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INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
Bank &
CQPYWIQHTEP IN 19
«
*
VOL. 111.
'<
<■
' "
-
NEW YORK, SEPTEMBER 25, 1920.
&W
Jfinatttial
NO. 2883.
Jftwmctal
Jf manual
HARVEY FISK & SONS
1822
CHARTERED
City Sectio®
CNT6»gQ »0 9ECOWO-CLAS3 M«TTgW JUHg 23. 1079. AT THE POST OrgiCC AT WEW YOBK, NEW TORK. ONOER THE mCTOP MARCH 3, JjSJ®.
<OI"
*">■>
Railway Sects©®
The LibertyISalional Bank
THE FARMERS'LOAN & TRUST
32 Nassau St.
COMPANY
NEW YORK
of liewlerk
capital
85,000,000.00
surplus
41st Street
475 Fifth Avenue, at
UNITED STATES BONDS
YORK
NEW
NEW YORK CITY BONDS
AND
MANAGEMENT
CARE
OF
DOMESTIC AND
OTHER CHOICE
Correspondents in all countries
Special facilities in Scandinavia
INVESTMENT SECURITIES
ESTATES
OF
SECURITIES
Harris Forbes & Co
FOREIGN BANKING
The New York Trust
FOREIGN
LETTERS
Pine Street, Corner
NEW YORK
10 Draper* Gardens,
OF
London, E. C.
LETTERS
TRUST
HARRIS
26 Broad Street
deal
and
Government,
in
munici¬
List
Capital, Surplus and Undivided
House
on
Application
Cable Address SABA,
Profits,
v
INVESTMENT
FOR
BONDS
Member Federal Reserve System
$14,000,000
Established
munici¬
corporations and
fiscal agents for
as
palities
pal, railroad and public utility
PARIS
Clearing
BANK
SAVINGS
&
CHIC
Act
LONDON
Inc.
BOSTON
5th Avenue and 57th Street
York
FORBES & CO.,
HARRIS,
Company
CREDIT
ACCEPTANCES
New
William
EXCHANGE
COMMERCIAL
and
$5,000,000.00
profits.$2,200,000.00
undivided
16, 18, 20 and 22 William Street
NEW YORK
Established 1892
1874.
John L. Williams & Sons
Edward B. Smith &. Co
BANKERS
Corner 8th and Main Streets
Members New York and
RICHMOND, VA.
Philadelphia
Stock Exchanges
Established 1810
Baltimore Correspondents:
LANCASTER WILLIAMS &
R.
CO.. Inc.
The
Mechanics
GARFIELD
National Bank
23rd
STREET,
where
FIFTH
A
OF THE CITY OF NEW YORK
Broadway
Surplus,
$1,000,000
Capital,
,
AVENUI
Crosses
Metals
and
Bank for
New Yoe*
Philadelphia
National Bank
The Chase National Bank
Gty of New York
of the
-
$1,000,000
Capital, Surplus, Profits
-
broadway
57
$25,000,000
t
the Builders of Business
surplus and profits
THE
Deposits.'SepL 871920"jl$196,000,000
Foreign Exchange
AMERICAN EXCHANGE
Bond
$15,000,000
24,189,000
DEPOSITS (Sept. 8, 1920)
,
328,680,000
capital
Trust Service
officers
Department
BARTON HEPBURN,
A.
Chairman of the
NATIONAL BANK
EUGENE V. R. THAYER
SAMUEL H.
Foreign Exchange
Resources over
Letters of Credit
EDWARD
CARL
$175,000,000
J.
C.
ANDREWS
BONDS
A. Barton
John J.
A.
LAW,
President
Eugene V. R .Thayer
Carl J. Schmidlapp
Mitchell
Guy E. Tripp
James N.
LIGHT AND POWER COMPANIES
Hill
Daniel C. Jackling
Charles M. Schwab
Wm.
Newcomb Carlton
Frederick H. Ecker
Hepburn
Albert H. Wiggin
ELECTRIC
109-111
SOUTH FOURTH STREET
PHILADELPHIA
President
Vice-President
Vice-President
Vice-President
.Vice-President
Vice-President
Cashier
directors
Henry W. Cannon
OF RAILROAD, GAS AND
1
DAHL
M.
Francis Ralston Welsh,
PHILADELPHIA, PA.
NO.
TINKER
SCHLEY
ALFRED
CHARTER
R.
MILLER
SCHMIDLAPP
GERHARD
REEVE
FIRST NATIONAL BANK
Board of Directors
Chairman of the
NEW YORK
Advisory Board
ALBERT H. WIGGIN.
A
Samuel H. Miller
Edward R. Tinker
Edward T. Nichols
'
Gerhard M. Dahl
Andrew Fletcher
William B. Thompson
Reeve Schley
Kenneth F. Wood
H. Wendell Endicott
William M. Wood
,
anb ©ratoer* of ifaretgn
Subefftment
J. P. MORGAN & CO.
DREXEL
&
52 WILLIAM STREET
I
NEW YORK
KIDDER, PEABODY & GO.
NEW YORK
PHILADELPHIA
CO.,
Corner of 5th and Chestnut Streets
MORGAN, GRENFELL&CO., LONDON
Orders executed for all Investment Securities.
Act
as agents of
issue Loans.
Bills
of
Corporations and negotiate and
Telegraphic
of Credit
Exchange,
Letters
No. 22 Old Broad Street
PARIS
CO.,
&
14 Place Vendome
Messrs. Mallet Freres &
and
Commission.
Securities bought and sold on
of
Provincial & Union Bank
England, Ltd., London,
National
Tho
115 DevoBShfre SL
18 Broad SL
BOSTON
NEW YORK
Transfers,
on
HARJES
M03GAN,
€xcansef)
Maitland, Coppell & Co.
of Broad
Wall Street, Corner
[VOL. 111.
CHRONICLE
THE
II
Commercial and Travellers
Letters of Credit
Cie, Paris,
.
Principal Places in Mexico.
Foreign Exchange, Commercial Credits.
on
Cable Transfers.
Travelers, available In
parts of the world.
Circular
for
Letters
Agents for the Bank of Australasia.
all
TRAVELERS' LETTERS OF CREDIT
BARING
BROTHERS
CO- LTD.
&
LONDON
BROWN BROTHERS & CO.
August Belmont & Co.
43 EXCHANGE
Boston
NEW YORK.
Philadelphia
PLA^E, NEW YORK
r
Members New York Stock Exchange.
Agents and Correspondents of the
ALEX. BROWN & SONS, Baltimore
ROTHSCHILD,
Messrs.
ISSUE LETTERS OF CREDIT
Securities
Investment
•
for Travelers
Available in all parts
Foreign Exchange
Deposit
of the world.
Draw bills of Exchange and make Telegraphic
Transfers.
Accounts
Commercial
and Vienna
Paris
London,
Execute orders for the
Credits
Bonds
J. & W. Seligman & Co.
purchase and sale of
N2 54 Wall Street
Stocks.
and
Travelers' Credits
NEW YORK
BBOWN, SHIPLEY & CO.
Investment Securities
LONDON
T. Suffern Taller
MORTON & CO.
James G. Wallace
Grenville Kane
INCORPORATED
TA1LER&CD
25 Broad
New York
St.,
Redmond add
10 Pine Street, New York
33
Lawrence Turnure & Co.
Investment Securities
Pine St.
-
Union Arcade
-
-
New York
Pittsburgh
Bldg.
64-66 Wall Streat,
Investment Securities
New York
Investment securities bought and sold on com¬
Travelers'
mission.
Winslow, Lanier & Co.
59 CEDAR
out the United
Central
and
in and issue drafts
STREET
credits,
through¬
available
Members
States, Cuba, Puerto Rico, Mexico,
America
Make collections
[Spain.
cable transfers
ana
on
above
New York
and Pittsburgh
countries.
NEW
London
YORK
*
BANKERS.
Deposits
Received
Allowed
Subject
on
Bought
Interest
Securities
Sold
and
Paris
Draft,
to
Deposits,
Bankers:
Midland
London
Bank,
Bankers:
Joint City
Stock
&
Exchanges
Limited.
Heine
&
Co.
HEIDELBACH, ICKELHEIMER & CO.
on
37 William Street.
Commission.
MEMBERS
Foreign Exchange, Letters of Credit
N.
STOCK
Y.
Execute orders for
EXCHANGE.
& CO.
HUTH
purchase and sale o!
New York
30 Pine Street
Stocks and Bonds.
Foreign Exchange Bought and Sold.
Bonds for"
investment
Issue Commercial and Travelers' Credits
'available in all parts of the world,
f
Foreign Bonds & Investment Securities,
Commercial Credits, Foreign Exchange,
*
Cable Transfers
Schulz &
27
Kean, Taylor
NeW^k&rK
Co.
Pine
Ruckgaber
New York
Street
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 Aeents. Messrs. Goschens & Cunliffe
John Munroe & Co.
BOSTON
NEW YORK
BOISSEVAIN
52
& CO.
Members of the New York Stock Exchange
Letters
of Credit for
Travelers
INVESTMENT SECURITIES
COMMERCIAL
Commercial Credits.
Foreign Exchange
Cable Transfers.
ALDRED & CO.
BROADWAY, NEW YORK
FOREIGN
MESSRS.
40
Wall
New
Street
York
DEPARTMENT
EXCHANGE
PIERSON
& CO.
Fiscal Agents for
Public Utility and
MUNROE
&
CO..
Paris
Amsterdam, Holland.
Hydro-Electric
Companies
SEPT. 25
1920-1
hi
CHRONICLE
THE
investment anti Jfinancial Rouses
Goldman, Sachs & Co.
Lee, Higginson & Co.
60 Wall Street
Millett, Roe & Hagen
YORK
NEW
137 So. La Salle Street
60 Congress Street
BOSTON
CHICAGO
Investment Bankers
14
421 Chestnut Street
Montgomery Street
Boston
Street
24 Marietta
ST. LOUIS
New York
INVESTMENT SECURITIES
PHILADELPHIA
SAN FRANCISCO
411 Olive Street
ATLANTA, GA.
Title Insurance Building
LOS ANGELES, CAL.
Chicago
MEMBERS
Members of New York and Chicago
80, Lombard St.
EXCHANGE
Commercial Paper
E. C.
London,
NEW YORK STOCK
Stock Exchanges
Higginson & Co.
Securities
sold
bought and
commission
on
Foreign Exchange
NEW YORK
52 WILLIAM ST.
Commercial & Travelers' Letters
available
in all parts of the
of
Credit
world
Hornblower & Weeks
42 BROADWAY,
NEW YORK
RAILWAY
BONDS
EQUIPMENT
Investment Securities
Bonds
Stocks
Preferred
MEMBERS
NEW
Acceptances
YORK, BOSTON AND
CHICAGO
^TOCK EXCHANGES
EVANS, STILLMAN & CO.
Mam
Direct wires
to
60
Officmt National City Bank Building
Uptown Ojjict: Fifth Avenue and 43rd St.
Correspondent Offices in 50 Cities.
BROADWAY
YORK
Chicago
Boston
Portland
Providence
Detroit
Established
Underwriters & Distributors
1888
Industrial
FOREIGN
BONDS
Present
point to
U. S. Government Bonds
Utility Securities
Investment Securities
Counselman & Co.
their norma
unprecedented fall in Foreign
Investment
selling considerably below
value due to the
Stocks
Preferred
&
Robinson & Co.
Equipment Trust Certificates
.
Exchanges.
Bonds
Public
GOVERNMENT
are
Exchange
NEW
Members New York Stock
all principal markets
indications,
W.
112
ADAMS
ST..
26
New York
Exchange Place
Members New York Stock Exchange
Bankers
CHICAGO
however,
advancing tendency and a return
yield unusual profits.
an
to normal would
Investment Securities
Underwritten
Distributed
&
Bond & Goodwin
65
Conservative
suggestions and Circular F. B.
Write for our
BROADWAY,
NEW
Investment Securities
YORK
Telephone 4600 Bowling Green
Yielding 6% to 8%
Federal Securities
Corporation
Frazier & Gh.
Broad
38 South Dearborn Street
Peabody, Houghteling & Co.
CHICAGO
EST. 1865
& Sansom Streets
INC. 1918
Chicago
10 So. La Salle St.
PHILADELPHIA
New York
Baltimore
Distributors
Underwriters
Pittsburgh
Washington
Wilkes Barre
Lebanon
Howe, Snow,
Corrigan & Berties
SIMON
BORG & CO.,
Members of New
-
-
New York
B.
MICH.
RAPIDS,
York Stock Exchange
No. 46 Cedar Street
SALES CO.
Bankers
Investment
GRAND
5 EC OR I TIES
H.
Collins,
President
Southern Securities
H.
&, CO.
F. BACH MAN
64
Established 1866
I
NEW
HIGH-GRADE
ORLEANS
BIRMINGHAM
BANKERS
INVESTMENT
PEACHTREE, ATLANTA
NEW YORK
JACKSONVILLE
CHARLOTTE
MEMPHIS
INVESTMENT SECURITIES
Members N. Y.
and Phlla. Stock Exchanges
1425 Walnut St.,
H.
T.
61
PHILADELPHIA
NEW
YORK
HARPER
& TURNER
INVESTMENT
BONDS
SOUTH LA SALLE
CHICAGO
WALNUT 8TNEET
BUILDING
ABOVE BRQAO
PHILADELPHIA
STREET
Members
FOR INVESTMENT
BANKERS
STOCK EXCHANGE
|,
RAILROAD AND FOREIGN
GOVERNMENT BONDS
HOLTZ & CO.
INVESTMENT
39
Broadway
Philadelphia Stock Exchange
Colgate, Parker & Co.
49 Wall
Street,
New York
•,
jfmanciai
jfmanctal
Members New York and Boston
Stock Exchanges
Electric
Power
-
Street,
-
BOSTON
Enter¬
COMPANY
&
CHASE
BONDS
OFFER
Dealers
Investment
and
Bankers
NEW YORK
Proven Power and
Light Securities
19
BOSTON
CONGRESS ST.,
Correspondence Solicited
SPRINGFIELD
BALTIMORE
Light
earnings.
WE
15 State
and
prises with records of established
SECURITIES
24 Broad Street,
jftttanctal
FINANCE
WE
ESTABROOK & CO.
INVESTMENT
[VOL. 111.
CHRONICLE
THE
IV
PROVIDENCE
ELECTRIC BOND & SHARE CO.
Richardson, Hill & Co.
Established
(Paid-Up Capital and Surplus $24,000,000)
71
Arthur Lipper &
NEV. YORK
BROADWAY,
1870
Company
Place
New Street and Exchange
AND
MUNICIPAL
Investment Securities
50
KAILROAD
NEW
YORK
BONDS
For Conservative Investment
Congress St.
R. L. Day & Co.
[Boston Stock Exchange
35
Congress St., Boston
COMMISSION
ON
SOLD
MembersJ,New York Stock Exchange
[Chicago Stock Exchange
BOUGHT AND
SECURITIES
BOSTON
Branch Offices
Members
Waldorf-Astoria Hotel.N.Y
N. Y. Stock Exchange
N. Y. Cotton Exchange
Atlantlo City, N. J.
Chicago Board of Trade
Founded
Saratoga Springs, N. Y.
Philadelphia Stock Exch.
New York Correspondents
REMICK,
11 East 44th St., N. Y.
N.Y Coffee & Sugar Exch.
West End, N. J.
^ODGES & CO.
Long Beach, N. Y.
1797
PARKINSON & BURR
Seasoned
Investments
We
Members of the New York and
Boston Stock E xchanges
Government and
Municipal Bonds
53 State Street
7 Wall Street
30 Pine Street
Specialize in
BOSTON
NEW YORK
New York
W'Hiam R.(ompton (o.
''
''
i
.
'
1
INVESTMENT
14 Wall
Cochrane, Harper&Co.
,
.
W. F. Ladd & Co.
i
•
■
•
Investment
60 State
BCjNDS
Street, New York
Cincinnati
St. Louis
New Orleans
Chicago
.
Securities
St.,
Ill
Broadway
E. HOWARD GEORGE & CO., Inc.
NEW YORK
BOSTON
Investment
Investment
Securities
31
State
Bankers
BOSTON, MASS.
Street
BONDS
Baker, Ayling & Young
New York
BOSTON
FOUNDED
1852
Investment Securities
Letters of
PHILADELPHIA
ESTABLISHED 1865
Foreign
Credit
Exchange
Travelers' Checks
the World.
Correspondents Throughout
5 Nassau
KnautfrNarftoU &-Kul)ttf,
St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
KONIG
Deal in
BROTHERS
160 Pearl
|
Underlying Railroad Bonds
&
GO.
Members
New
York
Stock
Exchange
New York
Equitable Building
Street, NEW YORK
and
Tax-exempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks
New
England
•
Commercial and
Travellers'
Letters of Credit
on
Industrial Securities
Yielding 6^% to 8%
KONIG BROTHERS, LONDON
Watkins & Co.
7 Wall
Street
NEW YORK
and
J. MURRAY WALKER
Devonshire Street
Boston
NEDERLANDSCHE HANDEL-MAATSCHAPPY
ROTTERDAM
Investment Securities
SEPT. 25 1920.]
v
CHRONICLE
THE
Canadian
Canadian
BANK OF MONTREAL THE CANADIAN BAN;K
Government and Municipal
bonds
CAPITAL PAID
REST
offer
UP
-
.
-
71/4% to 73/4%
SIR VINCENT
Principal and interest payable in
$22,000,000
22,000,000
-
-
exceptional oppor¬
tunity for sound investment.
If?pur¬ UNDIVIDED PROFITS
chased
now
they
will- yield
from TOTAL ASSETS
-
m
OF COMMERCE
100 Years
over
OFFICE. TORONTO
HEAD
Bonds
These
Established
1,090,440
571,150,138
United States funds
Head
$15,000,000
RESERVE
President, Sir Edmund Walker, C.V.O., LL.D., D.O.L.
General Manager, Sir
John'AIrd.
'
Assistant General Manager, H. V. L. Jones.
New York Office, 16 Exchange
MEREDITH, Bart., President.
FL
SIR CHARLES GORDON, G.B.E., Vice-Pres.
Place
B. FRANCIS,
L. FOSTER,
Agents
J. STEPHENSON,
C.
C.
Office—MONTREAL
Buy and Sell Sterling and Continental
Exchange
and
Cable Trasfers.
Collections
Sir Frederick Williams-Taylor
General Manager.
Write for Particulars C-20
$15,000,009
PAID UP CAPITAL
,
made at all points.
Wood, Gundy & Co.
WALL
Toronto
NEW
STREET,
Agencies:
Travelers' Cheques and Letters
of Credit Issued
YORK
Montreal
London, Eng.
available in all parts of the world.
At London,
Incorporated
14
Branches and
Throughout Canada and Newfoundland.
Banking and Exchange business
description transacted with Canada.
In
Paris,
England, and at Mexico City.
Bank
of
Montreal,
(France).
In the United States—Mew
Spokane,
York, Chicago,
Francisco—British American
San
LONDON
Bank (owned and controlled by the Bank of
OFFICE—2
BANKERS
Lombard
GREAT
IN
of
every
Street, E. O.
BRITAIN:
Montreal).
West
Indies,
British Guiana
Africa—The
Colonial
Bank
(in
interest is owned
*A &'<Amcs
&
and
The Bank of
West
(So
England,
The Bank of Scotland,
which an
by the Bank of Montreal).
Lloyd's Bank, Limited.
THE BANK OF NOVA SCOTIA
(Incorporated
(S?an«adi<an
.
Government, Municipal $ Corporation
United Financial Corporation
TOTAL
Limited
.230,000,000
OVER
ASSETS
Montreal
Chicago
Newfoundland,'
Cuba, Jamaica, Porto Rico, Dominican Republic,
and in Boston, Chicago and New York.
Commer¬
330 branches throughout Canada,
cial and Travelers' Credits issued, available
Montreal
London
Toronto
New
.
Agency, 52 Wall Street.
York
H. F. Patterson, Agent.
Guaranty Trust Co. of New York.
London, England, Branch,
55 Old Broad St., E. C. 2.
Canadian
Government,
Provin¬
Municipal and Corporation
London Joint City & Midland
Bank, Ltd.
Correspondents
In Great Britain
Bonds
Bought—Sold—Quoted
Daly St
A.
.
Royal Bank of Scotland.
Co,
THE
GREENSHIELDS & CO.
Dealers
17
CANADIAN
Montreal
Stock
Exchange
in
Canadian
Bond
Issues
Members
St. John
GOVERNMENT,
Street, Montreal
ROYAL BANK OF CANADA
Established 1869
MUNICIPAL
AND CORPORATION BONDS
Bank of Toronto
Building
The Dominion Bank
HEAD OFFICE,
Building
Paid Up
TORONTO, CANADA
Capital
$6,000,000
.
assets
...
.
Sir Edmund Osier,
RURNETT.
v
POM
President
7,739,000
..143,000,000
Clarence A. Bogert,
General Manager.
New York Agency, 51 Broadway
C. S. Howard, Agent
London Branch, 73 Cornhill
& O?
€r CO
S. L. Jones, Manager,'
CANADIAN
Montreal
FOREIGN
BOUGHT AND
BOND BROKERS
STOCK AND
AND
TRAVELERS'
Principal
and
OF CREDIT
Peter
•
Quatre-Septembre.
HERDMAN & COMPANY
Montreal Stock Exchange
Bankers &
Dominion
Brokers
Express Building
MONTREAL
R. C. Matthews & Co.
Montreal
Quebec
St.
St.
.
Interest
Transportation BIdg.
63
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paulo,
URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza-de Cataluna.
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—68 William St
F. T. Walker, J. A. Beatson, E. B. Mclnerney
and J. D. Leavitt, Agents.
FRENCH AUXILIARY: The Royal Bank of
Canada
(Franoe), PARIS,
28 Rue de
Members
Payable in New York
81
CANADA and NEW¬
in
CUBA,
PORTO
RICO
REPUBLIC. HAITI, OOSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES. BRITISH
HONDURAS and BRITISH GUIANA.
SOLD
BONDS
Thornton Davidson & Co., Ltd.
Director
EXCHANGE
AND COMMERCIAL
LETTERS
CANADIAN
700 Branches throughout
<
Memb«KortredStod^xdun(|e
John Street
_
NEILL, General Manager
DOMINICAN
Reserve Fund & Undivided Profits
Total
E.
FOUNDLAND,
TORONTO
McDonagh, Somers & Co.
17 St.
HERBERT S. HOLT, President
PEASE, Vice-Pres. & Man.
E. L.
O.
Correspondence Invited
Montreal
Head Office
SIR
INVESTMENT SECURITIES
Dominion Bank
Capital Paid Up
$19,000,000
Reserve Funds..19,000,000
Total Assets
590,000,000
TORONTO, ONT.
CANADIAN
Offerings on Request
in all
parts of the world. Bills on Canada or West Indian
points favorably negotiated or collected by our
branches in the United States.
Correspondence
invited.
Affiliated with
cial,
Ont.
General Manager's Office, Toronto,
INVESTMENT BANKERS
ifcmmio
$9,700,000
18,000,000
FUND
Head Office, Halifax, N. S.
Securities
Victoria UC.
1832)
CAPITAL
PAID-UP
RESERVE
Sparks St.
Ottawa
CANADIAN BONDS
Adrian
AUCTIONEERS
OFFICE
No.
CANADIAN
Muller & Son
H.
55
Corner
TORONTO
C. P. R. Bldg.
BONDS
WILLIAM STREET
Pine Street
Specialists^ in
Regular Weekly Sales
OF
Stocks
Canadian
and
Bonds
EVERY WEDNESDAY
At the Exchange
Sales Rooms
14-16 Vesey Street
Grand Trunk,
■
Grand Trunk Pacific,
and Canadian
Northern
Northern
Pacific Securities
All Canadian
Issues Dealt in.
i<Emilius Jarvis & Co.
INVESTMENT
TRUAX, HIGGINS CO.
Lewis
New York
Established
Building, Montreal
Direct Wires
Toronto
JARVIS BLDG.
BANKERS
1891
TORONTO, CAN.
[VOL. 111.
CHRONICLE
THE
VI
foreign
Australia and
New
Zealand
LONDON
NEW SOUTH
WALES
Reserve Fund
Reserve
Chairman:
Provincial
Esq..
$64,032,000
JOHN
RUSSELL
General
Subscribed
351
BRANCHES
and
AGENCIES In the
States, New Zealand, Fiji, Papua
(New Guinea), and London. The Bank transacts
every description of Australian Banking Business.
Wool and other Produce Credits arranged.
GEORGE
10,840,112
Reserve Fund
Deposits
367,667,822
-
HEAD
ENGLAND
£7,000,000
£296,059,132
EVERY DESCRIPTION
Address: The
BANKING
OF
65 & 66,
Foreign Manager,
168, Fenchurch Street,
OVERSEAS BRANCH:
London, E. C., England
Old Broad Street, London, E. C. 2
ATLANTIC OFFICES
"Imperator," "Mauretania"
"Aquitania,"
16 in SOUTH AUSTRALIA, 21 in WESTERN
AUSTRALIA, 3 in TASMANIA and 44 in NEW
Banca Italiana Di Sconto
Affiliated Banks:
with which
BELFAST
71
£20,000,000
£14,210,856
CAPITAL
AND
The Bank has 42 Branches in VICTORIA, 39 in
NEW SOUTH WALES, 19 in QUEENSLAND.
Head Office:
world.
RESERVE FUND
WALES
ZEALAND.
Wales
OFFICE:
OFFICES IN
1,460
Incorporated 1880
Issfied Capital & Reserves. £10,130,000
and
throughout
BUSINESS TRANSACTED
OVER
Authorized and Issued
Total
England
towns
ISSUED
Capital—
------£7,500,000
Paid-up Capital £2,500,0001
ToReserve
Fund--£2,630,000/gether £5,130,000
Reserve Liability of Proprietors
£5,000,000
Ltd.
AUTHORIZED CAPITAL
5, Threadneedle St., London, E. C. 2.
Established 1837
in
banking
DEPOSITS
THE UNION BANK OF AUSTRALIA Limited
London
10,840,112
29, THREADNEEDLE
STREET, E.C. 2
~
SYDNEY
the
Bank,
OFFICE:
branches
all
In
the
London Office
STREET
Western
Capital---£38,096,863
Paid-up Capital
Australian
amalgamated
South
JUNE 30TH, 1920
Manager.
Head Office
&
1,400
over
Agents
K.B.E.,
FRENCH,
been
54, Lombard St., London, E. C., Eng.
and
Aggregate Assets 31st March, 1920 $377,721,211
Sir
has
HEAD
S. B. Murray, Esq..
E. W. Woolley,
F. Hyde, Esq.
Liability of Proprietors.- 23,828,500
which
danaging Directors:
Joint
16,375,000
-
LIMITED
with
Right Hon. R. McKENNA
The
—.$23,828,500
_
BARCLAYS BANK
BANK LIMITED
{ESTABLISHED 1817.)
Paid-up Capital
CITY & MIDLAND
JOINT
BANK OF
CORNHILL, LONDON, E.C.
BANKING
Over
COMPANY,
Offices
110
LIMITED
are
and the
Manager—W. J. Essame.
Assistant Manager—W. A. Laing
THE CLYDESDALE BANK,
Over
Offices in
150
incorporated the
Societa Bancaria Italiana
Ireland
in
Italiana
Societa
LIMITED
Scotland
di
Credito
Provincials
Capital Fully Paid Up
Lire 815,000,000
Reserve Fund
"
41,000,000
Deposit and Current Accounts
(May 31, 1919)
" 2,696,000,000
-
THE
Commercial Banking
of Sydney
Company International
Banking Corporation
60 WALL STREET, NEW YORK CITY.
LIMITED
Established 1834.
Capital and
Incorporated in New South Wales.
Paid-up Capital...
Surplus
£2,000,000
Reserve Fund..
$10,000,000
Undivided Profits
■,
$3,200,000
Branches
in:
China
Java
£6,040,000
Reserve
2,040,000
2,000,000
Japan
Panama
Letters
Philippine Islanda
Santo Domingo
London
San Francisco
Liability of Proprietors
Drafts payable
Credit are Issued
demand,
on
and
India
of
by the London Branch on the
Head Office, Branches and Agencies of the Bank
In Australia and elsewhere.
Bills on Australasia
negotiated or collected. Remittances cabled.
Head
Office,
Sydney,
New
South
Straits
Settlements
BJrchin
Lane,
Lombard
ROME
Special Letters of Credit Branch In Rome
(formerly Sebasti & 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
& Trust Co., 399 Broadway.
Offices at Genoa,
Milan, Naples, Palermo,
Turin,
Trieste,
Florence,
Bologna,
Venice,
Catania, Leghorn, and over 100 Branches in the
Kingdom.
London Clearing Agents: Barclay's Bank, Ltd..
EVERY
KIND
OF
Established
The Mercantile Bank of India Ltd.
Head
Espanol del Rio de La Plata
HEAD OFFICE,
London
Cap
rue
St., E.
Broker
Cable Address:
m
Reserve Liability of Shareholders
Reserve Fund and Undivided Profits
Rennurb.
legal 148,215,7S5=C12,939,47I
The Union Discount Co."
of London, Limited
J.
Lincoln
Menny Oppenheimer
BANKERS
5,000,000
$5=£1
NOTICE
IS
RATjES OF
deposit
on
INVESTMENT SECURITIES
STERLING.
HEREBY
INTEREST
are as
At
3
to
The
Sttonttantt
GIVEN
allowed
that
for
7
the
money
Clermont & Co.
Days'
,
Notice,
5%
Per
BANKERS
Cent.
Company discounts approved bank and
acceptances, receives money on de¬
Certified
CHRISTOPHER
PASLEY
public &ccotmtante
The
R.
GUATEMALA,
National
Discount
Company, Limited
35
Liberty St.,
New York
Capital
$21,166,625
4,233,325
Reserve Fund
MYER, JR.
INTEREST
as
Certified Public Accountant
31
NASSAU
2,500,000
ST., NEW YORK
Telephone Rector 5441
money
on
Deposit
are
from
time
Paid
to
time;
and
fo
i
fixed
specially agreed terms.
Loan
proved negotiable securitie
PHILIP
Hong Kong & Shanghai
HAROLD
CORPORATION
upfC&pit&I (Hong Kong Currency)...$15,000,000
Reserve Fund/In Gold—$15,000,0001
5X% at 7 and 14 days notice.
g.
0
585,000
0
0
1,078,875
0
0
Paid-up Capital
539,437 10
0
Further Liability of Proprietors.
539,437 10
0
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
Banking and Exchange business of every de¬
scription transacted witn Australia.
E. M. J ANION, Manager.
BANKING
per annum at call.
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
Audits, Investigations,
Estate Accounting,
Income Tax Retun
allowed for
follows:
5%
Address: 5 Gracechurch St., E. C. 3.
Head Office: London, E. C. 3.
Authorized Capital
£3,000,000
0
STERLING.)
NOTICE is hereby given that the RATES OF
GEORGE W.
English Scottish and Australian Bank, Ltd.
Reserve Fund
LONDON, E. C.
Paid-up Capital
($5=£1
Cable Address: •'Clerment"
Subscribed Capital
CORNHILL
Subscribed
Central America
NUGENT, Manager.
Cable Address—Natdis London.
55
Settle¬
£3,000,000
£1,500,000
£2,000,000
The Bank conducts every description of banking
and exchange business.
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
&
£750,000
£785,794
Straits
Subscribed Capital
Paid-up Capital
Reserve Fund
mercantile
FEDDE
Ceylon,
NATIONAL BANK OF INDIA Limited
follows:
At Call, 5 Per Cent.
FOREIGN EXCHANGE
Burma,
British East
^Africa and Uganda.
Head Office: 26, Bishopsgate, London, E. C.
Branches
in
India,
Burma,
Ceylon,
Kenya
Colony
and
at
Aden
and
Zanzibar.
Telegraphic Address, Udisoo: London.
Reserve Fund
"Openhym"
India,
Bankers to the Government In
39TCORNHILL,
Capital Authorized & Subscribed $10,000,000
Capital Paid Up
5,000,000
FRANKFORT-o-M., GERMANY
Cable Address
in
ments, Federated Malay States, China, and Mauritius.
New York Agency, R. A. Edlundh, 64 Wall Street
classes of Argentine,
Spanish and
European banking business conducted.
London
Capital Authorized and Subscribed——£1,500,06®
Capital Paid Up
£750,000
de la Loi
BRUSSELS, Belgium
C. 3
Office
15 Gracechurch Street,
Branches
& Reserves
AI
78
and
BUENOS AIRES
Office, 7 Fenchurch
BUSINESS
1879
ROBERT BRUNNER
E. C.
Banker
Banco
BANKING
TRANSACTED.
Wales
Street,
Management and Head Office:
168 Fenchurch Street, E. C.
Lyons
London Office:
18,
—
Central
periods upon
(granted on ap¬
WADE
Manager
$36,000,000
\In Silver. .$21,000,000/
Reserve Liabilities of Proprietors
15,006,000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT,
NEGOTIATB OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN, PHILIPPINES.
TLEMENTS, INDIA.
WADE
GARD'NER.
Agent.
34
8TRA1TS
Wall
SET¬
Street
Sept. 25
VII
CHRONICLE
THE
1920.]
Jforetgn
JForeign
jfareign
NATIONAL
CO.
SPERLING &
Banque Nationale de Credit
London, E. C.
frs.
Public Utility
Surplus
-
Established
under
Egyptian
Law
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
AND
6
270 Branches in France
YORK AGENTS
SPERLING & CO., INC.,
4
in
Branches
AGENCY
WILLIAM ST.,
KING
Rhenish Provinces
the
THE
GENERAL BANKING BUSINESS
NATIONAL PROVINCIAL AND
UNION BANK BF EN6LANB
COMMERCIALE 1TALLANA
BANCA
7
LONDON, E. C., 4, ENGLAND.
BROADWAY.
120
.£1,663,270
Fund
LONDON
PARIS
NEW
Limited
Office MILAN
Head
Reserve Funds
($5—£1.)
,..$31,200,000
$11,640,000
Paid-up Capital.
.
165
YORK,
NEW
IN
Swiss BankCorporation
BROADWAY
BROAD STREET, E.C.
London Office, 1 OLD
Manager: E. Console.
London Office of the
State Railways, 12 Waterloo Place
West End Agency and
Italian
-
Italian Treasury.
with
l'Amerique du Sud.
Rio de Janeiro, San Paulo,
Societa
Commerciale
d'Oriente, Tripoli.
Ayres,
Capital paid up,
.
.
Surplus,
Deposits,
....
$24,000,000
$6,600,000
$190,000,000
&c.
Santos,
Office:
numerous
Offices in
Wales
England
ROTTERDAMSCHE
BANKVEREENIGING
principal points in the Kingdom
Buenos
$36,195,205
43 Lothbury, E. C. 2
West End Branch....llcRegent Street
Waterloo Place S. W. 1
"Representatives in New York and Agents
In Italy" of the Banque Francaise et Italienne
Pour
$39,034,320
-
15, Bishopsgate, London, England,
La Chaux-de-Fonds, Neuchatel
London Offloo,
-
Head
Basle, Zurich, St Gall, Geneva, Lausanne,
and
Italy, at all the
54 Branches in
>
RESERVE FUND
S. W.
Correspondents to the
$199,671,600
SUBSCRIBED CAPITAL
PAID-UP CAPITAL
AGENCY
Regent St.,
£3,000,000
Capital, fully paid
Reserve
Office:
Head
Hydro-Electric Companies
62,000,000
•
Office—Cairo.
Head
Lfrs.2,600,000,000
Deposits...
and
300,000,000
frs.
Capital
FOR
FISCAL AGENTS
EGYPT
of
Moorgate St.
Basildon House,
BANK
Amsterdam
Rotterdam
The Hague
CAPITAL AND
RESERVE FUND....F.105,000,000
COLLECTIONS
STANDARD BANK OF SOUTH AFRICA,
HEAD OFFICE,
$50,000,000
$31,250,000
Fund—418,812,600
$306,125,415
Capital
Authorized
Subscribed Capital
Paid-up Capital &
Total
Over
Reserve
Resources-
and Agencies throughout
Branches
350
Ltd
LONDON, E. C.
Union De Banques
Also
1863
Toggenburger Bank est.
Wail
St.,
ZURICH
St. Gall,
New South
throughout Australasia.
and many
more
Arnold Gilissen &
branches
80-81
Every Description of Banking Business
Foreign Exchange, Documentary
"
RESERVES
NESS TRANSACTED.
of SOUTH AFRICA,
Ltd.
in Africa
Over 500 Branches
Negotiated and Collected
Drafts and Letters
FOREIGN
The NATIONAL BANK
Frs. 52,600,000
DESCRIPTION of BAN KIN Q BUSI
of Credit Issued.
Exceed
Reserves
-
-
$450,000,000 00
Telegraphic Transfers Effected.
Booking and Travel Department.
Offers to American
merce
banks and bankers Its superior
extension of trade and com¬
facilities for the
SUISSE
Established
between this country
STOCKRBOKERS
Funds
New York Agency
E.
R.
-
-
frs.
30,000,000
10 Wall St.
SAUNDERS, Agent.
Incorporated by Royal Charter,
HEAD
OFFICE
Rest and
$5—^1
Authorized Capital
$10,000,000
Subscribed Capital
7,250,000
Capital (Paid Up)
2,9°°.000
Surplus and Undivided Profits—
1,295,669
Branches throughout Egypt, Morocco,
West Africa and the Canary Islands.
Head Office, 17 & 18 Leadenhall St., London, E. C.
Manchester Office,
106-i08 Portland Street
Liverpool Office, 25 Water Street
R. R. APPLEBY. Agent, 6 Wall Street, New York
Head Office
-
Cashier and
Frauenfeld,
Geneva, Glaris, Kreuzh'ngen, Lugano,
Lucerne, Neuchatel, St. Gall.
Branches at Basle, Berne,
.....
-
BUSINESS.
Foreign Exchange
Documentary Business,
Letters of Credit
•
Manager:
£2,000,000
Country.
Also
at
Head
„
.
Alexandria, Cairo, &c„ in Egy t
Office: Basildon House,
Moorgate Street,
LONDON, E. C. 2.
,
_
—£35,548,823 THE COMMERCIAL BANK OF SCOTLAND, Ltd
3 Bishopsgate,
Wm. Wallace.
•
Glasgow Office
Agent: Thomas
172 Branches
BANKING
1727.
St. Andrew Square, Edinburgh
General Manager: A. K. Wright.
London Office
Bank, Limited
Incorporated by Royal Charter.
every
banking facility for transaction
with Greece, where it has been established for
80
years,
and has Branches throughout the
£1,082,276
Undivided Profits
Deposits.. ....
AFRICA, LTD
Offers
Royal Bank of Scotland
Paid-up Capital..................
Zurich, Switzerland
EXCHANGE
and Africa.
1856
Capital paid up_.frs, 100,000,000
GENERAL
1871
BANK OF BRITISH WEST
Ionian
CREDIT
Reserve
THE HAGUE
Established
BANKERS AND
Capital Paid up andl
Reserve Fund
j
Bills of Exchange
Achilles-Amsterdam
(Switzerland)
Founded 1755
EVERY
Cable Address :
ROTTERDAM
15,000,000
LIMITED
Co
Damrak
AMSTERDAM
Credits.
Frs.70,000,000
CAPITAL PAID UP
and CO.'S BANK,
OF
SHARES
Winterthur, Basle, Geneve,
York
New
representing The Bank of
ZURICH
FOREIGN EXCHANGE
PURCHASE AND SALE
STOCKS AND
MACINTYRE, Agent
Wales with branches
LEU
1862
Lausanne
H.
68
Suisses
Formerly Bank in Winterthur est.
South Africa.
W.
LETTERS OF CREDIT
E. C.2
Exchange Square
Lillie.
Throughout Scotland.
Every Description o
British, Colonial and
Foreign Banking Business Transacted.
Correspondence Invited.
Established 1810
Head
Office—EDINBURGH
Capital (Subscribed)
Paid up—
-
£5,500,009
"
of £20 each £5 paid..£1,250,000
500,000 "B * shares of £1 each fully pald..£ 500,009
250,000 "A" shares
$1,750,009
£1,000,000
Deposits
£36,071,162
Mgr. MAGNUS IRVINE, Sec.
London Office—62 Lombard Street, E.C.
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. Bans
Reserve
ALEX. ROBB, Gen.
CHRONICLE
THE
VIII
JBattfcera anb
ST.
[VOL. 111.
(^utetfce J^eto gorft
CHICAGO
LOUIS
CHICAGO
BS&BBS0BB8BB9BB8BBCS
A. G. Edwards & Sons
IHCOO.POO.ATED
208
New York Stock Exchange
Bonds
38
St.
CHICAGO
Wall St.
NEW
ST. LOUIS
La Salle Street
So.
St. Louis Stock Exchange
Olive
iTl'lKT'Tilii 'I!'
Investment
Members
410
^
hldcnodildcn
YORK
Prompt, personal attention to
all
foreign exchange transac¬
tions
through
direct connec¬
abroad.
tions
SCOTT
MUNICIPAL
GREAT LAKES TRUST COMPANY
CORPORATION
BONDS
& STITT
INVESTMENT BONDS
111
Chicago, Illinois
W.
Monroe St.
CHICAGO
INDUSTRIAL
Capital and Surplus $3,600,000
PREFERRED STOCKS
Greenebaum Sons
Lorenzo E. Anderson & Company
310
N.
8th
Louis
St., St.
Rank
New York Stock Exchange
'
New York Cotton Exchange
Members Chicago Board of Trade
Exchange
|IMBER(Q,
$2,000,000
TIMBER BONDS
based always upon
6% CHICAGO FIRST MORTGAGE BONDS
expert verification
BANKING
GENERAL
Capital
Suitable
St. Louis Cotton Exchange
and Surplus,
for
iSt. Louis Stock Exchange
Herndon Smith
IACEY
and Trust Company
/*%
Southeast Corner La Salle and Madison Sts.
Municipal and Corporation Bonds
St. Louis Merchants
JAMES D. rTT-7
Trustees
Estates.
and
<of underlyingassetc
Individuals
csmmtsmm mamsmsmmma
Write for Bond Circular C 25.
Charles W. Moore
Oldest Banking House in Chicago.
A State Bank
332
so. Michigan A v.. Chicago
William H. Burg
SMITH, MOORE & CO.
A. O.
Slaughter & Co.
INVESTMENT BONDS
CINCINNATI
Members
New York Stock Exchange
509
OLIVE ST.,
ST.
ST. LOUIS, MISSOURI
LOUIS SERVICE
$250,000.00
Chicago Stock Exchange
Chicago Board of Trade
110 WEST MONROE
AKRON, OHIO
STREET
5H%
CHICAGO, ILL.
SCHOOL
Due 1922 to
MARK C. STEINBERG & CO.
Members
New
Members
St. Louis
300 N.
Assessed valuation
York
Stock
Stock
Broadway
Exchange
Exchange
Net
Powell, Garard & Co,
Members St. Louis Stock Exchange
&
South
39
Population 200,000.
La
Savings
Bank & Trust Co.
Bond Department
department
CINCINNATI, OHIO
Salle Street
Chicago
CO.
New York
Philadelphia
St.
Louis
CHANNER & SAWYER
Investment Securities
509
$279,300,700
5.896.000
debt
1
The Provident
ST. LOUIS
INVESTMENT SECURITIES
STIX
BONDS
1936, to yield 5J<£%.
FINANCIAL STATEMENT.
INVESTMENT SECURITIES
OLIVE
ST.
ST.
LOUIS
Municipal and
r)^ ai nC
Union
t3U IN L/O
Corporation
SPRINGFIELD,
Matheny, Dixon, Cole & Co.
SHAPKER, WALLER
134 SOUTH
Ridgely-Farmers Bank Bldg.,
LA
SALLE
&
CO
Bldg.,
OHIO
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
STREET
DEALERS
CHICAGO
SPRINGFIELD. ILLINOIS.
Trust
CINCINNATI.
ILL.
IN
INVESTMENT SECURITIES
WE WILL BUY
Springfield (Illinois) Pleasure Drive¬
& Park District 4s
way
TAYLOR, EWART & CO.
IRWIN, BALLMANN &CO.
328-330-332 Walnut
INVESTMENT BANKERS
105 South
St.
CINCINNATI. OHIO
La
Salle
Street
BUFFALO
CHICAGO
SIocum,Eckardt & Company
Municipal, Railroad and Public
EDGAR
FRIEDLANDER
Utility Bonds
DEALER
INVESTMENTS
Cincinnati
CINCINNATI
420
Ellicott
Square
BUFFALO, N. Y.
TOLEDO
curities,
BUFFALO, N. Y.
Government,
and
Municipa
Corporation
SPECIALISTS
Buffalo and
Western
Convertible
Se¬
Note
Issues, Bonds, Bank Shares,
Unlisted
41
South
TUCKER,ROBISON &CO.
Securities.
La
Salle
Successors
St.
David
CHICAGO
Robison
to
Jr.
&
Bankers—Established
Sons
1876.
Municipal, Railroad and Corporation Bonds
Bonds
IN
New York Securities
O HII O
v
John Burnham & Co.
High Grade Investment
JOHN T. STEELE
IN
Securities
Toledo and
F. WM. KRAFT,
Lawyer
Gardner
Ohio Securities
Building,
TOLEDO, OHIO
Specializing in Examination & Preparation of
IRVING
T.
LESSER
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
STOCKS AND BONDS
475 Ellicott Square
BUFFALO, N. Y.
Rooms 517-520, 111 W. Monroe
St.,
Harris Trust Building
CHICAGO,
ILLINOIS
Graves, Blanche! & Thornburgh
MUNICIPAL BONDS
GARDNER
BUILDING
TOLEDO, OHIO
Sept. 25
IX
CHRONICLE
THE
1920.]
Ranker* anb brokers <9utetbe Meto
Securities of
Inquiries Solicited in All Markets.
Stocks
Carried on Conservative Margins
Charles A. Pa reel Is & Co.
INVESTMENT SECURITIES
310
Eberhardt & Co.
DETROIT. MICH.
Congress Bldg.
& Company
A. J. Hood
(Established 20 Years)
Members Detroit Stock Exchange
MICHIGAN SECURITIES
Stocks, Bonds, Grain
BOUGHT—SOLD—QUOTED
Richard Brand Company
and Provisions
Exchange
Members New York Stock
Pittsburgh Stock Exchange
Members
Chicago
Members
A.
MASTEN &, CO.
E.
GORDON, FORTIER & CO.
Pittsburgh, Pa.
Branch
inquiries
Bldg., Detroit-
Building
Dime Bank
1613,
Suite
WHITTLESEY, McLEAN & CQ.
Telephone Cadillac 5050
MICHIGAN
DETROIT
Bonds
Municipal Bonds Corporation
Preferred Stocks
Building
W. A.
HAMLIN & CO.
Members Detroit
F. N. Boyle
1721-3 Dime Bank
Office:
National Bank of West Virginia
Wheeling. W. Va.
Securities
Detroit
Specializing
Investment Securities
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
323 Fourth Ave.,
DETROIT
BUILDING
We invite your
Members New York Stock Exchange
Boston Stock Exchange
Pittsburgh Stock Exchange
>
Bonds
Specialize in Michigan Stocks and
PENOBSCOT
Trade
of
Board
DETROIT, MICH.
PENOBSCOT BUILDING,
PITTSBURGH
BUILDING,
OLIVER
Members of Detroit Stock Exchange
Pittsburgh District
Pennsylvania Municipal Bonds
Geo. W.
Co.
Exchange
Members Detroit Stock
INVESTMENT BANKERS
PITTSBURGH
MICHIGAN
$$ooba, §>toan & (Ebtoatbg
LYON, SINGER &, CO.
Commonwealth Bldg.,
gorfc
MICHIGAN
PITTSBURGH
Stock Exchange
Active Members of Detroit
DETROIT
2054-56-58 Penobscot Bldg.,
Stock Exchange
& Company, Int.
Motor Stocks,
Public Utilities & Oils
MATTERS FINANCIAL
DETROIT, MICH.
Penobscot Bldg.,
1010
Union
Motor
Stocks
and
Pittsburgh, Pa.
Arcade
All
DANSARD-HULL-BUMPUS COMPANY
INVESTMENT SECURITIES
W. Carson Dick & Company
47
Michigan Securities
Burdick-Thomas Company
Members Detroit Stock
256-262
Congress St., West
Exchange
Penobscot Bldg.
MICHIGAN
DETROIT
DETROIT
INVESTMENT BONDS
Members Detroit Stock
FENTON, C0RRIGAN & BOYLE
PITTSBURGH, PA.
KANSAS
Exchange
BUILDING
UNION ARCADE
390-395
Investment
CITY
Inc.,
KAY & CO.
Bankers
INVESTMENT BANKERS
Grand Rapids
Detroit
Chicago
STREET & COMPANY
entire issues
Industrial and Public Utility securities
Underwrite and distribute
of
Municipal & Corporate Bonds
Penobscot Bldg.
!
DETROIT, MICH.
Exchange
Members Detroit Stock
Local Securities
MUNICIPAL BONDS
67
INDIANAPOLIS
Fletcher Americas Company
Joel Stockard & Co.,
Capital
-
Security.
Indianapolis or lnaiana
Members Detroit Stock
Penobscot Bldg.
-
Furnished.
INVESTMENT BANKERS
UNION TRUST
A. W. Wallace
DETROIT, MICH
Exchange
& Company
INVESTMENT BANKERS
'
Securities
Penobscot Bldg.
BREED, ELLIOTT & HARRISON
BLDG.
Members Detroit Stock
Cherry 2600
-
CLAUDE MEEKER
Investment
1893
Exchange
DETROIT
COLUMBUS
Statistical Injormation
Established
Municipal, Government &
Corporation Bonds
for bids or offerings on any
us
Inc.,
INVESTMENT BANKERS
$1,500,000
COMPANY
GEORGE M. WEST &
DETROIT
GRISWOLD ST.
INDIANAPOLIS
Write
CO.
&
HIGBIE
KEANE,
Missouri
City
Kansas
Specialist in Cities Service
Issues
DETROIT, MICH.
Tel. Cherry 2800
INDIANAPOLIS
Detroit
Cincinnati
Investment
Chicago
Milwaukee
Securities
71
NEW
Broadway,
Municipal Bonds
Indiana Corporation
COLUMBUS, O.
St.,
8 East Broad
NEWARK,
YORK CITY
N. J.
CONSERVATIVE
Securities
F.
C. ANGER &
INVESTMENT SECURITIES
List upon
The Union Trust Company
BOND
F. M.
DEPARTMENT
INDIANAPOLIS
Indianapolis Bank Stocks
Local Public Utility Bonds
Indiana Municipal Bonds
request
CHADBOURNE & CO,
44
Stocks
INDIANAPOLIS
LAWSON
INVESTMENT SECURITIES
Local Securities and
Bldg.,
HARRIS, SMALL &
INVESTMENT SECURITIES
NEWTON TODD
415 Lemcke
Building
DETROIT, MICH.
LOUISVILLE
JOHNSTON & COMPANY
Corporation Bonds and
1252-54 Penobscot
FIREMEN'S INSURANCE BUILDING
NEWARK, N. J.
Bought and Sold
Indiana
CO.
Investments
Paul
Jones
Bldg.
LOUISVILLE, KY.
CONGRESS ST., W.
DETROIT
X
THE
CHRONICLE
[VOL. 111.
JJanfcettf and JSrofeers ©utsibc i?eto gorft
PAC|FlCCOAST
PACIFIC
Howard Throckmorton
COAST
DENVER
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher, Porter
BONDS
of MUNICIPALITIES
{Government
Municipal
Corporation
&
AND
Company
CORPORATIONS
INVESTMENT BANKERS
having substantial assets
San" Francisco
v;
and
Alaska Commercial Building
earning
power.
DENVER
Quotations
and
Information
Pacific Coast
fvrni^ed
on
Securities
LOS ANGELES
Established 1853
SUTRO
&
SAN
FRANCISCO
PASADENA
WESTERN
CO.
INVESTMENT BROKERS
San
410
Francisco
COLORADO
WILLIAM R. STAATS CO,
SECURITIES
Sugar Stocks
a
Specialty
Members
Montgomery St.
San Francisco Stock
and Bond
GREGG, WHITEHEAD & CO.
Exchange
F. M. BROWN & CO.
BlgQ^Qhorn-HoQter-Paliii
Company
Investment Bankers *
DENVER
1
"
111
1
1
n ■
■■
"
DEALERS IN
PORTLAND, ORE.
Municipal and Corporation
MUNICIPAL
BONDS
313-315
SAN
First National
CORPORATION
AND DISTRICT
Bank
Building
BONDS
FRANCISCO, CALIFORNIA
MORRIS BROTHERS, Inc.
THE
PREMIER MUNICIPAL
CAPITAL ONE
Government
LOS
California Securities
ANGELES
SAN
and
Established
PASADENA
SAN
Company
Los Angeles,
DIEGO
We specialize in California
California
Municipal
Imm r >
iJIWT
Municipal
Morris Building
&
Corporation
PORTLAND, OREGON
.
SEATTLE, WASH.
INVESTMENT BONDS
DRAKE, RILEY & THOMAS
Van Nuyi Building
Local and Pacific Coast Securities
LEWIS
BUILDING
PORTLAND, OREGON
LOS ANGELES
STOCKS-BONDS-NOTES
DULUTH, MINN.
Private Wires^Coast
BUILDING,
-
HALL & COMPANY
CLEVELAND
BANGOR
Bond*
Quarter Century
over a
BONDS
ESTABLISHED I»I2
The Gondling-Jones Company
HOUSE
DOLLARS
FRANCISCO
No. 3, Central Building
Aronson and
BOND
MILLION
to
Coast
CorrespondentsILogan and Bryan
CLEVELAND
MINNESOTA
SECURITIES
A. H. Woollacott & Co.
Railroad, Municipal and
Stocks, Bonds, Grain, Cotton
OTIS & COMPANY
Corporation Bonds
228-262 I. W. Hellraan
Investment Bankers
LOS
Members of New York,
Cleveland, Chicago,
Detroit and Columbus Stock
Exchanges,
New York Cotton
Building
W. M. Prindle & Company
ANGELES
Duluth, Minnesota
'
Exchange,
Chicago Board of Trade.
.«••-
CLEVELAND
Boston
Detroit
Columbus
Toledo
Denver
Youngstown
Stocks
Cincinnati
Akron
Colorado Springs
Bonds
SHORT
Acceptances
TERM
TORRANCE, MARSHALL & CO.
■IMNKAPOLIf
/ZmSSSts
California Securities
LOS ANGELES
CALIFORNIA
NOTES
St€vens^>-@o.
ESTABLISHED
1Q1 O
TTUNTCIRAL. RAILROAD
A. E. LEWIS
RITTER COMMERCIAL TRUST
Corporation
CLEVELAND
Niagara Life Bldg.
Security Bids.
Los
Angeles, Cal.
KLIPPEL-WASHBURN- BERKLEY CO. R. H. MOULTON & COMPANY
2nd Floor National
CALIFORNIA MUNICIPALS
Title Insurance Building,
City Bldg.
American
CLEVELAND, O.
Dayton
Listed
Warren
-
Nat'l
Bank
LOS ANGELES
A
Bldg.*
San
Inactive
Pacific Coast Securities
Stocks & Bonds
Member
San
Francisco Stock and Bond Exchange
Mills Building
SAN FRANCISCO
ALBERT FOYER
Leader
News
Bldg.
CLEVELAND,
WE WILL
BUY
Minnesota & Ontario Pow. 1st
Powell
River
Company
1st
Red
River Lumber Co. 1st
Minneapolis St. Ry. Extended
WELLS-DICKEY COMPANY,
NORFOLK,
MAX I. KOSHLAND
-
ST. PAUL
6s
64
Bt
7s
Minneapolis
Francisco
Bucyrus
Unlisted
COMMERCIAL PAPER/
BONDS of the PACIFIC COAST
THE
INVESTMENT SECURITIES
i
CORPORATION BONDS
J:
MINNEAPOLIS
BUFFALO
690 Euclid Ave.
& CO.
Municipal, Public Utility, Railroad and
Unincorporated
VA.
MOTTU & CO.
Established 1892
NORFOLK, VA.
NEW
60
YORK
Broadway
INVESTMENTS
Q.
TEXAS
Hunter Glover &
Company
CHAPMAN DE WOLFE CO.
351-353
Investment
Bonds
SAN
and
Stocks
Short Term Notes
Montgomery
FRANCISCO,
Stacks
Information
and
a
DUNN & CARR
Street,
CALIF.
ad B onds
Quotations
on
all
Investment Securities
Pacific
Coast Securities
CLEVELAND
Members San Francisco Stock & Bond
Exchange
Union
HOUSTON,
Nat.
-
Bank
-
...
Bldg.
-
TEXAS
Sept. 25
XI
CHRONICLE
THE
1920.]
^Bankers anb Probers ©utsibe Mtio gorb
& COMPANY
MARX
PHILADELPHIA
PHILADELPHIA
ALABAMA
STOCKS
BONDS
SHORT-TERM NOTES
BANKERS
Graham. Parsons & Co.
III
US CHESTNUT ST
-
ALA.
•
-
& Co.
Parsly Bros.
Municipal and
Southern
CHESTNUT STREET
1421
V
PHILADELPHIA
Deal
and Purchase
in
Issues of
CHATTANOOGA
MEMBERS
PHILADELPHIA STOCK
EXCHAN.I
MUNICIPAL BONDS,
BONDS, NOTES AND PREFERRED
& CO.
LEWIS BURKE
STOCKS
of
1865.
Established
-
YOttl
Investment Securities
BANKERS
Corporation Bonds
BROADWAY
NEW
PHILADELPHIA
BIRMINGHAM,
RAILROADS,
LOCAL AND SOUTHERN
INDUSTRIAL
AND
UTILITIES
CORPORATIONS
of
SECURITIES
ESTABLISHED VALUE
BANKERS
CHATTANOOGA
James Building
410
Chestnut
Philadelphia
St.
Cable Address
"Grace," Philadelphia
Government,
MACON
Municipal, Railroad and
Public Utility
W. M. DAVIS & COMPANY
1embers New
Securities
York and Philadelphia
Stock Exchanges.
em.€iarks0o.
Southern Municipal Bonds
AND
BANKERS
MILWAUKEE
Guaranteed Stocks
Chestnut
321
GEORGIA
MACON
RICKER
EDGAR,
East
Water
Streets
Mason
and
CO.
&,
Philadelphia
Established 1837
MILWAUKEE, WIS.
SPARTANBURG,
St.,
S. C.
Specializing
Members New York and Philadelphia
LAW & CO., Inc.
A. M.
WISCONSIN CORPORATION
ISSUES
Stock Exchanges
DEALERS IN
Stocks
and Bonds
Southern Textiles
a
Specialty
Financing of Milwaukee
SPARTANBURG, S. C.
lembers
and Wisconsin Industries.
MONTGOMERY
Philadelphia Stock Exchange
INVESTMENT BANKERS
Investment Securities
Building
PHILADELPHIA
SECURITIES
INVESTMENT
SOUTHERN
Land Title
Strassburger
B. W.
Bought and Sold.
Telephone Canal 4845
New York
Wtntommsrv. Aim
First Wisconsin Company
,000 CITY OF NEW CASTLE, PA., School
5>^s, maturing 1935 to 1938. To return 5-15%
Investment Securities
WISCONSIN
MILWAUKEE
$550,000 COUNTY OF BUTLER,!PA.'Road
Imp. 6J^s, maturing Sept. 1,1927 to|1944Uncl.,
optional after Sept. 1, 1935.
To return 5.20%
to 5.15%, after opt. period to return 5.50%.
M. M. FREEMAN &
CO.
Philadelphia
421 Chestnut Street
Telephone, Lombard
710
Interest is Growing
in Canadian Pulp
and
Paper
Second Ward Securities Co.
Canada has two things
that the rest of the
Frederick Peirce
Second Ward Savings Bank Bldg.
^
world
BONDS
FOR
MILWAUKEE
108
pulp and paper.
You know perhaps that :
Canadian pulp and pa- T.
8hares have risen
phenomenally ux value
during
the past lew
months.
This advance
per
is a
sound
So.
Salle St.
La
j
1431
-
Wisconsin
Municipals
and
ties
financed.
they rank
q Their securities
preferred
offered to investors.
F.ta&Co.
and common shares.
We can offer you
Investment
and Debentures
to yield American
Investors from 6to 9%.
%
n»»r
*«£»&•
WATIO-M.
Middle West
Securities
V
J
MilwaukelWI*
Utilities Co.
terprises
write for our
edition of Investment
We suggest you
current
Recommendations*
in
growing communi¬
operated and
High Grade Investments
of pulp and
Bonds and De¬
sound Bonds
of established
Canadian pulp and pap# r en¬
Philadelphia
Utilities
Public
'
qualities
bentures, for
Street,
Specialists in
.
investment
senior to both
Chestnut
CHICAGO
good indication of
the
paper
MENT
They are
must have
is
INVEST¬
& Co.
Underwriters and Specialists in
Wisconsin Issues
Write
our
Suite No.
West
72
Trading Department.
1500
Adams
St#
CHICAGO, ILLINOIS
agency or
Over
Royal Securities
CORPORATION
NATIONAL
(CANADA)
Tel.
FOR
Banks in
SAFETY
PAPER
THEIR CHECKS
Corporation Bonds
New York
Cortlandt 3234-5 -6
Of
NewYork c.ty uge
limited
165 Broadway
QflCrf
20
Broad Street
-
New York^
nOKE IECTM 8140—CABLE ABfilESS
Llst
<
"ORIENTMEir*
gives current eflerings,
George La Monte & Son
61
Broadway
New York
XII
THE
CHRONICLE
[VOL. 111.
jfinattdal
We
own
and
jftttatmal
offer
8% and Better
$50,000
CITY OF YUMA, ARIZONA, 6% CITY HALL BONDS
Dated July 2, 1920.
valuation, estimated..
Assessed valuation, 1919
Total bonded debt, including this
issue.
Bonds
For Nine
Establish your future investment
$8,000,000
3,469,747
99,500
return
payable by direct ad valorem taxes
upon all the taxable
property situated in the city.
Shaffer Oil &
Sinking Fund Notes
Securities
17th and California
Streets,
H.
Kentucky Coal
1st
Denver, Colorado
-
Refining Co.
7% Convertible
Bosworth, Chanute & Company
Investment
West
now.
are
Price, 95.79 and interest, to yield 6.37%
...
Years
Due July 2, 1940, without prior option.
Actual
backed by
strong assets and
earnings, yield 8%, and carry
privileges of unusual value.
are
Ask for Circular CC-34.
;•
Mountague Vickers
5s, 1935
BONDS
New York Gas Lt., Ht. & Pr.
4s,
1949
Tel. Han. 6570
H.ALByllesby & Co.
Incorporated
49 Wall St.
New\brk
Kings County Elev. RR.
4s,
111
1949
GUARANTEED STOCKS
Providence
Columbus & 9th Ave. RR.
5s,
Chicado
203 S.LaSalle St
Broadway
Boston
30 State Street:
lOV&ybossef St
1993
National City Bank Rights
L.TRONSON
THEODORE
& CO.
Member8 New York Stock Exchange
10 Wall
St., N. Y.
Mortgage Bond Co.
345 Fourth Ave.,
Tel. Rector 7580
FRANK J.
71
Broadway
Tel. 6460
AUGUSTA
W^VWVI<'>MWVVVVVVVWAI'W
-
GLOVER & MACGREGOR
Savannah Sugar Co.
M.
DILLON
NEW YORK, N. Y.
Bowling Green
•
JOHN W. DICKEY
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec.
5s, 1934
West Penn System Securities
Gulf Oil Corporation 6s
Am. Fruit Growers 7s
Pennsylvania Tax Free
Bonds
Augusta, Ga.
PAUL & CO.
Southern Securities
{embers
Established
1886.
Philadelphia Stock Exchange
1421
We
PHILADELPHIA
Illinois
WM. E. BUSH & CO.
New Jersey
Augusta, Ga.
SOUTHERN
on
Buy
Central RR.
Security 4s, 1952
Municipal Bonds
Descriptive List
SECURITIES
Wish to
Chestnut Street
Request
COTTON MILL STOCKS
J.S. RIPPEL &, COMPANY
18 CLINTON STREET
Hartshorne & Battelle
MEWARK, N. J.
25 Broad
St.
Tel.
NEW
CENTRAL NEW YORK
SECURITIES
.
_
%
bought and f sold for leash,
fen
conservative
teb.
^ =.
FINCH
120
Investment
Bankers
UTICA, N. Y.
or
carried
on
terms.
For Sale
Inactive and unlisted securities.
Inquiries invited.
100 shares
Bought—Sold—Quoted
Mohawk Valley Investment Corp.
7740
STOCKS AND BONDS
^
■
Broad
YORK
&, TARBELL
Members New York Stock
Exchange
BROADWAY,
NEW
Fidelity Trust Co. of Newark
YORK
ALFRED F.INGOLD&CO.
Michigan Central Debs. 1929
Pere Marquette 1st 4s, 1956
74
Broadway, N. Y.
Rector 3991
Chic. N. W. Gen.
S^s, 1987
F.
Montgomery Bros.
Telephone
R. Lancaster Williams & Co., Inc.
Broad
15
3063
William St.,
New
E.
MAGRAW
MUNICIPAL AND CORPORATION
York
BONDS
Commercial Paper
INVESTMENT SECURITIES
.
BALTIMORE
.
.
.
.
Local Securities of the Twin Cities
Specializing in
Globe Building
Russian Govt. Bonds
Equitable Building,
and
MARYLAND
ST. PAUL, MINN.
Currency
Foreign Govt. Securities
PROCTER & GAMBLE CO.
CHAS.
F.
Tel. 5810 Rector.
HALL
&
CO.
20 Broad St., N. Y.
INDIAN REFINING CO.
Westheimer &
York
GRADE
Cincinnati
Chicago
Baltimore
Board
Stock
of
Trade
embers
137
vate
La
Salle
Street
Exchange Building
PHILADELPHIA
D
South
CHICAGO
Philadelphia Stock Exchange
Stock
CINCINNATI, OHIO
SECURITIES.
Boenning, Garrison & Co.
Exchange
BALTIMORE, MD.
INVESTMENT SECURITIES
PENNSYLVANIA
TAX-FREE
Stock
Exchange
Stock Exchange
COMMERCIAL PAPER
WE WISH TO BUY HIGH-
Company
Members of the
New
A. G. Becker & Co.
Telephone to Berdell Bros., N,%Y
NEW
YORK
ST. LOUIS
SAN FRANCISCO
SEATTLE
LOS ANGELES
SEPT. 25
1920.]
THE
CHRONICLE
XIII
Current $otib inquiries.
Amer. Water Works & El. 5s 1931
Chicago & E. 111. Refd. 4s Ctfs.
Butler Water Wks 5s, 1927
&
Firestone
Duluth St. Ry.
Goodyear T. & R. Com. & Pfd.
Gen'l 5s, 1930
Tire
Com.
&
Pfd.
Pacific Gas
Mo. Kans. & Tex. of Tex. 5s, 1942
Paige Detroit Com. & Pref.
Packard Common & Preferred
Ohio
Laughlin 5s, 1939
Cities Gas 7s
United
Light 7s, 1929
Morris & Co.,
Detroit Edison Co. Stock
Hartford Electric 7s, 1930
City of New Castle Water 5s, '32
Laclede Gas
Burroughs Add. Mach. Stock
Citizens Gas & Electric 6s, 1931
Caddo Cent. Oil & Ref. 6s, 1930
Jones
American Light & Traction
Chic. Milw. & St. P. Gen'l 4s, 1989
Consolidated Rendering 5s, 1941
Beth. Steel Nav. 7s, 1935
Sherwin
Light & Rys. 5s, 1932
Woodward Iron 5s, 1952
&
Electric
Williams
Pfd.
Steel & Tube of America,
Pfd.
7V£s, 1930
Merrill, Lynch & Co.
Retsof Mining Co. 5s, 1925
St. Louis & Cairo 4s, 1931
120
Broadway, New York
Telephone 6070 Rector
Seaboard Air Line 6s, 1945
Private toires to
Traders Telephone 7683 Rector
Chicago, Detroit, Cleveland,
Youngstovm, Orand Rapids and Lansing.
Simmons Hardware 7s, 1925
Southwestern Bell
7s, 1925
Warren Water Co. 5s, 1927
West Penn Power 6s,
1958
Babcock & Wilcox
Kelly-Springfield
Bought—Sold—Quoted
42 Brood Street
mCMO
DETROIT
Garland
Rights
Morton LacheiibtizclL & Cot
Steamship
BOUGHT AND SOLD
PITTSBURGH
PHILADELPHIA
Specialists in all Tobacco Securities
Instantaneous communication between
their intercon nection by private wires.
Bristol ^ Bauer
C. C. Kerr & Co.
offices is made possible through
our
2
Rector St.,
l2o KfoddTOcxy, NY Phone-. Hector 4594
Phone 6780 Rector
N. Y.
Foreign Securities
Foreign Currency
Foreign Cheques
Central
NOBLE & CORWIN
25
New
Broad St.
CO.
Securities
Investment
43
'Phone 8300 Hanover
Exchange Place
Chase
York
1943
1989
National Bank
Equitable Trust
Prince
~
Circular
on
Eastman
BROADWAY. NEW YORK
Telephone: Rector 7350
4embers ofNew York Stock Exchange
Kodak
New Jersey
Common
52
Zinc
Railroad
Y. Stock Exchange
Tel. Broad 6323
Broadway
wires
Private
Bond
& Whitely
Members N.
to
Philadelphia,
Baltimore, Richmond,
Telephone 1111 Broad
requed.
SUTRO BROS. &CO.
1947
Louis Southwestern 1st 4s,
Niles-Bement Common
Liberty Bonds"
4s,
Richmond-Washington Co. 4s,
St.
Bank
National Surety
"Opportunities in
5s, 1940
1st
Louisv.
Norfolk & Western issues
Trust
National
Citizen
&
Chicago St. Paul M. & O. deb. 5s,1930
Bought and Sold
DUNHAM &
Ind.
Chicago
Bankers
& East.
Ark.
Theodore C. Corwin
Mark A. Noble
Public
Dept.
120
Boston,
New Haven
Utility Dept*
1945
N. Y. Penna. & Ohio 4j^s, 1935
St. Louis & Cairo 4s, 1931
Florida Cent. Penin. 5s, 1943-30
Amer.
Louisiana & Arkansas 5s, 1927
Duquesne Lighting 6s, 1949
Dayton Lighting 5s, 1937
Great Northern Power 5s, 1935
Seaboard Air Line 6s,
4^s, 1940
Mob. & Ohio 1st 68 & ext. 6s,
British Empire
Steel
Shares
Canadian, Cuban
and other
Consol.
& Pittsburg 4s, 1991
Joplin Union Depot
Mississippi River Power 5s, 1951
Ohio Cities Gas 7s, 1925
Northern States Power 5s, 1941
United Light & Rys. 5s, 1932
Denver Gas & Elec. 5s, 1949 &
5s
Industrial
Dept.
Stock
Securities
National Lead Preferred
Grace Steamship 6s
Paul
6s,1939
Consolidation Coal 43^s, 5s & 6s
Norwalk Steel 4^8, 1929
D.
Canadian Car & Foundry
Monon
Coal 5s,
120
Broadway
New York
Telephone Rector 6834
Rocky ffitn.
Dominion
Utica Knitting
|
'
Inland Empire Paper
Standard
Bank Rights
All
Important Foreign
Capital*
Toronto
Oil
Dept
California
Bank
O.
of
O.
of
Indiana
S.
First National Bank
O.
of
New York
Vacuum
Oil
CARRUTHERS, PELL &
PRIVATE WIRES
Montreal
Co.
Tank
S.
Irving National Bank
Importers & Traders Nat'l
Union
S.
Seaboard National Bank
CORRESPONDENTS
& Com.
Utica Chenango & Susq. Valley
Commercial Acid Preferred
1933
Dept.
National City
Mills Pfd.
Mutual Drug Pfd.
Coal & Iron, 1951
Glass 6s,
Bank Stock
Corrugated Bar
1971
(Bond Scrip)
Wayne Coal 6s, 1937
Delaney
L. & Western Coal
Worcester Salt
1936
Auto Sales Gum & Choc. 6s,
Kuczynski & Co.
'51
Dept.
Chic. Ind. Coal Ry. 5s, 1936
International
1946
Idaho Power 5s, 1947
Bang. & Aroos. Main Line 4s & 5s
Industrial Bond
1951
City Lt. & Pr. 5s, 1962
Great Western Power 5s,
1927
1945
C. & O. Big San. 4s & Coal R. 4s
Cinn., Wabash & Mich. 4s, 1990
Chicago & Erie 5s, 1982
Louisv. & Jeff. Bridge 4s,
E. T. Va.&Ga. Cons. 5s & Div.
1946
Butte Electric & Power 5s,
,
W. Va.
Light & Traction 6s, 1925
Alabama Power 5s,
Bank Stocks, Miscellaneous
15 Broad Street, New York
Bonds,
Philadelphia Phone, Locust 572;
CO.
Securities, Standard Oil Stocks
Phones 5161 to 5169 Hanover
Bait, Phone, St. Paul 9389
CHRONICLE
THE
XIV
[VOL. 111.
Current JSouti inquiries
F.
Members
61
New York Interurban Water 5s
J. LISMAN & CO.
West Va. Water & Elec. 6s
York Stoek Exchange
New
Acquackanonk Water Co. 5s
St. Joseph Water Co. 5s
Joplin Water Co. 5s
BROADWAY, NEW YORK
Des
Moines
Detroit
Duluth
Fonda
&
Dodge RR. 4s,
Terminal
Atlantic
&
Haute
and
6s
Gioversville
&
1935 Clinton Water Co. 5s
Railway 4s, 1995
Shore
Terre
Johnstown
Galveston
& Ft.
Mackinac
South
Evansville
WE DEAL IN
&
Railway
City Wtr. Co. of Chattanooga 5s
Bijou Irrigation District 6s
Emmett Irrigation District 6s
Ft. Wayne & Wabash Valley 5s
Queens County Water Co. 5s
5s
4y2s
1938
6s,
Guanajuato Power & Electric 6s, 1932
Iowa
Central
Manila
N.
Y.
Railway
& Arkansas
Louisiana
Suburban
5s,
1st
Railroad
Railways
1938
5s
1st
5s,
Racine Water Co. 5s
Wichita Water Co. 5s
5s
1946
H. C. SPILLER & CO.
I
INCORPORATED
Pennsylvania & Ohio 4^s, 1935
17 Water
St.,
63
Peoria
Texas
Terminal
Central
Railway
Railroad
1st
Wall
Devonshire St., BOSTON
Street, NEW YORK
1937
4s,
5s,
corner
1923
SECURITIES
AND ALL RAILROAD AND STEAMSHIP
Elec. Dev. of Ontario 5s, 1933
Cedar
Rapids Mfg. & Pr. 5s, 1953
Grand Trunk Pacific 3s & 4s
WANTED
WOOD, STRUTHERS & CO.
Hackensack Water
YORK
NEW
Preferred
All
Canadian
Street
Nassau
5
and
Cuban
Government, Municipal and
Corporation Securities
Cent. Pacific Ref. 4s,
Da vies, Thomas & Co.
Members N. Y. Stock Exchange
Penna.
RR.
Gen.
19:49
MILLER
4J^s, 1965
Oil. Burl. & Qcv. 111. Div. 33^s, '49
Members
120
5
St.
Nassau
New York
Telephone Rector 6526
Buffalo &
West Shore 1st 4s, 2361
VILAS
Susquehanna 4s 1913
& HICKEY
49 Wall Street
New York
BOND
Central Pacific 3^s 1929
BROKERS
ORDERS EXECUTED
Houston Texas Central 4s 1921
ACTIVE
IN
BOND
RAILROAD
ISSUES
AND
Telephone Hanover 8317
Marion
Utah Northern 5s 1926
Braden Copper Mine 6s
1931
Light & Htg. Co.
Penn
Mary Coal Co. 1st
Empire Gat & Fuel
Co.
Cincinnati Gas Transport.
5«, 1932
5s, 1939
6a,
1926
5sr 1933
Empire Gas & Fuel 6s 1926
New York Telephone 4%s 1939 SAMUEL K.PHILLIPS &.CO.
Ry.
5s
1951
McKinley & Morris
ONE WALL ST., N. Y. Tel. Rector 7931
7936
to
507 Chestnut
St.
FARLEE & CO.
66 BROADWAY
Members American Bankers' Association
We Will
Detroit Edison 5s, 1933
Detroit
Edison 5s,
1940
Puget Sd. Tr., L. & Pr. 7s, 1921
Springfield Ry. & Lt. 5s, 1926
Taylor & White
43
Exchange PL, N. Y.
Tel. Hanover 427-8-9
Berkshire Cotton Mfg.
7
Postley
Wall Street
NEW
YORK
Telephone Rector 9697
Duquesne Ltg. 6a, 1949
Empire Refining Co. 6sr 1927
Empire Gas & Fuel 6a, 1924-1926
Mississippi Val. Gas & El 5a, 1922
Lehigh Power Sec. 6a, 1927
BAUER, STARR & CO.
115 BROADWAY
N. Y. CITY.
LAND TITLE BLDG.,
PHILADELPHIA
Lt. & Pr. 5s, 1962
Bush Terminal
Stock
Cons. 5s,
1955
Cent. Pac. European Loan 4s, '46
Chic. M. & St. P. Eur. Loan 4s, '25
Central Georgia Power 5s, 1938
Dominion Coal 5s, 1940
Det. Gr. H. & M. Con. & Eq. 6s, '20
Detroit United 1st cons. 4j^s, 1932
Mo. Kan. & Tex. 2nd 4s, 1990
Rocky Mtn. C. & I. 5s, 1951
St. Louis Southw. Term. 5s, 1952
Shawinigan Wat. & Pr. 5^s, 1950
ABRAHAM & CO.
27 William
St., N. Y.
Tel. Rector 1 & 2
Private wire connection
We Will
Buy
111. 5s, 1939
Central Ark. Ry. & Lt. 5s, 1935
Ft. Smith Lt. & Trac. 5s, 1936
Ala. Trac.,
Rector 7416
Members New York State Bankers' Association
Elec.
Ashland Lt., Pr. & St. Ry. 5s, '39
Bronx Gas & Electric 5s, 1960
Bell Telep. of Canada 5s, 1925
Cleveland Electric Deb. 5a & 7s
Gilbert J.
Chicago Terre Haute &
Southeastern Ry.
Inc. 5s, 1960
Clev.
Exchanges
3
Consumers Power 5s, 19361
Southern California Edison 6a, 1944
Wanted
J. S.
Stock
'Phone 7500 Rector, N. Y.
PHILADELPHIA
Wisconsin River Power 5s, 1941
10,000
Phila.
Penna. Utilities 5s, 1946
Oregon California 5s 1927
Iron
Broadway.
COMPANY
&
and
Mahon. & Shen. Ry. & Lt. 5s, '20
New York & Jersey 5s, 1932
FOR
COMMISSION
ON
DEALERS
Minn. St. P. & S. S. M. 4s 1938
Coal
Y.
Atch. Top. & S. Fc Conv. 4s, 1955
Canadian Pacific 6s 1924
Tenn.
N.
Alabama Power 5s,
Sell
1946
Cincinnati Gas & Electric 5a, 1956
Cleve.
Elec.
111.
35erdell ^Brother#
©ubliclltilitp Securities
lit
38^1
7s, 1935
Laclede Gas Light 7s, 1929
Detroit Edison Ref. 5s, 1940
Empire Dist. Elec. Co. 1st 5s, 1949
Madison River Power 5s, 1935
Detroit Edison 6s,
Terre Haute Elec. Co. 1st 5s, 1929
1940
Niagara Falls Pdwer 5s, 1932
Empire District Elec. 5s, 1949*
Columbus
Southern Power Co. 5s, 1930
Milwaukee Elec Ry.
Brooklyn Edison Co. 1st 5s, 1949
Southern Public U til. 5s, 1943
Niagara Lockp. & Ont. Pow. 5s, 1954
EARLE A.
& Light 5s, 1951
MILLER & CO.
DIRECT PRIVATE WIRE CONNECTION WITH CHICAGO
TELEPHONE RECTOR 8060-1-2-1
Co.
1st
5s,
Texas Pow. & Lt. Co. 1st 5s,
1936
1937
Appalachian Power Co. 1st 5s, '41
SPECIALISTS. IN PUBLIC UTILITY SECURITIES
,
Power
111
BROADWAY, NEW YORK
Pacific Pow. & Lt. Co. 1st 5s, 1930
United Light & Rys. Co. 5s,
Prorate
Phone* to Philadelphia
&
1932
Boston
Sept. 25
jSonUf SmjttfritsS
Ctttttttl
Michoacan Power 6s
Ala. Great So« Ryt 5a,
Guanajuato Pow. & Elec. 6s & stocks
Cent.
Mex.
&
Lt.
Pow.
6s
& stocks
Mexican Light & Power 5s
&
Texas
Ry. 2d 4s, 1990
P.L.4^8, '35
Chic. Ind. & St. L. Sh. L. 1st 4s, 1953
Oregon & Calif. Ry. 1st 5s, 1927
1st cons. 5s, 1939
Oregon Short Line Ry. 5s and 6s
Indianapolis Water Co. 4^s & 5s
(Kan.) Water 5s
5s, '27
St. Louis & Cairo RR. 1st 4s, 1931
Grand Trunk Western Ry. 1st
Southern Public Utilities 5s
Empire Lumber 6s
Kans.
N.Y. Pa. & O. RR. reorg.
Cleve. Akron & Colum. Ry. 1st
Guanajuato Reduction & Mines 6s
Wichita
Mo.
1927-1943
"Big Four" Underlying Bond*
Ches. & Ohio Ry.
Cape Breton Electric 5s
XV
CHRONICLE
THE
1920.]
4s, '50
Utah & Nor. Ry. Con. 1st 5s,
Bway. & 7th Ave. RR. Con. 5s, 1943
Illinois Centl—Cairo Bridge 4s, 1950
Brooklyn City RR. Co. 1st 5s,
1941
Flatbush W. Wks. Co. Gen. 6s,
1931
1945
Louisv. & Jeffersonv. Bdge. 4s,
'
1926
Harlem Riv. & Portches. 1st 4s, 1954
1st 5s,1934
Man. & S. W. Coloniz. Ry.
New Amsterdam Gas Co. Con. 5s,
'48
American Finance & Securities
Portland Terminal 4s
Toledo
Rochester &
Norwalk
&
Fremont
Wm. Carnegie
Ry. 5s
Ewen
2 Wall Street, New York
Tel. Rector 3273-4 and 3294
Syracuse RR. 5s
Birmingham (Ala.) Water 5s
& CO.
HOTCHK1N
All
St.f
Mass.
Boston 9,
Main 460
Chicago & Eastern Illinois RR.
NEW YORK CITY
State
53
Telephone
BONDS
Missouri
Kansas
All
& Trac.
Amer. Lt.
Pacific Gas & Electric
Federal
Specialists,
Bonds
Loan
Farm
4% Notes
Wm. C. ORTON & CO.
Government
Foreign
in
Ry.
Tel. Rector 8460
BROAD ST., N. Y.
Western Power
New 10-Year
Stock Exchange
Members of the New York
20
Texas
&
Issues
Western Pacific
BULL &ELDREDGE
Central Petroleum
Issues
Bonds
Specialists Reorganization Securities
25 Broad
Tel. 7160-1-2 Broad
St., New York
MacQuoid & Coady
14 Wall St.,
Tel. Rector 9970.
N. Y.
Ry. 1st 6s,
Florida Central & Penin.
FOREIGN EXCHANGE
Bought and Sold on Order
Common & Preferred
Listed
Galveston Term'l
Kodak
Eastman
dembers New York Stock Exchange
on
the
New
Stock
York
Exchange
Shuman
5s, 1943
Chicago & Erie 1st 5s, 1982
Cleveland Short Line 1st 43^s, 1961
111.
1929
Central, Cairo Bridge 4s, 1950
G. 4s, 1933
Det. Riv. Tunn. & Term'l 1st
&
Rollins, Kalbfleisch & Co.
66 BROADWAY
43^8, '61
Consolidated Gas, Electric Light
Power of Baltimore Securities
Elk
Finlay & Davenport CONSTABLE
.
Specialists in Railroad Terminal Bonds
Tel. Rector 6881
Trinity PI.
JW*.
71
Horn
Coal
6s due 1932
Home Tel. &
Texas
&
Pacific
Southern
NEWBORG & CO.
New
Ry., Memp. 1st 5s, 1996
York Stock Exchange
BROADWAY,
N. Y.
Telephone 4390 Bowling Green
PRIVATE
WIRE
TO
ST.
LOUIS
Galveston Terminal 6s,
1938
& Un. 5s, '52
Internat. Great Northern 5s, 1914
Internat. Great Northern 7s, 1922
Houston & Texas Cent. 4s, 1921
N. Y. & Westchester Ltg. 4s, 2004
Pitts. Coal, Mid. Term. 5s, 1932
Fla. Cent. Penin. L. G. 5s, 1930
Louisiana & Arkansas 5s, 1927
Missouri Kansas & Texas Bonds
St. L. S. W. 1st Term.
Chicago & Eastern
St. L.
Illinois Bonds
Rocky Mt. & Pac. Stock
Canadian, Mexican and Foreign Government
Securities.
..
.
Railroad and Public Utility Bondf,
42 BROADWAY
Phone Broad 7118
Stock & Scrip
STANDARD
Members New York Stock Exchange
New York
Rochester
Kansas City
Chicago
Syracuse
Philadelphia
Buffalo
St. Louis
New Orleans
Boston
Troy
Request
New York Penna.
PFORZHEIMER & CO.
Dealer*
West
in
Standard Oil Securities]
4860-1-2-3-4 Broad.
25 Broad St., N. Y.
Kentucky Coal 5s
Indiana Columbus & Eastern 5s
Colon 5s
Manitoba Southw.
&
L
Booklet
CARL H.
Phones
Atchison-California Arizona 4)/£s
Richmond
Upon
Pittsburgh
Cleveland
1
Edition
Tel., 6400 Broad
Cincinnati
Mailed
Free
Eighteenth
branches and correspondents
Albany
0
New
J. S. Bache & Co.
& Ohio 43^8
United Traction & Elec. 5s,
1933
Brooklyn R. T. 7s
Danville 5s
New Hav. 4s, 1922
Clearfield Bituminous Coal 4s
Seaboard Air Line 6s,
Augusta Railway & Electric 5s, 1940
Continental Motor 7s, 1923-25
(Dollars & Francs)
1923 & 1945
111. Central RR. Securities 4s, 1952
Chic. Milw. & St. P. (French Loan )4s
Central Pacific 4s (French Loan)
Western
N.
Y.
&
Penna. 5s
Oklahoma
Norwalk Steel 43^s
Manila Electric
Ry. 5s
Dominion Steel Pfd.
Valvoline Oil
Current River 5s
Pfd.
5s
Cuban Government 5s,
Ref. 4s
Mexican Government
Central
Wisconsin Central
WOLFF & STANLEY
account
HENRY NIGHTINGALE
PROCTER & GAMBLE
Baltimore
60
CANADIAN SECURITIES
Com. & Pfd.
5691-4 John
Liberty Registered Bonds
(Established 1874)
BALTIMORE, MD.
Baltimore Stock Exchange.
We buy and tell for our owrt
N. Y. CITY
STREET
Securities
1949
INDIAN REFINING
INVESTMENT SECURITIES
Members
C.
Securities
Corp.
& Annapolis
M. & O. St. Louis & Cairo 1st 4s, 1931
GILMAN
JOSEPH
PINE
Pac.
5s, 2000
P. Coll. 4s,
&
J. HARMANUS FISHER & SONS
Members
1st
Tel. Co., Spokane
5s due 1936
34
It. L. FLEMING xJR,
J3owlin§ Green 646 o7
SOUTH ST.
Southern
Chicago & Western Indiana Ry.
& FLEMING
CONSTABLE___ %
Broadway N Y"
Tel. Broad 7270
N. Y.
Consolidation Coal Co. Securities*
Members N. Y. Stock Exchange
Telephone Rector 2687-8-9
30 Broad St.,
Wash. Bait.
72
Seligmann
dembers New York Stock Exchange
Oregon Short Line Ref'd 4s,
St. L. Iron Mt. & So. R. &
Bonds
Checks
Currency
1938
Central Vermont 4s
(undep.)
Dominican
1944
Issues
Republic 5s, 1938 & 1958
Telephone Rector 2920
72
Trinity Place,
N. Y.
SAM'L
Phone 5380-1-2-3 Broad
GOLDSCHMIDT
25 Brodd Street
CHRONICLE
THE
XVI
Current $onb
[VOL. 111.
Inquiries
UNUSTED
WILL
BUY
1
SECURfflES
V
American Thermos Bottle
Long Isl. City & Flush. 5s, 1937
Atlas Portland Cement
Mason City & Ft.
Automatic Fire Alarm
gjCrl/
1
Herring-Hall-Marvin Safe
\
Nazareth Portl. Cement 5s, 1946
1
a\l/
&
^ Rast R*ver Gas 5s, 1944
Standard Gas
Kirby Lumber Com. & Pfd.
Mathieson
Alkali Pfd.
TiYDVV
T/IDI/r
T0BEY& Kl^K
Noiseless Typewriter
Dodge 4s, 1955
Light 5s, 1930
Union RaiRvaysof
5s>1942
United Lead Deb. 5s, 1943
Members New York Stock Exchange
25 Broad Street
New York
Aetna Petroleum Corporation
Send for Circular
8% Convertible Gold Notes
Circular
Burk Petroleum
Request
on
geo. h. tilden
& co.
Corporation
Jones & Thurmond
A
25
Sroad St.
New York,
producing Oil Company
N.Y.
PACIFIC
"The Oil
Phone: Broad 7412
Industry" issued monthly,
devoted to
sent
BROKERS AND SALESMEN
to sell securities of
able
industrial
impartial oil
will be
news,
without
request
SECURITIES
charge.
WANTED
established profit¬
an
corporation.
Details
on
application.
L. N. Rosenbaum &
136
upon
NORTHWEST
Company, Inc.,
R.C.Megargel&CcSEATTLE
27 Pine
BROADWAY, NEW YORK
Street, New York
CHICAGO SECURITIES
Bought, Sold & Quoted
MEXICO
BABCOCK, RUSHTON & CO.
Members
New
York, Chicago
Exchanges
and
Boston
Stock
HOME INS. BLDG..
CHICAGO
Thomas C. Perkins
"
7. WALL STREET
NEW,, YORK
Salesmanship
Descriptive
Published and for sale
the Investment House of
by
*
Frederick Peirce & Co.
1421 Chestnut Street
\L
36 Pearl Street
Hartford, Conn.
Regime
H-b3
Einstein, Ward & Co.
Members New York Stock Exchange
25
Broad
NEW
Specialist
years
for
in the
Street,
YORK
eighteen
Financing
rt,
Telephone 7490 Broad
'
of established and pros¬
perous
Industrials.
Philadelphia
ALL
Entire stock issues
BOUGHT
New
Constructive Banking
Boston, Mass.
'The Human Side of Business' is the
best book on this subject ever written."
Price $3, cash with order.
circular free.
the
Ask for Circular
15 State Street
Bond
Under
AND
SOLD
Bay State Film
FOREIGN
V
underwritten and distributed
El Favor Mines
CHUCKS
Unlisted Oil, Mining, &
Industrial Securities
BO KIDS
M
G. F. Redmond &Co., Inc.
10 STATE
ST.,
BOSTON, MASS.
Direct Private Wire to New York.
Tel. Main 3138—Fort Hill 920
New French Govt.
New Jersey
CURRENCIES
IN)
Securities
T
8s, 1945
OUTWATER & WELLS
N. Y. Central 7s, 1930
16 Exchange Place
Tel. 20 Montgomery
R.A.SOICH&CO.
10 Wall
St. N. Y.
TcL Rector 5289-92-4038-4730
Jersey City. N. J.
connell
111
&
Broadway
nichols
New York
Telephone: Rector 5467 and 622
Scott &. Stump
INVESTMENT
W. H.
Goadby & Co.
Members New York Stock
Exchange
NO. 74 BROADWAY
NEW YORK
BERTRON, GRISCOM & CO. INC.
SECURITIES
Stock Exchange Building
PHILADELPHIA
Phones: Locust 6480
,
6481. 6482, 6483
Keystone: Race 2797
INVESTMENT
40 Wall Street
NEW YORK
SECURITIES
Land Title
Buildings
PHILADELPHIA
SEPT. 25 1920.]
THE
CHRONICLE
XVII
Current ^onh Snquirte*
Dependable Quotations
and
STOCKS
Information
BONDS
for
American Cyanamid Pfd.
American Slate Co. 1st 5s, 1925
Atlas Portland Cement Com.
Banks, Brokers
Auburn
Bordens
and Institutions
Chattanooga Gas Co. 5s, 1927
Company Com. & Pfd.
Bush Terminal Co.
on
Pfd.
Clinchfield
Coal
Miscellaneous and
Light Pfd.
Corp.
STOCKS—BONDS—NOTES
Com.
National Fuel Gas
through
Typewriter
St. Croix
with
Paper Com.
without
all
is
touch
markets.
Analytical reports
on
request
HANSON & HANSON
Woodward Iron Co. Com.
Investment
72
Monon Codl Co. 1st 5s, 1936
Monongahela Vy. Tr.
5s, 1942
South Bend Home Telep. 6s, 1932
Stephensv. N. & S. Tex. 5s, 1940
Securities
Trinity Place
Indiana Nat. Gas & Oil 5s, 1936
depart¬
close
in
Internat. Gt. Nor. notes, 1914
obligation
service
our
which
ment
Railways Pfd.
Noiseless
Hortonia Power Co. 1st 5s, 1945
Inactive
furnished
New York State
Haytian-American Corp. 7s, 1922
'
!
Carolina Power &
Syracuse RR. 5s, 1942
New York
-
As Dealers in
Guaranteed Stocks
Since
we
offer
a
Six Per Cent
1855
comprehensive
ser¬
Southern
vice to those interested in this
"We will
all things
answer
faithfully."
Informative literature, analyof specific issues and col¬
I
ored maps illustrating proper¬
ties controlled by several lead¬
in
close
this
contact
of
its
61
has
fulfill.
CINCINNATI
Within that
interests,
property,
Secured Gold
respecting their
our
Due Dec.
Principal
to
the best of
ability the tasks they
and
1,
Securities
Company
(Incorporated)
Hibebiia Bank Budding
Notes
1922
semi-annual
New Orleans
interest
payable in New York.
confidence, and perform¬
ing
Hibernia
K44
mifii 6%
customers'
protecting their
guarding
GAS
ELECTRIC CO.
&
is included safe¬
purpose
Acceptances
New York
Broadway
1
set
purpose
a
whiqh it strives at all times
to
Preferred Stocks
Members New York Stock
with the
Paper
customers
Company
for itself
up
Commercial
will
upon
Joseph WXnXhcv Exchange
& Sous
institution coming
affairs
Short Time Notes
ing Guaranteed Stocks
cheerfully be furnished
application.
FIDELITY
an
,
ses
—SHAKESPEARE
As
Municipals
type of ideal safe investment.
New York Office
Complete description on request.
Price to Yield
our
-
44 Pine St.
7%%
en¬
BOND DEPARTMENT
trust to us.
JITe offer
METROPOLITAN
COM PAN Y
TRUST
OF
THE CITY OF
NEW YORK716 FIFTH AVENUE
60 WALL STREET
Fifth-Third
New York
National Bank
Vi
CINCINNATI,
O.
I
•
,
Susquehanna & West. RR.
1940
Gen'l 5s due
to
net
10^%
EDWIN BANCKER & CO.
INVESTMENT
116
SECURITIES
,New York City
Broadway
Rector
944-5-6
o.
INCORPORATED
144
t^££a,$/a/te £$.
<faAiccujpo,
Foreign Exchange, Foreign Securities,
European Currency, German Bonds,
European Bonds,
LEONARD & LYNCH
Members New York, Pittsburgh & Philadelphia
American|Power & Light 6s, 1921
Louisville Gas & Elec. 7s, 1923
American Power & Lt. Common
Stock Exchanges
Frick Bid*.
Ill B'way
Ritz Carlton
Pittsburgh
New York
Amer. Gas & Elec. Pref.
Philadelphia
H.L. NASON& CO.
85
New
Jersey
Municipals
Ingen & Co.
46 Cedar St.
New York
TEL. 6364 JO HN.
BOSTON 9
Devonshire St.
Jloticea
Hollister,White & Co.
IKCOAPOOATVO
Investment Securities
B. J. Van
& Com.
92TCEDAR STREET, NEW YORK
50 Congress St.
North American Bldg.
Boston,fc9, Mass.
Philadelphia. Pa.
FirstjNationa! Bank of Lowville, located
at Lowville,fin the State of New York, is closing
its affairs.
All note holders and other creditors
of the association are therefore hereby notifiedSo
nresent the notes and other claims tor payment.
The
O. FBED BOSHART,
Dated July 31st, 1920.
_
President.
i
[Voi,. 111.
CHRONICLE
THE
XVIII
engineer*
Jfinatuial
uiiiniBitipranigniiiiiiiiiiiiiiiiiiiiniiiiiiniiillllininiiiiiiiiiiiiiiiiiiiiiiiiiiiiMiilllllllBnillinillllllinilllllinillllllllinillllllllllllUllllimiHllUlIillllHEfeiflliiiljS
A
STONE & WEBSTER
UNION
CENTRAL
INCORPORATED
COMPANY
TRUST
of NEW YORK
AUTHORIZED to
act as
-
FINANCE industrhd and
public
utility properties and conduct an
investment
«r
DESIGN
power stations,
hydro-electric developments,
transmission lines, city and inter-
Executor, Trustee,
Administrator or Guardian. Receives
railways, gas and chemical
plants, industrial plants, ware¬
houses and buildings.
I
subjed to check, and allows Interest on Daily
Balances. Ads as Transfer Agent, Registrar and
CONSTRUCT
and collection of income.
-
MANAGE
public utility and in¬
companies.
dustrial
Capital, Surplus and Undivided Profits over $30,000,000
REPORT
on
going ccmcernsy
proposed extensions and new
projects.
Broadway, New York
80
either from their
designs or from designs of
other engineers or architects.
own
Mortgages. Receives securities
for safekeeping
steam
urban
Deposits,
Trustee under
banking business.
'
Fifth Avenue at 60th Street
^EWYORK
BOSTON
CHICAGO
Madison Avenue at 42nd Street
ACCEPTANCES
COMMERCIAL LETTERS
THE
Member Federal Reserve System
rs
J. G. WHITE ENGINEERING
CORPORATION
Constructors
Engineers
Illinois Trust & Savings Bank
La Salle at Jackson
Capital and Surplus
Th.Sign of Servk.
•
Chicago
•
•
Public
Utilities
Reports—Valuations—Estimates
$15,800,000
•
Buildings—Industrial Units
43 EXCHANGE
PLACE, NEW YORK
jflfntng (Engineers
Pays Interest
on
Time
Has
on
Deposits, Current and Reserve
hand at all times
cellent securities.
Accounts,
vDeals in Foreign Ex-
change.
Transacts
a
a
variety of
ex-
Buys and sells
Government, Municipal and
General Trust Business.
Corporation Bonds.
H. M. CHANCE
COAL AND MINERAL PROPERTIES
Examined,
tjstn
Acts
as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent
&, CO.
Mining Engineers and Geologists
Managed, Appraised
PHILADELPHIA
Drexel Bldg.
t
Girard Trust Company
AMERICAN
MFG.
CO.
PHILADELPHIA
1
Chartered
1836
CAPITAL and SURPLUS, $10,000,000
Member of Federal
CORDAGE
NILA, SISAL, JUTE
Reserve System
Interest allowed
on
E.
deposits.
B.
Morris, President
Nobel & West Streets, Brooklyn, N.
Y. City
"AMERICAN
FOREIGN BANKING
r
CORPORATION
INCORPORATED
INVESTMENT SECURITIES
53 Broadway,
New York
Capital and Surplus, $6,500,000
Maintaining 71 Branch Offices in 60
)
Principal Cities of the United States
Principal Branches
BRUSSELS
BUENOS AIRES
HAVANA
HARBIN
PANAMA
MANILA
EXECUTIVE
111 W. Monroe Street
OFFICES:
PORT
CHICAGO
RIO
AU PRINCE
DE
SANTO
JANEIRO
DOMINGO
Correspondents throughout the World.
'
Sept. 25 1920.]
THE
CHRONICLE
xix
JSanfc Statement*
Jfinamctat
BATTERY PARK NATIONAL BANK
NO. 2
BROADWAY
Condensed
NEW
YORK.
Statement Sept.
8, 1920.
RESOURCES
Due from Federal Reserve BankCash and Due from Banks
$1,985,331.06
428,599.78
3,180,284.25
698,842.92
14,260,541.80
10,000.00
17,838.13
-
Exchanges for Clearing House
Bonds and Stocks.
Loans and Discounts
_______
Due from U. S. Treasurer.
Interest Earned and Unpaid.
Customers' Liability under Letters
of Credit outstanding
Furniture and Fixtures.
Co-Ordinated
Service
An
a
partment,
1,199,869.66
Capital Stock.
Surplus and Undivided Profits...-
—
Credit
_
_
Every
also
555,578.68
17,022,863.34
.
C.
FUELLING.
S.
investment
dealer.
was
remit
our
money
or
pleased to
the American
abroad.
Securities
Department
is
among
which is international banking in all its
He will tell you of
Banking,
Trade."
■
.
our
unique correlated services:
Shipping,
Travel
r'('■
/■
Foreign
and
-■'
JR.Asst. Cashier
Asst. Cashier
Asst. Cashier
Asst. Cashier
PROBST
C.
GEO.
of
"International
....President
RICHARD C. CORNER....Vice-President
EDWARD R. CARHART..-Vice-President
J.
C.
De
SOLA;
Vice-President
A.
H.
MERRY..
-Cashier
A.
S.
BAIZ___
..Asst. Cashier
WM.
Louis
representative that through
representative
LIMA.
de
St.
representative of all the Company's other activities,
phases.
OFFICERS
A.
a
important
$21,859,376.17
E.
our
Express Company he could
Ac¬
ceptances.
Deposits
learn from
$1,500,000.00
1,614,104.18
50,413.35
58,116.62
192,300.00
866,000.00
InterestReserve for Interest and Taxes
of
a
that of
was
Securities De¬
Foreign Government Securities, the dealer
Unearned
Letter
on
Express
Although not interested at the moment in United States
LIABILITIES
Commercial
who called
American
78,068.57
$21,859,376.17
Circulating Notes
Bills Payable
interesting but not infrequent experience
representative of the
TALBOT...—
ALFRED E. ZELLERS,
American Express Company
ERNEST A deLIMA___Mgr. Foreign Dept.
TELEPHONE'
Securities
Notices
Bowling green lftooo
Department
To Holders of
Cities Service
Company
Convertible Gold Debentures
Series C, Seven Per Cent
Holders of the above Debentures may convert,
October 1, 1920, or on the first day of any
month thereafter, ten per centum (10%) of the
on
James
aggregate principal amount of Series C Debentures
owned by them respectively on September 1,1920.
Conversion must be requested by such owners
prior to October 1,1920, or prior to the first day of
any month thereafter, and upon delivery by them
on or before October 1, 192(5, or on or before the
first day of any month thereafter, of the Deben¬
tures so desired to be converted (properly endorsed
if registered) to Henry L. Doherty & Company,
Fiscal Agents, such Debentures will be converted
into
Cities
Service
Company
Preferred and
Common stocks on the basis set forth in said
Debentures, certificates for which stocks will be
issued
transmitted
and
amounts
to
such
owners
in
the
respectively due.
Talcott, Inc.
General Offices
225 FOURTH AVENUE
NEW YORK CITY
FOUNDED 1854
Agents,
Factors and
Manufacturers
Henry L. Doherty & Company
Fiscal Agents, Cities Service Company
Correspondents for
and
Merchants
in
'the United States and Abroad.
60 Wall Street, New York
Dated September IS, 1920.
jflmnti al
Entire Production of Textile Mills Sold and Financed.
Accounts Guaranteed and Discounted.
CABLE ADDRESS QUOMAKEL
30 Years
in
Export Banking
investment
The
INTIMATE
KNOWLEDGE
the needs and habits of the
acquired
by
years
of
and actual residence in
tries themselves, is
Branches
in
people,
the
coun¬
essential when
South
Cloak
due
8
Suit Company 8%
September 1st, 1930,
Denominations
Net earnings of
more
than six
the
company
price 100 and
America
India
1
"Bank, limited
New York Agency,
49 Broadway
past
interest
Request
Department
Mercantile Trust Company
ST
LOUIS
Notes,
four years has averaged
charges on this loan.
interest to yield 8%.
Member Federal
Deserve System
Anglo-South American
for the
Full Particulars Upon
Bond
Offices in Europe
Connections with
Gold
$100, $500 and $1000
annual
times
1 Branch in Mexico
Direct
and
experience
transacting business abroad.
23
National
of
U.SGovernment
Supervision
MISSOURI
Capital and Surplus $10,000,000
[VOL. 111.
CHRONICLE
THE
XX
©tbthenba
JfiwmcUA
WINSLOW, LAN IER &CO
ANNOUNCING
59 CEDAR STREET
NEW YORK
Chicago's New Morning Newspaper
DIVI¬
FOLLOWING COUPONS AND
THE
DENDS ARE PAYABLE AT OUR BANKING
HOUSE
DURING
THE
OCTO¬
OF
MONTH
BER, 1920.
Monday morning, October 11th, the first issue of
The Journal of Commerce, a complete newspaper, will come
On
off the press.
The Journal
■
of
OCTOBER 1ST,
4Ks and 3Ms.
Marion County, Indiana.
Pittsburgh Ft. Wayne & Chicago Ry. Co. Com¬
mon and Special Stock dividend, VA%.
.
will fill the long-established
Commerce
need of every business man.
It will specialize in and cover com¬
pletely all Financial, Commercial and Business News of the day.
The special wire service of The Journal of Commerce will
embrace every security and commodity market known to
Paish,
George
Statist,
former editor
weekly review
of world finance.
B.C. Forbes,
editor Forbes Maga¬
exclusive article twice a
zine,
week.
Evans, foremost Chi¬
economist, daily review of
Clinton B.
cago
THE
SERVICE
has
House, weekly letter of
foreign and domestic business
and political news.
Twenty-eight American correspon¬
dents located in all the important
centres of the world, will give the
Journal of Commerce exclusive
daily "Men and
as
Carl W. Ackerman, Seymour
to be
SOUTHERN
COMPANY.
day
of
this
current fiscal
Agent.
C.
HAND, Secretary.
paid on October 14, 1920, to stockholders of
JAY
in six
UNITED
V.
HARE,
Secretary.
LIGHT
AND
RAILWAYS COMPANY
will contribute his letters,
powerful in
so
Davenport
GLENN
LAWRENCE,
-
Grand
Rapids
The Board of Directors has declared
of
one
one-half
and
First Preferred Stock,
(1H%)
per
a
dividend
cent
on
record
the
at
close
of
business
Wednesday,
September 15, 1920.
First Preferred Stock transfer books will reopen
for
of stock certificates at the
transfer
of business,
opening
September 16, 1920.
H.
H.
HEINKE, Secretary.
September 3, 1920.
277th
Consecutive
Dividend
ESTABLISHED 1784.
The
Bank
National
of New York
Banking Association
New York, Sept. 14, 1920.
The Board of Directors have this
day declared
a
Five per cent.
quarterly dividend of
(5%), payable
on
record of
Manager.
Sept. 21, 1920.
C.
METZ, JR., Cashier.
journal x>f gtomnwm
108 South La Salle
Street, Chicago
Irving
GENERAL MOTORS
The
Board
of
Office
CORPORATION.
Directors
of
General
Motors
Corporation has declared a dividend of $1.50 a
share on the preferred stock, a dividend of $1.50
of
LOCKWOOD, GREENE & CO., MANAGERS,
National Bank
Boston, Mass
dividend
of $1.75 a share on the 7% debenture stock, and
a
dividend of 25c. a share in cash and onefortieth of a share in common stock without par
payable October 1, 1920, at the office of the
Company, 60 Federal Street, Boston, Mass.,
to all holders of record at the close of business
New York
The quarterly dividend of 2% upon the com¬
mon stock of Winnsboro Mills has been declared
a
share
value
on
tne
the
6% Debenture stock,
a
stock
without par value
payable November 1, 1920, to holders of record
at the close of business October 5, 1920.
Non-dividend paying warrants will be Issued
for fractional shares, which may be exchanged at
any
on
common
time for stock certificates when presented in
equal to whole numbers of snares.
amounts
M.
L.
PRENSKY, Treasurer.
September 23, 1920.
September 22,
1920.
WINNSBORO
Office of
LOCKWOOD, GREENE & CO., MANAGERS,
Boston, Mass.
The quarterly dividend of 1A % upon the pre¬
stock
of
Winnsboro
Mills
has
been
de¬
clared payable October 1,
the Transfer Agents, the
Southwestern Bell
Five-Year 7%
'
,
Telephone Co.
Convertible Gold
Due April
1,
Notes
terms on October 1,
1920, at the principal office
of the trustee in the Borough of
Manhattan, City
of New York, will be paid at the Guaranty Trust
Company of New York at 140 Broadway.
R* A. NICKERSON, Treasurer.
1920, at the office of
New England Trust
Company, Boston, Mass., to all holders of record
at the close of business September 22, 1920.
WINNSBORO MILLS,
Henry C. Everett, Jr., Treasurer.
1925.
Coupons from these notes, payable by their
THE
WORKS (INC.)
New York, Sept. 16 1920.
A quarterly dividend of one and three-quarters
per cent
(1A%) has been declared upon the
MATHIESON
ALKALI
olders of record at the close of business September
Ereferred stock, payable October 1 1920, to stock-
20 1920.
Transfer books will not be closed.
FRANCIS B. RICHARDS,
New
York, Sept. 21,1920.
The Board of Directors has
MILLS,
Henry C. Everett, Jr., Treasurer.
ferred
and
after Oct. 1, 1920, to stockholders of
FRED'K
t
the
payable out of the surplus
earnings, on October 1, 1920, to stockholders of
GRISWOLD,
Business
Publisher
Chicago
-
Preferred Stock Dividend No. 40
wish to reach in a direct way responsive
circulation, include this newspaper in your fall list.
The Chicago Journal of Commerce obtains its news from in¬
dependent sources through its special New York bureau and is
in no way connected with the New York Journal of Commerce.
A complete file of this newspaper will be a valued business
asset.
Subscribe now to this Daily Business Digest.
By
carrier in downtown district; elsewhere by mail.
On all
news stands.
Subscription price $12.00 per year—$1.00
per month—5c. a copy.
and
CITY
filed dividend orders with the Treasurer.
If you
Editor
•
record at the close of business September 28,1920.
Checks will be mailed to stockholders who have
Conger, Wythe Williams
andB. W. Fleisher. Mr. Fleisher
will furnish news of the Far East
In addition to this, through its wire service, all of the
important news of the day will be featured.
Reaching concentrated quality circulation among readers
who represent most powerful purchasing power, The Journal
of Commerce is conceded to be an effective advertising
ANDREW M.
Co.,
Ry.
COMPANY
General Office, Reading Terminal
Philadelphia, September 16, 1920.
The Board of Directors has declared from the
net earnings a quarterly dividend of one per cent
on the Second Preferred Stock of the Company,
guiding public thought along sane and constructive lines.
Frederick
William Wile and a corps of correspondents will furnish daily news
of diplomacy, politics, finance and all events of national importance.
Gilbert Seldes, weekly letter of news and comment on theatres.
William H. Rocap's report of all important sporting events.
medium.
KANSAS
G.
DOMESTIC
William Howard Taft
1920.
Chicago
READING
cable.
from many correspondents
offices in Oriental cities.
the
Transfer
Beach
Daily Wall Street review and
gossip, finance by cable from all
world markets, special crop and
business reports daily.
&
been declared upon the Preferred
Company, from surplus earnings
year, payable October 15,
1920, to stockholders of record at 3:00 o'clock
p. m., September 30, 1920.
Checks in payment thereof will be mailed to
stockholders at the addresses last furnished the
Colonel
service by
this
Stock
of
These include such famous writers
Western business.
Richard Spillane,
Business."
Wayne
No. 25 Broad Street, New York, September21,1920.
A quarterly dividend of ONE (1) PER CENT
FOREIGN
FINANCIAL
London
Ft.
Preferred and Original Stock dividend, 1 % %
RAILWAY
PHILADELPHIA PUBLIC LEDGER NEWS
Sir
OCTOBER 5TH,
Pittsburgh
world.
business
the
1920.
Cleveland & Mahoning Valley Ry. Co. Reg'd 5s.
& Pittsburgh RR. Co. Gen. Mtge.
Cleveland
Treasurer.
this day declared a quar¬
terly dividend of Three
Dollars ($3.00) per share
on the capital stock of this
Bank, payable October 1,
1920, to stockholders of
record at the close of busi¬
ness
September 24, 1920,
PHILIP
F.
GRAY,
Cashier.
Sept. 25
THE
1920.]
XXI
CHRONICLE
Jflnanrfal
E.
CLARK^CoT
W.
Office
Bankers.
the
of
BANGOR RAILWAY & ELECTRIC CO.
Bangois Maine
•
-
PREFERRED STOCK DIVIDEND NO. 36
Municipal Obligations
The Board of Directors of the Bangor Railway
& Electric Co. has declared the regular quarterly
dividend of One and three-quarters per cent.
Yielding
(1 % %) upon the Preferred stock of the company,
payable Oct. 1, 1920, to stockholders of record
at the close of business Sept. 18, 1920.
Checks
will
5% to 6!/2%
be mailed.
HOWARD CORNING, Treas.
September 21, 1920.
The Board of Directors of the
ELMIRA WATER, LIGHT AND
RAILROAD COMPANY
Elmira, N. Y.
<
has declared a dividend of one and three-quarters
EXEMPT FROM
% %)on the Seven Per Centum Cumula¬
and a
one and one-quarter per cent. (1K%)
on
the Five Per Centum Cumulative
Second
Preferred
Stock
of
this
Company,
payable
Sept. 30, 1920, to stockholders of record Sept. 21,
tive First Preferred Stock of this Company,
dividend of
American
CLEVELAND,
Montgomery County, Ohio, 5 3^s__ 1927-28
Birmingham, Ala., 53^8
1930
October
Due
Coupons from these
terms
on
notes,
5.00
P®5
6.00-6.25
6.50
--
Gold Notes
1922
1,
5.75
6.00
Seabright, N. J., 6s—
1926
Salisbury, N. C., 6s_...
J___1924-30
New Bern, N. C., 6s
1922
Cumberland County, N. C., 6s
1922
Treasurer.
Telephone & Telegraph Go.
Three Year Six Per Cent
1940
5.00%
.>1946-50
5.05{ *
1950 opt. '23 5.50 8|
1926-31
5.60-5.70
1924-31
5.60-5.70
Floyd County, la., 5s
Cerro Gordo County, la., 5s
1920.
B.
YIELD
MATURITY
Orange, Conn., 53^8
Niagara Falls, N. Y., 53^8
Lincoln, Neb., 5s
per cent. (1
H.
ALL FEDERAL INCOME TAXES
^
,6wi
6.50
payable by their
October 1, 1922, at the office or agency
Many of these issues are also exempt from
local taxation., in their respective States.
the Company in New York on in Boston,
York at the Bankers Trust
Company, 16 Wall 8treet.
•
G. D. MILNE, Treasurer.
of
will be paid in New
C-124
circular
Descriptive
sent
upon
request.
International Agricultural Corporation
New York,
The
Board
September 17, 1920.
of the International
Directors
of
R. M. GRANT &
Agricultural Corporation has this day declared a
quarterly dividend of one and one-quarter (1K %)
per cent on the Preferred Stock of the corpora¬
tion, payable October 15, 1920, to stockholders of
record at the close of business September 30,1920.
The transfer books will not be closed.
JOHN J. WATSON, JR., Treasurer.
31
CO.
New York
Nassau St.,
Chicago
St. Louis
Boston
J. I. CASE THRESHING MACHINE COMPANY
(Incorporated).
Racine, Wis., U. S. A., August 13, 1920.
regular quarter-yearly dividend of one
dollar and seventy-five cents (SI.75) per share
The
the outstanding PREFERRED STOCK
Company has been declared, payable
October 1, 1920, to the holders of Preferred Stock
of record at the close of business Monday, Sep¬
Bibftenb*
upon
this
or
tember
13, 1920.
WM.
Central
F.
SAWYER, Secretary,
i
& Mortgage
Bond
Company
Preferred
Stock
Notice is hereby
Dividend
No.
22.
Transfer
given that the regular quarterly
payable Sept. 30, 1920, to stockholders of
Sept. 25, 1920.
record
WM. M. SCHELLINGER,
OFFICE
September 17,1920.
LIGHT
HARRISBURG
AND
Harrisburg, Pa.
declared a regular
quarterly dividend of one and one-half per cent
(1H%) on the Preferred Stock of this Company,
payable September 30, 1920, to stockholders of
record September 17, 1920.
W.
the
100th
per
share
STONE, Treasurer.
VANADIUM CORPORATION OF AMERICA
New York, June 18, 1920.
a
have this day declared
quarterly dividend of One Dollar
($1.50)
per
1920.
DIFFENDERFER, Treasurer.
(2%) on the preferred stock of this
payable Friday, Octooer 15, 1920, to
Asheville Power & Light Company
NO.
34.
of Directors of this Company
The Board
STOCK
DIVIDEND
regular quarterly dividend of one
and three-fourths (1H%) per cent on the Pre¬
ferred stock of the Company, payable October 1,
1920, to stockholders of record at the close of
September 22, 1920.
business
WILLIAM
REISER, Treasurer.
N.
W.
Co.
Corner Broad and Arch Streets,
Yadkin River Power Company.
PREFERRED STOCK DIVIDEND NO. 18.
Philadelphia, September 8, 1920.
Directors have this day declared a quardividend 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.
I.
WARREN
W.
MORRIS, Treasurer.
BROTHERS COMPANY.
PREFERRED
DIVIDEND NO. 74.
Dividends of one and one-half per cent on the
First Preferred Stock and one and three-quarters
cent on the Second Preferred Stock of this
Company have been declared for the quarter
ending September 30th, 1920, payable on Octo¬
ber 1st, 1920, to Stockholders of record at the
close of business on September 25th, 1920.
JOHN DEARBORN,
Vice-President & Treasurer.
per
UNITED
the
Directors of this Company has
regular quarterly dividend of one
(1%%) per cent on the Preferred
payable October 1, 1920,
to stockholders of record at the close of business
September 22, 1920.
WILLIAM REISER, Treasurer.
85
(three
dollars per share) on the capital stock of this
Company has been declared, payable on October
15, 1920, to stockholders of record at the close
A
THE YALE & TOWNE MANUFACTURING CO.
Dividend
A
quarterly dividend of three per cent
of business September
20, 1920.
JOHN W. DAMON, Treasurer.
No.
44.
quarterly dividend of 1K % on the
Power & Light
Company has been declared, payable October 1,
1920, to preferred stockholders of record at the
close of business September 23, 1920.
The regular
REISER, Treasurer.
T
WILLIAM
CRUCIBLE STEEL COMPANY OF AMERICA.
Pittsburgh, Pa., September 16, 1920.
DIVIDEND NO. 6—A dividend of two per cent
(2%) has been declared out of undivided profits,
the Common Stock of this Company, pay¬
1920, to stockholders of record
October
15,
1920.
Checks will
be mailed.
Transfer Books will not be closed.
H. F. KRESS, Secretary.
upon
quarter ending September
been declared by the Board of
30th,
25th.
_
J.
H.
TOWNE, Secretary.
CONSOLIDATED CIGAR CORPORATION
At a regular meeting of the Board of Directors
held on 14th day of September, 1920, a quarterly
share on the Common stock
declared, payable Oct. 15,
record Oct. 1, 1920.
Checks will be mailed by the Columbia Trust
Co., Dividend Disbursing Agents.
Dated New York, September 15, 1920.
dividend of $1.75 per
of this
AMERICAN CYANAMID COMPANY.
quarterly dividend of 1% on the Preferred
of this Company, for the three months
ending
September 30,
company was
1920, to stockholders of
1920, has been declared
payable Octooer 1, 1920, to stockholders of record
as at the close cf business on September 22, 1920.
The Transfer Books will not be closed.
C. M. GRANT, Treasurer.
gSantrt
(5%) for
1920, has
Directors out of
past earnings, payable October 1st, to Stock¬
holders of record at the close of business Sep¬
tember
A
Stock
108.
dividend, No. 108, of five per cent.
the
___
Energetic man with executive ability with
country banking and broad legal and real
estate experience in Chicago, wants opening
in bank,
law or real estate office, manu¬
facturing plant or large mercantile business,
Illinois or Middle West preferred.
Address
H. F. H., care of The Chronicle, 19 S. La Salle
St., Chicago.
wants
Bond
EXPERIENCED MANAGER
position with responsible Investment
Salary $7,500.
Address S.«C.
House.
G., care Chronicle, P.
Station, New York.
O. Box 3, Wall Street
LOUIS CAHN. Secretary.
FRUIT COMPANY
DIVIDEND NO.
POWER & LIGHT CO.
Board of
The
The
erly
AMERICAN
71 Broadway, New York, N. Y.
PREFERRED STOCK DIVIDEND NO.
able October 30,
Stock of the Company,
United Gas Improvement
1920.
the
and three-fourth
OF THE
INC.
A quarterly dividend of one and three-quarters
(1%%) per cent has been declared upon the
preferred stock of Barnet Leather Co. Inc., pay¬
able October 1, 1920, to stockholders of record at
the close of business September 30, 1920.
Checks will be mailed.
M. H. HEYMAN, Treasurer.
has
PREFERRED
declared
OFFICE
LEATHER CO.
Preferred Stock of the American
share, payable October 15, 1920, to
K.
Virginia-Caro¬
quarterly dividend of $2
Fifty Cents
stockholders of record at 3 P. M., October 1,
L.
100.
of the
Company have this day declared
consecutive
BARNET
81 Fulton St.,
New York, Sept. 20,
Saturday, October 2, 1920.
Transfer books will not be closed.
E. E. COLES, Treasurer.
declared
The Board of Directors
HOUSTON, TEXAS.
regular quarterly dividend of one and
three-quarters per cent (1%%) on the Preferred
Stock of this Company has been declared, pay¬
able September 30th,
1920, to stockholders of
record September 7, 1920.
J. A. McKENNA, Secretary.
stockholders of record at the close of business on
The Board of Directors have
H.
of Directors
Board
Chemical
company,
POWER COMPANY.
NO.
DIVIDEND
The
lina
Fuel Company
The
OF
VIRGINIA-CAROLINA CHEMICAL CO.
Richmond, Va., September 23, 1920.
Asst. Sec'y.
Gas and
Houston
books will not be closed.
E. E. COLES, Treasurer.
dividend of 1 % % has been declared on the issued
and outstanding preferred stock of this company,
at the close of business on
September 7, 1920.
OF
OFFICE
VIRGINIA-CAROLINA CHEMICAL CO.
Richmond, Va., September 23, 1920.
The Board of Directors of the Virginia-Caro¬
lina Chemical Company have this day declared
a
quarterly dividend of One Dollar per share
(1%), being Dividend No. 55, on the common
stock of this company, payable Monday, No¬
vember 1, 1920, to stockholders of record at the
close of business on Friday, October 15, 1920.
CAROLINA POWER & LIGHT CO.
PREFERRED STOCK DIVIDEND NO. 46.
The Board of Directors of this Company has
declared the regular quarterly dividend of one
and three-quarters (1 % %) per cent on the Pre¬
_
Company, payable October 1,
stockholders of record at the close of
September 22, 1920.
WILLIAM REISER,^Treasurer.
ferred Stock of the
1920,
to
business
JACOB
BACKER
Est. me
FINANCIAL
Exchange Bank Bldg.,
BROKER
St. Paul, Minn,
[VOL.111.
CHRONICLE
THE
XXII
JSanfc Statements
THE NATIONAL CITY BANK
OF NEW
AND
YORK
BRANCHES
Condensed Statement of Condition
as
of
September 8, 1920
ASSETS
CASH
Hand, is Federal Reserve Bank, dae
from Banks, Bankers and U. S. Treasurer
Acceptances of Other Banks
*
United States Treasury Certificates
m
mw*
on
.
.
.
.
•
»
$231,089,076.57
10,662,822.71
19,454,000.00 $261,205,899.28
*
.
Loans and Discounts
.........
594,808,049.62
United States Bonds, other Bonds and Securities
Stock in Federal Reserve Bank
P.
m.
38,047,965.13
1,800,000.00
.
Banking House
.
.
.
v
*
•
.
*
5,000,000.00
•
8.425,402.57
«
+
70,341,181.74
'«
«
3,226,076.37
v
Due from Branches
Customers'
M
Liability Account of Acceptances
Other Assets
634,656,014.75
•
.
.
$982,854,574.71
LIABILITIES
Capital, Surplus and Undivided Profits
Deposits
.
.
.
.
•.
.
.
.
.
.
,
.
.
.
..
.
•
•
•
•
,
•
$86,405,999.86
«
•
652,560,689.24
•
4,028,781.30
•••»«•
3,425,234.54
.
,
•
m
Reserved for Taxes and Interest Accrued
Unearned Discount
Circulation
•
•
>
<?
«
•
•
«
1,394,432.50
•
Due to Federal Reserve Bank
Other Bank Acceptances and
Endorsement
..."
133,057,807.02
Foreign Bills sold with
our
21,851,006.60
Acceptances, Cash Letters of Credit and Travelers' Checks
Bonds Borrowed
Head Office
Other Liabilities
74,339,959.13
2,333,200.00
.............
»
a
•
.
M
M
tm
3,457,464.52
m
55 Wall Street
New York
REPORT
$982,854,574.71
OF THE
CONDITION
OF
The First National Bank of New York
at the close of business
September 8, 1920.
THENEWMIRKTkiistC§RIMN¥
RESOURCES.
—
Discounts and time loans
Customers'
$60,662,771.61
liability account of
8,100.89
Interest earned but not
collected, ap¬
proximate
edness, owned, unpledged
secure circulation.
secure
4,748,662.64
7,584,000.00
bills payable
35,560,000.00
U. S. bonds to securo trust funds
1,100,000.00
U. S. bonds to secure
Treasury savings
certificates
U. S. certificates of indebtedness to
cure bills payable
25,000.00
se¬
60,440,000.00
Bonds, securities, etc
4i,304,105.53
Bonds to
secure
Bonds to
secure trust funds
IT. S. deposits
27,774,718.43
25,000.00
Banking house
1,750,000.00
savings certificates
and thrift stamps
Specie, etc
Legal tenders
^
$848.00
bank
and
United
Treasurer
States..
11,003.25
20,408,385.83
4,285,633.36
71,315,226.84
Due from banks
Demand loans
Due
from
serve
Federal
Bank
Mountain
Railway
Co.,
1st
Mtge. 5s
Citizens
Gas
&
Fuel
Co.
of
Terre
Columbus, London & Springfield Ry.
Co., 1st Mtge. 53
Erie
Electric
Motor
Co., 1st
Skg. Fund Gold Bonds 5s
Re¬
21,279,370.61
—
118,546,377.16
Ref.
Fonda Johnstown & Gloversville RR.
Co., Cons. 6s
$364,587,225.17
„
LIABILITIES.
,
Capital
$10,000,000.00
Surplus
20,000,000.00
Profits
16,127,970.42
Interest and discount collected but
not
earned—approximate.
239,185.90
Circulation
7,314,197.50
Deposits, banks
$44,988,998.98
Deposits, individuals...156,618,261.59
Deposits, U. S
5,400,000.00
Bills
207,007,260.57
96,000,000.00
borrowed
210,000.00
Reserved for taxes
I
3,240,745.78
4,447,865.00
Acceptances
$364,587,225.17
I,
FRANCIS
named bank, do
L.
HINE, President of the'abovesolemnly swear that the above state¬
ment Is true to the best of my
V
*1
FRANCIS
Subscribed and
of September,
sworn
to
knowledge and belief.
HINE, President.
L.
before me,
this
17th
Correct—Attest:
GEO.
.
F.
Fe Water & Light Co.,
Mtge. Prior Lien 53
3
anta
Co., 20-Year
&
Light Co.,
1st
Spring Brook Water Supply Co., 1st
Mtge. 5s
Tomkins Cove Stone Co., 1st Mtge.
The
Tri-City Railway & Light Co.,
5% Collateral Trust
Union
1st
Kansas City Southern Railway Co.,
Electric
Co., Dillon, Mont.,
Mtge* 5s
United
Mtge. 3s
Light &
Rvs.
Co., 7% Se¬
cured Gold Notes Series B
Kingsport Utilities, Inc., 3-Yr. 6% United
Light & Railways Co., 7% Se¬
Gold Notes
cured Gold Notes, Series of 1920.
Kingsport Utilities Inc., 1st Mtge. Charles Whittemore
Navigation Cor¬
20-Yr. Gold 63
poration, lstJ3. F. 7% Gold
Lincoln Heat, Light & Power Co.,
DUE OCTOBER 15TH, 1920.
1st Mtge. 5s
Marine
Operating
Co.,
Inc.,
7%
General Gold Notes
City of
Excelsior
Funding Bond
Springs,
Mo.,
>
1st
French
French
Mtge. 5s
.
Fe Water
1st
Cons. Mtge. 4s
New London Gas & Electric Co., 1st
1
BAKER,
Railway
Power Co.,
Gold 6s
JOHN R.
MORRON,
[DIrecto
CHARLESjD. NORTON. I
Radford Water Power Co. 6s
Santa
Deb. 5s
Monterey Light &
CHRISTIE,
Notary Public, N. Y. Co. No. 77,
N. Y. County Reg. No. 1102.
Co.,
1st Lien
day
1920,
HERBERT F.
Street
Railroad
Pine Bluff Natural Gas Co., 20-Yr.
1st Gold 6s
Mtge. 53
Gary
Lighting &
Mtge. 5s
6s
Fulton Light, Heat & Power Co., 1st
1st
payable
Bonds
Peekskill
1st
Columbia University Club, 5s
& Electric Co., 2n
New York & Stamford Railway
Co.,
1st Mtge. 5s
Haute, 1st Mtge. 5s
Denver & Rio Grande Railroad Co.,
Cumulative Adj. 7% Gold
of
Exchanges
Black
Light & Power Co. of
Whitehall, 1st Mtge. 5s
1,230,262.50
from
Birmingham Railway, Light & Power New London Gas
Co., 4^s
Mtge. 5s
Consolidated
15,646.77
notes
Due
Coupons and Registered Interest Due October 1st, 1920
610,623.91
bonds and certificates of indebt¬
U. S. bonds to
U. S. bonds to
War
=—
4,447,865.00
Overdrafts
U. S.
8SMMM1 SWEET
accep¬
tances
American
Steamship Co.,
Inc., 1st S. F. Gold 7s, Series A
1 American
Steamship |Co.,
Inc., 1st S. F. Gold^7s, Series B
Sept. 25 1920.]
XXIII
CHRONICLE
THE
^Financial
$3,000,000
William F. Mosser Company
8%
Ten-Year Sinking Fund
Gold Notes
& Company
Principal and Interest Guaranteed by Morris
Packers, Union Stock Yards,
Dated
October 1,
Chicago
Due
1920
October
1,
1930
Coupon Notes in denominations of $1,000, $500
Redeemable at the option of the Company, as a whole
notice at 107 during 1921, 1922 and 1923, 106 during
during 1928, 101 during 1929 and on April 1, 1930.
Interest payable on April 1 and October 1 in New York and Chicago.
and $100, interchangeable up to and including October 1, 1922.
interest payment date on 60 days' published
1924, 105 during 1925, 104 during 1926, 103 during 1927, 102
or
in part, on any
INTEREST PAYABLE
WITHOUT DEDUCTION FOR NORMAL
CONTINENTAL AND
Further
COMMERCIAL TRUST AND SAVINGS BANK,
Information in regard to this issue is given
President
is engaged in the
and manufacture and sale of
leather.
The Company was incorporated Janu¬
ary 1, 1908, under the laws of the Commonwealth
of Massachusetts and has plants at Richwood, WeSt
Virginia, and at Westover, Pennsylvania.
The
combined daily capacity of these plants is about
100,000 pounds of raw hides.
All of
in
a
CHICAGO, TRUSTEE
letter of Mr. Nelson Morris,
summarize as follows:
of William F. Mosser Company, from which we
William F. Mosser Company
hides
tanning of
FEDERAL INCOME TAX, NOT IN EXCESS OF 2%
the capital
stock of William F. Mosser
Company, who
the prompt payment of the principal
Company is owned by Morris &
will guarantee
and interest of these notes.
The entire proceeds from the sale thereof will be
applied to the reduction of current obligations,
thereby not increasing the indebtedness of the
Company.
except Federal taxes were $855,824.14; average net
profits for the same period available for interest
charges after all deductions * including Federal
taxes were $761,529.40.
The average annual in¬
terest charges during this period were $186,273.26.
other things, will provide
will not create any mortgage or
The Indenture, among
that the Company
kind upon its properties or assets, or
of its properties or assets, except that
the Company may acquire property subject to pur¬
chase money mortgages for not to exceed 75% of
the fair value of the property covered by said mort¬
gages, and except as liens may be created in respect
to drafts drawn in connection with foreign exports
lien of any
pledge
any
and imports
in the regular course of business.
to maintain current assets
defined by the Indenture) in an aggregate
amount equal to at least one and one-half times all
current liabilities (as likewise defined in the Inden¬
The Company agrees
Company's balance sheet as of January 3,
1920, discloses total tangible assets of $10,250,770.39.
After giving effect in this balance sheet
to the proceeds of the present financing, net cur¬
rent assets approximate $7,242,000, and net tan¬
gible assets $8,346,000, before deduction of the
present issue of $3,000,000 notes.
William F.
Mosser Company has no funded indebtedness other
The
(as
including all notes of this issue outstanding
purchase money mortgage indebtedness
maturing on or prior to the date of the maturity of
these notes and any other issues of notes or deben¬
tures at any time outstanding.
ture)
,
and any
than this issue.
During the four fiscal years, 1916 to 1919, inclu¬
sive, the average annual earnings of the Company
available for interest charges after all deductions
PRICE 100 AND
All
legal matters will be approved by Messrs.
A
beginning April 1,
semi-annual installments
value Notes before maturity.
Sinking Fund is provided
1923, which will retire in
$1,500,000 par
INTEREST, YIELDING 8%
Mayer, Meyer, Austrian & Piatt, Chicago.
will be delivered when, as and if issued
certificates, exchangeable for definitive notes,
Halsey, Stuart & Co.
Continental and Commercial
Trust and Savings Bank
Incorporated—Successors to
N.
New York
be accurate
&
CO.,
Chicago
New York
Chicago
Chicago
The above statements are
to
HALSEY
The Merchants Loan & Trust Co.
Moseley & Co.
Boston
W.
Chicago
Chicago
F. S.
Temporary negotiable
and received by us.
based upon information which we
which we have acted in the purchase of these
not guaranteed, but are
and reliable, and upon
believe
notes.
THE
XXIV
CHRONICLE
[VOL. 111.
jffttantfal
SSS:|Ba- --Ips^v $2,200,000
7 Per Cent
Guaranteed
as
Equipment Notes
Principal and Interest by Endorsement by
to
Pressed Steel Car
Company
Dated October 1, 1920.
Due serially, $110,000 ApriZ 1 and October 1 of each year from April 1, 1921, to October 1,
Redeemable at the option of the Company in whole or in part on any interest date upon 30
1930, inclusive.
days' notice at 1023^.
If less than all the Notes of any one maturity shall be called at any one time, Notes
by lot by the Trustee, and if less than the entire issue is called, the
Notes of the last maturity or maturities outstanding shall be first called.
Principal and semi¬
annual interest (April 1 and October 1) payable in United States Gold Coin at the New York
Trust Company in New York.
Coupon Notes in denomination of $1,000.
Registerable as to principal.
New York Trust Company, New York, Trustee.
to be redeemed shall be selected
The
Company Agrees to Pay Any Federal Income Tax Deductible
the Source Not
at
BUSINESS
Exceeding 2 Per Cent
The Pressed Steel Car
Company was organized under the laws of New Jersey in 1899 to acquire
the principal pressed steel car manufacturing plants in the United
States, and has since materially expanded.
Its business consists of the manufacture of steel passenger and
freight cars, trucks, truck frames, bolsters
and other pressed steel specialties for wooden and steel cars.
SECURITY
In addition to being guaranteed, principal and
interest, by the endorsement of the Pressed
Company, these Equipment Notes represent the obligation of the Steel Car Equipment Company
which is organized to lease cars to railroads or industrial
cbrporations requiring their use, and all the capital
stock of which is owned by the Pressed Steel Car
Company. They are issued under the conditional sale or
so-called lease plan, by which title to the cars will be vested in the Trustee until all the
Notes have been paid.
They will be secured by 1,000 new, all-steel, self-clearing standard hopper coal cars of 55 tons
capacity each,
costing $2,934,000, which provides an equity of more than 33 per cent over the total amount of the Notes
Steel Car
issued.
\
ASSETS
•
" '
The Pressed Steel Car
Company, which will guarantee these Notes, principal and interest, by
endorsement, has $12,500,000 Preferred Stock, $12,500,000 Common Stock and no bonded debt.
It
reports total net assets as of December 31, 1919, of $40,264,188; current assets of
$13,022,668, and current "
liabilities of $4,958,130.
EARNINGS
Average annual net earnings of the Pressed Steel Car Company for the past six years have
been reported at $2,447,364, or more than 15 times the maximum annual
interest requirements on
these Notes.
For the year 1919 earnings were
reported equivalent to more than 23 times these require¬
ments.
Not only is the Company paying dividends of 7
per cent on its Preferred Stock and 8 per cent on
its Common Stock, but it has been
consistently adding large amounts to its reserves and surplus for a number
of years.
The official net
earnings by
1919
$3,634,776
LEGALITY
years
1918
follow:
1917
1916
1915
1914
$2,130,307
$3,950,785
$2,751,152
$1,324,814
$892,351
The
formjof conditional sale'agreement, title to the cars, and other legal proceedings incident
passed upon by Messrs.I Reed, Smith, Shaw & Beal, attorneys, Pittsburgh, for the Com¬
and Messrs. Schaffner &lFriend, attorneys, of Chicago, for the Bankers.
to the issue will be
pany,
We recommend
sale, when,
as
these Notes for investment,
and if issued and delivered
and offer
to us,
them subject
to
prior
and subject to approval of counsel.
MATURITIES AND PRICES
Amount
Maturity
Price
Yield
99.52
8.00
1, 1921
99.06
8.00
110,000 Oct.
110,000!April 1, 1922
98.61
8.00
110,000j0ct. 1, 1922
110,000 April 1, 1923
110,000 Oct. 1, 1923
110,000 April 1, 1924
98.19
8.00
97.77
8.00
97.70
7.875
110,000 April 1, 1927
110,000 Oct. 1, 1927
110,000 April 1, 1928
110,000 Oct. 1, 1928
97.37
7.875
$110,000 April 1, 1921
110,000 Oct.
110,000j0ct.
1, 1924
97.05
97.20
96.94
(Accrued interest
to
be
A. G. Becker & Co.
Broadway
137
New York
St.
Louis
S.
LaSalle
7.625
7.625
96.47
7.625
96.31
7.625
96.90
7.50
96.77
7.50
96.65
7.50
96.52
7.50
upon
Ill
Chicago
The
96.84
96.66
1, 1930
Request.
Ames, Emerich & Co.
St.
San Francisco
7.75
added)
Descriptive Circular Furnished
Ill
7.75
96.45
1, 1926
110,000 Oct.
7.75
1, 1925
Yield
96.69
110,000 April 1, 1929
110,000 Oct. 1, 1929
110,000 April 1, 1930
7.75
110,000 Oct.
Price
Maturity
$110,000 April 1, 1926
7.875
110,000;April 1, 1925
Amount
105
Broadway
New York
1st
Wisconsin
Natl.
S.
LaSalle
St.
Chicago
Bank
information contained above is obtained from official sources, and consti¬
tutes the data oh which we have based
our purchase of the securities
offered.
Bldg., Milwaukee
Sept. 25
1920.]
CHRONICLE
THE
xxv
jFittattcfel
$20,000,000
Bethlehem Steel
Company
Fifteen Year 7% Marine Equipment
October 1,
be dated
To
UNDER THE PHILADELPHIA
BE ISSUED
TO
PLAN
1920, to mature October
Certificates in denomination of $1,000, registerable as to principal.
1, 1935
Dividend warrants payable semi-annually April 1 and October 1.
Redeemable at
Principal and dividends payable at Guaranty Trust Company of New York.
accrued dividends.
Authorized and to be issued $20,000,000.
Certificates
Trust Certificates
any
time
days' notice at 102 H and
on 20
to be retired by purchase or by call by lot if not obtainable at not exceeding the call price, at the rate of $1,000,000
are
on or
before each dividend date from April
until
maturity; these amounts to be ratably reduced if Certificates
1,1922, to October 1, 1927, inclusive, and $500,000
on or
before each dividend date thereafter
redeemed in advance of schedule.
are
Certificates
retired to be
so
.v
canceled.
•
Guaranty Trust Company of New York, Trustee
The following information has been
These Certificates
ment
Trust
furnished
by Bethlehem Steel Company and Bethlehem Shipbuilding Corporation,
us
be issued pursuant to
to
are
an
under which the Trustee
Agreement
to five
nominee will hold title
The Trust Agreement and Charter will further provide
Equip¬
be constructed the depreciated value (calculated upon
steamships of 20,000 dead¬
weight tons each, to be constructed, and to five steamships
then
already constructed totaling 52,417 deadweight tons (all
less
of which
less than three
are
has just been
old and
152,417
ships
All
are
Bethlehem Steel
ships
excess
increasing
their
earning
power
the
current
ships
maximum
less depreciation of the
amount
issued, and this margin of 50%
Certificates
must,
below
as
in
set
of
Certificates
tain
which will
entire issue
will
vested in the Trustee
or
its
dividend
warrants
will
Steel Com¬
and
Consolidated
or
other
se¬
legal investment for trustees in
value.
above
mentioned
construction
margin
of
in operation,
or
Bureau of
or
agree
50%
or
in
to main¬
tonnage
in the securities
Certificates not covered
United States Government
registry and
highest classification under the American
Shipping.
They will
carry
customary insurance
marine risk, such insurance in case of
least 125% of the principal amount
of Certificates outstanding, proper
Bethlehem system.
The entire
Bethlehem
deduction being made
capital stock, excepting directors' shares, of both
Steel
Company and Bethelehem Shipbuilding
Corporation, Ltd., is owned by Bethlehem Steel Corpora¬
tion and the combined
deposit of an amount of cash sufficient to retire a
face amount of Certificates, in which case the
earnings of these two subsidiaries
Bethlehem Steel
comprise practically the entire earnings of
ratable
Corporation, which have been as follows:
shall be ratably reduced.
1917.
1918.
1919.
$298,929,531
$448,410,808
$281,641,907
$53,979,360
ended
$57,188,769
$37,441,218
8,746,982
9,748,013
9,518,206
December 31
Gross Sales...
Net Earnings
(after all Taxes, Maintenance,
etc.)
and
Interest
be under American
ships will
for cash and securities held by the Trustee.
ships held shall not thus be reduced below five)
Years
the
total loss to aggregate at
will be relinquished (provided that the
charter hire thereafter payable
these
bear
against fire and
the
retire
These charter payments will be
credit of substantially the entire
Proportion
of
Discount
Balance..
Income
after
Current Net
all
are
running at
$27,923,012
31,510,366
12,566,152
$27,320,737
charges
Earnings
$47,440,756
17,911,641
$15,930,390
$15,356,860
$45,232,378
.........
Depletion, etc
Depreciation,
Net
the
of
All
nom¬
charter hire in semi-annual install¬
pay
cover
by maturity.
Title to any ship
upon
be
by their face amount in cash
placing behind these Certificates the strength and
number of
shall
above mentioned, in respect of all
guaranteed by Bethlehem Shipbuilding Corporation, Ltd.,
thus
market
under
of outstanding
forth, constantly be
excess
inee, and they are to be chartered to Bethlehem
that
Corporation's
obligations of equivalent market value held by the Trustee.
Title to these ships is to be
ments
which
Steel
certain underlying bonds,
or
constructed, Bethlehem Steel Company will
be
to
maintained.
pany,
Bethelehem Steel Company will
Pending completion and delivery of the ships about to be
in service aggregate over $30,000,000, or 50%
the
than
more
price of the five ships to be constructed and
reproduction value
now
re¬
the State of New York, all such securities to be taken at
their
five
from the
this margin by the delivery of additional
Bethelehem
or
curities
through
return cargoes.
The purchase
per annum
by pledge of United States Government obliga¬
or
Mortgage Bonds
provide for efficiently carrying other commodities, thus
substantially
of deposited cash,
to maintain
tions,
to
as
the
of similar tonnage,
new
150% of the amount of then outstanding Certificates in
aggre¬
tons,
constructed
so
reproduction cost
spective dates of construction) of the ships held falls below
agree
iron mines in Chile and Cuba for use in
plants.
current
depreciation at the rate of 5%
will be
from the Bethlehem
deadweight
employed for the transportation of ore
Company's
of which
one
This fleet of ten ships,
delivered).
approximately
gating
years
that
if at any time after completion and delivery of the ships to
its
or
Ltd.:
a
rate
substantially in
excess
of those of 1919.
94y2 and accrued dividend, to yield about 7%%
When, as and if issued and received by us and subject to
be
All legal details
made
approval of counsel.
on
or
before October
pertaining to this issue will be passed upon
Guaranty Trust Company
Announcement as to time and form of delivery
I,
by Messrs. Stetson, Jennings & Russell of New York.
Bankers Trust
All of the
and figures presented herein, but they are taken from sources
above certificates
Company
New York
of New York
We do not guarantee the statements
JiU
1920.
having been sold, this advertisement appears as a
which we believe to be accurate.
matter of record only.
THE
XXVI
CHRONICLE
[VOL. 111.
financial
•
4
*
%
•
»
»
:vv^«- o
.
»
r
■*
•»
-
''
^
M
*"
*
r"
V
is the latest Federal estimate of the value of the
1920
corn
Try
to
crop
those
grasp
hundred
and
in the Chicago territory.
figures—one
billion,
four
thirty million, three hundred and
twenty-seven
thousand
dollars
worth
of
new
wealth created during the past few months from
sun,
rain, labor and the soil of five States.
corn
and
of
crop
Wisconsin
nation,
raised
yields
yet
on
Illinois,
is
Indiana,
30% of the
it is only
one
of
these fertile prairies.
are a
Iowa,
corn
many
This
Michigan
crop
crops
of the
being
These stupendous
guaranty of purchasing power awaiting
advertisers.
For
more
information concerning the wonderful
Chicago market and best method of merchandising
your
product in it, write for The Chicago Tribune's
1920
BOOK OF FACTS.
Qtfje Qlhjxmga flrxbnm
Kb THE
WORLD'S
GREATEST
NEWSPAPER
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
Bank &
Railway Section
NO. 2883
SATURDAY, SEPTEMBER 25, 1920
VOL. 111.
Week Ending
<&htonitU
City Section
September 18.
Clearings at—
PUBLISHED WEEKLY
Subscription—Payable in Advance
of
Terms
%
$10 00
6 00
1
For One Year
For Six Months
13 50
7 75
11 50
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
of exchange, remit¬
and advertisements must be made in
NOTICE—On account of the fluctuations in the rate*
for
tances
European
subscriptions
Subscription includes following Supplements—
Quotation (monthly) Railway & Industrial (semi-annually)
Electric Railway
(semi-annually)
Railway Earnings (monthly)
State and City (semi-annually) Bankers' Convention (yearly)
Bank
and
of Advertising—Per
Terms
Inch Space
Transient matter per inch space (14 agate lines) for
Business Cards, twelve months (52 times) per inch
"
"
six months (26 times) per
inch
London Office-—Edwards &
WILLIAM
Front,
and
Streets,
Depeyster
17,703,701
5.373.753
7,676,787
4,645,119
17,430,357
4,653,282
6,240,107
+ 1.6
Indianapolis..
Columbus
Peoria
Grand Rapids...
Dayton
Evansville
..
Springfield, 111...
....
Fort Wayne
Akron
Rockford
Canton
Springfield,
New York.
O...
South Bend
Decatur........
Published every Saturday morning
by WILLIAM B. DANA COMPANY, Presi¬
dent, Jacob Selbert Jr.; Vice-President,
D.
Arnold G. Dana; Business Manager, William
Addresses of all, Office of the Company.
Riggs; Secretary, Herbert D. Seibert.
Mansfield
The following
corresponding week last year.
Week ending
375,000
Tot. Mid. West
Francisco...
136,321,148
—0.3
Fresno
San Francisco.
132,300,000
130,122,307
+ 1.7
Pittsburgh
167,701,705
110,015,346
129,480,403
78,937,645
+ 29.1
San Jose
+ 39.4
Pasadena
Baltimore
79,401,592
+ 9.8
Yakima
New Orleans..
60,755,834
72,331,710
61,782,935
—1.7
Reno
Diego
Stockton
Long Beach
$5,788,187,382
$5,724,123,184
1,321,487,293
1,069,474,918
+ 23.6
$7,109,674,675
days
+ 1.1
Total all cities, 5 days.
All
$6,793,598,102
1,315,776,746
+4.7
cities,
1,345,948,274
1 day—
$8,455,622,949
Total all cities for week.
The full details of the week covered
We cannot furnish
+ 2.3
+ 4.3
$8,109,374,848
by the above will be given next Saturday.
them to-day, clearings being made up by the clearing houses
at noon on Saturday,
and hence in the above the last day of the week has to be
Id
Friday night.
figures for the week ending Sept. 18 show:
all cases estimated, as we go to press
Detailed
Santa Barbara...
Total
Minneapolis
Omaha
Paul
Denver
St.
Joseph
....
881,581,167
766,221,418
131,268,823
52,446,000
52,320,178
+ 90.3
46,978,755
16,782,295
+ 15.6
33,484,000
47,870,043
32,261,315
—6.7
10,255,162
—6.9
17,936,653
+ 10.8
5,122,251
9,000,000 + 49.7
+ 23.5
7,429,344
+ 59.0
2,200,000
+ 15.7
6,071,181
3,162,378 +107.2
+ 19.6
2,332,728
1,569,664 + 128.6
14,711,590
99,433,505
26,645,000
26,763,814
16,992,484
7,250,000
13,966,978
3,430,289
5,589,461
4,104,987
2,126,486
2,449,767
1,919,502
1,009,107
850,025
800,000
Sioux
City
Duluth
Topeka
Cedar Rapids
Clearings at-
—5.9
5,871,712
7,093,520
5,847,945
2,000,000
3,047,476
2,501,000
1,194,456
1,091,672
876,157
711,475
1,175,841
+ 1.7
1,726,126
-12.6
1,144,006
1,896,828 + 127.5
992.752 Not included
in
+20.5
3
214,579,072
159,991,537
41,035,181
39,442,035
16,221,451
20,242,284
15,113,676
8,205,483
7,202,717
7,849,178
11,166,726
3,762,000
2,913,733
2,486,631
2,317,883
979,934
270,242,225
—8.8
204,902,332
55,156,693
+ 95.3
63,448,540
67,510,315
20,762,629
22,996,252
18,897,795
—7.2
64,279,171
..
3,221,208
2,481,952
697,667
01,262,177
411,039,985
15,539,091
550,000
total
495,174,038
15,454,270
13,854,018
5,566,219
Wichita
September 18.
16,700,000
5.676.179
13,471,371
9,175,815
3,498,491
7.022.180
6,551,500
2,789,702
3,586,556
1,755,951
1,000,000
4,319,211
11,330,528
8,500,000
Des Moines
Lincoln
Week Ending
+8.2
246,589,755
107,699,512
62,520,471
20,805,038
23,835,030
Pacific-
Kansas City
St,
336,647
106,856
1,122,131
580,766
+ 9.7
15,660,621
...
505,000
422,574
606,000
182,921,598
200,600,000
99,792,000
54,326,456
San
Eleven cities, 5
—35.1
Portland
Sacramento
1,768,771
2,762,346
1,297,497
6,743,000
1,773,663
857,388
1,152,366
1,113,562
3,803,781
1,198,959
1,055,785
757,810
1,082,310
1,243,659,367 1,149,204,788
Spokane.....
Salt Lake City...
—1.8
Other cities, 5 days.,
762,653
490,220,227
42,253,103
73,141,093
55,290,479
26,934,731
13,811,000
10,040,900
10,663,441
4,600,000
4,223,484
2,951,765
3,043,983
997,572
701,042
+ 33.8
49,248,005
...
979,955
320,000
100,000
128,256 + 102.3
1,581,184
494,890
Owensboro
260,704,331
202,169,395
...
530,000
493,483
+ 66.1
259,291
2,116,790
408,347,616
282,592,353
198,456,310
135,891,259
Detroit
+ 27.4
—3.6
Oakland
St. Louis
+ 8.8
+ 13.2
+ 25.0
+8.5
+ 8.4
Kansas City..
—7.3
+ 34.8
1,100,000
376,415,289
Philadelphia..
1,345,421
1,307,699
2,058,318
1,008,321
1,096,079
1,078,712
1,238,532
—5.2
1,059,855
623,027
Lima
Tacoma
Boston
836,958
—9.8
—12.8
+ 8.0
535,524,725
—1.4
+ 34.0
—10.9
727,061
$3,780,075,062
495,782,959
$3,677,200,642
New York
1,713,429
1,836,158
4,821,685
1,658,730
1,550,000
1,639,524
2,016,172
+ 1.0
+ 36.9
560,000
—2.7
Chicago
5.313.754
2,379,408
10,614,000
3,100,000
1,600,000
Seattle
Cent.
1919.
1920.
Sept. 25.
+ 1.2
—4.5
+ 16.7
'
Los Angeles.
Clearings—Returns by Telegraph.
2,687,820
5,261,434
1,737,995
10,770,000
2,313,197
1,795,605
1,900,000
1,942,524
5,198,686
1,524,997
1,150,000
1,448,124
1,582,206
-
+23.0
634,508
San
Per
+ 15.3
700,000
Lansing
that the total bank
the week ending to-day
and $8,109,374,848 the
+ 14.1
4,579,513
5,901,818
5,635,723
3,135,146
16,441,000
10,812,500
10,792,711
5,300,666
5,532.937
4,240,193
3,972,374
2,054,729
3,982,111
1,315,198
5,124,000
2,003,051
+ 10.9
Jacksonville, 111.
Adrian
table, made up by telegraph, &c., indicates
clearings of all the clearing houses of the United States for
have been $8,455,622,949, against $8,925,734,451 last week
+ 6.4
Danville
Ann Arbor..
CLEARING HOJJSE RETURNS.
32,463,456
30,459,013
17,695,000
14,467,500
Milwaukee
Bloomington
Publishers,
COMPANY,
DANA
B.
Pine
74,259,731
+28.0
39,000,000
19,624,000
16,500,000
Detroit
Quincy
Smith, 1 Drapers' Gardens, E. C.
+ 19.7
167,409,189
139,000,000
Lexington
Telephone State 5594.
Chicago Office—19 South La Salle Street,
94,230,579
Cleveland
650,323,280
80,446,060
156,349,865:
116,112,251
81,920,175
Youngstown.
$6 30
175 00
100 00
each insertion
535,818,524
59,345,315
+ 7.1
691,904,553
...—
Toledo
New York funds. '
I
+ 1.8
Chicago
Cincinnati
+0.2
16,794,419
+3.7
26,024,030
15,536,791
8,893,641
8,650,984
9,122,853
19,937,057
4,709,229
2,828,699
—17.8
11,114,967
+ 1.9
10,294,910
16,031,946
—17.4
—3.6
9,797,238
5,768,903
+41.4
4,256,665
—24.3
2,394,070
4,360,558
1,100,047
—8.3
2,119,054
3,389,921
+45.2
693,307
735,556
742,034
726,106
—3.5
York...
Dec.
1918.
1917.
$
New
1919.
+ 3.6
$
%
$
$
4,529,691,211 5,403,931,346
—16.2 3,*377,528,085
3,337,139,352
404,624,985
124,774,758
74,537,918
28,218,907
5,191,246
14,618,060
7,974,290
3,934,553
4,112,306
2,613,044
3,178,036
346,809,970
82,415,239
45,743,764
18,896,471
Philadelphia
524,715,116
516,495,312
+ 1.6
Pittsburgh
197,085,324
+4.3
Baltimore
103,915,435
188,986,743
104,605,280
45,921,554
5,432,643
15,417,815
10,837,301
5,238,108
49,838,815
4,500,000
Buffalo
Albany
Washington..
Rochester
Scranton..
17,000,000
12,948,402
4,921,659
4,754,585
2,700,000
3,124,791
2,653,567
6,050,396
4,567,173
1,507,940
3,148,741
1,328,896
1,150,000
1,786,495
1,167,085
2,750,000
687,109
3,842,721
1,968,221
Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
Trenton
York
Erie..
Greensburg
Binghamton
Chester
Altoona
Lancaster
Montclair
Bethlehem
Huntington
Total Middle..
—0.7
+ 8.5
—17.2
+ 10.3
+ 19.5
—6.1
4,382,773
2,565,483
+8.5
3,896,925
2,600,000
6,542,603
3,230,941
1,571,029
2,201,652
—19.8
800,000
+ 66.1
+5.3
+ 2.1
—7.5
+41.4
—4.0
+ 43.0
1,067,800
+ 7.7
1,395,974
+28.0
950,144
2,162,064
4,657,208
2,825,344
1,324,750
2,379,974
557,298
834,100
1,947,691
4,819,582
10,568,336
6,830,-568
3,167,858
4,600,000
2,446,569
3,484,765
2,096,041
4,071,038
4,260,411
1,128,218
1,957,625
1,113,269
894,100
1,136,085
+ 22.8
851,258
737,298
2,600,613
+ 5.8
429,935
+ 60.0
2,387,876
379,160
2,327,226
529,766
Not included
in total
Not included
in total
5,481,992,740 6,331,101,974
Fargo
Colorado Springs.
4,000,000
1,597,221
Pueblo
Inc. or
1920.
1,072,433
917,375
+ 16.9
789,409
853,456
982,774
—18.6
1,030,220
2,228,945
—17.2
+ 4.7
2,245,805
2,484,002
—25.4
2,278,884
+ 1.0
—10.9
1,394,003
1,146.538
621,601
558,748
601,777
1,534,499
I 1,886,135
2,109,747
1,171,688
Fremont
Hastings
Waterloo
2,333,487
1,852,348
2,146,954
Billings
1,050,000
2,125,688
1,178,740
553.092,400
531,632,957
+4.0
460,698,954
347,414,644
185,062,776
65,291,830
191,799,513
—3.5
166,625,532
52,092,786
21,300,564
20,337,352
8,340,101
51,496,923
11,341,272
16,670,943
57,962,349
13,426,033
17,014,027
8,190,099
6,551,335
6,197,423
2,866,329
6,268,009
4,949,124
1,634,932
6,295,066
3,200,0001
11,671,159
2,100,000
2,697,535
139,288,872
37,287,792
18,626,687
15,600,000
6,500,000
30,919,994
12,881,053
13,802,771
34,285,492
8,371,557
Aberdeen
Helena
Total oth. West
St. Louis
New
Orleans
Louisville
Houston
34,024,593
(
.....
Galveston.......
Richmond
Savannah
Fort
...
Worth
Atlanta...
Memphis
Nashville
...
Norfolk
Birmingham
Augusta
Knoxville
Jacksonville
3,887,173,545
—4.9
296,812,166
242,365,934
Boston
400,238,276
11,768,400
10,921,205
6,000.000
2,585,000
5,092,077
4,800,090
1,799,930
2,293,948
1,356,421
+ 9.8
10,843,100
Holyoke
900,000
825,000
+ 19.1
Bangor
800,000
736,625
+ 8.6
579,497
9,251,200
7,705,676
4,813,640
3,000,000
3,806,014
3,747,035
1,333,157
1,477,496
1,067,583
800,485
727,521
448,555,317
465,711,614
—3.7
339,588,499
280,095,741
Providence
Hartford
New Haven
Portland
Springfield
Worcester
Fall
River
New Bedford
....
Lowell
Total New Eng.
+5.3
9,204,830
—22.3
6,054,588
2,350,000
4,375,036
4,224,958
+ 10.0
2,241,550
1,447,111
1,079,409
—19.7
2,574,536
3,808,479
3,680,641
2,270,794
+ 16.4
+ 13.6
+ 58.5
1,861,771
+ 25.6
1,187,599
710,498
8,700,000
18,500,000
63,543,447
17,360,920
24,923,820
9,376,727
21,741,098
3,373,320
4,000,000
11,979,596
8,8.50,273
+45.9
+ 37.8
—20.6
—5.8
+ 3.0
—16.6
—13.5
+ 60.5
+ 1.3
+ 21.6
—38.5
3,534,606
+ 13.2
8,909,130
+ 34.5
+ 7.2
10,020,119
5,341,299
3,033,451
4,071,727
2,312,977
3.308,186
4.706.874
1.479.875
3,924,178
2,341,562
7,855,115
2,000,000
+ 10.0
1,300,000
277,272
+3.0
+42.6
400,270
292,380
599,717
+ 21.9
873,369
+ 32.9
8,396,423
2,881,741
Shreveport—....
4,675,96.5
11,5.54,082
4,025,346
37,4.54,069
3,691,651
654,649
7,087,645
1,759,387
18,645,067
1,300,000
Southern
703,260,589
665,045,295
Chattanooga
Little
...
Rock
Chalreston
420,900,583
10,720,300
10,375,657
6,434,785
11,000,000
58,414,428
—1.0
+ 10.9
8,259,189
2,073,173
9,971,013
3,000,000
15,292,196
4,000,000
Mobile
—13.4 4,069,862,911
35,000,000
65,954,458
16,242,516
23,997,417
7,956,064
73,529,228
9,231,071
17,956,479
76,221,270
20,065,533
15,528,140
9,259,815
17,874,194
5,488,153
Oklahoma
Macon
Austin
Vicksburg
Jackson
Tulsa
Muskogee
Dallas
Total
2,200,000
10,200,000
3,300,000
35,536,485
5,600,000
1,339,000
395,162
730,526
15,3.50,006
4,893,816
37,492,215
+ 6.1
+2.3
+ 13.2
+ 40.0
+ 21.6
+ 0.1
+ 26.7
+5.71
28,198,653
3,562,920
2,000,000
543,-543,249
399,701,609
Total all
8,925,734,451.9,653,736.613
—6.5 6,596,787,905
5,895,186,032
Outside N. Y—
4,396,043,240 4,149,805,267-
+6.0 3,219,259,820
2,558,0*6,680
1204
CHRONICLE
THE
1919.
THE FINANCIAL SITUATION.
There have been many
the present
as
noteworthy developments
week, all indicative of the
thing,
same
namely that the process of readjustment to a nor¬
mal basis in the
leaving
going
country's affairs is growing apace,
longer
no
for
room
commodity price reductions
convince
should
the
even
that mercantile values
ward
that
and
the
of
given
now
has cut the
war
be
become
prices of his
be definitely
Henry Ford has
declining
tendency,
passenger cars
was
to
a pre¬
stoutly maintained that
to follow suit—that Mr. Ford
upon
free lance and
was a
a
law unto himself—but almost
immediately thereafter
Franklin
Franklin
the
came
news
that the H.
Manufacturing Co., producers of the
automobile, had followed the Ford
ple by making
exam¬
reduction in the price of its
a
cars,
in the
ery
came
two of the
largest mail-order
concerns
country—Sears, Roebuck & Co. and Montgom¬
Ward & Co., of Chicago—and proclaimed cuts in
as
of
excess
exports for this year is only 65 millions, as
in 1918.
While all this may
eign trade its importance
for it will
only
short time
under which the
It must be admitted that
some
respects,
declaration
remains
of
not be taken
Europe is in
too
society, and
thousand
even
the
Anatole
as
seriously, certainly not literally.
it
as
at the
was
Century, when the western Roman
Ages.
Europe
years,
instances—in
The cuts
sheeting 45%,
or,
entered
in
upon
other
the
sudden and
a
a
a
un¬
flat failure.
equally flat failure in Italy,
an
of
Middle
The fabric of society at bottom is
Bolshevism in Russia is
will be
sleep
a
words,
Europe is suffering from
It
wherever
or
it is
In
brief, Europe will
re¬
to 10% on some articles.
Simul¬
tried, serving to disfigure
case, may
shut-down
but
writer
a
such extreme state
no
end of the Sixth
covering
one
of the largest producers in the
ginghams,
all its cotton
eminent
so
tory from which future ages will take warning.
up
a
Europe's condition, in
deplorable,
France, that European civilization is dying should
chester, N. H.,
ticking, made
the old equilibrium in affairs,
ago
country advanced and prospered, is
being restored.
taneously the Amoskeag Manufacturing Co., at Man¬
country of
possible
or
moderate reductions in foodstuffs,
more
though running
that
means
60%, automobile tires 25%, shoes
standard muslin
20%, with
external trade it
rapidly than seemed likely
more
a
aid in correcting the
as
foreign exchange rates, and in both
the internal and the
much
In the for¬
hardly be exaggerated,
can
powerfully
serve
dislocation in
sound.
some
not be pleasing to many, it is
nevertheless wholesome and corrective.
shoes, furniture and staple foodstuffs.
in
less
no
compared with 339 millions in 1919 and 254 millions
expected blow.
drastic
have increased
dollars, being 519 millions for 1920,
against only 307 millions for 1919. As a result
prices of nearly all commodities, including clothing,
were
hand, the merchandise imports
a year ago
Empire collapsed from the inherent rottenness of
running from 17 to 21%.
Then
compared with
of this two-fold adverse movement the merchandise
of the other automobile manufacturers could
depended
H.
the
to
now
apparently all-pervading. He
At first it
basis.
none
of
extraordinarily high level
impetus
a new
which has
skeptic
tending strongly down¬
are
On the other
than 212 million
that
character
a
thing of the past.
as a
to what is
confirmed
most
prices previously prevailing must
regarded
as
The week's events include
in that respect.
on
doubt
any
[Vol.111.
*
products, hoping thereby to avoid
as
it is in
though convalescence,
now,
be painful for
a
process
as
of
is often the
time.
seersuckers, chambray and
The
reduction of 33 1-3% in the price of
such
recover;
of human his¬
a page
in
occurred
the
woolen
a
foreign export trade of the United States for
August, 1920,
as
measured by aggregate values, was
not
through the absence and cancellations of orders.
only much smaller than in July, thus apparently
confirming reports of less activity in our business
Other
on
concerns
similar action.
have reduced
have been
mills
quick to respond with
Thus textile manufacturers at Utica
prices of cotton sheetings and
yarns
30% to 40%.
wheat and other
tumble in the price of
was a
grains.
wheat amounted to
over
At Chicago the break in
12c.
a
bushel and the De¬
option for wheat in that market closed
$2.25 against $2.42
cember
at
corn
in 1919.
on
Friday of last week.
a
being at 97%c., against $1.29
on
hand,
De¬
but
long while, the close
Friday of last week.
most
quently,
the
our
foreign trade economic law is working out
just as it was certain to do as abnor¬
cure,
mal conditions
gradually disappeared.
The statis¬
tics for
August became known by telegraph yester¬
day afternoon and we review them further below. The
cases are
a year ago are startling and signifi¬
Notwithstanding prices all around were very
higher in that month this
value of
our
year
merchandise exports for
only 584 millions
as
than last, the
August 1920 is
against 646 millions in August
high-water marks,
in the imports and,
balance
on
the
conse¬
merchandise
eight months of 1920 is
very no¬
Concerning the extent to which the higher
decrease
we
are
year
in
the
have served to obscure the actual
current
without
difference of
monthly total of exports,
sufficient
the difference in
data
one
to
even
approxi¬
commodity—cotton—
price is sufficient to account for
some
nine million dollars—that
is,
a
ex¬
cept for the higher price obtained the value of the
cotton
exports would have been $9,000,000 less than
they have actually proved to be.
changes ftorn
much
so
mately determine, but in
own
the other
ticeably less than the high record total established
prices this
cant.
export
movement for the
in 1919.
In
on
For the calendar year to date
decideilly
Spot cotton here
43.75c.
Imports,
excess
aggregates in both
for the
in New York is down 2%c.
week, the quotation yesterday having been
at 28%c.
It is not so very long ago that the price
was above 40c.—the
quotation July 22 having been
this year.
greatly in
were
preceding months.
the
a
1918, only excepting July
notwithstanding the greater in¬
of the period last year,
though of lesser volume than in either of the two
at
Chicago dropped to below $1.00
bushel, for the first time in
its
December
And this
flation in values
Yesterday also there
cember
foreign account, but actually less than for all
months since
The total of
at
exports from the country for August
$584,000,000
and
compares
with $646,054,425 in 1919
$527,013,918 in 1918, while for the two elapsed
months of the current fiscal year an
tically the
same
aggregate
prac¬
for 1920 (1,315 million dollars)
as
Sept. 25
1920.]
for 1919 is
1918.
THE
disclosed, but 201 millions in
For the
in
value,
excess
eight months of the calendar
however, the shipments of merchandise,
were a
high record by
a
as
CHRONICLE
of
year,
expressed
moderate amount,
comparison being between $5,483,000,000 in 1920 and
$5,272,163,691 in 1919.
Imports of merchandise in
1205
imports reached the unprecedented total of $882,-
099,667, against only $595,285,282 in 1919.
contrasts with
in
was
ahead of all but three months in our
account of
no
history
(March, June and July 1920)
and enor¬
For the eight months the import
unfavorable balance is $106,543,182, whereas in
.or
1919 there
ran
export remainder of $39,521,208
an
August 1919.
August at $519,000,000, while not a high monthly
record,
The im¬
port balance for the month stands at $10,590,619
a
balance
less than
import balance
was
on
the other side of
$208,919,236.
the
In 1914 the
126 millions.
mously exceeded the total for 1919, contrast being be¬
tween
the
$519,000,000 and $307,293,078.
furthermore, at 1,056 millions,
months since
high mark by a very
the eight
January 1, which, standing at $4,000,-
large amount,
000,000,
a
is the
as
for
with but $2,261,550,440 last year.
compares
The net result of
aggregate
our
Curtailment of
The total of
imports for the two months of the fiscal year is,
foreign trade in August is an
such
up
1915,
a
total of $1,483,000,000,
building industry have been of
A shortage of materials and
high price thereof; mounting labor wage sched¬
fuel shortage,
ules;
823,689 two
United States.
The imports
$15,412,347, most of which were on English
against
ately
reached
the
account, about $11,000,000 coming from Great Brit¬
ain direct
by steamers and
pository in Canada.
Exports, on the other hand,
$24,986,182, some 13 million dollars going
totaled
to
$2,000*000 from the de¬
Japan, 4 millions to China, 3% millions to Peru,
1 y2
millions to Hong Kong and 1 million to the East
The
Indies.
net efflux
was,
therefore, $9,573,835,
swelling to $82,593,543 the net withdrawals from
our
stock
1920.
for the
For the
eight months ended August 31
same
period last year the shipments
exceeded the inflow by a
somewhat greater amount
—$142,089,040—but in 1918 and 1917 we were the
gainers
on
balance by $21,912,778 and $206,524,789,
respectively.
Due to the operations of the Pittman
car
famine, difficulty in
ar¬
ranging for the financing of work, have brought
the
gold in August 1920 was moder¬
Practically all recent developments in
hindering nature.
about
The movement of
coun¬
work, is much to be deplored, but not difficult of
comparing with $3,010,613,251 last year and $1,947,years ago.
when, with the need for struc¬
connection with the
the
eight months the favorable balance
activity in building operation at
this
dwelling occupation most urgent the
explanation.
with
while for the
as
try over, every energy should be employed to speed
a
is the smallest since
time
tures for
export balance of but $65,000,000, this contrasting
$338,761,347 in 1919 and $254,011,002 in 1918,
a
a
condition
industry.
apparently without
weeks there has been
terials
some
parallel in
improvement in the ma¬
part of the problem;
continues
a
It is true that within the past few
complaint, however,
quite general of the financial end (a dif¬
ficulty not encountered where business structures
are
concerned) and the situation as regards
for utmost
cause
stance
laboi! is
anxiety, the fear in this latter in¬
being that with radicalism becoming a domi¬
nating factor, demands for further increases only
await the
psychological moments for making them.
With this the situation architects
find it very
safety
tion
on
and contractors
difficult, if not impossible, to figure with
construction costs.
Indicating the situa¬
locally, we note that the head of the Tenement
House
Department is reported to have made the an¬
nouncement that there is to-day a
shortage of ap¬
regular housekeeping apart¬
New York, with no signs of im¬
proximately 100,000
ments in Greater
quite provement in sight, and a prospective shortage in
restricted in volume and only slightly larger than 1921 of 120,000 apartments, the recent construction
the imports.
They reached, in fact, but $4,489,409, of dwellings having been offset by the demolition
raising to $92,105,393 the aggregate for the eight of such buildings or their conversion to other
months.
Against this latter total there were im¬ uses.
We find conclusive evidence of the effect of the
ports of $66,961,348, leaving the net outflow only
various enumerated
deterring influences in the
$25,344,045, against $107,731,760 in 1919 and $110,building returns for August. Though the estimated
000,863 in 1918.
outlay represented by the permits issued during
Canada's foreign trade for August 1920, as for all the month is only nominally less than for July, it
Act, our exports of silver for the month were
preceding months of the Dominion's current fiscal
year,
showed an adverse, or import, balance but of
heretofore.
Still for the five
is much smaller than for the
year ago,
corresponding period a
when material prices and wage schedules
smaller volume than
were
present.
In other words, were
elapsed months of the fiscal year the value of the net
due allowance made for that
fact the decrease shown
lower than at
than 132 million would be much heavier. Furthermore, as indicating
dollars, against balances on the other side of the how widespread has been the contraction in con¬
account in all years back to and including 1915.
In¬ templated building, we note that in August 106 out
creased shipments of paper, etc., are to be noted, as of the 173 cities included in our compilation show
compared with August 1919, but these were more declines from a year ago, and in many important lo¬
This is
than offset by a falling off in agricultural and an¬ calities the falling off is quite pronounced.
imports of commodities was no less
nual
products, the complete total of exports for
particularly true of such leading cities as New York,
being $113,727,395, against $120,878,593
Philadelphia, Cleveland, Detroit, Newark, Buffalo,
the month
a
year ago.
The aggregate of merchandise exports
Toledo, Richmond,
Seattle, Atlanta, Dallas, Fort
Worcester,
Imports New Bedford, Minneapolis, Omaha, Denver, Des
for the month, on the other hand, were decidedly Moines, St. Louis, Sioux City, Indianapolis, YoungsOn the other hand, noteworthy
heavier than a year earlier, reflecting the large in¬ town and Dayton.
crease in the inflow of textiles, iron, steel and coal,
activity has been confined to Baltimore, Atlantic
etc.
The contrast is between $124,318,014 and $81,City, Trenton, Los Angeles, Long Beach, San Diego,
357,385. For the period since January 1, moreover, Berkeley, San Antonio, Miami, Savannah and sevfrom
the Dominion for the
eight months was only
$775,556,485, against $804,204,518 in 1919.
Worth, Houston, Hartford, New Haven,
eral cities of lesser
Altogether the 173
prominence.
[Vol. 111.
CHRONICLE
THE
1206
municipalities from which we have reports for Au¬
several months.
of Parliament
At
gust 1920 furnish an aggregate of only
rand received "an
against $164,302,362 in 1919.
other
York the result is
to
$29,067,302, against $45,734,175 a
with all the boroughs sharing in the de¬
year ago,
crease
$118,505,494,
For Greater New
a
important extent, notwithstanding
very
the fact that it is here that the need for
is1 seemingly most seriously felt—a
commodations
need that has
brought the State Legislature together
this wetek at the call of Gov.
tation of
housing ac¬
Smith, with the expec¬
Ex¬
taking action to afford some relief.
clusive of this
city, the total for the country is $89,-
two
full assembly
a
of both houses
Wednesday afternoon Premier Mille¬
overwhelming majority over the
candidates, Leon Bourgeois and Raoul
Peret, whose names had been put forward against
their
This
wishes."
own
ed in the nature of
the 813 votes cast 528
stated
gathering would be regard¬
in this country.
a caucus
Out of
It
for Millerand.
were
was
by the Paris correspondent of the New York
"Tribune"
Thursday morning, that "Millerand's op¬
M. Peret is President
ponents put up a poor fight."
of the Chamber of
Deputies, while Leon Bourgeois
The Paris advices stated
is President of the Senate.
that
both
alone making a better exhibit than last year
their
names
aggregate of intended expenditure.
correspondent added, however, that "most of the
442,192, against $118,568,187, with the Pacific Slope
group
in the
f
For the
eight months of 1920 and due to the great
votes cast
volume of
outlay arranged for in the earlier months
geois
gentlemen
of the year,
the projected expenditure for building
riod, but it is an open question whether, allowance
he
submitted
against Millerand
Versailles
out of
be
Peret."
or
operations stands as the high record for such a pe¬
to
on
as
One
candidates.
were
for either Bour¬
The result of the formal voting at
Thursday
was
695 votes for Millerand
At 4:57 o'clock that afternoon
total of 892.
a
allowing
against
protested
formally proclaimed eleventh President of
was
France
by Leon Bourgeois, Chairman of the As¬
and
'
materials, quantitative construction has been much, sembly.
The resignation of Paul Deschanel as President
if any, greater than in some earlier years—1916 for
of the French Republic and the selection of his suc¬
example. The result for 173 cities, as compiled by
us, for the eight months since January 1 is an aggre¬ cessor, together, have been the chief topics of in¬
terest and discussion in France.
Naturally the in¬
gate of $1,092,722,912, against $751,572,064 in 1919,
cident was watched with special interest in all of
$344,669,537 in 1918 and about 700 millions in 1916.
probably in others as
The gain in contemplated outlay 1920 over 1916 is the Allied capitals, and
being made for current inflated costs for labor
.
to be close to 400
seen
that the cost of operations (material and
to prove
more
(and inferentially, therefore, even
in 1919
labor)
million dollars, but investiga¬
States Geological Survey seem
tions of the United
in 1920)
so
1913 and 1914
practically double those of
were
(adopted
as
On that basis
normal).
planned thus far in 1920 is actually less
the work
than in 1916 and several earlier years.
York's
operations
$223,647,085
at
Greater New
compare
with
$150,907,023 last year and for the outside cities the
totals
are
$869,075,827 and $600,665,041 respectively.
Of the various
into which our returns are
groups
segregated the Pacific Slope and Southern make the
best
are
exhibits, but in all cases the increases in outlay
It is
well.
accurate because of statements credited to Pre¬
mier
Millerand to the effect that "he believes the
President should be less of
been the rule in the
"in other
States, showed contraction in August,
1920, although there, as here, there is much com¬
plaint of housing shortage.
Briefly, the projects for
the month at 28 cities in the Eastern
in
an
Provinces call
outlay of only $7,185,041, against $10,887,746
1919, while in the West (17 cities) the contrast is
between
of the Dominion
but
For the whole
$2,066,065 and $2,602,856.
(45 citie?) the total is, therefore,
But,
$9,251,106, against $13,490,602.
United
as
in the
States, the eight months total of contem¬
plated expenditure is much greater than that of
1919.
Specifically, the outlay arranged for at the
28 cities in the East foots up
$55,637,600, against
Millerand
would
was
1912, however, the outlay was well above 100 mil¬
20.
made
willingness to be
The
new
President.
At
a
joint session
Thursday of the Senate and the Chamber of Depu¬
Versailles, Premier Alexandre Millerand was
chosen to succeed Paul
Deschanel, who resigned last
week because of illness
extending
over a
period of
a
formal
candidate
announcement
on
September
following day the resignation of M. Descha¬
nel, which was "handed to Premier Millerand at
Rambouillet last week, was read simultaneously
in
the
Senate
noted,
ready
chief
reason
and
health
Chamber of
for
As al¬
the
surrendering the high office.
In
health
was
said:
President
given
"My
state
of
longer permits me to assume the high
no
functions with which your
upon
Deputies."
as
imperfect
part the former
confidence invested me
the occasion of the session of the National As¬
sembly
January 17, last."
on
The most impressive
paragraph of the letter of resignation, and the one
which has attracted the greatest attention in the
important political circles in this country, reads as*
"The duty
demands
of the President of the Repub¬
at all times grave
responsibilities.
It
activity and energy, free from all weakness,
during the years when victorious France is called
to reconstruct her domestic resources, mean¬
while
I
a
plan
executive branch of the Government."
upon
i
France has
ties at
said to be "convinced that this
great continuity and cohesion in the
assure
follows:
lion dollars.
in
part of direc¬
tors, and the Premier that of Managing Director."
lic involves
In 1913 and
suggested also that
dent should be like the head of a stock company
$41,753,651 last year, and in the West (17 cities)
$79,580,181, against $51,367,891.
was
which the Ministers would take the
$23,942,537, against $9,614,240, giving in all a total
of
figurehead than has ^
words, his idea would be that the Presi¬
Premier Millerand
in the United
It
Government in office."
heavy.
Building operations in Canada, in line with those
a
past and that he should play a
role of confident and cordial collaboration with the
of his
for
likely that the latter suggestion is the
more
assuring broad
Treaty
gained."
of
Peace,
so
integral
application of the
gloriously,
but
so
dearly,
The resignation was accepted at the joint
session of the Senate and the Chamber of
after tributes had been
Deputies,
paid to the services of M.
Deschanel to his country
and expressions of regret
Sept. 25
the
over
THE
1920.]
necessity of his taking the action had been
A decree
uttered.
was
issued calling the
1307
CHRONICLE
National
politics in an important
Deputy in 1885.
when he became a
way
His activities and rise from that
have been notable.
He held
Assembly together at Versailles on Thursday, Sep¬
time
tember
folios in various Cabinets.
23, for the election of his successor. As often
happens under such circumstances, the condition of
M.
Deschanel, according to Paris cables, improved
realized that he had been
he
considerably after
known
became
It
here
important port¬
yesterday
afternoon,
through cablegrams from Paris, that "Georges Ley-
Minister of Marine in the Clemenceau Cabi¬
gues,
actually relieved from the duties of President dur¬
net, has accepted a call to the first Premiership un¬
ing the important period of reconstruction through
der President Millerand's administration."
which his country
o^
respondent
some
is
now
The Paris cor¬
passing.
the New York "Tribune," who, for
Millerand, de¬
clared in a cablegram to his paper on Tuesday morn¬
ing that "Millerand's insistence upon revision of the
Constitution to give more power into the hands of
the President has awakened
His threat to assume
immense
on
widespread opposition.
greater powers has brought on
In view of these
political upheaval."
assertions it was
cus
as
Foreign Minister.
has asked him to form
He will
President Millerand
Cabinet.
a new
did not seem inclined to gbje hearty
reason,
support to the candidacy of Premier
an
also act
interesting to find that at the cau¬
Wednesday
Millerand received
528 votes,
On
Tuesday the French Ministry of Finance made
official announcement of
the
a
summary
of the trade of
country for the first eight months of the current
It showed; that the importations amounted to
year.
These figures
24,561,195,000 francs.
trast with
were
in
con¬
21,743,346,000 francs for the correspond¬
ing period of the previous year.
As might have been
expected, in view of the policy of all the European
countries to sell
as
much and to buy as little abroad
a big jump in the exports.
Bourgeois.
For the first eight months of this year they totaled
Thursday morning a Paris cablegram from the cor¬
respondent at that centre of the "Sun and New York 14,406,438,000 francs, against only 5,743,218,000
francs for the same period of last year.
The state¬
Herald," filed the night before, intimated that op¬
ment shows, furthermore, that "the greatest increase
position to Millerand had not been altogether with¬
against only 157 for Peret and 113 for
He stated that "while
drawn.
have
not
his political enemies
given up their efforts to defeat Premier
President of the Republic
Alexandre Millerand for
to-morrow, unless some
possible, there was
as
unexpected change occurs
among
the exportations was in manufactured goods,
which totaled
9,226,052,000 francs, as against 5,643,-
548,000 francs for the first eight months of 1919."
It
was
pointed out also that even with the improve¬
ment that took
place during the period of this year
The "Trib¬
under review, the import balance against France is
correspondent appeared to have changed his
position materially, for, in speaking of the session fully nine times greater than it was before the war.
overnight they are doomed to failure."
une"
of the National
On
Assembly to be held in Versailles on
Wednesday, M. Francois Marsal, French Min¬
voting is likely to be
nothing more than a formality."
Owing to the illness of, former President Descha¬
nel, the induction into office of the new Chief Ex¬
devoid of "the usual ceremony of re¬
French
Finance, announced to the Cabinet Council
ister of
Thursday, admitted that "the
ecutive
was
that "France will pay every
dollar of the $250,000,-
000 loan due in New York October
of
course,
15." This amount,
is her share of the $500,000,000 Anglo-
loan, maturing at the middle of next month.
recently a syndicate headed
of the retiring
President at Elysee Palace."
Surrounded by Depu¬ by J. P. Morgan & Co. offered $100,000,000 French
Government 8% bonds, and that the issue was very
ties and Senators, the dispatches stated that "M.
Millerand was greatly moved."
In reply to con¬ largely oversubscribed even before the formal offer¬
It will be recalled that
ceiving the powers from the hands
gratulations from M. Bourgeois he was reported to
have said that "Victorious France must rebuild its
ruins and
repair its wounds.
We must continue a
victory and our dead.
designated
as President will bring to the discharge of his duties
all his intelligence and energy and try to be worthy
foreign policy worthy of our
The
Republican whom Congress has just
of
the confidence of
It
was
the people's representatives."
made known in the Paris
advices yesterday
morning that he takes office for a full seven years.
Attention was drawn to the fact also that he re¬
ceived the third
Deschanel received
mous.
was
highest vote ever given a French
The election of M.
President.
Thiers
734 votes.
was
unani¬
Millerand's
695, as already noted.
The
new
President was born in Paris, February
his 62nd year. He is
perfect health and as a man
of absolutely regular habits.
He was educated at
the Lycee Henri IV and the Lycee Michelet, and is
characterized as "lawyer, publicist, Deputy from
1859, and is therefore in
10
spoken of as being in
the
Reformer, and
es
he
Socialist, then Socialist
then Nationalist Reformer." Sketch¬
Department; of Seine,
of his career state
was
also that in "the early eighties
frequently called upon to arbitrate between
capital and labor, to defend Socialists before the
Court of Appeals."
M. Millerand formally entered
f
ing
was
announced.
Italy and the threat¬
The industrial situation in
ened strike of coal miners in
ued to attract
Great Britain, contin¬
special attention throughout Europe
financial centres in this coun¬
and in industrial and
Announcement was made in a cablegram from
a week ago this morning that the masters in
try.
Milan
the metal trades had
the
passed
a
resolution, "accepting
proposal that the workers participate
ii the man¬
It was added, however,
is imposed that there shall be no
agement of their concerns."
that "the condition
predominance by the workmen's organization, but
collaboration and reciprocal responsibility and no
interference with the freedom necessary
to the de¬
In the resolution adopt¬
that their repre¬
participate on any commission
velopment of the industry."
ed
by the masters, they insisted
sentatives shall not
with
the
factories
workmen
they
until they have evacuated the
are now
holding."
intervened in the situation as a
"his decision to
appoint
the situation in the
a
Premier Giolitti
whole and announced
commission to deal with
metal-working industry."
The
plan of the Premier appeared to be much more radi¬
cal than that of the masters, to say the least.
In
another
cablegram from Milan it was asserted that
"employers and their supporters
voiced indignation
1208
THE
the Premier's intervention at the
over
of the
present phase
situation, after maintaining neutrality when
the works
occupied."
were
The Paris correspondent
of the New York "Tribune" cabled
to
CHRONICLE
advices received
of the Italian
that, according
there, "under official sanction
Government, not only the metal in¬
to learn
[Vol. 111.
and to
tions."
advance
Signor Crespi,
better their
to
posi¬
representative of the
a
ployers, in commenting
nally made by the
and
em¬
the concessions origi¬
upon
of the industries, and also
owners
the demands of the Government, made through
upon
Premiar
Giolitti, said:
"Now that the plan for
dustry in Italy, but all the other factories of the
participation by the
country, have passed into the hands of the Com¬
accepted, it remains to be
munists."
system, which theoretically would bring capital and
He added that the "Reds had been
thorized to exercise full powers over all
au¬
industrial
labor closer
in
men
work out in
legalize the control of Italian
the industries will prosper.
workers."
In
the
by
portraying further the ideas that
were
whether the
seen
new
together and increase production, will
life, pending legislation by the National Chamber to
industries
industries has been
our
practice.
If the system
irretrievably crippled."
In
proves a success
Otherwise they will be
special cablegram
a
un¬
said to exist in the French capital regarding the Ital¬
ian situation the
correspondent asserted that "Ital¬
der date of
Wednesday, Sept. 22, from Milan to the
New
"Times," the correspondent announced
ian
that "no decision has been reached
employers have decided to bow to the inevitable.
Their
only hope
is that in the eventual settle¬
now
ment Parliament will
the seizure of their
compensate them
property."
prevent
or
Probably the fore¬
going represents
a
is
that has actually taken place in
proposed,
Italy.
or
rather too extreme view of what
The fact remains,
however, that the
posals sanctioned by the Italian Government
regarded
are
little less than revolutionary.
as
experiment.
an
be
They
Heretofore such extreme
periments generally have failed.
nished several
pro¬
can
ex¬
Russia has fur¬
striking illustrations.
dispatches received for several days during
early part of the week told of the seizure of fur¬
ther
plants by workmen, particularly in southern
Italy.
that
In
dispatch from Rome it
one
It is located in that section of the
and is said to be
of the most
one
the industrial towns.
to
was
asserted
"30,000 workmen have occupied the factories at
Terni."
Mention
country,
important of all
was
made from
day
day in the dispatches from Rome and Milan of
the
negotiations that
were
in progress between the
masters and the workmen.
One of the chief diffi¬
culties
the
appeared to be the demand of the former that
plants
be
seized them.
discussed
first
The
also.
nouncement
evacuated
question of
In
was
a
by those who had
wages
was
cablegram from
made that
evacuation
yet regarding the
by workmen of the iron and steel factor¬
ies.
When the Metal Workers' Federation met here
last
night to ratify the Rome agreement it found by
referendum that the workers
a
to
evacuation, except after
relative
tion
to
were
strongly
averse
revision of the terms
a
payment of wages during the occupa¬
period."
The dispatch further stated that "the
Federation
therefore proceded
proposals.
