRY
FOREST
CHARLES
B. THAYER
JAMES TIMPSON
FORREST F. DRYDEN
THOMAS WILLIAMS
E. DUNLAP
Send, for Circular
"'
Petroleum
Burk
(Eljmiral National
Corporation
•
?4 f
iBank
jDf$>ui $nrk
*zrrT-«:taxK3a**
FOUNDED 1824
[A producing Oil Company
devoted
sent
Industry" issued monthly,
t^mpartial oil
upon
news,
request without
will be
charge
Board
Edwin S. Schenck, First
Twitched, Chairman of
President
SchmelZal,
Frank K. Houston
Vice-President
John G.
Francis Halpin,
Vice-President
John
Vice-President
Samuel T. Jones,
Vice-President
Clifford
Vice-President
Vice-President
Samuel Shaw, Jr.,
B. Hopper,
Hunt,
Jesse M. Smith,
Edward
Albion
Edwin
New York
225,000,000
OFFICERS
Herbert K.
Clifford P.
27 Pine Street,
&
Percy H. Johnston,
Isaac
R.C.Megargel&CO-
14,500,000
PROFITS
TOTAL RESOURCES
SURPLUS
"The Oil
$4,500,000
CAPITAL
H. Smith,
JC
Chapman,
R.
N.
Assistant Cashier
Assistant Cashier
Assistant Cashier
Dunham,
Assistant Cashier
Assistant Cashier
Scott,
Wilbur F. Crook,
Cashier
Vice-President
Assistant Cashier
Dodd,
D.
Robert
Trust Officer
Gibbs,
B.
'
Assistant Cashier
'
Assistant Cashier
Baxter Jackson,
Raymond,
Mgr.
Foreign Dept.
....
Ernest J. Waterman,
Assistant Trust Officer
Robert B.
James L. Parson,
Assistant Cashier
James McAllister,
Assistant Cashier
Henry M. Rogers, Assistant
—
Mgr. Foreign Dept.
DIRECTORS
Frederic W. Stevens
Roosevelt
Robert Walton Goelet
Darwin P. KIngsley
Charles Cheney
W. Emlen
[SALE OF THE
in
Banks and
i
JACOB
CONTROL
Corporations negotiated
confidentially
BACKER, FINANCIAL
Exchange Bank
Bldg.
BROKER
ST. PAUL, MINN.
William Fellowes Morgan
Arthur Iselln
Garrard Comly
Henry A
Caesar
Frederic A.
Jullliard
Ridley Watta
Charles A. Corliss
John A. Garver
Herbert K. Twltchell
Percy II. Johnston
Edwin S. Schenck
THE CHRONICLE
[VOL. 111.
Jiavtk Statements
of
Report of Condition
the close
at
of business, September 8, 1920
RESOURCES
Loans and Discounts
U. S. Bonds
to
LIABILITIES
$79,601,030.34
Capital Stock
Secure
Circulation
2,000,000.00
U. S. Bonds and Certificates
of Indebtedness
2,522,320.71
Circulation
10,088,883.02
etc.
Due from Banks
Federal
94,885,376.18
Unearned Discount
Due
411,268.81
Federal Reserve
to
Reserve
Bank
Bank
8,600,000.00
24,522,053.80
Customers'
990,685.49
1,928,650.00
Deposits
3,018,197.44
■
Cash, Exchanges and Due
from
5,000,000.00
Undivided Profits
Reserve for Taxes, etc.
124,548.34
Other Bonds,
Securities,
$5,000,000.00
Surplus Fund
Domestic and
Liability
Acceptances
Foreign
Account of
2,548,805.53
Acceptances
2,565,217.28
Letters of Credit
3,901,545.63
Letters of Credit
3,901,545.63
$125,805,064.10
$125,805,064.10
DIRECTORS
James L.
Ashley,
Treas. International Nickel Co.
Jeremiah Milbank,
Frank H. Bethell, Vice Pres. White Oil
Corporation
Vice President
Joseph A. Bower,
Edmund C. Converse,
Otis H. Cutler,
George Doubleday,
Chicago
Grayson M. P. Murphy,
President Foreign Commerce Corp. of America
New York
New York
Alexander R. Nicol,
Pres. Atl., G. & W. I. S. S. Lines
Alexander V. Ostrom,
Vice President
Daniel E. Pomeroy, Vice Pres. Bankers Trust Co.
Pres. Ingersoli-Rand Co.
Russell H. Dunham,
Pres. Hercules Powder Co.
Henry J. Fu ller, Vice Pres. Fairbanks, Morse & Co.
Harvey D. Gibson,
President
Gillespie, Chairman T. A. Gillespie Co.
Dwight & Hilles
Lyman N. Hine, Vice-Pres. American Cotton Oil Co.
Frederick W. Hvoslef,
Bennett, Hvoslef & Co.
Edward E. Loomis, Pres. Lehigh Valley R. R.
<p>.
C.M. MacNeill, President Utah Copper
Company
Seward
Prosser,
President Bankers Trust Co.
Reid,
New York
Charles W. Riecks,
Vice President
Charles H. Sabin,
President Guaranty Trust Co.
Thomas A.
Daniel G.
Charles D. Hilles,
E. A.
OF THE
-
Statement
the
RESOURCES
.
Due from Banks
Cash and Exchange-
.
Customers' Liability, Letters of
Credit, Acceptances, &c.~._
1,320,165.63
4,232,370.08
783,270.97
Vice President
Charles H. Warren,
Treas. Mutual Life Ins. Co.
New York
NEW YORK
Close of Business Sept. 8,
Loans and Discounts..
$16,254,590.36
Interest earned but not collected
23,406.87
U. S. Liberty Bonds
84i;487.00
U. S. Certificates of Indebtedness
552,000.00
U.S. Bonds acc't Circulation
415,000.00
Other Stocks and Bonds..
1,873,342.68
Guggenheim Brothers
Stauffen, Jr.,
Charles H. Stout,
NATIONAL BANK
CITY OF
at
Cappelen Smith,
Ernest
H. W. Maxwell,
Vice Pres. Atlas Portland Cement Co.
THE COAL & IRON
New York
Edward S. Moore,
1920.
Thomas C. Perkins
LIABILITIES
CapitalSurplus
$1,500,000.00
1,000,000.00
Undivided Profits
590,770.49
Unearned Discount—
68,971.79
Reserve (Taxes & Contingencies)
157,553.81
Circulation
404,500.00
Deposits
17,492,098.57
Postal Savings Deposits
477,684.00
U. S. Government Deposits..
22,000.00
Amount Reserved for All Inter¬
-
-
Constructive
15 State Street
Boston, Mass.
est
Accrued
18,974.28
Reserve Bank
Acceptances acc't Customers—
3,666,224.34
896,856.31
Specialist
years
in
T.
TAYLOR, Vice-President
H.
WALLACE A.
DAY, Cashier
GRAY, Asst. Cashier
Industrials.
SPROULL, President
ALLISON
DODD,
WILLIAM
H.
Vice-President
JAQUITH, Asst.
Cashier
ARTHUR A. G. LUDERS, Trust Officer
the United States,
City of New York and State of New York
eighteen
Financing
$26,295,633.59
Member New York Clearing House Association
Dep sitary of
for
the
of established and pros¬
perous
$26,295,633.59
DAVID
Hartford, Conn.
--
eral
ADDISON
36 Pearl Street
_
.
Rediscounts, Bills Payable Fed¬
JOHN
Banking
--
Entire
underwritten
stock
and
issues
distributed
Sept. 18 1920.]
THE CHRONICLE
XXVII
Jfonfc g>tatemente
IRVING
BANK
WOOLWORTH BUILDING, NEW YORK
Statement
of Condition September 8th, 1920
RESOURCES
Cash
in Vault
and
Federal Reserve Bank.
Exchanges
House
due
$34,608,518.82
Discount
48,854,373.81'
other Banks.
with
Earned.
—
_
Circulating Notes
Acceptances by this Bank and by Corres¬
pondents for its Account [after deduct¬
ing $2,050,858.34 held by Bank].
Paper and
Loans eligible for Re¬
Federal
Reserve Bank——
Collected but not
...
—
Reserved for Taxes.
from
Commercial
discount
ULIABILITIES]
Capital Stock
Surplus and Undivided Profits
Clearing
for
and
3
with
119,354,501.63
-$202,817,394.26
Due Federal Reserve Bank—
Deposits.
_
_
_
$12,500,000.00
10,651,339.13
1,650,929.23
1,376,900.64
2,302,250.00
12,937,111.98
29,000,000.00
247,864.416.97
Other Loans and Discounts
Call and Demand Loans. $14,884,937.73
Due within 30 days—
10,062,676.37
—
.
Due 30 to 90
Due 90 to
Due after
days
180 days
180 days
—
20,665,397.76
43,455,994.47
1,554,666.00
90,623,672.33
6,006,729.66
6,819,381.02
489,928.00
United States Obligations.
Other Investments.
Bank
Buildings
—
Customers' Liability for
this
Bank
and
ittf
Acceptances by
Correspondents
[anticipated $1,411,269.30]
TOTAL RESOURCES..
11,525,842.68
TOTAL
.$318,282,947.95
LIABILITIES--
—
-..$318,282,947.95
National Bank
257 Broadway-Opposite City Hall
September 8, 1920
Statement of Condition,
LIABILITIES
RESOURCES
Loans and Discounts.
#17,811,936.94
U. S. Bonds and Certificates of
In¬
L
1,761,390.48
Other Bonds, Securities, etc
1,265,144.68
debtedness
Due from Banks and Bankers
409,813.36
Cash, Exchanges and Due from Fed¬
eral Reserve Bank
5,372,483.31
Interest Accrued
Customers'
33,480.30
Liability
under
Letters
of Credit and Acceptances
1,179,698.09
#1,000,000.00
Capital Stock
Surplus and Undivided Profits
Unearned Discount
1,135,716.64
115,488.09
...
36,456.00
Reserved for Taxes, Expenses, etc..
20,147,786.59
Deposits
Bills Payable and Rediscounts with
3,126,977.83
Federal Reserve Bank.
by Liberty
$2,291,977.83)
(Secured
Bonds.
Loan
U. S. Bonds Borrowed.
795,400.00
Circulation
241,600.00
1,234,522.01
Letters of Credit and Acceptances..
$27,833,947.16
$27,833,947.16
Commercial and Travelers'
Phineas
Herman
C.
D.
Lounsbury,
Kountze,
Chairman.
President.
Gilbert
Edwkrd K. Cherrill, Vice Pres.
Kimball
C. Atwood,
...#2,099,113.20
Credits issued but not drawn against,;
Charles
Vice Pres.
H.
F.
Johnson, Vice
Junod,
Pres.
Vice Pres.
"
Frank
E.
Andruss,
John H. Brennen,
John H.
Cashier.
Asst. Cashier.
Trowbridge, Asst. Cashier.
John
P.
Hugh M.
Laird,
Asst. Cashier.
Garretson, Asst. Cashier.
George M. Broemler, Mgr. Foreign Dept.
THE CHRONICLE
XXVIII
[VOL. 111.
©ttribenba
JfimntM
MINNEAPOLIS,
ST.
6TSAULT
PAUL
STE.
MARIE RAILWAY CO.
DIVIDEND NO. 35
The Board'of Directors have this day declared
out of surplus earnings of the fiscal year 1919,
a
semi-annual*dividend of Three and one-half
*
WORLD-WIDE
DEFINITE
SERVICE
(3H%)
cent
per
SCOPE
the Preferred Stock "and
on
a
semi-annual dividend of Three and one-half per
(3Vi%)
cent
the Common Stock, both payable
October 15, 1920, to Stockholders of record at
3 P. M.lSeptember 22d, 1920.
G. W[. WEBSTER,
Sectary.
fllMinneapolis, September 7th, 1920.
on
THE
HANOVER NATIONAL BANK
iof the City of New York.
New York, Sept. 17,1920.
The Board of Directors have this day declared
dividend of EIGHT PER CENT, payable on
*
a
W
and after October 1st, 1920.
The transfer books
will remain closed from September 18th, 1920,
until that date.
*
WM.
E.
CABLE, Jr.,
Cashier.
THE SEABOARD NATIONAL BANK
OF
THE
CITY
OF
NEW
YORK.
New York, September 16, 1920.
The Board of Directors has declared the regular
quarterly dividend of three (3) per cent, payable
October 1, 1920, to stockholders of record on
September 25, 1920.
C. H. MARFIELD, Cashier.
on
•
<*A.<+
THEiNEW YORK CENTRAL RAILROAD CO.
New
*•*
A
The Philadelphia
TO AMERICA'S
industrial and
commercial
National
Bank
interests
equipped to render definite and construc¬
banking service designed to handle with
is well
tive
intelligence and dispatch both foreign and do¬
mestic transactions.
Progressive business requires progressive bank¬
ing, reliable business requires a reliable bank,
world-wide business requires the services of a
possessing the connections, facilities and
experience to advance its interests in foreign
with
this
bank built
on
the bed-rock of
THE
city of
an
NEW
TheT Board
with the distinction and
capa¬
old and well seasoned organization.
15, 1920.
Twenty-five
and
YORK
TRUST COMPANY
Street
26 Broad
of Trustees
has declared this day
the usual quarterly dividend of Eight Per Cent,
payable Sept. 30, 1920, to stockholders of record
at the close of business Sept. 25, 1920.
The
transfer books will close Sept. 25, 1920; and
reopen Oct. 1, 1920.
■■■.
BOYD G.CURTS, Secretary
New York, Sept, 15, 1920.
.
COLUMBIA TRUST COMPANY,
60' BROADWAY.
New York, September 16, 1920.
The Board of Directors have this day declared
Quarterly Dividend of Four ,per cent on the
Capital Stock of this Company, payable Sep¬
tember 30th, 1920, to Stockholders of record at
a
September 20th, 1920.
The Transfer Books will not close.
A. W. HUTCHINS, Secretary.
1 PHILADELPHIA COMPANY
DIVIDEND
t«"
experience, possessing both the .knowledge and
resources to serve
Sept.
Dollar
1920, at the office of the General Treasurer, to
stockholders of record at the close of business
Oct. l, 1920.
MILTON S. BADGER, Gen. Treas.
bank will bring to
business the close co-operation of such an
institution—a
York,
One
the close of business
A connection
your
of
($1.25) per share on the Capital Stock of this
Company has been declared payable November 1,
bank
markets.
dividend
cents
NO.
156
Pittsburgh, Pa., September 13, 1920.
A quarterly dividend of seventy-five cents per
sharet(being one and one-half per cent. [1H%1 on
the par value of $50 a share) on the Common
Stock of this Company, has this day been de¬
clared, payable October 30, 1920, to stockholders
of record October 1, 1920.
^Cheques will be mailed.
C. J. BRAUN, Jr., Treasurer.
THE
PHILADELPHIA
•SRS
**•
COMPANY
HP. DIVIDEND NO.
16
-
Pittsburgh. Pa., September 13, 1920.
A semi-annual, dividend of One Dollar and
Fifty Cents per share (being three per cent [3%]
on the par value of $50 a
share) on the 6% Cumuative Preferred Stock, has this day been declared,
payable November 1, 1920, to ^stockholders of
BANK
record October 1,
fck
PHILADELPHIA, PA.
1920.
Cheques will.be mailed.
;
fr'EiVi
O. J. BRAUN, Jr., Treasurer.
,
DUQUESNE LIGHT CO.
DIVIDEND
NO.
23
Pittsburgh. Pa., September 13, 1920.
AJquarterly dividend "of
-■a«**!:ONE AND THREE-FOURTHS
James
Talcott, Inc.
General
Offices
225 FOURTH AVENUE
J-
NEW YORK GITY
FOUNDED
PER" CENT.
"I
DAY£&
*
1854
'
Manufacturers
and
Merchants
in
the United States and Abroad.
INC.,
Managers—Engineers,
*■
•
BRAUN, Jr., Treasurer.
ZIMMERMANN,
611-613J[Chestnut
Agents, Factors and Correspondents for
■
(1H%) on the'7% Cumulative Preferred Capital
Stock, has this day been declared, payable Nov¬
ember 1, 1920, to stockholders of record October
1, 1920.
Cheques wllllbe mailed.
Street,
Philadelphia
September 13th,
The"FBoard
of Directors
of
the
Penn
Pa.
1920.
Central
Light & Power Company have declared,a dividend
of eighty cents (80c.) per share on the preference
shares, being dividend No. 3, payable October 1st,
1920, to stockholders of record at ..the close of
business September 20th, 1920.
JOHN E.
ZTMMERMANN, Treasurer.
VALLEY COAL SALES CO.
New York, September 14, 1920.
The^Board of Directors of the Lehigh Valley
£ LEHIGH
—
Entire Production of Textile Mills Sold and Financed.
Accounts Guaranteed and Discounted.
V CABLE
ADDRESS QUOMAKEL
-
Coal Sales Company have this day declared a
Dividend 'of Two
Dollars per
share payable
October *1, 1920, to 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 20,1920.
Checks
will be'mailed.
feii
■*
W. J. BURTON, Secretary and Treasurer.
Sept. 18
XXIX
CHRONICLE
THE
1920.]
.financial
EASTERN TEXAS ELECTRIC COMPANY
Beaumont and
Texas
Port Arthur
(Texas Corporation)
$2.00 per share has
been declared on the common capital stock of
Eastern
Texas
Electric
Company,
payable
October 1, 1920, to Stockholders of record at the
close of business September 18, 1920.
quarterly dividend
of
STONE & WEBSTER,
ISSUE
NEW
COMMON DIVIDEND NO. 6
A
EXEMPT
FROM
ALL
FEDERAL INCOME TAXES
City of
INC.
Transfer Agent.
FORT
HAVERHILL GAS LIGHT COMPANY
DODGE, IOWA
Haverhill, Massachusetts.
6% Coupon Bonds
99.
NO.
DIVIDEND
A
quarterly dividend of S1.12H per share,
being at the rate of 9% per annum, has been
declared on the capital stock of Haverhill Gas
Light Company, payable October 1, 1920, to
Stockholders of record at the close of business
18,
September
Due
Principal and semi-annual interest payable in NeWjYork
1920.
& WEBSTER,
STONE
Inc.,
Transfer Agent.
OF
OFFICE
Legal opinion of Messrs. Chapman, Cutler & Parker.
THE
United Gas Improvement
Prices to Yield
Co.
Broad and Arch Streets,
Philadelphia, September 8, 1920.
day declared a quarerly
dividend of two per cent ($1 per share)
on the Common Stock of this Company , payable
October 15, 1920, to holders of Common Stock
cf record at the close of business,
September 30
1920.
Checks will be mailed.
N.
The
August 15, 1935 to 1940
Corner
W.
5.60%
Directors have this
October
Due
'
CO.
Gold Notes
Three Year Six Per Cent
...
GRANT &
R. M.
Telephone & Telegraph Co.
American
for Descriptive Circular C-122
MORRIS, Treasurer.
W.
I.
Send
1922
1,
31
these notes, payable by their
1922, at the office or agency
of the Company in New York on in Boston,
will be paid in New York at the Bankers Trust
Company, 16 Wall Street.
Nassau
St.,
New
York
.
from
Coupons
terms on October 1,
St. Louis
Boston
Chicago
G. D. MILNE, Treasurer.
THE WESTERN UNION TELEGRAPH CO.
September 14, 1920.
DIVIDEND
NO.
206.
quarterly dividend of ONE AND THREEQUARTERS PER CENT has been declared upon
the Capital Stock of this Company, payable at
the office of the Treasurer on and after the 15th
day of October, 1920, to shareholders of record
at the close of business on the 20th day of Sep¬
A
MUNICIPAL
BONDS
tember, 1920.
remain open.
HUNTINGTON, Treasurer.
transfer books wil
The
G.
K.
clared
a
dividend
of
50
Corporation
IM%
of
on
the
The dividends on both Preferred
payable October 5, 1920,
capital stock.
stockholders of record at the close of business
September 20, 1920.
COOLIDGE, Treasurer.
L. A.
COMPANY,
61 Broadway.
New York, September 16th, 1920.
The Board of Directors have declared a quar¬
terly dividend of one and three-quarters per cent
CITY INVESTING
the preferred stock of this Company, pay¬
1920, to holders
of preferred stock of record on the books of the
Company at the close of business on Septem¬
v
Marion
Texas, Road
5^%
County, Texas, Refunding.6%
Upshur County, Texas, Road
53^%
YIELDING
1959
6.25%
1926-52
6.30%
1922-30
6.25%
1922-59
6.25%
6.25%
Yuma
County, Arizona, Funding_6%
1930
Yuma
County, Arizona, School
6%
1940
6.15%
5%
1920-29
5.75%
Improve't._6%
1922-30
6.00%
5%
1921-30
5.75%
Reno
County, Kansas,
Hutchinson, Kansas,
upon
able at its office on October 1st,
MATURITY
City of Eastland, Texas, Improv't.6%
Franklin County,
cents
and Common stock are
to
FEDERAL INCOME TAXES
RATE
have de¬
Preferred
They have also declared a divi¬
per
share on the Common
capital stock.
dend
this
of
Directors
FROM
CORPORATION
UNITED SHOE MACHINERY
The
FREE
Road
Wichita, Kansas, Improvement
ber 25th, 1920.
GUNTHER,
F.
G.
MORSE &
FAIRBANKS,
Secretary.
STOCK DIVIDEND.
COMMON
of Fairbanks, Morse &
declared a quarterly dividend of
$1.25 per share on the Common Capital Stock of
the Company, payable September 30,
1920, to
the stockholders of record at the close of business
The Board of Directors
Co. has this day
F.
M.
per
share)
Company has been
15,
NO.
85
quarterly dividend of three per cent
dollars
1920,
Kansas
1920.
FRUIT COMPANY
DIVIDEND
A
Wichita,
BOUGHEY, Secretary.
Chicago, Illinois, September 9,
UNITED
BROWN GRUMMER INVESTMENT COMPANY
1920.
September 15,
on
Complete descriptive circulars on request
COMPANY.
on
(three
the capital stock of this
declared, payable on October
record at the close
to stockholders of
of business
September 20, 1920.
JOHN W. DAMON, Treasurer.
DULUTH EDISON ELECTRIC CO
PREFERRED STOCK DIVIDEND NO.
58
The regular quarterly dividend of 1 M % on the
Preferred
Stock
of the
DULUTH
EDISON
ELECTRIC COM PAN 1 has been declared, pay¬
able October 1, 1920, to holders of record of Pre¬
ferred Stock at the close of business September
T. C. HARTMAN, Treasurer.
THE
MATHIESON
ALKALI
WORKS (INC.)
New York, Sept.
16 1920.
quarterly dividend of one and three-quarters
cent (IV\%) has been declared upon the
preferred stock, payable October 1 1920, to stock¬
holders of record at the close of business September
20 1920.
Transfer books will not be closed.
FRANCIS B. RICHARDS, Treasurer.
INCORPORATED
INVESTMENT SECURITIES
Maintaining 71 Branch Offices in 60
Principal Cities of the United States
EXECUTIVE
A
per
111 W. Monroe
Street
CHICAGO
I
THE CHRONICLE
nx
[VOL. 111.
.lflnantlal
National
d
,
City Bank Stock
p
•
I.
Present Price about
$105 Per Right
«nn i\jow
$300
New Stock
Dividend rate
18%
Approximate yield
IN
a
recent letter to shareholders the
lished
a
6%c:
——
President of the City Bank estab¬
share.
book value for its stock of $310.00 per
Taking both its book value and dividend rate into account, the present
price for City Bank stock is very low in comparison with stock of other
large New York banks.
.
stock
as
the
purchase of this
desirable
a
investment
New
Rights
100
Equivalent Values
105
"
"
;
111
"
114
Investment
Stock
.
108
■
,
We recommend
"
Yield
295
6.10
300
6.00
305
5.90
310
5.80
315
5.70
tt
117
320
5.62
325
5.53
u
120
Full information and prices upon request.
CLINTON
2
Wall St.,
GILBERT
New York.
Telephone Rector 4848
JDibtbenbs
STEEL & TUBE COMPANY OF AMERICA
The
Board
of
regular quarterly
'
Cumulative
The
•
.;|||
First National Bank
Directors
has
declared
dividend of l%%
Preferred
Stock
of
the
the 7%
Company,
on
the
payable October 1, 1920, to the stockholders of
record
at
1920.
The
until
12
close
the
of
transfer
o'clock
A.
business
books
noon
A.
20,
September
will
October
remain
1,
closed
1920.
SCHLESINGER,
President and Treasurer.
'Utah
Power
&
Light Company
Preferred Stock Dividend No. 31
of Boston
Transacts commercial
business
of
The
regular quarterly dividend of one and
three-quarters per cent. (1 %%) on the Preferred
Stock of the Utah Power & Light Company has
been declared, payable October 1, 1920, to stock¬
holders of record at the close of business Septem¬
ber 16, 1920.
GEORGE B. THOMAS, Treasurer.
banking
every
nature.
OTIS
ELEVATOR COMPANY.
26th St. & 11th Ave., N. Y. C*., Sept. 17, 1920.
The
the
quarterly dividend of $1.50
Preferred
Stock and
per
share
$2.00 per share on
on
the
Common Stock will be paid October 15, 1920, to
Stockholders of record at the close of business
on
September 30, 1920.
R.
Make it your New England correspondent
CHINO
H.
Checks will be mailed.
PEPPER, Treasurer.
COPPPER
COMPANY.
Sept. 10, 1920.
25 Broad St., New York,
The Board of Directors of Chino Copper Com¬
pany
has this day declared
a
quarterly distribution
of 37H cents per share, payable Sept. 30, 1920,
to stockholders of record at tne close of business
Capital, Surplus and Profits, $37,500,000
Sept. 18, 1920.
C. V. JENKINS, Treasurer
CONSOLIDATED
COPPER
CO.
25 Broad St., N. Y., Sept. 10. 1920.
The Board of Directors of Nevada Consolidated
NEVADA
Copper Company has this day declared
distribution
of
25
cents
per
a
share,
quarterly
payable
1920, to stockholders of record at the
close of business Sept. 18, 1920.
C. V. JENKINS, Treasurer.
Sept. 30,
©totoettlis
©ibtiieniis
CONSOLIDATED COPPER COMPANY
25 Broad St., N. Y., Sept. 10, 1920.
Ray Consol¬
idated Copper Company has this day declared a
quarterly distribution of $.25 per share, payable
September 30, 1920, to stockholders of record at
RAY
CONSUMERS
LIGHT AND
New
ELECTRIC
POWER CO.
Orleans
9,
1920,
and
will be
ELECTRIC
CORPORATION
PREFERRED DIVIDEND NO. 33
The regular quarterly dividend of one and threequarters per cent (1M %) on the Preferred Stock
of the Company has been declared, payable Sept¬
ember 30, 1920, to stockholders of record Sept¬
ember 9, 1920.
The transfer books of the Pre¬
ferred Stock will be closed at the close of business
September
CENTRAL STATES
reopened
October 1, 1920.
on
10th, 1920.
declared the
thirty-third quarterly dividend of one and threequarters per cent (\%%) on the preferred stock
of Central States Electric Corporation, payable
Oct. 1 1920, to preferred stockholders of record
at the close of business on Sept. 10, 1920.
Checks
September
L.
LINN, Jr., Treasurer-
the close of business Sept. 18, 1920.
E. P. SHOVE, Treasurer.
The Board of Directors has today
will be mailed.
A.
The Executive Committee of the
L.
J.
HART. Treasurer.
INTERNATIONAL HARVESTER
A
COMPANY
quarterly dividend of $1.75 per share upon
shares of common stock, payable
October 15, 1920, has been declared to stock¬
holders of record at the close of business Sep¬
tember 25, 1920.
|
G. A. RANNEY, Secretary.
the
900,000
SEPT. 18 1920.]
tttt?
1 inHi
rtTT?n\rrrTi?
XXXI
LnltUJNlLLij
JJ inannfl»
Owners too
Easily
Satisfied with their Tires
If the front tire of the
car
the left should blow out
several days after striking
at
thin stone at speed,
its
own¬
would probably be at a
loss to know what caused it.
er
What often happens in a
like this is that the
case
plies of cord or fabric
ruptured, leaving the
ripe for a complete
breakdown, if not immedi¬
ately attended to.
inner
are
tire
The safest way to
avoid
is to
sharp watch on the
oil such contingencies
keep a
road at all times.
them
lucky that they
what they did outof a tire.
tures
IN every community of
any
size there
types oftire
two
are
who encourages his customers
in their search for the best
and one who tries to
them
what
persuade
with
satisfied
be
to
got
dealers—one
Not
has
as
motorist in five
one
found
yet
out
what
man
is
selling
much he really
expect
has
a
right
The great mass
*
*
of motorists
are
still
*
ning to wake
many
motorists who
meekly
accept
the blame for
a
tire that has
before its time.
tells them of all the
varying conditions that
to
a
tire
undergo*
They will agree when he pic*
up
just beginto the fact
that you can't encourage
waste
the
and have economy at
same
it:
the
beginning the
whole
weight of the United
States
Rubber
time.
—has
been thrown
out
are
for
beginning
Backing him first and last
with all of its great
dealer who
are
and varied
resources—greater and more
to
find
going to the
not
good tires to the
only sells
man
who
And
those
looking forward with
the time when
confidence
to
motorists
everywhere will
insist upon a
higher standard
of tire service.
United States Tires
United States
Fifty-three
Factories
Rubber
The oldest and largest
Rubber Organization in the World
of
in the business.
any concern
themselves what
they
the
•
makes for economy in tires.
And
on
side of the good dealer.
far-reaching than
They
They will listen while the
has
store*
*
Company —
largest rubber manufac¬
turing concern in the world
from his tires*
a
too
dealer
From
really capable of—how
in this country are
worn out
good tires in his
the
service; the second, tires*
There
them, but who
have anything but
to
a
they have*
The first
refuses
*
tire is
to
insists upon
Company
Two hundred and
thirty-five Branches
[ V OL. 111.
THE CHRONICLE
XXXII
Jfinanctal
NEW ISSUE
$400,000
Chickasaw
Refining Company
Equipment Trust 8% Gold Bonds
,
Dated
September 15th, 1920
Maturing $50,000 each March 15th and $50,000 each September 15th until
;;
September 15th, 1924, inclusive
Interest
Interest
payable March 15th and September 15th.
Coupon Bonds of $1,000 denomination
payable without deduction for the Normal Federal Income Tax up to 4% which the
Company may lawfully pay at the source
COLUMBIA
REFUND THE
TO
COMPANY COVENANTS
TRUST
PENNSYLVANIA FOUR MILL TAX
COMPANY, NEW YORK, TRUSTEE
Capitalization
'
.
-v;'.■■
Preferred Stock
Common Stock
$1,060,000
1,950,000
____
Equipment Trust 6% Gold Notes-
1,420,555
261,125
44,125
Equipment Trust 8% Gold Bonds (this issue) 400,000
400,000
—
;-A:
SECURITY
built in 1920
40-ton trucks,
by American Car & Foundry Company.
Standard Tank Cars 10,000 gallons capacity, 50-ton trucks,
100 All Steel
built in 1919 by
The
',7V
Tank Cars 8,000 gallons capacity,
Standard
Steel
100 All
''7
Outstanding
.
-$1,550,000.
_
■'
7.
■
Authorized
Cambria Steel Company.
and operates a 5,000-barrel refinery at Ardmore, Okla¬
the most modern in the State, being constructed
entirely of brick and steel.
The Company commenced operating early in 1918
and has never shut down its plant.
The Company owns its own storage tanks
and gathering lines and has its own marketing organization.
|y
homa.
Company
owns
The plant is one of
EARNINGS
'•■V;-'7;
Net earnings
dividend
are
for the six months ending July 31st, 1920, before preferred
$110,000 or more than six times this interest requirement and equal
the outstanding preferred stock. Dividends at the rate of seven per
paid for the years 1918, 1919 and 1920 on the Com¬
pany's outstanding preferred stock. The Company has no bonded debt other
to
22%
cent
than
on
have been declared and
car
trusts.
-
.
7
■'-V'-77:-
^
-
*
All
legal matters in connection with this issue have been approved by
Messrs. Davies, Auerbach & Cornell
We recommend these Bonds for investment and
subject to sale offer the following
amounts and maturities:
$50,000, March 15th, 1921
$50,000, Sept.
/
V
$50,000, March 15th, 1923
15th, 1923
$50,000, Sept.
15th, 1921
$50,000, March 15th, 1922
$50,000, March 15th, 1924
$50,000, Sept.
$50,000, Sept.
15th, 1922
Price,
any
15th, 1924
maturity, to yield 9
FREEMAN & COMPANY
BONDS
EQUIPMENT
34 PINE
NEW YORK
STREET,
Members of the New York Stock Exchange
•
.
We do not guarantee
' *
1"
:
l
'
the information contained in this advertisement, but have obtained it from
we
believe to be
reliable.
■
All of the above bonds having been
.
\
official
'
sold, this advertisement appears as a matter of record only.
sources
Sept. 18
THE CHRONICLE
1920.]
xxxra
Jfinattcial
$2,000,000
Brooklyn Edison Company, Inc.
Gold Bonds
General Mortgage Series C 7%
dated January 1,
To be
1920, and to mature January 1,
1930
The Company, in so far as permitted by law, will pay interest without deduction
for any Federal Income Tax not in excess of 2%.
Coupon bonds in denominations of $500 and $1,000; bonds of $1,000
registerable as to principal only.
Fully registered bonds in denominations of $1,000, $5,000 and $10,000. Coupon bonds
of $1,000 and registered bonds interchangeable.
Redeemable at the option of the Company upon thirty days' notice at
105% and interest on any interest date.
Series A Bonds have been listed on the New York Stock Exchange and application
will be made to list the Series B and these Series O Bonds.
:
* ;
Total General Mortgage Bonds Authorized, $100,000,000.
Interest
payable January 1 and July 1.
\
B
Series
$5,500,000;
5%,
A
Series
Outstanding,
(this issue), $2,000,000: total
Series C 7%
$3,000,000;
6%,
outstanding, $10,500,000.
Authorized by the Public Service
Commission for the First District of the State of
New York
-.iV
.v
Central Union Trust Company of New York,
A letter from Mr.
M. S. Sloan, President of the Company,
Trustee
copies of which will be supplied on request, is summarized as
follows;
Brooklyn Edison Company, Inc., does
present quoted prices for these securities indicate a
tric light and power
market equity over and above these
all the elec¬
business in the Borough of
gage
Brooklyn (except the Twenty-ninth Ward), City
of New York, serving a population estimated at
Additional Bonds
The Company or its predecessors
been successfully engaged in supplying elec¬
1,600,000.
over
have
tric light and power
The General Mortgage
tions of
poses
Bonds
are
may
additional property
the direct obliga¬
Brooklyn Edison Company, Inc., and are
In
no
in the mortgage,
Mortgage closes the mortgages securing these under¬
mortgage bonds and
lying bonds, no more of which may be
to
the
General Mortgage
property or securities unless net
interest
issued.
Bonds,
General
earnings,
as
defined
have been at least twice the annual
charges upon all outstanding
underlying
all Bonds issued under this
Mortgage, together with those applied for.
The table below shows
there
and
the growth of the Com¬
pany's earning power and the favorable relation
between income and interest charges on its funded
outstanding $1,645,600 Debenture Bonds
Dividends have been
since 1904. The
$17,354,400 Capital Stock.
securi¬
additional Bonds be issued fon
event may
all its real and personal
property now owned or hereafter acquired, subject
only to $11,996,000 underlying bonds. The General
are
or
and only upon authori¬
zation of the Public Service Commission.
ties of similar companies;
secured by a mortgage on
Junior
be issued for refunding pur¬
and for 80% of the cost or reasonable value,
whichever is less, of
since 1885.
General Mort¬
Bonds exceeding $15,000,000.
debt:
paid at the rate of 8% per annum
>,
Operating
Interest
Expenses, 1 •; v:
Calendar Year
Gross
Taxes and
Gross
Earnings
Plant Reserve
Income
on
Funded
Debt
Balance
t
$1,640,109
1915
$7,000,814
$4,569,530
$2,431,284
$791,175
1916
8,204,808
5,014,050
3,190,758
683,540
2,507,218
1917
8,381,055
5,511,982
2,869,073
711,241
2,157,832
1918
8,854,301
6,162,445
2,691,856
715,374
1,976,482
1919
10,850,114
7,499,102
3,351,012
954,791
2,396,221
12,098,234
8,709,868
3,388,366
1,037,743
2,350,623
Year ended June
30
1920
five years
interest charge on all
Gross Income for the
than 3% times the interest on the Company's entire
ended June 30, 1920, Gross Income was more than 2.8 times the annual
outstanding, including this issue, and all underlying bonds.
For the year
General Mortgage Bonds
ended December 31, 1919, averaged more
during that period.
funded debt outstanding
•
Price 95 and interest, to
When, as and if
issued and received by Us.
for delivery about September
.
All legal
yield about 7M%
It is expected that Temporary Bonds of
details pertaining to this issue will be
*
17.
$1,000 denomination or receipts will be ready
subject to the approval of Messrs. Stetson, Jennings
& Russell of New York.
Guaranty Trust Company of New
140
FIFTH AVENUE OFFICE
Fifth Avenue
and 44th Street
LONDON
We do not guarantee
MADISON AVENUE OFFICE
Madison Avenue and
LIVERPOOL
the statements and figures
York
Broadway
60th
Street
GRAND STREET OFFICE
268
Grand
contained herein, but they are taken from sources which we
sold, this
of record only
All of the above bonds having been
advertisement appears as a matter
Street
BRUSSELS
HAVRE
PARIS
,
believe to be accurate
[Vol. 111.
THE CHRONICLE
**XIV
jfimntial
The
of an investment, banking
of its standards. Have the
been watchful to associate
with investments of proved
known stability ?
Does the con¬
of a sale mark the end of their
record
eloquent
founders always
their names only
past
house is
merit
and
summation
interest
in
the
investor
and
the investment,
or
only the beginning? Do they hold their
reputation for fair dealing as the most valued
of assets? >By such standards may the in¬
vestor distinguish the investment banking house
worthy of confidence and trust.
Ames, Emerich & Co.
Investment Securities
111
Broadway, NewYork
105 So. La Salle St., Chicago
1st Nat. Bank Bldg.,
Milwaukee
w
flntrnt rria'y
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 111.
SATURDAY, SEPTEMBER 18
Terms
of
$10 00
6 00
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
2
NOTICE—On account of the fluctuations in the rates of
New
York
subscriptions
and
advertisements
13 50
7 75
11 50
exchange, remit¬
must
be
made
in
funds.
Subscription includes following Supplements
Bank
Railway & Industrial
Quotation (monthly)
Railway Earnings (monthly)
State and City (semi-annually)
and
Electric
Railway
(semi-annually)
(yearly)
"
six months
i
DANA
B.
and
Pine
COMPANY, Publishers,
Depeyster
Streets,
New
York.
Published every Saturday rn irning by WILLIAM B. DANA COMPANY, Presi¬
—5.3
85,432.197
82.423,008
+ 11.7
61,349,761
55,297.132
—15.8
30,650,731
Indianapolis.....
16.524.000
19,755,000
—16.5
16,055,000
27.062,263
15.304,000
Columbus.......
13,000,000
14,390,200
—9.7
11,502,600
10.428 900
Toledo
12,994.975
4.810.352
12,813,497
14,303,703
—10.4
11,715.168
Peoria..
5.000,000
+ 4.2
4,594,151
Grand
5,735,143
4,798.484
6,423,747
—10.7
4,005,786
4.780.290
4,931.585
—18.8
5,278,772
4,883.708
5,047.005
—5.3
4.680,672
3,111,655
.....
Rapids.
Dayton.....
______
111...
Youngstown
....
Canton
Rock ford
the
been
against $6,571,145,38G last week
$8,707,977,706,
corresponding week
and
$9,549,282,799
■
....
Philadelphia
...
_
Bloomington
1,616,183
1,593,970
+ 1.4
1,346,957
1,426.372
Lexington.......
1,300,000
1,671,573
South
San Francisco...
Pittsburgh
...
Detroit
.....
New Orleans
—22.2
1,124,353
1,200,000
+ 33.3
1,127,490
881,678
1,102,954
1,562,335
1,800,983
—13.2
Decatur........
1,546,233;
1.509,881
+ 2.4
Springfield, Ohio.,
1,368,404
1,812,705
—24.5
1,286,496
1,182,746
1,177.032
1.523,614
813.866
1.136 844
—28.4
900,000
|
__i
Arbor....
....
The full details of the
We cannot
Buffalo..
....
Albany.
—17.7
—22.0
29,892,719
9.221,984
—22.5
6.026,195
—27.1
13.532.1671
Silt Lake City...
Oakland
9.694.728
—13.0
5,602,827
6,488.093
—13.7
2,826,069
2,584,153
+ 9.4
3,797,597
4,359,400
1,930.172
2,501,843
1,663,948
4,300,742
2,463,523
—11.7
+ 77.0
5.972,149
3,406.690
2.114,927
2,859.022
1,528,966
1.963,008
—1.7
1.000.000
Diego
168,522,985
—4.0
Fresno
+ 7.9
Stockton..
+ 0.5
San Jose.
122,215,315
__
Pasadena...
-t-19.2
89,845,065
—3.5
.60,992,684
+ 4.8
$6,071,353,323
$6,909,571,672
1,200,072,461
—12.1
+3.0
Total Pacific..
306,639,959
357,428.085
$8,109,644,133
—9.9
Kansas City.....
199.904.273
273.845,809
1,438,638,666
—2.6
Minneapolis..
78.364,207
56,043.994
+ 39.8
57,005,029
Omaha
....
55,000.000
72,048,593
—23.6
19,714,111
+ 85.4
Denver.........
36,548,992
20.629,020
13,481,075
55.451,532
16.165,742
25.917,534
18.287.790
—20.4
27,443.223
—26.3
16,479.609
8.548.049
7.562.202
+ 12.9
13,034,790
7,336.422
10,103.216
11,730.354
—13.9
9,629 038
8.095 208
8,000,000
10,918,370
—26.7
12,401,405
4,904,246
16.010.901
—22.5
6,575,747
—25.4
8.942,074
11,110,933
4,340.333
3.965,017
—31.7
J
,235.982,437
$7,307,335,760
1,400,641,946
$8,707,977,706
r-88
$9,549,282,799
September 11.
1919.
Dec.
$
84.162.918
%
Yakima
Reno...........
Long Beach
Santa Barbara
St.
Paul...
St. Joseph
Duluth
Des
Moines.....
Sioux
City.
Wichita
1918.
1917.
—13.7
—3.2
+ 0.4
36.283,623
—8.5
3 905.164
4,531,498
—13.8
15.106,611
—7.3
—9.1
Syracuse
3.639,211
9.496,873
4,460,214
4.094.788
—11.1
2.819,095
—3.8
Trenton
1.204.907
Erie
2,578,749
990,740
1.049,900
1,225,682
1.060.821
Greensburg
Bingham ton
Chester
Altoona
Lancaster...
Montclair.......
2,600,000
367,057
S
$
+ 1.4
380,105,342
113,312,058
64,848.149
27.757,367
4.225,684
291.385,384
...
13,850.317
7.692,141
3.934,732
10.282.241
+ 18.0
1,000,000
+ 10.0
—0.9
3,386.123
1.433,294
2.197,923
1.257,327
1,045,000
+ 9.5
903,200
887,300
1.399,280
—12.4
2.796,145
+ 11.2
—7.0
1.864,162
687,500
1,314,433
953.289
2.412.949
386.162
—4.9
348,987
2,172,256
479,489
1.302,30.4
2.343,048
—7.5
625,000
—7.5
—•>1.3
4,336,584
776.194
1,124.919
—31.0
1,865,730
2,124,444
—12.2
1,569,414
...
...
Fremont..
Waterloo
Helena
.......Vi.
Tot. Oth. West.
Orleans
Houston...
Galveston
Savannah
Richmond
Fort
Worth
Atlanta....
Memphis
Nashville.......
Norfolk
Augusta
Birmingham
Knoxville
Chattanooga
Charleston
Total Middle.. 4 018.884.854 5,053.067.809
Boston
Providence.,.
Hartford
New Haven...2.
Portland
—20.5 3,977,900.835 3.719.434,192
—22.6
266.800,605
9.804,600
8.701.225
5.228 480
344,865.262
10.943,500
8,054,998
—10.4
279.000,840
10,532,400
+ 8.0
6,914.886
7.140 029
—26.8
2,448.000
4,273,192
2.400,000
+2.0
240.342,09^5
2 079.378
—27.9
1.856,757
2,256,393
—4.0
2.526.871
845,844
—18.0
599.791
1,100 000
1,030,220
l,4og sai
—26.6
467,034,147
542.066,078
+ 13.8
459.02o.476
326.336.525
133.770.903
171.114,109
—21.8
143.389,103
138.725,994
52,216,869
25.411,120
54,275,706
—3.8
46.369.801
16.170,833
+ 57.1
33.838,264
17,859.535
29,761,702
8.000,000
7.305,695
44,814,309
16.144,892
45,000,000
15,244,258
20,857.155
22.578,497
9,819,977
+ 31.8
—18.5
9 227.734
—20.8
22,607.774
22,077.986
7,255,872
11,693,285
67,750,288
—33.9
53.156.163
16.648,(75
64,526.528
—3.0
11.862.877
—30.3
18.373,286
—17.0
1,739,211
1.500.624
601.112
1,16°
15.623.797
+ 33.5
8.971.019
9,169,285
—2.2
2.208.321
18.524,605
4,752.633
141548.500
—53.5
+ 27.3
52,952,835
11,328.341
16,103,366
7.875.620
4,246,485
6.812,243
3,810,694
6,728,343
3.040,000
3.267.925
6,720.813
+ 16.6
+ 0.1
2,550.469
4.871.192
3,000.000
+ 3.0
—18.9
2.000,000
2,038.578
9,151,079
9,000,000!
8.222 075
9.252,101
+ 11.3
Little
—2.7
24.879 112
15.813.320
+ 57.3
10.691,678
1.366,945
15,200.000
5.600 000
12.231.575
32,473.345
12,106.752
33,196,520
8.855,628
9.834.036
5.648.639
3.987,597
'
3,053,110
2,295,712
4.517.805
2.211,421
1.340,861
4.119,628
4.044,611
7,702,495
+ 4.0
1.800.000
2.159.274
4.991,078
Austin.
1,200,000'
—19.5
2.500,000
Vicksburg
1,490,495
321.249
2,242.427
521,467
3,100.000
250,722
3,477 814
Jackson-
—7.3
3.631.020
3.529.618
Tulsa
—32.2
2.098.241
1,476,787
Muskogee
—18.7
1,770 508
DalPs
—9.2
1.100,000
—2.8
1,326.965
700.000
+ 3.0
694.677
1,598.992
1 110,424
706.686
700,000
635,128
+ 10.2
624,343
792.338
306.197.230
388,304.186
—21.1
318,318,802
270,863,349
Shreveuort
Total Southern
Total all
1,500,000
2.165,008
5,243.159
2,708,441
3.773.262
721.000
Total New Eng
587,501
2.215,198
5.000,000
1.069,029
...
754 695
844.292
5,200.000
Lowell
Bangor
881.748
874,536
Macon
New Bedford
Holyoke
7.744.47Q
2.827,460
2.557,968
2,158.067
1,084.989
Oklahoma
4,707,085
3.822,192
2.160,525
1,775,467
WorcesterFall River
7,138,960
+ 9.4
Jacksonville
Rock
665.000
—5.3
3,459.559
1,460.495
6,233,822
5.219,907
Mobile
.
9.464,200
6,873.317
3.542.523
1,465.354
1,443.222
Springfield
147,399,072
44.387,886
35,277.014
15,007,011
18.409,573
14,182,122
3.812,472
1,260,115
886,368
Louisville
3.388.707
206,371.843
219,276,764
2.977.368
New
3.704 848
234.725.198
—27.0
1.193,370
969,236
St. Louis
—30.9
—14.2
2,753,747
2,487,726
5.560.969
727,575
3,000,000
0,806,249
1.750.000
907,292
Fargo
BilHn^s....
—46.6
+44.2
in total
Colorado Springs.
18.565,869
—16.9
571,067
3,574.697
1,919,591
Hastings..
513,446
2.846.859
4
793,470
1,117,360
4,360,169
Aberdeen
4,304,780
2,800.148
3,120.537
1,823.530
3.948,827
2,603,419
1.159,228
1.963,294
892,857
+ 73.9
—15.3
—21.4
2.980,535
69,327.599
4,631,374
2.666.727
3,050,289
1.438.043
1,964.621
891.120
1,902,629
Toneka.
Cedar Rapids...
42.544,671
4,648.113
700,000
2.743,712
726 560 Not Included
________
—22.4 3,294,880.342 3.245.291,242
84,532,035
33,176,477
York
1,958,532
1.901,769
997,659
1.089,204
946,994
102,564,126
9.633.594
Wheeling
5,156.706
3,806.996
2,360,661
63,929.792
4,052.396
Wilkes-Barre
7,000 000
4,401,295
14,000.000
80,674,712
...
14,000.000
Wilmington
—19.9
San
164k,066,128
3.323.914,116 4,284.959.648
372,650.706
432,059.728
147.577,604
142,915,354
2.712,831
2,410.338
2,364,491
3.840.502
3,999.807
146,911,591
Sacramento
160,668,572
Scranton....
Reading
92,289,712
26,432,000
25.769.163
16,968,577
.
14.451,822
5,608,554
17.707,484
...
........
161,738,551
Rochester
Washington-----
771.446.520
88,781,175
—9.4
43.035,186
Pueblo
...
818,268,5 <3
933,963,813 1.030,846.495
35,405,636
11,274.208
4,344.922
12,907.098
8,432.775
—1.1
Inc. or
....
300,000
101,118
646,999
25,613.000
—8.3
Clearings at—
Philadelphia
103.577
810 °12
41,387.015
445,313,787
Week ending
Baltimore
303.000
+18.3
Lincoln..^
Pittsburgh
+ 40.6
110,540 + 116.2
—48.2
863 715
—30.5
366,678,579
230,131,280
to-day, clearings being made up by the clearing houses
Saturday, and hence in the above the last day of the week has to be in
ail cases estimated, as we go to press Friday night.
Detailed figures for the week ending Sept. 11 show:
__
400.000
48.572.000
335,155,246
211,160,858
furnish them
York
562,477
47,450.788
+ 5.1
at noon on
New
518.739
32.993.773
173,300.000
$
—27.4
57.456,000
558,293,027
week covered by the above will be given next Saturday.
1920.
704,220
Los Angeles.....
164,806,999
Total all cities for week.
511,070
1.174,103
457,501
Seattle
—
...
500,000
880,147
117.700,000
...—_
.......
525.000
+ 3.3
Francisco...
Tacoma
735.000
—16.3
239,568
....
838,448
790,713
487.945
Tot.Mid.West.
947.409
1.951,884
Owensboro
Cent.
...
Total all cities, 5 days
All cities, I day..
661,338
2,015,572!
Adrian
—18.3
...
Eleven cities, 5 days
Other cities, 5 days
5,323,000
1.205,212
1,273.016
1,600.000
Bend
$4,562,435,439
....
Baltimore
1,922,074
Mansfield
$3,725,159,840
580,969,885
440,242,125
8.6
3,637,290
1,809,144
1,963.025!
Portland.
...
2,466.485;
5.412.000'
1919.
Boston
Kansas City
St. Louis
4.637,330
—9.8
Sookane..
Chicago
3,896,589
+ 13.3
1920.
Week ending September 18.
New York
4.471.084
2,138,414
—28.9
San
Per
Clearings—Returns by Telegraph.
1.374,373
4.974,536'
2.009,254
Ann
last year.
1,291.621'
+ 6.6
—16.0
2,648,942
Jacksonville, 111
have
—6.8
.5,436.734
10,387,000
Lansing
elearings of ail the clearing houses of the United States for the week ending to-day
+ 15.8
2,075,071
1,428,845
D. Riggs; Secretary, Herbert D. Seibert.
made up by telegraph, &c., indicates that the total bank
2,686 509
1,933,755
9,371,000
Danville..
CLEARING HOUSE RETURNS.
4.746,634
2,960,840
3,051.683
5,793,622
3,000,000
....
Lima.
The following table,
481,805,669
40.337.052
32.051.528
dent, Jac^b S^ibert Jr.; Vice-Presi lent, Am>11 G. Dana; Business Manager, William
A Ureases of all. Office of the Company.
60,720.649
80,577.499
Akron...
Front,
$
490,446.282
—10.0
27,000,000
Quincy
WILLIAM
111,353,260
65,342.342
90,000,000
London Office—Edwards & Smith,
Drapers' Gardens, E. C.
58.795,390
105,420.610
1917.
$
Detroit
Fort Wayne
.175 00
.100 00
1918.
Milwaukee......
Chicago Office—19 South La Salle Street, Telephone State 5594.
1
...
Cleveland.
Dec.
%
626,444.234 —12.4
548,068,640
........
Cincinnati
Springfield
insertion.._ $6 30
(26 times) per inch..
Chicago
Evansville
Inch Space
Transient matter per inch space (14 agate
lines) for each
Business Cards, twelve months (52 times) per inch...
"
(semi-annually)
Bankers' Convention
Terms of Advertising—Per
v
1919.
Subscription—Payable in Advance
European
2882
Inc. or
1920.
WEEKLY
For Six Months
for
NO
Clearings at-
For One Year
tances
City Secttal
Week ending September 11.
gbe Chronicle
PUBLISHED
1920
Railway Section
391,576
538,265
+ 21.9
+ 24.0
10.035.969
9.963.447
+ 0.7
4,000,000
3,675,690
31,428,6.50
+8.1
—13.6
2,400.000
697,71+3*6
667,196;
27,160,506
2,880.000
538,425 383
>
983JJ18
570.189
6.575.401
1.763,141
14.865,681
+ 20.0
7.981,565
2,487,603
25.553.200
1.6-50,000
—9.9
495,40*,156
389,432.528
1,304,792
6,571 145.386 7.968.42S,009
—17.5 6,303,742,057 5 689,884,957
Outside N, Y— 3,247,231,270 3,683,465.361
—11.8 3,008,861,715 2,444,593.714
[Vol. 111.
THE CHRONICLE
$1.12067, against $.98046.
New Mexico and several
States of small production make a better exhibit in
value for 1919 than for 1918, only New Mexico,
Missouri and Oregon record any quantitative gain. v
Supplementing the foregoing official result for the
United States in 1919, we have to note that advices
the
SITUATION.
THE FINANCIAL
which occurred in Wall Street
The bomb outrage
day one of evil celebrity in
this week wall make that
people to the necessity of
the American
to the
and
measures
should arouse
short, sharp
folly of temporizing further
district, and it certainly
the financial
agitators w,ith an evident mania
with insane
for in¬
peculiarly heartless and
discriminate homicide of a
hals
come
to rid it
country
been
have
should
for concerted measures
of
in this
dangerous element which
a
sternly dealt with long before
Utah,
Montana,
gold production from various quarters of the world
merely serve to indicate that yield
thus far in 1920
continues
revolting kind.
The time
on
at New York
year
While
a
on
declining scale.
We have this week
the Transvaal for August and
quite a little under that for July
by cable the return for
it shows
output
an
than in
less
and
the corresponding period of any
The month's result as re¬
six of this sort
ceived is
702,083
fine
ounces, against
706,669
hanged in a row, and thereafter that city for
line
ounces last year, 740,210 fine ounces in 1918 and
many a long year was rid of agitators.
It is plain
no less than 781,150 fine ounces in 1916.
Further¬
enough now that some such lesson should be meted
out here in New York,
if the criminals can be more,' the production for the eight months of 1920
totals only 5,543,628 tine ounces, against 5,579,650
caught, as seems not impossible.
fine ounces in 1919 and 5,732,743 fine ounces in 1918,
For the first time in our history the New York
this.
earlier year
In Chicago many years ago
since 1910.
were
Stock Exchange was
closed as the result of a das¬
tardly act by men who seem beyond question to have
been "Red" murderers and who planted a time-bomb
at
hour when the streets were
an
business
down-town
forces of this
country,
thronged with the
detective
backed by the United States
The
population.
Government and by public opinion throughout the
United States, should not rest until the offenders
have been
there is
Once that is accomplished
apprehended.
promptly
doubt that the courts will act
no
If the
of justice.
and in accord with the demands
while
falling
600,000 fine ounces under the
some
period in 1916. The Rhodesian yield thus far in the
current year falls over 10% below that of 1919.
Western Australia shows a decrease of over 25%, as
Queensland, and small losses are indicated in
India.
Moreover, there is no
does
New South Wales and
information
at
hand to
tendency in the
denote that the declining
United States has been arrested.
Consequently the present outlook (and it is not apt
to be
far
changed by later developments with the year so
advanced) is for
world's yield of gold for the full
least moderately less than
a
country can be rid of such criminals, the
twelve months of 1920 at
wounded
in 1919,
suffered
dead and
by this lamentable outrage will not have
absolutely in vain.
The final statement of
was
gold and silver production in
the United States in the calendar year
1919, issued
jointly by the Bureau of the Mint and the
Geological
both
Survey, and indicating a decreased output of
metals
as
out in the
each
case
The
nounced.
yield of gold from the mines of the
2,918,628
valued at $60,338,400, which, besides
country, according to this
fine
^
slight decrease in the number of
A
commercial
insolvencies in the United States in August
1920 is
latest statement of failures issued by
R. G. Dun & Co., but concurrently, and
disclosed by the
Messrs.
in
in apparel
closing days of last December, although in lines, the volume of liabilities shows a marked aug¬
Moreover, and indicative of the locality
furnishing a total greater than then an¬ mentation.
compared with the preceding year, does not
essentially from the preliminary estimate given
differ
and, therefore, not much if any greater than
secured in 1904.
ounces,
final report,
was
being 402,156 fine ounces, or $8,313,300, smaller
than the outcome for 1918,
is less than in all previous
due
to
fe\y defaults for very heavy amounts
a
machinery and tools, and to a lesser extent
in which stress has
recently been most severely felt,
it is to be noted that
the
for
month
of the total mercantile defaults
about
one-fifth of the number oc¬
curred in Greater New York and
to
one-half of the
they represent close
indebtedness for the period.
The
the cor¬
regards the
comparison the current figures make with
This decrease, it
of expecta¬ responding time a year ago, especially as
sum of
liabilities, is, of course, quite unfavorable,
tions; on the contrary is more moderate than quite
but it is to be remembered that the casualties of
generally supposed, taking into account the various
adverse developments of the year.
These, as we August 1919 were with one exception the smallest of
pointed out in the "Chronicled of May 15, were any month in the record, and the liabilities were not
The fact is
shortage of labor and in part its inefficiency, strikes, much above the lowest ever recorded.
years
back to and including 1898.
be said, is not in
may
increased cost of
any sense
excess
production, and to
In the falling off in
of water.
in
some
extent lack
yield all the States
except Alaska, California and Idaho shared, with the
that
with
such recent developments as the Ponzi
affair and lessened
and automobile
activity and failures in the silk
industries,
a
noticeable expansion in
be expected. We are
most
important declines in Colorado, Nevada, Ari¬
insolvent indebtedness was to
zona,
South Dakota, Montana and Utah—all leading
passing through a period
and
contributors.
The silver
1,400,000
it is
reported
ounces
yield for the
ounces more
as
56,682,445
under the
previous
years
With very
year as now
ounces, a
1918 product and
back
given is
some
than in the early statement;
to
but
not
total 11,127,694
less than in all
including
1909.
much higher prices ruling for the metal,
however, the value of the 1919 output
was
less than
$3,000,000 below that of 1918—$63,533,642,
paring with $66,485,129—with the
average
com¬
price for
that
of readjustment in business,
such being the case,
we
what
more
natural than
should find instant reflection of it in the
failures statements.
A striking feature of the cur¬
nearly 75% of the liabilities is
furnished by the 38 large failures, a most unusual per¬
centage, comparing with only 36% last year and
rent
report is that
probably never exceeded except in 1914.
of mercantile disasters for August is
T The number
stated by
Dun's Review as 673, with the liabilities
$28,372,895, as against|468 for $5,932,393
last
year,
Sept, 18 1920.]
720 for
THE CHRONICLE
$7,984,760 t>yo
287 in 1917 and
1,149 for $18,085,-
years ago,
1,279 for $43,468,116 in 1914.
Segre¬
There
present at the conference "members of
were
the Socialist group
in the Italian Parliament, lead¬
of the General Confederation of Labor and rep¬
gating the insolvents into classes, the least satisfac¬
ers
tory exhibit is in the manufacturing division, the
resentatives of the Federation of Metal Workers."
aggregate volume of debts at $14,502,294 being more
It
than four times that of the
leaders of the Confederation of
the heaviest in
period in 1919 and actually
Stress is particu¬
August since 1914.
said that "Socialist Deputies,
\vp,s
dle course,
which
larly to be noted in machinery and tools, in which the
realizing the
debts mount to
result from
1919, but
be
seen
In
the
indebtedness
too, the showing ate regards
group,
unfavorable
is
previous
years, a
lines sharing in the poorer
last year.
year
comparison
by
with
total of $7,756,155 contrast¬
ing with only $2,077,093,
faults
times that of
seven
textiles, clothing and miscellaneous lines.
trading
recent
nearly
parked expansion in liabilities is also to
a
in
total
a
of the fifteen
contrasted with
every one
showing
as
favorable
not
only much
than
more numerous
a
but covered at $6,114,446 the heaviest
ago,
total of indebtedness for August
For the
in six
eight months of 1920 there is little to be
said except
that the exhibit is less satisfactory than
for 1919 in
point of number of failures, and that the
liabilities
exceed
vencies total
1918 and
The insol¬
since 1916.
year
any
4,706, against 4,383 last year, 7,395 in
9,774 in 1917, with the indebtedness, re¬
such
any
tation
In
few
to
1915.
no
less
In August
than
in
month
there
subsequent
102 insolvencies for
(the largest total for the
$6,027,539
years), against only 51 for
many
very
were
$3,478,885,
or
eight times that of 1919, while in the
(made up of brokers, agents,
other commercial class
&c.), with the number of disasters only one greater,
liabilities aggregate
In
the
with
Aug.
$2,059,200, agaitist but $188,357.
trading division debts of $489,454 contrast
For the eight months ended
only $188,357.
mercantile
the
31
defaults
numbered
586,
against only 478 in 1919 and 595 in 1918; and, conse¬
quent upon the great augmentation in
latest
4 million dollars
lions
debts in the
month, the liabilities at $14,302,601 were some
in
greater than last year and
4% mil¬
debts
totaled
of
excess
Traders'
1918.
$3,317,770, against $2,812,875 a year ago, those of
$8,392,825 against $6,855,541,
manufacturers
and
brokers, &c., $2,592,006, against $772,892.
The industrial
threatening.
Following
a
situation in
Italy has continued
It has been difficult to get the facts.
conference held in Milan near the close
week, the press advices from that centre in¬
of last
dicated
hopefulness
reached.
In fact,
it
that
wras
a
truce wrould
stated in
one
soon
be
cablegram
that "these interviews and discussions seemed to re¬
flect
a
desire
on
the part of the contending forces to
bring about a compromise, which would solve the
anomalous
industrial
situation throughout
Italy."
opposed
A
less
hopeful view after investigat¬
'
cablegram from Milan
was
a
made that "ne¬
an
adjustment o£ their differ¬
industry in various parts of Italy by
the
appears
workers,
concessions
ers."
It
the
on
to be at
wage
were
occupied yesterday by workmen
given signal, and red flags
a
were
The latter
body, "in explaining the seizure of the
works, declared that the move
the nature of the real
simply
a measure
their
which
than
or
that city.
the
A dispatch from Florence stated that
100
and
towns
villages had been
de¬
badly damaged in the district north of
A cablegram from Trieste told of a So¬
revolt, in which "barricades were erected in
streets, and artillery, rifles, machine-guns and
freely employed in a struggle between
were
the rioters and the
that "Italian
in
guar¬
carry
further aggravated by the appearance of
earthquakes.
stroyed
to
they need to
was necessary
in the week this industrial situation in
was
more
not in
industry."
Early
Italy
was
occupation of the plants, but
antee metal workers the materials
on
hoisted above
orders issued by the Chamber of Labor."
on
chemical
was
standstill, despite
a
question by the employ¬
also stated that "more than 200 chemi¬
was
cal works here
circles, several defaults of unusual magnitude serving
to swell the total of indebtedness under that head to
was
$517,840 in
un¬
have
tories in this
bombs
Stress
for
40
to
which have resulted in the occupation of fac¬
ences,
cialist
and
1919
a
days later announcement
1918.
particularly in evidence in manufacturing
in
$816,180
The
said
gotiations between the employers and the metal in¬
The Dominion of Canada also records an increase
the
was
tiere.
Associated Press
an
them,
the number of business defaults in August,
situation
by bringing in other classes of workers."
"Tribune" took
Manufacturing casual¬
ties involved $51,505,138, against $38,531,841 and
$42,832,987 and $53,977,191 the two years immedi¬
ately preceding; trading indebtedness reached $38,414,508, against $24,763,530 and $39,741,457 and
$49,026,023, and liabilities of brokers, &c., at
$47,113,537 make an even poorer showing.
aggregate being the heaviest of all years
the
and wish, rather, to enlarge the agi¬
move
ing conditions
spectively, $137,023,183 and $80,150,289 and $105,-
in
of
special correspondent at Milan of the New York
at
567,894 and $130,046,987.
for all that might
continuance of the conflict."
a
side
dustry workers for
years.
early settlement,
an
grave consequences
been that "a section of the metal workers
Furthermore, agents, brokers, &c., de¬
were
lead to
may
well as
a mid¬
as
Labor, favor
military."
It was said, however,
troops and naval forces had succeeded
completely restoring order."
In
the
advices
cable
from
Milan,
further
detailing
developments in the industrial situation from
day to day, it was stated that the "National Labor
Convention has
to the conclusion that a
come
toric moment has been reached.
the immediate
metal
struggle
confine^ to the
are
Financial backing is promised for the
conquered.
prolongation of the struggle.
Socialist
be
ordered to resist with all the
command in the positions they have
workers, Avho
force at their
shall
his¬
It has decided that
The directors of the
Party are invited to take steps to insure
that the solution of this
particular conflict shall not
be upon
the simple
workers'
memorial, but in such a way as to guaran¬
tee them
lines
indicated
in
the
the turnover of the factories with
metal
direct
management, by the working staffs, in the interest
of the common weal."
The advices also stated that
"the convention has further decided
to change the
objective of the battle to that of forcing the employ¬
ers
to
recognize the principle of syndical control of
business concerns,
those vaster
and intends to clear the way for
conquests which must inevitably lead
to the socialization of
tion of the
problem
industry
as
the organic solu¬
of production."
The |records
convention "comprised 500 la¬
show that the Milan
of Italy, to¬
leaders, gathered from all parts
bor
mentary
It
Italian situation were less encouraging.
stated also that "the resolution sum¬
was
above
marized
proposed by Socialist Deputy
was
Herald" declared in a cablegram to
and New York
his paper
that it
that "the Italian Government is confident
crush the Soviet movement in Italy
can
bloodshed, and is urging employers to make
without
concessions
ob¬
correspondent
The
workers."
to
General Federation
served further that the Italian
apparently is heeding the lesson learned
of Labor
their inability to
their fight through all branches of organized
in Italy.
He added that "the hopes of the
by the French Laborites and fear
carry
labor
evidently
Government
Italian
based
are
the
on
possibility of a break between the General Federa¬
Socialist Party."
tion of Labor and the Italian
It became known
through
dispatch from Milan
a
immediate convocation of the Italian Par¬
an
liament "for the purpose
of
passing
laws
under
take over management of in¬
which workmen may
plants has been demanded by the Confed¬
eration of Labor in session here."
It was gratifying
dustrial
compromise of
to note that
"resolutions favoring a
the situation
resulting from occupation of plants by
workmen
throughout Italy were adopted at a stormy
the Confederation."
of
session
From
Rome
came
co-operation be¬
that "complete
announcement
employers and workmen, which is declared to
tween
be
was re¬
General Federation of Labor
direction of the fac-
compromise at first ex¬
result in the
will
tories
591,000 votes to pected." Paris heard also that "the wmrkers in sev¬
eral shops in the Turin area have been able to in¬
special correspondent in Paris of the "Sun
A
245."
the
It
Daragona and was carried by
Chief
that
patch to the "Sun and New York Herald," the latest
advices received at the French capital regarding the
of the Socialist Parlia¬
Group, which latter numbers 156 Depu¬ ported that "there is increasing doubt whether a
gether with the Executive
ties."
[Vol.Ill
THE CHRONICLE
1114
the
principal factor in maintaining production
duce the banks to advance
of
ment
wages,
on
large sums for the pay¬
agreeing that the co-operative
managements would reimburse them as soon as
According to
trouble had been settled."
from Milan to a news agency
a
the
dispatch
in Rome, "at a joint
meeting of the metal workers and the manufactur¬
ers'
syndicate, held Monday evening there was fail¬
ure
to reach any
the
controversy."
decision favorable to an ending of
/
correspondent of the New York "World" sent
A
long dispatch to his paper from Milan,
a
he said that his
convinced him that "the avoidance of a
revolution
social
two factors—the
throughout Italy
political and
depends upon
ability of the Government to dis¬
workers
the
lodge
in which
study of the situation for 48 hours
the
from
factories they had
seized, without violence, and the ability of the labor
keep the extreme Bolshevik elements in
chiefs to
The assertion was made
the unions under control."
in
a
long cablegram from Milan to the New York
metallurgical managers fol¬
"Times" that "had the
lowed
Giolitti's
advice last week and granted the
moderate demands contained in the
employees'
me¬
morial, they could have had their factories back and
sealed
a
concordat which would have secured them
a
three
five
or
years' trust at
a
small sacrifice." The
throughout Italy, is urged by Deputies Bandera and
correspondent added that "now that the General
Salvadori, members of the Catholic Party, which
Labor
its
has
gratifying
Still
workers' union."
metal
own
was a message
more
from Milan stating that
co-operative management and profit-sharing by
of
"important discussions took place to-day [Monday]
the
between
for
representatives of the workmen and the em¬
Executive, by considerably more than 1,000,-
votes, has definitely ruled out any solution short
000
working staffs, the problem becomes stupendous
both
sides
the nation
and for
at large."
He
ployers, in which Prefect Lusignoli of Milan and
stated, furthermore, that "Giolitti will offer no op¬
Prefect Taddei of Turin
position to the Socialist plea for an extraordinary
made
A statement
participated."
by Depqty Daragona, representing the Con¬
Labor, showed that he was trying to
federation of
convince the
employers of the necessity, in their own
interests, of solving the problem of their relations
with
the
in
men
a
radical
manner,
foundly modify social conditions."
gona
as
able
"Do you
obtain
to
workmen?
the
tors
Signor Dara¬
deceive yourselves that
greater
If you emerge
will
men
But
past.
even
do
you
production from
from this conflict
much
less work
than
if the dispute is solved by
creased wage, peace
porary, so
will
your
vic¬
as
in the
an
in¬
in the works will only be tem¬
that the problem of greater production
will remain still unsolved."
the
pro¬
is said to have addressed the employers in part
follows:
be
to
so as
employers
opinion that
a
said
were
to
The
representatives of
have
"expressed
settlement should be made
now on
net
Council
Another
served
attain its
social and
life
of
the
"despite the growing optimism in official circles,
the
situation
grave,
apparently is becoming daily more
owing to the inability of anyone to coalesce
these elements
in obtaining a common end."
The
positive statement was made in an Associated Press
dispatch from Rome, made public
here Thursday
morning, that "Premier Giolitti has intervened in
the
the metal workers'
reopen¬
dispute and has invited represen¬
of the employers
It
was
and workers to meet him
added that "several delegates al¬
The
correspondent conveyed the further in¬
tion."
Catholic
formation that "the Catholic Party has decided to
such
Deputies, who observed that
only
proper
tribunal to give
a
important matters, involving the
entire
urging the
of the
industrial,
He added that
ready have arrived there in response to the invita¬
nation."
It
men
to resist for
proletariat idea."
a
ask the Government to
appoint
a
commission
com¬
posed of representatives of the employers and the
that
workers, which shall be entrusted with the task of
propagandists
making thorough inquiry into the Italian industrial
was
"meanwhile in all the works Socialist
are
political cross-currents."
said to have been asked also of the So¬
"Parliament was the
on
ends, have succeeded in so involving
the
ing of Parliament."
decision
own
the situation that it has become a maze of
at Turin."
and
"conflicting elements, each seeking to
employ the economic crisis in Italy as the means to
regarding complete social reforms until the
cialist
summoned for Thursday to
correspondent, cabling from Rome, ob¬
that
tatives
was
had been
discuss the situation.
purely economic question, postponing any decision
This
He announced that a Cabi¬
meeting of Parliament."
added
definite triumph
According to
a
Paris dis¬
situation."
It
of Labor had
was
said also that the Confederation
published
a
manifesto "asking work-
Sept. 18
to subscribe to
men
loan which is to be
a
to be of 10 and 25 lire
were
applied to
metal workers."
striking
supplying the needs of
The shares
each.
Ac¬
cording to the manifesto "the workmen's councils
promised to reimburse the subscribers when
have
the
In a cablegram from
present dispute is ended."
Milan it
was
reported that the Confederation of La¬
intention of wait¬
bor had announced that "it has no
ing
The only solution
proposals for
management of the various in¬
the will of the employers.
on
the
milk.
employers do not soon decide in this
be
A special cor¬
respondent in Turin of the New York "Tribune"
cabled Thursday morning that "the next few days
adopted to intensify the situation."
will
Aix-les-Bains will be the
signal for a revolution in
The correspondent said also that the Presi¬
the Turin Soviet had declared to him that
Italy."
dent of
surrender," and asserted also
"the workers will not
happens the workers will never con¬
that "whatever
sent to
return from
whether Premier Giolitti's
show
give
Rome sent word
manufacturers
Thursday evening that "Italian
were
in session all over the country
to-day, trying to decide upon some means of com¬
appealed for
week from
to
the
In
a
special cablegram
"Evening Post" of this city,
correspondent said that "in spite of the threaten¬
ing outlook it is still generally believed that there
will be
coal
no
strike, probably because of the con¬
viction in many
quarters that an isolated coal strike
is doomed to failure."
It became known that "fol¬
lowing the disclosure of
request of Robert Smil-
a
lie to the Canadian miners to strike
with the British
on
simultaneously
Sept. 25, the British Government
has
challenged the miners 'to back down or fight.'"
The
day following the appearance here of that cable¬
gram,
another
York
Herald"
was
published by the "Sun and New
from
its
assertion
London
correspondent, in
"the
that
made
was
without
appealing to the country at a general elec¬
tion and
probably without summoning Parliament."
said to have been "evidenced in
quarters at Whitehall after a week¬
result in
conference
expected
In a
quick turn in the situation."
a
cablegram from Rome yesterday morning
it was
reported that "Premier Giolitti has decided to at¬
tempt the solution of the metal
by appointing a commission
facturers
workmen
and
It
to
workers' complica¬
comprising manu¬
prepare
a
settlement
added that "a decree will be issued
was
end of
important conferences."
in the
Robert Smillie, later
week, issued a statement in which he denied
that he had authorized the
dispatch reported to have
Calgary asking the Canadian miners to
been sent to
join the British miners in a simultaneous strike.
reply to
there
a query
was
ernment
truth in the suggestion that the Gov¬
any
was
seeking to attack trade unions," the
always rec¬
ognized that trade union organization is vital to the
interests of labor."
union
or
any
He added, however,
but "if a
section of the community at¬
the Gov¬
tempts to usurp the functions committed to
was
little
or no
British coal miners'
Trades
The
change for the better in the
situation,
Union
Congress
as
the week opened.
at
Portsmouth
ad¬
journed, it was stated, "without making any attempt
bridging the gulf between the men and the Gov¬
at
ernment."
a
cablegram from London to the New
"Times," it was reported that "preparations
York
to
In
cope
wijth the stoppage of the mines are being
pressed forward by Government departments." It
was also said that the miners' leaders know that
the
country is better prepared, owing to the storage
coal, to meet a complete stoppage of the output
of
people are aware of, and that this is one
than most
the
of
reasons
why forces are at work inside the
Miners' Federation itself which make for
It
seems
to be the fact in
trial disturbances that
breaks
In
a
week
with
on
the part of
peace."
nearly all these indus¬
they are complicated by out¬
rather closely allied laborers.
cablegram from London at the beginning of the
it was declared that "London is threatened
a
strike next Saturday
of all the electrical en¬
gineers, which would mean the complete tieing up
of all the street-car and underground railway sys¬
tems and industries
It
was
depending
added that "25,000 men are
Food Controller announced
made
electric power."
involved."
The
that "in the event of the
strike the weekly sugar ration
reduced from 12 to 6 ounces per head." He
coal miners
will be
upon
the
going
on
further
announcement
that
to
guard
In
from a correspondent "as to whether
Premier said that "the Government has
trade
naming the commissioners."
There
Lloyd
George Government will fight out the miners' strike
According to reports from Milan, "seizure
with strike leaders and manufacturers was
plan."
London
Calgary.
was
in Turin and his call for an immediate
tion
A similar report
Saturday" (Sept. 25).
received from
was
authoritative
The corre¬
spondent said also that "Premier Giolitti's arrival
to
strike by Canadian coal miners simul¬
a
This decision
plants continued on a large scale."
of
reported in London that "Robert Smil-
was
organi¬
bating the control of their plants by labor
zations."
It
which the
the factories."
up
required to restrict
taneously with the walkout by the British miners a
collaboration in the
If the
as
lie, leader of the Union of British Coal Miners, has
the
it is declared that energetic measures will
shortage, if the strike is
actual food
an
consumption of fresh meat, bacon, flour and
from
sense,
*
against
started, steps will be taken
possible is the acceptance of the men's
dustries.
1115
THE CHRONICLE
1920.]
by the whole body of the people, such a
ernment
be
must
claim
Toward
resisted."
unhesitatingly
midweek the London advices seemed to
indicate less
hopefulness there of the possibility of avoiding a
On
strike.
Thursday,
however, word
Sir
with
ence
Robert
S.
came
from
a
confer¬
Hore, President
of the
London that "the miners have
announced
and the
call, subsequently, for a full conference of miners'
delegates in London."
The correspondent added
that this is "a step which is regarded as meaning
Board of
Trade, this [Wednesday] morning,
nothing less than a reconsideration of
nation to strike."
was
that "the
announced
their determi¬
Another favorable announcement
joint council of the electrical trades
through the Ministry of Labor they would
recommend that the electricians of London
draw their strike notices."
of the coal miners' executive
board with Sir Robert
Hore, President of the Board of
"without
an
an
trouble."
consti¬
"new proposals made
advance toward a
peaceful solution of the
Advices Thursday evening from
said that "the trouble between
neers
Trade," adjourned
agreement having been reached," Sir
Robert declared that
tuted
will with¬
Although "the conference
of London and their
London
the electrical engi¬
employers was satisfac¬
torily settled at a joint meeting
of the employers and
representatives of the electrical trade unions this
[Thursday] afternoon.
vide for
an
The terms of settlement pro¬
immediate resumption of work."
[Vol. 111.
THE CHRONICLE
1116
MacSwiney, the hunger-striking
Terence
Lord Ma¬
direct
Justice, to which all parties shall have
tional
is hereby established, in accordance with Ar¬
XIV of the Covenant of the League of Nations.
access,
The bulletins is¬
ticle
Self-DeterminaThis Court shall be in addition to the Court of Ar¬
tion League indicated that MacSwiney was grad¬
bitration organized by The Hague convention of
ually weakening, as was perfectly natural.
Sev1899 and 1907, and to the special Tribunals of Arbi¬
eral other hunger strikers in a prison at Cork were
tration to which States are always at liberty to sub¬
said to be dying also.
It was reported from London
mit their disputes for settlement."
It is further
that the prison physicians had announced that
stipulated
that
"the
Permanent
Court
of Interna¬
"MacSwiney will be given nourishment as soon as
tional Justice shall be composed of a body of inde¬
he becomes unconscious."
In a bulletin issued by
the Irish Self-Determination
League Wednesday pendent judges, elected regardless of their national¬
evening it was asserted that "MacSwiney was de¬ ity, from among persons of high moral character,
who possess the qualifications required in their re¬
cidedly worse." He was said, however, to be con¬
scious and his mind active.
The hunger strikers in spective countries for appointment to the highest
the Cork prison were reported as being barely alive. judicial offices, or are jurisconsults of recognized
of Cork, continues to linger.
yor
sued from
day to day by the Irish
correspondent of the London "Times"
The Dublin
asserted
that "negotiations for the settlement of the Irish
question, which are described as the most promising
yet initiated, will be nullified if Terence MacSwi¬
ney, Lord Mayor of Cork, dies in Brixton Prison."
sent
dispatch to his paper in which he
a
It was stated
competence in international law."
also that "the Court shall consist of 15
judges and 4 deputy judges.
and
mefnbers; 11
The number of judges
deputy judges may be increased by the Assem¬
bly, upon the proposal of the Council of the League
of
Nations, to
total of 15 judges and 6 deputy
a
In another cablegram from London it was said that judges."
The questions which the Court is competent to
"the Sinn Fein Intelligence Department claims that
determine,
between the members of the League, are
it has learned that the British Military Govern¬
as follows:
"The interpretation of a treaty.
Any
ment, acting in conjunction with certain members
question of international law. The existence of any
of the Cabinet, has decided to break the Republican
movement in Ireland before
on
"negotiations are now pending
London that
from
Parliament reassembles
Yesterday morning the report came
October 19."
Republicans in Ireland and the
between moderate
Standing Committee of the 'Dublin Peace Confer¬
appointed three
ence' of Dominion Home Rulers,
which is trying to arrive at some pro¬
weeks ago,
posal for Irish self-government within the British
A member of the Republican "Govern¬
Empire."
ment"
quoted as'having declared that such a
was
fact, which if established, would constitute a breach
of international
obligation.
tional
Announcement
Nations
there
met
Lloyd
having denied that "the Gov¬
handling the Irish situation
George, was quoted as
ernment had any
for
Premier
plan to smash the Sinn Fein before
Parliament reassembles
that there has been any
or
change in the general policy of restoring law and
Mr. Law also
order."
the
was
said to have "stated that
appointment of an Assistant Under Secretary
six counties in Ulster
for the
was
preparatory to
bringing the Home Rule bill into force both in South¬
ern
Paris cablegram
It was
during the forenoon.
Leon
Italy, Paul Hymans for Belgium, and M.
Matsui for
Poland and Lithuania have been
Japan.
invited to send
last
delegates.
evening that jurists
upon
of the
Bourgeois, President
Among the others present were
Fisher of.Great Britain, Carlo Fer¬
Herbert A. L.
raris for
and Finland relative to the
Sweden
flict between
Council, presided.
is said to be
a
stated that "the first matter discussed was the con¬
President of the Irish
Bonar Law, who
made in
was
Thursday evening that the Council of the League of
proposal has been made to Arthur Griffith, "Acting
had not refused it.
The interpretation of a sentence
obligation.
imposed by the Court."
Aland Islands."
Republic," and that Griffith
The nature or extent of
reparation to be made for the breach of an interna¬
Word came from Paris
speciality
appointed to pass
the matter had rendered a report to the Coun¬
cil of the
League of Nations that it has "the proper
jurisdiction to settle the dispute between Sweden
and Finland concerning possession of the Aland
Islands."
Ireland and Ulster."
The
On
Tuesday the League of Nations, at its head¬
quarters in London, made public the text of the
"project for
Justice,
permanent Court of International
a
adopted by
as
The Hague Committee of
Jurists, of which Elihu Root
gether with
a
was
member, to¬
letter from the Council of the League
a
conference,
communique
views in
miers also sent
close alliance of
League
with
express
both Premiers
opinion
has
full
on
to
the merits of the scheme until it
opportunity for considering it."
It
was
It
was
message
stated that "the two Pre¬
to Premier Lloyd George,
the three nations."
It
was
known also that "the conversations had been
League
any
a
affirming the primordial necessity of continuing the
of Nations."
said that "the Council does not propose
Aix-les-Bains, between Pre¬
Tuesday. A
issued expressing an "accord of
was
general."
to all Governments which have entered the
In this letter the Council of the
at
miers Millerand and Giolitti ended on
made
largely
regard to Poland and the Russian Bolsheviki—agreeing that each country must deal
with Sovietism
according to its own interior situa¬
tions."
,
*
added, however, that "the scheme has been arrived
at after
prolonged discussion by
tribunal.
national
port."
too
Its members
points
a
most competent
represented widely different
of view.
They all signed the
The provisions of the project
numerous
here.-
It may
states
the
and
are
re¬
altogether
Wednesday evening, according to an Associated
Press
dispatch from Warsaw, "the Polish delegation
appointed to conduct peace negotiations with So¬
viet Russia left Warsaw on a
special train for Dan¬
to be enumerated
zig, where its members will board a British torpedo
be noted, however, that the preamble
destroyer for conveyance to Riga, in which city the
lengthy
even
general purposes of the Court to be in
part as follows:
"A permanent Court of Interna-
conference is to be held."
M. Domboski, Under Sec¬
retary of Foreign Affairs, and head of the delega-
Sept. 18
1117
THE CHRONICLE
1920.]
There has been no change in official discount rates
Polish
at leading European centres from 5% at Berlin,
delegates will find good-will on the part of the
Vienna, Spain and Switzerland; 5%% in Belgium;
Soviet delegates we are to meet in Riga, and it is
6% in Paris and.Petrograd; 7% in London, Sweden
upon this hope that I base my convictions that the
and Norway, and 4J^% in Holland.
In London the
negotiations will bring peace." He added that "Po¬
private bank rate has been advanced to 6%@
land's aim is a peace of understanding and agree¬
6 13-16% for sixty and ninety-day bills, as against
ment."
It became known that "the delegation is
m®m% a week ago. Call money in London
the same as that which represented Poland in the
remains as heretofore at 53^%*
So far as can be
Minsk negotiations, except that General Listowski
learhed, no reports have been received by cable of
has been withdrawn and M. Bankowski, Mayor of
tion, said just before leaving, "I hope that the
.
Esdispatch from Riga
Yolna, and M. Wasilewski, the Polish envoy to
thonia, have been added." In a
it
to
by train Thursday, and the
Libau
arrive from
conference
in
delegation is expected
said that "the Polish
was
probably will open Friday [yesterday]
Schwarzhaupaus, a dignified old palace
the
the centre of the
in
The correspondent observed
city."
also that "even the presence
of the small Bolshevist
delegation is displeasing to the Letts, appar¬
peace
is headed by M.
Joffe, and was quartered at the Hptel St. Peters¬
burg. Official announcement was made in Warsaw
Wednesday that "the Lithuanians and the Poles are
again engaged in hostilities."
It was added that
"fighting ' has been
resumed between the two
ently of all classes." The delegation
Swalki
the
in
forces
sector,
near
German
the
A small
Total reserve,
cablegram from Prague Thursday
a
was
received of the resignation,
of the Czecho-Slovak
because of another cut of £744,000
11.70%
week
a
in
11.89%, in comparison with
and 23.03% last year.
There
in public deposits of £1,299,000,
ago
decrease
a
although other deposits were increased £5,587,000
and Government securities fell off £3,525,000. Loans
(other securities) registered an
£88,243,187
Last year they stood at
£123,093,370.
and in 1918
expansion of £7,050 ,-
gold holdings aggregate
Threadneedle Street's
000.
Reserves total £16,378,-
£70,995,727.
and £30,047,452 the
Circulation is now £125,164,000, in
comparison with £80,901,885 a year ago and in 1918
£59,398,275.
The total of loans stands at £83,392,000.
In the corresponding week of 1919 the amount
morning,
the day before,
Cabinet.
preceding.
aggregated £84,722,497 and a year
The
viz., £16,053.
again increased, this
was
circulation, while the proportion of reserve to
liabilities moved up to
was
reported by the Bank of
was
furthermore,
time £760,000,
note
year
In
gain in gold
in its|weekly statement,
England
000, against £25,791,309 in 1919
border."
word
market discounts at other centres.
open
rumors
that have been in
eral months that Paul
circulation for sev¬
Deschanel would resign as
120.
7%.
.
earlier £99,047,remains at
The Bank's official discount rate
Clearings through the London banks
for the
contrasted with £714,President of the Republic of France took altogether
071,000 last week and £553,960,000 a year ago.
We
definite form this week and, in fact, were fully sub¬
append a tabular statement of comparisons of the
stantiated by an announcement that he had taken
In
such action.
Thursday
an
evening
Associated
the
Press
cablegram
ate and Chamber
also stated that
a
it to Premier
documents to the Sen¬
Millerand, who will read the
vene
It was
"the National Assembly will con¬
of Deputies on Tuesday."
Saturday, Sept. 25, to consider the
Deschanel."
to President
successor
cablegram from Paris to the
election of
In
a
special
"Evening Post" of this
"Premier Mille¬
Presi¬
dency." It was'added that "his best political friends
city the assertion was made that
rand
honestly and sincerely does not want the
do not want him to have
bilities
was
BANK OF ENGLAND'S
Deschanel, President of France, presented
Presidential message to accompany
were
it."
Various other possi¬
mentioned, but no definite information
available at that time as to the
tion.
will be
The
probable selec¬
retiring President's valedictory, which
presented to the National Assembly, is said
in the most patriotic terms," and to
to be "couched
contain this striking statement :
"Individuals pass
but France remains."
He is reported to have
said to Premier Millerand, when the latter called at
on,
the President's
country place, "I know it is all
According to a Paris dispatch last
net met
over."
evening the Cabi¬
that
during the day and definitely decided
"the Parliament should
session next Tuesday to
President Deschanel."
be called in extraordinary
receive the resignation of
£665,411,000,
as
of England return:
different items of the Bank
statement was made that
his
resignation from that office to-day [Thursday]." The
message was dated
Bambouillet, the President's
country place, and added that "the President, at his
residence here, gave his letter of resignation and a
"Paul
week totaled
1920.
1919.
1918.
1917.
1916.
Sept. 16.
Sept.l7.
Sept. 18.
Sept. 19.
Sept. 20.
£
£
Other
£
£
£
125.164.000
Circulation..
15.200.000
Public deposits
FINANCIAL STATEMENT.
deposits..... 122.574.000
80.901.885
59.398,275
20.128,399 38.133.386
91.821,859 129.955.039
Governm't securities
56.103,000
19,522.956
Other securities
83,392,000
84,722,497
Reserve notes & coin
16,378.000
25,791,302
Coin and bullion...123.093.370
88.243,187
56.567,714
99.547,120
30.047,452
70.995.727
11.89%
23.03%
17.90%
7%
5%
35.972.870
40,764.744 52.992.848
128,236.171 104,185.085
40.605,740
58,145.320
96.461.654
32.508.022
54.723.762
42,187,627
96,102,911
37.056.500
54.579.370
Proportion of reserve
to liabilities
Bank rate
British Treasury returns
5% >
19.23%
5%;
23.57%
5%
for the week ended Sept.
indicated another reduction in the Exchequer
balance of £504,000, bringing that account to £3,11,
164,000,
as
against £3,668,000 a week ago.
The
£15,321,000, against £29,191,000
ending Sept 4, with the total outflow,
week's expenses were
for the week
including repayments of
Treasury bills, advances
with
Receipts from all sources
amount to £94,778,000, against £113,365,000 the
preceding week.
Of this total revenue yielded
£20,642,000, against £16,030,000 and savings certi¬
ficates £800,000, against £750,000.
Sundries con¬
tributed £200,000, against £150,000, while advances
brought in £22,000,000, against £30,500,000 a week
ago.
New issues of Treasury bills amounted to
£50,986,000.
This compares with £63,708,000 sold
last week.
Treasury bond sales continue small,
and
other, items,
£95,282,000, in comparison
£113,580,000 last week
being only £150,000, against £180,000 the week pre¬
vious.
For the first time in several weeks repay¬
ments of Treasury
the result that the
bills
were
in
excess
of issues, with
volume outstanding was brought
£1,065,873,000, in comparison with £1,069,-
down to
009,000
In temporary advances,
week earlier.
a
also, there has been
reduction to £196,941,000,
a
floating debt is
with
trasted
£1,262,814,000, as con¬
the week before.
A
now
£1,266,950,000
it stood at £1,225,279,000.
year ago
based
the
decline of
50,097,475 francs in its gold holdings this week.
The decrease is in the amount of gold in vault, the
Bank's holdings abroad remaining unchanged.
The
France, according to a cable to
The Bank of
reports
large
further
a
weeks aggre¬
reduction in this item in the past two
Federal Reserve
system,
including cash in vaults to the amount of
but not
on
In the Federal Reserve Bank an even
Saturday last.
better showing
was
made and the statement reflected the
the
bank
As
advanced from
increased
action of
of
holdings
redistributing
in
certificates.
"Chronicle,"
legal requirements
of 13% above
reserves
on
for member banks of the
Thus the $93,009,000 held by these banks
comparing with £197,941,000 last week.
total
[Vol.111.
THE CHRONICLE
1118
Treasury
result the ratio of cash
a
reserves
The gold holdings
38.6% to 39.5%.
$6,546,000,
outstanding features in the local money mar¬
The
ket
were
and
the
drop in the rates for time loans to
the
8%
funds for day-to-day
and 6%.
Bankers stated that
adequate supply of
evidently attrib¬ accommodations at 7
utable to the shipments of gold to the United States comparatively little money was put out on time at
It is plain to be seen, however, that there is
in connection with the paying off of the Anglo-French 8%.
Loan.
The total gold holdings now stand at 5,520,- a more general disposition to make loans for the
Pronounced caution, nevertheless,
567,650 francs, comparing with 6,573,300,539 francs longer periods.
The Street was particularly
last year and with 5,437,419,594 francs the year is still in evidence.
gratified
over
the
fact
that
the turn of the middle of
before; of these amounts 1,978,278,416 francs were
gates over 70,000,000 francs, and is
held abroad in both 1920 and 1919 and
2,037,108,484
gained
181,000 francs.
On the other hand, decreases in the
various items were registered as follows: bills dis¬
francs
in
1918.
counted,
18,127,000
advances,
francs;
77,933,000
silver
week
the
During
francs; Treasury deposits, 5,141,000 francs; general
A further expansion
deposits, 233,408,000 francs.
of
in note circulation,
43,286,000 francs occurred
This
compares
On
of war,
29,788,149,540 francs
only 6,683,184,785 francs.
was
preparations for all of these matters had been made
i This, coupled with the compara¬
well in advance,
Wall Street pur¬
result noted
Trade
reports indicate further recession in various impor¬
light
demand for purely
about' the
brought
On the other hand the latest
tant lines of business.
advices show
better and
a
Comparisons of the various items in this week's return
traffic by the railroads.
cannot
dates in 1919 and 1918
BANK
OP
are
Status as of
Changes
ments
for WeeIt.
Sept. 16 1920.
Sept. 18 1919.
Sept. 19 1918.
Francs.
Francs.
Francs.
Francs.
3.542,289.234
3,595.022,122
3,400,311,109
Gold Holdings—
In France.........Dec. 50.097.475
No change.
1.978.278.416
1,978,278,416
2.037.108.484
...Dec. 50.097.475
5,520.567.650
5.573.300,539
5.437.419.594
18f.000
255,005,495
293.907,428
319 767.351
Abroad
Silver
..Inc.
Bills discounted
Dec. 77,933,000
Advances.........Dec. 18.127.000
Note
circulation...Inc.
1.859.724.298
940.029.180
824.222.148
2.005.806,000
1.275.747.418
837.810,790
38.665.735,370 36.655.028.210 29.788.149,540
43.286.000
5.141.000
34.841,000
87.721,969
356.155,605
General deposits...Dec233,408.000
3.026.086.894
2.742.654.327
3.005.650.408
Treasury deposits..Dec.
House members, which is given in
detail
on
another page
been expected and
of this issue,
registered
a
the loan item of $18,514,000.
however,
were
loss
for
the
Other
$12,159>000 Government
"week
of
$11,576,000 incidental to the
were
not especially important,
$93,009,000 (not counted
reserve
as
in
reserves
companies,
State banks and trust
in
own
to
$8,346,000.
in the aggregate reserve of
surplus
079,200.
an
increase in
was
an
expansion
vault of State banks
Reserves of
companies in other depositories
fell $133,000 to $8,834,000.
while
reserve),
$1,191,000 to $536,364,000, and
trust
own
Reserve Bank to
of member banks with the Federal Reserve
of $299,000
and
com¬
expansion of $6,044,000 in cash in
an
Bank of
additional
an
There
was
a
reduction
$1,357,000 to $553,544,000
brought down $1,863,620.to $24,-
The figures
here
given
for surplus
is heavy and
for this
over-subscriptions
French
the
large
The
purpose.
Government
could
loan
help
not
flotation, to the French Government and to the
its
It is rumored that
people of this country generally.
loans, to be brought out in
several other European
ment
market
The offerings
under consideration.
of domestic securities
not
are
continues
large, but the invest¬
satisfactory.
had
Net demand deposits,
vaults of members of the Federal
the
as
withdrawing of funds from the banks.
changes
prising
about
was
purposes
being gratifying to the bankers directly involved in
As to money rates
further reduction in
The latter item represents
continued
complete
increased $24,260,000, to $3,991,963,-
000, which is exclusive of
deposits.
more
moving
as
this country, are
Saturday's bank statement of New York Clearing
These and other factors
represent very largely a shifting of accounts
particular
for
Total
general movement of
is reflected in the weekly state¬
of the Federal Reserve banks.
Just now they
pretty general,
STATEMENT.
more
help being reflected in the money market.
The demand for crop
follows:
as
FRANCE'S COMPARATIVE
that day involved
The third quarterly installment
was due on that day.
Evidently
also.
sums
and dividend
the 15th and the Gov¬
on
transactions put through
with the statement of last week and
corresponding
single ripple in the
a
interest
Large
made
were
of the income taxes
poses,
July 30 1914, just prior to the outbreak
the amount
large
tively
up
market.
disbursements
ernment
made without
was
money
to 38,665,735,370
1919 and with
at this time in
in 1918.
call
with 36,665,028,210 francs
bringing the total outstanding
francs.
the month
are
6
in detail, call loans this week
between 6 and 7%, which compares with
ranged
With the exception of Wednes¬
@ 8% last week.
day and Friday when there
brief
were
declines to 6% for
low
"pegged" at 7%, and this proved the high,
and renewal
day.
which
On
a
period, the call rate has remained practically
figure
on
Monday, Tuesday and Thurs¬
Wednesday renewals
was
Friday 7%
was
and
maximum
negotiated at 7%,
low dropped to 6%.
still quoted and constituted the
the
rate
for
Funds
were
in fair supply, with the
comparatively light.
The figures here given
6%.
day
with
ruling
minimum
demand
were
also the high, but the
the
apply to mixed collateral and all-industrials without
differentiation.
a
For fixed maturities there has been
further material
easing,
so
that time funds
are now
quoted at 8% for all periods from sixty days to six
months,
as
against 834%
mixed collateral.
at
8J4%, which
a
week
ago,
All industrial money
compares
on
regular
is obtainable
with 8% @ 9%
a
week
Sept. 18
earlier.
The market
week
it
is
estimated
about $800,000.
reported
at
quiet, but funds
was
in
transactions
that
aggregated
One loan involving $100,000 was
in
was
put out at 8%%
the
trading
easy,
loans
negotiated.
were
Commercial
and
among
thrown
times
Names less well known
recorded,
Later
On
began to
Great Britain
almost
an
produced
a
had been
in
vanced
and
banks bills which have been ad¬
to 8%.
Demand loans on bankers' accep¬
remain at 5%%.
Detailed rates follow:
Thirty
Days.
5%@53A
53A@6H
6%mH
Q%@5}4
6^@6H
Ineligible bills...
5%@53A
There have been
no
of rates
On the contrary,
reduced
was
"it) Days.
6% bid
7
bid
8
bid
changes this week in Federal
•
RATES
DISCOUNT
IN
EFFECT SEPTEMBER
Discounted
90
within
lateral
bills
days
banks'
member
Federal
FEDERAL
notes)
16,
several
as
Boston
tural and
accep¬
live-stock
tances
paper
wise
for
secured
member
within
91 to 180
Victory
and
banks
90 days
days
edness
notes
unsecured
Richmond
Atlanta..,
Chicago
.
514
6
6
7
6
7
7
514
6
6
6
5H
6
514
5V2
5H
6
t6
6
6
6
6
6
t6
5H
6
6
514
6
1*6
6
7
6
7
7
*5 A
514
6
514
6
6
6
7
6
6M
7
Minneapolis
Kansas City.
t6
5)4
6
5M
6
6
Dallas
t6
5lA
6
5)4
6
6
t6
6
6
6
6
6
San
*
Francisco
5}4 % on paper secured by 5%% certificates, and 5% on
and 5%
paper
care
nage
Anglo-French loan maturity and conse¬
approximately 9% for the
to
on
this account, while an even larger sum
due by Great
be
Britain
on
is
payments for
The contem¬
stabilize
For the time being the Anglomaturity has ceased to be an active fac¬
Norwegian exchange.
French loan
tor in the
secured by 4% %
attention
Atlanta, Kansas City
exchange markets, though a good deal
was
in excess of basic lines fixed for each member bank
by the Federal Reserve Bank.
Rates on discounts in excess of the basic line are
subject toa H% progressive Increase for each 25% by which the amount <of accom¬
modation extended exceeds the basic line.
*
the loan will be
of
of
repaid from the proceeds of a resale
American army stocks upon
York bankers
of
given the statement by the French
Ministry of Finance that part of France's share
in the case of Richmond, Chicago and San Francisco.
St. Louis, Kansas City and Dallas are normal
a
of taking
plated loan would do much, it is thought, to
certificates pledged as
Sterling exchange this week sustained
purpose
by Norwegian ship owners for ton¬
shipments of woodpulp and paper.
Note.—Rates shown for Atlanta,
are
to advance a
which certain New
substantial
A
sum.
Chicago firm, it is said, has undertaken to dispose
of the French Government stocks which are esti¬
series of
sharp declines which carried prices down to 3 43%,
the lowest
loan to
built in British shipyards since the wrar.
It is
that something like 400,000,000 kroner
due
are
said
rates, applying to discounts not
or
The week's
without appreciable effect on rates,
that they are said to be part of the pay¬
of payments
certificates.
f Discount rate corresponds with interest rate borne by
collateral with minimum of 5% in the case of Philadelphia.
and Dallas and 5)4%
re¬
the final
that
estimated
7
7
7
514
t6
514
5'A
rate of
maturing maturing
indebt¬
Cleveland
.
Trade
tances
bonds
—
St. Louis.
accep¬
certifi¬
New York
so
by the British Government to Norway at a
be made
Agricul¬
disc'ted
Other¬
Philadelphia
large institutions
buyers,
ing loan negotiations and talk is heard of a
maturing
secured by—
and
were
(including
Liberty
of
time
a
values
quently already discounted as a market influence.
Some interest is being shown in alleged forthcom¬
1920.
Treasury
cates
the
exchange
were
reason
on
currency
the highest of the week.
were
on
and with the resumption
market
for the
BANKS
15-day col- Bankers'
Reserve
Bank of—
minimum,
Friday,
ment
RESERVE
a
the
gold arrivals
banks:
THE
OF
to
business
figures
in effect for the various classes of paper
now
Exchange
although trading for
well maintained throughout
of
the Stock
direct effect
Wall Street district, had no
The following is the schedule
the different Reserve
at
closing of
temporary
entered
Reserve bank rates.
recovery,
of higher cable rates from
practical suspension of business activities in the
within
Sixty
Dgys.
Eligible bills of member banks......—6%@6J4
Eligible bills of non-member banks
the
rates.
Delivery
Days.
bills.
the theory that the
on
shocking disaster of Thursday which resulted
The
unchanged
Ninety
a
hopeful feeling and
more
overdone aided in the
did the receipt
also
except for ineligible
.
of
rumors
London.
lead to important new business in the near future.
,
news
hand in the
a
ing the quotation back to 3 54% for sight
as
Spot Delivery
afforded when
equally sensational rally took place, bring¬
decline
7V
demoralization
in from abroad, and
by Western cities which in the opinion of brokers
tances
At
while
possible adjustment of the impending coal strike in
a
firm with quotations all
a
Wednesday rather.more cheer¬
come
covering of shorts
was
that for
was
first
market.
dealers withdrew their offerings
Active
The undertone
relief
on, some
prime bills by savings banks has been noted, but the
feature of the week was the increased interest evinced
may
so
conces¬
at
were
dispute of metal workers together with
have been moder¬
considerable turnover is
reported.
Both local and out of town banks were
in the market as buyers.
Some buying of New York
qtite
ately active and
of'bills
Italian Premier had taken
that the
still quoted at 8%%.
are
Banks' and bankers' acceptances
the almost complete
at the extreme
masses
were
matter of
a
dealings in the
of confusion bordering upon
ful reports
of choice character.
was
even
As
of
totally unresponsive
a
from the market.
previously
8% for sixty and ninety days' endorsed bills
names
Huge
several of the largest
country institutions, at the levels
current,
power
bids at all
no
prevailed.
reported for choice names
receivable and six months'
of the week
upon
state
a
was
serious setback to
a
through the threatened
progress
salient features
buying
offered.
sions
large
no
prospects of
as
the
earlier part
sales reached fair proportions
paper
ready market
a
quieter and
was
of
one
lack of
close, although the undertone was in¬
creasingly
well
as
industrial
strike of mine workers in England.
fact
ninety days and $200,000 at 8%% for thirty days.
Toward
Italy
British
having been negotiated for four months
as
8%, while another $100,000
for
were
plentiful supply and in the opening days of the
more
1119
THE CHRONICLE
1920.]
mated
point touched since the violent break of
at
more
than
$150,000,000
in
value.
'
Feb.
4
This
week
4
last,
a
was
ago
when demand bills dropped to 3 18.
loss of 7% cents from the low point of a
and 63% cents below the quotation of
06% recorded in the early part of April, although
before the close of the week all of the loss was re¬
gained .
fold
bills
The slump was ascribed primarily to
cause—a
on
an
recent
a
two¬
renewal of offerings of cotton and grain
enormous
scale and the wholesale with¬
which followed
sensational reports of labor upheavals
drawal of buyers from the market
the
Referring to the week's quotations more in
and
detail
Saturday of last week was heavy
demand bills fell to the lowest point in several
sterling exchange
on
months, namely 3 49%; the high was 3 50%,
cable transfers
while
ranged between 3 50% and 3 51% and
sixty days at 3 47% @ 3 48%.
Monday's market
sharpty lower and excessive offerings of commer¬
cial bills induced a sensational break in prices which
was
carried
3
45^
quotations down to 3 45 @ 3 49% for dem
•
@ 3 50 for cable transfers and 3 42% @ 3 1 %
[Vol. 111.
CHRONICLE
THE
1120
active and fluctuations were widespread and frequent.
Following early weakness on Tues¬
Following Thursday's1 explosion which caused such
day in which rates again slumped, there was a sharp
an appalling loss of life and property in the financial
upturn, with the range for demand 3 43% @ 3 47%>
district,, dealings fell off sharply but with the re¬
cable transfers 3 44% @ 3 48% and sixty days
sumption of business on Friday transactions again
3 39% @ 3 43%; the recovery was ascribed-mainly
attained considerable proportions and the close was
to short covering, though trading was not particularly
strong.
active.
On Wednesday further improvement was
Among the more important news features earlier in
noted following the receipt of more reassuring advices
the week was the cablegram received from Ambassa¬
from abroad and despite some irregularity in the
dor Morgan at Rio de Janeiro stating that owing to
early dealings quotations rose on a slightly better
the unfavorable condition of Brazilian exchange an
Inquiry to 3 45% @ 3 49% for demand, 3 46% @
order has been issued by the bank controller forbid¬
3 50% f°r cable transfers and 3 41% @ 3 45 for
ding the buying or selling of foreign exchange without
sixty days.
Owing to-the deplorable explosion in
Government authorization; which in effect means the
front of the office of J. P. Molrgan & Co., and the
official regulation of exchange.
Advices from Den¬
Subsequent closing of the Stock Exchange, trading on
mark showing that imports by that country, during
Thursday came: to an early close and except during
the initial dealings when a better undertone was July exceeded its exports by more than 100,000,000
observable and some business put through quotations kroner, readily explain the sagging tendency of
Danish exchange.
The Norwegian authorities are
were practically nominal after th#disaster; the range
apparently
persisting
in their efforts to remedy the
was given as 3 48%
@ 3 49% I°r demand, 3 49%
chaotic state of exchange and have issued a new and
@ 3 50% for cable transfers and 3 44% @ 3 45 for
formidable list of luxuries the importation of which
sixty days.
On Friday the market was active1 and
has been forbidden.
strong and demand shot up to 3 49@3 54%, cable
The official London check rate on Paris finished
transfers at 3 49%@3 55 and sixty days at 3 44%
at 52.98 as against 52.42 a week ago.
In New York
@3 49%.
Closing quotations wefe 3 49% for sixty
sight
bills
on the French centre closed at 14.62,
days, 3 54% for demand and 3 55 for cable transfers.
Commercial sight bills finished at 3 53%, sixty days against 14.96; cable transfers 14.60, against 14.94;
3 49,] ninety days 3 46%, documents for payment commercial sight 14.66, against 15.00, and commer¬
cial sixty days 14.73, against 15.07 on Friday of the
(sixty days) 3 48% and seven-day grain bills 3 52%.
Cotton and grain for payment closed at 3 53%. preceding week. ' Belgian francs finished at 13.85
for
sixty days.
$314,000
Gold arrivals this week were
New York for account of
000
and
$4,000,000
on
stitutes the first of
Kuhn, Loeb & Co., $2,800,-
the Lorraine, which latter con¬
the French gold expected here.
shipment of about $16,000,000 is said to
Another
be
the S. S.
consigned to J. P. Morgan & Co.
the Caronia
on
on
its way.
on
comparison with 14.09 and 14.07 last week.
marks closed at 1.50 for checks and
in
and
initial
the
declines occurred in
French francs, despite
of the
new
French loan,
or
a new
Exchange
on
a
low
on
loss of 71
the
cen¬
Rome slumped to
55 points off, while Berlin marks broke
Belgian
francs were also under pressure, but Austrian kronen
remained without important change.
Exchange on
to 1.48 for
checks, which is 37 points down.
Czecho-Slovakia
Republics, also Greek
general
other
and the
weakness,
Central
European
exchange, all shared in the
although
to
a
minor
Continued fears that the industrial chaos
extent.
which is
said to characterize the Italian labor situation is far
more
coupled with
rumors
the
a
financial
of
in
difficulties
and
gravity of political conditions in Ireland,
doubtedly all added to the burdens placed
one-sided
and
result
that under the
was
already
un¬
upon a
overtaxed market and
the
weight of voluminous offer¬
ings of commercial bills of all sorts principally grain
and
gave
cotton
way as
and
in
the
of
absence
above noted.
lookfed upon as a,more or
support,
prices
Subsequently what
was
less natural reaction took
place and recoveries ranging from 25 to more than 100
points
were
recorded, chiefly
on
from London and indications of
the
foreign
outlook, also
a
better quotations
an
more
on
Bucharest
on
against 2.17;
2.06
at
(unchanged), and
This
on
Poland at
on
10.70 for cable transfers as
week
the
against 10.65 and 10.75
previous.
Neutral exchange
for the most part moved in sym¬
other Continental exchanges and
were registered, particularly in guilders,
pathy with the
further losses
which established another
for
new
low record of 30%
while Swiss francs were exceptionally
checks,
The Scandinavian
with losses of more than
weak, touching 6.25 at one time.
were
heavy,
Pesetas ruled easier, but
taking place.
practically unchanged. Trading was dull and
devoid of especial feature.
At the close a firmer
closed
tone
noted, particularly for guilders and Swiss
was
francs, which registered
Bankers'
against
31%;
sight
31%;
cable
transfers
at
31%,
against
commercial sight at 30 15-16, against 31 3-16,
and commercial
last week.
fers
recoveries of several points.
finished at 31,
Amsterdam
on
6.14,
sixty days 30 9-16, against 30 13-16
Swiss francs closed at 6.16 and cable trans¬
as
contrasted with 6.13 and 6.11a week ago.
Copenhagen checks finished at 13.70 and cable trans¬
against
14.00
active demand.
Sweden closed at 20.25 and
quite
transfers.
Finland at 3.00, against 3.10.
Greek exchange, after touching a new low level
of 10.45, rallied and closed at 10.60 for checks and
46
fers
was
cable
with 23.02 and 23.00 last week. Exchange
Czecho-Slovakia finished at 1.36 against 1.56;
compares
improvement in
Trading during the early part of the week
for
23.98
and
bills
The
for Italian lire was 23.00 for bankers'
range
willing to admit,
Germany,
1.85 and 1.86.
with 00.42 and 00.43 the week before.
exchanges
*40
points
renewal of strike troubles in England,
serious than the Government is
was
Reichs-
1.52 for cable
quotations for Austrain kronen were 00.45 for
checks and 00.46 for cable remittances, which com¬
equally sight
sensational
the successful flotation
established
swing of 15.67,
times for the week.
23.77,
were
nearly all of the leading curren¬
cies.
current downward
exchange
transactions
close
in
Final
pares
'Movements in Continental
A week ago the
transfers.
closing
erratic
remittances,
cable
for
13.83
and
checks
for
13.80,
and
14.10.
Checks
on
cable remittances 20.35,
against 20.34 and 20.45, while checks on
Norway
Sept. 18
finished at 13.70 and cable transfers 13.80, against
in
14.17
much
and
in
14.27
week
the
quotations for Spanish pesetas
preceding.
and 14.70 for cable transfers, the same as a
As to South American
time
ago.
quotations increased weak¬
the
on
36.10
and cable transfers 36.20,
37.12J^
there
was
rally to 36.65 with the close
a
exchange, however,
Brazilian
week.
last
against 37.00 and
slightly steadier, and the close was 18.00 for
checks
week ago.
a
easier and finished
Peru is
now
77@77K,
at
exchange is
Singapore, 42%@43,
46%@4834;
though
34%@35%
The
York
New
against
would be explained by the fact that women
were
voting for the first time in
now
tion.
The
public interest in the "fall elections" preced¬
Presidential year is tra¬
ing the national vote, of
a
ditional.
decades, the October vote
During
many
for Governor in Ohio and Indiana
matter of
Political history tells
campaign.
which
reassurance
Republican
majorities
campaign which ended with the disputed election of
51% @51%,
against
against 42%@
1876, when the October votes gave a large Demo¬
cratic
majority in Indiana and
majority in Ohio.
States
cause
follows:
Banks.
Sub-Treasury
and
Federal
#
have
long since been abolished, largely be¬
temptation such preliminary contests
for lavish
The
date
of
use
of the
to influence the voting.
money
equally familiar September State
Banks.
Bank Holdings.
It
prophetic
power
served for
$111,491,000 Loss $55,544,000
in the
Silver.
Total.
£
£
£
£
£
£
123,093.370 88,243,187
151.891,569 143.800.884
1d.2bb~.666
54,579,250
365,950
54.945,200
54,938,900
Aus-Hun..
10.944.000
2.369.000
13,313,000
10,927,000
Spain
Italy
32,229,000
Netherl'ds
23.951,000 122,047,000
1,395,000
53.028,000
96.410,000
35,227.000
32,204.000
54.423,000
52,632.000
88.243.187
11.720.000 155.520.884
975.200 55.914,100
13,279,000
25,729,000 122,139,000
2.976.000 35,180,000
483.000 53,115,000
2,352,000
.
10.660,000
1,071,000
11,731,000
10,641,000
1,399,000
12.040,000
21.604.000
3.667,000
25.271,000
18,635,000
2.582,000
Sweden...
14,519.000
14,519.000
16,685,000
Denmark.
12,643.000
12.788.000
10,382,000
21,217,000
16,685,000
10.549,000
8,108,000
8,170,000
8,170,000
46.161.950 627,357,139 543,668,971
46.347.150 629.511,485 544.255,064
48.383,200 592,052,171
Norway
Total week 581 195,189
Prev. week
a
Gold
"145",000
8,108.000
..
583.164.3351
holdings of the Bank of
a
Presidential
167,000
year, was
Why it should have been
unable to guess,
publican majority of
and
more
have
we
never
was
so,
heard
that
a
a
Re¬
than 25,000 in Vermont's
September vote for Governor could be accepted safely
foreshadowing the election of
as
a
prophecy by Vermont
but twice since the
Republican Presi¬
success
in November.
never, we
believe, erred
founding of the Republican party,
and of those two years, one,
the national result
was
a
1876,
cal conditions
was
matter of
pute, and the other, 1864, was
the
year
when
permanent dis¬
when politi¬
a year
changed altogether between the Sep¬
tember and the November
Vermont
a
Republican majority below that figure
foreshadowing Democratic
This
Swltz'land
Nat. Bel.
September of
country at large.
are
Sept. 18 1919.
Gold.
re¬
practically infallible indication of the later result
as
Toted.
That
Vermont, whose vote for Governor in the
convincing explanation; but the fact
Silver.
2,998,000
at large.
seemed to be
63,555.000
Gold.
98.096,000
years
107,384,000 Loss
France a.. 141,691,569
....
had of late
43,829,000
Sept. 16 1920.
.
September elections in
November election in the country
dent and
England.. 123.093,370
that
provided the safest of forecasts to the
we
principal European banks:
Germany
said
be
cannot
Maine have
$8,011,000
$55,947,000
political
one
political calculations.
$4,107,000 Gain
following table indicates the amount of bullion
in the
the
weather-sign of this sort which remains to help out
Reserve
-
The
Net Change in
changed for the same
and Maine is nowadays
reason,
$12,118,000
operations and gold Imports.
Total
Out of
large Republican
a
The October elections in those
of the
gave
a
.....I.
in those
October
of
first week of
Banks' Interior movement
of the great
us
ministration, in the "war campaign" of 1864, by the
loss of
17.
a
national
108@1083/£,
33%@34.
Into
a
brought to the Lincoln ad¬
was
election in Vermont has been
Week ending Sept.
considered
was
high strategic importance in
Hong Kong,
Clearing House banks, in their
as
poli¬
ticians draw their inferences.
operations with interior banking institutions, have
gained $8,011,000 net in cash as a result of the cur¬
rency movements for the week ending Sept.
17.
Their receipts from the interior have aggregated
$12,118,000, while the shipments have reached
$4,107,000.
Adding the Sub-Treasury and Federal
Reserve operations and the gold imports, which to¬
gether occasioned a loss of $63,555,000, the combined
result of the flow of money into and out of the New
York banks for the week appears to have been a
$55,544,000,
Maine elec¬
a
It is the direction of the vote from which
States; it tells also of the excitement caused in the
42%; Bombay, 33@34,, against 33%@34, and Cal¬
cutta,
That, how¬
larger than any previous record.
large
46%@47%,
Manila,
51%@52;
against
follows:
Shanghai,
Yokohama,
107% @ 108%;
against
as
75@76;
against
Chilian exchange
21, against 21
against 5.00 last week.
at 5.02,
Far Eastern
transfers, compared
cable
18.12for
and
with 17.75 and 17.85
The total vote was also very
September of 1896.
ever,
checks declined to 36.06.
quotation for
Later
was
week
developed in Argentine exchange and at one
ness
was
Closing
14.68 for checks
were
1181
CHRONICLE
THE
1920.]
voting days.
would, therefore, have deserved the
re¬
47,659,200 591,914,264
France this year are exclusive of £79,131,137
spect this year which belongs to
a
prophet with
almost unbroken record of fulfilment.
»ield abroad.
But
an
unhap¬
pily for the political forecasters, the September elec¬
POLITICAL
vote for
The
Governor and
State of Maine last
wide
WEATHER-SIGNS.
Monday has excited unusually
political interest—partly because it
first definite
tion
Congressmen in the
was
the
measuring of forces between the two
in
Vermont
was
abolished
Harrison
ler-too"
of
1840,
sang
large Republican majority.
But Maine has not lived up
as
an
indication of the trend of the national
campaign is naturally emphasized by Republican
leaders
and
depreciated
by
leaders
of the other
tion.
of "O, have
In
1880,
heard the
you
in their campaign
news
when the Republicans
country in November, Maine elected
the other
from Maine?"
to its prophetic reputa¬
a
swept the
Governor of
party in September. Cleveland
was
elected
party, but the result itself was undeniably interest¬
President in 1884 after Maine had cast the then
ing. To the Republican candidate for Governor the
usually large plurality of 19,841 for
Maine voters gave a
candidate for
whereas the
plurality of
largest plurality
more
ever
than 65,000,
previously
won
1916
Governor.
after
un¬
a
Republican
Mr. Wilson's
election in
Maine, in September of that year,
given 13,830 plurality to the Republicans in the
came
by either party in a Governorship election was 48,-
had
000, which was cast for the Republican candidate
Governorship vote.
six
campaigners, in the "Tippecanoe-and-Ty-
election
song
event
or
tradition has remained with the State of which the
parties,! but chiefly because of the unprecedently
The significance of the
five
some
The kind of prestige created by an old
years ago.
.
then, to attach too much impor¬
It would be easy,
to even
tance
considerable party pluraliy in the
a
plurality of Monday was of wholly un¬
precedented magnitude gives more significance to
the indication.
This is so, irrespective of the ques¬
increased by the
tion of how far the total vote was
The
vote
introduction of
woman
must have been
responsible in the main for the in¬
of
as
compared with 1916—which was
largest vote ever cast for Governor up to
that time.
of
crease
woman
54,000, or about 35%, in the number
some
of ballots cast
itself the
suffrage.
It
possibly responsible for the in¬
was
48,000,
about 33%, in the size of the
or
Republican plurality as compared with the largest
But even if this
Republican plurality ever polled.
the whole
were
explanation, it would bring up the
interesting question
throw
light
some
whether it might not
to
as
how the woman vote will go in
on
It is not to be
other States.
forgotten that the same
force will be at work next November in all the
new
other States.
.
all, the vote of the women is likely to alter the
familiar
political position of the different States.
Experience with States which had previously adopt¬
ed
suffrage
woman
cated
that,
parties
their
on
own
substantially the same with the woman
was
At all events,
vote included.
there has in none of
those States been such reversal of
status
litical
injection of
a
wholly different trend of po¬
a
In the judgment of many experi¬
opinion.
enced
previous political
the
followed
have
of voters with
mass
the
would
as
account has indi¬
the whole, the division between the
on
politicians, this is likely to be the outcome in
country as a whole, when women for the first
time vote in all the States at the national election
The fact that with the vote of the
next November.
in Maine the total vote should have increased
women
and
not
sophistry, or maintained by invective.
And
comes time to assume office itself there ought
with
when it
to be
change of costume by the incumbent.
no
preliminary canvass he will carry with him into his
And while statesmanship or political
incumbency.
policy
indicated there is a personality at stake
are
In Chicago, where the regis¬
accounts for
tration
men
and
voters
women
sepa¬
vestigations to the collection and use of money in
the
frequently
Monday increased
1916, while the
Democratic vote
Whether this
2,000.
Republican,
were
some
Repub¬
54,000
over
increased barely
that the female voters
means
If this be
extensively from the Democratic to the Republican
side,
that
or
Democratic voters stayed at
many
home, the result is equally striking.
The question
whether the conditions which caused such
in Maine exist to any
at
large, must remain
November vote.
of both
sult
as
There
a
political leaders
parties have at least accepted the Maine
an
indication of the present
were no
of the national
of both
canvass.
different
re¬
drift of things.
confusing "local issues" in the Maine
conducted
was
on
the basis
party platforms, and eminent speak¬
parties had engaged personally in the
Unless the actual
in other States
vote is
result
matter of debate until the
We believe that
election; the campaign
ers
a
similar degree in the country
were
in
course
some
way
attitude from that of
likely to be accepted
political weather-sign.
as a
of the
campaign
to indicate
a very
definition, they must also be "Inde¬
true
a
Let
pendents."
us suppose
such
a
class to exist—
though judging by campaign plans and utterances
"Independents" sought to be reached are usually
the
held
by
coming
party to be in the other.
one
that is to turn the election.
over
this be
that
also
What then of the
true.
use
of
"circulation" of "literature,"
propaganda by the
is it
It is their
Suppose
All this lecturing, bill-board advertising,
money?
in the main
not
waste of money?
a
Who is
To put it plainly—if
enough to be an independent voter, he
changed by such processes?
has
a man
sense
sense
enough to think for himself, and will be
flamboyant advertising
stereotyped
or
speeches and essays presenting one side of a question
only.
so
used
from
or
Our feeling is that these huge sums of nioney
are wasted.
When a man separates himself
blind following of party,
a
the
truly
an
he
no
may
longer
be
a
the conviction of principle,
on
unbaised "seeker after truth,"
of free thought. 1 In
avenues
when he
with the herd,
runs
partisan, still,
he may be
a man
the latter
of information
are
case,
especially,
sufficient without the
expenditure of a dollar.
Here arrives the
that the male voters shifted
or
"Progressives"—a sort of
either old party.
as
middle class not firmly bound to
stanch
of
A certain element of the voters is
campaign.
referred to
thoughtlessly
vote
executive office,
an
poise, clarity, and candor.
Attention is now being drawn by charges and in¬
rately, there have been registered for this autumn's
The essential fact with Maine is that the
and far will
near
are
so
primary election 600,053 men and 322,992 women.
lican
conduct of
essential to proper
on
included, has been rather uniformly in the
from
on
Force of character is an
expectations.
their
base
crease
neighborhood of 50%.
who look
from which those
unmoved by
were
a
people and the Government, he should clothe him¬
self with a sincere, lofty and reserved demeanor as
a
candidate.
For the impression he makes in the
early
occasion, where women's votes
executive head of
as
[stands abroad as a representative of the
he
nation
in the
the first
If
dignified in seeking it.
be
A
dignity of the office should
fit to maintain the
man
has
suffrage States, where the in¬
The improper use of argument
language is one of them.
