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The
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 109
,financial
Iironide
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, SEPTEMBER 27 1919
The Throxide
Clearings at
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advan
ce
For One Year
*10 00
For Six Months
6 00
European Subscription (including postage
13 60
European Subscription six months (includ)
7 75
Canadian Subscription (including postage)ing postage)
$11 50
NOTICE.-On account of the fluctua
tions In the rates of exchange,
remittances for European subscriptions
and advertisements must be made
In New York funds.
NO. 2831
Week ending September 20.
1918.
-
1919.
Inc
1
1917.
I
1916.
$
7,, I
$
I
Chicago
$
650,323,280, 535,818,5241 +21.4,
227, 418,957,526
Cincinnati
80,446,060, 59,345,315 +35.6 490,220,
42,253,103
35,140,200
Cleveland
156,349,865
94,230,579 +65.9: 73,141,093
54,827,401
Detroit
116,112,2511 74,259,731 +56.4,
55,290,479
60.515,599
Milwaukee
30,459,013, 32,463,456 -6.21
31' 21,580,152
Indianapolis
17,695,000, 18,441,000 +7.6, 26.934,7
13,811,000
10,877,082
Columbus
14,467,500, 10,812,500 +33.81
10,040,900
9,864,500
Toledo
17,430,3571 10,792,711 +61.5
Subscription includes following Supplem
10,663,4411
9.762,004
ents
Peoria
4,653,28
21
5,300,666 -12.21
B ‘Nif AND QUOTATION (monthly) RAILWAY AND INDUSTR
4.600,000
4.050,000
Grand Rapids
IAL(semi-annually)
6.240,1071
RAILWAY EARNINGS(monthly)
5,532,93
7
+12.8
4,223,48
41
4.433.958
Era:cc:n
Dayton
4,600,000;
4,240,193 +8.5,
STATE AND CITY (semi-annually) BANKEnue RAILWAY (semi-annually)
2,951,765,
3,281.439
s' CONVENTION (yearly)
Evansville
6,901,8181
3,972,374 +48.61
3,043,9831
2,183,031
Springfield, Ill
2,687,820'
Terms of Advertisind-Per Inch Space
2,054,729 +30.81
1,768,77
11
1,562.172
Youngstown
5,261,434
Transient matter per inch space (14 agate
3,982,111 +32.1:
2,762,346,
3,642,670
lines)
1,737,9951
84 20 Fort Wayne
1,315,198 +32.11
1,297,497!
Two Months
1,502,130
(8 times)
Akron
10,770,000'
33
00
5,124,00
0
+110.2,
1
6,743,000,
Ordinary Business Cards / Three Months
3,826.000
2.313,1971
44 00 Rockford
2,003,051 +15.51
1,773,6631
1,200,028
75 00 Lexington
1,795,605
836,958 +114.5,
TwelveMonths(52 times)
857,3881
538,541
130 00 Quincy
1,900,000
1,345,42
1
+41.3,
1,152,366,
CHICAGO OFFICE-39 South La Salle Street,
703.311
Bloomington
1,942,5241
Telephone Majestic 7396.
1,307,899 +48.6
1,113,562
819,735
LONDoN OFFICE-Edwards & Smith,1 Drapers
Canton
3,000,000,
2,058,318 +45.81
' Gardens, E. C.
3,803,78
11
2,497,974
Springfield, 0__..
1,524,9971
1,008,321 +41.3
1,198,959,
'WILLIAM IL DANA. COMPANY, Publishers,
999,892
South Bend
1,150,000,
1,096,079 +4.9;
1,055.785,
900,911
Front. Pine and Depeyster Ste., New York.
Decatur
1,448,1241
1,078,712 +34.3,
757,810
662.918
Mansfield
1,582,206;
1.238,532 +27.8;
1,082,310
744,074
Published every Saturday morning by WILLIA
Danville
560,000
530,000 +5.71
M B. DANA COMPANY.
505,000
516,579
Jacob Seibert Jr., President and Treasure
ille,Ill.727,0611
493.483 +60.0
Arnold G. Dana. Vice-President and Jacksonv
422,574'
254,887
Secretary. Addresses of both, Office of r:
Lima
1,100,00
0
979,955 +12.2;
the Company.
6013,000,
600,000
Ann Arbor
375,000
320,000 +17.2,
336,6471
237.431
Adrian
128,256:
100,000 +28.3
106,856;
58,444
CLEARING HOUSE RETURNS.
Lansing
1,150,000
997,572 +15.3 •
1,122,1311
1,057,291
The following table, made up by telegraph, &c., indicates that the
Owensboro
800,000
701,042
+12.7'
total
580,766
bank
348,838
clearings of all the clearing houses of the United States for the
Tot. Mid. West 1,148,632,752 881,581.1871
+30.7 766,221,418, 647,996,806
have been 58.335,363,469, against 59,649,282,799 last week and week ending to-day
$6,293,912,234 the
corresponding week last year.
San Francisco___ 182,921,598 131,268,8231 +39.3
1
99,433.505
73,535,368
Los Angeles
52,446,000
33,484,000 +58.7
26,645,000
25,040.512
Seattle
62,320.178
Clearings-Returns by Telegraph.
.
47,870,0131 +9.3
26,763,814, 17,583,709
Per
Portland
46,978,755
Week ending September 27.
32,261,315 +45.6
1919.
16,992,4
1918.
84'
14,031,982
Cent.
Spokane
16,782,295
10,255,162 +63.7
7,250,000
5,108,362
New York
17,938,653
14,711,590 +21.9
83,780,075,062 52,745,891,546 +37.7 Salt Lake City
13,966,9781 11.095,183
Tacoma
Chicago
5,122,25
1
5,871,71
495,782,959
2
-12.8
3,430,28
429,708,2135 +15.4 Oakland
9.
2,446,732
Philadelphia_
9,000,00
0
7,093,52
376,415,289
0 +26.9
5,589,461,
332,869,292 +13.1 Sacramento
4.750,730
Boston..
7,429,344
5,847,945! +27.1
260,704,331
4,104,9871
222,677,814 +17.1 San Diego
3,005,920
Kansas City
2.200.000
202,169,395
2,000,000 +10.0
2,126,486;
171,039,024 +18.2 Fresno
1,936,988
St. Louis
6,071,18
1
3,047,478 +99.2
136,321,148
2,449,7671
135,770,913
1,626,961
+0.4 Stockton
San Francisco
3,162,378
2,501,000 +26.4
130,122,307
1,919,502,
93,221,849 +39.6 San Jose
1,466,336
Pittsburgh
2,332,72
8
1,194,45
129,480,403
6
+95.3
1,009,1071
121,855,836
1,145,069
+6.3 Pasadena
Detroit
1,569,664
1,091,672 +43.8
78,937,645
850,025
55,776,583 +41.5 Yakima
769,754
Baltimore
1,726,126
876,157 +97.0
72,331,710
--------800,000,
60,532,058 +19.5 Reno
592,808
New Orleans _ ._ ._ ... _.----- _ _ •_ _
1,144,00
6
711,475
61,782,035
+60.9
54,197,536 +14.0 Long Beach
650,000,
411,053
1,896,828
1,175,841 +61.3
697,6671
639.516
Eleven cities, 5 days
$5,724,123,184 $4,423,540,716 +29.4
Total Pacific _ 411,039,985 301,262,177 +36.4
214,579,072 165,086,981
Other cities, 5 days
1,175,498,807
911,413,118 +29.0
Kansas City_
270,242,225 204,902,332 +31.9 159,991,
Total all cities, 5 days
537 109,406,782
Minneapolis
$6,899,621,991 55,334,953.834
55,156,693
63.448,540 -13.1
41,035.181
All cities, 1 day
27,561,279
1,435,741,478 1,058 ,958,400 +29.3 Omaha
67,510,315
64,279,171
+5.0
39,442,035
+35.6 St. Paul
28,493.690
20,762,6
29
16,794,4
19
+23.6
16,221,451
Total all cities for week
13,625,3
65
I)enver_
$8,335,363.469 56.393.912.234
__
22,996,2
52
26,024,030 -11.6
+30.4 St. Joseph
20,242,284
15,469,107
18,897,795
15,536,791 +21.6
The full details for the week covered by the above will
15313,6713
10.113,767
be given next Saturday. Des Moines
11,114,967
8,893,641 +25.0
We cannot furnish them to-day, clearings being made
8,205,483
5.875,013
up by the clearing houses. Sioux City
10,294,910,
8,650,984 +19.0
at noon on Saturday, and hence in the above the last day
7,202,717
4,727,715
of the week has to be in Wichita
16,031,948,
9,122,853 +75.7
all cases estimated, as we go to press Friday night.
7,849,178
5,382,037
Duluth
9,797,2381 19,937.057 -50.9
Detailed figures for the week ending Sept. 20 show:
11,166.728
7,268,469
Lincoln
5,768,9031
4,709,229 +22.5
3,762,000
2,846,679
Topeka
3,500,000
2,828,699 +23.7
2,913,733
1.940,025
Week ending September 20.
Cedar Rapids..
2,394.07
0
2,119,054 +13.0
2,496,631
Clearings at
1,795,996
Fargo
4,360.558
3,389,921 +28.6
2,317.883
1,588,123
Colorado Springs.
Inc. or
1,100,04
7
693,307;
+58.71
1919.
979,984
1918.
1,139,143
1 Dec.
Pueblo
917.375
1917.
735,556 +24.71
1916.
621,601
541,599
Fremont
982,774
742,034 +32.3
558,748
$
622.544
$
Hastings
I
1,030,22
9;
0
i
726,106 +41.9;
$
5,403,931.346 3,377,528,085
601,777
New York
523,765
+60.0 3,337,139,352 3,337,798,044 Aberdeen
2,228,945
2,245,805;
Philadelphia
516.495,312 404,624,9851 +27.6
1,534,49
9
842,394
2,500,000
346,809,970 267,930,973 Helena
2,278,8841 +9.7i
188,986,743 124,774,
1,886.135
Pittsburgh
1,622,823
7581 +61.5
2,215,688!
82,415,239
1,394,003; +52.4
69,609,871 Waterloo
Baltimore
101,605,280
2,109,747
74,537,918 +40.3
1,713,691
Billings
•
1,178,740,p
45,743,764
1,146,53
8
36,427,6
+2.8
82
45,921,654
Buffalo
1,171,688
28,218,9071 +62.7
752,576
18,896,471
Tot. 0th. West 530,892,290 460,898,9541 +15.2,
16,082,338
5,432,643
Albany
5,191,246 +4.6
347,414.844 243,852,582
4,819,582
6,632,762
Washington
15,417,815
14,618.060 +5.5
10,568,3
St.
36
Louis
8,436,13
191,799,513; 168,625,532 +15.11 139,288,
5
10,837,301
Rochester
7,974,290 +35.9
872 112,832,505
6,830.568
6,197,907 New Orleans
65,954,458; 52,092,788 +26.6
6,238,108
Scranton
3,934,553 +33.1
37.287,792
24,443,451
3,167,858
3,145,551 Louisville
16,242,516' 21,300,5641 ---23.71
4,382,773
Syracuse
4,112,306 +6.6
18,626,8
87
10,885,278
4,600,00
0
IIouston
3,487.766
23,097,417
2,665,483
20.337.3521 +18.0
2.613,044 -1.8
Reading
15,800,000
14,453,674
2,446,569
2,066,306 Galveston
7,956,064
3,400,000
Wilmington
8,340.1011 ---4.61
3,178,036 +7.0
6,500,000
5,411,600
3,484,76
5
Richmon
3,184,55
d
73,529,2
2
28
2,600,000
61,496,923 +42.81 30,919,994
2.162,064 +20.3
19,034,107
2,096,041
1,806,885 Savannah
9,231,071
6,542,603
11.341,272 -18.61 12.881.053
Wheeling
4,657,208 +40.5
10,672,105
4,071,038
3,040,733 Fort Worth
17,956,479
3,230,941
Trenton
18,670,9431 +7.7
2,825,344 +14.3
13.802,771
10,775,801
4,260,411
1,924,270 Atlanta
76,221,270
York
1,571.029
57,962,349; +31.5
1,324,750 +18.6
34,285.492
22,973,028
1,128.218
1,062,038 Memphis
20,065.533
2,201.652
Erie
13,426,033' +49.4
2,379.974 -7.5
8.371,557
9,855,873
1,957,625
Nashvill
1,403,12
e
15,528,1
1
Greensburg
40
17,014,0
800,000
27
-8.7
557.298 +43.5
10,020,119
7,741,684
1,113,269
886.761 Norfolk
Binghamton
9,259,815
1,067.800
8,190,099 +13.1
834.100 +27.9
5,341.299
4,046,945
894,100
926,900 Birmingham
17,874,194
Chester
1,395,974
6,551,335 +172.8
1,947,691 -26.3
3,033,45
1
2,788,502
1,136,085
1,173,458 Augusta
5,488,153
Altoona
950,144
6.197,4231 ---11.4
851,258 +11.6
4,071,727
3,893,381
737,298
711,083 Knoxville
3,534,606
Lancaster
2,600.613
2,866.3291 81-23.3
2,387,876 +8.9
2,312,977
2.011,381
2,327,226
1,772,551 Jacksonville
8.909,130
Montclair
429,935
6.268,0091 +42.1
379,160 +13.4
3,308.18
6
2,400,000
529,766
409,047 Chattanooga
8,259,189
4,949,124 +68.9
4,706,874
Total Middle 6,330,605,049 4.069,882,911 +55.5
2,398,594
3,887,173,545 3,775,117,334 Mobile
2,100,000
1,634,9321 +28.5
1,479.875
1,082,694
I,Ittle Rock
9,300,00
0
6,295,06
8
+47.7
3,924,178
420,900,583 296,812,166 +41.8
Boston
3,668,819
3.000,000
242,365,934 184,113,083 Charleston
3,200,000, ---6.2
2,341,562
Providence
10,720,300
2,211,125
10.843,100 -1.1
Oklahoma
15,292.196
9,251,200
8,788.60
11,671,1
+31.0
0
591
7,838,11
Hartford
10.375,657
5
9,204.830 +12.7
5,500.168
4,000,000
7,705,676
2,100,000, +90.5
9,269,250 Macon
2,000,000
6,434.785
New Haven
6,054,588 +6.3
7,205,826
1,300.000
4.813,640
2,697.5351 ---51.8
4,833,493 Austin
2,000.000
Portland
2.350.000
2.574,536 -8.7
2,300,000
Vicksburg
277.272
3,000,00
0
400,270
2,408,42
-30.7.
8
292.380
Springfield
4,375,036
3,804,479 +14.9
267,975
599,717
3,808.014
873,3691 ---31.3
3,804,895 Jackson
854,549
Worcester
4,224.958
518,454
3,680,641 +14.8
11,540,032
3,747,0:35
8,397,4231 8-37.8
4.336,726 Tulsa
7,087.845
Fall River
2,241.550
2,270,794 -1.3
3,489,252
Muskoge
e
4,025,34
1,333,15
6
7
2.881,74
1.607,46
11
+39.7
8
1.759,387
New Bedford__
1,447,111
1,622,328
1,861,771 -22.2
37,454,069
1,477,496
28,198,8531 +32.8
1,354,3018 Dallas
18,645.067
Lowell
1,079,409
16,475,724
1,187.599 -9.1
3.691,651
1,067.583
3.562,920 +3.8
936,826 Shreveport
1,300,000
Holyoke
710.498 +16.1
825,000
800,485
Total
Southern 664,401,109 543,543.249 +22.2 399,701.
884.711
Bangor
736,625
679.497 +27.1
669 316,030.255
727,521
703,473
Total all
9,549,282,799 8,596,787,905 +44.8 5,80-6,-186,032
5.372,278,914
Tot. New Eng. dR, 711 014 339 599.499 +37.1 298.095 741
222 045 901
Outside N.Y- 4.145,351,453 3,219.259,820
+28 8 2.558,046,680 2,034,480.82
Ng 11,%,,;
1208.
THE CHRONICLE
[VOL. 109.
The foreign trade figures of the United States for
August 1919, notwithstanding the very low ruling
exchange rates on many of the leading countries with
which the 'bulk of our commerce is conducted, was
of very satisfactory volume. In other words, the
exports, although covering a lower total than the
exceptionally heavy aggregates for April and June
last, were well above those for July and the heaviest
on record for August. Concurrently, the imports
exceeded all preceding months in our history with
the exception of May and July 1919. With the
mark quoted around 4c. in our money, reducing its
purchasing power here to about one-sixth of normal,
and increasing the cost of cotton to nearly $2 per
THE FINANCIAL SITUATION.
other commodities in
The long threatened strike in the iron and steel pound to the German, and
purchases should be
that
l
trades, inaugurated by the unions affiliated with like ratio, it is but natura
So is it also, only
ty.
necessi
te
absolu
to
the American Federation of Labor, began at sched- restricted
, French and
British
on
buying
with
,
degree
ued
lesser
in
uled time on Monday of this week, and has contin
£ down 15%, the franc
in progress since then. A committee of the United Italian account, with the
In some instances, however,
States Senate has at the same time been engaged 40% and the lire 50%.
of currency has not prein investigating the matter of this strike. Both the depreciation in value
g the markets here
enterin
from
events have served to confirm the opinion, previously vented foreigners
ers and bidding
consum
home
with
entertained among persons of intelligence who had in competition
on Sept. 13,
cited
we
point
in
case
A
been following the subject, that this strike is wholly prices up.
for 95c.
cturer
manufa
a
local
to
offered
better
leather
sole
without cause or justification and has no
buyer
French
a
by
taken
been
having
Ameripound,
per
the
basis than the desire of certain leaders in
work15.
$1
ial
at
industr
e
can Federation of Labor to organiz
The total of exports from the country for August
ers who were well content as they are, who had not
es with $527,013,918 in
the least ground for dissatisfaction and who were at $646,000,000 compar
1917. This result comin
not at all anxious to have a body of volunteers 1918 and $488,655,597
for the elapsed two
gives
July
for
from the outside designated to look after their bined with that
an aggregate of
year
t
fiscal
curren
on
the
of
months
affairs, or even appreciated gratuitous efforts
establishing a
beside
which
,
dollars
million
1,216
their behalf in that respect.
millions, ex.182
by
period
the
for
tion
mark
Federa
high
new
the
John Fitzpatrick, Chairman of
more than
much
that amount, is
(Committee, and who instigated the strike, had to ceeding 1918 by
short of
little
but
falls
and
of 1915
.admit before the Senate Committee that when he double the total
eight
the
For
1914.
of
e
outcom
ordered the strike the membership that could be quintupling the
shipthe
er,
moreov
year,
ar
calend
the
of
claimed for the steel workers with assumed Federa months
are
value,
in
sed
expres
as
ndise,
mercha
of
(and
0
ments
tion affiliation was no more than 100,00
n
betwee
being
ison
compar
1918,
of
)
excess
in
ration
greatly
exagge
this was in all probability a great
than
more
00 and $4,008,708,295 and
out of the more than 500,000 total of steel workers, $5,275,000,0
1914 total.
the
since
times
four
had
r
numbe
the
though he contended that
ndise for August, while not a
mercha
of
s
0
Import
150,00
making
,
50,000
been added to by another
,
record were, as noted above, of full
altogether. This will explain why the strike, though high monthly
$308,000,000, ran ahead of the cora large affair, has not assumed the formidable volume, and at
in any preceding year, the inmonth
proportions threatened and also will serve to show responding
35 millions. The total for
being
1918
over
how vainglorious were the boasts of this same Fitz- crease
year, moreover, at 652
the
fiscal
of
months
two
ry.
the
patrick that he would tie up the entire steel indust
is a high record for that period, as is
The United States Steel Corporation, against which million dollars
ate for the eight months since Jan. 1
the strike was chiefly directed, seems to have fared the aggreg
reaching $2,263,000,000, contrasts with $2,better than some of the independent steel concerns in which,
last year and $2,046,097,605 in 1917.
the failure of the steel workers to respond to the strike 060,884,606
of our foreign trade in August is an
call, the failure being almost total at some important The net result
of $338,000,000, this comparing
e
balanc
steel centres. According to present indications there export
in 1918 and $220,800,830 in
11,002
$254,0
meet
with
will
is every reason to think the strike movement
eight months the favorable balance
with utter defeat. The only danger of a contrary result 1917. For the
contrasting with $1,947,823,689
is from the interference of Congress or the Govern- is $3,012,000,000,
$2,102,844,242 in 1917.
ment, as has happened on some notable similar occa- last year and
sions in the past. In the present instance the head
Canada's foreign export trade for the elapsed
of the U. S. Steel Corporation seems proof against
1919—the eith months ended Aug. 31
insidious influences of this kind. His attitude from portion of
a very satisfactory showing notmakes
lso
he
1919—a
the first has been firm and uncompromising and
the elimination of munition and war
realizes that he is fighting for a great principle and withstanding
nts which were important items in
also fighting fot the whole industrial world, worker supply shipme
total. In manufactures and minerals there
and employer alike—that consequently to yield would the 1918
e, but this is much more than offset by
be like abandoning a cause the maintenance of which is a decreas
gain in the exports of animals and
is essential for the progress and welfare of the entire an important
beside which moderate or slight ints,
country. At the present moment Elbert H. Gary is their produc
ce in foodstuffs and forest prodeviden
in
are
creases
the right man in the right place.
ucts. The aggregate of merchandise exports from
NOTICE—DELAY BECAUSE OF LABOR TROUBLES.
This week's issue of our paper is very much delayed
by the labor troubles in the printing and allied trades.
The same cause has compelled us to defer until a
subzequent week the issue of our "Electric Railway"
Section, which ordinarily would have come to-day.
Unfortunately, too, the situation promises to be still
worse the coming week, as all the indications point to a
general strike on October 1 throughout the metropolitan district, involving the compositors as well as the
pressmen and assistants and the press feeders. We regret extremely the inconvenience to our subscribers
from the delay, hut it will be readily recognized that the
matter is beyond our control.
SEPT. 27 1919.]
THE CHRONICLE
1209
the Dominion for the eight months was $764,859,120, still
greater betterment. The "Messagero" pubagainst $734,279,902 in 1918. Imports for the
lished a report that the new "Anglo-Franco-Italian
period, on the other hand, were but $575,870,590,
agreement on the distribution of Fiume provides
against $613,227,796 a year ago. Consequently,
that the city shall be placed under the sovereignty of
the favorable or export balance for the latest eight
Italy and the harbor under control of the League of
months was $188,988,530, against $121,051,906
Nations." The authorities were said to be still
in 1918 and $237,266,927 in 1917. Since the breakwaiting for President Wilson's reply with respect to
ing out of the war in Europe the position of Canada
this proposal, a copy of which had been forwarded
in international trade has undergone a decided
to him some days before. The hope was expressed
change. In the eight months of 1912 and 1913
the in Government circles in Rome that he would recede
excess of imports over exports was in each'case over
from the position that he had so steadfastly main200 million dollars and in 1914 the balance on
the tained, so that the whole Fiume question could be
same side of the account was 126 millions. In
1915, settled, and Foreign Minister Tittoni be enabled to
however, exports ran ahead of imports by 19
mil- make a definite report on Peace Conference affAirs
lions and this total was swollen ten fold in
1916, to the Chamber of Deputies, which had taken an
while in 1917, 1918 and 1919, as already indicat
ed,the adjournment for a few days, partly, it was declar
ed,
Dominion each year had a favorable balanc
e for a because of the unfavorable condition of the Minister's
considerable amount.
health, and partly because of the greatly disturbed
situation in Fiume.
The situation in Fiume that was brought to a head
From Geneva came the report on Monday that
recently by the seizure of the city by Gabriele
D'An- D'Annunzio had wholly disregarded a second ultinunzio, easily attracted the greatest
attention matum from the Italian Government to abando
n
among the many happenings in Europe. Special
Fiume and return to Rome with his troops. He was
consideration was given to it by close students
of reported to have commandeered the available proviEuropean affairs, both abroad and in this countr
y, sions in the former city, and it was said that as a connot alone because of what occurred in that little
sequence "the poorer population already are feeling
city, control of which has been so eagerly sought by
the pinch of hunger." London received a press agency
both the Italians and the Jugo-Slavs, but because of
dispatch on Monday in which it was claimed that
the importance and broad significance of the events
American marines had landed at Buocari, five miles
in their bearing upon the near future of the relations east
of Fiume. Early in the week the advices from
between the various countries that participated in the several
European cities contained more or less definite
war. The Italians maintained that, except for the rumors
to the effect that Foreign Minister Tittoni
unrelenting opposition of President Wilson to the would
be compelled to resign because of the Fiume
awarding of Fiume to their country, the whole situa- inciden
t. In a special Paris cablegram Tuesday
tion with respect to Fiume would have been definitely mornin
g it was asserted that "strong indications are
• adjusted months ago and the D'Annunzio incident appare
nt in American mission circles that President
altogether averted. Ardent supporters of the League
Wilson is willing that Fiume should go to Italy."
of Nations contended that if that proposal had been According
to that dispatch the President received a
made effective promptly by the United States copy
of the proposed new agreement on Wednesday
Senate and all the leading Powers of Europe, the of
last week. The statement was made also that
world would have had reason to forget the Fiume cableg
rams had been exchanged at frequent intervals
situation, at least some weeks ago. Those
who in the meantime between President Wilson and Asgravely doubt that the League of Nations can ever
be sistant Secretary of State Polk. The correspondent
made effective in maintaining the peace of Europe and was courag
eous enough to report that "it is believed
of the world, have pointed to what has happened in that an announ
cement of the settlement of the vexing
Fiume recently in substantiation of their contention. problem will
be forthcoming any minute."
The events there, as they have been reported in
At about the same time another cable dispatch
European adviceg from day to day, make pretty was receive
d direct from Fiume in which it was asmuch of a medley when one attempts a connected serted
that the D'Annunzio forces had ordered the
narrative out of them. A special cablegram
from citizens to give up all arms in -their possession. It
Milan a week ago to-day declared that "the'blocka
de was claimed also that the former were getting supof Fiume by sea is complete." The city, however, plies in
spite of the blockade established by the
was said to have provisions, and it was added that Govern
ment troops. London received a report that
D'Annunzio had put the people on rations.
At the Italian Government had "appealed to the Allied
that time the opinion was expressed that there would Powers
to send Allied forces, outside of Italians,
be considerable "difficulty in crushing D'Annunzio to drive
D'Annunzio out of Fiume." Tuesday
by persuasion, hunger or force." In advices from "Giorn
ale d'Italia" definitely announced that "TomRome that picturesque leader was quoted as having asso
Tittoni, Italian Foreign Minister, has resigned
said that "he had personally informed all Allied because
of the Fiume incident." The London.
countries, including the United States, of his inten"Times" was reported to have received a dispatch
tion to occupy Fiume." King Victor Emanuel was saying
that "President Wilson had refused to render
reported to have indorsed the adoption of a firm
his decision with regard to Fiume until D'Annunzio.
policy by General Badoglio in dealing with the lishare is
officially suppressed." As a result of the Fiume
situation, before the latter left Rome to assume situati
on Rome sent word that a royal decree had
charge.
been issued "pOstponing the re-opening of ParliaIn advices from Rome a few days later the state- ment
until Saturday, and calling a session of the
ment was made that matters had improved consider- Crowii
Council for Thursday."
ably with the arrival of the General, and that he was
The "Tribuna," commenting upon the importance
being counted upon by representatives of and symand significance of this gathering said: "We are
pathizers with the Italian Government to bring about facing
a crisis of a national character involving the
1210
•
THE CHRONICLE
[Vox,. 109.
Italy. The General was said
highest permanent ihterests of the entire country, city and territory to
there would be a revolu"that
which cannot be solved from a personal point of to have declared also
Fiume question was
the
unless
ely
view, even by one party, but must have behind its tion immediat
y the AssoThursda
Italy."
of
favor
in
settled
solution the whole national opinion. Italy must be
from Rome,
dispatch
a
in
,
reported
Press
ciated
of
united with a firm internal discipline, with a view
Umberto
Admiral
between
ce
conferen
long
a
at
that
aspiraher
of
obtaining the complete satisfaction
naval
the
of
er
d command
tions." In a fervid appeal to the citizens of Trieste Cagni, recently appointe
Emanuel
King
with
,
Adriatic
D'Annunzio spoke in quite a different vein, when he forces in the upper
obtained an explicit declara"he
Nitti,
Premier
and
Fiume
in
remain
to
mined
said: "We are .deter
by the Government
edgment
acknowl
against any opposition; determined to starve in the tion of the
The assertion was
Italy."
to
Fiume
of
union
street; to be buried under its ruins; burned alive in of the
y morning that
Thursda
dispatch
Paris
a
in
its houses set on fire, meeting with a smile the cruel- made
that the
opinion
the
of
were
s
delegate
an
"Americ
est death. Therefore we are invincible."
in
States
United
the
join
should
British
and
French
was
city
Paris reported on Wednesday that that
The
."
problem
the Fiume
flooded with propaganda, the chief purpose of which forcing a solution of
were reported to have
on
delegati
peace
Italian
y
obstinac
the
only
is
it
that
seemed to be "to show
army and navy are no
Italian
"the
of President Wilson which makes Fiume a problem admitted that
Government." On
the
of
control
under
longer
at all." France and Great Britain, it was declared,
said to have been
were
there
Friday
and
y
Thursda
"are quite satisfied that the Italians should have
President Wilson
that
Paris
in
rumors
t
persisten
far
so
Fiume," and the propagandists even went
Fiume proposal
the
on
as to assert that "the Jugo-Slavs are willing to let had rendered his decision
This was
Rome.
in
received
the dispute drop in return for .undefined compensa- and that it had been
of State
y
Secretar
t
Assistan
by
y
tion elsewhere." In Peace Conference circles fear denied on Thursda
it
morning
y
yesterda
m
cablegra
Paris
a
was said to be entertained that the D'Annunzio Polk. In
reflat
a
utes
"constit
reply
the
that
asserted
coup in Fiume might lead Germany to take similar was
to the city [Fiume] coupled
action with respect to some of the smaller Powers jection of Italian claims
c blockade of Italy if
economi
an
of
threat
a
with
the
of
that were taken away from her by the terms
in defiance of the Peace ConPeace Treaty, and which she would like to control she holds on to Fiume
ference." There were said to have been rumors
again.
in Paris also that King Emanuel might abdicate and
Italian Foreign Minister,
As the days passed the opinion became more that Signor Tittoni, the
general in Rome and Paris that the expedition of the might resign.
poet-aviator, Gabriele d'Annunzio, could not be
Practically ever since the signing of the armistice,
regarded as a romance, but essentially as a revoluator& of conditions in Germany, whether
investig
y
decidedl
tion against the Italian Government, with
tatives, or men sent
serious and far-reaching possibilities. In an effort they were newspaper represen
Governments; have
other
or
to bring the followers of this leader into line it was out by the United States
no ground for fear
or
little
was
reported from London that "the Italian military reported that there
for a long time
war
another
starting
authorities had issued orders that participants of Germany
to have
reported
was
power
man
Her
in raids who do not return to their units within five to come.
seriously
supplies
food
her
,
depleted
greatly
been
with
days shall be posted as deserters and punished
; her raw
the utmost:vigor." Paris reported again Wednesday short, except in some restricted localities
le
impossib
that it was
afternoon that in diplomatic circles the reply of materials so greatly reduced
a
in
except
ns
President Wilson with respect to the latest proposal for her industries to resume operatio
y
decidedl
was
people
for the settlement of the Fiume situation was awaited small way; the spirit of her
necesnot
was
it
course
Of
"with growing impatience and alarm." According against another war.
regarding the
to a cablegram from Rome received the same after- sary to have a report from any one
of Germany's
unit
the
of
value
ted
noon D'Annunzio and his forces were receiving greatly deprecia
ts of the
statemen
regular
less
or
More
provisions "from committees in the surrounding currency.
have not
ons
instituti
financial
leading
her
of
Italian
position
districts, despite the blockade which the
this the
all
of
view
In
exhibits.
e
favorabl
made
Government had established."
interview which Henry Morgenthau, former AmChairFrom Paris came the report on Thursday morning bassador to Turkey, and much more recently
aInvestig
of
ion
Commiss
States
that Italian troops had seized Toguire, a Dalmatian man of the United
Poland,
in
ns
conditio
into
looking
been
has
that
port about 150 miles southeast of Fiume. The tion
considerable
dispatch received in Paris stated also that "two was generally surprising, and caused
States.
United
the
and
in
Europe
both
,
comment
"
Toguire.
American vessels had left Spalato for
Assothe
to
w
intervie
the
gave
hau
Mr.
Morgent
Peace
reached
have
Alarming reports were said to
ago,
week
a
than
Conference circles "of the possibility that D'Annun- ciated Press in Paris a little more
length
at
dwelt
He
Poland.
zio's action at Fiume may be duplicated by other upon his return from
to Germany,
Italian leaders at Spalato, Cattaro and Zara, all upon his observations with respect
primary and
g
his
regardin
say
to
little
very
but had
important eastern Adriatic seaports."
, he was
instance
For
Poland.
to
mission
specific)
through
came
ny
"Germa
that
asserting
as
quoted
on
r` General Peppino Garabaldi arrived in Paris
human
Her
.
strength
of
dynamo
perfect
a
this
war
that
m
from
Wednesday and, according to a cablegra
The
ever.
centre, reported that "the Italian navy virtually had military power is practically as great as
ated
a
concentr
gone over to D'Annunzio and that the army was nation has been compressed into
energy and is moving
ready to follow it." He was quoted as having mass, which is surcharged with
whether Germany
doubt
I
blamed President Wilson for what had happened with centripetal force.
. Europe is
strength
own
her
tes
in!Fiume, because he had opposed the ceding of that fully apprecia
SEPT. 27 1919.]
THE CHRONICLE
rapidly moving on towards a situation which eventually must result in a coalition between Russia and
Germany and the absolute destruction of many of
the newly created Powers, unless steps be taken to
prevent it." In some European and American
political circles the suggestion was made that apparently the real purpose of Mr. Morgenthau's
interview was to urge the United States Senate and
Parliaments of Europe that have not already taken
action, to adopt the Peace Treaty and the League
of Nations at an early date. As a matter of fact, he
was quoted as expressing the belief that America's
duty is to stand behind the League of Nations and
thus put herself in a position "to hold the balance
of the world."
1211
at 4 o'clock the following afternoon." Later advices stated that this was done. It will be recalled
that the article in question permitted Austrian
representatives in the German Reichstag. On Monday the Dutch Minister in Paris was said to have
been advised that "Holland within two weeks will
receive a demand for the extradition of the former
Emperor on behalf of the Allies."
Generally speaking, there is not much change
•yet in conditions in Russia. According to most of
the advices, General Denikin is gaining ground in
the southern part of the country. Reports were
received in Helsingfors at the close of last week that
Moscow was in a state of siege in consequence of
the operations of General Mamuntoff's (a Cossack)
A special correspondent of the New York "Times," cavalry near the Red army. At the same time it
in a long cablegram from Bremen and in another was reported that the British were evacuating the.
from Hamburg, discussing the commercial and trade Archangel front as rapidly as conditions would
conditions in those two cities and in Germany as permit. Copenhagen declared a week ago to-day
a whole, said that, while "the general feeling among that reports had been received from Petrograd ancommercial people is one of hopefulness," nevertheless nouncing that the Soviet in that city had "empowthe problem of re-establishing Germany's fleet of ered the Peoples Commissaries to begin peace negomercantile ships and her trade is a big one. He tiations with the Allies, on the basis of the conditions
called special attention to the scarcity of raw materials fixed by them." It was even claimed in the report
in the country and to the greatly depreciated market that "peace is wished at any price by the Petrograd
value of the mark, but hastened to add that as an Soviet." About the same time Washington reoffset Germany "has a large market to offer and a ceived advices through Swedish sources that sanitary
large labor power," which the nation wishes to conditions in the Russian capital were "intolerable."
pledge "in exchange for long-dated credits, by which The deaths from cholera and dysentery were said
alone she can recover sufficiently." Discussing to be from 200 to 300 a day.
the tonnage of Germany before the war the corGeneral Denikin was reported by a special corresrespondent said that that of Bremen alone was pondent of a New York newspaper,in a dispatch from
1,300,000, while Hamburg had just double that Rostov, to have moved his headquarters to that
amount. Now he declared the figures for the two centre and thereby to have entered a much broader
cities are 56,500 and 82,500 respectively. In all field of operations. The Soviet Government at Mosof Germany he asserted that the tonnage is only cow sent a wireless dispatch to London on Monday
314% of what it was before the war.
that Admiral Kolchak had resigned as "chief ruler in
Russia" in favor of General Denikin. The next day
Speaking of the kinds of foodstuffs and materials advices were received in London through the same
that, according to his information, are most greatly sources that an attempt had been made upon the life
needed in Germany, the writer said that one author- of the Admiral. The British capital received a wireity had estimated for him that to re-establish the less dispatch on Wednesday in which the Soviet
country from two to three billion pounds sterling authorities in Russia were quoted as admitting furwould be required, but added that "this sum is, ther defeats on the southern front at the hands of
of course, impossible." In the discussions of the General Denikin. Three good-sized towns were said
requirements for the reconstruction of Germany to have been taken by him. According to Paris adwhich the writer said he had with important business vices the whole Russian situation was giving fresh
interests, the opinion was generally expressed that concern to the Peace Conference authorities. Special
"£50,000,000 would be the minimum sum needed to mention was made in cablegrams from that centre of
enable Germany to make a proper start." In the "the refusal of the German General von der Goltz to
opinion of the writer also, Great Britain, as well as obey the orders of the Peace Conference that he evacAmerica, would have to lend a hand in furnishing uate the Baltic provinces of Russia, and to Germany's
this money. In a dispatch from Berlin later in the declaration that she could not be responsible for his
week it was reported that recently retail dealers in movements." It was pointed out that, because they
food supplies "closed their shops for six hours as are so actively engaged with the Rolsheviki, it would
a protest against the proposed introduction of com- be impracticable to send the Poles on a military expulsory communalization of food supplies to tide pedition to the Baltic States. In fact, there appeared
the city over a period of scarcity which is aggravated to be fear that such an expedition would be unwise
by corruption and the low value of the mark." also, because "the aspirations of many Polish poliDescribing conditions in Hamburg in a general way ticians embrace Russia's Baltic ports."
the writer said that while the streets were full of
Advices reached London on Wednesday stating
people and the hotels full of foreign travelers, com- that the Russian Soviet Government had made a
mercially the city was dead.
peace offer to the Ukrainians, and also that 1-tne
Moscow Government had decided to seek peace
Announcement was made in Paris last Sunday with all nations in order to forestall a counterthat Baron Kurt von Lersner, head of the German revolution in Russia." The general basis on which
peace delegation at Versailles, "would sign the peace was sought from the Ukrainian Government
protocol annulling Article 61 of the new German was said to have been recognition of the independence
Constitution, as demanded by the Peace Conference, of that nation "if it would maintain the neutrality
1212
THE CHRONICLE
in the Soviet struggle against Admiral Kolchak and
General Denikin." In Omsk Admiral Kolchak
issued a proclamation "calling for an assembly of
the Zemstvos of the All-Russian territory," to be
held near the end of October. Late Wednesday
London received a Bolshevist wireless message from
Moscow claiming that Red troops had taken Tomsk,
500 miles east of Omsk, but the State Department
at Washington received advices that were said "to
remove all uncertainty concerning the report that
Admiral Kolchak had resigned," as they showed that
he was still directing the Omsk Government. The
Paris Bourse had a rumor on Thursday that Nikolai
Lenine, the Russian Bolshevist Premier, about whom
not much has been heard recently, had been assassinated. Yesterday morning he was reported in a
cablegram from Copenhagen to be "a prisoner in
the Kremlin at Moscow and that the Peoples' Commissary. Dershinski is now in power and controlling
the army."
Paris sent out a report at the beginning of the
week that the Peace Conference authorities were of
the opinion that the Poles had gone far enough into
Russia in their pursuit of the Bolsheviki, and that
probably within a few days the authorities would
request Poland to stop their operations there. The
belief was said to be entertained that, as the invasion of Russian territory already amounted to
200 miles in some sections, the claim that it represented only a movement for self-defense could no
longer be substantiated. Moreover it was thought
that plans for a peace basis administration of the
territory already taken were in order, and that also
the financial resources of the country should be
used for reconstruction and not for further military
operations. It was generally agreed, however, that
the Poles had proven more effective against the
Bolsheviki in Russia than any other force that had
gone against them.
Word came to London from Berlin on Monday
that a break had occurred between Belgium and
Holland and that as a result the Ambassadors from
the two countries had been mutually withdrawn.
Nothing more appeared in the European advices
during the rest of the week to substantiate this
report.
Copies of the agreement between Great Britain and
Persia were made available in Washington a week ago
last evening. The feature of the undertaking that
naturally attracted most attention, and regarding
which there were definite rumors in European cablegrams some weeks ago, was a proposed loan to Persia
of £2,000,000 for 20 years at 7%. According to the
terms of the offer this obligation would take precedence over all other debts of Persia, "except a former
loan of £1,250,000 on May 8 1911." As security for
the proposed new loan Persia agrees to pledge her customs receipts. Furthermore, the terms stipulate that
Great Britain shall, "at the cost of Persia, supply expert advisers, military officials, munitions and equipment, in order to form an army to preserve order in
Persia and all her borders." Letters exchanged between the Prime Ministers of Great Britain and Persia
disclose that the former is willing to forego reimbursement for the troops she sent to help Persia during the
war, and that, on the other hand, "Persia will charge
no indemnity for damage caused by those troops."
[VOL. 109.
Lord Curzon, Government leader in the House of
Lords, at a dinner in London recently was quoted as
saying that "Great Britain's treaty with Persia does
not constitute a protectorate of the latter country in
any way, the only object being to insure Persia an
opportunity to work out her destiny as an independent
A
country."
King Albert, Queen Elizabeth and Crown Prince
Leopold of Belgium set sail last Monday for America
on the S. S. George Washington. The wireless
messages received here from the ship stated that during the first full day the party,was at sea the King
spent considerable time in reading a book on American politics. Discussing with newspaper correspondents, who are accompanying him, the object
of his visit to the United States, the King spoke
with justifiable pride of the progress in reconstruction that has been made by his people, and
declared that their greatest need was credit. He
said: "We do not seek gifts of money, but want
American business men to understand our needs and
to extend us the credits we must have if we are to go
forward." Wednesday afternoon the royal head of
the Belgian Government bestowed decorations upon
the three ranking naval officers of the George WashThe State Department at Washington
ington.
has announced that there will be no formal official
welcome for the distinguished visitors in New York,
but that this will be given in Washington. They
are to spend part of the day in Boston and also make
a trip across the Continent. Before sailing from
Europe King Albert recalled that he made a similar
trip 20 years ago.
Every week the European advices add to the
rapidly growing list of prominent Europeans whom
we may expect to visit the United States during the
coming weeks and months. According to cablegrams from London, Lloyd George may come in
October to attend the first meeting of the League of
Nations. A dispatch from Paris stated that a rumor
was in circulation in Peace Conference circles and in
the Chamber of Deputies that Premier Clemenceau
and Marshal Foch may leave for the United States
in December, but that definite plans could not be
made until after the French elections on Nov. 11.
Premier Clemenceau spoke in the Chamber of
Deputies twice this week in explanation of the League
of Nations and in reply to critics of that proposal. In
the course of his first speech he was quoted as saying.
that the League could exist "even though rejected by
the United States Senate." He was also reported to
have said that "it was precisely because the French
felt the League of Nations was an insufficient guarantee for some years to come, that the protective
treaties of alliance between France, Great Britain and
the United States had been drawn up." The debate
of the deputies for the entire afternoon Wednesday
was said to have been taken up with the latest accounts of happenings in the United States Senate
relative to the Peace • Treaty, 'the possible consequences if it should fail of ratification by that body,
and other kindred subjects. The members did not
appear to be satisfied with the explanations given by
Andre Tardieu, Stephen Pichon and others. Addressing himself to the opponents of the treaty in the
Chamber, Premier Clemenceau said: "If you are
seeking to adjourn debate until America ratifies the-
SEPT. 27 1919.]
THE CHRONICLE
treaty, you may do so, but you shall do so without
us." The debate was then adjourned until Thursday.
The Premier spoke for nearly two hours in defense of
the treaty when the discussion was resumed. In reply
to the criticisms leveled against it, he asserted that
while "the League of Nations is not as perfect as President Wilson would have desired, that he [Clemenceau] had no criticisms to offer." In an effort to
-convince critics of the proposal of the impracticability
and impossibility of a purely French peace, the
Premier dwelt upon the fact that "France is only one
of four great Powers that had won the war, and that,
therefore, it could not expect a distinctly French
peace." He added that "these Powers have to make
peace together, as they had made war."
According to a wireless dispatch from Paris Thursday afternoon some of the newspapers of that city
have turned against President Wilson strongly because of his stand on the whole Fiume question.
"Le Journal" was reported to have asserted: "The
beautiful dream of international arbitration is going
to take us back to the anarchy of the early ages.
The weakness of the League of Nations was manifested when the D'Annunzio contingent landed
in Fiume without opposition. There is now no
power in the world capable of acting as the national
arbitrator, as all Italy is now behind D'Annunzio."
According to a recent issue of the "Daily Mirror"
the rumor was afloat in London that Arthur J.
Balfour, British Foreign Secretary, will be made
an earl in the near future "in recognition of his
service to the Empire during the war." The same
paper published a report that with the conferring
of this honor Mr..Balfour would resign his present
portfolio, and later when Viscount Grey is expected
to give up his mission to the United States, he
would be offered the important and attractive post
of full Ambasador to this country. Viscount Grey
left London for the United States last Saturday
morning.
In a special London cablegram to the New York
"Tribune" on Wednesday, considerable speculation
was indulged in relative to possible changes in the
near future in the Lloyd George Cabinet. While the
correspondent admitted that rumors of an "acute
political crisis" were no longer heard, he nevertheless
claimed that a reconstruction of the Cabinet was probable. He said that one London paper had stated that
Winston Spencer Churchill, now Secretary for War,
will succeed Lord Milner in the Colonial Office when
he leaves to investigate affairs in Egypt. Lord
Rothermere was mentioned as Mr. Churchill's successor, while it was claimed that Andrew Bonar Law
might take the place of Austen Chamberlain as Chancellor of the Exchequer, the portfolio that he formerly
held. Among other Cabinet rumors in circulation was
one that Ian McPherson might resign as Secretary for
Ireland, both because of political considerations and
ill health. The report that Arthur J. Balfour would
resign as Foreign Secretary was repeated, while it
-was claimed that Lord Curzon might be succeeded as
.Government leader in the House of Lords by Harry
Fisher, because of the former's inability to work harmoniously with Premier Lloyd George. Still other
minor Cabinet changes were said to be under consideration.
1213
It developed this week that the British manufacturers of motor trucks and agricultural tractors are
concerned over American competition. Accordingly they sent a committee to Sir Auckland Geddes
asking that he urge the Government to impose a
special tariff on those products. The London advices stated that he did not give the committee any
encouragement. The President of the Board of
Trade was reported to have declared that he could
see no reason for such a special tariff, because of the
protection already afforded by the existing duty on
private cars, and also by the freight charges, cost
of packing, insurance and loss on exchange. In
the case of America he declared that all these advantages were equivalent to an actual rate of prc-.
tection of over 88% to the British manufacturers,
while on commercial cars they footed up at least
45%. Sir Auckland Geddes was not inclined to
think that therewould be serious competition from
America in the near future.
The British Government is still pursuing an aggressive policy against profiteers. Parliament has passed
an act setting up local tribunals to which persons who
feel at they have been overcharged may make cornplaltits. As the plan has been in effect only a short
time, it was pointed out in London cablegrams that
a definite idea could not be formed as to its effectiveness in checking the greed of shop-keepers. The
"Evening News" announced, however, that there
had been "a marked slump in the prices of certain
articles." It was stated in London advices that
"many of the tribunals so far have had no complaints
made to them."
The railway labor situation in Great Britain came
to the front again this week with an ultimatum delivered to the Government representatives by J. H.
Thomas, General Secretary of the National Union
of Railwaymen, on Wednesday, to the effect that
if the Government did not continue the war wages of
the men and offer a satisfactory settlement of their
demands in the meantime,they would go on strike
yesterday.. Premier Lloyd George had a conference
on Wednesday with Sir Eric Geddes, Minister of
Transportation, following which the latter asserted
that the demands of the union's President were
"unjustifiable," and to meet them "freight rates
would have to be advanced, probably 50%." The
Minister also stated that concessions previously
made to the railway workers "had brought the increased expenditures of the railroads up to £65,000,000 annually, whereas the pre-war pay bill was only
about £47,000,000." The whole situation was considered at a full meeting of the Cabinet Wednesday
afternoon. Several conferences were held on Thursday which it was hoped would result in averting
a strike. Yesterday the positive statement was received from the British capital that the negotiations
had failed and that a strike had been ordered to take
effect at midnight. It was estimated that 600,000
men would be involved.
Naturally the market for British rails on the
London Stock Exchange was more or less adversely
affected by fears of a general railroad strike. Prime
investment issues were somewhat irregular, while
the oil shares reflected profit taking at times. French
loans showed a tendency to recover, but on rumors
of higher rates for money, British Government issues
1214
THE CHRONICLE
[VOL. 109.
were heavy. Some quiet selling of funding and-Vic- 335,523 and £93,593,721 one and two years ago,
respectively. Clearings through the banks for the
tory loans was reported.
week amounted to £559,350,000, as contrasted with
Another reduction in the Exchequer balance was £553,960,000 last week and 007,345,000 a year
shown by the British revenue statement for the week ago. We. append a tabular statement of comended Sept. 20, though only a nominal one this time parisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
(£6,000). Expenditures for the week were £20,1915.
1916.
1917.
1918.
1919.
.
Sept. 29.
ending
Sept. 27.
Sept. 26.
Sept. 25.
Sept. 24.
809,000 (against £22,315,000 for the week
Treasury
including
Sept. 13), and the total outflow,
81,610,000 60,495,845 41,181,745 36,535,555 32,799,985.
Circulation
19,396,000 31,942,198 44,284,907 53,371,842 116,216,656
deposits
bills and advances repaid, and other items, was Public deposits
97,440,000 133,987,785 121,702,542 101,483,434 76,688,867
Other
week
a
00
with
£72,635,0
in
contrast
00,
£83,443,0
Govt. securities.— 26,229,000 54,202,545 58,189,220 42,187,627 31,286,742
83,706,000 100,335,523 93,593,721 95,386,643 132,314,524
Other securities
was
sources
all
from
receipts
of
total
The
ago.
Reserve notes & coin 25,036,000 29,496,515 32,364,856 35,466,693 47,658,906
£83,437,000, as against £72,611,000 the week pre- Coin and bullion 88,196,371 71,542,360 55,006,601 53,552,248 61,508,891
Proportion of reserve
24.75%
22.90%
19.50%
ceding. Of this amount, revenues contributed £20,- to liabilities
17.80%
21.4%
5%
6%
• 5%
5%
5% •
076,000, against £21,425,000, savings certificates Bank rate
£15,500,£900,000, against £1,000,000 and advances
The Bank of France continues to show gains in its
000, against an exactly similar amount last week.
item, the increase this week amounting to
gold
The new funding loan yielded £704,000, against
francs. The Bank's gold holdings now ag537,000
£106,000, and Victory bonds brought in £7,605,000,
,525 francs, comparing with 5,437,5,573,837
gregate
against £210,000. From miscellaneous £773,000
year and with 5,319,381,522
was received, against nothing a week ago.. Sales 880,762 francs last
before; of these amounts, 1,978,of Treasury bills reached a total of £37,809,000, francs the year
held abroad in 1919 and 2,037,which compares with £34,338,000 the previous week. 278,416 francs were
1918 and 1917. During the
both
in
For the first time in several weeks repayments were 108,484 francs
d
increased to the extent of
discounte
bills
larger than the new issues; hence the volume of week
rose 19,917,483 franca
advances
francs,
2,681,428
Treasury bills outstanding showed a falling off of
d by 39,743,119
augmente
were
deposits
general
and
£5,869,000, to £870,833,000, in comparison with
1,258,decreased
hand,
other
the
on
Silver,
francs.
£876,702,000 last week. Net temporary advances
6,706,934
off
fell
deposits
Treasury
and
francs
191
for
were also reduced, to £348,077,000, a decline
n registered an expansion of
the week of £500,000. The total floating debt is francs. Note circulatio
g with a contraction of
now reported at £1,218,910. Owing to the recent 131,770,060 francs, contrastin
previous week. The
the
shrinkages in the Exchequer balance, that total 16,642,050 francs recorded
up to 35,792,798,brought
is
thus
ng
now stands at £4,104,000, against £4,110,000 in total outstandi
4,480 francs
29,992,37
with
comparing
francs,
the week preceding, and £4,134,000 the week be- 025
francs in 1917.
8,800
20,994,82
with
and
year
last
fore that.
On July 30 1914, just prior to the outbreak of war,
outstanding was only 6,683,184,785
There has been no change in official discount rates the amount
Comparisons of the various items in this
at leading European centres from 5% in London, francs.
return with the statement of last week
Paris, Berlin, Vienna and Copenhagen; 53/2% in week's
ding dates in 1918 and 1917 are as
Switzerland; 6% in Sweden, Norway and Petrograd, and correspon
and 432% in Holland and Spain. In London the follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
private bank rate continues to be quoted at 3 7-16@
Status as o
Changes
Sept. 25 1919. Sept. 26 1918. Sept. 27 1917.
for Week.
33/2% for sixty days and 3 9-16@3%% for ninety
Francs.
Francs.
Francs.
Holdings—Francs.
days. Money on call is still quoted at 33/70. No InGold
537,000 3,595,559,109 3,400,772,277 3,282,273,037
Inc.
France
2,037,108,484
2,037,108,484
1,978,278,410
change
by
No
Abroad
reports, so far as is known, have been received
537,000 5,573,837,525 5,437,880,762 5,319,381,522
Inc.
cable of open market discount rates at other Total
260,286,022
320,563,819
292,648,815
Dec. 1,258,191
Silver
centres.
574,859,604
851,271,638
. 932,411,008
Inc. 2,681,428
Bills discounted
The Bank of England continues to lose gold and
this week's statement shows a decline in its holdings
of the precious metal of £46,816, while the Bank's
total reserve indicated a falling off of £755,000, the
result of an increase in note circulation of £709,000.
The proportion of reserve to liabilities was also reduced, to 21.4%, as against 23.03% a week ago
and 17.80% last year. Other important changes
were a decline of £732,000 in public deposits, an expansion of £5,636,000 in other deposits and an advance of £6,706,000 in Government securities.
Loans (other securities) were contracted £1,016,000.
Threadneedle Street's gold holdings, despite recent
losses, are still far above the corresponding week of
other years since 1913 and now stand at £88,196,371.
This compares with £71,542,360 in 1918, £55,096,601
the year previous and £40,681,914 in 1913. Circuation has reached a total of £81, 610,000, as against
£60,495,845 last year and only £41,181,745 in 1917.
Reserves aggregate £25,036,000. A year ago the
total was £29,496,515 and in 1917 £32,364,856.
Loans teal £83,706,000, in comparison with £100,-
831,458,538 1,107,811,719
Inc. 19,917,483 1,293,980,901
Advances
Ine.131,770,060 35,792,798,025 29,992,374,480 20,994,828,800
Note circulation
38,606,549
57,485,396
81,015,657
Treasury deposits Dec. 0,706,934
General deposits...me. 39,743,119 2,782,406,664 3,106,859,009 2,910,210,757
In its statement, issued as of Sept. 15, the Imperial
Bank of Germany shows that its total coin and bullion holdings were reduced 3,833,000 mks, while
gold fell off 3,538,000 mks. Treasury notes gained
6,111,000 mks and notes of other banks 1,132,000
Inks. Bills discounted again registered a phenomenal increase, viz., 1,276,901,000 mks, and deposits an expansion of 1,146,646,000 mks. Advances were augmented 1,743,000 mks., and investments 6,407,000 mks. Other securities declined
93,873,000 mks., but note circulation again expanded,
this time 2,596,000 mks., while other liabilities
gained 45,341,000 mks. The German Bank's stock
of gold on hand now stands at 1,098,776,000 mks.,
as against 2,348,311,000 mks. in 1918 and 2,403,600,000 mks. the year before that.
Last week's bank statement of New York Clearing
House:members,r,issuedLon1Saturday,'_;came as_'some-
SEPT. 27 1919.]
THE CHRONICLE
1Z1.5
what of a surprise to many persons in the financ
ial at the head of the labor organization
s, that it is
district by reason of an expansion of the huge
sum extremely difficult, if not impossible,
to form an
of $242,984,000 in the loan item, carrying
that idea as to what the demand for money with
which to
account to $5,328,662,000, another new high
re- finance industrial activities will be. The stand
that
cord, while there was such a decline in reserv
es as has been taken by Judge Gary in behalf
of the United
to wipe out the surplus and leave a: deficit of
$53,- States Steel Corporation has received genera
l com186,140. This is the largest deficit since the
estab- mendation by corporation officials and
by everyone
lishment of the Federal Reserve system. There
is who is looking at the labor situation in the
right
of course cash in vaults to the amount of $95,484,000,
way. As the week closes the belief prevails in
which does not count as legal reserve, and no
great the financial district that a continuance
of his poanxiety was expressed, since the situation is expect
ed sition will bring defeat to the strikers
and that a
quickly to correct itself. Net demand
deposits successful termination of the strike for
the companies
were reduced $46,323,000, to $4,210,667,000
(Gov- will serve as a starting point for the indust
ries of this
ernment deposits of $427,640,000 deducted), althou
gh country on the road to more genuine,
if
not more
net time deposits gained $39,230,000, to $259,1
09,000. Cash in own vaults (members of the Federa general, prosperity. With this termination of the
l situation there should be an active
demand for
Reserve Bank) fell off $1,721,000, to $95,48
4,000. money throughout the country.
From present
In the reserves carried in the Reserve Bank of member banks, there was a loss of $103,418,000,to $484,- indications some of the foreign financing that has
637,000. Reserves in own vaults (State banks and been under consideration for several months is likely
trust companies) declined $335,000,to $10,402,000, to be consummated in the near future.
Dealing with money rates in detail, loans on call
and reserves in other depositories (State banks and
for
both mixed collateral and all-industrials have covtrust companies) decreased $30,000, to $11,249,000.
ered
a range during the week of 53/2@9%, as against
In round numbers, the loss in aggregate reserv
es 4@6% a week ago. On Monday the high
moved up
amounted to $103,783,000, which brought the total
reserve down to $506,288,000, and compares with to 732%, the low was 53/2% and 6% the rate for re$561,086,000,the amount on hand in the same week newals. Tuesday and Wednesday there was no range
of 1918. This was accompanied by a reduction in and 6% was the only rate quoted, this being the high,
reserve requirements of $4,915,580, which, as pointe low and ruling quotation on each day. A further stifd
out above, resulted in a loss in surplus of $98,867,- fening took place on Thursday • and the maximum
420, turning last week's surplus of $45,681,280 into went back to 7%, although the minimum was still at
a deficit, in contrast with a surplus at this time last 6%, also the basis for renewals. Friday's range was
year of $65,535,170. The figures for surplus here 6@,9%, although renewals were again negotiated at
given are on the basis of 13% legal reserves for mem- 6%, and only a few small trades were made at the
ber banks of the Federal Reserve system, but do not high figure. The higher call figures, due almost eninclude cash in vault held by these banks, which on tirely to last week's poor bank statement, are regarded
Saturday last amounted to $95,484,800. The bank as nothing more than a temporary flurry. In time
statement in more complete form will be found on money the situation remains without essential
change. There was a firm undertone, especially
a later page of the "Chronicle."
during the latter part of the week, though this
•
was reflected more in lighter offerings than in
The rates for call money displayed a firmer tenhigher rates, and the bid rates are still 5%®
6%
dency,quotations of 7%,8% and 9% being touched.
for mixed collateral loans and 6% for industrial
Although the bank statement last Saturday reflected
money. Trading was quiet and the volume of busia deficit of over $53,000,000, not much was said
ness small. Last year fixed date funds were quoted
about this fact in the discussions of the local money
at 6% for all maturities from sixty days to six
market from day to day. The financial institutions
months.
in this and the other large cities of the United States
Mercantile paper was devoid of new feature. A
continued to offer securities freely, although the
slight increase in sales was reported, but the market
individual issues were not particularly large. A
as a whole was not active. Sixty and ninety days'
syndicate, headed by J. P. Morgan & Co., has bought
endorsed bills receivable and six months' names of
$50,000,000 three-year 6% notes of the American
choice character continue to be quoted at 531©5M%,
Telephone & Telegraph Co. and will make a public
with names less well known at 532%.
offering next Monday. This will be one of the
Banks' and bankers' acceptances ruled steady and
largest single pieces of corporate financing that has
without quotable change. Trading was less active
been undertaken for several weeks. Though the
Government this week has not been doing extensive than has been the case lately and most of the business,
according to brokers, was for out-of-town account.
new financing and there has been a comparatively
This was, of course, a result of the higher call market
light demand for money for strictly Wall Street
and likely to be of short duration. Demand loans on
purposes, the higher rates for call money were not
bankers' acceptances remain as heretofore at 414%.
surprising, considering last Saturday's deficit in
Quotations in detail are as follows:
legal reserves. These higher rates followed large
Spot Delivery--Deliver
offerings last week of funds for the account of the
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Dare
interior institutions at somewhat lower quotations Eligible bills of member banks
4
43( 43((44% 41
,4t“
Orr bid
bills of non-member banks__43@4% 4%(g14yi 4%@4
than had prevailed for some little time. The offer- Eligible
4% bid
Ineligible bills
54( 63,
‘@434 63i@43
6 bid
ings of time money here this week were eonsiderably
smaller than they were last week, but the quotations
No changes in rates, so far as our knowledge goes,
covered an extremely narrow range. The industrial have been made the
past week by the Federal
situation in this country and in Europe is so upset Reserve banks. Prevai
ling rates for various classes
by the attitude and demands of labor, which is being of paper at the differ
ent Reserve banks are slIown
adly misled in a good many instances by the men in the following:
THE CHRONICLE
1216
EvoL. 109.
later good buying transformed this into a gain of
7 of a point and the day's range was 4 14@
about 4
i
4
4for cable transfers
4@4 165
CLASSES
for demand,4 143
15%
4
%
OF
..i '"
4e,
Increased firmdays.
DISCOUNTS AND LOANS.
sixty
for
13%
11%@4
4
and
j
"
4
1
11
1
1
fa
• *.• 0 'a '
tC iza
z. 6 t71
rg '
a.
was a further
there
ness developed on Tuesday and
-1
4163/2@
Discounts—
demand,
for
advance to 4 153%@4 163/
Within 15(lays, incl. membe
4 4 434 434 434 4% 4 434 454 434 4%
banks' collateral notes.,_ _ _ 4
143. for
133/2@4
4
and
transfers
434 5
4 173' for cable
434 434 4% 454 434 5
16 to 60(lays' maturity__ 4% 454 434 434
3 454 434 454 434 5
%
5 5 5
61 to 90 days' maturity__4% 434 434 4
of the
ion
continuat
a
and
offerings
lighter
sixty days;
Agricultural and live-stockpaper,91 to 180 days incl._ 5 5 5 5% 5 5 535 514 534 534 5% 514
e
responsibl
mainly
were
inquiry
brisk
day's
previous
Secured by U. S. certiflcat • •
of indebtedness—
trading
y
Wednesda
On
.
movement
upward
includin
days,
the
15
for
Within
member banks' collators
4 4 434 was active and the undertone strong; prominent inter4
4 4
4
4 4
4
4 4
notes
Secured by Liberty bonds an(
Victory Notes—
national bankers were in the market as buyers, with
•
Within 15 days, includin•
collators
member banks'
that demand bills moved up to 4 1714®
434 4 4 434 43.1 4% the result
4
4 4 4
4344
notes
Secured by U.S. Governinen
4 173%, cable transfers to 4 18@4 183/ and sixty days
war obligations4% 434 4% 4% 4% 4% 434 4% 434 434 4% 434
16 to 90 days' maturity
4@4 15. Another sharp rise was witnessed
to 4 151
Trade Acceptances434 434 434 434
4 4 4 4% 43-4 4% 434 4
15 days maturity
, which carried demand bills up to 4 213.
Thursday
on
454
434 434 434 434 434 43-4 434 434 434 434 434
10 to 90 (lays' maturity
to 4 22, with the range 4 193%@
Rates for discounted bankers' acceptances maturing with u 15 days, 4%; within and cable transfers
ad16 to 60 days, 434%, and within 61 to 90 days, 434%.
on customers' 4 213. and 4 203/2@4 22, respectively; sixty days
'Applies only to member banks' collateral notes; rate of 434%
paper.
acwas
market
Friday's
s.
/
4@4 191
Note 1. Acceptances purchased In open market, minimum rate 4%. 1% higher vanced to 4 175
Note 2.. Rates on paper secured by War Finance Corporation bonds,
4
to
advance
additional
233-i
an
tive and strong, with
than on commercial paper of corresponding maturities.
Note 3. Whenever application Is made by member banks for renewal of 15-day
cable transfers
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day @4 243 for demand, 4 24@4 25 for
paper of the same class. .
Closing quotaRates for commodity paper have been merged with those for commercial Panel and 4 213'@4 223 for sixty days.
of corresponding maturities.
tions were 4 223 for sixty days, 4 243-i for 'demand
exchange
and 4 25 for cable transfers. Commercial sight bills
sterling
While fundamentally at least, the
4, ninety days
situation remains about the same, the market this finished at 4 233., sixty days at 4 211
days) at 4 21
week underwent another of the radical changes which at 4 20, documents for payment (sixty
Cotton and
233j.
4
have been of such frequent occurrence of late and and seven-day grain bills at
week's gold
The
24.
4
at
prices, after early weakness, rallied sharply and then grain for payment closed
$360,000
only
comprised
and
light
advanced steadily, until 4 243 was reached for movement was
for
$135,000
and
America
South
to
shipment
point
for
4 cents above the low
demand bills, which is 113
nts
arrangeme
while
easury,
Sub-Tr
the
from
123,
4
Canada
with
of the previous week and compares
Mint
the extreme low of a few weeks ago. So far as sur- have been made to ship via the San Francisco
exports
of
total
a
face conditions are concerned, the immedite cause $1,323,000 to China. This makes
word was
of the advance was the inauguration of a strong for the week of $1,818,000. Yesterday,
from
gold
0
$2,000,00
of
arrival
buying movement on the part of several large in- received of the
London.
Co.,
ternational banking institutions both here and in Rothschild &
London, which at once gave rise to reports that
The Continental exchanges have also shown
American and British financiers were again supportl improvement and, under the stimulus
sentisubstantia
a
ing sterling exchange. This in turn exercised
coupled with a decline in offerings,
buying,
heavy
also
of
and
circles
local
in
mentally favorable influence
30.to 145 points were recorded.
from
of
shorts,
recoveries
e
speculativ
by
covering
led to vigorous
ns some irregularity was
transactio
initial
the
in
In
recovery
the
accelerate
to,
served
factors which
noted and for a while quotations displayed considerquotations.
There is very little as yet to report concerning the able weakness. This, however, was of short. duraprogress of the Edge Bill, which is still under con- tion and following the receipt of higher cable quosideration by the House Committee on Banking and tations from London as well as liberal buying orders,
Currency, and exchange experts have for the moment prices here took a sudden sharp upturn. French
for'
transferred their attention to the conferences now checks rallied to 8 10—an advance of 85 points
level,
low
recent
the
above
points
114
and
the
week,
Morgan
the
of
head
the
being held in London between
firm and British bankers and financiers. Specu- while reichsmarks showed a recovery still more
lation was rife as to the prabable outcome of these marked, 145 points over last week's extreme low
discussions andin some quarters hopes were expressed figure of 3 10. Italian lire shared in the general
that important developments might be looked for improvement, though to a lesser extent, having adin the course of the next few weeks. On the other vanced to 9 75, against the previous low record of
hand, the less optimistically inclined point to the 10 17. Belgian francs and Austrian kronen also
-fact that latest official figures from the Government showed notable gains. That speculative operations
indicate a continued large export balance in favor of were responsible to a considerable extent for the
the United States, and argue that in the face of recent upheaval in foreign exchange is conceded by
this as well as the uncertainties still existing over exchange authorities generally, and it is now bethe ratification of the Peace Treaty by the U..S. lieved that covering by a largely over-extended short
upward
Senate, no really permanent improvement ,can be interest has had much to do with this week's
and
francs
of
true
especially
was
This
trend.
counted upon. However, events in this direction
been
has
lately
the
of
dealings
feature
A
marks.
are likely to be closely watched during the days
the demand for calls which have been offered freely
that are to come.
at 5% cents for nine months for a consideration
sterling
detail,
Referring to quotations in greater
of $300 per 100,000 marks. Transactions in marks
easier
shade
a
was
eek,
w
.
exchange on Saturday of last
options have attained large proportions, it being
cable
transfers
15,
14%@4
4
to
and demand receded
in calls amounted
to 4 153'@4 153% and sixty days to 4 123/2@4 123%. estimated that on some days trading
Among the
marks.
0
25,000,00
tely
approxima
Monday's dealings showed marked irregularity, open- to
and
bankers
by
forth
put
ons
explanati
numerous
while
ing transactions having been at a sharp decline,
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Ckoeland.
New York.
Boston.
4
SEPT. 27 1919.]
THE CHRONICLE
1217
others to account for the sudden and sensational necessary, and that the action should have
a strengthadvance in French and German exchange, the one ening influence on the exchange situation
as a whole.
most widely accepted in financial circles is that
The official check rate in Paris closed at 34.75,
banking institutions who have been selling checks against 37.00 a week ago. In New
York sight bills
on Paris and Berlin have lately become aware of on the French centre finished at 8 10,
against 8 95;
the fact that a large proportion of these checks cable transfers at 8 30, against 8 85; commercia
l
instead of going through to their destination as in-' sight at 8 12, against 8 97, and
commercial sixty
tended are being sold around on the street in specu- days at 8 16, against 9 01 the
preceding week.
lative deals and these bankers have halted this Belgian francs closed at 8 40 for checks
and 8 38 for
procedure by exercising greater discrimination in cable remittances. This compares
with 8 87 and
disposing of them, with the result of creating a sud- 8 85 last week. German reichsmark
s finished at
den shortage in speculators' supplies. In other 4 45 for checks and 4 55 for cable transfers,
as against
words, while it has been known for some time that 3 80 and 3 85 a week ago. Austrian
kronen closed
active speculation had been going on in both francs at 1 85 for checks and, 1 90 for cable
remittances.
and marks, it is now learned that a practice has Last week the close was 1 65 and
.1 70. Exchange
developed of buying exchange on Paris and Berlin on Czecho-Slovakia closed at
3 90; on Bucharest
in the form of checks drawn by leading New York at 4.85, against 4 60@4 50; on Poland
at 4 85,
banks on their correspondent banks in those cities against 4 10 and on Finland at 5 85,
against 6 40@
and instead of having those checks go to Paris and 6 30 the week previous. Closing quotations
for lire
Berlin for collection in the usual way, many of them exchange were 9 75 for bankers' sight
bills and 9 73
have been used to make deliveries against specula- for cable transfers, which compares with
9 95 and
tive commitments. Thus it has happened that on 9 93 on Friday of last week. Greek
exchange has
several occasions some of the largest banks in buying not been lowered and closed at 5 80 for
checks and
exchange on Europe have received back their own 5 78 for cable transfers, against 5 52
and 5 50 the
checks of a few weeks back. How far this concerted preceding week.
effort on the part of the banks to check the activities
Trading in neutral exchange continues light in volof speculators will go remains to be seen.
ume and movements devoid of special significance,
Among the news features of the week were re- though reflecting to some extent the strength
in the.
newed rumors of the placing of a huge German loan, other markets. Swiss francs ruled firm.