That put forward by the extremists for
to vote upon three
holding fast to the factories unconditionally ob¬
only 28 votes; another demanding full wages
tained
The
the
York
actively
Paris
an¬
"representatives of the
for the
occupation period
sine
as a
turn to normal conditions
for
qua non
scored 96
re¬
votes, but the
majority of the delegates decided eventually that
the
order
for evacuation
result of further
due
should
depend
the
upon
negotiations with the masters for
payment of work actually executed since the
factories
seized."
were
The Paris correspondent
the "Sun and New York Herald" declared that
timistic
dispatches from
Rome in reference
settlement
of
and
of the factories which the former
owners
the
quarters.
It
Government
to
a
dispute between metal workers
arriving here through various
not borne out
of
"op¬
seized,
agencies,
news
are
by advices received in French official
was
was
intimated to-day that the Italian
inspiring the prophecies of
settlement of the crisis in the
an
early
hope of ameliorating
employers and of the workmen who had seized the
exchange rates, which have suffered against Italy
factories
since Sovietism made its
had
mediation."
accepted Premier Giolitti's offer of
As
might have been expected, word
received in the French
was
extreme
Italian
capital also that "the
Socialist faction, which had been
in that
appearance
coun¬
try."
On
rin
Thursday, according to
cablegram from Tu¬
a
yesterday morning, "all the
men
occupying the
gaining strength since Premier Giolitti advocated
metallurgical
acceptance of the workers' control of the factories,
although under the Government's direction, is now
agreement reached in Rome between the Government
threatening to institute
"out of 51 works the
great national campaign
a
for nationalization."
In
part
follows:
as
through which
one
way
as
to how the industries of
the criterion
must be
of
passing
only, and that is that
the relations hitherto
hold
only
one
was
quoted
"I think the historic moments
we are
labor is inevitable.
can
a
be interpreted in
radical revision of
existing between capital and
It is
no
that in
a
longer possible to
dependents must obey without possessing the
himself.
I
am
over
functioning of
true
sense
of
the activities of the head
convinced it is
necessary to make it
possible for the workers
a
to contribute toward
the
firm to the extent of giving them
co-responsibility.
Once this idea is
a
ac¬
tuated by raising the function of the
workmen they
will be placed in conditions which will
enable them
The other
cept it."
workers."
men
It
to
discuss
stated
was
also
the
that
in 34 have declared them¬
attacked
report
17
announce
themselves
as
ready to
ac¬
London heard that strikers in Turin had
the
necessary
Royal Guards and that it had been
to call out the troops.
seven
According to the
deaths occurred and six strikers
were
seriously wounded.
In
up¬
great industry there
head in command, while thousands
guarantee of control
the metal
met
selves, for various reasons, against the agreement.
outlining his ideas
Italy should be controlled the Premier
in
and
establishments
dispatches from Rome last evening additional
seizures
of
industrial
mier Giolitti
was
bor's failure to
tories
but it
was
added
of
that "no
was
war
a
reported.
Pre¬
annoyed at la¬
a
labor control bill,"
Government
anticipated."
dispatch from Rome,
passed
were
keep its agreement to evacuate fac¬
pending enactment of
compel obedience
one
plants
said to be "much
action
to
According to
the Italian Senate has
bill "providing for sweeping confiscation
profits."
Sept. 25 1920.]
conference at
The
CHRONICLE^
THE
Riga between representatives
of the Polish Government and the Russian Soviets
has
in
been
ment
Polish
progress.
The interesting announce¬
made at the
was
beginning of the week that a
courier had
left
Riga by airplane for Dan¬
zig, "whence he intended to leave by train for War¬
carrying official and private messages from
saw,
the Polish peace
delegation." An Associated Press
1209
than hitherto."
On the other
hand, London received
dispatches from Warsaw yesterday that "Poland is
renewing preparations for intensive warfare."
claimed that "new classes
was
are
Service," and that "all leaves of absence
army
canceled."
It
was
ter-proposals for
shevik
understood that "Poland's
peace
will be presented to the Bol¬
The Bolsheviki
of the Poles to arrange
troops in the Yilna-Leda region.
ice
over
the
same
route
an
airplane courier serv¬
Minsk, where the first conference
cations between
After a long conference
Dombski, head of the Polish Peace Mis¬
held, and Warsaw."
was
between M.
reported to have massed 30,000
were
•
during the conference, which
Several times
striking contrast to the lack of communi¬
will be in
were
coun¬
representatives at Riga to-day [yesterday]
correspondent at Riga said that "it is the intention
for
It
being called for
during the week cablegrams have
to hand from Berlin
come
friction in the Cabinet.
In
indicating
an
more or
less
Associated Press dis¬
patch from that centre, made public here yesterday
sion, and Adolph Joffe, chief of the Russian Soviet
morning, it was asserted that Herr Wirth, Minister
delegation, "the opinion was expressed by M. La-
of
dos, secretary of the Polish Mission, that there was
a cessation of the Russo-Polish fight¬
Cabinet did not at
little chance of
ing
preliminary
until
peace
terms
were
agreed
It was added that "action at the confer¬
upon."
which will endeavor to reach an agreement on
ence,
armistice terms and formulate a treaty
tween Poland and Soviet
of
be¬
peace
Russia, will be controlled
largely by the military situation, according to views
The regular sessions of the con¬
Tuesday, September 21.
Dis¬
expressed here."
ference
began
on
patches from Riga stated that the delegates were
welcomed
by M. Meirimwitch, Lettish Minister of For¬
eign Affairs, who declared that "a peace which will
be
solid peace,
a
based on the principles of justice
democracy, will soon crown the
and
labors of the
Finance, had threatened to resign his post if the
Nation's tangled
"tackle the problem of the
once
According to the cor¬
finances."
respondent his threat was effective regarding this
important matter, and also in obtaining "for him¬
self
At
ascendant influence in Governmental affairs."
an
special session of the Cabinet the Finance Min¬
a
ister is
reported to have "presented an unvarnished
analysis of Germany's financial condition, hurling
billions of marks of deficits at his colleagues and
charging that the 'wretched finances are but an ex¬
The further as¬
pression of mal administration.'"
sertion
made in the
was
of his frank
exposition
voted to take up
dispatch that "as
a
result
Cabinet unanimously
the
immediately the problem of the con¬
fiscation of coal fields and ordered the Minister of
Economy to prepare the draft of a law, based on the
It can never report recently compiled by the National Commis¬
His colleagues in the Cabi¬
be lasting unless based upon respect for the free sion for Socialization."
net are said to have agreed, "regardless of party af¬
national rights of Governments." M. Dombski, head
demanded
of the Polish delegation, asserted that "even if peace filiations, that the appalling situation
is not effected the Polish delegates will always re¬
prompt and drastic action." The correspondent
added that "it is taken for granted now that the cri¬
main under great obligation to Latvia." M. Joffe,
He added that "only these prin¬
Riga conference."
ciples
can
effect and maintain peace.
the Russian Soviet
leader, in his response expressed
confidence that peace
In
date.
a
would be arranged at an early
subsequent dispatch from Riga by the
Associated Press
correspondent the opinion was ex¬
sis
a
sia
speedy peace between Poland and Soviet Rus¬
resulting from the conference which was for¬
are
which have been current during the
last
disposed of, and that the Majority Social¬
continue
onlookers, according benevo¬
ists
will
lent
neutrality to the Bourgeois Cabinet."
In
pressed that "the prospects do not appear bright
for
rumors
week
a
Berlin cablegram
made
was
as
that
"as
a
last evening the assertion
result of Finance Minister
Wirth's revelation to the German
Cabinet that the
marks, the be¬
semi-official quarters that
Poles are expected to demand, seems to be the chief Germany will ask financial aid from the League of
stumbling block.
In another Associated Press dis¬ Nations at the Council meeting in Brussels."
mally opened here yesterday." He added that the
indicated refusal of Soviet Russia to disarm, as the
country's debts total 226,000,000,000
lief
was
expressed in
patch from Riga, dated Wednesday, Sept. 22, it was
said that
Conference will be held
two
Friday [yesterday]^
The
delegations did not communicate with each other
to-day.
received early in the week
The announcement was
"probably the next meeting of the Peace
in
a
cablegram
from
Constantinople that "three
members of the Turkish
Cabinet have resigned, be¬
they have been unable to bring about a com¬
in part promise agreement with the Turkish Nationalists,
by which the treaty between Turkey and the Allies
delay in starting the negotiations.
It was suggested that "their
Associated Press cablegram from Riga last may be carried out."
Reports showing heavy fighting in the vi¬
cause
cinity of Grodno apparently are responsible
for the
In
an
evening
announcement
was
made
that "Adolph
Joffe, head of the Soviet peace delegation, at to-day's
session of the Russo-Polish peace conference pro¬
said must be accepted
by the Poles within ten days or the Russian winter
campaign would be inaugurated, which Joffe de¬
posed an armistice, which he
clared the Soviet
was
Government desired to avoid."
added that "M. Joffe
It
preceded his proposal by
action makes the selection
sary."
of
a new
Ministry neces¬
'
Word
came
from Paris Tuesday morning
ninth
session of the Council of the
tions
adjourned
the
day
smoothed out difficulties
before,
that the
League of Na¬
"after
having
between four nations in
controversies which at one time threatened to re¬
Speaking further of what was accom¬
all the fifteen peace
plished, the correspondent observed that "through
points submitted at Minsk, to which the Poles ob¬
its action in the Polish-Lithuanian crisis the Coun¬
jected." The opinion was expressed that "M. Joffe's
cil succeeded in getting the two countries to agree
proposals make the prospect of peace much brighter
offering to withdraw virtually
sult in war."
1210
to
suspension of hostilities pending a
their
of
settlement
agree
to accept."
Aland
Islands
a
[VOL. 111.
i
immediate
an
CHRONICLE
THE
'
fair way
He
of the opinion that "the
was
question likewise is considered in
Before its adjournment
for settlement."
"the Council
sides
differences, which both
approved the purchase of the Hotel Na¬
tional in Geneva
the future home of the
as
League."
for the assassination of
police taken at Balbriggan
by the 'Black and Tans' and elsewhere by the
lar
police
military
or
icy formulated by the Government," in
blegram yesterday morning
clared that "if the
regu¬
actuated by any set pol¬
were
Dublin
a
quoted
was
ca¬
having de¬
as
guerilla warfare of the Irish Re¬
publican Army continued the situation might be¬
such that
come
reprisals would be necessary."
Dispatches from Constantinople and other points
have told of further
military
In
one
than
a
instance he
said to have
was
captured more
2,000 prisoners and quantities of supplies.
cablegram from Sebastopol,
public
made
In
here
Thursday morning, it was asserted that word had
received there that "General
been
Wrangel is ad¬
vancing rapidly in the Alexandrovsk and Taganrog
The Bolsheviki
regions of southern Russia.
de¬
often
Wrangel
far has taken 5,000 prisoners, including
so
from the
without
are
moralized,
men
surrendering
fighting.
Twenty-second Division of Infantry
and also 200 machine guns,
several armored trains."
Although
by General
successes
Wrangel against the Bolsheviki in southern Russia.
dozens of field
guns
and
the
cable
much
been
Terence
to
not
that the bulletins
England that it did during the
less
He
In
word, it
a
issued told
suffering.
the strike.
of
Yesterday
still
was
increasing weak¬
the 44th day of
was
conscious, without pain and
Cable advices from London last
Mayor
suffering
There
"in
was
severe
were
disturbances
the
be said
may
exhausted, according to the morning bulletin.
the Lord
and
in the Euro¬
attracting anything like the atten¬
early stages of his strike.
and
space
They indicated also that the
tion in Ireland and
ness
a very
night stated that
exhausted condition
of
Balbriggan,
to
have taken
For instance,
wrecking of the town
Sinn Feiners
Dublin.
near
of the
near
Lynch,
a
a
biggest raids for
says
was
It
was
added that "an of¬
was
killed when he
twelve soldiers who had gone to the
In
an
Associated Press dis¬
patch from Balbriggan the
same
that
about half of the
"nearly 1,000
persons,
was
stated
morning, after having spent
popu¬
a sec¬
night of terror in the outlying hay fields." The
damage done to the town
000.
day it
partly devastated town, crept back to
their homes this
ond
made
Dublin hotel early this
a
that Lynch
hotel to arrest him."
lation of this
arms
cablegram from
a
Republican leader and Sinn Fein
[Wednesday] morning."
on
In
Limerick/County Councillor,
shot dead in
opened fire
said
Belfast, and to
Thursday morning, announcement
also
were
twenty automobiles from week-end
one
In
ning it
was
civilians
was
estimated "at $1,000,-
cablegram from Dublin Thursday
a
were
killed
were
near
Milltown
Malbay.
A
destruction of life and
property, it
was
claimed,
for the killing of two policemen.
Sir
Macready,
Nevil
num¬
said to have been burned.
in revenge
Forces in
eve¬
reported that earlier in the day three
ber of houses
Tuesday there
strike
were
shall
shall
take
be
ac¬
nothing had been achieved by the
negotiations to prevent
a
strike."
commander
It
furthermore, that "the delegates,
stated,
was
who
numbered
nearly 200, also endorsed the proposals which the
committee made to Sir Robert S.
of the Board of Trade."
that
a
strike could be averted
part of the Cabinet.
Alliance
had
George
was
thought
only by action
on
the
A committee from the Triple
conference
a
late
Horne, President
At that time it
Wednesday
known in London that
with
Premier
afternoon.
evening that
a
It
Lloyd
became
meeting of that
body had been called for the following day to hear
reply of the Premier.
there
a
reiteration of
It
being
the
was
difference
a
declared that it
proposal
made
the
to
previous day, that,
<f>f opinion between the
miners and the Government as to the facts and
ures,
the question of the increase in
be referred to
an
impartial tribunal,
wages
or,
fig¬
should
alternately,
the miners should consent to work out with the col¬
liery proprietors and the Government
some
scheme
whereby in return for increased production, the
miners could
ceived here
get increased wages."
Cablegrams
Thursday afternoon stated that the
posals of the Premier had been rejected.
cablegrams yesterday morning told of
ence
until
of the
"Times"
been
In
It adjourned "without reaching
a
yesterday morning it
learned
"on
a
was
said to have
good authority that,
were
while the
'standing solid'
strike, the railway and transport workers
anxious to avoid
a
special dispatch to the New York
miners, bound by the majority,
for
London
full confer¬
Triple Alliance the night before, lasting
midnight.
decision."
a
re¬
pro¬
were
coming out in their support." Yes¬
terday forenoon, however, cable advices stated that
official announcement had been made that "the Brit¬
ish coal miners had
postponed striking for
pending negotiations."
It
was
one
week,
added that "the out¬
look is favorable."
This
was
Gen.
of the Military
Ireland, while denying that "the reprisals
to the effect that
miners' executive committee the
Dublin
ficial report
settlement
conference
account of the latter
an
under
history of Ireland."
was
On
proposals
Dispatches giving
"was
made of the
was
have "carried out
was
a
The
a
political
in the
judge,
decide whether
to
apparently
Ireland,
pleasure seekers at midnight,
who
half.
serious
less
or
leadership of the Sinn Feiners*
"John
a
the Government
or
approach to
made."
was
meeting of mining delegates, who
a
be asked
the
pains in the head."
more
in
announcement
that
situation
coal
to be
was
gathering stated that the delegates "accepted the
MacSwiney, the hunger-striking Lord
was
Monday
special cablegram from London to the
a
lasted for two hours and
was
on
Horne, President of the British
New York "Times" that "no
the
as
might have
as
held
was
reflect
not
Trade, and the miners' executive, but it
stated in
of
did
report of the executive committee of the Federation
cable advices.
matter
A conference
expected.
Board of
London
the situation
letter addressed to the "Sun and New
Mayor of Cork, occupied little
pean
over
by Lord Northcliffe, the hunger strike
a
York Herald"
of
from
between Sir Robert
cepted.
Outside of
advices
anxiety there
place
<
strike of the British miners next Mon¬
a
day, Sept. 27, appeared to be threatening all week,
The British
Treasury statement of national financ¬
ing for the week ending Sept 18, for the first time in
several weeks, showed that
with
the
result
of
an
ingoes had exceeded outgo,
increase
in
the
Exchequer
Sept. 25
1920.]
balance of
£771,000
additional
an
CHRONICLE
THE
Another favoring feature
reduction
in
was
advances of
temporary
statement of
Bank of
£21,500,000 to £175,441,000 while the total floating
debt is
a
£1,258,540,000
now
week ago
BANK
1920.
and £1,218,910,000 last
Sept. 22.
other items
including Treasury bills, advances jand
£99,895,000, comparing with
£95,282,000 last week.
The total of receipts from
£
repaid
sources
contributed £30,136,000
and sundries
£150,000 against
From advances the
same as a
week
ago
£200,000 last week.
of £5,600,000 was received,
sum
Foreign debt brought in £4,this source in the
against £22,000,000.
against nothing from
previous statement. ' Sales of Treasury bills totaled
issues
and
£17,164,000 in
£1,083,099,000,
over
of
excess
last
repay¬
bills outstanding expanded
Hence Treasury
000 last week.
£7,912,000
of
increase
£58,898,000,/an
contrasted with £1,065,873,-
as
Treasury bonds
issued to the
were
£190,000, against £150,000
a
week earlier.
Exchequer balance now stands at £3,935,000.
The
which
£3 164,000
with
compares
week.
previous
the
■
60.495^845
41,181.745
36,035,555
19,396,366
31,942,198
44,284,907
53,371,842
16,706,000
Other deposits..... 105,446,000
97,457,386 133,987,785 121,702,542 101,483,434
26,229,213
54,202,545
58,189,220
42,187,627
Other securities
88,723,000
83,706,067 100,335,523
93,593,721
95,386,643
Reserve notes & coin
16,028,000
25,035,726
29,496,515
32,364,856
35,466,693
bullion—123,064,646
88,196,371
71,542,360
55,096,601
53,552,248
13.12%
21.4%
17.86%
19.50%
22.90%
7%
5%
.5%
5%
6%
Coin and
Proportion of
reserve
.....
Bank rate—......
The Bank of
Official discount rates at leading European centres
quoted at 5% at Berlin,
be
to
Vienna,
Spain and Switzerland; 5in Belgium; 6% in
Petrograd; 7% in London and Norway, and
According to
4]^% in Holland.
of
date
under
Stockholm
a
Sept.
cablegram from
Bank of
the
21,
Sweden has raised its discount rate A of
1% to 1lA%>
previous rate of 7% had been in effect since
The
March
In London the private bank rate
last.
18
the
in
Bank's gold
May 8 1919 disclose
a
francs.
21,383,741
decrease of 9,604,684 francs
The
decrease, the shrinkage being
The
total
gold
holdings
now
aggregate 5,489,579,225 francs, of which 1,956,894,675 francs
total
held abroad.
are
At this time in 1919 the
5,573,837,539 francs (including 1,978,278,-
wTas
416 francs held
francs
abroad), and in 1918 5,437,880,762
(including 2,037,108,484 francs held abroad).
During the week advances fell off 8,352,000 francs,
while
general deposits
On the other
were
diminished 972,000 francs.
hand, silver gained 6,052,000 francs.
bills discounted
104,917,000 francs, and Treasury
rose
augmented by 24,543,000 francs.
were
State
registered the further expansion of 23,-
998,000 francs, bringing the total outstanding up to
38,689,733,370
This
francs.
786,798,270 francs last
year
francs at this time in 1918.
prior to the outbreak of
compares
On
are
35,-
July 30 1914, just
the total
war,
items in this week's return with the
week and the
with
and with 29,922,374,480
was
only
Comparisons of the various
6,683,184,785 francs.
figures of last
corresponding dates in 1919 and 1918
follows:
as
OF FRANCE'S COMPARATIVE
BANK
Changes
Gold Holdings—
STATEMENT.
Status
for Week.
call in London remains at 5)^%, un¬
on
a
gold in vault this week.
holdings abroad for the first time since
days, which compares with 6% @ 6 13-16% last week.
Money
of
amount
11-16% for sixty and ninety
has been lowered to 6
France, according to the "Chronicle's'!
special cable, reports
circulation
Paris and
£
£
81,610,645
deposits
continue
£
Circulation........125,484,000
against £20,642,000,
savings certificates £800,000, the
amount of
Sept. 27.
Sept. 26.
total,
this
Of
week.
preceding
the
comparison with
in
£100,668,000
was
£94,778,000
ments.
1916.
1917.
Sept. 25.
£
Public deposits
to liabilities
to
STATEMENT.
1918.
Governm't securities 35,518,000
11), while the
was
week's
Sept. 24.
Expendi¬
year.
£19,766,000 (against
£15,321,000 for the week ended Sept.
894,000,
1919.
'
total outflow
revenue
ENGLAND'S COMPARATIVE
OF
£1,262,814,000
agaiilst
tures for the week amounted to
all
comparisons of the different items of the
England return:
Sept. 23 1920.
Francs.
as
of—
-8ej«. 25 1919.
Sept. 26 1918"
No reports,
so
far
as we
have been able to
Francs.
Prunes.
3,595,559,123
3,400.772,277
Dec. 21,383,741
1,956,894,675
1,978,278,416
2,037,108,484
Total. —......-Dec. 30,988,425
changed.
Francs.
3,532,684,550
5,437,880,762
Iu
France...!—...Dec.
Abroad.......
9,604,684
ascertain have been received by cable of open market
5,489,579,225
5,573,837,539
6,052,000
261,067,495
292,649,237
Bills discounted...-Inc. 104,917,000
discounts at other centres.
1,964,641,298
942,710,608
851,271,638
1,997,454,000
1,296,702,201
831,458,538
Silver
Inc.
Dec.
Advances...
of
Bank
The
England
this week
reduction in its gold holdings of
£350,000
cut
reserve was
circulation
note
of
brought down,
were
to liabilities
last week
showed
a
an
21.4%
reduction of
no
reserve
less than £17,127,000 while
declined
there
£20,585,000.
was
The Bank's stock of gold
a
In
gain of £5,~
now
stands at
£123,064,646, which compares with £88,196,371 in
1919
and
aggregate
£71,542,360 the
£16,028,000.
year
Last
before.
year
Reserves
the total was
Circulation
£25,035,726 and £29,496,515 in 1918.
reached
has
with
a
circulation... Inc.
total of £125,485,000 in comparison
£81,610,645 in 1919 and £60,495,845
a
year
The
Clearings through the London banks
No
£659,655,000 in comparison with
and £559,350,000 last year.
change has been made in the Bank's minimum
week
rate
from
ago
7%.
We
append
57,485,396
2,882,397,447
3,106,859,§05
Imperial Bank of Germany, in its statement,
in its
principal items,
tioned
of
Sept. 7, again showed sensational changes
among which should be menr
decline in bills discounted of
a
marks.
a
tabular
1,518,954,000
Deposits registered the huge redaction of
3,697,278,000 marks, while liabilities increased lh279,753,000 marks.
Total coin and bullion fell off
349,000 marks and gold lost 2,000 markstontraction of 36,555,000 marks was shown in
Treasury
certificates and 923,000 marks in notes of other banks.
Investments
securities
were
were
smaller by 17,649,000 marks and
declined
tion, there
was an
The Banks' reports
a
516,250,000
expanded 24,219,000 marks.
year
In
the
marks.
Advances
As to note circula¬
expansion of 35,164,000 marks*
its gold holdings
corresponding
as
week
1,091,583,000
of
1919
tha
1,102,320,000 marks and 2,348,260,000
earlier. Note circulation now stands at
was
58,436,211,000 marks,
marks
408,040,000
marks in 1918.
i
discount
81,015,035
3,025,114,894
as
total held
a
59,384,000
972,000
issued
£83,706,067 and £100,335,523 one and two years ago
£665,411,000
24,543,000
General deposits.-.Dec.
marks.
respectively.
23,998,000 38,689,733,370 35,786,798,270 29,922,374,480
Treasury deposits..Inc.
earlier, while loans amount to £88,723,000 as against
for the week were
320,563,819
increase in
Public deposits,
a year ago.
securities
Note
Deposits, however,
that the proportion of
(other securities)
332,000.
result of
increased £1,506,000, but other deposits
Government
loans
£28,726, while total
£321,000.
so
a
advanced to 13.12%, as against 11,89%
and
it is true,
as a
announced
8,352,000
■
■
which
last
year
compares
and
with
28,*
13,804,680,000
Last
companies, issued
somewhat unusual
a
the heavy
result of
Saturday,
on
was
and reflected perceptibly
one
Loans, mainly as a
certificates of indebted¬
Sept. 15 turnover.
borrowing
on new
while
$112,981,000,
expanded
ness,
York Associated
of New
week's statement
banks and trust
demand
net
due time.
This does not include Govern¬
deposits to the amount of $180,390,000, a
gain of $168,231,000 during the week, brought about
largely by payments or credits to the Government
on
account of the certificates of indebtedness re¬
Net time deposits
ferred to.
also increased $8,658,-
Reserves of member banks
000, to $281,831,000.
with the Federal Reserve Bank were
expanded $6,-
627,000, to $542,991,000, although cash in own
vaults
declined
of members of the Federal Reserve Bank
$2,116,000, to $90,893,000 (not counted as reserve).
The reserves of State banks and trust companies in
vaults
own
but
gained slightly, $62,000, to $8,408,000,
in other depositories, of
reserves
trust
companies, fell off $120,000, to $8,714,000.
Circulation
to
State banks and
was
slightly lower, declining $118,000,
Aggregate reserves were augmented
$34,716,000.
$6,569,000, to $560,113,000, but surplus, owing to
increase in
the
of
deposits and consequent expansion
requirements,
reserve
was
cut $4,763,790, thus
carrying the total of excess reserves to $19,295,410,
The above figures
against $24,079,200 last week.
as
for
surplus
the basis of 13% reserves above
are on
legal requirements for member banks of the Federal
Reserve system,
v
but do not include cash in vaults
tion,
the commodities are really the collateral for
the
as
The Federal Reserve Bank
ratio of
reserves
also out of the ordinary.
The cash
reserves was maintained at 39.5% but total
least and the loans
declined $28,470,000.
were
$54,640,000
and
was
its
mem¬
which total
in rediscounts of Government paper
commercial
$103,947,000
reduced
Borrowings by
reduced $158,587,000, of
The Bank
paper.
borrowings from other Reserve banks
$23,625,000, while advances to the Treasury regis¬
tered
increase
an
of $94,891,000.
paid off.
Dealing with specific rates for money, loans
have ruled at
the
This is
to the close on Friday.
up
what unusual showing and compares
6
These figures
@ 7% last week.
collateral
all-industrials
and
have been in fair
In time money
Funds
dull, with only
loans for short
industrial money
week ago,
been
a
periods
light inquiry.
a
the fact that
was
negotiated at 8%
were
the
For
most
however,
part,
be said to have been the
to be
an
abundant
to finance
ers
For call
money
ruling rate.
7%
important trades
of the business
reported and transactions
were
continue moderate, with nearly all
confined to the shorter maturities.
Very little inquiry is noted for five and six months'
money.
Mercantile paper rates are now
for
being quoted at 8%
sixty and ninety days' endorsed bills receivable,
six months'
less well
and
of choice character, and names
names
This
known, without differentiation.
The investment houses
were
was
only
8J4%
is
A fairly large turn¬
others last week.
on
reported with country banks the principal
buyers.
Banks' and bankers' acceptances were
to
moderate extent.
a
the
However, brokers
ket before very
levels
at
dealt in only
Savings banks who have been
principal buyers of prime New York bills during
the recent past are
practically out of the market
are
long.
a more
Loans
current.
on
demand
acceptances continue to be quoted at
Quotations in detail
are as
follows:
transactions,
so
Sixty
Thirty
Days.
Days.
Days.
6%@6%
654@6J4
654@634
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
There have been
654@654
6H@6
6%@6M
6X®6)4
at
far
in effect for the various classes of paper
now
the different Reserve banks:
DISCOUNT
RATES
IN
OF
FEDERAL
THE
EFFECT SEPTEMBER 23.
About mid¬
within
bills
90
some
$12,000,000
days
banks'
BANKS
maturing
(includlno
lb-day col- Bankers'
notes)
secured by—
depository institutions.
Superficially at least
it is assumed that the money
market in this country
Agricul¬
accep¬
Trade
tural and
tances
lateral
Federal Reserve
from
RESERVE
1920.
they affected
as
large scale.
withdrew
654 bid
7
bid
8
bid
The following is the schedule
member
week the Government
within
30 Days.
changes this week in Federal
no
Reserve bank rates.
Discounted
this centre, were not on a
Delivery
Ninety
of rates
now.
active mar¬
The tone has remained firm
looking for
previously
for bankers'
moderately active in the placing of new securities.
Government
com¬
with the previous level of 8% for the best names
pares
There appeared
The demand from brok¬
supply.
speculative transactions in stocks
in fair volume.
may
as a
with regular mixed collateral still at. 8%.
market this week probably has
longer period.
call
on
has loaned at 8M%> the same
in the aggregate
5}^%-
nearly normal than for many months, if
more
not for
of
the situation remains without essential
all-industrials.
on
a some¬
a range
for both mixed
are
alike.
The feature of the week
change.
some
with
Spot Delivery
The local money
call
was
supply, but generally speaking the
market has ruled
No
on
7% during the entire week, which
high, low and renewal rate on each day from
Monday
was
ber banks
will bring about liquida¬
collateral will be sold in part at
The
loans.
over
showing
to purchase and carry
money
Price cutting also
amounting to $90,893,000 held by these banks on
Saturday of last week.
of less
them.
$4,077,030,000.
to
prices for commodities will involve
Lower
the tying up
deposits showed the large increase of $85,067,000,
ment
[Vol. 111.
CHRONICLE
THE
1313
accep¬
live-stock
dtsc'ted
Other¬
tances
is
generally easier.
Those who study
money
willing
to make
want to
in
an
see
unqualified statement
on
this point they
time money rates lower and funds offered
larger volume for the longer period.
of fact,
while there has been
rates this
been
quietly and the bankers
On the other
with
generally.
are
a
matter
important change in
week, the offerings and actual loans have
somewhat larger.
caution
no
As
They have been arranged
are not
hand, they
respect
to
are
advertising the fact.
still disposed to suggest
new
loans and financing
The price reductions that
are
in
progress
Liberty
bonds
wise
for
and
secured
member
within
91 to 180
banks
90 days
days
cates
of
indebt¬
Victory
and
edness
market
conditions critically say that before they are
Treasury
certifi¬
Bank of—
notes
unsecured
Boston
5J4
New York—
534
Philadelphia..
Cleveland
t6
534
7
7
6
7
6
7
7
534
6
534
6
6
554
6
534
654
6
6
6
7
Richmond
t6
6
6
6
6
Atlanta
t6
534
6
534
6
Chicago
t6
6
7
6
7
7
534
6
634
6
6
6
7
6
634
St. Louis
Minneapolis
*534
534
6
7
Kansas City..
t6
534
6
534
6
6
Dallas
t6
534
6
534
6
6
t6
6
6
6
6
6
San
*
Francisco
634 % on paper secured by 534 % certificates, and 5% on paper
certificates.
secured by 454 %
and 5%
t Discount rate corresponds with interest rate borne by
collateral with minimum of 5% in the case of Philadelphia,
and Dallas and 534 % in the case of
certificates pledged as
Atlanta, Kansas City
Richmond, Chicago and San Francisco.
Kansas City and Dallas are normal
Note.—Rates shown for Atlanta, St. Louis,
rates, applying
to discounts not 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 to a
progressive increase for each 25% by which the amount of accom¬
modation extended exceeds the basic line.
bound to be reflected in the money market in
paper
maturing maturing
4
Sept. 25
The
1920.]
THE
improvement in sterling exchange noted at
the close last
Friday proved of short duration and
early in the
week
took
rates
downward
fresh
a
plunge, during which nearly all of the recent gains
canceled
were
in
cents
the
of
some
and
loss
the
partial rally and
recovered, but price levels
were
was
a
was
subjected to frequent fluctuations
the undertone
and
point of the preceding week.
it is true, there
throughout
dropped back 8
pound, to 3 46)4,—less than 3 cents
above the extreme low
Later on,
bills
demand
and
was
for the most part nervous
Although
heavy selling of cotton and grain bills was again
largely responsible for the decline, it was sharply
accentuated
by the unfavorable turn in Euro¬
pean affairs, which once more caused a widespread
with
unsettled,
withdrawal
the
British
of
attitude
Government's
effect
adverse
did reports
British
offer
leaders
avert
a
in
strike
sentiment,
market
upon
ad¬
delegates had endorsed
union
to
Cable
market.
the
vices that the coal miners'
the
weak.
close
the
from
bids
of
/
refusing
had
as
1313
CHRONICLE
an
also
of unrest in India and other parts of the
Empire, while evidences that the labor crisis
which carried demand down to 3
transfers to 3 47@3
3
46%; continued selling
while lower
the
of the
was
offerings
and weak with demand
46%@3 48%,
effecfs of the British coal strike, and
for
documents
Commercial sight bills
for payment
the
to
mine workers
doubtful expedient
The final
of
a
without resort
approximately $10,200,000
Government, and
British gold
a
shipment
the Cunarder Aquitania
on
Kuhn, Loeb & Co., making a total in all of
for
The French gold is of course incidental
loan.
payment of France's part of the
additional
An
shipment
of
Anglo-French
is
$5,000,000
expected to arrive in a day or so on the S. S. La
Touraine.
nation-wide strike.
3 47)4 for sight bills7 or not
the lowest for the week.
So far as could
quotation
More gold has been
on the
closed at 3 46%.
of $3,000,000
quite as much to a lessen¬
ing in the volume of offerings as to hopes that a com¬
promise agreement would be reached in settling the
British
and
Cotton and grain
Lafayette consigned to J. P. Morgan & Co. for
S. S.
to the
of
finished
3 41%
(sixty days)
payment
seven-day grain bills at 3 45%.
$13,200,000.
differences
and
were
46%, sixty days at 3 42%, ninety days 3 38%,
at 3
it is asserted that the recoveries recorded in the latter
part of the week were due
3 47%@3 49
Closing quotations
43% for sixty days, 3 47% for demand and 3 49
for cable transfers.
account of the French
expressed that the market had already partially
was
bills quoted lower at
transfers
cable
sixty days 3 42%@4 44%.
appreciably lower quotations, all com¬
prices. In some quarters the opinion
discounted the
to 3 49@3 50%
up
Friday's market
44%@3 45% for sixty days.
still acute, together with the fact that
was
marked
were
was
bined to depress
the feature of Thursday's
was
London sent
Italy
A lessening in the
less active.
received this week,
in
3 48%
demand, 3 49%@3 51% for cable transfers and
dull
3
was
47% and 3 49% and sixty days at 3 42%@
dealings and prices
3
was
46%, while cable transfers ranged be¬
44%; trading
volume of
3
Wednesday's market
preceding day; the high for demand
tween 3
for
the principal factor,
quotations ruled well above the low figures
and the low 3
3
was
quotations from London contributed to
general depression.
firmer and
46%@3 51, cable
51% and sixty days to 3 42 %@
Renewed weakness marked
was
dealings in the Con¬
and rates again slumped heavily.
of Exchange on Paris for a time was conspicuously weak,
gold this week had no tangible effect upon actual losing 45 points, from the close last week, to 15.07.
No adequate explanation could be found for the reces¬
quotations.
The announcement that the Federal
sion, beyond the continued offering of French bills in
Reserve Bank had decided to bring to this country
gold which is being held by the Bank of England for huge volume, which some dealers ascribe to prepara¬
far from
be
tinental exchanges,
learned, the arrival of a large consignment
American
account
influence upon
the
likewise
course
Bankers and foreign
failed
to
exercise
any
of the market.
exchange dealers generally are
tions for the forthcoming
loan payments.
Italian lire
ground, and following less favorable reports
industrial conditions in Italy, broke to 24.07, or a
also lost
of
the present down¬
extremely erratic
and in the initial dealings both of these currencies
opened formally Friday (yesterday) and considerable
discussion is heard as to its probable results in stabiliz¬ were marked up for a time to as high as 14.07 and
ing exchange.
The view most widely held, however, 22.57, respectively. Antwerp francs were heavy
practically throughout, though losses were less pro¬
is that unless some radical readjustment of the war
beginning to focus attention upon the coming Inter¬
which was
national Financial Conference at Brussels,
indebtedness of the
leading European nations can be
loss of 107
ward
points, and
swing.
a new
low
Movements
on
were
Persistent selling in a narrow, unrespon¬
nounced.
coupled with a
actual
sunstantial lowering in quotations from abroad,
and permanent restoration of the foreign exchanges to
German marks, on
anything like their former levels need be looked for. figured largely in the decline.
Nevertheless the conferences are likely to be closely the other hand, were in better demand and, after
watched and may have a wholesome effect upon early weakness when a new low on the current move¬
brought about, very little real progress in the
currency
values
as a
ment to
whole.
Dealing with the day-to-day rates, sterling ex¬
change
and
3
on
Saturday of last week was a trifle easier
bills receded fractionally to 3 52%@
demand
53%,
cable transfers to 3 53@3 54% and sixty
days 3 47%@3 49%.
On Monday the market once
turned weak and prices ran off sharply on heavy
more
51%@
54% for demand, 3 53%@3 55 for cable transfers
and 3 47%@3 50 for sixty days.
Increased weak¬
ness developed on Tuesday and following news that
offerings of commercial bills; the range was 3
3
the British Union leaders
had rejected the Govern¬
ment's offer of mediation between
the coal miners
their employers, there was a
break of 5%c.,
and
sive market almost bare of buyers,
1.34
was
reached, there .was a subsequent
rally of 29 points, to 1.63 for checks,
cent
lin
that
ered,
a
also
discounting
figure.
loan
forced
that
the
to
is
being seriously
some
likelihood
of
coming winter.
consid¬
extent traders are
of Germany's being
obliged to import large quantities of
the
though the close
It is alleged that the re¬
break in marks was due to reports from Ber¬
under this
was
foodstuffs during
Very little hope is entertained
value of
there is only a
anything like a material recovery in the
the
mark, since it is pointed out that
light demand for Berlin exchange for
commercial
or
legitimate purposes and that the exchange rate
has been maintained lately largely by speculative
other
of
speculation and the removal of artificial support,
prices dropped and marks are now said to be following
manipulation. * With the subsidence of the wave
natural
their
Trading
course.
with price varia¬
Continental exchanges was spotty
tions
the week
loss
In the latter part of
and irregular.
nervous
whole in the
a
as
of the
firmer tone developed and some
a
regained, but at the extreme close weakness
was
[VOL. 111.
CHRONICLE
THE
1214
received
levels
support and ruled slightly above the
some
While the adverse trade
recently current.
balances of these countries is of
ing factor in depressing
of the recent past
a
values, the declines
have been largely in sympathy
with variations in the other
remains
the outstand¬
course
currency
exchanges, since trading
exceedingly small in volume.
better tone
noted and
was
For
of the
some
while
a
declines
recovered, but before the close prices had again
again set in and final quotations were, in most cases,
were
the lowest for the week.
sagged off.
According to advices from the American Trade
the Greek Govern¬
Commissioner at Constantinople,
officially announced the removal of all
has
ment
restrictions
transactions
exchange
foreign
on
American business
Greece.
at that centre,
men
in
how¬
intimate that the decree is not particularly
ever,
authorization
for
It is understood that the Brazilian Gov¬
necessary.
intends
to
credit for 750,000,000
for the economic reconstruction of Belgium,
ernment
francs
it has been possible to obtain
exchange transactions whenever
since
important,
and that
open
a(
final decision in the matter will be reached
a
after conference with the
Belgian Boyal party
visiting the Brazilian capital.
from Madrid that
a
as
again being discussed.
reached, but the
yet been
under advisement
Announcement comes
further prolongation of the Span¬
ish credit to France is
decision has
Nb
matter is
by the Ministers of Finance and
Bankers here
Foreign Affairs.
now
said to be watch¬
are
ing with considerable interest the novel banking plan
recently put in operation in Spain whereby Govern¬
ment
support of industrial loans is to be had by means
bond issue up to
of
a
A
recent
French
80% of the credits extended.
dispatch from Budapest
aid
Italian
and
for
that
announces
Hungarian
banks
Negotiations
whereby
substantial block of the Hungarian Bank
a
are
said to be in
is
expected.
progress
of the Fatherland's stock is to be transferred to
while
Italian
financiers
are
Paris,
preparing to supply
a
Bankers'
sight
on
Amsterdam closed at 31, against
31; cable transfers at 31%, against 31%; commercial
sight at 30 15-16, against 30 15-16, and commercial
sixty days 30 9-16, against 30 9-16
Swiss francs after
closed at 6.22 for bankers'
cable
Copenhagen
and cable transfers
Checks
fers
week
ago.
sight bills and 6.20 for
transfers, in comparison with 6.16 and 6.14
week.
last
a
declining to 6.24, recovered and
on
checks
finished at
13.65
13.75, against 13.70 and 13.80.
Sweden closed at 20.00 and cable trans¬
20.10, against 20.25 and 20.35, while checks
on
Norway finished at 13.25 and cable remittances 13.35,
against 13.70 and 13.80 the week preceding.. Spanish
pesetas, following a decline to 14.62, rallied and
closedat 14.74for checks and 14.76 for cable transfers.
With regard
to South American quotations a
slightly firmer tone has been evident and the check
rate on Argentina moved up to 37% and cable
transfers 37%, with the close 37.12% and 37.25, as
against 36.10 and 36.20 a week ago.
For Brazil
thefinal rate was 17.62%for checks and 17.75 for cable
transfers,against 18.00 for checks and 18.50 for cable
transfers, last week.
Chilian exchange was a shade
easier at 20, against 21, while Peru is still at 5.02.
Far Eastern exchange is as follows: Hong Kong,
76%@77, against 77@77%; Shanghai, 106%@107,
against 108@108%; Yokohama, 51%@51%, against
51%@51%; Manila, 46%@47, against 46%@47%;
Singapore, 43@43%, against 42%@43; Bombay,
33@33%, against 33@34, and Calcutta, 33%@
34, against 34%@35%.
part of the capital for the General Savings Institute
of
Hungary.
The New York
The official London check rate
which
52.00,
New York
Paris closed at
with 52.98 last week.
compares
sight bills
on
In
erations
with
Clearing House banks, in their
interior
banking
gained $5,364,000 net in cash
institutions,
op¬
have
result of the cur¬
as a
rency
movements for the
14.97, against 14.62; cable transfers 14.95, against
at
the French centre finished
Their
receipts from the interior have aggregated
on
commercial sight 15.00, against 14.66, and
14.60;
commercial
sixty days 15.08, against 14.73.
quotations for Belgian francs
were
and 14.15 for cable remittances.
was
Last week the close
for checks and
1.54 for cable
comparison with 1.50 and 1.52
Austrian kronen the close
00.44
for
the week
14.17 for checks
Berlin marks finished the week
13.85 and 13.83.
1.52
at
Closing-
was
a
transfers, in
week
ago.
For
Adding the
serve
operations and the gold imports, which to¬
gether occasioned
Lire finished at 23.97 for bank¬
sight bills and 23.95 for cable transfers, in
com¬
Exchange
Czecho-Slovakia, which continues to follow the
course
of the other
clined to
1.36;
on
exchanges, ruled weak and de¬
1.28, though the close
finished
Bucharest
Poland
at
loss of $52,112,000, the combined
result of the flow of money
banks for
York
loss of
45,
at
against 46,
the week
$46,748,000,
on
into and out of the New
appears
to have been
was
1.95,
and
1.33, against
against
on
Into
and
Federal
$5,364,000
80,591,000 Loss
52,112,000
$84,989,000 Loss $46,748,00#
following table indicates the amount of bullion
in the
principal European banks:
Sept. 25 1919.
Sept. 23 1920.
Banks of-
France
123,064,646
.
a.
Germany
.
141,307,382
54,579,150
Silver.
Total.
Gold.
£
Gold.
£
Silver.
£
88 ,196,371
11,680, 000 155 ,502,364
972, 450 55 ,821,700
2,369, ,000 13 ,313,000
23,762, 000 121 ,854,000
2,998, 000 35 ,227,000
1,449, 000 54 478,000
2,354, 000 13 ,280,000
25,624, 000 122 ,036,000
2,984, 000 35 ,184,000
10,926,000
10,944,000
Spain
Italy
98,092,000
Netherl'ds
53,029,000
Nat.Bel..
10,660,000
1,068, 000
11, 728,000
10,641,000
10.60 and 10.70
Swits'land
21,613,000
14,514,000
3,720, 000
25, 333,000
18,696,000
12,643,000
8,119,000
145,000
exchanges have been
rather colorless, though here also the trend was
downward and losses were again sustained in Scandin¬
avian rates, Swiss francs and guilders.
Pesetas
32,229,000
Total.
123 ,064,646 88,196,371
10,440 ,000 151 ,747,382 143,822,364
348 ,600 54 ,927,750 54,849,250
Aus-Hun..
week ago.
neutral
Change in
$4,398,000 Gain
exchange established another new low level,
namely, 10.35 for checks, though the close was
10.40 and 10.50 for cable transfers,
comparing with
a
Net
Bank Holdings.
28,479,000
$38,241,000
Total—
The
of
Reserve
operations and gold Imports
2.06;
Friday of the week before.
out
Banks.
$9,762,000
Banks' interior movement
Finland at
Greek
Movements in the
a
follows:
as
Banks.
England
2.70, against 3.00
Federal He-
and
00.43 for checks and
parison with 23.00 and 22.98 last week.
on
a
Sub-Treasury
transfers, against 00.45 and 00.46
previous.
24.
000.
Sub-Treasury
ers'
Sept.
ending
$9,762,000, while the shipments have reached $4,398,-
Week ending Sept. 24.
cable
week
96,412,000
32,200,000
52,631,000
486, 000
1,404, 000
2,579, 000
21 ,275,000
167,000
16 ,684,000
10 ,549,000
53 ,117,000
12 ,045,000
14, 514,000
16,684,000
12, 788,000
10,382,000
8, 119,000
8,167,000
8 ,167,000
Total week 580,794,178
46,299,600627,093,778 543,606,985
Prev. week
46,161,950627.357,1391543,668,971
48,250,450591,857,435
48,383,200592,052,171
Sweden
Denmark
.
Norway
a
Gold
581,195,189
holdings of the Bank of France this year
held abroad.
are
exclusive of £78,275,
,
Sept. 25
THE
1920.]
titular head of State—in
a
THE NEW PRESIDENT OF FRANCE.
By
a
Congress—which
England the hereditary
sovereign—with the American system of
vote of 695 out of the total 892 recorded
votes of the French Electoral
1315
CHRONICLE
com¬
an
President, irremovable from office during
term
of
service.
The
compromise
elected
fixed
a
not alto¬
was
prises members of the two houses of the French Par¬
gether fortunate; for, although the office of French
liament—Alexandre
President
Millerand
was
on
Thursday
Millerand steps from
elected President of France.
enjoyed great social prestige, was highly
salaried—the President receives
with
the office of Prime Minister to that of the Presi¬
annum
dency, and his election is interesting as the first
penses—and had in certain
occasion in French
to make
politics,
choice has fallen upon
This
ernment.
we
believe, on which the
the chief of an existing Gov¬
have
would
been
equally true of
statesman's
Clemenceau, had that
treaties, he
cases
■
'
•
the exclusive power
bound to become a political
was
figurehead, because of what he
do.
600,000 francs per
equal additional allowance for ex¬
an
not allowed to
was
.
How far the character of the office
candidacy for
can
be perma¬
President in succession to Poincare been successful
nently changed by such an agreement as that be¬
last
tween Millerand and the
But his defeat was so decided as to
January.
make the
sive; not less
rand
of Millerand all the more
success
impres¬
when it is well known that Mille¬
so,
accepted the candidacy with some reluctance
and under pressure
from his legislative colleagues.
Three of the former French
Presidents—Thiers, Cas-
imir-Perier and Loubet— had served as Prime Min¬
ister
before
of them
none
This
to the Presidency,
their election
was
taken
but
directly from that office.
chosen, have resulted in a political
agreement which may eventually have
results.
far-reaching
Urged by his fellow-deputies to accept the
candidacy, the Premier immediately laid down cer¬
stipulations; insisting that, if the members of
Parliament
do
to elect him
were
with the clear
so
matter of
bind
President, they should
understanding that their vote
members of the
even
subsequently elected members.
at
all, except in
President is
a
change in national policy from that pursued by the
Millerand
in
Ministry since last spring, particularly
regard to the terms of the treaty of peace and of
German
reparation; second, that Millerand as Presi¬
dent shall himself have a more
important voice in
It
was
proposed and tacitly
agreed to that this active participation in Cabinet
consultations should continue, regardless of what
political party should hereafter control the Deputies
kind of
majority of Parliament.
In
our
purposes
were
own
country, changes from the original
of the constitution have occurred which
fully
as
far-reaching as the granting to the
French President of
to
an
active voice in Cabinet
Our constitution allowed the
cils.
coun¬
people at large
vote, not for the President directly, but for elec¬
tors who were
supposed to exercise their own judg¬
Our
ment in the choice.
own
early political prac¬
placed the nominating of a Presidential candi¬
But
Congressional caucus.
swept aside by
both of these older traditions were
people's will, and very early in our history the
the
Presidential electors became mere machines to reg¬
ister the
itself
popular will, while the, voting electorate
chose
its
delegates to the nominating con¬
ventions.
These changes,
Cabinet consultations than has heretofore been con¬
ceded to the President.
a
political-system under which the
date in the hands of a
are:
was
elected, not by the people but by the
ditions,
Paris
It
arrangement which would not have been possible
implied acceptance of the conditions.
as
preseht Parliament who
him, and it certainly could not bind
tice
Those con¬
reported in this week's cablegrams- from
First, that there shall be no essential
Parliament, is necessarily
The agreement could hardly
conjecture.
did not vote for
fact, and the circumstances under which Mil¬
lerand has been
tain
a
however,
concessions to the voting
about
came
public.
as
larging of the French Presidential power
sense
has
direct
The proposed en¬
is in no
recognition of the public, since that public
no
voice in the selection of the
President, but
a
the
It is declared, in some of the comments on this
Deputies, and therefore of the Ministry, which the
agreement which have come to us from Paris, that it Deputies support so long as they believe it to em¬
amounts to a constitutional amendment greatly en¬
body the public will. These considerations render it
positive and frequent voice in selection of
and the Cabinet.
very
larging the powers of the French President. That
official has hitherto occupied a somewhat anoma¬
doubtful
He selected the Ministry when a
see some
lous
position.
how
much
of permanency
the Millerand
It is possible to fore¬
arrangement could possess.
serious obstacles to its workable
efficiency
change of Government was forced by a change
after the situation created
by the personal prestige
Parliamentary majorities; but since he had to
of Millerand and the moral
obligation of the present
the Chamber of
actual power
Deputies by his new
in
suit
appointees, his
in the matter has amounted to no more
Parliament
has
passed.
faint resemblance to the
The arrangement has a
lately discussed proposal
active par¬
Cabinet.
Any new experiment with the French Presidency,
like our own President, the power of civil and mili¬
tary appointments, but in these also the concurrence however, is bound to be of much political interest.
than the power
of the British Crown in a similar
case—which is purely
of the
ter of
In
nominal.
He had, however,
Ministry has proved to be necessary as a mat¬
of
admitting our own Vice-President to
ticipation in the discussions of the
The office has suffered
much from unfortunate in¬
cidents which have occurred
practice.
regard to matters of legislation he has no power
of new laws in an
the veto power over laws en¬
whatever; neither the proposal
The rather common
in connection with it.
statement, that no French Presi¬
dent before Poincare
served out his seven-year term
Fallieres, who held the
Loubet, who held it
American Presidency—is granted to the President from 1899 to 1906, served out their respective terms;
of France.
His past official status seems in fact while among their predecessors, Faure and Carnot
official message, nor
acted—two of the most
to have resulted
from
important functions of the
the
curious
French Constitution of 1875 to
system of a responsible
effort
of
the
combine the English
parliamentary ministry and
of
office, is not correct.
place from 1906 to 1913, and
died in office.
But it is true that all of the three
Presidents chosen between
McMahon and
1871 and 1887—Thiers,
Grevy—resigned with their term
un-
1216
CHRONICLE
THE
completed, and that Casimir-Perier in 1895 threw
his office
nel's
months after his election.
seven
retirement for
months after his
illness
and
up
Descha-
incapacity, eight
election, made five resignations for
[Vol. 111.
—and that is if
it will
do not stand firm
we
If
prevail.
do not
we
against
error
the tendencies in
see
certain
domestic movements among us,
they will
gain in power, until they may overthrow existing
the ten French Presidents who have been elected un¬
institutions.
der the
to be learned is in the "conditions" elsewhere.
present republic.
dispensation
It is possible that the new
promise something bettei*.
may
The time to act is
The lesson
now.
The
to profit by example is to take time by the fore¬
way
lock.
IS
"CIVILIZATION"
TO
SUBMERGED
BE
IN
"SOCIALISM"f
Anatole
France, according to
in Russia "all the
interview, sees
an
travail, strength, and agony of
something great being born there,"
there
are
"tremendous faults and
crudeness there."
"What
there?" he is asked.
that for the
do
Socialism is
an
another is inevitable
world.
or
ing with this he
the valiant
not
.
.
In keep¬
in the "Red armies, barefooted
against
.
martyrs of
ring of enemies,"
a
Asked if he does
a new era.
except the United States and Japan from the
"advance," he replies:
tions that have
ful.
.
.
come
They have
.
going bankrupt.
ger
Socialism
throughout the
hope for Europe."
one
sees
and half-starved
tremendous
a
agitating theme only.
And it is the
I mean
course.
in
form
being born
see
fact instead of
one
though
even
lacks, elemental
you
"Socialism, of
first time
.
.
"Yes, they
out
are
economically
the only na¬
more power¬
richer, while Europe is
grown
And therein I
.
see a
great dan¬
for both of these countries—militarism.
industrialism is
developing
trialism in turn demands
for its vast
This
means
he visions
There
tremendously.
Indus¬
protection and expansion
large standing armies and navies." And
"dangerous" "temper" that
a
turn to
may
that
and
The American
Germany
the Red
and is
out
people
far away.
are
at hand.
are near
Poland
Poland is fighting
armies; and Poland has been aggressive
again
on
the verge.
thought to
our
our
The dispatches intimate
that
one
civilization
own
principle.
Can
we
have builded it
as we
recognition of the rights of ownership, with¬
protection of property, without freedom of
portunity and guaranty
of the rewards
There is idle talk among us
dustrial revolution.
of
majority of
ple continue their work and business
basis
and
do not
are
annoyed
really vision
the Commune.
vast
And
old
We
imagine the farms of
be confiscated into the
soon
of the State.
the
factories suddenly seized by
We do not
will
area
our
our peo¬
on
than alarmed.
more
op¬
of toil?
cataclysmic in¬
some
The vast
yet do
our
keeping
really appreciate the
we
tendency of this doctrine that property shall be part¬
ly managed by those who do not legally or morally
own
any part of it, or that it shall be given partially
into the control of those who
actual
operation?
ing insistence
our
affairs,
on a
"new era," or a "humanizing" of
inception of
one
stand
can
ment look upon
now
tendency that
a
can lead
logical conclusion in Social¬
Sovietism?
or
If
wholly outside its
realize that this everlast¬
we
nowhere else than to its
ism
are
this claim of "better living condi¬
on
tions" is the
Do
the
apart from it all and for
independently
scene
engaged in denying those
have advanced us, and
pierce the dark welter of ideas
can
and conditions in Russia and discover
any leading
for the world at
large must be a bold and prophetic
one.
without
properties, transport, foreign markets.
imperialism if not spiritualized.
The eye
Confine
continue
ernment which
has
processes
a mo¬
are we
not
which alone
covertly attacking that Gov¬
protected us?
The
disor¬
war
dered
everything, everywhere. But did the war dis¬
rupt this Government of ours or destroy one of its
fundamental
manently?
principles and laws, of itself and
Sweep
pediency constructed for the
left but that
we
per¬
all that necessity and
away
war,
ex¬
and what have
industry, society and Government
refugees of the Red armies fleeing into Germany
furnish an object lesson of Sovietism and that Ger¬
which preserved us and
mans are
enervated
aghast at the spectacle of the result of this
poisonous fungus of government.
true that
we as a
It is undoubtedly
people do not know how this other
progressed us—to be
the foremost nations of earth—a nation
one
now
of
little
by the ppison of discontent? Who then,
loving this land of his birth, would in economic, so¬
cial, or political discussion, capitalize the aftermath
half of the world lives.
of
quasi-socialism, by
safety from the boisterous clamor of the few, to
spread upon the retreating winds of war the false
The vague spectre of Bol¬
shevism has been held
up to us, that by a certain
we
may escape
lived
secure
in
a
concession of capital to labor,
the alleged coming travail.
our
Government and
our
heretofore, but there is abundant turmoil
and
there
more
to
are
come.
those who would
A
bloody
ogre,
We have
social order
here now,
frighten
us
with
it seems, stalks the
war
to
upset tradition,
to
deny
our
reasonings of fanatics, and to temporize with those
who
seek
gain
a
an
or
to
fatten upon
a
selfish end, either in
temporary disorder to
triumph of doctrine
a
advantage in personal affairs.
If Europe is
doomed to Socialism where is individualism to be
world, and the compromise between despotism and
maintained if not in the United States?
decadence is "Socialism."
the dire disaster to be
Is this dire surmise
as
pen,
worthy the serious
And
one
to what may, nay
pause
might insinuate that
will, hap¬
in the
of this great nation?
Yet
we may go on
in "pro-
to
would tell
procrastinate, the
the seepage,
demands under the threat of
affairs is to
do
not, until
deed
our
foundations and stability are in¬
swept away.
If civilization is
disorder that descends
thought of
not undermined
garies?
But
a
wall against
logically to barbarism shall
the seepage be allowed to
time take
we
our
continue,
or
shall
we
by social theories and economic
are we
really in danger?
in
institutions that they be
really
alarmed,
There is but
one
and
definite
are
troubles
of
the
us
save
And how is
by precautions
that the way
way
way
overseas
to preserve is
to safeguard is to ignore
to "determinism" in
continually look
away
attained
to
in
flower above it
ger
of
a
and into the mists of
a
dreamedwe
are
all wrong.
There may be
no
sudden "overturn," there is danger of
stant
ruin when too weak
sapping at the walls.
It is
a
have
industry and the institutions that
we
itself.
our own
from them to the
future!. Civilization will perish if what
va¬
answer
prevented
present?
some
gressivism," in yielding to insidious and selfish class
"disintegration" if
essential
dan¬
a con¬
The nation may fall into
by enervating inroads to defend
far cry
from the protection of what
Sept. 25
THE
1920.]
have—our individual liberties and
we
an
to rule the world in
or even
of
access
an
Russia is
that
are
doomed to
of
dom
a
their
and
it is
like fate—unless it
private ownership of
If tyranny arise from below
less tyranny
no
interest in the questions at issue." Re¬
minimum this expresses
a
opposition to
plant" as against the shop committee
property is not only stabilizing to Government but
uplifting to humanity.
to
what is known
separating men from their free¬
initiative
duced
to lead it in the
only Socialism gone mad—all countries
accept it
side group or
If Bolshevism in
emotional idealism.
be shown that
can
personal
imperialistic ambition
ownership of property—to
fact,
our
1317
CHRONICLE
than if imposed from above.
as
"collective
bargaining outside the
And the United States Chamber has
to its own
this
as
opinion
so
expressed.
or
council.
perfect right
But why designate
vicious attack upon trade
a
a
whole—unless the spear enters a
unionism
as a
vital spot, unless
the American Federation of Labor admits it cannot
exist and
lective
perform helpful work unless there is col¬
bargaining by representatives of labor not
Nursing all sorts of millenial ideas will not conduce
directly engaged in the plant or industry employing
to law and order builded on what we
labor—unless, to
And it may
are.
since that is
stabilize
or
have, what we
be said of a political campaign,
uppermost, that it will not elevate
now
rightfully advance a people, if it
or
profits by denying what we have accomplished as
or
against
a
era
people and
a
rock—the rock of
has proven
Government standing upon
actual accomplishment that
a
an
its worth—but the house will fall builded
the sands—the
on
The storms shall not prevail
to come.
shining and shifting sands of a
employment?
Suppose the directors of the U. S. Chamber of
Commerce
or
are
board of
as a
The American Federation of Labor,
through its President, Samuel Gompers, replies to a
report of the Committee on Industrial Relations of
the
U.
S. Chamber of
Commerce, entitled "Princi¬
Employment
the
Underlying
ples
quoting first, Plank II, as follows:
Relation,"
by
"The right of
open-shop operation, that is, the right of employer
employee to enter into and determine the condi¬
and
tions of
employment relations with each other, is an
essential
part of the individual right of contract
And then follows
possessed by each of the parties."
with this statement:
"This is
the trade union movement
America's
a
direct challenge to
coming from the heart of
power.
The proposition
set
by the United States Chamber of Commerce
forth
in this
it is
financial
plank involves no principle.
merely
a
employers—they have nothing to do,
directors, with the employer, employee
employment of any plant or industry—do not and
cannot become
the
parties thereto—and do not demand
right to send representatives into any plant or
that the
against his will, he's of the same
a man
plant
industry may be backed up by "strikes" ordered
The very essence
tered into.
"LABOR'S" LACK OF LOGIC.
"Convince
a
industry to declare the terms of contract to le en¬
melodramatic futurism.
opinion still."
step further, negotiations
by unions local or general not direct parties to the
good, and crusading upon fantastic pictures of an
Utopian
go one
and enforcement of demands of laborers in
On the contrary,
statement of what the United States
relation
direct
of the "open shop" is
employer and employee shall enter into a
by
from the outside.
contract without interference
But the American Federation of
Labor, by its advocacy of the right of interference
by representatives of its own will from outside of
employer
or
employee, lays itself liable to the very
charge it hurls against the Chamber of Commerce.
The truth is that these two bodies are both "federa¬
tions."
A
Chamber of Commerce,
though it may
represent in the main employers, represents both
merchant
and manufacturer,
as
well
as
transport
And it (k>es not
undertake to present, advocate or enforce its own
estimates of wage scales.
This is exactly what the
A. F. of L. does do.
Why charge an onslaught on
the A. F. of L. as an organization when there is only
companies, in all lines of trade.
a
declaration of
principle as to what relation shall
prevail between employer
matter of
and employee—a mere
opinion, which ends where it begins? Does
stop with the declaration of a princi¬
Chamber of Commerce
hopes the employers of the
the A. F. of L.
United States will do if
they have the power to do it.
ple when it demands that selected members shall
"sit in" in contracts that solely concern employer
The
the
spirit of it coincides exactly with the spirit of
jungle
man
for proper comparison of this
report with the reply of the A. F. of L.
other statement from the
purpose.
But one
reply will suffice for our
Suppose these
employers who are said to form and direct the U. S.
Chamber of Commerce do meet together to further
the interests of
employers (in addition to the gen¬
through study
eral
Mr. Gompers says:
"That the Chamber of Commerce
employee as parties thereto?
and
who started out to kill."
We have not space
has gone outside
good of commerce and industry
and
enlightenment) the moment they attempted to
prices in one particular industry the
of its
set
the
legitimate field in launching this attack upon
trade union movement is not surprising, because
the
membership of the Chamber of Commerce is
whole or¬
ganization would
overwhelmingly
an
employing membership, a mem¬
bership long in opposition to the trade
union move¬
ment, and a membership not above using any instru¬
ment with which it thinks the progress of the trade
union movement may
be impeded and its beneficial
understood that in this so-called
Now it must be
"attack" there occurs this
or
ported by the A. F. of L. and all other class
And if there be any
unions.
people outside these two congre¬
gations, employers in industry and employees, then
work retarded."
establishment
fall into ruin. Yet similarly
trades may form themselves into class unions, join
the A. F. of L., and when one of these class unions
strikes to enforce wage demands it is as a rule sup¬
"plank":
"When in the
adjustment of employment rela¬
which
ple?
organization exerts most power on the peo¬
And are not wages as much a concern of
the
non-interfering and non-organized worker as prices?
More even than this, strikes over which the A. F. of
employees do not deal
L. concerns itself most are those that affect basic
individually, but by mutual consent, such dealing is
Does any Chamber of
conducted by either party through representatives, industries—coal, steel, etc.
Commerce anywhere, local or general, undertake to
it is proper for the other party to ask that these
coerce by any process, the conduct of any individ¬
representatives shall not be chosen or controlled by,
ual industry as to its profits or prices—or, in fact,
or in such dealing in any degree represent, any out¬
tions, the employer and his
-
No.
anything other than promulgate proper laws of
trade and disseminate infongiation as to capital's
do
ed
To attack
the
To announce a belief—and leave the matter
cipal.
the terms of
man's
to declare its belief in
there?
Board
outside, unincorporated
an
There
'
"
•
<
disburse¬
of
established
things
beyond
the
to alter, however he disapprove and
man
Any desired change in the method of
fight them.
;
:
exclusive control
has
some
are
of
power
The shoe of interference seems to be on the
other foot.
3
No.
ment.
employer and body of employees and make a con¬
tract?
The membership in these
subject to re-election.
year,
being in the hands of Board No. 2, that of Manage¬
representative to sit in council with an
a
one
ments, with the important exception of wages, those
body, employing no worker and producing nothing
that can enter into trade of itself, demand the right
to send
usually asked to nominate this
public," but the company reserves
right to select him.
Boards is
and stop
"closed shop"
a
does it,
Why
the
Why is not the A. F. of L. content
liberty.
Board No. 1 is
"member for the
is not to imperil any
free contract,
a
not be of Board No. 1, while
may or may
"public" has the fifth, who is a resident of the
town.
striving to enter from the outside into
there—not
is represent¬
company
employees have the fourth as their representa¬
tive, who
principle is not to attack a prin¬
a
The
by its president, its secretary, and its treasurer;
the
charge of vicious attack seems clearly unjus¬
tified.
3, and another step higher, is a Board of Di¬
rectors, five in number.
opportunity?
The
[Von. 111.
CHRONICLE
THE
1218
recording the sun's movements may be made, but
Industrial
est Bed would declare himself for
calmed down
quiry
to his
as
cord lose their
aims.
own
it, if he could be
ing
But no firm steps toward
co-operation,
liminary to such
interests
be
are
really
What God thus
common
j
pre-1
their
capital
are
keeping apart.
The
separa¬
we are now
in
endur¬
beginnings of
real attempt to produce
partnership between capital and labor
interest and have their lesson.
A
of
persons,
of
has been for two
partnership
distinctive.
years
lines which
on
The
plan
through, three Boards.
carrying out
in
are
includes,
10%
it
conduct
much in the eight hours
up
production—so that loss
company
and workers, partners
significant;
it
is
they
as
so
were
are
in¬
wage
increase
This is inter¬
encouraging; but
business
mean
and
They realize that checks
are.
on
objectionable to those who do
seem
they suggested time-clocks, and
installed.
of
ual ambition and
j
was an
appropriate for those who need them
means
qualities,
done.
was
explained, the
thought strange?
them;
the clocks
how all
This
case was
man-hour in the output.
is
are
not need
resenting th& employees and not the management,
is made up of one member from each of the eleven
according to the
inaugurated, the 15%
was
and should not
A Board of Operatives, rep¬
ifen-hour day and
was
granted, and the result
per
things
see
operates
departments of the plant, chosen by secret ballot in
each; for this Board a secretary is appointed, paid
by the company, but regarded as the Board's em-
this
Evidently these operatives
plan
respects
some
and
a
as
held, the
was
cut
was
should it be
plant at Wappinger's Falls, N. Y., employing 500
At
reduction
a
employees be called together and
keeping
come on
meeting
esting;
large bleachery
clearly.
far, but these workers declared
so
that the
crease
of keen
are
wage;
profits—be explained to them.
The
a
be taken off the
they would produce
two-hour
a
see more
considering
they had been doing in the ten; the Board also
should not
the world will learn.
All
demand
usual
in¬
hoyrs, and the Board of Operatives asked
15% be added to the
asked
last; the throes and wastes and dis¬
upheaval
working
an
diminishing product; but the
a
Wappingers Falls
that the need of
part of the disciplinary teaching by which
are a
of
Organized labor is demand¬
for less and less—that is,
more
that two hours
as
partners.
are
by increasing efficiency of each
time the company was
one
that
joined together misunderstanding
tresses of the industrial
ing
that
and their efforts should
Labor and
and false teachers
tion cannot
realize
blending)
a
also.
common
(as perhaps the natural
or
and
more
workers at
exposed, and employer and employee (the two ends j
of the line) come together by blending under genj
uine
is the
reduction of total product, with all
or
creasing share of
listeners, the falsity of the dogma of
irrepressible conflict between labor and capital is
an
involves,
worker and each hour.
except as the preachers of dis¬
won
so
a
that
long enough to answer a straight in¬
this ideal will be
unalterable; equally
are
work-day cannot be shortened, except
by accepting
the universal ideal, and even the wild¬
progress are
movements
law that the
and national
welfare,
social
peace,
his
INDUSTRY.
A CASE OF REAL DEMOCRACY IN
How such
devices, and
recording and rewarding individ¬
proficiency,
or
the lack of those
regarded by organized labor generally.
wholly ad-1 (and by labor in Government service) is well known.
visory, with one exception: the company's tenement This No. 1 Board of Operatives also offer prizes for
properties are committed to it, with entire control suggestions of practical value, the Board being
ployee.
in every
a
The functions of this Board
are
particular, but with the expectation that
fair return
on
the investment
as
a
business propo¬
sition will be shown.
Next, and perhaps
a
Board of
as one
step higher
up,
there is
Management, of six persons, consisting of
officers, of whom the manager is one,
and three chosen
own
by the Board of Operatives from
number.
All
questions
hours and of management in
this second Board.
Four are
jority decide
any
of
general
a
wages
quorum,
proposition; in
case
and
of
a
and
before
come
a
ma-1
tie the
Board may choose an
conclude
is the
on
the
arbitrator, whose vote shall
particular question. The manager
plant's executive head, but he is under
trol of this Board.
and
a
three company
their
judge.
con-1
In each
coupon
bered
a
sealed box,
a
rack of cards; each card has
attached, cards and
being
coupons
serially and in duplicate.
thinks he has evolved
a
of the plant is
room
adjacent to it is
num¬
The employee who
something useful writes it
card, not signing his
name;
on
he drops the card in
the box and pockets the coupon.
When the box is
opened by the Board at the end,of the month and
any
acceptable suggestion found is published, the
produced
coupon proves
the card bears
no
name,
the authorship, and, since
there
can
be
no
favoritism
in the Board's verdict.
Naturally, grievances
are
worker thinks he has one,
his
not
many,
but wlien
he must take it
department's representative
on
up
a
with
the Board, and
Sept. 25
1920.]
THE
the Board will pass
it
for decision without
if worthy, to Board No. 2
on,
appeal.
Company and workers
which is the ideal
they
his work
1219
as
hateful
a
task, has
partners in profits,
are
All expenses, including
and when the
the
direct and the incitement in¬
more
creases.
ed,
from the office of the
deducted; then the remainder
"50-50."
goes
While the
employee thinks his
The conviction underlying the whole plan was that
it the breach between him and the
wide and open;
and
making all possible profit for the capital
is not
ers
according to the market price of labor
scheme
own¬
equitable; the idea underlying the genuine
of
modern
co-operation and expressed in
what is called "the
wage" of capital is applied here
in
practice.
to be
A
6%, and the operative's
wage
is his weekly
cost-accounting system is used,
statements
share
can
be made.
salary
The
and is the
division is
upon
from the head of the
same
to the humblest worker.
far in the year are
The indications
that the rate for 1920 will be
pursuer
losses, the opposite and the guerrilla-
of profits?
crowns,
Christian Revelation promises
and many would like (and perhaps ex¬
pect) to receive the
which is its
cross
price and its maker; similarly,
the lower and mundane
divide
without having borne the
crown
stage, people
profits, but regard losses
When business
by the employee to be ample, he
ready to
are
meet for others.
as
large and profits
seems
on
argues
assumed
are
that he really
The workers realize, and appreciatively, that
plant.
they
as
particular plant.
had ruined
large quantity of cloth.
shrug and
scowl.
a
half is
searching test in its treat¬
In this concern,
ual distribution of
taken off
a
Any scheme of profit-sharing
must therefore meet its
ment of losses.
with
away
before
individ¬
any
profits is made, 15% of the
and
aside in
set
a
to
the dividends, peaceful but effectual
on
found for
were
prits.
scorn
Similarly, slackers and quitters and the in¬
sumption that capital is
ing and therefore its
full
or
On the
as¬
should be always work¬
owners
are
entitled to their
"wage," the Stockholders' Sinking Fund is
ex¬
pected to pay the regular 6% if and while tne busi¬
ness
yields
when
can
the workers
find
tives'
profits; but,
no
some
some
the business.
off in dull times
they
temporary employment, the Opera¬
Sinking Fund
they take
laid
are
the assumption that
on
pays
them for half-time,
share in
lo&s
any
These funds
are
so
replenished,
15% of each monthly dividend is taken for
If the funds became
need¬
as
wages;
so
of
over
doing.
exhausted, the company would
begin re-establishing them
or, as a
that
experience
ed, to the maximum of $85,000 for each, but not
as
soon
practicable,
as
dernier resort, return to the old system of
but
so
harsh
an
alternative is not antici¬
operatives do not
so
fully share in losses
profits, yet their dividends
vorable results of any
when laid off is
not
a
a
at
once
a
kind, and the half-time
paid them by themselves.
fair
interest
with the
The
popular; their comrades find them,
drags, and seek to correct them
of
owners
foregoing is
tion of
sketch of
have defects
may
employees in,
as
results, and
of
a
to
one
concrete applica¬
well
as
hearing,
a
as
merits in the
as
It brings the
to participation in
to control, thus meeting the defi¬
as
partnership.
and
reason
It
to the postu¬
answers
justice, and it
It finds dividends
nature.
to
plant and capital.
a
details, but it is correctly founded.
all
or
again proving the partnership
plan; compared with other applications,
a
one
with human
agrees
by joint and concurrent
action, and does not seek them in quarrels, where
they
can never
be found.
THE BONUS PROPOSITION TO BE VOTED ON
AT THE NEW YORK ELECTION.
One constitutional amendment and
one
"proposi¬
tion" will be offered to the electorate of this State
November
2, for ratification, rejection, or an un¬
informed and
perhaps indifferent passing-by without
on
any
expression.
The amendment, filling nearly one
and one-half columns of solid newspaper
advertising
type, applies to present Article 7, chiefly relating to
The amendment would strike out
State debts.
siderable
power
deficits
or
to contract debt for meeting "casual
failures
made somewhat
ent limit of
a
The other
revenues"
loose
is
enlarged and
by striking out the pres¬
million dollars,
but the bonds issued
must be paid off within one year.
changes appear to be in manner of expres¬
sion and order of
a
in
more
for this purpose
but
con¬
present matter and insert much more. The
existing
any
in
wage
It does
might de¬
opera¬
very
position rather than
very
serious,
careful comparison of the Article in its
The low and far too
eye on
the clock, views
intel¬
it; the burden of proof should also be
stitutional
tinkering, and it will be better for the
voter who does not feel informed upon
his mark
positive losses.
general stage in industry is
worker, with his
upon
always held to lie upon the proponents of any con¬
The
ship is clear, and is justified by results.
the most careful voter could pass
even
ligently
ferent
and
least, the principle of participation and partner¬
when the
before
held
normally
larger participation in
as
hit by unfa¬
still larger fund contributed.by
tives, paying
against
are
inconceivable that such plans
seem
velop into
At
as
present form with the amendment would be needed
pated.
The
not
are
them
shake them out, thus
this
means
bringing their fault home to the cul¬
one-
Stockholders'
Operatives' Sinking Fund.
an
the
piece of carelessness would cost each of them
one
$6
Sinking Fund, and the like clip from the other half
goes
Under
both "part¬
upon
ners," and when the employees considered that this
lates of
turns
a
So-called "pin cuts"
plan, this loss of $6,000 fell equally
nition
mentioned he
An instance
is told of this
when
are
to share desired results they will and
are
must share somewhat in the undesired.
ought to share them, since he helped produce them;
losses
employer remains
add some sharing in losses—that twin
missing half of sharing in profits—and personal re¬
sponsibility begins making its presence known in the
efficient
7% to 10%.
How about
men
that monthly
so
employee receives his
percentage of the
or wage,
concern
from
The
pay.
monthly, and it begins with his entering the
service.
so
The stockholder's "wage" is considered
wage comes
plant and the employer pays
paying
wages
pride in it, and
complementary loss-sharing is added
pointer is
income-tax, depreciation, and 6% to capital invest¬
are
no
nothing for the employer. Profit-sharing is
plainly a pointer and an incitement to better things,
cares
conception, and in this instance
equal partners.
are
CHRONICLE
on
"proposition" brings
nature, a "bonus."
law enacted
this to put
the "No."
up
matter of
This is
a
a very
referendum
dif¬
on a
May 21 last and provides for issue of
5% tax-free State bonds, up to 45 millions, to be
placed at not under par and to be paid off in twen¬
ty-five equal annual installments, the first of those
to be
"the
the
one
after date of issue.
year
The purpose is
payment of a bonus to persons who served in
military
naval service of the United States at
or
time between April 6 1917 and November 11
any
1918."
The money
thus distributed is to be exempt
from all tax and from
bursement is to be
levy
by
a
on
male
execution, and the dis¬
special commission created
by the legislature for that
Every person,
purpose.
female, who entered and acted honorably in
or
the service between those dates and
still is
ceive,
fraction of such
or
Officers above the grade of
person's active service.
captain in the land forces
senior-grade lieutenant in the
participation;
excluded
navy are
conscientious objectors
so are
who did not render
served
re¬
to a total of $250, a bonus of $10 for each
up
from
then and
was
citizen of the State shall be entitled to
a
month
or
CHRONICLE
THE
1220
unqualified service, those who
only in the students' army training corps,
and those who have received
other State.
a
like bonus from
Near relatives of persons
an¬
this
State, but only the
before the
one
already sketched is
electorate; the other seventeen
ferred to the
or
[Vol. 111.
Legislature
all of them may
to be chosen, and
now
therefore
now
are
re¬
some
for acceptance
come up
next year.
But the constitutional provision regard¬
ing amendments has the defect that any such propo¬
sitions become
the
portions of the fundamental law of
State, "if the people shall
such amendment
the electors
are
or
approve and
amendments
voting thereon."
The matter
half pages
of solid
harmful in
proven
printed fills
now
ratify
majority of
a
These last two words
deadly in import and have
result.
by
and
one
one-
advertising type; ad¬
newspaper
vertising is not necessarily "publishing," and if this
comes
before the electorate in 1921
up
other time not
even
gent of citizens
can
at any
or
the most watchful and intelli¬
form
an
opinion
upon
it without
diligent comparison of the offered changes with
a
the
present text.
The
deceased may
assumption
that
under
representative
a
receive the allowance which such deceased persons
scheme
would have had title to if
question of who shall have the offices will be suffi¬
they had lived.
The Leg¬
islature "shall provide by law for the establishment
administration
and
of
amelioration of the
State who
the
at
are
military
any
fund
a
be used for the
to
condition of
residents of this
suffering from disability incurred in
or
naval service of the United States
time" within the dates above-named, "and
shall authorize any person
who
so
desires to assign
to such fund the bonus to which he is entitled under
this Act."
was
in
was
no
elect, must be "full" to
the total number of
comprehensive attempt. The objections to both
not be reviewed at
same as
length.
in last May and need
Everything just and
ticable is due to Americans who
were
in the
prac¬
struggle,
qualified voters is necessary
and
lamentably
fails.
Amendment
discussions
he
knows
him;
vote
is
confronted
nothing, and there is nobody by to inform
heedlessly assume that it is all right to
"yes," but the greater number omit to vote or
even
look at that
part of the ballot-sheet.
minority decide the most important of all
the amendment is for the
lives that
tained.
were
A
lost and the
injuries that
were sus¬
bonus, however, does not fend off, but
tend to bring, a renewal of the old pen¬
may even
sions and
the
number
of
suffered
no
abuses
thereof;
moreover,
no
small
participants in the inestimable service
physical
or
other injury, but,
on
the
If,
as
has occurred in
ganized labor,
personal
axe
or
is
one
inattention of the
rests, unless it receives
jority,
bonus, and the best of them (far the
ma¬
we
would believe) want
offer
as an
nate
largess is not relieved
viciousness
are
one
or¬
faction has
a
carry
already urged, and
more
once^ no proposal should become valid as part
of the fundamental law of the State
an
on
which all else
affirmative vote equal to
at least the smallest total vote cast for
any
regular
and resent the
party candidate for office at the
An indiscrimi¬
none
affront to their manhood.
some
public at large.
As the "Chronicle" has
selves and their
nor
in which
through default because of ignorance and
than
sion
number of instances,
a
to grind, the interested persons are
trary, gained in point of worldly advantage and by
an
experience which is of priceless value to them¬
pen¬
So
ques¬
supposed advantage of
"tipped off" in advance to vote "yes," and they
their way
con¬
descendants; these need neither
voting
by questions of which he
some
do not
a
are
absorbed in the candi¬
are
tions.
debt due in compensation for the
or
Interest and
When the elector enters the
of money,
a
proposals
nominally "published" but not read.
and, while their service is not expressible in terms
there is
vote, in order to
a
particular fraction of
any
practicable; but with respect to making or
altering constitutions this assumption is unsound
booth
have escaped
reasonably full vote is
a
would be
Congress, and it
may
interest taken in the
requirement that
dates for offices.
substantially the
are
always draw out
sound, and
slipped through while the like bonus
public notice because attention was directed upon the
more
cient to
government the
newspaper
This bill
scheme
of
haps the largest rather than the smallest of such
whit of its inherent
by the needless proviso that persons who
entitled to receive it but neither need
nor
want
votes should be the
even
the
All
election;
per¬
required minimum, but to make it
smallest would
safety.
same
persons
secure
owho
vast
a
desired
advance in
constitutional
it may pass it on to others for whom it is
appro¬
changes would immediately perceive that such could
priate ;
no
State provision for real disability and
for the dependents of the slain would have
merit,
through default, since
but it should be proposed
separately and without
changes must be brought out.
appeal to selfishness in
general scramble.
some
question to
go on
a
The
the ballot is distinct enough to
indicate the purpose
unmistakably to every voter,
and there should be
an
no
indiscriminating
which
can
doubt of the
proposition;
be said is that
no
rejection of such
the
very
least
such scheme should be
slipped through unobserved and by default.
And this
suggests
anew
dangerous defect in the
tional
of
getting constitu¬
changes. The very extraordinary number of
eighteen amendment propositions are pending in
out,
a
a
"on
the
quiet,"
regularly full vote
and
upon
all
In order to bring it
real publicity through explanation and dis¬
cussion would be necessary.
This would discourage
attempts to get "class" and other selfish provisions
into the
constitution; and
any
proposition not suf¬
ficiently meritorious and timely to enlist
a full pub¬
licity by effort of its proponents might well wait for
a more
the serious and proved
manner
longer be accomplished
Such
favorable
a
amendment to
difficulty.
to
opportunity.
change of
course
requires
a
constitutional
bring it about, and here is the obvious
Persons who
matters of public
are
concern
generally indifferent
will not have
a
motive
SEPT. 25
1920.]
CHRONICLE
THE
to
•'
push this, and those who
in
keeping the
at
present will be alert rather to estop than to fur¬
ther this
way
change.
proposition
a
democratic
carried
to constitution-tinkering open
as
Unhappily, the intrinsic merits of
not always
are
form, to
through.
ual betterment of
sufficient, under
it to be taken
cause
So
up
a
and
have to wait for the grad¬
we
public opinion; meanwhile,
bit of mention and argument
The latest
selfishly interested
are
every
yields its bit of help.
1331
figures available show that 55.4% of
Canada's
trade is
with
United
the
with the United
countries, among which
South
States; 26.5%
Kingdom, and 18.1% with other
Asia, West Indies,
come
America, Oceania, Africa and Central Amer¬
ica in the order named.
Six years
the total trade of the Dominion
was
53.2% of
ago
with the United
States; 33.1% with the United Kingdom and 13.7%
with
other
countries.
In
that
year
the United
Kingdom took approximately 50% of the exports;
THE
Since
torial
we
RESEARCH
published in
our
"The Research
on
Liverpool
we
Baines-Griffith, who died
after
soon
where he had gone to
issue of Sept. 4 the edi¬
Magnificent," in which
made reference to David
in
arrival
his
try to help
in
England,
the
on
war,
and
through whom the phrase constituting the title of
the article had
of this poem
field
to us, we
come
of his, which
have received
^Republican," not long before he sailed.
enlarges and confirms the noble
and
a copy
printed in the Spring¬
was
12%..
thought.
States
a
steady and gratifying increase in Ca¬
nadian exports to
Africa and New
ica
For all thy
ment Merchant
Marine, which
of
Thy lovers
thou Shalt not find
He is
supreme,
on
hill of
my
are
States investors in municipal and other
securities
at war,
of
in
high martyr-mood.
have
lovelight falls.
my
That
—David
brings tears, who for His sake would
even
from the payment of principal at the time
first
men.
practically
come
day of November 1921.
name
celed at any
time by
Ottawa, Can., Sept. 22 1920.
Since 1914 the total external trade of Canada has
developed by 119% and the value of her total
ex¬
ports by 182%.
ex¬
it to
an
658,709.
During the
same
of
one
vided that
any
mortgage
BOMB
year.
agreement to purchasers cannot
or
IN
export trade channels is to be found in the
STREET—WHAT
WALL
Canadian bank,
.
For example,
which has enjoyed
during the past ten
years,
has
a
now a
meteoric
chain of
nearly one hundred foreign/branches through the
West
Indies, in
countries of Southern and
seven
Central America and in
Canadian business
that the banker must
expansion.
England, France and Spain.
men
have
lead the
definitely recognized
If it
If
generation
was
may
never
know what the explosion of
without significance, it will shortly be forgotten.
it occurred
sort of
by Soviet intrigue, the crash
in foreign trade
mass
slavery that
may
either
tyranny which perpetrates any horror
mass
a new
epoch of the
tyranny wishes to compel.
Wall Street has been supposed to be
particularly alert te
the economic and political drift of the hour, but so great are
its concerns that it would not be surprising if it sometimes
slept at the helm,
Has the report
as
it
was
asleep prior to Sept. 16.
which immediately secured the attention
of the authorities wakened the
have made them
we
way
IT
the bomb in Wall Street portended.
without conscious emotion, or usher in
have established their agencies
foreign trade centres.
DOES
[By Daniel Chauncey Brewer of the Order and Liberty Alliance.]
which of late years
rise
pro¬
longer than the first of January 1921.
mark the knell of
one
'The province
FORESHADOW?
This
|
of
exists in British
repayment of the principal money due on
be deferred
exports rose from $455,437,224 to $1,286,-
scores
bring
Ontario, at the last session of the legislature,
aggressive policy of the leading Canadian banks,
in
can¬
end, but have not been successful thus far.
period
important contributory factor in the develop¬
ment of
be
Efforts
Columbia, where the provisions of the Moratorium
THE
the total
An
1918-14 the total
the
on
$1,073,894,368, while for 1919-
$2,351,174,778.
was
can
order-in-council.
an
Act have been extended for
AIDED BY BANKS.
ternal trade stood at
end
of Christ
CANADA'S GROWTH IN EXTERNAL TRADE-
20 it
an
providing for the release of mortgagors
dare to die.—Fbederio Seebohm.
year
to
have been made to induce the Government to
the
spe¬
agreement, if
In Alberta the Act
A similar state of indefiniteness
For the
or
In Saskatchewan the "Volunteers and Reservists
Baines-Griffith s.
still among us strong men into whose eyes
to
moratorium, like that of other Canadian
Relief Act" will
shall hurl the load
And earth shall yet keep holiday.
are
cease
interest, taxes and insurance chargeable against the
security had been paid.
Then pride's surcease, the kingdom of the kind,
*There
Act, passed in 1915,
termination and will
own
cifically stated in their contracts
hope shines clear.
crush the sons of
nevermore may
for the
war
effect after the first day of May 1921.
any
gages
Thou tempted child, the blood-sweat shall avail.
Sudden my might of love
during the
provinces, relieved purchasers of lands and mort¬
holy gentleness.
faith,
of the present standing
In Manitoba the War Relief
provided for its
Who for my sake would even dare to die :*
Thou poor in
prairie provinces, will
summary
protection of mortgagors and purchasers of the land.
majestic Lord.
serve
Canadian
a
of the moratoria established
See these my friends with garments not defiled
Who constant
the
be interested in
worship, and confess
sorrows
of
score
THE MORATORIA IN THE CANADIAN WEST¬
Manitoba's
But
a
Ottawa, Can., Sept. 22 1920.
Strength, the god most muscular
Whom all the tribunes
has
products in foreign countries.
United
Thy hope for love is vain, O dreaming Christ,
men
now
Govern¬
10,000 tons, is another element in establishing Ca¬
nadian
Christ, thy blood-sweat is in vain.
They mock the travail of thy soul.
In
as
Canadian
ERN PROVINCES.
Black lust endures despite thy purity.
Their law is
to South Amer¬
well
The
as
Indies.
ships in the public service, the largest being short
kindliness, world's hate abides;
Thou lovest peace:
W
Asia, to Southern and Western
Zealand,
and the West
SISYPHUS?
Thou urgent
37.8% and all other countries
;
There is
It
of his life
purpose
United
the
MAGNIFICENT.
may
a
men
whose force and
big factor in the Republic?
judgment
If it has not,
doubt—as Jerry Cruncher doubted in the
the deafened Miss Pross (Tale of Two
ca3e
of
Cities), when he found
her oblivious to the horrid sound of the tumbrils—whether
1222
will
it
hear
ever
aroused?
anything again.
1
of the hour
shall shortly hear whether the catastrophe
ah accident
was
challenge calling
or a
upon or¬
have been spawned if it had
not been for Society's
in the
men
whose importance
national
the glove which has been hurled
public mind reflects the part they play in
are
preparing to take
in the face of the
It will
require
assumption
courage to
tasks
of
up
our
law-abiding public.
do this,
heretofore
self-sacrifice, some
delegated
by daring to hazard something in
If it takes up
little
to
men,
the glove,
a
great cause.
at
population and which values its freedom
our
time in launching
no
a
campaign to block
If it
aspirations of the intellectuals and the lawless.
does this, it may
made
was
by the Department of Commerce
September 21 of the receipt of
on
communication from Trade Commissioner
Bank
Athens
of
has received
the removal of the restrictions
actions in Greece.
The
who have lately been in
men
SWEDISH
The
DISCOUNT
receipt
cablegram
RATE
TO
7)4%.
7^%
Sept. 17.
on
RETENTION BY SOUTH AFRICA OF GERMAN
TREASURY
usual offering of ninety-day British
bills
Treasury
on a
dis¬
basis of 6%, the rate which has been in effect for
time past.
The bills in this week's offering
20.
•
are
dated
■.•V'-
■■■'
LOAN.
Sept. 16 printed the following advices
Cape Town, Africa, under date of Aug. 16:
Property of Germans to the value of £9,000,000 is to be retained by the
South African Government
tention
disposed of this week by J. P. Morgan & Co.
AS
The local papers of
BILLS.
Sept.
ADVANCED
announced at Washington on Sept. 20, of a
Consul-General Murphy at Stockholm,
was
from
increased to
from
some
«
Sweden, stating that the Riksbank's discount rate had been
Qtecusstons
CONTINUED OFFERING OF BRITISH
count
say
to obtain authorization for exchange transactions whenever necessary.
PROPERTY
The
Greece
that the decree is of slight importance, inasmuch as it has not been difficult
demonstrate that the Wall Street explosion
(SnxxxmX
was
telegram announcing
a
foreign exchange trans¬
on
Department adds.
However, American business
signaled the death of organized tyranny in the United States.
s
recent
a
George Wythe at
Constantinople, stating that the Constantinople branch of
it does
as
security provided by law—looking elsewhere for leader¬
ship—ought to lose
Washington
If it does
shall all know it.
we
its life
may save
not, that part of our citizenry which is still the greater part
the
1131,
page
the basis of allotments.
gave
the
some
task, and, like less important entities,
the
referred.
was
last week,
RESTRICTIONS ON EXCHANGE IN GREECE REMOVED.
self-correction; but Wall Street at its best is equal to
some
any
issue of Sept. 11, page 1035;
our
Announcement
We shall also know whether the
of
we
dereliction.
own
syndicate headed by J. P. Morgan & Co.,
a
to in
society to grapple with the noxious beast which would
never
life
by
'
'
[VOL. 111.
The disposal of these bonds, to the amount of $100,000,000,
Has Wall Street been
-
••
If it has been, we
dered
CHRONICLE
THE
of the
as
Government
loan repayable in thirty years.
a
was
announced
House of Assembly by the Premier,
He
explained that
enemy assets
This in¬
to-day in the South African
General Smuts.
held by the Custodian of Enemy Property
in South Africa totaled £13,000,000, of which £3,000,000 had
already been
paid out to Germans domiciled in South Africa.,
Of the remaining £10,000,000, £1,000,000 would be temporarily employed applied in satisfaction
of South African claims
Germans for debts
on
for property in Germany
or
sequestrated by that Government.
On the balance of £9,000,000 the Government of South Africa has de¬
FRENCH
ON
RATE
TREASURY
AT
French ninety-day
The
this week
the
rate
advanced
time been 6%.
some
dated
CONTINUED
disposed of
were
it
26;
had
previously for
The bills in this week's offering
are
READY
TO
FRENCH
MEET
MATURING
LOAN—GOLD
dollar of her
($250,000,000) of the Anglo-French loan due in New
on
Oct. 15, was made in Paris on Sept. 22 by Minister
Francois
Finance M.
Marsal, in the Cabinet Council.
As to his further observations the
cablegrams to the daily
M.
Francois Marsal
informed
the
Ministers that the French
a
term of
mean con¬
guarantee that if the money was sent to Germany
was no
it would ever reach the proper owners, he said, it had been decided to take
it
over as
stated, namely,
as a
loan.
added
He
ISSUE
AUTHORIZED
that
the
success
of
the
$100,000,000
loan
contracted
Finance Minister Marsal,
replying to
a
occupation were estimated at the end of March to have reached
The amount paid
francs.
13,088,000,000 marks by the end of July,
francs.
M.
by Germany
on
account
said:
The Board of Finance has authorized
to retire from circulation the
an
issue of bonds for $60,000,000
depreciated Pekin notes from banks in China
and in circulation which have fluctuated from $40 to $80 since the mora¬
torium in May
1916, because of the depletion in the banks' cash
OFFERING
OF SWISS
the equivalent of 402,000,000
Francois Marsal added.
reserves,
consignment of $10,000,000 to J. P. Morgan &
Co., received on the Lafayette, which docked here on the
a
20th, this, it is stated, having been the largest gold ship¬
ment conveyed on any one steamer since 1914, when the
Lloyd steamer Kronprinzessin Ceeilie carried
similar amount of
The Shawmut
Corporation of Boston (affiliated with the
National
Shawmut
issued
circular
a
offering of
three
new
a
Bank
under
of
Boston)
of
date
and A.
Sept.
15,
The notes
Co.
an
issue of Swiss Government 6% Treasury
five years—Sept.
are
issued
and 10,000 francs.
Principal and
duction for any
in
Iselin &
announcing
(internal loan), dated Sept. 5 1920 and maturing in
and
5 1923 and 1925, respectively.
in denominations
of 500,
1,000, 5,000
The circular says:
semi-annual
interest payable
in
Swiss francs
without de¬
Swiss taxes, at the offices of all the banks and postoffices
Switzerland.
Payable also at the offices of the undersigned at the
pre¬
vailing rate of exchange, free of commission.
These
treasury
Switzerland for
gold.
TREASURY
NOTES.
Notes
gold shipments which have already arrived in this
country as payment toward the Anglo-French loan have
North German
GOVERNMENT 6%
was
The
included
CHINA'S FINANCE
A copyright cablegram
to the "Brooklyn Eagle" and
"Philadelphia Public Ledger" received from Pekin Sept. 17
question submitted to him by a
member of the Senate, said to-day that the expenses incurred through the
18,000,000,000
BY
BOARD.
,
through J. P. Morgan & Co. would permit the picking up of all notes due
Oct. 15.
'
a
for
.
Treasury
already had shipped to the United States $150,000,000 in gold and securi¬
Rhine
owners
4% interest.
owing to the Yuan Shi Kai monarchy movement.
papers say:
ties.
As there
.
ANGLO-
SHIPMENTS.
The statement that France would pay every
of
owners
the Reparation Commission, which would practically
money to
fiscation
BOND
York
from the German
Premier Smuts added that the Government did not purpose to pay this
September 24.
FRANCE
half
interest at 4% raising the total to £10,000,000, which will then
thirty years, the Government paying
Treasury bills
March
cided to pay
be held by South Africa as a loan
discount basis of 6lA%—the figure to which
on a
was
BILLS
6H%-
notes
are
issued
for
public
subscription
this
month
in
the purpose of financing the government purchases of food¬
stuffs.
Selling price,
N.
Y.
STOCK EXCHANGE RULING ON SETTLEMENT
OF CONTRACTS FOR FRENCH GOVERNMENT BONDS.
rich,
as
par
plus accrued interest from Sept. 5, in Swiss francs, in
States at the daily rate of exchange for cable transfers
the United
fixed by the undersigned, to-day
on
Zu¬
[Sept. 15], $165 for each 1,000
francs.
The
Committee
Securities
on
Exchange announced
a
ruling
on
of
the
New
York
Stock
Sept. 20, to the effect that
for Government of the French
Republic, J. P.
Morgan & Company Trust Receipts for 25-year External
Gold Loan 8% Sinking Fund Coupon
Bonds, due 1945,
contracts
"When
Issued," must be settled
Tuesday, Sept. 28 1920,
by delivery of J. P. Morgan & Company Trust Receipts;
That said contracts may be settled prior to
one
Sept. 28 1920,
upon
day's written notice of his intention
that such notice must be given before 2.15 p.m.;
upon the giving of such notice.
The accrued interest from
to
the seller
make de¬
that interest win
Sept. 15 1920, to Sept. 28 1920, (viz., 13 days)
will amount to $2.8888 per $1,000 bond.
Settlement of contracts may be enforced "under the rule"
beginning Sept.
28 1920.
as
and if issued and received.
COMMITTEE
I
URGES
REPEAL
OF GOLD
RESTRICTIONS.
A
press
cablegram
from
Buenos Aires, Argentina,
Sep¬
tember 16, says:
livery;
cease
ARGENTINE
when,
on
further:
giving to the buyer
Temporary receipts will be issued, calling for delirery of
definite notes,
The special committee
appointed by the Chamber of Deputies to study the
questions of exchange and the exportation of gold, reported to-day recom¬
mending the repeal of the law against gold leaving the country.
recommended
the
authorization
for
the
Banco
de
la
"Caja de Conversion," where the gold reserve is deposited,
pesos
with
in gold, which amount could be exported.
the
exception of the
be exported.
sum
It also
Nacion to withdraw from
64,000,000
According to this plan,
stated, only gold held by the banks could
Sept. 25
the result,
and consequent
tion
probably will be adopted
in the exchange situa¬
North American business, which has been
is believed, of an improvement
it
relief for
seriously affected by the cheapness of
1833
CHRONICLE
Although this necessary information is given free of charge
political circles that the report
It is forecast in
with
THE
1920.]
Argentine money.
countries, the All America Cables, Inc., is the
time on all cablegrams
porters and importers are
forced to incorporate and pay for the filing time
cable companies.
Thus they are out of
pocket thousands of dollars for service costing
CONDITIONS IN THAT
COUNTRY.
"Wall Street Journal," in its
The
present existing in that
$1,500,000 has been
from Bueons
it attracted
considerable attention.
Officials of the New York branch of the bank
refuse to state for whose account this gold has been received, but it is
understood to be for account of their Buenos Aires branch.
It was turned
over to the Assay Office.
It is believed the consignment has been induced
by the recent decline in Argentine exchange, which has fallen to $.8310 per
peso, the lowest figure ever recorded.
Heretofore Argentina has generally
received gold fFom U. S. and it has been on a rare occasion that gold has
moved from Buenos Aires to New York.
Exchange on Buenos Aires declined to $.8310, the lowest figure ever
touched for pesos.
Once before it approached that figure, but quickly
rebounded on comparatively small purchases.
Regarding this weakness a
prominent banker who has close connection in the Argentine, said: "Trade
conditions in that country are almost chaotic.
Exports from Buenos Aires
have almost completely stopped, owing to the strike of the dockmen.
It
seems peculiar that just what Argentina has to export we are not in the
market for, and those commodities which we could use cannot be exported.
Stevedores have gone on a strike and what little goods that are being ex¬
ported are loaded on ships by the clerical help of export firms.
I cannot confirm the report that the Argentine Government has author¬
ized the release of $23,000,000 held at Washington for the account of their
Embassy.
However, while the release of the previous metal would un¬
doubtedly have the effect of improving the exchange rate, I doubt whether
the improvement would be any more than temporary.
What is needed
most is increased exports and when this will take place is largely problemati¬
the amount of
Gold in
received by the
Aires
.
the anomalous state
country:
following to say with reference to
the
•f things at
of wool, skins and hides—
commodities practically stopped. Cost of
production had been greater than the prevailing price after the decline, so
that exporters chose to hold their goods rather than to dispose of them at a
big loss.
Prices have improved very little and those goods are still on the
the drop in the prices
It will be recalled that on
not so
long ago, exports
shelves of the
principal exports of that country.
rapidly in Buenos
Aires, that the Government,
negligible.
favorable trade balances during the war.
With the proceeds of these balances she retired a large portion of her foreign
debt.
What has become of the reaminder is still somewhat of a mystery,
but it is apparent she has very little of the previous metal to export.
Every day we have a number of bills returned from our Argentine office
the drawees having refused to pay for the goods.
This is due in part to the
It is true
that she had huge
It has been said in some quarters that in
to live up to contracts made with
Argentine merchants, when they were able to resell goods ordered, at a
higher price.
Buenos Aires merchants feel that the course which they are
taking is justified.
I believe it is unwise for an Americna to make any
contracts with Argentine people at the present time.
When conditions will improve it is difficult to say.
It will depend partly
•n how quickly our market for wool, hides and skins picks up, and partly
•n how soon labor troubles will be adjusted.
I do not exjpect any marked
improvement for probably two months, and it would not surprise me to
see no improvement for nearly six months.
high cost of New York
many cases
According to press advices from San Salvador, Sept.
Government of Salvador has refused to accede to
that the Bank
September 11, stating
representatives of commercial in¬
aftej consultation with
and the banks, the refusal to adopt
having been based on the fact, it is under¬
terests, the industries
such
a
measure
financial situation was considered good and
condition of the banks. In our
issue of July 3, page 21, we referred to the fact that the
Moratorium, which had been in effect since the worl* war,
had been terminated on June 28.
stood, that the
confidence was felt in the
HUNGARIAN BANKER ON EUROPE'S
CARNIVAL."
The Chicago
ing
"PAPER MONEY
"Evening Post" of Sept. 10 printed the follow¬
Aug. 21 as to the
(delayed) advices from Budapest
carnival" in Europe, in which it is observed
other things that the United States "cannot recon¬
'paper money
among
by loans":
struct Europe
peoples of Europe are
"The
in a dark, deep pit and they must work them¬
Hegedus, bank director and lecturer at the
it," says Roland
Budapest university.
"The United States
is richer than she knows,
but she cannot reconstruct
Europe are beset with a succession
problems that are well-nigh unsolvable.
All the nations of
Europe by loans.
political and economic
of
Russia Holds Key.
to the situation,
"Russia is the key
and until some sort of consistent
established there we can hope for little here. What the
States can do, perhaps, is to work to secure free trade among these
European countries.
None of us can do any business with tariff
government is
United
central
frontiers.
of the peace
hand to mouth, printing
money to keep going.
Poland is hardly a year old, and already she has a
national debt of 130,000,000,000 marks, with a 40,000,000,000 deficit.
The same is more or less true of Czechoslovakia, of Hungary and of all of
us.
The armies are eating up half our incomes, yet each nation is afraid
to disarm because of possible attacks from neighbors.
situation will force a revision
"I believe the paper money
treaties.
All these little
nations are living from
Barred from
Trade.
carnival, central Europe cannot trade with coun¬
tries having better moneys, such as Spain, Holland and Switzerland.
This
situation also applies to Italy and France.
Meanwhile, our civilization is going by the board.
Because of the ex¬
change, our universities and reading people cannot afford to subscribe
for science or law publications of England or the United States.
For the same reason our educated, but impoverished classes, cannot go
abroad to find work, provided they could secure passports.
These conditions are not altogether the result of a big war, but of a bad
peace, which has fallen harder on Hungary than any other country.
God
made her the centre of a geographical unit and the peace frontiers ruin not
only new Hungary, but the parts taken away."
"With this paper-money
Minister of Finance, has
SHIP BY ITALY CONDI¬
AMERICAN
OF
RELEASE
TIONAL ON LOAN.
Comptroller, by order
issued the following circu¬
lar to all banks in Brazil, on account of the recent unfa¬
vorable conditions of foreign exchange, quotations on Sep¬
tember 9 being 5 milreis 720 reis to the United States dollar :
In accordance with decree No. 1811, of July 19, the strict observance of
the provisions thereof is advised, no selling or buying operation of exchange
to be effected without the previous authorization of this office, by de¬
manding production of the documents considered indispensable for the proof
of legitimate business.
In case of offense, article 2 of said decree provides
penalty the seizure of the values in question and a fine of 50% of the
of the
17,
the
request of a group of agricultural interests to establish a
moratorium law.
The decision, it is stated, was reached
IN BRAZIL.
Washington of a cablegram
Morgan at Itio de Janeiro, under date of
receipt is announced in
from Ambassador
MORATORIUM
INTERESTS.
the
exchange.
American exporters have failed
SUPERVISION OF ALL BANKS
The
DECLARE
TO
ASKED FOR BY AGRICULTURAL
of these
Price of flour has
fearing trouble
from the workingman, has put an embargo on the further exportation of
wheat.
Considering the decreased exports of wool, hides, skins and wheat
it can readily be seen that Argentina's exports at present are comparatively
advanced so
much enthusiasm for its further extension.
DECLINES
SALVADOR
Argentine merchants.
Wheat is one of the
the All America Cables wide publicity among
service of
members and reports
ts
selves out of
cal.
as
The American Exporters
6,651,760 marks, about
Anglo-South American Bank which was shipped
the S. S. Vauban.
Being German gold,
Board
on
their foreign competitors
handicapped in their trading to that extent.
& Importers Association is giving the "showing-
nothing and are
the-filing-time"
issue of Sept. 15, had
Therefore our ex¬
their messages sent by other
in
ARGENTINE EXCHANGE AND
in all European
only company showing filing
delivered in the United States.
A London cablegram
A
Sept. 12 to the
received in Rome says Gabriele d'Annunzio has in¬
Government that he will release the American steamer
Fiume dispatch
formed the Italian
that a loan of 200,000,000
Central News from Rome.
Cogne on condition
a
dispatch to the
The
Cogne,
a
ments
cargo
lire is granted to Fiume, says
captured recently by d'AnIt was said the vessel
40,000,000 lire, comprising Swiss and Italian ship¬
bound for Buenos Ayres, was
nunzio's officers at
had
daily papers is auth¬
following:
ority for the
Catania and taken to
valued at
destined for Buenos
Fiume.
Ayres.
a
REPORTS OF
sums.
You are
with all
do so, to supply the inspector
with money-exchange operations, as well as to
requested, when called upon to
details connected
produce the books
and documents of your
office for examination; also to
capital has been paid up according to law, and that
you are strictly obeying the provisions to operate, in order to facilitate the
general supervision of the banks by this office, according to the provisions
of the Brazilian laws, and especially of the decrees of Aug. 15 1891, and Feb.
1892, numbered respectively, 493 and 727.
prove
that the bank's
»
EFFORTS OF
ERS
AMERICAN EXPORTERS
ASSOCIATION TO SECURE
TIME ON
AND IMPORT¬
FREE FILING
CABLEGRAMS.
Telegraphic Agency, says:
formulated'for the raising of a State loan of £2,500,000
authoritative sources here. The purpose of
the loan is to guarantee an income for Palestine, and the entire amount
is first to be absorbed by Jewish bankers here and in New York, who in
turn will offer it for public subscription.
It is not made clear whether the loan will be raised through the British
Government or direct by the Palestine administration.
Plans are being
for
Palestine,
Association had the
13 regarding its efforts
companies record free, the filing time on cable¬
The American
to have
cable
Exporters & Importers
under date of Sept.
grams:
The
American
Exporters & Importers
Association, whose membership
export houses and banks of New York inter¬
ested in foreign trade, has been working for some time to have cable com¬
panies record the filing time on cablegrams as a free service.
includes most
of the important
according to
AMERICANS
ITALY
following to say
PALESTINE.
credited to the Jewish
PROPOSED LOAN FOR
cablegram of Sept. 15,
A London
HOLDING
SUBJECT
TAXABLE PROPERTY IN
CAPITAL TAX.
TO ITALY'S
Through the Chamber of Commerce of the United States
Embassy calls the attention of American investors
the Italian
and business men to
In accordance
for a tax on
with the Italian
patrimony all persons,
possessing taxable
capital tax that re¬
The Embassy announcement says
the law imposing a
quires immediate returns.
Law of April 22 1920,
making provisions
regardless of their nationality or residence,
property in Italy,
including Italian taxable securities
THE
1224
whoever held,
required to declare such property when its value on the
are
Jan. 1
in question which is intended to be levied
Property acquired or capital invested or deposited in Italy after
1920 is exempt from the tax
the wealth in existence on Dec. 31 1919, on which date for fiscal purposes
on
the period of the war was
considered
Persons in the United States
later
than
desired information
on
Office where all
' "
■
,
the subject may be obtained.
in a
Reference
Italy's tax levy
to
in
China.
It is true that there is lack of organization, that the Central
Government is not strong.
cannot be
But it is less than ten years since China shook
thrall of
capital acquired during the war was
on
making steady progress.
it
referred to in our issue of July 17, page 249.
and
ancient
an
monarchy.
of
ways
She
modern
a
re¬
The point to remember is that she is
Her cabinet is better and stronger to-day than
when I left Peking on the first of May.
was
absolute
expected to settle down into the grounded
public without occasional setbacks.
**
■
scattering throughout their country and spreading the
are
herself free from the
Failure to make such declaration within the stated time will result
fine.
Chinese students, who are the aptest of any I have met in the
gospel of better government, better living.
We must not be misled by press reports of disorder and factional fighting
required to make such declaration not
are
Among the universities there is close study of Government and
economics.
whole world,
closed.
1920, at the local Italian Consular
31
Aug.
as
Americans encourage and assist it, is bound to liberalize, to modernize
we
China.
fifty thousand lire.
1st of January 1920 was not less than
[VOL. 111.
CHRONICLE
China, in her march towards
stable self government, has to traverse valleys as well as hills before she
reaches
OF
Reports" published by the Department of
in part:
OPENING
THE
CREDITS ABROAD.
"Commerce
Washington,
at
of
Sept.
As to conditions in Siberia and
15,
Belgrade, under date of Aug. 20J1920:
With
a
"No bank
enterprise
nor
open
can
a
credit abroad without previously
Infraction or this
obtaining the authorization of the Minister of Finance.
decision will be punished by a heavy
finejor by the dismissal of the func¬
hardy, upstanding race of innate
as a
The Russian Soviets have to be sure gained
been
never
two important war missions)
on
If
be prepared.
THE
The Far East
was
ing
Co., in
Pennsylvania
Sept. 15,
address delivered at the Hotel
an
"a region which, if properly
as
developed and encouraged by American business men and
investors, bids fair for the long future to be the greatest
foreign outlet in the world for American manufacture and
Mr. Lamont's remarks
American Manufacturers
addressed to the
were
Export Association, and he men¬
the first step toward the building up by
as
American trade in the Far East the
Siberia
to
the
true,
much
Scores
untrue.
What is the real Japan ?
be either
to
that
no
intensely
one
unmoved
strongly
as
A great system
of railways must be built
be long delayed.
over
mental and
Those railways will require
China will demand cotton
ago.
mill machinery on a great scale, and machine-making tools.
Then it will
As far
a
prodigious scale, the
domestic
many
Consortium, what he had to
a
reference
with respect
say
Gradually the European nations have come to realize that the policy of
the warship and of "grab" is outworn, and that they could best serve the
race
own
nationals, to say nothing of China's, by stopping the
for concessions and by adopting plans of co-operation.
•*+
Through the Consortium.
to
It
was to
complete this new plan of co-operative effort for China that I
to visit the Far East last winter.
of business are sharp and untrust¬
The Japenese business men are not as
For generations
to deal with than the Japanese business
But Japan is commercially
handicap which I should hardly attempt to analyze if it had
by the Japanese themselves.
strong as almost to constitute
actual super-government.
an
There
schools of thought in Japan and the cleavage is a deep one.
men
of
are two
In general the
affairs—manufacturers, great merchants and bankers—are liberal
their ideas.
They believe,
we
as
that
do here in America,
nation's
a
must be along lines of peaceful trade
sure,
and the cultivation of good will.
The Policies of the Militarists.
They might not admit it, but if you study their actions you will realize that
they still think the world is ruled by force rather than by ideas.
They
believe in a mighty army and navy.
They are sincerely convinced that
Japan's safety and future lie in having a dominating influence on the Con¬
tinent of Asia.
They have taken Korea and made it
cidentally improving its
Arthur.
endeavor
was
asked
You may recollect that, acting upon the
part of Japan, in¬
They hold Port
They have seized Shantung and have Japanized it far more
pletely than it
the
a
distinctly.
material condition
was ever
seized
Russian
criticising:
Vladivostok
half of the
I
am
com¬
Teutonized during the years that Germany held it.
Siberian
the
on
mouth of the Amur River and they have
The clearest and most recent tangible evidence of all this is in the forma¬
tion of the New Consortium for the assistance of China.
certaip serious defects in their govern¬
This handicap is the
policy of the so-called Military Party which, of recent years, has been so
They have
International Effort
At the same time no one study¬
The other party in Japan, the Militarists, have a different philosophy.
thereto being appended herewith.
Interests of their
Now the truth is
intimate terms and leave them
upon
important relations with him.
a
that to keep four hundred million people supplied with moving picture
new
tendency on the part of most people
Don't forget, too,
ghows will be quite a task even for Americans!
Mr. Lamont's remarks on China also included
the
It is difficult
he alone is concerned, you can well afford to trust him and
as
enter into
development, to be sound and
on
Japan?
It is bred in the bone and in the flesh.
reserve.
in
people will require,
a
men
so.
honester person
no
metals.
appurtenances that American ingenuity has evolved.
In
Japanese Man of Business.
It is not
they have been taught
to
Japanese
require quantities of mining machinery both for the baser and the precious
FinaUy, those four hundred millions of kindly, honest and highly
What of
They want to be, but don't know how.
we are.
The country
implements required in that intensely agricultural land, now cultivated
rude implements of the long
as
not been done for me
of farming
requires.
simply emphasiz¬
am
intensely anti-Japanese.
charge that Japanese
to-day under
calls for electrical equipment,—for all the multitudinous forms
Siberia
I
people have asked me since my return:
fail to detect
The
frank
of
pro- or
can
fair share of
a
American steel, of American bridges, American equipment.
to
natural and inevitable.
that
political institutions.
As for the
man.
there, and its inception
Siberia!
by admiration and friendship.
them of
China will call in the next twenty years."ft He added:
intelligent
as
particularly well adapted to
are
manufactures
And I find
meet the
can
ing their conditions
an
so
of
Japan without considering the political relations.
We are hearing a great
deal of Japan these days, some of it good and some of it bad—some of it
But I want
the
are
some
to discuss the future trade and financial relations of the United States and
calling for the products of Amenea^industry
with
The people
of the points that impressed me in the Far East.
some
worthy, "forget it!"
securinglof
kind
I am telling you nothing new.
you,
adequate
understanding of those various peoples over there."
Mr.
Lamont said he never imagined until he went there, "a region
should not
the
There
Don't forget too that England regards close
America and Siberia
So much then for China and
referred to by Thomas W. Lamont of
J. P. Morgan &
on
furnish
saying all this to
PAR EAST.—THE CHINESE CONSORTIUM.
tioned
flourished in Siberia.
___
W. LAMONT ON TRADE OPPORTUNITIES IN
enterprise."
foot¬
a
me,
And for that day American manufac¬
England realizes that the United States
T.
told
to Russia—as come it must
ever peace comes
day—then Siberia will find itself.
turers should
never
red terror there of the Moscow variety.
a
already landholders.
trade intercourse between
tionary involved.
described
are
simon-pure brand of Bolshevism has
has
10il920:
has issued the following decree under date of Aug.
people of Siberia
sobriety and integrity.
Japan, Mr. Lamont said
hold there, but as our most excellent Ambassador to Japan, Roland S. Morris
(who went far into Siberia
the'Ministry of Finance
view to protecting the dinar exchange,
The
the
announces
receipt of the following advices from Consul K. S. Patton,
at
view the promised land of genuine
stability.
FORBIDS
DECREE
JUGOSLAV
Commerce
the heights whence she can
island
of
they control
coast;
recently,
as you
In reciting this I
Saghalien.
the
know, occupied
not
am
merely summarizing what the newspapers have told
us
hundreds of times.
initiative of the American Government, the Governments of Great Britain,
Now the Japanese Military party have, as I have said, pursued this policy
on the theory that in these measures lay the only sound defence of her
France and Japan agreed to encourage the formation of strong banking
National safety that Japan could devise.
groups
in each of the four countries; these
sortium
(literally
a
groups to act
together
as a
Con¬
consorting together) in affording financial assistance to
China in the upbuilding of her great public enterprises, such for example
as
her railroads;
the establishment of which would make
a
firmer economic
a
food
seems
in
and Mongolia should be reserved from the operations of the Consortium.
were almost tantamount to
slamming shut that open
door of John Hay's.
Such reservations as to certain regions meant the
re-establishment of the old and pernicious spheres of influence—the relic
of outworn
diplomacy.
So, to speak in the personal vein, I was asked by
the American, British and French Banking Groups to go out and
try to
untie that knot.
After a long and somewhat arduous negotiation, we came
to terms,
and the Japanese with great wisdom and foresight withdrew those
reservations.
basis of
a
The New Consortium will thus be formed
on
the
American
free and full
partnership, and the results should be of permanent
advantage, both in stabilizing economic and financial conditions in China,
and in making that a more attractive field for, American trade and invest¬
ment.
an
Japan is not
America
France is rich;
or
or
coal, oil, iron
sources,
centuries China had been living in the past.
a
slumbering giant.
But
Winkle slumber that has
now
run
for
that
The other factor lies in
I said to you that for
Frequently she
great growth of National feeling
likened to
twenty centuries than twenty years.
The giant is rubbing his eyes and opening them to new
a
was
giant is awaking from the Rip Van
nearer
now
going
on
that is to say, she is lacking in natural
re¬
And her people cannot afford these heavy
&c.
They
do
not.
On
the
contrary
they
seem
to
bring
liabilities.
For
because of her action
of
as
to
Shantung, there has been an intense boycott
Japanese goods throughout China.
the moment—a part of her most
in
terribly Dutch in China.
Americans, who
are
Japan has lost—at
valuable foreign trade.
leading Government officials said to
me,
any
As
for
rate,
one
in Far Western slang;
of her
"We
are
By becoming partners in the New Consortium
popular in China, we hope now to fare somewhat
better."
(the American Banking Group not being a New York affair but
being made up of institutions from every part of the United States), I have
pointed out one factor—the Consortium—calculated in time to make China
fine and stable market for your manufactures.
are
rich country in the sense that Great Britain
instance, because of Japan's "21 Demands" served on China in 1918, and
In explaining to you this important development of the New Consortium
the development of the Chinese people themselves.
ore,
a
outlays unless they bring in compensating dividends.
American Co-operation with
for China
a
Her National debt is inconsiderable, but her taxes
extraordinary proportion of her budget is for the military
establishment.
with
•
Growth of National Feeling inChind.
Their efforts
And the increase
of the navy and the maintenance of the army are a serious burden upon the
people of Japan.
such reservations
is|a
Siberia have been enormously expensive.
Every year they have cost hundreds of millions of yen.
heavy and
any
Obviously
part
pursu¬
according to the liberals in Japan, this Military Party
their expeditions to
Japan's declaration was not acceptable to either the banking groups in
the three Governments.
a
This
But in the
to have overlooked certain economic considerations.
China,
America, England and France,
nor to
ordinary trading is not secure enough.
necessary:
of its policy,
ance
like yourselves.
hitch arose,
is
political philosophy which is perfectly understandable.
basis in China for the private initiative of manufacturers and merchants
The plan looked to be almost completed when a serious
in that Japan declared that the Chinese provinces of Manchuria
They sincerely feel that to make
supply certain for their growing population domination of
of Asia
visions.
in China,
a
There is
feeling that, if
Japan.
Meanwhile Japan would welcome American capital on a large scale to
develop her
to
own
industries.
develop her water
She has a limited supply of coal and is anxious
grand scale. She feels sorely the need of
powers on a
building good roads and of constructing
States will, as time goes on.
demand.
equipment
You
that
manufacturers
are
much of the capital.
needed.
a
can
Our
new
trolley lines.
The United
position to supply a good part of this
supply
much of the
investment
machinery
community
can
and
furnish
But at the present time the apparent policy of Japan's
Military party will prevent
scale.
be in
any
such American co-operation on a grand
We shall continue to buy Japan's
silks and trade with her along
or-
Sept. 25
dinary lines, bat
shall hardly be encouraged to accept her invitation to
we
co-operate actively in the development of her
assured
enterprises until we feel more
that her Military party is not going to
bring her into additional
financial distress.
In his
The private
complish something.
But
because of the organization of your great
you,
establishments,
enterprises at
be
difficult
because
of the
the
But
your
shareholders;
your
an
business to carry on
and above all that, you have another concern—
fair
enhance throughout the world the name of America for
and constructive methqds
to whom the
You indeed are among those to
of enterprise.
gods have granted the opportunity to make "America First"—
first not in her
mere
own
safety
and helpfulness to the other nations
of her friendliness
of the earth.
HAYTI—NATIONAL
TOWARD
the
Hayti,
The
on
Sept.
20, by Secretary of State Colby who was moved to making
explanation by
of criticisms of this Government's
reason
policy toward the Haitian Government, one of the criticisms
having
Ohio,
Marion,
native
G. Harding, who in a speech at
Sept.
on
have
Haitians
from the Republican Presidential
come
Senator W.
and that many of our own
lives at the behest of
establish laws
alleged
17,
gallant
men
have sacrificed their
Executive Department in order to
an
Colby has taken cognizance
City Bank of New York had obtained control of all the
of
Hayti, and in its proceedings had the support
of
representatives
United
the
of
States
Government.
Secretary Colby, in answering these allegations says among
other things,
"no assistance
first class American bank in any foreign
be extended to any
he also
and
of
"the National City Bank does not
says,
has
The following is Secretary Colby's state¬
charged."
the temptations that a
political campaign presents to irresponsible utterance
unveracity.
conscious
a
the benefit of the Haitian people and
the
two countries.
The work which the United States undertook to do is
nearing completion and upon its completion this Government hopes to
with their acquiescence
the task was defined in a treaty entered into by
withdraw and leave the administration
of the island to the unaided efforts
of the Haitian people.
As is well known, for many years
the
scene
of
many
revolutions
sometimes accompanied by
were
authority had broken down
prior to 1915, the island of Haiti was
and
chronic disorder.
The revolutions
Public
wholesale massacres and fatalities.
and the people in the rural districts were fre¬
quently reduced to starvation.
The culmination of those conditions came
with the murder of President Villbrun Guillaume Sam, who was dragged
by
gave
had taken refuge. This
the rights of the French Government and resulted in the
mcb from the French legation where he
a
affront to
Haiti's European creditors were pressing for
Ao this time,
foreign debts of
of the Haitian
payment of the
Haiti and the fear was frequently entertained that
President would prompt an aggressive problem on
of some European
murder
the part
governments which would not only challenge the
Doctrine but arraign tbe
Monroe
United States for a failure to perform duties which
These duties
have nowhere found more explicit statement than in the addresses and
messages of the late President Roosevelt.
In an address delivered by him
expressly avowed as a part of the Monroe
in August
1915, he said:
by the Monroe
"Inasmuch
Doctrine.
No assistance
or
following
first-class American
,
Far from encouraging the National
so
far
it has had
as
Bank in
support has been given the National City
City Bank in obtaining monop¬
opportunity to exert
an
an
department
influence, used it toward
preventing the National City Bank from enjoying monopolistic privileges.
The National City Bank owned
de la
Republic d'Haiti and last
50% of the stock of the Banque National
year
when the approval of the department
sought to the purchase by the National City Bank of a still larger
was
the French bank,
interest in
the approval of this Government was
only
given after the National City Bank had agreed to certain important modi¬
fications in
the charter
of the Banque
National de la Republic d'Haiti,
insisted upon by the Department of State and all of which were
in the interests of the Haitian people, to
of the original concession
no
designed
eliminate the monopolistic features
*
'
indirectly, the
It exercises
commercial contractions, as has been
granted by Haiti.
The National City Bank does not control, directly or
3.
customs
collections,
nor
is it the financial arbiter of Haiti.
control of loans, exchange rates or
charged.
following likewise bearing
appeared
the financial
on
Affairs of
special dispatch from Washington
a
as
Sept. 22 in the New York "Evening Post" of that date.
in calling
importation or
exportation of non-Hay tian money except as regulated by John McElhenny,
American financial adviser to the Haytian Government.
To enforce consent
by the Government of the negro republic the financial adviser, acting upon
the instruction of the American Minister in Hayti, has refused to pay the
Secretary Colby justifies the action of the Department of State
the Haytian Government to consent to restricting the
upon
salaries of the Haytian President and other
officials.
"There is always a considerable quantity of
in
technical
information
foreign money in circulation
"Its regulation is a matter which
Hayti," said Mr. Colby.
exact
and
interest of his trusteeship
problem in the
It is a subject that must be
of Haytian funds.
treated with quite expert
requires
I have no doubt that the
judgment.
American financial adviser desires control of this exchange
capacity."
Haytian Affairs Directed
It appears that in July Mr.
McElhenny notified the Haytian Department
Colby dated May 20 to
of Finance that he had instructions from Secretary
inform
Haytian Government that its approval was
the
Modification of the bank contract agreed upon by
Doctrine we prevent other nations from
the water we should, ourselves, in good faith, help
our sister republics upward in peace and order."
In the performance of this duty, and with one thought but to help the
Haitian people until order could be restored on the island, the United
States with full assent of public opinion in this country and of Haiti occupied
the City of Port au
of State and the National City Bank of New
required to the
registered under the laws of Hayti to be known as
Prince on Sept. 3 1915.
Proclamation of martial law
United States
istration of justice
the
operations or
municipal and civil
without change
not to interfere
of
admin¬
in the courts of law which did not affect the military
authorities of the United States Government. All
employes were requested to continue in their vocations
contemplated or would be suffered with the proceedings
Government and Congress of Haiti, or with the
made by the military authorities
the civil administration or with the
and the express pledge was
with the functions of
courts.
signed by the two Governments
expressing the mutual desires of both countries to strengthen the amity
between them by measures for the common advantage.
The United
A few days
thereafter a convention was
of non-Haytian money
of commerce in opinion of
the financial adviser.
Conflicting Interests.
order given the
of Hayti have voiced
charges that the third measure was in effect an instrument which would give
to the National City Bank lucrative control of foreign exchange.
Adminis¬
tration officials here insist that there is no justification for connecting the
Because
the
foregoing measures were grouped in the
Haytian critics of the American military occupation
power
sought to be secured for the financial adviser
with National City
Bank interests.
Hayti joined in the opposition to
Some foreign interest in
cited above, one being the Panama
the measures
owned by
Railroad and Steamship Line,
the United States Government.
As
the
to
withholding of
salaries,
Associated Press
an
dispatch from Washington Sept. 20 said:
Secretaries, State Council¬
until the Government
less antagonistic attitude toward the Ameri¬
Department has informed J. Barau, Haytian
Withholding the salaries of the President, the
lors and Palace Interpreter
of Hayti will be continued
of the occupied island adopts a
can
authorities,
Minister of
Mr.
the State
Foreign Affairs.
Barau
protested against the action of Col.
American financial adviser, in withholding
John McElhenny, the
the salaries of these officils who,
apparently are unwilling to carry out certain
provisions of the treaty entered into at the time of the
occupation of that
country by American marines.
According to Mr. Barau, these officials have not
since June,
received any salaries
been regularly paid.
although other public officers in Hayti have
ANTONY GIBBS & CO. OF NEW YORK
Caperton, commanding officer of the forces of the
in Haiti and Haitian waters.
It was expressly stated that no
the Constitutional
Hayti to a new bank
the National Bank of the
Prohibition of importation and exportation
(3)
except that which might be necessary for needs
made by Admiral
interference was
the Department
York.
Transfer of the National Bank of the Republic of
(2)
the financial adviser contends,
interfering on this side of
was
recently to the effect
the facts:
bank in any foreign country.
in Port au Prince.
landing of French troops
it had
the
Had
dereliction of duty
City Bank of New York has received improper support
Haiti other than that which would be extended to any
task which has only a benevolent purpose.
task which was undertaken for
a
a
Republic of Hayti.
engaged in
This country is
It is
guilty of
might have been exposed to sound criticism.
(1)
Hayti should not be
misrepresented, even under
position of the United States with relation to
misunderstood, and it certainly should not be
and
gratitude
following measures:
ment:
Tbe
in Haiti, with the excep¬
As to assertions that have appeared in the press
or
loans, exchange rates or commercial contractions, as
been
every quarter
of this country has been moderate and dictated only by
that the National
indirectly, the customs collections, nor
financial arbiter of Hayti.
It exercises no control
control, directly
is it the
support has been given the
Bank in Hayti other than that which would
National City
country;"
or
works, establish¬
brought about by Americans appointed under
desire to meet its duties and in not any degree to go beyond them.
which has crept into the papers during the
a
alleging that interests associated with the National
resources
greatly improved and
few centres of selfish and interested agitation, credit and
course
The
past week, and which Secretary
one
a
Hayti,
to secure
.
announced pur¬
telegraphs, &c.
vote in the League."
.
,
Another report
of is
that "thousands of
by American Marines,
killed
been
revenues are
less been done, this country would have been
2.
the United
issued at Washington
was
of
maintain
to
freely manifested and express to this Government.
are
has,
States towards
to co-operate
and finances
Government
olistic privileges in connection with its interests in Haiti, the
position of
the
with
dealing
revenues
result thereof complete tranquility exists
as a
provisions of the treaty, and from
tion of
CITY BANK'S
POSITION.
statement
specific ways;
the
and to contribute in other ways to
The Haitian
These results have been
1.
candidate,
placing
the Haitian
from this Government in the matter of its Haitian Branch, the
SECRETARY OF STATE COLBY ON POSITION OF U. S.
in question
in
to help
throughout the republic.
are
the
basis;
much progress has been made in road construction, port
ment of
freedom from the troubles of a war¬
or
world, but first, in the eyes of the world, because
A
Government
stable
a
of its occupation and
poses
end that ought not
operations should be carried on in a spirit of generous toler¬
your
ance, so as to
worn
of this very
commercial advantages which Americans
many
over
It is
organization
that, in the enlightened world of business as it exists in America
a concern
to-day,
profit for
a
with
to-day.
possess
on
The United Staes has confined its energies entirely to the
perform a great
citizen, with the will to help, can ac¬
export association, can accomplish much.
to
Haitian
the
Haiti
advance the prosperity of the republic and welfare of its people.
To you, more than to most men, is given the chance to
work in the Far East.
your
States obligated itself to assist Haiti in three
with
tranquility throughout the republic;
concluding remarks Mr. Lamont said:
manufacturing
1335
CHRONICLE
THE
1920.]
INCORPORATED.
Antony Gibbs & Co. of 61 Broadway, this City, announces
the
incorporation of their company, the business in future
name of Antony Gibbs & Co.,
be conducted un'der the
to
Inc.
are
The
capital is $1,000,000 all paid up.
Louis B. Chandler,
President;
The officers
Mather M. Richardson,
Vice-President & Treasurer; and D. F. Cawley, Secretary.
The following are
Crawford
& Harris;
the Directors:
James M. Beck, Beck,
Louis B. Chandler, President;
Lord
of the Bank of
Eng-
Cullen of: Ashbourne, late Governor
THE
1226
CHRONICLE
the Hon. Herbert C. Gibbs, partner Antony Gibbs
land;
Seward Prosser, President Bankers Trust
& Sons, London;
Richardson, Vice-President &
Co., New York; .Mather M.
above firm
under the
New York. Sept. 22
The
Committee
Victory
1920.
Commissions determines that the commission on
on
Liberty Loan
Series Convertible Gold notes
and 4%%
3H%
due 1922-23, is as follows:
Bates to Non-Members, Ac.—Not less than $6 25 pee $10,000 par value.
Treasurer.
The
[Vol.. 111.
branch of Antony
in business as export and
of Antony Gibbs & Co. as a
name
Gibbs & Sons,
established in New York in 1912
was
London, to
engage
merchants, their principal activities being with
Australia, New Zealand, Chile, France and Great Britain.
Rates to Members—Give-ups.—Not less than $2 per $10,000 par value.
Bates to Members—Clearance Business.—Not less than $3,125 per $10,000'
par value.
HARRISON
S.
MARTIN. Assistant Secretary.
import
Antony Gibbs, founder of Antony
Gibbs & Sons, was bora in 1756 and
Devonshire, who was
1774 was apprenticed to a merchant in Exeter,
engaged in export business with Spain.
In 1778 Antony Gibbs entered
into business in Exeter on his own account, directing his attention to the
From 1790 to 1807 his mercantile labors were
Cloth industry of that city.
Spain and Portugal.
In 1808 he founded
partnership his oldest son, George Henry
devoted to the export of textiles to
the London firm, taking into
In 1813 his second son, William Gibbs, was taken into
Gibbs.
partnership
Antony Gibbs
the firm became Antony Gibbs & Sons.
when the style of
The connection of the'firm with the Bank of England has been a
for
1896,
Aidenham in
a
was
who
was
One of the present partners,
nephew of the first Lord Aldehham, was, as
Lord Cullen of Ashbourne, a
Brien Cokayne, elected a
Gibbs,
1875 to 1877.
Governor during the years
nor
close
created Lord
director of the bank from 1853 to 1901, being
Henry Hucks
years.
many
Director of the bank in 1902 and served as Gover¬
Antony Gibbs & Sons acted as the sole agents
during the
war,
for the pur¬
Antony Gibbs established direct dealings with Lima in 1800, and in
1821
branch in Lima and subsequently in other towns in Peru and
Ecuador.
Their house in Valparaiso was opened in 1826.
The firm in
opened
a
1841 began to interest itself in the export to
the islands and coasts of Peru and in
Em-ope of guano found on
1865 the South American branch of
which was known as William Gibbs & Co., entered into the
manufacture of nitrate of soda which has since formed a prominent part of
the Company,
1881
In
this business.
the
name
of the firm
Gibbs & Co., Valparaiso becoming the
branches at
in Chile was changed
head office.
to
Gibbs & Co. maintain
Iquique, Antofagasta, Mejiliones, Santiago, Concepcdon, Tal-
and Valdivia.
In 1881 Antony Gibbs & Sons acquired the business of Gibbs, Bright &
Temuco, Mulchen, Victoria, Traiguen, Lautaro
cahuano,
The firm are largely interested in the import of merchan¬
Co., Australia.
dise, the export of Australian products and are also identified with the great
mining and pastoral industries of that Continent.
Gibbs, Bright & Co.
have offices at Melbourne, Sydney, Adelaide, Brisbane, Newcastle, N.S.W.,
The Company act as the agents in Australia for
Fremantle and Port PIrie.
CREDIT EXPANSION.
Reserve Board," W. P. G. Harding, Governor of the Board,
in
address
an
land
system is
ence."
before the Chamber of Commerce of Cleve¬
September 16, declared that "the Federal Reserve
on
now
passing through
crucial stage of its exist¬
a
Observing that "the experience of the past four
has demonstrated the
serve
Bank credit and note issue implies capacity to control
and power to curtail as well as to expand," he
induce normal, and healthy liquidation is still on trial."
the course of
his
the
functioning of
credit system must be found in what
a
it does to promote the
production and distribution of goods";
"too rapid or too drastic deflation," he added, "would defeat
the very
purpose
unsettling effect
of
a
upon
well-regulated credit system by itsproductive industry.
hand, over-production at high cost
be
a
grave
menace."
equilibrium
of
es
the
can
on
South Wales.
The Board believes, he said, "that this
production, by the orderly distribution of goods, by
avoidance
of
excessive
consumption
Exchange, adopted by the Governing Committee on Wednes¬
day of this week, fixes the dues of members at not exceeding
by Mr. Harding.
Since last Spring he said
there had been "a marked improvement in the credit situa¬
.
.
.
The amount heretofore had been $300, the
dues having been raised to this figure from $150 per year in
are
The preceding year (August 1918) they had
The amendment whereby
raised to $1,000 will go into effect next Wednes¬
day if not disapproved prior thereto by a majority vote of
the entire membership.
Under this week's action of the
committee, Section 1 of Article XIV will be amended by
striking out the words "$300" in the fourth line and insert
in lieu thereof the word
"$1,000," said section
as
amended
As
a
any
actual decrease in
matter of fact, he pointed out,
"the expansion in loans and currency during the past twelve
been
greater than for
any
like period in the
we
between
were
September 1917
and
in the midst of the war."
September 1918,
As
a
direct
the discount policy of the Federal Reserve Bank,
ing said,
"there
amount of
has
been
very
a
The dues payable by a member of the Exchange in each year
exclusive of fines and of assessments under Article XVIII of the constitu¬
tion shall not exceed $1,000
a year.
Said dues shall be payable in semi¬
annual installments on May 1 and November 1 in each year and the amount
of each installment
shall
be determined by the Governing
Committee'at
least fifteen days before the date on which the same is payable.
In the notice to members
dues, William H. Remick, President of the Exchange, said:
The subject matter of the enclosed proposed change of the constitution
is one which has been
approached with considerable reluctance, and
The building operation which has been made necessary by the enormous
developed unlooked-for requirements in the way of expenditures for replace¬
The payroll
ing member banks has been due largely to
ments."
of our institution has of necessity, as in all other institutions,
Supplies of every name and nature have not been
to-
Mr. Harding, in his further comments, stated that
Banks and
serve
member banks
as
are
by far the larger part of the loans of
made out
evident that the total
of their
own
resources,
of bank accommodations to
it i&
agricul¬
ture and livestock interests are far greater than the amounts-
of these loans are seasonal in their
As
a
majority
character, it is evident
also that their liquidation will do more than any other sin¬
gle factor towards strengthening the banking position."
Mr.
Harding expressed himself as "a firm believer in gradual
orderly methods of marketing our great agricultural
Agriculture is the most important of all indus¬
staples."
tries, he declared, "for upon its fruits depend the lives of
engaged in all other industries."
those
The gradual and
matter of importance both to producers and consum¬
ed, "
a
ers.
The dumping upon the market within a
a
the activities of
tends throughout the year, means
Any increase in the volume of business will decrease the
required to enable the Governing Committee to keep well
also
a
short period
large part of a crop, consumption of which ex¬
not only a loss to the pro¬
ducers, often to those who can least
The revenue of the Exchange is largely dependent upon
amount of dues
response
a
"as non-member banks cannot rediscount with Federal Re¬
of time of
present building.
laggards, and we find ourselves in need of relief.
its members.
the
orderly marketing of our great staple crops is, he contend*
increase in the number of listed stocks and the growth of our business, has
advanced enormously.
in
speculative and non-essential loans, and it is be¬
legitimate agricultural, commercial and industrial require¬
ap¬
proved after long consideration.
ments upon our
Mr. Hard¬
lieved that the increase in the loan account of these report¬
and
regarding the increase in the
when
result of
large decrease
rediscounted at the Federal Reserve banks.
to read:
Section X.
due to "the better character and greater liquid¬
the volume of credit."
a year.
the dues
in¬
the
The efforts of the Board to curtail expansion were dealt
with at length
riod
An amendment to the constitution of the New York Stock
been increased from $100 to $150.
by
history of the country, with the single exception of the pe¬
EXCHANGE.
March 1919.
and
creased accumulation of savings."
months has
INCREASE IN DUES OF NEW YORK STOCK
$1,000
On the other
expanded credit would
be restored only by speeding up the process¬
ity of bank credits rather than to
Gibbs,
Bright i& Co. in addition act as managing agents of the Sulphide Corpora¬
tion of Broken Hill, N.S.W., and also of the Australian Pastoral Co.
The
latter has a chain of sheep and cattle stations in Queensland and New
In
,
remarks he also noted that "the test of
tion,"
of the wool clip of the Commonwealth.
added that
"the ability of the system to check undue expansion and to
the Commonwealth & Dominion line and are responsible for the movement
large proportion
Re¬
system," but that "an elastic system of Federal Re¬
of
a
years
expansive power of the Federal
serve
during the years 1917 to 1920.
chase of the nitrate requirements of the British and French Governments.
CURTAIL
TO
detailing "the functions and policies of the Federal
1815.
died in
one
EFFORTS
In
following information:
furnished us, gives the
in
W. P. G. HARDING OF FEDERAL RESERVE BOARD ON
history of the parent firm in London, which has been
A
afford it, but involves-
great strain upon our transportation facilities and
the banks in providing the funds necessary for large
upon
within the limit which has been fixed as the maximum in the proposed
purchases in advance of actual requirements for consump¬
change of the constitution.
tion."
The Governing Committee
every
and its sub-committees will continue to make
effort to keep the expenditure^ of the Exchange at the lowest possible
level without interfering with its efficient operation.
YORK
STOCK EXCHANGE
VICTORY LIBERTY LOAN
COMMISSIONSON
TRANSACTIONS.1
The Cdmmittee on Commissions of the New York Stock
Exchange on Sept. 22 issued the following notice regarding
commissions
on
Victory liberty Loan transactions;
Harding said* "is an open mar¬
supply and demand is given free
play, and in which buyer
terms.
NEW
What is needed, Mr.
ket in which the law of
and seller may meet on equal
Theoretically, at least, it is possible, if adequate
warehousing facilities are provided, for the
tain the benefit of the average
any
increase in cost to the consumer
strain upon
the
farmer to ob¬
price for the year without
and with lessened
transportation lines and banks by distributing
marketing process over a
reasonable period."
In his-
Sept. 25 1920.]
concluding remarks he said, "the Federal Reserve system is
still confronted with conditions more or less abnormal,
have passed through the period of
we
cation
characterized
which
months
several
dictions which
sition to
out
proceeding quietly and with¬
Credit which is required for sea¬
alarming features.
sonal needs is being granted, and
ing forward to
a
.business generally is look¬
Fall and Winter of at least average activ¬
with
:
The enactment of the Federal Reserve
the
of the
operations
our
law and of its various amendments
Reserve banks have brought about
Federal
economic
Cash in vault and
banking structure hardly less marked than the
changes that have been caused by the world w^r.
Federal Reserve banks no longer count
balances with banks other than the
lawful
for the member banks of the Federal Reserve
reserve
system—
or
too drastic deflation would defeat the very purpose
credit system by its unsettling
without
taking into
phenomenal growth in their deposits,
the greatly extended rediscount facilities
account
Reserve banks and the power given them in
Reserve Act to lend their credit by accepting drafts drawn
and
the
to
banks of the country but to bring about such a readjustment in
would
ultimately lead to
Even had there been no war,
unable to
the old system would have been
respond to the business requirements of the present day.
the.mainstay of the acceptance market, as the
of the country, as
reserves
agencies of last resort in the matter of rediscounts, and as
so
the media through
must always
large and important apart of the currency is issued,
kept in an absolutely sound and strong
be measured by the
position.
Their strength must
liquidity and intrinsic value of their invested assets,
member banks, as well as by the proportion
which include rediscounts for
A gold reserve is essential
sound financial system.
This percentage of reserve ought normally
considerably higher than the minimum required by law, in order to
and lawful money to their
of gold
a
liabilities.
unusually large seasonal requirements
even though the reserve should fall
temporarily below legal requirements, there would be no occasion for un¬
easiness provided the assets of the banks are of the self-liquidating character
provide ample margin for meeting
and
emergencies,
unexpected
which would admit of the
but
restoration of the reserve within a reasonable time.
inflict serious injury upon agriculture, commerce,
It would be folly to
but it would be still mare
and
arbitrary minimum reserve,
consummate folly to treat a low reserve position,
brought about by an emergency, as a
normal base from which future emer¬
gencies are to be met.
that this
required of all national banks is about 8% of
As this reserve must be carried with the
deposits.
Federal Reserve
gold and lawful money, only when
Federal Reserve Bank is 100% of its liabilities, and it
Bank, it will amount to 8% in terms of
the reserve of the
i3 reduced
are
pari passu as the reserve of the Federal Reserve Bank declines.
some who believe that the minimum reserve required by law
be lightly infringed upon, for they say "what is a reserve for, if it is
to use."
Some who hold these views are fond of referring to the case
may
not
of
a
equilibrium
can
distribution
hospital where all the beds are occupied except a few which are
The ambulance brings in a badly injured man, who is
main
hard for comfort, nor would a
Federal
Reserve
banks,
the
matters to the attention of the
taxed to the limit encourage convalescent patients to re¬
it
Board brought
these
view of testing
a
But because of the exhaus¬
capital throughout the world and of the universal demand for credit,
developed that this
soon
impossible.
was
Rates
were
advanced slightly
their
considerably
during November 1919 and again on Jan. 23 1920, approximately to
that
The rates
level.
established,
than current market rates.'
no
unless
however,
reduction in the total volume of loans
a
discriminating judgment
more
still
were
spring
and that
used by member banks in
It became evident early in the
was
taking place,
was
real
entered.
granting accommodations, the country would be confronted with a
crisis during the crop-moving period, into which we have now
At
a
conference held last May between members of the
Federal Reserve
4'A," or
exhaustive
discussion of the banking and financial situation.
In presenting to the
conference an outline of the Board's views, I pointed out that since June 30
1914 there had been an expansion of banking credit in the United States,
properly attributable to the war, of $11,000,000,000, and that during the
same period there had been an increase in the volume of money in actual
Board, members of the Federal Advisory Council and the Class
circulation
of
Government
about
place could not
standpoint of
tinued
$1,990,000,000.
When
it
considered
is
that our
$26,000,000,000 of
requirements, the credit expansion which had taken
be regarded as excessive or alarming when viewed from the
during
securities to meet
period of three
a
floated
years
war
necessity.
war
Attention
called, however, to the con¬
was
expansion which had taken place since the flotation of the Victory
Loan in May 1919, in the face of a decreased
In order that you may
essentials.
of our
production of
understand the Board's viewpoint of some
major problems last May, I shall quote literally from the statement presen¬
ted to the conference.
[This statement
given in our issue of May
was
speaking, met wit h the
The policies outlined by the Board have, generaly
approval of solid banking and business sentiment, and there has been
last
22,
2138.—Ed.]
page
spring
a
and greater
character
liquidity of bank credits rather than to any
actual decrease in the volume of credit.
As
a
matter of fact, the
in loans and currency during the past twelve months has
for any like
since
This is due to the
marked improvement in the credit situation.
expansion
been greater than
period in the history of the country with the single
exception of
midst of
the
period between Sept. 1917, and Sept. 1918, when we were in the
the
war.
-
attention to a comparative statement showing certain
banks as of the last
I wish to call your
items of
resources
and liabilities of thfe Federal Reserve
<
Friday in August, 1918, 1919 and 1920.
Aug. 29 1919
Aug. 30 1918
2,066,788,000
1,971,825,000
53,168,000
69,188,000
156,002,000
2,066,962,000
2,135,976,000
2,127,827,000
896,333,000
1,609,296,000
531,862,000
205,838,000
'
1,314,830,000
1,352,297,000
232,603,000
363,138.000
321,965,000
1,660,798,000
reserves
2,178,272,000
2,989,092,000
30,350,000
27,096,000
26.810,000
69,000
273,701,000
Bills discounted secured by
Govt,
All
obligations
war
-4
2,013,794,000
reserves
Legal tender notes, silver, &c.
Total cash
$
$
$
Total gold
Aug. 27 1920
others
_
be carried by Federal Reserve
against their note issues at 40%, and
banks
in the discount rates of
Reserve
thoroughly the
that the credit situation could be controlled without advancing the
public with
Bills bought in open mkt...
law fixes the minimum reserve to
Federal
discount rates of the Federal Reserve banks.
hospital
day longer than necessary.
a
The
the processes of
held in
denied
admission upon the ground that all the beds are full.
The ambulance sur¬
geon points to two or three unoccupied beds and is met with the response,
4'Those are reserve beds and cannot be used,''
Certainly any hospital under
sane management would use those beds in case of real emergency, but would
not permit their use by strangers of sound and healthy appearance who
might have been unable to obtain hotel accommodations, or by husky
with its capacity
up
of goods, by the avoidance of excess¬
On several occasions, before changes were made
the
reserve.
hoboes who find park benches too
helps to
The Board believes
be restores only by speeding
production, by the orderly
better
The average reserve now
their net
them as
between the
balance
proper
ive consumption and by the increased accumulation of savings.
industry merely for the sake of maintaining an
There
a
banker, directors of the Federal Reserve banks, there was an
the custodians of the ultimate banking
The Federal Reserve banks, as
to be
restoration of
a
volume of credit and the volume of concrete things, which credit
imposed upon It by war conditions.
would have been
the strain which
under
its rediscount facilities, would have collapsed
The
gradual and orderly liquidation of non-essential loans.
predominant idea was not necessarily to reduce the loan accounts of the
present
the limitations upon
directed more par¬
ticularly to the prevention of further expansion for non-essential purposes
lower
involving the shipment of goods and in
transactions growing out of importations and exportations.
No one has
denied that our old banking system, with the rigidity of its currency and with
On the
expanded credit would be a
on
of avoiding extremes and their energies were therefore
the Federal
them in domestic transactions
of a well-regulated
productive industry.
upon
The Federal Reserve authorities recognized the importance
grave menace.
afforded them by the Federal
to
effect
hand, over-production at high cost
other
tion of
required to carry and because of the
be
It is well understood that too rapid
production and distribution of goods.
theory
which
The test of the func¬
tioning of a credit system must be found in what it does to promote the
lending power of the member banks has been greatly increased because
in more than 50%, in the reserve they are
of the substantial reduction,
upon
by the state of credit and may
be easily disturbed by ill-considered or hasty action.
Federal Reserve banks.
their entire reserve must now be earned with the
The
deoply,Effected
the business community are
produce and which are the normal basis of credit.
changes in
as
here¬
Mr. Harding's address is given in large part
ity."
and
activities
frequently made at that time, the tran¬
normal basis is
a more
business
and, notwithstanding the gloomy pre¬
ago,
were
but
exhilaration or intoxi¬
American
1227
CHRONICLE
THE
Total bills
against their member banks'
on
hand
deposits at 35%.
It permits temporary suspension by the Federal Reserve
Board of these minimum reserves under certain graduated penalties, but
Long term Securities U. S.
minimum as the nor¬
mal base from which to operate, I would like you to consider what would
be the outcome if we had to iheet another emergency such as war, with
Federal Reserve Bank reserves at their present level.
When a state of
war was declared on April 6 1917, the combined reserves against deposits
and note issues of all Federal Reserve banks averaged 84.7%.
Due to
Victory notes
in order to illustrate
the danger of regarding the legal
this condition the United
States was able to meet all financial
incurred without any impairment of
to redeem currency
in
circulation.
obligations
at
the
try.
steady and continuous decline to
44.8%
.
rediscount facilities of the Federal Reserve
corrective measures were
banks an opportunity for profit in their
rediscount transactions, and making it exceedingly difficult to keep in
check borrowing demands made upon them.
The Federal Reserve Board
and the Federal Reserve banks, while recognizing the necessity of holding
tendencies in check by means of a reasonable and effective
that its flow might be once more regulated and
control of credit in order
that
that
welfare of the country and the needs of its
take any precipitate action.
producing
It was realized
productive industries are profoundly affected by credit conditions,
modern business is done on credit and that the mood and temper of
Due
Member
to
3,289,672,000
43,510,000
Banks
1,818,502,000
3,203.637,000
200,793,000These figures show that the banks of the country and the Federal Reserve
banks have functioned well in meeting business requirements.
While the
process of bond distribution and liquidation of loans secured by Government
obligations has proceeded steadily, there has been a large
expansion of
commercial loans.
This expansion would be disquieting if the character of
(Reserve
Account)
as
the advances are made on short
time and for essential purposes in connection
with the processes of production
the loans
was
not
understood, but
as
long
and distribution of goods, there is no reason
been little
increased
for apprehension.
There has
banks
change in the actual reserve held by the Federal Reserve
during the past two
used too freely and that unless
industries, were reluctant to
54,494,000
deposits.
of accomplishment
quoted in terms of irredeem¬
months of the year 1919, tendencies towards unre¬
the coun¬
related to the economic
104,729,000
Government
219,815.000
thus affording member
these dangerous
2,448,977,000
earning assets
1,729,950,000
applied the situation would become exceedingly dangerous.
The rediscount
rates of the Federal Reserve banks were much below the market rates for
money,
-
1,716,987,000
Total
243,411,000
2,580,629,000
and abuse of credit were manifest all over
It became evident that the
banks were being
67,000
20,687,000
close of the year.
During the last six
25,772,000
All other earning assets..
2,092,708,000
which was not brought back to a parity with gold until
fourteen years after the close of the war.
Early in January 1919, shortly after the armistice, the combined reserve
of the Federal Reserve banks was 51.3%, showing a diminution of 33.4%
from the date of our country's entry into the war.!
The gold embargo was
removed in June 1919, when large amounts of gold held for foreign account
were released.
Even after this the reserves stood at 51% on Sept. 26,
strained extravagance
Treas. ctfs. of indebtedness
1,478,639,000
This was an achievement impossible
a
198,000
Federal Res. Bank notes..
banks
able paper money,
showed
....
of money
in gold, thus preserving the parity of all forms
after which date they
Bonds
F. R. Notes in actual circu.
its own ability or of that of the
during the Civil War, when current prices were
Govt.
from
years,
but the total amount of bills held by them has
$1,660,798,000
on
Aug.
30
1918,
$2,178,272,000 on
to
Aug. 29 1919, and $2,989,092,000 on Aug. 27 1920, the increase from Aug.
30 1918 to Aug 29 1919 having been $517,474,000,
Aug. 27 1920 $810,820,000.
Reserve banks
on
became effective
Jan. 23
was
and from Aug. 29 1919 to
The total amount of bills held by the
Federal
1920 the date when the present rate schedule
$2,729,247,000
so
that the increase from that date to
Aug. 27 1920 has been $259,845,000.
This increase In loans of the Federal Reserve banks during the past year
is
net
a
increase
despite
a
reduction in bills secured by Government war
obligations of $294,466,000 and of bills bought in open market of $41,173,000
the
increase in all other bills, including commercial
been
rediscounts, having
$1,146,459,000.
On
Aug. 30 1918, Federal Reserve notes in actual circulation amounted to
Aug. 29 1919, to $2,580,629,000
increase of $487,-
$2,092,708,000;
on
921,000, and
Aag.27 1920 to $3,203,637,000, an increase during the past
year
on
of $623,008,000.
an
Since the end of August, this year, the crop moving
demands have accelerated, and Federal Resevre note issues have
at the rate of from $30,000,000 to
and bought
$40,000,000
increased
BILLS
AND
REPRESENT
INDIRECTLY.
OR
$360,000,000.
of the
IN
SUPPORT
AGRICULTURAL
STOCK INTERESTS.
LIVE
figures furnished by a number of banks, including all of the more important
clearing
Federal
65 and 70% of the resources
standing
Reserve
Sept. 3
live stock
Banks.
For convenience they are designated
1920.
interests.
of all member banks and between 35 and 40%
of all commercial banks in the country.
150,612,000
448,855,000
d 131,900,000
St. Louis
Sept. 5 1919.
Sept
3 1920.
774
819
$636,804,000
$604,105,000
banks-,.
Liberty bonds
316,489,000
422,050,000
269,393,000
268,906,000
$2,557,102,000
$1,487,839,000
U. S. bonds securing circulation.
_
1,294,285,000
131,238,000
112,280,000
162,559,000
2,956,596,000
3,044,120,000
All other loans and investments.*
8,425,179,000
10,286,315,000
Loans secured by stocks and bonds other
advanced against Government war securities to banks in
b Includes loans made directly or indirectly to banks
agricultural sections,
c Loans to industries directly allied with agricul¬
ture.
d Figures for Aug. 13 to which date estimate of $29,000,000 of loans for agri¬
cultural and live stock purposes applies,
e Advances against Government war
securities,
f Includes $24,300,000 advanced against Government war securities.
Includes $13,200,000
a
in strictly
Of the total amount of bills
under discount
Total loans and invest., excl. of redisc..$15,233,162,000
and
investments,
$15,513,565,000
16,927,978,000
1,342,058,000
1,394,957,000
365,330,000
349,505,000
10,901,999,000
Reserve balances with F. Ii. banks
Cash in vault
........
686,443,000
payable with Federal Reserve banks.
1,147,401,000
11,252,334,000
2,767,782,000
61,755,000
786,692,000
297,805,000
1,414,413,000
Net demand
deposits..:
Time deposits
Government
1,921,549,000
deposits..
Bills discounted with F. R. banks.......
Federal
23.7%,
of export bills discounted by the
Bank.
New Orleans Branch Federal Reserve
At Chicago the percentage
rediscounted in support of agricultural and live stock interests
48.3%; at St. Louis, 22%; at Minneapolis, 65.6%;
of paper
15,530,967,000
of Sept. 3 1920, the
The Federal Reserve Bank of Atlanta
percentage of agricultural and live stock bills to be
estimates its
including
as
that 27.3% were in support of agri¬
Reserve Bank of Richmond estimates
cultural and live stock interests.
and this does not include the large amount
loans
of
interests.
strictly agricultural sections,
695.291,000
than United States securities.
Loans secured by Government obligationsx
rediscounts with Federal Reserve banks.
Ratio
of
b
103,618,000
San Fran
Ratio
of
2 to 1. 3 to 1. 4 to 1.
192,778,000
1,334,416,000
...
Certificates of indebtedness
Total United States securities owned.
Minneapolis
Kansas City
Dallas
live stock
$16,000,000 $19,000,000 $35,000,0(90 12.5% 14.8% 27.3%
17,508,000 al8,213,000 35,721,000 11.6% 12.1% 23.7%
16.7% 48.3%
142,000,000 c75,000,000 217,000,000
29.000,000
22.0%
58*,bob",000 el 0,000",bob 68,000,000 56.0% 9*6% 65.6%
78,500,000
59.8%
20*2% 50.0%
33,452,000 22,688",000 56,140,000
35.2% 58.7%
38,300,000 157,200,000 95,500,000
Richmond.. $128,411,000
Atlanta
Reporting Member Banks.
Victory notes
live siock
interests.
Chicago
Number of reporting member
cultural and cultural and
Their resources are estimated to be between
"reporting member banks."
Total est.
rectly in sup¬ of disc'is in- amt. of disof agrir dir'ly in sup¬ c'nts in sup¬
ultural and port of agri¬ port of agri¬ Ratio
counted for
members out¬ port
member banks in the Federal Reserve and branch bank cities and
house cities throughout the country.
Bills
OF
Discounts di¬ Est. amount
Bills dis¬
Your attention is also invited to the following statement giving some
Total
BANKS IN THE SOUTH
ADVANCES
The increase in the volume of Federal Reserve notes outstanding
week.
from Jan. 23 1920, to Aug. 27 1920, was
as
WHICH
WEST
DIRECTLY
at the rate of about $50,000,000 a
by Federal Reserve banks
BY FEDERAL RESERVE
DISCOUNTED
AND
week, and bills discounted
a
[Vol. 111.
CHRONICLE
THE
1328
to total bills held was
Kansas
City,
Dallas, 50%, and at San Francisco, 58.7%.
The
member banks by these eight Federal Reserve
59.8%;
total of bills discounted for
banks
$1,369,673,000.
Sept. 3 was
on
non-member banks
As
and
their
cannot rediscount with Federal
by far the larger part of
as
Reserve banks
the loans of member banks are made out of
accommodations to
it is evident that the total of bank
own resources,
agriculture and live stock interests are far greater than the amounts redis¬
Reserve banks.
As a majority of these loans are
counted at the Federal
x
Exclusive
bills
of
rediscounted
with
other
Federal
banks, including
Reserve banks.
by 774
given in the foregoing table for Sept. 5 1919
were
Sept. 5
United States securities owned by all reporting member banks on
$1,487,839,000 on Sept. 3 1920,
of $1,069,263,000, of which $156,410,000 represents the per-
1919, amounted to $2,557,102,000 against
decrease
a
panent distribution of Liberty
bonds and Victory notes to the investing
certifi¬
public and $912,366,000 the decrease in the amount of Treasury
cates held by
During the same period the loans of
the reporting banks.
Government obligations (exclusive of rediscounts)
these banks secured by
declined from $1,294,285,000 to $695,291,000, a decrease of $598,994,000.
An increase of
$87,524,000 in loans secured by stocks and bonds other than
and invest¬
United States securities is not significant, but all other loans
commercial loans (exclusive of rediscounts), increased
ments, which include
$10,286,315,000,
from $8,425,179,000 to
the
an
increase of $1,861,136,000, or
the loans and investments (less rediscounts) of
On Jan. 23 1920
22.1%.
reporting member banks, exclusive of loans secured by Government
obligations and by other stocks and bonds, amounted to $9,505,927,000.
The increase in these loans from that date up to Sept. 3 1920 has been $780,388,000, being an increase of 8.2% for the period.
the amounts of loans, inclusive of
on
If the increase is figured
rediscounts with the Federal Reserve
banks, the increase since that date works out at
$1,252,379,000, or 12.3%.
(exclusive of redis¬
As shown in the table, total loans and investments
counts) of these reporting member banks show a net increase
for the annual
period covered from $15,233,162,000 to $15,513,565,000, or
$280,403,000.
of rediscounts with the Federal Reserve banks on the
If the larger amounts
more
$1,397,011,000 from
recent date are taken into account, an increase of
$15,530,967,000
$16,927,978,000
to
is
shown.
balances
Reserve
Federal Reserve banks and cash in vault show a negligible increase
$37,074,000, on the two items combined, while net
these reporting
demand
with
of but
deposits
of
banks increased from $10,901,999,000 to $11,252,334,000
$350,335,000.
or
(Note.—Increase of time deposits due to a very large extent to
of California State banks and trust
admission
companies with large savings deposits.)
During the same time Government deposits held by them
declined from
Bills payable with
banks, consisting principally of member banks' collateral
$686,443,000 to $61,755,000, a loss of $624,688,000.
Federal Reserve
by Government obligations, amounted on Sept. 5 1919, to
notes secured
$786,692,000,
$1,147,401,000, while on Sept. 3 1920, they had declined to
a
On Sept. 5 1919 the reporting member banks
decrease of $360,709,000.
showed
commercial
Sept.
3
discounted with
bills
paper
Federal
of various types)
(this item includes
Reserve banks
received
and on
The total
amounting to $297,805,000,
1920, $1,414,413,000, an increase of $1,116,608,000.
accommodation
by these member banks from
Federal
to $1,445,206,000, and on Sept. 3 1920
on
Sept. 5 1919
an
to $2,201,105,000,
increase of $755,899,000.
It is known that
as
a
direct result of the discount policy
of the Federal
Reserve banks there has been a very large decrease in the amount of specu¬
lative and non-essential loans, and it is believed that the increase in the loan
account of these reporting
The rapid expansion in loans which is
doubtedly, to
are
now
crop
just
moving requirements.
now
taking place is due, un¬
Seven Federal Reserve banks
rediscounting paper with three other Federal Reserve banks, and
at the close of business on
Sept. 9 1920
the Federal Reserve Bank of New
York had rediscounted with other Federal Reserve banks bills receivable
amounting to $35,250,000.
rediscounted
$20,000,000;
The Federal Reserve Bank of Richmond has
Atlanta, $30,200,000;
St.
Louis,
$27,422,000;
Minneapolis, $21,293,000; Kansas City, $18,902,000; and Dallas, $37,618,000; making a total of rediscount transactions of $190,685,000.
amount the Federal
Of this
Reserve Bank of Boston advanced $76,195,000; the
Federal Reserve Bank of Philadelphia, $4,000,000 and the Federal Reserve
With the exception of New York all of the borrowing Federal
are
located in agricultural sections.
New York is the greatest
Reserve
The Federal Reserve Bank of
country banks in the farming sections.
heavily just now
Consequently it is not over¬
stating the case to say that all of the Federal Reserve Bank inter-bank
borrowing is for
crop
moving purposes.
Your attention is called to a statement of bills discounted by
Federal
Reserve banks in the South and West which represent advances in support,
directly and indirectly of agricultural and live stock interests.
Agriculture is the most important of all
staples.
industries, for upon its
The farmer
lives of those engaged in all other industries.
manufactured products and anything that affects
his buying power is soon reflected in the business of the merchant and the
manufacturer.
While the individual farmer may be just as well off. with
is
great consumer of
a
small
production and high prices, the mass of the
off with full
production and moderate prices.
be remunerative
must
or
be aided in
population is far better
But farming as a business
It is, therefore, im¬
production will languish.
portant that the efforts of the
farmer be supported and stimulated, that he
be afforded
sufficiently profitable
preserving the full measure of his harvest and that he
opportunity of marketing his products on terms
an
to warrant his
staying in the business
of farming.
which extends over a period of
full year
and in order to prevent possibility of shortage it is desirable that there be
a reasonable surplus held over from one crop pending the marketing of the
next.
The gradual and orderly marketing of our great staple crops is, there¬
fore, a matter of importance both to producers and consumers.
The
dumping upon the market within a short period of time of a large part of
a
crop, consumption of which extends throughout the year, means not
only a loss to the producers, often to those who can least afford it, but
involves also a great strain upon our transportation facilities and upon the
banks in providing the funds necessary for large purchases in advance of
actual requirements for consumption.
Dumping of farm products pro¬
motes speculation and usually results in higher prices to the ultimate con¬
sumer.
Farm products, however, should not be hoarded or held back from
the market by the use of credit merely in the hope of forcing prices up to
an artificial level.
It is estimated by some that the value of this year's
staple crops, the production of
Great
several months, must meet the
staple crops will be around
requirements of consumption for a
$22,000,000,000, and it is manifestly
There is no occasion to
from the market.
impossible
staples entirely
discuss the questions of public
to provide funds to withhold these
for any banking system
of our great staple crops is so
that any efforts to valorize them by means
of econ¬
But I think that all reasonable assistance should be given pro¬
enable them to market their crops in an orderly way provided
policy involved for it is clear that the volume
large and the value so enormous,
of bank credits would inevitably
omic law.
ducers to
they
are
result in disaster by the operation
willing to sell enough to meet current
should concede to the farmer
sumers
requirements and that con¬
reasonable profits in order that
future
production may be adequate.
What is needed is an open
market in which the law of supply
and demand
seller may meet on equal terms.
Theoretically at least it is possible, if adequate warehousing facilities are
provided, for the farmer to obtain the benefit of the average price for the
year without any increase in cost to the consumer and with lessened strain
upon transportation lines and banks by distributing the marketing process
is given
over a
free play and in which buyer and
reasonable period.
convince anyone that
business but on the
Exception is frequently
to the discount rates now prevailing at the Federal Reserve
has been some criticism of the Federal Reserve banks'
I have called your
attention to figures which should
restriction of credit for legitimate
there has been no
other hand an unusually
taken, however,
banks.
There
percentage of profits as
other banking
large expansion of credit.
related to their paid-in capital. As is the case with
Federal Reserve banks are
institutions, the earnings of the
derived principally
from interest on their loans and
investments.
Their
the volume of loans and with the rate of discount.
The return from $3,000,000,000 of invested assets at 6% is exactly the same
as that from $4,500,000,000 of loans at 4%.
While the Federal Reserve
banks were not organized for the purpose of making money, their present
earnings vary according to
unavoidable and would not be reduced by a reduction
which would merely attract a larger volume of re¬
involve a reduction in reserve already nearly at the legal
high rate of earning is
discounts and
minimum.
The law allows
single supporter of the acceptance market and it is
known that member banks in New York City are lending
to
believer in
fruits depend the
in the rediscount rate,
Bank of Cleveland, $110,490,000.
banks
personally, I desire to say, however, that I am a firm
gradual and orderly methods of marketing our great agricultural
Speaking for myself
member banks has been due largely to a response
legitimate agricultural, commercial and industrial requirements.
towards strengthening the banking
single factor
other
any
position.
Reserve
banks, being the sum total of bills payable and bills rediscounted, amounted
to
than
more
furnished
member banks, and those for Sept. 3 1920, by 819 member banks
The figures
is evident also that their liquidation will do
seasonal in their character, it
to
their
Federal Reserve banks to retain
stockholding member
for distribution annually
only an
banks, out of their net earnings,
The remainder of their
either indirectly in the shape of
additions to surplus or directly as a franchise tax.
Very large payments
will be made to the Treasury by the Federal Reserve banks next January,
which can be used in the discretion of the Secretary of the Treasury either
to supplement the gold reserve held against outstanding United States notes
amount
net
equal to 6% of their
earnings
goes
to
paid-in capital stock.
the Government,
Sept. 25 1920.]
THE
CHRONICLE
they can be applied to the reduction of the outstanding bonded indebted¬
or
ness
bank
Federal Reserve
a
established from time
are
time by the directors of the bank, subject to the
of the Federal Reserve Board.
shall be fixed with
review and determination
Section 13 of the Federal Reserve Act provides that
contained shall be construed to prohibit notes,
secured by staple
bills
or
purpose
drafts and bills of exchange,
definition shall not include notes,
covering merely investments,
of carrying
or
issued or drawn for the
or
trading in stocks, bonds or other investment securities,
except bonds and notes of the Government of the
There is
a
and business."
"nothing in this Act
agricultural products or other goods, wares or merchandise
from being eligible for discount; but such
drafts
to
The law provides further that these rates
view of "accommodating commerce
a
Certificates outstanding.
Promissory notes secured by any of these bonds or notes of the United States
A low rate of dis¬
eligible for discount at the Federal Reserve banks.
count at the Federal Reserve banks would
secured by these obligations, the
attract heavy offerings of paper
proceeds of which could be used for any
banks for loans
greatly increased, and the lending power of the
and the result would be that pressure on member
purpose
of this character would be
absorbed by non-liquid loans in a very
Federal Reserve banks
The Federal Reserve banks
short time.
would then lose their ability to accommodate
pointed out, a thorough test was made last year of the
As I have already
theory that the credit situation could be controlled
discount rates, but it was found that
the fact that the
and discount with the Federal Reserve
banks at a profit, it was much more
difficult for the member banks to refuse
when they can
accommodations than is the case
point out to would-be borrowers that
member banks can
the Bank of England rate is 7%
time-honored
acute
and as the supply of loanable funds increases, interest rates will fall.
Do
not understand me, however, as attempting to justify any effort to keep the
general level of rates above the Federal Reserve bank discount rates, for
when our banking system reaches the point where it can function normally
Interest rates are, in the last analysis,
and demand.
governed by the
As the demand for credit becomes less
the Federal Reserve discount rates ought
always to be somewhat higher than
member bank or a group
a
of member banks have been in the habit
of
6% per annum, the mere fact
be rediscounting four or five per cent of their total
Reserve Bank at 6 or 7% does not, in my judgment,
charging customers interest at the rate of, say
that these banks may
loans with the Federal
corresponding increase in the member bank's rate on
However, this is a matter which the member banks must settle
justify
own
a
customers, with the
all loans.
with their
for credit accommoda¬
appreciate the fact that the pathway of the average member
bank is not strewn with roses.
Our money market at present is distinctly
and banks all over the country are
they cannot make and many of which
they would not care to make even during a period of extreme ease in the
money market.
However, I do not think it altogether fair for any bank
to say to an applicant that it cannot make a loan because the Federal
Reserve Board or the Federal Reserve Bank will not permit it to do so.
The Federal Reserve authorities have no jurisdiction whatever over the loans
which the directors and officers of a member or non-member bank may deem
The Board's function is to define eli¬
gible paper under the terms of the law and the managements of the Federal
Reserve banks use their judgment in discounting offerings of eligible paper
as defined by the Board.
All banks have perfectly good paper which is not
eligible for discount at the Federal Reserve Bank under the terms of the law
and it does not follow, merely from the fact that any particular loan is
expedient to make or to decline.
technically eligible, that it must
Bank
"National
Revised Statutes of the United States known as the
Act,"
and
States administer the laws
State charters.
Ithe
a
banking departments of the respective
applying to banking institutions operating
under
distinctly understood that the
sought to influence a bank either to make
I would like to have it
Federal Reserve Board has never
decline
necessarily be intrinsically good.
of national banks are defined
the lending powers
The limitations upon
in those sections of the
or
loan.
1907, just before the panic of that year, bills
against total loans and discounts of $4,709,027,000.
payable and rediscounts to total loans
1908, the percentage
23
1.11%,
was
on
On September
1.26%.
was
$59,177,000
to
The percentage of
Sept. 12 1914, total bills payable
and rediscounts had increased to the unprecedented amount of
000
$150,071,-
2.34% of the total loans which amounted to $6,417,910,000.
or
increase
On Sept.
war.
893,000,
12 1916
bills payable and rediscounts had fallen to $91,-
1.16% of the total of loans of all national banks.
or
This
due to the disturbance incident to the outbreak of the European
was
On Sept. 11
1917 (the first year of our participation in the war) bills payable and redis¬
amounted
counts
to
$284,104,000,
amounted to $9,234,289,000.
The same observation will
or
3.09%
These figures of
of the total loans,-which
course
reflect
war
financing.
apply to figures for Aug. 31 1918, and Sept. 12
when the percentages to total loans
12.8%
were
13.04% re¬
and
spectively.
But there has been
of the
tion
financing by the Government since the flota¬
no new
Victory loan;
the total volume
obligations
of Government
outstanding has decreased since Sept. 12 1919, when rediscounts and bills
payable of all national banks amounted to $1,505,516,000, while
1920
30
the
amounted
to
national
banks'
$2,205,633,000,
liability for
16.2%
or
money
on
June
borrowed in this way
of their total loans of $13,623,-
892,000.
•
fronted with conditions
the
activities several
predictions which
were
normal basis is
more
less abnormal, but we have passed
more or
period of exhilaration
or
and notwithstanding the gloomy
ago,
frequently made at that time the transition to a
proceeding quietly and without alarming features.'
generally is looking forward to
and business
Fall and Winter of at least average acti¬
a
Sentiment is being helped by the bountiful harvests, by the better
vity.
outlook for the railroads and by the knowledge that many highly
developments which have been long deferred
enlargement of
as
accommodations
our
transportation facilities and additions to housing
A
for the products of
our
probably extend over a period of years, is opening
basic industries, and if in the readjustments ahead
of us, any lines of business should prove to be
ance
essential
by force of circumstances,
throughout the country, must soon be undertaken,
broad demand, which will
up
through
intoxication which characterized American
months
Credit which is required for seasonal needs is being granted,
overdone, there is every assur¬
that any surplus of brains and energy now
be readily utilized in other fields of
We have problems
them with
sense.
confronting
us
engaged in such lines can
activity.
and we shall
a
always'have
them, but, as
spirit of confidence and self-reliance tempered with common
■'
■
bankers' acceptances
.
I would ask your attention to some
of net deposits, loans and discounts, and bills
national banks at corresponding periods during
a
series of years, the figures being compiled from reports made to the
Comptroller of the Currency in response to calls sent out by this office.
It is impossible to give the exact figures for the State banks and trust
companies but the tendencies manifested in the national bank figures relate
upon
the Federal Reserve banks,
payable and rediscounts of
also to other banks.
Statement
Loans
and Time)- Deposits,
and Discounts, also Rediscounts and Bills Payable of National
Banks on Dates of Comptroller's Calls Specified below:
(Demand
Plus Government
{In thousands of dollars.)
Loans and dis¬
Total
plus lime
counts, gross.
rediscounts
total bills pay¬
and
i. e.f including
and
able and redis¬
Government
rediscounts and
bills
deposits.
overdrafts.
payable.
Net demand
Percentage of
counts to total
loans &
disc'nts,
were
was
named at the Chicago meeting
Sept. 10, to confer with the Board in the matter.
on
president of the Fort Dearborn National Bank,
Chicago;
Dr. J. M. Wilson
of McKinley, Wyo., and Charles E. Collins, Kit Carson,
Colo.
Senator Jones of New Mexico also appeared with
Hagenbarth of Salt Lake City;
Frank J.
with the
Reserve
Besides the members of the Federal
delegation.
the
Board,
were
members
of
the Advisory
Council,
present in Washington for their customary con¬
with
participated in the deliberations
Board,
the
with the committee
seeking financial aid in behalf of the
live stock industry.
Mr. Hagenbarth who acted as spokes¬
the live stock industry
man
for the committee declared that
of curtailment because of the lack of credit,
in danger
suggested that the Federal Reserve Board urge upon
Reserve Banks that member banks be enlightened as
and he
the
the situation
to
and that
the latter be advised as to the
necessity of extending such credit facilities as
would give the
needed relief.
G.
P.
W.
we
Harding,
Governor of the Federal Reserve
learn from the New York
"Commercial" assured
delegation that the industry should have every consid¬
eration at the hands of the bankers, and that there was no
the
intention to curtail credit.
Strong pleas for the live stock
industry, according to the paper quoted, came from some
of the Western members of the Advisory Council present
at the conference.
barth
as
$4,331,459
$48,842
1.13
5,399,367
4,709,027
59,177
1.26
53,285
1.11
,
to the food
1
the proper
The "Commercial" quotes Mr.
Hagen¬
saying:
The meeting at
$5,024,641
Aug. 22 1907-.
Chicago definitely
industry was in danger of
developed the fact that the livestock
such curtailment as to constitute a great menace
The chief cause was the lack of credit or
supply of the country.
Sept. 23 1908
5,809,887
4,781,522
Sept. 4 1912-..
7,140,596
6,061,009
82,375
1.36
Sept. 12 1914..
7,362,621
6,417,910
150,071
2.34
is
Sept. 12 1916-
10,247,920
91,893
1.16
credit to which we
3.09
cattle loan companies
application of such credit as is
The livestock industry
located at the various markets of the county.
11,676,340
9,234,289
285,104
1918-
12,412,213
10,111,113
1,294,005
12.8
companies operate similarly to note
Sept. 12 1919.
14,561,218
11,541,503
1,505,516
13.04
that they endorse
June 30 1920—
15,008,567
13,623,892
2,205,633
16.2
time conservatively, in excess
available.
dependent on credit to a large extent.
The factors in furnishing
desire to call your specific attention, are the banks
Sept. 11 1917.
Aug. 31
The
represented live stock producers, packers, bankers
and railroad interests and included John Fletcher, vicecommittee
Sept. 4 1906--.
7,921,070
set
the committee which, as we noted
the 20th inst. by
on
Board,
Showing Net
Dates-
ton
was
figures showing the amount
STOCK
of the live stock interests
last week, page 1141,
ference
the country to lean more and
LIVE
before members of the Federal Reserve Board in Washing¬
maturities made
the tendency of the banks of
BOARD
RESERVE
OF
INDUSTRY.
and bills of exchange of the kinds and
extendirig credits.
In order to show
FEDERAL
NEEDS
FINANCIAL
The financial needs
who
this exception they have no authority to
deal directly with the public in their discount transactions; they are limited
to eligible paper endorsed by a member bank.
The extent, however, to
which their discount facilities are now being used shows that through the
medium of member banks the Federal Reserve banks are participating
actively in
TO
AS
the open market
eligible for rediscount, but with
TO
REPRESENTATIONS
banks are authorized to purchase in
The Federal Reserve
more
On Aug. 22
payable and rediscounts of all national banks amounted
having applications for loans which
it
proportion of bills
can
lenders' and not a borrowers' market,
a
an un¬
continuous increase in loans.
as
always in the past, we can cope with them successfully if we approach
of the present insistent demand
In view, however,
and discounts.
Comptroller of the Currency or the State super¬
intendent of banks as the case may be.
tions, I
well
the difference.
between 1906 and 1920, and show
years,
as
payable and rediscounts of all national banks to their total volume of loans
such
the current market rates.
If
deposits
Your attention is directed particularly, however, to the
business
from 6 Yi to 6% %.
while current market rates in London range
law of supply
Their investments, however,
extent.
same
In conclusion I would say that the Federal Reserve system is still con¬
and other central banks are higher
Interest rates at the Bank of England
than the current market rates; for instance,
the
to
Sept. 4 1906, while loans and dis¬
bonds and securities, more than make up
broken gain in
terms or at a loss.
rediscount with Federal Reserve banks only on even
increased
include
Figures are given for ten
without advancing
control could not be affected by an
As long as the customers of banks were aware of
member banks with which tehy dealt could lend them money
appeal to reason alone.
had
counts
the
On that date the net deposits of all national
three times what they were on
were
which
1919,
and business.
commerce
banks
bills
United States."
There are nearly $25,000,000,-
world-wide demand for credit.
000 of Liberty Bonds, Victory Notes and Treasury
are
The latest figures available at the Comptroller's office are taken from
statements of June 30 1920.
of the United States.
Discount rates of
1229
this
and
These
brokers, with the important exception
They have outstanding at the present
of $100,000,000, secured entirelyby chattel
all paper sold.
mortgages on cattle and sheep.
Such companies are usually strongly
capitalized, and hare perfected organizations capable of determining in the
highest degree the granting of credit to the livestock producer.
|j| These companies depend upon banks to purchase the notes of the pro¬
ducer and for many years have enjoyed the confidence of banks in the large
money centres, as well as the smallest banks In the country districts and
most banks have, when deposits were normal, freely purchased this class of
loans, considering them as excellent secondary reserve.
Such loans have
been made, so that they are eligible for rediscount at the Federal Reserve
banks.
During the past summer months there has been a large falling off
in the funds available through these sources, so that many of the banks at
the livestock centres and many cattle loan companies have been forced
required borrowers to ship livestock to market regardless of sex, age or
This has resulted in their being slaughtered—many thousand
to
condition.
head of cows, calves and young stock—which has reduced
production to an
it will
and during that time the supply of
in behalf
Gray
Farm
size
of
'
'.V
.
■'
•
On July 1 1920, the number
hogs in the United States was 16.6% less than that on July 1
the number of cattle
1919;
The banks in the large money centres that
situation, demanding liquidation.
This
means
of the general credit
100,000,being
000 mentioned above, which has always heretofore been available, is
a
saying:
fair share of the credit
their
wool people have had great difficulty in financing their needs.
market conditions would
great loss if products were
mean
the market.
on
Reserve
caUed;
of the South find it Impossible to get advances on
men
There is
dearth of funds
no
credit available for
or
The
banking system.
by the Federal
use
utilization of the full resources
the
of
system has not even been approached.
which proves beyond
needs
a
doubt that farmers' legitimate productive credit
not being met .
are
The rulings and
policies adopted by the Federal Reserve Board to curtail
speculation and control production have reacted to the injury of agriculture.
withdrawn, with the result that large herds of breeding cattle and sheep are
We feel that in the face of these facts the distinct
responsibility and duty
lies with the Federal Reserve Board and the Treasury Department to so
being forced to market.
This committee desired to
serve
receiving
attendance.
.n
as
We cite testimony of farmers, livestock men, bankers and market experts
have heretofore taken this
that at least the
also
was
too much concentration in the cities.
There has been
country.
The present
7.7% less and the number of sheep 33.3% less.
class of paper in liberal quantities are now, by reason
Labor,
The livestock interests of the West report that their loans are being
Issued by the Department of Agriculture on July 1 empha¬
emphatically the trend of the situation.
of
president
Henry Sterling, of the
quoted in the "Commercial'*
The farmer feels that he has not been
of the
thrown
.:
Federation
Kile is
Mr.
crops, the
The figures
C. Atkeson, representing
T.
Farmers* National Council, and R. W. H. Stone,
American
Bureau
Farm
Grange; Benjamin C. Marsh, secretary of the
of the North Carolina Farmers* Union.
the cotton
country.
American
the
Organizations;
the National
take from five to ten years to correct
short of the requirements of the
representing
Charles A. Lyman, secretary of the National
Federation;
Board
included O. M. Kile and
the farm interests
of
Silver,
alarming degree and if permitted to continue will have an effect that
livestock for human consumption will be far
[Vol. 111.
CHRONICLE
THE
1330
impress
upon
the members of the Federal Re¬
Board and the Advisory Council the great danger to the live stock
adapt the existing credit facilities to better meet the needs of the farmers
in¬
dustry now existing and to enlist your earnest and sustained help in over¬
There is no new
coming, as far as possible, the disabilities now existing.
drawal of
carrying producing herds
Feeding for market Is
timate crop.
an
on
orderly step in the progress to market of a legi¬
Owing to the uncontrollable agencies of
weather' conditions,
denial
A
feed lots or for the
the range Is in no sense speculative.
that the Federal Reserve
of the Government
agency
was
made by Secretary of the
Board of any other
unduly restricting credit
Treasury Houston
high costs and low markets—the latter largely caused by liquidation—the
had the
tofore enjoyed.
It is
our
Mr
suggestion, therefore, that your organization promulgate, in such
best, the facts regarding the situation and urge upon
a manner as may seem
the officials of the
Federal
all districts that they fully
Reserve banks in
all
poss'ble relief.
As
by
presentments
members
of
Advisory
the
svstem of the dist rict
embracing Portland and San Francisco, declared that
Federal Reserve banks should be
no e
liberal In discounting live stock paper.
"Inability to obtain sufficient credit
means
the curtailment in the live
stock industry that will throw us back ten years," said Mr. Mills.
suggestion is that the Federal Reserve banks
line of credit.
you are
must be more liberal In their
If the Federal Reserve banks will allow discounts to a large
will help the country banks which are loaded down with
Unless the producers can get feed to go through another winter
going to
see a
destruction of breeding stock.
"The word should go out with as much authority as possible to give that
industry
every assistance.
possible to give."
We must lend such financial support as it is
V
■
F. O. Watts, member of the Advisory
said that the- trouble
>s
as
Council fro
as
the St. Louis district,
these lo~ns expired they
being called in.
^re
cattle loan companies have laid a substantial foundation for
no
we are near to
"It
seems to me
that
trouble in getting the
the
was the
credit restrictions
The
same
and
the money to be held for other purposes.
were
a
He said that much of the diffi¬
large nunfber of small cattle loan com¬
western live stock industry.
.
He said he believed the Board should urge the bankers
reported
return to
on
upon
his
Chicago from Washington has stated that the Fed¬
ahead
go
as
far
as
complaint,
requested Western bankers to
they could in making
kJans
to cattlemen
for carrying stock to the next shipping period.
assured," Mr. Fletcher is quoted
as
he stated,
was
"We
These same prices would be sought to be
and the price of wool to 86 cents.
irrespective of the question of supply and demand.
maintained,
the Federal
Reserve Board to help any individual or any interest to warehouse goods
or materials for the sole purpose of keeping them off the market and main¬
tain what may be considered high prices.
This would be an evasion of the
tutions
engaged in the transaction would be co-conspirators."
Mr.-Houston pointed out there is no desire on the part of
Board
the Treasury to hamper business by
or
Council of the Reserve Board
for
additional
FEDERAL
RESERVE
on
Monday and Tuesday of this week, Sept. 20 and 21,
no
official announcment has been made
its issue of Sept. 21
In
discussed.
merce" had the
ference.
cl -cles
following to
were
made
to
the
Federal
Reserve Board in Washington on Sept. 21.
To their plea
W. P. G. Harding, Governor of the Federal Reserve Board,
reiterated
of
(so it is stated in the New York "Commercial"
Sept. 22, which had
special Washington account of the
Conference), what he has told several other groups, namely,
a
that every possible consideration is being given agriculture,
but tliat it is not within the province of the Federal Reserve
Board to give the banks specific instructions as to jiist what
loans to make.
Mr.
there seemed to be
this time.
no
Harding, it is added, indicated that
action that the Board could take at
Those who appeared before
as
to the matters
the "Journal of Com¬
in part regarding the
say
con¬
•
were
brought before the conference.
checking inflation,
additional
whether
banking
Progress made by the banks in
action
should
be
taken
by
the
Federal Reserve Board immediately to facilitate the deflation of values, the
disbursement of bank credit
of similar
importance
are
thi credit needs of industry and other subjects
understood to have been on the programme for
Information for the Board.
The Federal Reserve hank officials, who compose the Advisory Council
because
of
their
the Reserve Board
as
position
as
representative of business of each Federal
the Federal Reserve Board to furnish
to the financial and ousiness situation in each district in order
that the board may be
to
the part of representatives of farm interests
credit facilities
Advisory
in conference at Washing¬
discussion.
BOARD FOR CREDIT FACILITIES.
on
were
but
Reserve district, are relied upon by
Overtures
COUNCIL.
AND ADVISORY
BOARD
Members of the Federal Reserve Board and the
saying, "that the Federal
PETITION
the Reserve
arbitrarily calling good loans
unduly restricting credit.
information
INTERESTS
Loans
placed against these commodities, if they remain good security, may be
obtained, but it is not the policy of the Treasury Department or
were
Reserve banks would be liberal in rediscounting cattle paper."
FARM
heard from cattle men, steel men
<
Practically all the important questions now being discussed in
Sept. 23 that Mr. Fletcher,
eral Reserve authorities had
interested in main¬
ton
formed without sufficient banking.
to carry as much of the live stock
paper as they can.
was
cotton were the same who were
DISCUSSIONS AT CONFERENCE OF FEDERAL RESERVE
R. L. Ball, member of the Advisory Council from the Texas district, said
that there was no question but that cattle loans were being called in in
It
on
others.
Minneapolis
Senator Jones declared that eastern bankers should do more toward the
large quancities.
of continued high prices.
"During the war," Mr. Houston said, "the price of cotton went to 40 cents
policy of the banks of that district to insist that
culty has been due to the fact that
for the maintenance
taining high prices by warehousing cotton and keeping it off the market.
cattle loans be paid when shipments have been made, rather than to allow
financing of the
as
Speaking of cotton, Mr. Houston declared the men who complained of
money," said
I believe there may be an easing of credit."
District, said that it
These interests Mr. Houston characterized as purely specu¬
high costs.
We are looking
peak.
F. T. Jaffray, member of the Advisory Council from the
panies
He denied the
inflated.
reaching the Treasury, he said, for removal of credit re¬
strictions, hut these demands Were largely from interests that were not
or
credit for livestock there will be
Mr. Watts.
over.
are
Sherman Act in which the Federal Reserve Board and other financial insti¬
n
that much of the outstanding cattle paper has been
artificially placed and that
"So f&r
Demands
"My
value per animal it
this paper.
by Governor Harding of the
000,000, and to-day he said this sum had been increased.
credit of the country had been unreasonably
lative and
L. Mills, member of the Advisory Council of the Federal Reserve
A.