A serious campaign,
to add a "solemn" one, ought not to be afflicted
only 35%, is not greatly out of line with experience
woman
evils; than the improper use of
other
are
in elections.
money
far, if
There has been much discussion as to how
at
There
but
I
PRESIDENTIAL OFFICE.
THE DIGNITY OF THE
But the fact that the Republican
State this week.
candidate's
crease
[Vol. Ill
THE CHRONICLE
1132
to
of
the
people.
duty of the candidate in his talks
And here enters that huge arbiter
Neither of
popular destiny, the American Press.
properly appreciate the dignity of the office of
these
President when they
indulge in false issues
or
fail to
approach the people with reverence and honor. In
the two cases there is a divergence.
Stump speakers
seek to
arouse
convince
may
not
enthusiasm, to awaken emotion, to
The printed journal
by special pleading.
have its choice of candidates, but that should
influence its
news
columns
flame the cold argument
in this
campaign
and it is to be
much
may
candidate
Maine,' this week's
one
pretty trustworthy
party
or
workers.
hoped
are
So far
free from "personalities,"
we may
remain
so.
A distindt
in this respect. Not so
be said of verbal characterizations by
to be
gain is
wTe
and should not in¬
of the written word.
of
recorded
of
the
the
policies
announcements
of
of
an
opposing
its machine
is
The word "liar"
an
The
opprobrious epithet.
charge "corruption fund" is one warranted only when
proof is adduced after the fact of improper use o
The motives of. all men mus
funds and not before.
be treated with respect, or we
selves.
And the sincerity of
utter a libel upon our¬
the voter must be re¬
the strength
of the plea recoils upon the man or journal that seeks
to deceive, or to becloud, or as we say sometimes
"throw dust in the eyes." I Alleging that the Unitec
spected by clean and clear argument or
States i*
engaged in
a
campaign to preserve an already
leadershix^ of the world in readjusting
earned moral
"the affairs of civilization" and
istic
appeal to this
cannot
is
to be led onward
sentative of
and
same
a
pugil¬
causes,
world that!in the future
President repre¬
and upward by a
people and
a
indulging in
arguments
words,
of
encounter
nation.
a
"expert" methods for forcing business to grow
where it has no natural reason to go, the waste
other
and effort is not short of ludicrous!
Where
influenced (with newspapers
is the voter who is to be
of the people
letters four
feet high on a bill board?
Are our foreign language
newspapers so utterly foreign that they ignore the
issues at stake in a political campaign when as
pouring their contents into the minds
in
legitimate and unceasing way) by
a
actions, so
samples of the tireless energy
alleged the whole world waits on our
indifferent, such poor
of
"The Press" that
they must be fed matter from
of either party?
case
of the gentleman who avowed influence
Scandinavians approaching one party with a
outside, from the print factories
the
The
with
offer from the other
party which it did not seem proper to accept in vietv
of his private convictions and then found later in
that camp working against his own convictions, is a
light or hired "management."
These side lights, however, ought to be a warning
not to thunder too long over imaginary and minor
evils while in the spot light.
Stump speeches do
"change"
not
stating
and
proposition
many
an
voters, and the really shrewd
into either of the
that
fact
want
matter of
matter
of
Nations issue does not
led into
national
they cannot measure.
If so, they do
League.
However this may be, the
leadership" and to embark
commitments
not
League
them, and that they refuse to be
interest
"moral
the
"roorback." One hears
are "apathetic."
It may
subtle analysis might disclose the
a
the
tions .with
And it is
and equable taxes.
farther from the front
no
porch to the Presidency than
from the
reviewing stand where the faithful pass by.
And it is
just
that
you
as
true as that election
time will come,
slur the ability of the American
cannot
reference to
voting
dependent
strict interpretation of
a
government we may expect more in¬
constitutional
by
men
But
than heretofore.
full suf¬
enter into the exercise of free and
women
frage without the embarrassments of traditionary
schooling
Granting equal
so-called party fealty.
or
intelligence and ability to consider political princi¬
dices of
party and from preju¬
long standing should augur well for the im¬
We have
people to make up their minds in their own way
and
hesitancy in believing woman, under
no
equal circumstances, the equal of man in intellectual
But her mental processes are not the same.
ability.
She does not
sis.
reason
with the 'same degree of analy¬
yet, though psychologists may deny, it is
And
questionable whether
nearer
the
tion than
not she does not come
or
of truth by what
core
is known
as
If this
by many, she is more emotional than man.
be true it may
citement of
than
able
a
be believed she will, in the mass ex¬
campaign, be less stable and depend¬
does not argue so well for
This
man.
As to the exer¬
rightful judgments in our politics.
cise of moral force there may
based
ion
verse
Her
man
Woman's exercise of
tion
conies
well
as
as
at
a
suffrage in
national elec¬
It meets with more toler¬
unfavorable.
previous general election.
any
a
time that has its favorable aspects
good-will than would have been its lot in
and
ance
obligations of active life.
in the stricter field of pure
generally acknowledged.
superiority to
morals is
be divergence of opin¬
the effect of experience or the re¬
upon
the contractual
on
it follows
a war
strated her
aside from
in which
And this is because
woman
abundantly demon¬
ability in public and commercial affairs,
the beneficence of her Red Cross work.
Necessity drew her into, vocations, many of them
to
new
her, in which she did a man's work, and did
well
so
as
to merit universal
praise. - She showed
only strength and endurance in a physical way
but
an
organizing and executive mentality which
should indicate to the unbiased male
bilitv for the duties of the civil life
«/
mind
a
Yet, it must be perceived that she is thrust into
the consideration of
political problems at
a
great confusion of thought and discussion.
time of
Count¬
ing the League of Nations the issue, there has been
enough said pro and con to enable
its
major points.
look and
analysis to do
fundamental
to grasp
so.
There is
doubt that
no
questions of the nature and powers of
peculiar
our
anyone
Yet it requires independent out¬
form
of
government
are
involved.
Party statements are not as clear as they should be.
And
party success is at stake.
This condition
plicates this first full vote for the woman.
they
revere.
must arrive at a basic
into the
is
ELECTION.
Undisciplined
the
more
part
coming
in
election,
independently
played
by
in
may be expected to vote
than
men;
though
the
women
in
this
women,
week's
Re¬
the
More is
case
She
see
depths below the mere appearances if she
really to assist in the solution.
cult.
com¬
understanding; she must
her first Presidential vote is
partisan politics,
capa-
of the citizen.
dignify the highest office in the Government
VOTE IN TEE NOVEMBER
intui¬
Again, it is averred
by labored argument.
thus
WOMAN'S
this
ples in their relation to practical government,
freedom from the thralldom of
upon
campaign funds is trivial compared to the
of honest
Since the two
candidates.
and
major ^parties have somewhat reversed their posi¬
that the
But
this first
enter with finality
ballot,
great parties, but they must choose
between issues
as
not
people this year
Presidential
universal
politician does not invite a
true.
They need not, in
greatly exaggerated.
it
be
perhaps been
publican tidal wave in Maine has
mediate future of the nation.
Really, the voter must laugh at the "systematization" run mad, clearly shown in one party, as
to the collection
of funds.
Like a vast deal of
of money
1133
THE CHRONICLE
Sept. 18 1920. j
And thus casting
rendered
more
diffi-
required of her than would have been
in former years.
That there is
a
corresponding duty
voters to eschew extreme
upon
the
men
partisanship in discussion
.
cling to plain and honest statement
and
rather than
UNCENSORED
sophistry and passionate appeal is, of course, true—
Naturally, the "organizations"
parties will seek to secure the favor of this
but may
of the
not occur.
And, looking broadly'at condi¬
tions, none dare prophesy what the outcome will be.
As we understand it, one of the leading pro-suffrage
large electorate.
"woman's
This is
party."
now
to be
no sex
wise first step—for
a
in citizenship, and the first
ballot should be cast free from
prejudices that may
by the long effort to secure the
have been aroused
view of benefiting the
country and adding stability to governmental afwith
solely
and
vote,
fairs.:■ v*;,''
a
;■;
\
And at this
leaders bent
on
by E. T. Raymond
published last year in London which gives a
was
series ;of f acute
of the notable
flashlight pictures
Englishmen who have guided affairs the past half
dozen years or are
likely to do so in the years upon
now.''
us
v
remarkable for their insight
The brief essays are
their
and
while obviously incom¬
and,
frankness,
plete, both because of their conpression and'the fact
they deal with living men, they are well1 worth
that
attention
all who want
this side of the water by
on
something of the men who lead the nation
to know
with which
country is, and must always be, in
our
closest contact.
question must interest party
success.
Namely, is woman natur¬
point
CELEBRITIES.
Under the above title a book
organizations of women has resolved not to favor a
there is
[Vol. 111.
THE CHRONICLE
tm
one
f
We cannot do better than to
give
few illustra¬
a
tions from the series of some thirty which many will
It will not be wish to read for themselves.
easily answered, and not at all until the returns are
They begin, naturally, with Mr. Lloyd George.
in, if then, considering the general confusion that His physical strength first attracts attention; "the
prevails in the clear statement of the "leading issue." bull-neck, powerful shoulders" and "general type of
But one would naturally expect as the responsibility
the masters of swordsmanship."
He is not easily
ally conservative or progressive?
for
government falls down on the woman she will be
reluctant to commit the nation to untried
paths and
questionable policies until she herself feels fully ca¬
That, speaking broadly,
pable to cope with them.
she is
But when it
intricate analysis which will reveal
"against war" is undoubted.
that
to
comes
whether entrance into
a
particular "League"
as now
proffered, really makes for peace or war, she may
find
some
"safe
it
side,"
might
that side which history indicates,
on
than
have
we
know not of"—but of that
no
fly
others
to
we
prejudge her
one can
action.
as
the Maine election may
at this time be
analyzed it would seem that woman has cast her
vote
against the proposed League—at least unless
reservations
are
At the
attached.
bonus for soldiers
and sailors
admitted that the
League
It is estimated
The
voted.
that
was
This much is true.
There
are
prominent issue.
overwhelming
own,
from
obvious.
less upon
same
man—that of
brain
There is
no
issue here
the
woman
doubt not
a
The "limits"
nation
of
sense
the
own
coun¬
be good for the world which
good for the United States!
He
has less
man
continuity of human things."
"small
awe
of
He
precedent, principle and
doctrine"; he is "always readier to experiment than
to
think"; he is "something of a poet" and,enjoys
his
own
eloquence, but words are to him "only mis¬
and
siles
munitions, the fight is the main thing."
The "fever of
dislike
at
sitting he does
a
He has an "in¬
doing is in his blood."
nate
of hard
"What
study."
as
well
can
be done
most men," but he
as
quickly tires of monotonous effort, hence he "raises
questions
many
and
to clear
a
it to its
up," apd "the
more
can
gifted
per¬
passionately he ad¬
be trusted to carry
administrator, both in the Budget
as an
Munitions, and "revealed
clever
less
He produced remark¬
logical conclusion."
tiation which
a
some
he
whatever
few";
settles
litter for
policy the less he
able results
and in
a
surprised
a
capacity for nego¬
who thought him only
many
agitator."
He relies
his
on
amazing
to reach the peo¬
power
ple with his peculiar eloquence, and in this he has
no
equal.
At the opening of the
brated to his
war
the people "vi¬
appeal to the very centre of their be¬
they revive in throbbing reality the emotions
strong, confident, helpful to hu¬
can
after"; "no
cause
issue of what is best for one's
try—for nothing
length.
some
and the man voter must,
will, examine carefully into the
intelligent and forceful ballot back to the
supreme
indicated at
Many of his speeches,
manity, brings all considerations involved in cast¬
an
are
does not "look before and
at
into that field denominated internationalism.
a
admirable in¬
an
strument."
cause
question of extending the results of this free ballot
To make
the eyes see clearly,
see,
ing."
beloved country.
woman
they
as
And in
casting his vote—and casting it solely
doing of this the
we
upon every
statecraft; the
skeptical and mocking
and the brain within its limits is
So
who opposed suffrage.
responsibility which falls
rather
"So far
subtle."
son
ac¬
certain ruthlessness."
a
is quick and vigorous, but neither capacious
eyes
nor
even
"great master of
a
those
behind
vocates
short time correct itself.
a
in the best interests of
is not
opposition;
It is the face of
yet minor State stat¬
responsibility will be complete.' And it will
It is the
ing
pliability of method; an impa¬
tience of
fully qualify woman
previous enactments and by her
which will not in
over
bined with infinite
touches "he leaves
already been removed, both by the
tual entrance into business.
and
It is
general laws, Federal and State, much
concessions of
the
State
As to her rights and in¬
power even now.
interference has
no
a
carried.
was
seem
utes to be removed in order to
that the
a
time
barely holding its
which the conclusion would
suffrage
was
Republican plurality
terests under
same
90% of the registered women
—the Democratic vote
fall
"inflexibility of purpose, com¬
features
stands in
As far
fatigue easily.
difficulties and bears
by
show
elect to endure
she would
expected
be
ills
"those
And to be on the
hesitancy in decision.
daunted
His
of
an
a
"thrill and
once a
moment
as one
a
reads them
past, the shiver because
one
instant, thanking Heaven for its
might have been, had his
the other side."
When
stinct saved him from
and Mr. Burns
Cabinet,
also
"it
in
is
preserved
lamity."
an
on
now,
shiver—the thrill be¬
power
thinks for
mercy,
what
been exercised
August 4, 1914,
some
on
in¬
standing with Lord Morley
unconvinced
hardly
fanciful
civilization
from
and
to
a
lukewarm
say
that it
crowning
ca¬
Sept. 18
1920.]
We wait
to-day in the spirit of increasing hope
that the "instinct which
in 1914 will not
ter in face of
things almost
right
course
likely to continue
high in importance and are
Mr. Asquith, Viscount Grey
Balfour, belong to
They
different group.
a
Englishmen of the thoroughbred university type,
are
distinguished by ability, by breeding and by
men
"might," in
when there
highest place,
Mr.
hours.
These three have all held the
have led the country in supreme
or
Balfour, who is much the oldest, for¬
but has returned to recognized leadership with
undiminished
er,
The other two, who are young¬
vigor.
will surely have to be counted on in the immedi¬
ate future.
Mr.
Asquith, since the day when he was Presi¬
dent of the Union in
Scholarship and
liol
as
"the
Oxford, carried off the Craven
was
predict
confidently
announced by Jowett of Bal-
pupil* of mine for whom I can most
one
success
life," has
in
had
a
steadily upward and consistent course. He has stood
on
his
no
obeisance to the
The world knows
chasing
mob, either of the street or of
*
signs of his being called
exactly what he means when he
sentimental will-o'-the-wisp, nor fashion¬
a
instrument of permanent oppression for thei
an
At
once
sanely democratic and whole¬
somely conservative, his country possesses no greater
example of
clean-souled and high-minded states¬
a
man.
Mr.
Balfoqr "has the mind and spirit of a great
European statesman in the body of a rather limited
But the fact that he has so long been in
Tory."
public life, that he has such intimate knowledge of
European affairs, that he is a man of such power
and of such varied and rare abilities will make him
always
master-mind and a leader of men.
a
still looked upon as
in
He is
"the finest intellectual weapon
England's armory, sure to be used without re¬
the time comes for
when
morse
settling the great
account."
By
feet, has disdained- display, has made
own
are
speaks of a League of Nations—that he is "neither
mally retired from public affairs some seven years
ago,
tragedy of 1812."
English moderation, English avoidance of extremes."
defeated."
proud.
Germany
"He stands for English justice,
again into office.
and of
is
with
policy
hesitating neutrality, "have repeat¬
This, then, is the daylight in which he must now
ing
lishman
our
ed with fatal results the
character, of whom England has produced so many,
whom, despite diversity of class, every Eng¬
arbitrary
more
a
be seen,
i
so,
when
vital and far more
as
/
who stand
men
and Mr.
dictated the
degenerate into recklessness or fal¬
complex."
Three
1135
THE CHRONICLE
no means
the least interesting or the least im¬
portant of the sketches is that of General Smuts.
society, has been found prepared for every oppor¬
His role is not to be limited to his
tunity that came to him, and has always met them
which in South Africa was
adequately and with "a singular reserve of power."
and, later in England, most valuable in the councils.
He inflicted the defeat upon
It is to count still more in the
the Lords in 1909 which
established the
authority of the House of Commons.
He handled the
case
of England and
part in the war,
important in the field,
pressing question of
England's great colonies and dependencies.
day of both the Kipling-Chamberlain view of
The
the Allies at the
Empire, and of Cecil Ehodes's vision of
British
opening of the war, in the face of a world still
a
largely neutral, with supreme skill, and, despite the
great territories to be annexed, peopled, and ex¬
skill and
ploited, is past.
speed with which England's resources were
mobilized and
1915
used, the overwhelming disasters of
created
1916
and
conditions
which
made
object of virulent attack, with
the least show of
justice.
strength, with
character whose "foundations are
a
He is in the prime of his
sequent peace negotiations, and devoted himself to
the task of reconstruction and to the greater task
of racial conciliation.
He is
adamant," with sound principles and a settled po¬
litical
philosophy, and "an intellect always under
control";
mean,
absolutely truthful in spirit and in letter.
Viscount
ter
Grey,
recalled,
the
incapable of anything small or
man
a
was
or
Sir Edward Grey,
as
he is bet¬
known in Germany as ^Liar Grey,"
As time
prince and chief of his class.
passes
the truth is known he stands out as the one
and
great
a
now
not to
a
generously British, but at the same time
King-Emperor, not to an Empire, but to a
his idea is
democracy, the rule of the people, not any
section of the
He is for the
people, be it Labor or some other."
League of Nations, but he means it to
something other than "an International Band
diplomat of those who in 1914 were settling the fate
of the
the rule of peace,
world, who meant exactly what he said. That
others
did not believe
him is
Prince Lichnowsky,
demnation.
Ambassador in
London,
says:
now
their
con¬
honesty of his ways secured him the esteem of his
Lies
and intrigues were equally re¬
pugnant to him."
Because his superiors in Berlin
opponents.
did not
dor
so
was
estimate him the advice of the ambassa¬
disregarded.
trusted him.
was
when he
England believed him and
This
out of the retirement of the For¬
man,
of
For him democracy is indeed
but "a rule potentially terrible to
peace."
still less than forty-eight, "with the
high forehead, the steely eyes, the
straight eyebrows
depressed in an habitual half-frown, the emphatic
the tightly closed lips and the granitic chin,"
living man's,"
nose,
whose mind "is as clear of cant as any
who
speaks not of the British Empire, but of the
Commonwealth, is yet to play his part.
British
If the
One of the great moments of the war
came
Hope."
the enemies of
then the German
"The simplicity and
His country is South Africa,
country, to an idea.
be
"His loyalty is
through and through.
democrat
Unfulfilled
the
high
Cambridge, fought brilliantly as a Boer
at
honors
during that war, had an influential part in the sub¬
change of administration inevitable.
He has been the
General Smuts, favored as a youth
by Rhodes for his great ability, taking then
great question is not yet settled whether-
the German idea of a
systematized and completely
eign Office and stood before Parliament to tell them
governed world, or another and a wholly different
that the die was
idea shall
defense of
That he
cast, and England must go to the
taken
Belgium and France.
was
"a shade too
gentlemanly," is the
only charge to be made against him.
required more peremptory handling.
ica had the benefit of his
Prussianism
We in Amer¬
patience and his courtesy,
away
now
as
prevail, Jan
a
Smuts may be
far¬
lands who, under the influence of the ideas
everywhere extant, are preparing to come to
the froht in
is
Christian
type of the unexpected men from
shaping the world of the new era which
already opening.
CHRONICLE
THE
1126
[Vol. 111.
to union creed and
TRAVELING
AGENTS
RAPID
BROOKLYN
On
TRANSIT
switch in the
a
the elevated lines in
into the street
to reach their
homes;
looked the spot saw
timely warning.
of
on one
operated by loyal employees
a woman
seeking
persons
whose window
and understood the act, and
working
law
Brooklyn, intending to throw
train
a
position
wrong
by strike-breakers and filled with
or
STRIKE.
Monday two murderers, posing as track-walk¬
spiked
ers,
DISORDER—THE
OF
the
ceed to what
results.
he
seeks
attention; it
tlie
while this is
a
character¬
only according to the ordinary methods
of the criminal instincts which stirred
up
ble
in its third
now
natural
and
injury of
the intrinsically lofty motto that the
on
one person
an
climax of misdirected labor
Along right lines, collective bargaining
action,
become
is the
instrument of
it has grown
general good; misdirected,
into brigandage and
What
with is the evil fruit of
an
extirpate it
Now
we
quately
and
us
once
ers
therefore
turn back
this,
must
we
inevitably
we
see
on
rights,
any
or
a
distribution of the necessaries of
below—these
the greater
life, thus threat¬
>
so
The
question
was
embarrassing that Mr.
Gompers evaded it at the time and attempted only a
belated reply, in which he
said, in part, that "so far
as
labor is concerned the
will be
defense and
sary
right to strike must be and
maintained, not only
a
self-advancement, but
to public progress."
concerted
as
of self-
measure
a measure neces¬
The individual and
right to quit work has
never
only
'
non-
been ques¬
without
may
be involved.
fairly taken
as
for inasmuch
as
while
in
only
labor
a
the real stand of organized
be
labor,
all persons are workers in some
way
the
union
sense
of
the
term
is
small fraction of the people, we find that in
the labor creed
a
part (and
a
small part)
is
more
than the whole.
the union creed and there
sion wherever
is
In
a
democracy, the majority may and does over¬
minority. The family of a convicted crimi¬
nal cannot be
of
society.
considered, as against the protection
The less must yield to the greater. In¬
cidental and unavoidable
injury to the rights of
a
few must be
permitted, in defense of the rights of the
many; this is the reasoning upon which war is some¬
times justified, and it would have
been the sufficient
answer
sonal
to any
rights
drafted
were
who
alleged that his
violated when he
trenches in France
man
against his will.
was
per¬
sent to the
But, according
be
stop before this
no
With it
upon
Once admit
progress.
can
final position is reached.
come
the outside
destroyer, the agents who stir dissen¬
they
and the "Amalgamated" that
go,
doing here just what it has been doing elsewhere.
Christ
was
asked
forgiveness for his murderers, be¬
they knew not what they did; yet crucifixion
cause
common
posed they
an
at that time and those rude
were
ordinary
only treating
Can
manner.
men
sup¬
an
ordinary offender
we
extenuate by such
plea of ignorance the crimes of organized labor?
The
who
men
plan to wreck trains
wives and children of others
may
to
their
that
a
The best to be said in their
they "forget."
They
are so
them, the
soldier
in
The
into
of
battle
tiger?
and
seeing everything
him
wounds.
men
and
converts
It is
a
long
course
fight society
mannered
proportions;
;the
it will make slaves of them;
or
upon
wrong
as
public enemy and that they must
a
poison of "class."
teachings
in
them of such pestilent untruths
upon
capital is
We
can see
the effect of his
Mr. Gompers himself.
person
ordinarily,
and
He would
not
object
to
He is
a
deprecates
lence unless that becomes necessary
would
makes
own
teaching, which distorts the mental vision
beating-in
even
returns
his
even
de-humanizes these union
labor.
for
cease
savage
semi-possession which seizes
thick
them into brothers to the
of false
They
primitive
temporarily unconscious of
What
is that
the impulse to rend and destroy
same
the
excuse
inwrought with passions
they have become transformed.
the time to be human.
the
strug¬
a
trap; yet it cannot be claimed
they do not know the physical consequences of
their acts.
that
attack the
or
be kind and loving
and possibly would release
own,
gling animal from
that
rule the
war
Whatever organized labor
in its battle to impose its will
seizes
may
Freedom
only by war, and
includes carnage, in which non-combatants and the
and revives in them ;
public has no rights
superior to the toiler's right to live and to
his right to defend himself
against oppression." The
are
Rights cannot
hurting somebody.
sometimes be maintained
tioned ; but he added that "the
quibbling statement
Organized labor being
greater, all else must yield to it.
can
absurd, it is
plain statement of the necessary
a
which
first five words of this
If this sounds
the union creed.
be enforced
a
pertinent, crucial, and
of
incidental to
are
V-
.
results
in
he protect them in such a case?
regrettable, but
are
train of
a
elevated structure to the street
an
good of defending the "toiler's" rights to
nevertheless
health"; if
peace and impairing the public
rights of the public exist, how would
used.
are
port, the halting and
a
the throwing of
even
life and to self-defense.
ening the public
any
off
passengers
whether it is
dispute between labor and capital when that
dispute "brings on a strike affecting the production
or
spoiling of food,
the
necessary
non-combatants who get in the
any
the virtual tie-up of
intervener and
Gompers whether he consid¬
public has
stoning of
way,
qapital is incidental to public
May 28, Gov¬
condition of siege
a
defending those lines
become
may
how
little in time.
a
hire
to
finds necessary
So let
war.
of
ade¬
misdirected
a
and
were,
means
tongue, the fist, the club, the brick, the bomb,
helpless
nor can we
Carnegie Hall,
Allen asked Mr.
that the
only
seed, and
developed into internecine
more
to deal
now
surrender to it.
or
At their debate in
ernor
have
the situation, unless
measure
naturally
attack upon the
an
we
evil
cannot understand
unionism has
of all, might have
concern
social foundation itself.
either
the trou¬
week, that act is itself only the
and inevitable
unionism.
For
jobs
Whatever
against the former employer and the "scabs" whom
incident, but there is
reason.
pro¬
they call peaceful picketing along the
lines where the
istic
deeper
in
Accordingly, when "toil¬
quit their jobs, they immediately
gave
rious
a
arises.
a case
ers" choose to
The
incident, and
are
the whole, and to them everything must
are
yield when
over¬
Because the attempt failed, it had
organized in unions
are
right and fnorals and in consideration of
general welfare and public progress the major¬
ity; they
only a few lines in the day's news and was probably
not evfen seen by many readers.
Yet it deserves se¬
was an
in
or
practices, the small fraction of
who
persons
to the
courts,
the
own
mild-
vio¬
cause
if
of
courts
only side always with labor, and he would
approve
exercised
He has
of the
only
become
power
upon
a
of injunction if that
wrere
capital and large businesses.
radical
radicalism has carried his
among
radicals, because
following
away
from him
Sept. 18
1920.]
and he must
and he is
run
now
with it
power
of working.
bound
upon
be left
or
old man,
an
the
on
roadside,
past the habit and the
So he rushes
Mazeppa
on, as a
mad horse, keeping the pretense of
a
leadership, but powerless to guide
check the evil forces he has
to hold in
or
long been active in
so
This is the third week of the rebellion
roads of
Brooklyn.
great
on
the local
The interruption and the waste
time and wages and production
;
rificed, there h&ve been
and
some
indictments.
men
without im¬
of the
return
are sac¬
incidental wounding
some
killing, and there have been
The time limit for
pairment has passed, and the receiver is steadily
placing them with others.
it
at the hour of
was so
the
resentatives of the Public Service
system is
now
The strike is "lost," and
starting.
The receiver
says
"the second phase, the slow
on
and laborious process
re¬
of obtaining and training
new
Commissions, the
Treasury Department and the League of Mayors, all
of whom may
be regarded
as
representing the pub¬
lic; of the American Electric Railways Association,
representing the management of the various corpo¬
rations and the
the
arousing.
are
11W
THE CHRONICLE
*
.
investors; and of labor, representing
railway employees.
port from
To obtain a unanimous re¬
naturally having different views re¬
men
quired concessions, but nevertheless the report now
submitted to the President is
interesting and it
tains
practical
thoughtful
some
bearing
and
complex situation.
upon a very
Necessity for the appointment of such
sion
recognized when it
was
electric
7,820,
railway companies,
Commis¬
a
learned that 118
was
having
one-sixth of the total,
or
con¬
suggestions
of
mileage
a
in the hands of
were
receivers; that the credit of other companies was
impaired and that
revenues
generally
were
inade¬
men," while Judge Mayer adheres to his announced
quate to permit the operating companies to function
refusal to deal in any manner
properly.
receive any
or
he has declined to
ing
some
with the Amalgamated
proposition from
see
Mr.
through it, and
or
Gompers, who
came
bear¬
surrender plan as the olive-branch.
The
The deathhouse in
cutions
Sing Sing is crowded, and
exe¬
continue; yet while single murderers
are
summarily dealt with society still
fear of those who
ments, and
have been
what
a
organized.
are
seems
There
to show
are
jailed, but how many have been treated
they are?
execute the
intervened
as
President Wilson himself, bound to
laws, has not only surrendered to the
most insolent of union
demands, but has repeatedly
behalf of convicted
on
local
own
criminals,
so
that
of the plight of the electric
corporation, but the remedies
comprehended and
any
mission has been able to
com¬
are
not so
light which the Com¬
give
that angle of the'
on
problem ought to be welcomed by all patrons of the
companies
One
indict¬
few of the most notorious miscreants
causes
quite well understood in each
are
munity which is conversant with the affairs of its
well
present strife is nearly over.
The
railways
as
means
well
of
by those financially interested*
as
restoring credit, which is suggested,
is the elimination of all deadheads.
is made
system
passes
company
have
to passes as a
the
subsidiary
to believe that they are
come
trolley
has often become burden-
All officers and directors of every
some.
a
of underlying companies
up
granting of free
Where
matter of right.
entitled
Mayors, burgesses,
boldness has grown naturally out of immunity and
there should be
two years ago,
no
wonder felt
that,
even more
councilmen, legislators and many other public offi¬
than* cials look upon electric railways as oysters, to be
the annual meeting of the Federation
opened for their benefit.
The late A. J. Cassatt, as
actually declared that "organized labor considers it-
President
self
master stroke when he had the courage
organic part of the Government of the United
an
States; it feels free to
take its
the
ear
summon
the Government to
part in industrial disputes; it feels it has
of the White House, and it ivill confidently
threaten the recalcitrant
employer with Government
ownership if he does not behave "
of the Government
ment
...
has the
.
ear
.
free to
.
farther?
the Govern¬
summon
of the White House
fidently threaten"—could
go
"An organic part
Yet how
...
and
arrogance
will
con¬
boldness
anybody reasonably feel
can
surprise when numbers of ordinarily quiet workers
simultaneously break out into attack
activities and life of
a
The boast that labor will elect
been
a
seems
President and
come
It will
by the
Industrial peace
of industrial
process
democracy of employers and employees.
That will
displace labor unions, but meanwhile—and
most
powerful
means
con¬
really recognized and the
country really resolves to end it.
will'ultimately
a
already to have
empty, yet the strife continues.
tinue until its character is
as
the
of accelerating the beneficent
process—the law should
Pennsylvania Railroad,
mission ;
issued
unbearably obnoxious.
His stand
by the Inter-State Commerce Com¬
nevertheless,
a
great many passes are still
by steam railroads to directors, officers and
employees, the
pass
being looked
quisite which should not be given
of
a
a
system of free passes which petty poli¬
backed
was soon
made
to strike
high
wages
upon
as
a
per¬
In these days
up.
and large salaries the free
evil
pass
might well be eliminated altogether and the Com¬
mission has done well to call attention to it.
Abandonment of
non-profitable
line^ is another
suggestion for the betterment of the electric rail¬
city ?
Congress subservient. to it
blow at the
the
ticians had made
the daily
upon
of
cease
to be
a
respecter of
offenders.
age
condign punishment of traveling agents of disorder.
which is
a
dead weight.
more or
obtained in order to head off
was
less track¬
Some of this mileage
some
competitor
and not because it could be made useful.
As trol¬
ley systems have developed they have become
comprehensive that
single community,
usually
or
one
perhaps
a
system
munities, and is practically
without
There is
son,
other like
company.
valid
good purpose, either for the corporation
ment
and
a
com¬
competition
no
therefore, for maintaining mileage which
community.
so
serves
number of
from any
no
Among the first steps should be the halting and
Every large system has
ways.
rea¬
serves
or
the
Nothing would be lost by its abandon¬
much
might be gained in the
way
of
economy.
RECOMMENDATIONS
TRIC
The
Federal
Electric
pointed in May of last
which has
OF
RAILWAYS
FEDERAL
ELEC¬
COMMISSION.
Railways Commission,
year
ap¬
by the President, and
just rendered its report, consisted of
It is
suggested that
for heavier
rep¬
one-man cars
be substituted
equipment, but the application of this is
limited.
Unquestionably
overhead
charges,
a
as
great deal might be saved in
suggested, by exempting the
[Vol. Ill
THE CHRONICLE
1128
railways from special taxes arising from
sion had power
for
Elmquist Commission, whose report is above con¬
provisions
paving, snow-cleaning, up-keep of streets and
bridges, but all such charges must be met by some
one, and the general taxpayer, who finds his taxes
yearly growing more burdensome, because of in¬
higher assessments, will be very
creased rates and
loath to
it may
sidered, merely has authority to suggest and recom¬
mend
ating costs
forcibly increased.
corporation from a share of taxation, so
has
the
cities, notably Philadelphia, a great deal
some
been
accomplished through co-operation with
tracks clear of vehicles,
automobiles
at
preventing parking of
places which tend to throw traffic
tracks, regulation of coal trucks when
car
chuting coal into cellars, a liberal use of trailer cars
and the installation of
No
skip stops.
the Commission regards that as a
zones, as
subject to be determined by each community for
itself, but
increased fare of some sort is simply
an
trolley
pound of
have to
it still kept its fare at one
suppose
The trolley rider of to-day would
sugar.
give
war
had charged a pound of sugar
company
fare, and
a
three nickels to obtain his carfare,
up
whereas before
of
Finance,
issued
part with
the
he
war
would
only have had
of the
nickel and the purchasing
one
sugar
would be about as great to-day
company
before the war,
nickel has
trouble
as
it
depreciated, and that is just where the
comes
in for the electric
While service-at-cost is still
sion's tour will last
experimental
an
stage, practically all of the witnesses for the rail¬
industry who appeared before the Commission
way
favored
that
system
the Commission itself
and
strongly recommends the principles of the service-atcult
as
means
one
of
solving
a very
principle, and the Commission believes that when
valuation
is
established
public confidence will be
immeasurably strengthened and that disputes
example, the
is estimated
street
000.
the
further
as
to
of the main
latter
about eleven times
passengers, or
of the steam
were
carried
1917 there
railways.
on
were
as many
railroads, and considerably
than one-fourth of these passengers
transfers
or
were
as
more
carried free.
In
of the Canadian
degree
investors, but because of the dependence of
a
population
the street railways
upon
so
large
for daily
transportation, they must be permitted to function
and
they canont properly function without
any more
than
an
animal
The Government
operating
war
expenses
without
meet the
was
can
lending
any
aid to provide
partly because he recognized
the electric
the
It
Without attempting to
abolition of the
and the United
national
it is
increasing
a revenue
was
customs
barriers
a
gradual
between
Canada
Kingdom and the collection of the
revenues
by graduated income taxes which,
asserted, would raise
over
200 million dollars
year.
The
upon
of the
case
Canadian
manufacturers relied
statistical evidence gathered from industrial
history.
The following facts
cate the
were
utilized to indi¬
growth in basic industries since the protec¬
tive system was
inaugurated in 1878:
$149,000,000 in 1879, to $2,350,000,000 in 1920.
production from $365,000,000 in 1900, to
$1,975,000,000 in 1919.
National output of wheat from 16,000,000 bushels in 1870,
to
193,000,000 bushels in 1910.
I
Value of manufactured products from
to
in
$309,000,000 in 1881
$3,000,000,000 in 1917.
Forest production from $39,000,000 in 1881 to $140,000,000
1919.
Mineral production from
$14,000,000 in 1889 to $173,000,-
000 in 1919.
Fishery production from $13,000,000 in 1879 to $60,000,000
in
1918.
deposits from $71,000,000 in 1878 to $1,841,000,000
Life insurance in force from
$84,000,000 in 1878 to $2,187,-
000,000 in 1919.
Fire insurance in force from
$409,000,000 in 1878 to $4,-
904,000,000 in 1919.
Miles of railways
from 6,484 in 1879 to 38,896 in 1919.
Railway earnings from $20,000,000 in 1879 to
$380,000,000
in 1919.
of the street railways during the
higher operating costs.
people have been exploited in
neutralizes the benefits claimed for
revenue
subsist without food.
instrumental in
as
present fiscal policy.
in 1919.
merely because of the interests of
the views
The
gardless of all competition by automobiles, jitneys
Not
up
reve¬
Bank
and buses.
Likewise, the Ca¬
Agriculture summed
frankly opposes the principle of raising
constant growth re¬
a
unlikely
argument will be elaborated
disguise the out-and-out free-trade theory underly¬
(3,202,254,111)
294,826 employees of the electric
The traffic shows
document and it is
body of prairie province farmers.
Agricultural
transported 11,304,660,-
For
through customs tariffs, and asserts that the
such
the
one
except for local details.
Total trade,
present investment in
expressed
for the manufacturers of Canada
side of the
nadian Council of
railways of this country is about $6,000,000,In 1917 these carriers
000
all
that
case
submitted in
that this
capitalization and profits will disappear.
It
As the Commis¬
six weeks, the views
through single committees and associations.
diffi¬
Valuation is the foundation of this
problem.
or
of the chief tariff controversialists will be
a
cost contract
only five
ing their document, the farmers demand
railways.
in
all parts of Canada and to learn of
inequalities and injustices.
was
while the purchasing power of the
prelude to the taking of evidence,
as a
endeavoring to ascertain the effect of the pres¬
power
in the treasury of the trolley
public hearings at
Sir Henry Drayton, Minister
statement to the effect that the Government
a
ent tariff upon
mass
pound of
its
commenced
Winnipeg this week.
nue
to
during the last session of the
Parliament, the Cabinet Commission on
revision
tariff
was
Suppose before the
keeping with the times.
as
foreshadowed
Dominion
any
general recommendation is made as to estab¬
lishing
a
Ottawa, Can., Sept. 17 1920.
<
was
the
upon
IN
■
public and public officials by means of rerout¬
car
REVISION
TARIFF
CANADA.
As
ing, which has resulted in faster schedules, keeping
in
were
PROSPECTIVE
garded by the managers of the railways.
In
the railways in a posi¬
responsibilities imposed when op-
be doubted if this suggestion will carry much
weight with the public, however just it may be re¬
,
which may put
means
tion to meet the
greater burden just to free a pub¬
assume a
lic service
to direct an advance in wages, the
to
evidently
"Since 1878 the
composition of our population has
changed," says the statement.
"Then the great ma¬
jority of the people were engaged in farming, lum¬
bering and fishing.
business
There was comparatively little
activity and those who could not be em¬
moral obligation to
ployed in the above industries were forced to emi¬
railways that the President appointed
grate, with the result that some millions of Cana¬
a
Commission, but while the Taft Labor Commis¬
dians
are
living in the United States to-day who
Sept. 18 1920.]
would
have left Canada if
never
opportunities for
argued that,
as a
result of the protective tar¬
iff, 600 branches of United States factories have
These factories
been established in Canada.
about
of about
British capital invested in
$100,000,000.
which have been taken
measures
pointing out that these
agriculture,
Canadian
protect
and
encourage
The statement then
$2,000,000,000.
relates to various
to
employ
87,000 people and represent invested capital
Canada is about
sound and consistent
are
with the doctrine of
protection, because they are de¬
signed to stimulate
a
In
they sell in
to farmers
use
on
the ground
that
market where prices are fixed
an open
its
retroactive
under its decision
mate and
$625,000,000
July
on
The
statement
refers
the budget
to
speech of the
follows:
$549,649,428 00
Estimated
381,000,000 00
revenue
further
sum
of
been written up
It is
argued that if free trade is adopted and the
which is estimated at $170,000,000,
customs revenue,
is
lost, the deficit will be $335,649,428.
out that last year we
It is pointed
bought from the United States
goods to the value of $802,000,000, while the United
States
bought from Canada goods to the value of
$464,000,000..
Last
year
United States
bought
on
Canadian
the average $4.41 worth of
which
goods,
inhabitant of the
each
Canadian bought
each
Moreover,
$100 26 worth of United States goods.
Canadian
while
goods,
bought
Canadian
each
had not yet
by most roads and therefore it was
include the June addition within ..the
increase
of the
It
on
account of
This, however, still left the
May to be taken care of in one
subsequent months.
certain that the whole of the
was
charged
up
retroactive
against the period pre¬
the
of rental by
expired and the carriers would nat¬
months supplementary guarantee
six
the Government
$168,649,428 00
deficit
Estimated
it did to
ceding Sept. 1 inasmuch as on this latter date
capital out-
lays)
V
as
would add
$100,000,000 to $104,000,000.
At
increase would be
Estimated expenditure (including
applying
the time of the award the June accounts
minister, estimating the country's balance
sheet last year as
made retroactive
past months, namely May and June,
to
finance
according to that
$50,000,000 and $52,000,-
The retroactive feature,
000.
of that month.
80% of farm produce is consumed in Canada.
was
the basis of these estimates
would have been between
expenses
over
added
Without this retroactive feature
May 1 1920.
the addition for
a
per annum was
per annum
The increase
of the carriers.
to
$600,000,000
possible
market, statistics are given to show that
handed
payroll of the railroads according to its esti¬
to the
in
closed
further
a
downJhsjlecisionAnjthe Wage Case on July 20 and
by international competition, and are forced to buy
a
introduced
feature
item of increase. i&The Railroad Labor Board
two
great basic industry.
reply to the free-trade argument that the home
market is of little
_In addition, however, the Railroad Wage Award
with
employment had been available."
It is
1139
THE CHRONICLE
urally wish to charge up to the full extent
all items
properly belonging to that period. We
means of knowing just how the different
of expenses
have
no
companies charged
up
the retroactive portion of the
the most, if not all, of
increased pay, but presume
for June and
subject is that
furnished by the July return of the Union Pacific
Railroad Company.
A footnote to that return tells
us that
the July expenses included $2,249,000 for
increased wages for July and for one-half of the in¬
crease for May, the increase for June and the other
them, charged it against the accounts
The only light we have on the
July.
mostly manufactured goods, while their purchases .one-half of the increase for May having been included
in Canada
chiefly
were
situation with
if the tariff
a
were
This is the
materials.
raw
What would it be
Canadian tariff.
abolished ?
companies, and^on that sup^
position~"the addition~m July by reason of the wage
followed by other
was
increase
GROSS
RAILROAD
AND
NET EARNINGS FOR
JULY.
Presumably the same practice
in the June accounts.
this
I
was
between $75,000,000
The
and $78,000,000,
months addition.
covering 1
in an intelligent
disclosed by our
The reader, of course, must bear
foregoing observations will aid
July compilation of the earnings of United
States railroads in the character of its showing
interpretation of the July results as
differs in
iiTmind that the higher freight and passenger rates
Our
no
particular from that of the months pre¬
The
ceding.
gross
satisfactory growth,
of
16.43%
as
revenues
as
continue
to
reflect
is evident from the increase
compared with the aggregate for the
The trouble is
entirely with the expense accounts.
Here there has
been even greater augmentation than in the previous
corresponding
month
last
year.
which perhaps is natural in view of the
that the roads had an additional large item of
compilations.
authorized by the
did
~not
become
towards the very
in
of
latter increase,
the ordinary causes
even
in August until
Stated
our
fact
As far
operative
close of the latter month.
tabulations show $65,975,059 increase
gross attended by an augmentation in expenses
no less than $135,096,728
or 43.10%—of which
iiTbrief,
months,
to provide for.
Inter-State Commerce Commis¬
play at all in July and in fact
sion did not come into
$75,000,000 to $78,000,000, as we
Award.
against
$87,924,402 in July 1919, the falling off therefore
words, railroad managers had unusual conditions to being $69,121,669 or over 78%.
It will be readily
contend with, the troubles experienced in such a
perceived, however, that except for the $75,000,000
conspicuous way in that respect in April and May increase in wages the net earnings instead of record¬
having extended also into June and July—and ing $69,000,000 loss would have registered an in¬
expense
as
operating to swell the expense accounts are con¬
cerned these were the same as heretofore.
In other
indeed
not
August.
outlaw
having
entirely
disappeared
even
in
What with car shortages, freight congestion,
strikes on the railroads themselves and
additional labor troubles at terminal points by reason
of strikes of teamsters,
draymen and the like, it was,
have
Net
seen,
for
may
in
the .months
preceding, impossible to avoid
though comparison
for the year preceding.
heavy increases in expenses even
be with
large totals of expenses
The grand aggregate
crease
of about $6,000,000.
of the
earnings and expenses are shown
in the fol¬
lowing:
July.
212 Roads—
Miles of road
as
be ascribed to the Wage
July 1920 is only $18,827,733 as
Gross earnings
Operating' expensesm.
Net earnings
Inc. (+) ot Dec. (—■).
Amount.
%
1920.
1919.
220,459
$467,351,544
218,918
$401,376,485
+ 65,975,059
448,523,811
313,427,083
+135,096,728
0.70
16.43
43.10
$18,827,733
$87,949,402
—69.121,669
78.70
+1,541
1130
THE CHRONICLE
Entirely apart from the addition to
sioned by the wage
expenses occa¬
increase, operating
been steadily mounting
for several
costs have
excess
of $100,000, whether
and in both gross
and the
years,
[Vol. 111.
increases
decreases,
or
and net:
PRINCIPAL CHANGES
IN
GROSS
EARNINGS.
j ncreases.
further increase in
cance
by
time when
a
derives additional
$40,694,188 increase
there
was
signifi¬
Thus in July 1919
of that fact.
reason
statement showed
at
1920
falling
a
in
our
expenses
off in
of
gross
6$4,394,648
Southern Pacific (8)
3,716.723
Afcch Top & Santa Fe (3)- 3,697,168
Baltimore & Onio
2,751,855
Illinois Central
2,620,033
Chicago Milw & St Paul.. 2,466,482
Chicago R I & Pacific (2). 2,254,328
Erie (3)
:
2,247,187
Union Pacific (3)
1,733,375
Chicago Burl & Quincy— 1,651,617
Louisville & Nashville—_ 1,599,565
Missouri Pacific
1,521,237
Chicago North Western._ 1,479,530
Clev Cin Chic & St Louis. I,442,6i7
N Y N H & Hartford.... 1,399,349
Southern Railway
1,264,358
Michigan Central—— 1,219,214
Atlantic Coast Line....-- 1,104,757
Boston & Maine
990,301
St Louis & So Western (2)
898,797
Lenign Valley
876,033
Norfolk & Western.
845,867
Delaware & Hudson.,
802,254
Wabash Railway....
792,173
Pere Marquette..
—742,387
N Y Chicago & St Louis.
715,777
Cine New Orl & Tex Pac_
707,223
Del Lack & Western
696,933
Los Angeles & Salt Lake._
672,727
St Louis-San Francisco (1)
653,235
Central RR of New Jersey
645,735
Buffalo Rochester & Pitts
618,685
Chesapeake & Ohio....—
591,106
Missouri Kan fc Texas...
593,412
Denver & Rio Grande
582,201
Chicago & Alton.
574,375
Yazoo & Miss Valley
565,268
Great Northern
554,040
Virginian
548,055
Dulutfl & Iron Ranee—444,262
Minn St Paul & S 8 M-_
429,203
Internat & Great North..
403,786
Western Maryland
399,409
Nash Ohatt & St Louis.
381,494
Central of Georgia
358,825
Grand Trunk Western—
350,325
Toledo St Louis & West.
340,275
Texas & Pacific
338,543
New York Central..
—
$14,658,220, the two
tion in net amount
together causing
of $55,352,408.
diminu¬
a
Pennsyl¬
The
— —
-
.
vania
in
RR., the biggest railroad system in the country
point of earnings, is missing
on
this occasion, not
yet having filed its return for that month, so that our
grand total of the
two years ago,
but
figures furnish
does not quite approach that of
gross
with that road lacking the
even
striking illustration
a
how the net earnings have
enlarged operating cost.
1918 with
of
a
Note for instance that in
was
net
has yielded only $18,827,733 net.
gross
following
back to 1906.
there
On the other hand, in July 1920
$152,079,422.
the
dwindled because of the
total of $469,246,733 gross,
$407,351,544
In
going to show
furnish the July
we
For 1910, 1909
comparisons
and 1908
we use
the
.
-
— ——.
— -
Inter-State Commerce
totals, since in those
they included all the minor roads and
prehensive than
our
our own
were more com¬
figures, but for preceding
(before the Commerce
years
quiring returns)
by
own
Commission began
give the results just
we
tables each
years
re¬
registered
as
portion of the rail¬
year—a
road mileage of the country being always unrepre¬
sented in the totals
owing to the refusal of
the roads in those
for
of
some
days to furnish monthly figures
Net
Earnings.
Earnings.
Year
Inc. (+) or
Year
Year
Preceding.
Dec. (—).
Given.
Preceding.
%
..
1909
..
1910
1911
1912
..
1913
1914
..
1915
..
1916
..
1917
1918
..
1919
..
1920
..
$
129,386,440114 ,556,367 + 14,380,073 42
137,212,522118 ,666,092 + 18,546,430 41
195,246,134 228 ,672,250 —33,426,116 67
219,964,739195 ,245,655 + 24,719,084 78
1230,615,776 217 ,803,354 + 12,812,422 73
224,751,083 226 ,306,735
1,555,652 72
245,595,532222 ,587,872 + 23,007,660 79
235,849,764 223 ,813,526 + 12,036,238 64
252,231,248261 ,803,011 —9,571,763 75
262,948,115260 ,624,000 + 2,324,115 87
308,040,791263 ,944,649 + 44,096,142 108
353,219,982 306 ,891,957 + 46,328,025111
463,684,172 346 ,022,857 + 117661315,144
454,588,513,469 ,246,733 —14,658,220 96
467,351,5441401 ,376,485 + 65.975,0591 18
Inc. ( + ) or
Dec. (■—).
%
,808,250
36,718, 416
+ 6,089,834
,891,837
,194,321
,350,772
,157,547
,423,469
,427,565
,354,370
39,448, 771
+2,443,066
,349,466
,684,985
,709,496
75,679, 805 —8,485,48467,267, 352 + 11,083,420
77,643, 305 —4,485,758
+ 31,411
72,392, 058
70,536, 977 + 8,890,588
67,620, 157
—3,265,787
76,358, 377
—998,911
77,833, 745 + 9,851,240
88,421, 559 + 20,287,937
,424,542 108,293, 945 + 3,130,597
,348,682 109,882, 551 + 34,466,131
,727,014 152,079, 422 —55,352,408
,827.733 87,949, 402 —69,121,669
Note.—In 1906 the number of roads included for the month of July was 90; In 1907,
82; in 1908 the returns
were
based
on
231,836 miles of road; in 1909, 234,500; in 1910,
238,169; in 1911, 230,076; in 1912, 230,712; in 1913, 206,084; in 1914,
235,407;
in
1915? 243,042; in 1916, 244,249; in 1917, 245,699; in 1918. 231,700; in 1919, 226,654;
In 1920, 220,459.
<
case
of the separate
identical with
that
disclosed
roads the shqwing is
by the general totals.
That is to say with unimportant
roads record increases
in gross
exceptions all the
while
on
the other
hand, with limited exceptions, net earnings record
decreases.
These
huge magnitude.
no
decreases
in
some
cases
are
of
Thus the New York Central falls
less than $9,080,357 behind
in the net and the
Baltimore & Ohio falls $7,486,905
behind, though
the
$4,394,648 and
two
systems
had respectively
$2,751,855 increase in
Haven & Hartford
$1,399,349 to its
gross.
The New York New
notwithstanding
gross,
an
addition of
loses $5,236,725 in net.
The
Rock Island system, while recording $2,254,328 in¬
crease in gross, suffers a decrease of
$4,184,803 in net
and
gross
the
There
Union
Hocking Valley
Minneapolis & St Louis..
Mobile & Ohio..;
Toledo & Ohio Central.__
Indiana Harbor Belt
New York Ontario & West
Ala <fc Great Southern
Elgin Joliet & Eastern
Union RR of Pennsylvania
might
a
158,314
Louisiana & Arkansas
146,900
Lehigh <fe New England..
Spokane Portl & Seattle._
Florida
132,040
129,679
127,453
East Coast
Cincinnati Ind & West...
125,862
122,016
120,628
J 20,431
119,622
Chicago Great Western._
Ann Arbor
Pittsburgh & West Va
Monongahela
Nortn
Connect...
Western
Chic Terre
Pacific
TIauto S
li.9,350
E_
117,674
117,165
116,583
113,943
110,746
—
Bangor &, Aroostook
Atlantic City
Detroit Toledo & Ironton
New Orl Tex & Mex (3)—
Det Grand Haven & Milw
108,110
Sari Ant & Aransas Pass..
108,021
Chic Peoria & St Louis.
105,424
101,510
—
Norfolk & Southern
Representing 105 road; in
our compilat'on
$64.638,269
Decreases.
Atlantic Steamship Lines.
Richm Fred & Potomac._
$397,044
205,430
Representing 2 roads in
our compilation....
$602,474
basis of the returns filed
merely the operations of the New York Central
the
the
b These figures cover
Including the various auxiliary and controleld roads, like
Central, the "Big Four,"* &c., the whole going to form
New York Central System, the result is a gain of $7,790,282.
itself.
Michigan
Chicago Milw & St Paul.
Cine New Orl & Tex Pac.
N Y Chic & St Louis....
El Paso & Southwest.
Duluth & Iron Range...
$2,371,409
Los Angeles & Salt Lake
St Louis Southwestern (2)
Pacific
with
$1,733,375 increase in
Southern..
Pacific
Ala. & Great
Western
Virginian
—
Bait Ches &
West Jersey
Atlantic.
& Seashore.
—
&
392,273
Central
Missouri Kan & Texas..
352,178
344,803
St Louis-San
Erie
few
be
extended
cases
almost
of increases
indefinitely.
in the net, but
limited in number and mostly found in
the West, including among others the St. Paul and
are very
the St. Louis Southwest.
In the
following
all changes for the separate roads
we
show
for amounts in
of N
RR
452,291
441,134
J.—
333,266
Elgin & Joliet...—
302,282
287,824
285,711
275,890
271,060
Richm Fred & Potomac.
268,935
Yazoo & Miss
261,831
Western
Maryland
Southern Pacific (8)
Maine.
&
Valley
2,57,573
Trunk Western..
Grand
Fran (1)—
2,884,343
Los
—
2,242,371
Buffalo
Nashville._
2,145,332
Delaware &
—-
453,557
Atch Top & Santa Fe (3)
Colorado & Southern (2)
Boston
h$9,080,357
7,486,905
5,236,725
4,184,803
511,453
•/ 505,213
479,817
Minneapolis & St Louis.
Chicago & Alton..
Missouri Pacific
(3)
(3)
Louisville &
Central New England
Mo Kan & Tex of Tex..
Mobile & Ohio—-.—
Central of Georgia
3,449,258
Union Pacific
$656,530
108,046
T)CCT€dS6»
Ohio..
N Y N H & Hartford
Chic R I & Pacific (2)-Baltimore
Pacific
Indiana Harbor Belt..—
596,082
Illinois Central
—549,668
New Orl Texas & Mexico
_
New York Central
Decrease.
Northern
631,459
431,023
305,086
288,529
243,073
223,058
182,329
173,845
136,638
136,518
Representing 13 roads
in our compilation.
$5,231,013
248,909
243,073
241,557
Angeles & Salt Lake.
Roch &
Pitts
233,813
Hudson
Central
1,992,765
Toledo & Ohio Central..
215,603
Seaboard Air Line
1,770,968
Chicago St P M & O
213,436
Chesapeake & Ohio.
Lehigh Valley
Pittsburgh & Lake Erie..
1,723,134
1,685,190
Texas
Duluth Missabe & Nor._
213,133
209,677
1,623,307
Gulf Mobile & Northern.
208 491
1,588,109
Chicago Junction
Kansas City Southern..
196,991
194,424
190,072
171.314
158,402
Michigan
Northern
1,477,389
Chicago Burl & Quincy..
Norfolk & Western
Coast Line—
Philadelphia & Reading.
Atlantic
Chicago & Great Western
Wabash Railway
—
Railway
Nash Chatt & St Louis..
Chic & East Illinois
Cleve Cine Chic & St L__
Delaware Lack & West..
Chicago & North West..
Maine Central
Hocking Valley
—
1,461,800
1,344,036
1,272,152
1,111,012
1,005,446
Southern
_
_
—
Pacific
Spokane Portl & Seattle.
Midland Valley
St Joseph & Grand Island
Bait & Ohio Chic Term.
Chic Terre
157,814
145,332
.
Haute S E__
974.282 Georgia Southern & Fla.
968,376 N Y Susq & Western
961,813 Georgia
948,270 Rutland.
833,153 Florida East Coast
137,074
120,579
110,996
106,814
104,205
—
.
806 582
Representing 85 roads
in our compilation. $73,766,862
722,016
684,888
figures merely cover the operations of the New York Central
Including the various auxiliary and controlled roads, like the
b These
itself
Michigan Central, the
York Central System,
"Big Four," &c., the whole going to form the New
the result is a loss of $14,629,560.
When the roads are ^arranged in
groups or geo¬
graphical divisions the showing is what would be
expected, namely every geographical division regis¬
ters an increase in gross, while on the other hand
every division, except one,
records a loss in net.
Such has been the shrinkage in the net that three of
the divisions have actually failed to earn bare operat¬
ing
Our
expenses.
summary
by
groups
is
as
follows:
-Gross Earnings1920.
Section or Group.
are
256,390
232,400
227,724
207,862
201,116
199,935
196,390
188,155
170,199
168,888
160,401
159,038
Central
Wheeling Sc Lake Erie.:
Chic St P Minn
Omaha.
has $3,449,258 decrease in net. And these illus¬
trations
they
Maine
Where, however,
these
returns do not show the total for any s.vtem, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
Great
In the
Philadelphia & Reading__
Kansas City Southern
(2)
Long Island—
Colorado Southern
_
__
Year
Given.
July.
1908
El Paso & Southwestern..
Increase.
Year.
1907
$337,643
322,966
322,743
314,350
305,110
300,709
265,430
PRINCIPAL CHANGES IN NET EARNINGS FOR JULY.
Gross
..
Pacific.
Cleve Ind & Louisville
Lake Erie & Western
Note.—All the figures in the above are on the
with the
Inter-State Commerce Commission.
publication.
1900
.
.
.......
Increases.
Western
$
JulyGroup 1 (8 roads). New
1919.
Jnc.( + )
or
Dcc.0-i
$
%
England.... 22,216,280
19,211,091
+3,005,189
15.64
Mlddle._107,663,714
92,624,228
+ 15,039,486
16.23
21.99
Group 2 (42 roads), East &
45,213,354
37,062,453
+ 8,150,9'
Southern.. 67,578,618
67,578,618
+8,951
Groups 0 & 7
(33 roads), Northwe8t_lll,556,384
99,167,940
+ 12,388,438
12.49
Groups 8 & 9
(51 roads), Southwest. 81,794,445
68,371,781
+ 13,422,664
19.63
Pacific Coast— 31,328,749
26,314,488
Group 3 (29 roads), Middle West
Groups 4 & 5 (35 roads),
Group 10 (14 roads),
Total
(212 roads)
+
5,014,2«U
-.467,351,544 401,376,485 + 65,975,0
19.64
9
Sept. 18
-Net
1920.
S
1919.
Group No. 1
6,728
Group No. 2
23,389
Earrdngs-
1919.
1920.
——Mileage
July—
$
2,768,034
6,666df3,583,162
'
it
%
—6,351,196 229.08
23.264 df3,835,273 20,251,655 —24,086,928
118.93
—6,927,973
77.24
8,968,917
11,413
11,303
Groups Nos. 4 & 5...
39,005
38,531
def825,588 11,159,881 —11,985,469 107.11
Groups Nos. 6 & 7
69,362
68,706
14,127,121 23,377,866
Groups Nos. 8 A 9...
53,836
53,765
4,130,037
Group No. 10
16,726
16,683
6,773,654
2,040,944
220,459 218,918
—9,250,745
39.57
14,682,705 —10,552,668
71.87
-f 33,310
.49
18,827,733 87,949,402 —69,121,669
78.70
6,740,344
NOTE.—Group I Includes all of the New England States.
Pittsburgh and Buffalo; also all of New Jersey, Delaware and
extreme northern portion of West
west
and
compared
as
been
the
Pennsylvania west of Buffalo and
Pittsburgh.
V combined Include the Southern
States south of the Ohio and
east of the Mississippi River.
Groups VI and VII combined Include the
of the receipts at
case
ports which for July 1920 foot! up
northern peninsula of Michigan, all
together with Colorado north of a line
o*
RECEIPTS
COTTON
OF
1
JANUARY
AT
11992200
Missouri south of St.
Idaho, California, Nevada, Utah
Group X includes all of Washington, Oregon,
of New Mexico.
staples in affecting
this occasion it
appears that Western roads had to contend with an
important shrinkage in the grain traffic and also in
the [livestock'traffic, and Southern roads with a fall¬
ing off in the cotton tonnage.
The g{iin in aggregate
gross earnings for the month was made in face of the
by the- movement of the leading
On
earnings.
gross
diminution in these items of traffic.
For the five
ending July 31 the receipts of wheat at the
primary markets the present year were
30,138,000 bushels .as against 50,682,000
five weeks of last year;
in the
000 bushels and the
receipts of
rye
the five cereals
combined, however, the aggregate for the five weeks
the present year was only 77,131,000 bushels against
105,884,000 bushels last year.
In the following we
give the details of the Western grain movement in
against * 3,224,000
bushels.
For
usual form:
WESTERN
FLOUR AND GRAIN
RECEIPTS.
266,617
118.708
46,988
47,356
94.275
13,948
24 610
3.559
144,568
180.734
1.329
46,792
109.459
Wilmington
Norfolk
Newport News
(fuvtznt
Events
*
The usual offering
the
rate
some
time been 6%.
17.
ALLOTMENTS
IN
The basis of
7.833.000
999.000
376,000
12,514.000
2,991,000
566.000
80.000
271,000
246.000
2.312.000
2.332.000
566,000
377,000
$20,000 to
65.000
702,000
2.899.000
1.829.000
161,000
$50 J00 to
1P20---.
364.000
4 559.000
2.761.000
2.588.000
64,000
44,000
1919.,..
274.000
9.322.000
1.296,000
2.834.000
103.000
57.000
298,000
1.507,000
247,000
216.000
66,000
405.000
85.000
139.000
129,000
223,000
94.000
200.000
$4,100 to
$150,100
Allotments
1.348,000
124,000
102.000
977.000
166.000
15.000
312,000
149.000
343.000
2,697.000
1.889 000
1.356,000
Dululh—
1,015.000
737,000
437,000
566.000
2,593 000
4.530.000
1.069.000
628.000
872,000
4 483,000
7.310,000
3.668,000
1,666.000
3,373.000
2.590.000
30,138,000
50.682.000
22.968,000
13 435.000
-
1920
As it
1.326.000
1.284.000
18.161 000 2.639.000
26.227.000 12 316.000
3.225.000
3.224,000
happened, there was also a shrinkage in the
livestock movement.
At Chicago the
comprised 20,509 carloads
against 24,117 in July last year; at Kansas City
9,235 cars against 11,080 and at Omaha 7,202 cars
receipts for the month
week, brought a ready
given in our issue of a week ago,
the floor of the
New York Stock
Exchange on the 13th
the bonds made their initial appear¬
curb market on the day of the offering.
inst\, opening at 102
the
T. W.
Western
against 11,020.
of these bonds last
1035.
It is stated that more than 39,000 individual
subscriptions were received to the loan.
The bonds are to
be delivered Sept. 24.
Trading in the bonds was begun
Total of AU—
19191ZZZ
fractions amount¬
the next higher thousand.
follow the above schedule.
the oversubscription having resulted in the closing
books within' an hour after their opening on Sept. 9.
ance on
City—
1919
have been adjusted to
page
on
599 000
939.000
minimum $15,000.
reallotting to customers must
Details of the offering were
Peoria—
925.000
.
inclusive, 15% minimum $30,000.
have been made in multiples of $1,000 and
The offering
of the
6.714,000
*
$4,000.
$5,000.
$8,000.
response,
......
1920..
$150-100 inclusive, 20%
up
Subscribers
1920....
28.000
14.982,000
A Indianapolis—
of Allotment.
full.
$10,000 inclusive, 50% minimum
$20,000 inclusive, 40% minimum
$50,000 inclusive, 30% minimum
$4,100 inclusive, in
$10,000 to
Cleveland—
...
the Frenqh
follows:
ing to $500 or more
■
GOVERN-
$100,000,000 FRENCH
OFFERING.
Basis
Detroit—
7.613 000
4.862.000
which
March 26; it had previously for
The bills in this week's offering are
allotment for the Government of
Sept. 15, as
on
5.365.000
3.107.000
439,000
disposed of
Republic 25-year external gold loan, 8% sinking fund bonds,
was announced by J. P. Morgan & Co. syndicate managers,
10.456,000
v
were
MENT BOND
2.669,000
M inneapolls—
bills
advanced
dated September
$100 to
1.034,000
BILLS CONTINUED
TREASURY
ATV/2%.
discount basis of 6p2%—the figure to
on a
was
11,460.000
Omaha
FRENCH
French ninety-day Treasury
The
this week
668.000
1919
"
ON
RATE
695.000
1920
of ninety-day British Treasury bills
13.
(bush.)
240.000
'
Co. on a dis¬
in effect for
The bills in this week's of feringlare'dated
time past.
(bush.)
1.871,000
,
6%, the rate which'has been
count basis of
(bush.)
341,000
598.000
TREASURY
disposed of this week by J. P. Morgan &
(bush.)
187.000
and discussions
vvSAAVWv\VVAA/VVWVVVVVVVV\^VV%VVWWVVVV'VV^AVVVV,VWWVVV%lVVW^%
BILLS.
(bush.)
9,000
3.035
3,268.242'2.223,472
2,988.252
CONTINUED OFFERING OF BRITISH
<[bbls.)
Kansas
■^wv'wWVt.
...
2.977
—
151,986 492,930 134,309
end. July
1919....
33 000
250
Ac
Total
Rye.
1920.
'
1.711
Barley.
Toledo—
46.100
78,404
16,735
Oats.
St. Louis—
119.230
891.695
91.036
12.928
Com.
1919
8 186
695.306
67.480
132.929
760.702
148
Wheat.
Milwaukee—
18.224
490 795
73,443
.824,562
38.982
23.037
453.854
221,093
1 432
51.194 107.291
Flour.
1920
567.220
2,153
2,360
Ac
Five weeks
31.
877.404 1.047.444
Charleston
Sept.
3,225,000 bushels
29.502
621
40,560
Brunswick.
some
22,968,000 bushels against 13,435,-
1920.
3.522
1918.
1919.
1918.
1,600
47.154
5,000
1.080
Pensacola,
against 26,227,000 bushels and the receipts
for the five weekte
10 775
<1473
4,180
Mobile
only
the receipts of oats 18,161,000
17.944
12,150
47,334 101.126
Orleans
New
1919.
)
16.837 168.048
bales.
*
Texas City, Ac__
same
of
barley 2,639,000 bushels against 12,316,000 bushels.
The receipts of corn were heavier than in 1919 being
bushels
our
Galveston
was
Western
Sincel January 1.
July.
1920.
Savannah
always interesting to observe the part played
weeks
FROM
SOUTHERN PORTS IN JULY AND
1920. 1919 AND 1918.
TO JULY 31
Ports.
and Arijona and the western part
trafficf and
1919,
1917.
98,468 bales in 1918 and 131,883^bales in
parallel to the State line
all of Kansas, Oklahoma, Arkansas and
Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana: and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
It is
may
only 68,231 bale3 agamstfl 14,498 bales in
Groups VIIVand IX combined include
Territory.
comparing
by the
be added that the shipments
of cotton overland in the month the present year were
passing through Denver.
Indian
>151,986 bales as
134,309 bales in 1918, as^will be seen
with
Minnesota, Wlsoonsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
Nebraska,
considerable shrinkage—at
the Southern out-
present year
least in the
following, though it
peninsula, and that portion of New York and
and
the receipts were above the
Maryland, and the
Virginia.
Group III Includes all of Ohio and Indiana; all of Michigan except the northern
Groups IV and
happened
ordinary
with that total for 1919 there has
being the tail end of the old season, but it
that last year
against 492,930 bales for July 1919, but
Group II Includes all of New York and Pennsylvania except that portion
of
July isjnever very large,
The cotton movement in
Ine.(+) or Dec.(—).
S
Group No. 3
Total
1131
THE CHRONICLE
1920.]
LAMONT ON SUCCESS OF
BOND OFFERING.
T. W. Lamont,
of J. P. Morgan & Co.,
FRENCH
commenting
upon
offering of $100,000,000 bonds of the
French Government, with his return to his offices on the
13th inst. after a five weeks' vacation, had the following to
success
of last week's
say:
Naturally I am delighted
loan.
1
note that
on
terms
that
the fact that American
received very favorable terms of interest and
The bankers who were responsible for bringing out this loan
would insure success for France at the present critical juncture
investors have
redemption.
with the wonderful success of the new French
there is some comment upon
in this loan
THE CHRONICLE
1132
if
■
'
•
•
[Vol. Ill
'
would much prefer to be criticised for too much success rather than for
Walter BeH, Harris, Forbes & Co.; Jerome Greene, Lee, Higginson & Co.;
failure.
George de B. Greene, E. H. Rollins &
•
-
Co.; G. Herman Kinnicutt, Kissel,
'
The fact that the loan was weU over-subscribed should be
source
a
immediate improvement of France's credit, but naturally is
favorably
here the credit which has been questioned of sound
over
comes
PROCEEDS TO MEET ANGLO-FRENCH LOAN.
Plans for the
largely from
people of this country
beginning to recognize the brave and
are
successful effort that most of the countries of Europe are making to build up
the devastation suffered by the war.
proposed sale by France of the
purchased in the United States and the
the country means much in any future offering that
France might desire to make here.
The
PROPOSED SALE OF U. S. ARMY SUPPLIES BY FRANCE
I regard this
European governments.
Further, the fact that the total amount subscribed for
small investors all
HanaUer, Kuhn, Loeb & Co.; and Mr. Altschul, Lazard Freres.
far-reaching and favorable influence in rehabilitating
as a
Phillips, Wm. A. Read & Co.; Jerome J.
bound
the credit position in America of other European
upon
countries, whose exchanges have been much depreciated.
piece of financing
Kinnicutt & Co.; William A.
Not only does this over-subscription
profound satisfaction to all concerned.
mean an
to reflect
of
loan
maturing in
October
cablegrams to the daily
JEAN P ARMEN TIER IN
OF FRENCH
now
Director
a
in the United States, were the princi¬
ples among special guests at a luncheon of the Bond Glub,
held at the Bankers Club, this city on Sept. 14 and both
expressed their appreciation of the successful placing of the
French loan.
new
$25,000,000.
Well, I think that it is only appropriate
negotiated the loan, you placed it with
on my
part to transfer
tlie
public, and if
we
had stopped at
(Applause).
So that I transmit to you the
congratulations of the French Government,
and in my own
way.
good American
I would like to show you that in
The stocks include
an
immense variety of articles,
including woolen goods,
harness, wagon wheels, hardware, canned foods and tools,
America and the remainder in Europe.
helping France
you
You have
here in this country, the official figures as to the way France is paying
helping the Government, but I would like to show
you
her
by a few
figures today what France is doing for increasing private enterprises in the
those
shown for
figures, I daresay, are as amazing as the figures which were
helping the Government.
the Armistice,
during the
and
month
1019, four
of December,
total of
great banks which found it necessary to raise their capital, placed a
230,000,000 francs of shares on the market, and these issues were over-,
subscribed to the extent of
over
among the
agricultural fields,
you
The Frenchmen who
supplies made for the American trade.
examine the woolen underwear for instance, find the pattern
for
their
soudun
white
home product.
are
oak
spokes which have
no
sale in
The French are also
France.
to various
been
complications to sell in small quantities and
Government by the New York bankers, whose advice was
It is understood that the interest rate
the
on
use
the savings banks.
There
use
Rothschild,
manager
of
1,
tonight to give
was a
The
1,000,000,000 francs,
more
deposits had
increased
the
details of the
dispatches from Paris
the French
undertaken to dispose of American Army stocks for
agreement
referred to
in
intimating that
the dispatches was still under
"I must decline absolutely to discuss the matter," said Mr.
discussion.
Rothschild.
maximum deposit
Now that maximum
on
COMMISSION
Dec. 31 1919 was
during
1919 nearly
APPOINTED
ON
DANISH
EXCHANGE SITUATION.
than 900,000,000
The average monthly increase of deposits this year, up to July 31 has
2,002,000,000 francs,
The Department of Commerce at
been
79,000,000 francs, and the total of the deposits in the Post Office Savings
was
to have
any
Harris
of
department
foreign
the
Brothers Company of this city, declined
the big bankers,
in the savings banks of 3,000 francs before the war.
deposits
advanced
_As to theef forts to secure confirmation of the above reports
in ChieagoT'the
NewYorkJTimes'' in a* dispatch from that
city Sept. 13 said:
;
^
Mr. Rothschild would neither affirm nor deny the report,
had to be increased to 5,000 and the total of
4,064,000,000 francs.
requested.
toJFrance by New York banker swill be 8%.
enormously increased.
The deposits in the savings banks, which meair the deposits by the middle
a
$25,000,000 to be
Government.
class, not by the rich people, because the rich people
The
graduated
recommended to the French
American agents have agreed to dispose of the stocks upon
scale of percentage, this procedure having been
agreement under which his concern is reported in cable
that the wealth of the farming com¬
large firms have
no
take the risk of handling the supplies wholesale.
willing to
of most of the French soil.
Of course, there are mortgages on those
properties, which helped them to purchase those properties.
Now, those
but the middle class
Is-
hubs and the best
Besides this difference in taste the Government has found it difficult owing
Maurice
know that the peasants in France are the
so
slightly dif¬
Thus warehouses covering several acres at
filled with American wagon wheels with steel
mortgages are nearly paid
off,
tinned
ferent from that which they are accustomed to wear and prefer to pay more
700,000,000 francs.
.owners
Banks
in South
The French Government took over
The Government has taken from the stocks all the automobiles, railway
country, not governmental enterprises, but private enterprises, and
,
some
the American army supplies left in France for the sum of $400,000,000.
have not worked in
from the many statements of the different people representing France
munities has
considerable
a
quantity of which probably will be resold in the United States,
suspicious of the canned fruit and vegetables from abroad.
vain, because you have helped a country which is helping herself.
In the
disposal of stocks esti¬
mated at more than $150,000,000 in value.
but has found the French people unwilling as a rule'to buy the
the negotiations, certainly the loan would not be a success.
Since
reported to amount
goods, woolen underwear, hosiery, tools and other manufactured articles
those congratulations of the French Minister of Finance, because if we
taxes and
sums
The Harris Bros. Co. of Chicago, has engaged to become
the sales agents of the French Government for the
kind enough to
was
send to Mr. Parmentier and to myself his congratulations about the success
seen,
part of the
a
material and various stores of timber and other commodities readily salable,
Precisely this morning the French Minister of Finance
to you
it is learned, will pay
Mr. Casenave in his acknowledgements
said in part:
of the loan.
in
follows
as
from Paris Sept. 13:
and upon which New York bankers wUl advance
SUCCESS.
LOAN
Minister Plenipotentiary
Services, and Jean Parmentier, head of the French
Financial Mission
announced
are
papers
the proceeds of a r3sale of the American army stocks which it purchased,
to
of French
as
$250,000,000 due in October from France*on the Anglo-French loan from
MAURiCE CASENAVE AND
APPRECIATION
stocks
proceeds
payment in part for the French share of the Anglo-French
The French Ministry of Finance,
Maurice Casenave,
army
of the
use
having increased during 1919 by 410,-
000,000 francs.
on
Washington, announced
Sept. 10, the receipt of the following cablegram dated
Sept, 8 from Trade
Copenhagen
Commissioner Klath:
The investment of the public in industrial securities—not governmental,
Exchange commission of twenty-three members representing important
but industrial securities—exclusive of railway bonds, between the Armistice
branches of Danish economic life has been appointed by the Minister of
Commerce
and Dec. 31 1919, amounted to 14,000,000,000 francs.
Those figures I think speak for themselves, and they show you
ask your help in placing the securities, we are not swindlers,
we
perfectly certain than
and
we
your
bonds were
very
that when
to
consider
means
PROPOSED
ISSUANCE
BY
M. Parmentier had the following to say in part:
I
am
glad of the opportunity which this occasion affords me to tell you
how grateful I am for the invaluable assistance you have lent the French
issue has shown
us
that the people of the
The
success
of that
United States understand the
greatness of the effort for reorganization and reconstruction which France
has been able to put forth in spite of the weariness
of
so
long
a
trial.
They understand that
a
following in the wake
nationl which, in the period
of convalescence is able to carry solely by means of its treasury receipts a
yearly burden of
and
more
We
are
happy to note, in the
the issue has met, a new proof of America's good-will.
We
success
are
Cablegrams
from
OF
TREASURY
AUSTRIA.
Vienna
on
Treasury bills, redeemable in three
6% interest.
or
Sept.
10
announced
the
or
four
years
and carrying
It is stated that it will be permissible to sell
mortgage the bills three months after purchase.
amount of the issue
which
was
The total
not stated.
1
PAYMENT ON
happy to
us,
now
that the
war
The
,
I wish, however, to lay stress on the part which your
personal activities
the
and
your personal devotion have played in bringing this about, and I
speak the plain language of sincerity when I tell you that I am whole¬
heartedly grateful to you for what you have just done for us.
I know how
TURKISH
LOANS.
following from Constantinople Sept. 12 appeared in
daily
citizens
or
difficult the floating of securities here is made by the special conditions
may now
today.
To the complications resulting from
a
period
the
on
of the 13 inst.:
the Turkish Government loans and securities held
subjects of countries which recently
were at war with
by
Turkey
be paid, says an official note published in the Official Journal
The decree is retroactive and accumulated interest from 1914 until March
of acute money stringency there must be added the many difficulties Which
arise from the lack of experience and want of
appreciation shown by
American public in the purchase of
papers
The interest
prevailing in
market.
INTEREST ON
GOVERNMENT
is ended, the support of her
confidence and her friendship.
your
Government for
proposed issuance by the Austrian Department of Finance of
know that after sacrificing so many of her children to our common cause,
willing to give
to
than twenty billion francs, is entitled to be trusted
respected by its friends.
she is
make suggestions
and we are
well placed, and are good bonds,
thank you.
Government in placing its recent loan in this country.
and
action to improve exchange situation.
1920, will be paid.
Payment will be in Turkish
paper money.
investment securities, especiaUy foreign
securities.
You have known how to triumph over all that, how to over¬
throw all obstacles, and for this France is grateful to you.
MONETARY CRISIS IN PARAGUAY—NEW ISSUE OF
PESOS CURRENCY.
The other special guests at the luncheon were Jean Boyer,
assistant to M. Parmentier; Bunau Varilla, member Special
French Mission; Capt. Jean de Sieyes, and Martin Vogel,
Assistant United States Treasurer.
The
following, representing the original group of houses
which acted for the syndicate for the
purchase of the $100,000,000 French loan, present at the luncheon, were:
Thomas E
Cochran and Dwight W. Morrow, of J. P. Morgan & Co.;
According to
President
Paraguay
an
Gondra,
as
Asuncion (Paraguay) dispatch Sept. 10,
in a message to Congress described
suffering from
an
acute monetary crisis.
This,
is reported as saying, has been caused by "the general
economic depression, the immobility of current banking
le
accounts, the elevation of prices, the recent suspension of
;he Bank of Spain in
Paraguay and the sudden contraction
James Brown, of Brown Bros.; Everett B.
Sweezy, First National Bank;
Gates W. McGarrah, Mechanics & Metals
of
Anderson, J. P. Morgan & Co.; Francis M. Weld, White, Weld & Co.;
authorization to the Government to issue 30,000,000 pesos
jNational Bank; Arthur M.
edits."
It is added that the President recommended
Sept. 181920.]
with which to make loans to banks for six months
currency
tide them
to
the proposal
1365,
page
and
referred to
shopkeepers
as
a
LONDON
sanctioned
Admission
was
made this morning by the "Daily
stating the
paper money.
money
BUDGET
$65,000,000—DEFICIT
$15,000,000.
amounts
figures
was
submitted
Congressional
to
committees
on
that
it is
on
copper
and imported liquors
FINANCIAL
A review of the financial situation in
price of this paper if this money is not accepted."
of this
published by the Liberty National Bank
city in its Sept. 10 issue of "Present Day Scandinavia."
Reports from the Scandinavian representative of the Liberty National
based
investigation of the recent suspension of Finmarkens Han-
on
indicative of the country's financial condition.
not in any sense
a
purely an isolated case and is
private bank with capital of 900,000 kroner
small
town with about 4,000
real
was
inhabitants.
financial situation in
It is the
in
in Vardo,
any
under supervision of
Raza Beg Khan, the mathematician, and after the
tests have
been stamped with specially made seals of Mirza
necessary
Mahmud Khan, the Finance Minister,
of Treasuries.
opinion of leading bankers in Norway that perhaps some of the
credits, but that the large banks are
any
that these
of more than one billion kroner,
banks are unquestionably sound and able to withstand
emergency.
Feared.
"The money market is,
tight as it has been for a long while and is growing tighter,
failures or suspensions of payment are anticipated.
It is
of course, very
further
representative reports.
position of many country banks is restricted, but the country
true that the
in many cases dependent upon a single
regional industry and
banks here
are
therefore
strain is to be expected at certain seasons of the year ."
a
and Ghulam Haider Khan, General
'
■
of Commerce, at Washington, in "Com¬
Reports" of Aug. 27, reports the receipt of the follow¬
ing advices from Consul Frederick Simpich (attached to
the American Commission at Berlin), under date of July 14
'7
1920.
billion
were
for 1920,
;'.;v
meeting irregular expenses; 1.8
budget
consumed by the amortization of debts), he analyzed the
which is still awaiting its final settlement.
Marks.
Expenses—
12,400,000,000
Commonwealth debts
Pensions, military pensions paid to
disabled men, pensions
3,900,000,000
paid to the widows of fallen men
concerning the pay
Budget for the Commonwealth
Revenues coming from
York "Times" has the following to say:
Direct taxation and taxes on traffic
by
of the Joint Committee on the Cost of Living has just been
Parliamentary Committee of the Trade Union
the
J. H. Thomas, M. P., was
Congress.
Chairman of the committee, which included also
of the Labor Party, the Co-operative Union, the Triple
Alliance, the Federation of Engineering and Shipbuilding Trades, the
National Federation of General Workers and the National Federation of
representatives
the medical treatment of
and
The main findings
of
to
ecommendations
are as
follows:
Revenues
contraction
this is possible
will eliminate the depreciation of currency in terms of
country it would mean
level, but in this
perhaps the reduction of the general level of prices
It would also cut at the root of the automatic rise of prices
by about 20%.
of the Regular Budget are thus
Estimated—
administration
-
Revenues flowing from banks
Revenues expected from new
and from export duties
The committee goes on
the last item, be granted, the revenues
budgfet would cover the expenditure for the first time since
there Is little hope for accomplishing this, as it
of the regular
yet
very
doubtful whether the entire sum set down on paper
The increase in the
deficits of the postal and railway
mated its deficit at
deficit at
approximately 12,000,000,000 marks; thus a total deficit of not
13,000,000,000 at the outside was to be expected.
A recent
than
more
authorities, however, says that their
14,000,000,000 to 15.000,000,000 marks.
received from the railway
report
and most probably in a considerable fall in wages.
improvement in productivity (through the par¬
ticipation of all countries in the trade of the world, to improvement of
methods and machinery and far-reaching reorganization of industry) the
standard of life of the people would be maintained and automatically raised
COMMITTEE
Suggestions are made for regulating the currency of the country, and in
committee says the Government should cease entirely
this connection the
bank credits to meet expenditures.
therefore," the report says, "that banks should be brought
Government.
The banking functions of the Post
which have little in common with its main activities, could then be
"We suggest,
control
Office,
of the
transferred to the National
As
banks."
of the problem of high prices, the
re-establishment of peace throughout the world
regards the International aspects
committee thinks that the
is the
War indemnities should be defined and be reas¬
Every country should be required to take all possible
prime essential.
onable in amount.
steps to
currency
rehabilitate its currency.
In countries where the return to gold
is impracticable a new parity of exchange should be established.
exchange is re-established, the import and export
Until the machinery of
of
countries should be conducted, where other
An International
floated by the League of Nations, in order to provide the
goods between different
methods are not
loan should be
impoverished
possible, by means of direct barter.
countries^with the means
capacity.
of restoring their productive
IN
TO
ASSIST
CALDER'S
SEN.
INQUIRING INTO
POSTAL
SAVINGS DEVELOPMENT.
appointment of Eugene Meyer Jr. as special assistant
Senator Calder's Committee on Reconstruction and Pro¬
The
to
duction
prices fell.
JR.
MEYER
EUGENE
spread unemployment
under
administration is
A few weeks ago the postal administration esti¬
870,000,000 marks and the railway administration its
reaching large figures.
to say it looks to the development of productive
world to bring about ultimately a substantial fall in
The attempt to secure the fall of prices to the pre-war level by a
reduction of currency would, the committee says, result in wide¬
to resort to
will be
reached.
By the operationof steady
as
2,900,000,000
taxes not yet granted
Should the new taxes, mentioned as
9,100,000,000
3,000,000,000
2,000,000,000
Some other direct taxes
capacity all over the
drastic
200,000,000
10,800,000,000
—
deficit will amount to at least
due to currency influences.
prices.
1,100,000,000
2,700,000,000
wounded soldiers)
purposes—
Duties and consumption tax
The first step, therefore, is to deal with the expansion of
TSuch a process will not restore prices to a pre-war
gold.
*
is
in this and other countries and to deflate it where
extent which
an
r
prices is due more to currency expansion than to
production.
currency
miscellaneous
For
the outbreak of the war; but
Building Operatives.
The rise in
3,000,000,000
1,900,000,000
population
Work Ministry (paying for
conclusions reached by a Committee
representing labor in an inquiry into the cost of living a
copyright cablegram from London Sept. 8 to the New
The report
3,000,000,000
—
Expenditure on the food supply of the
Regarding* the
issued
The main items of the
budget are set down as follows:
Military and Navy budget
CURRENCY EXPANSION.
TO
amounted
billion marks (14.4 billion marks were needed for cover¬
of soldiers, &c
PRICES DUE
>
After having pointed
expenditure of the Commonwealth during 1919 had
Expenditures incurred by the new decree
BRITISH LABOR REPORT FINDS RISE IN
....
Minister of Economics.
finances was discussed by the
out that the
■
,
session of July 1 1920, the present condition of German
In the Reichstag
ing regular expenses and 57.75 billion for
in the financial situation to cause any worry,"
"There is nothing new
the Liberty National Bank
no
Crisis
.
GERMAN GOVERNMENT FINANCES.
to not less than 74.5
No
but
come" to the assistance of
difficulties. J H. Jansen, one of the
founders and share-holders of which are
164 savings banks, with aggregate resources
■'* -
The Department
merce
smaller banks which might be in
states
It is added the notes have been printed
1, 5, 25, 50 and 100 rupees.
a seaport
Norway.
directors of the Fellesbanken, the
the introduction of currency notes of the denomination
the Amir has ordered
The suspension of the bank was sen¬
exceptionally good condition and able to
an
dated July 4 says that an official
that with the object of advancing and
This was
banks have over-extended
smaller
quote the fol¬
extending trade and promoting the international exchange of Afghanistan
In fact the incident has served to emphasize the
exaggerated.
we
The Associated Press, in a telegram
notification issued at Kabul states
sationally reported but it is now generally agreed that the importance of its
failure
CURRENCY NOTES.
India, July 6 1920:
.
of
The article said in part:
Bank
TO ISSUE
Reports" of Aug. 27,
lowing credited to Consul E. Verne Richardson at Karachi,
connec¬
the smaller Nor¬
was
delsbank, show clearly that this suspension is
-
are,
SITUATION.
Norway in
tion with the recent suspension of one of
wegian banks
The increasing cost of production and the poli¬
advertisers makes it necessary for us at once to double the
AFGHANISTAN
NORWAY'S
and of what Russians mean by Internation¬
the "Herald," "will be to complete a notable episode
"To accept it," says
tical shyness of
From "Commerce
OF
the Soviet funds as "a magnificent demonstration
in international Socialism.
said, proposed.
REVIEW
"Herald'J
journal which had received money from the Bolsheviki.
alism."
Increased taxes on
inheritances, increases in customs due and the
imposts
one
as
of real working class solidarity
tions, will probably be $15,000,000.
collection of
Last month charges that the Russian
subsidising newspapers in other countries for the
was
The newspaper refers to
day by Francisco Garces Gana, Minister of Finance.
It
is added that the deficit for 1920, with pending appropria¬
tobacco and
named
labori
The opinion of readers as to the acceptance
of carrying on propaganda were published here, and the
purpose
approximately to $65,000,000, according to
of
by the newspaper, which publishes the admission on
under glaring headlines.
Soviet Government
Santiago advices Sept. 10, state that Chili's budget for
1921
organ
The newspaper
is being held, pending a decision by the shareholders as
to whether it should be used.
its first page
Herald,"
£76,000 of "Bolshevik gold."
that it has in its possession
of the money is asked
CHILI'S
GOLD.
BOLSHEVIK
HOLDS
the 11th inst. printed the following
cablegram from London, Sept. 10:
"money strike" by labor unions
protest against the depreciation of
a
PAPER
LABOR
The daily papers of
In these columns April 3,
the 9th inst,
on
we
Paraguayan
the crisis and that Congress
over
1133
THE CHRONICLE
who
was
was
announced yesterday, Sept. 17.
Mr. Meyer,
formerly Managing Director of the War
Finance
inquiry into
of the Postal Savings system, and in other
Corporation, will assist the Committee in its
the
development
financial
inquiries
Senator Calder,
it
It will be my endeavor to
show the Government
the advantage
may
undertake.
In his letter
to
Mr. Meyer said in part:
establish for your Committee facts that will
and the great mass of the citizens of the
of the expansion and
United States
extension of the Postal Savings System
the existing law and by changes in the present regu¬
lations governing the administration of the department.
I am convinced
that it can be demonstrated that the public interest demands that we:
1. Authorize the payment of a higher rate of interest than the 2% now
by the amendment to
authorized.
2.
Extend the number of
offices now authorized to accept savings do-
posits.
3. Change the
regulation that permits of no interest being paid on deposits
for part of a year.
< •
of less than one year, or
THE CHRONICLE
1134
4. Amend the law by which about
banks at 2 M % at a
time when the
savings
65% of the funds are re-deposited in
which the Government
money
now
hVi.
at
and 6%
,
ernment to
upon
alone may
In presenting the matter to your Committee I shall endeavor to demon¬
small resources—both native and foreign
refute
a
the economic laws
on
result requires—the interest of the salesman
the suggestion
by Mr, Meyer that the colossal
single
a
year
born—including the value in the
has been a notable characteristic of the
is
government
banks
in
resulted
1882
are
The advantage to the labor and industries of the country, by reducing
less than
country in
Mr.
by increasing the supply of saved capital.
to
The indirect value in its general effects on our organization for pro¬
of $2.-
sum
of
mere passage
in
total
people for 100
law,
a new
years and where
The opening of the
highly paternalistic.
the combined total
the cost of capital charges, and stabilizing both industry and employment
by the
experience of the Postal Savings banks of France, where thrift
the Government, and advancing the price of Liberty bonds.
4.
upon
bread by selling. '
500,000,000 could be raised in
through the Government, to the people, by reducing the cost of interest to
3.
so vast a
consider the
The advantage to the finances of the United States Government, and
of labor
officials, but
given to the American citizen of
fulfillment of Americanization aims.
2.
of public
interest
who makes his daily
To
assurance,
unite
be depended upon to induce and hold continuously the active
selling energy which
advisability of the reforms that I recommend from several points
The advantage of the people of the United States from the human
1.
will
country
which govern success in every field of endeavor and on the interest which
of view:
*
the lackadaisical
or
Savings deposits business in determining the rating
standpoint of the comfort and
this
it depends for its success not on the laws laid down in Washington
over,
Savings System by giving the post
which their compensation is based.
strate the
of
enough to allowr a selling margin so broad as to provide an ample
profit for the bankers themselves and the salesmen in their employ.
Such a plan as this is perfectly practical, simple and workable.
More¬
6i^%.
Aid the expansion of the Postal
5.
,
masters credit for Postal
bankers
rate low
with tax exemption in connection with Treasury
certificates which brings the cost of the money to the United States Gov»
Investment
the
uniform security based on solid savings bank values and paying an interest
de¬
posits with the banks at 2 M % is again being borrowed by the Government
itself,
and
111.
[Vol.
Postal
the
Savings
deposits of less than $10,000,000.
Today
deposits of both the French Postal and private savings banks
one-half the amount which Mr. Meyer proposes to produce in this
one year.
Meyer would increase the number of Postal Savings banks in order
give the
saver
in the small town a chance.
the fact that 60 per cent
He fails to take into account
of the present Postal Savings deposits
in the
are
duction and distribution of wealth, and the importance of improving our
50 largest Postal banks, which are themselves located in large cities which
financial situation from the point of view of national as well as international
are
interest by materially reducing the rates of interest charged on temporary
which have been closed
well
as
as
permanent financing.
savings bank centers,
towns
4%,
KIMBALL
URGES
BANKERS
TO
COMBAT
POSTAL SAVINGS PLAN OF EUGENE MEYER,
JR.
Ingalls Kimball, President of the National
Bond
Corporation, who in
week,
which
statement
a
Thrift
1041, styled the postal saving plan of Eugene
as "Governmental Ponzi-ism," issued a further
page
Meyer, Jr.,
statement this week directed
savings,
the effect
If at the
transaction
from
almost exclusively in the small
on
would
were
so
consistently unless solicited
time the limit on the amount to be deposited at
same
a
rather than from
probably be
new
it is to gather
whatever for attracting deposits from
the
increased interest rate.
But there is
sound
no
reason
present savings institutions, by Which the money is used largely in long¬
time investments beneficial to the community, to the Postal System,
induce
investment
find
highly profitable."
when those whose busi¬
overcome
dealings
with
the
small
In part Mr. Kimball's latest
investor
statement,V
made public Sept. 13, says:
Mr. Meyer has again made the astounding statement that
by these two
average of $250 each, or $2,500,000,000 in new
a
new
depositors at
Because there is
great scarcity of capital for productive enterprise the
a
vital necessity of the end suggested
by Mr. Meyer is undoubted.
Un¬
fortunately, the experience of those engaged in savings enterprise and the
figures of the Postal Savings system in this and other countries indicate
very
clearly
that the
suggested
means
for
accomplishing this not only
would not accomplish all of it, but would in all likelihood not
ciably affect the total weekly
even
appre¬
secure
the
number
of regular savers
addition of $2,500,000,000
an
wages fund of
a
by
10,000,000 and quite possibly
(less than 5% of the annual
year
It is
futile to criticize the suggestions made by Mr.
Meyer and others
except to prevent the popularization of the thought that the Government
has
a
for the present
cure
by the
mere
passage of legislation.
of economic salvation
There is
capital-scarcity situation immediately available
a
piece with all the other theories
by governmental enactment.
capital scarcity just
a
It is of
there has been
savings will be overcome when those whose business it is
gather savings and those whose business it is to induce investment find
dealings with the small investor highly profitable.
Until that time the
savings banks and other institutions for the safeguarding of money will
continue as they have in the
past to provide facilities for its safeguarding
or
systematic
There is
the
no
effective
small
effort
stimulate systematic savings
to
would
investment.
immediately
..
these salesmen
are
pronounce
honest enough.
If this force could
worthless
banker
any
questionable.
or
or
no
on a
basis of compensation half
even a
probably twice
as
much again would
into sound investment channels.
go
In
Prance, for example, against the 6 billions of francs held by the savings
banks probably 90 billions of francs in the form of
securities sold mainly
by the French investment bankers are in the hands of the small investor.
This enormous result
was
accomplished chiefly by the efforts of the selling
forces of the great French investment
banking houses offering securities to
the people on a basis of interest return
which, capitalized into the price of
the security, allowed a broad
margin of profit to cover distribution and
selling
Once
a
uniform security is established in the
distribution—it
can
be
sold
in
enormous
good-will of the people—a
selling and broad permanent
volume
and
at
comparatively
small expense.
A notable example of this is the issue of bonds of the Credit
Foncier of France, paying 3H%, which was
brought out in February 1914
at a time when French Government bonds
were a
drug in the market along
with those of other governments at better than
4%.
three billions of francs, was oversubscribed
The offering, around
twenty-six times.
The $2,500,000,000 which
10,000,000
by
will the results which Mr. Meyer
so
In this
way,
of
and only in this
easily promises be possible of
practical accomplishment.
Mr.
had
his
received
suggestion
whose
Meyer,
columns Aug. 28, p.
839, stated
large
a
number
was
outlined
communications
of
these
in
the 10th inst. that he
on
anent
plans and that various heads of National banks, private
investment
and
International
bankers,
representing large
groups,
bankers,
labor
leaders
and important leaders in commerce
"While,
industry had assured him of their approval.
as
is natural under the circumstances, there are. differences
of
opinion
to details," Mr. Meyer is quoted as saying,
as
"it appears to be generally
conceded that the broad principle
expansion and extension of the postal savings system
is in the highest degree desirable, if not, in fact, absolutely
On three points Mr. Meyer declares the con¬
necessary."
of
sensus
2.—That the
or
for any
They
opinion to be practically unanimous.
onerous
fraction of
condition of not allowing interest for
a year must
are:
Government savings depositors.
be revised
less than a year
that interest be paid by the
so
Government for deposit of three months or over.
3.—That
the
for the Postal
present
condition
which gives the postmaster
no
credit
Savings business in establishing the rate on which his pay is
based should be changed so that instead of the postmaster, as at present
having this business
work, he would be
as an
additional burden without consideration for the
properly compensated.
PONZI.
AGAINST
INDICTMENTS
NUMEROUS
A further
development in the financial affairs of Charles
the
was
return
Sept.
on
of twelve indictments
11
against him, charging larceny and conspiracy, by the Suf¬
folk
County (Mass.) Grand Jury, which has recently been
making
inquiry into
an
of 68 counts
was
of the indictments,
some
propositions.
easy money
contained in
A total
the twelve indictments.
it is said, the
names
In
of John F.
Dondero, Henry Neilson and Redaldi Basselli, alleged agents
for
Ponzi's
appear
range
so-called
with him.
from
a
"Securities
The amounts
Company,"
Exchange
of the alleged larcenies
few dollars to $3,000.
cost.
result which will follow vigorous and intensive
not
and which would continue to function permanently to the great advantage
themselves, their customers, and the nation.
Ponzi
or
third as great as the commission they get on their
present offerings,
90% of the shyster stock-selling schemes would be put out of business and
the money now invested in them
plus
with a
operation
since the Liberty Loans
business
Most of
They do their work because it pays.
question
seen
f.
be engaged in the sale of absolutely sound securities
about which there could be
of the Investment Bankers' Association and the
power
deposits
dearth of salesmen to deal in unreliable securities, in spite of
difficulty of disposing of stocks and bonds which
man
change in the Postal System would operate to
1.—That 2% is too low a rate to pay to
The scarcity of
no
no
selling force the like of which has not been
a
a sugar
to
but to make
plan that increases the total fund of popular savings.
liberal sales commission to banks and bankers that would put in
^
shortage.
Over¬
coming the scarcity of sugar hi this country was achieved by making the
shipment of sugar to this country highly profitable.
as
conducted for profit, will undoubtedly be glad to co¬
not
disadvantage.
of the
$50,000,000,000) to productive investment.
not be
may
American Bankers' Association to adopt a plan of popular investment
yearly savings of the nation.
or
On the other hand, it is definitely within the
power of the 25,000 banking
i nstitutions and the thousands of
investment bankers in this country t<r
increase
are
They realize further that
their
an
savings deposits, could be
year.
deposited in commercial banks, where it
under
However, the officers of savings institutions, especially in the East, Where
these banks
way,
simple changes in the Postal Savings law 10,000,000
raised in
which the money is
It is within the
savings and those whose business it is to
in
the
operate with any
scarcity of savings will be
The increase
savers.
by Governmental enactment suggested for the savings scar¬
by Mr. Meyer, namely, increasing the number of
ness
month above
responsible for the change than
more
invested either in mortgages or long-time securities.
Postal Savings banks and raising the interest rate on postal
deposits from 2 to 4%. Mr. Kimball contends that "the
one
considerable increase attracted largely
investment and commercial bankers to get together and com¬
bat by constructive action the fallacy of economic salvation
city"
increased from 2 to
the volume of deposits would probably
raised above $100 and the total in
were
present institutions
limit
the
Savings bank stations
experience has demonstrated that people do not
$1,000 there would probably be
against Mr. Meyer's proposals.
Mr. Kimball urges that a call be sent out to "the
urges,
merely for interest return, and will not do
constantly.
one
are
Postal Savings bank interest rate
our
Mr. Meyer
as
be unnoticeable, because
save
published last
we
'
for lack of patronage
Postal
of which he makes mention.
Again, if
INGALLS
and that the 6,000
new
investors
governmental
can
action.
Mr. Meyer proposes to raise annually from
be rasied continuously year after year-—but
It
can
be
raised
if
the
commercial, the
F. J. BURRELL
RESIGNS
AS
OF
The
appointment
was
on
INTO
OF
DEPOSIT
STATE FUNDS.
resignation of Fred J. Burrell,
Massachusetts
TREASURER
STATE
MASSACHUSETTS—INQUIRY
announced
on
as
State Treasurer of
Sept.
Sept. 2 by Gov. Coolidge
3,
of
following
a
the
Committee,
composed of two State Senators and three members of the
House of
Representatives to conduct
an
investigation "to
SEPT. 18 1920.]
THE CHRONICLE
determine whether there has been
any misconduct of his
the part of Mr. Burrell and whether
there has been
any malfeasance in office."
On Aug. 18 Gov.
office
report
as
to whether
the Burrell
they had placed
Advertising Agency.
I
#
When it
to the State at a moderate rate
of
,
cured
approve banks as State depositories that continue to
employ Mr. Burrell as their advertising agent.
While I do not know of
anything illegal about it, it certainly makes a
very unsatisfactory impression
the public.
to
investigate
practice.
the
ing called, it
candidacy
for
The action
was
renomination
a
of
present a statement of the savings effected
I have
called
State
special meet¬
banks in which State funds
deposited, and that
were
of
one
these, the Hanover Trust Co., had been closed with $125,000
of State deposits
during the Ponzi fiasco.
On Aug. 24 the
Boston "Transcript" announced that it had
developed from
investigation of the affairs of the State Treasurer that on
an
nothing in
to
upon
been
my
apoligize.
I
subjected to
by
me
to the people of the State
primary next week.
public record
nor
private life for which I feel
my
have, nevertheless, during the month just
campaign of villification unparalleled in the
a
I am standing up against
this slander, however, because I know
that the truth will prevail, and truth
knows that I have conducted the office of State
Treasurer with fidelity to
advertising agent for
as
"
history of Republican politics in Massachusetts.
stated, after it had developed that the
was
State Treasurer had been retained
'
,
for their consideration before the
passed
taken at
"
4
exchanged certain municipal bonds in the sinking funds of the common¬
wealth for United States
Liberty bonds, thereby increasing the interest
earnings without impairing the character of the investments.
I shall
Aug. 23 the Republican State Committee authorized
committee of five, headed by Chairman Frank B.
Hall,
Treasurer Burrell.
unobtainable.
I
On
a
interest, I went to New York and pro¬
leading financiers of Boston declared
State loan which the so-called
a
be
to
I think the banks concerned will understand
that they
must not continue in the
v
borrowed money.
on
was
necessary to borrow and when the large banks of Boston,
which seek to control the office of
State Treasurer, refused to make loans
jam not going to
upon
I have
thousands of dollars in interest
The Governor in issuing
his order said:
according to the dictates of
my judgment and of my con¬
so arranged the
deposits of the State funds as to receive
larger amount of interest than ever before.
By carrying as small an
amount of money on
deposit as possible I have saved the commonwealth
science.
a
advertising through
any
my service as State Treasurer I have handled the finances of the
commonwealth
Coolidge issued
State calling upon them to
order to all the banks of the
an
During
on
1135
duty and with honesty and integrity.
Yours,
truly, Fred. J. Burrell,
very
Treasurer.
As
<
Coolidge
on
Mr.
to
successor
Burrell
State
Treasurer
Gov.
Sept. 4 named James Jackson the post.
Mr.
as
Jackson directed the activities of the Red Cross in New
Eng¬
land during the war.
July 31 he had
on deposit with the Tremont Trust Co. of
Boston, State funds,amounting to $950,000, although the
paid-up capital of the institution, according to the Bank
R. S. HAWES SEES TIMES NEITHER GOOD NOR BAD—
STRAIGHT THINKING NEEDED.
.
Commissioner,
of the
that
was
$845,000.
paid-up capital.
State
Later it
Treasurer
deposited
mopey
Ttie law fixes the limit
Burrell
with
the
stated tnat it
was
had
at 40
%
Trust
Co.;
the
was noted, is $600,000, but
increase it to $2,000,000.
Re¬
garding the opening hearing on Sept. 3 by the special legis¬
under way to
were
lative committee appointed
by Gov. Coolidge to investigate
the conduct of the office of the State
Treasurer,
William II.
Trust Co., testified at
about $8,000
U.
worth
of
of the
Metropolitan
public hearing to-day that his bank had placed
advertising with the agency conducted by Fred
a
State Treasurer.
Burrell,
After
the advertising had started in
April
last, he said, the deposit cf State mcney in the bank was increased from
$100,000 to $200,000, but three withdrawals in July and
August reduced
it to $100,000 again.
Robert E.
Fay,
cf the Vice-Presidents of the Exchange Trust Co.,
said bis bank began advertising through the Burrell
agency in February last
and had
one
placed advertising costing $11,632.
deposit at the bank in January
on
was
The $145,000 of State money
increased through successive de¬
posits, with only cne withdrawal, to $300,000 in June, but in August had
been
reduced to $189,066.
40% of their paid-up
capital which the law stipulates
as
the maximum
to be
placed in any insti¬
tution; they told also of the receipt by their banks of circular letters from
Burrell after his election announcing his intention of
continuing in
the
advertising business while holding office.
to
as
advertising department, had recommended using the Burrell
Surles's idea that
was
He
we
would do far better and keep what
I will not say that," he replied,
"but it does
seem
to have been
pretty closely connected with it."
Despite
action
no
was
turned over to
it for several weeks.
on
In
him,
April be had
an
interview with Burrell, after the State Treasurer had withdrawn
$100,000
from the
"I
Metropolitan Trust Co.
made up
was
a
hold-up
that it would be good business for me to let him have
part of the
game
an
easing up in prices,
Our salvation to-day is neither
lower price tendency that
a
deny that
to lessen
indicated that
was
said:
wrong,
but because the pain
am
has grieved
me
sacrificing myself.
strate
friends
that
and
primaries.
my
I
Receiver-General,
my
I have
no
A statement,
market, labor is
go out
cause
come
to
my
them any further pain, I
of office conscious that time will demon¬
was
without
throughout the State
not
reproach.
to
I ask
plentiful and there is
more
I
am
year.
my
to
am
in
on
vote for me at
prices went skyward and the
An
receipt of
orderly deflation such
tribution
your
letter of Sept.
was
,
experienced before.
was
inflated
would protect necessary production and dis¬
This has and is being accomplished through the
seems
to be generally
confidence
more
as
to the future
credit status.
Figures of the Federal Reserve do not indicate any special reduction in
inflation, but the benefits lie largely in the fact that
was
checked.
serve
more
rapid inflation
The country is now in better position to reduce over-extended
speculation.
Last March it
of $216,000,000 would
was
predicted that the
be rapidly depleted.
excess re¬
The process of credit
reduction, however, arrested this depletion as shown in the present reserres
of about
$245,120,000.
We
going to have to
are
Credits
May Improve.
nurse our
credits for months to come; there is
prospect of lower rates and very little easement of credit in any respect,
no
we
are
not
may see
the turn to
a
better credit condition, if
already directed that way.
Straight thinking, to avoid undue and detrimental alarm from the natural
courses
of expected readjustment; careful buying on the part of wholesaler,
retailer and customer,
cocted discontent,
to reduce the uncertainties of the present market
the
outstanding
We
your
request..
10
years.
Republican
I do not recognize the
right of
dictate these nominations.
and for the people alone, to determine if I am
present position for another term.
and permit of more dependable production are among
needs.
pride ourselves
been the most
Doctrines,
ravenous
isms,
♦
on our
intelligence and
any
other self-
It is for the
qualified
to
our
war successes,
on
We
and
so
have to
so
we
have
patrons the last five years of syndicated thoughts.
drives
campaigns,
much
are so
ingenuity, and yet
and
movements-—canned
or
thinking
skilled orators—encouraged
replaced individual effort at personal
a measure
that straight thinking is becoming more at a prem¬
accustomed to getting many of our thoughts through the
denoting their acquisition by the
presence
of
a
celluloid button
the lapel of our coats, that the gray matter devoted to consideration of
more
important national problems functions after the
t
manner
of dis¬
.
Straight Thinking Necessary.
Let
us
think straight.
The country needs it.
I know It's hard to do
the sifting of facts, especially in this season of political buncombe, but the
which has been in operation in this Commonwealth for the
past
I do not recognize the right of the State Committee to dictate
as
imperative.
1, suggesting that I
My candidacy is submitted directly
Republican voters under the provisions of the direct primary law
men to
never
banking credit of the country
used apparatus.
position held by me for the past
I knoW, such renomination has never been refused any of
nomination for State office.
likely
I believe, is past.
Credit
conditions cannot improve rapidly because of various difficulties of liqui¬
our
candidate for renomination to the
appointed body of
seems
more goods on this
safe point.
a
deductions,
candidate for the Republican nomination for State Treasurer.
So far as
can
efficiency in production,
more
they have
by
Republican predecessors in office.
the
as
the
the 3rd inst.:'
respectfully decline to comply with
a
None
spell of the most
more rapidly than the gold reserve.
The purchasing
form of credit outstripped the production capacity of the country,
supplied in measured doses by trained writers
Republican State Committee of Massachusetts.
as a
a
Industrial activity
my
further wish to hold public office.
by Mr. Burrell
Gentlemen:—I
history.
expanded
power In
declared his intention to continue in office had been issued
I most
There is undoubtedly
yet reached its level.
buyers' market after
a
our
critical.
or
as
The demand of expanded business since the Armistice
placed a strain on
Credit
ium.
withdraw
pleasing
has not
American banking resources such
mail
follows
through
permanent
cooperation extended
issued earlier in the day, in which he had
as
a
all of which has had its share in the downward trend of
prices.
America owes its present not unfavorable condition under such stress
to
the functioning of the Federal Reserve system and the
family by the unwarranted attacks
and, rather than
conduct of the office
Well-wishers
not because I did any
and anguish of mind that has
aged mother and the members of
me
pass
and unadulterated hard work, which will allow'the minimum time for con¬
I have resigned as Treasurer ard
upon
to
sure
Exports have decreased, leaving
1921
company's
ha4 disposed of his interest in the
In making known his resignation the State Treas¬
the 3d inst.
seems
under such conditions, although the demand for
goods seems as
yet to exceed supply.
although the first of 1921
During the latter part of August it
on
Hawes
few failures have been precipitated,
very
getting back to
we are
riotous spending ever known in
State Treasurer Burrell
urer
Bankers'
nature.'
and
advertising."
agency.
Colorado
In part Mr.
•
.
mind," he testified, "that it
my
the
15.
with continued levelheadness the nation
credits and
Mr. Surles testified that Burrell's circular letter
but that he took
of
Sept.
on
this first crisis of readjustment with
very little serious effect of
May
"No,
convention
also said:
dation, but there
asked if the
deposit of $100,000 with the Metropolitan Trust Co.
12 resulted from the placing of the bank's advertising with the
Burrell Agency.
'
was
the
Denver
Reserve system and the crux of the situation,
deposits of State money we had."
on
at
at
an
why Surles. the head of
Agency, Mr. Stickney said:
"I think it
address
Association
beyond
Questioned by members of the committee
bank's
by R. S.
Hawes, President of the American Bankers, Association, in
by the bankers.
Both bank officials testified that the amount of State
money on deposit
at their banks at no time this
year had exceeded the
the
the movement involved, is the observation made
and
Stickney, Vice-President and Treasurer
life—credits, prices and industry
readjusting itself gradually along saner lines,
least possible dislocation of business
considering
and with the
newspaper
advices from Boston Sept. 3 said:
entire National
be
to
seems
Cosmopolitan
our
found
was
$795,000 of the State's
paid-up capital of the latter, it
plans
That
people,
administer my
greater the effusions of predigested thoughts the more alert we should bo to
select with careful judgment, and in this
As
and
we
save
supply
think
more
carefully,
as
we
I hold
no
party brief.
spend less for current consumption
njiore for investment, the situation will be affected.
new
capital.
In 1914
we
Savings must
had 300,000 so-called habitual investors
who absorbed about two billion in securities
annually.
To-day the ranks
of that 300,000 investment army have been depleted by excess profits taxes
and
surtax
on
incomes,
billion to ten billion.
while the security needs have jumped from tffo
We used to look to Europe to buy American securities,
but they need help now, so that sources of capital is gone.
The we<h <?f
-
'
^
Hemi¬
Is concerned lies In the Western
[Vol. 111.
-
NEW
UNDER
FOR
CALL
In the blank form on which
n; S. HAWES ON BANKING MOVEMENT OF LABOR.
of the Rail¬
Referring to the movement on the part of one
bank in Cleveland, R. S. Hawes,
road Brotherhoods to start a
President
Association
session of the Colorado
opening
Denver
at
Bankers' Association, in ad¬
American
the
of
the
Hawes
perspective of ownership and business
banking experience. According to Mr.
there should develop from it "not only the financial
success
they would have, but a resultant sense of greater
would acquire a new
Interests through this
responsibility";
realization of the widespread effects of
should be, says Mr.
worthy fruits to the Brotherhood of their
a
strikes and walkouts on general welfare
Hawes, "the more
He added:
banking business."
thorough knowledge of the requirements and
Labor needs a more
necessi
tageously add to his information about working conditions.
Upon such a
basis of fairness, and not on a take-all-in-sight policy, will understandings
through correspondent banks
made
Loans
spondent banks in New York City.
Total amount of money which this bank is loaning
banks have
report, in fur¬
therance of the efforts of the Comptroller of the Currency
to ascertain the extent of high interest rates for money
which has been charged has
weather. Business
labor will also
apparent in the growing supply of
SENATOR OWENS CHARGES
IN ALLEGATIONS
OWEN
SENATOR
UPHOLDS
Preliminary
to
5 (printed in our issue of
City
Sept. 4, page 939), now being conducted in New York
interest rates among the
extent of high
the
determine
Comptroller of the Currency
this city,
banks of
13 issued a statement
John Skelton Williams on September
New
30%.
supplies figures purporting to show the
upholding Senator Owen in his charges that certain
York bhnks have been lending money at rates up to
Comptroller
of demand
which two or three banks
loans upon
(exclusive of others, which he alleges were charging the
same rates)
were exacting 20% or more—and in some in¬
stances as high as 25% and 30%.
We quote herewith what
leading New York paper, in its
this
made
of this week:
financial columns to-day, criticizes the
has to say in his statement
the Comptroller
week
.which have been charged by certain
dollars
million
one
middle of last November and probably as
afternoon the
one
loaned
was
at
this
the rate."
subject,
brought to
printed in the press dispatches which have been
as
substantially correct.
are
During the past year, the burdensome and oppressive interest
Senator refers have been exacted, not in
rates to
which the
"one
New
one
as
"for
possible insignificant instances,"
two
or
expressed it,
minutes
about ten
the middle of last November,"
afternoon
one
call loans
aggre¬
gating hundreds of millions of dollars.
New York City Banks, has been
supplied by nearly all of them and is now
it may be interesting to the public to know that the
will be available later,
amount of
Demand Loans, upon which two or
clusive of
various others which
ing 20%
and
or
November
On
The
,
annum
more per
new
by
were
three of the banks only (ex¬
charging the
rates)
same
were
exact¬
interest—in some instances as high as 25%
29,
about
to
and 31
30
3,
to
000,000
On
4
were
close of the year
to 30%.
/
"Second—They serve the purpose of bringing on a
their friends can enrich themselves by. short selling.
bear market, in which
usefully by laying the founda¬
all kinds.
they bring on an in¬
dustrial depression.
They cause manufacturing concerns to discharge their
employees on a large scale.
They allow the impression to obtain, and Re¬
publican orators do not hesitate to charge the Democratic Administration
with the depression, which is actually created by the financial allies of the
Republican Party.
This is exceedingly clever as a political game.
tion
for
the
their
serve
own
purposes
prostration of stocks and bonds of
complete
"Fourth—They serve themselves politically because
Federal
"The
Board
Reserve
banks at 5, 6 and
is
denounced
for
this
condition,
yet
the
extending these credits to these New York
7% and the New York banks have not been content with
their
stand, and
directly responsible, and have no right to charge it on the Re¬
accommodating their customers at similiar rates, but have been using
they
are
powers
Board
serve
or
to extort
the last dollar that commerce
can
Democratic Administration.
the
"They have been charging it on the Reserve Board, and the country has
bombarding the Reserve Board, demanding lower rates.
been
Banks
could
expand
the
loans over
$2,000,000,000
system, but what is needed is a decent rate on
sion of credits for actual
on
The Reserve
without harm to the
existing loans and the exten¬
production where the need appears."
or
and
5
lending at
18%
or
9
late
as
was
the
W. P. G.
75,000,000
three banks
of June it
took
re¬
appears
on
as
on
August
are
from the official
records
the
unfairness and incorrectness of
the
interest, this, according to the
pression in certain sections of
high
as
"is
threatened in all
14% per'
of
only two
are
or
three of
sufficient, I think,
criticisms
of
Senator
just condemnation of the excessive interest rates, which for
some
Ow¬
time
situation.
some
time
ago
that,
although the aggregate amount upon which unjust and oppressive interest
rates have been exacted by some banks is very large, a majority of Na¬
their loans at these indefensible rates.
IN
BOARD'S
in
answer
two
of
letters
Senator, resulting in a de¬
the^
country, which he says,
Mr. Harding,
parts of the country."
thereto, said:
Federal Reserve Board before.
explaining the
gradual deflation adopted at a time when inflation
menace,
is justifying itself.
ago,
comparatively small proportion
had become a distinct
We intend to hold to that policy."
Senator Owen, in his
"Eight months
I have written him
We feel that the policy
policy of the Board.
statement, said:
Board contem¬
Board, I entered a protest
having heard the Federal Reserve
plated raising the rate of interest on the Reserve
pleased to confirm the statement which I made
tional banks in New York City have made a
BOARD
ON
29 to answer Senator Robert L.
40,000,000
millions of dollars of call
thirty odd National banks in New York City, but
show
am
occasion
"He has attacked the
illustrations
RESERVE
OWEN
Harding, Governor of tlie Federal Reserve Board,
70,000,000
40,000,000
that interest
being demanded by these banks
OF
SENATOR
Owen, who criticised the Board for having raised rates of
interest from $60,-
1920, at 20% interest, about
end
TO
20,000,000
three banks referred to
the two
HARDING
POLICY AS TO INTEREST RATES.
aggregated about
past have been a distinctly disturbing factor in the business and financial
of
making enormous sums of money because they borrow
at 5, 6 and 7% and lend a like amount
Reserve banks
ANSWER
February 9 1920, at 20e interest, about
These
I
at 15
funds
of
are
Federal
the
from
loans.
.
time.
same
"First—They
GOVERNOR
40,000,000
to
On February
en's
pass
"The
the
$50,000,000
about
lending at 18, 20 and 25% interest about
January
ferred
annum
1919
of these banks at the
one
were
As
1919
14
January 2 1920 the two
On
to
high figures they do not violate
because they got the State of New York
a law exempting such loans from the usury law.
big banks are serving several purposes, useful to themselves, at
enormous
necessarily the law against usury,
call loans at the rate of 25% per annum made
December
On
the
States.
rates to these
raising
"By
30%—was
On November 13
*
.
fices of the United
but in anticipation of a more complete statement which
being compiled;
those from 12 to 15% have
enormous
subject requested as of August 5, from all of the
this
on
30% have aggregated over $500,000,aggregated nearly $600,000,000; from .10
to 12% they have aggregated over $2,500,000,000.
"They have raised the rates on time loans to 8 and 10% and commis¬
sions on the side, running 2, 3, 4 and 5%.
These interest nates have been
published in all the leading papers of the United States, and they have
created a psychological effect that could only result in a sense of financial
depression, leading necessarily to the fear of industrial depression.
"These big banks in New York City are largely controlled by big busi¬
ness.
They are largely the servants of big business.
In very large part they
are interested
in bringing about the election of the Republican candidates,
upon whom they rely for special favor in the legislative and executive of¬
running from 15% up to
"Loans
000 ;
Federal Reserve banks have been
but in thousands of instances at numerous times, and upon
The information
an
Administration, and that the coun¬
arrested and much harm had
been done through the unnecessary restriction of credits. He
referred to 30% call money as evidence of this, and said:
expressed it, and not as to the "high figure," as
York paper
another paper
of New York were seeking to
industrial depression and to place the responsi¬
"Third—They
public statements on
Owen, it is proper to say that the Senator's
attention,
my
much as
"banker" is misleading, and in justice to
That criticism of the unnamed
Senator
cause
relative to the excessive in¬
by Snator Owen
banks in New York City
during the past year; and says that bankers "point out that when Senator
Owen charges that 500 million dollars has been loaned at rates up to 30%
he is speaking without the record."
Continuing the press article says:
"That high figure obtained on the Stock Exchange for about ten min¬
utes
The Senator
Columbus, O., and Delaware, O.
try's development had been
dealing with the
complete statement
a
results of his inquiry of August
rates
;
by New York banks figured
Senator Robert L. Owen on the 9th and
Charges of high interest rates
bility on the Democratic
TO
AS
HIGH INTEREST RATES.
statements
AS TO HIGH INTEREST
YORK BANKS.
BY NEW
RATES
alleged that the large banks
COMPTROLLER OF CURRENCY WILLIAMS
terest
been exacted by the New York
columns last week, page 1043.
banks, were noted in these
10th inst., at
A
the
which
supply information in the new
in addresses made by
amount
respecting
items
similar
Other
been asked to
liquidation is even now
The
through its corre¬
Central Reserve cities (Chicago and St. Louis).
spondence banks in other
suffer
National
the bank is loaning through its corre¬
which
money
medicine in the adjustment of affairs and that
available labor.
*
of
amount
Total
manding the closest of attention of the business world to
to
in Central Reserve cities on
of this report.
date
Is taking its
some
intended to show the
calls for the follow¬
ing formation;
benefits to both sides be made.
lockouts only add to an already serious situation that is de¬
or
statement of their condition
transactions of New York banks,
loan
and adjustments of lasting
Strikes
the National banks were this
to furnish a
September 8, one of the items
of
as
upon
might advan¬
and on the other hand the business man
ties of business,
week called
predicted that labor
15,
Sept.
on
Bankers'
CALLED
COMPTROLLER
OF
OF CURRENCY.
of wealth.
should reflect this condition
TRANSACTIONS
LOAN
ON
INFORMATION
sphere.
Such a condition of finances should increase, and profitably so,
the relation of the two Americas, Pan-American exchange of trade with us
dressing
'
J
far as the trade balance
so
•
THE CHRONICLE
1136
the world
*
against it on the ground that it would have the effect of raising the rates
of interest of all bank loans, municipal loans, farm loans and private loans
throughout the United States.
My appeal was in vain.
The policy
was
adopted by the Board of raising the rates and advising the banks of the
country to 'deflate' credits.
Sept. 18 1920.]
"Under
riod
of
this
policy the confidence of the country has been shaken,
depression has
taken
place
in
threatened in all parts of the country.
parts
some
a pe¬
and
the country
of
is
The argument of the Reserve Board
is that credits which have been
unduly expanded by people speculating in
stocks, by people buying commodities for hoarding.
"This
should
those
has
be
a
of
measure
applied
truth, but the remedy for such abuses of credit
individually by the banks requiring large margins for
speculating in stocks,
The
etc.
should
same
be
of interest and to demand
applied.
It
world
is
a
of all
to
wrong
is
such
in
"The effect of the
ket value
general deflation is not
apply
To raise the rates
remedy that should be
a
business
legitimate
treatment to
policy is shown in breaking down the price or the mar¬
of
sorts
securities, especially industrial securities, and not
advantageously and the
bonds.
Municipalities cannot sell their bonds
of Liberty bonds face a loss on the best se¬
owners
"The
Federal
Reserve
ing
in
the
by the best opinion of America
giving stability to the credit system of America, and giv¬
hands
ployed, not
of the
Reserve
for the purpose
bank
is
The power of the credit sys¬
and
enormous
of stabilizing credits,
of deflating credits,
purpose
on
framed
was
reasonable and stable rate of interest.
a
tem
Act
is
being
now
em¬
but for the astounding
breaking down confidence, and it is bringing
industrial depression that may be extremely harmful unless
an
promptly
checked.