Guilders
this time in Argentina. No confirmation could be were apparently unaffected by reports of a
diplomatic
obtained of the negotiations said to be in process at break between 'Holland and Belgium and in
fact
Buenos Ayres for the granting of a $100,000,000 registered an advance for the week. Spanish
pesetas
credit to Germany, but it is pointed out by bankers were strong and higher, while Scandinavi
an rates,
here that German interests are strongly entrenched after early weakness, turned firm and
closed pracat that centre and that it would be greatly to the tically up.
interest of Argentine financiers to aid in the reBankers' sight on Amsterdam closed at 373
4,
establishment of Germany's finances. Private ad- against 37 3-16; cable transfers
at 38, against 37 8;
vices received from Berlin this week state that Ger- commercial sight at 37 11-16, against 371
4,and commany has removed the war restrictions on dealings mercial sixty days at 37 7-16, against
36 9-16 last
in foreign exchange and now permits trading on week. Swiss exchange closed at 5 52
for, bankers'
the Bourse as in pre-war days. During the war con; sight bills and 5 50 for cable transfers.
This comtrol over the foreign exchanges was exercised by a pares with 5 58 and 5 56 a week ago.
Copenhagen
central committee, to whom application had to be checks finished at 21.95 and cables
22.10, against
made for the purchase or sale of exchange. That 21.80 and 21.95. Checks on Sweden closed
at 24.60
monetary conditions at some of the new Central and cable transfers 24.70, against
24.50 and 24.65,
European Republics are in a somewhat chaotic while checks on Norway finished at
23.20 and cable
condition is indicated by a recent dispatch to Wash- remittances at 23.35, against 23.25 and 23.40
in the
ington, disclosing the fact that in Poland five differ- week preceding. Spanish pesetas closed
at 19.25 for
ent kinds of currency are in circulation. Efforts checks and 19.35 for cable transfers. Last
week the
are apparently being made to remedy these condi- close was 18.90 and 18.97.
tions and with this end in view a valuation council
As to South American quotations the situation remet at Warsaw lately to establish a uniform currency mains about the same with the check rate on
Argenand adopt certain definite standards. A State bank tina still quoted at 42W4, and cable transfers at
423'.
is being established at the Polish centre with a capital For Brazil the rate for checks remains as
heretofore
stock of 100,000,000 gold florine, to take over the at 25% and cable transfers at 253/
2. Chilian exchange
branches of the German Reichsbank and the Austro- continues at 9% and for Peru at 50.125@50
.375.
Hungarian Bank in the new Republic. Secretary
Far Eastern rates are as follows: Hong Kong, 883/2
Glass's announcement on Thursday that the United @88%, against 85@853/2; Shanghai, 1333/
2@134,
States Government had made arrangements for the against 131@131M; Manila, 48%@49
(unchanged);
funding of the interest due on Allied loans was well Singapore, 50@50% (unchanged); Bombay,
44©
received by bankers here on the ground that the 443.i, against 44%@45, and Calcutta (cables)
at
4-4
payment of approximately $500,000,000 as annual @4414, against 44%@45.
increment of interest of loans amounting to nearly
$10,000,000,000 would only serve to aggravate the
The New York Clearing House banks,in their operalready staggering financial burdens under which ations with interior banking
institutions, have gained
the Allies are laboring at present, especially in view $4,648,000 net in cash
as a result of the currency
of the adverse exchange situation and the monetary movements for the
week ending Sept. 26. Their
stringency in Europe. It is explained that the law receipts from the interior
have aggregated $9,345,000,
which provided for the advance of funds to the Allies while the shipments have
reached $4,697,000. AddWill also allow of the funding of the interest wherever ing the Sub-Treasury and
Federal Reserve operations
1218
THE CHRONICLE
[VoL. 109.
vidual, they are strongly and at times grotesquely
colored by prejudice and misinformation. So far as
his interpretation of our people's attitude toward the
Belgian episode is concerned, it merely indicates for
the thousandth time the seeming impossibility for the
German official mind to understand the mind of other
Net Change in
Out of
Into
Week ending Sept. 26.
nations. Precisely as the visit of the Belgian King
Bank Holdings.
Banks.
Banks.
gratitude felt
Gain $4,648,000 marks on his side the strong feeling of
$4,697,
$9,345,000
Banks'interior movement.
Sub-Treasury and Fed. Reserve ophas done in
America
what
for
people
Belgian
the
by
108,007,000
Loss
149,820,000
41,813,000
erations and gold exports
of
reception
people's
own
our
so
Belgium,
of
behalf
Loss1103,359,000
$154,517,000
551.158.000
Total
the visitor, like their reception of the heroic Belgian
The following table indicates the amount of bullion churchman who has preceded him in his visit to
in the principal European banks:
America, is likely to express the real feelings of the
United States toward the part played by Belgium
Sept. 26 1918.
Sept. 25 1919.
ants of
in the great war.
itself
Total.
Silver.
Gold.
Total.
Silver.
Gold.
action of Belgium was, in fact, one of the
That
£
£
£
£
£
£
71,542,360 great incidents of history. It was so because of the
88,106,371 71,542,360
England _ _ 88,196,371
France a__ 143,822,364 11,680,111 155,502,364 136,030,890 12,800,000 148,830,890
975,200 55,914,100122,360,750 5,006,700 128,267,450 very fact that while the chief protagonist was small,
Germany _ 54,938,900
Russia *_ 129,650,000 12,375,1 i i 142,025,000 129,650,000 12,375,000 142,025,000
2,354,001 13,280,000 11,008,000 2,289,000 13,297,000 the moral issues at stake were very large. Nothing
Aus-Hun.c 10,926,
96,412,00 25,624,0 to 122,036,011 87,744,000 25,977,000 113,721,000
Spain
32,200,000 2,984,00* 35,184,11i 32,728,000 3,088,000 35,816,000 was
Italy
missed,in the setting of the stage for that episode,
600,000 59,567,000
486,11 I 53,117,000 58,067,000
Netheri'ds 52,631,000
600,000 15,980,000
10,641,000 1,404,00* 12,045,000 15,380,000
h
Bel.
Net.
its character—the weakness and seememphasize
to
15,320,000
2,579,011 21,275,000 15,320,000
Switeland. 18,606,0
14,574,000
16,684,000 14,574,000
Sweden.... 16,684,000
of the Belgian Government; the uning
helplessness
10,497,000
131,000
10,366,000
167,111
10,549,000
Denmar _ 10,382,000
6,754,000
8,167,000 6,754,000
Norway__ 8,167,000
provoked attack on it by the power which had guarTotal week 673,346,635 60,628,201733,974,835712,425,000 63.766,700776,191,700
Prey. week 673,405,871 60,773,201 736,269,071711,469,721 63,675.950775,145,671 anteed it from precisely such attacks, and whose
publicly admitted that the invasion was
a Gold holdings of the Bank of France this year are exclusive of £79,131,137 Chancellor
held abroad.
"contrary to the dictates of international law;" the
*No figures reported since October 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journal" for insidious attempt of the German emissaries to obtain
Dec. 7 1017.
the Belgian Government's abandonment of its interh Figures for 1018 are those of Aug. 6 1914.
national duty, first through threats of the most formidable sort, then through appeal to motives of
THE KING OF THE BELGIANS AS OUR GUEST. political expediency and personal safety; the prompt
In no respect has the new position of the United and firm rejection of such inducements by the menStates in world affairs been so strikingly illustrated aced State and its defiance of the threats; the gallant
as by the official visits to our country of European military resistance against hopeless odds;the ferocious
public men in positions of the highest responsibility program of the invading and occupying army to break
—visits undertaken sometimes with the purpose of the spirit of the people; the refusal of either political
cementing close political relations, sometimes with or territorial factions in Belgium to accept German
a view to organizing financial cooperation, always propaganda; the unremitting participation in the war
with recognition of the place which our people and even in its darkest moments by the Belgian GovernGovernment were bound to occupy during and after ment and army; the medieval cruelty of the later Gerthe war in relation to the rest of the world. But the man oppression, or the final victory.
The meaning of all this series of episodes in the
reception by our Government and people next week
rethe
like
will,
Belgium
of
Queen
of American sentiment was wholly unmistakforming
and
King
of the
ception which has already been extended to Cardinal able. No one who remembers the turmoil of confusion
Mercier, have a different significance than the recep- regarding issues and events, in the first bewildering
tion extended, on various previous occasions, to the weeks of August 1914, can entertain the slightest
commission of eminent Allied statesmen and finan- doubt that it was the episode of Belgium which priciers, to the group of English and French political marily caused the instantaneous and overwhelming
and military leaders in 1917, and to the English High crystallization of American public opinion against
Commissioner and his staff during our own prepara- Germany and in favor of the Allies. The fact that
England's intervention in the war was based on Gertion for active warfare.
Admiral von Tirpitz, whose ideas and reminiscences many's violation of Belgian neutrality was an influof the war from his own and Germany's point of view ence of the first importance in the subsequent attitude
have lately been in course of publication, has at- of our Government and people toward Great Britain.
tempted to explain the relation between the American Into no beneficiary enterprise incidents41 to the war
attitude toward the war, and the German attitude did the American people throw their money with such
toward Belgium. The sympathies of our people, he eager enthusiasm as into the Belgian Relief Fund.
tells his readers, "were not roused against Germany No part of European history from August 1914 to
by the invasion of Belgium. It was because their April 1917 had so powerful an influence in aligning
natural liking lay with England." It was "the inter- the American people behind their Government in its
twining of American interests with those of the En- eventual declaration of war than the story of Germany
tente" which "really brought America into the open." and Belgium.
All this is what a German official visitor to the
But for that influence the United States "would, of
course, have looked upon the invasion of Belgium United States would very soon learn; indeed, it is
what some of her own more intelligent writers have
with a very cold eye."
The American reader's comment on this profound admitted already. It is not an unhappy coincidence
analysis will probably be that it is as oblivious to the that, at this moment when conflicting interests in
sequence of events as it is ignorant of the real Ameri- the post-bellum controversies have seemed to color
can attitude in 1914. So far as the Grand Admiral's and pervert some of the original ideals which aniviews of the incidents in the great struggle arelindi- mated our people during the war, their attention
and the gold exports, which together occasioned a loss
of $108,007,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a loss of $103,359,000, as
follows:
SEPT. 27 1919.]
THE CHRONICLE
1219
should now be brought back to that episode. Perhaps this could not have been accomplished in any
THE ISSUE—IN PITTSBURGH AND
other way so effectively as by the personal presence
ELSEWHERE.
in this country, first of Cardinal Mercier and then
The head of the National Association of Manufacof the King of Belgium.
turers would join the industrial conference set to
The Cardinal has already met with the ovation meet in Washington Oct. 6. He thinks employers
which was sure to await the man who single-handed should promise not to reduce wages and labor should
defied the German military Government's attempt promise not to reduce production during the term
of
to stifle not only the national liberties of Belgium "the industrial armistice;" a National Industrial Adbut the voice and spirit of the people. The young justment Board should be created, to serve until after
King, who follows Cardinal Mercier in accepting the period of readjustment and keep the subterran
ean
our national hospitality, did not embody all of fires from breaking out. This is born of the weariness
Belgium's political authority. He might, however, over strife that lies on us all and never
so heavily as
very greatly have modified, if not reversed, the now; but it has been tried over and over and has failed
policy of his ministers through parsonally yielding over and over. It is the old refuge of convenien
ce and
to the temptations or threats of Germany. But putting-off--conciliation, arbitration, yielding under
the Belgian Government's official attitude—first the name of compromise, agreement without power of
in declining the intervention of France on the ground enforcement and to be broken as sdon as the malconthat Belgium would meet the crisis for itself, and tent side has gathered the full advantage therefrom.
next in replying to Germany that, since Belgium Its fatal defect is that it is only what its proposer calls
would, "by accepting the propositions which are it: "armistice," "strike truce," "gentlemen's *agreenotified to it, sacrifice the honor of the nation while ment." The time for all such has passed.
The
at the same time betraying her duties toward Eu- threatened and • long-planned "revolution" has atrope," therefore the Government had "firmly re- tempted its beginning.
solved to repulse by every means in her power any
Therefore the path to compounding such emollients
attack upon her rights"—was from the first fully has been closed. What we are facing is long-planned,
and publicly concurred in by the King. His speech as just said; and to show not only that there is another
announcing that conclusion to the Belgian Legisla- way of dealing with it but that it is the growth
and
ture was as full of eloquence and emotion as of culmination of a movement extending over many
dignity, and it absolutely repudiated compromise years, let us briefly glance back at the record.
or surrender. From that moment he took his place
Following generally the order of events, this glance
with his Army, sharing in the exile, in the hardships can only point to the incidents that mark the road
of the campaign, and in the changing fortunes of the which organized labor has been traveling. Twelve
next four years.
years ago, the Supreme Court of the District of
Probably no political result would have been less Columbia enjoined Mr. Gompers's boycotting of a
St.
expected, a year before the war, than the actual Louis business concern. He defied the injunctio
n,
attitude and conduct of Belgium. Belgium was an publicly condemned the judge, and still fought
when
industrial nation. Labor disputes and "Syndical- the jail sentence was affirmed by a higher
court; after
ism" propaganda had made great progress among the a struggle covering some seven years the highest tribpopulation. Its Government under King Albert's unal in the land let him off on technical
grounds and
predecessor was perhaps more purely opportunist dismissed the sentence which hung over
his head by
and commercial in character than any other Govern- bringing the whole procedure under the bar of
the
ment in Europe. The progress of the war made it statute of limitations. Thus he escaped the
deserved
plain that Germany intended, in case of her own imprisonment, although disobeying an
injunction
success, either to annex Belgium to the German order was brought judicially into the
catalogue of
Empire or at least to impose on her the status of a criminal offenses, a result that did not seem
to cause
political and commercial dependency.
him any uneasiness of mind.
These expectations are at an end, and the new
Organized labor consistently objects to courts, to
status of Belgium will now be a highly interesting State constabularies and militia, and (unless
it can
part of the new chapter of European history. There gather in and control the latter) objects to policemen
.
was a time when belief began to be entertained that In May of 1915,the head of the Pennsylvania
FederaBelgium would emerge from the war a ruined country, tion of Labor denounced the State
constabulary as
altogether handicapped and crippled in its efforts to "American Cossacks," said that "it is
time we met
maintain a high place in the world's economic system. force with force," and declared his own intention
"to
This prediction now seems to be not in the way of recommend that our men shall be trained in the milifulfillment. In the confused and disordered move- tary arts; we have got to stop the kind of
tactics that
ment of production and commerce which has been are employed by the Pennsylvania constabulary."
witnessed in Europe during the nine or ten months
In this same month of 1915, representatives of
since the armistice, practical observers of the Euro- the Federation in this State and of a large
number
pean industrial situation have gradually been reach- of like organizations met in Albany, apropos,
of the
ing the conclusion that economic recuperation was constitutional convention then about to
open,and
under way in many respects more rapidly in Belgium formulated a string of demands which Mr.
Gompers
than in the rest of Europe. The other markets have presented in person to that body on the second
day
already begun to hear of her activities, even in foreign after. Some of these were: prohibiting suspensio
n
trade. There has, therefore, seemed to be more of of the writ of habeas corpus, "at any time and in any
tangible security in the advancing of credit to her circumstances;" "an absolute prohibition of
estab market than in the case of many of her larger allies. lishing military rule until conditions shall
have
These signs of what the conclusion,of the eipsode may rendered the sitting of courts of justice
impracbe, have an unusually interesting relation to the ticable;" prohibiting "the creation of a State
conearlier history of the war.
stabulary and the employment of private officers
1220
THE CHRONICLE
[VOL. 109t.
to maintain the peace;" and a provision that the last forced inch by inch to yield to the law, this
militia can be called out only by proclamation of the report declared it "inconceivable that such an autocratic, despotic, tyrannical power can long remain
Governor as commanding the National Guard.
In April of 1916 Mr. Gompers started a movement in a democracy; one or the other must ultimately
in the Federation for a law to be pressed in all legis- give way."
As a feeler, the Plumb plan was cautiously put out
latures, substantially re-enacting Section 20 of the
in
last February, followed in August by an open anprocesses
injunction
forbid
to
Clayton law of 1914,
against the boycott, against "peacefully assembling," nouncement and by an introduction in bill form in
against peacefully persuading persons not to work, Congress; and now, the hour being supposed to have
et cetera, the intent of these innocent-looking pro- arrived, the mask is cast off and the piratical flag run
visions being to give a freer hand to labor in striking up. Now that of which the Plumb plan would be the
from an employment and then striking against the swiftly-growing seed is to spring to full development
entering of that employment by others and against immediately and take the country. Now,says Chairman Fitzgerald, "we are going to socialize the basic
the continued operation of the industry.
Washof the United States, this is the beginning
in
industries
surrender
the
after
soon
Early in 1917,
Equal in distinctness is the list of
fight."
great
the
(the
of
Brotherhoods
railway
four
the
to
ington
victory which labor has enlarged upon and built twelve demands made on the steel industry by the
upon until it has nOw reached an open defiance of the Federation, all of them impossible but the essence put
United States), Mr. Gompers told Mr. Adamson's in four words in the eleventh, "abolition of company
House committee that "if you enact certain laws to unions." The intention is to Russianize the United
this end you can count on me as one who will violate States. It is believed by the more ignorant of the
them;" and of some bills pending in Washington workers (because they have been adroitly led to beand Albany he asked "what will you drive us to if lieve so) that a "revolution" which will mean for
you do it?" "We will fight it at every step and in themselves a seizure and division of property is at
the courts," he said, but added that "if you enact it hand; note, as a suggestive incident, the reported
we will exercise our God-given natural right, the law remark of some Pittsburgh workers to the stores
where they trade, "me pay this week, next week
notwithstanding."
said
report
take."
In November of 1917, a Federation
On Saturday the gas company in Brooklyn obtained
that "we insist" on direct representation of labor
injunction against the head of the gas workers'
generalities
an
some
after
and
Congress,
at the Peace
demanded "that the basic work day in industry and union, setting forth that in a certain section water has
been secretly turned into the gas mains and that
commerce shall not exceed eight hours."
In June of 1918 the Federation was farther along meters in some tenements have been purposely puncthe road, for in annual convention it declared, tured;if this is correct, it means inequality of pressure,
through a report by its Executive Council, that extinguishment of some burners, and a probable re"organized labor considers itself an organic part flow and escape of gas through them. It means that
of the Government of the United States; it feels the gas company's malcontents do not hesitate to put
free to summon the Government to take its part in in- in peril the health and lives of innocent persons in
dustrial disputes; it feels it has the ear of the White order to injure the company, and it shows the evil
House, and it will confidently threaten the recalcitrant spirit which gets possession of strikers.
What should have been done long ago and would
employer with Government ownership if he does not
behave." Further, according to the current press have checked this destructive process is plain enough;
accounts, the report declared that "organized labor the leaders should have been indicted and summarily
shall, now and permanently, in war and in peace, punished. Soon after enactment of the Sherman Act
be made a co-partner with the employer in the ad- the courts said the "combination or conspiracy" covministration of his industry." This smooth lan- ered by it is of labor as well as of capital, and the
guage is capable of a beneficent and progressive breadth of the language puts this beyond question;
interpretation such as the Standard Oil and the for that Act forbids "every" combination, in trust
United States Steel corporations, for example, have form "or otherwise," in restraint of trade, and probeen putting into concrete form in a real partner- vides the penalty for "every person" so conspiring.
ship with their own labor; but,on the other hand,it is Through cowardly fear of a solid class vote, and becapable of the interpretation we have to-day in the cause business is not organized while labor is believed
to be, we Americans have not only permitted our offiattack on a fundamental industry.
In June last the Federation in annual convention cials in place to threaten with the Act concerns that
dropped all reservations in its continued attack on are merely accused of conspiracy (as just now in the
the courts. It accused judges of exercising "powers case of the Chicago packers) but have let these unwhich even the monarchs and kaisers dare not faithful servants of ours stand still and shiver while
exercise," it called passing on the constitutionality labor union chiefs have openly and defiantly avowed
of statutes "a blasphemy on the rights and claims themselves to be conspirators and have threatened to
of a freeman of America;" it said our nation "is stop all transportation and starve out the country,
founded on the principle that every citizen is a sov- and now threaten to close all productive industries
ereign unto himself;" it demanded impeachment and involve therein any natural consequences, unless
of judges thus said to be usurpers, and proposed to their demand for a centralized control of them is sub"treat all injunctive decrees that invade our per- mitted to.
sonal liberties as unwarranted in fact, unjustified
This is what we Americans have accomplished,
in law, and illegal as being in violation of our con- and this is the climax of the long line of surrenders
e5itutional safeguards, and accept whatever conse- we have been permitting through a long term of
quences may follow." With a keen remembrance years. Strengthening and emboldening the public
of the long fight in the Danbury hatters case, in enemy and weakening ourselves, we have dodged
which the Federation and Mr. Gompers were at .and procrastinated along, and now we are aghast
SEPT. 27 1919
THE CHRONICLE
1221
at an evil crop which is the natural product of our her
ravaged territory even though that may require
own shiftiness and weakness. We have sought sixtee
n years to complete.*
convenience, we have shrunk from trouble, and now
We have tried to keep our readers informed both
we face what we have created. Now we have as to
the extent of France's loss at the hands of the
reached a crisis where we cannot dodge. It is now
Germans, and also as to the success of her surprising
a firm stand of resistance, or a final surrender.
effort throughout the period of the war to develop
This issue is the old one of freedom or slavery, her
resources. We are now able to bring up to date
and as irrepressible as Seward declared it in 1858; the
figures which we gave some months ago.
it is the clear-cut alternative of individual freedom
"The Manchester Guardian" has published a comin labor or of a centralized power grasping and ruling
munication from a credible authority, M. Franci
s
the country. Shall some 3% control the population
Delaisi,from which we shall freely quote giving these
of the United States? Shall there be confirmed a
particulars. In the invasion often departments France
"class" above the courts, and dictating to the Execu- lost
90% of her iron ore production, 83% of her
tive and to Congress?
foundries, 50% of her coal; her woolen industry lost
We cannot get back to the time when we could 80%
of its combing machines, 84% of its spindles,
have strangled this monster in infancy by suppress81% of its looms; her cotton industry lost 59% of its
ing those who go from.place to place stirring up misspindles; and 70% of her sugar refineries were deunderstandings and passions and thus sowing dragon
s' stroyed. In all France was deprived of 27,763
facteeth; but we can make the stand so long deferred,
tories representing 30% of her factories, or almost
and we must make it. The position Judge Gary
one-third of her industrial power. Everywhere the
took did not touch mere form and detail; it con- stocks were
taken, the running plant carried off,
cerned the lowest stone of the foundation, and that the mill dams
broken.
must be preserved, at whatever cost. What Mr.
We are now told the steps by which the emergency
Morgan has cabled to him from London is the ulti- was met. The
Government begged experienced manmatum; he believes "American principles of liberty ufacturers
to set up and carry on new works, offered
are involved and must win, if we all stand firm." them capital
without interest, requisitioned labor, and
So we must stand. Trimmers, compromisers, truce- an abundance
of orders at high prices. Metal commakers, dodgers—this is no time for heeding or panies of Lorrai
ne installed themselves on the coal
hearing them. The peace and life of the country fields of Centra
l France, or at Bayonne near the
are openly attacked, with the avowed intent of over- Spanish mines, or
in the neighborhood of Rouen,
turning the established order and bringing in chaos.
within easy reach of the iron of Normandy and the
No man with open eye and mind is excusable for coal of England.
The spinning and weaving mills
not understanding the situation, or for shrinking were transferred
near to Havre, the chemical facfrom the consequences; we deplore them, yet we tories near to
the waterfalls of the Pyrenees and the
must face them. Only by aqcepting the challenge Alps. At the
end of 1917 the working class populaand by bringing these public enemies to defeat and tion showed
an increase of 2% on the figures of 1913.
then to punishment can we expect any real indus- The new situati
on produced, of course, new factories
trial peace. This is the test of our character. If with improv
ed tools and machinery, while the work
we fail under it we shall show that we have been people were
trained to greater precision in workmanbuilding our national house upon the sand.
ship, and in the new conditions attained much larger
output.
So France faced the new situation. If with her
THE ECONOMIC SITUATION OF FRANCE.
limited supply of raw materials and restricted market
France is making some economic decisions which
she should open her doors to the surplus stocks of the
are unexpected and important.
world rushed for sale at low prices, her industries
The inroad of the Germans upon her domestic
would be promptly crushed. Hence her new policy.
industry and the destruction of her resources, wrought
With restricted imports and Government oversight
from the very opening of the war, is universally and
aid in the form ofipostponed demand for return of
known. It was the determined purpose of the enemy,
borrowed capital, within a year or two at the most she
and was expected to be permanent. The surprise hopes
for the reconstitution both of her agriculture
came when with the close of the war the Allies, espeand her industries. These cannot seek a foreign marcially England and America, suddenly deprived of
ket even then, for other countries better circumwar orders and facing dangerous over-production of stance
d both in production and in transport will
their factories, offered to sell France both goods and capture
them, and the French colonies, largely as
machinery, the French Government promptly deFrance has developed them, are still relatively poor
clined the offers. It soon became known that, grate- and backw
ard.
ful as she is for benevolent aid in every direction and
Hence follows the new policy in regard to the
extreme as was the need, France much preferred to devast
ated region within her own frontiers, pracundertake the actual work of reconstruction herself. tically
a new land, known to be naturally exceedingly
Now it appears that in accordance with a policy rich, the
soil fertile, coal and iron abundant. Work
gradually framed,her newly appointed Reconstruction
estimated to cost sixty billions of francs is waiting
Office has forbidden the importation of even the least
to be done. Here is her task and her opportunity
article without its permission,and is about to adopt the if
she can,availiherself of it. M. Loucheur, the head
program urged by their chief manufacturers to re- of the Recons
truction Office, states that the work
strict importations absolutely to indispensable mate* This must not be understood to imply that the need
of individual assisrials—coal, steel, sheet-iron, wool and cotton. This tance from:outside for families of some of the
best people in France has not
been and Is not now extreme. One lady in New York
is in accord with a plan so far to postpone the recon- self
who has devoted herto providingifor the orphaned
of French officers, graduates of
struction of her devastated area as will permit the St. Cyr, the West Point of Prance,children
has sent over more than $800,000, contributed by about 4,00(npoople who have engaged to
provide for the educarehabilitation of her industries, and of the country at tion of between six and seven thousand such
children. She now finds that
need
the
families
in
the
of
the
1,000 French Protestant pastors is even mort
large, until they shall be able themselves to restore extreme. '
r '
.
1 call for.immediate aid great.
1222
THE CHRONICLE
[Vol- 109
the conclusion of a war to precannot begin seriously for two years. It will require what can be done at
call for a convention of all the
a
issue
to
is
war
vent
and
works,
two years more to re-establish the steel
on authorized to be
Constituti
a
adopt
to
States
General
operation.
five or six to set certain mines in
for ratification
States
reconstruction meanwhile must go on slowly. Indus- drawn and submitted to the
•
rejection.
tries to supply its needs must be established and sta- or amendment or
We do not write this because it has an application
bilized, crises must be avoided, markets must not be
League but for the
exhausted, employment must be assured and divi- to the present effort to form a
subject contingent
another
g
introducin
of
purpose
dends ample enough to pay off loans secured.
a great war for
of
effect
the
namely
thereupon,
developed.
As to the refugees, a new situation has
the forms of government
The great manufacturers driven out have established idealistic democracy upon
it not true that we
themselves successfully outside the war zone and are of the States of the world. Is
and self-detercracy,
doing well. The workmen have become accustomed have fought for world-demo
large, without
and
small
both
States
to working in new districts; and the peasants, attached mination of
we have
terms
idealistic
these
defined
yet
having
to their homes and eager to return that they may reto
supposed
t
governmen
of
forms
in
practical
used
store their ruined farms, the Government has of a
pertinent
very
a
not
this
is
?
And
therefrom
issue
purpose so far discouraged as to induce delay, and
tumult is seething with
even, in the case of some who went early, sought to question when the world in
what pattern of govUpon
ideas?
ary
revolution
get them to come back.
guarantee the terriThe business men and the manufacturers are united ernment do we undertake to
States?
of
with the Government in this definite policy. The torial integrity
Let us say that idealism has triumphed in victory
Reconstruction Office represents both groups and is
at
arms. Let us aver that democracy has set itself
ably manned. It says to the people: "Take care how
up
instead of autocracy. What is democracy?
you
you buy English cloth and American machines,
have had constantly on our lips the phrase
We
very
is
public
the
will depreciate our currency"; and
We have felt and said
alive to the importance of protecting the hundred "liberty loving peoples."
of sympathy between
bond
franc notes in their pickets. M. Delaisi gives this that there is a common
man and federation
of
to
freedom
the
looking
them
as the reason why American machines bought by the
that imperialism
said
not
have
we
But
of
States.
Roubaix spinners have been countermanded, and
reduced to
when
s,
equivalent
are
and
democracy
why Ford motorcars,paid for by the State, lie rusting
t. If then
of
governmen
forms
operating
and
actual
in the port of Bordeaux; and why English cloth bought
has caught
world
the
conflict
a
mighty
of
in
throes
the
by the tailors is still in Bradford.
humanity
and
justice
of
freedom,
new
a
ideal
of
sight
thinking,
This is one more instance of the clear
governState
of
in
forms
be
to
expressed
is
it
how
inthe
and
the great intelligence, the high courage
libertybe
may
domitable patriotism of the French, that they should ment? Though the imperial form
coming
world
the
of
thus plan to raise their country from its ruins and loving shall future new States
of a
tion
administra
the
of
by
viitue
into
existence
should patiently set themselves single-handed to the
t
governmen
of
form
their
pattern
of
Nations
League
task. We may well look on with admiration and
though
Again,
?
m
democracy
or
imperialis
after
every good wish. It is a great lesson in statecraft
"nothing is the
as in economics, none the less significant as given by we use little now the worn phrase
be the same," it is true that
a republic only come through the war to its full same, nothing ever will
clash of ideas, out of the
and
out of the turmoil
adoption.
idealism, a kind of
undefined
of
vague
splendors
What it shall teach us in our present circumstances
in
and Socialism
Soviets
expression
seeking
is
liberty
as to the importance of securing a foreign market and
come within
these
Do
t.
of
governmen
as
forms
as to the possibilities, lying at our doors, of develophow much
?
And
ideal
democracy
of
conception
our
it
That
ing our domestic affairs,remains to be seen.
holding a
League,
a
ns
of
deliberatio
future
in
the
to
both
furnishes "matter of no small concern"
world's destiny in its grasp, will the influence of
Business and to the State is obvious.
imperialism and socialism affect the form of government free and independent peoples coming into
AND
M
OF
SEA
IDEALIS
ED
existence are expected to adopt?
UNCHART
future
THE
THE LEAGUE OF NATIONS.
This is a matter somewhat different from the mere
One of the difficulties we have in accepting an surrender of sovereignty. In • the boiling pot of a
idealistic program for the human race is that it is League of Nations are all Governments to be fused
idealistic. To state a principle, and to accept it, into one mass of authority over liberty and law,
is not to put it into practice, to embody it in civil and national individualism to cease to exist, or is
and social procedure. The ideal unfortunately there to be formed one kind of structural governoften corresponds with the unattainable—the "gol- ment, and one only, which shall be perfect, and being
den goal" which remains ever in advance, and which so, be eventually embraced by all peoples? This is
ever flies before us. From step to step advancing a very important matter as we attempt to look into
the vision of perfectness ever lifts higher and higher. the future, into that New Era said to be dawning.
This is why, perhaps, a League of Nations should One Senator has remarked there is, preceding the
settle few questions in its moment of organizing, constitutional Covenant embraced in the present
why it should assume no prerogative and power in Treaty, no Bill of Rights for the States of the world.
its mere coming into being, but merely issue forth That is true—but it serves our purpose here only
out of the conscience and consciousness of humanity to emphasize the question we have asked. Have
as a working body that can provide for its con- we then fought for and gained and pledged ourtinuance by resubmitting the nature of its formation selves to an idealism we have not and cannot now
and character to the peoples of earth for determi- express in terms of government? And what will be
nation. A world charter of world freedom can in that form as it issues in time from the deliberations
ID otherwise be rightfully declared. And at best of a League, influenced more or less by the con-
SEPT. 27 1919
TII I:. CH RONICLE
1223
flicting ideas of what perfect government shou
ld be broad one and since pure finance is
almost basic in
now'seeking fixed expression in the world?
the world's rehabilitation the suggestions offer
Incorporated in the League Covenant it is
ed by
averred the American Bankers' Associatio
n will have great
is a new charter for labor. Y3t organized
labor in importance at home and abro
ad.
our own republic with reference to one of our
greatest
In point of time, we look upon this meeting
utilities has offered a plan for Government
of
owner- bankers as occurring when Cred
it may be said to
ship. Can nations in a League Council, one
holding have reached its highest use
and helpfulness. We
fast to private ownership and another
perchance speak of it as an instrumentality
, not only for the
adopting public ownership, harmonize
and per- promotion of commerce, but
for the advancement of
petuate peace, when they come to voting
on ques- mankind in paths of peace and
prosperity. Credits,
tions such as freedom of the seas, free ports
, and of course, imply debts; and debt
s may be helpful or
free trade, or indeed any question intimately
asso- harmful according to the purpose
for which they are
ciated with the disposition of the world's comm
erce? incurred. But credit as an
instrumentality is benefiNot now, but within a generation, the readj
ustmz,
.,nt cent. Thus the war credits, so
vast and so comof two hundred billions of indebtedness
(let us call pelling, though mere huma
n destruction in and by
it by the mild term of readjustment)
will most .war be considered a calam
ity, have carried the enterprobably become a burning question. In
the mean- prise of world-war to its
conclusion, be that ultimate
time let us suppose public ownership to have
become democratization or a
present doubtful destiny.
an integral part of the self-determined gove
rnments Credits, naturally cumulati
ve, have come to blanket
of independent States and liberty-loving
peoples, the woes of the world.
At the summit of the benefiwill not the teaching by example, as
practiced by cent use of credi
t stands the United States with its
the United States for a century and a half,
have huge loans to harried
become a thing of the past, an impossibil
and impoverished foreign
ity in the nations. Casti
ng out the thought of almost intolerface of the new theories and conditions?
And is not able debts creat
ed for purposes of destruction and
the question of serious import when we contemplate death we behold
this use of national credit as a culmithe attempt, in through and under a Leag
ue of nation like to sunburst
in a storm. And looking at
Nations, to foster into fixed forin of State
govern- Credit as this benef
cient instrument, the question
ment the iridescent idealism of which we are
now must preserit itself to
those skilled in our domestic
enamored?
We pass, then, from all technical questions in- finance, as to whether or not, and how, our national
credit-power, whether as a people or a Governme
volved in acceptance of membership in the prese
nt,
nt should or can be appli
ed to continuing European
proposed League into that higher and poten
tial want.
realm of public opinion, world opinion. How
can
Such a question must transcend other and involved
we prevision this, save by noting the change wrou
ght minor questions such
as volume of money, interin the minds of men, few though they be, as
evi- national exchanges,infla
tion of currency and deposits,
denced •at the present time. Our republic is
imperialistic, it is not socialistic. What will not the proposed consolidation and funding of our several
it be- war loans, and
even our domestic industrial and
come due to the flux of ideas shown in a
world's transportation credi
ts so vitally to be affected by
council or conference under a League? How
can it economic and political
policies. There is involved
prese
rved from the danger of these influ
be
ences, then in expert advic
e by possible declarations of this
granting both to be liberty-loving, when they
shall coming convention,
of "dealers in credits" much good
actuate the voting of nations within a Leag
ue? If not only to a bewil
dered people but practical influence
politics makes strange bedfellows sometime
s is it on current affai
rs. And we shall look for guidance
not possible that political economy may do so
under for the people from
deliberations not only of those
such conditions? And does it not all amou
nt to who know by first hand
knowledge, but who also
this, that in following idealism into a League,
with- occupy the vantage point
of disinterestedness, being
out first defining the fixed forms of gove
rnment the servants of all
classes and all interests.
which do now and in the future shall embo
dy it,
We are all walking on stilts, the bankers as well
without defining democratization and demo
cracy, we as their customers. Thou
ght itself is excited, seeing
run the risk of insidious modification of our
home big. How to get down to
earth again, is the conor domestic ideal of democracy, a repre
sentative suming and abiding prob
lem. Credit has overlapped
system of government, and can have no
redress, no everything. What
ever good, whatever evil, resulted
refuge, save retirement to our suspended
isolation?
from the war, credit was the intermediary—potential,
and issuing in the comprehensive human need through
an all-comprising good-will. Beginning with the
THE COMING MEETING OF THE AME
RICAN fifty-dollar bondhold
BANKERS' ASSOCIATION.
er it finally reaches over the
ruins of autocracy to the peace table at Paris, there
Scheduled to begin in St. Louis Sept
,
. 29, the hopefully at least, to. make
for perpetual peace and
annual meeting of the American Bankers'
Associa- universal and liberal democracy.
That credit, and
tion is fraught with peculiar significance owing
to the whatever other credit may now
follow it, sent out
state of the times and the increasing public
character on its beneficent mission, rema
ins until paid a debt
of its discussions. If proof of this .were
needed one augmented by our own expen
ditures, to he paid for
might point to the fact that President Wils
on has by years of labor, and resting
as a mortgage on all
been invited to address the convention. The
banker our resources as a people. Thus, it
is intimately
has long been the financial adviser of the
community interwoven with the actual domestic
wants and needs
in his own vicinage, and it is natural that the
people now so pressing, and with proposed econ
should expect from deliberative assemblies
omic and
composed financial theories and expedients; and
bankers, better
of the bankers of the whole country some
guiding than others, should and can show the
way in which
utterances upon the more important of
the vexed "business" ought to go to regai
n its former free
questions now in the public mind. The
field is a estate.
. 1224
THE CHRONICLE
[VoL. 109
subway situation here out of tangle to success, and
as soon as he thought the canal could be left to others
he came here and undertook a second great labor
which demanded the qualities he had proved were his.
He carried the construction and the organizing
through, but here he encountered obstacles in counterinterests and in human nature which were different
from any he had previously met and beaten; he has
passed away before this different struggle which has
seemed almost to be self-renewing has been finally
disposed of. The builder has gone, and the unfinished
work remains, with nobody able to foresee when and
how it will clear itself. Perhaps he could have carried
the great work of local transportation in a vast and
growing city to the high ground of permanent stability, perhaps not; it was not permitted him to try
longer, and all we know is that his qualities are
THEODORE P. SHONTS.
needed and that their possessor who can finish is not
By the death of Theodore P.Shonts the city and the yet in sight.
Enthusiasm, unsparing hard labor, good judgment
country lose a typical and thorough American, and
at a time when what may justly be called the Amer- as to men, a bold grasp of a situation, promptness of
ican character is challenged to either prove itself or decision, word and deed following swiftly on decision,
courage, self-confidence—these typically American
be lost.
The oldest reported incident in his career was at qualities were in a large degree in Mr. Shonts. Yet
its beginning: a quiet encounter, at, the youthful age there is a form of self-confidence which is neither
of 16, with an unruly school whose worst components wholesome nor desirable, and there is the other kind,
gloried in the reputation they had acquired of quickly too. That other kind was in Mr. Shonts: that is, not
getting rid of each successive aspirant for the job of that which takes obstacles lightly by underrating and
teaching them. Young Shonts essayed the job and trying not to notice them but the kind which keeps
quickly carried it to the finish; he taught the malcon- faith undiminished because it firmly believes there is
tents self-control and decent submission to order, a key for every lock and somewhere and somehow the
first, and then imparted some of the other instruction thing that ought to be done and must be done,for the
they had been denying themselves. He took a course sake of progress, has its means provided and ready
in civil engineering, and while still young and with his for breaking the way through and those means need
experience before him to acquire, he proved his qual- only to be sought and found. This is the spirit, not of
ity and obtained some demonstrative experience by the boaster and self-seeker, but of the pioneer and the
building a couple of 50-mile railroad spurs, and doing man who does things.
The difficulties overcome in getting our subways
this within the set limit of three months, despite alare past in the order of time; those in the way of keepmost continuous storms of rain.
So he developed into a builder, with the power of ing them and unimpaired are nearer our present conorganizing and the power of driving ahead as his two cern. Our newspapers did poke some not ill-natured
arms. In 1905, after the Panama route had been de- fun at Mr.Shonts's"Subway Sun" and the like, yet
cided on for the Isthmian canal yet results had not they illustrated his recognition of the necessity of
come from the first Commission made up for the work, having the public on the right side and he constantly
President Roosevelt looked about for the right man made appeal to reason. As a proof of that, take his
to put through this tough job, and when Mr. Shonts leading principles concerning all disturbances between
had been suggested to him, Mr.Shonts was called to what we must still somewhat miscall (for lack of exconsider it. It was new work for him, yet on the old. acter terms) labor and capital. He held that in any
line of cutting through obstacles; and when he had conflict in a public utility the rights of the public
come to the point of naming only one condition (ab- are paramount; that a permanent peace must be
solute authority and a free hand) and that had been based on right and justice; that the fundamental right
assured to him he went to the scene and the herculean of working or not working, under conditions that sattask. The relation between yellow fever and the isfy himself, must be preserved for everybody; and
mosquito had been discovered, by some marvellously- that unionism can succeed only by promoting the
heroic experiments after the little war of 1898, and prosperity not of the employee only but of the emMr. Shonts began by attacking unsanitary conditions ployer and the work. Could anything make this
as the obstacle which, while they existed, made the clearer, unless by having our situation at this hour
work of excavating impossible.. Under Col. Gorgas a go from bad to still worse?
Mr. Shonts may be summed up by saying that he
cleaning-up of the pestilential zone was systematically
begun,over 3,500 men being put at it, and the scourge was of the class, small in number but rare in quality
was extirpated within four months; in 1882, the and always needed, the class to which James J. Hill
second year of the French work there, the death rate belonged, the class of the builders, not the destroyers;
was 112 per thousand, out of a force of 1,900 only, but the men who do things, not those who attack and enin 1905 there were only 8 deaths per thousand, in a danger things. His life was constructive from start to
force of 12,000. Such is the reported change through finish; and because this now very unhappy world of
the sagacity of removing bad conditions instead of ours, while old in time and strife, is still young in
having fields yet to be discovered and developed and
trying to defy them.
be
progress yet to be made, we may and we must take
to
him
in
caused
work
on
Isthmus
the
Shonts's
Mr.
selected as the best man for solving the different yet courage in believing that the line of the builders is not
seemingly almost hopeless problem of carrying the extinct.
If the "rights of labor" are within the vision of
every citizen, no one who studies the trend of opinion
and expression can escape the conviction that the
"rights of property," that is to say, private ownership
in property, depends upon a solution of many of our
financial or credit problems. The corporation
stands between individual monopoly and socialism,
between private and public ownership. The bank,
as a corporation, serving through its credit dealings
all corporations regardless of the kind and extent of
their commerce, occupies a position whence popular
instruction may legitimately, logically and efficaciously proceed. And we shall, therefore, confidently
look forward to advisory resolutions from this coming
convention of great value to the people at large.
SEPT. 27 1919.]
(atrrent
THE CHRONICLE
guents and piscussions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co., on a discount basis of 53/2%, the rate recently prevailing. The bills
are dated Sept. 22.
1225
000 by Great Britain and 312,000.000 by France for the purpose of
adjusting their indebtednesses.
Treasury officials, while refusing to discuss what steps are being taken
by
the Treasury Department toward the repayment of the loans, made
by the
United States to the Allies, indicated that no definite arrangement
s for the
reduction of the Allies indebtedness can be expected for some
months as
yet. Money conditions throughout the world, it was said, are so unsettled
that it would be impossible to make definite plans, and these cannot
be
begun until the international financial situation had become more stabilized.
The present foreign exchange situation, favorable generally to the United
States, and unfavorable for European currency, officials indicated, undoubtedly was one of the principal reasons for the arrangements
between
the Treasury and the Allied Governments for discontinuing interest payments on the outstanding indebtedness of the overseas countries.
CONTINUED OFFERING OF FRENCH TREASURY
As to the developments following the announcements
BILLS.
from Washington, the New York "Sun" of yesterday (Sept.
Another block of the French Treasury bills, offered in
26) said:
the market up to an amount of $50,000,000, as market
As soon as word reached this city that the agreement as to the postponeconditions justify and on much the same scheme as the ment of cash payment of interest on the obligations
of the allied GovernBritish Treasury bills, were disposed of by J. P. Morgan ments to the Government of the United States had been reached the leading
bankers of New York were summoned to a conference in the offices of J. P.
& Co., this week. The offering in any one week is limited Morgan & Co. and there were other conferences in banking
circles. At
to $5,000,000. The rate on the bills is 532%. Those in the conclusion of the conference in 23 Wall street no formal announcement
was
issued,
but
it
is
understood
that
the agreement had altered entirely
this week's offering are dated Sept. 26.
the views of local bankers as to the
TENDERS FOR RUPEES ON ACCOUNT OF INDIAN
GOVERNMENT.
Tenders were this week asked up to Sept. 24 by
the
agency of the Bank of Montreal, at 64 Wall St., for the
purchase of immediate telegraphic transfers in rupees on
Calcutta on account of the Indian Government for a sum
not exceeding 2,000,000 rupees. Total tenders for 2,500,000
rupees were received and the average bid of successful bidders
was 42.848 cents per rupee.
NEW CREDIT TO ITALY.
A new credit of $1,146,927 was advanced to Italy by the
United States Treasury on Sept. 20, making a total of $1,619,922,872 advanced to Italy, and bringing the total of
all the loans established by the United States in favor of
the Allies up to $9,646,419,494. The Treasury Department
makes public the following showing the credits advanced
to the Allies as revised to date:
Great Britain
France
Italy
Belgium
Russia
Czecho-Slovakia
Greece
Rumania
Serbia
Cuba
Liberia
immediate extension of foreign credits
on a huge scale and important developments in that direction are expected
soon.
Bankers who could be interviewed hailed yesterday the agreement as the
removal of a great obstacle in the path of private loans to foreign countries
and began to work in earnest on plans for extension of credits on a scale
worthy of world wide needs. Charles E. Mitchell, president of the National
City Company, declared that the importance of the agreement scarcely
could be overestimated. He said: "The action of the United States Government in consenting to a postment of the payment of interest is a very
wise step in the interest of American trade." Charles H. Sabin, president
of the Guaranty Trust Company, said: "This action will benefit financial
interests in all parts of the United States and it is a step of the first importance."
The local bankers were unanimous in the expression of approval of the
action taken by Secretary Glass, and they pointed out the following three
ways in which the entire country would be benefited:
1. Improvement in the foreign exchange situation.
2. A stride forward in the placing of foreign credits.
3. It enables the prompt and rapid expansion of American imports and
exports.
While the figures thus far published indicate only a small falling off int he
exports of the United States, it is a fact that much business with Europe has
been lost as the result of the enormous depreciation in the pound sterling.
the French and the Belgian francs, the lire and the mark. The agreement
to postpone the interest payment paves the way for the extension of foreign
credits, which, in turn, will permit a large expansion in the trade of the
United States.
34.277,000,000
3,^47,974,777
1,619,922,872
343,445,000
187,729,750
55.330,000
48,236,629
25,000,000
26.780.465
10,000,000
5,000,000
REDUCTION IN CAPITAL OF AMERICAN FOREIGN
SECURITIES CORPORATION.
The voting trustees of the American Foreign Securities
Co. (J. P. Morgan, James Brown and H. P. Davison) have
issued a notice to the holders of stock trust certificates of
the voting trustees under voting trust agreement dated
July 18 1916, to the effect that the company has reduced its
outstanding and authorized capital stock to $500,000,
Total
$9,646,419,494
The above total of $9,646,419,494, it is announced, shows adding that the voting trustees now hold approximately
a reduction of $25,853,074 as compared with the total of certificates of stock in amount equal to 5% of their former
loans to the Allies of $9,672,272,568 as announced Sept. 5. holdings and cash in amount equal to the par value of the
Against an increase of $18,146,927 loaned to Italy there is a shares retired. The notice also states:
Holders of the stock tiust certificates of the voting trustees are notified
reduction of $39,000,000, in the case of loaus td Great Brit- that
upon surrender of their certificates, properly endorsed, to the agents
ain, and $5,000,000 in the case of loans to Rumania, a total of the voting trustees, Messrs. J. P. Morgan & Co., 23 Wall Street, New
York,
on and after Oct. 1 1919, they will receive voting trust certificates
reduction of $44,000,000.
for an amount
CREDITS TO ALLIES TO BE FUNDED INTO LONGTERM SECURITIES—INTEREST TO FORM PART
OF PRINCIPAL.
Washington press dispatches Sept. 25 report that negotiations will be put under way soon for the funding of the Allies'
obligations to the United States into long-term securities.
The dispatches state:
Approximately $10,000.000,000 of war credits have been
advanced to the
Allies on short-term notes. Interest charges on the outstanding notes
will
be taken care of in the details of the funding agreement yet to be worked
out.
Great Britain is the largest debtor to this Government, owing
about
$4.000,000,000, with France and Italy owing most of the remainder.
Other press dispatches from Washington reported Secretary of the Treasury Glass as announcing that the United
States had consented to an agreement whereby the $500,000,000 annual interest on the financial obligations of the
Allies would be allowed to accumulate and become part of
the principal. The "Journal of Commerce" in its special
Washington advices said:
Payments of interest by the Allied countries on the approximatel
y $1^,000.000,000 loaned by the United States during the war period
will be
discontinued and the interest due funded, under arrangements made
between this country and the Allies, Secretary of the Treasury Glass
declared to-day. Instead of continuing the interest payments, the interest
due will be permitted to accumulate, with the principal of the loan, the
Secretary said.
This arrangement, it is understood, applies to all Allied loans alike. So
far as is known, no exception to the plan was made by any of the Allied
countries. The only payments by the Allies to date toward canceling their
obligations to the United States had been interest payments to the amount
of approximately 37,500.000, and more recently approximately $22,000,-
equal to 5%, as nearly as may be, of the number of shares
represented by the surrendered certificates, and cash equal to the par value
of the remaining shares represented by the surrendered certificates.
The American Foreign Securities Co. was the medium
through which the French Government obtained its loan of
$100,000,000 in 1916. The company was organized with a
capital of $10,000,000.
SMALLER IMPORTS URGED IN FRENCH CHAMBER
TO CORRECT ADVERSE EXCHANGE—FINANCIAL
LEAGUE OF NATIONS.
In the course of the debate on the German Peace Treaty,
in the French Chamber of Deputies on Sept. 16, M.Clementel, Minister of Commerce, advocated as a solution of the
adverse exchange rates prevailing against France in the
United States and Great Britain, that France stop buying
and importing goods from both these countries. France, he
said, should buy in German markets where the exchange
situation was favorable. M. Viviani, head of the Peace
Commission of the Chamber, on the same day urged the
formation of a financial league of nations. The discussion
of the German treaty began in the Chamber of Deputies on
Aug. 26; it is said that the attitude of the Deputies with
regard to ratification is to an extent dependent on the
course of events in the United States Senate, for, should the
latter ratify the treaty with amendments, the French Chamber's disposition to ratify the treaty might be influenced
thereby. In reporting the debate in the French Chamber,
Associated Press Paris dispatches of Sept. 16 said:
1226
THE CHRONICLE
In the course of the debate on the l'eace Treaty in the Chamber of.
Deputies to-day, Etienne Clementel, former Minister of Finance, declared
the remedy for the exchange situation was for France to cease buying from
the United States and Great Britain, and to buy in Germany, where the
exchange rate favored France.
The condition of exchange was termed extremely precarious by J. L.
Barthou, former Minister for Foreign Affairs, and J. L. Puech, former
Minister of Public Works, who demanded a statement on the situation from
Louis Klotz, Minister of Finance. Their demand was supported by several
other deputies.
M. Klotz said the exchange situation was due to France permitting free
importations.
"The only remedy," he said, "is to show .America and Great Britain that
we can go to other countries with a growing volume of colonial and national
production. Otherwise, exchange will continue to rise."
Discussing the treaty, M. Clemente] said the economic clauses were
founded on a plan of not granting reciprocity in trade with Germany for
several years, and the immediate solidarity of France with the Allies. The
American delegation, however, he said, opposed a Franco-British economic
treaty. The delegation advocated absolute liberty of trade, and this had
caused a rise in the price of raw materials and an advance in exchange.
The mention of Germany was drowned in shouts of execration. M. Clemente]faced the issue courageously, informing the Chamber of the necessity
of this as soon as possible.
M. Klotz responded to angry interpellations from all quarters, saying he
had warned the Chamber of the danger of a rise in exchange when freedom
of importation was restored.
As long as we buy from countries possessing sterling and dollars, and sell
them nothing, the exchange will rise," he said.
M. Viviani, in his plea for immediate ratification of the treaty, expressed
himself as fully satisfied with the military clauses giving France new frontiers against a future revengeful return of Germany, but advocated a close
economic alliance with Great Britain and America. He opposed a similar
agreement with Germany, on the ground that France would become merely
a tributary economically.
M. Viviani urged the immediate organization of a financial league of
nations. He said that France in 1914 not only saved the liberty of the
world, but its interests, which makes it possible now for the Allied countries to flourish. It would be distressing, he declared, for France, after
surviving the terrible conflict on the battlefield, to succumb in the economic
struggle.
M. Viviani spoke eloquently, and was cheered by every section of the
house. The deputies unanimously voted to post his speech on the walls
of Paris and in the public squares. He was congratulated warmly by
Premier Clemenceau and all the ministers.
M, Vivian' expressed fullest confidence in the guarantees of Great
Britain and the United States that they would come to the aid of France
in ease of unwarranted aggression by Germany. He said:"Bad I possessed
such guarantees when I signed the mobilization decree in August 1914, I
should not have had to mobilize, as Germany never would have attacked."
Despite the unfavorable situation with respect to French exchange,
Mr. Clementel was optimistic that France would be one of the nations
recovering most quickly. He hoped America would adopt Mr. Hoover's
suggestion of loaning Europe $3,000,000,000, and understands that France's
purchases outside of America are not prompted by ill-feeling, but owing
to the impossibility of buying without heavy losses because of the conditions of exchange.
[VOL. 109.
proportion of reserve only amounts to 8.4%. Many months will probably
elapse before the Brit i,11 Government succeeds in raising this ratio. With
the currency and Bank of England .notes on a depreciated basis, it Is impossible for it or the Bank of England to secure any of the new South African gold offered in the open market, unless they are willing to pay the prevailing premium.
WITHDRAWAL OF BRITISH TREASURY REGULATIONS AFFECTING FOREIGN SECURITIES.
In Our issue of Aug. 23, page 731, we referred to the
withdrawal by the British Treasury of the regulations prohibiting in foreign held securities. The London "Economist" of Aug. 23 contained the following reference to the
Treasury's action.
The Stock Exchange Committee has made the following announcement,
dated Aug. 19 1919:
The Treasury last evening issued the following notice:
1. Defence of the Realm Regulation 41 D, which prohibits remittances
from the United Kingdom by way of loan or for subscription to an issue
of capital outside the United Kingdom for the purchases of securities or
property other than merchandise or of a foreign currency to be held with
a view to appreciation or as an investment, and requires a banker to obtain,
before sending a remittance out of the United Kingdom, a declaration in
writing of its purpose.
2. The Prohibition of Import (No. 21) Proclamation of 1917, which
prohibits the import of bonds, debenture stock, or share certificates, scrip,
or other documents of title relating to stocks, shares or other securities:
and
3. Paragraph 4 (b) of Defence of the Realm Regulations 30 F, which
prohibits the purchase or sale of securities which have at any time since
Sept. 30 1914, been in physical possession outside the United Kingdom,
have been withdrawn.
The Treasury desire to call special attention to the fact that dealings in
securities which have at any time since the outbreak of the war been in enemy
ownership is still prohibited except under licence. Special precautions
must, therefore, be taken by purchasers securities coming from abroad to
secure that this prohibition is not infringed.
The provisions of Defence of the Realm Regulations 30 F relating to the
issue of capital in the United Kingdom, where the proceeds of the issue
or any part thereof are to be applied for capital purposes outside the
United Kingdom, or to replace money which has been so applied, and to
dealings in stocks, shares, or other securities, except for immediate payment
remain in force, and Treasury licence will continue to be required as heretofore until further notice for all such issues and dealings.
The Lords Commissioners of his Majesty's Treasury hereby release all
undertakings not to sell or pledge for the period of the war,or for any longer
period, as the case may be, (a) securities imported under licences issued in
pursuance of the Prohibition of Import Proclamation (No. 21) of 1917, or
(b) British Government securities purchased with the proceeds of sale of
such securities or of other securities which have not been held in physical
possession in this country continuously since Sept. 30 1914, but which have
been sold by special permission.
Government securities resulting from such sales may be released from any
guarantee by a banker or broker, and may be transferred Into the solo name
of the purchaser.
Following on the above announcement, the Committee for General
Purposes have this day passed and confined the following alteration to
Temporary Regulation 9:
Temporary Regulation P—As At Present.
No securities will be a good delivery unless supported by a declaration by
a banker, broker, or other responsible party, that they have remained in
physical possession in the United Kingdom since Sept. 30 1914, and have
not since the outbreak of war been in enemy ownership. Where securities
have been deposited against a loan before the outbreak of war they shall
be deemed for the purpose of this regulation to be in the ownership of the
Securities which have been transmitted abroad merely for regisEFFORTS OF BANKS TO CHECK SPECULATION IN lender.
tration shall, for the purpose of this regulation, be deemed to have remained
EXCHANGE:
continuously In physical possession in the United Kingdom.
Temporary Regulation 0—As Confirmed.
From the New York "Times" of Sept. 24 we take the
No securities will be a good delivery unless supported by a declaration by
following:
a banker, broker, or other responsible party, that they have not since the
outbreak of war been in enemy ownership. Where securities have been
The unwillingness of several of the largest banking institutions which deal deposited against a loan before the outbreak of war, they shall be deemed for
in bills of exchange on European countries to have their checks on their the purpose of this regulation to be held in the ownership of the lender.
The consequential alterations have been made in the forms of declaration
European correspondents circulating as "markers" in exchange speculato accompany delivery of securities. No securities will be good
tion, and the withdrawal of a considerable number of these checks recently, required unless
accompanied by the requisite form.
delivery
and
resulted yesterday in a sharp advance in the rates for French francs
A Stock Exchange correspondent writes:
German marks. Francs, which had sold at 8.82 for cable transfers on l'aris
"The treasury has taken a long stride in the direction of.restoring to the
on Monday, yesterday mottling went as high as 8.58, later reacting to 8.6514.
quo ante helium. Remittances from the United
while marks, which sold at 3 cents a week ago and at 4.30 cents on Mon- Stock Exchange its status
for subscription to an issue of capital outside
day. went as high as 4.70 cents yesterday and then reacted again to 4.37 lt. Kingdom by way of loan, or
the purchase of securities, are now allowed;
For some time past there has been a big speculation in both francs and the United Kingdom, or for
therefore, be established in Shorter's Court once
marks. The speculation in other exchanges, notably in sterling, was also an American market may,
stocks and shares to this country is permitted;
heavy at times, but not as aggressively so as in the two first named. The more. Import of bonds,
our own countrymen abroad, can therefore soil in
market hero for both of these exchanges has been extremely nervous and foreigners, as well as
undertakings not to sell are canceled in regard to British
volatile and has offered unusual attractions for speculators who did not London. All
Government securities compulsorily purchased with the proceeds of sales'
have the means for speculating in sterling
been held in physical possession in this country since
Thus, a practice has grown up ot buying exchange on Paris and Berlin of stock that had not
are still prohibited, except under license, in securiIn the form of checks drawn by leading New York banks on their correspon- Sept. 30 1914. Dealings
time since the outbreak of the War been in enemy
dent banks in those cities, and instead of having these checks go through to ties which have at any
outstanding provisions of the Treasury's latest
Paris and Berlin for collection in the usual way many of them have been ownership. These are the
that had been laid upon dealings in stocks
used simply to make deliveries against speculative commitments. They withdrawal of war restrictions
have passed from hand to hand here, and there have been occasions when and shares.
Results somewhat mixed have followed. In the main the Stock Exchange
some of the big banks, in buying exchange on Europe, have got back their
is devoutly thankful to have some of its shackles knocked off. Disturbing
own checks, dated several weeks previously.
doors of our Stock Exchanges again
Recently, it is said, the banks have been making efforts to get in these as it may be temporarily to have the
the world—the world, America apart, being
checks and cancel them, and of late the banks have used more care in issuing thrown hospitably open to
great consolation in the possibility of Lonchecks on European centres in order that the checks fall only into the hands "read" a seller—there remains
again the market, and the best market, for securities.
of persons or firms who would use them In the ordinary business way. don's becoming once
financial supremacy, but the Stock
London's
challenge
Yesterday it was stated by one large dealer in exchange that the floatiog New York may
rights in claiming that, as a share market in
supply of checks had been so considerably reduced that the speculators who Exchange man is within his
no other institution can touch that of Throghad taken the short side of the market found themselves unable to cover the true sense of the word,
the war changed this characteristic. Freedom
except at greatly advanced rates. This, he said, accounted for the sharp morton Street. Nor has
regulations are an earnest of, will restore
the
latest
as
to deal, such freedom
rise in francs and marks.
London to her pre-war position, to reach which a little present depression,
due to sales of stock hitherto banned from coming here,Is a cheap price to
GREAT BRITAIN INCREASES RESERVE BEHIND pay. French favorites, as Do Beers and Rio Tintos, have fallen, lest
Paris should prove an anxious seller. Brazilian Tractions, popular in
CURRENCY.
Belgium, Kaffir shares dealt in by London and the Cape, British-American
said:
In its issue of Sept. 25 the "Wall Street Journal"
Tobacco and American Marconi shares, standing higher hero than in New
in price. British
For the first time in many months the British Government has strength- York—these are amongst the issues which have suffered
war bonds declined on the
ened the reserve behind its currency notes, or Bradburys, as they are fa- Government funds, the war stocks, national
of those who invested In the
miliarly called after the name of the engraving firm. It has added $1,- expectation that they would be sold by some
proviso. Gladness
250,000 (.£250,000) of Bank of England notes, bringing the amount up to stocks under compulsion of the "physical possession"
of a Yankee
$143,750,000 (428,750,000). This marks an innovation, as the reserve at the door being opened a little way for re-establishment
retained against
being
the
prohibition
by
tempered
has heretofore consisted entirely of gold held in trust by the Bank of Eng- market in London is
the present
land. However, the redemption fund can still be regarded as consisting arbitrage dealing, without which there can be no elasticity, while
business
wholly of gold, since the Bank of England notes are practically covered rate of exchange would also militate against any real freedom of
in authorilaunched
between London and New York. Criticism is indeed
pound for pound by deposits of the metal in the Issue Department.
prohibition
withTreasury
the
against
Apparently the British authorities have decided to adopt the recommen- tative Stock Exchange quarters
found with the
dation of the Cunliffo Committee on Currency that after the war any ex- drawals because tho latter do not go far enough. Fault is
have at any
pansion in currency should be covered by Bank of England notes. The retention of the restriction upon dealings In securities which
This places a
volume of currency notes now outstanding is $1 ,702,000,000. and the time since the outbreak of war been in enemy ownership.
SEPT. 27 1919.]
THE CHRONICLE
severe handicap upon the business of men scrupulously careful to keep the
rules, it is so obviously capable of evasion that the Treasury might have
left it out of account. Some men ask in what way the country is benefited
by former enemies being forbidden to sell stock for cash that would doubtless be spent upon reconstruction material necessary to start up the industries through whose agency the payment of indemnity must to a great
extent depend.
It is also much to be regretted, since freedom is granted to export capital,
that a license should be necessary in the case of new issues made
for this
purpose. It is hard to discover any reason in logic or common sense
for
the maintenance of this special restriction.
COTTON ACCEPTANCE CREDIT ARRANGED FOR
BARRETT & COMPANY THROUGH BANK OF
CHARLESTON, N.B.A.
An acceptance credit for $5,000,000 on cotton, in behalf of
Barrett & Co. of Augusta, Ga., and offered through the
Bank of Charleston, N.B.A., at Charleston, S. C., has been
fully subscribed. The syndicate making the offering includes banks from South Carolina, North Carolina, Tennessee, Virginia, District of Columbia, Maryland,Pensylvania,
New York, New Jersey, Rhode Island, Massachusetts,
Illinois, Missouri and California. The plan, we are advised,
'seemed to make an unusual appeal both to the borrower
and
the institutions approached. The drafts are to be secured
by cotton with a margin of 30%,the cotton being
represented
by warehouse receipts of the Atlantic States
Warehouse
Co. The drafts are to be drawn and dated from time
to
time between the 1st of Sept. and the 15th of Dec.
1919, at
90 days' sight, with the privilege of one renewal for the
same
time. As organizers of the credit the syndicate
managers
will be compensated by the borrower. The banks agreeing
to accept a share in the credit are to be paid at once a
commission of JA of 1% flat on the face of the amount
confirmed
as compensation for binding themselves to extend the
credit
agreed upon; a commission of
flat will be paid upon the
acceptance of each draft when drawn and the syndicate
managers give to each participant the right at its option to
buy its own acceptance at 43% per annum discount or
to deliver it to the syndicate managers for sale for their own
account. When the renewal drafts are accepted the acceptance commission collected at that time will be Yi of 1%, the
M of 1% paid at the time of making the agreement to enter
into the credit being accounted a part of the
payment
for renewal drafts, to the extent that renewal drafts
are
drawn. It is agreed, also, that for entering into the
credit
every participant shall be paid
of 1% flat for its agreement to extend credit, and that it shall retain this
of
1% on any unused part of the credit it agrees to grant.
On
the other hand, it is agreed that the borrower is bound
to
make no further payment than the aforesaid N of 1%
in
connection with any unused part of any credit negotiated
and
arranged.
•
CHANGES IN THE GOVERNING COMMITTEE
OF THE
NEW YORK STOCK EXCHANGE.
The Stock Exchange on Sept. 24 issued an announcement,
saying:
At a meeting of the Governing Committee held this day, the
following;
changes in committees were reported, to fill vacancies caused
by the resignation of E. V. D. Cox from the Governing
Committee:
Committee on Business Conduct: E. II. H.
Simmons, Vice-Chairman;
II. G. S. Noble, a member of the committee.
Committee on Clearing House: E. H. H.
Simmons, Vice-Chairman:
Robert R. Atterbury, a member of the
Committee.
Committee on Securities: S. S. Prince,
Chairman; Robert Gibson, a
member of the Committee.
A further announcement said:
The trustees of the Gratuity Fund reported tho
death of Henry C.
Lawrence, one of the trustees; and, on motion, W.
Strother Jones was
elected a trustee to fill the vacancy.
OFFERING OF PETERS JOINT STOCK LAND BANK
BONDS.
The Northern Trust Company-Bank of Chicago, the
Second Ward Savings Bank of Milwaukee and the Peters
Trust Company of Omaha last week offered $1,000,000
5% farm loan bonds issued by the Peters Joint Stock Land
Bank of Omaha, Neb. The bonds, which were offered at
102 and interest to yield 4.55% to the optional period and
5% thereafter, are to be dated Nov. 11919, are due Nov.
1 1939 and optional Nov. 1 1924. Interim certificates,
dated Aug. 15 1919 are ready for immediate delivery. The
bonds are issued in denominations of $1,000 and $500.
Principal and semi-annual interest (May 1 and Nov. 1),
are payable in gold or lawful currency at the bank of issue
in Omaha, or through the Northern Trust Company of
Chicago. The bonds are issued in coupon form and are
exchangeable for registered bonds which in turn are re-
1227
exchangeable for coupon bonds. It is pointed out that
under the exemption clause of the Federal Farm Loan Act
both principal and interest are free from Federal income
taxes and personal property taxes in every State in the
United States, being similar in this respect to the First
Liberty Loan 3M% bonds. The bonds are acceptable by
the United States Government as security for Government
deposits, to secure postal savings deposits, and are lawful
investments for all fiduciary and trust funds under the
jurisdiction and control of the Federal Government. The
organization of the Peters Joint Stock Land Bank was referred to in our issue of July 5, page 28. The circular announcing the offering says:
The Peters Joint Stock Land Bank of Omaha operates under Federal
charter and Government supervision and may be designated by the Secretary
of the Treasury as a financial agent of the Government and a depositary
of public funds. It is organized for the purpose of assisting in standardizing forms of investment based upon farm mortgage and of equalizing rates
of interest on farm loans. The stockholders are liable for twice the par
value of the stock owned by them, as in the case of national banks. Under
the law this bank must confine its loans to the State in which it is situated
and one contiguous State. All of its loans are therefore made on farm
lands in the rich corn belt of the States of Nebraska and Iowa, evidenced
by first mortgages upon the land and improvements thereon and are limited
to one-half the valuue of the land and 20% of the insured improvements.
such values to be determined by a Government appraiser.
OFFERING OF ILLINOIS JOINT STOCK LAND BANK
BONDS.
King, Hoagland & Co. of Chicago and Detroit are offering $1,000,000 Illinois Joint Stock Land Bank 5% farm
loan bonds. The offering price is 102 and interest to yield
43/2% to the optional period and 5% thereafter. The bonds
are issued in denominations of $1,000, bear date May 1
1919, are due May 1 1939 and are optional May 1 1924.
Principal and semi-annual interest (May 1 and Nov. 1)
are payable in gold or lawful currency at the bank of issue.
The bonds are issued in coupon form and are exchangeable
for registered bonds which in turn are re-exchangeable for
coupon bonds. The bonds are tax exempt instrumentalities
of the United States Government, and are secured by United
States Government bonds and, or, first mortgages on farm
lands in Illinois or Iowa at not over 50% of their appraisal
value. All such loans, it is pointed out, must be approved
by the Federal Farm Loan Board, a bureau of the Treasury
Department of the United States Government
EXPLANATION OF CHANGES IN GOLD HOLDINGS OF
FEDERAL RESERVE BANK OF NEW YORK.
Some striking changes shown in the gold holdings of the
Federal Reserve Bank of New York, disclosed in last Saturday's return of the bank, brought the following official
explanation on Sept. 22:
In the statement of the Federal Reserve Board to the press dated Sept.
20 1919 on the condition of Federal Reserve banks, it was stated that:
'The banks' gold reserves, because of the transfer of gold from the
Continent to the vaults of the Bank of England, received an addition of
45.5 millions, while the amount of gold in transit or in custody shows a
decline of 44.1 millions."
The statement of condition of the Federal Reserve Bank of New York
at the close of business Sept. 19 1919 shows a decrease from the previous
week of approximately $44,000,000 in the item,"Gold in transit or in custody
in foreign countries." This is due to the introduction of that amount into
the gold reserves of the 12 Federal Reserve banks, a corresponding amount
of our gold in foreign countries having been transferred from the Continent
to the Bank of England, London. The proportionate share of the Federal
Reserve Bank of Now York of this gold with the Bank of England is $15,691,265 03, which is shown in the statement under the caption, "Gold with
foreign agencies." The amount distributed among the other Federal
Reserve banks was approximately $28,000,000.
LIBERTY BONDS RETIRED AND OUTSTANDING.