Houston pointed out that the last report
.
following policies likely to bring about a satisfactory solution of the present
the
to
Council the "Commercial" says:
.
which also
say:
Reserve Board showed the credit had been, extended by more than $2,000,-
enlighten all members of their districts of the situation and urge upon mem¬
ber banks the necessity of such use of their credit facilities as will give
following to
was
Sept. 22,
on
according to "Financial America" of that date,
producing Interests must have the usual financial help that they have here¬
.
OF
RESTRICTION
DENIES
HOUSTON
CREDITS—LOANS AGAINST COTTON AND WOOL.
of credit, which have always heretofore been available.
sources
The granting of credits for movement of livestock into
purpose of
SECRETARY
The crisis arises solely from the with¬
problem in the livestock industry.
guided in determining whatever action is
improve conditions.
necessary
"Whatever views and recommendations
are
ex¬
pressed at the periodical meetings of the Advisory Council with the Federal
Reserve Board
undoubtedly will carry with them considerable weight in
shaping the policies of the board.
Whether further action shall be taken by the Federal Reserve Board to
alter the present level of discount rates as a part of the Board's campaign
to reduce inflation and prevent
the disbursement of any material amount of
credit to less essential industries and
uses
also will depend in a large measure
the conference held today and «he view of the Advisory Council members,
it is expected.
on
Favors
The
out
a
Use of Acceptances.
general use of bankers' acceptances also
considerable amount of discussion,
Reserve Board has been desirous of
tances in
was a
question that drew
it is understood.
increasing the
use
The Federal
of bankers' accep¬
the operations of the
Federal Reserve banks and it Is possible
that the banks will be urged to make greater use of the
acceptances than
they have done heretofore.
Unusual demands upon the banks by industries for credit furnished
of the principa
questions befor
one
thc conference tfor discussion, it is under-
Sept. 25
The Federal Reserve Board for the past
stood.
several weeks has received
complaints of various industries against an
many
has answered all appeals of this sort
the banks are adequately equipped
with finances to meet all necessary financial needs, and that whatever aid is
obtained must be obtained from that quarter, it is likely that the attention
Although the Federal Reserve Board
for financial aid with the statement that
of the banks will be called to this cause
conference is thought
result of this
Federal Reserve Board
The Board is not
improbable.
credit and general financial situ¬
conditions in the midst of the
and other important industrial operations.
thought to be dissatisfied with the present
ation, and is not likely to disturb existing
movement of crops
Washington announces the
following list of institutions which
was
admitted to the Fed¬
ending Sept. 17 1920:
eral Reserve System in the week
Total.
Exchange Trust Co., Boston,
Resources.
Surplus.
Capital.
District No 1—
of complaint.
action will be taken by the
That any immediate
SYSTEM?
The Federal Reserve Board at
banks to meet necessary requirements.
a
RESERVE
FEDERAL
TO
ADMITTED
INSTITUTIONS
STATE
alleged shortage of credit
credit from the
inability to obtain a sufficient amount of
and the general
as
1231
CHRONICLE
THE
1920.]
Mass..$1,000,000 $1,000,000
$18,221,402
125,000
40,000
930,496
25,000
18,700
329,425
District No. 3—
Peoples Trust Co., Tamaqua, Pa
District No. 5—
Peoples State Bk., Inc., of Galax, Va.
District No. 10—
MENT
RESERVE
TRADE. I
COUNT OF FOREIGN
Governor of
the financing of foreign
trade, the purchases of acceptances
totaled approximately
and of this $568,457,000 represented accept¬
$758,330,000,
ances
The statement of the
foreign trade.
account of
on
Reserve Bank
presented to Governor Harding was trans¬
as
J. W. Alex¬
the 16th inst. is said to
figures, contrary to the supposition that
by the latter to Secretary of Commerce
mitted
ander, who in making it
have noted that the
public
on
is being enforced, indicates
the Reserve Banks
in furthering foreign trade.
The following is the memoran¬
dum as submitted to Governor Harding by the Federal
policy of restricting credits
a
possible aid is being rendered by
that all
of the current year to
the close of last month our gross
amounted to appro, imately
$758,330,000.
Tl|iis is exclusive of bills purchased by us from the dealers
under their 15-day repurchase agreement.
Of the above amount, approxi¬
mately $568,457,000 represents acceptances ifa connection with foreign
of acceptances of all kinds
outright purchases
and export.
order to arrive at the amount of bills
purchased oj us, covering particu¬
with the C|rient, we have taken the total volume
bearing the names, as acceptor and as indorser, of the various
banks which have agencies in New York as well as in the Orient,
larly our trade
of bills
foreign
and of
banks whose chief business is in connection
This shows that since the first of the year up
purchased acceptances upon which their names
American foreign trade
the
with the
Oriental trade.
close of August, we
to the
appeared:
As
$96,281,000
33,801,000
I..,.
approximately
As Indorser,
approximately
Acceptor,
..-$130,082,000
These figures, of course, give only a very approximate indication of the
total bills originating in tbe Oriental trade, as there is no doubt a fairly
considerable volume of bills accepted by American banks covering exports
to the Orient which only a detailed summary of our schedules would dis¬
Total,
approximately —
close with any
—
degree of accuracy.
I believe, however,
that the above
mentioned amount of approximately
representing
acceptances purchased by us with the indorse¬
referred to, gives a fairly good idea
in connection with imports to this country from the Orient.
There is, how¬
ever, no similar method by which we can arrive quickly at the volume of
bills purchased by us, covering our exports to the Orient, because, as above
indicated, it would mean an exceedingly large amount of work to pick out
from our schedules the Oriental export bills during the period dealt with
$96,281,000,
ment of the
above.
.
particular classes of banks
~
50,000
January to
bills
August, 1920, inclusive.
purchased by us on those days,
I-
follows:
was■ as
of what this figure amounts to, we
representative day each month, from
This shows that the total amount of
get some idea, however,
examined our schedules for one
have
\
drawn against exports to the Orient,
i
January
—-
February
March..
1,071,000
484,000
.... —....
—
-
May
June
July
-
August
—
e
582,000
500,000
—.15.546,000
Total for 8 days
purchased for our own
amount purchased by us, not
figures relate to acceptances
of the above
AH
To arrive at the aggregate
of other Federal Reserve banks, member
the above figures should ih each
case be increased by approximately 30 to 35%.
As you know, we have always been most favorably disposed toward bills
drawn in connection with our foreign trade, and, as indicated by the above
figures, we have shown them a marked preference and have always pur¬
chased them freely when offered to us through the market.
In addition to their active support by us in our open market purchases,
we have taken every occasion to
encourage and develop their use along
only for
ourselves but for account
banks and
the proper
D.
C.
foreign correspondent banks,
lines.
.
WILLS
NAMED
AS
MEMBER
OF
FEDERAL
RESERVE BOARD.
D. C. Wills,
Agent of the
Chairman of the Board and
Federal Reserve Bank of
Federal Reserve
Cleveland was this
appointed by President Wilson as a member of the
Federal Reserve Board succeeding Henry A. Moehlenpah.
The latter had been named a year ago to fill the unexpired
week
term
25,000
744,533
WAR
of F. A.
Delano, resigned.
ELEMENTS
SAVINGS SECURITIES HAVE ALL
SAVINGS FUNDS,
POSTAL
FOR
SUGGESTED
MATHER LEWIS
TO WILLIAM
ACCORDING
The fact that the War
1
Savings Securities carry interest at
4% and are available at all post offices,
thus providing an
opportunity for small investors, is pointed to by William
Mather Lewis, Director of the Savings Division of the
the agitation
Treasury Department as making unnecessary
raising the interest rate on postal savings deposits.
Mr.
Lewis also states that since the beginning of the war savings
for
movement in 1917 the
has
issued at Washington
he
says,
some
leaving about $808,Mr. Lewis's statement,
Sept. 20, says:
going on as to the desirability
In the discussion now
savings rates and thus
this,
of
been redeemed,
have
$360,356,000
total amount of these securities sold
$1,168,559,000;
about
been
of raising tbe
postal
increasing the funds available from this source, one
those who have made state¬
element has been
left out of consideration by
ments concerning
the matter.
An interest rate of 4%, the establishment
in all post offices, the creation of a security which
been added that
Every
stamps.
War
held to
maturity, and are always redeemable even before maturity at cost price
plus nearly 3% interest.
Treasury Savings Certificates having maturity
values( of $100 and $1,000, which have the same general features as the
War Savings stamps, are on sale at numerous post offices and banks.
Agi¬
tation for a 4% rate on small savings is, therefore, without basis inasmuch
as such a
rate is now available through Government savings securities
always rlemains at par, have
all these elements are
been suggested, but it has not
already in existence in War
Savings Securities.
the United States sells Thrift stamps and War Savings
Savings stamps pay 4% interest compounded quarterly, if
post office in
offered at all post offices.
Tbe total amount of
these small securities sold
since the beginning of the
1917 is about $1,168,559,000. Of this amount
some $360,356,000 have been redeemed, leaving about $808,203,000 still
in the hands of savers.
Although sales have decreased since the war,
because of tbe lack of the war appeal and the discontinuance of spectacular
campaigns, the let up on the habit of savings, and the natural tendency
to turn funds from War Savings securities to Liberty bonds at the present
attractive prices, the demand for the securities still continues strong in many
parts of the country and fills a real need.
While sales have decreased, re¬
demptions have also materially decreased and the evidence is. constantly
accumulating that the people appreciate the value of savings securities as
investments.
Numerous labor organizations have recently passed reso¬
war
savings movement in
lutions
presenting to their
securities, and in the
have been added to
membership the advantages of War Savings
Third Federal Reserve District alone
Government savings societies in
60,000 members
industrial plants during
In the textile plants of New England savings groups
flourishing.
The National Educational Association has recognized
educational and economic value of these small securities as used in
are
the
the
schools.
In Ohio the children invested an average of $7 per capita in them
during the last school year, and in Texas the children have purchased
approximately $13,000,000 worth since they were put on sale in li|17.
These are only random examples of hundreds which could be cited to prove
the wisdom of providing small Government securities which give the smallest
saver the opportunity for absolutely sound investment at a good rate of
investment and at the same time the chance to aid in financing the Gov¬
present year.
ernment.
—-mmmmmmmmmmmmmmmmmmmmmmmmmmmmrn
255.000
—
account alone.
$565,000
761,000
1,328,000
—
April
Ephraim, Utah
Bank of Ephraim,
the
In order to
131,109
,
of facilities for savings
trade, both import
In
12,500
203,000 still in the hands of savers.
New York:
Reserve Bank of
Since tbe firs*
471,496
25,000
Texas
Guaranty State Bank, Hedley Texas
by the Bank from the
to the end of August
first of the year
.
First State Bank, Celina,
50,000
a
Bank of New York relative to
serve
410,640
District No. 11—
District No. 12—
statement submitted to W. P. G. Harding,
the Federal Reserve Board by the Federal Re¬
According to
10,000
40,000
25,000
Oakland State Bank, Oakland, Neb__
BANK'S STATE¬
AS TO ACCEPTANCE PURCHASES AC¬
FEDERAL
YORK
NEW
INCREASE IN POSTAL
SAVINGS DEPOSITS AT NEW
YORK POST
According to
a
OFFICE.
statement issued oil Sept. 16
by Thomas
New York, the statistics of the
Postal Savings system covering the depositories in the
General Post Office, New York, and the various branch
G. Patten, Postmaster at
stations
throughout Manhattan and the Bronx,
show that
during the month of August there was an increase
in the number of depositors and that there are now
of 158,000
depositors with open accounts.
of 1,216
in excess
These have on
The deposits show a net increase in
August of $914,912.
Interest is paid on deposits at the rate
of 2% and as much as $2,500 is accepted from a single
deposit $47,870,511.
depositor.
.NEW
YORK
SCHOOLS
The Government
GOVERNMENT '
a
that
as
part of the Government's
help boys and girls in their ambi¬
plan will be introduced into the schools
School Savings program to
succeed,
NEW
Loan Association of the Federal Reserve
District of New York states
tion to
OFFER
SAVINGS SYSTEM.
,
Federal Reserve District.
of the New York
the Government
the part
on
surplus
school
to
the
superintendents
Government
factor.
program
we
their ambition to succeed, the school savings system
'
this
much
between stocks, bonds, and
discussion of the question of an
a
the other hand, Mr. Davies
on
those of the rich.
as
one
earn
increase in the rate
do not
poor
He cannot discriminate
savings.
He cannot understand
hundred dollars in Post Office savings should not
why
about
much
as
as
a
$100 Liberty Bond.
He cannot
why the $100 he paid for his bond is not worth
the $100 any
postal savings deposits from 2 to 4%, before the Senate
Committee on Reconstruction and Production, on the 23d
can¬
to the Government as he did in his home
The Americatn
understand
In
The alien is
saving than the native American, but the alien, he
earn as
FUNDS.
It
ways
for them, and to enable them
easy
get reasonable returns on their savings.
declared, chafes because the investments of the
■
SAVINGS
POSTAL
ON
thrift, to make saving
country.
HERBERT HOOVER ON ADVISABILITY OF INCREAS¬
RATE
pressing public duty to educate these people in the
not lend his money
Savings Books for another ten days with the thought
important activity.
of
of the
era
rainy day.
a
contends, has little faith in banks and wonders why he
sending this letter merely to give you advance information
that it will then be more convenient for you to give some attention to
before the
for
more
I
inspiring to the children.
were
save
of
regarding the Government plan; and we are refraining from sending sup¬
ING
to all sorts of "get rich
Very few
ito
render the utmost assistance to our
simplified thus making it easier to operate, more interest¬
plies of the simplified
an easy prey
than they
s
appreciate that this is for you one of the busiest periods of the whole
we are
year,
practical way
a
writing, briefly, regarding the Government Savings
ing to teachers and parents, and more
As
teaching thrift in
for the coming year.
boys and girls in
They become
that leave them poorer
In order that the Government may
has been greatly
It is something new to
is often a controlling
High Cost of Living.
capacity and your personal interest in making
better Americans through the medium of
in our schools we are
before.
ever
quick" and gambling schemes and make useless purchases
Loan
Organization said in part:
Because of your official
than
money
them and the temptation to spend it
enthusiasm
of the children for the saving of money.
In its
to operate and it is believed will arouse new
letter
111.
thing toward helping in the solution of the industrial problems
of the country.
Men to-day, he said, are earning more
Although the
announced it is understood that
has devised a system which is extremely
details of the plan are not yet
easy
[Vol
CHRONICLE
THE
1232
time he wants to cash it in.
The variations
on
by offering
whether
larger return
a
savings
more
national savings
can
The
postal savings deposits—
on
and reduce the expensive turnover at plants working even three hundred
or more
something like an adequate rate of interest to depositors.
regular Post Office.
ernment funds
by
of the original Act has been defeated
any
by departmental
of
If
135,000.
made from the beginning, this return
a
Government in
and
not be
supporting the scheme in its early years, or any capital
especial
method of payment
find
and
to
approximately distribute the profits back to the depositors.
words, if interest
were
In other
on average
deposits.
This Is only
present.
ation
The second step that seems to
yearly in advance of
of twelve
months'
an
a matter
Such
declaration
a
to
e
earnings of the bank.
In order that
a re
1% as at
hundred cents
It is my
were
the
no
passed.
ger
nths to probably
so
be done, but it will take
a
campaign
on
to a "real partnership" in this
duty as the representative of the Department of L- bor to be
an
"aid"
to the solution of the
industrial problem of the West
the theory that prevention is better .than cure, and I could tell you an
real directorate should be
I believe it is
nec ssary
"hearing" except to
that the
say
other than merely paying wages, collecting taxes and registering votes.
I know of no better method that will
appeal to the workers to
renew
their
interest in Government financial affairs than to adopt some plan similar
to the one recommended
by Mr. Meyer, because:
(1) It will not only relieve Government wants and remove pressure from
It would appear to me also time that a more definite organization should
the banks by putting
and
millions in circulation, but
(2) it will make more interested citizens of the depositors, and
appointed in which the Federal
(3) go a long way towards the solution of industrial unrest.
independent membership should be introduced.
Saving is a "habit" too little cultivated in this good land of ours, and
may
HYWEL
DAVIES
QUESTION
OF
OF
DEPARTMENT
INCREASING
OF
POSTAL
LABOR
ON
SAVINGS
-
Commissioner
of
verted into
Conciliation
for
the
Federal Department of Labor, furnished
testimony on Sept.
before Senate Committee on Reconstruction in
regard
savings banks.
Mr.
Davies for thirty-five
been in touch with the industrial workers;
years
he superintended and managed mines in Kentucky
and Tennessee during which period he assisted in the
adjust¬
years
ment of wage
disputes
Mr. Davies, in giving
Post
Office
that this
reasons
as
much
as
any
othe
a
deposit when the stamp card amounts to
a
shilling,
grow"
a
franc,
t
mark, &c.
The development of the "thrift" habit
A habit of extravagance
of saving;
would then
grow to
be
a
national
is easy to form and hard to break—so is
a
something should be done at once to make saving easier and
attractive.
habit
more
;
^
OPPOSITION OF SAVINGS BANK SECTION OF A. B. A.
TO
for the expansion of the
Savings Bank facilities, expressed the belief
expansion would do
we
characteristic.
between coal operators and workers.
his
that when
the curriculum of every public school.
has
for twenty-five
so
The demonstration of some such evidence of "thrift" should be a part of
21
to
develop the "habit" of saving "pennies,"
up" the habit of saving "dollars" will naturally follow.
The "pennies"
or their equivalent in Europe go for stamps which are cancelled and con¬
a
Davies,
we
have to supplement industrial savings b / encouraging "school savings"
in order to
INTEREST RATE.
Hywel
a
the dollar assured, coupled in addition to such short talks
"employers" and the ' Government" have their general welfare in mind
national congestion
liquid that the Postal Savings deposits,
be given to the Postal Savings at the
top.
some
can
present peace or truce can be clinched only Dy showing the worker that the
amounting to less than 1% of the National deposits, bears no relation to it.
a
It
moving pictures and publicity men and
But that is not germane to the present
somewhat under the mutual
the essential principle it was when the original Acts
banking capital of the country
Reserve Board and
100% buyers
West."
deposits
The inauguration of the Fed ral Reserve system has rendered
desirable that
were
war.
industrial peace for the last three years in the misnamed "wild and wooly
on
It would stimulate the le ving of deposits for longer periods.
lo
during the
interesting story of how the Department of Labor has maintained real
The principle of redeposit in local banks to prevent
of funds is
home, which in turn will increase his interest in his
anks in protection against the de¬
and depreciation of securities, would raise the rate
savings banks.
a
Such annual declaration, after deduction
the 30% repr senting the re-deposit in
mand of character of deposits.
1
savings account will
the alert to note and disseminate any idea or plan that has the ear¬
on
sonable addition
on
m
a
great republic of ours.
deposits should be invested in Government securities,
remaining for twelve
with
„
Americanization that points the way
on
based upon safe
70% of the
expenses
man
and with whom he is still dealing,
marks of
or
The
except when he feels that the move is for
West, and the 15,000 oil workers of California that
shall be provided in this super-rate, for twelve months deposits, p obably
average
savings
a
guaranty of the same interest rates as that of Liberty bonds, but with one
experience and by yearly determination will rise and fall with general interest
rates and the
with
Why not do something to keep up the incentive to do for themselves
additional rate that will be paid upon deposits
duration.
•
of education through posters,
of justice and is
per annum—not
man
savings fund account will have a greater tendency to
a
anchorage and
what they did for their country ?
worth considering is the declar¬
me
roam or move
and contributors
It appears to me that the first thing to do is to pay interest at the rate of
M % quarterly
ready to
nation.
war,
payable at 2% compound interest on quarterly bal¬
the implication of the law—at the rate of 2%
The
he dealt with in the production of copper and oil during the
quarter, absorb about the present profits made by the Government.
a
are:
Mr. Davies stated that the 60,000 mine and metal workers
it would, in view of the considerable deposits that remain for less
than
an
of the
a manner as
ances,
the result
neighborhood and neighbors, also in the general welfare of county, State
only justice chat the whole
of interest should be reorganized in such
so
(3) The owner of
Such
care.
If nothing more were done, it Would seem
as
the better.
The depositors are the poorest and the least wise of the community, and
deserve
There
(2) Reduction of labor turnover.
would probably
public demand would require investigation by the Attorney-General.
a
some
fund will not impair it by "striking" without a good and sufficient cause.
complete
that has been necessary in the Post Offcie Department.
of the multiplying losses
(1) Contribution to greater stability of labor.
operation in private banks would be dignified by the term "profioeering"
an
Labor has
hoarding?
of the country as a whole.
represent at least a 100% per annum profit on any capital invested by the
extension
towards real Americanization than all
more
My special interest lies in the economic benefits to the industrial welfare
is the system subject to criticism for this, but the same
from redeposit in banks at 23^%, is given as $1
"branch savings
(as such deposits would reall / be, even though represented
deposit book) would do
a
in circulation and the disadvantages
For
%, owing to the regulations in force.
000,000 and $130,000,000, and the interest paid to depositors is $1,259,000.
were
large plants
The solicitation of such "savings" could be conducted
surplus money—why not show the advantages of saving it by keeping it
annual report will show that they do
reports wi»l show that profits obtained by the Government in 1918, chiefly
balance sheet
near
the academic lectures or talks that could be indulged in.
not receive much in excess of 1
not only
establish
by similar "poster" propaganda as during the war, and investment in Gov¬
,
instance, in 1918 the average deposits were approximately between $125.-
And
even
banks" open on pay days and one or two days thereafter, in addition to the
i
An examination of
regulations.
days per annum than any other one thing.
The Post Office could
with mutual
and other savings banks, but I do believe the aggregate of national savings
would be stimulated if the Government stopped profiteering and if it paid
ment, through the postal savings bank, should not compete
Even the 2%
The evidence will
be that "savings fund" with the Government will do more to stabilize labor
I have no doubt of the validity of the principle that the Govern¬
Mr. Hoover also said:
said:
simple, convenient banking arrangement for deposit
a
getting a square deal, will quickly restore confidence.
welfare for many
Every dollar so saved is a contribution to national
reasons.
adoption of
and withdrawal, with enough interest to make the worker feel that he is
He added:
and luxuries and 'wild cats/ "
He feels
grasp.
savings is not enough interest under
Mr. Davies, in his argument,
be increased
be pulled out of stockings, waste
can
beyond his economic
present conditions, so he either hoards or spends his money.
to be not only justice to depositors but also
me
whether the aggregate of
are
that the 2% on postal
inst., Herbert Hoover stated that the real question at issue
/'appears to
values
of bond
PROPOSED
Criticism of
the
housing conditions has
o
HOUSING MEASURES.
pending proposals intended to relieve
come
from the Savings Bank Section
X\ 'American Bankers' Association, which in what it has
Sept. 25 1920.]
1233
CH:
THE
—
—
even
in the matter states that "the unfortunate haste with
to say
which
for
—
.
——-—
the
New
York
improving the
Legislature
may
divert to the mortgage field.
situation" has prompted the
housing
certain economic
tion."
of these, that to exempt
"subject to all the inquities and wrong principles in¬
to be
As to the
proposal to confer tax exemption on the bonds of the Land
Bank of the State of New York the Savings Bank Section
volved in Henry
George's so-called 'single tax.' "
that this
the "fact
serious"
"most
finds
with
and
municipal borrowings."
Finally, it says "the profit from
the rediscounting operation will accrue to the investors in
the loan associations" and it goes on to add that "from the
viewpoint this will be merely a step to¬
nationalizing the loan associations as proposed by the
Calder-Nolan 'Home Loan Bank' Bill and it will create a
ward
and
the borrowings of each locality."
The statement of the
Association, presented under date of Sept. 16 by S. Fred
Strong, President of the Savings Bank Section and Leo Day
Wood worth, Secretary, in portraying the views of that body
and perhaps
new
inflated relation between the savings
toward the proposed measures, says:
frame
prompted the American
Bank Section, to comment on
for improving the housing situation has
Bankers'Association, through its
Savings
principles which might escape attention.
certain economic
approach of the fall moving session
legislators both because of the
and the exigencies of the present
cussion
to the
the public dis¬
directed more
certain radical districts in New York City where the
especially bad, than with a view to the framing of
Furthermore, it is notable that much of
by candidates for public office appears to have been
political campaign.
sympathy of
housing situation is
policies which will be of permanent value.
These remarks and criticisms are submitted because we
be more constructive than is any
at the cost
of violating economic
believe them to
relief
end be
plan which will supply temporary
principles—and therefore in the
law will increase in burden from year to year
principal objects on which we will
A few of the
comment are as follows:
A—AMENDMENT OF BANK LAWS.
banks to loan a larger percentage of
1.—To require savings
their resources
real estate security.
This
loans
proposal disregards two facts: First, savings banks hold mortgage
the most desirable of the investments which are now specified by
as
Usually there has been a scarcity of
loans at this writing.
New loans are being taken in some cases
loans.
for mortgage
good mortgage
to be actively in the market
Most savings banks appear
law.
at 5H% or even
5%.
for such investments is now around
affairs that it can meet the
depositors for cash.
The percentage of permanent invest¬
therefore vary according to localities, to the special clientele
although the actual value of the money
Second, each bank must so manage its
8%.
demands
of
ments must
of each bank, and to industrial
This
proposal
to pay
real estate security.
could not be enforced without causing
estate mortgages are
safe investments only so long as there
disaster. Real
is ample equity
foreclosure under any conditions
Shifting of population and changes
the loan and other liens in event of
which may reasonably
be expected.
be guarded against by
Even the co-operative
building land loan associations do not maintain any such standard.
On
loans at 80% the banks would be assuming the risks taken by purchasers
of second mortgages, which risks are ordinarily covered at a cost of two or
in the use of
property are so rapid that they must
banks having
hundreds and thousands of such loans.
3.—To repeal the
provision of law under which savings banks invest a
part of their resources in
Federal exemption.
help to obtain
No
be
can
been an "exhaustive"
to have
gressional leaders
are so
what they claim
Con¬
but absolutely one-sided discussion.
commonly on record as opposed to tax exemption
that it is doubtful if even the Federal Farm Loan Act could again
be enacted
with its exemption features.
V
*
5.—To exempt new dwellings from taxation for five or ten years.
is
This
of wealth which would become
form
a
involved in
subject to all the inequities and wrong principles
Henry George's so-called "Single-Tax."
Even granted that it would create
taxable in
a
building
few years,
activity must of necessity create new expenditures by the public for the
inhabitants of the new houses, and the cost thereof would only increase the
burden upon
very
housing not exempted.
This exemption might well present a
attractive income to any investors able to take advantage thereof as
the rents in the exempted buildings would be on
of course
those still
a
level with
Rents will be fixed according to the laws of supply
taxable.
and demand in spite of any
legislation which can be enacted.
6.—To confer tax exemption on the bonds of the
Land Bank of the State
York (a private mortgage bank owned by the building and loan ass o~
of New
ciations), or to make its bonds "instrumentalities" of the State Governmen t
or
to
provide
artificial market for its bonds by investing State sinking funds
an
therein.
co-operative loan associations is not to be
The excellent work of these
disparaged, but
we
question the propriety of selecting them for such a sub¬
If public subsidy is necessary for stimulation of housing
associations are less than 10% of the real estate mortgage
the mutual savings
held
or
State
can
banks'
mortgages
Whether or not
but
confer upon private securities the advantages
responsibilities of its own obligations which are protected by
not the
taxing
banks in New York, and less than 5% of those
individuals, insurance companies and estates.
by
investments of
There are in addition billions of dollars in real estate
the Nation
construc¬
The total resources of the loan
tion, it should be extended to all agencies.
decision
the
"instrumentalities," is so doubtful that
Supreme Court in the land bank case is
by making them
power,
of the
United
States
awaited with much interest.
this scheme contemplates the issue of tax
with other private financing and also with
Federal, $tate and Municipal borrowings.
Finally, the profit from the re-discounting operation will accrue to the
exempt securities, to compete
investors in the loan associations.
From the loan association's
viewpoint, this will be merely a step
toward
by the Calder-Nolan "Home
Loan Bank" bill, and it will create a new and perhaps inflated relation
between the savings and the borrowings of each locality—this latter being
the main ground for the emphatic rejection of the bill by the New Jersey
loan associations through their State organization.
would
bankers' acceptances.
be distinctly
unfavorable to savings bank
B—SUBSIDY THROUGH
exemption.
TAX EXEMPTION.
logical argument in defense of the
We have yet to see any
principle
o*
financial burden from one or
heavier upon those who are still
incompatible with our American
On its very face it removes a
individuals and makes the burden still
taxable.
Such
methods
are
clearly
and democracy.
Furthermore, experience shows that
an exemption once granted will not be repealed.
Also, to grant exemptions
and thereby to narrow the tax base instead of reducing the rate and spread¬
system of equality
the widest possible base, can only result in more
various interests and especially utilities, find
themselves unable to pay the going price for capital.
The New York general property tax became largely inadequate and mon¬
strous in its inequalities by reason of the tax exemptions through legislation
and administration.
The income tax law was adopted as a measure of
ing the assessment over
demands
C—USE
This
bonds
has
are
OF PUBLIC MONEY.
of land bank bonds.
7.—State purchase
already been mentioned under the
already
a
and about one-half of the amount
by four savings banks.
with the
for exemption as
justice to real estate investors as
vitiated by establishing a
4.—jo exempt incomes
purchased
not conform
non-taxable securities.
sold by the underwriters was
the investment of tax funds in private
dwellings.
this speculative activity will
unquestionably stop all private initiative until the scope and success of the
public operation is apparent.
This precludes the remedy from being effec¬
tive in the present emergency even if we concede the ability of Government
to handle such projects either quickly or efficiently or economically.
Second, the mere fact that foreign governments have engaged in real
estate operations or have extended the scope of their State socialism to
include housing operations does not warrant any stampede in that direction
by this
the injection of Government into
country.
constant
The present housing standards of
improvement, for both rich and poor, are
tions in those
America and their
far in advance of condi¬
destroyed through
countries where private initiative has been
interference of Government.
well as of public revenue—shall it now
be
precedent for exemptions'?
from mortgages up to
D—REGULATION;
limit the income
dead level of a
PRICE FIXING.
ownership onerous or uncertain as to profits;
from real estate investments; to place rented property on
utility.
practical phase of all such proposals will be answered if each of us
ask himself, "Would I invest my savings in real estate investments
will
(always more or less
The
thinks
speculative) under such conditions?"
obvious so long as we have constitutions
legal difficulties are equally
intended to protect
what we have rather than to provide
he wants—to use
an
extra session to
in New York, he
replied: "For the last two years the Attorney General has been searching
for a way to curb profiteering.
We have looked in vain. Relief laws
passed in other States are of doubtful constitutionality.
No one wishes,
I take it, that I call a special session of the Legislature, with no definite
program to submit and with the prospect that law, if passed, would soon
after be held invalid.
*
*
*
The only thing I see now, is that you
real estate men round up and discipline these rent hogs.
It is to your
interest more than any one else.
If some correction of the evil does not come
soon, it will mean, gentlemen, that a few more years and you will see your
property impressed as a public utility."
Finally, the Congressional act to create at Washington a rent commission
with power to decide the reasonableness of rent and among other provisions
depriving an owner of the privilege of taking possession of his property at
the termination of a lease, was declared to be a confiscation without com¬
pensation and not even within the war powers.
It was decided in other,
words, that Congress has no power under any circumstances to take private
property for a private,use—and that is the net effect of many of the soGovernor Lowden
meet housing
of Illinois was importuned to call an
conditions in Chicago which parallel those
called remedies which are now
proposed.
FOR
$40,000 from the state income
only from 1 to 3% on the interest received
appreciable bearing upon the flow of
capital is not claimed
each with what he
Hill. When
expression of Dr. David Jayne
THE
SAVINGS BANK
„
S.
Fred
Leo
That this small exemption of
to
the
The
tax.
have any
Such
banks in New York,
The interest rate on those bonds does
present value of either taxable or
8.—To authorize
previous heading.
legal investment for mutual savings
9.—To make real estate
deposit in commercial banks.
|
will
which heard the present proponents of the exemption in
small
depositors.
It
would reduce the earnings of savings banks without increasing the amount
of their mortgage loans.
Investments in acceptances are in fact cash re¬
serves rather than investments.
The real seriousness of the situation is
evident when we compare the thirty-five millions of bankers' acceptances
and bills of exchange held by the savings banks with the one billion two
hundred twenty-seven million dollars invested in loans on real estate.
Savings depositors are entitled to the highest return which is compatible
with sound savings banking and means should be devised for increasing
ihe earnings of the mutual savings banks, if possible, rather than by forcing
this thirty-four million dollars back to the 2% "which can be earned by reThis
can
this
normal rate of interest.
three times the
more
that
Secretaries of the Treasury nor from the remarks of the House Committee
First,
conditions.
2.—Require banks to loan up to 80% of the
tax
City, we fail
small, if this
as
nationalizing the loan associations as proposed
them.
on
said
Most serious is the fact that
The penalties which accompany such violations of economic
and no legislation can avoid
destructive..
is
resources.
Quick decisions will be attempted by the
near
well
obtained from reading statements of the present or previous United States
sidy.
which the New York Legislature may
The Unfortunate haste with
its projects
it
But
scheme contem¬
private financing and also with Federal State
loan associations'
as
encouragement for any Federal exemption to mortgage interests
plates the issue of tax exempt securities, to compete
other
large real estate
is really an emergency measure.
dwellings from taxation for five or ten years, is declared
new
limit of forty thousand dol¬
large investors should not be subsidized
to see why
Treating of the untoward results of the several pro¬
one
a
units required for residential and industrial uses in New York
principles which might escape atten¬
positions advanced for relief,
Exactly why
lars was selected has never been shown and in view of the
association, through the Savings Bank Section, "to comment
on
But it is made to apply to both the billions of
by its proponents.
mortgages now outstanding and to the new capital which it is sought to
frame its projects
Sept. 16 1920.
Strong,
SECTION,
President,
Day Woodworth, Secretary.
CHRONICLE
THE
1S34
DEVISE
TO
COMMITTEE
CO-OPERATIVE
[Vol. 111.
Chamber of
Commerce) of Berlin, Germany, is to be
established.
FOR
PLAN
MARKETING OF GRAIN CROPS.
The
Chamber
States has been notified that
The
a
appointment of
committee of seventeen to work out
a
plan for the co-operative marketing of the country's grain
announced at Washington on Sept. 16 by J. R*
Howard, President of the American Farm Bureau Federation.
crop was
It is stated that methods of
co-operative grain elevator
ciations in the Middle West and of the
asso¬
grain raisers of Western
Canada will be studied, as well as the systems used in similar
marketing enterprises by fruit growers and other producers.
Two years of
preparation would be required before
Federation decided.
I desire
crop
emphatically to deny that any policy or plan involving price fix¬
ing has been decided
by the American Farm Bureau Federation or
upon
committee appointed by it.
any
a co¬
could be put in action, the
Mr. Howard is quoted as saying:
operative plan for the grain
We desire merely to evolve
Commerce
of
the
of
New York advisory
a
re¬
United
board has
been established for the purpose of re-organizing the Berlin
Association.
limit
to
W. R. Steinway, 107 E. 14th Street, is chair¬
board.
this
of
man
voting
control.
The
is
outlook
The
Association will be re-organized
Americans,
to
power
hopeful
assuring American
that the
who
men
are
re-establishing this organization will be successful in build¬
ing out of the old association
Commerce
will
that
do
of all business communities.
at all times and
peacetime
no
of
It is pointed out that there is
distinct commercial need for such
a
American Chamber
an
good work and have the respect
particularly
representations
organization in Berlin
an
when
now
Government has
our
the
in
Capital.
German
marketing
a
system which will eliminate useless handling costs, unnecessary selling ex¬
ruinous price fluctuations due to market juggling and speculation,
penses,
and to
so
co-ordinate supply
and demand
the producer receives the cost of
profit, and
as
to insure that,
production plus
a
the other hand, the consumer gets
on
the one hand,
PROCEDURE NECESSARY FOR OBTAINING MEMBER¬
SHIP IN INTERNATIONAL CHAMBER OF COMMERCE.
reasonable and living
Numerous requests for information respecting the proceed-
adequate and unin¬
an
terrupted food supply at the least possible markup
on
ure
actual costs.
over
George Livingston, Chief of the Bureau of Markets of the
for obtaining membership in the newly created
necessary
International Chamber of Commerce
are
reaching the offices
U. S. Department of Agriculture, is one of the members of
of the Chamber of Commerce of the United States at Wash¬
the committee.
ington.
.
PLANS FOR MARKETING OF WOOL IN MIDDLE WEST.
According
to
advices
press
Sept. 23, preliminary arrangements
there
of
Middle
officials
Western
United States.
the
of
States
handle
all
meeting
a
of the
Federation
wool
Federation,
in the
grown
asked to
was
committee to work out plans for
a
Kans.,
By resolution J. R. Howard, President of
the American Farm Bureau
point
made at
were
Bureau
Farm
to
Manhattan,
from
a
national selling
The New York "Commercial" in its advices
agency.
ap¬
says:
The first problem for the agency, it was stated, will be the marketing of
than 30,000,000 pounds of wool accumulated in the Middle West and
more
Texas last
spring by the
growers
and taken
over
by State federations when
the wool commission houses refused to send buyers to sections where the
wool
polled.
was
The central association will attempt to deal directly with
the manufacturers of woolen goods in the East, according to J. F. Walker,
Chairman of the Wool Committee of the American Farm Bureau Federa¬
tion.
.
BUREAU
PROPOSES
CREDIT
ARRANGEMENT
negotiation of
the
interest
credit arrangement with Germany
a
the
of
wool
basis and is
other Central
in
in December, to ask that
convenes
credit for Germany and
a
European countries equal to the fund
this country as
now
held
the net proceeds of sales of the Alien
Property Custodian, less existing claims.
The
following
statement is credited to the Bureau:
Funds from this
and
her
source
which must
to
credit of this amount
At
a
time when
which
desirable.
will finance
The credit
a
over to
Germany
billion dollars and
a
involving further increase of
efficient producing basis
suggested
seems a
and
transfer
feasible
some arrange¬
of goods
is highly
plan| and has already been
given careful and serious consideration by several Congressional committees.
A bill looking toward this end would have been
passed last summer, in all
probability, had Congress not adjourned
Wool is
one
so
early.
of the commodities which furnishes
on
the basis of
imum
will
of the need of this German market.
The world's
interesting example
reserve
wool stock to-day.
according to the best available information, is greater than usual.
the usual
around
holdings prior to 1919 amounted to about half
a
billion and
amount to about
a
a
quarter pounds, the stocks
full year's
supply.
now
a
number
The accumulation of
result of the
Where
usual quotas.
now,
and
as a
coarse
wool
stocks
available
seems
to
coarse
be
a
direct
a
their
long time
wool stocks have accumulated in all
parts of the
world.
profit
They
of
About half of the wool produced in the United States is fine
wool, of which
every pound is needed for clothing, but, unfortunately, the
presence of these
quantities of coarse wool have been allowed to depress the fine wool
markets also.
To-day the wool grower cannot get on the open market
much more than half what the wool cost him to
produce.
Sheep
men
clip
millions
in
and farmers all
tremendous
of pounds
over
the country
pools—usually
are
State
holding their current
pools
aggregating
each—and will attempt to get prices
proaching cost of production.
more
many
nearly
ap¬
The negotiation
of a credit arrangement
with Germany would prevent enormous losses to wool
producers and would
be farrreaching in its effect in
encouraging sheep men to continue in business
and thereby protect our future wool
supply.
TRADE
OF
ASSOCIATION
BERLIN
TO
OF
BE
COMMERCE
AND
RE-ESTABLISHED.
In the interest of American exporters it is announced that
the American Association of Commerce and Trade
(American
and the
one
Organization
ten.
or¬
max¬
members
be
not
conducted
individual
for
Associate members will
purposes.
individuals, firms and corporations.
American
organizations, firms and corporations seeking membership
their applications
submit
SURVEY
OF
S.
U.
through the Chamber of
CHAMBER
FOREIGN
COMMERCE
OF
OF
ACTIVITIES.
TRADE
Evidence of unusual activity in the promotion of foreign
trade,
in inland cities, is found in
even
trade activities of chambers of
of the country
of the
ment
The
as
the seaboard.
in various parts
just completed by the Foreign Trade Departs
Chamber, in
displaying
of the foreign
a survey
commerce
Chamber of Commerce of the United States.
In many cases,
it
an
was
accouncement issued
found that chambers of
Sept.
commerce
In such towns
17, said:
in inland cities
much interest in matters of foreign trade
cities along
as
Chicago, Cleveland, St. Louis, Cincinnati
as
Pittsburgh, Detroit and other large interior manufacturing centers intense
in
interest
foreign
commerce
shown.
was
Many
inland
chambers
of
have established foreign trade bureaus.
This study of foreign trade activities developed that organizations con¬
sider
foreign trade matters of three
trade matters
of
importance in local communities;
less distinct varieties:
more
National importance;
foreign trade matters
Foreign
of general
matters of foreign trade information and
service."
Regarding the last phase of foreign trade promotion, it
was
pointed out
the National Chamber that greater use should be made of the valuable
commercial and other information to be obtained from Government agencies.
The investigation showed that chambers of commerce
indulged in twenty-
various activities in promoting foreign trade.
seven
LIBERTY
NATIONAL
BANK'S
The
city
INVENTORY
the 20th inst., contains
based
concerns
results, the bank
upon
in
says,
an
diversified
it
"inventory of industrial
inquiry covering
an
may
lines.
normal."
excessive,
are
to
labor
are
The
payable,
It will
of the
are
regarded by
being "below normal"
a
normal situation
availability of
be noted that
65%
materials,
of those
opinion that merchandise prices will
following is
under the various
sought:
as
of the majority that
accounts
supply.
interviewed
was
Conditions
collections, supply and efficiency of labor.
the feeling
be lower.
being "above
cancellations, inventories, accounts receivable
with respect to
as
as
"Above normal" also, but in these cases meaning
majority of those interviewed
exists
repre¬
be said that only 42% of those
transportation difficulties.
It is
many
Summarizing the
interviewed report the volume of their sales
the
IN¬
*Tndex," issued by the Liberty National Bank of this
on
conditions"
and
OF
CONDITIONS.
DUSTRIAL
"and
AMERICAN
must
partisan
for
or
sentative
vast
wool
delegates,
to be
seem to
consume
These markets have been practically closed for
result
of
cases
year's supply,
But nearly all of this surplus is of
inability of Germany and Austria to buy and
In general the number
organizations representative of the interests they
embrace.
Apparently there is no real surplus of the finer grades
wool, the kinds which we use in this country for the manufacture of our
clothing.
as a
delegate for each 200 members of the
one
the coraser grades.
of
hundred francs,
comprise National and local commercial, financial and
industrial
b„
an
The annual dues of
three
at
organization is entitled is fixed
an
ganization, the minimum in all
commerce
on an
fixed
An additional fee of 500 francs is
delegates to which
us.
the transaction
delegate.
one
of
have surplus stocks of certain raw materials which
we
Germany needs in order to get
ment
toward
up
be granted without
can
Germany's indebtedness to
or
only
are
eventually be turned
former associates mount well
the
minimum charge for organizations and entitled
a
industry is advocated by the
body to establish immediately
of members is
charged for each additional delegate.
American Farm Bureau Federation, which
proposes, so the
New York "Commercial" said in a Washington dispatch
Sept. 7, when Congress,
organization,
new
Commerce of the United States.
INTERESTS.
The
the
of
except that in the case of organizations this fee is used
should
WITH GERMANY ACCOUNT OF NEEDS OF WOOL
constitution
bership—organization and individual.
both classes
consist
FARM
in
The
National Chamber explains, provides for two classes of mem¬
a
digest of the replies, classified
subjects in regard to which information
Sept. 25
THE
1920.]
Production.—30% report production above normal;
normal basis; 48% report
Sales.—42%
normal; 35%
agreement which protects the contractor from
i
.
is
above normal; 55%
normal;
complain of shortage of coal.
Labor.—9% report
of labor
a
present surplus of labor;
normal; 38% report a
as
53% report the availability
shortage of labor in their
particular in¬
is below normal.
of those interviewed believe that prices will be
dustry; 100% maintain that efficiency of labor
Merchandise Prices.—23%
that present prices will continue.
Accounts Payable.—19% say situation is above normal; 62% normal;
19% of those interviewed state that they are below normal in this item.
Accounts Receivable.—48% report amount above normal; 40% normal;
higher; 65% that prices will be lower; 12%
12% below normal.
normal basis; 52% state that
collections are slow, and that in a few instances it was reported that notes
are being given by houses which heretofore discounted their bills.
Transportation.—92% of those interviewed complain of difficulties ex¬
perienced, with only 8% reporting normal conditions prevailing.
Of thoso
Collections.—48% say they are running on a
interviewed
94%
express
the opinion, based upon
transportation conditions are growing
their experience, that
better.
Pressed Metal Trades.—Cancellations largely on account of
TRUST COMPANY'S FIGURES
REAL ESTATE SALES,
OF
dcC.t 1914-1919.
Figures showing real estate sales, buildings
permits and
1914-1919 have been com¬
piled by the United States Mortgage & Trust Company
of New York, covering the following cities in which it is
represented: Atlanta, Ga.; Birmingham, Ala.; Cincinnati,
Ohio;" Dallas, Tex.; Denver, Colo.; Des Moines, Iowa;
Houston, Tex.;
Jacksonville, Fla.; Kansas City, Mo.;
Memphis, Tenn.; Mobile, Ala.; Omaha, Neb.; Portland,
Ore.; Richmond, Va.; St. Paul, Minn.; Salt Lake City,
Utah; San Antonio, Tex.;
San Diego, Cal.; Savannah,
Ga.; Seattle, Wash.; Sioux City, Iowa; Spokane, Wash.;
Toledo, Ohio; Topeka, Kans.; Wichita, Kans.
Compari¬
sons for the years 1914 and 1919 are shown by the following
mortgages filed during the years
tabulation:
;
Real Estate
Building Permits.
Sales.
$100,122,000
141,863,445
$201,987,000
1914.—
1919
390,073,231
-
The
totals,
it is stated,
are
Mortgages Filed.
$222,628,000
310,226,658
based on daily published
covered, but on account of the large
transfers made at nominal considerations and
of understating building costs in connection
reports in the cities
number
the
of
custom
doubtless far below the
actual figures.
It is added that practically without ex¬
ception substantial gains were made in real estate sales and
building permits in 1919 as against 1914, noteworthy in¬
creases
being shown by Cincinnati, Dallas, Des Moines,
Fort Worth, Omaha, Seattle, Sioux City, Topeka, Wichita
and Oklahoma City.
In commenting on the general situa¬
with
applications for permits, they are
tion Frank J. Parsons,
Vice-President of the United States
,s
made to specal patterns or designs.
Furniture.—During the period of low production the
made it
almost impossible for new building to keep pace with real estate sales and
the real demand for homes and business structures.
This has resulted in
increased borrowing and to a certain extent makes the real estate situation
It is clear that
construction costs and labor difficulties have
In the long run it may prove,
blessings in disguise, as they have prevented
excesses in building construction and real estate speculation at a time when
the mass of the people were little inclined to put any restraint upon their
calls for careful watching.
insecure and
however, that these factors are
spending or the enterprises in
which they were engaged.
ANALYSIS OF CONTRACT
CANCELLATION BY U. S.
CHAMBER OF COMMERCE.
According to
merce
a
statement issued by the Chamber of Com¬
Sept. 3, final analysis of the
of the United States on
investigation of contract cancellations
made by it shows that
phase of business is affected by this problem.
industries it says are hit harder than others.
In one
almost every
Some
division
of
the lumber industry
alone, cancellations have
amounted to 77,000,000 feet since
January, or more than
The survey reveals that these cancellations
were largely by buyers.
Some pertinent facts with regard
to cancellations in various industries are furnished as fol¬
3,500
lows
cars.
demand increased
building
rapidly, leading to over-buying and later, due to restrictions on
reaction In demand and a consequent
and housing conditions, there came a
cancelling of orders, particularly from those who
industry contempates taking steps, either
tions
had overbought.
The
through placing certain restric¬
ordes and contracts, or by an educational process to secure more
n
equitable treatment for the manufacturer who at present carries the burden.
Silks.—An unusual number of cancellations are reported, due to condi¬
tions in this line that have b een given
considerable publicity.
sentative organiz *tions of the silk people
The repre¬
has a bureau wh'ch adjudicates all
both parties to the contract.
claims for cancellation, with due regard to
in this line have been con¬
of the manner in which
orders are given and accepted.
Steps will be taken to make these orders
in future definite contracts, so that they will be more seriously considered.
Hosiery and Underwear.—The cancellations
siderable, the buyers apparently taking advantage
an
stated
earlier statement made
that
public Aug. 26, the ChambeJ
cancellations
most
either directly or
orders
of
are
largely due
indirectly to chaotic conditions arising from
times, according to a report on a survey of
war
the man¬
The percentage reporting that customers
cancelled orders because of failure to recognize the
ufacturing field.
have
sacredness of contract, and the
of
legal force and responsibility
order received and accepted
an
in good faith was it is
There is danger, however,
the report declares, that unless a definite stand is taken
against any tendency to regard cancellation of orders as
unimportant, and unless there is cultivation of a general
feeling that an order is to be considered more than a mere
memorandum, this evil may assume serious proportions.
comparatively small.
stated,
i
The Chamber says:
Fabricated Production
Department of the National Chamber in response to complaints from mem¬
bers that production was being interferred with, so much so, that plants
having had sufficient orders to run for months, were curtailing their efforts
or shutting down even though production of their product is below normal
and stock in the hands of wholesalers and retailers are light.
The com¬
plaints protested that the sacredness of the sale contract was being dis¬
regarded and that the buyer was willing to chance its legal enforcement.
To get at the bottom of the problem, inquiry was sent to 106 leading
The investigation of
cancellations was made by the
situation.
trade associations to learn the
Some of the questions were:
Is your industry
being affected at this time by
the so-called cancellation
evil and to what extent?
State most common reason
Has,
given for canceUation.
.
""I
action in this matter ? State what.
members accept cancellations, under what conditions?
your members in times of large production in securing orders,
cancellation clauses in order or contract?
or
will your association take any
If your
Have
inserted
in a general effort to
Would you cooperate
cellations
In
reduce the number| of can"
by. proper methods?
analyzing replies it was found
cellations
was
that the responsibility for many can¬
well as to the buyer. Some
chargeable in part to the seller as
chief reasons
of the
prompt
Mortgage & Trust Co., says:
manufacturers
schedules, particularly
the automobile makers.
Most contracts so drawn that the buyer must pay
damages in case of cancellations, owing to the fact that most of their product
using these products revising their manufacturing
In
MORTGAGE &
U. S.
buy,
*
produce in time to meet requirements.
to
interviewed describe conditions as
28% below normal; 100% of those interviewed
Availability of Materials.—17% of those
V
cancellations and an effort
being made to educate the trade against repudiation of orders.
Machine Tools.—Cancellations due largely to inability of manufacturer
Women's Wear.—Only a moderate number of
of normal figures; 20%
below normal.
12%
induced by the general publicity attacking present pr ces.
above normal; 47%
normal.
Inventories.—68% report inventories in excess
normal;
Clothing.—Many cancellations based on fear that the public will not
normal; 33% as normal;
Unfilled Orders.—36% say that unfilled orders are
report normal conditions; 17% below
similar reasons the project is abandoned.
or
that sales are below normal.
15% report less cancellations than usual.
under an
loss in case of cancellation.
where for financial
Building Lines.—Cancellations are uncommon except
that sales are
that sales are above normal; 25% say
say
say
Machinery Parts.—Most of the work is done on special or er
22% operating on a
production below normal.
Cancellations.—52% report cancellations above
1235
CHRONICLE
follows:—inability to make
stock; business declining; revision of production
for cancellations are as
delivery; over
Some replies indicated also that the
prices.
organizations have created a bureau
of contracts, to deal with all claims for cancellation of orders.
These
bureaus act simply in an advisory way, receiving from the complainant a
statement of facts as a basis for investigation, in due time rendering an
schedule; financial embarrassment.
public will not buy at present
The
survey
showed that several
advisory report, and in some cases
endeavoring to secure a settlement
i*
desired.
National Chamber
will hold a series of conferences with the Credit Cooperation Executive
Committee of the National Association of Credit Men in New York, to try
to devise, if possible, equitable means for handling cancellations.
Cancellations are not confined to this country as is shown by a report
from Nottingham, England, that British lace and hosiery manufacturers
and exporters have become concerned over the large number of orders
cancelled by foreign firms.
The Nottingham Lace Exporters* Association,
which represents the lace export trade of the country, recently decided that
no member of the association should hereafter accept any cancellation of
orders without the special permission of a committee appointed for the
E. W. McCullough, who
purpose
made the investigation for the
of investigation.
should a customer
will not be per¬
mitted to purchase goods from any other member of the association until he
has complied with his contracts.
The hosiery trade is considering similar
action.
There is no disposition here to imitate these English methods but it
is believed that the time is opportune to emphasise and stabilize trade'ethics
This means, according to
Consul Calvin M. Hitch, that
decline to accept goods, after
which make for
having placed an order, he
fundamental soundness in
business.'
by the Chamber:
Paper.—There has been a tendency to
pyramid orders predicated on low
later being cancelled after deliveries began to im¬
prove.
Again, there has been considerable cancelling where prices decline,
working considerable injury to the manufacturer who has been reluctant
to stand on his legal rights.
There is a disposition in this industry to create
a bureau to curb this evil in some equitable way.
Lumber.—In one division of the industry the cancellations amounted to
FRANKLIN K. LANE'S SURVEY OF
production, these orders
3,500 cars. These cancellations were
without any reason which would be valid in law.
number of cancellations because of inabUity
to secure cars.
No doubt there were also many instances where cancella¬
tions were predicated on decline of prices.
77,000,000 feet since January, or over
largely by buyers and
There were,
of course, quite a
NATIONAL
CONDITIONS.
A statement making
public what he calls "the first compre-
approximately accurate picture
political conditions
;hroughout the United States," was issued on Sept. 21 by
snsive, carefully-made and
of
industrial, agricultural, financial and
Franklin
Mr.
K.
Lane,
formerly
Secretary
of
Lane's statement summarizes a survey
the
Interior.
made through
j
900 field
of
CHRONICLE
THE
1236
of
Maryland at Baltimore and purports to cover every sec¬
Manufacturers, merchants, chambers
commerce, bankers, lawyers, business men and farmers,
it
is
stated,
questioned in the effort to mirror the
were
immediate economic
of
consensus
replies
and
political situation and obtain a
representative opinion
being
to the future, the
as
simultaneously
made
Mr.
telegraph.
by
Lane's statement in setting out his conclusions based on
the
The large outstanding fact
by
developed by the Fidelity and Deposit Co.
to be that the greatest issue in the public
the
it under Section 6
campaigners—the
high
of
cost
I
think
this
conclusion
might well be justified, but the blame should not be cast upon the producer,
and certainly the farmer has not received his share of the wealth which
decree in the
(U. S.
he
ation and industrial relations also occupy a place in
Tax¬
the general political
Least interest appears to be shown in the railroad policy of the
present administration, radical movements, and prohibition.
4
It is clear that the country is on a sound economic basis,
generally
and there is
spirit of confidence in the future, regardless of the outcome of
a
the election.
The business outlook appears to
be good in
ing that the
there
up
The retailer is find¬
is looking forward without fear to the winter, and his
consumer
purchases from the wholesaler
simple toiler
Wholesalers
section.
every
and retailers view the fall and winter optimistically.
are
through the tradesman to the industry and the financier
the connected feeling of confidence.
runs
report.
'■
no
ownership
railroads,
of
transportation conditions
everywhere
and
As to finan¬
reported."
are
That
several things:
may mean
First, that the people want money badly to put into producing activities;
second, that the banks attempt to get whatever the traffic will bear, shear¬
ing close to the skin; third, that there is
fourth, that those who have
There
other reasons,
are
money
no
an
inadequate supply of money, or,
There
1.
doubt, and among them that as the dollar
money
ent situation.
probably all contribute to the pres¬
*
The telegraphic reports from every section of the country state that
banks
are
well loaned up, although money is
tral districts at from 6 to 8% interest.
high
as
the
available in the East and Cen¬
The Southwest, Rocky Mountain
and Pacific States report the highest interest rates,
10%, and in the Mountain district
The
two
averaging from 8 to
beeA
12%.
as
principal grounds for this conclusion:
the Commission, in a divorcement of the stockyards from packer interest.
The plan as outlined will result, in the opinion of the Commission, in
2.
infraction of the monoply law of the land greater and more serious than
the existing infraction.
The facts
packers
to the
as
past stockyards relations of F.
the general increase includes corporation deposits,
counts show
a more
clearly that the
Mountain, has
While
individual savings
marked improvement everywhere.
ac¬
This seems to show
of spending and extravagance is over.
orgy
Chapter 5 of Part III of the Commission's report
like the present taxation system.
to
as
in the Chicago
(а)
stockyard^:
In the formation in 1890 of
pany) which paid S3,000,000
companies
on
the claim that it
substitute.
The Excess Profits Tax
Opinion is divided, however,
In the East
runs
to
a
strongly for
and Central West, senti¬
sales tax, but elsewhere, opinion
a
substitute is divided."
masters of
makes the
holding company (a New Jersey com¬
a
bonus to the Armour, Swift and Morris
as a
was necessary to
stock and bonds without adding
any new
capital to its funds
(б)
In the formation in 1911 of
surpluses of the previously formed underlying companies aggregating up¬
wards of $13,500,000;
and meantime concealed their connection with the
through the
of "bearer warrants," and of dummy officers
use
and directors, with the result that the
Noting that "we
the art of distribution of
producers of live stock and the public
authorities for years did not know that there was any packer interest in
the Chicago Stockyards, nor did the stockholders of the New Jersey com¬
know that Mr.
pany
they had signed
Prince,
the provisions of the plan to
contrary to
away.
That the plan now presented to the court will result in a greater monoplization of the stockyards services of the country than now exists is
principal stockyards in which the different packers
terests.
be
a
A
single holding company will
own
not yet
are
products," Mr. Lane
a movement
But it is not for the farmers'
must quickly culminate in action.
extensive stockyards monoply.
more
These fifteen yards handle
73% of the animals received at all stockyards
be Combined—Per Cent
Stock
Louisville
....
in
_
i
_______
Under the
a
service of comparative insignificance in contrast with
producer
himself
heading of industrial conditions, Mr. Lane says:
country in the world.
There is
no
to be better off than any other
evidence of idleness.
Our
people have
the opportunity to work and are at work.
Kansas
Three months
there
ago,
was
a
stronger Republican
sentiment than there appears to be now.
been, and is, Republican.
City______._.
1.52%
____
Pittsburgh
_
_
_
_
_
_
St. Joseph
Paul.
6.24%
__________
_______
________
Sioux City
________
What it will be
The trend has
in
_
______
Wichita
_-l
15__
a greater
COMMISSION
OPPOSED
TO
The plan proposed by the meat packers for the sale of
their holdings in stock yard market companies to F, H.
Prince &.Company of Boston, and the formation of a
holding
is opposed by the Federal Trade
Commission,
report to the U. S. Attorney General
plan "will result in
a
on
Sept. 17
greater monopolization
yard services of the country than now exists."
amalgamate, it says, into one holding company
fifteen of the
principal stock yards in which the different
packers now hold varying interests, a single holding company
owning all fifteen yards.
The plan of the packing companies
submitted to the Supreme Court,
in its report says:
monopolization of the stockyards business than
as
the defendants
divested of their stock in the hold¬
are
The decree, while ordering that the
temporary retention of an
in order to dispose of them
necessary
poration
organized to
stockyard interests, permits
interest less than controlling in the yards
take
reasonable terms) or in any cor¬
on
yard companies.
over
a
(if
are
The petitions of the
such that they cannot now dispose of stockyards securities, unless the
defendants retain
was
substantial
a
The
interest.
offers
of the
parties embodied in the plan provide for the retention of
"less than
50%" in the holding
company,
interest is to be other than permanent.
an
but in
no way
The plan permits the defendants to hold up to 49%
holding company's stock.
some
of the family estates, trust funds, or members
packer families who
defendants in this
are not
large holders in these stockyards.
vestment
of the
acquisition
up to
non-defendant
case
The
own
of the
nevertheless
The plan makes no provision for the di¬
the complete control
packer interests
are
packer interests, nor to prevent further
total ownership of the stockyards
or
holding company by the non-defendant packer interests.
to the
interest of
indicate that this
At present the packer defendants
ownership in these yards that amounts to 38% of the total voting
stock outstanding.
ant
contracting
an
The non-defend¬
17.% of the voting stock of the 15 yards in addition
38% owned by defendant packers.
plan provides that the old stock
in securities of the new company,
may
be paid for half in cash and half
but there is
no
limitation
on
the defend¬
ants' share other than that it shall be "less than 50%" of the total stock
of the stock
columns Sept. 4, page 996.
promotion by Mr. Prince
exists, but it contains elements to strengthen the packing house mono¬
of the
PACKERS' PLAN FOR HOLDING COMPANY.
asserts that the
_72.34%
defendants divest themselves of all their
five
TRADE
9.77 %
1.03%
only will be
show
November
gentlemen do not prophesy."
FEDERAL
5.37%
3.86%
;___
Omaha
not
1.75 %
4.41 %
Louis
St.
3.14%
8.95%
Oklahoma City
Furthermore
as
_____
_
defendants and the affidavit of Mr. Prince allege that financial conditions
"Politically," he says, "the replies indicate that"it is too
early to tell what the outcome of the November election will
will
.28%
.08%
Fort Worth.
ing company by order of the court.
rendesr.
Economically the United States is shown
1.62%
_______21.18%
__
__________
3.14%
ply until such time
It
Receipts of Live
Denver
much is taken for
a
on
____________________
_
New Orleans
(Based
1916).
_______
Chicago
now
which in
This will
markets in the country:
The consumer feels that somewhere between the farmer and himself too
the
the
hold varying in¬
now
all fifteen yards.
following comments:
benefit primarily that such
company
shown by
the fact that it will amalgamate into one holding company fifteen of
The amalgamation of the yards through this
these
the funds of
second holding company, The Chicago
a
Total,
be.
or
Stockyards Company of Maine, by which the Prince and Armour interests
this problem is of the greatest importance.
which
period be¬
by the investment of $1,000,000 secured control of the largely undisclosed
The fact that the fanners uniformly report a desire for some co-operative
method by which their products can be brought to consumers means that
that
do this in order to induce
them to maintain their plants at the Chicago yards for a 15-year
ginning with 1891; and which holding company has issued $27,000,000 in
St.
ment
as
a
the Meat-Packing In¬
on
dustry, which traces the history of Mr. Prince's connection with the packers
El Paso
"The country" Mr. Lane in his statement says, "does not
is in bad favor everywhere.
H. Prince with the
briefly in this report and have been shown in detail in
are set out
Stockyards Proposed to
decrease in bank deposits during the last six months.
a
the
long-time stockyards relations of F. H. Prince with the packers
There is great encouragement, however, to be drawn from the fact that
In only one of the nine geographical divisions, the Rocky
there
secure
'
have been such that the plan as outlined will not result, in the opinion of
wish to charge more for
No one can accurately say which of these
is the most important factor, but
causes
are
which he had secured their assent, was himself a beneficiary of the surpluses
lack confidence.
buys less than heretofore people with
now
the service that money gives.
F. H. Prince & Company of Boston, and
same to
holding company for all these yards, will not
a
objects sought in this litigation.
transaction
cial conditions the statement says:
In the financial field money is tight.
■r
for divesting themselves of their holdings in public stockyard market
companies, viz., by sale of
section
country did the investigators find sentiment in favor
Government
of
better
V;, V;'■
The conclusion of the Commission is that the plan presented by the pack¬
ers
its subsidiaries; and
Among other things, Mr. Lane states that "in
of the
From the
founded upon this optimism.
the stock¬
as respects
No other aspect of the carrying out of the decree is covered in this
an
The cost of living and foreign relations seem to be the main issues.
of the Government against the five largest meat packers
case
Swift & Company, et al, Supreme Court of the District of Col¬
vs.
yards.
creates.
thought.
investigation made by it of the manner in which the consent
an
umbia, in Equity, No. 37623) is being carried out
mind is being overlooked
living.
(paragraph C) of the Federal Trade Commission Act,
hereinafter set forth, hereby reports its findings and recommendations as a
result of
the formation of
report, says:
seems
The Federal Trade Commission responsive to the duties devolving, upon
representatives of the Fidelity and Deposit Co.
tion of the country.
[VOL. III.
indicated in these
The FederaliTrade Commission
issue.
At the lowest, the total big packer ownership (defendant and non-
defendant) would be 27 H %
for the non-defendants).
(half of 38 for the defendants and half of 17
Quite
(49 for the defendants and 17
terests)
as
readily it might be from 66 to 100%
or more
for the non-defendants packer in¬
.
In brief,
though the decree provides for
a
total divestment of stock interest
by the defendants, this plan leaves, the way open for them
defendant packer interests temporarily, and for the
permanently, to acquire absolute control of
that will
own
have
a
15 of the principal yards of the country,
majority control of but eleven of the 15.
and the
non-
non-defendant packer
interests
holding company
whereas now they
The Chicago, Omaha, Louis¬
ville and Wichita yards, in which the packers assert
they have only a minor¬
ity interest, will be brought with the other yards, under a single domination.
Sept. 25 1920.1
"with the packers the strongest
this plan
adopted, will be
13,900,000 tons, out of
proposed plan, if
confirmation of the structure and methods of the Chicago
a
of bearer war¬
Stockyards Company of Maine, including the employment
rants.
unnavigable, entailing
the Commission respectfully recommends this
Seqftion
That the Commission shall also have power
"Section 6.
"(C)
Whenever
which reads:
.
.
defendant
final decree has been entered against any
a
re¬
its
own initiative,
of the manner in which the decree has been or is being
carried out, and upon the application of the Attorney General it shall be
its duty to make such investigation.
It shall transmit to the Attorney
General a report embodying its findings and recommendations as a result
of any investigation, and the report shall be made public in the discretion
of the Commission."
statement
in which he
said "the plan is intended in
the yards
from packer ownership" was issued at Hamilton, Mass., on
Sept. 19 by Frederick H. Prince, following the announcement
good faith to bring about an absolute separation of
Commission's conclusions.
of the
inished control of the
yards by the packers, with a resultant
suppression of competition, Mr. Prince said:
"The Commission overlooks the fact that the court to
investi¬
gate this aspect of the case and to impose such conditions as
it may think necessary to make the separation certain and
permanent."
Regarding the charge that the plan means
the suppression of competition, Mr. Prince said:
which the
plan has been submitted has the power to
There can be no
competition between stockyards or terminals handling other commodities
in different cities except in the sense that there is competition between the
The yards are
merely terminals and do not compete.
Edson
quoted
as
White,
Vice-President of Armour & Co., is
saying:
better plan we invite them to submit it and they
feasible it will be adopted.
Their claims that our
plan does not provide for real segregation is erroneous, but we will welcome
any plan which satisfies the Government and is fair.
Here is an opportunity for the Federal Trade Commission to present some¬
rest assured if it is
thing constructive instead of
out
consumers
following its usual practice of destroying with¬
replacing.
direst need,
to the wants of householders in thost States
as
stated that there is
need for alarm.
no
and
a
program
developed to give
an
being
The
coal operators
of Ohio communities
immediate supply of
coal, sufficient, to last until the Great Lakes movement is out of the way.
In the same way consumers
immediate
in other states will be furnished with
uses.
with the entire
By taking only enough coal now to tide them
this time.
Dec. 1, the entire situation will work out with no great
anyone.
deprivation to
■
COMMERCE COMMISSION.
STATE
The Inter-State Commerce Commission on Sept.
several
INTER¬
BY
EXTENDED
ORDERS
PRIORITY
COAL
17, issued
of coal..
extended
giving preference in supply
orders designed to facilitate the movement
Under these
pronouncements the Commission
new
until further notice its orders
open-top equipment to coal mines
of
coal for
f
Householders need not feel it necessary to fill their bins
over
movement of coal to
and to priority of
public utilities, public institutions and
it likewise suspended the order giving priority
to New England via tidewater and'
ice plants;
movement of coal
to
issued
order
an
a
mine operators practically
wagon
As to these orders, the New York
mission.
in
giving
they asked for in the recent hearing before
what
the Com¬
"Commercial"
Washington dispatch, Sept. 17, said:
The extension of the orders as to coal car
No's.
orders
supply and priority movement
public utilities, public institutions and ice plants was accomplished
of coal to
7. 9,and 12.
15 and 16 which supersede service
These orders
would have
expired within tie
The Commission states that the emergency exists whica
days.
next few
justifies the issuance of the orders.
It was
pointed out at the Commission, however, that in service order No.
16, which relates to priority of movement of coal to public utilities, &c..
that the new order eliminates those utilities or ice plants which do not serve
the
r
/
that all the wants
will be adequately met before Winter sets In.
by the issuance of service orders No.
If the Commission has a
may
This
ample coal will be re¬
Ohio situation recently has been taken up by the bituminous
in
cities themselves.
F.
up
and the railroads, in conjunction with the retail dealers
As to the Commission's
permit increased rather than dim¬
assertion that it would
cleared
public utilities commissions in Ohio, Indiana and Michigan have
expressed concern
Winter's supply at
A
movement of over 1,000,000 tons a week.
filled before Winter, it may be
.
corporation in any suit brought by the United States to prevent and
strain any violation of the anti-trust acts, to make investigation, upon
big and small
While
transmitted to you by authority of law con¬
6 (C) of the Federal Trade Commission Act,
a
the Northwest program is
leased for the balance of the country, with every assurance
of the
This report is made and
scheduled movement of approximately 24,000,000
promise to accomplish
as
soon
a
remaining tonnage must be shipped before the lakes become
the railroads
As
plan be not approved.
tained in
The
tons.
»
For the foregoing reasons
*
Up to this week the lake movement for the year aggregated approximately
force in that domination and, for anything
provides, absolutely controlling and directing it.
It is submitted that not least among the effects of this
1237
CHRONICLE
THE
public generally.
In other words, such institutions will not benefit
by the order which reads as follows:
Sept. 19 1920, and until further order of
all common carriers by railroad within said territory to
"It Is ordered that, effective
NATIONAL
COAL
ASSOCIATION
COAL
With the temporary
merce
SUPPLY.
OUTLOOK FOR
<
serve
suspension by the Inter-State Com¬
order, which
of 1,250,000 tons of soft coal a
tidewater for tans-shipment to
entire soft coal
month
New England ports, the
situation throughout the country is appreci¬
statement made public by
Sept. 23.
The suspension
of the New England priority, which was ordered by the
Commission, last week, at the request of the New England
Coal Committee, makes it possible, says the Association,
for a substantial quantity of coal, released from tidewater
ably improved, according to a
the National Coal
Association
on
diverted to other points in the East and in
The diversion of this coal can be made,
it is stated, without prejudice to the supply which New
England will need to fill its, Winter requirements.
The
shipments, to be
the middle West.
statement further says:
Although the New
at
England priority order is only temporarily
suspended,
evidence is at hand to
immediately absorbed in the tidewater and allinduced the New England Coal Com¬
Inter-State Commerce Commission that the priority
disposal that could be
mittee to advise
With the New
the
necessary.
England situation now
relief is no longer necessary,
admittedly improved so that special
efforts are being redoubled by
the operators,
clear up the shortage in the Northwest, where the
situation has been even more acute.
While there has been a slight decrease
in the last three weeks in the Great Lakes movement under priority order
railroads and shippers to
No.
10, the
announced
make up the deficiency, with the
of fully meeting the requirements before the dose
railroads are endeavoring to
expectation
of navigation,
hospitals, schools and other public institutions of the United States, state or
municipal governments, may be kept supplied for current use, but not for
storage, exchange, or sale, be, and they are hereby authorized to place,
furnish and assign cars to coal mines for the transportation of such coal in
addition to and without regard to the existing ratings and distributive
shares for mines upon said railroads;
provided, no cars shall be placed,
furnished qr supplied by any such carriers without written application there¬
for, showing that such coal is needed solely for the current use of the appli¬
cant and not for storage, exchange or sale, in order that applicant may
continue its public service in daily operation;
which application, in the
case of public utilities not owned by some governmental agency, shall be
approved by the public service commission or railroad commission of the
State in which said plant is located if there be one; and all such applications
shall b" concurred in by the delivering railroads;
and provided further,
that such coal shall not be subject to reconsignment except to public insti¬
tutions as above described, and that a written report of the cars placed
hereunder shall be made to the Inter-State Commerce Commission by
the railroad placing the cars, as often as once each week."
There
was
practically no change made in the order with respect to
the
The commission did not modify the order as
requested by the steel companies, which asked that the order be made to
read that "coal cars" should not embrace open top cars with sides less than
supply of open top cars.
in
inches
42
height.
The
order as
it stands reads "38 inches."
large number of open top cars for the use of the
been
suffering
as
steel industry, which has
the result of the car shortage.
The action of the
was
The
would have released a
commission, with regard to the New England situation
regarded by officials as reflecting a distinct improvement in the North¬
The commission made the following statement as to the suspension
west.
of the New
England order:
this afternoon suspended the operation of Service
This order gave preference for the ship¬
approximately 1,250,000 tons of coal monthly to New England
through tidewater ports from Hampton Roads to New York, inclusive.
The action of the commission is based upcn a thorough review of the coal
situation, and was taken with the acquiesence and consent cf the New Eng¬
land coal committee and because the coal situation in New England had im- *
proved sufficiently so that the present continuance of this emergency order
is regarded as unnecessary.
Whether the order giving preference will
later be revived will depend upon the future course of coal production and
"The
commission
Order No. 11 until further order.
ment
of
movement."
/
The order affecting the
supply of cars to wagon mines provides that:
"'Upon any day when a common carrier by railroad is unable to supply
mine upon its line with the required open top cars, open top cars shall
furnished or supplied by it to any other mine which customarily does
not load or is unable to load such open top cars with coal within 24 hours
from and after the time of placement for loading by the carrier, until all
other mines have been fully supplied with open top cars."
any
not be
The wagon
that they
equal basis with
satisfied with a rule that would require
mine operators asked that they be put on an
tipple mines and said they would be
load a car within 24 hours.
the factor that
rail movements was
order was no longer
that public utilities which directly
franchise therefor with street and interand light, gas, ice, water and sewer works;
supply the public generally with ice; also
the general public under a
urban railways, electric power
also ice plants which directly
steel interests said that the modification requested
indicate that the New England demands for
the remainder of the year will be met without further resort to preferential
shipments.
The estimated requirements for New England for the calendar
year of 1920 are 22,000,000 tons of soft coal.
From Jan. 1 up to Sept.
11,15,480,000 tons had been shipped into New England.
Of this, 8,094,000
tons went all-rail and 7,386,000 tons by way of tidewater.It is expected
that the remaining 6,520,000 tons needed to supply the 22,000,000 tons for
the Winter will be shipped into New England before the middle of Decem¬
ber.
The railroads have signified their ability to handle this tonnage in
the ordinary way, in tidewater and all-rail movements.
Evidence* of how effectively the New England priority worked is found in
official figures submitted to the U. S. Geological Survey showing recent
movements of coal for New England.
Under the program agreed upon by
the bituminous coal operators and New England coal distributors early
in July a movement of 2,000,000 tons of coal a month, all-rail and,through
tidewater was set down.
Of this, 1,250,000 was to go to tidewater, the
balance all-rail.
In July, 2,573,000 tons of soft-coal were shipped to New
England, 1,566,000 all-rail and 1,007,000 through tidewater.
In August,
2,458,000 tons were shipped in the New England movement, of which 1.048,000 were dumped at tidewater and 1,410,000 went all-rail.
The all-rail
shipments are estimated from reports of the American Railroad Association
on the numbers of cars moving through the Hudson River gateways.
The fact that New England, at the beginning of last week, had all the coal
every
the Commission,
the extent that may be necessary in order
Commission of the New England priority
called for shipments
to
ON
about Dec. 1.
RESUMPTION
OF
WORK AT ANTHRACITE
MINES.
reported that
full resumption of opera¬
Dispatches from Hazleton, Pa., on Sept. 23,
preparations were under way for a
tions in the anthracite coal fields, where, for nearly a month,
the industry
"vacation"
the mines
virtually has been at a standstill because of a
Practically all of
strike of the mine workers.
in the Wyoming-Lackawanna
district, with the.
exception of the Pennsylvania Coal Company's collieries at
Pittston, resumed work several days ago.
These men and
those
in
the
district
Shamokin
ing the receipt of
ment of Labor
the
ances
Follow¬
telegram from the United States Depart¬
a
assuring its assistance in adjusting
griev¬
any
might have after they return to work, the
men
ENGLISH
CONGRESS
UNION
TRADE
The demands of the Trades Union
Eng.,
announced
are
as
The Trades Union Congress in
that in
session here, adopted
when In full employment.
Power should be obtained
necessary
tary committee
instructed to take
back
go
News of the committee's action
the
Friday, Sept. 24.
on
bulletined throughout
was
district, and union officials said they expected
The dispatches also stated that the Pennsylvania
response.
Coa
full
a
Company's
who had been on strike against the
men,
"contractor
system," had held
sider
proposition submitted by the company, which
a
new
meeting that day to
a
strike leaders thought undoubtedly
provides for the discharge of all
con¬
would be accepted.
men
It
By
affairs, by
July 19.
on
TO
ANTHRACITE
RATION
COAL.
The State of Massachusetts took control of the distribu¬
tion of anthracite coal within the Commonwealth
23, under
Sept.
on
order issued by Gov. Coolidge, by which the
an
rationing of coal to the householders is to begin at
than three tons of anthracite to any one family and to
more
deliver
no
said that
on
hand.
The order
made public by Eugene C.
was
Hultman, chairman of the State Commission
of
on
Necessaries
national labor
managed
congress.
Union of Railway-
delegates appointed by labor's council of action to
the two
Polish peace negotiation arrangements were having difficulty
MEXICAN OIL LAW
The
in obtaining
' v
passports.
UPHELD.
following copyright cable dispatch from Mexico City
appeared in the New York "World" of yesterday (Sept. 24):
decrees interpreting Article 27 of the
upheld to-day by
Oil
Government.
a
Constitution were
decision of the District Court in the
Company,
a
of the Trans¬
case
subsidiary of Standard Oil vs. the Mexican
The Carranza decrees, which
of subsoil petroleum rights,
provide for national ownership
require that claimants of oil lands declare their
discovery to the proper authorities and pre-empt them, in order to establish
title.
In Mexican mining law this is "denouncing" the property.
To-day's decision is most important, for it was made in a test case.
ruled that,
court
where outsiders had denounced
denouncement
proceedings, the outsiders had obtained title to the property.
The Transcontinental
Company, which had failed to denounce its pro¬
perty, contended that, if Article 27 is applied retroactively,
tory.
it is confisca¬
The Transcontinental will appeal to the Supreme Court of Mexico.
Life, also Fuel Administrator.
The
new
regulation
directly after
came
dealers and F. E. Dewey,
[Fron
Coolidge, the committee of coal
transportation expert of the New
Haven Railroad.
Gov. Coolidge issued a statement apart
from the coal committee's ration
that there
order, the gist of which
was
occasion for alarm, that he was confident
was no
that there would be
no
serious shortage, but for the
public
must "use coal
carefully and not to hoard it."
The conference, which was called to consider the hard coal
shortage, is said to
havetbeen
rived at
was
to make every
peculiar situation, in both legislative and diplo¬
a
matic aspects, which has arisen in
connection with the
Jones bill to protect and promote an
marine.
The law
passed rather hurriedly, and in the
was
haste there apparently was involved in some of
the "dis¬
criminatory" provisions which feature the bill
a
flict
our
of attitude
law and
and
prerogative
between
as
partial
commercial treaties with other nations.
our
effort to get hard coal to Boston
President, within ninety days, to give notice of abrogation
lots, and then to have its distribution suprvised
A dispatch
"The Sun and New York Herald" from Boston under
of
parts of treaties that restrict
any
right to impose
our
discriminating customs duties or tonnage dues. The Act
gives a 5% preferential to goods shipped in American bot¬
toms, in addition to other preferential treatment as in
saying:
railroad
The fuel
are
situation,
again
on
Is critical,
and
Boston
and
New England house¬
the verge of another winter with little
or no
coal in
their cellars.
In this city the
$18 a ton, but In
price—when
scores
one can
get the coal—is generally around
of cities and towns in New England one is com¬
pelled to pay $19 and $20 for anthracite, coal
*een
/
11 icellars.
n
can
tons
bituminous
maximum allowed
one
under
month's supply in
the
rule
sounds like
but this rule is to prevent favorites from getting unlimited quantlThe fact is, the average man is unable to obtain even half a ton or a
.
^?,tod the situation is one that borders
on
vessels.
h cother hand it is
ton here before the winter is Well under way.
*
The Governor and his associates, in this fuel emergency,
At first blush this
be righted.
/
TROUBLES ON A
COMING
TO
ROOST.
lightning,
labor strikes sometimes in unexpected
The last oddity of this sort has occurred in Washing¬
ton, where the September issue of a labor journal, published
the result of
a
regards
no
as
power
well
as
jurisdiction.
the
formulating of treaties is
him to carry out
own
even a
jealously
on
matter solely of execu¬
signature to the bill obligates
its provisions.
One Senator thinks there
liability to impeachment.
That there is in the White House
to
a
On the other hand it is argued by some
critics that the President's
the
score
no
a
sensitiveness amounting
of prerogative has
been amply
League, has been delayed
strike of pressmen and assistants.
also in the veto of the Budget bill.
as
need to
To
But there is
weigh such contingencies in view of
practical
consequences
between law and Treaty.
places.
in the interest of the Plumb Plan
as
in the premises, since the abrogating
and
{From the " Virginian Pilot" of Norfolk Sept 17, 1920)
like
easily stirred
enough demonstrated in the matter of the Treaty and the
LABOR PAPER—CHICKENS
HOME
an
prerogative
"directing"
believe that if the
•
less involved.
in part
It is argued that Congress really has
League,
LABOR
more or
seem
foreign relations.
«toftl producers can be induced to rush coal here in trainload lots and to live
#oon
might
resentment of invasion of Presidential
is involved
contracts with Massachusetts coal dealers the difficulty will
days go by
Congress in view of the effect
to
On
being urged upon the authorities to prevent, if possible,
jbe prices from soaring to prohibitive figures.
«tp to their
has let the ninety
lower
in Yankee
and apparently will await new amending
29 commercial treaties
upon some
tive
panic.
predicted by dealers in many cities and towns that coal will cost $25
a
But the President
action to be suggested
*
--ad possibly $30
exports and imports carried
on
..
be found that have more than
Three
secure
rates
without action,
Even higher prices have
paid by cities and towns and by manufacturers to
VftV.
Few families
con¬
domestic
date of Sept. 23 describes the condition of things as acute,
holders
new
American mercantile
Section 34 of the Jones bill "authorizes and directs" the
made that the decision
was
by the special committee of five coal dealers.
to
is
It
editorial in the "Boston News Bureau."
an
ar¬
At the close announcement
in train load
long one and held in secret.
a
THE JONES SHIPPING ACT.
DEFECTS OF
conference at
a
the State House of Gov.
as
The
company's property,
a
after the company had failed to comply with the required
coal to any family that has more than one month's
supply
had
proceed to Riga for the purpose of obtaining full information on the Russo-
once.
The order directs retail coal dealers of the State not to deliver
hitherto
James Henry Thomas, general secretary of the National
continental
,
which
committee,
The Carranza
MASSACHUSETTS
action to this end.
card vote, the congress decided to replace the
on a
industry affiliated with the
men,
The parliamen¬
fund, the resolution added.
a necessary
earned
wages
to force a levy on
labor general staff or general council representing every distinct
a
convicted of graft, and
places they had when the strike began
same
was
large majority
a
parliamentary
promises that all miners who return to work will be given
the
resolution today
a
falf below 85% of
should the level of income
no case
industry to raise the
22 to
Congress, at Plymouth,
declaring reponsibility for unemployment shall be borne by industry, and
district voted
Sept
HAVE
follows in cablegrams Sept. 9:
general committee of the mine workers in the Shamokin
on
WOULD
INDUSTRY PA Y FOR UNEMPLOYMENT.
by union
expected
were
officials to return to their places within a few days
[Vol. Ill
CHRONICLE
THE
1238
more
direct
contained in the situation
Other nations,
some
of them
as
our
commercial rivals, are not all pleased with the terms of the
Act,
as
they have shown in informal protests and otherwise,
and it is doubtful how far they would agree to omit any
provisions
desired,
as
or,
if abrogation
were
insisted-
on,
to
reinstate other provisions.
add to the irony of the incident, the publication bears the
of "Labor."
For once the strike chickens appear to
pressed
have
been
name
come
It is
its
a.
own
champions. ' If there is such
from this
organ
was
a
home to roost.
distinct novelty for the strike to be directed against
evil, it would have been
a
fair
thing
as
immunity
Such protest or
an
but
still
safe.
strike's
But it
a
seems
not.
assumption that
Even if it is all in the family,
strike—and there is at least
in America that
one
labor journal
is.acquiring first hand information
this form of industrial
war means.
as
to what
unwillingness has not been formally
ex¬
because these other nations have not to date
officially advised of the passage of the Jones Act by
Congress; they know of its enactment merely through the
press.
So far as we are concerned the bill has become law;
devoted to the interests of labor, and named "Labor,"
a
as yet
so
far
stand
calls for
the rest of the world is
as
made.
It is
an
concerned, the treaties
incongruous situation that
straightening out.
It may
jeopardize
possess,
as
require
any
some
skill to alter the Act
desirable features
of
the
29
so
as
not to
trea;ties
we
yet also to keep intact the value of the protections
intended by
Coast,
electric railways this truth has
sentiment—possibly in¬
alien interests—now seems to have been dissi•'
pated.
We
now
have in existence
to which the
—as
a
considerable merchant marine
great need is the
working out of managing
operating policy and a rapid divorcement from Govern¬
mental
control.
We have provided shipping assistance
and
equivalent to subsidies and other preferences.
It is a ques¬
tion now of not surrendering any of these to retain advan¬
'
other sort.
tages of
carriers has been so
controlled by
while their
expenses have been controlled by economic law alone, and have amounted
as expenses in all other business and among the private individuals have
mounted.
'
'
,
To restore electric railway credit it is essential that these artificial methods
of fixing electric railway prices should be done away with.
As the Com¬
mission well states, "public control must be flexible enough to enable them
to secure sufficient revenues to pay the entire cost of the service rendered,
including the necessary cost of both capital and labor."
The report of the Federal Electric Railways Commission strongly em¬
phasizes its finding that the systems of electric railway transportation are
permanent, essential to and must be preserved for the social and economic
RAILROAD REVOLVING
THE
FROM
FUND.
its issue of Sept. 23,
the "Wall Street Journal" comments upon the slow process
of securing loans from the $300,000,000 revolving fund
provided by the Transportation Act "for the purpose of
enabling carriers properly to serve the public during the trans¬
ition period
immediately following the termination of
Federal control."
The matter, it says, has been further
In
dispatch from Washingtonlin
a
complicated
by
a
words in the law
difficulty as
to interpretation
requiring the commission to
precedent to the making of a loan,
of the
certify, as a
"that the applicant, in
opinion of the commission, is unable to provide itself
with the funds necessary for the aforesaid purpose from
the
sources."
other
v
Commission
The
has
certified
to
the
Treasury its approval of loans to various carriers, including
the Illinois Central, Chicago Burlington & Quincy, Atchison
Northern, Ann Arbor, Delaware
the certificates
including a statement
similar to that quoted above, with
the addition of the words "except
at excessive rates of
interest," and the Treasury Department has returned cer¬
tificates and held up several loans on the ground that to say
that a road cannot borrow money from other sources than
the Government at reasonable rates of interest is not a cer¬
tification that it is impossible for the road to borrow money,
and that, therefore, the certificate is not in the form required
by the law.
Continuing all along these lines, the dispatch
Topeka & Santa Fe, Great
&
and Chicago Great Western,
Hudson,
referred to adds:
There
is
no
the Commission and the
Treasury
Department on this point and the Commission has readily conceded
correctness of the department's view that it must furnish a "clean" or
the
un¬
the Commission is faced with some difficulty in
accepting the responsibility thus placed upon it.
This is because of the
previous clause in the same sentence of the law requiring it to certify, as a
precedent to the issuing of a loan, "that the prospective earning power of
the applicant, together with the character and value of the security offered,
furnish, in the opinion of the commission, reasonable assurance of the ap¬
plicant's ability to repay the loan within the time fixed therefor and reason¬
able protection of the United States."
and other regulatory authorities,
and communities.
the present
marked the
development of the country during the last thirty years, continues, as is
evidenced by the latest Census returns.
The problem of caring for these
millions of city dwellers is not alone one of providing dwellings, it Is
equally a problem of providing local transportation facilities.
The industry needs immediately for such extensions and betterments
situation exists among the electric railways at
abnormal increase in urban population, which has
acute
The
time.
new
rehabilitation of existing properties which
the
and for
have deteriorated
$400,000,000 of new capital,
than $200,000,000 a
year, exclusive of its refunding obligations:
To-day the investor looks
askance at electric railway securities, and it is practically impossible for
these companies to dispose of either their stocks or bonds.
Under such circumstances it is no wonder that the Commission declared
that the "first essential is to restore credit."
No impartial investigator
can come to any other conclusion and it cannot too forcibly be brought home
to the American public that unless the confidence of the investor be regained
the electric railways of this country, which represent an outlay of more than
five billions of dollars, will cease to properly function and will prove of little
avail in the solution of the housing and transportation problem which con¬
fronts almost every community in the entire United States.
Ordinary business common sense dictates the way in which this must be
accomplished.
The credit of the industry was destroyed because its reve¬
nues were insufficient to provide a return satisfactory to the investor and
at the same time to provide surety that this return should be continuously
$300 000,000 and
during the war between
and it will
need for years to come an average of more
forthcoming.
service performed by these
The social
function and the
put in the way
utilities is their most important
undue obstacles should be
public interest demands that no
of the performance of their
service, which, as the
essential public
an
full public duty. They perform
Commission points out, can be
existence.' They
by the competi¬
the complete service
performed by no other means of transportation now in
should not be weakened in their ability to serve the public
tion of
jitneys or city buses
which cannot approach
rendered by electric railways;
undue burden of taxation
they should not be
compelled to bear an
should be given free¬
and public charges and they
practicable operating economy that is in
the public interest.
Only in this way are low fares possible and the lowest
fare compatible with the payment of full cost of service, including a return
that will attract the necessary new capital is. in the interest of both the pub¬
put into operation every
dom to
lic and the
controversy between
regulations and
in the main their revenue has been
dictum of commissions
the
functioning of our cities
LOANS
OBTAINING
OF
hedged about with laws, ordinances,
contract restrictions that
A very
DIFFICULTY
In the attempt to regulate the profits and the service
been lost sight of, and the operation of these
producing it.
some
affecting local interests, but such
spired by
1339
CHRONICLE
There had already been, mainly on
distrust of these, as supposedly
the Act.
Pacific
the
THE
1920.]
SEPT. 25
companies.
The report
of restoring
'
should awaken the public to the necessity
and if so the Commission will have
work in the public interest.
of the Commission
electric railway credit,
accomplished
a
great
qualified certificate, but
M.
H.
ADDINSELL
ON FINANCING OF ELECTRIC
POWER COMPANIES.
LIGHT AND
H.
M.
Addinsell, of Harris, Forbes
& Co., a member
of
Investment Bankers
Association, addressed the annual convention of the asso¬
ciation of Edison Illuminating Companies, at New London,
It is somewhat difficulty to say that a company that complies with these
requirements cannot borrow money from other sources, without some such
Conn., on Sept. 15, on the subject of Central Station Finan¬
qualification as the Commission had inserted with reference to the rate
cing.
This association is composed of the leading men of
of interest, but the Commission, considering that Congress had intended
the electric light and power industry in the United States.
to loan money under the terms of the law, had endeavored to give it a
practical construction by inserting the qualification.
In the case of the Mr. Addinsell called attention to the fact that the problems
Great Northern it has since issued a "clean" or unqualified certificate
of this great industry are the problems of every man, woman
and the company has got its money, but before proceeding further the
Commission is seeking further advice.
and child in the country, as either directly or through the
It has, therefore, announced a hearing before Division 4 at Washington,
banks, insurance companies, etc., practically every individ¬
Sept.'23, on the interpretation of the controlling provisions of the Act.
ual is directly or indirectly interested in the securities of
Although the most critical part of the transition period referred to in the
the
Public Utilities
Committee of the
on
Act has
expired, the Commission has
thus far announced its
certification
$60,000,000 of the loans from the $300,000,000 fund, and it
that some of the most important of the loans which the Com¬
approved have been held up in the Treasury Department.
-of only about
now
appears
mission
has
experienced in the administration of the fund has
caused by the necessity of formulating some plan for apportioning the
among the various roads, and for various purposes.
Further delays
caused by the desire of the Commission to make the available sum
Most of the
been
fund
were
delay thus far
possible, by requiring various roads which were to receive
fund to finance a part of their requirements from other
the Commission has also imposed a requirement
that the additional money thus raised should be procured at not to exceed
a specified rate of interest.
"
go
as
far as
assistance from the
sources.
In many cases
JOHN
H.
ON
PARDEE
NECESSITY OF RESTORING
ELECTRIC RAILWAY
The
statement
that
CREDIT.
"credit, vitally needed by
electric
the United States, can best be restored
by regulatory bodies making the rates of returns to lines
more flexible," was made by John H. Pardee, President of
the American Electric Railway Association, on Sept. 12.
He also strongly indorsed the declaration of the Federal
Electric Railways Commission in its report to President
Wilson that the "first essential to the industry is to restore
credit."
The formal statement in which he presented his
views was issued by Mr. Pardee at Washington, and he
railways throughout
stated therein:
In the electric
law dictates
in every other business, economic
of the product must be based upon the cost of
railway industry, as
that the price
these*companies.
"Not
He also said:
the direct or indirect
only on account of
financial relation are your
economic
the man in the street, but also because of the
importance of your industry, as the growth and prosperity of the com¬
munities you serve are directly affected by the character and extent of the
facilities with which you are able to provide them.
"My theory is that the solution of all the problems of the electric light
and power companies is the same broad solution that is the answer to the
economic and industrial problems that are at present pressing the entire
world for answer and of which the labor problem is an important and
conspicuous example.
That solution is very simple to express, but prob¬
ably very difficult to achieve, and it is simply to arrive at a complete and
mutual understanding of each other's problems which when arrived at will
make possible, if approached in a spirit of sympathy and fair play, the
equitable adjustment of our relations to each other. ... All that the
public utility companies wish at the present time is a square deal, and
that is all they are entitled to, and if it is a square deal that means that
the employees' and customers' sides of the deal is square also.
. . .
We may just as well face frankly the fact that the day of possible large
speculative profit in public utility securities is passed.
With the regula¬
problems those of
tion
that exists
and the
incontrovertible fact that these
industries are an
permanent part of the economic structure of the com¬
munities they serve, they are becoming, and I think will become, increas¬
ingly of the nature of quasi-municipal securities.
I look forward to the
day when the public utility practice and financing will be so standardized
and stabilized that the securities of these companies, at first in the larger
communities and eventually everywhere, will command a market closely
approximating—both as to level and ready marketability—that enjoyed by
the obligations of municipalities themselves.
I think that eventually some
combination of the indeterminate permit and service-at-cost franchise will
be universal.
I perhaps should mention, however, that in view of recent
experience, to be satisfactory such franchises should contain no maximum
rate and should provide a cushion in the form of a reserve fund to take up
indispensable and
1240
ilack pending the readjustment of
rates
the companies the fair rate of return
plated by such
the cards
portant
In the accomplishment
purposes.
familiar
with
addition
to
is
to
this educational
of
person
your
'promote the public welfare'—and
far-fetched to add 'to provide for the
country, are already
get
a
every
deal.
woman
man,
side
on your
square
common
your industry
and child in this country.
Let
in
way
our
"Serious
the prob¬
place these
"
train
in
Sept.
16,
vening of those bodies
on
Premier Millerand
installed
elected
was
Assembly
President
as
which
had
having received 695 votes out of
plete vote
fatigued for
the
on
convened
a
at
In
a
Friday.
This is not the
time, had
to
was
Duranty,
The facts
case.
cerebral lesion—in
a
was
from
that at
are
plain language,
an apop¬
due to excessive blood pressure, and in such
treatment prescribed
younger
patient
man
is absolute repose and freedom from
this might have led to
64 years of age it was
over
onerous
M.
Deschanel
a
complete
cure,
but with
obviously impossible for him
to
a
resume
duties of public life.
Having benefitted physically by his rest,
reluctant to admit the need of
retirement, but it has
was
been for weeks
com¬
common
gossip in political circles here that he
be able to stand the strain of the
Presidential office.
was:
Alexandre Millerand,
or
The lesion
the first
the
Versailles,
The
Walter
monument.
worry.
23, by the
total of 892.
Montbrison, where he
a
May, M. Deschanel, who had been greatly overworked and
some
lectic stroke.
to M. Deschanel
Sept. 23, without the usual formality of
from the hands of the retiring President
on
Thursday
the end of last
powers
M. Millerand
National
recon¬
Sept. 21.
as successor
to
copyright cablegram to the New York "Times"
cases
President
as
receiving the
was
a
worse on
Deputies with the
Paris
Some newspapers here declare that the
President's health grew suddenly
read simultaneously in the
was
Chamber of
from
Sept. 15, referring to M. Deschanel's proposed resigna¬
tion had the following to
say anent his failed health:
resignation of Paul Deschanel, President of France,
which was presented to Premier Alexandre Millerand at
and
while
Paris
The
on
rule out the election of President
reasons
officiate at the dedication of
OF FRANCE—PREMIER M1LLERAND HIS SUCCESSOR.
Senate
of
creature
Mr. Deschanel's
resignation was brought about by impaired
health, dating from May 24 last, when he fell from a moving
RESIGNATION OF PAUL DESCHANEL AS PRESIDENT
French
We must
by universal suffrage,
but between that method and the
method of to-day there is a gulf which can
without danger be bridged, in
my opinion,.with great advantage by consid¬
erably enlarging the electoral college."
to their final and permanent solution."
Rambouillet
whispered
by
problems definitely before them and I feel confident that in the long run
can count on the American spirit of fair play and the
square deal pav¬
way
are
900
we
ing the
a
The responsibility of the executive power, which
members of Parliament.
Constitutionally he is not the
Parliament, but is really the first representative of France.
it would
are
us
union of all powers under one head, whether it
be
break with this system and
give to each department entire authority ac¬
cording to its rights.
The President of the Republic is to-day elected
the fundamental proposition of seeing
on
a
thinly veiled.
defense'—of
The problems of
as
assembly.
ratifies decisions instead of
freely choosing.
These decisions
in his ear under threats which are sometimes
but
already
other personal interest, and who approach
or
desire to
a
or an
[VOL. 111.
theoretically chooses and appoints, inevitably disappears the day when it
im¬
work
be defined
may
contem¬
already been made.
The citizens who are
problems and who are interested in a broad
possible financial
not be very
of
continuously
that
has
the situation with
lems
insure
franchise.
a
progress
that you
thus
and
their investment
on
So the broad solution lies in frankly putting
the table and letting the light of
publicity shine on your prob¬
on
lems and
CHRONICLE
THE
would
never
695.
Gustave
Delory (Socialist Deputy from Lille, Department du Nord), 69.
Scattering, 20.
Blank,
M. Millerand's election to the
in the Caucus action
presidency
the 22nd,
on
of the Senators and
Deputies, he
of
groups
virtually all the
former
succeed
was
when, by
Deputies,
was
chosen
Deschanel.
and Leon
as
Press
Millerand
President
full
a
seven
of
the
the 23rd, the As¬
cablegrams from Paris Sept.
Millerand takes office for
M.
on
23rd,
said:
Future Presidential
years.
elections will take place in September at a time when both Chamber and
Senate have
been
officially adjourned,
Deputies
and
the third
highest vote
Thiers
being
lerand's vote
In
Senators.
was
his
necessitating the recall of all the
election
to-day
M.
ever given a French President,
unanimous
and
Deschanel
M.
Millerand
received
the election of M.
receiving
The agreement
the candidate
Premier
Bourgeois,
Regarding nis election
OF NATIONS.
foreshadowed
and parties in both chambers to
President
157,
Senate, 113.
sociated
ISLAND'S DISPUTE
BETWEEN FINLAND
AND SWEDEN TO BE SETTLED THROUGH LEAGUE
large majority
a
received 528 votes, Raoul Peret, President of the Chamber
of
ALAND
hundred odd.
one
734
votes.
dispatches from Paris Sept. 18.
decision.
date for the
presidency.
President Deschanel in his letter of resignation said:
My state of health
with which your
longer permits me to
no
confidence invested
of the National Assembly on Jan.
The absolute obligation
it my duty no
me upon
assume
the high functions
imposed upon me to take a complete rest makes
It is infinitely painful, and it is with profound heart
that I renounce the noble post of which you deemed
pangs
The duty of the President of the
me
Republic involves at all times
grave
It demands activity and
during the
when victorious France is called upon to reconstruct her
years
free from all weakness,
domestic resources, meanwhile assuring abroad integral application of the
treaty of peace
I have
so
gloriously, but
persevered
I fail in what I
even to
owe
you
so
the
dearly, gained.
the last extremity, but the hour is
in not resigning my functions into
come
when
also
said:
decision of Finland and Sweden to
accept the intervention of the
was taken at
to-day's meeting [the 18th] of the Council, which was
Hjalmar Branting, the Swedish Premier, and M.
Enckell,
by
Finnish
Foreign Minister.
The
Council
adopted the report of the
right to act.
The action of the two Nations
places in the hands of the League an Inter¬
was
thought might lead to
members of the Council do not disguise their satisfaction
war, and the
over
the
decision,
which is
pointed to as one of the strongest expressions of support and
fidence the League has yet received.
A commission of three has been selected to
furnish the
est
possible time
a
con¬
League in the short¬
report which will enable it to frame either
a
final
or
a
provisional settlement.
In
resolution which was unanimously
adopted the Council expressed
the hope "that the
forthcoming settlement of the question of the Aland
Islands will be the basis of the maintenance of
peace in that part of the
world."
hands.
your
dispatches
early
committee of international jurists which had been
appointed to determine
whether the League had jurisdiction in the case.
The committee deter¬
mined that under Articles III. and XI. of the
League covenant it had the
worthy.
responsibilities.
energy,
Press
national dispute which at one time
'
longer to delay announcing to you the decision I have been
compelled to reach.
Associated
an
wars.
The
the occasion of the session
17 last.
The
by the Executive Council
question and reach
The acceptance of the Council
us arbitrator is regarded by the members
of the Council as a
long step toward the recognition of the League by the
Nations of the world as a medium for the
prevention of future
League
candi¬
a
According to these advices
commission will be appointed
of the League to
investigate the
a
Mil¬
695.
Sept. 20, Premier Millerand had agreed to be
the part of Finland and Sweden to
accept
League of Nations for the settlement
of the dispute between them as to the
possession of the
Aland Islands, lying at the mouth of the Gulf of
Bothnia,
between the two countrieTs, was known in Associated
Press
attended
lOn
on
the intervention of the
a
Premier
Branting
At the instant when I retire I dare express the hope that the
representatives
and
Foreign
Minister
Enckel
both
expressed
their
approval of the
of the nation,
solution
whose patriotic unity was a powerful
aid to victory, will
maintain in peace their union for the greatness and prosperity of this adored
France, to whose service I have devoted
my
life and who shall have
my
course of the Council, and said
they felt confident that a
acceptable to both Finland and Sweden would soon be reached
by that body.
last
Prime Minister
thought.
It will be the role and enviable privilege of my successor to
ilege of
my successor to
glorify before the world within
a
glorify, priv¬
few days the
ac¬
complishments of the Republic, which, after having saved the National
honor fifty'years ago, has brought back under our flag Alsace and Lorraine.
Sure of fulfilling a most imperious, as well as the cruelest of duties, I sub¬
mit -upon the desk of the Senate and Chamber of
Deputies
my
resignation
President of the Republic.
as
in the Aland Islands question, has
proved its right to live as
an effective
means of
preventing future wars
growing out
of
International
cablegrams from Paris Sept. 21, in
detailing the action in the French Chambers on the resigna¬
tion, state:
/
According to the newspapers, Premier Millerand, if he is elected, will
attempt revision of the constitution to give greater stability to the Govern¬
ment and
enlarge the electoral college which chooses the President.
would have the
He
college include not only members of the two houses of Par¬
liament, but delegates from local elected bodies and great corporations.
M. Millerand also believes the President should be less of
a
figurehead
than has been the rule in the past, and that that official should
play a role
of
confident
and
cordial
collaboration
with
the
Government
in
office.
In other words, his idea would be that the President should be like the head
of
a
stock company, in which the ministers would take the part of
directors,
and the premier the managing director.
disputes.
Finland
was
use
the word
tense,"
'war,'
Premier
Branting
"Sweden has complete confidence in the League as
said .that it wa inot
*
so
much the dispositions of the French constitutional
tit
as
its application.
the
jphere
3*1
%
f'nment.
Each department should be independent in its
jhould not impinge on the territory of another.
Council
of
the
a means
we
of preventing
unhesitatingly placed
hearing International
needs to make it
wars
to
a
All that the League
most effective and certain instrument of
reducing future
the absolute minimum is the
participation of the United States.
Sweden and the other Nations of the world await the
entrance of America
with anxiety and the keenest interest."
Referring to
declared
Sweden's position
concerning the Aland Islands, Premier
never
would give up the islands, which
are
essentially Swedish.
Sweden has suggested a plebiscite
her claim, the Premier said, but the Council has not yet decided
what means it will employ, and three commissioners will make an
investi¬
to prove
gation.
T 1 (assent I*]guarantee of liberty," he declared, "is a division of
powers
:j
"The
difficulties and forestalling conflicts between Nations.
Branting pointed out that Sweden
system which xrpused criticism
follows:
our case in its hands.
I believe the action the
League has taken on the
Aland Islands question furnishes proof to the world that the
League, even
in its present state, is an efficient world court for
he
entering office, M. Millerand
declared.
future wars, and proof of this lies in the fact that
He is convinced, it is said, that
program upon
as
League, through its cautious but prompt action has dissipated the
feeling
of the Government.
his
say
but the situation between Sweden and
and Sweden believes the Council will settle the matter to the
satisfaction
of both countries.
>
this plan would assure great continuity aiid cohesion in the executive branch
In his address outlining
The Associated Press in Paris
cablegrams, reports what he has to
"I will not
The Associated Press
Branting of Sweden is reported as stating
League, through its intervention
the 19th inst., that the
on
Tyranny
Premier
Branting expressed the belief that the commissioners' report
will recommend return of the islands to
Swedish sovereignty.
Their in¬
quiry will disprove the Finnish contention that the majority of the islanders
'
Sept. 25
1920.]
THE
CHRONICLE
Finns, Premier Branting asserted, and the islanders themselves have
are
expressed strongly
desire to be joined with Sweden.
a
M. Enckell, Finnish Minister in Paris, has declared that the League of
Nations' conclusions
Saturday, when the Council of the League decided
on
it had the right to act as arbitrator between Sweden and
Finland in the
Aland-Jslands controversy, and announced its intention of appointing
commission of three to investigate the question, were
based
on
a
inaccurate
With regard to the contentions of
the two Nations in the
Sweden's claims to ownership of the
century.
They belonged to her
up
Aland Islands date back more than
to 1809, when they were taken by
Russia and attached to the Province of Finland.
as
a
of the
consequence
war
and
the
setting
Finland
ownership of the group.
now
population in the islands,
as reasons
why they should
now revert
to her.
In the
Spring of 1918, when warfare between the White Guards and the
Bolsheviki broke out in Finland, and it was reported that the
planned to make
use
Germans
The Aland archipelago comprises some
population of about 25,000,
group
a
over
was
eighty inhabited islands, with a
large proportion of which are Swedes.
The
the ownership of the islands has caused considerable
Sweden has been insistent upon the taking of a
action by the League of Nations the Aland question has been
allied councils in
one
form
or
on
before the vari¬
ACTION BY LEAGUE OF NATIONS IN CONTROVERSIES
recited
NATIONS.
time threatened to result in
war
is
the
accomplishment of the ninth session of the
Council of the
on
In part, the Paris
Sept. 20.
advices in recounting
press
getting the two countries to agree to an immediate suspension of hostilities
a
settlement of their dispute, which both sides agreed to accept.
The Aland Island question
issue
likewise is considered in a fair way for settle¬
appeared seriously to cloud the
A Finnish reservation which at first
ment.
was
explained
as
not offering an insurmountable difficulty and as
having been made largely for techincal reasons.
Sweden
League officials explained that although neither Finland nor
was
of
Let
It
was
further pointed out
that
settlement "if backed by public
a
opinion would virtually compel acceptance."
Count
Quinones de Leon,
Spanish Ambassador to France, and Baron
Keishir-Matsui, the Japanese Vice Foreign Minister, have been appointed
to represent
the League of Nations in the settlement of the Polish-Lithuan¬
ian questions, and it is expected that at least a
cease
passed
hostilities immediately.
asked Lithuania to adopt the provisional line of
a
resolu¬
The resolution
the frontier fixed by the
Supreme Council in December last and withdraw her troops from the terri¬
tory to the west of the line, while
Poland
asked during its war with
was
Soviet Russia to respect the neutrality of the territory
occupied by Lithua¬
nia east of the line of demarkation fixed by the Supreme
the
say
Mr.
In
certain reservations, the report of the Council on
as
an
These reservations
investigation by three commissioners.
given out by M. Enckell, Finnish Minister In Paris, were that Finland
so
interwoven with sovereignty over
the
as
"the heart of the
be simultaneously for Article X and for the
any more
than
an
American in Lincoln's time
world."
right here, in passing, that I
am a
fairly sympathetic human
Tumulty's statement
discussing Article X in
a
as
was
given to the New York
follows:
"No American
speech made at Marion yesterday Senator
be simultaneously for Article X and for the Constitu¬
can
tion of our Republic any more than an American in Lincoln's time could
simultaneously for emancipation and for slavery."
of
statement
Senator
Harding is very interesting in view of the
attitude of the leading members of his own party on Article X.
an
article in the "Public Ledger" April 30
1919, Mr. Taft said, in
The arguments against Article X which have been most pressel are those
directed to showing that under its obligations the United States can be
forced into many wars and to support burdensome expeditionary forces to
protect countries in which it has no legitimate interest.
This objection
will not bear examination.
In
the
article
same
would not involve
us
in
Mr.
Taft gave
additional
in war?
Little, if
reasons
why Article X
war:
us
any.
In the first place,
the universal boycott, first to be applied, will impose upon most nations
such
withering isolation and starvation that in most cases it will be effec¬
tive.
In the second place, we will not be drawn into any war in which it will
not be reasonable and convenient for us to render efficient aid, because the
plan of the Councl must be approved by our representatives, as already
explained in the third place, the threat of universal boycott and tho union
of overwhelming forces of the members of the League, if need be, will hold
every Nation from violating Article X and Articles XII, XIII and XV
unless there is a world conspiracy, as in this war, in which case the earlier
we get into the war the better."
a
In another article Mr. Taft said:
"All who have pressed for a League of Nations to maintain peace and
prevent war must thank God as they read the provisions of the constitution
of the League upon which the Nations in conference at Paris have agreed.
President Wilson is to be warmly congratulated that the League of
Nations which he
addresses
It is
and has
promised to the harrassed peoples in his messages and
urged before the conference has taken such a form.
real League.
It has clinching provisions.
Article X covers the Monroe Doctrine and extends it to the world.
a
The
partnership intended to secure to us
properly have, i. e., sovereignty
regulated by International law and morality and consistent with the same
sovereignty of other Nations.
The United States is not under this con¬
stitution to be forced into actual war against its will.
This League is to
be regarded in conflict with the advice of Washington only with a narrow
and reactionary viewpoint."
League is not
a
super-sovereign, but
a
and all Nations only the sovereignty we can
Mr. Taft closes his editorial indorsement of the League with the hope
with
the Aland Islands question,
retains the right to continue to maintain the viewpoint that
are
of
follows:
Harding said:
Council.
Finland also ironed out her difficulties with the Council by accepting,
which calls for
can
Republic
"Times," which prints it
tentative decision will be
The Polish-Lithuanian accord came after the Council had
the countries to
as
States of America.
ready for the approval of the League Council at its October session.
tion calling on
made at Marion,
rather break the heart of the world than destroy the soul of the United
legally bound to accept the League's decision, they were morally bound
to do so.
our
How much will it involve
Through its action in the Polish-Lithuanian crisis the Council succeeded
pending
No American
me
heart
what has been effected said:
in
were
gathering of Gr.A.R. veterans, the
could be simultaneously for emantiptaion and for slavery.
Article X, "the heart of the League," to revise which is "to break the
League of Nations which adjourned at Paris
as
a
discussing Article X:
difficulties between.four nations in
one
Harding's declarations
by Mr. Tumulty being
Constitution of
In
The smoothing out of
Attorney-General Wickersham,
There is much dispute about that which is known
League."
This
controversies which at
S.
and Herbert Hoover—on the article in ques¬
Sept. 20, before
statement
be
another.
OF FOUR
by Republican leaders—former Presi-
U.
particular remarks which occasioned the issuance"
plebiscite to decide the ownership of the islands, and before to-day's definite
ous
Senator
Ohio,
is Aland Island, which contains nearly one-half the
feared.
former
Siraus
Oscar S.
bitterness between the Finns and Swedes, and at one time an open break
in relations
Taft,
being, and I wouldn't break the heart of anybody knowingly, but I would
y":--
pop ulation.
The dispute
from utterances made
of the islands in connection with their operations in
Finland, Sweden sent troops to occupy them.
largest of the
on the 21st inst.
in which, in seeking to dis¬
Senator Harding's assertions, Mr. Tumulty quoted
prove
Sweden
her previous ownership, together with the large preponderance
up
of Swedish
Separated from Russia
revolution,
Russian
asserts that she is entitled to the continued
is
statement
a
tion.
dispute, the New York "Times" of Sept. 19, said:
a
Article X and for the constitution of our republic,"
Joseph P. Tumulty, Secretary to President Wilson, gave out
for
dent
premises, inadmissible by Finland.
1341
Finnish interests
"That a forward-looking Senate will not seek to defeat this grand advance
a just and lasting peace.
Now that President Wilson
brings back to us a real League and has fully made good his announced
purpose, it would greatly please this country if the Senators would give him
unanimous support.
Such action would be heard around the world with,
of mankind toward
acclaim."
the Aland Islands that Finland
alone has the right to decide whether there
shall be
a
plebiscite.
In another article Mr. Taft said:
Sweden,
Article X on predatory Nations would
war as the declaration of the Monroe Doctrine has done,
requirement of unanimous consent by the representatives of
the great powers in council before League action, would safeguard the United
States from any perversion of the high purpose of the League.
Moreover,
I believe that the issue of the League transcends in its importance any
domestic issue and would justify and require one who believes so to ignore
party ties and secure this great boon for the world and this country.
"I consider that the moral effect of
however, is urging the League to hold a plebiscite.
restrain them from
and that the
SIGNATORIES
TO
VERSAILLES
TREATY—MEMBER¬
SHIP OF LEAGUE OF NATIONS.
Advices to the effect that Rumania had
deposited ratifi¬
cations of the Treaty of Versailles on Sept. 14 were conveyed
to the State Department at Washington on the 17th inst.
This, it is stated, makes a total of *26 signatories to the
Treaty which have deposited their ratifications at Paris.
The list is
given
Belgium,
Canada,
India,
Greece,
Japan,
Portugal,
Germany,
The
as
follows:
Bolivia,
Australia,
Cuba,
Guatemala,
Liberia,
Rumania,
Jugoslavia (Serbs,
Brazil,
British Empire,
South Africa,
New Zealand,
Czecho-Slovakia, France,
Haiti,
Italy,
Peru,
Poland,
Siam,
Uruguay,
Croats and Slovenes)5.
the League of Nations under the
Rumania's acces¬
League was given
by Secretary Colby as follows on the 71th:
membership of
Versailles Treaty is now thirty-nine with
sion.
The official list of members of the
out
Argentine Republic,
Brazil,
British Empire,
South America,
New Zealand,
China,
Colombia,
Denmark,
France,
Haiti,
Italy,
Liberia,
Netherlands,
Persia,
Peru,
Rumania,
Salvador,
Sweden,
Switzerland,
„
SENATOR
HARDING
Belgium,
Canada,
India,
Cuba,
Greece,
Bolivia,
Australia,
Chile,
Czecho-Slovakia,
Guatemala,
Japan,
Jugoslavia,
Norway,
Poland,
Siam,
Uruguay,
Paraguay,
Portugal,
ASSERTS NO
Spain,
Venezuela.
AMERICAN
CAN
General under Mr.
Harming, does not agree with the
Republican candidate that the ratification of the League of Nations and
the Treaty of Versailles means that our boys "will be sent across the seas."
Evidently
In
In
answer
to
a
statement made
formerly Attorney
an
article in the "Baltimore Sun" he said:
■
There is another leading
Republican, Mr. Oscar Straus, formerly
tary of Commerce, whose views are at
candidate
In
an
as
Secre¬
variance with those of the Republican
have to bear under ArticleX.
to the burdens our country would
article appearing in the
New York "Sim-Herald," he characterized
the Versailles
Treaty as "the greatest political achievement of the world's
diplomacy."
He said that Article X means the adoption by the world of
the
principles of the Monroe Doctrine.
Evidently, Mr. Hoover, who is now supporting the Republican candidate,
Mr. Harding, does not agree
will
be compelled to
with the Article X bugaboo, that under it we
send "our boys across the seas."
discussing our responsibilities under Article X, said:
Mr. Hoover, in
;
_
"The League agrees that military force may be used in defense_against
invasion of one country by another, and the consent must mean the United
States Congress on our side.
From my own experience I believe that the
discussion, negotiations, arbitration and enlightenment of public opinion,
leading to the normal isolation of an outcast, will be all sufficient, coupled
with the knowledge that other weapons exist.
The hope which I, as an
independent observer, have placed in the League is that it will forever re¬
lieve the United States of the necessity to again send a single soldier outside
of our boundaries."
In further
discussing our responsibilities undSr Article X, Mr.
Hoover
said:
by Senator Harding this
week to the effect that "no American cap be
Wickersham,
"For, if Sir Edward Grey had been able to get Austria into a conference
with the representatives of the other great powers over the Serbian question
at the outset of the war,
1,000,000 dead men would be alive to-day."
BE FOR LEAGUE AND FOR CONSTITUTION-
WHITE HOUSE ANSWER.
Mr.
Taft, and who is now supporting Mr.
simultaneously
"^We
in
the League obligates that our sons be sent to fight
Yet the very intent and structure of the League is to
There is no obligation for the United States to engage in
hear the cry that
foreign lands.
prevent war.
operations or allow any interference with our internal affairs with¬
consent of our representatives in the League.
line of the Covenant is the complete negation of militarism.
During the course of negotiations in Paris the fact stood out with regard
to the League.
The opposition there arose entirely from the representatives
or the old militaristic regimes and from the reactionaries of the world in
general."
military
out the full
To me every
which
might very readily involve
text is
Leland Stanford
am one
the Nations of Europe
internationaux, tels que les traites d'arbitrage, et les
regionales, comme la Doctrine de Monroe, qui assurent le maintien
paix, ne sont consideres comme incompatibles avec aucune des dis¬
positions du present pacte."
"Les engagements
of the language and understand it perfectly.
iteral translation reads as follows;
engagements,
Monroe Doctrine, wnich assure
as
such as treaties of arbitration, like the
the maintenance of peace are not considered
of the present pact."
incompatible with any of the provisions
Comparing the two versions of
this solemn covenant, no one can fail to
perceive that one text is the complete
translation pretends to say
HARDING COMPARES ENGLISH AND
FRENCH TEXT OF LEAGUE OF NATIONS COVENANT.
the English and French text of
comparison of
A
the
language in the League of Nations covenant affecting the
Monroe Doctrine figured in the address Doctrine figured
on
G.
Ohio,
delivered to business men at Marion,
in the address
Sept. 11, by the
Republican presential candidate, Warren
Comparing the two versions, Mr. Harding
Harding.
said, "no one can fail to
perceive that one text is the com¬
plete reversal of the other."
As to the French text
"the intimation in English is that in the event of
he said,
conflict
provisions, the League covenant must be
made to coincide with the Monroe Doctrine but the literal
effect of the clause as originally drawn in the French, in
case a controversy arises, is the subordination of the Monroe
Doctrine to such a degree as virtually to involve its com¬
concerning the two
Here are Mr. Harding's remarks in
abandonment."
plete
detail
this point:
on
plainly that engagements like the
League Covenant must
pact." The intimation
conflict concerning the two provisions, the
be made to coincide with the Monroe Doctrine, but
the literal effect of the
clause as originally drawn in the French, in case a
as
incompatible with any provisions of the present
in
English is that in the event of
such a
involve its complete abandonment.
The President
American Commissioners signed both of these tacts in com¬
is the subordination of the Monroe Doctrine to
controversy arises,
degree as virtually to
other
Because I am
speaking to business men,
and because they have a special
contracts, I have a very
about to-day. Inciden¬
important things in the
We must perform our
legal obligations with great fidelity, and we must always hold our moral
obligations as inviolable.
If every one keeps his contracts faithfully there
would not be many
conflicts among either the peoples or the
nations of the
world.
•
.
;
the integrity of the Monroe Doctrine
would have soon arisen, with an apparent conflict between this cherished
American doctrine and the League covenant.
Americans would naturally
have said "the doctrine must stand unimpaired, for the covenant says that
Inevitably some question involving
shall affect the doctrine."
Any European power
good reason, "No, the doctrine must give way to the
nothing in the doctrine shall be considered
nothing in the covenant
might have replied in
covenant, for the covenant says
Each side would have been right, accord¬
in the treaty.
*
which version is correct, would of course, have been raised
incidentally, and, in the words of Lord Cecil, the Council of the League,
containing one vote' from the United States, "would have been called upon
to settle it."
Can any one doubt that the decision would have followed the
original French text, which is by universal recognition, the official language
of diplomacy ?
America would have had to acquiesce in the demolition of
her cherished doctrine, or go to war, contrary ,to her own solemn pledge,
incompatible with the treaty."
ing to its version of the language
The question,
to sustain that
doctrine.
One cannot help
destroy
but wonder whether the whole thing was a trap to
doctrine of Monroe, to which this republic has been
It is impossible to believe that the
the good, American
committed for more than a century.
intended to be an exact rendering of the French;
English version was
one
we
In
itself, might
first basis of controversy, and involve us with the nations of
were
readily be the
no
believe it was meant to be identical in purport.
will consent to
starting out with an ambiguity which, in
the Old World.
this
discrepancy was perpetrated without intention.
marked
very
Clearly, either America is
have sought to
believe
both charitable and considerate, but it is hard to
One wishes to be
that
being deceived or the representatives of America
covenant our
deceive the nations with whom we propose to
peaceful associations.
I do not believe the President would have knowingly been a party to
the
and I will not assume to say that the Commis¬
deliberately meant to dupe us, but there is mani¬
deception of his own country,
special matter which
I have in mind relates to the ambiguity, or the
sioners of other
important contract which it has been proposed
fest misunderstanding
leading nations of the world. If
the agent of a business establishment should negotiate so contradictory an
agreement an explanation would be called for very quickly.
Some of you will recall that Mr. Lansing, who was then Secretary of
State, and who was in a position to know pretty intimately about what was
going on during the negotiations at Paris, made the very frank statement
that if the American people knew what the Versailles covenant would "let
them in for," they never would stand for its adoption.
It was for such
frank expressions, and like fidelity to America, that Secretary Lansing was
retired from the service at the moment of his highest need to our country.
I want to point out to you, and through you to America, one of the danger¬
ous things Secretary Lansing was thinking about when he was speaking for
our nation.
I am sure it is a contradiction that no business man would
tolerate in a contract to which he is expected to append his signature.
The thing in mind is the consideration given to the great Monroe Doc¬
trine in the League Covenant and the very evident possibility, if not, indeed
a probability of the necessary abandonment of that doctrine by this country
if we had entered upon the covenant as negotiated by the President.
I do
not presume to give you an explanation as to the sources of contradictions or
the probable intent thereof.
However, the plain facts are that in the first
draft of the League Covenant the Monroe Doctrine, that strong declaration
of a groat national policy which we have cherished for more than one hundred
that America
shall enter upon with other
ignored entirely.
'
the President made his brief visit at home,
years, was
other column conveys.
In the English text
the exact words of Article XXI read as
follows:
"Notning in this covenant shall be deemed to affect the validity of inter¬
national engagements, such as treaties of arbitration or regional understand¬
ings like the Monroe Doctrine, for securing the maintenance of peace."
n
alluded
to as
Doctrine.
the
one
from the English text as proclaimed to America, and
outstanding expression which safeguards the Monroe
But it really does nothing of the sort, for
it is a very flagrant mis¬
representation of what the Monroe Doctrine really is.
The Monroe Doc¬
trine is not an "international engagement" nor a "treaty of arbitration" nor a
It is a plain, square, fearless declaration of the
warning against European nations exerting undue
"regional understanding."
United States which is a
republics of the
western hemisphere, indeed, it is America's warning to the Old World
against foreign aggression, for our own protection and for the protection of
influence or
applying improper pressure upon the helpless
those who have a right to look to this
of neighborly
tract, would have to
Republic for an effective manifestation
I
1
interest.
But this is not the main ambiguity in
the contract.
The point I really
wish to stress is the difference between the French and the
in the very beginning, which, in any
English text,
business con¬
he clarified before any prudent business man
would
sign.
Wherever the fault may
of intelligent
ure
lie, whether it is the fruit of duplicity or
the fail¬
understanding, it is very clear that only the Senate's
Doctrine be explicitly recognized saved this coun¬
demand that the Monroe
from a highly dangerous controversy,
try
Doctrine from complete
Those who advocate
extinction.
and probably has saved the
„
America's acceptance of the League covenant ought,
in ail seriousness, bring
forth the explanation of this shocking ambiguity
of
emphasize the fact that the acceptance of
the League covenant, as negotiated, which the President and the Democratic
nominee for his successor, have urged upon us "in complete accord," would
have meant the surrender of one of the precious inheritances of this Republic,
contract.
or
in all
I only point it out to
probability would have
and destroyed our
tions
involved us in a controversy with other na¬
peaceful relationship.
prudence, therefore, that we propose to
International relationship, and enter upon only
will permit us to play our part in bringing
about disarmament and commit the consciences of nations to maintain
peace.
Nobody is proposing to hold aloof from the onward procession of
humanity.
On the contrary, it is our part to be conspicuous in leading
It is
purely a matter of business
cling to our own freedom in
such compact
to new
of perfect clarity as
We mean to lift the voice of America to outlaw war
achievements.
In seeking this great
advadce,
nations as become the devotees of peace.
we
do not mean to begin on a foundation
but we want to start
which is of itself an encouragement to controversy,
with that clarity
of understanding wherein we know
which may hold us resolute
SENATOR
America is right and
and unafraid.
HARDING'S
VIEWS ON LEAGUE AS
PRESENTED TO DR. JACOB GOULD SCHURMAN.
Senator
Harding in
a
communication to Dr. Jacob Gould
Schurman, President of Cornell University, has stated anew
his views
on
the League of Nations, setting out therein that
"an association of nations for purposes of conference,
world court with jurisdiction of justifiable
I
This is the quotation
lands have
and settle controversies between
between periods of
negotiations he discovered that America would never consent to "scrap" the
Monroe Doctrine; that America was very strongly committed to the uphold¬
ing of this doctrine, and held it in little less reverence than the American
Constitution itself.
So, on his return to Paris, the President made, or pre¬
tended to make a concession to the reverence of the American people.
The
concession was made in connection with Article XXI.
The official copies of
the League Covenant, executed by the various commissioners, including our
own, were printed in both English and French, in parallel columns.
The
signatures to the covenant were appended beneath these parallel columns,
and very naturally each column is presumed to express precisely what the
When
'
'
,
conflict of terms, in a very
The
It is not difficult to see what
unqualified
Covenant.
been if the Senate had been driven into
the result would have
ratification.
short,
appreciation of the importance of clearness in their
special matter in mind that I want to speak to you
tally, it ought to be said that one of the most
relationship of men is the keeping of contracts.
The English
while the original version In French asserts
Monroe Doctrine "are not considered
validity of the Monroe Doctrine,
very
reversal of the other.
that nothing in the covenant shall affect the
mitting this Republic to the League
G.
read it
The
that the French is so simple and lucid that one can
without being a master
and'the
WARREN
The French
ententes
"International
of those who
us
de la
University speech he said:
hold that this war would never have happened if
had accepted the invitation of Sir Edward Grey to
a conference of civilians in July 1914.
I believe that if the intelligence of the
world can he aggregated around a table, the pressure from these responsible
men for a solution which will prevent the enormous loss of life and the fabu¬
lous amount of human misery created by war will be such that no body of
decent men in these times can resist it.
We have now seen the most ter¬
rible five years of history because the reactionaries of Europe refused to
come into a room to discuss the welfare of humanity.
From this mighty political, social and
economic upheaval there has
resulted a host of outstanding proolems which can breed war at any minute.
The liberal world is asking us to come into a council to find a solution for
these things.
That world is not asking for soldiers; it is asking for our
economic and moral weight, our idealism and our disinterested sense of
justice.
Are we not to take the responsibility that rests on the souls of these
men in Europe who refused this invitation in 1914'/"
"I
in unhappy conflict.
quoted as follows:
Translators say
with Mr. Harding that the League
super-Government whose object is war, for in his
Evidently Mr. Hoover does not agree
of Nations is a mere
[Vol. 111.
CHRONICLE
THE
124:2
am
confident,
conditions
now
now
be accepted by all nations."
prevaibng, be
says,
and
a
questions, would,
Under
"it is wholly possible to
perfect The Hague Tribunal so that its determination shall
be
effective,
rights."
Senator
and
accepted without surrender of national
A request for an exposition of his views came to
Harding from Dr. Schurman who indicated that the
request was prompted by the fact that a conference of college
and university executives
was
interested in international policies
to be held last Saturday (Sept. 18), and a message from
Senator
Harding would be opportune.
bis advices to Prov. Schurman said:
The Senator
in
Sept. 25
\
1920.]
THE
Marion,
Ohio,
Sept.
and
telegraph lines it
.expressly stipulated that
was
no
the telephone
such seizure would
made unless the exigencies of war urgently required it,
be
University, Ithaca, N. Y.—
President's House, Cornell
When Congress voted a grant of authority to take over
lines.
1920.
15
*
Jacob Gould Schurman,
Dr.
1313
CHRONICLE
but after the
given, without a new exigency having arisen and without a
its
suggestion that a word of greeting to the conference of university people
which you will hold on Saturday, Sept. 18, might be acceptable.
I am very
authority
glad to comply.
tage of the anxieties of people while involved in war to completely revolu¬
My Dear Dr. Schurman—Your letter of Sept. 11 is before me, with
The difference between our attitude toward the
that of
ratification of the peace treaty with what the
insists upon the
original Article X as the very essence of the covenant.
The Democratic
platform indorses this attitude and the Democratic nominee has unqualified¬
ly committed himself to it.
We must in fairness to him assume that if he
had the authority he would stand by this position.
If he should be elected,
Senate
V
League of Nations and
agreed upon as safeguarding reservations, because he
indeed,
to
we
would have to assume that the country had
given him
a
mandate
nominee
Democratic
covenant the President
international court of justice, a tribunal that
I oppose going into that
nations with an
shall be governed by definite
I favor a world association aiming at the
principles of international law.
practical expression of the consciences of nations planned to
focus world
opinion.
The
may
be assumed that the policy would have
Such was the undoubted intent of the present
did not have the
however,
experiment,
committing the country to the policy of Government ownership.
effect
of
We were
already enormously in debt, and the purchase of the railroads and com¬
munication lines involved
stupendous a sum that no sane Government
so
contemplate the purchase and financially disastrous Government
would
The Administration found itself without a
have been associated with us in this
proposed alliance
themselves hesi¬
were
could and I believe
condition of chaos,
to their owners in a
association of nations inspired by ideals of justice and
Such an association
would be potent in the effort to maintain peace.
The
1 There
was a very
deep
whether Congress could work out
or
plan to return them and perform the Government's proper part in aiding
to restore them to efficient service and the necessary solvency to continue
a
and effective operation.
their development
serious problem, which
involved the effectiveness of that transportation on which all the country
relies, and Congress gave very earnest and solemn
of the
avoid
the task, but legislation had to be speeded to
National disaster.
a
of what is known as the Cummins-Esch
The outcome was the enactment
than of power and self-interest.
proposed by the lower house of
The law is not precisely the thing
law.
thought to the solution
No one can dispute there was considerable haste, in view
problem.
of the extreme importance of
accepting it.
I heartily favor an
fair dealing, rather
policy.
everywhere as to whether the railway lines would be handed back
concern
Congress found itself confronted with this very
am
tant about
disposed to take advan¬
with the railroads and these communication lines had
reasonably
permanent.
Administration.
■
opposed to an offensive and defensive alliance of powers seeking to
dominate the rest of the world.
Even the other great powers which were to
I
made
been
was
Government policy in dealing with these public utilities.
our
If the experiment
been successful, it
"in favor of going in" to the
has declared
brought back from Paris.
I favor participation in a world association of
league.
tionize
which
operation.
accomplish this.
The
because an Administration was in power
President Wilson has twice rejected
oponents is easily stated.
our
the opportunity to secure
was
single new condition of peril, the telephone and telegraph lines were seized,
such an organization.
Under
prevailing in the world, with the world fully realizing
the awfulness of modern war, it is wholly possible to perfect The Hague
tribunal so that its determinations shall be effective, and accepted without
Congress, nor is it the Senate's conception of the best plan for restoring the
railroads to their owners under certain necessary provisions of government
surrender of national rights.
Cummins-Esch law is a compromise which
Hague tribunal gives us the foundation of
the conditions now
I recognize that the
world's peace is now to a great extent intertwined with
From that settlement I would save all that is
the settlement of Versailles.
a
world court with
which there is
Like all cases in
venture to say
conference, and
conflict between House and Senate, the
a
harmonizes the two.
I do not
that the law is perfect, or that it is the final word in govern¬
I do insist that the measure represents
best expression of Congress which could be worked out in the time at
command of the two houses, qnd that it has made the just restoration of
regulation and co-operation.
ment
the
jurisdiction of justificble questions would, I am confident,
the
An association of nations for purposes of
good and useful.
regulation.
j
This plan we have been repeatedly assured by European statesmen, would
meet their approval.
Mr. Lloyd George has frankly exprsssed opinion that
the League of Nations covenant might well be changed for the better.
Certainly it is our thought to improve, to save and build upon whatever is
good rather than to abandon the good there is and repudiate the world's
the railway
properties to their owners, and has happily provided the means
and fixed a
policy under which the railroads can be restored to that degree
aspirations for peace.
ment seizure.
be accepted by all
now
Viscount Grey has
with drafting a
nations.
generously proposed that the Americans be intrusted
It is apparent that the enlightened
reconstruction scheme.
to do this, and I should feel that to refuse
As I view it, we have an opportunity to do a great
leadership of Europe wishes us
would be
a
dereliction.
service to the world if we
wishes
us
will but undertake this effort which the
world
but feel that for us to continue insistence
ineffective, upon which our own people cannot
unite, and which the world recognizes as incapable of preserving peace,
would be to make this country recreant to a service which we really aspire
to render to mankind.
The Republican Party will not place itself in such a
plan which has proved
position
nor
which is so essential to the requirements of service to our com¬
I
country.
mon
The law effecting the
had
restoration includes the best provisions which we
developed in the period of regulation which
ways we
In some respects we have gone
have enlarged the Government
existed prior to the Govern¬
much further, and in many
control, and at the same time we
consideration the necessary Concern of the country
have taken into new
for railway improvement.
As
a
simple matter of truth, under the new
Commerce Commission
regime we have an Inter-State
with enlarged authority; we have recognized the ne¬
railways a compensation for service which will enable
have put an end to financial exploitation; we have put a
cessity of granting the
to undertake.
On the other hand, I cannot
upon a
of efficiency
will it surrender the supreme inheritance of national
freedom and
self-determination.
them to live; we
limit
I must emphasize one of the gross misunderstandings relating
It did not provide for a permanent Govern¬
Cummins-Esch Law.
to the
ment
guarantee of dividends on railway
limit
HARDING.
make
capital.
On the contrary, it placed
It did provide for a maintenance of rates for a
these dividends.
on
period of six months, which would
G.
WARREN
far as to put a limit on the
railway capital may earn.
At this pint
a
Sincerely yours
capital issues; we have even gone so
on
return which
guarantee a sufficient railway earning to
possible the financing of necessary railway improvements under the
But this guarantee of a 5H % earning was limited
control of their owners.
DEPARTMENTON A U THEN TI CITY OF FRENCH
AND ENGLISH
The
following
VERSIONS OF LEAGUE COVENANT.
advices
special
to
Washington
it from
appeared in the New York "Times" of Sept. 12.
Officials of the
statements at
enant,
State Department,
commenting on Senator Harding's
Marion to-day concerning Article XXI. of the League
present treaty, of which the French and English texts are
shall be ratified."
Therefore, the English translation of
as
Cov¬
"The
both authentic
pointed out that Article CCCCXL., of the Peace Treaty says:
carried in the treaty, is regarded as
text.
Officials added that there
could have been no attempt on the part of the
deceive the public as to the translation of this
might be more
literal, it was said, the English text as translated by officials connected
with the peace conference, was signed by the commissioners representing all
the powers and is, therefore, the accepted translation.
It was stated further here to-night that this same question had been
While the translation given by Senator Harding
article.
ernment to
maintain the
service.
provide new rolling
proof of
the inadequacy of railway transportation to our present day needs.
Coal
transportation affords a striking example.
If we had returned the railroads
without this temporary guarantee of earnings, which would permit them to
finance their necessary improvements, in all probability the great American
Hundreds of million.were known
stock and motive power,
system
would have broken down
It ought to
owners
in
Republican opponents of the League, but had been
inasmuch as even the translation, given by Sena¬
Harding, did not change the sense or intent of the article as translated
to be necessary to
and we have already had most convincing
entirely.
be said in passing that
Congress was not thinking alone of the
transition. When we guaranteed the
property for the first six months we also
providing for this period of
stockholders a return on their
.
American Government to
recognized as being necessary because
Article XXI.,
the proper translation of the French
months' duration, and was universally
of the admitted failure of the Gov¬
railways in a state of preparedness for efficient
of transition of six
the period
to
STA TE
stipulated that there should be no
reduction of American railway wages
In other words, we gave the American railway
workman precisely the same guarantee that we gave to the American owners,
and in neither case was this done with a sole thought of owners or of work¬
during that same period.
men,
I
but Congress was thinking of
already alluded to the
have
laced upon railway
the welfare of all the American people.
restrictions which the Government has
capital, railway rates and
brought up before by
simple truth.
dismissed as meaningless,
tor
with nothing
railway earnings.
It is the
tion until the railway business
in the treaty
itself.
We have eliminated every speculative phase of railway opera¬
has become an extremely conservative one,
left to inspire efficiency
OF
EFFECT
MENT
A
the
ON BENEFICIAL
ACT—GOVERN¬
CONTROL.
speech dealing with the Government's administration of
railroads, in which he observed that it mig t readily be
assumed that if the experiment
with the railroads and the
telegraph and telephone lines had been successful the policy
would have bee made permanent, wa > delivered by Senator
Warren G.
Harding at Marion, Ohio, on the 13th inst. before
gathering of trainmen, shopmen and clerks. In making
the statement that "the railroads were taken over for the
a
competition in service.
as
HARDING
TRANSPORTATION
WARREN G.
SENATOR
money
people with a very limited return
does remain that
them utterly under the command of Govern¬
agents.
Senator Harding continued in part:
to put
ment
Undoubtedly there was back
country who
to offer
of the movement the insistent forces in our
believe in Government
the opportunity for
and I sometimes
ownership of railways.
War seemed
the application of their theories of Government,
of the railroads was more impelled
suspect the taking over
of modifying our Government policy than the developing
of a better service for the conduct of the war.
This suggestion was later on confirmed by the insistence of the Adminstration that it be given authority to take over the telephone and telegraph
by the thought
made possible on capital employed. There
superiority in service, and
competition which may aim at
genius and talent may continue to appeal for
the approval of their constituency and the American people generally.
Naturally this enactment did not appeal to those radical advocates of
railway ownership or those socialistic theorists who thought the railways
ought to be seized by the Government and placed at the disposal of the
railway workers for permanent operation and profit.
Congress felt an
abiding obligation to restore the property seized for war to those who held
through that a genuine railway
title thereto.
I do not believe America
will ever consent to seize the
righteously-owned
place it in the hands of another. This would be a
fundamental of civil liberty and would take away from
property of any citizen to
violation of the very
all
men
the inspiration to
ment is the
acquire, because the protection of honest acquire¬
do and achieve and leads to that
thing which inspires men to
wholesome ambition for
war,
and pride in management except that
We have taken away that impelling force known
making and reduced railway operation to a serivce to the American
of
possession which is the impelling force
activities.
I like to
in all onr
•
speak of these things to wage-earners
because I know that the
aspires not only to acquire for
himself, but is ever thinking of doing better for his children than he has ever
been able to do for himself; and we would paralyze America, if we were to
workman most worth
while is the one who
adopt the policy of seizing
influence.
Every
also the right to
acquirements.
property lawfully owned to bestow it on
others at
in a position of great
man has the right to an inspiration to acquire, and he has
expect his Government to protect him in his righteous
the will of any group
which temporarily finds itself
it deliberately, I think the Cummins-Ksch law the most considerate
I say
piece of legislation ever enacted in the protection of any group
of workmen in
distinction and you will see that the Marion position was one thing one
day and quite another the day after.
I repeat
the United States.
The Government has fixed a
tribunal in which the workmen are given
time
hear and adjust all
And back of this tribunal is the
and grievances.
it immediate and ample justice.
labor and to grant to
While the law was
it constituted a distinct advance,
It
is
maintain
to
ours
and when asked to say why it should not be
The reply to them was, as
Government.
faith in
it shall be to you today:
which
Government in
a
every
citizen shall have
unfaltering faith.
Frankly
expression of Government concern which has
never been espoused in a legislative enactment heretofore and has given you a
new charter of freedom under which to continue your activities.
an
tiling that the railroad workmen are
I think it is an extremely important
uncertain operations of that natural law of supply
insured against the
and
and that your relationship to
demand which often interrupts employment
and justice. )
If any man thinks this policy is unfriendly to labor he has not stopped
to contemplate the spirit of the enactment\
There is not an anti-union
suggestion in it.
It does not even decree compulsory arbitration.
But it
does open the way to a complete revelation of all differences and puts
employment is'based upon the consideration of humanity
your
immediate and just settlement .
$1,000,000,000 to make the Government operation experi¬
irresistable public opinion
It cost America
ment in war,
and
back of
an
like
During the experiment of Government operation the
no one can say
experiement in peace.
that it would have cost less to make a
billion more, and the whole adven¬
deterioration in railway property was a
crushing obligation to the Government and the people
ture
brought
pay
the Government's obligations.
a
who
Our big task is to liquidate the loss
and start afresh.
It is
matter of very great
a
of particular concern we
gratification that the Cummins-Esch law
saved
permitted a promising
beginning of the necessary restoration.
We have not yet recovered the
efficiency for which the country is calling, but that must be worked out in a
spirit of co-operation between management and employes.
PRESIDENTIAL NOM¬
Justice
Orientals, she
reported in the
Court of International
advices from Paris, and in
press
arguing that these plans further tend to confound Senator
Harding,
ing evasive about this.
In
one
mad
a
as an
essential part of the League,
In part Gov. Cox
Some
know
effort finally to offer
substitute to the people of this
some
world court of justice be established for the purpose of settling dis¬
that they be settled, moreover, by fixed and definite principles of
putes;
Later
law.
there
Marion
hints from
were
organized by Elihu Root, which
to
was
that
be
a
such
a
court
was
being
substitute for the League
what
To-day we learn that the Commission, of which Mr. Hoot is a member,
made
its
establishing
report,
a
world court for the adjudication
that Mr. Root and his colleagues were
part of the League Covenant;
appointed by the Council of the League; that they made their report to the
Council of the League and this report is now to
be chosen
to
are
and their salaries
are
It is apparent,
by the Council and the Assembly of the League,
to be
paid by the League.
therefore, that this court of International justice, which
Mr. Harding hoped would be a substitute for
the League of Nations, now
essential part of the League, and one which without the League
appears as an
would have
be submitted to the various
Furthermore, it appears that the judges of the
members of the League.
court
no
standing whatever.
This limb having been cut off, Mr. Harding sitting on
the end,
time,
(Confuse the public and to keep both Senator Johnson,
kind of
any
first."
a
a
said:
Yes, and every part of America.
I
thought fs with reference to foreign ownership of land.
your
continent, which is now called
d when Christopher Columbus discovered it the Almighty pulled
a
back the curtain, and then and there was staged the greatest
the
history
»
the mineral resources
tinent.
sh
drama in all
f the world.
And here, under the inspiration of the hour, the
And the-)
were
made
fertile fields, the forests,
a*great
part of the reclamation of
a
fathers institute
our
'
a
con¬
democracy form of Government,
only for the benefit, the happiness, the improvement of our children
children's children, but as an inspiration to all the peoples
our
of th
And God Almighty provided that the fathers of America
well.
as
uld be whte
not
They builded the ideals
men.
upon
which
a
republc has
disposed to subscribe to that doctrine have the privilege of going
Again, in referring to the
same
question at Long Beach
Septi 21, the Governor stated that his policy
on
would be to
permit the State of California,
as
as
President
mostly inter¬
ested, to have the leading voice in the fixing of the National
policy toward Oriental
races.
GOVERNOR COX TO MEET ALL REASONABLE LEAGUE
RESERVATIONS.
telegram sent by Gov. Cox to Prof. Irving Fisher of
Yale, in which the former made known his determination
in the event of his election
President to
as
who is against
League, and Elihu Root, who is not only for the League but
has performed valiant services for the existing
League, for the party candi¬
secure
Nations,
made public
was
In his
September 17.
on
1
1
,
in
reservations which
the New York "Times" the telegram was sent
the
are
offered
According to advices from Reno Sept. 16 to
sincerity."
in
response
from Professor Fisher, who has organized
message
movement among
stated, spoke of
to
a
independent voters, favoring the entrance
of the United States into the
a
Professor Fisher, it is
Legaue.
statement by ex-President Taft that the
election of Cox would
mean
an
uncompromising attitude
both sides in relation to ratification of the treaty.
on
In his
telegram to Professor Fisher, Governor Cox said:
I
am
determined to
secure
of Nations, with the least
vations
The
the earliest
possible entrance into the League
possible delay and*with the least possible
needed to accomplish
rleser-
that result.
platform adopted by the convention at which I was nominated pere
mits reservations which will clarify and reassure our people and is
opposed
I have no doubt
Republican and Democratic Senators alike will loyally fulfill tht
that the
~
message
the Governor also said that he would "endeavor to meet all
only to reservations which would nullify and destroy.
date,
the earliest
possible entrance of the United States into the League of
we may
confidently look forward to another frantic effort from Marion in an attempt
to
statement
a
America, to be the experime tal field for the sons of men throughout all
of
We find, however, that this court is
questions according to rules of law.
a
"Ameri
reasonable desires for proper
of Nations.
has
said,
one
God Almighty intended this hemisphere, this
A
|who ardently desire the blessings of peace, the candidate of the
opposition [Senator Harding] in his speech of Aug. 28 made the suggestion
a
issue, it is learned
Governor Cox, in
made at the Convention Hall at San Francisco Sept. 17,
said:
country
that
question.
dispatch,
which, without the League, would have no standing
whatever."
In
"Times"
a
There is noth¬
flat offer of co-operation in any
a
further allusion to the Japanese
a
from
tion of the National Government in the work¬
It constitutes
decent settlement of this
sam«
in consequence with tne established Democratic
co-oper
plan whereby she excludes the Oriental settler.
a
working
At the
into the possession of
other Republican opponents stated that it
and
(the Court), "now appears
and
may expect,
principle, the genuine
come
back whence they came,
Sept. 15, Governor James M. Cox, the Democratic
as
made with friendly nations.
time, if California does not desire her lands to
ing out of
Jharmoniousiy
policy of the Government in
out such agreements as must be
Speaking at the Mormon Tabernacle at Salt Lake City,
a
California should not ask, and I am sure does not ask, for any
procedure in the Oriental settlement problem which cannot be accommo¬
dated to the general
lived, and those ideals will be maintained, and those from other shores who
OF NATIONS.
nominee, referred to the plans for
determination of their
United States is reserved the treaty-making
To th
establishing the relation of the Nation as a whole with friendly
nations.
are
on
laws enacted pursuant thereto
pledge our support."
The fundamental principle of the Democratic Party
of the United States.
not
INEE, SEES COURT OF INTERNATIONAL JUSTICE
Utah,
States with reference to the non-admission
domestic policies which they may properly exercise within the Constitution
earth
AS PART OF LEAGUE
speech of acceptance, that this is not
is that the States shall exercise every right in the
and
GOVERNOR COX, DEMOCRATIC
my
the subject of Asiatic immigration 6ays:
My interpretation is that California objects to land owned within her
borders by Orientals.
from the collapse of railway securities and has
us
said in
,
"The policy of the United
power
I think that the Cummins-Esch law has brought to you a
men,
protection, along with
was
of Asiatic immigrants is a true expression of the judgment of our people,
and to the several States whose geographical situation or internal conditions
they all agreed that it was ideal, that
Congress their only reply was that they did ont have
the decision of
again what
wobbling.
make this policy and the enforcement of the
pending I talked to a group of labor representatives
about the fairness of this provision, and
our
just demand of
of the United States Government eager to support the
power
for
The Democratic platform on
equal representation with their employers, a tribunal to
disputes, all wage demands
[VOL. 111.
CHRONICLE
THE
1244
people's mandate which my election will signify.
GOVERNOR COX
ON
DEMOCRATIC ATTITUDE
I
shall
which
JAPANESE QUESTION.
TOWARD
endeavor to meet all reasonable desires for
are
offered in sincerity and not merely
a
discussion of the Japanese
question at San Francisco
17, James M. Cox, the Democratic nominee for
Sept.
and make any
as
reservations
trumped up for
My heart is in this fight and I will put forth all effort
political purposes.
In
on
proper
presented
reasonable concession to win it, that wre may secure member¬
ship in the League for America.
President, pledged the genuine co-operation of the National
Government in the working out of a plan
land ownership.
in
a
criticism
Senator
The Governor's remarks
the views
of
Harding,
Governor said:
of his
speech
opponent for President,
States.
was
the
on
already in the hands
a
new
the question of immigration.
present
status is.
Senator
Governor Stephens, announced a
Senator Harding, in his
of the
newspapers,
ex¬
St.
Paul
on
"decide
States
whether
prior to the coming of
The latter, by spoken word, said that in
favoring "assimi.lability of alien borii," we must hold to "a full consecration
American prices and ideals."
we
shall
In tbi> country you will catch the fine
or
within
whether
resources
we
must determine
We musty he said,
undertake to
our own
make the
United
boundaries all of the staple food pro¬
ducts needed to maintain the
Harding,
Nation,
self-sustaining nation—which means that we shall
grow
change and the change clearly was to be
FARMERS.
Sept. 8 Senator Warren G. Harding declared
definite agricultural policy."
a
REPUBLICAN
delegation at the Minnesota State Fair at
"The time has come, when, as a
a
ON
BEHALF OF
IN
arrangement between the two
complete reversal was- witnessed after a conference between Governor
Stephens and Senator Harding.
a
HARDING
G.
PLEDGES
You people in California know
modification of existing compacts.
A
Talking to
"understanding" between Japan and the United
This meant but one thing;
countries
what
to
PARTY'S
upon
a new
WARREN
SENATOR
drawn forth
(
which
pressed himself for
were
the Japanese issue; and in part the
on
Prior to the coming of the Western contingent,
advance
a
whereby the State
California proposed to exclude the Oriental settler from
of
we
shall
highest type of civilization—
continue
for the benefit of
our
to
exploit
our
agricultural
industrial and commercial
life, and leave to posterity the task of finding food enough,
by strong-arm methods, if
hundreds
of
millions.
I
necessary,
believe
to support the coming
in
the
self-sustaining,
SEPT. 25
1920.]
1245
CHRONICLE
THE
|'.
•
independent, self-reliant nation, agriculturally, industrially
and
politically.
security and
which
on
We
ought to be done if
we
to put our agriculture
are
sound foundation have, Ssnator
a
Harding noted, been
mentioned in the National platform of
pledges he is committed, and in
the party to whose
recital of these hesaid:
a
in part:
During the
past seven
years
the right of agriculture to a
practically ignored, and, at
The farmer has a
the admini¬
times, the farmer has suffered grievously as a result.
interest in
stration of
our
trade relations with other countries, in
financial policies, and in many
our
of the larger activities of the
His interests must be safeguarded by men who
government.
his needs, he must be actually and
essential to farms
as
as a
associations for the
The concert of agriculture
marketing of their products must be granted.
is
similar concert of action is to factories.
a
and
prices
view
Stabilization
to
production
farm
agri¬
both at home and abroad
costs,
contribute
everybody's
to
confidence.
Farmers have
complained bitterly of the frequent and violent fluctuations in prices of
farm
They do not find
the products of other industries.
In a
according to whether
there is a plentiful crop or a short one.
The farmer's raw materials are the
fertility of the soil, the sunshine and the rain; and the size of his crops is
measured by the supply of these raw materials and the skill with which
he makes use of them.
He can not control his production and adjust it
general
prices of farm products must go up or dowrn
way
to the demand as can the manufacturer.
We must get a better understanding of
and sometimes from day to day.
factors
which
But he can see no good reason why
should fluctuate so violently from week to week,
the prices of his products
which shall bear
these violent fluctuations and bring about average prices,
a
We do not offer any quack
reasonable relation to the cost of production.
remedies in this matter,
but
do pledge ourselves to make a
we
thorough
remedy
To
Stop Price-Fixing.
of farm
product
arbitrarily fixed
at a point which does not cover the cost of production, the farmer is com¬
pelled to reduce the production of that particular crop.
This results in a
shortage which in turn brings about higher prices than before, and thus in¬
tensifies the danger from which it was sought to escape.
In times past,
many nations have tried to hold down living costs by arbitrarily fixing
prices of farm products.
All such efforts have failed, and have usually
If the price of any farm product, for example, is
brought national disaster.
Fifth,
we
to help
favor the administration of the farm loan act so as
who farm to
secure
farms of their own,
and to give to them long-time
methods of diversified farming.
authorization of associations to provide the necessary
credits needed to practice the best
We also favor the
Of this number 4,900,000
5,600,000.
was
incomes
of
$5,000
and less.
ment
plan.
There
received
were
were
re¬
for
in
Three million taxpayers
this class elected to pay in full, and 600,000
by the install¬
1,300,000
non-taxable
The number of individual returns for incomes in
returns.
excess
of $5,000 was 700,000.
these tax payers
Two hundred thousand of
paid in full and 500,000 by installments.
Sixty-five thous¬
The number of
paid in full, and 100,000 in part.
machinery to furnish personal credit to the man, whether land owner or
tenant, who is hampered for lack of
working capital.
The highest type of
who own it.
rural civilization is that in which the land is farmed by the men
non¬
taxable corporation returns filed was 175,000.
According to advices from Washington appearing in the
daily
the middle of August about 20,000 persons made
to the effect that their incomes during
papers
sworn
statements
1919 reached $50,000 a year;
these it is stated,
the millionaire class, since $50,000 is
probable return
of
on
figured
are
as
placed in
the lowest
The New York "Times"
$1,000,000.
Aug. 15 in reporting this, added:
of
this
However, not all of these "millionaires" are actually the possessors
Men with incomes of $50,000 as salaries would come in
$1,000,000.
Some, in¬
classification, and many of these have no large sums in bank.
deed, live
their salaries and have no investments.
on
But contrasted with these
"millionaires"
the two million persons in
are
the United States whose incomes are $2,000 or less.
The Internal Revenue
4,000,000 individuals who have rendered
Bureau estimates that half of the
statements come within the $2,000 class.
There
are
who have incomes above $3,000,000
two men in the country
and thirteen with
It is said 162 have incomes
and $2,000,000.
incomes of more than $750,000.
of $1,000,000 and ninety possess
14] that 16,000 men had incomes of $50,000 to
Officials said to-day [Aug.
products and to ill-considered efforts arbitrarily to reduce farm
men
It also
before March 15 1920.
on or
incomes between $1,500,000
promise to put an end to unnecessary price-fixing
we
that the greater
annually, twenty-eight with incomes above $2,000,000,
which promises a cure.
Fourth,
Sept. 11 stated
on
paid their 1919 taxes in full at the time
the total number of individual income tax returns
ceived
study of the disease, find out what causes it, and then apply the
prices.
profits taxes, the Bureau of Internal Rev¬
excess
Washington
filing their returns,
says
agricultural prices, with a view to avoiding
influence
calling attention to the fact that Sept. 15 was
number of taxpayers
products, and especially in prices of live stock.
fluctuations—such fluctuations—in
the
and
at
of abnormal fluctuations here
the frequency
reducing
will
1919—20,000 IN
FOR
CLASS.
day for the payment of the third instalment of in¬
enue
and
Third, the Republican party pledges itself to a scientific study of
with
FILED
Corporation returns numbered 340,000.
Scientific Study.
cultural
RETURNS
practically represented:
the right of farmers to form co-operative
Second,
understand
notice
a
come
Representation.
voice in governmental administration has been
vital
In
the last
of
Farm
First, the need of farm representation in larger governmental affairs is
recognized.
TAX
MILLIONAIRE
Some of the things
equal to the task."
are
INCOME
then the guarantors of our own
are
Among the rich men there are 1,271 in the $50,000 to
$750,000.
$60,000
$70,000 class; 658 who have $70,000 to
income class; 901 in the $60,000 to
$90,000 to $100,000; 1,084 who have $100,000 to $150,000; 476 who have $150,000 to $200,000; 263 who have $200,000 to $250,000; 131 who have $250,000 to $300,000; 134 who have $300,000 to $400,000; 74 who have $400,000 to $500,000.
More than 6,000 of the men with incomes of more than $50,000 live in
New York State, and about half of these reside in New York City.
Of the
twenty-eight richest men in the United States about half also live in New
York State.
Two of them reside in Delaware and are said to have engaged
$80,000; 472 who have $80,000 to $90,000; 374 who have
in munition making on a large
lives in Michigan.
and
one
scale.
Another whose name is celebrated
Pennsylvania, one in Texas,
is secret,
live in certain States establishes their identity with
One lives in Ohio, two in
Of course, the identity of these men
in Rhode Island.
but the fact that they
'
many persons.
Unfortunately, as land increases in value, tenancy also increases.
profit in the
operation of our transportation systems, but we are pledged to restore
them to the highest state of efficiency as quickly as possible.
Agriculture
has suffered more severely than any other industry through the inefficient
railroad service of the last two years.
Many farmers have incurred dis¬
astrous losses through inability to market their grian and live stock.
Such
a condition must not be permitted.to continue.
We must bring about condi¬
tions which will give us prompt
Seventh,
we are
service at the lowest possible rates.
pledged to the revision of the tariff as soon as
tions shall make it necessary for the
American
labor,
American
condi¬
preservation of the home market for
agriculture
and
American
industry.
For a
interest.
If we are to
self-sustaining agriculture here at home, the farmer must be
permanent good fortune all must have a common
build
up
a
protected from unfair competition from those
countries where agriculture
where the standards of living on the farm are
We have asked for higher American standards,
is still being exploited and
much lower than here.
let
us
CHAMBER
S.
U.
Transportation Systems.
Sixth, we do not longer recognize the right to speculative
OF
COMMERCE
Associated Press advices from Buenos Aires Sept.
Protest against the assessment
18 said:
of the United States income and excess
profits tax upon American citizens and business firms residing and operating
abroad is voiced in a resolution adopted by the Chamber of Commerce of
the United States in
Argentina and sent to the Government at
to the development
and extension of United States foreign commerce.
Collection of the tax not only increases
cans
Washington.
obstacle
the ground that it is proving an
Amendment to the law is asked on
the heavy expenses of Ameri¬
handicap to them in trade
such tax is collected from the
American
business houses must pay heavy taxes levied by the country in
are located and are thus taxed twice without representation
residing abroad, but constitutes a serious
competition, the resolution states, as no
of
nationals
citizens and
which they
other countries.
It is further pointed out that
either in the Government of that country or
ADDITIONAL REVENUE TO
That few
by the Committee appointed by the
Revenue and
Committee of Internal
September 16.
radical changes,
and such suggestions as the business men have to offer will
be of minor character.
The committee which was appointed
a
conference
held
in
Washington
stated, has in mind
by Commissioner Williams to revise and
their own.
Grever, W.
H. Lawder, J.
The organizations
Presidents,
National
Bankers' Association of America,
Investment
League
of
Commission
Lumber Manufacturers'
Goods
Association,
Merchants,
National
Association, National Retail Dry
Pine Association,
Association.
Southern
American Electrical Railway
nearly $4,000,000 to the revenues of
and
the
a
the
special drive begun June 16
for the collection of
transportation and other mis¬
reported by the Bureau on Aug. 11, in
by the Bureau of Internal Revenue
delinquent sales, admission,
a
simplify the forms
GOVERNMENT THROUGH
OF DELINQUENT TAXES.
the result of
cellaneous taxes, was
G. Remey and H. C,
represented at the Conference
included the American Economic Association, American
Farm Bureau Federation, American Federation of Labor,
American Petroleum Institute, Association of Life Insurance
R.
as
no
C. B. Hurrey, Chairman;
Kinsel, Z. M. Smith, H. C. Armstrong, D. W. Bell,
Weston.
Government
on
consists of Deputy Commissioner
Oliver
An addition of
filing
the view expressed
representatives of varied business organizations
The committee, it is
COLLECTION
FORMS.
important changes in the 1920 forms for the
of income tax returns will be necessary was
A.
INCOME TAX
maintain them.
CONFERENCE LOOKING TO REVISION OF TAX
at
ARGENTINA
IN
PROTEST TO WASHINGTON AGAINST
statement which added:
ended July 31 show that the largest single
amounting to $2,058,048.
automobiles and automobile
accessories, musical instruments
sporting goods, firearms, hunting and
bowie knives, chewing gum, cameras, dirk knives, pleasure boats, automatic
slot-device vending machines, liveries and hunting garments, articles made
of fur, pleasure boats and canoes, candy and toilet soap and toilet soap
powders.
The tax ranges from 3 % on chewing gum to 100 % on dirk knives.
The next largest item is the transportation tax, collections of delinquent
taxes from this source amounting to $951,569.
Delinquent jewelry tax
Reports for the seven weeks
item
was
from
the manufacturers' excess tax,
This tax is on sales
by the manufacturer of
,
collections yielded $266,131,
the so-called luxury tax on
articles of wearing
apparel, $109,416, and the admission tax, $213,133.
Collections of the tax
on the sale of soft drinks, toilet and medicinal preparations, &c., amount to
$169,521.
Included in the totals are penalties
imposed in a number of
cases.
The
drive, which is sitll in progress,
United States.
will reach every large city in the
It is being conducted by a force
of special revenue officers
of the Collector of Internal Revenue in each
district, with assistant supervisors and field deputies.
The investigating
officers are armed by the Commissioner of Internal Revenue with authority
co-operating under the direction
THE
1246
to
record or memoranda bearing upon the
examine any books, papers,
included in the returns, and to summon for examina¬
matters required to be
having knowledge in the premises,
tion under oath apy person
[Vol. 111.
CHRONICLE
was
because the national banking law does not
necessary
allow any increase in the number
.'
WM. C. CORNWELL ON DESTRUCTIVE WAR
—♦—
TAXESW. E. Paine has been elected
REMEDY.
TAX
SALES
GROSS
of district offices main¬
tained by a national bank.
member of the board of
a
the Seaboard National Bank of this
The declaration that two important sources of the coun¬
try's
progress are
excess
being dried up by the operation of the
profits tax and the heavy surtaxes on income was made
Mr.
Review, in addressing the National Association of
at Maplewood, White Mountains,
Mr. Cornwell addressed the gathering under
Sept. 23.
the head "An Intolerable Situation—The Gross Sales Tax
a
director
the
of
Vice-President of the Merchants' Loan &
ment, has been elected
a
director and
invest
much
as
general commercial and financial development,
likewise, he pointed out, extra profits in business
are
being
appropriated by the Government, instead of being used' to
strengthen business
through political initiative, founded
upon
class and sectional
bias, and in the inevitable endeavor to shift the burden,
taxes have added
25% to prices of nearly everything.
Cornwell showed that the
w'!
requirements of
a
Mr.
(3) That collection
Secretary.
and easy,
irritating.
At
of extra
on
sales
gross
tax
or
on
William
G.
ending Sept. 30.
Avery, who has just returned from China,
the
of
Assistant Manager
an
♦
The disturbing
thinks, be superseded by
smoothly-working
merchant
or
operation,
under
seller throughout the country
the Government
cash sales with
once
month
a
R. E.
disturbed
by the merchant
an
or
an
which
would send
auto¬
of South
head
Saunders, New York Agent of the National Bank
Africa, has received cable advice from the bank's
office
that
a
branch
by it.
on
to
Philip
L.
Wheeler,
Assistant
Cashier of the Second National
excess
profits tax to be
Treasurer.
as
4
incomes, and would
on
with the Newton Trust Co.
the
the
size of the tax, instead of as now 25% being added to cost of
$400,000 to $600,000.
things by
Nov. 1.
prices of which the sales tax had presumably been added
(but added only in fractional amounts on account of the small
excess
profits tax being passed along).
Through the example of France, which has just adopted
a
sought to show from their estimates of yield
that the taxes which would be collected here would amount to
or even more.
to the fact that this is not the retail tax
He called attention
paid by the purchaser,
druggist sundries, but the public would
be annoyed by it, as the merchant would pay the tax
direct to the government once a month on his gross sales.
never
This, he contended, is not a movement to spare wealth from
just burdens but to relieve business from withering taxation
which is
drying
up
supplies of needed capital and devitalizing
the whole industrial structure, thus damaging the welfare
of everyone.
Mr. Cornwell asserted that great governmental
problems need business direction in this country to properly
solve them, and he called upon business men and associations
of business
men
merits of this
to inform themselves of the
remedy, and to put forth
every
The
No bank
Exchange
or
or
BANKS,
trust company
TRUST
stocks
COMPANIES,
were
in
the
recently organized City Trust Co.
Newton, Mass., have decided to
latter
institution
its capital from
is
of
of
taken
has
merge
that institution
Newton, Mass.
action
As
toward
a
resiilt
increasing
$400,000 to $600,000, and its surplus from
The
capital is to become effective
new
The price at which the new stock is being disposed
$200
per
$100 share.
The Newton Trust also plans
to add seven new directors to the
twenty-five
board, making
William
members.
Halliday,
T.
total of
a
heretofore
Cashier of the Second National Bank of Maiden, Mass., has
elected
been
Treasurer
of
dent.
•
"
Newton
the
Frank L. Richardson, who will
probably
■
Trust
serve as
to
succeed
Vice-Presi¬
1
.
■
4
For
convenience
the
of
clients
its
and
others
desiring
Central District banking facilities for insuring titles to real
estate, the Real Estate Title Insurance & Trust Co. of Phila¬
delphia has opened
a
Broad Street
Building, 45 So. Broad Street.
office in the Lincoln
The main office of the
com¬
is at 523 Chestnut Street.
pany
A
new
&c.
sold at the Stock
at auction this week.
institution, namely the Northeast National Bank,
is being organized in Tacony, Pa.,
with
a
capital of $250,000.
The stock, in shares of $50, is being disposed qf
share.
ABOUT
interests
danger, and the
effort, individu¬
ally and collectively, to help lift the nation "out from under
this dangerous and destructive legislative monstrosity."
ITEMS
made
been
succeed William T. Halliday, who resigned to become asso¬
of
in soda water and
has
ciated with the Newton Trust Company of Newton, Mass.,
contribute through amounts spent by them for things, to
from 3 to 5 billion dollars
Cashier,
Bank of Maiden, Mass., to
gradual payments
probably be sufficient to exempt incomes under $4,000,
$5,000 or even $10,000.
The exempt individuals would still
similar tax, he
opened at Molteno,
♦
The retail purchaser
Money market strains
ample amount to allow the
of the
been
Cape Province.
Further, he said, the tax would
seller.
abolished, together with surtaxes
reason
has
every
memorandum of his gross
check for 1 % of them.
a
be
never
a
would be relieved through these regular and
as
Manager for the Asia Bank¬
Foreign Department of the Guaranty Trust Co. of
turnover would, he argued,
meeting all these requiremtnes.
in its collection would, he
yield
compensation to all employees, amounting to 25%
of Salaries for the quarter
and complicated provisions of the present tax and the turmoil
would
meeting held Sept. 23 the board of directors of the
a
Liberty National Bank of New York authorized the payment
New York.
A tax
be ideal in
matic,
open
«
ing Corporation, has been appointed
instead of complicated and
an¬
as an
department of the branch of the bank which is to
where he has been the General
be simple
this city
of
Kenneth D. Hull
shortly at William and John streets.
good tax system
That the burden bp universally distributed and
Co.
Assistant
Mr. Hull will have charge of the new business
...
(1) That it be fair to all.
(2)
the appointment of
nounces
The destructive
taxes, Mr. Cornwell observed, were loaded upon business
are:
member of the Bank¬
.
Fidelity-International Trust
and to provide against losses
concerns
in lean periods, which are bound to come.
war
The
possible in tax-
as
exempt securities, instead of furnishing capital for new busi¬
and
a
ing Corporation of New York .City.
High taxes, he asserted are driving people
with large incomes to
ness
a vacancy.
Chicago, and Manager of its Foreign Depart-'
Co.,
♦
the Remedy."
city to fill
Equitable Life Assurance
•
H. G. P. Deans,
Trust
Cotton Manufacturers
on
is
Society.
by William C. Cornwell, of J. S. Bache & Co., Editor of the
Bache
Paine
The officers of the
new
institution
are:
at $70
per
Charles H.
Heyer, Chairman of the Board; Herbert U. Porter, Treas¬
urer;
William H. Lingo, Secretary, and C. Warren Allen,
Vice-Chairman.
Sale,
Frank
The directors are as follows:
Curtis,
Caspar
Titus,
Charles
George T.
Merz,
Chris
«—
Gercke, Fred Glazier, George Shallcross, Dr. Elmer E. Reis¬
A New York Stock Exchange membership was reportedposted for transfer this week the consideration being stated
at
$90,000.
The last previous transaction
was
at $88,000.
Jacob Knup, Sr., William Miller, Lewis Deitrich, Charles
advised,, is
a
Byres.
The present board,
we are
"Board of Trustees" to receive the funds.
The
permanent Board of Directors will be elected by stockhold¬
—*—
Following the consolidation of the Lincoln National Bank
with the
er,
E. Lever and J. Harvey
ers
shortly.
Irving National and the continuance of the former
institution
as
the Irving's Lincoln office, the Irving has dis¬
continued its Long Island
City office and transferred its
Long Island City business to the Lincoln office.
This action
The
suspension of the Washington, D. C., brokerage firm
of Moorhead & Elmore was
the New York Stock
announced from the rostrum of
Exchange
on
Monday last, Sept. 20.
Sept. 25
Robert
A
Elmore
on
Elmore
been
a
year ago,
the
sole members
in the District Supreme
assigned being that the business
engaged in was too great for the liquid capital commanded.
Following the filing of the petition William Clabauagh was
Sept. 20, the
on
named
cause
The
liquidation proceedings and the exercise of
sound judgment in disposing of the firm's
be able to pay 100 cents on the dollar on all
and
care
assets it would
obligations
outstanding
"Post" of Sept. 21 as
in
quoted
was
one
and shall be
to any
care
rangements with new capital on several
house last
business conduct committee of the New
upon me
and
After the deal fell through
total
and
assets
or near
A. B. Jones is Secretary
will
I. N.
the
Angeles
Bank, is
and Treasurer
the headquarters of which
Van Nuys Building, at
Seventh and
Spring Sts., Los Angeles.
I have left no stone
until noon
unturned to conform
4
Banco
The
of the firm have not been
liabilities
of New York
the Los
and of the First National
necessary requirements and
in
deal
President of the First
President of
of the First Securities Company,
be
Angeles,
offered publicly nor
of the new company, and John
definitely last Friday I had only
but they will include the building,
said to be salable at
the
to
Assistant
is
the benefit of the
financing and other financial
Robinson,
M.
Henry
its Vice-President.
Meanwhile the
York Stock Exchange had impressed
with the New York Stock Exchange requirements.
The
now
operations
The company is authorized to
called off.
liquidation.
today to correct the situation.
institution
an
National Bank of Los
commodity
Trust & Savings Bank
occasions and had definitely de¬
the necessity for conforming with the
the only alternative was
First
the
of concluding ar¬
with another New York Stock Exchange
Last Friday that deal was
week.
1
.
the name *)f
Barber, formerly of Harris, Forbes & Co.
E.
termined to consolidate my business
is
National Bank, is President
necessity for having additional capital
I have been at the point
of this business.
J.
B. Munson, Jr.
;
The capital of the new institution
outside interests.
enterprises.
and explain exactly what
and cooperation in
conducting the proper settlements.
to take
Co.
Securities
cattle loans,
in
hope of gaining their support
I have realized for some time the
C.
Rowen
Smith,
R.
and hence none of the stock has been
to it that my creditors get
is in the
First
stockholders of
saying:
glad to meet every creditor face to face
the situation
B.
subscribed and held by trustees for
all
big thing I am concerned with right now
see
G.
Gladney,
Los Angeles, Cal.
in
is to see this liquidation
back every dollar due them.
This I am confident can be brought about if the costs of the receivership
are reduced to the minimum.
I shall be at my office each day for some time
The
through and
W.
recently organized and which has already begun
Washington
the
S.
4—■
that with proper
due
addition
Markham,
R.
P.
members:
new
L. Heflin, John Uphrees, and W.
R.
expressing confidence
Elmore in
Mr.
receiver.
as
following
increased by the
was
Mills,
Clinton Phelps, A. Y. Creager, T. S. Clyce, S. C. Swain, D. B.
Talieferro, 0. S. Roberts, M. C. Everheart, Tom E. Hopson,
ruptcy was filed against the firm
Court
the
Keliebor,
A petition in bank¬
the firm.
of
of
At the same time the
$175,000 to $375,000.
directorate of the institution
Moorhead
Mr. Elmore and Henry R. Duryea had
Since the death of J. Upshur
April 24 1919.
about
account from
member of the Exchange
as a
$600,000 to $800,000 and to increase the surplus
tion from
Stock Exchange member, Mr.
the
was
having been admitted
1247
CHRONICLE
THE
1920.]
which cost the firm about
announced,
.
de
■
Cuba
bulletin entitled "Cuban Commerce
$117,000, and is
$150,000, and an equity, in a seat on
Internacional
it furnishes
the New
York Stock Exchange.
Life.
an
The
epitome of Cuban
current
issues
a
monthly
and Finance" in which
Commercial and Financial
topics as the
number dwells on such
Outlook, the Harbor Tie-up, the Political
Cuba Railroad and numerous
other phases of affairs in Cuba.
Copies of the Bulletin,
we are informed,
may be had by applying to the bank's
Head Office, Mercaderes y Teniente Rey, Havana.
Sugar and Tobacco
The financial
the news of
Claud EE. Corrigan of Grand Rapids,
community
the death last week of
was
shocked
over
Vice-President of the Investment Banking House of
Fenton,
Mr. Corrigan was formerly a member
Corrigan & Boyle.
of the firm of
Situation, the Strike on the
Howe, Snow, Corrigan & Boyle.
4
♦
South
ended March
31 1920, presented to the shareholders at their half yearly
general meeting on May 28, has recently come to hand.
The 139th semi-annual report
William
H.
Chicago, is
Gehl, formerly with the Union Trust Co.,
now
Wales (head
associated with the Bond Department of
Savings Bank, Chicago.
Standard Trust &
the
The statement
a
National Bank of Chicago is distributing
West Side
The
booklet in the Jewish language,-
under the caption, "The
Journey of Herman Elenbogen Through Poland
ania."
An
English translation
available by the bank, of
the
of the same is also made
which Mr. Elenbogen is Vice-Presi¬
♦
made public to-day
(Sept. 25),
the First
Rapids, Wis., has changed its name
the First National Bank of Wisconsin Rapids, to con¬
National Bank of Grand
to
form to the
to
change in the name pf the City of Grand
Rapids
Wisconsin Rapids.
:
«
$250,000 has been made to the capital of
Northern National Bank of Duluth, Minnesota, raising
An addition of
the
The stockholders authorized
$500,000 to $750,000.
it from
the increase in capital
became available
August 3, and the enlarged amount
September 11.
The new stock (par $100)
disposed of at $175 per share.
was
»
The Unaka National
$100,000) of Johnson
Bank (capital
City, Tenn., has
been placed in voluntary liquidation,
fective
ef¬
having been consolidated with
Sept.
11,
National Bank of Johnson City.
As a
the City
result the latter has
City National Bank,
capital from $200,000 to $400,000.
4
The annual report
Trust & Savings Bank of New
Canal-Commercial
The
$1,500,000 to $2,000,-
and surplus $6,000,000. The
National Bank has increased its surplus
000, thus making the capital
Canal-Commercial
and surplus amount¬
The combined capital and
surplus of the Canal-Commercial Banks of New Orleans
from
ing
$750,000 to $1,000,000, its capital
as
now
result to $1,500,000.
a
is
$7,500,000;
while
their total resources
are
over
4
At
a
special
&
meeting of the stockholders of the Mer¬
Planters National
Aug. 30, it was voted to
Australia, Ltd.
twelve months ending Feb. 28
shareholders at their annual general
meeting on July 26 1920, shows total assets of £41,009,450
of which £5,548,137 consists of specie on hand and cash
balances, £69,547 of bullion and advances on bullion and
£1,140,000 of money at call and short notice in London.
(head office London), for the
On the debit side of the account
840,563.
vision for
Bank of Sherman, Texas, on
increase the capital of the institu¬
deposits
are
given at £31,-
Net profits for the fiscal year, after making pro¬
bad and doubtful debts and other contingencies,
amounted to £458,102, which
balance
$90,000,000.
chants
.
_
of the Union Bank of
1920, presented to the
*—.—
Orleans has increased its surplus from
made the sum of £444,589
General Manager.
changed its name to the Unaka and
and has increased its
half year, after
when added to
forward from the preceding
available for distribu¬
tion.
Out of this sum an interim dividend at the rate of
10% per annum, calling for £100,000 was paid on Feb. 26,
leaving a balance of £344,589.
This balance, the directors
proposed be distributed as follows: £119,142 to pay an
interim dividend for the quarter ending March 31 1920 at
the rate of 10% per annum and £75,000 to be added to
reserve fund, leaving a balance of £150,447 to be carried for¬
ward to the next half year's profit and loss account.
Total
assets on March 31 1920 were £75,544,242 and deposits,
accrued interest and rebate aggregated £50,132,727.
The
paid-in capital .of the bank is £4,765,700 and its reserve fund
£3,275,000.
During the half-year branches of the bank have
been opened at Ashford, Alstonviile and Werris Creek and
Wingham (in New South Wales) and at Boort, Horsham and
Mildura (in Victoria); and at Mackay and Richmond (in
Queensland); and the branch at Corydon (in Queensland) has
been closed; and sub-branches have ,been opened at Epping
(in New South Wales) and Millaa Millaa (in Queensland).
The branches and agencies now number 351.
Hon. Sir
C. K. MacKellar is President and Sir John Russell French,
six months,
According to the weekly bulletin of the Comptroller of
Currency,
shows net profits for the
deductions, of £304,219, which
£140,370, the balance brought
and Lithu¬
dent.
the
usual
of the Bank of New
office Sydney), for the six months
when added to £78,614 the
brought forward from the
preceding year, made
£536,716 available for distribution.
From this sum £175,000 was deducted to pay interim dividend of 14% per annum
as
of Jan. 1920;
£60,000
£20,000 written off
was
transferred to reserve fund and
bank premises, leaving a balance of
1248
CHRONICLE
THE
Out of this balance, the report tells
£281,716.
at the rate of
16%
making 15% for the
per annum,
year,
calling for £200,000, which left £81,716 to be carried forward
to next
year's undivided profits account.
the reports states, new branches were
Victoria and
Te
Matata, New Zealand,
Te Puke.
1919
During the
and the branch at
converted into
was
It also states that the
new
year,
opened at Marnoo in
Puke, New Zealand,
an
shares issued in Feb.
meeting would be paid
on
the present
paid-up capital of the bank, viz., £2,500,000, and that the
added to
the
on
fund, making the
reserve
shares has been
new
£2,630,000.
same
Central West,
The Canadian Bank of Commerce has
decided to establish
additional
an
superintendency.
the Peace River
Inland
District
other outlying
and
Hereto¬
comprised the Provinces of
Manitoba, Alberta and Saskatchewan, but the
Empire, in addition to the
very
5333
5529
4180
3981
3912
4733
4733
4733
2153
2153
2153
16327
Gold coin and bullion in India
Gold coin and bullion out of India
Securities (Indian
Securities
Government)
(British Government)
No rupees were coined during the week
ending 31st untimo.
The "Times" correspondent at Simla under date of Sept. 2 states that a
bill has been introduced into the Legislative Council prescribing the perma¬
constitution
of
a
minimum of metallic
paper
reserve
currency
of purchase.
that the
Sterling securities held should
crores.
be confined to securities issued by the United
year
It is proposed
reserve.
should be 50% of the total reserve of Indian
securities held and be limited to 20
Kingdom and maturing within
Pending the establishment of
a permanent
consti¬
tution, it is proposed to limit the amount of securities held to 85 crores,
instead of 120 crores, as now authorized.
development which has taken place in
fore the Central Western District
16200
5229
Silver coin and bullion out of India
The
the
Aug. 22. Aug.31.
16295
stock in
Shanghai on the 4th inst. consisted of about 33,800,000.
ounces
In view of the rapid
;
Aug. 15.
Silver coin and bullion in India
one
premium of £500,000 received
RETURNS.
Notes in circulation
nent
an¬
CURRENCY
(In lacs of rupees.)
of
agency
having been fully subscribed for, the dividend
nounced at the annual
INDIAN
the direc¬
us,
the annual meeting to pay a final dividend
tors resolved at
[VOL. 111.
progress
in
sycee,
22,500,000 dollars,
as
ounces
in
sycee,
22,000,000 dollars,
and
ultimo.
compared with
about
270 bars of silver
The Shanghai exchange is quoted at 5s.
35,400,000
on
Bar Silver per Oz. Standard.
Quotations—
Sept. 3
Cash.
—59d.
the 28th
10d. the tael.
Bar Gold
2 Mos.
perOz.Fine.
58%d.
115s. 3d.
4
of
59%d.
60%d.
60d.
7
"
60%d.
6
"
parts of the
59%d.
59%d.
59d.
58%d.
115s. lid.
58%d.
58%d.
115s. 9d.
59.416d.
59.083d.
115s. 6d.
.115s. 6d.
"
general expansion of
8
-
"
the bank's business
these
throughout the older settled portions of
9..
Average
Provinces, have made it difficult to handle all the
business at
one
central
point, namely, Winnipeg, with the
The silver quotations
those fixed
as
a
115s. 7d.
to-day for cash and forward delivery
the
are
same
week ago.
facility of service which has always been the bank's aim.
It has
ENGLISH
accordingly been decided to leave the branches in
Manitoba and Saskatchewan under the supervision of the
Superintendent at Winnipeg and to place the Alberta and
Peace River branches under the
tendent
Su
at
Calgary.
C. W.
supervision of
Superin¬
a
Rowley has been appointed
perintendent of Branches in Manitoba and Saskatchewan,
with
headquarters at Winnipeg, and J. B. Corbet has been
appointed Superintendent of Branches in Alberta.
Mr.
Rowley has been for the last nine
bank's
the
main
branch in
Winnipeg branch
which
he
served
in
during the
October 1902 established
He
was
one
and its first
years
for
accountant at
1898-1902,
short
a
after
time, and in
branch of the bank in
a
of the founders of the
Chairman, and in addition served
on
since
service
that
New
at
time.
Mr.
Corbet
Westminster
brought to Toronto.
in
entered
1901,
From that
bank's
1903
Inspector at
Winnpieg
occurred in
was
1911.
the last three and one-half years he has been senior
of the bank's Western busines swith
will
Nourse
will
be
succeeded
as
Brown, who has been Superintendent of the bank's
business in the Central West since May 1911 in
his post and
taking
of New York
as
relinquishing
position with the National City Bank
a
an
Consols, 2% per cents...... 46
British, 5 per cents
British, 4% per cents
Executive Manager.
GOLD
AND
Domestic.....
59%
117s.6d. 117s.9d.
46
46
84 11-16 84%
84%
84%
84%
78
78
78
78
78
84%
77%
54.35
85.45
54.50
54.15
54.20
54
85.50
85.52
85.57
85.57
46
(
...
46
on
46
the
day has been:
same
99%
93%
99%
99%
94%
94%
99%
99%
99%
94
94%
93
®mumcrcial amlBXts cellaumts Urn®
Breadstuffs
figures brought from page 1295.—The
are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
statements below
Flour.
Receipts at-
Wheat.
Com.
vats.
127,000
Rye.
Barley.
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush. 56 lbs. bushASlbs
bush.56lbs.
843,000
2,053,000
2,262,000
300,000
Minneapolis.
2,828,0001
76,000
966,000
763,000
Duluth
2,317,000
567,000
102,000
345,000
89,000
125,000
794,000
147,000
43,000
12,000
1,594,000
1,255,000
1,850,000
1,174,000
65.000
403,000
317,000
252,000
1,832,000
34,000
Kansas
217,000
1,134,000
64,000
...
Peoria
405,000
41,000
109,000
189,000
83,000
.....
Detroitl
St. Louis
911,000
33,000
122,000
16,000
325",000
116,000
Milwaukee..
Toledo
City.
568,000
Omaha
711,000
352,000
256,000
Indianapolis.
130,000
333,000
414,000
Total wk. 1920
Same wk. 1919
241,000
538,000
10,181,000
15,768,000
3,522,000
5,024,000
Same wk. 1918
409,000
18,412,000
6,450,000
7,339,000
1,755,000 66,862,000
3,296,000 136,776,000
2,570,000 144,211,000
35,059,000
4,043,000
7,007,000
903,000
1,177,000
Since Aug. 1—
1920
Total
SILVER MARKETS.
GOLD.
19,222,000
21,257,000
45,829,000 6,100,000
47,653,000 11,757,000
73,336,000 8,871,000
5,570,000
6,720,000
4,488,000
receipts of flour and grain at the seaboard ports for
Sept. 18 1920 follow:
came
into the market tnis week and
was
slight
a
A fair amount of
taken for the United
Staets
America, excepting a small quantity acquired for India.
We understand that
$1,800,000 in gold has been received in New York
from London, and of the
gold newly arrived here from South Africa $5,000,000 has been engaged for shipment and is due
shortly.
or more
Further $40,000,000
Flour.
Wheat.
Corn.
oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Receipts at—
New
against notes is £121,555,210,
of
York...
.
Baltimore
New Orleans a
123,000
2,652,000
204,000
350,000
77,000
929,000
17,000
105,000
30,000
Philadelphia
905,000
57,000
58,000
97,000
1,945,000
138,000
80,000
10,000
933,000
"2",000
121,000
29,000
2,093,000
Galveston
Montreal
42",000
Boston
24,000
2,353,000
410,000
393,000
11,161,000
416,000
868,000
Since Jan. 1'20 17,402,000 156,276,000
14,899,000
19,627,000
85,000
1,403,000
Total wk. 1920
238", 000
25,000
37,000
37,000 1,083,000
7,239,000 39,226,000
is expected to arrive from France.
are
informed from Bombay under date of
Aug. 20 last that sovereigns
quoted at Rs.
14-12, and the disparity which
between sovereigns and
bullion had
at
one
time
existed
disappeared, owing to large arrivals
of the former.
SILVER.
The market during the week has been
marked.
coupled with
a
Following
our
delivery
-
quiet and the absence of business
last advices,
some
a
1919...
were reached on the 6th inst.
Indian
bear covering,
Since then, however, a down¬
ward movement has been steadily maintained until
to-day we returned to
News to hand this week from China gives
apparently, has been
were
quoted
a
week ago.
disquieting reports of the har¬
extremely bad in that
understand that the warehouses here of China merchants
country.
are
well
We
purposes,
likely to
6,558,000
press
hardly
on
inquiry
the market.
63,000
196,000
Receipts do not include grain passing through New Orleans lor foreign ports
ending Sept. 18
on
are
the several seaboard ports for the week
shown in the annexed statement:
New
York
Flour.
oats.
Barrels.
Bushels.
7,782
Rye.
Btishels.
99,566
150,777
35,000
Barley.
Bushels.
46",000
136,398
313,000
Philadelphia
...
Baltimore
458,000
486,000
News.
2,862,000
6,000
355,000
Orleans...
Newport
Montreal
Total week
Week
Corn.
Bushels
1,818,887
Boston
New
Wheat.
Bushels.
Exports from—
Galveston
stocked,
and consequently very little is expected from China in the
way of exports.
It would appear, therefore, that unless for speculative
for silver on China account is not
606,000
through bills of lading.
daily until 60%d. for cash and 60d. for for¬
58 %d. and 58 %d., the same prices as those which
which,
Week
The exports from
little inquiry from China, took effect upon a sensitive market
and caused quotations to rise
vest,
U7d.
Sept.24c.
Fri.
59%
Barrels.
The Bank of England gold reserve
ward
...-
Foreign...
reprint
increase of £2,790 as compared with that of last
week.
rather
Sept.23.
Thurs.
Wed.
60
U7s.6d.
price of silver in New York
Sept. 9 1920:
We
Sept.22.
59%
Silver in N. Y., per oz.'
1919
the following from the weekly circular of
Samuel Montagu & Co. of
London, written under date of
were
59%
the week ended
We
gold
..
Paris), fr.
War Loan(inParis).fr
1918
THE ENGLISH
.....
French Rentes (in
The
Sept.21.
Tues.
_.__...117s.6d. 117s.6d.
Chicago
inspector
Manager in Calgary by A.
Maybee, the present Manager at Moose Jaw.
The particular occasion of these
changes is the action of
V. C.
Gold per fine oz
follows the past week:
as
Sept.20.
Mon.
Sat.
...<1.59%
per oz..___
For
headquarters at Winni¬
C. G. K. Nourse, the present Manager at Calgary,
go
to Winnipeg as Mr. Rowley's successor.
Mr.
peg.
Sept. 18.