"The
business
requirement of
that the United States
extent of
the
billions, but it
not subject to reproach.
was
of preserving
purpose
flated
credits
Government
Government
is
purposes
was
by
deserving deflation.
to the
discredit
time
the
Federal
extended
deflation
based
harmful
is
that any
bonds
Reserve
citizens who
these
by
using
Board
is
credits.
false
a
on
immediate
I
Government
a
do
to
liquidation.
great
a
in¬
as
the
to
can
demand
to
Government
the
as
than
ex¬
individuals for
deflate the credit extended
To
true
justified
the life of the nation cannot be treated
by the individual
years'
such
the
to
It
It
only be properly accomplished by
the debt, and this payment is more advantageously extended
ment of
many
not unsound.
expanded its credit for war-making
pansion, and these credits extended
the
country is
and
is
citizen of average intelligence
country that
As I have
to
said,
and to
ing.
have
The
so
IN ANSWER
TO
Addressing the
convention at
OF
FEDERAL
RESERVE
CRITICISMS AGAINST
West
Virginia
Bankers'
Charleston, W. Va.,
on
BOARD,
BOARD.
restriction
orders
of
Association,
^n
we
ourselves sell
find
to
criticisms that
Alluding to the fact that "a great
system.
have recently
Federal
the
many
Reserve
people got
the idea that Federal Reserve Bank rates should be perma¬
Board
"hock"
is
Without
derful
that
borrowing of
for
money
any
so
and all pur¬
be
should
carried
Piatt declared
also got the idea that Liberty Bonds
many
indefinitely
at
the
coupon
that "if the Federal Reserve
rates,"
Mr.
system should
be conducted in accordance with such ideas the final result
would be
a
crash such
as
history of the country."
we
have
had before in the
never
Mr. Piatt also had something to
to those who charge the Reserve Banks with "profiteer¬
say
his
the
or
last
Federal
winter's
Federal
Reserve
shall all
we
System,
been
has
It
success.
is still
It has
stabilization
too low, and when prac¬
taught
war
he thinks
as
it is
says
business, of
enormous
Government
but
must
we
yet had
never
not
upon
bonds,
and
at
begun to be
year
The
self-liquidating commercial
rates abnormally low
the Board's last report says:
rediscount
the
with
Federal
banks
be
should
rate
Federal
Banks
Reserve
lower than
made
to the
related
Reserve
market rates, as in
a
determining
war
thrust upon
Banks,
passed'
was
but
upon
considering the demand.
in
and
bond
therefore,
that
redis-
long
as
rates the redis¬
coupon
instead, of
such
essential that
The
rates.
obliged to
were
order
was
lending to bond subscribers at
were
won¬
forget
"In order that the member banks might
counting should not involve them in heavy loss it
the
as a
not
paper,
the burden of undigested Government securities they
carry
banking
chance to func¬
a
kind not contemplated when the Act
a
based
business
—a
a
it
outrageous
similar central
regulation of credit.
or
rediscount rates of
being higher than the
theory and normal practice they should have been,
the
market
rates."
banking principles necessarily led to
This enforced
were
departure from sound
expansion of credit—or in¬
enormous
flation, if you prefer that term, and the problem has been ever since how
Of course it is entirely contrary to the principles on
get away from it.
Federal Reserve Act
Government
if
bonds,
districts
based
rency
Federal
we
templated in
short-time
than
doing it.
Act
the
expected to put
was
Act
by the sale of goods.
ment
securities,
The whole scheme
yet
issuing
are
in
cur¬
The currency
to.
the
upon
con¬
rediscounting of
growing out of actual business transactions,
paper
expected to be self-liquidating when the
was
paper,
of the very things the
one
stop
a
issued only
be
to
was
was
we
bonds, evto
on
commercial
on
And indirectly
those bonds, though that
upon
Reserve
still
are
founded to make loans
was
lower rates
at
transactions
that
paper
were
completed
upset by the flood of Govern¬
was
furthermore central banking principles and practice
and
being unfamiliar to most of
our
business
and bankers,
men
great many
a
people got the idea that Federal Reserve Bank rates should be permanently
able to the member banks and
If, he said, "you can 'profiteer' by
ahd
could not have been financed
war
ably administered,
trial.
on
various Reserve Banks.
rates or your prices
much
as
some
or
the
agree,
lower than market rates, so as to make
your
The
Banks.
for
Board and
F.
ing," in support of which they point to the earnings of the
having
Reserve
overcoat
normally and has only within the past
some
easier, and
poses
People like
against Ithem,
go
tight.
so
the
the system
which the
the
'We
down—why, that's all wrong!
go
gold basis, and the system has very properly been described
a
ing attractive and profitable to the member banks and
make
and the move¬
in leather,
production, don't you know.'
he writes to the R.
system, I think
on
to
to
produce also
or
Reserve
can't
nently lower than market rates, so as to make rediscount-
as
The big drop in raw silk
spring.
drop in wool and
a
them, perhaps naturally enough, turn their criticisms against the
Federed
man
the
of
decrease of prices all over
a
It began, I think, with the collapse of the silk
people to look to the Government for everything and now-a-days when
made
the
This has been charged as due to
that the movement is
being.
There has been
"goat" somewhere to blame when things
a
of
some
to
of
clothing and
particularly
articles,
many
can't sell them below the cost of
been
administration
for
Spread from one thing to another.
How far the price recessions will
seen.
A lower range of prices will ease up the credit
situation considerably, but will at the same time perhaps increase grum¬
bling and criticism.
We have all complained of high prices and of the
high cost of living and have charged inflation, profiteering, etc., but we
all like to see somebody else's prices go down.
When the prices of things
took
some
period of readjustment
upon a
but I think there is evidence
extent.
some
remains to be
count
the
have entered
the time
widespread.
go
as
of
demand
naturally followed by
was
Cleveland and Philadelphia,
is true of
same
we
ment
Piatt, Vice-Governor of the Federal Reserve Board, under¬
answer
Se¬
things
of the surplus credit in Boston which is now helping
for
credit,
more
the world to
As
the 16th inst., Edmund
use
factories have been compelled to close or run on part tiine
some
of
deeper and
tion
clearly perceive."
low point—the only
a very
people have rebelled against the ever-mounting prices and
diminished
so
lack
for
it
PLATT,
at
degree also of other districts where there is much manufactur¬
some
of values.
to
patriotic
in
now
and financing production generally.
are
really cheap, judged by pre-war standards.
are
some
There is evidence that
influence in the
EDMUND
fall, and that billion dollars is
crops,
manufacturing lines, and the
that money
already having effect
can
in the
over
instrumentality
wrong
last
Federal Reserve Banks in the West and South results from dull business in
pay¬
Moreover,
than
curities, including Liberty bonds,
ought to bring,
think, therefore, that the policy of
conception
credit
financing the movement of
market in Japan in the winter and early
curity in the world of from 10 to 15% due to the destruction of credits.
for the purpose of
dollars less
shoes, that
urgent need of increased production.
excepting Government
even
such
remedy for those
a
buying for monopoly of commodities and profiteering.
when the
1137
THE CHRONICLE
all
and
any
easier,
purposes
so
as
and
rediscounting attractive and profit¬
to make the
should be carried indefinitely at
bonds
also
many
the
borrowing of money for
got
coupon
the
that Liberty
idea
It is not neces¬
rates.
tically all your profits go to the Government as a franchise
sary
tax, there may be something in the charge.
System should be conducted in accordance with such ideas the final result
The Reserve
for
before
Banks
dividends
as
the
war,
rule, and
a
"were not making their
he added,
Congressional district charged off its reserve bank stock to
profit and loss, and said it was no good as an investment.
Profits
were
forced
rates lower than good banking
have been made at
should
have
the Reserve Banks by the war, and
on
dictated—rates
which
attracted
practice
business
in¬
We
of
stead
as
credit."
stabilizing
part
Piatt remarks
Mr.
On the whole, the
policies of the Federal Reserve Board and of the Fed¬
be working welL
unprecedented
demand
In the face of an enormous
for commercial credit the reserves have held
steady with only slight declines week by week.
There appears
credit enough for all legitimate demands without encroaching on the
pretty
be
hold¬
Though the
percentage of decrease of reserves each week has been in tenths, there has
been a steady decrease each week since July 23.
It should be remembered
legal reserves, but no surplus for speculation, or for profiteering, or for
ing any unusual amount of harvested crops from
that the Reserve Banks of the
crop-moving sections
day chiefly by help from the Boston and
York
sire
has
helped
helping
The
South.
banks
Cleveland Reserve "Banks.
NeW
from the West and
Boston Reserve Bank is charging its own member banks 7%
purchases of acceptances
through
commercial
and Southern Reserve Banks,
ber
being sustained to¬
are
until recently, and Philadelphia and San Francisco still
some
for rediscounts of
at
business
strict
the market.
6%.
That
principles,
paper
and is loaning its surplus to
Western
which make most of their dediscounts to mem¬
doesn't
or
seem
quite right.
In accordance
with economic principles,
if
you
with
like that
highest where the demand is greatest.
Bos¬
ton's surplus of
credit comes partly from dull business, textile plants
closed down, etc., ahd there is naturally some grumbling at its high determ,
the
discount
rates ought to be
rate maintained
the country.
It should
at present largely
for the benefit of the rest of
not be forgotten that the regional reserve system
When
considering the present situation, furthermore, it is well to bear in mind
is
not
that
as
exactly the sanje as a Central Reserve Bank with branches.
a
result of the high
(7%) Reserve Bank rate in New York and of
market is absorbing a billion
curtailment of loans for speculation the stock
had
never
before
in the
history of the
almost at the peak
of the demand for, credit and currency
by the movement of crops, and it is easy to see that the situation
are
caused
Bank
the
now
rates
beginning about
increase of
rates
should go
time
a year
further, in
my
There
ago.
"war paper,"
on
to
was
some
grumbling
over
but it had to be made and in due
opinion,
that there should be at least
so
no.
The great issues of Liberty bonds
preference shown to bond secured paper.
gradually being digested, going into the hands of investors who intend
hold
them,
notes
have been
ago.
which
Maine
"war
on
National
we
out of the banks—a really stu¬
are
would
not have thought
Bankers' Association
in
June.
possible
a
few
an
According to his
than two billions of these securities in the
counting bonds on which the banks were making loans
there remained
figures,
Banks,
bonds owned
in the
gradual reduction of loans
The Comptroller of the Currency brought out this fact in
before the
address
and
a
actually paid for and
achievement,
pendous
years
has been
and there
Apparently about $16,000,000,000 of Liberty bonds and Victory
paper."
eral Reserve Banks seems to
and
In
follows:
have
we
as
might have been serious had there not been a general increase of Reserve
are
were
crash such
a
country.
member bank up in my old
one
to say to an audience of bankers that if the Federal Reserve
me
would be
less
by the banks, and he estimated about
an
equal amount
State Banks and Trust Companies.
Splendid
the showing of saving and absorption of Liberty bonds has
the banks,
as
been, however, it must be realized that the four billions left in
together with the Treasury certificates, still cause a very serious displace¬
ment of credit, which can only be made good by continued steady saving
investment
and
based
counted,
banks,
the
was
on
on
the
part of the people.
made in
June,
present year was made
$1,289,000,000.
vidual
on
and
reporting member
the
high
for
mark
2, when these banks had loaned
August 20, when these loans to indi¬
on January
was
Government
decrease for this year of
the 800
1919,. $1,438,000,000,
The low mark
borrowers
The high record of bills dis¬
Government obligations by
paper
$330,000,000.
had
declined
If all banks
to
were
$959,000,000,
a
included, I sup¬
pose
the decrease would probably be twice that figure, or about $600,000,-
000,
showing|what seems to me very gratifying progress in the payment for
bonds.
Some part of the decline must be due to the reduction of the out¬
standing Treasury
certificates, but
banks themselves until
not
entered
from
the
very
banks.
reached their
certificates-
their interest rates
largely into collateral
Federal
high mark
on
Reserve
May 16
were
were
largely
held by
the
raised, and I suppose have
for loans to
rediscounts,
individual
based
on
1919, at $1,863,476,000
borrowers
war
paper
during the
Victory Loan campaign.
.
On June 18 these war paper rediscounts had been
or $631,000,000 less.
The remarkable thing is
loans has been very much more than made up in
reduced to $1,231,641,000
in
that the reduction
loans
increased
about
war
commercial
on
rediscounts
Bank
Reserve
A
paper.
year
commercial
on
one-eighth of the loans
on
war
on
ago,
were
paper
September 5, the
only
$212,185,000,
which then stood at $1,635,-
paper,
On September 3 the commercial paper rediscounts had advanced
233,000.
$1*412,036,000, or nearly seven times as large as last year at this time,
to
and
than
more
$79,000,000
the rediscounts
than
greater
war
on
of June
$1,231,841,000
discounts passed
the
18
$1,332,892,000.
to
Commercial
re¬
paper
bills in the Reserve Banks for the first time
war paper
July 30, when they reached $1,250,613,000 against $1,241,017,000 war
on
They
bills.
paper
bills
inercial
added that
is
seesawed
seem
the
have taken
to
now
increase
recent
but the comthe lead permanently.
It should be
afterwards for
of
hundred
a
weeks,
few
a
million
in
war
paper
Mr.
Piatt divided
classes,
the
or
not
the Board into
economic
lower rates—cheap money—regardless of
total
The
System.
dollars
They
criticize on general principles—perhaps mostly for
political effect.
enough
particularly
with
class, he
last-mentioned
the
laws of
for
or
not troubled by
class is
The
kind.
any
any
particular regard for consistency
have declared that enormous
persons
same
inflation has been promoted by the Board and has been the cause of
high
prices—pointing to the great volume of outstanding Federal Reserve notes
then when prices began to fall they declared that the Board was
—and
stifling business, refusing credit for production and causing deflation.
the third class of critics is the charge of
chief stock in trade, however, of
They point to the fact that the net earnings of the 12
Banks, the excess of earnings over current expenses, for
"profiteering."
Federal
Reserve
The
easier to
151.2%
paid-in capital of $91,165,000, and that they made
average
an
on
92% in the corresponding period last year.
Well, if you can "profiteer"
by having your rates or your prices too low, and when practically all your
profits
the
in
franchise tax, there may be something
The Reserve Banks before the war were not making their
rule, and one member bank up in my old Congressional
to the Government
go
charge.
dividends,
a
as
as
a
it
its Reserve Bank stock to profit and loss,
charged off
good
was no
Profits
investment.
as an
were
forced
on
and said
the Reserve Banks
and have been made at rates lower than good banking practice
would have dictated—rates which attracted business instead of stabilizing
by the
war,
I
often
credit
10%,
Mr. Piatt called attention to the
as
extraordihary nature of
corporations, their entire capital,
Federal
Taking for example the
Bank of Richmond, he showed that while
Iteserve
the bank made the first half of the year a
He stated that this
capital, surplus and reserve balances.
of profits raised a
matter
introduced
bill
a
question that he did not care to
He said, however:
discuss at this time.
I
profit of 113.6%
paid-in capital, that profit was but 7.2% on combined
oh its
last
the
in
allowed extra dividends of not to
session
member
of
Congress
position
as
P.
Salmon
You remember that
I should add that
my
position
a
Chase,
as
It
is
very
if passed, should be carefully safeguarded.
those at present prevailing
ing
serves—of the
reserves
Reserve Banks have the custody of your re¬
of the banks of the country, and those reserves must
There m\ist be
for the expansion of credit merely for the sake of profit.
b<e conserved if the System is to be managed With safety.
ho
inducement
As to the critics classified as those
desiring cheap money,
Mr. Piatt said:
A
very
well-known United States Senator has recently contributed an
an
industrial journal,
published in Baltimore, in which he
article
to
urged
that
the
before
Were
article he
Reserve
the
war,
or
Bank
at
rates
least
should be lowered to where they
the war.
In one part of the
during
that the policy of the Board has had
saws
the effect of "breaking
down the
price of securities"—which is tantamount to saying that specula¬
tion in Wall Street has been checked—in another place he says that "there
is
no
whatever
sense
in
retiring credits
which
are
employed
in produc¬
tion."
Well, obviously if you should Open the flood gates of credit for specula¬
tion the price of
securities would advance, but such an advance at this time
absorb credit
Would
needed in
moving the crops and in productive enter¬
prises.
The policy of the Board has been throughout to conserve credit
fot production and orderly marketing.
Reserve Bank rates must be fixed
with
the
law—otherwise
we
and in disaster.
country
to
are
merce
of
purpose
pass
maintaining safe reserves—the reserves required
should have such inflation and speculation
as
by
could only
The Senator urges Chambers of Commerce throughout the
of lower rates.
Chambers of Com¬
and bankers who are not as a rule
I shall be surprised If they do not recognize the necessity
resolutions in favor
composed of business men
inflationists,
anc(
sbund prineipleb—of maintaining sound conditions of
that the banks have been meeting all demands for
productive enterprise; and have been curtailing credit only
of the application of
credit.
They
know
credit for sound
is
than
they
before
credits
Should
ceed in
consideration
a
practical
Their
difficulties,
somewhat earlier increase of
of the districts
some
where the demand
where legal rates of interest
however, have to be considered.
are
7,
8 and even
Prac¬
Some people, and
some
can't be thrown off
war
at
and people must
once,
of the Federal Reserve Sys¬
purposes
guide it.
If
we
suc¬
can
of the System within safe limits without again
reserves
be better to do
may
The habits
time to work out.
more
and what the principles are which must
keeping the
raising rates, it
so.
Concluding his address, Mr. Piatt stated emphatically:
There
is
and
its
fixes
than
the
then
there
The
will
Mr.
to partisan pressure
elections,
on
the policies of
a
time
President four
will
ever
the System to-day would be
Hughes had been elected
rather
of the country—
banking system
I do not believe such
danger ahead.
Act
Reserve
such
only
for
Mr.
the Board yields
when
appre¬
years
ago
Wilson.
Federal
needs
from
many
other radical
the
be
do not believe
of
features
comes
policies with relation to their influence
different if Mr.
instead
politics in the administration of the affairs of the
no
ever
security and soundness of the
I
ciably
absolutely
If the time
Board.
may
not be
100%
minor amendments
time
years,
if
No
time.
to
ever,
in
as
perfect,
well
its
from
will be made in its main
opinion, unless
my
but it works
themselves
suggest
changes
destructive party should
or
Socialists
or
some
gain control of the country.
Piatt, it is noted, is the only Republican member of
Reserve
Federal
pointed
a
Board.
Although
but
recently
ap¬
member of the Board, he has for years been in
close touch with its work.
He
was
elected to Congress from
New York in 1913
(the year of the passage of the Federal
Reserve Act)
was
rency
and
assigned to the Banking and Cur¬
Committee, which gave such exhaustive consideration
which
from
bills
the
When
evolved.
the
Federal
the
Republicans
Reserve
attained
the House
he was chosen Chairman of the
served
such
as
Board.
a
Act
was
majority
of
Committee and
up
to the date of his appointment to the
,
FEDERAL
DECLINES EXTENSION
RESERVE BOARD
OF LOANS ON COTTON.
Efforts
on
the part of
representatives of the American
action by the Federal Reserve
Cotton Association to secure
Board looking to
the extension of loans based on agricultural
for gradual and orderly
A delegation repre¬
senting the Association conferred on Wednesday with W. P.
G. Harding, Governor of the Federal Reserve Board, with a
view to securing a definite understanding as to the Board's
attitude with regard to the financing of the cotton crop, but
instead of obtaining the sought-for aid from the Board they
were told by Governor Harding that "I don't think you will
work out the situation by demanding any more rapid ex¬
tension of loans than is now going on."
He also said: "I
think the thing you gentlemen should do is to go back home,
tell your people to quit talking calamity and make the best
of a bad situation."
Noting that they have cotton on which
paper
for the purpose "of providing
marketing"
have proved unavailing.
$500,000,000 in loans, Governor Hard¬
Board would undertake to find credits
for all agricultural products it would take about $3,000,000,000 additional in loans.
If you want to work this thing
out," he told them, "you should have something constructive
and my belief is that a constructive way is to work out an
export corporation."
Richard R. Manning, Governor of
South Carolina, and J. S. Wanamaker, President of the
they would like to get
ing stated that "if the
presented the petition in
Governor Manning, it is
from the New York "Commercial," submitting the
American
behalf
to-day in
are
greatest and
time to understand what the
are
be,
4ouncL
often
I agree with them also that Reserve Bank rates should
war.
engendered during the
for non-essentials.
They know that with reserves lower
and with loans outstanding far greater than ever
in the history of the country tfyere has been no "retirement of
Which ate employed in production," Where the conditions were
fot" speculation or
into
take
to
expansion had been started by
An extra
Lower rates than
would probably bring larger profits by attract¬
but the
business,
more
also
important that there should be no motive for
running the Reserve Banks for the purpose of making a profit.
| dividend bill,
is
bankers
Secretary of the Treasury, issued
greenbacks which later, as Chief Justice of the Supreme Court, he declared
unconstitutional.
and
they frequently find it
as a
be understood as neces¬
member of the Federal Reserve Board.
such measures must not
on
my
would have
that
us,
got themselves pretty badly overloaded with Liberty bonds through
be given
tem
that these criticisms are
professors
like the rest of
patriotic motives, and must be given
to
Congress
exceed 3% from Reserve Banks that had
accumulated the full 100% reserve, but
sarily indicating
of
college
these
of
in the sixth Federal Reserve District and in several others.
as
banks,
surplus and reserve funds being contributed solly by their
Stockholders—the member banks.
them
with them that conditions would probably be better to-day, if
the
administration
Federal Reserve Banks
of
of the country.
Banks were not advanced
maintain that they are
Reserve
some
undue
the second
of the leading
some
leading bankers j
personally of the opinion
am
fail
tical difficulties,
and
credit.
the
of the
and
war,
hindsight
higher than they
come.
District
the criticisms of
point out mistakes long after they occur than at the time.
but I agree
ended June 30 totaled $68,583,111, or at the yearly rate of
half year
the
The
the
of
few
the rates
that
expansion.
for
This third
a
high, in
so
facie evidence of
critics who include
above,
and
better than their foresight, and,
be
now
yet high enough in all districts to give the necessary check to danger¬
ous
rates after
Dealing
mentioned
after
.
said:
highest
,
,
consideration of
some
economics
the check to
'
their
at
are
The figures are
the 3rd.
on
,
to
me
critics
of
Banks
constitute strong prima
to
.
brings
maintain
so6n
the first time
seem
expaasion.
of
Reserve
time during the war, the highest
any
for
that they
This
evidence of re¬
no
but strong evidence to the contrary.
Federal
the
of
in the history of
All previous records of "total bills on hand" were passed in
of August 27, and again on September 3.
They passed three
the statement
billon
Certainly there is
productive enterprise.
loans
than at
—higher
class
that Federal
in these figures,
striction,
fact,
bank loans since the end of the war and
Reserve Bank loans on commercial
of all
expansion
useful
used in
criticisms
yet high enough fully to control credit;
(c) Those who just
makes
the
curtail
to
have increased nearly seven-fold in a year, or about $1,300,000,000,
it bard to believe that all that additional credit can possibly be
useful.
the discount rates of Federal Reserve Banks
quickly enough after the war financing was finished and
done
already stated,
fact,
not
declaring that
not advanced
were
present critics' of
requirements of the Federal Reserve Act;
reserve
(b) Those
are
the
follows:
as
(a) Those desiring
laws
the
students
convenient collateral.
as
be
enormous
paper
loans
probably also to be considered chiefly commercial—bonds merely being
used
could
The
having some doubt whether all has been done
speculative and other unnecessary credits.
can't help
Personally I
that
paper,
though the latter had increased more than $100,000,000 from the low mark
of
[Vol. 111.
THE CHRONICLE
1138
learned
of
Cotton
the
Association,
cotton
interests,
following resolution embodying
the views of the delegation:
Sept. 18 1920.]
v
1139
THE CHRONICLE
Whereas, There being doubt and uncertainty among the member banks in
Richmond, Atlanta, Dallas and St. Louis districts of the Federal Reserve
the
"I
firm believer in agriculture and orderly marketing
am a
body and that what
districts,
grain and other products.
reflected in their official bulletins released from time to cime
as
to the attitude of
and
as
the. Federal Reserve banks with regard to the movement of
financing of the
cotton crop so as to provide
for its gradual and orderly
marketing, and
Whereas, it is imperative that
definite understanding be had on these
a
involved by reason of unprecedented conditions existing caused
situation
In
issue of
our
Sept. 4,
The lateness of the present crop;
The lack of the demand from the domestic cotton merchants and manu¬
1
an
v
given
orderly manner."
page
945,
we
by the American Cotton Association of
the organization of a cotton export
by:
1.
2.
tobacco
\
held back, from the market merely to force
to abnormal levels, but a reasonable assistance should be
up
intelligent and sound procedure
an
the part of the banks in these districts in handling the credit
agricultural
do for cotton we must be prepared to do for
producers to market their crops in
points to restore confidence and enable
on
we
"Farm products should not be
prices
of
Bear in mind that the Federal Reserve Board Is not a sectional
products.
system, arising out of an apparent difference in the position of those four
noted the adoption
resolution proposing
a
association, and Governor
Harding's endorsement of the movement at that time.
facturers;
3.
LOANS ON ACCOUNT OF COTTON OUTSTANDING IN
foreign situation and the inability of the foreign countries to buy and
for
pay
of tne compli¬
The heavy reduction in the foreign demand on account
cated
HOUSTON, TEXAS.
raw cotton.
the
situation will be materially relieved
The Houston
Therefore, Be it Resolved, That it is tbe opinion of the delegation of
American Cotton Association that the
if the following
suggestions are adopted, namely:
renewals be granted on loans based on agricultural
That such necessary
held under rediscount from member banks in the districts men¬
paper now
tioned, to enable
credits
on
agricultural paper or the
of commodity-secured paper where expedient or by
based, either by tbe renewal of the
are
substitution
loans
gradual and orderly marketing of the crop on which the
a
therefor
in warehouses with proper receipts as
cotton
provided for under
Section 13 of tne Federal Reserve Act.
made not for the purpose of
assured that these suggestions
hoarding or providing credit or speculating
of providing for gradual
orderly marketing under the adverse conditions as they exist, and there
in spot cotton,
and
by providing
but for the sole purpose as aforesaid
'
liquidation.
The "Commercial" also says:
a sure
loans
those
a
He estimated there were 6,500,000
of the crops.
bales of cotton in ware¬
Mr., Manning replied he thought ab'out 20 cents a pound.
$650,000,000.
It was pointed out, however, that
That would amount to
bales were being financed independently,
bales for which credit assistance
is needed.
.
investigating plans to see if we cannot
are
association to handle the
a
"We desire to have no sectional
"I feel that I cannot too
or
four months as it has been
to
result."
Government
Harding spoke as a
the
He said that the
much either
aid or help from other sections of the country.
Mr.
Southerner, his home being in Birmingham, Ala.
that we of the South have always made has
haven't been sufficiently self-reliant," said Governor Harding.
good fairy to come along and give us something.
'Members of the Federal Reserve Board are keenly alive to the importance
doing everything
of
possible to sustain the agricultural interests
of the
in taking money from the East
and putting it in the South
but the time has got to come when they will
want their money back.
You all have got a problem here in your low grade
cotton.
I think that is your main problem.
Looking at the thing broadly
it seems to me that you should get it into your heads that it is not the
Board's business to deal in prices.
The purpose of the Board is to help
commerce and agriculture and render all reasonable assistance.
*'■
You've got cotton on which you would like to get $500,000,000 in loans.
I think if the Board would undertake to find credits for all agricultural
We have shown our good faith
country.
was
declared by
market conditions.
products it would take about $3,000,000,000 additional in
would be a serious drain upon the Federal Reserve system.
loans..
This
It would have
wages."
effect upon
however, that much
disposition
and will not put
it
which
any
the part of the Eleventh district of the
speculator
the stamp of approval on loans sought by member banks
known
is
or
not deal
on
producers to sell their crops regardless of
The bank, however, will not encourage the
that
the
money
other commodity
is to
be used by speculators to hold
it is declared.
The Reserve Bank does
directly with producer or speculator, but through member banks
make
application for loans.
The Reserve Bank has the right to
inquire into the nature of the loan and is thu3 in a position to refuse when
it is believed such loan is nonessential or is for the purpose
of speculation.
I think the thing you
AT MONT¬
CENTS FIXED AS PRICE FOR COTTON
40
GOMERY MEETING OF AMERICAN COTTON ASSOC.
At the Montgomery
gentlemen should do is to go back home,
tell your
calamity, and make the best of a bad situation. You
can generally renew a loan
by paying something. When cold weather
comes a demand should spring up for cotton.
If a demand comes you should
sell some cotton that will enable you to liquidate some of your debts.
Take
a commonsense view of it.
I don't think you will work out the situation
by demanding any more rapid extension of loans than is now going on.
If you want to work this thing out you should have something construc¬
tive; and my belief is that a constructive way is to work out an export
people to quit talking
(Ala.) Convention of the American
Cotton Association early
fixed
the minimum
as
meeting
was
that
was
published
was
as
and
acreage
recommendation
committee of the American
this committee recommended 40 cents per pound as
Cotton Association, and
the minimum
>
from Montgomery, where I served as Chairman
I have just returned
price
Commissioner
regarding the results of the
follows in the Atlanta "Con¬
stitution" of Sept. 5.
the
pound
made in these columns Sept 4, page 946, but
the conclusions of the meeting were not
Agriculture of Georgia,
meeting,
of
per
Reference to the
A statement by J. J. Brown, State
available.
for
this month, 40 cents
price for cotton.
time
price for cotton up to Nov. 1 with an increase of 1 cent per
month thereafter until the entire crop has
The association
been marketed.
approved this action.
We passed a
should be planted to food and feed products in 1921, mainly for
acreage
reason
resolution to the effect that 33 1-3% of the 1920 cotton
the
world and bear speculators seem inclined to refuse
what it costs to produce it.
The manufacturers may
that the spinning
to take
our
cotton at
shut down and refuse to buy our cotton
world is
but they cannot stop eating, and the
ready and eager to take all the food and feed products we can
The Association further recommended a price
make.
of $60 per ton for sound,
dry cotton seed, based on what cotton seed products are
worth today, as
compared with other materials.
Now I want to strongly urge
I
mendations.
cotton as
the farmers of Georgia to heed these recom¬
suggest that in
"
an
It is expected,
from sections of the State where crops
officials of the Houston branch of the Federal Reserve
no
Federal Reserve system to force
the talks of Mr. Manning and Mr. Wana-
great mistake
one
we
V;
its own problems without depending too
"We have waited for some
'
We feel that cotton is not a
position of the Board at some length.
South should work out
been that
feeling.
If the cotton is forced on the market in three
in the past a period of depression is bound
Governor Harding in reply to
"I think
way
When liquidation has been concluded the amount
9f outstanding loans will be reduced considerably.
Bank that there is
at
strongly stress the matter of providing for
orderly marketing of cotton.
upon
months,
of payment.
national asset.
Southern asset alone, but a
maker stated the
form a large cotton export
sale of cotton to Central Europe," said former
if we are reasonably sure
year,
be under
soon
have been harvested.
about $22,000,000, and much of this sum
crops.
leaving 5,000,000
"We are willing to extend credit to six or nine
Governor Manning.
or
liquidation will
This amount would require a
credit of $500,000,000.
"We
for financing
Governor Harding asked what he considered
valuation—in other words, how much he thought should
to be a fair loan
about 1,500.000
advanced
marketing.
houses awaiting
be loaned—and
for
money
,
k
The Houston branch of the Federal Bank of Dallas has outstanding loans
was
cotton
system of renewals and
city "are continuing to borrow
to Houston banks amounting to
where
extensions of
now outstanding should be adopted in order to spread payment of
loans over at least 12 months so as to provide for a gradual marketing
urged that
Governor Manning
that
further investment in cotton" added:
It
Be it further Resolved. That the Board be
are
hanks of
(Tex.) "Post" of Sept. 4, in stating that the
rapidly
their own interests, they harvest their
possible in order to protect the grade and the staple,
as
and
Where they are compelled
to have money, they should have their cotton carefully ginned and baled,
and deposited in a bonded warehouse, using the receipts as collateral and
holding the actual cotton in their own names, until it reaches at least the
price the Montgomery meeting recommended.
,
This price is conceded by all to be fair and reasonable.
I have never
seen such a determination on the part of the farmers of the South to hold
that
they be in
out for a
of
cost
If
If
price which will give them some small
profit, at least, above the
production.
we
stand firm, we will get
weaken,
we
big hurry about ginning it.
no
the prices we are demanding and more.
bear speculators
the
shrewd manipulation,
and European spinners,
with their
will take our cotton at less than it has cost to
product
it.
corporation.
passed the Edge law for the formation of export associations.
who is attached to the Czecho-Slovak Legation, told me a
Congress has
be willing to organize a consortium of bankers
under an arrange¬
ment by which there would be a lien on the cotton until it is manufactured.
The cotton, after being manufactured, can be shipped back to this country,
to South America and other places, and payment made for the raw cotton
by means of the manufactured goods under a system of barter.
I think there is enough brains in the South to get together and work this
few days ago
of
that they would
Czecho-Slovakia for the purchase of American cotton
thing out.
will have
a
When the people in the North
greater respect for you."
there has been an
discussed the general situation, explaining
tural needs during the past
market at present is tight,"
cotton to Europe.
-
Reserve Board has
period in the history of the United States except in
1917 to Sept. 1 1918. It is known that there has
decrease in speculative loans and that the extension of loans now
place is due to agricultural needs.
greater than in any
the
war
been
a
taking
year
from Sept. 1
growers
by the Southern Cotton Asso¬
It is also stated in these advices:
ciation.
Whenever possible
the best
.
advices from Ellisville, Miss., Sept. 8,
of Jones County have agreed to hold
press
their cotton for the price set
they will sell co-operatively in car lots so as to get
possible prices.
They believe that 35 cents for ginning as compared
pledged themselves
is unwarranted and they have
patronize gins that charge more than 30 cents.
They have also
resolved to hold seed for what they believe a fair price or use it for feed or
not
to
fertilizer rather than sell it for the present price
GRADUAL
AND
BY
APPROVED
A
,
directed its energies to preventing further
extensions of loans for non-essential purposes to oring about the curtailment
of such loans.
It may surprise some of you to know that extension of loans
and notes for the period from Sept. 1 of last year to the present time was
"The Federal
the cotton
COTTON
HOLD
ASSOCIATION.
of $25 a ton.
twelve months.
said Governor Harding. "That
is due to the loss in the wealth due to the war.
You cannot expect capital
in New York, Boston and other places to take a phllanthropical view of the
Southern cotton proolem and to take all the risk of exporting a low grade
"The money
According to
TO
GROWERS
FOR PRICE SET BY COTTON
with 30 cents last year
that while
and loans for non-essential purposes had been reduced
unusual extension of loans chiefly because of the agricul¬
Governor Harding
speculative loans
find the South is self-reliant they
COTTON
MISSISSIPPI
Mr. Masaryk,
RATIONAL
COTTON
SELLING
GROWERS
OF
IN
COTTON
TEXAS.
gradual and rational selling plan for cotton, the estab¬
of bonded warehouses in every cotton-growing
lishment
precinct in Texas, the abandonment of the lowest grade
of cotton to be sold as an energizer and a curtailment of the
acreage
were
devoted
to cotton in the State by fully
Association at
one-third
the American Cotton
its recent meeting at Dallas, Tex., according
resolved by the Texas Division of
[VOL. 111.
THE CHRONICLE
1140
——-
1
accounts Sept. 8.
It is also said that the fair price
for cotton seed was determined at a conference between the
September 16 1920.
to press
committee
Texas Cotton Seed Crushers' Association and a
$24 70
a
THE
At
terrific explosion net only killed and
the 16th inst, when a
wounded
a
occurred, and when it
disaster
accidental, but the theory arrived at since by those inquiring
into its
is that it
cause
the work of
was
is the conclusion arrived at by
This
time bomb.
a
William J. Plynn, Chief of
meeting of the Governing Committee held this day, the following
a
uncompleted deliveries due to-day that are not settled to-morrow
"That
will carry interest from
Friday, at the renewal rate."
H,
the 16th to undertake the main
on
investigation of the De¬
The explosion occurred at the noon hour—at
in the heart of the financial district—on Wall
partment.
twelve o'clock,
Street, between the banking house of J. P. Morgan & Co.,
side of the street, and the U. S. Assay Office on the
on one
other, and the belief is that the explosive
carried in
was
a
deliberately stationed between the two buildings.
The death toll last nght was placed at 37, while the number
S.
MARTIN. Assistant Secretary.
New
'
At
York, Sept. 16 1920.
meeting of the Governing Committee held this day, the following
a
adopted:
was
Committee
"That the Governing
express
their appreciation of the
con¬
the Exchange and its allied companies under the
duct of the employees of
trying conditions of to-day."
'
H.
S.
MARTIN,
Assistant Secretary.
Edward P. Fischer, a former employee of the French High
detailed by Attorney General Palmer
was
MARTIN, Assistant Secretary.
adopted:
Investigation of the Department of Justice at
Washington, who
S.
New York, Sept. 16 1920 (3:30 P. M. meeting). '
At
was
'
the Bureau of
Sept. 20
*
H.
thought to have been
was
delivery of all securities be suspended until Monday,
1920, except by mutual consent."
but also caused material
vast number of people,
damage to the buildings in the vicinity.
Numerous sur¬
mises as to the cause of the explosion were ventured when the
REMICK, President.
1920 (12:30 meeting).
meeting of the Governing Committee held this day, the following
a
"That
catastrophe
appalling
H.
adopted:
was
in Wail Street, and which
served to bring the day's business in the financial district
to a virtual standstill, occurred on Thursday of this week,
An
WILLIAM
New York, Sept. 16
STREET EXPLOSION.
WALL
1920.
The mills agreed
following the meeting.
carload.
from the growers,
to pay
Committee determined that the Stock Exchange will be
The Governing
opened for business at the usual hour, to-morrow morning, Friday, Sept. 17.
Commission in New York,
arrested in Hamilton, Ont.,
was
yesterday od suspicion of having knowledge of the explosion.
He is alleged to have sent postcards to persons in the city
of
them
warning
disaster.
the
catastrophe is under
way
New York County.
An
investigation
of
the
by the September Grand Jury of
>;y-:
,
V
wagon,
of
OPINION DENYING TO NATIONAL BANKS RIGHT TO
employees of the banking houses of the district—the very
not intended
ones
victims by the supposed perpetrator
as
All of the partners of J.
of the deed.
escaped injury except Mr. Morgan's
P. Morgan & Co.
son,
Junius Spencer
Mr. J. P. Morgan is at
Morgan, who suffered slight cuts.
There have been two deaths
present in Europe.
among
the
The
Morgan forces—William Joyce and John A. Donohue.
was killed in the explosion, while the latter's death
former
occurred
yesterday.
T. W. Lamont of the firm, commenting
the death of Mr. Joyce on
on
One
was
of
the
our
valued
William Joyce,
employees,
of Thomas W. Joyce,
son
Thursday said:
and who was himself badly hurt.
years
some more or
None
Morgan
of
floor and
employ for thirty
partners
slightly cut
in any
was
on
The office will be ready
for business to-morrow morning.
Mr. Lamont
saying
From what
was
that
also quoted in the New York
was
we
would
lead
to
a
an
There
premeditated
are no reasons
bombing.
I
Circumstances of the
can
that
we
can
really plotted destruction of
surely do not
our
to nothing more
than
am
Building addition
the latter
to
the street from
on
a
we
And we
I believe the explosion
unfortunate accident to
an
Informed had arrived
accross
New York
was
due
dray loaded with ex¬
the site of the Stock Exchange
our
offices.
theory, the New York Stock Exchange
You state as
New York,
way,
that absoultely
hurt by
LONGENDYKE,
as
a
Secretary.
result of the disaster
Besides being peopled with wounded
the section affected
was
of the Bankers Trust
the Assay Office, the Stock Exchange, being
from Governor's Island
disaster
were
principal damage.
dispatched to the
any
untoward happenings
President William H.
on
Remick,
Section 5190, U. S.
each national
scene
of the
was
taken by
immediate suspension of
business for the day being signalled by the sounding of the
gong,
at
a
The
the Governors of the Exchange unanimously approving,
meeting following his action, the suspension of business.
Pittsburgh and Detroit Stock Exchanges followed the
action of the New York Exchange in suspending trading.
The various announcements of New
issued
as
follows:
brief of counsel insisting that the
Bank
of the bank could not be approved without legisla¬
place specified in its organization certificate."
Treasury to mean one
a
any
place
or
of Armstrong v.
oy
This
the
house.
would perhaps not be questioned that accepting
part of the usual
case
R. S., provides in part that "the usual business of
banking association shall be transacted at an office or banking
construed by the Attorney General and by the Solicitor of
been
has
and paying drafts
business of a national bank, and it has been held in the
Second National Bank (38 Fed., 883) that an arrange,
it at
house would be in violation of
the bank to provide for the cashing of checks drawn upon
other place than its office or banking
Section 5190.
would
The same rule
seem
to apply to the payment of
drafts as to the
payment of checks.
It is also my opinion that it would be bad policy on the part of a
authorize the accepting of
power
bank to
drafts drawn upon it by an agent authorized by
of attorney who is not an officer of the bank.
I am of opinion that the request of the California
For these reasons
bank
and if approved would be in violation of Section
should not be approved,
5190. U. S. R. S.
York
DRAFTS FOR
In its
were
ON
ACCEPTANCE
OF
DOLLAR EXCHANGE.
August "Bulletin" the Federal Reserve Board an¬
the
nounced
following ruling regarding
drafts drawn for
Under the
the
purpose
the acceptance of
of furnishing dollar exchange:
provisions of Regulation C, Series of 1917, subdivision (B),
it
provided that any member bank desiring to accept drafts drawn by
banks or bankers in foreign countries for the purpose of furnishing dollar
is
exchange shall first make
application to the Federal Reserve Board setting
the respective countries in which the drawer
forth the usages of trade in
banks or bankers are
bank may accept such
the country
If
a
a
located, and under the terms of the law no member
drafts unless it is required by the usages of trade in
in which the drawer bank is located.
national bank wishes to make such an application
with respect to
previous application has been granted, it should
the Board evidence that the usages of trade in that country are
country as to which no
submit to
such
Exchange
BOARD
RESERVE
FEDERAL
among
Troops
Prompt action to avert
the Exchange
an
a
would not be in violation of the National
tive sanction.
immediately following the explosion to guard the
Sub-Treasury and Assay Office.
with
such action would be in violation of the National
Act and that the request
Company, the Equitable Trust Com¬
of those which suffered the
some
that city to receive deposits from its customers
the request
covered with shattered
glass, windows being ripped out, the Morgan building, that
pany,
national bank in New York requested to be author¬
a
the bank and of its counsel, the matter was referred to the Solicitor
and under date of Dec. 9 1919, an opinion was received from
him stating that
Krech, President of the Equitable Trust Co.,
flying glass.
and dead,
1919.
Notwithstanding previous rulings of the office, in view, of the urgent
no
the way for the Stock Exchange at any time to-day.
injuries
points
approving such requests.
accompanied
request of
explosive is in transit for the New York Stock Exchange job and that there
ARTHUR
from national banking associations
Bank Act.
is
positively Informed by the President of the Foundation & Under¬
One of those to suffer
would
the answer which shall be made.
establishment of such ap agency
ment
Alvin W.
matter within the jurisdiction of my office you
banking house, and it has been the uniform practice of the
In December
Sept. 16 1920.
Robert J. Eidlitz, Treasurer of Marc Eidlitz & Son, Inc., the builders con¬
was
a
establish agencies for the transaction of a part of their business at
other than the
ducting the building operation for the New York Stock Exchange, states
pinning Co., who have the foundation work under
Ml
the agent.
this is
Frequent requests have been received
It
Thursday:
was none on
and to pay such drafts out of the funds deposited in New York
house located in the
Construction Committee issued the following statement on
that he Is
a
under the control of
to
16, which raises the question
national bank located in California to appoint an agent In
York to accept in behalf of the bankdrafts drawn on it payable in
of
of the Treasury,
building. I believe that
would have been sent the warning that is usual in such instances.
have not been threatened in any manner.
plosives which I
Receipt s ackao vledged of your letter of July
of the right
nothing to be
see
occurrence
attempt to wreck the Morgan offices.
If anybody
As
find
deposited in New York under
the control of the agent.
as
inclined to believe that the explosion
am
an
in New York to accept, in behalf of the
an agent
such drafts out of the funds
and
accident.
gained by such an act.
appoint
to
Federal Reserve Board for
bank, drafU drawn on it payable in New York and to pay
ized to establish an agency in
have learned I
due merely to an
point to
"Times"
DRAFTS.
August Bulletin, makes
to the right of a national bank located in California
as
office to decline
Thursday:
on
opinion
like to be advised as to
large windows on the first
our
the second floor were blown in.
some on
Governor of. the
the
from
injured, except that Junius S.
All
ACCEPT
public the following ruling made by the Comptroller of the
Currency under date of July 16 1920, in response to a request
Others of our force were cut,
way
the hand.
TO
The Federal Reserve Board, in its
New
Mr. Joyce
killed.
our
less seriously, by flying glass.
our
was
was
who has been In
AGENCIES
APPOINT
injured is estimated at between 200 and 300, those who
suffered death and injuries having been for the most part
as
to require
the drawing of drafts of this character.
heretofore ruled that there is
The Board has
nothing in the provisions of Section 13 of the
Federal Reserve Act which can
be construed to permit the acceptance by
Sept. 18 1920.]
member banks of drafts drawn merely for the purpose of correcting adverse
exchange conditions.
An application can not be granted, therefore,
appears that the drafts are to be drawn not because the usages
CONFERENCE NEXT WEEK WITH FEDERAL RESERVE
if it
BOARD IN INTEREST OF LIVESTOCK INDUSTRY.
of trade so
require but merely because dollar exchange is at a premium in the country
where the drafts
to be drawn.
are
1141
THE CHRONICLE
This ruling, of course, has no
Last
bearing
week's
the question of
by member banks under those provisions of Section 13 of the Federal Reserve
in
the decision to
Act which relate to the acceptance of drafts which grow out of transactions
Federal
upon the question
of whether particular drafts
involving the importation
or
eligible for acceptance
are
exportation of goods.
in
conference
on
Chicago—on the 10th inst.—
financing the livestock industry, resulted
appoint
committee to confer with the
a
Board and
Reserve
the Advisory
Board in Washington on Sept. 20
said, of urging the adoption of
NEW HELENA BRANCH OF FEDERAL RESERVE BANK
credit to the cattle and
measures
represent the Federal Reserve banks of
We learn from official
that it is hoped to open the
sources
Helena Branch of the Federal Reserve Bank of Minneapolis
Dec. 1, although
on
possibility of its opening being
the coming year.
The establish¬
there is
deferred until the first of
the
calling of the conference, participated in by bankers,
the
work is in progress
shipped
remodeling the building.
stocker
The
The date of opening depends largely
and
L.
Louis
Federal
Assistant
tors of the
Thomas
Long
branch
new
appointments
effective Sept. 1.
Mont.
H. W.
It
the
Federal
Districts
Reserve
was
emphasized at the meeting that the movement does not mean
was
call for any
stock
a
unusual financing; that what is needed is only what the live¬
industry has always heretofore been able to obtain through normal
where there is great
financial
place
an
unduly heavy burden
cared for in part
of the
because
on some
sections
seasonal need of money and no great accumulation .of
with which to meet the demand.
resources
are
restricted
President Hansen Packing Co., Butte, Mont.
Kelly,
of
the 10th inst. said:
mands
Helena, Mont.
Charles J.
condemning the progressive rates of interest
several
of the country at present
Vice-President and Cashier Union Bank & Trust Co.,
R. O. Kaufman,
in
effect
channels, but that the exceptional credit conditions prevailing in all parts
Ford, President Great Falls National Bank, Great Falls,
Lee M.
of
The direc¬
Chairman.
Mont.,
appointed to plan the placing and financing
Regarding the conference the Chicago "Evening Post" of
follows:
are as
Helena,
Marlow,
A.
The
Agent.
were
'
industries.
tabled.
Robert E. Towle, who has
the parent bank, will be Cashier,
Reserve
grain
regards transportation and the
livestock in the West to cover the shortage now existing.
A resolution
in
Minneapolis, has been elected
Long, Acting Auditor, will go to Helena as
Mr. Towle and Mr.
as
Department be asked to deposit funds in the Reserve
Treasury
A committee of five is to be
Manager of the Helena branch.
been Assistant Cashier of
both
setting cars for a period of two weeks.
cattle and sheep
of young
the Examination Department of
O. A. Carlson, Manager of
the Federal Reserve Bank of
Examiner," it is proposed that—
banks of the livestock districts to be loaned to producers.,
of the contractors and vault engineers.
progress
1043.
page
adopted, according to the Chicago
Financial institutions be asked to further encourage development of the
This
and part of the steel for the vault was
Aug. 27.
on
the
upon
on
issue of Saturday last,
The Inter-State Commerce Commission will be asked to order that
bank, which purchase was completed in July last, after which
began work
resolutions
and
and railroad representatives,
packers
our
be made preferred traffic at once,
matter of
the contractors
in
to
Dallas and San Francisco.
Louis,
St.
producers,
referred
"Herald
Board.
In December
authorized the purchase of a site for the new
the directors
The
Under
Minneapolis Reserve Bank in December 1919, and
Chicago, Minneap¬
Kansas City,
was
later approved by the Federal Reserve
it is
olis,
livestock
authorized by the board of directors
ment of the branch was
of
a
purpose,
for furnishing more
The committee will
sheep industry.
OF MINNEAPOLIS.
Council of the
and 21, for the
Ordinarily these de¬
by other regimes, but now this relief is much
heavy calls for loans everywhere
It is stated that the amount needed is estimated at from
Rowley, Billings, Mont.
$250,000,000 to $500,000,000.
CHANGES IN OFFICIAL STAFF OF FEDERAL RESERVE
BANK OF
FEDERAL
MINNEAPOLIS.
♦
Two
cial
new
staff
They
Federal
the
of
Bank
Reserve
of
Bank of St. Paul and S. S. Cook who had heretofore been
Cashier of the
Frank C. Dun-
Minneapolis Reserve Bank.
lop who had been
has been
an
assistant Cashier of the Reserve Bank
appointed to the newly created post of Comptroller.
Cashier. F. G.
Norton, Manager of the Discount Department has also been
Gray
made
Warren
become
Assistant
Senior
Assistant Cashier.
an
BANKS
Announcement
was
FEDERAL
Washington
announces
the
admitted to the Federal
was
bring to this country the gold,
land and earmarked for their account.
carried
as
it is pointed out,
the
Capital.
District No. I—
Surplus.
Resources
$25,000 $1,274,113
Sanford Trust Company, Sanford, Maine..$100,000
its receipt here will have
ment
meeting of the Governing Committee of the Phila¬
a
Sept. 16, the commission on all
having over one year to run was raised from
delphia Stock Exchange
bonds and notes
on
follows
notes
having
one year or
less to
such rates of commission
may be mutually agreed
run,
members and non-members
to
On all bonds and
as
A resolution was also adopted that members may
upon.
execute orders in United States
at
notes
members
such
as
be mutually agreed
may
FEDERAL
OF
ADVISORY
to
and
members
non-
members
RESERVE
COUNCIL—ALSO
Reserve Board
on
the
of
are
BOARD
AND
GOVERNORS
The Federal
to meet with the Board in Washington
Monday next (Sept. 20), when, it is understood, policies
'
discussed.
Preliminary to the annual meeting in Washington of the
American Bankers' Association a conference of Federal
Reserve Governors and
Oct.
13
to
16.
Federal Reserve Agents will be held
The convention of the
.place Oct. 18 to 22.
was
made
on
Reserve banks have decided to bring to this country the
shipments will probably begin within a short time.
This
gold was purchased in August 1919 by the Federal Reserve banks from the
United States Grain
Corporation, which received it from Germany in pay¬
In September and October 1919 this gold was shipped
ment of foodstuffs.
England, and since its arrival there has
the reserves of the Federal Reserve banks appearing
their statements under the caption "Gold with foreign agencies."
on
that time the total value of the gold was
been reduced
to
in moderate amounts to banks
desiring to ship gold from the United States
In recent months such sales have prao-
tically ceased, and it has now been decided to bring
this gold has been
as
At
$173,348,876 71, but this total has
$111,458,044 95 through sales of gold from time to time
in settlement of trade balances.
the gold to New York.
continuously carried as reserve by the Fed¬
eral Reserve banks since its arrival at the Bank of England, shipment of
gold to this country will have no effect Whatever upon
of the Federal Reserve banks.
the
the reserve position
Of this gold $40,905,694 42 is held for the
Federal Reserve Bank of New York, and $70,552,350 53 for the other Fed¬
eral Reserve banks.
SUBSCRIPTIONS TO ISSUES OF TREASURY CERTIFI¬
bankers will take
INDEBTEDNESS
OF
OFFERED
SEPT.
11.
subscriptions of $492,262,000 were received for the
Treasury
5%%
certificates of indebtedness, Series T M
3-1921, dated Sept. 15 1920, maturing Mar. 15 1921, and
the
Advisory Council of the Federal
governing the distribution of bank credit and operation will
be
announce¬
'
CATES
upon.
AND RESERVE AGENTS.
The
The
gold which is being held at the Bank of England, London, earmarked for
Total
CONFERENCE
foodstuffs.
Liberty bonds and Victory
of commission
rates
upon
by the Federal Reserve Bank of New York
Sept. 16:
Inasmuch
SI 25 to SI 50 for each $1,000 par value.
effect
regarding its proposed shipment from abroad
been included among
ADOPTED BY PHILADELPHIA STOCK EXCHANGE.
no
position of the Federal Reserve banks.
It was
purchased by the Reserve banks in August 1919 from the
United States Grain Corporation, the latter having received
reserve
from the Continent to the Bank of
NEW COMMISSION RATES ON BOND TRANSACTIONS
The gold has been
by the Federal Reserve banks and hence,
reserve
their account, and
System in the week ending Sept. 10 1920:
Total
At
$111,458,045
amounting to $111,458,045, held at the Bank of Eng¬
now
as
SYSTEM.
The Federal Reserve Board at
following institution which
TO
ADMITTED
RESERVE
Reserve
BRING
made this week that the Federal Re¬
banks had decided to
serve
it from Germany in payment of
INSTITUTIONS
STATE
TO
GOLD RESERVES FROM ABROAD.
Minneapolis.
W. B.'Geery, Vice-President of the Capital National
are
RESERVE
g
Deputy Governors have been added to the offi¬
6% Treasury certificates of indebtedness, Series T S-1921,
dated Sept. 15
The
page
1920, maturing Sept. 15 1921.
offering,
amount
closed
announced
in these
columns last week,
for "$400,000,000 or thereabouts."
allotted was $448,596,000.
Subscriptions
1043,
on
was
Sept. 15.
The
were
Three of the Federal Reserve districts
oversubscribed their quota and the Treasury allotted 70%
on
their
were
over-subscriptions.
divided
(which
are
among
The
subscriptions
the several Federal
reserve
allotted
districts
marked in the order of percentage of their sub¬
scriptions to their quota), as follows:
Allotted.
Received.
Federal Reserve District
York
New
[Vol. ill.
THE CHRONICLE
1143
—
Cotton yard goods, especially the
-$282,000,000 $241,604,000
U,-
advance in
to
33,074,500
40,234,000
39.036,000
25,250,000
25,250,000
average
11,022,500
11,022,500
off in prices noted was in the case
Boston.
26,753,500
26,753,500
wool.
St. Louis.....
10,947,000
10,947,000
wear
Cleveland.-..
-
— —
San Francisco
-
Richmond
...i;
11,000,000
11,000,000
33,790,000
33.790,000
Dallas
4,637.500
4,637.500
Atlanta
5,630,000
5,630,000
City...-..—
Kansas
-
Chicago
men
and women,
.... —
...............
as
gloves and hats for both
four-months period.
price of certain other articles declined.
The
The most marked falling
of men's and women's garments made of
shoes and women's blouses and muslin under¬
dropped slightly in price between March and July.
Fuel, Heal and Light
Retail prices of anthracite and
dealers in 43 cities^
bituminous coal were obtained from 115
Averages of these indicate that between July 1914 and
1920 stove anthracite increased 85.5%,
July
and bituminous coal
Total
well
as
advanced in price within the
Woolen yard goods,
Hosiery, knit
1920 and July 1920.
underwear, men's shirts and overalls,
5,851,000
5,581,000
Minneapolis
cheaper and heavier grades, continued
price between March
35,146.500
Pniladelphia
Inasmuch
103,1%.
as
chestnut anthracite 81.4%
price increases for anthracite
in the districts where anthracite is most important as
.......$492,262,000 $448,596,000
fuel were greater than
the average for the country as a whole, and the same was true of bituminous
coal, it is estimated that the total increase in the cost of coal for domestic
between July 1914 and July 1920 was 92%.
use
REDUCTION
BY
SUGAR
OF
CENT
HALF
OF
POUND
A
PRICE
IN
COMPANY.
FEDERAL
Light is
.
a
less important item of expense in the families of average wage-
than is fuel.
earners
Gas and electricity for domestic use
about 15% within the six-year
The
Federal Sugar
another half
continues its downward
market
sugar
Refining Co.
This makes the
the
Sept. 15 having announced
drop in its price for fine granulated
cent
a
on
trend,
that the total increase in the cost of fuel, heat and light combined
66% between 1914 and 1920.
was
for
time.
The price now of granulated sugar in the
retail stores is from 16 cents up to
around 20 cents, 17 cents
1
,
Sundries.
cents a pound and meets the price
price 14
"second-hand" granulated sugars had been selling
some
ing to the importance of expenditures for each by average families, it ap¬
pears
sugar.
at which
Changes in carfare
mated
that
the average
1914.
CHANGES IN
statement issued on
Board.
most recent
1914-1920.
More insurance was being carried, church contributions
figure is
based
of the
rise of
In its
problem.
summary
the Board also
says:
.
1914 and July 1920, in the cost of each of the five
Increases between July
major items making up the family budget, were as follows:
Allltems..
104.5%
Food...-.
119%
Shelter
Sundries.„;
—....
—
As in earlier reports of changes in
from
to the fact that in
conditions,
was
ultimate
The retail food
changes in
cost
General commodity price index numbers
consumer.
to the
■
Food,
Retail food prices in June and July
increased
an
identical increase
119% above
1920 food prices
15%, the most marked rise within this period beginning in April
1920, and continuing to June and July, in which months retail prices of
food
were
higher than
any ever
before recorded by the Bureau of Labor
Statistics.
The
largest increases reported for food
items between
July
1913 and
133%; rice,
114%; bread, 113%; ham, 112%; lamb,
109%; hens,
107%; pork chops, 101%.
In July
1920
more
than two and one-half times as much, and corn meal approximately
two and
one-third times
within
the
as
much.
The average cost of a few articles de¬
ending July 15 1920, but these items
year
were
not
important in the total food budget.
prices of food have been collected
monthly since 1913, the average retail cost increased 100% or more.
The
largest increase reported was from Detroit, Mich., 138%, and the smallest
was
from Los Angeles, Cal., 95%.
Shelter.
is based on figures received from
bers of commerce and civic
some
Only
one
of
community, and that
one very
waste
report says that the rivers
in
Maine
an
Maine to become
water
change in
more
than
average rents
Among these were New York, Chicago, Philadel¬
phia, Detroit, Los Angeles, Pittsburgh, Baltimore and Cleveland.
On the
other hand in Boston, St. Louis, San Francisco and a number of smaller
cities the increase had averaged less than 50%.
amount
one
of power
bill makes possible the
power
The average cost of
wage-earners
creased 4% between March 1920 and July 1920.
however
166%
in the United States de¬
Clothing prices in July
above the prevailing level in July
July 1919 and July 1920,
1914.
Between
the average increase in the cost of clothing
"3%*
There is now going to
which, if employed, would permit
The signing of the
immediate development of hydro¬
30,000 horse power to the resoursas of
held up by Federal
The serious position into which Ne v England
industries have been forced by the coal situation is aggravated by increasing
"It is
public utility corporations."
He added:
impossible that New England can compete successfully with other
manufacturing districts throughout the world if her efforts toward develop¬
ment
the
a
are
to be
handicapped by
solution of her present
in
a
a
constantly increasing cost of power for
Hydro-electric power development offers
operation of her industries.
problem.
Through its development New England
large measure free herself from the effects of coal shortage
inadequate transportation facilities, and embargoes.
increased prices,
and
It
rquires that-there be applied to the question of utilizing the water power
resources
of New England the same foresight which New
England manu¬
demonstrated in the development of the great industries
the banks of the Merrimae and Nashua rivers."
PRESIDENT
WILSON
was
REFUSES
COAL
MINERS'
REQUEST TO RE-OPEN ANTHRACITE
WAGE AWARD.
recent
wage
award of the President's tripartite commission
re-opened
so
that the miners might force still further
increases in wages
firmly
'
made by the anthracite coal miners, that the
.The request
refused
by
above those just granted, was flatly and
President
Wilson.
The
President
on
Sept. 10 sent a telegram to the anthracite leaders, insisting
the
stand.
Clothing.
clothing for
A
and streams of this section are capable
of the leading industrial States.
control of navigable waters.
that
continued shortage of houses and rising rents.
•
Water power represents the
Massachusetts and Connecticut; projects Which had been
be
a
"The
which New England has been favored.
developing more than 2,000,000 horse power.
small, did not note
In slightly
Eighty-six cities reported increases of more than 50% in rents between
were
of power of vital importance.
great natural resource with
one
recent
361 real estate boards and brokers, cham¬
1920, and in nearly one-half of them the increase had been
indicated
New England, Mr. Gaston pointed out,
force her to undertake the development of her idle water power.
organizations in practically all of the cities in
10% or less.
All reports
In our neglect
meeting industrial competition.
The effect of the coal shortage on
may
built up along
1
one-quarter of the cities reporting there had been no
July 1914 and July 1920.
of power.
contribute in a
between July 1914, and July 1920,
advance in rents within this six-year period.
since March
as a source
power,
essity for affecting economies and securing every advantage of our resources
for
the United States having a population of 50,000 or over and in a number of
smaller places.
adjunct to coal
substituted for steam
develop water power we have shown an amazing disregard of the nec¬
to
facturers of the past
The estimated increase in rents of 58%
and the subsequent
practical way toward a solution of our present fuel problem.
may
In 35 of the 39 cities from which retail
war,
Every horse power unit of industrial energy now going to waste through
than four and three-quarters times as much
July 1913, potatoes more than four and one-half times as much, flour
creased
demands of the
tinued neglect of water power as an
unused water power, would, if
fuel demands of
sugar cost more
in
as
general system for the generation and dis¬
throughout the industrial zone between
electric projects which would add
July 1920 were as follows: sugar, 382%: potatoes, 368%: flour, 164%: corn
meal,
a
disarrangement of transportation to make us realize the folly of our con¬
the question
1920 showed
Between July 1919 and July
1913.
possibilities of establishing
dependence of New England upon industrial development," he said, "makes
'■
above the pre-war level and represent an average increase of
prices in the year
Mr. Gaston in further indicating his
it remained for the extraordinary
give
may
exceedingly misleading idea regarding changes in the cost of living.
an
'
evidence regarding
con¬
Although our water powers represent a natural asset of enormous value,
Board*
obtained
according to consumption,
offer little direct
now
said:
85%
and not wholesale prices,
used, since the latter, although they satisfactorily reflect market
should be
situation
after ten year's effort, of the National
Boston and Washington, D. C.
estimating changes in the cost of living retail quotations
properly weighted
of the passage,
ance
tribution of hydro-electrical power
sties were
Attention is called
the cost of that item.
"the serious coal
Bank of Boston that
It is distinctly encouraging that a survey has already been started to study
price index numbers of the United States Bureau of Labor Stat
used in estimating changes in
expressed by William ;
was
fronting the entire country serves to emphasize the import¬
the
the cost of living made by the
and others in close touch with the real estate situation.
OF
ACCORDING
A/GASTON.
W.
66%
which the above estimates were based
IMPORTANCE
Gaston, Chairman of the Board of the National Shawmut
views in the matter,
large number of retail dealers in clothing and fuel and from brokers
a
All of these
discussion of the effect of the coal shortage on New
a
Water Power Bill."
166 %
-
Fuel, heat and light
on
•
the cost of sundries between
DEVELOPMENT
England industries the opinion
A.
58%
—
.......
Clothing
the information
in
85%.
EMPHASIZES
POWER
TO
In
a
This
nearly 19% within the last year and
5% since March 1920, the date of the Board's last survey
of
due^ had been raised.
total increase
average
SHORTAGE
WATER
the Board's
on
investigation of changes in the cost of living,
a
indicate that the
COAL
Sept, 13 by the National Industrial
This
Complete report of which will be made public shortly.
increase marks
factors
July 1914 and July 1920
between July 1914 and July 1920 is shown in
wage-earners
Conference
LIVING COST,
ON
BOARD
104.5% in the cost of living of American
An increase of
a
CONFERENCE
had been raised unevenly since
Candy, tobacco, household furnishings and supplies showed large
increases in cost.
INDUSTRIAL
It is esti¬
increase in carfares for the country as a whole,
between 1914 and 1920, was not more than 40%.
had been increased and organization
NATIONAL
Fares had been raised
reported from 153 cities.
were
120 of these since 1914 and had remained unchanged in 33.
in
,
\
Doctors' fees and the prices of newspapers
being the most prevalent.
increased in price
Combining these increases accord¬
period.
they
wage
award that went into effect Sept.
He declared that the miners,
were on
he would
"vacation,"
not
"yield
one
were,
1 must
although contending
in reality, striking, and that
He recalled his
iota" to them.
previous acceptance of the miners' challenge in which he had
said the country would find some way to meet a fuel short-
Sept. 18
age
if the miners broke their agreement to accept the wage
award
He told the miners that
final.
as
of the 30th, we wrote into an agreement
message
Coal Commission despite the fact
the nation had
as
itself does
recently made
sacrifices to prevent
enormous
being regarded
"a
as
treaty from
a
prople
every
he would, not yield in the present
look the world in the face
our own
justify
or
consciences if
tract
are
one
am
in
receipt of
what has transpired
despite the fact that you are con¬
which you believe your people are
which
acted,
have
I sincerely thank you for the
notwithstanding your disap¬
promptness
with
pointment.
It is a policy of that kind, carried into
you
file of the workers, that has made for
effect by the rank and
the steady improvement of the con¬
ditions of the anthracite miners in recent years and
which lays the founda¬
tion for still further progress.
1
You ask
and
miners
for
the purpose
,
of adjusting certain inequalities which, you
In that con¬
nection your attention is called to a telegram which I sent to Enoch Williams
and others in reply to a telegram I received from them stating that the
anthracite miners would refrain from working unless I set aside the award
assert, exist in the award of the
Anthracite Coal Commission.
of the Anthracite Coal Commission on or
of America and the
inequalities in the award of the
Such meetings have been
districts have
In that telegram
before Sept. 1.
$1.50
rate
a
the four States
skilled
minimum of approximately $7 a day for common labor in
day rate in the
miners did receive
received from
miners
differentials being
widened to a greater extent than ever before, are con¬
tributing factors to the present state
The custom has been that
always been taken in the
of unrest.
in the bituminous districts
anthracite region.
of our orderly method of adjusting such
set forth.
that such a
request that you direct
PHILIP MURRAY
JOHN COLLINS
THOMAS KENNEDY
C.
into."
Notwithstanding the plain warning contained in that telegram, which was
by the obligations they have entered
anthracite coal miners, following
the leadership of these men, have refrained from work under the guise of
taking a vacation.
In doing so they have not deceived any one, not even
themselves.
■
;
.
working by mutual under¬
what name may be
given to it.
Our people have fought a great war and made untold sacrifices
to insure, among other things, that a solemn agreement shall not be con¬
sidered as a mere scrap of paper.
We have declined to enter into friendly re¬
lations with Governments that boast of their readiness to violate treaties
whenever it suits their own convenience, and under these circumstances
Whefi
body of men, collectively, refrain from
a
standing, however arrived at, it is a strike, no matter
we
could not look the world in the face or
justify our actions to our own
people and our own conscience if we yielded one iota to the men in the
fields who are violating the contracts so recently entered
anthracite coal
into
themselves,
between
the Government of the
the coal operators and
United States.
I appreciate
>
the earnestness of your efforts to get
work, and commend your stand in support
tracts, which all men must honor,
that
I
cannot
of operators
grant
your
the men to return to
of the obligations of your con¬
regret
scalecommittee
but for the reasons stated above, I
request to reconvene the joint
Sept. 11 from
Wilkesbarre, Pa., advising the men to remain at work and
aid the union in fulfilling its obligation to the operators and
the Government.
The officials, it was said, gave careful
1, United Mine Workers, issued statements on
thought to the President's decision refusing the request
before making
the honorable course.
leaders of other districts failed, however, to
tors,
new
a
two-year wage agreement
signed
2, but under protest. Their
As noted above the leaders of the miners
opened."
wage
contract on Sept.
scale committee, at the time of the
'
in
a
cite
statement to the operators
Coal
that it
was
Commission
was
signing went on record
that the award of the Anthra¬
"far from being satisfactory,"
economically unsound, disturbed the differentials,
straddled the real issues, would cause
i
Union
take like action.
with the opera¬
the anthracite coal miners had sent a telegram to Presi¬
Wilson on Sept. 3, urging that the "wage scale be re¬
dent
the
of
public statements and then de¬
cided the union must pursue
signing
against
harmony
and
confusion and react
co-operation.
(The
statement
is
given in full further below.)
miners
were
prepared to present
but the operators let it be known
Scranton,
The President,
The White House,
Pa.,
Sept.
3,
i920.
Washington, D. C.:
My Dear Mr. President:—The representatives of the United Mine Workers
of America in the three anthracite districts, conscious of their obligations,
w
met
yesterday with the anthracite operators
permanent
Secretary of Labor,
and tranquility in the anthracite
peace
mining
The statement referred to above drawn up by the
miners' scale committee and read to the operators on Sept. 2
industry.
their protest
as
The
against the wage award was as follows:
Anthracite Coal Commission signed by W. O.
majority award of the
L. Connell and accepted by the President of the United
far from being satisfactory to the anthracite mine workers and
Thompson and W.
States is
does not measure up to an
intelligent, fair or constructive
agreement.
The award is economically
and
basis for a joint
unsound in that it disturbs the
differentials
clauses that straddle the real issues and
lieu of clear cut decisions decisions that are inconsistent apd not
to do anything but cause confusion, and react against harmony
provides for basic agreement
in
sets up
calculated
is a sweeping
denial of the principle of the living wage
stretch of the imagination can it be
mine workers' representatives contend
The
and in compliance with your
called fair.
and reiterate that they have
much higher wages than have been awarded by the
commission, and submit that the record made by the
commission at Scranton will stand
forever as evidence that the commission did not base its findings on the
evidence, but rather was it based on the proposals of a mediator, which pro¬
posals were not part of the submission, and never were intended to be part of
proven
their claims for
majority report of the
representatives before the
mine workers'
the record.
The resentment on
the part of the
anthracite mine workers against the
proof in itself that the award cannot bring that peace and
harmony which is desirable.
The minority report submitted by Mr. Neal J. Ferry, the mine workers'
majority award is
representative, echoes sincerity and sets forth in the
trial statesmanship and common-sense logic a true
majority award
should have been were it
language of real indus¬
exposit ion of what the
based on the evidence and upon
justice.
convention of Districts Nos. 1, 7 and 9 of the
held in the city of Wilkesbarre May 24 to
The joint
unanimous vote to
through the Secretary
United Mine
27, inclusive,
reject the offer of the operators as made
Workers of America
decided by
of Labor.
award of the majority of the commission practically reaffirms
the offer that was rejected, except, that in the matter of wage awards cer¬
tain of the low paid men have secured some improvement, and the arbitrary
factors of the rejected offer have been wiped out.
This action of the con¬
The present
vention proves
that this award not
being in excess of that which was re¬
jected is bound to find disfavor and cause resentment.
However, this convention, after rejecting the wage offer
as made through
consideration to the proposition offeree} by the
appointment of a commission to hear
and decide on the points at issue between the anthracite mine workers and
the operators, and after discussion the convention had no other alternative
but to accept the proposition offered by the President and the matters at
issue accordingly referred to said commission, the majority report of such
commission being accepted by the President.
The convention clearly
understood that the award of the commission was to be the basis for the
new agreement and in honor the United Mine Workers of America, as a
labor organization fully conscious of their obligations, is duty bound to
carry out the actions and understanding of the convention in having the
majority award become the basis of the working agreement.
The scale committee of the United Mine Workers of America has no other
alternative but to honorably carry out the mandates of the convention and
subscribe to the award, notwithstanding that the award is protested as be¬
ing unfair, a denial of justice and a denial of the principle of the living wage
the Secretary
of Labor, gave
President of the
new demands at
they were there for
one purpose and that was to accept the award as approved
by President Wilson, and that if the workers had anything
further to communicate it would have to go through regular
channels, as the mine owners' committee felt it had no auth¬
ority to receive new demands.
Accordingly, on the following day (Sept. 3), a special
committee of the miners sent the following teegram to the
President asking that the wage award be re-opened:
The
once,
Mine Workers.
long telegram was also sent by
a
Wilson,
B.
W.
3
and by no
District
Following receipt of the above, union officials of
After
GOLDEN
Anthracite
the miners to
embodying the appeal
sent to the President and urging him to exercise the influence
of his office to have a joint wage scale meeting held to insure
On Sept.
The award on wages
>.
WOODROW WILSON.
miners
J.
the
Representing
and co-operation.
and miners.
Sincerely yours,
the
differences
Workers of America most respectfully
meeting be held for the purpose herein
representatives of the United Mine
challenge will be accepted, and that the
given wide publicity, the majority of the
granted
similar action has
whenever voluntary increases have been
during the life of agreements
rest assured that your
people of the United States will
find some substitute fuel to tide them over until the real sentiment of the
anthracite mine workers can find expressions and they are ready to abide
1 1920, is intended as a threat, you can
anthracite region under the award is $4.20
miners approximately $5.50: and the anthracite
approximately 13% less than the bituminous
the Bituminous Coal Commission.
Therefore the
day and skilled company
contract
the
fore Sept.
basic wage scale $7.50 a day for
mentioned.
The minimum
communication, declaring your intention to refrain from working
unless I" set aside the award of the Anthracite Coal Commission on or be¬
"If your
those
straightened out their differences by increasing the day wage
However in the process
I said:
Bituminous Coal Commission.
held and in obedience to your instructions
day, which makes the
day workers, with.a
a
joint scale committee of anthracite operators
to convene the
me
wherein
representatives of the United Mine Work¬
representatives of the various coal operators associa¬
tions comprising the central competitive field of Illinois, Indiana, Ohio and
Western Pennsylvania be held for the purpose of remedying the existing
provide that measure of justice to
entitled.
recently in the bituminous coal mining industry
directed that a meeting of the
you
ers
telegram of Sept. 3, informing me that
vinced that the award in itself does not
the wage contract for the purpose of
wisdom believe would remedy the
This the operators refused
the ground that they had no authority.
Our request that the wage scale be reopened is not only based upon the
belief that the award of the commission is inadequate, but also in view of
have written the award of the Anthracite Coal Commission into an
agreement with the anthracite operators,
these disturbances.
situation we at our meeting yesterday request¬
to agree to on
Workers, Scranton, Pa.;
your
effort to compose the
existing inequalities in our present agreement.
Collins, Thomas Kennedy, C. J. Golden, Repre¬
senting the Anthracite Mine
Gentlemen—I
you
effort that has been put
an
applying such remedies as we in our joint
Washington, Sept. 10 1920.
The White House,
uprisings
despite
forth by the officers of the United Mine
ed the anthracite operators to reopen
telegram to the union leaders was as follows:
Messrs. Philip Murray, John
In
our own
iota to the
violating the con¬
yielded
we
justly entitled.
place in opposition and protest in all the mining districts
Workers of America to prevent
recently entered into," wrote the President.
so
His
action to
our
in the anthracite coal fields who
men
"We could not
instance.
award
inequalities in the award are so apparent that voluntary
have taken
treaties,
the award of the Anthracite
that we are convinced that! the
provide that measure of justice to which we believe our
not
are so
The
of paper," and had declined to
scrap
enter into relations with Governments that violated
people and
1143
THE CHRONICLE
1920.]
United States for the
profession of "our orderly
differences" (contained in its tele¬
Notwithstanding the union's
method of
gram
adjusting such
to the
President), delegates representing
anthracite
11u
THE CHRONICLE
miners, who for
mously
been
week had been
a
expected there would be
The
strikers,
at their
vacation, voted unani¬
on
appeal resulted merely in
Sept. 7 to continue in idleness, although it had
on
meeting
Railway Workers.
Sept. 7 voted to "stick to former action
on
circumstances he would,
and work in harmony until all miners of the anthracite mines
are
on
not be
vacation."
a
The
insurgents declared they woulc
"camouflaged by reports that
large number of loca
a
back to the mines.
the anthracite coal
of
few
a
United
Declaring that the present situ tion in
region
Workers
Hard
Coal
Fields
issued
and
contracts
the
justice
of
"a two-fold purpose
their
in
displeasure at the scant
the
award
committee
after four
sions at the mine workers'
The
proclamation
of the
of justice meted out
decision
of
the
days of almost continuous
ses¬
unanimously signed by all the members
was
authorized to adopt
was
soon
as
work
is
resumed
negotiations and the award of the Anthracite Coal Commis¬
The
Policy Committee in their proclamation also
During the past four
workers
wages
of the last contract the officers of the mine
years
impossible,
for
our
some
a
fuller
measure
I
can
of justice—a task made the
men
do.
Sept. 13 by Judge Mayer follows:
on
Governor stated that
The
afternoon.
he had been
visited
meeting with Judge Mayer.
Judge Mayer stated to the Governor that his position had been deliber¬
He had definitely determined and pub¬
licly stated upon more than one occasion that he would not deal in* any way
Amalgamated Association directly or indirectly, and that
with the
he was concerned the matter was
as
would serve solely to prolong
tion which should be brought to an end;
cumstances that
Mr. yahey and Mr.
more
To the above Mr.
burden¬
be dedicated,
and in its
'
Gompers sought
a
meeting for the
Mayer this afternoon, in connection with
which the Governor had made to the judge, is most humil¬
the suggestion
iating.
'
might have
It was my purpose to present to
have returned to their jobs in larger
numbers.
Federal Judge Mayer has persistently refused to
deal with the Union, as has Lindley M. Garrison, receiver
of the B. R. T.
M.
On
Sept. 8 Mr. Garrison and Federal Judge
Mayer declined to take cognizance of
a
the apprehension
cannot receive any
Amalgamated
Association,
directed
the
walkout.
trator, to direct the form of future negotiations and deter¬
mine who shall represent the men.
strikers would return to their
had been
jobs
It stipulated that the
as soon as
such submission
agreed to by the court and receiver.
Reiterating his
It
Union, Receiver Garrison
Sept. 8 said: "From
on
all the efforts of the company
now
on
will be directed to getting
a
permanent organization."
When his attention was called
to the report that
high wages being paid to strike-breakers
were a
serious drain
on a
in receivership, he added:
company
"We have not figured that out, but we are determined to
operate the system and give good service.
to be sure,
force."
but ultimately
When he
deal with
a
settle
the
secure a
working
asked whether he would consent to
always in the past successfully dealt with the
employees of the
statement
It will take time,
will be able to
committee appointed by the men as employees,
he said: "I have
Efforts
was
we
that
company
have
controversy have
on
in
the various
been made
from
been
departments."
various
without
Sept. 3, Receiver Garrison
quarters to
success.
gave
In
a
the strikers
until Wednesday, Sept. 8, to return to work "and be accorded
full
seniority and other privileges," on the terms which had
by Judge Mayer, as given in our issue of
been laid down
Sept. 4.
Some of the
men
responded to this "ultimatum."
On
to
Sept. 13, Gov. Alfred E. Smith asked Judge Mayer
meet Samuel Gompers, president of the American Federa¬
tion of Labor, for a discussion of the strike situation.
was
This he has declined.
His
position is not judicial.
On
The
It is autocratic.
following day (i.
the
Sept. 14) Receiver Garrison
e.
issued the following statement:
Any
could have foretold the failure of Mr.
the Amalgamated Association from their
who has followed events
one
Gompers to extricate the leaders of
inextricable position.
This marks,
given
I trust, the end of the
no
calling of the strike.
They left their
and, in large part, they remained out
because of their
opportunity to vote on the
work reluctantly,
efforts of these leaders to buoy their
The vast majority of the men were
followers with false hopes
deluded
of their leaders that each new move would
reinstating the Amalgamated in control.
One after the other, these
reliance upon the assurance
result in
deal with the Amalgamated
purpose not to
that they are
united stand.
my purpose to suggest a way out of the present situation.
This
Judge Mayer has resented, instead of hearing what might have been pre¬
sented to him.
It was my purpose to be a servant in a difficult situation.
necessarily thrown upon their
The
strikers' communication asked for the unqualified submis¬
sion of all the issues involved to Mayor Hylan as sole arbi¬
consideration at the hands of the only official who has
seeming authority to determine their cause;
the authority or
letter
strikers, which, in conjunction with the officers of the
position that he has taken will allay
of the men or that it will bring the strike to an early
feel that directly or indirectly their cause
The men undoubtedly will
close
addressed to the receiver by the joint executive committee
of the
strike.
turned a deaf ear.
Surely he cannot imagine that the
Brooklyn Rapid Transit lines has rapidly im¬
the B. R. T.
him important considerations quite
a solution of conditions
attention and
important than the element that entered into the existing
To this Judge Mayer
leaders have
off negotiations
similar
each time assuring
Before the strike,
break
Mayor Hylan was then sought, with
appealed to every local and State agency,
would attend their efforts.
their followers that success
Commissioner Delaney's
advice to the men was that they should not
with the receiver.
result.
'
.
•
successively to Acting
Public Service Commissioner Barret, then to the Mayor and the Board of
Estimate, then again to the Mayor and the Board of Estimate (the Governor
being present), and the advice received by the men was to return to work.
Later, upon Commissioner Nixon's return, he gave similar advice.
In his letter of Sept. 2, Judge Mayer had fully and finally stated his posi¬
tion.
Nevertheless, later, and some ten days after the strike began, Mr.
Mahon, President of the Amalgamated, appeared on the scene, and his
arrival was heralded as the positive assurance of success.
No result came
from his efforts.
Finally, Mr. Vahey, from Boston, the general counsel of
the Amalgamated, enlisted the services of Mr. Gompers, with the result
After the strike was
aow
called the leaders appealed
known.
,
During all this time, the men
.
have been without their wages, thereby
situation which is serious to them now and will grow worse if
the number of men still on strike is any where near what is claimed by the
producing
a
Amalgamated officers.
well over $300,000.
__
this
sum or
any
weekly wages of such men
the Amalgamated Association
The aggregate of the
I have no faith that
those it can enlist in its cause
will now, or in the future, pay these men
appreciable part of it.
^
_
the men will take their situation in
the light of fact, and no longer be cruelly deluded by false hopes.
I trust
that, by this time, they fully realize that the court and the receiver mean
exactly what they say; That there is no hope now nor in the future of the
Amalgamated Association again being entrusted with the control.
The one and only sensible course for the men to pursue is to return to
I hope
w^rb-
that, in their own interests,
viro
want,
nnri
will
V;
opportunity as a citizen of the State of
an
outside of those that have had his
even more
Notwithstanding much violence on the part of the strikers,
resulting in considerable damage to lif « and property, ser¬
Julius
situa¬
Gompers made this reply:
The statement made by Judge
I asked that I
TREAT WITH AMALGAMATED
men
a
that it was obvious from the cir¬
of again going over the situation in respect of the Amalgamated
purpose
UNION.
the
far
Gompers, such a meeting at this time, under the existing circum¬
meet Mr.
stances, would not only be useless, but
New York and unofficially to go into the present situation in
on
so
closed.
He further stated that while under other circumstances he could, of course,
strike.
proved and the
by Mr.
by Mr. Gompers, and that they desired to have the Governor see if he could
arrange a
who acted with haste and not
BROOKLYN RAPID TRANSIT STRIKE—JUDGE MAYER
vice
the
There is nothing
Vahey, the general counsel for the Amalgamated Association, accompanied
ask the loyal co-operation of every mine worker.
REFUSES TO
efforts
over
Governor, Judge Mayer and Receiver Garrison had a conference
The
devolves the task of securing
the Commission every effort of our officers will
we
that
The statement issued
this
my
discussion of the situation between Judge Mayer and Mr.
I have just been in communication with Mr. Gompers
finally set forth in his letter to the Mayor, dated Sept. 2, on which he stood.
now
were
To this task of obtaining a rectification of the mistakes of
accomplishment
nothing further than that I have been unsuccessful in
a
leaving
on
shortly
by the precipitate action of those
with wisdom.
Governor Smith,
said:
Our demands to-day are no less meri¬
Upon the officers of the union
people
The
conference attended by Samuel
Association, and that Judge Mayer's position had been fully, clearly and
yet the very increases thus denied
thereafter written into contracts.
torious.
say:
occasions told at Washington that further increases in
were on two
were
a
ately taken and was well known.
throughout the hard coal
region the Policy Committee, it is expected, will proceed to
Washington and attempt to obtain a re-opening of the wage
sion.
further
a
that would end the "vacation" strike.
program
This
"obviously the
was
telephone, and he will leave for Washington to-night.
headquarters in Hazleton, Pa.
Policy Committee, which
As
a
measure
The
can say
bring about
Gompers.
time made manifest
Commission."
the
of
came
I
to
served
same
and to
way
settlement of the strike."
a
followed
Amalgamated Union.
the conference,
in that it has given the mine workers
well-earned vacation and at the
general
Gompers and James H. Vahey of Boston, general counsel
for the
Referring to the idleness of the mines due to the miners'
"vacation," the proclamation asserted that it had
"Sun & Herald"
negotiate
to
Governor's request
cause.
our
a
otherwise reach the Federal official.
the New York
final effort
a
men
to
con¬
attitude autocratic,'and declared that
wishe.d only to discuss the strike in
said
that date advising and recommending that
return to their work and vindicate the
on
loyal union
faithfulness
the
of
Mr. Gompers said he
which might not
the result of the "unwise action
was
would
only prolong the strike.
conference at that time
present information of importance regarding the situation
unthinking men," the Policy Committee of the
Mine
proclamation
"all
orderec.
were
be glad to meet Mr.
course,
a
he
Sept. 16, all the "vacationists"
on
of
Gompers, but he thought such
sidered the Judge's
unions have voted to return to work."
Finally,
ftte Amalgamated Association of Street and Electric
The Judge said tnat under different
tives of
general return to the mines
a
reiteration of the Judge's state¬
dealings with representa¬
a
ment that he would not have any
they called themselves, "vacationists,"
or, as
[Vol. 111.
welcome
back our old, experienced and trust-
Sept. 18
worthy
letting bygones be bygones.
men
The agitators and the disturbers
not wanted and will not be taken back.
ar#
As noted in the
the
issued
arrived
that
on
together the contending forces and
This I
our
It
was
impossible for me to
actions and words spoken by those who do not understand
was not
with my consent
of
or
my
be able to reach
I
an
men
of
Then I
They
both
are
M.
brdad-minded
large affairs.
advised that Governor Smith and May
of
am
working hard to bring about
with all these
an
we
Hylan have been
that
be able to gain a speedy
ought to
settlement of this unpleasant affair.
So far
and
as
the
We
not here
are
authorities
to villify Judge
Mayer
experi¬
difficul¬
must face in
the many
both the court and the Receiver
handling roads under such circumstances.
The court necessarily must represent all parties and you can rest
that those who have criticised the court in this case were not
or
assured
speaking for me
the Amalgamated Association of Street and Electric Railway
Employes.
personally repre¬
In such negotiations, if any, that will take place I shall
sent the
Amalgamated Association and its policy.
This is
families
affected, the great riding public is
are
venienced, and the company's cars
It is
with
a
are
and their
discommoded and incon¬
Eleven thousand men
important state of affairs.
an
practically at
a
parties together and establishing permanent
appealing to the
bringing the
a
the work
settlement as above sug¬
gested.
on
the above:
any
He is in error in assum¬
temperate statement.
bitterness
on
myself.
the part of Judge Mayer or
realize that the vast majority of the men were misled, and have
positions.
ant
"was not with my consent or my
situation," Mr. Mahon
says,
"The creation of this
or our
A.
in
We
unpleas¬
making."
It is the fact, as he appreciates, that irreparable
injury
the thousands of employees who were induced to cease
that incalculable
We entirely
"important."
has been caused to
earning wages and
injury has been caused to the public.
breaking of contract and calling of
was between the receiver and a
All of these injuries were caused by
the strike.
The contract which
was
broken
committee composed of Amalgamated members
Association, and the strike
was
Under the circumstances there
elected by the
called and endorsed by
was
no
other proper
Amalgamated
that Association.
course open
to the
court, and the receiver, in view of their duty to the
public than to refuse
to imperil the interests of the public by again dealing
directly or indirectly
causing a breach of
and
now
hereafter with this Association, which, by
or
contract and
by its
of calling the strike,
manner
had shown itself to
be
court and
the receiver in this matter
personality of the representatives
appreciate is that the position of the
not induced or provoked by the
was
A. and that
of the A,
therefore such
position cannot be affected by changing the personnel of such
representa¬
tives.
It
was
the action of the A. A. itself,
in calling and endorsing
fensible strike, which was the important
negligible.
and the
unimportant and
'
The determination reached
sideration,
and
feeling
is
or
on
without a
and deliberate con¬
by the court and the receiver was
of bitterness, but after calm
Sept. 8, Mr. Garrison issued
phase is over.
this state¬
management and of the public, and toward showing
zation fit
to
the esteem of the
that it was an organi¬
be trusted.
he contented himself with
rebuking
injured their own cause in public esteem
what he termed
the "impatience" of these radical leaders, and then casting in his lot with
them, making their cause his and that of his organization, and thereupon
advising the former employees to refuse to return to work.
With the
disappearance of Mr. Mahon as a possible factor for goods, the first phase
by general
to
an
now
process
proper
vilification and abuse—expressing regret at
end."
enter upon
<"
the second phase, which is
the slow and laborious
of obtaining and training new men as a permanent force, for the
and efficient operation of the system. This calls for much hard
find that the wages paid by
clerks in Manhattan, Brooklyn and the Bronx receive a
a
and after five
year,
The 3,758 firemen
exceptionally fine Fire Department receive a
our
annum,
above
and
men
and therefore have every reason to
all
less than are paid by us as
forth.
set
The Court and the Receiver have no
in
$2,280.
doing clerical or physical
women
and in very many cases
more
no
and after five years a maximum of
of
Hundreds of thousands
work receive
maximum of $2,280,
Department pays its 9,229 patrolmen a min¬
Police
unexcelled
our
imum of $1,769 per
minimum of $1,400
maximum of $1,800 a year.
years a
of
minimum of $1,769 per year, and after three years a
and
and Post Office
12,467 hard working and faithful letter carriers
The
their
personal
or
private interests to serve,
be perfectly fair, reasonable and frank
the employes, and have always been
dealings with
fair and
with them and intend so to continue.
square
NINE
R.
B.
CHARGE
ON
INDICTED
STRIKERS
T.
MURDER.
OF
indicted by the
charge of murder
in the first degree in connection with the death of Ferdinand
Friedman a passenger on a Sea Beach train, who was hit
by a rock on the night of Aug. 31.
District Attorney Lewis
said the prosecution would be pushed at once.
Nine Brooklyn Rapid
Transit strikers
Kings County Grand Jury
OF
PROSECUTION
Sept. 10
on
were
on a
CONTRACTORS
WAR
ORDERED
BY DEPARTMENT OF JUSTICE.
An initial
move
by the Government to clean up its war
controversies
contract
made
was
on
Sept.
2,
when the
Department of Justice at Washington ordered the prosecution
of 324 contractors.
It is stated that preparatory to institut¬
has
ing legal proceedings, in most cases the Government
started
a
rechecking of such data and figures as it* has,
planning later to pursue the investigation into the records
of the firms and individuals whose contracts are questioned.
This work will
require several months and it is said that
the
possibility of early settlement of most of the suits appears
remote.
As to the contemplated proceedings the Associated
dispatches from Washington Sept. 2 also
said:
prosecution order were turned
by the War Department but there were indications that similar cases
would be received from other Government departments.
The Shipping
Board is understood to be planning to request criminal prosecution in half a
dozen cases in addition to those already in the hands of the Attorney
Practically all of the cases embraced by the
over
General.
it would be the
leniently with the fraud cases. He
explained, however, that those contractors against whom civil proceedings
only were to be instituted would receive every opportunity to straighten out
Robert T. Scott, assistant to
the Attorney General, said
policy of the Government not to deal
controversies before the matters are
contracts represent
those in charge
thrown into litigation.
practically every section of the country,
sought in the various local
They include agree¬
commodity which the
well as construction of camps,
and of other facilities for the training of the
"ranging from a few thousand to a few
ments for the
Government
and
jurisdictions, according to
of the cases for the Department of Justice.
which action will be pressed were said to involve amounts
court actions will be
million each."
furnishing of supplies of nearly every
purchased for war purposes, as
cantonments and warehouses
army.
Officials expressed
the belief that, although the
failed to reach an agreement, many
of court.
The War Department
sections some months ago, and
in most of the cases are
War Department had
settled out
investigating
facilities for making necessary inquiries
of the controversies would be
abolished its fraud and graft
its
limited.
With respect to a score or more
belief was expressed that
of the contract settlements in
"honest mistakes" had been made
dispute the
by the contractor
investigation of records would produce ground
on which adjustments of the matters could be easily made.
It was said
that in other cases, however, "plain fraud and conspiracy" had been proved
or
Instead of pursuing such a course,
those of his subordinates who had
"We
physical and mental requirements thereof, we
us contrast very favorably therewith.
Contracts on
It ended with the final position
long way toward rehabilitating his organization in
gone a
came
Wages in Other Trades.
Taking other lines of employment and without emphasizing the greater
The
taken by Mr*
Mahon, International President of the Amalgamated Association.
This
Association has a great stake in this situation.
If its spokesmen are
accurate, it had 12,000 members in the Brooklyn locals paying dues to the
Association of SI a month each, making a total of $144,000 a year income
to the Association.
If, upon his arrival from the headquarters of this
organization in Detroit, Mr. Mahon had thrust aside the radical leadership,
repudiated the unwarranted breach of contract, disciplined the locals for
violating the essential laws of their organization and ordered the men—who
never should have left their work—to return to their work, he would have
The first
six
by the following companies:
employes similar wages or less.
regarding the strike situation:
ment
of course, are for men working full time, which means
4,558 by the
Interborough Rapid Transit Company, 1,494 by the New York Railways
Company and 2,044 by the Third Avenue Railways Company.
The other
surface railroad companies in the greater city either pay their numerous
'
unalterable.
Subsequently,
'•
this inde¬
and determining factor,
Intemperate and unwise utterances of its spokesmen were
trace of personal
The conductors and motormen
minimum of $1,650 a year, and after three years
a
It is the identical wage paid to the following number of men
days a week.
Press
irresponsible.
The thing which Mr. Mahon fails to
paid
months' service is $1,560 per
maximum of $1,950 per annum.
a
in control of the
bringing about the present situation.
with him that the present situation is what he terms
agree
are
making.
We deprecate as heartily as he does the actions of those
affairs of the A.
the elevated and subway is $1,450 a year,
the conductors on the elevated and subway
freely offered
to reinstate them in their former
It certainly was not with our consent
.
comment
Sept. 6 made the following
J
I have read Mr. Mahon's
ing that there is
the surface
interested
Hylan and take up
through him with the hope of bringing about
Receiver Garrison
on
after eighteen
peace.
It is my intention to call tomorrow on Mayor
on
guard
interfere
stake to
just and speedy settlement, and I take this means of
court, the receiver, the press and the public to unite in
a
'Similar figures for
standstill.
time to permit anything foreign to the issue at
no
on
of
his maximum obtained
$1,750 minimum and $1,840 maximum.
are
My years of
with street railway affairs have taught me to know of
ties and trying positions that
the
position.
to abuse the Receiver,
or
I fully appreciate Judge Mayer's
the newspapers.
or
He represents the court, which always has my respect.
ence
justice
amalgamated association is concerned we only want
fair deal.
a
The minimum pay
annum.
It seems to me
honorable adjustment.
big public spirited men
elevated and surface lines, excepting the motormen on the
in similar'lines of employment
Judge Julius
advised that the railway company is represented by
am
And it must be
base of income is strictly limited by law while the
not.
expenses are
All of these,
fully gone over we
hdnorable and satisfactory adjustment.
Mayer and Receiver Lindley M. Garrison.
and
the circumstances
employ¬
And it must be borne in mind that the men
subway and elevated, the facts are as follows:
making.
Therefore it is my hope that after the matter has been
may
engendered by
will be difficult, but the outlook is very
new men
ill-paid.
Taking the classes of employes which struck, namely, the trainmen on
the subway,
and
hands.
But the creation of this un¬
represent the policies of our association.
pleasant condition
of the
no means
considering the ratio of income to outgo, is very well paid.
of the General Execu¬
matter of this kind, especially after much bitterness has been
or
in
it is mot difficult for one to assume charge of a
as
patience on behalf of the
Despite whatever has been said upon the subject, this
by
necessary
association and the work it placed in my
sincerely regret,
ment is
bring
settlement of the strike now
secure a
The obtaining
hopeful.
borne in mind that the
account of the meeting
sooner on
5,
Mr. Mahon
if it is not possible to
see
force upon the Brooklyn Rapid Transit lines.
tive Board of
Sept.
on
date, saying:
My coming to New York at this time is to
reach this situation
here
settlement of the strike.
a
statement
a
Association
work on behalf of the management, and much
public.
above, William D. Mahon, President of
Amalgamated
seeking to effect
1145
THE CHRONICLE
1920.]
so
sub-contractor, and that an
clearly that no other course was open
action looking to the
SENATOR
In
revealing
to the Government except
indictment of the violators of the
HARDING
on
ON
direct
law.
JAPANESE ISSUE.
the 14th inst. his attitude
toward, the
Senator Harding, the Republican
nominee for President, enunciated his conclusions in a senJapanese
situation,
tence to the effect that "no one can
the future of this
Republic without
tranquilly contemplate
anxiety for abundant
an
provision for admission to our shores of only the immigrant
who
assimilated and thoroughly imbued with the
be
can
American
To-day
Taking
spirit."
said:
Senator
the Japanese question,
up
77: 7v.;: 7,7;77
have come here from the Pacific Coast of
you
the Oriental question, as it is called.
tation of
our country.
I
troubled in their minds about
That question raises
interpre¬
every
of American States and their
one group
But it also involves the obligations of that group of States to
the nation..
,7",''■7;/-'7777!'''';7 '7t'-':'•'"7
There is abundant evidence of the dangers
I
do not say racial
inequalities—I
racial differences.
I am
ready to recognize that the civilization of the Orient is older than ours,
ever
that ther peoples have their proud
In spite of the honor
'
,
and honorable traditions.
antees
to
one or
of these Oriental peoples, and in spite of their con¬
may
question of inferiority, superiority
any
no
Both candidates favor progressive internal policies and point out the ne¬
friction that
a
matter whether it be on the
inequality, may create,
or
be recognized.
m Jst
Coist to recogni/e that
States
to
stand
behind
as
I be¬
The natiop owes it to the Paelf'c
The nation
fact
them
in
it to the Pacific Coast
owes
necessary
consistent with
measures
our
national honor to relieve them of the'r difficulties.
The problem incident to racial differences must be accepted as one exist
-
ing in fact and must be adequately met for the future security and tran¬
quility of
our
We have learned during the anxieties of world war
people.
the necess'ty of making
the citizenship of this republic not only American
in heart and soul but American in every symoathy and every
No
one
immigrant who
From
admission to
for
shores of only the
our
be assimilated and thoroughly imbued with the Ameri¬
can
spirit.
can
aspiration.
tranquilly contemplate the future of this republic without
can
anxiety for abundant provision
an
a
opened
to
'/■
tution.
Alfredo
our
doors freely and have given to the peoples of the world who came
Deputies in Congress, just previous to the election,
asking them to rule that Gen. Obregon
barred from
petition, it
becoming
opportunity.
of industry
power
As
a
or
people and
we
are
disqualified him under Article 82 of the Constitu¬
tion, which
termine who shall
activities.
With
or
our
varied activities.
coup."
The petition further quoted the electoral law and
the criminal code in support
we
favor such modification of
soul
a
our
im¬
migration laws and such changes in our international understandings, and
a
policy relating to those
ho
w
citizens of this republic not only
come among us, as
will guarantee to the
assimilab'lity of alien born but the adop¬
tion by all who come of American standards, economic and otherwise, and
a
of its argument.
Advancing doubt of the legal standing of the Obregon
didacy, the authorities in several districts had, it
can¬
said,
was
register his candidacy.
PROTEST
TO
MEXICO
AGAINST
BY
GOVERNMENT
S.
U.
QUESTION STILL
OIL
LAWS—THE
CONFISCATION
UNSETTLED.
obtain
To
first-hand
a
on
Sept.
14,
George
summoned
has
Summerlin,
T.
in
made known
was
the
American Charge d'Affaires in Mexico City, to Washington
for
series of conferences with Secretary
a
officials.
Government
With
regard
Colby and other
Summerlin's
Mr.
to
mission, Washington advices of Sept. 14 to the New York
"Times," said:
Mr. Summerlin, it is expected, will report on all
full consecration to American practices and ideals.
conditions
actual
of
report
Mexico, the United States Government, it
international'rights to de¬
realization of the necessity of developing
distinctly American in this republic,
such
candidate "shall not have taken
any
on we are more con¬
shall not enter into our country and participate in our
new
a
that
says
part, directly or indirectly, in any uprising, riot or military
Governor Stephens [of California] has sa'd.
as
do have the moral, the natural and the legal
we
The
We have
with adding to the man
the additional human units in
nation,
a
From this time
of citizens than
candidate for the Presidency.
a
said, reviewed the military record of Gen.
was
gations of citizenship of necessity must be assumed by those who accept
cerned with the making
petition
a
constitutionally
was
Obregon preceding the overthrow of Carranza, maintaining
that this
that stage of our development where we have learned that the obli¬
the grant of American
^
Dominguez, Gen. Obregon's opponent, sent to the
We have
the fullness of American opportunity and political liberty.
us
by a pro¬
recently issued by his party, to call a convention in case he is
nouncement
haven to the
oppressed and the aspiring from all the nations of the earth.
come to
to the
as
General Obregon recognizes the
present organic law, while Senor Roblas Dominguez is pledged,
refused to
■
the republic America has been
the beginning of
They differ radically, however,
Constitution of 1917, at present in force.
lieve they have created upon our Pacific Coast, without blame to either
side,
Because of our geo¬
nations."
be so
the soil of the other, these differences, without raising
upon
and to their investments.
graphical location we should pay especial attention to our relations with the
peoples of the continent.
"Encouragement of wholesome immigration and of the investment of
capital for the development of communications, agriculture and industry,
since the foreign element is an important factor in the progress of young
different in ra«;al characteristics or in manner of life or practice from other
peoples of equal honor and achievement that,
relations with foreign countries, giving real guar¬
our
their nationals
elected and set in motion the machinery for toe adoption of a new consti¬
tributions to the world's advancement, it is conceivable that they
soil of
(Republic Nationalist):
Dominguez
cessity of honest administration.
which lurk in racial differ¬
say
the advantages obtained by capital
public treasure.
"Complete acknowledgement of all legitimate rights obtained by for¬
eigners in our country.
"Guarantees that all foreigners residing in Mexico enjoy, in the broadest
sense of the word, all the privileges and protection granted by our laws.
"Frank tendency to reinforce and establish our foreign relations on the
aforesaid- basis."
;■! •
"Re-establishment of
,
obligations to great foreign powers; it involves the
our
obligations of all America toward
ences.
.-'.r.wV.'-
watchword "America first," for it involves four sets of obliga¬
our
It involves
peoples.
the
clle in the most practical and fair way
labor and the
Robles
'':7777
do not doubt that Americans on the coast are
tions.
[VOL. 111.
THE CHRONICLE
1146
phases of the Mexican
situation and will tell why the present Mexican Government has taken no
steps to annul certain of the Carranza Government decrees, not only those
GENERAL
OBREGON,
ELECTED
ANTI-CARRANZIST
LEADER,
PRESIDENT OF MEXICO.
affecting foreign oil interests, but also other property interests in which
Americans
Carranzistas
General
Alvaro
Constitutionalist
Sept. 5 by
on
was
called by
successo^
disorders.
to
Obregon,
party
candidate
a
elected
was
Liberal
the
President
overwhelming vote.
an
of
Mexico
of
The election which
Provisional President de la Huerta, to choose
Venustiano
Gen.
Carranza, took place without
Obregon while
in the Carranza
Cabinet,
was
a
one
a
any
former Minister of War
of the most prominent
leaders in the revolution which brought about the downfall
of the late President.
was
The Liberal Constitutionalist Party
responsible for the Plan of Agua Prieta, which repudiated
the
leadership
of
President
Carranza.
concerned, including the failure to take steps to indemnify
are
American farmers and merchants who
The
National
were
deprived of their holdings by
bandits during the previous Mexican administration.
or
It
it said that the protests of these farmers, merchants and other persons have
been
ignored despite the fact that the records
of them
prove
that the great majority
strictly complied with Mexican laws.
The Mexican Government has maintained
the enforcement of certain laws
firm stand for
a
against which foreign inter¬
ests, especially the American oil men, have for a long time
voiced
vigorous protests.
Following the termination of
a
controversy between the
oil interests and the Mexican Government
it
export taxes
instructions
announced officially
was
been
had
sent
to
the
over
payment of
Sept. 7 that
on
American
Embassy in
Republican Party, while non-sectarian in its principles, is
largely composed of Roman Catholics.
Mexico City, about three weeks before, to notify the Mexican
I
of the "denouncement law" and the Federal
The following comment on the election of the Gen
was
Obregon
.
made in cable advices of Sept 5 from Mexico City to the
!
N. Y. "Times"
was
taken seriously
though Alfredo Robles Dominguez, nominated by the National Republican
Party, was expected to receive considerable support among the conservative
Catholic element.
other
Nicolas
opponent,
perpetual candidate and
is
Zuinga Miranda,
believed
to
be
is known
unbalanced.
as
Ho
Mexico's
has
been
Presidential candidate for the last thirty years, having begun during
early days of the Diaz regime, when he
was
considered
as
merely
a
a
the
foil for
Dominguez's campaign
regarded
and prepare
as an
was
taken seriously in the present elections, but it
attempt to feel out the strength of the Catholic following
the ground for placing
a
strong united Catholic Party in the
field for the next Presidential elections to succeed
Declarations
ment
in
favor
of
as an
Obregon.
liberal
by
zone
operation
law in the
infringement of the rights of Americans under
law.
It
learned
was
at
the
State
Depart¬
Washington correspondent of the New York
a
"Times" that the American note, dispatched early in August,
did not call for
a
the record
make
reply, being in the nature of
described
was
as
an
a
straight when the matter shall
again for consideration.
and
that virtual dictator.
was
oil fields
International
-
Obregon had two nominal opponents, neither of whom
The
Government that the United States regarded the
It
was
protest to
come
directed against what
up
was
invasion of the vested rights ©f Americans,
described
as an
unmistakable declaration of the State
Department's concern that American owners should not be
deprive# of their vested rights without their assent. Sub¬
sequently on Sept. 9, it became known that the rights of
Ajnericans
engaged
in
agriculture,
mining and
manufac¬
foreign policy, with
guarantees of life and property to nationals of other countries
turing in Mexico,
and encouragement of
ties, have been the subject of recent representations to t
in manifestos on
for the Mexican
a
foreign investment,
were
contained
Sept. 4 by two of the opposing candidates
Presidency.
the two platforms translated
The international planks of
textually
dispatches of Sept. 4 from Mexico City,
were
as
given in
press
follows:
as
well
Mexican government.
these
ures
as
of those interested in oil
Instances regarded
rights through double taxation
have
The action
been noted
was
in
described
or
as
infringing
confiscatory
the correspondence,
as
proper¬
it
was
e
on
meas¬
said-
in line with the policy of the
General Obregon (Liberal Constitutionalist):
State Department to keep Mexican officials
"Inviolability of
United States expected American vested rights in that coun¬
our
sovereignty
"Absolute respect for the
of the*world.
as an
autonomous State.
sovereignty and institutions of all countries
"Facilities for foreign capital wishing to invest in our country for the
development and Improvement of its natural riches, seeking ways to recon-
advised that the
try to receive the protection due under accepted International
usage.
Sept. 18 1920.j
THE
The attitude of the Mexican Government
tion
made
was
de la Huerta.
pondents
plain
At
given to foreign
the
no
United States and
of the Mexican Government.
The Federal
bluff"
by enemies
as
A departure from this policy would
the loss of the nation's sovereignty.
domination of
oil production.
our
preponderance if
laws
our
Protection
*
On the contrary,
When asked
la
that their relations would be of the best.
lives and property is our
most
said
Huerta
the
greatest assistance the
Commercial relations between the two countries
this is
as
the desires of the
a
republican government, in which the majority rules,
majority—that is, the proletariat—must prevail. *
upheaval
an
We propose to
Any nation that does obstruct it is
enact laws in
could
EXECUTIVE
TAXES
An
of the Government
President de la Huerta,
it
Otherwise, there will
of the last revolution the desires
As the outgrowth
of labor and the purposes
1
.
,
could be strengthened
through excursions to the United
DECREE
ON
States learn
decree
and
Aug. 6 to the Department of Commerce, had promulgated
decree creating the Mexican Consultative
relating to the payment of delin¬
made public
was
Department at Washington, July 26.
by the
This decree,
on
regulations covering the payment of taxes
July 20,
now
due
provides that additional charges will be remitted to
for
taxes
first
the
two
quarters of
the first and
a
study of conditions in the Mexican petroleum
as
follows:
as
hereby remitted, provided the parties interested pay
are
second
quarters of the present year before Aug.
31 next.
The proprietors of mines who were owing quarters previous to
and shall have paid the two quarters of the year
ceding article, shall have the right to
Petroleum Board
The decree
1920.
Department reads
All the additional charges owed by those liable to the annual tax on
1.
mining property
2.
announced in advices of
was
MEXICO?~
IN
published in the "Diario Officiel" of Mexico City
traveling parallel lines.
are
PROPERTY
mining taxes in Mexico,
State
OF
PAYMENT
GOVERNING
MINING
Executive
quent
Mexico providing for development of in¬
dustries along the lines which the majority demand.
to assist in the
Mexico
received by the State
.
be another revolution.
now
companies complying with the present laws and paying the
Any Government which wishes to avoid cataclysm must direct the evo¬
lution of labor, and not obstruct it.
headed for
difficulties
things to her advantage.
many
contains
He added:
Inasmuch
'V';
•
through excursions of and exchange of professional business men-in both
important
present government and the legality of its rulings and
laws."
He did not fear trouble with the
United States, as there were no reasons why all the small
would welcome such
we
United States could render Mexico would be "recognition of
our
capitalist.
how relations between tho United States and Mexico would
honest in her intentions to comply with her obligations he was sure
was
countries.
Petroleum, despite the present
obeyed.
were
of foreign
de
■
problem very serious, and thought it would
be improved, Obregon stated that when Americans understood that Mexico
international problem.
President
protected and that the
were,
work out gradually with benefits to both worker and
situtation, is not the greatest point at issue between Mexico and the United
tates.
that their investments
Mexico does not desire to check American
subsoil.
own
see
honestly administered.
were
of joint good faith.
The controversy would be settled if other nations would recognize Mexico's
•wnership of her
they could
so
existing between the two countries could not be arranged with an exhibition
He further said:
she desires
XU1
i
He did not consider the labor
the property of the nation, which maintains she has
zones are
right to dispose of them
mean
ment
railways
desire
campaign waged there relative to the oil question is
nothing but so-called "North American
a
press corres¬
that date he declared: "Mexico has
on
curtail her exportations of oil to the
to
the oil ques¬
Sept. 7 by Provisional President
on
lunchoen
a
on
CHRONICLE
which
they
in arrears in
are
as many
pay
make payment
on
quantities (amounts) quarterly
installments as there are quarters that
they owe and thus settle the amount of
they
1920
in conformity to tho pre¬
one
quarter in arrears every time
the regular taxes.
If the parties involved do not take advantage of the exceptions estab¬
3.
industry, including legislation and controversies arising out
lished by this decree or do no;fc make payment on the dates on which the
of
respective periods for such payment expire, this failure shall give occasion
In promulgating the
operation of the Mexican oil fields.
decree, the President declared that "the Mexican petroleum
to the declaration that their
agencies essential for the
labor may
of
especially such
same,
The functions of the
bearing subsoil gives rise to."
The
by technical
problems which the nationalization of the oil-
numerous
board
as
contribute to the knowledge and better solution
were
enumerated to be
new
study of the bills and other legal provisions with reference to the
petroleum industry.
decree of June 28 1919 shall continue to meet their
obligations in accordance
*
with that decree.
5.
The main tax
officers
authorized to receive in conformity to the
are
present decree the payments which those ownig the annual tax on mining
property may wish
to make,
but they should include at the end of the
port in which they express the customary data
the interested
wtih
notation as to whether
a
parties have corhplied with the exemptions referred to in the
foregoing article.
The study of the controversies which may arise in
The
of mining properties who complied with the articles of the
owners
monthly accounts which they render to the department of Hacienda a re¬
follows:
as
The
4
respective titles are revoked without leaving
for any further recourse.
room
industry needs, for its full development and establishment,
petroleum matters.
Transitory articles 3, 4,
general investigation of the conditions in the petroleum industry.
5, 6 and 7 of the decree of June27
revoked.
1919 are
■"
•'
Encouragement of the petroleum industry.
The
study of the fuel problem as
The study of the national
in
a
basis fcr industrial progress.
INDUSTRIAL
WANT
The settlement of
UPRISINGS
ITALY
IN
WORKERS
—
petroleum industry as related to that industry
countries.
other
points of
GOVERNMENT
technical character submitted to the Board
a
IDEA
IN
SOVIET
ESTABLISH
TO
FACTORIES.
by the Department of Industry, Commerce and Labor, the various Depart¬
Some
ments of State or private individuals.
Said
settlement
have the
shall
character
opinion which shall be
of an
submitted to the decision of the Secretary of Industry, Commerce
and Labor.
"DEEDS, NOT WORDS, WILL BE OUR MOTTO. REGARD¬
ING
OUR
DEBTS,"
Alvaro
view
to
Obregon, President-elect of Mexico,
American
correspondents
press
first since the recent elections.
on
On the oil
gave an
that vested
study methods of
so
Sept.
13-—the
question Genera
a
regulating the laws
"The most serious
rights would be protected.
problem that confronts the Government of Mexico," he de¬
clared, "is financial."
the
His views
further outlined by
were
correspondent of the New York "Times" in Mexico City
follows:
as
He
ecplained that the debts of Mexico
were most
would be the first thing taken into consideration
"We will pay our
debts
as
far
full capacity we can arrange
motto
pressing, and that this
when he assumes office
possible, and will arrange for means to pay
regarding
our
all
our
difficulties.
Deeds, not words, will be
debts.
When asked if Mexico would include the Victoriano
Huerta loan of about
forty million pesos, Senor Obregon stated that as yet he had not
the
matter
thoroughly,
experts pass upon
"I will try to
but he would have a commission of experienced
Mexico's debts and the manner in which to pay them.
surround myself with
men
of experience and ideas, who will
decide these questions,." he said, adding that his
for
studied
ability and would have full responsibility.
advice and they would be real Ministers, not
Ministers would be selected
He would be guided by their
a
article in
to
had not studied the oil question enough to make
statement, but that Article
a
It
27 would be regarded as a fundamental part
the desire of the Government to interpret this
was
way.that would protect Mexico's interests, but he had no desire
A commission would study the methods to so
injure vested interests.
regulate the laws that, vested rights would be
as
as
allowed to take
Mexico had a system of government
claimed
cal
a
State.
any part
that would not permit foreigners to
the Government had the controlling interest.
as
ever,
would be given an opportunity to
and
of
other
the
The
Employers'
and
of the
Syndicate
pro¬
big
the
factory-seizing
the
spread from Milan to Turin, Rome, Naples
lockout,
on
the administration
When
centres.
principal metallurgical
enforce
National
Meantime
Italy.
over
fast
concerns
boards
in Turin tried to
Sept. 1, thousands of workers, ac¬
cording to advices to the N. Y. "Times," stormed the gates,
scaled the walls and took
possession of the extensive estab¬
lishments belonging to the
Fiat Company, a single one which
employs
more
than 10,000.
The workmen, it was said
further, occupied the vast ma¬
chinery shops, aeronautical building and yards of the Ansahlo firm and the works of the Itala and
Spa and Lancia
companies, the Rhone and Gnome Motor Works, the Mont
foundries, those of the Italian Autocar
Denis and Subalpine
Radiator
Company
and
twenty
about
others.
The
ma¬
jority of these companies took the precaution a week ago
of
effecting
in
a
secret
transfer by night of the money and
their strong
rooms
office documents to the custody
and their more important
of city banks.
staff of the Turinese clerical daily, "II
a
strike
in
The printing
Momento," voted for
sympathy, so that the journal had to suspend
publication.
Subsequently, the Confederation of Labor, meeting in Mi¬
lan
on
Sept. 12, adopted a resolution
convocation of
which
may
take over
to pass laws under
management of industrial
The resolution was telegraphed to the President of
the Chamber of Commerce
as
demanding immediate
the Italian Parliament
workmen
Stockholders, how¬
have a direct voice in the manage¬
capital
have taken control of the large factories.
all
trades
plants.
•
lines would not be returned to private control, he
said,
in Mexican affairs,
the sprpad of doctrines which would injure the
.
The national railway
nation-wide conflict between
general lockout in the mechanical and metallurgi¬
movement
protected.
He said that when he had taken the oath of
interfere to change that form
office he would not permit
a
Beginning
employers, the situation rapidly assumed
result of which the workers in many parts of
a
month.
present
Regarding the spread of Bolshevist doctrine by foreign agitators, Obregon
said that foreigners were not
of
aspect
valuables
The General said that he
of the Constitution.
lockout by
a
merely figureheads as during
the Carranza regime.
transpiring in the
The disturbances started in Milan in the early part
I think that when we show that we are paying to our
off all obligations.
our
as
the
inter¬
Obregon said, according to the New York "Times," that
commission would
with
the country
OBREGON.
been
industrial affairs of Italy during recent weeks.
labor,
PRESIDENT-ELECT
SAYS
strange events have
very
follows:
and to Premier Giolitti, and read
immediate convocation of the Chamber of Deputies in order
We demand
be examined and laws proposed which will bring
that the situation may
radical legislative
about
TEXT OF HOUSE BILL AMENDING AND SIMPLIFY¬
for direct control of workers in the interests of collectivity.
On
Workers, one of the most powerful workmen's organizations
at
had placed 500,000 lire
Leghorn,
These men, it was said,
lire
(nominally $100,000)
disposal of the union of metal workers in that city.
at the
would receive strike benefits of 100
L
week if married and 70 if they are bachelors.
a
Giolitti, referring to the Government's attitude
Premier
of non-interference in the industrial situation,
The adoption by the House,
in the closing days of the late
Congress—on May 27—of
session of
Sept. 12 it became known *that the Federated Glass
TO INCOME TAX.
ING REVENUE ACT AS
which, through requisition of industrial
measures
plans and participation in their management by workmen, will prepare the
way
[Vol. 111.
THE CHRONICLE
1148
bill amending and
a
simplifying the Revenue Act of 1918 was noted
"Chronicle'* of May 29,
the bill
of
text
the House the
referred to in
After passing
went to the Senate, but got no further
the Committee on Finance. The bill
speech by Lynn H. Dinkins, President
a
Company Section of the American Bankers'
the Trust
of
in the
We give below the
passed by the House.
as
measure
reference to
than
was
2248.
page
quoted
Association and President of the Inter-State Trust & Bank¬
by the Associated Press correspondent at Turin on Sept. 10
ing Company of New Orleans in an address before the Trust
was
follows:
as
there is
Company Section of the Pennsylvania Bankers' Association
consists only
does not
The Etate
of employers
and metal workers, but
great residium of millions of other people for whom it is prefer¬
a
able to go
through
momentary paralysis of this
a
of Government interference on either side.
this
left
better
are
to
that interference only
nature
Notwithstanding
make
and
makes them
time,
belief
his
the greatest
workers'
complication
know
We
would
Sept.
on
16 that
commission
a
comprising manufacturers and workmen to prepare
tlement
plan.
The
reached
this
decision
of
both
be
the
issued,
after
and
workers
to him at
cases
Premier,
the
representatives
heard
manufacturers present their
conference in that city.
a
it was
naming
said,
set¬
a
advices,
according to Turin
having
A decree would
commissioners.
the
The
gain realized
bill and every
of
Parliament
sessions
their
when
Some interesting comment
Italy
in
made
was
"North Americap" on
the industrial situation in
on
editorial
the
Sept. 14.
Lack of coal
and
materials, together with disputes
raw
im¬
wages,
by committees' of
them
running
of
hoisted
management and participation
red
flags
armed
of
the
and
Soviets.
set aside
or
of fraud
napped and held
The counter-move
and
and
by
takes to
chinery.
Mobs stormed
them
undertaken
by workers'
committees,
the seized
placed
guns
;
or
kid¬
were
compelled under threats to assist in the
or
Their
factory roofs
on
threat is that if the Government under¬
open
properties they will wreck the plants and
ma¬
they have seized, and add to their claims for higher
committees shall
every
plant
be recognized.
It is in the face of these conditions that the uprising is still described as
nothing
than
more
"Instead
of
reply to the lockout, the
a
new
form
of
have adopted the 'lockin.' "
men
toward Bolshevism, the Italian workmen are going
observes an American Socialist.
"No other nation has
it,"
Ambassador
"The
is not the right word to use,"
"What is really happening is
Paris.
worked out the co-operative
in
Washington
is
move
a
without violence
or
plan to such
placidly
successful degree."
a
economic
an
bloodshed.
The Italian
explains:
profits and
The report
the
capital and labor, but
struggle, inasmuch
The situation is not
pre¬
it is developing
as
alarming in the least."
"Maladies like this," observes Premier Giolitti, "are better left to nature
and time, the great healers.
Interference would only make matters worse."
Washington opinion is also optimistic that there is "no real danger of Bol¬
shevism."
An
official note issued
in
Rome
a
few
days
said quaintly:
ago
"With the exception of the action of the metal workers, life is
normally
here."
It
is
as
if
the
citizens
of
proceeding
Philadelphia,
awaking one
morning to find all the factories of the city held by armed bands of work¬
men,
were
dismiss
to
the
situation
boys."
ment,
with
the
remark
that
"boys will be
because
a
Italy is in the throes of
political revolution is
on
a
violent industrial
the verge
of
the Government has abdicated its primary func¬
tion, which is the protection of law and order and property.
"Challenges
have been given on both sides," says a Rome paper, "which, if
rigidly held
to, may have unimaginable consequences 6f ruin for all, conflicts which
threaten
the
social
and
an
political stability of the country."
entire
industry by its workers
of conflict between capital and labor" is to invite
as
To treat the
merely "a
new
form
just what has happened
—similar occupation of hundreds of plants in other trades and
to sovietize transportation and the entire industrial
a
movement
system of the country.
Even the official Socialist organ
chistic
in Rome calls the undertaking "an
Utopian scheme."
or
anar¬
|
even
possession
machinery of production does not provide them with raw materials
or money to
pay wages, and they may be forced to abandon for
markets
the moment their great, venture.
But the plain fact which the world faces
is that Bolshevism has its
grip at last upon one of the western European
nations,
and
at Rome will
that
if
years
after the
(page 2248) to the bill.
Below is the text of
it passed the House.
Be it enacted by
the
industrial
infallibly become
as
the Senate and House of Representatives of the United Stat es
of America in Congress assembled.
Basis for Determining
Gain
or
Loss.
to read as follows:
"(a) That for the purpose of ascertaining the gain derived or loss sus¬
tained
from
mixed,
the
insurrection
succeeds
that of Moscow.
the sale
the: Government
other disposition of property,
or
basis shall
real, personal,
market
price
value of such property,
as
1913 the fair
1
of that date:
In the case of property acquired (except by gift, bequest, devise,
"(2)
or
or
or
be—
"(1) In the case of property acquired before March
descent)
on or
after that date, the cost thereof:
or
the inventory value,
if the inventory is made in accordance with Section 203;
"(3) In the case of property acquired by gift since Feb. 28 1913 the
same
basis that it would have in the hands of the donor
or
the last pre¬
ceding owner, by whom it was not acquired by gift;
In the case of the sale or exchange of property acquired by gift,
"(4)
the entire amount received therefor shall be included in the gross income
of the donee,
unless the donee submits with his return evidence satisfactory
to the commissioner
owner
who
showing the basis in the hands of the last preceding
acquired the property other than by gift; and
In the case of property acquired after Feb. 28
"(5)
19131 by bequest,
devise, or descent, the fair market price or value of such property on the
date of
thereof
acquisition."
That Section 202 of such Act is amended by adding at the end
a new
subdivision to read
as
follows:,
In the case of stock dividends paid after Feb. 28 1913 the cost to
"(c)
the taxpayer
of each share of old and new stock shall be the cost of the old
shares of stock (or the market price or value thereof as of
Mar. 1 1913 if
acquired prior thereto) divided by the total number of old and new shares
of stock:
Provided, That in cases in which the old and new shares of stock
differ
materially in character or preference, the cost of the old shares of
stock (or
the market price
or
value thereof as of Mar. 1 1913 if acquired prior
thereto) shall be apportioned between the old and new shares of stock as
nearly as may be in proportion to the respective values of each at the time
the
shares of stock ware acquired."
new
That Title II of such Act is amended by adding at the end of
Part I thereof the following new section:
Extraordinary Net Income.
"Sec. 207.
after Dec. 31
(a) That compensation received in any taxable year beginning
1919 for personal service rendered by the taxpayer during a
period of more than three years, and gain derived in any such year from
the sale of capital assets acquired more than three years prior to the date
of sale, shall be
losses of
deemed to be extraordinary income; and such income, less
the, same class or description and the expenses or otber deductions
shall be deemed to be extraordinary net
properly chargeable thereto,
income.
"(b) The term 'capital assets' as used in this Section includes (but is not
limited to) property held by the taxpayer for
not
It may not succeed; the industrial Soviets have found that
of the
profits levies for two
(H. R. 14198.)
accomplish¬
already
forcible seizure of
war
AN ACT to amend and simplify the Revenue Act of 1918.
Sec. 3.