Liberty bonds to the amount of $717,537,550 have been
retired and cancelled, according to a statement issued by the
Federal Reserve Bank of New York on Sept. 22, which also
reports the total of Liberty bonds outstanding on Aug. 31
1919 as $16,219,457,817. The announcement issued by the
Federal Reserve Bank follows:
Following are the amounts of bonds canceled and retired up to Aug. 31
1919, and the balance outstanding on the basis of the daily Treasury
statements:
Canceled and
Retired.
Cash Receipts.
Outstanding.
1st Liberty Loan_ $1.989,455,780 00 $4.659,050 00 $1.984,796,730 00
2nd Liberty Loan_ 3,807,865.969 00 241.440,000 00 3.566,425,969 00
3rd Liberty Loan_ 4,175.151,557 50 221,437,500 00
3,953,714,057 50
4th Liberty Loan_ 6,064.522,061 00 250,001,000 00 6.714,521,061 00
Total
$16,936,995,367 50 $717,537,550 00 $16,219.457,817 50
Canceled and retired as the result of (1) purchases for the 5% bond purchase fund authorized under the Third Liberty Bond Act;(2) purchases on
account of repayments of obligations of foreign governments under section 3
of the Second Liberty Bond Act, as amended; and (3) payment of estate
taxes, under authority conferred by the Third Liberty Bond Act.
1228
THE CHRONICLE
SUBSCRIPTIONS TO TREASURY CERTIFICATES T-9
AND T-10 IN ANTICIPATION OF TAXES.
Subscriptions of $758,600,500 to the offering of Treasury
Certificates of Indebtedness, Series T-9 and T-10, acceptable
in payment of taxes, were announced on Sept.21 by Secretary
of the Treasury Glass. Because the amount subscribed was
largely in excess of the current requirements the issue was
closed in three days. In the case of Series T-9 the subscriptions amounted to $101,131,500 while in the case of Series
T-10 the subscriptions were $657,469,000. Series T-9 bear
interest at 432% and Series T-10 carry 4Y% inetrest. The
following statement regarding the results of the offering was
issued by the Federal Reserve Bank of New York on Sept.
22.
[vol.. 109.
STEEL WORKERS' STRIKE FAILS TO CLOSE UP ALL
STEEL MILLS.
The strike of iron and steel workers began on Sept. 22
as scheduled for the avowed purpose of gaining from the
United States Steel Corporation recognition of labor union-ism and the principle of the "closed shop." Contrary to
the predictions of national labor leaders claiming to represent the workers of the steel industry, the strike has closed
comparatively few of the mills and plants of the Steel Corporation. When he was informed on Sept. 25 that John
Fitzpatrick, Chairman of the National Committee for
Organizing Steel Workers, had told a Senate committee that
agreement to submit all matters involved to arbitration
would end the strike, Judge E. H. Gary, Chairman of the
United States Steel Corporation, said: "Question of moral
principle cannot be arbitrated or compromised, and, in my
opinion,such question are included in the present unfortunate
struggle." In reply to the question: "What is your attitude
toward Mr. Fitzpatrick's proposal?" Mr. Gary made the
following statement:
An analysis is given below of allotments made upon subscriptions for
Treasury certificates of indebtedness of the issue dated Sept. 15 1919 (Series
T-9 bearing interest at 4%,maturing March 15 1920, and Series T-10
bearing interest at 43,6%, maturing Sept. 15 1920). Although it has been
customary to keep such issues open for a longer period, the issue was closed
in three days and while subscriptions were still being received in large numbers and amounts, because the amount already subscribed was largely in
excess of the current requirements of the Treasury. The very gratifying
subscriptions for both series fully insure the success of the modified program
Tho board of directors of the United States Steel Corporation are the
announced on Sept. 8. The subscriptions were divided as follows:
representatives of nearly 150,000 stockholders, including 60,000 to 70,000
Series T-9. Series T-10. Both Series.
District.
employees. We are their servants, and are selected to represent and pro5,704,000 31,752,000 37,456,000 tect their interests, and also the interests of all our 250,000 employees,
Boston
25,582,500 412,319,000 437,901,500 the majority of whom, 1 think, are not members of labor unions. MoreNew York
5,563,000 54,586,500 60,149,500 over, I believe our corporation is under great obligation to the general
Philadelphia
8,788,000 53,802,000 62,590,000 public concerning the issues involved in the pending strike.
Cleveland
2,999,500 10,339,500 13,339,000
Richmond
In these circumstances I would not at present assume to answer the
5,618,000 9,324,000 question propounded to me. However, I will say for myself that questions
3,706,000
Atlanta
59,269,500
35,172,000
24,097,500
Chicago
of moral principle cannot be arbitrated nor compromised, and, in my
3,614,500 12,232,500 15,847,000 opinion, such questions are included in the present unfortunate struggle.
St. Louis
7,750,000 12,500,000 I also think we cannot negotiate or confer with Mr. Fitzpatrick and his
4,750,000
Minneapolis
7,000,000 associates as union leaders concerning our employees whom these gentle2,835,000 4,165,000
Kansas City
3,491,500 8,232,500 11.724,000 men have volunteered to represent.
Dallas
10,000,000 21,500,000 31,500,000
San Francisco
The strike order was apparently more effective in the
Chicago district than in the Pittsburgh district, and it is
the latter place which is recognized to be the heart of the
steel industry. Some of the employees of the Steel Corporation who did not report to the various plants on Monday,
G. S. FOUGNER RESIGNS AS MANAGER OF GOVERN- Sept. 22, returned to work on the succeeding days; while,
MENT PRESS BUREAU.
on the other hand, workers who,in the early part of the week
G. Selmer Fougner has resigned as manager of the Press disregarded the strike order, remained away from their
Bureau, Government Loan Organization, New York Federal positions the latter part. Estimates of the actual number
Reserve District. Mr. Fougner served as head of the Press of men out all over the country range from 100,000 to 300,Bureau during the Second, Third, Fourth and Victory Loan 000. Following the announcement by William Z. Foster,
campaigns, and supervised the preparation and distribution Secretary of the National Committee for Organizing the
of all publicity material. Every piece of "copy" concerning Steel Workers, on Sept. 24 that a sub-committee of the steel
the wide range of activities of the several departments of workers would confer with the Presidents of the four brotherthe Liberty Loan organization throughout the last four mon- hoods of railroad workers regarding a sympathetic strike,
ey-raising campaigns was prepared and distributed to news- Warren S. Stone, Grand Chief of the Brotherhood of Locopapers, periodicals and publications of every kind under his motive Engineers, was quoted on Sept. 25 as having said:
personal direction.
"We never go out on sympathetic strikes."
President E. G. Grace of the Bethlehem Steel Co. (which
APPOINTMENT OF COMMITTEE BY GOV. SMITH
was not affected by the strike) refused on Sept. 25 to confer
OF NEW YORK TO DEVISE MEASURES TO
with the members of the National Committee for Organizing
PROTECT INVESTING PUBLIC.
Steel
Workers, regarding the Bethlehem workers' grievances;
Eleven men, representative of banking interests, the legal
as a result of this decision the general committee of the workby
invited
been
have
public,
investing
the
and
profession
ers at the Bethlehem plant of the company voted to strike
Gov. Smith of New York, to serve on a committee which will
on
Monday, Sept. 29. On the same day three unions of
investigate the subject of safeguarding the investing public
Great
Lakes steamship workers, engaged in carrying ore,
requested
is
in regard to security offerings. The committee
on a sympathetic strike. Some bloodshed has been
decided
to report to the Governor before January 1, next, what, if
witnesses in connection with the steel strike, due, it is stated,
any, legislation should be enacted to supervise the issuance
of the workers in certain parts of Pennsylof new securities and provide against the issuance and offer- to the disorders
Washington dispatches of Sept. 19 reOhio.
vania
and
ing for sale to the public of securities that are worthless or
ported that President Wilson had requested Bernard M.
of doubtful value.
of the War Industries Board,
In his letters to those whom he has asked to serve on the Baruch, former Chairman
in the planning of the Oct. 6
part
taking
actively
who
and
is
committee, Gov. Smith says:
industrial conference, to ask Judge Gary to agree to a conA bill was presented at the last session of the Legislature providing for
certain publicity in prices in connection with securities offered to the public ference with members of the National Committee of the
for investment. This bill failed to pass, but its introduction suggests to my Steel Workers, which, if granted, would have stayed the
mind that possibly there was need of such legislation in this State.
There were no statements made thereafter regarding
New York is to-day the financial centre of the world and is being looked strike.
to by other States for leadership in financial matters. We should take Mr. Baruch's efforts. The fact that only 100,000 of the
proper and intelligent steps to remedy the evils of a system which permits 500,000 steel workers claimed to be involved in the strike
the issuance and offering to the public of worthless securities. I have
the question of striking, previous to the issuconcluded to appoint a committee of men prominent in national, State had voted on
and private banking, as well as members of the legal profession and repre- ance of the strike order which was applicable to all workers.
sentatives of the investing public, to make a study of this subject and report was disclosed by Chairman Fitzpatrick of the National
to me before January 1 the result of such study, together with a draft
Committee in testimony before the Senate Committeeton
of such legislation as the committee may deem necessary.
To my mind there should be a proper supervision of the issuance of new Labor and Education on Sept. 25, given in detail elsewhere
securities and prevention of the evil of issuing and offering for sale to the in these columns to-day.
Investing public of worthless securities and securities of doubtful value.
William J. Flynn, Chief of the Bureau of Investigation of
Those named by Gov. Smith to act on the comMittee are:
Department of Justice was in Pittsburgh on Sept. 25, his
the
Albert H. Wiggin, Chairman of the Board of the Chase National Bank
have said, being to "looklinto
Charles H Sabin, President of the Guaranty Trust Company; William H. purpose, as he was reported to
Porter, of J. P. Morgan & Co.; William H. Remick of Remick, Hodges & certain elements of the strike in which the Department:of
Co.; Alfred J. Johnson of Anderson,Burns & Co.;John J. Pulleyn,President Justice is greatly interested." The preceding day Repreof the Emigrant Industrial Savings Bank; John Godfrey Saxe, George V.
Military
McLaughlin, Deputy Superintendent of Banks; Laurence McGuire, Presi- sentative Julius Kahn, Chairman of the House
dent of the New York City Real Estate Board; James J. Hoey, Second Affairs Committee, had called on Attorney-General Palmer
Vice President of the Continental Insurance Company, and Mortimer L.
to discuss the activities of William Z. Foster, who is leading
Schiff of Kuhn. Loeb & Co.
101,131,500 657,469,000 758,600,500
Total
The above analysis shows that the total subscriptions received by the
both series of certificates amounted
to
Federal Reserve Bank of New York
to approximately 58% of the total amount subscribed throughout the
country.
SEPT. 27 1919.]
THE CHRONICLE
1229
the steel'strike in the Pittsburgh district and who as noted was reported in Washingtonladvices:ofiSept. 25 to the N.Y.
above is Secretary of the National Organizing Commttee. "Times" which said:
He attracted attention in Washington, it is stated, because
Fitzpatrick very frankly admitted that the steel strike was called as the
of his reputed radical sentiments. After his conference with result of a referendum vote, in which only 100.000 of the 500.000 that he
says are now involved, voted. In reply to questions by Senator Kenyon he
Mr. Palmer Representative Kahn was quoted as saying:
said that the National Committee which organized the strike, considered
I had read Foster's book on syndicalism and noted his advocacy of taking that when the
union strength in the mills had increased to 100,000, the comhuman life and destroying property to accomplish ends he believed necessary.
mittee was justified in demanding a conference with Judge Gary, and that
I took this book to the Attorney General and called attention to the fact
when he refused,in calling on the 100,000 to vote whether or not there should
that a number of people had been killed as a result of the strike. I wondered
be a strike in the whole industry.
whether or not this man Foster could be considered guilty of murder and as
"Did you have a correct report as to the proportion of men who voted for
an accessory before the fact if it could be shown that the people who caused
the strike when you made your request for a conference to Judge Gary."
the murders had been incited by his writings.
asked Senator Smith.
The Attorney General said the Department of Justice would look care"No,sir; only the men actually in the Federation at the time voted;98%
fully into the matter, and I am sure this will be done. He is inclined to
of them voted to strike."
believe, however, that proceedings such as I suggest would lie within the
"Did your reports show how all the men voted?"
power of the various States—Pennsylvania and others.
Judge Gary in speaking at a dinner on Sept. 25 at the RitzCarlton Hotel in this city read the statement referred to
above refusing to arbitrate the issues involved in the strike.
His remarks were reported as follows:
My mind is somewhat perturbed this evening by an incident that occured during the dinner hour. The representatives of the great New York
papers sent me a question. I will read it.
[He then read the message given above and remarked when he had completed it:j
To have refused making an answer immediately might have been misinterpreted, so I decided to make an immediate answer.
[Ho then read his reply as printed above.)
You, as part of the general public, must condemn or approve what I felt
called upon to say.
I can only say that you know the issues involved—know full well that if
the strike succeeded it might and probably would be the beginning of an
upheaval which might bring on all of us grave and serious consequences, and
you know the questions involved in this strike, led by Foster. the acknowledged revolutionist, are higher than the interests of the United States Steel
Corporation.
We do not know what is in front of us. I am not an alarmist. I am an
optimist. Certainly I have the good sense to speak optimistically on a pessimistic subject, but I want to say that this is a very serious period in our
history.
I hope it is not a critical period. I hope these statements with reference to the distribution of propaganda and the conversion of a large majority
of the people of this country to the doctrines of anarchy and Bolshevism
have been greatly exaggerated, but there is such a propaganda and that
there are men spreading I. W. W.and other doctrines with funds direct from
Russia, we do know.
Whether there is danger from this propaganda; whether it is possible to
bring about in this country conditions which prevail in certain other countries, we need not discuss, but if there are any dangers of upheaval involved
—danger to property, danger to the whole social structure—it is better to
open our eyes to them and to protect ourselves against them.
"What was the total membership in the mills at the time the vote was
taken?"
"I have said about 100,000. That was one-fifth, and we considered that
number gave us the right to demand a conference with Gary."
"And so 100,000 voted for a strike to involve 500,000 men?"
"Yes; but we had 50,000 more by the time the:vote was counted."
The "Times" accounts in reporting the further testimony
of Mr. Fitzpatrick said:
"If the United States Steel Corporation," Senator Kenyon asked Mr.
Fitzpatrick, "will agree to submit all matters in dispute to arbitration, do
you think that would end the strike?"
"Yes, I am sure that would end the strike," Fitzpatrick replied.
"Would you agree to let President Wilson select the arbitration board to
which would be intrusted the settlement of the controversy?"
"Yes. I cannot personally call the strike off, but if that is done I am sure
the men would be willing to end the strike that way."
"And you are willing to end it by arbitration and to stand by the decision
of the board?" asked the Senator.
"I am," Fitzpatrick answered.
During the five hours he was on the stand Fitzpatrick was examined concerning every phase of the strike. He alleged that a majority of the steel
workers were living under conditions worse than those surrounding paupers
in public institutions. He swore that in Pennsylvania strikers and their
leaders were denied the right of free speech and free assembly, and that, in
his opinion, murder and assault were being cominitted at the instigation
of persons high in authority in the steel business. He admitted that he
had not visited the places where these crimes were alleged to have been
committed and that his evidence was hearsay. He denied that Bolshevism
had permeated the ranks of the strikers and denounced the Pennsylvania
Constabulary as an organization dominated by the corporations. The acts
of the constables in strike districts paralleled the worst features of Cossack
atrocities in Russia under the Romanoffs.
When he first took the stand Mr. Fitzpatrick said the strikers were ready
to submit all the information in their possession to the Committee and that
their files, would be at the service of the Senators.
"I have been informed," said Mr. Fitzpatrick, in opening his testimony,
The Dominion Trades and Labor Congress of Canada
"that about twenty years ago the Steel Corporation set aside a fund, varon Sept. 24 endorsed the strike of steel workers in this iously estimated at from $2,000,000 to $20,000,000, which was appropriated
country.
for the purpose of destroying the influence of organized labor in the steel
According to special advices of Sept. 21 to the New York industry. The corporation has since that time conducted a relentless
which had succeeded in practically destroying the last vestige of
"Sun" from Hartford, Conn., "property conservatively campaign
unionism in the industry. The result was that in 1918 the American
estimated at $50,000,000 has been insured in the last three Federation of Labor came to the realization that it had to organize the
days (Sept. 19, 20 and 21) by Hartford insurance companies steel industry, no matter at what cost.
"You must keep in mind, Senators, that in the steel industry hours are
against the result of strike rioting in the Pittsburg steel dis- long and wages
are low; so low, in fact, as to be below the pauper line.
Taking
all these things into consideration, the American Federation of
trict." The "Sun" advices said:
With little solicitation business Is pouring into the local companies from Labor realized that because of the intimate relation of the steel to all other
industries, it was necessary to organize it, and so it was that the Federation
Pittsburg. Insurance officials say this is a direct result of the recent
Boston situation, where for the first time in history nearly every property at its 1918 convention in St. Paul authorized the so-called National Comowner endangered bought a riot risk policy. The policies cover those mittee for the Organization of the Iron and Steel Industry, of which Mr.
dompers was the first Chairman, and which I am now the head. This
hazards which are expressly excluded from a fire insurance policy,
civil committee
represents twenty-four great international unions whose men are
commotion and insurrection, rioting, lawlessness and explosion.
identified with the steel industry, as mechanics, electricians and in various
On Sept. 21 Chairman Fitzpatrick of the organizing other
capacities."
committee issued a statement at Chicago relative to get
At first, said the witness, owing to the limited finances at the disposal
of the committee, its work was confined to the Calumet Steel district, of
strike scheduled for the following day. It said:
which Chicago is the centre. The men there, he said, responded by thouThe men are going on strike to-morrow in an effort to make E. H.
Gary
listen to the request of President Wilson, who asked the head of the Steel sands. As a result the operators announced they were going to establish
the
eight-hour day, but the men kept on organizing. The committee began
Trust to meet the representatives of the men and discuss their grievances.
The whole thing simmers down to the question, is E. II. Gary bigger than organizing in the Pittsburgh district in the fall of 1918 and there met its
the Chief Executive of this country? Representatives of the men have first real opposition.
"Our first opposition was experienced at McKeesport," continued Mr.
tried to see Mr. Gary and discuss the differences of the workers with him,
Fitzpatrick, "and there we were informed that the Federation organizers
but he refuses to see them.
would
not be permitted to meet in that city. We went before the Mayor
refused
to
to
listen
Ho
President Wilson and still denied a hearing to
us, so the strike is called by the men in an effort to make him meet us. He and we told him that we were members of the American Federation of
will not permit his men to be represented by counsel of their own choosing, Labor and that we wanted to come into that district to organize the workers.
The Mayor informed us that under no circumstances could we hold meetings
denying them the right to have their grievances adjusted.
He wants to compel them to deal with him as individuals, but they in McKeesport. We then came to Washington and conferred with Mr.
Gompers and he wrote letters to the Mayor and also the Governor of
realize their inability to cope with him and his assistants.
The men voted to strike if we were not granted a hearing within ten days, Pennsylvania. My impression is that neither of those letters brought an
answer.
so we set the date and are carrying out their orders.
"This was the beginning of the trouble. If we rented a hall, the rent was
The twenty-four international unions are handling this strike of their
workers, and it is to be directed by the Allied Steel and Iron Councils and returned and we were turned out. If we met in the streets we were arrested.
We
met the same kind of opposition in Duquesne and in Homestead. So
the local unions.
Nobody can judge how many are going out, but Monday will tell the we proceeded to get along as best we could. We hold meetings in the
story. They have been told to stay away from the mills and plants until outskirts of the towns, or we met the men at their homes and sometimes in
the churches. This was all in the latter part of 1918. There was a lull
they were ordered back or out on picket duty.
•
during the winter months. In the spring of this year we again resumed
active organization efforts and by May we had 80,000 steel workers enrolled.
"About this time the National Convention of the Steel, Iron and Tin
SENATE COMMITTEE INVESTIGATES STEEL STRIKE Workers'
Union was held in Louisville and this convention ordered a letter
—SAMUEL GOMPERS ON CAUSES OF STRIKE.
written to Judge Gary in which he was asked to discuss matters in general
with the representatives of the workers. Judge Gary replied that he could
In testifying before the Senate Committee on Labor and not agree to a discussion and informed them that the old policy would be
Education which is investigating the causes of the national continued and that the corporation officiaLs would refuse to meet with the
steel strike, John Fitzpatrick, Chairman of the Committee representatives of organized labor.
By June last we had increased our membership to more than 100,1)00
for Organizing Steel Workers admitted that the strike had men,
one-fifth of the men employed in the steel mills. President Gompers
been called on the basis of a referendum vote in which only wrote Judge Gary asking for a conference, but the letter was ignored and
has
not
been answered to this day. In the meantime the Unitiel States
one-fifth of the workers in the industry participated. Mr.
Steel Corporation
resorting to all forms of duress in an effort to thwart
Fitzpatrick was before the committee on Sept. 25 accom- the efforts of the was
American Federation of Labor.
"In July the twenty-four International Unions represented on the Napanied by William H. Rubin, counsel for the steel workers.
The former's testimony with regard to the calling of the strike tional Committee for Organizing the Steel and Iron Industry voted to call
on the men of their unions for a strike vote."
1230
THE CHRONICLE
These unions voted almost unanimously for a strike unless an agreement
could be reached with Mr. Gary.
"Did you have," asked Senator Jones, of New Mexico, "a report as to
the actual proportion of these men who voted for this strike?"
"No, sir, I did not. The vote showed we had one-fifth of the men and
we felt that we had a right to ask for consideration for that fifth."
"In other words, if I understand you correctly, these 100,000 men voted
for a strike that was to involve 500,000 men," said Senator Sterling, or
South Dakota.
"By the time we finished counting the first 100,000 we had gained 50,000
more members," replied Mr. Fitzpatrick.
"Well, what is your strength in the steel industry now?"
"Yesterday it was 340,000 men."
"If Judge Gary had consented to a conference would there have been a
strike?" Senator Kenyon asked.
"No,the strike would not have been called had that course been followed,"
answered the labor leader.
"Well, if he agreed to confer now would the strike end?"
"I doubt that. The 350,000 men now on strike will not go back until
they are given a guarantee of decent treatment. Their brothers and sisters
have been murdered, their homes invaded, and they will not abandon their
•
just claims now. All they expect is common ordinary justice."
"Is it a fact that the real cause of the strike was due to Judge Gary's
failure to agree to a conference?"
"Yes. If we had conferrred we would, of course, have presented our
demands."
"We would be interested to hear your,reason for refusing to postpone the
strike as requested by the President."
"The date had been set and if we had postponed it we would have been
shot to pieces. It was impossible to postpone it."
"What do you mean by being shot to pieces?"
"I mean our organization would have been shot to pieces, so to speak,
and our men shot up. The men were being subjected to intimidation and
were being given the choice of tearing up their union cards or quitting
work. A condition of terrorism existed in the steel fields."
Reverting to the strike vote of the 100,000 men who, it was submitted,
Senrepresented only one-fifth of the men employed in the steel industry,
ator Phipps of Colorado wanted to know if the strike committee ascertained
how many of the 100,000 were employees of the United States Steel Corporation before they sought a conference with Mr. Gary, Mr. Fitzpatrick
so
replied that the committee decided that all of the men who voted were
appointed
employed. The committee that tried to see Mr. Gary was
by the heads of the 24 unions.
".Judge Gary says you did not represent his employees," remarked
Senator Smith of Georgia.
his
"Well, the answer is very apparent at this moment, for 340,000 of
men are on tho streets," replied the witness.
brought
At this point the nationality of the men who are on strike was
up. Mr.Fitzpatrick said that practically all the strikers had been Nmericanized as a result of the stoppage of immigration.
now
"A few years ago we had to use 13 languages to talk to them, but
we use only one, and that is English," he said. "As a matter of fact, the
native
a
not
is
only native Americans are the Indians, and even Gary
with
American. I want to say that these steel men stood by this country
all they had in the great war. The steel industry was the first line trench
until
of industry, and these men manned those trenches and held them
the war was won. I don't think it fair now to impugn their motives. The
to say
President knows what they did and he appreciates it, too. I want
that we put our whole case in the President's hands, and he said that we were
us."
entitled to a hearing and that he would try and get it for
"Do you mean to say that President Wilson tried to arrange a conference
with Judge Gary for your comrhittee?" Senator Kenyon asked.
Judge
"There is no doubt about it. The President told us he tried to get
hopeGary to see us, but that he failed. He said, however,that he was still
ful and that he would try again. He did so, but his efforts were fruitless."
"Do you mean to say that Judge Gary would not grant you a conference
even when the request was made by the President of the United States?"
con"Yes,sir, that's the case. In the meantime the terroristic conditions
want to
tinued and the strike remained our only means of defense. Now I
now
say that if the State of Pennsylvania continues to let things go on as it is
now
doing,the strike will not be confined to the steel industry. If conditions
Homestead
In
end.
existing continue there is no telling where it all will
people
the State Constabulary, we call them the Cossacks, ride down the
homes
when they are in peaceable assembly. They have even ridden into the
his
rode
of the workers. I know of an instance where one of the constables
pot
boiling
a
over
horse into a workingman's kitchen and the horse kicked
conthat scalded the steel worker's wife, and that woman was in a delicate
dition.
of
seven
"A few days ago at Homestead, while a meeting was in progress,
platthese constables rode Into the crowd and pulled the speakers from the
of the
form and placed them under arrest, and the men arrested were officers
Pennsylvania is a
American Federation of Labor. The constabulary of
steel
the
strike-breaking institution now employed to terrorize the people in
going back
districts. At Duquesne the authorities give the men the choice of
of our
to work or going to jail and they are going to jail. There are now 150
men in jail at Newcastle."
Cor"Is this strike, in your opinion, confined to the United States Steel
poration?"
"It is not our intention to so confine it. The United States Steel CorporaBethtion, however, dominates the steel situation. At the present time the
taking
lehem Company is not involved, but I think the men in Bethlehem are
a strike vote now."
"Did you order the strike confined to the Steel Corporation?"
is just
"No. It is directed against the industry. We feel that this strike
work
as much an effort to sustain President Wilson now as our remaining at
him
during the war and doing all that we could to win the war sustained
raises an
during those months of stress. Here is a great corporation that
and,
States,
army,refuses to heed the request of the President of the United
in the opinion of the men on strike, no corporation can possibly be bigger
than President Wilson."
Senator Phipps asked the witness if he had had any practical experience
in the steel industry. Fitzpatrick replied that he was a horse sheer by trade
and had never worked in a steel mill and added,in answer to other questions,
mills.
that he was not even familiar with the wage schedules in the various
He said he understood that the common laborers in the Calumet district
received
receive 40 cents an hour. Some of the skilled mechanics, he added,
as high as $20, $30, $40 and even $60 a day. The $60 a day men were few
In number and their work represented the highest degree of skilled labor.
part
"What about Secretary William Z. Foster of your committee? What
does he play in directing this strike?" asked Senator Kenyon.
organizer
an
as
"Foster is the Secretary of the committee and has worked
and made speeches, I believe."
"Are you, Mr. Fitzpatrick, opposed to the breaking of law?"
that of no
"Absolutely, I am. I place my American citizenship second to
saau."4
[VOL. 109.
"Does Mr. Foster do that, too?" Senator Kenyon asked.
"Certainly he does. These writings of Foster which have been quoted in
the newspapers were written years ago. They are things of the past, dead
things. They do not represent Foster's present views. He has changed his
mind since he wrote that book on syndicalism."
"Foster says a syndicalist is an anti-patriot and speaks of internationalism. You say he has changed now?"
"There is no doubt of the change that has come over Foster. He is absolutely loyal and did everything he could for his country during the war.
He jokes now about that book written in his early days when he associated
with radicals. He has both feet on the ground now and sees things right."
Associated Press Washington dispatches of Sept. 25 said:
William H. Rubin, counsel for the strikers, who accompanied Fitzpatrick
at the outset of the hearing, asked what assurance had boon given by
Elbert H. Gary, Chairman of the Board of the United States Steel Corporation, that he would appear before the committee next Wednesday,
Oct. 1.
Senator Kenyon, Chairman of the committee, replied that Judge Gary
had telephoned him that he would be present Wednesday, and added that
"until that time we will not question his being here."
Rubin requested that the committee place in the record correspondence
between Joseph P. Tumulty, Secretary to the President; Samuel Gompers,
President of the American Federation of Labor, and Chairman Fitzpatrick,
to
regarding efforts to postpone the strike. Senator Kenyon asked Rubin
read the telegrams and letters, which have been published.
Samuel Gompers, President of the American Federation
of Labor, who was a witness on Sept. 24 before the Senate
Inter-State Committee, which is considering the Cummins
Bill for return of the railroads to their owners, told that committee he believed the Steel Corporation was responsible for
the present steel strike. Relative to his statements on this
matter Washington dispatches of Sept. 24 to the New York
"Times" said:
Mr. Oompers, in answer to a question by Senator Underwood, of Alain
bama, said that as far back as last June he realized the impending crisis
the steel industry, and that he then, in June, wrote a letter to Judge Gary,
Chairman of the United States Steel Corporation.
and
"That letter," added Mr. Gompers, "has remained unacknowledged
unanswered to the present hour."
on
strike
the
as
such
"We have referred to general strikes, particularly
the railroads of this country. How would you suggest preventing such
strikes?" Mr. Underwood asked.
"You cannot avoid such a strike by law. I cannot undertake to underwrite any proposition that will absolutely prevent a general strike. No man
can do that.''
"What should Congress do to control such a situation?"
"I answer that with one word—'nothing.' fhe surest way to meet such
the
situations is to recognize the organizations of the men and to give to
men the fair treatment they deserve. If employers of labor refuse to sit
to
down and discuss the grievances of their employees with them, refuse
have anything to do with them, tell them there is nothing to arbitrate,
strike.
but
do
why, then, there is nothing left for the men to
Mr. Compers said that he had tried his best to prevent the steel strike
called
at least to cause its postponement until after the coming conference,
by President Wilson, had a chance to study the situation and try and evolve
strike.
to
resort
a
without
some solution that would settle the controversy
of
Mr. Gompers repeated that the cure is fair treatment and recognition
the labor organizations. He then made a reference to radical activities.
that
unrest
of
feeling
a
"There has grown up in the world," he said,"such
idea is
even democracy itself is sneered at and direct force is urged. This
Bolsheviks
expressed by the Bolshevists in Russia and the agents of these
in many other countries, our own included. If you were to see some of the
the
reports that come to us from many sections of the country and read
that their
literature these people are sending out, you would understand
for the
plans even go so far as to contemplate a Soviet form of government
United States.
nothing
and
check,
in
"it is organized labor that has held these radicals
strikes
gives to these radicals a better weapon than the measure prohibiting
which is contained in this railroad bill."
The investigation of the steel strike was authorized by a
resolution introduced on Sept. 23 by Senator Kenyon of
Iowa and adopted by the Senate on that day. In explanation and in behalf of his resolution Senator Kenyon was
quoted as saying: "The day is gone by, I believe, in this
country when either capital or labor has the right to precipitate upon the country conditions that are destructive to
our industrial life, and my resolution is for that purpose,
to have a representation of the third great party to these
strikes—the people of the United States." The Kenyon
resolution reads as follows:
Whereas, A strike of the employees of the steel mills of the United States
has been called; and
Whereas, Such strike adds to the troublesome conditions already existing and becomes a question of great public moment; and
Whereas, It is the duty of Congress to investigate the causes and purby
poses of said strike, and see if the situation can in any way be relieved
Federal action; now, therefore, be it
Resolved, That the Committee on Education and Labor of the United
States 1; hereby instructed to immediately investigate said strike and
report to the Senate within the shortest possible time the causes and reason
therefore.
The Committee on Education and Labor, which is holding the investigation of the strike is composed of: Senator
Kenyon, Chairman; and Senators William E. Borah, Carroll S. Page, George P. McLean, Thomas Sterling and Lawrence C. Phipps, Republicans, and Hoke Smith, A. A.
Jones, Kenneth McKellar, Josiah 0. Wolcott, and David
I. Walsh, Democrats.
On Sept. 26 the Senate Committee on Labor and Education had before it Samuel Gompers, President of the American Federation of Labor, who was on the stand for three
hours. He said: "The right to be heard is what the steel
SEPT. 27 1919.]
ME CHRONICLE
workers'are asking above all else. The right to speak with
their employers through their own representatives, to
have
some voice in determining conditions under which
they
work." His testimony was further reported in Washin
gton
press dispatches of Sept. 26 as follows:
1231
mind reports that steel atrikers from Youngstown, 0.were
preparing to march over the State line into Farrell, Pa., a
town in the Pittsburgh steel industrial region,for the declared
purpose of holding a mass meeting in the Pennsylvania
town."
Pittsburgh dispatches of Sept. 24 to the N. Y."Sun" said
that Mr. Foster framed a reply to the above telegram from
Governor Sproul, denying that there had been any previous
order for dispersal to the persons holding the meeting at
North Clairton. The "Sun" advices said:
It has been said that most of the men taking part in
this strike are of
foreign birth and not naturalized citizens. This may
be and no doubt is
true. The largest proportion of steel corporation employee
s are of foreign
birth, but these men were brought here by the companie
s.
There was for years a systematic effort to bring in these
gangs from
Europe. There was a systematic effort to eliminate
Americans. They
have a harvest to reap now. These steel companies brought
about the state
of which they now complain.
Foster made public to-night a letter he is sending to Gov. Sproul.
Foster
Under the efforts of the Steel Corporation the hours
of labor were al- calls the action of the police "a deliberate and premeditated assault
upon
ways abnormally long. They never seemed satisfied until
a
peaceful
they had their
and legal assemblage of working men by the State police."
men toiling seven days a week, 365 days a year. When the
"A quiet orderly meeting was being held," he says, "with
shifts changed
the knowledge
from day to-night they got them working twenty-four
and consent of the local authorities, at a place especially designate
hours a day.
d by
Senator Phipps read a statement by Woodrow Wilson
in 1909, in which the latter for the holding of such a meeting. Suddenly like a bolt from the
Mr. Wilson said he was "a fierce partisan of the open
sky
a detachment of mounted State police appeared upon the scene, dashed
shop," and that the
present attitude of labor in America was "to give as little
among the people, clubbing them and riding roughshod over them.
as possible."
Abso"I think it is as unfair to quote Mr. Wilson of 1909
as it is to hold up lutely no previous order for dispersion was given. Of these facts we
stand
statements of W.Z. Foster, Secretary of the steel
union's committee, made ready to submit prooffrom scores of witnesses."
at that time, and since disavowed, and say they represent
Several of the men arrested at McKeesport to-night for carrying concealed
his attitude now,"
said Gompers.
weapons gave their residence as Youngstown. This
is believed to be the
"Now Mr. Gompers, can't we get down to
brass tacks?" said Chairman basis for the Governor's allusion to "invasion" of the
State.
Kenyon. "We would like to know now why
this strike was not postponed,
as the President requested, until after the industrial
Other aspects of the steel strike will be found dealt with at
conference."
Mr. Gompers discuised the situation just before
the strike and told of the greater length elsewhere in these columns to-day.
efforts by President Wilson to bring about a
conference between the men
and the Steel Corporation officials.
"I advised on Sept. 8 with the union
committee and suggested that MINERS DEMAND 60% INCREASE—NATIONALIZAI
the strike be deferred," Gompers continued
. "A general meeting was
TION OF COAL MINES THROUGH GOVERNMENT
called, and the responsible officers of the
union resolved there to strike
Sept. 22 unless Judge Gary (Chairman of the
PURCHASE OF PROPERTIES AT BASIC VALUE.
board of directors of the Steel
Corporation) consented to a conference.
Following its action in supporting the principle of nationali- •
"I got a telegram from the President asking me
to use my efforts to secure
zation for the railroads and coal mines, referred to in these
a delay. I dictated a message to Mr. Fitzpatrick
(Chairman of the steel
workers' committee) asking that the President
's request be complied with columns last week, page 1136, the international convention
He told me the men were in such a frame of mind
that they could not be of the United Miners
of America closed its final session at
prevented from striking, even should the committe
e vote for delay."
"Several of the international union officers had declared
Cleveland on Sept. 23 by adopting the report of its scale
in favor of postponing," Gompers continued. "They
met in Pittsburgh on Sept. 17 and committee which calls for a 60% increase in all mine wages,
18 and my letter was read. Organizers
who favored postponement re- a maximum six-h
our day, a five-day week, with time and half
ported that they could not maintain their
position. They voted almost
unanimously to strike on the original date. They knew
the strike would for overtime and double time for work on Sundays and holihave taken place anyway, unguided, disjointed
and leaderless. Their days. The scale committee's report accepts the demand
s forchoice was not that of having no strike, but simply
of having a disorganized mulated by the
anthracite miners at tri-State convention at
or an organized strike, under the guidance of
experienced men."
GOVERNOR SPROUL WARNS AGAINST
AGITATORS
IN STEEL STRIKE.
William C. Sproul, Governor of Pennsylvania, on
Sept. 24
replying to a message from William Z. Foster,
Secretary of
the National Committee for Organizing Steel
Worker
leader in the Pittsburgh district of the strike of steel s and
which is now in progress throughout the country workers
, sent the
following telegram to Mr. Foster:
Wilkesbarre, Pa., on Aug. 22. These demands, 15 in number, were enumerated in the "Chronicle" of Aug. 30,pages
834 and 835. In reporting the convention's action on the
scale committee's report, Cleveland press dispatches of
Sept. 23 said:
The convention (after adopting the report) then adjourne
d to await the
result of the joint wage scale conference with the operators
of the central
competitive district, which opens in Buffalo
Thursday (Sept. 25). Should a
satisfactory new agreement be reached by the represent
atives of the miners
and operators at this conference the convention will be reconven
ed in Indianapolis to accept or reject it.
Should no agreement be reached in time to be ratified and
come into effect
by November 1 a general strike of all bituminous coal miners
in the United
States will automatically ensue on that date, which may extend
to the Canadian coal fields if the international executive board and the represent
atives
of the Canadian districts so determine.
The report of the scale committee, besides demanding and
59% increas
In wages, also calls for a weekly payday, and demands that
all double shift
work be abolished, except such as may be necessary for ventilati
ng purposes
and development of now mines. It demands that no "automat
ic penalty
clause" be included in the agreement such as is contained in
the present
Washington wage agreement, providing an automatic penalty
of $1 a day
for each miner going on strike against the provisions of the agreemen
t and
a similar fine for any operator locking out his miners.
Although the demands are sweeping as compared with present condition
s,
entailing a reduction to six hours work under ground,
Acting President
Lewis stated to-day that he confidently expected an agreemen
t would be
reached with the operators at Buffalo by negotiation.
"That is," he continued,"unless the operators see fit to disturb
the entire
domestic equilibrium of the country by refusing to negotiate on
the basis of
our program. The miners have demonstrated their good faith
and loyalty to the country in discharging all their responsibilities and now
feel that
the public will recognize the necessity of granting proper considera
tion and
equal justice to men engaged in the most basic industry on
which the
country is so dependent.
The miners' delegation at the Buffalo conference will be
composed of
the international officials and eight representatives from
each of the four
districts included in the central competitive field—Illinois,
Indiana, Ohio
and western Pennsylvania. The district delegations will
be headed by the
presidents of these four district organizations, Frank
Farrington, Ed.
Stewart, John Moore and Philip Murray respectively.
William Z. Foster, Secretary, 303 Magee Building,
Pittsburgh, Penn.
Your telegram complaining of the action of a
squad of our State Police
In dispersing a crowd at North Clairton has
received my attention. My
information is that the people were ordered
to move in accordance with a
proclamation by the Sheriff forbidding
public gatherings; that the police
did not approach the crowd until their command
s had been defied, and that
nobody was hurt until shots had been fired
and stones and other missiles
had been thrown at the officers.
Experience has shown that it is dangerou
s to permit the congregation
of largo numbers of people during times of
stress and excitement, and the
Sheriff, as the official charged with the
maintenance of law and order, was
acting for the public welfare in forbidding the
his decrees. In carrying out this policy the gatherings and in enforcing
Sheriffs of all of the counties
will have the full assistance of the State.
Permit me to take this opportunity of saying to
you that in the situation
which now exists, when lawlessness and disorder
have compelled the intervention of the State to aid the local authoriti
es to maintain the peace,
When every good citizen's attitude should be
that of upholding the law and
counseling and aiding in the maintenance of
order, I shall expect your full
co-operation in helping us to see to it that the
laws of the Conunonwealth
are observed and its peace preserved.
Reports have reached me that many agitators
, hostile alike to our institutions of Government, and to the
organization which you represent,
have taken advantage of the disturbed conditions
to come into Pennsylvania
to spread wicked propaganda and to endeavor to
incite the ignorant and the
vicious to riot and pillage. These persons are
enemies of the State and
our every endeavor is being given to their apprehens
ion and punishment
under our laws.
Information has come to us that efforts are being
made by dangerous
and evil disposed persons at points in other States
near our boundaries
to collect armed mobs to come across the State line
On Sept. 20 the convention adopted a resolution for the
to overpower our municipal authorities and to attack our citizens and
destroy their property. nationalization of the
mines through their requisition by
If any such attempts are made we shall be compelle
d to regard those mobs
as armed invaders of Pennsylvania, and we shall
deal with them as such. the Government and for a working alliance with railroad
I count upon your counsel and influence to discourag
e such attempts and employees to secure the adoption of the Plumb plan.
to aid us in every way that you can against those who
The
would by intemperate action was taken on
a rising vote, which was unanimous.
speech inflame people to criminal actions.
Our interest in the struggle in which you are engaged is in
The
chief
provisio
ns of the resolution for the nationalization
the maintenance
oflaw and order, the protection of your rights and those
of all of our people are:
izons and sojourners alike, who live within our laws.
During your own
1. That the international officers and internaticnal executive
t.tay nere you .aust have been impressed with the fact
board
that our people are draft a bill for submission to
Congress (and in due course to the Canadian
aw abiding, and while they have absolute consideration for the
rights of Parliament.
others, they are eardest indeed in the protection of their own
rights and the
2. Government ownership of mines by purchase at an actual
good name of the Commonwealth of which they are a part.
valuation
to be dertimed by government agents.
This is the spirit of the people of Pennsylvania, and as
Governor of the
3. Government operation with equal representation for the
State I shall see that their laws are faithfully executed, their
miners upon
rights pro- operating boards and commissions.
tected, and their institutions upheld.
4. A campaign of publicity in the United States and Canada
to obtain
WILLIAM C. SPROUL,
support for the principles of nationalization.
Governor of Pennsylvania.
Regarding his reference to "armed mobs" press dispatches
from IIarrisburg, Sept. 24 said "the Governor likely had in
The resolution adopted reads in part as follows:
Coal mining is a basic industry, indispensable to the economic
Ii
the nation and to the well being of the nation's citizens.
1232
THE CHRONICLE
The all important coal resources of our country are owned and controlled
by private interests. Under the prevailing system of private ownership, coal
is mined primarily for the purpose of creating profits for the coal miners.
The production of coal under this system is characterized by an appalling
economic waste. The incomparable natural resources of America, and
particularly those of timber and coal, are being despoiled under a system of
production which wastes from 33 to 50% of these resources in order that the
Maximum amount of dividends may accrue to those capitalists who have
secured ownership of the indispensable commodities.
We hold that the coal supply of our nation should be owned by the cornmcinwealth and operated in the interest of and for the use and comfort of
all the people of the commonewalth. Countless generations of men and
women will doubtless follow us, and the American people of this generation
owe a solemn duty to them in protecting with jealous care and conserving
with wise administration those great treasuries which a bounteous nature
has bestowed upon us in such generous store.
Our coal sources are the birthright of the American people for all time to
to
come, and we hold that it is the immediate duty of the American people
prevent the profligate waste that is taking place under private ownership
be
of these resources, by having the Government take such steps as may
of
necessary, providing for the nationalization of the coal mining industry
the United States.
We the United Mine Workers of America, in international convention
assembled, representing the workers who have their lives and the welfare
of their dependants invested in the coal mines of our country, do therefore
resolve:
inThat we demand the immediate nationalization of the coal mining
dustry of the United States. That we instruct our international officials
submission
for
prepared
and the international executive board to have a bill
to Congress containing the following provisions:
all coal
1. That the Government through Act of Congress acquire title to
by
properties within the United States now owned by private interests,
of said
valuation
actual
purchasing properties at a figure representing the
of the
properties as determined upon investigation by accedited agents
Federal Government.
,
Government
2. That the coal mining industry be operated by the Federal
and that the mine workers be given equal representation upon such councils
of wages,
of the coal mining industry, authority to act upon the question
hours of labor, conditions of employment or the adjudication of disputes
and grievances within the industry.
3. Realizing as we do that the masses of the American people, while
and
they have been dispossessed of their rights of ownership to the coal
still own
other natural resources upon which their well-being depends,
desire
they
and control the Government of the United States whenever
of our
to exercise their power in the matter; and realize that the success
depends
efforts to secure the nationalization of the coal mining industry
the jusupon our ability to convince a majority of the American people of
officials
tice of this proposal, we herewith further instruct our international
our debring
to
and international executive board to use their influence
and
mands for nationalization to the attention of the American people,
force
to endeavor to secure co-operation and support of every progressive
to
duty
and every liberal fair-minded individual, with a regard to our
natural
posterity and a belief in the principles of common ownership of our
resources, to the accomplishment of this end.
We further instruct our representatives to urge in the coming conference with the representatives of the railroad workers' unions, a working
plan for
alliance for the purpose of securing the adoption of the Plumb
the printhe nationalization of railroads as the initial step in the fight for
will
ciples of nationalization, with the understanding that such alliance
of
continue to press the issue with unabated vigot until the principles
nationalization have been extended to embrace the coal mining industry
of the nation.
And be it further resolved that our organization, for the reasons set
Dominion
forth above, carry its fight for nationalization of mines into the
of Canada and throw its influence wherever possible behind our members
In Canada to the accomplishment of that end.
[VOL. 109.
An amendment to the constitution making the six hour day instead of the
It
eight hour day one of the aims of the organization to-day was adopted.
reads that "not more than six hours from bank to bank in each twentyis
four hours shall be worked by members of our organization," and this
the form in which the demand will probably be presented to the operators.
To-day's sessions of the convention were devoted entirely to constitutional
the
changes,the most important being the adoption of the elective instead of
appointive system for organizers, auditors and other officials. The appointive system, it was declared, afforded the possibility of building up a
machine to perpetuate the control of the higher officials.
one
Another amendment proposing that officials should be elected for only
term and must go back into the pits as working miners for at least two years
before coming again eligible was, however, rejected.
increased
The convention decided that the officials should share in any
prosperity obtained by the miners as a result of the coming scale negotiations. It was recommended that the salaries of the President, Secretaryas
Treasurer and other officers should be increased by the same percentage
is granted in the new scale.
an
on
debate
a
The evening adjournment was taken in the midst of
memberamendment strengthening the constitutional provisions against
ship in the Industrial Workers of the World and similar radical organizain the
tions. The clause, which already provides disbarment from office
in the
United Mine Workers of America for any one accepting membership
I. W. W., the working class union or any other dual union not affiliated
with the American Federation of Labor, was amended to make such disbarment permanent, to make any member of such radical organization
among
ineligible for membership and to include specifically "one big union"
the outlawed organizations.
of
An amendment was offered to include membership in the Chamber
of this
Commerce of the United States under the provisions and penalties
which
clause on the ground that it is now "one of the bitterest opponents
as
the labor movement has in this country," but it was ruled out of order
not germane.
It is noteworthy that the action of the American miners'
convention on several issues of a political or social nature is
analagous with that taken on the same issues by the Glasgow
Trades Union Congress, recently held in Great Britain,
in which there were chiefly represented the coal miners,
rail and water transportation workers. In illustration the
action of both labor conventions on the nationalization
question and on the calling home of troops from Russia
may be mentioned.
END OF COAL MINERS' STRIKE IN PENNSYLVANIA.
A strike which was said to have involved 48,000 mine
workers in the Pennsylvania coal fields of the Delaware &
Hudson and the Delaware Lackawanna & Western Railroad
companies was brought to an end last week. The strike
started on Sept. 8 when 18,000 men of the former company
quit work in disregard of union agreements with their
employers. As a result of the strike ten train crews of the
Delaware & Hudson Co. were laid off on Sept. 8. On the
following day 25,000 mine workers of the D. L. & W. Co.
left their posts in accordance with a vote taken on Sept. 8.
A resolution adopted by the Anthracite Conciliation Board,
which urged all the miners to return to work and permit their
to be settled by negotiation was rejected by the
grievances
resoluadopted
On Sept. 20 the miners' convention also
Committees of the D. & H. and D. L. & W.
Grievance
tions demanding legislation to take from the United States
Sept. 10 and Sept. 11, respectively.
on
workers
laws
tional
unconstitu
declare
to
Supreme Court the power
strike of the D.& H. workers was not called off
the
While
President
passed by the elective Congress; calling upon
and the majority of the men did not resume
14
Wilson to remove Postmaster-General Burleson as the until Sept.
15, it was reported that four of the company's
Sept.
till
work
labor,
of
opponent
"
"uncharitable, harsh, and malignant
on Sept. 13. The Lackawanna men
operating
were
mines
and asking a new trial or full pardon for Thomas J. Mooney
mines till Sept. 17, having voted • to
the
to
return
not
Act
did
Espionage
the
of
repeal
the
and
Billings
K.
and Warren
16 only after Chairman Connell of
Sept.
on
,strike
the
end
and amnesty for political prisoners.
who was present at their meeting,
Board,
a
on
the Conciliati
The miners refused to take action on a proposal to call
Board 18 grievances which the
the
to
submit
in
to
agreed
workers
of
strike
present
the
aid
sympathetic strike to
11. The demands of the
Sept.
on
adopted
had
thereon
strikers
the steel industry. Relative to their attitude
Lackawanna workers were reported in special dispatches
Cleveland press dispatches of Sept. 22 said:
to the Philadelphia "Press" of Sept. 12
There will be no sympathetic strikes by the United Mine Workers of from Scranton
America in behalf of the steel strikers by which men working under an agree- as follows:
the comment might be called out. This was made clear to-day when
mittee to which was referred the resolution, pledging the miners to refuse
to furnish coal for any purpose which might endanger the success of the steel
strike, reported instead a substitute committing the organization to use such
measures as can legally be employed to give pactical aid to the striking steel
workers.
The resolution points out that as the miners are about to draft an economic program in their own behalf which may tax their resources to the
limit, it would be unwise to commit themselves to any more definite plan
of action for the steel workers. The resolution was adopted almost without
dissent,
The same advices reported the action of the convention
on Sept. 22 on other important subjects as follows:
The convention further adopted resolutions demanding the immediate
recall of all American troops from Russia, self-determination and the right
of self-government for the people of Ireland and all other small nationalities
eapable of self-government, and for the defeat of the Cummins railway bill.
The resolution seeking the organization of a labor party, representative of
and under control of the workers of hand and brain of the United States. was
adopted, and the convention instructed its officers to call a cenference of
representatives of the labor movement to take action toward launching a
national labor party. Representatives of the co-operative movement,
the Non-Partisan League and Farmers' organizations will be invited to the
conference.
The demands include that excessive dockage be stopped, that excessive
penalizing for impure coal be abolished as well as the method used in turning out cars, that the mining laws be enforced in regards to ventilation,
that miners and laborers doing company work shall be paid a $2 increase
as provided for by agreement and not 40 and 60% as now applied by the
company, that the company furnish jack hammers when these devices
must be used, that decisions rendered by the umpire be complied with, that
the individual contractor is abolished and contract miners and laborers
placed to do the work paid to the contractor, that an agreement be reached
comdefining the duties and authority of the check docking boss, that the
that when
pany complies with the mine law in furnishing of supplies, and,
the
for
pay
company
the
same
of
want
men are compelled to go home for
loss of wages, that a speedier method be devised to adjust grievances, that
placed
intimidation and discrimination be abolished, that door tenders be
its emat all doors, that all negotiations between the D. L. & W. and
I
genera
the
of
mittee
the
sub-com
by
ployees shall be taken up and conducted
Grievance Committee.
Preceding a list of the demands is found a paragraph which says:
r
"We condemn the methods pursued by the present mining administrato
of the D. L. & W. Co. in treating with the employees in an inhuman and
uncivil manner."
The cause of the strikes was generally reported to be the
prevalence of radical leadership in the unions. They were
by the General Committees which have no authority
19.
called
Sept.
on
previously
adopted
were
s
Other resolution
strikes, it was stated, and the first strike, that of
order
from
to
date
These were reported in press dispatches of that
the Delaware & Hudson men, was ended when the men had
Cleveland which in part said:
SEPT. 27 1919.]
THE CHRONICLE
been convinced they had gone out in violation of the union
and company contracts.
Word was received at Scranton on Sept. 10 from John L.
Lewis, Acting President of the United Mine Workers of
America, that if the strike of the miners "is not quickly
ended he will send the full force of the organization"
to that
place "to convince the strikers of their error in
violating
agreements and the laws of the union."
John T. Dempsey, local President of the miners organiza
tion, was quoted as having said on Sept. 9 at Scranton,
in
effect, "that the strikes are engineered for the sole
purpose
of destroying the union, that the general committ
ees are
without any authority to call strikes." In speaking of
President Dempsey's statement, a correspondent of
the
Philadelphia "Press" at Scranton quoted him as follows:
Men prominent
in the general committees of both companies and
especially of the Delaware Lackawanna & Western Co.
have made statements
several times to the effect that they are building up
the organization, and
that they are loyal to it in every particular. I say that
they
dual organization. That their action in calling unauthori are acting as a
zed strikes is in
direct violation of the laws of the union, and that it is
in direct contradiction to the statements of loyalty to the organizati
on.
The general committees are usurping the authority vested
in the Executive
Board of the union, and are setting up a dual
organization. The strikes
are in direct violation of our agreements.
At this time when the anthracite men's representa
tives should be at the
convention of the international body in Cleveland
in order to safeguard the
interests of the anthracite workers and seek the
hearty co-operation and
interest of the mother organization in the welfare
of the
these unauthorized bodies call strikes of the workers, anthracite workers,
making it necessary
for some of the union officials to remain in the
city.
1233
FRENCH SOCIALIST RIDICULES FOUR HOUR DAY
AND ADVISES LABOR TO GET TO WORK.
A. Merriham, Secretary of the French Metal Workers'
Union is described in Paris cablegrams of Sept. 19 as ridiculing "the pretensions of extremists in labor organizations
who talked of such plans as a four hour day and said
what
labor needed was to get to work." The cablegrams also
report Mr. Merriham as creating a sensation at the Labor
Federation convention in Lyons on Sept. 18 by denounc
ing
"the wave of immorality which threatens to submerge
all
classes of society—the working class more than any other."
The cablegrams also state:
M. Merriham, one of the Socialists who conferred
with the German
Socialists at Zimmer wald, Switzerland, during the
war, and who formerly
was one of the most aggressive labor leaders in France,
took the floor to
defend the executive committee of the federation against
criticism by the
extremists for the fiasco which marked the proposed general
strike of July
21 last.
He ridiculed the pretensions of extremists in labor
organizations who
talked of such plans as a four hour day, and said what
organized labor
needed was to get to work.
"You talk of a revolutionary situation," he said, "but,
left to itself, the
proletariat could accomplish nothing. The war has
sharpened all appetites and provoked all sorts of covetousness in all circles,
even among the
workers. Idealism has foundered under base material
preoccupations.
"Money is everything. No one wants anything but
money. We must
save the working class from that wave of immorality."
M. Merriham's speech made a deep impression on the
delegates, which
was evidenced in a great ovation as he left the platform.
BOSTON POLICEMEN "DISPOSSESS THEMSELVES"
In reporting the termination of the strike of the D.L.
& W.
SAYS GOVERNOR COOLIDGE—SAMUEL
men, which was reported to have closed down 26 collierie
s
GOMPERS OPPOSES BILL TO PREVENT
and deprived the workers of more than $1,000,000 in wages,
POLICE UNIONS.
special Scranton advices of Sept. 16 to the Philadel
phia
"Record" said "the worst tie-up the anthracite field
Governor Coolidge of Mass., who in the controversy
rehas
garding the Boston police strike, declared on Sept. 12
experienced since 1902 has been adjusted." The loss
"we
to
cannot think of arbitrating the Government" issued a pro..
the workers of the D. & H. was estimated at $750,000.
clamation on Sept. 24 in which he reiterated that "the
LABOR DELEGATES TO INDUSTRIAL CONFERENCE authority of the Commonwealth cannot be intimidated
or
coerced." The policemen, it will be recalled—about 1500
NAMED BY SAMUEL GOMPERS.
The names of fifteen labor leaders, submitted for nomina in number—left their posts on Sept. 9; subsequently riots
tion to the Industrial Conference to be heldrat Washington and disorders, resulting in bloodshed and destruction of
on Oct. 6 were made public by Samuel Gompers, President property, were witnessed in Boston, which necessitated the
of the American Federation of Labor on Sept. 22. The calling out of all the State troops. The striking policemen
list, including one woman labor leader, Sara A. Conboy of whose object it was to unionize themselves and affiliate with
the Textile Workers of America, is made up mainly of mem- the American Federation of Labor were removed from
the
bers of the Executive Council of the American Federation service by Police Commissioner Curtis on Sept. 13, the Comof Labor; there are six Vice-Presidents of the Federation missioner acting on the advice of the State Attorney-General
among them. The list has been submitted to Secretary
of ("Chronicle" Sept. 20, page 1137). On Sept. 20, nineteen
Labor Wilson, and besides Mr. Gompers there are the fol- members of the police force of the Metropolitan Park Comlowing:
mission were discharged because they refused to assist in
Joseph F. Valentine, President of the Moulders' Internatio
nal Union; quelling the riots on Sept. 9. The men were tried two days
Frank Duffy, President of the Carpenters' Brotherhood; W.
President of the Amalgamated Association of Street Railway D. Mahon, before. Twenty-seven other members of the Metropolitan
Employees force,
found guilty of insubordination were fined 30 days
T. A. Rickert, Jacob Fischer, Matthew Woll, Frank Morrison
Tobin, John L. Lewis, Sara A. Conboy, William H. Johnston, , Daniel J pay with the alternat
ive of performing extra duty for a like
Paul Scfiar.
renberg, John Donlin and M. F. Tighe.
period. In his proclamation of Sept. 24, alluded to above,
OTHER CONFERENCES TO FOLLOW INDUSTRIAL Governor Coolidge said: "In the deliberate intention to
intimidate and coerce the Government of this commonCONFERENCE—RAILROAD BROTHERHOODS
wealth a large body of policemen, urging all others to join
TO HAVE DELEGATES.
them,
deserted their posts of duty, letting in the enemy.
result
of
complai
As a
nts made to him by the agricultural
interests of the country because of the comparatively small This act of theirs was voluntary. . . . long discussed and
premeditated. . . . Its success meant anarchy. By this
representation which they are to have at the forthco
ming act, through the operation of
the law, they dispossessed
Industrial Conference at Washington, David Houston
,
Secretary of Agriculture, has made known that the primary themselves. . . . They stand as if they had never been
purpose of the conference will be to consider the question appointed." Three days before the Governor's proclamaof "industrial organization," and that President Wilson tion, the Boston Central Labor Union, the chief local labor
expects that similar conferences will subsequently be held organization, at a meeting to determine its attitude toward
to take up agriculture specifically, and other phases of the the striking policemen, who had been refused re-employment,
country's industrial hfe. In a letter to farm organizations decided not to call a general strike as had been planned.
The text of Governor Coolidge's proclamation of Sept.24
on Sept. 23, Secretary Houston wrote:
follows:
The President would have had a larger representation of farmers
if it were
not for the fact that the question chiefly to be discussed is that of industrial
There appears to be a misapprehension as to the position of the police
of
organization. Ile expects that this conference will widen
into others, Boston. In the deliberate intention to intimidate and coerce the Governwhere special attention will be given to other aspects of our industrial
ment
of this commonwealth a large body of policemen, urging all others
life.
to
Including agriculture specifically, and I am confident that at
such con- join them, deserted their posts of duty, letting in the enemy. This act of
ferences he will seek a more generous representation of farmers.
theirs was voluntary, against the advice of their well-wishers,long
discussed
The delegates selected by farmers organizations to repre- and premediated, and with the purpose of obstructing the power of the
Government to protect its citizens or even to maintain its own
sent them at the Oct. 6 conference were announced on Sept. Its
existence.
success meant anarchy. By this act, through
operation of the law
23 by the Department of Labor. They are: C. S. Barrett, they dispossessed themselves. They went out ofthe
offite. They stand as
Union City, Ga., Farmers' Co-operative Union; J. N. Titte- though they had never been appointed.
Other police remained on duty. They are the real heroes of this crisis.
more, Omro, Wis.; American Society of Equity, and T. C. The
State Guard responded most efficiently. Thousands have volunteer
ed
Atkinson, Washington, National Grange.
for the guard and the militia. Money has been contributed from every
It was stated on Sept. 23 by Frank Morrison, Secretary walk of life by the hundreds of thousands for the encouragement and relief
of these loyal men. These acts have been spontaneous, significant and
deof the American Federation of Labor that President Wilson cisive. I propose
to support all those who are supporting their
through Walker D. Hines, Director-General of the Rail- ernment with every power which the people have intrusted to me.own GovThere is an obligation, inescapable, no less solemn, to resist all those
roads, had asked that the railroad brotherhoods be reprewho
do not support the Government. The authority of the Commonwe
alth
sented at the conference by four delegates. The President's cannot be intimidated or coerced.
It cannot be compromised. To place
request was transmitted to the railway employees depart- the maintenance of the public security in the hands of a body of men who
have attempted to destroy it would be to flout the sovereignty of the laws
ment of the Federation.
the people have made. It is my duty to resist any such proposal. Those
1234
THE CHRONICLE
to
'who would counsel it join hands with those whose acts have threatened
destroy the Government. There is no middle ground. Every attempt
to prevent the formation of a now police force is a blow at the Governease
ment. That way treason lies. No man has a right to place his own
or convenience or the opportunity of making money above his duty to the
State.
This is the cause of all the people. I call on every citizen to stand by me
in executing the oath of my office by supporting the authority of the Government and resisting all assaults upon it.
The decision of the Central Labor Union against a general
strike was reported in Boston press dispatches of Sept. 21,
which said:
of
The Boston Central Labor Union at a meeting to-day for the purpose
against
determining its attitude toward the police strike in this city decided
calling a general strike at this time.
e
The report of President Michael J.0 Donnell, on behalf of the committe
Union,
of 17, which has been in charge of the situation for the Central Labor
general
of
a
saying "that the time is not now opportune for the ordering
on
strike," was unanimously accepted. No roll call of unions for reports
their individual strike votes was held.
"The members of the committee," President O'Donnell said, "find it adte in
visable now to announce the organizations that have voted to participa
a general strike movement. We also wish to give a large number of other big
unions, which will meet within a few days, a chance to record themselves in
favor of this action.
"We will go along slowly, coolly, calmly and collected, and when the time
comes for organized labor to make a protest the public will know that nobody
will be to blame but the authorities who refuse to make a move to avert it.
"If we announced the results of our tabulations of the strike vote to-day
of
everybody outside of organized labor would be surprised at the number
men and women who have pledged themselves as being ready to make the
fight for the 1,400 policemen of this city.
"Your committee recommends that a progressive report be received and
requests that all the financial aid possible be voted for the striking
policemen."
of
It was unanimously voted to place a weekly assessment on the members
all the unions for the benefit of the police.
(VOL. 109.
American Federation, with which the Washington policemen
had recently affiliated. Mr. Gompers said the scheme of
the Myers resolution was "not only unnecessary, but unjust
and unwise." Washington press dispatches of Sept. 24 in
reporting Mr. Gompers' testimony before the Senate Committee said:
He told the Senate District of Columbia Committee the Federation would
serve as a check on any untoward act of the police.
had
Inadequate salaries, injustice and mistreatment, Mr. Gompers said,
ss
caused the police of the country to respond with extraordinary promptne
labor.
organized
to the opportunity given them to affiliate themselves with
turn
He suggested that the only other organization to which police might
was the I. W. W.
Gompers said enactment of the bill would place a stigma on the labor
war, he
federation. Calling attention to the organization's record in the
Invited a full investigation of its acts and offered to place before Congress
rize
all of its records. Prohibition of individual rights, he insisted, charact
too many recent measures.
Under
.
Mr. Gompers made no attempt to defend a strike by policemen
did not
a sharp cross-examination by Chairman Sherman he declared he
recognize the right of a police force anywhere to strike.
Sherman
Regarding the situation in Boston, which Chairman
did not
the hearing against the protest of the witness, Mr. Gompers said he
regard it as a strike, but as a lockout.
GOVERNOR SMITH APPOINTS LABOR BOARD.
In accordance with plans adopted by the State conference of representatives of capital, labor and the public
on Sept. 16, Governor Smith on Sept. 25 named a labor
arbitration board of nine. The purpose of the board will
be to prevent labor strikes and lockouts. Its first meeting
will be held on Sept. 27 in this city at the office of the State
Reconstruction Commission which originally had made
recommendation for such a labor board. The memen
policem
the
striking
the
e
reinstat
to
refusal
Following his
are:
of the board as announced at Albany on Sept. 25 Federapapers
bers
Boston
Police Commissioner Curtis advertised in the
Holland, President of the State
P.
ames
Labor—J
ing
Represent
for recruits for a new police force, without any reference to the tion of Labor; T. M.Guerin, Vice-President, and Hugh Frayne, Organizer.
the Otis EleRepresenting Employers—W. D. Baldwin, President of
prevailing troubles. In criticism of the Commissioner's action
s,
Company, Yonkers; Saul Singer, representing the needle industrie
in so advertising for new men, Frank H. McCarthy, general vatorMadison
of the
President
avenue, New York City; Edward J. Berealo,
136
J.
M.
and
Labor
of
ion
Federat
an
Americ
the
Buffalo.
organizer of
Banal() Manufacturing Company,
r Harry C.
Representing the Public at Large—Lieutenant-Governo
O'Donnell, president of the Central Labor Union, on Sept. 19
Edward S. Walsh,
Walker, Adjutant General Charles White Berry and
issued this statement:
State Superintendent of Public Works.
We notice that the Police Commissioner, who has been loudly asserting
The proceedings of the State conference on Sept. 10 were
been
sy
have
controver
police
the
with
n
connectio
in
actions
his
all
that
law
the
referred to in the "Chroncile" Sept. 20, page 1130.
strictly in accordance with the law of our State, deliberately ignores
of Massachusetts in advertising for men to take the place of strikers without
Informing such men that labor trouble exists, as is required by the law of
Massachusetts.
We also wish to inform the ex-service men whom Commissioner Curtis
now on
invites to become strikebreakers that among the Boston policemen
strike are some 400 ex-service men,who responded to the call of our country
and
and bared their breasts to the German bullets in order that our country
to
the world might be saved to democracy, and who, because they sought
which they
have established in their department a little of the democracy for
livelihood
risked their lives, they find themselves deprived of their means of
and their comrades in service are appealed to take their places.
ex-service
the
that
learn
will
We believe that Police Commissioner Curtis
to think
men of Massachusetts are made of better stuff than he seems
they are.
James H. Vahey and John P. Feeney, counsel for the striking policemen, on Sept. 20, in an open letter addressed to
Mayor Peters, Police Commissioner Curtis, the Mayors'committee which sought to settle the controversy before the
police struck, and former Attorney General Herbert Parker,
legal adviser of the commissioner, requested that a "truthtelling party" be held for the information of the public. The
letter follows:
the Boston
Gentlemen: Who is misleading the Boston newspapers and
delivering editorial
public? For more than a week the papers have been
For
uneasy.
opinions and comment which must have made you gentlemen
out.
you know the truth has an uncomfortable way of getting
committee as
The papers point to the "compromise plan of the Mayor's
something which the policemen should have accepted.
You know the policemen couldn't do any such thing.
it, even
You know, Commissioner Curtis, that you refused to look at
when your intimate friend brought it to you.
for it
You know, Mr. Mayor, that when you tried to get consideration but
Curtis,
your letter was answered by a document signed by Edwin U.
written by Herbert Parker, refusing to consider any plan.
plan,
You know, Mr.Storrow, of the days and nights we all put in on this
every one of
how it was submitted to scores of men, and approved by
the
for
as
counsel
us,
by
d
them; you know of that other plan submitte
extracted
men. You know how the safeguards it proposed for the men were
accept them.
one by one, because the Commissioner would probably not
from
You know how a committee visited every morning paper and procured
se plan.
compromi
the
of
each one an editorial warmly favoring the adoption
want
You know how a committee labored with the Governor, who didn't
to be drawn into it.
You know, Mr. Parker, you know Mr. Curtis, why the plan was refused.
And nobody but you.
Let's have a little truth-telling party, gentlemen.
Let's hold a meeting as soon as possible and have everybody tell the truth.
Let us each tell what we did in order to adjust this matter before the
strike, and let us have the reporters there.
will
Let's have it now, for on Monday the Police Commissioner says he
begin to fill the places of these 1,400 men.
Let's have our little party before that happens.
The Senate Committee on the District of Columbia which
is considering the Myers resolution to stop the pay of policemen of the District of Columbia who become members of
labor organizations or organizations related thereto, had
before it on Sept. 24 Samuel Gompers, President of the
ESS
JEWELRY CONCERN OFFERS TO TURN OVER BUSIN
TO EMPLOYEES.
Labor's desire to absorb all the income without being
on
burdened with the responsibilities attending the operati
ting
of a business is evidenced in the situation confron
this
Arthur Goldsmith, head of Goldsmith, Stern & Co. of
the
in
jewelry
of
turers
manufac
leading
the
city, one of
on of the
United States. The announcement of the intenti
wages and a
employees to strike for a 25% increase in
Goldsmith
Mr.
of
offer
the
in
resulted
thirty-nine hour week
this, it is stated,
to turn over the plant to the workers, but
of Sept. 21
met with a declination. The Now York "Sun"
says:
men
the
of
s
in its account of the demand
firm of Goldsmith, Stern & Co..
August Goldsmith, head of the jewelry
a strike of 300 jewelers, polishers, tool33 Gold Street, confronted with
discontented workmen an oppormakers and other workmen, offered the
in fiction—to sell out to the emtunity which hitherto has existed solely
their care—and met refusal.
ployees and turn the business over to
the unwillingness of the workers
Mr. Goldsmith regards his proposal and
labor to take over industry is
of
cry
the
that
e
conclusiv
as
up
to take it
established for many years and is
empty shouting. The firm has been
turning out many varieties of
one of the leaders in the jewelry business,
goods.
Bolshevism," said Mr. Goldsmith Yes"These union men are mad with
getting $25 to $65 for a forty-fourterday. "The men who struck were
which often brought them $145 a
hour week, with extra pay for overtime,
increase. But they were not
week. In July we granted a 20% wage
satisfied.
the tools, dies and machinery
"I made this proposition: I would sell them and a mortgage for a third
notes
at their appraised value, accepting their
and liabilities and would give them
of the price. I would assume all debts
in and manage the place for them
come
would
I
said
also
I
sale.
of
a bill
I would retire and agree not to
for six months at no salary, after which them. I told hem my profit
with
re-enter the jewelry trade to compete
could make the business as sucwas 10%, and that if they thought they
go ahead. They were nonthem
let
to
willing
entirely
be
would
I
cessful
plussed and refused."
shop in his forty years in the busiMr. Goldsmith has conducted an open
art and not as a trade which should
ness, and regards jewelry making as an
older craftsmen will not join the
be invaded by unions. Many of his
said. Mr. Goldsmith is faced with
unions, because they love their art, he
wages at a time when the firm's orders
the necessity of granting still higher
the prices to the retailers cannot now
for the season have been booked, and
a practical test of the sincerity of
made
has
he
believes
He
.
be advanced
.
labor's intention to seize the industries
T OFFER OF
BOOK AND JOB PRINTERS REJEC
EMPLOYING PRINTERS.
printers engaged in the
A strike of approximately 10,000
trades is scheduled to
printing
job
ial
commerc
book and
printers, as repreThe
1.