Sept. 24—
date until July 1911 he
attached to the Head Office staff; his appointment as
was
Assistant
Silver,
CABLE.
the local
the
in
and
MARKETS—PER
Calgary.
Calgary Clearing House
directorates of many companies.
He went to Winnipeg as
Manager of the main branch in May 1911 and has been
there
London,
Week ending
French
was
FINANCIAL
daily closing quotations for securities, &c., at London,
reported by cable, have been
as
Manager of the
years
Winnipeg and
Vancouver
The
1919
2,000
52,000
168,000
....
235,000
1,757,000
15,000
120,000
43,000
74.066
10399887
9,782 207,566
120,000
239,777
378,395
5,136,685
31,000 281.362 1.152.092
8.572 1,145.122
Peas.
Bushels
Sept. 25 1920.]
THE
The destination of these exports for the
July 1 1920 is
as
CHANGE
week and since
follows:
Flour.
Week
Since
Week
Since
Week
Sept. 18.
July 1
Sept. 18
July 1
1920.
1920.
1920.
1920.
1920.
Barrels.
Barrels.
Bushels.
Bushels.
Bushels.
f
Bushels.
66,826
111,493
2,331,523
5,171,009
4,828,878
13,000
248,976
400,000
7,000
250,007
1,000
9,247
...
National
of city of Grand
name
547",808
848,651
The First National Bank of Picher, Okla., capital $100,000.
To take
effect Aug. 20 1920.
Liquidating agent, D. L. Connell, Picher, Okla.
Since
July 1
1920.
Kingdom.
to
VOLUNTARY LIQUIDATION.
Sept. 18
and Since
Continent
TITLE.
Rapids" (to conform to change in
Wisconsin Rapids).
Corn.
Wheal.
Expo? is for Week
United
OF
The First National Bank of Grand Rapids, Wis., to "The First
Bank of Wisconsin
Rapids
July 1 to—
1249
CHRONICLE
So. & Cent. Amer.
We?t Indies
658,264
40,255,263
47,774,067
1,358,060
Succeeded by The Picher National Bank, Picher,
7,782
294,228
1,599
"2,000
29,270
444,160
Brit. No. Am.Cols.
~
Other countries
281,362
12,342
90,237,041
42,865,475
4,036,578 10,399,887
5,636,685
6,502,201
207,566
9,782
Canadian Bank Clearings.—The clearings for the week
ending Sept. 16 at Canadian cities, in comparison with the
same week in 1919,
show an increase in the aggregate of
13.6%.
Week ending September 16.
781,599
31,000
Okla.
890,403
Clearings alInc. or
The
world's
shipment of wheat and corn for the week
ending Sept. 18 1920 and since July 1 1920 and 1919 are
shown in the following:
1919.
1920.
Ganada—
139,075,170
100,041,774
119,762,786
86,825,974
+ 15.2
Winnipeg
54,287,775
+ 7.4
Vancouver....
18,897,204
50,537,876
14,614,165
8,422,239
6,434,406
4,814,352
7,212,173
3,067,742
Toronto
Corn.
Wheat.
Ottawa
Exports.
1919.
1920.
1919.
1920.
Week
Since
Since
Week
Sept. 18.
July 1.
July 1.
Sept. 18.
July 1.
Since
July 1.
Hamilton
Calgary
Bushels.
Bushels.
North Amer. 11,656,000 110,051,000
Russia
Bushels.
Bushels.
Bushels.
Bushels.
London
516,000
638,000
66,000
94,253,000
Victoria
Edmonton
Danube
635,000
5,434,586
2,269,603
+22.1
6,062,849
5,619,075
3,074,961
+ 11.2
2,492,095
2,479,423
+ 19.4
2,111,260
4,367,930
+ 17.5
3,376,675
5,243,804
7,816,547
3,049,621
8,324,189
3,418,475
2,960,402
5,131,962
4,150,798
St. John
73,389,109
55,104,461
37,715,688
9,950,959
5,212,514
3,754,968
3,261,952
4,828,448
1,811,296
6,817,439
8,458,094
7,143,983
5,909,228
Quebec
Halifax
Since
$
%
+ 16.1
Montreal
1917.
1918.
Dec.
$
2,150,247
1,615,922
2,893,215
3,351,618
664,313
+ 11.0
90,064,434
61,827,129
29,731,296
13,265,073
7,806,619
4,345,852
+ 22.7
4,196,398
+ 8.4
+29.3
+0.4
—0.6
36,485,000
41,689,000
9,710,000
35,433,000
30",33L000
25,335,000
4,478,000
India
Oth. countr's
'
Total.... 12,149,000 156,246,000 162,331,"00
The
864,000
1,301,000
37,570,000
32,148,000
1,054,000
4,544,000
visible
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept. 18 1920 was as follows:
Corn.
Wheat,
United States—
bush.
bush.
1,469,000
17,000
269,000
954,000
131,000
3,742.000
News
448,000
254,000
635,000
57,666
413",000
3,287,000
1,967,000
805,000
Galveston
Buffalo
495,000
5,000
575,110
1,036,788
2,231,092
+ 6.1
1,543,512
Moose Jaw
1,809,457
2,103,132
1,798,007
+0.6
1,132,420
Toledo
131,000
27,000
928,000
55,000
Detroit...
Chicago
Milwaukee
17,000
19,000
873,000
127,000
1,086,385
+4.0
Fort William
745,348
866,693
—13.9
631,997
553,981
New Westminster
738,878
598,684
+23.4
532,019
432,456
Medicine Hat
560,689
463,792
1,012,463
1,043,289
979,876
+20.9
404,149
+ 6.0
666,664
527,306
593,000
+21.3
756,582
+ 14.0
631,755
2,656,220
406,122
+48.6
1,123,045
+ 7.0
226,750
Peterborough
._
1,073,971
..
Sherbrooke
1,265,338
Kitchener
1,114,481
3,948,576
Prince Albert
434,517
M one ton
920,327 Not included
633,000
925,000
628,000
14,000
15,000
715,000
65,000
12,000
31,000
203,000
328,000
Canada.
Shares.
Comml.
510 each
1,750,000
1,100 Dixie Industrial, 510 each__$50 lot
20 New Central Coal, 820
each
$8}^ per sh.
3,594,000
3,237,000
2,578,000
5,311,000
total, 9,000 bushels, against 37,000 bushels in 1919.
Canadian—
154,000
237,000
276,000
5,152,000
1,661,000
1,311,000
8,124,000
7,309,000
276,000
133,000
24,000
394,000
355,000
6,050,000
2,000
2,088,000
Total Sept. 18 1920
'
Total Sept. 11 1920
Total Sept. 20 1919
276,000
198,000
351,000
154,000
95,000
247,000
1,393,000
*mmfr ^
-
pref
3,594,000
* 154,000
Total Sept. 18 1920
33,189,000
3,563,000 21,728.000
3,748,000
Total Sept. 11 1920
30,240,000
84.038,000
3,068,000 16,571,000
2,493,000
1,752,000 23,023,000 14,613,000
3,786,000
3,138,000
6,704,000
—
j
Bank, Boston
following information regarding
Comptroller of the
Shares.
$ per sh
Slocks.
1 Warwick
charters issued.
urfg
Capital.
nal organizations—
$50,000
The Westwood National Bank, Westwood, Calif
...
President. Willis J. Walker; Cashier, A. G. Graham.
1
The First National Bank of Shoemakersville,
50,000
Pa
President, W. C. Bagenstose; Cashier, H. A. Deibert.
100,000
The Commercial National Bank of Durant, Okla
President, G. A. Mason; Cashier, W. E.
Clark.
10
Confectionery, prof... 10
Package Confectionery, com..
1
100 Newton, Mass., Real Est. Assn.
10 Package
2
11 Robertson Paper,
100
pref.,850 each 35
20 Draper Corporation,
ex-div._.129
Waterbury Gas Lt., 825 each.. 25
CHARTER.!
Conversion of State banks and trust companies:
The National Bank of Boaz, Boaz, Ala
Conversion of The Farmers' & Merchants' Bank of Boaz, Ala.
...
$25,000
Correspondent, D. K. Searcy, Boaz, Ala.
Original organization:
The Mouiton National Bank, Moulton, Texas
Correspondent, O. Buescher, Moulton, Texas.
The Central National Bank of Oklahoma City, Okla
200,000
Shares.
150 Galena Signal
50
&C.515
..115)4
93
46
...185
87
Oil, com
25 N. Y, Transit
60 Indiana
Pipe Line
Philadelphia:
$ per sh.
Stocks.
74 Arcadia Land,
100 Newlin
80
8 per sh.
3 Nashua & Lowell RR
S per sh. Shares.
Slocks.
20 Bristol Trust..,
10 Pennsy. Co. for Insuances,
$50 each—..$35 lot
$20 lot
Haines, com
Bonds.
Per cent.
.....156
80 H $6,000 Little Falls Fire Clay 1st 6s,
1929
20
10 Victory Insurance, $50 each...109
$5,000 Washington Arling. & Falls
33 John B. Stetson, com
...316
Church Ry. 1st 5s, 1920
30
4 Phila. Bourse, com., $50each..
6)4
10 West End Trust
>
15 Glrard Ave. T. & T., 850 each.
10 Washington & Va. Ry.,
135 Southmere
&
Farms
pref..
$10 each
......
186 U. S. Land & Lumber
500 Calavada
1
$50,000
notes,
Fruit..$45 lot
Copper
Am. Public
1936
Utilities
6%
20
$20,000 Preston Fuel 1st 5s, 1943,
Car Indie. & Adv.,
25 Mann St.
Sept. 1914 coupons on
1
..$8 lot
$55 lot $7,500 Consumers Brewing gen. 4s,
1943
$25 lot
—$140 lot
25,000
Correspondent, W. J. Thompson, 509 East 9th St., Oklahoma
City.
Peoples National Bank of Pitcairn, Pa
75,000
Correspondent, C. B. Yothers, Pitcairn, Pa.
The Citizens National Bank of Malone, N. Y
100,000
Correspondent, John M. Cantwell, Malone, N. Y.
The First National Bank of Farnhamville, Iowa
40,000
Correspondent. Chas. Beacham, Farnhamville, Iowa.
The First National Bank of Maroa, 111.
50,000
Correspondent, D. N. Gray, Marca, 111.
Succeeds Citizens
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.
The dividends announced this week are:
We have
Per
The
When
Books Closed.
Cent.
Name of Company.
Payable.
Days Inclusive.
Railroads (Steam).
Kansas City Southern,
preferred (quar.).
(quar.)
Norfolk & Western, adj. pref.
Northern Pacific
—
1
*1
Oct.
(quar.)
15
Holders of
rec.
Sept. 30a
Nov. 19 ♦Holders of rec. Oct.
Nov.
30
1 ♦Holders of
rec.
Oct.
rec.
Sept. 22
2
Street and Electric Railways.
Asheville Power & Light, pref. (quar.)..
111.
$515,000
STOCK INCREASED.
Amt.of
Cap. when
Increase. Increased.
ten
National Bank of Carmi, 111.
.
.
The First National Bank of Bremerton, W ash.
The First National Bank of Mission, Texas
The First
50,000
25,000
^IRa'aaa
100,000
50,000
IX
Oct.
Holders of
Bangor Railway & Electric, pref. (quar.)
Carolina Power & Light, pref. (quar.)..
IX
IX
Oct.
Holders of rec. Sept. 18
Oct.
Holders of
rec.
Sept. 22
RR., 1st pf. (qu.)
preferred (quar.)
Kentucky Securities Corp., pref. (quar.)
IX
Sept.
Sept.
Holders of
rec.
Sept, 21
Holders of
rec.
Sept. 21
Elmlra Water, Light &
Second
Manchester Trac., Lt. & Pow.
$115,000
(quar.)..
Pacific Gas & Electric, common
Porto Rico Rys.,
Preferred
-
125 Buckeye Pipe Line
""""
Total
Bonding.
Slocks.
Shares.
By Messrs. Barnes & Lofland,
DIVIDENDS—
$250.000
Total...
CAPITAL
261
1 Merchants Nat. Bank
70 Mass.
50,000
Greenville, Mich
President, F. A. Johnson; Cashier, W. C. Chappie.
Bank of Marca,
40
each
.
The Greenville National Bank,
APPLICATIONS FOR
31 A. L. Sayles & Sons, pref., 850
118
Mills
4 Pittsfield Coal Gas...
national banks is from the office of the
Currency, Treasury Department:
8 per sh.
Stocks.
Shares.
By Messrs. Wise, Hobbs & Arnold, Boston:
10 Marine Nat. Bk. of Wildwood.260
Banks.—The
5,000 Provident Loan Soc. 6% ctfs. 90X
& Lakes Contract,
Corp. 6% notes, 1917.8255 lot
Z20X
Northampton--135
5 Pepperell Mfg.;
—..207)4
5H XJ.8. Worsted, com., 810 each.
ZH
10 Waldorf System, Inc., 1st pref.
810 each
10
5 Samson Cordage.
150
1
National
100^6
1927
$ per sh.
Stocks.
1 Second Nat,
3,237,000
549,000
Totbl Sept. 20 1919
lot
Per cent.
45,000 Coast
35 1st Nat. Bank,
m
3,287,000 21,334,000
276,000
394,000
Canadian
pref\S4,600
com./
By Messrs. R. L. Day & Co., Boston:
Shares.
560,000
25,065,000
8,124,000
American
831
50 Benedict Stone Corp.,
150 Benedict Stone Corp.,
81,000 Sou. Pac. Co. equip, tr. 7s,
lot
com.-.-..
549,000
-ptr
Summary
per sh.
dep.
20 Bklyn. & Bright. Bch. RR.,..
94,000
8,000
Note.—Bonded grain not included above- Oats, 16,000 bushels New York; total,
16,000, against 35,000 bushels in 1919; barley, New York, 8,000; Duluth, 1,000;
Ft. William & Pt. Arthur.
RR..S10
1 Batavia Rubber, pref., ctf. of
Bonds.
400 Hoffman Petroleum, 810 ea.
7,000
39,000
184,000
16,216,000
2,398,000
20,935,000 14,366,000
Montreal..
23 Bway. & 7th Ave.
Corp.,
$13 lot
800 Un. Pet. Farms Assn., 82 ea.
3,287,000 21,334,000
2,792,000
Stocks.
Shares.
Slocks.
400 Internations
17 Bleecker St. & Ful. F. RR—"
541,000
25,065,000
22,931,000
77,988,000
219,309,432
246,923,821
+13.6
338,304,652
385,425,942
20 Bklyn. & Bright. Bch. RR.,
Other Canadian
in total
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
472,000
1,140,000
756,000
24,000
Lakes
Total Sept. 20 1919
708,163
557,668
Auction
577,000
126,000
Indianapolis
Total Sept. 11 1920
828,963
not
154,000
96,000
280,000
45~, 000
Total
147,000
2,501,000
170,000
1,581,000
On Canal and River
302,000
174,000
769,000
1,403,000
296,000
Omaha
159,000
9,000
26,000
202,000
8,495,000
2,495,000
2,837,000
Kansas City..
Peoria
5000
268,000
1,099,000
579,000
41,000
117,000
Minneapolis
St. Louis......
1,238,666
160~666
Duluth
Total Sept. 18 1920
884,726
1,617,680
1,275,604
1,612,977
800,608
3,000
1,000
407,000
..
New Orleans
+ 13.0
10,000
653,000
Baltimore
—1.9
815,326
170,000
72,000
3,115,000
Philadelphia..
On
Barley
1,773,000
Boston
Newport
Rye.
bush.
Oats,
bush.
bush.
3,397,996
799,393
921,470
Regina
Windsor
GRAIN STOCKS.
New York....
—20.8
784,483
Lethbridgp
Brantford-....
191,000
302,000
Brandon
Saskatoon
Argentina.,.
Australia
(quar.).
Ltd., common.
(quar.)..
IX
*1X
2
i*
IX
Oct.
Oct.
15
Oct.
Holders of rec. Oct.
1
Oct.
Holders of
rec.
Sept. 30a
Oct.
Holders of
rec.
8ept.f15
Oct.
Holders of
rec.
Sept. 15
♦Sept. 28
to
thfi chronicle
1350
Per
When
Payable,
Public Service Cora, of N. J., Com. (qu.)
Preferred (quar.) —
—
—
*1
♦2
Sept. 30 ♦Holders of
Sept. 30 ♦Holders of
Wash. Bait. A Ann. Elec.RR., com.
*1
Oct,
Per
Days Inclusive.
Ham of Company.
Name of Company.
Miscellaneous
{Concluded).
Street and Electric Ry«.
(qu.)
Sept. 30
Holders of rec.
Howe Scale, common (quar.)—
1
Oct.
I
IK
Oct.
1
Holders of rec, Sept. 20a
Holders of rec. Sept. 20a
(quar.). ————.
Coal A Iron National (quar.)
...
Colonial (quar.)
-----
3
Oct.
1
3
Oct.
J
Holders of rec. Sept. 21
Holders of rec. Sept.
8a
3
Oct.
1
Holders of rec. Sept.
Fifth Avenue (quar.)—--——First National (quar.) ———
6
Oct.
1
Holders of rec. Sept. 30a
5
Oct.
1
Holders of rec. Sept.
First Security Co———;
Garfield National (quar.)
5
Oct.
1
Holders of rec. Sept.
Banks.
3
Sept. 30
3
—.
Gotham National (quar.),
Greenwich (quar.) -—-------—-—.
Oct,
Sept. 24
to
20a
Sept.
1
Holders of rec. Sept.
1
Holders of rec. Sept.
4K
—
Oct.
Oct.
1
Holders of rec. Sept.
6
Oct.
1
Holders of rec. Sept.
2
-
Manhattan Co., Bank of the (quar.)
Mechanics (Brooklyn) (quar.)
1
Holders of rec. Sept.
3
-.
Irving National (quar.).—Liberty National (quar.). —•
Oct.
1
Holders of rec. Sept.
3
Oct.
30a
30a
30
30a
20a
24
25a
22a
18a
5
Oct.
1
Holders of rec. Sept. 25a
Nassau National (Brooklyn) (quar.)....
3
Oct.
1
Holders of rec. Sept. 29a
Park, National (quar.).-Second National (quar.)...
Oct.
1
Holders of rec. Sept, 24a
3
Oct.
1
Holders of rec. Sept. 30a
3
Oct.
1
Holders of rec. Sept. 30a
United States. Bank of (quar.)———
2H
Oct.
1
Holders of rec. Sept. 29a
Washington Heights, Bank of (quar.)
3
Oct.
1
Holders of rec. Sept.
Mutual (quar.)
*
-
-
—
-
-------
Extra
—rf-i
„
—
——
—
6
30a
Hudson (quar.).—-.
—.———
Mercantile (quar.) ---------—-
Title Guarantee & Trust (quar.)
—
U. 8. Mortgage A Trust (quar.).—
Holders of rec. Sept. 22
Oct,
5
Oct.
Holders of rec. Sept. 17a
5H
2H
Oct.
Holders of
Sept.
Holders of rec. Sept. 30a
3
Sept,
Sept.
Holders of rec. Sept. 25a
2H
2H
Oct.
5
Sept. 30
to%
Sept. 30
Holders of rec. Sept. 15a
Holders of rec. Sept. 23
♦Holders of rec. Sept. 25
Sept.
*6
Sept, 24a
to
Sept. 25
Sept. 23
Sept.
2
rec.
Oct.
*2H
Oct.
1
♦Holders of rec. Sept. 25
IK
Oct.
1
Holders of rec, Sept. 20
2
Oct.
Amer. Agricultural Chern., com, (qu,)—
Preferred (quar.) -
American Cyanamid, pref. (quar.)
American Hardware Corporation (quar.)
—
-
American Piano, common (quar.)———
Common (payable in common stock)..
Preferred (quar.)
pref. (quar.).—
American Rolling Mill, common (quar.).
Common (extra)
...
Six per cent preferred (quar.)--—
Seven per cent preferred (quar.) ------
American
Screw
(quar.)————:.
American
Shipbuilding, com. (quar.)...
Common (extra)——
Preferred (quar.)
American Surety (quar.)
--------
Amer. Zinc, Lead & Smelt., pref. (quar.)
Arkansas Natural Gas (quar.)
Extra
*
...
—
L
1
Holders of rec. Sept. 21a
Holders of
Sept. 30
Oct.
Oct.
15
Oct.
18
Holders of rec. Oct.
2
Oct.
15
Holders of rec. Oct.
IK
IK
Oct.
15
Holders of rec. Oct.
Oct.
1
2
Oct.
1
Sept. 23
to
Oct.
2
Oct.
1
to
Oct.
IK
Oct.
1
to
Oct.
Oct.
1
to
Oct-
Oct.
1
Sept.
Sept.
Sept.
Sept.
to
Oct.
Air Reduction (quar.)—
*$1
Alabama Co., 1st A2d pref. (quar.)——
IK
Alliance Realty (quar.)
IK
Amer. Power A Light,
<5
IK
IK
Oct.
♦50c. Oct.
1
rec.
Holders of rec. Sept. 15a
8
Holders of rec. Sept.
15
Oct.
1
Holders of rec. Sept. 16a
Oct.
1
Holders of rec. Sept. 16a
♦3
——
Sept. 29
Sept. 30
$1
Oct.
25
Oct:
i
Holders of rec. Sept.
Island Creek Coal, common (quar.)
Common (extra)——
SI
Oct.
1
Holders of rec. Sept. 24
S2
Oct.
Preferred
(quar.)
IK
Preferred
♦50C. Oct.
♦l
Holders of rec. Oct.
1
Holders of rec. Sept. 24
Holders of rec. Sept. 24
15 ♦Holders of rec. Sept.
...
Oct.
1 ♦Holders of rec. Sept. 24
Oct.
1
Nov.
1
Kelsey Wire, Inc., preferred (quar.)
IK
Lawton Mills Corp. (quar.)
2
2 K
Lawyers Mortgage (quar.)
Mathieson Alkali Works, Inc., pf. (qu.).
IK
2
Mays Food Products, Inc., pref. (quar.)
Mexican Investment, preferred
4
Mohawk Mining (quar.)....
♦SI
Monomae Spinning (quar.)...$2
-
Montreal Telegraph (quar.).
K
Mortgage-Band Co. (quar.)..
Nashua Manufacturing, pref. (quar.)...
National Fuel Gas (quar.)...
New England Telep. A Teleg. (quar.)—
N. Y. Title A Mortgage (quar.)
Holders of rec. Sept. 22
Holders of rec. Oct. 21
Sept. 30
Holders of rec. Sept.
Oct.
1
Holders of
rec.
Sept. 23
Oct.
1
Holders of
rec.
Sept. 20a
Sept. 30
Sept. 25
Oct.
15
Holders of rec.
Oct.
1
Holders of rec.
Nov.
1 ♦Holders of rec. Oct.
IK
Oct.
1
Holders of rec. Sept.
Oct.
2
—
15
Holders of rec. Sept.
Oct.
15
Holders of rec. Sept.
Sept. 30
Oct.
IK
♦$2.50 Oct.
1
Holders of rec. Sept.
Holders of rec. Sept.
15 ♦Holders of rec. Sept.
23
26
26
26
2
Holders of rec. Sept.
Oct.
1
Holders of
Oct.
1
Holders of rec.
Oct.
1
Oct.
1
Holders of rec, Sept.
*25c. Oct.
15 ♦Holders of rec, Sept. 30
Oct.
15 ♦Holders of rec. Sept. 30
Oct.
15 ♦Holders of rec. Sept. 30
*1K
*1K
IK
IK
Oct.
1
Holders of rec. Sept. 23a
Nov.
1
Holders of rec. Oct.
15
Holders of rec. Oct.
15
Holders of rec. Oct.
15
Nov.
1
IK
Nov.
1
2K
Sept. 30
2K
Holders of rec. Sept. 25a
15
$1.50 Nov.
1
Holders of rec. Oct.
20c. Oct.
1
Holders of rec. Sept. 15a
30C. Oct.
1
Holders of rec. Sept. 15a
Oct.
15
Oct.
15
Holders of rec. Oct.
—
Oct.
1
Oct.
1 ♦Holders of rec. Sept, 20
1 ♦Holders of rec. Sept. 20
Canadian Cottons, common (quar.)
Preferred (quar.)
2
-
.
—
Oct.
Oct.
1
Oct.
15
Holders of
rec.
1
Sept. 22a
Holders of rec. Sept. 30
Holders of rec. Oct.
1
Oct.
1 ♦Holders of rec. Sept. 20
Oct.
1
Oct.
1 ♦Holders of rec. Sept.
Sept. 30
Sept. 30
Oct.
Oct.
♦Holders of rec. Sept. 20
Holders of
rec.
1
Sept. 23
Holders of rec. Sept. 23
1 ♦Holders of rec. Sept. 15
16
Holders of
rec.
Sept. 30
1
Holders of rec. Sept. 24
Holders of rec. Sept. 21
Oct.
1
Holders of rec. Sept. 16
Oct.
4
Holders of
IK
Oct.
4
Oct.
21
IK
IK
Oct.
1
Holders of rec. Sept. 20
Oct.
1
Holders of rec. Sept. 20
IK
Holders of rec. Sept.
Oct.
Holders of rec. Sept.
l
Sept. 30 Holders of rec. Sept.
Oct.
1 ♦Holders of rec. Sept.
Central AgulrreSugar (quar.)
Central Bond A Mortgage, pref. (quar.)
$2
Chicago Railway Equipment (quar.)
Conley Tin Foil Corporation (quar.)
Consolidated Textile Corporation (quar.)
Consumers Elec. Lt. A P., pref. (qu.)
♦2
Continental Motors Corp., com. (quar.)
Corn Products Refining, com. (quar.)
-
23
*62 He Oct.
15 ♦Holders of rec. Sept. 30
♦150c Oct.
15 ♦Holders of rec. Sept. 30
IK
Oct.
1
Holders of rec. Sept. 20
20 ♦Holders of
Otis Elevator, common (quar.).Preferred (quar.) ———_
Oct.
15
Holders of rec. Sept. 30
Holders of rec. Sept. 30
-
*$2
1H
Oct.
15
1H
Oct.
1
2
Oct.
1
Holders of
IK
Oct.
1
Sept. 21
2
Nov. 15
Penmans, Ltd., common (quar.)
Preferred
Pick
(quar.)
Sept. 24
Holders of
rec.
rec.
to
Sept. 20
Sept. 20
Sept. 30
Holders of rec. Nov.
5
1K
-
1
Holders of rec. Oct.
21
Nov.
1
Oct.
Oct.
31
IK
—
common
Nov.
4
...
(Albert) A Co.,
rec.
25 ♦Holders of rec. Sept. 30
Panhandle Prod. ARef. (quar.)„—
Penick A Ford, preferred (quar.).—..
Oct.
1
Holders of rec. Sept. 25
1
Holders of rec. Sept. 24
25c. Oct.
_—
(quar.)
*$2
Oct.
15 ♦Holders of rec. Oct.
IK
Oct.
1
*1K
IK
Sept. 26
to
13
1
Holders of rec. Sept. 24 '
1 ♦Holders of rec. Oct.
Nov.
15
1 ♦Holders of rec. Oct.
♦25c. Nov.
15
Sept. 27
Oct.
11
Holders of
2
Oct.
15
Holders of rec. Sept. 30
2
Oct.
1
Holders of
2
Oct.
1
Holders of rec. Sept. 15
IK
...
Oct.
1
Holders of rec. Sept. 15
1
Holders of
IK
Nov.
IK
Sept. 30
*37 He Oct.
Oct.
*1H
62Hc. Oct.
*5c. Oct.
—
rec.
rec.
to
Sept. 15
Oct.
11
Sept. 29
5 ♦Holders of rec. Sept. 30
27
Holders of rec. Oct.
5a
21 ♦Holders of rec. Sept. 30
1
Holders of
Holders of rec. Sept. 25
Holders of rec. Sept. 30a
1
2
Oct.
1
2H
Oct.
15
*62Hc
Sept. 24
rec.
5 ♦Holders of rec. Sept. 30
SI .25 Oct.
rec.
Sept. 24
1 ♦Holders of rec. Oct.
Nov.
Nov.
1
Holders of rec. Oct.
20
Nov.
2H
/5
1
Holders of rec. Oct.
20
NOV.
1
Holders of rec. Oct.
20
Oct.
1
Holders of rec. Sept. 20
Oct.
1
Holders of rec. Sept. 20
Holders of rec. Oct. 15a
2H
IK
3K
1
Nov.
2
Oct.
15
♦S2.33 Oct.
1
--------
-
Oct.
15
Standard Textile Products, com. (quar.)
Preferred A and B (quar.)
—
...
to
Oct.
.....
Steel Co. of Canada, com. A pref. (quar.)
Taylor-Wharton Iron A Steel, com. (qu.)
Thompson (John R.) Co., com. (quar.).
Preferred
(quar.)-_———
Times Square Auto Supply (quar.).....
Tonopah Mining
Torrlngton Company, com. (quar.)
Traylor Eng. A Mfg., com. A pref. (qu ).
Union Natural Gas Corporation (quar.).
United Iron Works, com. (quar.)
United States Oil/common (quar.)
Common (payable In common stock).
Preferred (quar.)—.
U. S. Printing A Litho., 1st pref. (quar.)
First pref. (account accum. divs.)
Virginia-Carolina Chem., com, (quar.)..
Preferred (quar.)
...
Waring Hat Mfg., pref. (No. 1).------West Kootenay Pow. A Light, pf. (qu.).
Western Electric, com. (quar.)..
Westmoreland Coal (quar .)——„.
Whitman (William) A Co., Inc., pf. (qu.)
Will & Baumer Co., common (quar.).—
Preferred (quar.)
Winnsboro Mills, common (quar.)
Preferred (quar.)——.
Woods Manufacturing, pref. (quar.).
Yale A Towne Mfg. (quar.)
24
2
Shawinlgan Water & Power (quar.)
Southern N. E. Telephone (quar.)..
;
Standard Tank Car, preferred (quar.)..
IK
Sept. 30
Oct.
75c. Oct.
15 ♦Holders of
15
Sept. 30
20a
25
25
28
rec. Oct.
1
Oct.
1
IK
*$2.50 Sept. 30
Holders of rec. Oct.
2a
►Holders of rec. Sept. 21
27
Sept. 23
Holders of rec. Sept.
►Holders of rec.
Oct.
1
*$1.25 Oct.
1
Sept. 22
Oct.
1
Holders of rec. Sept. 17
IK
*62 He Nov.
to
Oct.
1
15
*2
Oct.
2
Oct.
1
Holders of
IK
IK
Oct.
1
Holders of rec. Sept. 22
Oct.
1
Holders of rec. Sept. 23
5
Oct.
1
Holders of rec. Sept. 25
Sept. 16
1
rec.
Sept. 22
Below
and
not
we
give the dividends announced in previous weeks
paid.
yet
to
rec.
Sept. 30
Nov.
not
include dividends
Per
Name of
20 ♦Holders of rec. Oct.
4
Beech Creek (quar.)
Oct.
4
Boston A Albany
15 ♦Holders of
When
Books Closed.
Cent.
Company.
Payable,
Days Inclusive.
7
20 ♦Holders of rec. Oct.
Oct.
does
v
5
Sept. 10
Oct.
Preferred
This list
announced this week.
1
Holders of rec. Oct.
♦25C. Nov. 16 ♦Holders of
♦1
Sept. 24
Sept. 30
♦50c. Oct.
IK
rec.
*50c. Oct.
—
—
Sept. 24
Sept. 25
Holders of rec. Sept. 30
....
—
rec.
Holders of rec. Sept. 24
2
-
Holders of rec. Sept. 23
10
Ohio Fuel Supply (quar.) „.—
Extra (pay. in Victory 4%% bonds).
Ohio State Telephone, preferred (quar.).
Sept. 30
3
—
Preferred
Holders of rec. Sept. 23
1
15 ♦Holders of rec. Sept. 30
—.
—
9
21
30
30
24
24
30
22
3K
Republic Motor Truck, pref. (quar.)...
Santa Cecelia Sugar, com. (quar.).
Holders of rec. Sept. 21
1
Holders of rec. Oct.
Preferred (quar.)..
Car bo-Hydrogen Co. of Amer., pref.(qu.)
23
2
O'Bannon Corporation, preferred...
Ogilvie Flour Mills, common (quar.)
Common (bonus)
Pittsb. Rolls Corp., pref. (quar.)
1
Canadian Iron Foundries, non-cum. pref.
Canadian Woollens, common (quar.)...
30
K
IK
(quar.)—.——_
Kansas Gas & Electric, pref. (quar.)
Pond Creek Coal (quar,).
Procter A Gamble 8% pref. (quar.)
Punta Alegre Sugar, common (quar.)...
Oct.
—
8
27
1
SI.50 Oct.
—
Jones Bros. Tea, common (quar.)
1
...
—
30a
Oct.
Inspiration Consolidated Copper (quar.)
International Braid, preferred (quar.)—
1
22a
2
Arlington Mills (quar.)———
Asbestos Corp. of Canada, common (qu.)
IK
Preferred (quar,). ——
IK
Astoria Mahogany, preferred (quar.)
2
Auburn Automobile, common (quar.)—. ♦SI
Preferred (quar.).—-----*1*4
Barnet Leather, preferred (quar.)——IK
2
Bayuk Bros., Inc., 1st A 2d pref. (quar.)
*4
Beatrice Creamery, common (quar.)——
Preferred (quar.)
*1K
Brandram-Hcnderson, Ltd., pref. (qu.)_
*1K
2
Brighton Mills, common (quar.)
Preferred (quar.)
—
IK
Canada Bread, preferred (quar.)—..
*1K
Canada Cement (quar.)IK
Canadian Consol, Rubber, pref. (quar.).
IK
Canad. Connecticut Cott. Mills, pf. (qu.)
2
2
I*Second preferred (quar.)
Common (extra)
Holders of rec. Sept.
7a
IK
♦1K
Ottawa Light, Heat A Power (quar.)...
Miscellaneous.
Abitibl Power & Paper, pref. (quar.)——
Acadia Mills (quar.)
24
Sept.
Oklahoma Natural Gas (quar.)
♦62 He Oct.
Oriental Navigation, 1st A 2d pref. (qu.)
*2
Oct.
Fire Insurance.
Hanover (quar.). -——————.
16'
5c.
-
Preferred
Sept. 26
Oct.
75c.
Hydraulic Steel, com. (quar.)
Preferred (quar.)
Imperial Tobacco of Canada ordinary—
...
5
-----
Brooklyn (quar.)
Central Union (quar.)—.
in¬
corporation (quar.)..—--.
Empire (quar,)—.—-—————Fidelity-International (quar.) -.:
Extra
—
Preferred (quar.)
;
Howe Sound Co. (quar.)...
Bonus..
Trust Companies.
Bankers (quar.)
Oct.
1
25
IK
Holders of rec.
—
Sept. 30
Oct.
Oct.
Houston Gas & Fuel, preferred (quar.).
1 ♦Holders of rec.
America, Bank of
to
to
IK
IK
18
Sept. 18
Sept. 22
1
—
{Concluded)
1 ♦Holders of rec. Sept.
Oct.
.
Days Inclusive.
Heath (D. C.) & Co., pref. (quar.)—
Hlllman Coal A Coke, pref. (quar.)
Oct.
— —
Power, preferred (quar.)
Books Closed.
Payable.
Sept. 28
Sept. 22
rec.
rec,
IK
Preferred (quar.)
Yadkin River
When
Cera.
Soots Closed.
Cent.
[Vol, 111
4
Railroads
(Steam).
Holders of rec. Sept. 17a
50c. Oct.
^
(quar.)
*1K
Cosden & Co., common (quar.).
62Kc.
Detroit Edison (quar.)—,
2
2
Dictograph Products Corp., pref. (qu.).
Dominion Canners, Ltd., pref. (quar.)..
IK
Driver-Harris Co., com. (quar.)
2
^Preferred (quar.)—
IK
Dunn Petroleum Corp. (stock div.)
elOO
Durham Hosiery Mills, com. B (quar.)
87 He.
Oct.
1
Holders of rec. Sept. 20a
25c.
Oct.
1
Holders of rec. Sept. 20a
Kanawha A Michigan (quar.) —
Lackawanna RR. of N. J. (quar.).
*1K
p*Common B (extra)——.
50c.
Oct.
1
Lehigh Valley com. (quar.)
$1
Elder Mfg., pref. (quar.)
2
Emerson Phonograph, pref. (quar.)—
♦2
Everett, Heany & Co., Inc. (quar.)
*50c.
Falcon Steel, com. (No. 1)
*$2
Oct.
15
Holders of rec. Sept. 25
Holders of rec. Oct. 10
87He Oct.
$1.25 Oct.
Oct.
1
Holders of rec. Sept. 25
IK
Oct.
Holders of rec. Sept. 15a
Oct.
1 ♦Holders of rec. Sept. 25
3H
Oct.
Holders of rec. Sept. 22a
Oct.
11 ♦Holders of rec. Sept. 30
1
Manhattan Railway (quar.).
Minn. St. Paul A S. S. M., com. A pref.
Leased lines
2
Oct.
Holders of rec. Sept. 20a
Newark A Bloomfield
3
Oct.
Holders of rec. Sept. 22
New York Central RR. (quar.)--;
N. Y.Lackawanna A Western (quar.)—.
IK
Nov.
IK
..
—
—
Eastern Mfg., common (quar.).
...
P* Common (extra)
Preferred
(quar.)
Famous Players-Lasky Corp., pref. (qu.)
Flint Mills (quar.)
...
General Motors Corp., com. (quar.)
Common (payable in common stock).
| Preferred
8% debenture stock (quar.)
7% debenture stock (quar.)..
General Railway Signal, com. (quar.)...
...
(quar.)
Gold & Stock Telegraph (quar.)
Goodwins, Ltd., pref. (quar.)
-—J
....
...
...
Goodyear Tire & Rubber, pref. (quar.)..
7% pref. (quar.)
Gorham Mfg.,
p*6% preferred (quar.)..
Great Lakes Transit, common (quar.)..
....
Preferred
1
Oct.
15
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
Oct.
15
Holders of
Oct.
1
Holders of
Sept. 30a
Sept. 18
Chicago Burlington A Quincy
1
Sept. 21
to
Oct.
1
Clev. Cin. Chic. A St. Louis, pref.
Oct.
1
Sept.21
to
Oct.
1
Oct.
1
Holders of rec. Sept. 25
Great Northern (quar.)
.Toilet A Chicago (quar.)—..
Oct.
(quar.)....
NOV.
1
Oct.
1
♦Holders of
rec.
Sept. 15
25c. Nov.
2
*6
-
Preferred
-
rec.
Oct.
Holders of
rec.
Oct.
5
Holders of rec. Oct.
5
IK
Nov.
1
Holders of
rec.
Oct.
5
IK
IK
IK
IK
IK
IK
IK
IK
$1.25
Nov.
1
Holders of
rec.
Oct.
5
Oct.
1
Holders of
rec.
8ept. 20
Second preferred (quar.)
St. Louis A San Francisco—
Oct.
1
Holders of
Oct.
1
Holders of
rec.
Sept. 20
Sept. 30a
Southern Pacific Co.
Oct.
1
Holders of
rec.
Oct.
1
Holders of rec.
Oct.
1
Holders of rec. Sept. 25
Oct.
1
Holders of
rec.
rec.
5
Sept. 21
Sept. 15
Sept. 25
Oct.
1
Holders of
Oct.
1
Holders of rec. Sept. 25
Sept. 30
rec.
Sept. 25
♦50c. Nov. 22 ♦Holders of rec. Nov.
Nov.
1
Oct.
12
Holders of
to
rec.
Oct.
5
31
Sept. 17a
Holders of rec. Sept. 14
Holders of rec. Sept. 14
Preferred
to
Sept. 30
2
Sept.
1H
IK
IK
Oct.
Holders of rec. Oct.
Nov.
Sept. 25
Oct.
Holders of rec. Sept. 24a
to
Oct.
la
14
♦Holders of rec. Sept. 23
Holders of rec. Sept. 8a
Sept.
Oct.
Holders of rec. Sept. 11a
Holders of rec. Sept.
Holders of rec. Oct.
11a
la
Oct.
Holders of rec. Sept. 14a
75c.
Oct.
Holders of rec. Sept. 15
Holders of rec. Sept. 10a
IK
Oct,
IK
*1K
Oct.
?l
Nov.
Holders of rec. Oct.
Oct.
Holders of rec. Sept. 28a
Holders of rec. Sept. 10a
♦Holders of rec. Oct.
NOV.
Oct.
25
19a
1
1
Oct.
Sept. 25
Oct.
Oct.
Holders of rec. Aug. 31a
Holders of rec. Sept. 15a
to
2H
—
pref. (quar.)
Oct.
Holders of
2
(quar.)
Western Pacific RR. Corp.,
West Jersey A Seashore
Oct.
Holders of rec. Aug. 3ia
Oct.
1
Aug 22
to
Holders of rec. Sept. 20a
2
(quar.)
common
Aug. 31
Oct.
1J4
pref. tru3ctfs. (qu.)
Southern Ry., M. A O. stk. tr. ctfs
Union Pacific,
Preferred
Warren RR
rec.
Sept. 16
50c.
(quar.)
Pittsburgh A West Virginia, pref. (qu.)_
Reading Company, common (quar.)
K. C. Ft. S. A M.,
♦Holders of
Sept.
Sept.
1
—
Pittsb. Bessemer A Lake Erie, com
Pittsb. Ft. Wayne A Chic. com. (quar.)
Holders of
50c.
—
—
1
Sept .'30
Sept. 30
...
(qu).
(quar.)
1
*1K
1K
(quar.)..
(quar.)—
,
1
50c.
...
Preferred
15
—
Nov.
Hartford City Gas
I
Holders of rec. Oct.
Preferred
Nov.
{m)
IK
com.
rec.
1
Greene Cananea Copper (quar.)
Harris Bros. A Co., pref. (quar.)
Harrl8burg Light A Power, pref. (quar.).
Light,
(quar.)
rec.
—
1K
2H
2
Buffalo A Susquehanna, com. (quar.)
Canadian Pacific, com. (quar.)
Oct.
Oct.
♦1K
♦2
(quar.).
IK
(quar.).—.....
|»Preferred
Nov.
rec.
Oct.
3H
Oct.
Holders of rec .Sept.
Holders of rec. Oct.
4
1H
Oct.
Holders of rec. Sept.
Holders of rec. Sept.
14a
15a
$1.25 Oct.
Wisconsin Central, preferred
*2
rec.
Sept.
la
la
♦Holders of rec. Sept. 20
Oct.
Street 8c Electric Railways.
Boston Elevated Ry., com.
(quar.)
Brazilian Tract., Lt. A Pow., pref. (qu.).
$1.3712 Oct.
1
Holders of
rec.
Oct.
1
Holders of
rec.
IK
Sept. 16
Sept. 15
Sept. 25
Per
Street
and Electric Rys.
(Concluded).
(qu.)
Cincinnati Street Ry. (quar.)
Dulutb-Superior Traction, pref. (quar.).
Duquesne Light, preferred (quar.)
Eastern Texas Electric Co.. com. (quar.)
Frankford & Southward Pass, (quar.)...
Illinois Traction, pref. (quar.)
& Lighting
(quar.)
Monongahela Val. Trac., new pref. (qu.)
Northern Ohio Trac. & Light, pref. (qu.)
Ottawa Traction
Books Closed.
Payable.
Days Inclusive.
,
Six per cent cumulative preferred
Philadelphia Traction
Phila. & Western Ry., pref. (quar.)...
Ridge Ave. Pass. Ry., Phila. (quar.)
—
1
Oct.
1
Holders of rec. Sept.
Sept.30
Holders of rec. Sept.
Sept. 17
1
Oct.
Holders of rec. Sept. 15a
to
to
to
Holders of rec. Oct.
1
Cambria Iron
Canada SS. Lines, pref. (quar.)
Oct.
Holders of rec. Sept. 21a
37 Xc. Oct.
IX Oct.
Holders of rec. Sept. 30a
Holders of rec. Oct.
la
Oct.
la
1
Holders of rec. Sept. 30a
Holders of
$1.50 Nov.
Oct.
rec.
Holders of rec. Sept. 10a
Oct.
IX
Oct.
IX
Oct.
Holders of rec. Sept. 20
Twin City R. T.. Minneap., pref.
(quar.)
(quar.)..
Washington Water Power, Spokane(qu.)
IX
Oct.
United Light & Rys., 1st pref.
IX
Oct.
IX
Oct.
Oct.
9
Holders of rec. Sept. 25
Sept. 20
to
2
Oct.
1
Holders of
rec.
3X
Oct.
1
Holders of rec. Sept.
2
Oct.
1
Holders of rec. Sept.
IX
Oct.
1
Holders of rec. Sept. 20
Preferred
(quar.)
Caracas Sugar (No. 1)
Carbo-Hydrogen Co., pref. (quar.)
Case (J. I.) Plow Works-
2X
Oct.
Holders of rec
X
Oct.
Holders of rec,
4
Oct.
Holders of rec
4
(quar.).
(quar.)
Oct.
Sept. 19
4
City, National (quar.)
...
Holders of rec,
Oct.
Oct.
Holders of rec
3
Oct.
Holders of rec
Hanover National (quar.)
8
Oct.
Sept.
Mechanics & Metals Nat. (quar.)_...__
5
Oct.
Holders of rec
2X
Oct.
Holders of rec
2
Oct.
Holders of rec,
Metropolitan (quar.).
National City Co. (quar.)
New Netherland (quar.)..
....
19
6.2
Oct.
Sept. 26
New York. Bank of, N.B.A. (quar.)
5
Oct.
Holders of rec
3
Oct.
Holders of rec
Sept. 30
Holders of rec
5
Yorkville (quar.)
.
,
.
,
Sept. 30a
Sept. 18a
to
Seaboard National
(quar.)..
Sept. 25a
Sept. 23a
Sept. 30a
Sept. 30
Sept. 30 a
Sept. 17a
,
to
1
Extra
Commerce National Bank of (quar.)
Sept. 25a
,
.
.
Sept. 18
,
Sept. 30
Sept. 18a
to
Sept. 21a
,
.
.
Sept. 25a
Sept. 21
1
Sept.dll
Oct.
1
Holders of rec. Sept.
Oct.
15
Holders of rec. Sept.
IX
Oct.
15
Holders of rec. Sept. 30a
Oct.
IX
$2.50 Oct.
1
Holders of
rec.
Sept. 10a
1
Holders of
rec.
Sept. 17
IX
Oct.
1
Holders of rec. Sept.
2
Oct.
1
Holders of rec. Sept.
$1
Oct.
1
Holders of
SI
Preferred
(quar.)
Leather, preferred (quar.)
Petroleum, preferred
States Elec. Corp., pref. (quar.)
Teresa Sugar, com. & pref. (qu.)
Oct.
1
Holders of
rec.
IX
Oct.
1
Holders of
rec.
Sept. 17a
Oct.
1
Holders of rec, Sept.
Chesebrough Mfg., com. (quar.)
*3X
Sept. 30 ♦Holders of
rec.
Sept. 14
nx
Sept. 30 ♦Holders of
reo.
Sept. 14
Sept.23
Sept.29
18a
Sept. 29
Preferred
(quar.)
(quar.)
nx
Oct.
♦Holders of
rec.
*2
Sept. 30 ♦Holders of
rec.
Chino
37Xc Sept. 30
Copper
(quar.)
2
Oct.
1
*X
Oct.
1
*nx
Oct.
1 ♦Holders of rec. Sept. 15
*x
*x
Oct.
1
♦Holders of
Cities Service, com. «fc pref. (monthly) __
Common (payable in common stock).. ♦/IX
Nov.
1
♦Holders of rec.
Nov.
1
♦Holders of rec. Oct.
15
*x
Nov.
1 ♦Holders of reo. Oct.
15
Preferred B
(monthly)
Oct.
1
Holders of rec. Sept.
Oct.
1
♦Holders of rec. Sept.
Oct.
1
Sept. 16
Oct.
Holders of rec. Sept.
Holders of rec. Sept. 18
Sept. 30
Sept. 26
Sept. 30
Holders of rec. Sept.
to
20
Sept. 30
29
Miscellaneous.
(quar.)
Abitibi Power & Paper, pref.
IX
Oct.
Holders of rec. Sept. 20
2
—
Oct.
Holders of rec. Sept. 16
Preferred
Columbia Graphophone Mfg., com.(qu.)
Common (payable in common stock).
Preferred
(quar.)
Computing-Tabulating-Record. (quar.).
Consolidated Cigar, com. (quar.)
Consol. Gas, El. L. & P., Bait. (quar.).
Continental Can, common (quar.).....
Preferred
preferred (quar.)
Aeolian, Weber Piano & Pianola, pf.(qu.)
(quar.).
Allegheny Steel & Tube. pref. (quar.)..
Allis-Chalmers Mfg. com. (quar.)
Oct.
Holders of rec. Sept. 15a
Sept. 30
Sept. 30
Holders of rec. Sept. 25
Creamery Package Mfg., com. (quar.).
IX
Holders of rec. Sept. 25
*50c. Sept. 30 ♦Holders of
Oct.
Holders of
2
rec.
Sept. 15
rec.
Sept. 18
Amalgamated Leather Cos.,Inc.,pf.(qu.)
Amalgamated Oil (quar.)..
American Bank Note, preferred (quar.).
American Beet Sugar, pref. (quar.)...
1
Nov. 15
Holders of rec. Oct.
25a
IX
(quar.).
Oct.
15
Holders of rec. Sept.
24a
IX Oct.
*$1.50 Oct.
iS
rec.
Sept. 30
Holders of rec. Sept. 15a
2
Holders of rec.
Sept. 30
(quar.)
American Can. pref. (quar.)
IX
Sept. 30
Holders of rec. Sept. 22a
IX
Oct.
Holders of rec. Sept. 16a
American Car & Foundry, com. (quar.).
3
Oct.'
1
Holders of rec. Sept. 15a
Oct.|
1
Holders of rec. Sept. 15a
New preferred
$2.50 Oct.
£1
<:
...
Common
Amer. Exch. Secur. Corp., class A (qu.).
Oct.
1
Holders of rec. Sept. 18
Dominion Coal, pref.
American Express (quar.)...
Amer. Fruit Growers. Inc., pref. (quar.)
IX
IX
Oct.
1
1
Holders of rec. Aug. 31a
Holders of rec. Sept. 20
Dominion Glass, Ltd., common
Oct.
Electric, com. (quar.)..
2X
IX
*$2
Oct.
1
Holders of rec. Sept. 16
Nov.
1
Holders of rec. Oct.
♦
Preferred
*1X
(quar.)..
1
1
♦Holders of rec. Sept. 16
Holders of rec. Sept.
Oct.
1
11a
rec.
Nov.
(quar.)...
(quar.)..
quar.)
1
♦Holders of rec. Sept. 18
American Locomotive, common (quar.).
IX
Sept. 30
Holders of rec. Sept. 13a
(quar.)..
American Pottery, preferred..
...
American Public Service Co., pref. (qu.)
IX
3X
Sept. 30
Sept. 30
Holders of rec. Sept. 13a
IX
Oct.
1
Sept. 30
Sept. 30
(quar.)..'.
American Radiator, common
$1
Mill, com. (In com. stock) */2 5
IX
pf. (quar.)
Amer. Smelters Securities, pf. A (qu.)..
Amer. Rolling
Amer. Seeding Macb., com. &
(quar.)
Sept.12
Sept.12
Oct.
1
Holders of rec.
Oct.
1
Oct.
15
Holders of rec. Sept. 10a
la
Holders of rec. Oct.
75c
First and second preferred
(quar.)
pref. (qu.)
American Telephone &
Telegraph (quar.)
American Type Founders, com.
(quar.).
(quar.)
American Wholesale Corp., pref. (quar.)
Amer. Wind. Glass Mach., com.
(quar.)
(quar.)..
...
American Woolen, com. & pref. (quar.).
McCready, Ltd., pref.(qu.)
Common (extra)....
Armour & Co., preferred
(quar.)
Austin. Nichols
Co.. pref. (quar.)
....
Sept. 20a
1
Holders of
rec.
Oct.
1
Holders of
rec.
Sept. 25
Sept. 15a
Oct.
15 ♦Holders of
1
Holders of
rec.
Oct.
rec.
Sept. 25
Oct.
Oct.
pref. (quar.)
Holders of rec. Sept. 25
Sept. 25
Oct.
1
Oct.
20
IX
IX
Oct.
1
Holders of
Nov.
1
Holders of rec. Oct.
12
15
Sept. 30
to
Holders of rec. Sept.
rec.
First and second preferred
4
Dominion Steel Corp. (quar.)
Dominion Steel, pref. (quar.)
....
IX
1
Oct.
15
3
Oct.
1
Holders of
rec.
IX
Oct.
1
Holders of
rec.
4
Sept. 20
IX
(quar.)
Duluth Edison Elec., pref. (quar.)
du Pont (E. I.) de Nemours & Co.Draper Corporation
Oct.
IX
(quar.)
Nov.
2X
Preferred
Oct.
25
""Holders of
rec.
Holders of rec. Sept.
(quar.)
(quar.)...
Sept.
Oct.
9
Nov.
1
♦Holders of rec. Oct.
20
nx
2X
(quar.)
Nov.
1
♦Holders of
20
rec.
Oct.
Holders of rec. Aug. 310
Oct.
1
Common (extra)
2X
Oct.
1
Holders of
Preferred
IX
Oct.
1
Holders of rec. Aug.
Oct.
1 ♦Holders of rec. Sept. 20
Oct.
1
♦Holders of rec. Sept.
Oct.
1
♦Holders of rec. Sept. 20
Oct.
1
Holders of
reo.
Sept. 13a
$1.25 Oct.
1
Holders of
rec.
IX
Oct.
1
Holders of rec. Sept.
Sept.11a
11a
IX
Oct.
1
Holders of rec. Sept. 15
2
ocM
i
Holders of rec. Sept.
IX
Sept. 30
Holders of rec. Sept.
Oct.
1
Holders of rec. Sept. 15a
Eastman Kodak, common
(quar.)
(quar.)
Edmund & Jones Corp., com.
Preferred
(quar.)..
(qu.)
(quar.).
Electric Storage Batt., com. & pf.
Endlcott-Johnson Corp., com.
Fairbanks, Morse & Co., cofii. (qua
Preferred
Famous
♦50c.
nx
nx
(quar.)—
Fairbanks Co., pref.
(quar.)
(quar.)
.
Players-Lasky Corp., com. (qu.)
Inc., pref. (quar.)
(quar.)
3
$2
rec.
Aug. 310
Oct.
1
15 ♦Holders of rec, Oct.
10
Fisk Rubber, com.
75c.
Oct.
I
Holders of
Oct.
15 ♦Holders of rec. Oct.
10
Gen. Amer. Tank Car, pref.
(quar.)—
General Baking, preferred (quar.)
Pref. (account, accumulated divs.)._
General Chemical preferred (quar.)....
General Cigar, debenture pref. (quar.).
nx
Oct.
IX
Oct.
1
Aug.
15
to
Sept. 15
IX
Oct.
1
Holders of rec. Sept. 15a
3
Oct.
1
Holdei-s of rec. Sept. 10
IX
Oct.
1
Holders of rec. Sept.
IX
Oct.
15
IX
Oct.
2X
IX
IX
Oct.
Oct.
Oct.
1
Nov.
Oct.
Oct.
Sept.16
to
1 ♦Holders of rec.
1
25
10
Sept. 26
Holders of rec. Sept. 17
1 ♦Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Bethlehem Steel, common
Farrell (Wm.) & Son.
Sept. 15
Sept. 15
Sept. 30a
Sept. 20
Holders of rec. Sept. 20
Holders of rec. Oct. 15a
♦Sept.22
to
Oct.
1
Holders of rec. Sent. 20a
♦Holders of
rec.
Holders of rec.
Oct.
26
Sept. 30a
Oct.
Preferred
Holders of rec. Sept.
30a
Sept. 15
Sept. 15
Sept. 30
Oct.
♦Holders of rec.
Oct.
♦Holders of rec.
Oct.
Holders of rec.
IX
Oct.
(quar.)
Common B (quar.)
Oct.
to
Oct.
—
20
Oct.
to
Sept. 12
Oct.
*60c..
(quar.)
Oct.
♦Holders of rec. Sept.
n%
(quar.)
Oct.
♦Holders of
British-American Tobacco, ord.(Interim)
4
British-American Tobacco, pref—
2X
Brunswick-Balke-Collender,
50c.
50c.
Extra
pf.
(quar.)
(quar.).
*1X
Sept.
Sept.
Oct.
Holder
rec.
20
Sept. 20
of coup. No. 821
Holders of coup. No. 34
♦Holders of rec. Sept. 20
Holders of
Oct.
Oct.
rec.
1
Holders of rec. Sept. 10a
Holders of rec. Sept. 20
1
IX
rec.
Holders of rec. Sept. 10a
1
Oct.
IX
Harbison-Walker Refrac., pref.
Holders of rec.
1
2
Preferred (quar )
Holders of rec. Sept.
Sept. 30
Sept. 30
37Xc. Oct.
Hablrshaw Electric Cable
19
Holders of
1
rec.
Sept. 20a
Holders of rec. Sept. 20a
Holders of
rec.
Oct.
Holders of
rec.
Sept. 20
Holders of
rec.
Sept
9a
nx
1
1
Holders of rec.
Oct.
1
IX
(quar.)—
Mfg., pref. (quar.)
Oct.
2X
Preferred
Sept. 30
si
1.12X Oct.
Haskell & Barker Car (quar.).
Hercules Powder, common
preferred (quar.)
5a
Sept. 2la
Sept. 16
Hendee
Borne. Serymser Co
Holders of rec.
Holders of
rec.
Oct.
Holders of
Brier Hill Steel, new com.
1
.
IX
Holders of rec
la
14
Oct.
Sept. 30
1
to
Holders of rec. Sept. 15a
Holders of rec. Sept. 14a
1
Sept. 16
Oct.
Holders of rec. Dec.
Holders of
Oct.
Oct.
9a
Sept. 15
Sept. 30
Oct.
Dec.
rec.
IX
Oct.
Oct.
Holders of
IX
(quar.)
Great Lakes Towing, common (quar.).
Preferred (quar.)
-
IX
IX
Holders of rec. Sept.
Holders of rec. Nov.
Nov. 15
Preferred
2X
IX
1
Common (extra)
2
Sept. 15a
1
15
Oct.
Sept. 30
Sept. 30
Cumulative convertible pref. (quar.)..
Sept. 20
Oct.
Oct.
IX
IX
(quar.)
Holders of rec. Sept. 15a
rec.
Holders of rec.
IX
Sept. 18
Sept. 18
170
Sept. 24a
IX
Preferred
Non-cumulative preferred (quar.)—.
Bigheart Prod. & Ref. (quar.)..
Booth Fisheries, preferred (quar.)
rec.
Holders of rec. Sept.
20
Sept. 20
Sept. 15
Sept. 15
Sept.15
Sept. 30
(quar.).
Holders of rec. Sept. 15a
IX
2
rec.
Holders of
1
IX
IX
(quar.)
Goulds Mfg., com.
Holders of rec. Sept. 15a
Oct.
Holders of
1
Oct.
$1.50
Holders of rec. Sept. 20
1
1
Oct.
IX
2
Electric (quar.)...
rec.
hx
IX
General
Sept. 15
1
Oct.
Nov.
*1X
62Xc Oct.
*1X
BellTelep. of Canada (quar.)
20a
15
1 ♦Holders of rec. Sept.
*$1
(quar.)
20
Holders of rec. Sept.
Oct.
IX
(quar.)...
Beaver Board Cos., com. (quar.)..
3ia
20
Sept. 15
20
IX
*1
2
Preferred
15
Holders of rec. Sept. 30
nx
Preferred
Guantanamo Sugar (quar.)
(quar.)
30a
Sept. 18
15
la
& Spindler—
Barnsdall Corp., Class A & B
1
1
Holders of rec. Sept.
la
*1X
IX
Ayery Co., preferred (quar.)....
rec.
Oct.
Holders of rec. Sept.
Holders of rec. Sept.
$2.50 Sept. 30
Preferred
Preferred
Holders of
2
Holders of rec. Sept.
4
Holders of rec. Oct. 15
Holders of rec. Sept.
IX
IX
(quar.)
Associated Oil (quar.)
Atlantic Coast Co. (quar.).....
Borden Co.
Oct.
1
1
1
2
*30c. Oct.
......
Atlantic Sugar Refineries, com. (quar.).
Preferred
20
rec.
Oct.
1
2
*20c. Oct.
Arkansas Natural Gas, com
Barrett Co., common
Holders of rec. Sept. 10a
1 ♦Holders of
1
1
Holders of rec. Sept. 20a
Holders of reo. Sept. 10a
Sept. 30
Sept. 30
Oct.
Oct.
Oct.
15
Holders of rec. Sept. 15 a
Holders of rec. Sept. 15a
1
Oct.
Oct.
Oct.
15or
Holders of rec. Oct.
30
Oct.
IX
Oct.
Oct.
IX
IX
IX
Holders of rec. Sept. 20
IX
IX
Holders of rec. Sept.
2
1
1
Sept. 30
Dominion Iron & Steel, pref. (quar.)..
Sept. 21
Sept. 21
1
15
10 ♦Holders of rec. Oct.
10 ♦Holders of rec. Oct.
*1X
American Tobacco, preferred (quar.)...
Barnett Bros.
15a
Oct.
Oct.
to
Holders of rec. Sept. 15
1
Oct.
Sept. 20a
rec.
Oct.
7
Holders of reo. Sept.
1
Oct.
Holders of
Holders of rec. Sept. 20a
15 ♦Ooc.
Oct.
1
Sept. 30
to
to
1
20
*1X
*1X
1
Oct.
$1
Common (extra)
Baltimore Tube,
Sept.10a
Oct.
25c. Oct.
la
Oct.
Oct.
IX
_•
Amer. Sugar Refg., com. &
Ames Holden
Sept. 20
1
Holders of rec. Sept. 20a
Oct.
X
(quar.)
American Stores, common (quar.)
Preferred
Sept. 20
to
Oct.
IX
American Snuff, com. (quar.)..
Preferred
to
1
3
American Steel Foundries, com. (quar.).
Preferred
to
Oct.
IS
Preferred B (quar.)
Preferred
Sept.23
Nov. 1
Nov. 15 ♦Holders of rec.
15
Holders of rec. Sept. 30
1
l
Debenture stock (quar.)
Oct.
Sept. 15a,
Oct.
IX
(quar.).
Holders of rec. Sept. 15
Preferred
rec.
IX
(quar.)
Dominion Iron & Steel, Ltd., com. (qu.)
Preferred
Sept. 15a
rec.
Holders of
IX
2
Oct.
Oct.
1
25c.
Preferred (quar.)
Dome Mines, Ltd.
Dominion Canhers, Ltd., pref.
Oct.*
rec.
Oct.
1
(special)
Holders of rec. Sept. 15a
IX
Holders of
2
*1X
IX
Detroit Iron & Steel, pref. (quar.)..
Dodge Mfg., com. (quar.)
Holders of rec. Sept. 18
Holders of
$1.50 Sept. 30
Nov. 15 ♦Holders of
*2X
15
SI
(quar.)...
Delion Tire & Rubber, pref.
1
(quar.)
Holders of rec. Sept. 24a
Oct.
IX
Oct.
Corp., com. & pf. (quar)
Amer .-La France Fire Eng.. com. (qu.)
Holders of reo.
IX
*25c.
Daly'West Mining (quar.).
Oct.|
Amer. Internat.
Holders of rec.
1
11
Sept. 30
IX
Amer. Hide & Leather, pref.
1
Oct.
Oct.
Oct.
(quar.)..
1
10a
Sept. 10a
Sept. 10a
Oct.
(V)
IX
1,1
IX
IX
IX
IX
Amer. Hawaiian SS. (quar.)
Holders of rec. Sept.
IX
IX
15
1
2
......
(quar.)
Oct.
Crucible Steel, com. (quar.)
American Cigar, pref. (quar.)..
Preferred
25C.
Crucible Steel, preferred (quar.)
Cuba Cane Sugar, pref. (quar.)...
Preferred
1
♦Holders of rec. Sept.
75c.
Crowell & Thurlow SS. (quar.)
American Chicle, preferred (quar.)...
;
1
nx
...
Sept. 11a
Holders of rec. Sept. 15a
Holders of rec. Sept. 22a
American Bosch Magneto (quar.)
Amer. Brake Shoe & Fdy., new com.(qu.)
(quar.)..
Holders of rec. Sept. 18
15 ♦Holders of
Oct.
Oct.|
Preferred
Holders of rec.
1 ♦Holders of rec. Sept.
Oct.
IX
(quar.)
Continental Candy Corporation (quar.).
Continental Motors Corp., pref. (quar.).
IX
Advance-Rumely Co., pref. (quar.)
IX
♦25C. Oct.
15
25
20
Sept. 20a
*2
(quar.).....
ix
Advance Candy Mfg., pref. (quar.)...
American Gas
♦$2
Sept. 30
4
(quar.).........
People's, Brooklyn (quar.)....
(quar.)...
IX
Cluett, Peabody & Co., pref. (quar.)..._
Sept. 30
15
Sept. 15
Oct. 15
rec.
Holders of rec. Sept.
Colonial Finance Corp., com. (quar.)..
Oct.
to
1
Sept. 17
4
Sept. 19
♦Holders of rec. Sept.
Cities Service Bankers Shares (monthly). 40.75c. Oct.
Oct.
....
Holders of rec. Sept.
(monthly)
Cities Service, com. and pref.
Holders of rec. Sept.
8
Metropolitan (quar.)...
1
10a
Common (payablein common stock)..
Preferred B (monthly)
-
Cincinnati & Sub. Bell Telep. (quar.)___
Holders of rec. Sept. 20
1
rec.
Chicago Mill & Lumber, Pref. (quar.)__
Chicago Telephone (quar.)
Holders of rec.
to
10
15
$2.50
First and second preferred
Sept. 30
22a
13
30a
Chandler Motor Car (quar.)
Sept. 30
5
Lawyers Title & Trust (quar.)
Manufacturers. Brooklyn (quar.)....
Preferred
■
to
Sept. 17a
Sept. 17a
4
(quar.)
*•».
Equitable (quar.)
Guaranty (quar.).......
Sept. 30
iOct.
4
Columbia
1
20
IX
City Investing, pref. (quar.)
Cleveland Automobile, pref. (quar.)
Trust Companies.
Holders of rec. Sept.
IX
Central
1
Holders of rec. Oct.
Sept.30
IX
Central
Oct.
Oct.' 15
8^o.
15
20
Central Coal & Coke, com. (quar.)
Central
21 to
Sept. 30
Sept. 15
Case (J. I.) Thresh. Mach., pref. (quar.)
Central
Sept.
Sept. 30
Sept. 15
reo.
$1
Common (extra)
Chatham & Phenix Nat.
Preferred
IX
IX
Canadian General Electric, com. (quar.)
Certain-teed Products, common (quar.).
......
...
Mining
Canadian Car & Foundry, pref. (quar.)_
Canad. Crocker-Wheeler, com.&pf. (qu.)
Holders of rec. Sept. 24
Banks.
Atlantic National (quar.)
Extra.
Ahmeek
Holders of rec. Sept.
Holders of
Holders of rec. Sept. 15a
$1.75 Oct.
20a
15a
1
1
Holders of rec. Sept. 15a
15
Holders of rec. Sept.
1
Oct.
First and second preferred (quar.)
1
Tri-City Ry. & Light, pref. (quar.)
to
20
20
1
Oct.
Canadian Locomotive, com. (quar.)
Holders of rec. Sept. 15
3
rec.
IX
Preferred
Holders of rec. Sept. 10
Holders of reo. Sept.
la
Holders of rec. Sept. 15a
Aeolian Co.
Oct.
Holders of rec. Sept. 18a
Holders of rec. Sept.
la
Holders of rec. Sept. 15
Sept. 16
York
IX
$1
Nov.
Oct.
New
Oct.
Oct.
Oct.
Chase National
*2X
IX
Oct.
West End Street Ry., Boston, common..
Co., Ltd., com. (quar.).,._
California Petroleum, preferred (quar.)_
2
$3
Springfield (Mo.) Ry. & Lt., pref. (qu.).
Burt (F. N.)
$4.50 Oct.
IX Oct.
$2
Sept. 20
Oct.
1
2
Oct.
Oct.
Holders of
IX
Buffalo General Electric (quar.)
Sept. 20
$3
IX
2d & 3d Streets Pass.. Phila. (quar.)
Miscellaneous (.Continued)
Sept. 30
Sept. 20
Oct.
75c. Oct.
Days Inclusive.
Bucyrus Co., pref. (quar.)
Preferred (acct. accum. dividends)
Oct.
1
(quar.)
Philadelphia Co., common (quar.)
When
Payable.
Sept. 30
Sept. 30
1
IX
Books Closed.
Per
Cent.
Name of Company.
1X
IX
Cincinnati & Hamilton .Tract, com.
Preferred (quar.)
Manila Electric RR.
When
Cent.
Name of Company,
1251
CHRONICLE
THE
1920.]
Oct.
1
Holders of rec. Sept. 11a
Holders of rec. Sept. 11a
Oct.
1
IX
\
(quar,).
(extra)
(quar.)—
(quar.)
Holt, Renfrew Co., pref. (quar.)
Huntington Devel. & Gas, pref. (quar.).
Hupp Motor Car Corp.. pref. (quar
Ide (Geo. P.) Co.. Inc..
to
Oct.
Sept. 26
to
1
Holders of
pref. (quar
IX
Oct.
15
IX
Hilicrest Collieries, common
Preferred
to
Sept. 16
2
Oct.
15
Holders of
rec.
IX
Oct.
1
Holders of
rec.
IX
Oct.
1
Sept.J18
Holders of rec. Sept. 20
Sept. 25
Sept. 25
Sept. 16
2
IX
Common
21a
rec.
Sept. 25
Sept. 25
Sept.30
Sept. 30
Sept. 30
Sept. 25
Holders of rec. Sept. 15
IX
Oct.
1
Holders of
2
Oct.
1
Holders of rec. Sept. 15a
rec.
Sept. 20
1253
THE
CHRONICLE
Per
Miscellaneous (Continued)
Imperial Oil Corp., common (monthly)
Preferred (quar.).
Indiahoma Refining (quar.)
Indianapolis Water works Sec., pref
Internal. Agrlc. Corp.,
When
Books Closed.
Cent.
Name of Company.
Payable.
Days Inclusive.
1
Oct.
15
Holdei^s
2
Oct.
15
3
Sept. 30
Holders of
Holders of
3K
Oct.
Sept.21
—
1
Oct.
i k
pref. (quar.)——
15
Per
rec.
rec.
to
Holders of
rec.
1
Holders of
rec.
Oct.
15
Holders of
rec.
Holders of
rec.
Sept. 30
Sept. 30
Sept. 15
Sept. 25a
Sept. 15a
Sept. 15a
Oct.
—
Oct.
1
Holders of
—
ik
Oct.
1
Sept. 18
to
Oct.
1
Holders of
(quar.).
International Salt (quar.).—
International Sliver, preferred (quar.)
Invader Oil & Refining (monthly)
1
rec.
Roots Closed
Payable.
Days Inclusive.
Miscellaneous (Concluded)
Regal Shoe, pref. (quar.)
Rels (Robert & Co., 1st & 2d pre]
Remington Typewriter, 1st pref.
30
Sept. 30
Sept. 20a
ik
ik
ik
When
Cent.
Name of Company.
f rec. Sept..
15c. Oct.
Interaat. Buttonhole Sewing Mach. (qu.)
Internat. Harvester, com. (quar.)
—
Int. Motor Truck, 1st & 2d pref,
[Vol. 111.
IK
IK
1
Holders of
Oct.
1
Holders of
rec.
Oct.
,1
Holders of
rec.
Sept.10a
2
Second preferred (quar.)
First preferred, Series S (quar.)
Oct.
IK
Oct.
1
Holders of
rec.
Sept. 10a
rec.
Sept. 10a
Oct.
First and second pref. (quar.)
Preferred
1
Holders of
Oct.
1
♦Holders of
1
Holders of
rec. Oct.
IK
(guar.).
Oct.
Oct.
1
rec.
1
Holders of
Holders of
Oct.
1
Holders of
rec.
Sept. 15
1
Holders of
rec.
Sept. 24
50c.
1
Preferred
(quar.)
rec.
Sept. 15a
1
Rlordon Co., Ltd., pref. (qu.) (No. 1).
IK
IK
Oct.
Oct.
Holders of
rec.
Sept. 15a
1
RItz-Carlton Hotel, preferred
Holders of
3A
rec.
rec.
rec.
Sept. 14
15a
Sept.15a
Sept. 15
Mar. zl
Oct.
Oct.
2
Oct.
1
Holders of
rec.
Sept. 20
Sept. 27a
ik
va
Nov.
1
Holders of
rec.
Oct.
Oct.
1
Holders of
rec.
Sept. 30
Holders of
rec.
Sept. 14a
--
Sept. 20a
25c.
—
Sept. 15a
Nov.
IK
*25c.
1
Kelly-SpringfieldTire, preferred (quar.).
Kennecott Copper Corp. (quar.)
Capital distribution
Sept. 20
1A
Reo Motor Car (quar.)
ik
1
Extra
Kaufmann Department Stores, pf. (qu.)
Kayser (Julius) & Co., com, (quar.)
rec.
25c. Sept. 30
20a
Holders of rec. Sept. 14a
Holders of rec. Oct.
1
*2
Preferred
Sept. 30 ♦Holders of
Sept. 30 ♦Holdera of
rec.
Sept. 15
rec.
VA
(quar.)
Oct.
rec.
Sept. 15
Sept. 17
*1A
Safety Car Heat <fc Lighting (quar.).
1
1
(o)
Oct.
St. Louis Rocky M t. & Pac. Co., com.
(qu.)
1
IK
5
Sept.
Sept.
Sept.
Sept.
Holders of
Sept. 10
to
Sept. 20
Sept. 18a
30
Holders of
rec.
30
Holders of
rec.
28
Holders! of
rec. Sept. 18
30
Holders of
rec.
Sept. 15
12kc. Oct.
15
—
30c. Oct.
1
Sept. 15a
ik
1
Holders of
Holders of
rec.
——
Oct.
Preferred (quar.)
Savoy Oil (quar.)—
Seamans Oil (quar.)—
rec.
Oct.
1
Sept. 15a
1
Sept. 30
Holders of
rec.
Sept. 15
Sept. 30
Holders of rec. Sept. 20a
Holders of red. Sept. 10a
IK
IK
Holders of
rec.
Oct.
Sears, Roebuck & Co., pref. (quar.)
Sherwin-Williams Co. of Canada, pf.(qu)
rec.
Holders of
Sept. 18
Sept. 15a
1
ik
ik
IK
Oct.
1
Holders of
Sept. 30
Holders of
Holders of
rec.
Oct.
Sloss-Sheffleld Steel & I., pref. (quar.)
South Perm Oil (quar.)
rec.
Sept. 180
Sept. 13
Oct.
Oct.
1
Holders of
rec.
Sept. 15a
Kerr Lake Mining (quar.)
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.) —
Laurentide Company (quar.)
Lehigh Valley Coal Sales (quar.)
Library Bureau, common (quar.)
Preferred (quar.)
Liggett & Myers Tobacco, pref. (quar.).
Lindsay Light, preferred (quar )
Locomobile Co., preferred (quar.)——
Loose-Wiles Biscuit. 1st pref. (quar.)—.
Lorlllard (P.) Co., common (quar.)
Preferred (quar.)
Lucey Mfg., class A (quar.)
va
va
—
$2
va
—
Lyall Construction Co. (quar.)
Lyons Petroleum (No.l)
Mac Andrews & Forbes, com.
(quar.)
Preferred (quar.)_
—
--
Aug
ik
3
Sept. 15 /
Sept. 18a
Sept. 15a
Sept. 15a
Sept. 23
Oct.
rec.
Oct.
1
Holders of
rec.
Oct.
ik
*$1.25 Oct.
1
Holders of
rec.
1 ♦Holders of rec.
Oct.
10
Holders of
rec.
Sept. 30
2
Oct.
1
Holders of
rec.
Sept. 15
*2 a
*va
SI
15
Oct.
1
Sept. 21
Oct.
1
Holders of
rec.
' Oct.
1
Holders of
rec.
Sept. 30
Sept. 30
Sept. 30
Holders of
rec.
1
Holders of
rec.
Oct.
1
Holders of
rec.
Oct.
1
Oct.
15
ik
Oct.
1
ik
1a
Oct.
1
va
fio
Sept. 30
$1.50 Oct.
15
ik
Oct.
*1k
Oct.
2a
$1.25
2
Holders of
rec.
Sept. 14
Holders of
rec.
Sept. 16a
Sept. 16a
Sept. 10a
11
Oct.
1
Holders of
rec.
40C. Oct.
1
Holders of
rec.
Oct.
1
ik
rec.
1
Holders of
rec.
1
Holders of
rec.
*$1.75 Oct.
1
♦Holders of
rec.
Oct.
1
Holders of
rec.
ik
/4
Oct.
Holders of
rec.
Oct.
9
Holders of
rec.
Oct.
ik
Oct.
15
Oct.
1
Holders of
Holders of
$1
1
2
Oct.
15
3 k
3
Oct.
2
National Surety (quar.)
Nevada Consol. Copper (quar.)
New River Co., preferred
(quar.)
Sept. 20
Sept. 14a
Sept. 14a
Sept. 20
Sept. 15a
Sept. 13a
$1
30l
25c.
Oct.
1
Sept. 30
la
rec.
rec.
Holders of
Holders of
Holders of
Sept. 30a
Sept. 15
rec.
Sept. 10a
Sept. 24
rec.
Oct.
rec.
Hold ere of rec. Sept. 13
Holders of rec. Sept. 20a
Holders of
rec.
Sept. 18a
Sept. 18
1a
Sept. 28
Oct.
15
Holders of rec. Sept. 20
ik
Oct.
15
Holders of rec. Sept. 30
Oct.
1
to
Oct. 17
Oct.
1
to
Oct. 17
Nipisslng Mines Co. (quar.)
-
25c. Oct.
—
(quar.)
20
1k
Oct.
1
ik
Oct.
15
2
Oct.
Extra
Oklahoma Producing & Refg.,
com.(qu.)
Ontario Steel
Products, common (quar.)
----
—
—
♦$4.75 Sept.30
2
2
Oct.
1
Nov. 15
2
Feb .X15
Mayzl6
ik
ik
ik
ik
Nov. 15
Feb
Holders of rec. Sept. 15a
Holders of rec. Sept. 30a
Holders of rec. Sept. 30
1 ♦Holders of rec. Sept. 27
2
Orpheum Circuit, common (quar.)
Preferred (quar.)
Otis Steel, pref.
(quar.)
Holders of rec.
15
*62 ac Oct.
*$1.25 Sept. 30
——
—
20
25c. Oct.
—————
North American Co. (quar.)
Nova Scotia Steel & Coal, common
(qu.)
Preferred (quar.)
Ohio Body & Blower (quar.)
.x
16
Mayzl5
Aug a 15
50c. Oct.
Aug. 29
to
Aug. 29
to
Sept. 24
Sept. 24
Holders of rec. Sept. 15a
Holders of rec. Oct. 30
Holders of rec. Jan 31 *21
Holders of rec. Apr 30 *21
Holders of rec. Oct. 30
Holders of rec. Jan 31 *21
Holdersofrec.Apr.30'21
Holdersof rec. July 30'21
1
Holders of rec. Sept. 15a
2
Oct.
1
Holders of
rec.
Sept. 15a
Sept. 15a
Sept. 15
ik
_
Pacific Telep. & Teleg.
(quar.)
Panama Power & Light,
pref. (quar.)—
Pan-Amer. Petrol. & Transp., com.
(qu.)
Common class B (quar.)
1
Holders of
rec.
Oct.
1
Holders of
rec.
75c.
Oct.
1
Holders of rec. Sept. 21a
ik
——
Oct.
1
„
Manufacturing (quar.)
Owens Bottle Co., com.
(quar.)
Oct.
1
Holders of
la
ik
Oct.
15
Penney (J. C.) Co., preferred (quar.)...
Pennsylvania Rubber, com. (quar.)
(quar.)
Pennsylvania Water & Power (quar.)...
Pettibone, Mulllken Co—
First and second preferred
(quar.)
Phelps-Dodge Corp. (quar.)
Pierce-Arrow Motor Car, pref. (quar.)..
Sept. 15
rec.
$1.50
Sept. 16a
Sept. 16a
Sept. 30a
Oct.
11
Oct.
20
Oct.
1
Oct.
1
80c.
Sept. 30
Sept. 30
Sept. 30
Holders of rec.
ik
Oct.
1
Holders of
rec.
Sept. 15
Sept. 15
Sept. 17a
Holders of
rec.
Sept. 21a
1
2 ♦Holders of rec.
Sept. 20
Octl
1
Oot.
Holders of reo. Aug. 31a
Holders of rec. Sept. 20a
♦Holders of rec. Sept. 15
30 ♦Holders of rec.
Sept. 30
30 ♦Holders of red.
Sept. 30
30 ♦Holders of rec.
Sept. 30
*3
Oct.
Oct.
Oct.
2
Oct.
1
Oct.
1
Oct.
Oct.
IK
Oct.
Holders of rec. Sept. 20
Holders of rec. Sept
J15
1
Holders of
rec.
Sept. 15
1
Holders of
rec.
1
rec.
6% preferred (quar.)
8% preferred (quar.)
IK
Oct.
1
Holders of
Holders of
rec.
Sept. 15
Sept. 15
Sept. 15
1a
(quar.)
Oct.
1
Holders of
rec.
Sept. 15
Oct.
1
Holders of
rec.
Sept. 15
Oct.
15 ♦Holders of
Sept. 30 ♦Hold era of
rec.
2
(quar.)
Common (payable in common
stock).
Preferred (quar.)..
Railway Steel-Spring, com. (quar.)
Ranger Gulf Oil Corporation
Ray Consolidated Copper (quar.)..
Reece Buttonhole Machine
(quar.).
Reece Folding Machine (quar.)
1
Holders of
rec.
Sept. 15a
1
Holders of
rec.
Oct.
1
Holders of
rec.
Sept. 15a
Sept. 15
Sept. 16
*3
Standard Oil (Ohio) common (quar.)Common (extra)
Standard Safe Deposit (quar.)
1
Oct.
1
*1
Oct.
1
*2
—
Oct.
Oct.
1
Holders of
/40
Oct.
1
Holders of
Oct.
1
Sept. 21
IK
*10c.
—
•3
*/ 25
*1a
2
#
rec. Oct.
Sept.
Nov. 30 ♦Holders of rec. Nov.
1
Holders of rec. Sept. 17a
Holders of rec. Sept. 20
2
Sept. 30
30c. Oct.
1
10c. Oct.
1
Sept. 20,
Sept. 20
Sept. 30
to
5
'Holders of
rec.
Sept. 25
Holders of
rec.
Sept. 10a
1
Holders of rec. Sept. 15
Holders of rec. Sept. 10
2
Oct.
1
51
Oct.
5
Holders of
rec.
Sept. 30
Holders of
Holders of
rec.
rec.
Sept. 17a
Sept. 16a
Holders of
rec.
Sept. 16a
Sept. 20
2K
Sept. 30
Sept. 30
(quar.).....—
e2
Texon Oil & Land (quar.)
Thompson-Starrett Co., preferred
Tide Water Oil (quar.)
Tobacco Products Corp., pref. (quar.)..
Sept. 20a
5
Oct.
2
Holders of
rec.
4
Oct.
1
Holders of
rec.
4
Sept. 30
Holders of
rec.
Sept. 24a
IK
Oct.
Holders of
rec.
5'.
Oct.
to
Sept. 20a
Sept. 21
Tonopah-Belmont Devel—
rec.
Sept. 10
Tonopah Extension Mining (quar.)——
Tuckett Tobacco, common (quar.).
Preferred (quar.)
Underwood Computing Mach., pf. (qu.)
... ----- -
Underwood Typewriter, com.
Preferred (quar.)
1
1
*5c. Oct.
15
Holders of
rec.
IK
Oct.
15
Holders of
rec.
IK
------
'Holders of
Oct.
Oct.
1
Holders of
rec.
Holders of
reo.
Sept. 30
Sept. 30
Sept. 18
Sept. 4a
2
Oct.
IK
Oct.
1
Holders of
*$1.50 Oct.
1
'Holders of
rec.
Sept. 10
1
Holders of
rec.
Sept. 15a
1
Holders of
rec.
Sept. 15a
1
Holders of rec. Sept. 15a
Holders of rec. Sept. 20a
(quar.)..
1
2
Oct.
United Dye wood Corp., com. (quar.)...
Preferred
(quar.).
lA
IK
Oct.
Oct.
United Fruit (quar,)......
United Gas Improvement, common (qu.)
United Paperboard preferred (quar.).—
3
Oct.
15
—
Oct.
—
IK
1
Holders of rec. Jan.
3x
Holders of rec. Apr.
lx
Holders of
rec.
July
lx
Oct.
5
Holders of
rec.
Sept. 20
Oct.
5
Holders of
rec.
Sept. 20
Sept. 30
Sept. 30
Holders of
rec.
Sept.
Holders of
rec.
Sept.
8a
15
Holders of
rec.
Oct.
1
Oct.
18
Holders of
rec.
Oct.
d2a
rec.
Sept. 30a
15
—
Holders of
Aug. 31
Nov.
1
Holders of
rec.
Oct.
Oct.
1
Holders of
rec.
Sept. 22
$1.50 Sept. 30
Holders of
rec.
Sept. 18a
Holders of
rec.
Sept. 16
2
IK
Oct.
IK
Sept. 27
1
1
$1.50 Oct.
(quar.)..
8a
Sept. 30
Sept. 30
Oct.
50c. Oct.
(quar.)
Vanadium Corp. of Amer. (quar.)
Sept. 30a
rec.
Oct.
Sept. 29
50c.
V. Vivaudou, Inc., common
(quar.)
Holders of
Holders of rec. Oct.
July 15z
...
15
15
Apr.l5z
—
Utah Copper (quar.)
Utah Power & Light, pref. (quar.)
Utilities Securities Corp., pref.
(quar.)..
4a
Oct.
—
United States Steel Corp., com. (quar.).
United Verde Exten. Mining (quar.)
Universal Leaf Tobacco, pref. (quar.)...
Sept.
reo.
Jan.17z
$1
1A
(quar.)
1A
Preferred
(quar.)
;
1A
Preferred (quar.).—..
1A
United Shoe Machinery, com. (quar.)...
50c.
Preferred (quar.)
1A
U.S. Bobbin & Shuttle, com.
1A
(quar.)...
Preferred (quar.)....
IK
U. S. Distributing Corp., com.
'SI
(No. 1)
U. S. Food Products (quar.)...
$1.50
U. S. Gypsum, common (quar.)
♦1
Preferred
(quar.)
*IK
U. S. Industrial Alcohol, pref.
(quar.)
IK
Victor Talking Machine, com.
Sept. 16
1
1
Sept. 20
15
♦15
Oct.
Holders of rec. Sept. 17
Holders of rec. Sept. 15a
Holders of
rec.
Oct.
1
15
Oct.
*1K
5a
15
Virginia-Carolina Chemical, com. (extra)
2
Virginia Iron, Coal & Coke (In stock)... clO
Oct.
Nov.
1
rec. Sept. 15o
Holders of rec.Sept.1:30a
Wabasso Cotton
2
Oct.
2
Holders of
*$1
Oct.
1
Oct.
1
♦25c. Oct.
1
(quar.)
Wahl Co., common (quar.)
Preferred
(quar.)
Waldorf System, common (quar.)
—
Preferred <fc 1st pref.(quar.)
Walworth Mfg., preferred (quar.)
Warren Bros., 1st pref. (quar.).
*1K
1
*20c. Oct.
*IA
lA
Second preferred (quar.)
rec.
Sept. 15
rec.
Sept. d25
Sept. d25
Sept. 25
1
Sept.30
Oct.
Holders of
Oct.
1
Holders of
rec.
Sept. 30
IK
IK
1
Holders of
rec.
Weber Piano Co., pref. (quar.)
West Coast Oil (quar.)
*$1.50 Oct.
Western Union Telegraph (quar.)
Westinghouse Air Brake (quar.)
$1.75
'Holders of
15
Holders of
rec.
Sept. 30
Sept. 20a
Oct.
30
Holders of
rec.
Sept. 30a
Oct.
81
5
Oct.
IK
Westinghouse Elec. & Mfg., com. (qu.).
Preferred (quar.)..
Holders of
30
Holders of
rec.
Sept. 30a
rec.
Oct.
15
Holders of
rec.
2A
Oct.
1
Holders of
rec.
Sept. 13a
IK
Oct.
1
Holders of
rec.
Sept. 13a
$1,
Weyman-Bruton Co., com. (quar.)
Preferred (quar.)
Wheeling Steel Corp., com. (No. 1)
Preferred A———
Sept. 30a
1
Nov.
1
Holders of rec. Oct.
2
Oct.
1
Holders of
rec.
Sept. 15
2 A
Preferred B
White Eagle Oli & Ref. (quar.)
Oct.
1
Holders of
rec.
Sept. 15
Sept. 30
♦50c.
10
Holders of
rec.
Sept. 30
Holders of
rec.
IK
Oct.
1
Holders of
rec.
8ept. 15a
Sept. 20a
IK
White Motor (quar.)
Oct.
15
Oct.
1
Holders of
rec.
Sept. 25a
Holders of
rec.
Sept. 10a
$1
Willys-Overland Co., pref. (quar.)
Wilson & Co., pref. (quar.)
Wool worth (F. W.) Co.. pref.
IK
1A
Oct.
Oct.
15
Preferred
A
(quar.)
IK
Oct.
1
Holders of rec. Sept. 20a
Preferred
B
(quar.)
1A
Oct.
1
Holders of
*81.50 Oct.
1
♦Holders of rec. Sept. 20
Oct.
1
♦Holders of
rec.
Sept. 20
Sept. 30 ♦Holders of
rec.
Sept.
(quar.)..
Worthington Pump & Mach., com.(qu.)
Youngstown Sheet&Tube.
new
(quar.)
com.(qu.)
*1K
...
Yukon-Alaska Trust (quar.)
*
From unofficial sources,
*51
t Conditional
1
Holders of rec. Oct.
rec.
5a
Sept. 20a
3
receipt from the U. 8. Government
on
of an adequate payment of the rental now due.
J The New York Stock Exchange
has ruled tha,t stock will not be quoted ex-dividend on this date and not until further
notice,
a Transfer books not
closed for this dividend.
6 Less British Income tax.
d Correction,
e Payable In stock,
f Payable in common stock,
a Payable in scrip.
h On account of accumulated dividends.
I Payable in Liberty or Victory Loan bonds.
3 New York Stock Exchange has ruled that
stock be quoted ex the
k New York Stock
100% stock dividend
South
on
Porto
Rico
Sugar
common
Aug. 9.
Exchange has ruled that Va. Iron, Coal & Coke be quoted
ex—the 10% stock dividend on Nov. 1,
I All transfers received in order in London
be
passed for payment of dividend
m
o
to
on or
before Sept. 14 will be in time to
transferees.
One-fourth of a'share of common stock.
In the ratio of one share to each ten shares held.
1
1
Sept. 30
Sept. 30
25c.
rec.
1
—
Extra, payable in stock
Preferred
Sept. 20
rec.
rec.
Oct.
3
Preferred
Holders of
Oct.
$1
Tern tor Corn & Fruit Prod. A & B
(qu.).
.
1
$1.25 Oct.
Stromberg Carburetor (quar.).
Stutz Motor Car (quar.)
Swift & Co. (quar.)
.
1
Oct.
Sept. 30
6
Common (payable in common stock)
Steel & Tube of Amer., pref. (quar.)
Sterling Oil & Development.—
_
A
to
20
——
Texas Company (quar.)
Texas Pacific Coal & Oil
Oct.
*3
—
Standard Screw, com. (quar.)
Common (special)
Sept. 15
1
*3
1
rec.
1
*5
1a
Holders of
1
♦SI
Pure Oil, common (quar.)
Oct.
Oct.
2
Preferred
Oct.
Oct.
Oct.
Providence Gas (quar.)
rec.
ik
Oct.
Provincial Paper Mills, com. (quar.)
Common (extra)
Holders of
*2 a
2
2
Prairie Oil & Gas (quar.)
Extra
Holders of rec.
Holders of rec.
Holders of rec. Sept. la
Holders of rec. Sept. 20a
Holders of rec. Sept. 20a
ik
1a
ik
*2
Prairie Pipe Line (quar.)
Price Bros, (quar.)
15
rec.
Holders of
12 a
---
Oct.
Holders of
11
Preferred (quar.)
Pittsburgh Plate Glass,
(quar.)
to
1
Oct.
Pierce Oil Corporation—
Common (quar.) (pay. In com. stock)
com.
1
Sept. 21a
Oct.
$1
.pref. (qu.).
Oct.
rec.
$1.50
$1.25
Parish & Bingham
(quar.)
Peerless Truck & Motor (quar.)
Penn Central Light & Power
2
2
(quar.)
—
1
1
Common (extra)
—
4
(quar.)
Niagara Falls Power, pref. (quar.)
common
Holders of
Oct.
Sept. 30
Quaker Oats,
rec.
1
Sept. I8a
Preferred
South West Penn. Pipe Lines (quar.)
Standard Oil (Kentucky) (quar.)
Sept. 7a
Sept. 18
Oct.
rec.
Oct.
Nat. Sugar Refining
(quar.)
3
—
Union Carbide & Carbon (quar.)
United Drug, common (quar.)
Holders of
Holders of
Sept.
Preferred
Holders of
Oct.
*5
*
South Porto Rico Sugar, com. (quar.)
Sept. 23
Sept. 17
Sept. 30
Sept. 30
Sept.30
1a
Preferred
rec.
rec.
1a
(quar.)
Holders of
rec.
1
National Licorice, pref. (quar.)
National Oil, pref. (quar.)
Preferred
rec.
8ept.20p
Sept. 30
Sept. 21a
Sept. 30
Sept. 25
Holders of rec. Sept 15a
1 ♦Holders of rec. Sept. 20
NatlonalLead.com. (quar.)
Ottawa Car
to
Holders of rec.
Holders of
Sept. 30 ♦Holders of
----
National Breweries (quar.)
Preferred
Sept. 21
Oct.
—
(quar.)
(quar.)
(quar.)
rec.
*2 a
2
Preferred
Sept. 30
to
Holders of
$2
—
Preferred
Sept. 21
1
Mill Factors
Narragansett Elec. Ltg, (quar.)
National Aniline & Chem., pref. (quar.)
Nat. Aniline &
Chem., com.(in com. stk.)
National Biscuit, com. (quar.)
—
—
3
Montgomery Ward&Co.,pf.&Cl.A (qu.).
Sept. 30
4a
Sept. 4a
Sept. 25
Sept. 25
Sept. 25
Sept.2ia
Sept. 15a
Sept.
Holders of rec.
Holders of rec.
Oct.
Mexican Petroleum, common (quar.)...
Preferred (quar.) —
Middle States Oil (quar.)
Common (quar.)
Common (quar.)
Preferred (quar.)
to
-
ik
$2
—
15
Oct.
ik
ik
—
Merrimack Chemical (quar.)
Oct.
4
—
Ohio Oil
31
rec
Manhattan Shirt, pref. (quar.)...;
Extra
20
18
18
15a
rec.
$2
Manning, Maxwell & Moore (quar.)
Massachusetts Lighting Cos., pf. (qu.).
May Department Stores, pref. (quar.)..
McCrory Stores Corp., pref. (quar.)
Merchants Despatch Transp. (quar.)
Merck & Co., pref. (quar.)...
Mergenthaler Linotype (quar.)
New York Transit
Holders of rec.
1 ♦Holders of
1
Holders of
lat
Manhattan Electrical Supply, com. (qu.)
Common (payable In common stock)..
First preferred (quar.)
,
Corp., Class A (quar.)
Montana Power, common (quar.)
Preferred (quar.)
1
Sept.
Sept.
Sept.
Sept.
Sept 30 ♦Holders of
l
...
rec.
Oct.
(quar.)_
—
Extra
rec.
2
Magor Car Corp., com. (quar.)
Common (extra)—
Preferred (quar.)
Mallinson (H. R.) & Co., pref. (quar.)..
Manati Sugar, pref. (quar.)
.
Oct.
ik
(quar.)...
common
rec.
Holders of
Holders of
*ik
MacArthur Concrete Pile & Foun., pref.
Preferred
•
Sept. 23
*1k
———
Mackay Companies,
Holders of
1
Oct.
1
Oct.
2
—
rec.
3
Holders of rec. Sept. 18a
Holders of rec. Sept. 15a
Holders of rec. Sept. 15
V
New York Stock Exchange has ruled that Manhattan Electrical Supply common
stock be quoted ex- the 10% stock dividend on Oct. 15.
New York Stock Exchange has ruled that St.
stock dividend on Oct. 1.
r
to
Payable In
*1921,
new
class B
common
Joseph Lead Co. be quoted
stock, par value $25.
ex-
Sept. 25
1353
CHRONICLE
THE
1920.]
Boston
Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 1257.
Clearing House Banks.—We give below
Clearing House weely statement for
Railroad,
& Foreign
U.S.
Bonds.
Bonds.
Sept. 24 1920.
Value.
Par
Shares.
Monday
1,030,960
744,675
4,282,0001
4,048,000
3,602,000 !
4,535,000 i
91,903,000
Tuesday
66,179,000
Wednesday
728,600
64,583,500
Thursday
Friday
934,630
83,008,500
51,740,400
605,704
3,688,000
BOSTON CLEARING HOUSE MEMBERS.
Sept. 19
8,890,000
9,705.000
11,072,850
Changes from
Sept. 12
Sept. 5
1920.
$2,781,000
5,468,000
6,612,000
$1,121,500
2,607,000
1,667,500
2,256,000
1,729,500
1,322,000
$2,371,000
$37,589,000
420,630
Saturday
previous week.
1920.
1520.
$
S
2 ,953,000 Dec.
Circulation
2,965,000
2,960,000
7,000
7,438,000 599,095,000 593,189,000
Loans, disc'ts & investments- 606 ,533,000 Inc.
12,132,000 448,548,000 444,284,000
5,156,000 110,711,000 104,529,000
Individual deposits, incl. U.S. 460 ,680,000 Inc.
$10,703,500! $44,528,850
$22,526,000
4,465,199 $395,003,400
Total
Due to banks....
115 ,867,000 Inc.
Time deposits.
Sales
at
Exchange.
Par value
1919.
1920.
1919.
220,863,223
162,888,437
$395,003,400 $465,049,600 $14,358,517,575 $20,169,720,605
5,114,759
4,465,199
Stocks—No. shares
_
$1,400
Bank shares, par
Bonds.
$44,528,850
$61,467,500
1,382,000
285,000
17,541,000
15,572,000
74 ,018,000 Inc.
67,224,000
65,883,000
55 ,506,000 Inc.
6,794,000
1,626,000
53,880,000
54,576,000
6,514,000 Inc.
608,000
5,906,000
7,309,000
Reserve
22,526,000
3,033,500
5,746,000
$1,999,868,700
261,706,000
463,570,500
$77,758,350
$73,247,000
$2,725,145,200
$2,387,183,300
Total bonds
TRANSACTIONS
DAILY
AT
382,411,000
shows the condition of the New York
of totals, actual
NEW YORK
Bond Sales.
Shares.
Bond Sales.
Shares.
City Clearing House
The figures .for the
separate banks are the averages of the daily results.
i
Week ending
Bond Sales.
City Clearing House Banks
Companies.—The following detailed statement
figures at end of the week
10,167
$20,000
4,627
Monday
17,158
27,678
26,300
11,976
1,155
13,200
52,450
13,668
63,000
114,400
4,558
32,000
CLEARING
10,658
16,523
11,639
65,750
38,750
390
17,000
HOUSE
54,700
18,000
6,112
7,898
4,264
191,300
3,000
964
40,000
2,634
13,600
93,823
$237,200
48,545
Thursday
Friday
Total.
Net
$128,300
10,242
Loans,
Net
Time
Bank
Legal
Demand
De¬
Circu¬
MEMBERS
June 30
June 30
Tr.Cos.,June30
Voult.
posits.
lation.
Nat'l,
ments,
State,
Average
Fed. Res. Bank
lories.
Average Average
$
$
795
300
158
104
Nat
1,398
2,725
1,558
4.740
11,938
25,000
131,995
340,785
23,929
126,349
National City..
Atlantic Nat'l..
5,000
10,000
5,500
25,000
4,500
1,000
6,862
15,974
14,929
6,108
58,826
14,491
1,076
2.739
10,950
2,022
13,809
1,463
457
Pacific Bank...
Net
CLEARING
Capital. Profits.
Loans,
Demand
Time
Bank
in
Legal
De¬
De¬
Circu¬
Vault.
Statebks.Jun.30 ments,
Tr. cos. June 30
18 1920.
Deposi¬
posits.
posits.
lation.
Fed'l Res.
Bank.
$
1,500
Battery Park Nat.
697
200
Mutual Bank
tories.
&c.
293
10,683
10,139
1,521
355
New Netherlands
600
682
9,573
230
999
6,932
237
W R Grace & Co's
500
1,108
3,913
34
386
1,600
658
Yorkvllle Bank...
200
755
14,427
367
1,360
8,062
6,895
First N Bk. Jer Cy
400
1,332
9,848
543
1,084
9,589
,
3,400
Total
6,071
7,166
1,691
64,146
"388
579
8,210
49,035
2,988
38,067
y7,758
8,338
Imp & Trad Nat
National Park.
d7,500 d22,494
149,458
1,963
6.421
Corn Exchange-
Second National
Bank of Wash Hts
100
444
Colonial Bank
600
1,400
700
Total..
1,845
3,605
465
15,136
2,024
980
400
801
1,000
1,000
1,496
1,000
5,000
1,500
1,000
1,500
4,442
7,211
National.
Coal & Iron Nat
30
Bankers
Union Exch Nat
Brooklyn Trust
1,738
2,489
18,741
Trust.
U 8 Mtge A Tr.
500
Hamilton Tr.Bkln.
1,005
608
9,399
33,260
g 1,500
5,000
7,206
Peoples Trust..
1,500
8,942
301
451
5,007
5,028
1,458
18,341
909
826
12,518
5,916
Farm Loan A Tr
5,000
1,900
11,292
1,060
3,282
1,370
10,713
Columbia Bank.
452
700
2,000
1,374
New York Trust
Total.
....
3,000
Lincoln Trust..
2,000
2,000
1,000
Metropolitan Tr
4,800
Grand aggregate..
us
5,089
week
+ 1,615
—+85
+ 564
a81,687
+ 1,793
579
14,156
+ 74
—3
9.374
99,613
5,274
9,166
a79,894
14,082
9.374
98,540
4,837
9,214
a76,704
14,043
582
a77,768
14,164
7,916
62,628
57,409
*602,217
14,816
111,072
16,181
2,203
4,826
12,169
4,182
1,737
41,496
2,266
861
787
l'.ooo
1,393
1,143
240
3,654
86,684
277,440
23,131
3,388
14,840
288
4,876
107,961
36,633
34
5,461
7,412
13,427
39
4,717
100
18,435
6,194
123,230
21,675
10,678
907
42,530
43,584
844
4.138
215,397
1.422
21,027
145,562
31,443
160,664
11,811
25,394
300,826
225,605
14,971
424
1,618
11,316
44
51
3,384
5,090
50
947
2,669
17,984
100
629
1,013
183,045
7,198
7,312
8,846
24,076
26,876
2,312
203,762
2,510
784
1,947
13,375
781
7,766
136
938
100
394,435
5,332
34,023
6,093
276,318
20,543
6,972
8,954
976
2,857
19,373
438
15,082
15,209
558
323
1.139
1,344
1,849
1,661
50,727
1,070
6,432
92,389
19,876
501
875
520
196
1,059
7,254
9,206
108
391
557
249
800
65
9,894
14,310
12,623
48,268
75,043
2,532
1,954
2,270
14,543
575
404
461
390
19,887
461
41,727
729
2,383
3,900
17,336
27,587
286,628
866
30,358
*230,216
50,119
*523,789
59,985
532,212
19,092
77,683
34,165
85,964
24,373
13,120
727
6,907
1,941
57,098
507
2,577
1,099
1,138
10,425
568
8,556
516
17,977
78,093
32,521
59,373
24,046
3,461
34,410
642
17,762
526
130,261
1,740
15,564
22,957
657
2,873
.
3,317
3,683
1,525
26,286
14,260
*118,865
21,948
6,519
15,761
9,747
36,057
750
4,361
1,951
2,393
457
1,429
1,129
16,736
50
113
583
4.800
28
Nassau N.Bklyn
20.882
99,239
150,149
582
4.800
4
U. S. deposits
9,374 101,228
9,730
4,800
Sept. 11
Gr'd aggr Aug.
4,650
25,000
gl,500
Columbia Trust
888
7,511
375
200
Mech Tr. Bayonne
aggr
2,000
1,534
1,466
2,596
17,407
Fidelity Trust..
Fed'l Reserve Bank.
Gr'd aggr Sept.
20,000
665
Guaranty Trudt
Not Members of the
Comparison prevlo
4,439
10,000
200
30
Trust Companies
764
Commonwealth
Garfield Nat'l..
20,134
1,512
1,000
1,000
Commercial Ex.
3,751
16,383
226
y6,000
1,500
36,185
Irving National xl2,500 xl0,520
443
N Y CountyNat
1,000
783
Continental Bk.
1,000
Chase National.
15,000 22,667
500
Fifth Avenue..
2,253
First National..
Liberty Nat Bk
Fed'l Reserve bank.
a
2,000
..
Seaboard Nat'l
Not Members of the
9.374
deducted, $729,000.
235,900 421,899 5,023,868
93,419 540,621 c3,979,650 235,168:34,746
Totals, actual co ndition Sept. 18 5,063,675
Totals, actual co ndition Sept.11 4.950,694
8,972
4,570
98,334
payable, rediscounts, acceptances and other liabilities,
$242,790.
Bills
5,149
Fifth
State Banks.
Gr'd
122,896
East River Nat
Average Average Average Average Average Average
$
$
$
$
$
$
.$
65
191
224
12,713
1,816
1,494 15,702
Members of
19,995
Metropolitan
Net
with
Cash
Nat.bks.June30 Invest¬
Week ending
3,000
Hanover
Reserve
Dis¬
Sept.
7,000
Nat'l
Nat'l
Net
counts,
NON-MEMBERS
1,000
Chath & Phenix
6,856
31,533
1,765
7,470
4,826
16,272
$
$
32,995
590
5,000
Bank of America
2,000
Average Aoge.
$
Nat Butch & Dr
Mech A Metals.
Amer Exch
1000) omitted.)
Average.
$
$
49,479
143,741
208,264
58,881
589,719
158,161
20,921
4,576
NBA
Manhattan Co.
Bk of NY,
.
(Stated in thousands of dollars—that Is, three ciphers
Deposit Deposits.
&c.
Sept. 18 1920.
NatBkofComm
INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
with
in
(.000 omitted.)
Chemical Nat..
RETURN OF NON-MEMBER
Cash
Invest¬
Members of
Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
New York City
Nat.
Reserve
Capital. Profits. Discount.
Week ending
$471,550'
1,000] omitted.)
$12,500
Saturday
Wednesday
In the
also given:
WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars—that is, three ciphers
541
$61,100
Tuesday
are
Baltimore.
Philadelphia.
Boston
3,462,000
and
members for the week ending Sept. 18.
AND
THE BOSTON. PHILADELPHIA
EXCHANGES.
and Trust
case
Shares.
bank
Statement of New York
216,013,500
BALTIMORE
Sept. 24 1920.
in
excess
Federal Reserve Bank....
$1,788,758,800
10,703,500
RR. and misc. bonds._
bonds
17,717,000
17,484,000
6,958,000
$47,200
State, mun., Ac., bds.
Government
94,000
8 ,340,000 Inc.
17 ,826,000 Inc.
Cash in bank & in F. R. Bank
New York Stock
1920.
17 ,390,000 Dec.
Exchanges for Clearing House
Due from other banks.......
United States deposits
Jan. l to Sept. 24.
Sept. 24.
Week ending
series of weeks:
a
State, Mun.
<fec.f
Bonds.
Stocks.
Week ending
a sum¬
showing the totals for all the items in the Boston
mary
90,893 542,991 c3,977,739 240,43334,716
93,009 536,364 c3.893,246 232,06134,834
86,965 535,173 c3,870,293 231,512 34,956
Average.
Totals, actual co ndition Sept.
$6,814,000.
4 4,970,095
Excess reserve, Increase
State Banks
Not Me mbers
o
/ Federal
Reserve
Bank
Greenwich Bank
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Sept. 19 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
1,000
1,716
18,028
2,317
1,309
18,187
Bowery Bank-
250
842
687
324
2,500
2,007
5,481
68,493
3,529
1,999
5,406
29,183
3,750
4,566
92,002
6,533
3,632
52,776
39,953
Totals, actual co ndition Sept. 18
Totals, actual co ndition Sept. 11
Totals, actual co ndition Sept. 4
92,656
3,752
3,702
53,496
40,013
91,533
6,519
6,434
52,448
39,816
90,847
6,255
3,716
51,641
39,626
985
State
Average
Trust Compan les.
N ot Mem bers of Fe deral Re
Title Guar A Tr y6,000 yl2,316
47,608
1,003
Sept. 19 1920.
Sept.
Two
ciphers (00) omitted.
Members of
Trust
j
F.R.System Companies
Capital
Surplus and profits
Loans, disc'ts A lnvestm'ts..
$33,225,0
91,191,0
$4,500,0
12,478,0
36,379,0
12
1920.
Sept.
5
1920.
Total.
$37,725,0
103,669,0
494,0
754,656,0
26,825,0
$37,725,0
102,518,0
751,334,0
$37,725.0
24,448,0
31,071.0
110,281.0
134,091.0
543,849.0
Exchanges for Clear. House.
718,277,0
26,331,0
Due from banks
122,753,0
14,0
122,767,0
Bank deposits
141,035,0
316,0
141,351,0
135,672,0
110,631,0
101,971.0
753,461.0
20,422,0
Time deposits
531,454,0
9,009,0
250,0
551,876,0
9,259,0
539,362,0
9,261,0
8,326.0
Total deposits
681,498,0
20,988,0
702,486,0
684,295,0
1,542,0
2,121,0
686,266.0
54,061.0
69,681.0
Individual
deposits
13.842,0
U. S. deposits (not Included)
Res've with legal deposit's.
Res've with Fed. Res. Bank
Cash In
vault*
Total reserve and cash held.
Reserve
required
Excess res. A cash in vault..
•
2,363,0
2,363,0
2,202.0
68,809,0
3,261,0
72,070,0
54,891,0
13,841,0
10,853,0
52.610.0
3,046,0
55,656,0
55,287,0
54,927.0
16.199.01
215,0'
16,414,0
15,566.0
14,754.0
54,921,0
13,888,0
"
898,0
54,921,0
14,786,0
Cash In vault to not counted as reserve for Federal Reserve
3,018.0
13,418.0
Bank members.
serve
3
39,950
Ba nk
3,555
29,952
4,000
6,167
26,661
913
1,493
15,860
325
10,000
18,483
74,269
1,916
5,048
45,812
1,310
Totals, actual co ndition Sept. 18
Totals, actual co ndition Sept. 11
Totals, actual co ndition Sept. 4
74,092
1,889
1,912
4,962
5,132
45,795
1,385
75 215
46,269
1,296
75,014
1,792
5,251
45,769
1,377
Lawyers T.& Tr
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending
Bank
Average.
Gr'd aggr, avge2 49,650 444,948 5,190,139 101,868 549,301 e4,078,238 276,431,34,740
Comparison, pre vious w eek
—168 +21,915 + 122,160 + 3,418 —133
+ 62,506
Gr'd aggr, act' 1cond'n Sept. 18 5,230,423 99,301 551,705 f4,077,030 281,831 34,716
Comparison, pre vious w eek
-118
+ 85,06/ + 8,658
+ 112,981 -2,054 + 6.507
Gr'd
aggr,
Gr'd
aggr,
act'
'} cond'
act'
Icond'
Gr'd aggr, act' 'cond'
Gr'd aggr, act' Icond'
Sept. 11 5.117,442 101.355 545.198
Sept.
4 5,135,956
Aug. 28 5,157,928
Aug. 21 5,110,089
3.991,963 273.173 34.834
95,012 544,140 13,967,703 272,51534,956
94,734535,183 3,989,026 269,759 35,287
91,992521,390 3.984,255259,88835,167
*
Includes deposits In foreign branches not included in total footing as follows*
National City Bank, $131,742,000; Bankers Trust Co., $2,913,000; Guaranty Trust
Co., $95,583,000; Farmers' Loan A Trust Co., $16,602,000.
Balances carried In
banks In foreign countries as reserve for such deposits were* National City Bank,
$50,411,000; Bankers Trust Co., $208,000; Guaranty Trust Co., $8,485,000; Farm¬
ers' Loan A Trust Co.,
$1,952,000.
c Deposits in foreign branches
not included.
e
u.
S. deposits deducted, $86,949,000.
IV, S. deposits deducted, $180,390,000.
Bills payable, rediscounts, acceptances and other liabilities,
$1,105,595,000.
g As
of July 20 1920.
x As of July 24 1920.
y As of July 31 1920.
d As of Sept. 1.
CHRONICLE
THE
STATEMENTS
OF RESERVE
■
'
AND
POSITION
TRUST
OF
CLEARING
HOUSE
COMBINED
BANKS
[Vol. 111.
RESULTS
BANKS
AND
NEW
Loans and
Week ended—
Reserve
TRUST
COMPANIES
Demand
Deposits.
*
Total Cash
Vault.
in
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
%
$
%
%
16,211,460
665,320
92,200
8.449,000 549,301,000 557,750,000 540,781,020
8.554,000 527,386,000 535,940,000 524,751,740
8,162,000 532,441,000 .540,603,000 528,655,030
8.104,000 525,165,000 533,269,000 527,188,470
Total Sept. 18
Total Sept. 11
Total Sept.
4
Total Aug. 28
$
5,933,082,000
4,955,519,800
4,909,587,400
31
7
5,939,839,600
5,922.559.300
5,888,285,600
129,651,100
124,771,000
129.596,400
125,715,400
Aug.
14
21
5.883,338,600
5.908,034.900
28
5,906.454,700
Sept.
4
Sept. ll
Sept. 18
5,930,958,600
5,909,242,000
5,974,889,400
July
July
July
$
540,621,000 540,621,000 524,409,540
3,632.000
10,165.000
9,499,680
1,916,000
5,048,000
6,964,000
6,871,800
16,968,980
6,533,000
Trust companies*...
S
17
24..
Aug.
Reserve
I
State banks •
11,188.260
11,947,970
6,080.530
Aug.
Aug.
*
4,867,495,100
4,857,213,900
4,814,390,800
4.793,133.700
4,750,119,900
4,752,350,000
4,724,943,200
4,859,379,600
Actual Figures
Cash
Member. Federal
Reserve banks
Total
Reserve.
Required.
Reserve.
%
$
%
$
estrve
Surplus
542,991,000 542,991,000 524,319,060
3,752,000
10,271,000
9,629,280
1,889,000
4,962,000
6,851,000
0,869,250
Trust companies*...
Total Sept. 18
8,408,000 551,705,000 560,113,000 540,817,590
8.346.000 545,198.000 553,544,000 529,464.800
8,047,000 544,140,000 552,187,000 526,244,180
Total Sept. 11
Total Sept.
4
Total Aug. 28
members of
8.025,000 535,183,000 543,208,000 528,974,950
18,671,940
641,720
defl8,250
19,295,410
24,079,200
25,942,820
14,233,050
Federal Reserve Bank,
a This is the reserve
required on net demand deposits In the case of State banks
companies, but In the case of members of the Federal Reserve banks
includes also amount of reserve required on net time deposits, which was as follows:
and trust
Sept. 18, $6,957,660; Sept. 11, $6,632,000; Sept. 4, $6,931,860; Aug. 28, $6,739,800.
bThis Is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal
Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
•
following shows the condition of the Federal Reserve
Sept. 17 1920, in
comparison with the previous week and the corresponding
date last year:
Sept. 17 1920. Sept. 10 1920. Sept. 19 1919.
Resources—
$
Gold and gold certificates
Gold settlement fund—F. R. Board
Gold with
State Banks and Trust Companies Not in
Clearing
State Banking Department reports
follows:
IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
STATEMENT.
.
Sept. 18.
_
;
$784,750,400
8,032,900
17,839,800
Deposits with Federal Reserve Bank of New York..
75,310,500
832,540,200
Total deposits
Reserve
on
deposits
Percentage of
reserve,
Inc.
Inc.
781,141,600
•141,684,400
Inc.
Inc.
12,276,400
3,446,700
Banks-
$75,583,100
11,633,000
28,868,200
14.34%
5.47%
$37,233,100
Less
483,052,000
382,124,970
45,539,000
rediscounts with other Federal
'
30,975,000
34,600,000
267,203,176
347,524,970
103,702,288
102,655,394
863,412,575
997,327,146
1,462,347
50,000
1,462,347
50,000
171,485,000
76,594,000
130,786,000
...1,036,409,923 1,075,433,494
3,945,574
3,945,534
734,206,000
Bills bought In open market.
Total bills
hand...
on
U. S. Government bonds
.......
U. S. Victory notes
U. S. certificates of Indebtedness
Total earning assets
Bank premises
5% redemption fund against F. R. Bank
^
Gold
in
transit
countries
or
custody
In
other resources
Total
602,113,000
1,257,000
50,000
3,994,000
r
2,281,300
2,527,000
.."'.7^.—.....
269,515,809
179,386,797
850,100
1,037,188
114,138,000
261,279,000*
3,129,000
1,894,886,747 1,872,373,709 1,793,489,000
resources
Liabilities—
45,539,000
73,522,009*
foreign
......
Uncollectible items and other deductions*
All
"7
2,345,950
■
.
■
:'-r-rr ■=====
25,353,000
51,307,534
Government deposits
Due to members—reserve account
94,570
732,127,026
125,807,400
19,500,794
23.34%
$104,451,300
19.81%
Total gross deposits
881,529,792
861,597,310
40,611,000
F. R. notes in actual circulation
F. R. Bank notes in circulation—net llab
Total
483,052,000
647,146,782
"
■,
„■
25,353,000
51,307,534
9,494,370
719,671,638
110,180,178
=====
22,060,000
32,922,000
169,000
646,592.000
208,935,000
19,312,789
77,992,000
858,658,976
864,438,380
39,001,000
33,614,818
933,688,000
747,239,000
■Trust Companies—
10.05%
7.29%
Deposits In banks & trust companies
547,146,782
278,178,176
For members
Deferred availability items
$25,600,100
674,216,000'
All Other:
Other deposits, lncl. foreign govt, credits
RESERVE.
Slate
610,289,394
Surplus....
.
20.6%.
Cash in vaults
622,886,000
51,330,000
492,507,110
17,345,000
Inc.
485,163,150
125,126,243
Capital paid in
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust companles In N. Y. City, exchanges and U. S. deposits
Inc.
$3,141,400
13,600
83,600
3,860,200
289,256,000'
25,000,000
492,507,110
Secured by Government war obllg'ns:
For members
previous week.
Inc.
269,181,430
35,898,900
Bills discounted:
notes
Differences from
'
....
16,691,000
308,630,000
581,819,389
Total reserves
40,905,694
452,841,275
128,978,114
Total gold reserves
Legal tender notes, silver, &c
(Figures Furnished, by Slate Banking Department.)
Loans and Investment*
139,243,000
152,696,000
180,082,819
.
SUMMARY OF STATE BANKS AND TRUST COMPANIES
75,563,930
40,905,694
Gold redemption fund,.
weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
$
63,613,194
148,272,744
268,711,530
35,857,000
foreign agencies
Reserve banks
House.—The
$
81,829,519
25,537,530
Total gold held by bank
Gold with Federal Reserve Agent
New York City State Banks and Trust Companies.—
For explanation of discontinuance of these returns see item
in Chronicle of August 14,
page 643.
Currency and bank notes
113,816,000
121,689,700
119,424,400
119,291,700
650,841,700
647,879.000
644,440.200
635,852,100
642,537,500
639,681,000
035,358,400
Condition of the Federal Reserve Bank of New York.
—The
Sept. 18, $6,961,830; Sept. 11, $6,434,000; Sept. 4, $6,945,360; Aug. 28, $6,865,950.
Specie
122.705,800
647,841,700
Bank of New York at the close of business
6",519",000
State banks*.
•Not
b
in
Depositaries
%
Vault.
126.676,200
'
Reserve
Reserve
in
S
091,297,100
041,112,900
This item Includes gold, sliver, legal tenders, national bank notes and
Federal
Reserve notes.
♦
Reserve is
Depositaries.
a
in Vault.
Members Federal
Reserve banks
IN
YORK.
Investments.
Averages.
Cash
OF
GREATER
COMPANIES.
All other liabilities
*
Includes deposits with the Federal Reserve Bank of New
York, which for the
State banks and trust companies combined on
Sept. 18
were
34,488,110
Total liabilities
48,197,000
9,383,000
1,894,880,747 1,872,373,709 1,793,489,000'
$75,310,500.
Ratio
of
total
reserves
to
deposit and
F. R. note liabilities combined
Banks and Trust Companies in New York
City.—The
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:
39.5%
51.6%
circulation after deducting 35% against
averages of
trust
39.5%
Ratio of gold reserves to F. R. notes in
deposit liabilities
Ratio of
64.1%
reserves to net
40%
ducting
gold
deposits after de¬
reserves
against
F. R. notes In circulation...
Contingent liability
on bills
for foreign correspondents
38.8%
38.9%
6,073,683
6 ,#78,832.22
purchased
7
Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on Sept. 18.
figures for the system as a whole are given in the
following table, and in addition we present the results for seven preced¬
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:
rrv
The
ing
Aggregate reductions of about 166 millions In the
holdings of discounted
bills, accompanied by an increase of 61.1 millions in
Treasury Certificate
a reduction of 101.1 millions in net
deposits are indicated inthe
holdings and
Federal Reserve Board's
weekly bank statement issued as at close of business
on Sept.
17 1920.
These changes reflect the week's
heavy Government
operations, including the redemption of the bulk of the
principal and the
semi-annual interest coupons of about 640
millions of tax certificates, the
payment of semi-annual interest on the Third
Liberty loan bonds,the col¬
lection of the quarterly installment of
income and excess profits taxes all
dLLe 011 Sept. 15, and the issuance
under the same date of
new
Treasury certificates.
of Treasury certificates enabled member
banks to liquidate
large amounts of bills held under discount
by the Reserve banks.
As a result
Federal bank holdings of paper secured
by Government war obligations
^6.5
Bullions, while other discounts on hand show a reduction
of 69.5 mulions.
Holdings of acceptances purchased in open market in¬
creased 4.6 millions.
An increase of 61.1 millions in
Treasury certificate
holdings represents approximately the difference between
the amount of
special certificates given to the New York and
Cleveland banks to cover
advances to the Treasury,
pending collection of funds from
depositary in¬
stitutions, and the amounts of certificates
presented for redemption on Sept.
15 by the Reserve banks.
Total earning assets of the
Reserve banks
show a reduction for the week of
100.3 millions.
448.6 millions of
Redemption
Combined Resources
and
Liabilities
of
the
RESOURCES.
Total gold held by banks
Gold with Federal Reserve agents.
Gold redemption fund
Total gold reserve.;
total
of
615.8
1,202.6 millions of paper secured by Government war
millions, or 51.2%, were secured by Liberty bonds,
millions of paper discounted for the New York bank aad six other Reserve
banks in the South and Middle West, while acceptance holdings of the
Philadelphia and San Francisco banks are inclusive of 14.4 millions of
bankers' bills purchased from the New York bank.
Government deposits show an increase for the week of 104.2 millions,
members' reserve and other deposits—a reduction of about 3-5 millions,
while the "float," in consequence of the large volume of tax checks and
drafts received by the Reserve banks, shows an Increase of 201.8 millions.
Net deposits accordingly figure out 101.1 millions less than the week before.
Federal Reserve note circulation for the first time since July 23 shows
a moderate reduction (by 5.5 millions), while Federal Reserve Bank note
circulation shows a further expansion of 3.1 millions.
Cash reserves of the
banks, notwithstanding the loss of slightly over 3 millions of gold, show a
gain of 1.9 millions.
The Banks' reserve ratio, mainly in consequence of
the reduction in deposit liabilities, shows a rise for the week from 42.8
to
43.8%.
Federal Reserve
Sept. 17 1920. Sept. 10 1920. Sept. 3
Gold and gold certificates
Gold settlement fund, F. R. Board.
Gold with foreign agencies
Of the
obligations
312.3 millions, or 26%, by Victory notes, and 274.5, or 22.3%, by Treasury
certificates, as against 52, 24.3 and 23.7% of a corresponding total of
1,299.1 millions reported the week before.
Totals of discounted paper
held by the Boston, Philadelphia and Cleveland banks include about 173'
Banks
at
the
1920. Aug. 27 1920.1 Aug. 20 1920.
Close
J^ug. 13 1920.
of
Aug.
6
Business Sept. 17 1920.
1920. July 30 1920. Sept. 19 1919
$
164,529,000
331,308,000
150,990 000
428 768.000
111,455,000
111.455,000
607,292,000
1,237,942,000
127,893,000
$
165,070,000
410,507,000
111,455,000
186,139,000
373,272,000
111,455,000
183,125,000
366,892,000
111,455,000
179,630,000
389,927,000
111,531,000
185,165,000
381,259,000
111,531,000
389,389,000
230,047,000.
512,080,000
111,531.000
45,479,000
174,179,000
691,213.000
687,032,000
661,472.000
670,866,000
787,606,000
681,088,000
675,099,000
677,955,000
1 147.239,000 1,132,219,000
1.154,684.000 1,164,264,000 1,164,562,000 1,150.343,000 1,153,712,000 1,208,961,000
137 774.000
143,059,000
146,275,000
140,615,000
95,399,000
131,708,000
152,307,000
148,893,000
1,973,127,000 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 2,091,966.009
THE
CHRONICLE
Sept. 17 1920. Sept. 101920
Legal tender notes, silver, &e
j
Total reserves
.
„
Bills discounted.
Secured by Govt, war obligations
All other
.
_
Bills bought in open market-...
Total bills
S.
U.
on
hand
...
Government bonds
U. 8. Victory notes
U.
S.
;
_
certificates of indebtedness
_*
Total earning assets
Bank premises.
Items and other deductions
Uncollected
from gross deposits
5% redemp. fund agst. F. R.bank notes
All other resources
....
.
*6267091 000
Total resources
......
LIABILITIES.
Capital paid in
97,133,000
;
164,745,000
Surplus..
65,387,000
Government deposits
_
*1829 832000
Due to members, reserve account
*554,475.000
Deferred availability items...
39,123,000
Other deposits, incl. for'n gov't credits..
2.516,477,000 *2488817000
3,295.175,000 3,243,270,000
209,083,000
205,423,000
70,562,000
67,703,000
Total gross deposits
F. R. notes in actual circulation
F. R. bank notes in circulation—net liab.
All other liabilities
...
....
*6267091000
Total liabilities
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total
reserves to net
Ratio of total
circulation
reserves
41.1%
..........
44.0%
44.2%
52.5%
40.3%
40.6%
42.5%
...
43.2%
43.5%
43.9%
■<.
to F. R. notes in
setting
after
5,686^69,000
40.9%
40.2%
deposit and
note liabilities combined
F. R.
6,178,771,000 6,181,220,000 6,175,789,000 6,083,443,000 6,032,769,000
39.4%
...
aside
35%
against net deposit liabilities........
$
Distribution by Maturities—
bought in
market.
open
1-15 days bills discounted.
1-15 days
16-30 days
16-30 days
16-30 days
..
..
31-60 days
31-60 days
.
31-60 day8
61-90 days
$
t
$
$
'
$
110,768,000 112,734,000 114,917,000 114,800,000
99,100,000
1,581,792,000 1,515,379,000 1,549,969,000 1,529,341,000 1,464,290,000
27,325,000
25,538,000
27,340,000
17,967,000
42,325,000
79,865.000
70,815,000
71,014,000
69,882,000
86,034,000
247,986,000 219,669,000 189,632,000 189,930,000 225,623,000
15.441,000
19,483,000
16,700,000
12,900,000
12,000,000
105,240,000 110,891,000 105,155,000 122,345,000 129,544,000
491,886,000 511,330,000 458,770,000 434,400,000 426,928,000
34,431,000
28,524,000
38,102,000
37,738,000
27,430,000
26,092,000
26,157,000
32,363,000
30.627,000
294,330,000 301,240,000 332,684,000
56,230,000 342,326.000 304,257,000
12,501,000
11,002,000
16,908,000 170,191,000
40,273,000
28.144,000
$
109,503,000
112,627,000
99,481,000
1,349,550,000 1,608,558 000 1,666,391,000
U. S. certif. of indebtedness
147,405,000
84,560 000
32,568,000
bills bought in open market.
62,189,000
67,941,000
77,394,000
bills discounted
265,315,000
268,947,000 243,771,000
U. 8. certif. of indebtedness13,052,000
17,195,000
20,695,000
bills bought In open market
123,260,000
107,939,000
109,4Q4,000
bills discounted
579,209,000
512 529,000 504,969,000
U. 8. certif. of indebtedness
23,108,000
25,029,000
27,929,000
bills bought in open market.
26,653,000
28,475,000
27,222,000
1-15 days bills
_
286,9^8,000
22,382,000
61-90 days U. 8. certif. of
Indebtedness!
253 001,000
16,700,000
28,141,000
187,532,000
61-90 days bills discounted.
32.164,000
188.942.000
Over 90 days bills bought
in open market
Over 90 days bills discounted
Over 90 days certif. of
—
-
indebtedness.!..
35,466,000
185,940,000
40,367,000
186,705,000
44,223,000
185,502,000
-
-
53,836",000
162,612,000
56,230,000
170.191,000
—
70,532,000
188,621,000
8
99,259,000
1,443,535,000
121,321,000
168,054,000
49,019,000
11,659,000
111,087,000
166,970,000
19,676,000
43,605,000
88,579,000
/18,032,000
>
.....
6,735,000
170,967,000
Federal Reserve Notes—
Outstanding
Held by banks
.......
I
III.
3,581,625,000 3,549,041.000 3,501,897,000
291,944,000
253,755,000 258,627,000
3,289,681,000 3.295,175,000
In actual circulation...
3,243,270,000 3,203,637.000 3.174,725,000 3,169,181,000
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller
Returned
to the
.
Comptroller...1
Amount chargeable to Fed. Res. agent
2,830,146,000
208,918,000
3,141,861.000 3,120.138,000 2,621,228,000
7,582,040,000 7,525.140,000 7,468,540,000
3,554,226,000 3,537.490,000 3,511,315,000
7,435,580,000 7,387,780,000 7,338,200,000 7,290,760,000 7,276,540,000
3,490,516,000 3,465,042,000 3,439,212,000 3,408,446,000 3,381,434,000
5,195,640,000
1,962,997,000
4,027,814,000 3.987,650,000 3,957,225,000
3,945,064,000 3,922,738,000 3,898,988.000 3,882,314,000 3,895,106,000
473,333,000 459,863,000 448,019,000 443,814,000 469,318,000
3,232,643,000
40?,497,000
438,609,000
446,189,000
In hands of Federal Reserve Agent
Issued to Federal Reserve banks.....
3,471,731,000 3,462,875,000 3,450,969,000 3,438,500,000 3,425,788,000
268,094,000 288,150,000 281,788,000 296,639,000 305,650,000
3.581,625,000 3.549,041,000
455,328,000
3,501,897,000 3,471,731,000 3,462,875,000 3,450,969,000
3,438,500,000 3,425,788,000 2,830,146,09(1
How Secured—
By gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board......
279,226,000
274,225,000 274,225,000
2,343,683,000 2.401,802,000 2,369,678,000
115,600,000
117 269 000
112,797,000
843,116,000
755,745.000
745,197,000
3,581,625,000 3,549,041.000
Total
Eligible paper delivered to F. R. Agent.. 2,732,661,000
*
3,501,897,000 3,471,731,000 3,462,875,000 3,450,969,000
2.899,472.000 2,962,403,000 2,896.956.000
243,248,0001,639,377,000
93,090,009
854,431,009
3,438,500,000 3,425,788,000 2,830,146,009
2,860,488,000 2.805,951,000 2.818.486.000 2,777.081,000 2,025.994,000-
Revised figures,
WEEKLY STATEMENT OP RESOURCES
Two ciphers (00) omitted,
|
260,226,000 260,226,000 260,226,000 259,226,000 259,226.000
2,317,047,000 2,298,611,000 2,286,407,000 2,288,157,000 2,272,076,000
114,531,000 118,254,000 117,943,000 117,784,000 111,633,000
779,927,000 785,784,000 786,393,000 773,333,000 782,853,000
AND LIABILITIES OF EACH
Cleveland
Boston,
Federal Reserve Bank of—
OF THE 12 FEDERAL RESERVE BANKS
Richmond
Atlanta,
Chicago,
AT CLOSE OF BUSINESS SEPT, 17 1929.
St. Louis, Minneap,
Dallas,
San Fran,
RESOURCES.
Gold and gold certificates
Gold Settlement Fund, F. R.
B'd
Gold with foreign agencies
Total gold held
by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Legal tender notes, silver, &c_._
Total reserves
Bills discounted: Secured by Gov¬
ernment war obligations
All
other
(a):
;
Bill" bought in open
market (b)_.
Total bills on hand
bonds
Victory notes
U. S. Government
U. 8. Government
U. 8. certificates of Indebtedness
1,036,410,0
Total earning assets
Bank
3,946,0
premises
Uncollected items and other de¬
ductions from gross deposits..
5%
fund
redemption
against
Federal Reserve bank notes...
All other resources....
269,516,0
2,346,0
849,0
1031071,0 277,874,0
Total resources
....
LIABILITIES.
Capital paid in
Surplus
...
Government deposits
Due to members, reserve
account
Deferred availability items..
Oth. deposits, incl.
452,071,0 6,513,661,0
4,303,0
5,884,0
10,424,0
63,733,0
45,234,0
1,170,0
6,850,0
97,366,0
11,662,0
164,745,0
11,583,0
135,178,0
114,076,0 1,821,833,0
35,238,0
676,275,0
4,948,0
42,409,0
13,713,0
23,917,0
52,019,0
258,068,0
76,464,0
4,980,0
for. Govt.cred.
165,845,0 2,675,695,0
252,350,0 3,289,681,0
Total gross deposits
actual circulation.
R. bank notes In circulation—
F. R. notes in
F.
11,267,0
4,097.0
net liability
212,219,0
73,955,0
All other liabilities
1,894,886,0 495,284,0 633,312,0
Total liabilities
289,361,0 257,205,0 10310710 277,874,0 170,735,0
297,893.0 192,707,0 452,071,0 6,513,661,0
1256
THE
Two ciphers omitted.
Boston
New York.
PhUa.
CHRONICLE
Cleveland. Richmond
LIABILITIES (Concluded)—
Ratio of total reserves to net de¬
Atlanta.
9
[Vol. 111.
St. Louis. Minneap. Kan.City.
Chicago.
%
9
9
Dallas.
San Fran.
Total.
9
9
.
posit and F. R. note liabilities
combined, per cent
56.7
Memoranda—Contingent liability
39.5
endors
as
52.0
42.7
41.0
20,000,0
34,748,0
784,0
576,0
50.5
40.9
39.5
38.5
42.0
41.0
27,978,0
15,432,0
26,729,0
37,185,0
752,0
432,0
768,0
416,0
er on:
Discounted paper redlscounted
with other F. R. banks
10,975,0
Bankers' acceptances sold to other
F. R. banks without endors't:.
45.2
43.8
14,379,0
Contingent llab.
on
bills
for foreign correspondents
(a)
173,047,0
14,379,0
purch.
1,168,0
6,074,0
1,280,0
F~
R. banks:
1,312,0
1,904,0
Includes bills discounted for
other F. R. banks, viz
45,308,0
(5) Includes bankers' acceptances bought fr
om
other
173,047,0
5,795,0
STATEMENT
OF
16,202,0
15,767,0 111,972,0
I
Without their endorsement
736,0
FEDERAL
..J..
RESERVE
AGENTS'
ACCOUNTS
AT
CLOSE OF
8,584,0
BUSINESS
SEPT.
17
14,379,0
1920.
i
.
.
Federal Reserve Agent at—
Resources—
Boston. New York
$
(In Thousands of Dollars).
Federal Reserve notes
on
hand..
Federal Reserve notes outstanding
Gold redemption fund
Gold settlement fund—Federal Reserve Board
/Amount required
Eligible paper:\Excess amount held
Richm'd
Atlanta
$
$
%
$
$
Total
Chicago.
St. L.
$
143,000 33,780 26,205 25,799 69,110
969,939 289,799 366,144 145,198 150,745
5,900
21,762
131,000
162,387
209,608
32,025
14,104
15", 402 19,757
45,000 116,389 100,000
701,227 158,008 214,362
131,715
8,092
17,627
17,306
Minn.
$
60,800
City.
S
19,520
Dallas. San Fr.
$
$
$
$
3,810
10,160
5,380
446,189
91,816 284,130 3,581,625
12,331
4,186
3,451
13,052
1,001
3,646
5,632
16", 168
185,144
40,631
16,200
35,360
8,734
72,658
97,559
1,883
45,500
97,815
14,717
"8",608
46,500
~
Total.
6,205
5,430
81,629 112,273
618,527 150,376
2,500
K.
424,775 102,484
77,210
20,227
51,376
73,267
42,276
25,790
16,802
279,226
115,600
843,116
65,119 195,304 2,343,683
8,002
9,214
388,978
700,204 2,214,593 621,470 776,120 330,912 396,390 1,375,064
340,499 186,265 272,252 201,794 582,854 7,998,417
Liabilities—
Federal Reserve notes received from Comptroller, gross.
Less amounts returned for destruction
Net amount of Federal Reserve notes received from
Comptroller of the Currency
received from
Federal
Clevel.
40,800
321,049
!
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates.
Collateral
Phila.
Reserve
Total....
361,849 1,112,939 323,579 392,349 170,997 219,855
158,662
268,712 131,791 151,782
47,383
53,186
179,693
832,942 166,100 231,989 112,532 123,349
[Gold..
bank:\Eligible
645,500 2,270,740 649,280 668,900 365,880 375,500 1,129,800
366,020 173,080 249,020 184,340 503,980 7,582,040
283,651 1,157,801 325,701 276,551 194,883 155,645
450,473 196,124 85,246 131,317 82,364 214,470 3,554,226
paper
679,327 169,896
193,752 47,892
87,834 117,703 101,976 289,510 4,027,814
39,006 26,697 88,826 1,237,942
68,178 115,543
73,121 204,518 2,732,661
30,253
501,985 122,711
7Q0.204 2,214,593 621,470 776,120 330,912 396,390 1,375,064 340,499
186,265 272,252 201,794 582,854 7,998,417
i.—
Federal Reserve notes outstanding.
Federal Reserve notes held by banks
321,049
15,356
618,527 150,376
63,707
15,798
81,629 112,273
1,190
5,562
91,816 284,130 3,581,625
3,866 31,780
291,944
305,693
Federal Reserve notes In actual circulation
969,939 289,799 366,144 145,198 150,745
108,342 13,760 21,941
6,338
4,304
861,597 276.039 344,203 138,860 146,441
554,820 134,578
80,439 106,711
87,950 252,350 3,289,681
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
were given in the
statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917,
page 2523.
Board
in the statement
l
■
statement showing principal resource and liability items of
reporting member banks in federal reservb
ibank and branch cities and all other reporting banks as at
close of business september 10 1920.
Liquidation of 71.7 millions of Treasury certificates, of which 45 millions
Accommodation of all reporting banks at the Federal
Reserve banks, a8
represents the amount sold to Federal Reserve banks, as against a further
shown on the books of the
latter, shows a
substantial increase
in the volume of commercial loans and discounts
is
indicated in the Federal Reserve Board's weekly statement
showing condi¬
tion on Sept. 10 of 818 member banks in leading cities.
United States bond holdings show an increase for the week of
about
6 millions, while those of Victory notes decreased by 3.7 millions.
These
changes, in combination with the liquidation of 71.7 millions of Treasury
certificates above mentioned, account for a reduction of 69.3 millions in
United
total
States
security
holdings.
For the
member
banks
in
other demand
excess
Reserve District.
Boston.
Cleveland
U. S. certificates of Indebtedness
-
47
113
$12,354
$46,525
254,059
81,390
147,887
$11,347
29,205
8,960
21,644
$42,235
15,981
6,202
18,319
52,856
Other U. 8. bonds, incl. Liberty bonds.
U. S. Victory notes
Total U. S. securities
lew York Philadel.
529,861
71,156
59
Loans
by U. S. war obligations..
by stocks and bonds
Bee.
All other loans and investments
Total loans and Investments, Including
rediscounts with F. R. banks
Reserve balances with F. R. Bank
Cash In vault
.....
Net demand deposits
Time deposits
Government deposits
46,048
471,824
185,670 1,262,263
800,989 4,093,719
,085, 563 6 ,357,667
80,931
661,683
25,785
121,219
820,312 5,027,538
144,634
465,155
3,073
13,471
85,571
205,311
594,749
the preceding
14.7%.
Government deposits
increase of 118.3 millions in
an
balances,
considerable increase in demand deposits, show a
millions, while cash in vault, largely Federal Reserve
notes, went up by 25.6 millions, material gains in cash
being shown for the
banks located in
Federal Reserve points as well as
by the country
notwithstanding
reduction
of
the
5.5
banks.
Richm'd.
92
Atlanta.
Chicago.
Three ciphers (000) omitted.
St. Louis Minneap. Kan.
City
Dallas.
San Fran.
Total.
82
47
106
35
35
83
51
$29,329
32,798
7,184
68
$14,285
818
$21,549
28,767
$269,597
38,409
65,020
609,427
5,208
8,415
$19,573
22,085
3,100
5,604
64.682
4,317
11,111
$7,371
9,876
1,036
3,054
$15,471
25,182
12,059
$16,923
13,299
2,686
5,615
$32,635
33,045
11,916
26,419
189,117
350,384
146,629
81,370
58,480
178,023
38,523
21,337
54,276
50,362
135,652
1,418,525
74,963
320,403
961,321
31.963
31,821
61,316
98,420
31,790
126,393
417,187
16,279
32,808
291,304
26,569
81,157
514,806
10,721
42,057
258,708
33,035
959,004
613,893
41,527
361,728
23,828
676,808
46,046
361,8481,301,17816.923,467
9,580
9,325
325,285
125,566
211,344
63,980
15,237
425,300
97,441
60,448
18,709
25,237
Loans and investments, including bills rediscounted with Federal Reserve Bank
sec.
on
under this head from
of the ratio of accom¬
deposits—partly in anticipation of payments of income and
Data for all reporting member banks In each Federal Reserve
District at close of business September 10 1920.
"Number ol reporting banks
U. S. bonds to secure circulation—....
Loans
deposits,
13%
profits taxes—4s shown.
In the case of the New York
City banks a
reduction of 13.8 millions in
government deposits is accompanied by an
increase of 32.1 millions in other
demand deposits.
Reserve
supported by Government obligations and by corporate securities show but
slight increases, while other loans and investments, including commercial
loans and discounts show increases of about 60 millions for all
reporting
banks and of 33.5 millions for the New York City members.
In conse¬
quence of the above changes in the several earning assets, total loans and
investments show a decline of 4.5 millions.
For the New York
City banks
Sk considerably larger decline of 29.3 millions is noted.
Federal
reduction by 59.7 millions from
the banks' total loans
12.7% of
against slightly over
Friday.
For the New York City banks a reduction
865.7 to 826.6 millions is noted,
resulting in a decline
modation at the Federal Reserve bank from
15.3 to
As against a further decrease of
31.7 millions in
and a 3.4 million increase in time
New
York City
corresponding reductions of 67.6 millions in Treasury certificates
and of 66.1 millions in total United States securities are shown.
Loans
I.
2,201.9 to 2,142.2 millions, and constituted
and investments on
Sept. 10, as
956,787 1,503,316
72,315
104,220
18,249
31,896
696,909
938,051
38,952
375,510
1,880
2,804
106,583
404,823
624,739
38,379
17,219
354,272
107,391
472,321
417,1421,762,417
568, 759 2 ,511,181
30,034
187,213
14,216
69,544
269,249 1,423,836
150,849
630,279
24,246
11,964
224,443
54,751
151,125 3,047,407
981,36611,498,531
79,056! 1,389,478
30,860!
375,094
654.05111,370,590
516,700 2,771,208
1,496
30,054
Secured by U. 8. war oblgatlons
27,171
...
372,673
949
803
3,315
759
175
954
375
32,496
35,049
33,605
96,350
21,716
6,336
36
Bills payable with F. R. Bank:
27,285
825
19,701
10
28,023
450
150
500
85
2,056
44,332
11,204
3,894
9,646
34,269
39,494
61,290
8,403
75,289
2,122
57,624
6,370
9
18,650
233,106
2,079
26,434
2,777
269,204
1,114,544
56,043
All other
Bills redlscounted with F. R. Bank:
Secured by U. 8. war obligations...
16,866
All other
48.732
2.
142,861
372,540
60,982
756,448
68,194
Data of reporting member banks In
Federal Reserve Bank and branch cities and all
other reporting banks.
"
'
j
New York CUy.
Three
ciphers (000) omitted.
Sept.
Number of reporting banks
U. 8. bonds o secure circulation
Other U.S. bonds, incl. Lib. bonds.
10.| Sept. 3.
71
71
$36,828
$36,698
221,083
71,314
195,857
City of Chicago.
Sept.
10.
49
Sept. 3.
All F. R. Bank Cities. F. R. Branch Cities. All Other
Reprt.Bks.
Sept. 10.
49
281
$1,439
16,289
10,877
20,593
$96,762
340,564
100,782
207,729
49,198
745,837
65,296
66,376
354,770
354,508
investments.. 3,616,778 3,583,254 1,042,998
1,046,210
719,832
2,148,036
7,372,480
U. 8. Victory notes
U. 8. certificates of Indebtedness.
221,801
71,965
128,277
_.
Total U. S. securities
458,871
524,952
$1,438
16,263
10,709
21,358
49,768
Loans and investments, incl. bills re-
Sept. 3.
Sept.
10.
282
208
$96,637
Sept. 3.
208
Sept.
10.
329
Sept. 3.
Total.
Sept. 10.
Sept. 3.
Sept. 12'19
39Q
818
819
774
$72,169 $100,566 $100,100
146,976
119,195
118,436
55,043
37,345
37,795
90,307
52,592
53,844
$269,597
609,427
189,117
$268,906
604,105
192,778
$269,551
99,940
277,899
$72,269
149,668
50,990
90,063
350,384
422,050
312,628
1,111,850
813,169
362,990
364,495
1,418,525
1,487,839
2,326,094
338,693
309,698
310,175
632,065
discounted with F. R. Bank:
Loans
see.
Loans sec.
by U. 8. war obligat'ns
441,650
438,038
by stocks and bonds.. 1,111,128 1,111,460
All other loans and
Total
loans
<fc
investments,
Incl.
rediscounts with F. R. Bank:
Reserve balance with F. R. Bank..
Cash in vault.
Net demand deposits
Time deposits
Government deposits
—
Bills payable with F. R. Bank:
Secured by U. 8. war obligations.
726,083
140,312
133,261
98,860
98,180
959,004
957,524 a1,309,370
2,142,242
487,200
490,2S0
412,171
411,598 3,047,407 3,044,120 3,012,523
7,317,040 2,268,031 2,263,091 1,858,020 1,858,364 11,498,531 11,438,495
a8,497,269
5,628,427 5,657,704 1,512,832 1,516,292
10,986.185 10,998,534 3,258,533 3,251,127 2,678,749 2,678,317
16,923,467 16,927,978 15,457,705
618,737
618,559
130,999
135,913 1,020,503 1,024,679
209,313
211,208
159,662
159,070 1,389,478 1,394,957 1,383,481
107,524
100,519
39,940
33,567
215,332
197,780
73,776
70,873
85,986
80,852
375,094
349,505
368,649
4,523,580 4,491,455
971,483
965,599 7,920,032 7,850,616 1,801,822 1,782,689 1,648,736 1,619,029
11,370,590 11,252,334 11,220,961
331,351
331,395
287,523
285,170 1,272,120 1,268,751
902,678
902,093
596,410
596,938 2,771,208 2,767,782 1,928,472
12,769
26,601
1,504
3,111
21,268
44,333
4,875
9,762
3,911
7,660
30,054
61,755
505,296
334,774
370,185
28,192
138,739
353,065
138,529
356,961
10,665
169,304
10,589
177,854
225,604
826,752
225,399
16.4
^*7.5
7.5
12.5
27,214
All other
497,417
535,175
160,743
155,631
98,288
95,778
120
280
1,436
666
30,846
147,476
23,757
163,138
12,754
13,077
269,204
841,269
140,316
147,773
1,114,544
1,152,180
13.1
13.2
13.1
11.5
11.5
12.5
12.9
500
Bills redlscounted with F. R. Bank:
k.
Secured by U. 8. war obligations.
All other...
Ratio oi U. S. war securities and war
paper
ments
to
756,448
2,506
786,584 11,037,148
946 /
262,233 \
total loans and invest¬
per cenr.
.
—
15.3
312,449
Sept. 25 1920.]
1357
CHRONICLE
THE
than
(gaj&eitje.
gantuers7
Wall Street,
usual, several of whichfchave been infrequently men¬
Of 25 notably active bonds 18 have advanced.
Of these So. Pac. conv. 4s are conspicuous as leaders in an
upward movement of 2% points, while U. P. conv. 4s are
1% higher and Am. Tel. & Tel. 6s, Ches. & Ohio 4%s,
New York Cent. 6s, So. Pac. fd. 4s, So. Ry. 5s, Inter.
Mer. Mar. 6s, Gen. Elec. 6s, and some of the local tractions
have gained a point or more within the week.
On the
other hand Burlington joint 4s and Rock Island ref. 4s, have
lost a part of last week's advance and Consol. Gas 7s,
continuing its recent movement is again lower.
tioned of late.
Friday Night, Sept. 24 1920.
Railroad and Miscellaneous Stocks.—The stock market
has this week reflected the drift of
public sentiment under the
situation and the steadily
increasing tendency to lower commodity prices.
The latter
has been apparent for some time past in fabrics, both woolen
and cotton, and has been emphasized this week by the
announcement of two large mail order establishments that a
reduction of from 10 to 20% in catalogue prices is now being
made and a similar announcement by two of the best known
motor car manufacturers.
This tendency is already well
under way in some food supplies, notably in sugar, and corn
has this week been reported as selling in the Chicago market
at less than a dollar a bushel, the lowest price recorded since
1917.
Wheat has also declined sharply, selling today 18
cents a week ago.
The effect of all this in the stock market
has been a general advance in railway issues and a very
substantial decline in many industrial stocks.
Of a list of
20 prominent, well known issues of this group, 2 are frac¬
tionally higher than last week and several of the 18 which
declined lost from 5 to 10 points.
Today's market has been exceptionally dull and price
changes were generally unimportant.
Only about 500,000
shares were traded in, as against over 1,000,000 earlier in
influence of the improved railway
the week.
United
Bonds.—Sales of Government bonds at
steady throughout the week at 7%.
Daily Record of Liberty Loan Prices. Sept. 18 Sept. 20
Se\gt. 21
90.04
90.18
90.14
90.40
95.38
90.32
{Low-
90.50
90.00
90.00
90.10
90.20
90.26
[Close
90.04
90.04
90.04
90.26
90.26
90.32
61
349
247
2,808
916
302
85.40
85.56
85.70
85.80
86.00
87.20
85.10
85.20
85.20
85.54
85.62
86.70
85.10
85.20
85.70
85.56
85.86
87.20
36
67
First Liberty Loan
[High
3?*s, 15-30 year, 1932-47
Total sales In $1,000 units
Second Liberty Loan
4s, 10-25-year-conv, 1942
(Higb
{Low.
I Close
4s, convertible, 1932 47
and closed
the lowest.
near
87.90
14
31
88.90
88.94
89.16
90.16
88.34
88.52
88.70
88.82
89.64
88.48
88.84
88.86
89.16
90.16
684
676
998
1,765
2,246
2,320
86.10
86.70
86.98
87.30
88.40
86.00
85.80
86.00
86.80
86.82
87.40
86.06
86.00
86.70
86.82
87.30
87.70
36
123
274
82
616
51
85.30
85.44
86.00
85.86
86.44
87.50
85.06
85.18
85.36
85.60
85.78
86.80
85.18
f High
4?*s of 1st LL conv.'32 '47{Low
(close
85.44
85.86
85.78
Total sales in $1,000 units
4?*s of 2d L L conv,
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
87.00
86.10
Total sales In $1,000 units
Third Liberty Loan
86.62
87.90
.»
45
{ High "88.48
88.24
{Low.
88.38
I Close
■
96.60
86.40
28
19
27
86.62
88.56
Total sales in $1,000 units
4?*sofl928
25
85.70
f High
{Low.
I Close
Third Liberty Loan
Sept. 22 Sept. 23 Sept. 24
86.40
Total sales In $1,000 units
Second Liberty Loan
1
Sterling exchange has fluctuated over a range of 4 points or
105% and the various
Liberty Loan issues.
Third Liberty Loan
Call loans have held
more
States
the Board include $4,000 4s reg. at
(High
'27-'42{ Low.
I Close
For transactions
changes see page 1253.
following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Range for Week.
Sales
STOCKS.
Range since Jan. 1.
Par. Shares
Allied Chem & Dye no par 11,800
300
Preferred
Lowest.
$ per
59 ?*
share.
Sept 24
Am Brake S & F_.no par
500
9OH Sept 20
55
Sept 20
100
100
88?* Sept 24
Lowest.
Highest.
$ per share.
61?* Sept 20
Sept 18
91
88 J*
55?* Sept 20
$ per share
$ per share.
59?*
Sept
62?*
Sept
91
53?*
Aug
July
90
July
Aug 210
86
102
60
Sept
Sept
7
Jan
18
May
34
2
Aug
6?*
Apr
Sept
20?*
Aug
Austin, Nicbols, pref.100
18
18 % Sept 24 20
Sept 22
300 108
Sept 24 108?* Sept 22 103
100 76
Sept 23 76
Sept 23 76
Auto Sales pref
50
100
Brunswick Terminal. 100
500
5% Sept 23
Certain-Teed Prod
no par
100
52?*fSept 20
100
4,100
10
100
1,000
17 ?* Sept 22
Arbor._
Preferred
Assets Realization
Atlantic Fruit
no par
Atlantic Refg pref___100
Chicago <fc Alton
Preferred
Chic & East 111 tr rects.
_
900
800
4,600
Preferred tr rec
13
Sept 20
Sept 18
12?* Sept 24
13
Sept 23
13
Sept 21
Sept 18
66
65
Cluett, Peabody & Co 100
100
70
25
50
Crex Carpet
100
Davison Chemical.no par
Detroit United Ry_..100
70?* Sept 23
100 59 J* Sept 20
1,300 35?* Sept 18
83
Sept 21
600
4
Sept 18
100
Preferred
200
100
Duluth S S & Atl
2,300
100
200
8H Sept 21
40
Sept 24
92
Sept 21
15
Sept 18
Guantanamo Sug.no par
700
18
Habirshaw EC
par
400
14
Mining.. 100
Hydraulic Steel
no par
50
Emerson-Bran ting..
_
no
200
100
Durham Hosiery
Preferred
100
Homestake
Indian Refining
10
Internat Paper pref.. 100
100
15?*
Sept
June
66
Mar
70
Sept 106
Jan
68
Aug
82
Jan
Aug
64
Apr
39
Sept 22
Sept 18
32
Aug
39
Sept
83
Sept 101
5?* Sept 23
Sept 23
3
May
7
Apr
43
Sept 22
40
Sept
67?*
Jan
92
Sept 21
92
Jan
15
Sept 18
15
Septl 02?*
Sept 29
93
10
15?*{Sept|18
15?*
Sept
46
71
1,000
30?* Sept 22
31?* Sept 18
100
19 ?* Sept 20
30?* Sept
19?*' Sept
200 100
600
6?* Sept 22
100 82]* Sept 23
200 125
Sept 23
Sept 18
3,100 14
8,300 24?*!Sept 18
5,800
Sept 22
100
7
Mullins Body
no par
Nashv Chatt & St L. 100
National Biscuit pref 100
Norfolk Southern... 100
Norfolk & Western pref
Ohio Body & Blow no par
Orpheum Circuit
.1
500
Peoria <fc Eastern
18?* Sept 21
79?* Sept 21
90
Sept 21
15
Aug
62?*
63
Feb
80
Mar
80?* June
29?* Sept
94
Feb
51
Jan
18
Jan
Jan
Jan
Sept
29?* June
3,100
27?*'Sept 24
Rand Mines Ltd ..no par
100
24?* Sept 21
Rensselaer & Sara...100
100 105
_.
Jan
63?*
73
Sept 24
100
35?*
Aug
May
50
Preferred trust rects
Apr
Sept
16
64
90
Wisconsin Central
38
7
Sept 20
24
200
100
Sept
Sept 22
|Mar
200
Trust receipts
Jan
Mar
29
Sept 18
Third Avenue Ry.._100
30?*
Feb
12
Toledo St L & West.. 100
45
Aug
10
.no par
Tidewater Oil
Aug
7
20
86
no par
15
19?*
Sept 20
Apr
900
100
So Porto Rico Sugar. 100
Mar
80?*
32?* Sept
; Sept
Sept 23 110
!Sept
Sept 21 109
Sept
20?* Sept 22 23
67
Sept 24 67
Sept
19
'Sept 23 21
Sept
1,300
Shattuck Ariz Copper. 10
45
Aug
21 103?*
500
800
Sept 21
8X Sept 20
19
'
18
28?* Sept 20 26?*
86
Sept*18 86
f
16
9
Sept 22
50
Sept 23 50
90
Sept 24
73?*
24?*"8ept 21
24?*
105
Sept 21 105
Aug 111?*
July 116
Jan
Jan
Sept
28?*
Sept
Sept
98
May
June
16
Mar
July
68
Mar
June
94?*
Sept
29
June
Sept 105
Sept
Jan
9
Sept 23
8?* June 12?*
Jan
Sept 23 100
Aug 310
Apr
Sept 18
18?* Sept 20?* Sept
1,600 11?* Sept 23 12?* Sept 18
9?* Aug 17?* Mar
109 210
Mar
Sept 20 210
rSept 20 190
May 229
12
300
12
Sept'24
Sept 22 14
Sept 14
Sept
10,300 13?* Sept 20 17?* Sept"24
10?* Feb 17?* Sept
15
f May 24?* Sept
2,000 20 X Sept 20 24?* Sept 24
4.100 31
Sept 20i 35
'Sept
Sept 22 25
'May 35
200 130
6,700
Sept 21 130
18?* Sept 23
20
State and Railroad Bonds.—Sales of State bonds at the
are limited to $146,000, Virginian 6s deferred trust
receipts at 65 to 66%.
The market for railway and industrial bonds has main¬
tained its late record for activity and strength.
Moreover,
the transactions have included a larger number of issues
Board
87.36
3,558
40,74
95.66
95.56
95.62
95.70
96.10
95.50
95.48
95.48
95.50
95.68
95.54
95.50
95.54
95.66
96.08
348
785
680
1,589
1,551
1,380
f High
95.48
95.58
95.56
95.56
95.64
96.08
3?*s conv gold notes,'22-'23{Low.
95.40
95.52
95.48
95.50
95.50
95.86
Closej
95.40
95.56
95.56
95.50
95.64
96.08
29
258
151
177
615
557
Victory Liberty Loan
I
Total sales Jn $1,000 units
Foreign Exchange.—Sterling exheage moved irregular¬
ly, another slump having been followed by partial recovery,
but turned weak at the close.
The Continental exchanges
likewise moved erratically, with sharp declines registered in
nearly all leading currencies.
To-day's (Friday's) actual rates for sterling exchange were 3 42 X @
for sixty days, 3 46?* @3 48?* for cheques and 3 47?* @3 49 fr
Commercial on banks sight 3 455* @3 47?*, sixty days 3 41?*@
3 44?*
cables.
ninety days 3 37 5* @3 39?*, and documents for payment (six
days) 3 41?*@3 42?*.
Cotton for payment 3 455*@3 47?*. and grain f
payment 3 45 5* @3 47?*.
—
To-day's (Friday's) actual rates for Paris bankers' francs were 14.93
15.15 for long and 14.86@15.08 for short.
German bankers' marks a
3 43?*,
yet quoted for long and short bills.
Amsterdam
were 30 9-16 for long and 30 15-16 for short.
not
3 42?*
Low for the week...
Paris Bankers' Francs—
High for the week
14.18
Low for the week
15.18
3 46?*
y
r
6
bankers' guilde
Exchange at Paris on London 52.00 francs; week's range
high and 52.00 francs low.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Cheques.
High for the week
3 50
3 54?*
51.00 fran
Cables.
3 55
3 47
14.07
14.05
15.07
15.05
1.63
,1.65
1.34
1.36
German Bankers' Marks—
High for the week
Amsterdam Bankers' Guilders—
30 13-16
Low for the week
Domestic
discount.
Boston,
$1,000 premium.
Outside
in
—
30 5-16
31?*
30?*
31H
30k
St. Louis, 15@25c. per $1,000
Francisco, par.
Montreal, $106 75 per
Exchange.—Chicago, par.
Jan
Aug
SIX Sept 23
Pittsburgh Steel pref. 100
Superior Oil
100
15
23 100
100
86.80
86.48
2,159
95.44
Sept
100 109
Sept 23
Sept 23
Phillips Jones
Jan
Sept
400105
100
Penney (J C) pref... 100
Apr
52
Sept 20
Sept 21
93?*| Sept
Aug
Sept
Sept 20
18
7
90
Jan
57?* Sept 23
19
25
86.02
85.90
3,066
High for the week
Sept 22
600
85.86
86.00
1,581
95.44
Apr
l,700l 16?* Sept 21
17?* Sept 21
75
Sept 24
85.54
85.60
Low for the week
9
400
85.20
1,241
95.56
Sept
Sept
23?* Sept 22
Sept 24
84.48
(High
19?* Sept 20
20?*
Sept/21 100
Sept 103
4
6?* Sept 23
May
6?*
103
Sept 21 103
Sept 112
7
June
3
7
Sept 22
82?* Sept 23 82
Aug 91
125
Sept 23 120
Aug 155
17
Sept 24
8?* Feb 17
35?* Sepf 24 16 , Feb 35?*
45
7
87.52
4?* conv gold notes, '22-'23{Low.
t Close
Total sales n $1,000 units
Sept
93?*|Sept 23 93?* Sept 23
Sept 20
2,254
4?*s,lst LL 2d conv,'32-'47{ Low.
[ Close
Total sales In $1,000 units
33?*
Sept 21 100
22
100
Jan
47?* Sept 22
15
Preferred
Jan
Feb
Feb
300
900
Certificates of dep..
M StP&SSMarie.. 100
5?*
11
Aug
v t c.no par
100
45?*
20?*
Martin Parry____.no par
First preferred
,
69
18
Certificates of deposit.
13
Sept 18
57 ?* Sept 23
45
Sept 20
100
Jan
70?* Sept 23
59?* Sept 20
100
Motor
4?*
Feb
Sept
Sept
Sept
4
100
Maxwell
13?*
20
58
300
Marlin Rock
Feb
Aug
Sept 24
Mall'son (HR)&Conopar
100
6
12
15?* Sept 24
Sept 22
Loose-Wiles 1st pref.100
Preferred
Mar
ijan
62
Aug
Sept 21
Preferred
Jan
8?*
Aug
May
June
Sept
Sept
100 103
Lake Erie & Western. 100
30?*
14?*
600
Kelly-Springf 6% pf.100
Kresge (S S) Co
100
82
Sept
17?*
Keokuk <fc Des M
100
Feb
Sept
19?* Sept 20
Kayser <fc Co 1st pref.100
100
4?*
40
May 114
Sept 23
Sept 18
Central
13
Sept
Sept
?* Sept 22
46
Sept 24
5
Iowa
13?* Sept 24
Sept 24
200
Insur
Sept 20
6
Sept 22
52?* Sept 20
20
CStPM & Omaha.. 100
Continental
13
100
86.56
f High
Fourth Liberty Loan
July
20
Ann
860
86.10
June
Sept 24
Am Tobacco com B..100
Highest
89?*
18,000 122?* Sept 18 132?* Sept 24
400
16
Sept 24
100
Sept 18 18
300 33
100
Sept 22
Sept 22 34
3
2 % Sept 20
700
10
Sept 22
Preferred
946
86.04
Total sales in $1,000 units
Victory Liberty Loan
for
Week,
87.32
1,614
85.60
{Low.
Fourth Liberty Loan
4?*s of 1933-38
The
Week ending Sept. 24.
86.24
342
85.48
Total sales In $1,000 units
New York, Boston, Philadelphia and Baltimore ex¬
on
(High
84.48
DAILY, WEEKLY AND YEARLY.
par.
San
Cincinnati, par.
Market.—Trading on the "curb" this week was
volume only with the chief characteristic
moderate
irregularity. The general tone was heavy.
Clev. Auto, lost
some three points
to 50.
Gardner Motor sold down from
24% to 23.
General Asphalt com. gained about four
points to 63%, then broke to 58, the close to-day being
at 58%.
Hercules Paper advanced fractionally to 26, but
reacted finally to 23%.
Indian Packing declined from 5%
to 4 and ends the week at 4%.
Intercontinental Rubber
was off from 13% to 10%.
Locomobile Co. weakened from
R. J. Reynolds Tobacco B stock was a strorg
sold up from 39 to 44 with a final reaction to 41.
Submarine Boat lost about a point to 11% and sold finally
at 12.
Tob, Prod. Ex. moved up from 13% to 17 and reacted
to 16.
National City Bank "rights" were off two points to
104 early in the week but jumped to 108 and to-day to 110.
Irregularity was also prominent in the oil shares.
Carib
Syndicate from 13% reached 15%, but dropped to 12%.
Dominion Oil improved from 9 to 11% and closed to-day
at 10%.
Guffey Gillespie Oil sold up from 33 to 33% and
down to 32 with the final figure to-day 32%.
Ryan Con¬
solidated dropped from 21% to 20 and sold finally at 20%.
Salt Creek Producers was off from 33% to 31 with the close
to-day at 31%.
Simms Petroleum declined from 13% to
12%.
White Oil lost two points to 23 and closed to-day
at 23%.
There was some improvement in bonds towards
the close.
The new Beth. Steel 7s sold "when issued"
down from 95 to 94% and up to 95%, the close being at 95.
Allied Packers 6s after a drop from 56% to 50, recovered to
57, the final transaction to-day being at 55%.
7% to 7.
feature and
1258
New York Stock Exchange—Stock
Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
-
For record of »ale« during the week of
stock* usually inactive,
preceding page.
see
SHARE
PER
HIGH
AND LOW SALE PRICE—PER SHARE, NOT PER
STOCKS
Sales
CENT.,
NEW
lor
Thursday
Friday
the
Sept. 23
Sept. 24
| per share
84
84%
76%
76%
$ per share
$ per share
% per share
Shares
*91
44
50 %
11
93%
44%
51
11%
76%
93
93
93
44
45
43%
44%
43%
51
51%
51%
51%
50%
93%
43%
51
11
11%
11
11
11
11
*76
9%
7
7
6%
65
10
*92
6%
122%
121
121% 122%
9
9%
8%
*6%
7
120% 121%
64%
65%
66
11
12%
11
12%
12
28
28
29*4
28
30
29%
38%
57%
39%
37%
38%
37%
38%
58%
58%
56%
57%
57
57%
76
75
75%
83%
76%
84%
76%
9%
10%
*91% 93%
43%
44
50%
51
10%
10%
6%
6%
120% 121
65% 67
13%
30%
38%
9
67
79%
79
68%
68%
67%
29
29
80
69
*51
6
29%
29%
43%
51
7
12%
38%
57%
58%
74
74%
74% 76
106
105% 105% .106
38%
39%
37%
40%
79%
80%
79%
80
68%
69
67% 69
38%
37%
57
59
*48
*66
"67"
68
31%
52
52
104
104
104
105
241
241
241% 241%
3
3%
4%
6%
Do
105
2%
5*4
27
20%
79
34
3%
7%
20%
29%
22%
79%
*12
34%
12%
*26
29
105
*240
18
105
250
240% 242
3
3%
105
3%
241% 241%
3
3%
3%
6%
6%
6%
.6%
19%
20%
20%
19%
20
19%
27
28%
19%
27%
28%
27%
28%
27%
21
2234
21%
21%
21
21%
21%
7934
79
79%
78%
34%
21%
79%
21
78%
33%
78%
79%
x77%
34%
13%
29%
90%
*33%
13%
29%
34%
12%
21%
3%
12%
22%
3%
*11%
47
47
34%
34
35%
12
12
12
12
13
*27
29
*27
29
28
90
90
90
8934
90
90
334
12%
21%
334
12%
4
4
12
12%
12
12
21%
2I84
2234
21%
22%
48
47
47%
46%
49
50%
49%
49%
*101
103
16
3%
16
16%
634
7
12
4
3%
46%
49%
49%
102% 102%
43%
43%
16
15%
6%
7%
11%
12%
101% 102%
16
6%
12%
3%
6
634
21%
29%
89%
*47
3
5%
19%
2684
7%
49%
17%
7%
12%
27%
28
29%
28%
48
48%
48%
50
6%
49%
49%
5%
55
5%
57%
76%
76%
27%
27%
28
48%
49%
48%
48%
5%
634
5%
5%
55
55
55
75%
77%
46%
75%
75%
76%
4934
76
77
47
5%
6
6%
55%
76%
75%
76%
18%
7
«%
10%
100
pref
100
50
5,200 New Orl Tex A Mex
49
46
46
46
69
*60
69
*58
69
*59
69
*58
69
57
57
*56
63
58
58
*55
62
*55
34%
36
34%
35%
35%
35%
37%
36%
21%
23
21%
22
23
22%
24%
96
95%
80%
42%
79
80
81
11,900 Northern Pacific
42
42%
42%
15,100 Pennsylvania
27%
28%
23%
96%
79%
41%
27%
Second preferred
61
"""800
37% 156,540 N Y N H A Hartford
24% 22,600 N Y Ontario A Western
5,600 Norfolk A Western
97%
28%
47,100 Pere Marquette v t c
Do
600
prior pref v t
80
42%
42%
42%
2534
26%
26%
60
61
48"
48
48%
96%
80
45%
43%
45
79%
80%
42%
42%
34%
21%
95%
79%
42%
26%
27%
27
28%
62
62
63%
63%
49
49
49
49
48%
49
96
97%
80%
42%
27
97
96%
Feb
Dec
July 6
52
Sept24
48
Dec
Augll
83% June29
43
Jan16
45
Feb
105
91% Dec
9
172% Mar
3% Apr
100
.100
32
*73%
95
45
4984
28
42%
31%
41%
32%
75
95%
46%
50
28%
42%
32%
*74
32%
33%
*74
75
17%May20
12% Feb 9
65«4 Junel2
30
34
93*4 MarlO
4*4 Marl 3
94%
92%
94%
46%
49%
49
49
49
45%
48%
45%
49%
45%
48%
48%
48%
27%
41%
28%
27%
28%
27%
28%
28%
29%
29
29%
41%
42
42%
43
43
43
43
43
43
31%
42%
31
33
33%
35%
34%
37%
36%
37%
42
43%
43
44
43%
45%
44%
45
28,700 St Louis Southwestern
Do
pref
10,200
16%
17
98%
29%
62%
3734
30%
37
29%
63
3734
35
35
8%
*34
123
8%
8%
16%
29
62%
37%
63
39%
*34
37
65%
11%
11%
11%
2584
26%
25
10
10%
29%
30%
Jan
21
Febll
31%
36
Febll
50
Febl3
Junel8
7% Mar29
57% Sept24
Feb 13
Febl3
77% MarlO
49*4 Septl8
4%
31
64%
23*4
50
Aprl3
41% May 4
23% Febll
16
19
19
20
11%
12%
19
17%
19
18%
3234
323$
33%
32
70
68
2d
Apr
Dec
29% 8ept23
43
Sept22
106
11
Febll
37% Sept23
10% Dec
100
20% May24
45% Sept23
23
6
July
1
10
July
1
Febl3
31
30%
100
18
Feb14
63%
63
63%
38%
100
50
Febl3
38
..100
25
Febl3
121% 123
65%
65%
65%
10%
11
10%
10%
24
25%
24%
25
24
24%
11%
30 T
12
11%
12%
11%
31%
30%
32
31
12%
31%
21
21%
20
20%
14%
13%
14%
13
14
13%
20%
19%
20
20%
20
20%
32%
20%
34%
33%
34%
32
34
69%
69%
69%
69%
26%
69%
21%
14
69%
pref..
A Pacific
Transit.. 100
100
19,100 Union Pacific
Do
pref
100
1,200
2,300 United Railways Invest...100
12284 123%
65%
21
118,400 Southern Railway.
Ds
Do
pref
100
3,300
100
51,800 Wabash
Do
pre! A
...—100
32,700
Do
pref B
100
3,300
50,500 Western Maryland (new)..100
Do
2d pref
100
7,000
100
9,700 Western Pacilic
Do
400
pref
100
28,600 Wheeling A Lake Erie Ry.100
...
1284
133s
14%
14
14%
13%
14%
14
14%
24%
24
24
25
25%
24
25
24%
25
5,200
37
37%
36%
36%
*35
37
36
38
36%
2,000 Adams
31%
31%
30
3il%
*28%
32
29
29%
36%
*28%
63%
63
63
*60
46
45%
*1%
46
Do
27% June23
110
Febl3
61% May24
7% Augl2
14
Aug 9
7
May20
20% Febll
14
8%
11
201a
54%
10% Sept22
18*4 Sept23
105% Jan 3
31% 8ept23
64
Sept23
47
Mar 22
35% July20
125% MarlO
69% Jan 3
13% MarlS
29*4
Jan27
33*4 Dec
10*4 Jan
20
Dec
Dec
6% Dec
12
Dec
91% Nov
20% Dec
52% Dec
27% Jan
29*4 Dec
119% Aug
63
7%
15
Dec
Jan
Jan
7% Dec
20% Dec
Febl3
July30
20*4 8ept21
16
Dec
34%
69%
14%
26%
8ept22
17
Feb
Sept 7
52%
Feb
June21
Febl3
Feb 5
9
June23
May20
100
25
Febll
....100
25
Aug 6
-100
Sept 18
12% 8ept24
32
Sept23
21% Bept23
14% Sept22
15
pref
Dec
'50
88%
100 Twin City Rapid
Dec
73% Dec
Febl3
Jan 14
5
100
5,600
75
33
15%
23%
pref
100
18,100 Texas
Mar26
96% 8ept20
47*4 Sept20
80
Mar
32% Mar 9
33% Mar 9
100
36
Dec
24
Do
pref
10,800
87,500 Southern Pacific Co
37%
Dee
77
39% Dec
12% Jan
56
24,800 Seaboard Air Line
*34
95
39
18%
36%
MarlO
Mar 18
MarlO
5
10%
64
Nov
Jan
96%
39%
25% Dec
16% Nov
Sept23
Feb27
18%
37%
40
Sept23
75% June24
35*4 Sept22
95%
30%
63%
Sept 2
37%
24%
100%
84%
43%
51
18%
*34
58
68
8
May28
21% Febll
66% AuglO
64*4 Febll
97%
31%
31
Dec
Aug 5
June
17%
10
Marll
4%
Feb19
95%
10%
62
37% Dec
28% Apr
66*4 Dec
23*4 Sept
60% Dec
32
10%
9%
Feb28
Sept 2
Jan
22% Nov
Augl7
18%
36%
122% 123%
66
*65%
10%
11%
68
"12%
Do
50
Preferred A trust ctfs...100
23%
13
100
1st pref
32,700 St Louis-San Fran tr ctfs.. 100
1,400
6
62%
32
12%
*49~"
Feb
84% Junel6
50
Do
Dec
Feb
97%
*34
11%
25%
11%
30%
11%
2,200
1,600
40%
104% Aug
37% Dec
8%
37%
37
11
92%
Dec
9%
29
29%
63
38
19
*75
80
Dec
Nov
4%
8%
122% 124
65%
65%
124%
65%
*75
•
10
13
40
Feb21
16%
96%
8%
17
97%
10%
29%
19%
12%
*68
78,500 Reading
75
93%
45
96%
32%
78
94
75
95
Dec
Feb19
69
93%
Sept
85% Dec
3% Mar
11
66*4 Junel2
37% May24
100
Jan 5
52% Mar20
18% Mar 9
7
30
18
Febl3
39
39,900 Pittsburgh A West Va._
Do
pref
300
35%
112%
Dec
May24
9
56
45
97%
*16
34%
16% Marl5
23
Sept23
49% Sept 1
60% Sept20
18%
13*4 Dec
75% Dec
31*4 Jan
7
100
c
pref v t c
Aprl4
6% Feb
12% Dec
3% May22
100
Do
90%
31
29%
35%
Aug 9
22
47%
41%
29
34%
24
3
Feb24
Febl3
3
Aug
8% July29
13% May 5
40
Mayl9
39% May24
80%
100
47
31%
123% 12334
*65%
66
11%
11%
25%
25%
984
9%
75
35%
Aug 9
Jan
7
Jan
16%
21% Sept20
29% Sept20
22*4 Sept20
84*4 Marl3
41% Marl9
15
May 5
25% Aug 18
100
94%
42
95%
2884
62%
34
34%
700
Febl3
100
50
Sept20
260% Septl5
2% BeptlS
Pitts Cin C A 8t L ctfs dep...
"48'
Feb10
165
94
.100
55% Aug
Sept
38% July 2
..100
22,900 New York Central
3,000 N Y Chicago A St Louis...100
First preferred
100
Jan
Dec
19
100
C..100
Dec
68
32
100
v t
Nov
22%
63
4% Sept24
100
85
116
Feb24
9%
properties. No par
*60
20%
95%
35
100
63
34%
22%
95%
80»4
46
100
69
33%
Septl7
100
*57
45
8
Dec
34% Sept24
100
*59
47%
Mar
61
100
17,600 Missouri Kansas A Texas. 100
Do
pref
100
5,900
38,900 Missouri Pacilic trust ctfs.100
Do
pref trust ctfs
100
13,900
4,400 Nat Rys of Mex 2d pref.. 100
11%
29%
5»4
5434
42%
91% MarlO
120
Jan 6
68
Feb
42
100
8,200 Lehigh Valley
1,300 Louisville A Nashville
500 Manhattan Ry guar
16,400 Mlnneap A St L (new)
49%
June28
100
16,400 Kansas City Southern.:
102%
42%
17%
16%
6%
11%
27%
48%
57
49%
102
7%
12%
28%
6%
12%
28%
56
44
17%
16
12
12%
2734
49
6%
56
102%
44
June24
98
6
5,600 Interboro Cons Corp..No par
Do
pref
100
2,300
49%
48%
102
67
Feb 11
1,500 Illinois Central
44
34% Dec
48% Dec
Mayl9
90
Do
42% Mar 11
61% Mar 11
62
*89%
3%
1,000
Febl3
100
12,200 Denver A Rio Grande
Do
pref....
47
Feb 6
100
29,800
22%
30%
4534
20
29%
12%
51% Dec
7% Jan
21
Feb 11
1,450 Gulf Mob A Nor tr ctfs...100
Do
Pref
100
1,000
47
Sept20
13*4 Sept23
30*4 Sept22
100
19% 132,600 Erie
Do
1st pref
28
30,400
Do
2d pref
9,300
21%
14,100 Great Northern pref
78%
22%
67
Dec
Febl3
54
50
Dec
19% May24
.100
100
Dec
5
126%
80% 8ept24
69
Sept20
3,200
47
Febl3
7
Jan
Feb13
13
47
47
10
13% Marl5
134
64
700 Delaware Lack A Western.
3%
12%
May20
100
30
3%
12%
23
5% 8eptl4
110
Dec
38% Dec
Maris
41
34%
90
28*4
Sept20
52% Sept
Febl3
2d pref
Ore
Mar
87% Dec
23%
13
21%
49%
100
Delaware A Hudson
Iron
Dec
6
3
93% Sept
17
29%
34%
80% Dec
76%
Jan
11% Sept24
45
14
90
102% 102%
44
6%
"""600
86% MarlO
Feb 13
.100
6,600 Colorado A Southern
Do
1st pref
100
34%
$ per share
share
82
Apr 21
x82% Junel8
40% June28
9% Aug31
100 Clev Cin Chic A St Louis.. 100
Do
100
pref
100
67
30%
pref
64,800 Chic Rock Isl A Pac
7% preferred
3,700
6% preferred
2,200
60
31
31%
Do
Feb
May20
5
27%
Do
pref
.100
21,300
3,000 Chicago A Northwestern.. 100
300
11
76
per
100
Pacific
....100
25,300lChesapeake A Ohio
100
59,900 Chicago Great Western...100
Do
pref
.100
19,600
30,200 Chicago Milw A St Paul... 100
13%
30%
39%
59%
J
72
Lowest
Highest
1
share
per
100
22,800iCanadian
120% 120%
65%
66%
29%
$
l,600iBrooklyn Rapid Transit... 100
7501
Certificates of deposit..
11%
*6%
.100
29,600 Baltimore A Ohio
2,300
Go Pre!
44%
50%
*10%
Par
500 Atlantic Coast Line RR
93
13%
68
29%
29%
11%
30%
59
70
29
77
*90
Lowest
Railroads.
13,200 A tell Topeka A Santa Fe._100
1,100
Do pre!..
100
12,700 Atlanta Birm A Atlantic.. 100
84%
10
12
*66
60
*64
84%
*76
29%
75
75%
75%
75%
110
106% 106% *105
38
3
38%
40
79
79
78%
79%
68%
69
*67%
69
*105% 106% *105
106%
38
38%
38% 39%
*78
84%
76
91
84%
77
05%
10%
65%
26%
38%
57%
*74%
84
77
85%
7
7
121% 123%
84%
84%
76%
8%
O
Q
Sept24
14
9%
Dec
Apr
7*4 Mar
17
Jan
42*4 Apr 1
46% Mar29
29%
Apr
21
Jan
72
56%
Jan
66
Jan
Sept 2
Industrial & Miscellaneous
35
*31%
36%
32
*62
63%
1%
62%
48
49%
"46%
47*
1%
13s
1%
1%
1%
1%
34%
34%
35%
86%
87
86
87%
47
86%
*42%
*1%
49
♦62
34
48
"§2%
83""
13s
13$
*62
46
1%
1%
1%
1%
42%
1%
31
86
86%
8684
82%
82%
*86
82
*....
82
84
"36%
*90
135
25%
36%
91%
13534
25%
85
87
87
87
*87
90
*42
47
*45
47
*40%
84
45
*40%
45
81"
35%
90%
133
80
79%
»
82
37%
25
77
84
44
*
134% 135%
34
77
85%
47
*80%
84%
36%
*42%
*40
*
33%
78
*86
82%
"80"
83
36%
90%
81
35%
35%
133"
134
133%
107% 107%
25
24%
25%
78%
*
35
10
10
10
10
138
140
138
141
*13%
13%
12%
73%
69%
*59
77
10%
*10
70%
70%
*83
96%
102
'
78%
11
70
86
86
97%
96%
102
102
140
140
9%
90
151
9%
148
65
934
150
Do
American Bank Note—..
5,400 American
4
Can
100
Do
pref..
100
1,300 American Cotton Oil—...100
600
Do
pref.
100
1,800 Amer Druggists Synd cate. 10
12
12
5,300 American Express
100
2,600 American Hide A Leather. 100
68
5,900
41
40%
40%
40%
40%
60
60
60
58%
59
76
76%
74
76%
11
10
10
77%
11
*10%
67%
"84"
95%
*101
84
"
68
67
67
85
85
*84
89
93
95
*100
102
97
95
105
101
95%
101
20
19%
20
19%
19%
20
19
19%
72%
63%
72%
74%
74%
*74
19%
75%
63%
64%
93
93
62%
*92%
37%
37%
37
*73
75%
*73
73%
74%
75
64%
61%
62%
60%
61%
94
91
92
91
91%
37%
36%
37
35%
36%
9%
65% 65%
83%
83%
94
93%
100% 100%
14%
15%
19
I884
*73
75%
59%
60%
90
90%
37
36%
112%
109% 112
106
106
105
*88
89
90%
105
90%
109% 111
*104
110
89
90
105
88%
no
on
105
90
90
t Ex-rights.
108
110
♦105
108% 110%
*85
Bid and asked priceel
sales
this day.
•
89%
108
86%
*88
8934
89%
84% June 2
39
Febl3
40
Aug 16
70*4 Augl9
*78
SeptlO
79
Sept23
30% Aug 9
Jan 2
Js° 3
Jan
105*4 July 7
23
Sept23
61
Aug26
116%
54*4
9% AuglO
15%
95
12
Feb
6
Sept24
53
Feb13
175
30%
122
3
68
42%
x98
84%
Feb
Dec
Feb
Feb 4
3
113
39%
Jan
Mar26
88
Jan
Jan
Janl4
10% Nov
Mar 31
76% Sept
Jan 3
13% Jan
71% Jan
37% Aug
54*4 Jan
52*8 Feb
Jan
3
53% Marl9
Jan
2
120%
Jan 3
9% Aug 7
14%
Jan22
61% Aug 6
95
Apr 7
44% Mar
100
80
Aug 3
99%
Jan27
85
Mar
100
82
Febl3
109%
Apr 8
58
Jan
Mar 9
100
107
30%
100
52*4 Aug 9
88
Aug 9
100%
Fdry tern ctfs..33 1-3
33% Aug 9
50
300 Am Smelt Secur pref ser A. 100
24,900 Amer Smelting A Refining. 100
pref
No par
7,100 American Sugar Refining-.100
Do
600
pref..
100
11%
85
June22
1Q8% Sept23r
102
May20|
Jan
17% Junel6
Aprl5
Feb 13
83
72
93%
142%
118*4
Jan 5
26 1
Dec
Mar 30
79*8 Dec
3
61% Dec
Jan
Janl3
Mar22
Janl9
94
Dec
33% May
91
Dec
Aprl4
111%
Jan20
113%
Jan
73
Aug
Jan
100
1
74%
Febl3'
106*4 Mar22
100
8,400 Amer Sumatra Tobacco
Do
pref
Ex-dlv. and rights
Jan
84*4 Jan
84% May
5
Apr 9
16*4
70% Aug23
a
Jan
Jan
101
6,800 Am Ship A Comm Corp .No par
8 Leas than 100 shares
Jan
62
147%
96% June 1
Am Steel
33
42
Feb25
86
Jan
1
Augll
pref
100
17,400 American Safety Razor— 25
3,300
61*4
Jan
Jan28
Apr
64% Aug 5
Do
Do
128*4
1% Dec
1*4 Jan
Aprl6
100
1,500 American Linseed
400
Do
pref.
15,500 American Locomotive
1,300
93v
3
10
400 Am La France FE
400
53%
Mar 31
87
Do
400
pref
100
21,100 Amer International Corp..100
Ice
3
124%
.1.100
100
pref
Pref temp ctfs
112
Aug 9
65% Sept24
37
AuglO
Do
800 American
9%
19%
90
100
Do
535
pref
100
4,200 American Car A Foundry—100
65%
15%
*85
50
12%
15
89%
Dec
69
15%
90%
x9 2
12%
15%
~90"
Janl6
67%
16
112% 11234
96%
48%
45%
103*4
100
pref
12%
15%
37
Sept
69%
16%
36%
87
12%
69%
15%
93
81%
Jan28
Do
Pref
50
100
2,800 American Beet Sugar
Do
pref
100
"2",400 Amer Bosch Magneto. .No par
35%
90
132% 133
"64"
65
16%
*92%
79%
24%
15%
64%
30
Jan
95
13
76%
*10%
97%
102
140
Jan 3
92
75
70%
70%
89
35
79
34%
79%
9%
Aug 9
70% %ugl7
60
60
78%
79%
400
pref
12%
40
77%
*10%
10
28
100
1,200 Amer Agricultural Chem..l00
69%
40%
71
40
*9%
10
139% 141%
13%
71%
9%
64%
1
4,000 Allis-Chalmers Mfg
*108
"23"
65
10
100
Mln'g.
Aug 9
Augll
84%
Do
Jan12
88*4 Jan 5
2% Mar24
1
33%
100
57% Augl8
42% Sept?4
10
84%
90%
90%
132% 133
65
100
50
.....
33%
82%
"79"
pref
200 Alaska Juneau Gold
1%
34%
84%
Do
2,800 AJax Rubber Inc—
1,600 Alaska Gold Mines
1%
"34%
86%
100
62%
*76
*84
Express
500 Advance Rumely..
45
SHARE
Range for Precious
Year 1919
On basis of 10O-share lots
Week
Sept. 20
PER
Range since Jan. 1.
STOCK
EXCHANGE
Wednesday
Sept. 22
Monday
Sept. 18
Tuesday
Sept. 21
$ per share
Saturday
YORK
80
Auel8
105
90% Dec
Ex-dividend,
f
Aorl2
Full paid.
Highest
1259
New York Stock Record—Continued—Page 2
second page preceding.
week of stocks usually inactive, see
For record of sales during the
PER SHARE
HIGH
AND
LOW
YORK
NEW
for
JUI
Monday
Tuesday
Wednesday
Thursday
Friday
the
Sept. 18
Sept. 20
Sept. 21
Sept. 22
Sept. 23
Sept. 24
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
100
*98
100%
83
91%
84
82%
58%
59
68%
12%
12%
m
-
m
_
55"
55%
29%
29%
*59
13
47
13
*59
*93"
*62
64
116
114
114%
98
41%
43%
41%
*135
104% 104% *104
m
*41
106
%
*%
*60
55
50
«.
68
it
*41
133
%
%
%
*%
1
*%
1
5%
5%
5%
5%
5%
5%
">%
107
7%
*83
~
5%
48%
72
76
73%
77%
7%
~*7~
7%
7%
73%
7"%
20
20
20
18%
*66
18%
67
30%
70%
....
48%
•
31%
70%
....