'
The truth is, of course, that
revolution, and that
Besides affecting
would create additional Liberty
of Representative Green, outlining the changes
measure as
Sec. 2.
form of conflict between
new
the character of
serves
"Bolshevism
leaning
from
away
In
strike.
a
Italian in
says' an
labor tactics.
court, except on a showing
which the bill would effect in the law, was given in our May'
of the bands have
some
la peremptory demand that the principle of control of
by employees'
or
proclamation of peace.
The same exemptions on $50,000
would be granted for three years after that proclamation.
op¬
Negotiations attempted have failed because the workers refuse to
restore the property
wages
official
Bonds to the value of $125,000 held by
exemptions.
by
300 of the principal industrial plants had been
of
hostages
airplanes.
recover
,
or
That subdivision (as of Section 202 of the Revenue Act of 1918 is amended
Gateways were barricaded, machine
and
any
materially affecting the tax levy.
was
their possession
confirmed
daily drills of* the armed workers instituted
tanks
tax claims
individual would be exempt from the income, surtax,
excess
and excluding the
workmen
in the profits.
instances engineers and other technical experts
as
to
have here¬
we
other things authorizes the
among
the tax settlement, the bill
•
conduct
In many
erations.
buildings
the
over
patrols.
Within forty-eight hours
seized
As
the bill proposing that Treasury decisions,
the future,
factory gates, scaled factory walls, ejected all "bourgeois" superintendents,
means
its representation
accepted by the taxpayer, shall not be re-opened, modified
29 reference
over
organized occupation of the plants by force, with the avowed
from
owners
Phila.
dis¬
this authority likewise being made to extend
assessments,
to
or
in the great metal industries to announce a general
pelled the employers
closing down, or, as the workers charged, a lockout.
purpose
the
reviewing the
paper,
effects of the workers' uprising, said:
♦causes and
drastic—an
of
columns
This
upon
Treasury to make final settlement of back
bonds
open.
effort will be made
stated, the bill
tofore
one
houses
the loss sustained from the sale
or
amend certain portions of the measure."
project for the conduct of the works, to be formulated by
the
40.
page
to amend the law "for the purpose of ascertaining
proposes
the commission, it was added, will be presented by the Gov¬
ernment to
issue of July 3,
position of property, real, personal or mixed, for purposes
of taxation," and that "a hearing was requested upon this
appointing
by
our
healers.
Premier Giolitti had decided to attempt the sblution of the
metal
indicated in
was
the
"interference"
that
as
Some maladies like
worse.
things "worse," it was announced
June,
In his reference thereto Mr. Dinkins observed that the bill
important field of
very
national activity than to face the dangerous convulsion which might be a
consequence
in
include any property,
consumption
or use;
but does
whether real, personal, or mixed, held by a
dealer for sale or included in the inventory of the taxpayer taken at tbe
close of the
preceding taxable year.
The terms 'compensation received' and
•gain derived' mean compensation or gain accrued in the case of taxpayers
basis; but the provisions of
who make returns upon the so-called accrual
this section shall not apply in the case of sales upon
when the income or gain is accounted
are^received
the installment plan
foriin installments
as
the payments
.
Sept. 18 1920.]
THE CHRONICLE
"(c) If the extraordinary income of a taxpayer amounts to more than
20 per centum of his entire
gross income for the taxable year, the extra¬
ordinary net income for such year may at his option be apportioned
individual.
If this'is done there will be
plenty of revenue
Government, according to J. H. Tregoe, secretary-
for the
ratably
to the years or parts thereof
during which such service was rendered or
such assets held (or to the
years or parts thereof between Feb. 28 1913 and
the date of sale, If such assets were
acquired prior to May 1 1913); and the
amount thus
ratably apportioned to any year shall be added to the other
income of the taxpayer for such year and the tax redetermined
upon the
corrected amount
the
at
rates
the provisions of Section 206
returns
or
applicable to such year, notwithstanding
or any
other provision of this Act.
of such extraordinary income shall
scribed in subdivision
information
A return
be made at the time pre¬
(a) of Section 227 in such
and with such
manner
the commissioner, with the approval of the
Secretary, may
by regulations prescribe; and if the additional taxes found upon such
redetermination to be due for prior years are paid in the same
proportion¬
as
ate amounts and at the
taxes
was
installment dates fixed for the payment
same
due upon income for the year in which such
extraordinary
received,
penalty
no
of
income
interest shall be added with respect to the
or
time which has elapsed between such
prior years and the date
dates of
or
payment."
read
as
be
determined
aDd
was
assessed
or
by the commissioner within five
made, except (1) in the
case
paragraph (9) of subdivision (a) of Section 214,
of false
or
fraudu¬
or
in paragraph (8)
of Section 234, or (4) in the final settlement of losses and other deductions
tentatively allowed by the commissioner pending
exact amount deductible; and no suit or
begun after the expiration of five
made.
was
In
the
amount of the tax due may
filed, and the tax
Sec. 5.
be collected at
may
false
be determined at
any
fraudulent
or
new
"Sec. 1321.
sections to read
That if after
or
a
which
of
tendency to
recommendations
Roy
of
the
made
Chicago,
of
graduated rate that will
a
the ground
on*
at
as
same
corporation
a
Elliott,
o
on
that
if
The
the
re¬
individual and the partner are sub¬
an
corporate
substantially the
G.
Committee
pamphlet favoring the substitution
a
jected to the sur-tax
income
membership
a
The
encourage payment of dividends.
are
invested income of
of
houses.
then the re-invested
present,
stockholder must
be
in
treated
The undisturbed earnings
manner.
the re-invested income of the stock¬
are
excess
the
that
profits tax has encouraged
removal
of such
an
much business extravagance
so
assessment
would
The National Association of Credit Men is
tend
to
eliminate
trade
subject to income taxes.
on
record
as
being in favor of
the levying of a tax on the earnings of the investment of each individual
the basis of substantial equality with
every other individual enjoying
the same measure of prosperity and without discrimination
on
against incomes
derived from any particular form of business organization.
The proposed general sales or turnover tax would be
passed
on
through
the channels of distribution resulting finally in a
levy on the consumer,
doubtless of larger volume than the revenue received by the
Government,
which would be a tax levied not in proportion to ability to
pay but in pro¬
portion to the necessities of existence.
Under the present law
individuals, whether conducting business alone
in partnership, are liable for tax on all profits whether drawn from or
or
The corporation,
on
the other hand,
after paying
profits tax and normal income tax, may retain its earnings as work¬
capital and the individual stockholder remains free of liability for
super income tax until dividends are distributed.
Gross inequality results
excess
ing
and
in
assessment
taxpayer has without protest paid in whole
accepted any abatement, credit,
Taxation,
left,in the business.
adding at the end
follows:
as
business
corporation earning tax at
a
have
the
returns,
time after the return is
any
time after it becomes due."
determination
a
any
after the date when the
years
That Title XIII of such Act is amended by
thereof two
the
of such
case
determination of the
a
proceeding for the collection of
tax shall be
return
of
prior
commissioner and the taxpayer, or (3) as otherwise provided in Section 207,
in
organization which has
waste which would increase business income
lent returns with intent to evade the tax, or (2) with the consent of both the
or
the
33,000
chairman, has issued
The
1
after the return
of
than
Federal
is
Taxes.
of Section 250 of such Act is amended to
The amount of tax due under any return made under this
shall
years
(d)
follows:
"(d)
Acts
That subdivision
treasurer
more
holders, points out [Mr. Elliott.
Assessment and Collection of
Sec. 4.
1149
any
refund based
on
tax
case
any
penalty,
or
or
determination
such
and assessment, and an agreement is made in
writing between the taxpayer
and the commissioner, with the approval of the
from this situation.
Equality of distribution of the burden of
taxes should
*
replace the present system.
Secretary, that such deter¬
mination and assessment shall be final and conclusive, then
a
showing of fraud
or
malfeasance
affecting the determination
assessment thus
or
(except upon
made) (1) the
case
officer,
employee,
or pro¬
agent of the United States, and
or
(2)
suit, action,
no
set aside such determination
or
That in
commissioner
or
the
regulation
case a
Secretary,
or
or
A
OF
tax
Treasury decision made by the
by the commissioner with the approval
required by
an
(T. D. 3061.)
DEDUCTIONS
REGULATIONS
V
opinion
NO.
45,
The
various
Acts
166,
AMENDED.
Treasury Department,
Office of Commissioner of Internal Revenue,
Washington, D. C.
To
Collectors of
Internal Revenue and others concerned:
Article 166 of Regulations No. 45 is hereby amended to read as follows:
Liberty Bond Exemptions.
Sec. 6.
follows:
"
the commissioner, with the approval of the Secretary, be
applied without
V
as
.
ALLOWED—DEPRECIATION—ARTICLE
of the Attorney-General or a decision of a court of
competent jurisdiction,
such subsequent regulation or Treasury decision may, in the discretion of
effect."
OF
regulations governing the method of computing
property depreciation has been made public
of the Secretary, is reversed by a subsequent regulation or
Treasury decision,
and such reversal is not immediately occasioned or
retroactive
METHOD
DEPRECIATION.
ruling of the Treasury Department modifying the in¬
come
assessment
or
shall be entertained by any court of the United States.
"Sec. 1322.
TAX—MODIFICATION
COMPUTING PROPERTY
shall not
be reopened or the determination and assessment modified
by any
ceeding to annul, modify,
INCOME
misrepresentation of fact materially
or
authorizing the issues of Liberty bonds
Art.
Modification
166.
are
of Method
of
Computing
Depreciation.—If
it
amended and supplemented as follows:
develops that the useful life of the property has been underestimated, the
(a) On and after Jan. 1 1920, 4 per centum and 4M per centum Liberty
bonds shall be exempt from graduated additional income taxes,
commonly
known as surtaxes, and excess-profits and war-profits taxes, now or here¬
plan of computing depreciation should be modified and the balance of the
after imposed by the United States upon the income or
profits of individuals,
should be spread over
partnerships, corporations,
associations, in
or
respect
to the interest oh
Until the expiration of two years after the date of the termination of the
war
between the United States and the German Government
Congress
or
by
proclamation
President,
of the
years more on
as
fixed by
$125,000 aggregate
on
$50,000 aggregate principal
(b)
the
much
as
The exemptions provided in subdivision (a) shall be in addition to
exemptions provided in Section 7
and in addition to the exemption
of the Second Liberty Bond Act,
provided in subdivision (3) of Section 1
1918,
Act of
allowed except as a
as may
No modification of the method should be
issued
TAX
STOCK
by unincorporated assopiations, such
under
the
Massachusetts
In its reference to the
on
as
those issued
exempt from
tax
laws
was
was
United
law.
the
as
States
of
accounts
as
Aug. 2.
income" to make the state law conform to
decision
affecting the
Federal
income
whether
this law
includes
unincorporated
as
tax
CREDITS.
a
de¬
paid to the United States by
are
accorded similar reciprocal
(T. D. 3060.)
COUNTRIES
SIMILAR CREDIT
222
(a),
(3),
WHICH
DO
DO
OR
NOT
SATISFY
REQUIREMENT OF SECTION
REVENUES ACT
OF
1918.
a
Treasury Department,
tax
Office of Commissioner of Internal Revenue,
Irving L. Shaw, head of the state income tax department, then asked
attorney-general
they affect the estimated useful
Commissioner of Internal Revenue.
The following is the decision:
opinion the Boston "Herald" of
THE
court
income
citizens of the United States
passed at the last session of the Legislature "exempting stock
supreme
as
cision, dated Aug. 25, whereby countries according credits
CONCERNING
dividends from taxation
WILLIAMS,
The Commissioner of Internal Revenue announces
arrangements.
Aug. 3, said:
An Act
far
\
M.
COUNTRIES ACCORDING SIMILAR
on
are
income
given by State Attorney General Allen
the other, appreciation due to in¬
TAX—EXEMPTIONS IN CASE OF FOREIGN
INCOME
LAW.
opinion under which it is held that stock dividends
taxation
consideration only so
into
on
D. F. HOUSTON, Secretary of the Treasury.
REGARDING
by partnerships, associations and trusts,
or,
The conditions affecting such market values should be
WM.
Passed the House of Representatives May 27 1920.
An
on
Approved Aug. 27 1920.
Bond Act and in Section 2 of the Victory Liberty Loan Act.
RULING
made
hand, loss in rental value of the buildings due to de¬
terioration of the neighborhood,
taken
allow for such future
changes in the market value of the property from time to time,
life of the property.
UNDER INCOME
not
were
be expected from experience to result from the normal
of the Act.
account of
such as, on the one
exemptions provided and free from the conditions and limitations imposed
in subdivisions (1) and (2) of Section 1 of the Supplement to Second
Liberty
DIVIDENDS
deductions for obsolescence of property
the estimate of the useful life of any property so as to
obsolescence
creased demand.
MASSACHUSSETTS
Inas¬
loss for the year in which the property was sold or per¬
Supplement to the Second Liberty Bond Act in respect to bonds
issued upon conversion of 3H per centum bonds, but shall be in lieu of the
of the
the estimated remaining life of the property.
under the provisions of the Income Tax Acts in effect prior to
manently abandoned, a taxpayer may for 1918 and subsequent years revise
progress
amount.
property, or its fair market value as of March 1 1913, not already
provided for through a depreciation reserve or deducted from book value,
Revenue
aggregate principal amounts thereof as follows:
principal amount; and for three
cost of the
Washington, D. C.
well
To Collectors
incorporated associations.
The final
of Internal Revenue and others concerned:
editions of Regulations
1
No. 45 is amended by inserting im¬
mediately after Article 384 a paragraph to be known as Article 385, as
CREDIT
MEN IN
LIEU
OF
EXCESS
PROFITS
TAX
WANT INCOME ASSESSED PROPORTIONATELY.
Information
received
dential candidates
laws and
are
repeal of the
from
Washington
that both Presi¬
in favor of revision of the taxation
excess
profits tax has renewed the
efforts of the National Association of Credit Men to present
a
plan that will result in all of the income of the country
being taxed in proportion to the amount received by the
*
follows:
,
Article 385.
ments.—(a)
Countries which do or do not satisfy the similar credit require¬
The
following is an
incomplete list of the countries which
satisfy the similar credit requirement of Section 222 (a)
Act of 1918, either by
(3) of the Revenue
allowing to citizens of the United States residing in
such countries a credit for
the amount of the income,
war
profits
or excess
profits taxes paid to the United States upon incomes derived from such
sources
therein, or in imposing such taxes,
by exempting from taxation
the incomes received from sources within the United States by citizens of th«
United States residing in such countries:
foundland, Salvador.
(6) The following is
Bulgaria, Canada, Italy, New¬
an
incomplete list of the
coun-
tries which do not
222 (a)
(3^
1918, either by allowing no credit to citizens of
the
satisfy the similar credit requirement of Section
of the Revenue Act of
such countries, for the amount of income, war
United States residing in
paid to the United States upon incomes de¬
profits or excess profits taxes,
rived from sources therein,
because such countries do not impose any
or
profits taxes: Argentina, Bahama, Belgium,
Bosnia, Brazil, Chile, China, Costa Rica, Ecuador,
Income, war profits or excess
Bolivia,
Bermuda,
Great Britain and Ireland, Guatemala, Herze¬
Finland, France,
Egypt,
Montenegro, Morocco, New Zealand,
Nicaragua, Panama, Paraguay, Persia, Peru, Portugal, Rumania, Santo
Domingo, Serbia, Siam, Sweden,, Switzerland, Venezuela,
The former
names of certain of these territories are here used for convenience in spite of
India,
govina,
the actual
Japan,
Jamaica,
United States who is a citizen or
subject of
years, to a
any
the United States, for 1918 and
entitled, for the purpose of the total tax due
credit for the amount of any income, war profits
and
profits taxes paid or accrued during the taxable year in such country
excess
If he is|a citizen or subject of any
income from sources therein.
upon
A resident of the
country in the first list is
possible change in the name or sovereignty.
or
subsequent
country in the second list, he is not entitled to such
subject of
zen or
[Vol. 111.
THE CHRONICLE
1150
a country
If he is a citi¬
credit.
desired
which is in either list then to secure the
At
T. Meredith,
Secretary of Agriculture; John J. Pulleyn, President of the
Emigrants' Industrial Savings Bank, New York; David F.
Houston, Secretary of the Treasury; Fred I. Kent, Vicenoons
the
Monday, Tuesday, Wednesday and Thursday.
of
general convention the speakers will be E.
of New
Trust Co.
Chamber
States; Sol Wexler, of J. S. Bache
Orleans; John H. Defrees, President of the
of Commerce of the United
W. Robinson,
&Co., New York; John Kendrick Bangs; H.
President of the First National Bank of
Los Angeles; Oscar
Bank of Birmingham,
the First National
The following is the program in full of
Wells, President of the First National
Ala.; and George Woodruff, President of
Bank of Joliet, 111.
the
general sessions:
satisfaction of the Commissioner that his country
credit he must prov^ to the
satisfies the similar credit requirement of
the statute.
OF THE CONVENTION.
SESSIONS
GENERAL
T. D, 3028 of June 2 1920 is hereby revoked.
PAUL
Co. of New York; Fred W.
President of the Bankers Trust
Ellsworth, Vice-President of the Hibernia Bank &
October
■Tuesday,
19.
MVKRS, Acting Commissioner of Internal Rerenue.
F.
Convention called to order at 9:30 a. m.
Approved, Aug. 25 1920.
Hawes.
S.
of the Treasury.
8. P. GILBERT JR., Acting Secretary
sharp by the President, Richard
|
Invocation.
Address
ASSOCIATION
BANKERS'
AMERICAN
OPPOSES TAX
EXEMPTION SECURITIES.
estate"
the American
Bankers' Association in
statement
a
public this week through its Secretary, L. I). Wood-
made
worth,
that
asserts
"bankers,
dealers, -and
practically unanimous
acquainted with economics
in their
opposition to tax exemption in
are
any
of
Association
Bankers'
has taken'a
by
position against
and that its Savings
Bank
Committee
Administrative
its
every
Section
form of
has
exemption,
further and
new
even gone
securities under
discontinued. An authority
on tax problems, Professor Charles J. Bullock of Harvard
University, Chairman of the Harvard Economic Committee,
that further issues of tax exempt
urged
present authorization shall be
,
for President of the National Tax
to the
and
New York Joint
Taxation
on
Report of Currency
New
Report of Public Relations Committee, Wiiliam P. Sherer,
Announcements;
Adjournment.
been pub¬
members, will be omitted:
Report of General Secretary, Guy E. Bowerman; Report of Treasurer,
Harry M. Rubey; Report of General Counsel, Thomas B. Paton; Report of
Protective Department. L. W. Gammon: Report of Protective Committee;
Report of Special Railroad Committee; Report of International Relations
lished in
Wednesday,
Convention called
to a certain extent,
been
available
Bank Section, Walter W. Head, President.
Bank Section, John W. Butler, President.
Report of American Institute of Banking, Stewart D. Beckley, President.
Address, Fred I. Kent, Vice-President Bankers Trust Co., New York
City, "International
estate
some
The
New Orleans,
which in the long
To
secure even
which
for
run
are
fifty
can
indirectly contribute to make
difficult.
more
play with advantage to himself.
of
a
Address.
merce,
These forces
full assessment of such taxable property all
From such exemptions,
we
at
now
some
immediate cost,
dangled before their
owners
eyes,
decisively,
on
policy, that
"Service
Organizations."
,
of real estate should reject the
Appointment of Resolutions
and should both in their own interest
Committee.
other
policy
seems
,
Committee on Federal Legislation, Fred Collins, Chairman.
Committee of Seven, William George, Chairman.
Report of
firmly and
Report of
Communications;
Announcements;
Adjournment.
exemptions should be created, and that existing exemp¬
Friday,
far
....
Agricultural Commission, Joseph Hirsch, Chairman.
Report of Nominating Committee.
Address, John Kendrick Bang*, "The Incorrigible Optimist."
possible moment.
so
!
,
tions should be reduced, and, so far as practicable, abolished at the earliest
Certainly
Chamber of Com¬
Report of
the principle that all exemptions are contrary to sound public
no new
Fred Strong,
V
Joseph H. Defreas, President, United States
Underwriting Big Business."
resolutely against the policy
and out of consideration for the general welfare, take their stand
President, Richard
Committee on Education, R. O, Kaufman, Chairman.
Report of Gold Bonus Committee, George M. Reynolds, Chairman.
Address, Sol Wexler, J. S. Bache & Co., New York City, "Financing and
granting exemptions to property yielding private gain.
Even
bait
October 21.
9:30 a. m. sharp by the
Report of
real estate has long suffered, and
turn our faces
Adjournment.
Committee of Five, M. J. Dowling, Chairman.
Committee on Americanization and Thrift, S.
Report of
Chairman,
have honeycombed state and local taxation with exemp¬
will continue to suffer until
Co.,
Invocation.
Report of
always end eavoring to secure wholesale exemptions.
years past
'
Hawes.
S.
They would
limited exemption, he must ally himself with the forces
a
Announcements;
Thursday,
Convention called to order at
tions that directly reduce very greatly the amount of taxable property and
the
Communications;
will
operations, but they would not affect the other
of real estate
■
Secretarias Section, Robert E. Wait, President.
Ellsworth. Vice-President Hibernia Bank & Trust
"Publicity, Public Relations."
Report of State
relief, but would purchase it at too great a cost.
owner
McHugh, Chair¬
Address, Fred W.
Undoubtedly such exemptions
exemptions gone, whatever its momentary attractions, is not one
which the
'
V
man.
critical conditions, I
would increase somewhat the amount of capital
proposed
for real
of real estate.
Relations."
Commerce and Marine, John
Report of Committee on
proposed to exempt from Federal taxation, at least
element^ which have contributed to check building activity.
give
Finance,"
Discussion:
have
>
Report of National
estate.
as
President,
the
by
sharp
Section, Lynn H. Dinkins, President.
Report of Savings Bank Section, S. Fred Strong. President.
Report of Clearing House Section, Raymond F. McNally, President.
Address, Hon. David F. Houston, Secretary of the Treasury, "Govern¬
afford to
The result has been a considerable
believe this proposal to be a mistake and one
m.
Report of State
the income from loans made upon the security of real
affect injuriously the interests
a.
Report of Trust Company
classes of securities that many
With the best will and full appreciation of present
October 20.
9:30
at
Invocation.
capital from real estate loans to other investments: and to meet
this situation, it has been
order
to
Richard S. Hawes.
i
exempt investments, 'futures' which.are not expected to show an immediate
diversion of
pamphlet form and distributed to the
Committee.
investors, especially those of large means, are confining themselves to tax-
buy them and pay the resulting tax.
Chairman.
and committee reports having
Note.-—The following official
ment
return, and securities carrying such an abnormal yield that one can
Bank,
Its Effect on Credit."
"Transportation and
York,
Communications;
pertinent to the discussions of various assumed remedies for
The Federal income tax exempts so many
Commission. A. Barton Hepburn, Chairman.
President, Emigrant's Industrial Savings
Address, John J, Pulleyn,
ing to Mr. Woodworth, the following warning and advice,
building in New York.
and
Agriculture."
speaking recently before the National Association
the la«k of home
(includ¬
Administrative Committee and Executive Council).
Report of Constitutional Committee. M. A. Traylor, Chairman.
Address, Hon. E. T. Meredith, Secretary of Agriculture, "Banking
Building Owners and Managers, Dr. Bullock gave accord¬
of
Second Vice-
President of the Association
Annual Address. Richard S. Hawes,
!
Municipal Plxpenditure which framed the present state
income tax,
Marshall, Vice-President of the
of Welcome, Thomas B. McAdams,
American Bankers' Association.
ing report of
Association, and tax expert
Legislative Committee
Hon. Thomas R.
States.
President of the
form as a means
subsidizing real estate investments and the construction
houses."
Mr. Woodworth states
that the American
Association.
Response to Address
investment
persons
for
Address of Welcome,
Vice-President of th«
Harper,
N.
Robert
District of Columbia Bankers'
United
declaring that "no tax exemption scheme will help real
In
Col.
Welcome,
of
as
the permanent interest of real estate is concerned,
Convention called to order at
no
entitled to serious consideration.
S.
October 22.
9:30 a. m. sharp by the President,
Richard
Hawes.
Invocation.
Report of State
PROGRAM
OF GENERAL
SESSIONS OF A.
B.
Report of
A.
Legislative Committee, M. A. Traylor. Chairman.
Committee on Acceptances, Jerome Thralls, Chairman.
W. Robinson, President First National Bank, Los Angeles.
Address, H.
CONVENTION.
Calif.. "Commodity
The detailed program arranged for the
to be held in
Washington, D. C., Oct. 18 to 22,
the various speakers were to be,
page
855,
gave
was
made
We have from time to time indicated who
at length
some
and in
our
issue of Aug. 28,
of the convention plans.
general sessions of the convention will be held
on
The
Tuesday,
Wednesday, Thursday and Friday, Oct. 19 to 22, while the
various section meetings will take place
during the after¬
Committee, George A. Holderness, Chairman.
Committee.
on
Federal Reserve Membership Campaign,
Report of Resolutions
the annual convention of the American Bankers' Association
public this week.
Financing."
Report of Insurance
general sessions of
Report of Committee
J.
H. Puelicher. Chairman.
Address, Oscar Wells, President First National Bank,
Birmingham, Ala..
"Federal Reserve Banks "
Discussion.
Address,
"The
George Woodruff,
Country Banker's
Discussion;
President First National Bank, Joliet,
Installation of Officers;
Announcements.
Adjournment sine die.
111..
Problems."
New Business;
Communications;
'
SEPT. 18 1920.]
COMMITTEE
AND
stated
MEETINGS
SECTION
A.
-
As
above, in
B.
OF
"
item giving the details of the
our
arranged for the general sessions of the convention
Washington, D. C., of the American Bankers' Conven¬
tion, the various Sections of the Association will hold their
program
meetings on Monday, Tuesday, Wednesday and Thursday
afternoons, Oct. 18 to 21.
The Clearing House Section will
Monday and Thursday afternoons; the State Bank
Section will hold its meetings on the
and
afternoons of Monday
Wednesday; the State Secretaries Section will meet at
noon
Monday; the Savings Bank Sebtion will hold its
on
deliberations
Trust
afternoons;
Thursday
and
Tuesday
on
Vere C. Brown,
THE
A.
at
meet
1151
THE CHRONICLE
formerly Western Superintendent of the
Canadian Bank of Commerce, has been elected an
Manager
of the
National
City
Bank
Mr.
Brown had been with the Canadian Bank of Commerce since
1889.
He
appointed
was
Inspector in 1899,
1895,
in
Secretary
Assistant
1903, Chief Inspector in
Inspector in
1907, and Superintendent of the Central Western Branches
in 1911.
.Jacob Whonsiedler, who'is in charge of the Credit
Division
of
the
National
City Bank, has been elected.a
Vice-President of the institution.
He has been
of the bank's staff for the past twenty years.
member
a
In 1915 he
became Assistant Cashier, and in 1919 was made
Assistant
/
Vice-President.
the
Company Section will meet Tuesday and Wednesday
have its sessions
Wednesday and Thursday afternoons.
on
The various Committee meetings are scheduled as follows:
Gold.
Administrative.
Library.
Membership.
McHugh Plan.
Insurance.
State
tive
Currency Commission.
Commerce and Marine.
Education.
Finance.
Federal
Legislation
and
Federal
Legislative Council.
Federal Reserve Membership Cam¬
$25,000,000 to $40,000,000 has
changed its dividend payments from semi-annual to
The dividend payments
of
10%
per
the old capital
on
regular quarterly dividend of 4% with
Legislation and State Legisla¬
Council.
the rate of
tional
20%
per
The Executive Council will meet
has placed the stock
The banks announcement follows:
quarterly.
To
a
various Sections
per cent,
follows: Monday, Oct. 18:
as
Clearing House, Savings Bank, State Bank, Trust Company
and State Secretaries Section Board of Control; the Execu¬
tive Committee meeting of the National Bank
there will be
Bank
conference of State Vice-Presidents of State
a
Sections
with
Executive
the
Committee,
and
same
an
on
voted to
pay
declared
They have to-day
and after Oct. 1.
to shareholders of record Sept. 30, payable on
City Company have voted to conform to the
dates in their dividend payments,
and have to-day declared a regular
quarterly dividend of two per cent.
inquiries received concerning the book value of
In view of the numerous
the stock of The National City Bank of New York, we beg ot state
the
stock has been paid in, a
new
that after
consolidated statement of The National
City Bank, The National City Company and the International Banking
Corporation, in which The National City Bank shareholders have a pro
rata
Tuesday and Wednesday afternoons there is to be
York, Sept. 14 1920.
regular quarterly dividend of four per cent, and an extra dividend of one
The directors of The National
Section will be
On Monday morning, Oct. 18,
Tuesday, Oct. 19.
on
pay¬
Shareholders:
the
nights and the meetings of the Executive Committees of the
scheduled
8% basis,
on an
The directors of The National City Bank of New York have
quarterly, instead of semi-annual dividends.
are
The Na¬
dividends of 3%
Tuesday and Friday
on
states that a
extra of 1% (or at
annum) has been declared.
New
Advertising Conference.
at
City Company, which has heretofore paid semi-annual
Tuesday, October 19.
Bank
paign.
an
able
;
quar¬
were
The bank's announcement of
year.
week concerning its dividend payments
this
Special Committee of Five.
Special Protective Committed on In¬
vestigation.
Special Journal Committee on Inves¬
tigation.
Committee of Seven.
City Bank of New York which recently
its capital from
the rate
Relations.
Public
Americanization and Thrift.
Constitutional Committee.
increased
terly.
Monday, October 18.
Executive Council.
Acceptances.
Agricultural Commission.
National
The
afternoons, while the National Bank Section has arranged to
held
Executive
this city.
of
in¬
interest, will show a book value of $310 per share.
Yours
very
truly,
formal conference of Managers and Examiners of Clearing
JAMES
STILLMAN,
A.
President.
.
House Associations.
«
The Bankers Trust
TION
OF
A.
B.
the Armistice" by
A.
The entertainment features of the
annual
convention
of the American Bankers'Association which is to be held at
Washington, D. C., during the week of October 18 include
the
following:
Monday, Oct. 18.—Dinner of Reserve Oity Bankers to be presided over by
Fred.
W.
Ellsworth,
Hibernia
Vice-President,
Bank
Trust Co.,
&
New
Orleans, La.
Tuesday, Oct. 19.—Automobile ride through Rock Creek Park and lawn
party at Chevy Chase Club; lecture at the United States Bureau of Standards
Professor S.
by
exhibits.
8.30 p.
W.
An inspection of buildings and
Director.
Stratton,
Private view United States National Museum of Natural
History;
reunion of members of the American Institution of Banking.
m.
Wednesday, Oct. 20.—Visit to the Old United States National Museum,
which
is
WiJlard
the
depository
national
of the
Ball
collections.
the New*
at
This is
Friday,
St. Louis
21.—Visit to Mt.
Oct.
of its Vice-Presidents.
merce,
and that organization felt that it was such an author¬
itative
presentation of financial conditions in this country
that it circulated widely reprints of
it in England and France.
The American Chamber of Commerce in
Spain had it trans¬
distribution in that country, and the
Commerce had it translated into Italian
lated into Spanish for
Italian Chamber of
for distribution in
Mr. Kent
Italy.
was
Director of Foreign
Exchange for the Federal Reserve Board during the War and
he has been in France devoting much of his
for the past year
Reparation Committee.
time to work with the
to be held in the
Smoker,
Vernon.
22.—Golf tournament
Oct.
the
at
Chevy
Chase
Club.
The
Cup will be awarded the player making the lowest medal score,
name
will be inscribed thereon and who may retain possession of the
until the next A. B.
drill at Fort
A.|Convention; United States Cavalry and Artillery
Private view Corcoran Gallery of Art.
Myer, Virginia.
to the Pan American
Visit
the Northeast
view to
ABOUT
No bank
Exchange
or
or
TRUST
BANKS,
stocks
trust company
ground floor and basement of the building at
corner of John and William Streets with the
establishing
a
branch at that location to be known as
It will be opened as soon after
the William Street Branch.
Union Building. ■
ence
ITEMS
Fidelity International Trust Company of this city
TThe
has leased the
Oct. 1
COMPANIES,
were
as
the fixtures and
to its
opening
was
equipment
consolidation
of
the
12 that the proposed
Trust
Bankers
Refer¬
With
the inauguration
of
a
Trust Department in July
1919, the Coal & Iron National Bank of New York was one
Sept.
on
be installed.
&c.
sold at the Stock
at auction this week.
definitely stated
was
can
made in these columns July 24.
of the first national banks to take
It
one
Mr. Kent in Paris last June
Congress of the International Chamber of Com¬
before the
"Arcade;" theatre party for the ladies.
cup
Fred I. Kent,
address delivered by
an
Hotel.
Thursday,
whose
Company of this city has just published
pamphlet entitled "The United States of America Since
a
ENTERTAINMENT FEATURES OF CONVEN¬
Company
and
the
conferred
under the
Federal
To cope
trust business.
advantage of the authority
Reserve Act
to
engage
in
a
"with the tremendous growth of this
department and with the steady expansion of their
Liberty National Bank of this city had been abandoned.
new
It will be recalled that
general banking business, the Coal & Iron Bank in addition
issued
by
National
Harvey
on
July 17
Gibson,
D.
"had been the subject of
but that at that time
resulted.
matter had
ferred
to
printed
President
a
statement
the
of
Liberty
Bank, following reports of the likelihood of the
union of the two institutions, that
had
we
Mr.
"not
the
no
informal discussion for
decision
Gibson's
even
Board
or
a
some
merger
time,"
definite understanding
statement
reached
of
the matter of the
also
said that the
point where it could be re¬
Directors."
While
some
of
the
to
retaining its present premises on the ground floor, has
taken
the greater part of
over
Building,
alterations
present
completed, the institution's depart¬
The bank's
re¬
John T. Sproull is Presi¬
dent of the Coal & Iron National Bank; David Taylor and
Dodd, Vice-Presidents;,Addison H.
Allison
project, the majority were of the opinion that it was for
the best interests of both institutions to remain as at present.
William H.
are
modern in every particular..
Sept. 8 were $26,295,633.
interests in the two institutions are said to have favored the
,
and
quarters
ments will be
sources
the second floor of the Central
West and Washington streets.
When
renovations of the newly acquired and
Liberty,
Day, Cashier;
Jacquith and Wallace A. Gray, Assistant Cash¬
iers, and Arthur A. G.
Luders, Trust Officer.
♦-
THE CH
1152
[Vol. 111.
"
I
'
n
Ml
■
'
I
■
■
—
Theodore Rousseau, Secretary of the Italy-America Society
notified this week by
was
of
Signor Sforza, the Italian Minister
Boston; and Charles B. Wiggin, New York, member of Bond & Goodwin,
investment bankers.
Foreign Affairs, that; King Emmanuel had named Mr.
Rousseau
Mr.
Cavalier of the Order of the Crown of Italy.
a
Rousseau,
who
formerly
was
Mayor John Purroy Mitchel, is
secretary
late
the
to
with the Guaranty
now
Trust Company of New York.
These gentlemen are also directors in numerous other
enterprises.
Commercial Credit Co. will realize net from the sale of the
new
stock
$25 per share for its preferred stock, $24 for Class "B" preferred and $45
for the
stock, par in each case being $25.
common
,
,
With this additional capital, the total cash capital, surplus
and undivided
profits of Commercial Credit Co. and its affiliations—Commercial Accep¬
tance Trust,
will
be
Chicago, and Commercial Credit Co., Inc., New Orleans—
about
$6,700,000.
After providing for
liberal estimate of
very
Federal taxes due in 1921, the combined surplus applicable to the common
Announcement is made from Christiania that it has been
decided
to
amalgamate Den Norske Creditbank with the
Northern
Oversea
&
Banking
Corporation,
stock of Commercial Credit Co. is in
book
Creditbank.
to be transferred to Den Norske
are
The actual
fusion
will
about
occur
of
the
stock
common
$57 50
on
International Finance Corporation of Washington, D.
Dec.
1.
have
the
declared
rate
dividend
a
of
9%
per
to stock holders of record
annum
Oct.
about 85,000,000 kroner.
purchase of trade acceptances and books of
1, payable Nov. 1.
reliable
from
to increase the capital of the Power City
their doors for business
Bank of Niagara Falls, N. Y. from $300,000 to $500,000 was
this dividend out of the
ratified
the
by the stockholders
stock
new
It is proposed to sell
Aug. 3.
on
$325 per share
at
the enlarged
(par $100)
capital to become effective Oct. 1.
♦
At
special meeting of the stockholders of the American
a
Bank & Trust
it
Company of Bridgeport, Conn,
on
to create
shares
Sept.
therefor
7 at
namely $100
par,
being required by Oct. 5.
availed of by the
share,
per
All of the
new
payment
stock not
existing stockholders is to be disposed of by
the President of the institution to such persons
manner,
at such times and at such price
at not less however than $160 per
as
he
share.
and in such
may
In
determine,
letter to the
a
stockholders
Aug. 24, notifying them of last week's meeting
the President, Albert W. Tremain, said:
The desirability of this Increase arises from the largely augmented business
of your bank,
It has been appointed reserve agent for other State banks.
ository for State, City and ohter Public Funds.
depositors
number of
a
Its business is
now
legitimate and
large,
It
It is
a
de-
has enlisted among
its
and
progressive corporations.
of the character that requires
larger capital to meet the
prosperous
as
be
pleasing to each
enlarged capital will add to
your
fastly maintain its position
one
of you.
opened
paying
offering of 100,000
Cumulative Preferred stock
of the
(par $50)
shares,
value, is being made by E. L. Stock & Com¬
no par
Corporation
and
Common
50,000
Inc. of Washington, D. C.
pany,
C. H. Fox has been elected
Trust
Company,
safe and conservative
banking institutions in Bridgeport.
a
Chicago.
vice
president of the Chicago
Mr.
entered
first
Fox
the
banking field with the Third National Bank of Rockford,
111., where he remained for
number of
a
before becom¬
years
ing traveling representative of the Chicago Trust Company
In
in 1909.
July, 1913, Mr. Fox
was
elected assistant
secre¬
tary of the Chicago Trust Company and later in the same
appoint d assis ant
year wa?
Mr.
ment.
Fox
Association in
Company
as
directors
the
Bankers'
Illinios
the
of
Chicago Trust
the election of James Waller Marshall
with
assistant
as
of
Mr. Marshall has
of the Bond Department.
associated
and,
The
1913.
of the bond depart¬
manager
treasurer
was
announce
manager
been
this
Department i for several
manager,
years,
has been in active charge for
months.
•
The strength which the
the absolutely
account
Finance
A
bank will, with your continued aid, stead¬
among
open
They
earnings, have been able it is stated,
considerable surplus besides an
a
9%
several
of its patrons.
necessary wants
will
jobbers.
June 1 1920 and besides
on
The price set for the new stock to present stockholders—$100 per share—
is such
and
Sept. 7,
The additional stock is offered pro rata to stockholders of
record
is engaged in the
company
International
voted to increase the capital from $100,000 to $200,000.
was
The
manufacturers
C.,
Preferred stock at
their
upon
The combined institutions -will have capital and reserves of
The proposal
the actual
share.
per
Handels-og
Exportbank of Christiania, and that all of the assets and
liabilities of the latter
value
of $1,300,000, making
excess
institution is
new
under the
of
being organized in Milwaukee, Wis.,
of the Holton Street Bank with
name
a
capital
The stock, in shares of $100, is being disposed
$100,000.
4
of at $120 each.
At
meeting
a
on
Sep
.
8 the directors of the Bristol Trust
Company of Bristol, Conn, elected Joseph B.
Sessions,
President of the institution to succeed his father, the late
William E. Sessions.
Another son of the latter, William
K. Sessions, was elected a director.
Holton Streets
the northeast
on
of Center and
corner
H. R. Graham, W. B.
are:
Osborn, Henry
Vetter, A. R. Punke and W. S. Clarkson.
♦
The
People's Savings Bank of Little Rock, Ark., reports
a
capital of $200,000, the amount having been raised from
Effective
Sept. 9, the People's National Bank of Brattleboro, Vt., has increased its capital from $100,000 to $200,000.
The stockholders authorized the issuance of the
July 27.
The incorporators of the new institution
which is to be located
It
disposed of
was
at
$150
per
new
stock
$100 share.
A resolution authorizing the increase was adopted
$100,000.
by the stockholders at
same
time
a
meeting held
a
,and the other $30,000 of
new
stock
was
At the
July 31.
on
stock dividend of 70%, or $70,000, was
sold
declared,
on a
basis of
$1 55, all stock having a par of $25 per share.
The First National Bank of Port Allegany, Pa., reports a
capital of $125,000, the amount having been increased on
Sept. 1 from $100,000.
The plans to enlarge the capital
had been approved by the stockholders
price at which the additional stock
was
June 15.
on
placed
was
The
$160
per
$100 share.
«
R.
C.
President
of
Mr. Addison,
National
Cashier
1
Burnett
elected
M. Addison
National
First
the
Bank
of
of
that
First Vice-
S. E. Bates, Jr., Assistant
city.
charge of the Savings Department,
Vice-President of the First National.
a
as
Richmond, Va.
resigning to become President of the Planters
Bank
in
succeeds W.
has been
Mr. Burnett
PSThe completion of arrangements whereby the Commercial
and Thadeus C. Bell of the New York Life Insurance
Credit Co. of Baltimore, Md., will take
were
of the National
any
Chairman
Credit Co.
states
that
common
was
announced
on
Sept. 13 by A. E. Dun¬
of the Board of Directors of the Commercial
In
making the announcement Mr. Duncan also
part of the transaction the directors
as
Commercial
the business
Credit do.
stock
have
agreed
to
declare
dividend, payable Dec. 31 1920 to
stockholders of record Dec. 21 1920, the present
12%
per
annum
to
continue.
specting the acquisition is given
of the
a
20%
common
dividend of
Additional information
as
stock of Commercial Credit
of directors
a
to
new
Sept. 9.
per
and in the number
provide for four additional directors representing the
a
Boston,
new
director of the National Shawmut Bank, Boston; W.
director of the First National Bank,
capitalist,
and
a
director
to
$300,000.
The
The
new
issue of stock
was
disposed of at $155
$100 share, and with its increased Capital the bank
surplus
reports
and
undivided
profits
of
$250,000.
In
Southwest Virginia and East Tennessee pro¬
fessional and business
men
who
are
of the
Old
interested in mercantile,
mining, farming and other industrial enterprises of the
tion."
sec¬
It is also announced that H. E. Jones has retired
from the
a
$150,000
were
Co., which will in turn ask its stockholders
Cameron Forbes, of J. M. Forbes & Co., former Governor-General of the
Ames,
on
directors to be added to the board of Commercial Credit Co.
Philippines and
from
ratified by the stockholders
Aug. 18, and the Capital as doubled, became effective
of influential
will be Louis K. Liggett, President United Drug Co. and Liggett's Interna¬
tional, Ltd., also
capital
has associated with its former list of stockholders "a number
interests.
The
its
plans to enlarge the Capital
follows in the Baltimore
substantial increase in its capital stock
so as
increased
announcing its addition to Capital, the bank states that it
The stockholders of the Boston company are to purchase about $700,000
new
4
Dominion National Bank of Bristol, Va.-Tenn. has
The
re¬
"News" of the 13th inst.:
to authorize
Co.,
elected directors of the First National Bank.
Acceptance Co. of Boston, without assuming
of the latter,
can,
over
presidency to
assume
the position of Chairman of
the Board and that the bank will continue to receive the
benefit of his
C. S.
experience of twenty-five years' active service.
Carter has been elected President of the bank:
five
Boston; F. Lathrop
Colony TrustCo.,
new
directors
have
been
added
to
the
Board
as
follows:
Sept. 18 1920.]
THE CHRONICLE
C. 8. Carter, President of the bank.
Lee Long, Dante, Va.t Vice-President and General Manager Clinchfield
Coal Corporation.
E. R. Boyd, President Bank of Grundy, Va., Farmers National Bank,
A. K. Morison of the firm of Morison, Morison & Robertson, lawyers,
V
Bristol.
following
W. H.
importation of silver rupees, provided the
continue
Cox and J.
Moore, Cashier;
N.
officers
as
institution:
Huntsman, Vice-Presidents;
A. P.
H. W. Spargur, H. M. Bellamy, A. E.
necessary
British Treasury to deal with the coin
possibility of
rupees
being marketed
depend
the establishment of
banking, law and invest¬
a
library under the auspices of the bank, the Charleston
Company
and
Charleston Trust
the
the bank presents
Company.
a
list of the
books to be found in its library files, and says:
As is shown
associated with withdrawals for the
jects.
number of titles
a great
on
general business sub¬
Besides the books catalogued here, the library contains
Financial Chronicle"
financing of crops.
Gold coin and bullion in India
Aug. 7.
Aug. 15.
16253
16295
16200
5116
5229
5333
4251
4180
3981
a
great many
1910 to date form
a
very
important addition
to the reference works.
The bank also states that the
meet the
was
established "to
growing needs of the various departments of the
able to allow the public the
and
as
well
as
here
library
In developing the plans," it says, "it seemed advis¬
bank.
a
result,
any
privilege of using the library,
outsider who is genuinely interested,
as
the bank officials and employes, may consult the books
borrow them for
or
it may
reasonable time."
a
Gold coin and bullion out of India
Securities
(Indian Government).
4509
4733
4733
Securities
(British Government)
2377
2153
2153
No rupees were coined
Charleston, N. B. A. and that all of the Capital stock of
owned
is
shares,
during the week ending 22nd inst.
Shanghai
the 21st inst. consisted of about 33,450,000
on
in sycee, 21,000,000 dollars and 2,170 bars of silver,
ounces
with about 34,300,000 ounces in sycee,
of silver on the
The
Company, except directors, qualifying
by
Charleston
the
as
compared
20,000,000 dollars and 1010 bars
14th inst.
Shanghai exchange is quoted at 6s. Oj^d. the tael.
Bar Silver per Oz. Standard.
Quotations—
y
Cash.
Bar Gold.
2 mos.
p.Oz.Fine.
Aug. 20.
63Md.
63^d 2
Aug. 21
63%d
63%d.
Aug. 23
60%d
60%d.
Aug. 24
60^d.
60 J^d.
115s. 6d.
61d.
116s.
Aug. 25
_61d.
-
mos,
115s.
115s. 3d.
Aug. 26
61Hd.
61d.
115s.
Average...
61.896d.
61.875d.
115s. 4.2d
The silver quotations for cash and forward delivery are respectively Kd.
above and the
those fixed
same as
a
week ago.
We have also received this week the circular written under
be noted that the stock of the Charleston Security
the Charleston Trust
Aug. 22.
Incidentally
Company is owned ratably by the stockholders of the Bank
of
j.
The bound volumes of the "Commercial and
from
of the Indian
course
Silver coin and bullion out of India
pamphlets, and regularly receives the current financial magazines and New
York and local newspapers.
the
upon
Silver coin and bullion in India
The stock in
by the list, the majority of the books are on banks and
banking, but there is also
obtained
,
Currency returns below show substantial increases weekly
in the holding of silver rupees—although this period of the year is
usually
(In lacs of rupees.)
In making the announcement
'
Indian
The
Notes in circulation
Security
were
bullion.
INDIAN CURRENCY RETURNS.
The Bank of Charleston, N. B. A. at Charleston, S. C.
ment
license
exchange.
Anderson, Assistant Cashiers.
announces
as
silver—in view of the vast
as
so—is quite within view but any
year or
sales of rupee bullion must necessarily
the
of
The
quantities minted djiring the last
\
,
C. C. Burns of.Burns & Kidd, lawyers, Lebanon, Va.
The
tomed to do before the closing of the Mints to free
coinage.
At the highest
price recorded for silver this week, namely 63%d. and at an exchange of
Is. 10%d. per rupee there would have been a handsome profit on the
from the
Tazewell, Va.
1153
Security
Company.
date of Sept.
2 1919:
GOLD.
The Bank of England gold reserve against its note issue is £121,552,420,
increase of £19,590 as compared with last week's return.
an
310
A fair amount
of gold came into the market and was taken for the United States of America,
with the exception of a small quantity acquired for India.
We
A
change in the
name
of the Chehalis National Bank, of
Chehalis, Wash, to the First National Bank in Chehalis has
been
append
much enhanced if the
has been elected Cashier of the Marine
reported in
become
the
the
business department.
new
issue of June 5 the Marine Bank plans to
our
charter for the Marine
Seattle, Wash, with a capital of $200,000.
Comptroller of the Currency for
National Bank of
The
As
national institution and has therefore applied to
a
a
change is expected to take place in
a
few weeks.
Assistant Cashier of the United States
National Bank of Portland, Ore. has been made Vice-Presi¬
dent of the institution.
Vice-President
and
Paul S. Dick Cashier has become
Cashier and C.
H.
Chambreau, head
June
July
1Q1Q
GOLD AND
SILVER
reprint
the following from
Samuel Montagu & Co. of
the weekly circular of
London, written under date of
SILVER.
price
are a
&
is that the
the law of
The Bank of
England gold reserve against( its note issue is
practically
£121,532,565 last week.
The fair amount of gold which came into the market during the week was
taken for India and the United States of America.
The sale by the Ceylon Government of 199,500 Sovereigns, lying in the
General Treasury vaults at 14 Rupees the Sovereign to a well-known
Pettah merchant, on condition that payment was made in silver of the
unchanged—£121,532,830
as
against
of the statement made in our circu¬
lar of the 12th inst. that the sovereign possesses no legal tender value in
India pending the new ordinance fixing it at 10 rupees.
(Ceylon, though a
Crown Colony, adopts the same currency legislation as the Indian Empire
as regards the ratio between gold and silver).
The "Economist" states that by a Royal Spanish Decree of Aug.10
all duties on merchandise were to be realized at the full value in
(1) Spanish Qold.
(2) Sundry specified gold coins.
(3) Silver of Spanish
coinage and notes of the Bank of Spain, with the surcharge to be fixed
monthly by the Minister of Finance, taking into account the price of the
medium quotation in the London market of fine gold in bullion.
It will
be observed that Spanish silver and paper currency are thus assumed
officially to stand at a discount to the gold currency of the country.
At
the present time the actual discount is in the neighbourhood of 20%.
equivalent value is practical evidence
The price
of silver rose 2%d. on the
price touched since May 4th last.
Chinese demand in America—driving
20th inst. to 63%d., the highest
the quotation several points above
the dollar point—was the initial cause; .the effect upon the market here
was intensified by a fall in the American exchange, and the fact that Con¬
tinental sales were temporarily lacking.
A rumour has emanated from Bombay that silver rupees were being or
were about to be shipped, presumably to be dealt with as bullion.
Our circular letter of the 12th February last announced that the Indian
Government prohibition against dealing with current gold and silver coin
otherwise than as currency had been canceled.
Hence Indian jewellers
'were again able to break up and use silver rupees just as tbey were accus.
well
as
Government
regu¬
currency) interfere with
We
are
passing
of these periods.
*
apparently strong pressure last week the price in the United
over
the dollar point.
Supplies in London seemed likely
outside of those that came from America, and the price made a
Since then a considerable reaction has ensued.
The fall of about 10
points in the American exchange evidently cannot
indicating confidence in a much higher level, as some
might have assumed from the sharp advance beyond the Pittman dollar
limit.
further
A
an
element has been sales on account of the
perplexing
Whether these are owing to
a
distrust of
outlook of silver, to less assured prospects of the monsoon, or to
anticipation that the rupee exchange may decline from other causes,
it is
It is significant, however, that the onus of support
impossible to say.
for the silver market lies upon
seller than buyer,
China alone, now that the Continent is more
and that India—the great Eastern absrober of the metal—
become a seller.
,
uncertainty as to the actual amount of silver Mexico is
has, temporarily at any rate,
There
seems
li kely to export.
If the quantity retained for coinage be really considerable
there would be little risk of any important
long
setback in the world price so
the U. S. A. is a buyer at a dollar the ounce.
as
tion, however, will be influenced by the course
The London quota¬
of the American exchange,
another factor of great complexity.
We understand that the Chinese exchange at the* present time does not
correspond with the condition of trade—it is still guided by speculative
influences.
...
SILVER.
as
of silver prices cannot be relied upon.
course
one
Under
trade,
supply and demand to such an extent that ordinary methods of
judging the
through
Speaking broadly the
position of affairs is largely artificial.
lations in different countries (as to
the general
GOLD.
•
matter very difficult to conjecture.
Indian bazaars to this market.
August 26 1920:
359,283
The silver market occasionally has moments when the future movements
of the
be looked upon as
We
214,918
The value of the gold output fluctuates
clared to the Mines Department of Southern Rhodesia in that month.
to dry up
MARKETS.
£194,194
each month in accordance with the amount of premium which may be de¬
hasty leap to 63 Hd.
ENGLISH
i qof)
£214,215
_
official statement adds:
The
ephemeral.
-
States moved well
Teller has been made Assistant Cashier.
THE
is
If the
The table preferably should be recorded in fine ounces, for the
mint value of the metal is that which cannot be
reason
Walter A. Holt,
It
output.
present variation from the normal is, we hope, but a passingphase, but the
Washington and Vernon C. Leftwich has
been made manager of
Rhodesian
the old method of calculation should be registered for statistical
poses,
reasons.
Bank of Seattle,
of the
gold were valued upon the old mint basis.
present method based upon the currency pound is desirable for local pur¬
approved by the Comptroller of the Currency.
Albert Brygger
comparative statement
suggested that the usefulness and interest of the official returns would be
reaction
A
The stock in
in sycee,
ounces
taken
place
Shanghai
on
on
the 21st ult.
on
account
of
21,000,000 dollars and 2,170 bars of
The Shanghai exchange is quoted at 5s. 9d. the tael.
price for cash
Average price for cash.
Bar Silver, per
Quotations—
27
Aug.
-
28
-
-
Average
silver
60 %d.
60Md.
59Hd.
59^(1.
58^d.
115s. 5d.
57Xd.
* 58Hd.
59.125d.
115s. Id.
-,57%d.
59.354d.
quotations for cash and forward delivery
2Vsd. and 2J4d. below those
Bar Qold,
2 dos.
60Kd.
58Kd.
2
Oz. Std.
63?£d.
57d.
59.915d
Cash.
61d.
58%d.
1
Sept.
appended:
63 %d.
I Highest price for 2 mos
57d.
|Lowest price for 2 mos
59.875d. | Average price for 2 mos
Highest price for cash
The
mainly
the 28th ult. consisted of about 35,400,000
Statistics for the month of August are
Lowest
to-day
22,000,000 dollars and 270 bars of silver, as compared with
33.450,000 ounces in sycee,
about
eilver
has
of business.
absence
fixed a week ago.
Per. Oz. Fine
115s.
'
115s. 6d.
115s. Id.
115s. 2.6d.
are respectively
[VOL. 111.
THE CHRONICLE
1154
Notes:
ENGLISH FINANCIAL MARKETS—PER CABLE.
Th©
Victory Liberty LoanTreasury Certificates:
daily closing quotations for securities, &c., at London,
Tax
724.540.500 00
Loan.
reported by cable, have been
as
follows th© past week:
as
Pittman Act———
I..
— —
—
259,375,000 00
,
.
Sept. 11. Sept. 13. Sept. 14. Sept. 15. Sept. 16. Sept. 17.
London,
Week ending Sept. 17—
Silver,
<3.59?*
per oz—;
59?*
60)*
— ...
60?*
60?*
60?*»
118s,9d. 118s.6d. 117s.6d.
45J*
45?*
46
83?*
84?*
84?*
84?*
84 11-16
78
78
78 X
78
78
54.65
54.25
53.90
53.80
54.10
85.40
85.45
86.40
85.40
price of silver in New York
85.40
the
on
day has been:
same
Silver (m N. Y„ per ox (cts.):
Domestic
ForeigW
—
—
Savings Securities (net cash receipts
227,714,083 91
$24,324,672,123 79
from the daily
up
Government state¬
ments, shows the currency holdings of the Treasury at the
99H
&»?*
99?*
99)*
99)*
beginning of business
94
94
95
94?*
94
September 1920:
the first of June, July, August and
on
•
'
Holdings in
June 1 1920.
Sub-Treasuries.
$
July 1 1920. Aug.
1
$
1920. Sept.
1
S
1920.
$
CURRENT LIABILITIES.
the items stood
as
The figures are taken
daily statement of the United States
Aug. 31 are set out in the following.
the
—_
——.........
93?*
holdings of the Government
entirely from
....
$24,093,595,752 81
3,362,287 07
TREASURY CURRENCY HOLDINGS.—Tha following
compilation made
Net gold coin and bullion
Th© cash
.1
—
Total gross debt———
99)*
CASH AND
808,220.104 81
—
—
•i
TREASURY
2 830 576 000 00
.
......
Total interest-bearing debt.———^
Debt on which Interest has ceased......
Non-lnterest-bearlng debt
45 15-16 46
French War Loan(inParls),fr.
War
Fri.
847*
54.60
French Rentes (in Paris), fir.
Thurs.
ed.
46
British, 4?* per cents—78
Th©
Tues.
117s.3d. 119s.
Gold per fine ounce...---—116s.6d.
Consols, 2?* per cents
British, 5 per cents..-.
Man.
Sat.
$4,241,128,295 00
—
$1,846,660,500 00
—
——
Treasury for Aug. 31:
.
United States notes.
401,208,99$
409,632,934
23,814.665
9,490,672
22,284,476
22,274,609
1,998,693
8,052,481
11,251,60(1
33,394,639
31,581,363
6,045,33*
23,824,301
490,392,462
518,100.00(]
152,979,026
526,247,587
152,979,026
*528.821,147
152,979,026
337.413,436
365,120,974
373,268,561
375.842,121
96,220,000
5,950,000
76,820,530
273,335,001
131,444,000
35,083,948
5,950,006
126,580,000
12,644,255
11,567,654
14,104,492
12,583,688
10,777,913
24,211,262
1,893,05(
8,604,65'
25,113,111
2,799,099
7,974,802
23,361,601
581,633,521
.
Net national bank notes.
Net Fed. Reserve notes
.
.
.
Net Fed. Res. bank notes.
Net subsidiary silver
_
Minor coin. Ac.
.
.
.
.
417.771,523
35,367,057
7,019,239
391,225,276
Net sliver coin and bullion.
Ne
.
9,381,223
22,691,896
27,698.893
2,490,601
6,944,072
19,309,339
25,177,030
2,060,483
6,138,595
15,977,881
27.650.8SC
2,115,73.'
6,364,173
19,032,886
14,289,67'
CURRENT ASSETS AND LIABILITIES.
Total cash in Sub-Treas.
GOLD.
Less gold reserve fund
,
Assets.
.
.
Cash balance In Sub-Treas.
339,426,066 68
Gold coin
Gold
1,819,872,014 17
bullion
Gold certfs. outstanding
Gold
585,478,138 00
Dep. In special deposlto-ies:
Account certs, of lDdebt.
fund,
settlement
Dep. in Fed. Land banks
.
152,979,025 63
Dep
.
264,792,497 61
Dep. In national banks:
Fed. Reserve Board..1,156,048,419 61
Gold
reserve
Avail, gold in gen'l
fund
In Fed. Res. banks.
To credit Treas. U. S.
Total
Total
2,159,298,080 85
——— —
—
......
..2,159,298,080 85
To credit dlsb. officers
SILVER DOLLARS.
Total
Liabilities k.
t
Assets.
$
132,982,003 00
Silver dollars
Silver eerie, outstanding
Treas. notes of 1890 out,
Available
dollars
silver
Treasuries.
.
...
Total
132,982,003 00
Sub-
FUND.
Treasurer's
$
Avail, gold (see above.).
silver dollars
264,792,497 61
(see above)
United States notes
—
Federal Reserve notes.
_
Fed. Res've bank notes.
National bank
notes...
Certif d checks on banks
Subsidiary sliver coin...
Minor coin——
Silver bullion..,—-
Unclassified
8,408,068
7,019,239
25,177,030
2,060,483
00
00
19,309,338
117,753
6,138,595
933,400
26,958,988
93
39
05
24
54
00
00
(unsor.ed
14,926,727 13
&c.)—...
Deposits in Fedet al Land
currency,
5,950,000 00
bnnks
Deposits In Federal Re¬
90,773,536 25
banks
serve
Deposits in nat.
To
credit
of
Retirement
na-
brought
prepared by
from
us
Exchange.
of
1197.—The
page
from figures collected by
The receipts at Western
the week ending last Saturday and
Wheal.
113,000
—
Corn.
1,253,000
addl*
3,524,000
114,000
73,000
17,000
"lY.ooo
Milwaukee
Toledo
Detroit
St.
124,550 00
25,099,673 64
257,746,628 32
631,720,861 00
—
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt.
The amount of such obligations
so'.bbo
Louis
years
have been:
Oats.
Barley.
Omaha
$2,504,913 In Federal Reserve notes, $1,748,903 In Federal Reserve bank notes,
bank notes are In the Treasury in process of redemption
2,042,000
2.774,000
1,352.000
203.000
96.000
928.000
121,000
210,000
420.000
1,272,000
95,000
110.000
'
20.000
320,000
21.000
229,000
~
1,117,000
326,000
774.000
"19.000
"8,666
72,000
360,000
269,000
50,000
24.000
180,000
326.000
......
902,000
283.000
310.000
Indianapolis..
154,000
329,000
496,000
Total wk. 1920
206,000
10,891,000
14,541,000
5.695.000
1,418,000
1.232,000
1,213,000
494,000
4,077,000
4,047,000
8,222,000
Samewk. 1919
Samewk. 1918
353,000
17,761,000
5,038,000
8.379.000
1,383,000
786,000
1.297,000
Since Aug. 1—
1920.
1.514.000 56,681,000
2.758,000 121,008,000
15,179 000
38.822,000
4,506.000
4.396,000
1919——
17,735,000
2,161.000 125,799,000
28.609,000
42,629,000 10,502,000
65,997,000 7.021.000
5,817,000
1918......
—
Total
.
3.311,000
receipts of flour and grain at the seaboard ports for
Sep. 11 1920 follow:
;
the week ended
to-day was $27,116,419.
and $16,802,585 In national
Rye.
1.889,000
Peoria
Kansas City..
Note.—The amount to the credit of disbursing officers and agencies to-day was
are
Flour.
Minneapolis..
19,798,615 08
$1,102,001,780 42.
Book credits for which obligations of foreign Governments are
held by the United States amount to $50,736,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
and
are
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 56 lbs. bush.48lbs. bush.BOlbs.
Chicago
notes
Net balance.
Total
figures
1 for each of the last three
Receipts at—
10,983,810 00
2,152,772 71
631,720,861 00
257,746,628
lake and river ports for
since Aug.
373,974,232 68
Government officers
205.161,91/J
259,655,115 95
circulating
notes, Act May 30
1908
Exchanges
of
currency, coin, &o
10,777,913 04
Government officers
Deposits in Philippine
Treasury:
To credit of Treasurer,
U
8.. and other
357,701.682
the New York Produce
23,058,144 00
tionnl
12,583,688 04
201,868,990
bank
tlonal bank
(5% fund)
other
Total
Breadstuffs
statements below
1,111,603 65
Reserve
Redemption
.
7,688,471 07
Postmasters, clerks of
courts, Ac—
Deposits for:
Redemption of Federal Reserve notes
(5% fund)
Redemption of Fed¬
banks:
ot
631,720,861
373,974,233
839,364 76
notes(5% fund gold)
To credit Treas. .U.S.
376,471,606
1
ent banks..—
7,060,830 07
365,810,633
25,614,884 53
—
126,580,000 00
552,298,829
350,429,839
out-
standing—..
eral
Deposits in foreign de¬
positaries:
To credit Treas., U. Sv
723,512,315
.
Includes Sept. 1, $26,958,988 44 silver bullion and $15,977,880 76 minor coins
&c., not included In statement "Stock of Money."
$
Depos. of Govt, officers:
Post Office Dept
Board of trustees, Postal Savings System
(5% reserve)
Comptroller
of
the
Currency, agent for
creditors of IdsoIv-
Deposits In special de¬
positaries account of
sales of certificates of
indebtedness
checks
2,152,773
7,060,830
*
|
Liabilities.
90,773,536
5,950,000
11,008,619
132,982,00300
Assets.
Available
3,278,876
8,263,170
.
Available cash balance
GENERAL
'
24.352,817
........
Net cash In banks,
1
8,408,068 00
5,950,00(
44,393,367
11,797,080
.
Deposits in Foreign Depts.
Deduct current liabilities
—
12,555,737
_
Cash in Philippine Islands.
$
122,921,830 00
1,652,105 00
In general fund..
Total
152,979,026
Liabilities.
■
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Receipts at—
charge? against the deposits for the respective 5% redemption funds.
198,000
24,000
498,000
Philadelphia-
74,000
767,000
26,000
100 .(XX
50,000
Baltimore.—.
21,000
23,000
51,00t
157,000
38,000
99.000
21,000
1,133,000
2,014.000
1,613,000
1,761.000
688,000
438.000
8.174,000
111,000
881.00C
Since Jan. 1*20 17,009,000 145,115,000
14 483 000
18,759,00c
New
DEBT STATEMENT OF UNITED STA TES AUG. 31 1920.
The
of th©
of the public
preliminary statement
United States for Aug. 31
1920,
made
as
daily Treasury statements, is
Total gross debt July 31
1920.—
Public-debt receipts Aug. 1 to 31 1920
... ——
Public-debt disbursements Aug. 1 to 31 1920Increase for period
as
debt
up on
of the
the basis
follows:
New Orleans
Boston
Week 1919—
and without
any
deduction
on
633.000
12,000
97.00C
3G.OOC
7,523,000
133,000
Since Jan. 1'19 26.618,000 152,208,000
9,280.000
456,000
3,000
2,000
15 000
665,000
7,202.000 38.143.000
445.000
1,461.00(
147,000
56.192,00(1 53,82^000 24,754.000
♦
Receipts do not include grain passing through New Qrl cans for foreign ports
through bills of lading.
.
..
7^
held by the Treasurer
account of obligations of
Note.—Total gross debt before deduction of the balance
free of current obligations,
"29.006
Montreal
101,755,110 05
$24,324,672,123
1920
114,000
a
Galveston
on
Total gross debt Aug. 31
179,000
Total wk. 1920
-$24,222,917,013 74
$221,199,759 77
119,444,649 72
—...——_
York...
The exports from the several seaboard ports for
ending Sep. 11
foreign Governments or other investments, was as follows:
are
the week
shown in the annexed statement:
Bonds:
Consols of 1930
-
Loan of 1925..
$599,724,050 00
118,489,900 00
—
-
-
Panama's of 1918-1938
Panama's of 1961
»
Exports from—
Postal Savings bonds
—...
.
Second Liberty Loan
Fourth Liberty Loan
New
...
—
$1,952,422,500
3,324,831,900
3,659,361,150
6.393,433.613
—
York
Boston
Flour.
Corn.
834.710
Oats.
Rye.
Barley.
Peas.
Bushels.
MuskdU.
Bushels.
Bushels
New
599,666
News..
1,067,000
221,000
3.628,000
Orleans
Galveston
Montreal
20.494
441,023
122,870
2,704,000
913,000
11.000
Y2*666
31,000
4,000
39.666
21,000
360.000
2,000
268.656
12,000
84,000
16,000 107,000
,
93.000
231,000
15.330.049.163 00
Total week
bonds..—
3.290 143,809
19,000
....
Baltimore
Newport
00
00
00
00
L%ishels. Barrels.
...
Philadelphia
$883,622,190 00
r
First Liberty Loan
Third Liberty Loan.....*—
Bushels*
25,947,400 00
50,000,000 00i
28,894,500 00
11,612,160 00
-
.i—
Conversion bonds
Total
Wheat.
48.954,180 00
Panama's of 1916-1936
$16,213,671,353 00
Week 1919
9,966,710
5,998,388
N
H
©V
c 336.809
32,494 1,136,023'
cr 383,112 1,44R.5AR
nnn
503,870
1
oqr
"V«45
Sept. 18
1920.]
THE CHRONICLE
The destination of these exports for the week and since
July 1, 1920 shown in the following:
1155
U. S. Bonds Held Aug. 31 to Secure—
Bonds
<
Deposit
on
On
Deposit to On
Secure Federal
Aug. 31 1920.
Flour.
Wheat.
Corn.
Secure
Total
National Bank
Held.
Notes.
Notes.
Exports for Week
and Since
July 1 to—
Week
Since
Week
Since
Week
Since
Sept. 11
July 1
Sept. 11
July 1
Sept. 11
July 1
1920.
1920.
1920.
1920.
1920.
1920.
Barrels.
United
Kingdom.
Barrels.
40,132
Bushels.
Bushels.
Bushels.
<
107,284
591,438
2,220,030
4,272,795
....
5,532,855
35,084.254
42,945.189
So. & Cent. Amer.
46.452
235,976
153,060
958.060
Continent
West Indies.
444,160
i»6
"12", 342
9,966.710
79,839,654
70,290
771,817
5,998,388
37,728,790
14,708
859,403
336,809
3.829,012
383,112
6,220,838
Total
......
27,270
54,166
""k.OOO
Total 1919
286.446
1.599
1,000
243,007
538", 561
Brit.No.Am.Cols.
2s, XJ. S. Panama of 1938
..........
Totals
$
$
$
•13.888,400
2,593,000
383,500
285,300
259,375.000
570,940,000
66,979,900
47,828,740
25.252.260
584,828.400
69.572.900
48,212,240
25,537,560
259,375 000
276.525.200
711,000,900
987.526,100
"
world's
shipment of wheat and
for /the week
corn
ending Sep. 11 1920 and since July. 1 1920 and
shown in the
....
2s, U. S. 1-year Certs, of Indebtedness..
The
following shows the amount of national bank notes
afloat and the amount |of legal-tender deposits Aug. I and
Sept. 1 and thsir increase
August:
l
'
•
The
...
2s, U. S. Panama of 1936
Bushels.
16,000
848,651
28,819
Other countries... 114,122
_
2s, U. S. Consols of 1930
4s, U. S. Loan of 1925
Deposit to
Reserve Bank
1919
are
following:
'•
•
■
or
decrease during the month of
■■
■
National Bank Notes—Total AfloatAmount afloat Aug. 1 1920...
$726,463,704.
...
Net amount retired during August...
Amount of bank notes afloat
467,652
Sept. 1 1920.
—
.$725,996,052
.
Legal-Tender Notes—
Amount
Wheal.
Corn.
1919.
1920.
Exports.
Week
Since
Sept. 11.
July
Bushels.
North Arner
1.
July
Bushels.
8,944,000
Week
Since
11.
Sept.
1.
Bushels.
98,395, <}00
1919.
1920.
Since
83,968,000
Argentina.
960,000
_.
36,294,000
9,408,000
680,000
38,265,000
GOVERNMENT REVENUE AND EXPENDITURES.
379,000
572,000
4,203,000
30.955,000
26,506",000
"350",66o
"864",000
1,159",000
23.215,000
and
India.*.
"
•
940".666
.....
1919-20.
Receipts—
Ordinary—
110.584,00(1 144,097,000 146,388,000
4,578,000
Aug. 1920.
28,044,000
33,026,000
Internal
risible
supply
at principal
granary
Miscellaneous revenue...
United States-
Philadelphia.
Baltimore..
-
—.......
Newport News.
.
.
.
..
—
Toledo........
;...
Detroit
14,000
......
121,000
10,000
Deposits for retirement of
589,000
3,000
national bank notes and
Kansas
... —
....
...
m
-
-
uooo
.
303,000
..
1,017,000
ko'.ooo
-
205.000
846,000
11,000
123.000
19.000
376.000
1,000
17.000.
596,000
5,000
90,000
Fed.
Res.
(acts
bf
41,000
23,000
131,000
234",000
98,000
68.000
w
-
bank
July
and Dec. 23
Total
6.850,000
..
Grand total receipts—.
189,000
297.000
120.000
4O"O66
1.670,000
85,000
784.000
Checks and warrants paid
58.000
339 000
10,000
10,000
1,688,000
251,000
622,000
57.000
(less bal's repaid,' Ac.),
Int. on public debt paid..
15,000
19.000
569,000
2.000
189,000
510.000
208,000
436.000
449,000
24.000
■
_
J,
+*
.»
*
'I',.
Pan.
9,000
„
34.000
659,198
325.699
1,085,624
157.548,718
705.485
398,400,666
268,538,831
628,767,191
496,320.534
10.000
226,732,236
14,065
650,579,227
952,716.000 2,600,262,363
4,590.784
11,378,029
72,800
103.140
218,654,500 1,225,761,520
2,231,510
6,201,164
»«.
8,000
-
-----.
2,792,000 16.216.000
2,564,000 12.798,000
1,360,000 21.023.000
5.181,000 24.075.000
2,578.000
2,398.000
2.209,000
2,238.000
5,541.000
14.351,000
2,145.000
.
303,750
2,721,470
448,400
3,464,084
221,199,760 1,461.416,390
957,842,049 3,265.786,843
619,600,425 1,729,955,221
1,586,609,240 3,762.107.377
.
398,570,874
15,382,670
690,244.994
638,531,291
19,582,327
63,333,857
1,528,337,703
59.900,721
Canal: Checks paid
(less bal's
repaid, Ac.),
1,627,601
Purchase of obligations of
foreign Governments..
■
.
_
12,000
148,000
•
Ordinary—
1,694,477
2,257,002
1,906,945
54,275,946
41,469.468
151,925,946
,
30,469,468
Purch. of Fed. Farm Loan bonds:
Principal..
4 1920- -50.758.000
Total Sept. 13 1919.. -70.125,000
Total Sept. 14 1918- -67.464,000
Total Sept.
190,808,339
Disbursements.
234,000
Total Sept. 11 1920- -.22.931,000
124,469,563
252,381,849
104.727,062
»»
1.200,000
On Canal and River... ..:
2^.615.312
113,817,096
....
-
166.000
'
72,658.726
223,855,697
59,551.871
1890
1.899,000
1.005.000
1919.
41,551.908
notes
14
1913
80,000
132,000
Indianapolis
Omaha
»".*
.
-
260,000
_
On Lakes.
-
63.000
~
1.572,000
..
City.
Peoria
»
2 Mos.
164.151.146
Postal Savings bonds....
240,000
21,000
..
Certifs. of indebtedness..
War-savings securities
239,000
224,000
..
187,000
77 000
43,000
Minneapolis.......
bush.
633,000
457.000
2.278,000
1920.
60.021,816
144.710.931
Lib. bonds & Vict, notes.
1.527,000
Milwaukee
St. Louis......
*
3.960,000
941,000
-
afloat........
Barley.
bush.
bush,
1,005,000
12,000
-
Chicago..
Duluth
bush.
501.000
670,000
552,000
..
21,053,662
Public Debt—
Rye.
3,163,000
2.850,000
..
-.
.......
...
..
..
New Orleans.......-
Galveston.
Buffalo
-
..
...
.
Total ordinary........
Oats.
Corn.
bush.
...
Miscellaneous
Panama Canal tolls,Ac..
GRAIN STOCKS.
Mos.
2
$
29,327,519
revenue:
points of accumulation at lake and
Wheat,
Boston
.
Income and profits tax.
seaboard ports Sep. 11 1920 was as follows:
New YorK............
—.
comprising the stocks in
grain,
of
Aug. 1919.
$
Customs.
The
$27,403,924
—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 1920
and 1919, and the two months of the fiscal years 1920-21
635,666
Australia.—
—
1.
Russia
Danube.
deposit to redeem national bank notes Sept. 1 1920....
on
Bushels.
July
Bushels.
25,000
Amount
$28,363,714
August——.959,790
Since
July 1.
Bushels.
deposit to redeem national bank notes Aug. 1 1920....
on
Net amount of bank notes retired in
...
Accrued interest......
Total ordinary.
1,500,000
20,448
8,400,000
81,284
447,571,062
765,797,744
754,072,902 1.742,071.315
118,109,060
662,750.888
929,681,132 2.149.329.812
2,030 000
Note.—Bonded grain not included above: Oats, 13.000 bushels New York;
total.
13,000, against 65.000 bushels In 1919; barley, New York, 8,000; Duluth, afloat,
1,000; total. 9,000 bushels, against 35,000 bushels in 1919.
Canadian—
Public Debt—
Bonds, i nt .-bearing notes,
and certificates retired.
Nat'I bank notes and Fed.
Res. bank notes retired
Montreal..........
Ft. William & Pt. Arthur.
4,545,000
1,129,000
Other Canadian
1,635.000
206 000
276,000
339,000
95,000
221,000
121,000
560.000
Total Sept. 11 1920.
7.309.000
Total Sept.
4 1920.
6.404.000
71.000
334.000
95.000
429,000
Sept. 13 1919.
Total Sept. 14 1918.
4.430,000
73.000
1.790,000
209,000
2,586.000
376,000
6.572.000
1.626,000
376.000
Total
(Acts
of July
14
276,000
.
95,000
355,000
1890
1,335.590
1,997,390
Total.—
119,444,650
664,748,278
G|rand total dlsburse'ts.
567,015,712 1.430.546.023 1,686,564,294 3,895,662,669
and Dec. 23
1913
28.000
*
....
2,810,261
4,261,543
932,491.393 2,153,591,355
Receipts and disbursements for June reaching the Treasury in July are Included.
Summary—
American
Canadian
.22,931,000
..
...
.....
.
7,309,000
2,792,000 16,216.000
276.000
355.000
2,398.000
95,000
2.578,000
3,138,000
7.167.000
2.145,000
2,406,000
11 1920.
Total Sept,
4 1920.
Total Sept.. 13 1919.
.30.240,000
.74.555,000
2,493.000
2 635.000 13,132,000
2,218,000
1.433.000 22,813.000 14.560,000
Total
.70,050,000
5,557.000 30.647,000
Total Sept.
.27,162,000
Sept. 14 1918.
3,068,000
BANK NOTES—CHANGES IN TOTALS OF,
DEPOSITED
show all the
560,000
16,571.000
2,667,000
GOLD
Geological
Survey have issued the following joint statement as to the
figures on the production of gold and silver in the
United States during the calendar year 1919:
AND IN
monthly changes in national bank notes and in
tenders
on
deposit therefor:
Gold.
Stale
on
Deposit for—
—
....
California
Circulation
Afloat
...
Idaho
1919-20.
Illinois.
Legal
Bonds.
Tenders.
•
Bonds.
Legal
Missouri...
%
%
$
$
%
711,000,900
27,403,924
698,592 128
27.403,924
725,996.052
Nevada
July 31
1920-
698,099,990
1920—
28,363,714
29,710,095
May 31 19201920-
704,884,000
726,463,704
719,037,730
717,264,887
723,392,772
Nex Mexico
June 30
709,436,400
707.963,400
706,307,750
703,000,000
28,363,714
29,710.095
31,039,887
31,288.577
32,439,832
691,498,920
31,039,887
31,288,57?
32,439,832
1920-
701.469,450
22.892 ,#'«77
68Q.74K.57*
32.892,677
722.641.255
South Dakota
31 1920-
699,936,250
33.241,792
699,866,398
33,241,792
733.108,190
Tennessee
Apr. 30
Mar.31
1920.u
Feb. 28
Jan.
692,104,195
1919..
699.357.550
32.649,434
691,689,258
Nov. 29 1919—
698.196,300
33,146,580
688,995,580
1919..
695,822.060
696.288,160
34,727.572
687.666.753
34,024,987
687,460,223
32,649,434
33,146,580
34,727.572
34,024,987
694.621.7101
35.328.665
689.235.005
35,328.665
Dec
Oct.
31
31
Sept. 30 1919..
Aug 30 1919-
S220.823.500 Federal Reserve bank notes
$231,567^00 in 1919.
723.938.752
"
North Carolina
South Carolina
Texas
722.142.160
Utah
Vermont
721,485,210
724,563,670
Virginia
moneys
national bank circulation and to
secure
public
held in national bank depositaries on Aug. 31:
-
—
5,702,911
1,153,614
5,966,606
$773,570
6,392,222
1,293,051
6,687,790
9
5.933,076
6,650,207
6,725
4,643
477,054
85,176
16,826,790
7,896,972
954,781
5
100
19
21
1,096,200
850,000
236,620
15,715
265,220
17,614
5
100
2
2
255,889
5,289,700
5,600
122,068
97,554
400
639,483
2,266,900 12.542,623
409
2,200
130,822
109,345
604,690
14,058.650
2,466
271
19
19
At the average New
*Value.
690.151
53,029
41,119
109,661
....
Ounces.
6,000
"""200
4,142
425,610
"""300
75,991
2,416,900 15,012,258
4,659,100 7,045,395
585,400
851,821
8
9
11,436
236*409
258,270
14
300
300
289.487
336
*
Wyoming.
♦
held against
——
...
Washington..
Total
following shows the amount of each class of U.S. bonds
i
Philippine Islands.....—
724.338,692
outstanding Aug. 31 (aU secured by
116,918
225,384
28,319
...
Oregon
722,394.325
U. S. bonds), against
The
700
704,600
""""14
........
Montana
Aug. 31 1920..
689,327,635
686,225,000
34
""""16
Michigan .....
$9,963,500
4,609,100
17,395,200
10,249,300
34,085
*
—
Maine
Total.
Tenders.
481,984
222,965
841,638
495,810
Georgia
Under—
,
Value.
Ounces.
Alaska.
Arizona-
Silver.
Territory.
or
Colorado
Bonds and Legal Tenders
THE UNI¬
final
BONDS, &c,—We give below tables which
bonds and legal
SILVER PRODUCTION IN
AND
TED STATES.—The Bureau of the Mint and the
2,918,628 $60,333,400 56,682,445 $63,533,652
York dealer's buying price for the calendar
year
1919 of $1.12067.
Compared with the 1918 production—gold, $68,646,700, and silver,
67,810,139 ounces—these figures indicate a reduction In gold output or
$8,313,300 and in silver output of 11,127,694 ounces.
[Vol. 111.
THE CHRONICLE
1156
STOCK OF MONEY IN THE COUNTRY.—The follow-
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:
-Stock of Money Sept. 1*20
Money in Circulation—
in U. S.
aHeldln Treas Sept. 1 1920.
Sept. 1 1919.
Pow.
A
Impt.
1.084.813.226
439.542.803
136.816,599
81.114.285
122.921,830
,160,424.058
253,633,430
233.181.191
b854.401.203
377,419.858
—
Standard silver dollars..-..
308,145.759
8,408,068
243,188,017
6.138,595
Silver certificates
Subsidiary sliver
—
Federal Reserve bank notes
National bank notes
Total.
—
339,661,777
7.019,239
25,177,030 3.200.074.445 2.561,563.449
2 060 483
188.766,737
218.763.017
231.567,200
724.563.670
660.973.844
706.686,713
19,309,339
—7.563.705.808 485.884.277
..
1,724.621
331,524,853
1.652.105
Treasury notes of 1890
——
—
United States notes.——
346,681.016
'Federal Reserve notes
2.764,832,415
6.212,030.977 5,743.629.068
Population of continental United States estimated at dl07.323,000.
Circulation
per capita, $57 88.
a This statement of money held in the treasury as assets of the Government does
not 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 States amounting
to* $247,775,967 40.
► b Includes $390,122,559 61 Federal Reserve Gold Settlement Fund deposited with
Treasurer of United States,
Includes
c
125
1920 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $831,093,276 gold coin and bullion, $208,058,280
gold certificates and $260,014,010 Federal Reserve notes a total of $1,299,165,366,
against $1,208,656,938 on Sept. 1 1919.
Banks.—The following information regarding
national banks is from the office of the Comptroller of
the
Currency, Treasury Department:
CHARTERS
3,000 Eastern
ies
100 Rosebiil Cemetery Assoc'n.-j
8 1-3 N. Y. Taxicab, Ltd., del
CapifaJ.
$300,000
1,990 Char tiers Telephone...)
40 shares
25,000
400,000
.
100,000
$50,000
Stocks.
$ per sh.
1 Bates Manufacturing-.-.-.
203
10 Gosnold Mills, com., v. t. c
114
■
4 A. L.
Sayles A Sons, pf.. $50 ea.
4 A. L. Sayles A Sons, com.. $25 ea.
38K
13
1 Hart. S. Boiler A Inspec. Ins..-300
5 Hartford
City Gas L.,pf., $25
Stocks.
$ per sh.
5 First Nat. Bank/Boston
—324#
25 First Nat. Bank, Northampton. 135
1 Peppereil Manufacturing
208
2 Warwick Mills..—.——118
10 Naumkeag Steam Cotton......195
10 Nashua A Lowell RR__„
__119M
38 Sullivan Machinery.
50
1 Boston Atheneum, $300 par....506
Shares.
Stocks.
50,000
$185,000
„
^
of
Cap.when
Increased.
The City National Bank of Johnson City, Tenn—
$200,000
The Northern National Bank of Duluth, Minn------ 250,000
$400,000
50,000
750,000
100,000
—
..
Stocks.
$ per sh.
15 Land Title A Trust.-.—461
73
1 Saco-Lowell Shops, com..
Shares.
..200
136K-137
Stocks.
$ per sh.
58 American Glue, pref
128
75 U. S. Worsted, com.. $10 each .3^-3*6
10
Qulncy Mkt. C. S. & W.. com..152
...216K
Street Ry..
35
2 Portland A Ogdens. RR18
2 Bangor Ry. A Elec., pref
75
4 Bath Iron Works, pref
82
2 Plymouth Cordage
13 Portland
Shares.
2 Franklin
Trust
164
Trust--—
—
—
165
39
olA Charter Nat. Bank, Media.100
1 Phil.
Finance,
3 John
B.
16
par.
no
Stetson,
common.-316H
1
100 Printz Degreasing
100 Tri-State
1
% persh.
/ /
9,500 Selgel Stores Corp. 6s. 1926.
500 Boro. of Colling wood impS..
50.000 marks
ending Sept. 9 at Canadian cities, in comparison with the
week in 1919, show a decrease in the aggregate of
3.2%.
\
•
■
same
City
Dresden
of
4^s
$14H per M
50,000 marksCityofBerlIn4s.$15M perM
50.000 marks
City
of
Hamburg
Stamp Vending...$1 lot
$15J£ per M
4s
30 Newlin Haines, pf., ctf. dep.$2 lot
DIVIDENDS—
hange in Method of Reporting Same.
changed the method of presenting our dividend
record.
We now group the dividends in two separate tables.
First we bring together all the dividends announced the
current week.
Then we follow with a second table, in which
we
show the dividends previously announced, but which
have not yet been paid. *
Name of Company.
Railroads
Per
When
Books Closed.
Cent.
Pjtyable,
Days Inclusive.
50c. Oct.
——.
Chicago Burlington A Qulncy (quar.)...
Clev. Cin. Chic. & St. Louis, pref.
(qu.).
Great Northern (quar.).
Joliet A Chicago (quar.)
Kanawha A Michigan
(quar.)
(quar.)
Manhattan Railway
are:
(Steam).
Beech Creek (quar.)
...
2
Holders of rec. Sept. 17a
Holders of rec. Sept. 20a
Sept.
*1H
IK
IK
*1H
IK
Oct.
♦Holders of
.
.
Week ending Sept. 9.
Clearings at-
Oct.
rec.
Holders of rec. Sept. 24
Holders of
Sept. 24a
rec.
♦Holders of
rec.
Sept.23
Holders of
rec.
Sept. 15a
Oct.
Holders of
rec.
Sept. 20a
Nov.
Sept.
Oct.
•
Leased lines
-
...
2
(quar.)
IK
pref. (qu.)_
Reading Company, common (quar.) — *$i
■
Second preferred (quar.)
50c.
—
Holders of rec. Oct.
1
Nov. 30 ♦Holders of rec. Oct.
25
Nov. 11 ♦Holders of rec. Oct.
19
Oct.
14
Oct,
1
Holders of
Sept. 28
rec.
St. Louis A San Francisco—
K. C. Ft. S. A M.. pref. trus
ctfs. (qu.)
to
Oct.
Sept. 20
to
Sept. 20
Sept. 17
to
Sept. 30
Sept. 30
Sept. 30
Street and Electric Railways.
Cincinnati A Hamilton Trust, com. (qu.)
Oct.
1
Preferred
Oct.
(quar.)—..'—
IK
Oct.
(quar.)—
IK
Nov.
Duquesne Light, preferred (quar.)
IK
Eastern Texas Electric Co.. com. (quar.)
2
Oct.
Manila Electric RR. A Lighting (quar.)
Oct.
IK
Monongahela Val. Trac., new pref. (qu.) 37 He. Oct.
Northern Ohio Trac. A Light, pref. (qu.)
Oct.
IK
75c. Oct. 30
Philadelphia Co., common (quar.)...
Six per cent cumulative preferred
$1.50 Nov.
Cincinnati Street Ry.
Philadelphia Traction—
Oct.
*$2
—
Holders of rec. Oct.
Sept. 18a
rec.
Holders of
rec.
Sept. 21
Sept. 30a
Sept. 10
Holders of
rec.
Oct.
1
Holders of rec, Oct.
1
Holders of rec.
♦Holders of rec. Sept.
Ridge Ave. Pass. Ry., Phila. (quar.)..._ ♦S3
Oct.
♦Sept. 16
Washington Water Power, Spokane(qu.)
Oct.
1920.
$
$
%
1917.
108 472,977 126.563.658
Montreal
10
Sept. 30
rec.
Oct.
to
Toronto
—
Winnipeg—.——
Vancouver
Ottawa--
Quebec
-
88,297,172
40,576.503
16.592,935
8,621,861
7.506,859
Halifax
4.892.220
Hamilton
5,884.201
St. John..
—
6.300,700
Calgary
-
2.903,615
3.139.180
5.188.440
-
4,920,009
Victoria
London
Edmonton..
Regina
Brandon
2,934,326
—
Lethbridge
Saskatoon
Moose Jaw
Brantfprd
702,767
706,480
1.898,679
1,487,900
1.096.851
922,973
624,554
404,067
80.896,897
43,097,376
14.832,551
9,378,315
6,215,391
4,683,290
6,093,413
3,180,206
6,653,904
2.971,762
3,345.437
5.225.287
4.504,216
718,322
+ 9.1
—5.8
66.945.859
55,897.820
26.525,575
+ 11.9
12.834,418
—8.1
6,601,282
31,733,729
9,441,074
5.748,611
+ 20.8
+ 4.5
4.842,252
4.751,849
2,964,296
—3.4
5.109.467
4,633.034
—7.7
2.352,445
—5.3
5,313,837
1.883.129
4,980,376
—2.3
2,031,606
—6.2
2,516,420
3,212.165
3.017.773
568,151
—0.7
+ 9.2
—2.2
3,491,327
rec.
Sept. 24
Sept. 25
Holders of
rec
.
Oct.
Holders of
rec
,
Oct.
♦Holders of
rec
*1
Oct.
♦Holders of rec
2K
Extra
;
—
Hanover National
(quar.)....—
8
Oct.
Mechanics & Metals Nat. (quar.)-
*5
Oct.
Metropolitan (quar.)—
National City Co. (quar.)
—-—
New Netherland (quar.)..:——
New York. Bank of, N.B.A. (quar.)
Seaboard National (quar.)
♦2 K
*2
Oct.
♦Holders of
Oct.
♦Holders of rec
*2 K
—
—
♦Holders of rec
Holders of rec
3
Oct.
Holders of rec
(quar.)
Equitable (quar.)
3.071,021
Manufacturers. Brooklyn (quar.).
4
Sept. 30
Holders of
rec.
Sept. 30 ♦Holders of
rec.
*4
Metropolitan (quar.)—
New York (quar.)
4
Sept. 30
8
Sept. 30
Sept. 26
People's, Brooklyn (quar.)
4
Sept. 30
Holders of rec. Sept.
Holders of rec. Sept. 20
Holders of rec. Sept. 16
750,955
—5.9
750.945
751 872
—10.6
1,551,395
1,695,131
—16.0
963.777
1,109,788
848.704
—1,2
1.191.837
827,872
747,354
Miscellaneous.
669.172
562,995
Abltibi Power A Paper, pref. (quar.)—
IK
Oct.
564.062
392.922
Advance Candy Mfg.. pref. (quar.)..
2
Oct.
395,460
465',067
Aeolian Co.
864.686
718.118
+ 20.4
695,288
652,681
882,646
542,162
+7.3
3,083.078
642,818
1,038,016
233,447
572,071
Windsor
1.090,156
987.280
1,880,439
444,545
+ 7.3
Kitchener
1.170.217
1,059.028
Prince
Albert
Moncton
Total Canada
391.733
690,064
320,644,011 331,108,093
at
in
total.
3.2 263,456 243 227.369.883
other securities, the following,
usually dealt in at the Stock Exchangewere recently sold
auction in New York, Boston and Philadelphia:
Auction Sales.—Among
not
—11.9
Not includ ed
Sept. 20
Sept. 22
Holders of rec. Sept. 20
Holders of rec. Sept. 18
2.123.074
1.771.957
+ 64.0
Sept. 21
Sept. 25
Oct.
1.0
Sherbrooke
.
30
Sept. 18
Sept. 30
Sept. 18
3
+ 3.7
Peterborough
rec
Oct.
+ 8.7
Medicine Hat-
Sept.
to
Oct.
601.909
New Westminister.
19
5
421.133
Fort William
Sept.
Sept. 25
Sept. 30
Sept. 30
.
Trust Companies.
Columbia
2.505,690
562,284
—
Oct.
*4
K
City, National (quar.).
1.801,802
2.265.115
1
Holders of
Banks.
Extra.-.
—14.3 107,390.186 860.044.443
1
rec.
Holders of
Holders of
IK
to
Holders of
Oct.
IK
Atlantic National (quar.)----Canada—
1
Sept. 25
Inc. or
1918.
1
Nov.
Oct.
Minn. St. Paul A Sault Ste. Marie—
Phila. A Western Ry., pref. (quar.)
Dec.
1
75
4S.1934..
—
clearings for the week
1919.
10
Per cent.
$4,000 Union Ry.. Gas A Elec
41
2.000 Consolidated Gas & Elec.. 71
7 Fire Assn. of Phil., $50 ea.325-325 >6
2.606 Morehead & North Fork RR.
Stocks.
10 Phil. Life Insurance....—-
Bonds.
Pittsburgh & West Virginia
The City National Bank of Johnson City, Tenn., to "The Unaka and
City National Bank of Johnson City."
VOLUNTARY LIQUIDATION.
The Unaka National Bank of Johnson City, Tenn.
Capital..--$100,000
To take effect Sept. 11 1920.
Liquidating agent, T. A. Cox, Johnson
City.
Consolidated with Tne City National Bank of Johnson City
(which latter association changed its name as shown above).
Liability
for circulation assumed under the provisions of Section 5223, U. S. R. S.
,
86
$5.50 lot
10 Ludlow Mfg. Associates..
2 Real Estate T. I. A T—..350
New York Central RR.
$500,000
CHANGE OF TITLE.
.
$ per sh.
5 American Manufacturing, pref..
By Messrs. Barnes & Lofland, Philadelphia:
50,000
Increase.
.
O.)
2VA
ea.
35,000
— --
Canadian Bank Clearings.—The
A
36 Rabinowitz A Co., Inc.
25 Boston Wharf
The dividends announced this week
National Bank of Hudson Falls. N. Y—
M.
We have
25,000
$1 175 000
Ami.
C.
100,000
200,000
APPLICATIONS FOR CHARTER.
CAPITAL STOCK INCREASED.
K.
pref., trust ctfs-_-_—J
com.J
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
4 Aldine
25,000
Conversions of State banks and trust companies:
The First National Bank of Evart, Mich
Conversion of The Evart Savings Bank.
■
j
-j
com., trust rects
14.345 Pitts. A Alleg. Tel.. pref. >$300,000
20 Mutual Trust, $50 each.....
.
Correspondent: J. A. Hall, Evart, Mich.
Original organizations:
■
The First National Bank of Athens, La
Correspondent: W. M. Gantt, Athens, La.
The Arnold National Bank, Arnold, Pa
__
Correspondent: W. L. Hankey, Parnassus, Pa.
The First National Bank of Wood River, 111Correspondent: Fred'Crandall, Wood River, 111.
Ry.)
1st 4s. ctfs. dep..
40 shares K. C. M. & O. Ry. >$11 lot
.J
16.133 Pitts. A Alleg. Tel.,
Fisher¬
1919 coup, on—$500 lot
7.000 K. C. Mex. & Orient
ferred sbs., 1 shilling each.)
83 1-3 N.Y.Taxicab, Ltd..pref.|
£1 each.
Canada
Ltd.. 1st cons. 6s.
Dec.
Shdres.
ISSUED.
Conversions of State banks and trust companies:
The Metropolitan National Bank of Seattle, WashPresident, H. C. Henry; Casnier, G. C. Morrill.
Conversion of The Metropolitan Bank of Seattle.
Original organizations:
The First National Bank of Volant, Pa
President, Hiram J. Collins; Cashier, W. K. Robinson.
First National Bank in South Sioux City, Neb
—
President, J. M. King; Cashier, F. W. Kanman. The Merchants National Bank of Buffalo, N. Y—
President, Raymond E. Winfield; Cashier, M. L. Baxter.
The Central National Bank of Bartlesville, Okla
President, J. L. Overlees; Cashier, H. D. Cannon.
The Liberty National Bank of Cedartown, Ga
President, W. M. Sasser; Cashier, N. E. Bowden.
The Tennessee National Bank of Johnson City, Tenn
President, Adam B. Crouch; Cashier, L. R. Driver.
The First National Bank of Mathis, Texas
President, John S. Wagnon; Casnier, M. L. Paden.
Succeeds The Bank of Mathis.
The Peoples
>$35
$70,000 Buck Ridge Coal Mg. 0%
notes, Jan. "17 coup, on $50 lot
10.000 Goldfield Meda Mg., $1 each I lot
150 Kingsbrldge Real Estate
j
Shares.
d Revised figures.
Note.—On Sept. 1
National
Tono-j
-
>$50
Bonds.
Consol.F.A.arm,com.,$10ea.J
of
pur-|
fund
chase
100 American Oriental, common.J lot
By Messrs. R. L. Day & Go., Boston:
Federal Reserve notes held by Federal Reserve banks,
own
65 Pinelawn Cemetery, land
of)
pref..-__
j
250 California Oil Lands, §10 each |
500 Cal.-Nevada Copper, $5 each)
Mg.
pah. $1 each
2.944.727.731 417,771,523
Treasury),--.,.
Stocks.
Shares.
Lt.
Am..
Gold coin (Including bullion
In
Muller & Sons, New York:
Slocks.
53 Heat,
33,500 German-Am.
Gold certificates——-
&.
By Messrs. Adrian
Shares.
preferred (quar.).—......
IK
Aeolian. Weber Piano A Pianola, pf.(qu.)
IK
Abmeek Mining (quar.)
♦50c
2
Allegheny Steel & Tube. pref. (quar.)...
Amalgamated Leather Cos.,Inc.,pf.(qu.)
IK
Amer. Brake Shoe & Fdy., new comjqu.)
SI
New preferred (quar.)
IK
Amer. Fruit Growers. Inc., pref. (quar.)
IK
American Gas A Electric, com. (quar.)..
2K
Preferred (quar.)
IK
Amer. Hawaiian SS. (quar.)
*$2
Amer .-La France Fire Eng., com. (qu.)
*2K
Preferred
(quar.)..
*1K
Amer. Seeding Mach., com. A pf. (quar.)
IK
...
Sept.
Sept.
Holders of
to
rec.
Sept. 30
29
Sept. 25
Holders of rec. Sept. 25
♦Holders of
rec.
Oct.
Holders of
rec.
Oct.
Holders of
rec.
Sept.
Holders of rec. Sept.
Holderq of rec. Sept.
Holders of rec. Sept.
Holders of rec. Sept.
22
22
20
15
Sept.
Sept.
Oct.
Oct.
Nov.
Sept. 15
Sept. 18
Sept. 18
16
Holders of
rec.
Oct.
♦Holders of
rec.
Sept. 16
Nov.
♦Holders of
ree.
Nov.
Oct.
♦Holders of
rec.
Sept. 18
Oct.
Oct.
1
Holders of rec. Sent.an
Sipt. 18
When
Books Closed.
Payable.
Days Inclusive.
Per
Name of
Cent.
Company.
Name of
(quar.)
(quar.).
....
American Wholesale Corp., pref.
Associated Oil
♦1
Oct.
15
Holders of rec.
Oct.
10
Lehigh Valley
*1K
Oct.
15
■Holders of rec. Oct.
10
Preferred
1K
Oct.
1
(quar.)
(quar.)..
(quar.).:
Austin, Nichols A Co.. pref. (quar.)_.__
Avery Co., preferred (quar.)_.i
...
3ept. 30
*m
Nov.
*IK.
"
*1K
(quar.).*...
Barnsdall Corp., Class A A B (quar.)... ♦62 He
♦60c.
Brier Hill Steel, new com. (quar.)
Preferred
(quar.)...
*1H
Brunswick-Balke-Collender, pf. (quar.)
Burt (F. N.) Co., Ltd., com. (quar.)
♦2H
Central Coal A Coke, com. (quar.)
IK
First and second preferred
(quar.)
Central States Elec. Corp.,
pref. (quar.)
Cincinnati A Sub. Bell Telep.
Cities Service,
Preferred
Oct.
30
■Holders of rec. Sept. 30
Oct.
1
Holders of rec. Sept. 20
Oct.
1
Oct.
1 *
Fisk Rubber, com.
Preferred
Internat. Agric. Corp.,
Extra
Kerr Lake Mining
Oct.
1
■Holders of rec.
Oct.
15
Holders of rec.
Preferred
*IK
Oct.
10
'Holders of rec.
*1H
Oct.
10
"Holders of rec. Oct.
Sept. 30
Holders of rec. Oct.
(quar.)
MacArthur Concrete Pile A Foun.. pref
Magor Car Corp.. com. (quar.).....
Common
Manhattan Shirt, pref. (quar.)
Merrimack Chemical (quar.)
Extra.......
Narragansett Elec. Ltg. (quar.)
Nat. Aniline A Chem., com.(in com
Sept. 30
1
Holders of rec. Sept.
Oct.
1
'Holders of rec. Sept.
Preferred
Parish A Bingham
(quar.)
Prairie Oil A Gas (quar.)
.
Extra
.....v........
...
Prairie Pipe Line
.
.
(quar.)
.
Price Bros. (quar.)..
.
Providence Gas (quar.)
.
Ranger Gulf Oil Corporation
.
Regal Shoe. pref. (quar.)
Reo Motor Car (quar.)
.
....
Savoy Oil (quar.)
Settled Production Co. (quar.).
Standard Safe Deposit (quar.)
Oct.
15
Holders of rec. Sept. 25
American Express
1
Oct.
1
Holders of rec. Sept. 15a
Amer. Hide A Leather, pref.
1
Oct.
1
Holders of rec. Sept.
♦2
Oct.
1 ♦Holders of rec.
.
.
Tide Water Oil (quar.).
(quar.).
-
U. S. Food Products (quar.).
.
Universal Leaf Tobacco, pref. (quar.).
Utah Power A Light, pref. (quar.)
Vanadium Corp. of Amer.
(quar.)
.
.
.
pref. (quar.)
Second preferred (quar.)
Warren Bros., 1st
-
.
Weber Piano Co.. pref. (quar.)
Western Union Telegraph
.
(quar.).
.
_
(quar.).
A Co., pref. (quar.)
White Eagle Oil A Ref.
.
Wilson
-
.
.)
Preferred
(quar.).
.
Sept. 21
1
rec.
23
Sept. 20
Sept. 30
Sept. 15
Sept.'30
Sept. 30
Sept. 30
to
Sept. 30
Holders of rec. Sept. 25
Sept. 30
Holders of rec. Sept. 25
Sept. 30
Holders of rec. Sept. 25
Holders of
Oct.
1
IK
Sept. 30 Holders of
IK
♦11.50 Oct. 15 ♦Holders of
rec.
Amer. Internat.
Sept. 21
rec.
Sept. 30
rec.
Sept. 25
Preferred
(quar.)
Sept. 23
rec.
Sept. 18
rec.
Sept. 14
Oct.
1 ♦Holders of
rec.
9
Sept. 15
la
American Woolen, com. A
Oct.
Sept. 24
Oct.
11
Arkansas Natural Gas, com
Holders of rec.
15
1 ♦Holders of rec. Sept. 27
1 ♦Holders of rec. Sept. 21
*1K
Oct.
1 ♦Holders of
IK
Oct.
1
*81
Oct.
80c.
Oct.
Sept. 21
Holders of rec. Sept.
20 ♦Holders of
1
rec.
rec.
15
Sept. 30
Holders of rec. Sept.
20
*3
Oct.
30 ♦Holders of rec. Sept. 30
*5
Oct.
30 ♦Holders of red. Sept.
*3
Oct.
30 ♦Holders of rec.
2
Oct.
1
Holders of rec. Sept.
*$1
Oct.
1
Holders of rec. Sept. 15
30
Sept. 30
Holders of rec. Sept.
2
Sept. 30
IK
Oct.
1
Oct.
1
Oct.
1
Holders of rec.
Sept. 28
Holders of rec.
Holders of
rec.
20
20
Sept. 20
14
Sept. 17
Sept. 18
♦Holders of rec. Sept.
*l0c.
Sept. 15
Sept. 30 ♦Holders of rec. Sept. 27
Oct.
1
Sept. 21
to
Sept. 30
Oct.
5 ♦Holders of rec. Sept. 25
*$1
Oct.
1H
5 ♦Holders of
rec.
Sept. 30 ♦Holders of rec. Sept. 24
Holders of rec. Sept. 20
Oct. 15
'5
Holders of rec. Sept.
Oct.
5
Holders of rec. Sept.
Oct.
15
Oct.
IK
Oct.
2
Oct.
IK
Oct.
Holders of rec. Oct.
18 ♦Holders of
15
rec.
1
Holders of rec.
1
Holders of rec.
15 ♦Holders of
rec.
Holders of rec.
Nov.
1
Oct.
1 ♦Holders of rec.
*1K
Oct.
1 ♦Holders of
IK
IK
$1.75
*50c.
IK
IK
*$1.5<
♦! K
rec.
Sept. 30
Holders of rec.
Oct.
15
Holders of rec.
Oct.
30
Holders of rec.
Oct.
10
Holders of rec.
1
Holders of rec.
Oct.1
20
20
1
12
30a
Sept. 22
Sept. 16
Oct.
1
Sept. 30a
Sept. 261
Sept. 26
Sept. 25
Sept. 20a
Sept. 30
Sept. 30
Sept. 25
Sept. 8
Sept. 20
Sept. 20
Oct.
Holders of rec. Sept.
*1K
elO
Sept. 20
Sept. 15
Holders of rec.
Oct.
1
♦Holders of rec.
lOct.
1
♦Holders of rec.
Below
we
give the dividends announced in previous weeks
list does not include dividends
yet paid.
This
announced this week.
not
Oct.
1
Holders of
rec.
Sept. 15a
IK
♦1K
Oct.
1
Holders of
reo.
Sept. 18
Oct.
1
'Holders of
rec.
Sept. 15
Per
When
Books Closed.
Payable.
Days Inclusive.
(quar.)
Buffalo A Susquehanna, com.
—
(quar.)...
Canadian Pacific, com. (quar.)
Preferred
Delaware A Hudson Co. (quar.)
Lackawanna RR. of N. J. (quar.)
—
*2
Sept. 30 ♦Holders of
Sept. 16
rec.
to
Aug. 31
Sept. 30
IK
2K
Sept. 30
Oct.
1
Holders of rec. Aug. 3ia
2
Oct.
1
Aug. 22
2H
Sept. 20
Holders of rec.
1
Holders of rec.
Oct.
to
Oct.
1
Aug. 28a
Sept. 8a
Holders of rec. Sept. 18
IK
Oct.
1
Holders of
Aug. 31a
Holders of
....
IK
Sept. 30
Sept. 30
IK
Oct.
Common (extra)
Sept. 13a
Holders of rec. Sept.
Sept. 23
Nov. 15
to
15
Sept.30
Nov. 1
'Holders of rec.
Oct.
1
Sept. 12
to
Sept. 20
IK
Oct.
1
Sept. 12
to
Sept. 20
Oct.
1
Holders of rec. Sept.lOa
IK
Oct.
1
Holders of rec. Sept. 10a
Oct.
15
IK
pref. (quar.).
rec.
11a
3
$1
McCready, Ltd., pref. (qu.)
1
Sept.30
75c
(quar.).
Holders of reo. Sept.
3K
$1
(quar.)
Ames Holden
rec.
Holders of rec. Sept. 13a
la
Holders of rec. Oct.
Sept. 30
Holders of rec. Sept. 15a
Oct.
1
Sept. 21
to
to
Oct.
Oct.
1
1
IK
IK
Oct.
1
Sept. 21
Oct.
2
Holders of reo. Sept.
la
K
Oct.
2
Holders of reo. Sept.
la
2
Oct.
15
1K
Oct.
1
Aug.
3
Oct.
1
Holders of rec.
Sept. 15
Sept. 10
IK
Oct.
1
Holders of rec.
Sept. 10
IK
Oct.
15
Sept. 16
Sept. 26
IK
Holders of rec. Sept. 20<*
Oct.
1
♦20c. Oct.
1
♦30o. Oct.
1
15
to
to
-
Holders of rec. Sept. 17
Armour A Co.,
IK
Oct.
1
Holders of rec. Sept. 16
Atlantic Sugar
2K
IK
IK
Oct.
1
Holders of
Oct.
1
Oct.
1
Holders of reo. Sept. 20
Holders of rec. Sept. 20a
2
Oct.
1
IK
Oct.
15
Oct.
1
Oct.
1 ♦Holders of rec. Sept. 15
preferred (quar.)
Refineries, com. (quar.).
Preferred
(quar.)
Baltimore Tube, pref. (quar.)
—
Barrett Co., common (quar.)
Preferred
(quar.)
Beaver Board Cos., com.
♦$l
(quar.)
♦1K
Preferred
(quar.)
Bell Telep. of Canada (quar.)
Bethlehem Steel, common
(quar.).
Common B (quar.)
reo.
Sept. 20
Holders of rec. Sept. 16a
Holders of rec. Sept. 30a♦Holders of rec. Sept. 15
2
Oct.
15
IK
IK
IK
Oct.
1
Holders of reo. Sept. 16a
Oct.
1
Holders of rec. Sept. 15a
Holders of rec. Sept. 15a
Holders of rec. Sept. 30
Oct.
1
2
Oct.
1
Blgheart Prod. A Ref. (quar.)
Booth Fisheries, preferred (quar.)..
2 K
Oct.
1
IK
Oct.
1
Holders of
rec.
preferred (quar.)
Borne, Scrymser Co
British-American Tobacco, ord.(interim)
British-American Tobacco, pref
Bucyrus Co., pref. (quar.)
IK
Deo.
15
Holders of
reo.
20
Oct.
15
Sept. 12
4
2 K
Sept. 30
Sept. 30
IK
Oct.
1
(acct. accum. dividends)
Buffalo General Electric (quar.)
1
Oct.
1
2
Sept .30
Holders of rec. 8ept. 20
IK
Oct.
Holders of rec. Sept. 20a
Non-cumulative
preferred (quar.)
(quar.)..
■
Cumulative convertible pref.
Borden Co.
Preferred
—
preferred (quar.).
California Petroleum,
Calumet A Arizona Mining
(quar.)
Canadian General Electric, com.
Preferred
;
(quar.)....
Canadian Locomotive, com.
Oct.
Sept. 30
1
Holders of
Oct.
1
Oct.
1
Holders of rec. Sept. 15
Holders of rec. Sept. 20
Holders of reo. Sept. 20
*1K
rec.
Oct.
1
Holders of rec. Sept. 20
Sept 28 ♦Holders of
rec
Sept 11
Oct.
1
Holders of
rec.
Oct.
IK
$2.5C Oct.
1
Holders of
rec.
Sept. 13
Sept. 10a
1
Holders of rec. Sept. 17
Holders of rec. 8ept. 15
IK
2
Oct.
1
(quar.).
SI
Oct.
1
Holders of rec. Sept. 17a
SI
Oct.
1
Holders of
rec.
IK
Oct.
1
Holders of
rec.
$2.50
Oct.
1
Common (extra).
preferred (quar.)
Chandler Motor Car (quar.)
(quar.)
(quar.)
Colonial Finance Corp., com.
♦3 K
*1K
Sept. 30 ♦Holders of
♦1K
Oct.
37 K<
Sept. 30
*K
(quar.)...
(quar.)
Mfg., com.(qu.)
(payable In common stock).
Preferred
(quar.)
Common
|
Sept. 17a
Sept. 17a
Holders of rec. Sept. 10a
Sept. 30 ♦Holders of rec. Sept. 14
1
rec.
♦Holders of rec.
Holders of
rec.
Oct.
1 ♦Holders of rec.
Oct.
1
Oct.
1
♦Holders of
rec.
rec.
Oct.
♦Holders of
1
Holders of
IK
Oct.
♦25c
Common (payable in common stock).. *flK
*K
Preferred B (monthly)
Cities Service Bankers Shares (monthly). 40.75c
Columbia Graphophone
Holders of
Sept. 15
A pref. (qu.)
Certain-teed Products, common
Preferred
rec.
Oct.
1
Preferred
Sept. 15
Sept. 30
2
15
Chesebrough Mfg., com.
to
2
Oct.
Central Teresa Sugar, com.
reo.
Holders of rec. Sept. 25
Sept. 20
3K
Sept.30
Central Petroleum, preferred
Sept. 20
9
IK
IK
Oct.
(quar.)
rec.
Holders of reo. Sept.
3a
Holders of rec. Sept. 15a
IK
Thresh. Mach., pref. (quar.)
Holders of
Holders of
8 Kc.
Central Leather, preferred
of coup. No. 821
Holders of ooup. No. 34
Holders of rec. Sept. 20
1
$1
Case (J. I.)
la
14
Holder
1
Caracas Sugar (No. 1)
(quar.)
Sept. 14a
Deo.
Oct.
Oct.
Sept.20
Carbo-Hydrogen Co., pref. (quar.)
Case (J. I.) Plow WorksFirst and second preferred (quar.)....
Preferred
to
Oct.
$1
pref. (quar.)
Canadian Car A Foundry, pref. (guar.).
Canad. Crocker-Wheeler, com.Apf. (qu.)
Canada 88. Lines,
1
Holders of rec. Sept. 15a
Holders of rec. Sept. 20
IK
$1
(quar.)
Cambria Iron
Cluett, Peabody A Co., pref. (quar.)
Railroads (Steam),
Boston A Albany
1
Sept. 30
-
Cent.
Oct.
IK
Chicago.Mill A Lumber, Pref. (quar.).
Chino Copper (quar.)
Cities Service, com. and pref. (monthly)
Name of Company.
2
Holders of rec. Sept. 16a
Telegraph (quar.)
American Tobacco, preferred (quar.)...
Amer. Wind. Glass Mach., com. (quar.
Preferred
16a
Oct.
1
IK
$1.50 Sept. 30
American Telephone A
First and second
and
Sept. 15a
IK
Common (extra)
rec.
Oct.
rec.
—
Sept.30 ♦Holders of
Sept. 30 Holders of
Holders of
Sept.30
Oct.
Holders of
(quar.)...
First and second preferred (quar.)
Amer. Sugar Refg., com. A pref. (qu.)
*2K
*62 Kc Oct.
Holders of rec. Sept.
1
American Stores, common
8ept. 20
rec.
1
Oct.
(quar.)
rec.
Holders of rec. Oct.
Oct.
Preferred B (quar.)
1 ♦Holders of
Holders of
Sept. 15a
IK
3
Rolling Mill, com. (In com. stock) V25
IK
Amer. Smelters Securities, pf. A (qu.)..
Oct.
Sept. 30
Sept. 15a
Sept. 11a
(quar.)
American Steel Foundries, com.
Sept. 30
rec.
Amer.
Preferred
24a
rec.
rec.
American Pottery, preferred
American Snuff, com. (quar.)
25a
Holders of rec.Sept.
rec.
(quar.).
pref. (qu.)
(quar.) —
Holders of rec. Oct.
15 ♦■Holders of
Holders of
(quar.).
American Locomotive, common
Preferred
----
15
Holders of
Holders of
Corp., com. A pf. (quar)
*1K
/4
IK
1
Oct.
to
1
(quar.)
American Radiator, common
Holders of rec.
21
1
class A (qu.).
American Public Service Co.,
1
*$1.5( Oct.
.
1
15 ♦Holders of rec.
*$1.6C Oct.
.
20
Oct.
15 ♦Holders of
$1
.
Oct.
rec.
Oct.
50c.
.
Preferred
rec.
Oct.
3
.
15a
Sept. 27
American Chicle, preferred (quar.)
American Cigar, pref. (quar.)
Holders of rec. Sept.
Oct.
Sept. 30
2
(quar.)
1
2
*4
.
United Fruit (quar.)...
Preferred
Sept. 30
*1K
Sept. 23a
Oct.
(quar.).
American Car A Foundry, com.
Holders of rec. Sept. 20a
*2K
rec.
to
Oct.
K
IK
American Bosch Magneto (quar.)...
American Can. pref. (quar.)—:
rec.j Sept. 25
Holders of rec.
21 to
$2.50 Oct.
American Bank Note, preferred (quar.).
American Beet Sugar, pref. (quar.)..
IK
IK
-
Holders of rec. Sept. 15a
Oct.
IK
*$1.5(i Oct.
(quar.)
Amalgamated Oil (quar.)..
Amer. Exch. Secur. Corp.,
*2K
.
.
1
Nov. 15
..
Preferred
Holders of rec. Sept. 30
3
.
Oct.
l
—
(quar.)
Allis-Chalmers Mfg. com.
1
IK
-
IK
...
Advance-Rumely Co., pref. (quar,)....
15
*25c.
.
Sept. 16
Oct.
2
(qu.).
1
Oct.
*75c.
-
Penn Central Light A Power .pref.
Oct.
Sept.
Miscellaneous.
Sept. 30
*$1
.
IK
Lawyers Title A Trust (quar.)
IK
$2
Light, pref. (quar.)..
Panama Power A
Holders of rec. Sept. 17
3H
$1.25
.
Sept. 30
3
IK
.
5
Holders of
Holders of rec.
Sept. 20
(quar.)
1
1
rec.
Trust Companies.
Guaranty
Oct.
10
Sept. la
Sept. 15a
Holders of
Holders of rec. Sept.
Sept. 30
Oct.
rec.
1
Yorkvllle (quar.)
Sept. 26
Oct.
Holders of
Holders of
reo.
1
Oct.
3ept. 30
12
15
20
20
20
20
15
15
20
15
20
20
20
18
Holders of rec. Sept.
2
1
Oct.
IK
5
—
Commerce National Bank of (quar.)
i
$2
Oct.
IK
$3
Chatham A Phenix Nat. (quar.)
1
to
la
Banks.
Chase National (quar.)..
Oct.|
Sept. 21
Sept. 15
Sept.
Holders of rec. Sept. 17a
Sept.
to
rec.
West End Street Ry., Boston, common.
IK
IK
$2
.
(quar.)
rec.
Holders of
Sept. 19
Holders of rec. Sept.
Oct.
1
,
Holders of
Oct.
IK
Oct.
1
-
1
Holders of rec. Sept.
*1K
(quar.)
Sept. 15a
1
'Holders of rec. Oct.
76c.
Holders of rec. Sept. 15
1
1
Holders of rec. Sept.
1
Oct.
1
'Holders of rec. Sept.
1
Oct.
Oct.
Oct.
'Holders of rec. Sept.
1
Oct.
Oct.
Nov.
1
Oct.
IK
3
■Holders of rec. Oct.
1
1
$4.60
4
1
1
Sept. 15
4
1
Oct.
1
Sept. 15a
Nov.
Oct.
Sept. 16
Oct.
Sept. 15
Oct.
1
Oct.
2
1
IK
1
Sept. 30
to
t
51.3712 Oct.
$1.75 Oct.
Holders of rec. Sept. 18
$1
14a
Sept.15a
Sept. 20
rec.
Sept. 25
Oct.
rec
rec.
Holders of rec. Sept. 25
Oct.
of
ers
Holders of
Holders of rec. Sept. 25
4
_
of rec, Sept.
Holders of rec
Holders of
1
Nov.
1 ♦Holders of
♦1K
Holders of
12Hc. Oct. 15
)
ers
pref. (quar.)
1
Oct.
Holders of rec. Sept.
-
la
4
Oct.
rec
1
IK
1
-
(quar.)
National Oil, pref. (quar.)
Ohio Body A Blower (quar.)
National Licorice, pref.
of
Oct.
Holders of rec. Sept. 25
37Hc. Oct.
1.12H Oct.
.
of rec .Sept.
ers
Oct.
1
Holders of rec. Sept.
.
...—-
ers
15
IK
1
Holders of rec. Sept.
.
1
Oct.
IK
1
1
-
la
Jet.
3K
(quar.)
Oct.
1
_
Sept.
2
United Light A Rys., 1st pref. (quar.)..
1
1
-
(qu.)
McCrory Stores Corp., pref. (quar.)—
Merchants Despatch Transp. (quar.)..
of rec,
Twin City R. T., Minneap., pref.
1
Oct.
.
Manning. Maxwell A Moore (quar.).
Massachusetts Lighting Cos., pf.
ers
rec,
15a
Oct.
Oct.
-
1
of rec, Sept. 10a
20
Oct.
Oct.
............
Jet.
Trl-City Ry. A Light, pref. (quar.)
Oct.
IK
.
(quar.)
2K
(quar.)
common
2d A 3d Streets Pass.. Phila. (quar.)
Springfield (Mo.) Ry. A Lt., pref. (qu.).
1
IK
IK
IK
.
(extra)
Preferred
Union Pacific,
Ottawa Traction
IK
Holders of
.
of rec, Sept. 15a
—
2
*1K
.
ers
Illinois Traction, pref. (quar.)
Holders of rec. Sept. 20a
IK
-
1
(quar.)
pref. (qu.).
Duluth-Superlor Traction, pref. (quar.).
Frankford A Southwark Pass, (quar.)
Holders of rec. Sept. 20
■Holders of rec. Oct.
_
Jet.
Boston Elevatea Ry., com.
25
Sept. 20
Oct.
1
Oct.
1
75c.
IK
Lyons Petroleum (No. 1)
MacAndrews A Forbes, com. (quar.)..
Aug. 31a
2
Brazilian Tract., Lt. A Pow.,
Holders of rec. Sept.
1
.
Sept. 10a
of
Street tc Electric Railway*.
Sept. 29
to
IK
IK
Lyall Construction Co. (quar.)
of rec,
ers
Holders of rec. Sept. 29
Sept. 30
30
Lehigh Valley Coal Sales (quar.)
ers
1
1 ♦
Oct.
(quar.)..
ers
5
Jet.
1
Oct.
Kayser (Julius) A Co., com. (quar.)...
First and second pref. (quar.)
1
Jet.
1
2
..i.,...........—...
....
Jet.
IK
IK
Oct.
♦25c.
pref. (quar.)...
(quar.)
IK
(quar.)
Southern Ry., M. A O. stk. tr. ctfs.:..
Oct.
15
Internat. Harvester, com.
Pittsb. Ft. Wayne A Chic. com. (quar.)
Preferred (quar.)
Southern Pacific Co.
Oct.
■Holders of rec. Oct.
Holt, Renfrew Co., pref. (quar.)..
Indiahoma Refining (quar.)
of rec, Sept. 15
IK
1
1
ers
♦2
1
Habirshaw Electric Cable..
of reo. Aug. 31a
1
SI.25
Nov.
(quar.)
era
Jet.
Wisconsin Central, preferred
*1K
*1K
Sept. 14a
3ept. 18
West Jersey A Seashore
Oct.
Goulds Mfg., com. (quar.).
IK
rec,
75C.
Western Pacific RR. Corp.,
IK
(quar.)...
of
Holders of rec. Sept. 10
*K
(quar.)
Gen. Amer. Tank Car, pref.
ers
Holders of rec. Sept. 30a
♦/IK
Fairbanks, Morse A Co., com. (quar.).
1
Holders of rec. Sept. 30a
15
15
—
Jet.
1
Sept.19
-
(quar.)
IK
(quar.)
Oct.
*$2
(quar.)
of rec, Sept. 22
1
*50c.
Preferred
Fairbanks Co., pref.
ers
15
■Holders of rec. Oct.
Dominion Coal, pref. (quar.)
Dominion Steel, pref. (quar.)
Duluth Edison Elec., pref. (quar.)..
1
15
1
(quar.)
Dominion Canners, Ltd., pref. (quar.)..
Sept. 22a
Jet.
'
Oct.
Nov.
Preferred
Sept. 11a
of rec
Oct.
■Holders of rec. Oct.
(special)
of rec,
ers
Oct.
1
Dodge Mfg., com. (quar.)
Sept. 11a
srs
15
Preferred
RR
1
Crowell A Thurlow SS. (quar.)
ers of rec,
2
Jet.
Warren
Nov.
(quar.)
Common
26
Oct.
Creamery Package Mfg., com. (quar.).
2
Jet.
3K
Plttsb. Bessemer A Lake Erie, com
1
Oct.
to
Jet.
$1.25
3
Norfolk A Western, common (quar.)
Holders of rec. Oct.
87Hc
pref.
Holders bf rec. Oct.
15 i
0
Concluded.
N. Y.Lackawanna A Western
*K
Preferred B (monthly).
Cleveland Automobile, pref. (quar.)
Consolidated Cigar, com. (quar.)
30
"
1
Books Closed.
Days Inclusive.
com. (quar.)
Holders of rec. Sept. 20
Sept. 22
1
1
When
1 ay able.
Newark A Bloomfleld
2
(quar^..
A pref. (monthly).
com.
1K
"r *
Nov.
♦2
(quar.)...^.
Chicago Telephone
IK
1
Oct.
Barnett Bros. A 8pindler—
■Holders of rec. Sept.
25
Oct.
$2.50
Per
Cent.
(quar.)..
Minn. St. Paul A S. S. M., com. A
Holders of rec. Sept. 15a
♦1H
Atlantic Coast Co.