Oct.
take place in this city on
Council, on Sept. 19.
Trades
g
Printin
Allied
the
sented by
SEPT. 27 1919.1
THE CHRONICLE
rejected the offer of the Association of Employing Printers of
a $6 weekly wage increase effective Oct. 1, and the putting
nto effect of the 44 hour week on May 1 1921. The unions
demands are: A minimum wage increase of $14 and the 44
hour week to be effective Oct. 1 the present year, when their
working contracts expire. Following the action of the
Allied Printing Trades Council in turning down the employing printers' offer of compromise, the question, on Sept. 21,
was put before a meeting of Typographical Union No. 6
(known as the "Big Six"), the largest local union. There
were present about 3,000 members of the Union. The offer
was also rejected by the "Big Six" whose membership
adopted on Sept. 21 the following resolution:
1235
dation that they be rejected. The other unions in likewise rejecting the offer
proposed to submit it to their membership and declared their intention to
abide by the arbitration agreements which they now hold with the employers
and which still have some time to run.
As chairman of the Employers' Committee, I declined to include the
seceding unions in our propositions. Our proposals to pressmen, feeders,
and paper handlers will be made to the representatives of the new unions,
duly authorized by their respective internationals.
The statement made by the officers of the international
union heads on Sept 18 (referred to above), after their conference with the representatives of the United Typothetae of
America (the national organization of employing printers)
reads as follows:
The attention of the officers of the international printing trades unions
having been officially called to declarations made by certain representatives
of local printing trades unions that a strike will be called in the mechanical
departments of the commercial printing offices of New York City on
Oct. 1, the following statement is made, defining the position of the undersigned international printing trades unions:
The positions taken by several of the printing trades unions of New York
City in refusing to submit certain differences with their employers to arbitration has not been encouraged or endorsed by the executive officers of the
international printing trades unions, and the strike, which it has been
announced will be called on Oct. 1, will not be authorized or supported by
The proposed strike of the local printers has not the sanc- the international organizations.
Negotiations for
inauguration of the 44-hour week, to be effective
tion of the international printers' unions and the international on May 11921, havethe
been practically completed. These negotiations have
unions will not support the strike if it is put into effect on been conducted by duly authorized representatives of the international
printing trades unions, whose members will be affected, and by authorized
Oct. 1 as scheduled. This fact was made known in a state- representatives
the international associations of employers in whose
ment issfied by the executive officers of four of the inter- printing offices of
the members of these unions are employed. Since this
national unions on Sept. 18 after a conference between them arrangement has the approval of a large majority of the members of these
international organizations, it necessarly follows that the executive officers
and representatives of the employing printers. The union of
the international unions most emphatically repudiate and condemn the
officers upheld the stand of the employers for a deferrment unauthorized action which the
spokesmen for several of the local printing
trades
unions have announced will be taken on Oct. 1.
of the 44 hour week till May 1 1921, saying in strong terms
The arbitrary position taken by the leaders of these local unions in
that "since this arrangement has the approval of a large rejecting an offer of fair arbitration,
is
direct conflict with the policies
majority of the members of these international organiza- repeatedly endorsed by the members ofinthe
International Typographical
Union,
the
International
Printing
Pressmen's
tions, it necessarily follows that the executive officers of the
and Assistants' Union, the
International Stereotypers' and Electrotypers' Union, the International
international unions most emphatically repudiate and con- Brotherhood of Bookbinders,
and the American Federation of Labor. The
demn the unauthorized action which the spokesmen for executive officers of these international unions have persistently adhered
several of the local printing trades unions have announced to the policy of fair arbitration all through the war, and they do not intend
to depart from it in this controversy.
will be taken on Oct. 1." The propositions submitted to
In justice to the loyal printing trades unions represented in the local
the local union heads on Sept. 19 were given in detail in Allied Printing Trades Council, it may be stated that the charters of at
least
of the local unions whose leaders are most active in this controa statement issued by William Green, Chairman of the Labor versythree
have been suspended by the international
having jurisdiction
Committee of the Association of Employing Printers, with and that the recent strike in the pressroom of theunions
Publishers' Printing Co.
is
a
fair example of the irresponsible leadership which is at the bottom of
which committee the labor men held the conference on that
this controversy.
day, as follows:
The door is open for the adjustment of this dispute through conferences
The meeting to-day was to consider the now contracts which replace of conciliation er by fair arbitration, if necessary. The publishers
and the
agreements which expire Oct. 1 1919. The first proposition advanced public should know that the international printing
trades unions have not
by the employers was that, in light of the action taken by the four presidents and will not give encouragement or approval to the officers
or members of
of the International Printing Trades Unions, they would refuse to negotiate any local union in rejecting the offer of fair arbitration
which has
with any local union not now in good standing with their international. As by the employers in this instance, nor will the international been made
unions give
a result of this stand representatives of Pressmen's Union No. 51, Franklin any support whatever to the members of any local union
participating in
Union No. 23, Paper Handlers' Union No. 1 and Job Press Feeders' Union any strike not authorized by these international unions.
No. 1 were requested to withdraw from the conference.
MARSDEN G. SCOTT,
In withdrawing from the meeting the seceding unions stated that they
President International Typographical Union.
left their case in the hands of Leon Rouse of "Big Six" Typographical
GEORGE L. BERRY,
Union.
Negotiations then proceeded with representatives of the eight unions which
President International Printing Pressmen's and
remained in the conference.
Assistants' Union.
The following proposal was submitted to all the unions remaining at the
WALTER N. REDDICK,
conference:
President International Brotherhood of Bookbinders.
(1) An arbitration agreement or agreements which expire at a different
JAMES J. FREEL,
date from the scale contracts to be made a condition precedent to the
signing of any new contracts. Present shop rules and overtime requirePresident International Stereotypers' and Electroments to be continued until such time as they can be taken up through a
typers' Union.
joint study and the advisability of changes considered on the basis of the
Simultaneously with the above a statement was issued
facts involved, and in case of dispute the controversy to be settled by conby F. A. Silcox, Director of the Industrial Relations Bureau
ciliation and arbitration.
(2) Each agreement or contract to be approved by the International as of the United Typothetae of America, which said:
in the past.
At a meeting of the International Joint Conference,representing the book
(3) The introduction of the forty-four-hour week to take place on May and job branch of
the printing industry of the United States and Canada,
11921.
including the four international organizations, trades unions and the closed
(4) A $6 increase in all scales on basis of forty-eight-hour week, with shop divisions
of the employers' association, two important actions were
provision in contract for readjustment each six months on cost of living
taken.
basis in accordance with the following clause:
First, on the part of the employers, it was reported that by the unanimous
Unless it can be shown by the cost of living figures of the United States
action of the Closed Shop Branch of the United Typothetae of America, the
Department of Labor Bureau of Statistics that during the six months
national organization of employing printers, in their convention Just ended
period from the date when this contract is effective and at intervals of at
the Hotel Commodore, the resolution to establish the 44-hour week in
six months thereafter, the cost of living has increased 5% or more, then, the closed shop was
ratified, to be effective on May 11921.
and then only, shall the officers of the union herein represented have the
Secondly, the Presidents of the international unions, after a careful reright to ask for a further readjustment of the wage scale herein set forth, view of the New York situation,
expressed themselves as convinced, withprovided that the percentage of increase shall apply only to the 1914 out discussing the
merits of the demands in working or wage conditions,
scales, the same basis as has been used to work out present scales, as em- that the proposals
of
employing
the
printers were a fair basis for arbitrabodied in this agreement, and, further provided, that should the cost of tion, if no agreement
could be reached in still further conferences. They
living for one of the six months periods decrease by an amount equal to or also issued a joint statement
which further defined their attitude toward the
exceeding the increases, then any increases above the amount now granted position taken by
the local unions.
in this agreement may be decreased in the same proportion, provided that
On
Wednesday
Sept.
24 more than 6,000 pressmen,
no figures shall reduce the scales below those set forth in this agreement.
(5) The committee representing the employers, signatories to the various assistants, feeders and paper handlers—workers in the
union agreements,in submitting to you for your consideration the above pro- various divisions
of the printing trades—voted down a
posals, has earnestly endeavored to redeem its responsibilities to all of the
interests involved and to fairly and justly meet the issues which present so motion to call an immediate strike, but maintained their
many complications. Our organization is ready and willing at all times and demands for the 44 hour week-by Oct. 1 and the $14 wage
under any circumstances to consult, conciliate, and, if necessary, finally increase
and adopted resolutions to appoint a representative
arbitrate all matters subject to controversy. In view of the fact that some
of the questions involved in these negotiations are national in their bearings, committee to confer with the employing printers, which
affecting other cities as well as Now York, in case final settlement is not committee was authorized to negotiate for the immediate
secured in conference between the employers'committee and the local unions,
consummation of contracts that included the two cardinal
we suggest that such issues in dispute shall be submitted to the International
Joint Conference Council, of which the international presidents of the demands of the unions. In order that the workers might
various unions and employers' associations are represented for the industry attend this meeting,Wednesday afternoon
had been voted
as a whole.
The offer was rejected by all of the unions, President Rouse,speaking for by them a holiday the previous Sunday. According to
Typographical Union No. 6, stated that the employers' proposal would be William Green of the Employing Printers' Association, this
presented at his union's meeting next Sunday (Sept. 21) with his recommen- self-appointed half-holiday was in violation
of the rules by
Resolved, That Typographical Union No. 6, after listening to a report of
its executive committee on the adjourned conference on the book and job
scale, concurs in its action in refusing to accept the proposition submitted
by the employing printers.
Resolved, That the officers of No. 6 be instructed to notify the employing printers of the above action and instruct the conference committee to
seek further negotiation. And that they be instructed to call a meeting
for Sunday, Sept. 28, in the largest hall that can be obtained for the occasion and notify members that a strike vote may be taken.
1236
THE CHRONICLE
[VOL. 109.
by
by with the Senate Committee on Inter-State Commerce,
which the unions are bound. The resolution adopted
of
tion
Associa
the
of
an
Chairm
Cuyler,
Witt
De
Thomas
the workers follow:
of
l
proposa
the
against
nt
argume
an
refused to enter into Railway Executives,
Whereas, The Employing Printers' Association has
the committee's bill presented by Senator Cummins. Inadan agreement with our unions; and
make possible the
Whereas, Our membership is composed of those who
vertently in publishing the document filed by Mr. Cuyler
big profits in the printing industry; and
our
introduced it with the statement "the letter of the Assoand
we
up,
tied
is
capital
stop,
profits
working,
Whereas, When we stop
filed with the Senate Committee by Mr. Warfield
ciation
and
crippled;
is
Industry
the employer and
Whereas, The printing industry is best protected when
says." Mr. Warfield's name got in through a
week
this
therefore, be it
the employees work in harmony and co-operation;
of slip of the pen, and what was intended was of course Mr.
composed
e,
Committe
t
Settlemen
joint
a
appoint
Resolved, That we
to have power to sign Cuyler. The letter itself was correctly published with Mr.
two members of each organization, this committee
week, as of Oct. 1 1919,
agreements, putting into effect the forty-four-hour
Cuyler's name at the end, but to avoid any misapprehension
further
and an increase in salary of $14 a week; and be it
Franklin
51,
No.
Union
we take occasion to make this explanation as to what was
's
Pressmen
Printing
Resolved, That New York
ners' Union No. 1, intended.
Straighte
Sheet
and
Handler
Paper
Inc.;
23,
No.
Union
guarantee the
agree to
Inc., and Job Press Feeders' Union No. 1, Inc.,
per week for our members
faithful performance of forty-four hours' work
any fair-minded employer
who were under any agreement made between
ts to be made from the
and our Joint Settlement Committee. Settlemen
those who desire to keep
moment this resolution is adopted, in order that
their presses in operation may do so.
Labor
The.Association of Employing Printers through its
any
Committee announced on Sept. 22 that "a lockout, or
and
has
,
lockout
a
as
ed
constru
be
possibly
could
that
action
points
the
settle
to
is
effort
whole
our
since
,
will be avoided
full
at issue through amicable means." The statement in
follows:
the industry. NatWhat the printers want is some degree of stability in
contracts, fairly made
urally, this condition can only be obtained through
tly stood for observance
and faithfully kept. The employers have consisten
on, and arbitration
of old contracts and for methods of conference, conciliati
In the making of new ones.
in the present
policy
this
We have placed no limitations or exceptions on
s and unions national
controversy. For example,although both the employer
le date for the estaborganizations have agreed on May 11921,as a practicab
even to arbitrate on
lishment of the forty-four hour week, we have offered
refused to discuss wages
that point. On the contrary, the local unions have
week was first conceded,
or working conditions unless the forty-four hour
arbitration or no arbitration.
construed as a lockout, has
A lockout,or any action that could possibly be
settle the points at issue
and will be avoided, since our whole effort is to
printers will keep their
through amicable means. In this connection the
afternoon (Sept. 24),
plants open in all departments on next Wednesday
they will decline to work
when the pressmen and feeders have served notice
cease work at that
This is in spite of the fact that the concerted action to
time will be another clear violation of their contract.
HOUSE PASSES BILL TO RESTORE RAILROAD RATEMAKING POWERS TO INTER-STATE COMMERCE COMMISSION.
The Cummins bill amending the Railroad Control Act
so as to restore the rate-making power to the Inter-State
Commerce Commission was passed by the House on Sept. 24
without a record vote. The bill, as noted in these columns
June 14, passed the Senate on June 12. It is pointed out
that under the bill the power to initiate rates would still be
retained by the President, the pre-war right to suspend and
review proposed charges being restored to the Inter-State
Commerce Commission. Before the House passed the bill
an amendment by Representative Saunders which would in
effect place the rate supervising power of State railway commissions in the hands of the Inter-State Commerce Commission was defeated by a vote of 80 to 20. In urging the
House to concur in the Senate bill Chairman Esch of the
House Inter-State Commerce Committee declared an increase in rates was inevitable, because of deficits in operating
revenues and a reduction of freight traffic as a result of the
steel strike. Representative Esch was quoted in the New
York "Times" of Sept. 25 as saying:
at any time
In my opinion, there is greater need for this legislation than
s, the greater
in the past. The nearer the end of Federal control approache
We
levels.
in
rate
increases
further
is the possibility and probability of
confusion
had one general increase in rate levels in June 1918. It caused
of the
throughout the country, and for months it was necessary for officials
nts.
Railroad Administration to send their traffic men to make adjustme
situation
the
state
only
can
I
Is there prospect of another rate increase?
every month of Federal
as it exists and leave it to your own deduction. For
return guarcontrol the earnings of the carriers were less than the standard
returns were about
the
anteed to the roads except in July. Up to then
a small
show
may
returns
August
s.
guarantee
$500,000,000 below the
as to
surplus, but it is the strike situation now pending that causes concern cons
the earnings of the roads for September, and, if strike condition
tinue, for succeeding months.
one of
We all know that the steel industry, with its allied industries, is
amount
the fundamental industries of our nation. It produces a tremendous
If
this
of tonnage, and many other industries are dependent thereon.
and the
great industry is hampered and its output is materially lessened
effect
output of dependent industries reduced, you can understand what
that would have upon the freight earnings of the roads.
,
result
will
I therefore fear that the strike situation, if long continued
l
in a very marked reduction in the freight earnings, and by so muchlwil
must!be
create a deficit in the earnings below the standard return, which
paid out of the Federal Treasury?
ced
Some large magazine publishers in this city have announ
workers
that they will move their plants to other cities if the
do not recede from their demands.
In response to the request made at last Sunday's meeting
of the "Big Six" Typographical Union a conference between
of
the members of the labor committee of the Association
Six"
"Big
the
of
Rouse
nt
Preside
and
Employing Printers
was held on Sept. 25, in an endeavor to bring about a settlement of the issues involved. Seven unions of binderymen and
mailers participated in the conference. All of the union
leaders present except Mr. Rouse agreed to arbitrate their
ch as
differences. This they were constrained to do inasmu
printers
ng
employi
the
with
nts
they bad arbitration agreeme
not
which extended beyond Oct. 1. The "Big Six" claims
nt
Pheside
kind.
that
of
nt
agreeme
binding
any
to have
ion.
arbitrat
of
plan
the
accept
Rouse was asked if he would
44He replied: "We'll arbitrate the wage question, but the
In stating that another factor in increasing the deficit
Y.
N.
the
to
ng
Accordi
ted."
arbitra
be
hour week cannot
would be proposed increases of pay to railway employees
"Tribune":
Chairman Esch said:
of the printing
Previous to this it had been agreed by the various unions
Since all but Rouse
trade to permit Rouse to act as spokesman for them.
ent could not conaccepted arbitration it was decided that this arrangem
this position and withtinue. Therefore the head of "Big 6" relinquished
drew from the meeting.
e, at which sub-comThe other unions remained for an all-day conferenc
the details of a peacemittees were appointed and the task of working out
ful settlement was begun.
-inI am told that the Director-General has tentatively agreed to grant
increase of
creased pay ranging from four to twenty cents per hour. An
when
and
only four cents would add a a total expenditure of $45,000,000,
ions
one demand is allowed the inevitable tendency is for other organizat
to put in more demands. The cumulative effect of the granting of these
If that be true, what is the inevitable conclusiOn? This and this only:
The demand on the part of the Director-Geneml for an increase of the rato
which may be from 15 to 25%. The increase of 25% last June involved
an additional burden upon the shippers of $1,000,000,000.
te ComWhat this bill does in such an emergency is to give the Inter-Sta
emerce Commission the power of passing upon the justness and reasonabl
of
reason
by
which
a
body
is
It
ness of such an increase of the rate level.
conits experience and equipment can promptly and with due regard to
rate
flicting interests and rival territory make a wise adjustment of the
It is understood, however, that in refusing to arbitrate the
the
question of a 44-hour week Mr. Rouse spoke also for
pressmen, the feeders and assistants.
At a meeting of 200 employing printers, members of the
Association of Employing Printers, held in this city on level.
Sept. 26 resolutions were adopted indorsing the stand of the
In explaining that the President was not deprived of the
committee that had refused to deal with the local unions power of initiating rates (wo quote again from the "Times")
repudiated by the international printers' unions. President Mr. Esch said:
Rouse of Typographical Union No.6 who had requested the
All that we ask is that after the rates are initiated the Commission shall
pending a consideration of their justness
privilege of speaking to the meeting restated that his union have the right to suspend them,anything
wrong about that? Under the
proeness. Is there
the
and
ng
reasonabl
Reporti
week.
44-hour
the
e
arbitrat
,
would not
Federal Control Act we gave one man the power to increase, overnight
said:
Post"
ng
We
"Eveni
Y.
ceedings of this meeting the N.
the level of rates affecting 110,000,000 people—a tremendous power.
president of only granted it because it was the exorcise of a war power. But now that
A letter was read at the meeting from Marsden G. Scott,
the letter any the war is over, and peace conditions are restored, the people feel that we
the International Typographical Union. According to
be read out should get back to normal again.
locai organization that strikes on October 1 will automatically
of the international organization.
the quesThe employing printers reiteratee.their-readiness to arbitrate
ROGER W. BABSON ON SOLUTION OF STREET
tions involved.
RAILWAY PROBLEMS.
ST
the Massachusetts Street Railway
AGAIN
before
In testifying
RAILWAY EXECUTIVES' ARGUMENT
on Sept. 18, Roger W. Babson, a
OADS.
.RAILR
Boston
OF
at
N
sion
RETUR
FOR
Commis
BILL
NS
CUMMI
Massachusetts Street Railway Co.
Eastern
the
of
In an article under the above head,in our issue of Sept. 13, director
System), stated that"with either
State
Bay
filed
the
ly
been
had
(former
there
that
fact
the
to
page 1037, we referred
SEPT. 27 1919.]
THE CHRONICLE
municipal ownership or private ownership our street railway problem can be solved, but it can never be solved with
a divided purpose." Stating that he sincerely hoped that
the Commission would "fearlessly report in favor of one or
the other and not report in favor of any combination or
compromise plan which would be only a makeshift," Mr.
Babson said:
Municipal ownership will mean increased taxes, but we can then
use the
street railway system for making truly better, busier and more healthful
communities. Private ownership will necessitate freeing the
street railways from special taxation and permitting them to charge what
the traffic
will bear; but with such privileges the street railways would so on
get on
their feet so that an up to date service could be inaugurated.
Mr. Babson also said during the course of his testimony:
The primary job of the Street Railway Commission is to determine
whether our street railway systems are to be operated to develop communities or to perpetuate the properties.
If your Commission decides that the street railways should become
"100% utilities," It should recommend State ownership, frown upon the
zone system, encourage long-haul travel rather than short-haul travel,
and use the street car systems for relieving congestion, building up
the
outskirts of our cities and developing home life along the most approved
hygienic linos. The zone system, although the most profitable, is
contrary
to the best interests of a city, because people should be encouraged to live
in the outskirts rather than fined for so doing. I believe in State ownership and operation.
If your Commission decides that the street railways are to become mere
business propositions, then it should insist that the State and municipaliti
es
stop persecuting the roads by burdening them with the various forms
of
taxation, &c. now inflicted upon them. There is no reason why
the street
railways should pay a special tax for doing business, any more
than the
coal dealers, the department stores, or other corporations which
uso the
streets for the delivery of their goods. Moreover, as a private
enterprise,
the street railways should be free to charge any fare that traffic will bear.
The idea of a standard fare for all cities and all distances is absolutely
foolish. The Boston Elevated could immediately be put upon a paying
basis. To do so, however, would require the elimination of flat fares.
For short low-speed hauls, when competing with pedestrians, this would
require a charge of only five cents; but for high-speed hauls, whore the
electric car is still the swiftest form of transportation, the trustees could charge
ten, fifteen or perhaps twenty-five cents. On the subways and elevated
lines, which can give a service faster and better than a taxi-cab
servise,
they could chargo twenty-five cents. Charging every one using the subways ten cents in addition to the regular fare would result in very little
loss of business. People don't object to paying for service or rapid transit.
It's poor service to which people object and which causes them to buy
autos, use trains, or walk. There is no need of the tax payers of Boston
paying any subsidy to the Elevated if tho Trustees will follow this method
of rate making. Such a plan, however, would not be best for Boston.
Before the days of the automobile,it was the duty of the State to regulate
street railway fares because then the street railway had a monopoly of
rapid transit. This, however, is not true to-day. Henry Ford has made
such a monopoly impossible. With nearly 200,000 automobiles in the State
of Massachusetts, and only 5,000 street cars, no one need fear a street
railway monopoly. If our Public Service Commission has any spare
energy
to expend, let them use it by improving the service, substituting
motor
buses for street cars, and by eliminating the abuse of proxies. The
troubles
of the street railways are due,first, to the automobile; secondly, to the
depreciation of the dollar; and thirdly, to the lack of interest among
investors
and boards of directors.
1237
strong nations. The heart of this treaty is that it gives liberty
and independence to people who never could have got it for themselves.
You have only to take the formulas of the war in order to see what
was
the matter.
The formula of Pan-Germanism was "Bremen to Bagdad." Germany
was looking for the line of least resistance to establish her power,
and unless,
gentlemen, the world makes that a line of absolute resistance, this
war will
have to be fought over.
You must settle the difficulties which gave occasion to the war,
or you
must expect war again.
I am not saying that Germany was the only aggressor and intriguer,
but
I am saying that there was the field where lay the danger
of the world in
regard to peace.!
I was glad, after I inaugurated it, that I drew together the
little body
that was called the "Big Four." It was a very simple council
of friends.
The intimacies of this little room were the centre of the whole
Peace Conference, and they were the intimacies of men who believed the same
things
and thought the same thoughts.
Now, the peace of the world is absolutely indispensable to us, and immediately indispensable to us. There is not a single domestic trouble
that
can be worked out in the right temper or opportunely and in time unless
we have conditions that we can count on.
We cannot arrange a single element of our business until we
have settled
peace, and know whether we are going to deal with a friendly world or an
unfriendly world.
In an open market men's minds must be open. It has been said so often
that it is a very trite saying, but it remains nevertheless true that a financial
panic is a mere state of mind.
But while the whole world is in doubt what to expect, the 'whole world
is
under the apprehension that is characteristic of a panic.
I want to remind you how the permanency of peace is at the heart of
this treaty. This is not merely a treaty of peace with Germany.
It is
nothing less than a world settlement, and at the centre of it stands this
covenant for the future which we call the covenant of the League of Nations
The covenant of the League of Nations is the instrumentality for
the maintenance of peace.
If any member of the League ignores the promises with regard to arbitration and discussion, what happens? An absolute isolation and boycott.
There is not, so far as I know, a single European country—and I say
European because I think our own country is exceptional—which is not
dependent upon some other part of the world for some of the necessaries
of its life.
So that what I am emphasizing is that the heart of this covenant
is
arbitration and discussion, and that that is the only possible basis for peace
in the future.
It is a basis for something better than peace. Really, civilization proceeds on the principle of understanding one another. You know how peace
between those who employ labor and those who labor depends upon conference and mutual understanding. If you don't get together with the
other side it will be hostility ot the end.
SIR EDWARD CARSON IN ANSWER TO PRESIDENT
WILSON ON IRELAND AND THE
PEACE CONFERENCE.
Last week, page 1145, we referred to PresidentWilson's
statement respecting the questions regarding`Ireland and tle
Peace conference put to him by the San Francisco Labor
Labor Council. Comment with regard to the President's
attitude on the self-determination of 4Ireland has since
been made by Sir Edward Carson, the Ulster leader, who in
a statement made public by the Associated Press, in London
TELEPHONE RATES PREVAILING DURING FEDERAL cablegrams
of Sept. 20, had the following to say:
CONTROL MODIFIED BY OHIO PUBLIC
As one anxious to see the League of Nations founded to protect the world
against the horrors of war, I do not desire to raise difficulties or anticipate
UTILITIES COMMISSION.
decisions on questions which must arise in the gradual development of
a
The first action taken to reduce the telephone rates estab- 'sound system of jurispruden
ce under the covenant. Therefore, I am,reluclished during Federal control of the wire systems has been tant to criticize the President's answer to questions put to him
by the
Francisco Labor Council with reference to Ireland.
taken in the State of Ohio. On Sept. 13 the Ohio Public San
Indeed, I find it difficult to understand from the answer given
what
Utilities Commission rendered a decision calling upon state of facts with relation to Ireland the President contemplate
d which entelephone companies to discontinue after Oct. 1 the charge titles any of the contracting parties to raise this question under Section 11 of
dealing with peace safeguards.
of $3.50 authorized by Postmaster-General Burleson for theI covenant
would like, however, in the interests
the success of the League, to
service connection of telephones. Reporting the decision, point out that nothing would more likelyoflead
to its failure than interference
by
any
of
the
great
contracting
dispatche
of
parties with the evolution of gov rnpress
s Sept. 13 from Columbus, 0. said:
ment in the realms of the others. The United
Kingdom, as a whole, is
The commission held that exacting a charge of$3.50, or anysmount
for an one of the contracting parties, and in respect to constitutional rights and
original installation, was "unjust and unreasonable," for the
reason that government all the units of the United Kingdom stand on an equal
basis,
such installation added to the capital account of the company
while trans- none being subordinate to the other, and it is difficult to foresee,
therefore,
fers from ono location to another were charged to operating
expenses and what circumstances can arise which would justify interference by
the League
were expenses which were created by the subscriber.
in relation to any particular unit.
The order also modifies other charges instituted under the
Burleson reIf President Wilson means to suggest that, because there is a large popugime. The local manager of the Central Union Telephone Company
told lation of Irish descent or Irish origin in the United States who sympathize
the commission that the order would mean a lass of approximate
ly $15,000 with the claims of the Irish secessionigts, this fact threatens to disturb intera year to the company in Columbus. The Cincinnati manager estimated national
peace or the good understanding between the United States and
the loss there at $85,000 and the Cleveland manager said the loss in his
city the United Kingdom, and that therefore the case arises under Section 11 of
would be approximately $100,000.
the covenant, I must with great respect enter a protest.
There would be no end to interference founded on such a plea, which
really means that citizens who have adopted a new country carry
with
PRESIDENT WILSON SAYS BUSINESS DEPENDS ON them the right to interfere in the affairs of the country of their origin.
It
is
not
necessary
to
point
out
how
disastrous
the
results would be. But
SETTLEMENT OF PEACE.
there are too many obvious criticisms to be made by any one who
to
Before a gathering of business men at a luncheon at San make the League of Nations a failure from the start. I do notdesires
desire to
range
myself
with
such
critics.
I believe the League only possible if real
Francisco on Sept. 18 President Wilson urged the acceptance
good will be shown
it in its infancy and if wise men, anxious for its
of the Peace Treaty, stating that "we cannot arrange a success, are chosen atbythe
start to administer and evolve its constitution.
single element of our business until we have settled peace
and know whether we are going to deal with a friendly world PRESIDENT WILSON'S FURTHER STATEMENT ON
or an unfriendly world." In part his remarks were as follows:
SHANTUNG PROVISION OF THE PEACE TREATY.
The men who do not look forward now are of no other service
Discussing the Shantung provision of the Peace Treaty
to the
nation. The immediate need of this country and of the world is
peace, at a luncheon Of the Associated Women's
Club at San Frannot only a settled peace, but peace upon a definite and well
-understood
foundation, supported by such covenants as men can depend
cisco on Sept. 17, President Wilson stated that he had been
upon, supported by such purposes as will permit of a concert of action throughout assured by the great
Powers that under the League of Naall the free peoples of the world.
tions there would be a new international policy for the proI don't believe that we even now stop to consider how remarkable
the
Peace Conference in Paris has been. It is the first great international con- tection of Chinese integrity. The Powers, said Mr. Wilson,
ference whicn did not meet to consider the interests and advantages
of the had Japan's promise to return Shantung to China, and in-
1238
THE CHRONICLE
[VOL. 109.
of Peace. It can't be done," and,if occasion arises,
tended to see that it was fulfilled under the League. He is against the Covenant
we can add: "It shall not be done."
said he had asked his colleagues at Versailles specifically
The weak and oppressed and wronged peoples of the world have never
whether they meant under the League to inaugurate a new before had a forum made for them to which they could summon their
policy toward China, and they told him they did. Far enemies in the presence of the judgment of mankind.
from being detrimental to China's interests, declared Mr.
Wilson, the Treaty really was the first in the world's(history PRESIDENT WILSON COMPELLED TO DISCONTINUE
to do something for China's benefit. In all previous inHIS SPEAKING TOUR.
stances of acquisition of Chinese territory, he said, the
President Wilson, it was announced yesterday (Sept. 26)
United States had not even protested. The press dispatches has canceled the remainder of his speaking tour which had
quoted the President as saying in part:
been scheduled to end on Sept. 29, because of a nervous
Quite apart from the merits of any particular question which may arise
breakdown brought on by over-exertion and the strain of his
about the treaty itself, I think we are under a certain moral compulsion to
official burden. His decision to discontinue his tour was
accept this treaty.
And not only is there the compulsion of honor, but there is the compul- made it is said very reluctantly on the advice of his physician
sion of interest. I never like to speak of that, because, notwithstanding
Cary T. Grayson. President Wilson was taken
the reputation that we had throughout the world before we made the great Rear-Admiral
sacrifice of this war, this nation does love its honor better than it loves its ill on Sept. 25 and was on his way to Wichita, Kansas, where
interest.
he had planned to speak, on the following day. Secretary
But if you want, as some of our fellow-countrymen insist, to dwell upon
following statement on
the material side of it and our interest in the matter, our commercial Tumulty at Wichita, issued the
interest, draw the picture for yourselves. The other great nations of the Sept. 26:
draw
world are drawing together. We, who suggested that they should
together in this new partnership, stand aside. We at once draw their
Intense hostility upon us. We at once renew the thing that had begun
to be done before we went into the war.
There was a conference in Paris not many months before we wont into
the war in which the nations then engaged against Germany attempted to
draw together in an exclusive economic combination, where they should
serve one another's interest and exclude thoso who had not participated in
the war from sharing in that interest. And just so certainly as we stay out
every market that can possibly be closed against us will be closed.
So that if you merely look at it from the material point of view, of the
material prosperity of the Unied States, we are under compulsion to stay
in the partnership.
And then there is a deeper compulsion, even, than that, the compulsion
of humanity. If there is one thing that America ought to have learned
more promptly than any other country, it is that, being made up out of
all the ranks of humanity, in serving itself it must serve the whole human
race. I suppose I could not command words which would exaggerate the
present expectations of the world with regard to the United States.
We cannot desert humanity. We are the trustees of humanity and we
must see that we redeem the pledges which are always implicit in so great
a trusteeship. I cannot conceive a motive adequate to hold men off from
this thing.
Let me take the point in which my initial sympathy is most with them,
the matter of the cession to Japan of the interests of Germany in Shantung,
in China. I said to my Japanese colleagues on the other side of the sea
that I am not satisfied with this settlement. I think it ought to be different. But when gentlemen propose to cure it by striking that clause out of
the treaty or by ourselves withholding our adherence to the treaty they
propose an irrational thing.
It was in 1898 that China ceded these rights and concessions to Germany.
The pretext was that some German missionaries had been killed. My
heart aches, I must say, when I think how we have made an excuse of
religion sometimes to work a deep wrong. The central government of
China had done all it could to protect those German missionaries. Their
death was due to local disturbances, to local passions, to local antiathy
against the foreigner. There was nothing that the Chinese Government
as a whole could justly be held responsible for. But suppose there had
been? Two Christian missionaries are killed, and, therefore, one great
nation robs another and does a thing which is fundamentally unchristian
and heathen. For there was no adequate excuse for what Germany exacted
of China.
I read again only the other day the phrases in which poor China was
made to make the concession. She was made to make that in words dictated by Germany—in view of her gratitude to Germany for certain servces
rendered, the deepest hypocrisy conceivable. She was obliged to do so by
force.
Then Russia came in and obliged China to cede her Port Arthur and
Ta Lien Wan, not for quite so long a period, but upon substantially the
same terms. Then England must needs have Wei Hel Wei as an equivalent
concession to that which had been made to Germany. And presently
certain ports and territory back of them were ceded upon similar principles
to France.
Everybody got in except the United States and said: "If Germany is
going to get something we will get something." Why, no one of them
was ehtitled to it; no one of them had any business in there on such terms.
And then, when the Japanese-Russian war came Japan did what she has
done in this war—she attacked Port Arthur and captured Port Arthur
and Port Arthur was ceded to her as a consequence of the war.
No protest was made by the government of the United States against
of
the original concession of this Shantung territory to Germany. One
the highest-minded men of our history was President at that time—I
Secretary
as
had
ever
we
men
mean Mr. McKinley. One of the ablest
of State, John Hay, occupied that great office. And in the message of
Mr. McKinley about this transaction ho said that inasmuch as the powers
that had taken these territories had agreed to keep the doors open for
we
our commerce, there was no reason why we should object. Just so
could trade with these stolen territories, we were willing to let them be
stolen.
Which of these gentlemen who are now objecting to the cession of the
German rights in Shantung in China were prominently protesting against
the original cession or any one of those original cessions? It makes my
heart burn when some men are so late in doing justice.
It is the first time in the history of the world that anything has been
done for China. And, sitting around our council board in Paris, I put this
question: "May I expect that this will be the beginning of the retrocession
to China of the exceptional right which other governments have enjoyed
there?" and the responsible representatives of the other great governments
said: "Yes, you may expect it."
Your attention is constantly drawn to Article X and that is the article,
the heart of the Covenant, which guarantees the political integrity, not
only of China, but of other countries more helpless, even, than China.
But besides Article X, there is Article XI, which makes it tha right
of every member of the League to draw attention to anything anywhere
that is likely to disturb the peace of the world or the good understanding between nations upon which the peace of the world depends. Whenever formerly anything was done in detriment of the interests of China, we
had to approach the government that did it with apologies.
Now when you have the treaty and the League of Nations, the representative of the United States has the right to stand up and say: "This
The President has exerted himself so constantly and has been under such
a strain during the last year and has so spent himself without reserve on this
trip that it has brought on a nervous reaction in his digestive organs.
Dr. Grayson, therefore, insists upon the cancellation of his remaining
appointments and his immediate return to Washington, notwithstanding
the President's earnest desire to complete his engagements.
To the people of Wichita the following message was issued
from the President's train:
To the People of Wichita:
It is with sincere regret that I am unable to meet the fine people of
Wichita and Kansas, to lay before them all the facts regarding the Treaty
of Peace and the League of Nations. I know with what candor they would
desire to treat this important matter, and I am confident what their judgment of the facts would be. It is a real disappointment to me that I must
leave Kansas without having the pleasure of again coming into personal
contact with them.
WOODROW WILSON.
President Wilson during his 22 days of speech-making
through the West delivered it is said 40 addresses. Besides
Wichita, his schedule included as stopping places the following cities: Oklahoma City, Okla.; Little Rock,Ark.;Memphis,
Tenn.; and Louisville, Ky.
SENATOR JOHNSON QUOTES LLOYD GEORGE AS
SAYING U. S. ENTERS WAR AUTOMATICALLY
WHEN GREAT BRITAIN IS AT WAR.
A speech in which he attributed to Premier Lloyd George
the declaration that "we have so arranged it now that whenever we are called into any war the United States enters
automatically," was made by Senator Hiram W. Johnson,
in voicing at Minneapolis, on Sept. 20, his opposition to
the League of Nations and denouncing certain of the provisions of the Peace Treaty. Three speeches were made by
Senator Johnson in the Twin Cities on Sept. 20 before his
return to Washington, and in one of these, at St. Paul, he
said:
I am going back to Washington to-morrow, because I want to be in the
Senate when my amendment giving the United States an equal number of
votes with Great Britain in the Assembly of the League of Nations comes
up for consideration next week. As much as I desire to go to California to
answer President Wilson, I feel it is perhaps even more important for me
to go to Washington to fight this infamous measure.
I want to see if there are not enough real Americans in the United States
Senate to pass this amendment.
In what he had to say in opposition to the League of Nations at Minneapolis, Senator Johnson said in part:
I cast my Hist vote in the United States Senate for the direct declaration
of war. In the early discussions of the war, after its declaration, there was
a spell on me,just as I imagine every American experienced, a desire to do
something superhuman, to devote my utmost energies to the country's
problems, that it might perform its great part and do its duty in the vast
conflict confronting us. I remember in those days sitting in my seat and
seeing'Balfour of England come from the side door and mount the rostrum
of the Senate. For the first time (so tender is the Senate of its precedents),
for the first time since Lafayette stood there, Balfour was the only foreign
diplomat to address that body. I remember him telling how he and his
people were fighting the war for the same things we were, for democracy
of the world; I heard Viviani of France; I didn't understand him, but the
musical eloquence of his words was apparent; he told us in like altruistic
tenor how he and his countrymen were struggling that democracy might
be made safe; I heard Ishii of Japan and Udine of Italy talk from this same
rostrum.
My heart throbbed and my eyes strained during those fateful moments
while they were talking to us in idealistic phrases, and during the very time
they were talking to us their pockets wore bulging with secret treaties, made
before we had entered the war,treaties which disposed of the peoples and territories of the earth, and which partitioned the earth's surface; but they
never mentioned them to Senator or Congressman,or to the President or the
Secretary of State, never lisped a syllable of their existencp; and the President told us he never hoard of those secret treaties until he reached Paris.
It's silly to talk about moral or legal obligations. The honest man and
would
the honest nation carry out their moral obligations as readily as either
carry out a legal obligation.
It may be legal or moral, or, as the President says,"compulsorily moral";
It may be of one sort or the other, nevertheless, when the United States of
America signs its name to a document by which it guarantees territorial
its
integrity of another nation, the United States of America will carry out
obligations no matter what the cost may be. So I don't stop to talk to you
in differentiation of one kind of obligation or another.
SEPT. 27 1919.1
THE CIIRONICLE
If any man had come to you three years ago, before the war; if any man
should come to you three years hence, and say to you that he was entering
Into a partnership between this nation and a foreign nation by which the foreign nation should be given six votes in that partnership and our country
should be given only one, you would hoot him from the rostrum. If he
did that three years ago or three years hence, you would hoot him away.
But so strange and distorted is our psychology to-day that that very
proposition is made to us. Now I have no prejudice against our English
brother. I admire him immensely. I admire the ability with which
Lloyd George represented the British Empire. I would that we could have
secured somebody to represent America who could have served our interests
as well.
What a proud boast it was that he made to his Parliament the other day
when he said that he had added to the Great British Empire 800,000 square
miles of territory. What a proud thing it was when he said to them "We
have so arranged it now that whenever we are called into any war,the United
States enters automatically." What a proud thing it was for him when he
was able to demonstrate that the Great British Empire holds to-day practically one-fourth of the whole surface of the earth and that its dream of
rule from Cairo to the Cape is now realized.
I3ut as I look about the nations of the world who are profiteering from the
war, I find one nation fought for its ideals. As Lloyd George, with his tremendous territorial gains, and Clemenceau, with his, looked about to find
one great unprofiting nation of the world, they saw before them America,
and they wrote into that pact that this nation should guarantee to England.
to Italy, to Franco, to Japan, all their acquisitions from the war, and safeguard forever all these nations that profited so immensely in territories and
peoples.
This is the issue, whether the non-profiting nation in the world, yours
and mine, shall guarantee the profit and booty they have gained from the
other nations of the earth. Why, not only do we guarantee to our European neighbors their spoils, but we guarantee to our neighbors beyond the
sea, the Japanese, their spoils, and you can't question the infamy of the
Shantung decision in glittering generalities and pleasing phrases. Do you
know what has been the proudest boast of America during these last
140
years? Its proud boast has always been that it has kept its faith and never
broken its word. It never rejected a friend, it never engaged in territorial
acquisition against a friend. And to-day, for the first time in history, the
signature of the United States of America has gone upon a document that is
a fraud upon a friend.
Now, we're told we can do little good by any amendment or by any objection to this particular treaty. That may be so, but because you can't
prevent a burglary is no reason why you should go into partnership with the
burglars. And that is exactly what we are doing in the Shantung matter.
1239
Eyre Crowe, the new British plenipotentiary to the Peace Conference, sat
on the President's left.
The Bulgarian delegates, General Theodoroff, M. Ganeff, M. Sakesoff,
M. Stambuliwsky, and M. Harzoff, entered after the other delegates, who
rose when the enemy representatives appeared. The Bulgarians showed
courteous confidence in their demeanor.
Twenty-five days are allowed Bulgaria to present observations on the
treaty terms.
The ceremony ended at 11 o'clock.
The delivery of the treaty was marked by little ceremony. Led by General Theodoroff, the Bulgarians entered the Foreign Office, their dark
visages showing no trace of emotion, contrasting sharply with the pale,
drawn countenances displayed by the German plenipotentiaries at the Versailles ceremony and with Dr. Renner's almost jovial appearance on the
occasion of the signing of the Austrian treaty at St. Germain.
They were ushered into the large dining room, where the plenary sessions
of the Peace Conference formerly were held—a departure from the course
adopted with the German and Austrian delegations, which were not allowed
to come to Paris.
An official summary of the Bulgarian treaty was given out
by the State Department at Washington on the day preceding the presentation, i. e. Sept. 18. The summary follows in full:
PART I.
The League of Nations.
This provision is identical with the corresponding provision of the treaties
with Austria and Germany.
PART II.
Frontiers of Bulgaria.
The frontier with Rumania remains the same as before the war, although
it is understood the question of inducing Rumania to cede to Bulgaria that
portion of Dobrudja which is wholly Bulgarian in character will be taken
up later. The frontier on the west with Serbia is modified in four places
to the advantage of Serbia. In the Timok Valley at the north Bulgaria
codes Serbia a narrow territory sufficient to provide for proper policing
of tho important Serbian railway running through that valley.
In the vicinity of Dragoman Pass Bulgaria cedes a small area sufficient
to protect Nish from Bulgarian attack. A little further south, in the vicinity of Varanye, where the Bulgarians in the present war occupied the only
railway that makes possible the defence of northern Serbia, Bulgaria is
required to cede a small area of mountainous territory sufficient to protect
the Serbian frontier from similar (omission) in the future.
At the south of this frontier, where a projecting lobe of the Bulgarian
PRESENTATION OF PEACE TERMS TO BULGARIA. territory came within
six miles of the same vital railway, Bulgaria cedes the
western
The treaty of peace between the Allied and Associated twelve projecting lobo to Serbia, so that her frontiers are removed ten or
miles eastward. The most extensive territorial change is to the
Powers, on the one hand, and Bulgaria, ally of Germany in south. The frontier with Greece remains the same except for
slight rectithe world war, on the other, were presented to the Bulgarian fication to afford proper protection to the Greek town Buk.
Western Thrace,formerly constituted as Bulgaria's territorial pathway
to
Peace Mission at Paris on Sept. 19. The notable feature the Aegean
Sea, is ceded to the principal allied and associated Powers.
about the Bulgarian treaty is the fact that several of its -Bulgaria agrees to accept whatever
disposition of this territory the Powers
sections—such as those on Labor, Aerial Navigation, League ultimately decide on. It is stipulated that whatever solution is adopted
an economic outlet to the Aegean Sea will be guaranteed to Bulgaria,
the
of Nations, Prisoners of War, Penalties, &c.—are practically Powers
having tilt, right to return all or part of the territory to Bulgaria
repetitions of the corresponding sections of the Austrian transfer part to Greece, incorporate
the remainder with eastern Thrace
treaty, with the exception of names. Reparation in gold to in an international state, or to make any other solution ultimately agreed
the extent of 2,500,000,000 francs, equal normally to about upon.
PART III.
$500,000,000, is called for in the treaty. In the boundary
Political Clauses.
Clauses Bulgaria agrees to cede to the principal Allied and
Bulgaria agrees to recognize the Serb-Croat-Slovene State. Bulgarian
naAssociated Powers, Western Thrace, formerly constituted tionals habitually residents in the territories assigned to the Serb-CroatSlovene State, or in territories assigned to Greece by the present treaty,
or
as Bulgaria's territorial pathway to the Aegean Sea. She by other treaties concluded
with the purpose of completing the present
agrees to accept whatever disposition the great Powers make settlement, will ipso facto lose their Bulgarian nationality
and acquire that
of this territory, which has been claimed at the Peace Con- of the State of which they become residents. Provisions are made for
options to nationality.
ference by Greece, and has latterly been one of the chief reciprocal
Greece agrees to embody in a treaty with the Allies such provisions as may
problems before the Conference. Among the other provi- seem necessary to protect the interest of the minorities
of race, language or
religion, and make provisions necessary to protect the freedom of transit and
sions of the treaty are these: That Bulgaria agrees to:
equitable
treatment of the commerce of other nations.
Reduce her army to 20,000 men and gendarmerie to 10,000 within
three
Regarding Thrace, Bulgaria agrees to accept any settlement the allied and
months, and substitute voluntary enlistment for universal military
service. associated Powers may make in this territory as to the
Surrender her warships and submarines to the Allies.
nationality of the inhabitants. Bulgaria's economic outlet to the Aegean Sea is insured by the
Recognize the independence of Jugo-Slavia and return property
taken Allies.
from that State during the war.
Bulgaria agrees to assure the complete protection of life and liberty of
Modify her frontier at four places in favor of Serbia and
compensate all inhabitants without distinction of birth, nationality,
language,race or reSerbia for stolen coal.
ligion, who all enjoy the same civil and political rights. No restriction is imRenounce the treaties of Brest-Litovsk and Bucharest, and return
money posed on the free use of any language in private
or public. All persons
and securities received by those treaties.
habitually residents of Bulgaria at the date of the coming into force of the
Twenty-five days are given to Bulgaria to present her present
treaty, not nationals of any other State, and all persons born in
observations on the terms.
Bulgaria, not nationals of any other State, shall acquire ipso facto BulThe ceremony attendant to the presentation of the terms garian nationality.
PART IV.
lasted twenty minutes, fifteen of which were occupied by
Military, Navy and Air Terms.
General Theodoroff, who -pleaded in behalf of his countryMilitary—The Bulgarian army shall not exceed 20,000 men, including
men for leniency in the conditions to be imposed, asserting officers and depot troops.
Within throe months the Bulgarian military forces will be reduced
Governmen
of
t
King
that the
to this
Ferdinand had entered the number,
the universal military service abolished and voluntary enlistment
German alliance in disregard of the people's wishes. In substituted.
The army shall be used exclusively for the maintenance of
reporting the formal event, Associated Press Paris dispatches internal order and control of the frontiers.
The number of gendarmes, customs officials and other armed guards shall
of Sept. 19 said:
not exceed 10,000, making a total of not more than 30,000 rifles in
use in
The treaty of peace between the Allied and Associated Powers and
Bul- Bulgaria.
garia was presented to the Bulgarian mission at tho French Foreign
Office
All
officers,
including
customs
officials
and other guards, must be reguthis morning at 10:40 o'clock.
lars, those of the present army to be retained under obligation to
serve till
After the delegates had assembled, Premier Clemonceau, President
of the 40 years old, those duly appointed agreeing at least to twenty
consecutive
Peace Conference,sp'oke briefly in opening the session, lie was
followed by years of active service. Non-commissioned officers and
General Theodoroff, head of the Bulgarian Mission.
privates must
enlist for not less than twelve consecutive years with the colors.
General Theodoroff spoke for fifteen minutes, pleading that
ihe BulWithin three months there must exist only one military school and
garian people were not responsible for the war, but that the
no
Bulgarian Gov- other school or societies will be allowed to drill, use
arms or train for war.
ernment had thrown the country into the struggle. Ho
blamed King
Within three months the armament of the Bulgarian army must be reduFerdinand and WWII Radoslavoff, Bulgarian Foreign Minister in
1914, for ced according to given schedules, all surplus to be surrendered.
The manuBulgatia's entry into the war. He said the Bulgarian people did not
approve facture of war material will be confined to a single factory, under
State
of the German alliance, which, he declared,"came to them as a cataclysm,"
control, and all other such establishments will be closed or converted. The
but they realized they must accept part of the blame for it.
importation or exportation of arms, munitions and war materials of all
"We have committed faults," he said, "and we shall bear their consekinds is forbidden.
quences within the bounds of equity, but there is a punishment no crime
Naval—All existing Bulgarian warships, including submarines, will be
can justify, and that is servitude."
surrendered to the Allies; warships or submarines under construction will
Representatives of each of the twenty-seven Governments participating
be broken up; the salvage not used for other industrial purposes will not
in the conference, including Rumania, were present. Frank L. Polk, head be
sold to foreign countries. Construction or acquisition of any submarines,
of the United States delegation, sat on M. Clemonceau's right, and Sir
oven for commercial purposes, will be forbidden. All naval arms, munitions
1240
THE CHRONICLE
and other war material belonging to Bulgaria at the date of the armistice
will be surrendered to the Allies.
During three months the Bulgarian wireless station at Sofia will not be
used for military, naval or political messages without the assent of the Allies, but only for commercial purposes under supervision. During the
same period Bulgaria will not build any more high power wireless stations.
Air Clauses—Bulgaria may have no military or naval air forces, includng
dirigibles, must demobilize all existing forces within two months and must
surrender to the principal allied and associated Powers wide categories of
aviation material.
General—Bulgaria agrees not to accredit or send any military, naval or air
in
mission to any foreign country, or allow Bulgarian nationals to enlist
the service of any foreign Power.
PART V.
Prisoners of War and Graves.
This provislion is practically identical with the corresponding part of
the Austrian treaty.
PART VI.
Penalties.
This provision is practically identical with the corresponding part of
treaty.
the Austrian
PART VII.
Reparation.
Bulgaria recognizes that by joining the war of aggression which Germany
and Austria-Hungary waged against the Allied and Associated Powers she
caused the latter losses and sacrifices of all kinds for which she ought to make
adequate reparation. On the other hand, it is recognized that Bulgaria's
resources are not sufficient to make adequate reparation. A capital sum of
Bultwo and a quarter billion francs in gold is agreed upon as being such as
garia is able to make, to be paid in half-yearly payments on Jan. 1 and
inter5%
July 1, beginning July 1920. Each half-yearly payment includes
the
est on capital, and provision of a sinking fund sufficient to extinguish
that the
total amount in thirty-seven years from Jan. 1 1921 to 1958, except
be refirst two payments shall represent interest at 2% only. Sums shall
mitted through the Inter-Allied Commission to the Reparation Committee
treaty.
created by the German
and to
The Reparation Committee shall have the right to require, issue
to fix
sell and dispose of bonds based on payments made by Bulgaria, and
capital
total
the nominal amount of the bonds, which shall not exceed the
rethe
consider
shall
Commission
then outstanding. The Inter-Allied
sources from time to time of Bulgaria, and shall have power to recommend
of any
to the Reparation Commission the cancellation or postponement
payments to be made by Bulgaria.
payment
the
to
claim
any
of
Bulgaria recognizes the transfer to the Allies
may have
or repayment which Germany, Austria-Hungary or Turkey
against her and the Allies, and, on the other hand, they agree no to require
out of
arising
from Bulgaria any payment in respect to claims so transferred
1
the supply by Austrian-Hungary of German war materials since Aug.
1914. Bulgaria agrees to locate and return frothwith to Greece, Rumania
and the Serb-Croat-Slovene State any records, archives, articles of archeo-.
during
logical, historical or artistic interest, taken from those countries
the present war.
Within six months from the coming into force of the treaty, Bulgaria
State,
agrees to deliver to Greece, Rumania and the Serb-Croat-Slovene
y among
live stock according to the sitpulated tables divided proportionall
horses
them amounting in all to about 125 bulls, 13,000 milch cows, 12,500
compensaand mares, 2,500 mules, 12,000 draught oxen, 33,000 sheep, as
war.
the
during
tion for the animals taken from those countries by Bulgaria
Serbian
As special compensation for the destruction of the coal mines in
territory, Bulgaria agrees to deliver to the Serb-Croat-Slovene State 50,000
at Pernik,
tons of coal a year for five years from the Bulgarian State mines
satisproviding that the Inter-Allied Commission gives its approval and is
of Bullife
economic
the
fied such deliveries do not interfere unduly with
garia.
soon as posThe Inter-Allied Commission shall be established at Sofia as
sible after the coming into force of the present treaty.
by Great
nominated
members
of
three
The Commission shall consist
months' notice'
Britain, France and Italy, with a right to withdraw upon six
invited to take
Bulgaria will be represented by a commissioner, who may be
commission
part in the sittings, but who shall have no power to vote. The
the present
under
due
shall continue in existence so long as any payments
tho necessary
treaty remain unpaid. Bulgaria agrees to provide by law
expenses of
authority for the commission to carry out its duties. Cost and
chargo on the
the commission will be paid by Bulgaria and will be a first
revenues payable to the commission.
for workA list of taxes and revenues, including receipts from concessions
shall be preing of mines or quarries, public utilities or State monopolies,
the
make
scribed to produce the above sum. In case Bulgaria fails to
work the
requisite payments or to enforce the legislation to carry on this
to hold
Inter-Allied Commission will be entitled to collect such taxes and
priorities
and disburse the proceeds and to apply any proceeds subject to
laid down in this treaty.
PART VIII.
Financial Clauses.
The
Financial clauses are very familiar to those in the Austrian treaty.
all armies
priority of charges on the assets of Bulgaria shall be (1) cost of
public
of occupation of the Allies; (2) service of external pre-war Ottoman
Bulgaria
debt as may be attributed to Bulgaria in respect to the cession to
treaty.
the
by
of Ottoman territory; (3) cost of reparation as prescribed
BrestBulgaria renounces all the benefits of the treaties of Bucharest and
Allied
Litovsk and undertakes to transfer to Rumania or to the principal
that
and Associated Powers any moneys,securities or negotiable instruments
may have been received according to such treaties.
claims
Bulgaria undertakes to transfer to the Reparation Commission any
Turkey.
she may have for reparation by Germany, Austria-Hungary or
PART IX.
Economic Clauses.
in the
The economic clauses are of the same general import as those
imposed
Austrian treaty. Bulgaria assumes obligations similar to those
of the
on Austria in regard to commercial matters, treatment of nationals
liquidation of
Allied or Associated States, the enforcement of treaties, the
the
and
contracts,
private enemy property, the adjustment of debts and
protection of industrial property.
considerThere are some points of difference in the Bulgarian clauses of
able importance.
cusBulgaria
For one year from the coming into force of the treaty with
will not be
toms duties on imports from the Allied and Associated States
on July 28
higher than the favorable duties applied to imports into Bulgaria
1914.
war measexceptional
The Bulgarian Government is required to revoke all
,3 property of the allied nationals, whereas similar measures
ures affecting t)
[VOL. 109.
put into operation by the Allied and Associated Powers are declared final
and binding. Bulgaria, in a series of new provisions, is made responsible
for certain obligations incurred by her owing to the acquisition of property
after the Balkan wars.
PART X.
Aerial Navigation.
This provision is identical with the Austrian treaty.
PART XI.
Ports, Waterways and Railways.
The general provisions of the ports, waterways and railways clauses are
similar to those of the Austrian treaty, obliging Bulgaria to allow freedom
of transit through her territories on railways and navigable waterways to
persons, goods, vessels, mails, &c., without Imposing restrictions or undue
delay. Bulgaria also agrees to liberty of transit to telegraph and telephone
messages.
The Danube is declared to be international from Ulm and all vessels are
property of all Powers and will be treated on an equal footing. Bulgaria
shall cede to the Allies within three months a proportion of tugs and vessels
and material necessary for the utilization of the river system, compensation being provided for.
The European commission of the Danube shall reassume the powers It
had before the war, but as a provisional measure the representatives of
Great Britain, France, Italy and Rumania only shall constitute this commission. From this point where the competence of the European commission ceases, the Danube system shall be placed under an international
commission composed of two representives of the German riparian States
and one representative of each non-riparian State represented in the future
on the European commission of the Danube.
Bulgaria is obliged to recognize the Bern convention or any subsequent
convention regarding the transportation of passengers and goods by rail,
whether she refused or not to participate in the preparation of such conventions or to subscribe to them.
Provisions also are made for transfer of the railway lines and for establishment of new frontier stations.
All disputes which may arise through carrying out provisions of these
clauses shall be settled as provided by the League of Nations and without
prejudice to the obligations of the present treaty. Bulgaria must agree to
any general convention in regard to the transportation concluded within
five years by the Allied and Associated Per, s with the approval of the
League of Nations.
PART XII.
Labor Clauses.
This provision is identical with the labor clauses in tho Austrian treaty.
PART XIII,
Miscellaneous.
Identical with the corresponding provisions in the Austrian treaty.
GERMANY COMPLIES WITH REQUEST OF SUPREME
COUNCIL AND ELIMINATES ARTICLE
61 FROM GERMAN CONSTITUTION.
Baron Kert von Lersner, head of the German Peace Mission at Versailles, signed on Sept. 22, a protocol by which
Article 61 of the German Constitution is nullified. The
event took place at Versailles, without ceremony, and the
only Allied representative present was Jules Cambon of the
French Peace Mission. The article referred to provided
for possible representation at some future date of GermanAustria in the German National Council, which was in contravention to the Peace Treaty signed at Versailles on June
28 and also the Austrian Peace Treaty signed at St. Germain on Sept. 10. It became known on Sept. 18 that the
Committee on Foreign Affairs of the German National
Assembly had decided to nullify the article in dispute and
that Baron von Lersner had been instructed to notify the
Peace Conference of its intention so to do. The signing
of the protocol was the climax of a controversy which had
extended over .period of about three weeks.
The Supreme Council of the Peace Conference on Sept. 2
sent an ultimatum to the German Government demanding
withdrawal within two weeks time of Article 61, it being
pointed out that this constituted a formal violation of
Article 80 of the German Peace Treaty. The reply of the
German Government to the Supreme Council, according
to Berlin advices of Sept. 5 by the Associated Press pointed
out that the German peace delegation had "informed the
Allies on May 27 that Germany had no intention to modify
the Austro-German boundaries by violence, but could not
undertake to oppose a German-Austrian spontaneous desire
for union with Germany." The advices added: "The Allies
acknowledged receipt of this communication on June 16, the
reply continued and therefore Germany felt authorized to
insert article 61 in the Constitution."
The note of the Supreme Council demariding withdrawal
of the -conflicting article was made public by the State Department at Washington on Sept. 5 as follows:
The Allied and Associated Powers have noted the German Constitution,
Aug. 111919, and have noted that the provisions of the second paragraph,
Article 61; constitute a formal violation of Article 80 of the Peace Treaty,
signed at Versailles June 28 1919.
This violation (paragraph 1, Article 61) by stipulating the admission
lands
of Austria to the Reichstag, assimilates this republic to the German
(Deutscherlander) which compose the German Empire, the assimilation of
which is incompatible with the independence of Austria (paragraph 2).
By admitting and regulating the participation of Austria in the Imperial
Council, the article creates a political bond and political action common to
Germany and Austria in absolute contradiction with the independence of
the latter.
SEPT. 27.1919
THE CHRONICLE
Consequently the Allied and Associated Powers, after having reminded
the German Government that Article 178 of the German Constitution
declares "provisions of the Treaty of Versailles cannot be affected by the
Constitution," request the German Government to take due measures to
suppress this violation immediately by declaring the second paragraph of
Article 61 null and void.
Without pledging themselves not to take further measures in case of
refusal, and by virtue of the Treaty (notably of Article 4281), the Allied
and Associated Powers declare to the German Government that violation of
its pledges on essential points constrains them, if their just demand is
not complied with within fifteen days from the present time to order at
once an extension of their occupation on the right bank of the Rhine.
To the subsequent note from the German Government,
referred to above, the Supreme Council on Sept. 11 made a
reply which set forth that besides Article 61 of the German
Constitution there were other objectionable features of the
Constitution. Accompanying this note was the protocol
which the Council demanded the German representatives
sign and which it was stipulated the German Government
must ratify two weeks after the Treaty of Peace is in force.
The text of the protocol was contained in the following
dispatches of the Associated Press from Basel, dated Sept.
14, which also summarized the Allied note of Sept. 11:
M. Clemenceau's note, which was in reply to the German Government's
defence of the articles protested against, called the German reply an "Ingenuous artifice" which would enable, for instance, the Gorman Constitu-'
tion to declare that an army of several million men should be maintained
by recruiting, and that when the Allied and Associated Powers drew attention to such stipulation as being contrary to the Peace Treaty the German Government could reply that the Constitution provided a sufficient
guarantee in Article 178 stipulating that nothing in the Peace Treaty should
be affected by the Constitution
The note proceeds to point out that Article 112 of the Costitution says
no Germans shall be delivered up to a foreign tribunal, although the Peace
Treaty expressly provides that certain persons, accused of the violation of
the laws of war, shall be delivered for trial by a foreign tribunal.
The note ends with the copy of a diplomatic document which the German plenipotentiaries must sign in the presence of representatives of the
Allied and Associated Powers and which the German legislative authorities
must ratify within a fortnight after the Treaty of Peace is in force.
The text of the diplomatic note says:
"The undersigned, duly empowered to act in the name of the German
Government, recognizes and declares that all prescriptions of the German
Constitution which are In contradiction to the Versailles Treaty are not
valid, notably the admission of Austrian representatives can take place
only if, conformably with the Treaty, the League of Nations gives assent
to a modification of Austria's international situation."
Cable advices from Paris to the State Department at
Washington on Aug. 29 said the French Government had
protbsted to the Peace Conference against the provision of
the German Constitution admitting Austrian delegates to
the German National Assembly. The French Government
was reported in the State Department advices to have
"recommended that an immediate protest be dispatched by
the Peace Conference to the Berlin Government, but the
Conference decided to refer the German Constitution to
the several delegations for careful study." Paris dispatches
of Sept. 3 said that the Austrian Peace Treaty as presented
to the Austrian peace delegates on the preceding day contained a clause having the effect of prohibiting the annexation of Austria by Germany. The clause referred to, according to the Paris advices, reads as follows:
The independence of Austria is inalienable otherwise than with the consent of the Council of the League of Nations. Consequently, Austria undertakes,In the absence of the consent of said Council, to abstain from any
act which might, directly or indirectly, by any means whatsoever, compromise her independence. particularly until her admission to the League of
Nations, by the participation in the affairs of another Power.
Article 61 of the German Constitution, the full text of
which appeared in the New York "Times" of Sept. 14, was
as follows:
Article 61.
In the National Council every State shall have at least one vote. In the
rase of the larger States one vote will be accorded to every million inhabitants. Any excess equal at least to the population of the smallest State
will be estimated as equal to a full million. No State shall be represented
My more than two-fifths of all votes.
Gorman-Austria, after its union with the German nation, shall receive the
right of participation in the National Council with the number of votes corresponding to its population. Until that time the representatives of German-Austria shall have a deliberative voice.
The number of votes shall be newly determined through the National
!ottncil after every general census.
PALL OF RUMANIAN AND SERBIAN GOVERNMENTS.
The Governments of the two powers which refused to sign
the Austrian Peace Treaty at St. Germain on Sept. 10 fell
%,ory soon after as a result of their diplomatic difficulties.
These two States—Rumania and Serbia—objected to the
articles guaranteeing the protection of minorities within
territories detached from the former Austro-Hungarian
stonarchy. The fall of the Serbian Government was made
known to the Supreme Council on Sept. 11 by the Serbian
peace delegation. The fall of the Rumanian Bratiano Govtrnment was confirmed at Paris on Sept. 14, though as early
as Sept. 10 advices to Vianna from Burachest reported that
Maim() had quit. The latter event must have been hastened by the defiant attitude toward the Allied Powers
1241.
assumed by Premier Bratiano following the occupation by
Rumanian troops of Budapest, shortly after the fall of the
Communist Government of Hungary headedlby Bela Kun.
The Rumanian troops had enteredPudapest on Aug. 4
against the objections of the:AlliedPowers and subsequently
presented to the Hungarian Government an ultimatum.
From that time until Sept. 4 the SupremeICouncil was continually ignored by Rumania, and thel,Council finally authorized Sir George R. Clerk, a member:of the:British Foreign Office, to personally take to thejRumanian:capitol an
ultimatum setting forth the demands:of the Council. Sir
George left Paris on or about Sept. 4 with the Allied note
which was said to have been prepared by Arthur Balfour,
British Foreign Secretary. The contents ofithe Allied note
were summarized in Paris press dispatches of Sept. 5, which
said:
The note of the Supreme Council which Sir George R. Clerk of the British
Foreign Office is carrying to Bucharest is couched in firm but cordial langatiago, according to the "Petit Parisian" to-day. It says the communication recalls to the Rumanian Cabinet the engagements it had entered into
and sots forth the necessity of their being kept.
It is said by the journal that Sir George is taking with him the 75 radiograms which the Rumanian delegation is reported to have declared were
sent from Paris to the Rumanian Government within the last two weeks
but none of which reached its designation. Rumania claiming a similar
failure of the various Allied notes to reach her. As to the new Allied note,
the journal says it declares the Peace Conference considers Rumania as a
faithful friend, expresses the wish that its Government will not detach
itself from the body of the Allies, requests explanations on various points,
asks that Rumania evacuate Hungary speedily and meanwhile cease requisitioning supplies, while putting the material already requisitioned at
the disposal of the Allies for the purpose of making a just division of it or its
equivalent among the various nations having claims against Hungary.
The note is said to end by asking Rumania to co-operate with the Allies in
re-establishing order in Hungary.
Following an exchange of notes between the Supreme
Council and the Rumanian Government, called forth by the
occupation by Rumanian forces of Budapest, the Peace
Conference received a note on Aug. 13 conveying the intention of Rumania to abide by the decisions of the Conference.
The Supreme Council on Aug. 15 in a reply said the Peace
Conference "notes with satisfaction the Rumanian declarations that it intends to work in agreement with the policy
the Conference adopts in Hungary" but "the Supreme
Council insists on the fact that the final recovery of war,
railway or agricultural material, or of cattle, &c., cannot
occur at present," and it is the right of the Allied Powers
alone to fix the reparation to be made by Hungary and
determine its distribution among interested States. The
text of the Allied note of Aug. 15 follows:
The Peace Conference, without reverting to a certain number of points
which call for,.correction on its part, notes with satisfaction the Rumanian
declarations that it intends to work In agreement with the policy which the
conferences adopts in Hungary. It interprets this declaration as an indication that Rumania, as a State participating in the Peace Conference, intens to conform to the decisions of the Conference comminicated through
the military mission delegated to Budapest by the Supreme Council.
Directions sent three times by the Conference to the mission of Allied
generals and communicated to Bucharest. have defined explicitly and in de.
tail the present policies of the Allied Powers toward Hungary, the disarmament of Hungarian troops, the maintenance of order with the smallest possible number of foreign troops, the revictualling of Hungary and the abstention from all interference in the internal politics of Hungary, preset v
lag for that country a free expression of the national will.
The Supreme Council insists on the fact that final recovery of war.
railway or agricultural material or of cattle, &c., cannot occur at present.
According to the principles of the Peace Conference, accepted by all the
Allies and applied in particular in the Treaty of Peace with Germany, it is
the right of the Assembly of the Allied and Associated Powers alone to
fix the reparation to be made by Hungary and determine upon its distribution among interested States. Neither the Rumanian army nor the Itsxnanian Government has the right itself to fix Rumania's share, assets
of all kinds belonging to Hungary being a pledge held by the Allied Powers
in common.
PROVISIONS OF ANGLO-PERSIAN PACT.
The full text of the Anglo-Persian treaty, announcemaut
of which signing was made on Aug. 15 and referred to in our
issue of Sept. 6, pages 950 and 951, was made public at Washington on Sept. 19. As previously noted in these columns
one of the principal provisions of the pact is a loan of £2,000,000 to be made by Great Britain to Persia on a 7% basis and
which will be redeemable in 20 years. This loan will have
precedence over all other debts of Persia, it is stAted, except
a former loan of £1,250,000 which was made on May 8 191/
and the new loan will be secured by pledges of Persia's customs receipts. The preamble to the recently concluded pact,
as made public at Washington on Sept. 19 and quoted in
advices of that date to the N. Y. "Times" reads. in part as
follows:
1. The British Government reiterates, in the most categorical manner,
the undertakings which they have repeatedly given in the past to respect
absolutely the independence and integrity of Persia.
2. The British Government will supply, at the cost of the Persian Government, the services of whatever expert advisers may, after consultation between the two Governments, be considered necessary for the several departments of the Persian administration. These advisers shall be engaged on con-
1242
THE CHRONICLE
tracts and endowed with adequate powers, the nature of which shall be a
matter of agreement between the Persian Government and the advisers.
3. The British Government will supply, at the cost of the Persian Government, such officers and such equipment of modern type as may be adjudged necessary by a joint commission of military experts, British and Persian, which shall assemble forthwith for the purpose of estimating the needs
of Persia in respect of the formation of a uniform force which the Persian
Government proposes to create for the establishment and preservation of
order in the country and on its frontiers.
4. For the purpose in financing the reforms indicated in Clauses 2 and 3
of this agreement, the British Government offers to provide or arrange a
substantial loan for the Persian Government, for which adequate security
shall be sought by the two Governments in consultation in the revenues of
the customs or other sources of income at the disposal of the Persian Government. Pending the completion of negotiationa for such loan, the British
Government will supply on account of it such funds as may be necessary for
Initiating the said reforms.