17%
*66%
30%
*69
*55%
11%
20%
i
m
44%
85%
'
*94%
437g
86%
mm
m
m
—
20"
20
7
93
48
48
30
72
*68
72
*68
92%
94%
29%
94%
*94%
96
43%
45%
43
44
"
*94%
m'm
mm
96
7
7%
10
11%
19
17%
16%
16%
63
64%
28%
29%
28%
28%
*69
72
'
mm mm
50%
58
57
57
47%
46%
45%
46%
mm
mm
*91
*91
44%
97
42
42%
80%
42%
41
*92%
77%
82%
85
82
78%
80%
82%
82%
80
80
14%
82%
14%
80%
15%
14%
14%
14%
14%
14%
29%
28%
28%
28%
27%
33%
33%
27%
31%
28%
33
28%
34%
58
58
58
58%
57
58%
34%
34%
34%
58""
58%
23%
24%
24
74%
*82
80
31%
23%
24%
32%
33%
24%
23%
75%
76
76
80%
80%
79%
80
81%
79%
*78%
*1034
89%
88%
9%
9%
9%
29%
28%
29%
10%
87%
90%
40
41
132
39%
128
*93%
95
93%
93%
40%
41
40%
41%
76
77
10%
mmmm
"86%
88%
39
39%
133%
88
45
11%
*23%
1
24"
24
*32%
1
H
'71
"
71%
mm-
m
39%
129
132
94
94
37%
38%
mmmm
38%
43%
11%
45%
11%
24
23%
37
*32%
70%
71%
94%
73%
84%
*10
34%
*100
73%
85%
85%
r
8%
74%
74%
8%
71
24%
83
80
80
9%
28%
9
9%
27
27%
9%
27
71%
8%
8%
23
23
23
24
8%
64
66
*62
68
64%
65
*63
65%
81~"
82
82
82
143% 143%
143
143%
*75
78
69%
24
82%
94
37%
38%
76
<
94
76%
44
*42
11%
11
11%
"71%
72
93%
86
8
71%
"*9% "12"
20%
23
23
33%
108
108
22%
23%
8
8%
8
69%
*35
39
*35
39
*35
30%
*18
20
*17%
19
*17
20
29%
53
27%
27%
28%
53
*76 ~
Vl"
107% 114%
16
"48%
49"
♦21%
22%
82
70%
*27
27
48%
*21
54
28%
71%
z68~
28%
27
80
69%
67%
68%
27
25
26
111
112
111% 114%
15%
15%
35%
39
17
17
15%
16
27%
*76
48
67
*24
67
68
23
21
15%
84
81%
46%
21%
19%
47%
20%
84
*81
83%
116% 116%
44%
46%
79%
19%
80%
*81
85
116
80%
116%
61%
18%
76%
78%
—
19%
19%
19%
20%
19%
19%
19%
19%
19
19%
82
82%
82
83%
81%
82%
79
81
77%
79
~
-
-
37%
39%
43%
6%
44
*40
6%
6%
7%
73
72%
72%
40%
38
39%
37
38
35%
36%
44%
44%
44%
*42
'43%
41%
43%
6%
6%
6%
6%
0%
aio
0%
7%
7
7%
7
7%
7%
6%
7%
7%
"34%
.
36%
41%
41%
6%
7
13
*16
20
*16
20
20
*16
*16
"75%
.
77"
*92
95
*60
65
63
63
26%
25%
26
25%
25%
25%
25%
25
25%
17%
16%
17%
16
163g
15%
15%
15
15%
69%
68%
26%
17
15
*16
20
75
77
68
73
70
61%
66
55%
67%
95
93%
94
*91
95
91
91
91
91
70
*57
63
*55
*55
66%
*55
63
24%
13%
66
24%
15
68
69
*135
*135
160
"7,100
mmmmrnm
Hendee
Manufacturing... 100
100
20,500 Houston OH of Texas
9,500 Hupp Motor Car Corp
99
21%
21%
22
14%
14%
14%
14%
21%
700
Do
oref
*45
48
*135"
140
*95
104
*62
"
64
am,
50
48
*45
47
*101
*44
104
*104
115
*104
110
145
139
139
140
*135
*45%
*96% 105
*62
*aou
64
an
Bid
nnVArt prices
•
*96«4 105
62
62
SOU
no
KQL
sales on
144%
*96% 105
62
62
fiQU
5QU
day.
99
100
21%
21%
14%
14%
44%
110
143
145
*96
105
62
62
•SQL
f Less
*03,,
14
14
*43
45
*104
45%
*104
100% 100%
21% 21%
110
143% 145%
*96% 105
*61%
SQL
Do
Aprl7
914 Mayl9
18
May24
13
Jan 3
28
Jan
Jan n410
nl50
10%
Jan
23% Dec
2
Oct
16% May
43
July
10
26%
Jan 2
99
Auel4
Mar25
July
39
Dec
49
80
June
150
101% Aug
83
Dec
16% Mar30
9
Dec
4484 May 14
25
Dec
Dec
107%
Dee
123
July
23% July
48% July
173
Oct
55
Oct
48
Jan 3
38% Jan
39% Nov
May20
36I2
Jan 5
317S
Dec
64% July
5% Aug 9
19%
Jan 6
15
Dec
38% July
2034 Sept24
20
49
JunelO
Feb27
79% May25
134
May20
72% Aug 9
19% Sept24
1347g Mar20
77% July23
75% Jan 3
9484
172
8984
42
Jan 5
Jan 2
Jan 3
47
Jan
90
Dec
101
Feb
176
Oct
82
Jan
95
June
144%
95% July
Aug
Mar26
68
Aug20
85%
Feb
94%
Aug20
94
Jan 6
Apr20
82%
78%
85%
Jan
66%
Jan
98%
Oct
Aug
109%
Apr
Dec
80
Jan
6
Apr
Do
41
Aug 9
75
Aug 3
109% July23
64%
Jan
Aug 9
78% July 8
46%
Anrl°
116% 8ept20
40
Feb
Feb
Feb 13
27
Apr 8
Aprl4
42%
13%
10%
Jan
Feb11
88%
AprlS
48
Jan
Do
1st
100% Dec
71% July
13
Febl3
68% July
37% July
91
11178 8eptl5
142%
Aprl3
110%
Jan
149% July
100
115
Jan24
111
Dec
120
100
103% Aug 13
21% Aug 9
3
21%
Jan
67*4 July
111%
Jan 5
92«4
Feb
128% May
170
Apr 7
Janl9
20%
Dec
337g June
30%
Jan
82
Nov
62
Jan
80
July
34
Dec
65
Nov
15
Dec
48
JanlO
387g
Dec
Jan
51'4
72
Feb 4
84
60
Feb18
900
stamped pref
100
50
35,900 Invincible Oil Corp
2,200 Iron Products Corp...No par
15% May20
62% May20
70
Feb16
30%
100
Aug 9
36% Mar 1
6% AuglO
6% Septl5
t c.,10
100
pref
Jan
71
22,.500 International Nickel (The).25
100
15,100 International Paper..
v
13
Sept24
Apr 9
2684 Jan 7
9184 Marl8
79% Jan 3
47% JulylS
51% Jan27
7% July 9
21«4 Jan 9
45%
91
100
19% Sept 1
30
2484
Dec
44
25
29,040 Kelly-Springfield Tire
400
Temporary 8% preferred 100
55% Sept24
91
Aug 4
152%
Jan 5
68
Jan
164
105
Jan21
101%
Dec
110%
95
Jan
114%
Jones Bros Tea, Inc
6
100
50
Augl7
22
Aug 6
33%
Apr 9
Apr 7
34
No par
6,300 Kennecott Copper
10
12,200 Keystone Tire A Rubber
13% Aug 9
63
Feb26
48%
Jan 5
38%
Dec
9184
Jan
62%
Jan
33
Dec
100 Kelsey Wheel, Inc
100
Do
pref
100
1,000
6,900 Loew's Incorporated...No par
No par
5,600 Loft Incorporated
3 00 Loose-Wiles Biscuit, tr ctfs.100
Do
2d
400 Mackay
SQL
3PO
D"
t Ex-rights,
Aug 7
19% Sept24
Aug 6
June21
48
38%
207
Maris
21
Jan
40
195
Dec
250%
107
109%
Jan31
18% Auv26
36
Aprl2
11% Sept 1
28
Jan
3
70
Jan
3
99
43% Aug23
Jan
25$
40%
Feb
94
115
Dec
Feb
102
Aug20
115%
Janl9
125
AuglO
18334
Jan 2
147*4
98
Aug25
110%
Jan
8
107
Jan
100
a Ex-dlv. and rights,
83
6
100
...
43
126%
107%
JanlO
Jan
100
Companies
T\rcf
35
130
5
27% Nov
100
preferred
2,500 Lorlllard (P)
Do
pref
June
1
Augl8
Sept
100
pref
29,200 Island Oil A Transp
1,500 Jewel Tea, Inc
70%
37
100
2d pref
100
July
100
100
Do
Do
21% Aug 9
75
July 2
new
pref
200
600
102
(new)
Preferred,
64
100 shares,
Dee
36% AuglO
n605
69
100 Laclede Gas (St Louis)
100
No par
2,200 Lee Rubber A Tire
200 Liggett A Myers Tobacco. .100
14%
Dee
87%
100
65
14%
14%
65
Apr 9
Apr 6
21%
*98% 106
21%
21%
21%
14%
July
Jan
69% Mar
61%
19%
*98% 106
99
21%
*98% 106
105
20%
Jan21
23%
984
64%
145
Jan
Aprl4
857g
Aug 9
65%
*130
91
59%
5% Aug 11
21%
140
*52% "Feb 261~" "dot
43%
10
5
20
64%
140
Oct
Jan 7
100
100
1,000 Indlahoma Refining
7,900 Inspiration Cons Copper
900 Internat Agrlcul Corp
21%
145
Oct
1097g July
Feb
66
145
June
15%
99
49%
22
144% 144%
100
Apr29
278% Apr 7
Jan
110
8
4,300 Lackawanna Steel
36
102
43%
May24
Jan
Jan
100
65
"68%
36
.
Haskel A Barker Car...No par
22
69
30
46
84%
20
*93
14%
53% Nov
100
Do
73
38%
19
IO284
10% May24
76i4 Febl3
100
Aug 11
Oct
47% July
89% Oct
100
*
Jan 9
9784 June22
23
37% Nov
10384 June
Dec
46%
61%
105%
Jan22
Aprl6
Aprl4
107
65% Feb
100% Oct
IO84 Sept
86% July
106% July
Dec
46%
—
Aug 7
par
.560 Internat Motor Truck.No par
77
Feb27
7414
Deo
5% Apr
30% Dec
32%
5,600
63%
25
100
100
100
7,200 Int Mercantile Marine
44
Aug
7884
3
75%
*61
x78
937g Mar22
20% Jan 5
46% Apr26
98
Apr 9
Oct
Oct
June
Jan
23
*75
75
38%
75
*42%
Aug
4984
22%
77
54
Aug27
89% Aug25
Aug 6
76
63%
91% Dec
80
Septl7
23%
44
92«4
Feb 10
Feb 13
73% July28
9
Sept24
5512
*7614
July
Oct
15
75%
44
78% Sept24
75%
95%
*23
22%
*75
69
Oct
25
78
*61
Feb
5084
1,200 Greene Cananea Copper.. 100
700 Gulf States Steel tr ctfs._100
24
76
39%
Jan 5
Janl4
AprlS
500 Gray A Davis, Inc
75%
63%
Jan 9
47%
46%
300
46-
67
65%
Jan 3
Jan 5
23%
76
Mayl9
Aug 9
July
Jan 3
78%
*61
50
507
65%
24%
*44
Feb
IO284
77%
62
43% Nov
3484
Feb25
24%
77
37% Nov
31
79%
45
4O84
44%
48% Sept24
84
Aug 9
25%
62
29% July
Feb
91%
15,000 Goodrich Co (B F
Do
pref..
Mio
1200 Granby Cons M 8 A P
78%
45
113% Nov
Dec
80
(7%)..100
100
100
24%
*76
Apr
1084
32%
58%
78%
64
68
5
100
26
77
July
Jan 3
Jan 2
Jan 3
Jan
No par
25
*76
67% July
141% Nov
Apr 8
Jan 3
95
25
78%
*63
Nov
41%
Feb 11
May20
Jan 6
pref
1,800 Inter Harvester
106
106
106
7%
48%
*18%
21
108% 110
15
14%
7%
7%
107% 110
15
67%
26
*25
26%
114
Jan
111%
21%
AuglO
Aug 6
Hartman Corporation
47%
48%
28%
116% July
Jan
90
65%
No par
deben stock
Feb
31
par
1,800 Gaston W AW, Inc...No
80
7%
49%
♦27%
27%
35%
17
*10
53%
*76
116% 118%
106
28%
51
"
112% 116%
16
15%
*7%
7%
84
82
80
27%
54
29%
*35
50%
104t2
Jan 6
Jan 5
Jan 3
164% Mar29
100
pref
Do
Oct
19% Junel8
104«4
108%
61%
3
*75
86%
Augl3
6
Do
200
pref
3,200 Famous Players Lasky No
Do
400
preferred (8%)
100 Federal Mining A Smelting
400
Aug 6
Jan
81
51
86% Sept
8684 July
6684 Mar
Mar26
Jan
68
86%
Jan
69
45
20%
48%
64%
75%
104
19%
86%
567
Jan 6
Feb10
147
68
53
54% May
87t2 Dec
Jan
6
5
*79%
86%
Jan
Jan 3
Jan
Febl7
80%
51%
Jan28
Aug 9
Aug
69%
86%
Dec
85%
Aug 5
92
20%
52%
37% July
62
.500 Gen Amer Tank Car. .No par
86%
Feb
46
16%
19%
48%
20%
33
400
51%
Janl2
..50
900
88%
29%
28%
Aug 9
5%
60
50
85
53%
3984 July
75% AuglO
80
52
Oct
Jan
-.100
65
*8534
•17
16
No par
64
88%
Feb
Jan 6
11512 May24
92% June30
31% Aug28
20
55
Jan 9
19%
100
64
78
Apr
11%
26
50
No par
4,200 Cosden <fe Co
43,800 Crucible 8teel of America. .100
*62
75%
166
30U May20
28
May20
.100
68%
75
Dec
July
125$ Aug 9
Do
pref
100
2,100 Continental Candy Corp No par
41,700 Corn Products Refining.. 100
80
m.
115
11
Apr 1
24U Aug 9
100
09%
m
Aug
Apr 7
74U
Consolidated Gas (N Y)__100
3,600 Cons Inter-State Call Mg__10
6,200 Consolidated Textile...No par
21%
m
Oct
129
33% Aug 9
77% Sept24
"T,500
80
m
Sept
Aug 9
10
No par
100
69%
mm'
July
116
May
44i2 Sept24
948# Sept 17
Iron.... 100
20%
m
108
Jan
25
52
No par
200 Fteher Body Corp
17,500 Ftek Rubber
2,600 Free port Texas Co
Dec
92
65
..No par
Debenture
90
101%
102
12
100
4,800 Columbia Gas & Elec
14,700 Columbia Graphophone No par
Do
200
pref
100
Do
Jan
112
Dec
22U Aug 9
700 Chicago Pneumatic Tool.. 100
25
5,700 Chile Copper..
..5
3,000 Chino Copper
.500
Oct
107% July
Dec
63
No par
3,300 Cuban-American Sugar.... 10
..10
1,100 Dome Mines, Ltd
45
Jan
Dec
16
200 Case (J I) Plow Wks_.No par
*
100
89,900 Central Leather
Do
pref
.100
100
12,100 Cuba Cane Sugar
Do
pref
1,200
Sept
55ta
55%
6I4 May20
Sept24
100
3,500 California Petroleum
Do
100
pref
.100
100 Calumet & Arizona Mining. 10
pref
26
Jan 9
15
96%
10
4,100 Caddo Central Oil & Ref._100
No par
2,300 California Packing
Do
May
2% May
85%
84
400
July
119
Jan
41
100
pref
145
Feb
1%
Mar20
300 Burns Bros
Do
Jan
110
62
Julyl2
Sept24
81
m
July28
Dec
Oct
103
Jan 5
114
6i2 Augl8
48
22
78
*75
3
100
69%
143% 143%
143% 145%
65
200 Brooklyn Union Gas
400
100
Jan 6
Jan 5
32% Apr 9
96% May 6
102% Jan 3
102% Feb24
85
09%
*80%
81
18% "lV "
15%
13 Aug20
5l8 Aug26
*80
*82%
142% 143
Aug 9
95ig Aug30
1%
04%
65
156% Oct
1117s Jane
111%
85
64
Jan
No par
1,400 Endicott-Johnsen
33%
64%
8% pref. 100
68
93%
71
148% Apr 9
102% Jan 6
50% Mar25
154% JunelO
Aug
24%
"
100
90
68
69
76% May
68
24
25%
192%
100i2 Sept 7
400 Continental Can, Inc
Nov
142
104
1,400 Consolidated Cigar
Do
pref
80% May
Jan
100
Fuel &
Aug
Feb
Jan
100
300 Colorado
Dec
82
58%
Feb
Aug 9
Aug 9
10,800 Coca Cola
65%
Jan
Mar
92
No par
12,600 Chandler Motor Car
77% July
17%
64
Steel Corp
100
Class B common.. 100
6,400 Cerro de Pasco Cop
54% Nov
61
68
Augl8
Brooklyn Edison. Inc
July
Jan 7
100
20
800 Booth Fisheries
July
65
Jan 5
Mar 3
21%
22
54
27
900
_
Oct
29
Jan 8
114
cum conv
69
Jan
Jan
75
100
pref
Jan
11
40
176%
35
Do
Jan
125
25
Do
169% Dec
11084 June
108% Mar
314% Oct
85% Augl3
128^2 Aug 18
60
Augl4
100
100
7,800 General Electric
142% 143
400 General Motors Corp pref. 100
75%
75%
Do
temporary ctfs.No par
19% 109,400
19%
Do
Deb stock (6%)...100
*67
1,400
68%
*87
-70%
pref
Do
5,200 Elk Horn Coal Corp
Do
pref
37
*62
82%
130%
128
43%
69
23
23
8%
8%
65
"21%
38%
12
12
*9%
*9%
12
35% *33% 36%
*33% 35%
*100
109
109
100% 10034 *100
25
24%
24%
23%
25%
26
68
*80
42%
85%
101% 101%
38% 38%
128% 131
*93% 95
38%
37%
76% 76%
*11
10%
84
86%
103
*9%
82
8l"
38%
75%
10%
10%
*83%
73%
64
68
10%
*32%
37
*66
♦65
74%
*81
35%
*100% 109
26
26%
23
*32%
'
12
24
11%
"73"
35
24
23%
37
70%
94%
43%
11%
23%
85%
12
35
27%
42
43%
11%
>
12
109
40%
73%
34%
26%
8%
73
78%
80
84%
77
45
23%
83
*101
103
101% *101
101
101% 101%
127
57%
75%
11
40%
34%
22%
24
78%
11%
127%
14%
27%
33%
80
29%
10
31%
11%
1
23%
74%
9%
10
30%
40
79%
*81
83
126
■mmmm
57
80
75%
75%
79%
103
46
78%
24%
80
"9% To""
"mmmm
*33
59
83
rnrnmm
84
*79
35
"S7%
76%
.
41
41
84%
35
45
100
100
1,100 Butterick
1,700 Butte & Superior Mining. .10
18%
18%
19%
86
35
76
100
2,400 Butte Copper & Zinc v t c_.5
67
15
29%
89
100
7%
16%
85
29%
*101
Oil
10%
7%
10
65
72
*55
58
m'4»
10
46%
m
«.
29%
31
*55%
-
-
68
17%
*66%
51%
m
50,700
7
*82
17%
18%
67%
30%
60%
mm
20
17%
67%
49
-
12
19
29%
29%
75%
100 Bethlehem
105
105
7
90
84%
76
Sept24
2,300 Bethlehem Motors
73%
72%
■
~15% "l5%
*81
50
1
7
7%
7%
*11%
67%
94%
54%
mmmm
«. m «» «.
20"
'm
■
94%
7%
94%
7%
m
V--
10
"51%
100
1,100 Barrett Co (The)
Do
100
pref
600 Batopllas Mining
*82
90
*82
93
*83
"7% "7%
11%
12
12
preferred
100 Barnsdall Corp CI A
71
*70
104% 104%
100% 106%
7%
90
90%
*7%
2d
5%
5%
5%
70%
'
*94"
May24
Do
75%
78%
77%
78%
107
"*7_
55
Associated
134%
*%
%
%
100
10,900 Atl Gulf & WI S3 Line
Do
pref
*102% 103
*104% 107
s*
1st preferred
Do
200
70%
77%
49% Aug 9
25
Aug 9
Do
106
Jan
Feb
Feb
94%
Jan 9
Jan 9
Apr 6
Jan 3
Janl7
Jan 7
400 Associated Dry Goods
Dec
45%
Jan 3
21%
59%
66%
67%
74%
Dec
27%
.61%
43
*41
134% 134%
130
*104% 106
*104% 106
-
43%
Jan 2
Jan29
Aug 9
Sept 7
98
98
*41
165%
105%
May20
200
149%
-
»
Jan 7
11
109% 110% 269,800 Baldwin Locomotive Wks.100
109% 112%
4m
mm
-
97%
44
mmmrn
147
66
*62
43%
*134
*92
m
-
146% 150%
111% 112%
■mmmm-'
m'm
136
*93%
151
*62
283""
Aug 9
May20
AuglO
Aug 2
37
50
...
149
43%
136
137
61
*59
95
191%
93%
100% Marl 8
Jan 5
92% May22
IO4I4
85%
72%
9D4
25
50
100
Do
65
*
Highest
9 per share
25
27
-
-
«...
112% 114%
98
m~m
*41~
100
*62
65
53
27
53
149% 152
63%
149% 154%
*60
51%
61
Lowest
$ per share
pref
19,900 Anaconda Copper Mining.
54%
53
100
Highest
$ per share
700 Amer Zinc Lead & Smelt..
....
mm
28
*59
100
100
6,700 Amer Writing Paper pref. .100
mmmm'
'mm
53
57
*93
149% 151%
12%
50
100
pref
Do
15
27
61
*59
*
57
57%
59
*44%
of lOO-sfjars lots
Lowest
7,300 Amer Tobacco
Do
pref (new)
1,000
13,000 Amer Woolen of Mass
93
54%
*28
30
78%
55%
96
30
54
55%
54%
*28
61
57
*44%
49
*44%
31
76%
§93
78%
12%
13%
50
133% 136
90%
90%
90%
*93%
57%
59
59
14%
*12%
55%
54%
*27
61
*...
113
90%
77%
basis
$ per share
Indus. 5c Miscell. (Con.)
Par
3,800 Amer Telephone & Teleg-.lOO
98
97%
98%
136%
60
59
61%
13
*45
'
-
98
132
98%
97
*93%
,
*90%
83%
98%
131% 136
90%
90%
78
80%
98%
98%
129% 131%
90%
90%
80
82%
98%
128% 130
Range for Previous
Year 1919
On
STOCK
EXCHANGE
Saturday
*123% 128
90%
90%
PER SHARE
Range since Jan. 1
STOCKS
Sales
SHARE. NOT PER CENT.
SALE PRICES—PER
60
Aug
9
6984
Jan
7
63
Dec
1 on
68L .T«1y13
«4% Msr22
vUS
Tnno
n Par
value $100.
s Old stook.
Apr
* Ex-dlvldend,
1360
New York Stock Record—Concluded—Page 3
For record of sales during the week of stocks usually Inactive, see third page preceding.
PER SHARE
high
low
and
sale prices—per
share, not per
Sales
cent.
Saturday
MondCty
Sept. 20
Sept. 18
Tuesday
Wednesday
Sept. 22
$ per share
$ per share
104
110
104% *103
$ per thare
Thursday
Sept. 23
$ per share
Sept. 21
$ per share
the
Friday
Sept. 24
7434
75%
*102% 108
7434
*74
75
186%
196"
191
19684
190% 193%
*92
108
*92
100
*92
100
*95
400
Indus. & Miscell. (Con.)
Manatl Sugar
300
May Department Stores.. 100
Shares
100
20
20
20
20
*95%
18512 188
*9534
20
*9534
20
20%
18%
4078
15%
18%
40
40
40%
*59%
60%
62
62
*95
98
98
20%
1634
40%
*60
*95
17«4
*95
1534
39%
16
16%
40
*60
98
*95
33%
33
84
32%
32%
*33
83%
89
836s
89%
82%
36i4
37i2
88%
37%
37%
*35
84
*80
1534
96
*95
*79
84
*79
8
"60%
60~l2
*90
95
*75
78
*102
110
8%
60%
*90
94
95
95
30
3034
3234
3334
75%
*102
105
89%
82%
36
"81%
8934
36%
81%
89%
36
89%
36%
*80
8%
7%
84
92
61%
"60%
60%
94
7534
60%
*90
*89
78
76%
105
12%
12%
12%
93%
93%
12%
9434
*2514
~26%
26%
28
27
27
26
26
25
25
48
*46
48
*44
48
*44
48
*4412
*45
47
50
50
50
50
*50
52
*50
52
50
*45%
*14%
49
48%
48%
*44%
48
49
*45%
14%
14%
14%
49
49%
50
4%
4%
4%
6%
126
126% *123
23% 23%
23%
*14%
15
*45%
*14%
*47
49%
4%
*4812
4%
6%
126
23
*48
*48
49
32%
50
14
23
50
23
23
50
47"
30
32%
46%
49
129% 129%
*22% 23
49
48%
32%
48%
32
4634
46%
28
28
32
46
46%
31
*28
95%
87
88%
29
29
93%
86%
28%
21%
21%
21
21%
20%
21%
34%
34%
34
37
37%
38%
39
37
34%
37%
38%
37%
38
38
38%
89%
39
89%
37%
15
15%
96%
89
28%
93%
87%
*28
38
46%
*
84
86%
38
35%
3834
37
89
27%
20%
34
89
35
89%
37
.
500
8,700
"66%
14%
81
81
6734
*84%
68%
67%
*84%
6934
70
72%
*70%
85%
85%
16%
17%
17%
18%
18%
xl8
95
96
85%
19%
95%
6*7"
68%
85%
85%
85%
17%
85%
*16
67
15%
97%
16%
97%
86
95%
Do
8434
8434
94%
94%
55
*113% 114
78%
79%
39%
*94
40
95
*102
105
*102
105
15%
15%
15%
58
58
82%
83%
84
85%
93%
93%
29
30
88
88%
81
16%
84
95
79
39%
39%
39%
3934
39%
39%
9534
9534
95
95
95
95
102
102
*102
153s
88%
85
I684
*16%
*36
39
6
140
I684
54
15%
50%
79%
80%
93%
28%
85%
16%
80%
8I84
93%
31
86%
16%
*36
137
5434
137
53%
Class B
79
83%
81%
93%
38%
87%
16%
79%
93%
31%
86%
16%
36
53
6
pref
110
1,800
79%
8034
80%
41,900
93%
93%
34%
36%
87
88
16%
163s
36
400
5%
136%
53%
32%
3384
5234
5%
5%
13334 13384
53%
5334
32%
3234
*40%
*39
45
54
Aug 6
100
79
100
Augl2
51% Febl3
100
84
10
53%
53%
48%
40%
40%
52%
*40
5234
41
51
52
...J
*41
43
*40%
...
43
10%
10%
52%
53
1038
10%
10%
10
533s
51%
52%
51%
40%
18%
41%
40
20%
43%
21%
68
67
69%
68%
20%
70%
86
86
*83
8534
8434
8434
14%
14%
1434
13
13%
20%
6834
8434
1284
42
22
67%
13%
4638
86
86
30%
39%
30%
*106
*44%
♦208
87
87
San Cecilia Sugar v t c-No par
Savage Arms Corp
100
Do
preferred
Standard Oil of N J
pref non-voting
100
Steel <fc Tube of Am pref...100
Stewart Warn Sp Corp.No
Stromberg-Carburet
No
Studebaker Corp (The)... 100
1,700
100
85
600
29
16,000
*3938
40
39%
38%
38%
115
14
*105
48
211
71%
14%
115
47
203
47
205
70
72%
14%
*105
115
*45% 48
202% 203%
70%
71%
15
87%
9484
53%
8984
85%
9434
50
50%
873s
7
44%
91%
90%
105% 106%
59%
44%
91%
65
105% 106
66%
63%
8%
72%
68
69%
*67%
8
*105
118% 118%
*13%
14
8%
71%
68%
110
*13
30%
41
6%
84
85%
83%
53
*50"
53""
85%
87
84%
85%
1073s 107%
57
57
90%
64
65%
8
8%
70%
68%
*65
,
*108*
6734
111
1438
*13%
14
60%
*52
60
83%
83
"89%
89%
105% 106
63%
6434
*734
8%
65% 6934
6484
6434
*108
111
*56
14
60
83
106
47%
48
47%
4784
46
47%
31%
45%
28%
46
28%
14%
15%
75
75
52
63%
1234
*71
"53%
108% 108% *108
63%
64"
14
14%
41
7
59%
85%
50
82%
85%
106% 106%
55%
56%
41
41
6%
57%
58%
6%
No par
par
25
10
Do
pref
Transcontinental Oil
100
;
.No par
Transue & Williams St.No par
Typewriter... 100
Union Bag & Paper Corp.. 100
Union Oil
No par
United Alloy Steel
No par
54""
110
*108
30
14%
74
53
53
*108
110
*100
110
*100
62
64
61
12%
60
110
61%
13%
60%
84%
102
Do
pref
100
U S Realty & ImprovementlOO
Do
111
Do
4,140
1,300
85% Mar
12% Feb
*59
Feb
100
Mar
V
106
68
Jan28
60
Dec
124
Marl9
110
Nov
Aprl9
51
Apr
98% Dec
68%
Feb
107% Nov
*42% July 7
106% Aprl2
IO684 Feb20
2284 Jan 6
94
Jan 3
93% July 7
12434 Jan 3
IO684
Janl3
5584
Jan 2
123% MaylO
17% Aprl2
25% Junel8
83% Apr 6
104
Feb
19
Mar
68
Aug
46
Dec
44% Sept
84
Aug
12% Dec
Janl3
53% Jan
6% Mar
168% Feb
Febl3
57% Sept24
86
Sept23
5
41
85
Feb
Mar
Apr 8
Apr 8
3634
4584
Jan
109%
Oct
Jan
151
Oct
101%
Jan31
92
Jan
Apr 8
32
Jan
104% Nov
54% June
Dec
17% May
Febl3
60
40
Aug 9
47
Apr 7
38
Mar26
38
Mar26
9
July29
40% Aug 6
35% Sept 1
18% 8ept21
57
AuglO
83% Augl2
9% Aug24
40
Aug 9
156
Sept 8
73% May22
25»4 Aug28
38% Sept24
13% Mar31
e5784
Jan 2
9'4
nl84
Jan n345
Oct
Jan
115
June
97% Dec
3484 Dec
37% Jan
120
June
53% July 7
34% Julyl5
95%
106
Jan 3
Jan
7
3884
Jan
5
66%
Jan 3
200
Aprl5
127
Aprl4
38
Jan
6
Jan
59
53
72%
115
Jan
75
J an
Dec
Jan
3
80% Aug
Jan
3
14
55%
Apr 7
42i2
Jan
74«4 July
6
Apr20
533s Febl3
77% Febl3
37%
78%
116%
Apr 6
1634
Feb
3284 May
Jan
5
66
Apr
91%
Jan
8
*97%
Dec
167
10334
6984
14334
Jan
6
96%
Jan
111
Apr 8
17%
Jan
5
73
Jan
116%
Janl3
109
Jan
50% June
139% Nov
119% July
78% Nov
50
41%Junel4
83% Aug 9
1043s Junel5
300
110
Do
pref (new)
Wilson&Co.Inc.v t
Woolworth
100
No par
c
Jan
76
pref..
Worthlngton P & M
Jan
50
Mar
88%
Feb
Jan28
111%
Dec
115%
117%
97%
213s
July
11584
Aug 9
8O84
Jan
3
65%
Feb
12%
Jan
2
834
Dec
42
59%
Feb13
104
Febl3
May 3
76
Feb13
1234 Sept24
48
50% Sept24
100
103
June
3
60"
60
t C..100
55
Julyl9
Aug 9
90*
*79%
96
200
Do
pref A
100
80
July20
63
*63%
66
200
Do
prefB
100
62%
v
Jan
45
Aug25
60
"3",000
43%
Aug
9
Oct
May
May
5
7
100
Do
3
119% Oct
38«4 Aug
Jan
47% Mar27
56%
100
(F W)
Jan
Jan
109
97
Apr 16
80% Aprl4
112% Jan 7
120% Septl7
21
54% Dec
51
Feb
110
Jan
54
Mar
62
July
July
June
Dec
92i2 July
115%
Oct
*88
Dec
79
May
June 7
32
400
Oct
96%
12ia Sept24
71% Sept24
1,700
175% July
58% May
215
25%
42% Sept 1
24
Aug24
51%
Jan
Jan
62% Nov
74% Oct
197% Dec
100
July
45% Oct
58% July
Aug 9
12% AuglO
40
Sept 8
44% May20
71%
Nov
89
97% July
51% Mar26
76
71%
50%
Oct
Aug
118%
126%
119
5
29
64% Nov
Mayl9
-25
July
"94%
Dec
80% Julyl3
10034 Sept24
6,600 Wickwire Spencer Steel
61,200 Willys-Overland (The)
July
17
Dec
Aug 9
Aug 9
50
74% Nov
121
74
Western Union Telegraph-100
Westinghouse Air Brake—50
Motor
Dec
Nov
145
106% July
Aprl4
21%
243
5384
Jan
Jan
71%
100
June
112
27% July
105% Oct
41%
46%
Aug 9
100
Wells Fargo Express
July
91«4 Jan
132% July
Jan
80
No par
Vivaudou
Oct
Oct
109
Feb 2
Jan28
101
100
100
pref
Virginia Iron C & C
31%
Aprl2
120
800
300
60%
113«4
104%
5
82% Jan26
87
94% Aprl9
§600
Mar25
AuglO §850
100% Junel7 113% Mar25
2:7938 Sept20
91% June24
100
1st pref
109% 109%
63
Feb
Jan
90%
100
United States Rubber
510
1234
*79%
45
27%
4 8«4
Febl3
31
66
72% Sept23
91% Jan24
105% Oct
74% July
98
May
Aug 9
June 5
Aug 6
12%
80
Dec
23% Aug 9
90
30
*62
93
X4CH Augl2
40
White
*79
7
Feb
Westinghouse Elec & Mfg..50
66
Jan
98
157
8,000
80
Oct
28% May
Aprl4
4,600
*79
111
Jan
224
47%
*6212
Jan
16
Febll
44%
80
101%
Jan 8
176
46%
63
Oct
Jan 8
108%
23%
1,500 United Fruit
100
62,200 United Retail Stores
No par
3,800 U S Cast I Pipe & Fdy
100
400
Do
pref.
100
300 U S Express
100
10,600 U S Food Products Corp.. 100
11,397 U 8 Industrial Alcohol
100
42,500
110* *100
Apr
99
July
44%
*100
43
Jan
50
1st preferred
47
4734
45%
29
2934
12%
13%
*71%
74%
52
52%
109% 109%
Jan
3 884
44% July 2
82% Jan 3
90%
81%
83%
105% 105%
54%
55%
60%
30
5
100
101%
JanlO
Janl3
2,900
I6634
42%
Dec
Janl4
83%
*56%
Dec
53
50%
13
Apr
32
148
83%
1234
27%
Aug 2
"50%
*108
42
Feb 9
Sept 3
Do
44%
*63
•
111
Jan 6
Apr 8
42
44
United Drug
1,700 U S Smelting Ref & M
50
43%
500
Do
pref
50
88%
89%
89% 105,300 United States Steel Corp.. 100
105% 106% *105% 106
Do
5,100
pref
100
62
63%
63%
63%
9,800 Utah Copper
10
8
*734
*734
600 Utah Securities vtc
884
100
69
66%
66% 67% 40,500 Vanadium Corp
No par
64
64%
64%
64%
700 Virginia-Carolina Chem
100
*79
"64"
15
95
84%
48%
110
7234
49
102
48%
32%
1534
*
pref Class B
Dec
41
146% Oct
104% Dec
4784 Nov
58
July
57
May
230% Dec
8184 Dec
50
100
Jan
105
"""loo
12%
473s
4734
3034
15%
*106
pref
AuglO
26% Aug 9
43
8934
105% 106
*102
1534
201
71%
Augl9
36
Sept 9
5% Sept 3
par
Superior Steel Corp'n
100
Temtor Corn & F pref A no par
100
200
12
46
50
100
72%
Oct
75% July
42% July
100
1,500
48
202
80
Dec
34%
37%
110
*92
*51
*82
4834
70
*6%
57%
13%
49
202
684
59%
*^7%
60
110
*45%
58%
107% 107%
55%
6534
800
85
95
65
50
28
86%
54
*45
30
41%
110
47
86
60%
110
46
510
25,500
86
50
"54"
12%
3 884
59
*108
86
12%
29
*40%
*6%
*102
71%
86
87
7
29%
15%
68%
87%
13%
29%
61%
48
70%
12%
87
41%
49
68%
*85^2
AuglO
par
12,300 Times Sq Auto Supply.No par
24,000 Tobacco Products Corp...100
2938
*6%
60%
86%
56
23
88
6934
90%
Do
4,100 Tenn Copp & C tr ctfs.No
70,000 Texas Company (The)
6,600 Texas Pacific Coal <fe Oil
30%
61
112
22%
100
Do
10,100
40%
60%
85%
*91%
68%
23
100
98,500
29%
*45
"*6% "7
*107
22
9%
pref
Underwood
*86
41
64%
*7%
70%
39
92% May 3
13% Aug 9
45
59
*39%
*202
15
91
50%
38%
100
Sloss-Sheffield Steel & Iron 100
30%
*105
70%
89%
9%
50%
40%
pref
1,600
40%
48
15
10%
51%
25
100
54
Sept24
10884 May24
66
Augl9
*36
Aug 9
8834 May20
90,700
2984
211
6934
47%
9%
50%
38%
50
130
*393s
40
115
4638
10%
52%
40%
22%
6934
8484
13%
47%
..100
Ray Consolidated Copper.. 10
Remington Typewriter v t clOO
Replogle Steel..
No par
Republic Iron & Steel
100
Do
43%
22%
Company!
Punta Alegre Sugar...
Pure Oil (The) _*
"
10%
52%
42%
Aug 18
12% Aug 2
Feb13
100
Oct
Dec
Jan
June 3
■
74
Mar
Dec
Saxon Motor Car Corp-No par
100
39% Nov
46
92«4
Sears. Roebuck & Co
100
Shell Transp <fc Trading...£2
Sinclair Cons Oil Corp.No par
2,300
34% Dec
Jan 2
Apr 14
1,300
298
400
Jan 5
111«4
47%
36%
July 2
Nov
149
41%
Febl3
3,200
4,900
Nov
Feb
26
Sept 1
69% Aug 9
14% Jan 2
*30
128
11% Nov
65
67
48,800 Republic Motor Truck-No par
21,500 Royal Dutch Co (N Y shares).
600 St Joseph Lead
..10
36%
July
22
34% Feb26
76% Aug 9
92% Augl9
400
55
5% Mar
29%
84
Do
Jan
43
9
100
15
34
35
34%
35%
33% 34%
33%
35%
72
70
72%
70%
70
70%
68
69
66
67
66
66
*83%
87%
*83%
87% *83% 87%
*83%
87%
*83%
*83%
87%
87%
660
}657
660
§658
*650
655
§654% 659
651
§650
§639
650
105% 105% 105
105
105%
105% 105%
105%
104% 105%
104% 105
*81
85%
*79%
83
83
79%
*82
85%
85
*83
85
*82%
33% 34%
32%
32
32
33%
32% 32%
32
32
30% 31
74%
77
75
72
73%
74%
71%
72%
72
6884
68%
70%
64%
65%
64%
66%
62% 64%
61%
62%
5884
57%
61%
59%
*85
89
89% *85
*85
88
86
86
*86
89
54
10,200
June
Jan
96
700
79%
July
July
97
Aprl4
100
Do
3,400
53
67
June22
pref
100
PublicServ Corp of NJ...100
200
15%
*50
75
116%
11
108% May
2484 July
88% June
604
May
94% Oct
112
July
21% July
14584 Oct
7084 July
Jan
Janl3
88
Oct
July
Jan
Febl3
25
pref
Pullman
55% Apr 8
534 Mar 8
9% Apr 6
157
Aprl4
Aug 9
100
92
47
71«4
6734
30% AuglO
33% Aug 9
34% Sept 1
Nov
75
101%
44% Mar
37
23% Sept 9
43% July
46
28
No par
7,200
1,700 Railway Steel Spring
*12
134
53%
95
15
5%
138
39%
100
2,000
12,200
3
7034
50
Do
500
pref
7,500 Pond Creek Coal..
1,100 Pressed Steel Car
15
39
138
5384
39%
*102
*12
5%
79
*94
52%
15
6%
78
52
*36
39
6
6%
55
111% 112
15%
50%
*12
137% 138
55%
87
15
6%
54%
112
*76
86%
38
140
112
79%
30%
14
6%
112%
77
27%
*16
38
112
80%
57
83%
82%
*93
54
113%
79
*102
58%
55
112
102%
15%
58%
80
81%
81%
83%
93%
93%
28% 29%
113% 113%
81
79%
39% 40
95
96%
Jan
59% June26
77% Jan 5
22% Aprl7
58%
Do
*
13% Nov
91% Feb
19% Feb
Jan 3
5
30,300 Pittsburgh Coal of Pa
72
19
Do
5
Jan 5
100
Pierce Oil Corporation..
700
Jan
Jan
5
Aug 9
14%
14%
81
Sept
Jan 2
AuglO
88%
15
Jan
102
Jan
16
14
15
81
64
78
27
5,500
Aprl2
61%
Penn-Seaboard St'l vtc No par
21,700
15%
May20
People's G L & C (Chic).. 100
Philadelphia Co (Pittsb)
50
Phillips Petroleum
No par
Pierce-Arrow M Car
No par
36%
36
83%
107
1,605
37%
36%
89%
15
Febl9
4,100
5,600
81
84
5
33
37%
"15% "15%
Febl3
3% Aug 6
...
3684
36%
35%
88%
*83
44
Feb
93
41% May20
50
Parish & Bingham
400
i...
....I
33
Do
61
48
May20
42% Augll
14
Sept23
45%
7
30% Sept
Pan-Am Pet & Trans
11,200
17%
117%
48%
Dec
2
Jan
100
Development
Pacific Teleph <fe Teleg
8584
19%
110
8%
Jan
Jan 3
89%
102%
93%
19% Aug 9
45% Augl9
Pacific Mail SS.
100
84%
89
90
25
Pacific Gas & Electric
1,500
86%
28%
89
50
No par
Steel
Pacific
800
31
88%
27%
preferred
Owens Bottle
93% 113,900
36%
Apr 7
No par
91
37%
13
Otis
200
93%
3634
38%
Dec
100
Nunnally Co (The)
Ohio Fuel Supply
1,900
91
33%
3684
3684
103
No par
94%
34
Janl3
Otis Elevator
86
28%
102%
300
92%
"34"
Jan
25
Oklahoma Prod & Ref of Am.5
Ontario Silver Mining
100
96%
29
Nov
70
North American Co
100
Nova Scotia Steel & Coal.. 100
1
93%
87
200
...
29%
45
Febll
1
Feb
Marl9
Jan 3
45
500
106%
June28
100
8,200
July
Nov
80
Aug 9
Aug 9
800
*126% 129%
22%
23
40
83
100
Mar25
863s July 9
89
4
Jan 6
40
Nov
98
20
52
Oct
Feb
Oct
54
Febl3
100
4
32
40%
Feb13
100
*48"
6
6
30% Septl3
82% Septl3
New York Air Brake
4%
Jan
Jan
Jan
83
New York Dock
14%
49
'
4
11834 Sept
3284 July
7134 Nov
6284 July
44
1,100
5%
*48
23%
"47"
4%
Nov
Jan
Sept
1,100
800
21
7134
5234
69%
IOO84
"4",200
"""400
264
Dec
101
Aug
37% Aug 3
Mayl9
95
May
27«4 Aug 9
32
Septl8
6% Aug 4
Aug 9
Augll
....100
70% Aug 9
Do
pref
100 *100% May21
Nevada Consol Copper......5
10% AuglO
47
Jan
99
26
12
45%
Jan
16234
6
100
pref
National Lead
Dec
Jan 6
107
104
59
137
38% July
13184 Oct
110
May
Jan
96
"44%
Jan
Janl2
25
*44%
4734
Aug
Dec
60
18% Aug 6
Nat Enam'g <fc Stamp'g._.100
Do
28
Jan
96
12
Jan
105
pref
100
Nat Conduit <fe Cable.Ni par
"4",600
130
Aprl4
Aprl9
222
Do
1,500
151%
33%
137%
Marl3
88
*20
50
49
4
32%
47
*28
32%
31
15
48
48
5%
*48
32%
47
*28'
4
Sept
100
preferred vtc
Do
76%
76%
*102% 105
$ per share
100
National Cloak & Suit
1,630
94
78%
100
...100
pref
Do
2,800
400
*80
*102% 105
*102% 105
1234
123s
12%
12%
12%
95
97
♦93
98
9634
13%
81%
89%
36%
2,600
9,800
$ per share
20
Do
Pref
100
Mont Wd&Co Ills Corp.No par
National Acme
50
Nat Anil & Chemvtc..Nopar
7,500
600
63
*89
75
84
200
7%
*60
94
7484
75%
*102
82%
89%
36
61%
*90
100
96
89%
8%
60%
60%
*33%
83%
80,510
35,385
65
33
39
89
16%
38%
30%
82
82%
89
15%
*60
Highest
$ per share
70% Augl8
97% Augl3
148
Aug 9
Miami Copper
5
Middle States Oil Corp
10
Mid vale Steel & Ordnance.. 50
Montana Power
100
2,500
3734
65
35
33%
35
"19% "1934
33%
84
83ls
33%
Do
100
39%
*60
172",400
Lowest
25
pref
Mexican Petroleum
...
Highest
$ per share
96
Sept
Par
100
Do
184% 18834
16%
37%
65
74
*9534
__
38%
65
33
"32"
74
74%
74%
*9584
184% 192%
1919
Lowest
Manhattan Shirt
*74
Year
EXCHANGE
Week
$ per share
*100
105
Range for Previous
On basis of IQQ-share lots
STOCK
YORK
PER SHARE
Range since Jan. 1
STOCKS
NEW
for
Mar 31
89% Marl8
Jan
8
51% Nov
82
Sept
92% May
126
Jan
32% Sept20
94%
40%
Jan
59% June
69% Mar29
45
Jan
86
23%
Jan
.
July
Oct
31% July23
Jan
3
Jan
5
Jan
5
145
Aprl4
120
Feb
40%
98%
104%
136%
116%
Jan 6
112'4
Dec
117% July
95
Jan27
50
Feb
117
9334
Janl3
88
Jan
98%
Oct
76
Jan
66
Jan
81
Oct
93
82%
6
8734
65%
Jan
Jan
June
May
July
May
Oct
Bid and asked prloes; no sales on this day.
§ Less than 100 shares,
t Ex-rlghts.
a Ex-dlv. and rights,
x Ex-dlv.
0 Reduced to basis of $25 par.
n Par $100
t Name changed from Ohio Cities Gas to present title
July 1 1920, range lncl. prices from July 1 only range for Ohio Cities Gas Jan. 1 to July 1, 37
May 20, 50 Ji Jan. 3
,
gts
h -2
Week
U.
Friday
Range or
Week ending Sept. 24
Sept. 24
Last Sale
Cent of Ga (Concl.)—
Chatt Div pur money g 4a 1951
D
90.32 4683 89.10 100.40
Mac A Nor Div 1st g 5s__1946
j
80
j
87%
87.90 Sale
85.70
87.90
90
83.00 93.48
87.20 Sale
85.10
87.20
202
81.40 92.90
87.70 Sale
85.86
D
90.32 Sale
High
No.
Low
D
N
D
1st L L conv___1932-'47 J
42nd L L conv
1927-42 M N
1st L L conv... 1932-47 J
1927-42 M
2nd L L
4s
Third Liberty Loan
87.32 Sale
1928 M
4Kb
3rd L L
Fourth Liberty Loan
S
85.06
88.40 1182 84.00 94.00
87.50 6116 81.10 92.86
90.16 Sale
4tfs
88.24
90.16 8689
4Xs
1st LL 2nd conv 1932-'47 J
D
96.50
4%b
4th L L
A
O
87.36 Sale
84.48
85.80 95.00
86.00 101.10
97.30 Sept'20
1933-'38
1922-'23
notes.__1922-'23
el 1930
2s consol coupon
dl930
4a registered
1925
4a coupon
1925
Pan Canal 10-30-yr 2s
*1936
Pan Canal 10-30-yr 2s reg._1938
Panama Canal 3s g
1961
Registered
1961
Philippine Islands 4s
1914-'34
conv g notes
3%s
87.52 15679 82.00 93.00
95.44
96.10 6333 94.70 99.40
95.40
96.08 1787 94.64 99.40
100
July'20
101%
101% 100
100% 101
101% 100% June'20
105
106%
106
105%
105%
J
D
96.08 Sale
J
D
96.08 Sale
conv g
2s consol registered
Q
J
100
Q
J
100
F
105
Q
F
105
Q
F
100
101%
Q
N
100
101%
Q
Q
M
M
Q
F
Q
99
Apr'20
79%
867S
79%
87
100
85
O
S
D
9978
997g Sale
69%
69%
69%
J
J
Cuba—External debt 5s of 1904. IVI
S
A. .49 F
A
A
Dominion of Canada g 5s... 1921 A
do
do
1926 A
O
...1931 A
O
do
O
2-yr 5Ms gold notes Aug 1921 F
1929 F
A
French Republic 25-yr ext 8s 1945 M
1931
S
9
41
50
8
74
85i4
37
84%
80%
92%
80
7
80
86
6812
3
68%
76
83l2
89
79
985s
82%
98%
89%
8884
9814
9012
101
1964 IVI
434 s Corporate stock
1966 A
434 s Corporate stock July 1967
434 s Corporate stock
1965 j
434s Corporate stock....1963 IW
434 s Corporate stock
69%
j
62%
70
n
61%
62%
Greenbrier Ry 1st gu g 43.1940 M
—
IVI
434s
1957 M
Corporate stock... 1957 IVI
1961
1st consol gold 6s
1930 A
General consol 1st 5s.._.il937 M
237
67%
82
76
77
Chic Ind A Sou 50-yr 4s
Chic L S A East
29%
44
26
37
88%
95%
33
36
9378
95-%
103
304
29
481
116
98% Sale
97U
98% 1407
827g 431
20
100% 103%
50
61
Refunding gold 5s
Refunding 4s Series C
87% 383
955s 1312
82%
93%
93%
Chic A P W 1st g 5s
1921
C M A Puget Sd 1st gu 4s. 1949
98
98%
66%
98
63
65
95
98% 102
Mllw A Nor 1st ext 4^s__ 1934
Cons extended 4J^s
1934
73
80
73
77%
97
93
90% Sale
81
82
90%
D
S
N
91
86
90
80
81%
Sept'20
81% Sale
81% 82
81
82
82% Aug'20
82%
90%
N
80%
91
90%
91
90%
90%
7134 Aug'20
98% Aug'19
89%
81
90% Sale
N
8178
*
-
89
89
Sale
91
93
107%
—
mm
99
m
mm
m
m
79%
80%
89%
71%
m
mm
.mm
mm
91
93
Jan'20
89
97
107% 108
Mar'20
99
May'20
100
July'20
95
7878
65
Sale
91
90
89
100%
100%
81
91
95
~
72%
90%
89
89
June'20
July'20
102
99
S
100%
897g 100%
88
100%
82
99
107%
95
Dec'18
67
172
50
67
1926
assum g
Wis A Minn Div g 5s
Chic A N'west Ex 4s
1921
Sale
535s
765s Sale
57
75%
7678
717g July'20
76
O
27
70
6
62
64
62
67%
21
60
83
86%
69
69
73
76
_
O
"90% "96
O
...1921 a
o
n
1987 M
Stamped 4s
n
1987 M
General 5s stamped
Registered
Sinking fund 5s
Registered
Debenture 5s
Sale
100% Sale
76
Sale
76
79
102
113
Bait A Ohio prior 334s__
Registered.
1st 50-year gold 4s
Registered
10-yr conv 434s
Refund A gen 5s Series A.
1933
1995
1929
Temporary 10-yr 6s
Pitts June 1st gold 6s
1922
June A M Div 1st g 334sl925
L E A W Va Sys ref 4s..1941
SouthwDiv 1st gold 3348.1925
Cent Ohio 1st c g 434s__1930
A
O
99%
100%
41
75%
76
74
92
905s
gold 4s. 1938
Charles <fc Sav 1st gold 78.1936
.1934
1934
1925
*1925
*1948
*1948
76
66
70U Sale
~88% "90%
N
*87%
101% Sale
j
1930
IVI
4^s '47
Des Plaines Val 1st gu
Frem Elk A Mo V 1st 6S..1933 A
57%
Mil L S A West 1st g 6s...1921 IVI
s
99%
f
A
90
97
s
96
101
68
105
89%
83% Sale
81%
Sale
67%
81
69
70%
38
100
22
137
89% Sale
77
78
>.1952 j
Consol 50-year 4s
Cin H A D 2d gold 4Hs..__1937 j
C Find A Ft W 1st gu 4s g 1923 M
Day A Mich 1st
4Mb 1931 j
cons
76
Sale
90%
78%
625s
95
7878
...
S
84%
j
97
S
85%
118
79%
d
52
70
100
101
5978 Sale
70%
May'18
67% June'19
Aug'20
100
59
60
88
j
n
70%
IIII
70
j
Sale
May'17
Mar'17
81
Jan'20
90
70
70
j
61
68%
57%
Aug'20
n
67
67%
'
Cin W A M Div 1st g 4S..1991 J
M
St L Div 1st coll tr g 4s...
1990
Spr A Col Div 1st
1940 M
1940 J
g 4s
W W Val Div 1st g 4s
C I St L A C 1st
f
J
91
91%
C C C A I gen cons g 6s..1934
90%
90%
Ind B A W 1st pref 4s
g
Registered
O Ind A W 1st pref 5s
68%
J
92%
o
Peoria A East 1st cons 4s. 1940 a
Income 4s
1990 Apr
o
Cleve Short L 1st gu 4MS...1961 a
f
70%
83%
Colorado A Sou 1st g 4s
73%
73%
85
85
Refund A Ext 4Mb
1935 ivi
Ft W A Den C 1st g 6s...1921 J
Conn A Pas Rivs 1st g 4s...1943 a
75%
737s
Morris A Essex 1st gu
90
94
85
95%
N Y Lack A W 1st 6s
75%
88
83
94
Construction 5s
Term A Improv
3Hs2000
1921
...1923
4s...1923
J ue April. eDue May. fDue June. ADue July. *Due Aug. ?Due
j
31
60%
29%
77%
64
15
31%
Aug'20
27
7934
*10
78
~7978
75
Sale
72
97
96
Sept'20
66
70
68
Sept'20
68%
69
99% 100
69% Sept'20
99% Sept'20
79%
75
29
o
j
87
69%
Sale
92%
d
77%
29%
d
A
J
9778 100
Sept'20
63
N
Cuba RR 1st 50-year 5s g..l952 J
Del Lack A Western—
Sept'20
84
7378 Sept'20
87
Sept'20
81
82%
Sept'20
82% Sept'19
93% May'19
70%
55
Jan'20
Nov'16
102% Oct'19
76% Nov'19
96%
o
44%
88%
1929
73%
"82"% "86 ~
J
1940 a
dl938 Q
67
Jan'19
84
69
68
f
Mar'20
"13
61%
*1936
Cin S A CI
Aug*19
j
67
74%
6278
4s..*1936
85
cons
S
1st g 5s...1928
64
77%
85
142
13
Nov'16
95
M
j
66%
79% Sept'20
85
85%
77
98
k. aDue Jan. I
79%
Aug'20
51%
88
D
70
100%
69
6778
73
105
87
100% 100%
74%
90
Sale
D
66%
99%
71%
72
88
Oct'19
70
67
J
99% 100%
821- Sale
89
Sale
1939
Apr'20
98% 101
66%
Cairo Div 1st gold 4s
May'20
82
70
A
84
85
...
O
84
99% 101% 100
80
N
84
Mar'20
64
76
73%
64
Feb'19
81
60" *78 "
77
62
74%
99% Mar'18
52%
55
89
Sept'20
79
79
Sale
"354
67%
Apr'20
68
d
92
97%
54
O
d
Clev Cin Ch A St L gen 4S..1993
e8%
8778
97%
82
o
1993
69%
88
Superior Short L 1st 5s g.el930
Chic T H A So East 1st 58..1960 j
Chic A West Ind gen g 6s__«1932 q
2
45
66%
68% Sale
6634 Sale
86% 92
90%
s
General 5s Series B
...
90% Mar'20
latest vih r 1
M
73%
76% May'19
76%
81%
91
.1922
1962
Car Clinch A Ohio 1st 30-yr 5s 38
Central of Ga 1st gold 5s
pl945
Consol gold 5s
1945
10-yr temp secur 6s June. 1929
North Wisconsin 1st 6s...1930 j
82
72
77%
57%
80
Consol 1st g 6s
Cons 6s reduced to 3Mb.. 1930 j
Debenture 5s
1930 ivi
70
82
77
105
90
Canada Sou cons gu A 5s
1930 j
6s
85
63% Sale
f
98% July'20
9978 Apr'20
Sept'19
J
117
90%
1937
...1957
1998
Clear A Mah 1st gu g 5s.. 1943
Roch A Pitts 1st gold 6s. .1921
'41
74
100
1931
897S
77
cons
4^8
101%
Oct'16
105% Nov'19
88
Jan'17
20-year deb 4Mb
Jan'12
68
Chic St P M A O
5S..1921
Nov'18
81
89
81.
Consol 4 34 s
8478
gu
101%
70
69
80%
All A West 1st g 4s gu
78
1934
RI Ark A Louis 1st 4j^s..l934 ivi
a
Burl C R A N 1st g 5s
1934
A
C R I F A N W 1st
86% Sept'20
97
101
57%
60
6734
Buffalo R A P gen g 5s
72%
98% 100
60%
57%
1936
1937
6s.. 1922
Toi A Cin div 1st ref 4s A. 1959
95% 100%
124
Feb'20
CI Lor A W con 1st g 5s.. 1933
Ohio River RR 1st g 5s
6978
80
112
68% Sale
o
82
68%
68%
67%
a
St Paul A K C Sh L 1st
60
60
"677s Sale"
j
96
Feb'20
Aug'20
Mar'19
81
Apr'20
69
...1988
Refunding gold 4s.
88
73% Sale
j
15
96% June'20
72
Aug'20
74%
84%
18
...
96
; 1
81
July'15
83%
IVI
Ashland Div 1st g
Mich Div 1st gold 6s... 1924
Mil Spar A N W 1st gu 48.1947
St L Peo AN W 1st gu 5s 1948 j
j
Chic R I A P—Ry gen 4s
1988
Registered
....
..
Ch Okla A G cons 5s
1952 M
Keok A Des Moines 1st 5s 1923 A
78
O
...
99%
53%
76%
92%
76
j
69
78
S
j
Man G B A N W 1st 3HS.1941 j
Milw A S L 1st gu 3H8...1941 j
88
90%
Jan'20
...
D
•
98
98
o
N
82
Aug'15
100
100
Sept'20
78
12978
III.
1933 IW
10-year secured 7s g
96
94%
9734
1933 IVI
Registered
77%
78
O
89%
Sale
1921 a
Registered
Sinking fund deb 5s
71%
7178
69%
89%
68
n
1879-1929 A
1879-1929 A
Sinking fund 6s
67
F
1987 M
82
75% Sept'20
82
July'20
75% Sept'20
Sept'20
96
1879-1929 A
n
pl987 Q
Registered
General 4s
68%
73%
71%
98
O
1987
M
67
Aug'20
73I2
76%
81%
10
78
Feb'20
84% Aug'20
81
July'20
66%
67%
70% Apr'19
75%
"75% ~76"% 75%
75% 78% 75% Sept'20
94%
95
94% Sale
99
Apr'20
95%....
109% Apr'10
1886-1926
General gold 3Ma
64%
103
83%
84*4 Sale
86i2 Sale
1st gold 5s
79
71
Trans Con Short L 1st 4s. 1958
Sav F & W 1st gold 6s
82%
67
69% Sale
East Okla Div 1st g 4s... 1928
Rocky Mtn Div 1st 4s...1965
LAN coll gold 4s
58
69
6958
695s
6958 Sale
D
N
47%
6778
413
13
141
94% June'20
1879-1929 A
Registered
83%
78%
1886-'26
Ext A imp s f gold 5s.
56
98
54
183
Sept'19
Jan'20
96
31
66%
6s..1924
95%
67
..01952 M
72
95%
83
89%
95%
Atchison Topeka & Santa Fe—
Ala Mid 1st gu gold 5s
70%
Sale
81%
85%
*1952
1930
1964
1928
73%
65
Railroad.
10-year secured 7s
6978
71
1932
1929
6s...1925
Gen unified 434s
74
63%
73% Sale
A
77%
817S
J
Atl Coast L 1st gold 4s
Aug'20
62
Sale
76
84
S Fe Pres & Ph 1st g 5s...1942
56
73%
63% Sale
74
Gen Aref Ser A 4Mb
a2014
Gen ref conv Ser B 5s...a2014 F
63
85
1962
"57"" III!
Gen'l gold 3 Hs Ser B
el989
General 4>£s Series C...el989
Feb'16
76
85
J
Cal-Ariz lst&ref 434s"A
Sale
71%
68
92%
68
-_el989
64%
837g
1960
May'19
71%
67%
75%
8534 Aug'20
90%
90%
90%
9058
9034
90%
90% Sale
6
62% May'20
94%
84%
92
J
63
71
71% Sale
64
90
m —
111
Mar'20
71
67%
1956
68
1934
91
100
1955
75
1925
85%
*1995 Nov
*1995 Nov
93
1921
84%
J
Conv gold 48
Conv 4s Issue of 1910
56%
80% Mar'20
Chic A L Sup Div g 5s
Chic A Mo Rlv Div 5s
84%
J
1995
54%
91
Sale
25-year debenture 4s
84%
J
Registered
Adjustment gold 4s
Stamped
Feb'13
Mar'17
32
1947
-
Mar'20
9734
j
98%
S
J
....
A
1st 4Ms__1969
4Mb
50
Apr'20
May'20
50
Ind A Louisv 1st gu 4s... 1956
Convertible
68
73% Sept'20
90%
S
O
88%
75
92%
O
J
1995 A
A
2
95
74%
Fargo A Sou
N
*1990 Q
88%
90%
n
1947
Permanent 4s
J
Gen g 4s
218
"o
Ch M A St P gen g 4s ser A_el989
43
1961 J
Ann Arbor 1st g 4s
37%
70
82
N
5s deferred Brown Bros ctfs
37
32
56
69
5434
J
78
31
70
f
14
77%
37% Sale
Stamped
Registered
Oct'19
90%
Guar Tr Co ctfs of dep.
92
40i2
197
88
Sale
37
U S Mtg A Tr Co ctfs of dep
523
52%
8
89%
j
102%
S
88
'"7
79%
"78"" Sale"
j
Chic Ind A Louisv—Ref 6s. 1947 j
Sale
IW
Highway Improv 1434s..1963 M
Highway Improv t 4 34s. .1965 IW
Virginia funded debt 2-3S..1991 J
N
102%
95%
53% Sale
IW
70
79
N
Registered
9
93%
103
1927 ivi
General 4s..
1958 ivi
Chic A E 111 ref A imp 4s g_.1955 j
U S Mtg A Tr Co cts of dep
3211
92%
21
26
Feb'20
88%
N
102
83
46
38%
37%
69%
S
S
J
1927 ivi
97%
81
Feb'15
44%
7978 Sale
89%
52%
94% Sale
O
88% Sept'16
113
45%
"72"
1949
9378
8
June'19
69% Sept'20
60
Aug'20
See Great North
49
2
Sale
69
98
Chic B A Q—Denver Div 4s. 1922
Illinois Div 3Hs
...1949
91%
8512
Dec'19
78%
38% Sale
1950
Illinois Div 4s.
63% July'20
82% May'19
"78""
45
Alton RR ref g 3s_.1949
Chic A Ind C Ry 1st 5s... 1936 j
Chicago Great West 1st 4s.. 1959 M
8534
835
S
5s_. 1941 ivi
98%
8412
Canal Improvement 4s
1962 J
Canal Improvement 4S...1960 J
1964
1965
g
23
8412
85
83% 84%
Sale
J t 43
1958 M N
1957 IW N
M N
434%
334% Corporate stock...1954
Springs V 1st
983s
84
N
Corporate stock reg__1956
ay
67
Mar'17
86
61%
58%
j
Purch money 1st coal 5s.. 1942
58% Sale
N
City Securities.
N Y City—434s Corp stock. 1960 IW
•No price Ft
j
92%
71
94%
General gold 5s
j
84%
187
8512
Canal Improvement 434s.
Canal Improvement 4 34s.
1940 j
1946 j
R A A Div 1st con g 4s...1989 j
2d consol gold 4s
1989 j
Craig Valley 1st g 5s
68
59%
8212
Canal Imrpovement 4s
63
90
Jan'20
87% Sale
N Y State—4s
D
96
58
95% Sale
Pitts Clev A Tol 1st g
685
Coal River Ry 1st gu 48..1945 j
87%
9878
76i8
755g
8278 Sale
P
"199
86%
D
8678
90
A
P
75%
...1944 j
Big Sandy 1st 4s
95%
7418
O
1929 F
A
_._pl922 F
t These are prices on the basis of $5to£
Bruns & W 1st gu
74%
6
101
"70
84%
74
93
8978
74i8
92%
21
91
Sale
86% Sale
64%
90
Sale
10-year conv 534 s
New
78% June'20
76
74%
Nebraska Extension 4s
5-year conv 534s
20-year gold bond 534s.. 1937 F
4%
N
Sept'20
*75%
98
68%
101% Sale
d
..1921 M
1959
90%
O
99%
U K of Gt Brit & Ireland-
4% Corporate stock..
4% Corporate stock
4% Corporate stock
83
Sale
A
89%
82%
80
82% Sale
97% 98%
89% 90%
8938 Sale
J t
Paris (City of) 5-year 6s
1921 A
Switzerland (Govt of) s f 8s 1940 J
M
Tokyo City 5s loan of 1912
—
"84"
91
30-year conv secured 5s..1946 a
98%
76
J
1954 J
5-year 5H % notes
83
Registered
*..1992 ivi
20-year convertible 4Hs_.1930 f
22
23
Jan'18
100%
j
N
Sale
93
84l2
98
Aug'20
98% Sept'20
"75%
99i2
43U
7714
"98""
s
Joint bonds
t 74% Sale
J t 74% Sale
Lyons (City of) 15-yr 6s
1934 M
Marseilles (City of) 15-yr 6s 1934 M
Mexico—Exter loan £ 5s of 1899 Q
Gold debt 4s of 1904
75
84%
81
"German stamp".
Sterling loan 4s
68
96% 101
Aug'20
81
90%
1939 ivi
1992 ivi
Registered
15
7678
68% Sale
90
43
96%
78%
262
83»4
A
1925 J
Second series 4Hs
6912
93% 100 %
43
98% Sale
91% Sale
A
Italy (Kingdom of),Ser A 6J^s'25 F
Japanese Govt>—£ loan 4%s.l925 F
State and
S
Warm
100 % 1286
"9734
1939 ivi
1st consol gold 5s
9134
77%
«84% Sale
A
10-year 5Hs
do
j
98I4
77
A
1949 F
Dominican Rep Cons Adm s f 5s 58 F
Exter dt of 5a 1914 ser
External loan 4Hs
do
1921
N Y A Long Br gen g 4s.. 1941
Chesa A O fund A impt 5s__1929
Am Dock A Imp gu 5s
High
97% June'17
85
Sept'20
95%
97%
97%
Sale
98
--
do
97
j
Railway 1st lien 3J^s
99% Sale
1-year 6% notes
Jan 1921
93
Sale
5-year 6% notes
Jan 1925
84% Sale
Bordeaux (City of) 15-yr6s.l934 M N
D t 43
43%
Chinese (Hukuang Ry) 5s of 1911 J
f 5M8..1944
89%
87%
Feb* 15
"85"
83
j
No. Low
High
74% May'19
90
May'18
80
Potts Creek Br 1st 4s
*July'18
87% Mar'20
83
78
106%
j
N
*1987
Registered..:
Chic A
Government.
Anglo-French 5-yr 5s Exter loan. A
IVI
Argentine Internal 5s of 1909
Belgium 25-yr ext s f 7Hs g_1945 J
s
104
105% 105% Sept'20
98
Mar'19
Foreign
Copenhagen 25-yr
Mobile Div 1st g 5s
1946 j
Cent RR A B of Ga coll g 5s. 1937 ivi
Cent of N J gen gold 5s
1987 j
General gold 4Ms..__
Victory Liberty Loan
4%b
1947 j
Mid Ga A Atl Div 5s
Second Liberty Loan
4s
Ask Low
Bid
High
9000
Ask Low
Bid
Government.
1st 15-30 year__1932-'47 J
!3
N. Y. STOCK EXCHANGE
Jan. 1
03
First Liberty Loan
3^a
Week's
Since
Last Sale
Sept. 24
ending Sept. 24
S.
Week's
Range or
Price
BONDS
Range
Price
Friday
BONDS
defaulted bonds.
bonds was changed and prices are now—"and interest"—except for interest and
Jan. 1909 the Exchange method of quoting
N. Y. STOCK EXCHANGE
1261
Exchange—BOND Record, Friday, Weekly and Yearly
New York Stock
J
F
a
89%
95
92% May'20
ivi
n
90
93
90
June'20
Oct. pDue Nov. ©Due Deo. 1 Option sale
1262
New York BOND Record—Continued—Page 2
Price
Week
Range or
Last Sale
Sept. 24
ending Sept. 24
Bid
Delaware Lack A Weet—Concl.
,
Warren 1st ref gu g 3 J4s-
■3:
Week's
Friday
BONDS
N. T. STOCK EXCHANGE
Ask Low
N. Y. STOCK EXCHANGE
No
High
Week ending Sept
Lehigh Val (Pa)
General
1922 J
95
1943 M
78% Sale
85
-,.---1935 A
20-year conv 6s
96%
Alb A Susq conv 334 s
1946 A
Renss A Saratoga 1st 7s.-1921 M
85%
81
15
Aug'20
73
87%
99% 102%
100% 100%
—
65i2 Sale
65%
65%
51
5834
68
69% Sale
7134 7234
68%
69%
14
62%
71
73%;
72%
73%
5112 Sale
50
53
Trust Co certifs of deposit-_ —
Rio Gr June 1st gu 5s..-1939 J
Rio Gr Sou 1st gold 4s
1940 J
503a Sale
50
50%
Guaranteed.—.
70%
Rio Gr West 1st gold 4s—1939
Mtge A coll trust 4s A--1949 A
Det A Mack—1st lien
g 4s—1995 J
Gold 4s—-
66
N Y A Erie 1st ext g 4s
3rd ext gold 434s
77%
89
80
79
83
78%
90
83
10
79
83
Feb'20
40
"e"o%
36~
"55""
48
55
55
70%
1
68%
71
44%
78%
7|
35%
70%
45
1st Chic Term
1941
89
9534
M S S M A A 1st g 4s Int gu. 26
87
11
70
85%
"81% ~88%
665s
"6734
6234 June'20
37
Sale
N
75
J
J
76%
6434
M
N
71
N
63
J
*>
90
Sale
79%
11 1f 11 11
1I »1 11 1I
1111
»
1
83%
63%
"72""
"62% ~6234
66%
90
""17 "65""
62%
59%
76%
f>334
72%
69%
w
D
D
1951 J
D
D
S
mm
St L A Cairo guar g 4s__1931
69
Nashv Chatt A St L 1st 53—1928
Jasper Branch 1st g 6s
"52" "62""
58%
53
Feb'20
61%
58%
61%
Mar'19
87
mm
m
m
mm
mm
80
82% Sale
70
m.
m
79
-
.»
69%
-
80
65
~84~~ ~93~
71
75%
54% Sale
78
7
70%
83%
69%
Jan'20
54
54%
78
69%
Oct'09
mm
mm
mm
m.
mm
-mm
J
J
1stg5s.-.1937 J
1941 J
J
70% Safe"
71% Sale
78% 7834
J
69%
70%
70
71%
78
78
J
64
75
80%
A
O
60
81
J
80%
87%
68%
91%
78
"lie
6S%
93
78
49%
59
61
1
62%
72
76%
81%
79
87%
Feb'17
h
Aug'19
80% Sept'20
78
latest bid and asked this week,
a
—
Sept'19
Due Jan.
79%
8534
"73% "7334
73
~70 " Safe"
69%
80%
80
87
95
91
b Due Feb.
g
74
76%
31|
87
80
94%
"42!
66"" _76~ "
*31
63%
Oct'17
70
Sept'20
Sept'20
"72"
80
87
91
102%
76
77%
78
78
74
Sale
73
74
68
74%
84
97*4
61
92%
95%
25
18
15
64
97
92
57% Sale
57%
Sale
91%
1003s Sale
100%
68«4
2013
Hud Rlv—
1997
1997
69%;
Sale
77
68
51%
76%
Sale
26
Jan'20;
66%
30
23
28
15
64
15
56%
58
51
93
336
195
42
1
65
9034
100%
70
61
13
Sept'20
78
78%
25
28
77
77%
17%
Sept'20
6834
95%
75
61
Mar'20]
84
Sept'20
9534 110% Mar'17
25
93
86%
93
65
3>*s
6734
" ~79%
Sale
60
17
1998
6»
70
78
92
1935
59
99
68
63
1930)
893g
51
96%
86% Sept'20
1953
deb 6s. 1935
74%
93
82%
1951
conv
91%
Aug'20
July'14
13
10-year coll tr 7s
Consol 4s Series A
83%
84
76
85
28
96
41%
59%
86
93%
100% 100%
63
72
69%
79
68
89
6D4
70
64%
77%
151
61
64%
271
69
82%
76%
64%
64
Debenture
77% Sale
76
Registered
30-year deb 4s.
Lake Shore coll g 3>*s
64%
66% June'20
66%
68
65
65
05
55
66
Registered
gold 4s
1934
1934
1942
1998
Registered
1998
Mich Cent coll gold 3Ha.. 1998
Registered
1998
Battle Cr A Stur 1st gu 3s 1989
Beech Creek 1st gu g 4s. .1936
Registered
1936
2d guar gold 5s—--—1936,
Registered
1936]
Beech Cr Ext 1st g 3>*8.61951
Cart A Ad 1st gu g 4s
1981
Gouv A Oswe 1st gu g 58—1942
Ka A A G R 1st gu g 5S..1938
_
"166 "63% "75" "
65
J
88
74%
15
Aug'20
102
853^
12!
June'19
76
15
Ref A Imp 4>*s "A
Sept'20
D
...
65
28
New York Cent A
Nov'17
93
82
37
Oct* 18
68
76
1977
Guaranteed general 4s
Non-cum income 5s A
Feb'19
82%
Feb'20
59%
73%
Nat of Mex prior Hen 4>*s_1926
NYCentRR
....
65% July* 18
64%
~62"~ "65"
N O Tex A Mexico 1st 6s...1925
87
95%
Nat Rys of Mex pr lien 4>*s.l957
New Orleans Term 1st 4s
Nov'10
73
1923
1st consol 4s
June'16
70%
O
1927
54
92%'100
—
M927
1938
58.1947
54
N
O
1st ext gold 6s
Mortgage
mm
1927|
gold 6s
6034
....
62
117% May'10
62%
-
new
St Louis Dlv 5s
77% Aug'19
68% Sept'20
J
Verdi V I A W 1st g 58—1926
Mob A Ohio
General gold 4s
92
„
100
87
m
-..1929
Registered
Montgomery Div 1st g
D
D
1938
80
80% Nov'16
79% May, 19
70
D
2d extended gold 5s
63
61%
S
1951 J
1938
1948
93%
58
A
1951 J
3d 7s extended at 4%
Cent Br U P 1st g 4s
56%
98%
58
Gen con stamp gu g 5s__ 1931
•
Registered.
1945
83
80
A
Gold
40-year gold loan 4s
56% Sale
98% 99
80
50
29%
37
7
Rlv A G Dlv 1st g 4s—.1933
Aug'20
65%
-32
QQ
6s..1920
50
20
57
1975
cons g
55
40
48%
50
4
68
58% Sale
50
52%
320
63
63%
45
33%
89
1
54
55"
Dec'14
Sept'20,
86
St L Ir M A S gen con g 5s 1931
June'16
57
"55""
86
"~44
Aug'20
23
78%
88%
74
6034
35
35
23
Feb'20
86
90
102
23%
24
89%
Missouri Pac 1st
25
35
Sale1
Pac R of Mo 1st ext g 4s. .1938
1
July'20
54
58
....
24'
40%
10
I
80
89
Sale
49%
49%
88
74
95
30%
"61
85%
General 4s
""48
63
Sale
74
23
27
1st A refunding 5s
*"21 "62" "74"%
71
35
38
17
1st A refunding 5s Ser Ba_1923
"78" " "78"
60%
23%
27%
Dec'16
Texas A Okla 1st gu g 5s..1943
Ser C—1926
52%
50
Sept'20
10%
68%
67
35
51
30
Missouri Pacific (reorg Co)
1st A refunding 5s Ser A..1965
34%
44
40
Sher Sh A So 1st gu g 5s__ 1942
73
45
60
M K A T of T 1st gu g 58.1942
65
Sept'20;
49%
49%
62%
94
58%
45%
67|
13
40
70
72
70%
953$ Sept'12
76
74i2
64% Aug'20
Sale
....
60%
40%
50
91%
Unified A ref gold 4s—.1929
72
Ob
July'09
58
42
5934
92%
37
55
43%
Mo K A E 1st gu g 5s
1942
M K A Okla 1st guar 5s__1942
-
1
80
52
35
Dall A Waco 1st gu g 5s._ 1940
Kan City A Pac 1st g 4s_. 1990
7
1•11
o
24
85
Apr'19
Mar'20
Nov'15
15
55
10
Sept'17
Aug'20
16
O
91%
Sept'20
92
5% secured notes "ext
82
99
A
49
Sale
35
91
85
Dec'16
35
47%
96% 106%
,
Apr'20
84
35
"83""
Trust Co certfs of deposit.
St Louis Dlv 1st ref g 4s. .2001
78
Sept'20
64
83%
92
97
81% Aug'20
;
57%
38
27
1
71%
71%.
73% June'18
73% Oct'18
Safe'
Sale
27%
49% Sale
83%
82
95
70
60
40
deposit...
82
88
86% Sept'20
1949
Trust Co certfs of
45
Nov'19
Mo Kan A Tex—1st gold 48.1990
2d gold 4s.
#1990
Mississippi Central 1st 5s
6
Sept'20
1st ext gold 5s
...1944
1st A refunding 4s
2004
Trust Co certfs of dep..
Gen sinking fund 4>*s
1936
99
82
87%
88
38
99
1
CO
f 4s
78%
35
96% 105%
®
t
s
44
88
—
70
100
83
87
2
80
81
78%
96%
Sept'20
76%
44
"92%
514
June'16
78
.
cons 5s
1938
1938
M St P A S S M con g 4s int gu
1st
96%
9534
95
1951
Refindlng gold 4s
"51% *56%
64% Aug'20
66%
80
Dec'19
75%
O
75
70%
66%
D
No prioe Friday
37i
95
97%
80
44%
80
73%
92
s
j
99
85
95
91
71%
7134
s
«
Mar'20j
Sept'20
73%
74%
Iowa Central 1st gold 5s.. 1938
73%
..1951
_
July'20!—.
91
46%
J
1934 J
mm
1934
1949
93
40
A
1951
_
91
Nov'10
2;
9%
69" "
1951 F
-
75
99
95
99
90%
46
82
*io~%
64%
71%
BeHev A Car 1st 6s
1923 J
Carb A Shaw 1st
gold 4s.. 1932 IVI
Cade St L A N O
gold 58—1951 J
—X
Mar'10
46
70
10
St Louis Div A Term
g 3s. 1951
Gold 3 lis
1951
1
77
1921
65%
...
Mex Internat 1st cons g 4S..1977
50
91%
62
AUIa
Jan'201
47
87
56%
»»♦ V\
Aug'20
37
1936
93%
81%
j
1
6434
68
"89""
93%
76%
5
Des M A Ft D 1st gu 48—1935
96
Louisv Div A Term
g 3 >*8.1953 J
Middle Div reg 5s
1921 F
Omaha Div 1st gold 38—1951
2d gold 5s
93%
80%
67
88%
61
88%
Dec'19
8734 101
81% 85
4s. _.1945
65
June'12
93
Litchfield Dlv 1st gold 38.1951 •*
r\
88%
98%
98%
82%
58
1
97% May'16
73
98
1921, F
72
17,
65%
34%
89
1953 M
«Jwest
"85% "95"
6
75
64%
Feb'05
42
78
66
o
1951
1950 A
63%
95
29
J
Apr 1950 J
64% Sale
27
99
J
*
Aug'20
68% Sept'20
7934 July'20!
75
77%
101% 104 "
63% 75
7934 87%
104
54%
92
Jl
T",—t-A
88
45
9534
78%
J
Impt 5s
72
81
51%
76
5334
...
1951
Registered
60%
44
Feb'20
99% 97
100%
101
100% 101
136% May'06
97
.1951
Ref A
45%
54% Sale
76%
Registered
1951
Extended 1st gold
8Hs—-1951
Registered
1951
TTnrtona
5134
7134
73%
95% Nov'19
74%
74%
44% Sale
70%
J
gold 38.1950
49
1st A refunding gold 4s
95%
J
Ind 111 A Iowa 1st
g 4s
1950 J
Int A Great Nor 1st
g 6s
1919 M
James Frank A Clear 1st 4s. 1959 J
Kansas City Sou 1st
A
96% 100
Ref A ext 50-yr 5s Ser A.. 1962
81%
97
J
Registered
.1951 J
St Louis Sou 1st
gu g 48—1931 M
100
98%
Dec'15
Aug'20
Sept'20
9034 88
88%
91
102% May'16
81% 79
Sept'20
80
Sept'19
Mar*20
78% 83
84
1999,J
Joint 1st ref 5s Series A. 1963 J
Memph Div 1st g 4s—.1951 J
103
Nov'11
76
—
80%
4Hs. 1999 J
Registered..
100
100
98%
Pacific Ext 1st gold 6s
1st consol gold 5s
Jan'17
7634 Sept'20
92
Aug'10
51% Aug'20
"80
♦77
Gulf A S 11st ref A
t g 5s..&1952 J
334s...
gu g
100
Jan'19
70
O
Stamped guaranteed
1977
Midland Term—1st s f g 53.1925
Minn St Louis 1st 7s
1927
Dec'18
Nov'19
June'20
82% 85
100% 102% 100
Hocking Val 1st
Registered
Bdge Co
90
73% Sale
83«4
97%
1936 F
50-year 58.1963 A
cons gu
100
102%
85
79%
ft 19 52 Q
Manila RR—Sou lines 4s
55
75
78%
Feb
1951
Western Lines 1st g 48—1951 F
La A Jeff
97
91
99
87
9834
5134 Sale
f g 6s.. 1931 M
Registered—
Gen
Dec'06
86
95% Sale
1937 J
1950 J
s
100
98%
N Fla A S 1st gu g 5s
1937 F
N A C Bdge gen gu g 4>*s.l945 J
91
91
60%
7634
64
1937 J
Registered
90
70
84
102%
68
92
57%
1922 J
15-year secured 534s
Cairo Bridge gold 4s
Hender Bdge 1st
27
Feb'20
94
102% 101%
87
91
100% 100
86%
2d gold 3s
1980 1*1
Atl Knox A Cin Div 4fl—1955 M
Atl Knox A Nor 1st g 58—1946 J
Pensac A Atl 1st gu g 6s.
SAN Ala cons gu g 5s
Jan'18
72
65
1940 J
L N O A Texas
gold 4s... 1953
102
L A N-South M Joint 4s_. 1952 J
"
Jan'18
48
68
74%
lstg4s—1948 A
a
1930 M
Kentucky Central gold 4s. 1987 J
82
1952 J
87% Sept'20
87% 100
72
84%
95
J
1955 M
79%
80
81% Sept'19
89
8938 Sept'20
108
86
89
1st
Sale
Lex A East 1st 50-yr 5s gu 1965 A
LAN AM AM lstg4>*s 1945 M
66%
91%
May'20
87
533s
9,
7034
94
80
45
"5'
86
90% June'19
7034 Aug'20j
1940 J
45%
77%
75
94
85
92
1940 J
1931 M
Registered
34
81
69%
71
81%
90
30
Jan'17
60
80
1937 IVI
6s
30%
97
88
...
60
....1933 J
refunding 4s._.
Purchased lines 334 s
Gold
118
23%
1st guar gold 5s
—1937 J
Will ASF 1st
gold 5S..1938 J
Green Bay A W deb
ctfs "A"
Feb
•
"7934
68
62
5s_ol932 Q
582
96
Collateral trust gold 4s._.1952
Registered
.1952
con g gu
533a
62
54
Reduced to gold 434s. 1933 J
Registered
1933 J
Mont ext 1st gold
4s... 1937 ■»
Registered..
1937 J
r
67%
67
59%
Dec'19
Nor Sh B 1st
Louisiana A Ark 1st g 5s..—1927 M
Louisville A Nashv gen 6s—1930 J
45
100%
72%
1933 J
Registered..
Spring! Dlv 1st g 334s
"33
73%
65
Jan'll
45%
1933 J
Registered...
270| 38" "49""
49
72
Aug'19
70%
1961 J
sterling
48j
June'16
60%
Sale
96
1st gold 3s
95
92
Paducab A Mem Dlv 4s__1946 F
St Louis Dlv 1st gold 6s..1921 1*1
85
M921 Q
1st gold 334 s
66
81%
58%
Dec'16
79
64%
66%
66
~92~
77
61%
64%
47
58%
84%
64%
65%
64%
64% Sale
p m deb 5s
gold 4>*S-_1931 M
NOAM 1st gold 6S
1930 J
2d gold 6s
1930 J
91
78
4348—1941 J
Registered
1937 1*1
65
L Cin A Lex
103
61
80
~61 ~
1949 (VI
1934 J
Unified gold 4s
108% Sept* 19
"83"
J
Illinois Central 1st
gold 4s.. 1951
65
1932 J
96
83
82%
J
J
Col A H V 1st ext
g 4s
1948 A
Col A Tol 1st ext
4s
1955 ~
Houston Belt A Term 1st
5s. 1937
99%
61%
Oct'06
73
74
73
Oct'19
92
81
80
Ft Worth A Rio Gr 1st
g 48.1928 J
Galv Hous AHend 1st
5s...1933 A
Great Nor C B A
Q coll 48—1921 J
cons g
92
93
77
l"6o"
75
gold 5s
1942 A
Mt Vernon 1st
gold 68—1923 A
Bull Co Branch 1st
g 5s.. 1930 A
Florida E Coast 1st
4>*s_..1959 J
Fort St U D Co 1st
g
Registered.——.
95%
91%
June'20
106%
98
1940 F
Terminal 1st gold 59—. 1943 M
Mid of N J 1st ext 5s
1940 A
Debenture ctfs "B"
70
85%
49%
85
52
Registered
67
1922 1*1
43%
30
E Minn
NorDiv
1938 J
-
44
44
44%
81
1937 F
Minn Union 1st
g 6s
Mont C 1st gu
g 6s
"77%
98%
73
86% Sept'20
79
May'20
66% Sept'20
67%
52% Sale
77% Sale
75%
General gold 5s
ext guar 4s £
73
Collateral trust gold 5s
10-year secured 7s
47%
"70"% "71%
.
Pacific
87%
89
80
73
A
M
5s...1943 J
N Y A Green L gu
g 5s...1946 M
N Y Susq A W 1st ref 5s. 1937 J
Registered..
64
87%
77%
86
57
"47*34 Sale'
Long Dock consol g 6s
1935
Coal A RR 1st cur
gu 6s. .1922
Dock A Impt 1st ext
-
1945 M
99%
Jan'20
Jan'20
103
92
92
Oct'13
.1945 M
-
80
Aug'20
84
J
1st A ref 4 }<s Series
A—1961
90%
77%
97%
Sept'20
Guar refunding gold 4s.__ 1949 1*1
98% Aug'19
99%
57% Sale
Erie A Jersey lstsf 6s
1955 J
Genesee River 1st s f 6s—.1957 J
St Paul M A Man 4s
1st consol g 6s
93%
86
77%
May'20
97
Registered
1949 M
N Y B A M B 1st con g 58.1935 A
N Y A R B 1st gold 5a
1927 M
9434 Nov'15
96
43%
Wlik A East 1st
gu g 58—1942
Et A Ind 1st cons
gu g 6s__ 1926
Evansv A T H 1st cons
08—1921
1st general
80
92%
95
72%
7434
cons
91% Sept'20
" III.
43%
2d gold 434s
69
83
89%
Mar'17
gold 5s._J»1931 Q
1st Consol gold 4s
A1931 Q
Long laid 1st
93%
98%
80
SerA—1953 A
Registered
1933 j
84
86
95
100
do
Series B
1953 A
Gen conv 4s Series D.—1953 A
Chic A Erie 1st gold 5s...1982 M
Registered
1st int reduced to 4s
60
69
92
Sale
93
High
2
18
105
97
93
86
97
J
Vail g58—1938
55
105% Mar'08
Registered
1996 J
Penn coll trust gold 4s__ 1951 F
CleveAMahon
67
48
19
113
Since
Jan. 1
No.\\Low
72%
76
89% June'20
1933 j
20-year
58
53%
88% 100
y
Registered
Unified gold 4a
Debenture gold 5s
93% June'20
86
Sept'20
87
1996 J
conv 4s
75
25% July'16
73%
77%
"fa"—.,
4th ext gold 5s.-.1920 A
5th ext gold 4s
1928 J
N Y L E A W 1st g fd 78-1920 M
Erie 1st cons g 4s prior.-.1996 J
1st consol gen lien
g 4s. 1996
70%
...
Dec'16
82
91%
1947 M
1923 M
Registered
54
Apr'll
53%
~77% Sale'
84
56
39
Sept'20
1995 J
Registered
1937 A
Dul Sou Shore A Atl
g 6s..-1937 J
Elgin Joliet A East 1st g 58—1941 M
Erie 1st consol gold 7s
1920 M
50-year
Leh Val RR 10-yr coll 6s—»1928
Leh Val Coal Co 1st gu g 5a. 1933
High
72
74%
1941 A
Registered
* July'17
53% Sale
52% 78
Det Rlv Tun Ter Tun 4>*8—1961 M
Dul Mlssabe A Nor gen 6s_.1941 J
Dul A Iron Range 1st 6s
1937 A
!
34
66
64%
61%
40
J
63
38
6
70% July'20
75
37%
—1940 J
30
73
Sale
Range
i«
General gold 4s
Ferry gold 4>*s
Gold 4s
1st cons g 4s
Consol gold 434 s
197
72
76
Leh V Term Ry 1st gu g 6s—1941 A
Leh A N Y 1st guar g 4s
Denver A Rio Grande—
——1936 J
1936 J
Improvement gold 6s
1928 J
1st A refunding 6s
1955 F
Range or
Ask Low
M
2003 1*1
cons g 43—2003
4>*s
cons
Registered
72%
65
...
100% July'20;
—.
67
43
102%
65
67%
99%
96%
19
79%
87%
101%
Sale
9434
Sept'20
78
87%
102
10-year secured 7s.——-1930 J
95
Last Sale
Bid
High
I Low
Delaware A Hudson—
1st lien equip g 434s
1st A ref 4s
24
fa
Week't
Friday
Sept. 24
BONDS
Since
102% Feb'O 8
.2000 F
Price
Range
Jan. 1
Due June,
h Dua July,
n Due
Sept.
65
Sale
64
Sale
62
61%
Aug'20|
66
52% May'20
61%
52%
60
74
66
58
58
49
Feb'20
49
49%
82%
"45" IIII
62
Aug'20
.54
58
Jan'20
82%
82%
73
73
9534 Nov'16
104
May'16
55%
64%
78%
73
June'20
75
0 Due
Oot.
* Option sale.
1363
New York BOND Record—Continued—Page 3
Price
Week's
Is
JT. T. STOCK EXCHANGE
Friday
Week ending Sept. 24
Sept. 24
Range or
Last Sale
s*
BONDS
68
67%
67i4
1997
Registered
Debenture gold 4s.
Registered
Sale
87%
Sodus Bay A Sou 1st g 5s. 1924
J
7778
~71%
N Y & Northern 1st g 5s. 1923
N Y & Pu 1st cons gu g 4s .1993
Sale
58
90
U N J RR A Can gen 4S..1944
---
...
71
...
73
7484
66%
63%
1996
1996
Utlca & Blk Rlv gu g 4S..1922
Pitts & L Erie 2d g 5s__.al928
20
Income Series A 6s
85%
J
66%
76
101
Nov'16
Southw Div 1st g 5s...1947
O
65
95
~ III
93%
St Louis A San Fran gen 6s. 1931 J
93%
95%
64%
64
79
57
58
1950
O
54
54%
54%
55
.01949
A
39
37
1959
O
AtlA Birm 30-yr 1st g 4s.el933
s
43% Sale
55% 62
39%
44%
Adjustment 5s
52%
Sale
3
15
Caro Cent 1st can g 4s...1949
J
55
Fla Cent A Pen 1st ext 6s. 1923
J
91%
....
39%
50
1st land grant ext g5s_. 1930
J
83
104
65
78
Consol gold 5s
J
72%
86
81
73%
80
84%
J
82
386
Mar'20
J
84%
July'20
Sale
76%
53
53
Sept'20
"46
77%
Refunding 4s
,
;
.1943
50
Dec'17
Gold 4s (Cent Pac
63
62%
Registered
20-year conv 4s
5734
57
71%
50
....
Sale
59
N
38%
83
463s
70
....
36
99%
Prov & Springfield 1st 5s. 1922
Providence Term 1st 4s... 1956 M
"67% III!
88%
74
1943 J
01992 M
Registered $5,000 only..01992 M
434 s
61%
N Y O & W ref 1st g 4s
74%
62%
61%
63
Aug'13
94
51
51
34%
Norfolk & Sou 1st gold 5S..1941
Norf & West gen g<?ld 6s
1931 M
1932 A
76
76%
75
75%
72
56
Sale
54%
82% Aug'20
97% Aug'20
96%
96
94
97
Feb'19
70
76%
37%
Oct'19
Dec'16
M
78%
80%
88
....
88% Sale
103% Sale
77% 79
73%
98% Sale
....
..
A
40-year guar 4s ctfs 8er E.1952
Cln Leb A Nor gu 4s g_._1942 M
70%
CI A Mar 1st gu g 434s...1935 M
75
Ser A.1942 J
1942 A
334s.. 1942 A
1948 M
80
81
74
84%
81
96%
63%
90%
87%
64%
67
66
1948 J
55
76%
"82"
88
87«4
65
83%
...
87%
83
80
Virginia Mid Ser D 4-5S..1921 M
1926 M
Series E 5s
Va A So'w'n 1st gu 58..2003
1st cons 50-year 5s.. 1958
W O A W 1st cy gu 4s
Term Assn of St L 1st g
1st cons gold 5s
83
Gen refund
95%
95%
69%
98%
96%
m
m
s
69%
1953
La Div B L 1st g 5s
m
m
m
81
General
80
80
84%
84%
"67
gold 5s
m
m m
3Hs. 1925 J
mmm*
"68"
-
«,
-
76%
80%
80
80
4s
Union Pacfflc 1 st g 4s
1st refunding g
Registered
m
...
—
mmm
1
m
m
m
74%
79%
90
Ore RR A Nav con g 4S..1946
90
Ore 8hort Line 1st g 6s...1922
1st consol g 5s
80
82%
Aug'20
mmm
78
78
Guar refund 4s
mmm
72%
84
Utah A Nor gold 5s
78%
82% Apr'20
73% June'20
mmm
82%
82%
mmm
73%
76
73%
88%
74%
79%
78
78%
82%
79«4
86
76% June'20
80
79
79%
1
m
mm
31
..1952
1947
1947
1927
02008
10-year perm secured 6s__1928
72% May'20
....
47%
95%
94%
48
46% Sept'20
J
J
73
J
51
O
J
99
97%
80
80% May'20
65
Aug '19
87%
96
N
56
60%
8
O
1st extended 4s
1946
1929
1926
1933
4s Ser A—1955
1957
Vera Cruz A P 1st sru 4%s..l934
Vandalla
cons g
Consols 4s Series B_.
asked, a Due Jan. 6 Due Feb, 9 Due June, ft Due July.
J
J
A
J
—
99% Jan
96%
O
*20
Apr'20
92% Nov'19
60
Feb '20
102% June'11
95
Jan *20
104% Dec '16
843s
98
79
82
84% Sept'25
79
79
60%
61
69
Aug *20
81%
86
80% June'20
J
60
70
75%
O
79%
85
83
A
80%
84%
83%
67
68%
66
Aug '20
84%
99
81
July'20
83%
85
A
J
Trust co ctfs of deposit
Ulster A Del 1st cons g 5s...1928
20-year conv 4s
1st A refunding 4s
82%
82%
July'19
82
55
53
61
"79%
D
D
O
J
J
J
J
J
M S
J
J
J D
F A
J
J
J • D
J
J
J
J
F A
M N
J
J
86
Apr'19
Sept'20
83%
85
Apr'20
May'18
106% Nov'04
"78%
83
83% May'20
75%
67%
8134
80%
65
65%
70
62% June'20
77%
Apr'20
July'20
85
85
Sale
85
25
35
36
77
81
49
52%
75% May'20
48%
50
34%
18% Mar'16
61
71%
45
Feb '19
18
71%
65
May'20
81
82
July'20
....
52
11
Aug *18
Sept'20
8
Tor Ham A Buff 1st g 4S..61946
75
•
mmm
77
82%
78%
1950 A
1917 F
Coll trust 4s g Ser A
17
Sept'20
92
D
O
J
J
J
O
A
1917 J
50-year gold 4s
88% Sept* 17
85
93%
A
J
O
1927 J
2d 20-year 5s
Tol St L A W pr lien g
m
...
mmm
86
75
S
1935 J
1990 A
Kan A M 1st gu g 4fl
mmm
92
85%
F
J
1935 A
W Min W A N W 1st gu 5s1930
Tol A Ohio Cent 1st gu 5s_. 1935
83%
m
66
89%
A O
J D
02000 Mar
1931 J
J
2nd gold Income 5s
73%
m
4Hs 1939
1894-1944
f g 4s
66
mmm
61%
J
N
St L M Bridge Ter gu g 5s. 1930
Texas A Pac 1st gold 5s
2000
71%
4m
1924
Spokane Internat 1st g 5s... 1955
Western Div 1st g 5s
—
O
87
93% Apr'17
87% Nov'19
74% Aug'20
1948 M
Rich A Meek 1st g 5s
87%
Sept'20
81% Mar'16
63
Sept'20
91
May'20
J
Mar'10
82%
82%
J
J
Mob A Blr prior lien g 5s. 1945 J
Mortgage gold 4s
1945 J
Rich A Dan deb 5s stmpd.1927 A
Ga Pac Ry 1st g 6s
1922
Knoxv A Ohio 1st g 6S...1925
Tol P A W 1st gold 4s
Sept'20
93
86
Ga Midland 1st 3s
mmm
75
Apr'20
E Tenn reorg lien g 6s
mm —
Feb* 12
Dec'12
A
1956 M
1938 M
1946 A
Cons 1st gold 5s
82
Sept'20
76% June'20
74% Aug '20
J
s
73%
33
65
J
J
A
F
J
A
F
J
m
25
83
87
1930 J
288
61%
60
82
91»4
4s
4
169
59%
84
E T Va A Ga Div g 5s
224
59%
80%
S
66
3
68%
N
mmm
mmm
J
1926 M
Aug'20
80
Sale
...1936 M
-mm
Sept'20
Feb'20
83
76%
87%
Atl A Yad 1st g guar 4S..1949
83
mm-
J
General 5s
72%
Jan'20
63
Series F 5s
23
Nov'19
59
83%
75% 86%
83
92%
73
84%
82
93%
101
103%
4.
98%
75
..
unit Md and
92
88% Feb'17
Apr'20
79% May'19
..
66%
J
156
66%
63%
F
89%
84% June'20
62%
81
49
83%
85% Sept'19
60% Sale
s
93%
81%
•
7.6%
68%
86%
68%
J
J
47
July'19
74%
74
86% Sale
89
65
mmm
96% May'18
104
Dec'15
1950'F
F
J
M
70
80
64
B..1940 J
1940 J
434s.1941 J
1942.M
77
m
85
Sale
76
68%
75
*•*...
103%
Feb'20
mm
m
-
87%
Apr'20
80% Aug *20
97%
86%
mmm
Aug'20
69% Mar'20
73%
72%
80
m
83
97%
-
87
96
87%
82%
72%
71%
78%
72% June'20
68
68
61%
61%
88%
103
m
62
96%
96%
F
m
-
-
103% 108
41
5
1930 A
J
mmm
mm
-
mmm
90
81
1968 J
J
m
80%
10-year secured 7s
m
mmm
89%
General 5s
6534
m
80%
78%
100%
96
m mmm
90
8034 Sale
82%
97% 102%
June'20
Apr'20
m
81%
+ mm
....
1965 J
M
81%
m
"69"
-
7
General 434s
J
Sept'20
m
82%
43
104% Sept'20
70%
72
78% Sept'20
56%
m
95% 100% Oct '17
91% Apr'20
J
Atl ADanv 1st g 4s
2d
72
49%
-
87%
88%
D
Atl A Charl A L 1st A
67%
35
m
85
Sept'20
1944 J
1948 J
Ala Gt Sou 1st cons A 5s. .1943
77
80%
95%
J
O
97%
Mar'19
83
4Hsl944 J
98%
69
m
June'20
64%
104% 106
71% Sale
47
78%
93
71
1945 M
_»._1994J
1956 A
M
Mem Div 1st g 4HS-5S...1996 J
St Louis div 1st g 4s
1951 J
Registered
69
56
Nov'19
98
89
Series D 4s guar
July'20
83
72
Series C guar
1994 J
J
Southern—1st cons g 5s
98l2
76%
77%
931
M
J
J
M
A
A
IO484
72%
80
77
78
70
M
O
83%
94
"75" "82%
J
1950 A
Develop A gen 4s Ser A
~94%
75
55
75%
91%
Pitts Y A Ash 1st cons 5s. 1927
109
Jan'20
54
J
J
1st 30-year 5s Ser B
76% Sale
N
1955 J
Mob A Ohio coll tr g 4s... 1938
101%
Paducah A Ills 1st sf 434s.. 1955 J
Pennsylvania RR 1st g 4s..1923 M
Ohio Connect 1st gu 4s..-1943
~7(j" "78%
75
Dec'19
98%
Sale
J
San Fran Terml 1st 4s
77%
75
J
So Pac RR 1st ref 4s
76
98%
O
N
J
70
j",
97%
4
84% Sept'20
95
"36
82% Aug '20
84%
O
Mar'20
Shle"
83%
J
1938 A
Sept'20
101%
74%
95
84%
1921 J
75
1929
95
No of Cal guar g 5s
80
69%
83%
Louisiana West 1st 6s
67%
167
77
70%
83%
Ore A Cal 1st guar g 5s...1927
103" 103"
71
76%
88
77%
104%
"77" "80
N
56%
J
So Pac of Cal—Gu g 5s.-.1937 M
So Pac Coast 1st gu 4s g_.1937 J
Tex A N O con gold 5s... 1943 J
347
74
N
60
Oct'19
100%
*30
79%
100%
N
60
76%
9634
4s Int guar._.1921
J
71%
Feb'20
7334
1933
5s Int gu.._1937
M
M
M
J
A
M
J
D
76%
336
87% Sept'16
A
48
76
Sale
1931 J
1941
75%
Erie A Pitts gu g 334s
Mar'20
Nov'18
Gen gold
70%
J
78%
87
A AN W IstgugSs
100
83
Oct '18
Waco A N W div 1st g 6s
1932 M
10-25-year conv 434s...1938 M
F
100
63
Nov'16
74%
79
10-20-year conv 4s
Alleg Val gen guar g 4s... 1942 M
78%
63%
10-25-year conv 48.___.1932 J
1948 M
1960 F
69%
63
"75"
1946 J
O
N
51
Registered
1996 A
Div'l 1st lien & gen g 4s. 1944 J
Wash Cent 1st gold 4s
1948 Q
Nor Pac Term Co 1st g 6s__1933 J
Oregon-Wash 1st A ref 4s...1961 J
72%
H A T C 1st g
61%
Sept'20
103
76% Sale
A
J
70%
Feb *14
99
1st guar 5s red
Dec''13
Feb'14
Dec'19
122
99%
98%
Improvement & ext g 6s..l934 F
St Paul A Duluth 1st 5S..1931 Q
68
73% Sale
Hous E A W T 1st g 5s... 1933
40
32
60
Apr'20
54%
55%
54% Sale
71% Aug'20
75% 82«4
Sept'20
10034 100
M
Registered certificates..1923 Q
D
99% Sale
Gila V G A N 1st gu g 5S..1924
Sept'17
Aug'20
IIII "58"
General 4s
1955 J
Norfolk Sou 1st & ref A 5s..1961 F
Ref A Imp 434s ser A....2047
St Paul-Duluth Div g 4s..1996 J
St P A N P gen gold 6s... 1923 F
Sale
"79" " Safe
2d exten 5s guar
....
J
J
96% May'19
90
70
A
Cent Pac 1st ref gu g 4s.. 1949
"70" III!
1945 J
Consol 4s
1945 J
Providence Secur deb 4s.. 1957 M
a2047 Q
D
01929 M 8
D
1934 J
20-year conv 5s
NYW'ches&B 1st Ser 1434s '46 J
Boston Terminal 1st 4s._.1939 A
....1997 Q
a2047 Q
coll)-.61949 J
61949 J
F
Registered
1949 F
.Mort guar gold 3Hs__61929 J
Through St L 1st gu 4s. 1954 A
44"" "58"
58
106% May'15
87
July'14
N Y Prov & Boston 4s...1942 A
1997 Q
99% Nov'19
Dec '15
101
81
88%
36
62% Sept'20
64
May'20
GHASAMAPlSt 5S.1931 M
57
N
C C & T 1st guar gold 5S..1922 J
Sclo V & N E 1st gu g 4S..1989 M
Northern Pacific prlof lien rail¬
J
7034
43%
Southern Pacific Co—
Oct'19
Aug'20
79%
J
Seaboard A Roan 1st 5s. .1926 J
July'18
63
65
M
1996
Ga Car A No 1st gu g 5s..1929
49
N
N & W Ry 1st cons g 4s..
Ga A Ala Ry 1st con 5s..01945
Jan* 12
60
65
Housatonlc Ry cons g 5S..1937 M
New River 1st gold 6s
Oct* 17
91%
Cent New Eng 1st gu 4s..1961 J
Hartford St Ry ,1st 4s
1930 M
57
45
B & N Y Air Line 1st 4s..l955 F
No price Friday
60
65%
10
Harlem R-Pt Ches 1st 4s.l954 M
gold.1949
gold.. .1953
1957
Series I cons guar 434s. 1963
General 5s Series A
1970
60% Sale
O
22
53
5112
N
1956 J
Series G 4s guar
J
1950
60
1955 J
Series F guar 4s
"l8
61
1943
45%
Non-conv deben 4s
Series E 334s guar
98% Jan '14
S A A A Pass 1st gu g 4s
48%
55
Non-conv deben 4s
1942
1
40%
44%
1930
Series B guar
79
45%
1948
P C C A St L gu 434s A..1940
63%
1
1954 J
1942
62%
2
Non-conv deben 4s
Series C 4s
90
63% Sale
"32
45
77
1933
64%
D
Gray's Pt Ter 1st gu g 5s. 1947
"97"%
6534
45
52
63%
Seaboard Air Line g 4s
94%
51
77%
67%
52
Sale
45
44
Series B 434s
J
64%
64
Aug '20
52% Sept'20
51%
Tol W V A O gu 434s A..1931
1st terminal A unifying 5s. 1952
67% Sale
52% 54
86
35
67%
66%
45
4978
1st gu g
D
96
45
54
ex
1932
Consol gold 4s
4
96
95%
67% Sale
76%
50%
4512
Gr R A I
J
2d g 4s income bond ctfs.pl989
95%
7434
71%
May'17
45
51
Series C
N
St L S W 1st g 4s bond ctfs..1989
Jan'09
86
May'16
90
..
43
1956
Series D 334s
O
Aug '20
78
A
1956 M
Int reduced to
O
cons g
8684
203
M
1955 J
Series C 334s
N
K C A M R A B 1st gu 5S.1929
93%
Gold 4s stamped
Conv debenture 334 s
Conv debenture 6s
Series B
6s. 1928
K C Ft S A M Ry ref g 4s. 1936
KCFtS AM
Nov'16
Jan'20
May'17
95% June'20
72
73%
Non-conv deben 4s
CI A P gen gu 434s
86
J
2361
1st gu 4s g 1936
Pennsylv Co gu 1st g 434s..1921
Registered
1921
Guar 334s coll trust reg A. 1937
Guar 334s coll trust Ser B.1941
Guar 334s trust ctfs C...1942
Guar 334s trust ctfs D...1944
Guar 15-25-year gold 4s._1931
92
J
130%
D R RR A B'ge
1170
..1931
103
1947 M
434 s
58
St L A S F RR cons g 4s..1996
Non-conv deben 4s
Consol
Oct
General gold 5s_._
731s Sale
1943
61960
53
75
Consol gold 48
Consol gold 4s
57
68
O
52" ~60"
77U
Pacific Coast Co 1st g 5s
457
89
Oct'19
94U
9312
1968
68
73% Sale
1928
Feb'20
74%
1st consol gold 4s
66
1950
Prior lien Ser C 6s
Aug'20
N Y Connect 1st gu 4J4s A—1953
N Y N H & Hartford
Registered
29
Sale
Prior lien Ser B 5s
71
Cum adjust Ser A 6s
97% June'20
Registered
90
92%
61955 A
459
59%
73%
Sale
59%
71%
87%
59% Sale
60
94
65
July'20
60
1950
60
5
1951
Prior lien Ser A 4s
97%
12
15
41%
Apr'20
Dec '17
81
Aug '20
87
(reorg Co)
64
95
6934 Sept'20
99% Feb'19
General lien gold 3s
76%
86%
79
85%
60
99%
& land grant g 4s
80%
77
77
7112
way
80% Sale
1997
1951
g
80
1932
1934
Pocah C & C Joint 4s...1941
97%
St Jos A Grand Isl 1st g 4s..1947
May'15
98l2
6s
SO
71
96l2 Aug'20
70
conv
8284
41%
93%
60
"97
Equip trust 434S..1920-1925
10-year
42
60
.....
Registered...
2361
NYC Lines eq tr 5s_ .1920-22
W & Con East 1st
41
82%
65%
62
92%
10
71
71
Mar'16
81%
65% Sale
64
Jan'20
92!%
Dec' 17
1997
Registered
Jersey Central coll
St Louis A San Fran
May'20
64
99
82%
June'17
4s
Reading Co gen gold 4s
~ ~75~"
64
High
*93
87
Atlantic City guar 4s g
7112
Feb'16
103
New England cons 5s
8IS4
Nov'17
78
1954
81
67%
Jan
92
50
Rub-Canada 1st gu g 48.1949
Naugatuck RR 1st 4s
66%
70%
72
78
82% Sale
1956
Philippine Ry 1st 30-yr s f 4s 1937
Pitts Sh A L E 1st g 5s
1940
1st consol gold 5s
1943
77
97
100
77%
IIII "80
N
57% Sale
94% 95
70%
St Lawr & Adlr 1st g 5s
2d gold 6s
Cons Ry non-conv 4s
93%
1st Series B 4s
Sept'20
70
61921 M
50
con g 4Hs
1941
Og&L Cham 1st gu 4s g.1948
1947
.1954
F
Pere Marquette 1st Ser A 53.1956
75
75
113
96%
Rutland let
Non-conv deben 334 s
Non-conv deben 334s
S
Peoria A Pekln Un 1st 6s g__1921
93%
661* July'20
89l2
65%
Pine Creek reg guar 6s
1932
R W <fe O con 1st ext 5S..A1922
Non-conv deben 4s
Sunbury A Lewis 1st g 4S.1936
"75%
2d gold 4Hs
May'20
May'20
"70% II11
J
84%
75%
7434
98
102
74%
Nov'19
85
73U
1937
West Shore 1st 4s guar
76
66is Mar'20
" III!
75
1931
2d guaranteed 6s
8334
65
7434
66
N J June RR guar 1st 4s_.1936
N Y & Harlem g 334 s
2000
Pitts McK & Y 1st gu 6s
69
83%
82
6434
1937
Debenture 4s
Aug'20
97
78
96
N
98i2 Nov" 18
*70 ~
Registered
1940
J L & S 1st gold 3J4s__.1951
1st gold 3 34 s
1952
20-year debenture 4s
1929
Registered
O
93U May'20
99i2 Aug'17
58
1940
N Y Chic & St L 1st g 4s..
5S..1932
Phila Bait A W 1st g 4s.. 1943
81%
83
8412 Nov* 19
7512 Jan'20
80
1931
,
C St L A P 1st cons g
No. Low
High
Ask Low
Bid
Pennsylvania Co (Concl.)—
High
70
Sale
1931
4s
Low
Range or
Last Sale
65
82%
1934
Michigan Central 5s
NO.
Friday
Sept. 24
Jtf
Week ending Sept. 24
65
Sale
"71~ ~75%
N. Y. STOCK EXCHANGE
Sept'20
83
1931
1931
1991
Registered
68
83
1928
^
25-year gold 4s
Mob & Mai 1st gu g 4s
Mahon C'l RR 1st 5s
High
Ask Low
Bid
NYCent&HRRR (Con)—
Lake Shore gold 3)48
1997
BONDS
Since
.
Week's
Price
Range
Jan. 1
80% Sale
80%
77
80%
306
June'20
80%
75%
76%
98% Sale
75«4 76%
98
9834
87% 88
79% 80%
97%
98%
98
98
87%
88
79%
80%
51
89
Sale
87
89%
19
86
89
Feb '18
74%
82%
161
82% Sale
7534 Sale
76% Sept'20
49
72
...
5
80% Dec '19
IIII *84"
26
80% June* 18
26
28
I Due Aug. • Due Oct. v Due Nov. (Due Dee.
* Option eale.
NewJYork BOND Record—Concluded—Page 4
Week's
Range
Range
or
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept. 24
Since
P:
Last Sale
Jan. 1
High
No]
79
80%
113
86*4
80
87%
81%
90
Aug'18
Low
97% July'19
7034 Nov'19
8878 Mar'20
80
53
Oct
60
July'20
82
72%
85%
79
91
1950'J
J
77
84
UticaGas&Elecref 53
1957-J
J
70
Westchester Ltd gold 5a
1950 J
D
Miscellaneous
Adams Ex coll tr g 4s
1948 M
S
Alaska Gold M deb 6s A....1925 M
Conv deb 6s series B
1926 M
Am SS of W Va 1st 5s
1920 M
58%
S
20
rnmm
m
88%
88%
51
—*
55%
Aug'18
«
1
*66""
.....
1
«
"47"
1
5578
89
85
20
81
92
....
54
63%
Sept'20
81
<£>
*17
53
..
76%
Sept'20
"88 "
Feb '17
90% Mar'17
58
55
Sept'20
Sept'20
69
92%
86
»
1
«
"45"%
1
85
82
Building 5s guar tax ex..I960
Chic C & Conn Rys s f 5s___1927
Chic Un Sta'n lstgu 4>£s A. 1963
8278
8334
1963
los
69
Computlng-Tab-Rec
Granby Cons M S & Peon 6s A192 8 IVI
Stamped
1928 M
71
«;
60%
71
72
72
3
61
72
Great Falls Pow 1st
f 5S...1940 M
s
21
3334
Int Mercan Marine s t 0s
1941 A
Montana Power 1st 5s A...1943 J
Morris A Co 1st s f 4^8....1939 J
21% Aug '20
21%
28
39
41
35
50
39
34%
31%
47
45
66
36
Apr '20
80
May'18
40% Dec'19
57
Sept'20
57%
60
51% Aug '20
50% Aug'20
23
55
64
55
15'
63
50
60
Ref A gen 6s.
28
Pub Serv Corp N J gen 5s. .1959 A
Tennessee Cop 1st conv 6s..1925 M
Wash Water Power 1st 5s. .1939 J
70
Wilson A Co Jst 25-yr s f 6s. 1941 A
60
66%
69*"
10-year cony
1928 J
f 6s
s
Manufacturing
&
68
Am Agric Chem 1st c 5s
53%
60
13
2434
Conv deben 5s
1924
Am Cot Oil debenture 5s... 1931
Am Sm A R 1st 30-yr 5s ser A '47
Am Tobacco 40-year g 6s..i 1944
82j
73
78
11
1934
76,
10
19%
41%
49%
4934
60
17
4834
551
52
52%
6
52%
52%
1
75
58
60%
Oct '19
41%
43
40
67%
21
June'20
21
40
40
Mar'20
40
42
54
Doc '19
92
Apr '20
92
94%
77
Jan
*20
77
77
70% July'20
61
July'19
69
75
57
July'19
29
25
2434
27%
80'
6
6
16
5
5
7
19%
32
20
31
5
734
7%
4%
51
Sept'20
45
55
59
Aug *20
59
64%
55
Dec *19
80
Jan
'20
80
80
24
37%
19%
43%
31
75
75
84
87%
92
42
43%
23
75
89% June'20
73
May'19
50
Sept'20
66%
*50 " ~50""
Gen Electric deb g 3Hs
Debenture 5s
1st & ref
s
5s
A
O
A
O
F
A
J
817S
O
97U
83
95U
D
91
A
7012
S
97
995s
8414
99l2
8612
O
lll
A
89%
O
l10
88
National Tube 1st 5s
1942 M
N Y Air Brake 1st
conv 6s.. 1938 M
Standard Milling 1st 53
1930 M
Union Bag & Paper 1st 5S..1930 J
Stamped
N
N
N
90
1930 J
87
Union Oil Co of Cal 1st 5s._1931 J
U S Realty AI conv deb g 5s 1924
U S Rubber 5-year sec 7s.__ 1922
88
20%
30
63
Va-Caro Chem 1st 15-yr 53.1923
70
Sept'20
1947
10-year 7H*
Conv deb 6s
(.
Beth Steel 1st ext
s
1926 J
f 5s
1st & ref 5s guar A
Apr '20
20-yr p m & imp
79
86
82%
Buff & Susq Iron 8 f 5s
81
89
July'20
81
Debenture 5s
al926 M
Cahaba C M Co 1st gu 6s..1922 J
Colo F & I Co gen s f 5s
1943 F
,
87%
June'19
99
96% 10134
Apr '20
79
95%
8234
76%
79%
79
95%
95
90
Feb *18
Feb '13
78
""il "78"" "85%
Sept'19
"80% "84"%
85
Feb '20
104% Apr '17
81%
75%
75%
62% 61%
61%
89
Apr '20
....
..
5
77
70
....
90
89%
7534
....
89% Sept'20
77
70% Sept'20
75%
75%
82%
75%
87%
89%
~7434 "85"
2
1
58%
6534
89
89
78%
.!
78% May'20
82%
83%
33
75
77
30
I
77
105
July'17
Sept'20
l1
79%
72%
83
75%
77
90%
89
89
62%
""5
64
63
60%
71% Apr '20
71%
69% 100
Apr '17
;_j
57
|
63
71%
80
Mar'17
75
May'19
8634
87%
8238 Aug '20
97% May'17
85
89
80%
91
67%
74
74~" "84%
79%
82
79
Sept'20
70
July'19
86
.1932 J
86%
78%
89
78-%
77% Sale
J
N
J
97%
89
8678
D
76
S
D
•
»
-
*
»
»
-
-
78%
72
73
'95"%
77
79
"84""
86%
86%
75%
71%
7134
D
85
1940 A
O
1952 M
4926 J
Lackawanna Steel 1st g 5s..1923 A
N
Illinois Steel deb 4Hs
Indiana Steel 1st 5s
1st
5s series A
1950 M
f 4H A..1954 J
Midvale Steel A O conv s f 5s 1936 M
Pleasant Val Coal 1st s f 5s. 1928 J
cons
8
Pocah Con Collier 1st
s
f 5s. 1957 J
A
A
D
76
93%
94
O
74
90% Sale
80
S
J
•
-
-
94%
99%
82
8312
-
S
78% Sale
J
70
J
74%
85i2
"82%
83
Repub I A S 10-30-yr 5s s f.1940 A
St L Rock Mt A P 5s stmpd. 1955 J
O
87
Sale
96
J
66
70
72
Tenn Coal I A RR gen 5S..1951 J
U S Steel
M
J
85
86%
Corp—(coup
sf 10-60-year
Utah Fuel 1st
8
58\reg
f 5s
dl963
93
92% Sale
N
d!1963 M
1931 M
N
99»4
99U
80
N
84
Victor Fuel 1st
s f 5s
1953 J
Va Iron Coal A Coke 1st g 53 1949 M
62
J
83%
S
89%
83%
Telegraph & Telephone
Am Tetep & Tel coll tr 4s...1929
Convertible
4s
conv
4Hs
80%
69
1936
1933
85
30-year temp coll tr 5s
1946
7-year convertible 6s
1925
Cent DistTel 1st 30-year 5s. 1943
8334
997S
96
Commercial Cable 1st g 4s..2397
Registered
2397
CumbT&T 1st & gen 5s...1937
Keystone Telephone 1st 5s..1935
64%
"86%
Teleph 1st 5s
1924
Telep 1st A gen s f 4^s.l939
30-year deben s f 6s-Feb 1949
*96""
Pacific Tel A Tel 1st 5s
1937
South Bell Tel A T 1st s f 53.1941
West Union coll tr cur 5s
1938
Fund <fe real est g 44^8...1950
88I4
Mich State
13
67% Aug '20
98% Oct '17
July'20
9734
D
20-year
....j "88% ~89"
62
89
101
81
1
77
1942 M
f 5s...1936 J
Col Indus 1st A coll 53 gu..l934 F
Cons Coal of Md 1st A ref 5s 1950 J
Elk Horn Coal conv 6s
1925 J
Lehigh C & Nav
1
81% Sept'20
June'20
s
Jeff A Clear C & I 2d 5s
92% Dec '19
90
9512
1922
82%
78
105
el924
79
91
98%
6s. 1926
70
78%
90
.1930
conv
66%
72
94
8434
L03U
Caal, Iron & Steel
Sept'15
100
Due Jan.
loo
O
9634
93i2
9934
9312
1st & ref 5s series A...
24
95% Apr '20
85% Aug '20
80
J
97%
U S Smelt Ref A M
June'17
1
"
LOOI4
.00%
N
J
30
87
80
A
A
30
79
73%
97
D
21
98%
68
83%
A
1951
21%
82
80%
J
N
1944
75%
50
50
82%
....
7478
Nat Enam A Stampg 1st 53.1929
Nat Starch 20-year deb 5s__1930
6334
86
88
86i2
L19
IVI
72
85
9934
89i2
F
75% Sept'20
87%
.00
A
N
1951
47%
103
8034
O
F
Liggett & Myers Tobac 7s. .1944
West Electric 1st 5s Dec
89
D
f conv ser A...1947
65
...
98%
96U
Feb 1940
26% Sept'20
85
96
J
Ingersoll-Rand 1st 53
j
1935 y
Int Agric Corp 1st 20-yr5s._ 1932 M N
Int Paper conv sfg5s
J
.1935 J
3
50
78%
N
IVI
1942 F
1952 M
24
62
O
66
D
21% Aug '20
"77"%
O
Distill Sec Cor conv 1st g 5s. 1927 A
E I du Pont Powder 4Hs
1936 J
General Baking 1st 25-yr 6s. 1930 J
44'
65
50
78
85
N
5s
July'17
93
88"
N
Cent Leather 20-year g 5s..1925 A
Consol Tobacco g 4s
1951 F
Corn Prod Refg s f g 5s
1931 IVI
1st 25-year s f 5s
1934 IVI
Cuba Cane Sugar conv 7s.. 1930 J
Lorlllard Co (P) 7s
9012 Feb '17
95
1928 A
Gold 4s
1951
Am Writ Paper s t 7-6s
1939
Baldw Loco Works 1st 5s__1940
Cent Foundry 1st s f 6s
1931
20-year deb 6s
25
67~%
Industrial
68
'210
83%
85
55
58%
86
75%
50%
16
76
95%
A
57%
13
47%
95
O
O
60
2434
Apr '20
18%
17
87%
70%
89
N
Jan '20
78
89%
N
Ontario Power N F 1st 5s. .1943 F
Ontario Transmission 5s
.1945 IVI
58
69%
95
1932 A
Niag Lock A O Pow 1st 5s.. 1954 M
Nor States Power 25-yr 5s A 1941 A
58%
22%
85%
95*2
N
a
23
Aug '20
59%
61
66% June'20
77
July'19
58%
59
91%
88
N
Niagara Falls Power 1st 5s._1932 J
66
30
66
81%
86
J
ser 2.1966 A
10-20-year 5s series 3....1932 J
N Y Dock 50-yr 1st g 4s
1951 F
Sept'20
36
90% 100
08
O
Mtge Bonds (N Y) 4s
29
86
N
f 6s.. 1941 J
s
"
79%
1955
Chile Copper 10-yr conv 7s. 1923 IVI
Coll tr A conv 6s ser A
1932 A
70
17
N
93
56
58
S
s 16s.__ 1926
Braden Cop M coll tr s f 6s.. 1931
Bush Terminal 1st 4s
1952
61
t
95
88%
79%
73%
Booth Fisheries deb
1st Ser C 6Hs (ctfs)
I
Sept'20
1
74% Sale
84%
50
•
A
Armour A Co 1st real est 4^8 '39
Atlantic Fruit conv deb 7s A 1934
Consol 5s
82
80
100
1
am
81%
73
84
Oct
Ask
55!
5234
59
Bid
Lt—(Conci.)
1944!F
23
"
*19
36
Gas & Electric
High
.
Utah Power <fc Lt 1st 5a
Utica Elec L & P 1st g 5a
Aug '12
July'20
74%
Low
ge
ce
"79 " *94%
6Due April. cDue May.
N Y
Mut Un Tel gu ext 5s
Northwest Tel pn 4Vgs
aDueJune. ADueJuly.
toae aa».
1941|M
g._1934!J
,/oaeuct.
81%
96'4
85%
86%
81%
1
J
..
pDue Not. iDi
1365
BOSTON STOCK EXCHANGE-Stock Record sJESS^
STOCKS
Sales
SHARE PRICES— NOT PER CENTUM PRICES
Wednesday
Thursday
Friday
Sept. 20
Sept. 18
Tuesday
Sept. 21
Sept. 22
Sept. 23
Sept. 24
127
127
*85
87
*85
39
39
*48
64
6334
87
88
39
38i2
38l2
*48
*48
mm m
140
mm
mm
mm
64
*85
•
314
3i2
*131
136
72
72
*71
76
"334
*384
*314
*314
314
'
....
-
7D2
YII2
*7D2
*80
34*2
"3584
67
35
35l8
83
*82
*84
84
83
"
83
23
23
24
"
39
Jan
100
124
"
83
80
82
80
80
80
25
25
*24i4
78
*76
76
80
*76
80
4278
*4014
4U2
40
4OI4
40
*4914
4934
4914
4914
49
49
414
414
4
4
80
76
40
40l4
4934
Sept'20
50
....
40
Oct
Marl5
130
Sept
143
7
Mar
8
Mar
5
Jan
8
132
Oct
pref
100
Georgia Ry & Elec stampd.100
Do
pref
100
71
Aug 31
86
Jan
2
84
Feb
no
par
Do
3i2 Nov
2i8 Nov
9938 Mar
68
Jan 12
72
60
Jan
70
Mar
100
2312 Feb 11
80
July 9
70
Mar 30
100
N Y N H & Hartford
Northern New Hampshire. 100
Norwich & Worcester pref.100
Rutland
20
597s Dec
25U Dec
Dec
86
Jan
6
77
July 21
89
July
7
94
Oct
73
July
86
Apr
,z71
Dec
...100
15
1
1
pref
r 15
Dec
8
25»4 Sept
Jan 20
86
"
70
June 15
87
50
38
May 17
4534 Jan
3
50
48
July
7
55*2 Jan
6
Vermont & Massachusetts. 100
170
Mar
5
37I4 Sept 24
3
100
Old Colony
^
Dec
11
.
40""
39"
*49
48USeptl5
6
Jan 28
132
285
^
Jan
28
10c
& Wore Elec pre.no par
143
25
Dec
Jan 30
1,781
—
40
Dec
334 Aug 6
314 Sept 21
91
25
Dec
85
Maine Central...
—
'25
*49
*76
*4212
*4914
'""31
3714
*85
62
130
70
91
116
100
pref
Do
Bost
Mar'20
70
*85
pref
Chic June Ry & U S Y
....
....
36iS
25
*76
...100
50
37
80
24
Feb 11
15
4
68
*24
*81
30
Sept'20
Last Sale 80
*80
*80
-
*82
100
Marl6
6714 Jan 2
88
Sept 16
40
Sept 14
132
Boston Suburban Elec. .no par
3534
~35h
35
Feb 18
Do
68
*66
66
*65
34"
*335s
May 25
80
Boston & Providence
*3k
—
Last Sale 72
*65
Feb 17
60
100
360
*7U2
Last Sale 10334 Oct'19
*71h
mm
mm mm ~
*334
4
-
Last Sale 130
'
—
119
100
pref
Boston & Maine
Dec'19
Last Sale 10c
334
*314
4l2
136
100
Elevated
Boston
Do
27
Last Sale 140i2 Sep'20
140
*10
*131
3914
Highest
Lowest.
Highest.
Boston <fe Albany
1,098
Last Sale 48U Sept'20
mm
mm
86
38i2
39
6334
86
1919.
Railroads
85
127
63i2
63l2
38l2
38l2
*48
*133
127
127
63i2
*87
87
3812
....!
«r
127
127
63h
6414
87
*133
127
12714 12714
6412
3884
....
*3i2
Lowest.
Week
Shares
12712 127i2
6334 6334
Year
EXCHANGE
the
1
Previous
Range for
Range since Jan. 1.
BOSTON STOCK
JUI
Monday
Saturday
Jan 31
Oct
.82
v
West End Street
pref
Do
27
50
38*2 Sept
47
Sept
Miscellaneous
4
*378
4
4
2i8
214
*214
9i2
912
z983s
9834
*9i2
98i4
76
*76
79
*72
75
75
5
*4
212
10
*9l2
100
1005s
75h
*72
*4
5
*4
*15
mm'm,
2~6~i2
*714
10
9
99
98
79
78
75
74
"24"
714
Z984
10
9l2
IOI4
25s
3
13s
278
3
234
3
234
234
1434
*4i2
3134
1434
14l2
14i2
*1414
1434
5
*434
5i2
5h
3234
3314
*484
3234
20i8
20i8
*714
93s
21 '
80
149
14
33
80
150
149
3212
50
12i2Sept
120
Greenfield Tap & Die.*...
25
41
39i2
39i2
27i2
28
28l2
2234
-
-
•
19
19i2
19
45
4512
45l2
65s
612
678
*6l2
13*8
1314
1284
m>
1212
94l2
83i4
13l2
12l2
1234
12h
12i2
634
612
1178
9412
195s
20i8
45l2
4412
45
Internat Cement
2,212
Internat
330
1278
12*2
94i2
Island Oil & Trans Corp..
1214
12i2
94i2
13
1212
94i2
1,589
Libby, McNeill & LIbby..
10
Loew's
10
9412
84
83
84
83
83
84
8414
83
84
417
60
60
60
60
60
60
61
60
60
239
*11812 121
60
120
120
119
120
120
60
3714
94
94
22
*20
28is
165
-
-
120
121
38
3612
37
36
36
94
98
Z9512
96
*19
22
20
20
94l2
22
28
—
121
3634
39
36^2
2812
285s
165
....
.
28l2
*28l4
*160
165
_
-
-
m
96
95
20
20
18i2
*160
165
*13
—
1378
1378
137s
*29
30
2978
*13i4
30
2878
137s
1378
*14
15
*34
37
*33
109
110
110
110l2
68
65
6534
1914
219
19
14
*6512
100
Ohio Body & Blower
Reece Button-Hole
*
Jan
Dec
70
Simms Magneto
14
*33
36
12
Stewart Mfg
108
108l2
279
Swift & Co
100
104
57
79
Torrington
25
64
Union Twist Drill
Corp
2,564
2243s
243s
24l2
2412
23%
243s
227s
23i2
458
17
173s
17
17i8
17
17i2
17
17
17i8
2,061
Ventura Consol Oil Fields.
187s
19
1834
1714
19
19
19
1,345
25
Waldorf System Inc
Waltham Watch
60
25
*23
18
17
1734
75
302
30
60
United Shoe Mach Corp
Do
pref
Walworth
*
60
*
60
*__
60
*60"
30
29
30
313s
32
313s
*28
30
Last Sale 60
Aug'20
Do
1st
Last Sale 60
60
Aug'20
Do
25
30
31
30
""802
5
76
MarlO
Apr 13
49
Jan
100
Feb 16
17
23
Aug 10
16i2 Aug 10
Mar 2
20
51
>....100
Jan
2
Feb 11
19
Mar 19
23h Apr 7
44'2 Jan 26
26
Jan
5212
Jan
44
Jan
Oct
Jan
25*8
784
16
May
28
Aug
3
17
Mar
79
June 18
15
Feb
Jan
Feb
100
59
May
5
66
60
Feb
6
70
5
23
Feb 25
32
Wickwire Spencer Steel
115
26
100
pref
Jan
15l2 Deo
32l2 Jan
28
10
2d pref
*29
25i2 Apr
4984 Apr
133
1
39U Sept 24
227s Sept 23
1214 Feb 11
25
Manufacturing.
Warren Bros
2
Aug 9
Sept 14
24l2 July
5
3912
*1734
32i2SeptlO
no par
2534
60"
"
7
Feb 13
13
5
14
36
*23
Feb
145
30
109l2
1
3
34i8Mar30
176i8 Jan 19
31*2 Jan
108
1778
363s Jan
47i2 Nov
83
Sept
19i2Sept
25
14
25
Sept 21
July
3914
23i2
1784
Feb
Jan26
98
35
*25i4
*23
130
53
Jan
3984
2312
18
13812 Jan21
55
2534
24l2
Dec
Root & V Dervoort CI A no par
393s
24
60
ShawmutSS
760
*2514
*17l2
Jan 20
14
3934
*1878
Jan
6714 Nov
93
25l2
19
63
858 Feb
90
Jan
25l2
3912
25
2838 Nov
12i2Septl5
10H2 Jan 10
8478 Sept
Jan 12
41
18
584 Dec
16
10
39l2
25
81s Apr
3178 Apr
99
90
100
*33
67
Oct
Apr
June 16
pref
*2514
18i2
Sept21
18i2Sept24
1434
66
23l2
28
13i2 Aug 4
283s Sept 24
Plant (Thos G)
Sept'20
14
8
24?8 Aug 10
July 26
40i2
25
June
150
2534
19
Mar
July
Aug 10
82&8May 8
no par
*2514
2534
19
75
33i2
108i2 110
66
Jan
80h Feb
Oct
138
28f2Sept21
Aug
31
Pacific Mills.
240
*18
*
3312
45
Feb 20
36i2 Jan
9f2 Apr 30
92l2 July 20
6834 Feb 6
Orpheum Circuit Inc
10
60
1914
*24i2
-
*14
36
15
May 25
119
650
~283s ~28%
60
48 Mergenthaler Linotype
100
1,685 Mexican Investment Inc.. 10
1,572 New England Telephone. .100
pref
35
287s
June
57
Do
Jan
Apr
26
100
Last Sale 20h Sept'20
14i8
3458
345s
108i2 10934
65h
65i2
2514
2514
41i4
4078
2478
*2434
17i2
173s
*14
Theatres
McElwaln (W H) 1st pref.100
Massachusetts Gas Cos... 100
18l2
2814
137s
2878
62
1647s
*28
28l4
1 647s *160
29
-
-
9534
9512
*28
28h
-
38
Last Sale 91
30
-
3614
230
6
39
Apr
8
434 Mar 4
11
Aug 10
10
1212
1214
9212
88
157
1434Junel9
100
528
4i2 Jan
3D8 Dec
42
no par
6I4
Dec
6
3734 July 27
16
Apr 14
Corp.no par
Products
pref
6I4
94l2
60
Do
Dec
2i2 Dec
May 15
2284 Sept 17
no par
65s
13*8
12i2
9412
84
Corporation
Jan
7
6i2Mar23
36i2 Jan
2 83sMay
140
100
658
12>8
*1178
9212
658
127g
100
1,337
197s
*45
19
45
mm
mm mm
19
19
453s
*29
2234
mm
pref
17*2
5
Jan
Feb
1434Septl7
I7I4 Aug 13
62
Aug 10
Gorton-Pew Fisheries
*39l2
94l2
5
25
Elder
14J4
23
Do
7
12i2 Apr 23
334 Feb 14
2734 Feb 13
110
*14i8
83
Manufacturing
Eastern SS Lines Inc
5
3514 Apr 17
10
Apr 23
1278 Apr 14
33s Jan 3
Feb 11
665
14
1834
*13
10
Eastern
Apr 20
Edison Electric Ilium
*2234
28
10
East Boston Land
5,335
38
112
15
28i2
Connor (John T)
-
Dec
D4 Sept 24
134 Sept 17
10
-
Jan
16
149
23i2
28l2
Century Steel of Amer Inc.
•
78'2
Jan
148
*14l2
45
*162
ms'mm
79
Jan 13
19
6
10
Boston Mex Pet Trusteesno par
250
137s
Sept'20
Apr 20
83
150
*23
28i4
Atlas Tack Corporatlon.no par
Beacon Chocolate
10
Blgheart Prod & Refg
167
July
14i2 Aug 17
2314 Sept
7
Sept 23
10
Apr
Dec
July 26
18
1497g 1497s
28
Art Metal Construe Inc
2i2
July 29
260
15
39
5
80
2334
39
71
20
15
39i2
74
no par
pref
Jan
55c
Sept 24
95
20
2334
3912
no par
Do
Dec
5
714 Mar 15
25s Sept 24
11
10084Sept 16
*75
15
150
Apr 30
80
24
19l2
2818
20i8
80
Telep & Teleg
Amoskeag Mfg
800
z32
33i2
100
pref
*75
21
*75
4512
9312
18,311
137s
14
20i8
*20
75
28
*20
3,591
158
200
----
Last Sale 4f2
3334
21
*4412
*63s
37
914
ll4
184
*19
*94
9
1,079
212
75
3912
*27
7
93s
U2
2i2
2334
150
15
39
9
2*2
*20
200
7
95g
134
5i8
mm
16
7
1414
■
""
24i2
7
149
2414
*14i8
3334
24
734
80
*75
150
23i2
158
212
1414
*434
3284
25
Feb 10
Anglo-Am Comml Corp.no par
80
72
Sept'20
*16
Feb 24
5
Amer
255
72
1
2,523
98i2
16
16
~24l"2
25
25s
3234
5
*
714
98
74
3
50
Amer Pneumatic Service..
Do
11
Aug 11
10
25
Am
721
277
10
Last Sale 5
Oil Engineering...
540
4
258
78
75
5
IOI4
*75
23s
10
9834
*4
25s
2i8
*20
9
79
"
75
16
734
23s
*912
212
*312
258
4
98l2
9878
mm
2438
25
*714
212
10
*
mm
734
25
*2i4
*76
75
*238
*3i2
21
37
Jan
9
38
Jan
.50
Apr
Jan
Sept20
Mining
*.65
58
58
*55i2
.40
*.20
*22
24
*.25
9
.03
285"
285
25l2
*10
1038
*9
*....
*280
26
25
10l2
*10i4
365g
365g
36
*414
4i2
8i2
24
3%
9i8
*
285
25i2
11
36*2
3l2
IOI4
IOI4
*9
912
*.25
*22
3l2
10
103S
*57i2
.40
*23
3i2
.03
58
*.25
.40
24
3%
1012
9
*5712
58
*23
334
*3i4
*10i4
Last Sale .50
.90
*9
.03
.03
285
24U
*10i4
36
285
2434
11
36l2
58
.40
24
35fi
9
*._._
285" 285'
24U
*280
25
2414
11
107s
lli8
107g
258
412
11
25
9l2 Aug 24
16i2 Jan
12
Mar
25
23284 Aug 20
3
Jan 3
485s Jan
39
478 Mar
2
Mar
Mar
10
Aug 30
1414 Jan
920
Davis-Daly Copper
East Butte Copper Min...
605
Franklin
25
T'oio
*212
234
*212
25s
412
*414
412
212
2i2
214
214
*414
25s
412
3
25«
2%
2*8
*2
2i2
'"""95
*.60
.75
.60
.60
.60
60
*.50
.60
.50
.50
*.50
.75
400
59
58i4
5914
77i2
77i2
30
*27
30
*27
314
3U
314
*138
1«4
*13g
314
*76l2
7712
27
30
*314.
134
59
59
*77
*27
*138
59h
7712
77h
77h
*75h
77h
37
273s
273s
*27
29
40
314
314
*138
3i2
112
1,759
28
58i2
lh
314
138
334
13g
*312
4
*312
4
*312
4
*3i2
4
*212
25g
*23s
234
*2i2
25s
214
112
*114
H2
lh
134
*3*8
3i2
334
6i4
6i2
6
3i2
6is
*314
614
334
614
*414
45g
*414
458
*414
458
*4
*60
61
*1814
1914
*3i2
*31
*60
18
5
*312
*31
35
60
60
I8I4
1834
1834
18l2
1812
5
*3i2
5
*3i2
5
61
35
*60
61
*31
35
*31
*90
*88^2
*88i2
45s
*90
93
35
93
*31
90
"lb"
*958
10
10
10i8
*934
10
978
1612
165s
17
16
16i2
1534
16
I5I4
*.25
.50
*.25
.50
*.25
*112
*2412
2534
2
.50
*H2
2
24l2
24l2
*.25
*ll2
*112
2
.50
2
5
Keweenaw
Copper
Lake Copper Co.
25
25
La Salle Copper
25
48
102
*39
*145s
15i8
lh
*1J8
►
15
1'2
15
lh
H2
238
23g
.20
15h
1534
*li8
.20
*.15
.20
5
*412
5
*
40
38
39
145
1534
15
1534
15
15
1,955
lh
*1
lh
*1
2h
"*.15
*4i2
.20
5
Last Sale.2
*.15
5
»378
114
4'4
H4
378
13s
*114
13*
334
*H4
334
H2
138
3i2
*H4
.57
.57
.58
.60
.56
.58
*.55
.56
.55
.40
*.25
Bid
334
334
•
334
2
♦134
2
*134
2
8
♦7i2
8
*7i2
8
13s
2h
H4
*17s
114
23s
♦178
23s
*H4
*178
1312
13i2
*13i2
*.25
.75
*.25
13s
*.35
.40
14
.75
158
7i2
*13l2
*.25
and asked
14
.75
rfoe«.
*.15
.20
4
13s
.57
Sept'20
312
3l2
*114
13s
.55
*1®8
178
7»2
714
714
*7i8
8
138
n8
ih
2h
*li4
138
.50
.75
I Ex-etock dividend,
*2U
*.35
*13*2
.75
.50
14
.75
d Ex-dividend
2
.35
*13
*.50
25
Mohawk
25
New Cornelia
Copper
5
Idria Quicksilver
New River
Do
5
Nipissing Mines...
North Butte...
440
95
181
8U July 19
Sept 24
13
i2 Feb
li4 Aug
2
2
Aug 19
Aug
Utah
20
Victoria
60
Winona
120
Wolverine
.75
100
Wyandotte
« Assessment
1
paid,
212 Feb
49i2 Feb
1434 Mar
Jan
5
7i2 Jan
8
6i2May
3U4Sept24
87S Feb
5784 Mar
93
Sept 15
8U
Jan
9
Feb
Jan 27
25c
Apr
25s Jan 26
37f2 Jan 5
75c
Mar
12*2 Jan
3
21*2 Apr 20
80c
........
a Ex-righU.
52
Mar
5
40
Mar
19
Jan
6
13
Jan
2
Jan
7
4
Aug 5
2'4 Aug 24
DsSept 7
50c May 19
7
6
June26
95c
2h Apr 15
li2 Mar
40c
Jan
Jan
Jan 10
8c
Jan
7
4
Mar
6's Jan 29
1
Mar
25c
6
284 Jan 19
134 Jan 10
3
Jan
23
1U Dec
71c
Dec
I84 May
Jan
984 Feb 20
7i2
II4 Jan
1U Mar
38s Jan
5
3h Jan
8
2
Jan
7
25
12
Aug
9
23
*4 July
1
*
Mar
3
Aug 11
25
45
Jan
lh Aug 26
25c Sept 1
1
25
30i2 Mar
Jan
25
Utah Metal <fe Tunnel
Jan
2
Mar 27
58
10c May 11
Consolidated
24
Apr
65
10c MarlO
1Aug
2
72
Apr
Feb
3
5
Utah-Apex Mining
1134 Jan
712 Jan
2
2l8
3
Jan
10
Tuolumne Copper
Jan 21
55s Jan
58
4312 Aug 24
35
Aug 18
12i2May 24
1
Aug 11
25
10
25
5
5
3
6
25
Trinity
.35
and righta.
3
36
13h
2
3i8 Jan
20
Superior <fc Boston Copper.
Oct
Jan
25
South Utah M & S
Jan
3
25
no par
Apr
312
7
Osceola
Corp
Mar 24
Apr
78
24
478 Apr
Old Dominion Co
Seneca Copper
Shannon
3
3
214 Aug 3
li8Sept 9
27s Aug 9
484 July 20
3
Aug 18
57
Aug 19
16
May 20
5
July 10
2l2Aug
Feb 16
25
St Mary's Mineral Land.. 25
Jan
Mar
79
Quincy
June21
42
99c
Mar 12
25
Mining
May
5
21
25
Lake
4
2h Jan
100
5
15
pref
Jan
13s July 10
100
Company
Superior
"l",460
380
134
238
""260
1,600
*U2
25
South Lake
.55
134
14
20
Last Sale 4h
*4l2
*4i2
.20|
1*4
July'20
'
Mayflower-Old Colony
Michigan
OJibway
250
47
40
13U
Sept'20
2412 25
4812
25
25
North
25
40
*17s
840
1,630
Sept'20
40
41
H4
39
*38
*40
H4
'"300
5
Mass Consol..
New
3934
41
*7i2
10
153s
13
.25
3ih
93
934
978
16
170
Last Sale II4
*40
*is4
93
93
""223
Sept'20
3114
35
18*2
1,301
25
41
.20
60
""185
*38
41
2h
I8I4
Mason Valley Mine
25
48
"*.15
58
18*2
"""95
Feb
138May
Feb
3
Aug
Feb
8
Jan
Mar
3
pref
484
50c
5
Do
Jan
Mar
•12i4May
20c
770
40
48
Feb 13
5
350
5
82
25
46
39
1
3
20c
84 Jan 14
60
Sept 22
38
*38
47
Island Creek Coal
Jan
6i8Mar31
4
Aug 14
25
47
25
2i
5*4 Apr
Sept 13
40
47
25
Indiana Mining
16
76
25
47
25
Helvetia
958 Aug 19
Aug 11
3
Aug 18
1
Aug 17
50c Sept23
50c
26
*38
48
10
Jan
40b» Jan 10 i
1
40
3912
7
409
25
*38
48
*1*8
60
Last Sale
39i2
15
Sept'20
2i2
2i2
Last Sale 5
16i2
10
3h
214
Sept'20
314
314
*314
334
*5i2
6
584
6
Last Sale 4U
Sept'20
59h
*18*4
20
40c
Isle Royale Copper
Kerr Lake
Last Sole II4
*314
*114
*3i8
212
*li4
212
*lh
6
10
100
*3h
314
Last Sale
6
10
Copper..
Hancock Consolidated
x55
60
Nov
Copper Range Co
Daly-West
2h
77
Feb
6
Centennial
2h
593g
IO84
17i2 Feb 13
»2i2
77
27;
32i2 Dec
1
*414
59
7
5
•
Last Sale 484
55
Jan
4i2 Apr
1534 Jan
1078 Apr
25
1078
*2l2
*414
11
9
Carson Hill Gold
25
Sept'20
8i8
8i2
10i2
10*8
1012
1034
2i2
258
*212
2Ss
Last Sale 4U
Sept'20
5
Calumet & Hecla
460
8h
42
Aug
6212 Mar
10c
Apr
10
10
8h
Aug 12
61
7\
h Jan
3,945
36
8i2
77
6i2Mar 18
3c July 19
280
Sept 16
10
4l2
is4 Feb 27
Jan 3
2
9
884 Aug
5
Bingham Mines
Butte-Balaklava
35^2
8h
1034
2
200
10U
*4
20
25
210
36
834
25
....
25
Arizona Commercial
.03
10
4i2
Allouez
2,035 Arcadian Consolidated
36
8i2
Aug
25c June
496
284
24
25
56
25
9
9
9
Aug 10
25
Consolidated..
10
10
10i8
3*8
11
8I2
*4
23
*3i2
3%
40c
Ahmeek
Algomah Mining
180
3612
812
412
57*2
July'20
23
24
.03
25
9
*4
3h
*10
285
3612
*22
91S
24
*57
58
Last Sale .25
IOI4
*280
*1014
57h
Adventure
Aug'20
Jan 10
ll2Mar 22
Ex-dividend. 0 Hall-paid.
60c
Jan
15
Mar
40c
Mar
CHRONICLE
THE
1266
Stock Exchange.—Record of
Chicago
Outside Stock Exchanges
[Vol. 111.
transactions at
Chicago Stock Exchange Sept. 18 to Sept. 24, both inclusive,
compiled from official sales lists:
Boston Bond Record.—Transactions in bonds at Boston
Sales
Friday
Last
Stock
Stocks—
Week's Range
for
cf Prices.
Week.
Sale.
Bonds—
Price.
Low.
Range since Jan. 1.
High.
Low.
High.
89.84 90.24 $15,450
u 8 Lib Loan 3*8.1932-47
2d Lib Loan 48.. 1927-42
89.04 May
100.00
Jan
100
82.04 May
92.34
Jan
85.04 85.04
4*8.1932-47
85.64 86.98
10,500
82.14May
93.80
Jan
2d Lib l'n 4*8.1927-42
3d Lib Loan 4 x s... 1928
84.84 86.24
32,550
32,400
81.60 May
92.98
Jan
86.00 May
81.74May
94.96
Jan
92.98
Jan
94.84May
99.30
Jan
1st Lib l'n
88.44 89.20
4*6.1933-38
85.24 86.58
Victory 4mb....1922-23
Atch Top & s Fe 4b... 1995
95.34 95.76
4th Lib l'n
AtlG& w i ssl 58..1959
76*
76*
70*
70*
70*
46,850
13,300
2,000
9,500
70* June
81*
Jan
68
Aug
81
Jan
150
Jan
109
109
3,000
100
Feb
77
Carson Hill Gold 7s... 1923
77
2,000
3,000
74
July
84*
Jan
Sept
102*
Sept
'
Chic June & u s y 5s. 1940
1945
French Govt 8s
102* 102*
k c Mem & b inc 5s.. 1934
66
66
Miss River Power 5s.. 1951
73*
79*
74*
n e Telephone 5s
1932
New River 5s
1934
79*
n y Central deb 6s...1935
1944
"§§*
1928
Western Tel & Tel 5s..1932
80*
79*
79*
91*
91*
1,000
28,000
9,000
12,000
1,000
102*
63
Sept
66
Jan
69*
Mar
76
Jan
77
Aug
75
Feb
Sept
91*
93
Pond Creek Coal 6s... 1923
Swift & Co 1st 5s
Union Pacific 6s
93
15,000
92
Jan
82*
83*
14,000
82
May
98*
"77«i
2,000
78
77*
4.000
Sept
77
June
85
Mar
80
May
91*
93*
93*
Sept
Apr
Jan
98*
Sept
Jan
84
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Sept. 18 to Sept. 24, both in¬
clusive, compiled from official sales lists:
American Radiator
Last
Sale.
Price.
Week's Range
of Prices.
Low.
High.
Range since Jan. 1.
Lor
High.
...100
Atlantic Petroleum
10
Baltimore Brick
100
81
3*
1
"Tio
Cent Teresa Sugar pref
93*
84*
Preferred.............5
"~4*
38*
Elkhorn Coal Corp
50
Houston Oil pref tr ctfs.100
v t
r100
Central
"69"
94*
85
482
40*
4*
546
39
285
84*
4*
37
20
35
248
200
23*
76*
80
130
30
1,600
10
75
July
2*
1*
Feb
Jan
Aug
20
1.05 June
7*
39
Aug
July
93*
Sept
74* June
40
Sept
3* May
32*
Feb
20*
Feb
Jan
90
4*
Apr
2*
Jan
Aug
25
3.40
Jan
11
Jan
46
Jan
103*
Jan
89
May
45*
4*
44*
Mar
27
Jan
Jan
Jan
69
69
93
66
Aug
95
Jan
64*
42
60
July
70
Jan
81*
99
74
Feb
84*
Mar
16*
400
13
Aug
16*
Sept
11*
12*
700
11
Feb
15
Jan
60*
12*
82*
16*
100
60*
86*
74*
96*
93*
72*
$6,000
56* May
85* Aug
72* June
96* July
70
Jan
Bonds—
Chicago Ry 1st 5s
1927
Consolidated Gas 5s.. 1939
Cons g, el&p 4*s..1935
86
"74*
7 per cent notes..
74
96*
6 per cent notes
93
Consol Coal ref 5s
1950
Convertible 6s
"72*
1923
72*
4,000
12,000
1,000
96
Jan
81
Jan
Chicago Elev Ry, pref-100
Commonwealth Edison. 100
Continental
75
July
Ga Sou & Florida 5s.. 1945
75*
75*
75*
Sept
82*
87*
62
62
60
June
62
55
May
69
42
Mar
56
Mar
49*
62*
56
Mar
63
Jan
61*
62
Income 4s
1949
48*
Funding 5s
1936
61*
48*
62*
1,000
4,000
18,000
4,000
12,000
62*
600
Cudahy Pack Co, com. 100
Deere & Co, pref
100
"68"
68
93
93
Diamond
"167"
107
107
75
50
51
760
Match
100
Godschaux Sugar, com_(»)
Great Lakes D & D
100
Jan
Hupp Motor
..10
Illinois Brick
16*
Sale.
Jan
Jan
Sept
Jan
90
5,000
85* May
91
Feb
69*
1,000
69
76*
Jan
Amer Rolling Mill com..25
Aug
Preferred
High
420
9*
July
110
111
250
107*
Aug
86
11
12*
140
140
140
41
41
41
light
32*
14*
.....
50
50
Kay County Gas
Lone Star Gas
25
50
m arland p etr oleum
5
Middle States Oil...
Preferred
10
Plttsb Brewing
Preferred
com
..25
Sears-Roebuck, com
100
Shaw W W, com..
(*)
Standard Gas & Electric.50
Preferred
.50
Stew't Warn Speed,comlOO
Swift & Co..
100
Swift International
15
Temtor Prod C & F "A"(»)
Union Carbide & Carbon. 10
United Iron Wks v t C...50
Unit Pap Board, com.. 100
Co
(*)
Wrlgley Jr, com
Bonds—
...25
50
......
50
Chicago City Ry 5s... 1927
Preferred
100
Pittsb-Jerome Copper
1
Pittsb & Mt Shasta Copp.l
Pittsb Oil & Gas
100
Pittsb Plate Glass
100
Union Natural Gas....100
11
2,005
28*
1,425
33
33*
600
39*
39*
31*
39*
25
33*
61.5
65
65
65
180
190
•
"131"
85
Par.
StocksAlliance Insurance
American
100
108*
"65*
Mar
41
Feb
39
Aug
Sept
Sept
Sept
31*
65
91
180
141
89
918
130
Aug
243
Apr
10,615
61
Feb
90
Apr
Jan
450
12
Aug
26*
25
35
July
Aug
42*
Feb
50*
Apr
11,320
27*
1,545
Jan
103*
Aug
31*
33
2,255
28*
Aug
55
Jan
41
110
39*
Aug
49
Mar
65
12,100
64*
14*
Apr
74*
Aug
42
Feb
31*
19*
19
30*
30
48
51
450
"30*
175
1,214
20
128
Jan
Jan
36*
Mar
Apr
Sept
28*
56
May
Mar
33
3,065
15
15
15*
1,205
74
73
74
96*
96*
62*
62*
62*
60* May
96*
72*
36
36
12,000
34
Feb
42
June
60
60
3,000
57
May
70
Mar
77*
77*
6,000
77
Aug
87
60
60
2.000
60
Aug
66*
30
~
m-
Aug
40
15
Aug
190
70*
Aug
23*
81*
$2,000
95*
July
Jan
Apr
3,000
Aug
Feb
Feb
Mar
June
47
Apr
3*
Aug
11*
4*
3
92
July
100
Jan
10
90
Sept
90
Sept
32*
33*
3,465
25*
June
39
14*
15*
110
14* June
17
91
91
70
June
Mar
93
Feb
Jan
70
Sept
50
Jan
Elec Storage Battery.. 100
General Asphalt.
100
130
128
128
3,484
99
Feb
141
62
62
5
45
Aug
130
Jan
100
96*
96*
5
77
Aug
193
Jan
7*
28
100
6*|June
27* Aug
13
Feb
10
7*
27*
47*
Jan
40
42
34
Aug
58*
Apr
Aug
13
Jan
Preferred
...
Hunt & Bd Top ctfs
Insurance coofna
28
100
Keystone Telephone
Lake Superior Qorp
50
100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Val Transit pref.50
Little Schuylkill
50
Jan
50
63
69*
Jan
50
65
76
Jan
42*
42*
Wire
no
"20*
50
14*
430
11
Aug
44
Feb
34*
1,344
29*
July
26
325
26
Sept
26
4
4
240
3*
Aug
8*
60
100
64
July
37*
July
43*
100
31*
Aug
29* May
42*
36*
Jan
310
52*
880
52*
Sept
20*
5,760
50* ?July
20* Sept
25*
Jan
34
20*
,
*
15
8,108
50
708
Jan
Phlla & Western pref
50
28
28
5
Apr
Reading
50
93*
93*
Feb
48*
49
50
1
1lA
1
l*
50
24*
50
685
1,260
18*
Sept
85*
227
84*
Aug
92
Jan
July
25c
Aug
53c
Apr
Jan
Jan
Sept
57
Jan
90
84*
Aug
8*
37
88.36 88.94
33,700
4th Lib l'n
85.20 86.34
53,150
82.30May
92.88
95.30 95.60
66,600
94.70 May
99.34
Jan
79
Sept
82
21,000
90*
51*
Sept
Sept
Apr
Jan
38,500
101*
Sept
4*8.1933-38
Victory 4*s
Allegheny Vail
gen
1922-23
4s. 1942
79
79
90*
90*
51*
52
Aug
172
Apr
49
49
40
114
Lake Superior Corp 5s 1924
May
225
Mar
Lehigh c & n cons 4 *s 1954
Natl Properties 4-6s..,1946
Pennsylvania 10-yr7s.l930
81
3
58
50
58
Sept
Jan
Baldwin Locom 1st 58.1940
Jan
Elec & Peo tr ctfs 4s_.1945
75*
Jan
Jan
Mar
$2,000
48
Junel
55
51*
101* 101*
French Govt 8s.
1,000
2,000
89.80 Sept
85.00 Aug
2,000
48
81
2,000
3
12,500
103* 103*
8,000
Sept
Jan
Jan
3§
Jan
100*
1,000
1966
82
83
3,100
p c c & St l 5s
1970
79*
79*
15,000
79*
Reading gen 4s
Apr
103*
July
53
Aug
72
79*
July
93
82
July
93*
Feb
Apr
79*
Sept
d?2*
1997
80*
81*
13,000
72
Apr
65*
65*
5,000
65
June
98*
98*
1,000
98* Sept
93
93
13.000
Jan
101*
90*
34,000
1930
Jan
Aug
81
Welsbach coiss
99*
65
Jan
3
57
Small
94.60
80
57
81
Jan
91.78 Apr
91.90 Jan
63
80*
Peoples Pass tr ctfs 4sr 1943
Phlla Electric 1st 5s..1966
100.00
May
Aug
u s'Rubber 7*s
Jan
Jan
84.20 May
86.40 May
149
55
Jan
Feb
$7,100
612
440
40
34,200
170
463
108*
8*
86,000
Mar
48
Jan
85.16 86.00
18
47
Feb
35
87.30 87.30
May
Jan
8
11
89.90 90.34
4c
Jan
60
110
4*8.1932-47
11
Jan
Feb
34*
30c
107*
115*
118*
2*
3,413
345
130
3 1-16 Jan
36
1,000
84* Aug
105* Sept
101* Sept
45* May
Aug
35
8,000
135
Sept
1
37
9c
140
49
Feb
1% Sept
185
14
Jan
Sept
July
42c
37*
95
July
41c
9* Aug
117* June
Feb
Jan
4*8—1927-42
3d Lib Loan 4*s_..1928
1st Lib l'n
2d Lib l'n
71
Mar
88*
"36"
u s Lib Loan 3*8.1932-47
Mar
Mar
29
Bonds—
Sept
Apr
Sept
Jan
Sept
23
8
10
63
163
37
51*
33*
28
10
West Jersey & Sea Shore. 50
255
65
* Sept
July
June
1,418
Warwick Iron & Steel.10
420
27*
Jan
167
tj s Steel Corporation.. 100
11
1-16 Sept
12*
50
Mar
167
Jan
Apr
200
1*
Apr
Apr
50
1* 1 9-16
24*
25
l*e
Feb
71
75
2,004
14*
85
100
2,308
37*
32*
50
United Gas Impt
1,400
16
65
1-16
Warrants
Phlla Rapid Transit
61*
6*
38*
13*
63
Philadelphia Traction...50
United Cos of n j.....100
50
40
52
25
Union
48
45
Aug
May
Sept
37*
33
par
Jan
9*
19*
55*
52*
Apr
Jan
Jan
Aug
20
Jan
Apr
July
Apr
50
2*
May
20
Mar
42
45*
5*
Sept
42
Philadelphia Co (Pitts)..50
Pref (cumulative 6%).50
Traction
Mar
50
51*
.50
Mining.4
65
41
July
4
12
22
9*
57
Sept
June
12
20
Aug
June
40* May
33*
2I*
10
798
37*
48*
670
6,740
50
100
Tonopah
9,829
1,765
62
580
Second preferred
Tono-Belmont Devel
6*
12*
58*
48*
8*
33*
Jan
4*
16*
50
40*
Apr
6*
35
33*
Apr
297
833
8*
Jan
39*
5*
1,535
8*
11*
91*
20
11*
60*
50
15*
58
Jan
gSept
Apr
Jan
32*
53
fJuly
Sept
54*
1,512
44
Sept
30
51*
Jan
8* 'Mar
60
2
200
50
23
64*
90
8
1*
Apr
8* rMar
37* Feb
5
89
119
Sept
31
15
35
8
19
130
200
80
1,765
2*
8
19*
35
8*
28
33*
8*
F
H.gh.
70
50
147
1,328
33*
Shares.
45
Pennsylvania
Feb
Low.
High.
44
Northern Central
Aug
Range since Jan. 1.
Low.
•19
Price.
70
Pennsyl Salt Mfg
36
Sales
91*
Jan
10
49
Jan
Mar
52*
44
Jan
800
49
Mar
98*
28
United Rys Invest 5s. 1926
49
310
"76"
95
Bonds—
1955
Feb
28
13
108* 110*
July
Aug
May
Sept
36
34*
87*
Jan
50*
43
79*
"
v t c.100
45
131
58
.
35
Aug
...100
Corp
Aug
90
47
July
25
30*
Jan
25
28*
75
68*
19*
31*
First preferred
Buff & Susq
Sept
95
102
15*
40*
31*
"51"
Phil a Electric of Pa
West'h'se el & Mfg com.50
100
Aug
21
12*
par
no
Jan
13*
9*
270
36
13
"30*
..10
6
120
Apr
1,540
83*
..10
Gag
American Milling
American Stores
Phlla Insul
120
Jan
44
24*
34*
Friday
Jan
12*
45*
Aug
88*
130
Jan
Aug
23*
34*
July
,'l
88
""23*
Apr
9*
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Sept. 18 to Sept. 24, both
inclusive, compiled from official sales lists:
Jan
88*
90*
105* 105*
101* 105
Indep Brewing 6s.
10*
32
at
5
120
""Is"
100
West Penn Tr & w p pref.
14
Aug
(*) No par value
3* June
West'house Air Brake...50
Corp com
25
875
60
40
120
Preferred
127
18
Commonw Edison 5s.. 1943
South Side Elev 4 *s__ 1924
3*
165
Mar
58* May
5
Sept
27
7c
165"
11*
89
16
""60"
3*
120
u s Steel
13*
12*
"42c"
Stand Sanlt Mfg com..100
Transcontin't'l Oil (no par)
Apr
27
—
Chicago Railways 5s_.1927
MInehlll&sh
10
"85"
Sept
Sept
3
22
Chic City & Con Rys 5s '27
Jan
66*
Pittsburgh Coal com...100
58
247
Aug
Armour <fe Co deb 7s..l930
135
26
25
...
70
30
5
Jan
t
Mklvale Steel & Ord
32*
"49*
50
58
May
__(*)
Apr
13
50
Paragon Refining
July
4
4*
6*
71
28
(*)
Truck
1* May
10
Fireproofing com—50
Ohio Fuel Supply
Oklahoma Nat Gas
9*
64*
16*
125
1*
31*
54*
Apr
92
5
100
540
3*
Jan
23*
11
.....100
1*
3*
96
Feb
45
m.
PlgglyWlggly Stores,Inc(*)
Pub Serv of N 111, com. 100
1*
3*
2
8
1
& Heat
Nat
86
Feb
90
Habirshaw el Cable (no par)
Harb-Walk Refrac com 100
Mfrs'
25
2,950
50
95
3*
100
Guffey-GillespieOil (no par)
Indep Brewing com
Preferred
......
Aug
8,420
1,285
"33"
5
1*
5
Consolidated Ice com...50
High.
16
Bank of Pittsburgh
50
Barnsdall Corp class a. .25
Carbo Hydrogen Co com.5
Crucible Steel pref
Fayette County Gas
16
Low.
60*
"11*
__5
Week.
Shares.
86
'116"
...100
Preferred
Carnegie Lead & zinc
Range since Jan. 1.
60*
Arkansas Nat Gas com. .10
►
for
12
60*
Amer Vitrified Prod com 50
Amer Wind Glass Mach 100
of Prices.
Aug
13
6*
Orpheum Circuit, Inc
1
People's G L & Coke..100
Jan
Sales
Low.
60
75
515
16*
10*
j g Brill Co...:
Price.
555
200
16*
6
10
...
Feb
62
12*
"l6 "
Motor
May
16*
(*)
Reo
61
102
76
6
100
Quaker Oats Co
Mar
Aug
5
"12*
(Albert) & Co
125*
44
92*
104*
Feb
58
Llbby, McNeill & Llbby. 10
National Leather
101
Sept
Sept
Sept
15
58
Lindsay Light
10
Middle West Utll, com. 100
Co
Jan
Feb
13*
71
100
Motor
25
65
Feb
8*
108
61
Kansas City Ry com ctfs..
Preferred
1,565
Jan
24*
Apr
11* June
75
......
M. <• «P ~mm.
100
Inland Steel
70
Aug
75
Apr
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Sept. 18 to Sept. 24, both in¬
clusive, compiled from official sales lists:
Par.
50
Hart,Shaff&Marx.com. 100
Preferred vtc
Stocks-
Sept
Jan
Feb
Sept
2,000
Week's Range
May
for
78
Last
3
100*
8*
472
1,740
Jan
Mar
Week.
78
Friday
1,300
of Price*.
Georgia & Ala cons 5s. 1945
90
m
Week's Range
June
1941
w
"i01*
Last
93
....
m
10
Sale.
93
6 per cent notes
Motors
Feb
93
Wash b & a 5s
Jan
Mar
May
62*
89*
69*
Sept
Sept
6
Apr
May
89
62*
9*
525
98*
93*
95*
83
1936
23
150
6*
6*
Jan
96
small..
785
10*
4
4*
100* 101*
9
8*
»
'Jan
4,000
1,000
do
m.
96
4,500
"62"
24*
10
m +
79
17,000
Macon Dub & Sav 53.1947
23
«»
July
91
United Ry & e 4s....1949
Aug
June
96
_
91
69
93
*9l"
60
93
91
f
93
3,000
5,000
92*
conv s
Aug
Mar
Jan
100*
96
Cosden & Co
Elkhorn Coal Corp 6s. 1925
Fla Cent & Penin extd 6s.
—
(*)
Ward, Montg & Co, pf.100
Western Knitting Mills.(*)
93*
70
Aug
15
92*
(*)
common
Apr
67* May
7,836
110*
17*
95*
Chic Cy & Con Ry, pref (*)
Wahl
30
120
15*
100
Apr
64
Pennsyl Water & Power 100
United Ry & Electric...50
8
46
23*
50
Seaboard Air Line
3,424
30
"76*
Mt v-Wood Mills v t r.100
Preferred
1.25
93*
40
par
Davison Chemical_ .no par
Northern
4
25
1.10
46
25
no
100
8
Consol Gas, e l & Pow. 100
Consolidation Coal
100
Cosden & Co
325
2*
2
25
Celestine oil.
35
81*
3*
3*
2
Boston Sand & Gravel...
Commercial Credit
81
85
Aug
Sept
15*
Preferred
Lew.
July
88
90*
.15
(J I)
68
140
780
Armour Leather..:
Preferred
Briscoe,
265
High.
90
88
90*
Case
75*
-•*
Low.
Shares.
193
Il6
69*
"91*
Week.
Shares.
100
Range since Jan. 1.
High.
100
Republic
Alabama Co
Low.
Price.
American Shipbuilding. 100
Pick
Sales
Friday
Par,
Week.
Armour & Co., pref
Mitchell
Stocks-
for
of Prices.
Sales
Friday
Last
Par.
Week's Range
Sale.
Exchange Sept. 18 to Sept. 24, both inclusive:
92
July
Feb
s
76
98*
98*
Jan
Apr
Jan
Sept
Mar
Sept. 25
THE
1920.]
1367
CHRONICLE
Sales
Friday
New York "Curb" Market.—Below we
give
a
record of
to
It
Sept. 24, both inclusive.
market from Sept. 18
the week ending Friday
covers
Par.
Allen
to transactions
the "Curb"
on
no
such reliability attaches
the regularly
to those on
as
the
York
New
Exchange, for instance, only
members of the Exchange can engage
in business, and they
listed—that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings.
Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
are
permitted to deal only in securities regularly
in the official list at the end of the
day,
authentic.
are
Blgheart Prod & Ref
hand, there are no restrictions
be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transaction 3.
The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness cf this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
Of Prices.
High.
Sale.
Par.
Stocks—
Low.
Price.
Range since Jan. 1.
High.
Low.
2 %
Aetna Explosives _r (no par)
11%
2%
1%
11
11%
44
Air Reduction.r__(i)o par)
45
7,500
11,300
300
Aug
53
Aug
10%
%
July
1%
1%
1%
12,000
%
Aug
1%
10
10%
8%
11%
5%
Aug
Sept
39%
1%
Jan
Aug
6
8%
14,500
11,700
2,800
Aug
11%
Mar
Feb
Mar
Jan
Jan
Denny Oil.r
Dominion Oil.r
Dunn
Petroleum
%
Elk Basin Petrol _r
Federal Oil
Petrol.r
Preferred ,r
193
55
n 54
Mexican Panuco Oil
1,300
400
Midwest-Texas
Oil.r
National Oil.r
Feb
July
1,900
Sept
61
June
100
94
Aug
108
July
125
80
July
91
July
1,400
12
Aug
28%
18
Aug
39
45%
Jan
July
Noble Oil & Gas
North
American
Ryan
34%
5,800
400
53
6%
Colombian Emer Synd new
21%
r_(t)
6%
100
21%
21%
400
37%
Davies(Wm.)Co.Inc.r_(t)
13%
37%
14%
1300
5,700
80
7,500
9
Feb
Spencer Petroleum Corp. 10
13%
10%
3,600
2,900
12
10
Texas-Ranger Prod & Ref 1
%
Tex-Ken Oil Corp.r
2%
1
Texon Oil & Land.r.
Tropi cal Oil Corp
%
Jan
Alaska-Brit Col
Jan
Alvarado Min & Mill.r. .20
14
Jan
America Mines.r...
1%
%
Aug
Aug
50
7%
July
14%
31
July
Jan
Sept
54
Apr
121
170
Mar
HerculeB Paper_r_.(no par)
31,400
7%
6,100
7
Sept
65
100
Sept
30
83
Aug
100
8,400
8,400
1
Jan
1
Jan
Sept
84
3
2%
23%
2%
3%
26
3,600
1,600
Mercer Motors_r_(no par)
Morris (Philip) Co Ltd
8
£1
100
»
t
c..(t)
Sweets Co of Amer.r...10
Swift & Co.r
Swift
15
Tobacco Prod Exports r (t)
Carb.r(f)
5
Willys Corp com
r
1st
55
1,900
1% Sept
6
2%
Sept
39
Jan
May
Jan
May
500
10
Aug
Aug
Aug
"s'x
3%
Sept
18
3%
30%
5,200
33%
1%
6,300
100
24%
24
200
2%
6,700
44
5%
3%
28%
5%
3%
7,100
100
1,400
400
1%
Aug
7% June
Mar
47
Jan
June
29
Apr
6
Jan
May
3%
Sept
3%
Sept
12%
110
"32"
110
50
32
33
900
13%
16
%
....
%
65%
17
%
67%
9,600
106
28%
9
Aug
Aug
12,500
X
58%
Aug
5
Sept
5%
500
1%
12%
39%
31%
2%
10,400
1
Aug
7,500
9
1%
1%
12
200
1%
11%
37%
30%
30
1,500
32
Aug
June
4,050
27
Jan
5,100
1
1%
2
1%
3%
5,300
1%
2%
23,350
60
T%
3%
16%
59
1%
r 3
Sept
Sept
Sept
1% July
52
May
Sept
5
3%
19
1
1
3%
Jan
St Croix Silver
4
Jan
Seneca Cop Corp..(no
Sliver King Dlvlde.r
Cons'd.
Simon Silver <fc Lead
1
par)
1
r-._l
1
100
4
21,000
2%
Aug
5%
Jan
13%
Aug
26%
Jan
Standard Silver-Lead
70
100
70
Aug
100
100
50
July
85
Jan
104
110
2,900
85
July
110
Sept
21%
21%
100
19
May
31
Jan
Mar
48
48
44
Aug
65
318
10
273
Aug
388
Jan
276
20
260
Aug
372
Sept
Apr
275
100
10
720
720
730
85
660
Sept
382
382
390
100
343
Aug
480
May
40
350
Mav
448
Mar
179
9%
364
368
Jan
120
1%
Mar
10
52o
2%
64C
Sept
Sept
3
Sept
July
19o
1%
84
4
Jan
Aug
Mar
Aug
Sept
Sept
115-16 Jan
2%
Mar
3%
Mar
Mar
16
Aug
1 15-16 Jan
9-16
Feb
115-16 Apr
%
July
2%
Jan
June
3
Jan
3-16
62c
200
Sept
%
Jan
2%
16,500
8c
May
150
Jan
16,300
2c
Aug
15o
Feb
Aug
June
44o
Jan
15c
Aug
65c
Mar
1
%
1%
14
15-16 Jan
5,185
4c
20,500
18c
14c
17c
4%
Jan
Mar
130
1
%
9,500
5-16
6c
1-16
1%
14
6%c
%
1%
16
5
4
%
15c
%
19c
3%c 4%c
2 %c 3 %c
7c
,1
10c
8%
8%c
6
1 3-16
10c
10c
1%C
66,000
39,200
4,700
6,200
16,000
19,100
2,000
5,000
900
39,500
17,700
3
3%
6c
7c
34,100
8%
9%c
9,800
20,800
16,100
10,000
21,100
5c
12.650
7%
8c
10c
1%
1%
1%C1%C
8c
8c
5c
3%c
Sept
4%cMar
Sept
Sept
8%
Aug
X May
X Aug
1
1-16 Sept
5c
Aug
1-16 Mar
% June
12
Apr
l%cJuly
2c
%
4
3-18
10c
Jan
Aug
Sept
%cJune
1 3-16
Aug
1
Aug
1 5-16 June
1
July
2%
Aug
6c
7
Jan
Jan
%
%
Jan
Jan
32c
1%
Sept
6%cMay
14c
June
300
12%
1%
May
Apr
Jan
Feb
1 3-16 Jan
1%
12c
X
1%
19
Sept
Jan
Jan
Sept
Jan
14c
Jan
30c
Mar
1 9-16 June
8%
Jan
Jan
Jan
Sept
2%cSept
16,500
2,120
21,900
2,835
2,575
.8,020
1%
1%
1%
1% 1 11-16 2 3-16
1%
1%
1%
13-16
1%
1%
3 1-16
June
4,600
1 1-16 1%
""""%
2%c
10c
10c
Jan
15c
16c
176
Jan
4%
15c
Jan
Sept
1
Feb
4%
Aug
%
4,000
Feb
20
July
%c
4c
2,900
1
1
1
1
1
19,100
1,200
1,700
8,000
10
6C
1
6,200
6,000
179
9%
4c
Tonopah Belmont Dev
Tonopah Dlvlde.r
Tonopah Extension
1
13c
11c
177
1
4%e
White Caps Exten
White Caps Mining
1%
5%c 5%c
5c
1
West End Consol'd
%
%
Aug
2%
17,000
8%c 10c
Sept
15
900
2%c
3c
1
1
Unity Gold Mines..
Victory Dlvlde.r
775
2,500
3%
4c
Success
Tonopah Mining.r
United Eastern Mining.. 1
U S Continental Mines.r.l
3%
5%c
Stewart, r
Mining
4%
4 1-16
13-16
16c
Wllbert Mining
Jan
40
%c
lie
1%
"~5%c
So Amer Gold <fePlat.r_.10
200
57% '57%
Feb
4%cJune
10.000
25c
16c
15c"
12c
100
Jersey Zinc.r
Silver Pick
Jan
7,200
%c
%c
132,200
35%c 44c
%
King.r__l
Roper Group Mining
318
1
Feb
100
100
9c
1
Marsh Mining.r
Feb
(Ind).r.,100
Oil.r
2%c
1
1%
6%c
Standard Oil of N Y.r.100
Vacuum
...10c
Sutherland Dlvlde.r.
70
%
10c
500
Sept
1%
% May 1 1-16
20
Jan
7-16
.
4o
""""%
Jan
70c
July
Jan
Nipisslng Mines
5
Opbir Silver Mines.r.._.l
Prince Consol.
..2
Jan
%
July
60
16%
%
1% 17-16
%
%
3%
New
Sept
Aug
42c
3
10 c
Nabob Consolidated
June
920
Aug
1-16 June
Sept
55
3i«
Mar
17o
13c
40%
4%
Jan
58c
July
Ray Verde Copper
1
Rex Consolidated Min...l
80
7o
4c
Jan
Jan
July
40,070
Jan
Jan
3o
Jan
7 %c 13c
Motherlode.r
Sept
June
27c
Jan
%
78
%
Aug
Jan
32
Sept
600
113%
Jan
May
Mar
4o
10C
Magma Chief.r
Montana Silver
49o
17,700
__1
10
Jan
38o
2%c Aug
16c
Louisiana Consol
Mar
June
15%
Knox Dlvlde.r
Mar
eh
Aug
May
14c
Kewanus.r
Mar
40
19
4
15-16 June
lo
2c
15%
3%
1
150
Aug
Aug
%
18c
5
Sept
Aug
7-16
1 3-16 Mar
15c"
Jumbo Extension
June
%
Sept
% June
Apr
July
2%
15%
July
%
13
A
15%
Kerr Lake
9
10
"41C*
1
1
117
2,200
19,200
Jan
Synd.r(t)
Butler.r
75
1%
*50
Jan
'"4%
Howe Sound Co
45
Jan
17,500
20,900
7,500
2,300
2%
38c
2
%
10
100
1
Jan
Jan
25c
Honduras-Amer
1% Sept
36% Sept
740
Standard Oil
1
Hecla Mining
June
5
64 c
2%
30c
65c
1
Gold Zone Dlvlde.r
11%
1%
Jan
July
16
20,200
5
4%
61c
9c
HarmUl Divide-r
7
1%
9%C
4%C6%C
Jan
65%
450
6c
10
12
1
7,700
29,800
2,275
27,500
10,400
93,700
6,500
9c
128
126
128
Jan
%
900
2%
8c
10
4%
Aug
%
Goldfleld Merger _r
Jim
%
25
24%
Devel.r_....10c
Goldfleld Consol'd r
1% May
28% Sept
5-16
Golden Gate Explor'n_r.-5
Goldfield
7-16
1%
5
1% June
25
South Penn Oil.r
1
Gadsden.r
Jan
4
2%
4%
Forty-nine Mining.r
I"
21
2%
1
600
6%
Silver
1
5
28%
£1
r
32c
Eureka Holly.r
Subsidiaries
Ohio Oil.r
1
Esperanza..
Eureka Croesus Min.r
Oil
Galena-Signal Oil com
Divide Extension
Jan
11
39
41
110
Anglo-Amer Oil.r.
Darwin Silver
Apr
62
Rights.
Standlard
64c
35
6
6%
4%
1
1
Sllver.r
32
8
5
1%
preferred.r
Second preferred.r..100
Former
Consol Virginia Silver.r..6
Cortez
Aug
Sept
Sept
55
40
12
3%
3%
.....
(no par)
100
Nat City Bank.r...
Mar
Emma
5,900
100
Warren Bros.r
Apr
7%
Apr
3
Wayne Coal
33
9c
Cash Boy Consol
Jan
9,500
U. S. Ship Corp. -r
10
3%
2,600
1,500
3,100
55,100
%
%
"~24%
17
3%
10
Preferred
Carson Hill Gold.r
Feb
3
U S Light & Heat com.r. 10
U 8 Steamship
Candalarla Sliver, r
10
2%
U S Distributing com.r.50
Tool(t)
June
2% Sept
3,000
5
U S High Sp Steel &
7-16
5
El Salvador Sliver Min.r.l
3
Union Shipyards
United Profit Sharing..25c
Un Retail St's Candy.r_(t)
%
Canada Copper Co Ltd__5
Dolores
1%
Triangle Film Corp v t c._
Union Carbide &
CalumetAJerome Copp.r.l
Jan
"i'X
100
Internat.r
Jan
June
Jan
33%
"ex
Standard Parts com.r.. 100
Submarine Boat
1
21c
34
5
Root <fc Vandev't com..100
Singer Mfg.r
82c
17c
132
11
5
Peerless Tr & Mot.r__._50
Singer Mfg Ltd.r
65c
20c
Apr
8
10
Roy de France Toilet Prod5
6c
72c
17
10%
%
1
Caledonia Mining
19
55
Jan
147,600
18,100
7-16
Boston & Montana Dev..5
Booth _r
20
14,900
Jan
9%
18,500
10%c
8c
4c
Sept
600
Reo Motor Car.r.......10
%
Sept
1,500
Republic Rubber.r (no par)
Reynolds (R J) Tob B r 25
8%c
Big Ledge Copper Co
July
7%
5
Belcher Extension- r __10c
4
13%
•2%
6c
8c
6%
1%
1%
3-16
2c
5%C
8
7
Sept
24,800
20,400
22,600
7,500
l%c
6c
200
12%
7
(f)
Aug
*
2c
Jan
130
,
1
1
r
1,000
12%
►•Preferred.r
3%
.
7,500
"i%
Mar
1%
23%
Aug
8,100
1
15%
%
%
10c
Mines.r
Belcher-Divide
8
5%
1
Locomobile Co.r ..(no par)
New preferred.r
10
Mar
14
9-16
Arizona Globe Copper... 1
Atlanta
%
14%
1
7%
Libby.McNeill&Libby.r 10
1% June
4
Apr
1
17,500
25
23
14%
8
10%
%
Aug
July
Feb
800
%
Jan
Mar
Jan
% May
7,800
1.5-16
Metals.
4%
4
1%
Jan
Aug
Mining Stocks—
7%
4%
1%
1
47%
9-16
4,800
13,000
23%
4
13%
1%
Nor Am Pulp <& Paper. _(t)
Aug
Aug
101
1%
Hocking Val Prod, (no par)
Imp, Tob & G B & Ire.r.£l
Kay County Gae.r
July
Sept
40%
84
Heyden Chemical.r(no par)
Indian Packing Corp.r.(t)
Intercontinental Rubb.100
29%
5%
3%
64%
1%
23%
Sept
23
700
100
100
Grape Ola Prod Corp com 1
Preferred
1
1%
73%
85%
Aug
•
.5*
100
11-16
..I..
29
Aug
7%
%
18
Sept
2
13%
22%
&
500
47,500
11-16
Jan
7%
Sept
8
1,800
%
2%
2
1
5
25
Aug
58
%
•
1%
10
Victoria Oil.r
Vulcan Oil.r
12%
9-16
1
United Tex Petrol.r
14%
10%
-18
25
r
.
13
Feb
56
Aug
9%
85%
10%
500
10
83%
9%
Aug
Jan
1% Mar
40% May
Aug
Aug
20
"58%
33%
Jan
1
10%
% May
Aug
18
9%
Aug
8%
107
Goldwyn Picture r (no par)
Goodyear Tire & Rub r 100
31
1,400
1,100
21%
11,400
4% June
18
120
2,400
%
13%
Mar
600
4
Aug
12%
91
22
24%
Aug
12%
Aug
120
3%
%
5%
Aug
48
22
23
3,300
14,250
2,600
Sept
Jan
119
23
%
6%
%
%
5%
Aug
July
22
Garland Steamship.r_._<f)
Gen Asphalt, com.r
100
9%
May
14%
Farrell(Wm)<feSon
Gardner Motor Co (no par)
26%
Apr
1%
44%
14%
r(t)
Sept
5
4%
Aug
3% June
EmpireTube<feSteel(no par)
Firestone T & Rub, com. 10
25%
700
29%
29%
900
1
1
Crude Chemical, com.r
300
9
9
Continental Motors.r.. .10
500
7%
100
White Oil Corp.r..(no par)
50
26%
6,700
Whelan Oil.r
33%
25%
2%
Skelly Oil Co.r
Jan
90
I
Texas Chief Oil.r..
Jan
7%. Jan
Aug
June
1%
Aug
34%
5%
Aug
2%
59
2
Sept
Cities Serv Bankers «hs r(t)
Cleveland Auto Co, new(f)
1,000
Apr
100
5
4
1*4
Sept
2
3,800
3%
8%
5%
"31%
Salt Creek Producers-r__25
June
9,200
4
Jan
Aug
9-16 June 1 5-16
500
%
%
68
•
32
_
%
3%
July
6%
4,000
8
Jan
4c
II,600
IOC
20
52%
10,100
190
7%
i.
Aug
3%
21
May
""%
6%
Sept
f 9
Jan
Feb
128
7
19
9%
Jan
9
600
3%
36
3%
22%
400
10
Cons'd.r.w
10%
Feb
38
13
7c
25%
Oil.r..
2,400
May
68
100
25
July
15%
Jan
Aug
1%
11
155
10
100
100
Jan
29
77
39%
Aug
900
15%
?3%
Oil.r...5
20%
4
10%
July
41
Aug
Aug
Aug
Aug
1%
4%
500
7%
14%
1
41
20%
May
15
Jan
17% Sept
27
475
32
20
7%
10
Feb
18
2
6%
8c
15
94%
25
1%
Apr
16
Jan
6
151
IBI~
12%
90% June
2,300
Aug
May
17%
35
1% May
12
50
Refining.r
69
Jan
25% June
16
10
Midwest
July
July
8,900
1,600
1,900
1,800
33%
1%
14%
Jan
9%
33%
32
19
10
Jan
3%
600
7%
Merritt Oil Coro.r
60%
120
7,600
6
21
Radio Corp of Amer.r.
June
30%
141'
Perfection T <fc R.r
Aug
80
.25
S21
100
National Leather, r
26
100
%
2%
Oil.r..(no par)
Maracaibo Oil Explor.r(t)
May
83
12%
12
Chicago Nipple Mfg cl A 10
-
300
94
1%
Manhattan
7% preferred
Bucyrus Co.r
Preferred _r
30
94
Livingston Petrol _r
Brit Empire Steel, com 100
com
4%
16
100
Conley Tin Foil
May
33%
£1
5
59
82%
100
Brit-Am Tob Ord bear -.£1
Car Ltg <fc Power, r
May
July
2
Aug
7%
%
6,500
9%
58
99
96%
98
100
16
93%
"15%
15%
93%
100
Bordem Co com.r
18,600
3,800
1
%
*32%
Slmms Petroleum r(no par)
Sinclair Con Oil, pref..
11
10
Armour Leather com.r._15
jr Preferred .r
Automatic Fuel S.r
1%
2%
2
Feb
105
Amer Writ Paper, com.
1%
%
Petroleum _r
Lone Star Gas.r
6%
94
10
Guffey-Gillesple Oil.r..(t)
Imperial Oil.r
Leetone
80c
2%
29%
Grenada Oil Corp cl A.r.10
Internat
9
Jan
Jan
30
Gilliland Oil,com.r. (no par)
Preferred .r
100
11%
400
62%
100
100
8%
Jan
3
1%
5
Glenrock Oil.r
1 1-16
90c
9
"2%
Engineers Petrol Co.r
1
Esmeralda Oil & Gas.r.. 1
May
64
Amer Chicle pref.r
Mar
6%
Settled Prod.r
5
Jan
Jan
1%
200
Sapulpa Refining.r
100
3%
Apr
17,300
Jan
6
7H
Apr
%
%
Jan
6
1%
1%
Aug
4,700
7,500
13,900
15%
8
36
Am
25,600
2%
Apr
%
49
.8%
2%
1 1-16
1
1
7%
Sept
500
Apr
12%
12%
Aug
8%
13
15-16
% Sept
5
...
Cosden & Co com.r
7
8%
Aug
Aug
19c
Cushlng Petr Corp com r.6
Carib Syndicate new.r
35
Allied Packers.r
(no par)
Candy Co,com(no par)
4% Apr
11% July
8%
1 1-16
Jan
May
1%
10%
200
1%
Red Rock Oil & Gas.r..
1
Coal.r
Apr
2%
Petrol Prod of America
Industrial & Miscell.
Jan
90
1%
Producers <k Ref of Amer. 10
Acme
45
Aug
Oil.r..!
Boston-Wyoming
Pennok
Shares.
Aug
71
2%
Paragon Refining.r
Week.
9
430
1
Panhandle Prod&Ref pf 100
for
Week's Range
Last
Week ending Sept. 24.
820
5
Petrol .r
Omar Oil & Gas
Sales
12%
74%
10%
10
Oil.r
_
On the "Curb," on the other
whatever.