Preferred
Company.
Railroads (Steam)
Miscellaneous (Continued)
American Type Founders, com.
Preferred
1157
THE CHRONICLE
1920.]
rec.
Sept. 14
Sept. 23
Sept. 18a
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15
15
15
15
1
Holders of
rec.
Oct.
1
♦Holders of
reo.
*2
Oct.
1 ♦Holders of rec.
Sept.
25C.
Oct.
1
Holders of
reo.
(P)
Oct.
1
Holders of
reo.
IK
Oct.
1
Holders of
rec.
Sept. 10a
Sept. 10a
Sept. 10a
20a
1
1
[Vol. 111.
THE CHRONICLE
1158
Name of Company.
Per
When
Books Closed.
Cent.
Payable.
Days Inclusive.
Name of Company.
Per
When
Books Closed
Cent.
Payable.
Days Inclusive.
Miscellaneous (.Cone uded)
Miscellaneous (Continued)
Sept. la
Sept. 20a
Computing-Tabulating-Reeord. (quar.).
'\
Oct,
11
Holders of
rec
Sept. 24a
Peerless Truck & Motoi
1
Holders of
rec.
Consol. Gas, El. L. & P., Bait, (quar.)..
2
Oct.
1
Holders of
rec.
Sept. 15a
Penney (J. C.) Co., preferred (quar.)..
IK
Sept. 30
Holders of
rec.
Continental Can, common (quar.)
i k
Oct.
1
Holders of
rec
Sept. 20a
Pennsylvania Rubber, com. (quar.)
IK
Holders of
rec.
IK
Oct.
1
Holders of
rec
Sept. 20a
IK
Holders of
rec.
Sept. 15
25c. Oct.
20
Holders of
rec.
Sept. 20a
Preferred (q uar.)
Pennsylvania Water <fc Power (quar.)...
Petti bone, Mulliken Co—
Sept.30
Sept. 30
IK
Oct.
Holders of
rec.
Sept. 17a
Preferred
(quar.)
Continental Candy Corporation (quar.).
*1%
Continental Motors Corp., pref. (quar.)
Crucible Steel, preferred (quar.)
Cuba Cane Sugar, pref. (quar.)
Cuban-American Sugar, com.
Preferred
(quar.)..
(quar.)
....
Oct.
IK
*1K
25c.
(quar.)
Detroit Iron & Steel, pref.
Dome Mines, Ltd.
(quar.)..
15 •Oct.
Sept. 30
1%
IK
81
Detroit & Cleveland Navigation
Oct.
IK
7
to
Holders of
rec
Oct.
15
Holders of
rec.
Pieree-Arrow Motor Car, pref. (quar.).
Holders of
rec.
Sept. 10a
Sept 10a
1
Holders of
rec.
Sept. 15a
Oct.
15 •Holders of
Oct.
Oct.
rec.
Sept. 30a
Pittsburgh Plate Glass,
Holders of
rec.
IK
Oct.
1
Holders of
rec.
Provincial Paper Mills, com. (quar.)
Common (extra).»._....—
Oct.
1
Holders of
rec.
1
Holders of
rec.
Sept. 15
1
Holders of
rec.
Oct.
1
IK
Oct.
15
3
Oct.
1
Dominion Textile, common (quar.)....
Preferred
(quar.)......—........
Draper Corporation (quar.)
(E. I.) de Nemours & Co
du Pont
IK
Sept. 4
Holderq of rec. Sept. 15
Holders of rec. Sept. 30
Holders of
rec.
Sept.
Nov.
25
"Holders of
1
•Holders of
rec.
Oct.
9
rec.
Oct.
20
Nov.
1 •Holders of
rec.
Oct.
20
Oct.
1
Holders of
rec.
Common (extra)....
2A
Oct.
1
Holders of rec. Aug.
Preferred
VA
Oct.
1
Holders of
(quar.)
Eastman Kodak, common
(quar.)
Eisenlobr (Otto) & Bros., Inc., pf. (qu.)
Electric Storage Batt., com. & pf. (qu.)
Endicott-Johnson Corp., com. (quar.)..
Preferred
(quar.)
preferred (quar.)
Players-Lasky Corp., com. (qu.)
Farrell (Wm.) & Son, Inc., pref. (quar.)
General Baking, preferred (quar.)
Pref. (account accumulated diva.)
General Chemical, preferred (quar.)....
General Cigar, debenture pref. (quar.)..
General Electric (quar.)
..........
Erie Lighting,
Famous
(quar.)...........—....
Grasselll Chemical, common (quar.)
Common (extra)
Preferred (quar.)
Great Lakes Towing, common (quar.)..
Preferred (quar.)
Preferred
Guantanamo Sugar (quar.)
Extra
—
Hanes(P.H .)Knitting,com.&com .B(qu.)
Preferred (quar.)
Harbison-Walker Refrac., pref. (quar.).
Hart, Schaffner & Marx, pref.
Haskell & Barker Car (quar.)
(quar.)..
Preferred
_...... .... - -
Hillcrest Collieries, common
Preferred (quar.)
(quar.)
..—......
Huntington Devel. & Gas, pref. (quar.).
(quar.)...
(quar.)...
Imperial Oil Corp., common (monthly)..
Hupp Motor Car Corp., pref.
Ide (Geo. P.) Co., Inc., pref.
Preferred
*IK
3
Mach. (qu.)
lst& 2d pref. (quar.).
International Salt (quar.)
International Silver, preferred (quar.)...
Kaufmann Department Stores, pf. (qu.)
Int. Motor Truck,
Kelly-Springfield Tire, preferred (quar.).
Kennecott Copper Corp. (quar.)
Capital distribution
Keystone Tire & Rubber, com. (quar.)..
Kolb Bakery, preferred (quar.)
Kresge (S. S.) Co., preferred (quar.)...
Kress (S. H.) Co., preferred (quar.)
Lackawanna Steel, common (quar.)
Library Bureau, common
Preferred (quar.)
(quar.)
—
....
Liggett & Myers Tobacco, pref. (quar.).
Lindsay Light, preferred (quar )
Locomobile Co., preferred (quar.)
Loose-Wiles Biscuit, 1st pref. (quar.)...
(quar.)
Lorillard (P.) Co., common
Preferred (quar.)
Oct.
rec.
Aug. 3la
31a
Aug. 31a
1 •Holders of rec. Sept. 20
1
Holders of rec. Sept. 13a
1
Holders of rec. Sept.
11a
11a
IK
Oct.
1
Holders of rec. Sept.
IK
Oct.
1
Holders of
rec.
Sept. 15
Oct.
1
Holders of
rec.
Sept. 15a
1
$2
IK
IK
Oct.
rec.
Sept. 20
Oct.
1
Holders of
rec.
hK
Oct.
1
Holders of
rec.
Sept. 18
Sept. 18
VA
Oct.
1
Holders of rec. Sept. 17a
IK
Oct.
1
Holders of
rec.
Sept. 24a
2
Oct.
15
Holders of
rec.
Sept.
Holders of
Holders of
Sept. 30
Holders of rec.
VA
Sept. 30
Sept. 30
Holders of rec. Sept.
Sept. 30
Sept. 16
Sept. 16
rec.
......
Republic Iron & Steel,
common
.....
Preferred
St. Joseph Lead Co.
.1
dividend.
Preferred
(quar.)
Oct.
Preferred
(quar.)
South West Penn. Pipe Lines (quar.)
Standard Oil (Kentucky) (quar.)
Standard Oil (Ohio)
Holders of
Sept. 10a
81.25 Oct.
1
Holders of rec. Sept. 15
2
Oct.
1
Holders of
rec.
3
Sept.30
Sept. 30
Sept. 30
Holders of
rec.
e2
rec.
Sept. 10
Sept. 17a
Holders of rec. Sept. 16a
Holders of
rec.
Sept. 16a
Sept. 20
Holders of rec. Sept. 30
Texon Oil & Land (quar.)
5
Oct.
2
Holders of
rec.
Holders of
rec.
Sept. 15
Thompson-Starrett Co., preferred
4
Oct.
1
Holders of
rec.
Sept. 20
Holders of
rec.
Oct.
1
Holders of
rec.
Sept. 20a
Oct.
1
Holders of
rec.
Tobacco Products Corp., pref. (quar.)..
Todd Shipyards Corporation (quar.)...
IK
VA
Sept, 15a
Sept. 15a
IK
IK
Oct.
1
Sept. 18
Oct.
1
Holders of
VA
Oct.
1
Holders of rec. Sept. 20a
to
rec.
Oct.
Extra
1
Sept. 20
Holders of
rec.
Sept. 14a
Tuckett Tobacco, common
Holders of
rec.
Sept. 14a
Holders of
rec.
Sept. 15a
IK
1K
Oct.
1
Holders of rec. Sept. 18
Preferred
(quar.)
Underwood Computing Mach., pf. (qu.)
Underwood Typewriter, com. (quar.)
Oct.
1
Holders of
rec.
IK
Oct.
1
Holders of
rec.
Sept. 15a
Sept. 20a
VA
Sept.30
Holders of
rec.
Sept. 10a
Oct.
1
Holders of
rec.
Sept. 18
Oct.
1
Holders of
rec.
Sept. 18
Oct.
1
Holders of rec. Sept. 15a
■Holders of rec Aug 31
Sept.
6
*82.25 Sept. 20
'Holders of rec. Sept.
6
Tonopah Extension Mining (quar.)
1
VA
'Holders of rec.
Preferred
1
*5c. Oct.
1
15
1
Holders of
rec.
2
Oct.
1
Holders of
rec.
Sept.
4a
IK
Oct.
1
Holders ol reo. Sept.
4a
*81.50 Oct.
1
2
Oct.
1
IK
IK
1
Holders of rec. Sept. 15a
Oct.
1
Holdere of rec. Sept. 15a
Oct.
15
Holders of rec. Sept. 30a
IK
Oct.
15
Holdere of rec. Oct.
1
IK
Jan.17z
Holders of rec. Jan.
3zi
IK
Apr.l5z
Holders of rec. Apr.
IK
July 15 t
Holders of rec. July
(quar.)..
Oct.
*1K
Oct.
1
IK
Oct!
1
3
Oct.
1
Holders of
rec.
Sept.15a
Oct.
1K
*81.25 Oct.
1
Holders of
rec.
U. S. Bobbin & Shuttle, com. (quar.)...
Preferred (quar.)..
*1K
*1K
Sept. 30
U. S. Gypsum, common
(quar.)
*1
Sept. 30
i
*1K
Sept. 30
Sept. 29
no
IK
IK
1
to
Holders of
rec.
Sept. 21
Preferred
(quar.)
'
....
Preferred
(quar.)
V. Vivaudou, Inc., common
(quar.)....
Victor Talking Machine, com. (quar.)..
Preferred (quar.).......
Virginia-Carolina Chemical,
Sept.30
Holders of
Oct.
11
2
Oct.
1
Holders of rec. Sept. 16a
Holders of rec. Sept. 16a
40c. Oct.
1
Holders of
rec.
rec.
2
Oct.
1
Holders of
rec.
K
IK
Oct.
1
Holders of
rec.
Sept.
7a
Sept. 10a
Sept. 20
...
Wabasso Cotton
com.
(extra)
(quar.)
Wahl Co., common (quar.)
Preferred (quar.)
...
Oct.
1
Holders of
rec.
Sept. 14a
Sept. 14a
*$1.75 Oct.
1
"Holders of
rec.
Sept. 20
West Coast Oil
IK
Oct.
1
Holders of
rec.
Sept. 13a
1%
Oct.
15
Holders of
rec.
Oct.
1
Holders of rec.
Sept. 30a
Sept. 15
Westinghouse Elec. & Mfg., com. (qu.)_
Preferred
(quar.)
Sept. 10a
IK
Sept. 30
Holders of
rec.
3K
3
Oct.
2
Holders of
rec.
Sept. 13
Oct.
1
rec.
Sept. 20a
Sept. 18a
Sept. 30
Holders of
Holders of
Holders of rec. Sept. 18
New York Air Brake (quar.).
2K
Sept. 24
New York Transit (quar.)..—.......
4
Oct.
15
Niagara Falls Power, pref. (quar.).....
IK
Oct.
15
Holders of rec. Sept. 2a
Holders of rec. Sept. 20
Holders of rec. Sept. 30
Niles-Bement Pond, common (quar.)
2
Sept.20
rec.
Holders of
lec.
Sept.
25c. Oct.
20
Oct.
1
to
Oct.
la
17
25c. Oct.
20
Oct.
1
to
Oct.
17
1K
Oct.
1
IK
Oct.
15
2
Oct.
15
*81.25 Sept. 30
*84.75 Sept.30
Holders of rec. Oct.
Holders of rec. Jan 31 '21
Common (quar.)
2
Mayzl6
Preferred
IK
Nov. 15
Holders of reo. Apr 30 '21
Holders of rec. Oct. 30
IK
IK
Feb.z 16
Holders of rec. Jan 31 '21
Mayzl5
Holdersofrec.Apr.30'21
IK
Aug^rl5
Holders of rec. July 30' 21
50c. Oct.
2
rec.
30
1
Holders of
rec.
Sept. 15a
Oct.
1
Holders of
rec.
Sept. 15a
IK
Oct.
1
Holders of
rec.
1
Oct.
1
Holders of
rec.
Oct.
15
"Holders of
rec.
Sept. 15a
Sept. 15
Sept. 30
$1.50 Oct.dll
$1.50 Oct.dll
Holders of
rec.
Holders of
rec.
*1K
Sept. 16a
Sept. 16a
Oct.
15
Oct.
15
*1K
Holdere of rec. Sept. 17
Holders of rec. Sept. 15
Holders of
rec.
Sept. 15o
Holders of
rec.
Sept. 15
2
Oct.
1
2
Oct.
2
•SI
Oct.
1
"Holders of rec. Sept. 21
Oct.
1
"Holders of rec. Sept.
*25c. Oct.
1
"Holders of rec. Sept. 20
*20c. Oct.
1
21
Sept.30
*81.50 Oct.
5
81
Oct.
30
SI
Oct.
15
1
Holders of rec. Sept.
Holders of
rec.
Holders of
rec.
Sept. 30a
Sept. 30a
13a
1
Holders of rec. Sept. 13a
1
Holdere of rec. Oct.
2
Oct.
1
Holdere of rec. Sept. 15
2K
Oct.
1
Holders of rec. Sept. 15
Preferred
B
(quar.)
Willys-Overland Co., pref. (quar.)
Woolworth (F. W.) Co., pref.
(quar.)..
Worthington Pump & Mach., com.(qu.).
Preferred A (quar.)
Preferred B
From unofficial sources,
an
IK
Oct.
1
IK
VA
Oct.
1
Oct.
15
dlK
Oct.
1
Oct.1
1
IK
(quar.)...
ex-rdivldend
e
Payable In stock,
rec.
Sept.
20a
20a
3
t The New York Stock Exchange
on this date and not until further
b Less British Income tax.
f Payable in common stock,
b On account of accumulated dividends.
< Payable in
J New York Stock Exchange has ruled that
South
stock be quoted ex the 100% stock dividend on Aug.
o Payable
in scrip,
Liberty Loan bonds.
Porto Rico
9.
I All transfers received in order in London on or before
passed for payment of dividend to transferees.
o
(Holders of rec. Sept.
Holders of rec. Sept.
Transfer books not closed for this dividend,
d Correction,
be
Holdere of rec. Sept. 10a
Holders of rec. Oct.
5a
f Conditional on receipt from the U. 8. Government
adequate payment of the rental now due.
a
15
Holdere of rec. Sept. 15a
Holdere of rec. Sept. 20a
Sept. 30 "Holders of
*81
Yukon-Alaska Trust (quar.)
♦
Sept.30
SI
White Motor
of
Holders of
1
Nov.
notice,
15
18
Aug. 31
Oct.
has ruled that stock will not be quoted
Feb
Holders of rec. Sept.
1
Sept. 24
Sept. 15a
Nov. 15
8
IK
Sept. 24
Oct.
Sept.
Wheeling Steel Corp., com. (No. 1)
Preferred A
Sept. 30
2
50c. Oct.
*15'
1x
lx
8
2K
to
2
Holders of rec. Sept. 15a
Weyman-Bruton Co., com. (quar.).....
Preferred (quar.)
to
rec.
"Holders of rec. Sept. 10
1
Sept.27
IK
*1K
(quar.)
'Aug. 29
2
1
Mfg., preferred (quar.)
'Aug. 29
Holders of
Nov.
Sept. 18
Oct.
Holders of rec. Sept. 15a
Holders of rec. Sept. 30
Common (quar.)
.x
Walworth
IK
*50c.
*1K
Waldorf System, common (quar.)
Preferred & 1st pref.(quar.)
Holders of rec. Sept. 30
Sept. 30
$1.50 Sept.30
(quar.)
.to
Sept. 30
Holders of rec. 8ept 15'
Holders of rec. Sept. 17
2K
3
81
United Paperboard preferred (quar.)...
(quar.)..
(quar.)...
Hold ere of rec. Sept. 30
15
Oct.
(quar.)
Preferred
"Holders of rec. Sept. 10
Oct.
United Dyewood Corp., com. (quar.)
Preferred
Sept. 21
Oct.
United Gas Improvement, common (qu.)
"Holders of rec. Sept. 15
Holders of rec. Sept. 18a
to
1
IK
♦1 k
Sept 30
Sept. 16
IK
IK
(quar.)
Union Carbide & Carbon (quar.)..
United Drug, common (quar.)
Preferred
Oct.
5c.
25c. Sept.30
25c. Sept.30
2
*81.75 Sept. 20
Tonopah-Belmont Devel
30c. Oct.
Sept.28
1
1
25c.
& Teleg. (quar.)
20,
Sept. 20
Oct.
1
IK
Common class B (quar.)
Holders of rec. Sept.
Holders of rec.
Oct.
$1
Pan-Amer. Petrol. & Transp., com. (qu.)
Sept. 20"
1
1
15c. Oct.
New River Co., preferred (quar.)
Pacific Telep.
rec.
1
Oct.
Extra, payable in stock
1
(quar.)
Holders of
Oct.
Oct.
2K
1
Preferred (quar.)
to
20
Texas Company (quar.)
Texas Pacific Coal & Oil (quar.)
Oct.
Otis Steel, pref. (quar.)
Oct.
■Sept. 16
/40
;
Oct.
Ottawa Car Manufacturing
1
1
rec.
IK
$2
(quar.)
Orpheum Cirvuit, common (quar.)
1
1
Oct.
Stutz Motor Car (quar.)
Swift&Co. (quar.)
Utilities Securities Corp., pref. (quar.)..
Preferred
Oct.
Oct.
rec.
Sept. 20p
Preferred
*3
♦3
♦1
rec.
1
(quar.)
(quar.)
(quar.)
Sept. 15a
Holders of
15
Preferred
Sept. 15a
rec.
Holders of rec. Sept. 15
Holders of
Oct.
Oklahoma Producing & Refg., com.(qu.)
rec.
Holders of
1
1
Oct.
Ontario Steel Products, common (quar.)
Holders of
1
Oct.
15
Utah Copper
Extra
1
Oct.
Oct.
United States Steel Corp., com. (quar.).
United Verde Exten. Mining (quar.)
Preferred (quar.)
Oct.
2
Oct.
Sept. 30
Ohio Oil (quar.)
Sept. 15a
2
6
Common (special)
Common (payable in common stock)..
Sept. 18a
Sept. 13
Holders of
2
IK
VA
—
(extra)
(.
Standard Screw, com. (quar.)
1
Holders of rec.
Oct.
$1
(quar.)
Sfept. 30
3
Stromberg Carburetor (quar.)
common
Common
Holders of rec. Sept. 21 a
Holders of rec. Sept. 15a
(qu.)
Holders of rec. Sept. 18a
Sept. 15
Sept. 21
Nova Scotia Steel & Coal, common
Holders of rec.
IK
1
North American Co. (quar.)
Sept. 30
*5
.....
rec.
15
Sept. 30
Sept. 15a
Holders of
Oct.
Sept.20
Sept. 20
Sept 18a
rec.
15
15
Sept. 20
to
to
rec.
Oct.
Oct.
to
Sept. 10
Sept. 10
1
rec.
VA
1
Sept. 10
Sept. 20
Holders of
Sept. 16
Sept. 16
1
Sept. 20
Oct.
1
1
-
Sept. 30
Oct.
Sloss-Sheffield Steel & I., pref. (quar.)..
Oct.
Extra
•1 A
Holders of rec. Sept. 15
Oct.
Nipissing Mines Co. (quar.)
Sept. 30
Holders of
Oct.
National Surety (quar.)
Nevada Consol. Copper (quar.)...
*2
Sept. 25
1
Mar. x 1
Sept. 30
IK
—
Sept. 15a
Sept. 15
IK
IK
IK
Nat. Sugar Refining (quar.)
rec.
Holders of
(qu.)
Common (payable in common stock) .
First preferred (quar.)
....
May Department Stores, pref. (quar.)..
NationalLead.com. (quar.)
1
1
4a
...
Oct.
Sept. 30
4a
National Biscuit, com. (quar.)
National Breweries (quar.)
Oct.
50c.
Oct.
Sept.
(quar.)
rec.
rec.
IK
Sept.
Preferred
Holders of
Holders of
Holders of
Sept. 25
Oct.
15a
1
1
2
Oct.
rec.
Nov.
Oct.
2
IK
Holders of
IK
2K
IK
IK
2
1
Sept. I5a
5
9a
Sept. 30
Sept. 30
Sept. 15
Holders of rec. Sept. 20
Holders of rec. Sept. 15a
Holders f rec. Sept.. 30
Oct.
rec.
IK
IK
rec.
Sept. 25
7a
Sears, Roebuck & Co., pref. (quar.).
Sherwin-Williams Co. of Canada, pf.(qu)
rec.
Montgomery Ward&Co.,pf.&Cl.A (qu.).
National Aniline & Chem., pref. (quar.)
Sept. 15
1
St.LouisRockyMt.&Pac.Co.,com,(qu.)
rec.
Mjontana Power, common (quar.)...—
rec.
Hold era of rec. Sept
Seamans Oil (quar.)
rec.
(quar.)
Sept. 15a
(0)
Holders of
Mill Factors Corp., Class A
Sept. 18a
rec.
25c.
+
Holders of
Middle States Oil (quar.)
rec.
Holders of
25c.
(quar.)
"Holders of
——..—
Holders of
1
Sept. 24
1
Preferred (quar.)
Sept. 20
Sept. 30
3K
Royal Baking Powder, com. (quar.)....
Preferred
(quar.)
1
—
IK
Sept. 15
1
(quar.)..
Holders of rec. Sept. 17a
rec.
Oct.
Merck & Co., pref.
Sept. 30
rec.
Oct.
Mergenthaler Linotype (quar.).
Mexican Petroleum, common (quar.)
2
Holders of
rec.
Sept. 25
1
Holders of
Holders of
rec.
Nov.
1
Holders of
to
I
of rec.
1
1
to
of rec. Sept.
Nov. 30
Oct.
19
Holders of
1
Sept. 30
Oct.
Oct.
11a
Sept. 20
Sept. 15
Sept. 15
of rec. Oct
IK
1
_
15
dlK
IK
Manhattan Electrical Supply, com.
Oct.
rec.
..........
preferred.......7..
(quar.)
Mallinson (H. R.) & Co., pref. (quar.)..
Manati Sugar, pref. (quar.)
—-
rec.
Ltd., pref. (qu,) (No. 1)..
(quar.)
ftiordon Co.,
Ritz-Carlton Hotel,
Mackay Companies, common (quar.)—
Preferred
Holders of
IK
(quar.)
Reynolds (R. J.) Tobacco, com, (quar.).
Sept. 15a
Sept. 23
Lucey Mfg., class A (quar.)
1
.2
(quar.)
Prefer red
Oct.
1
Oct.
Sept.10a
VA
IK
Oct.
rec.
2.
Sept. 10a
Sept. 10a
IK
21
rec.
Holders of
Holders of
Holders of
South Porto Rico Sugar, com. (quar.)..
Common (extra)
Holders of rec. Sept. 11a
Holders of
1
1
1
Sept. 20
Sept. 20
Holders of rec. Sept.
1
Oct.
Oct.
Oct.
rec.
"Holders of rec. Sept
Oct.
VA
IK
Sept. 15
IK
Holders of
1
IK
Sept.15
Sept. 15
Sept. 15
Holders of
Oct.
1
rec.
rec.
Holders of rec.
2
1
Holders of
Holders of rec.
South^ennOil (quar.)
Oct.
1
1
Sept. 10a
Oct.
Sept. 15
Oct.
1
rec.
Oct.
rec.
1
1
rec.
Holders of rec. Sept. 20
Holders of
o<t.
Holders of
Sept. 30
Holders ol rec. Sept. 20a
•Holders of
Oct.
Holders oi
1
1
15
Aug. 31a
10c. Oct.
Sept. 30
to
Oct.
rec.
IK
A Co.. 1st A 2d pref (qu.)
Remington Typewriter, 1st pref. (quar.)
Second preferred (quar.).
First preferred, Scries S iquar.)
Sept. 30
1
to
Holders of
Reis (Robert
50c.
Oct.
rec.
1
21a
Sept. 20
30c. Oct.
50c.
IK
Holders of
Oct.
rec.
1
25c.
15
Sept. 15
Sept. 30
Oct.
1
Sept. 10a
VA
IK
Holders of rec. Sept.
"Holders of
1
*1K
Preferred
(quar.)
Ray Consolidated Copper (quar.).,
Stock
Oct.
1
Reece Buttonhole Machine (quar.).....
Reece Folding Machine (quar.)
Sept. 2la
Sept. 15
IK
VA
1
2
Oct.
•/25
(quar.)
Railway Steel-Spring, com. (quar.)
5a
Holders of rec. Nov,
1
9a
Holders of rec. Sept.
Oct.
Oct.
Oct.
Oct.
•?
(quar.)
common
Common (payable in common stock).
Extra
Nov. 15
2
(q uar.)
Internat. Buttonhole Sewing
Oct.
$1.25 Oct.
•81
W.) Co., common (quar.).
(quar.)
....... ... ..
Hendee Mfg., pref. (quar.).......,
Hercules Powder, common (quar.)
Helme (Geo.
Common (extra)...
*1K
$1.50
Goodrich (B. F.) Co., com. (quar .)
(quar.)..
Quaker Oats,
4
2K
Nem. Pow.,com. (qu.)
(quar.)..—
*1K
Oct.
Sept. 15
IK
*2
(quar.)....
(quar.)
6% preferred (quar.)..
8% preferred (quar.)
Preferred
VA
du Pont (E. I.) de
Preferred
Preferred
com.
Pure Oil, common
-
(quar.)
Debenture stock
2
Preferred (quar.)
1
rec.
Holders of
i
Oct.
(qu.)
Dominion Iron & Steel, Ltd., com.
/2h
(quar.) (pay. In com. stock)
20
Oct.
(quar.)
..—v* ........
Common
Oct.
IK
2K
.
'
Oct.
IK
_ .
2
1
Pierce Oil Corporation—
1
Dominion Steel Corp. (quar.)
(quar.)
*2K
Phelps-Dodge Corp. (quar.)
Sept. 30
Sept. 30
Dominion Iron & Steel, pref. (quar.)..
Preferred
IK
preferred (quar.)
Holders of rec, Sept. 15a
1
Sept. 15
Sept. 15
Sept. 4
Dominion Glass, Ltd., common
First and second
Sept. 15a
$1.25 Oct.
(quar.)
Sugar
common
Sept. 14 will be in time to
<
In the ratio of one share to each ten shares held.
New York Stock Exchange has ruled that Manhattan
p
Electrical Supply common
stock be quoted ex- the 10% stock dividend on Oct. 15.
r
New York Stock Exchange has ruled that St.
stock dividend on Oct. 1.
*
to
Payable in
X1921.
new
Joseph Lead Co. be quoted ex*
class B common stock, par value $25.
Sept. 18 1920.]
THE CHRONICLE
Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 1163.
Week ending
Stocks.
Shares.
State, Mun.
<kc„
& Foreign
17. S.
Bonds.
Bonds.
Bonds.
Saturday
Monday
...
Value.
Par
231,625
$19,825,500
$1,687,000
Clearing House Banks.—We give below
BOSTON CLEARING
$387,000
$2,216,000
346,902
30,619.700
2,369,000
875.500
4,890.000
466,710
39.923.500
2,935,000
1,345,000
2,927.000
Wednesday
Thursday
Friday
559,010
47.081.500
3,939,000
3,176,000
6,186,000
1,602,000
1.886,000
3,606,000
2.530,500
3,314,000
7.967.400
.
Total
367.650
29.960,500
973.589
83,716,900
\
$16,138,000 $10,200,000 $32,520,400
2,945,486 $251,127,600
__
series of weeks:
a
MEMBERS.
Week ending
at
Jan. l
Sept. 17.
to
Changes from
Sept. 5
Aug. 28
1920.
previous week.
1920.
1920.
Circulation
2,960,000 Dec.
Individual deposits, incl. U.S. 448,548,000 Inc.
Due to banks
110,711,000 Inc.
Exchange.
1
1920.
Stocks—No. shares.._
Par value....i
1920.
1919.
2.945.486
17,484,000 Dec.
1,382,000 Dec.
17,541,000 Inc.
Exchanges for Clearing House
New York Stock
Due from other banks
1919.
$251,127,600 $513,488,750 $13,963,514,175 $19 704.674,005
Bank shares, par
67.224.000 Inc.
53.880.0001 Dec.
Cash in bank & in F. R. Bank
215.748.464
158.423,238
5.534,810
$1,400
$47,200
5,000
2,967,000
2,965,000
5,906,000 593,189,000 596,929,000
4,264,000 444,284,000 448,159,000
6,182,000 104,529,000 103,946,000
233,000
16,250,000
17,717,000
2,080,000
5,313,000
3,462,000
1,969,000
14,595,000
15,572,000
1,341,000
66,914,000
65,883,000
Loans, dlsc'ts & investments. 599,095,000 Inc.
United States deposits
Sept. 17.
•
Sept. 12
$
Time deposits
Sales
»
HOUSE
*
Tuesday
a sum¬
showing the totals for all the items in the Boston
mary
Clearing House weekly statement for
Railroad,
Sept. 17 1920.
Boston
1159
Reserve
excess
in
bank
Federal Reserve
696,000
54,576,000
53,494,000
1,403,000
7,309,000
5,947,000
and
5,906,000 Dec.
Bank....
Bonds.
Government bonds
$32,520,000
$68,681,000
State, mun.,Ac..bonds
10,200,000
3,446.500
$1,955,339,850
251.002,500
$1,727,291,300
212.980.000
RR. and misc. bonds..
16,138,000
7.060.000
441.044,500
373.665.000
$58,858,000
$79,187,500
$2,647,386,850
$2,313,936,300
L
...
N
r Total bonds
Statement of New York
and Trust
shows the condition of the New York
members for the week
DAILY
TRANSACTIONS
AT
BOSTON,
THE
PHILADELPHIA
Boston
of totals, actual
NEW YORK
Shares.
,
Saturday
Monday.
8,808
11,793
$10,300
30,000
6,368
Tuesday
14,905
145,300
8,860
67,700
1,930
Wednesday
Thursday
Friday
16,320
14,720
22,175
78,500
63,300
772
55,250
9,113
8,138
6,000
5,585
mm
BTotal
88,721
HOLI DAY
32,600
102,900
21,000
WEEKLY CLEARING HOUSE
11,000
4,000
~3~ 630
I~3~666
8,323
$35,000
Net
CLEARING
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:
Cash
with
Net
Time
Bank
Invest¬
in
Legal
Demand
De¬
Circu¬
Vault.
Deposit
Deposits.
posits.
lation.
June 30
June 30
Tr.Cos.,June30
(,000 omiited.)
Nat'l,
ments,
Week ending
State,
&c.
Average.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
CLEARING
Capital. Profits.
Week ending
10 1920.
Sept.
Reserve
Net
Net
Nat'l
with
Demand
Time
Bank
Cash
Nat.bks.June30 Invest¬
in
Legal
De¬
De¬
Circu¬
Statebks.Jun.30 ments,
&c.
Tr. cos. June 30
Vault.
Deposi¬
posits.
posits.
lation.
tories.
$
Battery Park Nat.
1,494
697
2,948
12,682
206.957
10,936
19,476
146,600
58,941
7.546
55.998
1,722
579,244
59,441
13,915
*572.270
40,915
1,377
1.255
Chemical Nat..
4 500
14.491
158.338
1,000
1,076
20,725
446
2,156
104,627
15,778
2,228
Atlantic Nat'l..
Nat Butch & Dr
300
158
4,698
>•107
434
3,543
34
292
Exch Nat
5,000
6.856
125.529
1.361
12.206
87,849
5.415
4,875
NatBkofComm
25.000
31,533
329.892
2,525
34.207
259,091
7,377
1.000
1,765
23.799
1,407
3,086
21,970
33
7,000
7.470
126,041
4,713
14,722
107.301
13,386
Nat'l.
3,000
19.995
119.837
5,269
17,753
121,903
36,085
1.940
5,932
39.837
Corn Exchange
2,988
y6,000 y7.758
146,381
6,912
25,357
147,474
Imp A Trad Nat
National Park.
8,338
1,500
d7.500 d22,494
43,154
775
4.051
30.932
44
51
212.796
1,314
19,908
151,496
3,407
5,076
1,000
764
11,475
360
1,567
11,204
902
1,000
Hanover
Metropolitan
988
2,626
17,995
100
631
926
173,736
7,199
7,356
224,183
8,001
22,938
27,192
205.301
2.506
2,307
1.000
443
14,897
781
1,646
12,780
787
1,000
783
7,671
124
913
5,950
100
15,000
22,667
392,179
5,886
32.991
274,912
13,587
1,079
500
2,253
20.446
1,041
2,780
200
980
7,030
449
1,038
400
801
'9,218
537
1,176
19,658
7,223
9,266
112
391
N Y CountyNat
658
Chase National
386
1,315
568
820
7,875
1,697
755
6,071
63,234
'
6,787
Fifth
6,841
""391
582
8,137
47,354
Not Members of the
Fed'l Reserve Bank.
Bank of Wash Hts
100
444
3,555
455
222
Colonial Bank
600
1,400
14,832
2,125
1,374
700
j
1,845
18,387
1,596
2,580
3,703
16,180
30
Avenue.
Commercial Ex
Commonwealth
Garfield Nat'l..
1,000
14,271
1,917
1,000
665
15.204
329
1,608
12,040
545
1,000
4,442
50.820
1,065
6.467
47,352
800
65
Liberty Nat Bk
5.000
7,211
91,266
465
10,026
76,308
2,532
1,946
Coal A Iron Nat
1.500
1,534
19,987
19.759
930
1,897
14,498
572
403
461
391
1.466
1,000
381
16,456
2,292
Brooklyn Trust
1,500
2,596
41,206
679
3,740
27,329
6,502
Trust.
20,000
17,407
285,344
777
29,083
*221,177
15,881
Bankers
30
442
14,811
National.
Union Exch Nat
19,883
1,496
4,650
56.665
755
6,480
48,617
8,654
Not Members of the
Guaranty Trust
25.000
33.260
520,854
2,098
53.601
*501.036
36,002
Fed'l Reserve Bank.
Fidelity Trust..
Columbia Trust
gl .500
5,000
gl,500
19,147
503
2,318
17.657
760
7,206
77,041
1,149
9,551
74,068
4,261
33,483
1.171
3,449
1,969
Trust
U 8 Mtge A Tr.
Companies
Mech Tr. Bayonne
Total.
.
452
700
1,458
17,992
4,800
Grand aggregate..
Comparison previo
200
9,150
8,842
500
Hamilton Tr.Bkln.
us
1,005
9,374
week
382
906
386
401
5,014
5,009
Peoples Trust..
1,500
1,000
New York Trust
3.000
11,292
87,228
571
8,394
32,367
59,149
997
783
12,657
5,915
Lincoln Trust..
2,000
1,060
24,654
481
3.347
24,256
457
2,000
3.282
34.501
612
3,504
25.429
14,082
+39
Metropolitan Tr
NassauN.Bklyn
Farm Loan A Tr
1,000
1,370
17,305
502
10,713
128,851
1,766
13,428
*124,771
1,392
1,122
5,000
1,383
14,527
15,971
Columbia Bank
2,000
1 374
22,307
706
2,767
21,018
113
99,613
5,274
9,166
+ 1,073
+437
—48
a79,894
+ 3,190
582
3
28
4.800
a79,894
14,082
582
9,374
99,613
98,334
9,166
4.800
4,570
8,972
a77,768
4.800
9,374
98,907
4,722
3,885 a81,427
14,164
13,942
583
Gr'd aggr Aug. 21
Gr'd aggr
Sept.
Gr'd aggr Aug.
a
U. S.
9.374
5,274
deposits deducted, $359,000.
rediscounts, acceptances and other
reserve, decrease $188,970.
Bills payable,
Excess
liabilities, $8,172,000.
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Sept. 12 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 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Sept.
12 1920.
Sept.
(00) omitted,
Members of \
Trust
F.R. System Companies
m
5
1920.
I
AUg.
235,900 421.899 4,962,972
93,482 518 769 c3.858.848 231.922 34.879
86,965 535,173 c3,870,293 231,512 34,956
Totals, actual co ndition Aug. 284,991,256
86,709 526,409 c3,890,788 228,865 35,287
Average
28
Not Me mbers
842
5.421
690
322
2,500
2.007
67,583
3,646
1.949
5,365
28,597
39,758
3,750
4.566
90.945
6.632
3.656
51,978
39,761
Totals, actual co ndition Sept. 11
91.533
6,434
3,702
52,448
39,816
4
90,847
6,255
3,716
51,641
39,626
Totals, actual co ndition Aug. 28
91,367
6,268
3,536
52,362
39,463
State
Bank...
Average
Totals, actual
co|ndition
Title Guar A Tr
Lawyers T.A Tr
45,252
1,330
5,132
46,269
1,296
75,014
5,251
5,238
1,377
75,305
1,792
1,757
45,769
Totals, actual condition Aug. 28
45,876
1,431
Gr'd aggr, avge249.650 444.948 5,127,633 102,036 527,386 e3,956.078 273.013 34.879
5.055
+ 9511
—98
—30,032
-24.586 + 5.406
Comparison, previous w eek
$37,725,0
101,996,0
Gr'd
760,640,0
Comparison, previous
24,035,0
413,0!
24,448,0
110,631,0
31,071.0
110,281.0
543,849.0
24,387,0
109,548,0
131,688,0
550,152,0
7,713.0
689,553,0
Total deposits
U. S.
20,883,0
684,295,0
9,011,0
663,412,0
Time deposits
1,542,0
deposits (not included)
Res've
with
legal
2,121,0
deposit's.
2,121,0
54,891,0
13,841,0
Cash in vault*
54,891,0
12,965,0
"876",0
Total reserve and cash held.
67,856,0
2,997,0
10,853,0
52,245,0
3,042,0
def. 45,0
55,287,0
Res've with Fed. Res. Bank
Reserve
required
Excess res. A cash in vault..
*
15,611,0
Cash in vault Is not counted as reserve for
15,566,0
8,326.0
686,266.0
3,018.0
2,202.0
54,061.0
356
4,961
101,971.0
134,091.0
974
16,000
1,912
753,461.0
135,672,0
539,362,0
9,261,0
29,252
1,922
102,518,0
16,0
3,414
1,547
75 215
751,334,0
303,0
Ba nk
73,716
$37,725,0
20,330,0
250,0
serve
18,483
10,000
Average
$4,500,0
135,369,0
N ol
3
Totals, actual co ndition Sept.11
Totals,actual co ndition Sept. 4
12,478,0
36,625,0
110.615,0
Sept.
Mem bers of Fe deral Re
991
47,048
y6,000 yl2,316
931
6.167
26,668
4,000
Trust Compan ies.
90,040,0
519,032,0
18,016
1,716
250
$33,225,0
deposits—
f Federal Reserve Bank
1.385
17.941
2,296
1,000
Bank..
Bowery
714,709,0
Individual
o
93,009 536,364 c3.893,240 232,061 34,834
Greenwich Bank
Surplus and profits
Loans, dlsc'ts A lnvestm'ts..
Exchanges for Clear. House.
Bank deposits
50
Totals, actual co nditfon Sept.11 4.950.694
Totals, actual co ndition Sept. 44,970,095
Capital
Due from banks
1,515
1920.
Total.
$37,725.0
247
579
State Banks.
Two ciphers
2,000
611
7,643
197
Seaboard Nat'l.
Fifth
State Banks.
50
25,098
231
1,332
100
10,533
303,826
6,630
400
4.705
4,439
2,166
7,787
200
2,000
36,185
Irving National. *12,500 xlO.520
Secpnd National
999
First N Bk. Jer Cy
Total
..
405
Yorkvllle Bank...
243
Pacillc Bank
29
9,717
3,604
14,039
9,616
846
Chath A Phenlx
216
682
1,108
1,066
25,000
Continental Bk
500
4,254
Bank of America
National City..
1,796
60^
12.019
1,820
14,282
1.417
1,452
W R Grace A Co's
3,400
144,512
6,108
58,826
272
191
Average Avge.
$
$
4,907
792
14.929
338
$
Average.
$
15,974
10,000
69
4,679
5,500
First National...
%
$
$
835
5,000
$
226
12,770
10,126
Average Average
10,000
10,627
New Netherlands
Total
S
$
$
49.581
Co.
15,631
%
?
1,500
2001
Mutual Bank
Average Average
$
6,862
$
lories.
Mech & Metals.
Manhattan
East River Nat.
Average Average Average Average
Bank.
Res.
,
Dis¬
counts,
Members of
Fed'l
Loans,
2.000
-
32,133
95,451
Bk of NY. NBA
Amer
(Staled in thousands of dollars—thai Is, three ciphers (000l omitted.)
NON-MEMBERS
Fed. Res. Bank
Nat.
Discount.
MEMBERS
Sept. 11 1920.
Reserve
Loans,
Capital.! Profits.
HOUSE
Members of
New York
Net
RETURNS.
(Stated in thousands of dollars—that is, three ciphers 1,000] omitted.)
"
$295,000
43,979
$325,350
In the
also given:
$7,000
1,991
$7,500
/
are
Bond Sales.
Shares.
1 Bond Sales.
5,915
figures at end of the week
Baltimore.
Philadelphia.
Week ending
Bond Sales.
The figures for the
separate banks are the averages of the daily results.
case
Shares.
City Clearing House
ending Sept. 11.
AND
BALTIMORE EXCHANGES.
Sept. 17 1920.
City Clearing House Banks
Companies.—The following detailed statement
5,368,0
2,340,0
52,882,0
13,418.0
13,736,0
69,681.0
54,927.0
14,754.0
68,967,0
56,036,0
12,931,0
Federal Reserve Bank members.
aggr,
act'lcond'n
Sept. 11 5.117,442101.355 545,198 13,991,963
-18,514+6,343 + 1,058
+24,260
w eek
273.173'34.834
+658;—122
act'ljcond
Sept.
act'lcond
act'lcond
Aug.
Gr'd aggr,
Aug, 2L5,116,689
95,012 544,140 f3,967,703 272,615 34,956
94,734 535,183 3,989,026 269,759 35,287
91,992 521.390 3,984,255 259,888 35,167
Gr'd
act'lcond
Aug. 145,112,510
96,322 543.016
Gr'd
aggr,
Gr'd
aggr,
• *
aggr,
45,135,956
2815,157.928
4.017,344'259.378
34,918
Includes deposits in foreign branches not
included In total footing as follows:
$128,611,000; Bankers Trust Co., $2,882,000; Guaranty Trust
Co., $95,914,000; Farmers' Loan A Trust Co., $17,250,000.
Balances carried In
banks in foreign countries as reserve for such deposits were: National City Bank,
National City Bank,
$52,036,000; Bankers Thrust Co., $365,000; Guaranty Trust Co., $6,719,000; Farm¬
Loan A Trust Co., $3,163,000.
c Deposits in foreign branches not included,
e U. 8. deposits deducted, $16,932,000.
f U. 8. deposits deducted, $12,159,000.
ers'
Bills
payable, rediscounts, acceptances and other liabilities, $1,208,007,000.
g As
x As of July 24 1920.
yAs of July 31 1920.
d As of Sept. 1.
of July 20 1920.
OF RESERVE POSITION
STATEMENTS
AND
Cash
f}]'.
;
Surplus
'
in
Total
Reserve
Reserve.
Required.
$
$
$
$
July
Reserve.
4
Total Aug. 21
31
7
Aug.
14--
Aug.
21
Aug.
28
Loans and
Demand
Deposits.
•
IN
COMPANIES
in
Vault.
$
$
$
4,972,091,500
4.955,519,800
4,909.587,400
138,243,400
129,651,100
Depositaries.
$
669,101,300
691,297,100
641,112,900
647,841,700
650,841,700
647.879,600
644,440,200
635,852,100
642,537,500
639,681,000
124r771,600
129,596,400
4,867,495,100
125,715,400
4,857,213.900
4,814,390,800
4,793.133,700
4,750,119,900
126,676,200
122.705.800
113,816,000
121,689,700
119,424,400
4,752,350,000
4,724,943,200
This item includes gold, silver, legal tenders,
Reserve in
*Total Cash
5,938,501,400
6,933,082,000
5,939,839,600
5,922.559,300
5,888,285,600
5.883,338,600
5,906,454,700
5,930,958,600
5,909,242,000
-
AND TRUST
YORK.
NEW
Investments.
5.908.034.900
—
Sept.
4
Sept. 10
11,947,970
6,080.530
11,858.080
8,104,000 525.165,000 533,269,000 527,188,470
8,077,000 534,641,000 542,718,000 630,859,920
Total Aug. 28
17
24...
Aug.
11.188.260
8,554,000 527,386,000 535,940,000 524,751,740
8,162,000 532,441,000 540,603,000 528,655,030
Total Sept. 11
10
July
July
July
518,769.000 518,769,000 508.609.000 '10.161.100
931,960
9,356,040
10.288.000
3.656.000
6,632,000
95,200
6.787,800
4.961.000
6,883.000
1.922,000
Trust companies*...
BANKS
a
Reserve
Depositaries
State banks*..
Total Sept.
Week ended—
Reserve
Reserve banks
OF
GREATER
in Vault.
Members Federal
RESULTS
COMBINED
OF CLEARING HOUSE BANKS
TRUST COMPANIES.
Averages.
.
[Vol. Ill
THE CHRONICLE
1160
national bank notes and Federal
Reserve notes.
Actual Figures
Cash
'
:
"■
.
1
•
'
Condition of the Federal Reserve Bank of New York.
b
.
Total
t eserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
,
in Vault.
Sept. 10 1920.
23.280,190
State banks*
536.364.000 536,364,000 513.083.810
6.434.000
9,440.640
3.702.000
10,136.000
Trust companies*...
1,912.000
6,940.350
103.650
Total 8ept. 11
Total Sept.
4....
8.346.000 545,198.000 553,544,000 529,464,800
8,047,000 544,140,000 552,187,000 526,244,180
25,942.820
Total Aug. 28
8.025.000 536,183,000 543,208,000 528,974,950
8,099,000 521,390,000 529,489,000 528,060,470
14,233,050
1,428,530
Reserve banks
7,044,000
5.132,000
695,360
•Not
77,021,043
Gold settlement fund—F. R. Board
75,563,930
40,905,694
50.101,650
40,905,694
128,740,000
Gold with
180 082 819
168.028,388
269,181,430
35,898,900
275.070.430
35,803,000
277,624,000
289,854,000
25,000,000
485,163,150
478.901,818
592,478,000
125,126,243
124.841,672
51,397,000
610(289,394
603,743.491
643,875.000
547,146,782
582,977.873
611,441,000
547,146,782
582,977,873
611,441,000
382,124,970
392,368.360
49,692,000
foreign agencies
Gold with Federal Reserve Agent
Federal
members of
Reserve
Bank.
Total gold reserves
Legal tender notes, silver, Ac
Total
i
Secured by Government war oblig'ns:
For members
.
banks
but in the case of members of the Federal Reserve banks
Includes also amount of reserve required on net time deposits, which was as follows:
Sept. 11. $6,632,000; Sept. 4, $6,931,860; Aug. 28. $6,739,800; Aug. 21. $6,591,900.
trust
companies,
bThis Is the reserve required on net demand
deposits In the case
the Federal
includes also amount of reserve required on net time deposits, which
Sept. 11, $6,434,000; Sept. 4. $6,945,360; Aug. 28. $6,865,950; Aug.
and
trust
but in the case of members of
companies,
reserves
—
Bills discounted:
This is the reserve required on net demand deposits in the case of State
a
and
148,884,000
63,613,194
Gold redemption fund
Total Aug. 21
3 1920. Sept. 12 1919
$
$
Gold and gold certificates
Total gold held by bank
24,079.200
Sept.
$
Resources—
$
$
$
$
$
Member. Federal
:
in
Reserve
•
:
Reserve
All Other:
For members
rediscounts with other Federal
Less
of State banks
Reserve Bank
was as follows:
47,500,000
34,600,000.
Reserve banks
347,524,970"
"
1...
Total bills on hand
997,327,146
1,462,347
U. S. Government bonds
New York
City State Banks and Trust Companies.—
For explanation of discontinuance of these returns see item
iD Chronicle of August 14, page 643.
49,692,000
70,956,000
732,089,000
50,000
50,000
75,767,000
92,753,000
1,075,433,494
3,945,534
1,099,601,239
3,943,403
826,149,000
3,994,000
2,281,300
2,122,050
2,530,000
168,038,249
697,638
158,232,000
206,934,000
2,312,000
of Indebtedness
Total earning assets
*
Bank premises
1,257,000
50,000
76,594,000
U. S. Victory notes
U. S. certificates
344,868.360
94,475,658
1,022,321,892
1,462,347
102,655.394
Bills bought in open market
21, $6,577,110
5% redemption fund against F. R. Bank
notes.
Gold
Banks and
Trust Companies Not in
Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
State
in
transit
All
1,872,373,709 1.878,146,072 1,844,026,000
Total resources
Liabilities—
1
COMPANIES IN GREATER
25,352,300
51,307,534
27,006,287
22,060,000
32,922,000
162,000
Due to members—reserve account
719,671,638
719,621,007
751,883,000
Deferred availability items..
110,180,178
19.312,789
101,259,551
19,171,246
858,658,976
867,058,093
Loans and investments
Specie
STATEMENT.
864,438,380
39,001,000
33,614,818
865,548,750
36,268,000
32,611,395
Differences from
previous week.
Inc.
Inc.
17,923,400
71,450,300
815,195,200
Inc.
Dec.
1,001,000
173,900
768,865,200
138,237,700
Inc.
2,625,200
Inc.
3,081,500
_
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
20.1%.
All other liabilities
-State
—Trust Companies—
Banks
$24,412,200
15.68%
$72,980,800
Deposits in banks & trust companies 10,746,900
06.91%
30,097,800
14.22%
05.86%
$35,159,100
22.59%
$103,078,600
20.08%
-
of
total
reserves
to
152,175,000
76,891,000
981,111,000
752,894,000
46,042,000
8,997,000
1,878.146.072 1.844,026,000
deposit and
47.0%
38.6%
39.5%
...
Ratio of gold reserves to F. R. notes
circulation after deducting
In
35% against
56.8%
deposit liabilities
gold reserves against
F. R. notes in circulation.....
ducting
Bank of New York, which for the
Sept. 4 were $70,349,800.
Includes deposits with the Federal Reserve
State banks and trust companies combined on
40%
Contingent liability
on
bills
36.8%
38.9%
......
purchased
6,075,832.22 (6,070,366.62
for foreign correspondents
*
Total....
•
.1,872.373.709
Total liabilities...
Ratio
,
Ratio of reserves to net deposits after de¬
RESERVE.
Cash in vaults
F. R. notes In actual circulation
F. R. Bank notes in circulation—net liab
F. R. note liabilities combined
Reserve on deposits
Percentage of reserve.
$2,869,400
93,300
789,700
Inc.
incl. foreign govt, credits
Total gross deposits
8,019,000
Currency and bank notes..
Deposits with Federal Reserve Bank of New York.
Other deposits,
$781,609,000
;
-
Government deposits
(Figures Furnished by State Banking Department.)
—
■
25,353,000
51,307,534
9,494,370
.
Surplus
Sept. 11.
179,386,797
1,037.188
other resources..
Capital paid in
NEW YORK. NOT INCLUDED IN CLEARING HOUSE
— ---
.....
Uncollectible Items and other deductions*
follows:
8UMMARY OF STATE BANKS AND TRUST
foreign
in
custody
or
countries
Including gold in transit or custody In foreign countries.
Note.—The following was Issued by the
Federal Reserve Bank of New York In
anticipating partially the read¬
connection with this week's statement: "By way of
justment of funds which comes on Sept.
15 in connection with tax payments
and
redemption throughout the country of $650,000,000 of certificates of indebted¬
the Federal Reserve Bank of New York purchased for the account of certain
other Federal Reserve Banks a substantial amount of certificates due on that date,
the
ness,
Banks and Trust
averages
Companies in New York City.—The
of the New York City Clearing House banks and
companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
trust
which
were
held by banks in New York.
This Federal Reserve District held an
unusually large proportion nearly $400,000,000, of the total amount
maturing, and
disproportionate distribution that the sales were made.
With
the proceeds banks in New York were enabled to reduce their loans at the Federal
Reserve Bank, and the latter received credit from other Federal Reserve .Banks
it was to correct this
through the gold settlement fund for the amount sold.
The operation affected
favorably the reserve position of the Federal Reserve Bank of New York.
The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on Sept. 11.
figures for the system as a whole are given in the following table, and in addition we present the results for seven preced¬
ing weeks, together with those of corresponding week of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve Board say:
I
The
total bill holdings, as against an increase
Treasury certificate holdings is indicated by the Federal
Reduction of 66.3 millions in
of 52.8 millions in
Reserve Board's weekly bank statement issued as at close of business on
Sept. 10 1920.
the
As against a decline of 55.7 millions in deposit liabilities,
further expansion of 51.9 millions in Federal
Reserve banks report a
Reserve note circulation, and a gain of 13.3 millions in cash reserves, with
the consequence that the reserve ratio shows a rise for the week from 42.5
to
42.8%.
Holdings
secured
the New York Reserve Bank
by
United States
war
obligations
show
a
purchased from local member banks and sold
Cleveland Reserve banks a total of 45 millions of Treasury
This transaction brought about a substantial improvement in
to the Boston and
the New York bank's reserve
position, through
a
corresponding credit in
Gold Settlement Fund, besides causing a more equable geographic distri¬
bution of Treasury tax certificates, thereby facilitating the redemption of
these certificates at maturity.
It is understood that the bulk of the cer¬
tificates
held by the Boston, Philadelphia and Cleveland banks include 193.2 mil¬
lions of paper discounted for the New York bank and six other Reserve
banks in the South and Middle West, while acceptance holdings of the
acquired during the week by the Boston and Cleveland banks will
be held until Sept.
15, when they are to be redeemed by the Government.
Total earning assets of the Reserve banks show a decrease of 13.5 millions.
Of the total of 1,299.1 millions of paper secured by Government war
Combined Resources
and
Liabilities
of
Sept. 10 1920. Sept.
RESOURCES.
5
•
the
3
Federal
San Francisco banks are inclusive of 22.7
purchased from the New York and Chicago banks,
Cleveland and
Philadelphia,
of paper
of 33-8 millions, those of other discounted paper—a reduction
of about 36 millions, while the total of acceptances bought in open market
and held by the Reserve banks increased by 3.5 millions.
During the week
reduction
certificates.
obligations 675.5 millions, or 52%, were secured by Liberty bonds, 3X6.3
millions, or 24.3%, by Victory notes, and 307.3 millions, or 23.7% by
Treasury certificates, as against 49-6, 23.8 and 26.6% of a corresponding
total of 1332.9 millions shown the week before.
Totals of discounted paper
millions of bankers' bills
compared with 34.5 millions reported the week before.
Government deposits show a reduction for the week of 34.4 millions,
members' reserve and other deposits show a combined decline of 1.3 mil¬
lions, while the "float" carried by the Reserve banks and treated as a
deduction from gross deposits was 20 millions larger than the week before,
with the consequence that calculated net deposits are 55.7 millions less
than on the preceding Friday.
All Reserve banks report further additions
to their note circulation, the total expansion for the week including besides
51.9 millions of Federal Reserve note circulation also 3.7 millions of Federal
Reserve bank
notes.
Acquisition of gold received during the week from foreign sources partly
for an increase of 13.9 millions in gold reserves.
The capital
account shows a further increase of $58,000, in consequence of moderate
Federal
I Reserve stock issues by 9 Reserve banks.
accounts
Reserve
Banks
at
the
Close
1920. Aug. 27 1920. Aug. 20 1920. Aug. 13 1920. Aug. 6
$
$
$
$
1920. July 30 1920. July 23 1920. Sept-. 12 1919
$
1
Gold and gold certificates
150,990 000
Gold settlement fund, F. R. Board
428 768.000
Gold with foreign agencies.
111.455.000
165,070,000
410,507,000
111,455,000
Business Sept. 11 1920.
of
$
186,139,000
183,125,000
179,630,000
185,165,000
174,179,000
373^272,000
366,892,000
389,927,000
381,259,000
389.389,000
111,455,000
111,455,000
111,531,000
111,531,000
111,531,000
$
$180,529,000
387,345,000
111,531,000
$
231,609,000
537,723,000
Gold redemption fund
769,332,000
679,405,000
675,099,000
661,472,000
677,955,000
681,088,000
670,866,000
687,032,000
1 147.239,000 1,132,2.19,000 1,154,684.000 1,164,264,000 1,164,562,000 1,150,343,000 1,153,712,000 1,160,215,000 1,190,769,000
108,766,000
143,651,000
148,893,000
137 774.000
140,615,000
152,307,000
143,059,000
146.275.000
131,708,000
Total gold reserve
1,976.226.000 1,962,310.000 1,971,825,000 1,966,351,000 1.977,358.000 1,980.605,000 1,977.704,000 1,983,271.000 2,068,867,000
Total gold held by
banks..
Gold with Federal Reserve agents
691,213.000
Sept. 18 1920. j
1161
THE CHRONICLE
1920. July 30 1920. July 23 1920. Sept. 12 1919
Sept. 101920. Sept. 3 1920. Auo. 27 1920. Aug. 20 1920. Aug. 13 1920. Aug. 6
155.021.000
Legal tender notes, silver. Ac
Total
Secured by Govt, war obligations
other
155,486,000
$
$
$
151.139,000
155,527.000
150,741,000
150,936,000
69,632,000
2,138,499,000
2.131,247.000 2,117,957,000 2,127,827,000 2,121,837,000 2,132,885,000 2,131.744,000 2,128.640,000 2,134,012,000
reserves..
Bills discounted.
All
156,002,000 !
155,647,000
$
$
S
$
$
$
.......
...
.
....
1,524,521,000
1,299,123.000 1,332,892,000 1,314,830,000 1,301,609,000 1,296,981,000 1,285,398,000 1,241,017,000 1,247,371,000
230,317,000
1,376.076,000 1,412,035,000 1,352.297,000 1,317,820,000 1,292,025,000 1,264,435,000 1,250,613,000 1,222,536,000
362,005,000
345,305,000
353,543,000
339,390,000
320,597,000
321,965,000
320,618,000
316,982,000
313,501,000
"
Bills bought in open market
Total bills
2,116,843,000
2.992.181,000 3,058,428',000 2,989.092,000 2,940,026,000 2,909,624,000 2,889,223,000 2,836,935,000 2,823,450,000
27,096,000
26,791,000
26,791,000
26.810,000
26,809,000
26,810,000
26,810.000
26,806,000
26.807,000
192,000
69,000
68,000
69,000
: 69,ooo
69,000
69.000
69,000
69,000
341,655,000
298,520,000
287,909,000
271,490,000
277,158,000
277.836,000
273,701.000
332,426,000
279,633,000
hand
on
U. 8. Government bonds..
U.
8. Victory
U. 8.
notes
certificates of indebtedness
2,485,786,000
3,351.483.000 3,364,936,000 3,289,672,000 3,244,062,000 3,214,339,000 3,187.592,000 3,162,315,000 3,138,218,000
13,143,000
14,243,000
14,289,000
14.444.000
14,654,000
14,604,000
14,869,000
*14.921,000
15.086,000
Total earning assets
Bank premises
'
♦>/*.:
Uncollected Items and other deductions
from gross deposits
837.060,000
*753.707,000
11,788.000
6.569,000
11,695,000
*3.875,000
5% redemp. fund agst. F. R. bank notes
All other
•
•
•'
■
resources
''
.
■■■••
>,•:
■.
Total resources
"J
.......
....
729,889,000
11,956,000
785.240.000
798,155,000
11,600,000
11,947,000
3,827,000
3,859,000
733,688,000
12,644,000
3,331,000
'
4,558,000
772,333,000 1,031,298,000
11,343,000
12,742,000
11,007,000
3,576,000
711,074,000
12,684,000
3,767,000
6,032,769,000 6,075,124,000 5,691,076,000
6,353,233,000 *6 267091000 6.178,771.000 6,181.220,000 6,175,789,000 6,083,443,000
LIABILITIES.
85,140,000
95,225,000
95,008,000
95,341,000
96,759,000
96,551,000
164,745,000 «*<81,087,000
164,745,000
164,745,000
164,745,000
164,745,000
33,584,000
12,167,000
11,280,000
20,253,000
54,959,000
11,623.000
1,802,791,000
1 828.924,000 ♦1829 832000 1,818,502,000 1.793,675,000 1,834,542.000 1,816,798,000 1,808,156,000 1,825,564,000
Due to members, reserve account
679,043,000
536,690,000
572,109,000
549.778,000
591,094,000
599,397,000
542,564,000
617,785,000 *554.475,000
Deferred availability Items.
134,096,000
51,296,000
49,024,000
44,821,000
44.828,000
45,043,000
43,180,000
39,123,000
38.793,000
Other deposits, incl. for'n gov't credits..
97,191,000
97,133,000
164,745,000
164,745,000
65,387,000
Capital paid In
Surplus
'»
Government deposits
30.975.000
97,055,000
164,745,000
43,510,000
2,408,309,000 2,457,977,000 2,649,514,000
2.516,477,000 *2488 817000 2,447,756,000 2,484,556,000 2,490,605,000 2,431,650,000
3,120,138,000 3,118,205,000 2,621,228,000
3,295.175,000 3,243,270,000 3,203,637,000 3,174,725,000 3.169,181,000 3,141,861,000
*•
228,169,000
190,067,000
192,168,000
194,834,000
198,563,000
196,912,000
200,793,000
205,423,000
209,083.000
F. R. bank notes in circulation—netliab.
25,938,000
49,122,000
52,184,000
55,012,000
61,872,000
•57,795,000
64,785,000
67,703,000
Total gross deposits
F. R. notes in actual circulation
All other liabilities
70,562,000
.
liabilities
Total
......... .
.
6,032,769,000 6,075,124,000 5,691,076,000
6,353,233,000 *6 267 091 000 6,178,771,000 6,181,220,000 6,175,789,000 6,083.443,000
Ratio of gold reserves to net deposit and
40.3%
40.2%
39.4%
39.72%
F. R. note liabilities combined
40.6%
Ratio of total reserves to net deposit and
F. R. note liabilities combined
40.9%
41.1%
41.3%
44.4%
50.4%
49.5%
60.0%
42.8%
42.5%
43.2%
43.5%
43.9%
44.0%
44.2%
46.8%
46.6%
47.7%
48.1%
48.6%
48.9%
49.2%
Ratio of total reserves to F. R. notes in
circulation
after
setting
aside
35%
against net deposit liabilities
ft
Distribution ny. Maturities—
%
$
S
112,627.000
1-15 days bills bought in open market..
110,768,000
99,481,000
114,800,000
114,917,000
3
$
$
$
$
112,734,000
1,464,290.000 1,422,134,000
1,608,558 000 1,666,391,000 1,581.792,000 1,515,379,000 1,549,969,000 1,529,341,000
31,136,000
42,325,000
17,967,000
25,538.000
27,340,000
27,325,000
84.560 000
32,568,000
88,680,000
86,034,000
69,882,000
70,815,000
79,865.000
71,014,000
67,941,000
77,394,000
240,829.000
225,623,000
189,930,000
219,669,000
189,632,000
247,986,000
268,947,000
243,771,000
6-30 daysU. 8. certif. of indebtedness.
13,773,000
12,000,000
12,900,000
15.441,000
19,483,000
16,700,000
17,195,000
20,695,000
31-60 days bills bought in open market..
138,714,000
129,544,000
122,345,000
110,891,000
105,155,000
105,240,000
107,939.000
109,404,000
31-60 days bills discounted
416,780,000
426,928.000
434,400,000
511,330,000
491,886,000
458,770,000
512 529,000
504,969,000
31-60 days U. 8. certif. of indebtedness..
23,680,000
27,430,000
37,738,000
28,524,000
34,431,000
38,102,000
27,929,000
25,029,000
31-60 days municipal warrants
28,972,000
30,627.000
32,363,000
26,157,000
26,092,000
27,222,000
28,475,000
61-90 days bills bought in open market..
316,347,000
304,257,000
56,230,000
342,326,000
332,684,000
301,240,000
253 001,000
294,330,000
61-90 days bills discounted
43,945,000
28.144.000
40,273,000
170,191,000
11,002,000
16,908,000
16,700,000
12,501,000
61-90 days U. 8. certif. of indebtedness..
Over 90 days bills bought In open market
"73,817,006
70,532:600
53,836,000
40,367,000
44,223,o66
"56,230.006
"35,466,000
32,164*,000
Over 90 days bills discounted
175,375,000
188,621,000
162,612,000
186,705,000
185,502,000
170.191,000
185,940,000
188,942.000
Over 90 days certif. of indebtedness.--.
1-15 days bills discounted
of Indebtedness..
1-15 days U. 8. certif
16-30 days bills discounted
•
_
Federal Reserve Notes—
87,511,000
97,177,000
99,100,000
1,547,106,000
28,686,000
108,119,000
54,803,000
10,536,000
103,354,000
147,354,000
24,777,000
40,663,000
91,790,000
15,532,000
15,020,000
6.365,000
170,692,000
Held by banks
3,425,788,000 3,434,186,000 2,794,100,000
3,549,041.000 3,501,897,000 3,471,731,000 3,462,875,000 3,450,969,000 3,438,500,000
182,403,000
315,981,000
305,650,000
296,639,000
268,094,000
288,150,000
281,788,000
258,627,000
253,755.000
In actual circulation
3.118.205.000 2,611,697,000
3,295,175,000 3,243,270,000 3.203,637,000 3,174,725,000 3.169,181,000 3,141,861,000 3,120,138,000
Outstanding..,
Fed. Res. Notes (Agents Accounts)—
7,276,540,000 7.241.340.001 5,122,941,000
7,525.140.000 7,468,540,000 7,435,580,000 7,387,780,000 7,338,200,000 7,290,760,000
3,381,434,000 3,350,921,000 1,937,783,000
3,537.490,000 3,511,315,000 3,490,516,000 3,465,042,000 3,439,212,000 3,408,446,000
Received from the Comptroller
Returned to the Comptroller
3.922,738,000 3,898,988,000
Amount chargeable to Fed. Res. agent 3,987,650,000 3,957,225,000 3,945,064,000
438,609,000
In hands of Federal Reserve Agent
How Secured—
By eligible paper
Gold redemption fund
With Federal Reserve Board
•
rtpHvprpd to F
R
figures.
Two ciphers
(00) omitted.
Boston.
Federal Reserve Bank of—
gold certificates
...
Gold Settlement Fund, F. R.
Gold with foreign
B'd
agencies
12,282,0
28,718,0
8,136,0
EC
Total gold held by
Total reserves
Gov¬
obligations (a):
52,410,0
9,139,0
ernment war
Bill" bought In open
market (b).„
Total bills on hand
._
U. S. Government
U. S,
Uncollected
85,189,0
75,908,0 345,152,0
98,032,0
547,148,0 139,458,0 96,162,0
347,525,0 37,493,0 120,368.0
18,644,0 43,712.0
102,655,0
42,354,0
62,569,0 157,840,0
57,352,0 273,661,0
33,753,0
80,808,0
1,630,0
25,502,0
fund
Federal Reserve bank notes...
Capital paid in
$
4,976,0
6,531,0
2,898,0
11,606,0
49,704,0
5,127,0
150,990,0
428,768,0
111,455,0
14,405,0
27,460,0
66,437,0
691,213,0
5,730,0
85,279,0 1,147,239,0
137,774,0
10,081,0
71,209,0
1,484,0
47,595,0 161,797,0 1,976,226,0
155,021,0
702,0
2,445,0
78,201,0 '49,873,0
72,693,0
50,040,0 162,499,0 2,131,247,0
11,456,0
73,662,0
1,038,0
41,038,0
17,856,0 51,457,0 1,299,123,0
56,569,0 107,587,0 1,376,076,0
316,982,0
61,615,0
698,0
80,0
68,056,0
3,701,0
12,826,0
94,753,0 134,489,0
836,0
586,0
87,389,0 234,579,0 3,351,483,0
15,086,0
232,0
1,082,0
60,026,0
179,388,0
1,072,0
2,281,0
1,085,0
1,036,0
71,288,0
1,300,0
559,0
78,898,0
30,606,0 110,247,0
59,398,0
1,139,0
451,0
541,0
656,0
933,0
238,0
7,584,0
25,353,0
8,402,0
10,249,0
5,147,0
12,351,0
51,308,0
9,494,0
13,069,0
13,712,0
789,0
8,067,0
1,665,0
1,396,0
members, reserve account 119,887,0
46,435,0
1,889,0
Deferred availability Items
Oth.deposlts.Incl. for. Govt cred.
M
169,607,0
deposits
in actual circulation.
F. R. bank notes in circulation—
F. R. notes
net liability
All other liabilities
Total.
524,272,0 134,880,0
266,945,0 1,075,434,0 230,321,0 304,407,0 126,675,0 137,339,0
866,0
2,137,0
615,0
1,191,0
1,168,0
638,0
3,946,0
1,789,0
Government deposits
Total gross
%
75,123,0 220,659,0 2,992,181,0
26,807,0
2,632,0
3,966,0
69,0
11,288",0 332,426,0
8,300,0
LIABILITIES.
Due to
39,004,0
4,335,0
s
1
8,481,0
25,957,0
52,583,0
1,781,0
624,0
529,0
360,0
432,0
99,0
74,234,0
56,435,0
38,000,0
837,060,0
916,0
586,0
665,0
250,0
366,0
458,0
11,788,0
6,569,0
6,353,233,0
984,118,0 267,514,0 171,700,0 283,418,0 195,898,0 436,433,0
516,721,0 1,872,374,0 492,647,0 613,326,0 273,837,0 245,247,0
Total resources
Surplus
27,870,0
San Fran.
86,156,0 112,795,0
8,867,0
116,0
1,0
against
All other resources
48,638,0
1,637,0
3,00o,0
592,0
21,928,0
5,350,0
SEPT. 10 192f.
Dallas.
116,191,0
997,328,0 195,595,0 260,242,0 113,182,0 121,558,0 480,139,0
1,153,0
4,490,0
113,0
1,233,0
833,0
1,386,0
1,462,0
3,0
10,0
50,0
12",260",0 15,665,0 39",643",0 17",536",0
76,594,0 33,340,0 43,322,0
213,213,0
Items and other de¬
redemption
49,793,0
610,289,0 188,541,0 227,058,0
5,0
ductions from gross deposits..
5%
215,0
185,804,0
53,171,0
premises
18,711,0
30,867,0
70,418,0
7,783,0
Indebtedness
Total earning assets.,
Bank
18,018,0
47,099,0
5,750,0
VJctory notes
certificates of
15,431,0 141,484,0
53,914,0 160,844,0
9,2b6,0
5,238,0
34,738,0
63,316,0
7,512,0
7,198,0
8,504,0
3,514,0
5,146,0
6,138,0
$
$
%
74,491,0 337,066,0
8,086,0
1,417,0
556,0
U. S. Government bonds
^
85,156,0
33,0
89,679,0
other
St. Louis. Minneap. Kan.City.
24,416,0
3,066,0 103,805,0
13,263,0
4,013,0
8,352,0
2,445,0
22,318,0
5,461,0
Bills discounted: Secured by
All
$ '
%
$
RESERVE BAfcJKS AT CLOSE OF BUSINESS
Chicago.
485,163,0 188,257,0 225,227,0
1,831,0
284,0
125,126,0
15,954,0
Legal tender notes, silver, Ac...
8,916,0
%
10,670,0
Atlanta.
5,301,0
180,054,0
gold reserves
75,565,0
40,905,0
S
1,326,0
46,953,0
Cleveland. Richmond
30,224,0
48,794,0
Gold with Federal Reserve agents 114,964,0
Gold redemption fund
63,613,0
Phila.
•180,083,0 57,195,0 72,219,0
269,181,0 118,141,0 151,692,0
1,316,0
12,921,0
35,899,0
49,136,0
banks
LIABILITIES OF EACH OF THE 12 FEDERAL
New York.
$
%
RESOURCES.
Total
3,185,158,000
3,882,314,000 3,895,106,000 3,890,419,000
391,058,000
456,233,000
469,318,000
443,814,000
2,107,324,000
2,818,486,000 2,777,081,000 2,737,010,000
Avont.. 2.899.472.000 2.962.403.000 2,896.956,000 2,860,488.000 2.805,951.000
WEEKLY STATEMENT OF RESOURCES AND
Gold and
448,019.000
3,434,186,000 2,794,100,000
3,549,041.000 3,501,897,000 3.471,731,000 3,462,875,000 3,450,969,000 3,438,500,000 3,425,788,000
...
Revised
459,863,000
236,248,000
259,226,000
259.226,000
259,226,000
260.226,000
260,226,000
260,226,000
274,225,000
274,225,000
2,273,971,000 1,621,932,000
2.401,802,000 2,369,678,000 2,317,047.000 2,298,611,000 2,286,407,000 2,288,157,000 2,272,076,000
144,217,000
107,700,000
111,633,000
117,784,000
118.254,000
117,943,000
114,531,000
117 269 000
112,797,000
791,703,000
793,289,000
782,853,000
773,333.000
785.784,000
786,393,000
779,927,000
745,197,000
755.745.000
By gold and gold certificates
Elielbl^
473,333,000
3,434,186,000 2,794,100,000
3,549,041.000 3,501,897,000 3,471,731,000 3,462,875,000 3,450,969,000 3,438,500,000 3,425,788,000
Issued to Federal Reserve banks
Total
455,328,000
307,079,0
16,656,0
3,444,0
4,435,0
719,672,0 110,791,0 148,248,0
53,608,0 62,742,0
110,180,0
1,896,0
2,615,0
19,312,0
60,318,0
47,011,0
1,110,0
4,299,0
5,884,0
2,567,0
65,039,0
43,951,0
1,325,0
112,882,0
858,658,0 171,449,0 213.675,0 110,104,0 73,278,0 342,415,0
132,163,0
864,439,0 276,054,0 350,558,0 137,603,0 146,346,0 558,335,0
39,001,0
20,475,0
21,059,0
33,615,0
3,198,0
4,073,0
.........
Tntol llohtHHwi
13,704,0
3,917,0
7,050,0 23,917,0
2,512,0
2,012,0
46,198,0 257,473,0
24,232,0 78,974,0
3,456,0
836,0
516.721.0 1.872.374,0
492,647.0^613,326,0
11,028,0
1,888,0
12,514,0
|
2,142,0
35,843,0
9,904,0
9,962,0
2,324,0
>
3,329,0
5,178,0
1,194,0
48,996,0
22,564,0
1,039,0
4,426,0
3,951,0
8,395,0
2,535,0
4,152,0
1,465,0
80,497,0
61,721,0
1,156,0
6,830,0
11,662,0
911,0
97,191,0
164,745,0
30,975.0
54,829,0 116,976,0 1,828,924,0
617,785,0
37,026,0 29,341,0
703,0
3,456,0
38,793,0
73,793,0 145,909,0
94,023,0 150,684,0 2,516,477,0
79,522,0 106,508,0
84,567,0 252,001,0 3.295,175,0
7,982,0
1,896,0
15,779,0
7,415,0
2,401,0
1,790,0
11,369,0
3,887,0
209,083,0
70,562,0
195,898,0 436,433,0 6,353,233.0
273.837,0 245,247,0 984,118,0 267,514,0 171,700,0 283,418,0
1162
THE CHRONICLE
Two ciphers omitted.
Boston
New York.
Phila.
LIABILITIES (Concluded)—
%
$
$
Ratio of total
reserves to net
Cleveland. Richmond
Atlanta.
Chicago.
St. Louis.
$
$
$
%
$
[Vol. 111.
Minneap. Kan.CUy.
%
$
Dallas.
San Fran.
Total.
%
$
$
de¬
posit and F. R. note liabilities
combined, per cent
44.6
Memoranda—Contingent liability
as
39.5
endorse
50.1
45.2
40.2
20,000,0
31,711,0
46.8
43.7
40.6
39.2
40.8
41.0
26,172,0
18,777,0
22,842,0
39,097,0
432,0
768,0
416,0
44.6
42.8
on:)
r
Discounted paper rediscounted
with other F. R. banks
34,600,0
~
»
'tmmm
193,199,0
Bankers' acceptances sold to other
F. R. banks without endors't..
20,064,0
m
«.
«
-
-
2,615,0
—
*
Contingent llab.
for
(a)
foreign
bills
on
22,679.0
purch.
1,168,0
correspondents...
Includes bills discounted
6,076,0
1,280,0
784,0
1,312,0
576,0
1,904,0
752,0
736,0
16,204,0
for
72,812.0
other F. R. banks, viz
3,999,0 116,388,0
........
(b) Includes bankers' acceptances bought fr
om
10,050,0
STATEMENT
OF
193,199,0
other F. R. banks:
their endorsement.._
Without
.
FEDERAL
2,615.0
RESERVE
10,014,0
-
AGENTS*
ACCOUNTS
AT
CLOSE
OF
SEPT.
BUSINESS
10
22,679,0
1920.
I
Federal Reserve Agent at—
Resources—
Boston. New York
$
(In Thousands of Dollars).
Federal Reserve notes
ori
hand
$
42,000
Federal Reserve notes outstanding
143,000
317,951
Phila.
Cletel.
Richm'd
Atlanta
Chicago.
St. L.
Minn.
K. City.
$
%
$
%
%
$
S
$
24,599
24,725
32,740
67,950
56,280
15,920
613,779 150,183
964,867 284,148 362,675 143,809 151,633
8,025
Dallas. San Ft.
%
5,430
Total
$
80,423 110,871
12,560
5,380
438,609
87,660 281,042 3,549,041
13,052
12,331
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
900
32,025
209,607
Gold redemption fund..
18,064
14,574
Gold settlement fund—Federal Reserve Board....
96,000
45,000 101,389 100,000
202,987
695,686 166,007 210,983
38,153
9,269
271,844
•
/ Amount required
Eligible paper:\Excess amount held.....
10,226
Total
2,500
19,667
16,752
3,810
3,294
45,500
5,414
8,700
3,058
1,615
2,644
46,000
152,144
40,231
36,360
95,015
97,719
16,396
23,831
452,935 103,084
26,955
13,072
16,200
49,556
19,844
39.868
274,225
6,395
17,092
8,734
68,187
117,269
755,545
60,200 195,763 2,401,802
14,923
13,289
497,670
71.867
688,128 2,344,578 610,305 788,228 328,613 395,047 1,310,793 329,358 188,715 267,040 202,803 580, 7f3 8,034,361
Liabilities—
Federal Reserve notes received from Comptroller, gross. 642,300 2,263,660 641,240 662,040 361,880 374,000 1,118,440 360,620
Less amounts returned for destruction
282,349 1,155,793 324,352 274,640 193,472 154,417
448,381 194,517
Net amount of Federal Reserve notes received from
359,951 1,107,867 316,888 387,400 168,4 8 219,583
114,964
269,181 118,141 151,692
48,794
53,914
967,530 175,276 249,136 111,411 121,550
213,213
Comptroller of the Currency
Collateral received from
I Gold
Federal
Reserve
bank:/Eligible
paper
173^080
670,059 166,103
160,844
246,620 181,820499,
84,632 130,319
7,525,140
81,600.213,
3,537,490
88,448 116,301 100,220 286 422 3,987,650
30,867
39,004
27,460] 85 279 1,147,239
69,400 111,735
75,123,209 052 2,899,472
47,099
479,890 116,156
688,128 2,344,578 610,305 788,228 328,613 395,047 1,310,793 329,358 188,715 267,040 202,803 580,753 8,034,361
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks..
964,867 284448 362,675 143,809 151,633
100,428
12,117
6,206
8,094
5,287
613,779 150,183
10,872
307,079
864,439 276,054 350,558 137,603 146,346
558,335 132,163
317,951
Federal Reserve notes In actual circulation
55,444
80,423 110,871
901
18,020
87,660 281,042 3,549,041
3,0931 28,930
4,363
79,522 106,508
253,755
84,567 252,001 3,295,175
Member Banks of the Federal Reserve
System.—Following is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
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
bank and branch cities and all other reporting banks as at close of business september 3t1920.
Moderate
based
liquidation of United
the
States
Federal
Reserve
in other loans and investments
Board's
weekly
statement
are
based upon
'
indicated in
condition
showing
millions, of which 5.5 millions represents the increase for the member bank®
in New York City.
Accommodation of all reporting banks at the Federal Reserve banks, as
shown on the books of the latter, showed a further increase of 75.6 miUions
from 2125.4 to 2201 millions, and constituted slightly over
13% of the banks'
total loans and investments on Sept. 3, as against 12.6% on the preceding
Friday.
For the New York City banks an increase under this head of 54.7
and of loans
security holdings
such securities, more than offset by increases in loans
on
corporate securities and
on
Sept. 3 of 819 member banks in leading cities.
All classes of Government securities show decreases since last week'United States bonds—by 2.2 millions: Victory note?—by 3.4 millions, and
Treasury certificates by about 5 millions, making a total reduction for the
week of 10.6 millions.
For the member banks in New York City an increase
millions from about 811 to 865.7 millions is shown, resulting in an advance
of tne ratio of accommodation at the Federal Reserve bank from 14.3 to
15.3%.
of about 2 millions in United States bonds and but nominal changes in other
United States securities are shown.
Loans secured by government war
As against a further reduction by 62.1 millions in Government
deposits,
banks show increases of about 11 millions in other demand
deposits (net) and of 22.6 millions in time deposits.
For the New York
City banks reductions of 29.8 millions in Government deposits and of 10.3
the reporting
obligations declined by 8.1 millions, though for the New York City banks
a slight increase under this head is noted.
As against these decreases loans
based upon corporate securities show an increase of 13.6 millions, and
millions in other demand
other loans and investments—an
deposits
increase of 23.6 millions.
For the New
York City banks a reduction of 1.2 millions under the first head and an
increase of 4.8 millions under the latter head are shown.
Total loans and
investments of all reporting banks, accordingly, show an increase of 18.6
I.
Data for all reporting member banks In each Federal
Federal
Reserve
District.
Boston.
Number of reporting banks
U. S. bonds to
circulation
deposits
as
against
Cleveland
gain of 9.9 millions in time
a
noted.
the
New
York City
banks), wnile cash in vault fell off by
Reserve District at close of business September 3 1920.
New York Philadel
47
are
Reserve balances, in accord with the increase in accommodation at the
Federal Reserve banks, show an increase of 25.6 millions (4.3 millions for
Richm'd.
Atlanta.
St. Louis. Minneap. Kan. City
Chicago.
7-3 millions-
Three ciphers (000) omitted.
Dallas.
San Fran.
Total.
113
59
92
82
47
106
35
35
83
51
69
819
$14,285
28,312
$21,550
$16,924
13,270
$7,371
$15,471
9,811
24,496
$19,573
21,224
$32,635
51,531
$268,906
604,105
$12,311
$46,395
$11,347
$42,335
$28,709
Other U. 8. bonds, incl. Liberty bonds..
U. S. Victory notes
15,389
253,966
28,952
59,639
6,157
80,773
9,013
19,724
33,210
7,597
4,319
41,706
2,683
1,036
3,116
U. 8. certificates of Indebtedness
22,211
215,641
22,654
25,478
11,856
11,017
63,919
5,318
2,951
4,937
8,451
64,3 5
11,717
5,619
26,935
422,050
56,068
596,775
71,966
147,176
81,372
57,933
178,706
38,195
21,169
53,355
49,532
135,592
1,487,839
47,565
467,800
68,077
107,637
32,527
26,657
80,288
42,104
598,782
961,883
394,018
31,875
125,579
412,011
957,524
323,537
793,232 4,058,572
30,672
99,447
471,960
60,881
417,434 1,767,100
32,965
182,851 1,266,038
85,656
201,582
289,293
510,405
258,297
957,986 1,500,673
607,660
39,760
359,514
20,661
670,705
360,3401,295,16116,927,978
9,573
8,665
13,683
315,351
124,916
209,630
426,849
222,242
64,144
98,661
55,130
secure
Total U. 8. securities
,
192,778
Loans and investments, Including bills rediscounted with Federal Reserve Bank
Loans
by U. 8.
sec.
obligations..
war
Loans sec. by stocks and bonds
All other loans and Investments
39,878
16,525
10,407
149,136 3,044,120
977,468 11,438,495
Total loans and Investments, Including
rediscounts with F. R. banks
1,079,716 6,389,185
80,561
662,884
Reserve balances with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government
622,905
566,920 2,517,213
71,938
103,529
38,608
113,954
16,782
16,146
809,218 4,984,221
685,190
33,006
941,009
347,652
38,768
375,373
107,818
31,453
191,344
12,990
62,533
263,497 1,406,334
150,542
627,741
6,837
2,008
23,540
144,306
464,667
6,279
28,062
3,947
5,600
1,577
25,863
409,363
57,550
21,984
35,248
deposits
47.598
25,097i
11.593
81,524
1,394,957
27,040!
L
349,505
641,14111,252,334
515,716; 2,707,782
365
1,986
776!
2,743,
61,755
5,581
26,813
19,526,
29,679;
785,746
1,575
Bills payable with F. R. Bank:
Secured by U. 8. war oblgations
All other
33,249
91
98,169
22,721
'
10
450
310
85
946
18,671
8,858
2,114
6,534
1,738;
2,793
262,233
249,036
75,508
56.874
60,281
26,259
68,898
Bills rediscounted with F. R. Bank:
Secured by U. S. war obligations
All other
i.
Data oi
17,524
142,454
43,759
48,450
382,339
39,140
4,733
36,348
8,715
62,348
1,152,18
_
reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York CUy.
Three
4,340
46,699
CUy of Chicago.
All F. R. Bank Cities. F. R. Branch Cities. All Other Reprl.Bks.
Total.
ciphers (000) omitted.
Sept. 3,
Number of reporting banks
U. 8. bonds
71
circulation
Aug.
27.
Sept.
3.
Aug.
27.
71
49
49
Sept. 3.
282
Aug. 27.
Sept. 3.
Aug.
27.
281
208
209
Sept. 3.
Aug.
27.j
329
Aug. 271
Sept. 3.
Sept. 5'19.
819
819
774
$268,719
606,482
$269,393
$36,698
$36,858
$1,439
$1,439
$96,637
$96,750
$72,169
$72,169
$99,800
$268,906
221,083
218,857
16,289
19,366
338,693
339,632
146,976
147,953
604,105
71,314
195,857
72,006
10,877
10,819
99,940
101,091
55,043
195,753
20,593
21,249
277,899
282,114
90,307
118,897
37,611
53,851
422,050
427,057
636,804
316,489
1,334,416
524,952
523,474
49,198
52,873
813,169
819,587
364,495
310,159
1,487,039
1,498,414
2,557,102
438,038
437,625
66,376
68,333
Loans sec. by stocks and bonds.. 1,111,460 1,112,668
354,508
333,844
All other loans and investments.. 3,583,254 3,578,476 1,046,210 1,053,042
726,083
o secure
Other U. 8. bonds, incl. Lib. bonds.
U. 8. Victory notes.
U. 8. certificates of indebtedness.
__
Total U. S. securities
$100,100
118,436
57,454
37,795
91,092
53,844
368,668
310,175
192,778
,
196,156
Loans and investments, incl. bills rediscounted with F. R. Bank:
Loans
Total
sec.
by U. 8. war obilgat'ns
loans
&
investments,
729,672
133,261
139,310
98,180
96,591
957,524
965,573 al,294,285
490,280 1 489,077
411,598
415,204 3,044,120 3,030,478 2,956,596
7,318,466 2,263,091 2,243,329 1,858,364 1,853,139 11,438,495 11,414,934 a8,425,179
2,126,197
incl.
rediscounts with F. R. Bank:
Reserve balance with F. R. Bank..
Cash in vault
Net demand deposits.....
Time deposits
Government
2,142,242
7,317,040
,
deposits.
5,657,704 5,652,243 1,516,292 1,508,092 10,998,534 10,993,922 3,251,127 3,240,384 2,678,317 2,675,093 16,927,978 16,909,399 15,233,162
618,559
614,267
135,913
137,184 1,024.679 1,010,364
205,070
211,208
153,931 1,394,957 1,369,365 1,342,058
159,070
100,519
99,540
33,567 I
39,374
202,395
70,873
73,291
197,780
80,852
81,073
349,505
356,759
365,330
4,491,455 4,501,785
965,599
956,278 7,850,616 7,845,418 1,782,689 1,781,472 1,619,029 1,614,362 11,252,334 11,241,252 10,901,999
331,395
321,528
285,170
283,528 1,268,751 1,251,127
902,093
895,947
596,938
598,131 2,767,782 2,745,205 1,921,549
26,601
56,391
3,111
6,192
91,707 I
44,333
9,762
61,755
18,338
7,660
13,829
123,874
686,443
Bills payable with F. R. Bank:
Secured by U. S. war obligatlons.
All other
370,185
337,343
27,214
31,317
534,337
509,284
155,631
161,124
95,778
603
666
95,727
1,637
785,746
280
946
766,135
2,240
11,389
139.292
262,233
271,966
1,152,180
1,085,104,
11.5
12.9
13.0
Bills redlscounted with F. R. Bank:
Secured by U. 8. war obligations.
138,529
137,686
10,589
10,951
225,399
229,467
.1 23,757
31,110
All other
356,961
336,076
177,854
174,032
841,269
803,756
163,138
142,056
13,077
147,773
16.4
16.4
7.5
7.9
13.1
13.2
13.1
13.4
11.5
Ratio oi U. ft.
paper
ments
to
war
securities and war
total loans and
percent
Invest¬
.
..
i
Jl,147,401
J 297,805
),
.
Sept. 18
1920.]
THE CHRONICLE
1163
United States
IBimTuers'' (Bat-aelfce.
Board
are
Bonds.—Sales of Government Bonds at
limited to the various
Liberty Loan issues.
Daily Record of Liberty Loan Prices. Sept. 11. Sept. 13. Sept.l 4. Sept. 15. Sept.16, Sept.17.
Wall Street, Friday Night Sept. 17, 1920.
Railroad and Miscellaneous
First Liberty Loan
Stocks.—Following Mon¬
day's dull and reactionary market, there has been
a
steady
increase in both the volume of business and security values
at the Stock
the
This movement had its inception in
Exchange.
of
news
overwhelming republican majority at the
an
augmented perhaps by
market and by
sharp
a
a
sterling
Tuesday and at
on
$3.5124 today.
stocks runs from small fractions
nearly 5 points, the latter in the
while industrials have covered
10 of which
added today.
were
and Baldwin follow with
of Ches. & Ohio,
cas
much wider range.
a
Mexi¬
in
gains of 4 to 5 while Am. Smelt. &
2'
from
are
to 3 points
90.04
90.00
90.00
90.00
90.04
90.00
90.04
90.00
161
678
637
666
279
343
85.00
84.70
84.90
85.10
85.10
84.82
84.60
84.84
84.94
84.96
84.72
84.60
84.90
84.94
85.10
I Close
15
10
15
3
59
( High
85.42
85.44
85.34
85.88
85.74
85.70
{Low
85.40
85.44
85.34
85.70
85.60
85.70
85.44
85.34
85.70
85.74
85.70
Total sales in $1,000 units
Second Liberty Loan
(Close
85.42
2
1
1
1
6
3
( High
88.50
88.48
88.28
88.54
88.60
88.68
{Low.
88.40
88.14
87.98
88.30
88.42
88.44
(Close
88.40
88.20
88.28
88.38
88.54
88.14
171
871
1,006
783
304
2,043
(High
49*8 of 1st L L conv.'32 '47{ Low.
85.74
85.86
85.72
85.90
86.00
86.00
85.60
85.60
85.52
85.64
85.80
85.72
(Close
85.70
85.72
85.70
85.76
85.82
86.00
127
44
120
67
77
162
85.08
85.06
84.90
85.04
85.20
85.30
85.00
84.90
84.50
84. S2
84.92
85.06
84.90
84.76
84.98
85.18
85.12
Total sales in $1,000 units
Third Liberty Loan
49*8 0 11928
Third Liberty Loan
Total sales in $1,000 units
Third Liberty Loan
(Close
85.06
412
642
1,013
1,095
733
( High
85.26
85.28
85.12
85.22
85.40
85.50
{Low.
85.20
85.04
84.74
84.98
85.18
85.26
(Close
85.24
85.04
84.96
85.18
85.32
85.32
803
1,382
3,142
1,980
1,330
2,716
97.84
97.30
97.50
97.30
97.50
97.30
95.50
Total sales in $1,000 units
Fourth Liberty Loan
49*s of 1933-38
Total sales In $1,000 units
( High
49*s,lst LL 2d conv,'32-'47{ Low
(Close
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Total sales In $1,000 units
Boston, Philadelphia and Baltimore
1159.
95.50
95.58
95.48
95.38
95.38
95.40
95.40
95.42
95.42
95.48
95.48
95.40
95.46
95.48
95.50
335
906
1,364
527
308
( High
39*s conv gold notes,'22-'23{ Low
95.44
95.46
95.50
95.50
95.46
95.44
95.40
95.40
95.40
95.40
95.42
95.42
I Close
95.42
95.50
95.44
95.421
95.42
95.44
83
238
608
962
262
196
ex¬
(High
gold notes, '22*'23{Low
(Close
Total sales 'n $1,000 units
,
Victory Liberty Loan
The following
represented in
sales have occurred this week of shares not
our
detailed list
Sales
STOCKS.
Week ending Sept.
pages
Range for Week.
which follow:
Range since Jan. 1.
Week
Lowest.
Highest.
Shares
$ per share.
$ per share
Sept 16 106
100 106
All-Ameriean Cables. 100
_
Am Brake S & F..no par
Lowest.
Highest.
$ per share. $ per share.
Sept 16 103
July 1099*
02% Sept 17
599*
Sept
629*
Sept
500
89% Sept 13
90% Sept 14
899*
Sept
909*
Sept
km*
54
54
53%
Aug
60
90
July
Aug 210
June
Sept 14
Sept 14
400 87 % Sept 14
86
88% Sept 15
4.350 118?* Sept 13 123,Sept 17 102
July
Am Tobac, com B...100
Assets Realization....10
1,300
2
Aug
69*
Sept
209*
100
Atlantic Fruit
800
no par
Atlan Refining,
2% Sept 13
19J* Sept 11
3% Sept 14
20
Sept 14
18
Sept 17 111% Sept 16 103
200 110
pref.100
May
59 ?* Sept 13
Allied Chem & D.no par 21,900
Preferred:
Total sales in $1,000 units
for
17.
Par
Preferred
the
on
Apr
Aug
May 114
Feb
May
200
19% Sept 15
19?* Sept 15
18}*
Sept
24
100
38
Sept 15
38
Sept 15
35
June
439* May
Brown Shoe. Inc.... 100
100
65
Sept 11
65
Sept 11
65
Buff & Susq, pref vtc.100
200
45
Sept 14
45
Sept 14
45
Sept 1189* May
July 45
July
Case Thresh M, pf..l00
300
88% Sept 15
88J*
Sept 101
Jan
Central RR of N J... 100
50 214
Sept 15 214
Sept 15 175
Jan 220
July
Cert'n-Teed Prod.no par
300 xbl
Sept 17
53
Sept 13
40
May
62
Jan
Chic & Alton, pref...100
100
18
12
Aug
19
Sept
11
Sept 15
Sept 17
129*
Sept
13
Sept 17
149*
Sept
64
58
June
66
Mar
69
Sept 106
18
Chic & E 111 tr recta
100
<3 & E 111 pref trust rects.
500
10
Sept 15
Sept 17
Sept 15
C St PM& Omaha.. 100
200
64
Sept 15
Cluett, Peabody & ColOO
200
70
Sept 17
70
Sept 15
Sept 17
Computing-Tab-Rec. 100
100
47
Sept 16
47
Sept 16
439*
Aug
56
Jan
ConsolCoal of Md...l00
100
85
Sept 15
85
Sept 15
85
Sept
85
Sept
Davison Chemical.no par
200
35 % Sept 16
35% Sept 16
32
Aug
359*
Sept
100
92 % Sept 14
92% Sept 17
92 Mi Sept 14
92
92% Sept 17
85
Deere & Co, pref
100
Detroit United Ry.. 100
Duluth So Sh & AtL.100
.
Fairbanks Co
General
........
I
300
100
200
25
11
5
464 155
Chemical... 100
100
50
93
General Cigar, pref.. 100
Guantanamo Sug.no par
300
90
Preferred
300
Habirshaw E C...no par
1,600
14 % Sept 13
Hydraulic Steel...no par
3.400 z31
380
Indian Refining
100
.10
54
Jan
100
Lake Erie <fc Western. 100
700
100
4,000
65
May 101
Jan
Feb
Sept 14
49
Sept
339*
July
54
Jan
Jan
Aug
Aug
Sept
Sept
Sept
Sept
Sept
Aug
300
78
Sept 15
..._10O
300
92
Sept 14
no par
1,300
Mullins
National
Body
Preferred
29 % Sept 15
100
100 109
...100
100 109
Biscuit
Sept 11
N Y State Railways. 100
100
Sept 13
29% Sept 15
Ohio Body & Biovr.no par
200
20
.1
2,000
Peoria & Eastern.... 100
400
Orpheum Circuit
Sept 14
26 K Sept 11
12
Sept 14
9
Sept 16
19% Sept 13
789* Sept 14
38
Apr
8
Sept
359*
Jan
16
Ausr
639*
Jan
63
Feb
80
28
Sept*17
129* Sept 17
269*
9
Sept
28
Sept
June
16
Mar
10 % Sept 15
...
Third
Avenue
Ry._.100
3,100
Tol St L & West tr rects
Preferred
trust rects..
9%
are
Apr
Sept
Sept
17!*
Mar
139* Sept 16
109*
Feb 159*
15
May 24
209* Sept 15
Sept 110
Sept 14 100
Sept 14 100
25
May 33
Sept 15 33
Sept 14
10% Sept 14
129* Sept 15
An?
100
13 % Sept 16
Feb
20% Sept 15
Jan
500
32
State and Railroad Bonds.—Sales of State bonds at
Board
Apr
200
100 100
Underwood, pref....100
Wisconsin Central... 100
Mar
Feb
92% Sept. 14 809* June 94
Jan
32
Sept 17
29!* Sept 51
Jan
109
July 125
Sept 11 105
Jan
109
Sept 13 1039* July 116
29% Sept 15
299* Sept 299* Sept.
21
20
Sept 17
Sept 299* June
13
Aug 23
10% Sept 15
227 t70% Sept 15 x70% Sept 15 Z701* Sept 84
First preferred
100
100 105?* Sept 14 105 M. Sept 14
1009*June 1059*
Stand Oil part pd rec
209* Sept 13
189* Sept 209*
Superior Oil
..no par 22.900 18% Sept 11
44
ReiB(Robt)<fc Co..no par
limited
to
Jan
Feb
the
$153,000 Virginia 6s deferred trust
Not
the
only has the general market for domestic bonds been
new
but enormously
active
French 8s have
very
heavy
transactions
in
largely increased the total
department.
Railway bonds have
also been in favor and of a list of 25
well known standard
volume of business in this
issues only 5
show
have advanced,
the
a
fractional decline and of the 15 which
a gain of over a point.
Among
several show
notably strong features are
Union
Pacifies,
So.
some
chisons, Rock Islands, New York Centrals,
Gen. Electric,
of the "Friscos,"
Pacifies, St. Pauls, Burlingtons, At-
Am. Tel. & Tel. and Cuba
Cane Sugars.
the local tractions,
On the other hand
Consol. Gas., B. R. T., and U.
lower.
Germany bankers' marks are
short bills.
and
Exchange at Paris
on
bankers'
Amsterdam
30 9-16@30 5-16 for long and 30 15-16@30
guilders
11-16 for short.
52.98 francs: week's range 52.98 francs
London
high and 53.80 francs low.
The range
for foreign exchange for the week follows:
Sterling Actual—
High for the week
Sixty Days.
3 49J*
3 39?*
Low for the week
Paris Bankers'
Cheques.
3 54%
3 43%
Cables.
3 55
3 44%
Francs—
S. Steels
_______
14.73
14.62
14.60
15.78
15.67
15.65
Amsterdam Bankers' Guilders—
30 13-16
29 15-16
High for the week
Low for the week
Domestic
31 5-16
30%
31 %
30%
Louis 15@25c. per $1 000
par.
Montreal
$109,375 per
Exchange.—Chicago par.
discount.
Boston
par.
San Francisco
$1 000 premium.
Cincinnati par.
St.
Outside Market.—There
are
was a
good undertone to "curb"
trading this week and despite the havoc wrought by the
explosion in Wall St. at noon on Thursday, which caused a
suspension of business for the rest of that day, trading was
resumed
the
as
closing
the
jusual on Friday, advances being recorded and
very
trading.
"rights"
dividend rate
Several prominent features marked
firm.
The
sharp
upturn
in National City Bank
On the announcement that the
had been increased and that the actual book-
was one
of these.
value of the stock
$310
was
a
share the "rights" jumped
Standard Oil (Indiana) made a
from 93 to 106.
advance from 660
to
weakness from 13 % to 12, moved
to 14 with the close to-day at 13%.
spicuous for
an
sensational
Simms Petroleum was heavily
710.
traded in and after early
up
White Oil was con¬
advance almost three points to 25 %, the final
from 7% to 10
figure to-day being 24 %.
Dominion Oil
and ends the week at 9.
Internal Petroleum sold down at
first from
receipts at 63 to 65.
unusually
14.66® 15.24 for short.
for long
Jan
Sept
par
Preferred
were
quoted
1.86
Sept 100
Aug 209*
Sept 159*
Martin-Parry
M St P&SS Marie.. 100
yet
1.50
90
Jan
Sept 15
To-day's (Friday's) actual rates for Paris bankers' francs were 14.73®
15.31 for long and
not
1.48
Sepill
Apr
Sept 15
and grain for pay¬
.
Low for the week.
90
for
sixty days 3 43 %@
and documents for payment (sixty days)
Cotton for payment 3 48% @3 53%
48>* @3 53 %
3 44%®
were
3 49)* @3 55
and
1.85
Mar
309*
8
cheques
Germany Bankers' Marks—
High for the week
Aug
18
ment 3
exchange
sterling
for
sight 3 48% @3 53 %
ninety days 3 40% @3 46%
3 43)* @3 48%.
for
rates
3 49 @3 543*
banks
Jan
Sept 16 1299*
Sept 16 145
199*
21% Sept. 13 229* Sept 17
9% Sept 17
79*
8% Sept 11
1,100
on
83%
Sept 17
1,800
actual
days
Aug
Sept 14
5,600
3 49
(Friday's)
sixty
Commercial
47
July 1559*
100
for
55 % Sept 17
54
100
To-day's
3 49 J*
cables.
High for the week
19
179*
Sept 17
15% Sept 17
149*
33% Sept 11 x31
First preferred
shown with
francs, marks and lire conspicuously weak, but closing steady.
Low for the week
500 145
no
In the conti¬
was
Jan
800
Motor
irregularity
Feb
Sept 16
Certificates of deposit.
exchanges considerable
59*
July 101
Liggett A- Myers B..100
Maxwell
nental
May
199* Sept 15
199* Sept 209*
Sept 15 103
Sept 103
Sept 15 103
65
61
June 71
Sept 17
Feb
14
149*
Sept 15
12% Sept 11
8J*
16
Feb
21
249*
Sept 11 249* Sept 17
300 103
Salt...100
heavy declines early in the week, but by
the close all of the loss had been recovered.
3
19 % Sept 15
Internat Paper, pref.100
International
Preferred
Feb
June 192
Sept 17 156% Sept 15 150
Sept 11
86% May 100
Sept 11 93
f^ept 13
18 % Sept 14
111 C RR Sec stk tr ctfs..
49*
Foreign Exchange.—The market for sterling exchange
sustained further
Sept 14
5
Sept 14
53 % Sept 16
4
1,244
July
Austin, Nich & Co .no par
Barnsdall Class B
25
90% Sent 11
5
95.50
49* conv
For transactions on New York,
5
1,640
95.48
Victory Liberty Loan
DAILY, WEEKLY AND YEARLY.
page
f High
Fourth Liberty Loan
higher than last week.
see
90.10
90.00
advance 13 % points,
an
Pan. Amer. Pet., Stromburg
Ref., Cruc. Steel and Studebaker
changes
90.06
89.94
89.98
49*8 of 2d L L conv, *27-*42{ Low
Petroleum leads this group
can
90.06
90.00
90.00
Total sales in $1,000 units
I The net advance in railway
to
90.00
l Close
( High
{Low.
4s, 10-25-year-conv, 1942
somewhat
in
recovery
The latter sold at $3.43%
exchange.
Second Liberty Loan
90.04
(High
{Low-
Total sales in $1,000 units
4s, convertible, 1932 47
Maine State election, was
easier money
39*8,15-30 year, 1932-47
33
to 31
%, then
up
rose
to 34%.
Merritt Oil lost
Midwest Refining
improved from 147 to 154 and sold finally at 153.
Tropical
Oil gained two points to 19 and finished to-day at 18.
Indus¬
trials were not, as active as the oil stocks.
Conley Foil
rose
from 20 % to 21%.
General Asphalt Com. sold up
some eight points to 60%, the close to-day being at 60%.
Hercules Paper advanced over a point to 25%.
Indian
Packing declined from 4j% to 4, but recovered to 5%.
half
a
point to 14 and sold finally at 15.
Submarine Boat
12.
up
U. S.
was
off from 13 to 11% and sold finally at
High Speed Steel and Tool was active and sold
from 30 to 31%.
Bonds
were
moderately active.
record of "curb" market transactions for the
week will be found on page 1173.
A complete
1164
Exchange—Stock'Record, Daily, Weekly and Yearly
New York Stock
OCCUPYING THREE
PAGES
stocks usually Inactive, see preceding page.
For record of itlet during the week of
Saturday
Monday
Tuesday
Wednesday
Sept. II
Sept. 13
Sept. 14
Sept. 15
$ per share
8234
82%
7678
7%
76%
7%
70%
7*2
50
*25
*25
26
36%
36%
54%
5334
74
74
36%
54
36
36i4
7634
7634
42%
43%
43
44%
50%
50%
11%
5034
50%
51
11%
11%
11%
7%
7%
*6%
7%
37
37
*76%
78
68
55%
*51
6634
66
66
27
2778
2778
66%
66%
56%
v
9
*26
26%
26%
38
37%
56%
78%
67
Do
38
38%
29,800
68
55
57%
*56
68%
5934
68
*62
68
28%
——
67
■'
■'m-m
-
mm
m
248
24734 248
534
'
I62"
21934
24934 260
25334 260%
3
:
5%
6
II.34
17
1634
I
5%
•5%
12
11«4
15%
16-%
23
24%
16%
24«4
17%
77%
12%
16%
5%
534
534
11%
23%
15%
23%
17
17
17
18%
.77
76%
77%
*11%
I2h
32%
*11%
*26
28
*26
3134
;
102" 102""
12
11%
15%
32
88%
3%
88%
3%
11
11
3%
;
1634
17
25%
26
26%
27%
19
19%
19%
78%
20%
79%
34%
3434
1234
*11
12
12
12
28
*26
28
*26
28
*26
27%
28
28
89%
*89
89%
89%
8934
334
88%
893s
3%
,3%
11%
89
19%
19%
46%
48
47%
47%
19
*100% 103% *100
103
43
43
43
16%
11%
11%
*11%
26%
26
47%
47
47
0%
11
47%
*46%
•
'mm'm
11
1134
20%
47%
5%
48%
47%
5%
27%
48%
2634
4734
5%
'rnrn'mm'-'
49
49%
7434
46%
11%
26%
534
21%
48
47%
47%
47%
50
' ''"j,
27
12
15%
65S
16
7
12%
21
47%
15%
6%
11%
7%
12%
6
20%
12%
12%
20%
47%
47%
10234 103% *101% 103
47%
—
15%
6)4
47%
5%
6%
12%
20
4
334
4%
12%
■
15%
6
26%
4
4
334
46%
20
78%
3434
78%
34%
*11%
47
6%
78%
33%
78%
33%
1234
47
43
334
7%
19
46%
*14
3%
2534
1878
46%
6%
334
7%
1834
47
"16"
3%
25%
48
6
257
19
*46%
♦Is"
250
25334
2534
*46
19
253
8%
18'8
11%
19%
1834
102% 104%
33
II
11
102" IO2"
8I4
17%
78%
m
102% 102%
42%
42%
'f-m
16
15%
16%
7
684
7
11%
113,.
27%
27
48%
47%
273.1
49%
11%
m
5%
5%
'
<m
54
56%
73%
74%
74%
7434
7412
54%
75%
39
39
45
47
46
46
*59
69
*59
69
*59
69
*60
69
*60
69
*60
69
56
*52
55
55
55
*56
61
57
*56
61
33%
34%
49
*53
51
48% 4934
73% : .74
40
40%
74
41
33
3334
33
33%
20
20%
19
20%
"94"
94%
94
94%
93%
94
50
33%
20
52
53%
34%
5634
3334
20%
20%
34%
20%
mm'
m'mm
74%
76%
4634
403.J
34
34%
21
2034
'
"'■irn'U
'jtm'"'
"m
m
*
w
m
'mrnmm-''
...
78%
79
78
79
78%
79%
"79%
80%
79*4
79%
7934
80%
42%
4234
42%
4234
42%
4234
42%
4234
42%
42%
42
42%
24
24
2334
24%
24
24%
24%
25%
2584
60
60
4712
47%
47-2
47%
23%
2934
*72
91%
73
45
25%
26%
39
*93%
2734
29%
30
*72
91%
92%
45
2634
'37%
8%
2934
2934
31%
73
73
91%
93%
92%
44
44%
43%
45%
■
26%
31%
*72
73
92%
26%
27
27%
39
40%
27%
"27%
28%
28%
30%
29%
3734
*37%
39
38
413s
40
30%
41%
"I534
1534
8%
93%
2734
94%
28
*58
■'
m m m
9434
28
60
Do
18,800
3,600
Do
pref.
600
Do
pref
m
!
'"m
mmm
2734
28%
41
411
29%
30%
30
31%
40%
41
41%
4134
8
8
16%
16%
161
96%
8%
95%
95%
95%
28%
28%
28
29
60%
60%
60%
61%
62%
36%
37%
60%
36%
27%
01%
36%
37
36%
38
120
*64
37
121%
65
*34
37
*34
37
121% 122%
65
65%
61%
*34
37
36%
121% 1234
120% 122%
65%
65%
65%
05%
11
11
11
II84
11
11%
11
12%
11%
12
11
1134
22%
22%
22%
23%
22
23%
23%
25%
25
25%
25
25%
9%
9%
9%
9%
9%
9%
9%
9%
26%
2634
27%
27%
27%
2784
*16
10%
*16
29%
*12*
20
*16
20
1034
10%
10%
17
16%
16%
29%
29%
29%
69
69%
12
12%
23%
23%
*35%
30%
63%
36%
*12%
*16
16%
29%
z07
12%
2334
28
28%
1034
11%
18
19%
30%
30%
3234
67
67%
9%
28
5
Apr 21
67%
12%
1284
12%
24
24%
24%
*10%
18%
32%
*67%
12%
76
July
85
Nov
105
May
116
Dec
133
June24
June28
120
Jan
6
Feb13
41
Mar
8
22%
Jan
32% July
Feb13
79
Sept
2
.68
Dec
84
23%
64
62
55% Aug
73
6
61
Sept17
32
Feb
54% June
68
Feb24
63
Sept
6834 Sept 7
Feb 11
Feb
19
Dec
Dec
Feb
83% June29
165
Feb10
3
SeptlS
104% 8eptl7
43
260% Septl5
9
Jan 3
16%
Septl5
6
Feb24
Feb 13
18% Sept 17
12%
Dec
27% Septl7
20% Sept 7
18%
Dec
9%
Feb 9
6534 Junel2
30
Aug 9
12%
8434 Marl3
41% Marl9
15
May 5
Jan 24
Aprl4
9334 MarlO
34
25% Augl8
80% Feb 13
3
Aug
434 Marl3
4
Sept
12% July
Dec
40% July
104
May
40
Dec
40%
Dec
60% June
12234 May
Aug
112%
0
1
Septl7
9
Jan
5
Feb21
11
Feb19
18
31
Feb28
8ept 2
Marl 1
Sept
40
62
58
2
3684 MarlO
22
Sept 2
6
Jan
22% Nov
37% Dec
Mar
Aprl3
Feb
8%
16% July
25% July
38% July
5834June
Sept
50
16
24% July
14
41% May 4
Feb 11
4%
Nov
25%
Dec
16% Nov
95
Dec
100
84% Junel6
6634 Junel2
100% MarlO
84% Marl8
37% May24
43% MarlO
100
10,900 Pere Marquette v t c
Do
100
prior pref v t c_... 100
22
Aug17
32
Feb19
56
Aug
5
68
Feb27
56
Mar
pref v t c
100
Pitts Cin C & St L ctfs dep...
39
June
8
51
Jan
5
39
Apr
69
May28
Apr26
24
Dec
Mar26
75
1st pref
Do
1,100
21%
66% Aug 10
6434 Feb 11
80
96% Septl7
73% Dec
32% Mar 9
45
33
33% Mar 9
15% Feb 13
23% Jan 14
28% Sept
33%
Feb 11
100
11
100
20% May24
Feb11
Apr27
48% Sept 17
2
20
31% Sept 17
4134 Septl7
23
100
6
July
1
100
10
July
1
100
88%
Feb 13
18% Mar 1
105% Jan 3
18
Feb14
30% July 12
Do
pref.
1,400
100
9,100 Texas & Pacific
Twin City Rapid Transit.. 100
50
Feb13
62% Sept 17
25
Feb13
47
100
19,900 Union Pacific
Do
pref
100
1,300
9,300 United Railways Invest...100
110
100
14
100
....—.100
mm
Do
8,900
pref
19
3,200
32%
33
14,000
67%
68'
—.100
2d pref
Do
27% June23
61% May24
7% Augl2
Feb 19
Mar22
35% July20
125% MarlO
69%
Jan
3
13% Marl 8
Dec
10% Dec
Dec
6%
Dec
12
Dec
91% Nov
20% Dec
52% Dec
27% Jan
2984 Dec
119% Aug
63
Dec
7%
Jan
9
2934
Jan27
15
7
May20
10%
Feb24
20%
Feb 11
31
Feb24
7% Dec
20% Dec
14
14
Aug
20%
Feb 19
Feb13
12%
Feb24
July30
20%
Feb 19
Septl6
June21
8%
11
100
2012
Do
700
pref
100
3,900 Wheeling & Lake Erie Ry.100
Do
900
pref
100
54%
Pacific
Western
Feb13
9%
Dec
Dec
3384 Dec
1034 Jan
42% Sept 7
500 Seaboard Air Line..
mm
Jan
75%June24
Do
pref
1,200
34,900 Southern Pacific Co
22,400 Southern Railway
m
12%
100
Do
2d pref
1,200
13,200 St Louis-San Fran tr ctfs.. 100
Preferred A trust ctfs... 100
1,000
24,900 St Louis Southwestern
Do
pref
8,000
77
Dec
39% Dec
100
50
50
5
Feb 13
33
Jan
Dec
9%
Apr
16
Dec
17
| Feb
5
69% Sept 7
52%
9
June23
15
May 20
14% Feb20
26% Sept 2
.17
Jan
25
Feb11
29%
Apr
25
Aug
4234 Apr 1
46% Mar29
21
Jan
72
Janl2
56%
Jan
Jan
66
Jan
Feb
Feb
734 Mar
Industrial & Miscellaneous
*34%
*28%
*61%
36%
30%
63%
30%
36%
30%
63%
63%
36%
31%
63%
*29
37%
31%
*30
35%
31%
x05
65
*62
65
*34%
34%
*4634
1%
*1%
1%
1%
1%
33%
34
74%
74%
1%
*82
85
*82"
8~6
87%
75%
85%
87%
*85%
87%
*86
87%
*42
48
*42
48
*43
47
*40
45
*40
45
*40
45
80
80
*79%
82
87
87
*85%
47
47
47
47
*40
45
*
82
"84"
"34%
*91
134
25
10
135%
34%
92
135%
25%
10
84
34%
34%
91%
92
134% 135%
25%
10
137% *131
137%
12%
13%
12%
13
70
70%
6884
70%
38
38
38
38
*58
60
*58
60
75
*10
6834
*85
95
*100%
76%
*10
10%
*67%
69
87
*85
9534
*93%
102
13%
20
20
72
72
60
60%
36
111
*105
84%
*84
*
76%
10%
6834
13
*91%
75
92%
36
87
94%
•98%
12%
102
19%
20
*72
59%
*9134
35
80
♦
80%
82
"83%
13
75%
60%
34%
3434
92
92
"02%
62%
9%
9%
135.,,
*12%
135
*84
89%
"35"
"35%
92
*91%
91%
135
10
135%
135
10
1
Aug
9
300 Alaska Juneau Gold Mln!g.
10
1
Aug 11
100
1,300 Allis-Chalmers Mfg
Do
300
pref
100
400 Amer Agricultural Chem.,100
28
Do
200
pref
300 American Bank Note
"2",§65
82
84%
843,
35%
36
*90
92
135
136%
Do
"l",200
25'2
10
135%
25
25
10
10
137
137
Pref
pref
59%
78%
*5834
61
*75%
1038
7634
103s
77
10
10"
*68
70
69%
69%
87
*83
90
943
1938
97%
96
96
9534
95%
102
*100
*98% 102
*100% 102
15
16%
15%
143g
14%
15%
20
19%
19%
19%
19%
19%
*72
74%
*72
12%
19%
100%
14
110% 111
105,
105
85%
*88
86
90
60%
*92
35%
63%
*83
90
93
8534
*88
*72
62%
93
75t
72%
631
62%
93
35%
110% 111
107% 107%
Bid and asked prices! no sales on this day.
741
Do
pref
500 American
*83
111
112%
72%
64%
9234
9234
36
37%
112% 11234
"86%
90
*84
89%
89%
t Ex-rlghts.
89
90%
85
85
100
—
100
100
Do
,
Linseed
100
Do
100
pref
-.100
9,500 American Locomotive...). 100
Do
pref
/-100
18,950 American Safety Razor.X 25
3,100 Am Ship A Comra Corp .No par
2.50 Am Smelt Secur pref ser A.100
19,100 Amer Smelting A Refining. 100
Do
.300
pref....
100
2,200 Am Steel Fdry tem ctfs..33 1-3
Pref temp ctfs
No par
Jan
62
Jan
Jan
5
8434
Aug 6
30% Aug 9
87
Aug! 1
12834
Jan
84% May
6134
Jan
2
3
81%
93
122
FebI3
68
53
80
Aug
82
Feb13
.99%
109%
3
96%June 1
11% Aprl5
1634 Feb 13
70%
Aug23
Ex-dlv. and rights
107
30%
83
9
72
9
100%
33%
Aug 9
June22
3
Mar2 6
84%
113
Dec
Feb
Jan
39%
Jan
88
Jan
10% Nov
Mar 31
76% Sept
13% Jan
Jan
3
Jan
3
71%
Jan
2
37% Aug
5434 .Jan
Jan
3
Jan22
7
52%
Apr
44% Mar
Jan
Feb
Jan27
8
85
Mar
58
Jan
9
100
Jan
26
Dec
79%
Dec
Apr
Mar
50
Jan
5
Mar 30
Jan
3
Janl3
Mar22
74%
Febl3
80
A'i<?18
105
s Ex-dividend
*98
Jan
Feb
Jan 14
Janl9
142% Aprl4
11834 Jan20
IO684 Mar22
85
42%
17% Junel6
88
Aug30
a
14%
95
5234 Aug
Aug
Jan
53% Marl9
120%
May20
S Less than 100 shares
30%
Aug 5
9% Aug 7
61% Aug 0
64%
102
5,200 Amer Sumatra Tobacco...100
1001
Do
pref
100
86
12% Septl3
6884 Sept 13
AuglO
37
109
pref
5434
175
Feb
100
Do
101
6
95
4,800 American Sugar Refining..100
300
86%
-
Ice
pref
32,100 Amer International Corp.. 100
200 Am La France FE
10
500
500 American
90
Jan
42
15%
1,000 American Hide & Leather. 100
95
33
Aprl6
9% AuglO
6,100
94
Apr 1
Jan28
3
13%
"87"
48%
45%
^
100
Jan
IO334
Jan
1,000 American Express
Jan
7034 Aug 19
*78
SeptlO
Apr
73
*100
Dec
Feb 4
13%
78%
10%
z92
116%
72%
69%
Jan 16
147%
13
76%
96ia
Feb25
71%
*10%
84%June 2
10534 July 7
23% Aug 9
61
Aug26
..100
pref
Do
38
78
Sept
124%
Do
38
1038
87
pref
100
100
1,000 American Cotton Oil
Do
100
pref
100
800 Amer Druggists Synd cate. 10
900
38%
7534
81%
53%
5,900 American Car & Foundry.. 100
*38
*10
30
3
Feb13
13
60
3
Jan
Jan28
Augl6
71
60
Jan
40
13%
5834
Mar31
3
1% Dec
1®4 Jan
95
9
39
Magneto..No par
..100
2,500 American Can
5
2% Mar24
92
Aug
50
Amer Bosch
8884
70% %ugl7
75
Aug 9
,--100
50
100
100
American Beet Sugar
100
25%
934
700 Alaska Gold Mines
300
70%
35%
89%
984
9
12%
93
8,5%
%...
34%
25
Aug
69%
35%
85
82
86%
6
57% Augl8
44
13%
35%
85%
*90
47
Rumely
pref....——.—.—100
AJax Rubber Inc
50
Do
Do
"79%
100
100
Express
70%
603s
105% 105%
47
800 Adams
70
93
110% 111%
34%
25
60
110
*
82
3434
75%
135% 136% *132% 133%
109% 109%
93
111%'
75%
85
25%
10
34%
1%
85%
*85%
87
78
34
47
*75
87
*75
*1%
1%
87
*84
8034
500
75%
85
~80"
500 Advance
64
34
85
81%
34'
31'8
46%
48
1%
1%
134
lit
1%
31%
*62
75%
35
87
76
1%
36%
34
*32%
*74:%
*81
81
*
1%
*34%
93%
s Full
Jan
Jan
Feb
50
77% MarlO
47
Sept15
23%
88
May
Dec
7% Mar29
56% Sept 17
Feb 13
Feb 13
Feb13
57
2834 Apr
6684 Dec
2334 Sept
60% Dec
Junel8
e4%
2334
4%
31% June
25% May
9%
4%
..100
7,600 Northern Pacific.
11,400 Pennsylvania.........—. 50
pref
9% June
104% Aug
37% Dec
49% Sept
7,800 New Orl Tex & Mex v t C..100
100
16,700 New York Central
5,600 N Y Chicago & St Louis... 100
Do
5284 July
7
30
50
94
50
300
July
23% July
3934 May24
31%
9,300 Pittsburgh & West Va_.
33
100% May
Dec
Feb11
Do
20% May
Nov
Feb11
.100
May
15% July
July
24
13
36
2,200 N Y Ontario & Western
1,100 Norfolk & Western
51% May
May
217
10
21
100
68% July
116
16% Marl5
100
Rys of Mex 2d pref.. 100
16,100 N Y N H & Hartford
3184 May
21% Sept 2
18% Mar 9
..100
100
July
July
834 July29
52% Mar20
preferred
74
13% May 5
40
Mayl9
Feb13
First preferred....
1334 Dec
75% Dec
3134 Jan
85% Dec
3% Mar
3% May22
7
May24
pref trust ctfs
91% Dec
172% Mar
3% Apr
6% Feb
17% May20
7
Jan
June
Mayl9
54
42
38% July 2
Second
5284 July
67
guar......100
400
30% May
45
400 Manhattan Ry
m'm'mm
Dec
34% Dec
48% Dec
48
100
55% May
98
1,700 Minneap & St L (new)....100
8,700 Missouri Kansas & Texas. 100
Do
pref
.....100
3,100
11,700 Missouri Paciiic trust ctfs.100
m
51% Dec
7% Jan
21
Jan16
11%
13
126% Dec
51% Mar25
11
24
Dec
29% Sept 3
Do
pref
100
1,300
50
8,900 Lehigh Valley..
400 Louisville A Nashville.... 100
1,400 Nat
July
5
Feb 11
11,500 Interboro Cons Corp..No par
Do
pref......
100
5,400
100
7,000 Kansas City Southern
Do
12
13% Marl5
134
Jan 3
July 6
Aug 11
21,300 Denver & Rio Grande.....100
Do
pref...
100
65,400
100
42,200 Erie
Do
1st pref
100
16,400
Do
2d pref..