5. The British Government,fully recognizing the urgent need which exists
for the improvement of communications in Persia, with a view both to the
extension of trade and the prevention of famine, are prepared to co-operate
with the Persian Government for the encouragement of Anglo-Persian enterprise in this direction, both by means of railway construction and other reforms of transport: subject always to the examination of the problem by
experts and agreement between the two Governments as to the particular
projects which may be most necessary, practicable, and profitable.
6. The two Governments agree to the appointment forthwith of a joint
committee of experts for the examination and revision of the existing customs tariff, with a view to its reconstruction on a basis calculated to accord with the legitimate interests of the country and to promote its prosperity.
[Void. 109.
Senator Brandegee, Republican, of Connecticut, acting chairman, asked
what Mr. Russell thought the Senate could do about it.
"You could make a written protest," Mr. Russell said.
He declared that the treaty gave Great Britain absolute power over "the
purse and the sword of Persia." For a hundred years, he added, Great
Britain, with Russia, had "bedeviled and badgered Persia," and it was time
"she got out of the old habit and learned better manners."
COMING CONVENTION OF INVESTMENT BANKERS'
ASSOCIATION.
Preliminary announcement regarding the program for the
eighth annual convention of the Inyestment Bankers' Association of America has been made by the Secretary of the
organization, F. R. Fenton of Chicago. The meeting is to
be held at the Hotel Statler, St. Louis, on Oct. 20, 21 and 22.
The program committee, it is stated, has not yet decided
upon the speakers for the convention but an announcement
is expected to be made shortly. On Monday, Oct. 20,
besides the address of the President, the Secretary and the
Treasurer's reports, the day will be devoted to the submission of the following reports:
Finance Committee report, Benjamin F. Taylor, Chairman, Chicago.
Membership Committee report, William G. Lerchen, Chairman, Detroit.
'Irrigation Securities Committee report, Herbert Witherspoon, Chairman.
Spokane.
Government Bond Committee report, Clarkson Potter, Chairman,
New York.
Publicity Committee report, John A. Prescott, Chairman, Kansas City,
Municipal Securities Committee report, Roby Robinson, Chairman,
Atlanta.
Real Estate Securities Committee report, Frank J. Parsons, Chairman,
New York.
The purposes and scope of the treaty, about which there
has been so much discussion and comment in the United
States as well as in Great Britain and France—it being
alleged Great Britain seeks by the treaty to establish a protectorate over Persia—were described in correspondence
between the British Minister at Teheren and the Persian
The following is the program as thus far arranged for
Prime Minister, precedent to the conclusion of the treaty. Oct.
21:
One of the letters, addressed by the British Minister in
Railroad Securities Committee report, Allen B. Forbes, Chairman,
Teheran to the Persian Prime Minister, quoted in the New York.
Discussion of Railroad Securities Committee report.
"Times" advices of Sept. 19 reads in part:
Fraudulent Advertising Committee report, William H. Maxwell, Jr.,
I trust your Highness has been able, during your successful direction of
affairs of the Persian State,to convince yourself that his Britannic Majesty's
Government have always endeavored to support to the utmost the efforts of
your Highness's Cabinet on the one hand to restore order and security in
the interior of the country, and on the other to maintain a policy of close
co-operation between the Persian and British Governments.
His Britannic Majesty's Government will be prepared in due course to
co-operate with the Persian Government with a view of the realization of
the following desiderata:
1. The revision of the treaties actually in force between the two Powers.
2. The claim of Persia to compensation for material damage suffered at
the hands of other belligerents.
3. The rectification of the frontier of Persia at the points where it is agreed
upon by the parties to be justifiable.
The precise manner,time, and means to be chosen for pursuing these aims
shall be discussed, as soon as practicable, by the two Governments.
Chairman, New York.
Industrial Securities Committee report, Maynard H. Murch, Chairman,
Cleveland.
Public Service Securities Committee report, 0. B. Wilcox, Chairman,
New York.
On Wednesday, Oct. 22, the following program will be
presented:
Education Committee report, Lawrence Chamberlain, Chairman, New
York.
Legislation Committee report, Howard F. Beebe, Chairman, New York,
Taxation Committee report, Roy C. Osgood, Chairman, Chicago.
Counsel's report.
Foreign Securities Committee report, Thomas W. Lamont, Chairman,
New York.
Election of officers and governors.
Address of newly elected President.
A denial that the Anglo-Persian treaty in any way concontemplated a British protectorate over his covntry was
A banquet will be held on Wednesday evening Oct. 22,
made on Sept. 10 by Prince Firouz Kalm,.the Persian Forat which, it is stated, there will be two speakers of national
eign Minister, at Geneva. Speaking to the Associated and international repute. There will also be golf and other
Press at that place the Foreign Minister said he could not social activities during the three days' gathering.
understand how reports to that effect had gained credence
in Europe. He was quoted as follows:
CONVENTION OF AMERICAN BANKERS'
"This is entirely Incorrect," he said. "It was Persia which took the initiaASSOCIATION.
tive and asked the help of Great Britain, because Persia was ruined and in
a state of anarchy, with bands of brigands infesting the country, destroySt. Louis will be the centre of interest for the bankers of
ing commerce and endangering the lives of citizens. In the meantime the
the country during the coming week since that city will be
Government was virtually without troops and powerless to restore order,
the scene of the annual convention of the American Bankers'
retaining authority only in the principal towns.
We wanted England's co-operation to exploit our great national wealth, Association. The membership of the Association now totals
and we would also welcome American capitalists and French instructors to
20,338, and an exceptionally large gathering is looked for at
Persia. French is the first foreign language in our schools."
Referring to Britain's attitude toward a protectorate or this, the forty-fifth annual meeting. The general convention
mandate for Persia, Earl Curzon, Government leader in the will extend over three days, Tuesday Sept.30 and Wednesday
House of Lords and President of the Council, speaking at and Thursday Oct. 1 and 2. The Trust Company Section
London, on Sept. 19 at a dinner in honor of the Persian will hold its sessions Monday and Tuesday afternoons Sept.
Foreign Minister, declared "that the independence of Persia 29 and 30, and the sessions of the Savings Bank Section are
is a British as well as a Persian interest. Indeed our main in- scheduled for Tuesday and Wednesday afternoons. On Monterest in Persia is its independence." He was further quoted day there will be a conference of Savings Bankers. On Monday afternoon, Tuesday afternoon and Wednesday evening
in London press dispatches of Sept. 19 as follows:
State Bank Section will offer its program. The Clearing.
the
"We did not ask at the Peace Conference for a mandate in respect to
Persia. Had it been offered, we should not have accepted it. I do not House Section will hold its meetings on Tuesday and Wednesbelieve for a moment that Persia would have asked for it. We prefer to day afternoons, while the State Secretaries Section will meet
trade with Persia as a partner on equal terms, with that country enjoying
likewise arher own sovereignty and capable of dealing with us on terms of partnership." at the same time; the National Bank Section has
A demand that the U. S. Senate make a "written protest" ranged to hold its sessions Tuesday and Wednesday afteragainst the Anglo-Persian treaty was made before the Foreign noons; the State Bank Section will meet on Monday afterRelations Committee on Sept. 2 by Charles W. Russell who noon. Prominent speakers will address the bankers during
was Minister to Persia during the Taft administration. the week's deliberations, two Treasury officials being among
Referring to Mr. Russell's testimony, Washington press dis- the speakers, namely, Carter Glass, Secretary of the Treasury
and John Skelton Williams, Comptroller of the Currency.
patches of Sept. 2, said:
The treaty, as quoted by Mr. Russell, provides for control of Persian Both will speak before the National Bank Section on Wednesfinancial and military matters by joint British-Persian commissions, but day. At the general convention there will be an address on
Senator Knox declared that by the terms of the treaty the decisions of the
"Stability" by Senator Robert L. Owen; one on "Pan-AmerBritish members would be final.
Mr. Russell told the committee he had obtained the copy he read "con- ican Financial and Commercial Relations, America's Great
fidentially" and would not disclose the source, but added that it was au- Opportunity" by John Barrett, Director-General of the Panthentic.
Senator Swanson, Democrat, of Virginia, asked if it was a secret treaty. American Union and former U. S. Minister to the Argentine
Mr. Russell said it could not be under the Persian constitution, nor, for that Republic, Panama and Columbia; an address on "A Monematter, could it be co istitutional in an case.
tary Remedy for the High Cost of Living" by Dr. Irving
"No constitution," he said "could contemplate giving either the ParliaFisher, of Yale University; another on "Education to Meet
ment or the executive or both the power to commit national harakiri."
SEPT. 27 1919.1
THE CHRONICLE
the Changed Social and Economic Conditions in the United
States" by Dr. P. P. Claxton, of Washington, Commissioner
of Education and Secretary of the Federal Board for Vocational Education; David R. Francis, of St. Louis, Ambassador Extraordinary and Plenipotentiary to Russia will discuss "Russia, Its Future;" and a speech will also be delivered
at the general convention by A. Mitchell Palmer, U. S.
Attorney General. Senator Albert B. Cummins was scheduled to speak on "The Railroad Problem" but we understand
that a situation has arisen in the Senate which will prevent
him from appearing at the meeting.
Samuel Rea, President of the Pennsylvania Railroad Company will speak on "The Railroad Problem" before the members and guests of the Savings Bank Section of the American
Bankers Association, at St. Louis, on Wednesday afternoon,
Oct. 1. Luther M. Walter, of Chicago, Counsel to the National Association of Owners of Railroad Securities, will discuss the so-called Warfield plan of railroad organization.
Owing to the many relations of the railroad problem to all
depositors as investors in railroad securities, and to the general public, this will be an open session and will be held in
the Shubert Jefferson Theatre.
At the sessions of the Savings Bank Section there will be
other addresses as follows:
"Municipal Credit and Its New Aspects," by Howard F. Beebe, of
Harris, Forbes & Co., New York.
"Acceptances, A Sound Investment for Savings Banks," by Jerome
Thralls, Secretary and Treasurer of the Discount Corporation of New York.
"Is the Growing Tendency Toward Tax Exemption of Government
Instrumentalities a Menace to the General Securities Market," by Kingman
Note Robins, Treasurer Associated Mortgage Investors, Rochester, N. Y.;
George•E. Roberts, Vice-President of the National City Bank, New York.
Discussion by Samuel II. Beach, President of the Rome Savings Bank,
Rome, N. Y.
1243
"The Need for Clearing Houses in Smaller Communities," by Wayne
Hummer, President of the La Salle National Bank of La Salle, Ill.
"Domestic Reconstruction Problems," by George M. Reynolds. President of the Continental & Commercial National Bank, Chicago.
"Analysis and Comparison of Clearing House Rules," by F. K. Houston.
Vice-President of the First National Bank of St. Louis.
"Problems and Progress with Dollar Acceptances," by Jerome Thralls,
Secretary and Treasurer of the Discount Corporation of New York.
At the meeting of the State Secretaries there will be discussions as follows:
"The Daylight Holdup Menace and Other Matters Protective," led by
Secretary George H. Richards, Minnesota.
"Sectional Conferences of Secretaries," led by Secretary George D.
Bartlett, Wisconsin.
"Uniform State Banking Laws," led by Secretary Haynes McFadden,
Georgia.
"Safeguarding Liberty Bonds for Customers," led by Secretary W. W.
Bowman, Kansas.
"Thrift Propaganda by Means of Moving Pictures," led by a representative of Rothacker Film Mfg. Co., Chicago.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Fourteen shares of bank stock were sold at auction this
week and none were sold at the Stock Exchange. No sales
of trust company stock were made.
Low, High, Close.
Shares. BANK—Neu/Work.
14 First National Bank of N. Y_ _1005 1005 1005
Last previous sale.
Sept. 1919-1000
Two New York Stock Exchange memberships were reported posted for transfer this week,the consideration being
$85,000 and $87,000 respectively. The last previous sale
was at $90,000.
The employees of the National Bank of Commerce in
New York who were in war service are perfecting organization
of a Post of the American Legion, the character for which
has been approved. The preliminary meeting, held in the
At the conference of Savings Bankers on Monday, the Commerce Club's rooms at the bank, was presided over by
program includes discussions as follows:
E. H. Lee. A statement issued by the bank says:
Amortization of Mortgage Loans; led by John J. Pulleyn, President of the
Emigrant Industrial Savings Bank of New York City.
From the Economic Standpoint: Ralph Ingalls, Director of Research,
Bankers Statistics Corporation, New York City.
Mortgage Investments for Life Insurance Companies: Osgood E. Fifield,
Superintendent of Loans, Massachusetts Mutual Life Insurance Co.,
Springfield, Mass.
"Amortization" from the Standpoint of the Trust Company; George
Woodruff, President of the Woodruff Trust Co. of Joliet, Ill.
From the Standpoint of the Savings Bank: II. E. Boynton, Treasurer of
the Portsmouth Savings Bank of Portsmouth, N. H.
There will also be round table discussions on various topics,
Before the Trust Company Section there will be an address on "The Development of Community Foundations and
Trusts," by F. H. Goff, President of the Cleveland Trust Co.
of Cleveland, Ohio, and one by Hal H. Smith, a director of
the Union Trust Co. of Detroit, Mich., on "Some New
Duties of Bankers."
The program of the State Bank Section includes an address
on "Trust Powers for State Banks," by Andrew Russel,
Illinois State Auditor, and one on "State Banks and the
Federal Reserve System," by Henry A. Moehlenpah; other
addresses to be delivered before the State Bank Section will
be:
"Bringing Up Capitalists," by Harvey Blodgett, President Harvey
Blodgett Company, St. Paul, Minn.
"State Bank Rights," by Wm.MacFerran,President State Savings Bank,
Topeka.
"Now Phases of the Exchange Question," by Fred Collins, Vice-President
Bank of Commerce & Trust Co., Memphis.
At the Statler Hotel on Wednesday evening, Oct. 1, there
will be a meeting devoted to a symposium on the subject
of constructive State bank legislation, and it is expected that
sentiment will be crystallized in a manner that will make
progress toward some practical ideal in State banking legislation. The leading speaker will be George I. Skinner,
Superintendent of Banks of the State of New York. Other
speakers will include several State Bank Supervisors and
State bankers interested in the question. E. C. McDougal,
Chairman of the State Legislative Committee of the State
Bank Section, will preside at this meeting.
In addition to Secretary Carter Glass and Comptroller
Williams, the program of the National Bank Section embodies the following addresses:
"Improving the Relations Between Federal Reserve and Member Banks,"
of the National Exchange Bank, Balti.
by Waldo Newcomer, President
more, Md.
""I'he Trust Department of a National Bank," by Virgil M. Harris,
Trust Officer of the National Bank of Commerce, St. Louis, Mo.
"Some Unconsulted Ledgers," by Douglas S. Freeman, LL.D., Editor of
"The News-Leader," Richmond, Va.
James S. Alexander, president of the National Bank of Commerce in
New York, spoke of the possibilities of such an organization when devoted
solely to fostering and perpetuating the spirit fo devotion, patriotism and
self-sacrifice which war service called into life. He said it was always advisable to make sure of the real ends and possibilities of such associations.
He expressed appreciation of the service which the bank's employees rendered in responding to the nation's call, and pride in their accomplishment,
and in conclusion he said he was sure that all were equipped to live better
and fuller lives because of such service.
More than two hundred employees of the National Bank of Commerce
were in war service, five making the supreme sacrifice. There are now
in the bank's employ one hundred and twenty men and women eligible to
membership in the American Legion. The formal organization of Commerce
Post will be perfected at a leter meeting.
Announcement of the suspension of the firm of Keane,
Zayas & Potts, members of the New York Stock Exchange,
was made on the floor of the Exchange, Sept. 25. The
firm was formed on Mar. 1 1909, by John T. Keane, 0. A.
Zayas and Hugh R.Potts, the last named being the Exchange
member. A statement issued on Thursday by Mr. Keane
said:
The failure is due to withdrawls, and we think this proceeding is the fairest thing to do. We hope that it will be only temporary and that we will
be able to resume business within thirty days. The amount involved is
small. We will consult counsel this afternoon, but I cannot give out their
names as yet.
The proposed bank to be formed in this city, and which is
to be located at Fourth Avenue and 24th Street, is to be
styled the Industrial Bank of New York. A reference to
the plans appeared in these columns Aug. 30, and as announced therein the bank is to start with a capital of 81,000,000 and surplus of $500,000. The important interests
identified with the movement were indicated in item referred
to.
Charles W. Weston has been elected a Vice-President of
the Metropolitan Trust Company of the City of New York.
Mr. Weston has been associated with the Union Pacific
Railroad Company for about nineteen years and since 1912
has held the office of Assistant Treasurer of that company
and the affiliated companies in the Union Pacific system.
During the war he took an active part in all local war activities, serving as a member of the Liberty Loan Committee, the War Savings Committee and as campaign manager of the Second Red Cross War Fund Drive and the
United War Work Campaign. He is Treasurer of the
Mountainside Hospital, Montclair.
The sixth branch in the Far East of the Asia Banking
At the meeting of the Clearing House Section the following Corporation has just been opened for business at Manila,
addresses will be delivered:
Philippine Islands. The other Far Eastern branches are
"The Clearing House a Factor in Foreign Trade Development," by at Shanghai, Hankow, Peking, Tientsin and Hongkong,
York.
New
Sol Wexler, of J. S. Bache & Co.,
—rho Clearing House the Heart of the Financial World," by Dr. H. China.
Ashby Jones, Atlanta.
1244
THE CHRONICLE
At the last meeting of the board of directors of the Mercantile Bank of the Americas the following appointments
were made: Assistant Manager, Philip R. Rodriguez;
Assistant Secretaries, W. R. Galbraith and W. H. Schubaxt; Assistant Treasurer, W. G. Meader.
Application for a charter for the Citizens National Bank
of Freeport, N. Y., capital $100,000, has been made to the
Comptroller of the Currency.
[Vol.. 109.
An important financial interest has offered to the undersigned, who are
large stockholders in the Farmers Deposit National Bank, to buy not less
than two-thirds of the stock of the Farmers Deposit National Bank (including the company's rights in the Farmers Deposit Trust Co.) at a price
of $140 per share. We believe that the offer is a favorable one in view of
the large number of shares involved in the transaction, and we have stated
that we are willing to sell our own stock on this basis, provided that same
offer be extended to all stockholders of the bank. The price offered is about
$40 per share more than the price at which the stock has been offered in th e
market for several years past.
The members of the board of directors appreciate that this Is a matter
of individual decision on the part of each stockholder and have no desire
to make any recommendation, but have directed that this offer be communicated to all stockholders. Any stockholder desiring to avail himself
of this privilege may deposit his stock certificate, properly stamped and
endorsed for transfer, with the Farmers Deposit Trust Co. on or before
Oct. 10 1919. No dePosits can be received after that date.
William H. Radcliff, formerly Trust Officer of the Westchester Trust Company, Yonkers, N. Y., has been elected
Secretary-Treasurer of the Rockland County Trust ComThe Farmers Deposit National Bank was organized in
pany, Nyack, N. Y.
1832 and incorporated as a national bank in 1864.
At a meeting of the stockholders of the Commercial Trust
Co. of New Britain, Conn., held Sept. 3 1919, it was voted
to increase the capital of the institution from $100,000 to
$200,000 and surplus from $25,000 to $50,000. The new
stock, consisting of 1,000 shares of the par value of $100 per
share, was offered at $125 to shareholders of record as of
Sept. 3, share for share.
The Secretary of State for Ohio recently extended the powers of the Peoples' & Drovers' Bank of Washington C. H.
to include savings bank and trust company privileges, and
at the same time authorized the institution to increase its
capital to $125,000. The institution was organized in 1864
and its present assets exceed $1,000,000. Joseph flidy is
President and Roy T. McClure, Cashier.
William S. McNary, Chairman of the Board of Directors
for the past two years of the Hanover Trust Co. of Boston,
On account of its large and constantly increasing volume
on Sept. 16 was elected Treasurer of the institution.
of business the Cleveland Trust Co. of Cleveland, Ohio, is
to add 11 stories to its present 5-story bank building at
L. H. Sturtevant, Vice-President and General Manager Euclid Ave. and East 9th St. The building operations will
of the Sturtevant Mill Co., was recently elected a director embrace the entire frontage of 140 feet on Euclid Ave. with
a total depth on East 9th St. of 179 feet, including the present
of the Boylston National Bank of Boston.
Cleveland Trust Annex Building. This latter building is
Chester B. Pierce, for the past four years Assistant to be razed and an entirely new structure erected on its site.
Treasurer of the International Trust Co. of Boston, will The main building of the trust company will be retained in
resign October 1 and become President and Treasurer of the its entirety. The trust company, we understand, will occupy
additional space in the upper stories and the first 5 stories of
New England Bureau of Department Reports, Inc.
the building to be erected on the site of the annex. The
basement will be given over exclusively to the safe deposit
At a recent meeting of the directors of the Webster & Atlas
department of the institution. The cost of the developNational Bank of Boston, J. L. Foster, the Cashier of the ment, which will be one of the largest in Cleveland, is
New
Enginstitution, and Edward M. Howland, heretofore
estimated at between $4,500,000 and $5,000,000.
land Manager for Hathaway, Smith, Folds & Co., were
elected Vice-Presidents. Mr. Foster will continue to serve
In pursuance of the policy for affiliating the Corn Exchange
as Cashier.
National Bank of Chicago with the North American Trust
The State Bank of Philadelphia, which recently began Co. of that city, formed by the merger of the Illinois Trust &
business at Fifth and Bainbridge Streets, has increased its Savings Bank and the Merchants' Loan & Trust Co.—see our
authorized capital from $50,000 to $250,000. The stock is issue of Aug. 16, page 649—the special meeting of the stockin shares of $50 each. The deposits of the institution, it is holders of the first-named institution was held on Sept. 10
announced, now approximate $3,000,000. Harold C. Kraus- at which the proposed increasing of the capital of the institukopf is President of the bank; Henry Rosenthal and J. D. tion from $3,000,000 to $5,000,000 was ratified. The now
stock, consisting of 20,000 shares of the par value of $100
Love are Vice-Presidents and F. W. Crew, Cashier.
each, has been offered to stockholders of record as of Sept. 10
shares of now stock for
The election is announced of Adrian J. Grape as Cashier at $150 per share in the ratio of two
holdings. The now stoelc,
of The Commonwealth Bank, of Baltimore; and Walter H. every three shares of their present
or before Oct. 2
Billingslea as Assistant Cashier, effective on and after we understand, must be paid for in full on
next, on which date the enlarged capital becomes effective.
Aug. 27 1919, and Sept. 17 1919, respectively.
National
John Randolph Hooper, Third Vice-President of the Com- This increase in capital will give the Corn Exchange
or
profits
undivided
and
surplus
capital,
aggregate
Bank
monwealth Bank, died on Sept. 19 in his 79th year. Mr.
both the Illinois Trust &
Hooper had for 24 years been Cashier of the Commonwealth $15,000,000 which is the same as
& Trust Co. and thus
-Bank, resigning in May of this year on account of failing Savings Bank and the Merchants' Loan
on a parity.
consolidation
the
all
enter
will
three
institutions
health, thereupon he was elected Third Vice-President of
the institution. He was also at the time of his death a
member of the Finance Committee and a Director of the
The Great Lakes Trust Co., Chicago, has published and
bank.
is preparing to distribute in unlimited quantity two of the
recent addresses of Harry H. Merrick, President of the
Advices from Pittsburgh state that negotiations are DOW institution, on .the subjects "The High Cost of Living"
'under way for the purchase of control by the Union Trust and "The National Problem." Nearly 100,000 copies of
Co. of Pittsburgh (capital $1,500,000) of the Farmers De- these addresses have been distributed by industrial corporaposit National Bank of that city (capital $6,000,000) includ- tions and commercial organizations to offset the rise of
ing its affiliated institution, the Farmers Deposit Trust Co., radical thought among employees. Any number of copies
for a sum said to be $8,400,000, being $140 per share for the may be had on request. Detailed reference to one of Mr.
60,000 shares comprising the capital stock of the institution. Merrick's speeches is given in another part of our paper
In the event of the deal being consummated, it is said, the to-day.
resulting institution will have resources approximating
Arthur J. Hunter has become connected with the bond
$195,000,000, or including the most important banking affili- department of the Great Lakes Trust Co. For the last five
ation of the Union Trust Co., aggregate resources of more years Mr. Hunter has been assaiated with John Nuveen
than $315,000,000. On Sept. 18 the following circular letter & Co. and had previously been resident manager for Spitzer,
was sent to the stockholders of the Farmers Deposit National Rorick & Co.
Bank, over the signatures of A. E. Braun, President of the
Farmers Deposit National Bank and the Farmers Deposit
The investment department of A. G. Becker & Co..
Trust Co. and George C. Moore, who with Mr. Braun are Chicago, has been placed under the management of James R.
executors of the Given estate, which owns, we understand, Buck, who resigned from Halsey, Stuart & Co., to accept
a large amount of the stock, and Judge J. H. Reed, a director the position.
of both banks and Chairman of the Board of Directors:
SEPT. 27 1919.]
THE CHRONICLE
W. G. Souders & Co., 208 South La Salle Street, Chicago,
with offices in New York, Detroit, Grand Rapids and Milwaukee, have established a municipal department, and intend to originate and purchase municipal bond issues to be
offered their clientele.
Vallee 0. Appel, formerly First Lieutenant in Chicago's
famous 344th Infantry of the Blackhawk Division, has been
appointed Trust Officer of the Great Lakes Trust Co, of
Chicago. Lieutenant Appel's addition to the staff of the
Great Lakes is in pursuance of the bank's policy of recognizing
the value in peace as well as in war of the former members of
the A. E. F. The Navy is represented in the bank's personnel by Lieutenant William F. Roberts. Vallee 0. Appel is
the son of J. M. Appel who has been prominent in banking
circles for many years, being now managing officer of the
Highland Park State Bank and the First National of Wilmette.
Application has been made to the Comptroller of the Currency for a charter for the National Bank of Pontiac, at
Pontiac, Mich. Capital $200,000.
The consolidation of the First National Bank of Burlington, Iowa, and the National State Bank of that city,
under the charter and title of the First National Bank, with
a capital of $300,000 and surplus of $125,000, is announced
by the Comptroller of the Currency. The combined capital
of the banks prior to consolidation was $250,000.
An increase of $100,000 in the capital of the First National
Bank of Cheyenne, Wyo., raising the amount from $100,000
to $200,000, is announced by the Comptroller of the Currency.
The capital of the Union National Bank of Tulsa, Okla.,
has been increased, the Comtproller of the Currency announces, from $300,000 to $500,000.
1245
the Tennessee Trust Co. and acquired the fifteen-story
building which it now occupies. The late Samuel P. Read,.
one of the organizers of the bank and its first Cashier, was
President of the institution from 1897 to 1915. He was succeeded by Frank F. Hill, the present chief executive.
Recognizing the fact that the salaried employee has probably felt the results of the high cost of living more than any
other class of persons, the directors of the Hibernia Bank &
Trust Co., of New Orleans, recently announced a plan to
distribute to all employees of the institution a quarterly
payment of from 12 to 24% of their annual salaries, based
upon efficiency and length of service, at the same time dividends are distributed to the stockholders, the idea being
that time, intelligence, ability and efficiency will draw dividends as the money investments of stockholders. In announcing the new "dividend" system, Rudolph S. Hecht,
President of the Hibernia Bank & Trust Co., issued the fol—
lowing statement:
The large capital and surplus of our bank, which belongs to our stockholders, its good record extending over half a century, which is the result
of the ability of its past and present directors and executive officers, and
last, but not least, the splendid loyalty and co-operation of our clerks, have
made it possible for us to largely increase our business and in a corresponding
measure our profits.
The directors feel, therefore, that our employees should have a proper
share in the prosperity of the bank, and especially as long as the present
high cost of living continues, and the earnings of the bank justify such action
they should be allowed certain extra compensation in the form of "dividends" on the time and effort they have "invested" in the welfare of the
bank.
This "dividend" to employees is so graded that even the newest employee
will got some extra compensation, but there is a considerable premium on
continuity of service because the percentage will increase from year to year
so that the employee who has remained with the bank five years or more will
get double the persentage received by the employee who has been with the
bank less than one year.
Obviously, this plan offers nothing in the way of charity. It offers very
little for sporadic effort. But it does offer real and tangible recognition to
steady workers who co-operate in every way possible in order that the service of the bank may be such as to justify and hold present patronage and
attract new business.
Moreover,this plan, we belleve,will help our employees to realize that they
are bound to the institution by bonds of common interest, and that every
employee is in a measure directly responsible for the size of his own income.
For it is evident that the first requisite for increased income to the employees
will be efficient service and conscientious work.
We think that this plan is strictly in line with the tendency of the times,
and means a forward step not only for the employees butfor the stockholders
as well, because it removes the diversity of interest between the stockholder
and the employee, and binds together by a common purpose all those who
are engaged in the upbuilding of our institution.
The Mercantile Trust Co. of St. Louis recently published
in a St. Louis newspaper a rotogravure advertisement
which, we understand, is the largest piece of such work ever
done in that part of the country. It appeared in the "Post-.
Dispatch" of Sunday, Aug. 31, and occupied two colored
. —
pages. The advertisement is unique in its arrangement,
Under the auspices of the Nederlandsche Handel-Maatconsisting of forty separate photos of mercantile and office schappij (Netherlands Trading Society), Amsterdam, and
buildings,factories, churches, warehouses, hospitals, colleges, the Rotterdamsche Bankvereeniging, Rotterdam, in co&c., situated in St. Louis, shown, the advertisement stated, operation with the Koninklijke West-Indishe Maildienst
to "help you realize how much the Mercantile Trust Co. has (Royal Dutch West India Mail) and the Koninklijke Neder—
done to build up St. Louis." The buildings represent about landsche Stoomboot Maatschappij (Royal Dutch Steam33% of the industrial and institutional loans that the com- hip
both having domicile in Amsterdam, the Hollandpany has made in that city. It is the intention of the sche Bank Voor West-Indie has been established with an
Mercantile Trust Co., we are informed, to run more space in authorized capital of f. 5,000,000, of which f. 1,000,000 is
the rotogravure sections of the newspapers because of the reported as subscribed and fully paid up. The following have
unusual attention that is being given them.
been elected as members of the Board of Directors:
The new Federal Trust Co. of Richmond,the incorporation
of which was referred to in these columns in our April 19
issue, opened its doors on Sept. 15 in temporary quarters at
807 East Main St. The permanent home of the new bank
will be in the adjoining building, 805 East Main Street.
The authorized capital of the institution is $500,000, in
shares of $10. In addition to conducting a regular trust
company business, the Federal Trust Co. will operate commercial and savings departments and offer all the facilities
of an up-to-date banking institution. The officers are:
T. T. Adams, President; Hunsdon Cary, Vice-President
and
General Counsel; Charles F. Hayward, Treasurer, and
James E. Galicher, Secretary.
Abram Muller, Manager of the Nederlandsche Handel-Maatschappij,
Chairman; H. Colyn, Manager of the Bataafsche Petroleum Maatschappij;
G. J. Fabius, Manager of the Rotterdamsche Bankvereeniging; J. van
Hasselt, Manager of the Koninklijke West-Indische Maildienst, and of
the Koninklijke Nederlandsche Stoomboot Maatschappij; C. F. Schoch,
Head Manager of the Surinaamsche Bank, and as Manager, W. Dyckmeester, formerly Manager of the Surinaamsche Bank.
4 ,4
The principal object of the bank, it is stated, is to estaigg
and develop banking connections between Holland and other
European countries on one side, and the Dutch West Indian
Colonies as well as the countries round the Caribbean Sea
on the other side. For the purpose of establishing branch
offices Mr. Dyckmeester left Holland in May 1919; during
his absence from Amsterdam W. C. van der Meulen was
authorized to act in his place. On Aug. 11 1919 the Hollandsche Bank Voor West-Indie opened a branch office in
Curacao D. W. I., the management of which was entrusted
On September 2 the Union & Planters Bank & Trust Co. to J. P. J. A. B. Marx. P. R. Kup was appointed subof Memphis celebrated the fiftieth anniversary of its found- manager.
ing when the officers and directors of the institution invited
ENGLISH FINANCIAL MARKETS—PER OABLE.
the public to visit its handsome bank building on Madison
The daily closing quotations for securities, &c., at London,
Avenue. From a bank with a capital stock of $600,000 and
deposits of less than $1,000,000 the Union & Planters Bank as reported by cable, have been as follows the past week:
London,
Sept. 20. Sept. 22. Sept. 23. Sept. 24. Sept. 25. Sept. 26.
& Trust Co. has grown in fifty years to be the largest finanWeek ending Sept. 26.
Sot.
Mon.
Tues.
Wed. Thurs.
Fri.
_d. 62
cial institution in Memphis and one of the largest in the South, Silver, per oz
62%
62%
63
63%
6334
Consols,
per
2)4
cents
Holiday
50.4,
504
50%
50q
$1,800,000,
5034
surplus of $500,000 and deposits
with capital of
British, 5 per cents
Holiday 9434
9431
9434
94%
94%
aggregating $23,500,000. In 1869 the bank began business 13rItish, 434 per cents
Holiday 8634
8634
8634
8634
8634
60.E0
under the title of the Union & Planters Bank of Memphis, French Rentes (in Paris)..fr.
60.35
60.60
60.65
60.95
French War Loan(InParis) fr.
90.45
90.47
90.47
the name being changed in 1906 to the Union & Planters
The price of silver in New York on the same day has been:
Bank & TrustiColwhen the institutionlwas merged with Silver
in N. Y., per oz__..cts.11434
1144, 11551
11634
11834
11934 al
[VOL. 109.
THE CHRONICLE •
1246
GRAIN STOCKS.
Barley
Rye.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
bush.
bush.
United States332,000
281,000
766,000
3,000
5,164,000
New York
93,000
111,000
317,000
397,000
Boston
44,000
30,000
290,000
19,000
2,595,000
Breadstuffs, figures brought from page 1289.-The Philadelphia
204,000
328,000
406,000
36,000
3,657,000
154,000
125,(100
statements below are prepared by us from figures collected by Baltimore
314,000
Newport News
1,759,000
723,000
50,000
2,852,000
the New York Produce Exchange. The receipts at Western New Orleans
211,000
53,000
2,673,000
272,000
53,000 1,759,000 1,205,000
lake and riVer ports for the week ending last Saturday and Galveston
10,507,000
Buffalo
325,000
been:
160,000
have
21,000
years
three
1,498,000
last
the
Toledo
since Aug. 1 for each of
109,000
164,000
40,000
78,000
Detroit
242.000
626,000 7,448,000 2,286,000
14,676,000
Chicago
Rye.
300,000
Barley.
303,000
Oats.
Corn.
Wheat.
357,000 1,312,000
Flour.
1,278,000
Receipts alMilwaukee
642,000
2.584,000
348,000
729,000
Duluth
8,000 4,147,000 5,823,000 1,031,000
bbls.1961bs. bush. 60 lbs.bush. 56 lbs.bush. 32 lbs bush.481bs.bush.561bs. Minneapolis
4,001,000
2,000
82,000
290,000
89,000
2,120,000
207,000
1,869,000
23,000
5,099,000
286,000
Chicago
_ ._______ 3,426,000
321,000 St. Louis__ _
492,000
263,000
506,000
67,000
38,000 1,197,000
3,369,000
15,296,000
Minneapolis_ _
419,000 Kansas City
113,000
1,000
19,000
506,000
49,000
694,000
17,000
Duluth
71,000 Peoria
294,000
34,000
617,000
324,000
332,000
677,00
232,000
22,001
454,000
Milwaukee.._ _
Indianapolis
15,000
95,000
85,000
18,000
375.000
682,000
195,000
5,241,000
Toledo
Omaha
10,000
244.000
84,000
34,000
60,000
3,135,000
Detroit
On Lakes
10,000
35,000
250,000
658,000
316,000
300,000
154,000 2,014,000
St. Louis
On Canal and River_ _
31,000
139,000
375,000
132,000
76,000
Peoria
14,366,000 5,311,000
127,000
83,000
1,611,000
Kansas City
Total Sept. 20 1919........77,988.000 1,750,000 20,975,000 14,351,000 5,541,1,00
212,000
150,000
1,246,000
Omaha
Total Sept. 13 1919...._ _70,125,000 1,360,000 21,023,000 2,882,000 2,484,000
367,000
26,059,000
286,000
186,000
5,149,000
_79,008,000
Indianapolis_
1918_
Total Sept. 21
6,856,000 1.805.000 12,657,000 1,939,000 5,189,000
Total Sept. 22 1917....
Boston; total, 35,000,
538,00 15,768,000 3,522,000 5,024,000 1,255,000 903,000
Total wk. '19
Note.-Bonded grain not Included above: Oats, 35,000 Duluth; total, 37,000.
409,000 18,412,000 6,450,000 7,339,000 1,850,000 1,177,000
Same wk. '18
30,000 New York, 7,000
2,214,000 8,500,000 3,866,000 1,164,000 against nil in 1918: and barley,
362,000 6,233,00
Same wk. '17
1918.
in
nil
against
Canadian3,296,000 136,776,000 21,257,000 47,653,000 11,757,000 6,720,000
1919
247,000 1,032,000
839,000
2,000
433,000
35,059,000 73,336,000 8,871,000 4,488,1)00 Montreal
2,570,000144,211,0
1918
335,000
896,000
9 9(14 nnn RR (int non IR 004 non RI 02A 0001A 014 non 4.676.000 Ft. William & Pt. Arthur_ 4,627,000
1017
20,000
353,000
990,000
Other Canadian
'Commercial avallIliscelIanconsBt-tus
Total receipts of flour and grain at the seaboard ports for
.the week ended Sept. 20 1919 follow:
Receipts at-
606,000 6,553,000
Total wk. '19
Since Ja n.1'1927,224,000 153.766,000
Rye.
Barley.
Oats.
Corn.
1Vheat.
Flour.
Bushels.
Bushels.
Barrels.
202,000 1,870,000
New York _ _ _
9,000
947,000
148,000
Philadelphia__
7,000
34,000 1,667,000 •
Baltimore........
N'port News_
64,000
883,000
125,011
New Orleaks.*
3,000
2.000
1,001
Galveston...... _
1,600
666,000
38,000
Montreal __
1,000
523,000
58,000
Boston
Bushels. Bushels.
Bushels.
50,000
32,000
684,000
14,000
7,000
244,000
103,000
100,000
61,000
64,000
68,000
24,000
___ ._
72,000
134,000
63,0
196,000
85,000 1,403,000
9,365,000 57,595,00053,892.00024,950,000
1,060
54,000
897,000
301,000 3,179,000 1,891,000
Week 1918......
Slim Jan.1'18 12,330,000 41,926,001 18,024,000 75,550,000 7,942,000 3,260,000
* Receipts so not include grain passing through New Orleans for foreign ports
on through bll s of lading.
Total Sept. 20 1919........ 6,050,000
Total Sept. 13 1919.___ 4,430,000
Total Sept. 21 1918_ .. _ _ 2,246,000
Total Sept. 22 1917... _ _ 5,034,000
Summary
77,988,000
American
6,050.000
Canadian
Flour.
Bushels. Bushels. Barrels.
17,664
New York _ _ _ _ 974,117
2,418
Boston
367,000
280
Philadelphia__ 674,568
24,000
7,000
Baltimore_ _ __ 1,126,000
Pensacola
37,000
24,000
New Orleans... 874,000
Galveston....._ 587,000
100,000
534,000
Montreal
177,000
114,000
.
8,572 1,145.122
44646
17
01 7.
The destination of these exports for the week and since
Sept. 20 1919 is as below:
Expertsfor Week
and Since
Ju:y I to-
Week
Sept. 20
1919.
Since
July 1
1919.
Week
Sept.20
1919.
Week
Sept. 20
1919.
1918.
$
7,488,551
8,177,780
9,870,168
10,525,971
12,162,731
10,665,910
9,215,233
8,580,023
- 76,695,367
Imports and exports of gold and silver for the 8 months:
Silver-New York.
Gold Movement at New York.
Exports.
Imports.
Since
July 1
1919.
890,403
31,000
22,758 1.071.020
_
1919.
1918.
1919.
January _ _
February..
March..._ _
April
May
June
July
August
281,362 6,502,201 5,636,685 42,865.475
912,501 2,785,130 12,0)33,299
29,443
i
1
$
8
$
248,203,724 8,026,387
January.... 85.880,208 88,164,070264,544,534 108,713,182 9,856,349
76,177
94,303,099311,3
February.. 10,759,849
251,325,068 19,600,101:
March__ 30,844,316 98,360,412 312,004,175 191,719,43 12,881,216
45,065.157121,564,991331.394,915
April
12,318,060
219,019,748
280,404,527
78,233,477 149,434,134
May
52,314,929 112,622,329 429,160,599 205,313,999 13,064,223
June
15,281,139
237,731,667
237,532,410
96,101,747
79,457,378
July
209,108,295 15,444,2781
August...... 163,182,188,122,452,147 264,759,378
-122 98,371,733
Total.. _ )1145737 502883,004,729 2432076 715 1731135
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
363,708
United Kingdom.. 102,698 3,090.808 2,001,191 12,909,708
191,000
167,664 2,942,171 3,109,494 29,929,767
Continent
12,673
25,000
25,000
181,614
So.& Cent. Amer.. 5,000
321,332
31,000
1,000
1,000
244,091
6,000
West Indies
Brit.No.Am.Cols_
1,690
40,517
Other Countries
Total
Total 1918
1919.
1918.
1919.
1918.
1919.
Month.
Since
July 1
1919.
Customs Receipts
at New York,
Exports.
Imparts.
Corn.
Wheat.
Flour.
6,704,000
7,167,000
2,837,000
5,193.000
14,613,000
14,560,000
2,882,000
1,741,000
Merchandise Movement at New York.
Peas.
Bushels. Bushels. Bushels. Bushels.
32,739
435,779
25,000
99,870
59,383
8,572
44,443
8,000
100,000
851,000
35,000
31,000 281,362 1,152,092
20.443 754.R07
22.754
Total week_ 5,136,685
Week 1918_ _ _ 2.785.130
Barley.
Rye.
Oats.
1,750,000 20,935,000 14,366,000 5,311,000
247,000 1,393,000
2,000 2,088,000
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
the
this department, made up from weekly returns, we give
following figures for the full months, also issued by our
New York Custom House:
Month.
Corn.
247,000 1,393,000
209,000 1,626,000
353,000
4,000
2,000
2,088,000
1,790,000
6,128,000
4,443,000
23,023,000
Total Sept. 20 1919...... _84,038,000 1,752.000 22,813,000
Total Sept. 13 1019... _74,555,000 1,433,000
Total Sept. 21 1918........8i,264,000 5,272,000 32,187,000
Total Sept. 22 1917...... _11,910,000 1,831,000 17,100,000
The exports from the several seaboard ports for the week
ending Sept. 20 are shown in the annexed statement:
Exports from- Wheat.
2,000
73,000
123,000
26,000
$
649,358
529,787
668,24
699,827
506,758
414,262
393,587
1,310,313
5,172,138
$
2,517,289
2,346,310
2,311,250
1,187,332
1,422,830
58,876,463
23,609,186
3,921,003
Imports.
Exports.
1919.
1919.
1918.
7,038 6,299,043
2,566,942 5,574,910
2,360,639 3,979,692
2,115,201 8,405,101
2,650,017 6,272,817
828,695 1,115,157
1,974,668 1,193,471
1,680,894 1,901,535
_
-5,722,321 96,191,663 10,030,8701 14,184,094 34,741,726
1,070,270
993,993
628,514
518,140
660,277
534,406
627,829
688,892
657,940
3,170,387
301,073
223,177
1,302,420
203,500
3,003,713
268,600
The world's shipments of wheat and corn for the week
Canadian Bank Clearings.-The clearings for the week •
ending Sept. 20 1919 and since July 1 1919 and 1918 are ending Sept. 18 at Canadian cities, in comparison with the
shown n the following:
same week in 1918, shows an increase in the aggregate
of 32.7%.
Corn.
Wheat.
Exports,
Since
July 1.
Since
July 1.
1918.
1910.
Week
Sept. 13.
Since
July 1.
Since
July 1.
Bushels.
4,179,000
30,331,000
41,689,000 44,120,000 3,825,
25,335,000 9,160,000
3,045,000
142,000 1,301,000
478,000
1,054,000
4,104,000
15,943,000 162,331,000 96,860.000 4,104,000 32,148,000
8,909.000
626,000
• The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheal and Flour.
United
Kingdom. Coainent*I
Bushels.
Bushels.
Total.
Bushels.
Con.
United
Kingdom.1Continent.,
Total.
Bushels. I Bushels. I Bushels.
Sept.20 1919_
Sept.13 1919.... 16,824,000 54,112,000,70,936,000 4,736,000 12,192,000 16,928,000
Sept. 6 1919_ 15,920,000 51,456,000,67,376,000 4,424,000 12,640,000 17,064,000
Aug. 30 1919.... 15,872.000 58,432,O00i74,301,000 3,968,000 12.128,000 16,096,000
* Including for "Orders.'
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept.20 1919 was as follows:
Week ending Sept. 18.
Clearings at
1919.
1918.
CanadaMontreal
Toronto
Winnlpeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat- _
Peterborough.
Sherbrooke
Kitchener
Windsor
Prince Albert.. _ _
$
119,762,786
86,825,974
40,000,000
14,614,165
8,422,239
6,434,406
4,814.352
7,212,173
3,067,742
6,817,439
3,074,961
2,479,423
4,367,930
5,243,804
799,393
815,326
2,103,132
1,793,007
1,086,385
866,693
508,684
463,792
1,012,463
1,043,289
979,876
2,656,220
406,122
IS
90,064,434
61,827,129
29,731,206
13,265,073
7,805,619
4,345,852
4,190,398
5,434,586
2,269,603
6,062,849
2,492,095
2,111,260
3,376,675
3,397,990
575,110
1,036,788
1,543,512
1,612.977
800,608
631,997
532,019
404,149
666,664
756,582
631,755
1,123,015
226,750
Total Canada_
707 706716
9.1609.1 201
Inc. or
Dec.
+++A- ++++++++++1++++++++++
Bushels.
Bushels.
Bushels.
Bushels.
516,000
137,000
94,253,000 40,057,000
Bushels.
North Amer.. 10,285,000
Russia
Danube _ _ _
Argentina.....3,424,00
Australia _ 2,120,000
India
0th. countr's
114,000
Total
1918.
1919.
Week
Sept. 20.
..1.7q 7
1917.
$
73,389,109
55,104,461
37,715,688
9,956,959
5,212,514
3,754,968
3,261,952
4,828,44)3
1,811,296
5,619,075
2,150,247
1,615,922
2,893,215
3,351,518
664,313
884,926
1,017,680
1,275,604
828,963
553,981
432:456
527,306
593,000
708,163
557,668
910760499
1916.
8
71,693,046
46.794,170
34,109,620
7,670,526
8,112,496
3,969,750
2,449,260
4,460,569
1.590,138
4,320,586
1,800,266
2,217,397
1,911,727
2,619,219
525,680
718,474
1,242,001
969,198
643,639
588,765
280,397
365,837
573,206
563,834
475,530
win
VIA•991
SEPT. 27 1919.]
THE CHRONICLE
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For organization of national banks:
.
The First National Bank of Rice, Minnesota
Correspondent: Bert Russell, Rice.
The Security National Bank of Mobridge, South Dakota
Correspondent: II. C. Shober, Highmoro.
The Granger National Bank. Granger, Texas
Correspondent: A. C. Muss'', Granger.
The Planters National Bank of Hughes, Arkansas
Correspondent: J. 0. E. Beck, Hughes.
The Round Hill National Bank, Round Hill, Virginia
Correspondent: Chas. J. Ford, Round Hill.
The Rockwell City National Bank, Rockwell City, Iowa
Correspondent: A. F. 131edose, Rockwell City.
The First National Bank of Campbell, California
Correspondent: Frank C. Nelson, San Francisco.
The Warren National Bank, Warren, Massachusetts
Correspondent: Earl S. Lewis, Warren.
The First National Bank of Sipe Springs, Texas
Correspondent: W. J. Westbrook, Sipe Springs.
For conversion of State banks:
The First National Bank of Marble, Minnesota
Conversion of The First State Bank of Marble.
Correspondent: D. M. Vermilyear, Coleraine, Minn.
The First National Bank of Warsaw, North Carolina
Conversion of The Citizens Bank of Warsaw.
Correspondent: J. E. Williams, Warsaw.
Total
CHARTERS ISSUED.
Original organizations:
The Beverly Hills National Bank, Beverly Hills, Cal
President Kirb B. Johnson; Cashier, 0. N. Beasley.
The First National Bank of Bigheart, Oklahoma
President, L. A. O'Brien; Cashier, G. A. Mitchell.
The Citizens National Bank of Valliant, Oklahoma
President, A. L. Story;' Cashier, S. E. Barnett.
The Jefferson County National Bank of Rigby, Idaho
President, Dan McCarthy; Cashier, Geo. E. Hill.
The Machias National Bank, Machias, Maine
President, S. E. Woodman; Cashier, Geo. B. Boynton.
Capital.
$25,000
50,000
35,000
30,000
25,000
50,000
50,000
50,000
25,000
25,000
25,000
$390,000
$30,000
25,000
35,000
50,000
50,000
1247
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Beech Creek (quar.)
Boston & Provide cc (guar.)
Bosto7 Rerere Beach & Lynn (guar.)
Buffalo & Susquehanna,corn.(quar.)..
Common (extra)
Canadian Pacific, common (quar.)
Preferred
tChicago & North Western, corn. (qu.).
Preferred (guar.)
Cleve. Ctn.Chic. & St. L. pref. (quar.).
Delaware Eackananna &'
West (guar.)
Fitchburg, preferred (guar.)
Georgia RR. & Bkg. (guar.)
Great Northern (quar.)
JO:A & Chicago (quar.)
Kanawha & Michigan (quar.)
tKans:s City Southern, pref. (quar.),
Lackawanna RR. of N.J.(quar.)
tLehigh Vtlley, common (guar.)
Preferred ((mar.)
Maine
corn. (guar.)
Manhattan Railway (quar.)
Meadville Con, eaut Lake & Linear
Minn.St.P:& S.S. M..com.& pref._ _
Minn. St. Paul & S. S. M.,leased lines
Newark & Bloomfield
New London Northern (quar.)
New York Central RR.(quar.)
N. Y. Lackawanna & Western (quar.) _
Norfolk & Western, adj. pref. (guar.)__
Northern Pacific (guar.)
Northern RR. of N. H. (guar.)
Norwich & IVorcester, pref. (guar.)
Old Colony (guar.)
Philadelphia & Trenton (guar.)
Pittsb. Bessemer & L. Erie, common_ _ _
Pittsb. Ft. Wayne & Chic., corn.(guar.)
- Preferred (quar.)
Reading Company,common (quar.)_
Second preferred (quar.)
St. Louis-San Francisco
K. C. Ft. S. & M. pref. tr. etfs. (qu.)
Southern Pacific (quar.)
Southern Ry., M.& 0.stock trust ctfs_ _
Toronto Hamilton & Buffalo (quar.)_ _ _ _
Union Pacific, common (quar.)
Preferred
United N.J. RR.& Canal Cos.(quar.)_ _
Warren RR
%Vest Jersey & Seashore
Wisconsin Central, preferred
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
50c. Oct. 1 Holders of rec. Sept. 19a
234 Oct. 1 Holders of rec. Sept. 20a
134 Oct. 1 Hollers of rec. Sept. 24a
134 Sept.30 Sept.16 to Sept.30
% Sept.30 Sept. 16 to Sept.30
2M Oct. 1 Holders of rec. Sept. 2a
2
Oct. 1 Holders of rec. Sept. 2
14 Oct. 1 Holders of rec. Sept. t8a
2
Oct. 1 Holders of rec. Sept. 18a
14 Oct. 21 Holders of rec. Oct. la
.5
Oct. 11 *Holders of rec. Oct. 4
1% Oct. 1 Aug. 31 to Sept. 9
3
Oct. 15 Oct. 2 to Oct. 14
13s Nov. 1 Sept. 18 to Oct. 9
14 Oct. 6 Holders of rec. Sept. 240
134 Sept.30 Holders of rec. Sept.230
1
Oct. 15 Holders of.rec. Sept.:30a
Oct. 1 Holders of rec. Sept. 8a
1
87H c Oct. 4 Holders of rec. Sept 413a
51 25 Oct. 4 Holders of rec. Sept.2134
134 Oct. I HoPers of roe. Sept. 15a
134 Oct. 1 Holders of rec. Sept. 154
$1
Oct. I Holders of rec. Sept. 20a
334 Oct. 15 Holders of rec. Sept. 19a
2
Oct. I Holders of rec. Sept. 200
3
Oct. 1 Holders of rec. Sept.22a
234 Oct. 2 Sept. 16 to Oct. 1
14 Nov. 1 Holders of rec. Oct. la
14 Oct. 1 Holders of rec. Sept. 13a
•1
Nov. 19 *HO "ers of rec. Oct. 31
14 Nov. 1 Holders of rec. Oct. 4a
114 Oct. 1 11, lders of rec. Sept. 8a
Oct. 1 Sept. 14 to Sept.30
2
14 Oct. 1 Holders of rec. Sept.13a
234 Oct. le Oct. 1 to Oct. 10
75c. Oct.
- 1 Holders of rec. Sept. 15
154 Oct. I Holders of rec. Sept. 100
14 Oct. 7 Holders of rec. Sept. 10a
Nov. 13 Holders of rec. Oct. 24a
$1
500. Oct. 9 Holders of rec. Sept. 230
Total
$190,000
CHARTERS EXTENDED.
The Lamberton National Bank of Franklin, Pennsylvania.
Charter
extended until close of business Sept. 21 1939.
The Cement National Bank of Siegfried, Northampton, Pa.
Charter
extended until close of business Sept. 21 1939.
CHANGES OF TITLE.
The First National Bank of Ochiltree, Texas, to "The First
National
1
Bank of Perryton," Texas. Location of bank also changed from
Oct. 1 Sept. 25 to Oct. 1
Ochi'tree
14 Oct. 1
to Perryton.
'ers of rec. Aug. 30a
2
The Cement National Bank of Siegfreid, Pennsylvania, to
Oct. 1 Holders of red. Sept. 15a
"The
Cement
National Bank of Siegfried at Northampton."
154 Oct. 1 Holders of fee. Sept. 240
2% Oct. 1 Holders of rec. Sept. 2a
INCREASES OF CAPITAL.
Oct. 1 Holders of rec. Sept. 2a
2
Amount.
23.4 Oct. 10 Sept. 21 to Sept. 30
The First National Bank of Mullins, South Carolina, capital in$1 75 Oct. 15 Holders of rec. Oct. 4a
creased from $25,000 to $50,000
$1.25 Oct. 1 Holders of rec. Sept. 15a
The First National Bank of Springfield, South Carolina, capital $25,000
2
Oct. 1 Holders of rec. Sept. 18a
increased from $25,000 to $50,000
The First National Bnak of International Falls, Minnesota, capital 25,000
Street and'Electric Railways.
increased from $25,000 to $50,000
25,000 Asheville Power & Light, pref. (quar.)... 14 Oct. 1 Holders of rec. Sept. 16
The First National Bank of Middlotown,Ohio, capital increased
Bangor Ry. & Elec., pref. (guar.)
134 Oct. 1 11.,Ilers of rec. Sept. 22a
from $100,000 to 8175,000
Boston Elevated Ry., corn.(quar.)
14 Oct. 1 Holders of rec. Sept. 17
The Union National Bank of Tulsa, Oklahoma, capital increased 75,000 Brazilian
Tr., L.& Power. pref.(quar.)154 Oct. 1 Holders of rec. Sept. 15
from $300,000 to $500,000
200,000 Capital Trac., Wash. D. C. (quar.)_
13-4 Oct. I Sept. 15 to Sept.30
Carolina Power & Light, pref.(Guar.)._ _
14 Oct. 1 Holders of rec. Sept. 16 .
Total
$350,000 Ce trot (Us. Public Service, pref. (guar.)_
13-4 Oct. 15 Holders of rec. Sept. 30a
CONSOLIDATIONS.
Chicago City Ry. (guar.)
134 Sept.30 Sept.26 to Sept.29
First National Bank of Burlington, Iowa, and The National State Bank
Oct. 1 Sept.21 to Sept.30
of Cinch). & Hamilton Trac., corn. (quar.)_ •1
Burlington, Iowa, under charter and title of the "First National
Preferred
(quar.)
'134 Oct. 1 Sept.21 to Sept.30
Bank
of Burlington," with capital stock of $300,000 and surplus of
Cin. Newp. & Coo. L. & Tr., corn. (qu.). 134 Oct. 15 Oct. 1 to Oct. 15
$125,000.
Combined capital of banks prior to consolidation, $250,000.
Preferred (guar.)
134 Oct. 15 Oct. 1 to Oct. 15
Amount
of Increase, $50,000.
Cincinnati Street Ry.(quar.)
134 Oct. 1 Sept. 17 to Sept. 30
Cities Service, cont. & pref. (mthly.)
VOLUNTARY LIQUIDATIONS.
34 Oct. 1 Holders of rec. Sept. 1Sa
Common (payable in common stock). fl
The Brule National Bank of Chamberlain, South Dakota. Capital
Oct. 1 Holders of rec. Sept. 15a
Common and preferred (monthly)
Liquidating agents: M. A. Brown and W. H. Pratt, Jr., Cham- $50,000
3-4 Nov. 1 Holders of rec. Oct. I5a
Common (payable in common stock)_ fl
berlain. Succeeded by the Brute State Bank.
Nov. 1 Holders of rec. Oct. 15a
Cities Service, corn. & pref. (mthly.)__ _
The First National Bank of Jackson, Georgia. Capital
54 Nov. 1 Holders of rec. Oct. 15
75,000
Common (payable in common stock)_ _
Liquidating agent, J. II. Carmichael, Jackson. Succeeded
Nov.
1 Holders of rec. Oct. 15
54
by
Cities Service. Bankers'shares(monthly)
the Farmers & Merchants Bank of Jackson.
51e. Oct. 1 Holders of rec. Sept. 15a
City Ry., Dayton,0., corn. &
Total
1H Sept.30 Sept.21 to Sept.30
$125,000 Cleveland Railway (quar.) pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 13a
Columbia (S.C.) Ry. Gas. de El., pf.(qu.). 134 Oct. 1 Sept.26 to Sept.10
Auction Sales.-Among other securities, the following, Col. Newark & Za .es.
E. RR. Ff. (qu.)
134 Oct. I Sept.26 to Sept.30
Tract., prof. (guar.) _ _. 1
Oct. 1 Holders of rec. Sept. 160
not usually dealt in at the Stock Exchange, were recently sold Duluth-Superior
Duquesne Light Co., preferred (guar.)_ _
134 Nov. 1 Holders of rec. Oct. 1
at auction in New York, Boston and Philadelphia:
Elmira Water, Light & RR. lat pf. (gu.). 134 Sept.30 Holders of rec. Sept. 15a
Seco d preferred (guar.)
14 Sept.30 Holders of rec. Sept. 150
By Messrs. Adrian H. Muller & Sons, New York:
Frankford & Southwark Pass. Ry.(qu.). $1.50 Oct. 1 Holders of rec. Sept. la
Shares. Stocks.
Bo t ds.
Honolulu
Per
Rap.
Tr.
ce
1.
de
Lard.
(guar.)
2
Sept.30 Sept.26 to Sept.30
208 The Rail Joint Co., pref
35
$6,000 The Rail Joint Co.serial 5s,
Illinois Trac.ion, pref. (quar.)
154 Oct. 1 Holders of rec. Sept. 15
70 The Rail Joint Co.,corn
10
1020-1030
36-37 Iowa R. & Light, pref. (guar.)
14 Sept.30 Hollers of rec. Sept. 20
50 Newark District Telegraph,
100,000 Cucharas Land & Water
Ke lucky Securities, pref
13-4 Oct. 15 11,Plers of rec. Oct. 100
$25 each
$9 per sh.
Corp. inc. 5s, 1925_ _$1,000 lot
Manchester Trac., Lt. & Pow.(quar.)_ _ *2
Oct. 15 *Holders of rec. Oct. 1
50 Robt. Morris Tr. Co.,Phila.,
5,000 Second Ave. RR. rec. ars_ 48
Manila
Elec.
RR.
&
Lt
g.
Corp.
(quar.)
Oct. 1 Holders of rec. Sept.2241
134
$55 per sh paid in liq..$14 per sh.
8,000 Houston (Tex.) Highway
Monoirgahela Valley Trac., pref. (guar.). 37% Oct. 7 Hol'ens of rec. Sept. 30a
6 Straight Edge Baking, corn.,
4)4s, 1040
07% Northern Ohio Trac. & Lt., pref. (quar.) 134 Oct. 1 Holders of rec. Sept. 10
$10 each
$1 lot
4,000 Consol. Water Co. of Utica
Ottawa Traction (guar.)
1
Oct. 1 Hollers of rec. Sept. 15a
1.3852 Cities Service Co.corn. warr.$666
deb. 5s, 1930
Philadelphia Co., common (quar.)
80
75c. Oct. 31 Holders of rec. Oct. la
15 Old Glory Realty,$10 ea31 per sh.
6,000 N. Y. & Westchester Ltg.
Six per cent preferred stock
$1.50
Nov. 1 Holders of rec. Oct. la
14 First Nat. Bank of N.Y
1005
gen. 4s, 2004
623i Philadelphia Traction
$2,2 Oct. 1 Sept. 11 to Sept.30
100 Manhattan Ry. Co
73%
4,000 Omaha & C. B. St. Ry. 1st
Phila. & Western Ry.. pref. (quar.)
623.4c Oct. 15 Holders of rec. Sept. 30a
200 Bisbee Copper Mg., $1 each
cons. 5s, 1928
Porto Rico Rys., pref. (guar.)
80
194 Oct. 1 Holders of rec. Sept. 20
100 Joswig-Kenneeott Cop.,Slea 1125
4,000 St. Joseph Ry., L.. H•& P•
Public Serv.. Corp.of N.J., corn. (quar.) 134 Sept.30 Holders of rec. Sept. 26a
100 Atlanta Home Gold M.,55ea I
1st 5s, 1937
Preferred (quar.)
75
2
Sept.30 Holders of rec. Sept. 20a
1,000 Brooklyn City RR.,$10 each
Republic Ry. & I.ight, pref. (gnarl_ _ _ _
154 Oct. 15 Holdes of rec. Sept. 30
$6% per sh.
Ridg.i Ave. Pass. Ry., Phila. (quar.)_ _ _ $3
Oct. 1 Sept. 16 to Oct. 1
Scranton & Wilkes-Barre Trac., pf.(qu.) 134 Oct. 1 Sept.21 to Oct. 1
By Messrs. Wise, Hobbs & Arnold, Boston:
Second & Third Sts. Pass. Ry. (quar.)_ _ $3
Oct. 1 Holders of rec. Sept. la
Shares. • Stocks.
$ per all. Shares. Stocks.
all.
per
$
(Mo.)
Springfield
Ry.
13-4
& Lgt., pref.(qu.)
Oct. 1 Holders of rec. Sept. 15a
2 13igelow-liartford Carpet, corn,_105
1 Gillette Safety Razor
1791
Stark Electric RR
1
Oct. 1 Sept.21 to Oct. 1
1 Nashua Mtg., COM
282
10 Union Twist Drill, pref., ex-div.. 971
Tr -City Ry. & Light, corn. (guar.)
% Oct. 1 Holders of rec. Sept. 20a
8 Nonquitt Spinning
1714 10 Boston Securities, pref
Tri-City Ry. dr Light, pref. (quar.). _
13.4 Oct. 1 Holders of rec. Sept. 20a
2 American Mfg., pref., ex-div_ _ _ 883
1 Hood Rubber, pref
105
56 Naumkeag Steam Cotton
2224 8 Draper Corporation, ex-div_ _ 13911 Twin City Rap. Tr., Minneap., pf. (qu.) 134 Oct. 1 Holders of rec. Sept. 15
United Light & Rys., common (quar.)
1
Oct. 1 Holders of rec. Sept.150
2 Salmon Falls Mfg., corn
114
4 R. S. 13rine Transp., pref
55
First preferred (guar.)
114 Oct. 1 Holders of rec. Sept.15a
1 Springfield By., pref
35%
Utah Power & I.Ight, pref. (quar.)
154 Oct. 1 Holders of rec. Sept. 16
By Messrs. H. L. Day & Co., Boston:
Wash.Balt.& Annap.E1.RR., corn. (qu.) $1
Oct. 1 Holders of rec. Sept.200
Shares. Stocks.
Preferred (guar.)
$ per sh. Shares. Stocks.
7.50. Oct. 1 Holders of rec. Sept.200
$ per sh. Washington Water
3 Merrimack Mfg., prof
Power, Spokarre (guar.) 1
80
Oct. 15 Holders of rec. Sept. 25
3 W. L. Douglas Shoe, prof
99
10 Naumkeag Steam Cotton
West
End
Street
Ry., Boston. commoh_ 11.75 Oct. 1 Sept.21 to Oct. 1
215
10 United Life & Accident Insur.,
I Vest India Elec. Co., Ltd. (guar.)
11 Everett Mills
14 Oct. 1 Sept.24 to Oct. 1
180
Concord, N.H.,$20 each_ 25
West Penn. Power Co., pref. (guar.)._
10 Turners Falls Pow.& El.,ex-div.100
14 Nov. 1 Holders of rec. Oct. 21
3 American Felt, pref
831,
2 Irilkes-Barre Co., corn
1 34 Sept.29 Holders of rec. Sept. 200
By Messrs. Barnes & Lofland, Philadelphia:
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 200
Shares. Stocks.
$ per all. Shares. Stocks.
$ per sh. Yadkin River Power, pref.(quar.)
134 Oct. 1 Holders of rec. Sept. 16
200 Phila. Yeast Mfg
$55 lot
5 Peerless Horse Shoe, pref., $10
25 U. S. Sample Book Co
$26 lot
Banks.
each
$2 lot
25 Market St. Title & Trust 184%-192%
Atlantic National (quar.)
5 Peerless Horse Shoe, corn., $10
2 H Oct.
Holders of rec. Sept.27a
9 Real Estate Trust, prof
Chase National (guar.)
97
each
4
Oct.
lot
Holders of rec. Sept.23a
Si
20 Phila. Warehouse & C.S
Chatham & Phenix National (guar.).
111
4 Philadelphia Bourse, con)
4
Oct.
Sept.21 to Sept.30
5
10 Dennett's Surpassing Caffee, pt. 10
Bonds.
3
Oct.
Per cent. Citizens National (quar.)
Holders of rec. Sept. 22a
1 Dennett's SurpassIr Coffee,com 10
Coal & Iron National (quar.)
8148,000 Morehead & North Fork
2
Oct.
Holders of rec. Sept. 10a
2 Quaker City National Bank_ _ _125
Colonial (guar.)
RR. 1st 5s, 1058
3
Oct.
Holders of rec. Sept. 20a
22
10 Drov.& Merch. Bank,$50 each 60
Commerce. National Bank of (Guar.),
1,000 N. Y. Phila. & Norf. RR.
2% Oct.
Holders of rec. Sept.20a
160 Middle City Bank,$50 each__ 50
Fifth Avenue (guar.)
1st 4s, 1939
6
Oct.
Holders of rec. Sept. 300
70
21 Fidelity Trust Co
500-5003
National
Fifth
(guar.)
3,000 North. Indiana Gas dr El.
3
Oct.
Holders
of rec. Sept. 30
8 Peoples Trust, $50 each
45
1st & ref. 58, 1920
5
Oct.
80;1 First National (quar.)
Holders of rec. Sept.30a
20 J. B. Stetson, pref
15611
First Aatioral, Brooklyn (guar.)
2,000 South Shore Gas & Elec.
2% Oct.
Holders of rec. Sept. 26a
1 Tioga Trust
102
gen. 5s, 1933
83%
•
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Banks (Concluded).
5
Oct. 1
First Security (quar.)
Sept.30
3
Garfield National (guar.)
Oct. 1
2
Gotham National (guar.)
4
Oct. 1
Greenwicn (quar.)
Oot. 1
8
Hanover National (quar.)
Oct. 1
3
Irving National (guar.)
4;4 Oct. 1
Liberty Natioral (guar.)
Manhattan Co., Bank of the (quar.)__ _ $2.50 Oct. 1
Oct. 1
31
Mechanics (Brooklyn) (quar.)
234 Oct. 1
Metropolitan (guar.)
Oct. 1
Mutual (quar.)
2% Octl 1
Nassau National (guar.)
Oct. 1
4
New Netherland
Oct. 1
New York,Bank of, N.B.A.(quar.)_ _ _ 5
Oct. 1
6
Park,National(quar.)
Sept.30
3
Public National (guar.)
Oct. 1
3
Seaboard National (quar.)
Oct. 1
3
Second National (guar.)
Oct. 1
__ 3
Washington Heights, Bank of (guar
5
Sept.30
Yorkville (guar.)
Holders of rec. Sept.30a
Sept.26 to Sept.30
Holders of rec. Sept. 30a
Holders of rec. Sept. 20a
Sept.21 to Sept.30
Holders of rec. Sept. 26a
Holders of rec. Sept. 25a
Holders of rec. Sept. 26a
Holders of rec. Sept. 20a
Holders of rec. Sept. 19a
Holders of rec. Sept. 24
Sept.28 to Sept.30
Holders of rec. Sept. 30a
Holders of rec. Sept. 22a
Holders of rec. Sept.22a
Holders of rec. Sept. 24a
Holders of rec. Sept. 24a
Holders of rec. Sept. 30a
Holders of rec. Oct. la
Holders of rec. Sept. 20a
Trust Companies.
Bankers (quar.)
Brooklyn (quar.)
Central Union (guar.)
Columbia (quar.)
Empire (quar.)
Equitable (guar.)
Fidelity (quar.)
Franklin (Brooklyn)(quar.)
Guaranty (guar.)
Hudson (quar.)
Irving (guar.)
Lawyers Title do Trust (guar.)
Manufacturers, Brooklyn (quar.)
Metropolitan (quar.)
New York (quar.)
Peoples, Brooklyn (quar.)
Scandinavian (guar.)
Title Guarantee do Trust (quar.)
U. S. Mortgage dc Trust (quar _ _ _ _ _
Holders of rec. Sept. 20a
Holders of rec. Sept. 19a
Holders of rec. Sept. 22a
Holders of rec. Sept. 22a
Holders of rec. Sept. 20a
Holders of rec. Sept.d25a
Sept.23 to Sept.30
Holders of rec. Sept.29a
Holders of rec. Sept.19
Holders of rec. Sept. 22
Holders of rec. Sept. 26
Sept. 14 to Oct. 1
Holders of rec. Sept.20a
Holders of rec. Sept. 19
Sept.21 to Sept.30
Holders of rec. Sept. 29
Holders of rec. Sept. 5a
Holders of rec. Sept. 22
Holders of rec. Sept. 26a
.)__
.)_
5
5
5%
4
3
5
2%
3
5
2
2
1%
2
6
8
4
234
5
6
Oct. 1
Oct. 1
Oct. 1
Sept.30
Sept.29
Sept.30
Sept.30
Sept.30
Sept.30
Sept.30
Oct. 1
Oct. 1
Oct. 1
Sept.30
Sept.30
Sept.30
Sept.30
Sept.30
Oct. 1
Miscellaneous.