Any security may
11
73%
"il%
10
Atlantic Gulf Oil Corp. 100
Boston-Mex
Stock
10,000
76,000
I,500
27c
22C
1
Boone
organized stock exchanges.
Apr
Jan
3%
Sept
1%
%
1%
22c
1
Arkansas Nat Gas.r
2%
High.
Low.
Shares.
%
1
Anna Bell...
It should be understood that
On
Oil.r
Allied Oil.r..
afternoon.
High.
Low.
1.
Week.
of Prices.
Price.
Range since Jan.
for
Week's Range
Last
Sale.
(Other Oil Stocks
the transactions in the outside security
19c
Jan
?«°
Jan
3%
Jan
4%
Jan
2 15-16
3%
4%
Jan
Jan
Jan
Jan
lie
Apr
9
Jan
4%0July
290
Jan
1
2 7-16 Jan
Apr
Aug
lo
May
3c
6c
Aug
Aug
20o
Apr
12o
Mar
30
Jan
CHRONICLE
THE
1268
[Vol. 111.
Friday
Week's Range
Last
Allied Pack conv deb6a r'39
66 hi
Week.
57
255,000
56%
95%
92%
95%
1924
99%
Mln 6s.r '29
Anglo-Amer Oil 7%b —'26
91%
91%
99
99%
Armour A Co 7% notes r'30
Beth Steel 7% notes r.1923
95%
95%
Ancaonda Cop
98?*
97%
94%
95%
40
42
99%
87
99%
87%
99
99
92
92%
10,000
90
97%
96%
French Govt 4s. t
47
48%
60,000
45
French Govt 6b._r
Goodrich (BF) Co 78.1926
Interboro R T 7s.r...l921
60
61
18,000
34,000
56
98?*
Canadian Nat Rys 78.1933
C C C A St L Ry 6s
r
"87H
1929
Colum Graph Mfg 8s. 1925
Cons Textile deb 7s.r.l923
'92%
62%
92%
64
97 %
"75
N YNH AHart4s.r 1922
Ohio Cities Gas 7s-r„ 1921
1013*
99?*
76
Jan
98?*
Sept
98?*
Aug
Sept
99%
1922
69%
Aug
75
98
Sept
Sept
Sept
983*
Sept
Sept
94
95%
96
93%
93 J*
94
93?*
903*
Aug
93 %
93%
1925
95
93%
Pan-Amer Petrol A Tr 7s'20
94
Russian Govt 6Hs.r..1919
22
22
1921
Seaboard Air Line 6s
'25
22
23
Southwestern Bell Tel 7s '25
92%
Switzerland Govt 6?$b.1929
Texas Co 7% notes.r.1923
83
'98%
98%
Union Tank Car eq 78.1930
Western Elec conv 7s.r_'25
97%
97%
115,000
"98%
98
98%
60,000
95
94?*
Sept
Sept
86%
90
82J*
July
Feb
38
98
Apr
96
Jan
97?*
93
Apr
Jan
973* June
993*
May
96?*
98
Sept
Aug
Apr
99?*
96?* July
Pe
r
shar
e
Bid.
Par
107
110
Co
100 410
Buckeye Pipe Line Co— 50 *92
Chesebrough Mfg new—100 220
425
Carol Clinchfield& Ohio 5s.
Anglo American Oil new- £1 *21h
1200
Atlantic Refining
100 1150
100
Preferred
Borne Scrymser
95
13%
16
485,000
13?*
June
17
110,000
16
Sept
Sept
28
16
28
July
4Hs.r.
16
16
10,000
16
Sept
293* June
17%
17% 100,000
45,000
16%
10,000
21%
173*
Sept
10
Sept
21?* Sept
16
16
16
1,000
25,000
14
14%
17
419,000
Coblenz
4s.r
17%
16%
.......
Dresden 4s.r
Frankfort 58.r
German Govt 5s.r
10
21%
16"
Hamburg 4s.r
4%b.r
15
Leipzig 4Hs.r
5s
16
15
16%
55,000
15
19
32,000
18
10,000
16?*
16%
16%
June
27?*
283*
Sept
Sept
Munich 5s. r
June
28
Sept
19
July
June
23?* June
Sept
14% Sept
15
Sept
19
_r
29 J*
27
34
June
June
27?*
July
July
28
Equipment 5s
Chicago & Alton 4?*s
Equipment 5a
Chicago & Eastern 111 5?*s._
Cbic Ind & Loulsv 4?*s
lots,
f No
par
i Listed
value,
as
/ Listed
prospect.
a
Exchange this week, where additional transactions will be found.
r
Unlisted,
w
When
issued,
Ex-dividend,
x
J Dollars per 1,000 lire, flat.
Ex-rlghts.
y
the
Stock
oNew
stock,
on
z Ex-stock
dividend
A: Correction.
105
120
125
*29
32
140
145
Eureka Pipe Line Co.... 100
120
125
Galena Signal OH com—100
48
52
Chic St Louis & N O 5s
7.75
100
90
88
95
Chicago & N W 4?*s
Chicago R I & Pac 4?*s
160
165
7.50 6.50
8.50 7.50
8.50 7.50
Preferred old
.100
Preferred new
Illinois Pipe Line
100
92
Equipment 5s
50
*93
95
Colorado & Southern 5s
£1
*33i2
35
Erie
National Transit Co.—12.50
*29
31
New York Transit Co—100
170
Northern Pipe Line Co. .100
98
100
25 »313
318
Indiana Pipe Line Co
International Petroleum.
Ohio Oil Co
180
25
*50
53
100
565
575
100
100
228
405
124
270
Penn Mex Fuel Co
100
Southwest Pa Pipe Lines. 100
8.75 7.50
8.25 7.25
8.25 7.25
Hocking VaUey 4?*s
Equipment 5s
7.50 6.50
Illinois Central 5s
7.50 6.50
Equipment 4?*s
Kanawha & Michigan 4?*s--
8.20 7.25
233
Louisville & Nashville 5s
415
7.50j 6.50
Michigan Central 5s
128
275
7.25, 6.75
7.25 6.75
Equipment 6s
Minn St P & 8 S M 4?*s
7.30j 7.00
64
68
313
718
316
Missouri Kansas & Texas 5s.
723
Missouri Pacific 5s
Standard Oil (Kansas)... 100
7.30, 7.00
Equipment 5s & 7s
530
550
Standard Oil (Kentucky) 100
370
380
Standard OH (Nebraska). 100
430
445
New York Cent 4?*s, 5s, 7s_
Standard OH of New Jer.100
650
655
N Y Ontario & West 4?*S—
100
Preferred
1047g 10514
Mobile & Ohio 5s
Equipment 4?*S—
Norfolk & Western 4?*s
Standard Oil of New Y'k. 100
380
384
Northern Pacific 7s
Standard Oil (Ohio)
100
420
440
Pacific Fruit Express 7s—-—
100
105
108
...—100
65
75
Union Tank Car Co—100
122
126
Preferred
Swan & Finch
Equipment 4s
100
96
99
100
360
370
St Louis & San Francisco 5s-
Washington OH
Other Oil Shtcks
10
*32
37
Imperial Oil
25 *100
105
Southern Pacific Co 4?*s, 7s-
0 325
Magnolia Petroleum...
0*151
Midwest Refining
Ordnance Stacks—Per Share.
350
Southern Railway 4?*S——
Seaboard Air Line 5s—
140
0
153
150
78
108
112
Par
0x270
310
American Cigar common. 100
Stock Exchange firm under that name consisting
Harvard
football
star;
J.
Russell
formerly
with
Paine,
Webber & Co.; Warren Ackerman, formerly with Carlisle, Mellick & Co.,
and W. J. McGlinn, a director of the Continental Equitable Title & Trust
Co., Philadelphia.
at 61
are
77
90
100
Brit Amer Tobac, bearer.£1
*12i4
1212
1234
50
65
Conley FoU (new).-.no par
Johnson Tin FoU & Met. 100
*21
24
100
110
50
52
MacAndrews & Forbes.. 100
110
115
100
83
88
25
*80
90
25
*42
5
de Nemours
—"Canada as a Field for Investment" is the title of an
interesting booklet
just issued by Wood, Gundy & Co., 14 Wall St., New York, outlining the
resources
and
of the Dominion and giving interesting data regarding the
provinces
cities
offering opportunities for investment.
Contained
within
the
222
230
76
78
64
0
0
32
36
0
72
76
0
203
210
0
Preferred
Hercules Powder corn-
92
95
are
also complete statistics pertaining to the War and
Victory Loan
bonds of the Dominion.
Preferred
Preferred
0
90
95
0
booklet
Pr el erred
Amer Machine &
Preferred
0
Broadway.
170
200
370
400
0
0
87
90
Reynolds (R J) Tobacco.
B common stock
100
130
140
100
Preferred
98
100
75
85
Short Term Securities—Pe r Cent
91
1924..M&S2
Am Cot OH 6s
Amer Tel & Tel 6s 1924. F&A
A&O
6% notes 1922
Amer Tobacco 7s 1920.M&N
MAN
M&N
7% notes 1921
7% notes 1922
33
375
410
9
80
93
9
All prices dollars
*23
9
50
45
60
55
Anglo Amer Oil 7?*s '25 A&O
Arm'r&Co7sJulyl5'30J&J15
80
90
Beth St 7s July 15
90
7% notes July 15 *23 J&J15
Canadian Pac 6s 1924.M&S2
9
Preferred
Public Utilities
share.
44
100
Preferred
Young (J S) Co
9
New York City Banks and Trust Companies.
130
*12
0
The offices of the firm
128
65
50
Patent Fire Arms
Mfg
Ask.
160
0
Colt's
Bid.
73
125
0
duPont (E I)
7.00
Share.
145
100
0
of Charles E. Brickley,
Butler,
Stocks—Per
7.00
8.25 7.25
6.90 6.50
100
60
0
former
7.37 6.60
8.00 7.00
Fdry.,100
British Amer Tobac ord__£l
0*
—Charles E. Brickley & Co. announce the formation of the New York
Tobacco
6.75
7.25
6.60
6.75
6.70
8.75 7.60
8.75 7.60
8.50 7.58
7.35
Virginian Ry 6s
76
0
NOTICES
7.25
7.60 6.60
8.00
Equipment 5s
Toledo & Ohio Central 4s—
Union Pacific 7s——
0
Preferred
8.25
7.37
8.25
7.50,
7.25
7.00
7.50
8.50 7.50
Equipment 4?*s
«•»«•«■»
8.75, 7.50
8.75 7.50
8.25 7.25
16.50
7.50 6.60
Pennsylvania RR 4?*S—
Reading Co 4?*s
8t Louis Iron Mt & Sou 5s._
75
7.00
8:75 7.60
8.75 7.56
5s
Equipment 4?*s
Standard OH (Indiana).. 100
Standard Oil (California). 100
0
CURRENT
7.50
8.25 7.25
7.25
7.25
7.50
7.50
8.50 7.50
8.25 7.25
8.25
8.25
9.00
9.00
100
Preferred
Odd
—
50
Cumberland Pipe Line—100
100
Vacuum OH
*
.
4?*s
Chesapeake & Ohio
100
Preferred new.—
South Penn OH
Bremen 4s.r
Central of Georgia
230
7.50
7.00
7.00
7.00
6.75
Crescent Pipe Line Co—
Continental OH
Southern Pipe Line Co—100
Marks
.....
Basis.
8.35
7.75
7.75
7.75
7.75
8.50
Buff Roch &
Pittsburgh 4?*s
Equipment 4s
Equipment 6s
Canadian Pacific 4?*s & 6s_.
22
Solar Refining
Municipal Bonds
15 %
175
Baltimore & Ohio 4?*8-.
Ask.
Prairie Pipe Line
German Government and
Berlin 4s.r
85
165
"and interest" except where marked "f.*
Prairie Oil & Gas
(DoUart per 1,000 MarIt)
•160
75
West & Bronx
RR. Equipments—Per Ct.
Standard Oil St<»cks
Feb
66?* Sept
Aug
Aug
Aug
July
92
95%
92%
83%
June
*
Sept
53
92% 410,000
12,000
50,000
44,000
99
51,000
"96%
Southern Ry 6% notes 1922
953* June
Sept
39
22
50,000
56% 120,000
53%
91%
55%
95
7,000
20,000
6,000
96
17,000
94% 140,000
24
10,000
150
U S Title Guar
&
Quotations lor Sundry Securities
All bond prices are
97?* June
Sept
94
1924
Jan
Sept
Sept
92%
1923
120
Title
Mortgage..
108
(Brooklyn).
U S Casualty.
Title & M G
July
Apr
May
1
r._.
77
99
96%
j.
209
110
Surety..
Y
N
June
95
7s.r.
SlnclalrConOll7%b
62
90
13,000
204
78
Jan
60,000
145,000
63
72
-
Ask
98
Assoc
Realty
Apr
88,000
75
58
Preferred
Aug
1033*
98
98%
City Investing
Sept
89
99%
93
73
Nat
220
80
Mtge
Sept
99%
98
98 %
214
115
75
Bid
Ask
110
72
Bond & M G-
Bid
Lawyers Mtge
Bond..
80
67
SePt
Aug
56%
75
Amer Surety-
Jan
95
43
Aug
90
Ask
Aug
50,000
18,000
7s_r
5%b.t
Jan
96%
93
7s.r
Mar
98
Kennecott Copper 7sr. 1930
Morris A Co 7?$s.r.—1930
Nat Cloak & Suit 8s r 1930
7s.r
92%
Jan
Bid
Mar
96?*
Sept
92
101?*
101
July
Sept
41
1921
City Realty and Surety Companies.
All prices dollars per share.
Jan
Jan
Sept
50%
31,000
96%
97
"95"
7% equip tr ctfs w 1.1935
Boone OH 6s
New York
High.
92%
Aug
91% June
35,000
99% Sept
6,000 87 %
June
52,000
98
Aug
145,000
94?* July
97
5,000
Sept
266,000
94?* Sept
36
42,000
Aug
9,000
993* Sept
82
15,000
Apr
99
10,000
Aug
92
99 %
American Tobacco 7s. 1923
Low.
95% $74,000
93%
99%
6% notes.r
Range since Jan. 1.
for
High
Low.
Price.
Amer Tel A Tel 6e.r..l922
Sales
of Prices.
Sale.
Bond*—
7% notes 1923
M&N
Anaconda Cop Mln '29.J&J
'22.J&J15
92% 92^4
9514
99% 100%
95
9912100
99%100
99
9912
91l2
92l2
9912
96lg
99
95%
per
98
9714
94%
98ia
97ig
9434
9
9
Rid
Ask
Banks
Bid
America*
205
215
Industrial*
Amer
260
270
Irving Nat of
Exeh—
Bid
200
215
220
230
Bankers Trust
360
Liberty
380
895
Central Union
368
Lincoln
440
215
Battery Park.
Bowery*
Broadway Cen
450
308
315
150
160
Manhattan *
205
215"
Commercial-.
155
165
Bronx Boro*.
105
125
Mech & Met.
313
320
Empire
300
185
NY
....
200
.
Bronx Nat-..
145
155
Mutual*
490
Bryant Park*
145
155
Nat American
140
Butch & Drov
37
40
Cent Mercan-
200
210
iNew York Co
135
Chase
385
395
iNew
460
Chat & Phen.
Columbia
New
Neth*__
York
270
280
Pacific *
138
145
Park
560
Public.
City
305
312
Republic*
Coal & Iron..
250
-
-
Seaboard
630
FideUty Inter.
"
•
-
-
Colonial*
350
Second
450
190
State*
190
200
Commerce
217
222
Tradesmen's*
200
Comm'l
425
23d Ward*—_
348
150
220
....
210
wealth*
Continental..
Corn Exch*..
130
330
340
Cosmop'tan*.
110
180
Fifth Avenue*
900
Fifth
160
First
550
625
185" "
N Y Trust
595
615
185
Title Gu & Tr
308
350
U S Mtg & Tr
395
375
United
810
Brooklyn
925
First
205
215
170
Green point-
180
900
915
Hillside*
110
Garfield
225
235
Homestead*
80
Gotham
200
210
Mechanics'*.
Greenwich*..
250
Hanover
815
830
Harriman
340
Imp & Trad-
510
480
500
Hamilton
260
270
630
660
120
Kings County
Manufacturers
195
205
100
People's
270
285
•
*
-
88
Pub Ser Corp N J 7s '22.M&S
84
86
Reyn (R J) Tob 6s '22.F&A
95%
961s
18
Sloss Sheff S & I 6s '29.F&A
84
86
30
Southern Ry 6s 1922—M&S
9512
78
83
Swilt & Co 6s 1921—.F&A15
98%
9534
9834
Texas Co 7s 1923
99
210
220
360
North Side*—
195
M&S
98«4
45
U S Rubber 7 ?*s 1930.-F&A
98%
70
10
75
Utah Sec Corp 6s '22 -M&S 15
82
83
12
West Elec conv 7s 1925.A&0
98%
98*4
3
45
50
Industrial
*5
9
3
28
32
30
34
3
77
80
American Hardware
3
72
76
3
Preferred
67
71
180
People's
150
200
Ex-dlvidend.
y
Ex-rights.
100
194
39
100
62
65
100
135
138
Amer Typefounders com. 100
37
41
100
84
88
Brass
Preferred
Preferred
Preferred
13
15
Borden Company com—.100
Preferred
100
55
Celluloid
8
95
Intercontinen Rubb
*1212
Preferred
1st g 5s June 1
1384
International Salt.
♦34
Standard Gas & El (Del).
Preferred
86
92
Preferred
29
36
85
155
1
4
8
f47
55
com, 100
100
i0'2
66
*85
3
*8112
18
Lehigh VaUey Coal Sales. 50
Royal Baking Pow com.. 100
55
58
Western Power Corp....
or at
Stock Exchange
*
Per
/Flat
...
18
20
60
62
share,
price,
b Basis,
n
Nominal,
d Purchaser
1st gold 5s 1951
Preferred
Singer Manufacturing
Singer Mfg Ltd
also pays accrued dividend,
x Ex-dlvidend.
y Ex-right*.
1212
62
A&O
2
Preferred.
1
3
100
1922..J&D
International SUver pref.100
%
-
99
83
150
1
3
41
100
Havana Tobacco Co
25
97
197
100
Company
84
•••
t Sale at auction
and Miscellaneous
6
.epublic Ry
Preferred
Banks marked with (*) are State banks,
x
•
82
98i4
American Chicle com.no par
American
17
160
Ridgewood
74l2
52
3
205
520
—
Tr.
9
6
40
3
100
Nassau
Brooklyn
92
85
.
Montauk*
NewEstock.
9
90
Preferred
Brooklyn
155
t
7
1
830
States
98%
98
15
405
Yorkville*
~
70
9734
97%
3
315
425
66I4
80
73%
175
140
•
296
66
)
125
175
Coney Island*
this week,
Lehigh Pow Sec 6s 1927-F&A
Liggett&MyersTob6s'21 J&D
Penn Co 4?*s 1921—-J&D 15
293
27
265
United States*
190
170
90
69
26
64"
96
)
125
Cuba (Bk of).
East River...
88k
20
"62"
9312
92l2
3
255
105
Wash H'ts*_.
225
96
Laclede Gas 7s Jan 1929 F&A
....
24
Preferred.
160
Union Exch—
Common¬
93
Nov
92%
92
)
N Y Life Ins.
Trust...
93
15 1923..M&N15
6s
1924 M&N
3
Preferred
325
&
K C Term Ry 4?*s 1921-J&J
10
Federal Sug Rfg 6s
5
Colorado P ower com
145
Trust
68
5
3
170
Mercantile Tr
Interboro R T 7s 1921 M&S
66
3
Preferred
358
160
135
MetropolitanMutual (West¬
chester)
465
180
•»*«.«.
Guaranty Tr.
Lincoln
-
650
Columbia*
Ex*.
275
49
9
210
265
Law Tit & Tr
325
-
200
Hudson
_
490
310
.
307
380
Fulton
475
550
300
370
Hocking Valley 6s 1924M&S
46
3
375
Farm L & Tr.
200
480
160
Chelsea Exch*
370
Equitable Tr.
155
190
Chemical
~
Goodrich (B F) Co 7s'25 A&O
86
3
New York
American
Atlantic
125
83
9
Ask
37
123
9
Trust Co's
Ask
*36
3
Pre!erred
Banks—jV Y
*89
9
,
'
92
112
69"
89
83
120
100
82
83
100
125
128
£1
e
*3%
3U
New stock.
1369
\xmts\mm\ and |>axlrmul
RAILROAD
GROSS EARNINGS
following table shows the gross earnings of various STEAM roads from which regular weekly or
be obtained.
The first two columns of figures give the gross earnings for the latest week or month,
-The
can
earnings for the period from Jan. 1 to and including the latest week or
brought together separately on a subsequent page.
;
V
,..v -
columns the
are
Latest Gross Earnings.
ROADS.
Week
or
Month.
Alabama & Vicksb.
£Jt wk Sept
Ann
Arbor
Atch
Tqpeka & S Fe July
Gulf Colo & S Fe
July
Current
Year.
Current
Previous
Year.
Year.
553,819
4,793,686 3,055,108
800,859
449,934 3,299,359 2,853,192
514,184
215,621
1,720,288 I,555,968
237,590
570,708
2,536,393 2,496,594
Atlantic City
687,291
July
42.636,535 37,471,601
Atlantic Coast Line- July
5,717,449 4,612,692
362,617
I,473,935 2,130,206
Atlantic & St Lawr- June
225,783
19072421 16320566 118859143 96,080,417
Baltimore & Ohio— July
1.006,789
210,134
I,555,614
B & OCh Term- July
141,426
319,126 3,649,292 2,930,855
436;291
Bangor & Aroostook July
44,845
47,983
7,858
9.510
Beliefonte Central— June
1.588.073
2,242,996
Belt Ry of Chicago
355.155
381,856
July
355.156 2,231,898 1.588.074
Belt
370,758
Ry^>f Chicago- July
Bessemer & L Erie
1,513,213 1,433,648 6,531,285 7.122,065
July
669,221
1,080,371
85,925
177,315
Bingham & Garfield July
347,452
343,268
42,713
51,559
Birmingham South- July
Boston & Maine
7,508,588 6,518,287 45,911.303 38,564,067
July
525,308
595,667
85.154
124,044
Bklyn E D Terminal July
Buff Roch & Pittsb
350.603 14,898,619 10,366,395
2d wk Sept
569,692
1.231.096
1,587,878
224,345
Buffalo & Susq
244,006
July
Canadian Nat Rys_ 2d wk Sept 2,372,906 2,069,675 68.522,404 61,657,343
Canadian Pacific
2d wk Sept 4,258,000 3,763,000 132729000 111320000
1,703,389
Can Pac Lines in Me July
131,291
1,727,731
156,354
Caro Clinch & Ohio. July
3.846.751 3,306,195
541,427
566,966
Central of Georgia
2,289,048 1,930,223 14,528,772 12,034,783
July
Central RRof N J„ July
4,997,796 4,352,061 25,874,136 24.549.467
3,537,064 3,651,730
594,330
Cent New England- July
676,505
532,575
3,644,828 3,162,567
Central Vermont
624,654
July
220,526
1,996,586 1,699,008
Charleston & W Car July
296,970
C & O Lines of Ind. July
7,259,357 6,665,251 46,145,621 41,443,383
2,795,250 2,220,875 15,969,719 14,301,866
Chicago & Alton.
July
14720003 13068386 98,638,678 81,553,470
Chic Burl & Quincy July
2,161,309 2,154,410 15,804,184 13,664,945
July
Chicago & East 111
1,979,580 1,857,564 12,950,981 II,669.630
Chicago Great West July
Chic Ind & Louisv— July
1,375,040 1,052,074 8,359,996 6,656,402
2,013,876
325,130
1,780,581
280,123
Chicago Junction.- July
15083931 12617449 91,084,990 81,710,902
Chic Milw & St Paul July
14081128 13321598 86,940,834 75,871,921
Chic & North West- July
905,171
1,411,152
136,421
241,845
Chic Peoria & St L July
11897837 9,847,273 74,018,832 58,930,131
Chic R I & Pacific- July
3,717,820 2.551.097
374,592
578,356
Chic R I & Gulf.
July
Chic St P M & Om. July
2,559,874 2.352.012 17,314,170 14,992,392
339,193
2,927.429 2,186,489
Chic Terre H&8E. July
455,867
266,853 2.428.752 1,647,857
392,715
Cine Ind & Western July
Cin N O & Tex Pac. July
1,875,614 1,168,391 II,224,056 9,472,090
571,094 19,926,299 17,368,587
Colo & Southern—
654,334
2d wk Sept
977,489
6,814.016 5,967,404
Ft W & Den City. July
1,101,355
686,022
98,458
1,000,034
135,238
Trin & Brazos Val July
653,418
540,826
84,031
88,959
Colo & Wyoming
July
572,065
491,400
89,606
65,995
July
Copper Range
7,269,821
June
Cuba Railroad
1,268,300 1,097,478 7,826,971
1,891,482 1,644,682
143,'30
June
175.454
Camaguey & Nuev
4,055,981 3,253,727 22,170,928 19,161,854
Delaware & Hudson July
Del Lack & West
7,038,976 6,342,043 40,201,807 40,504,366
July
Deny & Rio Grande July
7,442,870 6,860,669 20,271,758 16,938,957
296,924
1,431,165 1,499,909
273.455
Denver & Salt Lake July
881,205
161,252
1,062,282
180,848
Detroit & Mackinac July
313,390 2,669,219 2,029,978
427,333
Detroit Tol & Iront- July
1,033,148 1,120,911
210,075
186,042
Det & Tol Shore L._ July
Dul & Iron Range.. July
1,763,078 1,318,816 5.337.677 4,658,573
Dul Missabe & Nor
3,307,747 3,342,896 9,274,921 11,642,416
July
90,718 3,742,141 3,128,763
118,266
Dul Sou Shore & Atl 1st wk Sept
148,679
1,370,305 1,113,163
185,093
Duluth Winn & Pac July
676,556
722,197
119,100
114,590
East St Louis Conn- July
1.858,496 1,699,458 9,221,340 11,953,462
Elgin Joliet & East- July
896.157 8,134,068 7,135,586
1,210,507
El Paso & So West- July
9,751,931 7,868,833 55.447,728 49,700,458
Erie Railroad
July
855,385 6,566,525 5,807,846
1,207,623
Chicago & Erie— July
613,240
712,746
108,039
119,890
N J & N Y RR
July
703,534 8,080,694 6,094,263
830,987
Florida East Coast- July
v
703 ,<*91
804,050
134,997
123,672
Fonda Johns & Glov July
834,116
996,219
130,284
138,122
Ft Smith & Western July
484,943
816.959
80,419
167,617
Galveston Wharf
July
484,977 3,712,176 3,439,198
547,155
July
Georgia Railroad
557,531
798,025
88,975
136,196
July
Georgia & Florida.
1,130,108
940,687
194.904
180,273
Grd Trk Ry in Cana July
Grand Trunk Syst— 2d wk Sept 2,680,720 2,178,855
154,019
1,654*488 2,284*226
234,274
Atlantic & St Law July
949,884
745,782
164,506
106,001
Ch D & C G T Jet June
388,505 2,420,636 2,271,668
496,615
Det G H & Milw. July
1,498,542 1,148,217 8,458.919 7,666,911
Grd Trunk West- July
10780786 10226746 65,021.221 57,498,930
Great North System July
661,479
684,121
88,005
98,889
July
Green Bay & West
251,378 2,081,435 1,495,379
274,783
Gulf Mobile & Nor July
1,625,317 1,368,093
237,418
245,824
Gulf & Ship Islands July
5,850,240
1,523,062 1,321,946 7,972,581
July
Hocking Valley
11646139 9,026,106 77,426,152 59,379,933
July
Illinois Central
548.914
563,699
78,432
107,855
July
Illinois Terminal
1,575,976 1,172,190 9,837,675 7,929.953
Internat & Grt Nor. July
683,271
890.944
137,297
148,615
Kan City Mex & Or July
585,278
975,964
98,733
154,847
K C Mex & O of Tex July
1,586,722 1.286.013 10,290,014 8,243,195
July
Kansas City South
792,146
1,118,258
121,262
155,584
Texark & Ft Sm__ July
748,690
853,276
123,112
137,842
July
Kansas City Term.
741,193
1,344,029
130,751
211,065
Kansas Okla & Gulf July
496,305
811,796
219,637
288,715
July
Lake Sup & Ishpem
540.970
610.484
80,383
115.867
June]
Lake Terminal
1,461,109 1,419,312
234,907
274,089
July
Lehigh & Hud River
1,904,237
2,520,941
312,729
444,769
Lehigh & New Eng July
6,607,629 5,731,596 37,577,070 35,056,878
July
Lehigh Valley
1,985.934 1,313,207 II,209,024 9,699,303
Los Ang & Salt Lake July
178,759 2,346.247 1,194,748
325,659
Louisiana & Arkan_ July
1,979,866
297,405 2.287.678
321,863
Louisiana Ry & Nav July
10494484 8,894,919 68,817,535 59,354,090
Louisville & Nashv July
1,714,820 1.667,980
234,334
261,111
Louisv Hend & St L July
1,754,956 1,522,556 10,909,888 9,679,022
July
Maine Central
314,297 2,552,707 2,188,843
385,963
July
Midland Valley
534,016
445,663
12,234
8,217
1st wk Sept
Mineral Range
1,328,867 1,128,932 9.009,814 7,150,685
Minneap & St Louis July
4,304,953 3,875,750 24,499.441 22,855,574
Minn St P & S S M_ July
578,515
550,479
103.604
90,848
Mississippi Central July
-
_
.
_
_
AGGREGATE OF GROSS
Weekly Summaries.
Year.
Previous
Year.
Missouri Kan & Tex July
Mo K & T Ry of Tex July
Mo & North Arkan. July
June
Mo Okla & Gulf
1st
>d
week July
jd
week July
week July
(17 roads),
(13 roads)
(16 roads),
roads),
roads)
roads).
Id week Aug
roads),
tth week Aug
(10 roads),
week Sept (16 roads),
week Sept (16 roads)
1th week July
Lst week Aug
*
(16
(15
(14
(17
We
longer include
no
16,721,323
10,402,544
13,021,426
13,230,796
24,822,135
15,536,839
15.142,176
18,469,887
15,958,176
17,369,292
12,893,479
9,026.900
10,808,089
11,302,650
21,285,462
13,276,893
12,859,576
15,434,886
13,441,122
14,253.136
Mexican roads in any
+3,827,844
+ 1,375,644
+2,213,337
+ 1,928,146
+3,536,674
+2,259,946
+2,282,600
+3,035,001
+2,517,054
+3,116,156
of our totals.
Previous
Current
Prevoius
Year.
Year.
Year.
Year.
3,560,488 2,967,076 21,542,434 18,577,000
2,119,584 2,025,905 15,503,132 13,397,214
838.156
134,808 1,104,541
200,196
610,441
107,328 1,132,964
173,507
9,262,785 7,741.548 62,838,291 49,781.248
316,453 12,473,118 10,341,314
393,544
1,896,510
1,968,024
320,725
329,386
Monongahela
July
967,708
135,039 1,767,829
254,661
Monongahela Conn. July
695,906
701,965
136,762
150,692
Montour
July
2,059,014 1,677,520 13.854,230 10,738,919
Nashv Chatt & St L July
212,202
228,335
9,438
10,208
Nevada-Cal-Oregon 2d wk Sept
952,210
1,108,512
131,951
168,954
Nevada Northern._ July
949,038
912,272
107,873
137,445
Newburgh & Sou Sh July
1,295,219
240,333 1,454,662
222,944
New Orl Great Nor_ July
3,686,057
4,291,952
590,289
664,727
New Orl & Nor East July
1,060,637
1,446,129
171,489
251,228
N O Texas & Mex— July
718,349
1,187,722
114,035
196,259
Beaum S L & W_
July
7.697,772 6,255,155 47,850,283 38,560,155
Clev O O & St L_ July
32579679 28185031 191946709 169998641
New York Central
July
3,585,378
583,672 4,420,237
754,671
Ind Harbor Belt. July
5,222,362
792.568 6,098,296
1,115,311
Lake Erie & West July
7,873,446 6,654,232 46,257,451 41,737.700
Michigan Central July
6,255,155 47,850,283 38,560,155
7,697,772
Clev C C & St L— July
1,654,383
1.858,820
244,912
291,306
Cincinnati North. July
2,398,130 2,465,194 15,254,075 16,023,307
Pitts & Lake Erie July
4,899,442
928,985 6,249,753
1,117,140
Tol & Ohio Cent. July
2,368,463
392,592 2,734,454
465,968
Kanawha & Mich July
2.520.280 1,804,503 14,760,916 13,635,027
N Y Chic & St Louisi July
11011890 9,612,541 66,416,828 57,147,715
N Y N H & Hartf. JJuly
5.979,368
1,538,190 1,369,302 6,634,127
N Y Ont & Western'July
2,171,350
336,527 2,415,794
398,781
N Y Susq & West,- July
518,522 4,484,634 3,499,748
620,032
Norfolk Southern
July
7,231,136 6,385,269 43,928,134 41,744,065
Norfolk & Western. July
633.157
871,508
74,365
125,646
Northern Alabama. July
8,676,446 8,679,735 58,950,420 54,249,960
Northern Pacific
July
636,113
742,631
93,563
100,442
Minn & Internat. July
4,175,392 3,436,286
694,787
814,137
NorthwesternPacific July
917,531
1,059.573
220,298
249,561
Oahu Ry & Land Co July
378,219
405,304
Pacific Coast
July
51209820 44534948 285459916 269003472
Pennsylv RR & Co_ July
830,066
806,132
174,428
179,201
Bait Ches & Atl--July
3.001.281 2,744,891 13,667,891 14,154,454
Long Island
July
716,662
643.860
156,635
143,045
Mary Del & Va
July
824,958 4,320,275 4.517.671
810,422
N Y Phila & Norf July
912.019
1,081,392
126,455
159,890
Tol Peor & West. July
1,690,919 1,372,040 6,878,710 6,319,190
W Jersey & Seasb July
8,204,964 7,135,402 40,961,753 35,889,446
Pitts C C & St L_ June ,
681,732
860,259
94,953
122,857
Peoria & Pekin Un_ July
3,803,886 3,061,499 21,202,353 18,699,575
Pere Marquette
July
612.608
654.387
101,416
97,713
Perkiomen
July
474.944
733,399
60,245
118,121
Phila Beth.& N E__ July
6,907,626 6,602,516 48,189,538 40,252,120
Phila & Reading
July
630,084
906,670
94,111
142,314
Pittsb & Shawmut— July
600,686
798,643
112.569
122,810
Pitts Shaw & North July
747,571
1,134,724
105,381
225,812
Pittsb & West Va
July
1.457.128
950,179
197,537
108,665
Port Reading
July
591,946
728,812
87,973
97,327
Quincy Om & K C— July
912,958 1,118,388 6,453,246 7,494,701
Rich Fred & Potom. July
3,084,524 2.622.129
420,696
489,273
Rutland
July
1,643,165
246,376 1,762,638
241,492
St Jos & Grand Isl'd July
7,404,411 6,751,175 49,927,685 42,231,843
St Louis-San Fran__ July
668,086
918,211
126,904
130,942
Ft W & Rio Gran June
657,350
780,144
143,727
105,636
St L S F of Texas. June
483,317 20,409,938 13,452,074
715,777
St Louis S W Ry Sys 2d wk Sept
1,797,331 1,030,173 11,501,498 7,158,918
St Louis Southwes July
590,819 5,012,832 3,515,926
722,459
St L S W of Texas July
572,307
749,506
100,908
101,223
St Louis Transfer
July
2,643,413 2,341,350
400,491
508,512
San Ant & Aran Pass July
632.020
855,775
93,340
129,081
San Ant Uvalde & G July
3,620,262 3,606,672 28,297,327 24,056,037
Seaboard Air Line-- July
720,738
925,649
84,271
136,038
South Buffalo
August
17781186 14734 603 107594417 90,736,529
Southern Pacific
July
650,610 2,995,552 5,802,194
253,566
So PacAtl SS Lines July
329.133 2,348,206 2,204,805
343,914
Arizona Eastern. July
2,075,638 1,929,826 13,563,136 12,041,982
Galv Harris & S A July
6,247,078 4.858.366
755.187
952,032
Hous & Tex Cent. July
1.294.672
1,652,667
193,880
222,617
Hous E & W Tex. July
368,961 2,959,007 2,338,369
442,376
Louisiana Western July
676,708 5,828.450 4.321.367
739,313
Morg La & Texas July
4,462.343
5,332,094
722,183
870,128
'Texas & New Orl. July
91,995,592
Southern Railway.
2d wk Sept 4,411,400 3,460,784 110695103
5,853,541
6,246,180
906,083
1,066,484
Ala Great South- July
1,617,742 1,380,962 9,348,442 8.303,699
Cin N O & Tex Pac Jlune
316,453 12,473,118 10,341,314
393,544
Mobile & Ohio
2d wk Sept
337,827 3,014,956 2,467,946
386,863
Georgia Sou & Fla July
554,680 3,627,225 3.095.768
636,155
New Orl & Nor E. June
558,791
745.861
79,345
112,436
NorthernAlabama June
951,226
1,034,021
133,185
125,645
South Ry in Miss- July
578,013
671,070
112,884
130,615
Spokane Internat.- July
4,062,019
683,816 4,843,471
813,495
Spok Portl & Seattle July
1,291,413
1,288,801
218.134
250,191
Staten Island RT- July
80,857
127,654
2,733
4,963
Tenn Ala & Georgia 1st wk Sept
199,706 1,631,627 1,441,666
229,855
Tennessee Central-- July
2,101,324
332,803 2.496.658
383,508
TermRRAssnofStL July
1,557.088
257,752 2,134,981
356,298
St L Mer Bridge T July
771,199 27.553,208 24,062,712
787,552
Texas & Pacific
2d wk Sept
663,367
6.071.659 4,116,245
1,003,642
Toledo St L & West. July
583.945
122,227
718,424
147,027
Ulster & Delaware
July
10161766 9,064,459 66,491,357 58,516.715
Union Pacific
July
3,479,016 3,152,984 24,247,864 19,618,926
Oregon Short Line July
2,741,668 2,431,632 18,535,491 15,196,785
Ore-Wash RR & N July
5,295,289 4,453,655
696,018
854,332
Union RR (Penn)
July
614,507
1,034,593
155,183
98,663
Utah
July
1,818,445
285.743
2,444,074
340,186
Vicks Shreve & Pac. July
1,579,173 1,031,118 8,804.616 6,140,977
Virginian RR
July
5,006,889 4,214,715 30,170,998 26,945,567
Wabash Railroad— July
515,15 9 278,71 812,766249 9,290,880
Western Maryland- 2d wk Sep t
6,455.185
1,434,443 1,096,800 8,116,074
Western Pacific
July
1,496,746
194,070
1,576,667
213,018
Western Ry of Ala.
July
7.089,877
8,721,031
163,132 1.403.599
Wheel & Lake Erie. July
1,129.057
1,485,883
202,544
212,581
Wichita Falls & N W July
523,694
932,072
101,556
122,781
Wichita Valley Ry, July
2,534,078 1,968,809 16,731,295 13,004,067
Yazoo & Miss Valley July
Mobile & Ohio RR. 2d wk Sept
-
-
_
-
-
_
EARNINGS—Weekly and Monthly,
Current
Increase or
Decrease.
Current
July
Miss.ouri Pacific
♦Monthly Summaries.
%
Mileage.
1th week June
or
Month.
Year
Atlanta Birm & Atl. July
Atlanta & West Pt_ July
Current
Week
ROADS.
Previous
%
$
234,609
1,844,397 1,556,343
274,695
94,956
3,367,053 2,846,881
124,623
18060954 14833620 117553022 93.250.466
1,962,931 1,740,137 14,043.838 10,596,970
Jan. 1 to Latest Date.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Panhandle & S Fe July
«
month.
monthly returns
and the last two
The returns of the electric railways
Curr.Yr.
29.69
15.24
20.49
October
233,192
November—233,032
December—-233,899
17.60
January
16.61
232,511
February—231,304
17.02
March
213,434
17.70
April
221.725
19.60
May
213,206
18.72
21.86
June
213,525
July
220,459
Prev.Yr.
Previous
Increase or
Year.
Year.
Decrease.
$
$
$
233,136 508,023,854 489,081,358 +18,942,496
232,911 436,436,551 439,029,989 —2,593,438
233,814 451,991,330 440,481,121 +11,510,209
232,210 494,706,125 392,927,365 +101778760
231,017 421,180,876 348,749,787 +72,431,089
212,770 408,582,467 347,090,277 +61,492,190
220,918 387,680,982 372,828,115 +12,852,867
211,040 387,330,487 348,701,414 +38,629,073
208,598 430,931,483 369,225,761 +61,705,722
218,918 18.827.833 87,949,402 —69,121,669
%
3.87
0.59
2.6i
25.9o
20.77
17.72
3.45
11.08
16.9g
78.7Q
THE
1270
Latest
follows
of
Gross Earnings by Weeks.—In the table
we sum
increase
in
the
Second Week of
aggregate over the same week last
Portland Gas & Coke
Port (Ore) Ry.L&PCo
Puget 8d Pow & Lt Co
Republic Ry & Lt Co.
Decrease.
Grand Trunk of Canada
.}
571,0941
2,680,720
2,178,855
501,865
316,453
9,438
483,317;
3,460,784!
771,199
278,718
Phila Rap Transit Co
]
Grand Trunk Western
Detroit Grand Haven & Mil |
Canada Atlantic
-J
Mobile & Ohio.....
Nevada-California-Oregon
St Louis
Southern
Texas &
_
10,208
715,777
4,411,400
787,552
515,159
_;
Southwestern
Railway
Pacific
Western Maryland
....
Net
8t L Rocky Mt & Pac
Schenectady Ry Co..
77,091
770
Second Avenue
Southern Cal Edison.
232,460
950,616
16,353
236,441
Southwestern Pow &L
Tampa Electric Co..
following shows the
gross
Latest Dates.—The table
and net earnings with charges and
surplus of STEAM railroad and industrial companies
re¬
ported this week:
—Gross Earnings—
Current
Previous
Year.
Roads.
Year.
$
%
Net Earnings——
Current
Previous
Year.
Year.
$
s
-July-
65,995
491,400
89,606
572,065
defl2,133
def69,872
12,805
2,184
Lake Sup & Ishpeming.bJuly
Jan 1 to July 31
—
288,715
811,796
219,637
496,305
192,456
356,900
148,730
105,951
Copper Range.b
Jan 1 to July 31
Penn RR Co.b
Jan 1 to July 31
ELECTRIC
6,668,737
3,057,245
July51,209,820 44,534,948
285459916 2G9003472df20739082 21.790.812
RAILWAY
AND
PUBLIC
UTILITY
COS.
Twin City Rap Traa. April
United Rys1 of Bait.. July
531,642
695,212
922,490
156,083
179.683
Virginia Ry & Power. August
Wash Bait & Annap.. June
Western Gas & Elec
July
West Pow Co of Can. July
Youngstown & Ohio. July
a
Current
Company.
Month.
Previous
Current
Previous
Year.
Year.
Year.
Year.
1.051,433
3,655,953
119,582
807,945
2,997,499
$
Adirondack El Pow Co June
Alabama Power Co.. July
Atlantic Shore Ry__. July
Bangor Ry & Electric June
Barcelona Trac L & P July
Baton
Rouge Eiec Co
Blackstone V G & EL
fBrazilian Trac, L & P
Bklyn Rap Tran SysaBklyn City RR
aBklyn Hts RR...
Coney Isld & Bklyn
Coney Isld & Grave
Nassau
July
July
July
177,464
337,407
29,161
100,839
123,891
220,358
21,891
84,769
2542202
2012289
38,696
31,239
259,808
208,813
11745000 10070000
Electric... April
South
Brooklyn-_. 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
93,030
498,693
577,319
12923,755
9,761,023
266,279
203,788
1.845.768
1,523.053
72,785,000 64,033,000
Citizens Traction Co. July
Cleve Painesv & East July
eColumbia Gas & Elec August
Columbus (Ga) El Co July
872,377
6,876 (790,725
197,301
157,395
5,994
4,681
526,958
452,196
62,637
57,890
1776,021 1364,757
156,328
126,732
54,765
48,749
39,453
107,218
2117,919
91,374
86,785
1023,278
Cumb Co (Me) P & L June
Dayton Pow & Light. August
d Detroit Edison
August
132,185
2546,612
112,296
1128,462
249,264
280.027
1689,829
Duluth-Superior Trac August
159,968
Com'w'th P, Ry & Lt July
Connecticut Power Co July
Consum Pow (Mich). July
Duquesne Lt Co subsid
light & power cos.. July
East St Louis & Sub. June
East Sh G & E Subsid July
Eastern Penn Ry Co. July
Eastern Texas Elec.. July
Edison El of Brockton July
(Elec Light & Pow Co July
e El Paso Electric Co. July
Equitable Coke Co.. June
Erie Ltg Co & Subsid. July
Fall River Gas Works July
Federal Light & Trac. June
Fort Worth Pow & Lt July
Galv-Hous Elec Co.. July
Georgia Lt, P & Rys. June
Great Nor Pow Co... June
e Great West Pow Sys July
Harrisburg Railways. June
Havana El Ry, L & P May
Haverhill Gas Lt Co. July
Honolulu R T & Land July
Houghton Co El Co.. July
Houghton Co Trac Co July
Hudson & Manhattan April
Hunting'n Dev & Gas July
d Illinois Traction
July
I Interboro Rap Tran. April
Kansas Gas & Elec Co July
Keokuk Electric Co.. July
Keystone Teleph Co. August
Key West Electric Co July
Lake Shore Elec Iiy.. June
Long Island Electric. April
Louisville Railway
June
Lowell Electric Corp. July
Manhattan & Queens April
Manhat Bdge 3c Line April
cMilw El Ry & Lt Co. July
Miss River Power Co. July
Nashville Ry & Light June
Nebraska Power Co.. July
Nevada-Calif El Corp July
New England Power. June
Newp N&H Ry,G&E. July
New York Dock Co.. July
N Y & Long Island.. April
N Y & North Shore.. April
N Y & Queens County April
b NY Railways
April
b Eighth Avenue.. April
ft Ninth Avenue
April
Nor Caro Pub Ser Co June
Northern Ohio Elec.. July
North Texas Electric. July
Ocean Electric (LI).. April
316.517
3,273,762
27,032 12,937,921
726,510
573,293
14,376
18,939
1,977,063
1,660,084
274,991
231,651
5,093,264
6,861,787
574,482
454,899
340,604
326.162
237.359
34,523
199,257
82,373
648,517
472.163
1583,722 14,861,219 12,346,540
69,290
73,896
449",039
380*548
804,071
9,503,915 7,709,114
101,555
915,890
712,071
2039,149 17,550,990 14,358,823
99,400
830,097
696,697
872,076 7,934,356 6,298,815
221,793
1.429.769
1.244,238
208,924 2,348,169
1,823,550
1228,073 13,672,949 10,295,895
172,060 1,290,807
1,275,293
30,311
151,891
138,389
92,449
31,774
156,328
123.916
90,065
74,347
347,735
242,370
337,937
828,144
179,549
592,087
146,244
893,578
235,006
22,438
129,238
118,976
79,947
23,158
8,408,948
1,977,956
6,960,896
1,556,348
769,778
609,328
155,267
874,054
107,025
58,659
457,893
460,677
64,726
487", 070
2,258,288
1,254,242
2,098,098
1,589,326
131.650
451,535
128,634
951,118
2,929,272
861,948
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
250,608
173,238
946,301
740,304 4,587,376
35.507
27,894
255,084
76,064
63,422
345,591
37,453
31,141
289,114
28,010
24,327
189,301
309,406
516,722
1,983,233
2,021,637
117,289
74,664 1,399,811
977,482
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
176.651
200,655
25,891
143,919
139,631
1,061,022
1,149,420
21,046
131,995
149,667
19,006
289,351
1,190,196
1,583,424
226,427
25,261
82,819
63.812
17,786
347,818
346,565 2,039,798
2,014,593
98.622
557,916
705,536
73,255
22,283
75,926
80,601
21,737
23,266
50,447
85,708
13,530
1550,611 1161,610 10,453,075
8,232,911
233,048
1,305,543
196,693 1,516.018
307,142
1,577,844
256,521 1,847,681
221,549
174,154
301,908 269,519 1,804",739
1,500,976
486,254
1,816,938
297,766 2,760,062
1,584,383
276,246
262,538 1,557,451
3,031,959
489,576
449,796 3,224,431
43.018
165,410
137,174
47,557
45,752
21,120
5,767
12,442
97,131
319,990
330,687
86,194
718,8331
2,511,851
268,937 K.052,405
85,345) 1090,708
i
88,905 '
34,581}
770.687
82,095
937,132
66,510
6,562,238
5,116,187
903.028
803,251
1,836,644
278.076 2.245,971
334,754
12,798
9,578
713*856
1,122,280
2,775,42.5
1,883,388
6,373,333
3,500.724
460.739
604,779
766,910
203,115
44,501
153,495
40.603
54.272
932,270
2,102,894
1,175,052
1,770,932
335",561
263*945
44,272
J Of Abington & Rockland (Mass.).
-Gross EarningsPrevious
Current
Companies.
41.602
31.162
Net Earnings
Previous
Current
Edison
Jan
1
to
Co
Aug 31
12
Year.
Year.
Year.
%
Detroit
Year.
$
$
%
Aug 1,689,829
1,228,073
13,672,949 10,295,895
956,958
1,025,914
July
151,891
1,813,470
129,238
1,436,848
529,738
321,130
Aug
695,212
8,077,363
604,779
7,094,821
321,009
3,862,076
304,507
months
Utah Securities
12
mas
Gross
Net
$
Cleve Painesv &
July '20
41,771
14,958
3,702,704
Fixed
after
Taxes.
Earnings.
Balance,
Surplus.
Charges.
$
26,407
32,441
$
86,785
73,896
449,039
380,548
133,878
128,289
13,368
13,017
94,831
103,031
13,039
19,424
39,047
25,258
1,023,278
804,071
9,503,915
7,709,114
667,918
512,157
6,561,738
5,139,629
424,871
401,406
3,345,494
3,079.541
110,750
3,215,744
2,059,586
280,027
208,924
2,348,169
1,823,550
71,801
71,869
59,827
68,765
11,973
3,103
159,968
172,060
1,290,807
1,275,293
25,702
31,267
184,937
207,169
14,741
14,741
116,714
117,206
10,960
16.5V5
68,223
89.963
*20
143,919
139,631
1,149,420
39,943
49,702
388,226
20,640
101.163
'19
1.061.022
344.992
35,729
29,062
287,063
233,786
June '20
'19
'20
289,351
226,427
1,583.424
'19
1,190,196
73,916
71,642
370,457
291,263
Eastern Ry System
7
'19
'20
mos
'19
Columbia
Gas
Aug '20
&
Electric Co
'19
8
'20
mos
'19
Dayton Power &
Light
Aug '20
'19
8
'20
mos
'19
Duluth-Superior
Aug '20
"19
Traction Co
8
mos
'20
Aug '20
Keystone Telep Co
'19
mos
1,436",848
897,782
769,431
194,744
1,067,794
297,350
104,719
285,020
691,751
919,536
158,918
9,713,354
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
8
1,813"470
123,184
185,911
129,029
85,022
1.049,143
686,771
6602,517 48,189,539 40,252,121
69,130
511,981
476.825
2916,816 24,760,738 22,964,499
166,994
1,434,011
1,214,525
711,453 3,700.267
3,544,323
684,345
5,675,359
490,880
4,657,203
3.503",501
42,662
183,803
158,918
314,039
2,835.966
2,387,330
Brooklyn City RR. Is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental: therefore,
since Oct. 18, 1919 the Brooklyn City RR. has been
operated by Its owners.
6 The Eighth Avenue and Ninth Avenue RR.
companies were formerly
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 Includes Milwaukee Light, Heat & Traction Co. d Includes
all sources, e Includes constituent or subsidiary
companies.
Earnings
given in milreis.
g Subsidiary companies only,
h Includes Tennessee
Railway, Light & Power Co.. the Nashville Railway & Light Co.. the
Tennessee Power Co. and the Chattanooga Railway &
Light Co. i Includes
'19
1173,651
Year.
The
Eastern Penn Ry Co
April
April
April
April
Previous
Year.
j
Jan. 1 to Latest Date.
Name of Road
#r
to Latest Dale.
10046665 8241,055
Utah Power & Light. August
Utah Securities Corp. August
both subway and elevated lines.
Latest Gross Earnings.
1
Current
146,840' 1,048,680
163,785
42,662i
51,821
183,803
1524,458 1009,541 12,305,371
749,706 484,952
100,043
112,321
844,524
207.635
153,567
1,185,830
536,946 426,663 3,187.676
362,763 260,787 2,405,926
1160,623 1020,799
6,857,289
1017814
882.221
4.135,038
Texas Power & Lt Co July
Third Avenue System. July
(21.86%)
Earnings Monthly to
107,563
6907,627
78,069
2999,199
200,473
741,360
766,693
691,216
51,821
402,493
July
July
August
July
May
July
July
April
July
July
April
July
*
July
July
Tennessee Power
June
hTenn Ry, Lt & P Co June
17,369,292 14,253,136 3,116,156
Total (14 roads)
Net increase
Richmond Lt & RR..
....
39,292
176,636
Penn Cent Lt&P&Sub July
Phila & Reading
Phi la & Western
219,089
303,231
495,000
83,240
Year,
%
214.682
Philadelphia Oil Co.. July
350,603
2,069,675
3,763,000
Jan.
Previous
Year.
Pacific Power & Light July
Paducah El Co Sc. Sub July
393,544
Colorado & Southern
Month.
Increase.
569,692
2,872,906
4,258,000
654,334
Canadian National Rys
Canadian Pacific
Current
Company.
!
1919.
1920.
Pittsburgh.
or
year.
$
Buffalo Rochester &
Latest Gross Earnings.
Name of Road
14 roads and shows 21.86%
covers
September.
[Vol. 111.
which
separately the earnings for the first week
up
The table
September.
CHRONICLE
Lake Shore Electrie Ry System
fi mos
Paducah Elec Co
July '20
& Subsid Co
243,047
4,214
111,206
35,263
35,825
38,653
!35,817
159,280
76,070
211,177
215,193
39,292
10,570
6,239
390,749
117,837
58,994
4,331
*19
'20
10 mos
.
58*843
'19
Phila Rap Transit.
Aug '20
'19
8
mos
Utah Power &
705,881
867,244
'20
6,946,84ll
2,999,199
2,916,816
24,760,738
'19 22,964,499
Aug '20
'19
Light
12 mos *20
'19
Virginia Ry & Pow
Aug '20
Co
'19
2
mos
'20
'19
7,485,258
531,642
460,739
258,253
233,615
6,284,700
5,582,294
3,033,492
3,000,070
922,490
766,910
1,814,625
1,523.046
818*735
def 112,854
813,721
6,535,970
6,483,664
53,523
410,871
1,001.594
144,079
136,367
1,671,500
1,718,407
97,248
1,361,992
1,281,663
308,063
322,650
605,950
639,418
114,174
197,522
183,653
396,160
363,818
110,541
138,997
209,790
275,600
FINANCIAL REPORTS.
Annual, &c., Reports.—The following is an index to all
and other financial reports of steam roads, street
railways and other companies published since Aug. 28.
This index, which is given monthly, does not include
annual
reports in to-day's "Chronicle."
Full-face
figures indicate reports published at length.
Steam Roads—
Page.
Alabama Great Southern RR
Canadian
Northern
984
Electric Railways—
Brooklyn Rapid Transit Co
989
1177
Hudson & Manhattan RR
1178
Inter borough Rapid Transit Co
1076
Cin. New Orl. & Texas Pac Ry 989, 1078
Duluth Missabe & Northern Ry
891
Puget Sound Power & Light Co
United Light & Rys. Co
1084
Ry
Chicago & Alton RR..
Georgia Southern & Florida Ry.;
Grand Rapids <fc Indiana Ry
Florida East Coast Ry
Mobile & Ohio RR
1182
895
Industrial
Adams
892
897
Companies—
Express Co
.890
Aetna
1179
986
Aetna Petroleum
Explosives Co. Inc
987
983
Corp
1185
Algoma Steel Corp
1080
American Agricultural Chemical Co. .984
American Bosch Magneto Corp 1085,1181
St. Louis-San Francisco Ry
982
American Cyanamid Co
893
St. Louis Southwestern Ry
1178
American Druggists Syndicate
893
New
Orleans &
Northeastern RR..1078
Norfolk Southern RR
Pennsylvania Co
891
Sept. 25
Industrial Cos. (Continued)
984
1080
American Public Utilities Co
American Ship & Commerce Corp
Atlantic
Refining Co
Baldwin
Co
(Pianos)
Bayuk Brothers Inc
Billings & Spencer Co
892
.898
986
..1185
1186
988
Brier Hill Steel Co...
Brighton Milk
Brooklyn Edison Co
Butte & Superior
...987
.1186
1186
893
...
Mining Co.
California Petroleum
Corp
1186
Canadian Locomotive Co. Ltd
Carib
894
899
..1186
Syndicate.
Chicago Pneumatic Tool Co
Cities
Service
Co
Industrial Cos. (Concl.)—
Page.
American Hide & Leather Co
American-La France Fire Engine Co.985
»■;
Continental Candy Corp
899
i
Cosden & Co
.........1086, 1180
Orex Carpet Co
....
1182
Lake
Page.
Co.
.
.
......... .
Loft, Inc
Supply Co
Mathieson Alkali Works
N unnally
Co....
..... .
.
.
995
1089
.........1089
902, 1079
1080
1190
Lead Co
Saguenay Pulp & Power Co..
General
989
993
1087
Farr Alpaca Co
Corp
General American Tank Car Co
Securities Corp.
1187
Famous Players Lasky Corp
Spanish Riv.Pulp & Paper Co 1089, 1181
Standard Parts Co
894, 995
..1078
985
1087, 1181
General Motors Corp
Petroleum
Corp
Sugars Inc
Godchaux
1188
..902
Pennock Oil Co
Detroit Edison Co................-899
...899
900
Great Western Power Co
Habirshaw Electric Cable Co.'
993
985
Hartford Electric Light Co
Hupp Motor Car Corp
Shattuck Arizona Copper
902
1089
Co
Sierra Pacific Electric Co
1089
Standard Tank Car Co
Stromberg Carburetor Co of Amer.__903
1090
1181
Superior Oil Corp
Torrington Co
Union Oil Co. of Delaware.....
..988
1090
United Drug Co
893
United States Glass Co......903, 987
U. S. Light & Heat Corp.
...1079
U. S. Rubber Co....
1090
986
Island Oil & Transport Corp
994 Virginia Carolina Chemical Co..
1090
Kentucky & W. Va. Power Co. Inc..1188 White Eagle Oil & Refining Co
Hydraulic Steel Co
...
1087
Indian Refining Co., Inc
1080, 1088
International Agricultural Corp
1188
International Cement Corp
901, 984
United Paperboard Co., Inc
&
Missouri Kansas
Texas Lines
Lines Included.—The receiver submits
the following report covering the
31 1919, 3.863.35
miles, viz.:
Missouri Kansas & Texas
1,738.63
Railway,..
The Missouri Kansas & Texas
Railway of Texas
Co
The Wichita Falls & Northwestern Railway
End of Federal Control.—Federal operation of the lines ceased as of mid¬
night Feb. 29 1920, but for the six months beginning March 1 1920, was
deemed advisable to accept the profferred guaranty for each of the threa
lines, of a fixed amount equal to one half of the annual amount estimated
as just compensation under the Federal contract.
COMMODITIES CARRIED FOR
2,463,314
--.2,685,712
2,329,886
2,452,768
2,380.710
1918.
1917
1916
1915
GENERAL
1,796.04
328.68
...
Year.—These show (including U.S. RR. Administration
operations but excluding intercorporate items excepting freight charges
on company material,)
as follows:
Results for the
Rentals
other payments were
and
...
2,479,699 or 61%
24,489 or
1919.
M'fac.,&c.
4,313,923
897,862
944,994
842,132
825,936
4,077,230
4,218,965
2,747,351
2,184,847
YEARS ENDING DEC.
_
,
_
COMPARED
_
..
WITH CORPORATE ACCOUNT FOR PRIOR
Operating Revenues—
1919.
1918. £
1917.
1916.
..$41,283,106 $35,754,940 $29,027,903 $24,795,720
16,709,711
14,715,178
11,160,922
9,215,627
'715,239
765,503
796,848
783,676
Express.
1,609,690
1,623,472
1,239,934
1,055,446
Miscellaneous.........
1,507,631
1,279,705
1,118,543
883,214
Freight traffic..
Mail
-
-
revenues_.$61,825,376 $54,138,799 $43,344,150 $36,733,682
$9,539,254
$6,353,665
$7,635,695
14,814,835
12,630,284
8,737,922
7,273,804
657,120
582,149
786,980
725,564
Transportation expenses 26,876,430
22,377,510
15,672,561
12,400,521
Miscellaneous operations
402,028
382,947
345,659
240,615
General expenses
2,146,4211,852,763
1,273,611
1,169,910
Transp'n for investment
Cr.34,002
Cr.35,875
Cr.24,287
Cr.6,408
Maintenance ofway, &c_$12,124,064
Maint. of equipment...
Traffic expenses
Total oper. expenses..$56,986,896 $47,329,033 $33,146,111 $29,439,701
(87.42%)
(76.47%)
(80.14%)
Operating ratio
...
(92.17%)
$6,809,766 $10,198,040
$7,293,981
earnings
$4,838,481
352,562
588,837
396,389
Other income
451,838
Net
$5,290,319
$841,411
2,031,869
Rentals
814,463
Other deductions
28,417
Int. on bonds, notes, &c_
6,662,719
Int. on equipment trust.
74,074
Gross income.
Hire of equipment
...
Taxes
...
,
$10,452,953
Total deductions
RECEIVER¬
:
1
Interest Defaulted, Aggregating $15,967,185—
Coupons Maturing.
Mo. K. & T. Ry. Co. 2d M. bds.Feb. 1 1916, to Aug. 1 1919
1919
Genl. M. bonds
Jan. 1 1916, to July
do
1919
1916, to Sept.
1st and Ref. M. bonds..Mar.
do
1919
1915, to Nov.
1st M. Ext. bonds
Nov.
do
1919
1916, to Oct.
St. L. Div. 1st M. Ref.-Apr.
do
1919
1915, to Nov.
2-Yr. Gold Notes Ext
Nov.
do
1919
1916, to Oct.
Mo.K. & East.Ry.Co. IstM.bds.Oct.
1919
1916, to Oct.
do
2d M. bonds
Apr.
1916, to Sept. 1 1919
Tex. & Okla. RR. Co. IstM. bds.Mar.
$7,162,327 $10,786,877
$585,024
$1,983,115
1,771,532
750,277
736,734
18,400
15,177
6,524,075
6,635,671
131,437
125,611
$9,869,751
Balance, sur. or def__def.$5.162,634df$2,707,424
a
Compens'n accr.$6,551,207 $6,656,207
Rent leased roads.
Tax
S. A.
B. & T. Ry_
105,000
—
.
—
Other income
.$6,551,207 $6,761,207
731,480
320,888
Gross income...$7,282,687
469,400
178,320
788,375
1 1916, to July 11919
T.Ry.of Tex. IstM. bds.Sept. 1 1916, to Sept. 1 1919
S.W.Coal&Imp.Go. IstM. bds.Jan.
&
Sou.
Ry.
Dec.
1 1915, to Dec.
380,025
1 1919
Wichita Falls & N. W. Ry. Co.
1919
157,350
1918, to July
July
1919
375,000
1917, to July
do
1st & Ref. M. bonds
July
62,850
1919
1918, to July
do
1st Lien Coll. Tr. bonds.July
(c) Sinking Funds Deferred—
Nov. 1 1919
13,686
Boonville RR. Br. Co. 1st M
(d) Sinking Funds Defaulted, Aggregating $2,337,107—
2,094,820
Mo. K. & T. Ry. Co. Genl. M__Jan.
1 1916, to July 1 1919
154,087
1 1919
1 1916, to July
Southw. Coal & Imp. Co. 1st M_Jan.
34,500
1 1919
1 1918, to July
Wichita Falls&Northw. Ry. IstM July
22,500
do
1st Lien Coll. Tr. M
July 1 1917, to July 1 1919
Wichita Falls & Southern Ry. Co.
31,200
11916, to July 11919
IstM
Jan
Funded Debt.—The changes in funded debt in hands of public in 1919 show
a net decrease of $770,980 as follows:
•>'
1 st M. bonds
_
#
"•
•
,v"
•1 1 -
Boonville RR. Bridge Co. First Mtge. 4%
•
$13,000
bonds
Co. 10-Year 5% Equipment Notes of 1913 — _
Ry. Amer. Car & Foundry Equip. Pureh. Agreement
M. K. & T. Ry. Co. of Texas 10-Year Equip, notes, Series A,
M. K. & T. Ry.
M. K. & T.
5% Serial of 1914____
__
S. A. B. & T. Ry. Co. 1st M. 3-Year 6% notes due
JlfiCTdH ^
1919-
190,000
599,980
68,000
1,750,000
Increase
Ry. Co. 1st M. 5-Year 6% notes due 1924
1,850,000
Rate of Return on Property Investment.—The per cent of income from trans¬
portation operations on property investment has been as follows:
1910.
1911.
1912.
1913.
1914.
1915.
1916.
1917.
1918.
1919.
3.05
2.92
3.56
3.02
3.27
3.10
2.34
3.40
2.20
2/85
S. A. B. & T.
The
property investment in 1919 was $243,045,363 [against $205,991,512
and $240,355,951 in 1918] and the aforesaid percentage for that
in 1910,
is calculated,as in l9l8, on
duction of interest," such income
vear
the basis of "corporateincome before de¬
amounting to $6,935,411 in 1919 and $5,-
292,241 in 1918.
Rolling Stock.—During the year, expenditures were made for new equip¬
ment amounting to $115,878, and improvements to existing equipment
amounting to $333,482.
The value of equipment retired during the year
was $227,840 leaving a net increase of $221,521 in equipment owned.
Federal Compensation.—Negotiations are still pending with the DirectorGeneral for just compensation to be paid for use by the U. S. RR. Admini¬
stration of the several railways comprising the system.
The
application of the receiver has resulted in the
Director-General
agreeing to allow as compensation in excess of the standard return, to the
Missouri Kansas & Texas Railway, $688,972 and to the Missouri Kansas
& Texas Railway of Texas, $98,700, and by authority of the courts the
receiver has accepted these offers.
The Inter-State Commerce Commission still has under investigation the
average
net railway
for each of the three
may
operating income for the three years ended June 30 1917,
railways, and. subject to some slight changes which they
compensation to be paid by the Director-General
make, the annual
will be as follows:
Corp. oper. expen.
Miscell. charges..
Int.on
56,542,803
720,473
145,245
Funds Received from U. S. RR. Administration.—Advance payments on
account of compensation have been made by the Director-General to the
Falls &
Ry
& Texas Ry. of Texas.
Northwestern Ry
The Missouri Kansas
-
on
$7,082,095
$6,580
27,962 bO.17,006
100,288
211,438
83,815
1,699,992
6,624,423
125,611
74,074
equip.tr.oblig.
$207,336df$1457,793
Net income..—
basis of average annual railway operating
income for
period.
Final certification of the standard return has not been made
by the Inter-State Commerce Commission,
b Adjustments during 1918 of
over accruals for taxes for 1917 resulted in credit balance in this account.
test
GENERAL BALANCE SHEET
equip-.243,038,770 240,351,313
Impr. on leased
property-....
Sinking funds..
Deposit in lieu of
mtged. prop'y
Misc. phys. prop.
6,594
4,638
2,044
2,231
Unpledged...
Unpledged...
Cash.-...-.--.
Special deposits.
Loans & bills rec.
Traffic, &c., bal.
Misc. accts. rec.
Int. «fe divs. rec.
Rents receivable
Oth. cur't assets
63,285,
13,000,000
13,000,00i
143,764,480
Pref.
stock
262,619
Traffic, &c., bal.
1,629,233
87,068
Accts. & wages-
160,317
325,771
21,702
18,566,299
1,209,857
27,382
14,650,559
1,257,054
5,074
955,907
8,310
955,907
472,267
62,909
850,880
370,509
1,352
58,501
344,204
6,114
628,467
62,859
843,220
503,090
8,065
Miscell. accounts
Int.
matured
Int. accrued....
484
135,292
573,364
7,645
26,492
27,013
—...
32,022
23,125,924
16,693
310,065
Total .......275,717,886
267,876,209
Adm. a28,990,878
Wkg. fund adv.
Unadjust. debits
public 63,283,257
by co...
26,500
Loans&bllls pay.
18,065
192,536
U. S.RR
Held by
Held
$
,
30,827
31,377
274,648
invest'ts'
Pledged
$
stock-
Common
Fund.dt.unmat. 142,993,500
Inv. inaffil. cos.'
Pledged
1918.
1919.
Liabilities—
Road &
Other
DEC. 31.
1918.
1919.
Assets
4,575
Rents accrued__
liabll.
16,731
U. 8. RR. Adm.
25,277,056
Oth.
cur.
on
10,286
20,013,019
5,115
2,906,868
2,932,022
240,039
197,247
,
deprec.
equipment
Oth. unadj. cred.
Add.
to
thro.
320,753
2,760
Deferred liabils.
Accrued
1,832,882
prop'ty
Income
1,669,948
273,760
112,414
1,649,756.
273,760
Approp. surplus
Profit & loss
4,236,002
4,184,166.
and
surplus._
Sink, fund
res..
117,326
Total ........275,717,886 267,876,209-
sheet accounts:
both years; securities
$30,292,000 in 1918;
Note.—The following securities are not included in balance
Securities issued or assumed, unpledged, $17,043 in
or
assumed, pledged, $30,894,000 in 1919,
issued
$2,749,000 in both years.
a Does not include the liability of the U.S. RR. Administration for de¬
preciation accrued on equipment during Federal control, $2,384,938.
The company is also guarantor of Kansas City Terminal Ry. Co. 1st M.,
bonds due 1960 (jointly with 11 other railway cos.), $43,910,000; Union
Terminal Co. (of Dallas, Tex.) 1st M. bonds due 1942 (jointly with 7 otherrailway cos.), $2,193,000; Joplin Union Depot Co. IstM. bonds due 1940.
(jointly with 3 other railway cos.), $650,000, and Houston & Brazos Valley
Ry. Co. 1st M. bonds due, 1937, $210,000.
Accounts with the U. S.
Govt., both assets and liabilities,are subject to adjustment.—V.l 11 ,p.ll83.
funded debt in sinking funds,
Texas
& Pacific
(Report for Fiscal
Receivers J.
Railway.
Year ended Dec. 31 1919.)
L. Lancaster and Charles L. Wallace, New
Orleans, La., May 31, wrote in substance:
of the property
Dec. 1 1919, and effective on same date, Pearl Wight having resigned as
Receiver, J. L. Lancaster and Charles L. Wallace, were appointed Receivers.
Net Income.—The income account shows a gain of $209,310, principally
on
account of increased miscellaneous rent income and the decrease in
Receivers.—J. L. Lancaster resigned as Federal Manager
prior to Jan. 1 1918, paid by the Railroad Administration.
Prosperous Conditions.—The territory served by The Texas & Pacific
has enjoyed exceptional prosperity, brought about by abundant
expenses
Lines
_
Missouri Kansas & Texas
Wichita
Accruals made
a
1918.
$24,060
accruals.....
(6)
$3,200,000
1,857,780
1,598,720
731,925
307,840
5,130,000
700,000
11,600
YEARS.
Int.on bds., notes,&c.6,654,000
Total
678,079
22,614
6,429,156
148,496
1919.
1918.
Add'l comp. for use
of prop, of
$7,690,371
$1,546~659
$9,407,304
$8,825,005
sr$l,379,573df$l,134,634
CORPORATE INCOME ACCOUNT FOR CALENDAR
1919.
Interest Deferred, Aggregating $1,056,615—
$18,200
1 1919 $799,990 Boonv.Bdge.lst M.Nov. 1 1919
33,500
136,700 Dallas & W. 1st M.Nov. 1 1919
18,225
C. & Pac. 1st M.Aug. 1 1919
50,000 W. F. & So. 1st M.July 1 1919
Sherman, Shrevep.
Co. IstM. bonds
1918,
YEARS.
Passenger traffic.
M.K. &T. 1st M.Dec:
M.K.&
1916.
AkD~CORp\lNCOMF*ACC6UNTFOR~l9>WAND
CON SOL. FED.
4%
M. K. & Ok. 1st M.Nov. 1 1919
I
31.
1917.
1918.
3,866
3,865
3,861
3,839
6,051,075
6,777,365
6,604,249
Passengers carried
8,322,218
Pass, carried one male-.626,535,040 561,969,428 467,763,812 413,950,000
2.23 cts.
2.62 cts.
2.39 cts.
Rev. pass. per mile.
2.67 cts.
11,125,854
12,875,867
12,864,973
Revenue tons carried.
13,308,947
2,413,801
2,986,316
do
1 mile (000s omit)
3,263,766
2,978,281
1.03 cts.
0.97 cts.
1.10 cts.
Revenue per ton per mile
1.39 cts.
$9,504
$14,022
$11,211
Revenue per mile of road
$16,106
i
imi
..$5,162,635
INTEREST AND SINKING FUNDS MATURED DURING
SHIP BUT NOT PAID DEC. 31 1919.
K.
975,020
'
year,
Net loss for the year
(a)
28%
347,355 or 26%
....
before deduction for interest, was
$1,574,159, or a decrease of.— —_
dec.
Interest accrued (428% of income for the year) was
$6,736,793, or a decrease of
...dec.
for
14%
20%
15%
44%
$1,684,291, or an
increase of
Forests.
4,837,662
4,510,078
4,624,013
4,531,497
4,378,935
Average miles operated-
Increase
Operating revenues were $61,825,376, being an inc. of. . $7,686,577 or
9,657,862 or
Operating expenses were $56,986,895, or an increase of.
260,336 or
Taxes were $2,031,869, or an increase of
Oper. income, taxes deducted, was $2,806,612,
dec. 2,231,621 or
99,276 or
Miscellaneous income was $451,838, or an increase of__
Income
Mines.
719,028
704,985
693,115
552,106
447,520
STATISTICS FOR
31.
YEAR ENDED DEC.
Agriculture. Animals.
(All in tons.)
1919
Total oper.
$Report for Fiscal Year ended Dec. 31 1919.)
:>
Receiver C. E. Schaff, St. Louis, Aug. 2, wrote in sub:
operations of the following lines, aggregating on Dec.
by the court, sufficient to pay equipment trust obligations and interest,
which, by authority of the court were being paid prior to Federal control.
.902
...1079
Pathe Freres Phonograph Co..
Pittsburgh Oil & Gas Co
Prairie Oil & Gas Co
secured by pledges
of receiver's certificates, heretofore authorized
of the Missouri Kansas & Texas Ry. of Texas as loans,
i......
Orpheum Circuit Inc
Pacific Gas & Electric Co
St. Joseph
General
of corresponding amounts
.....1088
Midwest Engine Co
1188
Motor Wheel Corp
1180
Mullins Body Corp.
1088, 1180
N. Y. & Honduras Rosario Min. Co. .902
New York Shipbuilding Corp
1081
New York Telephone Co
..995
North & Judd Mfg. Co
..994
Middle States Oil Corp
Cumberland County Pow. & Lt. Co. 1187
Fischer Body
year
1188
......
Manhattan Electrical
receiver of the M. K. & T. Ry. sufficient to continue the payment for th«
of all equipment trust obligations and interest on mortgages, which,
under authority of the court, were being paid prior to Federal control.
Funds have also been furnished by the Director-General to the receiver
1079
1188
1188
1088
Superior Corp
Laurentide
1371
CHRONICLE
THE
1920.]
crops,
high prices received for the products of
agriculture and the business
created through the development of the oil fields
In addition to the remarkable development of oil
.
in Texas and Louisiana.,
properties in the vicinity
of Ranger, Eastland and Cisco, Texas, located on the line between Fort
Worth and Baird, Texas, there has been a large development in Louisiana,,
1272
in what is
THE
commonly known
as
the Bull Bayou field, located
toches Branch in the vicinity of Gahagan,
on
CHRONICLE
the Natchi¬
GENERAL BALANCE SHEET DECEMBER 31.
Louisiana.
1919.
h-
Prospecting is being carried out at practically all points along the Fort
Worth, Eastern and Rio Grande Divisions, which is accompanied by heavy
passenger travel and the movement of supplies for development purposes.
Funded Debt.—$310,000, maturing equipment obligations were paid off.
Road and Equipment.—Additions and betterments, aggregating $3,454,-
ASSCtS"*"**
Sinking
funds..
Depos. In lieu of
Steel
Rolling Stock.—The
passenger train equipment of the company has
not been sufficient to meet its requirements, and there has been
purchased
from the Pullman Company for delivery during 1920 the following all steel
passenger equipment:
50 coaches; 12 baggage and express cars; 5 dining
cars; 2 baggage and mail cars.
Upon the delivery of this equipment all of the principal maki line trains
of the company will be provided with steel equipment, which will materially
improve the character of the passenger train service.
[As to equipment
trusts, &c., see V. 110, p. 971; V. Ill, p. 794.]
Oil for Fuel.—During the past three years the principal fuel used in loco¬
motives on the Eastern Division has been oil.
Effective Oct. 1 1919, a
new contract was made under which oil will be furnished for a
period of
three years,
as fuel for all locomotive equipment.
This required the con¬
large number of engines from coal to oil burners; the installation
handling facilities and the purchase of certain tank car equipment
needed to transport the oil.
The major portion of this work had been com¬
pleted by Dec. 31 1919.
Guaranty.—The receivers accepted the guarantee as to income provided
by the Transportation Act of 1920, which extends through the immediate
period of readjustment.
This guarantee provides for a continuation of
the Standard Return for the six months ending
Aug. 31 1920, to be com¬
puted in accordance with the Act of March 1 1918.
version of
a
of fuel oil
AMOUNTS OF COMMODITIES
Forest.
Animal.
1919-tons. 1,658,980
416,745
475,227
504,489
419,693
1918
1,409,155
1917
1,297,592
1916—---1,213,109
STATISTICS
OF
Mfg.,&c.
3,233,945
2,543,928
2,220,995,
2,289.535
OPERATIONS FOR CALENDAR
1919.
1918.
£4,000
mtged.prop..
5,221
9,661
5,221
4,625
Stocks
70,292
484,808
Cash
Special deposits.
Mines.
1,878,521
1,306,125
1,500,584
1,564,770
YEARS.
1917.
1.42 cts.
1.22 cts.
1.01 cts.
0.94 cts.
297
363
312
298
ACCOUNT FOR CALENDAR YEARS.
Operating Revenues—
Freight
Passenger
Mail
Express
Miscellaneous.
Incidental,
&c
1919.
Revenue per mile operated
way,
Maintenance of
Traffic expenses
*
equipment
Transportation
&c_
$5,118,022
7,716,051
305,174
15,827,619
865,945
Cr.23,091
327,852
expenses
General expenses
Transportation for investment
Miscellaneous operations
Total
operating
1917.
$36,212,438 $27,294,833 $22,714,007
18,603
$14,022
$11,669
Operating Expenses—
Maintenance of
1918.
_.__$23,575,837 $17,996,085 $14,933,635
10.676,693
7,449,816
6,252,827
315,838
340,117
382,234
762,209
853,444
606,872
153,148
156,980
162,587
728,714
498,390
375,852
Total
expenses
Net earnings
Tax accruals, &c
$3,610,862
5,130,583
294,428
11,894,810
765,244
Cr. 13,542
217,995
$2,036,463
2,999,166
477,450
9,022,788
722,082
Cr.29,865
161,671
$30,137,572 $21,900,380 $15,389,755
$6,074,865
$5,394,453
$7,324,252
1,230,026
1,105,482
1,249,364
Government
$4,844,839
931,851
.
Work'g fund adv
Deferred assets.
Gross
income
Rentals, &c
$5,776,691
626,361
1,301,086
...
Disc,
6,239,940
9,289
10,013,651
fund.dt.
26,011
Sees. iss.
or
ass'd
Total
$3,849,245
CORPORATE
INCOME ACCOUNT
FOR
$4,288,970
1,092,784
$5,381,754
212,891
873,536
$4,295,327
CALENDAR
$6,074,888
796,899
$6,871,787
108,140
731.112
$6,032,535
YEARS.
1919.
1918.
$4,107,432
574,317
$4,107,432
442,106
income
Accrued
$4,681,749
bond interest
$4,549,538
$1,578,180
Other interest
292,624
$1,539,220
211,273
Rentals, &c
Hire of
equipment
Miscellaneous
920,064
deductions
$2,790,868
$1,890,881
Net corporate income.
Improvements
Equipment obligations paid
Balance,
stir,
or
def
J
\
18,601,126
2,882,091
15,777,876
3,803,481
Add'ns
to
Toledo
&
29,005
132,193
prop,
through inc.&
surplus
Profit and loss..
Total
138,211.262 132,203,308
Ohio
Central
Ry.
{Report for Fiscal Year ended Dec. 31 1919.)
President William K. Vanderbilt Jr. writes in substance:
'
Income Account.—The compensation stated in the contract and
accrued
income for the use of the property and its leased line
by the U. S. RR.
Administration remained at $1,086,651 for the year 1919.
There was,
however, accrued additional compensation in amount $187,587 account
as
completed additions and betterments (this being mainly on cost of Govern¬
ment allocated equipment).
There had been accrued in 1918 interest
amounting to $15,935 on Government allocated equipment placed 111 service
during Federal control.
The decrease of $17,133 in separately operated
properties—profit, is due
to the fact that the
property, which was the source of this income, was sold
in 1918.
Decrease of $1,770 in separately operated
properties—loss, rep¬
resents the decrease in the corporate deficit of the Zanesville &
Western
Railway Co. for the year 1919.
Decrease of $62,612 in income from unfunded securities and accounts is
due to an adjustment of interest in connection with amounts due
the U. S.
Government.
The increase of $171,652 in interest on unfunded debt is
mainly due to interest on deferred payments of Government allocated equip¬
ment and is
an offset to the increase shown for additional
compensation.
The increase of $7,739 in interest on funded debt is
mainly due to interest on
loans and advances made by the New York Central RR. Co.
Increase in corporate general expenses of $19,623 is due to the fact that
in 1918 the
outlay for only six months
was
included, while in 1919 not only
full year's expenses included but the
corporate organization reached
development.
The decrease of $8,681 in miscellaneous income
charges is due to interest on obligations charged to this account in 1918
but charged to interest on funded debt in 1919.
were
its
a
full
Equipment
Trusts.—The funded debt
reduced during the
was
year
by
$846,646 through payments on the company's liability for certificates
issued under equipment trust agreements as follows:
(a) T. & O. C. trust
of 1910, closing out the trust, $180,000;
(b) N. Y. Central Lines trust of
1913, installments aggregating $426,646; (c)
stallments aggregating $240,000.
T. & O. C. trust of 1917. in¬
Rolling Stock.—Of the 750 freight cars and 20 locomotives allotted by the
Director-General to this company there were delivered in 1919, 358
freight
cars; these, together with the locomotives and cars delivered in
1918, com¬
pleted the entire allotment.
Arrangements have been made by which the
Director-General is to take at par the 6%
equipment trust notes of the
company, maturing in equal annual installments over a period of 15
years,
in
payment for approximately 75% of the cost of this equipment, and by
which the remainder is to be paid to him
by deducting the amount from the
equipment depreciation and retirement credits arising in the
company's
Property Account.—The property investment account shows
of $1,227,030, as follows:
a
net
in¬
crease
Add'ns & betterm'ts to road, incl. $123,380 for
tunnel, Moxahala. $273,856
Additions and betterments—equipment:
Equipment assigned to T. & O. C. Ry. by U. S. RR. Admin...1,133,986
Expenditures by Federal Mgr. less equip, retired and transferred
55,850
Credit adjustments by the corporation
236,662
TRAFFIC STATISTICS FOR
1919.
Miles operated
CALENDAR
1918.
YEARS.
1917.
436
436
436
1916.
436
Operations—
No. passengers carried..
Pass, carried one mile...
873,901
29.623,258
871,601
32,431,224
Rev. per pass, per mile..
Tons moved (revenue)..
1,067,665
37,056,531
1,011,260
34.773,637
2.758 cts.
2.354 cts.
1.865 cts.
1.776 cts.
8,838,466
11,494,536
Tons moved 1 m. (rev.).1240327,581
1552223,476
Rev. per ton per mile...
0.627 cts.
0.565 cts.
Avge. train-load (tons).
Earn, per pass, train m.
Earn, per freight-train m.
Gross earnings per mile.
914
910
$1.45
$5.73
$20,839
$1.44
10,578,418
9,450,132
1537769425 1285102;9l0
0.447 cts.
$5.14
$23,251
0.403 cts.
800
855
$1.10
$3.82
$18,565
$1.00
$3.22
$14,239
FEDERAL
INCOME ACCOUNT FOR 1919 AND 1918, COMPARED
WITH COMPANY'S ACCOUNT IN PREVIOUS YEARS.
1919.
1918.
1917.
1916.
$7,771,846
817,155
$8,776,009
763,113
$6,868,769
691,119
255,915
233,994
243,601
346,937
250,201
278,453
$5,172,703
617,494
226,404
187,246
$9,078,910 $10,129,660
$1,545,851
$1,543,243
Maint. of equipment.._
2,824,786
2,498,700
Traffic expenses
79,040
79,066
Transportation
3,957,136
4,609,714
General & miscellaneous
235,988
222,073
$8,088,541
$1,035,569
1,468,680
99,451
3,356,445
Freight revenue
Passenger revenue
Mail, express, &c
__
Incidentals
Total operating revs..
Maint. of way, &c
Total..
$8,642,801
$436,109
$786,127
1,395,068
87,707
2,197,850
144,084
154,160
$6,114,305
$1,974,236
439,025
$8,952,795
$1,176,865
361,926
371,913
$4,610,835
$1,593,012
299,841
$814,938
$1,602,324
$1,293,171
233,992
590,556
692,149
916,063
$231,075
261,372
$1,405,494
304,256
$2,294,473
1,379,783
$2,209,234
1,464,933
def.$30,297
$1,101,238
$914,690
_
Operating income
Hire of freight cars, rent
equipment, &c
"
Gross income
Net
^6,203,847
def.$2,917
Net operating revenue.
Taxes accrued, &c
income
CORPORATE INCOME ACCOUNT,
Operating income
Compensation accrued-_a$l,086,651
Add. compens'n accrued
Hire of equipment
$744,301
YEARS ENDING DEC. 31.
1918.
1917.
♦
1916.
$1,602,324
$1,293,171
$1,086,651
bl87,587
15,935
Dividends received
447,393
447",390
135,054
215,176
42,812
447,390
201,947
267,896
447,390
200,777
$6,871,787
$1,856,685
$1,765,152
$2,294,473
$2,209,234
$790,869
528,196
$591,679
547,995
$541,052
565,929
$1,601,639
194,824
731,112
108,140
$545,700
_
Deduct—
Miscel. interest, &c
Interest on funded debt.
Joint
facility rents
Other rents, &c
Deficit of Z. & W. Ry__
$2,635,715
$4,236,072
1,437,285
217,576
2,222,466
342,945
Total deductions
Balance, surplus
sur.$26,710sr.$l,670,661
a
4,745
227,504
43,545
86,800
4,777
229,275
36,933
$1,681,660
$175,026
$1,686,225
$78,927
Compensation stated in
betterments.
6,788
111,045
544,006
129,164
6,637
239,426
$1,379,783
$914,690
$1,464,933
$744,301
154,968
Miscellaneous
1,063,474
b Additional
def.$932,369
100,000
2,751,784
..138,211,262 132,203,308
796,899
$2,867,967
$1,681,571
\ 2,823,250J
145,833
3,198,776
83,238
liability
-V. Ill, p. 794.
Accts. applic. prior period
Total
8,286,485
Accrued deprec.
Oth. unadj. cred
86,635
1,046,700
1,046,700
Gross corp. income.
Gross corporate income
Deductions—
149.716
11,976,152
Miscellaneous
1917.
$6,074,888
TJ. S. Government standard return
Other income
accr
28,870
206,285
Deferred liabirs.
4,107,432
9,164
8,564,093
34.528
33,784
on
deb. 1,449
mar.
Unmat. int.
556,007
8,682
1919.
Net income
Operating
811,652
Fund, debt
Tax
Joint facility rents, &c__
Hire of equipment
5
1,002,258
1,229,383
8,682
Oth. unadj. deb.
of
Operating income
Non-operating income
93,597
Interest matured
Traffic, &c., bal.
Rents rec.,U. S.
1916.
operated
1,947
1,947
1,947
1,947„
OpcvcitioTis—
Passengers carried
5,064,193
3,373,235
3,428,487
3,049,105
Pass, carried one mile.__386.447,738 277,394,000 254,500,000
213,052,000
Rate per pass, per mile.
2.76 cts.
2.69 cts.
2.46 cts.
2.35 cts.
Freight (tons)
9,371,150
8,163,752
7,615,490
7,624,941
Tons one mile (000)
1,659,727
1,477,965
1,480,535
1,521,019
FEDERAL INCOME
Acc'ts & wages.
Misc. accounts.
5,683,000
25,000,000
4,038,670
2,537
142,288
1,811
-
202,731
266,273
Misc. acc'ts rec.
Int. & divs. rec.
1st
138,298
30,000
Miles
Av. rate per ton per mile
A v. train-load (revenue).
La. Div. Br.
mtge. 5% bds.
5,683,000
2d M. inc. bonds 25,000.000
Loans&bills pay.
4,128,670
1,167,980
871,871
30,000
871,871
Advances....
Other investm'ts
$
38,763,810
1,729,000
25,000,000
73,307
1,167,980
Notes
1918.
S
favor under its standard contract with him.
CARRIED.
Agricultural.
2,182,959
2,429,317
2,091,630
2,137,854
24,000
seven
engines purchased under agreement of conditional
1917, were received and placed in service
The 11 light Mikado freight locomotives
assigned by the Administration and placed in service during 1918 were coal
burning engines.
These were replaced by the Administration during the
year with oil burning engines of the same type.
The 14 standard six-wheel
switch engines allocated by the Administration were also received and placed
in service during the year.
Arrangements were made by which the Railroad Administration would
purchase for the account of the company 18 Santa Fe type freight engines
and seven Pacific type passenger engines of Texas & Pacific design, which
engines were received and placed in service in Dec. 1919, and early in 1920.
J» Safety appliances required by law were applied to 92 freight train and
work cars, and 276 freight train and work cars received
improved draft
gear.
Nine locomotives were equipped for superheat; 174 locomotives
were changed from coal to oil burners, and the
efficiency of various other
locomotives was greatly increased by the application of various modern
devices.
27 locomotives of small tractive power were condemned and
written off during the year.
Liabilities—
Capital stock
38,763,810
Equip, tr.obllg's
1,419,000
IstM. 5% bonds 25,000,000
Inv.lnaffil.cos.:
gravel balast, $320,309; industry tracks and sidings principally around
Ranger, $361,870.
During the year 35.64 miles of additional yard and
side tracks were constructed, of which 16.64 miles were industry and 19.0
additional yard and passing tracks; new gravel was applied to 125 miles
of track, of which 57 miles was on joint track between Whitesboro and Fort
Worth, and 68 miles on Eastern Division.
There was also 16 miles of
sand ballast applied on Louisiana Division.
Heavier rail was laid on 66
miles of the Fort Worth Division, of which 31 miles was on joint track
between Whitesboro and Fort Worth; 17 miles of the Eastern Division was
also relayed with heavier rail.
Equipment.—The twelve Santa Fe type freight engines and the
1919.
S
114,245,382
Misc. pbys. prop.
penditures aggregated
$2,112,945,
notably:
Grading,
$246,794;
ties,
$82,189; rails, $176,265; other track material, $156,592; ballast, $275,180;
track laying and surfacing, $193,099; stations and office buildings, $152,718;
water stations, $164,516; shops and enginehouses, $238,178; shop mach¬
inery, $187,618.
Equipment expenditures aggregated (net), $1,342,041,
viz.: (a) Purchased new, 12 Santa Fe type and 7 Pacific type locomotives,
$974,642; (6) built or rebuilt in shops, 229 box and other cars, $417,029;
(c) miscellaneous, $305,505; total, $1,697,176; less equipment sold or de¬
stroyed, $55,135; balance, $1,342,041.—Ed.]
Very large expenditures were made during the
year
on
account
of the roadbed, track, and other facilities.
Among the leading items were:
la) Reconstructing new machine shop, Marshall, $267,519; (5) applying
sale, Series "EE," dated Feb. 1
during the first half of the year.
1918.
$
Road & equlp't. 117,700,368
986. were made in 1919 and charged to income and carried to cost of road
and equipment, except the unmatured payments on the 19 new locomotives,
which are a part of the equipment in Car Trust Series "EE."
[Road ex¬
Pacific type passenger
[Vol. 111.
275,566
contract.
compensation
accrued
account
completed
additions
and
Sept. 25
1920.]
BALANCE SHEET DEC.
1919.
Road &
1919.
S
Liabilities—
equipm't.33 ,090,042 31,863,012
Inv. In affil.
cos.-
Stock
—
8 ,201,303
8,201,203
—
Bonds
Ratio
31.
2 ,018,000
347,860
Advances.
267,040
330,000
302,900
Other investments
13,700
Misc. phys. prop.
10,643
_
Materials & supp.
.
Mar.
6c.
7c.
7c.
7c.
82.28
31.63
32.33
76.66
Rate
5^c.
5Hc.
6^c.
7c.
7c.
75.83
6c.
17.72
6Kc.
Per cent to total 81.38
68.37
67.67
23.34
21.68
Ind."
8,272,000
3,393,230
Section).a 8,272,000
Equipm't oblig'ns. 2,546,584
Non-nego'ble debt
147,218
11,543,199
43,845
to affiliated cos.
Notes, &c._....11,543,199
2,022,690
246,187
Interest, &c., rec. 1 ,218,760
Unadj. debits, &c_
33,374
Compensation due
237,302
50,787
433,467 Unadj., &c., items 3,175,293
1,485,376 Accrued deprec'n. 1,596,404
144,809 U. S. Govt, acct— 2,617,811
1,086,651 Approp. surplus.. 1,334,889
U. S. Govt. acct__
1,152,569
Accounts & wages
.
Mat'd int. unpaid.
Miscell.
Total
3 ,067,142
accounts.
9,717 10,335
10,109
9,864
9,972
availed themselves of the ticket rate
5K-6-cent fare, only 70% did so when the fare was 63^-7 cents.
6,057,038
Profit and loss.
Total
49,142,928 48,714,691
.........49,142,928 48,714,691
a After deducting $653,700 Common stock. $6,600 Pref. stock
000 income bonds, St. Mary's division, held by or for carrier.
Note.—Unpledged securities, issued
or
2,198,084
1,630,997
2,111,053
1,334,889
5,880,775
and $228,-
The
of Central America.
of 1916 with 1919.
•
in
expenses:
and
Wages
i.
.
in
Expenses
in
salaries..
supplies
1919
as
Compared
Depreciation
The text of the report, balance sheet and statistics will be
cited
more
fully another week.
....
222,816
20,710
35,000
10,302
49,092
•_
...
1919.
,
Miles
op.(excl.Occ.RR.)
515-04
Operating revenues...__ $2,909,614
Operating expenses.....
1,881,160
OCCIDENTAL RR.) (U.S.GOLD)
1918.
508.52
$2,474,653
1,333,474
1917.
487.89
$2,554,647
1,353,605
1916.
486.89
$2,575,619
1,185,818
$1,201,042
26,123
$1,389,801
8,620
$1,174,919
39,004
3,291
$1,378,101
34,824
5,987
$1,140,117
618,245
7,505
$1,217,214
612,71
28,17
$1,418,913
$622,313
$342,846
1,177,669
$625,750
$514,368
745,660
$640,881
$576,333
1,578,187
$587,700
$831,213
781,252
notes)
of
property
by
earthquake
...... aCr. 70,292
Miscellaneous
106,273
25,000
57,358
123,737
35,123
34,277
$1,261,877
$745,660
$1,578,188
$1,028,454
$1,141,179
102,541
earnings
Taxes
56,548
$925,912
28,246
10,999
$1,084,631
$965,158
614,808
7,505
—
Operating income
Outside operations (net)
Int. disct., &c.f received
Gross income
...'
Bond interest, &c
Unexting. discount, &c_
Total deductions
—
Balance, surplus
P. & L. surplus Jan. 1__
x Pref. divs. (paid in 10-
46.866
11,700
559,562
28,138
1,250,000
year
Loss
.....
P. & L.
x
sur.
Dec. 31..
$1,484,533
Covering period July 14 1914 to Feb. 1917, 12^%.
'
.
■
The above earnings do not include the Occidental RR. (50.25 miles).
The gross earnings of that company in 1919 were $228,857 and the operating
expenses
On Dec.
$137,023, against $167,163 and $113,132, respectively, in 1918.
1919 the Occidental RR. Co. had outstanding 30,000 shares,
28,208.
31
of which the International Rys. of Central America owned
a Written
back because cost of replacement of property
in
operating expenses.—V. 110,
Cincinnati
p.
was
absorbed
1415.
Traction
Director of Street Railroads for the City
of Cincinnati, in an elaborate 47-page pamphlet report
written under date of
gives a resume of street
railway conditions and problems in that city which will be
found of very considerable general interest.
Much con¬
extracts
,
follow:
Service-at-Cost.—The year 1919 was the first complete year under
the new
service-at-cost franchise,
effective Oct. 1 1918.
Effect of Fare Changes.—The effect of the service-at-cost upon the finances
of the company present an interesting study.
The committee which prepared the ordinance found that the cost of ser¬
vice was 5.76 cents per revenue passenger, including an increase to employees
from a maximum of 32 cents to 37 cents per hour.
It therefore recommend¬
ed that the initial rate of fare, under the ordinance, be 6 cents.
Unfor¬
tunately, the initial rate of fare was fixed at 5 cents in spite of the known
deficit.
In October and November a serious epidemic of influenza swept
the city, and these two months, constituting the basing (or fare-determining)
period, showed a deficit of $222,081.
In November 1918 the War Labor Board handed down a decision in¬
,
.
.
creasing the wages of conductors and motormen to a maximum of 48 cents
per hour, and provided that the maximum should be reached at the begin¬
ning of the second year, instead of the fifth, as before.
This increased the
annual payrolls approximately $1,000,000.
A proportionate increase was
ordered for miscellaneous employees from which an appeal was taken.
Automatically fares were increased on Jan. 1 1919 to 5H cents for tickets
and 6 cents cash.
However, January and February showed a deficit of
$223,407.
Th0 income per revenue passenger was 5.72 cents and the cost
of operation 6.97 cents.
Fares were increased on April 1 1919 to 6 cents flat.
In May the War
Labor Board affirmed its grant of November to miscellaneous employees
and added an additional $9,000 per month to the payrolls dating back to
November.
The months of April and May showed a deficit of $120,021, or
a cost of 6.70 cents with an income of 6.09 cents per revenue passenger.
This indicated that the next increase of
cent to
cents would be
sufficient.
This was made on July 1 1919.
■
'
On that date, however, a demand for an increase in wages resulted in the
scale being increased to a maximum of 50 cents per hour and in Aug. 1919
a coal shortage necessitated buying coal at prices above the contract.
The
city also required the relaying of track in connection with a number of im,
^
grovements. There basing falling off of 75,000 in the number ofapassengers
July, so that the was a months of July and August showed
deficit of
i
$89,590, or a cost of 7.18 cents per passenger and an income of 6.74 cents,
necessitating an increase to 7 cents flat on Oct. 1.
October 1919 gave the first surplus of $25,678.
In November and De¬
cember the showing was less favorable by reason of the coal strike, which
again necessitated the payment of higher prices, and reduced the surplus in
those months to a nominal figure.
However, there was no deficit and fares
remained unchanged.
Effect of Varying Conditions upon the Total Income
1918
Income
Cost
Deficit
and Cost of Service.
1919
—
Feb.
April June. Aug.
Oct.
Dec.
5-llc. 5.11c. 5.69c. 6.09c. 6.10c. 6.76c. 7.04c. 7.08c.
6.56c. 6.76c. 6.99c. 6.84c. 7.22c. 7.09c. 6.79c. 7.07c.
1.45c. 1.65c. 1.30c.
.75c. 1.12c.
.33c. S.25c. S.Olc.
Per Revenue Pass.— Oct.
Dec.
1920 the fare was increased from 7^c. by ticket to a
straight 8c. fare basis.
This followed an arbitration award increasing the
wages of motormen and conductors to 59c. per hour.
V.lll, p. 791, 989,
1082 —[Ed ]
The average fare per revenue passenger for the year 1919 was 6.28 cents,
as compared with 4.98 cents in 1918, and the average for all passengers was
4.67 cents as compared with 3.71 cents in 1918.
Under the 7-cent rate the average in December 1919 was 6.92 cents per
revenue passenger, and the average per passenger, including all passengers,
Note.—On Sept. 1
was
5.23 cents.
$2,095,285
....
17
00
or
or
26.52%
02 or
73 or
37.77%
28.27%
59 or
66.70%
37.46%; and in city taxes of $17,452, or 5.15%; while the interest on
equipment notes increased $5,633, or 16.19%.
•,
; 3
:
v.-.
Since the total expenses were far in excess of the total receipts, the com¬
pany was compelled to borrow money from the banks to meet current
expenses and for capital charges required by the city, in connection with
street improvements.
The interest charges on this unfunded debt amounted
to $57,465, an increase of 100%; no similar charge was necessary in 1916.
Story in a Nutshell—
Amount.
Increase. % of Inc.
Increased income over 1916
..-$1,578,620
26.52%
Increase in expenses over 1916
2,328,562
45.14%
147.51%
The year 1917 produced a deficit of $171,528; 1918 showed a deficit or
$827,551; 1919 an operating deficit of $668,770 uncollectible accounts,'
written off in 1919, $1,747.
Total accumulated deficiency, $1,669,597, in
unpaid obligations and moneys owed to the banks.
Under the provisions of the franchise it is required that fares be increased
successively until the gross receipts provide for the cost of service and all
accumulated deficits are paid.
Therefore, notwithstanding the fact that
for three months the 7-cent fare had produced the current cost of service,
further increases would be necessary to pay off the deficiencies for the pre¬
vious months and years.
This alone would require increased by successive
stages to 9H cents.
Securities Issued to Fund the Deficits and in Lieu of Dividends, &c:—It
was decided that it would be fairer to the public to fund the deficits by
issuing securities which would be amortized in a period of years, at a rate
which could be absorbed by current operation.
Authority was granted the
company to issue and sell $4,650,000 of GH% bonds at 95% and also
$2,100,000 6% debenture notes.
The condition of the money market
precluded the sale of such securities, and instead there were sold (1) at
96H%, $2,250,000 of 3-year 7% notes [of Ohio Traction Co.; see offering,
V-. 110, p. 562]; these provided for the deficits and accrued capital accounts.
or
...
(2) $2,250,000 debenture notes bearing 6% were issued in lieu of the accrued
and payments allowed to the stockholders, under the ordinance,
(V. 110, p. 77).
It was also provided that the company sell an additional $1,500,000 of the
3-year notes to provide for improvements, upon further order of the City
dividends
and to provide the initial $250,000 of the reserve fund
of which
were
.
also issued $1,250,000 of 6%
equipment notes, the proceeds
used for the purchase of additional cars.
careful study was made during the year of the effect of
Car Riding.—A
increased fares upon
the car-riding habit, since it is well recognized that
economic law of diminishing returns, a point
be reached where an increase in fares may fail to produce an increase
in revenue by reason of the falling off in short-haul passengers.
Experience
in other cities showed this possibility by the fact that the increase in gross
under the operation of the
may
receipts showed a lower percentage than that of the fare.
It seems that in Cincinnati the rate of fare had little, if any, effect upon
the number of passengers.
The percentage of increase in gross receipts in
each case was greater than the percentage of increase in fares.
Many other
cities made tremendous gains in population becuase of new war industries.
Cincinnati manufactured much war material, but mainly by adaptation of
already existing industries.
As a consequence, there was a loss of popula¬
tion during the war period which had barely been overcome in 1919.
Effect of War Period oil Number of Revenue Passengers in Cincinnati.
r
1916.
1917.
1918.
1919.
Revenue passengers. No.116,599,800 118,152,860 112,525,698 117,495,936
The restoration did not occur until the latter half of 1919.
This situation must be considered in connection with a study of the rates
of fare.
It costs
Cincinnati is
a
much to haul
as
a car
with
one
with fifty.
passenger as
city of long haul through sparsely settled territory.
Cities—Average Number of Passengers per Car Mile, or
"Density of Traffic."
(Boston
5.95|Kansas City_4.94] Cincinnati J—5.55
Detroit
7.41 Baltimore ___6.83|St. Louis
5.981
Density of traffic is an index to service.
The service-at-cost plan for
Memphis provides that there shall be not less than .155 car miles nor more
than .185 car miles per revenue passenger.
Cincinnati in 1919 enjoyed
.184 car miles per revenue passenger, or within .001 of said maximum.
Cost of Operation.—In 1919 labor, materials and supplies, and fuel showed
an
increase over
1916 of 66.54%, 100.27%
and 73.31%, respectively.
These items represent 91.44% of the operating expenses in 1919.
Comparison
by
8.73
Cleveland
Statement
^
,
66.54%
100.27%
73.21%
100.00%
01 or
The increase in operating expenses exceeded by $500,000 the increased
fares, and, furthermore, there was an increase in general taxes of $152,727,
The company
W. C. Culkins,
densed
-
and the Commission.
Company.
■{Report for Year 1919 by Department of Street Railroads of
City of Cincinnati under Service-atrCost Plan.)
....
expenses
Total increase
INCOME ACCT. FOR CAL. YRS.(EXCL.
Net
Other
1916.
with
$1,485,794 55 or
271,570 11 or
...
Insurance
>
the
is frequently asked, What has become of the additional
produced by higher fares.
The year 1916 was the last in which the company broke even on a 5-cent
fare, after setting aside an amount equal to that allowed, in the present
ordinance, for return on capital.
The rate of fare for adults in 1916 was
5 cents, and in 1919 an average of 6H cents.
The total number of revenue
passengers in 1919 was only .77% greater than in 1916.
The increase in earnings, $1,531,505, with other income, made the total
amount received in 1919 $1,578,620 more than in 1916, or 26.52%.
"What
became of this large sum" ?
It went toward meeting the following increases
Coal.
Valuation expenses
Year Ended Dec. 31 1919.)
{Report Jor Fiscal
on
question
Materials and
International Railways
6Kc.
46.46
money
Increase
assumed, $888,300.—V.110,p.1291.
6J^c.
53.54
"What Has Become of Money Produced by Incraese in Fares'"!—Comparison
167,618
Accr.int.,divs.,&c.
7c,
78.32
Rev. pass.. No. 9,395
9,425
This shows that while 80%
.
443",447
Dec. Yr.Av
6c.
24.17
13,250
317,371
Sept.
6c.
15.370
11,870
1919—Number of
Nov.
Rate
2,257,560
Special deposits
July.
Per cent to total 18.62
Ticket Fares—
219,049
Agents & conduc..
Miscell. accounts.
May.
3,701,400
13,000
182",447
Jan.
5,846,300
11,431
88,385
Cash.
Fares and Tickets Throughout the Year
Revenue Passengers (000 Omitted).
Cash Fares—
Stock, Common.a 5,846,300
10,643
1,345,071
ma
Stock, Preferred-a 3,701,400
Bonds (see "Ry. &
2,000,000
Notes
$
of Cash
1918.
$
1918.
$
Assets—
CHRONICLE
THE
of Hourly
Wage
Trainmen Since
Scale for
20c.
1
21c. over 6 years
22c. over 6 years
20c.
25c. over 16 years
25c. p. h.
25c. p. h.
20c.
27c. over 9 years
1 1-3 time
20c.
27c.
20c.
23c.
24c.
May 1 1901 to Dec. 31 1906
Jan. 1 1907 to Dec. 31 1909
Jan.
19c.
19c.
—
Overtime.
16 2-3c.
19c.
16 2-3c.
1900 to April 30 1901
1900.
Maximum.
Minimum.
Prior to 1900
27c. over 7years
30c. over 6 years
1-3 time
30c. over 5 years
32c. over 5 years
32c. over 4 years
37c. over 4 years
1-3 time
—
1910 to June 30 1913
July
July
July
1 1913 to June 30 1914
1 1914 to June 30 1915—
1 1915 to June 30 1916
July 1 1916 to June 30 1917
July 1 1917 to Apr. 15 1918
Apr.16 1918 to June 30 1918
July 1 1918 to July 31 1918
Aug. 1 1918 to Nov. 20 1918
Nov. 21 1918 to June 30 1919
_
—
26c.
26c.
31c.
over
1-3 time
8 years
1-3 time
1-3 time
1-3 time
1-3 time
1-3 time
48c. over 1 year
(Nat'l War Labor Board's award)
43c.
1-3 time
50c. over 1 year
July 11919—
45c.
This scale, while higher than in Southern cities, is lower than in cities of a
comparable size in the North, due to the fact that living costs less in Cin¬
cinnati and working conditions under the contract are more favorable.
[Increase in 1920 to 59c. per hour—see above.]
_
Great
Increase in
the
Cost of Materials—
Iron poles, 6 in. x 7
each
in.
x
Cost of Materials and Supplies.
1914.
1915.
1916.
1917.
1918.
$20 70 $20 70 $27 60 $55 20 $41 40 $48 30
Wood poles, 8 in. x 35 ft., each
Rails, per ton
Switches, each
Ties, each.—
Cement, per bbl
Sand, per ton
Track bolts, per cwt
6
38
164
•—
0
1
—„
80
6 80
6 80
7 60
11 55 *13 86
10
38 10
38 10
69 30
69 30
64 70
00 164 00 164 00 284 00 284 00 375 00
70
0 67
0 67
0 78
1 00
130
73
0 50
—
Cast iron wheels, per cwt
Brake shoes, per ton
Trolley rope, per lb
Dry batteries, per 100
1919.
30 ft.
—
2
1
28
0
14
05
42
00
20
50
1 69
•
1 84
2 09
0 50
0 50
0 70
2 34
2 20
1 42
28 00
0 23
14 50
5 55
1 52
1 42
28 00
0 19
14
31 65
0 35
28 70
2 79
1 20
5
2
64
0
28
55
50
50
47
85
2 90
1 15
4 88
3 19
65 00
0 62
33 05
1274
In
coal cost the company
1916
CHRONICLE
THE
an
of $2 15 per
average
in
ton;
Note.—The interest
1919,
$3 53,
or an increase of $1 38 or 64.19% per ton, for 141.227 tons, the
amount used being larger by 7,910 tons or 5.60% than in 1916, due to its
[Vol. 111.
allowed on
the
capital stock of leased lines
is
in
accordance with the contracts made by the Cincinnati Traction Co. in 1902
rental for the use of the property of the Cincinnati Street Ry. Co. and
as
inferior quality and the operation of a greater number of double-truck cars.
the
Additions and Betterments.—In 1919 authority was given for such expen¬
ditures amounting to $1,840,340. which included $253,820 as charge to
Cincinnati Street Ry. Co. is also paid an annual amount of $10,000 and the
Cincinnati & Hamilton Traction Co. $600 to maintain their corporate
Hamilton
Cincinnati &
operating expenses and $1,586,520 to additions and betterments.
The
latter amount included $1,250,000 for 105 new double-truck passenger cars.
organization.
The interest
[The expenditures under such authorizations aggregated
and $201,416, respectively.—Ed.)
(Millcreek Valley Lines).
The
April 1 1919,
(net) $1,504,613
Legislation—Funding
Improvements—Payment
Serially .—In
order to
it possible to compel the company, as occasion might require, to
improve or reconstruct its tracks coincident with street improvements
without too great fluctuations in rates of fare, a bill was passed by the
Legislature authorizing the city to lay the tracks and assess the cost, with
interest, against the company in not to exceed ten annual installments.
The budget of 1920, accordingly, provided for the expenditure of $930,000
by the company, one-tenth to be deducted in that year.
At the end of
the year the constitutionality of the low was raised by a taxpayer's suit.
Motor Buses, &c.—Many have predicted that motor buses would soon
replace street cars.
Inquiry, however, shows that while experiments are
being made, motor bus operation has only been successful on very short
hauls and is not applicable to the long lines in Cincinnati.
Mechanical questions of acceleration and equipment, congestion, the
failure of busses to meet the suspension of street-car operation in Toledo,
and the known losses in operation by street railway companies now oper¬
ating buses as feeders, raise questions as to the advisability of a substitu¬
tion of street cars by motor buses.
Henry Ford is still working on a gasoline car for fixed tracks, but it has
not yet made its trial trip and is intended for interurban and not for city
service, since its motor Is not adapted to frequent stops made by street
cars.
Mr. Ford announced that if the interurban car is a success, he will
begin experiments on a city street car.
A distinct advance has been made, however, by a new type of light-weight
car known variously as the "One Man Car," "Safety Car," or "Frequent
Service Car," which permits increased service, lower cost of operation and
higher wages.
Its success in many cities seems to be unquestionable, al¬
though its use on very heavy lines during rush hour periods is still open to
demonstration.
Its operation in Cincinnati would not be feasible with the
present double trolley system, which is an eye-sore peculiar to Cincinnati.
A partial estimate of the cost of eliminating the double trolley places the
gross cost at 8523,550; net, after salvage, at $170,550.
The company has
make
publicly expressed opposition to the elimination of the double trolley
or
the
introduction of the safety car.
Interurban
centring
Cincinnati
at
has
situation
relative
interurban
to
railroads
been
the Cincinnati Traction Co. 6% equipment notes, dated
on
was not included in the cost of operation, but was charged to
additions and betterments (interest during construction), as the majority
of the cars were not completed until late in 1919.
The total Issue was
$1,250,000, of which $75,000 were retired at Sept. 30 1919.
A total of
$167,000 of the 5% equipment notes was retired during the year.—V. Ill,
p.
1082.
Cosden &
The text of the report signed by President J. S. Cosden,
together with the Income Account and Balance Sheet in
detail, will be found on a subsequent page of this issue.
The report in the usual comparative form was published last
week on page 1180 of the "Chronicle."—V. Ill, p. 1180.
Pullman
INCOME ACCOUNT FOR
a
proposal to build
an
extension to afford
an
entrance for the
Gross income..
Operating
Net
Dividends (8%).
An option to operate a short line at less than the maximum fare and to
or
charge for transfers would give
an
or
go
into the hands of
largest in the country,
are
a
1920.
now
in this latter situation.
Rates of Fares Fund in 406
59 cities, 10c. fare
1
23 cities, 8c. fare
26 cities, 7c. fare,
lc. for transfer
Cities.
129 cities, 7c. fare
98 cities, 6c. fare
city, 9c. fare
2
with
cities, 5c.
zone,
35 cities, 5c. fare with
lc. to 2c. for transfer
7 cities, 7c. zone
26 cities, 6c. zone
Bills & acc'ts
25,596,562
10,019,629
rec.
& investments
Includes
OF
Mail
$7,377,231
4,234
13,618
car rev..
revenue
Freight
(inclines)
Station & car privileges, rent of
tracks, buildings, power, &c_
revenue
EXPENSES
Year 1918.
Increase.
AND
PerCent.
31.39
>,614,606 $1,762,625
2,082
2,151
103.32
16,894
dec.3,276 dec.19.39
9,041
8,347
694
120,755
116,956
3,799
3.25
20,136,408
2,744,246
Power
$255,668
444,336
771,729
1,870,238
3,729
485,386
553,972
6,500
390,679
502,445
6,500
903,850
Conducting tranportation
Traffic
General and miscellanous
Taxes assignable to ry. oper
Rental of viaducts
...
300
Operating income
-$1,727,944 $1,516,988
Total non-operating income.__
5,557
9,957
Gross
income
—$1,733,501 $1,526,945
Rentals of leased lines
1,234,937
1,234,937
Int. on equip, trust notes "B,
C, D, E and F"__
40,425
49,075
Interest on reducible debt
215,000
215,000
Sinking fund on reducible debt.
82,445
82,445
Interest on unfunded debt
57,465
20,564
Return on capital
416,000
416,000
Deficit
Taxes—City of Cincinnati
Taxes—City of Norwood
—$312,770
350,000
Deficit
Revenue passengers, No
No
Special and mail, No—
Density of traffic:
-$491,076
336,475
6,000
—$668,770 —$827,551
117,495,936112,525,698
21,165,550 20,395,148
48,625
58,606
5.55
$319,791
79,455
132,121
874,008
3,429
94,707
51,527
30.67
125.08
17.88
17.12
46.73
143.08
at
the
end
of Federal
cars.
596.
Co., Ltd.
(9th Annual Report Year ending June 30 1920.)
Aemilius Jarvis,
Chairman of the Board, writes in sub.:
Results Greatly
Affected by Strike.—The strike of last year extended into
completely cutting off our production for the first three months.
This, together with the great difficulty in securing material—owing to the
strike and embargoes on the American railways—has affected our output
for the past year very materially.
Orders.—However, we have, at the present time, sufficient contracts
on hand to run
us up to Jan.
1 1921, before which time, undoubtedly,
this year,
previous
profits we added $100,000 to depreciation reserve
special replacement account, the same as in the
our
and $25,000 for
year.
■
_
For years
Reviewing the Profits.$326,380
1912
19131914
-$134,613
398,886
342,057
INCOME
574,212
721,254
ACCOUNT
5.52
$677,937
892,976
1920-
$669,9161
8,021/
$367,969
$90,000
22,780
$892,976
$90,000
100,000
25,000
105,000
145,000
(6)120,000
$508,780
def.$ 140,811
$455,599
$437,377
_
,
Common dividends
BALANCE
dec.8,650 dec.17.63
1916-17.
21,000
reserve.
Sinking fund
Special replace, res
Pref. divs. (7%)
367,969
492,698
30.
1917-18.
44,293
Lossinv. bds. sold, &c.
surplus
1918-19.
JUNE
$848,684
Total income
Balance,
ENDING
89,416
Deduct—Bond interest._
Depreciation
YEARS
aver„
$278,554
Interest from invest
10.26
13.53
FOR
1919-20.
Profits,
after
I
charging
profits war tax and ail
special charges, allow¬
ances, &c
Total deductions
$206,556
ending June 30:
Annual
$210,955
13.91
dec.4,399 dec.44.18
1920.
$677,937
$90,000
$721,255
$90,000
100,000
100,656
100",655
15,000
25,000
105,000
15,000
25,000
105,000
(6)120,000
15,000
25,000
105,000
$455,000
$222,937
5335,000
5386,255
30.
1919.
1920.
Preferred
shares
Ordinary
shares
1919.
$
Liabilities—
Plant, goodwill, &C..5 499,041 5,484,444
Sinking fund invest.
85,074
65,925
Officers & empl. bals.
2,472
38,2.54
Can. War&Vic.bondsF 071,533 1,359,979
$721,255
599
SHEET JUNE
Assets—
$
1,500,000 1,500,000
2,000,000 2,000,000
1,500,000 1,500,000
36,900
179.44
45,000
36.31
Work in prog, (cost).
865,271
373,440
Int.accr.(pd. July 1).
Accts. payable, &c__
45,000
$178,305
965,884
532,505
13,524
6,000
4.02
Mater. & supp.(cost)
311,953
158,447
Pref. dividend July__
26,250
26,250
Com.div.(pd. July 1)
74,648
40,000
650,000
304,311
64,996
303,315
30,000
550,000
190,000
23,888
22,675
100.00
$158,781
19.19
4,970,238
4.42
770,402
3.77
dec.9,981 dec.17.03
.03
Capital Stock—
Outstanding. -Interest AllowedCincinnati St. Ry. Co. (leased)..$18,738,950 $1,124,337
6%
Cin. & Ham. Trac. (leased line)..
2,200,000
100,000 4.55%
Ohio Traction Co. Pref. 5%
8,500,000
416,000 4.89%
Ohio Traction Co. bonds, 5%
2,500,000
125,000 5%
Ohio Traction Co. notes, 6%
1,500,000
90,000 6%
Cine. Trac. Co. equip, notes, 5%683,000
40,425 5%
Cine. Trac. Co. equip, notes, 6%1,175,000
$171,254,548
adjustment
Canadian Locomotive
24.24
.54
CAPITALIZATION AS OF DEC. 31 1919 UPON WHICH RETURN IS
ALLOWED UNDER ORDINANCE NO. 253
(1918).
Grand total
Tot'l ea.side. _$195,311,967
to
depreciation, subject
—V. Ill, p.
Notes
and
rec.,
Car miles—Passenger,
21,130,641
20,364,382
20,136,408
38,194,511
„
$575,459
523,791
23,678,091
Includes amount invested in one-half interest in three Association
8.32
Total railway oper. revenue_$7,524,878 $5,758,883 $1,765,995
Railway Operating Expenses—
Way and structures
Equipment
29,711,792
Net surplus._
y "By reason of the taking over of cash by the U. S. RR. Admin., and
payment of corporate indebtedness, the net cash balances as of July 31
1918 is reflected in the U. S. Gov't, item of $23,194,904."
INCOME ACCOUNT.
Passenger revenue.
Parlor, chair & special
2,399,948
2,342,071
res.
further contracts will be closed.
REVENUES,
Year-1919.
2,399,950
2,370,969
U.S.Govt. (U.
S. RR. Adm)
1,848
35,519,097
control.
x
Ins. & other
8,907,851
3,629,578
♦U.S.Govt.(U.S.
♦
1919.
8,660,900
6,522,004
Car leases
Cash...
*
1920.
Capital stock.$120,000,000 $120,000,000
17,151,164
5,017,507
Acc'ts payable
Accrued div._
2,468,994
123,224
8,530,527
5,606,566
Securities
Reserves.—From
STATEMENT
Liabilities—
7,979,678
linnen, &c...
Unexpired insur.
account
COMPARATIVE
19675 198
1919.
[$78,287,971
Repaid shops..
3,410,447
Pullman bldg- [$81,800,276(
1,027,387
Other real est.. J
6,651
[
Oper.
supplies,
added degree of elasticity.
companies to charge a higher
receiver; 49 companies, including some of the
2,607,891
9,599,792
BALANCE SHEET—JULY 31.
Assets—
Cars & equip.x]
opportunity for development of the city without placing an undue burden
upon the general car rider.
The expense of the city's
Street Railway
Department also should be made a part of the road's operating expenses.
rate
Cr. 18,639
9,599,792
$3,313,709
$3,130,265
$3,802,414
compensation for seven months ended Dec. 31 1917.
provision for depreciation during Federal control accrues under
the contract with the Director-General of Railroads, and hence does not
appear in the income account.
Federal
The
The right to charge a higher fare on unprofitable extensions would afford
Fares in Other Cities.—-The war conditions shattered the universal 5-cent
fare and cities were compelled to allow the
1917-18.
—
9.599,800
Balance surplus
x
RR. Admin.).
have been avoided.
JULY 31.
1918-19.
to other interests(5 m.)
xDepreciation in general—.
has attracted wide attention
throughout the United States and Canada.
In many respects it has been recognized as establishing a distinct advance.
A reserve fund, h wever, to
provide for seasonal or other temporary fluc¬
tuations should be established and a greater elasticity in changes of fare is
desirable."
If the ordinance permitted a skipping of one or more of the
eliminate
ENDING
$14,519,777 $15,439,936 $33,358,179
$1,606,268
$2,709,879 $17,348,081
expenses & taxes
earns, pa.
Mfg. dept. plants
appointed grades of fare, the largo deficit which has accumulated could
YEARS
Earnings of cars 5 mos end Dec.31'17_
$23,287,252
♦Federalcompensation
$11,750,000 $11,750,000
*6,854,167
Returns from mfg. interest, &c
2,769,777
3,689,936
3,216,760
of the Cincinnati Lawrenceburg & Autora Electric Street RR. Co., to
enable it to reach Third and Walnut streets.
Discussion of the Franchise.—Cincinnati's new service-at-cost franchise
cars
Chicago.
1919-20.
bondholders' committee, and the Cincinnati & Columbus has been ordered
abandoned.
Conditions responsible for the difficulties in which these roads
There is
Company,
(Report for Fiscal Year Ending July 31 1920.)
find themselves are, the heavy increase in costs of labor and materials, the
competition of motor trucks, the lack of adequate city terminal facilities
and the inability of these companies to procure financial assistance with
which to properly compete for business.
The Cincinnati Lawrenceburg & Aurora Electric Street RR. Co. demon¬
strated the importance of some of these features by a reduction in costs
and an increase in business, after procuring lighter and more attractive
equipment, abandoning its obsolete power plant and straightening its line.
Similarly the application of improved methods on the Cincinnati & Day¬
ton RR. is showing marked results.
The completion of the Rapid Transit
loop will give this road an entrance to the city.
Company (Delaware).
(Report for Six Months Ended June 30 1920).
*
Situation.—The
very unsatisfactory.
Of the five inter¬
urban lines, three are in the hands of receivers, one is being operated by a
_
Traction Co.
Cash
Def. charges to oper.
Total
—V.
-..8,238,192 7.871,474
Ill, p. 1186.
International
Sink.Fd.
President
$249,445
reserve
Res. special replace.
Other reserves
Total
—
215,000
85,074
130,925
1,210,984 1,366,794
.8,238,192 7,871,474
Agricultural Corporation.
(11th Annual Report— Year ended June 30 1920.)
—-
$55,100
27,345
167,000
Depreciation
Profit and loss...
Stephen B. Fleming writes in substance:
Results.—The consolidated operating and surplus account shows profits
for the year, after general reserves for contingencies and taxes, of $2,129,490,
against $1,607,406 for the corresponding period in 1919, or a gain of
$522,084.
Dividends at the rate of 5% per ann. have been paid on the Pref.
as
stock
$35,296,950 $1,895,762 5.56%
accounts
less reserve..
First mtge. bonds
during the year, and the surplus account has been increased from
$2,596,519 to $4,073,234 as of June 30 1920. Inventories wore taken at cost.
Sept. 25
dnd
Bonds.—Through the operation of the sinking f
bonds to the amount
$404,500 have been retired during the year, reducing the bonded debt
$3,692*,472
$3,027!699
Operating expenses
mining plant on the company's phosphate rock lands in Giles County,
Tenn.
This plant will be completed by Jan. 1 1921 and will have a capacity
of between seven and eight thousand tons per month.
The entire output
of this plant for the years 1921, 1922 and 1923 has been sold.
Improvements at our Florida phosphate rock properties will be fully
completed by October 1920.
These improvements will enable the company
to increase its output from 600,000 to 900,000 tons per annum.
The demand for phosphate rock in both the foreign and domestic markets
assures us that we will be able to operate our rock plants to their full capacity.
It seems conservative to say that this demand will continue for several years.
\
f 3,190,058
3,093,243
x2,481,520
\
$1,122,643
813,289
$1,210,952
$1,206,925
755,033
new
the
contract we are
new
for
sary
manufacturing requirements
the excess tonnage. (Compare
our own
of marketing
•
S
Adv. to sub. cos..
1917-18.
$3,031,062
J$2,764,844
$2,595,723
$1,894,003
Funded
217,650
80,176
130,955
:$2,845,014
511,097
$2,726,678
533.237
$2,757,143
1$2,333,917
$2,193,441
$1,418,544
207,256
Cr.79,602
Bond interest-
Balance, surplus.
~~4~, 226
196,059
Cr.69,547
248,508
Cr.123,337
400,000
500,000
ganization exp., &c
on
bonds
purch.*_
__
*
x
(i.
202,052
750,000
e.,
S
§
$
Assets—
Liabilities—
est.,plant,&c.22 335,003 21,653,007
1,371,556
1 ,490,380
1,636,163
Cash
I ,825,592
7,860,043
2,738,474
1 ,697,506
Other companies 1 ,230,163
Deferred charges.. 1 ,341,163
1,685,661
Interest
1,158,327
1,400,436
and
Cash in sink, fund
85
390
U. S. Liberty bds.
298,763
422,350
4,409,665
163,194
,590,000
...
163,194
bonds
loans
crued, <fcc
13,055,500
7,260,600
9,881,400
730,291
notes
payable
on
280,942
1,982,882
2,596,519
453,420
;
Special reserves-... 2,416,626
4,073,234
Surplus
$224,316
$299,278
$479,245
424,637
398,785
371,338
347,302
Total divs. received
Oper.
bills
(incl. int. on
payaole)
exp.
Net earnings.
Int. on 5% gold
property
the
above
cos.,
after
int. depreciation, &C-_$1,146,045
Proportion due Havana
—
43,072,162 40,360,993
Treas.
included above.
ended Dec. 31 1919.)
Clark, Philadelphia, April 9, wrote in sub.:
Results.—The statement below
panies controlled by The
inter-company
gives the earnings of
the operating com¬
East St. Louis & Suburban Co. for 1919 and 1918,
being eliminated. In this statement,
transactions
and 1919 have been taken out of operating
expenses and deducted lower in statement so as to give a more accurate
comparison between the two years.
Cash expenditures charged to accrued
depreciation amounted to $96,816 in 1919 and $88,094 in 1918.
The past year has shown a continuation of the old troubles connected with
increased demands of labor and rising prices of materials.
These increased
costs invariably anticipate by long periods relief granted in fares or rates,
and in some cases it has been impossible to secure relief.
The result is that
the companies have been subjected to increased costs before the income
depreciation accruals for 1918
available to provide therefor.
1919.—The reduced industrial activity following the
gross power sales.
The nation-wide strike in the
caused an almost entire shutdown of the mines in
our district over a considerable period in the fall months, materially reducing
earnings from coal freight.
The employees' demand for increased wages
was submitted to the National War Labor Board which in August granted
an increase of 12%, due to increase in living costs.
The street railway men
struck upon hearing of this award.
This strike lasted for pine days, after
which the men returned to work without any concessions.
The wages
Adverse Conditions in
Armistice affected the
bituminous coal fields
of the
209,059
8,364
15%.
electrical workers were increased in Dec. 1919 approximately
general and special conditions outlined above, it is perhaps
1919 were as good as given in the statement.
In view of the
strenuous efforts
have been continued to get
accomplished
adequate increases in Tares and rates, no result has yet been
towards increasing above 6 cents the street car fare in East St. Louis,
the case is still pending (V. Ill, p. 3891).
Fares on the Alton city lines
were increased in March 1920, to 8 cents with reduced ticket rates, but no
and
increase has yet
been granted in the price
being operated at a loss.
In Sept. 1919, the East
Federal injunction against
of gas, and that department
is
.
St. Louis & Suburban Railway
the Application of the Illinois 2
passenger law because of its confiscatory
There has been substantial increase in
Co. secured a
cents per mile
nature.
the earnings of the interurban
this injunction was granted.
Delay In Interest Payment.—The delay in payment of interest on the bonds
of the Alton, Granite & St. Louis Traction Co. was referred to in the last
annual report.
The interest due Aug. 1 1918, was paid in Jan. 1919.
The interest due Feb. 1 1919, was paid in July 1919.
The interest due
Aug. 1 1919, was paid in Jan. 1920.
It is probable that there will be longer
delay in payment of the interest due Feb. 1 1920, as the earnings of the
Alton System are not yet equal to the constantly mounting costs of opera¬
tion on account of the long delay in securing increased fares and rates.
Ouilook.—During the first three months of 1920 the earnings have im¬
proved, and there has been an absence of any special adverse conditions.
The management expresses the opinion that the low point has been reached
and passed in so far as net earnings are concerned.
This applies particularly
to the earnings from coal freight, wnich are comparatively large, and will
probably so continue except when these earnings are interrupted by switch¬
men's strikes, miners' strikes and similar occurrences.
Finances.—The financial condition of the companies has not materially
lines as a result
of higher fares after
497,043
566,829
DECEMBER 31.
1919.
1918.
S
$
Liabilities—
39,055,626
stock-. .30,000,000 30,000,000
Common
Preferred stock.
2,810,692
9,005 Bonds, 5%...
296,200 Accrued bond int.
209,059 Bills & acc'ts pay.
14,157 Deficit
5,000,000
.
5,000,000
7,500,000
.
7,500,000
34,800
.
38,575
7,102,379
*
—42,388,947 42,394,740
6,838,955
6,982,790
7,248,232
.
42,388,947 42,394,740
Total
1530.
Chicago Utilities Company.
{Report for Fiscal Year ended Dec.
President S. W. Tracy
writing
as
31 1919.)
of Jan. 19 says in subst
Capitalization and Assets.—Numerous inquiries received indicate
are not informed about the company.
Therefore, we
a brief statement should be made.
stockholders
that
feel
that
Capital Stock & Bonds Issued by the
Chicago Utilities Co.
—. $5,974,900
4,000,000
Stock and Demand Notcs$
Cap. Slock. Dcm. Notes.
$100,000 $23,913,000
100,000
6,293,000
5,000
The stock and bonds of subsidiary companies as shown, which include
all the securities issued by the Chicago Tunnel and Chicago Warehouse and
Terminal Companies, are deposited as collateral security for bonds issued
Preferred
§30,475,000! Bonds Series "A"
18,794,0001 Bonds Series "B"
stock
Common stock
of Chicago Utilities Co. Consisting of Capital
Entire Capitalization of Subsidiary Cos., Viz.:
ChiGago-Tunnel Co___
Chicago Warehouse & Terminal Co
Illinois Telephone & Telegraph Co
Assets
by
your company
as
above described.
Revenue—Properties Operated.—The only source of revenue to the Chicago
profits, if any, arising from the operation of the pro¬
perties owned by the Chicago Tunnel and Chicago Warehouse and Terminal
Companies.
These two companies own and operate a system of small
tunnels under streets and private property in the City of Chicago, through
which is conducted an underground transportation business between rail¬
roads, commercial houses, buildings and public receiving stations.
Utilities Co. is the
remarkable that the results for
Fares & Rates .—Although
9,005
stock—com
Total
$735,428
629,205
$
296,200
-Y. 110, p.
$657,661
1918.
stock—pref
Cash
Suburban Co.
$796,340
945,741
$
Bills &acc'ts rec..
{Re-port for Fiscal Year
'Pres. C. M.
1916.
on
BALANCE SHEET
of endorsements
-..'v'.;:
1188.
East St. Louis &
was
based
their security holdings.
Treas.
Note.—There are also contingent liabilities consisting
on
notes of jointly owned corporations, $235,000 not
all
Co.
Stock in foreign cos 2,810,692
Total
$243,057
1917.
1918.
1919.
Stock in other cos.39,055,626
434,588
43,072,162 40,360,993
$447,060
$549,469
$265,442
Balance, deficit
80,568
138,905
def$72,060 sur$131,943
375,000
375,000
sur.$109,558 def$174,469
bonds—
375,000
375,000
Assets—
356,734
150,000
1919.
from
—V... Ill, p.
$534,195
Carbajal
H. de Cabanas y
Tobacco
ac¬
unmined phosph.
Total
48,336
138,905
$37,065
48,307
138,905
75,000
$259,772
138,905
The combined earnings of
Dividends payable
owned corp'ns..
Overburden
9 ,476,900
,582,689
payable.
and
Loans
(less res've). 9 ,860,895
Inventories, cost.. 2 ,635,880
Due from- Jointly
rec.
7 ,260,600
stock
First mtge. bonds.
Accounts
Accts., notes, &c.,
S
Preferred stock—13 ,055,500
Common
$37,075
41,914
Havana Commercial Co._
1919.
1920.
Investments
$203,376
Hav.Cig.& Tob.Fac.,Ltd.
Ltd
1919.
Real
31 1919.)
Henry Clay & Bock Co.,
$578,483
JUNE 30, INCLUDING AFFILI¬
100% OWNED) COMPANIES.
1920.
Company.
G. Finch, under date of March 2. reported for 1919:
for earnings relies entirely on the dividends on its holdings
of stock of Henry Clay & Bock & Co., Ltd., Havana Cigar & Tobacco
Factories, "Ltd., Havana Commercial Co., H. de Cavanas y Carbajal and
J. S. Murias y Ca.
1916.
1917.
1918.
Dividends Received—
1919.
CONSOLIDATED BALANCE SHEET
ATED
187,763
454,147
Treasurer George
purchased at a discount and canceled under operation
Includes five quarterly dividends of 1H% each.
Profit on bonds
262,500
187,196
330,762
23,908,959 24,020,410
Total
Tobacco
Havana
Cr. Ill,991
$1,168,270
$791,437
$1,476,715
Balance, surplus
275,000
{Report for Fiscal Year ending Dec.
(5%)652,775(6^)815,969x
Preferred dividends
of sinking fund,
600,000
500,000
Reserve for contingencies
Res. for loss on invest't.
accounts
Accrued accounts.
The company
Amort, of bond disc., or¬
Profit
7,000,000
.10,116,000 10,116,000
payable
23,908,959 24,020,410
$1,975,173
556,629
corp's
debt-.-
&
Bills
6,000,000
7,000,000
For full financial statement concerning funded debt, &c., see "Electric
By," Section of April 24 1920, page 42.—V. Ill, p. 389.
81,170
$3,284,712
491,569
Div. jointly owned
stock
Common
$
6,000,000
Profit & loss
Total
1918.
$
Preferred stock
10,730
66,648
DEC. 31.
1919.
433,071
104,338
8,000
94,903
Bills receivable
$2,851,408
957,405
$271,892
Liabilities—
1916-17.
$4,504,583
1,908,860
1918-19.
$245,570
'
23,470,775
264,870
Acer. int. receiv..
Cash
$4,734,553
1,969,709
1919-20.
(3)i8o"66o
$54,281
1918.
•
Discount on bonds
Gross profit on operations $5,735,652
Operating, &c., expenses
2,704,590
(3U80.666
ST. LOUIS & SUBURBAN CO.
OF EAST
SHEET
1
Securities owned..23,471,806
JUNE 30.
89,343
depreciation was included in operating expenses.
1919.
^\.3SCt3
785,382.
210,073
def.$46,758
In 1917 and 1916,
BALANCE
has been
terms of
fl,731,431
(h)45,000
surplus
Balance,
x
and are relieved of the burden
V. 110, p. 1419.)
YEARS ENDING
FOR
ACCOUNT
INCOME
earnings
Interest, &c
Depreciation
Pref. dividend paid
acid estimated by us neces¬
only required to take the
$1,068,861
825,424
x290,194
Net
acid contract with the
1920 our sulphuric
1916
$4,215^887
Taxes
Additions, &c.—The two new fertilizer plants located at Woburn, Mass.,
Va., have been completed.
There is under construction a
and Norfolk,
Acid Contract.—On Dec.'31
DEC. 31.
1918
1919
$4,258^919
Gross earnings
Tennessee Copper & Chemical Co. will terminate.
A new contract
entered into running for three years from Jan. 1 1921.
Under the
12 MONTHS ENDED
1917
EARNINGS OF OPERATING COS. FOR
of
of
$9,476,900 as of June 30 1920.
the company to
1375
CHRONICLE
THE
1920.]
Description of Properties of Controlled
Subsidiary Companies.
inter¬
61 miles of horse-shoe shaped tunnels size 6 ft. x 7Yi ft., including
sections and turnouts situated both under public and private property,
equiped with trolley and track of 2 ft. gauge,
crossings, switches and signals for railway operation.
and all
70 pumps
connected with about 3,000 pumps
with necessary
for the pumping of seepage
entering the tunnel at low places.
89 shafts equipped with freight elevators, viz.: 56 serving RR.
houses: 29, commercial houses; 4, public receiving stations.
55 connections with buildings,
2 shafts with refuse elevators
ashes from buildings, and
freight
viz.: 12 for handling coal; 43, ashes.
connecting with a disposal station, where
excavated material from new building
sites are dumped.
2,990 cars, v.z.: 2,405 for merchandise freight; 235, coal; 350, excavation.
117 electric motors of from 30 to 50 horse power.
The companies have under favorable leases, sites and buildings for three
public receiving stations, offices and repair shops—the latter being equipped
with machinery and facilities for taking care of all repairs to equipment and
other property.
Business.—The
transportation
operations consist of the handling of
and railroads; the hauling of merch¬
merchandise between shippers' premises
between railroads; the receiving of freight from nume¬
rous small shippers at public stations, and the distribution and delivery of
same to railroad freight houses; the transporting of coal from two railroad
team tracks to large buildings; the carrying away of ashes from buildings,
and excavated materials from new building sites to disposal station.
Earnings.—The transportation operations have never earned the comandise interchanged
Sany any net revenue, in fact the rates and inability to
of the inadequacy of there has been a constant
ecause
deficit. sufficient
This is
secure
The
deficits as
changed during the past year, with the exception of
756 25 in bills payable.
There remains a considerable floating
it is hoped can be at least partially liquidated this year.
business from present connections to make operations profitable.
results of operation during the past seven years have produced
follows:
-
Two-year Notes of this
therefor will necessarily
1913.
1914.
1915.
1916.
1917.
1918.
1919.
$62,576
$11,100
$25,661
$28,411
$86,550
$75,226
$85,880
reduction of $126,debt which
The $2,116,000
company mature on Jan. 1 1921, and provision
depend upon the results of operations during the
balance of this year.
The outlook for
pending.
grow more
better than for several years,
demands for wage increases. The
submitted to arbitration, which is
(V. Ill, p. 294.)
.
.
served and the service requires is growing,
rapidly than in past years.
The territory
to
include depreciation on motors and cars only.
Depre¬
ciation on other equipment would increase deficits about $85,000 per annum.
The constantly increasing cost of labor and materials, and the difficulty of
securing adequate increases in rates have made the operations exceedingly
difficult during the past three years.
The inability of the company to
The above deficits
1920 is in many respects
except as regards continued exorbitant
demands of the employees have been
now
I
,
.
and promises
pay current wage
rates out of the revenues provided by
its tariffs resulted in
1276
THE
CHRONICLE
strike the latter part of Nov. 1919, causing a great loss of business
during
*be month of December.
New rates were
Wyoming.—Development work in the Ferris Dome section of the Lost
Soldier Field resulted In the bringing in of a'300-barrel well on
Section 16
late in October 1919. Owing to the lack of
pipe line facilities this well has
only been pumped for a total of 10,500 barrels.
Work is progressing on 6
additional wells.
These wells, together with other wells
being drilled by
sub-lessees of this company, will enable the
company to decide whether it
is expedient to proceed with the construction of
a pipe line and
refinery
for handling the production from this field.
finally authorized by the Inter¬
state Commerce Commission, taking effect Dec. 15
last, which will take
care of necessary
wage increases, and result in a better operating showing
for the coming year.
During the past year the possibilities of the transportation business have
been thoroughly analyzed by the
management and outside experts, and
there seems to be no present hope of
making the property earn any sub¬
stantial amount without the
expenditure of large sums of money, and in
the light of past experience, it does not at this time seem
advisable to tecommend any new construction or
improvements.
While the future of
the properties is uncertain, comprehensive terminal
and civic plans now
pending may eventually benefit the property.
Sale of Telephone Property.—As advised in
reports presented at annual
meetings in 1918 and 1919, the telephone property has all been sold and
After paying compensation to the
city, expenses of sale, past
removed.
due franchise
compensation and taxes, there remains in the hands or the
trustee of the Chicago Tunnel
Company's mortgage at close of Dec. 31
1919, the
sum
of $480,709.
Out of this
sum must
eventually be paid other
Sast due taxes now in litigation. will be back taxes have been settled, as
When available for such disposition it
estimated that about $250,000
i
may
finally be determined
upon.
CHICAGO TUNNEL CO. & CHICAGO WAREIIOUSE& TER MINAL
CO. OPERATING REVENUES & EXPENSES FOR CALENDAR
YEAR 1919.
Revenue—
Expenses—
Mdse. freight haulage
.$771,423
36,298
74,493
Excavation haulage
Coal and
aspes haulage
Other revenue..,
Maintenance & operation......$840,614
of motors, cars & dis¬
posal station
59,138
Deprec.
.5,217
Operating loss
$12,321
Taxes
73,560
.....$887,431
Net deficit
BALANCE SHEET— DECEMBER 31
Assets—
$85,881
'
..$31,139,922
Sinking fund
Stock of other companies
U. S. Gov't certificates
Common stock
$18,794,000
26,243,210
480,709
11,8-50
111,080
Road & equipment
Preferred stock
30,475,000
9,974,900
259,140
Cash
Bonds
Loans & notes payable...
Acc'ts & wages
102,225
Material and supplies
Matured funded debt
5,352,128
Accrued Interest...........
Deferred liabilities
120,161
4,838
229,691
Operating
Accrue/1
$63,701,199
2,075,192
300,000
Taxes accrued
Other
Total
196,017
Matured interest..
193,243
64,753
2,079
acc'ts receivable
Prepaid accounts..
Profit and loss
reserves
13,826
1,076,405
depreciation
unadjusted
credits
182,029
Total
E. Manter, Clerk, Portland.
Chicago Office.—754 West Jackson Boulevard.—V. 108,
p.
683.
General Petroleum Corporation,
(4th Annual Report Year ended June 30 1920.)
President John Barneson, San Francisco,
Aug. 26, wrote
in substance:
Results.—The company shows net profits for the year of
$2,449,237
after reserving sum of $363,768 to meet Federal Taxes. In
determining these
profits there nas been set aside as a reserve for depreciation and
depletion
the sum of $2,229,081, computed in accordance with the
latest U. S.
Treasury regulations; and there has been deducted from income, in accord¬
ance with the option given
by Treasury rulings, the sum of $808,457 cover¬
ing labor and incidental expenses on new wells drilled
during the year,
ordinarily chargeable to capital expenditures.
Increases in wages and
cost of supplies have again had a material
bearing upon the net profits.
Quarterly Pref. dividends at the rate of 7%
p. a., and monthly dividends
of 1% on the Common
stocky were paid during the year. The dividend
payments during the past four years total over $6,000,000.
Development.—The delay in the passage of the Oil Leasing Bill having
continued to keep the known
prolific oil-bearing territory in the Midway
Field closed to development, the
company, like all others, has continued
its vigorous campaign of
exploration of other prospective territory. Unpro¬
ductive drilling in new areas necessitated
charges against the current year's
income of $206,780 for loss on abandoned
leases, and $248,823 for materials.
Plant Property and Equipment.—The total of these
accounts on June 30
1920 was $38,364,265, an increase of
$6,744,614 over year 1918-19.
Current Assets.—The total current assets were
$8,293,361, or nearly
three times current liabilities.
Capital Stock.—During the fiscal year
subscriptions for $5,707,600 par
value of Common stock
were
received from stockholders at $125
per share.
Up to June 30 1920 $4,814,406 was paid in on these
subscriptions and
Common Capital stock of the par value of
$3,840,600 was issued to sub¬
of these partial payments;
$100,000 stock was also
issued for options on Louisiana
V. 110, p. 81, 470.
properties.
The outstanding Common stock on June
30 1920 was $21,123,900.
Funded Debt.—During the year there were
retired $330,000 of General
Petroleum Corporation 6% Gold Notes and the
full amount necessary
under Sinking Fund provisions of General
Pipe Line Co. 1st M. bonds
was deposited with the
Mortgage Trustee. After deducting bonds and notes
owned by the company, there remain in
the hands of the public $383,000
of Gold Notes and $2,537,000 bonds of
General Pipe Line Co.
Current Liabilities.—This account shows a
decrease of $216,579.
Properties in Hands of Government Receiver.—For the last four
years,
pending the passage of a leasing bill or the determination of Government
suits, no account has been taken of the financial outcome of
the Annex,
Bear Creek and Buena Vista
properties. There is now in the hands of the
Receiver a balance of slightly over
$3,500,000 which does
on
account
not appear in the
company's balance sheet.
Leases Sought under Oil
Leasing Act.—Applications for leases under the
Oil Leasing Bill have been filed and iu is
confidently expected that leases
will be granted and the major
portion of the funds now held by the Receiver
turned over to the
company in the near future.
(Compare Act V. 110, p.
1600 to 1604.)
*
Oil Production, <fec.—The production of
oil from the properties of the
company, including 368,343 barrels of royalty oil from Mexican
sub-leases,
was 4,262,465 barrels, an
increase for the year of 50,749 barrels.
Daily
production from California properties during
July 1920, was approximately
1,400 barrels greater than during July 1919.
Net storage June 30
1920
was 702,798 barrels.
The company .handled during the
year 20,063,164 barrels of oil.
Sales
totaled 11,600,495 barrels of refined and fuel
oils. The balance is
represented
in oil exchanges, fuel
consumed, losses in transportation and
refining, &c.
Property and Equipment.
California.—During the
7,614
acres
year the company acquired
by purchase or lease
of proven or prospective oil land in
California; and leases were
on 3.036 acres.
abandoned, after test,
34 wells were completed to production, and
26 wells were drilling June
30 1920.
Nine exhausted wells were abandoned and
the book value was
written off of 5 dry holes.
In the Richfield District, the
company now h?s
6 wells producing a total of 1,400 barrels of 21
deg. oil per day; 9 wells
drilling and rigs erected for 5 additional wells. 72 acres of
additional prop¬
erty in this district were acquired during the year.
The company constructed 32 miles of
six-inch pipe line connecting the
the refinery at
Vernon, and a pump station and
storage facilities were erected on the company's Brea
property.
Operations were simultaneously commenced on the
development of the
607 acre Tonner property owned by the
company in fee. These operations
resulted in new production of high
gravity oil from three completed wells,
totaling 2,100 barrels per day, on July 31; 3 wells are now
drilling and 4
Southern
on
the Panuco River.
Fields with
additional rigs have been erected.
An absorption plant to handle
the gas
produced by these wells has been erected and is
operating profitably.
The operations in Ventura County have met
with sufficient success to
encourage the drilling of 2 additional wells.
The refinery will
probably be in operation
Tepetate and Panuco Fields.
delivery of
The
royalty oil at the present time is being handled by arrangement
with the Mexican Gulf Oil Co.
(V. 109, p. 977.)
Additional lands in Mexico are being acquired from time to time.
Puget Sound.—The company has completed the Harbor Island Station
in Seattle and now has on
Puget Sound storage facilities for
approximately
175,000 barrels of oil.
The plant began active operations several months
and handles oil for the U. S. Shipping Board as well as our own oil.
San Pedro.—We have installed at Channel Station an
up-to-date plant
for the handling of gas oil, distillate and
lubricating oil for supplying fishing
boats working out of that harbor, and has built
up a very substantial busi¬
ness in these products.
ago
on
the synthetic
plant was delayed considerably pending
on that part of the plant
being purchased
part of the year, however, operations were
started and the output of synthetic
products has been steadily increased.
During the coming year it is proposed to erect a complete lubricating plant.
Marine Equipment.—Contracts were let for two
10,250 ton tankers, which
are now under construction at
shipyards on San Francisco bay; one is ex¬
pected to be completed in November 1920 and the other in January 1921.
The company has also purchased a tug boat and Is
building three barges
at Beaumont, Texas, to be used on the Panuco
River for transporting
Panuco oil to the company's facilities now
being installed at Tampico.
Appreciation in Value of Company's Holdings.—Due to the discovery of
new productive areas in the Richfield and
Tonner districts, the company's
geologists estimate that the properties on which production has been
obtained have
ures
now on
a present net value of
the balance sheet.
over
$12,000,000 in
The comparative tables of income
sheet will be found in V. Ill, p. 985.
Chino
Dunham,
Officers.—S. W. Tracy, President, Chicago; Chas. Richter, Vice-Presi¬
dent, New York; L, J. Gundlach, Secretary, Chicago; L. P.
Ray, Treasurer,
Chicago; Dodge L. Marks, Asst. Secy. & Asst. Treas., New York; James
.
Gulf Oil Co.
until about July 11921.
However, the terminal facilities aforementioned will
be completed within the next sixty days and will
permit the company to
handle and ship its oil from both the
excess
account
and
of the
fig¬
balance
$63,701,199
Directors.—S. W. Tracy, Joseph Harris, W. E,
Worth, R. J.
A. Slade, Wj. J. Gavin.
scribers
Mexico.—Construction work was started on the
company's terminal
opposite Tampico. The plans include storage facilities
totaling about 700,000 barrels, wharves and loading facilities for the
handling of crude and
fuel oils, and a pipe line
connecting with the main line of the Mexican
settlement with the Government
from them.
Towards the latter
1919.
Liabilities—
Property & franchise
MIscel.
Texas.—Drilling on prospective oil lands in Texas has been unsuccessful
the company's leases in that State are now
being abandoned.
Louisiana.—An option was purchased on a 1,100 acre lease in
the Pine
Island field, with an alternative option to
acquire a one-half interest in the
company which now owns this lease, together with
producing properties
in the Bull Bayou field.
Drilling is now proceeding in Pine Id. field.
and
Vernon.—Work
Total
[VOL. 111.
Copper Company.
(1(~)th Annual Report—Year ended Dec. 31 1919.)
President C. M. MacNeil, N. Y., April 9, wrote in brief:
Results.—The total net income was $1,301,797, or at the rate of
$1 50
share, as compared with $3,908,222, or $4 49 per share for the year 1918.
This marked decrease is accounted for by the smaller
production and t
lower price of copper.
Production was cut to about 50% of capacity begin
ning Jan. 1 1919 and has since continued at that rate.
For the first few months of 1919 there was
practically no demand for
copper, and as late as June sales were recorded as low as 14.5c.
per lb.
Towards the end of the year, however, a marked
improvement in the de¬
mand and a fair advance in market
prices followed the general resumption
of industrial activities, so that sales in excess of
per
production have effected
a moderate reduction of the
large surplus of marketable copper which re¬
mained unsold at the end of 1918.
The average price received for
copper
delivered during the year was 18.784c. per lb.
The net operating income for the year was
$1,038,908; miscellaneous in¬
come, $69,589; adjustment of treatment charges, &c.,
$193,299, or a balance
to
surplus account of $1,301,797.
Production.—Gross copper production for the year in concentrates and
precipitates was 42,325,449 lbs.
After smelter deductions the net produc¬
tion was 40,488,706 lbs.
In addition there were also produced gold and
silver valued at $17,928. The net cost of
producing copper for the year was
15.53c. per lb., as compared with 14.13c. per lb. for 1918.
Payments to Shareholders.—Capital distributions were made to stockhold¬
ers during the year at the rate of 75c.
per share per quarter, a total of $3
per share for the year, or $2,609,940. The total disbursements to stockhold¬
ers up to and
including Dec. 31 1919 amounted to $29,012,982.
Data from Managing Director D. C. Jackling and Gen. Mgr. John
M.
Sully,
March 18
1920.
Ore Reserves.—Only two development drill holes Were
completed, adding
924 ft. to development drilling for 1919, making the total drilled since the
beginning of operations 265,672 ft.
No recalculation of ore reserves has been made since Dec. 31
1918, when
a total of
114,528.175 tons, having an average grade of 1.66% copper,
reported as being fully developed by churn drilling.
Since the begin¬
ning of operations there has been milled or shipped direct to the smelter
a total of
19,746,650 tons of ore averaging 1.86% copper, leaving a total of
ore unmined together with that mined but untreated and stored in
stock
piles as of Dec. 311919 of 94,781,525 tons, averaging 1.62% copper.
In
addition to ore reserves stated above there are considerable
tonnages of"
partially developed ore based on scout drill holes that are over 200 ft. apart.
Costs, &c.—The average operating cost per pound of copper produced
for the year, excluding charge for Federal income and
profits taxes and
without credit for precious metals values and regular miscellaneous income,
was 15.53c. as
compared with 14.13c. per lb. calculated in the same way
for 1918.
The credit for precious metals amounted to 0.044c. per lb. of
copper, and that for miscellaneous income amounted to 0.172c, per lb.,
making a total of 0.216c. for 1919 as against 0.109c. for 1918.
The per pound cost, 15-53c., as stated for the year 1919, includes
depre¬
ciation and charges for accrual of all taxes except Federal income and
profits
taxes, for which no reserves were set up in 1919.[
From the cost for the year
1918 as shown above for purposes of comparison a charge of 3.16c. per lb.
was
is deducted for such Federal tax reserves as were established in that
year.
Applying the usual credits for gold and silver values and for the regular
miscellaneous income for both years as above stated and excluding Federal
taxes for both years, the net cost for 191& is 15.31c. per lb., as
compared
with
14.02c. for 1918.
,
.
[For production and earnings statements made in
1751, 2079, 2196, 2570; V. Ill, p. 192, 695, 1086.]
1920,
Tr
see
V.
110,
INCOME ACCOUNT FOR CALENDAR YEARS.
1919.
1918.
1917.
1916.
Copper produced (lbs.)_ 40,488,706
75,655,641
79,636,235
72,319,508
Average rec. per lb
18.05 cts.
22.536 cts.
24.116 fcts.
26.465 cte.
Revenue from copper
$7,308,598 $17,049,580 $19,205,146 $19,139,269
do
from gold & silver
17,928
39,732
56,160
80,498
Total revenues
$7,326,525 $17,089,312 $19,261 ,306 $19,219,767
Opei-ating Expenses—
Mining and milling
$4,904 ,732
$3,587,946
$7,377,287
$2,600,572
Treatment, refining and
freight
3,253 ,086
1,835,288
4,130,349
2,979,622
193 ,316
Selling commission
70,043
131,929
193,220
Stripping
794,340
1,439,475
1,083 ,557
928,477
_
Total expenses
$6,287,617 $13,079,040
$1,038,909
$4,010,272
69,589
43,052
Net profits.
Other income
Total income—$1,108,498
Depreciation, &c
Adjustment of charges.
Red Cross, &c., funds
Dividends (earnings)
do
(capital distrib'n)
Total rate per cent
_
Balance, surplus
259,841
2,609,940
(60%)
def.$1,308,143
$9,434,690
$6,701,891
$9,826,616 $12,517,876
310,436
325,286
$4,053,324 $10,137,052 $12,843,162
$336,077
$315,214
288,121
145,102
2,827,435
7,325*327
7,177*335
1,087,475
1,087,475
(90%)
(198%)
(165%)
def.$6,688
$900,052
$5,350,613-
Sept. 25 1920.]
BALANCE SHEET DEC.
1919.
31.
Central RR.
1919.
$
Liabilities—
Property acc't.__xl 1,224,033 11,159,286
Investments
1,077,300
579,840
Deferred
Accrued
1,349,900
238,519
Capital stock
taxes,
3,135,663
surance,
1,989,990
Copper
In
on
508,621
60,694
transit
5,279,905
3,886,177
404,543
208,699
1,939,921
1,000,050
Ore at mill, &c
Marketable secur's
5,309
1,320,088
Cash
$4,563,352
prior
year__
842,782
2,995,253
,995,253
Surplus from oper. 13,549,095 14,857,238
Bond interest
from sale
of securities
$12,070,568 $10,523,138 $12,655,721
2,445,550
2,445,550
2,275,097
453,646
253,590
141,822
4,075,747
4,220,431
3,462,728
3,292,416
3,292,416
3,292,416
Gross income
Miscellaneous rentals,
&c
surplus
Balance,
1918—V.
$1,803,209
$3,483,658
$311,151
$2,232,621, against $1,774,699
a
1086.
Ill, p.
$8,291,241
4,364,480
25,642,264 25,563,210
Total
After deducting reserve for depreciation,
x
n
2,106,067
Other income
390,091
not due
Surplus
1,154,962
476,737
..,25,642,264 25,563,210
$8,417,071
1,783,037
do
do
do
Operating income
Dividends (12%)
Total
$8,421,400 $10,683,887
$9,352,301
a935,230
operating revenues
Taxes
Due in January for
Dec. cop. delivs.
1917.
1918.
(2) Corporate Statistics—
refin¬
Treatment,
1919.
$44,837,302 $44,790,671 $37,096,739
40,273,951
36,369,271
26,412,853
Operating expenses
Standard return accrued
J,569,650
ing & delivery,
hand &
Jersey.—Annual Report.—
SL) Federalrevenues.
perating Statistics—
Net
Bills payable
Accts. receiv., &c.
1,794,211.
in¬
&c—-
4,148.531
Mater'l & supplies 1,645,125
4,349,900
723,825
L,549,756
Acc'ts payable
charges
(stripping)
S
of New
1918.
$
1918.
$
Assets—
1377
CHRONICLE
THE
Only 90 % of the standard return was accounted as accrued during the
1918 in accord with Section 2 of the Federal Control Act, pending the
The contract was executed bearing date of Jan.
included in the accruals for the current
year.—V. 110, p. 2657.
year
execution of agreement.
24 1919, and the balance of 10% was
GENERAL INVESTMENT NEWS
Cincinnati & Dayton RR.—Interurban Situation.—
INCLUDING
RAILROADS,
ELECTRIC
Railway News.—The
Railroad and Electric
General
ROADS.
following table summarizes recent railroad and electric rail¬
way news of a mTfffc or less general character—news con¬
cerning which detailed information is commonly published
on preceding page under the heading "Current Events and
Discussions" (if not in the "Editorial Department"), either
in the week the matter becomes public or as soon thereafter
as may be practicable.
Strikes Practically Over.—See "Current Events'*
Rapid Transit Co. below.
Rates—(a) North Dakota Supreme Court on Sept. 18 enjoins the rail¬
roads of that State from continuing to charge the increased intra-State
rates effective Sept. 1.
(b) Cabinet Council of Canadian Government will
on Sept. 29 hear appeals from recent order of Railway Commission Increasing
rates,
(c) Commercial travelers protest against increased fares, N. Y.
"Times" Sept. 22.
Miscellaneous.—(a) Slow payment to RRs. by U. S. Govt., see p. 790
of "Iron Age" of N. Y. for Sept. 23.
(b) "Railway Valuation," the "Rail¬
way Review" of Chicago for Sept. 18 contains on p. 429 to 431 the tenth
installment of an article on this subject by Frank Rhea,
(c) Striking
Chicago switchmen return to work, -"Railway Review" Sept. 18, p. 432.
Matters Treated Fully in "Chronicle" of Sept. 18.—(a) Gross and net earn¬
ings for July, p. 1129 to 1131.
(b) Anthracite wage award, p. 1142.
(c) Brooklyn Rapid Transit strike, p. 1144-5.
and
Anthracite
See Cincinnati Traction Co. under "Financial Reports"
Louisville Ry. above.—V. Ill, p. 488.
See Cincinnati Indianapolis &
Cincinnati Lawrenceburg & Aurora Elec.
See Cincinnati Trac. Co. undr
Cincinnati Northern Railroad.—Annual Report.—
1919.
Federal Statistics-
Alabama
&
RR.—Abandonment
Mississippi
Sought.—
has applied to the I.-S. C. Commission for authority to
Leakesville, Miss., and Pascagoula.—V. 104, p. 862.
American Rys.
2,812,979
340,076
def.59,298
$2,440,829
578,933
def.188,252
$599,839
Net after taxes..
$280,778
$390,681
Changes.
...
Equipment rentals, &c.
1919.
1918.
Federal compensa
Other income
$317,628
18,343
$317,628
9,158
$326,786
89,967
Inc. $9,185
Interest, tax, rentals, &c
$335,971
65.323
106,248
23,028
Inc.83,220
Corporate Data-
Co. below.—V. Ill, p. 1182.
1918
Atlanta Birmingham &
Atlantic Ry.—No Merger.—
when asked concerning statements that a
consolidation with some other railroad system is under contem¬
plation, stated that there have been no negotiations of this kind and that
the matter has not been considered.
He said he did not know the reason
for the recent activity in stock, but pointed out the fact that nearly all of
the securities of the recently reorganized railroads had been quite active."
("Wall Street Journal,"- Sept. 20.)—V. Ill, p. 989.
merger or
—V.
Cleveland & Erie Ry.—Receivership.—
Following proceedings in equity brought by George Bullock, receiver of
O. Chapin, Erie, Pa., was ap¬
the Buffalo 8c Lake Erie Traction Co., A.
pointed receiver by Judge U. P. Rossiter.
The bill in equity charges that
on bonds July 1 last has been defaulted and that $2,489 due the
Buffalo Co. for use of its lines in the City of Erie remains unpaid.
The
the int. due
company
operates about 33 miles of track from
Cleveland
The
Mayor
of Cleveland
has ordered
Ry.—Accepts Wage Offer.—
Berkshire Street
The union, it is stated, has accepted the company's latest offer of a 16%
increase in wages and 10 cents an hour extra for one man cars.
The men
had previously refused an increase of 15% and demanded a 40% increase
in
wages.—V. Ill, p. 492.
Bolivia
Columbus New Albany &
Electric
The minority
bench
full
RR.—Appeal Waived.—
stockholders on Sept. 23 waived their appeal before the
Mass. Supreme Court against the order of the P. U.
of the
Department allowing the road to issue $13,306,000 bonds under the plan
of reorganization, thereby eliminating the opposition to the readjustment
program.—V. Ill, p. 1082.
See Shore Line
was
announced
on
Sept. 22 that all the strike-breakers employed by
*
a
total of 8,505 men now at
—See also under "Current
—V. Ill, p.
work, the old number having been about 12,000.
Events" in last week's "Chronicle," p. 1144-45.
1182.
Bryan (Tex.) & Central Interurban
Ry —Road Sold.—
according to a dispatch from Houston, Tex., has been sold at
Graham of Houston, Master-in-Chancery,
for $250,000 cash.—V. 109, p. 774.
The road,
auction to Sam Wexler by Guy
Buffalo & Lake Erie Traction
See Cleveland & Erie
Co.—
Haven, Conn, has passed an ordinance
of streets in that city served by the com¬
in the central area of New
It provides that all persons
operating public service motor vehicles, while carrying passengers, shall
keep in the traffic route fixed in the ordinance.—V. Ill, p. 1082.
pany.
The measure designates eleven streets
Haven from which the jitneys will be barred.
Dallas
ment
Ry.—Working Agree¬
Sought.—
According to President William T. Noonan, a closer working agreement
Delaware Lackawanna & Western RR. is the lobject
negotiations now under way between officials of the two roads.
Pres.
Noonan who with other officials recently inspected the trackage terminals
&c. of both roads, says:
between his road and
of
71"All this is in line with a closer working relationship which may give that
line trackage facilities into Rochester, to the great benefit of this city.
In
through the Buffalo Rochester & Pittsburgh, the city would have
another line by way of the Delaware Lackawanna & Western to New York
city, and all the territory tapped by that line would be directly accessible
toltraffic originating here and elsewhere on lines of the Buffalo, Rochester
turn,
&iPittsburgh.—V. Ill, p. 791.
f
Chattanooga Railway & Light
Co.—Wage Increase.—
Effective Sept. 16 the employees received an increase in wages of 4 cents
hour, bringing the maximum pay up to 46 and 55 cents an hour.—
V/110, p. 2291.
an
Chicago Indianapolis & Louisville
Ry.—To Buy Yard.
Itjis stated that the company has applied to the I.-S. C. Commission
issue $140,000 bonds, to be used in the purchase of the
Indianapolis yard of theCin.Indianapolis & WesternRR.—V. 110, p.2487
for permission to
Cincinnati & Columbus Trac.
See Cincinnati
Traction Co. under "Fin.
(Tex.) Ry.—Plans New Franchise.—
Richard Meriwether has announced that the company
will
strictly service-at-cost franchise from the city of Dallas at the muni¬
cipal elections to be held in April 1921 instead of the present franchise
granted in 1917 which embodies some of the service-at-cost features but does
not provide for increased revenues when the company is operating at a de¬
ficit.
The present franchise provides that whenever the earnings shall ex¬
ceed 7% on the agreed valuation the fare shall be automatically reduced.
—V. Ill, p. 1082.
a
RR.—Submits Plan
of Its Coal Properties—To
Increase Proposed so as to
Stockholders—Desire to Extend Lines by
Delaware Lackawanna & Western
Commission for Segregation
Become a Carrier Only—Capital
with
Distribute
Stock
to
Acquisition of or Consolidation with Other Lines.—The com¬
pany on Sept. 17 submitted to the I.-S. C. Commission a
plan for the segregation of its coal properties and the opera¬
tion of its mines owned, as distinct enterprises from its rail¬
The company asks permission to capital¬
exceeding $90,000,000, either in whole or in
part, as the Commission may order.
The company has not
yet submitted plans for the formation of a separate coal com¬
pany, and it is not definitely known whether the stock of the
new coal company will be distributed as a stock ^dividend,
l
road
properties.
ize its surplus,
Ry. below.—V. Ill, p. 1082.
Buffalo Rochester & Pittsburgh
Electric Ry. Com. below.
The Board of Aldermen of New
Brooklyn Rapid Transit Co.—Strike Situation.—
It
the company have departed and that 300 of the old men resumed work, and
106 new men were taken on for permanent employment on that date making
[
Operate Part of Shore Line
Ry.—Jitney Regulation in New Haven.—
ruling motor buses off a number
seek
Boston & Maine
capital from $575,000 to
Connecticut Company.—May
Vice-Pres.
2387.
the $72,000 was
Johnstown Traction Co.—
The company has filed notice decreasing its
$550,000.—V. 108, p. 784.
Review" of Sept. 4 has an article entitled "Railway Pro¬
in Bolivia."—V. 110, p.
the company for the return of
paid legally because petitions for the referendum, which defeated the divi¬
dend increase from 6 to 7%, had been held invalid by the Common Pleas
Court at that time.—("Electric Railway Journal.")—V. Ill, p. 1182.
Railway.—Railway Progress in Bolivia.—
The "Railway
gress
-
Railroad Commissioner
Street
$72,000.
It is understood the company takes the position that
Bangor & Aroostook RR.—Labor Board & Wages.—
11 gives the full decision of the U. S.
against the
Bangor & Aroostook RR., which was handed down at Chicago Aug. 27.
This was the first decision affecting a short-line railroad and is known offi¬
cially as Decision No. 5, Docket No. 27.
The advanced rates of pay
granted are practically the same as those recently allowed to employees of
the Class I roads.—V. Ill, p. 587.
Erie, Pa. to Conmeau, O.
Railway.—Refund of Dividend Asked.—
$72,000 paid stockholders on April 1 as dividends at the rate of 7 %.
If the
$72,000 is paid back it will keep the interest fund (the fare barometer)
from going below $300,000 as of Aug. 31, and will put off a fare increase
until the interest fund goes below that figure despite the addition of the
The "Railway Review" of Sept.
Railroad Labor Board in the wage case of the railroad unions
Inc. 5,356
$213,791 Dec.$79,391
$134,400
surplus
107, p. 1003.
Balance,
Fielder Sanders to make formal demand on
"A director of the company
Inc. 9,185
Expenses & rev. applic. prior to Jan. 1
Co.—Assessment Under Plan&c.—
See National Properties
1917.
1918.
587,552
12,287
$2,872,269
Operating revenue.
B.R.T.
The company
St. Ry.—
"Financial Reports" above.—V.lll,p.294.
above and Brooklyn
abandon its line from Vinegar Bend, Ala., to
above.
Cincinnati Indianapolis & Western RR.—To Sell Yard.
Co.—Interurban Situation.
Reports" above.—V.110, p. 658
Data from Petition as
The
Filed with the Inter-State Commerce Comm
applicant prays that the Commission authorize the issue of its capita
of its surplus, or such part thereof as the Commis¬
stock to the full amount
mav approve, and approving the uses, purposes and disposition of the
proposed issue, and that the applicant be granted such other and further
premises as may to the Commission seem proper.
Since early in its history applipant has been functioning in the dual
capacity of coal mining company, holding in fees by lease and operating
large tracts of anthracite coal lands, and of transportation company operat¬
ing an important system of railroads.
Such ownership and operation of coal lands has subjected it to laws pre¬
venting it from expanding its capitalization to keep pace with the growth of
its assets as it would otherwise have had the right to do.
It Is now ready
sion
relief in the
coal properties from its raU properties and to thereafter
only, and thus place itself in a posi-/
assent to accept the benefits of general
it to increase its capitalization to more
nearly conform to its assets and to what such capitalization would doubtless
have been but for the operation of such restrictive laws.
The declaration of dividends at a rate abnormally high when compared
with the dividend rate of other railroads operating in the same territory has
led to the unwarranted conclusion on the part of the public that applicant
has earned and is earning a grossly excessive return on its investment in
to
segregate its
continue
as a
transportation company
tion subject to this Commission's
laws of Pennsylvania permitting
1278
THE
CHRONICLE
property devoted to public use.
An increase in capital stock, as Is here
proposed, wculd tend to remove this source of distruct and suspicion.
The D. L. & W. RR. is a highly
developed modern railroad with an
established earning power sufficient to enable it to render an adequate
return upon capital stock increase in accordance with the application with
Illinois Southern Ry.—May Be Junked.—
According to a Chicago dispatch this road with a total of 137 miles of
a capital stock of $5,000,000,
probably will be junked in the near
future.
It has been sold at public auction in a foreclosure
proceeding,
being bid in by W. T. Abbott, Vice-Pres. of Central Trust Co. of Illinois,
Chicago, for $725,000, on behalf of the majority bondholders.
About 90%
of about $2,000,000 bonds
outstanding are owned by the Chicago Clearing
House banks.—V. Ill, p. 1183.
track and
the Commission.
The surplus of the road exceeds $90,000,000 in comparison with the capi¬
talization of the railroad of less than $43,000,000.
road and equipment of the D. L. & W. RR.
[VOL. 111.
Money Invested in the
proper, or that part of the com¬
within the State of Pennsylvania, is in excess of $87,000,000.
The
total investment in its owned, leased and controlled lines exceeds $244,000,000, an amount about double the aggregate outstanding stocks and bonds
pany
Interborough Rapid Transit Co.—Files Brief.—
This company and the New York Municipal Vy. Corn, fiwe Tied in
the Appellate Division of the Supreme Court oreifs in connection with the
of sucli lines.
Outlining the growth of the company to its present proportion by the
acquisition of the"different railroad properties and coal properties, the peti¬
tion declared that before and since such mergers the applicant from time
to time acquired other coal lands until it is now possessed of many thousand
acres thereof, and since early in its history and down to the present time it
has actively engaged in the mining of coal from such lands.
The petition also declares that the applicant proposes to issue additional
capital stock to the full amount of its surplus and to distribute such stock
pro rata among its stockholders, transferring to capital account the amount
of such surplus.
It asks in the proceeding that the Commission make
an order authorizing the issue of additional capital stock and
approving
the distribution of the new stock as proposed.
Extracts from Opinion
of Counsel
Filed
better terms
if
over
When the matter
P.
International Traction Co., Buffalo.-
railroads
words,
present stock of $42,000,000, which in the past has averaged
around $200 in market value ($50 shares), shows an aggregate value of
$168,000,000.
If increased to $100,000,000, for example, we have no
doubt that its aggregate market value would increase to at least $200,000,000.
Market values will have an almost controlling influence upon the
our
terms of voluntary consolidation.
v.
Our company is a Pennsylvania corporation and has had the statutory
powers prescribed by various special Acts of the Legislatures of Pennsyl¬
vania, New Jersey and New York.
8uch Acts authorized
an
increase in
the capital stock of the company for the sole purpose of new construction
of its owned lines in the State of Pennsylvania.
To obtain general statutory
authority to increase Its stock it
was necessary
under the laws of Pennsyl¬
vania for the company to formally accept its Constitution.
A section of
such Constitution, however, prohibited a railroad company from engaging
in the business of
producing coal.
Partly because of history of the
company, partly because of a fear that
might be acquired
by competitive interest and the coal tonnage diverted from its lines, the
managers of the company have been unwilling in the past to segregate its
coal properties.
The result has been that there has been no increase in
the amount of its capital stock since the year 1876, when it amounted to
$26,290,000, except on two occasions—in 1909, on merger and exchange,
some $4,000,000 of stock was distributed as a 15% stock dividend: in 1914,
$12,000,000 for the construction of a 30-mile cut-offline in Pennsylvania.
Prom the foregoing it is apparent that the financial policies of the com¬
pany as to capitalization and otherwise have been controlled by its owner¬
ship of coal mines and its charter restrictions growing out of such ownership.
But for this relationship to coal
properties and the consequent legal restric¬
tion its financial
policies and capitalization would have been entirely
if it should divest itself of its coal
properties the same
Kansas City
In
plan and
it
into
a
the company, divest it of its coal properties and convert
transportation industry alone, we should readjust its financial
purpose of
structure so as to make it conform now to what it would undoubtedly have
been except for the conditions which are now to be changed.
Manifestly there can otherwise be no justification for accepting the dis¬
advantages of disposing of our coal properties.
To establish for the com¬
pany a normal and adequate financial structure adapted to the company's
changed conditions and its expected growth and expansion as a transporta¬
tion company only, is an essential
part of our plan.
Seeks
Workinq Agreement with Buffalo Roch. & Pitts. Ry.—
See Buffalo Rochester & Pittsburgh Ry. above.—V.
Ill,
p.
Rio
Grande
RR.—Stockholders
protective committee, consisting of Jefferson M.
Levy, Chairman, A. Hicks Lawrence, C. H. Johnson, E. V. Jaeger on Sept.
18 in a letter to Judge Robert E. Lewis of the U.S. District Court at
Denver
urged the granting of a temporary stay in the order to sell the
property so
as to enable the stockholders to
present their side of the case.
The U.S. District Court in Denver it is stated, will
grant the stockholders
the 30 day extension of the time of
hearing of a decree of sale of the property
asked for if the stockholders will
present before Sept. 25 the date set for the
a
petition outlining facts with which they say they hope to prevent
the decree.
It is announce that a stockholders'
meeting will be held at the offic
H. Hicks Lawrence, 50 Broad St., on
e
of
Sept. 29.—See Y. Ill, p. 1182.
offered to extend the $2,926,000 N. Y. & Erie RR. 4th
Mtge.
Extended 5% Bonds from Oct. 1 1920, until Oct. 1
1930, at
per annum and will pay $142.50 per $1,000 Bond to
such holders as present their bonds for extension on or
before
Sept. 20 1920, thus making the net yield of the extended
5%
7%
per annum.
The extended bonds
are subject to
redemption at 105% and int.on any int
30 days notice, and interest is to be
paid without deduction for
any taxes which the company may be permitted or
required to pay threron
or to deduct therefrom
(except such part of any Federal income tax as may
on
be in
excess
of 2%).
Mtge. bonds, both dated July 1916.
$11,590,600 1st Mtge. bonds have been pledged to secure gold
totaling $8,500,000, of which $1,000,000 are not paid, although due.
That the company defaulted in the
payment of the interest due upon the
1st Mtge. bonds on Jan. 1 1920, and
again on July 1 1920.
That
That it defaulted in the
payment of the interest on the 2d Mtge- bonds
and secured gold
notes, which defaults have continued more than 60 days
are still unpaid.
and
That 2,000 suits
The present mortgage security is to remain
unimpaired.
that it will make provision
The company
whereby the. coupon due Oct. 1 1920
bonds presented for extension will be
paid at time of presentation with
proper income tax certificates.
The N. Y. & Erie RR. was chartered in 1832 to build a
railroad across the
State of New York,
extending from Piermont on the Hudson River to
Dunkirk on Lake Erie, a distance of 446 miles.
The
on
mortgage under which
the 4th Mortgage Extended
5% Bonds was issued was created in 1857 and
has never been disturbed in any
reorganization.
Under this mortgage,
which is closed, $2,926,000 4th
Mtge. Ext. 5% bonds are outstanding, being
at rate of about
$6,285 per mile.
Including $9,250,000 prior debt on the
mileage covered by the lien of these bonds, the total debt, including N. Y.
& Erie RR. Co. 4th
Mtge Ext. 5% bonds, is at the rate of about $26,150
per mile.
The amount of bonds outstanding and
subsequent to the lien
of these bonds, but
covering certain other property as well, is $132,827,000,
and the market value of these junior
securities, together with that of the
1919 issue of
at
Secured
current
Gold
quotations at
343 miles
692,792,895.990.
direct lien
over
Notes
and
$103,000,000.
are
of the
Of
capital stock,
the 465 miles
is estimated
covered
double track lines .—Compare V 111,
p.
by
588,
*
The New York P. S. Commission has
authorized the company to
charge
fare of 8 cents in Geneva
including that part of the interurban line, city
hne to Lake road, and 8 cents in each of
the existing zones.
The fare pre¬
viously was 6 cents.
Commutation and school fares and chartered car
rates remain unchanged.
Book tickets may be sold on the basis of 7
cents
mr each zone involved.
The new fare rates became effective for a
year from
Sept. 1 and thereafter until otherwise ordered
by the commission.—
v
y/1 p«
pending in the various courts in which damages
will be without
That the railway has current liabilities in excess of
$5,500,000, represented
by notes payable for materials, equpiment, taxes, and supplies for $2,230,000: vouchers payable for the same, $625,000: accounts payable for the
same, $110,000; wages due employees, $400,000; moneys due to
city for
Twenty-third St. viaduct, $190,000, and accrued and matured interest,
$2,000,000.
That judgments which have not been satisfied are now in the courts of
Missouri and Kansas against the company totaling
approximately $800,000,
which include judgments rendered in the recent term of the Circuit Court
for $180,000.
<
That there is an additional several million dollars of indebtedness
arising
from the default of the first and second
mortgage interest payments.
That there is danger that the lines of the
company may be broken up
and
operated separately.
That the cities through which the lines run
amounts of
are making claims for large
capital expenditures, totaling nearly $1,000,000, which cannot
be obtained.
The "Electric Railway Journal" of Sept. 18 gives further details about the
together with details of the company's application to the
receivership,
Missouri P. S. Commission for
cash
with 3 tickets for 25
Kansas City Mex.
an
increase in fares to 9
cents.—V.
Ill, p.
or
possibly 10 cents
1083.
& Orient Ry.—Receiver's Certificates.
The I.-S. C. Commission has approved the application of the receiver for
authority to issue and sell $1,000,000 of receiver's certificates maturing
Dec. 1 1920.—V. Ill, p. 1183, 1083.
-
According to Pres. E. E. Loomis about 1,000 employees of all classes
purchased an average of 4.4 shares of the company's stock apiece
since they were offered the opportunity to subscribe for it on the installment
plan a short while ago.
See also Morris Canal & Banking Co. under
"Industrials" below.—V.
Ill,
p.
792, 1183.
Louisville (Ky.) Railway.—No Action
on
Franchise.—
The "Electric Railway Journal" states that there have been no further
developments of real interest in the company's fight for higher fares.
The
proposed solution of the "Round Table Club" did not get anywhere.
company has also withdrawn its ordinance before the
The
City Council.—V. Ill,
1083.
Manhattan & Queens Traction Co.—Resumes Service.—
Following the instructions issued by Deputy P. S. Commissioner Alfred
N. Barrett, the receivers on Sept. 18 notified the P. S. Commission that the
lines (which have been closed down about four
weeks, alleging that the
revenue derived from 5-cent fares is
insufficient) would resume operation
in the shortest possible time and at a 5-cent fare.
The company has petitioned the Commission for
permission to increase
792.
Memphis Dallas & Gulf RR.—Receivership.—
On the petition of four St. Louis banks which claim to hold
obligations
of the company in excess of $200,000, Martin
Walsh, Vice-Pres. & Gen.
Mgr. of the road,
was
appointed receiver
on
Sept. 10 by Judge Youmans in
the U. 8. District Court at Fort Smith, Ark.
The road, which operates
between Hot Springs, Ark., and Ashdown, 130 miles, has
suspended opera¬
tions
indefinitely, as all train crews quit work
10% cut in wages.—V. 108, p. 1610.
on
Sept. 1
as
a
result of
a
National Properties Co.—First Installment
of Assessment
Called.—The holders of the 4-6% bonds have received notice
that under the terms of the reorganization
plan
(V.
189, 483) the first payment of 50% of the $17.50
p.
on
before Oct. 5, and
Phila.
"News
per
Ill,
$100
the face value of the bonds shall be
remaining 50%
Bureau"
states
in
on or
substance:
paid on or
before Nov. 1 1920.
As to the reDort
of Day &
Zimmerman, engineers, who made an investigation at the instigation of the
committee, addressed to
Evan
Randolph. Chairman, the bondholders'
protective committee says "This report, in the opinion of your
committee,
conclusively shows that unless the plan approved by them is carried out and
the money paid to the American
Railways Co. in the future, a receivership
of that company is inevitable and a
consequent disastrous disintegration
of that
company will result; thus destroying the value of the sole security
foryour bonds."
The report
presents figures and other financial data, but the accountants
state that their work "has not embraced an examination of
the physical prop¬
erties or earnings of the underlying
companies, nor their requirements for
working capital, additions, betterments, renewals or deferred maintenance."
It is shown that according to the balance sheet of the
American
Co.
and subsidiaries
assets
current liabilities
by $4,183,515.
Railway
are
$6,955,627, exceeding
current
Accounts
payable overdue June 30 aggregated at
least $700,000 and notes payable on demand and notes
past date of maturity
amounted to more than $1,750,000.
The
8% gold notes takes
Geneva Seneca Falls & Auburn RR.—Fare
Increase.—
a
are now
to the extent of $20,000,000 are asked and that the
company
means to meet judgments recovered in such suits.
assessment
announces
temporary
notes
its fares from 5 to 13 cents.—V. Ill,
p.
RR.—Offer to Extend $2,926,000 N. Y. & Erie RR.
Bonds.—J. P. Morgan & Co. on behalf of the
company have
bonds about
as
That the company has an authorized capital of
$30,000,000, of which
has been $100,000 issued and
outstanding.
f
That the company has
outstanding more than $27,508,000 1st Mtge.
bonds and $5,290,000 2d
Erie
date
Niles
there
Protective
stockholders
hearing,
appointment of Frank C.
on
Lehigh Valley RR .—Employees Purchase Stock.—
Committee Seeks Extension of Time in Sale of
Property.—
The
Railways.—Receivership.—
with the
Sept. 9,
on
have
Up to 11 persons were killed and from 70 to 100 were injured, some fatally
on Sept. 6 in a head-on collision
near Giobeville, Col., a Denver suburb.
—V. 109, p. 676.
&
of Collateral.
the petition of the Kansas City Refining Co., the
railway company in a bill of acceptance admitted the following facts as set
forth by the Kansas
City Refining Co.:
1182.
Denver & Interurban Ry.—Collision.—
Denver
connection
reviver
different.
Under these circumstances, if we are now to change fundamentally the
-Sale
See International Ry. above.—V.
Ill, p. 1183.
capital stock represents more nearly our value than as at present.
our
not
International Railway Co., Buffalo.—Collateral Sold.—
consolidation with other lines.
It is believed that much
be obtained in connection with voluntary consolidation
It is universally true with prosperous and progressive corporations that the
market value of Its stock as a whole is increased as it Is enlarged.
In other
as
The $2,667,000 Refunding & Impt. 5% gold bonds due Nov. 1
1962,
pledged by the United Gas & Electric Engineering Corp. in 1917 to secure
$2,000,000 3-year 6% notes of the International Traction Co. due Aug. 1
1920 (still unpaid) were sold at auction
by the Bankers Trust Co., trustee,
on
Sept. 22 and bought in by the noteholders' protective committee for
$500,000.—V. Ill, p. 990.
or
can
was brought up last June, Commis^'oner Nixon turned it
having authority to take action in the matter.—V, m,
1076, 1083.
down
with Application.
It is the desire of the company to extend and improve its lines of
by acquisition of
Eroceedings started last June to determine whethc fares inCommissioner
P. S. the subway.
ewis Nixon has jurisdiction
the regulation of
exchange of $3,500,000 5-year
care
of that amount of indebtedness to the banks and
on the 4-6% National
Properties bonds
the $17.50 cash assessment
provides
$900,000 to satisfy merchandise creditors.
Earnings for 6 months were $9,514,985 gross and $325,666 in excesslof
fixed
charges.
concluding, the report says: "It is manifest from the foregoing
figures
plan carried out as contemplated will result in the payment of all
overdue accounts payable, the
refunding of all notes payable for a period of
5 years (which refunding is contingent
upon the carrying out of the plan)
and will provide
approximately $200,000 additional cash for appropriation
to current accounts payable.
This, it is reasonable to suppose will stabilize
In
that the
THE
Sept. 25 1920.]
the general commercial credit of the cmopany at present
the threatened imminent attack of its general creditors.
success
given
added the sum of $275,000 working capital to be deposited in a "fare
regulation fund" and the total amount upon which the company is entitled
to a fair and equitable return is the sum of $12,690,000.
(3) That additional capital in an estimated amount of from $1,000,000
to $1,250,000 Is required in order to provide sufficient additional equipment
and transportation facilities to give adequate street railway service.
(4) That the return thd company now receives is not a fair and just retur
upon the property used and devoted to public service.
(5) That 6% as a minimum is a fair and just return upon the propert
actually used and useful in the operation of the Syracuse lines, which per cen
should be susceptible of increase under certain compensating conditions.
(6) That a modification of the present system of fares and transfers
and control of the Syracuse lines is necessary in order to provide adequate
service to the public, just return to the company and proper control by city.
The complete text of the findings may be found in the Syracuse ' Post"
of Sept. 19.—V. Ill, p. 990.
and save it from
The permanent
variety of factors to which we have
of the
plan must depend upon a
consideration."—v. Ill, p. 1183
no
National Railways
of Mexico.—To Return Roads.—
dispatch from Mexico City states that the commission appointed to
the return of the road to its owners has begun its labors, and it is
said favorable progress is being made.
It is expected the return to private
ownership will be completed toward the end of the year or about the time
Gen. Obregon enters office as President.
The road is being operated but
that is all that can be said for it.
Everything is badly out of repair and the
A
arrange for
coaches
passenger
are
wrecks.
It will take more than $5,000,000 to repair
property.
Where the money is to come
the damage done to the railroad
knows, although all hope is fastened upon an American loan.
The general increase of 25% on freight rates by the National Railways
came into force on Sept. 1, except to competitive points on the Mexican
from
no one
Northern Ohio Traction & Light
Railway, including Mexico City via Vera Cruz.
Foreign goods consigned
City via Vera Cruz are not affected.—V. Ill, p. 189.
New Orleans Texas & Mexico Ry.—Interest.—
paid Oct. 1 on the 5% non-Cumula¬
"A" due 1935.—V. 110, p. 2564.
The usual semi-annual 2Yi% will be
York
New
Haven
Hartford
&
create
New
RR.—To Refund
Government
Note Issue
Purposes—New Equipment
Proposed.—The stockholders will vote Oct. 11 on
lowing propositions:
Loans
other
and
(1) To consider and act upon a proposed issue of bonds
dences of indebtedness for the purpose of either funding or
or
the fol¬
other evi¬
refunding the
both, for providing funds for additions, better¬
ments and extensions, or for any other lawful purpose, and of securing the
same by either mortgage or pledge or both, of a part of all of the company's
rights, franchises and real and personal property now owned or hereafter
company's indebtedness
acquired.
(2) To consider and act upon a proposed issue of notes, debentures, ceror other evidences of indebtedness for the purpose of acquiring new
equipment by means of an equipment trust or otherwise, and to this end
to consider and act upon any necessary modification or amendment of the
vote of the company passed April 21 1920,
of new equipment and the Issuance of the
having relation to the acquiring
company's obligations therefor.