100
5,000
100
9,200 Great Northern pref
Iron Ore properties.No par
7,000
100 Gulf Mob & Nor tr ctfs._.100
Do
Pref
100
100
100
1,700 Illinois Central
8,200
May
July
July
July
May
Dec
35
Delaware & Hudson
Jan
15% July
May
59%
33%
28%
170%
68%
10
v,
share
May
89
per
38% Dec
Marl5
17
104
107
46
*18
12%
19% May24
30% Feb 6
4534 Febl3
Mar
20
11%
19
33
23%
May20[
6
8
87% Dec
2834 Dec
100
29%
1234
44% Septl7
52% Sept 7
9% Aug31j
5% Septll
Dec
Dec
100
28
70
1
80%
76%
pref.L
28%
9%
3
Sept17
9
93% Sept
x82%Junel8
27% Febl3
40% June28
110
Jan
Highest
|
share
pref.,
100
2,300 Wabash
Do
pref A
100
5,900
Do
pref B
100
2,700 Western Maryland (new).. 100
9%
9%
18
"l6%
2d
4,900
4i900;Delaware
Lack & Western. 50
8%
17
2734
,121
64%
_
"16% "l6%
m
47%
2734
27%
1st
Do
45%
48%
47
45%
'mm'
r,26o
Do
44%
/
m'mm
m
100
6% preferred
100
800
2,100 Clev Cin Chic & St Louis.. 100
Do
pref
100
100
100
1,950 Colorado & Southern
73%
9434
120
03%
"
.100
...100
-.100
19,500 Chic Rock Isl & Pac
7% preferred
1,000
96% 113,200 Reading
•
"
120% 121
64
mm
32%
32%
100
pref
73
95
*34
82
10% Feb20
27% Feb28
42% Marll
61% Marll
91% MarlO
9434
28%
40
86% MarlO
May20
66% 8eptl7
95
94%
*34
Feb 11
Febl3
73
27%
37
76
72
Febl3
200
95
36%
30%
8%
W''
*34
36%
'■mm
45%
27%
41
8%
9234
26%
} per
share
per
7
.
32%
*72
73
39
39
31%
3134
93%
43%
2634
*36*
*63%
24%
—-
— -
$
47
29%
3234
*11%
89
*881.1
103%
Lowest
Highest
j
2,300
1,700
17,800
mm''
1234
7734
32%
'
share
per
22,370
61
28%
28%
27%
100
22,482 Canadian Pacific.—,.,
68%
60
100
5,200 Brooklyn Rapid Transit... 100
Certificates of deposit..
12,700
38%
*67
67%
58%
57%
Fref—'
Do
3,000
.
100
100
IOOI4
100
prel.i.
500
"
100
%
5,700
58%
56
57%
57%
74
75
75%
74%
74%
106%
106% *105 1 106% *105
37
37%
37%
38%
3734
3034
79
7734
78
77% 77%
78%
68
28
•:
*105
37%
*62
12034 121%
64
60%
8%
8%
26%
26%
11934 121%
6284 64-%
9
*834
74
74%
105
36%
*7684
36%
63
8%
3734
5534
56
54%
74%
6134
26
25%
38%
105
106
36
9
Lowest
Par
Railroads.
8,900
1,200
93
*91
93
,
•
1134
7%
6%
119% 120%
61%
8%
*91
9
8%
8%
734
8%
92
10%
10%
0%
60
25%
*51
27
42«4
50%
26
*66
*66
42
118% 120
54%
74%
74
105
♦105U
76
50%
5%
8%
*8%
8434
76
42%
7%
7%
118% 119%
60%
87g
83%
76
50%
984
50%
11
5978
8%
84
76
41%
89%
4134
4934
*10%
105s
11
6%
7%
11812 119%
59% 60
83%
76%
7%
9134
7%
7%
*88
41
50i4
% per share
Shares
93
76%
76%
7%
Week
7684
89
*4034 4*134
83%
76%
83%
83%
$ per share
S per share
84
83%
S per share
$ per share
83%
EXCHANGE
the
Friday
Sept. 17
Thursday
Sept. 16
SHARE
Range for Previous
Year 1919
On basis of 100-share lots
YORK STOCK
NEW
PER
SHARE
PER
Range since Jan. 1.
STOCKS
Sales
CENT.
SALE PRICE—PER SHARE, NOT PER
HIGH AND LOW
4nrl2
paid.
61% Dec
94
Dec
33% May
91
111%
Dec
Jan
113%
Jan
73
Aug
90%
Opp
83®4 June
33% July
70
Apr
53% July
40%
24%
112%
99%
48%
July
July
May
May
May
33% Dec
70
Dec
53% Dec
New York Stock
HIGH
AND
LOW
SALE PRICES—PER
usually inactive,
NEW
Monday
Tuesday
Wednesday
Thursday
Sept. 11
Sept. 13
Sept. 14
Sept. 15
Sept. 16
Friday
Sept. 17
Week
$ per share
$ per share
$ per share
$ per share
Shares
98«4
$ per share
99
993g
98%
•121% 125
•90
91%
80%
8138
•95
97
53
53%
----
91%
82
8438
*90%
x81%
*93%
_
"52'
53
12
12
....
49
*44
49
,
83
90%
82%
96
*93%
....
■
m
_
54
"54
•28
31
*28
31
*28
31
*28
31
•59
61
*59
61
*57
61
*57
61
53%
54%
«_
*
57
538j
5334
53%
57
*__
136
107
137
141%
141
143
60
*60
62
*60
64
109%
*41
43%
134% 136%
•101% 105
7g
534
534
*41
*41
43%
136
137
108
102
102
49
•90
93
72
74%
7534
*44%
47
31
59
59
19
15%
16%
\
95
94
95%
13
*11%
67%
*27%
29%
28
28
70
*70
70%
*55%
6034
*56
57%
52
50%
51%
51
♦95
97
95
95%
*95
43
43
*43
43%
*43
82
83
82%
•
^
■
m
93
50
50
95
95
95%
95%
734
734
7%
784
20
30
70%
70%
*71
52%
52
95
44%
53%
>
80
*76
*76
558.4
56
56
57
22%
23
22%
24
*76%
80
80
75%
*82
77%
84
m
m
*.
>784
75%
*82
83
7.7
77
*80
83
*76
•
75%
*81
79'8
10
10%
29
29%
*77
79
xlO
10%
29%
10%
29
28%
78
*77
7834
10%
9 's
29%
79%
28%
'
39
39
95
38
77%
77%
*77
44
4438
11%
•11%
24
23%
"87"
87%
100% 100% *10034 103
38% 39
38% 3884
122% 12458
122>4 124%
*94%
3734
37%
—
39
3784
38%
38%
37%
x75%
38%
77%
44%
44%
44%
44
44%
11%
11%
*11%
11%
11%
11%
2434
41
'
24
24%
41
*37
_
-
mm
"37
—
-
»
•
37
-
-»
29
79%
11%
88%
89%
73
82
82
*81%
*11%
12
*11%
33
33
•100
105
2234
23
8%
8%
*66
68
,•61
64
1*78%
12
~*934 "l2"
35
*32%
23
8%
,
27%
23%
27%
2734
23
23%
8%
8%
141
*72%
74%
20%
21%
"20%
70
....
*69
79%
79%
55%
55%
•86%
90
*34%
37
"26%
55
26%
55%
68%
68
•24%
26
10434 107%
40%
82
2l"
9,400 Cosden & Co
37
400
71
200 Endlcott-Johnson
38
76
76
44%
11%
45
Do
1,100
pref..
100
8,700 Cuban-American Sugar.... 10
10
2,500 Dome Mines, Ltd
1,300 Elk Horn Coal Corp
50
11%
72
73%
82%
83
83
83%
11%
85
*11
26%
241
24%
8%
*66
Do
*73
*73
78
21
pref
55,480
Do
1,200
Do
Deb stock
800
Do
deben stock
56%
55%
5738
87
4,200 Goodrich Co (B F
300
Do
pref
200 Granby Cons M S & P
18%
106
26%
69
68% 69%
24%
24%
105% 10734
16%
15%
24%
107%
16
80
7%
21
2034
20%
80
*77%
~4~8~
"48"
48
21
80
81
125
127
18
19
27%
28%
53%
53%
*76
68%
68%
25
26
106
108
16
7%
8
4734
48%
21
21
108
104
"22"
48%
7%
48%
49%
21%
21%
23
85
106"
*75
77
*75
77
*75
77
*75
77
62
62
62
*60
64
*58
62
*61%
19%
19%
19%
19
19
"35%
3534
"6%
"6%
"34%
423s
6%
-
79%
72%
73%
35%
35%
36
36%
38
42%
43
44%
43
43%
6%
6%
6%
8%
*16
20
73
73
73
73
74
74
95
*92
95
*92
95
*54
60
26%
26
*17
67
23%
60
60
56
*253,1
26%
17
16%
16%
66%
66
67
•100% 106
233.1
•
*100% 106
19%
79%
81
80%
83
6%
7%
37
38%
6%
6%
6%
7
73%
*92
*55
67%
*138" 155"
*100% 106
145
76
95
75
95
65
56
*53
65
26%
*26
26%
16%
67%
16%
16%
67%
66%
22%
145
*9834 106
~
145
.
145
*9 834 106
20%
13%
44
*43
45
*43
45
44
45
*101
104
104
*101
104
♦101
104
♦101
104
*134
145
135
135
*132
140
*132
140
*135
145
60%
•
62
*59%
*98% 105
62
*61%
64
60%
*59%
62
Bid and asked prices
no
*96% 105
62
*59%
*96% 105
62
*62
63
60%
*59%
60%
sales on this day.
July
Mar25
July
123
91%
Aprl5
16% Mar30
9
Dec
4484 May 14
25
Dec
par
10
26'4
99
May20
Jan 6
Jan 2
Augl4
2578 Aug 6
20
May20
57s
par
49
Aug 9
JunelO
Feb27
134% Mar20
48
Jan 3
Jan 5
Jan 5
77% July23
75% Jan 3
36%
19%
9484
172
8984
42
Jan 5
Jan 2
Jan 3
38% Jan
39% Nov
Dec
Dec
July
23% July
48% July
173
Oct
55
Oct
31%
Dec
64% July
15
Dec
3884 July
47
Jan
90
Dec
101
Feb
176
Oct
82
Jan
95
June
82%
Feb
9484
56%
Jan
9338
Oct
144%
95% July
Aug
Mar26
Apr
Jan
25
15
Septl7
4934
Jan 5
46%
Dec
5384 Nov
*23
Aug
6
38%
Jan 3
32%
Dec
Aug
9
84%
Jan
8
49%
Feb
47% July
89% Oct
Hartman Corporation
100
5,000 Haskel & Barker Car...No par
......
800 Hendee
Manufacturing.-.100
5,300 Houston Oil of Texas
100
2,000 Hupp Motor Car Corp
1,000 Indlahoma Refining
10
5
6,100 Inspiration Cons Copper...20
1,400 Internat Agricul Corp
100
400
Do
100
nref
1.000 Inter Harvester
Do
Preferred,
Internat
100
100
(new)
new
100
100
Motor Truck.No par
41
Aug20
75
Aug 3
64
Aug 9
21% Aug 9
75
July 2
13
Feb13
22,600 Invincible Oil Corp
90 Iron Products Corp...No par
16,200 Island Oil A Transp v t c__10
100
2,500 Jewel Tea, Inc
Do
pref
100
100
100% Dec
71% July
68% July
Apr 9
Apr 6
Apr 8
Aprl4
Apr 15
42%
Feb
10%
Jan
48
Jan
11178 Sept 15
142%
Aprl3
110%
Jan
149% July
115
Jan24
111
Dec
120
Aug 13
21% Aug 9
70*8 Aug! 8
37
Sept 1
10314
27
3
21%
Jan
Jan 5
9234
Feb
6784 July
128% May
51a4
Jan
84
71
Apr 9
15*8 May20
2684
Jan
7
20%
Dec
33% June
6214 May20
9134 Marl 8
30%
Jan
82
Nov
79%
62
Jan
80
July
51% Jan27
7% July 9
34
Dec
65
Nov
15
Dec
48
Mar
38%
Dec
91
Mar
5
2434
Dec
44
July
68
Jan
164
Nov
70
3014
3618
514
612
22
Feb16
Aug 9
Mar 1
Jan 3
47% JulylS
AuglO
Septl5
2184
Aug16
45%
9
Jan10
30
Jan
1912 Sept
1
8eptl7
152%
Jan
Jan 5
25
91
Aug
4
105
Jan21
Augl7
95
Apr 9
34
22
Aug
6
33%
Apr 7
27% Nov
1312 Aug 9
48%
9134
Jan 5
Jan 5
38%
Tire
Feb26
Aug
23%
500 Lee Rubber A Tire
No par
21
Aug 6
1,000 Liggett, A Myers Tobacco.. 100
130
Aug 6
99
June21
Do
100
pref
600 Loose-Wiles Biscuit tr ctfs.100
104
Do
2d
100
preferred
300 Lorlllard (P)
Do
t Ex-rights
100
100
100
pref..
400 Mackay Companies
100
Do
pref
.....100
a Ex-dlv. and rights,
July
June
170
Temporary 8% preferred 100
"100 Kelsey Wheel, Inc
91
111%
71
4,900 Kelly-Sprlngfleld
3734 July
Apr 7
Jan19
FeblS
100
..50
Jan
Feb
88%
Feb 4
stamped pref
54%
40
Feb11
69
72
Do
23%
984
60
pref
102
46% Aprl9
110% SeptlO
61%
Augll
Aug 9
1312 Feb 13
100
1st
109% Julj'23
78% July 8
5*8
500
Do
2d pref
100
7,700 International Nickel (The).25
8,400 International Paper
100
Do
85%
431s
35
f Less than 100 shares,
43
Dec
63
59%
Dec
83
100
59%
23%
5
100
63
Jan 2
Jan
Lackawanna Steel
*96% 105
28
95
100 Laclede Gas (St Louis)
136% 136%
16% May
Feb 11
5,100
*62
Jan
65is
36
45
10%
49
80
Oct
3
107%
69%
45
Dec
Jan n410
Jan
150
16%
*101
87%
«150
13
Dec
No par
44
Dec
Aug
No par
*101
July
55
June
8,200 Loew's Incorporated
44
Oct
105
80
7,800 Loft Incorporated
44
261
Jan
39
14%
I334
Feb
20% Jan
69% Mar
101%
21%
21
13%
Aprl7
52%
91
3
36
*98% 106
7
109% July
6
67%
160
Jan
Aprl4
Jan21
Oct
Jan
Jan
100
4,700 Kennecott Copper
No par
5,800 Keystone Tire A Rubber... 10
23%
Apr29
Apr 7
Oct
102
Jan
26%
17%
*135
59%
85%
7512 Augl9
3612 AuglO n605
50
26%
100
June
15%
99
45
13%
203,
13%
Jan 9
110
Jan
104
20%
21
1334
107
Oct
46
147
13%
20%
1334
Jan22
Aprl6
Aprl4
14%
23
37% Nov
10384 June
Feb17
21
20%
64
7%
7%
71
13%
*61
6%
*53
20%
*59%
44
6%
*92
13%
*98% 105
38%
95
73%
73%
*92
2034
•98% 105
37%
*40
44
*40
13
*2034
|
105%
43%
100
Inc
Jones Bros Tea, Tnc
22%
2334
155
6%
xl6
I684
65%
*138
6%
26
18
23%
63%
19%
10234
30% Dec
65% Feb
100% Oct
IO84 Sept
4,400 Greene Cananea Copper.. 100
600 Gulf States Steel tr ctfs..l00
700 Gray A Davis,
77
62%
198,
Aug
Apr 9
Apr
700
26%
671.1
155
*138
26
*75
6.3
Apr26
98
80
200
193^
46%
109%
20
*91
*54
80%
781-1
7
*16
1934
Feb27
86% July
106% July
Dec
1,700
77
Apr
Aug
46%
*60
*78
Oct
Oct
June
47%
45
42
75
Jan 3
14%
42
Aug
55%
44
42
54
Aug27
89% Aug25
80
Oct
Feb25
42
42
95%
31
9,500 Int Mercantile Marine
Do
6,500
pref...
42
Dec
Jan 6
Apr20
Jan 5
Jan 3
25%
79%
.
91%
July
,
85%
10234
76%
75%
79%
113
75%
94
24%
75%
79%
85
113
69
Oct
July
56
4912 Aug 9
84
Aug 9
76
7434
78%
*81
39%
5034
Feb
Jan 5
Jan 14
6O7
7812 Aug26
25
23
74%
*76
79
7%
Jan 9
278%
68
75
22%
75%
43"
78%
16
16
67
65%
9284
May24
(6%)...100
(7%)..100
100
100
23%
23%
74%
19%
70%
26%
108%
16
~43~
19
107
108%
*81%
106"
80
26
*21
23"
54
27
111% 111%
"22%
29%
54
70
48%
104
28%
70
1534
8134
81%
24
15
*76
80
69%
*
1534
29%
28%
*76
80
15
18
43% Nov
Aug
Dec
7212 Aug 9
1978 Aug 9
69%
80%
37% Nov
3484 Feb
5%
Corp pref. 100
temporary ctfs.No par
21%
Feb
Jan 2
Jan 3
Aug 6
100 General Motors
80%
Dec
32%
7884
100
69%
Apr
1634
Jan 5
79t4 May25
134
May20
21%
Nov
68
44%
115i2May24
9288 June30
313s Aug28
58%
1,900 General Electric
90
Apr 8
Jan 3
Jan 3
20%
914 Mayl9
18
May24
Oct
116% July
114
July
67% July
141% Nov
113% Nov
29% July
Aug 5
...100
pref
Jan
93% Mar22
9734 June22
10'8 May24
76i4 Feb 13
100
Aug11
30
Jan
92
Amer Tank Car..No par
Debenture
80%
37
26%
800
69%
18%
*76
100 Gen
800
81
21%
37
80"
3,800 Free port Texas Co
No
1,300 Gaston W & W, Inc..-No
74I4
Feb
31
33
25
69%
87
*18
3,200 Flsk Rubber
25
56%
104%
62
No par
21%
93
19
Corp
80
*87
38
100 Fisher Body
5512
6138
50
preferred (8%)
L100
200 Federal Mining & Smelting 100
Do
1,100
pref..
100
68
78
May 19
10484
108%
50
Do
65
144%
Aug 9
5634 Mar
100
Famous Players Lasky No par
81
143
pref
70%
87%
19
24%
No par
21%
87%
80
*35
62%
141% 141%
80%
*6834
27%
6,400
1,200
63%
*65
68
80%
80%
142% 143
80
24%
2434
62%
7934
35
108
26% .26
*65
68
80
12
35
*100
34%
108
....
■
23"
-
8714
734
*47%
~23~
12
35
34%
114* *100
87%
68%
24%
50
6,900 Cuba Cane Sugar
7234
56
27
100
No par
70
24
55
25
30U May20
28
May20
40'4
100
Aug
943s Septl7
5%
1984 Junel8
No par
17,300 Crucible Steel of America.. 100
200
Do
pref..
100
23%
*32%
24
56%
7%
7934
8%
86% Sept
8684 July
41%
.100
pref
24
55
7%
20%
23
Jan
75%
24U Aug 9
40%
71%
2634
567
Jan 6
Mar26
64%
69
FeblO
:r76i4 Feb 13
7378 July28
978 Aug 9
4434
11%
56"
*15%
48
X2634
Jan
No par
44%
11%
*32%
93%
72
12
54% May
87% Dec
20%
7834 Aug 11
40%
*55%
15%
*77
64
*934
33%
*100
Jan
Jan 3
100
38%
8034
55%
15%
47%
19%
68
*62
141% 142
74%
74%
20% 21%
69%
69%
141%
*76"
80
*76
8%
*66
82
"83
•140% 143
34
101
101
66
66
*72
82%
102
27
28
•27
73%
82%
*33%
*100
72
73
73
Dec
46
5
pref
Do
73
19%
48%
22*4 Aug 9
65
FeblO
1934 Aug 9
Do
Oct
25
Do
pref
100
1,000 Continental Candy Corp No par
13,800 Corn Products Refining.. 100
1,000
166
11178
21%
Columbia Gas & Elec
Do
Dec
July
Janl2
Jan 6
Jan28
Columbia Graphophone No par
93%
3934
75%
77
43%
-
115
74i4 AuglO
12% Aug 9
Do
pref
100
1,400 Consolidated Gas (N Y)..100
3,600 Cons Inter-State Call'Mg__10
2,400 Consolidated Textile...No par
500 Continental Can, Inc
100
10%
125% 127%
94
*93
«.
Apr 7
7912 Aug 9
83
81
11%
401«
-
129
May
Apr
Jan 5
Jan 5
Jan 3
16434 Mar29
76%
100% 101%
124% 126
123% 12434
95
*92%
95
*37
88%
101% ♦10084 103
3934 4034
3934
101
95
*22
•»
88"
"87% ~88 ~
95
78
«•
»
Aug
92
3378
4,500 Consolidated Cigar
79
■
11%
80
102
85%
44%
55%
25
Dec
Dec
17
431.
2234
11
Dec
Apr 1
37% July
43%
55%
Sept
3984 July
43
22%
July
116
Jan
Aug 13
2284
108
Jan
Feb
10
56
Dec
Feb
49
<fc Iron
Oct
90
101%
16%
Case (J I) Plow Wk0..JVo par
100
19,400 Central Leather
Colorado Fuel
112
16
95
Coca Cola..
10734 July
Jan
Jan 6
54%
35%
Jan
55%
Jan 9
94%
35%
Oct
45
55%
1U2
5234
100
May
26
97
«.
9
Sept
July
.
2% May
85%
Aug27
53
«...
Jan
26
Jan
41
6i4 May20
52%
---
5
1%'
Mar20
15
Aug 6
Copper
Jan
Dec
Oct
62
9684
4812 June30
84
Aug 9
52
34%
22%
114
100 Calumet & Arizona Mining. 10
34%
*54%
Aug 3
July28
6I2 Aug 18
85
Julyl2
28U
34%
55%
119
29U
15%
22%
145
Feb
Aug 9
29%
22
Jan
110
300
Copper..
Jan
Jan 6
Jan 5
3212 Apr 9
96% May 6
102% Jan 3
102U Feb24
57%
Chlno
64%
138
72
3,500
4,500
3,100
1,300
1,800
11,400
Apr 9
76% May
156% Oct
111% June
11 li2
*55%
Chile
192%
la Aug20
5*8 Aug26
Aug 9
Aug 9
Nov
142
Jan
Aug
pref...
Aug
80% May
100% Sept 7
*70
Do
Dec
82
Feb
58%
103
72
600
65%
Jan
Mar
Jan
Aug 9
100
77% July
17%
61
Feb
12
pref
54% Nov
100
57%
Do
July
64
63
100
July
65
92
No par
Petroleum
29
Jan
68
& Ref-.lOO
^28%
55%
•94
7,000 California
31%
Oct
Jan
40
8
Mining..10
100 California Packing
69
11
Jan 7
16
10,600 Caddo Central Oil
Feb
Jan
169% Dec
11034 June
Jan 5
11
15%
56
12284 124
18%
67
Jan
Jan
Jan
100
28%
23
101% 101%
c__5
1,600 Chicago Pneumatic Tool.. 100
2234
88%
v t
85
*54%
87%
400 Butte & Superior
20
86
35
87%
100
15
34%
1
1,900 Burns Bros
1,400 Butte Copper & Zinc
85
34%
79
7%
100
Oct
106
Jan 5
50is Mar25
15412 Junel9
90
100
314%
75
10212
Mar 3
104
No par
108% Mar
Feb
Dec
17612
9512 Aug30
35
Augl8
100
400 Brooklyn Union Gas
Dec
125
14812
68
84
34%
11%
86%
"
7534
Aug 9
8% pref. 100
Brooklyn Edison. Inc
6
100
65
85
34%
*77
cum conv
Jan 9
Jan 9
Apr 6
Jan 3
Janl7
Jan 7
7458
Augl4
100
84
34%
113s
pref
Do
Jan 2
Jan29
Jan 3
60
100
84%.
*14%
28%
34%
34
79
Do
common..
83%
34
10%
293S
B
1,700 Booth Fisheries
93
96
No par
Steel Corp
Class
84
34%
105
Motors
Do
June
114
83
33%
11%
Bethlehem
165i2
10512
2H2
59i2
66I2
67i4
85ia Augl3
12812 Augl8
84
34
85
100
83
33%
•90
Oil
83%
33%
*77
60
82
33%
29
100
preferred
43%
15
28%
2d
8134
29%
28%
Do
8284
14%
10%
49la Aug 9
25
Aug 9
55
May24
5,200 Cerro de Pasco Cop...No par
5,600 Chandler Motor Car...No par
28%
10%
100
43
15
10%
1st preferred
191%
93%
45%
94%
27%
5
Jan 7
613jj
57%
*95
-95
2 884
77%
17%
17%
17%
30%
15
75
7%
*19
30
28%
81
"95%
30%
15"
*82
300
28%
29
84
106% 106%
7%
*66
28%
7334
3,500
58,900
67%
15T
73
5%
78*s
*66
2934
"
5%
67%
97
44
Do
Butterlck
~1~734
16%
*66
25
Jan
9734
May20
Aug 9
Sept 7
pref.
95
10034 Marl8
283
Aug 9
May20
Aug 10
Aug 2
Do
500 Associated
12
*11%
.100
pref.
11,400
75%
*83
*83
50
29
_
*7
7%
93
*14%
"15
5%
50
~16%
67%
^
"6%
104U
85i4
72%
91%
100
100
18,200 Atl Gulf & W1SS Line
100
Do
pref
100
109
110% 113% 134,800 Baldwin Locomotive Wks.100
11034
Do
pref
..100
100 Barnsdall Corp CI A
*41
43
43
*41
25
136
138
137
137
5,100 Barrett Co (The)
100
400
Do
103 3g 103% *103
pref
100
108%
Batopilas Mining
20
20
"ie"
16
67%
8034
Do
""loo
94
63
20
*6534
70
(new)
pref
15,500
57
152
*83
7%
7%
7%
13
16
55%
61
107
7
20
mm
Do
100
31
76
Highest
$ per share
46%
*61
5%
Lowest
J per share
11
147
75%
Highest
$ per share
37
63
534
Lowest
$ per share
200
146%
75%
107
•
3,500
*59
"92"
92
PER SHARE
Range for Previous
Year 1919
basis of 100-s/jarc lots
12%
*28
*
PER SHARE
Range since Jan. 1
9218 May22
100
200
preceding.
page
On
5,500
2,650
59
*61
5%
93
7%
4634
5484
STOCK
Par
95
144
*74%
7
93
56%
57
534
*83
*11%
83%
*12
55
*28
76%
7
8
•82
96
12%
74*8
93
18
19
10334 10384
%
7
*7%
•78
84
56%
*34
5%
*83
•10%
41
*134% 137%
*90%
8234
*93%
YORK
100 Bethlehem
72
7"
90
49
108% 10934
43%
135% 137
10634 10634
•83
64
*61
107% 109%
"5% "534
"7434 "7*6%
51%
12734
91%
54%
141% 143%
106% 108
*101
•%
•6%
100%
*90~
137%
60
100
126
90%
*
57
57
99%
55
5434
he
126%
*12
92
•89%
'-mm
126
91%
55
52
14
53%
53%
*12%
*44%
124%
*90%
9934
9934
99%
12484 125
99%
993g
121
121% 121%
*90
91%
83
81%
96
96%
second
EXCHANGE
Saturday
$ per share
see
STOCKS
Sales
NOT PER CENT.
SHARE,
1165
Record—Continued—Page 2
For record of sale* during the week of stocks
7
18is Aug26
ID4 Sept 1
Oct
Oct
43
July
1261s July
10784 Nov
Jan
Dee
6
21
Jan
207
JanlO
195
Dec
109%
107
Jan
36
Jan31
Aprl2
28
Jan
3
25%
Dec
70
Jan
3
40%
Feb
81
July
94
Feb
120
June
38%
Jan
125
AuglO
183'4
Jan 2
98
Aug25
60
Aug
110% Jan 8
69'4 Jan 7
64% Mnr22
value $100.
Dec
110%
114'4
33
JanlO
n Par
Jan
62%
115%
SS's Julyl3
Dec
Mar 15
48
4312 Aug23
102
Aug26
9
101%
• Old stock.
83
40
Jan
Oct
250% Aug
115
75%
July
Dec
Apr
245
July
107
Jan
115
July
63
Dec
*63
June
14734
79% May
66
July
* Ex-dlvldend.
1166
New York Stock Record—Concluded—Page 3
For record of sale* during the week of stock* usually Inactive, see second page preceding.
PER SHARE
PER SHARE
HIGH AND
SALE PRICES—PER, SHARE. NOT PER
LOW
NEW
for
Tuesday
Wednesday
the
Sept. 15
Thursday
Sept. 16
Friday
Sept. 14
Sept. 17
Week
$ per share
103
103
$ per share
$ per share
$ per share
$ per share
Shares
Sept. 11
$ per share
♦102
106
*102
110
*74
76
74*4
22"
17H4 171'4
170*4 174
*92
~Wi
19%
143*
3934
14%
391?
175
*90
19%
19%
19%
"141? T478
1434
16%
16%
18
39 %
39%
3934
39%
39
3912
4
19%
17%
39%
40%
40%
60%
*59%
61%
*59%
60%
*59%
60%
*93%
32%
34%
81%
96
*95
98
*95
98
32%
32'8
32%
34%
34
88%
32%
*82%
86
82'2
82%
84
*79
86
*79
84
♦8
♦58
8I4
5912
*88
95
*8
8%
8%
58i2
*88
*79
58%
58%
*88
95
8%
59
59
*59*
59%
92
*90
95
*76
78
30
*44%
75
75
102
12%
*22
12%
8%
59%
75%
*102
26,000
88%
2,000
4,850 National Cloak
8%
60
400
1,000
76%
1,200
100
12%
*12%
12%
3,400
27%
25%
800
*44%
47
25%
*44%
*46
32
32
32%
32%
45
45
45
45
*28
31
*28
31
36%
32%
36
36
35%
36%
89
89
13%
14%
14
14
14
81
81
81
81
64*4
66 1
63%
65
81%
64%
14%
81%
65%
85
"37%
*84
851
*10%
17%
38%
*84
'17%
17%
♦123" 126"%
*22%
4%
23
*123
22%
6
22-8
23%
48
48
31
*28
31
91%
93%
*91%
85
86%
*85
92%
85%
*26%
27%
*25
27
21%
21%
"33%
"37"
114
114%
75
76%
39%
77%
39%
32%
32%
700
46%
1,100
31
*28
92
95%
85
88-2
88,400
15,600
37%
37%
37%
37%
39%
14%
14%
14%
14%
14%
14%
3,400
82
82
82
82%
900
65
65%
65%
67%
23,100
84%
85
100
1,200
17
38*4
112
113%
76
76%
38%
38%
*10
17
*1134
*35%
16%
38
"17% "l7%
400
97%
98%
2,200
96%
1578
56%
77%
81
78%
78%
81%
79%
80%
95%
30%
88%
*95
300
93%
93%
94
26%
28%
27%
29%
52,200
88%
89
87%
21,300
16%
16%
16%
16%
89%
16%
14
5334
31%
53
53
62%
3078
31%
31%
53%
32%
69%
68
70
68%
69
*85%
88
*85%
88
§662
105
105%
*81
85%
662
62%
61%
63%
*90
93
*90
93
90
90
53
53
52
52
52%
53%
48%
"70% ~71
48%
*403.i
9%
9%
49%
39%
105% 105%
*80i4
31%
69%
*40%
85%
32
715s
38
*16
16%
*34%
38
6
6
5%
5%
138% 138% *137% 140
54%
53%
52% 53%
32%
33%
31% 32%
69
69
16%
*12%
57o
6%
139
138
70
400
50%
40
10
50%
5034
50%
51%
39%
40%
40%
40%
21%
41
64%
64%
"65"
67
86
*85
86
65
65
64
64
64
86
*84
86
*84
14
13%
1334
46
46
85%
85%
64%
*85
88
13%
1334
28
2834
28%
40
40
*105
115
*41
48
*41
48
203% 205
203
205
*39.%
*105
6734
27%
28
1334
10%
51%
*39%
14%
87
*85%
28%
28%
3934
39%
40
40
40
*106
115
*44
48
*44
48
202% 204
203
203%
67
67%
15
_
*103% 115
68%
*13,
15
*40
52
"
6734
*13
*85
28%
87
101.
*44
48
6884
204% 206*4
68%
69%
14
*13
*40
83%
84
8234
8134
95%
84%
84%
....
89
105% 106%
64%
64%
59
59
58
58
87%
89%
88
89%
64%
64%
*7%
8%
69%
*7%
8%
68%
69%
70
70
*69%
*107% 108
116
*113
15
*54
59
54%
84
.
•
-
.
*64
«.
.
*
-
*14
54
*48
86%
53
Oct
106
July
55
Aug 17
68
Jan28
60
Dec
Company..
14
Railway Steel Spring
Do
pref
54%
84
84
103
103
86
15%
Do
Steel..
pref.
71%
100
12
Savage Arms Corp
36
"moo
..10
Saxon Motor Car Corp.No par
100
Shell Transp
130
& Trading...£2
Sinclair Cons Oil Corp.No par
4,800 Sloss-Sheffleld Steel & Iron 100
Do
238
2,300
preferred
100
Standard Oil of N J.
Do
100
_
pref non-voting
100
Steel & Tube of Am pref... 100
"2.700
9,700
71,100
Stewart Warn Sp Corp .No par
Strom berg-Carburet. ..No
Studebaker Corp
200
Do
pref
par
Superior Steel Corp'n
Temtor Corn & F pref A no
Do
pref Class B...No
4,100 Tenn Copp & C tr ctls.No
200
14,700
1,300
100
94%
Janl3
21%
243
168%
Jan28
90%
48%
Jan
74
5
Dec
Dec
Feb
Mar
36%
Jan
109%
Oct
45%
Jan
151
Oct
Jan31
92
Jan
104% Nov
Feb 13
60
Apr 8
32
Jan
54% June
Dec
17% May
Aug 9
47
Apr 7
Mar26
38
Mar26
July29
13% Mar31
40% Aug 6
35% Sent 1
c57% Jan 2
53% July 7
21% Sept 3
34% Julyl5
57
AuglO
83% Aug 12
9% Aug24
95%
106
9%
nl84
Jan n345
Oct
Jan 3
72%
Jan
115
June
Jan 7
97%
34%
Dec
120
June
5
Dec
62% Nov
3
37%
Jan
74%
38%
Jan
66%
Jan
200
Aprl5
115
Jan
197%
127
Aprl4
75
Jan
100
25% Aug28
38% Aug 18
Sept 3
38
Jan-6
Jan 5
34%
37%
Dec
53
Jan
45% Oct
58% July
148
Janl4
90%
Jan
175% July
105
Aug 2
53
Janl3
50
July
100
176
Feb11
224
Aprl4
157
Feb
United Retail Stores...No par
59
Aug 9
9612
Jan
3
80% Aug
12%
AuglO
25%
55%
Jan
3
14
Apr 7
100
100
Do
pref
44
40
Jan
July
58% May
Oct
215
Oct
Aug
74% July
119%
38%
6
Sept 8
Apr20
37%
Apr 6
53%
Feb 13
78%
Jan
5
100
77%
Feb 13
116%
Jan
8
Dec
167
May
100
90
103%
Jan
6
*97%
96)4
Jan
111
May
100
U S Express
Oct
Dec
Sept 8
73% May22
100
.50
U S Cast I Pipe & Fdy
Nov
97% July
Apr 8
156
1st preferred
89
•
Apr 8
100
United Fruit
Dec
Dec
64% Nov
230%
81*4
101%
9
No par
85
Feb
126%
38
United Alloy Steel.....No par
41%
46%
Oct
Aug
29
6% Mar
Aprl4
40
Union Bag & Paper Corp..100
500
7
Jan
118%
Aug 9
Do
18,800
July
53%
Feb13
40
OIL.
17
25% Junel8
83% Apr 6
58*4 Aug 18
90
Septl4
50
Transue <fc Williams St.No par
Union
Dec
par
.No par
Typewriter
July
12%
par
10
74% Nov
121
Apr 12
17%
par
25
106% July
Aug
41
Texas Pacific Coal & Oil
United Drug
"4", 800
145% Augl2
23% Aug 9
59
Aug 9
Jan
84
100
Texas Company (The)
37,900 Transcontinental Oil
AuglO
Nov
145
44% Sept
82% Jan26
87
June 5
94% Aprl9
Mar25
§600
AuglO §850
100% Junel7
113% Mar25
83
Sept 1
91% June24
26% Aug 9
51% Mar26
(The)...100
100
2,000
81,600
Sept 9
5% Sept 3
..100
Sears, Roebuck & Co
Jan 2
Augl9
Oct
Dec
53*4
Jan
Products Corp.. 100
42%
Jan
16%
Feb
66
Apr
32% May
Oct
91%
17%
Jan
50% June
Jan
5
73
Jan
Janl3
109
Jan
139% Nov
119% July
50
Aug 9
105'8 105%
65
651a
7%
7%
95
60%
Do
4,400
*64% 68
*107% 108
115
*714
70%
Do
-
-
"51%
53%
76
110
*102
110
*102
110
*100
*60
63
*60
63
62
90
*....
90
*-...
90
*64"
66
*64"
66
*64
66
*64
66
*100
110
63
63
400
200
*4
Feb
Jan
100
76
54
Mar
No par
Vivaudou
Wells Fargo
Express
Air Brake—50
Westlnghouse Elec & Mfg..50
Westlnghouse
15*4
12,900
Willys-Overland (The)
~2~i<i6
Wilson&Co.Inc.v t
64
.
Do
64
""106
50
Motor
pref (new)
c
59%
Mayl9
76
Mar31
80% Julyl3
Sept 15
119
48
103
50%
100
Jan
3
Jan
5
Oct
*88
Dec
79
May
92% May
July
126
59% June
86
Oct
120
Feb
Julyl9
•116%
Jan
112%
Dec
117% July
Aug 9
95
Jan27
50
Feb
117
93%
Jan 13
88
Jan
98%
Oct
76
Jan
66
Jan
81
Oct
July20
..100
23%
87%
65%
Jan
Dec
92% July
115%
Aprl4
Aug 9
80
pref A
Jan
62
Mar
145
Sept 2
55
pref B
Jan
45
50
40%
98%
104%
136%
Worthlngton P&Mvtc__100
Do
40%
31% July23
75
Sept
Jan 3
69% Mar29
32
82
Jan
55%
15
51% Nov
94%
42% Sept 1
Aug24
Sept 1
54% Dec
8
Jan
24
..25
100
Do
89% Marl 8
44% May20
103
pref
2
June 7
AuglO
100
W)
80%
21
12%
5
No par
Febl3
May 3
Feb13
..100
100
Woolworth (F
Do
90
100
Western Union Telegraph-100
15%
—
97% July
21% June
51
White
"3", 100
Dec
110
Wickwire Soencer Steel
65%
Feb
8%
Jan 3
Aprl4
1,500
63%
117% July
80%
4,300
110
Dec
112% Jan 7
120% Septl7
4.300
*100
111%
65%
104
29%
1,000
Jan28
.100
pref
49
52%
115%
Jan
48%
77
115% July
Apr 16
28
*75
Feb
12%
Do
78% Nov
Jan
88%
97
48%
46%
108% 109
Jan
45
Feb13
V
1,100
43%
5
Aug 9
Virginia Iron C & C
85
3
Jan
Aug25
1,100
56
Jan
47% Mar27
7
2,200
104
104% Junel5
76
109
56%
14
434
Aug 9
42
120%
8
83%
Apr 8
100
Vanadium Corp—
116
14
41% Junel4
69%
No par
Virginia-Carolina Chem—100
Utah
100
51%
109"
Utah Securities v t c
pref
300
*51%
108
Copper
100
10
Do
68
104
*106
100
33,700
50
50
pref
108
*52
15%
Do
United States Steel Corp.. 100
108
-
15%
6,800
8
1st pref
U S Smelting Ref & M
3,400
72
pref
*63
13%
58
91-2 146,700
10534 105%
*63% 65%
71%
15%
*
48
213
Jan 3
June
27% July
116%
27%
15%
90
*44
208
46
124%
112
105%
143%
46
*
40
93% July 7
Aug
Dec
Aug 9
48%
62%
...100
Mar
68
Aug 9
46
110
30%
Feb26
76% Aug 9
19
Jan 3
San Cecilia Sugar v t c.No par
100
*75
100
Feb
Jan 6
94
Dec
98%
107% Nov
80
48"
_
No par
104
22%
400
115
89
107% 108% *107%
13% Aug 9
AuglO
Jan
132% July
40
26%
76
39%
"59%
-
92% May 3
91*4
101
46
48%
87
59%
*52
100
6?-%
89%
1334
100
Aug 9
88% May20
67
88%
115
..25
3,100 Times Sq Auto Supply.No par
7,400 Tobacco Products Corp... 100
Do
pref._..._._._*_--100
59
68%
100
(The).*
Oct
31%
100
.100
108
66
109
Mar
United States Rubber
108
90
Feb
100
U S Realty & ImprovementlOO
*106% 108
61%
Jan 5
Oct
74% July
May
98
*59
400
26
55
85% Mar
12% Feb
15,912
25
54%
Jan24
"""466
48%
*75
45
91%
89%
*44%
76
67% Septl7
Augl8
51%
4534
5534
Feb 13
84
87
48%
5534
51%
51
4434
*75
Feb
100
100
105%
87%
48%
15%
Dec
50
483*
15%
93
223,
108
46
15%
Jan 7
Aug 6
Feb13
45%
15
98
22
*91%
48%
—
56""
68
11434 1143.
14%
54%
84
*
65%
*107% 108
119
14%
-
—
-
105% 106
67%
84
15%
89%
64
-
-
60""
43
8884
64
14%
4634
58
43
95
*91%
108
8%
68%
116
48
87%
*7%
*107% 108
58
48
86%
64
67%
*69%
15
48
■
105% 106%
105% 106%
118
—
*92
87%
Augl2
Feb 2
U S Industrial Alcohol
8384
108
Oct
79
28% May
Apr 12
8,700
83
85%
111
Jan
104%
86
84%
108
Jan
16
27%
113%
U S Food
84
86
Oct
101%
June 3
6,700
7
59%
50
99
12% Aug 2
Feb13
60%
*6%
59%
107
Jan
96
40
7
5934
8534
3834
84
*6%
59%
84%
40%
*6%
59%
107
44% July 2
82% Jan 3
.100
10
40
40%
7
60%
*46
Apr
33% Aug 9
34% Sept 1
100
40'-
41
*6%
8534
43
pref
100
PublicServ Corp of N J... 100
14
59%
48
Jan
Jan 8
Jan 8
Do
14
7
•
30
108%
23%
Pressed Steel Car
15
60%
"
JanlO
Aug 6
Pond Creek Coal..
70%
40%
95
May
42%
July 2
pref
69
*6%
59%
*92
57
30% AuglO
11
Pittsburgh Coal of Pa
Do
July
Dec
88
7,900
*106
40%
70
pref
58
32
25
43%
28%
39%
122
7
70
Do
Apr
9
100
Pierce Oil Corporation
40%
14%
28%
*39%
*105
60-%
♦10734 108
pref..
27%
Aug 9
Feb
14%
6,200
*85
•40%
67%
Do
Dec
Apr 8
42
St Joseph Lead
65,200
*85
15%
14%
40%
68%
Phillips Petroleum
140% Oct
104% Dec
47*4 Nov
47%
36%
800
72%
87%
*51%
40v
*6%
*58%
95
42
Dec
41
Jan
AuglO
Jan 2
34%
10
10%
23%
115
66%
Jan 6
Pierce-Arrow M Car...No par
Underwood
85%
Dec
Jan 13
100
85%
Jan
9234
55%
*150" 170"
86%
67
Apr 14
46
106%
553„
'
16"
'10
*84
Aprl4
111%
123% MaylO
70
■
39%
22
116%
Feb 13
23% Sept 9
92% Augl9
26
Sept 1
54
_
+» — -» m
49%
June22
Febl3
67%
69% Aug 9
33%
88
9%
49%
9%
Janl3
71%
Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
600
89
*83%
*85%
655
655
659
§656
§655
§651
105
105%
105% 105%
105% 105%
*81
85%
85%
*81%
85%
*81%
33
34
32%
33% 34%
34%
73
74
77
74%
70% 71%
63%
64%
64%
62% 63%
65%
90
*85
*85
*85
89%
89%
53
53%
53%
53%
53%
54%
*39
45
44%
*40% 48% *40%
*85%
105% 105%
85%
31
31%
71%
72%
61%
6234
*81
*34%
68%
655
§655
37
No par
v
42% July
50
34%
85%
88%
53%
3078
Parish & Bingham
Oct
Feb
50
Replogle
83%
27%
5%
Class B
Republic Iron & Steel
81%
82
87%
140
Do
10,600
837
25
*138
100
Pan-Am Pet & Trans
55,100
1,700
*93%
*138" 139"
Pacific Teleph & Teleg
45
2,900
95%
38%
29%
Ray Consolidated Copper.. 10
Remington Typewriter v t clOO
15%
57
30%
6938
670
400
102
15%
56%
82%
93%
5%
89
113%
78%
81%
81%
95%
*35
6
139%
77%
102
15%
56%
80%
38%
9
9
Feb
15%
*35%
Jan
Aug
Apr
58
14
28
75% July
68%
15%
13%
..5
80
Dec
100
57%
17
Pacific Mall SS
Oct
Dec
94
15%
*12
58%
*92%
60
16%
5
Nov
15%
16%
7034
Jan
51
58
88%
16%
Jan 2
61%
38%
110
110
8634
16*8
78
41% May20
39% Nov
74
Apr 19
157s
87%
30% Sept 1
100
Dec
Mar
Mar 19
56%
78i.i
82%
26%
Pacific Development
Pacific Gas & Electric..
Nov
149
Nov
120
*100
29%
34%
46
128
124
110
*95
5
2
*42% July 7
106% Aprl2
106% Feb20
*100
89
Jan
Jan
Aprl4
108% May24
66
Augl9
110
95%
29%
41%
65
*36
*100
88
157
Pure Oil
100
29
May20
19% Aug 9
45% Augl9
Punta Ale?re Sugar........50
100
78
107
11% Nov
5% Mar
Pullman
*100% 110
78*4
9% Apr 6
6,100
97
80%
83%
Feb19
2,200
6,b00
*93
78
5% Mar 8
5
40
97
1534
5634
July
3% Aug 6
39%
39%
*93
16
55
113%
39%
96
56
Jan
39%
38%
*93
16
43
Jan 5
113
113% 113% *111
76%
77%
76% 76%
97
56
Apr 8
No par
38
97%
June
55%
50
37%
90
97
Feb13
Philadelphia Co (Pittsb)
33%
36%
*16
Jan
Jan
16
36%
17%
No par
47
44
...No par
Bottle
21% July
145*4 Oct
70*4 July
75
July
67
July
19% Feb
44% Mar
25
Steel
May
Oct
July
94%
112
46
27
35%
95%
100
2434 July
88% June
604
Aprl7
t c No par
36%
95%
Mining
108% May
14% Aug 7
Penn-Seaboard St'I
10,000
1,90!)
20,300
*16%
Silver
Oct
July
92
13% Nov
91% Feb
3
Nov
75
101%
77%
22%
People's G L & C (Chic).. 100
38%
16%
Ontario
43% July
59% Junc26
4,000
37%
95%
Fuel Supply
25
Oklahoma Prod & Ref of Am.5
May20
2,400
38
16
Ohio
Feb11
48
29
32%
66%
par
45
22
37%
"65%
100
27
33%
*93
♦
Jan
100
21
1.300
95
*64"
61
preferred
Owens
55
114% 115%
*
Jan 3
700
37%
37%
95%
55
61%
Jan 5
48%
1,500 Otis
46
98%
*102
Jan 5
9
Otis Elevator
126%
22%
48
32%
9,600
200
6
126% *123
*46
32%
4%
6
47%
32 34
45%
47%
32%
45%
*28
"35%
22
4%
*5%
48
*46
48
*4%
6
36%
56"
17%
117%
Aug
49%
4%
4%
Jan
Sept
Aug 9
*47
600
64
102
89
North American Co
Jan
Jan 3
20
48%
4%
"800
Feb
Aprl2
100
Do
47
Dec
93
93%
110
100
48%
50
8%
45%
Jan 2
Jan 7
89%
New York Air Brake
49
36
«■>
Nevada Consol Copper
13
102%
New York Dock
*47
36%
15%
Aug 9
49
38
36
-
70%
100 *100% May21
...5
10% Aug 10
*47
37%
35%
-
100
Lead
pref
48
33
47%
Augll
48
32%
*45%
90
50
21%
33%
38%
~
6% Aug 4
Aug 9
50
100
Nunnally Co (The)....No
27
-
Dec
14%
21
-
103
*14%
27
83%
Janl3
Apr 7
15
21%
*55
102%
*14%
27
4»
Jan
15
26%
20%
14%
Nov
70
*14%
26*4
117
87
Jan 3
15
2534
21%
88%
Do
Sept
June28
80
Stamp'g.-.lOO
pref
National
45
98
*14%
92%
85%
*
Do
88% July 9
Feb
106%
Jan
29%
Feb13
15
84
W «'
Nat Enam'g <fc
71*4 Nov
Feb13
*14%
90%
85%
Nat Conduit <fc Cable-No par
Marl9
32*4 July
62*4 July
83
July
30% Septl3
82% Septl3
15
8419
48
100
Mar2o
118*4 Sept
Oct
83
42% Augll
91
-
pref
40
40
Oct
264
•
Feb
44
Nova Scotia Steel & Coal.. 100
89%
*92
100
50
82*4
*14
.100
v t c
& Suit
49
85
67
preferred
Do
100
100
110
Do
•
*48
91
*84%
28%
Nat Anil & Chem vtc..No par
84%
*44%
89
13%
Nov
49
83*4
1
100
50
31
""9%
Jan 6
50
*28
*39
May 4
Aug 9
50
*45%
33
62
95
.100
Pref
48
128%
127% *123
129% *123
22% 22%
*22% 23%
§059
Nov
47%
4%
*85%
54
*44%
*5%
*5%
40%
7
*49%
*44%
5%
139
32
6
Jan
51
"4634 47"
.
6
Jan
49
4%
*95
Jan
69%
100%
48
5%
81%
71%
52%
51
4%
*93%
Aug 5
Mayl9
10'
38% July
131*4 Oct
110
May
Jan
59
.100
*45
534
39
Nov
52
4I4
*7G
Dec
21
162*4
37% Aug 3
37%
84
*23
12%
99
6
Montana Power
Do
95
*90
*102% 105
32
3
6
49
47
4%
*32i2
*79
92
*24
*514
♦128
88-2
37%
8%
58%
102
Jan
52
52
♦14i2
*47
83
88
Jan
Jan
*45
*40
♦51
25
83%
88
95
75
75U
7514
75%
75% 75%
*101% 102
*101% 105
♦lOl'i 103
12
11%
11%
117S
11% 1134
23%
8
82%
104
Jan
27%
*33%
Janl2
26
32% May24
35
Jan
107
105
National Acme
34
Dec
60
222
Mont Wd&Co Ills Corp No par
89
Aug
28
Marl3
88
1,500
33
130
18% Aug 6
2,100
88
Aprl4
Jan 5
Aprl9
Do
pref
100
Miami Copper
5
Middle States Oil Corp..... 10
Mldvale Steel & Ordnance..50
34
31%
83
100
151%
33%
137%
97% Augl3
148
Aug 9
32
88%
83
Sept
98
3234
83
$ per share
Dec
137
34
3014
2:88
$ per share
32
89
83*2
$ per share
*95
35
81%
*33%
11,300
Highest
9 per share
96
Sept
34
89
34%
18% 117,300
Loioest
3278
33*4
34%
81%
17%
2,700
Highest
70% Augl8
100
Mexican Petroleum
176% 187% 123,130
"19% *19%
Lowest
20
25
Do ' pref
50
19%
18%
33%
81%
88%
35
♦34
100
May Department Stores.. 100
100
40%
*59%
,
""506
74% 75
§102
102
178% *175% 177-4
96
19%
32
31%
173% 175%
*9'->
96
Par
Manhattan Shirt
74%
*97%
*9712
Indus. & Miscell. (Con.)
Manati Sugar
200
102% 102%
*20"
76
*74%
1919
Year
lots
EXCHANGE
Monday
Sept. 13
Saturday
On basis of 100 -share
STOCK
YORK
Range for Previous
Range since Jan. 1
STOCKS
Sales
CENT.
June 3
62% Aug 9
93
82%
Jan 5
6
6
Jan
Jan
June
May
July
May
Oct
§ Less than 100 shares.
% Ex-rlghta.
a Ex-dlv. and rights.
* Ex-dlr.
0 Reduced to basis of 125 par.
n Par $100
k Name changed from Ohio Cities Gas to present title July 1 1920, range incl. prices from July 1 only range for Ohio Cities Gas Jan. 1 to July 1, 37 May 20, 50% Jan. 3
Bid and asked prices: no sales on this day.
New York Stock Exchange—BOND
Week's
•§2
Range
Friday
Range or
Sept. 17
Last Sale
P
Jan. 1
Price
BONDS
N. Y. STOCK
EXCHANGE
Week ending
U.
S.
55
Sept. 17
No.
High
Ask Low
Bid
Government.
1st 15-30 year..1932-47 J
Second Liberty Loan
4s
IstLLconv
4s
D
Low
-a
High
90.00 Sale
89.94
90.10 2764 89.10 100.40
D
85.70 Sale
85.40
85.88
14
83.00 93.48
1927-42
N
85.10 Sale
84.60
85.10
102
81.40 92.90
D
J
78%
*87%
J
N
J
80
85
85
82
83
81
96%
99
96
J
93%
J
97
S
78%
M
J
D
86.00 Sale
85.52
86.00
598
84.00 94.00
1927-42
N
85.12 Sale
84.56
85.30 5535
81.10 92.86
3rd L L
1928
S
88.44 Sale
87.98
88.68 5178 85.80 95.00
4 Ms
1st L L 2nd conv 1932~'47
D
96.50
97.30
97.84
10
86.00 101.10
1st consol gold 53...
1939.M
J
N
4Mb
4th L L
1933-*38
O
85.32 Sale
84.74
85.50 11353
82.00 93.00
Registered
General gold 4Mb
1939 M
N
95.38
95.58 4704 94.70 99.40
D
95.44 Sale
95.40
95.50 2349 94.64 99.40
J
100
10H2 100
J
100
IOH2 10012 June'20
Aug'20
105
IO6I2 105
F
105
10612 10512 Sept 20
F
100
IOH2
N
Mar* 19
99
July'18
100
85
M
Jan 1921
s
do
...1926 A
do
do
...1931 A
2-yr 5Ms gold notes Aug 1921
87%
_
Italy (Kingdom of),Ser A 6Ms'25 F
A|
A
991s Sale
98%
99%
Joint bond3
92
91%
92
5
89%
98
Nebraska Extension 4s
8234
4234
8334
11
82%
92%
43
10
41
50
76%
84%
77
19
74
80%
85%
55
81
81%
12
70
70
Sale
1934 M
M
Mexico—Exter loan £ 5s of 1899 Q
1954 J
<Jold debt 4s of 1904
Paris (City of) 5-year 6s
1921 A
Switzerland (Govt of) s f 8s 1940 J
M
Tokyo City 5s loan of 1912
U K of Gt Brit & Ireland—
97%
98%
68
.1921 M
20-year gold bond 5M3..1937 F
10-year conv 5 As
1929;F
pl922.F
J X 5834 Sale
83
84
N
Sale
N s81
57%
J t 42% Sale
36
Sale
D
94
O
J
S
N
A
O
A
44
93%
98%
90%
66
Sale
203
59
4138
43
32%
36%
81
93%
94%
260
407
181
103
95%
82
67%
82
J
102% Sale
102%
s52% Sale
52%
53%
13
97% Sale
96%
97%
911
82% Sale
82
85% Sale
94% Sale
84%
92%
Refunding gold 5s
Refunding 4s Series C
76
77
52%
71
Chic LS& East
44
37
88%
94%
1st 4Mb..1969 J
Ch M & St P gen g 4s ser A_el989 J
State and
4 Ms
_
83%
83%
.1966 A
90
4Mb Corporate stock July 1967
1965 J
1963 M
90
4% Corporate stock..
1959 M
1958 M
4% Corporate stock..... 1957 M
81
4% Corporate stock
80%
4% Corporate stock reg__1956 M
79%
89%
4Mb Corporate stock
4Mb Corporate stock.
90
81
N
4Mb
1957 M ""
4M% Corporate stock...1957 M
3M% Corporate stock...1954 M
New
71
83
Sale
84
84%
Sale
90%
Sale
82
Sale
J
Canal Improvement 4s... 1962 J
Canal Improvement 4s...I960 J
Canal Improvement 4Mb. 1964 J
Canal Improvement 4 Ms. 1965 J
Highway Improv t4Ms._1963 M
Highway Improv t 4MB--1965 M
Virginia funded debt 2-3s__1991 J
5s deferred Brown Bros ctfs
65
--
£1990 Q
J
53
g
1995 A
O
1995 A
O
*1995 Nov
*1905 Nov
4s
Registered
Adjustment gold 4s
Stamped
1955 J
1960 J
Conv gold 4s
Conv 4s issue of 1910..
1962 M
S Fe Pres & Ph 1st g 5s...
1942 M
Atl Coast L 1st gold 4s
Ala Mid 1st gu
1964 J
gold 5s
1928 M
gold 4s. 1938 J
1936
L & N coll gold 4s
01952
Sav F & W 1st gold 6s
1934
1st gold 5s
1934
Bait & Ohio prior 3Ms...-.1925
Registered
*1925
1st 50-year gold 4s
*1948
Registered
*1948
10-yr conv 4Ms
...1933
Refund & gen 5s Series A. 1995
Temporary 10-yr 6s
1929
Pitts June 1st gold 6s
1922
All & West 1st g 4s gu
Clear &Mah 1st gu
71
1932 J
D
71
Sale.
70
71%
80
78
Jan'20
78
D
73
77%
J
96
98
75% Sept'20
96
Sept 20
94
84
Sept'20
81%
95%
84
95%
85%
93
21
90
80
90%
81
3
79%
81
25
80%
91
90
82%
Sept'20
91
June'20
93
July'20
107%
99
Jan'20
Mar'20
102
May'20
95
July'20
1987 M
General gold3Ms
pl987 Q
Registered
1987 M
Stamped 4s
1987 M
General 5s stamped..
1987 M
Sinking fund 63
1879-1929 A
General 4s
89
93
97
99
100
!
107%
65
153
53%
69%
70%'
65%!
60
69%
84
83% Aug'20
62
12
69
62
64%
77%
89%
I
5
XI
ManGB&NW 1st 3Ms.1941 J
li 67%
82%
D
Milw & S L 1st gu 3Ms...1941
Mil LS & West 1st g 6s
1921
58
79
82
88
64%
69
75%
July'20
67
76%
81
82
82
J
72% Sale
71%
1988 J
J
70%
68% Sale
76% May'19 ...J
67%
68% 292
--
D
J
N,
N
J|
S
O;
1936! J
1998|A
g5s_.1943 J
O
J
A
D
O
Car|Clinch & Ohio 1st 30-yr 5s 38 J
D
Ga^st gold 5s—pi945 F
A
Consol gold 5s
1945 M N
10-yr temp secur 6s June. 1929
..
Central of
latest thia week.
68%
90
97%
Feb'19
82
89
Oct'19
71
70
72%
77
77
77%
68%'
J
Apr'20
98
70%
73%
Sept'20
I
li
84
73%
73%'
1
86
102%
Oct'19;
76% Nov'19
68%
70%
60%
61%
61
78%
72%
"h
71
96
96
29%
100
77%
Colorado A Sou 1st g 4s
78% Sale
78%
Refund A Ext 4Mb
71% Sale
85
96
Conn A Pas Rivs 1st g
97% 100
Cuba RR 1st 50-year 5s g._1952
69%
87% I
10
85
95%
82%'
12
75%
88
87% Sale
86
87%
27
83
94
«Due Jan. dDue April. «Due May. #Due
8
79
Sale
80
97
62
31%
Aug'20
31
o
Scpt'20i
May*19!
1990
1929
1935
6s...1921
4s
1943
77%
Nov'16
93%
73%
87
81
82%
95%
69
82% Sept'19'
72%
1961
9934 100%
77%
o
69
73%
83%
81
86%
77%
77
Cleve Short L 1st gu 4Mb
Ft W A Den C 1st g
85
84
Income 4s
53
88
73
*1936
Cin S A CI cons 1st g 5s
1928
C C C A I gen cons g 6s..1934
Ind B A W 1st pref 4s
1940
O Ind A W 1st pref 5s_. ,dl938
6718
76%
92 34
Sale
84%
1940
4s. .*1936
Peoria A East 1st cons 4s. 1940 A
4434
88%
87
73%
84
g
Registered
-
Jan'20
May'20
98%
....
Sept'20
b 85
69
84
52%l 107
101% 100
80%
99
67
74%
68
90%
...
60%
66%
72
61%
91%
613s
66%
Jan'19
67
62%
90%
73%
62
65%
Aug'19|
72% Aug'20
56%
St L Div 1st coil tr g 4s.__ 1990
91
89
Aug'20
92
85
81%
57%
69%
85
80
75
81%
.
99% Mar'18
84
68
57%
C I St L A C 1st
62
Mar'171....
79
68%
63%
77%
103
Aug'20
60-%
5134
52%
83
Cin W A M Div 1st g 4s..1991
"e'o" '78'
98
31
69
82%
74%
1940
87%
81
81
Spr A Col Div 1st g 4s
W W Val Div 1st g 4s
79%
78
70
71
I
67%
79%
81
J
J
J
M if*
M S
J
J
F
Q
F
Q
J
J
J
J
O
A
J
Q
73
104
60
67% Sale
77
90%
67%
77%
Sept'20
D
J
67%
85%
Jan'20!
81
73%
1939 J
67%
52
J
1993 J
75
80
88
Cairo Div 1st gold 4s
63%
97%
May'17i
General 5s Series B
Sept 20
52% Sale
89% 95
90
69
74%
67%
61%l
70%
60
77,
Aug'20!
J
D
1
June'19!
60
N
58%
98
67%
100
60% Sale
60
191
Mar'20i
70
103
60%
65
.
87%
76%
Nov'16|
J
57%
61%
88
52
100
65
58
May'18,____
81
Sale
90% Mar'20
D
M
53
95
70
Sale
91
79%
118
81
63
90
s
....
57%
75
90%
97
78
Jan'121
81
J
M
Day A Mich 1st cons 4Mb 1931 J
Clev Cin Ch A St L gen 4s._1993 J
20-year deb 4Mb.:
1931 J
J
17
!
Mar'20
Q
J
S
79
13
70
67
66%
6678 Sale
100%
100% 100% 100%
79% Sept'20
79%
81
83
83 I
83
Sale
55
68%! 161
80%
Superior Short L 1st 5s g.el930 M
Chic T H & So East 1st 5s..1960 J
G Find & Ft W 1st gu 4s g 1923
Feb'20
85
J
D
70
92
99%
99%
96% 100%
72%
70
67%
o
o
98%
95%
72%
Apr'20
78
90
July'20
87%
60%
112
Aug'20
81
66
78
88%
89% Sale
-
72
86%
92%
67
68% Sale
88
66% Sale
90%
60
....
s
68
67%
Jan'17
Apr'20
; 100
Sept'19
96% June'20
99%
o
North Wisconsin 1st 6s... 1930
Sale'
88
98% July'20
I
A
Cons 6s reduced to 3Ms.. 1930 J
Debenture 5s
1930 M
Chic & West Ind gen g 6s__el932
Consol 50-year 4s
1952
Cin H & D 2d gold 4Mb
1937
I
...
(VI
A
'99% 10178
105% Nov* 19
98%
Chic R I & P—Ry gen 4S....1988 J
80
84%
46
82
78
68%
!
101%'
72%
D
94%
Oct'16
95
99%
Apr'20'
Nov'18
J
69%
81%j
97
J
95%
98% 100
84
101% 101% 101%
76
101%
5
s
|
Aug'20|
90%
86%)
Mil Spar & N W 1st gu 43.1947 M
St L Peo AN W 1st gu 5s 1948 J
|
July'15-
98
83%
86%
101
A
" ~99 "
96
95
Keok & Des Moines 1st 5s 1923
92
94%
s
15
100
04.
Feb'20!
Aug'20!
Mar' 19;
97
St Paul & K C Sh L 1st 4Mb '41 F
ChicStPM&Ocons6s_... 1930 J
103
98
86% Sale
N
98
99
Apr'10
90
o
75%
84%
99% 100
A
68%
70
...
A
Refunding gold 4s
1934
R I Ark & Louis lst4Ms..l934
Burl C R & N 1st g 5s
1934
81
59%
67" "80 "
75
75%
Sept'20
Apr'20
Ext & imp s f gold 5s... 1929 F
Ashland Div 1st g 6s... 1925 M
Mich Div 1st gold 6s
1924 J
Registered
92
81
Apr'19
58%
26
105
5
94%
98
....
66%!
55%
75%
68
...
77%
81%
J
75
Jan'20.
94
97%
" "78""
75%
J
99%
Aug'15:
.109%
65
58
s
75
Sept'20
o
99
94%
57
M
99%
3
S
75%
9
j
J
C R I F & N W 1st gu 5s.. 1921 A
Ch Okla & G cons 53
1952 M
68%
95% 100
N
66
82%
O
1933 M
95
69
94
N
50
47%
75
1933 M
95
Dec'18
76%
78%
94%
o
Registered
July'20
94
A
10-year secured 7s g
1930
Des Plaines Val 1st gu 4Mb '47
From Elk & Mo V 1st 6s.. 1933
99
Aug'20
81
75%
o
.....1921
84%
75
o
65
66
N
o
98%'
85
70%
94%
93%
Feb'20
66%
N
1921 A
Registered
93%
97
N
1879-1929 A
I
94% June'20
F
1879-1929 A
Sinking fund deb 5s.
107% 108
66
Registered
Debenture 5s..__.
91
*78%
Sinking fund 5s
8912 100%
91
82%
A
N
O
Registered
81
A
..1879-1929 A
89% 100%
71%
1886-1926 F
Registered
100%
89% 100%
Aug'20
4M8..1934
Cons extended 4Mb
1934 J
Wis & Minn Div g 53
1921 J
Chic & N'west Ex 4s_._1886-'26 F
81
67%
65%
97%
93%
73
81
81
79%
53
D
81
80%
70
84
J
Sale
78
73
34
Sept'19
80%
Sale
61
98% 102
Sale
Sale
64%
72%
144
90
84
100
60
J
100%
75
I
5
6s..1924 J
67%
1933;A
4
Sale
70
63
78
6s..1921 F
Consol 1st g 68
1922 J
Canada Sou cons gu A 5s—1962 A
No prioeFriday
70
98
129%
Roch & Pitts 1st gold
♦
A
Sale
79
D
General gold 5s
1937jA O
Pitts Clev & Tol 1st g 6s_.1922 A
O
Tol & Cin div 1st ref 4s A. 1959'J
J
Buffalo R & P gen g 5s
1*371 M S
Consol 4Ms
1957;M N
Ohio River RR 1st g 5s...
78
52%
Sale
68
J
P June & M Div 1st g 3Msl925 M
PLE A W VaSysref 4S..1941 M
Southw Div 1st gold 3 Ms. 1925 J
Cent Ohio 1st c g 4Mb..1930'M
CI Lor & W con 1st g 5s..
67%
119
65
113
J
J
25
63%
82%
75%
—
"6078
73%
62
56
57
98
101
J
67%
M N
99%
A
O
O
A
J
8134
J
T *
Q
A o' s68
Q
J
Bruns & W 1st gu
Charles & Sav 1st gold 7s.
53%
72%
Sale
s
J
assum g
82
72
...
J
88
92
Feb* 16
Aug'20
J
22
74%
92%
80
33
i
1926 J
Chic & P W 1st g 5s
1921 J
C M & Puget Sd 1st gu 4s. 1949 J
90%
9234
62%
68
94%
89%
71
62%
66%
95%
90
90%
62% May'20
80
Mar'20
77
89%
68
75
75%
99% Sale
1930 M
71
Sale
62
""
*1952 M
10-year secured 7s
Gen unified 4Mb..
67
May'19
81%
9
82
63
83
11
75%
68
71
714
6934 Sale
80
68
239
71%
71%
....
80%
75
8234
85%
62
75%
*1
97
80%
94%
Aug'20
,7112-09
74%
72% 7334i 72-%
J
Cal-Ariz 1st & ref 4Mb" A
57%
93%
18
55
94%
69
Rocky Mtn Div 1st 4s... 1965 J
Trans Con Short L 1st 4s. 1958
50%
Aug'20
80% Mar'20
68
Mar'20
J
6
85
71%
70
Chic & L Sup Div g 5s
Chic & Mo Riv Div 5s
70% Sale
83%
4s... 1928 M
East Okli Div 1st g
67%
52
64%
Mar'17
93%
76
Dr'
J
50
50
Feb'13
54%
54% Sale
J
50
87%
Mar'20
32
*
68
90%
366'
...
95
75
....
81%
33
32%
90%
73%
207
75%
76
71% July'20
68
70%'
73
20%
19%
31
87% Sept'20
73%
73%
50
Apr'20
60
May'20
64
Atchison Topeka & Santa Fe—
Gen
33
30%
77
90
53
Sale
33
Sale
76
7134 Aug'20
s75% Sale
Sale
31
62
Railroad.
Ann Arbor 1st g 4s
33
Sale
90
63
67
Sale
90
78%
78
62
98% Aug'19
100
Nov'19
Sale
77%
76
90
"72%::::
"78%
J
90%
98
92
77%
D
89% Sept'20
100
83%
1934 J
1921 J
82%
"9l"
Canal Imrpovement 4s...1961
87% Sept'20
90% Oct'19
1925 J
91
1961 M
N Y State—4s.
8734
25-year debenture 4s
81
73
84
86%
Permanent 4s
8534 Aug'20
90
Sale
76
97%
Milw & Nor 1st ext
84
98
92%
City Securities.
Corporate stock
4Mb
Fargo & Sou
City—4Mb Corp stock. 1960 M
4Ms Corporate stock
1964 M
38%
73% Sale
Gen &ref Ser A 4Mb
a2014 A
Gen ref conv Ser B 5s...a2014 F
t These are prices on the basis of $5lo£
N Y
49
96
O
Gen'l gold 3 Ms Ser B
el989 J
General 4Ms Series C...el989 J
Convertible
41
29%
73
el989 Q
Registered
100% 103%
50
61
65
79%
J
J
Ind & Louisv 1st gu 4s...1956 J
Chic Ind & Sou 50-yr 4s
1956 J
29%
24
44%
38%
97%
69
26
73
78%
A
92
93%
61%
58%
Feb'20
70
J
92%
1
Feb'15:
44%
37%
44%
Sale
53
Stamped
Guar Tr Co ctfs of dep
Purch money 1st coal 5s__1942 F
J
81
69%!
Aug'20!
113
70
dep
S
83
8234
dep
U S Mtg & Tr Co ctfs of
1947 J
1947 J
9
84
81
U S Mtg & Tr Co cts of
Chic Ind & Louisv—Ref 6s. 1947 J
20
83%
1958
Chic & E 111 ref & imp 4s g__1955
97%
June'19
88% Sept'16'
...
1927
102%
89%
Jan'20
1927
Chic & Ind C Ry 1st 5s... 1938 J
Chicago Great West 1st 4s__1959 M
101
69
....
69%
70
79% Sale
70
98
63%
Dec'19,-—
64
88
92%
85
57%
70
1937
81%
70
69
1930
43
77
"77"
617
98
1st consol gold 6s
88%
89%
82%
69%
See Great North
Registered
96
95
"31
85
60
General consol 1st 5s
98%
85%
84
80%
69%
86
95%
86%
281
1949
79
78%
66%
70
76
38
225
Illinois Div 4s
99%
126
6934
80
87%
102% 5053
1949
87%
96%
—
75%
69
38
100%
73%
61%
68%
79
92% Sept'20
73%
75%
73
74%
91
76
1931 J
Marseilles (City of) 15-yr 6s 1934
117
Illinois Div 3Ms.
General 4s
92%
84%
2
83%
8734
{ 75% Sale
J % 73
Sale
98% 101
82
87
75
68
Mar'17
78%
44
1950
81%
90
6334 July'20
8234 May'19
62%
Alton RR ref g 3s_. 1949
98%
13
86
71
61%
85
79
28
74%
Chic B & Q—Denver Div 4s. 1922
93% 100 Mi
46
"German stamp".
Sterling loan 4s
Lyons (City of) 15-yr 6s
1116
99%
98% 98%
90% Sale
10134 Sale 101
F
Mi
341
88I4 Sale
88% Sale
Japanese Govt—£ loan 4i2s.l925 F
Second series 4Mb
1925 J
5-year conv 5Ms
58%
1989
86%
..
90
74
64%
2d consol gold 4s
1989
Greenbrier Ry 1st gu g 4s. 1940
Warm Springs V 1st g 5S..1941
70
80
1929 F
10-year 5 Ms
French Republic 25-yr ext 8s 1945 M
5-year 5M% notes
1946 J
R & A Div 1st con g 4s
97%
85
F
5s.1921 A
do
do
Potts Creek Br 1st 4s
97
68i2 73
8284 Sale
98% Sale
Dominican Rep Cons Adm s f 5s 58
do
61%
69
A..49 F
1949 F
Dominion of Canada g
Craig Valley 1st g 5s
97% Sale
Cuba—Externa! debt 5a of 1904. M
Exter dt of 5s 1914 ser
104
89%
83
89%
....
60%
79%
9834l
Jan'18
Sept'20
S
74% Sale
74
S*
A
75% Sale
8434 Sale
J
1940 J
106%
Aug'20
98%
78% June'20
..1944 J
9978
8212 84"
M N
t 42l2 4278
J
76% Sale
f 5Ms..l944 J
External loan 4 Ms
100
84
Sale
High
76%
85
Aug'20'.-
90%
83
Low
——
Sept'20
100%
99
90
Coal Rivei Ry 1st gu 4s__1945
Chic &
&-year 6% notes
Jan 1925
Bordeaux (City of) 15-yr 68.1934
Chinese (Hukuang Ry) 5s of 1911
Copenhagen 25-yr
101%
Mi Sale
69*2 Sale
100
f 7Ms g.1945 J
1-year 6% notes
1992*M
Ralluay 1st lien 3Ms
Argentine Internal 5s of 1909
s
1921 J
gu 5s
Registered
1992 M
20-year convertible 4Mb.. 1930 F
30-year conv secured 53..1946 A
Feb'15
Foreign Government.
Anglo-French 5-yr 5s Exter loan. A
Belgium 25-yr ext
A1987, Q
Imp
N Y &Long Br gen g4s_.1941|M
Chesa & O fund & impt 5s._1929i J
Big Sandy 1st 4s
Apr'20
87i2 Mar'20
87
78
F
98
Registered
Am Dock &S
100% 101
105
106%
7912
83
M
100
July'20
F
M
1961 Q
1914-'34 Q
Registered
Philippine Islands 4s
95.50 Sale
June'17,
J
1946 J
1st L L conv_._1932-'47
D
97%
1947 J
2nd L L
1922-23
3Ms
conv g notes
1922-'23
2s consol registered
dl930
2s consol coupon
dl930
4s registered
1925
4s coupon
1925
Pan Canal 10-30-yr 2s
*1936
Pan Canal 10-30-yr 2s reg__1938
Panama Canal 3s g
1961
May'18
Mobile Div 1st g 5a
Since
Jan. 1
No.
High
90
Mid Ga & Atl Div 5s
4Mb
Victory Liberty Loan
4Mb
conv g notes
....
Range
1«
74% May'19
...
4^8
Fourth Liberty Loan
Ask Low
Bid
4Mb
conv__
Range or
Last Sale
Mac & Nor Div 1st g 5s__1946
Cent RR & B of Ga coll g 5s. 1937
Cent of N J gen gold 5s
1987
Third Liberty Loan
Friday
Sept. 17
Cent of Ga (Concl.)—
|
Chatt Div pur money g 4s 1951 J
J
fs
Week's
Price
EXCHANGE
Week ending Sept. 17
1932-'47
2nd LL..
3
BONDS
N. Y. STOCK
Since
First Liberty Loan
3Ms
H67
Record, Friday, Weekly and Yearly
changed and prices are now—"and interest"—except for interest and defaulted bonds.
Jan. 1909 the Bxchange method of quoting bonds was
47
62
16
31%
73
88%
74
85%
63
66%
75
1
91%
98
63
73
63
70%
68
Del Lack A Western—
Morris A Essex 1st gu
3Ms2000
N Y Lack A W 1st 6s
Construction
5s
Term A Improv
4s
19211J
1923 F
1923 M
Juno. ADue July. *Due Qug. fDue Oct. pDuo
69% Sept'20
99%
99%
92% May'20
90
June'20
...
2
98% 100t8
92% 97%
90
Nov. oDue Deo. » Option sale.
94
1168
New York BOND Record—Continued—Page 2
Range
BONDS
Range or
Since
N. Y. STOCK EXCHANGE
Sept. 17
Last Sale
Jan. 1
Sept. 17
equip
g
High
102% Feb'O 8
A
i
95
1943 M
N
78
....1935 A
O
1922 J
4Mb
1st & ref 4s
20-year conv 5s
Ask Low
Bid
Delaware Lack A West—Concl.
Warren 1st ref gu g 3 Ms. .2000 F
Delaware & Hudson—
1st Uen
Week's
Price
EXCHANGE
Week ending
10-year secured 7s
1930 J
Alb A Susq eonv 3Ms..__1946 A
Renss A Saratoga 1st 7s..1921 M
■8-
Friday
BONDS
N. Y. STOCK
951*
Sale
No. Low
Week ending Sept
95
9434
967*
78
78
67
81
73
85%
72%
Consol gold 4Hs....
Sale
65
68
71
68
Sale
67
68
12
58«4
627*
14
63
73
70
38
56
39
54
70%
75
58
67
48
55
2512 July'10
727*
73i2
69
80
93i8 June'20
927*
93%
80
90%
70
72
70
72
52
Sale
52
Trust Co cert Us of deposit..
Rio Gr June 1st gu 5s...1939
48
51
52
701*
75
37%
70% July'20
..
J
Rio Gr Sou 1st gold 4s....1940 J
Guaranteed...
...1940 J
Rio Gr West 1st gold 4a_.1939 J
"707* "78"
84*2
Chic A Erie 1st gold 5s...1982
Cleve A Mahon Vail g 5s..1938
Erie A Jersey 1st sf 6s.... 1955
Genesee River 1st s f 6s.
1957
..
6s
1935
Coal A RR 1st cur gu 6s.. 1922
Dock A Impt 1st ext 5s... 1943
96
M
N
43U Sale
42*4 Sale
49U Sale
4U2
J
A
M
J
M
J
O
N
J
N
~
80
83
103
Jan'18
91
Feb'20
60
83
85
Jan'18
Sale
60
30
A
50
55
55
N
78
88
97
Dec'18
O
72%
72
Nov'19
48
June'20
*
-
-
"s'e" "90"
65
J
J
65"
m,
mm-
57%
m
m
1937 J
D
Pacific ext guar 4s £. ...1940 J
E Minn Nor DIv 1st
g 4s.. 1948 A
Minn Union 1st g 6s..... 1922 J
J
O
J
96%
J
101
"88»4
4M8.1999 J
9%
647g
Illinois Central 1st gold 4s..1951 J
81
...1951 J
....1951 J
66
751*
__
1951 A
92
Aug'10
Aug'20
76
Dec'19
951*
......1952 A
1st refunding 4s.
..1955
Purchased lines 3Ms.
1952
L N O A
Texas.gold 4s... 1953
Registered
....1953
15-year secured 5MS.....1934
Cairo Bridge gold 4s.
1950
Litchfield Div 1st gold 3s. 1951
Louisv Dlv A Term
g 3Ms.1953
Middle Div reg 5s...
1921
M
Registered
51%
"56"%
"96"%
Registered
1951
Beilev A Car 1st 6s
1923
Carb A Shaw 1st gold 4s.. 1932
Chic St L A N O gold 5s..1951
Registered
Gold 3Ms-.._
92%
89
95%
80
70
85%
83%
Trust Co certfs of deposit
St Louis Dlv 1st ref g 4s..2001
79
mm
76%
80
Sept'19
83
Mar'20
82" "83"
78
July'20
78
78
97
Feb'20
97
99
91%
Sale"
Apr'20
70
10%
71%
-~-
....
95
....
70
78
78
79%
83%
Aug'20
Nov'15
63%
"72"
6284 June'20
62%
92
64
....
"67%
80
July'09
70
71%
67
74
F
95
....
75%
Sale
69%
July'20
"23
91
"27
6384
72%
63
63
83
93%
SO
58
54
54
62
Aug'20
Aug'20
54
....
62
69
102
June'16
54
Aug'20
54
58%
655*
55
"6912
80%
87
117% May* 10
*73
Mar'19
87
Sept'20
"62
95% Feb'19
65% July'18
Mob A Ohio new gold 6s
.ftl927
General gold 4s
1938 M
Montgomery Div 1st g 5S.1947 F
St Louis Div 58....
1927 J
St L A Cairo guar g 4s._1931 J
Nashv Chatt A St L 1st 53-1928 A
61%
Nat Rys of Mex pr lien 4Ms. 1957
Guaranteed general 4s
1977
61%
Nat of Mex prior
81
647*
70
Registered
80%
69%
"79 " "80
69%
92% 100
69i2 7514
s54% Sale
....
84
.1950 A
2
3
Jan'20
5484
78
Oct,'09
Apr 1950 J
69% Sale
68
Kansas City Term 1st 4s... 1960 J
Lake Erie A West 1st g 5s... 1937 J
2d gold 5s
...1941 J
North Ohio 1st guar g 5s..1945 A
7H* Sale
70
77
79
64
67
60
81
LelrVal N Y 1st gu g 4MS..1940 J
79*2
8712
Registered
1940 J
prloe Friday latent bid aat asked this week,
69%
71%
68%
67%
43%
51%
68
14
45
21
Sale
ft
46
46%
68% Sept'20
44
"i
44%
88
3;
93%
81%
65%
J
31
45
52
35
1
26
24%
26
24
23%
"32""
36
55
58
40%
"So"
43
28
26
23
49%
Aug'20
45" "49%
62%
Dec'14
Sept'20
Aug'20
40
78%
79%
88
88%
86
56
Sale
84% Sept'20;
55%
56%
98%
98%
65
Aug'20
68
June'19
72
50
"4
29%
I
74%
83%
84
91%
89%
■
6|
170
1
,
74%
"29*12
51
59
96%
98i2
60" "67%
3
75
.—I
79% Aug'20
85
85%
102
July'14
73%
50
Oct'18
58
72%
20
Dec'16
84
73
33"% "4(j"
48%
2
44
88% Sale
89
27
23
79% Sale"
*85
37%
35%
17
Feb'20
29%
....
"607*
23
Aug'20
29%
77%
85% Sale
52%
23%
27%
37
29
....
91
24
51
73%
82
88
June'20
30
58%
45
70%
45
44
"62 " "65"
467*
71
68%
35%
23%
40
99%
55
40
30%
48%
98%
65%
347*
42
25
48%
32
97%
75
45
85"" "92%
86%
35
O
99
95
91
Dec'16
40
Sale
85
95
Nov'19
43
70" "79%
76%
80
,5
73
Oct'17
69%
70
87
Sept'20
91
Sept'20
86% Sept'20
87
94%
*66" ~76~
80%
"69"% ~70"
80
95
....
82%
57%
93
60
58
68
76
77% Mar'20
—78
72
25
A
15
Non-cum Income 5s A.1..1935
777*
70%
Sale
91%
95%
17
96
99
84
11
63%
80
"72"
87
1027*
86% 95%
517*
59
76% 77%
91
58
75
777*
73
Sept'20
68
84
781*
74%
97%
110% Mar*17
25
28
28
25
25
Sept'20
Sept'20
15
Jan'20
13
....
-J
61% Sale
61%
63%'
J
92
Sale
92
92
A
58
Sale
"17% ~3<j"
13
23
25
25
15
15
*?!
567*
65
90%
96
57
58
83
41%
59%
—1935 M
Consol 4s Series A
1998 F
Ref A Imp 4Ms "A
2013 A
New York Cent A Hud Riv—
91% Sale
90%
92
252;
86
93%
93
69
Sale
69
11
5
72
75
69%
76%
63
78
69%
79
J
J
M
M
J
66% Sale
66
67
30
61%
70
70%
83%
69%
6912
64
65
64
61
75%
76
75
86%
64%
82%
76%
65
65
55
62
-1997
-1997
.1934
—1934
1942
Registered
Debenture
gold 4s
122
"86
683*
91%
68%
93
78
78
497*
59
"63% "75"
75% Sept'20
803* Febc17
65
Aug'19
72
81%
2d guar gold 5s
Registered
80% Sept'20
Sept'19
79
87%
Beech Cr Ext 1st g
4s—1936 J
..1936 J
.1936 J
1936
3MS.61951
1981
5S..1942
Cart A Ad 1st gu g 4s
Gouv A Oswe 1st gu g
65
..
54%
Beech Creek 1st gu g
78
68
61%
3Ms
Sept'20
76
I
61%
60%
*60%
61%
42
49
73%
....
Aug'20'
61%
52% May'20
61%
61%
58
Aug'20
60%
61% Sale
Feb'20
82% Jan'20
95% NoV 16,
104
May'16
0
O u
f n*
ft D is July,
n D is
Sept.
"21
""1
69
52%
60
54
617*
58
58
49
49%
82%
82%
73
73
55%
73
64
78%
June'20
....
75
t> Due Feb.
ii
66% June'20
1998 F
Registered
58
76%
Registered
....1998 F
Mich Cent coll gold 3 Ms—1998 F
Registered
1998 r
Battle Cr A Stur 1st gu 3s. 1989 J
Lake Shore coll g
76%
Due Jao.
54
70
A
J
627*
a
1
91
79
J
Registered..
30-year deb 4s
91%
54
65
.
91
88
J
Conv deb 6s
77% Aug'19
683*
68%
78
58
New York Central RR—
80%
Feb'20
93
Mar'20
88
lien 4Ms. 1926
1st consol 4s
-.1651
New Orleans Term 1st 4s... 1953
N O Tex A Mexico 1st 6s...1925
Nov'17
65
July'20:
95
79
28
Mortgage 3Ms„—
78
1927
1st ext gold 6s
..1951 J
James Frank A Clear 1st 4s. 1959 J
Kansas City Sou 1st gold 3s. 1950 A
1929
Riv A G Div 1st g 48.-1933
Verdi VIA W/lst g 58—1920
Nov'10
92
1951 j
St Louis 8ou 1st gu g 4s.. 1931 M
Ind 111 A Iowa 1st g 4s
1950 J
Int A Great Nor 1st g 6s....1919 M
1975
55
Nov'16
100
F
53
June'16
79% May. 19
F
F
M
M
M
M
J
F
J
A
A
J
J
M
M
J
Q
Jasper Branch 1st g 6s... 1923 J
52" "62""
16
Feb'20
61%
A
Ser Ba.1923 F
Registered
74%
59%
Nov'10
99
86%
45
--
M
J
58—1943 M
2d extended gold 5s....1938
65" "76%
62%
"28
75
93
45
79
J
Gen con stamp gu g 5s.. 1931
68
Joint 1st ref 5s Series A. 1963 J
68
M
6s.. 1920
1945
3d 7s extended at 4%
1938
Cent Br U P 1st g 4s
1948
Pac R of Mo 1st ext g 4s.. 1938
75
87%
82%
61
65
5!
cons g
72
93%
76%
.
Aug'20|.
27
40-year gold loan 4s
104"
"77" Mar" 16,!
99
...1944 M
--
101%
63%
7934
.
27
"62%
Aug'20
Memph Dlv 1st g 4s... 1951 iJ
Registered
1951 'J
65
51%
76
.
Dec'19
Jan'20
25
Missouri Pac 1st
70
....
69
70
85
64%
45%
60%
"89"" "89"
20
General 48—
64% Aug'20
80
90
80
64%
,
'g'6% 100""
<
37%
35%
953* Sept'12
Sale
....
35%
1st A refunding 5s
62
Mar'20
35
1st A refunding 5s Ser C..1926
18
Ffcb'05
89
172
Missouri Pacific (reorg Co)—
1st A refunding 5s Ser A.. 1965
Aug'20
Sept'17
65
95
'57%
Texas A Okla 1st gu g
81%
65
56%
10%
73
2
12,
95
70
65
71%
95% Nov'19
104
Aug'20
08% Sept'20
79% July'20
75
Aug'20
86%
55
58%
5934
48%
3!
57% Sale
37% Sale
36%
M K A T of T 1st gu g 5S.1942
Sher Sh A So 1st gu g 5s_.1942
64% Aug'20
Jan'19
9884
48%
72
100
37
5% secured notes "ext
16
Dall A Waco 1st gu g 5s_. 1940 M
Kan City A Pac 1st g 48-1990 F
Mo K A E 1st gu g 5s
1942; A
M K A Okla 1st guar 5s.. 1942 M
69»4
72
73% June'18
73% Oct'18
76% Apr'19
78
Mar'20
100
70
91%
7
Feb'20
86%
91%
10% Sept'20
100% 103
Mo Kan A Tex—1st gold 4s. 1990
85" "94"
87
85
Apr'20
79%
98%
98%
90
85
Mississippi Central 1st 5s
96% 106%
98%
101
136% May'06
100
93%
80%
*15
M S 8 M A A 1st g 4s int gu.
June'16
79
60
M
87% 101
f 4s..—.1941 M
1st A refunding 4s.
2004
Trust Co certfs of dep......
Gen sinking fund 4 M s
1938
561*
J
s
92
J
J
J
"98%
98
--
83%
8884
1951 J
1938
1st Chic Term
96%
95U
89
102i2 May'16
Aug'20
May'20
89% Sept'20
79%
80
81% Sept'19
87% Sept'?<0
101%
102%
85
Aug'20
97% May'16
72%
J
J
Reflnding gold 4s_.
.1951 M
MStPASSMcong4sintgu.l938 J
1st cons 5s.
86%
63
057*
"64"%
63
"84"% "88"
<—.1934 M
M
1st ext gold 5s_.
....
Western Lines 1st g 4s....1951 F
75%
91
99
91
61%
88
,
1921 A
99
J
J
6212
70
82
90%
99
68i 2 Sale
63
1951 J
No
Pacific Ext 1st gold 0s
1st consol gold 5s
68%
1927 J
99
1951 J
Spring! Dlv 1st g3Ms
•
Minn St Louis 1st 7s
99
6484
5712
55i2
48%
97%
4s..l977,M
Stamped guaranteed..... 1977 M
Midland Term—1st s f g 5s. 1925 J
96% 1053*
J
M
M
Omaha Dlv 1st gold 3s... 1951 F
St Louis Dlv A Term g 3s. 1951 J
Gold 3Ms
...1951 J
97
47%
Mex Internat 1st cons g
Unified A ref gold 4s... 1929
74
100
Sale
50-year 5s. 1963 A
cons gu
'81% "88"%
711* Sale
751
102%
70
La A Jeff Bdge Co gu g 4s... 1945 M
Manila RR—Sou lines 4s... 1936 W
St L Ir M A S gen con g 5s 1931
....
" "91"
99
82
82
1951 M
.
84
24
Sale
99
Pensac A Atl 1st gu g 6s_. 1921F
SAN Ala cons gu g 5s...1936 F
1951 A
Registered....
.1951 M
Collateral trust gold 4s... 1952 A
22
91% 94
87% 100
72
84l2
71% Sale
99
99%
Sale
70%
94
80
J
M
J
A
M
99
•
70%
Atl Knox A Nor 1st g 5s..1940
82
•
901* June'19
70%
Atl Knox A Cln Div 4s... 1955 M
160""
91
92
"90"
6s..1921 M
1980 M
26 J
1949 J
J
2d gold 4s
<71990 F
Trust Co certfs of deposit— --
80
Dec'19
80
47
84
66%
1940 J
1940. J
Aug'19
86
62
68% 75
44% Sale
1951 J
Registered
Unified gold 4s
Jan'll
92
73%
85
46
6612
66
1937, M
95
63
81%
Iowa Central 1st gold 53.. 1938
65
67%
75
Gold 5s
"81%
Des M A Ft D 1st gu 4s.. 1935
1999 J
Col A H V 1st ext g 4s
1948 A
Col A Tol 1st ext 4s...... 1955 F
Houston Belt A Term 1st 5s. 1937 J
60
June'12
87%
70
65
95
"72" " *86%
J
J
65
Nov'11
79%
1937 J
65%
108
82%
70%
67
65
73
Sale
51%
72
68
69%
"
54
7684 Sept'20
79
64%
59%
Gen
"80" "
77
65%
Registered..
_...ftl952 Q
N Fla A S 1st gu g 5s
1937, F
N ACBdgegengug4Ms.l945 J
*81% "92"
I
Oct'19
65
1st s f g 6s. .1931
Kentucky Central gold 4s. 1987
"91* "9l"
7378
73
92
65
Lex A East 1st 50-yr 5s gu 1965
L AN AM A M 1st g 4Mb 1945
L A N-South M Joint 48—1952 J
79
48" "55"
73
84%
65
St Louis Div 1st gold
2d gold 3s
83
36" "55"
"
98%
70
Hender Bdge
"
103
64
44%
96
.1937 J
1st guar gold 5s
1937 J
Will A S F 1st gold 5s.. 1938 J
D
Green Bay A W deb ctfs "A"—
I Feb
Debenture ctfs "B"
J Feb
Gulf A S11st ref A t g 5s..61952 J
57%
60
92"
92
65
...1930 J
Paducah A Mem Div 4s..1946:F
"787* "90"
"40"
83
95
63
102% Sale
85% 87
100
100% 101%
49%
72
89%
20-year p m deb 5s
Guar refunding gold 4s
Registered
1930 W
43%
79
92
10-year secured 7s
44
High
60
69
Unified gold 4s
Debenture gold 5s
Registered...
"38" "47%
66%
86%
79
May'20
66%
66%
L Cln A Lex gold 4Ms...l931 M
N O A M 1st gold 6s
1930 J
34
6
Jan'20
96
30
5
86%
92
30%
13
73
"86"" "88%
97
97
92
Oct'13
193l|M
49
I
Low
99% Oct*06
65%
65%
65% Sept'20
.....1949 M
.1934 J
1937 M
1949 M
1949 M
N Y B A M B 1st con g 5s. 1935 A
NYAEB 1st gold 5s
1927 M
Nor Sh B 1st con g gu 53.01932 Q
Louisiana A Ark 1st g 5s
1927 M
Louisville A Nashv gen 0s. .1930 J
Jan'17
947*
96
80
1st A refunding gold 4s... 1949
-
87% Sale
D
.1932 J
Ref A ext 50-yr 5s Ser A.. 1962 Q
"80"" Safe"
m.
77%
66% Sale
85% 95%
Dec'15
96% Sale
m
47
87%
Aug'20
75
64
64
"86% "89"
80
"74" " "7*6%
mm
93
96%
92
68
....
J
J
J
91%
f
"
Mar'17
105
Collateral trust gold 5s
221
55
2312
84
—
-
54
D
J
J
80
Dec'06
IOOI4
A
M
A
O
O
O
D
J
J
O
J
86
99%
80
Ne.j
"io
74%
"74"%
1933 J
1945 M
1945 M
Long laid 1st cons gold 58—ftl931 Q
1st consol gold 4s
ft 1931 Q
General gold 4s
...1938 J
Ferry gold 4Ms
..1922 M
"73% "7984
60
F
J
Ref A impt 5s
79
84
93%
Sale
93
Since
Registered
| IO8I2 Sept'19
100
75
J
Registered.
82
i
95
Reduced to gold 4^8.1933 J
Registered.
1933 J
Mont ext 1st gold 4s... 1937 J
Registered
7512
1007*
8312
J
1st gold 3s
sterling.
4U2
45
80
76
.....1933 J
Extended 1st gold 3 Ms.
168
Apr'20
4314
4284
49l2
757*
Jan'17
Sept'20
Aug '20
80
St Paul M A Man 4s
1933 J
1st consol g 0s........1933 J
Registered.*..
1st gold 3Ms__.
Registered......
4712
June'16
75lS
1961 J
cons g
45
73
J
A1921 Q
Registered.
...5
748*
J
4Mb Series A—1961 J
Hocking Val 1st
Registered
"97"
Range
s
Jan. 1
89% June'20
113
1941 A
Leh Val RR 10-yr coll 6s-.nl928 —
Leh Val Coal Co 1st gu g 53.1933 J
Registered
.....1933 J
2d gold 6s
Dec'16
"6"e"" "87%
J
Ft Worth A Rio Gr 1st g 4s. 1928 J
Galv Hous A Hend 1st 5s... 1933 A
Great Nor C B A Q coll 4s.. 1921 J
Mont C 1st gu g 6s
June'20
9434 Nov'15
9812 Aug'19
5412
57
46% Sale
_
Aug'20
Jan'20
84
J
Florida E Coast 1st 4Mb.. .1959 J
Fort St U D Co 1st g 4Hs.. 1941 J
Registered
May'20
9112 6ept'20
991*
57
5512
1
Evansv A T H 1st cons
1st general gold 5s.......1942 A
Mt Vernon 1st gold 6s... 1923 A
'
Sull Co Branch 1st g 5s.. 1930 A
Registered
86
80
i
f
Registered.
-June'19
93
J
J
6s.. 1921 J
Registered
83
987*
"89"" III*
N Y A Green L gu g 5s.. .1946
N Y Susq A W 1st ref 5s.. 1937 J
2d gold 4Mb
1937 F
General gold 5s
1940
Terminal 1st gold 5s...1943
Mid of N J 1st ext 5s....1940
Wllk A East 1st gu g 5s.. 1942
Ev A Ind 1st cons gu g 6S..1920
95
100
97
.
1st A ref
72
Gold 4s...
10512 Mar'08
N Y L E & W 1st g fd 7S. 1920 M
Erie 1st cons g 4s prior... 1990 J
1st consol gen lien g 4s. 1996 J
Registered
1990 J
Penn coll trust gold 4s.. 1951 F
50-year conv 4s Ser A.. 1953 A
do
Series B
1953 A
Gen conv 4s Series D... 1953 A
86
86
87
84
55
Dec'10
82
91
1923,M
1920 A
1928'J
1990 J
78
50
67
5314
"7312 Sale"
Erie 1st consol gold 7s—1920 M
N Y& Erie lstextg4s...l947,M
Registered......
66
53U Sale
68
727*
Apr'11
July'17
61%
"65" "72"
Dul Sou Shore A Atl g 5s...1937 J
Elgin JoUet A East 1st g 5s..1941 M
3rd ext gold 4Ms._
4th ext gold 5s
5th ext gold 4s
5314
Sept*20
34
Mtge A coll trust 4s A.. 1949 A
Det A Mack—1st Uen g 4s..1995 J
Gold 4s.
........1995 J
Det Riv Tun Ter Tun 4Mb.. 1961 M
Dul Mlssabe A Nor gen 5s..1941 J
Dul A Iron Range 1st 5S....1937 A
Registered............1937 A
g
71% Sept'20
78
1st Int reduced to 4s
65
Improvement gold 5s....1928 J
1st A refunding 5s...
1955 F
Long Dock consol
73%
74%
100
£
High
70%
Leh A N Y 1st guar g 4s
1930 J
1936 J
Ask Low
Lehigh Val (Pa) cons g 4s._2003 M
87
"83!
Range or
General cons 4Ms
2003 M
Leh V Term Ry 1st gu g 5S..1941 A
100% 100%
Denver A Rio Grande—
1st cons g 4s
Week's
Last Sale
Registered..
997* 102
65
Price
Friday
Sept. 17
Bid
High
95
841*
8512 841*
£41*
10114 Sale 1101%
101 s*
67l4
69l2! 65 Aug*20
9984
100U July'20
17
0 I}ue
Oot.
*
Option sale.
'
1169
New, York BOND Record—Continued—Page 3
>3
bonds
Price
Week's
N. Y. STOCK EXCHANGE
Friday
Week ending Sept. 17
Sevt. 17
Range or
Last Sale
Registered
Debenture gold 4a
25-year gold 4s
Registered
Moh & Mai 1st gu g 4s
Mahon C'l RR 1st 5s
.
8B4 Sale
1940
Registered
67
1929 A
1937* A
81%
44
Nov'19
77
69
76
87%
Sodus Bay & Sou 1st g 5a. 1924 J
74%
84%
Sunbury & Lewis 1st g 4S.1936 J
U N J RR & Can gen 4S..1944 M
75%
75%
Peoria & Pekin Un 1st 6s g_. 1921 Q
May'20
1931
93%
77
66%
66%
63%
70%
74%
72
81
73
73
Sept'20
67%
8134
85
Nov'17.-—
64
75
69%
58
89%
6512
N Y & Northern 1st g 5s.
90
113
91
95
Aug'20
97%
60
60
Feb'20
60
101
Nov'16
Pitts & L Erie 2d g 5s
al928
Pitts McK&Y 1st gu 6S..1932
77
94
NYC Lines eq tr 5s.. 1920-22
93%
Jan'09
95% June'20
7134
74
68
70
6934
6934
99%
Feb'19
6434
96%
7434
64
71%
95%
65
Sale
*98% "99"i4
Equip trust 4 Ms. .1920-1925
77
79
76%
86
Sale
1950
4sT
86
94*% "97"%
74%
6534
55
60
52
60
71%
140
62%
86%
87%
23
7134
87%
65
66
92
Aug '20
82
85%
66%
86%
85% Sept'20
78
May'16
85
65
77
96
94%
66% Sale
66
76%
86,
...
64
54
48
64
Sale
6384
unifying 5s. 1952
63
Sale
61%
60
" "61%
S A & A Pass 1st gu g 4s
1943
54
1950
30
41%
38
49
63
May'20
6
52
64%
64
64
80
81%
81"
8834
61%
73
1947
1954
Sept'20
40%
48%
55
63
62%
59
51%
44%
55
63
64
1955
50%
61
Non-conv deben 4s
Non-conv deben 4s.
1956
50
53
53
45
55
1956
43%
78
1954 J
Non-conv deben 4s
1955, J
July'18
Non-conv deben 4s
1956 J
Oct'19
Hartford St Ry 1st 4s
106% May'15
87
July'14
Housatonlc Ry cons
N Y Prov & Boston 4S...1942
83
71U
A
Aug'13
45%
Sale
'46; J
Boston Terminal 1st 4s
1939, A
New England cons 5s.__.1945, J
Consol4s
1945 J
47
58
70
Providence Secur deb 4s._1957 M
37%
36
NYW'ches&B 1st Ser 14Ms
47
"67% II"
74
IIII "58"
75%
98%
96%
....
.1922 J
ScloV&NE lstgu g4s..1989.M
prlof lien
73%
Louisiana West 1st 6s
75% Sale
& land grant g 4s
75%
"54*34
1968 J
4s..-.1948 Q
Term Co 1st g 6s. .1933 J
80
77%
76
73%
1994
Registered
1994
Develop & gen 4s Ser A
1956
Mob & Ohio coll tr g 4s.
1938
Mem Div 1st g 4M 8-58—1996
St Louis div 1st g 4s.....1951
Southern—1st cons g 5s
.
75%
73%
76
74%
'94"%
10434
72%
80
98% 98%
69
54
54%
55
Nov'19
77% Sale
77%
77%
82%
97%
82%
Aug'20
Sale
97%
93
94
63
70
60%
77
96
June'20
97
Feb'19
76%
Oct'19
37%
Dec'16
105
69%
70%
71
75
78%
78%
71%
78%
M
1943 M
1948 M
Consol 4Mb
1960 F
General 4Ms
1965! J
General 5s
1968; J
10-year secured 7s
1930 A
AHeg Val gen guar g 4S—.1942 M
PiD R RR & B'ge 1st gu 4s g 1936|F
Pennsylv Co gu 1st g 4MS..1921 J
91%
93%
89
Pennsylvania RR 1st g 4s. .1923
Consol gold 4s
Consol gold 4s
71%
78%
89
93%
81%
75%
83%
83
92%
Apr'20
7
79%
5
73
86%
84%
86% Sale
85%
86%
80
82
93%
Sale
102%
103%
134
101
103%
79
72% June'20
Feb'20
83
9734 Sale
97%
96%
96%
....
65
72%
97%
Jan'20
82
83
83
9584
95%
69%
98
66
71%
73%
73%
96%
69%
77
Nov'19
67
83%
66
81
80
80
84%
84%
70
70
64
80
Feb'20
74%
84% June'20
84%
72%
79%
8034
Sept'20
79%
14
Aug'20
69% Mar'20
68
»Aug'20
73%
60%
N
65
75
142
66%
g...l942(M N
5
2
96% May'18
Dec'15
96%
Feb'12
50-year gold 4s
63
90%
Dec'12
Coll trust 4s g Ser
A
63
Trust co ctfs of
88%
J
66%
75
Apr'20
J
66%
79% May'19
4Ms_1941
Ohio Connect 1st gu 4S...1943
Pitts Y & Ash 1st cons 58.1927
Tol W V & O gu 4Mb A..1931
Series B 4Mb
1933
J
J
72%
M
S
81
Gr R & I ex 1st gu g
Series c 4s
.-..1942
4Mb A..1940
1942
Series c guar
1942
Series D 4s guar
1945
Series E 3Ms guar gold. 1949
Series F guar 4s gold...1953
Series G 4s guar
1957
Series I cons guar 4Mb. 1963
General 5s Series A
19 70
P c C & St L gu
Series B guar
No prioe
Friday
M
J
J
J
82
88
8734
S
65
A
O
82%
A
O
M
N
M
N
77%
F
A
77
D
77%
N
80
Apr'20
Sept'20
93
Mar'10
Apr'20
80
80
Aug'20
72% May'20
82% Apr'20
78
78
72%
84
82%
73%
82%
76
88%
74%
79%
79%
90
80
79%
80
Aug'20
90
82%
77%
82%
80%
80
90
82%
A
76%
78
....
73% June'20
86
79%
76% June'20
78%
asked, a Duo Jan.
79%
31
90
73%
83
68
75
68%
14
62%
73%
83%.
84%
43
77
87%
5984 Sale
59
Sale
58
60%
54" *61%
126
50
59
71%
90
61%
67%
7634 June'20
7634
76®4
84
74% Aug '20
74%
80%
873s
87
87%
81%
88%
69
66
66
55
66
83
59
6
Sept'20
64%
65
81% Mar'16
~63*"
60
*66
63
Sept'20
60%
84%
92
91
May'20
91
92%
85
86
85
79%
91
M
75
93%
92
85%
July'19
46% Sept'20
J
47%
95%
49
99
99% Jan
J
94%
96%
97%
J
73
J
51
A
1927 A
1948 M
deposit
4s..*1946
5s...1928
1952
Union Pacific 1st g 4s
1947
Registered
1947
20-year conv 4s
1927
1st A refunding 4s
02008
10-year perm secured 6s.. 1928
Ore RR A Nav con g 48.. 1946
Ore Short Line 1st g 6s—1922
1st consol g 5s
1946
Guar refund 4s
1929
Utah A Nor gold 5s._-.1926
1st extended 4s
1933
Vandalia cons g 4s Ser A—1955
Consols 4s Series B
1957
Vera Cruz A P 1st eru 4Ms.. 1934
6 Due Feb. 0 Due June, h Due July. It Due Aug. 0
93%
96
80%
A
-1950
A..'—1917
1st refunding g 4s
85%
96
M
1926 Wl
Tor Ham A Buff 1st g
93%
68" "7984
85% Sept'19
59
87
91%
128
74%
Sale
84
83
J
...
Ulster A Del 1st cons g
74%
79%
Aug'20
D
75
88% Sept'17
74%
J
68
9334 Apr'17
87% Nov'19
82%
F
M
76%
86
•»
M
latest bid and
N
J
J
s
64
80% Aug '20
85
July'19
68% Sale
M
8734
Apr'20
96
80
"74% Sale"
o
Mar'19
8634
8734 Sale
88%
O
A
.
83
Sept'20
100% Oct '17
91% Apr'20
J
J
—
62
J
85
J
1936 M
Va A So'w'n 1st gu 5s__2003 J
1st cons 50-year 5s.. 1958 A
WO AW Istcy gu 4s
1924 F
Spokane Internat 1st s 5s—1955 J
Term Assn of St L 1st g 4Mb 1939 A
1st cons gold 5s
1894-1944 F
Gen refund s f g 4s
1953 J
St L M Bridge Ter gu g 5s. 1930 A
D
Texas A Pac 1st gold 5s
2000 J
2nd gold Income 5s
02000 Mar
J
J
La Div B L 1st g 5s
1931
W Min W A N W 1st gu 5sl930
Tol A Ohio Cent 1st gu 5S..1935
Western Div 1st g 5s
..1935
General gold 5s
1935
Kan A M 1st gu g 4s
1990
2d 20-year 5s
1927
Tol P A W 1st gold 4s
1917
Tol St L A W pr lien g 3Ms. 1925
N
1940
J
M
O
Series c___
99
Virginia Mid Ser D 4-5S..1921
Series E 5s
1926 M
Int reduced to 3MS..1942 A
Feb'17
82%
953g
55
77
1948, M
Series D 3 Ms
1950 F
Erie <fe Pitts gu g 3M8 B..1940 J
75
J
J
80
Series B
94
J
O
June'20
94
97
64
J
104
95
J
O
Series c 3Ms
O
N
J
J
94
...
76%
8384
A
Ser A. 1942
1942
93
...
84%
87
General 5s...
85%
82%
9334
82%
J
80
Series F5s
84%
N
Ala Gt Sou 1st cons A 5s. .1943 J
Atl & Charl A L 1st A 4MS1944 J
Rich A Meek 1st g 5s
87
81%
82%
Nov'18
83
.
87
Mar'20
84% July'20
82% Aug '20
84S4
8434
Sale
lien g
82%
70%
95
80
Rich A Dan deb 5s stmpd
60%
87
J
1922
1925
58.1945
1945
10
*18
Oct
84%
65
Ga Pac Ry 1st g 6s
70%
69
100
95
J
Mortgage gold 4s
90%
65%
Ser E _1952,M N
100%
78
75%
...
J
B.—.1944
Atl & Danv 1st g 4s
1948
2d 4s
1948
Atl A Yad 1st g guar 4s.. 1949
E T Va & Ga Dlv g 5s
1930
Cons 1st gold 5s
1956
E Tenn reorg lien g 5s
1938
Ga Midland 1st 3s
1946
65%
70%
J
Mob A Bir prior
90%
76%
1942 J
D...1944 J
gold 4s. .1931; A
82%
103% 108
31
62
7212
80%
72%
Guar 3Ms trust ctfs C
56%
3
80
103
Guar 3Ms trust ctfs
CI & P gen gu 4Mb
.
156
'""16
100
72%
83%
J
Knoxv A Ohio 1st g 6s...
June'20
77
49%
96
80
79% Sale
72
97% 102%
81%
92
80%
67%
82%
74%
90%
Registered.
1921' J
Guar 3Ms coll trust reg A. 1937,M
Guar 3 Ms coll trust Ser B.1941. F
*37
69
"25 "69 " "81%
Aug'20
97%
71
74
176
July'20
'
70% Sale
•
76
Jan'20
Oregon-Wash 1st & ref 4s...1961 J
Pacific Coast Co 1st g 5s... 1946 J
Paducah <fc Ills 1st s f 4 Ms.. 1955 J
40-year guar 4s ctfs
67%
73%
87% Sept'16
76%
76%
98
85
J
Dec'19
75%
98%
78%
N
70
37
J
119
73% "93%
93% 106
192
77
N
So Pac of Cal—Gu g
103
Feb '14
76
N
No of Cal guar g 5s
75
101
...
Ore & Cal 1st guar g
75
Mar'20
1938
5S...1927 J
5s...1937 M
So Pac Coast 1st gu 4s g_.1937 J
Tex & N O con gold 5s.-.1943 J
So Pac RR 1st ref 4s
1955 J
San Fran Terml 1st 4s
1950 A
78%
77%
70" "7"8%
104%
Cln Leb & Nor gu 4s
55
A
69%
56%
71%
103
1921 J
O
41
68%
67%
"77" III!
N
104%
48
100
74%
104% Sale
Guar 15-25-year
63%
Oct'19
54
96%
Q
1st consol gold 4s
,
51
71%
72
Wash Cent 1st gold
Nor Pac
11
Aug'20
rail-l
St Paul & Duluth 1st 5s..1931
A
22
1st 30-year 5s Ser
1997,Q
Registered
1997, Q
General Hen gold 3s
a2047 Q
Registered
a2047 Q
Ref & imp 4Mb ser A
2047 J
St Paul-Duluth Dlv g 4s__1996 J
St P & N P gen gold 6s... 1923 F
Registered certificates. .1923 Q
way
"74%
A
60
100%
78
76
D
63
76
Sale
J
60
96%
"
72% Sale
A
63
74%
72%
101
A
Apr'20
Feb'20
July'20
90
D
Sept'20
103
Mar'20
July'19
81
68% Sale
J
60
Nov'16
Sale
40
32
S
F
63
122
81
93
96% May'19
F
Gen gold 4s int guar... 1921
Waco & N W div 1st g 6s '30 M
A & N W 1st gu g 5s.....1941 J
55
80
84%
....
s76% Sale
9934 Sale
Feb'14
79
75
D
M
Dec'19
Sept'20
74% Sale
D
J
74%
100
"74% Sale"
J
H & T C 1st g 5s int gu... 1937 J
71%
82 34
100
coll)..41949
*1949
.0 1929
20-year conv 5s.
1934
Cent Pac 1st ref gu g 4s. .1949
Registered
.... 1949
Mort guar gold 3Ms..*1929
Through St L 1st gu 4s. 1954
Gold 4s (Cent Pac
20-year conv 4s
Dec'13
63
81%
Dec '15
101
104
72%
99%
88%
55
56
55
C C & T 1st guar gold 5s.
Pacific
47
34%
Sept'17
Aug'20
61
62% Sale
10-year conv 6s
1929
Pocah C & C joint 4s... 1941! J
Northern
29
70
58.1922 J
Providence Term 1st 4s
1956 M
W& Con East 1st 4Ms...1943 J
N Y O & W ref 1st g 4s
£71992 M
Registered 15,000 only..01992 M
General 4s..
1955 J
Norfolk Sou 1st & ref A 5S..1961 F
Norfolk & Sou 1st gold 5s.. 1941 M
Norf & West gen gold 6s
1931 M
Improvement & ext g 6s.. 1934 F
New River 1st gold 6s....1932 A
N & W Ry 1st cons g 4s..1996 A.
Registered
1996 A
Dlv'l 1st lien & gen g 4s. 1944 J
10-25-year conv 4s
1932 J
10-20-year conv 4s
1932 M
10-25-year conv 4 Ms. ..1938 M
J
80
GH&SAM&P 1st 58.1931 M
2d exten 5s guar
.1931 J
Gila V G & N 1st gu g 5s. .1924 M
HousE &WT 1st g 5s.-.1933 M
1st guar 5s red
,■*
1933 M
r
Prov & Springfield 1st
.1926 J
_
Registered
44" "58"
58
55U
J
1930 M
g5s..l937M N
Naugatuck RR 1st 4s
1954 M N
Cent New Eng lstgu 4s.. 1961
63
62%
Dec'17
65
F
J
Seaboard & Roan 1st 5s
Nov'19
99%
Fla Cent & Pen 1st oxt 6s. 1923
1st land grant ext g 5s. .1930
Consol gold 5s
1943
Ga & Ala Ry 1st con 5s__ol945
GaCar & No 1st gu g 5S..1929 J
61
14
Southern Pacific Co—
Aug'20
6412
Harlem R-Pt Ches 1st 4s .1954 M
01949
1959
Atl& Birm 30-yr 1st g 4s_el933
Caro Cent 1st con g 4s
1949
'
Jan'12
44%
Non-conv deben 4s
B & N Y Air Line 1st 4s..l955
50
65
62%
60%
30
Non-conv deben 3Ms
39%
55
102
42%
49
63
54%
50
3812
4334
37%
Sale
78
66%
49
55
Sept'20
37% Sale
44
66
60
43
Oct'17
88
60
39%
48%
54
Refunding 4s.
50
"75
60
Adjustment 5s
Sale
"5,7
Sale
55%
..1950
52%
77
9284 100
56% 70
86
86%
60
45%
1930
26
66%
63
60
45%
..1948
9234
98% Jan '14
45
6s
22
67%
Aug '20
52%
3Ms
96
Aug '20
66
65%
52
1932
63%
57%
102
May'17
ctfs.pl989
Seaboard Air Line g 4s
79
90
.....
95
57% 1174
55%
67
56%
39'g
95
Consol gold 4s
1st terminal &
167
94
57% Sale
gold 5s
2d g 4s income bond
81
J
Sale
Feb'20
Conv debenture
189
294
50
Conv debenture
72
5934i
July'20
43
Cons Ry non-conv 4s
7834
75%
16
66
Gold 4s stamped
44 is
93%
58%
69%
1947
Non-conv deben 3Ms
93%
O
61955 A
61960 Oct
1931
St L & S F RR cons g 4s. 1996
Southw Dlv 1st g 5s
1947
K C Ft S & M cons g 6s. 1928
K C Ft S & M Ry ref g 4s. 1936
K C & M R & B 1st gu 53.1929
St L S W 1st g4s bond ctfs.. 1989
N Y N H & Hartford-
Non-conv deben 4s.
71%
43
"71" "87%
52
Aug'20,....1
83
58
40
I
80%!
60
Gray's Pt Ter 1st gu g 5s. 1947
97% June'20
7412 Sale
N Y Connect 1st gu 4Ms A.. 1953
93%
Jan'20
73
80%
59-% Sale
'71% Sale
87% Sale
.
May'17
130%
..
80% Sale
87%
75%
...
97% Dec '171
Income Series A 6s
St Louis & San Fran gen 6s. 1931 J
General
Nov'16
93%
103
9312
SO
Cum adjust Ser A 6s
Oct'19
1934
West Shore 1st 4s guar...2361
Registered
2361
82%
21
Sept'20
41%
41%
93% Apr'20
1943
1st consol gold 5s
Reading Co gen gold 4s
1997
Registered1997
Jersey Central coll g 4s...1951
Atlantic City guar 4s g._.1951
1928
Aug'20
2d guaranteed 6s
4434
May'15
103
81%
41
1950
60
..
Mar'16
Philippine Ry 1st 30-yr s f 4s 1937
Pitts Sh & L E 1st g 5s
1940
Prior lien Ser C 6s
77
..
Dec' 17
June'17
87
62
Prior lien Ser B5s
50
94
92
100
80
81
92%
7012
50
N
M
'93
_i._
64%
64
1941
Og<feL Cham 1st gu 4s g. 1948
Rut-Canada 1st gu g 4s. 1949
St Lawr & Adir 1st g 5s... 1996
2d gold 6s.
1996
Utlca & Blk Riv gu g 4S..1922
_.
82is
Jan
60
92%
96%
Rutland 1st con g 4Mb.
99
78
81% Sale
64
96%
con
97
May'201
1956
Prior lien Ser A
1st ext 5s. .M922
R W & O
May'20"
78
102
70%
77%
High
Low
No.
High
97
St Jos & Grand Isl 1st g 4s..1947
Apr'19
78%
71
63
Jan'20
92%
..
Ask Low
98
83%
St Louis & San Fran (reorg Co)
May'20
64
....
6934
Feb'16
Since
Jan. 1
Marquette 1st Ser A 5s. 1956
1st Series B 4s
77
6912 Sale
61921
2d gold 4Ms—.
Pere
66% July'20;.—
73% Aug'20'
N J June RRguar 1st 4s.. 1936
N Y & Harlem g 3Ha
2000
1923
N Y & Pu 1st cons gu g 4s. 1993
Pine Creek reg guar 6s... 1932
93%
66% Mar'20
"66"
...1937
...
17
82
7434
6434
-
20-year debenture 4s
Debenture 4s
65
Phila Bait & W 1st g 4s_.1943 M
Jan'20
9314 May'20
99i2 Aug'17
98% Nov'18
1951 M
1952,M
Registered
82
Range or
Last Sale
96
5S..1932 A
C St L & P 1st cons g
Range
Friday
Sevt. 17
Bid
Pennsylvania Co (Concl.)—
70
75%
1st gold 3Ms.__.
N Y Chic & St L 1st g 4s..
High
65
84% Nov'19
1940
JL&S 1st gold 3Ms
Low
1
Aug'20
Sale
82
1931
1931
4s
No.
68
Sale
1934
Michigan Central 5s
Registered
68
1997
1997
1928
1931
1931
1991
Lake Shore gold 3 Ms
Jan. 1
High
Ask
Id
N Y Cent 4HRRR (Con)-
EXCHANGE
Week ending Sept. 17
N. Y. STOCK
Since
Week's
Price
BONDS
Range
S3
87%
80
'20
Apr'20
80% May'20
"o'e""
92% Nov'19
65
CO
56
46% 46%
99% 100
96
97%
80%
90%
60
60
Aug'19
Feb '20
102% June'll
95%
95
Jan
95" "95"
'20
104% Dec '16
84
90
848s
98
82
84%
7984 Aug '20
84%
79
7934
80
65
70
69
55
70
81%
86
80% June'20
80%
80%
60
70
7512
83
85
83
84%
Aug *20
Apr'19
79" "83""
Sept'20
80%
84%
80%
80%
80%
85%
65
68
66
Au" '20
62%
73%
83
84
81
July'20
81
85
79
81%
81%
75%
85
Apr'20
May'18
52%
55
83%
60lf
81%
55
53
79%
86
106% Nov'04
"76% 83"%
83% May'20
77% Apr'20
77%
84%
80%
65
65
82
6212 June'20
62%
73
83
Aug '20
80
83
35
36
Feb '19
75
81
75% May'20
74""
75%
48%
50%
34%
12%
51% SePt'20
42%
53
18
Aug'18
71%
65
May'20
6412
68
81
82
July'20
82
85%
....
52
Sept'20
52
75
67%
8184
80%
63%
70
75
85
25
8
61
71%
45
80% Sale
July'20
18% Mar'16
80%
77
81
167
June'20
52
85%
74%
.77
77
80% Sale
76% Sale
80%
81%
"43
7434
66
81
9734
76%
98%
59
9734 Sale
6
95
103
70
7634
75%
76%
6
66%
97%
98%
87%
97%
98
87%
88%
3
79%
87%
34
87%
79
Sale
79
87%
89
87%
74%
86
89
17
78%
88%
81
9684 101
82
93
74%
84%
85
20
28
92%
Feb '18
8O84 Dec *19
IIII "84%
27
80% June'18
22
28
69
Due Oot. v Due Nor. f Due Deo. » Option eale.
4
1170
New York BOND
Record—Concluded—Page 4
CO
BONDS
N. Y. STOCK
Week
Price
EXCHANGE
ling Sept. 17
en
Ratge or
Last Sale
Bid
Ask Low
Virginia 1st 5s series A
1962 M
N
79
Sale
Wabash 1st gold 5s.
2d gold 5s._
1933 M
N
87
Sale
80
A
Debenture series B_.
1939 J
J
1st lien equip s fd g 5s.
1921 M
1954 J
8
95U
1st lien 50-yr g terra 4s
J
50
Det & Ch Ext 1st g 5s
1941 J
J
70
Des Moines Div 1st g 4s._ 1939 J
Om Div 1st g 314s
J
Tol & Ch DIv g 4s
O
,
81
1939 F
1941j A
43
Week's
Friday
Sept. 17
^
SI
No.
79ti(
16
j
8
87
84
Sept'20
90
Aug '18
Low
73
84
70
88%
Weatcheater Ltd gold 53....1950 J
71%
79%
70?4 Nov'19
Miicellaneem
j 8878 Mar'20
75^
80
Aug '12
50%
5812
53
July'20
69
74% Oct '19
66
July'20
88*4
51*
A
70%
O
53
47
85
Sale
5414
83%
5514
J
85
81
O
59
Sale
59
59
54
1st
A 5a._1946, M
ser
5.S
g
Wheel Dlv 1st gold 5s
Exten A Impt gold 5s
....
81% Sale
8118
84
88
86
81%
Sept'20
83% 100
Feb '17
90%
55%
1949 M
Winston-Salem 8 B 1st 4s..I960 J
Wis Cent 50-yr 1st gen 4s
1949 J
64
6i" "72"
58
S
15
60%
18%
Conv deb 63 aeries B
1926 M
Am S3 of W Va 1st 53......1920 M
Armour A Co 1st real e3t 4j^s '39 J
S
15
16%
N
98
102
D
77
Sale
Atlantic Fruit
deb 73 A 193 4 J
couv
Bootb Fisheries debs f 6s...1923 A
Braden Cop M coll tr s f 6s.. 1931 F
63%
Bash Terminal
56
1st 4s
Consoi5s
76%
88
85
92%
Mar'17
B
lilllng 5»
O
O
58
58
45%
58
55
55%
50
56
69
61
69
Computlng-Tab-Rec
70
70
50%
7i
GranbyConsM3<fePcon63A1928
61
70
27
40
29
22
30
21% Aug '20
40
40%
39%
39%
40%
44
40!8
40%
Sale
Q Co & 8 con gu g5.s..l941,M
Bktyn Q Co A 8 1st 5s
1941! J
Stamped
guar
43
1949 F
1927 F
Stamped
4J^s
guar
40
72%
66
75
80
78
Manufacturing
C8
Am Agric Chem 1st c 5s
60
13
24%
73
'280
84
CO
'201
Jan
46
51%
54
51%
51%
55
51
75
396
17%
16
4734
304
3
52
Aug '20
42
43%
1993 M
20
30
21
Lex Av A P F 1st gu g 5s.
1993 M
Met W 8 EI (Chic) 1st g 4s. 1938 F
Milw Elec Ry A Lt cons g 5s 1926 F
22
39%
40
54
Dec
II11 "94""
92
Apr '20
Jan
_
.
Refunding A exten 41^8. .1931 J
Montreal Tram 1st A ref 5s. 1941 J
New Orl Ry A Lt gen 4 J^s.