Abitibi Power d: Paper. Ltd., corn. (No.1) 1% Oct. 1 Holders of rec. Sept. 28
1% Oct. 1 Holders of rec. Sept. 23
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 23
z19
Pref. (acct. accum. dividends)
134 Oct. 1 Holders of rec. Sept. 15 •
Adirondack Elec. Potter, pref. (guar.)._ _
1)4 Oct. 1 Holders of rec. Sept. 15a
Advance-Rumely, preferred (quar.)_ _ _ _
Sept.30 Holders of rec. Sept. 25
Aeolian Weber Piano dc Pianola, pf.(qu.)
$1
Sept.30 Holders of rec. Aug. 30
Ahmeek Mining (quar.)
Oct. 15 Holders of rec. Sept. 30a
$1
Air Reduction Co. (fluor.)
Oct. 15 *Holders of rec. Oct. 5
*10c
Ajax Oil, Clans A (minty.)
Oct. 15 Holders of rec. Oct. la
Alabama Company 1st de 2d pt-cf. (gnat-.) _
134 Oct. 1 Sept.21 to Sept.30
Alabama Fuel & Iron (par.)
30. Oct. 10 Holders of rec. Sept. 25
Allied Oil Corp.(quar.)(No.4)
1% Oct. 15 Holders of rec. Sept. 30a
Allis-Chalmers Mfg., pret.(guar.)
Oct. 15 Holders of rec. Sept. 30a
dividends)
Pref. (acct. accumulated
Sc. Oct. 15 Holders of rec. Oct. 1
- - Alto Gasoline & Oil
Oct. 15 Holders of rec. Sept. 26a
2
American Agricul. Chem..cam.(quar.)
134 Oct. 15 Holders o rec Sept. 26a
Preferred (quar.)
*75e. Nov. 15 *Holders of rec. Nov. la
American Bank Note, corn. (guar.)
750. Oct. 1 Holders of roe. Sept. 15a
American Bank Note, pref. (quar.)___
1% Oct. 2 Holders of rec. Sept. 13a
American Beet Sugar, pret. (quar.)__ _ _
Oct. 1 Holders of rec. Sept. 15a
$2
American Bosch Magneto (guar.)
1% Sept.30 Holders of rec. Sept. 19a
Amer. Brake Shoe & Fdy.,corn.(guar.)_
3
Sept.30 Holders of rec. Sept.190
Preferred (quar.)
1g Oct. 1 Holders of rec. Sept. 16a
American Can, preferred (qar.)
Oct. 1 Holders of rec. Sept. 15a
American Car & Foundry.com.(quar.)_ 3
1% Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
Nov. 1 *Holders of rec. Oct. 21
*1
American Chicle, corn.(guar.)
1% Oct. 1 Holders of roe. Sept. 20
American Chicle, preferred (quar.) _ _
1% Oct. 1 Holders of rec. Sept. 15a
American Cigar. preferred (guar.)
Oct. 17 Oct. 8 to Oct. 17
American Cynamid, pre.(acct. accunt.)- z6
1)4 Oct. 1 Holders of rec. Aug. 30a
American Express (quar.)
3)4 Oct. 15 Holders of rec. Oct. 5a
American Fork & Hoe, preferred
Amer. Gas & Elec.. common (quar.)___ _ 234 Oct. 1 Holders of rec. Sept.19
Common (payable in common stock)_ 12)i Oct. 1 Holders of rec. June 20
1% Nov. 1 Holders of roe. Oct. 17
Preferred (quar.)
Oct. 1 Sept.20 to Oct. 1
2
American Hardware (guar.)
1)4 Oct. 1 Holders of roe. Sept. 13a
Amer. Hide & Leather. pref.(quar.) _
Oct. 1 Holders of rec. Sept. 13a
Preferred (extra)
1% Oct. 25 Holders of rec. Oct. 15
American Ice. preferred (guar.)
Oct. 25 Holders of rec. Oct. 15
1
Preferred (extra)
Amer.Internat. Corp., coin. & pf. (qu.) $1.20 Sept.30 Holders of reo. Sept. 15a
Nov. 15 Holders of rec. Nov. 8a
Am.La France Fire Eng.,Ine.,com.(qu.) 2
1)4 Oct. 1 Holders of rec. Sept. 19a
Preferred (quar.)
Dec. 1 Nov.22 to Doe. 1
Amer. Laundry Machinery,corn.(quar.)
1)4 Oct. 15 Oct. 6 to Oct. 15
Preferred (guar.)
American Linseed, preferred (quar.)__ _ _ 1% Oct. 1 Holders of rec. Sept. 15a
Sept.30 Holders of rec. Sept. 13a
1%
(quar.).
common
Locomotive,
American
1)4 Sept.30 Holders of rec. Sept. Eta
Preferred (quar.)
1)4 Oct. 1 Sept. 16 to Sept.30
American Manufacturing, corn. (quar.)_
1% Oct. 1 Sept. 16 to Sept.30
Preferred (quar.)
1% Oct. 1 Sept.21 to Oct. 1
American Multigraph, preferred (guar.)_ _
1% Oct. 1 Sept.26 to Oct. 1
American Piano, preferred (guar.)
1% Oct. 1 Holders of rec. Sept.23
American Power & Light, pref.(guar.)__ _
1)4 Oct. 1 Holders of rec. Sept. 15
Amer. Public Service. pref.(quar.)
Sept.30 Sept.23 to Sept.30
(quar.)._
common
Radiator,
American
50e. Oct. 15 Holders of rec. Sept.30a
American Rolling Mill.common (guar.)_ _
250. Oct. 15 Holders of rec. Sept.30a
Common (extra)
1% Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
(o) Oct. 15 Holders of rec. Sept. 30a
7% deb. pref
1% Oct. 1 Holders of rec. Sept.23a
American Screw (guar.)
American Seeding Machine,corn.(quar.) 1)4 Oct. 15 Holders of rec. Sept. 30a
1)4 Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
American Shipbuilding, common (guar.) _ 4.1% Nov. 1 *Holders of rec. Oct. 15
'234 Nov 1 *Holders of rec. Oct. 15
Common (extra)
*1
Nov. 1 *Holders of rec. Oct. 15
'Preferred (guar.)
134 Oct. 1 Sept. 13 to Sept.21
Am.Smelters Securities. pref. A (quar.)_
1)4 Oct. 1 Sept. 13 to Sept. 21
Preferred B (quar.)
Oct. 1 Holders of roe. Sept. 13a
3
American Snuff,common (quar.)
114 Oct. 1 Holders of rec. Sept. 13a
Preferred (quar.)
Amer.Steel Foundries,corn.(quar.)___ _ 750. Oct. 15 Holders of rec. Oct. la
Sept.30 Holders of rec. Sept. 15a
Preferred
1% Oct. 1 Sept.21 to Oct. 1
American Stores, 1st & 2d pref.(quar.)_
American Sugar Refining, corn.(quar.). 1% Oct. 2 Holders of roe. Sept. 2a
Oct. 2 Holders of reo. Sept. 2a
Common (extra)
1% Oct. 2 Holders of roe. Sept. 2a
Preferred (quar.)(No.111)
2
Sept.30 Holders of rec. Sept. 20a
American Surety (quar.)
Oct. 15 Holders ohm.Sept.20a
2
American Telep. & Teleg.(quar.)
$6
Oct. 15 Holders orrec. Oct. 4
American Thermos Bottle
Oct. 1 Holders of rec. Sept. 15a
American Tobacco pref.(guar.)
Oct. 15 Holders of rec. Oct. 10a
Amer.Type Founders,common (quar.).
1)4 Oct. 15 Holders of rec Oct. 10a
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 19
Amer. Window Glass Mach., pref. (qu.)_
1% Oct. 15 Sept. 16 to Sept. 25
American Woolen,corn.& pref.(quar.)_
Ames, Holden,McCready,Ltd.,pf.(qu.) 1% Oct. 1 Holders of rec. Sept.19
Nov. 24 Holders of rec. Oct. 18
$1
Anaconda Copper Mining (guar.)
,1 Oct. 1 Holders of roe. Sept. 15a
1)
Arkansas Light do Power, pref.(quar.)_ _
1)4 Oct. 1 Sept. 16 to Sept.30
Armour dr Co.,pref.(quar.)
Asbestos Corp.of Can.,Ltd..com.(qu.) 134 Oct. 15 Holders of rec. Oct. la
134 Oct. 15 Holders of rec. Oct. la
Preferred (quar.)
1)4 Oct. 15 Holders of rec. Sept. 25a
Associated Oil(mum)
Oct. 1 Holders of rec. Sept. 27a
Astoria Mahogany. Inc., pf. (guar.). _
*2;4 Sept 30 *Holders of rect. Sept. 20
Atlantic Coast Co.(quar.)
Atlantic Gulf& W.I.SS.Lines, pt.(qu.) 1% Oct. 1 Holders of rec. Sept. 10a
1% Sept.30 Sept.21 to Sept.30
Atlantic Steel,common (guar.)
1)4 Oct. 1 Holders of rec. Sept. 19
Atlantic Sugar Refineries, pref.(quar.)_ _
75c. Sept.30 Holders of rec. Sept. 15
Auto Sales Corporation, pref. (quar.)_ _
25c. Sept.30 Holders of me Sept.15
Preferred (extra)
[VOL. 109.
THE CHRONICLE
1248
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
1% Oct. 1 Sept.21 to Oct. 1
Avery Co., pref. (attar.)
2
Oct. 1 Holders of rec. Sept. 200
Babcock do Wilcox Co.(guar.).
1)4 Oct. 1 Holders of rec. Sept.22a
(gnat-.)
preferred
Tube,
Baltimore
1% Oct. 1 Holders of rec. Sept. 18
Barnet Leather, pref.(quar.)(No. 1)___
'3734c Oct. 15 *Holders of rec. Sept.30
Barnsdall Corporation (No. I)
Barnhart Bros.& Spind.lst & 2d pf.(qu.) 1% Nov. 1 Holders of rec. Oct. 25a
Oct. 1 Holders of rec. Sept. 17a
2
Barrett Co.,common (quar.).
1)4 Oct. 15 Holders of rec. Sept.25a
Preferred (quar.)
Oct. 15 Holders of rec. Sept. an
2
Bell Telephone of Canada (quar.)
134 Oct. 15 Holders of rec. Oct. 4a
Bell Telephone of Pa. (guar.)
1% Oct. 1 Holders of rec. Sept. 15a
Bethlehem Steel. common (quar.)
1% Oct. 1 Holders of rec. Sept. 15a
Common B (quar.)
Non-cumulative preferred (quar.)--- 1% Oct. 1 Holders of reo. Sept. 154
Oct. 1 Holders of rec. Sept. 15a
Cumulative convertible preferred (qu.) 2
$1.25 Oct. 1 Holders of rec. Sept. 20a
Billings dr Spencer Co.(quar.)
25e. Sept.30 Holders of rec. Sept. 20a
Bingham Mines (auar.)
*6234c Oct. 1 *Holders of rec. Sept.24
Bliss (E. W.) Co., common (guar.)
Oct. 1 *Holders of rec. Sept.24
*$5
Common (extra)
Oct. 1 *Holders of rec. Sept.24
*2
Preferred (guar.)
Blumenthal(F.) Co.,com.and pref.(qu.) 1% Oct. 1 Holders of rec. Sept.30a
1,‘ Oct. 1 Holders of rec. Sept. 15a
Booth Fisheries, 1st preferred (quar.)
1% Deo, 15 Holders of roe. Dee. be
Borden's Condensed Milk, pref.(quar.)_
Oct. 15 Sept. 14 to Oct. 14
20
Borne.Scrymser Co.(annual)
1% Oct. 1 Holders of reo. Sept. la
13randram-Henderson, Ltd., pref.(qu.)
214 Oct. 1 Sept.21 to Oct. 1
Brier Hill Steel,common (guar.)
1% Oct. 1 Sept.21 to Oct. 1
Preferred (guar.)
Sept.30 Holders of rec. Sept.25
2
Brighten Mills, common (guar-)
(quar.)
Preferred
134 Sept.30 Holders of rec. Apt.25
Sept.30
See note y below
British-American Tobacco, ordinary__ _ 6
2% Sept. 30 Holders of coupon No.32
Preference
1% Oct. 1 Holders of roe. Sept.24a
Brooklyn Union Gas (quar.)
Brunswick-Balke-Collender, pref.(quar.) 1% Oct. 1 Holders of reo. Sept. 200
1% Oct. 1 Holders of rec. Sept. 20
Bucyrus Company. pref. (quar.)
Sept.30 Holders of rec. Sept.20
2
Buffalo General Electric (quar.)
1% Oct. 1 Holders of rec. Sept.30
Bush Terminal Bldgs., preferred (quar _
California Elec. Generating, pref.(quar.) 1% Oct. 1 Holders of rec. Sept.z0a
California Packing Corp., pref. (quar.)- 1% Oct. 1 Holders of rec. Sept.lba
1% Oct. 1 Holders of reo. Sept.20a
California Petroleum, pref. (quar.)
Prof.(account accumulated dividends) 2% Oct. 1 Holders of rec. Sept.20a
Sept.20 Holders of roe. Aug. 25a
$5
Calumet & Heels Mining (quar.)
Si
Oct. 1 Holders of rec. Sept. lba
Cambria Iron
1% Oct. 1 Holders of roe. Sept. 15a
Canada Bread, preferred (quar.)
1% Oct. 16 Holders of rec. Sept.30
Canada Cement, ordinary (guar.)
134 Oct. 1 Holders of roe. Sept.15
Canada Steamship Lines, pref.(guar.)_ _
Canadian Ca, & Foundry, pref.(guar.). 1% Oct. 10 Holders of roe. Sept.26a
hl% Oct. 10 Holders of reo. Sept.26a
Pref. (extra, on acct. accum.
Canadian Consed Rubber, pref.(guar.)_ _
134 Sept.30 Holders of rec. Sept.24a
Canadian Cottons, Ltd, corn. & pref. (qu.) 1% Oct. 4 Holders of rec. Sept.26a
1% Sept.30 Sept.20 to Sept.30
Canadian Crocker-Wheeler, corn. (qu.)_
1% Sept.30 Sept.20 to Sept.30
Preferred (quar.)
Oct. 1 Holders of rec. Sept.13
Canadian General Electric, corn. (qu.)_ 2
334 Oct. 1 Holders of rec. Sept.13
Preferred
134 Oct. 1 Holders of rec. Sept.25
Canadian Locomotive, common (quar.)_
134 Oct. 1 Holders of rec. Sept.25
Preferred (quar.)
Canadian Westinghouse Co.,Ltd.(quar.) 1.34 Oct. 1 Holders of rec. Sept. 19a
1% Oct. 1 Holders of rec. Sept.20
Canadian Woollens, Ltd., pref.(guar _ _
Carbo-Hydrogen Co.of Amer., pref.(qu.) 834c Sept.30 Holders of rec. Sept.20a
134 Oct. 1 Holders of rec. Sept.22
Cardenas-Amer.Sugar, pref.(quar.)__
Case(J.I.) Threshing Mach., pref.(qu.) 1% Oct. 1 Holders of roe. Sept.15
2
Sept.30 Holders of rec. Sept. 16a
Celluloid Company (quar.)
234 Oct. 1 Holders of roe. Sept.20
Central Aguirre Sugar Co.(quar.)
10
Oct. 1 Holders of reo. Sept.20
Extra
134 Sept.30 Holders of rec. Aug. 28
Centro: Bond & Mortgage (quar.)
1% Oct. 15 Holders of rec. Sept. 304
Central Coal & Coke.common (quar.)_.
134 Oct. 15 Holders of rec. Sept.30.
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 10
Central Leather, common (guar.).
2
Nov. 1 Holders of rec. Oct. 10
Common (extra)
1% Oct. 1 Holders of rec. Sept.10a
Central Leather, preferred (quar.)
Central Petroleum, preferred
23.4 Oct. 1 Holders of rec. Sept. 19
134 Oct. 14 Holders of rec. Oct. 6.2
Cetrai & South Amer. Telegraph (guar.) _
1% Oct. 1 Holders of rec. Sept. 10
Central States Elec.Corp., pref.(quar.)
Centain-teed Products Corp.,1st p1.(qu.) 134 Oct. 1 Holders of rec. Sept.200
1% Oct. 1 Holders of rec. Sept.20a
Second preferred (quar.)
6
Oct. 1 Holders of roe. Sept. 19a
Chandler Motor Car (quar.)
Chicago Railway Equipment(quar.)... _ *1% Oct. 1 *Holders of rec. Sept. 20
2
Sept.30 Holders of rec. Sept.296
Chicago Telephone (quar.)
75o Sept.30 Holders of rec. Sept. 160
Chino Copper Co.(quar.)
134 Oct. 1 Sept. 15 to Sept.21
Cincinnati Gas do Electric (guar.)
Oct. 1 Sept. 24 to Sept. 30
Chic.& Suburban Bell Telep.(guar.)._ _ 2
1
Oct. 15 Holders of rec. Oct. 4a
Cincinnati Tobacco Warehouse..
$1.25 Sept.20 Sept. 14 to Sept.28
Citizens Gas of Indianapolis
Sept.28 Sept. 17 to Oct. 1
Citizens Gas & Fuel,Terrellaute,com.(gu.) 3
1% Oct. 1 Sept. 17 to Oct. 1
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept.24
City Investing, preferred (quar.)
1)4 8%4.30 Sept.21 to Sept.30
Cleveland-Akron Bag (quar-)
13.4 Sept.30 Sept.21 to Sept.30
Extra
134 Oct. 1 Holders of rec. Sept. 20a
Cleve. Automatic Mach., pref. (guar.)__ _
Cleve. & Sandusky Brewing, corn. & pref.- 6 • Dec. 1 Holders of rec. Nov. 15a
Oct. 1 Holders of rec. Sept. 190
Cleveland Union Stock Yards (quar)__- _ 2
1% Sept.30 Holders of rec. Sept.20
Cleveland Worsted Mills (quar.)
1% Oct. 1 Holders of rec. Sept. 200
Ciuett, Peabody & Co., pref.(quar.)
34 Oct. 15 Holders of rec. Sept. 300
Colorado Power, common (quar.)__.
Colt's Patent Fire Arms Mfg.(quar.)_ _ _ $1.25 Oct. 2 Holders of rec. Sept. 160
260. Oct 1 Holders of rec. Sept. 10a
Columbia Oraphophone Mfg..corn.(qu.)
Oct. 1 Holders of rte. Sept.10a
Common (payable in common stoop) _
1% Oct. 1 Holders of reo. Sept. 10a
Preferred (quar.)
30e. Oct. 1 Holders of rec. Sept. 20
Columbia Sugar (guar.)
*2
Nov. 1 *Holders of rec. Oct. 15
Commonwealth-Edison (gnat-.)
Commonwealth Finance Corp., pf.(qu.) 1)4 Oct. 15 Holders of rec. Sept.30
1
Oct. 10 Holders of rec. Sept.25a
Computing-Tabulating-Recording (qu.)_
Oct. 1 Holders of roe. Sept.154
Cons'd Gas,E.L.& P..Balt..com.(qu.) 2
1
Sept.27 Sept. 10 to Sept.30
Consumers El.L.& P New Orleans,corn
Consumers E. L. dr P., N.0., Pt.(qu.) 134 Sept.30 Sept. 10 to Sept.30
Oct. 1 Holders of rec. Sept.190
Consumers Power (Mich.), corn.(quar.) 2
134 Oct. 1 Holders of rec. Sept. 19a
Preferred (quar.)
Continental Can.Inc.,common (quar.)- 134 Oct. 1 Holders of rec. Sept.204
Preferred (quar.)
134 Oct. 1 Holders of reo. Sept.20s
Corn Products Refining, preferred (quar.)- 4.1n Oct. 15 *Holders of rec. Oct. 4
1234e Nov. 1 Holders of reo. Sept.30
Costien dr Co.,common (guar.)
Common (payable in common stock)_ _ 112340 Nov. 1 Holders of reo. Sept.30
Cramp(IVm.) Ship & Eng. Bldg. (qu.). _ *134 Oct. 15 *Holders of rec. Oct. 1
134 Oct. 10 Oct. 1 to Oct. 10
Creamery Package Mfg.,COM.(quar.)_ _
Preferred (quar.)_
13.4 Oct. 10 Oct. 1 to Oct. 10
3
Crucible Steel,common (quar.)
Oct. 31 Holders of reo. Oct. 154
13.4 Sept.30 Holders of rec. Sept.164
Cruclble Steel. preferred (quar.)
13.4 Oct. 1 Holders of rec. Sept. 15a
Cuba Cane Sugar, pref.(quar.)
Cuban American Sugar,common (quar.) 234 Sept.30 Holders of roe. Sept.154
1% Sept.30 Holders of roe. Sept.150
Preferred (quar.)
Cudahy Packing.common (quar.)
134 Oct. 6 Sept.26 to Oct. 5
Dayton Power & Light, pref.(quar.)_ _
134 Oct. 1 Holders of reo. Sept.204
Delaware Lack & 1Vest. Coal (guar.)_ _ $1.25 Oct. 15 Holders of roe. Oct. Is
Oct. 15 Holders of rec. Sept. 30a
2
Detroit Edison (quar.).j
250. Oct. 15 Oct. 5 to Oct. 15
Detroit Iron dt Steel. corn. (quar.)
Preferred (guar.)
- ._ 17340. Oct. 15 Oct. 5 to Oct. 15
134 Oct. 1 Holders of rec. Sept.27,1
Dodge Mfg.,common (quar.)
1
Oct. 1 Holders of reo. Sept.276
Common (extra)
1 Holders of roe. Sept.22a
Oct.1)4
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20
Dominion Canners,Ltd.. pref.(quar.)_ _
Oct. 1 Holders of rec. Sept.15
Dominion Glass, common (quar.)
1
1% Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
Dominion Iron & Steel. pref.(quar.)_ _
134 Oct. 1 Holders of rec. Sept.13
Dominion Steel Corp.. Ltd., corn. (qu.) 134 Oct. 1 Holders of rec. Sept. 5
Oct. 1 Holders of rec. Sept.15
Dominion Textile, Ltd.,common (quar.) 2
1% Oct. 15 Holders of rec. Sept. 30
Dominion Textile, Ltd., pref. (gnat-.) _ _ _ _
Oct. 1 Holders of roe. Sept. 6a
Draper Corporation (quar.)____ -.- 3
Duluth Edtson Elec. Co., pref.(guar.).... 134 Oct. 1 Holders of rec. Sept.20
duPont(E.I.)deNem.& Co.,deb.st. (qtr.) 134 Oct. 25 Holders of rec. Oct. 10
duPont(El.)deNem.Powd..corn.(qu.) 13.4 Nov. 1 Holders of reo. Oct. 20n
1)4 Nov. 1 Holders of rec. Oct. 204
Preferred (quar.)
East Coast Fisheries, pre. (guar.)
134 Oct. 1 Holders of rec. Sept. 25
.)_
.)_
Name of Company.
1249
THE CHRONICLE
SEPT. 27 1019.]
Per • When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
1% Oct. 1 Holders of rec. Sept. 164
Miscellaneous (Continued).
Loose-Wiles Biscuit, first pref.(quar.)_ _
Oct. 15 Holders of rec. Oct. la
Eastern Steel, corn. (in 4th L. L. bonds) i23
ws & Forbes Co.,corn.(guar.) 234 Oct. 15 Holders of rec. Sept.304
MacAndre
304
of
Aug.
rec.
1
Holders
Oct.
2%
134 Oct. 15 Holders of rec. Sept.304 .
Eastman Kodak,common (guar.)
(guar.)
Preferred
304
Aug.
rec.
of
1
Holders
1% Oct.
134 Oct. 1 Holders of rec. Sept. 64
Preferred (guar.)
Mackay Companies, common (quar.)
Sept.21 to Sept.30
1
Oct.
50c.
(qu.).
common
Oct. 1 Holders of rec. Sept. 6a
Corp.,
1
Jones
Edmunds &
Preferred (guar.)
1% Oct. 1 Sept.21 to Sept.30
134 Oct. 5 Holders of rec. Oct. 14
Preferred (guar.)
(guar.)
Petroleum
Magnolia
20a
Sept.
Of
rec.
1% Oct. 1 Holders
Oct. 5 Holders of rec. Oct. la
34
Eisenlohr (Otto)& Bros., pre .(quar.)_ 2
Special
Oct. 1 Holders of rec. Sept. 154
Sept.30 Holders to rec. Sept.254
81
(guar.)
Elec. Storage Bat.. corn. & Pref.(qu.) _ 2
Oct. 1 Holders of rec. Sept.27a Magor Car Corporation, corn.
Sept.30 Holders of rec. Sept.254
82
Electrical Securities, common (quar.)_
(extra)
Common
22a
Oct.
l( Nov. 1 Holders of roe.
134 Sept.30 Holders of rec. Sept.254
Preferred
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept.224
12Xe. Oct. 15 Holders of rec. Sept. 30
Elyria Iron & Steel, pref. (guar.)
Refining
Marland
1
to
Oct.
16
1
Sept.
Oct.
1%
15.4 Oct. 1 Holders of rec. Sept. 15
Empire Tire de Rubber, pref. (guar
Oct. 1 Holders of rm. Sept.25a Maned Sugar, pref. (guar.)
Oct. 1 Holders of rec. Sept. 204
(quar.).. 1
Endicott-Johnson Corp., corn. (quar.)_ _ 8734e.
1% Oct. 1 Holders of tee. Sept.25a Manhattan Elec. Supply, corn.
15( Oct. 1 Holders of rec. Sept. 262
(guar.).
Preferred (guar.)
preferred
second
and
First
25
Sept.
of
rec.
1% Oct. 1 Holders
Oct. 1 Holders of rec. Sept.204
134
(guar.)
preferred
Erie Lighting, pref. (guar.)
Shirt,
Manhattan
50e. Oct. 10 Holders of rec. Sept. 30
Inc.(qu.). 134 Sept.30 Holders of rec. Sept.300
Everett, Heaney & Co., Inc. (guar.)
Oct. 1 Holders of rec. Sept. 20a Manning, Maxwell& Moore,
2
.Oct. 15 Holders of rec. Sept. 30a
(quar.)
31
Heat
&
Fairbanks Company, pref. (guar.)
Light
rers
Manufactu
24
*3
Sept.30 *Holders of rec. Sept.
Oct. 18 Holders of rec. Oct. 3
3
(guar.)
Fairbanks, Morse & Co., corn. (guar
Oct. 1 Holders of rec. Sept.224 Maple Leaf Milling, common
1% Oct. 18 Holders of rec. Oct. 3
Famous Players-Lasky Corp. (quar.).._ $2
Preferred (guar.)
of rec. Sept.20
30
*Holders
Sept.
*2
(gnat.)
154 Oct. 1 Holders of to .Sept. 10a
Fart Alpaca (guar.)
$2.33 Oct. 1 Holders of reo. Sept.204 Mason Tire de Rubber, pref.
.114 Nov. 1 *Holders of rec. Oct. 15
Cos. (guar.)
Farrell (William)& Sons,Inc., pref.(qu.)
(quar.). 14 Oct. 1 Holders of rec. Sept. 260 Massachusetts Gas
pref. (qu.) 134 Oct. 15 Holders of roe. Sept.25
Cos.,
Finance & Trading Corp., pref.(quar.).
Lighting
etts
Massachus
1
Oct.
of
rec.
15
Holders
13 Oct.
1 Holders of rec. Sept.204
Firestone Tire & Rubber, pref.
Mathiescn Alkali Works, pref. (quar.)_. 1% Oct.
_ _ *1% Nov. 1 *Holders of reo. Oct. 22
Oct. 1 Holders of rec. Sept. 154
Fisher Body Corporation, pref.(guar.)
May Department Stores. Pref.(quar.).. 1% Oct. 1 Holders of rec. Sept.20a
Oct. 15 Aug. 9 to Aug. 14
$5
134
(guar.).
pref.
Foundation Co., common
Corp.,
Stores
McCrory
304
Sept.30 Holders of rec. Aug.
(qu.) 2
30 Holders of rec. Sept.29a
Galena-Signal 011, old & new pref.
Merchants' Despatch Transport'n (qu.)-_ 2% Sept.
_ $1.50 Oct. 1 Sept.21 to Oct. 1
134 Oct. 1 Holders of roe. Sept. 2ea
General Amer. Tank Car, corn. (guar.)
Merchants Public Utilities, pref.(guar.).
1% Oct. 1 Sept.21 to Oct. 1
1 Holders of rec. Sept.17
Oct.
2
First and second preferred (guar.)_ _
(guar.)
preferred
Co.,
Merck &
1% Oct. 1 Holders of rec. Sept. 13
(auar.)
234 Sept.30 Holders of rec. Sept. 34
General Baking, pref. (guar.)
1% Oct. 1 Holders of rec. Sept.24a Mergenthaler Linotype pref. (guar.)_ _
Oct. 1 Holders of rec. Sept.25
General Cigar, preferred (guar.)
Inc.,
t,
Investmen
17a
of
Mexican
Sept.
reo.
154 Oct. 1 Holders
General Chemical, preferred (quar.)_ _ _ _ 2
234 Oct. 16 Holders of rec. Oct. ('a
Oct. 15 Holders of rec. Sept. 154 Mexican Telegraph (guar.)
General Electric (guar.)
234 Oct. 10 Holders of rm.Sept. 15u
Mexican Petroleum, common (quar.)..
3
Nov. 1 Holders of rec. Oct. 7
Oct. 1 Holders of rec. Sept. 15a
General Motors Corp., corn. (guar.)
(guar.)
7
Preferred
1% Nov. 1 Holders of rec. Oct.
Oct. 1 Holders of rec. Sept. 15a
.d20c.
(monthly)
Preferred (guar.).
dMichigan Drop Forge, corn.
134 Nov. 1 Holders of rec. Oct. 7
20e. Oct. 1 Holders of rec. Sept. 15a
Debenture stock (guar.)
(extra)
20
Sept.
of
rec.
Common
1
Oct.
Holders
Oct. 1 Holders of rm.Sept. 15a
General Railway Signal, corn. & pf.(qu.) 134 Oct. 1 IIolders of rec. Sept. 20a
1734e.
(guar.)
Preferred
13(
1% Oct. 1 Holders of rec. Sept.15a
General Tire de Rubber, pref. (guar
Michigan Light, preferred (guar.)(qu.)_
234 Oct. 1 Sept.25 to Oct. 1
1%. Oct. 15 Holders of rec. Sept.300
pf.
Geneva Cutlery, common
Chem.,
&
Limestone
1
Michigan
Oct.
to
25
1
Sept.
Oct.
2
Preferred (guar.)
1234e. Oct. 1 Holders of me. Sept.16
Michigan Stamping (monthly)
34 Oct. 1 Sept.25 to Oct. 1
Preferred (extra)
134 Sept.30 Holders of rec. Sept.224
Michigan State Telephone (guar.)
434e. Oct. 1 Sept. 16 to Sept.30
Globe Oil (guar.).
CorporationOil
States
30a
Sept.
of
rec.
Middle
1
Holders
Oct.
134
le. Oct. 1 Holders of rec. Sept.204
Gold & Stock Telegraph (guar.)
24)
(No.
Monthly
Nov.15 Holders of rec. Nov. 54
1
Goodrich(B.F.) Co.,common (quar.)_ _
234 Sept.30 Holders of rec. Sept. Sc
Oct. 1 Holders of rec. Sept. 194 Midland Securities (guar.)
Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
2
(guar.)
A
Clam
Corp.,
154
rec.
Factors
Sept.
of
1
Ilolders
1%
Mill
Oct.
Nov. 1 Holders of rec. Oct. 11
$1
Goodyear Tire & Rubber, 1st pref. (qu')
134 Oct. 1 11cAders of rec. Sept. 27a Mohawk Mining (guar.)
(guar.)
pref.
Oct. 1 Holders of roe. Sept. 134
%
Mfg.,
Gorham
1
Oct. 1 Holders of rec. Sept. 23a Montana Power, common (guar.)
Oct. 1 Holders of rec. Sept.13u
1%
Gorton-Pete Fisheries, corn. (guar.)
(guar.)
of
23a
Sept.
rec.
Preferred
Oct. 1 Holders
2
of rec. Sept. 20o
1
Preferred (quar.)
ry Ward & Co., Prer. (quay.) 1% Oct. 15 Holders
of
20a
Sept.
rec.
Montgome
1
Holders
Oct.
134
(guar.)
common
ring,
Holders of rec. Sept.20
Oct.
2
Goulds Manufactu
(quar.)
13( Oct. 1 Holders of rec. Sept.200 Montreal Telegraph
15 Holders of rec. Sept.20
Oct.
X
Preferred (guar.)
Bonus
134 Sept.30 Sept. 16 to Sept.30
Grasselll Chemical, corn. (guar.)
134 Sept.30 Holders of rm. Sept.22
Mortgage-Bond Co. (quar.)
34 Sept.30 Sept. 16 to Sept.30
(guar.). 1% Oct. 15 Holders of rec. Sept. 2( a
Common (extra)
Mountain Stales Teleph. & Teleg.
134 Sept.30 Sept.10 to Sept.30
Oct. 1 Holders of rec. Sept. 124
(guar.).$1
Lighting
Preferred (guar.)
Electric
Narragansett
Oct. 1 Sept.21 to Sept.30
1% Oct. 1 Holders of rec. Sept.20
Gray & Davis, Inc., preferred (guar.) - 1% Oct. 1 *Holders of rec. Sept. 20
Nashua Manufacturing. pref. (quar.)*2
Sept.30 Holders of rec. Sept.22a
2
Great Lakes Steamship (guar.)
(guar.)
Power
&
Light
of
20
rec.
Nassau
Sept.
Oct. 1 *Holders
*2
Oct. 1 Holders of rec. Sept. 15a
Extra
National Aniline & Chemical, pref.(qu.) 134 Oct.
lg Sept.30 Sept. 16 to Sept.30
15 Holders of rec. Sept. 304
1%
Great Lakes Towing, common (guar.).National Biscuit. common (guar.)
13 Oct. 1 Sept. 16 to Oat. 1
Oct. 1 Holders of rec. Sept. 154
134
((marlPreferred (guar.)_
corn.
Ltd.,
.
Breweries
Nat.
$1.75 Oct. 1 Holders of rec. Sept. 27
(guar.).
corn.
15 Holders of rec. Oct. 8a
(quar.)
Corp.,
Oct.
lyt
Transit
Lakes
Great
National Cloak ,St Suit,common(guar.)._
13 Oct. 1 Holders of rec. Sept. 27
pref.
Preferred (guar.)
154 Sept.30 Holders of rm. Sept.104
13j Oct. d2 Holders of rec. Sept.15a Nat. Enameling & Stpg..
15 Holders of rec. Sept. 304
Oct.
2%
Great Western Sugar, common (guar.)
(guar.)
10
Oct. d2 Holders of rec. Sept. 15a National Fuel Gas
Sept.30 Sept.20 to Sept.:10
2
Common (guar.)
(quan)
13j Oct. d2 Holders of roe. Sept. 15a National Grocer, commonpref.
(guar.)_
1% Oct. 1 Holders of tee. Sept. 204
first
Preferred (guar.)
Coal,
&
Ice
National
17a
$1.25 Sent.30 Holders ol roe. Sept.
134 Sept.30 Holders of rec. Sept.124
Guantanamo Sugar (guar.)
(quar.). 134 Oct. 20 Holders of rec. Oct. 100 National Lead, common (guar.)
--- 134 Sept.30 Holders of rm. Sept.23
Harbison-Walker Refrac.. pref.
Mc. Sept.27 holders of rec. Sept. 17a National Licorice, preferred (guar.)- --- 20e. Oct. 15 Holders of rec. Oct. la
(guar.).
(guar.).
pref.
Harrisburg Light & Power, cam.
Y.,
of
N.
011
75e. Sept.30 Holders of rec. Sept. 17a National
Oct. 15 Holders of rec. Sept. 304
corn. & pref.(quar.) 2
Preferred (guar.)_
pref.(qu.) 134 Sept.30 Holders of rev. Sept. 200 Nat.Paper & Type,
___
Oct. 1 Holders of rm.Sept. 15a
2
Hart,Schaffner & Marx,Inc., (quar.)_.. 50e. Sept.30 Sept. 17 to Sept.30
National Refining, preferred (guar.)
Oct. 2 Holders of the. Sept. 8
1%
Hartford City Gas Light,corn.
(guar.)
Refining
National Sugar
30 Sept. 17 to Sept. 30
50e.
Sept.
Holders of rec. Sept.194
Oct.
(guar.)
3
Preferred
$1
Oct. 1 Holders of rest Sept. 154 National Surety (guar.)
Oct. 1 Sept.24 to Oct. 1
3
(guar.)
Haskell & Barker Car (guar.)
common
Tool,
124
Sept.
of
rec.
National
1
Oct.
Holders
24 to Oct. 1
Sept.
1
Oct.
lyt
Heinle(Geo. W.)Co.,common (guar.)_ _ 234 Oct. 1 Holders of rec. Sept. 12a
Preferred (guar.)
134
1e4
Preferred (guar.)
3734c Sept.30 Holders of rm. Sept. 16a
Nevada Consolidated Cower (guar)
_ _
134 Oct. 1 Holders of rec. Sept.20
Oct. 1 Holders of rm. Sept.
134
(guar.)
Hendee Manufacturing, pref. (guar.) _ •100.
pref.
Power,
England
5
Oct.
15
of
rec.
New
Oct.
*Holders
17
Sept.
of
rec.
_
_
Holders
30
ix
_
Sept.
(guar.)
Hercules Petroleum, Class A (mthly.)
Teleg.
&
1
Oct. 15 Holders of rec. Sept. 30
New England Telep.
Nov. 10 Holders of rec. Oct. 31
4
* Hillcrest Collieries, cont. (guar.)
New Jersey Zinc (guar.)
134 Oct. 15 Holders of rec. Sept. 30
_ _
1% Oct. 1 Holders of rm. Sept. 20
Preferred (guar.)
New York Title & Mortgage (guar.)
134 Sept.30 Holders of rec. Sept. 16
15 Holders of tee. Sept.20
Oct.
4
Houston Gas & Fuel, pref. (guar.)
(quar.1
1
Sept.27 Holders of rec. Sept. 16
New York Trarrit
(quar.)_ _
1% Oct. 15 Holders of rec. Sept. 30
Houston Heights Water & Land Assoc
1
Oct. 1 Holders of rec. Sept.204 Niagara Falls Power, preferred
20 Oct. 1 to Oct. 16
Oct.
260.
Howe Scale, common (guar.)
(guar.)
Ltd.
Co.,
Mines
204
Nipissing
134 Oct. 1 Holders of rm. Sept.
lg Oct. 1 Holders of rec. Sept. 154
Preferred (guar.)
5. Oct. 15 Holders of rec. Sept.304 North American Co. (ouar.)(guar.)___ _
1% Oct. 15 Holders of rec. Sept. 304
Howe Sound Co.(guar.)
Nova &olio Steel de Coal,corn.
134 Oct. 1 Holders ot roe. Sept. 15
Oct. 15 Holders of rm. Sept. 304
2
Huntington Devel. & Gas, pref. (qu.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 200
__
tiar.)
(q
pref.
_
Corp.,
Car
Oct. 1 Holders of rm.Sept. 24a
(aural_
Motor
3
Hupp
__ 2
Sept.30 Holders of rec. Sept. 20a Ogilvie Flour Mills Co., Ltd.
Oct. 1 Holders of rec. Sept.244
15
Hydraulic Pressed Steel, corn. (guar
20a
tee.
of
Sept.
Bonus
134 Sept.30 Holders
Oct. 15 Holders of rec. Sept. 304
1%
Preferred (guar.)
(guar.)
Ohio Brass, preferred
30
Sept.
pref.
3
Canada,
of
Co.
Tobacco
lyt Oct. 1 Holders of rm. Sept. 154
Imperial
Ohio Cities Gas, pref.(guar.)
Oct. 1 *Holders of tee. Sept. 20
*5
Oct. 15 *Holders of rm. Sept. 30
*6234c
Independent Pneumatic Tool (guar.)
(oar.)
Supply
Ohio Fuel
5o. Oct. 1 Holders of rec. Sept.21
Indlahoma Refining (monthly)
$1.25 Sept.30 Aug. 31 to Sept.24
of tee. Sept.21 • Ohio 011 (guar.)
1
Holders
Oct.
10e.
$2.75Sept.30 Aug. 31 to Sept.24
Extra
Extra
25c. Oct. 14 Holders of rec. Sept.30
(guar.)_
134 Oct. 1 Holders of rm.Sept.204
Indian Packing Corporation (qu.)(No.1)
Ohio State Telephone, preferred
334 Oct. 1 Sept.21 to Sept.30
Oct. 20 Holders of rec. Sept. 304
6234e
Indianapolis W. W. Securities, pref _ _
Oklahoma Natural Gas (guar.) (guar.)_ _ 12340. Oct. 2 Holders of rec. Sept. 19a
31.50 Oct. 27 Holders of rec. Oct. lit
Inspiration Cons. Copper (guar.)
Refining
&
Frodue.
Oklahoma
of
20
rec.
Sept.
Oct 1 Holders
2
Sept.30 Holders of reo. Aug. 30
.
$1
(quar.)...
Interlake Steamship (guar.)
Mining
ted
Osceola Consolida
Oct 1 Holders of rec. Sept. 20
2
1% Oct. 15 Holders of rm.Sept. 304
Extra
Otis Elevator, common (guar.)
1 Holders of rec. Sept. 30
1% Oct. 15 Holders of rec. Sept. 304
Internat. Abrasive Corp.ast pf.(No. 1). $1.33 Oct. 15 Holders of rec. Sept.304
(guar.)
Preferred
134 Oct.
Oct. 1 Holders of rec. Sept. 154
1
International Agile. Chem., pref.(guar.)
Ottawa Car Mfg.(guar.)
Oct. 1 *Holders to roe. Sept. 20
*3
1% Oct. "1 Holders of rec. Sept.20
(guar.)._ _
International Banking Corporation
Ottawa Light, Heat & Power
10e Oct. 1 Holders of roe. Sept. 15
Oct. 1 Holders of rm.Sept. 21a
75e.
Internat. Buttonhole Sew.Mach.(guar.)
(guar.)
common
Co.,
134 Oct. 15 Holders of rec. Sept.254 Owens Bottle
1% Oct. 1 Holders of rec. Sept. 21a
Internat. Harvester,common (quar.).__
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 18
5
1% Oct. 15 Oct. 1 to Oct. 15
(gnat.)
Internal. Mercantile Marine, pref
pref.
Teleg
&
op.
Tel
7
Pacific
134 Oct. 15 Holders of rec. Oct.
Nov. 1 *Holders of rm. Oct. 15
*2
Internal. Paper, pref. (guar.)
common (quar.)
50e. Oct. 1 Holders of coup. No. 4ts Packard Motor Car,
International Petroleum
corn.(qu.) $1.50 Oct. 10 Holders of rec. Sept. 154
134 Oct. 1 Holders of tee. Sept. 15a Pan-Am. Petrol. & Transp.,
Oct. 1 Holders of rec. Sept. 15a
ig
International Salt (guar.)
(guar.)
Preferred
134 Oct. 1 Sept.18 to Oct. 1
.)___ _
International Silver, preferred (quar.)_
134 Oct. 1 Holders of rec. Sept. 26
Panama Power & Light, pref. (guar
50C Sept 30 Holders of roe Aug 30
*75e. Oct. 20 *Holders of rec. Sept. 30
Isle Royale Copper Co.(guar.)
Corp.(No. 1)
(guar.)._ _ $1
Oct. 1 Holders of rec. Sept.26a Parish de Bingham
df3ep.30 Sept.21 to Sept.29
31
Island Creek Coal, common
.(quar.)
Co.
&
$1.50 Oct. 1 Holdesr of rec. Sept.204 Parke, Davis
Preferred (guar.)
134 Nov. 15 Holders of rec. Nov. 5
common (guar.)
134 Oct. 1 Holders of rec. Sept.204 Penmans, Ltd.,
134 Nov. 1 Holders of rec. Oct. 21
Jewell Tea,Inc., pref.(guar.) (guar.)
(guar.)
Preferred
14
15
500. Oct. 15 Holders of rec. Oct.
Jones Bros. Tea, Inc., common
Rubber, common (guar.). 134 Sept.30 Holders of rec. Sept. 15
134 Oct. 1 Holders of rec. Sept.23a Pennsylvania(guar.)
Preferred (guar.)
154 Sept.30 Holderri of rm. Sept.
Preferred
134 Oct. 1 Holders of rec. Sept. 23
(guar.)_.
Holders of rec. Sept.30
15
Oct.
2
(guar.)
Kansas Gas& Electric, pref.(quar.)_._. 2
Mfg.
Salt
nia
224
Pennsylva
Oct. 1 Holders of rec. Sept.
1% Oct. 1 Holders of rec. Sept.194
(guar.)._ _
Kayser (Julius) & Co., corn.(guar.)_
2
Oct. 1 Holders of rec. Sept.22a Pennsylvania Water & Power
1 Holders of tee. Sept.204
First and second preferred
Pettibone, Mulliken Co.,first pref.(qu.) 1% Oct.
pref.(qu.)_ _
134 Oct. 1 Holders of rec. Sept.20
1% Oct. 1 Holders of tee. Sept.204
Kaufmann Depart.Stores,
(guar.)
preferred
Second
(guar.)
134 Oct. 1 Holders of rec. Sept. 15a
Holders of rec. Sept.224
2
Oct.
(guar.)
on
Kelly-Springfield Tire, prei. on (guar.)_
234
25e. Sept.30 Holders of rec. Sept. 54 Phelps, Dodge Corporati
Oct. 1 Holders of rec. Sept.15a
(guar.). _ 2
Kennecott Copper Corporati
25e. Sept.30 Holders of rec. Sept. 5,2 Pierce-Arrow Motor Car, pref.
25 Holders of rec. Oct. 104
_
Oct.
_
_
1%
.)_
(guar
common
Capital distribution
(Pa.)
Coal
300 Oct. 1 Holders of the. Sept. 190 Pittsburgh
(quar.)_ _
134 Oct. 25 Holdesr of rec. Oct. 10,2
Keystone Tire & Rubber, corn.(guar.)._
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.204
1% Oct. 1 Holders of rm. Sept.164
Kirshbaum (A. B.) Co., pref.
Pittsburgh Plate Glass, corn.(gnat.)
154 Oct. 1 Holders of rec. Sept. 13
Oct. 1 Holders of rec. Sept. 260
1%
(gnat.)
Kolb Bakery, pref. (guar.)
Corp.,
prof.
154 Oct. 1 Holders of tee. Sept. 154 Pittsburgh Rolls
25e. Oct. 1 Holders of rec. Sept.26a
Kresge (S. S.) Co., pret.(guar.)
1
Nov. 1 Holders of rm. Oct. 204 Pond Creek Coal, common (guar.)
Oct. 31 Holders of rec. Oct. 304
3
(guar.)
Kress (S. H.)& Co.,corn.(guar.)
Gas
&
011
1
of
lg
Prairie
Oct.
rec. Sept. 204
Holders
d5
Oct. 31 Holders of rec. Oct. 304
Preferred (guar.)
Extra
Sept.30 Holders of rec. Sept.154
_
(guar.).
15
common
Works,
3
Oct. 31 Holders of rec. Sept. 304
.
La Belle Iron
2
Sept.30 Holders of rec. Sept.154 Prairie Pipe Line (guar.).
2
Oct. 1 Sept. 16 to Sept. 30
Preferred (guar.)
(guar.)
1% Sept.30 Holders of roe. Sept. 104 Price Bros.
__
Oct. 15 Sept.28 to Oct. 8
Lackawanna Steel, common (quar.)..
& Gamble Co.8% pref. (guar.). 2
22
Procter
.1
Sept.
of
3
Oct.
rec.
Holders
50e. Oct. 1 Holders of rec. Sept.202
Laurentide Co. (guar.)
1
Oct. 15 Holders of rec. Sept. 30a Providence Gas (guar.)
50c. Oct. 1 Holders of rec. Sept. 204
Laurentide Power, corn. (par.)
Provide; cc Telepho 'e (guar.)
2
Oct. 1 Holders of rec. Sept. 19
..
(guar.)
Co.
Oct. 1 Holders of rec Sept. 15
1
ar.)
Mortgage
Lawyers
Provincial Paper MIlls,Ltd.,com.(qu
Oct. 1 Holders of rec. Sept. 18
$2
1% Oct. I Holders of rec. Sept.15
Le.dgh Valley Coal Sales (guar.)
Preferred (guar.)
134 Oct. 1 Sept.21 to Sept.30
(guar.)
common
Oct. 1 Holders of rec. Sept. 15a
1%
(guar.)
Bureau,
pref.
Library
Public Utilities Corp.,
Oct. 1 Sept.21 to Sept.30
2
$1.25 Oct. 15 Holders of rec. Oct. la
(guar.)
Preferred ((plan)
(guar.). 134 Oct. 1 Holders of tee. Sept. 15a Punta Alegre Sugar (guar.)
Oct. 15 Holders of rec. Oct. la
3
Liggett & Myers Tobacco, pref.
common
154 Sept.30 Holders of roe. Aug. 304 Quaker Oats,
1% Nov. 29 Holders of rec. Nov. la
Lindsay Light, preferred (guar.)
Preferred (guar.)
30 Oct. 1 Holders of rec. Sept.20
Sept.29 Holders of rec. Sept. 6a
$1
Livingston Oil Corp.(guar.)
(guar.)
Mining
20
Quincy
20 Oct. 1 Holders of rec. Sept.
Sept.30 Holders of tee. Sept.164
_ 2
Extra
134 Oct. 1 Holders of rec. Sept. 294 Railway Steel-Spring, common (guar.)
(guar.)
50c Sept.30 Holders of rec. Sept.16
(guar.)
Locomobile Co., pref.
2
Sept.30 Holders of rec. Sept.194 Ray Consolidated Copper (guar.)
30e Oct. 1 Holders of rec. Sept.15
Machine
Lone Star Gas (guar.)
Hole
Button
3
Oct. 1 Holders of rec. Sept. 15a Reece
10e. Oct. 1 Holders of tee. Sept. 15
Lorillard (P.) Co.,common (guar.)
134 Oct. 1 Holders of rec. Sept. 154 Reece Folding Macnine (guar.,
Preferred (guar.)
Name of Company.
Miscellaneous (Concluded).
Regal Shoe, preferred (quar.)
Remington. Typewriter,ftrot pref.(quar.)
Second preferred (guar.)
Reo Motor Car (quar.)
Republic Iron Az Steel, corn. (quar.)..__ _
Preferred (quar.)
Reynolds(R.J.) Tobacco, corn.(quar.)_
Common Class B (quar.).
Preferred (quar.)
R1ordon Pulp & Paper, Ltd., pref.(qu.).
Royal Baking Powder, common (quar.)_
Preferred (quay.)
Russell Motor Car, corn. de pref.
Safety Car Heat. & Lighting (quar.)
St. Joseph Stock Yards (guar.)
St. L. Rocky Mt. Av Pac. Co., corn.(qu.)
St. L;Rocky Mt.& Pac. Co., pref.(qu.)
Santa Cecilia Sugar Corp., corn.(No. 1)
Preferred (quar.) (No. 5)
Seamans Oil (quar.)
Sears, Roebuck & Co., pref.
Shaffer Oil Sv Refill., pref. (qu.)(No. 1)
Shattuck Arizona Copper (quar.)
Shawinigan Water & Power (quar.)___ _
Sherwin-Williams Co.of Can., pre.(qu.)
Shredded Wheat,common (quar.)
Preferred (guar.)
Simpson Creek Coal, preferred (quer.). _
Sloss-Shet11.1 Steel de Iron. oref.(quar.)
Smith(Ho rd) Paper Mills, Ltd., pf.(qu.,
South Penn 011 (guar.)
South Porto Rico Sugar,common (quar.)
Preferred (quar.)
South West Penn. Pipe Lines (quar.)_ _
Southwestern Cities Electric, pref. (qu.)
Spring Valley Water (guar.)
Standard Oil (Kentucky) (quar.)
Standard Oil (Ohio)
Extra
Standard Parts, preferred (quar.)
Standard Screw, common (quar.)
Standard Textile Products, com. (quar.)
Preferred, Classes A and 13
Steel Products,common (quar.)
Steel & Tube Co. of Amer., pref. (quar.)
Stewart Manufacturing, com.(quer.)_ _ _
Preferred (quar.)
Stromberg Carburetor (quar.)
Stutz Motor Car (quar.)
Superior Steel,common (guar.)
Swift & Co. (quar.)
Taylor-Wharton Iron & Steel, corn. (qu.) _ _
Texas Co.(quar.)
Texas Pacific Coal & 011 (quar.)
Special
Thompson-Starrett Co.. preferred
Tide Water 011 (quar.)
Extra
Tobacco Products Corp., pref. (quar.)
Tonopah-Belmont Development(quar,)_
Tonopah Extension (quar.)
Extra
To topvh Mining of Nevada
Torrington Co., common (quar.)
Common (extra)
Trumbull Steel, corn.(guar.)
Preferred (quar.)
Tuckett Tobacco, pref. (guar.)
Underwood Typewriter, corn.(quar.)
Preferred (quar.)
Union Carbide & Carbon (quar.).
Union Natural Gas Corp. (guar.)
Union Stock Yards (Omaha) (guar.)
United Drug, common (quar.)
First preferred (quar.)
United Dyewood Corp., corn.(quar.)_
Preferred (guar.)
United Fruit (quar.)
United Gas Improvement (quar.)
United Paper Board, preferred (quar.)
United Shoe Machinery,common (quar.)
Preferred (quar.)
U.S. Bobbin & Shuttle, common (quar)
Common (extra)
Preferred (quar.)
U.S. Food Products (quar.)
Extra
U. S. Gypsum, preferred (auar.)
U. S. Industrial Alcohol, pref. (quar.)_ _
U. S. Playing Card (guar.)
U. S. Printing & lAth., 1st pref. (quar.) _
First pref. (acct. accum. divide7ds)_ _
First pref. (acct. accum. dividends)_
U. S. Smelt., Ref. & Mining, corn. (guar.)
Preferred (guar.)
U. S. Steel Corp.. common (quer.)
U. S. Worsted, 1st pref. (quar.)
United Utilities, pref.(guar.)
United Verde Extension Mining (quar.)_
Utah Copper (quar.)
Victor Talking Machine, corn. (quar.).._
Common (spezial)
Preferred (quar.)
Virginia-Carolina Chemical, corn.(extra)
Va.-Carolina Chemical, common (quar.)_ _
Preferred (quar.)_
Vulcan DetinnIng, preferred (quar.)_ _ _Preferred (account accum. divs.)
Wabasso Cotton (quar.)
Waldorf System, Inc., corn. (quer.) _
First preferred and preferred (quar.) _
Warren Bros. Co., first pref. (quer.)_ _
Second preferred (quar.)
West India Sugar Finance Corp., corn_ _
West Kootenay Pow.& Gas,Ltd.,pf.(qu)
Western Electric Co.. corn.(quar.)_
Preferred (quar.)
Western Power Corp., pref. (guar.)
Western Union Telegraph (quar.)
Westinghouse Air Brake (quar.)
Westinghouse Elec. ec Mfg., corn. (qu.) _ _
Preferred (guar.).
Westmoreland Coal (quar.)
Weyman-Bruton Co., corn. (quar.)
Preferred (quar.)
Wheeling Mold & Foundry, pref. (guar.).
Wheeling Steel db Iron (guar.)
White Motor (quay.)
Willys-Overland Co., pref. (quar.)
Wilson & Co., Inc., common (quar.).. _
Preferred (quar.)
Wire Wheel Corp. of America
Wolverine Mining Co., (quar.)
Woods Manufacturing, pref. (quer.)_ _ _
Woolworth (F. W.) Co.. pref. (guar.)._
Worthington Pump & Mach., pf. A (411.)
Preferred B (quar.)
Yale & Towne Mfg. (quar.)
Young (J. S.) Co., common (quar.)
Preferred (quar.)
Yukon-Alaska Trust (quar.)
[VoL. 109.
THE CHRONICLE
1250
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
1% Oct. 1 Holders of rec. Sept. 20
1% Oct. 1 Holders of rec. Sept. 15
2
Oct. 1 Holders of rec. Sept. 15
25e. Oct. 1 Holders of roe. Sept. 15a
1 35 Nov. 1 Holders of rec. Oct. 15a
13. Oct. 1 Holders of rec. Sept. 15a
Oct. I Holders of rec. Sept. 20
3
Oct. 1 Holders of rec. Sept. 20
3
1% Oct. 1 Holders of rec. Sept. 20
Sept.30 Holders of rec. Sept.24
2
Sept.30 Holders of rec. Sept. 15a
1 35 Sept.30 Holders of rec. Sept. 15a
13i Nov. 1 Oct. 16 to Oct. 31
134 Oct. 1 Holders of res. Sept. 15a
2
Sept.30 Sept.21 to Sept.30
1
Oct. 10 Holders of rec. Sept. 30a
Sept.30 Holders of rec. Sept.20
13i Nov. 1 Holders of rec. Oct. 25a
Nov. 1 Holders of rec. Oct. 25a
Sc. Sept.30 Holders of rec. Sept. 30
1% Oct. 1 Holders of rec. Sept. 15a
Oct. 15 *Holders of rec. Sept.30
Oct. 20 Holders of rec. Sept.3ea
Oct. 10 Holders of rec. Sept. 26a
Sept.30 Holders of rec. Sept. 15
Oct. 1 Sept.21 to Sept.30
Oct. 1 Sept.21 to Sept.30
Oct. 1 Sept.20 to Sept.30
Oct. 1 Holders of rec. Sept. I3a
Oct. 15 Holders of rec. Oct. 10
Sept.30 Sept.13 to Sept.30
Oct. 1 Holders of rec. Sept. 15a
5
Oct. 1 Holders of rec. Sept. 15a
2
Oct. 1 Holders of rec. Sept. 15
3
Oct. 1 Holders of rec. Sept. 15
13-f, Sept.30 Sept. 17 to Sept.30
Ott. 1 Sept. 16 to Oct. 1
3
Oct. 1 Aug 30 to Sept. 17
3
Oct. 1 Aug. 30 to Sept 17
1
I% Oct. 1 Holders of rec. Sept.20a
Oct
6
1 Holders of rec. Sept. 13a
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 20 Holders of rec. Oct. 4
Oct. 1 Sept.21 to Sept.30
Oct. 15 *Holders of rec. Sept.30
Nov. 1 *Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 17a
Oct. 1 Holders of rec. Sept. 17a
Nov. 1 Holders of rec. Oct. 15
2
Oct. 1 Sept. 11 to Sept.30
3
Oct. 1 Sept. 25 to Sept. 30
2t Sept.30 Holders of rec. Sept. 12a
135 Sept.29 Holders of rec. Sept. 15a
11
Sept.29 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 20a
4
Sept.30 Holders of rec. Sept. 16a,
2
2
Sept.30 Holders of rec. Sept. 16a
1% Oct. I Holders of rec. Sept. 19a
5c Oct. 1 Sept. 16 to Sept.21
Oct. 1 Holders of rec. Sept. 10a
5
Oct. 1 Holders of rec. Sept. 10a
5
15c Oct. 21 Oct. 1 to Oct. 7
75c. Oct. 1 Holders of roe. Sept.20
25e. Oct. I Holders of rec. Sept.20
235 Oct. 1 Sept.21 to Sept.30
1% Oct. 1 Sept.21 to Sept. AO
1% Oct. 15 Holders of rec. Sept. 311
2
Oct. 1 Holders of rec. Sept. 5a
1% Oct. 1 Holders of rec. Sept. 5a
$1.25 Oct. 1 Holders of rec. Sept. 12a
2'4 Oct. 15 Oct. 1 to Oct. 15
1 ,1 5 Oct. 1 Sept.21 to Sept.30
Oct. 1 Holders of rec. Sept. 15a
87hc. Nov. 1'Holders of rec. Oct. 15a
135 Oct. I Holders of rec. Sept. 13a
1% Oct. 1 Holders of rec. Sept. 13a
2'4 Oct. 15 Holders of rec. Sept.200
Oct. 16 Holders of rec Sept. 30a
$1
135 Oct. 15 Holders of rec. Oct. la
$1
Oct. 4 Holders of rec. Sept. 16
3735c Oct. 4 Holders of rec. Sept. 16
135 Sept.30 Holders of rec. Sept. 10a
5
Sept.30 Holders of rec. Sept. 10a
1% Sept.30 Holders of roe. Sept. 10a
Oct. 18 Holders of rec. Oct. 2a
135 Oct. 18 Holders of rec. Oct. 2a
1% Sept.30 Sept. 16 to Sept.30
Oct. 15 Holders of rec. Sept.30a
3
Oct. 1 Holders of rec. Sept. 20a
1% Oct. 1 Holders of rec. Sept. 20a
hl
Oct. 1 Holders of rec. Sept. 20a
hl
Dec. 1 Holders of rec. Nov. 20a
$1.50 Oct. 15 Holders of rec. Oct. 4
8735c Oct. 15 Holders of rec. Oct. 4
1% Sept.29 Aug. 30 to Sept. 2
13,4 Oct. 15 Oct. 9 to Oct. 15
1% Oct. 1 Holders of rec. Sept. 20
50c. Nov. 1 Holders of rec. Oct. 3a
$1.50 Sept.30 Holders of rec. Sept. 16a
Oct. 15 Oct. 1 to Oct. 5
$5
Oct. 15 Oct. 1 to Oct. 5
15
1% Oct. 15 Oct. 1 to Oct. 5
Oct. 1 Holders of rec. Sept. 16a
2
1
Nov. 1 Holders of rec. Oct. 15a
Oct It Haters of roc. Oct. 6a
2
1).' Oct. 20 Holtlers of rec. Oct. 10a
hl
Oct. 20 Holders of rec. Oct. 10a
Oct. 2 Holders of rec. Sept. 13
2
•250. Oct. 1 *Holders of rec. Sept. 20
*200. Oct. 1 *Holders of rec. Sept. 20
1'4 Oct. 1 Holders of rec. Sept. 20a
Oct. 1 Holders of rec. Sept. 20a
5
Sept.30 Holders of rec. Sept.25a
Oct. 1 Holders of rec. Sept. 25
$2.50 Sept.30 Holders of rec. Sept.23a
135 Sept.30 Holders of rec. Sept.23a
13. Oct. 15 Holders of rec. Sept. 30
1% Oct. 15 Holders of rec. Sept.200
$1.75 Oct. 31 Holders of rec. Sept. 30
$1
Oct. 31 Holders of rec. Oct. 3
Oct. 15 Holders of rec. Oct. 3
51
$1.25 Oct. 1 Sept. 17 to Oct. 1
Oct. 1 Holders of rec. Sept. 15a
1% Oct. 1 Holders of rec. Sept. 15a
2
Oct. I Sept. 26 to Oct. 4
Oct. 1 Sept. 21 to Oct. 1
2
Sept.30 Holders of rec. Sept. 15a
$1
Oct. 1 Holders of rec. Sept. 19a
1% Nov. 1 Holders of rec. Oct. 21a
1% Oct. 1 Holders of rec. Sept. 24a
1
Oct. 10 Holders of rec. Oct. 1
500. Oct. 1 Holders of rec. Sept. 13
Oct. 1 Holders of rec. Sept.25
Oct. 1 Holders of rel.S(1111.. 100
Oct. ..1 Holders of rec. Sept. 20a
134 Oct. 1 Holders of rec. Sept. 20a
23.' Oct. 1 Holders of rec. Sept. 19
235 Oct. 1 Holders of rec. Sept. 19a
I% Oct. 1 Holders of rec. Sept. 19a
SI
Sept.30 Sept. 6 to Sept. 7
* From unofficial sources. t Declared subject to the approval of Director Genera
of Railroads. I The New York Stock Exchange has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend. b Less British Income tax. d Correction. e Payable in stock. f Payable in common stock. g Payable In scrip,.
h On account of accumulated dividends. i Payable in Liberty Loan bonds. I Red
Cross dividend. m Payable in U. S. Liberty Loan 4%% bonds.
n Less 4 cents per share for counsel fees in connection with tax cases.
v At rate of 7% per annum for period from Sept. 18 to Sept. 30.
w Payable to holders of record Sept. 30. .
z One-twentieth of a share of common stock.
y Payable to holders of Coupon No. 74; all transfers received in order in London
on or before Sept. 10 will be in time to be passed for payment of dividend to transferees.
z On account of accumulated dividenes and being In full of ell accumulations.
Statement of New York City Clearing House Banks
and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Sept. 20. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Slated ii thousands of dollars-that is, three ciphers 1,0001 omitted.)
Reserve
I Net 1 Loans,
Nark
CLEARING 1
Time Bank
with
Net
ICayIlal,Pretits. Discount, cam
HOUSE
De- Circe1 investLegal Demand
MEMBERS
(.000 omitted.) Nat'l, June 30, ments, Voult. Deposi- Deposits. posits. :Mon.
tories.
Week endingState, June 30 (tc.
Sept. 20 1919. ITr.Cos, June 30,
Members of
Fed. Res. Bank
Ilk of NY,NBA
Manhattan Co..
Merchants' Na
Mech & Metals_
Bank of America
National City _ _
Chemical Nat__
Atlantic Nat.._ _
Nat Butch & Dr
Amer Each Nat
Nat Bk of Comm
Pacific Bank_
Chath & Phenix
Hanover Nat..Citizens' Nat _ _
Metropolitan_
Corn Exchange_
Imp & Traders_
National.Park_ _
East River Nat..
Second Nat...__
First National.._
Irving National
N Y County Nat
Continental Bk
Chase National_
Fifth Avenue_
Comml Exch
Commonwealth
lancolnNational
Garfield Nat _
Fifth National..
Seaboard Nat__
Liberty Nat.. _ _
Coal & Iron Nat
Union Exch Nat
Brooklyn Trust
Bankers Trust..
U S Mtge & Tr_
Guaranty Trust
Fidelity Trust_..
Columbia Trust
Peoples Trust....
New York Trust
Franklin Trust_
Lincoln Trust...
Metropolitan Tr
Nassau N. Bkin
Irving Trust....
Farmers L & Tr
Columbia Bank
Average
Average. Average Average Average. Average Avg..
2,00
2,5
43,000
6,00
1,50
25,000
3,000
1,000
300
5,00
25,000
500
h7,000
3,000
2,550
2,000
4,200
1,500
5,000
1,000
1,000
10,000
16,000
1,000
1,000
10,000
g500
200
400
1,000
1,000
250
1,000
3,000
1,500
1,000
1,500
15,000
2,000
25,000
1.000
5,000
1,200
3,000
1,000
1,000
2,000
1,000
13,000
5,000
1,000
3
5,867
7,640
f3.0411
12,392
6,9371
54,313,
9,850
971
125
6,317
26,840
1.164
h6,500
18,118
3,275
2,531
8.319
8,164
19.999
606
4,139
33.348
17.553
414
719
18,478
112,227
886
748
2,118
1,377
398
3,971
4,737
1,388
1.288
2,473
17,766
4,500
29,479
1,300
7,037
1,600
11,009
1,389
729
4,440
1,242
11,428
12,246
732
36,109 3,150
472 6,069
54,491
87,032
50
84,862 1,754 14,101
25,473 1,897
36,860
603 3,338
152,362 3,623
159,772 9,497 22,955
25,707
30,879 1,007 3,769
563,,013 14,286 97,124 '656,899 29,553
62,226 6,792
90,525 1,440 8,628
16,515
542
20,263
350 2,250
613
3,727
116
4,898
59,636 5,540
121,285 1,751 13,270
288,366 4,731
405,242 2,753 37,051
19,946
50
21,712 1,314 3,127
94,294 10.110
125,661 5,582 13,061
139,221
142,686 5,090 28,957
40,443
455
46,310 1,024 5,767
32,668
4
43,399 2,200 4,479
136,409 4,418
150,133 5,940 22,147
24,503 1,050
43,877
707 3,224
163,222 3,049
203,736 1,843 21,236
9,765
9,265
404
343 1,374
17,282
21,721
901 2,553
166,969 4,958
322,175 1,042 22,930
124,737 3,209
127,568 3,440 16,508
13,846
546
13,969
689 1,787
7,777
6,636
156 1,146
361,701 6,746 44,274
304,338 23,227
18,482
21,399 1,183 2,372
7,442
8,526
344 1,094
8,653
8,919
821
405
17,883
18,577 1,183 2,368
15
12,459
39
13,691
459 1,965
8,939
368
10,248
307 1,208
53,125
50
53,735 1,044 8,062
98,900
81,753 11,786
484 11,033
26,143
15,408
433
891 2,057
18,564
454
16,519
523 2,438
43,562
27,854 6,028
825 4,102
327,848
273,647 12.158
998 34,293
68,854
49,987 6.104
640 6,628
578,651 3,639 63,322 .539,452 57,572
14,214
11,121
217 1,417
473
84,784 1,105 9,564
73,171 6,564
28,928 1,879
30,709 1,068 3,212
80,664
61,229 2,000
533 10,052
19,461 1,899
528 2,883
27,528
20,137 1,361
590 2,987
21,982
32,282 1,303
44,813
585 4,500
17,064
12,035
75S
455 1,210
64,718 1,774
61,861 2,169 8,851
128,540 4,236 16,180 '142,131 10,299
16,961
433
18,847
627 2,276
Sept.205,157,849
Sept.13 4,914,063
Sept. 84,922,223
Aug.30 4,819.132
3,002
150
999
51
4,910
50
647
8,220
1,444
198
1,100
210
398
248
70
1,988
415
399
50•
95,484 484,637 c4,086,723 237,722 36,481
97,205 588,055 4.131,830 199,113 35,928
98,431 552,339 3,962,3 198,351 35,882
03,038 547,238 3,912,243 197,997 36,197
State Banks. .Vol Al sobers of FederalRe serve Re nk
16,692 2,298 1,013
1,592
Greenwich
311
642
25
829
5,326
Bowery
25,235 2,692 2,224
N Y Prod Exch.. 1,111 1,346
1,031
57,284 3,468 2,792
2,00
State
17,074
5,191
26,586
58
33,283 19,72
4.799
104,537
9,100
6,340
82,134 19.778
Sept.201
Sept.i31
Sept. 6
Aug.301
104,272
104,579
105,769
103,772
8,719
9,083
8,657
9,058
6,440
6,466
6,455
5,918
82,513
83,437
82,324
82,016
19,99
19,367
18,609
17,9611
.
Trust Compan les. Not Mem hers of Federal Reserve Ba nk
20,101
42,423
905 2,998
Title Guar & Tr 5.000 12,464
773 1,573
15,164
24,273
Lawyers T & Tr 4,000 5,417
828
570
3,750
Totals,actual co edition
Totals,actual co edition
Totals, actual co edition
Totals, actual co edition
Average
1,437
444
145
290
4,93Q
207,600 384,151 5,049,361 06,093606,636c4,178,842 231,558 36,838
Totals,actual co edition
Totals, actual co edition
Totals,actual co edition
Totals,actual co edition
Average
787
1,833
1,967
9,000 17,881
66,696
1,678
4,571
41,265
1,3981
Sept.20
Sept.13
Sept. 6
Aug.30
66,541
67,036
67,878
67,360
1,683
1,654
1,774
1,634
4,809
4,813
5,058
4,918
41,441
41,724
42,593
42,901
1,392,
1,399'
1,381
1,326
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals,actual co edition
Gr'd aggr, avge220,350 406.833 5,220,594 106,871 617,647 d4,302,241 252,734.36,388
Comparison, prey. week
+ 131436-3,120+49254 +151,005+340291 +305
5,328,662 105,886495.886 e4,210,677 259,109,36,481
Gr'd aggr, act'l cond'e
Comparis m, prey. week Sept.20 +242,984-2.056 -103,448 -46,323+30230 +553
-Gr'd aggr, act'l cond'n Sept.13 5,035,678 107,942 599,334 4,257,000,219,879 35,928
Gr'd aggr, act'l cond'n Sept. 65,095,870 108,862 563,852 4,087,2171218,344135,882
Gr'd aggr, act'l cond'n Aug. 30,4,990.270,103,730 55.074 4,037,160,217,284,36,197
Gr'd aggr, act'l cond'n Aug. 23'4,976,925 108,270519.931 4,008,609200.541,MM
• Includes deposits In foreign branches not Included in total footings, as follows:
National City Bank,$100,628,000; Guaranty Trust Co., $48,611,000; Farmers' Loan
& Trust Co., $32,072,000. Balances carried in hanks in foreign countries as reserve
for such deposits were: National City Bank, $23,267,000; Guaranty Trust Co..