(3) To consider and act upon a proposition to amend the vote passed
by the stockholders on April 21 1920, by extending the term of the loan to
be obtained from the United States under Section 210 of the Transportation
Act, 1920, from 5
Data from
of the road
years
to not exceeding 15 years.
Letter of Pres. e. J. Pearson, New
President
When the
of the
Haven, Sept. 20 19201
United States took • possession
had a floating debt of
Jan. 1 1918, the company
on
and contro
$44,000,000
It proposed at that time to pay this
Preferred stock authorized on Oct. 27
duly offered to shareholders for subscription.
(V. 106, p.
which became due April 15 1918.
debt by means of an issue of 7%
1917, and
was
1231).
,,
the Federal Control Act, under
required the approval of the Director
General of Railroads, who declined tp approve the proposed issue of pre¬
ferred stock and in lieu thereof agreed to loan to the company the amount
of the debt, $43,964,000, for two years with interest at 6% per annum.
On Mar.
21
1918, the Congress passed
which the issue of any new securities
(V. 106,
p.
1344).
this loan April 17 1918.
This loan which
$43,026,500 became due April 15 1920, and since then
Secretary of the Treasury as a demand obligation.
During the period of Federal control, Jan. 1 1918, to Feb. 29 1920, the
Director General expended upon your property for additions, bettements
and improvements, not including new equipment, approximately $17,000,000.
The total amount that company owed the Government on Sept. 1
1920, cannot be stated exactly, but it is probably roughly $66,000,000.
Under the provisions of the Transportation Act, the U. S. Government
is authorized to refund this debt for a period not exceeding 10 years, with
interest at 6% p. a.f provided security is furnished that is satisfactory to
the Director General.
The Director General has stated that the company
You authorized the making of
was
reduced
to
has been held by the
must furnish its mortgage
Inasmuch
as
bonds.
the Company has no
general mortgage upon its property
it
proposed hat a suitable mortgage be made properly protecting all bonds,
other evidences of indebtedness previously issued and now out¬
standing of which the company is the maker or which it has assumed through
is
notes and
consolidation with the original maker
The proposed mortgage
Issue of bonds to take care of $66,000,000 (the
amount due the Govenment), but also bonds to secure such
amounts as may be advanced pursuant to the application for loan from
the United States authorized April 21 1920, so that the company's plans
for additions, betterments and any other improvements necessary to give
adequate service to the public and to increase the earning capacity of your
property may be carried out.
It provides for refunding of the company's
indebtedness as it matures from time to time and also authorizes future
issues of bonds at such times as they may be advantageously sold on the
market to provide funds for additions and betterments.
The proposed mortgage is not to be for a fixed amount but a maximum
is set beyond which no Issue of bonds may be made.
It is provided in
the mortgage that the amount of bonds which at any time may be issued
and outstanding is limited to an amount, which, together with all other
outstanding bonds, notes and other evidences of indebtedness, of which
the company is the maker or which it has assumed, shall not exceed twice
the amount of Capital stock plus twice the amount of the premiums hereto¬
fore paid and set up in the balance sheet as prescribed by the I.-S. C. Commsion but no bonds can be issued without the approval of the Commis¬
sion and any other authorities having jurisdiction.
Your Directors believe that the proposed mortgage protects the interest
of the company and of its security holders and that it provides a most de¬
sirable method of refunding the present large floating debt of the company
for a period of 10 years at 6% per annum, a rate that is much lower than
can be obtained from any other source, even if the money could be obtained
merger or
will authorize not only the
estimated
000, p. 000.
j
[The company has applied to the I. S. C. Commission for authority: (a)
$2,000,000 6 months 7% promissory notes to cover a loan of
$2,000,000 which was used to purchase equipment;
(&) Issue $2,800,000
equipment trust notes of which $2,000,000 are to be pledged with bankers
for the first loan of $2,000,000;
(c) to execute promissory demand notes
totalling $8,130,000.
Compare V. Ill, p. 1183.
at all.—V.
to execute
Railways.—Realty to be Sold.—
Judge Mayer in the U. 8. District Court on Sept. 17 entered a final decree
ordering the receiver to sell at public auction certain parts of the real estate
belonging to the company to satisfy claims for defaults under the First &
Ref. Real Estate Mtge.
Proceeds from the sale are to be deposited with
New York
the Guaranty Trust
Co., trustee under the mortgage.
upset price of $2,500,000 is put on parcel A, which contains the
entire block between 32d and 33d Sts. and 4th and Lexington Aves.; parcel B
comprising 711 to 717 East 11th St.; parcel C, most of the frontage between
East 10th and East 11th St., Ave. C and Dry Dock St.; parcel D, the block
front on the west side of Madison Ave. between 85th and 86th Sts., and
parcel E, a plot between Broad and Moore Sts., consisting
plot.—V. Ill, p. 1084, 793.
of a storage
warehouse building on a
Rys.—Syracuse Street Railway Commis¬
Service-atrCost—Valuation of Property in
City Set at $12,690,000.—
In a final report filed on Sept. 18 the Syracuse Street Railway Commission
sion
Recommends
recommends the adoption of a service at cost plan of street railway opera¬
entailing control of all trolley service by the city and regulation
sliding scale, beginning with a 10-cent cash fare and a 7K-cent
ticket fare.
The plan also involves an extra charge for transfers and an
extra charge for "owl car," or after midnight service.
of
tion,
fares on a
The
principal recommendations of
the Commission are:
the New York
(1) That while the transportation facilities furnished by
State Rys. in Syracuse are on a par with those of other cities of the
size, improvements in these facilities can and should be made.
(2) That the fair valuation of the property of the company used
in the
Ohio Traction Co.—Annual Report.—
operation of the Syracuse lines
same
and useful
is $12,415,000, to which should be
"Fin. Reports" above.—V.110, p. 562
Controversy.
Omaha & Council Bluffs Street Ry.—Wage
The trainmen's union has filed an appeal
in the Nebraska Supreme Court
against the recent decision of the Railway Commission denying the men an
increase in wages of 13 cents an hour above the present scale of 53 to 57
cents an hour.—V. Ill, p. 1084.
Pennsylvania RR.—New Certificates Ready.—
N. Y. City, is ready to
bonds, dated April 1 1920, on surrender of
The Treasurer of the company at 85 Cedar St.,
deliver definitive 10-year 7%
the interim certificates now held.
Application has been made to the New York Stock Exchange to list
$50,000,000 5% Secured bonds due April 1 1930.
Howard Heinz, Pres. of H. J. Heinz Co., and former Federal food Director
of Pennsylvania, has been elected a director succeeding Percival Roberts.—
V. Ill,p. 793.
Philadelphia Rapid Transit Co.—Higher Fares or
Bankruptcy—Deficit Increased.—Pres. Mitten in a statement
before the Transportation and Public Utility Committee of
the Phila. City Council said in part:
be changed from time
Acting under this provi¬
"Under the terms of the 1907 agreement, fares may
but only with the consent of both parties.
to time,
R. T. has petitioned the city to assent to the collection of a
straight 5-cent fare without transfers or exchange tickets; this is a measure
of temporary relief, to continue until the value of the company's property
for rate-making purposes can be finally determined as required by law.
The
full inventory of the P. R. T.'s property will be ready for presentation to
the P. S. Commission Sept. 23, the pricing of the parts is as yet incomplete,
but can be accomplished with sufficient rapidity to keep ahead of the city
and P. S. Commission representatives, so that there need by no delay.
"Meantime, the P. R. T. must have more money or go to the wall.
P. R. T.'s operating statement, just made public, shows a deficit of $425,354 for August and an accumulated deficit oi $ 1,151,628 for the eight months
ended Aug. 31.
The operating deficit for the next twelve months will exceed
sion, the P.
$4,000,000 against.which the straight 5-cent fare increase without transfers
or exchanges is estimated to bring in about $350,000 per month."—V. Ill,
p.
1183.3
(Okla.) County Ry.—Wage Increase.—
affecting all employees
granted by the company.—V. 109, p. 677.
Pittsburgh
ranging from 26 to 40%, and
Wage increases
except office men, have been
Port Wentworth Terminal
It is understood that the company
Corp .—May Issue Conv.Bonds.
intends to create an
authorized issue
$2,000,000 1st Mtge. Profit Sharing Sinking Fund 8% Convertible Gold
bonds, to be dated Oct. 1 1920 and due Oct. 1 1950, of which it intends to
presently issue $1,000,000.
The bonds are to be callable at 125, all or
part, upon 30 days' notice.
Bondholders, it is stated, may elect to convert
their bonds on any interest date into real estate on the basis of the principal
amount of bonds in real estate at prices stipulated for various parcels, the
location of real estate to be at the option of the company.
If the $1,000,000
are sold it is understood that the proceeds of $500,000 will be used to pay
of
off the present outstanding $500,000 7% notes due Oct. 1.
The Savannah & Atlanta Ry. owns the entire $500,000
shares
Quebec Ry. Light Heat & Power
Oper. expenses
$2,373,034
1,769,563
..
1918.'
$1,797,852
1,235,724
1,444,516
-
$562,128
$633,105
647,374
Cr.27,722
Cr.230,088
726,101
—
—
1919.
$2,077,621
$602,671
Net earnings.-Other income-..
Less fixed charges
Balance—..
Co.—Earnings.—
1920.
.June 30 Years—
Gtass earnings
—V.
Pref. and 5,000
earnings of the Terminal Company are
railway company which owns and operates
of Common stock and the
largely merged with those of the
the terminal.—V. 106, p. 296.
696,909
...
def.$44,703
..
def.$65,273 sur.$95,307
110, p. 562.
Richmond Fredericksburg & Potomac RR.—New Pres.
Eppa Hunton, Jr. has been elected President to succeed the late William
H. White.—V.
Ill, p. 1084, 793.
St. Louis & Hannibal RR.—Road Bought.—
The company has withdrawn its petition made to the Missouri P. S.
Commission in May 1919 for permission to abandon the entire system,
embracing about 100 miles, and scrap the entire road.
George A. Mahan,
Hannibal, attorney for the company, stated that the property has been
sold to John Ringling (one of the brothers who owns Ringling Bros, Circus),
who intends to improve the property and operate it.
It is said that the
operation of the line has been a losing proposition for some years.—V.
108,
p.
2123.
Savannah & Atlanta Ry.—Sub. Company Bonds.—
See Port Wentworth Terminal Corp. above.—V. 110, p. 1090.
Savanna
(Ga.) Electric Co.—Wage Increase.—
and conductors received an increase in wages
bringing the maximum wage up to 41 and 46
Effective Sept. 1, motormen
of from 3 to 4 cents an hour,
An
New York State
company
See Cincinnati Traction Co. under
or
ficates
granted the
7% and also to carry out other provisions.—V. Ill, p. 793.
at 6%.—To
Mortgage to be used as Security for
franchise
is practically completed.
It provides for service
at cost.
The city will guarantee the company 7% return on the valuation
of the railway property, which is to be determined by the city and the
company jointly.
The initial fare will be 5 cents, but this will be increased
from time to time if it is shown that additional fare is needed to pay the
to be
tive Income bonds, Series
New
Co.—New Franchise.
According to the "Electric Railway Journal," the proposed new
to Mexico
$60,000,000 owed the Government for 10 years
1379
CHRONICLE
cents an
hour.—V. Ill, p. 295.
Ry. (Conn.)—Line
May Be Restored.
Railway Journal" states that the
part of the road from
Shore Line Elec.
The
"Electric
44 miles, recently sold for junk, may be
saved from the junk pile by citizens along the line who became concerned
when the actual operation of tearing up the tracks began.
The citizens
New
Haven to Flanders, about
proposing to form an organization to buy the property and have it
operated by the Connecticut Co., New Haven Division.
Options have
the present owners of the "junk" on about 16 miles of
the line at about $10,000 per mile.
Negotiations are fast proceeding toward
restoration of service, and the Connecticut Co. has agreed to operate the
line at cost plus a fixed sum for management and operating charges.—V .111,
p. 1084.
are
been secured from
Co.—Pre-Wa)•
Southern Pacific
Schedule.—
company has announced that its Morgan Line of steamers
The
would
schedule with regular sailings from
Thursday and Saturday, and from
New York to New Orleans on Wednesday and Saturday, with corresponding
egular departues in the opposite direction.
The Southern Pacific line
comprises 16 steamers with an average capacity of 140 carloads each.—
henceforth operate on a pre-war service
New York to Galveston every Tuesday,
V. Ill, p.
1184.
1380
\
-
•
THE
.
CHRONICLE
Spokane & Eastern Ry. & Power Co.—Wage Increase.—
Allen Motor
The company has granted its employees wage increases
of from $12 50
to* $17 50 a month retroactive to
Sept. 1.
The increase will amount to
$100,000 annually.
The Washington P. 8. Commission has
permitted the company effective
Sept. 26 to increase its interurban passenger rates 20%.
The company
increased its freight.rates|on Aug. 26.—V. 110, p. 1189.
,
It is stated that the first trolley car to be
put into operation for passenger
on the company's line, which
suspended In January, was started
on Sept. 20 at the old rate of 5 cents.—V.
Ill, p. 991.
American Agricultural Chemical Co.—New
Officers, &c.
service
Toledo
Railways & Light Co. —To Vote
on
Horace Bowker
and J. D. Cameron
Bradley have been elected VicePresidents; George B. Burton, a Vice-President, has been made First
VicePresident, and James A. Starrett, Secretary. Regular
Ordinances.—
of 2% on the Common and
1H% on the Pref. stock
payable Oct. 15 to holders of record Oct. 1.—V.
The Toledo
City Council, it is stated, will on Sept. 27 pass the Milner
service-at-cost ana the twin municipal
ownership ordinances, so as to place
them before the electorate at the general electionon
Nov. 2.
The
ownership
was
defeated by over'4,000 votes
Union Traction
on
1184
,
municipal
Aug. 10.—-V. Ill, p. 1084.
can-making machinery, and this plant was begun
Interntional association has made efforts to
as
an
open
shop.
The
unionise the Newark
shop,
failing has called out on sympathetic strike the union machinists from
all those plants where agreements
were in force.
In Indianapolis 450
machinists walked out.
The company has decided to
operate all its plants
henceforth as open shops."—V. Ill,
p. 1185.
and
Ill,
Rys. of the Havana & Regla Warehouses.—
Merger Plan.—London "Economist" of Sept. 4 says in subst.:
American Cyanamid
The suit to restrain the
company from issuing the notice
Charles H. Baker.
Compare V. Ill, p.
Preference shares.
was brought
794, 893, 898, 992, 1185.
•An extra dividend of
2% has been declared on the capital stock, together
a quarterly dividend of
2%, both payable Oct. 1 to holders of record
Sept. 15.—V. 98, p. 1539.
with
American Piano
4%%.
ary,
Refund
Bonds
Western New York &
a
Pennsylvania
Trac.^o.—Wages.
Effective Sept. 1 employees in car service on the
company's lines received
raise in wages
amounting to 5 cents an hour.
Carmen In passenger ser¬
vice receive from 43 to 48 cents an hour now
and
same.
Older men in freight work get 50 cents
the
In freight service
hour.—V. 110, p. 1850.
new men
an
West Virginia Traction & Electric Co'.—Fare
Increase.
The West Virginia P. U. Commission
recently authorized the company
in each of the four zones
between Elm Grove, W. Va., and
West Alexander, Pa., from 6 cents to 7
cents.—V. 110, p. 2293.
to raise the fare
2659.
An
American Safety Razor
L.
Corp.—New Director.—
Montefiore Stein, of Stein-Alstrin & Co.,
Chicago, has been elected
director.—V. 110, p. 2194.
—
Rolla Wells, receiver, it is reported, has offered the holders
of the $1,948,000 4H % bonds of the St. Louis R. R., which fell due
May 1 1920, the
option of having them exchanged for three-year receiver's certificates
bear¬
ing 7% interest.
Under the terms of the mortgage the
period of grace
allowed before foreclosure proceedings
may be instituted expires Nov. 1.
Several bondholders it is said are not inclined
to favor the plan because
the receiver proposes to
pay only 4H% interest upon the bonds for the 6
months' period of grace whereas the
legal rate calls for 6% for the defaulted
period.
The bondholders, it is said, also contend that the
interest rate on
the receiver's certificates should bear
8%.—V. Ill, p. 1184.
>•
AM y
p.
extra dividendof 25 cents per share has been
declared on the Common
stock, in addition to the regular quarterly dividend of 50 cents
per share
both payable Oct. 15 to holders of record
Sept. 30,
A like amount was
paid extra in July last.
In January last a stock distribution of
5% was
made.
Extras of 25 cents have been
paid quarterly from Jan. 1918 to
Oct. 1919, inclusive.—V.
Ill, p. 591.
a
Louis.—To
April and July last.—V. 110,
American Rolling Mill Co.—Extra Dividend.—
(d) £628,558 4% Deb. stock, (e) £652,897 4% Deb. stock and
(/) £965,663
% Deb. stock, these last four items from part of a £10,960,600 authori¬
zation.—Ed. "Chronicle."—V. Ill, p. 991.
St.
Co.—5% Stock Dividend.—
An extra dividend of 5% in stock has
been declared on the Common stock
a quarterly cash dividend of
1}4%, both payable Oct. 1 to
holders of record Sept. 25.
A like amount was paid extra in stock in Janu¬
in addition to
[The London Stock Exchange report as outstanding and listed
(a)
of
Cuban Central £120,000 5Yi% Pref.
shares, £703,400 4H% Mtge. deben¬
tures, and £1,178,000 5% debenture stock (&)
of Western Railways of
Havana £590,000 4H% Deb. stock.
The London Stock
Exchange has granted an official quotation to
£4,369,036 additional 5% Irredeemable debenture stock of 1906 of the
United Railways.
There are now listed in London (a) £6,536,380
Ordinary
stock, (b) £2,786,671 Pref. stock, (c) £6,037,538
5% Irredeem. Deb. stock,
of
by
American Lace Mfg. Co.—Extra Dividend.—
Holders for Each Nominal £100 Will Receive
of United Railways
Of Cuban Central 5H% Pref. shares
£110 5% Cum. Pref. shares
do
Ordinary shares
£71 10s. in Ordinary capital
Western Railways shares
£71 10s. in Ordinary capital.
Cuban Central 5% Debentures will be raised to a
5H% basis, with
redemption at or below par. instead of at 110, and interest on the Western
Debentures will be raised from 4H% to
Co.
a notice to the Preferred
the Preferred stock
(30%)
$60 per 6hare (V. Ill, p. 794, 893), states: "The
mailing of this notice
has been delayed by a
temporary injunction at the instance of one small
stockholder, which injunction has just been dissolved."
at
The directors now propose to absorb these
two undertakings,
and,
with this end in view, meetings of the Western and
Cuban Central Rail¬
ways are being convened, at which schemes for the
absorption will be
submitted for approval as follows
Rys.
Co.—Injunction Dissolved.—
Treasurer C. M. Grant, under date of
Sept. 17, in
stockholders offering to purchase 23,983 shares of
circular
has been issued to the
shareholders, pointing out that in
1911, the company acquired a large interest in the Western
Ry. of Havana,
Ltd., and at present holds nearly 99% of the entire capital.
In 1913, a
large interest was also acquired in the Cuban Central
Rys., Ltd., and
to-day the company holds 99% of the Ordinary shares and
50% of the
United
been declared
The "Iron Trade Review" of
Cleveland, of Sept. 23, says:
"The Inter¬
national Association of Machinists has called a
nation-wide strike of mach¬
inists employed in the various
plants of the company.
The company has
55 plants in as many cities, about one-third of
them being open shop and
not affected by the
strike, while in the others agreements have been made
with union machinists covering
wages and working conditions.
About a
year ago, a machine shop at Newark, N.
J., was opened to manufacture
United
A
nave
American Can Co.—Machinists' Strike.—
Co., Phila.—Sub-Committee.—
974.
quarterly dividends
Ill, p. 984.
The following sub-committee has been
appointed to confer with the
committee of Philadelphia Rapid Transit directors
relative to obtaining
the consent of the Union Traction Co. to the
proposed issue of $6,000,000
equipment trust notes.
The sub-committee comprises Chas.
Heed, Chas. McManus, Arthur V.
Morton and Joseph Gilfillan.
Mr. Gilfillan is credited with
saying that
neither the committee, the Union Traction Co. nor its
stockholders would
'consider or even discuss any question of reduction of
rentals.—V.
p.
Co.—Reorganization Approved.—
A majority
of the stockholders on Sept. 17 approved a
plan for the
reorganization pf the company and the lifting of the Federal
receivership:
The plan includes the raising of $500,000 cash
by the stockholders.
Creaitors to the extent of $1,400,000 have
agreed to waive their claims for one
year
and banks representing about $500,000 have
indorsed the plan'
At the meeting more than $100,000 it is
stated was subscribed
by present
stockholders, seeking to assist in lifting the
receivership.—V. Ill, p. 190.
'
Staten Island Midland RR.—Service Resumed.—
[VOL. 111.
American Seeding-Machine Co.—New
President, &c.—
Frank C. Johnson, former
Vice-President, has been elected President
succeeding James A. Carr who becomes Chairman of the board.—V.
110,
2659.
p.
American Shipbuilding Co.—Extra Dividend.—
An extra dividend of 2
M%
has been declared
on
addition to the usual
quarterly dividend of 1^%,
to holders of record Oct. 15.
Extra dividends of
paid quarterly since Feb. 1919.—V. 110, p. 2659.
American Ship
&
Justice Lehman
the Common stock in
both payable Nov. 1
like amount have been
Commerce Corp.—Court Order, &c.
on Sept. 22
signed an order requiring Kerr SS. Co., Inc.,
bond of $350,000 to protect the interests of
the Kerr Navigation
Corp. under his recent decision.
The bond is to secure
prompt payment to
the Kerr Navigation Corp. all
moneys due it by the Kerr Steamship Co.,
Inc., now or hereafter.
Also to secure payment of
damages to ships that
to furnish
a
may be improperly used.
See also Kerr Navigation
—V. Ill, p. 1184.
'
Corp. and
Shawmut Steamship
Co.
below.
'
•
,
American
Ship & Commerce Nav. Corp.—New Name.—
See Kerr Navigation Corp. below.—V.
110, p. 2190.
INDUSTRIAL
General
Industrial
following table
utility news of
AND
and
American Tube & Stamping Co.—Bonds Called.—
MISCELLANEOUS
Public
Utility News.—The
summarizes
recent industrial and
public
general character, particulars regarding
commonly to be found on a preceding page under
the caption "Current Events and
Discussions" (if not in
which
the
early
Ten ($10,000) First Mtge.
5% 30-year gold bonds of 1902 have been
for redemption Oct. 1 at 105 and int.
at the Equitable Trust
Co.,
37 Wall St.. N. Y. City.—V.
104, p. 1146.
called
Amoskeag Manufacturing Co.—Reduces Prices.—
a
are
"Editorial
as
Department"), either concurrently
practicable after the
matter becomes
or
as
of
The company on Sept. 23 announced
manufactured cotton
goods.
The
''Eye.
Y.
miners on Sept. 22 vote to
accept wage con¬
(b) Coal operators said to fear no famine, N. Y.
Sun" Sept. 23, p. 3.
(c) More troops sent to Alabama coal
Sept. 7.
Times,
sec.
1, p.
12.
(d)
Strike begun
Elumbers,Legislature on Sept. 23. (f) day,
men to get $10 for 8-hour 15%
y N.|Y.
field,
May 1 by
(e) Five housing
wage increase at
journeymen
bills passed
Cohoes, N. Y.,
N.|Y. "Eve. Post." Sept. 23.
(k) Heavy immigration, N. Y. "Times '
Sept.»24.
(!) Belgian orders for German freight cars
(report of Am. Consul
at
Brussels July 29.)
(m) Machinists strike, see Am. Can Co.
below.
(n)/Open shop victory in Cincinnati, see "Iron
Age" Sept. 23, p. 812.
(0)j"Nation Savings to Open Shop," see "Iron Trade Review" of Cleveland
fori Sept. 23 (7 pages),
(p) Unemployment gains
steadily, "Iron Trade
Review" Sept. 23, p. 271.
Matters Treated Fully in "Chronicle"
of Sept. 81.—(a) Commercial insol¬
vencies, p. 1112. (b) Gold and silver
production in 1919, p. 1112. (c) Brit¬
ish and Italian labor matters,
p. 1113 to 1115 and p. 1147.
(d) Cotton loans,
prices, &c., p. 1138-9.
(e) Commission rates on Phila. Stock
Exch., p.1141.
(f) Live stock industry, p. 1141.
(g) Changes in living cost 1914-20,
p
1142.
(h) Refusal to reopen anthracite
wage award, p. 1142 to 1144.
(1), Mexican oil matters, p. 1146.
(j) Mexican decree as to mining taxes,
1147.
(k) Income tax ruling, p. 1148 to 1150.
p.
Aetna Iron &
Steel Co.—Receiver
TheiPeoples Trust
Appointed.—
Co., Muncie, Ind., was appointed receiver on
Sept. 17
for the company in'the Lake Circuit Court
at Crown Point, Ind. in a suit
brought by about 17 stockholders asking an
accounting for $175,000 assets.
The company was organized about a
year ago with Chester
E. Wirt as
President, and several„Gary steel
men
as;stockholders.
of 33
which
1-3% in the price
employs 10.000
Auburn
(Ind.) Automobile Co.—Common
A dividend of $1 per share
Diy. No. 2.
(4%) has been declared on the outstanding
30,000 shares of Common stock, par $25, together with the
regular quarterly
dividend of 1 % % on the Pref. stock, both
payable Oct. 1 to holders of
record Sept. 20.
On July 1 last an initial dividend of
8% was paid on
the Common stock.—V. 110,
p. 2659.
Autocar
The
it
Company, Ardmore,
$800,000
Autosales
Pa.—Stock Subscribed.—
Capital stock recently offered
is stated, has all been
subscribed.—V.
at par ($100
Ill, p. 495, 992.
per
share),
Corporation.—Earnings.—
Results for Six Months ended June 30 and Three Months ended March
31 1920.
6 Mos.
Net profits
Profit andloss
i
$43,843
39,795
$28,087
$301,576
Balance, surplus
—V.
$277,789
Ill, p. 390.
Baldwin Co.,
3 Mos.
$67,882
39,795
...
Preferred dividend.
Miscellaneous.—(a) Iowa
N.
reduction
company,
V. 110, p. 2194.
public.
Marked Changes in Prices,
Mostly Downward (Compare "Current Events,"
&c., above)—(a) Automobiles, see Ford Motor Co.
and Franklin Mfg. Co.
below,
(b) Department stores, see Montgomery Ward & Co.
and Sears,
Roebuck & Co. below,
(c) Cotton goods, see Amoskeag Mfg. Co.
below,
(d) Copper for Sept. and Oct. deliveries reduced
from 19 (nominal) to
18He. per lb. on Sept. 24 by leading
selling agencies,
(e) Wheat, corn,
cotton, sugar, coffee, &c., decline; see
"Commercial Epitome" below,
(f) Milk higher, see "Wall Street Journal" Sept. 18, Boston
News Bureau"
Sept. 23, N. Y. "Evening Post" Sept. 22 and N. Y.
"Times" Sept. 19,
Sec. 2, p. 1.
(g) Crude oil advances in Kentucky 25c. a bbl.
(h) Food at
wholesale drops 12% in August; see Govt,
report in N. Y. "Times" of
Sept. 19, Sec. 1, p. 10.
(i) Downward trend in many lines, N. Y.
"Times"
of Sept. 24, p. 1 & 2.
(j) Retail coal prices up about $2 a ton, N. Y.
"Evening Sun" Sept. 20.
(k) Pipe line rates increased, effective Sept. 10
in midcontinent field.
Anthracite Miners Generally
Returning to Work—British Coal Strike De¬
ferred Sept. 24.—See "Current Events" above.
tract signed
a
operatives in its cotton departments and has a
weekly production of 4.000,000 yards of cotton, took the step to forestall a
condition similar to that in
the woolen departments, unsettled
by heavy cancellations of orders.—
$4,048
Cincinnati.—Capital Increase.—
The company has* filed notice increasing its
capital from $2,800,000 to
$6,000,000.—Compare V. Ill, p. 992, 986.
Batopilas Mining Co .—Official Statement—Bonds.—
President Francis D. Merchant, 47 Cedar St., N.
Y., in circular dated
Sept. 9 1920. says in brief:
"In Sept. 1913 our Gen. Mgr. and other American
employees were called
out of Mexico by the U. S. Department of State through the U. S.
Consul
at Chihuahua.
In Aug. 1914 an edict from the office of the
Governor of
Chihuahua declared that all mines not fully operated
by their owners on
Sept. 1 would be declared open for denouncement.
The Gen. Mgr. with
several American
employees returned to Batopilas and carried on some work
Department of State to leave for the United
having been in Batopilas about one year.
"During the absence of the American employees it was necessary to allow
until again notified by the
States,
the Mexican miners to work the mines on shares under
supervision of
Mexican employees, as the people were starving and threatened to
our
enter
and work the mines.
During the years 1916, 1917, 1918 and part of 1919
the company's one-third share of the product barely sufficed to cover
the
expense of supervision and guarding its properties.
In April 1919 the company, taking
advantage of the increase in value of
silver, shipped the silver bullion obtained from its one-third of the share-
1280
THE
CHRONICLE
Spokane & Eastern Ry. & Power Co.—Wage Increase.—
Allen Motor
The company has granted Its
employees wage increases of from $12 50
toT$17 50 a month retroactive to Sept. 1.
The increase will amount to
$100,000 annually.
*
The Washington P. S. Commission has
permitted the
company
Sept. 26 to increase its interurban passenger rates
20%.
increased its freightjratesfon Aug. 26.—V. 110, p. 1189.
A
effective
The company
Staten Island Midland RE.—Service Resumed.—
on
Sept. 20 at the old rate of 5 cents.—V. Ill,
Toledo
January,
p.
.
The Toledo
City Council, it is stated, will
American Agricultural Chemical Co —New
Officers, &c.
started
Horace
Bowker and J. D. Cameron
Bradley have been elected VicePresidents; George B. Burton, a Vice-President, has been made First
VicePresident, and James A. Starrett, Secretary. Regular
Ordinances.—
on
Sept. 27
on
was
991.
Railways & Light Co.—To Vote
pass
quarterly dividends
of 2% on the Common and
\]4% on the Pref. stock have been declared
payable Oct. 15 to holders of record Oct. 1.—V.
Ill, p. 984.
the Milner
service-at-cost and the twin municipal
ownership ordinances, so as to place
them before the electorate at the general electionon
Nov. 2.
The
ownership
was
defeated by over'4,000 votes
Union Traction
on
municipal
Aug. 10.—V. Ill, p. 1084.
American Can Co.—Machinists'
Co., Phila.—Sub-Committee.—
The sub-committee
year ago, a machine shop at Newark, N.
J., was opened to manufacture
can-making machinery, and this plant was begun as an
open shop.
The
Interntional association has made efforts to unionise
the Newark
shop,
and failing has called out on
sympathetic strike the union machinists from
all those plants where agreements
were in
force.
In Indianapolis 450
machinists walked out.
The company has decided to
operate all its plants
henceforth as open shops."—V.
Ill, p.1185.
comprises Chas. Heed, Chas. McManus, Arthur V.
Morton and Joseph Gilfillan.
Mr. Gilfillan is credited with saying that
neither the committee, the Union Traction Co. nor its
stockholders would
"consider or even discuss any question of reduction
of rentals.—-V. Ill,
1184, 974.
United
Rys. of the Havana & Regla Warehouses.—
Merger Plan.—London "Economist" of Sept. 4 says in subst.:
A
Strike.—
The "Iron Trade Review" of
Cleveland, of Sept. 23, says:
"The Inter¬
national Association of Machinists has called a
nation-wide strike of mach¬
inists employed in the various
plants of the company.
The company has
55 plants in as many cities, about one-third of
them being open shop and
not affected by the strike, while in the
others agreements have been made
with union machinists covering
wages and working conditions.
About a
The following sub-committee has been
appointed to confer with the
committee of Philadelphia Rapid Transit directors
relative to obtaining
the consent of the Union Traction Co. to the
proposed issue of $6,000,000
equipment trust notes.
p.
Co.—Reorganization Approved.—
majority of the stockholders on Sept. 17 approved a
plan for the
reorganization of the company and the lifting of the Federal
receivership.
The plan includes the raising of $500,000 cash
by the stockholders.
Credi¬
tors to the extent of $1,400,000 have
agreed to waive their claims for one
year and
banks representing about $500,000 have
indorsed the planAt the meeting more than $100,000 it is
stated was subscribed
by present
stockholders, seeking to assist in lifting the receivership.—V.
Ill, p. 190.
It is stated that the first trolley car to be
put into operation for passenger
on the company's line, which
suspended in
service
[Vol. 111.
American
Cyanamid Co.—Injunction Dissolved.—
issued to the shareholders,
pointing out that in
1911, the company acquired a large interest in the Western
Ry. of Havana,
Ltd., and at present holds nearly 99% of the entire capital.
In 1913, a
large interest was also acquired in the Cuban Central
Itys., Ltd., and
to-day the company holds 99% of the Ordinary shares and
50% of the
Treasurer C. M. Grant, under date of
Sept. 17, in a notice to the Preferred
stockholders offering to purchase 23,983 shares of
the Preferred stock
(30%)
at $60 per share
(V. Ill, p. 794, 893), states: "The
mailing of this notice
has been delayed by a
temporary injunction at the instance of one small
stockholder, which injunction has just been dissolved."
The suit to restrain the
The directors now propose to absorb these two
undertakings, and,
with this end in view, meetings of the Western and
Cuban Central Rail¬
ways are being convened, at which schemes for the
absorption will be
submitted for approval as follows
Charles II. Baker.
circular
has
been
Preference shares.
company from
redemption at
or
a
5!^%
below par, instead of at 110, and interest
basis,
American Piano
Co.
of
St.
Louis.—To
Refund
with
ary,
iM
"^Western
New York &
Effective Sept. 1 employees in
Pennsylvania Trac. Co.—Wages.
car
service
on
the
raise in wages amounting to 5 cents an
hour.
vice receive from 43 to 48 cents an hour now
and
a
the
Older
same.
men
in freight work get 50 cents
company's lines received
Carmen in passenger ser¬
in freight service
hour.—V. 110, p. 1850.
new men
an
West Virginia Traction & Electric Co.—Fare
Increase.
The West Virginia P. U. Commission
recently authorized the company
to raise the fare in each of the four zones
between Elm Grove, W. Va., and
West Alexander, Pa., from 6 cents to
7 cents.—V. 110, p. 2293.
April and July last.—V. 110,
General
Industrial
following table
utility news Of
AND
on the Common
quarterly dividend of 50 cents per share,
both payable Oct. 15 to holders of
record Sept. 30.
A like amount was
paid extra in July last.
In January last a stock distribution of
5% was
made.
Extras of 25 cents have been
paid quarterly from Jan. 1918 to
Oct. 1919, inclusive.—V.
Ill, p. 591.
American
and
summarizes
Public
recent
Montefiore Stein, of Stein-Alstrin &
Co., Chicago, has been elected
director.—V. 110, p. 2194.
American Seeding-Machine Co.—New
President, &c.—
Frank C. Johnson, former
Vice-President, has been elected President
succeeding James A. Carr who becomes Chairman of the board.—V.
110,
p. 2659.
'
American
and
public
a general character,
particulars regarding
commonly to be found on a preceding page under
the caption "Current Events and
(Discussions" (if not in
which
the
early
American
as
Department"),
practicable after the
either
concurrently
public.
or
as
matter becomes
Marked Changes in Prices,
Mostly Downward (Compare "Current Events,"
&c., above)—(a) Automobiles, see Ford Motor Co. and
Franklin Mfg. Co.
below,
(b) Department stores, see
Montgomery Ward & Co. and Sears,
Roebuck & Co. below,
(c) Cotton goods, see Amoskeag
Mfg. Co. below,
(d) Copper for Sept. and Oct. deliveries reduced from
19 (nominal) to
18Mc. per lb. on Sept. 24 by leading selling
agencies,
(e) Wheat, corn,
cotton, sugar, coffee, &c.,
decline;) see "Commercial Epitome" below,
(f) Milk higher, see "Wall Street Journal"
Sept. 18, Boston T'News Bureau"
Sept. 23, N. Y. "Evening Post" Sept. 22 and N. Y.
"Times" Sept. 19,
Sec. 2, p. 1.
(g) Crude oil advances in Kentucky 25c. a bbl.
(h) Food at
wholesale drops 12% in August; see Govt,
report in N. Y. "Times" of
Sept. 19, Sec. 1, p. 10.
(i) Downward trend in many lines, N. Y. "Times"
of Sept. 24, p. 1 & 2.
(j) Retail coal prices up about $2 a ton, N. Y.
"Evening Sun" Sept. 20.
(k) Pipe line rates increased, effective
Sept. 10
in midcontinent field.
Anthracite Miners Generally
Returning to Work—British
ferred Sept. 24.—See "Current Events" above.
Miscellaneous.—(a) Iowa miners on Sept. 22 vote to
Coal
Strike De¬
I
accept wage con¬
tract signed Sept. 7.
(b) Coal operators said to fear no
famine, N. Y.
"Eve. Sun" Sept. 23, p. 3.
(c) More troops sent to Alabama coal
field,
N. Y. "Times, ' sec. 1, p. 12.
(d) Strike begun
May 1 by journeymen
get $10 for 8-hoUr day.
(e) Five housing bills passed
by N.|Y. Legislature on Sept. 23.
(f) 15% wage increase at Cohoes, N. Y\.
N.|Y. "Eve. Post. ' Sept. 23.
(k) Heavy immigration, N. Y. "Times '
Sept.'24.
(1) Belgian orders for German freight cars
(report of Am. Consul
at Brussels July 29.)
(m) Machinists strike, see Am. Can Co.
below,
(n)J Open shop victory in Cincinnati, see "Iron
Age" Sept. 23, p. 812.
(0)|"Nation Savings to Open Shop." see "Iron Trade Review" of Cleveland
fori Sept. 23 (7 pages),
(p) Unemployment gains
steadily, "Iron Trade
Review" Sept. 23. p. 271.
Matters Treated Fully in "Chronicle"
of Sept. 81.—(a) Commercial insol¬
vencies, p. 1112. (b) Gold and silver production in
1919, p. 1112. (c) Brit¬
ish and Italian labor matters,
p. 1113 to 1115 and p. 1147.
(d) Cotton loans,
prices, &c., p. 1138-9.
(e) Commission rates on Phila. Stock
Exch., p.1141.
(f) Live stock industry, p. 1141.
(g) Changes in living cost
1914-20, p
1142.
(h) Refusal to reopen anthracite wage
award, p. 1142 to 1144.
(1), Mexican oil matters, p. 1146.
(j) Mexican decree as to mining
taxes,
p. 1147.
(k) Income tax ruling, p. 1148 to 1150.
plumbers,
men
a
may be improperly used.
See also Kerr Navigation
—V.
Iron
&
Steel
Co.—Receiver Appointed.—
Corp. and Shawmut
Steamship Co. below.
Ill, p.1184.
American Ship & Commerce Nav.
Navigation Corp. below.—V. 110,
Tube &
Corp.—New Name.—
p.
2190.
Stamping Co.—Bonds Called.—
($10,000) First Mtge. 5% 30-year gold bonds of 1902 have been
called for redemption Oct. 1 at 105 and int.
at the Equitable Trust Co.,
37 Wall St., N. Y. City.—V. 104,
p. 1146.
Amoskeag Manufacturing Co.—Reduces Prices.—
of
The company on Sept. 23 announced
manufactured cotton
goods.
The
a
reduction
of 33
1-3% in the price
company,
which employs
10,000
operatives in its cotton departments and has a
weekly production of 4,000,000 yards of cotton, took the
step to forestall a condition similar to that in
the
V.
woolen
departments,
unsettled
by
110, p. 2194.
Auburn
heavy cancellations
of orders.—
'
(Ind.) Automobile
Co .—Common
Dip. No. 2.
A dividend of $1 per share
(4%) has been declared on the outstanding
30,000 shares of Common stock, par $25, together with the
regular quarterly
dividend of l%% on the Pref. stock, both
payable Oct. 1 to holders of
record Sept. 20.
On July 1 last an initial dividend of
8% was paid on
the Common stock.—V. 110,
p. 2659.
Autocar
The
it
is
Company, Ardmore,
Pa.—Stock Subscribed.—
$800,000 Capital stock recently offered at par ($100
subscribed.—V. Ill, p. 495, 992.
stated, has all been
Autosales
per
share),
Corporation.—Earnings-
Results for Siz Months ended June 30 and Three Months ended
March 31 1920.
6 Mos.
Net profits
Balance, surplus
Ill, p. 390.
Baldwin
$43,843
39,795
$28,087
$301,576
—
Profit andloss
—V.
3 Mos.
$67,882
39,795
_______
Preferred dividend
to
ThetPeoples Trust Co., Muncie, Ind., was appointed receiver on
Sept. 17
for the company in'the Lake Circuit Court
at Crown Point, Ind. in a
suit
brought by about 17 stockholders asking an
accounting for $175,000 assets.
The company was organized about a
year ago with Chester E. Wirt as
President, and several„Gary steel men ^^stockholders.
&c.
on Sept. 22
signed an order requiring Kerr SS. Co., Inc.,
bond of $350,000 to protect the interests of
the Kerr Navigation
Corp. under his recent decision.
The bond is to secure
prompt payment to
the Kerr Navigation
Corp. all moneys due it by the Kerr Steamship Co.,
Inc., now or hereafter.
Also to secure payment of
damages to ships that
.
Aetna
Ship & Commerce Corp.—Court Order,
Justice Lehman
to furnish
are
"Editorial
Shipbuilding Co .—Extra Dividend.—
An extra dividend of
234% has been declared on the Common stock in
addition to the usual
quarterly dividend of \%%, both payable Nov. 1
to holders of record Oct. 15.
Extra dividends of like amount have been
paid quarterly since Feb. 1919.—V. 110,
p. 2659.
Ten
Utility News.—The
industrial
Safety Razor Corp.—New Director.—
L.
American
MISCELLANEOUS
2659.
An extra dividendof 25 cents
per share has been declared
stock, in addition to the regular
See Kerr
INDUSTRIAL
p.
American Rolling Mill Co.—Extra Dividend.—
Bonds.—
Holla Wells, receiver, it is
reported, has offered the holders of the $1,948,000 4H % bonds of the St. Louis It. R., which fell due
option of having them exchanged for three-year receiver's May 1 1920, the
certificates bear¬
ing 7% interest.
Under the terras of the mortgage the
period of grace
allowed before foreclosure
proceedings may be instituted expires Nov. 1.
Several bondholders it is said are not inclined
to favor the plan because
the receiver proposes to
pay only 4)4% interest upon the bonds for the 6
months' period of grace whereas the legal rate calls
for 6% for the defaulted
period.
The bondholders, it is said, also contend that the
interest rate on
the receiver's certificates should bear
8%.—V. Ill, p. 1184. m'-s
Co.—5% Stock Dividend.—
An extra dividend of
5% in stock has been declared on the Common stock
a
quarterly cash dividend of 1 ]4%, both payable Oct. 1 to
holders of record Sept. 25.
A like amount was paid extra in stock in Janu¬
in addition to
a
Rys.
by
■An
Debentures will be raised from 414% to
4%%.
[The London Stock Exchange report as outstanding and listed
(a)
of
Cuban Central £120,000
514% Pref. shares, £703,400 4)4% Mtge. deben¬
tures, and £1,178,000 5% debenture stock
(&)
of Western Railways of
Havana £590,000 414% Deb. stock.
The London
Stock Exchange has granted an official
quotation to
£4,369,036 additional 5% Irredeemable debenture stock of 1906 of the
United Railways.
There are now listed in London (a) £6,536,380
Ordinary
stock, (b) £2,786,671 Pref. stock, (e) £6,037,538
5% Irredeem. Deb. stock,
(d) £628,558 4% Deb. stock, (e) £652,897 4% Deb. stock and
(/) £965,663
4K% Deb. stock, these last four items from part of a £10,960,000 authori¬
zation.—Ed. "Chronicle."—V. Ill,
p. 991.
United
issuing the notice was brought
794, 893, 898, 992, 1185.
extra dividend of 2% has been declared on
the capital stock, together
a
quarterly dividend of 2%, both payable Oct. 1 to holders of record
Sept. 15.—V. 98, p. 1539.
the Western
on
p.
with
Holders for Each Nominal £100 Will Receive
of United Railways
Of Cuban Central 514% Pref. shares
£110 5% Cum. Pref. shares
do
Ordinary shares
£71 10s. in Ordinary capital
Western Railways shares
_£71 10s. in Ordinary capital.
Cuban Central 5% Debentures will be raised
to
Compare V. Ill,
American Lace Mfg. Co .—Extra Dividend.—
S277J789
$4,048
Co., Cincinnati.—Capital Increase.—
The company has" filed notice
increasing its capital from $2,800,000 to
$6,000,000.—Compare V. Ill, p. 992, 986.
Batopilas Mining
Co.—Official Statement—Bonds.—
President Francis D. Merchant, 47 Cedar
St., N. Y., in circular dated
Sept. 9 1920, says in brief:
;v
"In Sept. 1913 our Gen. Mgr. and other American
employees were called
out of Mexico by the U. S. Department of State
through the U. 9. Consul
at Chihuahua.
In Aug. 1914 an edict from the
office of the Governor of
Chihuahua declared that all mines not
fully operated by their
owners
on
Sept. 1 would be declared open for denouncement.
The Gen. Mgr. with
several American employees returned to
Batopilas and carried on some work
until again notified by the Department of State to
leave for the United
States, having been in Batopilas about one year.
"During the absence of the American
employees it was necessary to allow
the Mexican miners to work the mines on shares under
supervision of our
Mexican employee^, as the people were
starving and threatened to enter
During the years 1916, 1917. 1918 and part of 1919
company's one-third share of the product barely sufficed to cover the
expense of supervision and guarding its properties.
"In April 1919 the company,
taking advantage of the increase in value of
silver, shipped the silver bullion obtained from its one-third of the shareand work the mines.
the
.
SEPT. 25 1920.]
THE
workers'
product to the United States and introduced Mexican gold to pay
employees.
In Dec. 1919 Gen. Mgr. John R. Harbottle returned alone
Batopilas and renovated the cyanide plant and has shipped out monthly
small amounts of silver, the result of working up the low-grade ores and
concentrates that had accumulated, as well as the company's one-third of
its
to
the
ores
received
from
the shareworkers.
bonds. These
to another ten
is principally held by estates and
"The company has outstanding $366,500 1st Mtge. 6%
matured Dec. 1 1917, but the holders of 89% have agreed
The remaining 11%
The interest on the bonds has been paid to Dec. 1
years' extension.
1917, and the
year.
the develop¬
ment of foreign-owned properties, with absolutely no protection for our
emnloyees and properties, our taxes were enormously increased.
The form¬
er Mexican Government had encouraged the acquisition of large holdings
by a reduction in taxes.
As a result of the various Carranza edicts, accom¬
panied by threats of forfeiture, the company has been compelled to relinquich some of its holdings which had been acquired under its contract
with the Mexican Government, which specified that lOOmining claims (of
about 2)4 acres each) should be taken up each year.
As the mining taxes
were increased from 3 pesos per year on each claim to 18 pesos it became
necessary to give up the unproductive claims, reserving only those proper¬
ties that have produced silver in the past or that gave indications of being
of value, including most of the original mines held, prior to the contract
trustees.
company hopes to make further payment during the present
"The attitude of the Carranza Government was inimical to
mentioned.
"Mining taxes and taxes on water power have been
bond interest past due, the company has
all current liabilities."—V. 101, p. 1808.
from the
paid to date. Aside
funds to more than
cover
Bayuk Brothers, Inc.,
Phila.—Additional Pref. Stock.—
Aug. 26 the company sold an additional $150,0 0
Pref. stock so that the total outstanding is now $1,000,000.
The orignal
underwriters of the $850,000 stock were John Nickerson Jr., New York,
"We
are
informed that
Co., Phila., Girvin & Miller and Strassburger & Co., San
Francisco.
Compare V. Ill, p. 1185.
Second quarterly dividends of 2% on the First Pref. and Second Pref.
stocks have been declared, payable Oct. 15 to holders of record Oct. 1.—
V.
Ill, p. 1185.
Steel Co.—Equipment Trusts Sold.—Guar¬
Co. and Bankers Trust Co., New York, have
sold at 941^ and div., to yield about 7%%, $20,000,000
15-Year 7% Marine Equip. Trust Certificates; to be issued
under the Philadelphia plan.
(See advt. pages.)
Bethlehem
anty
Trust
1935.
Denom. $1,000 (c*).
Dividend
warrants payable A. & O. at Guaranty Trust Co., New York.
Red. at
any time on 20 days' notice at 102M and dividend.
Red. by purchase or by call by lot if not obtainable at not exceeding call
price, at the rate of $1,000,000 on or before each div. date from April 1 1922
to Oct. 1 1927, incl., and $500,000 on or before each div. date thereafter
until maturity; these amounts to be ratably reduced if certificates are red.
in advance of schedule.
Certificates so retired to be canceled.
Guaranty
Dated Oct.
Trust Co.
1
due Oct. 1
1920,
constructed
as
to
provide for efficiently carrying other
commodities, thus
through return cargoes.
Title to these ships is to be vested in the trustee or its no ninee, and they
are to be chartered to Bethlehem Steel Co., which will pay charter hire in
dividend warrants and retire the
These charter payments will be guaranteed by
semi-annual installments that will cover
entire issue by
maturity.
Bethlehem Shipbuilding Corp.,
Ltd., thus placing behind these certificates
entire Bethlehem system.
strength and credit of substantially the
and charter will provide that if at any time after
completion and delivery of the ships to be constructed the depreciated value
(calculated upon the then current reproduction cost new of similar tonnage,
less depreciation at the rate of 5% per annum from the respective dates of
construction) of the ships held falls below 150% of the amount of then
outstanding certificates in excess of deposited cash, Bethlehem Steel Co. will
agree to maintain this margin by the delivery of additional ships or by
pledge of U. S. Government obligations, or Bethlehem Steel Corporation's
Consolidated Mortgage bonds or certain underlying bonds, or other securi¬
ties which shall be legal investment for trustees in New York, all such
securities to be taken at their market value.
Pending completion and delivery of the ships about to be constructed,
The trust agreement
Bethlehem Steel Co.
will agree to maintain
carried
on
under
names
May 10 1918 was incorp. in Mass. under above name.
East Walpole and Norwood, Mass., Phillipsdale,
last 20 years.
Plants at
R. I., and Chicago, 111.
Purpose.—Proceeds will be used to provide additional working capital,
necessitated by rapidly expanding business, and for minor improvements.
Authorized.
$5,000,000
2,000,000
3,000,000
Capitalization after Present Financing—
x8% Cumulative Prior Preference stock
7% First Preferred stock
6% Second Preferred stock.
1,000,000
Common stock
10-year 6% notes, 1929 (V. 108, p. 382)
x
1,000,000
_
Profits.—Net profits, before interest, for six years ending Dec. 31 1919
were over $3,500,000, an average of $583,333 per year, or more than four
times the requirements for int. and divs. on Gold Notes and Prior Pref.
stock.
Net profits after deprec'n, taxes and interest were over $3,200,000.
an average of over $500,000 per year, or more than six times the dividend
requirement on this stock.
Gross sales and net profits for first six months
of 1920 have shown a substantial increase over the same period of 1919.
Compare very full statement of history, description of property, &c., in
connection with the offering of $1,000,000 10-year notes in V. 108, p. 382.
Black & Decker Mfg.
Co., Bait.—Stock Oversubscribed.—
$250,000 block of
Cum. Pref. stock recently issued by the
The
$47,440,756
$27,923,012
17,911,641
31,510,366
12,566,152
Depreciation, depletion, &c
Net income after all charges
8%
oversubscribed by the employees.
company was
Tne "Baltimore
$27,320,737
earnings are running at
110, p. 2078.
a
$15,930,390
$15,356,860
of
rate substantially in excess
subscribed by the em¬
Sun" says: "The total amount
ployees amounts to over $300,000.
In addition, subscriptions have been
received from all over the county, whicn bring the total amount subscribed
to date to about $450,000.
Only the first block of $250,000 was intended
to carry the 2.5% bonus of Common stock, but as this was oversubscribed,
it was decided to issue the second block immediately and to have it carry
the same bonus of Common as the first block."—V. Ill, p. 1086.
Co.—Reorganization.—
Copper
reorganization plan effective have been deposited with tne bondholders'
committee, and the company's property will be sold at foreclosure sale at
Butte, Mont., about Oct. 2 1920.
Under the reorganization plan, tne
company's properties will be acquired at foreclosure sale by tne Silver Butte
Minos Corp., organized for that purpose.
That company has also acquired
certain silver properties in the Corbin-Wickes district, Montana.
Stock
of the Butte-Ballaklava Co. is exchangeable, share for share, for the stock
of the Silver Butte company on payment of 50 cents for each share of ButteBallaklava stock so exchanged.
A large amount of stock has already been
exchanged.
Stockholders who have not yet exchanged their stock may do
so at any time before the foreclosure sale.
Stock so exchanged should be
sent to City National Bank, Duluth, Minn., depository."
A Butte, Mont., dispatch states that the sale of the property has been
ordered by the District Court to satisfy a judgment entered in a suit against
the company by John C. Williams.
As trustee, Williams in 1914 entered into a contract with the company
to sell bonds authorized by the directors amounting to $200,000, and sold
bonds to the extent of $177,800.
Interest on the bonds has not been paid
since June 1916, and the judgment granted Williams was $222,820, which
includes the amount of the bond issue, interest, fees and delinquent taxes,
York.—Semi-Annual Report.
Butterick Company, New
income
Bethlehem
Shipbuilding Corp., Ltd.—Equip. Trusts.—
.
Preferred dividend
Bethlehem Steel
See Bethlehem Steel Co.
Corp.—Sub. Co. Equipment
impt8.\2,093,425J 1,630,372
Machinery & plant/
\ 2,006,277
Patents, good-will,
Real est. &
copy¬
rights, marks, <fccl3,893,271
Stock owned
13,700
12,873,400
liberty bonds....
9,350
Acc'ts receivable..
1,878,551
201,898
2,601,731
5,860
Common
,,
Preferred stock
534,625
912,853
Fed.Pub.Co.bonds
Power Co.—Notes
Offered—Halsey, Stuart & Co. in June offered, at prices to
yield 8M%, the company's 7% Secured Gold Notes.
1920, due May 1 1925.
Int. payable M. & N. in New York
without deduction for Federal income taxes now or hereafter deductible at
the source, not in excess of 2%.
Tax refund in Pennsylvania.
Denom.
i
(c*).
days notice, at 101 and int.
$1,000, $500 and $100
Red., all or part, on any int. date, upon
Guaranty Trust Co.. N. Y.. trustee.
30
of Pres. W. S. Barstow, Dated N. Y., June 16 1920.
Company.—Incorp. in 1902 as successor to Binghamton General Electric
Furnishes electric light and power to the cities and towns of Bingham¬
ton, Endicott, Johnson City, Union, and the surrounding
territory in
Broome County, N. Y.
Population served estimated, 100,000.
Capitalization after This Financing—
Authorized. Outstand'g.
7% Secured Gold Notes (this issue), due 1925-____
$500,000
$227,500
First Ref. Mtge. 5% Gold Bonds, due 1946.
—
x
yl ,285,000
First Mtge. 5% Gold Bonds, due 1942
'
(Closed)
zl55,000
6% Preferred stock
——
1,000,000
522,500
Data from Letter
Co.
1,000,000
500,000
is limited by provisions of the mortgage.
y In addition $325,000 are pledged as security for this note issue.
Exclusive of $253,000 deposited with trustee as part security for the
First Ref. Mtge. bonds, and $92,000 held in First Mtge. sinking fund.
Purpose.—-Proceeds will be applied principally to the cost of an additional
5,000 k. w. generating unit, made necessary through increased demand
upon the company's system, and for other construction expenditures.
Common stock.„ —
—
x Issuance of additional bonds
—
z
ended April 30 1920—
Gross revenue (including other income)
— _——.
—$558,393
Net, after operating expenses and taxes —
182,51.3
Annual interest on total funded debt, including this note issue
92,525
Calendar Years—
1915.
1916.
1917. ,
1918.
1919.
Gross & other income.$270,354
$315,207 $372,085 $446,923 $508,584
Net earnings
121,848
128,701
130,163
150,602
179,371
Bond interest charges.
25,000
33,741
39,053
53,080
74,043
Earnings 12 Months
—V.
110, p. 1529.
p.
V.
500,000
239,000
payable—Lib¬
erty bonds.
Bills payable...-.
250,000
500,000
600,000
17,809
payable.
869,843
20,286
78,000
248,053
1,597,431
2,732,631
Accounts
Reserves
and
preciation..
,
378",853
de¬
-
Surplus......-
...
1,990,169
— .
20,075,760 21.032,115
Total
Corporation.—$400,000
Fire.—
plant, located at Jersey City, were
estimated at more than $409,000.—
: ;g-;:';V y;y.y. . 'Y : v-y; ./V ,. •
y ..
buildings of the company's
Sept. 20, causing a loss
on
106, p. 2453.
.
&
V* Vi- /.
Hecla Mining
Aug.
Ill,
p.
-----
Subsidiaries.
Hecla.
-
1920Aug. 1919——
8 months 1920
8 months 1919..----
Co.—Production (lbs.)—
Calumet &
-
:
—V.
687", 500
Bills
..20,075,760 21,032,115
2490.
Calumet
>
T09~,666
"
Mortgages
Butterick Co.notes
265,099
Butterworth-Judson
Four
burned
Binghamton (N. Y.) Light, Heat &
Dated May
110,
"
Reserve for taxes.
16,031
)
f
Mdse. manufact'd /1,592,666(
and in process.. J
{
Cash...
372,068
Deferred charges..
206,697
Total
$
$
14,642,100 14.647,200
1,000,000
stock
Dividend payable.
Paper in stock
—T.
1919.
1920.
1919.
1920.
Liabilities—
Trusts.—
above.—V. Ill, p. 992.
------
$201,724
..$25,986 $391,798 $300,991 $206,319
V
Consolidated Balance Sheet as of June 30.
Balance, surplus.
above.—-V. 110, p. 2490.
Steel Co.
1916.
$201,724
1920.
1919.
1918.
1917.
_$59,419 $391,798 $300,991 $206,319
33,433
—
June 30—
6 Mos. to
Net
those of 1919.—V.
Bethlehem
;
"All bonds necessary to make tne
notice to the stockholders states:
A
Notes receivable..
$45,232,378
Balance.
bear the same or
Authorized but unissued Prior Preference stock may
contracts,
1919.
Gross sales..
$298,929,531 $448,410,808 $281,641,907
Net (after all taxes, maint., &c.)_. $53,979,360
$57,188,769 $37,441,218
Interest & proportion of discount.
8,746,982
9,748,013
9,518,206
1918.
1917.
Outstand'g.
$1,000,000
2,000,000
3,000,000
1,000,000
870,000
lesser dividend rate.
follows:
Cal. Years (V. 110, p. 1285)—
See
roofing and building
Company manufactures a large variety of paper,
materials, including paper boxes, roll roofings and waterproof building ma¬
terials.
Its roofing and building materials, extensively advertised under
the trade name of "Neponset," have had a nationwide distribution for the
•
net
In more recent years business
of F. W. Bird & Son and Bird & Son, and on
Company.—Business established in 1795.
the above-mentioned margin
capital stock, excepting directors shares, of both Bethlehem
Steel Co. and Bethlehem Shipbuilding Corp., Ltd., is owned by Bethlehem
Steel Corp., and the combined earnings of these two subsidiaries comprise
practically the entire earnings of Bethlehem Steel Corp., which have neen
Current
Pres. Chas. S. Bird, East Walpole, July 26 1920.
Data from Letter of
was
of 50%.
The entire
as
div., yielding about 7.84%.
Callable, all or part, on any div. date on 30
days' notice at 110 and divs.
Entitled to $110 per share on dissolution.
A sinking fund of 3 % annually of greatest amount of Prior Pref. stock at
any time outstanding will operate to purchase or call the Prior Pref. stock
at not exceeding $110 and divs.
Dividends payable Q.-F.
Butte-Ballaklava
Furnished
substantially increasing their earning power
the
102 and
at
of New York, trustee.
Bankers by Bethlehem Steel Co. and Bethlehem
Shipbuilding Corporation, Ltd.
Five steamships of 20,000 deadweight tons each, to be constructed, and
five steamships already constructed/ totaling 52,417 deadweight tons (all
less than three years old and one of which has just been delivered).
This
fleet, aggregating about 152,417 deadweight tons (valued at $30,000,000),
will be employed for the transportation of ore from the Bethlehem iron mines
in Chile and Cuba for use in Bethlehem Steel Co.'s plants.
All ships are so
Data
Bird & Son, Inc., East Walpole, Mass.—Pref. Stock
Offering.—Lee, Higginson & Co., Boston and New York,
who in July 1920, brought out $1,000,000 8% Cum. Prior
Pref. (a. & d.) stock (par $100), are now offering the stock
on
B. Lewis &
S.
1381
CHRONICLE
Total
—4,259,566 3,260,541 7,520,107
—
4,136,818 3,449,783 7,856,601
39,880,037 31,542,561 71,422,598
33,284,837 31,974,397 65,259,234
496.
Canadian
General Electric Co.—Affiliation.—
Telegraph Co. of Canada below.—V. 110, p. 973.
See Marconi Wireless
Canadian Locomotive Co., Ltd.—New Directors, &c.—
has been elected Secretary, and William Casey, Vicealso made directors.—V. Ill, p. 1186.
William Harty Jr.
President; both men were
Sugar Co.—Stock Dividend,&c.— 4
Central Aguirre
A dividend of $2 per
Capital stock, par
On July 31 last, a dis¬
$5 per share and in April
share has been declared on the
$20, payable Oct. 1 to holders of record Sept. 25.
tribution of $5 per share was made; on July 1 last,
last, $2 per share.
dividend was discussed by the
it was inadvisable at this time.
increase the authorized Capital stock
$4,000,000 to $6,000,000.—Compare V. Ill, p. 1186, 695.
The
question of declaring a 100% stock
23 but they decided that
directors on Sept.
The
from
stockholders recently voted to
Central Leather
—The directors
dividend usually
on
Co.—No Common Dividend—Directors.
Sept. 21 omitted the
declaration of the
due Nov. 1, on the Common stock.
An
official statement says:
continued depression in the leather and shoe industries and
the desirability of conserving the cash resources of the company have deemed
it inadvisable to declare the usual quarterly dividend on the Common stock." \
"In view of the
1282
CHRONICLE
THE
[In connection with the aforesaid depression it is noted that with export
Consolidated Gas Co. of N. Y.—Sub. Co.
business largely at a standstill, hide prices, since the last week of Aug. 1919,
have fallen from 52 cents a pound for native steers and 48 cents a
pound for
Texas steers to the present price of 28 cents and 23 cents a
pound, respect¬
ively,
decrease of 46% and 52%.]
or
Common
Dividend
v
1914 to Aug.
from
1920.
May '20 to
1917. 1918. 1919. Feb. '20. Aug. '20.
3%
5%
5%
5%
\M%
1H% <WExtra divs
4%
4%
2%
2%
2%
Theodore It. Hoy t and A. T. Lynch have been elected directors succeeding
W, S. Hoyt and Frank H. Piatt.
Mr. Lynch has also been elected a mem¬
ber of the Executive Committee.—V. Ill, p. 496, 297.
1914.
Regular divs
1915.
2%
1916.
___
Central Sugar
Corp.—Earnings.—
Results for Year Ended June 30
1920 and Eight
Jos. Ended June 30 1919
Year '20 8 Mos. *19
Total
income.
33,875
63,493
etc
-
-
-:—
18,666
125,676
281,429
.$283,623 def. $88,742
Central Fe S. A., whose stock is all owned by Central
Sugar Corp., reports
profits before provision for Cuban income tax, for the year ended June 30
1920 of $1,377,532, from which dividends amounting to
$540,000 were paid,
leaving surplus of $837,532.—V. Ill, p. 1186.
profit
Chace Cotton Mills Co.—Smaller Dividend
—
A
quarterly dividend of 4% has been declared on the stock payable
1 to holders of record Sept. 21. In April and July last, dividends of
10% each were paid, while in January last, 6% was paid.—V. 110, p. 1292.
Chicago Pneumatic Tool Co.—Bonds Called.—
All outstanding
First Mtge. 6% Serial Gold bonds of 1918 (excepting
1 1920) have been called for
payment Oct. 1 at
101 and int. at the Central Trust Co. of Illinois, trustee, 125 West Monroe
St., Chicago.
These bonds are part of an authorized issue of $3,250,000,
of which $2,967,500 was outstanding Doc. 31 1919 (V. 110,
1287).
p.
Stockholders of record
Dec.
19
1919
allowed
were
to
subscribe
for
stock at par,
equivalent to their present holdings, thereby bringing
outstanding capital stock to $12,897,600, the proceeds to be used for
the retirement of the aforesaid outstanding bonds and all fixed
charges,
and to increase the comjmny's working capital.—V. Ill,
p. 899.
new
the
Chile
Copper Co.—Production (in lbs.)—
1920—August—1919.
Increase.
10,640.000
8,994,210
—V. Ill, p. 993, 592.
China Mail
I
1920—8 Mos.—1919.
1,645,790171,910,000
Increase.
48,071,054
23,838,946
Steamship Corp.—Bonds Called.—
All outstanding ($584,000) First Mtge. Short-Term
7% gold bonds of
$1,000 each, designated as Series "C," have been called for redemption on
Oct. 1 at 10114 and int. at the Union Trust Co. of San Francisco.
See
offering in V. Ill, p. 391.
B.
&
R.
Knight, Inc.. below.—V.
Ill, p. 496.
Offered to Customers.—
The company on Sept.
1 put into operation the plan of offering its 7%
on either a cash or partial payment basis to its
customers.
The stock is offered on a cash basts at $95 and div.
The par¬
tial payment plan calls for $10 payment at time of
purchase, $10 per month
for seven months and $15 as a final payment.
Purchases under the partial
payment plan are limited to 25 shares and the purchaser has the option of
withdrawing all partial payments on 10 days' notice at any time prior to
the date of final payment for the stock.—V. Ill, p. 1086.
Cumulative Preferred stock
Continental
Candy Corporation.—New Note Issue.—
The company recently sold to bankers $1,500,000 8% Debenture serial
gold notes, dated July 1 1920, due $500,000 each July 1 1923, 1924 snd
1925.
Authorized, $2,000,000.
The notes were all placed privately.
The
groceeds will be used,Guaranty Trust Co., N. the is trustee.—V. Ill, p. 899.
it is stated, to finance Y., construction of new buildlgs in Jersey City.
Cornell
(Cotton) Mills Corp.—Extra Dividend
—
An extra dividend of 3 % has been declraed on the stock, in addition to the
quarterly dividend of 2%, both payable Oct. 1 to holders of record Sept. 21
In April, and July last, dividends of 10% were paid; in June
last, a special
distribution of 20% was made.—V. 110, p. 2491.
Oct.
those which mature Oct.
Textile Corp.—President Rupprecht Pur¬
Property of B. B. & R. Knight, Inc.—
Entire
Consumers Power Co.—Securities
$55,601
$661,420
Adjustments
Expenses and taxes
Interests, discounts,
Net
Consolidated
See B.
7%
—
Capital Inc.—
See New York Edison Co. below.—V. Ill, p. 695.
chases
i
Record
[VOL. 111.
Corn Products
Refining Co.—Dividends—Operations.—
An extra dividend of % of 1% has been declared on the Common
stock,
in addition to the regular quarterly dividend of 1 %, both
payaole Oct. 20
to holders of record Oct. 4.
An extra dividend of K of 1% was
paid in
January, April and July last.
The company's big plant at Edgewater, N. J., which had been closed down
a week has resumed
operation.
The company is said to be operating
at about 75% of capacity and grinding around 100,000 bushels of corn
daily;
maximum capacity of the plant is 150,000 bushels daily .—V.
111, p.796,392.
for
Corona Typewriter Co., Inc., Groton, N. Y.—Stock
Offered.—All stockholders of record Sept. 15 are given the
right to subscribe up to Oct. 1 to approximately 3,200 shares
of 2nd Pref. stock (par $100) and 1,600 shares of Common
(no par value) stock in blocks of two shares of Pref. and one
share of Common at $265 per block.
An official circular dated
Sept. 1 and issued to the stock¬
holders says in substance:
The
success
of the company
and the popularity of the machine
manu¬
factured
have been gratifying.
The demand for the Corona typewriter
for the past several years has greatly exceeded our
ability to meet it.
We
now find it absolutely necessary to
materially enlarge our plants by the
erection of several
Columbia
Graphophone Mfg. Co .—Listing—Earnings.
The New York Stock Exchange has authorized the
listing of (a) 60,492
shares of Common stock (no par value) upon official notice of issuance as
1-20 of a stock dividend, payable Oct. 1 to holders of record
Sept.
10;
(6) with authority to add, on and after Feb. 1 1921 18,000 shares of Common
stock to Guaranty Trust Co., trustee, for purchase
by the holders of out¬
standing 5-year 8% gold notes dated Aug. 1 1920 (see offering in V. Ill,
p. 496), making the total amount applied for 1,340,136 shares.
The out¬
standing Common stock on Sept. 10 1920, will be about 1,209,833 shares
(incl. fractional scrip).
\
Income
Account
Six
Months
ended
June
30
1920.
Earnings from all
Interest
on
sources for the six months
funded and floating debt.,.,..
Depreciation
and other charges.
income & excess profits taxes for six
reserves
Reserve for excise,
Net income
_____
_____
_
Surplus, Dec. 31 1919
__
_
__
Total surplus
:__
_
.Surplus at June 30 1920_____
*
mos
_.
Deduct: Dividends on Pref. and Common stock
Other charges against surplus
—V.
$5,552,875
122,058
234,264
2,387,179
_______
__
--
$2,809,375
2,864,545
_.$5,673,920
982,842
437,883
$4,253,194
________________
Ill, p. 496.
Consolidated Arizona
Smelting Co., N. Y —Financial
Plan—Stockholders and Income Bondholders Asked to Partici¬
pate in Exchange of Securities and Purchase of Stock of South¬
west Metals Co., Organized
Primarily to Liquidate or Refund
$650,000 or More of Floating Debt,—
The Souhwest Metals Co.
was
organized in
Delaware
last July, at the
Arizona Smelting Co.,
suggestion of large security holders in the Consol.
and with the approval of its directors,
primarily to refund at least $650,000
of the $855,000 of unfunded
liabilities, largely due in the near future, and
later on if conditions and capital permit to
augment and supplement the
company's operations by other kindred enterprises.
Offer to Security Holders of Consol. Arizona Smelting Co.
of—
Outst'g.
If Paying
Will Receive Stock
Each$1,000Inc.bond $885,000 $50 cash*
20 shares of S. W. Metals Co.
Each $5 share of stk.8,315,000 40 cts. cash
One-fortieth of share of.said stk
new buildings and the installation of a large amount of
machinery and equipment, in order to take care of the present demands and
also provide for the future requirements.
In order to finance the enlargements directors have decided to offer for
sale the Capital stock (as above). Second Pref. shares are entitled to
7%
cum. dividends, which
company is paying regularly.
The Common has been
paying dividends at the rate of $8 per share for some time and, based on the
firesentthe belief that this rate will continue. (Of the issue every reason to
ustify and estimated future business and earning, there Is of 5,000 shares
of First Pref., nearly 750 shares have been taken
up by the company, and
it is planned to retire all of it within a few
years.)
We now give to stockholders the opportunity to purchase the above shares
before offering them to the public at a price to yield 8.31 %.
Directors have
arranged that the holder of any number of shares less than 17 will have the
privilege of subscribing for one block as above.
The holder of more than
17 shares will be entitled to subscribe to one block for every 17 shares held.
Payments may be made either in full with the subscription, or 25% with
the order; 25% Dec. 1; 25% Feb. 1 1921, and 25%
April 1 1921.
Company has had a wonderful growth and development and the outlook
the future is now more promising than at
any period in its
for
history.
[Signed Benn Conger, Pres., Carleton F. Brown, Treas.]—Compare V.
Ill, p. 993, 592.
Crown Oil & Refining Co.—Bonds Called.—
All of the outstanding First Conv.
7% gold~bonds, dated May 1 1919
($1,150,000 authorized) have been called for payment Oct. 16 at 110 and
int. at the Mechanics & Metals National
Bank, N. Y.—V. 110, p. 1976.
Crown
Overall Manufacturing Co.,
Cincinnati, —
Offered—Breed, Elliott & Harrison and W. E. Ilutton
& Co., Cincinnati, are
offering at par and div. $1,500,000
8% cum. sinking fund Pref. stock.
Stock
Dividends payable Q.-M.
assets
Or $50 par value of Income bond scrip.'»!
1 and June 1
The holders of
a
Company,
equal to 100%, and net tangible assets equal to 200% of Pref. stock.
Preferred
Common
stock_______
Authorized. Cvtstand'g.
Authorized
Out stand.
stock
$1,500,000 11,500,000
2,000,000
1,200,000
___
Data From Letter of Pres. Oscar
Berman, Dated Sept 10 1920
Company.—Organized
partnership in 1903.
Original plant consisted
a rented loft.
Properties and plant located in
99% % of the entire capital stock of the Stonewall
(Miss) Cotton Mills.
Plant of latter is valued at $2,200,000.
Growth of
business has been continuous, sales
having increased from $40,000 in 1903
to the rate of over $5,000,000 a
year for the first 6 mos. of 1920.
Purpose.—$1,000,000 will be used to finance the purchase of 99%% of
the capital stock of Stonewall Cotton
Mills, $225,000 to refund an equal
of
as a
14 sewing machines in
Has acquired
Cincinnati.
Assenting stocknoiuers anu income Bondholders must deposit their"holdings with the N. Y. Trust Co., 26 Broad St., N. Y., prior to .3 p. m. Oct. 15,
the income bondholders making their cash
payment forthwith.
The stock¬
holders may either pay in full at once or 25% each Oct. 15, and Dec. 1
1920 and March
part at 110 and divs.
or
Capital After This Financing (No Bonds)—
To Holders
*
Red all
after Sept., 1921, must retire
annually 3% of the greatest amount of Pref.
stock outstanding at any time at not over 110.
Must maintain net current
1921.
majority of the Income bonds and of
large number of
a
the shares of stock have signified their
acceptance of the
James A. Heitzmann is President of the new
company.
foregoing offer.
amount of Preferred stock of Crown Overall
to be used for
Disposition of Southwest Metals Co. Auth. Stock—100,000'S/is. of No Par Val.
Mfg. Co., and the balance is
working capital.
Framings.—For the past five
the combined net profits of the two
concerns have averaged
2% times the dividend requirements of the present
issue of Pref. stock.
During the first 6 months of 1920 after deducting
Federal taxes earnings have been estimated to be over 8 times the
redemp¬
tion fund and dividends requirements on the entire Issue of Pref. stock.
years
.
■
|
Already subscribed for at $20 cash, per share
Reserved for further cash subscription
Reserved under terms of option agreement;
Required for exchange
on
L
__
...
_
_
_
_
Shares. Proceeds:
5,000 $100,000
1,000
200.000
6,000
120,000
(if all are exchanged)
17,700
Required for exchange for said 1,663,000 shares of stock
(if all is exchanged)....
41,575
Stock in Treasury in excess of above
requirements
28,725
For the
seven
44,250
U.
665,200
Circular
of
Sept.
18.
months
ending July 31 we have shown a deficit of $28,589.
Costs have been extremely high, due to
many causes, notably the low
copper content of our own ores shipped from the Blue Bell and De Soto
mines—our financial condition
having prevented the proper development of
the mines.
We have just completed
sinking the shaft at the Blue Bell
mine to the 1,350-foot level, and have started to drift for
the ore bodies
which should, if conditions permit, be reached about
Oct. 15, when better
ore
should be available.
we
have
taken
stopped shipments entirely.
over
the
operation of this property under an
the right to purchase a 75% interest at
option agreement, which gives us
a
reasonable price.
The offer to our security holders will if
generally accepted supply ample
working capital and place up to 59,275 shares or more than
80% of the
presently contemplated stock issue of the Southwest Metals Co. in the
hands of our security-holders,
giving them control.
Our indebtedness,
aside from current pay-rolls, &c., will then be held
by the Southwest
Metals
Co.,
Charles A.
which itself will
Kittle.}—V.
be
free of indebtedness.
108, P. 2125.
1920
Ad) us ted
S.
[Signed by Pres.
to
Shoio
Treasury
Accounts
Effects of This Financing.
Liabilities—
Certificates.-
033
Notes
101
313
Accounts
payable..
$480,000
payable
receivable
1,043 810
Accrued
(est.)
1,252 728
Res for Ferl tax (est
assets..
^
Investment.
Permanent
114 010
1,000 000
assets
Pref.
accounts.
stock
Common
572 801
Deferred & prepaid assets....
Total
648,987
2,147
_
1919-20).
207,837
1,500,000
.—
stock
Surplus
114 196
______
1,200,000
_
(each
470,920
_
side).$4,509,891
—V. 105, p. 2368.
Dalton Adding Machine Co.,
Cincinnati.—Capital.—
The stockholders in June last authorized an increase in the Common
stock
from $2,000,000 to $9,250,000, the Preferred stock
$750,000-
Of the
holders of record
Our custom business also has been much
restricted, due to the high cost
of production and the low price obtainable for
copper.
One of our largest
shippers—the Swansea Lease Inc.—has twice
Recently
30
'SS11
Inventory
100,000 $949,950
____
Extracts from Official
June
CibVi
Other
Total capital stock
Sheet
Assets—
Income bonds
Condensed
Balance
basis of offer for said $885,000
remaining the
new
Outstanding
Common
Common stock $550,000 was offered
July 15 at
par
Capitalization
stock
Pref. stock
(No Bonds
same
all
at
stock¬
Outstanding)
$2,550,000
____
7% cumul. and particip. with
com.
after
com.
7%; also conv. into com. share for share at any time
Beginning tfuly 1 1920 both classes of stock were placed
basis.;
to
($100) and oversubscribed.
gets
on an
750,000
8% annual
-
The offering qf the Common stock
& Co., Cincinnati.—V. Ill,
p. 77.
fe Davis-Watkins
waslunderwritten by GeorgelEustis
Dairymen's Mfg. Co.—ttxtra Dividend.—
An extra dividend of
1%% has been declared on the Preferred stock
(par $100) together with the regular semi-annual dividend of 3%%, both
payable to Sept. 15 to holders of record Sept. 1.—V. 109, p. 175.
Sept. 25 1920.]
Sheet
Balance
Davis-Daly Copper Co.—Quarterly Report.—
Six Months ending June 30.
1920
3 Mos.
1919. 1920
6 Mos.
1919.
Ore returns
§249,462
$249,296
$682,541
$450,361
Miscellaneous revenues.
61,572
8,440
93,255
21,294
Assets—
Real
General expenses
31,107)
I
51,845
$
Liabilities—
$
$
17 264,000
41,661,136
54,975,541
24,2 1 2.779
Capital stock...
96,069,908
76,400,049
Ac. sal. & wages
85,549,726
estate
Mach., & equip.
Merc, mat., stk.
1919
1920
1919
$
.
process
$471,655
344,247
$775,796
503,716
44,1321
132.665J
$257,736
154,629
$311,034
234,738
15.2621
a75,035j
'
of June 30 (as Filed With the Mass. Secretary of State.
as
1920
Results Jot Quarter and
Total receipts.......
Mining cost & develop..
Equipment
1283
CHRONICLE
THE
2,000,000
24,097,324
15 958,115
Notes payable.. 35 ,112,977
Accounts pay...
3 ,363,498
72,174,637
62,499,029 166,011,982 Floating debt..
Deprec. res.
18 ,654*989
77,858
20,903,511 Res. for Ins., tax
Bonds
18,921,608
etc.
49 ,163,974
Stk in sub. cos..
1,126,742
7,139,579
789,102
494",259 Acer, expense.. 1 ,498,424
Exp. inventor..
Surplus.
165 ,679,132 227,586,581
Cash & debts rec
Patent rights.
__
«
Balance,
Includes U. S. income tax
a
on
$75,564
$95,282
$72,001
surplus_._._def.$14,001
s,—
Boston expenses.—V. 110, p. 2196.
Incorporated in Delaware Aug. 9 1920 with an authorized capital of
$13,000,000 to conduct and carry on the business of general manufacturers.
Corporation Trust Co. is the company's Delaware representative.
ated
in
Ohio
re-incorporation of the old company incorpor¬
latest accounts had outstanding $600,000
stock, also $240,000 1st Mtge. 6s due
a
which
1895
at
and
Common
$600,000 6% Pref.
serially to 1924.—V. 96, p. 364.
Detroit Edison
Co.—Earnings.—Rate Increase.—
Months of
7 Months
to July?,!
Aug.
July
Earnings in 1920—
8 Months
to Aug. 31
$1,674,117 $1,689,829 $11,983,120 $13,672,949
Increase
over
1919
36.7%
37.6%
32.2%
32.8%
Net
aft
int.
chgs
de/.$40,436 de/.$68,956 surl025,514 sur.956,558
Earnings for July and August reflect the result of the accident in July
which cut off more than one-fourth of the generating acpacity.
Repairs to
machinery are ahead of schedule and a new generator is also now being
Gross
revenue..
installed.
has been allowed rate increases effective July 1 amounting
general schedule and larger percentages on power schedule.
its predecessor has ever had
during its existence, covering a period of 35 years, except as to occasional
adjustments in industrial power business.
Not over 1% of the increase of
32.8% in *ross revenues for the eight months ended Aug. 31 1920, resulted
The company
to
17%
on
These increases are the first the company or
(H. H.) Franklin Manufacturing Co.—Sales, See.—
Years
plants have been overloaded with business
Foreign sales is said to show a gain of 166% over year 1918-19; total
number of cars of the Sedan type sold during the year 1919-20, 3,181.
The additions to the company's plants, on which about $1,000,000 is
being expended, is expected to be completed about Jan. 1921.
Reductions of between 17 and 21% in the price of the company's
mobiles were announced on Sept. 23.—V. Ill, p. 797, 593.
latest.
The
The company,
V. 110, p.
DougIasTShoe Co., Brockton, Mass.— Bal. Sheet.
June 30
from
Liabilities—
$
987,863
1,145,228
Cap. stk subscr
&accr. int.
Notes
Sundry notes receiv.
Mater. & supplies
pay.
(sec. by bonds)
835,627 1,259,116
3,409,100 2,400,850 Accts. payable
Sundry assets......
173,097
166,206 Reserve for taxes...
Plant & fix. (bk.val.)
297,267
256,728 Surplus
Good will (book val.)
933,034
933,034
goods
.....
......
464,950
Ref bonds.__
966 ,237
620 ,424
Dryden Pulp & Paper Co., Ltd.—Stock
ankers headed by Greenshields & per
Ear value offered privately at $35 Co.
6,664,616
3,060,272
2,204,796
5,416,102
3,007,056
Pref. stock
656,535
627,000
UiS.Gov bonds
Oversubscribed.—
100,000 shares of stock of no
share by a syndicate of Montreal
stock."
Corp.—100% Stock Dividend.—
a
value $1.—V. Ill, p. 899, 796.
An extra dividend of 25 cents per
share (M of 1%) has oeen declared on
quarterly dividend
Oct. 1 to holders of record
paid in April and July last.
B stock (j)ar $50) together with the regular
cents per share {!%%), both payable
Sept. 20.
Extra dividends of like amount were
of 873^
110, p.
2571.
extra
paid in Julv last, together
V. 110, p. 2390.
Ford
Motor
sidiary Company
with the regular quarterly dividend of 50 cents.—
Prices—Balance
Sheet—Sub¬
Formed.—
Sept. 21 announced a reduction in the price
trucks and tractors effective at once at the following prices:
Old
starter.
Model
Price
Price
$360
550
...
of its cars,
Old
New
$525
Runabout
With
395
With starter
625
465
Truck chassis.
Touring car
New
Price
Price
$440
510
545
$575
650
640
prices include demountable rims and pneumatic tires.
has been reduced from $850 to $745, which price includes
demountable rims.
The sedan is reduced from $975 to $795,
including starting system and demountable rims.
The Fordson tractor is
All the above
The
coupe
starter and
17,341,244 Total (each side)$37,208,016 $27,737,636
a20,564,434
$105,000: rolling stock, $13,090,161; real estate,
machinery, etc., $2,394,797; other assets, $529,475:patents,
.
1187.
page
General Electric Co.—New
Vice-President.—
Comptroller, has
Charles E. Patterson,
been elected
Vice-President.
Ill, p. 993, 899.
—V.
General Motors Corp.—Usual
Stock Distribution.—
quarterly dividend of 25 cents per share in cash and l-40th
Common stock, no par value, both payable
Nov. 1 to holders of record Oct. 5.
Like amounts were paid on May 1 and
Aug. 1 last.—V. Ill, p. 1087, 1078.
The regular
of
a
share in stock on the new
W. R.
Grace & Co., N.
W. R. Grace & Co. have
Y.—Real Estate Deal.—
rental of approximately
96-100
taken a 63-year lease at a
$750,000, with a contract to purchase, covering the properties at
Pearl St., N. Y. City, consisting of three, four and five story buildings
on
Co.,
plot of 4,200 sq. ft.
This deal was negotiated by the Charles F, Noyes
through whom W. R. Grace & Co. have now accumulated approximately
40,000 feet of ground, taking in the entire block front from Pearl to Water,
invoking over $3,000,000.
Chairman Michael P. Grace in
Michael P. Grace, Chairman
London.—
of the bojard of directors,
died in sleep in
Sept. 20, aged 78.
Mr. Grace was a brother of the late William
R. Grace, twice Mayor of New York City, and he took
an active part
in the upbuilding of W. R. Grace & Co. who are reported to be the largest
firm of international merchants in the world.—V. 109, p. 1895.
London on
Granby Consolidated Mining, Smelt. & Power Co.
Ltd.—Copper Production {in Lbs.).—
1920—August—1919.
Increase. \
1920—8 Mos.—-1919.
Increase.
2,471,200
2,171,204
299,996117,437,750 16,475,951
961,799
Ill, p. 696, 392.
Great Atlantic &
Pacific Tea Co.—Sales.—
of fiscal year, March 1 to
$129,480,293 compared with $89,275,779 in 1919,
of $40,204,514 or over 45%.—V. 111. p. 77.
Sales for the first six months
were
(Mass.)
The stockholders on
Tap & Die Corp.—New Pref. Stock.
issue of $5,000,000 8%
Aug. 31 voted to create an
Harbison-Walker Refractories Co.—
recently adopted a resolution empowering the direc¬
purchase the outstanding 6% Cumulative Pref. stock ($9,600,000
authorized and outstanding) at such a time and to such an extent as surplus
of the company may permit.—V. Ill, p. 77.
The stockholders have
tors to
Howe
Scale Co.—Annual Report.—
1919.
1918.
$1,694,941 $1,562,326
$674,423
$680,048
Calendar Years—
Gross
profit on sales—
makes this reduction in
Depreciation.
orders for 146,065 cars
Federal taxes
— —
Net profits
Interest
the company states: "The Ford Motor Co.
the face of the fact that they have on hand immediate
and tractors.
The company will suffer a temporary
loss while using up the material bought at high prices.
They are willing
to make the sacrifice in order to bring business back to a going condition as
quickly as possible, and maintain the momentum of the buying power of
the country."
"Henry Ford says: 'The war is over and it is time war prices were over.
There is no sense or wisdom in trying to maintain an artificial standard of
values.
For the best interests of all concerned it is time a real practical
effort was made to bring the business of the country and the life of the
countrv down to regular pre-war standards' "
A Windsor,
Ont., dispatch states that price reductions by the Ford
Motor Co.
of Can., proportionate to those announced by the Detroit
announced oy Gordon McGregor, Pres.
Aug. 28, 1920, incl.,
showing an increase
expected $2,500,000 will be issued to liquidate
floating debt &c, and $1,500,000 will be exchanged share for share for the
outstanding $1,500,000 6% Pref. stock.—Compare V. Ill, p. 900.
reduced from $850 to $790.
In announcing this reduction
company, were
7,844,000
4,813,000
y9,701,951
Preferred stock of which it is
The company on
Model—
notes
Surplus—
investments,
Greenfield
Co.—Reduces
Stripped chassis
12,145,500
5,038,400
xl2,067,512
159,222
goodwill, etc., $1; appreciation of plant, machinery and equipment as per
appraisal, $4,445,000.
_
x Represented by 252,872 shares Common stock
(no par value). y Rep¬
resented by 50,000 shares Common stock (no par value).—Compare offering
of $1,500,000 7% equipment trust certificates in last week's "Chronicle
—V.
Manufacturing Co. of Mass.—Extra Dividends.
dividend of $1 per share has been declared on the Common
stock, along with the regular quarterly dividend of 50 cents both payable
Oct. 15 to holders of record Oct. 10.
An extra dividend of $1 per share was
An
978,930
Mills.—Extra Dividend.—
Durham Hosiery
Eastern
Other
Death of
100% stock dividend has been declared on the Capital stock, payable
1 to holders of record Sept. 25.
This distribution, it is understood,
will increase the outstanding Capital stock from $2,249,500 to $4,949,000
A
—V.
1,591,438
81,700
Other assets—
.6,793,353 6,032,133
Oct.
the Common
$4,240,533
Equip, bonds &
2,234,839
Inventory..
has been oversubscribed.
is being formed to take over the properties and business
Pulp& Paper Co. from English interests. Holdings comprise
1,157 sq. miles of timber limits surrounding Lake Wabigoon and Eagle
Lake, in the district of Kenora, Ontario.
In addition, there are 2,000 sq.
miles, containing some 4,000,000 cords, available to the company in the
Dryden district.
The funded debt comprises $405,000 10-year 6% bonds, due in 1928
and 1,100,000 in 30-year 6% debentures, due 1945.
These securities are
the only ones ranking before the Common stock now issued, there being
no preference shares.
The "Stock Exchange Weekly Official Intelligence" of London in its issue
of Sept. 6 says: "At a meeting of the holders of 7% Income Debenture stock
held Aug. 26 resolutions were passed authorizing the exchange of the present
stock and arrears of interest to March 31 1920 for 6% Fixed Mtge. Deben¬
ture stock of the company or of another company to be formed to take over
its assets.
The stock will bear interest from April 1 1920, will be issued at
the rate of £110 face value for each £100 of present stock, and will be se¬
cured by i trust deed to be approved by the bondholdrrrs' committee, which
will contain stipulations for the provision of $800,000 new capital ranking
par
etc..i
Notes receiv...
The Company
Dunn Petroleum
taxes,
Accts. receiv...
of the Dryden
after the debenture
$6,179,057
186,108
Res for amort,,
35,000
buildings,
Montreal advices state that the issue of
accts
753,665
573,043
620,424
454 ,692
110, p. 662.
—V.
&
Divs. declared.
590,573
&
Fixed assets—
Total
.-..0,793,353 6,032,133
Total
June 30 '20. Dec. 31 '19.
Notes
payable, etc.
_
_
Oil
Shaffer
to carry
em pi. Lib. bonds—
26,011
2,325
.
'19
$950,619
$1,080,917
Cash
Notes pa.
Liberty bonds
Finished
June 30 '20 Dec. 31
Common stock
on
em p.
3,752 ,000 2,500,000
1,000 ,000 1,000,000
550,000
for bor. M.
Tank Car Corp.- —Balance Sheet.—
General American
'19.
$
8
Preferred stock
accts.
cust.
receivable
Due
June 30 '20. July 5
'20. July 5 '19
%
Assets—
&
St. Louis.—Production.—
Duripg the last two weeks in August, it is stated, 625 cars were shipped
compared with 882 for July and 1,687 for the 3 months ending June 30
last.
On Aug. 31 1920 the company, it is said, had no bank loans and only
current accounts payable, while cash on hand was in excess of $900,000.
—V. Ill, p. 298, 193.
as
has filed notice with the Secretary of State of Delaware
increasing its capital from $10,500,000 to $23,750,000.—V. 110, p. 2294.
Cash
2197.
Gardner Motor Co.,
Co.—Capital Increase.—
& The# company
W. L.
it is stated, has awarded a contract for the erection of a
MontVille section of New London, Conn.—
and two-story plant, in the
one
20.—V. Ill, p. 899.
Detroit Press Steel
auto¬
(Robert) Gair Co., Brooklyn, N. Y.—New Plant.—
during and
service.
The management is
normal in November at the
quarterly dividend of 2%, payable Oct. 15 was declared Sept.
since the war, and new business is awaiting
confident that operating conditions will be
Increase.
$14,561,934
Aug. 31 1919.
$16,439,631
Aug. 31 1920.
.$31,001,565
ending—
sales
Total
from rate increases.
The generating
306,695,109 332,998,121
Total
has asked the Federal Power Commission for a license under
project on the Hudson River at
Troy, N. Y., to supply power for a new manufacturing plant at that place,
land for which has already been purchased.
The Michigan Iron, Land & Lumber Co., nas been incorporated with a
capital of $1,000,000 to conduct the Ford Motor Co.'s iron miningand
timber milling in the upper peninsula of Michigan.
Henry Ford is Pres.;
Edward G. Kingsford, Vice-Pres.; Edsel Ford, Treas., and C. B. Longley,
Sec.
The tract has approximately 400,000 acres and was acquired as part
of the Ford plan to make the automobile company self-contained.
The "Iron Age" of Sept. 16 states that boilers of exceptional size are now
in process of erection at the company's plant at Detroit; a brief description is
also given in the same issue..
The "Gas Age" of N. Y. Sept. 10, has an illustrated article on the Ford
by-product coke oven plant at River Rogue, Mich,—V. Ill, p. 1087.
The company
the new waterpower act to construct a
The
It is understood that this
306,695,109 332,998,1211
Total
Machine Co., Dayton, O.—Re-Incorp.—
Davis Sewing
41,759
38,626
100,000
66,911
40,000
318,500
68,358
40,000
surplus___^^__.__-.----»--i-------$275,145
$178,899
I-...
(estimated).
...
Preferred dividends (7%).
Common dividends
Balance,
(4%).
—V. 110,p. 2295.
(T. A.) Huston & Co.,
Inc.—Pref. Stock Offered.—
Burgess, Lang & Co., Boston, are offering at 100 and div., $250,000 8%
Pref. stock, par $100.
Company is a Maine corporation.
Plant located in Auburn, Me.
Engaged in the manufacture of fancy cakes,
Cumulative
crackers, biscuits and many varieties
hard candies, cocoanut biscuit, &c.
of confectionery, including chocolates,
1284
THE
CHRONICLE
Independent Warehouses, Inc., N. Y.—Acquisition.—
Tne company has
acquired tne stores of the W. C. Casey Co. located at
151-169 Leroy St., 362-364 West St. and 600-604 Washington St.. N. Y.
City.
These stores, which are both bonded and tree, have 110.000 sq. ft.
of space, and are particularly adapted to the
storage of textiles and dry
goods of all kinds.
With the addition of this unit company is now
operating
13 modern, fireproof warehouses in the Metropolitan
District, all convenient
to railroad terminals and within free
lighterage limits of New York Harbor.
—V. Ill, p. 194.
Island Creek Coal
Mohawk Mining Co.—Div. Decreased—Production
{in lbs.)
A quarterly dividend of $1
per share has been declared
Co.—Extra Dividend.—
of $2 per share has been declared on the Common
stock, together with the usual quarterly dividend of $1 per share, both
pay¬
able Oct. 1 to holders of record Sept. 24.
In Jan. and April 1917 extra
dividends of $1 each were paid; no extra dividends since.—Y.
Ill, p. 594.
Montgomery Ward & Co., Chicago.—Reduces Prices.—
See Sears,
Springfield
Tire Co .—Common Stock OfferedUnderwritten.—Common stockholders of record Oct. 15 are
Kerr Lake
Copper Co .—Production {in lbs.)—
Dated Oct.
1 1920, due Oct. 1 1930.
Int. A. & O. in New York and
for normal Federal income tax not in excess of
Denom. $1,000, $500 and $100 (c*).
Red., all or part, on any int.
date on 60 days notice at 107
during 1921, 1922 and 1923, 106 during 1924,
105 during 1925, 104 during 1926, 103
during 1927, 102 during 1928, 101
during 1929, and on April 1 1930.
A sinlcing fund is provided beginning
April 1 1923, which will retire in semi-annual installments $1,500,000, par
value, notes before maturity.
Data from Letter of President Nelson
Morris, Boston, Sept. 20 1920.
Company.—Engaged in the tanning of hides and manufacture and sale of
leather.
Was incorp. Jan. 1 1908 in Mass.
Business established in 1900.
Plants at Richwood, W. Va., where two tanneries and a
large tanning ex¬
tract plant are in
operation,.and at Westover, Pa., where one tannery is
Chicago without deduction
(B. B. & R.) Knight,
Inc.—Properties Sold.—The entire
on Sept. 17 to Frederick R.
Rupprecht, New York, [Pres. of the Consolidated Textile Corp.]
at a price believed to be between
$15,000,000 and $20,000,-
operated.
An authorized statement states in substance:
spindles and in addition
fine sheeting, shirtings, twills, cambric and
highgrade yarns, will be continued on their present high standard. '' Fruit
of the
Loom '—famous the world over—the best known of the
many brands owned
by the Knight interests, will still be manufactured and sold under the same
are
Balance Sheet Jan. 3 1920 (Total Each Side,
Assets'
LiabilitiesFixed assets
.$1,102,966 Capital stock
ticket and its reputation for quality
carefully guarded.
It can be definitely
stated that the policies of the new owners
contemplate no radical change
either in the management of the
property or in the consideration of the
welfare of its employes.
to the "Fruit of the Loom."
Landers,
Frary
&
Clark,
New Britain.—To Enlarge.
The company, it is stated, will add three additional
stories to
three-story 60x210-l't. plants.—V.
Ill,
p.
one
Cash
427,137
Accounts receivable..
Surplus
823,565
Investments
2295,
2384,
110,
2391.
1920—August—1919.
$1,150,321
p.
.
McCrory Stores
N.
2080,
'
Y.—August Sales.—
1920—8 Mos.—1919.
$177,340 j $8,497,229
$0,931,191
Increase
$1,566,037
Manhattan Electrical Supply
Co., Inc.—Sales.—
Eight Months Ending Aug. 31—
Gross
—V.
salas.
Ill,
p.
1920.
1919.
$5,121,333 $4,340,776
_________
1088, 901.
Increase.
$780,557
National Tea Co., Chicago.—Sales.—John Burnham &
Co., Chicago, who are offering some of the 7% Cum, Pref.
stock to yield 7.8%, submit the
following table:
Sales—
$348,000 6% bonds due Oct.
March.
April
May
1
1919
1918
$886,518
$716,499
891,901
645,269
743,417
719,502
698,521
846,934
829,758
1,016,370
1,014,776
1,185,115
1,091,748
1,196,193
Total 7 months
$10,687,096 $7,282,620 $5,199,901
Increase for 7 months in 1920
46% over 1919 and 105% over 1918.
Company now has in operation 163 stores which compares with about 130
stores in operation a year
ago.—Compare V 109 p. 780, 1897; V. Ill, p. 394.
Newfoundland
The
Tillotson &
Maritime
Co., Ltd.—Bonds Offered.—
Co., Cleveland, are offering at
average maturities, $700,000 First Mtge.
Wolcott
prices to yield 9%,
7% Marine bonds.
Circular shows:
Dated
July 1 1920.
Denom. $1,000.
Due quarterly Oct. 1 1920fto
1923.
Guaranteed principal and interest by the AmericaniStar
Line, Inc., New York.
Int. payable J. & J. in U. 8. gold coin at the AgencyBank,of Montreal, N. Y. City.
Royal Trust Co. of Montreal, trustee.
July
1
Red.
at
102.
U. S. Federal income taxes paid up to 2%.
Tax refund in
■Ci1 J 3
Security.—Secured by a first closed mortgage on the British steel'steamship "North Pacific" of 8,400 tons d. w. capacity built in 1913, and'appralsed at $1,554,000, or at the rate of $185 per d. w. ton, on July 31 1920.
Company.—-Incorp. in 1918 in Newfoundland.
Is affiliated with the
American Star Line, Inc., New York, by whom this vessel is
operated under
contract effective during the life of this issue.
The American Star Line,
Inc. owns, directly or by stock ownership, and operates a fleet of 9 vessels
a
of 4^,028 total d.
tons
w.
capacity, having
a
total value (as reported) over
Earnings.—Net earnings of the above vessel for the
are
Canada.—Affiliation.
The new capital will be used at
the discretion of the directors in
continuing
the company s policy in
capitalizing settled production by the issuance of
stock allotments and in the
effort to obtain new
production.
The "Oil Trade Journal" in a
recent issue stated: "The
Imperial Oil Corp.,
affiliated with the Middle States Oil
Corp. and controlled by the same inter¬
ests, has been chartered in Delaware with an
authorized capital of $10 000,000 Common stock (par $10) and
$10,000,000 8% Cum. Pref. (par $10).
The Imperial company now has under
ownership or firm contract in Okla¬
current fiscal
year
estimated at $400,000.
New England
Telephone & Telegraph Co.—Div. Incr.
The directors have declared
Co. of
Middle States Oil
Corp.—Capital Increase.—The stock¬
holders on Sept. 20 authorized an increase
in the capital stock
from $8,000,000 to
$16,000,000 (par $10).
.
.
July...
1920 will be paid off at
maturity
it is stated, has become affiliated with the
Canadian
General Electric Co., and the President
of the latter, Frederic
Nicholls.
becomes President, while Sir William
Mackenzie and A. E.
Dyment, of the
Electric board, join the Marconi board.
The affiliation, it is said,
improves
the position of the Marconi
company with respect to a number of the
patent
rights and manufacturing developments.—V.
109, p. 1183.
company,
_.
_
June.
1920 at Colonial Trust Co.,
Pittsburgh.—V. Ill, p. 595.
Marconi Wireless Teleg.
The
1920
$1,328,304
1,292,991
1,413,806
1,580,457
1,507,567
1*839,928
1,724,043
$7,000,000.
Manufacturers' Light & Heat Co.—To
Pay Bonds.—
The
Oct. 1
Co., Kenosha, Wisconsin.—New Plan.—
Penna.
Corp.,
Increase.]
$972,981
—V. Ill, p. 901, 499.
payable
1,093 Tax reserves
84,705 Reserves
Nash Motors
$4,000,000
1,092,906
4,216,000
331,634
176,674
,i
518,262
—
Regular production has begun in the new works on Clement
Avenue,
Milwaukee.
The force numbers 1,000, which will be increased to 2,000
by
Jan. 1 to make possible a first
year's production of 10,000 four-cylinder
Nash passenger cars.
Most of the equipment has been purchased
and,
installed, but additional tools are being contracted for from time to time.
G. E. Bechtel is works
manager.—"Iron Age" of Sept. 16.—V. Ill, p. 300.
Libby, McNeill & Libby.—Listed.—
The Boston Stock Exchange on
Sept. 14 added to the list 1,350,000 addi¬
tional shares (par $10)
capital stock, with authority to add 70,000 additional
shares on issuance and sale to
employees, making the total authorized for
the list 2,700,000, of which
2,630,000 are now admitted thereto.
The Exchange is advised under date of
Sept. 7 1920 by the company that
the 1,280,000 additional shares
representing a 50% stock dividend and stock
subscription have all been issued and payment had for all of the
subscrip¬
tion stock and that of the
140,000 shares reserved for employees
approxi¬
mately 70,000 shares have been issued to date.
Compare V.
_
7,896,010 Accounts
...
Other debits
January
February
Jud^e Orr in the U. S. Court at Pittsburgh, has filed a decision terminating
the litigation started in 1914 between the
Company and the McKee Glass
Co.
Libby Co. charged infringements on valuable patents used in con¬
nection with the glass industry.
The decree ordered that the
plaintiff
recover from the McKee Co.
$78,537, with interest from June 24 1919,
the amount of the master's
original award, which was contested but held
valid; and other amounts totaling $23,481.
The McKee Co. was also
ordered to pay the costs of the suit and likewise
$6,045 compensation paid
to the accountant, F. W. Main.—V.
110, p. 769.
$10,335,476).
Bills payable
Inventory
of its
1088.
Libby Glass Co., Toledo.—Litigation Ended.—
raw
except Federal taxes, for the four calendar years 1916 to 1919, inclusive, were
$855,824; average net profits available for interest charges for the same
period after all deductions, including Federal taxes, were $761,529.
large bleaching plant.
The properties consist of the following: Arctic
Mill, Arctic; Centreville
Mill, Centreville; Clinton Mill, Woonsocket; Dodgeville Mill,
Dodgeville,
Mass.; Grant Mill, Providence; Hebron Mill, Ilebronville, Mass.; Jackson
Mill, Jackson; Lippitt Mill, Lippitt; Manchaug Mills Nos. 1, 2 and
3,
Manchaug, Mass.; Natlck Mill, Natick; Nottingham Mill,
Providence;
Pontiac Mill and Bleachery, Pontiac;
Royal Mill and Valley Queen Mill,
Riverpoint; and White Rock Mill, Westerly.
The new Royal Mill at Riverpoint,
replacing the mill destroyed by fire on
Jan. 27 1919, will be in full
operation before the end of this year.
This
mill is laid out for 120,000
ring spindles and 3,000 Draper automatic looms
and will, in all respects,
represent the most modern, up-to-date cotton textile
manufacturing plant in New England.
It is intended to devote the
larger
production
Combined daily capacity of plants about 100,000 lbs. of
Capitalization after This Financing—
Authorized. Outstanding.
Common stock (all owned by Morris & Co.)
$5,000,000
$4,000,000
8% Ten-year Sink. Fund Gold Notes (this issue).- 3,000.000
3,000,000
Purpose.—Proceeds will be applied to the reduction of current obligations.
Earnings.—Average net profits available for interest after deductions,
This sale includes all the mill
properties, real estate, farm lands and
buildings, houses for employees, good-will and brands, and all quick assets
owned by company, to one of the largest manufacturers
of cotton textiles
part of its
Notes
2%.
mill properties were sold
present operating over 500,000
Boston.—Guaranteed
Savings Bank, Merchants Loan &
Chicago, and F. S. Mosely & Co., Boston, &c.,
offering, at 100 and int., yielding 8%, $3,000,000 8%
Ten-Year Sinking Fund Gold Notes.
Prin. and int. guar¬
anteed by Morris & Co., Chicago.
(See adv pages).
King Philips Mills, Fall River, Mass.—Stock Dividend.—
at
Co.,
are
The stockholders on
Sept. 21 voted to increase the capital stock from
$1,500,000 to $2,250,000, and authorized the declaration of a 50% stock
dividend.—V. Ill, p. 1188.
The products which
Mosser
Trust Co.,
Mining Co.—Silver Output {in ozs.)—
Navigation Corp.—Changes Name.—
in the world,
F.)
& Commercial Trust &
Over 94% of the stockholders of the Kerr
Navigation Corp. on Sept. 7
name to American Ship & Commerce
Navigation Corp.
—V. Ill, p. 994.
a
Co. Notes.—
Offered.—Halsey, Stuart & Co., New York, &c., Continental
voted to change the
000.
Sub.
1088.
are informed that the $500,000 6% bonds maturing on Oct. 1, which
owned by Lehigh Valley RR. will be retired.—V.
101, p. 1811.
(William
Increase.
28,030,300
I 1920
8 Mos.
1919.
Decrease.
*None {593,596
832,507
238,911
The property was shut down in August, 1919.—V.
Ill, p. 1188, 697.
Kerr
p.
The directors have declared a
quarterly dividend of 2% on the Pref.
stock, payable Oct. 1 to holders of record Sept.
30.—Compare V. 110,
p. 2492; V. Ill, p. 595.
1920—August—1919.
62,559
*
Ill,
(Leonard) Morton & Co., Chicago.—Pref. Dividend.—
proposed issue has been underwritten by a syndicate headed by
Goldschmidt & Co., Goldman, Sachs & Co., and Lehman Bros.
Ill, p 194.
P.
Increase.\
1920—8 Mas.—1919.
3,044,000175,777,860
47,747,560
below.—V.
Morris Canal & Banking Co.—To Retire Bonds.—
are
The
Kinnecott
994.
We
,
Subscriptions are payab'e 50% on Nov. 10 and 50% Dec. 10.
The
Common stockholders will accordingly be given the
privilege to subscribe
for 35% of their holdings.
1920—August—1919.
11,268.000
8,224,000
—V. Ill, p. 994, 393.
p.
Chicago.—Guarantees
See William F. Mosser Co.
given the right to subscribe to about 82,000 shares of
Common stock (par $25) at $50 per share.
H.
Roebuck & Co. below.—V. Ill,
Morris & Co.,
to be
—V.
the stock (par
on
$25). payable Nov. 1 to holders of record Oct,. 9.
Quarterly dividends of
$1 50 per share were paid in Feb., May and Aug. last, while in
May, Aug.
and Nov. 1919 dividends of $1
per share were paid.
1920—August—1919.
Decrease.]
1920—8 Mos.—1919.
Decrease.
681,567
922,209
240,642 7,128,026
8.762,548
1,634,522
—V. 110, p. 2662.
An extra dividend
Kelly
[VOL. 111.
homa, Texas, Kentucky and Indiana approximately 8,800 acres.
The
properties are now undergoing gauging with a |view to
determining the
exact production, which will also determine the
issue of Preferred and
Common stocks."—V. Ill, p. 994, 1088.
to holders of record
a
quarterly dividend of 2%, payable Sept.130
Sept. 22.
^
President Matt. B. Jones says: "Our stock has been upon a
7% dividend
basis since 1911.
Since then the cost of all materials, wages, &c., has gone
up
on
by leaps and bounds.
Sound corporation bonds which former! y| sold
a>4H% to 5% basis now pay the investor 714% to 8%.
For these
our stock has persistently sold below
par.
The laws governing
reasons
the company do not permit the Issue of stock at less than
par.
They also
require chat new plants shall be paid for with new capital.
To provide for
the growing requirements of the community the company must
pay a fair
return upon the money that has been risked in the
enterprise."—V. 110,
p. 2296.
New Idria
Quicksilver Mining Co.—Fire Damage.—
It Is stated that satisfactory progress is being made in
reconstructing the
reduction plant of the company, which was destroyed
by fire on June 22.
As the property destroyed by fire was covered in
large part by insurance,
198, p. 1169.1"
the loss to the company, it is said, will not be large.—V.
New York Edison Co
—Capital Increase.—
The company has filed notice
increasing its capital
$69,849,400.—V. 110,
p.
2296.
froml$66,349,400 to
Sept. 25
Co.—To Increase Capital and
Alkali Plant—To Absorb Also Subsidiary Com¬
panies and Declare 20% Stock Dividend—Status, &c.—The
stockholders will vote Oct. 5 (a) on increasing the authorized
Capital stock from $25,000,000 (consisting of $24,850,000
Common and $150,000 12% Pref.) to $37,500,000 all Com¬
mon, the Pref. stock to be retired forthwith; (6) on acquir¬
ing property &c. of Columbia Chemical Co.; (c) on absorbing
by consolidation all the subsidiary companies.
Pittsburgh Plate Glass
New York Times Co.—To Create Preferred Stock.—
Sept. 30 on increasing the capital stock from
$1,000,000 to $5,000,000 and to issue the additional $4,000,000 par value
of stock as 8% Cumulative non-voting redeemable Preferred stock.
Acquire
The stockholders will vote
&c
Nipissing Mines Co., Ltd.—Production,
production
a.
;
Shipments of bullion and residue....
Tons of bullion and ore treated
*
Shipments of bullion and residue
of silver.—V. Ill, p. 994, 902.
—
July.
August.
$182,111
$129,315
$238,919
..*$701,981
Total
_ _.
...»
7,463
7,961
^
598,199 fine ounces
for August include
Digest of Letter of
Company.—Owns or controls, and Operates electric light and power,gas,
utility properties serving 233 communities located in
Wisconsin, Illinois, North Dakota, South Dakota and Iowa.
Population estimated to exceed 1,022,000.
on
.
1919.
1920.
Operating expenses, incl. taxes,
$4,250,137
1,684,525
Net earnings*
Annual interest charge on
above $33,390,500 bonds
Subsidiary
5,191,049
$3,894,049
6,264,919
insurance, &c
operations, a portion of the fuel needed for the chemical plant.
Companies.—When the Pittsburgh Plate Glass Co.
coal
$9,085,098
$10,515,056
to
distribute its own plate glass,
Capital stock of the Patton Paint
of Rennous, Kleinle & Co.,
interest in both. Later your
company received as stock dividends, a majority of the Capital stocks of
the Pitcairn Varnish Co. and the Corona Chemical Co., which were natural
developments of the business of the Patton Paint Co.
A new company, The Patton-Pitcairn Co., has been organized in Pennsyl¬
vania, and has acquired all the outstanding stocks of the above-named four
subsidiary companies.
One share of the stock of Patton-Pitcairn Co.
(par $100) was issued for every share (par $100) of the outstanding Capital
stocks of the subsidiaries, the total amount issued and outstanding being
$2,317,500.
The surplus of the subsidiaries, which include the entire
Capital stocks of the RedWing Linseed Oil Co. and of several smaller subcompanies, at book value, amount to over 60% of such outstanding stocks.
The Pittsburgh Plate Glass Co. owns over 50% of the Capital stock of
An extra
Dividend
Supply Co.—Extra
Ohio Fuel
-
dividend of 2% in Victory
—
Loan 4% % notes has
been declared
%
and
Liberty
stock, in addition to the regular quarterly dividend of 2H
in cash, both payable Oct. 15 to holders of record Sept. 30.
In Jan.
July last and in Jan. and July 1919 2H% each was paid extra in
bonds.—V. Ill, p. 499.
the capital
Subsidiary Company
The Mount
Bonds.—
Shasta Power Co., San
San
1
of
Co.
Electric
&
Gas
Pacific
Francisco.—
Francisco, owned and
operated by
Electric Co., has made application to the California RR.
permission to issue bonds for $125,000,000,_ the
to be used for the construction of five new electric generating plants on
the Pitt River.—V. Ill, p. 995.
proceeds
Commission for
Co—Stock Listed
Paragon Refining
Stock Exchange has
stock (par $25).
Pittsburgh
The
shares Common
320,000
Pittsburgh Stock Exchange:
Earnings.—As reported to
Earnings Year
—
authorized the listing of
$717,482; .
$303,007) 4,190,916
$982,316
Net
earnings
Deduct—Int., $29,733;
divs.: Pref.,
Gross.
...
Net.
$768,477
$89,642 April
136.426 May
June
123,024
127,475 July
164,115
$405,250
December
569,796
January
558,398
February
590,921
March
708,371
Total, nine months
November
$294,586
July 31 1920.
Net.
Gross.
687,731
$97,998; Com., $560,000..
Surplus earnings..
—
—
Earnings Nine Months ending
$176,817
202,874
278,104
280,757
805,517
877,715
1,335,021
(Incl.
— —
172, 1754, 1855.
Pennsylvania
Utilities
System.—Earnings.—
Pennsylvania Utilities Co.
and Easton Gas
Works.)
and Tirelve Months Ended
1920—June—1919.
$150,795
rentals._ xl34,635
June 30.
Inc.
Year 1919-20.
y$1961,166
1,416,865
dec.64.0% $544,301
$138,522
8.8%
93,777 x43.5%
$44,745
Int. on $738,000 East. Gas Works 5s; $3,930,000 Penn. Util.
Co. 1st 5s "A"; $137,000 Penn. Util. Co.
1st 5s
B ;
$16,159
Operating income
10-yr.
$l,12o,000Penn. Util. Co.
Balance after
6% notes
aforesaid interest charges
Abnormal increase in expenses due to inability
•owing to railroad car shortage thereby
coal
wherever possible at extremely high prices.
x
y
309,120
$235,181
coal
to secure contract
necessitating purchase of "spot
Includes other
income.—V. 109, p. 2177.
People's Gas Light &
Coke Co.,
Chicago.—Condition.—
Insull is quoted as saying in substance;
"For the first
the company ran behind each month and did not earn
of its fixed charges for this period.
It is now earning
its proportion of fixed charges and a surplus.
Expenses run higher
estimates because of high coal, coke and oil costs.
Labor has increased in
President Samuel
5 months of 1920
within $1,250,000
effectiveness this
than
month."
indebtedness for goods
Company has considerable
to nine months to liquidate
.
purchased, and it will
accumulated accounts. Sales, have
increased, and the manufacturing capacity is taxed to the utmost.
Relief,
to cost of manufacture and capacity, will come some time next year, with
take six
as
completion of new coal gas
now
plant and water gas
constructed for the company
being
—V. Ill, p.
$150,000 of 12% Pref. stock of
two shares of consolidated
Co.,
plant, both of which are
by Hoppers Co. of
for every share of
the Pittsburgh Plate
company's stock (no
said Pref. stock, less treasury
stock
Pittsburgh.
596.
America.—Receiver Asked.—
who ask for the
injunction restraining
executed Aug. 1
^ Petroleum
Corp. of
1919, from taking
dence and neglect
action to foreclose on the mortgage, charges of improvi¬
of duty "amounting to fraud" on the part of officers and
In a suit filed in the Supreme Court by 28 stockholders,
appointment of a receiver of the property and for an
the Empire Trust Co. as trustee under a deed of trust
154,000
conservative book values of the assets of the consolidated
company, there will be at the time of the consolidation, after deducting
estimated income and excess profit taxes on the profits of the elapsed por¬
tion of 1920, and the balance of taxes payable on 1919 profits, net assets
of approximately
;« i
J
$61,000,000
Or a surplus in excess of the Capital stock of the consolidated company,
Assets.—On the
-..$30,000,000
surplus will
been made
during the current year by all the companies entering the consolidation.
The expenditures of the Pittsburgh Plate Glass Co. for improvements have
.
working capital, practically all of this
represented by property.
Extensive improvements have
Aside from necessary
be
Results for June
■Operating revenues
Oper. exp., taxes &
Glass
of about.
Power Co.,
Eastern Pennsylvania
1,057,400
For the
preference)
$6,619,465 $1,579,234
Common Dividends.—Initial 1H% Feb. 1 1917; May 1
1917, IH%'<
Aug. 1 1917, May 1 1918, paid 1
Aug. 1 1918 and each quarter since,
2V>% has been paid.
Pref. stock outstanding, 7% Cum., $1,420,100.
Compare V. 110, p.
Capitalization of Consolidated Company ("Pittsburgh
Company") and Basis of Exchange.
company will have an authorized Capital stock of
$37,500,000 of which $30,734,200 will be issued immediately as follows:
To the present Common stockholders of the Pittsburgh Plate
Glass Co., one ($100) share of the consolidated stock for every
($100) share of their present holdings
...$24,750,000
To the stockholders of the Columbia Chemical Co., 8-10ths of
a share of consolidated company's stock (par $100) for every
share of the stock of the Columbia Chemical Co. (par $100) —
4,772,800
To the
stockholders of Patton-Pitcairn Co., one
share of consolidated company's stock for every
share of stock of Patton-Pitcairn Cd. (par $100)..$2,317,500
Less the present holdings of the Pittsburgh Plate
Glass Co., of stock of Patton-Pitcairn Co
1,260,100
Plate Glass
consolidated
The
.-.$5,173,233
Operating expenses (production, $2,339,353; pipelines,
refining, $558,493; tank stations, $272,581; gen. exp.,
Proposed Merger.—It is proposed that the Columbia Chemical Co. and
Patton-Pitcairn Co. become consolidated -with the Pittsburgh Plate
basis outlined below.
No. change will be made in the hold¬
ings of the stockholders of the Pittsburgh Plate Glass Co., except as to the
small amount of Pref. stock outstanding, which will be retired on an equit¬
able basis, so that the consolidated company, which will bear the present
name, Pittsburgh Plate Glass Co., shall have but one class of stock.
As soon as practicable all of the assets, real and personal, of the four sub¬
sidiary companies will be transferred to the Pittsburgh Plate Glass Co.,
which thereafter will directly own and operate the paint, varnish, brush and
other manufacturing plants, and there will be no minority interest in any
department of the business.
All of the assets of the Columbia Chemical
Co., also, by virtue of the consolidation, will be directly owned and oper¬
ated by the consolidated company.
the
Proposed
ended March 31 1920.
(gasoline, $1,849,651; crude benzine, $563,061;
fuel oil, $1,583,259; tar, $223,469; paraffine, $148,361; refined
oil, $398,066; lubricating oil, $120,304; crude oil, &c., $9,413;
interest earned, $87,680; miscellaneous, $189,967)—
earnings
Gross
Patton-Pitcairn Co.
Glass Co., on a
-
the Pacific Gas &
purchased in 1900, 49% of the
Co., and in 1901 48% of the Capital stock
Baltimore, subsequently acquiring a majority
of capitalization and earnings do not in¬
clude the "Southwestern Division," the name given to three small groups
of electric light and power utilities in Minnesota in which the Company
has acquired a majority interest, and which have $549,000 bonds and $111,500 stock outstanding in hands of public.
For description of bonds see V. 104, p. 264 and compare annual report
V. 110, p. 1969, 2662.
Note.—The above statements
on
decided
jobbing of kindred
colors,
$2,565,612
——
the necessity for the
products, including window glass, art glass, paints, varnishes, dry
brushes, &c., soon became evident, and later in order to participate in the
manufacturing profit and to secure a lasting commercial arrangement your
company
Balance...
considerably
plant, located at
property near Zanesville, O., which is being equipped and will be in opera¬
tion in November.
The consolidated company will be able to draw part of its requirements
of limestone for its glass operations from this quarry, and to supply from its
1,800,000
Years ended July 31.
18 years of its existence, have
Pittsburgh Plate Glass Co.
Barberton, O., has a productive capacity of 700
tons of heavy chemicals per day, chiefly soda ash and caustic soda; lime
fertilizer is the principal by-product.
It consumes daily about 1.000 tons
of coal and 1,200 tons of limestone.
The company owns a fine limestone
The
$53,390,500.
Earnings & Expenses
capital and surplus, for the
exceeded those of the
Capitalization Outst'd'g—Total Stock $25,689,700; Bonded Debt
Common stock
$6,170,000 Minn. gen. el. 1st 5s 1934....$7,323,000
1st & ref. bonds 1941 5s
24,507,500
Preferred stock 7% cumul...19,519,700
do
6s (this Issue)
1,500,000
10-year gold notes.
7,805,000
earnings
increasing quantities
to] insure its full re¬
quirements of alkali at the cost of manufacture, by the acquisition of the
chemical plant and business of the Columbia Chemical Co.
Organized in
Pennsylvania with present outstanding capital stock of $5,966,000, and net
assets worth far in excess of that amount; its average earnings and dividends
Minnesota,
Gross
Pittsburgh, Sept. 17.
Business of Columbia Chemical Co.—In manu¬
facturing glass products your company uses large and
of soda ash.
The company now has an opportunity
steam heat or other
5-year convertible gold notes..
Chairman William L. Clause,
Acquisition of Property and
Offered —
Harris Trust & Savings Bank, Chicago, are offering at 85
and int., yielding over 7.40%, $1,500,000 First & Ref. Mtge.
6% Gold bonds of 1916, due April 1 1941.
A circular shows:
Co. (Minn.).—Bonds
Northern States Power
1285
CHRONICLE
THE
1920.]
been the largest of any year in its history.
To Declare Stock Dividend.—Of the remaining
unissued stock, about
$6,146,840 is provided, to be used in the discretion
the payment of a 20% stock dividend near the end
p. 770.
of the directors, for
of the year.—V. 110,
Premier Motor Corp. (of N. Y.), Indianapolis.—Notes.
efforts are being made to induce the holders of the 5-year
5% notes, due Nov. 1 (about $400,000 outstanding) to exchange their notes
for a new issue of 7% notes, running for five years.
The management, it is
said, admits that it has no funds to meet maturity of the notes, and unless
the noteholders accept the proposition they will have to take over the col¬
lateral behind the notes, consisting of Common and Pref. stock of the
Premier Motor Corp. of Delaware.—V. 106, p. 92.
1
It is stated that
Steel
Pressed
Offered.—
New York
Co.—Equipment Notes
and Ames, Emerich & Co.,
Car
A. G. Becker & Co.
offering at prices ranging from 99.52 and
yield from 8% to 7.50% according to
maturity (see advertising pages) $2,200,000 7% Equipment
Notes.
Guaranteed principal and interest by Pressed Steel
and Chicago are
int. to 96.52 and int. to
Car Co.
Bankers state:
Dated Oct. 1 1920.
Due serially $110,000
A & O. each year from April 1
upon 30 days
1921 to Oct. 1 1930, Incl.
Red. all or part on any int. date,
notice at 102 H.
If less than all the notes of any one
called at any one time, notes to be redeemed shall
maturity shall be
be selected by lot by the
than the entire issue is called the notes of the last maturity
or maturities outstanding shall be first called.
Int. A. & O. payable at
New York Trust Co., N. Y., Trustee.
Denom. $1,000 (c*). Company
trustee, and if less
to pay any Fed. income tax deductible at the source not exceeding 2%.
Company.—Organized in New Jersey in 1899, to acquire the principal
agrees
named are Alwyn
pressed steel car manufacturing plants in the United States.
Business
consists of the manufacture of steel passenger and freight cars, trucks,
truck frames, bolsters/and other pressed steel specialties for wooden and
PhillipslPetroleum]Co.—Earnings, &c.—
in July, before taxes, depreciation and depletion, are under¬
been in excess of $600,000, the best month thus far.
The
company, it is stated, has recently opened up several valuable properties
in the Osage field in conjunction with the Gypsy Oil Co., a subsidiary of
Security.—The notes represent the obligation of the Steel Car Equipment
organized to lease cars to railroads or industrial corporations
requiring their use, and all the capital stock of which is owned by the Pressed
Steel Car Co.
Secured by 1.000 new, all-steel self-clearing standard hopper
coal cars of 55 tons capacity each, costing $2,934,000, which provides an
equity of more than 33% over the total amount of the notes issued.
Earnings.—Average annual net earnings for the past 6 years have been
reported at $2,447,364, or more than 15 times the maximum
interest
directors of the company
are
made.
Among the persons
Edward A. Clark, Edwin B. Cadwell, Charles R. Flint,
Gudebrod, Raymond D. Fuller, Burr E. Clements and James
Carlton.
See N. Y. "Times" of Sept. 22 and compare V. 109, p. 1279.
Ball
Jr.
Pres.;
George H.
R.
"5Net earnings
stood to have
Gulf Oil
Corporation.—V. Ill, p. 596.
steel
cars.
'
Co., which Is
annual
1286
THE
CHRONICLE
requirements on these notes.
For 1919 (See V.
110, p. 761) earnings
reported equivalent to more than 23 times these
requirements.
Calendar Years
1919
1918
1917
1916
Net earnings...:. $3,634,776
$3,950,785 $2, 30,307 $2,751,152
Compare "Annual Report" in V. 110. p. 761, 1648.
Producers
&
Refiners
[Vol. 111.
be sold at public auction in the
city of Globe, Ariz., on Oct. 15.
The stock
may be redeemed before the date set for said
sale by payment of
assessment
with Interest at 6% and cost of
adversiting.
Remittances should be made
to the Boston Safe
Deposit & Trust
were
1914
$892,351
Co., Boston.—Y. 109,
Corp., Denver.—Earnings.—
Condensed Statement of Earnings and
Expenses for June 1920 and June 1919.
Gross Income.
Expenses. Net Income. Net to Gross.
June 1920..-.--.
..$619,150
$212,121
*$407,029
66%
June 1919
219,712
183,219
36,492
17%
1920.
1919.
2,386,219
$669,822
53,268
$2,030,453
326,309
$723,090
269,849
45,675
82,500
306,023
$591,764
_*
$3,056,041
4.471,333
$1,980,510
49,943
Cost of sales.
-
-V 111, p. 1190, 799.
Gross profit
Miscellaneous
$399,438
$28,902
share (4%) has been
declared
(par $50), payable Oct. 15 to holders of record Oct.
1.
of
V/i % have been paid from Pet. 1919
to
on
Admin., &c., exp., ord. taxes, deprec., &c
Federal
the Common stock
$19,043
Profit from income....
Profit on securities sold, &c..
Total income
Preferred dividends
.
Common
dividends
(6%)
(6%)
Ralston
12,708
—
_
—
$21,446
Steel
Car
Co.,
Columbus,.
President Joseph 8. Ralston died
Sept. 11 in
25,977
$28,760
$15,483
O.—Obituary.—
Mines, Ltd.—New Certificates Ready.—
Remington Typewriter Co.—Common Dividend.—
President F. N. Kondolf, referring to
reports that the directors had
decided to omit the Common dividend for
two years, says: "The
report is
absolutely without foundation.
There is no resolution on the
corporation's
minute book to the effect that no dividend will
be paid on the Common
stock for two years or any
period.
The question of a dividend on
the
Common stock has been discussed at
several meetings of the
directors,
and at the last meeting held
Sept. 14 it was discussed but no action was
taken."—V. Ill, p. 500.
(Dwight P.) Robinson & Co., Inc.—Initial Dividend.—
The directors have declared an initial
dividend of 2 11-12% on the First
Pref. stock for the five months
ending Sept. 30, and a dividend of
2H%
on the Second lYef.
stock, both payable Oct. 1 to holders of record
Sept. 20.
—V. 110, p. 2573.
Gas
&
Electric
One hundred
Co.—Bonds Called.—
($100,000) General Mtgo. 4%% 30-year
sinking fund gold
bonds have been called for
payment Nov. 1 at
Trust Co. of San Francisco.—V. 93,
Santa Cecilia Sugar
105 and int. at the Union
p.
875."
Corp.—Chairman, &c.—
Lindsay Hopkins, of Atlanta, has been elected Chairman.
A quarterly dividend of 25c.
has been declared on the
Common stock,
no
par value, in addition to the regular
quarterly dividend of \ %% on
the Pref. stock, both payable Nov. 1 to
holders of record Oct.
p.
15.—V. Ill,
500.
Sears, Roebuck & Co.,
shoes
V.
There
and
muslins, cambrics, sheetings and
both men's and women's
ready-to-wear clothes,
prices were not marked lower as a
whole.—
were cuts in
corsets.
Food
Ill, p. 995.
Shawmut Steamship Co.—Over
90% of Slock Exchanged
for American Ship & Commerce Corp. Securities.—
A
little
over
90% of the Shawmut Steamship Co. stock
accepted the
proposal for exchange into securities of the American
Ship & Commerce
Corp.
Of tho 132,000 shares of Shawmut stock
outstanding, approximately
120,000 shares approved, about 65%
taking the Ship & Commerce
10%
notes and 35% electing to take the
stock.—(Boston News Bureau)—Com¬
pare V.
1089.
Ill,
902.
p.
Sinclair Consol.
Oil
number of shares.
The Common shares are offered
to employees at
$35 a share, and the
stock shall be paid for in a
year in easy monthly installments.
The Pref.
stock is offered at $85 a
share, and similar easy
monthly payments
•
are
Whenever employment terminates
before the full pavments
have been
made, the subscriber will receive the full amount
of payments
made, plus
5% interest.
If an employee subscriber dies
or is
permanently disabled,
the company will
pay to his estate or to him, if he so
desires, the full amount
of payments made
plus 5% interest.—V. Ill, p. 1190.
Southern
Wisconsin
Electric
Morris F. Fox &
panj
s
Cb., Milwaukee,
lstM.6% Gold bonds of 1916
Capitalization {June 30 1920)—
First mortgage 6%
bonds, due 1936
Preferred stock, 7% cumulative
Common stock
Co.—Bonds
Offered.—
recommend for investment this
and due Jan. 1 1936. A
circular
com-
shows:
Authorized. Outstanding.
$1,000,000
_
$462,100
250,000
158,300
—
x21,300
136,100
_____
x In May 1920,
company sold $34,900 Preferred stock at
par, distributed
amongst 132 of its customers.
A part was sold on
the install ment
plan and
only that fully paid is shown above.
Earnings Years ended
Net, after oper. exp.,
_
1916-17. 1917-18. 1918-19.
1919-20.
$78,743
$89,363 $110,196 $130,976
$172,490
$127,912; and add. merch sales,
$28,327
72 905
Bond interest actual.
27'207
Balance, surplus
Compare Y. 104,
Southwest
See
Co.—Financial
Arizona
—
_
______
________
Miscellaneous charges & reserve for Federal
taxes.
Interest on funded and other
indebtedness
Proportion of preferred dividend
Net earnings
—V. Ill, p. 903.1
holding companies, but in no
indicate this interest is to be other than
permanent.
At present the
packer defendants show an ownership in these
yards that amounts to 38%
of the total voting stock
outstanding.
The plan permits the defendants
hold up to 40% of the
holding company's stock.
way
Furthermore/ some of the family estates, trust
funds, &c,, are large
holders in these stock yards.
The plan makes no provision for the divest¬
ment of the non-defendant
packer interests, nor to
prevent further cquaisition up to the complete control or
total ownership of the stock
yards
holding company by the non-defendant packer interests.
Tho non-defend¬
ant packer interests own
17% of the voting stock of the 15 yards, in addition
to the 38% owned
by defendant packers.
Quite as readily it might be from
66% to 100%.
In brief, though the decree provides for a
total divestment of stock
interest by the defendants, this
plan leaves the way open for them and the
non-defendant packer interests
temporarily, and for the non-defendant
packer interests permanently, to acquire absolute control of
a
holding com¬
pany that will own 15 of the principal yards of the
country, whereas now
they have majority control of but 11 of the 16.
F. H.
Prince, in reply to the above report, said:
"The commissi on overlooks the fact that the
court to which the p®an has
been submitted has the power to
investigate this aspect of the case and to
impose such conditions as it may think necessary to make the
separation
certain and permanent.
There can be no competition between
stock yards
or terminals
handling other commodities in different cities
except In the
sense that there is
competition between the cities themselves."
The plan of the packers to
dispose of their stock yard interests to F. H.
Prince & Co. of Boston had not been amended
by them when the time limit
set by the District of Columbia
Supreme Court expired on Sept. 21.
The
failure of the packers to amend the
plan will enable the Department of
Justice to present the Government's
view to the Court before tho
expira¬
tion of the time limit on
Sept. 28.—V.
Ill, p. 996, 1190,
(J. V.) Thompson Coal Properties,
Uniontown, Pa.—
By virtue of a decree of
the U.S. District Court for the Western
District
of
Pennsylvania in the case of John Skelton
Williams. Comptroller of the
Currency, and against Josiah V. Thompson, et al, J. W.
Clark,
special
master, will offer for sale at public
auction, Oct. 1, at the Allegheny County
Court House, Pittsburgh. 7,000 shares of
the capital stock of the Wetzel
Coal & Coke Go. (of W.
Va.) and 3,000 shares of the capital stock of the
Liberty Coal Co. (of W. Va.).—V. 110,
301,070
145,155
102,083
1,476,845
1,125,368
816,666
p.
2199.
Timken-Detroit Axle Co.—Dividends Reduced.—
President A. R. Demory says that the
decision .o pay a dividend of
2%
bi-monthly, in place of the usual 4%, was reached
"notwithstanding the
fact that total shipments for the first
half of the year were
$25,914,128,
against $14,409,915 for the corresponding period of last
year.
This'largely
increased output made it
necessary for us to greatly expand our
factory
and increase our inventories, to
keep up with the demand which had been
Owing to general business conditions
as been a let
up in the demand, with the result that
half of this year will be less than for
the first half."
For the 6 months
ending June 30 1920 net
our
there
output for the last
earnings after taxes were
$1,939,697, from which dividends amounting to
$655,833 were paid, leaving
surplus of $1,283,864.
Profit and loss surplus on Juno 30 1920
amounted
to
$11,459,444.
'
On Sept. 21 the company was
the steel makers
on
reported to
have canceled contracts with
involving approximately 20.000
account cf withdrawals of orders for
axles and
bile companies.—V.
tons of various
products
bearings by the automo¬
Ill, p. 700, 80.
Tonopah (Nev.) Mining Co.—Dividends Resumed
—
A dividend of 5% has been declared
on
the stock payable Oct. 21 to
holders of record Sept: 30.
In Oct. 1919, a semi-annual dividend of
15%
was paid; none since.
The labor situation at the
Tonopah and Divide
mining camps has become more settled and operations are said
to be almost
normal.—
110, p. 1420.
Triangle Film Corp. and Sub. Cos ,—Ual. Sheet
July 3.
1920.
1919.
j
Assets—
Studios,
Common
equipment--
290,331
Jnv., bds. & mtges—
Released neg.
good-will,
5 385,035
,997,744
9,789
328,488
77,981
130,951
val.)
Inventories
Cash
acct.
N.
Minor,
stockholders'
int. in sub. cos___
Administrative——.
reserves
189,626
24,1118
Surplus
53.944
—
—
453,99§
55,000
96,693
381,675
671,465
11,740
~2~ 743
277,630
352",361
Reserve for taxes
Other
stk.
416,060
159,999
140,872
47,714
Miscellaneous—-.
49,317
68,800
Lenox Produc'g Co..
248,400
Film rentals
37,537
Y.
S
4, 500,075 5,000.075
505,500
244,300
Preferred stock
88,151
——
1919.
$
stock
Notes payable.
Accounts payable.—
Accounts receivable.
Pic.
270,135
150,000
(depr.
Unrel. neg. (cost
Purch.
972,917
2,187
Inv. in other cos
value),
1920.
Liabilities—
and
props,
cap.
824,127
6,110,494
11,464
7,6.54,003 i
—V. Ill, p. 700.
August.
8 Months.
$8,181,924 $56,305,680
6,807,303
46,752,601
Cr .316,049
Cr.45,977
serious than the
more
That the plan presented will result in a
greater monopolization of stock
yards service of the country than now exists is shown
by the fact that it
will amalgamate into one
holding company 15 of the principal stock
yards
in which the different
packers now hold varying interests.
These 15 yards
handle 73% of the animals received at all stock
yard markets in the country.
The offers of contracting parties embodied in
the plan provide for reten¬
tion of an interest of "less than
50%" in the
Total
America.—Earnings.—
—
Cost of sales—.
Miscellaneous income
Plan.—
Smelting Co. above.
Steel & Tube Co. of
packer interest, but wil
monopoly law, greater and
existing infraction.
Triangle Distr. Corp.
Deferred assets.
$45,698
1050.
Results for Au^.andS Mos.
endedAug. 31 1920—
Sales—
result in infraction of the
M.
p.
Metals
Consolidated
The long-time stock yards relations of F.
H. Prince with the
packers have
been such that the plan as outlined will not
result, in opinion of the com¬
mission, in divorcement of the stock yards from
trade-marks—
June 30.
6 Mos. 1916.
Gross earnings
Trade
Eut upon us by our customers.
Corp.—Stock for Employees.-^
The company has
adopted a plan which will enable the
employees to
acquire shares in the corporation on deferred
payments and thus
participate
in the profits of the
company.
The stock which is offered to
emplovees
has been or will be
acquired by the corporation, and the
plan will not in¬
crease the
outstanding
provided.
Co.—Opposition to Dissolution Plan.—The Fed¬
Commission, in opposing the sale of the
"Big
packers' stock yards to a holding
company to be
formed by F. H. Prince & Co.,
Boston, says in part:
eral
Five"
Chicago.—Reduces Prices.—
This company and
Montgomery Ward & Co. have issued new lists
cutting
their regular catalogue prices from 10 to
20% on several lines cf merchan¬
dise, notably cotton staples, such as
poplins.
Ill, p. 196.
Swift &
8,290
Permanent certificates are now
ready for delivery at the Bankers Trust
Co., 14 Wall St., N. Y., in exchange for the
present outstanding
temporary
certificates.—Y. Ill, p. 1190, 902.
San Francisco
—
1917-18
Columbus, Ohio.—V. 106
2014.
Rand
-V.
1918-19
$171,446 $178,760 $165,483
$90,000
$90,000
$90,000
60,000
60,000
60,000
Balance, surplus.
-V. 109, p. 1080.
p.
—
$158,738 $152,783 $157,193
—
—'
Dividends
$293,070 $286,095 $292,125
134,332
133,312
134,932
Bond interest, taxes and
expenses
236,071
629,873
246,437
—
reserve
Balance, surplus.
Railway & Light Securities Co.—Earnings.—
■July 31 Years
1919-20
tax
Sinking fund, &c__
Quarterly dividends
July 1920, incl.—V. Ill, p. 499.
Interest dividends, &c., received
—
Gross income
/
txr
income—
$370,537
Punta Alegre Sugar Co.—Dividend
Increased.—
A dividend of $2
180.
$6,451,843
Net sales
—
Increase
p.
Superior Steel Corporation.—Semi-Annual
Report.—
Six Months ending June 30—
Union Land & Cattle
Total
.6,110,494 7,654,003
Co.—Bonds Retired.—
Federal Judge E. S. Farrington, of Nevada, has issued an order
directing
a $60,000 bond issue which
matured Sept. 2
1920, and to pay $30,600 interest upon a balance of
$1,020,000 still out¬
standing.
The company went into receivership on the request of the First
National Bank of San Francisco, with the consent of the
Receiver W. T. Smith to retire
directors.
V. Ill, p.
See
700, 597.
______
$872,289^ $6,450,248
Superior & Boston Copper
Co.—Delinquent Stock
The company announces that all
shares of stock which
the payment of Assessment No. 9 of $1
per share, payable
are
—
delinquent in
Aug. 8 1919, will
United Cigar Stores
Corporation.—Sales Increase.—
Sales, exclusive of agencies, in the first 14 days of
September showed an
increase of $825,837, or 39%, over 1919, and is said
to be the largest in¬
crease for any similar
period in the
in August last were said to show
1919.—V. 111. p. 1090. 903.
an
history of the company.
Net profits
increase of more than 100% over
Aug.
\
i
Sept. 25
United
Files Appeal.—
Co.—Govt.
Machinery
Shoe
cluding provisions for^their conversion into stock of this
directors shall so determine) as they may deem proper.
h cross appeal in the U. S. Supreme Court
in connection with appeals already instituted by the company growing out
of Federal court decrees sustaining the principal contentions made by the
Government in proceedings brought in St. Louis against the company
under the Clayton Act.
Compare V. 110, p. 1421, 2289, 2393; V, 111,
p. 800.
V
Government has filed
The
U. S. Mail
Steamship Co., Inc.—New
Operating Contract Submitted to Shipping
Francis R. Mayer has been
stock of obligations of the company, at any
such prices and upon such terms as the directors may
authorizing the directors, in their discretion, from time
to time and at any time, to issue all or any of such additional Capital stock,
not set aside or used for conversion purposes, for such purposes (including
any lawful distribution among stockholders and also the sale of part there¬
of to employees) and in such manner as the directors may deem proper.
time outstanding, at
elected President.
determine, and on
and the North German Lloyd Steamship interests have
S. Shipping Board for consideration and approval a
contract providing for joint operation of the vessels of both lines in passenger
and freight service between Germany and the American Atlantic ports.—
V. Ill, p. 700.
|
The company
Dividend.—
the New York Stock Exchange has ruled
capital stock be not quoted ex stock dividend on Sept. 30 and not
until Nov. 1.—Compare V. Ill, p. 1190, 598.
,
The Committee on Securities of
that the
(V.) Vivaudou, Inc.—Earnings.—
June 30 1920. Mar. 31 1920
8343,525
M $278,082
Quarter Ending—
before taxes.
2495.
Wabasso
Cotton
Co.,
recently
stockholders
The
Ltd.—No
Value
Par
Shares.—
voted to increase the Common stock from
and to convert the par of the shares from
$17,500 shares to 35,000 shares
8100 to
no
par
The stockholders will
value.
value shares for each
receive two of the no par
share of $100 par.—Y. Ill, p.
Waring Hat Mfg.
500, 700.
Corp.—Initial Dividend.—
per share has oeen declared on the Pref.
ending Sept. 30, payable Oct. 1 to holders of record
Sept. 21.
This is at the annual rate of $8 per share ($2 quarterly).—V. 111,
p. 996, 503.
An
initial
dividend of .$2 33
stock for the 3 % months
New York, Sept. 18 1920.
electrical manufactur¬
Since 1914 the capacity and output
of the company's plants have about doubled, while by reason of increased
costs and prices the volume of sales has almost q uadrupled.
Unfilled orders
on the books at the present time exceed
$95,000,000, an increase of about
$24,000,000 in five months.
This volume of business, coupled with the
increased prices of labor and raw materials, requires a substantial increase
in the capital to enable the company to carry enlarged inventories and the
increased volume of customers' accounts.
Directors do not in this period
of high costs contemplate a policy of extensive plant expansion.
Future Possibilities.—It is the opinion of your board that the electrical
manufacturing field never presented such possibilities for continued large
business as at present.
The increased cost of fuel and the demand for its
conservation will result not only in the development of water powers, but
also, it is believed, in the establishment of large central steam power sta¬
tions located near the coal fields.
The electrification of railroads has been
demonstrated as the best solution of the pressing traffic problems in many
congested districts and mountain sections, while the demand for the pro¬
ducts of your company for use in the marine field is rapidly increasing.
There is also a daily broadening use of electricity in the daily life of the peo¬
ple.
If company is to take full advantage of the opportunities thus offered
it mnst add to its permanent capital investment.
Current Borrowings.—Company's current borrowings now approximate
$30,000,000 which the directors believe should be provided for all or a large
part debt by the issue of obligations of a longer maturity, under existing
Data from Letter
Offered.—Stephens & Co., San Francisco, are
offering, at 104 flat, $400,000 capital stock to their cus¬
cisco.—Stock
The bankers state:
(oar $100). To be presently
for future corporate purposes,
$750,000.
with the exception of a
maturing serially Dec.
1920 to 1924, inclusive, secured by pledge with trustee, of U. S. Govern¬
ment, California, State and municipal, and high-grade railroad bonds.
Until quite recently capitalization was $1,500,000, which was increased
to $5,000,000, of which $1,500,000 has been issued to former stockholders
as a
100% stock dividend, $1,250,000 has been offered to stockholders for
subscription, three-quarters of which has been subscribed by stockholders in
the United States, but, due to the present condition of foreign exchange, the
French stockholders could not avail themselves of the privilege, and there is
therefore offered for public subscription approximately 4,000 shares
(at
Company has no Preferred stock or funded debt
collateral trust note issue amounting to $750,000,
104 flat).
Dividends.—Has
phenomenal.
conditions.
^
profit from operations
Net
Other income
__
$5,129,089
364,886
$2,492,720
$4,764,203
$1,934,081
Totai income.—
Net income.
—
Consolidated and
Fact'y
July 31 '20. Mar. 31 '20.
Liabilities-—
pl'ts—rl.
equip., &c— 42,920,366
Stks.,bds., deb.,
3,998,700
3,998,700
stock.
70,813,950
70,813,950
6.167,000
6,167,000
108,00#
133,000
Common
39,347,074
First & ref.
Canadian cos.
11,916,355
8,474,215
_
7,500
mtge.
90,00#
90,000
Notes payable..
30,912,539
63,018,123
20,795,00#
9,773,849
15,192*539
Acc'ts payable..
Int., taxes, Ac.,
charters
Pats.,
7,50#
Real est.
7,966,290
money
34,781,666
75,034,310
receivable
Inventories
4,885,038
306,540
50,845
35,390
Ins., taxes, &c.,
_ _
uninterrupted dividend record since the date
Western Power Co. of
Adv.
payments
on
contracts.
4,613,943
4,722,210
1,664,390
166,594
4,085,866
43,435,764
Prof. & loss, sur.
Total
-178,797,890 169,734,320
report in V. 110, p. 2289, 2574.
Compare annual
Bury has resigned from the
board of directors is as fdllows:
George
reorganization business in British Columbia was greatly depressed.
Nevertheless, the new company has been able to earn its fixed charges,
with a small margin, and the earnings are increasing.
An increase in the
capacity of the plant by raising the height of the dam at Stave Lake and the
installation of a fourth turbine, should considerably increase the earning
capacity, but would require considerable time and new financing which,
present conditions, would be expensive and perhaps difficult.
The foregoing being the situation, the undersigned were recently ap¬
proached by parties seeking an option upon a majority of the Pref. and
Common stock.
After consultation with majority holders, we are con¬
vinced that a sale upon the terms suggested would be advantageous,
Acting as a committee, at the suggestion of other shareholders, we have
entered into an agreement with Chartered Trust & Executor Co. of Toronto,
under which the fatter is given an option until Nov. 1 1920 (which in certain
events may be extended to Jan. 15 1921), upon all voting trust certificates
deposited with the Canadian Bank of Commerce either at its office, 183
St. James St.. Montreal, or its branch office, 16 Exchange Place, N. Y., on
or before Nov. 1 1920, in exchange for certificates of deposit.
The option price is $70 per share for the Pref. stock; $3510 per share for
the Common stock, both payable in Canadian currency at the time th
option is exercised.
.
e
Upon the deposit of $2,813,600 (56.27%) par value of the Common stock
and $441,900 (51.99%) of the Pref. stock, the purchaser will pay $1 per
share (Canadian currency) to the depositary for account of the depositors,
to be paid over to the depositors as part of the purchase price if the option
is exercised, and otherwise as a consideration for the option.
The purchaser
will pay for stock transfer stamps and the committee will serve without
compensation, so that the purchase price will be net to the depositors.
No
expenses will be charged against the depositing stockholders, whether the
option be exercised or not.
[Signed by Murray H. Coggeshall, 128 Broadway, N. Y., and Bayard
Dominick, 115 Broadway, N. Y., committee.]—V. 106, p. 404.
under
Lachland, representing
White
Corporation.:—Earnings.1—
Oil
$71,000,000 fo $121,000,000 for Conversion or Other Purposes
as
Directors May Deem Proper—Financial
Statement.—The
(1) On increasing
(2) on increasing the
following:
the company's indebtedness in the sum of $30,000,000;
Capital stock from $75,000,000 (consisting of $71,000,-
$4,000,000 Pref.) to $125,000,000. the additional stock
to be Common stock;
(3) If such increase in indebtedness be favorably acted upon, on auth¬
orizing the directors, from time to time and at any time, and in their dis¬
cretion, to Issue, sell, pledge, or otherwise dispose of, at such prices and
otherwise upon such terms and conditions as they may determine, bonds,
000 Common and
debentures, notes or other
Reserves for Federal
$1,695,187
val.
cost of oil in
Excess of market
over
78,171
storage
Month ofNet production
150,000
1,050,000
Interest-
11,174
Miscellaneous.
earnings. .$460,137
29,304
68,151
83,749
.
taxes, &c
1,401,856
Surplus
..
...
Aug.
—
July.
$347,830 $1,895,143
June.
May.
192,348 185,253 144.746 166.505
Producing, 214; drilling,
(bbls.) —.
wells on Aug. 31 1920,'were:
The number of
31; rigs up, 7.
,
.
Chairman of the board of the American Brake Shoe
elected a director.—V. Ill, p. 598, 80.
Otis H. Cutler,
&
Foundry Co. has been
Wolverine
Copper
1920—August—1919
402,822
225,734
—V.
Mining Co.-—Production (in lbs.)—
1920—8 Mos.—1919
3.241,34#
Decrease\
177,088(2,237,125
■
Decrease
1.004,225
Ill, p. 598.
fWm.) Wrigley, Jr.
William Wrigley,
Co.—Acquisition.—
acquired control of the Gunnison
in order to supply the sugar needs
Jr., is said to have
Valley Sugar Co. of Utah for $400,000
of his factories,—V. Ill, p. 491, 506.
current
notices
& Co., Chicago, have issued a comprehensive circular,
information on the Allied Chemical & Dye Corporation to be
consolidation of the Barrett Company, General Chemical
National Aniline & Chemical Co., Inc., the Solvay Process Co. and
—Spencer Trask
giving full
formed by the
Co.,
Semet-Solvay Co.
—C. F. Anderson,
& Co., having
the bond department
of Miller & Co.
—Roosevelt & Son, 30 Pine St.,
entitled "The
—C. J. Heyne,
been
at
New York City, have Issued a pamphlet
American Investor." It is short,
The pamphlet is offered for free distribution.
Preferred Security of the
point and very
to the
Scholle
transcontinental trip, is now associated
formerly of the bond department of Bernhard,
just returned from a
sound.
formerly with Schmidt & Deery,
appointed manager of Anderson,
Fourth Avenue.
Pittsburgh branch, has
Brown & Co.'s Pittsburgh office
323
appointed co-transfer agent
National Refining Co., and also transfer
agent of the stock of the Dingwall Oil Producing Corporation.
—McCoy & Co., Chicago, announce that Theodor6 E. Joiner has become
a Vice-President of their corporation, in charge of sales.
,—The Guaranty
and co-registrar
Trust Co. of N. Y. has been
of stock of the
be in such prin¬
—The death is
payable at such tinles,
and provisions (in¬
Bond & Goodwin
obligations,such obligations to
cipal amounts, to bear such rates of interest, to be
to be issued injsuch manner and to contain such terms
and 7 Months ending July 31 192#.
7 Mos.
July.
Net oper.
with
Westinghouse Electric & Manufacturing Co.—To
$30,000,000 Debt and Increase Common Stock from
Create
Presidency and the board.
A. II. Douglas and Walter McBritish shareholders; R. Iliggins of the Zellerbach
Paper Co., San Francisco; James Whalen, Alexander Smith of Peabody,
Houghtelling & Co., Chicago; L. W. Killam, President Royal Securities
Corp.; Prof. Lawrence Killam, University of British Columbia; T. W. McCarry, Toronto; F. F. Cole, N.'Y.; W. D. Ross, Vice-President of the Nova
Scotia Steel & Coal Co., and M. J. Haney. Toronto, who was recently ap¬
pointed a director of the Riordan Pulp & Paper Co.—V. Ill, p. 200.
The new
Earnings for July 1920
At
stockholders^will vote Nov. 18 on the
& Paper Mills, Ltd.—Directorate.—
Whalen Pulp
Sir
5,165,033
46,807,242
--...178,797,889 159,734,320
Total
The
committee.
1,416,279
Unp, debs., int.
& divs—......
Def. charges
named below in
undersigned individually own substantial amounts of both classes of
stock, and represent a large number of other shareholders.
We have been
directors since organization, and previously were members of the reorgani¬
9,424,945
79,974
Dlv.on pref.stk.
Div.on com. stk.
of in¬
Canada; Ltd.—Option Sought on
Majority of Capital Stock.—The committee
circular of Sept. 15 says in substance:
8,793,282
accr., not due
4,931,833
735,094
& franchises
paid In adv.
due
------
15-yr. 5% notes
purch.
13,216,532
acc'ts
&
bonds
1926
&
Cash accounts-_
Notes
5%
of
those
M.,
due 1940
&c.,of oth. co.
ISuropean
$
Preferred stock.
estate,bldgs.,
incl.
558,639
Condensed General Balance Sheet.
July 31 '20. Alar. 31 '20.
Assets-—
Res. & def. cred.
an
corporation, except the year of the fire (1906), when the dividend was earned
but not paid.
Dividend has never been less than 5%; the rate for the last
nine years has been 10% in addition to 100% stock dividend above.
It is
the intention of the directors to pay dividends at the rate of at least 8%.
Earnings.—Net earnings for 1919 were $587,000, or about 40% on the old
$1,500,000 capital, and 12% on the new, with only two months' use of the
completed and enlarged store.
Sales for the first six months of this year
have increased 50% over the same period last year.
Purpose.—Proceeds of $1,250,000 capital was required to pay for enlarge¬
ments and improvements, consisting of two stories added to the present
building, a new ground-floor section, and the acquisition of a large four-story
building on the corner of Post and Grant Ave. (the old Hastings store).
zation
Four Months ended July 31.
1920.
1919.
$4,726,556 $2,019,524
402,533
473,196
Consolidated and Condensed Statement of Income for
Interest charges
Company.—The White House was established under the name of David¬
son & Lane in 1854 as a general store dealing in dry goods, &c.
In 1884
name changed to Raphael Weill & Co., a partnership.
In 1870 the trade
name of "The White House" was adopted, and in 1895 the business was
incorporated in California as Raphael Weill & Co.
The White House to-day is perhaps the largest establishment
in San
Francisco in point of volume of sales and number of customers serving a
discriminating public in high-grade dry goods and wearing apparel.
One
of the chief elements of strength is its foreign connections, more particularly
its Paris and London buying organization.
Capitalization.—Authorized, $5,000,000
outstanding, .$4,250,000; held in treasury
of Chairman Guy E. Tripp,
Electrical Business.—The growth of the
Growth of
ing business has been
(Raphael) Weill & Co. (The White House), San Fran¬
tomers.
for conversion into such
same
President—German
Board.—
Virginia Iron, Coal & Coke Co.—Stock
companyJf the
(4) If such increase in Capital stock be favorably acted upon, on auth¬
orizing the directors, in their discretion, from time to time and at any time,
to set aside all or any part of said additional Common stock and to use the
submitted to the U.
Net earnings,
—V.
110, p.
1287
THE CHRONICLE
1920.}
announced of George T. Rice, member of the
of New York.
firm of
1288
THE
CHRONICLE
[VOL. 111.
Lqxcrris <xml
COSDEN
AND
COMPANY
(DELAWARE)
and
CONSOLIDATED
BALANCE
SHEET AND
REPORT OF PRESIDENT
Cosden
and
Company
(of
Delaware)
Subsidiary Companies
several
operated.
related
companies
organized in
theretofore
Reserve for depletion of oil lands and
depre¬
ciation of plant and
equipment.
Capital Stock—
7% Cumulative Convertible Preferred Stock
(par value of shares $5 each)—
separately
Authorized..
Unissued.:
_______
$7,000,000.00
3,402,960.00
.
for the purpose of
retiring certain purchase money obligations
acquiring additional property and making improvements
refinery
Since then large sums have gone
into the property out of earnings, resulting in a considerable
reduction of
earning
debt and
.
as
that has been spent on the property
Aug. 31 1917 to June 30 1920, is $21,300,122, divided
follows:
Reduction of debt.
New leaseholds
__
Pipe lines
Tank
cars.
...
____
_
_
_
_
.
_
:
_
__
___________
...
_
Drilling
(charged off)
of which about
_______
_
.
_
$6,000,000
stock and $1,000,000
_
_
.....
was
.
_
_
.......
provided by sale of Common
by sale of stocks held
In addition there has been
1,738,952
8,420,157
2,067,738
1,730,095
3,063,769
as
$2,000.66
510.00
2,510.00
Outstanding
$3,594,530.00
Common Stock Without Par Value—
Issued.
...
....
1,400,000 shares
488,606 shares
911,394 shares
__________
Held
for
conv
of
bds 151,930 shares
In treas
41 shares
151,971 shares
$4,279,411
;
Additions to property
$3,597,040.00
......
Authorized
Unissued
power.
The total amount
from
Issued
Converted into Common stock
In treasury..
great increase in values and of
a
$14,926,110.94
...
anc
At the time of its organization it provided funds
at the West Tulsa
1920
LIABILITIES.
-
was
July, 1917, and acquired through ownership of stocks
bonds
INCOME ACCOUNT AS OF JUNE 30,
Outstanding.
759,423 shares ©$25.00
Minority shares of sub cos at book value
$18,985,575.00
(Held by public).
Current Liabilities-
$101,011.23
Notes payable to bankers......
Notes payable to others-...^
$1,579,184.82
443,668.13
investments.
paid out in cash dividends from
Accounts
payable.
Sept., 1917, to June 30 1920, $4,725,099 60.
Acceptances discounted _£_
Accrued interest, liability
insurance, state and
There is now outstanding $215,000 in Car Trust Cer¬
tificates against approximately 2,200 steel tank cars, and
payment of these certificates is provided for out of 1920
Estimated amount of Federal income and ex¬
cess prof, tax for
period Jan 1 to June 36 *20
Dividends payable
__
earnings.
_
local and 1919 Federal tax
$2,022,852.95
2,505,747.86
705,000.00
498,383.39
301,977.73
751.65
__
Preferred dividends accrued.
20,984.32
$6,055,697.90
Bonded Indebtedness—•
The net
working capital at Dec. 31 1917 amounted to
$2,430,945, while at June 30 1920 net working capital was
more than $7,000,000 over and above current liabilities.
15-year 6%
conv. s. f. gold bonds of Cosden &
Co. Series "A" and "B", dated
July 1 1917,
due July 1 1932 (since July 1
1919, Series
"A" and "B" are
precisely alike) auth
$11,423,500.00
Issued.
10,740,500.00
Purchased through sinking fund$l,957,500.00
Pureh. & canc. through annual
sinking fund...___________
613,500.00
_
.
_
_
...
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.
Conv. into stock and canceled
Owned by Cosden & Co., Okla.
68,600.66
s
56,500.00
The
enlargement of the refining capacity and the installa¬
tion of a complete cracking plant have resulted in an increase
of fifty per cent in the
recovery 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 for the first six months of 1920 show
nearly 75%
the
an
increase of
period in 1919.
ending June 30 1920 were
$6,632,587, after deducting all interest and taxes (Federal
taxes estimated), but before
depreciation and depletion,
which earnings are at the rate of more than $15
per share for
over
same
The earnings for the six months
the year.
Outstanding in hands of public
________
First mtge. s. f. conv. 6% gold
bonds of Cosden & Co. (Okla)
dated Oct. 1 1916, due Oct. 1
1926—Authorized
Issued
Purch.
and
$6,000,000.00
5,753,000.00
_
through sinking fund
canceled
2,070,000.00
Outstanding
Owned by Cosden & Co
$3,683,000.00
3,678,000.06
Outstanding in hands of public
3-yr 6% con. mtge. gold notes
of Cosden Oil & Gas
Co.,
dated July 1 1916, due July 1
1919—Authorized
Converted into stock and
605,000.00
$6,000,000.00
4,666.60
canc.
The earnings for the same period in 1919 were
$4,281,533,
an increase of
$2,351,054, so that the results for the
Outstanding.
Owned by Cosden & Co.
expected to show earnings after interest and taxes of over
$12,000,000, while the average for the last three years has
been $8,600,000.
Outstanding in hands of public
$5,996,000.00
5,992,606.06
year are
It may, therefore, reasonably be
expected that the end of
1920 will see Cosden and Company in a
stronger financial
position than at any other time in its history, and that the
present fiscal year will be by far the most prosperous the
company has ever enjoyed.
J.
S.
COSDEN, President.
New York, July 28 1920.
COSDEN
AND
CO.
2,695,500.00
$8,045,000.00
4,000.00
8,654,000.00
Purchase Money Obligations—
Car trust equipment notes
Lease purchase obligations
$215,997.62
335,980.68
551,978.30
207,813.5*
Items in suspense—(subsidiary cos.)
Surplus—.
.
.
Balance Dec. 31 1919__
Net
-v-
—
$7,739,938.93
—
earnings—six months to June 30 1920,
after dividends and taxes
6,012,885.75
Deduct—
$13,752,824 68
Proportion applicble
held by public._
to
stocks of sub.
cos.
35,461.23
13,717,363.45
(Dela.) AND SUBSIDIARY COS.
CONSOLIDATED BALANCE SHEET—AS OF JUNE
30 1920.
assets. ■
Capital Assets—
Refineries, pipe lines and misc. equipment..$17,024,096.37
Oil lands, leases, gasoline plants & misc.
equip 31,816,049.59
Tank cars
3,599,579.06
Advances
Cash in banks and
on
expense
Crude oil (at cost)
_
Refined oil (at cost)....
Material and supplies (at cost)
Notes receivable
Acctsrec (after prov for doubtful
United States Liberty Bonds.
Due from employees on
Uh.
336,480.77
hand
......
items)
subscriptions to U. S.
Liberty Bonds and War Savings Stamps
Interest
on
refining, production and trans..$25,156,459.13
bonds of and loans to sub. cos
522,565.00
Miscellaneous income.
497,413.44
|
________
837,367.50
61,690.14
Cash in hands of sinking fund trustees.
six
Income from
$736,867.50
100,500.00
,
Deferred Charges—
Prepaid insurance and deferred
CONSOLIDATED INCOME ACCOUNT FOR
MONTHS ENDING JUNE 30, 1920.
Income—
$52,439,725.02
Investments in and Advances to Affiliated Cos.—
Investments—
$66,794,080.40
$1,678,139.61
1,157,660.75
3,355,694.48
2,887,089.49
303,543.52
3,712,688.11
22,950.00
Expenditures—
Cost of refining, production and transpor
General and administrative expense
Interest and discount.______
Interest on bonds owned by and loans from
Cosden & Co. (Dela.)
—
_
—
_________
i,176,437.57
$17,495,409.98
698,426.13
525,471.65
522,565.00
19,241,872.76
Earnings
$6,934,564.81
Estimated
excess
amount
of
Federal
income
profits tax for period Jan.
to June 30 1920
Dividends
L—
1
and
1920,
________
paid
1,051.01
619.76l.33
921,679.06
13,118,816.97
$66,794,080!40
$ 301,977.73
Net earnings for six months ending June 30 '20
$6,012,885.75
Seit. 25
THE
1920.]
tion
Jiracs.
3pxr
the
closing of the
woolen department, is given in
the announce-,
similar
company's
Pittsburgh
Taken
as
a
abroad,
whole business is quiet at home
throughout the world the tendency of prices is plainly
downward.
in Japan.
Another
sharp decline
is reported
textiles
But the overshadowing feature of the wreek ha
mills, mail order houses and
been the big cuts in prices by
A wrave of lower
Prices of textiles,
clothing, shoes, etc., have been reduced anywhere from
10% to 331/2%.
They have occurred in Chicago, St. Louis,
Baltimore, Philadelphia, Pittsburgh, New England, and as
far west as San Francisco, where clothing has dro^
15%
to 25%.
All over the country the people are buying from
hand to mouth.
They are tired of war prices.
Further
declines are expected between Alow and Nov. 1.
It it said
that some of the shoe factories of Massachusetts may have
others
throughout
the
United
States.
prices, in fact, has swept the country.
to
close
down,
from
partly
lack of orders, and partly,
a
demand by woi'kers for higher
strange as it may sound to a
Unusually warm weather for this time of the year,
though good for the corn crop, is bad for trade in season¬
able merchandise.
At best sales are only fair in volume.
Iron and steel are dull and steel prices somewhat weaker,
coincident with cuts in prices by the Ford and Franklin
wages.
Auto
Companies and the idea that other concerns may fol¬
The lumber trade is less active and prices show
low suit.
a
tendency.
downward
It
does not look
as
though there
It is believed that it
would have been much better to have allowed natural laws
of trade to deal with the building situation i*ather than high
will be
a
taxation,
boom in building this fall.
litigation,
legislation,
effect in New York at least of
etc.,
which have had the
the housing question is
It is said that in this city
alone 40,000 persons will be without hbmes on moving day,
October 1.
One noticeable fact is that while prices are de¬
clining wages are not.
Yet the time must come when there
will be a liquidation of labor as well as of commodities.
It
will come about through the inexorable operation of eco¬
nomic law.
In other words mills and factories will close
rather than run at a loss.
In a few isolated cases workers
have had the alternative already, of stopping work or ac¬
cepting lower wages, and then accepted lower wages.
Meanwhile the very fact that prices are declining has a
tendency to make buyers hesitate to purchase with a free
hand.
They hope for still lower prices.
Another deterrent
on wholesale buying is that the mass of the people are buy¬
ing sparingly.
In New York and Boston there is said to be
the beginning at least of a campaign by a certain element
of the business population to ignore the restaurants.
It is
certain that food is still high.
Dairy products have ad¬
vanced within a week.
It is true that livestock has de¬
in
building
just
at
a
Abstention
time when
has forced
price reduction.
restaurants have cut prices 38%.
Boston
are beginning to carry lunches and avoid
A similar movement is reported in New York.
from buying has caused
reductions in prices of
Restaurant prices in many cases ai*e re¬
garded as much too high.
There will be a resumption of mining in the Pennsylvania
anthracite region, it is stated, by next Monday, after a cur¬
tailment of production of about 70%.
Some 8,000 striking
miners of the Pennsylvania Coal Co., at Pittston, have voted
to return.
The Van Owners Association of New York City
announce thai; they will have 1,200 moving vans ready for
October 1, which is expected to be the biggest moving day
in the history of New York City.
Officials of the Interna¬
tional Longshoremen's Association denied a report that a
strike was impending.
Philip Ileineken, Director-General
of the North German Lloyd, on his arrival at Plymouth,
wearing apparel.
England from New York, on his way to Germany, said that
America would recover from world unrest more rapidly
Powei*, oxxfing to the country's vast resources.
officials look upon the Ford motor-car re¬
than any other
Government
duction in
prices to about pre-war level as one of the most
by any large industrial concern
be considered as
post-xvar normal basis.
An ultimatum, but one that meets" with general approxral,
was issued by the Manchester, England, Federation of Mas¬
ter Cotton Spinners, declaring that all the cotton operatives
will be locked out if the Oldham dispute is not settled by
important
steps
taken
toward advancing the return to what can
the
Sept. 28.
The betting in Wall Street Son Senator
can
candidate for President of the
6* to 1, the
Harding, Republi¬
United States, is now
biggest odds it is said ever
knoxvn in a Presiden¬
tial campaign.
actually causing a reduction
becoming more and more acute.
which
people
restaurants.
Friday Night, SepK *4 1920.
that
to
ment as the reason for the
business
COMMERCIAL EPITOME
and
1289
CHRONICLE
quiet; prime Western 20.98@21c.; refined to the
South Amercan 23^c.; Brazil in kegs 2434c.
declined owing to falling prices for hogs of late after
LARD
Continent 23c.;
Futures
an
of
early advance and outside scepticism as to the stability
rise at this time.
Packers buying was the only support
a
Exports of lard increased
decreased.
To-day prices fell
at times.
meats
lower than last
DAILY
last week but those of
and the market closed
Friday.
CLOSING
PRICES
Sat.
September delivery_cts.20.77
October delivery..
.20.80
January delivery
19.10
OF
LARD .FUTURES IN
Mon.
Tues.
Wed.
CHICAGO.
Thars.
Fri.
19.95
19.97
19.95
19.95
19.87
17.90
18.20
18.07
18.00
20.65
19.95
20.70
19.02
19.95
19.87
,
family $44 @$50. September
closed at
$24 40 * and October also at $24 40, a sharp
decline for the week.
Beef steady; mess $19@$20; packet
$20@$21; extra India mess $42@$44.
No. 1 canned roast
beef $3 40; No. 2, $6 25.
Cut meats higher; pickled hams,
10 to 20 lbs., 29%@30%c.; pickled bellies, 6 to 12 lbs.,
26@28c.
Butter, creamery extras, 62^@63c.
Cheese,
flats, 20@29%c.
Eggs, fresh gathered extras, 64@65c.
COFFEE on the spot in better demand and steady;
clined, but meats are still very high.
Flour is lower. Grain
No. 7 Rio, 8c.; No. 4 Santos, 13@13%c.; fair to good
has declined within a week 12c. to 17c. per bushel ; corn, lc.
Cueuta,
123^@13c.
Futures advanced at one time on
to 4c.; oats, 6c. to 7c.; pork, $1.50 per bbl., and cotton, $10 to
buying by those x\rho think coffee is cheap.
Possibly, too,
$15 per bale. Refined sugar, raw wool and leather are also
lower.
The weather has been much better for both corn and^ the Brazilian Government is getting ready to give the price
Brazilian markets have now and then rallied.
cotton.
Collections are somewhat better.
There are more support.
Europe and Wall Street are believed to have bought here.
failures, but the number is much below the years previous
That New York will advance is the belief of not a few if
to 1918, although larger than at this time last year, and
Later on prices advanced on
about the same as in 1918.
It looks as though there would Brazil will set the pace.
steadier cables and reports that the Brazilian Government
be a large winter wheat acreage planted, larger in fact
was giving support.
A New Orleans dispatch to the "Journal
than that of last year, as the price is still attractive to the
of Commerce" says of the reeqnt decline: "It is said that the
farmer.
Corn, it is true, has fallen below $1 per bushel
for the first time in about three years.
Prices began slowly, slump in coffee prices has caused losses which may amount
to $1,500,000, to M. Levy's Sons and the financial condition
but with gathering momentum, to decline last May, and the
New Orleans bankers seeking to find a means by xxdiich the
belief is widespread and deep-seated that it is by no means
company may be assured a solid footing.
It is believed that
over.
In other words trade at home and abroad is slowly
the company has nearly 150,000 bags of coffee on hand.
and more or less painfully making its way back towards the
old level of the years of peace.
This was inevitable and it To-day prices declined and then rallied, closing about un¬
changed but easy.
They are practically the same as a
will no doubt be brought about without any very serious
week ago.
consequences.
This country, of course, is in far better shape
September
7.30@7.35 [March
___8.36@8.381 May—
8.60@8.61
than Europe, where Russia, Germany and Austria are suf¬
December
7.83@7.851
[July...
8.78@8.79
fering more or less from semi-starvation, and where Italy is
SUGAR has been as a rule quiet and more or less depressed.
feeling a touch of the baleful Bolshevism.
Great Britain
itself has to pick its way carefully.
France is slowly re¬ It is true that rather larger sales were made early in the week,
covering.
Chicago mail houses have been cutting prices including Venezuelas and San Domingos, ex-store at 10.76c.
sharplv.
Although sugar is quoted at $17.95 a hundred duty paid, of Porto Rico, ex-lighter at 10.76c. c.i.f. deliv¬
ered; of Cuba, prompt shipment at 9%c. e.&f., and Peru
pounds, an official of the sales department;of Montgomery,
afloat at 9c.i.f.; also low grade sugars, Perus, Brazils,
Ward & Co. predicts it will reach 12y2c. to 10c. a pound
Muscovados and molasses at 6.50c. c.i.f. basis 89 test and
after the canning season.
There is reduction of 10% to 20%
at 4.75c. c.i.f. basis 82 test.
But buyers in general have
on men's heavy wool garments, according to the amount of
held aloof as refined sugar has further declined.
Willett &
shoddy used.
Standard dress goods are reduced. Silks also
will remain lower.
Women's made-up dresses sold at $75 Gray put the receipts at Atlantic ports for the week at 20,351
tons against 25,140 tons last week and 58,390 tons last year;
to $80 three months ago are down to $50 to $60.
Shoes for¬
meltings 34,000 against 46,000 last week and 71,000 last
merly selling at $5 to $12 are offered at $4 to $9. Blankets
and all textiles are coming down.
Sewing machines are year; total stock 73,670 tons against 87,319 last week and
selling fast, which is significant of domestic economy.
The 55,485 last year. To-day prices declined and closed weak.
They are lower than a week ago.
Quotations folloxv:
Umoskeag Manufacturing Co. of Manchester, N. H., has
PORK dull; mess $31 @$32;
—
>
announced a
reduction of 33
1-3% in the price of manufac¬
goods. The present weekly production of the
company, which employes 10,000 operatives,
is 4,000,000
yards
Fear that the cotton market, already unsettled be¬
tured cotton
cause
of heavy
cancellation of orders, might
reach a condi¬
September
October
November
March
9.30@9.50 J December—9.27@9.35
[January
8.90@8.91 May
9.35 @9.40 [February —8.75 @8.80
9.35 (®9.40
8.75@8-80
8.85@8.90
OILS.—Linseed steady but quiet; carloads, $1 20@$1 22;
less than carloads, $1
23@$1 25; five barrels or less, $1 25@
f
1290
THE
CHRONICLE
SI 28.
Cocoanut oil, Ceylon, barrels, 17(ad8c.; Cochin,
1Olive, $3<g>$3 15.
Cod, domestic, 90@92c.; New¬
foundland, 93(a,95c.
Lard, e. a. f. prime, SI 55@$1 65.
Spirits of turpentine, SI 46.
Common to good strained
rosin, SI3 75.
?
PETROLEUM in good demand
barrels 24.50@25.50c.; bulk
26.50@
27.50c.
Gasoline in heavy demand and
steady at 33c. for
steel barrels, 40c. for consumers wood barrels, and 50c. for
gas machine.
A shortage of barrels, cans and cases is said
to be hampering shippers in supplying the demand for gaso¬
line from
Australia
these containers
and
New
Zealand.
cases
Manufacturers
of
booked for six months to come,
are
owing
heavy domestic demand.
The "Oil City Derrick's"
August report showed a considerable increase in initial pro¬
duction and completions over the July total.
The greatest
increase in production was in the Texas-Louisiana
field,
which showed a total of 173,752 barrels of new
production,
an increase of 31,537 barrels from 1,056 wells.
New work
in this field, however, showed a decrease of 608.
MidContinent's total new production was 97,098 barrels an in¬
crease
of 19,473 barrels.
Comiiletions in this field were
1,315.
New work
decreased
by
785.
Kentucky also
showed an increase of 1,950 barrels, with a total of 9,479
barrels.
The number of completions was 255, an increase of
66.
Pennsylvania showed a new production of 4,565 barrels
and a total of 596 completions.
The Lima-Indian divisions
had a new production of 1,605 barrels, a
slight improvement
over the July
showing.
to the
Pennsylvania. ____$6 10 Indiana
Corning
4 25 Princeton
S3 63
4 17
32
Somerset,
and
(leg.
4 25
Kansas
&
Thrall..
Healdton..
3 98
Moran
3 00
2 75
3 00
Henrietta
3 00
Okla¬
homa..
2 60
4 05
$3 00
3 77
Illinois
Plymouth
above
Kagland
Strawn
3 77
.....
Cabell
...
3 50
North Lima
Corsicana, light
3 73 Corsicana, heavy.
Caddd, La., light. 3 50
3 00 Caddo, crude
2 50
1 75 De Soto..
3 40
South
3 73
3 50
Wooster
Lima.
Electra
;
RUBBER has been quiet with no news of
striking interest.
holding aloof.
Purchases are limited to
small quantities.
Offerings have also been light.
Smoked
ribbed sheets quoted at 23Hjc.
Para up river fine higher at
29c.
Central Corinto steady at 19c.
Manufacturers
OCEAN
are
FREIGHTS.—Shipments of grain have increased
from New York
is
on a
noteworthy scale, but in general trade
Coal charters are slow with $10, it is said, paid to
the French Atlantic, Antwerp and Rotterdam and $13 to
Marseilles, or West Italy.
Deals from the Bay of Fundy to
the United Kingdom would it seems
pay 180s, to 190s.
There are 300 idle freighters in British
ports and 200 in
Japanese.
It has been said that conference agreements
quiet.
rather than demand for space have supported rates.
It is
not believed that artificial means of
sustaining them will be
of any avail in the end if the supply of
tonnage outruns the
demand.
Latterly grain charters have been quiet and there
has been little doing in lumber and cotton.
Coal traffic has
been
increasing;
it
overshadows
pressed, there is no talk of stronger prices for iron in the
immediate future.
It is even said that the advance a while
back went too far.
pretty
much
everything
else.
V:
^
Charters
included coal from Atlantic range to Bergen or Malmo
SI5
October; to Antwerp or Rotterdam $13 prompt; to French Atlantic
port
$13.50 October; to Marseillas, $14.50; to River Plate $14.50
SeptemberOctober; cement from New York to Havana $10; coal from Atlantic
range
to St. Nazaire $12 October 10; Virginia to Malmo $15
October; nitrate of
soda from Chili to a Gulf port $12 November;
grain from River Plate to
New York $10, from upper ports $8; if lower ports also $8
October; coal from
Atlantic range to Gothenburg, Malmo, Christiania or
Copenhagen $15
October; steamer 2,916 tons 8 to 9 months' time charter 12s.; delivery United
Kingdom, prompt; timber from a Gulf port to Rotterdam and
United Kingdom 350s. October 15.
one
port
In insurance circles it is said that serious trouble
appears
to have developed in the cotton marine insurance
situation,
with the result that the great North Atlantic Marine Cotton
a cut of
20% in the marine rates.
Pool has made
Meanwhile, the output of pig iron is
predicted that October figures will
little interesting on this point.
increasing.
be not
a
It is
even
STEEL has been dull and
and steady; refined in
13.50@14.50c.;
[VOL. 111.
indications
certain
On the other hand, the
consumption is
undoubtedly large, probably larger than ever before.
To¬
bacco growers in Virginia are
carrying their tobacco back
to (the barns, it is stated, rather than
accept the prices ruling
at the opening of the season.
extent.
COPPER easier
to
the
number
of
Imports
heavy imports and
to 6,400 tons so
The threatened coal strike in England has
latterly depressed prices in London.
Electrolytic here was
quoted at 18 %c.
And it was reported on the" 23rd instant
now
amount
curtailed demand.
far this month; ex¬
a
active
output at Chicago at
If outward
one
blast
furnaces.
case
is 85% of
The
steel
capacity.
steel bars it is intimated have sold below 3 cents.
demand from foreign railroads for ears
ingot
Mild
There is
WOOL has been quiet.
The opening of the spring goods
has not been a success.
At the recent
trade
Liverpool
auction
sales America bought little and Colonial wools
declined except on the choicest
warp merinos and the low
crossbreeds.
At the Cape prices are reported firm.
River
Plate markets
dull with
are
large stocks.
Large stocks of
unsettling factor
not only in this
country, but also in Europe.
Yorkshire
manufacturers it is said, are figuring on
buying the new
Colonial wools, which wall be available in
manufacturing
centres toward the end of the
year at prices well under present
levels, which are expected to cause England to reduce her
minimum price limits on her large wool
holdings amounting
at the end of
July to nearly 1,000,000,000 pounds.
This is
about twice the normal annual consumption of this
country.
Buenos Aires the lower grade wools are now down to a
pre¬
war basis for
grades below 46s.
The finer grades have also
dropped a little.
Some reports say that strictly fine Mon¬
tana is obtainable at $1.40 clean
basis; some say less; graded
fine and fine medium Montana wool of fair
staple has been
sold at $1.25 @ $1.30 clean basis.
Choice fine clothing
wool is quoted nominally at about $1.20
@ $1.25 clean basis.
In London on the 21st instant, the
eighth series of Govern¬
wool the world
over
are
declared to be
an
Colonial wool auctions opened with 100,300 bales of
and 32,700 bales of New Zealand.
But there
little demand except for the finest grades.
Compared
ment
Australian
was
with the
preceding auctions superior grades fell 10%, medium /
inferior 15%, fine greasy crossbred 5 to
10% and medium
10%.
All lower coarse crossbreds were ignored.
Scoured
merino
crossbred
dropped 10 to 15%.
At Thursday's
London auction there was no better demand.
Withdrawals
included fine wools.
Prices in some cases were 5% lower.
Sydney, 5,074 bales, about half,being sold included
merinos at 28d.
greasy
to
50d.; scoured merinos at 30d. to 67d.;
183^d. to 27^4.
Other Australian
wools were mostly withdrawn.
New Zealand 2,330 bales;
about 500 medium fine greasy cross bred, 18d.
to 293^d.
The remainder, which consisted of scoured crossbreds and
coarse greasies was
neglected.
In other words the London
crossbreds
greasy
at
auction sales have sent prices backward.
at hand have already hit the
price.
now near
Australian sales
Boston reports
lower prices.
On Sept. 29, the United States Government
will offer 572,000 lbs. for
sealedJ;bids.
This includes no
choice wool.
———
1
COTTON
Friday Night, Sept. 24 1920.
THE MOVEMENT OF THE
CROP, as indicated by our
telegrams from the South to-night, is given below.
For the
week ending this evening the total
receipts have reached
128,999 bales, against 77,434 bales last week and 76,219 bales
the
previous week, making the total receipts since Aug. 11920
against 452,845 bales for the same period
1919, showing an increase since Aug. 1 1920 of 18,848
471,693 bales,
bales.
ports 4,536 tons.
that
a
sale had been made at 17.95c.
pound f. o. b. re¬
finery.
This was the lowest price seen for many months.
Tin lower on the
possibility of a coal strike in England and a
slackening demand.
Spot tin was quoted at 44c.
Lead
easier on big importations from
foreign countries; 8c. is
quoted for spot New York.
Zinc like lead declined from the
a
effects of large foreign imports.
Spot east St. Louis was
quoted at 7.80c.
Lead and zinc ores have latterly declined
$10 a ton owing to the heavy foreign business.
PIG IRON has been quiet.
Consumers seem to be well
supplied.
It is said that supplies in Pennsylvania and Vir¬
ginia are small.
But taking the market as a whole, it is so
slow
that
mere
statistics
count
for
little.
The
available
supply of iron seems ample for the current demand.
That is
the outstanding factor.
And with steel more or less de¬
a
including New
Zealand and South Africa as well as Cuba.
But buyers in
general are playing a wraiting game.
Formerly they were
glad to pay anything.
Now the boot is on the other leg.
The "cuts" by the Ford and Franklin Auto
Companies have
an
unsettling effect.
of
on
less weak.
trustworthy the drift is towards lower
prices.
At Pittsburgh premium prices for sheets have
relaxed.
Offerings for the fourth quarter have increased
on finished steel in
general.
Railroad buying is not active.
The roads are not yet in financial
shape it is intimated to
buy on a big scale.
There is no trouble about supplies.
The output of steel products is
increasing.
The October
total may possibly make
people stare a little.
In the
Pittsburgh and Chicago districts big concerns have added
TOBACCO has been in moderate demand and
generally
steady without features of striking interest.
The crop is
large—the largest on record in this country—and with the
drift of most commodity prices
downward, buyers in some
cases appear to think that tobacco must follow at
least to a
more or
at all
are
Sat.
Mon.
Tues.
7,435
Receipts atGalveston
11,337
21,547
8,628
1.529
2,926
33
2,688
Wed.
Thurs.
Texas City
Houston,
&c.
New Orleans
Mobile
1,681
66
Pensacola
2,505
2,312'
18;
275
13,253
7,811
4,502
6,183
7.236
30,519
'"117
144
329
351
1,095
8
93
107
187
169
214
11
813
Wilmington
118
_
114
N'port News, &c.
67
67
93
488
102
New York
102
177
...
177
75
320
Baltimore.
Philadelphia
Totals this week.
The
87
""
"136
Charleston
Boston
53,634
2,093
26,247
6
Brunswick.
Norfolk.
2.511
32
Total.
4,687
2,093
26,247
1,918
'+■
Jacksonville
Savannah
57
Fri.
'99
12.115
99
15.367
32.798
16 137
Q
5Q7!
42.935 128.999
following tablefshowsfjthe week's total receipts, the
Aug. 1 1920 and^the stocksjjto-night, compared
total since
with last year.
SEPT. 25 1920.]
1920.
be settled by the 28tli
can
Stock.
1919.
eral
Receipts to
Sept. 24.
This
Since Aug
This
Week.
1 1920.
Week.
Since Aug
1919.
153,325
6,357
124,302
6,304
Texas City
53,634
2,093
Houston, &c
26,247
New Orleans
Mobile.
13,253
275
_
34,266
199", 500
254",491
2,727
151,321
473
2,943
516
244,950
.5,244
57,956
63,571
2,032
2,022
55,956
7,693
7,624
788
11,662
4,038
10,653
190,148
8,000
20,538
30,207
57,328
"l",526
""282
Jacksonville
Savannah
"565
"3",906
65,197
30,549
Brunswick
Charleston
20,200
2,000
1,937
4,159
3,310
141,910
32,000
99,081
12,069
9,661
19,559
225,184
27,195
574
^
1,095
5,092
107
813
168
Wilmington
Norfolk
Newport News &c.
9,408
67
350
63
177
,2,111
738
Boston.
Baltimore
488
110,462
99
102
3,054
1,242
858
99
6,225
1,4.54
2,634
3,007
128,999
471,693
77,822
22,255
485
New York
845
Philadelphia
Totals
....
266
90,144
5,170
4,200
8,252
785,166
452,845
825,437
strike, Premier Lloyd George
a test case of whether la¬
bor is to be allowed to carry on a policy of rule or ruin. But
the net result of big strikes would be a profound disturb¬
is
urged to stand firm and make
of trade.
ance
for cotton
And this has been reflected in lower prices
this side of the water and noticeable weakness
on
Liverpool.
In
main,
the
favorable.
the weather in this country has been
too,
latest
The
weekly
Government
comparison may be made with other years,
give below the totals at leading ports for six seasons:
It
weeks.
1920.
Galveston
Texas City,&c
New Orleans.
Mobile
989
7,624
788
20,200
2,000
Charleston.
"17095
1,937
4,159
3,310
107
817
Newp'tN.,&c.
5,601I
37,349
2,535
33,050
2,000
6,326
5,740
4,100
275
Norfolk.
120,854
14,805
49,876
993
49,304
5,000
11,857
8,596
13,563
105,716
13,661
41,01i9
4,214
61,532
9,800
28,532
21,899
17,335
226
30,549
__
43,991!
3,000
9,590
4,739
64,950
Savannah....
Brunswick
Wilmington I.
1915;
76,9311
34,266
53.634
28.340
13,253
398
26,556
2,792!
268
63
63
108
113
866
2,486
203
12,259
Tot. this week
128.999
77,822
156,587
185,430
Since Aug. 1__
471,693
452,845
695,341
895,3.58 1,250,375 1,032,038
All others
everywhere the weather had, for the most part, been warm.
These looked like favorable conditions for the crop.
cotton
activity, have been in the main quiet.
Island and
five days
306,456
the week ending this evening reach a
50,967 were to Great Britain,
22,822 to France and 15,253 to other destinations. Below are
the exports for the week and since Aug. 1 1920:
exports for
total of 89,042 bales, of which
Exported to—
Britain. France.
Galveston..
11,868
31,646
Total.
other.
75,861
54,715
11,201
Texas City.
Houston
France.
26,004
34,115
"2",447 ~~6~,479
15,281
2,709
22,158
2l", 938
"5", 293
10,723
"""86
El Paso, &c.
New Orleans
"4",032
Mobile
716
65,226
716
"
4~6U
7,282
......
......
Norfolk
11,893
5,500
"12",925
19,864
108
108
New York..
231
4,057
1,336
1,105
"2,882
2,663
""166
8
1,146
108
400
Baltimore..
72
325
Boston.
400
1
477
3,212
2,038
567
303
303
404
404
3
3
57,965
138,057
348,252
Philadelphia
San Fran...
Seattle
Total
22,822
50,967
15.253
89,042
142,230
1919.
14,814
83
42,381
57,278
305,963
40,192
337,817
Total
1918.
30,901
11,412
29.929
72,2]42
269,594
104,235
218,384
.
acquired by Rupprecht in¬
now
four and
683,972
592,213
Exports
In addition to above exports,
New York.
reports that American cotton is a
that it is using East Indian.
drug in
Czecho¬
slovakia has stopped buying.
France is not taking much.
Neither is Great Britain.
The world seems to be going
market there;
slow, especially as
appearances
point to larger crops this
Mean¬
in the United States, East India and Egypt.
season
though rates have eased a trifle in this country.
suspension is reported of
assets of about
a
firm of cotton factors,
Ga., with liabilities of $837,000 and
$400,000.
Spot markets have latterly fallen
100 to 200 points.
On the other hand, prices have now
and then showed not
not wanting those who
believe that if the coal strike can be avoided in England
a
little
the
at
And there
strength.
are
are
change for the better, especially if some
outlook will
means
found to
settle the dispute with textile workers
England.
Time money is easier.
For five
past the South has shown its ability to hold back
when it has seen fit to do so.