_
1935 J
N YMunicip Ry lstsf 5s A.1966 J
NY Rys 1st R E A ref 4s...l942 J
Certificates of deposit
*
|.
80
?7
70%
74%
59%
24
57
....
22%
24
23%
.
al'H2 A
Certificates of deposit
J..
NY State Rys 1st cons 4Ks-1962 M
Portland Ry 1st A ref 5s.___1930 M
52
Ry LtA P 1st ref 5s. 1942 F
Portland Gen Elec 1st 5s. 1935 J
St Jos Rv L H A P 1st g 5s.. 1937 M
St Paul City Cab cons
g 5s.
_
Third Ave 1st ref 4s
I
1
19*9) J
Adj Income 5s
Third Ave Rv 1st g 5s
Tri-Clty Ry A Lt 1st
oiono A
1937 J
f 5s.
s
.
Undergr of London 4^s
..1948
United Rys Tnv 5s Pittslss_. 1926 M
United Rvs St L 1st g 4s... .1934 J
St Louis Transit gu 5s
United RRs San Fr s f 4s.
Union Tr (N Y) etfs dep
1924 A
.
_
Eqult Tr (If Y) inter ctfs
Va Ry Pow 1st A ref 5s
u.
1934 J
D
N:
cons
5s. 1945 M
g
Stamped
..1927 J
Columbus Gas 1st gold 5s. .1932 J
J
1st A ref 58
ser
A
J
51
Sept'20
59
Aug '20
60
55
Dec '19
94
90% Feb '171.
1948 J
A
41%
Gold
40-year
4s
58
Am
49%
00
Baldw Loco Works 1st 5s. .19 40 M
N
60%
Cent Foundry 1st s f 6s....1931 F
Cent Leather 20-year g 5s. .1925 A
Consoi Tobacco g 4s
1951 F
A
70
O
A
*94%
Writ Paper s f 7-6s
19%
32
20
31
5
734
4%
7%
1930 J
Corn Prod Refg s f g 5s
1st 25-year s f 5s
89% June'20
80
37%
19%
43
75
84
87%
31
92
May'19
" "so""
50
10
50
66
06
66%
13
50
47% Apr '20
6334
47%
75%
47%
24%
50
31
21% Aug '20
21%
30""
June'17
Pat A Passaic G A EI 5s
Peop Gas A O l.st cons
Refunding gold 5s
1949 M
g
63.1943 A
1947 M
Ch G-L A Coke 1st gu g 5s 1937 J
'•'Con G Co of Ch 1st
gu g
5s 1936 J
Ind Nat Gas A Oil 30-vr 5s 1936 M
N
J
89%
89%
92% Sale
89
93
77
77
1952 M
Philadelphia Co
conv g
conv s
5s. .1922 M
1926 J
f 0s_
_
Syracuse Lighting 1st g 5s__1951 J
Syracuse Light A Power 5s__ 1954 J
Trenton
G A
El
1st g 5s__1949 M
Union Elec Lt A P 1st g 5S..1932 M
Refunding A extension 5s. 1933 M
United Vnni
itt « '
ions I
92
O
77
Sale
D
95
96
D
89
A
S
1935 J
Int Agric Corp 1st 20-yr 5s.. 1932 M
Int Paper conv sfg5a
1935 J
1st A ref s f conv ser A...1947
--
Liggett A Myers Tobac 7s. .1944 A
J
65% Sale
85% Sale
A
...1944 A
O
...1951 F
A
Nat Enam A Stamng 1st 53.1920 J
Nat Starch 20-year deb 58.. 1930 J
D
NationalTuhe 1st 5s.......1942,M
N Y Air Brake 1st conv 6s.. 1938 M
96
75
99%
----
84
J
N
104% Sale
104%
Sale
80%
81
84% Sale
93%
' 84%
92
N
80
81
Union Oil Co of Cal 1st
5s._193l|J
J
deb g 5s 1924! J
U S Rubber 5-year sec 7s...1922 J
J
Realty <fc I
conv
D
82%
90
"87* ~
89
97
68
81%
90
97%
'88 ~ io"o"%
89% 100%
100
87
67
22
)
1
"16
2
28
75
83
95
95%
88
91
60
70%
81
97.
9534
99%
Nov'18
75
"75" ~84%
,
1
Jan'20
i
May'20
105%ji
81%'
99%
99%
81
86%
£
9934 111
17l!
77
85
6
Q9
2
Aug'20
871
781? Sale
97% Sale
78%
80
...—
89%
97
98
J
79% Sale
78%
79%
1930 F
A
97%
981
95
96%,
91%
10
20%
30
Va-Caro Chem 1st 15~yr 58.1923 J
D
91%
92%
91%
63
70
cl924 A
O
95
J
93
96%
94%
96%
1922 J
93
S3
93%
91
85
9934
93%
85
90
87
87
87%
88
43
74
8434
30
96% 103%
""5
1947;J
....
75%
....
99
£
I
20-yr p m & imp
July'20!
Sale
97
Apr '20
79
79
96% 10134
8234
76%
95
79
79%
80%
-!
•
79%
Sept'19
92% Dec '19
85%,
81%
| 90
77
75%
78
83
85
72
76
255
90
97%
11
93
1
98%
105
1
90%
96%
1
92% 101
94
6
93
97%
75%
2
.
83
83
74%
75%
74%
4
8
Apr '20
Aug '20'
74%!
85%
80%
84%
8534
973ft
77
89
77%
86%
10
*>
85
O
N
78
D
94
O
S
89% Sale
Illinois Steel deb 4Hs
Indiana Steel 1st 5s
....
s
S
J
77
89
"60%
60
Sale
70
75% Aug '20
105
July'17
89
Sept'20
60%
60%
71% Apr '20
J
69% 100
Apr *17
N
89
Mar'17
75
May'19
N
86
8634
85
88
86%
823s Aug '20
80%
97% May'17
Si
J
II
N
T
68
conv s
f 5s 1936 M
Pleasant Val Coal 1st
s
f 5s_ 1928 J
s
f 53.1957 J
82%
87%
U S Steel
sf
Utah Fuel 1st
s
f 5s
1931 M
6.534
Victor Fuel 1st
89
Va Iron Coal A Coke 1st g 5s 1949
78%
81
83
75%
89*"
57
60%
71%
80
8
f 5s
1953 J
M
78
J
80
4s.
conv
4^s.._
30-year temp coll tr 5s
7-year convertible 6s
85
89
80%
91
95%
67%
74
July'20
74
79%
82
July'19
9^
70
70
South Bell Tel A T 1st
s
t
84%
Tal
4
89%
79%
83%
75%
83%
7734
\
80
Aug'20
78
86
J
8434 Sale
84%
84%
92
91%
92
91
91
80%
Sale
92% Sale
80
J
83%
76
Aug'20
86-%
Nov'191
70
Mar'10
84
80
Aug'20
Sale
70
86
78% Sale
8734 Sale
81% Sale
85%
80%
83
75%
97
88
99%
80
83%
80%
69
80
62%
77%
72%
95%
92
99%
81%
96
60
64%
Aug'20
98
85
4
79%
Apr'16;
Sept'20
83-%
"70" "86%
"82% "96" "
78
79%
87%
8834
42 t
81
81%
11 ! 76%
81
80%
Sept'20
74% Sept'20
72%
:
12 ;
78% ?"85%
.j 70%^ 86%
—! 70 r 8i%
....
Vnv'lfl
Dee.
81%
84^19634
*88%
101% Sept* 17
,J
85
Jan'18
79%
78
79
93
9934.
73
64%
68%
"
72
80
88%
82
83
88
96
76
83
90
82%
80%
64
79
62%
83%
85%
80%
9434
84%
94%
99%
64
95% Sale
10^4
93%
75%
1925 F
"79%
I
62
1946 J
75
%
80
67
86
83
79% Sale
83%
13
86
June'20
80%
1938 J
re
83%
90
71
63%
Fund A real est g 4Hs.__1950 M
Mut Un Tel gu ext 5s
1941 M
O <-»o
S^8
89%
82
J
76
"72% "84" "
85%
80
" Safe"
1938 M
f 58.1941 J
West Union coll tr cur 5s
"
82
1933 M
1937 J
74
....
70
Te'ep 1st A gens f 4Hs. 1939 M
30-year deben s f 6s.Feb 1949
95%
70
78
87
N Y
78
69%
77
73-%
S
•
Feb'19
86
N
r
72
65
J
1924 F
Pacific Tel A Tel 1st 5s
Aug'20
98
Sale
2397 Q
Teleph 1st 5s
June'20
J
Cumb TAT 1st A gen 5s.__ 1937 J
Keystone Telephone 1st 5s. .1935 J
Mich State
Dec'14
78
70
O
Cent Dist Tel 1st 30-year 5s. 1943 J
Commercial Cable 1st g 4s. .2397 Q
Registered
101
72
80
S
Telegraph & Telephone
1
Am Telep A Tel coll tr 4s... 1929 J
Convertible
72
85% Sale
J
Corp—fcoup...dl963 M N
10-60-year 5s\reg
<Z1963 M N
89
'88%
85%
7T
O
f 4^ A..1954 J
75%
75%
14
s
70
67% Aug '20
98% Oct '17
"73% "so""
1952 M
1926 J
Lackawanna Steel 1st g 5S..1923 A
1st cons 5s series A
1''50 Wl
20-year
A
1940 A
s f. 1940 A
St L Rock Mt & P 5s stmpd. 1955 J
Tenn Coal I & RR gen 5s. .1951 J
90%
76
*>
Elk Horn Coal conv 6s
Pocah Con Collier 1st
72%
93% July'19
91% Nov'19
71
Repub I & S 10-30-yr 5s
79%
16
O
89%
"85 "
"14
A
90
7434
58%
80
SO
75%
1925 J
8534 Aug'20
78
79
Sale
70%
85
77
S
87%
79
Col Indus 1st A coll 5s gu._1934 F
Cons Coal of Md 1st A ref 5s 1950 J
89%
7534
.1
78% May'20
82
D
86%
78% Sale
A
Midvale Steel
Feb '20
104% Apr '17;
75%!
75%
61
81%
f 5s.
,-1943 F
Lehigh C & Nav
70% Sept'20
89
89
79
81%'
89% Sept'20
90
s
Jeff & Clear C & I 2d 5s
June'20
89%'
76
78%
79
91
913g
100
67
D
77
1932 J
Debenture 5s
^1926 M
Cahaba G M Co 1st gu 6s__1922 J
Colo F A I Co gen s t 5s
77
Feb '13
J
87%
Susq Iron
J
N
1936 J
89
95%
Feb '18
..
81
95%
76%
1942 M
81
Aug '20:
94
1926 J
f 5s.
Buff A
Apr '20
1100
s
86
85%
o
J
1st & ref 5s guar A
79
June'19;
99%
I
f 5s
82%
70
85
123
s
66%
81
80
N
N
I
79
87%
71%
A
1
93
!!
J
71
Apr '20
July'20:
....
A
N
Beth Steel 1st ext
Sept'20
73
8
Sept'15
81%
J
D
103
80
86%
•No prioe Friday latest t>l<l and asked. aDue Jan. &Due April. cDue May. pDae Juna. *Dos
July. *Due A«g. iDm Oct. pDoe Nor. fDoe
83%
9134
~~~6
|
1st A ref 5s series A
Conv deb 6s.
74
J
Aug'2_
85% Sept'20
A
3
15i1
May'20
87%
6s.1926|F
65
74%
31
10-year 7^s
conv
86%
73%
87
"
U S Smelt Ref & M
...
89%
119
Dec'18
84%
92
Standard Mi'ling 1st 5s
1930 M
Union Bag & Paper 1st 5s. .1930 J
Stamned
1930J
J
9934
105
104% 105
100
Sept'20
110
80% Sale
80%
80%''""1
76
88
91
1
92% 91
July'20
91
97%
1
89
90% 93%
93% 9634
N
J
90
79
~
-
...
99%l
"75% *75%
87
1951 F
-
1
Sept'20
65%
65%
85%
85%,
100%
--
O
-
88
J
N
98
95
98% Sale
Feb 1940
5s
89%
30
26%
Mu Fuel Gas 1st, gu g 5s. .19 47 M
Stand Gas A El
73%
21
65
75% Sale
1930 F
90%
21
263S
61% Sale
Series
90
26%
Sale
D
5s International
90% Sale
25%
Sale
A
1937 M
Aug'20
98% Sale
95% Sale
65
Purchase money g4s
1949 F
Ed Elec Til 1st cons g 5s. .1995 J
NYAQ El LAP 1st con g 5s. 1930 F
Pacific G A E Co—Cal Q A E—1
Corp unifying A ref 5s
70
N
5s
(P) 7s
78
1931 M
Ingersoll-Rand 1st 5s
U S
98%
96%
87% 100
18
...1934 M
General Baking 1st 25-yr 6s. 1930 J
Gen Electric deb g 3Hs
1942 F
5s
90
91
78%
88% 101
Cuba Cane Sugar conv 73. .1930 J
Distill Sec Cor couv 1st g 5s. 1927 A
E I du Pont Powder 4Hs... 1936 J
Lorillard Co
80
J
90
117
4934
1
'20,.
7
1951 F
50
NYGELHAPg 5s.___.1948 J
Pacific G A E gen A ref 5s_.1942, J
Pac Pow A Lt 1st A ref 20-yr
[
823ft
19%
July'17j_
26
o
Newark Con Gi3 g 5s
"85%
10
.
Sept'20;.
85%
81%
1997 A
f
|""26
51
83%'
82%
117
64%
I
90
..1925 M
Ed El 111 Bkn 1st con g 4s. 1939 J
Lac Gas L of St L Ref A ext 5s '34 A
Milwaukee Gas L 1st 4s.,
1927 M
90% July'19
87
86%
96
2
59
23
o
1937 A
Sale
66
90
117
117
74% Sale
74%
74%
78
77% Sale
77%
85% 90% 91% July'20
55
21
O
5s
82% Sale
1
O
45
75
Kings Co El L A P
g
87
D
75%
5338
1
————
g 6s...1944 A
.
75
Kan City (Mo) Gas 1st
g 53.1922 A
Purchase money 6s
Convertible deb 6s
82
O
85
65
Am Tobacco
.
24
J
*1940 M
cons g 5s
1932 M
Gas A Elec Berg Co c g 5s. .1949 J
Havana Elec consoi g 5s
1952 F
Hudson Co Gas 1st g 5s.i._1949 M
May'20
85
76%
1934
23
22
74
72%
69%
J
J
Eq G L N Y 1st
Sept'20
90
70
11
Debenture
2
72
........
j;
O
Q
M
61
95
93
" "88"
Coal, Iron & Steal
Cincin Gas A Elec 1st Are! 5s 1956 A
Columbia G A E 1st 5s
1927 J
Consoi Gas 5-yr conv 7s
1925
Cons Gas ELAP of Bait 5 yr 5s'21
Detroit Citv Gas gold 5s
1923
Detroit Edison 1st coll tr 5s. 1933
61
91%
-__.j
73
West Electric 1st 5s Dec
Bklyn Un Gas 1st
60
....
Aug'20
86
Industrial
20-year deb 6s
5%
Jan
&
Conv deben 5s
Gas and
Electric Light
Atlanta G L Co 1st g 5s
1947 J
Bkly Edison lnc gen 5s A. 1949 J
65
252
75
52%
Sale
75%
78% July'20
69
75%
69
23%
26%
75
78
i *85"
May'20
73
July'19
|
26
74%
75
63
"67"%
85%
75% Sale
70% July'20j_
61
July'19
42
....
1927 A
73%
58%
O
9"2
.
80
65%
85
j
Oct'19
78
77
73
84
W
Aug'20
77
23
49%
85% July'20
101%
-
79
'19j.
22%
5%
434
Sale
"
65
88
97
-
83%
90
67
41
50
85
72%
1
79
42
45
40
--
"64*
-
89
95%
91%
91
40
96%
1923 A
Uh33 J
Income 6s
72% Sept'20
89
80%
7634
87%
40
24
90
22
95
77
*20i.
95
169
88
95%
94
90%
21
24
82
....
80
90
A
40
41
1937 J
86
j
O
43%
Mar'20.
22%
Sale
5
105
N
June'20
Sale
5% Sale
30-year adj lnc5s
Portld
64%
72
{8334
108
1928 A
*19
Oct
40
5s. 1943'J
Sale
....
J
J
82%
"70"%
....1924 F
Am Cot Oil debenture 5s...1931 M
Am Sm A R 1st 30 -yr 5s ser A '47 A
Metropolitan Street Ry—
c g
1928 J
69"
15%
Col A 9th Av 1st gu g 5s.
conv sf6s
68
Sale
Bway A 7th Av 1st
10-year
58%
47% Sale
f 5s. _1953 M
66%
53%
16
s
70
10
15
Manila Elec Ry A Lt
28
57%
"93
Interboro-Metrop coll 4^|j.l956 A
1990 A
23
Pub Serv Corp N J gen 53.. 1950 A
Tennessee Cop 1st conv 63.. 192.5 M
Wash Water Power 1st 5s..1930 J
Wilson A Co 1st 25-yr s f 6s. 1941 A
59%
22%
24%
78
Apr '20:
Sale
Stamped tax-exempt
60
55
82
70
July'19 j
58%
17
|._
N
50
50%
60
58
70
Certificates of Deposit
O
64
24% Sale
Interboro Rap Tran 1st 5s..1966 J
Manhat Ry (NY) cons g 4s. 1990 A
A
56
1932 F
N Y A Jersey 1st 5s
O
N
51
58
81%
81
Nor States Power 25-yr 53 A 1941'A
Ontario Power N F 1st 53.. 1943 F
Ontario Transmission 53
1945 M
51
59
81
7934
82
64
79%
92
5
Mar'20
89
81% Sale
81
N
63
"
93
65
67
100
'
O
,85
4
Apr'20 ---.1
95
Niag Lock & O Pow 1st 53..1954IM
66
55
58%
90
Sept'20
45
66
55
77
-
-
82
J
J
83
72
May'20
65
31%
23
N
17
37
81%'
95%
to*
1
A
34%
2
6
59%
74
June'16
12
66% June'20
99
73%
94
57
59
103%
98
80
O
"~27
102%
Sale
63._.1941|a
20
10
71
1
i
J
57
64
102% Sale
98% Sale
80
N
72
10-20-year 5a series 3__._ 1932 J
N YijDock 50-yr 1st g 4s
1951iF
Niagara Falls Power 1st 53.. 1932 J
Ref A gea 6s
al932 A
50
55
6U2
72
77
J
1928 M
58
11
58
Apr'14
57
28
78
"77" Safe"
Sale
N
""3
83
40% Dec '19
"60
73
68%
O
47
95
55
::::j 'si'
2.1966'A
80
....
87%
Mtge Bonds (N Y) 4s
May* 18
51% Aug'20
50% Aug '20
23
Aug '20
84
90
74
53...1940!m
ser
81%
-
73"% "84%
i
85
90%
903g
74%
O
M
"39
r
3334
35
40
72
77
28
28
Apr '20
76
21
57%
"59"" Sale"
,..,..19571--
301
J
N
|
21%
60
.
Adjust Income 5s
2
57
60
1951 J
Det United 1st cons g 4 i^3._ 1932 J
Ft Smith Lt A Tr 1st g 5s..
1936 M
Hud A Manhat 5s ser A
1957 F
29
High
7034
95
-
.
69% Sale
J
f 6s..l941'J
Stamped
~
Nov'19
Montana Power lst«53 A...1943IJ
Morris A Co 1st 8 f 4^8
1939.J
57
Nassau Elec guar gold 4s. 1951 J
Chicago Rys 1st 5s
Conn IlyAL IstAref g4Hs 1951 J
J
68
60l2
Bklyn Un El 1st g 4-5s
1950 F
Stamped guar 4-5s
1956 F
Kings County E 1st g 4s. .1949 P
O
1955 J
Sale
40
..
1952 A
69
1st Ser C 6V$s (etfs)
1963 J
Chile Copper 10-yr conv 73.1923 M
Coll tr & conv 6s ser A...1932 A
69% Sept'20
„
89%
tax ex.. 1930 A
a
•
A
Sale
77
83
D
O
Chic C A Coon Rya s f 5s
1927; A
ChleUaSta'n lstgu4Hs A.1963 J
guar
•
l" "
8
70
Bk
11
7334
Mar'20
1948 M
Great Falls Pow lstsf
Int Mercan Marine a f
Certificates of deposit
Certificates of deposit stmp'd
Bk City 1st cons 5s..l916-194l! J
73%
....
1925 M
92
Street
Railway.
Brooklyn Rapid Tran g 5s. .1945
1st refund conv gold 4s...2002'
3-yr 7% secured notes..*1921 J
73%
,
Adamj Ex coll tr g 4a__
Ala.3ka Gold M deb 6s A
69
0812
Dul div A term 1st 4s '36 M
55"%
'17
Oct
78
55
Sup &
36
1928 J
1930 F
88%
Aug '18
1926; A
RR
1st consol 4a
82
....
5478
Refunding 4Ms series A..1966 M
1944 F
Since
Jan. 1
No. Low
Ask Low
77
1945 F
Wheeling A L E 1st
Bid
t
Utah Power A Lt 1st 53
West Maryland 1st g 4s_.__1952 A
Wast N Y A Pa 1st g 5a
1937 J
Gen gold 4s
1943 A
Western Pac
Gas & Electric
Lt—(Cond.)
Rang*
13
05 *
97*2 July'19
61 '8
22
Week's
Ra ige or
Last Sale
Utica Elec L A P l3t g 53... 1950 J
Utica Ga* A Elec ref 5i
1957 J
66
pl943j Nov
Price
Friday
Sept. 17
85%
8
Income 5s
High
EXCHANGE
ling Sept. 17
en
91
A
;
Wees
72%
1945 F
1st 40-yr guar 4s
N. Y. STOCK
79
19irM
Wash Terml 1st gu 3^8
ice
Jan. 1
High,
77
867s
BONDS
Range
3-3
s Option sale.
1171
BOSTON STOCK EXCHANGE—Stock Record sJSSSL*
STOCKS
Sales
SHARE PRICES— NOT PER CENTUM PRICES
BOSTON
for
Saturday
Monday
Tuesday
Sept. 11
Sept. 13
Sept. 14
1
Sept. 15
■
127I2 127%
65% 66%
127% 127i2
6534 66i2
*85
*86
87
*85
38%
38%
....
38%
38%
*45
48
*45
*135
145
,*135
....
38%
40
46
46
87
87
38%
48%
3812
127
127%
£64
64%
I
88
38%
38%
52
*135
140
641-
64
____
j
*3i2
4i2
*3i2
....*130
*71
76
....
*130
72
72
,
76
*71
j
~
76
71.
71
|
33
3314
3334
*63
*62
*84
*84
33i2
33i2
80
80
*84
....
V...
85
85
25
*24%
25
*78
88
*76
80
*42
46
43
43
4934
50
*3i2
4
pref
Boston & Providence..
34
Do
Aug'20
Bost
Aug'20
24%
Do
....
Marl6
116
Dec
May 25
Dec
Feb 18
67% Jan 2
88
Sept 16
62
80
85
Dec
100
30
Feb 11
40
Sept 14
28
100
39
Jan
4 8%
Sept 15
40
Oct'
100
124
Mar 15
130
Sept!
132
6
Jan 28
143
no
Wore
Elec
Jan
10c
Mar
8
Aug 12
11
Mar
5
130
Jan 30
132
Jan
8
132
100
71
Aug 31
86
Jan
2
84
334 Aug
par
pref
6
Dec
3% Nov
2% Nov
7
6
100
pre.no par
Oct
Feb
Do
Mar
"72"
100
68
Jan 12
66
101
Maine Cen ral__
100
60
Jan
34
34
407
N Y N H & Hartford
100
23% Feb 11
»
*70
Mar'20
pref
Northern New
...
Aug'20
Hampshire. 100
Vermont & Massachusetts.100
*76
80
*76
80
22
42
42
42
42
190
50
4934
50
4
4
4%
7
94
Oct
86
Apr
1
£71
Dec
25»4 Sept
1
15
Dec
82
Oct
Jan 20
Rutland
50
July
July
Old Colony
30
42%
89
15
29
24
pref
West End
133
Street..
pref
Do
Dec
Dec
Dec
86
73
84
*21
25%
6
100
*81
24
59%
Jan
..100
84
*21
Mar
70
5
Mar
86
July21
*81
Mar 30
36% Mar 10
70
9
77
24%
42
July
3
Norwich & Worcester pref. 100
84
*76
50
Feb 17
60
100
Georgia Ry & Elec stampd.100
79%
50
119
100
66
Last Sale 81
*82
pref
&
Chic June RyAUSY
Sept'20
Highest
100
1
|
*70
1919.
Lowest.
Highest.
Boston Suburban Elec..no par
42%
79%
*42
50
50
337S
34
*84
*2414
*81
*24%
*65
65
33I2
*75
25
*80L
Do
Last Sale 10334 Oct'19
111 J "65*
*65~
66
3234
Boston & Maine
Dec'19
....
pref.
Do
15
140
Last Sale 72
"65"
*63
696
*135
Last Sale 130
*71
._,,J
52
Elevated
Boston
30
*48
Last Sale 334
Last Sale 6
4i2
*312
....*130
4i2
....
1,250
J
____
Last Sale lOc.
*130
187
127
127
|
87
*48
48%
140
140% 140% *135
145
Lowest.
Railroads
Boston & Albany
Shares
127% 12712
65i2 66 |
Previous
Ranee for
Year
Week
I
127% 127%
66
66%
Range since Jan. t.
STOCK
EXCHANGE
the
Friday
Sept. 17
Thursday
Sept. 16
Wednesday
8
70
June 15
87
50
38
3
38% Sept
48
May 17
July 7
45% Jan
60
55% Jan
6
47
Sept
7% Mar
2% Sept
9%Sept
10084Sept
15
5
Dec
17
55c
Jan 31
Miscellaneous
334
*3%
*1%
2
2
2
*8
9
9
o
99
99i.j
98%
334
3%
2
2%
10
*8%
99%
99% 100
2%
2%
9
9
4%
4
*2%
2%
2
9%
9%
9%
99'% 100%
9934 100%
1,104
285
Do
3,511
Amer
75
75
75
75
75
75
75
75
75
75
80
*75
80
75
75
*72
75
*72
75
*72
*4
5
*4
5
*4
5
*4
5
*15
17
*15
17
*15
24
24
24
241
24%
*24
24%
24%
24%
"2414
.25%
1,060
7%
7%
934
*7%
9%
7%
25
150
149
23
23
23
23
14
14
14%
14%
*39%
40
39
39
28
28%
14%
14%
14-%
*4%
5
31%
4%
4%
20
31
20%
31
30%
31%
20
20
*20
21
*78
80
*75
801
150
150
149
149
23
23
23
*22%
15
15
15
*14%
39
X3834
39%
27
12638
26%
27
1834
19
19
*44%
45%
22%
15%
39
39
19
313^
1,785
20%
275
*75
80
180
149
149
100
2
23%
Oct
50
12%Sept
8'
26
June
3
28
Apr
1,917
Greenfield Tap & Die
25
37%July27l
60
May 25
4*5%
200
6%
13%
350
Island OH & Trans Corp..
982
Llbby, McNeill & Libby..
10
Loew's
10
61"
*44%
63*
13%
12%
12%
12%
94
94
92%
McElwain (W H) 1st pref.100
83
83
92%
83%
45
82%
"84%
84%
859
Massachusetts Gas Cos... 100
61
60
60
60
148
121
*119% 120
*118% 121
"118% 121
60
34
32%
34
33%
35
35
38
37%
91
92
91
91
91%
92
92
94
93%
23
*21
23
*21
26%
165
26%
22
*20
26%
£26%
165
*160
*13"
"13%
1334
il3% "l4
*29
30
*20
23
30%
*29
30
20%
2034
*20
22
14U
Last Sale
22
*2634
27
28
1,243
*164
165
14
91
91
13%
13%
"14
Last Sale
*14
14%
1434
*14
1434
*14"
*32%
35
*32%
35
Last Sale
109%
111
109% 110%
65
*6234
64
2534
*25%
10934 113%
"1434
64
6434
64%
64%
64
2534
25»4
25%
25%
*25%
41
4034
41
4034
41
40%
41
41
41
24%
17%
25
25
*2434
24%
25
25
24%
17%
17%
16%
17%
17
17
25
17%
19
19
19
*24
26
*24%
*17%
18
1734
173.1
60
60
60
60%
*.40
.75
57%
57%
*.20
*23
33s
.05
23
36
*4
734
*10
9
♦285
17
19%
19
19
280
24
25%
418
Waldorf System Inc
Waltham Watch
17%
18
18
18
290
Walworth
60
60
60
60
60
60
75
60%
60%
*25
27
24
25
58
58
£58
58
Last Sale 60
Last Sale 60
.40
24
*22
3%
*33s
1034
*10
*.25
*22%
*3%
*10%
.40
24
3%
10%
*57%
*3%
*10
9%
.05
285 '
280
2478
10%
361
*9%
35%
*4
4%
24%
*4%
4%
8%
*81.1
8%
11
*4
41
3
*2%
3
.75
*.60
.75
2378
10%
36%
11%
2%
11%
*2%
*4%
8%
4%
8%
*1034
2%
11%
2%
4%
; 4%
2%
2%
2%
21"
*.60
.75
*.50
.75
*4
4%
8%
*1078
*2%
*4%
*2%
57%
58
57%
57%
*57
58
57%
58
76
76
77%
77%
*76
78
76
76'
30
*28
30
*27
28
3%
*3
*1%
1%
3%
3%
*3%
1%
*3%
4
234
6%
*4
*3%
234
6%
3%
*3%
*30
~90"
10
16%
9%
16%
10
16%
*.40
.75
*.40
.75
934
*IU
2
2534
2584
*1%
24%
2
24%
40
39
39
*27
3^6 3Vk
30
25
6%
470
Last Sale 4%
Sopt'20
60
60
61
Mayflower-Old Colony
Michigan
j....
25
25
166
Mohawk..
25
319
New Cornelia Copper
100
New River Company
17%
*3%
*30%
35
*31
90
90
91
9%
16
*.40
1734
5
*17%
18%
18%
18
Last Sale 5
*31
35
*371"
93
93
93
*88%
10
38
...
934
978
10
10
630
Nlplsslng Mines...
16%
16%
*16
16%
16%
16%
260
North Butte
.25
.25
*.25
.50
*.25
.50
20
North
2
24%
2
11
Ojibway
*241"
251"
50
Old Dominion
*38"
40
132
Osceola
47%
120
Qulncy
*1%
2
1%
1%
*1%
*24%
25
24%
*38
40
978
*1%
46%
47
47
47
40
40
*39
41
*39
41
1434
14%
14%
14%
14%
*14
15
*1%
1%
*1%
1%
*14%
*1%
15
1%
23s %...
2%
2k
*1%
5
*41*
4%
"5"
5
41
*1%
1%
1%
1%
1%
1%
1%
1%
*37S
1%
.60
.60
.60
.60
.60
*.55
.60
.55
*134
2
1%
178
*1%
8
414!
8
*1%
1%
*2
2%
*.30
.50
1334
14%
•.25
.75
I
I
4"
*1%
2
8
8
*.30
14
*.95
Bid ud naked
*134
7%
1%
1%,
1%
*2
*2
23s
j
4
4
4%
2
4
8
7%
*7%
lk
*1%
1%
23s
*2
2%
_
<•
*13%
14%
*13%
"14%
*.25
.75
*.95
.75
.75
rfeo.
I Ex-stock dividend,
.15
*4%
>13%
130
30
*378
.15
-
5
4%
200
7
1%
645
.60
1,300
2
*1%
2
80
7%
*7%
8
195
*1%
1%
14%
1,225
14
4 iitr'20
d Ex-dividend and rights,
91
Aug 17
4
1
60c Mar 26
39
Feb 13
76
Tunnel
Wolverine
.....
;
...
e Assessment
paid.
4 Ex-rights,
12% May
12
Mar
21,
Mar 12
79
Feb 16
_
8% July 19
1384 Aug
% Feb
25
25
1% Aug
6
2
2
5
l%May
4
May
Feb
Mar
5
Aug
Jan
June21
Jan
3
42
Apr
78
Apr
24
Mar 24
3%
Jan
Oct
2% Jan
5
99c
Mar
4% Apr
7
3
Jan
3% Jan
3
2
Apr
3
Jan 21
2%
Apr
5% Jan
3
4
Feb
Jan
2
2
7% Jan
2
2%
Mar 27
49%
lia4
72
24
Jan
5
1434
7% Jan 8
30% Sept 13
93
Sept 15
6%
8%
5784
8%
12% Jan
3
9
21% Apr 20
Jan
Feb
Feb
Mar
May
Feb
Mar
Jan
Feb
Jan 27
25c
Apr
2% Jan 26
75c
Mar
80c
20
Aug 19
25
36
Aug
6
58
Jan
45
Mar
25
25
65
Jan
52
Mar
58
Jan
40
Mar
19
Jan
13
Jan
2
Jan
1% Mar
40c
Jan
10c May 11
Utah Metal A
Jan
Mar
350
50c
3
138JulylO
2% Aug 3
2% Aug 3
l%Sept 9
2% Aug 9
484 July 20
3
Aug 18
57
Aug 19
16
May 20
5
July 10
3
5
Utah-Apex Mining
Utah Consolidated
Nov
20c
82
10c Mar 10
Tuolumne Copper
3
Feb
6
5
38
25
no par
...
Jan
1034
20c
84 Jan 14
59% July 13
Sept 13
25
South Utah MAS
2
5% Apr
6% Mar 31
26 ' Aug 14
South Lake
Copper Corp
Jan
40% Jan 10
16
10
Seneca
409
9% Aug 19
50c Aug 11
3
Aug 18
Shannon
Winona.....
Sept'20
13%
Aug 30
7
43% Aug 24
35
Aug 18
12%May 24
1
Aug 11
St Mary's Mineral Land..
Victoria
Aug'20
T."*t Snie .25
Co
Trinity
1%
*.50
.35
Mining
Superior
Superior A Boston Copper.
1%
SaleJ
Lake
560
.55
Last Sale 2
Last
.50
14
7%
1%
75
July'20
.25
*4%
*.50
*4
1%
Last Sale 2
*.15
.25
*41'.
pref
.75
41%
"*.15
Do
9%
47%
I
682
5
5
100
100
5
15
Idria Quicksilver
16%
38%
5
New
Sept'20
35
10% Apr27
40c
Feb
500. Mason Valley Mine
5
32% Dec
7
5
Feb
235; Mass Consol
18
7
Mar
3%
65; La Salle Copper
Jan
4% Apr
1534 Jan
42
8
5
Copper Co
62% Mar
10c
Apr
Jan
1
Copper
3
6
Mar
1
25
pref
Apr
Jan
% Jan
434
25
165' Isle Royale Copper
170 Kerr Lake
.50
184 Feb 27
77
2
25
Island Creek Coal..
Jan
31%July21
39
25
1
Jan
38
4% Mar
14% Jan
25
Consolidated
37
9
16% Jan
2
41%
.20
East Butte Copper Mln
Franklin
21
Jan
48% Jan
3
38%
47%
*134
Davis-Daly Copper
May
9% Aug 24
*3%
6%
:
Oct
Jan
£32% Aug 20
3
Jan 3
*2%
*1%
*3%
Jan
25%
784
25
20
10
10
1%
60
44
25
31
63*
48
*41/
17% Feb 13
3
6%
458
5
9
1
*2%
61
Aug
.25
10
1%
6%
Aug 12!
884 Aug
6%Mar 18
3c July 19
280
Sept 16
10
Copper..
3%
42
*.15
5
3
47
*
25
*3%
42
1%
Feb 25
*1%
48
*14
23
*2%
42
1%
2%
5
1%
42
1434
70
*3%
48
*1%
66
*2%
*41
Jan
5
6
3%
*60
June 18
Feb
4
62
Jan
Feb
79
May
*3%
*4%
2
Feb
59
4
"5%
Jan
52%
Apr 13
26
60
*3%
1%
3%
28
Jan
32%
115
_
Mar 10
76
Jan
15% Dec
8
Jan
100
Centennial
Lake
6
4984 Apr
100
Carson Hill Gold..
15
25% Apr
133
16% Aug 10
51
Mar 2
2
3%
30
Jan
20
Keweenaw
31% Jan
July
Dec
Mar 19
25
75
35
19
25
1%
Jan
Aug
Arizona Commercial...
*1%
Jan
55
12% Feb 11.
25
Do
14
2
Feb 11
Allouez
3%
24%
39%
46%
*14
55
93
Jan
26
Arcadian Consolidated
Indiana Mining
Jan 12
16
49
Algomab Mining
Helvetia
Feb
99
39%Junel8
9
*3%
2434
38%
*37
*
59
771
H
145
3
Mar
*3%
90
*161i
59
*76%
30
24% July
Sept
34% Mar 30
176% Jan 19
2384 Aug 24
2
Hancock
856
32% Sept 10
Aug 9:
64
feept14
Aug
55
.1
Feb 13
13
104
Aug 10
720
....
71
83
15
25
25
25
5
89
*3%
Sept'20
19%8ept
3638 Jan
Feb
47% Nov
17
1%
30%
*17%
5
4%
2%
2%
29%Sept
4
9,
Sept 16
16
*1%
*17%
18
*3%
100
June 16.
90
Jan 26
94
28
1%
18%
5
30%
*17%
3%
2'a
July 26
53
7
*138
*60%
60
*3
11%
*2%
*4%
Aug 10
82%May 8
23% Aug20
24% Aug 10
Dpc
23% Apr
*1%
61
60%
3%
6%
6%
4%
6%
4%
*60'
90
3^6
33*
1% 1%
4
2%
2%
*1%
H
*1%
*28
28
10%
545
130
31
Jan
67% Nov
44% Jan 26
Daly-West
1,264
138% Jan 21
120% Aug 18
63
Dec
Feb 16
957i Copper Range Co
8%
8%
Last Sale .60
59
15
60
8
56
5F Calumet & Hecla
Sept'20
4%
8%
11
278
4%
3
77%
29%
2578
Jan 20
June
25c June
Butte-Balaklava
*9%
90
57
40c
Bingham Mines
35%
92% July 20 101% Jan 10
84% 3ept 7
68% Feb 6[
25
450
25%
8% Feb
Aug 10
Consolidated..
775
14,040
28-% Nov
17
Ahmeek
.03
285
285
8
12%Sept 15
23
Wickwlre Spencer Steel...
Mining
91
10%
36
Last Hale
*57%
*3%
.03
25%
*76
29
*9
31% Apr
584
10
'
4%
*219
15
9%
*9%
*.50
10%
*.03
35%
2%
10%
.05
10%
*2%
10%
9%
36%
11
325
*9
285
50
3%
*.03
285
83
57%
3%
.05
pref.,..
Adventure
Aue'20
57'2
3%
9
23
23%
58
.05
289
Aug'20
2d pref
Last Sale .25
July'20
23
23
*22
24
9
*285
1st
Do
150
Aug 10'
8
100
100
Warren Bros
Do
29
5
Manufacturing. 20
Aug'20
29
10%
2%
Ventura Consol Oil Fields.
25
36%
11%
pref
18
10%
*2%
Do
25
361.1
11%
5
25
25
United Shoe Mach Corp...
*19
10%
8%
Union Twist Drill
18
36
8%
25
Torrlngton
19%
.08
*4
100
24%
10%
4%
1,575
no par
18
36
2234
173S
264
5
Corp
Swift & Co
19%
3%
1034
15
855
*
17
Slmms Magneto
23%
24%
23%
41%
July
25
18
*.20
.40
290
*25%
4078
253/
100
Shawmut SS
19
8k
290
112
Last Sale .50
24
*.03
65%
Mar
75
Root & V Dervoort CI A no par
25
.75
3%
65%
19
80% Feb
8% Apr
7
4!
13% Aug
Stewart Mfg
"""845
2
484 Mar
10
19
58%
*.20
*22
3%
.05
*10
58
.40
10%
26
*.40
25
*10ii
*8%
290
*23
25%
1
pref
*24%
19
25%
*25%
35
14%
Jan
91
150
Plant (Thos G)
10934
65
6434
25s4
"14%
109
no par
Reece Button-Hole
""360
32% Sept'20
10
Pacific Mills.
86
2978 Sept'20
100
Orpheum Circuit Inc
6
35
114
Ohio Body & Blower
"
27
165
30
*29
Aug'20
23%
Linotype
Investment Inc.i
45
Aug
9% Apr30
New England Telephone.. 100
28% Aug 14
1434Junel9!
42
11
100
pref
Mexican
449
10
Theatres
Mergenthaler
3,825
38'"
94
*164
2678
165
165
Do
10
*119% 120
33%
26
100
83%
*118
*24
no par
94
91
60%
Products
Apr 141
16
Cement Corp.no par
pre%
83%
3434
17%
Do
94
121
40%
*2434
Internat
83
90
*32%
Internat
145
94
3312
*14
264
no par
366
121
Oct
36% Jan
Gorton-Pew Fisheries
13%
60
Apr
185
12%
60
Jan
39
138
1,395
11%
60
6
8
Feb 20
Apr
15%
40
28%
1234
61
4% Jan
31% Dec
24%
13%
*60
113
88
157
12
61
14%
Aug 10j
May 15
22% Sept 17i
12%
*93
6% Mar 23
36% Jan 3
28%May 7
17% Aug 13
1334
6%
Dec
1484 Sept 17
62
12
*6%
61
6
140
32
83
114% 115%
Corporation
2% Dec
5
100
Edison Electric Ilium
Elder
3
Jan
7
100
13
94
*22%
5
25
pref
6%
1U4
*29
Do
*44%
1
6%
8212
14
Manufacturing
Eastern SS Lines Inc
3% Jan
22%
19
45%
*44%
Eastern
5
*14%
39%
*26%
28%
*26%
18%
45
Blgheart Prod & Refg
76
14%
5
23
19%
13,228
1434
*14%
4534
*60
•
149"%
3834
94
*13%
12% Apr 14
12% Apr23
3% Feb 14
27% Feb 13
*14%
*4U
*147
26%
Feb 11
10
5
148
165
6
10
14%
*4%
147
26%
10
East Boston Land
14%
30%
14
Dec
35% Apr 17
10
Apr 23
134Septl7
20
12
7
7%Septl5
1% Aug
20
1334
Jan
5
10
10
30%
12
17%
Century Steel of Amer Inc.
Conner (John T)
*75
12
Apr 20
Boston Mex Pet Trusteesno par
75
13%
38
1,675
30%
1334
14% Aug 17
23% Sept 3
1,545
20
6%
Dec
2%'
75
6%
Jan
16
2
30%
*6%
78%
1%
10%;
Feb
79
Jan
2%
20
26%
Chocolate
Beacon
167
Apr
Dec
Jan 13
2
75
*21
Atlas Tack Corporatlon.no par
95
Apr 20
2%
20%
82%
10
16
19
2
3034
6%
Art Metal Construe Inc
Jan
2%
83
2%
75
19%
8
17
2
July
2
20
*45
5
9%
14
1934
71
2io
14
44%
74
2
2
*4'2
30-%
28%
July 29
July 26
no par
pref
2%
2
44%
Sept'20
9%
2%
27%
Apr 30
934
2%
2%
*19U
80
12%
9%
2%
3
5%
100
9%
9%
2%
*7%
14
Feb 10
2%
9%
*2
*4%
5
*7%
934
9%
*2%
14
15U
50
.no par
Do
*15
Feb 24
Anglo-Am Comml Corp.no par
75
15%
Aug 11
1
pref.
Telep A Teleg
Amoskeag Mfg
1,718
76
Last Sale 5
16
16
3
7%
7%
5
.
10
25
734
*7i*>
734
Oil Engineering
Amer Pneumatic Service..
9%
100% 1001
*75
24%
Am
2%
*74
*7%
785
4
25
10
25
5
5
4
Aug
5
2% Apr 15
25c
30% Mar
Jan
Jan 10
8e
Jan
7
4
Mai
6% Jan 29
1
Mar
6
234 Aug 24
UsSept 7
50c May 19
1
3
I84 May
9% Feb20
7%
Jan
1%
Jan
%> Aug
7
June26
1
6
1
95c
25
25
25
26
5
37% Jan
2«4 Jan 191
I84 Jan 10
Jan 23
Aug 11
33g Jan
5
1% Aug 26
25c Sept 1
3% Jan
8
Jan
7
12
Aug 9
% July 1
s Ex-dividend,
2
23
Jan 10
11" Mar 22
w Half-paid.
1%
71 c
%
Deo
Dec
1% Mar
50c
Jan
15
Mar
40c
Mar
[Vol. 111.
THE CHRONICLE
1172
Sales
Friday
Last
Outside Stock Exchanges
Record.—Transactions in bonds at Boston
Boston Bond
17, both inclusive:
Stock Exchange Sept. 11 to Sept.
Range since Jan. 1.
Week's Range
Sales
of Prices.
High.
Week.
U S Lib Loan 3 %S-1932-47
89.74 90.12
$2,150
89.04 May
1st Lib Loan 4s-1932-47
84.54 84.54
100
82.04May
2d Lib Loan 4s.-1927-42
84.44 84.44
550
1st Lib L'n
4MB-1932-47
4KB-1927-42
3d Lib Loan 4%S_..1928
4th LlbL'n 4% S_ 1933-38
Victory 4%s
1922-23
Am Agrlc Chem 5s—1924
85.44 85.96
1,750
2d Lib L'n
84.44 85.22
15,650
87.84 88.70
84.70 85.48
Last
Sale.
Law.
Price.
Am Tel & Tel coll 4s—1929
Atch Top & S Fe
4s.-.1995
Atl G & W I SS L 58-1959
92.34
Jan
81.60 May
92.98
Jan
28,500
86.00 May
94.96
Jan
34,600
81.74 May
92.98
Jan
95.24 95.64 146,050
94.84 May
99.30
90 %
91% June
75
1,000
75*4
71
71
1,000
1,000
1,000
100
2,000
74
July
1930
"ioi%
Gen Electric 6s..-...1940
98%
76%
1,000
68
101%
98%
Jan
93.80
Sept
72%
Apr
70 % June
75 %
76%
101 % 101 %
Dei & Hudson 7s
1,000
75
106% 106%
Chic June & U 8 Y 5s. 1940
100.00 Jan
82.04 May
82.14 May
91%
Jan
81%
Jan
Aug
81
Jan
Feb
150
Jan
84%
101%
Jan
Sept
Sept
74
Mar
76
79%
14,000
77
Aug
85
Mar
79%
1,000
75
Feb
80
May
78
Tel 6s. 1932
Western Tel &
98%
63
63
63
92
92
2,000
92
Jan
77
78
41,000
77
June
93%
Apr
84
Jan
Pittsburgh Stock Exchange Sept. 11 to Sept. 17, both in¬
clusive, compiled from official sales lists:
Sale.
of Prices.
Week.
Amer Vitrified Prod com 50
_■
.
"109
100
Am Wind Glass Co pref
Barnsdall Corp class A.
Class B
9%
107%
16
99%
.25
38
38
300
34
Aug
45
33%
-----
-
90
1%
3%
160
3%
32%
33%
11,040
1%
15
90%
2%
8%
8
9
1
1%
1%
1%
31
5
4%
com.-.50
------
-
----
-
30
31
57%
4%
59
73
40
395
50
50
45
620
14%
90
2%
25
1,730
9%
1% May
3% June
89
of par
value.
!
Last
Par.
Celestine Oil
25
45%
61%
6%
9%
19%
34%
55%
52%
Jan
20
11
Aug
21
Aug
25
49
48
49
575
44
Feb
25
32%
30%
32%
7
------
————mm
100
Transcontlnen'l Oil (no par)
Union Natural Gas
100
15
U S Steel Corp com
90
29%
25
3%
10%
150
10%
July
Sept
Sept
7c
7c
9,500
4c
41c
44c
8,000
30c
10%
4
49
......
Jan
Jan
Apr
Apr
Mar
Apr
July
25c
Jan
Aug
53c
Jan
11
May
18
Mar
149
Aug
172
Apr
15
15
150
118
120
243
90
90
100
9% Aug
117% June
84% Aug
103% Aug
45% May
7%
Jan
50
^
275
100
Jan
37%
130
Jan
107%
118%
Jan
Jan
Jan
55
Mar
15%
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Sept. 11 to Sept. 17, both inclusive,
compiled from official sales lists:
Last
Sale.
Price,
Week's Range
of Prices.
Low.
High.
100
Preferred
American
Shipbuilding. 100
100
Preferred
Armour & Co pref
100
15
Armour Leather
100
Preferred
Beaver Board...
Briscoe,
Mar
88
Aug
68%
68%
40
65
94%
15%
840
Jan
Mar
Feb
(♦)
45%
45%
45%
25
25
_(♦)
common
Bunte Bros
14%
10
Case (J I)
(»)
Chic City A Con Ry pf-(*)
Chicago Elev Ry pref. .100
Chic Rys Part Ctf Series 1.
Chicago Title & Trust.. 100
10%
6
100
95%
25
40
Aug
58
190
25
Sept
75
25
350
1,055
14%
9%
6
17%
Sept
Mar
Jan
Mar
24%
Apr
11% June
8% Feb
Jan
5
190
15
75
15
Sept
20
Jan
205
25
200
May
215
Feb
101
101%
455
Aug
108
9
760
4%
71
------
8%
65
78%
2,545
93
92%
104% 104%
155
25
3
Feb
15
8%
Deere & Co pref
Diamond Match
Aug
205
101 %
Cudahy Pack Co com. .100
7
Aug
——————
10
Motors
10%
15
91
——————
Commonwealth Edison. 100
Continental
6
14%
90%
350
100%
8%
65
92%
104%
May
13%
Aug
101
Sept
Sept
102
Sept
125%
63
275
60
Aug
92
Jan
75
75
75
25
Llbby McNeil & Llbby._10
Lindsay Light
10
Preferred
96
Feb
23%
70
13%
12%
7,775
------
6%
89
Sept
Aug
32
Jan
Apr
Mar
16%
16
530
11
May
Aug
22
Jan
100
27
27
28
1,220
25
Aug
45%
Jan
(*)
16
14
16
200
14
Aug
44
10%
27%
10%
26%
3%
11%
27%
3%
10
Nat Leather
Aug
13
25
Mar
13%
6%
16%
Mid West UtUities com. 100
Mitchell Motor Co
75
1,190
860
7,217
415
11%
5
9%
25
9%
Aug
15%
July
35
Apr
July
Apr
Jan
Grpheum Circuit lnc
1
Page Wov W Fence com.20
Pick (Albert) & Co
(*)
Plggly Wiggly Stores Inc(*)
-Quaker Oats Co pref...100
25
3
Feb
40
40
40
50
39
Aug
50%
32%
32%
33
610
32
Aug
43
89
88
89
335
87%
Reo
24
23%
24%
905
21
May
28
Mar
29
29
100
29
Sept
52
Jan
139
140
256
130
Aug
243
Apr
90
Apr
Apr
Motor
10
Root & Van
Dervoort__(*)
Sears-Roebuck
Shaw W W
com
100
(*)
com
Stewart Warner Sp comlOO
Swift <fc Company
100
Swift International
15
Thompson J R com
25
Union Carbide & CarbonlO
-m.rn.L~m,
139
84%
34%
109
32%
U S Steel com
„___(*)
Ward Montg'y & Co pf.100
Western Knitting Mills. (*)
Wilson & Co
Wrleley Jr
com
com
Feb
Aug
6,890
25
25%
17,905
54%
14%
50%
July
Jan
Aug
128
Aug
55
Aug
52%
Mar
Apr
74%
Jan
Aug
42
Jan
Jan
28
65%
68%
19%
20
29
29
29
50
Feb
31
78
76
78
528
63%
July
78
89
89
100
89
Sept
48
52
1,325
56
May
32%
15%
36%
28%
Mar
31%
Aug
40
Mar
51
------
15
(*)
25
61
27%
103%
28%
5,310
Jan
28
100
Wahl Co
5,625
14,600
Mar
68
United Iron Wks V T C.50
United Pap Board com. 100
Preferred
100
77
85%
35
31%
108% 115
31%
33%
98%
74
15
185
350
20
205
15
Aug
52
55
110
50%
Aug
71
74
241
70%
Aug
105%
23%
76
.
81%
89
May
4%
Jan
32%
Feb
44%
93%
Apr
67% May
Jan
Jan
11%
11%
11%
110
11
Feb
15
Jan
Wash Bait & Annap
50
16
16
60
13
May
20%
Jan
67
67
1,000
Jan
74
1.000
81
Jan
94
94
7,000
56% May
72% June
92% June
70
74
97%
97%
1,000
96%
96
96
1,000
92
92
3.000
Jan
Mar
Bonds—
Consol Coal
conv
Cosden & Co
1927
94
------
6s. .1923
conv s
92
f
1940
49
1941
62
62%
48%
49
69%
69%
July
100%
Jan
96
Jan
98%
Apr
83
May
93%
Apr
3,000
32
60
June
4,000
55
May
10,000
42
Mar
49%
Sept
3.000
69
Aug
76%
Jan
62
62
------
4s....1949
.
Jan
95
Sept
Jan
69
Philadelphia Stock Exchange.—The complete record
transactions at the Philadelphia Stock Exchange from
of
Sept. 11 to Sept. 17, both inclusive, compiled from the official
slaes lists, is given below.
Prices for stocks are all dollars
per share not per cent.
For bonds the quotations are per
cent of par value.
Sales
Friday
Par.
Stocks—
American
100
Gas
Price.
of Prices.
Low.
35
American Stores
no par
Buff&Susq Corppf v t c 100
Elec Storage Battery..-100
General Asphalt
.100
Insurance Co of N A---.10
Lake Superior
100
Corp
Navigation
Lehigh
Midvale Steel & Ord
Central
Low.
110
High.
31
Apr
56%
27
Aug
64%
10
53
4,011
45
45
45
150
134
130
139
4,856
99
Feb
141
Jan
59
60
120
45
Aug
130
Jan
27%
Aug
37%
34
Aug
58%
Aug
22
"27%
Vjj"
27%
28
39%
39%
11%
12
134
10
2.050
281
39%
10
50
50
60
60
50
42%
42%
32%
32
33
52
51%
52
20%
20%
59
41%
37%
Feb
53
44
Apr
50
9%
57
72
59
47%
39%
41%
no par
25
Transit
50
14%
21%
1-16
%
13%
14%
Juno
Sept
Jan
50
50
2d & 3d Sts Pass
Devel
Tono-Belmont
Tonopah Mining
Union
Mar
65
40% May
49%
37%
51%
Jan
Jan
Aug
5
40
May
50
60
Sept
69%
Jan
37%
July
43%
Mar
2,607
West Jersey & Sea
Apr
Aug
Sept
Mar
Jan
Mar
Apr
670
25%
Jan
%
Sept
Sept
Sept
12%
July
645
50
June
63
Jan
91%
95
260
65
Feb
95
45
45
100
33% |Mar
45
Sept
Apr
180
180
195
Mar
5,318
5
1,900
1
1%
25
24%
24%
24%
167
34%
49%
35%
49%
Shore. 50
Jan
52
20%
50
1%
167
36%
29% May
50% July
1-16 Sept
2,762
1%
50
United Gas Impt
Preferred..
321
7.692
1%
100
Sept
50
1
50
Traction
United Cos of N J
Jan
Apr
Mar
28
50
50
First preferred
Jan
28
46
58%
(cumulative 6%)_50
Feb
28
50
Minehlll&SH
Northern
35%
Shares.
46%
50
—50
Lehigh Valley
34
Week.
"si%
100
J G Brill Co
High
Range since Jan. 1.
for
Week's Range
American Railways pref 100
180
1%
Sept
1
Aug
Aug
Jan
3 1-16 Jan
2%
Feb
1,755
23
July
37
167
12
163
July
185
36
7.330
34%
Sept
57
Jan
172
49%
Sept
50
June
Jan
40
Feb
49%
*37
z37
20
35
Jan
Jan
Bonds—
U S Lib L'n
2d
Lib
100.00
Jan
$1,500
89.80 Sept
200
83.60 Sept
90.10 Feb
100
85.00 Aug
91.78 Apr
91.90 Jan
"
84.20 May
85.20
55.900
3d Lib L'n 4%s_._.1928
88.10
88.68
30.900
86.40 May
84.60
Jan
4%s.l933-38
85.00
85.38
76.400
82.30 May
92.88
Jan
1922-23
Elec & Peoples tr ctfs 4a/45
French Republic 8s
Lake Superior Corp 5s 1924
Lehigh CAN cons 4%s '54
Lehigh Valley annuity 6s..
Lehigh Valley cons 4%s *23
Penna RR 10-year 7s. 1930
95.20
95.56
45.200
94.70 May
99.34
Jan
4th Lib L'n
84.74
1927-42
Victory 4%s
52
52
f
52
101% 101%
"49"
48%
20.000
8.000
do
small
J-C collat 4s.
Sept
Sept
May
65
101%
63
90%
Jan
Sept
Jan
Jan
81
81
81
1,000
80
Aug
106
106
106
7 000
105
May
110
81
81
81
7,000
81
Sept
94
Jan
102% 103
14.000
Apr
103
July
70
Sept
81
79%
July
93
Jan
82
July
Feb
Apr
93%
82%
Apr
100%
1.000
Apr
Jan
70
70
80%
1966
83
83
1.000
1997
1951
80%
2.000
72
82%
80%
82%
1,000
80
Jan
82%
Sept
25
25
2,000
25
Sept
25
Sept
1930
92%
93
2,000
92
July
98%
Mar
'51
80
Un Trac Pitts 5s
Welsbacb Co 5s
48
80
Cons & coll tr 5s stpd
Reading gen 4s
51%
101%
11.000
49
Philadelphia Co—
Phlla Electric 1st 5s„ 1966
3% May
Aug
Jan
103%
May
50
1st Lib L'n 4%s. 1932-47
61%
16%
Sept
3%
United Ry & Elec
2d Lib L'n 4%s.
May
70
30
Feb
61
15%
30
Feb
Aug
70
90
85.50
44
16
215
75
83.60
1,395
------
35
75
89.80
51
10
35
85.50
50
100
74% June
110
83.60
50%
62%
com 100
95
409
4%
89.80
Godzchaux Sugar com_.(»)
Great Lakes D & D
100
IUlnols Brick
240
85%
3%S_.1932-47
------
Hupp Motor
95%
,
Loan 4s. 1927-42
Jan
Feb
100
Hart Schaf & Marx
Jan
84%
Reading
94
100
1,050
25
95
Jan
100
88
93
June
70
Philadelphia Traction.-.50
102
88
15%
92%
20
22
Feb
Phlla Rapid
102
93%
5
23%
22
Aug
Jan
"l02"
------
15%
92%
May
Aug
Jan
July
— — — — —
Jan
29
74
120
68
80%
110%
17%
46
July
66
120
100
Sept
July
July
22
30
Warrants
69
——————
Jan
39
60
9
Mar
85
3.40
156
46
23
160
Phi la Insul Wire
High.
69
100
Sept
339
Phlla Electric of Pa
American Radiator
Jan
70
82%
Pref
Low.
1.05 June
5.410
1.30
Jan
Apr
Philadelphia Co (Pitts)—
Range since Jan. 1.
for
Week.
Shares.
53
20
70
Jan
4%
67
Pennsylvania
Sales
Friday
88
Feb
66
Last
173
8%
Sept
2%
81%
Sale.
110
49
85
81%
Jan
13
47%
8%
1
700
3%
"67"
Apr
170
12%
85
4
35%
Mar
10%
18%
169
103% 104
West'house Air Brake...50
July
3,351
4
-----
5%
85
Feb
June
220
76
100
Apr
Apr
455
Feb
84%.
t r.100
v
17
2%
May
70
Pennsyl Water <fe Power 100
Mt V-Wood Mills
Wash B & A 5s
Jan
4
20
95
Houston Oil pref tr ctfs. 100
Jan
1%
6%
13%
-
4
39
Apr
27
Oklahoma Prod A Ref...5
85
Macon Dub & Sav 5s. 1947
Apr
13%
6%
Coal
"95%
100
Cosden & Co pref
5
Davison Chemlcal_.no par
United Ry & E
Income 4s
15%
26
—
Consolidation
70%
45
"23%
High.
70%
1.20
1.20
Low.
Shares.
70
..25
Preferred B
Week.
High.
3%
25
Preferred
Range since Jan. 1.
for
of Prices.
Lowv
3%
70
1
Commercial Credit
Jan
Jan
48% .July
Price.
Alabama Co 2d pref.-.100
Jan
8
25
Week's Range
Sale.
Stocks—
Apr
5%
720
6,055
Sales
Friday
5
119
Sept
27
Par.
record of the
Sept. 11
to Sept. 17, both inclusive, compiled from the official sales
lists is given below.
Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
Baltimore Stock Exchange.—The complete
transactions at the Baltimore Stock Exchange from
3%
July
2%
780
4%
<;
.
25% June
14% June
——1
50
Stocks—
Feb
7 per cent notes
Apr
West'house ElAMfg com 50
West Penn TrAWP com 100
Feb
5 per cent notes
47
100
87
49
Consol G, E L & P 4%s '35
Aug
Pittsburgh Brewing pref. 50
Plttsb-Jerome Copper
1
Pittsb A Mt Shasta Copp.l
Pittsb Oil A Gas..
100
Aug
June
Chicago Ry 1st 5s
36
"i%
Feb
77
Jan
100
------
July
45
Jan
41
5
45
1,000
Apr
16%
41
25
Feb
1,000
104
June
8,885
12%
42
Aug
77%
135
45
11%
Mar
47
Aug
Mar
147
Light A Heat
Pittsb Plate Glass
390
Sept
Feb
Mfrs
Ohio Fuel Supply..
Oklahoma Nat Gas
100
70
72%
77%
160
Aug
Lone Star Gas
Nat Fireprooflng
Preferred
175
.
110%
100
May
47
Sept
July
131
Marland Petroleum
Ohio Fuel OH
11
109
160
9
50
Kay County Gas
3
160
High.
Low.
140
"12%
Harb-Walk Refr com.. 100
Preferred
Shares.
140
Guf fey-Gillespie Oil (no par)
Hablrshaw El Cable(no par)
Indep Brewing com
10%
High.
50
5
Preferred
•
Jan
Arkansas Nat Gas com.. 10
Bank of Pittsburgh
Low.
160
160
100
Carbo-Hydrogen com
for
Price.
Par.
Amer Wind Glass Mach 100
Week's Range
96%
57
Met W Side Elv 1st 4s. 1938
Preferred v t r
Range since Jan. 1.
Last
"44%
95% July
60% May
Commonw Edison 5s. .1943
Sales
Friday
Allegheny Trust Co
44%
1927
Consol G. E L & Pow..l00
Pittsburgh Stock Exchange.—Record of transactions at
Stocks—
44%
5,000
6,000
1,000
Jan
73
79%
Pond Creek Coal 6s.—1923
60%
Boston Sand & Grav pref..
66
79
New River 5s.------.1934
1,000
62
60%
Atlan Coast L (Conn)-.100
Atlantic Petroleum
10
99% July
Sept
1932
N E Telephone 5s
96%
62
Jan
Sept
Miss Riv Power 5a—1951
KC Mem & B lnc 5s
96%
1.
High.
Low.
Chicago City Ry 5s. —1927
Chicago Railway 5s
1927
Mar
81
2,000
2,000
15,500
98%
Week.
High.
High.
Low.
Jan
106%
Carson Hill Gold 78—1923
for
93.04
91%
for
of Prices.
Low.
Armour A Co deb"7s.-1930
5s Scries "A"
Friday
Bonds—
Price.
Range since Jan.
Week's Range
Sale.
Bonds—
17.100
.
New York "Curb"
Market.—Below we give a record of
the transactions in the
outside security market from Sept. 11
to
Sept. 17, both inclusive.
It covers the week ending Friday
afternoon.
It should be
understood that no such reliability attaches
to transactions on
the "Curb" as to
those on the regularly
organized stock exchanges.
On
the
New York Stock
Exchange, for instance, only
members of the Exchange can engage
in busi ess, and they
Sept. 18
1173
THE CHRONICLE
1920.]
Sales
Friday
are
permitted to deal only in securities regularly listed—that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to
insur. that
Every precaution, too, is taken to
dealings.
quotations coming
in the official list at the end of
On the "Curb," on the other
whatever.
the "tape," or reported
the day, are authentic.
over
are
i^o restrictions
Any security may be dealt in and any one can
prices and have them included in the
meet there and make
Stocks
who make it
lose
tions may creep
in,
a
business to furnish daily records
The possibility that
of the transactions.
or even
ficticious transac¬
that dealings in spurious securi¬
ties may be
included, should, hence, always be kept in mind,
particularly
as
In the circumstances,
regards mining shares.
it is out of the
question for
any one
vouch for the absolute
o
"Curb" transacti
trustworthiness ti this record of
Par.
Bigheart Prod & Ref.i.__10
Hooue Oil.r.
5
Petrol.r
Boston-Mex
Boston-Wyoming
Carlb Syndic
1
ns,
and
<e n
w.r
give it for what it
be worth.
may
Dunn
Petroleum
Basin
par)
Gilliland Oll.com.r.(no par)
Ulenrock Oll.r.
Grenada Oil Corp cl A.
Week's
Last
Safe.
Stocks—
High.
Coal
kerne
(do par)
_r._
Allied Cbem &
Dye.r.....
Uuraluuui Mfrs.r
Am
9%
11K
«4- «
+
»
M
-
pref-
47
48
J*
59
61%
82%
83
7
7
9
Armour Leather coin.r.. 15
Preferre i_r,
Automatic
„
_
100
„
Fuel
Bordes Co
—
(f)
coui.r..
Preferred.i-
-«.
58
s
Bliss (E W) Co com
a
^
"
7% preferred...
Bucyru.sC>.r....
Bulok
Explor.r(t)
10
Redning.r.
60
Oil.r.... 1
Jan
1%
Jan
Aug
Panhandle IT «5e Relcom, (t)
Preferred. r
;
100
68%
18
Feb
Ryan
3.000
21
20 %
22 K
2,500
32
31
32
I
■lVs
355
94
Aug
108
July
13 h
12
80
July
91
July
Slmms Petroleum r(no par)
Sinclair Con Oil, pref
84
83
10
Salt Creek Producers-r__25
Sapulpa Refining.r
42
250
36
Aug
lo¬
23
1,200
19
Sept
32
ll
11%
1 200
10%
July
11% Sept
Tropical Oil Corp.r..
50%
50%
100
60
Uuited Tex Petrol.r
1%
2
1,100
14
Sept
2K
Sept
Victoria
4%
400
3%
Sept
4
Sept
Vulcan Oil.r
3%
3%
5%
21.100
IV
Aug
9
Apr
Jan
4
M
2%
*
13%
4
52%
60%
Goodyear Tire & R pf. r. 100
Grape Ola Prod Corp com 1
1
r..(no par)
25%
24%
Heyden Chemical .r (no par)
Hocking Val Prod, (no par)
Indian Packing Corp.r.(t)
Intercontinental Rubb.100
-r
«
~
3%
-
~~5K
100
48
400
18
Mar
100
20
Aug
54
20
107
Au,
170
200
24
Sept
29%
Arner Tin & Tungsten_r..l
3-16
Jau
Arizona
Globe Copper... 1
Atlanta
Mines.r
17 000
l(>c
5%c
5c
6c
25 000
Extension, t ..10c
9e
8%c lOo
36,400
Apr
Belcher-Divide
r
Mar
Belcher
July
Aug
Big Ledge Copper Co
132
June
102
Aug
1
Jan
3%
11.800
Jan
t
2% Sept
3% Sept
33
Aug
7%
7%
1,300
6%
July
19
Apr
7K
Apr
Mar
6,100
200
20
Feb
23.900
4
jejune
5%
4,970
5
Sept
20
Jan
10
Feb
17
Jan
Cresson Con Gold M & M .1
1%
15,800
5
5K
19,200
3-16 5-10
24.700
11.100
Sept
J uly
39
Jan
46'
Mar
Aug
18
Jan
7% June
Mar
Silver
Eureka
Holly.r
Forty -nine
Goldfleld
Devel.r
1%
9.100
Jan
Gold
8,500
Aug
1%
1% June
5%
2%
3
Jan
Great Bend.r
3%
6.300
1% May
4%
Jan
Hecla Mining
28
35%
300
10%
1 %
10%
1,000
54%
10%
Sept
37%
39
11,700
1,400
29
29
1 %
Jan
36%
Sept
45
May
200
29
Sept
65%
4
5
5%
5
5%
1 300
Singer Mfg Ltd.r...__.£!
3%
3%
3%
200
Internat
15
r
Todd Shipyards Corp r.(t)
Union Carbide <fe Carb.r(f)
United Profit Sharing..25e
Un Retail St's Candy
(t<
r
172
172
IT 9 High Sp Steel <fe
U 9 Steamship
..
.
100
Warren Bros.r
Wayne Coal
Willys Corp
10
5
com r
June
June
150
10
Aug
19
Mar
50
500
%
176
ISO
106
28%
151
Aug
678
Aug
113%
1
Iron
Jim
Blossom.r
l
Jumbo Extension
Jan
Sept
1
Kerr Lake
..5
Kewauus.r
Mining,
Montana Silver King.r._l
Feb
230
Apr
Motherlode.r
78
Jan
Jan
i
Aug
Motherlode (old).r
1
Aug
19
Jan
Murray-Mog M, Ltd
Nabob Consolidated
1
Aug
36
37
600
32
June
55
Feb
Nat Tin Corp.r
30
31%
6.045
27
Jan
40%
Feb
Nevada Ophir Mln.r..10c
1
2%
4.400
1
Sept
3%
Jan
New
60
63
63
3
3%
16%
■'
100
71
Aug
2%
Aug
1% July
4%
Jan
100
Jan
Roper Group Mining
Jan
8t Croix Sliver
Aug
100
1
I
106
New Jersey
93
106
10%
Zinc r
4.100
10%
200
85
July
106
Sept
10%
Sept
20
Apr
Sliver-Lead
1
Standard Oil
(Ind).r..l00
"722
660
722
352
660
Sept
740
Apr
Tonopah Dlvlde.r
Tonopah Extension
Standard OH of N Y.r.100
387
381
387
77
343
Aug
480
May
10
12%
Atlantic Gulf Oil Corp. 100
73%
Arkansas Nat Gas.r
Biery Oil
Success
Mining
10
12%
90"
1%
19c
1
Tonopah Mining.r
1
United Eastern Mining.. 1
Jan
3%
Apr
Northwest Oll.r
Aug
15-16
Jan
1
Apr
Victory Dlvlde.r
West End Consol'd
Jan
Sept
9
%
11%
71%
Aug
45
73%
400
71
Aug
90
Apr
15
15%
3 800
15
Aug
16%
Aug
58c
Jan
78c
Jan
10c
Sept
14c
June
2
2.300
25c
25C
3.000
177 K
178K
95
1,600
10
9-16
IK
5-16
%
6%c
1-16 3-32
White Caps Exten
White Caps Mining
Wllbert,
Mining..
1
..10c
6
10c
10c,
....1
4%
4K
K
K
K
10c
2Kc
IK
20c
8 %
K
5.900
8.400
Apr
Aug
K May
4,700
19,800
Aug
Sept
176
5c
Jan
41c
Feb
300
Apr
12%
1%
1 3-16 Jan
Aug
12c
%
June
Apr
%
Jan
Feb
Aug
1%
3 900
Aug
13%
1-16 Mar
2.600
12
K
Aug
4K
Sept
4,700
1.900
1
100
16c
27.200
5c
14 700
3-16
Jan
Jan
Sept
Jan
Jan
Jan
Jan
7-16
2 690
1
2 13-16 3 K
8.000
2K
7K
8c
1 3-16
7c
7
7*4
7Kc
IK
9c
1 7-16
15,100
2,600
16 200
Jan
3%
4%
IK 1 5-16
6c
Jan
7c
2.510
6%e
%
Jfan
IVi 1 7-16 1 11-16
1
8K
Jan
7c
25.250
3%
1 9-10 June
2%cSept
HcJune
13-10 2 J-16
1
Jan
19o
12.000
2.090
19
Sept
10c
2Kc 3c
IK 1 15-16
3c
......
1
U S Continental Mines.r. 1
5.100
Aug
74c
10 300
6c
4K
4c
Mar
4.800
56c
500
12c
3-32
16c
355
136,500
1 000
77c
10C
15-16
1
Aug
%
57c
76o
Jan
300
IK
Jan
%o May
IK
30
28c
6
1
317
%
4%cMar
1
315
1%
4,100
Sept
1
(Calif).r. 100
22c
6c
Jan
IK
Simon Sliver A Lead
Standard Oil
1%
32c
Sept
Mar
Tonopah Belmont Dev__.l
27c
97c
June
1
14c
Mar
1
1-16 May
1,350
Jan
Jan
K
10c
IK
Jan
K June
30c
Mar
1
16o
Jan
65
.1
15c
Jan
2c
730
Bell
July
4K
14 600
Aug
Oil.r..
Kc
4c
Jan
Mar
7c
Sept
Allied Oll.r
July
12c
5c
44
Anna
3
Feb
7-16
27o
5c
540
Allen
Aug
July
r—1
Pick
10
Other Oil Stocks
Feb
Sept
Sept
10c
4<:
Cons'd.
Silver
20
Jan
2.200
17 900
20
15
3-16
iMcJuly
49
31
Mar
10.900
540
May
Mar
4H
IK
49
19
4%c
57c
9%
10
K
17c
Jan
♦0c
July
Kc
4c
540
1.500
23.700
(June
15-16 Jan
15 K
100
r
Prairie Oil <ft Gas.r.
22%
Jan
IK
100
Galena-Signal Oil com
21%
Feb
4c
3c
l
r
1
Sutherland Divide.r—..1
22%
15c
14 %
Standard
£1
r
Aug
Aug
4c
Divide,
Stewart.r
Subsidiaries
Aoglo-Anmr Oil
Jan
2o
%c
IK
15%
Silver King
So Amer Gold & Plat.r.. 10
Former Standard Oil
13,700
10c
Jan
Jan
2 K
1
Seneca Cop Corp..(no par)
Nat City Bank.r
"l77%
*
June
Jan
70
4c
8c
1%
6%c
5%
26%
200
2c
5%c
2
2
80,.
Aug
200
"5Kc
Rex Consolidated Min.._l
May
Aug
13%
3 K
14c
15c
Prince Consol
2%
100
71
8%
5
14.700
Rights:
3 K
Nlpl8slng Mines
Ophir Silver Mines.r
3%
52
25.700
12c
50c
16%
200
7%c
3-16
Jan
I
2
6c
2%
15o
J an
9
2.900
7c
Sept
May
K
58%
17,800
600
8.200
14,900
July
K
%
8c
'A
500
2%
K
16c
Mar
16-10 Apr
1,000
7.400
2%
9-32
140
Mar
1
6,000
69
Jersey Zinc.r
15 K
15
3 H
10
Feb
K
12,300
2%
1,010
15-16 Jan
y-16
K
1%
2
1,000
3
I
15-16 Jan
K
12%
2%
110 500
lc
4K
Jan
Sept
1
K
67%
2%
40c
lc
4K
Jan
Sept
2K
Aug
5
1%
2
July
lie
32c
"9c
5
4.000
K
Jan
Mar
3-16
600
lc
15%
July
Sept
2,100
IK
"loc"
Sept
1%
30.100
6c
K
39c
2%
Jan
l2o
64c
J
Aug
3%
K
16
40
Mar
Aug
May
1
r
K
K
1
10
Sept
19
1
Aug
K
4c
MacNamara Minlng_r__
Marsh
K
52c
14.500
Vi
1
10<
r
1 7-10
3.700
1H
8%c 10c
.10c
Butler.r
Louisiana Consol
117
.,1
25c
Honduras-Amer Synd.r(t)
La Rose Mines, Ltd
30
5,400
Divide.r
Knox Divide
7,500
33
Zone
Sept
13
6c
1
11%
66
(no par)
1st preferred.r
3%
.iOe
1%
Tool(t)
U S Metal Cap Seal.r
7
9%c
12%
67%
U S Distributing com.r_50
U S Light & Heat com.r. 10
Sept
129
1%
1
32,%
Aue
3%
Jan
Mar
113% 113%
-.
..
Apr
6
10
r
Goldfield Merger.r
1%
Sept
1 7-16 1 5-16
Mlnlng.r..J..l
Expior'n.r-10
2%
8ept
j..1
Goldfield Consol'd
3
10%
K
1
Golden Gate
1%
Sept
53,400
5
10
28
27.200
Eureka Croesus Mln.r
10
47
3
32c
Emma
30
Aug
K
400
Jan
200
Auc
2
29c
32c
27.500
1
Jan
400
3%
K
"~2 %
„,_1
•64c
61c
64c
.
IK
1,200
30%
3
K
IK
11
100
4
8c
1.100
IK
12%
7.700
r._6
K
~9%c
7-16 100 700
El Salvador Silver Mln.r.l
33
May
K
23 %
9Kc
1
3.800
11
K
K
1
_.l
20,300
10
Jan
23 K
Candal'arla Silver.r
Carson Hill Gold.r
Cash Boy Consol
5K
32%
1K
K
13%
2%
Sept
July
7-16
Consol Virginia Silver
Cortes Silver.r
1% Sep
7-16
%
K
K
Ltd..6
JttD
1-16 June
%
Canada Copper Co
2%
3wifi
1
.;
Calumet&Jerome Copp.r.l
3%
Sweets Co of Amer.r._.10
Swift & Co.r.
.100
Jan
Jan
Mar
11%
June
Aug
3%
129
Jan
K
7c
10
......
49c
42c
Radio Corp of Araer.r..(t)
Preferred.r
5
100
38c
May
92c
Sept
c_.(t>
June
%<' Aug
Aug
62
t
2c
2
3-16
Mar
4c
Mar
Sept
»
15-16 June
Aug
May
July
60
Submarine Boat
Jan
K
Sept
10
3o
150
Singer Mfg.r
3-16
7-16
Apr
17'-
62
100
July
58c
60
Roy de FranceTollet Pro
2H
15%
1 3-16 Mar
15,800
35
_.
Sept
10 700
53
com..
June
118,500
AUg
Root & Vandev't
9,600
Julv
%
6c
Sept
39
%
4,200
K
13
21o
68
2%
Jan
92c
6
2K
Jnn
8%
Aug
4c
37
Republic Rubber.r (no par)
Reynolds (R J) Tob B r 25
♦50
2%
19c
300
35
July
16
79c
400
r.
Jan
.
~5c
7
Republic Navigation,
1
81c
41
Rainier Motor.r..(no par)
Jan
:%
Jan
20c
..1
Mining.
40%
6%
r
7-16
6
Booth.r
Divide Extension
Perfection T <ft R
Jan
Boston A Montana Dev..5
3.600
6%
Jan
9%
Caledonia
2%
33
*2K
Aug
Jau
14%
6%
May
Jan
5%
200
33
%
1
Jan
34
Darwin Silver.....
_
1%
130
Apr
6%
Sept
A Us
Sept
Apr
Nor Am Pulp & Paper..(f)
Peerless Tr & Mot.r
50
Jan
9-16
Sept
4
40%
Mar
10
1% June
7
900
28,800
92
.
Apr
900
4%
60%
32
"li
3.100
2c
Aug
100
K
K
lKc
Aug
par)
3-16
2C
10%
Motors.r_(no
800
9-16
65
National Leather.r...__ 10
31
.1
700
Mercer
2.400
Jan
400
Nat Ice & Coal.r
1 500
1
3-16
1
Aug
14
preferred
8.000
15 K
K
11
75
New
1
14K
1
....
13
«'
2.200
Metals.. I
r
70
*
3%
13%
A merica Mines.
75
Lincoln Mot Co CI A.r—50
Locomobile Co.r..(no par)
2 5K
Aug
%
1%
23%
15
3 K
K
Feb
2,200
22K
50
7%
3,600
1%
41.600
3 K
Aug
1
31
July
Lima Loeomot
100
5.800
K
Mining Stocks—
13
1
H
19
_24%
July
600
400
•1,200
1%
4K
12%
"~1K
29%
Llbby.McNelll&Llbby.r 10
Kay Countv Gas.r
Jun
'
1 400
4
4
47%
2.100
Aug
July
26
8
K
%
103
2K
3,600
2,300
2 400
105
2K
3K
13
14,200
1
8
12
IK
Alaska-Brit Col
7
Jan
Mar
IK
Alvarado Mln & MIlLr__2Q
24%
13%
22%
IK
K
Jau
23
Feb
Sept
Aug
IK
Jan
120
Aug
9
12
IK
14
2%
Aug
n
Jqd
73%
85%
200
5
White Oil Corp.r. .(no par)
Woodburu OH Corp.r..(f)
I
Sept
2
8,600
K
K
Whelan Oll.r...........1
80
Feb
7%
Aug
Aug
12
10
29
13%
9%
5.400
Aug
39
20.600
11-16
Aug
23
..
100
Oil.r
66
Aug
May
May
12
17
18
Mar
1%
600
10 K
Jan
1%
40%
29%
4%
84
K
9%
10%
700
9-16
8%
13%
13%
9
"i.T ~
900
2
Jan
Apr
Aug
% May
18
Aug
4.100
5K
%
1X
..1
800
37
24
25
9
120
..
"120
Aug
5%
IK
5%
I
Texon Oil A Land.r
3%
%
(no par)
Preferred
Texas-Ranger Prod & Ref 1
40%
r •
Garland Steamship.r...\t)
July
10
-
Farrell(Wm)&Son,eomr (t)
Gardner M itor Co moo
Texas Chief Oil.r
—
Empire ruoeftSt,eel(no par)
Firestone T & Rub, com.10
July
f
"38
<*
r
10
-
21%
com.r..
..6
P.
9
5%
400
7,400
K
Settled Prod.r..
Jan
5
7K
July
July
Jan
6K
June
UK
Jan
90
K
48
44 %
91
26
June
7
61
Aug
June
5%
Aug
Am.
6
59
7K
r.w
Jan
200
UK
%
Cons'd
7%
300
.10
Oll.r
Rock Oil A Gas.*.,..
Sept
50
Crude Chemical, com.r...
Dafoe-Eustice Co.r....(*)
8
69 K
Producers & Ref of Amer. 10
Peniiok
-
«.
8
June
21
Hercules Paper
5%
May
26
50
r..
Aug
%
Feu
June
2
Apr
2%
15
3%
9-16 June 1 5-16
1 000
400
4%
Sept
1,000
Red
300
Ian
3%
1.100
Jan
7,600
2 500
Aug
K
45%
-
K
Jau
%
3K
90%
10%
6%
Jan
July
3K
200
33%
12 900
Jan
K
400
9%
8
Jan
44
2K
1.5(H)
5%
4c
3
6
30
33%
27,400
K
94%
9K
190
850
10C
July
1
12%
•
May
154
Feb
'
22%
10
11%
K
3%
128
147
'
Aug
May
21
41
100
K
Jan
11
Feb
400
12
7%
July
9
41
Jan
1%
38
12
9c
Apr
29
41
Jan
3%
Aug
Aug
Sept
15%
10%
Jan
39%
May
1,000
2.200
08
33%
r
North American Oll.r
Ohio Ranger. r.___
25
19 K
15
"
8
300
July
16
Jan
14
9c
1
39
-
153
30 K
6
25% June
18K
15
30
Cities Serv Bankers ^h« r(t>
com
10
Aug
9
29%
~19%
_
Omar OH & Gas
69
July
9.900
Jan
15
Aug
July
Aug
2K
1VS
Feb
60%
Aug
1% May
4%
18
-
5
26
900
200
21%
100
500
5K
22
Cleveland Auto Co, new(f)
13
30
5
21
Coniey Hri Foil..
r (t»
Continental Motors, r... 10
Feb
13
17
Spencer Petroleum Corp. 10
Sag com .10
4K
77
Skelly Oil Co.r..
3%
H
Mav
May
Aug
Jan
25
Juiy
2
Aug
Jan
-
%
5.900
Aug
9%
-M.
5,700
1%
28%
-
17,750
15
ma>
48
Mar
IK
K
21A
27
May-
J uue
Mar
1,500
5
52%
Aug
11%
7%
K
29
Jan
1%
Aug
2%
I
Aug
Sept
6%
4,400
5
6%
80c
3.400
58
300
6,600
IK
100
July
9,500
17
100
94%
IK
9
Jan
34 K
Aug
—
39%
IK
July
H.
1 %
Aug
16
12
«,
Aug
5%
31%
300
W
%
10.100
IK
5K
2,300
50%
20 GOO
3
17
13%
..50
IK
50
6
41
July
94
Chicago Nipple Mfg el A. 10
Asphalt,
Feb
Aug
%
34 K
500
July
Jan
6%
1
84%
6%
Car Ltg & Power.r
Gen
Sept
July
Jan
10%
4%
800
10.600
£]
,r
12%
.5
Goldwyn Picture
62%
97
25
400
K
Petrol.r
83
10
D.tvasCvVm JCo Lie
Jan
June
Jan
Petroleum
12%
Preferred.
i
16
"2 %
53
8K
10
Jan
Aug
8K
1
13
Apr
8
8%
2%
9
Leetone
83%
Carbo-Hy irogen Co com.5
Central Teres
16
•
Aug
July
5.300
Internat
100
-100
100
Sutar.r.
Sept
80
200
Apr
13 K
1,200
100%
Carburetor.r
Caracas
58%
8.500
4%
11%
49
Mar
14.000
98
100
eom
Aug
1%
10 K
98%
Brlt-Am Tob Ord bear ..£1
Steel,
May
35
Apr
33 K
100
Brltlsh Amer Chem.r...l0
Brit Empire
10
Jau
7
300
61%
9
IK
5.900
7
61%
100
r
Amer Writ Paper, com. 100
4,700
2%
U%
*
100
Candy Co,com (no par)
Amer Chicle
2
2K
1
r
-
K
10
Noble Oil & Gas..
Aetna Explosives.r(no pan
40,000
32
10
r.
National Oll.r
Air Reduction
7%
3%
Jan
Apr
10 K
Midwest-Texas
Industrial & Miscell.
1%
1%
Aug
4,700
High.
13
33
Midwest.
Low.
12.300
2H
IK
85c
Mexican Panuco Oil____10
Week.
Shares.
High.
2K
H
Low.
Gutfey-Gillespie Oil.r..(f)
Imperial Oil.r
Mexican Eagle Oil.
Range since Jan. 1.
for
of Prices.
Low.
Price.
Par.
Range
Aug
IK
6%
9
1
6
8%
TK
Esmeralda Oil & Gns.f-.l
Federal Oil.........
FensUvnd Oil
(no
300
%
Lone Star Gas.r.......25
Sales
Friday
8%
5
Engineers Petrol Co.r
9%
12
95c
PetroLr
Shares.
11-32
IK
10
Merritt Oil Corp.r
17.
2
5
Dominion Oll.r
Maracaibo Oil
Week ending Sept.
2
2%
Gushing Petr Corp com r.5
Denny Oil.r
High.
9%
2%
Range since Jan. 1.
for
Week.
of Prices.
Low.
13 H
...
Llvinston.Petrol.r
we
Price.
Oil-r..;
Colum Emer Synd, new...
Elk
lists of t
Sale.
(Concluded).
Coi4deu & Co coin.r..
hand, there
Week's Range
Last
Other Oil
1 3-16
Aug
1
Aug
1 5-16 June
6c
27
July
Aug
May
Sept
4 He July
8.450
1
Aug
2 15-10
3%
4%
11c
35
29c
Jan
Jan
Jan
Apr
Sept
Jan
2 7-10 Jan
lc
2c
9.300
lc
May
3c
9c
7%c
9c
Aug
20c
Apr
9o
4c
14,100
12,200
6c
4c
3o
Am?
12c
Mar
1%C
Jan
Sales
Friday
Last
Week's Hange
for
Sale.
Of Prices.
Low.
High.
Week.
Price.
I'onds-
Range since Jan, 1
Low.
%
56 M
55%
59
102.000
564
Sept
Amer Tel a Tel fta.r.. 1922
95%
94
924
Aug
June
1924
..'25
Co 7% notes r*30
r——•
98%
99 H
96
96
1921
1W29
41
41
87 %
87
Mfg 88.1925
99
Boone OU
C C C A Bt L Ry 6*
Colurn Graph
92%
99 %
—
Anglo-Amer Oil 7Ms
Armour &
93 M
954 110.000
934
36.000
r
l4
July
964
36
Aug
43
Sept
82
Apr
89
Jan
99
Aug
994
7,000
90
103 4
Apr
125 000
100
101 /»
Sept
9 000
237.000
45
57 M
56
92%
004 178,000
25,000
92%
56
92.H
90
62.4
64
504
"92%
1930j
73
34.000
62
Juiip
Sept
77
July
Aug
09
Apr
Aug
76
Jan
924
29 0001
00
May
984
97%
98.4
78.0001
974 Sept
98 V*
A ug
95
984
35,0001
95
Sept'
984
Sept
100
1004
92,000
994
Aug!
1004
37.000
694
Aug!
744
Sept
June
74
73
%
Aug
95
95
5,000
95
Sept-
974
93
97
9.000
93
Sept
94
93'
94
14.000
904
Sept
954 June
964 June
Pan-Araer Petrol A Tr 7»'2rt
Russian Govt 6Ms.r—1921
94 K
94%
944
62.000
94
Aug
94%
23
23
244
15.000
23
Jan
Seaboard Air Line 6a
54
53
53
Sept
91 %
90 'A
54 %
15,000
91 k 185.000
"93"
7».r..............1923
7s.r..............1925
SlncialrConOU 7 M s
'25
r...
92
90
6,000
814
824
July
984
60,000
97 4
June
974
46,000
904
Aug
60,000
96%
July
Switzerland Govt 5 Ms.1929
84
Texas Co 7% notes, r. 1923
98 %
98%
Union Tank Car eq 78.1930
Western Elec conv 7s t, '25
97
97
98 M
98 %
98%
July
Feb
38,
554 Sept
Apr
98
Aug
12,000
924
844
83 4
*84 H
804
28.000
83
84
Southwestern Bell Tel 7s *25
Swedish Govt 8s June 15 '39
*
974
Aug
Apr
Jan
97
Aug
Jan
93
994
May
98
*ept
Apr
994
German Government and
Municipal Bonds
Marks.
iDottart per 1.000 Marks)
Badische Anil Soda 4MB—
Berlin 4s.r.......
Bremen 4s
r.
r.
'.........
..............
Frankfort 4s
r
German Electric 4Ms-r~
German Govt fis.r.
—
17
15
184 335.000
15
Sept
"Sept
174
20
25.000
17
Aug
lo"
15
15
25.000
15
15
14
16
10,000
14
Sept
Sept
Sept
Sept.
18
18
194 275,000
17
17
20
100.000
17
14
14
14
26.000
14
16
164
45.000
16
%
16
19
Lelpz'g fis.r.............
19
20
10.000
Mannheim 4s.r...
17
17
30,000
Nuremburg
10
4s.r
—
19
Stuttgart 4s .r.
*
Odd
lots.
* No
164
164
19
20
18
180,000
i Listed as a
value,
par
164
issued,
wWhen
Unlisted.
Dollars per
x
Ex-dividend.
June
27
June
27
June
31
June
Sept
294
234
June
Sept
28
June
July
16
Aug
274
June
18
Sept
274
July
26
July
17
Aug
5 000
16
Sept
35,000
19
Sept
prospect.
y
July
28
294
304 June
/Listed
27
Ex-rights,
z
July
31
June
the Stock
on
Exchange this week, where additional transactions will be found,
*
June
28
144 Sept
325.000
Aug
27
Sept
164
16
Hamburg 4s.r
4Ms.r...
18
5,000
164 512 000
144
15%
—
Dresden 4s .r.;
4rMs
15
—
........
Cologne 4s.r._
Danzig 4s. r
18
18
stock.
o New
Ex-stock
dividend.
k Correction.
1,000 lire, flat,
Alliance
Bid
Ask
75
85
R'lty
Surety.
67
72
Bond & M G.
214
220
City Investing
58
65
75
85
Amer
Preferred
—
Bid
Ask
Lawyers Mtge
Mtge Bond..
110
118
75
82
Nat
200
206
1
N
of their Cleveland office under the joint management of LeSeur T. Collins
With the opening of this branch Imbrie & Co. have
eleven offices located throughout the eastern and middle western United
inspection
trip of public utility and oil properties controUed by his firm in the States
of Pennsylvania, Michigan, Missouri, Kansas, Oklahoma, Texas and Cali¬
He will be absent for about two months.
Bowlan, formerly of McLaughlin, Bowlan & MacAfee of Pitts¬
burgh, Pa,, is now associated with the New York office of Graham, Par¬
sons
& Co.
—Blyth, Witter & Co., 61 Broadway, announce the removal of their
offices to larger quarters on the 20th floor of the same building.
Their
Guaranty Trust Co. of New York has been appointed transfer
agent of the stock of Warren Brothers Co.
Common
stock of the Asuncion Port Concession corporation.
—lOOi 360
10, *29
Co common- 50x270
50*
100
100,
1st preferred
100
2d preferred..
-100
Colt's Patent Fire Arms
Mfg-25
duPont (E I) de Nemours
& Co common....—.100
Debenture stock...... 100
Eastern Steel..
100
Empire Steel & Iron com. 100
Preferred.
-100
Hercules Powder com...100
... —
Niles Bement
Preferred
Thomas Iron.
1st
New York City Banks and Trust Company
Banks—N Y
Bid
Ask
Batiks
Bid
Ask
America*
207
215
Industrial*...
200
215
Amer
Exeh—
260
270
Irving Nat of
( NY
220
230
Liberty
390
400
Lincoln.
440
Manhattan *.
208
Atlantic.....
215
Battery Park.
Bowery*
450
Broadway Cen
150
_
185
-
-
-
200
*
-
160
125
Mech A Met.
318
Bronx Nat-..
145
155
Mutual*
490
Bryant Park*
145
155
Nat American
New Neth*..
Bronx Boro*.
105
—
Trust Co's
215
326
Butch A Drov
37
43
Cent Mere-..
200
210
New York Co
135
Chase
390
400
New
460
York...
190
Pacific *
160
145
Park
475
490
Chemical.
550
560
Public..
310
325
City
295
305
Republic*
Coal A Iron..
250
180
190
Commerce-..
219
223
Comm'l
Ex*.
425
«.
-
-
•
'
*
Common-
225
wealth*—.
210
Continental—
130
Corn Exch*..
330
340
..
Seaboard
625" "
650
Second
450
470
State*
190
200
Tradesmen's*
200
315
Commercial..
165
Equitable Tr.
155
300
305
Farm L A Tr
375
385
.
200
265
"
Hudson
155
165
Law Tit A Tr
135
145
Lincoln
Trust
160
170
Mercantile Tr
325
Metropolitan.
255
265
105
125
chester)
...
N Y Life Ins.
550
625
175
185"
N Y Tiust...
595
615
175
185
Title Gu A Tr
313
318
Wash H'ts*..
350
395
405
YorkvilJe*
375
425
[U S Mtg A Tr
United
810
830
Brooklyn
Coney Island*
140
155
Brooklyn Tr.
480
500
215
Hamilton
265
275
630
660
195
205
270
285
125
190
Fifth Avenue*
910
940
First
205
Fifth...
160
170
Grecnpoint...
180
110
A
~
Trust...
States
First
900
915
Hillside*
120"
225
235
Homestead*..
80
100
People's
Gotham
200
210
Mechanics'*..
88
92
Greenwich*..
Hanover..
815
830
Nassau
210
220
Harriman
340
360
North Side^-
195
205
Imp A Trad..
510
520
People's
150
160
Ridgewood—
200
I—
Banks marked with (*)
this week,
t New stock.
Montauk*..
are
x
_
State banks,
Ex-dividend.
85
7.50
t Sale at auction
V Ex-rights^
7.00
8.75
7.50
8.75
Mobile A Ohio 5s
8.25
7.50
7.25
5s.
8.25
7.25
New York Cent 4Mb.
7.35
6.75
N Y Ontario A West
8.25
Equipment 4Mb
5b, 7s.
4M8--Norfolk A Western 4Mb——
7.50
7.25
6.50
Northern Pacific 7s
7.20
6.75
Pacific Fruit Express 78.
7.00
6.70
Pennsylvania RR 4Ms
7.50 6.50
7.50 6.50
7.62 6.62
Equipment 4s
Reading Co 4Mb
St Louis A San
105
340
154
8.50
7.50
Southern Pacific Co
7.37
Southern Railway
8 00
6.62
7.00
4Mb. 7s.
4Mb
Toledo A Ohio
8.25
7.25
Union Pacific 7s
6.90
6.60
150
I
Virginian
78
112
310
Stock*—Per
American Cigar common.
Share.
Par
Bid.
100
125
...10ft
Amer Machine A Fdry—J00
British Amer Tobac ord—£1
Brit Amer Tobac. bearer.£1
Conley Foil (new)...no par
Johnson Tin Foil A Met. 100
Pre! erred
60
125
Amer Tel A
6% notes
99
9912
91
92
99i2
61
93
94
Lpbgh Pow Fee 6s 1927. FA A-
69
97i2
97
-
1921...JAD15;
'22. MASj
98^
9858
1925. aAO
..100
191
195
100
39
62
j 41
j 65
100
135
140
Typefounders com. 100
37
Brass
Preferred
American Hardware
Amer
'
Preferred
Borden Company
Preferred
84
88
com...100
98
99%
1001
83
8/
84
8514
92
95
O
/Flat
Drice.
.100
b Basis,
n
Nominal,
Havana Tobacco Co
17t2
I8I2
f-2
Ex-dividend.
/47
com.ioo!
13
1001
62
AAO!
66
International Salt
IstgoldSs 1951
pref.lOOj *85
Lehigh Valley Coal Sales. 50
Royal Baking Pow com.. 100,
Preferred
Singer Manufacturing
Singer Mfg Ltd
d Purchaser also
x
4
1922..JAD
' International Silver
,
1
1001
Intercontinen Rubb
3Q
60
1st g 5sJune 1
150
.100
Preferred
!
pays
»
accrued dividend.
Ex-rich ts.
41
100
!
18
83
'and Miscellaneous
American
I
58
98i4
American Chicle coui.no par
j Celluloid Company..—.100
2
9878
;
10
55
87
95
32
16
84
96ig
85
9834
j
>
97lj
82
957s
Industrial
! !
71
98
98I4
9812
97»4
82
West Elec conv 7s
13
'
,
94l2
12
36
; 96
i 88
Swilt A Co
1922—MAS
6s1921...F&a15
TMAS
U S Rubber 7Ms 1930. -FAa)
Utah Sec Corp Gs '22.MAS 15
15
96
Southern Ry 6s
29
Per share,
87
Reyn (R'J) Tob 6s '22.FAa
Bloss Sbeff 8 A I 6s '29-FAa'
J
;
9312
9234
62i2
MASj
9
42
75
100
9812
97's
9434
1921 JAJ;
I923..MAN15:
Laclede Gas 7s Jan 1929 FAA
15
Texas Co 7s 1923
100
...100
Western Power Corp....100
96ig
98
1924MAS
Pub Ser Corp N J 7s
preferred
9578
97U
9414
92i2
92i4
1924 MAN
aAO
55
*
9J12100
99l2100
Liggett AM yersTob6a'21 JAD
78*2
77
93
92
99
Penn Co 4MB
United Lt A Rys com
135
Anglo Amer Oil 7Ms'26 aAO
Arm'rACo7sJuly 15'30JAJ 15
Beth St 7s July 15 '22 .JAJ 15
68 Nov
i
103
125
7% notes 1923—
MAN
Anaconda Cop Min '29.JAJ
InTerboro R T 7b 1921
70
45"
100
9278 93ig
95U 95t2
9978 10018
7s 1920.M AN
K C Term Ry 4Ms
9
32
85
91
1922....—AAO
Federal Sug Rfg 6s
48
74
107
'
*40
Tel 6s 1924.FAA
Hock ng Valley 6s
81
110
25
25
100
100
Goodrich (BF) Co7s'25
18
100
:
7% notes July 15'23JAJ15
Canadian Pac 6s 1924. MAS2
38
14
25
75
7% notes 1921
MAN
7% notes 1922——MAN
83
14
*1212
*20
103
6s 1924..MAS2
Amer Tobacco
90
80
160
*12
83
-100
Securities—Per Cent
Short Term
I
130
75
*65
stock
Ask.
145
...100
Young (J S) Co
Preferred
i
7.00
7.37
Ry 6s—
Tobacco
Preferred
50, *12
7.00
8.00
Fquipment 5s
Central 4s...
j
1
B common
50; *34*2
A P com. 100
t2
7.50
8.75 7.60
7.50
8.50
Seaboard Air Line 5s...
7
Preferred
8.75
A Sou 6s..
Francisco 5s.
Ft Louis Iron Mt
370
I 33
24
Preferred
6.50
7.25
Equipment 5s A 7s—.—
100
Standard Gas A El (Del).
7.25
Missouri Pacific 5s
Missouri Kansas A Texas
Reynolds (R J) Tobacco.
52
6.50
8.25
6.85
...100
South Calif Edison com..100
Preferred—
100
—---100
7.50
7.25
_
Preferred
6.50
6.85
7.00
Preferred
—
7.25
7.40
MacAndrews A Fcrbes—100
...
7.25
8.25
7.50
7.40
—
100
Cities Service Co com...100x289
Preferred
—100
Colorado Power com.... 100,
Preferred
...100,
80
Com'w'th Pow Ry A Lt—100,
15
Preferred
100
36
Elec Bond A Share pref.. 100'
79
Federal Light A Traction 100
6
Preferred..
-——100i
38
Great West Pow 5s 1946.J&J
70
Mississippi Riv Puw com. 100
10
Preferred
100
46
First Mtge 5s 1051.—JAJ
73
Northern Ohio Elec Corp. (t)
*5
Preferred
100
28
North'nt States Pow com. 100
30
Preferred
100
76
North Texas Elec Co com 100
73
Pre! erred
100
67
Pacific Gas A Elec 1st pref 100
79
Puget Sd Pow & Light...100
13
1st
Stock Exchange
4MS—
7.50
7.50
8.25
Michigan Central 5s...
I
Equipment 6s..
Minn St P A 8 S M 4Mb
Public Utilities com 100
Preferred
100
Preferred
or at
4Mb
8.75
8.75
7.50
Amer
Tennessee Ry L
100
—
Equipment 4Mb
I
Republic Ry A Light
Brooklyn
Garfield
«
7.50
7.50
Louisville A Nashville 5s
80
Preferred.
.
Kings County
Manufacturers
*
"
Mutual (West¬
220
184
*
210
275
358
23d Ward*—
110
250
.
350
United States*
Cosmop'tan*.
8.50
8.50
8 75
Equipment 5s.
Kanawha A Michigan
....100:
Carolina Pow & Light com
3T0"
Union F.xoh—
Cuba (Bk of).
East River
170
375
308
"
285
350
875*
368
Fulton
138
Colonial*
365
" guaranty Tr.
275
—
Bankers Trust
200" Fidelity
Chat A Phen.
-
Central Union
480
Chelsea Exch*
Columbia*
7.00
6.50
Equipment 58.——
A Elec com... 50, *89
....
50 *35
Trac com..—100 111
Preferred
—.100,
Amer Power & Lt <om. —100[
Preferred
100;
Columbia....
Empire..
155
■'
+
7.25
8.25
7.50
Illinois Central 5s
Fret erred
Ask
,
'
...
Bid
New York
7.50
7.75
Hacking valley
Amer Lt A
American....
7.50
9.00
Chic St J.ouis A N O 5s
...
Amer Gas
share.
per
9.00
8.50- 7.50
'Erie 5s
————Equipment 4Mb
.100,
100;
Iron
7.25
8-25
Colorado A Southern 5s
50
.100
Pub?lc Utilities
8.25, 7.25
Chic Ind A Louisv 4 Ms
Am Cot Oil
Preferred
|
7.25
......
preferred
Woodward
price* dollars
7.50
8.50
I
100|
Winchester Co com
8.00. 6.90
8.50
Central of Georgia 4M«-
iCbicago RI A Pac 4Mb.....
100
....
7.75j 7.00
Carol Clinehfleld A Ohio 5s—
Chicago A N W 4Ms
Pond com. 100
Phelps Dodge Corp
7.75! 7.00
Chesapeake A Ohio...—...
Equipment 5s.
1.
Chicago & Alton 4Mb..
Equipment 5s.
——
.Chicago A Eastern 111 5MS—
.100
i
7.50
7.75' 7.00
Equipment 4 Ms
Explosives pref_—lOOj
75
Atlas Powder common... 100! 540
Preferred
100,
75
Babcock & Wilcox
100' 108
Carbon Steel common...
8.30
-
4Kb
Equipment 4s
Equipment 6s.....
!
Aetna
Bliss (E W)
Basis:
Equipment*—PerCl.
Canadian Pacific 4Ms& 6s..
—
2d preferred...
All
RR.
Buff Roch A Pittsburgh
Scovill Manufacturing... 100
—The New York Trust Co. has been appointed registrar of the
175
Title & M G
Baltimore A Ohio 4 M*——
j Ask.
Anglo American OU new. £1 *21*2 22*2
Atlantic Refining
..1001180 1200
Preferred
-.100 108
112
Borne Scrymaer Co....-100 410* 425
Buckeye Pipe Line Co— 50 *93
96
Chesebrough Mfg new —100 220
230
Preferred new........ 100 100
105
Continental OIL,
...100 120 125
Crescent Pipe Line Co... 50 *3(1
32
Cumberland Pipe Line... 100 140
145
Eureka Pipe Line Co—.100 105 [110
Galena Signal Oil com—100
46
50
Preferred old...
100
90
95
Preferred new....
100
88
92
Illinois Pipe Line...— ..100 155
160
Indiana Pipe Line Co.... 50 *87
92
International Petroleum. £1
*33
34
National Transit Co... 12.50 *27
29
New York Transit Co—100
185 195
Northern Pipe Line Co.. 100
98 !'02
Ohio Oil Co
25*313 318
Penn Mex Fuel Co.
25 *46 i 49
Prairie Oil & Gas-.--- —100 585
600
Prairie Pipe Line...
100 220 225
Solar Refining
TOO 376 395
Southern Pipe Lihe Co.. 100 122
128
South Penn OIL—.——100 275
280
Southwest Pa Pipe Lines. 100
63
68
Standard Oil (California). 100 315
320
Standard Oil (Indiana).. 100 720
725
Standard Oil (Kansas) —. 100 520
540
Standard Oil (Kentucky) 100 365
380
Standard Oil (Nebraska). 100 420 440
•Standard Oil of New Jer. 100 655
665
Preferred
100 105 105'4
Standard Oil of New Y'k, 100 5387
390
Standard Oil (Ohio)
100 430 450
Preferred
-100. 106 109
Swan A Finch.
100!
70 ' 80
Union Tank Car Co.
100 123 126
Preferred—.—.
-100,
96
100
Preferred
facilities and staff have been correspondingly increased.
—The
85
165
1
I'
Canada FdysA Forgingg. 100
—F. J.
160
75
West A Bronx
122
112
Bid.
Par
Preferred
States.
on an
110
150
US Title Guar
"and interest" except where marked "f.
Imperial OIL.
....
25*101
Magnolia Petroleum
100 320
Midwest Refining50*152
Ordnance Stacks—Per Share
NOTICES
—A. E. Fitkln of A. E. Fitkin & Co. has left New York
I, (Brooklyn).
;U S Casualty.
100
A
Per share
Standard Oi! Sf-cks
Vacuum Oil
—Imbrie & Co. of New York, Chicago and Boston announce the opening
fornia,
Title
Ask
Bid
Assoc
Realty
Quotations lor Sundrv Securities
Other 015 St-.ck8
and John B. Henkle.
Surety—
Y
Mortgage..
All bond prices are
Washington OIL...
CURRENT
Surety Companies
dollar* per share.
Aug
92%
Nat Cloak A Suit 8s
N Y CentRR 7*wl.r.l930
934
101,4
Jan
98
NY Nil & Hart 4s.r1922
Ohio Cities Gas 7s.r-1922
Aug
944
48
Morris & Co 7 H«-r.-.1930
Mar
9.000
45
French Govt 48.r
964
101
Jaii
Jan
24.0001
July
Sept
Sept
100 M
Jan
91.000.
99
91H
/French Rep Ext8s.r—
Kennecott Copper 7sr.
Aug
984
97 H
42
874
Cons Textile deb 7s.r.1923
French Govt 58.. r
Goodrich (BF) Co 7».1»25
Interbcro R T 7s. r... 1921
98
All price*
99'4
.
99
9154
16.000
New York City Realty and
High.
Aliled Pack conv debu* r'39
tt% QOte*
[Vol. 111.
THE CHRONICLE
1174
100
100
£1
t
155
j
I
3
8
55
I 1312
1
i 69
j 89
*82*2
83
110
jl20
x83
j 85
128
J130
I
334
*3
New stock.
[ituestmcui and gtoitoad
RAILROAD
The
following table shows the
1175
e,
GROSS EARNINGS
earnings of various STEAM roads from which regular weekly or monthly returns
The first two columns of figures give the gross earnings for the latest week or
month, and the last two
columns the
earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
are
brought together separately on a subsequent page.
gross
be obtained.
can
Latest Gross Earnings.
ROADS.
Week
or
Month.
Alabama & Vicksb.
July
Ann
Arbor
Atch
Topeka & S Pe July
FeJjuly
4th wk
Panhandle & S Fe July
Previous
Year.
Year.
Year.
Year.
Bangor & Aroostook July
553.819
449,934
215,621
570,708
4,793,686
3,299,359
1,720,288
2,536.393
1.555.968
Mobile & Ohio RR. 4th wk Aug
Monongahela
July
Monongahela Conn. July
362.617
1.473.935
2.130.206
19072421 16320566,118859143 96,080.417
141.426
210.1341 1,555.614
1.005.789
436.291
319,126 3.649.292
2,930,855
Montour
9.510
47.983
7.858
__
44 845
1.588.073
1.588.074
7,122,065
669,221
347,452
38.564.067
525,308
10,015,792
1,231,096
59,597,668
107557000
1,703,389
3,306.195
12,034,783
24,549,467
3,651,730
3.162,567
1,699.008
41,443.383
14,301,866
81,553,470
13,664,915
11,669.630
6.656,402
2,013,876
81,710,902
75.871,921
905,171
58.930.131
2,551.097
14,992,392
2,186,489
1,647,857
9,472,090
May
65.129
June
653.418
Denv & Rio Grande July
Denver & Salt Lake July
._
354.616
July
July
May
July
July
180.298
154.179
1.763,078 1,318,816
705.012
735,293
5.337.677
4,658,573
9,274.921 11.642,416
3,742,141
3,128,763
1,370,305
1,113.163
Dul Missabe & Nor
3.307.747 3.342,896
Dul Sou Shore & AtJ 1st wk Sept
118,266
90,718
Duluth Winn & Pac July
185,093
148,679
East St Louis Conn
July
114,590
119.100
Elgin Joliet & East- July
El Paso & 80 West.. July
Erie Railroad
July
Chicago & Erie.. July
N J & N Y RR
July
Florida East Coast- July
Fonda Johns & Glov July
Ft Smith & Western July
Galveston Wharf
July
Georgia Railroad
July
Georgia & Florida
July
Grd Trk Ry in Cana July
Grand Trunk Syst.
1st wk Sept
Atlantic & St Law July
Ch D & C G T Jet June
Det G H & Milw. July
Grd Trunk West. July
Great North System July
Green Bay & West. July
722,197
676,556
1.858,496 1,699,458 9,221,340 11,953,462
1.210.507
896,157
8,134,068
7,135,586
9,751,931 7,868,833 55,447,728 49,700,458
1.207,623
6.566,525
855,385
5,807,846
119,890
108.039
712,746
613,240
830.987
70.3,534 8,080,694
6,091.263
123,672
134,997
703/91
804,050
138,122
130,284
996,219
834,116
167,617
80.419
816.959
484.943
547,155
136,196
484,977
88,975
180,273
1,949,914
154,019
164,506
388,505
1,148,217
3,712,176
3,439,198
194.904
2,473,270
234,274
106.001
496,615
1.498.542
10780786 10226746
98,889
88,005
Gulf Mobile & Nor. July
Gulf & Ship Island- July
Hocking Valley
Illinois
Central..
Illinois Terminal
Kan City Mex & Or
K C Mex & O of Tex
Kansas City South.
► Texark & Ft Sm.
Kansas City Term.
Kansas Okla & Gulf
_
.
Lake Sup &
Ishpem
Lake Terminal.
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley.
Los Ang & Salt Lake
Louisiana & Arkan.
Louisiana Ry & Nav
Louisville & Nashv.
Louisv Hend & St L
Maine Central
Midland Valley
Mineral Range
Minneap & St Louis
Minn St P & S S M.
798,025
557.531
940,687
1,130,108
1.654,488
2,284,226
745,782
2,420,636
949.834
2,271.668
8,458,919
7.666,911
65.021.221 57,498,930
684,121
661,479
2,081,435
1,495,379
1,625,317
l,368,OQ3
7,972,581
5,850,240
77,426,152 59,379,933
548.914
563,699
9,837,675
7,929.953
274,783
251,378
245,824
237,418
1,523,062 1,321,946
11646139 9,026,106
107.855
July
78,432
July
1,575.976 1,172,190
July
148,615
137.297
890,944
683.271
July
154,847
98,733
975,964
585,278
July
1,586,722 1.286.013 10,290,014 8,243,195
July
155,584
1,118,258
121,262
792.146
July
137,842
123,112
853,276
748,690
July
211,065
130,751
1,344,029
741,193
June
274,256
138,022
523,080
276.668
June
115.867
80,383
610,484
540.970
July
274,089
234,907
1,461,109
1,419,312
July
444,769
312,729 2,520,941
1,904,237
July
6,607,629 5,731.596 37,577,070 35,056,878
July
1,985,934 1,313,207 11,209,024
9.699,303
July
325,659
178,759 2,346.247
1,194,748
July
321,863
297,405 2.287.678
1,979,866
10494484 8,894,919 68,817,535 59,354.090
July
July
261,111
234,334
1,714,820
1.667,980
July
1.754,956 1,522,556 10,909,838
9,679,022
July
385,963
314,297
2,552,707
2,188,843
1st wk Sept
8,217
445,663
12,234
534,016
July
1,328,867 1,128,932 9,009,814
7,150,685
July
4.304.953 3.875,7.50 24,499.441 22.855.574
July
July
Internat & Grt Nor.
402.772
1,268,300 1,097,478
7,826,971
7,269,821
175.454
143,'30
1,891,482
1,644,682
4.055,981 3.253,727 22,170,928 19.161,851
7,038,976 6,342.043 40,201.807 40.504,366
7,442,870 6,860,669 20,271,758 16,938,957
273.455
293,924
1,431,165
1.499,909
180,848
161,252
1,062,282
881,205
427,333
313,390 2,669,219 2,029,978
Camaguey&Nuev June
Delaware & Hudson July
Del Lack & West
July
Detroit & Mackinac
Detroit Tol & Iront
Det & Tol Shore L.^
Dul & Iron Range
79.051
AGGREGATE OF GROSS
1
♦
■
Weekly Summaries.
June (16 roads)
(15 roads)
June (17 roads)
2d
week
3d
week June
4th week
2d J
week July
(13 roads)
(16 roads)
3d
week July
(16 roads)
(week July
1st
4th^week July (15 roads)
lst/week Aug (14 roads)
3d$week Aug (17 roads)
4th week
1st
*
week
We
Aug
(10 roads)
Sept (16 roads)
no
Current
Previous
Year.
Year.
Decrease.
S
%
S
12,339.698
10,527,110
9,820,863
12,893,479
11.609,848
16,721,323
10,402,544
13.021,426
13,230.796
24,822,135
15,536,839
15,142,176
18,469,887
10,808,089
11,302,650
21,285,462
13,276,893
12,859,576
15,434,886
15.958,176
13,441,122
9.026,900
longer include Mexican roads in any of
our
Increase
+
Preooius
Year.
Year.
'
200.196
131,808
1,101,541
173.507
107.328
1,132.964
838.156
610.441
9.252,785 7,741.548 62,838.291 49,781,248
413,063
299,681
9,008,795 7,671,599
329,386
320,725
1,96b,024
1,896,510
135,039
254,661
1,767.829
967,703
150,692
136,762
701,965
695.906
2,059.014 1,677,520 13,854,230 10,738,919
July
Nashv Chatt & St L July
Nevada-Cal-Oregon 4th wk Aug
8,190
8,470
210,718
193,327.
Nevada Northern.. July
168,954
131,951' 1,108,512
952,210
Newburgh & Sou Sh July
137,445
912,272
949,038
107,873,
New Orl Great Nor. July
240,333
222,944
1,454,662
1,295,219
New Orl & Nor East July
664,727
590,289! 4,291,952
3.686.057
N O Texas & Mex_. July
251,228
171,489, 1,446,129 1,060,037
Beaum S L& W_. July
114,035
196,259
1.187.722
718.349
Clev C C & St L. July
7.697,772 6.255,155 47,850,283 38,560.155
New York Central.. July
32579679 28185031 191916 709 169998 641
Ind Harbor Belt. July
583.672
754,871
4,120,237 3,585,378
Lake Erie & West July
792.568
I,115,311
6,098,296
5,222,362
Michigan Central July
7,873,446 6,654,232 46,257,451 41,737,700
Clev C C & St L__ July
7,697,772 6.255,155 47,850.283 38,560,155
Cincinnati North. July
291,308
244,912
1 858,820
1,654,383
Pitts & Lake Erh .July
2,398,130 2,465,194 15.254,075 16,023,307
Tol & Ohio Cent. ' July
928,985
1,117,140
6,249,753 4,899,442
Kanawha & Mich July
392,592
465,968
2,734,454 2,368,463
N Y Chic & St Loui
July
2.520.280 1,804,503 14,760,916 13,635,027
N Y N H & Hartf.. July
11011890 9,612,541 66,416,828 57,147,715
N Y Ont & Western July
II,538,190 1,369,302 6.634,127 5.979.368
N Y Susq & West.. July
336,527
398,781
2,415,794 2,171,350
Norfolk Southern.. July
620,032
518,522
4,484,634 3,499,748
Norfolk & Western. July
7,231,136 6,385,269 43,928,134 41,744,065
Northern Alabama. July
74,365
125.646
871,508
633.157
Northern Pacific
8,676.446 8,679,735 58,950,420 54,249,960
July
Minn & Internat. July
93.563
100.442
742,631
636,113
814.137
NorthwesternPacific July
694,787
4.175.392
3,436,286
Oahu Ry & Land Co July
220,298
249,561
1,059,573
917,531
Pacific Coast
378.219
405.304
July
43970502 40737933 234250095 224468523
Pennsylv RR & Go. June
Bait Ches & Atl__ July
174,428
179,201
806,132
830,066
Long Island
July
3.001.281 2.744,891 13,657,891 14.154,454
15&.635
Mary Del & Va__ July
643.860
143,045
716,662
N Y Phila & Norf July
824,958
810,422
4,320,275 4.517.671
Tol Peor & West. July
126,455
159,890
1,081,392
912.019
W Jersey & Seash July
1,690,919 1,372,040
6,878,710 6,319,190
8,204.964 7,135.402 40.961,753 35,889,446
Pitts O C & St L. June
Peoria & Pekiu Un. July
94,953
850.259
122,857
681,732
Pere Marquette
July
3,803,886 3,061,499 21,202,353 18,699,575
Perkiomen
July
101,416
654,387
97,713
612.608
Phila Beth & N E_. July
60,215
733,399
118,121
474.944
Phila & Reading
6,907,626 6,602,516 48,189,538 40,252,120
July
Pittsb & Shawmut.. July
91,111
906,670
142,314
630,084
Pitts 8haw & North July
112,569
798,643
600.686
122,810
Pittsb & West Va.. July
105,381
1.134,721
225,812
747,571
Port Reading
197,537
108,665
950,179
July
1.457.128
Quincy Om&KO.. July
87,973
97,327
728,812
591,946
Rich Fred & Potom. July
912.958 1,118,388
6,453,246 7,494,701'
Rutland
420.696
3.034.521
489,273
2.622.129
July
St Jos & Grand Isl'd July
246,376
1,762,638
241,492
1,643,165
St Louis-San Fran.. July
7,404,' 11 6,751,175 49,927,685 42,231,843
Ft W & Rio Gran June
126.904
130,942
918,211
668.086
8t L S F of Texas. June
143.727
780,144
105,636
657.350
St Louis Southwest. 1st wk Sept
436.910
4,292,689 3,157,163
662,338
St L S W of Texas July
590,819
5.012,832 3,515,926
722,459
St Louis Transfer.. July
100.908
749,506
101,223
572,307
San Ant & Aran Pass July
400,491
2,643,413 2,341,350
508,512
San Ant Uvalde & G July
93,340
129,081
855,775
632.020
Seaboard Air Line.. July
3,620,262 3,606,672 28,297,327 24,056,037
South Buffalo
81,271
135,038
925,649
August
720,738
Southern Pacific
17781 186 14734603 107594 417 90,736,529
July
So PacAtl SS Lines July
650,610
253,566
2,995,552
5.802,194
Arizona Eastern. July
329.133
343,914
2.348,206 2,204,805
Gal v Harris & S A July
2,075,638 1,929,826 13,563,136 12,041,982
Hous & Tex Cent. July
755.187
6,247,078 4.858.366
952,032
IIous E & W Tex. July
193.880
1,652,667
222,617
1.294.672
Louisiana Western July
368,961
2.959,007 2.338.369
442,376
676,708
5,828,450 4.321.367
Morg La & Texas July
739,313
Texas & New Orl. July
722,183
5.332.091
870,128
4.462,343
Southern Railway.. 1st wk Sept 3,921,425 3,364,797 106283703 88,534,808
Ala Great South. July
906,083
1,066,484
6.246,180
5.853.541
Cin N O & Tex Pac June
1,617.742 1,380.962
9.348,442
8.303,699
Mobile & Ohio
1st wk Sept
299,681 12.079,574 10,024,861
413,063
337,827
Georgia Sou & Fla July
3.014,956 2,467,946
386,863
New Orl & Nor E. June
554,680
3.627.225
636,155
3.095.768
79.345
745.861
NorthernAiabama June
112.436
558,791
South Ry in Miss. July
133,185
1.034.021
125,645
951.226
112,884
671.070
Spokane Internat.. July
130,615
578,013
683,816
4.843.471
Spok Portl & Seattle July
813,495
4,062,019
Staten Island R T__ July
218.134
1,283,801
250,191
1,291,413
Tenn Ala & Georgia 1st wk Sept
2,733
127,654
4,963
80.857
Tennessee Central.. July
199,706
1,631,627
229,855
1,441.666
Term RR Assnof SfcL July
332.803
2.496.658
383.508
2.101,324
St L Mer Bridge T July
257,752
2,134,981
356,298
1,557.088
Texas & Pacific
1st wk Sept
740,744 26,765,656 23,291,513
787,962
Toledo St L & West. July
663.36?
6.071.659 4,116,245
1,003,642
Ulster & Delaware.. July
122,227
718.424
147,027
583.945
Union Pacific..
10161766 9,064,459 66,491,357 58.516.715
L July
Oregon Short Line July
3,479,016 3,152,984 24,247,864 19,618,926
Ore-Wash RR & N July
2,741,668 2,431,632 18,535,491 15,193,785
Union.RR (Penn).. July
696,018
854,332
5,295,289 4,453,655
Utah
98,663
155,183
1.034,593
614,507
July
Vicks Shrevn& Pac. July
285,743
340,186
2,444,074
1,818,445
Virginian RR
8,801,616 6,140,977
1,579.173 1.031,118
July
Wabash Railroad.. July
5,006,889 4,214,715 30,170,998 26,945,567
Western Maryland. 1st wk Sept
479,661
278,718 12,251,089 9,012,162
Western Pacific
1,434,443 1,096,800
8.116,074 6,455.185
July
Western Ry of Ala
194,070
213,018
July
1,576,667
1,496,746
Wheel & Lake Erie. July
163,132 1,403,599
8,721.031
7.089,877
Wichita Falls & N W July202,544
1,485.883
212,581
1,129.057
Wichita Valley Ry. July
122,781
101,556
932,0'2
523,694
Yazoo & Miss Valley July
2,534,078 1,968,809 16,731,295 13,004,067
,
,
'
EARNINGS—Weekly and Monthly.
or
%
1,812,588'l7.22
+1,788.985118.22
+3,827,84429.69
+ I,375,644il5.24
+2,213,337,20.49
+ 1,928,146 17.60
+3,536.674|16.61
+2,259,946,17.02
+2,282,600 17.70
+3,035,001 19.00
+2,517,054118.72
totals.
Current
Year.
„
16.797,493
5,937,40i
686,022
_
Copper Range.....
Cuba Railroad
Jan. 1 to Latest Date.
Previous
K
3.055,108
2.353,192
225.783
Current
Year.
90,848
103,604
550,479
578,515
3,560,488 2,967,076 21,542,434 18,577,000
2.119,584 2,025,905 15.503,132 13,397,214
Mo & North Arkan. July
Mo Okla & Gulf
June
Missouri Pacific
July
687,291
2.493,594
5.717,449 4.612,692,42.636.535 37,471,601
381,856
355.155
2.242,996
370.758
355.156
2,231.898
Erie..!July
1.513.213 1,433,648
6,531,285
Bingham & Garfield July
177,315
85.925! 1,080,371
Birmingham South.!July
51.559
42.713:
343,268
Boston &
Maine...!July
7.508.588 6,518.287:45.911.303
Bklyn E D Terminal July
124,044
85.154!
595.667
Buff Roch & Pittsb- 1st wk
526,327
Sept
350,604 14,328,927
Buffalo & Susq
July
244.006
221,345
1,587,878
Canadian Nat Rys. 1st wk Sept 1,998,011
1,789,169 66,149,498
Canadian Pacific
,1st wk Sept 3,991,000 3,599,000 128471000
Can Pac Lines in Me1
July
156.354
131,291
1,727.731
Caro Clinch & Ohio.