$17,402.000: Farmers' Loan & Trust Co., $7,035,000. c Deposits In foreign
branches not Included. d U. S. deposits deducted. $358,061,000. e U.S. deposits
deducted. $427,610.000. Bills payable, rediscounts, acceptances and other liabilities, $676,156,000. f As of July 3 1919. g As of July 1 1919. h As of July 18
1919 1 As of July 2 1 1919.
bEPT.
7
1919.i
THE CHRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES
1251
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY
State Banks.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank_
State banks.
Trust companies._ _
Total
Total
Total
Total
Reserve
In
Depositaries
Total
Reserve.
Sept. 20
1919.
a
Reserve
Required
Surplus
Reserve.
$
606,636,000 606,636,000 550,106,200 56,439,800
9,100,000
6,340,000 15,440,000 14,784,120
655,880
1,678,000
4,571,000 6,249,000 6,189,750
59,250
Sept.20-Sept. 13. ___
Sept. 6_-__
Aug. 30.._ _
10,778,000
10,849,000
10,745,000
10.995,000
617;547,000 628,325,000 571,170,070
568,293,000 579,142,000 550,566,660
560,554,000 571,299,000 539,685,420
540.403.000 551,398.000 532,027,700
57,154,930
28,575,340
31,613,580
19,370.300
Actual Figures.
Cash
Reserve
in
Reserve
In Vault. Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
• 3
3
8
Members Federal
484,637,000 484,637,000 538,405,650 d 538405650
Reserve Bank_ _
8,719,000 6,440,000 15,159,000 14,852,340
State banks°
306,660
Trust companies._ _ '1,683,000 4,809,000 6,492,000 6,216,150
275,850
Total
Total
Total
Total
Sept.20_ __ _
Sept. 13_ __ _
Sept. 6
Aug. 30_ _ ....
10,402,000 495,886,000 506,288,000 559,474.140d 53186,140
10,737,000 599,334,000 610,071.000 564,389,720, 45,681,280
10,431.000 583,852,000 574,283,000 542,256,80W 32,026,300
10,692,000 558,074,000 568,766,000 535,729.530 33,036,470
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the ease of members of the Federal Reserve banks includes also amount of reserve required on net time deposits, which was as follows:
Sept. 20, $6,916,740; Sept. 13, 35,957,140; Sept. 6, 35,942.730; Aug. 30, 35,654,370.
b This 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:
Sept. 20, $7,131,663: Sept. 13, 35.973,590; Sep.. 6,35,950,550: Aug. 30, $5,939,910 •
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING IIOUSE STATEMENT.
Figures Furnished by Slate Banking Department.
Differences from
Sept. 20.
precious week.
$801,072,000 Dec.$12,077,000
Loans and investments
Specie
7,531,600 Inc.
33,000
Currency and bank notes
17,132,300 Inc.
348,400
Deposits with Federal Reserve Bank o New York... 76,033,600 I)eo. 97,141,600
Total deposits
870,833,700 Inc. 10,252,500
Deposits, eliminating amounts due rom reserve depositaries, and rom other banks and trust companies in N. Y. City, exchanges and U.S. deposits 786,300,400 Dec.
933,600
161,463,000 Inc. 10,917,600
Reserve on deposits
Percentage o reserve, 20.3%.
RESERVE.
,
Stale Banks
-Trust Companies-$22,994,900 14.57%
Cash in vaults
377,702,600 14.31%
Deposits in banks and trust cos.__ 12,705,400 8.05%
38,060,100
7.01%
335,700,300 22.62%
Total
Trust Companies.
Week Ended Sept. 20.
Averages.
$115,762,700 21.32%
Capital as o June 30
Surplus as o June 30 _
Loans & invest ments _
Specie
Currency & bk. notes
Deposits with the F.
R. Bank o N. Y_ _
Deposits
Reserve on deposits_ _
P.C.reserve to dep_ _
Differences from
previous week.
Sept. 20
1919.
Differences from
previous week.
$
$
26,000,000
105,550,000
45.708,300
175,548,400
681,304,200 Inc. 6,561,700 2,164,269,300 Inc. 40,998,200
7,139,000 Dec. -147,400, 10,789,900 Dec.
34,000
28,143,400 Dec.
135,000
21,162,000 Dec.
304,400
68,872,000 Inc. 5,839,000 237,793,700 Inc. 3,688,800
814,673,300 Inc. 34,875,200 2,352,938,500 Inc.136,088,700
123,199,000 Inc. 5,553,200 333,523,700 Inc. 10,375,700
21.1% Inc.
1%
17.9% Inc.
0.3%
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House Return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Staled in thousands of dollars-that is, three ciphers (000) omitted.)
'
Net Loans,
CLEARING 1Capital. Profits. DUReserve
Net
Net
Nan
NON-MEMBERS
counts, Cash
with Demand Time Bank
Nat.bks-June30 invest- in
Legal
DeDe- COM.
Week ending Statsibks.Jne 30 merits, Vault. Deposi- posits, posits. kilos.
Sept. 20 1919. 'Moos.June 30 cte.
tortes.
Members of
Fed'I Res. Bank
Battery Park Nat'l
qutual Bank
Sew Netherland
1V R Grace & Co's
Yorkville Bank_ __
First Nat'l, Jer Cy
Total
State Banks.
Vol Members nf the
veci'l Reserce Bank
Bank of Wash Ms
Dolonial Bank_
[nternational Bank
gorth Side, 13klyn.
$ I
1,500
200
300
500
200
400
Averag Averag Average Average Average Averagt
$
$
$
$
$
$
$
1,538 16,400
274 1,807 12,967
119
181
608 11,589
219 1,488 10,641
395 _1 ____
319 8,762
185 1,032
6,866
84
954 6,678
18 1,115
4,530 1,079
651 11,532
365 1,165
6,656 5,166
1,324 8,987
599
6,099
896
400
3,100
5.396 63,948
1,661
7,503
47,759
6,843
450 2,976
100
t600 t1,090 12,948
233 6,924
500
233 5,576
200
345
1,465
825
445
163
1,084
551
312
2,822
13,907
6,834
4,975
350
323
Total
1,400
rrust Companies
Vol Members of the
ved'i Reserve Ba-k.
[lamilton Tr, Bkin
500
Vied' Tr, Bayonne
200
Total
2,007 28,424
3,080
2,110
-
1,076
408
8,243
8,626
314
329
6,295
4,103
1,012
4,439
798
643
10,403
5,451
700
1,485 16,869
8,889 109,241
,-2,546
3r'd aggr, Sept. 13
3rd aggr, Sept. 6
3r'd aggr, Aug. 30
led aver. Aug' 23
8,889 111,787 5,629 10,228
8,880 109,243 5,303 10,028
8,980,108,430 .,24
9,786
R.950107.318 5.202 9.979
5,200
5,200
5,100
5.100
28,538
673
---- ---
485
313
)rand aggregate__ 5,200
Domparism previo us week
581
__-
5,538 10,256 *86,700 12,967
+28
-91
-84 -525
86,784
84,741
84,17'
83.057
13,492
13,628
13,544
12.734
581
-I-16
565
570
584
574
• U. S. deposits deducted, $1,453,000.
Bills payable, rediscounts, acceptances and Gther liabilities, $7,608,000.
Excess reserve, $18,860 decrease.
Banks and Trust Companies in New York City.-The
t As of Sept. 3 1919.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
Boston Clearing House Bank.----We give below a sumand trust companies in Greater New York City outside of mary showing
the totals for all the items in the Boston
the Clearing House, are as follows:
Clearing House weekly statement for a series of weeks:
comeiNED RESULTS OF BANKS AND TRUST COMPANIES IN
BOSTON CLEARING HOUSE MEMBERS.
GREATER NEW YORK.
Week EndedMar. 29
April 5
April 12
April 19
April 20
May 3
May 10
May 17
May 23
May 31
June 7
June 14
June 21._.
June 28
Jul)
, 5July 12
July 19
July 26Aug 2
Aug 9
Aug. 10
Aug 23
Aug 30
Sept. 6
Sept. 13
U....A.
OA
Loans and
Investments.
$
5,633,730,000
5,596.229.300
• 5.630,305,500
5,730.276.600
5.694,610.000
5,735,152,000
5,817,606.300
5,830,948,700
5,750,364,000
5,708,665,600
5,877,228,200
5,929,099,200
5,817,958.200
5,732,786.300
5,804,258.400
5,820,469,000
5,804,693,200
5,698.786.600
5,690,625,100
5,785,809,200
5,741,263,800
5,819,688,000
5,754,798,300
5,864,168,300
5.902,292,900
11 1121 (IMAM
Demand
Deposits.
*Total Cash
in Vault.
Reserve in
Depositaries.
$
4,618,029,500
4,747,993,000
4,722.746.700
4.689.495,300
4,736,482,100
4,773,617,400
4,822,2(8,600
4,873,611,200
4,861,516,200
4,885,307,200
4,004,243,900
4,880,382,900
4.846,699,100
4,759,196,800
4,860.090,300
4,804,154,700
4,872,061,700
4,810,097,600
4,819,801,900
4,842,504,500
4,827,551.800
4,829,754,500
4,783,893.900
4,848,125,200
4,938.470,000
5.088 541 4nn
$
134,143,000
130.736,000
135,497.500
134,131,300
136,428.700
139,041,500
134,432,800
141,466.900
136,791,200
133,474,700
136,878,601)
137,691,300
134,955.500
134,566,800
131,398,300
144,478,700
142,504,200
145.451.400
133,989,100
132,963.800
133,444,000
134,568,000
132,595,200
131,288,300
134.273,500
iql 9 nq A. (Inn
$
627.395,900
682,805,200
651,649.200
672,170,700
682,036.200
665,625,800
677,399,900
671,089,000
689,984,100
676,577,800
891,657,300
671,663,300
679,994,600
665,490,300
684,431,000
649,207,500
688,989.600
658,572.500
674,886,200
696,304,800
685,210,504)
658,155.000
649,535,200
678,190,000
685,555,900
7A A •I 411 aim
,
• This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
•
Sep:. 20
1919.
Changes from
previous week.
Sept. 13
1919.
Sept.6
1919.
$
$
S
$
Circulation
4,721,000 Dec.
38,000 4,759,000 4,757,000
Loans, disete & Investments_ 557,257,000 Dec. 11,193,000 588,450,000 569,966,000
Individual depoalts,incl. U.S. 428,612,000 Dec. 3,884,000 432,496,000 421,372,000
Due to banks
116,010.000 Inc.
60,000 115,951,000 111,982,000
Time deposits
11,447.000 Dec.
17.000 11,464,000 11,473,000
United States deposits *
38,353,000 Dec.
958.000 39,311,000 50,088,000
Exchanges for Clear. House
16,689,000 Dec. 1,513,000 18,207,000 17,610,000
Due from other banks
84,554,000 Inc. 10,665,000 73,889,000 70,289,000
Cash In bank & in F. R. Bank 68,937,000 Inc. 1,940,000 66,9'J7,000 65,083,000
Reserve excess in bank and
Ppdlt,
9,1 Tlislaprvn Illink
24 256 non The. 3.239.000 21.017000 90 um nnn
*Formerly included under the head of 'Individual Deposits."
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending Sept. 20 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
WeAt mains sex. 2U lulu.
Two ciphers (00) omitted. Members q'
F.R.Systan
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed.Res.Bank
Ree've with legal deposit's
Cr.sh In vault*
1 otal reserve & cash held_
Reserve required
.-.......... A• wainis I.....l.
330,275,0
84,315,0
795,785,0
26,073,0
126,694,0
147,736,0
514,902,0
0,008,0
668,646,0
Trust
Cos.
33,000,0
7,784,0
29,688,0
677,0
21,0
260,0
22,097,0
22,357,0
56,670,0
13,770,0
70,446,0
51,167,0
2,950,0
906,0
3,856,0
3,248,0
10 970 n
raw n
Sept. 13
1919.
Sept. 6.
1919.
333,275,0
90,2000
805,700,0
24,768,0
117,432.0
143,426,0
542,614,0
6,079,0
692,119,0
23,346,0
56,158,0
3,108,0
15,371,0
74,637,0
55,675,0
IR 01(9 n
$33.275,0
90,357,0
815,251,0
25,680,0
112,713,0
141,287,0
534,664,0
6,034,0
681,985,0
30,464,0
55,002,0
2,738,0
14,452,0
72,192,0
55,004,0
Total.
333,275,0
92,099,0
825,473,0
26,750,0
126,715,0
147,996,0
536,999,0
6,008,0
690,003,0
49,149,0
56,670,0
2,950,0
14,682,0
74,302,0
54,415,0
10 557 n
17 1RR fl
•Cash In vault is not(mated as reserve for Federal Reserve bank members.
1252
THE CHRONICLE
[VoL. 109.
• Member Banks of the Federal Reserve System.-Following is the weekly statement issued
by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
it the statement were given in the statement of Dec. 14 1917 published in the "Chronicle"
Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL
RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL
RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS SEPT. 12 1919
Large reductions in the holdings of Treasury certificates, apparently of
Aggregate holdings of United States war securities and war paper de'the two last series issued in anticipation of the Victory Loan, accompanied creased
from 3,582 to 3,365.9 millions and constitute 22.2% of the total
by corresponding declines in Government deposits are indicated by the loans and
investments of all reporting banks, as against 23.5% the week
Federal Reserve Board's weekly statement showing condition on Sept. 12 before.
For the New York City banks a decline in this ratio from 27.6
of 774 member banks in leading cities.
to 26.3% is noted.
Of the total decline for the week 231 millions in U. S. securities held
As against a decline of 181.1 millions in Government deposits the report
222.6 millions represent the decline in Treasury certificates, 4.6 millions
- shows increases of 319 millions in other demand deposits, and of 6.9 millions
the decline in U. S. bonds and 3.9 millions-the decline in Victory notes. in time
War paper on hand went up 15.1 millions, while loans secured by stocks millions.deposits. Reserve balances accordingly show an increase of 41.4
Accommodation by the Federal Reserve banks as measured
and bonds show an increase of 56.0 millions, of which 25.4 millions represent by the
aggregate of collateral notes and customers' paper discounted for
the increase for the member banks in New York City. Other loans and
banks shows a net decrease for the week of 95.7 millions. Of the
investments increased 72.1 millions, all classes of banks sharing in this reporting
total discounts held on Sept. 12 by the Federal Reserve banks the amount
increase.
held for reporting banks was about 77%,as against 78% the week before.
1. Data for all reporting banks in each district. Three ciphers (000 omitted.
I
Three ciphers (000) omitted.
Boston. New York Philadel. Cleveland. Richm'd, Atlanta. Chicago. St.Louis.Minneap. Kan.
City Dallas.
46
110
56
88
82
47
100
35
35
76
43
$14,608 $48,060 $11,597 $41,791 $25,821 $14,847 $20,698 $17,154
$7,120 $14,327 $18,923
16,900 292,237
32,239
63,535
38,466
28,838
47,867
14,920
11,118
22,975
20,320
9,774 126,344
16,949
36,960
15,727
13,195
49,863
9,855
6,078
12,133
5,203
52,512 460,232
43,895
89,834
29,967
61,514 168,915
31,473
29,282
45,042
36,146
Total U.S.securities
$93,794 $926,873 $104,680 $232,120 $109,981 $ 118,394 $287,343 $73,402 $ 53,598
$94,477 $80,592
Loans secured by U.S. bonds, Sze_ _
60,857 704,296 171,600 108,247
41,595
28,977 101,391
28,135
12,870
19,096
7,779
Loans secured by stocks and bonds_ 213,065 1,417,503 202,791 294,017 103,855
45,449 350.065 137,824
33,116
75,438
30,225
All other loans and investments
629,814 3,095,933 465,067 780,009 311,111 294,512 1,177,584 277,072 254,984
441,701 163,636
iteserve balances with F.R.bank
78,631 701,450
69,716
89,084
36,340
31,388 180,342
41,022
25,374
46,023
21,396
Cash in vault
25,195 125,040
22,362
31,241
16,796
14,363
68,449
9,864
8,783
14,986
10,506
Net demand deposits
774,902 5,166,362 681,626 828,171 341,117 260,029 1,374,201 325,379
268,393 467,612 192,565
Time deposits
108,219 359,513
21,949 297,212
92,275 117,084 451,616 101,545
56,792
80,701
30,660
Government deposits
51,839 211.737
30,587
43,599
12,594
22,286
54,266
15,822
13,004
20,068
24,766
BilLspayable with F.R.bank
14,803 461,141 132,510
89,029
56,715
61,193
80,637
31,680
16,764
43,337
13,005
Bills rediscounted with F. R. bank_
62,697 127,348
21,946
14.189
17,019
11,583
19,752
16,371
513
10,057
2,805
2. Data for Banks in Federal Reserve Bank and Branch Cities and All Other Reporting
Banks.
Number of reporting banks
U.S. bonds to secure circulation
Other 13. S. bonds*
U. S. Victory notes
U. S. certificates of indebtedness
San Fran.
Total.
56
774
$34,605 $269,551
42,650
632,065
10,547
312,628
63,038 1,111,850
$150,840 $2,326,094
23,663 1,309,370
109,759 3,013,107
605,262 8,496,685
62,715 1,383,481
368,649
21,064
540,604 11,220,966
210,906 1,928,472
505,29
4,728
36,334 1,037,14d
8,169
312,449
All Other
New York.
Chicago.
All F.R.Bank Cities. F. R. Branch Cities.
Total.
Reporting Pants.
Sept. 12. Sept. 5. Sept. 12. Sept. 5. Sept. 12. Sept. 5. Sept. 12. Sept. 5. Sept. 12. Sept.
5. Sept. 12. Sept. 5. Mar. 14.
Number of reporting banks
70
70
44
44
260
260
172
172
342
342
774
774
772
U.S. bonds to secure circulation_ $38,363 $38,363
$1,438
$1,419 $103,431 $103,313 $63,119 $63,082 $103,000 $102,998 $269,551
$269,393 $265,735
Other U. S. bonds*
260,869 266,491
16,094
15,717 369,606 376,026 118,359 117,807 144,100 142,971
632,065
636,804
676,095
U. S. Victory notes
106,904 111,733
23.691
23,302 176,579 182,410
70,843
71,067
65,206
63,012
312,628
316,489
U. S. certificates of indebtedness 434,327 489,127
96,282 114,704 727,744 882,738 220,532 267,153 163,574 184,525 1,111,850 1,334,416
2,241,112
Total U. S. securities
830,463 905,714 137,505 155,142 1,377,361 1,544,487 472,853 519,109 475,880 493,506
2,326,094
3,183,012
Loans secured by U.S. bonds,dm. 662,922 660,934
73,353
66,244 1,050,962 1,037,861 134,345 135,923 124,063 120,501 1,309,370 2.557,102
1,294,285 1,118,067
Loanssecured by stocks and bonds 1,291,036 1,265,636 273,392 272,265 2,262,655 2,212,989
372,145 368,987 378,307 375,165 3.013,107 2,957,141
All other loans and investments 2,739,423 2,706,958 634,447 643,727 5,357,196
1,508,926 1,498,408 1,630,563 1,615,130 8,496,685 8,424,634 10,201,362
Reserve balances with F.R. bank 663,058 629,761 122,690 123,983 1,037,725 5,311,096
1,007,198 177,527 172,673 168,229 162,187 1,383,481 1,342.058 1,298,296
Cash In vault
111,425 111,898
38.739
38,604 214,245 214,688
62,688
63,234
91,716
87,408
368,649
348,814
365,330
Net demand deposits
4,728,369 4,545,032 902,202 872,012 7,977,321 7,721,388 1,532,949 1,502,330 1,710,691
11,220,961 10,901,999 10,311,435
Time deposits
274,895 270,999 169,309 168,904 833,080 830,608 571,461 567,603 523,931 1,678,281
523,338
1,928,472
1,921,549
1,668,533
Government deposits
196,605 274,843
33,404
47,640 369,192 508,108
71,482
92,629
64,622
85,706
505,296
686,443
670,239
Bills payable with F.R.bank__ _ _ 407,374 458,481
40,067
60,473 725,015 813,477 158,658 185,739 153,475 148,185 1,037,148 1,147,401 1,175,463
Bills rediscounted with F.R.bank 112,163 122,764
12,155
11,667 224,790 216,815
39,254
34,368
48,405
46,622
312,449
290,087
297,805
Ratio of U.S. war secure.and war
paper, total loam;& inveet't,%
26.3
27.6
18.7
19.3
23.1
24.5
21.9
23.5
19.0
19.6
22.2
23.5
27.7
•Including Liberty bonds.
Three ciphers (000) omitted.
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board
on Sept. 19:*
Continued liquidation of war paper,following the redemption of the bulk
of outstanding Victory Loan certificates, and corresponding reductioxis-rn
reserve and net deposits are indicated in the Federal Reserve Board's weekly
bank statement issued as at close of business on Sept. 19 1919.
As against a reduction of 140.6 millions in the total holdings of war paper
the banks show an increase of31.7 millions in other discounts. Acceptances
on hand, because of the greater demand in the open market, fell off 8.2
millions, while holdings of Treasury certificates declined 18.7 millions.
Aggregate earning assets show a decrease of 135.8 millions. Total war
paper holdings of the Chicago, St. Louis and Minneapolis banks include
16.1 millions of bills discounted for other Federal Reserve banks, while
acceptances held by the Kansas City and San Francisco banks are inclusive
of 38.3 millions purchased from other Federal Reserve banks, as against!:
45.6 millions the week before.
Government deposits show an increase of 44.6 millions, as agains• a
decrease of 151.4 millions In reserve deposits, while the "float" carried by
the Federal Reserve banks works out 28.4 millions larger than the week
before. No appreciable change is shown in Federal Reserve note circulation, while the banks' aggregate liabilities on Federal Reserve bank notes
in circulation went up 4.4 millions.
The banks' gold reserves, because of the transfer of gold from the Continent to the vaults of the Bank of England, received an addition of 45.5
millions, while the amount of gold in transit or in custody shows a decline
of 44.1 millions. Total gold reserves, because of export withdrawals, show
a net increase of but 23.1 millions, while total cash reserves increased 23.6
millions. The banks' reserve ratio shows a rise from 50.4 to 52.5%.
Thefiguresfor the system asa whole are given in thefollowing table,and in addition we present the results forseven preceding
weeks,together with those of corresponding week of last year. The second table shows the resources and liabilities
separately
for each of the twelve banks. The Federal Reserve Agents'Accounts(third tablefollowing)gives detailsregarding transactions
In Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve
banks.
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT
THE CLOSE OP BUSINESS SEPT. 19 1919.
‘Sept. 19 1919. Sept. 12 1919. Sept. 5 1919. Aug.29 1919. Aug. 22 1919. Aug. 15 1919. Aug. 8 1919
RESOURCES.
;old coin and certificates
1old settlement fund,F.R.Board
bold with foreign agencies
Total gold held by banks
bold with Federal Reserve agents
;old redemption fund
Total gold reserves
egal tender notes,silver, &o
Total reserves
lilts discounted:
Secured by Govt. war obligations
All other
hills bought in open market
$
230,047,000
512,080,000
45.479,000
$
231.609,000
537,723,000
$
$
243,238,000 $244,231,000
542,310,000 563,640,000
$
260,507,000
579,480,000
$
250,651,000
591,206,000
i
262,745,000
618,636,000
Aug. 1 1919 Sept. 20 1918
$
263,275,000
641,896,000
$
367,660,000
459,997,000
5,829,000
787,606,000 769,332,000 785,548,000 807,871,000 839,987,000 841,857,000 881,381,000 905,171,000 833,486,000
1,208,961,000 1,190,769,000 1,172,168,000 1,142,589,000 1,127,028,000 1,118 894,000 1,084,047,000 1,071,307,000 1,145,950,000
95,399,000 108,766,000 109,336,000 116,328.000 107.270,000 121,836,000 119,328,000 111,997,000
44,122,000
2,091,966,000 2,068,867,000 2,067,052,000 2,066,788,000 2,074,285,000 2,082,587,000 2,084,756,000 2,088,475,000 2,023,558,000
70,091,000
69,632,000
69,818,000
69,188,000
68,416.000
69,136,000
67,362,000
67,852,000
52,481,000
2,162,057,000 2,138,490,000 2,136,870,000 2.135,976,000 2,142,701,000 2,151,723,000 2,152,118,000
2,156,327,000 2,076,039,000
1,383,896,000 1,524,521.000 1,635,233,000 1,609,296,000 1,563,048,000 1,522,992,000
261,985,000 230,317,000 212,185,900 205,838,000 211,262,000 220,347,000 1,608,583,000 1,612,639,000 1,146,357,000
225,535,000 235,300,000 513,789,000
353,817.000 362,005,000 354,667,000 363,138,000 362,911,000 374,375,000
381,241,000 374.791,000 250,032,000
Total bills on hand
1,999,698,000 2,116,843,600 2,202,085,000 2,178,272,000 2,137,221,000 2,117,714,000
2,215,359,000 2,222,730,000 1,910,178,000
7. S. Government bonds
27,095,000
27,096,060
27,096,000
27,096,000
27,098,000
27.098,000
27,095,000
27,094.000
29,022,000
J. S. Victory Notes
192,000
192,000
197,000
198,000
209,000
274,000
280,000
280,000
I. S. certificates of indebtedness
322,986.000 341,655,000 260,223,000 243,411,000 237,847,000 295,727,000 229,724,000
217,982,000 *41,878,000
ill other earning assets
84,000
Total earning assets
2,349,971,000 2,485,786;000 2,479,601,000 2,448,977,000 2,402,375,000 2,440,813,000 2,472,458,000
2,468,086,000 1,981,162,000
lank premises
13,146,000
13,143,000
12,815,000
42,796,000
11,806,000
11,805,000
11,806,000
11,801,000
)old in transit or in custody in foreign
countries
114,138,000 158,232,000 107,119,000 107,119,000 102,748,000
85,258,000
80,611,000
Incollected items and other deductions
from gross deposits1,025,122,000 873,066,000 827,845,000 816,513,000 763,179,000 838,399,000 708,043,000
739,617,000 654,843,000
1% redemp. fund agst. F. R. blink notes
11,343,000
11,289,000
11,160,000
11,580,000
11,382,000
11,313,000
10,803,000
10,735,000
2,112,000
ill other resources
10,886,000
11,007,000
9,511,000
9,995,000
9,816.000
9,905,000
9,503,000
9,386,000
12,610,000
Total resources
5,686,609,000 5,691,076,000 5,584,921,000 5,435,837,000 5,444,000,000 5,553,188,000 5,450,301,000 5.395,952,000 4,726,766,000
LIABILITIES.
3apital paid in
85,208,000
85,140,000
84,996,000
84,730,000
84,926,000
84,400,000
83,807,000
83,532,000
78,689,000
lurplus
81,087,000
81,087,000
81,087,000
81,087,000
81,087,000
81,087,000
81,087,000
81,087,000
1,134,000
1overnment deposits
78,134,000
33,584,000
59,110,000
54,494,000 103,330,000
58,590,000 108,686,000
68,367,000 169,141,000
)ue to members,reserve account
1,651,426,000 1,802,791,000 1,757,641,000 1,729,950,000 1,679,834,000 1,778,365,000 1,756,807,000 1,742,478,000 1,524,528,000
)eferred availability items
802,715,000 679,043,000 643,194.000 563,387,000 605,812,000 670,539,000 555,485,000 581,232,000
490,265,000
)ther deposits, incl. for. Govt. credits.._ 106,899,000 134,096,000
99,136,000
98,098,000 100,210,000 107,882,000 113,731,000 100,173,000
98,479,000
Total gross deposits
2,639,174,000 2,649,514.000 2,559,081,000 2,446,310,000 2,487,074,000 2,616,704,000 2,528,860,000 2,505,798,000
2,284,107,000
P. R. notes in actual circulation
2,621,258,000 2,621,228,000 2,611,697,000 2,580,629,000 2.553,534,000 2,540.904,000
P. R.bank notes in circulation-net liab. 232,594,000 228,169,000 223,585,000 219,815,000 215,795,000 209,709,000 2.532,057,000 2,500,820,009 2.295,031,000
205,318,000 200,945,000
33,208,000
ill other liabilities
27,288,000
25,938,000
24,495,000 . 23,070,000
21,876,000
20,384,000
19,172,000
17,770,000
34,597,000
Total liabilities
5.656 gm non it sat We nen A ASA 091 nen 8.4:1/1.s27.000 5.444.096.000 5.553.188.000 5.450.301.000
5.395.952.000 4.726.766.000
•Includes One-Year Treasury Notes,
SEPT. 27 1919.)
THE CHRONICLE
1253
Sept. 19 1919. Sept.12 1919. Sept. 5 1919. Aug.29 1919. Aug. 22 1919. Aug. 15 1919. Aug. 8 1919
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to net deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes in
circulation after setting aside 35%
against net deposit liabilities
Aug. 1 1919 Sept. 20 1918
49.4%
47.0%
47.8%
48.2%
48.1%
48.0%
47.9%
48.9%
51.6%
52.5%
50.4%
60.4%
50.7%
51.3%
50.9%
60.9%
50.5%
52.9%
62.5%
65.6%
60.0%
60.7%
60.1%
61.7%
61.4%
61.4%
61.4%
Distribution by Maturities—
$
$
$
$
$
$
$
3
$
1-15 days bills bought in open market_ 101,631,000 " 99,259,000
87,511,000
95,517,000
94,915,000
93,764,000
93.019,000
74,344.000
1-15 days bills discounted
1,317,455,000 1,443,535,000 1,547,106,000 1,519,814,000 1,488,314,000 1,439,073,000 1,541,882,000 1,521,353,000 1245724 000
•zie
1
1-15 days U. S. certif. of indebtedness
89.703,000 121,321,000
28,686,000
24,743,000
22,839,000
87.338,000
23,628,000
19,229,000
13,161,000
1-15 days municipal warrants
10,000
16-30 days bills bought in open market
101,085,000 103,051,000 103,119,000
79,732,000
72,696,000
87,549,000
91,369,000
85,446,000 l' 194,084,000
16-30 days bills discounted
68,299,000
40,019,000
53,870,000
54,803,000
47,316,000
63.535,000
53,405,000
88,439,000
16-30 days U. S. certif. of indebtedness
9,000,000
11,659,000
10,536,000
12,066,000
11,751,000
6,146,000
5,000,000
298,000
6,015,000
16-30 days municipal warrants
34,000
31-60 days bills bought in open market
102,724,000 111,087,000 103,354,000 137,296,000 145,246,000 154,529,000 152,212,000 165,047,000
285,806,000
31-60 days bills discounted
190,393,000 166.070,000 147,354,000 152,545,000 144,035,000
99,241,000
97,738,000 103,937,000
31-60 days U. S. certif. of indebtedness
19,700,000
19,676,000
21,999,000
24,777,000
19,875.000
23.497,000
22,713,000
28,233,000
197,000
31-60 days municipal warrants
1,000
44,584,000
61-90 days bills bought in open market
43,605,000
40,663.000
45,577,000
50,054,000
38,533,000
44,641,000
49,954,000 171,718,000
61-90 days bills discounted
62,922,000
88,579.000
91,790,000
79,889,000
84,993,000 129,709,000 127,428.000 115,283,000 1
61-90 days U. S. certif. of indebtedness
23,972,000
18,032,000
15,532,000
16,034,000
24,606,000
23,606,000
22,484,000
728,000
36,314,000
61-90 days municipal warrants _ ,
11,000
Over 90 days bills bought in open market
793,000
5,016,000
15,020,000
12,846,000
Over 90 days bills discounted
6,812,000
6,735,000
9,016,000
9,652,000
6,365,000
11.781,000
13,665,000
18,927,000
Over 90 days certif. of indebtedness
180,605,000 170,967,000 . 170,692,000 168,569,000 158,776,000 155,140,000 155,899,000 128,191,000
27,494,000
Over 90 days municipal warrants
10,000
Federal Reserve Notes—
—
Outstanding
2,851,622,000 2,830.146,000 2,794,100,000 2,767,166,000 2,748,740,000 2.734,254,000 2,725,263,000 2,715,374,000 2,446,194,000
Held by banks
230,364,000 203,918,000 182,403 000 186,537,000 195,206,000 193,350,000 193,206.000 208,554,000 151,163,000
I
1
I
1
I
1
1
In actual circulation
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller
Returned to the Comptroller
2,621,258,000 2,621,228,000 2,611,697,000 2,580,629,000 2,553,534,000 2,540,904,000 2,532,057,000
2,506,320.000 2,295,031,000
5,260,280,000 5,195,610,000 5.122,941,000 5,077,520,000 5,019,040,000 1,972,780,000 4,912,140,000 1,864,540,000
3,229,400,000
1,998,416,000 1,962,997,000 1,937,783,000 1,906,862,000 1,872,902,000 1,831,709,000 1,787,679.000
1,741,197,000 542,126,000
Amount chargeable to Fed. Res, agent 3,261,964,000 3,232,643,000 3,185,158,000 :3,170,658,000 3,146,138,000 3,141,071,000
In hands of Federal Reserve agent
410,242,000 402,497,000 391,058,000 403,492,000 397,398,000 406.817,000 3,124,461,000 3,123,343,000 2,687,274,000
399,198,000 407,969,000 241,080,000
Issued to Federal Reserve banks
2,851,622,000 2,830,146,000 2,794,100,000 2,767.166,000 2,748,740,000 2.734,254,000 2,725,263,000 2,715,374,000 2,446,194,000
How Secured—
—
BY gold coin and certificates
245,408,000 243.248,000 236,248,000 236,248,000 226,248,000 227,248,000 223,248,000 221,248,000 217,240,000
By lawful money
By eligible paper
1,642,661,000 1,639,377,000 1,621,9:32,000 1,624.577,000 1,621,712,000 1,615,360,000 1,641,216,000
1,644,067.000 1,300,244,000
Gold redemption fund
101,921,000
93,090,000 144,217,000
91,160,000 104.350,000
87,962.000
84,764,000
81,549,000
70,608,000
With Federal Reserve Board
861,632,000 851,431,000 791,703,000 812,181,000 796,430,000 803,684,000 776.035,000
768,510,000 858,102,000
Total
2,851,622,000 2,830,146,000 2,794,100,000 2,767,166,000 2,748,740,000 2,735,254.000 2,725,263,000
2,715,374,000 2,446,194,000
Clic.11.1n r.41” ilnliIrnra, tr. V
T?
onnnt
1 (110 M.11: 000
q n.,
,MA_
(1011 0 i ner nn A
.
r...,4-,e, tux,. er 1
•
nnis 41 /10(1 onc Ailil 0 007 4 X') 1100 0 1
,
1-i 001
rtnn
0 1 All clam 1100 1 41, 047 000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
AT CLOSE OF BUSINESS SEPT 19 1919.
Two ciphers (00) omitted.
Boston. New
RESOURCES.
$
Gold coin and certificates
6,347,0
Gold Settlement Fund, F. R.13'd 27,938.0
Gold with Foreign Agencies
3,320,0
York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. lian.Ctly
$
$
$
$
139,24:3,0
666,0 10,679,0 2,393,0
152,696,0 35,783,0 66,753,0 30,992,0
16,691,0 3,638,0 3,729,0 2,220,0
$
$
8
$
$
7,912,0 23,849,0 5,291,0 8,300,0
210,0
6,780,0 101,636,0 14,884,0 29,840,0 26,825,0
1,637,0 5,412,0 2,138,0 1,228,0 2,183,0
Dallas. San Fran.
Total.
8
$
6,938,0 18,219,0
6,778,0 11,175,0
1,182,0 2,092,0
$
230,017,0
512,080,0
45,479,0
Total gold held by banks
37,605,0
Gold with Federal Reserve agents 70,706,0
15,662,0
Gold redemption fund
303,630,0 40,087,0 81,161,0 35,614,0 16,329,0 130,897,0 22,313,0 39,368,0 29,218,0 14,398,0 31,486,0 787,606,0
289,256,0 71,218,0 138,121,0 32,640,0 42,339,0 317,503,0 47,709,0 36,185,0 35,679,0 17,178,0 110,427,0 1,208,961,0
25,000,0 15,248,0
982,0 6,656,0 5,342,0 10,565,0 4,781,0 2,462,0 4,531,0 3,537,0
633,0
95,399,0
Total gold reserves
123,973,0 622,886,0 126,553,0 220,264,0 74,910,0 64,010,0 158,965,0 74,803,0 78,015,0
69,428,0 35,613,0 142,516,0 2,091,966,0
Legal tender notes, silver, dcc
6,726,0
51,330,0
303,0
878,0
416,0 1,261,0 1,042,0 5,662,0
75,0
320,0 1,859,0
214,0
70,091,0
Total reserves
130,699,0 674,216,0 126,861,0 221,142,0 75,326,0 65,271,0 460,007,0
80,465,0 78,090,0 69,748,0 37,472,0 142,760,0 2,162,057,0
Bills discounted: Secured by Government war obligations (a)- 115,900,0 483,053,0 173,229,0 104,007,0 72,295,0 74,872,0 139,657,0
57,715,0 34,303,0 41,450,0 32,303,0
All other
7,896,0
45,539,0 21,528,0 11,888,0 19,226,0 24,513,0 32,371,0 19,228,0 5,526,0 34,530,0 22,851,0 54,206,0 1,383,896,0
16,390,0 261,985,0
Bills bought in open market (h)_ 44,279,0
73,521,0
811,0 41,768,0 5,982,0 3,736,0 42,967,0 14,017,0 21,138,0 18,591,0
379,0 86,628,0 353,817,0
Total bills on hand
168,074,0 602,113,0 195,568,0 158,563,0 97,503,0 103,121,0 214,995,0
90,960,0 60,967,0 94,577,0 55,533,0 157,724,0 1,999,698,0
U. S. Government bonds
539,0
1,257,0
1,385,0 1,093,0
1,234,0
375,0 4,477,0 1,154,0
116,0 8,867,0 3,966,0 2,632,0
27.095,0
U. S. Government Victory bonds
9,0
50,0
5,0
128,0
192,0
U. S. certificates of indebtedness 21,436,0 130,786,0 28,669,0 23,575,0 10,060,0 13,464,0 41,642,0 17,068,0 8,253,0
12,609,0 7,200,0 8,224,0 322,936,0
—
Total earning assets
190,058,0 734,206,0 225,622,0 183,231,0 108,797,0 116,965,0 261,114,0 109,182,0 69,464,0
116,053,0
66,699,0
168,580,0 2,349,971,0
Bank premises
2,089,0
3,994,0
500,0
876,0
444,0
475,0 2,936,0
691.0
402,0
340,0
400,0
13,146,G
Gold in transit or in custody in
Foreign Countries
114,138,0
114,138,0
Uncollected items and other deductions from gross deposits
91,878,0 232,490,0 86,382,0 90,196,0 86,093,0 41,193,0 120,631,0 62,227,0 19,392,0 86,841,0 50,311.0
51,433,0 1,025,122,0
5% redemption fund against
Federal Reserve bank notes
1,072,0
2,527,0 1,350,0
1,132,0
1,297,0
428,0
6:38,0
670,0
310,0
892,0
473,0
500,0
11,289,0
resources
MI other
260,0
3,128,0
938,0
835,0
1,612,0
665,0
240,0
565,0
.513,0
552,0
765,0
813,0
10.886,0
—
Total resources
116,056,0 1,764,699,0 141,653,0 197,411,0 271,753M 227,782,0 847,597,0
253,800,0 167,769,0 274,488,0 150,060,0 167,541,0 5,686,609,0
LIABILITIES.
Capital paid in
7,034,0
22,0(30,0 7,757,0 9,373,0 4,232,0 3,384,0 12,082,0 4,010,0 3,030,0 3,904,0 3,321,0
85,208,0
Surplus
6,207,0
32,922,1) 5,311,0 5,860,0 3,800,0 2,805,0 9,710,0 2,589,0 2,320,0 3,957,0 2,029,0 5,021,0
4,577,0
81,087,0
Government deposits
11,384,0
169,0 4,808,0 22,540,0 3,551,0 7,237,0 1,382,0 3,980,0
5,375,0 12.469,0 5,239,0
78,134,0
Duo to members, reserve account 100,136,0 646,592,0 100,973,0 122,114,0 54,101,0 46,728,0 238,673,0 62,466,0
54,269,0 82,742,0
Deferred availability items
57,212,0 203,935,0 75,950,0 .75,167,0 80,250,0 33,014,0 87,755,0 50,092.0 16,536,0 61,016,0 42,652,0 99,977,0 1,651,426,0
31,961,0 24,777,0
All other deposits
5,850,0
49,203,0 7,341,0 6,476,0 3,780,0 3,047,0 10,993,0 4,304,0 2,911,0 3,978,0 2,335,0 6,681,0 802,715,0
106,899,0
Total gross deposits
174,582,0 904,899,0 189,072,0 226,297,0 141,685,0 90,026,0 :338,803,0 120,842,0
F. It. notes in actual circulation_ 205,735,0 747,239,0 211,378,0 233,862,0 111,736,0 117,963,0 147,173,0 109,030,0 73,766,0 153,111,0 89,417,0 136,674,0 2,639,174,0
80,507,0 94,683,0 51,223.0 210,729,0 2,621,253,0
E. It. bank notes in circulation
—net ilabilitY
21,316,0
48,197,0 25,051,0 20,083,0 9,036,0 12,492,0 36,800,0 16,263,0 7,382,0 17,393,0 9,150,0 8,425,0
232,594,0
All other liabilities
2,182,0
9,382,0 2,034,0 1,936,0 1,264,0
1,112,0 3,023,0 1,000,0
764,0
1,440,0
92,00 2,115.0
27,288,0
Total liabilities
416,056,0 1,764,699,0 441,653,0 107,411,0 271,753,0 227,782,0 '347,597,0 253,800,0 167,769,0
274.488,0 156,060,0 367,541,0 5,686,609,0
Memoranda—Contingent liability as endor nor on:
Discounted paper rediscounted
with other F. It. banks
23,627,0
20,000,0 8,000,0
9,500,0
61,127,0
(a) Includes bills discounted for
.
other F. It. banks, viz
41,127.0 5,000,0 15.000,0
61,127,0
acceptances
bankers'
bought
Includes
fr
ora
(b)
other F. R. banks:
Without their endorsement..
-18.170,0
20.080.0
38,250.0
*Includes Government overdraft of $386,000.
STATEMENT OF FEDERAL RESERVE
AGENTS ACCOUNTS AT CLOSE OF BUSINESS SEPT. 19 1919.
Boston. New York. Phila. Cleveland. Richmond
Atlanta. Chicago. St. Louts. Minneap Kan.City. Dallas. San Fran.
Total.
$
$
Federal Reserve notes:
$
$
S
S
$
$
$
$
$
$
$
Received from Comptroller-- 397,800,0 1,769,360,0 150,7/30,0 410,580,0 246,640,0 251,000,0 729,680,0 240,200,0 138,330,0
180,320,0 109,200,0 336,340,0 2,260,280,0
148,707,0 71)5,163,0 197,774,0 134,311,0
Returned to Comptroller
105,126,0 70,642,0 212,430,0 88,456,0 43,989,0 68.644,0 40,832,0 92,369,0 1,998,416,0
249,093,0 974,197,0 253,006,0 276,269,0 141,514,0
Chargeable to F. R. Agent
151,744,0 94,391,0 111,676,0 68,368,0 243,971,0 3,261,864,0
33,100,0 131,000,0 26,780,0 28,680,0 24,108,0 180,358,0 517,277,0
In hands of F.R. Agent
58,809,0 41,000,0 22,870,0 12,280,0 10,740,0 14,675,0 6,200,0 410,242,0
Issued to F.R. Bank,less amt.
returned to F. It. Agent for
•
redemption:
215,993,0 843,197,0 226,220,0 247,589,0 117,400,0
121,549,0 176,277,0 123,374,0 82,111,0 100,936,0 53,693,0 237,771,0 2,351,622,0
Collat'l security for outst'g notes:
183,740,0
Gold coin and ctfs. on hand
35,125,0
2,160,0 13,052,0
2,500,0
8,831,0
20,706,0
15416,0 13,329,0 12,996,0 1,640,0 :3,439,0 8,678,0 2,619,0 1,333,0 2,319,0 3,163,0 16,183,0 245,408,0
Gold redemption fund
90,000,0 57,889,0 90,000,0 31,000,0 36,400,0 :308,825,0 42,930,0 21,800,0 33,360,0 5,184,0 94,244,0 101,921,0
Gold Set'tn't Fund, F. R. 13'd_ 50,000,0
861,632,0
Eligible paper, mln'm required 145,287,0 553,941,0 155,008,0 109,468,0 84,766,0 79,210,0 158,774,0 81,165,0 45,926,0 65,257,0 36,515,0 127,344,0 1,642,661.0
215,993,0 843,197,0 220,226,0 247,589,0 117,406,0 121,549,0 176,277,0 128,874,0
Total
82,111,0 100,936,0 53,693,0 237,771.0 2,851,622,0
Amount of eligible paper deliv168,074,0 601,560,0 155,373,0 157,037,0 9:3,672,0 83,470,0 214,933,0 90,886,0 53,893,0 94,577,0 55,533,0 144,5',2,0
ered to F. R. Agent
215,993,0 843,197,0 226,226,0 247,589,0 117,406,0 121,540,0 176,277,0 128,874,0 82,111,0 100,936,0 53,693,0 ;37,771,0 1,913,595,0
F. It. notes outstanding
10,258,0
05,058,0 14,848,0 13,727,0 5,670,0 3,586,0 29,101,0 19,844,0 1,004,0 6,253,0 2,470,0 27,042,0 2,851,622,0
6. R. notes held by bank
230,:;61,0
u. no i-,,,t.a in ,,,
,tiini circulation_ 205.735.0 747.230,0211.378.0 2:1:3.302,0 i 1 1 736 0 117 Inc:i n 447.173.0 too.n30.0 80,507.0 04.683.0 .51.223.0 10.729.0 2.091,"5S.0
Two ciphers (00) omitted.
[VoL. 109.
THE CHRONICLE
1254
losses of 43/i and 3% points respectively. On the other hand
Rock Island ref. 4s are 1% higher and Burlington joint 4s and
So. Pao. 5s have been strong. No other issues have been at
all active.
Wall Street, Friday Night, Sept. 26 1919.
United States Bonds.-Sales of Government bonds at
Railroad and Miscellaneous Stocks.-The great steel
$1,000
strike scheduled for this week has come and,from all accounts, the Board include 86,000 4s conf. at 1063 to 106%,
Loan issues.
mostly gone. Its effect in Wall Street was practically nil, Panama 3s reg. at 883/2 and the various Liberty
made new
showing, as suggested in this column last week, that the mat- The latter have been unusually active and some
high records under the demand for them. For to-day's prices
ter had been discounted.
fourth page
The stock market has been strong throughout the week. of all the different issues and for the week's range see
A list of 40 leading stocks shows that 29 have advanced, following.
many of them substantially, while the 11 which declined are
Daily Record of Liberty Loan Prices. Sept.20.Sept.22.I Sept.23.Sept.24. Sept.25. Sept.20.
mostly only fractionally lower. Saturday's bank statement
High 100.02 100.04 100.08 100.14 100.08 100.06
showed another deficit in the surplus reserve which, coupled First Liberty Loan
3345, 15-30 year, 1032-47 iLow_ 100 51 99.96 100.00 100.04 100.02 100.00
with unusually heavy drafts on local banks by the Treasury
Close 100.50 100.06 100.02 100.00 100.02 100.04
175
450
687
540
365
Department, has resulted in a firm money market and call
111
Total sales in $1,000 units
94.44
I High 93.96 93.94 94.00 94.30 94.46 94.30
loan rates were to-day up to 9%. At the same time Sterling Second Liberty Loan
Low_ 93.80 93.84 93.84 93.94 94.26
1942
cony,
10-25
year
4s,
exchange has recovered substantially, selling 12 points above
Close 93.90 93.92 94.00 94.26 94.34 94.40
285
650
603 1,182
561
536
Total sales in $1,000 units
the low quotation recorded earlier in the month.
____ 95.10 95.12 95.20 95.20 95.26
High
(
Loan
Liberty
Second
To-day's market was not the most active of the week but
94.80 95.00 95.10 95.10 95.12
4s, convertible, 1932-47 (Low_
_ __ 95.10 95.10 95.20 95.14 95.26
[Close
highly irregular and generally strong. General Motors closed
95
90
30
200
85
Total sales in 31,000 units
17 points higher than yesterday, Crucible Steel 15, Chandler Third
{Hig. 95.74 95.94 96.06 96.54 96.56 96.60
Liberty Loan
Low_ 95.61 95.68 95.82 96.00 96.44 00.46
434s of 1928
Motors 8, Baldwin Loco. 5, and others 3 and 4. Advances
Close 95.74 95.86 96.04 96.52 96.54 96.50
averaging a point were recorded by some important railway
1,356 1,858 1,701 2,555 1,703 1,910
Total sales in $1,000 units
(fig. 95.21 95.2. 95.30 95.30 95.40 05.50
issues.
Third Liberty Loan
95.21 95.20 95.20
95.00 95.1
It is the industrial list which, as usual,have absorbed much '434s of 1st L L cony,'32-'47(Low_. 95.10
95.12 95.16 95.20 95.30 95.30 95.36
(Cl''
118
24
211
75 1,343
attention throughout the week. Cruc. Steel has covered a,
549
Total sales in $1,000 units
94.28 94.4, 94.60 94.54
( High 94.30 94.2
range of 25 points, Gen. Motors 24, Am. Tobacco 29, Mexi- Third Liberty Loan
Low_ 94.02 04.11 93.98 94.16 94.40 94.40
L
'27-'42(
L
2d
cony,
of
s
X
4
can Pet. 16, Keystone T.& R.13, Chandler Motors 14, Bald.
94.22 94.38 94.50 94.52
(Close 94.30 94.2
715 3,809 1,117 1,513
755
360
Total sales in $1,000 units
Loco. 12, Royal Dutch 9, and several others from 5 to 7
94.04 94.80 94.60 94.56
93.96
93.94
High
(
Loan
Liberty
Fourth
points. On the possibility of a protracted strike early in the
94.00 94.42 94.42
93.84
93.81
93.82
(Low_
434s of 1933-38
(Close 93.84 93.94 93.98 94.20 94.42 94.46
week U. S. Steel dropped to a fraction above par, but since
4,608 5,644 3,170
3,123
3,777
2,231
sales
in
Total
$1,000
units
Monday has steadily recovered and closed to-day at 1043/2- Fourth Liberty Loan
---- 100.60
....... 100.6
____
High
--___ 100.6.
___ 100.6
____
4%e, 1st LL 2d conv,'32-47 Lowa straw which shows which way the wind is blowing.
100.61
-100.60
---__
Close
)
The following sales have occurred this week of shares not
Total sales in $1,000 units
( High 99.98 100.00 99.94 100.00 99.98 100.00
represented in our detailed list on the pages which follow:
Victory Liberty Loan
Aanit,erst (gazette.
Range since Jan. 1.
Range for Week.
Sales
for
Week
STOCKS.
Week ending Sept. 26.
Highest.
Lowest.
Highest.
Lowest.
4%s,cony gold notes,'22-23( Low_ 99.91
(Close 99.92
1,806
Total sales in $1,000 units
( High 100.00
Victory Liberty Loan
34s,cony gold notes,'22-23( Low_ 99.92
(Close 99.96
341
Total sales in $1,000 units
99.92
99.94
1,515
99.98
99.9
99.98
917
99.88 99.92
99.92 100.00
989
1,129
99.98 09.98
99.90 99.92
99.98 99.98
312
1,188
99.92 99.92
99.92 99.92
865
828
99.98 100.00
99.94 99.92
99.98 99.98
383
360
Par. Shares $ per share. $ per share. $ per share.$ per share.
May
American Express...100 2,311 78% Sept 23 91M Sept 25 76A Sept103
Jan 111X June
201 104% Sept 22 105 Sept 20 102
Baldwin Locomo pref 100
Foreign Exchange.-Sterling has ruled firmer, especially
June
78
Sept
68
26
Sept
68
26
68
Sept
i
10'
extdlo
Buff & Sus(' v t c
Apr 63 June towards the close of the week, when a sharp upturn carried
100 51 Sept 22 51 Sept 22 50
Preferred v t c extd 100
Aug
Sept213
100 170 Sept 23 170 Sept 23 170
Central RR of N J__100
the week. ContinenJan 120 June quotations up more than 11 points for
51 108 Sept 26 108 Sept 26 107
Cent & So Am Teleg_10.
% Sept tal exchange also showed sensational recoveries, with trading
% Sept
% Sept 26
% Sept 25
Continent Candy rights.. 16,400
July
Mar 79
311 60% Sept 20 65 Sept 23 48
100
Crex Carpet
at practically all centres active and transactions of ample
45. 104 Sept 24 104% Sept 22 101% Feb 106 May
Cuban-Am Sug pref_li i
Sept proportions. The neutral exchanges remain dull and not
Feb 107
100 300 107 Sept 20 107 Sept 20 91
Fisher Body pref.
Feb
50 103 Sept 25 103 Sept 25 102% Jan 108
100
Gen Chemical pref
Feb essentially changed.
Aug 100
100 74% Sept 23 74% Sept 23 72
Homestake Mining 100
To-day's (Friday's) actual rates for sterling exchange were 4 2134 0)
May
100 101% Sept 25101% Sept 25 101% July 104
Owens Bottle pref._ _100
and 4 2404 25 for cables.
Punta Al Sugar rights__ 8,793 23( Sept 24 33( Sept 26 23( Sept 4% July 4 2234 for sixty days,4 233404 2434 for cheques
on banks, sight 4 2304 24, sixty days 4 2034(4)4 21 X, ninety
Commercial
July
Remington lst pref_l.. • ill 99% Sept 26 99% Sept 26 964 June 101
4 2004 21.
700 100 Sept 22 102 Sept 23 70% Jan 120% July days 4 1904 20, and documents for payment (sixty days)
Royal Dutch(Am sh)__
24.
200 96% Sept 24 102% Sept 25 85% Aug 1023( Sept Cotton for payment 4 2304 24, and grain for payment 4 2364
N Y shares tr recta- _
To-day's (Friday's) actual rates for Paris bankers' francs were 8 1608 38
Mar
1001173<( Sept 20 117% Sept 20 1173 Sept 120
Sears, Roebuck, pref_100
short. Germany bankers' marks are not yet
Sinclair Consol Oil no par 100300 59% Sept 26 613. Sept 25 59% Sept 61% Sept for long and 8 1208 34 for
Sept quoted for long and short bills. Amsterdam bankers' guilders were 37 7-16
Jan 205
So Porto Rico Sugar_100 700185 Sept 23205 Sept 26 132
Sept for long and 37 13-16037 11-16 for short.
Stromberg Carb rights__ 5,100 11% Sept 22 16 Sept 25 8% Aug 16
Exchange at Paris on London, 34.75; week's range, 34.75 high and
Sept
4%
Sept
2
26
Sept
26
4%
Sept
2
4,301
rights
Motor
Stutz
36.25 low. The range for foreign exchange for the week follows:
May
Jan470
10355 Sept 23355 Sept 23 180
Tex Pao Land Trust _100
Cables.
Sixty Days. Cheques.
59,891 9% Sept 23 14% Sept 26 9% Sept 14% Sept
Sterling ActualIS S Rubber rights
4 25
4 2434
Sent High for the week
Sept 175
4 2234
175 175 Sept 25 175 Sent 25 175
Wevman Bruton ____100
Low for the week
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Shares.
Par Value.
$773,000
1,165,000
1,973,000
1,578,000
1,703,000
1,594,000
489,510 $42,389,700
Saturday
741,380 67,280,500
Monday
1,033,853 96,916,800
Tuesday
1068,100 97,135,000
Wednesday
-872,184 78,902,400
Thursday_ ------909,732 82,422,200
Friday
Total
Week Ending Sept. 19.
1919.
$303,000
395,000
503,000
797,000
536,000
499,500
U. h.
Bonds.
$7,343,000
10,265,000
10,744,000
13,888,000
10,712,000
8,515,500
$8,746,000 $3,033,500 $61,467,500
5,114,759 8465,046,600
Sales at
New York Stock
Exchange.
Germany Bankers' Guilders-
State, Mon.
& Foreign
Bonds.
Railroad,
citc.
Bonds.
Stocks.
Week Ending
Sept. 26 1319.
Paris Bankers' Marks-
High for the week
Low for the week
1918.
Jan. 1 to Sept. 19.
1918.
1919.
95,889,390
220,863,223
1,743,910
5,114,759
Stocks-No. shares_
Par value
$465,049,600 $165,119,000 $20,169,720,605 $8,953,010,765
$15,800
$47,200
Bank shares, par_ _
, Bonds.
$814,184,500
$61,467,500 $37,468,000 $1,788,758,800
Government bonds
182,419,500
8,280,000
216,013,500
3,033,500
State, mun., &c., bds.
201,583,500
382,411,000
5,498,000
5,746,000
RR.and misc. bonds_
Total bonds
$73,247,000 $51,246,000 $2,387,183,300 $1,198,187,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Sept. 26 1919.
Saturday
Monday _____ _ _
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. !Bond Sates.
9,926
16,680
23,133
26,845
21,261
24,778
$39,350
104,700
63,850
150,950
111,700
8,000
5,118
6,695
5,275
13,293
15,610
12,453
$5,000
34,400
16,300
16,000
27,100
27,000
I 124,623
$478.550
58.444
5125.800
5,313
3,387
5,496
3,699
8,961
3,521
383,100
41,400
52,000
26,200
33,100
13,000
30.377! 3248.800
State and Railroad Bonds.-Sales of State bonds at the
Board include $31,000 New York Canal 4s 1958 at 983,
$3,000 N. Y. Canal 4s 1960 at 99, $2,000 N. Y. Canal 4s
1961 at 99 and $1,000 Virginia 6s deferred trust receipts at 61.
The most notable characteristic of the market for railway
and other bonds has been the unusual activity of a few issues,
including•Am. Tel. & Tel. cony. 6s, C. B. & Q. joint 4s,
St. Paul cony. 432s, Interboro R. T. ref. 5s, and Inter. Met.
434,s. The last two were under pressure and close with net
•
High for the week
Low for the week
Amsterdam Bankers' GuildersHigh for the week
4 113/i
4 14
4 1434
8 16
9 03
8 10
8 97
8 08
8 95
4 60
3 92
4 65
3 97
38
37%
37 7-16
3734
3734
36%
Low for the week
Domestic Exchange.-Chicago, par. St. Louis, 15025c., per $1,000
discount. Boston, par. San Francisco, par. Montreal, 38.125 per
$1,000 premium. Cincinnati, par.
Outside Market.-There was an active market on the
"Curb" this week with a general improvement in prices.
Heavy advances were recorded in a number of leading issues,
of which General Asphalt was the outstanding feature. The
com. stock sold up from 87 to 1183/ and the pref. from 1303/i
to 179. The close to-day for the com. was at 1173/2. United
Picture Prod., another active feature, rose from 1434 to
204 and ends the week at 203/2. Tobacco Products Exports weakened at first from 36 to 3334, then advanced to
37. Root & Vandervoort gained four points to 46 and finished to-day at 4532. Vanadium Steel advanced about two
points to 40 and reacted finally to 3934. United Retail
Stores Candy after early loss from 2134 to 193/i jumped to
i and closed to-day at 23. Tire stocks were strong.
233/
Madison Tire & Rubber after a gain of over three points to
67 during the week sold up to-day to 75. Overland Tire
from 203 reached 253
%, the close to-day being at 253/2•
Colonial Tire improved 23/ points to 20. Trading began in
the Amer. Safety Razor stock, an advance of 23/i points to
22% being recorded, with a final reaction to 19%. Oil
stocks showed increased activity and strength. Initial trading began in the new Atlantic Lobos Oil Co., successor to the
Port Lobos Petroleum, the price of the corn. advanced from
73 to 88 and the preferred from 130 to 140. Final transactions were at 86 for the corn. Shell Transport & Trad.
moved up from 6834 to 743/i and ends the week at 733.
Internat. Petroleum was conspicuous for a rise from 294
to 3694, with the close to-day at 353. Merritt Oil sold up
from 21 3' to 2334 and at 2334 finally. Midwest Refining
advanced from 1643/i to 175 and sold finally at 174. A
heavy business was done in Russian Govt. bonds, the 53s
losing some 43/i points to 37 and the 63's about 83/2 points
to 34%. The latter sold finally at 37.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
1255
For record of sales during the week of stocks usually inactive. see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 20
Monday
Sept. 22
Tuesday
Sept. 23
Wednesday
Sept. 24
Thursday
Sept. 25
Friday
Sept. 26
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-8hare lots
PER SHARE
Range for Precious
Year 1918
Lowest
iHighest
Lowest
Highest
S per share 5 per share $ per share $ per share $ per share Shares
Railroads
Par $ per Mare
share
per
$
per
share
per share
$
$
88
89
90
8918 8912 90
88
89
8878 8878 4,900 Atch Topeka & Santa Fe__100 88 Aug 8 104 May27
81 Mar 994 Nov
*80
8178 8014 81
*80
8112 8018 8014 801s 803
Do pref
700
100 8018 Sept 3 89 Jan 4
80
Jan 9212 Nov
*8
*8
12
1012 *8
1012 *814 1012 *10
Atlanta Ilirm & Atlantic_100
12
6 Mar31 1512 July24
5 Dec 1012 Juno
*91
9312 9112 9112 *9112 94
*9114 94
9334 9334
200 Atlantic Coast Line RR_ 100 9012 Sept 6 107 May29
893 Apr 109 Nov
4018 39% 4014 3814 394 3814 3912 7,900 Baltimore & Ohio
398 40% 40
100 3814 Sept25 5514 May27
4812 Dec 62 Nov
497 50
4978 50
50
50
60
50
1,400
Do pref
498 497
100 497 Sept15 5912 May27
53 Apr 6412 Nov
23
2312 2018 2314 2038 2112 2138 2134 21
21 8 10,100 Brooklyn Rapid 'Transit_100 1858 Jan27 3318 July23
253 Dec 4814 Jan
1912 1912 19
1934
1878 1878
1631 1634 1,400
Certificates of deposit
1634 Sept26 2814 July23
15014 15114 14958 15012 14818 15012 i
-7
61-8 1-4-3-7; 14812 150
9,600 Canadian Pacific
100 14818 Sept24 1708 July10 135 - Mar 1747
557 56
; Oct
56
5612 51312 5712 558 5612 5678 5678 1,800 Chesapeake & Ohio
5312
Aug21
100
6812
May17
4934 Jan 6258 Nov
1012 *7
1012 *7
*7
11
*7
11
---- ---- ------ Chicago & Alton RR
100
714 Jan13 1212 May15
Apr
11
7
Nov
*1234 1512 *1234 1412 *1234 151 *12
151 --------------Preferred
Preferred
100 1012 May 9 1712 July17
1014 Dec 18 Nov
9 92
- ----- ---00
1012 liii2
_
Chicago & East III tr rects__
812 Aug 8 1312 July23
Preferrcdtr rects
10 Sept 2 1712 July24 --g" -.ii-i --V - May
- 1614 -WI -iiiTi -10.1-2 -16- 11-4 -1634 -1138 -1058 -fi- -15E3 -1-0-3-4 - 8,000 Chicago Great Western___
100
718 Jan21
12 July17
6 Apr
11 Nov
25
26
25
25
2714 27
25
2718 2612 2678 26
Do pref
2634 3,100
100 2218 Aug21 3078Nlay19
1812 Apr 32 Nov
4012 41
408 4134 41 18 42
4112 43
4113 4134 4134 4214 5,300 Chicago Milw & St Paul_100 3412 Feb15 5234 July17
3714 Apr 5414 Sept
6214 63
4212 6212 6278 63
6212 6212 623 6214 3,700
6378 64
Do
pref
100
1
8
60
Aug21
76 July17
6614 Apr 863 Nov
90
9018 901 9038 89
9012 90
9012 8934 90
8978 90
5,300 Chicago & Northwestern_100 89 Sept23 105 May26
8912 Mar 107 Nov
*124 125 *124 125 *124 125 *123 125 *124 125 *124 125
Do pref
100 12378 Aug21 133 Jan 17 125 July 137
Jan
2434 2658 2612 2713 2653 2758 2714 2734 13,800 Chic Rock
25
25
25
25
3s1
&
Pac
100 2218 Jan21 3214 July17
Apr 3212 Nov
18
7112 7134 7212 73
72
72
7414 7414 74
74
75
7% preferred
75
800
6814
100
Aug
8
84
June
Nov
6
88
Jan
4
563
61
6034 61
*5912 61
6112 62
6238 6214 6214 62,4 6214 2,300
6% preferred
100 5514 Aug21 73 July17
46
Jan
75 Nov
---- ---- ---- ---Chic St P Minn & Omaha_ _100 6518 May12 82 Jan 7
69 Sept 82 Dec
____
-42-i4 -4-i11-.1 -4-214 12-1.1 -_-_-_-_ -_-_-_-_ *
-4
62
3
-1 -42-14 ---400 Clev Cin Chic & St Louls_100 32 Feb17 5478June 6
26 Feb 40 Nov
*6514 70
---- ---Do pref
63
100
Sept 11 74 July12
5834 May
70 Nov
-i-l1-2 -2-1-1-2 ----1-i-2 22-4 -------- 2212 2278
-------_----1,900 Colorado & Southern
100 1934 Jan22 3134May 5
18 Apr
2712 Nov
---- ---- ---- ---- ---- ---- ---- ---Do 1st pref
100 4814 Jan 3 5812 July24
47 Apr 65 Nov
-----Do
pref
2d
100 45 Feb 4 5112 May29
40 Apr 48 Deo
!tit-3A 163-371 ioli, 1-0:1-37, *10334 1-65 - iiiii4 1-64-1- siiiii fOis6 54 1-6
83
4.3-4 ---HO Delaware & IIuuson
100 101
Jan20 116 May29 10012 Apr 11934 Nov
*180 184
182 182 *182 184 *182 184 - ----- ----*182
100 Delaware Lack & Western_50 17212 Mar18 217 May 7 160 Apr 185 Sept
*912 1012__
_
*812 10
10
10
9,2 10
*912 1012
400 Denver & Rio Grande
100
334 Jan 8 1512 July14
214 Jan
7 Nov
16
1614 -16- 161-2 1612 1758 17
18
16% 1758
1612 17
10,750
Do pref
100
618 Feb 3 24 July14
1358 Jan
5 Apr
*95 105
*95 110 *____ 110 *____ 110
---- ---- ---- ---Detroit United RY
100 80 Feb24 105 May13
80 Apr 90
*312 4
*312 4
Jan
4
4
*312 5
----------------100
Duluth
--S S & Atlantic
100
234 Febll
212 Feb
*5
434 Oct
658 July15
10
*5
10
*5
10
*5
10
538 Apr 8 11% July21
100
43a May
812 Nov
1512 1534 1512 157
1512 1534 *1512 16
-i6r.s -111-2 -11.5
Er
P
14
164
ie
.eferred
-5-,i6
Aug21
100
15
2014
May19
14
Apr 2358 Nov
*24
25
2434 2434 25
2512 25
2518 2412 2412 2412 247
1,800
Do 1st pref
100 2312 Aug21 33 July16
3612 Nov
2313 Jan
*16
18
*16
18
*16
18
1712 1712 *1612 1712 *164 18
200
Do 24 pref
100 1634 Aug18 2334 July17
2714 Nov
1812 Jan
3458 8438 848 8434 8414 8512 85
86
8514 854 8518 8558 5,000 Great Northern pref
100 8413 Aug fi 1005s May27
86
Jan 10612 Nov
41
4112
4034 4178 4112 417
42
4278 4218 4212 43
4678 19,900
Iron Ore properties_No par 3134 Jan 2 5234 July10
Nov
2518
Jan
7
7
3412
*6
10
*712 11
*812 9
*8
812 *8
812
100 Gulf Mob & Nor tr ctfs
100
7 Sept20 1278 July25
10 May
3518 3518 *35
8 Mar
37
*35
38
*35
37
*35
38
*35
37
Preferred
100
100 3114 Jan16 4012 July18
*92
27 Mar 3518 Dee
94
*92
94
*92
94
93
93
*9212 93
93
92
200 Illinois Central
100 90 At1g21 104 May16
92
Jan 10512 Nov
0
55
58 534
5
512 57
612 612 *512 6
7,600 lnterboro Cons Corp_No Par
318 Mar24
918 June 2
10
912 Jan
434 Dec
19
1934 20
1712 1812 17
1778 1718 1758
17
1712 4,500
Do pref
100 1118 Mar29 3114 June12
1714 Dec 4712 Jan
Iowa Central
100
212 Feb13
934 July21
218 Jan
--F77-8 -1-8-- ;18- 19- ;ill- Ill -iiii2 -1-81-2 «1874 1912 ;1812
512 Nov
ili- ---500 Kansas City Southern
100 1634 Jan30 2514May19
1518 Apr 244 Nov
__ ____ *50
53
*50
53
*50
*50
53
54
*50
53
Do
pref
100 4912 Jan21 57 May21
45
Jan
5912 Nov
*912 1012 *912 1012 *912 1012 *912 1012 *912 10
*912 10
Lake Erie & Western
100
7 Feb26 14 July21
1178 Nov
74 Oct
*20
27
*20
22
*20
22
2134 2134 *15
22
20
20
200
Preferred
100 1612 Apr21 25 May19
Oct
18 Apr 25
4734 478 478 48
48
48
48
48
4712 4712 474 471
1,500 Lehigh Valley
4712 Sept25 6038June 2
5 Dec 6518 Nov
50
53
107 108 *108 110 *107 109
108 108 *106 109 *105 109
300 Louisville & Nashville__100 1048 Aug19 12234May17 110
Jan 12434 Nov
14 7314 *70
*70 8073
75
7314 7314 6934 70
430
Manhattan
Ry guar
100 6934 Sept26 88 Jan25
80 Dec 10018 Deo
*1514 17
-io- -1-616
17
1612 1714 *16
17
--_- ____
1,300 Minneap 4c St L (new)
100
918 Jan21 2412 July17
157 Nov
712 Apr
MinnStP&SSM
100 18473 Sept19 9814 May29
8018 Jan 9712 Nov
-1-2- -1-2-17t -12-13 -121; 7Hr2 -1-318 -1'A -ii- -I:Es -172-3:1 -ii- ii- -4,200 Missouri Kansas
& Texas_100
Feb10 1658 July22
Jan
634 Nov
48
458
1734 *1634 19
16
1734 173.1 *17
18
17
17
1,200
Do pref
100
812 Jan13 2518 July18
1312 Nov
612 Jan
-`2-7- 27-1.-1
2814 2718 2814 2778 2814 2712 277
27
23
28
9,000 M18901111 Pacific trust ctfs_100 2234 Jan21 3878 July 9
3158 Nov
20
Jan
46
4618 *4512 47
4614 4612 4612 4678 *4612 47
47
47
1,500
Do pref trust ctfs
100 4534 Aug20 5834 June 7
Nov
.lan
ay 62 17ov
1587,..