Many Southern holders
Oldham,
years
cotton
if they choose
active.
do it again.
Fall River has been more
tendency here to overdo the short side.
can
There is
a
still late.
And early frost would go a good deal
place in Georgia,
No real improvement has taken
of harm.
Great
Ger¬
Galveston
_
Savannah
16,626
2,000
Orleans.
1,729
1,155
5,000
Other
Cont't.
wise.
6,981
1,324
14,000
903
13,664
5,491
1,500
1.000
500
Charleston
101
"""250
New York ♦
500
Other ports
Total
1919-.
Total
1918.
250
1,500
600
300
500
58,356
52,044
.
112,825
190,527
76,581
224,184
2,626
22,005
23,891
55,203
2,500
22,629
3,390
7,485
Total
Stock.
40,500
8,973
22,500
1,000
100
22,$05
20,955
707,842
27.359
3,350 77,324
5,208 100,706
28,000
19,200 110.244
803,122
2,000
1920._
Total.
101
------
Norfolk
*
100
1,000
Mobile
Leaving
Coast¬
many.
6,393
11.000
724,371
Estimated.
Speculation in
only
cotton
moderate
for future
delivery
has
been7
on
scale at
declining prices.
Not but that
have been occasional rallies, especilaly early in the
a
there
week, when the cotton belt seemed to be menaced by a tropi¬
But later on, when the storm was said to have
cal storm.
ihinimum of damage, prices
single day they fell 120 to 160 points
passed harmlessly inward with a
violently.
broke
from the high
instant.
in
two
On
level of the morning.
Also it
days
a
is
had
said
fallen
that
2c.
That was on the 22nd
Ga.,
spot prices at Augusta,
per
pound.
Other Southern
notion that as the crop
markets fell
sharply.
movement is
increasing and banks are understood to be not
so
There is
a
ready as formerly to encourage holding, dealers in spot
cotton
will
be
more
ready
sellers
than they were
a
year
At times the receipts at the ports have been double
on
the corresponding day last year.
Another bad
feature was the fear of a coal strike in England, to begin
ago.
those
on
the 25th instant.
the
the
It looked at times as though it could
The men were stubborn and at least
transport workers of England have voted to back up
miners.
And it is believed that the railroad workers
hardly
be avoided.
wodld do the same.
To make matters worse
cotton operatives at Oldham, England, have struck to the
number of some 30,000.
A similar number, it also appears,
at
a
pinch
have gone on
strike at Blackburn. And the master spinners
announced that unless the Oldham strike
of Lancashire have
the yield
south central
in
there.
Oklahoma.
A late fall would
The boll weevil is still active in
Little or no top crop is expected
central, southern South Carolina and in Mississippi and
This is the
Twelve mills,
moreover, at Cohoes, New York, have increased wages 15%.
That does not look as though things were in a very bad way
there.
They are going to build, it seems, a, $2,500,000 cotton
yarn mill at Waco, Texas.
In Manchester some people think
that the world's production of cotton goods is so much
smaller than the consumption was before the war that it
does not seem possible that trade can long remain stag¬
nant.
At the sharp cuts in gingham prices on this side of
the water it Is noticed! that trade has become more active.
Fine combed yarn fabrics have been much stronger at New
Bedford.
Latterly rains have occurred in the eastern belt.
And, although it was said that the tropical storm which
broke on Tuesday night in the Gulf had done no damage to
cotton, it did bring a rainfall to New Orleans of 3y2 inches,
and the
precipitation was also noteworthy in parts of
Texas, Arkansas and Alabama.
The one thing dreaded is
a
rainy spell, which would infallibly reduce the grade of
open cotton, and otherwise do no small injury to the crop.
To-day prices were rather irregular, but ended much lower
on the near months.
Price cutting of merchandise through¬
out the country, falling spot markets and fears of an Eng¬
lish coal strike, despite some reassuring reports, caused the
decline.
Wall St., Southern and Japanese interests, more¬
and it will be very short in Georgia.
official Washington
Shipboard, Not Cleared for—
Britain. France.
Sept. 24 at—
New
increase
Florida,
On
Sterling exchange
far behind those of last
are
except possibly in the northern section.
our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
#
Alabama
half-day week.
a
Staple ginghams have been cut to 20c.,
declining.
The crop is
Total
week.
a
Spain
year.
86
37,995
5,500
Savannah..
Wilmington.
was
Some mills at Passaic, N. J., which make
John Welch of Athens,
174,752
7,874
56,273
75,186
23,705
5,165
....
been
has
even
Total.
other.
little
Short time
The Knight mills in Rhode
price it seems which shows no profit.
The
Britain.
Mean¬
a
tendency to reduce production by closing now
a
and then for
Great
Great
recently.
mills show
Exports
from—
and then showing
while, too, money continues stringent in the world at large,
1920 to Sept. 24 1920.
Exported to—
From, Aug. 1
Week-ending Sept. 24 1920.
Massachusetts,
tire fabrics, are on a
a
285,561
though now
terests, have announced a four-day week schedule as against
2,480
10,713
goods,
reported in some of the mills.
the
The
re¬
showed that the rainfall west of the river has
time
1916.
1917.
1918.
1919.
was
been very small, east of the river almost as small, and that
more
Receipts at—
report
garded by many as the best that had been issued in many
In order that
we
a
As for the threatened coal
to.
in
13,720
2,819
5,241
25" 391
strikes
England and the mills are
They certainly appear com¬
at Oldham and Blackburn.
chance to reduce their stocks and deal with
the same time in a way that they have long wanted
They have
labor at
Pensacola
contest.
a
about
placent enough
Galveston -i.
instant, they will declare a gen¬
Trade is dull in
lockout.
evidently ready for
1920.
1919.
1
1391
CHRONICLE
THE
over,
statement on the subject.
Prices ended decidedly lower for the week.
sold freely.
Spot cotton to-day fell 100 points,
lower for the week at 28.50c.
and closed 250 points
following averages of the differences between grades,
figured from the Sept. 23 quotations of the ten markets
designated by the Secretary of Agriculture, are the differ¬
ences established for deliveries in this market on Sept.301920:
The
as
3.58
2.73
Good middling
2.08
Strict middling
1.10
Strict low middling-...—^.....3 00
Middling fair
Strict good
middling....
—
on
on
on
on
off
Low middling
7.58 off
♦Strict good ordinary
11.53 off
♦Good ordinary
14.08 off
Strict good mid. "yellow
tinged. 1.08 off
Good midd.ing "yellow
tinged.. 1.90 off
Strict middling "yellow
tinged..3.00 off
♦Middling"yellow
tinged
4.65 off
♦Strict low mid. "yellow" tinged.7.13 off
♦Low middling "yellow
tinged. 10.70 off
Good middling "yellow
stained.4.48 off
♦Strict raid, "yellow
stained
5.98 off
♦Middling "yellow
stained
..7.95 off
♦Good middling "blue
stained..5 58 off
♦Strict middling "blue
stained..7.08 off
♦Middling "blue
stained
8.70 off
*
These ten grades are not deliverable
upon new
style contracts.
1292
THE
CHRONICLE
The official quotation for
middling upland cotton in the
day for the past week has been:
New York market each
Sept. 18 to Sept. 24—
Middling uplands
Sat.
31.00
Mon.
31-00
Tues.
Wed.
Thurs.
31.00
30.50
29.50
[VOL. 111.
corresponding period
detail
the
of
previous
Movement to Sept. 24 1920.
28.50
31.75
1918—
1917
1916
—
32.75
26.30
1909-
15.95
1904.C
1903
1902
—
1908
13.75
11.20
1895
8.25
10.75
1900
1893
11.55
1913—
13.60
1907—.11.90
1899
6.62
9.60
1898
5.44
1890
11.10
1897
6.75
1889
—
1905
—
Receipts.
Movement to Sept. 26 1919.
Ala., Eufaula--
——
—-
—
T—'
29.30
—
—~
29.25
—
—
—
•——
28.30
—
2,105
4,379
2,909
751
7,21.5;
963!
1,523
2,323
5
1,296
1,404
2,590
277
15,995
4,125
481
Pine Bluff—.
9,307.
2,693
2,694
1,000
24,852
200
730
200
Ga., Albany...
217
15,613
12,000
2,348
34
2,127
12,247
1,200
4,804
6,574
24,453
24,023
78,912
Athens..
367
1,057
100
1,014
6,508
822
15,061
AuguRta
32,270
5,474
—
—
—
—
—
—
—
27.35
—
26.70-.92 27.15
—
27.15
—
25.50-,20
26.35
—
—
25.55
—
—.
24.95
—
—
—
25.50-.20
—.—
—
24.55-.57 24.88r.90 24.85
58
2,848
4,372
7,648
934
27,931
.—
24.20
13,250 141,357
4,97.5
32,003
6,096
3,047
1,447
275
17,700
39,033
6,911
34,352
559
3,880
—
104
684
300
489
3
3,456
43,300
1,000
2,478
13,909
4,000
10,051
1,500
296
589
87
1,263
698
15,802
.7,538
1,802
400
1,121
100
2,770
1,069
295
3,050
5,524
1,599
91
308
1,244
4,737
12,.500
5,815
5,245
2,770.
3,722
...
19,250
—
—
24.20
24.40
—
23.90
—
23.40
—
23.05
.
—
731
5
24,509
2,703
9,498
1,979
3,432
40,324
3,770
1
885
4,615
264
2,459
700
5,388
400
5,523
268
50
42
461
758
350
41
4,419
213
5,870
30
606
292
4,789
100
""566
600
200
934
400
7,586
344
.
"""256
4,440
Clarksville...
Dallas
2,607
838
17,266
996
320
7,108
4,214 128,154
88
601
1,483
1,128
2,295
135
500
641
151
2,511
500
1,200
8,418
2,584
269
4,589
2,565
3,500
16,930
4,618
1,411
1,701
3,878
600
1,400
600
2,208
5,306
1,063
2,814
6,923
1,999
90,791
364,743
83,328 251,6.54
28,820
......
Honey Grove
__
1,029
2", 132
3
12,343
2,217
23,275
4,785
429
1,368
Brenham
1,197
3,970
180
955
Tex., Abilene..
—.
1,826
4"
4,465251,459
27",053
235
26
2,711
"3",589
3,310
2,431
5,840
.
Greenwood
-
326
58
Tenn., Memphis
24.20~.30 23.65-.75 23.30.40
1,551
10,043
373
i
Oklahoma
400
2,437
....
Hugo
23.20-.75 23.0.5-/28 24.03-.48 23.20-.00 22.85-.50 22.75-.35 22.75-/48
23.57-.60 24.00-.08 24.05 — 23.62-.70 23.20 — 22.85~.90
Houston
1,532
27,653 106,841
—
23.30
—
23.70
—
23.65
—
23.25
—
__
—
—
—
22.85
22.60
—
_
—
—•
■.
•—
Closing
2,081
650
12,515
7,757
3,068
10,000
2,942
3,274
1,912
6,027
912
520
293
3,522
3,509
10,022
1,000
5,300
500
22,000
Paris
'
—
—
22.80-.20 22.70-/70 23.35-.85 22.60-.34 22.30-.85 22.30-.85 22.30-/85
23.05-.08 23.40-.45 23.38r.40 22.90-.96 22.25-.65 22.35 —
Range
338
San Antonio.
103,143
21,164
Fort Worth*.
Range
Closing
May—
—-
Tbtal, 41 towns'141.486
June—
*
Range
23.00
22.85
Closing
July—
—
23.20
—
22.95
—
22.50
—
—
—
—
23.00
—
22.15
—
22.00
—
Last year's figures
The
—
....
22.4O-.70 22.35-.05 22.89-:30 21.60-.50 21.55-.00 21.72-.20 21.55-/30
22.60 — 23.05 — 22.48 — 22.00 —
21.65-.75'21.72-,75
i 27c.
.7 26c.
C
25c.
/24c.
at
/23c.
THE VISIBLE SUPPLY OF COTTON
to-night, as made
by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and
consequently
all foreign figures are brought down to
Thursday evening.
But to make the total the complete
figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
up
Sept. 24—
bales.
Stock at London.
....
Stock at Manchester
Total Great Britain
Stock at Ghent
Bremen
Stock at Havre..—
Stock at Rotterdam,
Stock at Barcelona
Stock at Genoa
—
1920.
854,000
—
1919.
1918.
1917.
12,000
84,000
-
Liverpool
785,000
12,000
98,000
145,000
19,000
39,000
950,000
895,000
203,000
—
are
are to-night 134,007
period last year.
The receipts
the towns have been 81,642 bales less than the
same
than at the
Aug. 1, as made
.from telegraphic reports Friday night.
The results for
the week and since Aug. 1 in the last two
years are as follows:
up
-1920-
September 24—
Shipped—
Via
Via
Mounds, &c
14,000
74,000
12,000
23,000
2,703
1,025
170,000
1,261,000
16,000
212,012
373,000
17,000
207,000
82,000
168,000
*680,000
913,366
880,094
16,778
555,000
31,000
306,000
48,000
66,000
*820,000
582,043
355,449
India cotton afloat for Europe—
American cotton afloat for Europe
17,087
1,258
3,355
692
Via
628
7,237
4,986
7,251
18,250
1,526
6,113
43,956
-10,478
76,420
14,854
141,349
866
16,869
1,955
17,623
1,921
Virginia points
other\routes, &c
Island
Deduct shipments—
Overland to N. Y., Boston,
Between interior towns
..
98
116,935
Egypt .Brazil ,&c., afloat for Europe 31,000
Stock in Alexandria, Egypt..
78.000
Stock in Bombay, India
—1,150,000
Stock in U. S. ports
785,166
Stock in U. S. interior towns.
U.S. exports to-day.....
;
—
Total visible supply—
Of the above,
American—
45,000
87,000
835,000
825,437
717,820
2,200
851,827
65,994
4,447,922 4,001,469
bales.
Manchester stock
Continental stock.
American afloat for Europe.
U. S. port stocks
U. S. interior stocks
—
574,000
68,000
304,000
212,012
825,437
717,820
2,200
74,000
65,994
Total American..
East Indian, Brazil,
are as
44,000
14,000
*153,000
207,000
913,366
808,094
16,778
...2,631,992 2,723,469 2,156,238 1,668,041
Liverpool stock...
346,000
London stock
Continental stock
India afloat for Europe..
129,000
16.000
31,000
78,000
Egypt, Brazil, &c., afloat
Stockin Alexandria, Egypt
Stock in Bombay. India.
Total East India, &c._
Total American—
211,000
12,000
30,000
42,000
12,000
10,000
60,000
Manchester stock.
45,000
87,000
835,000
...1,150,000
101,000
19,000
25,000
*17,000
17,000
82,000
168,000
*680,000
94,000
19,000
6,000
*37,000
31,000
48,000
66,000
820,000
1,816,000 1,278,000 1,109,000 1,121,000
—2,631,922 2,723,469 2,156,238 1,668,041
Total visible supply
4,447,922 4:001,469
Middling upland, Liverpool
21.35d,
19.88d.
Middling upland, New York
28.50c.
32.85c.
Egypt, good sakel, Liverpool
59.00d.
32.50d.
Peruvian, rough good, Liverpool35.00d.
28.50d.
Broach, fine, Liverpool
17.60d.
18.45d.
Tinnevelly, good, Liverpool
19.10d.
18.70d.
.265.238 2,789,041
23.23d.
18.62d.
35.15c.
25.30c.
33.13d.
34.75d.
28.50d.
27.50d.
....
24.50d.
18.70d.
24.75d.
18.88d.
13,320
928
4,465
4,364
31,631
4,106
movement
by
rail
36,447
7,213
49,416
-6,372
6,372
net overland *
39,973
7,641
91,933
to
Canada,
a
Revised.
foregoing shows the week's net overland movement
this year has been 6,372
bales, against 7,641 bales for the
week last year, and that for the season to
date the aggregate
net overland exhibits a decrease
from a
bales.
follows:
172,000
25,000
*202,000
306,000
582,043
355,449
25,549
5,812
The
a£o of 51,960
1920In
508,000
230,000
116,935
785,166
851,827
U. S. exports to-day
♦Including
36,995
300
100
year
3,265,238 2,789,041
totals of American and other descriptions
Liverpool stock..
25,549
Total to be deducted
Leaving total
a47,019
746
Rock
Louisville
239,000
.1,240,000
129,000
Total European stocks.
366,000
Aug. 1.
a.3,770
2,653
.390
...
Via
—
290,000
Since
Week.
29,219
Inland, &c., from South
Total Continental stocks..
-1919-
Since
Aug.
1.
Week.
St. Louis
Via
149,000
4,000
same
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—We give below a statement
showing the
overland movement for the week and since
316,000
132,000
1,000
468,725:100,622 717,820
for Cincinnati.
during the week 29,938 bales, and
more
all
Via
188,000
5,000
75,000
98,000
10,567
week last year.
266,000
19,000
31,000
8,000
67,000
103,000
&c_„
7,000
70,000
—35,000
Stock at Trieste
bales
533,733 111,548851,827 150,128
6,056
above totals show that the interior stocks
have in¬
creased
Range
Sight and Spinners'
Takings.
-1919Since
Since
Week.
Aug. 1.
Week.
Aug. 1.
128,999
Net overland to Sept. 24
6,372
Southern consumption to Sept. 24a
69,000
471,693
39,973
561,000
77,822
7,641
452,845
69.000
522,000
1,072,666
z8,114
154,463
51,506
1,066,778
Receipts at ports to Sept. 14
Total
marketed
Interior stocks in
.—204,371
excess
Came into sight during
Total in sight Sept. 24
....
week...234,309
These
x
Less than Aug.
figures
are
23.016
982,611
179,231
27,162
262,111
consumption; takings not available.
1.
Movement into
sight in previous
Week—
1918—Sept.
1917—Sept.
1916—Sept.
z84,167
'205,969
1,064,552
Nor. spinners'takings to
Sept. 24.
a
29,938
91,933
years:
Bales.
Since Aug. 1—
334,008 1918—Sept. 27
364,436 1917—Sept. 28
.530,989 1916—Sept. 29.
27
28
29..
Bales.
1,588,167
1,776,413
2,351.295
WEATHER
us
REPORTS BY TELEGRAPH.—Advices to
by telegraph from the South this evening indicate that
where rain has fallen
light
or moderate as a
during the week the rainfall has been
rule, and that in the greater part of
the
Estimated.
Continental imports for past week have been
31,000 bales.
The above figures for 1920 show
an
increase
over
1,182,6S4 bales
over
AT
over
464,453 bales over 1919, an excess
1918 and a gain of 1,658,881 bales
1917.
THE
INTERIOR
Southwest dry weather has prevailed.
The gathering
of the crop has,
consequently made good progress although
there are some complaints that labor is scarce and
high.
last week
of 59,633 bales, a gain of
of
4,507.
19,347
23,466
36
S.C., Greenville
.—
April—
*
700
1,500
3,082
800
_
Nashville
24.15-.18 24.40
Closing
Stock at
425
14
5,744
10,019
9,528
1,747
1,365
Okla., Altus...
Chickasha..
___
24.27-.75 24.09-.05 24.80-.30 23.92-.85 23.42-.15 23.12-75 23.12 c30
Range
at
3,393
/ 9,231
10
Vicksburg
Yazoo City..
Mo., St. Lo|uis.
N.C.,Gr'nsboro
March—
Stok
25
1,292
...
Raleigh
25.44-.96 25.38-/42 26.10-.65 25.00-/20 24.30-.20 23.S0-.55 23.80-/42
25.70-.77 26.12-.17 26.10-. 15 25.33-.40 24.45-.50 23.95-.05
Range
/28c.
614
3,851
2,239
Natchez
——
January-
Closing
218
11,822
Meridian....
..—■
—
December—
Closing
11,364
58,226
2,123
Clarksdale
28.58-.65 28.80-.92 28.75-.85 27.80~.85 26.85
Range.....
name
1,953
20,746
11,264
8
Miss.,Columbus
Week.
28.30-.75 28.20-.00 28.75-.45 27.30-/95 26.60-490 25.95-.85 25.95-/95
—
25.95-.00
Range
Closing
February—
26.
368
1,377
1,058
..
La., Shreveport
November—
Range
861'
90
.
—
29.10
....
Closing
344
8,244
Sept.
Greenwood..
Range
Closing
727
Columbus...
October—
....
200
Slocks
Week.
84
Selma
September—
Closing
710
6,244
3,430
Ship¬
ments.
Season.
Little Rock..
Rome
Closing
Receipts.
Week.
24,.
372
Macon
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Sept. 18. Sept. 20, Sept. 21. Sept. 22. Sept. 23. Sept. 24.
Week.
3,191
—
Ark.,Helena
follows:
as
Season.
1,756
Montgomery
highest, lowest and closing prices at
New I York for the past week have been
Stocks
'Sept.
ments.
Week.
Atlanta
FUTURES.—The
Ship¬
on
8.56
1892
1891
1906
1915
1914
Towns.
8.44
6.62
8.31
7.62
8.69
10.38
11.12
1894
9.00
1901——
9.40
1896.C
11.40
in
out
28.50
QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York
Sept. 24 for each of the past 32 years have been as follows:
1912_c —11.75
1911
10.85
1910. —13.70
set
Fri.
NEW YORK
1920.C
1919
year—is
below.
Ruin.
Abilene, Texas
Brenham
Brownsville
Cuero
Dallas
TOWNS
the
movement—that
is,
Henrietta
for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
Lampasas
Longview
Luling
the receipts
_
_
Rainfall.
dry
dry
dry
drydrydry
dry
1 day
0.10 in.
dry
Thermometer
high 94
high 95
high 100
high 98
high 95
high 95
high 100
high 93
high 100
low
low
low
low
low
low
low
low
low
58
mean
62
62
mean
59
62
57
52
55
60
mean
mean
mean
mean
mean
76
79
81
79
79
76
76
mean
74
mean
80
SEPT. 25 1920.]
Palestine
Rainfall.
Rain.
■„
■vr
Nacogdoches
—
Paris
Antonio..
VVeatherford
—
dry
dry
—
Ardmore, Okla„_____
dry
dry
0.45
dry
1 day
0.64
__2 days
2.14
i day
1.07
1 day
0-09
l day
1.80
dry
1 day
0.40
1 day
0.12
1 day
0.02
Altus
Muskogee
2 days
Oklahoma City
Brinkley, Ark__
Eldorado
Little Rock
Marianna
Alexandria, La—
Amite
Shreveport
Columbus, Miss.
Okalona
—
^ jcksburg
in.
in.
in.
in.
in.
in.
in.
in.
__—
Selma——;
Gainesville,
1.94 in.
0.10 in.
1.39 in.
0.41 in.
dry
1 day
2 days
3 days
2 daj's
Fla
Madison
Athens
Augusta.
Columbus
dry
0.06 in.
dry
0.15 in.
dry
dry
1 day
Savannah
Charleston, S. C............1 day
Greenwood.
Columbia
__
—_—dry
2 days
0.86 in.
1 day
0.20 in.
dry
;
1 day
0.10 in.
Conway
Charlotte, N. C
Weldon
Dyersburg, Tenn
Memphis
mean
mean
mean
maen
77
77
79
77
mean 77
heavy rains.
Cot¬
low 67 mean 79
low 59
mean 73
high 91
low 71 mean 81
high 89
low 60 mean 75
high 90
low 59 mean 75
high 93
low 62
mean 78
high 90
low 59 mean 75
high 90
low 59
maen 75
high 93
low 61
mean 77
high 90
low 63
mean 76
high 87
low 65 mean 76
high 84
low 58
mean 71
high 87
low 59
mean 73
high 88 low 57 mean 73
high 86 low 55 mean 70
high 87
low 45 mean 66
high 89
low 57 mean 73
high 90 low 60 mean 75
Mobile, Ala.—Crop in this section badly beaten out by
ton opening fast.
____3 days
6.32 in.
high 91
Decatur
dry
high 87
Montgomery.
mean 72
mean 78
low 64
high 89
0.30 in.
1 day
,
in.
'
mean 78
mean 77
mean 78
mean 82
mean 73
mean 77
mean 76
mean 75
mean 78
mean 72
mean 73
mean 76
57
62
60
66
54
56
57
55
58
51
low 53
low 62
low 54
low 62
low 64
low 62
low 62
low 60
low
low
low
low
low
low
low
low
low
low
high 98
high 92
high 95
high 98
high 91
high 97
high 95
high 95
high 97
high 93
high 92
high 89
high 91
high 93
high 93
high 92
high 95
high 94
0.03 in.
1 day
San
Thermometer
—
dry
dry
—
AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader wre also add columns
colsed
on
a
glance how the market for spot and future
Closed.
Quiet, unchanged._
Quiet, unchanged__
Quiet, unchanged.
Wednesday- Quiet, 50 pts. dec__
Thursday
Quiet, 100 pts. dec.
Friday
Quiet, 100 pts. dec_
.
___
__
Steady
Easy
Easy
Steady
Easy
Steady
Total.
Conlr't.
Spot.
...
----
day of the week:
Mid.
d.
a.
s.
d.
to
d.
d.
d.
d.
s.
Upl's
finest.
d.
d.
s.
July
26.15 42
<2>
45
27 0
@31 6
19.88
27.10 42
@
45
27 0
@31
@31
@31
@31
6
6
6
6
18.53
@30 0
@29 9
18.15
49
@
69
39 6
@42 0
54
@
70
39 6
@42 0
52 H
30
@
69
38 6
@41 0
27.19 40 H
®
@
45
@
43 H 27
Aug.
6
13
67
20
46 X
@
38 0
@40 6
24.82 41
64
50
27
37 6
@40 0
22.49 40
43 H 27 0
27 0
Sept.
0
18.40
19.05
19.10
3
46
@
60
36
6
@39 0
20.96 39 %
@
10
46
@
58
36 0
@39 6
21.65 39 Vi
@
43 ^ 25 6
42 M 25 3
®
44^ 26 9
@31 0
18.58
@
44 y2 27
@31
19.88
17
44
@
56
35 0
@37 6
21.68 39 K
24
46
@
56
35 0
@37 6
21.35'40
0
17.85
6
previous page, the
United States the past week have
The shipments in detail as made
SHIPPING NEWS.—As shown on a
exports ,of cotton from the
reached 89,042
bales.
from mail and telegraphic returns, are as
up
NEW YORK—To Havre—Sept.
—Burmese Prince, 7
231
1,055
50
5,434-..
-i-21,065
Sept. 22—Patrician, 15,631
To Manchester—Sept. 22—Ventura de Larrinaga,
To Havre—Sept. 23—Glen Ridge, 11.868
To Bremen—Sept.
Bales.
_
17—Huberfeld,
Liverpool—Sept.
GALVESTON—To
follows:
22—Rochambeau, 224---Sept. 23
To Bremen—Sept. 23—Schoharie, 1,055-----To Gothenburg—Sept. 22—Lake Galien, 50
10,581 —----10,581
11,868
—
22—Christel Sailing, 4,503
—
Hamburg—Sept. 22—Christel Sailing, 500
„
500
To Barcelona—Sept. 18—Paz de Espalza, 3,300--------- ---- 3,300
To Genoa—Sept. 17—Nobles, 2,898-2,898
HOUSTON—To Liverpool—Sept. 23—Savan, 15,281 —
15'2§1
To Liverpool—Sept. 23—Savan, 15,281 — —
—
To Havre—Sept. 23—City of Lordsburg, 10,723
— I'M™
NEW ORLEANS—To Liverpool—Sept. 22—Chancellor, 4,000
4,000
To
22—Terverbyn, 32 — —
— —
—
22—Peekskill, 1,380—
*
23—Minooka, 516
22—Noruega,451--—
To Japan—Sept. 17—Tacoma Maru, 100
'•
: —— BALTIMORE—To Manchester—Sept. 10—West Harley, 8
To Rotterdam—Sept. 4—Edgemont. 100—
Saturday. Monday.
Friday.
Wed'day. Thursd'y,
Tuesday.
29.25
27.25
28.25
Orleans- 28.00
28.75
28.00
28.00
28.00
27.00
20.50
Mobile
28.50
28.50
28.50
27.00
30.50
30.00
28.50
30.00
28.50
Savannah..
28.25
28.00
27.50
30.00
30.00
30.00
30.00
28.25
29.00
28.75
£1?
451
100
8
100
400
18—Tenyo Maru, 400
89,042
-
Liverpool we have the fol¬
stocks, &e., at that port:
lowing statement of the week's sales,
Sept. 3.
Sales of the
export
Forwarded
Total stock.
-
American
which
11,000
96,000
48,000
Amount afloat.-
American
The tone of
892,000
561,000
16,000
Total imports for the week
Of which American
which
27,000
16,000
4,000
48,000
day of the past week and
spot cotton have been as follows:
each
30.00
30.00
30. Ou
29.50
Baltimore...... 30.00
31.25
Philadelphia
30.00
31.00
30.50
31.25
31.00
31.25
27.50
28.50
30.50
30.75
29.75
28.75
30.25
30.00
29.75
29.25
28.38
31.50
32.50
27.35
30.50
30.00
25.45
29.50
24.95
Market,
27.35
28.50
29.00
27.00
25.75
P. M.
28.50
28.50
28.50
27.50
27.00
27.20
27.20
25.40
24.75
.5.000
51,000
872,000
631,000
11,999
^T'999
44>999
§o4,000
608,000
26,000
31,000
13.000
13<999
109,000
57,000
<
and futures
prices of
the daily closing
27.13
32.00
27.00
28.50
24,000
21,000
117,000
64,000
l^.OOO
Liverpool market for spots
the
Sept. 24.
Sept. 17.
26,000
16,000
9,000
54,000
917,000
580,000
Actual
Sept. 10.
21,000
week...
American
Sales,
Of
25.75
32
„
To Bremen—Sept.
To Rotterdam—Sept.
To Gothenburg—Sept.
Of
Closing Quotations for Middling Cotton on-
New
d.
d.
'
'
.
Cot'n
Ticist
LIVERPOOL.-—By cable from
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
Galveston
32s Cop
Upl's
finest.
Total
____
Week ending
Sept. 24.
Mid.
to
Twist
:
ings, Common
Cot'n
ings, Common
32s Cop
i.
.
■
8}4 lbs. Shirt¬
8 v lbs. Shirt¬
SAN FRANCISCO—To Japan—Sept.
Total
each
1919.'
1920.
To Manchester—Sept.
Market
Closed.
^
SALES.
Futures
Spot
Market
Saturday
Monday
Tuesday
by
received
report
to-night from Manchester states that the market is
lifeless.
We give prices for to-day below and leave those
for previous weeks of this and last year for comparison.
15'281
da vs.
same
MARKET.—Our
MANCHESTER
cable
MARKET AND SALES
which show at
1393
CHRONICLE
THE
Charleston.
Norfolk.
—
..
____
Augusta
Memphis
_
Dallas
Houston
Little
...
Rock
Fort * Worth
—
-
—
—
—
12 15
quotations for leading contracts in the New Orleans
markets for the past week have been as follows:
cotton
27.58
September
—
28.33
—
28.05
—
27.05
—
25.70
January
March.
May
July
Friday.
Dull.
Quiet.
Quiet.
Dull.
Quiet.
Steady.
Market,
advance.
decline.
decline.
decline.
Quiet
f
Steady
Quiet
Quiet
Quiet, 19
16@60 pts. 21@41 pts. 18 @29 pts.
4
P. M.
decline.
advance,
decline.
1
3@13 pts. pts. dec. to
1 pt. adv.
decline.
—
prices of futures at
Liverpool for each day are
given
22.30-.35 21.90-.95
21.55-.80 21.42-.46
21.20-.30 21.00
Quiet.
Steady.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
—
Steady.
Steady.
AND TAKINGS OF COTTON.—
brief but comprehensive statement
The following
indicates
glance the world's supply of cotton for the week and
Aug. 1 for the last two seasons, from all sources from
which statistics are
Mon.
Sat.
obtainable; also the takings, or amounts
12K
Sept. 24.
12 Hi
12X
December...
HOLI¬
...
DAY.
March....
...
May
Visible supply Sept.
Visible supply Aug.
Week.
Week.
Season.
|
Bombay receipts to Sept. 23—
Other India shipm'ts to Sept. 23
Alexandria receipts to Sept. 22 _
234,309
010,000
06,000
02,000
4
d.
d
d.
1214
i2h
4
m. p. m. p. m
d.
d.
d.
4
p. m. p. m.
d.
d.
18.63 18.69 18.52 18.4lU8.33
18.58118.64 18.71 18.88 18.68
18.33 18.17 18.09jl8.00
18.25 18.29 18.36 18.53 18.3.3 18.28
17.99,18.04! 18.12
18.28 18.09 18.04 18.09 17.93 17.8817.77
17.85 17.69 17.6717.55
17.7417.79 17.87 18.03 17.84 17.80
17.61 17.57 17.62 17.48 17.48jl7.37
17.49,17.55 17.6217.79
17.40 17.28 17.30,17.26
17.24 17.31 17.37117.54 17.38 17.34
17.20 17.16 17.23 17.10 17.15U7.05
17.03jl7.14 17.19:17.35
Season.
4.036,087
4,388,289
24-_
12 K
17.05 16.92 17.00,16.90
16.8L16.66 17.0117.17 17.02 16.98
16.81 16.72 16.8010.70
16.56il6.4l 16.7616.93 16.78 16.75
July
August.....
17
1
American in sight to Sept.
1919.
1920.
Takings.
Season.
4
19.24 19.05 18.93:18.88
19.1619.19 19.26 19.45 19.21 19.16
18.87 18.69 18.5918.51
18.7918.83 18.90 19.06 18.84 18.80
November
January
d.
1214
p. ra. p. m, p. m. p.
Fri.
Thurs.
Wed.
19.53 19.35 19.35 19.36
19.2819.28 19.48 19.69 19.54 19.48
October
February
4
p. m. p. m. p. m. p. m
September
April
and
Tues.
Sept 18
June
Cotton
Easy
Quiet
6@16 pts. 12 @25 pts,
decline.
d.
Week
2,000
7@14 pts. 21@28 pts.
14@23 pts.
/
\
to
Quiet.
WORLD'S SUPPLY'
since
4,000
Easy
Quiet
Easy
Futures.
Market
The
Spot
Options
a
21.35
5,000
3,000
21.53
below:
Tone—
at
21.54
21.48
21.28
;
4,000
23.50-.58 27.90-.98
22.68-.71 22.28-.31
24.87-.90 25.39-.47 25.21-.27 24.42-.50
23.92 — 24.45-.48 24.18-.29 23.52-.55
23.08-. 11 23.61-.65 23.35 — 22.86 —
22.55 — 22.95-.98 22.75-.80 22.38-.43
22.00-.07 22.35-.40 22.12-.15 21.80-.90
December.
Thursday.
HOLIDAY
26.83-.88 27.58-.67 27.30-.35 26.30-.35 25.25-.36 24.35-.36
October
Wednesday.
Sales
opened
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Sept. is. Sept. 20. Sept. 21. Sept. 22. Sept. 23. Sept. 24.
Tuesday,
f
{
1
Mid.Upl'ds
CONTRACT MARKET.—The closing
NEW ORLEANS
M onaay.
Saturday.
Spot,
4,956,257
1,064,552
168,000
79,000
12,000
21,000
4,792,018
205*969
6,000
10,000
16,000
3,000
BREADSTUFFS
982,611
209,000
41,000
47,000
Friday
Night,
Sept.
24 1920.
early in the
week had an unsettling effect.
It was believed that mills
4,642,598 6,300,809 4,277,056 6,091,629
Total supply
Deduct—
would reduce prices.
Besides Canadian mills are competing
4,447,922 4,447,922 4,001,469 4,001,469
Visible supply Sept. 24-.—
with American more and more keenly.
Two cargoes for
275,587 2,090,160
194,676 1,852,887
Total takings to Sept. 24_a
1,459,160
200,587
Greece, it seems, for which inquiries were recently made
161,676 1,417,887
Of which American
631,000
75,000
435.000
33.000
Of which other
here, were bought in Canada.
Not only that, but domestic
Embraces receipts in Europe from BrazU, Smyrna, West Indies, &c.
buyers are taking more or less Canadian floor at what are
This total embraces the estimated consumption by Southern mills,
561,000 bales in 1920 and
2,000 bales in 1919—takings not being avail¬
declared to be cheaper prices than those current for American.
able—and the
gre
am unts taken by Northern and foreign spinners,
Other
supply to Sept. 22 *—
— _
52,000
20,000
Flour has been
quiet and a decline in wheat
'
—-
*
a
1,291.887 bales in 1
and|937,160Iba
20 and 1 568.160 bales in 1919,
s
6 Estimated.
of which 856,887 bales
Also there is
a
certain amount of reselling here.
That neu-
1294
THE
tralizes the fact that first-hand
Later
In
fact,
again.
stocks
here
wheat advanced, but this had
on
prices
turned
American
downward
prices
Canadian competition.
no
when
perforce
were
The downward
by mills using Canadian wheat.
are
not
effect
wheat
on
CHRONICLE
large.
to
meet
movemen|t was led
Herbert Hoover, speaking
to the American Association of the
vention at Atlantic
Baking Industry, in con¬
City, said "thirty-one per cent of Eu¬
rope's population is still
bread rations.
on
The great ex¬
porting centres of the world will have available
some
000,000 to 625,000,000 bushels of wheat for export.
import necessities of Europe, if bread consumption
restored
to
normal
would
there does not
event,
surplus.
any great
that
means
the
exceed
this
either
appear
In
amount.
575,-
The
was
any
great shortage or
any
The 4.30c. for flour in
a
loaf of bread
Mississippi Valley farmer receives about
three cents from the loaf; the balance of the flour
price goes
to
handling, storage, transportation, milling and wholesale
This should tend to dissipate
any notion that
the farmer is primarily responsible for
doubling the price of
the loaf.
In fact, a reduction of 60 cents
per bushel in
distribution.
wheat would
affect the loaf but one cent."
The price of
likely to be reduced, the master bakers of the
country declared at this convention.
This disappointing
outlook was attributed to the high cost of
flour, increased
labor costs and transportation troubles,
by the President of
the Association.
There is no relief in sight at this time, and
we shall be fortunate if we are able to
go ahead without a
further advance in prices, declared the President.
Wheat declined owing to fears of
large offerings by Canada.
The Canadian crop is beginning to move
freely.
Elevator
interests and local traders sold freely.
English buyers have
been doing little.
They are declared to have supplied their
wants early in the present
year.
Whether that is really so
or not remains to be seen.
Certainly they have been holding
aloof of late.
Whether they are simply waiting for lower
prices remains to be seen. There has been big Continental
buying in shipment from the Gulf.
Foreign buying here at
times has looked to some like covering.
The visible supply
in the U. S. increased last
week, 2,134,000 bushels against
7,863,000 in the same week last year.
It makes the total
however only 25,065,000 bushels against
77,988,000 bushels
bread is not
a year ago.
The Dominion Bureau of Statistics estimates
that the Canadian crop of wheat will reach
289,000,000 bush¬
els, which
big exportable surplus.
means
The Province of
Alberta will have 18 bushels per acre and a total
yield of
66,300,000 while the Saskatchewan yield is estimated at
13 bushels per acre.
The Rome International Institute of
Agriculture says that
estimates of the wheat crops of Argentina, South Africa and
Australia show those countries, which comprise
92% of the
wheat-growing area of the Southern Hemisphere, will pro¬
duce 28% above the average.
Crops Tn Spain, Italy,
Algeria, Tunis, Bulgaria, Finland, Switzerland, British India
and Guatemala are about the same as last
year.
Wheat is
above the average in Austria,
Czecho-Slovakia, Denmark,
France, Holland and Sweden.
The average in Germany
and Ireland is slightly lower than that in
England and Scot¬
land.
Preliminary estimates of the area seeded to wheat in
Argentina show it to be 7% larger, but the condition of the
crop is 3%^ below the average.
Argentine new crop condi¬
tions have improved, with rains
reported from the Southern
and Western provinces, where the bulk of the wheat is
grown.
Cables from Argentina report the weather fine,
the wheat crop in most
provinces looks healthy and the yield
will undoubtedly be substantial.
Later on prices advanced sharply i. e.
3p2@4^c.
The
feature
was
tne
enormous export sales, estimated at as
high
10,000,000 bushels.
The largest sale ever
previously reported w-as 6,000,000 bushels a little before wrar
was declared
by the United States in April, 1917.
Accep¬
tances were on an enormous
scale, and there was very heavy
buying of wheat futures in Chicago.
Two houses were
8,000,000
to
credited with buying about 4,000,000
bushels, understood, to
be for New York
export account.
On the 23rd inst. 3,000,000 bushels more were taken for export.
Most of this
big total of 10,000,000 to 13,000,000 bushels w<as American
wrheat taken by the Continent via the
,Gulf.
Included
however,
durum
some
and
Manitoba
wheat.
Later
Canadian wheat was freely offered
prices fell and premiums
shrunk.
Today prices declined 11 to 12c. on futures.
No. 2
f. o. b. Gulf is quoted for last half of
Sept. at 35c. over
Chicago December.
Prices are much lower for the week.
DAILY
CLOSING
PRICES
CLOSING
,
WHEAT
Sat.
„
No. 2 red..._________
DAILY
OF
cts.268
PRICES
OF
December delivery m
elevator_ets_24034
March delivery in elevator.
235
Indian
Tues.
260
NEW YORK.
Wed. Thurs.
Fri.
262
263K 262K
WHEAT
Sat.
,
Mon.
268
IN
FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs.
Fri.
23954 232
23634 236 34 225
23454 22634 230
227'
215
has declined,
owdng to heavy receipts, large
country offerings, weakness of cash markets and, to crown
all, favorable weather.
The visible supply in the United
States increased last week 495,000
bushels, against 390,000
last year.
This brought the total up to 3,287,000 bushels,
corn
against 1,750,000
mission
houses
a year ago.
have
below $1 in Kansas
been
Elevator interests and
selling.
The
price
has
City for the first time since the
of 1917
com¬
fallen
summer
andfat Chicago for the first time this season. About
only buying was covering and against bids.
The
weather has been clear and warm
enough to hasten the
maturity of the crop.
The cash demand has been poor.
the
flour.
weakened
lowered
[Vol. 111.
Rallies occurred from time to time as the market became
a bit oversold.
Also a tropical storm threatened
the Gulf States and it was feared that it
sold out and
might penetrate the
Southwestern portion of the belt.
This caused covering
apart from anything else.
It turned out in the end that it
has done no harm.
But later the September situation be¬
acute.
came
September rose on the 22d inst. 13Hc. and
high point.
New crop deliveries were weak
early that day on the weather, which was again extremely
favorable all over the belt, but rallied with some excitement
in wheat, and the rise in
September corn.
The Atchison's wreekly
crop report says corn is excellent
and if present weather continues a week or ten
days it will
be out of frost danger.
Small grain threshing is proceeding
as
rapidly as the weather permits and is 80% completed.
Much fall ploughing is
being done with a good deal of plant¬
ing in Kansas, which expects an increase in wheat acreage
and probably total
acreage.
Minnesota's corn crop esti¬
mated at 103,146,000 bushels, is
safe, it is said, from frost
damage.
For nearly a month unusually dry, clear weather
has prevailed in Minnesota and over a
portion of the Dakotas
closed
the
near
^
and temperatures have been mild.
and they wind up lower for the week.
DAILY CLOSING PRICES
OF
CORN
Sat.
No. 2 yellow
To-day prices declined
Mon.
cts_14934
IN
NEW
Tues.
14634
YORK.
Wed.
14354
Fri.
Thurs.
154
14734
14054
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon.
September delivery in elevator.cts. 125
December delivery in elevator
108
May delivery in elevator
10834
Tues.
12434
10754
10834
Wed.
12334
105 34
Fri.
Thurs.
13534
127
105 34
9934
100
10554, 10534
12534
9734
9854
Oats, like other grain, declined.
There wras another
big increase in the visible supply, i. e., 5,118,000 bushels or
some 13,000,000 bushels in three weeks.
And for the first
time in a long while the total visible
supply is now larger
than at the
corresponding date last year.
It is 21,334,000
bushels, against 20,935,000 bushels a year ago.
This
looked something like the
And
handwriting on the wall.
the big Canadian crop is also to be reckoned with.
It is
much talked of.
Canada will compete sharply in the foreign
market with America.
That seems clear enough.
Cash
markets have been dull and wreak.
There has been large
hedge selling.
New low record prices for the season have
been
reached.
times
Weakness
in
has
corn
prices have rallied for the
hurt
But at
oats.
moment with other
grain,
covering of shorts who have a good deal of com¬
pany and occasionally become a bit uneasy.
The drift of
opinion, however, looks to a further decline.
Naturally,
and
on
there
the
are
bound
futures than
DAILY
sudden and perhaps
the short interest if for
on
To-day prices eased
on
be
to
from time to time
a
little.
PRICES
Sat.
cts.
No. 2 white
DAILY
OF
Tues.
73
74
7I@73
CLOSING PRICES
OF
OATS
fallen
like
73
59
6234
6614
61 54
65 54
70@71
70@7l
71
70®7l
FUTURES
Mon.
60
Fri.
Thurs.
72@73
'
Sat.
has
reason.
YORK.
NEW
Wed.
74
75
__
IN
OATS
Mon.
75
September delivery in elevator.cts.
December delivery in elevator.:
May delivery in elevator
RYE
other
6 to 6^ cents lower
are
week ago.
a
CLOSING
No. 1 white
They
sharp upturns
no
Tues.
CHICAGO.
IN
Wed.
Thurs.
56 V%
5934
6354
5634
5934
63
Fri.
54 54
5754
51%
54%
57%
51%
other
grain.
The dowmward pull
September delivery has been an
exception.
The visible supply increased last week 1,196,000
bushels against only 15,000 bushels in the same wreek last
year.
It is still only 3,594,000 bushels against 14,366,000
a year ago, but it is
gaining.
And although sales to Germany
early in the week were estimated at 400,000 bushels they were
not fully confirmed.
Buyers in the main appeared to be
pursuing a waiting policy.
On the 22nd instant prices shot
upward 6 to 21 ^ cents, the latter on Sept.
The feature was
the covering of shorts in Sept.
The advance lifted the
price in Chicago for Sept. higher than the cash price in
New York.
Later prices reacted with those for other grain
and large Northwest selling.
Today# prices gave wray 4
to 5!^c. on futures. 1 They closed 5c. higher for the week on
September and 7F£c. lowrer on December.
seemed
.DAILY
irresistible.
CLOSING
The
PRICES
OF
RYE
Sat.
The
following
are
FUTURES
Mon.
September delivery in elevator.cts. 191%
December delivery in elevator
173
Tues.
19234
17234
19054
17054
IN CHICAGO.
Wed. Thurs.
Fri.
209
17634
204
200
173 34
16754
closing quotations:
FLOUR.
Spring patents.
$12 00®$13 00
Winter straights, soft 10 85® 11 25
_
Kansas
straights
....
Rye flour
Corn goods, 100 lbs.:
Yellow meal
Corn flour
11 75®
10 00®
12 75
10 00®
Clear
....
11 00
3 65®
3 80
4 05
3 85®
11 00
Barley goods—Portage barley:
No. 1
S7 00
Nos. 2,3 and 4 pearl
Nos. 2-0 and 3-0—
.
$2 6234
No. 2 yellow.
-
,
\
No. 2 white.
*
$1 4054
1 99
-v
No. 1
Nominal
Rye—
No. 2
8 20
Y
Oats—
>
No. 2 red
No. 1 spring.
Corn—
■
7 15
7 25
spot deli very
GRAIN.
Wheat—
7 00
7 00 @
-
Nos. 4-0 and 5-0—
Oats goods—Carload
....
No. 3 white....
.
'
c
70@71
70@71
69@70
Barley—
Feeding
Malting
For other tables usually given here,
see
page
107® 112
-119@120
1248.
WEATHER BULLETIN FOR WEEK ENDING SEPT.
21.—The influences of weather on the crops as summarized
'
Sept. 25 1920.]
in the weather bulletin issued
are
culture for the week ending
will
by the Department of Agri¬
Sept. 21 were as follows:
,
COTTON.—The
temperature
averaged considerably above normal
throughout the cotton belt and the week was practically rainless in the
western half, while only light showers occurred in most eastern districts.
These conditions were very favorable for opening cotton and for picking
and ginning and this work made satisfactory progress in practically all
sections, although there was some complaint of labor shortage in a feiv
portions of the belt.
Cotton is opening and picking beginning to the
northern limits of the belt.
in a material improvement
The better weather conditions have resulted
in cotton in much of the western portion of the
belt, but in the eastern portion the condition is practically unchanged.
Some deterioration was reported from North Carolina, but the crop is still
in mostly fair condition in that State, although there is a tendency to a
light top crop; little or no top crop is expected in central and southern South
Carolina, Mississippi and Florida, while it is very short in Georgia.
No
improvement .seems possible in Georgia, except in the northern portion,
where a late fall would increase the yield.
No material change in the
condition of cotton was reported in Tennessee, Alabama or Mississippi,
but, under the influence the dry, warm weather, the crop made very good
to excellent propress in Arkansas, where weevil activity and shedding have
been decidedly checked.
From fair to excellent progress was reported from
Texas also and a good top crop is now indicated in many sections of that
State.
Progress was generally fair in Oklahoma where a general improve¬
ment is noted, although weevil and boll worms continue active, especially
in the south central portions.
A good crop of cotton is being picked in the
producing districts of New Mexico, while warm weather favored develop¬
ment in Arizona.
believed
be
warm
and comparatively dry [weather, with abundant
prevailed in most southern and central districts during the
week, was unusually favorable for the maturing of corn.
In Missouri
the bulk of the crop is out of frost danger, and cutting is well under way.
Cutting is well under way also in all parts of Kansas, except in the north¬
eastern and north central portions.
While the bulk of the crop is out of
frost danger in Nebraska, late fields need about ten days more for proper
maturing. ■, About one-half of the crop is safe from frost damage in Iowa,
where soil filling and foader cutting progressed rapidly.
Most of the crop
will be past frost danger by the 30th, in Wisconsin, Michigan and Ohio.
WINTER GRAIN SEEDING, &C.—The warm, dry weather of the week
was very favorable for the preparation of soil and the seeding of winter
grains in the principal grain producing districts of the country, except in
the western lower Lake region and parts of the upper Mississippi Valley,
where some delay has been occasioned by a lack of soil moisture.
The
drier weather in southern portions of the winter wheat belt was very favor¬
able and the work of preparing seed beds was resumed in many districts
after delay resulting from recent wet soil.
Plowing is about completed
in Missouri and about 80% of the wheat land has been prepared in Okla¬
homa.
Seeding made good progress in the central and northern portions
of the belt and the early seeded wheat is coming up nicely;
this crop is
being sown under unusually favorable soil conditions in the Far North west
The threshing of late grains made favorable progress in practically all sec¬
completed.
The markets
quiry
was
better tone in dry goods through the week.
were
generally steady, and the volume of in¬
quite as good as at any time this fall.
In job¬
bing circles the new low prices are stated to be attracting
and
trade
giving
retailers
more
confidence,
but
not
the
degree of confidence that is expressed in
of the declines that
The extent
fabrics
those
time within the next ten
some
a matter of no little speculation, the feeling seem¬
ing to be that the reductions will not be so sharp as those
which recently took place in ginghams and other woven
cottons.
colored
And
the
speculation
same
prevails
re¬
specting the repricing of standard bleached goods, which is
in
due
about
two weeks.
Eastern 38%-inch, 64x60 print
"quick".shipment brought 15c. during the week;
cloths for
and similar deliveries of 39-inch 6Sx72s sold for 16c., as did
38%-inch 60x48s at 12c. Some September business in sheet¬
ings was put through on 5-yard goods and 5.50s, which sold
for 123/£c. and 11 %c., respectively.
Sheetings in medium
weights were firmer and appear to be tending to
65c.
a basis of
For 64x60s 15c. is commonly quoted.
The
pound.
a
trade is keeping an eye on the leading producers of
for announcements of
and denims
new
price-lists
percales
on
those
Further price reductions in finished cotton goods
fabrics.
their
making
cuts have
been
appearance
heaviest
in
almost
daily.
increase in the
an
Recently
the
ginghams and cotton flannels.
One effect of the naming of new prices on
time has been
retailers who have accepted
ginghams at this
requests for rebates from
goods shipped in the past 90
Southern staple ginghams are beginning to move
freely on a basis of 17%c. for good high grade fabrics
days.
more
and
for lower
15c.
Drills
counts.
are
in
better
request.
is very little reported in the fine goods division
There
of
the trade.
Cotton yarns were dull and weak.
cotton
are finding offers more plentiful and prices
irregular that they hesitate to bind themselves
on
Buyers of
yarns
so
are
very
anything save very moderate quantities.
and there is
a
Prices
are
good deal of cutting to secure business.
low
The
markets have not recovered from the sudden slump
yarn
of
August and September.
No buying of any consequence
has taken place in the hosiery markets.
Prices are not at¬
Buyers want bargains.
at distressed
Neio York, Friday Night, Sept. 24 1920.
a
small.
by prints and percales when
days, is
tractive.
THE DRY GOODS TRADE.
There was
to be
shown
repriced by the printers,
are
are
CORN.—The
sunshine that
tions where this work has not been
1295
CHRONICLE
THE
Hosiery changing hands
prices are not reflecting manufacturing costs.
Optimism is not a glaring characteristic of the knit under¬
market.
wear
wear
Curtailment has been steady in the under¬
Few manufacturers are will¬
mills for the past week.
ing to name prices openly, and the market for the present
is
a
buyers' market, and they are backward in buying.
The
drop in cotton shattered many hopes among cotton goods
men,
who were preparing selling plans on a spot cotton mar¬
30c.
In the main retailers are depending upon
other channels.
prices begun last spring is being prose¬
ket around
The drive for lower
cuted with renewed
vigor by almost every factor identified
and
with production
and distribution.
Competition
among
the
spbt market for merchandise to supply their immediate
near future
requirements.
Current prices during the
-week were:
Print cloths, 27-inch, 64x60s, 10c. to lO^c.;
the
In some cases prices
are quoted at or below the cost of production.
The market
conditions are favoring the buyer.
But buyers as a rule
are placing orders for only scattering lots for delivery with¬
in thirty days.
Orders for future delivery are placed spar¬
ingly.
The retailer has set himself against buying in a
large way, and present purchases are much below the old
normal existing before the war threw industry into chaos.
28-inch, 64x60s, 10^C.; 28-inch, 64x64s, 11c.; gray goods,
38%-ineh, 64x64s, 16c. to 16V2c.; 39-inch, 68x72s, 16c.; 39inch, 80x80s, 19c.; brown sheetings, , 3-yard, 20c.; 4-yard,
56x60s, 18%c. to 19c.; Southern standards, 24c. to 25c.;
tickings, 8-oz., 42y2c.; denims, 2.20, 44c.; Standard staple
ginghams, 20c.; dress ginghams, 25c. to 27%c.; Standard
Buying
representatives of retail concerns express them¬
ready to commit themselves for good quantities of
merchandise, but they are deterred from So doing by the
financial heads of their firms.
Trade inquiry is broadening
in
selves
in
primary sellers is beginning to open.
as
steadily, and some small increase in the volume of sales is
noted.
The immediate future depends, it is believed, upon
the action retailers will take in
smothering their losses and
There has been a reduction of more
than 30% in the prices of many staple cotton goods, and it is
reducing their prices.
thought to be near time some part of these reductions
should
at the retail counters and be passed on to the public.
There is still a very substantial purchasing power among
appear
the
mass
of people in
this country, and they will buy dry
Amoskeag Manufac¬
reduction of 33 1-3%
of manufactured cotton goods.
Fear of can¬
goods if they are reasonably
priced.
turing Co. announced on Wednesday a
in
the
price
of orders approximating those which forced the
cellations
company's woolen department to close is given as the reason
for the price reduction.
For the time being credits occupy
much attention.
The situation in the markets has reached
a
feint
some
where selling agents are determined to weed out
of the customers who bought free-handedly and who
trying to cancel in the same way.
Money rrtes continue
8% for the best known names and 8%% and sometimes
are
at
SYo% for names not so well known.
DOMESTIC COTTON GOODS.—The downward trend of
prices is tending somewhat to stimulate trading and bring
about normal conditions.
But there has been a lack of full
response
goods.
to many of the new low prices named on cotton
Observance of Yom Ivippur by many sellers and
noticeable crimp in the little trading that
the week. Gray goods prices were
Interest was chiefly for goods
reported as holding steady.
for spot or near-by deliveries.
The stoppage of the down¬
ward trend, has given many converters the idea that basic
fabric prices are stabilized.
But converters are buying very
small lots and seem to lack confidence because of the slow
business in their finished products.
More business was of¬
buyers
was
put
a
under way earlier in
of the thin constructions in print cloths.
Fancy printed 'goods have been revised downward by con¬
verters, some of whom assert they are getting a liberal vol¬
ume of business because of the deep cuts they have made
fering on
in
prices.
some
Stocks of'prints and percales in
jobbers' hands
prints, 23c.
WOOLEN GOODS.—Business
small lots in
>
'
•
has been coming to hand
the men's wear trade.
Price irregularities
and the
and a full open¬
ing of all lines.
Overcoats in the better grades are finding
a fairly good sale, as they are not in overpleiitiful. supply.
The opinion is growing in wholesale quarters that there
quarters of this market have upset buyers,
some
tendency is to wait a settling of the market
will
be
normal fall
no
season.
Staple worsted goods for
women's wear seem to have made the best progress on
the
than had been
expected by some of the large makers of staples.
Reports
from various quarters of the dress end of the cutting-up
trade indicate that sales of the higher-priced goods are rela¬
tively the most active, and this is resulting in some degree
in the dropping from the line entirely of the lower-priced
goods.
In the woolen yarn market there has been consid¬
erable inquiry for yarns from 36s to 50s, two-ply indicating
that fine fabrics still have the lead in the cloth market.,
new
spring season; they have moved better
FOREIGN DRY
GOODS.—The demand from a class of
real article in linens is making
Jobbers are making good progress
with distribution, and it is believed that prices of linens will
stay up until the beginning of the new year anyway.
From
the middlemen's point of view fair progress is being made
in the'linen market.
In some quarters it is reported that
trade that always wants the
for
a
steady market.
August were actually larger than for the same
Many retailers throughout the country
are conducting a September linen sale at prices below cost
of replacement to the wholesaler, and explain by saying that
the low prices are for the purpose of stimulating trading.
The high level of prices is bringing constant call for mer¬
cerized cotton substitutes.
Conditions in the linen indus¬
sales during
month
last
year.
in bad shape, according to a large Mid¬
Prices are advancing and a still greater
try abroad continue
dle West
buyer.
shortage of flax is likely.
Linens purchased last year for
shipment in March of this year are just arriving.
Due to
unsettled conditions in Ireland and Russia there is said to
be little
possibility that goods will be produced
in quantities
in prices. Quietness rules
in the burlap market.
Sellers report scanty inquiry, and
there is a feeling that higher values are justifiable.
Prices
sufficient to warrant a reduction
through the week were nominally unchanged.
For lights,
7.90c. to Sc. was heard, and heavies were firm at 10.50c.
t
1296
THE
[VOL. 111.
CHRONICLE
Jftaie atiil (£xtij Jpjepartwjenl
AKRON, Summit County, Ohio.—BOND ELECTION.—The City
Council has decided to ask the voters, at the November election, for au¬
thority to issue $2,000,000 park and playground and $250,000 viaductapproach bonds.
ALLEN COUNTY
NEWS
ITEMS.
E. G.
(P. O. Fort Wayne), Ind.—BOND OFFERING.—
Kampe, County Treasurer, will receive bids until 10 a. m. Sept. 29
for $150,000
Connecticut.—Woman
Suffrage Amendment Ratified for
Time.—The Connecticut Legislature reconvened,
Second
in
special session, on Sept. 21 at the call of Governor Ilolcomb.
Both Houses, in joint convention, again adopted the reso¬
lution ratifying the Federal Woman Suffrage Amendment
The ratification of the amendment was bjt a vote of 194 to
9 in the House and unanimous in the Senate where eight
members, were absent.
The session was adjourned the same
day at 7.45 p. m.
New
Jersey.—Legislature Recesses.—The New
Legislature on Sept. 15 voted to recess until Nov. 8.
Jersey
Seven¬
teen
measures, were passed'by the General Assembly and
signed by Governor Edwards.
Important among these are:
Senate 323
provides that no taxes shall be levied for a period of five years
on any dwelling improvement that may be made in the building of houses
between October 1 this year and Oct. 1 1922.
Senate 324 gives the tax assessor the right to inquire into the amount of
rent paid.
He shall add to the assessment any excess profit.
Senate 325 provides the tenant shall be given by the landlord, three
months' notice to move in both monthly and year-to-year tenancies.
House 551, which provides that suits to disposses tenants can be brought
only in the city or judicial district where the property is located.
>
New York State.—Legislature Convenes.—The New York
Legislature convened in special session-on Sept. 20 to formu¬
late measures for the relief of the shortage of dwellings.
Several bills of this nature were passed in both Houses and
sent to Governor Smith for his approval.
They are:
A
bill
5% Bueter Road improvement bonds.
Denom. $500.
Date
Sept. 1,5 1920.
Int. M. & N.
Due $7,500 each six months from May 15
1922 to 1931. inclusive.
V
AMSTERDAM, Montgomery County, N. Y.—BOND OFFERING.—
Proposals will be receiveaby E. O. Bartlett, City Treasurer, until 1 p. m.
Sept. 27, according to reports, for $66,000 543% 40-year school-building
bonds.
Interest semi-annual.
Certified check for 2% is required.
ANDERSON-COTTONWOOD
IRRIGATION
DISTRICT
(P.
O.
Anderson),
Shasta County, Calif.—BONDS
APPROVED.—Reports
that this district received a letter from the State Bond Commission
approving the issuance of the $200,000 6% irrigation bonds which were
voted on May 8—V. 110, p. 2215.
The district will be required to issue
bonds maturing from 5 to 15 years, beginning with next January and the
directors are expected to pass an order at the next meeting ordering sale
say
of said
County,
purchased
Oct.
Due
A measure granting to Supreme Court Justices and Justices of the Ap¬
pelate Division the right to grant a stay in non-payment and hold-over
tenant cases.
A bill which seeks to extend the liability of the lessor of an apartment
failure to furnish water, light, heat, elevator and telephone service to
for
his
superintendent, manager or janitor.
The bill also makes more
explicit the language of the statute passed by the last regular session of the
Legislature which makes such wilful neglect a misdemeanor.
Another bill, giving the City of New York the right to expend the pro¬
agent,
ceeds of sales of corporate stock or serial bonds for the erection of new school
houses to house 187.000 New York City school children now receiving only
part time, was approved by both Houses and went to Governor Smith for
executive action.
.
Mich.—-BOND
$100,000 5%
SALE.—A. B. Leach & Co. of Detroit, have
coupon school bonds.
Denom. $1,000.
Date
(A. & O.) payable in Ann Arbor.
April 1 from 1931 to 1934, incl., and $60,000 April 1
Prin. and semi-ann. int.
1920.
1
$10,000 yearly on
1935.
Financial
valuation,
Real
Statement.
est
Assessed valuation, 1919
Total bonded debt, including this issue
$35,000,000
.30,580,560
942,000
j.
Population 20,000.
ASHTABULA, Ashtabula County,
Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. Oct. 13 by M. A. Taylor, City Audi¬
tor, for the following 543% Elm Street improvement bonds:
$19,000 city's portion bonds.
Denom. $380.
Due $1,900 yearly on
/Oct. 1 from 1921 to 1930, incl.
9,000 special assessment bonds.
Denom. $450.
Due $900 yearly on
Oct.
1
1921 to 1930, inel.
from
Date April 1 1920.
Int. A. & O.
Certified check for 5% of amount of
bonds bid for, payaole to the City Treasurer, required.
permitting investment of State and municipal sinking funds in
bonds of State Land Banks.
A bill giving court issuing warrants in tenant default cases the power to
This power at present reposed in the Supreme Court
alone.
vacate the warrant.
bond issue.
ANN ARBOR SCHOOL DISTRICT (P. O. Ann Arbor), Washtenaw
ASHTABULA
COUNTY
O.
(P.
Jefferson), Ohio.—BOND SALE.—
On Sept. 21 the $141,000 6% Inter-County Highway No. 15 impt. bonds—
p. 1105—weretiwarded to Prudden & Co., of Toledo, at par.
Date
April 1 1920.
Due $15,500 yearly on Oct..1 from 1921 to 1928, incl., and
V. Ill
,
$17,000 Oct.
1
1929.
AURELIA CONSOLIDATED SCHOOL
DISTRICT (P. O.
Aurelia)
Cherokee County, Iowa.—BOND SALE.—An issue of $147,000 5% taxfree
school-building bonds has been purchased by Bolger, Mosser & Willaman, of Detroit and
Chicago.
Denom. $1,000.
Date Sept. 1
1920.
Principal and semi-annual interest (M. & S.) payable at the Continental &
Commercial National Bank, Chicago.
Due Sept. 1 1925.
Financial
Actual
Statement.
valuation, estimated
Assessed
1
$15,000,000
4,478,991
169,500
:
valuation
Bonded debt, including this issue
Population, official estimate. 1.500.
>
Both houses passed a tj/1 introduced by Senator Henry M. Sage, Chair¬
of the Senate Finance Committee, which empowers the State Controller
man
to make temporary
loans at the "legal rate of interest."
The present law
permits only 414 % •
This change is expected to make the State's short term
bonds more attractive to prospective buyers.
The bill of Minority Leader Walker permitting New York City to issue
bonds up to .$12,000,000 this year, $5,000,000 of which is to be expended for
the repair and maintenance of bridges and the remainder in salaries, was
passed by both houses.
"
*■*
.-
.
,
Warrenton, Clatsop County, Ore.—Bond Suit Settled —
It is stated that an application will be filed with the Federal
Court for the dismissal of the suit brought by the Spokane
Portland & Seattle Railway Co. against representatives of the
city of Warrenton, attacking the two bond issues aggregating
$500,000, voted on Nov. 7 1919 (V. 109, p. 1912-2379).
The Portland "Oregonian" says:
The
City of Warrenton voted one bond issue of $150,000, which was
completely sold, and another of $350,000, of which approximately $100,000
had been marketed, leaving about $250,000 of bonds yet to be sold.
Under
the agreement reached the city of Warrenton waives its rights to sell
any
more
of the bonds authorized under the two issues.
The bonds were
voted for harbor developments, to buy 100 acres of land, at a price which
declared by the railroad company
and otherwise improve the channel.
In the
was
to
be exorbitant,
and
to
dredge
complaint, which
was brought by the railroad company as the
largest individual taxpayer land the owner of approximately 10% of the
entire taxable property within the city limits, it was charged that the
bond issues were illegal because of defective notices of elections.
BACA COUNTY SCHOOL DISTRICT NO. 38
—BOND ELECTION SALE.—Subject to
7%
an
(P. O. Campo), Colo.
to be called $2,500
election
15-30-yr. funding school bonds have been sold to International Trust
Co. of Denver.
BAKERSFIELD
SCHOOL
DISTRICT,
DESCRIPTION OF BONDS.—Further details
sale
of
Kern
are
County,
Calif.—
at hand relative to
the
the
$300,000 543% school bonds awarded during September to
Bradford, Weeden & Co. at par—V. Ill, p. 1198.
Denom. $1,000.
Date
March 12 1920.
Int. semi-ann.
Due $30,000 yearly from 1921 to 1930,
inclusive.
•
BARR SCHOOL TOWNSHIP
(P. O. Montgomery), Daviess County,
$3,500 5% School House Warrants, offered
Sept. 18—V. Ill, p> 1009—were awarded to John J. & Joseph Wagler,
at par.
Date Sept. 18 1920.
Due $500 each six months from; June 30
1921 to June 30 1924, incl.
/.
Ind.—BOND
SALE.—The
on
BARTHOLOMEW COUNTY (P. O. Columbus), Ind.—BONDS SOLD
IN PART.—The Issue of $18,700 4 43%
Ohio Twps. road bonds, offered on Sept.
John H. Otte et al. Jackson and
18—V. Ill, p. 1106—was sold to
Date Sept. 18 1920.
Due $935 each six months
from May 15 1921 to Nov. 15 1930, incl.
The $7,600 443 % W. C. Newsom
et al. Sand Creek Twp. bonds, offered at the same time, were not sold.
Wm.
C.
Irwin at par.
SCHOOL DISTRICT (P. O. Batavia), Genesee County,
school bonds, offered
Sept. 20 (V. Ill, p. 1106) were awarded to the Bank of Genesee at 105,255 and interest, a basis of about 5.35%.
Date Oct. 1 1920.
Due $10,000
yearly on Oct. 1 from 1925 to 1939, incl.
Other bidders were:
BATAVIA
N. Y.—BOND SALE.—The $150,000 6% registered
on
Sherwood & Merrif'ld, N. Y.105.08
|Harris, Forbes & Co., N. Y..103.46
Geo. B. Gibbons & Co., N. Y. 104.60
! Remick, Hodges & Co.,N.Y._ 103.429
O'Brian, Potter & Co., Buff.. 104.282 [
BEADLE COUNTY
(P. O. Huron), So. Dak.—BOND OFFERING.—
6% court house bonds by
Board of County Commissioners.
Denom.
Cert, check for $17,500, required.
Until Oct.
BOND CALLS AND
REDEMPTIONS.
W.
H.
$1,000.
St.
Joseph, Buchanan County, Mo.—Bond Call.—
Funding bonds numbered 11 to 85, inel., dated Dec. 1 1915,
for $1,000 each, and bearing
4^% interest, have been called
and will be paid Dec. 1 1920 at the National Bank of Com¬
merce, New York.
12 bids will be received for $350,000
Stewart,
Chairman
BEAUREGARD
PARISH
ROAD
DISTRICT
NO.
3,
La.—BOND
SALE.—Caldwell & Co., of Nashville on June 8 purchased the $138,500
road bonds—V. 100, p. 2312—at par and interest.
Denom. $500.
Date Sept. 1 1919.
Int. M. & N.
Due yearly from 1921 to 1949, incl:
5%
BEAVER UNION HIGH SCHOOL DISTRICT, Sacramento County,
OFFERING.—The
Clerk
Board
of County
Supervisors
Calif.—BOND
(P.
O. Sacramento)
will receive bids for $60,000 6%
bonds until Oct. 4,
it is stated.
BOND
PROPOSALS
this week have been
as
AND
NEGOTIATIONS
serial storm-sewer
ABERDEEN,
Moore
County,
No.
Caro .—BOND
OFFERING.—
J-L-Rhyne, Town Clerk, will, on Oct. 15 at 3 p. m., receive bids for $20,299^^% coupon (with privilege of registration) water bonds. Denom.
$500.
Date Oct. 1
1920.
Prin.
and semi-ann. int.
500 1923
fold at theto 1958 incl., and $1,000 Y. Due yearly
National Park Bank, N. 1959 and 1960.
on
(A. & O.) payable in
on Oct. 1 as follows:
Cert, check or cash
an
incorporated bank or trust company for 2% of the amount'of bonds
bid for payable to the town of
Aberdeen, required.
The successful bidders
will be furnished with the opinion of
Reed, Dougherty & Hoyt of N. Y.,
that the bonds
are
valid
ana
binding obligations of the town of Aberdeen
under the supervision of the U.S. Mtge. &
certify as to the genuineness of the signatures
the seal impressed thereon.
Purchaser to pay
and the bonds will be
prepared
Trust Co. of N. Y., winch will
the
town
officials
accrued interest.
oi
ADAMS
the
COUNTY
and
(P. O.
Council),
Ida.—BONDS
NOT~SOLD~At
offering
on Sept. 13 of the $125,000 6% bonds.—V. Ill,
p. 1009—all
rejected because they were below par.
Date July 1 1920.
Int.
J. & J. payable in New York.
The Attorney-General advises the
County
bids
were
not to sell the bonds below
par.
ADRIAN,
„
Lenawee
Mich.—BONDS
on
sold.
S9VN7Y (P- o.
Duluth Herald
Aitkin,
NOT
SOLD.—The
Sept. 20—V. Ill,
p. 1198—were
Minn.—BOND
SALE.—The
of Sept. 11 says that the Board of
County Commissioners
$250,000 6% highway bonds [which were offered on
Aug. 9—
812—but failed then to receive a satisfactory bid].
The sale
was made to Minneapolis firms and the
expense of placing the loan at par
will cost the county $6,000.
The money is to be paid in installments of
$25,000 a. month for October, November and December to meet
expense of
work under way and again from May to
November, 1921, to cover work as
done.
Unused money is to pay the county 2% to the time it is
receivable
and 5% interest after it becomes payable.
sold
V.
the
Ill,
p.
was
bonds at
$500.
Wise.—BOND SALE.—The Second
awarded
100.75,
on
Sept. 20 $15,000 6% 1-15-year
of about 5.875%.
Denom.
Due $1,000 yearly on Sept. 15
basis
a
Int. M. & S.
Date Sept. 15 1920.
from 1921 to 1935, incl.
BIGPINE SCHOOL DISTRICT, Inyo County, Calif.—BOND SALE.
—Bradford, Weeden & Co., recently purchased $40,000 5% school bonds,
it is stated.
BIGPINE
HIGH
SCHOOL
DISTRICT,
BOND SALE.—This district awarded
and bearing 5%, to Bradford, Weeden
a
Inyo
County,
Calif.—
bond issue amounting to $40,000
& Co.
BLACKFOOT, Bingham County, Ida.—DESCRIPTION OF BONDS.
$145,000 paving bonds awarded on Aug. 31 to Keeler Bros., of
par and interest (V. Ill, p. 1106), bear 7% interest and are in
denom. of $500.
Date Aug. 1 1920.
Int. F. & A.
Due Aug. 1 1930, sub¬
ject to call after six months.
—The
Denver, at
BLAINE COUNTY (P. O. Chinook), Mont.—BOND SALE.—It is
reported that the Chinook Engineering & Constructing Co. has purchased
$50,000 highway bonds.
BONITA SCHOOL DISTRICT,
Lauderdale County, Miss.—BONDS
NOT YET SOLD.—We
County,
$225,000 o% water-works bonds offered
not
BELOIT, Rock Creek County,
National Bank of Beloit
follows:
are advised that no sale has yet been made of the
$15,000 6% bonds offered on Aug. 3 (V. Ill, p. 409).
Denom. 81,000.
Date July 1 1920.
Interest annually (July 1).
Due yearly on July 1 as
follows: $300 1921 to 1925, inclusive; $800 1926 to 1935, inclusive;1 $600
1936 to 1940, inclusive; and $500 1941 to 1945, inclusive.
The bonds can be obtained at a bid of par or better.
BOONE COUNTY (P- O. Lebanon), Ind.—BOND OFFERING.—Pro¬
posals will be received until 10 a. m. Sept. 30 by Granville Wells, County
Treasurer, for $11,200 443% Carl A. Davis et al Center Twp. road bonds.
Denom.
$560.
Date
Sept.
7
1920.
Int. M. & N.
15 1931, inclusive.
Due $560 each six
months from May 15 1922 to Nov.
BOYD COUNTY SCHOOL DISTRICT NO. 17 (P. O. Spencer), Neb.
—BOND SALE.—An issue ofi $31,000 6% 20-year school-building bonds
has been sold, it is stated.
'
' *
County,
Stark
BREWSTER,
A.
—A.
Ohio.—
12 m. Oct. 12 for $4,000 6%
Date July 1 1920. Int. semiDue $500 yearly on July 1 from 1922 to 1929, incl.
Cert, check for
payable to the Village Treasurer, required.
Ruof, Village Clerk, will receive bids until
water works impt. bonds;
Denom. $500.
ann.
$200
BROCKTON, Plymouth County, Mass.—BOND SALE.—On Sept. 21
of 5% coupon tax-free bonds described in V. Ill,
1198, were awarded to A. B. Leach & Co., of Boston, at 102.09, which
on a basis of about 4.77%:
$175,000 sewer bonds, payable $7,000 yearly on Sept. 1 from 1921 to 1945,
the following two issues
Date Sept.
Harris, Forbes & Co., Boston
101.23
CORCORAN SCHOOL DISTRICT, Kings County,
OFFERING.—A 6% bond issue amounting to $8,000 will
sale
Pa.—BOND
SALE.—M.
on
DISTRICT, Fresno County,
school bonds offered on March 20
May 29 to R. H.
sold
M.
interest.
1198):
1,850,387 00
Mauch Chunk), Pa.—BOND SALE.—On
Sept. 21 Harris, Forbes & Co., of New York, were awarded the $200,000
5M% 22H-year (aver.) highway bonds, offered on that date—V. Ill,
p. 1198—for $200,368 equal to 100.184, a basis of about 5.24%.
Denom.
$1,000.
Int. A. & O.
Due $50,000 in each of the years 1935, 1940, 1945
CARBON COUNTY (P. O.
1950.
O.
(P.
Springs),
Soda
Ida.— WARRANT
warrants will be
OFFERING.—On to-day (Sept. 25) $22,700 6% funding
offered for sale.
E. R. Gordon, County Auditor.
COUNTY
CARLTON
O.
(P.
CASPER GRADING
Minn.—BOND SALE.—
sold $75,000 6% road bonds to
Carlton),
Reports state that this county recently
John F. Sinclair Co. of Minneapolis.
County,
Wyo.—BONDS AUTHORIZED.—Issues of $38,241 85 District No.
$98,796 19 District No. 3 6% grading bonds have been authorized.
semi-annually at Casper.
Denom. $500.
Due on or before ten
1 and
Inter¬
Financial Statement.
15,000
bids
10% of
CHESTER COUNTY (P. O. West
for
a
Chester), Pa.—BOND
ELECTION.
Commissioners, according to reports, have decided to ask
November election to vote on a proposition which calls
$3,000,000 bond issue for improving roads in the county.
County
CLAY
at the
COUNTY
ROAD
DISTRICT NO. 1
Miss.—BOND OFFERING.—L. J. Howard, Clerk,
verbal bids until 2 p.m. Oct. 5 for all or any part
Cert, check for $500, required.
(P. O. West Point),
will receive sealed or
of $45,000 6% bonds
(P. O. Logansport), Cass County,
OFFERING.—Proposals will be received until 2 p. m. Oct. 8
by William A. Simpson, Township Trustee, for $36,000 6% school-building
bonds.
Denom. $1,000.
Interest semi-annual.
Due $1,000 on Jan. 1
and $2,000 on July 1 from July 1 1922 to Jan. 1 1934, inclusive.
CLAY
SCHOOL TOWNSHIP
Ind.—BOND
SCHOOL TOWNSHIP (P. O. Smithville), Monroe
Ind.—BOND OFFERING.—Proposals for $15,000 5% schoolhouse bonds will be received until 1 p. m. Oct. 8 by John P. Harrell, Town¬
ship Trustee.
Denom. $1,000.
Date June 1 1920. Int. J. & D.
Due
$1,000 yearly on June 1 from 1921 to 1935, inclusive.
CLEAR CREEK
County,
CLEVELAND SCHOOL
10,000 water-main-extension bonds.
20,000 general street and park improvement bonds.
5,000 cemetery chapel and equipment bonds.
5,000 cemetery fence and interior road bonds.
Date Jan. 1 1920.
Principal and semi-annual Interest
office of the City Treasurer
DISTRICT (P. O. Cleveland),
Cuyahoga
Ohio.—BOND ELECTION.—At the election to be held Nov. 2
the Board of Education will ask the voters to approve a bond issue of
$15,000,000 for purchasing sites and erecting and furnishing school buildings.
received for the three issues
on
Sept. 10 (V. Ill, p.
DELPHI, Carroll County,
Arnold, City Clerk, will receive
DENVER
and semi-annual interest
D'ALENE, Kootenai County, Ida.—BOND OFFERING.—
Until 7.30 p. m. Oct. 11 bids will be received it is stated, for $9,000 coupon
bonds.
Cert, check for 10% of amount of bid, required.
COEUR
DISTRICT, Lauderdale County, Miss.—
mentioned in V. Ill,
1010—have not been sold as yet Ave are informed.
Denom. $100.
annually (Sept. 1).
Due yearly on Sept. 1 as follows: $200 1921 to
incl., and $300 1926 to 1935 incl., and $200 1936 to 1945 incl.
These bonds will not be sold unless a bid of par or better is received.
COLUMBUS,
Franklin
County,
Ohio.—BONDS
Int.
1925
REFUSED.—
REOFFERED.—Field, Richards & Co., B. J. Van Ingen/& Co., and Barr
& Schmeltzer, have refused to accept the $900,000 6% flood protection bond
issue aAvarded to them on Sept. 7 (V. Ill, p. 1106), because their attorneys
would not approve the legality of the bonds.
These bonds are being "reoffered on Sept. 30 at 12 m, until Avhich time bids
are to be received by Opha Moore, Clerk
of Council. Denom. $1,000.
(F. & A.)
at the Bankers Trust Co.,
time.
urer, or,
at any
Colo.—BOND
SALE.—Bosworth,
purchased and are
full 6%, $40,000 6%
1 1920. Principal
payable at the office of the City Treas¬
NeAV York.
Due Aug. 1 1932, optional
O. Jasper),
DUBOIS COUNTY (P.
R.
28 for $7,000 6%
1920. Interest semi-annual.
and $1,000 Oct. 1 1924.
Co. and the International Trust Co. have
offering to investors at 100 and interest, to yield
East Denver Paving District No. 3 bonds.
Date Aug.
noAv
)"■■■ ~ ,-.y:
Ind.—BOND SALE.—The Hunt-
Bank was awarded the $17,000 5%
offered on Sept. 18—V. Ill, p. 1106.
Date
each six months from June 15 1921 to Dec. 15
ingburg
bonds
bridge construction
Sept. 15 1920. Due $850
1930, incl. There were no
other bidders.
construction bonds, offered on
aAvarded to the Dubois County State Bank
State Bank at par and interest. Date
Due $850 each six months from June 15 1921 to Dec. 15
$17,000 5% bridge
,
along the road to
The farmers
interest the $35,000
■
,
purchased at par and
bonds offered on
Due $875 each six months
be improved have
414% Boone Twp.
July 15—V. Ill, p. 108.
from May 1 1921 to Nov.
free gravel road
Date Aug. 2 1920.
1 1940, incl.
y
TOWNSHIP, Harnett County, No. Caro.—BOND OFFER¬
ING.—Until 4 p. m. Oct. 9 bids will be received by E. S.
Chairman (P. O. Erwin Cotton Mills Co., Duke), for $30,000 6%
bonds.
Denom. $1,000 each, unless otherwise prescribed by the purchaser.
Date Oct. 1 1920.
Prin. and semi-ann. int.. payable in Netv York
N. Y.
Due $3,000 yearly on Oct. 1 from 1940 to 1949 incl.
Cert,
on a responsible bank for $600, payable to the Treasurer of
Commissioners, required.
DUKE
Yaroorough,
road
City,
check
the Township
CITY (P. O. East Chicago), Lake
County, Ind.—BOND SALE— On Sept. 18 an Issue of $300,000 6% school
bldg- bonds was awarded to the Indiana Harbor National Bank, the City
Trust & Savings Bank, the First Calumet Trust & Savings Bank, the First
State Trust & Savings Bank, the East Chicago National Bank and the
CHICAGO
EAST
East Chicago
Interest M.
SCHOOL
State Bank, at par.
Denom.
Due in five years.
$1,000.
Date Sept. 1 1920.
& S.
EAST CLEVELAND, Cuyahoga County, Ohio.—BOND
—Proposals for $18,718.65 6% coupon (with privilege of
OFFERING.
registration)
Oct. 2
special assessment street impt. bonds will be received until 12 m.
by Chas. A. Carran, Director of Finance.
Denom. 18 for $1,000, 1
$718.65.
Date Oct. 1 1920.
Prin. and semi-ann. int. (A. & O.)
at the Guardian Savings & Trust Co. of Cleveland.
Due Oct. 1 1925.
Cert, check for 2% of amount of bonds bid for, payable to the Director of
Finance, required.
Bonds to be delivered and paid for within 10 days from
for
payable
Cleveland.
date of award, at
Purchaser to pay
accrued interest.
controversy or
EDEN,
Marshall County,
So. Dak.—BOND
■■
there is
corporate
officials to
circular states that the city has never defaulted, that
litigation pending or threatened affecting the
existence or the boundaries of the city, the title of the present
their respective offices, or these bonds.
The official
of $12,500 bonds
on Oct. 2.
Cert,
SOLD.—The $6,000 6% bonds
Ind.—BOND OFFERING.—Talmar
County),
and
aggregating $37,000,
bids until 7 p. m. Sept.
Chanute &
COALDALE,
Schuylkill County, Pa.—BOND ELECTION PRO¬
POSED.—Local residents are petitioning the County Commissioners to
authorize the submission of a proposition to issue $75,000 sewer and street
bonds at the November Elections, according to reports.
COLLINSVILLE SCHOOL
of 4^ % road bonds,
1010).
Denom. $500.
Date Oct. 1
Oct. 1 in 1921, 1922~and 1923,
(City
Ind.—NO BIDS.—No bids
(P. O. Muncie),
DELAWARE COUNTY
offered
no
p.
payable at the
be mutually
Jan. 1 as
and at such other place as may
1945,
serial dates
purchaser.
required.
County,
BONDS NOT YET
OFFERING.Clerk, for the
agreed upon by the purchaser and the City Council.
Due on
follows: $5,000 1925, $5,000 1930, $5,000 1935, $5,000 1910, $10,000
$10,000 1950, $10,000 1955 and $15,000 1960, or at such other
as may be mutually agreed upon by the City Council and the
Certified check on one of the local banks, or other bank, for $1,000
Sept. 15 1920.
1930, incl.'
CELINA, Mercer County, Ohio.—BOND OFFERING.—Sealed,
will be received until 12 m. Oct. 16 by August Behringer, Village Clerk
for $21,000 6% funding bonds.
Date Sept. 1 1920.
Int. semi-ann. Due
$10,000 Sept. 1 1925 and $11,000 Sept. 1 1928.
Cert, check for
amount of bonds bid for, payable to the Village Treasurer, required.
the voters
SPRINGS, Walton County, Fla.—BOND
until Oct. 1 by Duncan Gillis, City
in V. 109, p. 2189:
: ; v
DE FUNIAK
Bids will be received
following 6% bonds, mentioned
$25,000 sewerage bonds.
Sept. 18—V. Ill, p. 1106—were
and the Farmer & Merchants
$13,242,113
— -.-14,850
Population, Federal census, 1910--Present population (estimated)
—The
$11,400,
As¬
sessed Value, $14,316,725.
$201,400
_
„
taxable property, 1920
Mich.—BOND SALE.—An issue of $232,000 6%
& Co., of Detroit.
purchased by Whittlesey, McLean
$1,000.
Date Sept. 1 1920.
Due yearly on Sept. 1 as follows:
$20,000 1921 to 1925, incl.; $15,000, 1926 to 1930, incl.; and
1931 to 1935, incl.
Bonded Debt, including this issue, $255,500.
$195,000
6,400
;
repair bonds
DISTRICT NO. 8 (P. O. Dear¬
SCHOOL
Denom.
BOND SALES.—The
debt, including this issue
All other indebtedness
Total debt
born), Wayne County,
school bonds has been
Due $2,000 on
1920.
Assessed valuation
DEARBORN TOWNSHIP
Yanceyville), No. Caro.—BOND OFFER¬
Wilson. Clerk of Board of County Compiissioners, will
$50,000 6% coupon (with privilege of registration) roadimpt. bonds until 1 p. m. Oct. 4.
Denom. $1,000. Date Oct. 1
Prin. and semi-ann. int. (A. & O.) payable at the office of the U. S. Mtge.
& Trust Co., N.Y., and interest on registered bonds Avill be paid in New
York exchange.
Due yearly on Oct. 1 as follows: $1,000 1923 to 1928,
incl., and $2,000 1929 to 1950, incl.
Certified check or cash for 2% of the
amount
of
bonds
bid for, payable to
Caswell County, required.
The successful bidder will be furnished with the opinion of Reed, Dougherty
& Hoyt of N. Y. that the bonds are valid obligations of Caswell County,
and the bonds will be printed under the supervision of the U. S. Mtge. &
Trust Co. of N. Y., Avhich will certify as to the genuineness of the signa¬
tures and seal on the bonds.
ING.—Robert T.
AND WAR¬
will receive
O. Washington), Ind.—BONDS
OFFERED.—Daniel V. Myers, County Auditor,
proposals at 2 p. m. Oct. 28 for $50,000 6% 5-year gravel road
and $25,000 6% 1-year County Warrants.
DAVIESS COUNTY (P.
RANTS
funding bonds.
receive bids for
Gross bonded
the voters on Nov. 2.
be submitted to
years.
est
CASWELL COUNTY (P. O.
CUYAHOGA COUNTY (P. O. Cleveland),
G. Krause, Clerk of Board of County
ceive bids until 11 a. m. Oct. 13 for $222,000 6%
ING.—E.
were
DISTRICTS (P. O. Casper), Natrona
\
$200,000 road bond election.
Ohio.—BOND OFFER¬
Commissioners, will re¬
bridge bonds. Denom.
$1,000.
Date Oct. 1 1920.
Prin. and semi-ann. int. (A3& O.), payable
at the County Treasurer's office.
Due yearly on Oct. 1 as follows: $22,000,
1921 to 1929, incl.; $24,000, 1930.
Cert, check for 1% of amount of bonds
bid for, payable to the County Treasurer, required.
CUYAHOGA COUNTY (P. O. Cleveland), Ohio.—BOND ELECTION.
—It is reported that on Sept. 18 the County Commissioners authorized
that a proposition to issue $2,000,000 county jail and court building bonds
1-40-year serial school-building bonds awarded on Sept. 17 to the
syndicate headed by the Bankers Trust Co. of New York (V.
p.
Bankers Trust Co., Guaranty Trust Co., Remick, Hodges &
Co., Halsey, Stuart & Co., R. L. Day & Co., Detroit Trust
Co. and the First Trust & Savings Bank, Chicago. ■*.
$1,878,456 00
Field, Richards & Co., E. H. Rollins & Sons, A. B. Leach &
Co., Seasongood & Mayer, Keane, Higbee & Co__._.___ 1,852,714 40
Harris, Forbes & Co., National City Co., Estabrook & Co.,
Stacy & Braun, and Hayden, Miller & Co
COUNTY
O. Clovis), N. M.—BOND ELECTION CON¬
petitions are out asking for the calling
SIDERED.—Newspapers state that
of
CANTON SCHOOL DISTRICT (P. O. Canton), Stark County,
Ohio.—BIDDERS,-r~Followmg is the list of the bidders for the $1,840,000
CARIBOU
from date.
CURRY COUNTY (P.
received.
and
to
100.26,
CITY SCHOOL DISTRICT (P. O.
Cambridge),
Guernsey County, Ohio.—BONDS NOT SOLD.—No sale was made of
the $25,000 6% bonds offered on Sept. 20 (V. Ill, p. 1009), no bids being
Ill,
County,
Greene
twelve years
CAMBRIDGE
6%
DISTRICT (P. O. CarmichPa.—BOND SALE.—The $40,000 5% school
Dec. 30 last (V. 110, p. 185), ha\re been
the First National Bank, of Carmichaels, for $40,104, equal to
a basis of about 4.95%.
Date Jan. 1 1920. Due in from one to
CUMBERLAND TOWNSHIP SCHOOL
Calif.—BOND SALE
1920 (V. 110, p. 1216)
Moulton & Co. at par and
offered on July 31—
bonds offered without success on
8.
—The $34,000 5%
$105,000 15-year Diking District No. 11 bonds
515—Avere not sold, no bids being received.
aels),
have purchased and are
CALWA SCHOOL
RECEIVED.
O.Kalama), Wash—NO BIDS
COWLITZ COUNTY (P.
tax-free road bonds.
to 1944, incl.
BUTLER COUNTY (P. O. Hamilton), Ohio.—BOND SALE— The
State Industrial Commission of Ohio on Sept. 18 purchased $67,600 6%
coupon
road-improvement bonds.
Date Sept. 1 1920.
Principal and
semi-annual interest payable at the County Treasurer's office.
BYRON IRRIGATION DISTRICT (P. O. Byron), Contra
Costa
County, Calif.—BONDS VOTED.—The voters of this district recently
favored the issuance of $550,000 irrigation bonds, it is reported, by a vote
awarded
Calif.—BOND
be offered for
Oct. 5 it is reported.
V. Ill, p.
offering to investors an issue of $550,000 5H %
Date Sept. 1 1920.
Due serially on Sept. 1 from 1927
were
on
—The
now
to
bonds bid for, payable
to be delivered and paid for at
aAvard.
Bids must be made on
blanks furnished by the City Clerk.
The official circular states that on the
previous offering of these bonds, Squires Sanders & Dempsey approved all
the proceedings, excepting the manner of publishing the notices of the
offering.
Purchaser to pay accrued interest.
.100.672
Blodget & Co., Boston
COUNTY (P. O. Butler),
Freeman & Co. and Frazier & Co., of Philadelphia,
BUTLER
129
Cert, check for 2% of amount of
City Treasurer, required.
Bonds
Columbus Avithin five days from date of
the
.
135,000 Franklin School addition bonds, payable yearly on Sept. 1 as
follows: $7,000, 1921 to 1935, incl.; $6,000, 1936 to 1940, incl.
The following is the list of the bids received:
R. L. Day & Co., Boston...101.099
A. B. Leach & Co., Boston..102.09
Arthur Perry & Co., Boston_100.96
Old Colony Tr. Co., Boston.101.76
.100.817
Edmunds Bros., Boston.
101.618 Curtis & Sanger, Boston
E. H. Rollins & Sons, Boston 100.802
Estabrook & Co., Boston
101.31
of
Mar. 1 from
Due $100,000 yearly on
Int. M. & S.
1920.
1
1949 to 1957, incl.
to
is
p.
incl.
1297
CHRONICLE
THE
1920.]
Sept. 25
OFFERING—An issue
wiU be offered it is stated,
at not exceeding 7% interest
check for $250 required.
„_
HIGH SCHOOL DISTRICT, Sacramento County,
SALE.—E. H. Rollins & Sons of San Francisco, bidding
$126,014 (100.81) and interest a basis of about 5.92% were awarded the
$125,000 6% 14-year (aver.) bonds dated July 1 1920—V. Ill, p. 1106—
on Sept. 16.
Other bidders were:
,
ELK
GROVE
Calif.—BOND
Lumbermen's Trust Co. $125,710.00 [State Compensation
R. H. Moulton & Co._. 125,538.501
Fund
Erie), Pa.—BOND
1:30 p. m. Oct. 8, it is stated,
Controller, for $300,000 5% 11 2-3-year (aver.)
Cert, check for $3,000, required.
ERIE COUNTY (P. O.
be received until
Ins..
J$12o,12o.00
OFFERING.—Proposals will
by Joseph E. Leslie, County
road bonds. Int semi-ann.
'
RECEIVED.—On Sept. 13
Ill; p, 912.
EVANSTON, Uinta County, Wyo .—BONDS VOTED.—At a recent
election the $290,000 Avater works system bonds—V. Ill, p. 813—carried.
Wm. Cook, City Clerk will advertise for bids as soon as possible.
EUGENE, Lane County, Ore.—NO BIDS
no bids Avere submitted for the $15,000 5% bonds—V.
1298
THE
FALLS COUNTY COMMON
BONDS
SCHOOL
DISTRICT
NO. 64, Tex.
10-20-year bonds was
REGISTERED.—-An
registered
on
issue of $6,000 6%
15 with the State Comptroller.
Sept.
CHRONICLE
HENDERSON COUNTY
ING.—Proposals
FORREST COUNTY (P. O. Hattiesburg), Miss.—BOND OFFERING
Date day of sale.
Due yearly
1920.
reported in V.
as
J.
Int.
Ill, p.
1010). *u Denom. $500.
May 15 1921 to Nov. 15 1930. incl.
FRAMING HAM, Middlesex County, Mass .—TEMPORARY LOAN.
The Tremont Trust Co, of Boston
was
loan of $100,000 maturing
Sept. 21—V. Ill, p. 1199.
porary
FRANKLIN COUNTY (P. O.
awarded at 5.92% discount the tem¬
Dec.
20
1920,
which
was
offered
on
Columbus), Ohio.—BOND OFFERING.
—Ralph W. Smith, Clerk of Board of County Commissioners, will receive
bids until 10 a. m. Oct. 8 for $314,000 6% Columbus-Sandusky InterCounty Highway No. 4, Sec. "P" impt. bonds,
Denom. $1,000.
Date
Oct. 1 1920.
I'rin. and semi-ann. int. (A. & O.), payable at the County
Treasurer's office. Due yearly on Oct. 1 as follows: $39,000, 1923 to 1928,
incl.; and $40,000, 1929 & 1930.
Cert, check on a solvent national bank,
for 1 % of amount of bonds bid for, payable to the County Commissioners,
required.
Delivery to be made at Columbus.
Purchaser to pay accrued
iuterest.
FREDERICK COUNTY (P. O.
It is reported that
until
12 m. Oct.
Denom. $1,000.
County
$37,000
9,000
Date
Frederick), Md.—BOND OFFERING.proposals for $125,000 5% school bonds will be received
by the Clerk of the Board of County Commissioners.
Date Oct. 4 1920.
5
COUNTY
FULTON
Sealed
(P.
O. Rochester), Ind.—BOND OFFERING —
until 10 a. m. Sept. 29 by H.
B. Kumler
Treasurer, for the following two issues of 5% road bonds:
Brenton Daud et al road bonds.
Denom. $1,850.
Due $1,850
each six months from May 15 1921 to Nov, 15 1930, incl.
i
Win. C. Ewing et al road bonds.
Denom. $450.
Due $450 each
six months from May 15 1921 to Nov. 15 1930, incl.
March 1 1920.
Int. M. & N.
bids
will be
received
FULTON COUNTY (P. O. Wauseon), Ohio.—BOND OFFERING.—
F. E
Perry, County Auditor, will receive bids until 1 \
m. Oct. 4 for
*13,550 6% Archbold-Fayette I. C. II. No. 301 bonds.
Denom. 1 for
<550, and 13 for 41,000.
Date Oct. 1 1920.
Prin. and semi-ann. int.
(J. & J.) payable at the City Treasurer's office.
Due each six months as
follows:
$2,550 Jan. 1 1922; $3,000 July 1 1922; $2,000 Jan. 1 1923 to
July 1 1924, incl.
Cert, check for 5%, required.
Bonds to be delivered
and paid for on Nov. 1.
.
GALION,
$60,000 6%
p.
1010),
to be
Crawford
County,
Ohio.—BONDS NOT
SOLD.—The
electric light plant bonds offered on Sept. 15 (V. Ill,
sold, due to the fact that the bids submitted were found
coupon
were not
unsatisfactory.
GALLATIN COUNTY SCHOOL DISTRICT NO. 35 (P. O. Salesville)
Mont.—BOND SALE.—The $2,500 5-10 year (opt.) school bond issue
which was offered on July 26—V. Ill, p. 215—has been sold to the State
Board of Land Commissioners
GALLOWAY
BONDS
6s, at par.
as
ROAD
PUBLIC
p.
$14,500 road bond
1010.
issue carried
County,
it
Mo.—
is stated,
on
5%.
GLACIER COUNTY (P. O. Cut Bank), Mont.—BONDS NOT SOLD.
bids were received for the $100,000 6% highway bonds offered on
Sept. 7.—V.
Ill,
p.
GLENN COLUSA
an
912.
IRRIGATION
election to be held
on
DISTRICT, Calif.—BOND ELEC¬
Sept. 30 the question of voting $2,587,-
000 bonds to purchase the Sacramento Valley West Side Canal and make
improvements, will be submitted to the voters, it is stated.
GRAND
MEADOW
CONSOLIDATED INDEPENDENT SCHOOL
DISTRICT, Iowa.—BOND SALE.—An 8-year (aver.) school bond issue
amounting to $40,000 and 5% interest was recently awarded to Schanke &
Co., of Mason City.
Denom. $1,000.
Date Sept. 1 1900.
Int.M.&S.
GUTHRIE COUNTY (P. O. Guthrie Center), Iowa .—BOND SALE& Co. of Mason City recently purchased an issue of $100,000
—Schanke
6% funding bonds,.
Int. A. & O.
Denom. $1,000.
Date Oct. 1 1920 and Jan. 1 1921.
Due $15,000 yearly from 1936 to 1939, incl,, and $4,000 1940.
HAMILTON COUNTY (P. O. Noblesville), Ind.—B0ArD OFFERING.
—Proposals will be received by A. G. Finley, County Treasurer, until
10 a. m. Oct. 9 for $24,000 4^2 % A. D. Booth et al Delaware & Noblesville
Twps. road bonds.
Denom. $1,200.
Int. M. & N.
Due $1,200 each
six months from May 15 1921 to Nov. 15 1930, incl.
HANCOCK
were no
COUNTY
(P.
O.
Greenfield), Ind.—NO BIDS.—There
bids received for the $17,600 5% Noah H. Fry et al Center
road bonds offered on
Sept. 20—V. Ill,
p.
Twp.
1199.
HARLEM, Blaine County, Mont.—BONDS NOT TO BE REOFFERED
AT PRESENT.—The $45,000 6% water bonds mentioned in
V, 111, p. 1107
will not be reoffered at present.
HARRISBURG SCHOOL DISTRICT (P. O.
Harrisburg), Dauphin
County, Pa.—BOND ELECTION PROPOSED.—The "Harrisburg News"
Sept. 1 states that President of the School Board Robert A.
Enders, in a signed statement, declared that in order to obtain the needed
in its issue of
improvements and accommodations in the way of a new high school and
buying ground on Allison Hill with a view to erecting a second high
school,
it will be necessary for the
people to vote approval of a bond issue of $1,250,000,
HARTFORD, Hartford County, Conn.—BIDDERS.—The $200,000
4% coupon
(with privilege of registration) tax-free water-supplv
bond's,
awarded on Sept. 17 to Estabrook & Co.—V.
Ill, p. 1199—were bid upon
by the following bankers and brokers:
Amount
Name—
Bid For
Estabrook & Co., Boston
R. T. H. Barnes & Co. & Blodgett &
Co., Hartford
National City Co., New York
PL H. Rollins & Son, Bostoni.
Frisbie & Co., Hartford
Rutter & Co., New York
.
All
& Co.. Boston
Aetna Life Insurance Co., Hartford
R. M. Grant & Co., Boston.
Aetna Insurance Co., Hartford
Goodwin-Beach & Co., Hartford
Price
Bid
All
87.39
86.843
All
86.599
All
_
_I~"
85.348
All
85.59
All
_
85.532
Thomson-Fenn & Co., Hartford, and
Merrill, Oldham
All
85.349
All
85 12
~
All
85 031
"
All
sV
All
83 76
_
_____
___
_
Eldredge & Co., New York
Travelers Insurance Co., Hartford
"
;.ZZ1Z211"
All
R9
All
Society for Savings, Hartford.
Society for Savings, Hartford
79 67
$100,000
100,000
95
79.60
O.
Rupert),
was
Minidoka
submitted by the
previously reported in V. Ill,
Hillsboro),
p.
1199, has been accepted.
Ohio.—BOND OFFERING.
HILL COUNTY ROAD DISTRICT NO.
7, Tex.—BONDS REGIST¬
ERED.—On Sept. 14 an issue of $242,000 5% serial bonds was
registered
with the State Comptroller.
HOBOKEN,
Hudson
County,
N.
J.—BOND
OFFERING.—Daniel
A. Haggerty, City Clerk, will receive bids until 10
a.,m. Oct. 5 for an issue
$327,000 6% coupon (with privilege of registration) funding bonds.
Denom. $1,000Date Sept. 30 1920.
Prin. and semi-ann. int.
of
(J. & D.),
.payable at the City Treasurer's office.
Due yearly on Dec. 31 as follows:
$18,000, 1921 to 1924, incl.; $17,000. 1925 to 1939. incl.
Cert, check on
an incorporated bank or trust
company, for 2% of amount of bonds bid
for, payable to the "City of Hoboken," required.
Legality opproved by
Hawkins, Delafield & Longfellow, of New York.
Purchaser to pay accrued
interest.
V^'Lr-'
HOCKING
We
COUNTY
learn that
(P.
O. Logan), Ohio.—BOND OFFERING.—
Oct. 1, when an Issue of $80,000 6% road bonds is to
be sold as stated in V. Ill, p. 1107, two other issues, one for
now
on
$88,000 and
the other for $42,500, will also be sold.
Bids are to be received until 12 m.
on that date by Henry T. Leach,
County Auditor, for the
bonds, which
are
described as follows:
$80,000 6% Tnter-County Highway No. 363 Sec. "N" bonds.
Denom.
$8,000.
Due $8,000 yearly on Sept. 1 from 1921 to 1930, incl.
88,000 6% Inter-County Highway No. 355 Sec. "P-l" bonds.
Denom.
$8,800.
Due $8,800 yearly on Sept. 1 from 1921 to 1930, incl.
42,500 6% Inter-County Highway No. 360 Sec. "G-l" bonds.
Denom.
$4,250.
Due $4,250 yearly on Sept. 1 from 1921 to 1930, incl.
Date Sept. 1 1920.
Prin. and semi-ann. int. (M. & S.), payable at
the County Treasurer.
Cert, check for 10% of amount of bonds bid for,
payable to the City Treasurer, required.
Purchaser to pay accrued interest.
HUBBARD, Trumbull County,
Ohio.—BOAT)
OFFERING.—Pro¬
posals will be received by Thomas F. Rock, Village Clerk, until 12 m. Oct.
9 for $18,327 26 6% Stewart Ave. storm sewer bonds.
Denom.
1 for
8327 26, 18 for $1,000.
Int. M. & S.
Due $327 26 March 1 1921, and
$2,000 each six months from Sept. 1 1921 to Sept. 1 1925, incl.
Cert, check
for $200, payable to the Village Treasurer, required.
Purchaser to pay
accrued interest.
HUBBARD
SCHOOL
DISTRICT
(P.
O.
Hubbard), Trumbull
County, Ohio.—BOND OFFERING.—L. M. Stewart, Clerk of Board of
Education, will receive bids until 12 m. Oct. 6 for $75,000 school bldg,
bonds.
Denom, $1,000.
Date Oct, 1 1920.
Prin. and semi-ann. int.
(A. & O.), payable at the Hubbard Banking Co., of Hubbard.
Due each
months as follows: $1,000 April 1 1923 to Oct. 1 1937, incl.: $1,000
April 1 and $2,000 Oct. 1 1938 to 1952, incl.
Treasurer, required.
Cert, check
for $200, pay¬
able to the District
HAZLETON CITY SCHOOL DISTRICT
(P. O. Hazleton), Luzerne
County, Pa.—A O BIDS.—No bids were submitted for the
$250,000 5%
tax-free coupon school bonds offered on
Sept. 21.—V. Ill, p. 1011.
UNION
FREE
SCHOOL
DISTRICT
NO
21 (P
O
Rockville Centre), Nassau
County, N. Y.—BOND OFFERING.—Loven
PI. Rockwell, Clerk of Board of
Education, will receive bids until 8 p. m
Sept. 28 for $8,000 coupon or registered school bldg.
bonds, to be awarded
at lowest interest rate bid
Denom. $3,000 & $5,000.
Prin. and interest
payable at the Bank of Rockville Centre.
Due $5,000 Jan 1 1922
000 Jan. 1 1923.
Cert check for 10% of
W. Reeve, Treasurer of Board of
Education,
amou£tof^
required.
and $3
Huntington), Ind.—JVO BIDDERS.
—There
were no bidders for an issue of $16,000 4
VA% Phillip H. Shaffer et al
Salamonie Twp. road bonds offered on Aug. 28.
HUNTINGTON PARK UNION HIGH SCHOOL
DISTRICT, Los
Angeles, County. Calif.—BOND SALE.—The Hibernian Savings Bank
Angeles, offering 101.25 and interest a basis of about 5.84% was
awarded the $200,000 6% 1-25-year serial bonds, dated
Sept. 1 1920,
offered on Sept. 13.—V. Ill, p. 1011.
of Los
IBERVILLE
mine),
V.
PARISH
SCHOOL
DISTRICT
NO.
3
(P.
O.
Plaque-
La.—BONDS VOTED.—On Sept. 9 the $25,000 school bonds—
1011—were voted unanimously.
Ill, p.
IDAHO
FALLS,
Bonneville
County,
Lumbermens' Trust Co. of Portland,
was
Ida.—BOND
SALE.—The
recently awarded the following
sidewalk and paving bonds:
$147,000
164,000
70,000
85,000
55,000
6J^% bonds.
Date Sept. 15 1920.
6H% bonds.
Date Sept. 1 1920.
BV2% bonds.
Date Sept. 15 1920.
6H % bonds.
Date Oct. 1 1920.
6% bonds.
Date Oct. 1 1920.
Denoms. $1,000, $500 and $100.
Int. semi-ann.
on any interest paying date.
Due
1930 optional
,
IDAHO
(State of}.—BOND ELECTION.—On Nov.
2
$2,000,000
highway bonds at not exceeding 5% interest and due 1941, will be voted
upon.
INDIANAPOLIS, Marion County, Ind.— NOTE SALE— On Sept. 10
Union Trust Co., of Indianapolis, was awarded at
614% interest,
8595,000 deficiency funding notes.
Date Sept. 10 1920.
Due $300,000
July 1 1921 and $295,000 Dec. 10 1921.
the
INDIANAPOLIS SCHOOL DISTRICT (P. O.
Indianapolis), Marion
Ind.—BOND OFFERING.—Sealed bids will be received until
m. Oct. 15 by Geo. C. Hitt, Business Director, for $1,176,000 5%
coupon school bonds.
Denom. $1,000.
Date Oct. 20 1920.
Prin. and
semi-ann. int. payable at the Treasury of the School Board.
Due in either
of the following manners, as bidders may chose:
All Oct. 20 1940; or $126.?
000 Oct. 20 1925 and $75,000 yearly on Oct. 20 from 1926 to 1939, incl.
County,
2 p.
Cert, check
on a
responsible bank
or
trust company, for
bonds bid
3% of amount of
for, payable to the Board of School Commissioners, required.
Bids must be made upon forms which will be furnished
upon application
to the Business Director.
/.
■
■
■
.■
INGLEWOOD
Calif.—BOND
CITY
SCHOOL
DISTRICT^cs
SALE.—The
Angeles County,
"William R. Staats Co., has purchased the
$47,000 6% 12!^-year (aver.) tax-free bonds, dated Sept. 1 1920.
Offered
on Sept. 7—V. Ill, p. 1011.
A bid of $44,045 was also submitted by the Citizens National Bank of
Los Angeles.
ISLETON UNION SCHOOL DISTRICT, Sacramento
County, Calif.
OFFERING.—On Oct. 4 bids will be received for $100,000
6%
it is stated, by the Clerk of Board of County Supervisors (P. O.
—BOND
bonds,
Sacramento).
•<*
„^
■
.
JAMESTOWN, Chautauqua County, N. Y.—BONDS VOTED.—On
Aug. 21 the citizens voted the issuance of $150,000 bonds, the money to be
used in supplying the city with a municipal milk plant.
COUNTY (P. O. Rensselaer), Ind.—BOND OFFERING.—
Biggs, County Treasurer, will receive bids until 1 p. m, Sept. 30
Jacob Johnson Road and $8,800
A. D. Hershman Road 5%
impt. bonds.
Each issue is in the denomination of $440, is dated Sept. 15
1920, is payable $440 each six months from May 15 1921 to Nov. 15
1930,
incl., interest being payable semi-annually on May 15 and Nov. 15.
JASPER
John T.
$8,800
JEFFERSON COUNTY SCHOOL DISTRICT NO. 10 (P. O.
Boulder),
SALE.—The $3,000 6% 5-10 year (opt.) school bonds
on Aug.
10—V. Ill, p. 411—have been sold to the State Land
Commission at par.
Mont.—BOND
78.38
coupon
(P.
—J. S. Kerns, County Auditor, will receive bids until
12 m. Oct. 4 for
$34,000 6% Cedar Creek-New Petersburg road impt.
bonds.
Denom.
$500.
Date Sept. 1 1920.
Prin. and semi-ann. int. (M.&
S.), payable
at the County Treasurer's office.
Due $3,500 each six months from March
1 1921 to March 1 1925, incl.: and $2,500 Sept. 1 1925.
Cert, check for
$200, payable to the County Treasurer, required.
for
S3 13
All
A. B, Leach & Co., Hartford
HEMSTEAD
as
HIGHLAND COUNTY (P. O.
HUNTINGTON COUNTY (P. O.
—No
TION.—At
DISTRICT
.
GHENT, Columbia County, N. Y.—BOND SALE.—An issue of $7,000
1-7-year serial bridge bonds has been awarded to the State Bank of Chat¬
ham at
HIGHWAY
six
DISTRICT, Greene
VOTED.—The
Sept. 6—V. Ill,
HEYBURN
County, Ida.—BID ACCEPTED.—The bid which
highway bonds
FOUNTAIN COUNTY (P. O. Covington), Ind.—BOND OFFERING.
—Albert H. MeElwee County Treasurer, will receive bids until 10 a. m
Oct. 9 for $25,600 Alonzo Jones et al Richland Twp. road bonds. Denom
$1,280.
Date May 15 1920.
Int. M. & N.
Due $1,280 each six months
from
June 12—V. 110,
on
American Bank & Trust Co. of Denver for the
purchase of the $55,000 6%
Date July ].
J.
&
(P. O. Lexington), Tenn.-—BOND OFFER¬
until 12 m. Oct. 6 by L. B. Johnson,
received
.
FORT MILL SCHOOL DISTRICT (P. O. Fort Mill), York County,
So Caro.—CORRECTION.—The Carolina Bond and Mortgage Co., of
Columbia purchased the $20,000 6% bonds at par on July 6 (not during
September
be
HENRY COUNTY (P. O. Mt. Pleasant), Iowa.—BONDS NOT TO BE
OFFERED THIS YEAR.—The $100,000 .5-10 year
(opt.) tax-free hospital
bond issue which was offered on March 22—V.
110, p. 1217—will not be
sold until after Jan. 1 1921.
Oct. 7 from 1921 to 1945 incl.
on
will
County Judge, for the $350,000 6% road bonds voted
p. 2695.
v,r
■.
—Herbert Gillis, County Clerk, will receive bids for the $100,000 6% road
and bridge bonds voted on Sept. 3—V. Ill, p. 1106—until Oct. 7, it is
stated.
[Vol. 111.
-
offered
JENNINGS SCHOOL TOWNSHIP (P. O. Austin), Scott
County,
Ind.—BOND OFFERING.—Ed. D. Casey, Township Trustee, will receive
until 2 p. m, Oct. 2 for $12,000 6% school bonds.
Denom. $500.
bids
Date Oct. 2 1920.
State
Bank,
required.
JEROME
Prin. and semi-ann. int. (J. & J.), payable at the Austin
Due $500 each six months from Jan. 1 1921 to
of Austin.
July 1 1932, incl.
Cert, check f<)r 8100, payable to the Township Trustee,
HIGHWAY?DISTRICT!(P.
O.
Jerome),'Jerome'County,
Ida.—BOND ELECTION.—On Oct, 228220,000 6% highway bonds
be voted upon.
L. G. Phillips,JSec.
are
to
Sept. 25 1920.]
KANABEC
O.
IP.
COUNTY
Mora),
Minn—BOND
SALE.—The
bidder on Sept. 15 for the $125,000
bonds, dated Sept. 1 1920—V. Ill,
5 Trust Co. was the successful
f »
coupon
or
registered
Wells Dickey Co. $125,150.
orthwestern Trust Co. $125,250,
KELSEYVILLE
j
made
on
Calif.—
County,
Lake
DISTRICT,
SCHOOL
AOT SOLD.—BONDS RE-OFFERED.—There was no disposition
Sept. 13 of the $20,000 6% coupon school bonds—V. Ill, p. 912.
e^NG
„
awarded
C°UNTY SCHOOL DISTRICT NO. 42, Wash .—BOND
Sept. 13 the S10.000 coupon bonds—V. Ill, p. 1011—were
to the State of Washington at par for 5Ms.
KLICKITAT COUNTY SCHOOL
DISTRICT NO. 94, Wash.—BOND
issue of $3,000 5M% school bonds
SALE.-—This district recently sold an
to the State of Washington at par.
.
Board of Commis¬
KNOXVILLE, Tenn.—BOND OFFERING.—The
receive sealed bids for $2,000,000 5M %
,Denom. $1,000.
Date Sept. 1 1920.
Int. M. & S.
Chase National Bank, N. Y.
Due Sept. 1 1950.
Certified check on some bank in Knoxville for $40,000, payable to the City
Kn°xville, required.
Bonds will be printed, lithographed or engraved
under the direction of John L. Greer, City Recorder, at the expense of the
purchasers thereof.
The bonds will be sold subject to approval as to
legality by Schaffer & Williams of Cincinnati, whose approving opinion
will be furnished to the Successful bidder without charge.
Purchaser to
pay accrued interest,
sioners
will, until Oct. 5, at 10 a. m.,
coupon funding bonds.
Prin. payable at the
KOKOMO, Howard, County, Ind.—NO BIDS RECEIVED.—No
received for an issue of $20,000 6% 60-day time warrants, which
on Sept. 7.
were
1920.
Date
Date
Date
Wise .—BOND OFFERING.—Sealed proposals will be
received until 11 a. m. Sept. 29 by Louis M. Kotecki, City Comptroller
and Ex-officio Secretary to the Commissioners of Public Debt, for the
following 6% 20-year serial tax-free coupon bonds, which were offered with¬
out success on July 30—V. Ill, p. 615.
bids
were
MILWAUKEE,
Jan. 1 1920.
$1,000. Date
$400,000 6% electric lighting bonds.
Denom. $1,000. Date
120,000 6% grade crossing and abolition bonds.
Denom.
1920.
TAX SCHOOL DISTRICT NO. 1, Fla.—
OFFERING.—Proposals will be received until 11 a. m. Nov. 1 by
O.
Davison, Chairman of the
LEE COUNTY SPECIAL
M.
Board of Public Instructoni (P. O. Fort
school bonds mentioned in V. Ill, p. 1011.
1920.
Due yearly on April 1 as follows:
1941, incl., and $4,000 1942 to] 1951, incl.
Cert, check for
Myers), for the $100,000 6%
Int. semi-ann.
Date April 1
$3,000 1922 to
2% required.
Ohio.—NOTE OFFERING—David L. Rupert,
Auditor, will receive bids until 12 m. Sept. 27 for the $224,000 6%
LIMA, Allen County,
City
Askins relief-sewer notes,
Denoms. to suit
offered but not sold on Aug. 23—V. Ill, p.
Date day of issuance.
Int. semi-ann.
purchaser.
913.
Due
basis of monthly deliveries
bank, for 2% of amount of
City Treasurer, required.
Bonds to be de¬
days from date of award.
Purchaser to pay
five years from date.
Bids may be made on a
of $20,000 each.
Certified check on a solvent
notes bid for, payable to the
livered and paid for within 60
Sandusky County,
LINDSEY,
OFFERING.—Herbert
for $18,464
Ohio.—BOND
Magsig, Village Treasurer, will receive bids until 12 m. Oct. 1
6% Maple Street impt. bonds.
Denom. 18 for $900 and 2 for
Date Oct. 1 1920.
Int. M. & N.
Due $900 each six months from
1921 to Sept. 1 1929. incl., and $1,132 March 1 and Sept. 1 1930.
$1,132.
additional
MINERAL WELLS
Palo Pinto
County,
Sept. 14
$4,000—1942
4,000—1943
4,000—1944
4,000—1945
4,000—1946
4,000—1947
4,000—1948
4,000—1949
Estimated actual value of taxable property.—
Assessed valuation of taxable property, 1920
Total bonded indebtedness, this issue included
Water works
—
McMINN
..$7,000,000
4,003,950
$206,000
bonds-————— ————65,000
indebtedness
Population, 1920 Census—
COUNTY (P.
—
—
—
O. Athens),
Tenn .—BOND
141,000
4,051
OFFERING.—
Oct. 2, for $75,000 6%
1
Bids will be received, it is reported, until 12 m.
bonds.
Geo. L, Ray is Chairman of County Court.
road
Ohio.—BOATD SALE.—
$307,000 6% road and
mature June 15 1930,
M. & 8.
MALHEUR COUNTY (P. O. Vate), Ore.—BOND
OFFERING — On
Oct. 5 at. 10 a. m. $95,000 5 H % road bonds will be offered for sale.
Denom.
$1,000.
Date Dec. 1 1919.
Interest semi-annually, payable at the office
of the Countv Treasurer or at the fiscal agency of the State of Oregon in
New York.
Certified check on a reputable solvent bank for 5% of the
amount of bonds bid for, payable to "Malheur County," required.
Bids
will be received for any amount of said bonds, of the following several
series, not exceeding $95,000, par value and accrued interest, $4,000 of
Series "A" to run and be payable four years from Dec. 1 1919; $4,000 of
Series "B" to run and be payable six years from Dec. 1 1919; $6,000 of
Series "C" to run and be payable eight years from Dec. 1 1919; $8,000 of
Series ."D" to run and be payable ten years from Dec. 1 1919: $10,000 of
Series "E" to run and be payable twelve years from Dec. I 1919; $13,000 of
Series "F" to run and be payable fourteen years from Dec. 1 1919; $15,000
of Series "G" to run and be payable sixteen years from Dec. 1 1919; $16,000
of Series "H"
to run and be payable eighteen years from Dec. 1 1919;
$19,000 of Series "I" to run and be payable twenty years from Dec. 1 1919.
MARION PUBLIC SCHOOL DISTRICT, Lauderdale County, Miss.
—BONDS NOT YET SOLD.—We are informed that no sale was made of
the $5,000 6% bonds recently offered (V. Ill, p. 1012).
Denom. $100.
Interest annually (Sept. 1).
Due yearly on Sept. 1 from 1921 to 1945, incl.
MAHONING COUNTY (P. O. Youngstown),
the Wm. R. Comoton Co. was awarded
bridge bonds, dated June 15 1920, of which $249,000
and $58,000 June 15 194,5.
Denom. $1,000. Int.
On Aug. 25
The
bonds can be. bought
at a bid of par or
better.
Aug.
County,
14—V. Ill, p.
313—have, we are
informed, been sold.
REJECTED.—All
bonds offered on
bids will be received
Alamance County, No. Caro.—BIDS
the $160,000 6% gold water and sewer
Sept. 21—V. Ill, p. 1200—were rejected.
Private
within the next. 30 days by the Town Clerk.
MEBANE,
bids received for
Dade County, Fla.—BOND SALE.—On
Biscayne, of Miami, was the successful bidder for the
MIAMI BEACH,
Bank of
$5,000 yearly on Aug. 1
incl.
from 1922 to 1941,
Financial
Statement.
$16,351,551
100,000
value for taxation
Total bonded debt, this issue only
Population, 1920 Census, 14,607.
Debt less than 1 %.
Assessed
MORROW COUNTY
The
V.
(P. O. Heppner),
$20,000road bonds offered at not
110, p. 2106—were
Ore.—BONDS NOT SOLD.—
exceeding bxA % interest on
May 15—
not sold.
TOWNSHIP (P. O. Wapakoneta R. D. ,
Auglaize
County, Ohio.—BOND OFFERING.—Edgar R. Metz, Township Clerk,
will receive bids until 12 m. Sept. 27 for $12,800 5% Cozad Road impt.
bonds.
Denom. $1,280.
Date Sept. 1 1920. Int. M. & S.
Due $1,280
Mar. 1 1921, and,$l,280 each six months from Mar. 1 1922 to Mar. 1 1926,
incl.
Cert, check for 2% of amount of bonds bid for payable to the Town¬
MOULTON
required.
ship Treasurer,
MULBERRY SEPARATE
—During August the
it is
reported.
voters
'
ROAD DISTRICT, Miss.—BONDS VOTED.
favored the issuance of $50,000 road bonds,
'-V
.
COUNTY SCHOOL DISTRICT NO. 32 (P. O.
Mont.—BOND SALE.—The $3,000 6% 10-20 year (opt.)
July 24—V. Ill, p. 217—have been taken by the
of Land Commissioners at par.
school bonds offered on
State Board
Hillsborough County, N.
NASHUA,
Sept. 20 the
$95,000 6%
H.—BOND OFFERING.—It is
until 10 a. m. Sept. 29
reported thatthe City Treasurer will receive proposals
for $18,000 5% hign-school bonds.
Date Sept. 1 1920.
Sept. 1 as follows: $2,000 1921 to 1923, inclusive, and
inclusive.
'
•
Due yearly on
$1,000 1924 to 1935,
•'
"-y
NASHVILLE, Nash County, No. Caro .—BOND
Town Clerk, will, at 10 a. m.
chase of $125,000 6% gold coupon (with
T. Vaughn,
impt. bonds.
Denom. $1,000.
int.
(M. & S.) payable at the
..
OFFERING.—Leon
Oct. 1, receive bids for the pur¬
privilege of registration) street
Prin. and semi-ann.
Due
incl.; $10,000, 1929 to
check
cash on
of bonds bid
The successful bidders
of N. Y.,
the
of Nashville
the U. S. Mtge.
of the signa¬
impressed thereon. Purchaser to
Date Sept. 1 1920.
Hanover
National Bank., N, Y.
yearly on Sept. 1 as follows: $5,000, 1923 to 1928,
1934, incl.;
$15,000, 1935 and $20,000, 1936.
Cert,
or
an incorporated bank or trust company for 2% of the amount
for payable to the said. Town Clerk, required.
will be furnished with the opinion of Reed, Dougherty & Hoyt
that the bonds are valid and binding obligations of
town
and the bonds will be prepared under the supervision of
& Trust Co., of N. Y., which will certify as to the genuineness
of the town officials and the seal
accrued interest.
,
NAVARRO COUNTY LEVEE IMPROVEMENT DISTRICT, Tex.—
BONDS REGISTERED.—The State Comptroller on Sept. 17 registered
$30,000 6% serial bonds.
tures
pay
(P. O. Orangeburg), Orangeburg
OFFERING.—Sealed bids will be received until
at not exceeding 6% interest, by H. M.
of School Trustees, it is stated.
SCHOOL DISTRICT
NEESES
County, So. Caro.—BOND
11 for $14,000 school bonds
Oct.
Stevenson,
NEW
Chairman Board
BRIGHTON
SCHOOL DISTRICT
(P. O. New Brighton),
W. Douglass, District
for $100,000 bA% tax-
County, Pa.—BOND OFFERING.-—H.
will receive bids until 8 p. m. Oct. 15
free school bonds.
Denom. $1,000.
Due serially to
for $1,000, payable to Thos. Kennedy, District Treasurer,
Beaver
Secretary,
NEWMAN
DISTRICT (P. O. Marshland , ColumOre.—BOND SALE.—The $50,000 6% bonds offered on
MARSHLAND DRAINAGE
bia
National Bank, both of
Denom. $1,000.
City, N. Y. Due
Rothiemay),
-
Net bonded
Troy),
MONTGOMERY COUNTY (P. O.
Pape, Potter, Kauffman, Inc., and the First
St. Louis have purchased $100,000 6% tax-free bonds.
Date Aug. 1 1920.
Int. semi-ann. payable in New York
MUSSELSHELL
pieces.
_
Md.—BOND SALE.—
awarded to the Farmers
basis of about 5-57%.
Due $2,000 yearly.
No. Caro .—BOND SALE.—
MONTGOMERY COUNTY (P. O. Rockville),
14 an issue of $41,775 6% road bonds was
Banking & Trust Co. of Rockville at 103.25, a
Denom. $1,000.
Date Oct. 1 1920.
Int. A. & O.
semi-
*$2,000 of each maturity is in $500
Financial Statement.
(opt.)
works bonds
On Sept.
Lubbock
County, T ex.—BOND
SALE.—KauffmanSmith-Emert & Co. of St. Louis recently purchased $110,000 6% tax-free
bonds.
Denoms. *$500 and $1,000.
Date July 5 1920. Prin. and
ann. int. (J. & ,J.) payable at the Hanover Nat. Bank, N. Y.
Due yearly
on July
1 as follows:
$5,000—1925
$5,000—1934
1
Mo.—BOND OFFERING.—Sealed
County,
received until Oct. 4 for the $175,000 6% 10-20-year
voted on Aug. 26—V. Ill, p. 1012—by J. T. Gross,
Mayor.
Date Oct. 1 1920.
MONTGOMERY COUNTY (P. O. Crawfordsville), Ind.—BOND
SALE.—It is reported that $5,600 4A% Ronk-Thompson road bonds were
sold to A. B. Mercer, of Ladoga, for $5,644 10, equal to 100.787.
water
LUBBOCK,
i
Randolph
MOBERLY,
bids will be
been
5,000—rl929
5,000—1930
5,000—1931
5,000—1932
5,000—1933
SCHOOL DISTRICT
Hamel, Clerk.
ANGELES,
4,000—1937
4,000—1938
4,000—1939
4,000—1940
4,000—1941
required.
NO. 40 (P. O. Frenchtown), Mont.—BOND OFFERING.—On Oct. 9 $15,000 school bonds will
be offered for sale.
Interest not to exceed 6%.
Denom. $1,000. Fred.
to local banks at par
4,000—1935
4,000—1936
int. Date Sept. 1
2% of the amount
MISSOULA COUNTY
Sept. 8 1920.
5;000—192«.
5,000—1927
5,000—1928
Comptroller.
bonds with the State
received
Principal and semi-annual inter¬
Treasurer's office. Due $6,000
yearly on Jan. 2 from 1922 to 1936, inclusive.
hill improvement bonds.
Denom. $2,500. Principal and interest
payable Jan. 2 1922 at the City Treasurer's office.
have
registered $45,000 6% serial
$131,900 parkway-impt. bonds not to exceed 5%
1920.
Int. M. & S.
Due in 1940. A deposit equal to
of bonds bid for, payable to C: A. Bloomquist, City Treasurer,
Calif.—BOND ELECTION.—The following bond
proposed for submission to the voters in November:
$5,000,000 for a site and building for a public library: $7,000,000 for a
new city hall; $3,000,000 for additions to water system; $2,000,000 for new
fire engine houses and new fire alarm system, and the resubmission of the
$4,100,000 bond issue for a memorial auditorium which was defeated on
Aug. 31 as reported in V. Ill, p. 1200.
LOS
issues
%>
SCHOOL DISTRICT (P. O. Mineral Wells),
Tex.—BONDS REGISTERED.—This district on
for
$90,000 school bonds.
Denom. $1,000.
est (J. & J.) payable at the City
Date
without
establish
for in Milwaukee, but will
the purchaser.
Bids are
MINNEAPOLIS, Minn.—BOND OFFERING.—Bids will be
until 2 p. m. Sept. 27 by J. A. Ridgway, Sec. of Board of Park Commrs.,
and interest:
5,000
Chicago, has been obtained and will be furnished,
together with all legal papers necessary to
expense,
validity of the bonds.
Bonds must be paid
be delivered out of the City at the expense of
requested for all or none.
the
SALE.—On Sept. 16
Niagara County, N. Y.—BOND
following two issues of 5% bonds were awarded
LOCKPORT,
the
Mar.l
Pur¬
accrued interest.
chaser to pay
be presented for
Wood & Oakley,
1
interest.
accrued
Denom. $1,000. Date July 1 1920.
payable at the office of the City Trea¬
payment to the duly authorized agent of the
city of Milwaukee in New York City, N. Y.
Cert, check on a national
bank or on a City of Milwaukee depository for 1 % of the amount of bonds
bid for, required.
The unqualified favorable opinion of Chas. B. Wood, of
surer, or may
bonds by
BOND
Jan. 1 1920.
1920.
Date Jan. 1 1920.
5%school bonds.
Denom. $1,000. Date July 1 1920.
6% vocational school bonds.
Denom. $1,000. Date July 1
6% harbor impt. bonds.
Denom. $1,000.
Date
5% school bonds.
Denom. $1,000.
Date Jan. 1
6% sewerage system bonds.
Denom. $1,000.
200,000 6% street opening bonds.
Prin. and semi-ann. int. (J. & J.),
Miss.—BOND OFFERING.—At 6 p. m.,
will be received for $30,000 6% 20 year school
City*Clerk.
Cert, check for 2A% required.
Date
and 20 for $500.
1920.
Jan. 1
500,000
800,000
2,200,000
400,000
400,000
Kokomo , Howard County, Ind.—
BOND OFFERING.—J. A. Ivautz, Treasurer of School Board, will receive
proposals until 11 a. m. Sept. 30 for $115,000 6% school bonds.
Denom.
100 for $1,000 and 30 for $500.
Interest semi-annual.
KOSCIUSKO, Attala County,
Denoms. 340 for $1,000
350,000 6% park bonds.
KOKOMO SCHOOL CITY (P. O.
Oct. 6, sealed bids
1920.
1
Jan.
offered
C. O. Townsend,
1107—
COUNTY (P. O. Peru), Ind.—BOND
OFFERING.—C. E
Revburn, County Treasurer, will receive proposals until Oct. 7 for the
following road bonds:
$8,745 00 Jacob Moore et al, Pipe Creek Twp., bonds.
Date June 15
Payable serially for five years.
8,600 00 Mawhinney Shaw et al Jackson Twp. county line bonds.
April 15 1920.
Due serially for ten years.
2,825 00 Chas. N. Wales et al Jackson Twp. county line bonds.
April 15 1920.
Due serially for five years.
3,750 00 Oliver M. Powell et al Allen Twp. county line bonds.
Aug. 15 1920.
Due serially for ten years.
14,853 90 Frank Dillman et al Henry Twp. county line bonds.
Aug. 15 1920.
Due serially for ten years.
MIAMI
Date
Oct. 12.
The bonds will be reoffered on
dated Sept. 1 1920—V. Ill, p.
6M year (aver) street impt. bonds,
at 97.00 a basis of about 6.57%.
Other bidders were:
100.21 and interest a basis of about 5.97%.
ii
v.
1399
CHRONICLE
THE
$14,000
Cert, check
required.
County, Neb.—BOND SALE.—A
issue was recently disposed of, it is
Date May 1 1920. Int. ann. Due
1950.
GROVE,
6%
Madison
coupon sewer
Denoms. $100 and
bond
$500.
1921 to 1924, incl.
NEWTON SCHOOL DISTRICT (P. O. Newton), Harvey County,
Kan8.:—BOND SALE.—On Sept. 13 the $115,000 5% 7H year (aver.)
school building bonds were awarded to Vernon H. Branch & Co. at 93.92 a
stated.
$3,500 yearly from
of about 6%.
Denoms.
Due yearly on Jan.
$75,000 1930.
basis
Int. J. & J.
$500 and $1,000.
1 as follows:
Date Sept. 1 1920.
$5,000 1922 to 1929 incl. and
(
1
1300
THE
CHRONICLE
NIAGARA FALLS, Niagara
County, N. Y.—BIDS.—The following is
RICHMOND,
a list of the bids submitted
for the $250,000
5H% 28-year (aver.) school
bonds awarded on Sept. 17 to R. M.
Grant & Co. (V. 111. p. 1200):
R.M. Grant & Co.,
Remick,
N.
Hodges & Co.,
O'Brian,Potter
Y
N.
261,722.50
Y
261,707.50
Guar Tr.
Co., N. Y
259,872.50
259,360.00
•Buff.
Tr. CO., Buff....
ITornblower
&
Weeks. 1259,300.00
A. B. Leach & Co., N.
Y.J
&
_.-._{258,000.00
1920.
Interest semi-annual.
of amount of bonds bid for,
NOGALES,
Santa
Due
Oct.
County,
1
1924.
Certified check for
Ariz.—BOND
Oct. 4 885,000 water bonds will be offered for
sale.
NOOKSACK,
There
was
Whatcom
County,
offered during
jJuly—V.
on
NORFOLK
COUNTY
(P.
2%
ROCHESTER, N. Y.—NOTE SALE.—On Sept. 22 the $150,000 Over¬
Tax, $100,000 Sewage Disposal, $10,000 Repairs Under Guarantee,
$25,000 Brown Street Subway notes, maturing four months from
Sept. 27—V. 111, p. 1201—were awarded to the National Bank of Rochester
on a 6% interest basis.
and
SOLD.
.
July 20—V. Ill,
ROSS COUNTY (P. O.
Chilliclothe), Ohio.—BOND OFFERING.—
Sealed bids for $40,000 6% bridge bonds will be received until 12 m.
Sept.
30 by Walter S. Barrett, County Auditor.
Denom. $500.
Date Oct. 1
1920.
Prin. and semi-ann. int., payable at the County Auditor's office.
Day & Co., of Boston, at
Due $4,000 yearly on Oct. 1 from 1921 to 1930, incl.
payable to the County Auditor, required.
ADAMS,
Berkshire County, Mass.—LOAN OFFERING,
Proposals for the purchase at discount of a
temporary loan of $50,000, dated
Sept. 28 and maturing Nov. 17, will be received
by the City Treasurer
until 11 a. m. Sept. 28, it is stated.
Columbiana County, Ohio.—BOND SALE.—The Sinking
Fund Trustees puchased at par and interest the $23,927,64
6% funding
bonds offered on Sept. 14—V. Ill,
p. 914.
Date Aug. 15 1920.
Due
yearly on Feb. 1 as follows:
$927.64, 1931, $1,000 1932 to 1935 incl.,
$2,000 1936 to 1944 and $1,000 1945.
NORTHAMPTON, Hampshire County, Mass.—TEMPORARY LOAN.
22 a temporary loan of $100,000, dated
Sept. 23 1920 and ma¬
turing March 23 1921, was awarded to Bond &
Goodwin, at
SALEM
CONSOLIDATED SCHOOL
DISTRICT
(P.
O. Salem),
Richardson County, Neb.—BID REJECTED.—The only bid, which was
6.10%, interest
for
Ill, p. 1012.
NORWALK,
$50,000
be
Huron
voted
r
Erie County, Ohio.—BOND ELECTION.—The City
said, has approved legislation putting before the voters at
the November election the question of issuing $244,000 street repair bonds.
Commission, it
OFFERING.—Proposals
SANTA
ANA, Orange County, Calif.—NO
BIDS RECEIVED.—
Recently $234,000 municipal bonds were offered but failed to receive a bid,
It is also stated that the rate of interest which bonds bear
namely 513 %,
is not sufficently attractive at the present .time.
SAYREVILLE SCHOOL DISTRICT (P. O. Sayreviile), Middlesex
County, N. J*—BOND SALE.—On Sept. 21 the issue of 6% school-bldg.
bonds, offered on that date (V. Ill, p. 1108) was awarded to the First
NOXUBEE COUNTY (P. O.
Macon), Miss.—BOND OFFERING
bids will be received by John A.
Tyson, Clerk Board of County
Supervisors, until 2p.m. Oct. 9, for the following
6% bonds:
$90,000 Supervisors' District No. 1 bonds.
Date Sept. 6 1920.
Cert.
check for $500, required.
50,000 Road District No. 4 bonds.
Date Oct. 4
1920.
Cert, check
for $500, required.
OCONEE
Int.
The $100,000 5%
National Bank of South River, which bid $100,077 60 for $98,000 bonds—
the price thus being 102.12, a basis of about 5.75% .
Date July 1 1920.
Due $4,000 yearly on July 1 from 1921 to 1944, incl., and $2,000 July 11945.
A list of the bids follows:
Name—
First National Bank, South River
River Trust Co
Second National Bank, Red Bank
semi-ann.
COUNTY
15H
(P.
O.
Walhalla), So. Care .—BOND SALE.—
(aver.) coupon or registered road bonds, dated
year
B. J.
A
SUCCESS.—The
scribed for.
unsold
This action
assures
the
5% bonds, which are dated Aug.
Aug. 1 from 1931 to 1950, incl.
William
1
success
of the
sale of the $1,000,000
1920, and mature $50,000 yearly
on
Dick, Secretary of the Board of Education, in
confirming the
loan, states that the prices at which the bonds
report of the success of the
went
ranged from
par to 100.50,
PLACERVILLE, Eldorado County, Calif.—NO BIDS RECEIVED.—
are advised by O. E.
Bailey, City Clerk, that no bids were submitted for
the $30,000 5XA% gold
coupon municipal water system bonds offered on
some
that
the Board would meet on
Sept. 21
disposition would be made of the bonds.
us
PLAINS HIGH SCHOOL DISTRICT (P. O.
Plains), Sumter County,
Ga.—DESCRIPTION OF BONDS,—The $50,000
5% 3-30 year serial school
bonds recently voted—V. Ill,
p. 1012—are in denom. of $1,000 and are
dated Sept. 1 1920.
Int. annually.
These bonds
can
be purchased at a private sale at
the
Sheppard, Attorneys, (P. O. Americus).
office
of
Shipp &
PLEASANT
RIDGE, Oakland
County,
Mich.—BOND
SALE.—
Keane, Higbie & Co., of Detroit, have purchased and are
now offering to
investors at a price to yield
5.80% $50,000 6% water works bonds.
De¬
nom.
$1,000.
Date Aug. 1 1920.
Prin. and semi-ann. int.
(F. & A.)
payable at the Peonies State Bank of Detroit.
Due Aug. 1 1950.
Bonded
Debt, this issue only.
Assessed Value, 1920, $1,838,000.
,
"PLEASANT
VALLEY
SCHOOL
DISTRICT (P. O.
Hazlehurst),
Copiah County, Miss.—A O SALE.—At the recent
offering of $8,000 6%
bonds only bids on t
% basis were received and none accepted.
PORTLAND, Ore.—BOND OFFERING.—Geo.
R. Funk, City Auditor,
bids for $200,000
513% construction bonds until Sept. 25, it is
will receive
Date
bonds,
offered
1
were
1920.
no
on
Due $2,000
yearly on Aug. 1 from 1927 to
other bidders.
Carstens
Int.
semi-ann.
Due
Nov.
1950.
Cert,
check
for
$5,000
re¬
QUINCY,
Norfolk County, Mass .—TEMPORARY
LOAN.—A tem¬
loan of $300,000. dated Sept. 23 1920 and
maturing Aprli 14 1921,
on
Sept. 23 to the Old Colony Trust
Co., of Boston, on a
6.04% discount basis.
porary
was
awarded
REFUGIO COUNTY ROAD
DISTRICT NO. 3, Tex.—BONDS REGI¬
STERED.—The State Comptroller
registered the $16,000 blA
% serial
bonds mentioned in V. Ill,
p. 517—on Sept. 14.
™RI£HLAND- COUNTY (P.
O. Mansfield), Ohio.—BOND SALE.—
National Bank of Mansfield and the
Farmers & Merchants
Bank of Lucas have purchased at
par $76,244 53 6% 813-year
(aver.) road
bonds.
Denom. $1,000 and $2,000.
Int.
The Citizens
5%.
Earles, John E. Price & Co., Wm. R. Compton Co., St.
Louis, Mo., and Merrill & Oldham Co., Boston, Mass., Halsey, Stuart &
Co. Chicago, 111., and E. H. Rollins & Co., Chicago, 111., bid par on balance
of $675,000, over and above bonds not taken by State of
Washington, under
proposition No. 1, interest rate 6%, premium $675.
(Accepted).
Carstens & Earles, etc. bid par under proposition No. 2, interest
6%,
premium $675.
(Rejected).
R. M. Grant & Co., by Oscar P. Dix Co., agents, bid
$100.07, interest
rate 6%.
(Rejected).
Seattle National Bank bid $1,000.90, interest 6%.
(Rejected).
Dexter Horton National Bank and associates, bid
par,
interest 6%.
(Rejected)
The different propositions under which the bonds were offered were
given
in V. Ill, p. 1013.
SHELBY
Bros,
Road
COUNTY
(P. O. Center),
Tex.—BOND SALE.—Smith
purchased the following road bonds Which were
p. 315—$80,000 Road District No. 1, $100,000
District No. 2, $350,000 Road District No. 3,
$70,000 Road District
of Crockett
offered
on
have
July 17—V. Ill,
No. 5 and $100,000 Road District No. 6 bonds.
SHREVEPORT,
Caddo
Parish,
La.—BONDS
aggregating $1,250,000 were authorized it is stated by
the election held Sept. 14—V. Ill, p. 1108.
PROPOSAL
TO
It is also stated tnat
CHANGE
a
CITY
VOTED.—Bonds
a
GOVERNMENT
large1 majority at
DEFEATED.—
proposal to change the government of Shreveport to
defeated b> 1568 against the proposition to
Commission Manager form was
779 for it.
SIDNEY,
Cheyenne
County,
Neb.—BOND
SALE.—Bosworth,
Chanute & Co., and Benwell, Phillips, Este & Co., both of
Denver, were
the successful bidders for the following bonds:
$99,000 water, $70,000
electric lighting and heating and $27,000 water extension bonds.
DISTRICT, Siskiyou
Coun¬
ty, Calif.—BOND OFFERING.—On Oct. 5 $26,000 6% bonds will be offered
highest bidder, it is stated.
Due yearly from 1921 to 1946,
SKAGIT COUNTY SCHOOL DISTRICT NO.
22,
Wash.—BOND
SALE.—This district recently awarded $15,000
513% school bonds to the
State of Washington.
Date Nov. 1
1
rate
&
1932, incl.
GEORGE'S COUNTY (P. O.
Upper Marlboro), Md.—
BONDOFFERING.
The Board of Education will
receive proposals until
12 m. Sept. 29 for $10,000
5% 30-year coupon school bonds.
quired.
interest
(Accepted).
and sold to the
PRINCE
1920.
1920.
1
The following is a complete list of bids submitted.
State of Washington bid par, for $450,000 bonds;
$13,500
914—were
Sept. 16—V. Ill, p.
awarded at par and interest to
tire Central National Bank of
Portsmouth.
Date Aug.
Oct.
SISSON UNION GRAMMAR SCHOOL
PORTSMOUTH, Scioto County, Ohio.—BOND SALE.—The
5Yl% coupon impt.
There
v
450,000 5% school bonds to the State of Washington at par.
Des
Moin.es)» Iowa.—BOND SALE.—An issue
£ 'vl 1 :.!P0 6% 1513-year aver, funding bridge bonds has been purchased
by R. M. Grant Co. of New York for
$72,135, equal to 101.415, a basis of
about 5-86%.
Other bidders were:
Schanke & Co..-----$72,1301Bolger, Mosser & Willaman_$71,910
W. R. Compton & Co
72,0701
reported.
County, So. Dak.—BOND ELECTION.—
from 1924 to 1960 incl.
We
Sept. 7—V. Ill, p. 1012.
The City Clerk also advises
101,036 00
V. Ill, p. 1013—was awarded as follows:
$675,000 6% 21 13 year (aver) school bonds to William R. Compton Co.,
Halsey, Stuart & Co., Inc., E. H. Rollins & Sons, Merrill, Oldham
& Co., John E
Price & Co., and Carstens & Earles, Inc., jointly,
at 100.10 and interest, a basis of about 5.99%.
Due as follows:
$9,000 Oct. 1 1923 and $9,000 on April 1 and Oct. 1 each year
PHILLIPS COUNTY SCHOOL DISTRICT NO.
40 (P. O. Lovejoy),
Mont.—BOND SALE.—The State Board of Land
Commissioners has taken
at par the $3,000 10-20
year (opt.) school bonds which were offered on
July 20—V. 110, p. 2697.
at 8 p. m. at which time
100,058 00
SEATTLE SCHOOL DISTRICT NO. 1 (P. O. Seattle),Kings
County,
Wash.—BOND SALE.—On Sept. 17 the $1,125,000 school bond issue—
their stipulation
discretion.
100,255 60
100,000 00
SEATTLE, Wash.—PART OF ISSUE SUBSCRIBED.—We are advised
by H. W. Carroll, City Comptroller, that up to Sept. 17 $351,600 of the
$600,000 6% 6-20 year electric light bonds which are being sold over the
counter at par and interest (as reported in V. Ill,
p. 315)
had been sub¬
Philadelphia)7*7.
"Philadelphia Press" reports that the banks which offered to take
up the
portion of the $1,000,000 loan—V. Ill, p. 1200—have withdrawn
that the funds be applied to a flat increase in
teachers'
salaries, leaving the Board of Edu, to dispose of the
money at its own
$100,077 60
99,000 00
>100,000 00
The voters of Scotland at a special election to be held
Sept. 28, will have
submitted to them, it is stated, the question of authorizing bonds of
$45,000
for the extension of the municipal water works system.
Sept. 18.
on
Price Bid.
$98,000 00
Van Ingen & Co., New York.
SCOTLAND, Bon Homme
PASADENA, Los Angeles County, Calif.—BOND ELECTION.—An
amendment to the charter of Pasadena
City which would enable the city
to pay up to 6% interest on all
municipal bond issues, will be submitted to
the voters of the city at the November
general election; this was decided
PHILADELPHIA SCHOOL DISTRICT (P. O.
BANKS
WITHDRAW
STIPULATION—LOAN
Amount Bid For.
South
July 1 1920—mentioned in V. Ill, p. 218—were
recently awarded to John
Nuveen & Co., of Chicago as 6s, at 96.27 a basis of
about 6.39%.
by the Commission
is
It is st)2lt6(l
Sealed
$500.
Monterey County, Calif.—
SANDUSKY,
water-works-system-
upon.
County, Ohio.—BOND
15 for the $30,000 513% school
% bonds has been sold to the Salinas
City Bank and the First Nat. Bank, both of Salinas, jointly.
will be received by L. Snook,
City Auditor, until 12m., Oct. 9 for $35,000
6% electric light plant bonds.
Denom. $500.
Date Sept. 1 1920.
Int.
semi-ann.
Due $2,500 each six months from Mar. 1
1924 to Sept. 1 1930,
incl.
Cert, check for 10% of amount of bonds bid
for, payable to the City
Treasurer, required.
Purchaser to pay accrued interest.
Denom.
bearing 7%, received on Sept.
1013—was rejected.
SALINAS CITY SCHOOL DISTRICT,
BOND SALE.—An issue of $60,000 513
NORTH PLATTE, Lincoln
County, Neb.—BOND ELECTION.—On
Oct.
19 $10,000 fire-house-extension and
bonds will
bonds
bonds.—V. Ill, p.
NORTH CANTON SCHOOL DISTRICT (P. O. North Canton),
Stark County, Ohio.—NO BIDS.—No bids
were submitted for the
$120,
000 6% school bonds, offered on Sept. 17—V.
„
extension
Cert.check for $500,
SALEM,
—On Sept.
to follow.
_____
due
Dedham), Mass.—NOTE SALE.—On
notes, dated Sept. 21 and maturing Nov. 8
L.
513 % school bonds which were
Ill, p. 711—butfailed to^recei vejabid.^
1^oT2~(P. O*. Manors
ville),
Suffolk County, N.
Y.—BOND OFFERING.—Proposals for
$6,000 6% school bonds will be received until 1 p. m. Sept. 27 by Frederick
W. Meyer, Clerk of Board of School Trustees.
Denom. $500.
Date Oct. 1
1920.
Prin. and annual interest payable at the Suffolk County National
Bank, of Riverhead.
Due $500 yearly on Feb. 1 from 1922 to 1933, incl.
O.
Sept. 21 the $50,000 revenue
1920—V. Ill, p. 1200—were awarded to R.
5.98% discount.
NORTH
NOT
Estabrook
RIVERHEAD COMMON SCHOOL DISTRICT
OFFERING.—On
Wash.—BONDS
sale made of the $4,600 bonds
offered
no
217.
p.
Co.,
BOND SALE.—It is reported that $45,000 bonds have been taken by local
banks.
The bonds are part of the $565,000
Wm. R. Compton
Co._J252,655.00
White, Weld & Co.N.Y.l
payable to the City Treasurer, required.
Cruz
&
RICHMOND SCHOOL DISTRICT, Contra Costa
County, Calif.-
Co.,
National'City Co"N.Y" '255,497.50
NILES,
Trumbull
County,
Ohio.—BOND
OFFERING.—Homer
Thomas, City Auditor, will receive bids until 2
p. m. Oct. 18 for 83,000
6% Union Cemetery improvement bonds.
Denom. $500.
Date Oct.
.
SALE.—Harris, Forbes
public impt. 6% 10-year coupon
(with privilege of registration) bonds, dated July 1 1920.—V. Ill, p. 1201on Sept. 21 at 100-338 and interest a basis of
about 5.96%.
.Co.,
Buffalo
Thayerv Drew &
Va.—BOND
& Co., both of N. Y., and F. E. Nolting &
Co., of Richmond, were awarded
the $750,000 gas works and $600,000
N.Y.S262,375.00 Stacy & Braun, N. Y_..$258,425.00
Kissel, Kinnicutt & Co.,
[Vol. 111.
A. & O.
incl.
SOUTHEASTERN SPECIAL ROAD
DISTRICT, Greene County,
Mo.—BONDS DEFEATED.—At the election held
Aug. 31—V. Ill, p.
914—$8,000 bonds were turned down, it is reported.
SPRINGFIELD,
Windsor
County,
Vt.—BOND
OFFERING.—
Proposals for $85,000 5% school bonds will be received by tne Town
Clerk
Due $8,500 yeraly on Sept. 1 from 1921 to
1930, incl.
until 4 p. m. Oct. 6.
STEUBEN
COUNTY (P. O. Angola), Ind.—BONDS NOT
SOLD.—
The two issues of road bonds,
aggregating $12,340, offered on Sept. 9—
V. Ill, p. 1013—were not sold, there
being no bidders for the bonds.
STILLWATER COUNTY
(P. O. Columbus), Mont .—PURCHASER.
6% highway bonds sold on Sept. 10
1201—was H. E. Durland of Chicago who paid
—The successful bidder for the
$100,000
reported in V.
par and interest.
as
SUFFOLK
On
Ill, p.
COUNTY
(P.
O.
Riverhead),
N.
Y.—BOND SALE.—
tuberculosis hospital
Sept.|18ithel$75,000 5% 11-15jyear.serial registered
SEPT. 25
V.
onds described in
111.
Ariz.—BOND BIDS
§350,000
were
(P. O. Summer Lake),
SOLD.—The §260,000 6% 6-25on July 10—•V. 110, p. 2697—•
IRRIGATION DISTRICT
LAKE
SUMMER
not
TULSA, Okla.—BOND ELECTION CONSIDERED .—Since
preme Court held §5,000,000 bonds already voted illegal a new
be called to perfect the legality, it is reported.
,
been sold as yet.
County Treasurer,
OFFERING.
10 a. m. Oct. 9
Date Sept. 15
May 15 1921
Vevay), Ind.—BOND
SWITZERLAND COUNTY (P. O.
C. E. Pangburn,
will receive bids until
IRRIGATION DISTRICT (P. O. Turlock), Stanislaus
Calif.—DESCRIPTION OF BONDS.—The §510,000 5H% taxawarded on Sept. 10 to the Bank of Italy at 89.38 (V. Ill, p.
1201), are described as follows: Denoms. §1.000, §400 and §100.
Date
July 1 1920.
Int. J. & J.
Due yearly as follows: §10,200 1941 and 1942;
§15,300 1943 and 1944; §20,400 1945 to 1948, incl.; §25,500 1949 to 1952.
incl.; §30,600 1953 to 1956, incl.; §35,700 1957 and 1958; and §40,800 1959
TURLOCK
County,
§50,000 6% gravel-road-repair bonds.
Denom. §625.
920.
Interest M. & N.
Due §5,000 each six months from
o Nov. 15 1925, incl.
or
free bonds
j
IRRIGATION DISTRICT (P. O. Terra
Bella),
ulare County, Calif.—BOND SALE.—This district on Sept. 14 awarded
100,000 6% bonds to Aronson & Co. of Los Angeles at 86.04.
Denoms.
500 and §1,000.
Int. J. & J.
Due 1945 and 1946.
TERRA
BELLA
of) .—BONDS REGISTERED.—'The following
been registered with the State Comptroller:
Place and Purpose of Issue.
Due.
Brown County Common Sch. Dist. No. 18
5-20 years
Crowley Independent School District
10-40 years
Lamar County Common Sch. Dist. No. 6
serially
Terry County Common Sch. Dist. No. 4
15-20 years
TEXAS (State
ve
and
Financial Statement.
real property in district (1919)
Actual value of real property in district (estimated)
Population of district (estimated), 18,000.
Assessed value of
Date Reg.
Sept. 14
Sept. 14
Sept. 17
TWIN
UNION
County,
and interest.
O. Mt. Pleasant), Tex.—BONDS REGISTEREDissue of §20,000 5y2% bonds was registered on Sept. 17 with the
Comptroller.
-
VALLEJO, Solano County, Calif.—BOND
Council has adopted a resolution
that'the City
OFFERING .—Proposals for
until 12 ml Oct. 5 by
§1,000. Date Sept. 1
1 1930. Cert,
H. A. Gee to prepare a
DISTRICT (P. O. Toledo), Lucas County,
ISSUED.—The Toledo "Blade" reports that on
Sept. 20 the Board of Education authorized the issuance of §1,000,000 of
the §11,000,000 bond issue voted by the people on Aug. 11—V. Ill, p. 915.
It is further said that because of the present tightness of the money market
the Board agreed on 6% as the interest rate.
each six months from
VIGO
DISTRICT, Passaic County, N. J.
Clerk of Board of Educa¬
will receive bids until 8 p. m.
of registration) school
int., payable in U. S.
gold coin of the present standard of weight and fineness, at the U. S. Trust
Co. of Paterson,
Due yearly on Oct. 1 as follows: §1,500 1922 and 1923;
§2,000 1924 to 1934, incl.
Certified check on an incorporated bank or
trust company, for 2% of amount of bonds bid for, payable to the "Board
BOROUGH SCHOOL
OFFERING.—Oswald W. Hargreaves.
(P. O. 45 Grant Ave., Totowa, N. J.),
Oct. 2 for §25,000 6% gold coupon (with privilege
bonds.
Date Oct. 1 1920.
Prin. and semi-ann.
Education'," required.
Caro.—BOND
Osborne,
Int.
Board of
the amount
TRANSYLVANIA COUNTY (P. O. Brevard), No.
OFFERING.—Bids will be received until 12 m. Oct. 2 by C. K.
Chairman Board of County Commissioners, for §100,000 6% bonds.
semi-ann.
Bonds to be payable at such times and places as the
County Commissioners may determine.
Cert, check for 5% of
bid, required.
>
P*
TROY, Rensselaer
County, N.
Y.—BOND SALE.—Geo. B. Gibbons
and interest, which is at a
of New York, offering §210,780 (105.39)
basis of about 5.28%, were awarded the §200,000 6%
telegraph and police-signal bonds offered on Sept.
Date Oct. 1 1920. Due §10,000 yearly on Oct. 1 from 1921
The folowing bids for the entire issue were received:
Geo. B. Gibbons & Co__§210,780 00[National City Co
Field, Richards & Co
210,080 00 Thayer, Drew
Sherwood & Merrifield__ 209,567 89 Harris, Forbes &
A .IB. Leach & Co
208,662 00 Manufacturers'
White, Weld & Co.-..-- 208,121
Bank, Troy
& Co.,
registered fire-alarm,
20 (V. Ill, p. 1201).
to 1940, incl.
Bank offered
Troy Savings
_
^
§20/,598 00
& Co
207,240 00
Co
206,802 00
National
241
The
.
205,912 00
§54,700 for §50,000 of the issue.
COUNTY
(P. O. Terre Haute),
Ind.—BOND OFFERING.—
m. Sept. 29
Denom. 50
M. & N. Due
§5,550 each six months from May 15 1921 to Nov. 15 1925, inclusive.
BOND OFFERING.—The County Treasurer will also receive bids until
10 a. m. Oct. 2 for §33,000 A. P. Wilson et al. Pierson & Iiiley Twps. road
bonds.
Denom. 140 for §200 and 20 for §250.
Date Sept. 15 1920Int. M. & N.
Due §1,650 each six months from May 15 1921 to Nov. 15
Schall, County Tresaurer, will receive bids until 10 a.
§55,500 5% John Barbazette road-improvement bonds.
§1,000 and 10 for §550.
Date Sept. 6 1920. Int.
for
1930, incl.
DISTRICT NO. 12,
VOLUSIA COUNTY SPECIAL TAX SCHOOL
Fla.—BOND SALE.—According to reports the §30,000 6%
bonds—V. Ill, p. 817—were sold on Aug. 27 to the First
De Land at 95 and interest and expense of printing bonds.
20-year school
National Bank of
WALLA
WALLA
COUNTY (P. O. Walla Walla), Wash.—BOND
County Auditor, advises us that §300,00Q 6%
SALE.—Guy Allen Towner,
bonds have been sold to local farmers at par.
Denom.
Int. M. & S.
Due yearly on Sept. 7 from 1921 to 1931, incl.
Donahue Road
000.
WALLA WALLA
COUNTY SCHOOL
DISTRICT NO. 74, Wash.—
SOLD.—No disposition was
July (V. Ill, p.
offered for sale during
FINANCIAL
$1,700,000
f
City of Bethlehem
PENNA.
National Bank of
in
•
Commerce
New York
41/2S
Due
Jan.
Prices
1,
to
1925 to 1948
Net 5.20%
Biddle & Henry
Capital, Surplus And Undivided Profits
Over Fifty-five Million Dollars
South Fifth Street
104
PHILADELPHIA
Private Wire to
Call Canal
New York.
8437.
MUNICIPAL BONDS
Underwriting and distributing entire issues
of City, County, School District and Road
District Bonds of Texas.
Dealer's inquiries
and offerings solicited.
Circulars on Request.
DLvrold G.Wise
^ComeastT
Approved Investment Issues
§550,000
Imp. 5 As,
business
§82,000 CITY
6Ms, maturing
M. M.
421
Road
inch,
To return 5.20%
to return 5.50%.
OF NEW CASTLE, PA., School
1935 to 1938. To return 5.15%
FREEMAN & CO.
Philadelphia
Chestnut Street
Telephone,
Lombard 710
to
and
COUNTY OF BUTLER, PA.,
maturing Sept. 1, 1927 to 1944
association with so many of the leading
enterprises of the Pittsburgh District causes
be thoroughly familiar with opportunities for safe
Long and active
us
Houhxos.Tkxajs
optional after Sept. 1, 1935.
to 5.15%, after opt. period
§1,-
made of the §5,000 school bonds
112).
WARRICK COUNTY (P. O. Boonville), Ind.—BOND OFFERING.—
Proposals for §52,400 UA % John F. Heinzle et al Boon Twp. road bonds
will be received until 2 p. m. Sept. 28 by James L. Allen, County Treasurer.
Denom. §655.
Date Sept. 6 1920.
Int. M. & N. Due §2,620 each
six months from May 15 1921 to Nov. 15 1930, incl.
WASHINGTON, Daviess County, Ind.—BOND OFFERING.—Fred
Fromme, City Clerk, will receive proposals until 5 p. m. Sept. 27 for §11,500
6% municipal bonds.
Denom. §500. Date Sept. 15 1920. Int. M. & N.
BONDS NOT
LOANS
NEW
Hepler et al Armstrong Twp. road bonds,
1108). Date Sept. 18 1920. Due §845
May 15 1921 to Nov. 15 1930, inclusive.
Geo. A.
for
tion
of
amounting to
interest, the §16,900 4H% W. A.
offered on that date'. V. Ill, p.
SCHOOL
TO BE
TOTOWA
ELECTION.—It is stated
authorizing City Attorney
water system.
and
—On Sept.
required.
Ohio.—BONDS
—BOND
July 22—
from 1921
VANDERBURGH COUNTY. (P. O. Evansville), Ind.—BOND SALE.
18 John Friday & Co., of Evansville, were awarded at par
the Commissioners
TOLEDO
Chesterfield), Madison
Co. of Indianapolis have
call for a bond election for an auxiliary
The election will be held in October and it is expected bonds
§1,250,000 will be voted for a reservoir in Gordon Valley.
TOLEDO, Lucas County, Ohio.—BOND
§185,000 6% public wharf bonds will be received
John J. Higgins, Director of Finance.
Denom.
1920.
Int. M. & S.
Due Sept. 1 1960: optional after Sept,
check for 2% of amount of bonds bid for, payable to
of the Treasury,
SCHOOL TOWNSHIP
(P. O.
Ind.—BOND SALE.—J. F. Wild &
ELECTION.—
vote on §85,000
purchased at par the §44,00 0 6% school-bldg. bonds offered on
V. Ill, p. 219.
Date July 1 1920.
Due §3,000 yearly on July 1
to 1934, incl., and §2,000 July 1 1935.
.
; v
/
TITUS COUNTY (P.
-An
Twin Falls County, Ida.—BOND
of October an election may be held to
department bonds.
FALLS,
During the latter part
street and fire
00
06
00
00
§3,172,000
18
12,084,345
35,000,000
(including this series)
Bonded debt per acre
5% bonds
was
State
1960.
Bonded debt
Sept. 14
TIMBER LAKE SCHOOL DISTRICT (P. O. Timber Lake), Dewey
County, So. Dak.—BOND SALE.—The Casady Bond Co., of Des Moines,
recently the successful bidder for an issue of §30,000 7% 5-20-year
bonds at par
below par.
the Su¬
election may
ake County, Ore,—BONDS NOT YET
ear serial irrigation bonds which were offered
ave
DISTRICT NO. 1 (P. O. Tucson), Pima County,
REJECTED.—On Sept. 14 all bids received for the
6% school bonds (V. Ill, p. 915), were rejected, because they
TUCSON SCHOOL
awarded at par to the Suffolk
only bidder. Date Sept. 1 1920.
1108, were
p.
'ounty Trust Co. of Riverhead, the
1301
CHRONICLE
THE
1920.]
profitable investment. '
bonds originating in this district
Bids for and offers of
are
solicited.
Mellon National Bahk
Pittsburgh
Pennsylvania
the
Due $500 Nov.
May 1
1
1921
and
$1,000 each six months from May 1
1927, inclusive.
chronicle
1922 to
the
.
WASHINGTON COUNTY fP. O.
Salem), Ind.—BOND OFFERING.—
W. L. Taylor,
County Treasurer, will receive bids until
l:30_p. m. Sept. 27
for $3,600 Letroy
Casey et al Polk Twp. and $23,000 Oscar L. Scifres
et al
Polk Twp. 414% road bonds.
Denom. $180 and $1,150.
Date Sept. 6
1920.
Int. M. & N.
Due one bond of each issue
each six
bids
until
1
p.
m.
Bldg. bonds.
Hazleton), Gibson
Township Trustee, will
Oct. 2 for $57,000 6% Mt.
Olympus School
Denoms. 30 for $1,000 and 30 for
$900.
Date Oct. 2 1920.
Due $1,900 on each
July 1 and Dec. 31 from July 1 1921 to
Dec. 31 1935, incl.
This is the issue of bonds which was
awarded on Aug. 12 to J. P. Wild &
Co., who,, we are now advised, refused to
carry out their |contract on the
ground that the issue had been illegally advertised.
Int. J. & D.
WAYNESBORO
SEPARATE
ROAD
DISTRICT
(P.
O.
Waynes-
boro), Wayne County, Miss.— BOND ELECTION.—At an
election to be
held to-day (Sept. 25) a proposition
providing for the creation of the said
district and the issuance of $75,000
bonds, will be voted upon, it is
stated.
WELD COUNTY SCHOOL DISTRICT
NO. 34 (P. O.
Ault), Colo.—
BONDS VOTED.—An issue of $30,000
6% school bonds recently carried.
The bonds have been sold as
previously reported in V. Ill, p. 915.
WELD COUNTY SCHOOL DISTRICT NO.
40 (P. O.
Pierce), Colo.—
BOND ELECTION—SALE.—Subject to an
election to be called, an issue
of 6% 15-30-year
(opt.) funding school bonds has been sold to
International
Trust Co. of Denver.
Amount to run between
$18,000 and
$20,000.
WLLD COUNTY SCHOOL DISTRICT NO. 67 (P. O.
Munn), Colo.—
CORRECTION.—The 6% 15-30-year (opt.) bond issue
recently awarded to
the International Trust Co. of
Denver, was issued for funding
purposes
(not refunding, as reported in V. Ill,
p.
1202).
WESTFIELD
SCHOOL
DISTRICT
(P.
O.
Westfield),
Union
County, N. J.—BOND OFFERING.—Mark A.
Webster, Clerk of Board
of Education, will receive bids until 8
p. m. Oct. 5 for an issue of
6% coupon
(with privilege of registration) school bonds not to
exceed $35,000.
Denom.
$1,000.
Date Sept. 1 1920.
Prin. and semi-ann. int.,
payable at the Peo¬
ples Bank & Trust Co., of Westfield.
Due $3,000 Sept. 1
1922, and $4,000
yearly on Sept. 1 from 1923 to 1930, incl.
Cert, check on an
incorporated
bank or trust
company, for 2% of amount of bonds bid
for, payable to
the Custodian of School
Moneys.
Legality
approved by Reed,
Dougherty
Hoyt, of New York; will be prepared under the supervision of
the U. S.
Mtge. & Trust Co., of New York.
Purchaser to pay accrued interest.
&
SCHOOL
DISTRICT
(P. O.
County, Va.—BOND OFFERING.—C. E. Wilson,
received
its
Provinces
in
Montreal
and
.
COMMISSION, Ont.—DEBENTUR
6% 28-installment debentures offer
unsuccessfully on June 25—V. Ill, p. 317—were re-offered on
Sept, i:
and awarded to Wood,
Gundy & Co. of Toronto at 90.55 and interest.
ETOBICOKE
TOWNSHIP,
Ont.—DEBENTURE
SALE.—C.
H
Burgess & Co. of Toronto have purchased, it is
stated, an issue of $17,361
614% 5-installment debentures at 98.07.
GRAVENHURST, Ont .—DEBENTURES
town
is
selling locally, it is stated,
an
debentures.
LISTOWEL PUBLIC
OFFERED LOCALLY.—The
issue of $5,000 6%
10-installmen
UTILITIES COMMISSION
MEOTA,
Sask.—DEBENTURES
AUTHORIZED.—The village, ac¬
cording to reports, has been given permission
by the Local Government
Board to issue $3,000
8% 15-installment well-drilling-payment
debentures.
MINITONAS, R. M., Man.—DEBENTURES OFFERED.—An
issue of
$50,000 6% 30-installment coupon road
debentures is being offered on
Oct. 1, proposals to be addressed
to John H. Cannon,
Minitonas.
MOSSBANK,
Sask.—DEBENTURES
AUTHORIZED .—The
Local
Government Board has given the
village authority to issue $3,000
8%
10-year installment fire-protection
debentures, it is reported. '
OWEN SOUND,
Ont.—DEBENTURES TO BE
ISSUED.—Newspaper
report that $87,000 6*4 % debentures will
be issued in
the near future.
PRINCE GEORGE, B.
C.—DEBENTURE SALE.—Unofficial
reports
an issue of
$35,000 6% debentures has been sold to the
National
Bond Corporation, of Vancouver.
state that
MARY'S, Ont.—DEBENTURE ELECTION.—It is
reported that on
a by-law to issue
$16,000 local-impt. debentures will be
submitted
approval.
is reported that an issue
of
20-year installment hydro debentures has
been awarded to
Corporation of Toronto, at 93.493, a basis of
about
SASKATCHEWAN SCHOOL
The following, according to the
DISTRICTS.—DEBENTURE
"Monetary Times"
debentures, aggregating $49,750, reported sold
by
Board from Aug.
19 to 25:
Molewood, $4,200;
Batesfcown, $3,500—Waterman-Waterbury
Mfg.
$1,700, J. Matcham, Saskatoon;
list of
VEGREVILLE,
Alta.—DEBENTURES OFFERED LOCALLY.—A block
$17,000 debentures is being offered "over the
counter" to local
investors,
according to reports.
of
FINANCIAL
WE FINANCE
Foreign Exchange Department
Letters of Credits Negotiated
Arrangements
can
be made
for
the
importation of merchandise through
WE OFFER
the
constant
supply of proven industrial
underwriting opportunities, together with
on
their own local
underwritings and the
affiliated sales organizations in
security issues too large to handle locally.
our
use
of dollar acceptances.
Capital $9,000,000
distribution of
Surplus $9,000,000
OFFICES
Market
Correspondence Solicited
&
Fulton
81-83 Fulton St.
Central National Industrial Finance
Corporation
Capital $1,000,000
New
York
Eighth Street
B'way
New
Building
Aetna
& Sth St.
92
New York
Sherman
NEW YORK
Ave.
and
New
32nd
Flatbush
St.
York
Flatbush
839
Brooklyn
Ave.
350 Fulton St.
Brooklyn
New
Municipal,
Utility
Railroad
Industrial
Brooklyn
Utrecht
Long Island City
New Utrecht Ave. &
Bridge Plaza
54th St., Brooklyn
Long Island City
Irving National Bank
LEWIS
Investment Bonds
West B'way
York
Fifth
Public
a
TORONTO TOWNSHIP
(P. O. Cooksville),
Ont.—DEBENTURE
SALE.—On
Sept.
14 Wood,
Gundy & Co. of Toronto were awarded
$37,000 6% 20-year public school
debentures for $34,828
(94.13) and
interest, a basis of about 6.53%.
established meritorious industrial
enterprises under longtime contract*
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.
Government,
SALE.-
Toronto/is
Co., Regiha; Naseby,
Colonsay, $3,000, Monarch Life Assur¬
Winnipeg; Gray Valley, $1,750, M. Middlemiss,
Wolseley: Darmody,
$7,000, Nay & James, Regina; Khedive,
$18,000, $7,000 to Mr. Rooney,
Regina; Alingly, $600, L. Clark, Prince Albert.
FINANCIAL
STREETf
of
the Local Government
North Regina, $3,000
ance,
YELLOWSTONE COUNTY SCHOOL DISTRICT
NO. 2
(P. O.
Billings), Mont.—BOND SALE.—Taylor, Ewart & Co., of Chicago, and
Bosworth, Chanute & Co., of Denver, jointly purchased the
$100,000 6%
school bonds which were mentioned in V.
Ill, p. 916.
28 WEST 44TH
O.
SASKATCHEWAN (Province of).—DEBENTURE
SALE.—The
000,000 6% debentures, offered on Sept. 21
(V. Ill, p. 1202), were awarded*
it is stated, to Wood,
Gundy & Co., of Toronto, who bid 94.68 for
20-year
bonds, payable in Canada only, which is on a
6.48% basis.
Crewe), Nottoway
Chairman, will sell at
National Association
(P.
Listowel),
Ont .—LOCAL DEBENTURE
OFFERING.—An issue of $5,000
6% deben¬
tures is being sold to local
investors, it is stated.
6.84%.
elections.
assistance
E.
PIERSON, Chairman
Woolworth
NEW
Building
YORK
A. B. Leach & Co., Inc.
'
■
GEO,
Investment Securities
B.
EDWARDS
INVESTMENTS
62 Cedar
Philadelphia
Baltimore
St., New York
Boston
Scranton
105 So. La Salle
Buffalo
Pittsburgh
Cleveland
Detroit
b
the Dominion Securities
WYANDOTTE, Wayne County, Mich.—BOND ELECTION.—It is
reported that two propositions calling for the issuance of
$S5,000 park
impt. and $80,000 filtration-system completion bonds will be
voted upon,
financial
will
the
SARNIA, Ont—DEBENTURE SALE.—It
semi-ann.
a
Municipalities
Quebec.
"ESSEX BORDER UTILITIES
SALE.—The block of $117,615
$128,000 6%
public auct(on at the Bank of Crewe, Crewe, at 1 p. m.
to-day (Sept. 25)
$25,000 6%
10-30 year (opt.) coupon bonds.
Denom. $1,000.
Int.
bankers and investment dealers
securities and profitable
and
fol
lowing 514% debentures: $8,900 maturing
May 1 1921, and $91,100 ma
turing May 1 1930.
Denom. $100 and $500.
Prin. and int.
payabl
Oct. 2
WILSON COUNTY (P. O. Wilson), No.
Caro.—BOND OFFERING.—
John R. Dildy, Clerk Board of
County Commissioners, will receive bids,
according to reports, until 12 m. Oct. 11 for $43,000
hospital bonds at not
exceeding 6% interest.
assistance of all
37.
to
Que.—DEBENTURE OFFERING.—'Tenders
by O. Tremblay, Municipality Clerk, until
Sept. 27 for
to the voters for
WICHITA FALLS INDEPENDENT SCHOOL
DISTRICT (P. O.
Wichita
Falls),
Wichita
County, T ex.—BONDS REGISTERED.—
A 5% 10-40 year bond issue
amounting to $300,000 was registered with the
State Comptroller on Sept. 16.
at the November
141
CHICOUTIMI,
ST.
WHITE COUNTY (P. O. Monticello), Ind.-—BOND
OFFERING.—
Proposals will be received until 10 a. m. Sept. 28 by E. B.
Steely, County
Treasurer, for $8,000 414% J. L. Ackerman et al Union
Twp. road bonds.
Denom. $800.
Date Sept. 7 1920.
Int. M. & N.
Due $800 each six
months from May 15 1921 to Nov. 15 1925, incl.
WINNINGHAM
$6,500 sewer bonds.
Vote, 131 to 45.
16,000 water-works-extension bonds.
Vote,
12,500 street bonds.
Vote, 125 to 47.
CANADA,
SCHOOL TOWNSHIP (P. O.
County, Ind.—BOND OFFERING.—Louis Sisson.
receive
CITY, Sutter County, Calif.—BONDS
VOTED.—On Sept. 1
following bonds were voted, it is stated:
months from
May 15 1921 to Nov. 15 1930. incl.
WASHINGTON
[Vol. 111.
YUBA
St., Chicago
72 Trinity Place
other
Minneapoli
Milwaukees
NEW
YORK, N. Y.
FORlSALE—Timber, Coal,
Confidential
Negotiations
Settlements and
united States
Iron,
Ranch and
properties.
Purchases
West Indies
Investigations
of
Property.
Canada
SEPT. 25
Paul Schwarz
Chas. O. Corn
Schwarz & Co.
Rhode Island
TRUST COMPANY
Hospital Trust
BOSTON, MASS.
Company
SURPLUS. $2,000 000
CAPITAL, $1,000,000
Safe Deposit
MERCHANTS
COMMISSION
Companies
The NEW ENGLAND
Frank A. Kimbal
August Schierenberg
Corn,
®ruet
1
(ttottim
XXVII
CHRONICLE
THE
1920.]
Vaults
Authorized to act as Executor, and to
DIRECTORS
receive and hold
New York
15 William Street
New
under Mortgages and as Transfer
of Stocks and Bonds.
Allowed on Deposits Subject to Check.
New
New
New
Interest
Exchange
Orleans Cotton Exchange
York Produce Exchange
York
Coffee Exchange
NEW
BOARD
67 Worth Street
Foreign Cottons
Vennootschap McFadden s Cie Voor
Import En Export, Rotterdam.
Societe dTmportatfon et de Commission, Havre.
Milan.
Alexandria, Egypt.
McFadden & Bros. Agency,
NEW YORK
G. Burton Hlbbert
Henry H. Proctor
Edwin M. Richards
Morris Gray
Herbert
Sydney Harwood
Assistant Secretary
Providence, Rhode Island
M. Sears
Henry L.
Shatttick
QNIKUTRUST COMPANY'
OF
The United States Life
CHICAGO
ILLINOIS
Under National,
State
Insurance Co.
and
,
IN
Members of
of banks
bankers received
Accounts
Coffee & Sugar Exchange
Produce Exchange
New York
Chicago Board of Trade
Associate Members
Liverpool Cotton
equipped
Efficiently
of
handle all business
ing to banking,
Hubbard Bros. & Co.
COFFEE
Over
to
and offer a
JOHN P.
Good
corporations, firm
MUNN, M. D.,
territory
open
for
PRESIDENT
high
class persona
contracts with the
Address Home Office, 277 Broadway*
direct
under
producers,
Company.
Capital & Sur¬
plus $7,000,000
SQUARE
Non-Participating Policies only,
Paid to Policy"
Forty-Five Million Dollars
pertains
and individuals.
EXCHANGE BUILDING
HANOVER
NEW YORK.
holders.
complete service to accounts
of banks,
CITY OF
Organized 1850.
Correspondence invited
Association
THE
and
Cotton Exchange
New York
Assistant Secretary
Ralph W. Bowen
Arthur R. Sharp
James R. Hooper
Stock Exchange
New York
Ralph 8. Richards
Secretary
Asst. Trust Officer
Clearing House Supervision
New York
Assistant Secretary
George H. Capron
Assistant Secretary
Vice-President
James M. Pendergast
BROKEES
AND
Assf. Trust Officer
Henry B. Hagan
John H. Wells
Gilbert A. Harrington
Charles H. W. Foster
MERCHANTS
COMMISSION
Asst. Trust Officer
Harry W. Simmons
Vice-President
Frank H. Gage
Officer
Robert T. Downs
Trust Officer
Roger Pierce
Walworth Pierce
35 Congress Street
BOSTON, MASS.
Street
Asst. Trust
Vice-President
Ernest Lovering
of the Board
President
Ernest A. Harris
Preston H. Gardner
Vaults
Jr.,
West,
Horatio A. Hunt
Wlgglesworth. Chairman
Arthur Adams
,■
David P. Kimball
J. D. Cameron Bradley
Robert A. Leeson
Augustus P. Loring, Jr.
S. Parker Bremer
& Co.
Henry Hentz
22 William
Lima, Peru.
H.
Henry L. Slader
Franklin W. Hobbs
Reinh&rt & Co.,
Geo. H.
Thomas
Vice-President and
Frederick P. Fish
Naamlooze
Fachiri & Co.,
OFFICERS
Herbert J. Wells, Chairman
Asst. Treasurer
OF DIRECTORS
George H. Davenport
Francis W. Fabyan
FOREIGN CORRESPONDENTS.
Frederic Zerega & Co., Liverpool.
Henry F. Lippitt
Charles D. Owen, Jr.
Alfred K. Potter
George
Egyptian and
Dealers in American,
Albert W. Dimlck
Isaac) B. Merriman
GEORGE H. BOYNTON,
Manager Safe Deposit
YORK
Jr.
Frederick A. Ballou
Henry D. Sharpe
Treas.
LEO WM. HUEGLE, Asst. Secretary
ARTHURF. THOMAS, Asst. Trust Officer
SEWALL E. SWALLOW, Asst. Tr. Off'r
Broad Street
25
H. West,
Thomas
FREDERICK O. MORRILL, Asst.
PHILADELPHIA
Horatio A. Hunt
Robert H.I. Goddard
FREDERICK P. FISH, Vice-President
FREDERICK W. ALLEN, Treasurer
COTTON MERCHANTS
William C. Dart
Frank W. Matteson
President
PIERCE. Vice-President
JOHN W. PILLSBURY,
J. Arthur Atwood
i
Benjamin M. Jackson
JAMES R. HOOPER.
H. M-Fadden & Bro.
Royal C. Taft
James E. Sullivan
CHARLES E. NOTT, Secretary
ORRIN C. HART, Trust Officer
EDWARD B. LADD, ABSt. Treasurer
Geo.
Rowland Hazard
Stephen O. Metcalf
Walter R. Callender
OFFICERS.
ROGER
Frank H. Swan
Lyman B. Goff
Howard O. Sturges
Agent and Registrar
York Cotton
Hodgman
Herbert J. Wells
Also acts as Trustee
MEMBERS OF
L.
Wiliiam
Edward D. Pearce
property in trust or on deposit from Courts of
Law or Equity. Executors. Administrators. Assignees.
Guardians. Trustees, Corporations and Individuals.
money or
New York City.
Deposits,
$60,000,000
NEW YORK
COTTON MERCHANTS
Liberal
Advances
Made on Cotton
CHARTERED 1853
Consignments
20-24
475
45-47 WALL
EXCHANGE PLACE. NEW YORK
FIFTH AVENUE. NEW YORK
MEMBERS
NEW
NEW
NEW
NEW
NEW
«
COTTON j, MERCHANTS
82-92 Beaver!Street, New York City
f
PHILADELPHIA,
UTICA. N. Y.,
Profits,
EDWARD W.
William M.
SHELDON, President
KINQSLEY, 1st Vice-Pres.
WORCESTER, Secretary
EDWARDS, Asst. Secretary
C. LEE, Assistant Secretary
WILFRED J.
CHARLES A.
WILLIAM
WILLIAM G. GREEN,
JOHN A. STEWART,
& CO,
Building
15 Broad Street,
N. Y.
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
Assistant Secretary
TRUSTEES
WILLIAM
Mills
Trustee, Guardian, Com¬
Executor, Administrator,
recognized trust capacities.
It receives deposits subject to check and allows interest on daily balances.
;
It holds and manages securities and other property, real and personal, for
estates, corporations and individuals, and acts as Trustee under corporate mort¬
gages, and as Registrar and Transfer Agent for corporate bonds and stocks,
LIVERPOOL.
ROBERT MOORE
$2,000,000,00
$14,616,928,30
-
Depositary and in all other
WELD & CO..
PROVIDENCE,
NEW BEDFORD.
STREET
-
-
-
This Company acts as
mittee, Court
Stephen M. Weld & Co.
BOSTON.
FALL RIVER.
Capital,
Surplus and Undivided
YORK COTTON EXCHANGE
YORK STOCK EXCHANGE
YORK COFFEE EXCHANGE
YORK PRODUCE EXCHANGE
ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
of New York
United States Trust Company
GWATHMEY & CO.
ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LED YARD
LYMAN J. GAGE
PAYNE WHITNEY
Chairman of the
EDWARD W. SHELDON
CHAUNCEY KEEP
CHATJNCBY KEEP
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
WILLIAM STEWART TOD
Board
CORNELIUS N. BLISS JR.
WILLIAM SLOANE
OGDEN MILLS
COTTON MERCHANTS
Members New
York Cotton Exchange
STEINHAUSER &, CO.
MERICH & CO.
Successors to
WILLIAM) RAY & CO.
COTTON BROKERS.
New York
26 Cotton Exchange
Orders for future delivery
the New
York and
contracts executed on
Liverpool Cotton Exchanges.
FINANCE
ACCOUNTS
OF
MANUFACTURERS AND
MERCHANTS, DISCOUNT AND
GUARANTEE SALES
Hopkins, Dwight & Co.
COTTON
General Offices,
and
COTTON-SEED OIL
COMMISSION MERCHANTS
Room 50,
Cotton Exchange
NEW^YORK.
Building
254 Fourth Avenue
NEW YORK
Established
Over 80 Years
XXVITI
THE
CHRONICLE
Jfmanctal
LONG TERM
^financial
MUNICIPALS
WE OFFER
Port of Tacoma,
[VOL. 111.
Jfinanital
Central Bond & Mortgage
208 South La Salle St.
Wash., 5s,
Co.
INVESTMENT
SECURITIES
CHICAGO
v
recommends to conservative investors
ames,
the purchase of
emerich
.
Maturities
Assessed
1946 to
1955.
value—•.
$94,942,024
Population 190,000
BUTLER
Bonded debt less than 1 % %.
ON
PRICE
&co.
BROTHERS
Has large undistributed surplus
APPLICATION
Statistical
Analysis Sent Free
111
Broadway, Hew York
105 So. La Salle Si., Chicago
Request.
on
1st Nat.Bank
Bldg.,Milwaukee
Bolger, Mosser & Willaman
29 South La Salle Street
Chicago
Dodge & Ross
MUNICIPAL
I
'
BONDS
Bonds
INVESTMENT BANKERS
Our
r-t- :VVV
Specializing
*
GERMAN
(INCORPORATED)
issues of
high
South
we
invite
investors
and
grade
interested
of
this
se¬
C. F.Childs &
INVESTMENT BANKERS
Company
character.
105 So. La Salle St.
Specialists
Mortgage Trust
ST. LOUIS
AT
PINE
CAPITAL $500,000
CHICAGO
NEW
208 So. La Salle St.
Radon, French
Co.
&
120
Caldwell &
SOUTHERN
SECURITIES
bonds and stocks of established corporations.
We offer
high-grade investment opportunities
In the securities of
YORK
Broadway
Company
MUNICIPALS
!
INVESTMENT
We purchase and underwrite entire issues of
CHICAGO
U. S. Government Bonds
Company missquri
BROADWAY
application.
Wollenberger & Co.
from
in
on
CHICAGO
Mid-West,
inquiries
circular
1
Marks
111 West Monroe Street
Municipal Bonds of
the
curities
in
and
Cumberland Tel. & Telep. Co. 5s
Nashville Chattanooga & St. Louis Ry.
Nashville & Decatur Ry.
Nashville Railway & Light Co. Securities
NASHVILLE, TENN.
F.
H.
317
& CO.
BANKERS
ST. LOUIS, MO.
214 Union Street
municipalities, public util¬
PRINCE
BOSTON,
Security Bldg.
MASS.
ity, and well established industrial corpora
tions.
Ill
WEST
MONROE
HIGH-GRADE
W. G. SOUDERS &, CO.
Correspondence Invited..
INVESTMENTS
INVESTMENT SECURITIES
STREET
Members of New York & Boston Stock
Exchang
CHICAGO
208
South
La
Salle
>
Street,
CHICAGO
New York
McCIellan &
ENGINEERING
141
&
Campion
Grand Rapids
MANAGEMENT
BROADWAY
NEW
Detroit
Milwaukee
P. W.
YORK CITY
"
A
Chapman & Company Day & Zimmermann, Inc.
ENGINEERS
INVESTMENT SECURITIES
EMERY, PECK & ROCKWOOD
113 South La Salle St.
53 William Street
CHICAGO
Continental
&
<
Commercial
Bank
Building
Engineering, Construction, Reports
Henry S. Henschen&Coe
Railway Exchange Building
INVESTMENT
MILWAUKEE
So.
103
La
Appraisals, Audits, Management
in connection with
BANKERS
Salle
St.
Public Utilities & Industrial Properties
CHICAGO
CHRISTIAN & PARSONS CO.
Commercial
Collateral
';
i
'•
CHICAGO OFFICE
HarrisjTrust Bldg,
Securities
4
Capital and Surplus,
-
8*A%
•
Chicago, III.
NATIONAL
John
Chestnut St.
Philadelphiaj
NEW YORK OFFICE
2 Wall Street
DominicH & Dominic!
BOND
SECURED
BANK
3
RICHMOND, VA.
YEAR
Established
Dealers in
Security ample under all conditions.
M.
1870
115]BROADWAY
OBLIGATIONS
$3,090,000.00
M.
Miller, Jr., President
Addison, Vice-President
C. R. Burnett, Vice-President
Alex. F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
W.
OFFICE
611
Paper
208 S.La Salle St
FIRST
HOME
Buy and Sell High-Grade Bonds
Loans
Investment
Interest earned
rower
over
5
times.
INVESTMENT
Bor¬
very
SECURITIES
Members New York Stock Exchange
successful
corporation.
Business thoroughly established and
growing.
Correspondence Invited
Ask
Municipal
for
Circular
G2010.
'Are
Exempt
Bonds
fromyFederal
Income
Taxes* j
Yielding from 43^%|to 6%.
SEAS0NG00D, HAAS & MACDONALD
Members New York Stock Exchange
West Monroe Street
1
CHICAGO
Milwaukee
60
Broadway
;
New
York
Send
ELST0N & COMPANY
71
i
c. I
LONDON
CHICAGO
I
<•»'
NEW YORK
INVESTMENT SECURITIES
Minneapolis
for List
THE sHANCHETT BOND CO.
Incorporated 1910
39
SouthJLa Salle Street
CHICAGO
@FedFRASER