{July
566,966
541.427| 3,816,751
Central of
Georgia...July
2.289.048 1,930,223 14,528.772
Central RR of N J.Jjuly
4,997.796 4.352,061 25,874,136
Cent New
England.iJuly
676,505
594,330
3,537,064
Central Vermont___ July
624,654
532,575
3,644.828
Charleston & W Car. July
296,970
220,526
1,996.586
O & O Lines of Ind.
July
7.259,357 6,665,251 46,145.621
Coicago & Alton
July
2,795,250 2,220,875 15,969,719
Chic Burl & Quincy July
14720003 13068386 98,638,678
Chicago & East 111
July
2.161,309 2,154,410 15,804.184
Chicago Great West July
1,979.580 1.857.564 12.950.981
Chic Ind &
1,375,040 1,052,074 8,359,996
Loui^v.. July
Chicago Junction.. July
280.123
325,130
1,780,581
Chic Milw & St Paul July
15083931 12617 449 91,084,990
Chic & North West. July
14081128 13321598 86,940,834
Chic Peoria & St L. July
241,845
1,411.152
136,421
Chic R I & Pacific.. July
11897837 9.847.273 74,018,832
Chic R I & Gulf.. July
578,356
3,717,820
374,592
Chic St P M & Om. July
2,559,874 2.352.012 17,314,170
Chic Terre H & S E. July
455,867
339,193
2,927,429
Cine Ind <fc Western July
392,715
2,428.752
266,853
Cin N O & Tex Pac. July
1.875,614 1.168.391 11.224,056
Colo & Southern
1st wk Sept
572.7 73
525,202 19,271,965
Ft W & Den City
July
1,101,355
6,81' ,016
977,489
Trin & Brazos Val July
135,238
98,458
1,000,034
Colo & Wyoming.
July
88,959
84,031
540.826
or
Month.
Mississippi Central. July
,
Bellefonte Central.. June
Belt Ry of
Chicago. July
Belt Ry of
Chicago. July
Bessemer & L
1,844,397
Week
Missouri Kan & Tex Julv
Mo K&T RyofTex July
237.590
Baltimore & Ohio.. July
B & O Ch Term..
July
$
234.609
145,404
Latest Gross Earnings.
ROADS.
1,556.343
800.859
514.181
Atlantic & St Lawr. June
.
Current
196.628
3,242,430
2,752,124
18060954 14833 620 117553022 93,250.466
1.962.931 1.740,137 14,043.838 10,596,970
Atlanta Birm & Atl_ Julv
Atlanta & West Pt.
July
Atlantic City
July
Atlantic Coast Line.
Ju'y
1 to Latest Date.
Previous
274.695
Aug
Gulf Colo & S
Jan.
Currenl
*Monthly Summaries.
Curr.Yr.
Mileage.
September. .232,772
October
.233,192
.233,032
December.. .233,899
.232,511
January
-231,304
February
March
.213,434
-221,725
April
.213,206
May
June
.213,525
November
.
...
July...;
-220,459
Prev.Yr
Current
Previous
Year.
Year.
S
495,123 .397
508,023 ,851
436,436 551
451,991 ,330
494,706 ,125
421,180 ,876
408,582 ,467
387,680 982
211.040 387,330 ,487
208,598 430,931 ,483
218,918
18,827, 833
232,349
233,136
232,911
233,814
232,210
231,017
212,770
220,918
Increase
or
Decrease.
%
8
485 ,870.475
+9,252,922!
489 081.358 +
18.912.496!
439 ,029.989
—2,593,438
440 481,121 + 11.510.209,
392 927,365
348 749,787
1.97
3.87
0.59
2.61
+ 101778760 25.90
+72,431.089 20.77
347 090,277 +61.492,190 17.72
372 828,115 +
12.852.867! 3.45
348, 701,414 +38.629,073!11.08
369, 225,761 +61,705.722 16.9q
87, 919.402 —69,121,669,78.7n
Latest Gross Earnings by
follows
[Vol. 111.
THE CHRONICLE
U?6
the earnings for the
Name of Road
first
or
Current J
Company.
Year,
Month.
18.72% increase in the aggregate over the same
week last
'
year.
First Week of
September.
1920.
1919.
Increase.
Decrease.
S
$
%
$
1,998,911
3,991,000
572,773
118,266
Canadian Pacific—
Colorado & Southern
Duluth South Shore & Atlantic
Grand Trunk of Canada.
Grand Trunk Western
Detroit Grand Hav & Milw.
Canada Atlantic..
Mineral Range. —— — ———
Mobile & Ohio.———
St Louis Southwestern
175.724
350,603
1,789,169
3,599,000
525,202
526,327
Buffalo Rochester & Pittsburgh
Canadian National Railways. —
2,473,270
90,718
209,742
392,000
47,571
27,548
1,949,914
523,356
— —
Southern
Railway— ——J
Georgia.
Tennessee Alabama &
Texas & Pacific
Maryland—
Western
x
■»
.
—
... ——-
-|
;
increase
3,364.997
2,733
740,744
278.717
479,661
4,517
113,382
225,428
556,428
2,230
47,218
200,944
4,517
table
charges and
surplus of STEAM railroad and industrial companies re¬
following shows the gross and net earnings with
ported this week.
,
i
Roads.
Cent New
Jan 1
Current
Previous
Year,
Yeor.
31
156.552
215,374
13,068.386 ' *1.673,984 3,151,373
81,553,470 12,178,337 15,<38*618
Chic Burl & Quincy.b-July 14,720,003
Jan 1 to July 31
——98,638,678
Colorado & Southern—
297,505
259,721
431,817
957,044
374,592
2,551,097
578,356
3,717,820
Chic Rock Isl & Gulf.b.July
Jan 1 to July 31
§'*
%r'
^'330 def354,601
3,651,730dfl,170,928
676.005
3.537,064
England-b...July
to July
Net Earnings——
Current
Previous
Gross Earnings
def57,227
defl9,860
686,022 def301,498 def358,004
98,458
Trinity & Braz VaLb-July
135,238
Jan 1 to July 31
...
1,000,034
523,694
13,541
163,022
38,105
75,169
545,589
2,999,400
475,605
2,626,733
102,680
184.330
™83,753
Dul Winnipeg & Pac.b.July
Jan 1 to July 31
—
185,093
1,370,305
148,679
1,113,163
def 14,105
126,322
def1,576
99,277
Bay & West.b-July
1 to July 31
98,889
88,005
10,534
def 1,703
684,121
661,479
29,331
36,318
137,842
123.112
23,383
9,771
58.397
Valley Ry.b.July
1 to July 31-
122,781
932,072
Duluth So Sh & Atl .b—July
Wichita
Jan
Jan
Green
1
to July 31
Jan
Kan City
Jan 1
Term Ry.b—July
to July 31
101,556
133,447
853,276
748,690
211.065
1,344,029
130,751
741,193
Louisiana Ry & Nav.b.July
Jan 1 to July 31 —
321,863
2,287,678
1,979,866
141.439
.35,400
defS.l' 7
385,963
2.552,707
314.297 defl21,397
2,188.843
201,890
49,917
430,172
Midland
Valley.b—July
1
Jan
to July
31
——
NYNH & Hartf.b—July 11,011,890
Jan
1
to
Jan 1 to
def22,442
def 51., 160-
9,612,541 df3,251.970
1,984,755
,239,228
66,416.828 57,147,7l5dfl .486,175
July 31
Oahu Ry & Land
1,957
1
' def11,958
def79,483
43,100
458,761
53,087
371,876
Mineral Range RR.b—July
Jan 1 to July 31-—.--
def67,631
6,694
defil3,901 def477,403
297,405
Co.b._July
July 31—
126,771
363,064
123/72
372,668
220.298
917,531
249,561
1,059.573
Pennsylvania—
N
Norf.b—July
N Y Phila &
Jan 1 to July
.
"W Jersey &
1
31—.-^—- 4,320,275
SeashoreTjuly^L ,690.919 ""l ,372,040"
Jan 1 to July 31
——_
122,810
798,643
Jan 1 to July 31
—
St Louis S W of
_
_
iefl99,905
29,742
181,305
61?582
129,081
855,775
Jan 1 to July 31-— — -
South Buffalo Ry Co_bCAug
Jan 1 to Aug 31—— — -
529.2,29
1ef769,957
3.515,926dfl ,389,927
~'S3,340""def87,065"
632.020
def 130,105
8,819
4ef49,635
2,719""def9Ti2~5
"136,038' T"84,271
—,—
105,634
106,446
Wabash Ry Co-b-TTTtJuly 5,006,889 "X214.715 def431,271
Jan 1 to July 31
30,170,998 26,945,567 def546,522
~57Cl75
Net earnings
*720,938
925,649
2,537,233
769",778
Fort Worth Pow & Lt July
Galv-Hous Elec Co.. July
242,370
104,719
337,937
285.020
Georgia Lt, P & Rys. June
828,144
691,751
Great Nor Pow Co— June
e Great West Pow Sys July
179.549
592,087
146,244
131,650
451,535
128,634
740.304
27,894
June
May
July
July
Houghton Co El Co.. July
Houghton Co Trac Co July
I Interboro Rap Tran. April
Kansas Gas & Elec Co July
Keokuk Electric Co.. July
RAILWAY
AND
PUBLIC
98.622
July
N Y & North Shore.. April
N Y & Queens County A pril
b N Y Railways..... April
1
Road
Company.
Current
Month.
Adirondack El Pow Co June]
Alabama Power Co— July|
Atlantic Shore Ry... July
Bangor Ry & Electric June
Barcelona Trac L & P July
Baton Rouge Elec Co July
Blackstone V G & El. July
fBrazilian Trac, L & P July
Bklyn Rap Tran Sysafeklyn City RR
aBklyn Hts RR...
Coney Isld & Bklyn
Coney Isld & Grave
Nassau Electric
South Brooklyn
April
April
April
April
April
April
New York Consol.
April
Bklyn Qu Co & Sub April
Cape Breton Elec Co. July
.
Cent Miss V El Prop. June
Chattanooga Ry & Lt June
Cities Service Co.
July
Citizens Traction Co. July
Cleve Painesv & East June
^Columbia Gas & Elec June
Columbus (Ga) El Co July
Com'w'th P, Ry & Lt July
Connecticut Power Co July
Consum Pow (Mich)
July
_
Cumb Co (Me) P & L June
Year.
Previous
Year.
Current
Year.
Previous
Year.
807,945
1.051.433
123,891
177,464
337,407 220,358 3,655,953 2;997.499
93.030
119,582
21,891
29,161
498.693
577,319
1001839
84,769
2542202 2012289 12923,755 9,761,023
203,788
266,279
38,696
31,239
1,523.053
259,808 208,813 1.845.768
11745000 10070000 72,785,000 64,033,000
4,681
5,994
526,958 452,196
62.637
57,890
1776,021 1364,757
156,328 126,732
48,749
54,765
39,453
107,218
34,523
82,373
63.812
2,039,798
2,014,593
705.536
75,926
85,708
557.916
50,447
1,577,844
486,254
276,246
489,576
297.766
262,538
449,796
3,224.431
43.018
47.557
1.500,976
1,810 938
1,584,383
3,031.959
165,410
5,767
97,131
718,833)
12,442
86.194
2,760,062
1,557,451
137,174
21,120
330,687
34,581!
88.905
82.095
903,028
334,754
12,798
214.682
.
North Texas Electric. July
Ocean Electric (LI).. April
45.752
319,990
2,511.851 1
268.937 )4,052,405
85.345) 1090,708
Pacific Power & Light July
Penn Cent Lt&P&Sub July
80.601
8.232.911
1,305.543
1,847,681
Eighth Avenue.. April
April
66.510
803,251
937.132
6.562.238
278.076
9,578
2,245.971
41,602
770.687
5,116,187
1,836.644
31,162
185,911
176,636 129,029
107.563
85.022
686,771
1,049,143
6907.627 6602.517 48,189,539 40,252,121
78,069
476.825
69,130
511,981
3107.945 2872,717 21,761.538 20.047,683
16",994
200,473
1,214,525
1,434.011
741.360 711.453 3.700.267
3,544,323
766.693 684,345
5.675.359
691.216 490,880
4,657.203 3,5b3".56i
51.821
183.803
158.918
42,662
402,493 314,039 2.835.966
2,387,330
919,536
163,785 146.840
1.048.680
42,662
51.821
158.918
183,803
1524.458 1009.541 12,305,371
9,713,354
749,706 484,953
"713". 856
100.043
"844,524
112,321
Philadelphia Oil Co.. July
Phila & Reading.
July
Phila & Western
July
Phila Rap Transit Co July
Portland Gas & Coke July
— —
Port(Ore)Ry.L&PColMay
Puget Sd Pow & Lt Col July
Republic Ry & Lt Co. July
April
St L Rocky Mt & Pac July
Schenectady Ry Co.. I July
Second Avenue
—!April
Southern Cal Edison
July
Southwestern Pow &I July
Tampa Electric Co
luly
Tennessee Power—.
June
hTenn Ry, Lt & P Co June
Texas Power & Lt Cc July
Third Avenue System
July
207.635
153,567
536,946 426,663
362,763 260,787
1160,623 1020.799
u>HI1
July
July
«
OI7KI 1
June
Western Gas & Elec.. July
West Pow Co of Can. July
Youngstown & Ohio. July
"<*2.221
44,272
54,272
4,135.038
1,122,280
2,775.425
1.883,388
6.373,333
3,500,724
932,270
2,102,894
1,175,052
1,770,932
335,561
263",945
1,185.830
3,187.676
2.405,926
6,857,289
10046665 8241.055
892,134
756,135
1/6,083 203.115
153.495
179.683
44,501
40,603
a
The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights
RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18, 1919 the Brooklyn City RR. has been
6
The
operated by its owners.
Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11.1919, respectively, since which dates these roads have been operated
separately,
c
sources,
in
e
Includes
Milwaukee Light, Heat & Traction Co. d Includes
Includes
milrels.
constituent
Subsidiary
g
Power Co.,
or
subsidiary
companies
companies.
only,
the Nashville
h
Includes
* Earnings
Tennessee
Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co.
i Includes
3 Of Abington & Rockland CMass.3.
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of E LECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Gross Earnings-
Companies.
American Pow & Lt Co-July
12 mos
Keystone Telephone Co.July
872,377
6,876 1790,725
197.301
157,395
131,995
963,769
82.819
to Latest Date
Name of
or
1,061,022
149,667
l" 804,739
b Ninth Avenue...
given
UTILlTY^COS.
fan.
1,149.420
1,294.073
256.521
174,154
269.519
Nor Caro Pub Ser Co June
Northern Ohio Elec.
July
both subway and elevated lines.
Latest Grdss Earnings.
405~979
1,912,108
712,085
1,754.902
1,329,461
661.195
2,529,603
775,573
3.576.815
205,140
301,204
307.142
221,549
301.908
New York Dock Co.'. July
N Y & Long Island.. April
Virginia Ry & Power
Wash Bait & Annap..
460,677
2,258,288
1,254,242
2,098,098
1,589,326
951.118
2,929,272
861,948
4,587.376
23.266
13,530
1550,611 1161,610 10.453,075
233.048
196,693
1,516.018
.
Twin City Rap »>*i»
United Rys of Bait..
874,054
487",070
73,255
21.737
22.283
April
April
July
July
—1
139,631
19,006
218,574
17,786
346.565
347,818
June
New England Power. June
Newp N&M Ry,G&E. July
Richmond Lt & RR
64,726
297.350
25.261
July
Nevada-Calif El Corp July
b
609,328
155,267
58,659
299,029
Nashville Ry & Light June
Nebraska Power Co.
107.025
143,919
21,046
July
July
May
April
Manhattan & Queens
Manhat Bdge 3c Line
cMilw El Ry & Lt Co.
Miss Hiver Power Co.
Railway, Light &
ELECTRIC
April
-
123.184
255,084
35,507
63.422
345 591
76,064
37,453
31,141
289.114
250,608
28,010
24,327
189,301
173,238
309,406
516,722
1,983.233
2,021,637
117.289
74,664
977,482
1,399.811
1616.926 1339,813 11 -.605,338 19.595,911
4599,225 3996,886 18,388.849 12.877,239
233,289 181.116
1,904,527 1,510,300
30,222
25.891
200,655
176,651
Hunting'n Dev & Gas July
Illinois Traction... July
Keystone Teleph Co.
Key West Electric Co
Lake Shore Elec Ry.
Long Island Electric.
Louisville Railway...
Lowell Electric Corp.
23,158
946,301
d
all
*^33
here given_arg_before1 deduction of taxes.
897,782
769,431
194,744
1,067,794
457,893
def 69.189
Tex.b—July'""722,459 """*590,819 def273.697r "Sef90,388
b--July
118.976
79.947
def 21,704
87,973
def55,290
591,996 def182,792
728,812
Jan 1 to July 31 —J) 12,832
San Ant XJv & Gulf,
_
108,915
600,686 def247,364
197,537
1,457,128
97,327
Quincy Om & Kan C.b.July
Jan 1 to July 31-
476,080""368,034
"~Tl2,569~ def35,282"~"cief3.951
108,665
950,179
—July
Port Reading Co;
169,198
654,304
83,337
def266,288
6,319,190 def450,316
6,878,710
Pitts Shawmut & Nor lb- July
Jan 1 to July 31—
I*
824,958
4,517,671
810,422
6,960,896
1,556.348
153,254
b. July
Kan Okla & Gulf Ry.
Jan 1 to July 31
1,614,626
7.837.060
1,103,233
8,408,948
1,977,956
July
July
Edison El of Brockton July
iElec Light & Pow Co July
e El Paso Electric Co. July
Hudson & Manhattan
Earnings Monthly to Latest Dates.—The
Net
2.068,142
1607.804 1185,753 10,309,003
161.145
169,468
1,130,838
893,578
235.006
22,4.38
June
Ilarrisburg Railways.
Havana EI Ry. L & P
Haverhill Gas Lt Co.
Honolulu RT & Land
2.517,054
(18-72%)—
Previous
Year, f
1173,651
316.517
30,311
138,389
92,449
31,774
156,328
123.916
90,065
74,347
347.735
July
Equitable Coke Co.. June
15,958,176 13,441,122 2,521,571
Total (16 roads) .
Net
12,734
299,681
436,910
July
Erie Ltg Co & Subsid- July
Fall River Gas Works July
Federal Light & Trac. June
,
8,217
413,063
662,338
3,921,425
4,963
787,962
Edison—- June
Duluth-Superior Trar
DuquesneLtCosubsid
light & power cos—
East St Louis & Sub
East Sh G & E Subsid
Eastern Texas Elec..
Year.
$
I
$
277,932! 202,835
Dayton Pow & Light. July
d Detroit
Current
Previoui
j Year.
The table covers 16 roads and shows
September.
week of
Jan. 1 to Latest Date.
Latest Gross Earnings.
Weeks.—In the table which
separate y
up
sum
we
3,273,762
27,032 12,937,921
573,293
726,510
18,939
14,376
1,977,063 1,660,084
231.651
274,991
6.861.787
5,093.264
454.899
574,482
326.162
340, 04
199,257
237.359
472.163
648,517
14,861.219 12,346.540
2117,919 1583,722
91,374
69,290
362", 254
306.652
74,419
63,130
6.108,464
1233.720 1067,919 7,.500,72
712.071
915,890
132,185
101,555
2546,612 2039,149 17,550,990 14,358,823
696,69"
830.097
99,400
112,296
1128,462 872,076 7,934,356
6,298,815
1.244.238
249,264 221,793 1.429.769
12 mos
Previous
Current
Year.
Year.
Year.
$
S
1,650,157
1,218,567
19,035,911 15,147,769
143,919
1,149,420
♦Southwest Pow & Lt
July
12 mos
749,706
8,028,618
Western Power Co
July
i
Year, at
$
461,482
7,042,223
430,195
5,586,688
139,631
1,061,022
39,943
388,226
344,992
484,952
6,094,513
204,251
3,121,523
161,874
2,131,039
40,695
467,621
25,644
25,315
309,282
292,603
44,501
'
12 mos.
■Net EarningsPrevious
Current
515,507
49.702
*
These are the earnings from the operation of the properties of sub¬
sidiary companies and not the earnings of the Southwestern Pow. & Light Co
Gross
Earnings,
$
Bangor Ry & Elec
Co
July *20
"19
|
112
mos
"20
'19
Chattanooga Ry & July '20
Light Co
*19
12
mos
*20
'19
100,447
89,710
1,184,040
992,385
107,553
83,287
1,235,476
1,008,313
Net after
Taxes,
S
■
Fixed
Charges.
8
Balance,
Surplus.
$
30,684
33,194
449,448
349,336
260,104
244,778
9,210
12,354
189,344
104,558
30,197
23,353
426,865
359,236
21,583
21,164
252.944
253.362
173,921
105,874
21,474
20.840
8,614
2,189
SEPT. 18 1920.]
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
5
S
t
Citizens Trac Co
and Subsidiaries
July *20
91,374
*19
'
V™
15,925
69.290
19.172
899,364
219.042
91.985
708.276
169.969
84,457
Commonw'th Pew, July '20
Ry & Light Sys
'19
2,546,612
2,039,149
490,055
649,042
9,009.564
8,186.447
544,056
6,736.751
6,384.369
12
mos
mos
'20
'20 29,162,958
'19 24,138.458
Consumers Pow Co July *20
(Michigan)
'19
12
mos
-
1,128.462
872,077
*20 13,074.634
'19 10,518.650
Cumber'd County
July'20
Power & Light Co
'19
$
11,981
127.056
85 517
584,656
94,691
98,086
2,272.813
1.802.0"T8
206,004
171,139
34,865
275,414
4,212,515
3,844.563
136,022
1.871 896
139,022
2,340 619
2,119.596
1,724.967
61,340
,7.60
55,324
116,664
98.47.3
55,723
'20
296.428
258,217
2.092,342
1.092.478
667,277
'19
2,949,333
872,724
752,116
120.608
East St L & Sub Co July '20
'(excl Alton Gran <&
*19
329.714
32.208
54 456
dAf93.948
12 mos
St L Trac &
12 mos
Alton Gas & Elec Co)
Eastern Shoro Gas
12
12
12
Huntington Devel
12
Nashville Ry & Lt
12
Newport News &
'20
'19
465,833
117,972
91.677
66 197
40.855
54.183
32.149
30,618
15.145
20.860
14.102
390.126
July '90
90,065
'19
58.659
392.569
17Q.570
213,099
378.903
183.535
194.668
July '20
249,370
'19
'20
104,719
1,904.478
mos
'19
1,279,686
July '20
117,939
'19
74.664
Tennessee Pow Co
12
10-\<r9
499 991
958
192 843
247 415
def28,819
4,236
40 863
'20
*780.412
596.098
'19
2,452,570
*776.155
460.668
244.314
315.487
68,102
775,169
40,195
30,655
477,546
297 693
864.496
4^4 609
301,494
261.471
44 718
'19
July '20
221,549
*61
,927
34,978
*19
174.154
*49.431
39,989
16.442
'20
2,703.330
*981.918
386.067
595,851
*19
2.182.613
*829.695
327.930
501.765
mos
mos
247,246
mos
mos
mos
mos
mos
389.797
26,959
7
27,477
*51,139
23,661
'19
262,538
*50.432
25.648
24.784
'20
1,557,451
1,584,383
*213,882
186.085
27.796
*293,922
165.446
214,682
44,704
*91,997
128,475
46.523
'19
185.911
*93.288
46.119
47.169
'20
2,427,252
2,006.812
*1,190.100
*938.327
529.944
590.856
542.726
395.601
192,314
30,892
27 297
3.565
129,029
1,909.170
43,986
90 992
'20
733.794
349,958
14,593
383,895
'19
1,645.577
642.797
350.098
292,698
78,069
28,897
34,982
14.771
14,056
19,940
'19
'20
">0
14,949
60,130
511,081
207 772
117,595
90.177
476.825
185.060
112.864
72,196
200,743
166,994
2,404,853
2,047.830
*80,927
31.796
28,327
49,131
48,486
*883.213
360.661
350.710
532,503
806,131
698,065
8,996.112
8,318.130
264.795
2,797,557
2.745 958
'20
'19
*76,813
*998,948
247.597
187.430
103.450
2.261.531
2.265.194
638.287
60.207
71.275
536,026
480,764
64.040
July ,r)0
513 P40
194,992
130,952
'19
425,610
199.713
35.883
'20
'19
5.859.178
165,595
2.177,929
1,548.985
698.344
5,472.178
2,230.428
1,533,869
696,559
mos
July '20
'19
'°0
mos
211,225
86 995
53.999
935.405
643,081
641,795
*19
2,307.657
855.598
362,763
*60.752
•19
260.787
'20
4,010.734
*73.951
*1.303.840
'
mos
*19
5 .516
66.720
109
160.561
2."Si
Texas Pow & Lt Co July '20
12
4,483
28,448
3,534.174
3,145.308
*19
feA
627.300
441
48,553
*19
12
12.753
*45.099
July '20
Tennessee Ryf Lt
Power Co
passenger
39,331
*19,734
*19
12
426 950
16,070
1.7,105
181,116
3,062.643
.
Portland Ry, Lt &
Power
/
155.304
858
233,289
July '20
12
*582.254
'19
'19
Portland Gas &
Coke Co
dump
55,401
3,416,505
*1,075,963
57,525
54.575
665,667
677,061
33,409
12.721
282.414
249.733
3.227
19,376
638,173
398,902
►.After allowing for other income received.
engines;
have been published during: the preceding month will beiowen
on
the last Saturday of each month.
This index will not
include reports in the issue of the "Chroniclo" in which it is
The latest index will be found in the issue of
The next will appear in that of September 25.
Annual Report—Year ended Dec. 31 1919.)
[Compare
map
on
pages
20 and 21
subst:
of "Railway & Industrial" Section.]
F
Mileage.—The total nvleage operated Doc. 31 1919 was 9,685.7 being
an increase of 119.2 miles
The average mileage in operation throughout
year was 9.636.9 miles.
Revenues.—Operating revenues for the year 1919 increased by $6.252,166
1918 or 13.22%.
The increases were derived front passenger traffic,
S2.951.264 or 37.72%;
Freight traffic, $2,439,683
or
6.64%;
other,
$861,219, or 31.32%.
P* Traffic Movement in 1919.—The increase in passenger earnings was due
in part to the removal of war-time restrictions on travel, augmented by the
movement of troops for demobilization.
With the'trans'tion from war to peace, there was a loss in freight, tonnage
the
f
over
1 to July 31 1919 of 1 Vt million tons, after which the tonnage
showed an increase over 1918 so that for the entire year 1Q19 the net loss
was
850.327 tons.
Additional long haul business is indicated by the
from Jan.
increase of 23 miles in the average distance each ton of freight was hauled.
While movements of live stock, lumber and building material show gains
over
last year, the declines in grain, coal and miscellaneous traffic more than
The decline in coal traffic is due to the lnss of shioments
Drumheller, Cardiff and Wayne during June. .Tulv and August,
offset these gains.
from
caused by the strike of the miners in the Alberta coal fields.
Operating Expenses.—The total increase in expenses in 1919 due to wage
77.31 % of the total increase.
advances made in 1918-19 was $12,350,227 or
1 The deficit, of $5,700,648 is after crediting miscellaneous earnings
charging deductions from income.
The actual operating deficit for
and
the
year'is $6,471,846 as against net earnings of $3,247,062 for 1918 and net
earnings of $7,443,369 for?1917, akiirect reflection of the improper relation
existingjbetweenlearnings andjoperating expenses.
plows and 6 flanges.
198
steamship
Marine*
Canadian Government Merchant Marine, Limited.—The ocean
with success, and will be further enlarged and extended.
To date 63 vessels have been ordered by the Department of Marine, with a
total dead weight tonnage of 380,615 tons.
Of this number 19 were in
has
continued
service
on
1919 and it is hoped that by the end of 1920 there will
in service.
the services established has up to date show a sub¬
The Canadian National Railways also benefit from the
Dec. 31
be nearly 60 vessels
The operation of
stantial return.
earnings
on
goods moving to and from Ocean ports In
connection there¬
with.
confidence based on
Outlook.—Your directors view the future with the
knowledge of the particularly favorable location of the System's lines and
the general good character of the country served.
The railway property
of your System has invested in it not less than 550 million dollars.
The
prospect in the near future of having the lines of the Grand Trunk System
co-ordinated with those of the Canadian Northern and other Government
owned Railways presents favorable opportunities of increased traffic and
the benefits which will result from the inclusion of the Grand Trunk Lines
in the National System are certain to prove substantial.
In the past, the Canadian Northern Railway has operated under a great
disadvantage in not having a Niagara frontier line and connections in Ontario
with United States lines.
These the Grand Trunk will provide.
Traffic returns since Jan. 1920 indicate that tonnage on your lines is
running about 8)^% over the same period last year.
Immigration is,
according to late reports reviving.
The Live Stock industry in Western
Canada continues to thrive and is developing most remarkably.
The
Province of Saskatchewan now ranks first in the production of horses in
1
Canada
of the Drumheller coal field development
coal from United States mines
was interrupted through the general strike which occurred in October last.
The double tracking of the line between Drumheller and Munson Junction
has been Completed and the output of the 23 mines in the district is be ng
distributed to a constantly widening field of consumers, witt* increasing
Coal Field—The importance
was
well demonstrated when the supply of
revenue
to
your
company.
•—
1919.
Grain, busbels
Flour (100 lbs.)....
Live stock, head
Logs & lumber. 1,000 ft.
„
834,991
1,928,698
329,138
2,174,207'
4,728
34,076
3,142,981
Coal, tons.
Immigrants' effects, cars
Building material, cars..
Miscellaneous, tons
& 1917;
Calendar Years
1918.
91,373,574
8,978,640
Firewood, cords
^UNE
YR. 1917.
June 30 Yr.
1916-17.
93.985,078 112,971,191 130,720.761
8,333.769
7,138,927
8,904,498
518,735
654,583
609,409
2,080,002
1,970,656
1,614,829
346,107
334.489
362,118
1,940,023
2,126.334
2,373.985
5,279
29,794
4,048,065
1917.
4,696
42,340
4,237,921
3,958
33,340
4,269,115
EARNINGS, EXPENSES AND NET_ EARNINGS.
_
(5th
snow
service established through the Canadian Government Merchant
.
President D. B. Hanna, Toronto, May 8, wrote in
service, incl. 30 steel baggage cars, 6
construction program contemplated
completion of certain branches in Western Canada.
Work was done on
the following lines and these should be largely completed in 1920. viz.:
Acadia Valley Extension, Jack Fish Lake Extension, Onoway Extension,
Alsask South-Easterly, Luck Lake Extension, Peebles-Lampman Exten¬
sion, Amaranth
Northerly,
Melfort-Humbolt Extension,
Gravelbourg
Extension, Eston South-Easterly, Melfort North-Easterly, Thunderhill
Extension,
Hanna
South-Easterly, Oliver North-Easterly, KamloopsKelowna-Lumby Branch.
The improvement and betterment work in 1919 included:
(a) 550 miles
of track laid with heavier rails; (6) good progress with ballasting; (c) 101
temporary structures replaced with permanent work:
11 timber trestles
partly filled; (d) diversions at Falding and Grenville and on the Sudbury;
(e) work on line along the St. Lawrence River West of Quebec, washed out
by the tidal wave of 1918; 10 45 additional passing tracks. 19 siding exten¬
sions, 32 transfer, storage and other tracks; (g) new buildings: 27 stations,
6 freight sheds. 39 section houses, 36 bunk houses, 3 express buildings;
(h) completion of Vancouver Passenger Terminal and the St. Charles
River Bridge at Quebec.
The value of these improvements and better¬
ments has been already demonstrated in improved operating conditions.
Upon the directors' recommendations, appropriations have been included
in the Government's estimates for the year which will enable the improve¬
ment and betterment programme to be continued.
Construction and Betterments.—The
Jvne 'io An.Miles
Total "
Years— Oner. Earnings.
The Canadian Northern Railway System.
during last
cars;
FREIGHT CARRIED CAL. YEARS 1919, 1918
Financial Reports.—An index to annual reports of steam
railroads, street railwav and miscellaneous companies which
created
were
the
gross
FINANCIAL REPORTS.
published.
August 28.
obligations
trust
Equipment.—The equipment ordered in 1919 includes 25 Pacific
25 six-wheel switch engines; 2,055 cars for freight service; 550
250 Hart ballast cars;
150 refrigerator cars; 260 cars for
170.916
775.132
July '20
*20
New
58,460
34,674
*945.348
no
car
the extent of $22,500,000 for the purchase of equipment of different
13.447
977.482
'19
Trusts.—Additional
year to
kinds, and $4,705,000 was repaid in respect of previous obligations, thus
making the net increase $17,795,000 and leaving the total amount of car
trust obligations outstanding at Dec. 31 1919, $32,936,000.
*48.121
1.399 811
mos
Car
16,506
'20
mos
unsold.
acres
*74,966'
'19
mos
July '20
8
6 607
1,049.904
Penn Central Lt <V July '20
Power & Subsid's
'19
Phila & Western
15,492
.
1,047.313
'19
12
I
'20
July '20
12
.
'19
mos
'19
Pacific Pow & Lt
Department.—Land sales in 1919 were 79,053 acres for $1,535,608
of $19 42 per acre against $19 45 for 1918.
The net decrease
of land available for sale 46,650 acres, leaving a total of 772,309
in acreage
mos
Inc.%
average
an
1
July '20
Hampton Gas &
Electric
7
Land
1,519
4,568
446
Year.
1919.
icle", p. 1082.]
5 8*>0
July '20
Nebraska Pow Co
52.148
146 693
.
Preceding
40.24
$41,620,133
42.19
year the railway had to pay out over
Freight Rates.—Canadian and United States freight rates being generally
an equality, the general percentage of increase in the United
States
opinion of your directors largely determine what the increase
in Canada should be,
[See wage and rate increases in last week's "Chron¬
6.567
Co
12
668 232
Over
Inc.%
on
5,°R9
Electric Co
12
def 12,721
56,665
655 858
720.380
Increase
will in the
39,004
& Gas Co
Kansas Gas &
49.944
802.491
and
1918.
dollar earned in the last
75c. in wages.
When the the large increases in the cost of materials and
supplies are also considered, the difficulties of the situation will be more
fully appreciated.
The cost of running a train one mile increased jrom
$1 §8 in 1917 to $2 65 in 1918 and to $3 36 in 1919, ani ncrease of 70%.
Gross earnings per mile of line increased from $4,396 in 1917 to $5,005
in 1918 and to $5,558 in 1919, the total increase over 1917 being 25%.
Under these conditions and with loss than 1% increase in train service,
the net result for the last two years has been to convert net earnings of
$789 per mile of line in 1917 and $343 in 1918 to a deficitof $672 for 1919.
A larger percentage of the expenses also is going towards the improvement
of the roadway, structures and rolling stock, the cessation of hostilities
having appreciably relieved the labor situation.
The amount of money
spent on deferred maintenance throughout the year is estimated at over
$4,500,000, which is included in operating expenses for the year.
32.764
Light Co
.
246.182
3,718,291
3,268,705
4°
355.151
Pay-Roil
^
$29,269,906
For every
'19
Subsidiaries
Pt "Worth Power &
*19
w
July '20
& Elec Subsid's
Erie Light Co and
'90
1917.
$20,871,397
7,630
7,191
Annual
Total
Balance,
Surplus.
.
'19
12
1177
THE "CHRONICLE
_
Net
Per Mile Oper.
Earnings. Earns. On. Exp. Net.
1914-15..7.269 $25,912,106 $19,288,814 $6,623,292 $3,565 $2,654
$911
1915-16..8.048
35,476,275
26,102.745
a,373,530
4,408
3,243 1,165
1916-17.-9,396
43,495.077 131,349,408 12,145,668
',629
3,336 1,293
Operating
Expenses.
Calendar Years—
3,607
789.
4,398
34,026,652
7,443,369
41,470,022
4.661
344
5,005
44,062,950
3,247,062
9.567
47.310,012
6.230def672
5.559
60,034,024 df6,471,845
9,686
53,582,178
1918. 1917.
1919.
Fixed Charges Per Mile of TAne—
Amount required per mile of road to pay fixed charges
including leased lines
—
$2,072 $1,894 $1,695
1917
»
PASSENGER,
FREIGHT AND
MISCELLANEOUS STATISTICS FOR
CALENDAR
Average mileage
YEARS.
9,686
4.925,547
*918.
9.567
4,114,985
Not stated
4,503,958
344,773,029
288,067.800
293,322.255
36.256
70.00
$9,629,460
2.793 cts.
30,477
31,425
$7,128,142
2.474 cts.
$8,783,085
$1.28903
13,289,641
$6,437,305
$35,674,817
$31,134,035
1919.
Years Ending—
operated
Passengers carried (revenue)...
do
one mile.:
do
p.m.
of road
Average distance carried
Total passenger revenue
Amt. received ner pa^s. per mile
Total pass, train earnings
$11,811,613
lyw.
2.194 cts.
$7,970,490
train mile
$1.53575
$1.14649
Revenue tons freight carried
12,439,314
13,834,676
do
1 mile...'4,046.023,363 4,021,275.963 4,328,241,987
do
p.m. road
425,472
425,442
463,707
Average distance haul of 1 ton._
325.26
302.59
312.86
do
per
Total freight revenue
mile
earnings
per train mile.
Average rev. per ton per
Total freight train
do
"
$38,276,419
.00946 cts.
.00887 cts.
.00719 cts.
$39,010,668
$3.34877
$36,719,137
$3.24220
$31,937,927
$2.69118
[Vol. 111.
THE CHRONICLE
1178
CORPORATE INCOME ACCOUNT
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue—
Passenger
Freight
1919.
$10,775,708
39,175,552
374.926
1,209,646
2,026,345
1,791.753
Mail.
Express
Miscellaneous
Sub. miscellaneous
earnings
Total operating revenues...
1917.
$7,055,428
32,012,791
249,983
1918.
$7,824,444
36,735,869
245,187
964,618
856,403
1,539,893
1,752,701
1,295,417
$55,3o3,e30 *49,062,713 $41,470,022
Operating Expenses—
Maintenance of way and structures..$15.905,059
Maintenance of equipment....
11,569,897
Traffic expenses
1,031,282
29,002,878
1,020,554
1,566,460
958,449
Transportation expenses
Taxes, rentals, joint facil's, &c
General expenses
Miscellaneous expenses
Total oper expenses,
Net earnings......
Deductions—
....
demand
on
&
short-term
Miscell.
Int.
6,939,374
122,254
Other..
3,926,280\od;
s< e
V.
2,795,294/107 ,p .2183)
Bal.transierredtodebitofp. & loss $25,670,358 $14,497,810
interest
funded debt
on
Miscellaneous
Div.
on gu.
stk. (rents)
Amort, bond, &c. disct.
Total deductions
Balance
283,349
$3,187,914
$3,738,571
6,139
388,096
3,193,252
333,893
250,024
102,278
4,712
242,310
3,211,200
803,821
250,024
105,166
$4,512,971
395,299
148,940
3,228,023
12,360
250,024
162,682
$4,273,681
$4,617,233
1919
6,251,156
6,724,828
Deferred
payments and accrued interest on sales,
$7,162,025; lands unsold, $18,902,775
26,064,800
Cash held on acct. of Dom. Govt., $1,354,097;
Provinces of: Manitoba, $50 617; Saskatcnewan,
$l,202,82o; Alberta, $2,368,170; Ontario, $223,048, and Brit. Col., $2,126,368, and Nat. Trust
Co., $3,260,489; sinking funds, $535,879; British
leased
28,390,554
4%
pref. stock..
19.544,000
19,544,000
629
Common stock
19.542.800
19,542,800
3% ref bonds
A. 3H%
45.350,000
45,350.000
1st lien bonds
22,000.000
22,000,000
16.834,000
16.834,000
C.
mtged. prop.
Mis. phys. prop
808.858
835,311
1,294,229
1 ,294.229
C.
cos
&
A.
(old)
4.027 .745
1.027.745
202 ,171
174,311
Mtge. bonds.
.
C. AA.6% gen.
unpl.
1 001
1,051
C. & A. 5% s. f.
Other Invests..
698 955
608.835
deben. bonds
691.000
750.000
443.000
sec.,
Cash
.
Special deposits
Loans&bills
29 ,964
51,944
Equip, tr. oblig
263.000
405 815
25,646
Due affil. cos-.
4.833
31,331
4.051,060
2.423,060
rec
8
546
Trafflc.&c.bals
29 ,724
46,364
Misc. accts.
143.320
43, 672
rec
Int. receivable
&
Loans
bills
payable
\■
Int.&divs. mat.
U.S. RR. Adm
9.398 356
',825,030
Int. & rts. accr.
741,637
543.069
Deferred assets
101, 077
1,332, 508
157.597
U. S. RR. Adm
9.299,271
.435,242
liability
Oth. def. liabil.
13.748
8.248,348
21,539
Oth. unadj. deb
33 536
102,311
Corp. surplus.a
4.481 291
1,469,390
accts
Mis.
Tax
Ac.
dep.(equip)
147.068.757 143.494,442
1
1 '
.
b After deducting 106 shares in treasury,
$10,600.
—V. 110, d. 1848.
St. Louis Southwestern Ry.
Co. "Cottoh Belt Route"
Chairman Edwin Gould,
N. Y., July 15, wrote in subst.:
Improvements, Ac.—In conformity with program previously outlined and
authorized, the Director-General of Railroads expended during 1919 for
additions and betterments the sum of $1,773,348.
The net sum was $1,411,600 after deducting
a
credit of $361.748 on account of
(14th Annual Report—Year Ended Dec. 31 1919)
Digest of Statement
by President J. M.
Herbert, St. Louis, July 1.
Maintenance.—Effective with April 1919, the Regional Director limited
expenditures for maintenance of way and structures to $2,000 per operated
mile, this allowance to be retroactive to Jan. 1919.
The expenditures for
the first three months of 1919 were 011 the basis of $2,857 per operated mile.
The limitation of $2,000. therefore, left for the remaining nine months an
appropriation equal to only $1,714 per mile per annum.
I
immediately remonstrated that the property
for safe operation on this reduced
on
my part
In
summarizing his findings the
should be "expended during
safety and that these amounts,
applied
as
follows:
(2) Tie Renewals—
287permile-9.59%
261 per mile-8.72%
Maintenance
of equipment expenses increased $1,363,316, or 22.74%.
was largely due to the higher cost of labor and materials, but
also, in part, the result of work necessary to bring about improvement
This increase
in motive power.
Accrued Taxes.—Tax accruals amounted to $743,654,
Equipment.—During the
14 locomotives
now
year
one new
as
follows:
been increased to one-half the valuation.
500 new drop-bottom gondola cars were
steel underframe baggage car constructed;
equipped with superheaters, &c.
Status.—Under the Transportation Act of 1920 all railroads
and systems
of transportation were returned to their respective owners at 12:01 a. m.
March 1 1920.
The Chicago & Alton's properties are therefore now being
operated by the corporate management, and, until Sept. 1 1920, under a
Government guaranty of income identical with that during Federal control.
[Additions and betterment expenditures for road and equipment aggre¬
gated $987,666 in 1919, against $1,130,970 *n 1918.
Included in these
amounts are $440,020 and $262,385, respectively, on account of leased lines,
—Ed.]
FEDERAL
EARNINGS
CORPORATE
Operating Revenues—
FOR 1919 AND 1918 AS COMPARED
ACCOUNT FOR PREVIOUS YEARS.
1919
1918
1917
WITH
1916
Freight
$17,330,784 $17,249,857 $14,240,232 $12,288,204
Passenger
6,404,081
5,567,436
4,893,287
4,172,178
Mail, express & miscell.
1,194,818
1,191,111
1,110,543
1,040,829
Incidental, &c
342,651
350,258
281,627
280.068
Total oper. revenues.
Maint. way & structure
Trans, expenses
Maint.
Traffic
of equipment..
expenses
General expenses
Miscell. operations
Trans, for invest.
Total oper. expenses.
Net operating revenues
Taxes
Uncollectible
Ry. oper. income
Equipment rents
...
Jomt facility rents
Operating income
$25,272,334 $24,358,663 $20,525,689 $17,781,279
$4,287,850
$3,522,418
$2,299,138
$1,992,507
10,903,752
10,238,656
7,526,859
5,961,099
7,359,846
5,996,530
4,375,493
3,625,186
292,379
316,522
477,484
454,515
581,660
490,251
405,036
392,749
172,250
164,036
135,948
123,719
Cr 44,025
Cr.50,984
Cr.85,980
Cr.51,521
$23,553,711 $20,677,429 $15,133,977 $12,498,253
$1,718,623
$3,681,232
$5,391,712
$5,283,026
738,867
713,000
693,710
595.290
2,594
2,608
3,508
10,008
$977,162
808,429
$2,965,624
875,966
$132,077
212,633
$4,694,494
802,990
398,979
312,908
285,369
de/$230,246
$1,776,750
$3,606,135
70,817
stipulation, but
—
....
Dehalf of the corporation, to accept such
became so bad that I wired the Direc¬
"In consideration of the numerous
traceable to inadequate
inspection and maintenance, resulting in death and injury to employees and
others, I am willing in interest of safety of public and employees that $415,527 recommended in addition to unexpended portion of $2,000 per mile per
annum be expended, leaving question of whether Administration or corpo¬
ration should be cnarged with above amount open for future determination
and with the proviso that work should begin immediately."
tor of
Operation on Sept. 3 as follows:
wrecks and derailments occurring on the system,
Federal Manager was authorized to spend the additional
5ki months of favorable working season had
In order to confirm my opinion that] neglect of the property had
become unsafe for public, I requested the P. S. Commissions of Arkansas
and Texas and employed W. J. Kendrick, an expert railroad engineer and
manager, to make inspection and report on condition of the property.
On Sept. 11
amount
recommended, but
elapsed.
The Directoi-General, however,
divided
accruals, $738,867, and miscellaneous tax accruals, $4,787.
These represent a total increase over 1918 of $29,809, aad resulted princi¬
pally from a change in the basis of assessment, which was formerly one-third
tax
purchased and received;
corporation, viz.:
the physical condition of the roadway
$2,384 in 1919.
of the assessed value but has
repeated demands
staff to inspect the road.
representative of the Central Adminis¬
tration recommended that additional amounts
I declined, on
Operating Results.—Operating revenue increased $913,673, or 3.75%—
$836,645 of this being from passenger revenue and $80,927 from freight
traffic.
Maintenance of way and structures expenses increased $765,431
(21.73%), principally due to tne inflated prices paid for labor and materials.
The cost or track maintenance per mile of all tracks was $1,980 in 1918 and
Railroad
could not be maintained
appropriation, and after
the Director of Operation sent two of his
Ties
President W. G. Bierd writes in substance:
was
the year by pay¬
of $301,000 Equipment Trust Obligations.
Roadway maintenance and track laying and surfacing
Bridges, trestles and culverts.
--—».
Railroad.
were
equipment retired.
Funded Debt.—The funded debt was decreased during
ment
aggregating $415,527, should be charged to the
(in main track)
31 1919.)
Annual Report—Year Ended Dec.
(29th
the remainder of 1919 to maintain the road in
(1) Track Miles of Ballasting
Slag.
Stone. Gravel. Cinder.
Total.
Year 1918-.-..-. 9.54
37.65
13.29
16.38
76.86
Year 1919
.31.40
18.44
19.04
24.63
93.51
143,494,442
$5,269,378 additions
and $175,000 appropriated sur¬
Note—There are $6,817,000 Chicago & Alton RR. 5% improvement and
equipment bonds issued by consolidated company, all held in treasury.
' '
o6»,097,282 622,753,529
tie renewals
38,648
3,414,798
397,442
147.068,757
Total
Corporate surplus is here shown after deducting
property through income and surplus
to
34,109
3,357,304
390,813
'
110, p. 2191.
Ballasting and
26,675
5,338
3,011.694
5.783
111.779
-
plus not specifically invested.
11,349,907
6,996,270
3,061,620
281,461
476,261
10,494,459
1,580,648
treasury, balance, $5,914,700
105,915,300 105,915,700
5% Income Charge Convertible Debenture stock._ 24,999,500
24,999,500
Funded debt (incl. short-term notes)-i~Canadian
Nor., $126,301,676; affiliated cos., $127,771,712 254,073,387 253.729,601
Equipment trust obligations..
32,936,000
15,141,000
Dominion of Canada
165,230,658
Demam and short-tenn loans secured by collateral 62,836,178 166,355,148
Pay-rolls, $3,663,762; audited vouchers and other
floating liabilities, $15,135.021
18,798,783
16,144,167
Interest and equip, oblig. matured, $2,988,906; ac¬
crued int. on bonds, loans and equipment se¬
curities. $4,234,156
7,223,062
5,441,106
Reserves—Equip, replacement reserve. $259,696;
insur. acct., $607,$22; accrued taxes, $670,300;
steamship replacement fund, $3,310,019
- ,847,838
6,600,623
Affiliated companies, advances account
11,236,675
10,494,459
Surplus
17,932,225
Alton
12,937
1,506
4,068.038
Accts. <fc wages.
5 876
8 000
a
Common stock, $100,000,600; capital stock affili¬
ated cos., $77,179,500; less $71,264,800 held in
&
'
Oth. cur. assets
Oth. unad. cred
'
$
868.700
>
5.460.547
Total
14,330,334
1918
%
924
..688,097,282 622,753,529
Chicago
1919
b868,700
llen&par stk.
3.900.567
Dls. fund, debt
equip't series D (1919), $7,500,000, and Guardian
Trust Co., $896
19,154,173
Cash on hand, $2,762,064; miscellaneous accts.
receivable, $8,338,439
11,100,503
Value of materials and supplies on hand
10,375.360
Due from agents, station balances, &c
2,738,623
British Admiralty
;
Insurance paid in advance
i
1,209,937
Advances by Can. Nor. Ry. Co. to affiliated cos.. 11,236,675
Deferred charges, unadjusted debits, balance
2,583,672
Profit and loss.
9,535.528
Total liabilities...
$3,785,663
$4,197,327
de/.$47.092 sur.$315,644
prop.
Empire Trust Co., $92,953; trustee's account,
—V.
19,123
250,024
106,555
Liabilities—
Dep. in lieu of
$37,441; Pennsylvania Co. re eciuip't series A of
1918 and B 1919, $401,388; Fidelity Trust Co. re
****
6,012
Sinking funds.
Mis.
.
Total assets.......
■
183,436
3,220,513
Cutn. 4% prior
■
Non-cum.
Pledged
$
$
$
■
120.264.477 119.716,831
Improvern't on
Unpledged
Property investment—Railway and equipment at
cost (incl. discount on securities, Sec.)
538,044,748 488,528,409
Acquired securities (cost)
46,312,995
46,372.892
Other investments
3,015,499
2,979,059
National Trust Co. cts.
re Land Grant bonds o
1899, held as collateral co loans
1,657,500
1918
8
1918.
1919.
properties
132,436
$3,276,212
—
GENERAL BALANCE SHEET DEC 31.
Assets—
SJIEET DECEMBER 31.
Assets—
97,897
$3,178,315
9,599
de/.$997,469de/. 1,429,319
Sec. of affil.
BALANCE
.
1916
$4,229,622
$3,606,135
—
.
$6,875,466
4,301,208 (Nofcrepor'd
for tnis peri-
loans:
Government
Terminal and other
Gross corp. income.
Miscell. rents
Road & equip..
$8,012,970
4,895,113
W.
$3,178,315
return..
Other income
incl. taxes...$61,054,578 *45,662,275 $34,026,652
....def $5,700,648
$3,400,437
$7/43,369
Fixed charges of Canadian Nor. Ity_.
Fixed caarges of affiliated co's
Int.
$7,059 884
6,086,902
777,121
18,247,440
Not stated
1,308,928
546,378
$9,060,265
8,498,673
797,182
23,907,348
1,599,325
1,223,411
576,071
Standard
1917
1918
1919
Operating income.
$4,677,728
448,106
$4,229,622
chose to sustain the action of his sub¬
accept the findings of two unbiased bodies
consulting engineer of undisputed standing and integrity.
ordinates rather than
and
a
of men
Signed.—After being convinced of the manner in which the
Director-General of Railroads construed his obligation for maintenance of
No Contract
the property, we declined to enter into the standard form of agreement,
choosing to stand on our rights under the terms of the Federal Control Act,
wherein it is required that the carrier's property shall be returned in sub¬
stantially the same condition as when taken over by the Government.
Government
Claim.—Although we have not been officially advised, we
understand that tne Director-General has set up a charge
against the rail¬
for alleged maintenance of the property in excess of his obli¬
gation to maintain it, based on a clause of the standard agreement providing
that the expenditure of an amount equal to tne average of the test period,
equated to the basis of current prices, shall constitute a full compliance with
the Director-General's obligation for maintenance, but not being party to
this agreement the company does not recognize this interpretation of the
law and we not only shall resist any such claim, but shall file and prosecute
a claim for a suostantial amount on account of inadequate
maintenance.
way company
Claim Against
RR. Administration.—In checking and auditing the
Federal
as well as all charges for additions and betterments, numerous
have been discovered and many thousands of dollars have been cred¬
ited to the corporation.
We have also filed claim with the RR. Adminis¬
expenses,
errors
tration for $924,034 for overcharge on additions and betterments as result
Our force is still engaged in this work and will continue as a
of this audit.
separate organization until such time as the final status of the railway com¬
pany's account with the RR. Administration is determined and agreed to.
CHARACTER
Miles—
Dec. 31 1919
Dec. 31 1918.
Dec.311917
Dec. 31 1916-
I
Miles—
OF
STEEL RAIL IN MAIN
85-lb.
75-lb.
106.70
75.41
950-02
981.33
35.05
8.95
1,021.69,30.67
1,045.44
60.67
BALLAST AND BRIDGES
Rock.
Gravel.
70-lb.
30.67
30.67
Cinders.
Dec. 31 1919__*222.54
584.58
100.66
Dec. 31 1918..*221.98
583.65
Dec. 31 1917__*199.57
612.42
102.05
92.92
60-15.
44.15
44.15
44.15
44.15
IN MAIN
TRACK.
56-15.
395.27
407.07
381.34
383.15
Total.
1.538.72
1.538,63
1,512.90
1.512.36
TRACK.
Clay.Soil,Tres.&c.
Total.
212.18
*1,552.40
211.58
434.39
*1,553.65
211.58
411.43
*1,527.92
212.42
409.97
*1,527.34
Burn
Dec. 31 1916-_*189.33
633.88
81.74
*
Includes 15.02 miles in second main track.-
Sept. 18 1920.)
THE CHRONICLE
STATISTICS FOR CALANDA
YEARS.
1919.
Average miles operated
1,754
3,731,930
140,477,148
3,181,261
166,683,999
3,058,782
132.489.817
2.72 cts.
2.54 cts.
2.48 cts.
a4,762,210
1,140,459,526
4,8/2,201
1,240.619,003
4.996,813
Passengers carried 1 mile.
Rate per passenger per mile.,
freight moved
do
do
1 mile...
Rate per ton per mile.!
Earnings per pass. tr. mile...
Earnings per freight tr. mile
Gross earnings pr mile
a
Not
1,270,829,273
cts.
1.16 cts.
1.03 cts.
$1,921
$6.4219
$1,917
$5.2133
$1.3687
$4.4281
$11,776
$10,984
$9,871
including company's freight.
Ohio
CORPORATE
AND
1918
& FEDERAL INCOME STATEMENTS FOR
COMPARED WITH CORPORATE ACCOUNT
AS
IN
1917.
in substance:
'
Results.—The total corporate income for the
year was $2,685,301 an in¬
of $24,627.
After deducting $1,672,294 for interest and other
charges
the balance was
$1,013,007,. out of which the $240,672 required for the
dividend of 4% on the
capital stock was appropriated, leaving a final
surplus of $7/2,335 compared with $747,786 for 1918.
Government Contract.—A contract with the
.Government for the use of
the property during the period of Federal
control was signed and delivered
under date of Feb. 7 1920, and
provides for the payment to the company
for each year of such use of an amount
equal to the
crease
average annual railway
three years ended June 30
1917, viz.: $2,597,478.
A final statement of accounts between the
Government and tne company
arising from Federal operation cannot be rendered at this time.
Government
1919.
Freight revenues
Passenger...
Mail, express, &c
Incidental, &c
1918.
Equipment Trust.—The company has entered into an equip¬
trust agreement dated Jan. 15
1920, with the Director-General of
Railroads, whereby the Company will acquire title to 10 switch
engines
and 100 fifty-ton coal cars which were
purchased by the Government and
allotted to the Company, and will
pay therefor, in 15 equal annual install¬
ments bearing 6% interest, the
price charged
by the manufacturers will
be not less than $580,250 and not more than
$634,991.
(Compare p. 5 & 6
of "Railway & Industrial
Section").
The Government continued to
operate the property until Mar. 1 1920
ment
1917.
...$15,821,318 $14,365,854 $13,062,975
3,819,762
4,235,869
' 3,284,490
755,751
749,220
742,530
264,331
237,818
219,662
Total operating revenues..
...$20,661,163 $19,588,761 $17,309,657
Maintenance of way and structures._ $4,127,516
$3,226,375
$1,777,729
Maintenance of equipment
5,220,162
4,688,980
2,915,460
Traffic expenses..
314,114
376,207
564,420
Transportation
7,880,833
6,843,340
5.031,343
General, &c
789,959
705,714
607,909
—
when possession was surrendered to the
company.
The company has accepted Section 209 of the
Transportation Act of 1920,
and will thus from Mar. 1 to
Aug. 31 1920, be guaranteed an
income
operating
equivalent
Federal
control.
to one-half of the annual compensation paid during
Effective Sept. 1 1920
the company will resume the
operation of the property for its
Total operating expenses
$18,332,583 $15,840,615 $10,896,860
$2,328,579
$3,748,146
$6,412,797
853,182
822,610
1,075,096
4,182
2,303
1,330
Net earnings.
Tax accruals
Uncollectibles
Operating income..........
Hire of freight cars
Joint facility rents
$1,471,215
$158,474
260,711
300,400
940,099
Interest income
Miscellaneous
$2,923,233
$578,658
208,531
284,775
954,806
55,336,371
51,216,995
235,098
232,897
138,140
own account.
Deductions—
Joint facility rents
1919.
Average miles operated
Operations—
Passengers carried
Passengers carried 1 mile..
Average rate per pass, per mileRevenue tons moved.
Tons moved
mile--
one
.
Miscellaneous rents
on
Int.
on
on
$7,159,500
$546,967
283,600
$581,644
$581,815
277,300
82,365
equipment trusts
Other interest...
2,071,390
121,700
57,400
103,932
833,923
...
;
.
Miscellaneous
...
Total
deductions
Net income
283,600
67,113
2,071,390
121,700
71,928
32,195
830,308
41,580
.
_
1st M. bonds..
2d M. inc. bonds
CORPORATE
$4,950,003
$4,060,492
_def.$929,593
INCOME
STATEMENT
FOR
$4,059,879
$890,124
CALENDAR
2,091.246
121,700
93,977
7,829
29,810
53,286,042
53,873,458
1918.
1,160
2,242,094
78,577,198
2,006,904
81,330,989
1,899,205
69,921,362
2.833 cts.
2.582 cts.
2.269 cts.
6,150,826
1,492,380,726
6,793,728
1,539,343,707
7,483,036
1,763,262,252
0.839 cts.
407.61
0.773 cts.
387.70
0.639 cts.
457.14
$15,691
$13,533
$11,726
Average rate per ton per mile__
Avge. rev. train-load (tons)
Gross earnings per mile.
OPERATING
STATEMENT IN 1919 AND 1918 AS
WITH CORPORATE STATEMENT IN 1917.
PARED
Operating Revenues—
Passenger
Miscell. pass, train revenue
Freight-Other transportation revenue..
1919.
Standard returnx$3,910,914
Dividend income
44,600
Inc. fr. fund. sec.
Inc.fr.unf'd
Maint.
$3,910,914
44,600
228,616
210,712
of
280,574
$1,586,293
41,061
11,263,406
114,189
377,844
221,713
revenue..
$15,636,715
Maintenance of way, &c._
Maintenance of equipment.
$2,815,764
5,041,699
•14,840,901
$1,916,624
4,728,765
362,044
6,697,083
438,226
4,022
Cr.15,581
$13,604,506
$1,424,371
3,266,114
454,761
4,818,612
389,605
16,971
Cr.17,456
$16,043,045
def.$106,33l
588,022
1,558
$14,131,172
$709,729
525,234
2,249
$10,352,977
$3,251,530
685,859
3,157
def.$995,911
Cr. 105,711
161,342
.#>182,246
Cr.304,545
239,424
$2,562,513
Cr.962,037
479,026
Mail and express.
Incidental,
Total
&c
—
operating
Rt.for leas'd rds.
sec.
& accts
Misc. income...
62,289
36,728
342,139
75,511
Int. on f'ded debt
Int.on unf'd debt
Miscellaneous
..
$164,658
$70,820
72,607
283,600
79,831
283,600
2,250,490
63,212
2,265,018
390,177
709,956
26,492
Gross income.
x
$4,570,653
$4,296,369 Inc .to profit ,&c. $1,345,909
$860,652
Tentative standard return as certified by Inter-State Commerce Comm.
FEDERAL INCOME STATEMENT FOR CALENDAR
Transportation for invest
accrued
Uncollectibles
v.
Operating income.Equipment rents
Joint facility rents
1918.
$19,588,761
15,840,615
1919.
Int.
income
-----
—
YEARS.
Net income
1919.
Oper. revenues.$20,661,163
Oper. expenses. 18,332,583
Cr.321
Total operating expenses.
Net earnings
Taxes
1918.
$27,399
def.$1,051,543
-
$2,328,579
Ry. tax accruals
$780,575
Misc. inc.(net).
a79,745
569,971
Gross income-
$2,264,205
$4,594,359
Uncoil,
revenues
$3,748,146
$742,779
4,182
2,303
Deduct—
Rent for equip—
Joint fac. rent..
Oper. incomeHire of frt.
Rent from
cars.
equip.
Joint fac. rent..
$1,543,822
$3,003,064
$158,474
$578,658
214,915
194,053
260,711
208,531
Int.
on
unf. debt
$41,106
$66,624
546,967
581,644
40,720
5,704
sur„
$1,635,412
return
3,910,914
$3,940,386
3,910,914
Balance,
Standard
.<
CORPORATE INCOME STATEMENT FOR
2,603,527
87,823
57,148
3,219,640
48,027
2,685,301
1,365,090
104,986
51,500
85,560
65,158
2,660,675
1,371,090
141,883
10,066
110,000
39,177
3,267,667
1,377,090
157,018
17,406
174,115
148,347
1,672,294
1,013,007
240,672
1,672,216
988,459
240,672
Total corporate income
Interest on funded debt
on
equip, obligations.--
Interest
unfunded debt
on
Miscellaneous charges
CONDENSED BALANCE SHEET
Net
1919
A CO/7/?
Road &
1918.
}J£
equip—
98,651 ,323
Inv.in
affil.cos.. 6,578 ,234
U.S.Lib.bds.&c.
116 ,000
Misc. investm'ts
Cash
Special deposits.
Traffic,&c.,bals_
38 ,640
146 ,822
541 ,203
296 ,725
Loans & bills rec
686 ,774
Misc.
517 ,053
accounts.
$
97,239,722
6,487,080
100,000
46,448
61,689
703,553
830,493
686,774
504,939
Accrued
int.,
divs.,&c
Insur .funds. &c_
44 ,195
U.S. Govt, df.ass's 15,247 ,539
Unadj. accounts
1919.
LiabilitiesCommon
107 ,019
$
stock.
16,356,100
19,893,650
Pref. stock..
Bonds (see "Ry.
& Ind." Sec.).' 53,833,250
Loans&bills pay.
1,500,000
Accts.& wages..
14,761
Traffic,&c.,bals.
321,613
Int. & divs. due.
Misc.
Int.,
346 ,325
DEC.
697,653
accounts.
&c.,
332,137
256,867
ace..
180,671 Taxes accrued..
43,540 Oper'g reserves.
9,617,525 Accrued deprec.
150,730 Unadj.,&c.,accts
63,670
156,103
3,182,432
1,219,767
U.S.Govt.df.liab 13,529,000
Add'ns
thro.
to
31.
1918.
Income
412,860
-
54,134,250
100,000
26,099
799,846
730,433
334,319
258,689
79,498
156,103
3,312,738
118,474
9,689,597
1,308,650
772,335
1919.
Sinking
funds—..
11,031
141.560
Cash dep. in lieu of
mtged. prop
Physical property.
In v.
in affil.
5,250
401.448
cos:
Stocks——,.
debt
$
$
6,016,800
6,016,800
..28,351,000 28.470.000
1,493,000
Gov't
2,788.000
grants
Loans & bills pay.
2,500
2,500
697.450
350.000
Traffic. &c., bals.
270
29,275
25,667
236,504
163,253
103.253
Bonds
603,000
603,000
Miscell.
accounts.
17.544
23,106
178.172
178,172
Interest matured—
234,454
42,271
42.267
191.233
574.848
8,800
297,725
22,564
102,378
4,252,142
—
—
Advances
investments
compensation
5.828
Fund, debt matur.
40.800
Interest accrued..
303,751
1.820,527
Other curr't liabil.
17.677
The System balance sheet, as above stated, represents a consolidation of
Traffic, &c.,bals„
119
4.775
Miscell. accts. rec.
128.604
240,021
286,457
Cash
Other assets
24,295
21.788
772,418
1,417
638,369
2,417
10
Deferred assets
54,897
U.S.Gov.def.assets 4,350.073
Unadjusted
debits
U.
unad.
S.
Gov.
Dlvs. matured
378
Loans & bills rec..
—
Accts. & wages...
1,902,298
U.S.Govt, accrued
Special deposits—.
balance sheets of the St. Louis Southwestern Ry. Co. and its
wholly owned subsidiary, the St. Louis Southwestern Ry. Co. of Texas,
eliminating the bonds and capital stock of the St. L. S.-W. Ry. Co. of
Texas, together with the loans and advances made as between the two com¬
panies, and thus showing the book value of the assets and liabilities of the
system without duplication.
Funded
stock
Notes...
116,653,164
the general
1918.
1919.
Liabilities—
Common
Euip. tr. obllg—
5.250
400,203
10,238,915
Total
1,140,063
1918.
Assets—$
equlpment46,961,049 47,325,074
Road <fc
123,317,853
Profit and loss..
123,317,853 116,653,164
747,086
GENERAL BALANCE SHEET DECEMBER 31.
412,860
8,941,859
Total
701
1,873,976
1,393.691
240,672
12,957
-------
balance.
19,893,650
Other
1,309,074
-
.
$
16,356,100
prop,
income-
Sinking fuilh
Total deductions.
income
Dividend (4%)
Additions and betterments
1917.
$
$
2,597,478
Operating income revised
Miscellaneous income
Int.
YEARS.
1918.
$
Act
Income.—$2,275,501
$29,472
Expenses prior to Jan. 1 1918, after deducting income charges, $279,562.
(.ENTIRE SYSTEM)
CALENDAR
1919.
Federal Control
War taxes
Net
a
$3,219,640
$247,367
.
$19,430
Certified standard return under
Net revenue..
398.299
285,419
7,372,567
507,413
10,504
t.
Miscellaneous operations._.
corp.
organ'n
Ry. tax accruals
COM¬
1917.
$2,099,882
45,430
11,903,288
113,429
expenses.
General expenses.
1918.
1918.
$2,226,122
60,764
12.52/,835
130,028
424,360
267,606
-
Traffic expenses
YEARS.
1919.
1917.
1,097
Transportation
1919.
1918.
997
.
FEDERAL
...
Rent for leased roads
Int.
$3,130,899
,
OPERATIONS, EARNINGS AND CHARGES.
—
Gross income
Int.
Railroad.
(72nd Annual Report—Year Ended Dec. 31 1919).
President Fairfax Harrison,
Mobile, Ala., July 31, wrote
operating Income for the
COMBINED
1919
ai.39
&
1917.
1,783
Operations—
Passengers carried
Tons
Mobile
1918.
1,754
_
1179
104.049
56.381
liabilities
92,488
U.S.Gov.def.liab..
4,673.420
Deferred
Taxes
345,436
309.046
284,927
132.957
204,364
4,414.701
4,086.467
Sundry items
168,593
U.S.Gov.unadj.cred
613,848
250,868
502,492
Oper. reserves
Acer. depr.
equip.
4,153,074 Add. to prop. thro.
inc. & surplus—
120,954
Profit and loss
320.877
315,399
8,889,794
8,176.313
'
deb
1.621.357
814.019
**
The
pledged securities (issued and assumed) not included in the outstand¬
ing indebtedness aggregate $31,413,833.
The St
L. S.-W.
Ry. is guarantor of the payment of the principal and
(if default in payment be made by the issuing
companies) of the following securities: (1) Gray's Point Term. Ry. mtge.
bonds, $1,343,000: (2) Central Ark. & E. RR. 1st M. bonds, $1,085,000;
(3) Shrevep. Bridge & Term. Co. 1st M. bonds, $450,000; (4) Terminal RR.
Assn- of St. Louis Gen. M. bonds, l-15th of $21,700,000 (proportional int.
on bonds and sinking fund guaranteed), $1,446,667;
(5) Memphis Union
Station Co. 1st M. bonds (l-5th of $2,500,000), $500,000; (6) Stephenville
North & South Tex. Ry. 1st M. bones, $2,607,000; (7) Paragould 8, E. Ry.
1st Ref. M. bonas, $511,000; (8) Ark. & Memph Ry. Bridge & Term. Co.
1st M. bonds (l-3d of $3,750,000), $1,250,000, and (9) The Union Term.
Co., (Dallas, Tex.) 1st M. bonds (H of $5,000,000), $625,000.
Of tne
amounts shown above $843,000 of the Gray's Point Term. Ry Co'e
mtge.
bonds and $184,000 of the Stephenville North & South Texas Ry. 1st M.
bonds are owned by the St. L. S.-W. Ry. and pledged under its First Term.
& Unifying Mtge. ano $511,000 of the Paragould 8. E. Ry. 1st & Ref. Mtge.
bonds are owned by the St. L. S.-W. Ry. and held in its treasury unpledged.
—V. Ill, p. 793.
interest,
as
the
same matures
Total
57.324.143 57,024,634
Note.—Securities of the company
Total
57,324,143 57,024,634
held-by it:
Unpledged,
pledged, $501,000, total, $2,215,200.—V. 110, p. 970.
S3
$1,714,200;
Cuba Railroad.
(Report for Fiscal Year Ending June 30 1920.)
President H. C. Lakin, Sept. 2, wrote in substance:
Results.—The
gross earnings, operating expenses, net earnings and net
were all increased.
Owing however to increased cost of labor and
aLs, especially fuel, the ratio of operating expenses to gross earnings
was 72.20% as against 69.68%
for the previous fiscal year.
The sum of
$960,179 was added to the reserve for depreciation.
An addition of $1,898.357 was made to the profit and loss surplus, which now amounts to
$7,400,503.
Loans.—The loan to the Camaguey <fe Nuevitas Railway has been reduced
from $692,883 to $181,623.
The net earnings of the Camaguey & Nuevitas
Railway were $615,409.
income
mater
Republic of Cuba against services to
The loan of the
f
[Vol. 111.
THE CHRONICLE
JI80
be rendered has been
reduced from SI ,673,953 to SI,320,068.
Rolling Slock.—During the year 500 freight
and 12 locomotives were
cars, 31 passenger train cars
Their purchase was financed through the
bought.
the company has ever
perous
of $1,696,000 7% equipment trust certificates.
placed for additional equipment, consisting of 50 oil
and 12 locomotives. Deliveries of this equipment are now
medium of an issue
Orders have been
Income from refining,
500 box cars
being made.
Int. on bonds of
cars,
Wages.—Material increases in wages have been granted to all labor.
the high cost of coal and the difficulty of obtaining
been made to use fuel oil instead of coal, and a five
year contract for oil, including the necessary storage installations
conversion of locomotives, has been made with the Sinclair Cuba Oil Co.
Strike, Etc.—In the latter part of January there was a general railroad
strike in Cuba, instituted out of sympathy for the striking longshoreman of
Havana.
On your railroad the strike lasted eight days.
There was a
serious drought throughout the territory served by your railroad which
materially increased the difficulties of operation.
Additions, Etc.—Work on the new locomotive and car shops, storage
warehouse and roundhouse in Camaguey has progressed as rapidly as
materials and labor could be obtained.
Work has also been begun on the
construction of the branch line to Santa Cruz del Sur.
New ballast has been
put in place on 49 kilometres of track.
Dividends, Etc.—The scrip dividend warrants payable on Feb. 1 1921,
were redeemed one year in advance of their due date.
The usual dividends on the preferred stock were paid.
No dividends were
paid on the common stock or on the stock of the Camaguey & Nuevitas
Profit
and
Ry.
FISCAL RESULTS FOR YEARS ENDED JUNE 30.
1916-17
1919-20
1918-19
1917-18
$2,039,227
OPERA TIONS AND
Gross Earnings—
232,233
204,102
547,572
6,931.975
347,928
6,702.680
Mail
Express and baggage.Freight
Hire of
1,032,920
equipment
Miscellaneous
Total
—
$6,452,108
$2,017,925
$1,112,725
1.313,335
758,703
Total
$10,601,476
$7,784,855
156,729
76,835
earnings
(72.20)
$3,547,632
157,241
fund, debt, etc.
b
Preferred dividend
393,471
(63.90)
$3,860,243
Earnings
Net
-
in 1920 and 1919,
as
■
-
-
1920.
1919.
$
$
$4,529,962
(70.21)
$1,922,146
12,386
$3,937,078
$1,934,532
1,311,488
(9) 900,000
1,140,715
(6) 600,000
Assets—
Mar. &
Cuba
Camaguey & Nue.
RR.stk. pledged
i
2.692,700
2.692,700
-
Nuev.
for
RR.
constr'n of
Loans
convertible, par $5 a share;
auth., $7,000,000; outstanding
Common stock, auth. 1,400,000 sns. no par
Outstanding shares of sub. cos. at book value
15-year 6% sinking fund convertible gold bonds of
Cosden & Co. (Delaware), due 1932
1st mtge. 6% conv. bonds of Cosden & Co. (Okla.)
1920.
$
$
2,000,000
2,000,000
2.742,000
3,443
1,382,344
3,412
balances..
due
equipment notes
Lease purchase obligations
Notes payable to bankers,
Accts.&wages pay.
775.725
2,237,495
Int. on fund.
Notes
payable
346,502
300,406
Rep. of Cuba,
adv.al,320,069
1,673,953
Scrip dlv. warr'ts.
300,000
600.000
balances..
452,770
2,221,941
336,681
278,360
544.914
1,190,410
Compania Cubana
2,318,725
448,805
Accrued
taxes
394.784
Accrued items
37,823
101,892
Deprec'n reserve.. 2,964,917
Dividend reserve..
300,000
Deferred items... .315,506
Profit & loss surp_x7,400,503
1.997,673
Agts. & conductors
Cos. & individuals
Traffic
Expend,
of
acct,
revolution dam.
532,920
532.459
Bond & nofe disc.
998.559
283,879
Insurance claims..
286,861
items...
21,330
1
Deferred
To",392
65.793.252 59,927,120
Total
Total
debt.
239,684
329,250
498,027
300.000
312.205
5,501,146
$705,000—
Federal
$20,984--
Accts. pay., $2,505,748; accept, aisc.
Accrued int. and taxas, incl. estimated
depletion, depreciation, etc
I.
Surplus
Cuban Government advances
—V. 110, p.
1289.
Cosden & Company
$66,794,080 $64,363,451
Total
65
same time provided
acquiring additional
property and making improvements at the West Tulsa refinery.
Since
then large sums have gone into the property out of earnings, resulting in a
considerable reduction and a great
Expenditures Aggregating
New leaseholds
_•
Additions to property
increase in values and earning power.
$21,300,122 Made on Property From Aug. 31
To
Reduction of debt
June 30,
1920.
...§4,279,411 Pipe lines
1,738.952 Tank cars.
8,420.157 Drilling (charged off)
1917,
§2,067,738
1,730.095
3,063.769
foregoing about $6,000,000 was provided by sale of Common
$1,000,000 by sale of stocks held as investments.
also been paid out in cash dividends from Sept. 1917, to
June 30 1920, $4,725,100.
fc
There Is now outstanding $215,000 in Car Trust Certificates against
Of
authorized
Purchased through sinking fund
Purchased and canc. through annual
sinking fund
Converted into stock and canceled.Owned by Cosden & Co., Okla
Owned by Cosden & Co., Del
$11,423,500
10,740,500
1,957,500
$6,000,000
5,753,000
613,500
68.000
56,500
2,070,000
$8,045,000
$605,000
of public
Outstanding in hands
the
stock and
There has
approximately 2,200 steel tank cars;
payment of which is provided for out
of 1920 earnings.
The net working capital at Dec. 31 1917, amounted to $2,430,945, and on
aggregated $7,009,000 over and above current liabilities.
No Financing Except from Earnings Since Organization.—The company in
the last three years has been entirely developed out of earnings, and has
not called on the public or its security holders for any additional capital.
Output.—The enlargement of the refining capacity and the installation
of a complete cracking plant have resulted in an increase of 50% in the re¬
covery of gasoline and kerosene, and have increased the amount of crude
run through the refinery from 15,000 barrels daily in 1917 to 30,000 barrels
daily in 1920.
The monthly output of gasoline is now approximately
13,000,000 gallons.
*.
>
Sales.—Sales for the first six months of 1920 show an.increase of nearly
75% over the same period in 1919.
i
Earnings.—The earnings for the six months ending June 30 1920, after
deducting all interest and taxes (Federal taxes estimated), but before depre¬
ciation and depletion were
!
$6,632,5S7
being at the rate of more than $15 per share for the year.
The earnings for the same period of (six months) 1919 were.. $4,281,533
The earnings for the year 1920 after interest and taxes are
therefore expected to exceed
$12,000,000
The average earnings for the last three years after interest and
)(
June 30 1920
►
taxes have been
8,600,000
1926
Due
Okla. Co.
6s Due 1932
1920—
3-yr. Notes
$6,000,000
6,000,000
------
4,000
-----5,992,000
$4,000
------
3,078,000
1086.
Mullins Body
Corporation, Salem, Ohio.
Report—7 Mos. end. Dec. 31 1919—Half-Yr. 1920)
Pres. W. H. Mullins, Salem, Ohio, Feb. 2, wrote in subst.:
This corporation was incorporated on July 22 1919 but has been doing
business since June 1 1919.
During this time the property has been main¬
tained to tbe highest degree of efficiency.
Large increases in equipment
and buildings are now under way which we know will add greatly to the
(First Ann.
in the future.
of the corporation
earning power
RESULTS FOR THE 7
MOS. ENDED DEC.
JUNE
*
m
31 1919 AND 6 MOS.
30 1920.
7 Mos.
$1,679,756; less returns &
$7,554; discounts, $4,365
Gross sales, customers,
allowances,
Cost of sales
—
administrative expenses,
,$23,218----
and
General
$85,877;
(Delaware).
companies theretofore separatey operated and at the
funds for retiring certain purchase money obligations,
^
9,640,998
15,765,553
13,717,363
—
sellin g expenses
(Reports for Six Months end. June 30 1920 and Cal. Year 1919.)
President J. S. Cosden, N. Y., July 28, wrote in substance:
r
Improvements and Additions Since July 1917.—This company, organized in
July 1917, acquired through ownership of stocks and bonds several related
403,905
„„„
3,270,633
2,683,808
626,396
248.547
821,345
207,814
14,926,111
pref. dividend accd.,
taxes, $301,978:
Items in suspense
20,000
2,022,853
3,210.748
-
.....65,793,252 59.927,120
against services to be rendered,
x After adding $54,000 fifth installment of subsidy on Trinidad branch;
$98,902 second installment on Trinidad line from Tomento to
Casilda;
$21,125 loss on storehouse and contents destroyed by fire April 25 1919;
and deducting $2,762 commissions paid; $71,250 discount on Cuban bonds
sold; and $40,915 proportion of discount on first mortgage and other bonds.
a
$1,579,185; to others,
709,000
4,000
4,000
752
215,998
335,981
Car trust
-
<
605,000
due 1919.
of Cosden Oil & Gas Co.
Miscellaneous
657,877
692,883
1.528,453
Matured interest..
18,985,575 18,523,345
101,011
134,060
8,045,090
8,326,000
1926.
—V. Ill, p.
2.129,161
Cash
,
$3,594,530 $3,594,455
on
ctfs.. 4,022,000
payable
646,539
Traffic
Pos-
tellello terminals
Material & supp._
22,764
3,064,684
30,201
746,132
$66,794,080 $64,363,451
4,016,232
24,001
1,678.140
Pref. stock, 7% cum.
Preferred
2-year 6% notes..
258,788
336,481
for
bonds—
Cash in banks and on hand
Total
797,371
60,2.30
6,394,136
837,368
61,690
7,400,444
'
XJ. S. Liberty
Issued
1919.
Trust equip,
Adv. to Camag. &
$52,439,725 $52,989,144
—
doubtful items
stock—10,000.000 10,000,000
Common stock—15,800,000 15.800,000
13,170,000
111,805 1st M. bonds, 5%. 13,170,000
4,000,000
Impr. & equip. 5s. 4.000,000
111,805
stock....
June 30 '20 Dec. 31 '19
,
refineries, pipelines, &c.
Prepaid insurance and deferred expenses
Bond disc, and exp. (less prop, written off)
Notes and accounts receivable, after providing
JUNE 30.
Liabilities—'
$5,474,332
SHEET
Investments in affiliated cos. at book value,$736,868; advances to same, $100,500—
Cash in sinking fund
Materials and supplies._i
Total
equip.52.914,074 50.456.982
Ind.,Co. of
^
$6,012,886
Bonded Indebt. June 30
Assets—
$6,9:44,565 $8,013,412
301.978
-----619,701
2,539,080
-
earnings
O'l lands, leases,
228,550
one
Cost road &
„
1,023,891
525,565
taxes—6 mos
...
CONSOLIDATED BALANCE
$1,725,590
$193,817
viz: 3% paid Feb. 1
against three semi-annual
dividends
of
- 1917
and two
GENERAL BALANCE SHEET
Cosden
...
Dividends
$4431668
(6) 600,000
$26,176,438 $36,609,537
$17,495,410 $24,075,483
698.426
2,620.585
522,472
876,165
-
Estimated Federal
Balance, surplus
$1,840,168 $1,597,320
b Includes two semi-annual dividends of 3% each,
"~
and loans from
of Del
Reserve for
and 3% Aug. 1
—
-—
bonds owned by
on
& Co.
_
522,555
497,413
and discount..
Interest
Int.
3-yr. 6% notes
$3,466,960
1,269,640
$3,704,873
1,264,705
(6) 600,000
Gross income
356,626
343,343
264,558
$8,926,014
(69.68)
$3,310,231
Other income
Ratio op. exp. to gross.
400,, 74
.400,371
Antilla terminals
2,073,359
3,482,714
362,9801
385,181
432,616
------
income
Gross
$34,136,150
458,042
1,023,891
991,454
transportation— $25,155,459
sub. cos
Liabilities:
$11,645,098
General expenses
Taxes..—
on
208,937
998,554
335,281
265,962
$2,215,170
1,572,058
3,944,169
$2,465,388
1,953,099
4,964,894
400,297
Conducting transporta.
Int.
147,355
698,471
193,848
107,227
prod, and
of securities.
and loans to
income
Cost of refining, production and transport.__——
Gen. and adm. expense (including taxes)
2,883,007
$14,149,108 $12,236,246
Operating Expenses—
Maint, way & struct...
Maint. of equipment
Net
357,625
6,118,183
525,448
22,658
599,883
184,192
Antilla terminals-
109,230
273,742
179.290
160,947
1,026,978
290,761
kilometerage
Car
$3,181,265
$3,245,504
$4,329,573
Passenger
sale
on
Miscellaneous
Fuel, Oil.—Owing to
it, arrangements have
expected that the end of 1920
financial position than at any other time
fiscal year will be by far the most pros¬
enjoyed.
6 Mos. '20
Year '19
therefore, reasonably be
Outlook.—It may,
see the company in a stronger
in its history, and that the present
will
—
$525,537
$723,342
109,095
110,852
$416,442
$612,490
36,285
(estimated).
Net profit
none
$282,880
-
Preferred dividends
(2%)20,000
(75c)52,500
-
dividends
—
-
—
—
—-
184,428
$428,062
(4%)40.000
($2)200,000
$188,062
$210,380
Surplus for period
shown
$612,490
$452,726
21,347
148.500
Income charges.
Common
'19. 6 Mos. '20.
$1,667,837
1,142,300
Other income
Federal taxes
ENDED
aggregated $408,869. to which was credited
$1,050,000 excess above declared value on saleof 30.000 shares of Common
stock, less discount. $374,302 adjustment of property' and accounts to
appraisal and $210,380 surplus for year as shown above.
Note.—Initial quarterly dividends of 75 cents per share on the Common
and $2 per share on the Pref. stock were paid Nov. 1 1919.
The Common
dividend was increased to $1 in Feb. 1920; same amount paid in May and
of June 1 1919
Th° surplus as
1920.
again in August
BALANCE SHEET.
Dec.31'19.
Assets—
Plant & equip
Cash
June30'20.
..$1,287,275 §1,837,958
623.225
1,252,586
Notes & acc'ts rec.
313,707
1.013,816
Inventories
631,703
785,252
69,885
50.000
Liberty bonds—
22,600
52,600
Federal taxes
Deprec., &o., res..
Deferred liabilities
Acc'ts .receivable..
60,506
& pood will.
85.210
85,210
charges.
8,510
4,664
Pats.
Deferred
§3.819.181 $4,452,724
Total
—V. Ill, p.
Surplus. —
Total
372.678
.
-
148,500
250.527
2,043 551
2,244,999
57,077
27.443
.........§3.819.181 $4,452,724
1088.
Motor
Wheel
Corporation, Lansing, Mich.
(Financial Statement for
ThreeMonths Ended May 31 1920.)
on tbe Com¬
Tai? increased the
[Tne directors in May last declared a stock dividend of 50%
stock, payable June 10 to stoCKholders of May j5.
outstanding Common stock to $4,493,989.
A cash dividend
mon
500,000
2.300
58.890)
65.940J
&c
57,200
Sundry invest
payable
Accounts payable.
Notes
§1,000,000
Aecr'd wages, int..
Advances for pur¬
chase of prop
Dec.31 '19. June30'20.
Liabilities—
8% cum. pref. stk.$1,000,000
Com. stk. (no par)
500,000
100,000 shares. _
of 2H% was
paid on the Common stock on May 20, being the first distribution since the
merger of the Prudden Wheel Co., Weiss & Lesh Mfg. Co. and the Gier
Pressed Steel Co.
On Aug. 20 a further cash dividend of 2% was paid on
the Common snares. See V. Ill, p. 595; V. 110, p. 1977,dl92.]
Sept. 18 1920 ]
Results for
Three
1181
THE CHRONICLE
Months ended
May 31
products. $2,349,136;
allowances, 514,169; freight out, $2,692
less
Godchaux Sugars, Inc.
and Loss Statement.
1920—Profit
Sales—Manufactured
and
$2,302,275
returns
Costofsalc'
(First Annual Report—Year ending June 30
1,856.239
Administration and selling expense
Operating profit.
.»5.>rt,139
28.416
Miscell. income, int. received, cash discount taken,
1920.)
Orleans, La., Aug. 16,
President Charles Godchatix, New
wrote in substance:
897
_
Results.—The capital investments made during the year were largely
view of increasing efficiency in manufacture and of giving our
employees better homes and all comforts possible.
Our profits are not
abnormal, but reasonable on the volume of business transacted, our price
ranging during the year from $10 30 per 100 pounds up, according to the
with the
Ln<LOTner
v-
-
$364,556
-
Miscell. deductions: Int. ($3,905), cash discount ($18,482), &c__
Reserve for Federal income tax
29.706
r-8,765
Net profit for period
vri.084
3.777,438
Surplus Feb. 28 1920
Total.
1.500.000
75,000
19,722
3 812
Accounts
$380,249
Aects.
receiv.
Notes
receivable—
(less reserve)..
payable
Accrued wages and Insurance.
1,071,389
Accrued taxes
96.098
3,435
.......
interest
10,339
Reserves for
repairs.
Common stock (par $10)
Investments
Preferred stock (par $100)
assets
Total
x
Second
2,409,874
331.564
Preferred
$3 ,500,000
3 ,500,000
stock
shares,
par), represented by
no
capi¬
tal surplus of--—
Surplus
Planted & growing crops
746,975
Live stock
■_
183,393
Accounts
—517,814,496
Total.
3 219,327
1 ,404,079
—
$17,814,496
—
Represents 3,306 shares First Preferred stock at cost, purchased in
anticipation of sinking fund requirements.
The inventories of sugars, molasses, materials and supplies have been
taken and valued by officials of the company; raw sugar, materials and
supplies are carried at cost and molasses at below market.
Refined sugar
is shown at prices subsequently realized under contracts made prior to
June 30 1920, less an amount estimated to cover cost to complete manu
facture of such of this sugar as was still in process.—V. Ill, p. 1087.
a
Year Ending June 30 1920.)
14 wrote in substance:
Corporation, Metal1920.
Though the
brief time of possession and extraordinary
have prevented the earning of a profit during the period ended
Possession of property and business of the German
m.b.H.. was regained Feb. 23
waaren-Gesellschaft,
business is in full operation, the
expenses
Common stock (70,000
Total
Torrington Company (of Maine)
President John S. Alvord Sept.
Sugar, molasses, Ac., on hand
809,199
payable
Securities owned
a305,522 Drafts and notes payable
4 048,025
61,250
Real est., bldgs., machinery,
; 2d Pref. dividend payable
331,009
railroads, equipment, Ac... 8,228,130 Preferred stock sinking fund-941,607
Good-wlll, trade names. Ac...
1 Estimated Federal taxes
Deferred charges
342,569
equipment, $2,858,440: dies, $10,000; total, $5,512,875: less depreciation re¬
serve, $899,070; $4,613,805; (b) patents, $596; (c) camp and timber tract
equipment, $63,841, less depreciation reserve, $12,257; $51,584; (d) stand¬
ing timber, $139,560; total net, $4,80.5,545.
y Common xtock anth., $8,000,000, par, $10: Pref. stock, $2,500,000,
par, $100,
Outstanding, Common, $4,500,000, less $6,011 in treasury,
$4,493,9S9; Pref., $2,500,000.—V. Ill, p. 595.
(Report for Fiscal
First Preferred stock---
Materials & supplies
Fixed assets include: (a) Land and buildings, $2,644,434: machinery and
1920.
Liabililles-
-S3.797.236
Accounts & notes receivable.. 1,469,233
and in transit
.$10,262,920
Total
$10,262,920
SHEET JUNE 30
BALANCE
Assets—
Cash
58,144
Prepaid expenses
t
7,228
y4,493,989
2,500,000
2,444,988
Surplus
*4,805,545
88,017
469,586
taxes
Inventories, supplies. Ac
2,650,557
U. 8. bds., bankers' accep.,Ac. 1,068,203
129,299
$248,772
(local)
Accrued Federal
in
crops
are
to toll
Appraisal.—The American Appraisal Co. was engaged to make a detailed
appraisal, and its preliminary figures just received show:
Replacement
value, $9,660,507; sound value, $6,879,961, against the appraisal of $5,570,646 on which the company was organized and capitalized on July 1 1919.
(Compare V. 108, p. 2633; V. 109, p. 76, 176, 2360.)
[For income account for year ending June 30 1920 see V. Ill, p. 1087.]
1920.
Liabilities—
Assets—
Cash
The labor situation shows improvement,
prospects.
better than last year and we have already made a satisfactory
considerable sugar during the first four months of 1921,
which will assure a fair return on our investment for the coming year.
..$2,444,988
BALANCE SHEET MAY 31
;
favorable
Louisiana
contract
Balance, surplus
FJxled
A First Preferred sinking fund reserve has been established, amounting to
$331,009, which will be applied to reduce our 35,000 shares of First Preferred
outstanding by about 3,600 shares.
Outlook.—The company enters its second year of operation with very
.043.522
Common dividend (stock). 50% [paid June 10 1920—Ed.j
Common dividend (cash), 2^ % [paid May 20 1920—Ed.]
Preferred dividend (cash), 2%
Federal tax adjustment
Accrued
cost of raw sugar.
.
June 30 1920.
American Bosch Magneto
of providing increased space for electric vacuum cleaner
compelled the purchase July 1 1920 of a factory in Worcester,
Necessity
manufacture
Additional floor space of
about 50.000 sq. ft. has also been added to the factory at Coventry, England,
by the recent purchase of a complete factory there.
These two purchases
provide greatly needed space? which will become available and allow neces¬
sary expansion towards the middle of the new fiscal year.
Floor space to the amount of about 77,000 sq. ft. has been added to the
Standard Plant at Torrington by new buildings, and about 8,000 sq. ft.
of floor space has been added to Excelsior and Lakeport plants.
The preferred stock of The Torrington Company (of Maine) has been
exchanged for preferred stock of The Torrington Company (of Connecticut)
except f'fteen shares.
The Maine Company still holds $6,999,000 par value of The
•
Torrington
Company (of Connecticut) common stock against its own common stock
of $3,500,000.
(OF CONNECTICUT) AND SUB. COS.' CONS.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JUNE 30.
THE TORRINGTON CO.
1918-19
1919-20
Net oper. prof, of
its sub. cos.a
Torrington Co. and
$3,807,954 $2,982,696 $1,656,238
6.631
8 939
7,726
— -
-
Dividends from other corporations..-Total
$3,814,585 $2,991,636
income
Deduct—Admin,
89,621
salaries and expenses.
Interest paid on The Torrington
98,071
(8 3-16)
(8H)
Rate.
Subsidiary preferred 6%
Res. for inc. and excess profits taxes-..-
(8 1-16)
70,000
70,000
70,000
bi icq 0QQ
856 nop
7.200
510.898
Preferred 7%
—
deductions
*i,6>..>,u0U
surplus
1,891,964
Balance,
°
nr0
-.v.
$3,*2*.wo* $2,<y./-$j,u. . -a
595,000
573.125
564.375
for year
paid; common
Less:Dividends
Total
$1,5 2,964
53,563
Co. (of
Maine) outstanding bonds
Net profit
1917-18
*i.$1,152,473
1,393,490
364,853
includes the English
for the year ended June 30In 1919-20 figures
shown before deducting American or Canadian income taxes.
b In addition to this amount $181,591 was deducted from surplus for
adjustment of domestic taxes.
INCOME ACCOUNT OF THE TORRINGTON CO.
(OF
dAINE)
a
Corporation.
Year Ended Dec. 31 1919.)
President Arthur T. Murray, March 20, wrote in subst.:
Operations.—Early in the year our efforts were directed largely to the
{Report for Fiscal
Mass., having floor space of about 90,000 sq. ft.
conversion
from
a
to
war
a
peace
basis.
On Jan, 11919 unfilled
orders
aggregate $1,050,612.
Production.—During the year our total shipments were 207,069 magnetos,
valued at $5 982,668.
*
on1
The unfilled orders on hand as of Jan. 1 1920 were $5,442,382 or $4,391,770 in excess of Jan. 1 1919.
Our average monthly production of magnetos for 1918 was 9,031;
for
1919 it was 17,256 and for the last four months of 1919, 25,/30.
Our
^
„.-00rt
production schedule for 1920 calls for 449,000 magnetos, or an average of
37,417 a month and the orders on hand indicate that the demand will far
exceed the supply.
•
;
made to our machine-tool
equipment as planned, we believe, will adequately take care of
our production schedule for
1920.
New Slock, &c.—Late in 1919 the stockholders voted to increase the
authorized capita Istock from 60,000 to 100,000 shares; 20,000 additional
shares were sold to the stockholders at $100 a share, one new share to each
three held.
This transaction was consummated early in Jan. 1920 and
the 7% Serial Gold Notes ($1,161,000 outstanding Jan. 1 1920), have all
been paid, and the balance of the proceeds has gone into working capital.
Exports.'—During -1919, we largely increased our efforts in the export
field, and are now represented in practically all countries in a very sub-,
stantial manner.
The number of active Service Stations in America was
increased during that period from slightly over 200 to 310,
.
Additions.—Substantial additions have been
the
and
INCOME ACCOUNT FOR
CALENDAR
operating income after mfg. sell., etc. exp.,
Net
Federal taxes-
-
Dividends ($7 per share)
Surplus
YEAR 1919.
and State &
-
- -
&J21.963
420.000
139,153
adjustments
Includes Canadian Co. and in 1919-20 and 1918-19
and South American Cos.
YEARS ENDED
FOR
Receipts—
AUGUST 31.
1919-20
.
Dividends from sub. cos,„.
Miscellaneous income
-
x$594,941
38
,
1918-19
1917-18
$573,087
122
$566,855
287
Rentals
receivable
Loans to subsid's repaid
Accounts
1916-17
y$287,069
49,806
82,500
3,200
,811
—
—
—$b,118,ob3
BALANCE
SHEET.
Dec.31'19 Jun.30' 19
Dec.31'19 Jun.30'19
S
$
Assets—
$
$
Liabilities—
145.987
731,941 Accounts payable— 274.302
22,705
Notes Aaccts. rec
1,088.468
615,019 Acer .salaries A wag's
\
Liberty bonds, Ac.-.
15.725
678,940 Accrued taxes, ins.A
81,769
unearned interest
Inventories
2.928,582 2,779,904
28.073
36.627
Stocks in other cos..
1,501 Deferred credits
Property A plant...2.578,627 2.230.9.50 Cap. stk. A surplus a 6,118,663 5,930.962
Patents
\ 674.588/
500,000 7% serial gold notes. 1,161,000 1,718,000
64.453
—...
Tracings
\ 250.000 Tax reserve
Cash
140.000
.
Balance surplus
Profit and loss surplus
88,379
—-
....
—
—
$573,209
$567,142
$562.5 5
26
44
2.560
70,000
(17)595,000(16)560,000(16)560,000(16)560,000
Salaries & directors' fees—
22,414
Torr. Co, bds. purchased
31,000
Loans to sub. cos, repaid—
140,000
Total
$594,979
receipts-
Divs. on pref. (7%)
Divs. on common...
Other
expenditures.
expenses
Deferred charges
Total
1 280 675/
/
\
60.306
78,935
7.655.045 7.927,496
Represents 60,000 shares of no par
i
7'65?k0o4c 7-927-496
value.—V, 111. P- 1085.
Total
11,580
275
Taxes
Prepaid
2,147
1,861
1,872
90,879
$597,448
$573,485
$564,432
$914,292
& Paper Mills, Ltd.
June 30 1920.)
Pres. Geo. H. Mead, Toronto, Aug. 27, wrote in substance^:
"Fiscal Results'—The reduced balance carried forward this year as comj
pared with last year is due principally to the distribution of accumulated
Spanish River Pulp
""
Total payments
ordef
def.$2,469
def.$276 sur.$2.710 def.351,717
Cash bal. end of year
$35
2,4-34
$86,018
—
x Dividends received from subisdiary,
The Torrington Co. (of Connecti¬
Balancesur.
cut), viz: 8H% on its common stock, $594,915
remaining unexchanged, $26—total $594,941.
and 7% on pref, stock
dividends to Preferred
TORRINGTON CO (OF CONN.) AND ITS SUB. CORPORATIONS'
CONSOLIDATED BALANCE SHEET, JUNE 30.
THE
1920
Assets—
1919
estate and buildings, $1,216,113; machinery
and equipment,
$1,846,143, less reserves for
Real
depreciation,
$584,856
Good-will, patents, Ac.
Invest, in foreign subs., inc. bal. due on cur. acct...
Investments in other corporations
Inventories of material, supplies, etc
receivable less reserve
bonds
United States certificates of indebtedness
Canadian Victory bonds
Bills and accounts
United States Liberty
Cash
—
Deferred charges (prepaid insurance)
Total
$2,477,400 $1,919,744
1,942,538
1,942,538
al,426,391
70,973
3,760.256
2,101.898
753,587
120,000
199,502
696,304
10,154
2,501,334
on
1,092,793
762,497
300,000
36,888
994,484
28,314
$7,000,000; Pref., $1,000,000. $8,000,000 $8,000,000
678,823
Accounts payable
Reserves for Income
Balance
surplus
and excess profits taxes
i
Total
J.
£a[Includes2profitsfcto June,-30 of the current
—
341,525
1,168,000
856.000
3,712,179
1,555,416
13,559.002 10,752,940
year.—V. Ill, p. 597.|
_
/
reasonable rates, and the expenses in connection
largely met by the favorable exchange rates ruling
89l, 1280, 1706.)
,
All Accumulated Dividends Paid.—Under ohe agreement entered into in
1914, covering the bond and note interest, it was required that the whole
of the deferred interest should he paid before a dividend could be declared
on the capital stock.
The payment of such obligations has rendered it
possible to satisfy the dividends on the Pref. stock accumulated to June 30
1920 by the issue of $2,871,493 Pref. stock, representing the amount of such
dividends and the proportion (10%) thereof payable to the bondholders.
The relative stock certificates have now been issued. (V. 110, p. 771, 1420,
the United States at very
13,559,002 10,752,940
assets
stockholders (see below).
Refunding.—The company called for payment on Feb. 1 1920 the talons
promissory notes issued in respect of the deferred two years bond and
note interest, and also called for payment on March 1 1920 the
A deben¬
tures Issued at the same time.
The above indebtedness has now been paid
out of the funds raised by the sale of $3,500,000 (out of a total authorized
issue of $5,000,000) 10-year serial mortgage lien 6% notes, which were issued
in September. 1919,
The company was fortunate in raising these funds in
and
1,119,048
55,303
Liabilities—
Cap. stock: Common
{Report for Fiscal Year Ending
~
with the issue have been
American funds (V. 109, p.
1857
1978 2663 )
Production.—The production
factorily throughout the year
of all plants of the company continued satis¬
and with normal water supply and the com¬
pletion of the two new paper-making units at Espanola the net earnings
the year show a fair increase over the previous year.
It is expected that
total output will be considerably greater during the ensuing year as
Espanola extensions were only recently completed and_all plantsjhave
been^advanced^to^a^high.state of efficiency.
COMBINED RESULTS,
Int. on funded debts and other loans.
1919-20,
$3,915,051
594,620
708,362
Govt, tax and contingent reserve—.
350,000
Total net revenue
ing powers of I.-S. C. Commission as to security issues; also preferential
assignments, p. 1049.
(d) Car Service Commission, new name, p. 1050.
(e) Freight rate Increase in Canada, p. 1050.
LAKE SUPERIOR
(.INCL.
PAPER CO., LTD.)
Years Ended June Z0—~
—
Reserved for depreciation
—
1917-18.
1918-19.
$2,757,964
501,068
799,975
160,000
$1,729,231
344,137
807,519
Akron Canton & Youngstown Ry.—Bond
$2,202,069
2,368,222
$1,296,921
1,071,301
$577,575
993,726
500,000
Total.....
.....—.
$4,570,291
Accumulated preferred dividends..__ x2,871,493
Bond sinking fund._..........
638,000
$2,368,222
$1,071,301
Balance, surplus
Bal. of consol. profit & lews account._
Deficiency account....
...
,
Profit and loss, surplus
applied to the I.-S. C. Commission for authority to re¬
collateral for short-term loans First Mtge. 6% gold bonds
which have been acquired and held In its treasury.—V. 110, p. 560.
$2,368,222
Service on the subway and elevated lines of the B. R. T. system was re¬
ported as S2H % normal on Sept. 17, the best record since the strike, there
being 202 trains running with 1,029 cars.
The surface lines also showed
the best record yet with 794 cars.—V. Ill, p. 1082.
{Inch Lake Superior Paper Co.. Ltd.)
Chicago & Eastern 111. RR.—To Discuss
Cleveland Railway.-—To Refund Dividend Payments.—
—
It is understood that an ordinance is pending before the Cleveland Street
Railway Committee ordering the company to pay back into the interest
fund $72,000 paid out in dividends over the regular rate of 6%.
This the
company has refused to do.—V. Ill, p. 1082.
.$37,348,390 $31,603,105
Delaware & Hudson Co.—Sub. Co. Dividend.-r-
Liabilities—
$8,000,000
Common stock issued.....
——.—
$8,000,000
Pref. 7% cum. stock issued (divs. on $3,000,000
cum. from .July 1 '13 and on bal. from July 1 '14)
8,571,493
First Mtge. 6s (authorized, $5,000,000)
Ontario Pulp & Paper Co., Ltd., 1st M. 6s, auth.,
$2,500,000: issued, $1,500,000; less red., $100,900
6% serial mortgage Hen notes...
(...
Lake Superior Paper Co. 1st 6s
Second M. 6% debentures, £330,000--
-
Specific mortgages.
...
......
on
bonds and debentures
profits to prevent the inference that the high dividends paid by the company
on its limited Capital stock is the result of excessive earnings.
The application declares that the surplus of the company at present
exceeds $90,000,000 wh'le the capital is less than $43,000,000.
The
money invisted in road and equipment within Pennsylvania exceeds $87,000,000, while total investment in controlled lines exceeds $244,000,000.
The company's ownership of coal properties, it was said, has prevented the
expansion or capitalization.
With segregation of its coal properties completed, it was declared that the
company will conduct only a transportation business.
The brief filed also
states that the company desires to extend its lines by the acquisition of or
consolidation of other lines.—V. Ill, p. 989.
Total
2,964,075
638,000
1,060,799
2,368,223
.$37,348,390 $31,603,105
......
-V. Ill, p.
500,000
793,330
243,903
2,093,363
267,379
...
1089.
Crex
Carpet Company.
Denver & Rio Grande RRProbable Sale—Stockholders'
Protective Committee.—The newspaper reports of an order of
sale of the road, in U. S. District Court at Denver, to satisfy
(Report for Fiscal Year ending June 30 1920.)
Pres. Myron
W. Robinson, N. Y., Sept. 14, wrote in subst.:
fiscal year in a strong financial position.
New Products.—The company has made
products and has added new
The latter is used in the manufacture
These new lines have been developed during the past
and the company expects that during the coming season considerable
additional profit will be derived from the sale of these goods.
The company has also made desirable improvements at its St. Paul plant.
Crop.—The reports from the grass fields indicate a most satisfactory crop,
both as to quantity and quality, which should materially axfect the results
of operation for the current year.
English Branch, &c.—During the year the company has formed the "Crex
Carpot Co. (England), Ltd.", wnich is handling its business in England
very successfully.
The sales in other countries have increased and it is
hoped that the export market will substantially contribute to the business.
Outlook,—The management looks forward to a continued increase in
business in view of the addition of the new departments and of the growing
demand for floor coverings.
INCOME ACCOUNT.
year,
—12 Months to June 30
1919-20.
$921,687
,
Manufacturing profits—
Exp.—Sell., adm. & gen.
Net
earnings—.
— .—
Deprec'n charges, &c„
Federal taxes.
—
...
Trust Co. of New York, are erroneous.
■
considerable improvement in its
departments for the manufacture of chenille
and drill cloth.
judgment aggregating $36,000,000 in favor of Equitable
a
Results.—There was a substantia] increase in the net earnings and surplus
the preceoing year, and the company finds itself at the close of tne
over
rugs, cretex carpets
of automobile tires.
1918-19.
18
1917-18.
Mos.
to
June 30 *17.
345,916
$562,256
277,219
$530,942
231,068
$733,008
338,519
$575,771
$285,037
38,893
89,835
52,120
25,661
$299,874
104,533
$394,489
84,542
It is stated that
.
$207,256
$195,341
(5)150,000
$309,947
(6)180,000
$267,043
$27,256
$45,341
$309,947
BALANCE SHEET JUNE 30.
Assets—
1920.
19X9.
Liabilities—
1920.
Property
—*$2 ,357.870 $2,415,746
200.000
Pats., goodwill,&e.
200,000
Investments
10,096
6,163
Capital.
Cash
266,222
124,763
Div. acc't
Notes Aaccts.rec.
643,802
333,923
Rea've for Fed. in¬
.....
Manufaet'd
ucts
come
prod¬
(cost)
357.167
439.069
Material, and sup¬
plies (cost).....
Liberty bonds....
547,542
162,101
Due from employ.
Total
505,245
131.500
5,498
$4,545,401 $4,161,908
1919.
..$3,000,000 $3,000,000
35.093
'57,411
Accounts payable.
Unpaid
pay-roll..
25,559
(bal.)..
taxes, <tc.
5.793
752
661
89,835
20,000
Federal stock tax.
5,661
5.661
Deprec'n reserve..
Contingent reserve
223,759
7,500
217,843
7,500
Grass, &c.. res'ves
12,856
14.331
1,122,068
855.026
Profit & loss
Total
..
$4,545,401 $4,161,908
*
Includes St. Paul plant, $807,967; land at Oshkosh, $1,950; Minnesota
Transfer plant, $89,396; grass dept., $1,437,478; furniture and fistures.
$13,178; and auto truck, $7,900.—V. Ill,
p.
holders
and it is understood that former Congressman
Levy of New York will be made Chairman.
Daniel W. Blu-
is being formed,
Jefferson M.
menthal of law firm of Maurice B. & Daniel Blumenthal of New York is
counsel and Butler Disman, former First District Attorney of Denver, wUl
become associate counsel.
Mr. Blumenthal says that Justice Lewis of the
U. S. District Court in Denver will be asked to adjourn the proposed sale
of the property on the ground that if sale were to take place at this time the
interests of Common and Preferred stockholders would be wiped out.—•
V.
Ill, p. 990.
Denver
Tramways Co.—Martial Law Ends.—
On Sept. 7 martial law, that had been in force owing to the street car
strike riots and other sympathetic disturbances, ended.
Some 500 Federal
troops will remain in the city until it is assured that no further outbreaks
will occur.
Street car service has been restored to normal by new employees
under the open shop system.
The union men still remain on strike and seven
of their leaders are in jaii for contempt of Court,—V. 111, p. 1082.
Eastern Massachusetts Street
A majority of the board of
arbitration has granted the uniformed, mechani
which is retroactive
The employees who have been receiving 51 cents per hour
will now receive 62.
The men asked for a flat rate of 75 cents an hour.
The
wage increase will mean an additional $1,400,000 annua] expense to the co.
The trustees on Sept. 15 put into effect a revised schedule of fares.
A
15c. fare unit has been adopted in a few places; fares in secondary zones
have been advanced from 5 to 10c., eliminating all 5c. fares.
The trustees state that interest due Sept. 15 1920 on $972 Q00 Series O
bonds, amounting to $29,160, and interest due Oct. 1 1920 on $80,000
Series D bonds, amounting to $24,180, will not be naid at maturity.
The
trustees have been obliged to extend this interest under moratorium privilege
of the mortgage indenture, because the company has no available income for
its payment.
For previous postponement see V. Ill, p. 73,493,.1083.
May 1 last.
Georgia Southern & Florida Ry.—Annual Report.—
Federal Statistics {Calendar Years)—
Total operating revenues..__
Total operating expenses
1919.
1918.
1917.
$4,374,501 $3,694,801 $2,983,428
4,121,924
3,249,538 2,336,081
_
.1
Net earnings
■
—
Operating income
.
Other income
Interest
Interest
funded debt
on
on
ROADS.
following table summarizes recent railroad and electric rail¬
way news of a more or less general character—news con¬
cerning which detailed information is commonly published
on preceding page under the
heading "Current Events and
Discussions" (if not in the "Editorial Department"), either
in tho week the matter becomes public or as soon thereafter
as
may he practicable.
Strike.—(a) Brooklyn Bapid Transit Co., see that company below.
(b) On Sept. 13 striking switchmen at Chicago were returning to work.
(c) Coal miners, see "Industrial" index below,
Mexican Railways.—(a) Commission arranging for return of roads to
owners, see Boston "News Bureau" of Sept. 17; (b) a 25% increase in freight
rates went in force
Sept. 1,
Matters Noted Fully in "Chronicle" of Sept. 11.—(a) N. Y, Curb market
commission rates, p. 1043.
(b) Intra-State BR. rates, p. 1049.
(c) Test¬
on
$511,457
$511,457
■.
■
-
$647,347
Miscellaneous
Balance,
..
.......
surplus.
1790.
$697,206
13,246
10,671
18,803
$524,703
9,600
$522,128
$716,009
31,917
280,000
20,000
280,000
28,048
21,520
88,400
280,000
;
equipment trust obligations.
Dividends
ELECTRIC
$445,263
—
—
—
Gross income
General Railroad and Electric Railway News.—The
$252,577
Corporate Statistics (Calendar Years)—
Certified standard return
War taxes
INCLUDING
Ry.—Wage and Fare Inc.
-Payment of Interest Deferred.—
899.
GENERAL INVESTMENT NEWS
RAILROADS,
;
hearing has been set for Sept. 27 at which the Court
cal and miscellaneous employees a wage increase of 20%
$447,043
(6)180,000
Balance, surplus.
a
will decide whether or not the road will be sold to satisfy the judgment, but
that the sale had hot yet been ordered.
A protective committee to represent the Common and Preferred stock¬
to
Net surplus for year.
operations.
According to a Washington dispatch the road has asked the Commission
permission to increase its Capital stock for the wider distribution of
for
Loans
Deprec. reserve, $1,926,814; misc. res., $1,037,261
Bond sinking fund reserve..—
-—
Profit & loss acc., as per income acct. above
Properties.—The
from railroad
1,606,000
1,463,072
110,000
1,000,000
2,835,478
Western RR.—To Segregate
company has submitted a plan to the
I.-S. C. Commission for the segregation of its coal properties
5",000"666
——..
—
Delaware Lackawanna &
Coal
1,399,100
—
3,500,000
from banks (secured by lien on forest
products and accounts receivable)—....—...
Accounts and bills payable
——
See Rensselaer and Saratoga RR. below.—V. Ill, p. 791, 692.
5,699,100
2,327,013
8,511,167
Deferred int. on bonds and notes...—.....
Interest
Reorganization-
A Chicago dispatch states that interests In the company will hold a meet¬
ing Oct. 15 to discuss the question of reorganization without settlement of
company's claim against the Government for about $2,000,000 more than
the standard return as approved by the Railroad Administration.
Sale of
the property at Danville, 111., is scheduled for Oct. 19.—V. Ill, p. 385.
^
.............
1082.
According to Receiver Llndley M. Garrison, the company on Sept. 16
men at work, of whom returned strikers numbered 2,700 of this
number 350 returned on that date.
The men going back did not receive
their seniority rating.
dividends to June 30 1920 met by issue of Pref.
since July 1 1913 and share thereof (10%)
......
Rys. Co.—Sale of Stock, &c.—
had 4,500
$1,071,301
Assets—
1920.
1919.
Property account, $24,133,558; additions during
year, $2,402,899.
—
...
$26,536,457 $24,133,558
Pulpwood, $3,465,648; woods operations—equip¬
ment, stores, mill stores and supplies, $1,973,6,468,157
268; paper mill products, $1,029,241..—.
;
6,468,157
5,422,444
184,150
Victory bonds
—
—.......
184,150
91,650
2,953.032
Accounts receivable (less doubtful debts)
2,953,032
1,301,012
530,882
Cash on hand and in banks...
516,012
577,705
Securities purchased for sinking fund payments...
577,705
84,461
98,008
Insur. prem. unexpired & payments in advance._*
98,008
>
53,968
Total
as
American
payable to bondholders.
——
pledge
See National Properties Co. below.—-V. Ill, p.
stock and Includes 7% per annum
CONSOL. BAL. SHEET JUNE 30
or
Brooklyn Rapid Transit Co.—Strike Situation.—
$1,060.798
Accumulated preferred
Application.
The company has
sell
x
[Vol. 111.
THE CHRONICLE
^183
21,883
42,135
88,400
$82,684
•
$84,160
34,239
11,513
88,400
$269,939
-V. 109, p.
Gulf Mobile & Northern
RR.—To Execute $15,000,C00
Mortgage to Furnish Collateral for Government Loans, &c.—
The voting trustees in a letter dated Sept. 7 1920, addressed
the holders of stock trust certificates for Preferred and
to
Common stock issued under the
Voting Trust Agreement
dated Jan. 18 1917, state:
The stockholders
on
Jan. 2 1917 authorized the execution of a mortgage
of $15,000,000 on the entireproperty
and equipment, and the issuance of
bonds thereunder bearing 5% interest.
The mortgage, as authorized, has
not yet been executed, the additions, betterments and extensions made
since organization having been financed from current earnings and tempor¬
ary
loans.
In order to avail of loans of about $850,000 from agencies of the U.
S.
Government,
on, favorable terms, it is necessary to furnish as collateral
mortgage bonds of the company.
The proceeds of such loans will be used
to provide for additional equipment and improvements absolutely necessary
Sept. 18 1920.]
to Insure the proper and
THE CHRONICLE
economical operation of the property and to meet
pertain
maturing loans.
the balance
In order to make it possible to secure renewals of
existing loans it will be necessary to pledge bonds of the
above issue as security therefor.
It has, therefore, been decided by the
directors to execute the aforesaid mortgage.
A portion of the bonds to be
presently issued under the mortgage will be used for the purposes stated
above and the balance will be reserved for the future
development of the
of
properties.
The directors have found that under present conditions it is impossible to
use
.bonds for purposes of collateral or sale.
A special meeting of the
stockholders, therefore,has been called to adopt appropriate resolutions to
the effect that said bonds shall
bear such interest as from time to
time,
nP£?i?ir prior to the issue thereof, shall be fixed by the directors.
While the voting trustees have full power under the voting trust agree¬
ment to vote the stock
deposited thereunder for the aforementioned pur¬
pose, it is their desire to obtain the
tificates
thereto.—V.
110,
p.
approval of holders of stock trust cer¬
vides tne usual authority for the committee to buy in the collateral at the
sale for purposes of the proposed reorganization.
Tne Phila. "News Bureau" says:
Depositing holders of the 4-6s have not
yet been called upon for the first 50% of the $17 50 assessment for $100
par value of tneir bonds.
Reporu of the engineers on the American Rail¬
ways properties, showing the need of raising about $1,000,000 cash capital
provided by the plan, is expected shortly.
The time when notices will go out will
expert's report
depend upon when copies of Che
ready for mailing.
reorganization jlan before the security holders, it is
evident that if any interest except the committee whicn has promulgated
it should bid for and take the American Railways stock at tne foreclosure
sale they would run the risk of some of the numerous bank creditors stepping
in and enforcing their claims and a receivership.
are
As there is but
Such
a
one
result would be avoided upon tne
committee's
completion of tne re-organization
plan, since under its Cerms tne bank creditors accept 5-year
notes for their claims.
1289.
Hudson & Manhattan RR. (Hudson Tubes).—Fares.—
The New
Jersey P. U. Commission has ruled that the collection of an
Initial 6 cent fare, for which a refund check of one cent is given to
passengers
travelling between stations in New Jersey is not unreasonable.
The time
for the redemption of the excess fare tickets has been extended from ten
minutes to one half hour.
Jersey
1183
City officials recently sought to
get the
travelling
but the com¬
passengers
between points in New Jersey to refuse to pay the extra cent
officials insisted on the full 6 cent fare.—V. Ill, p. 892.
pany
Huntington & Broad Top Mountain RR. & Coal Co.
The $416,000 First Mtge. (Extended) 4% bonds of 1854, due Sept. 30
1920, will be redeemer at maturity Sert. 30 at the Pennsylvania Co. for
Insurances, &c., 517 Chestnut St., Phiiadelpnia, Pa.—V. 110, p. 561.
[The bondholders' committee for the 4-6% bonds, of which V. Gilpin
Robinson is Chairman (V. Ill, p. 792), nas extended the time for the
deposit of tne bonds to Sept. 22.]—V. Ill, p. 1084.
New
York
Central
Southern
Ry.—Sold.—'The road has been sold
for $725,000 to the Chicago Clearing House, one of the credi¬
tors, at public auction.
1
The road which is 136 miles in length was declared insolvent and
in the hands of a receiver in Sept. 1918.
The sale was authorized in a
placed
decree
July 16 last by Judge Faris in the United States District Court,
St. Louis.
Company has $1,528,000 bonds, $1,000,000 Pref. stock and
$4,000,000 Common stock.—V. Ill, p. 493.
issued
International
Traction
Co.—Amendment Adopted.—
protective committee, Elliott C. McDougal, Chairman,
in a notice to the depositors of the Collateral Trust 4% bonds,
says in brief:
The
Under date of Aug. 17 1920 the protective committee under the protective
agreement dated Dec. 10 1918, gave to all depositors under said agreement
notice of a proposed amendment of said agreement and of the filing of a
copy thereof with the Guaranty Trust Co.,N. Y., depositary (V. Ill, p. 792).
The protective committee g'ves notice that it has adopted the said
amendment, within 20 days after the expiration of the time for filing objec¬
tions thereto, and that the amendment becomes effective and binding upon
all depositors, in accordance with the provisions of the protective agreement.
Objections to the amendment have not been filed by depositors repre¬
senting 30% of the bonds deposited under the protective agreement, and no
depositor has the right to withdraw from the agreement.
The protective committee expects to issue within a short time a further
notice to the depositors with respect to the plan for the readjustment of the
affairs of International Ry. Co. outlined in its letter to the depositors dated
Aug, 17 1920 (V. Ill,
p.
The New York Stock
Exchange has admitted to the list the New York
City Mex. & Orient Ry.—To Issue Receivers' Ctfs.—
The company has
issue $1,000,000 6%
applied to the I.-S. C. Commission for authority to
receivers' certificates, proceeds to be used to meet
expenses for continued operation of the road.
Compare V. Ill, p. 1083.
Kentucky Traction & Terminal Co.—Wage Increase.—
The Board of Arbitration
an
hour.
The
men
on
Sept. 9 granted the employees an increase
an increase of 20 cents.—V. Ill, p. 1083-
asked
Lehigh Valley RR. —Government Anti-Trust Suit.—
It is stated that the Attorney-General has notified
the U. S.
Supreme
Court that the Government is ready for argument in the Lehigh anthracite
coal suit.
The Court has been notified that the Government will ask to
have passed on the calendar the Eastman Kodak case, the American Can
case,
the Southern Pacific
Milwaukee
case
and the Keystone Watch case.—V.lli ,p.792
Electric
Ry.
&
Light
Co —Equipment
Offered.—Wm. A. Read & Co., New York, &e., are
offering at par and div. $1,090,000 10-Year 8% Sinking Fund
Equip. Trust Gold Certificates.
Issued under Phila. Plan.
Trusts
Dated Oct. 1 1920.
Due Oct. 1 1930.
Denom. $1,000 (c*).
Company
agrees to pay the U. S. normal income tax up to 2% (so far as lawful), if
exemption is not claimed by certificate holder.
Divs. payable A. & O.
at the office of Fidelity Trust Co., Phila., trustee, and at office of Wm.
A. Read & Co., N. Y. City.
One twentieth of the issue is to be retired each
6 months beginning April 1 1921, at or under 103 and div., thus retiring the
entire issue by maturity.
Callable as a whole at 107^ and div.
Data
from
Letter
of
John
I.
Beggs,
President
of
the
Company.
Security.—Secured on 139 new standard street railway cars costing
$1,560,000, an initial payment of $470,000, or over 30% of the cash cost,
having been made by the company.
Comuany.—Organized in 1896.
Owns and
operates substantially the
station electric light and power and street railway business and
heating business in Milwaukee and suburbs.
Also does practically
the entire electric light and power and most of the interurban railway busi¬
ness throughout surrounding territory, including the city of Racine, in
which
it also operates the local street railway system.
Population served estimated at 665,000.
Earnings.—Net income after taxes available for interest, depreciation
reserves and dividends, has averaged for the past 10 years 2.20 times all
interest cnarges, and for the first 7 months of 1920 was at the rate of 2.11
times all interest charges.
Over 61% of the net earnings are derived from
light power and heating business.
Valuation.—The reproduction value of the physical property based on
the Wisconsin RR. Commission's valuation as of Jan. 1 1914. and added
entire central
a
steam
capital expenditures to June 30 1020, is $49,286,103 (exclusive of $2,461,854
material and supplies).
Company's liability as of June 30 1920 on account
of bonded debt and bond secured notes with the public was $29,504,340.
Company estimates that the cost of reproduction of its physical properties
at present prices would be at least $90,000,000.—V. Ill, p. 1083.
Missouri Kansas
& Texas Ry.—
The company has applied to the
issue $675,000 6% equipment trust
I.-S. C. Commission for authority to
notes.—V. 110, p. 2387.
Muskogee (Okla.) Electric Trac. Co.—Fare Increase.—
Effective Sept. 9, fares were increased to 8 cents on the company's lines.
Tickets will be sold at 2 for 15 cents, but school children under 15 years of
age
will be given 25 tickets for $1.—V. 95. p. 1331.
Properties Co.—Foreclosure Sale.—In con¬
with the reorganization plan of the Randolph
Committee (V. Ill, p. 189, 493), the 181,860 shares of
American Railways Common stock pledged as collateral for
the National Properties 4-6% bonds will be sold at public
auction Nov. 8, at the Federal Building, Wilmington, Del.,
National
formity
by*Francis de H. Janvier, special master.
sa!le
has been made by the U. 8. District Court, the
proceedings having been instituted by the Continental-Equitable Trust
Co.. trustee of the bonds, at the request of tne committee.
The plan pro¬
f TheTorder for the
receipts for 10-year 7% Col¬
792.
lateral Trust gold bonds, due Sept. 1 1930.—Y. Ill, p.
New York New Haven & Hartford RR.—Note
Applica¬
tion.—The company has petitioned the Massachusetts De¬
of Public Utilities for authority to issue notes
aggregating $12,130,000.
partment
The notes are to be issued as follows: $8,130,000 demand notes for im¬
provements at yards at Cedar Hill and Providence, $2,000,000 7% equip¬
ment trust notes, and $2,000,000 six months promissory notes.
The petition states that the road c
@FedFRASER