A
734 734
7
714 - - - - _ _ - 800 Nat Rys of Mex 2d pref_ 100
512 Feb 6 14 Mar10
Nov
-45- -4-5-1-2 -4-5- -4-7-14 4812 50
47
49
47
4718 5,900 New Oni Tex & Mex v t c100 2834 Apr10 50 Sept24
Apr 3612 Dec
17
-7113 V11-1
7112 72
7134 7234 72
724 7212 7212 73
7312 2,700 New York Central
100 6914 Jan21 8334June 6
6;1
:
3. pet
n 3
£3158 Nov
*2412 26
*2412 26
*2412 28
2334 2334 *2312 26
25
25
200 N Y Chicago & St Louls_100 2334 Sept24 3314 July10
1
.58
64
*58
64
*58
64
*59
64
*56
64
____
-----First preferred
100
570312
Apr
2
7
*46
1
5
r
,
3
5
5
278 ilsi
Octp
t
ao v
6
1
yv
No
48
*46
July
48
*46
49
45
4618 *44
48
_
300
Second preferred
6
43
214 AApPrr195
3058 31
July
308 3118 3034 32
3178 3238 3012 3134 -5iT8 3134 5,484 N Y N H & Hartford
100 2534 Feb13 4078 July17
*19
2
20
*19
20
19
19
*19
21
*19
20
2C1
20
700 N Y Ontario & Western
100 1812 Jan21
2414 July18
1814 Jan
1458 14%
2458 Nov
300 Norfolk Southern
100 1412 Aug26 20 May29
-2114 Dee
0S-i.4 -9-1r-i -98Ta
14 Nov
V/31-8 9818 9878 ;5-8r4 -66- -iiW4 -6K14 -OT3i3 -931-2
800 Norfolk & Western
100 9818 Sept22 11212 May19 102
8613 86
11214 Nov
86
Jan
8614 8512 865s 86
8658 80
8633 86
864 4,400 Northern Pacific
100 84 Aug 8 9978 May27
427 43
8118 Jan 105 Nov
43
431s 4278 43
4273 43
43
43
4278 43
5,100 Pennsylvania
50 424 Aug27 4812 May19
*14
16
*14
4314 June 5018 Nov
16
1512 16
*15
18
17
17
*1512 1712
300 Peoria & Eastern
100
434 Mar26 20 July17
1612 1712 17
1714 1734
41s Apr
678 Nov
1858 1712 1818 1814 1812 1812 1834 6,300 Pere Marquette v
tc
100 1218 Jan21
2614 Junel1
912 May
187 Nov
---- ---- ---- ---- ---- ---- ---- ---- ---- ------- ---- -----Do prior pref v t c
521z Apr 64 Nov
100 66 Mar27 6734 July15
Do pref v t c
100 39 Apr 7 49 May21
30 Apr 50 Nov
;6- -ici- ;6- -fii- ;6- -io-- ;6-i6- ;6- Vci- ------ Pitts Chi Chic & St Louis_ _100 44 Apr29 72 Sept15
Nov
-52-12 -3-2-12 3214 3212 3212 33 8 33
33
33
33
3212 3314
1,900 Pittsburgh & West Va_-__100 3012 Aug21 4434 June 9
82
40
81
%
2 Nov
*79
25275VJ
*79
82
ua
nn
e 5
*79
83
*79
81
*79
8211
*79
83
Do pref
• 771, 7812 775 7914 78
100 7812 Aug18 8412June 7
61
82 Nov
Jan
79
79
8014 7813 79
7834 7912 11,100 Reading
50 74% Aug 8 9358June 6
*35
7018 Jan
9614 Oct
36
*35
36
*35
36
*35
36
*35
36
*3512 36
Do 1st pref
50 3412 Aug19 3812 Feb 4
*37
35
Jan
39 May
*37
39
39
*3612 39
*3612 39
*3612 39
*3612 39
Do 2d pref
5 36 Apr30 3912 May16
35 Mar 40 July
1734 1778 18
18
1818 1834 1858 1973 ____ __ _ 1812 1834 2,500 St Louis-San Fran tr ctfs_100 1084 Jan21
2734 July17
291%
1714 Deo
r
2734 2734
--_
28.2 2812
Preferred A trust ctfs__100 22
200
Jan27 37 May 2
3312 Nov
iiii2 -1-6- ;11- -1-E- -FC 16Apr
1534 16
-1518 1512 *1558 17
1,200 St Louis Southwestern__100 1418 Aug13 233sJune 9
19
2638 27
Nor
27
Oct
2712 2712 2912 30
25
3014 2913 297s 29
29
4,600
Do pref
100 25 Aug28 37% Junel0
28
Oct 4012 Jan
914 914 ---- ---914 033 ___ ---914 9,4 ____ ___ _
500 Seaboard Air Line
100
758 Feb13 12 July23
7 Apr
12 Nov
___. ---Do pref
100 1534 Feb 3 2334 July17
151s Apr 254 Nov
0834 0912 -Oo- 1-667; -oois fcif - iiiiiii 161-3; iii1:14 1100 924 Aug 8 115 June 2
2418 2414 2414 2414 2414 2458 2434 2514 2412 61-- 10058 1-61- -3-3-,800 Southern Pacific Co
8012 Jan 110 Nov
2478 2458 25
4,300 Southern Railway
100 23 Aug 8 33 May19
6012 6012 6012 6034 61
.60
Apr 347 Nov
61
2058
61
*60
61
*60
6012 1,100
Do pref
100 5934 Aug21 7212May27
4718 4878 4712 4912 49
57
Jan
7514 Nov
5012 5014 5114 483.1 50
4912 5018 22,000 Texas & Pacific
100 2712 Jan21 7012 July 2
*15
*18
21
21
14 May
2912 Deo
*18
21
*18
21
1818 1818 *1812 20
100 Third Avenue
100 131s Jan 4 2558 July23
*8
12
1214 Dec 2134 Jan
*8
12
*8
12
*9
11
*8
12
*8
12
Tol
St
L
W
&
trust
receipts__
5
May
1
1312 July29
*19
25
*19
714 Aug
25
4 June
*19
25
*19
25
*19
25
*19
Preferred
25
certificates dep__
10 Mar 4 2512 July25
*44
*44
49
49
812 Mar
16 Aug
*44
49
*44
4714 45
45
200 Twin City Rapid Transit 100 38
.
Jan16 60 June 3
12034 12112 12058 12112 12114 122
32 Dec 654 Jan
12114 12134 121.4 122
122
_-_1
22
-12
Union
6,200
Pacific
100
11913
Aug 8 13812May29 10934 Jan 13712 Oct
169
69
*6812 70
*68(2 70
*6814 70
6912 6912 *68
70
250
Do pref
100 6818 Sept15 7434 Mar 5
*934 1012 _--69
7634 Nov
Jan
: *931 11
*94 11
10
1014 *10
12
200 'United Railways Invest
100
74 Jan 9 1578 July 1
22
.20
434 Jan
12 June
*20
22
*20
23
2212 23
23
23
40,)
Do
pi
-el
100 15
Jan13 3434 July 1
-io- -1-6
1012
Apr20
May
10
1012 1012 1058
10
10
10
1038 1,900 Wabash
100
734 Jan20 13% July23
7 Apr1134 July
2912 303s 293 3034 3038 3033 30
-261-4 -3-6i
30
5
3s
29733,500
29
Do
pref
A
100
2914
Sept20
38 May19
*19
20
307s Dec 4413 Jan
1912 2058 2033 2038 20
20
19:4
1914 2,300
Do pref 13
100 19 Jan23 2512 July 9
1178 12
-ii- -1-2
1918 Dec 2612 June
12
1314
1258 1338
1212 13
13
13
9,400 Western Maryland (new)_100
958 Apr21
1478 July17
.20
24
10 Dec 174 Feb
*20
24
21
24
24
24
*23
25
*22
24
1,300
Do 24 pref
100 20 Sept18 3012 July 9
23
*21
*21
23
20
Jan 32 June
21
21
21
21
*20
22
*20
22
200 Western Pacific
100
17
Feb
3
26
July14
*53
13
2434 Nov
Jan
5412 54
54
54
54
*53
5412 *5:312 5412 *54
5412
200
Do pref
100 5218 Feb20 6112Jan 9
1414 1414
1418 1414
46
Jan 66 June
1478 1813 1612 1814
1612 1758
16
1712
113,000
Wheeling
Lake
&
Erie Ry_100
734 Mar 6 1.814 Sept24
*2312 26
*24
25
8
Apr
1234 Nov
26
2834 2714 2834 27,4 28
2512 2714 15,500
Do pref
100 17 Jan30 2834 Sept23
40 .30
1713 Apr
40
*30
26 Nov
*30
40
*30
40
30
30
*31
35
100 Wisconsin Central
100 30 Scpt18 417s May16
2978 Dec 3934 Oct
Industrial
& Miscellaneous
3518 3.38 30
36
3212 3812 371.1 38
*3512 3812 37
40
5,600 Adams Express
100 2953 Apr26 64 May23
37
3412 36
42 Dec 80
36
344 363
Jan
3812 3512 36
3614 38
39
4,300 Advance Rumely
100 21
Jan21 58% July 3
69
6858 685 *6858 70
69
11
Jan
264 Nov
*6834 70
6958 6934 6912 70
900
Do pref
100 5612 Jan20 76 June 9
8734 883s 8734 8812 883.1 89
257
Nov
Jan
k
s
627
90
91
90
93
92
9314 6,400 Ajax Rubber Inc
50 66
Jan13 113 July14
234 234
258 25*
49
7214 Dec
Jan
258 258
258 25
25* 234
234 23.1 2,100 Alaska Gold Mines
414 Jan 15
10
212 Aug 9
2
2
2
2
114 Apr
2
218
58 Nov
2
218
2
218
2
218 6,600 Alaska Juneau Gold Min'g_10
134 Jan 2
4314 4414 44
112 Apr
314 July14
312June
4512 4412 4534 4512 46
5
44
4512 4434 454 13,700 Allis-Chalmers Mfg
100 30 Jan21 50 July 7
95
95
1734 Jan 37 May
*9412 96
95
9518
9512
9512
600
Do
pref
99
*97
7214 Jan 8612May
;5iF8 -{ii- 98
9818 9734 98
9778 -69 -' x9513 9518 1,300 Amer Agricultural Chem 100 81% Jan23 97 Sept16
100 87 Sept 2 11334 May 1
*9712 9812 *93
78
98
Jan 106
Oct
*9412 0912 *90
97
*95
07
-----Do pref
100 95 Sept19 108 Mar15
*44
*48
50
52
8913 Jan 101 Aug
____
48
48
48
48% .... - _ _ _
400 American Bank Note
_ iii4 -8w4 *4714 4934 -__--50 33 Jan25 55 July15
3112 Mar 3512 May
_
------- --. Preferred
50 42
Jan 2 4812June30
4134 June 4212 Aug
8612 8712 8612 -8-81-4 -8758 -8-93-8 -8834 -9012
-9118 "921'4 ii,666 American Beet Sugar
100 62
Jan 3 9812 July10
48 Nov 84 Feb
•
_ 94 *
- 91
94
____ ____ *___ 94 *___
94
Do pref
100 8434 Jan13 95 May29 282 Sept 9112 MaY
_ __ _
iio no
Ho no
___.. ____ 113 113
114- 114
800 Amer Bosch Magneto._No par 8412May 7 126 July24
Amer Brake Shoe & Fdry_ _100 90 May13 97 July17 -ir Yuji -17(1Preferred
100 160
Jan 2 176 Sept 4 160 Dec 175
Jan
55
5712 -5034 -5-8
5612 56
.
5678 5712 574 5918 5812 6278 94,700 American Can
100 427 Febll 63 July 7
3458 Jan 504 May
103 103
*10234 101 *10212 104
10412 10412 104 10414 *103 10414
400
Do prof
100 98% Jan 6 10758Junel6
8914 Jan 99 Dec
131 13234 13134 13234 12934 13214 1313 13214
1305* 13112 131 132
4
13,400 American Car & Foundry-100 8418 Feb10 13858 Sept 4
6814 Jan 93 Dec
Do pref
100 113 Jan18 119 July 11 106
Jan 115 Dell
-iii • 16- 7
):
5i2 -E13-5-8 -Lai:,
-67.1; -5634 -5i63-4 ;"5-51- 2 '- i-• - yjoii American Cotton 011
100 395 Jan 2 6714 July14
25
Jan 4434 Oct
93
__ *91
Do pref
100 88 _Jan 7
Apr 3
78 May 88 Dec
1078 11
1118
-iOig
-lois -10-78 -io.ii -1-678 -ii- -1-1-- - 1,60 Amer Druggists Syndicate_10 1033 Jan24 93
1414 Mar 7
-3I% 3258 3134 34
34
3458 3414 3538 34
35 4 3352 3514 11,400 American Hide & Leather-100, 13% Jan 4, 4318 July31
Sept
-117; -.1t-u-i
121/4 122
12112 124
125 12634 12434 12634 124 12514 12312 12514
5,400
Do prof
1001 7114 Jan 21 13634 July14
60 Jan 9478 A_111
•Stld and asked prices: no gales On this day. I Ex-rights, 4 Leas than 100 shares.
a Ex-d1v,and rights. x Ex dividend. 'I For fluctuations In rights. see page 1254
$ per share
29
8914
82
*80
*8
10
*9112 9212
40
403
50
50
24
2414
*20
22
150 151
*55/2 56
*7
1012
*124 1512
0
-iiiii,
5(35 57
-ii2-8
New York Stock Record-Continued-Page 2
1256
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
••••
Saturday
Sept. 20
Monday
Sept. 22
Tuesday
Sept. 23
Wednesday
Sept. 24
Thursday
Sept. 25
Friday
Sept. 26
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
$ per share
Par $ per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. &Miscell.(Con) 100 3712 Aug21 7612June 6
3,300 American Ice
48
48
48
5014 46
4914 49
46
45
44
4478 45
7614 June 6
Jan20
543
4
100
prof
Do
•
900
7038
703
8
7014
7014
6978
69
69
868
78
13818 681
Feb 8 11512 July11
4 9673 9734 9712 9812 9734 9938 9858 9958 27,400 Amer International Corp 100 5238 Mar
.1
- -2 -6i395
9714 -95
1 83 Sept20
100 4418
22,100 American Linseed
8078 7912 80
79
81
8012 8212 8014 8114 79
7853 83
100 85 Mar 1 9838 Apr 15
200 Do pref
*9514 *96
96
*9514 96
9612 96
9614 9614 *9512 9612 *95
100 58 Jan21 11034 Sept17
93,600 American Locomotive
103 10534 104 10678 10534 10834 10534 10814 10518 10618 106 108
100 100 Jan14 10934 July 2
200 Do pref
01 10512 106 *10512 107 *106 107 *1055s 10/
*105 106*
700 Amer Malt & Grain__ No par 5214 Sept26 63 Aug 3
5214 5214
53
53
56
*54
55
---- ------ 54_
56
"
*54
3714 3712 3612 3714 6,800 Am Ship & Comm Corp_no par 3538 Sept20 41 Sept • 6
3538 3612 3534 3714 3714 384 3712 38
454
Am Smelt Secur pref ser A-100 8512 Sept24 9412 Junel2
87
853
3
*85
18538
88
854
8512
88
90
8712 88
*85
624 Feb 6 8934 July16
7514 7034 7534 6914 7178 704 7218 7218 73 67,300 Amer Smelting & Refining-100 10112
7434 7514 75
Sept25 10958 July17
100
10178 10334 10112 10178 10212 1024 2,800 Do pref
*104 106
10338 10412 104 105
Janll 140 Sept18
105
100
American
Snuff
2,300
136
13834
135
13834
129
140
*126 12912 *125 130 *122 130
July10 99 Jan16
100
93
Do preferred
*90 100
*93 100
*93 100
*93 100
*93 100
9655 Am Steel Found tern ctfs_3318 3314 May10 47 July 7
39
39 -7 -7- -1 39
3,S18 39
39
3712 39
38
No par 94 Sept19 9612 Aug14
Pref temp etfs
_
9414 ------9438 9438 ---- ------500
9414 9458 _- _ _ 94
8 36,800 American Sugar Refining_100 11114 Jan21 142 July 7
12938 132-38 13112 13538 13434 13612 13512 13678 13612 137712812 129
100 11312 Jan 6 119 May24
pref
Do
*117
119
119
*117
119
*117
*117
119
*117 119
4 i3-4-,165 Amer Sumatra Tobacco-100 73 Aug21 12012Junel2
97,4 -ell -9-195
95
8812 8934 8914 9012 90
8814 '90
100 Do preferred
100 9212 Aug19 100 May12
*92
9512 *9412 9512
94
9512 94
_- ____ *92
*9212 94
10858 Mar10
9712 9914 -9773 9914 9714 984 9712 9818 9714 9&s 9813 9412 20,700 Amer Telephone & Teleg_100 9634 Aug14 303 Sept25
100 19178 Feb 4
2 3021 74000 American Tobacco
27412 28678 2
201 28414 29578 28934 303
26912 276
100 9658 May14 106 Jan 6
*10014 10114 1014 101.8 --------- 10184 10114 *1001410114 --------300 Do pref (new)
100 4514 Jan16 137 July16
11512 117 - 4,100 Amer Woolen of Mass
113 1147i 114 117 *114 117
1124 11378 112 115
100 943s Feb 8 11034 June 5
200 Do pref
10578 10578
10534 10534 *1()5 10612 *105 10612 *105 10612 *105 106
100 275s Jan 2 6878 Aug 4
1,300
Writing
Paper
pref
Amer
69
58
58
56
57
57
5712
58
56
58
_Jan31 29 July14
11
Smelt___25
8,800
Zinc
Lead
&
Amer
24
2312 23
2112 2114 2134 22
-21- -2-1-1-2 21
204 21
500 Do pref
25 40 Jan21 65 July24
60
58
*58
58
60
*57
60
5814 5814 *57
57
57
16,300
Feb
6 7778 July16
5612
6718
6818
6712
6814
Copper
Mlning_50
Anaconda
6712
6658
6578 67
65
6634 6653 67
534 Aug12
Jan 2
10
1
Assets Realization
Aug7
Jan
6
59
Dry
1714
--Associated
GOOd8--i00
Ii1
7
66
-Lirg
::::
::::
Ei
;Li-1i2
;Li5
4
1-5iF4
8
-Elia 21-7Aug14
82
61
Mar19
-200
1st
preferred
100
Do
--------------*7512 76
75
75
7512 7512 *7412 77
200 Do 2d preferred
100 584 Feb 8 8014 May13
*733s 76 --------75
7512 754 *76
7612 *___- 76
100 68 Jan 2 9614 May 8
1,500 Associated 011
*9134 93
*9134 96
9312 94
92
93
90
90
*90
93
100 92 Feb 8 18812 June 7
1,100 Atl Gulf & WI SS Line
157 15714 15618 15618 156 156 *155 160
152 157
151 151
Jan29 764 May 8
100 64
Do pref
73
*70
73
*70
73
*70
73
73 *70
*70
6473 Jan29 13934 Sept15
348,700
Wks_100
Locomotive
13612
Baldwin
1383
2
13212
129.4
13212
1324
4
15-5r2 1-2218 12614 12914 13014 1363
100 103 Jan 2 145 July 7
1,100 Barrett Co (The)
12212 12312 *123 12614 123 123
12112 123
120 12234 123 123
100 110 Feb10 119 May29
Do preferred
*112 114 *112 114 *113 114 *112 114 *111 114 *1124 114
218 May13
20
114 Jan20
158 158 2,200 BatopIlas Mining
112 112
158 158 *138 134
112 112
•112 158
27
27/ *267s 2734 1.700 Bethlehem Motors____No par 26 Sept22 3012 Sept12
27
2618 2612 27
27
2712 26
*26
9612 2,700 Bethlehem Steel Corp___100 5512 Jan20 10734 July15
94
95
9438 9514--------95..
_
93
96
9538 9738 9653 9834 VA 08'-2 9634 9838 262,000 Do Class B common_100 5533 Jan21 11014 July15
-ig34 1-7 - 9553 98
100 9012 Jan30 108 July21
Do preferred
--_
.. j4 l ---LOO Do cum cons,8% pref___ 10158 Jan22 115 June 9
4 iii- Ili- iii- 11-3-1-2 :::: - :
iiii2 1-121-2 1.1234 1-123par 1718 Sept19 25 July24
2,800
No
Fisheries
Booth
1712
18
18
173s 1712
18
174 1714 1714 18
20 Brooklyn Edison. Inc
100 97 Apr16 102 Aug 1
*97 101
*97 101
*97 101
*97 101 ' *97 104 9100 100
100
73 Sept16 92 May29
200
Brooklyn
Union
Gas
77
77
*73
*72
78
*72
78
75
*72
74
*72
100 71 Feb 5 11212 July16
--------------------------------------Brown Shoe, Inc
*92
96
___Do
preferred
100 97 Aug18 101 May14
712 9i12
_ lot2 10,4 700 Brunswick Term & Ry Sec..100 812 Mar22 1518 Aug11
8 w10r4 -ff- ___
--1(-)i4 -1614 ;iii- If- -lora 1613.700 Burns Bros
100 125 Sept22 166 Apr 23
125- 129 - 125 125
129 129
128 129
130 13014 125 129
54 Feb20 1412 Aug I
1258 124 1318 30,800 Butte Copper & Zinc v t c__5
1158 1118 1112 1134 1234 12
1012 11,4 11
1,900
30
Butterick
100 16 Jan27 3914 July30
2714
26
26
25
25
25
2512 2714 25
2512 25
2518 2514 2534 2714 267s 2712 6,400 Butte & Superior Mining_10 1678 Febll 3712 Julyll
2418 2478 2438 2434 2412 25
3518 3578 35
3518 35
3552 3512 3534 3414 3511 3414 3478 5,600 Caddo Central 011 & Ref 100 30 Aug21 5414 May27
6978 4,200 California Packing... _No par 4814 Jan 2 7578 July24
70
69
6858 69
6714 6734 674 6812 6814 684 68
5178 21,800 California Petroleum
100 2038 Jan 2 5434 Sept15
5138 5012 5212 5058 5178 51
4718 4858 4734 5014 50
1,300 Do pref
100 6418 Jan 2 8658 Sept17
80
80
80
79
80
7912 7912 7834 7912 7812 784 794
100 Calumet & Arizona MinIng_10 5634 Mar15 8634 July24
7212 *___ 74
*72
74 *___ 76
73
7158 7158 *71
*71
323 Case (J I) Thresh M pf ct1_100 9112 Jan14 101 Aug19
19712 9712 _______ ____ __ __ ____
98
9814 9814 98
100 2012 June20 45 July28
------ ---- ---- -- -___ -_-- -___ ____ ____ --- --__ ------ Central Foundry
500 Do preferred
100 27 Apr 5 7414 July28
99i1
58,100
Leather
100 564 Feb 8 11612 July24
4
1
61Central
4
1-661-6618
f6678
-5:134
-ii8
-1:,-412 -Ws 1-661-8
-155f2 -I61200 Do pref
100 10412 Jan 7 114 July16
10934 10934 *105 110 *10712 10912 *108 10912 10912 10912
Jan22 6712 Julyll
5312 5334 5712 -i5is -663-4 24,400 Cerro de Pasco Cop__No par 31
53
5334 53
52
52
52
53
100 Certain-Teed Products_No par 3014 Apr12 5178 Ju1y16
41
41
1,900 Chandler Motor Car
100 103 Jan18 293 Sept 9
.12.- .27-6- 2-16- 286- 2-86- *.iii- 2:85:- 28312 288 10.0
F7-5- 2-i7Y2 iii- 2
3
10
00 C
Chicago
r matic Tool 100 68 Apr10 8134 June27
_
77
77
25 1713 Jan21 2914 July14
Copper
2338 -2538 -2-63-4
2212 2278 -22i4 22-3-4 -2234 -2-6- -22% 23 - 23
5 324 Feb 6 5078 July16
4212 4214 4278 3,600 Chino Copper
4034 4078 4014 4114 4118 4112 4114 4112 42
603s Feb27 9512 July 2
Cluett,
Peabody
75
SI
&
Co--100
*
•
____
_
___
80
8112
80
*75
*75
*75
44
1,800 Colorado Fuel & Iron
44
100 3434 Feb10 56 July14
43_-43
1274 "46 - 4214 43
43
43
7,600 Columbia Gas & Elec
100 3914 Feb I 65 July 7
62
6378 -6212 -6-6.-4 6212 63
6112 6134 613s 6178 6112 62
300 Computing-Tab-Recording 100 3734 Jan 4 6334 July14
58
55
55
*52
57
57
56
*54
glg 07038
5 June27
.100 Consolidated Cigar_--No 1par x5148 Aug
*58
62 ;Li- -62- ;Li- ii62
64
*59
64
*60
*60
Au
00
July
300 Do preferred
79k,
79
*77
80
*71
80
*78
80
80
*78
80
*78
Jan27
10638
July15
913
4
2,400
8718
Consolidated
100
91
Gas
4
(N
Y)
913
913
4
923
8
92.14
9258 9238
93
9238 9258 *92
573 Apr23 21 12 July32
10,600 Cons Inter-State Call Mg_10
1638 1714 1658 1714 16 2 17
17
1734 1634 1714 1634 17
100 6512 Feb10 10334 June 7
92
9214 9312 2,900 Continental Can, Inc_q
92
91
9112 9112 92
90
9014 90
90
100 10414 Jan 3 110 June17
Do preferred
Aug 7
444,200
-4-;2.66 ContlnentalCandyCorp No par 1034 Sept20 1478 June12
-iiiit If- -1634 -if- -ii- -1-1-i4 -11r4 If -1112 -11,-4. -IR& 13 300 Continental Insurance
25 58 Jan 3 75
75
75
75
*73
75
75
75
*74
75
*73
75
*74
July26
Jan21
953
4
46
894
89,600
Products
Refining__100
8714
Corn
9014
847s 8778 8714 8814 8814
* 8414 8514 844 86
600 Do pref
100 102 1 Jan23 10978.July25
10612 10612 107. 10712
10634 10634 *106 107
*106 107 *106 107
64,230 Crucible Steel of Amerlca_100 5213 Feb 7 204 Sept26
17/312 183
18012 18312 184 18734 1844 1884 191 204
175 181
Jan 2 105 July 3
200 Do pref
100 91
102 102
No par 2038 Jan27 4178 July 7
77 '
r n Cuba Cane Sugar
- .....04 -571f4 -3-61-2 -5Li8 -3-7-5-8 -5ii:-38 -4'6
33
-527s -iii-2 -551-2 -3-4-133
Mar
1 8712 July 2
83
19,055
Do
prof
6912
82
100
82
807s
7778 7812 7912 7978 7912 7912 7912 81
283 283 *277 290 287 29978 4,475 Cuban-American Sugar_100 150 Jan 8 29978 Sept26
273 281
*250 270 261 270
1,000 Deere & Co pref
100 9334 Feb17 103 July28
10038 10038 100 100
10034 10034 10114 10114 *100 104
10034 101
10 1053 Jan31 164 May12
*1314 1358 1314 1312 1314 134 1333 1312 1312 1414 13,4 1334 1,700 Dome Mines, Ltd
Electric Storage Battery..100 55 Feb 8 9614 Aug2()
27 Jan23 43 July16
Horn
Coal
Corp
50
2
35
-;55;
18
"51
3
i
-55i2
2
;56(5
Elk
;5516-ii14;551
50 40 Sept 5 49 July23
200 Do preferred
40 *___- 43 4....- 43
40
40 *____ 40
*38
*.. 47
284 Aug 8 43 June27
400 Emerson-Brantingham__100
_
31
_.
-___
*29
30
29
29 • *28
*28
30
29
29
200 Do preferred
100 9212 Sept23 101 June26
*9212 9412 *9212 9412 9212 9212 *914 9412 *9112 9412 -_ -. •--1,600 Endicott-Johnson
50 80 June30 12112 July31
__- -__ z107 107
105 10734 107 107
105 105
I.65i;), 1-6312 1,100 Do preferred
100 10173 Aug21 105 July17
10312 10312 10312 10312 10312 10312 10414 10414
300 Fairbanks Co (The)
7734
25 73 Sept19 8112 Aug28
77
i'-'7&76
76
76
*7214 76 *__ 76
*72
93 Aug21 123 July17
994 99 10512 11,700 Famous Players Lasky No par
99
99
9912 99
9812 99
x98
98
98
94 Feb20 2312 July15
Federal
Mining
1312
*1312
100
&
100
14
Smelting
*11
14
*11
14
14
*11
1114 *11
*11
100 3014 Sept26 4814 July14
500 Do preferred
30,4 3312
32
*30
*31
34
32
3312 43112 3312 *30
*31
No par 3814 Jan 8 145 •Sopt15
134 13434 3.600 Fisber Body Corp
125 12734 13212 13712 136 136
118 120
118 120
424 Aug21 4738 Sept16
4312 4478 4334 4478 4473 4512 4414 4578 4434 4634 4633 463i 25,500 Fisk Rubber
6,700 Freeport Texas Co ----No par 4258 Aug18 6438 July14
4412 4612 4512 46
4734 4658 47
4658 47
4634 4712 47
2912 1,900 Gaston W & W Inc__No par 2513 Jan21 3834 Julyll
*29
29
29
294 29
29
2812 29
2858 2858 29
100 47 Jan 3 9578 July23
8134 13,100 General Cigar,Inc
8118 81
8238 8112 82
8114 8212 80
7912 8012 80
100 14412 Feb 3 17378 July10
16414 1644 2,200 General Electric
163 163
16434 166 *162 167
161 162
163 164
100 11812 Jan21 254 Sept26
56,200 General Motors Corp
3 391 230 23714 23912 264
23012 235
230 23412 23312 23612
100 82 Jan 6 05 June 3
200 Do pref
9118
92
91
9112 *9012 9112 -------- '90
*90
9012 *90
100 824 Feb17 0434 Apr14
2,950 Do Debenture stock
88.
8614 86
867s 8678 8558 8638 8558 8558 98614 8614 86
Goodrich
Co
(B
F)
5512 Jan10 897s July 9
19,800
100
8038
7812
80.
,
8
79
7714
7834
7718
7812
7712
7878
7778
77
900 Do pref
100 102 Aug 7 10912 Apr 16
104 104
10373 10414
104 104
104 104
_
10378 104
500 Granby Cons M El & P
100 64 Apr21 80 Jan 3
6712 6712 68
6612 6612 6612 6612 67
';'66.12 -71 - *6612 71
42
700 Greene Cananea Copper 100 387s Apr25 4712 July14
4134 4134 *____ 4258 4112 4134 4134 4134 4112 414 42
6058 1,300 Gulf States Steel tr ctls_100 494 Feb 8 81 June 2
61
6034 6034 60
6() 60
60
61
5818 5818 58
21,0 Hartman Corporation
100 5414 Jan 8 9634 July16
*83
96
*83
96
84
_
*83
83
83
0212 7,000 Haskel & Barker Car___No par 40 Feb 6 7133 July14
6112 6212 62
60
61
-61- -6-11
2 -6-6i2 -61-- 6012 62
1900 Inspiration Cons Copper-__20 4212 Feb 6 6878 July16
53 6
5734 5812 583s 5878 5818 594 5812 5834 583,4 5912
----300 Internet Agricul Corp
100 1012 Jan 2 3734 July14
_
2534 25,4 2514 ----2534 *25
25
25
*25
2512 *25
100 48 Jan 4 9158 July14
8112 8012 8012
600 Do pref
81
*8034 8234 *8034 83
*8112 83
82
82
100 11013 Jan21 14958 July 7
1,080 Inter Harvester (new)
129 130
12978 130
---- ---- 131 131 312914 12914 129 129
___
200 Do Preferred, new_
100 11414 Aug21 120 June23
115 115
11512 11512 ______..
100 2114 Jan31 6734 Julyll
-55- -6i5-8 5612 5834 574 5812 -8538 -68-1-2 5612 5758 -5634 -5-7-4 47.200 lot Mercantile Marine
11718 118
30,700 Do pref
100 9234 Feb10 12812 May28
1.1614 11712 11612 11834 11612 11778 11612 11838 11678 118
2512 2534 2538 254 2514 2512 9,900 International Nickel (The)_25 2412 Feb 3 3373 June26
2514 2534 2514 254 2514 26
5612 5612 5912 59
6034 14,200 International Paper
100 3014 Jan 3 71 July17
55
5578 56
5314 5334 5312 54
100 62 JanI3 80 July22
77
78
600 Do stamped pref
*75
77
7534- 76
*76
77
*75
77
.76
77
*23
2412 2212 2212
100 2212 Sept26 48 Mar15
24
24
600 Jewel Tea. Inc
*24
25
24
24
*24
25
*60
85
6134 6134
400 Do preferred
100 60 Aug29 91 Mar 6
*65
70
*60
70
6114 62
*60
70
31 June26 44 July16
3718
3718
800
Jones
Bros
Tea.
Inc
100
37
3714
373
8
3714
374
3714
3714
37
37
37
25 68 Jan21 14278 Sept 4
1304 132
130 133
13234 13438 135 13834 138 14012 13814 14012 36,900 Kelly-Springfield Tire
*10312 105
10538 10538
105 105 .105 10512 *105 106
300 Temporary 8% preferred 100 1027s Aug21 10612 Sept 4
105 105
90
90
__ *83
95 1
400 Kelsey Wheel,Inc
100 39 Jan24 109 Bootle
80
85
*85 __
*79
SO
354 3533 3473 3514 6,100 Kennecott Copper.__.No par 294 Feb13 43 July15
35
3518
35
3518 3434 3478 3434 354 *836012 6058 62 106,300 Keystone Tire & Rubber ..10 4814 Sept22 1264 July14
5558 5615 5912 59
521t 573, 481, 5819 52
PER SHARE
Range for Previous
Fear 1918
Lowest
Highest
$ pet share $ per share
49
1113 Jan
Oct.
Oct
3834 Jan 61
5112 Sept 6012 Oct
27 Jan 4712 Dee
6914 Jan 92 Dee
5312 Jan 7134 May
295
Jan 10238
89 May -66- Nov
73 May 9454 Oct
103 Sept 11014 Nov
Oct 107 Dee'
85
185 Aug 185 Aug'
98 Jan
10814 Mar
6034 Jan
Jan
81
905s Aug
14012 Jan
9218 Sept
4478 Jan
92 Jan
2014 Apr
11 Dec
3834 Dec
59 Dec
12 Dec
12 May
51 May
3618 Jan
54 Apr
9734 Jan
58 Jan
5618 Jan
85 Jan
9912 June
--_----
-665934
84
9612
21
116 May'
11412 Dec145 May
103 June
10914 Feb
19834 Dee
10012 Dee
6078 May
9634 Dee
3938 AuW
2138 July
5314 July
27414 Oct
212 Nov
1858 Dee
63 Dee
3614 Jan.
71
Oat
12014 Feb,
675,1 Nov
10154 May
110 Dee
10718 Dee
Dec 96 May
Nov 94 May"
Dec 94 Sept.
Jan 10678 Apr
Jan 2812 Sept
78 Aug
62 June
95 Jan
613 Jan
108 Feb
518 Dec
712 May
6112 Jan
---- -3612 Jan
12
Jan
36
Jan
61 Dec
73 Jan
18 Nov
33 Nov
5434 Dec
10112 Dec
2914 Mar
30
Oct
6814 Jan
68 June
1412 Apr
3138 Dec
45 Jan
3434 Jan
2834 Mar
30 Jan
-6312 Nov
74 Nov
98 Apr
164 June.
6112 Oct
1278 July'
1812 Nov*
3312 May-Ed- i:7;;2478 Nov'
7012 Dec
71 May'
0212 Dee'
4112 Apr
53 Apr
73118 Feb.
108 Nov'
39 Nov•
4012 Nov
109 Dee
7078 June
2434 Oct.
47 May
6514 Nov
54 May'
4412 Dee
3972 July
8234 July 10558 Nov
712 Sept 13 June,
6512 Oct 95 Feb,
99 July 107 Dee
44 Feb 60 Dee
2978 Jan 5018 Nov
39012 Jan 04 Dee52 Jan 747k May
86
Jan 9134 June
2712 Apr 34 Nov
7714 Dee 83 Feb,
Jan
136 Aug 152
90 June 96 Feb
6 June 15 Nov
48 Apr 5614 Oct
22 Jan 3114 Nov'
37 Mar 4312 Nov
i8-1-4
• Bid and ask° I c,r1ce., no sales on this day.
*cowl 0320 tutrJed,og.
Lees than 100 shares. $ Li-rights, a Hi-div. and rights.
s Ex-dividend.
27
26
-2554
34
12734
10634
753
Dec
Jan
Jan
4412 Oct
93 June_
Oct 39 Feb
Jan 58 June
Jan 16812 Oct
Jan 164 Aug
Oct 88 Feb
38 Jan
9558 Dec
Jan
74
384 Jan
5834 Dec
37 Mar
34
Jan
9118 Dec
10 Jan
Jan
38
Oct
104
107 Oct
21
Jan
8338 Jan
27 Jan
244 Jan
58 Jan
27 Dec
88 Apr
245841
Apr
29
Kai
Mar
698 -O-o-s
104 Dec
Oct
86
584 Nov
11112 Apr
55 Dee
4914 July
5812 Oct
19 June
65 June
121 Nov
11458 Dee'
33 Oct
12512 Nov
35 Nov
4515 May
6512 Jan
9012 Nov
9714 Jan
72 Dee-di- -6-0-1
9114 Nov
¶ For fluctuations In rights set,
New York Stock Record-Concluded-- Page 3
1257
For record of sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Sept. 20
Monday
Sept. 22
Tuesday
Sept. 23
Wednesday' Thursday
Sept. 24
Sept. 25
Sales
or
the
Week
STOCKS
NEW YOGK STOCK
EXCHANGE
PER SHARE
Ranee Since Jan. 1
On basis of 100-share lots
PER SHARE
Rance for Preolotu
Year 1918 •
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share
per share Shares Industrial&MIse.(Con.) Par $ per share
$ per share
$
per
share
a
per share
81
8014 81
83
83
81
83
8358 8214 8312 83
84
100 6212 Jan21 9314 July15
6,600 Lackawanna Steel
6512 Dec 915 May
60
*10
*40
51
51
50
*15
55
*45
55 .45
50
100 50 July 8 83 Jan21
100 Laclede Gas(St Louls)
82 July 90 Mar
29
3014 32
30
3113 3112 3113 33% 3212 3158 3312 3418 9,500
Lee Rubber de Tire.. No par 21
Jan22 39 July1
12 Apr 24 Dee
23934 23934 *221 240 *221 23934 •230 240 239/
1
4 249
2454 248
16414 Aug 210 Dee
2,100 Liggett & Myers Tobacco_ _100 201 Apr15 2504 Aug
11234 11234 *111 114 *111 114 *111 114 *111 114
Do preferred
100 107 Jan27 115 July16 10012 Jun 110 Nov
100
7012 •66
*69
7012 .69
70
6758 68
69
6934 "7
76- 19;700 Loose Wiles Biscuit tr etfs_100 4018 Feb17 81 July1
1712 Jan 4558 Deo
•107 118 *112 11734 *107 117
.107 117
11313 11312
Do 2d pref
100 94 Feb 5 120 June20
100
53 Feb 96 Dee
22512 227
225 230
230 2321
/
4 230 233 228 213
235.4 23912 16,400 Lorillard(P)
100 14734 Apr15 245 July23 1444 Aug 200 Mar
4110.4 114 *11014 114 *11014 114 $11014 114
Do preferred
100 107 Jan28 115 July29
98 Ja
110 Nov
*75
77
*75
*74
77
77
77
77 '75
80
100 70 Jan22 797 May27
300 Mackay Companies
70 Dec 784 Feb
6412 *61
464
*34
65
65
6414 64,4 64
61
Do pref
263 June 6 66 Julyll
100
200
57
J
65 May
2912
2913
30
3014
•3014 3112
- *2914 30
*2914 30
25 28 Aug 5 3812 July1
300 Manhattan Shirt
4434 4534 4412 4558 45
4512 -4512 4653 4512 4512 4512 4634 9,000 Maxwell Motor, Inc
100 2634 Jan22 61 July28 -2112 Jan 42l Nov
74
7112 7312 75
7514 7312 7412 74
74
74
74
76
Do 1st pref
100 50% Jan22 8413 July28
3,300
50 D
697 Nov
3634 *36
36
36
38
3634 37
37
3614 3678 37
3718 2,400
Do 2d pref
100 194 Jan 2 4612 June 3
19 Ma
3253 Nov
*97 10058 *98 10058 *97 100
*97 100 •974 100
100 100
150 May Department Stores 100 60 Jan 4 1097s June28
19
3253
May
Nov
•10634 10712 *10634 108 .10634 103
10634 10634 *1064 110
Do preferred
100 104
Jan 2 110 May 2
100
47 Jan 634 Dee
20314 20614 20512 21534 21514 21934 214 221% 21212 21614 214 ild1"2
Petroleum
Mexican
100
1623
Jan23
131,300
4
222 Sept16
Jan 194
Oct
79
4107 115
*107 112
*107 112 *107 112
_
Do pref
100 105 Feb 7 112 Aug 6
87 Jan 107 Dec
2814 2612 2613
26
-25% 26
26
25% 26
26
26
5 2134 Feb 7 3234 July17
4,000 Warn( Copper
2214 Dec 334 Jan
4818 49% 4773 4934 48% 50/
49
734 0
57
013 50
1
4 4934 5112 6
5034 38,200 Midvale Steel dc Ordnance..50 4014 Feb 7 6214 July14
41 Dec 61 May
62/
63
1
4 63
63
63% 65% 6518 67
6658 66% 1,900 Montana Power
100 61% Aug29 83 July29
64 June 8112 Nov
35% 361s 3534 3578 3614 3614 3614 3314 *36
3614 3614 1,700 National Acme
38
50 2912 Jan 2 4312 July12
2634 Jan 33 May
45/
1
4 4614 4534 4534 45% 45/
1
4 45
461
/
4 47
474 48
51
10,700 Nat Aniline & Chem vtc.no par 4512 SeptI8 51 Sept26
_
488
8812 874 83
8912 88
881
/
4 8912 89
8934 5912 5034 1,900
100 8712 Sept23 90 Sept18
Do preferred v t c
115 115
- 119 119
100 107 Aug20 13334 June12
200 National Biscuit
90 Aug 1101k Dee
117 117
117 117
Do preferred
100 115 Angle 2121 Mar14 10614 Fept 114 Mar
200
;17; /6- 77% 77% .773g 79
-7814
78
78
100 70 Jan22 92 July26
500 National Cloak & Suit_
55 Sept 6713 Dee
*105 107 *105 107 .105 107 .105 107 *105 107 *105 107
Do preferred
100 1034 Feb26 10814 May26 100 Jan 104 Dee
14
11
1412 15
14% 1434 1434 15
*1434 15/
1
4 3,600 Nat Conduit & Cable_No par 14 Feb 8 2434 July15
13 Nov 21% July
755 "ii5"8 75
7512 75
7512 75
7518 7514 7514 7514 78/
1
4 3,300 Nat Enam'g & Stamp'g
100 4512 Feb 8 8.4353 June 7
3714 Jan 54l May
•100 103 *100 102 .100 102
102 10234
Do pref
200
100 93 Jan15 104 May27
88
Nov 9913 Feb
8112 81% 83
83
83
8378 82
82
-82- 8i- 1,700 National Lead
100 64 Janll 87 July14
4314 Jan 6934 Dec
•101 109 •104 109 *105 109 *106 109
f14
1-2
Do pref
300
100 102 Sept 8 112 July18
9934 Mar 10513 May
1758 17/
1
4 1732 17% 17% 1734 167s 1738 1634 17
17 I/- 2,300 Nevada Consol Copper
5 1513 Mar18 2178 July17
1613 Dec 217 May
•120 12012 11913 121.4 12012 12334 122 12514 15
28
212 10
20
112 123 125
12,000 New York Air Brake-__100 911
/
4 Feb 3 129 July15
9812 Dee 139 May
*50
51
50
50
5412 5312
54
56
58
59% 9,300 New York Dock
100 1912 Feb 7 7034 July30
1813 Jan 27 May
61
6114 614 *61
61
65
63
64
63
63
67
64
1,200
Do preferred
100 4414 Mar13 75 July29
42 Jan 484 Dee
.5913 60
*58
62 .
59
62
0212 6212 .60
62
65
500 North American Co
100 47 Janll 67 July28
8712 Aug 5712 Nov
7513 7512 76
7712 75% 77
75% 77
7613 77
77
524 Dec 70 Aug
5013 5034 501s 5212 52.4 5332 5212 53% 5214 52% 5234 5312 1,900 Nova Scotia Steel & Coal..100 46 Jan30 97 June 2
Ohio
Cities
(The)
26,400
Gas
Feb11
a3534
25
617
July10
3515 Mar 48 Oct
452
53
5212 5212 53
53
5312
--- _- *52
5312 .52
300 Ohio Fuel Supply
25 43 Jant8 55 July25
40 Oct 4612Juni
934 1018
934 973
934 1014
6
9% 10
10
978 1014
758
32,:300 Oklabotna Prod & Refining. 5
8 Feb 3 1313 May10
614
614
*614 6% *614 878
63s 63s
738 714 2,000 Ontario Silver Mlning____100
414 Jan
512 Mar18 104 May14
13 June
453
56
*5312 56
*5313 56
*5314 56
*5312 56
*5334 56
Owens Bottle
25 46 Mar 3 63 July29
41 Dec 7014 Atte
8812 6612
6513 6638 6514 6612 8038 6678 1,500 Pacific Gas & Electric
6514
Aug21
7514
July24
100
38
3838 3838
19-1-2 3753 2734 3712 37% 3758 3758
600 Pacific Mail SS
5 2912 Feb 8 4253 Julyll
2313 Jan -id - -f-)70
35
35
35
35
500 Pacific Teleph & Teleg___100 22 Jan21 4013 Aug15
1814 Dec 27 Oct
21334 1161
2 114 11812 113 11978 117 1-2-011 11534 11814 11472 11-814 68,700 Pan-Am Pet & Trans
50 67 Jan21 212412 Sept15
6314 Oct 7214 Oct
Do pref
100 117 Jan22 20
58
512 J1
0 1
8
8
86 Jan 12413 Oct
-55- 39
"55; "4'61;
.1614 -4572 -4-63
; "io" 16'- -id" -4014 1,500 Penn-Seaboard St'l v t c No par 2712 Apr30
42
42
43
43
*43
44
43
*43
43' *42
4312
44
300 People's 0 L & C (Chic)_100 39 Aug21 57 May26 -2
2.3';412r -635i; Nov
211
1
.531
34
33% 3334 31
34
3412 3412 3452 1,600 Philadelphia Co (P1ttsb)_ --50 30 Jan 3 43 Apr 28
33% 314 *33
Oct
Ap
5834 6118 5914 6134 61
6234 6112 6258 6058 61% 61
6258 61,200 Pierce-Arrow M Car___No par 3334 Jan22 6653 June 3
34,
Jan 5134 Nov
105 105
105 10512
Do pref
100
100 10114 Jan 3 110 May29
8934 Jan 104 Dee
21
2-112114 12
8 21
2153 2118 2131 195
98
134 2112 2158 2158 22
8,500 Pierce 011 Corporation
25 16
Jan 2 3114 Apr 17
15 Sept 1918 Oct
6212 62
62
6213 62
6212 62
*61
63
64
63
6334 4,200 Pittsburgh Coal of Pa
100 45 Feb 3 7452 July29
42 Jan 5853 Feb
•90 '93
93
*90
93
*90
*90
*90
93
93
Do pref
100 8513 Mar17 98 May28
793 Jan 8578 Dec
2212 23
2234 2312 2314 21
*2214 23
21
251t £2514 2812 "3"0",iiio Pond Creek Coal
10 1252 Feb 5 x2812 Sept26
15 Nov 20 June
91
92
91% 9014 93
9313
92.4 9214 92
9414 6,070 Pressed Steel Car
100 259 FeblI 9634 Sept17
554 Nov 73 AUg
10
91412 10
92
134
Do prof
100
100 100 Mar 3 011 Jan0634 July16
7
93 Apr 100 Aug
;i5" 85
"ii" "id" id" 80
80
;;30- W- ;75- W.
200 Public Serv Corp of N J 100 79 Sept23
85 Oct 10912 Mar
*116 119
118 118
117 117
117% 11753 16
10
734 10
18
734 •119 119
000 Pullman Company
100 1117 Feb 14 13213 July17 10018 Jan 13214 Nov
6553 65% 68
6012 6514 6011 6518 6614
68
6331 8,200 Punta Alegre Sugar 1
50 51 Apr 4 72 July31 ---- -954 9518 95
98
9714 9831 97
97
99
97% 97
9878 5,800 Railway Steel Spring
100 6812 Feb10 10112 Sept17
4513 Jan 7813 Dee
4105 110 *10512 110 *105 110 *10114 110 *10514 110
107 107
100
Do pref
100 104 Feb 4 112 June 3
95 Jan 10513 MO
2212 2234 2234 2234 2212 23
23
22
278 2
231s 7
7321s 2318 2312 4,400 Ray Consolidated Copper_ _10 19 Mar 4 274 July17
1914 Dec 2614 May
70
*70
70
7013 72
72
*70
7313
71
73
1,700 Remington Typewriter v t0 100 68 Auel8 86% July 3
8734 891s 8812 9013 8812 9012 90
9211 8913 0158 9112 92
18,200 Republic Iron & Steel
100 7112 Jan 18 1034 July15
Jan
103 103 *10234 10312 103 103 *10234 10313 .10234 10334 103 103
Do pref.
300
06
1,1: j
100 100 Jan13 10
Jul y1
28
0 ;
91%
5i
6124
14 );
9-2
10
4112 4412 45
45
4638 4638
400 Republic Motor Truck_No par 4412 Sept24
-9334 95
"94r4 9638 9914 9734 9634 10134 10014 1031s 10014 10112 201,700
84
Royal
121
Aug
Dutch
8
Co(N Y shares)_
July17
1414 1414 .1334 1411 14
14
1414 1414
300 St Joseph Lead
10 1313 May27 17 July14
-17T2 7712 *77
78
*77
79
*77
79
-.
73F3 16-300 Savage Arms Corp
100 534 Jan 3 9153 July10
-O;O -Ali Wei;
*1712 1812 1714 1734 174 13
1712 1734 1718 1712 1734 18
5,200 Saxon Motor Car Corp
614 Mar21 29 Aug 6
71186
81: Nov
100
DF
1931g 1934 190 199. .198 203
200 200
199 200
600 Sears, Roebuck & Co
1684
100
Feb13
13
13
1312 1312 1312 1312 1312 14
1314
14
;1512 15
1,200 Shattuck Aria Copper
814 j
10 10 Feb19 2119
Ju
Feb
lfilY
y2
15
8 2
11
33331.1A
D
uin
el
58
5738 .58
60
5934 617
6112 6258 6018 6178 *59% 5978 160,800 Sinclair Oil & Rerg___No par 3314 Jan 2 6934 May
8
2514 Apr 39 Feb
6113 63
63
64
433314 65
64
63
61
6312 6218 6312 1,200 Sloss-Sheffield Steel & Iron 100 4612 Feb10 77 July 7
39
Jan
7114
May
95
49014 105
95
95
95
*9014 95
*9014 95
*9014 9434
Do preferred
200
100 85 MarlI 0713 July 8
81
Feb 9314 July
1151
/
4 1151
4 11513 11512
115% 115%
300 So Porto Rico Sugar pref..100 107 Jan27 117 Sept 6 102 Jan 110 Nov
fig *iio" 1"3"5" *129 135/
133 l'33 •
116- *1.34 140
100
Standard
Milling
124 JanI4 149
106
Apr 2
84
Jan 120 Deo
93 •85
•85
93
*85
93 .85
03 '85
93
*85
93
Do
preferred
_
100 854 Jan 2 914 June12
80 June 89 Jan
11612 117
11513 12018 120 121
121 125
12514 12713 127 1277s 8.600 Stewart Warner Speedom_ _100 86% Janll 1271 Sept26
7112 7312 76
69
69/
1
4 72
74
75
7812 77/
75
1
4 7934 -24,300
par 36$4 JanI0 101 July24
10912 11314 11212 11551 11312 11638 11212 11478 114 1171A 218,600 Stromberg-Carburet I_No
11018 113
Studebaker Corp (The)
100 45% Jan22 12434 June 2 -3172 -AP; -572 Nov
*102 10212 102 102
102 102 .102 10212 *102 10212
Do pref
300
100
92 Jan22 103 July28
8012 July 100 Nov
105 107
idi" 107
1077s 108
103 103
10818 111
110 113,
4 3,700 StutsNfotor Car of Atel No par 4214 Feb14 1254 July21
37
Oct 55 Dee
40
41
417
41
4134 42
41
41
1,503 Superior Steel Corp'n
100 32 Jan21 5478 June 3
3414 Mar 4553 May
-His Ti- 1234 1273 1234 13
1234 1278 12% 13
1278 -1-3-- 7,100 Tenn Copp & C tr etfts-No par 121s Mar17 1714 May 5
1234 Dec 21 July
259 266
mis 264
267 273 270 27234 268 270
269 272
13,100 Texas Company (The)
100 184 Jan 2 292 May 9 1364 Jan 203 Oct
*233 210 *230 242 *230 242
*231 235 .231 241
Tidewater 011
100 207 Jan 3 250 May12 178 Jan 20014 Dee
084 101
9934 10112 101 10234
1014 102% 102 1032s 31,900 Tobacco Products Corp 100 72% Jan29 115 June30
4317 Mar 8253 Dee
*103 107 *10114 10634 •101 107
106 106
10314 106
107 107
Do pref
400
100 99 July21 120 June30 23714 Mar 104% Dee
5314 5538 5313 5512.5512 5635 55/
1
4 5634 5514 561s 5512 56
39,000 Transcontinental OIL_ No par 4214 Aug21
5512 5834 56
57
53
60
5918 60
5914 60
2,700 ,Transue & Williams SLAM par 3714 Jan II
42 May
•170 170 *170 180 *170 180 .170 130 •
1"6" *170 180
Underwood Typewriter_ 100 115 Jan 8 18
;
8598 8724 5
Sje
fuaply
Yt2
35
7
9 10
i0
15; -A6rt 112 Dec
*82
91
.82
91
*32
91
88
83
86
88 .
8734 88
566 Union Bag & Paper Corp_ 100 75
Jan 3 100 July10
35 Jan 80 May
59
491s 50
5018 4911 1911 4933 50
4912 5012 50
50
2,600 United Alloy Steel _ _.......V0 par 37% Janl 1
May
July28Au 1
*175 2001
/
4 200 200 *175 205 •190 205
_
100 United Clam' Stores
832
100 10714 Jan 2 223812
44:
31 Oan
Oct 108
3
83
64
314 Mar
4146 150 .116 14934 *146 150 •146 150 •
Igo- - *146 150
United Drug_100 904 Jan 6 1754 July29
69 June 90% Dee
5212 5213 52
52
51
52 .51
52/
1
4 52
5234 *52
5214 1,600
Do 1st preferred..... _50 50 July18 531g May 0
46
Jan 5013 Nov
4146 154 •146 14911 *116 150
150 150 *146 154 *116 151
Do 20 preferred
100 91
100
Jan28
De0
00
17
17
014 June
2 D
65
614
Jan 18
182 18212 18034 182
18112 18112 182 182
18212 185
184 18314 2,100 United Fruit
100 157 Feb10 191 June 9
105% 1074 105% 1107 Ill 11278 13341
2 10312 1105s 10812 111 325,700 United Retail Stores __No par 80,8 Aug21 112% Sept23
2812
2712
2334 2878
29
28
l2953 2918 2912 29511 2954 3,100 US Cast I Pipe & Fdy
100 14 .Jan15 2,84.4 Aug 7
114 -A-pr -19 May
63 63 .60
66
*62
08
*62
66
*62
66
*02
66
Do pref
100
100 4212 Jan16 7434 July 7
41 Mar 473 Feb
*25
28
•25
28
27
2313 425
27
26
26
*2512 2653
Express
U
8
500
1634
Feb
5
100
323
4
May24
1113 Apr 164 May
853
8414 8358
83
8511 864 85% 86% 8534 8712 27,500 U S Pool Products Corp_ 100 66
834 83
Apr 11 88% July31
131 13134 131 13312 13312 134
133 135
134 13434 13434 13958 15,200 U S Industrial Alcohol__ _100 9714 Jan22 167 May27 ;98 - Dec 137 May
•103 107 *103 107 *104 107 .101 107 .101 107 .10512 107
Do prof
100 964 Jan 2 111 May23
94
Oct 99 Mar
44
*13
43
43
43
43
.12
41
43% 43%
600 US Realty & Improvement 100 1714 Jan 3 507g June 6
Oct
8 Mar 26
/
4 1128 1101s 11231 i1
112 1124 1111
1113; 112 116% 115% 11712 70,800 United States Rubber '1_100 73 Jan21 13853Ju
ne30
51
Jan 8012 Deo
11414
1144
*114
1143
4
1148
116
115 115.4
*11413 116 *11434 116
Do 1st pref
600
109
11912
Jan20
100
July10
295
Jan
110
Dm
6834 6812 71
6818 68
1684 8818 68
*7
40
731 7
50
178 70% 72
16,550 U S Smelting Ref & M
50 4314 Jan21 73 July17
3212 Apr 5034 Oct
*4734 4912 *4734 4912 *4734 491, 4912 4931
*1734 4913
Do pref
500
50 45 Jan18 50 Mar 2
4253 Apr 4734 Deo
1
4 10234 10112 10234 10411 10353 10412 403,100 United States
10014 101% 10038 10234 1011
/
4 102/
Steel
8314 Feb10 11512 July14
Corp__100
864 Mar 1164 Aug
11352 111
11312 11353 11312 114
11358 11378 11353 114
11352
113%
3,950
Do pref
100 1134 Feb10 11712 July17 108 Mar 11353 13
_
00
8134 8213 8113 83
8113 3314 82
82%
82
83/
1
4 7,200 Utah Copper
11) 651g Feb 7 9712 JulyI6
7114 Dec 93 t.03
1434 1434 *1412 15
1112 1412 11
8
13
3
1112 .
8
1442 *13
1512
700 Utah Securities v t a
100 13 Jan 2 2153 Junel 1
11 Sept 16% Nov
73
78
79
78
7818 79
7813 80
79
79
79
79
3,200 Virginia-Carolina Chem_ 100 51
Feb10 924 July14
3353 Jan 604 Nov
411418 115 *114 115 *114 115
115 115
115 115
Do pref
700
Jan 7 11554 July 3
100 110
98 Jan 11353 Den
.61
67
'61
67
Virginia Iron C A C
100 51 Mar3I 74 May2e
50 Jan 734 July
64
;LF 1;- 56 "ir;" ":"3
*55
53 '55
132
60
60
1,200 Wells, Fargo Express
100 53 Apr29 79 May23
635 Sept 8314 Jan
8312 821i 8212
9331 833t 82
9414 8414
1,000 Western Union Telegraph.104) 82 Sept22 924 May26
7714 Aug 95% Apr
11111 1114 18
•11153 11253
12
212 18
12
312
4.112 113.1
200 Weetinghoutte Air Brake_ ...SO 944 Jan15 126 July 7
95 Dec 95 Dee
535 "
5213 5312 5212 5313 5318 5358 5338 51
ii1"4 54it 55
10,100 Westinghouse Elec & Mfg. 50 4012 Jan21 597g June 9
3813
Jan 4712 May
5912 6014 60
5812 60
58% 110
6078 60
6111 6112 6213 8,900 White Motor_
50 45 Jan 3 75 July 9
3634 Jan 49 Nov
314 317s 3112 3218 313i 3213 3134 3214 31% 32
3134 .33
22,800 WIllys-Overland (The)
23 2314 Jan22 4014 June 2
1512 Jan 30 Nov
*9312 9412 *9312 9438 9312 9312 *9313 95
*9214 9358 *9318 95
Do pref (new)
200
104
8714 Jan 7 9814 May 9
75 Jan 8914 Nov
81
8012 80
80
8038 80% 80
81
82
83
83
8134 2,200 Wilson&Co,Inc, v t e__ Vo par 63% Jan20 10453 July 2
4514 Jan 7714 Dan
*85 100
prererred
Do
Fehl7
9612
100
1044
June16
9012
Sept 994 DM
*124 125
125 125
•
130
.100 Woolworth (F W)
100 120 Feb 7 136% May10 110 Mar 1081$ Oct
•113i4
*11314
*I1514
_
*11314
_
Do pref
104 11453 June26 11713 July25 111
Oct 115 Rein
8
815
8218
833
8212
4
7912
80
32
i79
83
82
8312 13,100 Worthington P&Mvt0,_104
50 Fen14 83 Sept15
34
Jan 69 AUg
*9211 91
*9214 94
I *9131 944 *9218 94
1
400
91,2 9112
Do prof A
Apr
100 83 Jan 9 98 Apr 21
8553 Feb 91
74
77% 7733 7712 77t1 .76
7711 78
1110
78
'8
90
413 76
76
631
Do profit
100 56 Jan 3 79 June28
69
Jan 704 Jul/
•Bid and noted worm no won an this day
I LAM than 100 shares 1 Et-rights a Es-dit and dew' s its-die. 1 Moe fluctuations in rights see p 125*.
-i(c1;
•
Friday
Sept. 26
943,1
1258 New York Stock Exchange Bond Record, Friday, Weekly and Yearly
Jan. 1909 the Exchange me4Aod of quoting bonds was changed and srices are sot,-"and iniereol'
-.magifor interest and defaulted bonds.
BONDS
141. Y.STOCK EXCHANGE
Week Ending Sept 26
Price
Fridau
Sept 26
Bid
Week's
flange or
Las: Sole
Ask Low
as
Mined
Since
Jan. 1.
High No. Low
BONDS
N. Y.STOCK EXCHANGE
Week Ending Sept 26
"
dies
P
rir
Friday
Sept 26
High
Week's
Range or
Last Sale
ge cn
JRan
ange
nog
Bid
Ask Low
If1011 No. Low High
Cent Vermont let gu g 43_61920 Q F
5478 69 July'19 -_ -_ 59 85
ClOesa dc 0 fund Sc impt 58_1
20
9 .1
10
J 33 8678 87 Aug '19
93
m N
8
07
312 002
31:
D100.04 Salo 99.96 100.14 2328 98.20 100.14
1st consol gold Se
9313 9512 94
94
1939 M N
9134
104
/
1
4
Jan
'17
D 05.26 Sale 94.80 95.26 500 92.50 06.00
Gellgneeraisl°groelad 434s
1992 AI pS 76 Sale 75
76
34 -7278 8318
N 94.40 Sale 93.80 94.46 3817 92.13 95.10
Registered
78
8634 Mar'17
20-year convertible 435e-19
8 71.31 Sale 7712
F PA
2 611
93
90
7812
31
-ift2 737574
D 95.33 Sale 95.00 95.50 2343 93.70 96.60
30-year cony secured 55-1946 A 0 8438 8434 813
8431 37 84
9153
N 94.52 Sale 93.93 94.60 8269 92.78 95.36
Big Sandy 1st 45
1944 J D 68
75
78 July'19 ---- 78
S 96.50 Sale 95.60 96.60 11083 94.70 96.60
Coal River Ry 1st gu 4s.-1945 J D 7418 8234 8234 May'19 ---- 823 7812
4 8234
Craig Valley 1st g 5s
7418
____
9634 Feb '16 _-__
D 100.63
100.60 100.60
05.42 100.62
Potts Creek Br let 4s
194
16
8j
J 3 0714 ____ 69 June'19 ---- 69
69
0 94.46 Sale 93.80 91.80 22553 93.00 93.72
R & A Div 1st con g 4s
1989 3 J 7414 76
7712 June'19 ---- '75
80
2d consol gold 45
6938 71
71 Oct '17 -D 99.92 Sale 99.88 100.00 7132 90.46 100.08
Greenbrier Ry 1st gu g 4s_1
194
980
93
1V1 N
j 7314 ---- 8813 009V16
D 99.93 Sale 93.50 100.00 3501 99.46 100.48
Warm Springs V let g 58 1041 M
821
113 Fob '15
_
J
9934 Sept'19
9778 9978
Ohio Sc Alton RR ref g 38.....1949 A 0 4473--_5078 48
1 474 531k
48
3
100'4 Aug '19
93 10014
Rail/eau 1st lien 33.43
33
Sale
33
3358 12 33
40
F
_ 1013 Aug '19
1014 10614
Chicago Burlington Sc Quincy
19
58
F 10573 10312 1051t
6 10114 10638
106%
Denver Div 48
95 ____ 9514
F
2 J3
102
940
9514
3 9514 9912
F 9913
9314 Mar'19
9814 9814
Illinois Div 334e
7212 75
72
72
9 7138 7613
N ---- -- 99 July'18
Illinois Div 45
84 Salt 84
84
8013 85%
M 88 ---- 884 Aug '19
8713 91
Iowa Div sinking fund 5819
19
9 A 0 995 100
94
99% Aug '19 _--- 9958 9934
M 88
9012 8812
381*
8812 91
Sinking fund 4s
1919 A 0 9938 _-_- 993k Aug '19 ---- 99
993o
F
103 Feb '15
Joint bonds. See Great North.
Nebraska Extension 4s
N 9012 93
1927
9012
0012
4 9012 033
Foreign Government.
Registered
MN
1927
91 Mar'18 -Anglo-French 5-yr 59 Eater loan_ A 0 979
/
9734 1653 95% 9778
4 Salo 07
General 43
1958 MS 784 79
784
79
55 733
Slit
Argentine Internal 5s of 19O9_ M 5 76 Sale 74
7734 29 74
93
Ohio Sc E III ref Sc imp 4s g1955 J J -.. 3214 27 Aug '19 -- 25
38
Bordeaux(City of) 3-yr 6a__1919 MN 99% 9378 99%
9934 113 9812 10212
U
S
Mtg
Tr
Sc
Co
otts
_-_of
clop__
2812 29 Sept'19 --- 22
3634
Chinese (Ilukuang Ry)53 of 1911 .1 D559 Sale 53
5912 42 54
724
let eonsol gold 61
A7 -45
1934 98 July'19 ---- 08 104
Cuba-External debt 58 of 1004. I'd 5 92
9312 93 Sept'19
9212 100
General consol 1st 55
1937 M N -78.171 -765; 7514 Aug '19 ____ 75
80
Eater dt Sc of 1914 ear A....1949 F A 9012 9718 01 Sept'19
9014 9334
US Mtg Sc Tr Co Ws of dep_
--__ 7712 80 Aug '19 ---- 7014 80
External loan 4345
1949 F A 7904 8078 81 Sept'19
80
85
Guar Tr Co etre of dep
75
78 Aug '19 ---- 75 73
Dominion of Canada g 53-1921 A 0 9834 Sale 93;4
9 9634 9913
09
Purch money 1st coal 58__1942 FA
_-973
4
Feb
'13
do
do
1926 A 0 95 Sale 91%
95
94
93%
Ohio Sc Ind C Ry 1st 5s___1936 J J
32 Mar'17
do
1931 A 0 9512 Sale 95
-do
39 9313 9818
96
Chicago Great West 1st 48_1959 MS ---- -Japanese Govt-£ loan 4 As-1925 F A883 Sale 83
8 83 92%
83
Ohio
Ind
Loulay-Ref
Sc
J
J
5
9
9
7
3%
2
68_1947
1
8
01
le
9%
1112
2
Aug
5
'
7119
2 -55 -9
E681;
2- ;Off:
Second series 43.4s
1925 ▪ J 82 Sale 8258
1 8218 93
82%
Refunding gold 55
Si
1947
8534
85%
8534 8514
do do "German stamp"_
8112 Sale 81
18 81
82
89
Refunding 45 Series C
1947• J
--- 8112 Apr '17
Sterling loan 43
1931 J- -J 72% S tie 6673
4 6678 804
73
Ind Sc toutsv 1st gu 48...._1956 J J
03 May'19
-(161Lyons (City of) 3-yr 6s
8 63
1910 M N 9912 99% 9953
993t 35 9778 10212
Chlo
Ind Sc Sou 50-yr 4s
79 Juno'19
1956 J J
&Unsettles (City of) 3-Yr 0e-1919
7834 81
N * 9912 9934 9958
9958 10 9812 10213
Ohio L Sc East 1st 430_1969 J
82 86 8312 July'19 --- 834 831k
Mexico-Exter loan £ 55 of 1899• 3550
tie 55
16 53
56
7912
ChM
Sc
gong
StP
J
J
43
A_e1.989
acr
68
Sale
WA,
68
38 6614 713/
Gold debt 4.1 of 1904
1
4
1951 J D 45
52% 49 Sept'19
- 49
61
Registered
61989 Q J _gt72
1-.76. 9258 Feb '16
Paris (City of) 5-year 6s
1921 A 0 97
Sale 9014
9713 91 95 10014
Gen'l gold 334s Ser B
e1989 J J
5718 Sept'19
-Ef 64
Tokyo City 55 loan of 1912
M S 70 Sale 63
4 69
7038
83
7513
General
J
4
J
76
As
Series
C
75%
748
e1989
7
75313: -3
i51 75
3 8
84
U K of Gt Brit & Ireland1572
8
Gen Sc ref Ser A 4 As
32014 A0 65
6514 65
744
66
14 65
13-year 554% notei
1919 M N 99% Sale 93%
73 0834 1003o4
100
Gen ref cony Ser B 58..._32014 FA 7412 Sale
1
5-year 53.4% notes
1021 MN 9358 Sale 9813
416 9734 99%
99
Convertible
4345
1932 ID 74.4 Sale 7334
75
107 7138 8178
20-year gold bond 5348_1937 F A 9714 Bale 97
9738 217 9513 10134
Permanent 45
763 76
1925 3D 76
7012
4 75 85
L. :Those are prices on the bails of $580.0
25-year debenture 48
1934 J J
6978 68 Sept'19 ---- 68
737s
Chia & L Sup Div g 5a
1921 J .1
93 9812 June'19
State and City Securities.
9812 9812
Ohio Sc Mo Riv Div 5.9_1926 J J
098 92 Oct '16 -Y City-430 Corp stock_1060 AI S 9712 Sale 9712
9712
2 96
98
Ohio
6
7
&
P
9
J
J
753
W
let
6
9
0
3
g 5e
78 6
1921
98
738
98
10 "if-iiir4
1964 hi S 9712 93
4343 Corporate etock
4 93 98
9773
9778
C M Sc Puget Sd 1st gu 48..1049 J J
65'
6 65 74
Cie Corporate etoct
1966 A 0 9712 _
9734 Sept'19
06
9914
Dubuque Div lets f 6s
1920 J J 99 100 9914 Aug '10 --_- 994 997a
4343 Corporate stocis July 1967
10178 10212 10173
10173
100% 10313
Fargo
Sc Sou assum g 6a 1924 J J 9834 102 102 Sept'19 ---- 9912 102
4346 Corporate stock
19653 D 10173 10213 102
1
102
10013 10273
Milw Sc Nor 1st ext 4 3,4s_1934 3D 79 --- 89 May'19 ---- 8814 89
6145 Corporate stock
1963 Al 13 10178 10212 101%
10158 10 100 102%
Cons extended 43.4s......_1934 3D 81
82
80 Aug '19 ---- 80
4% Corporate 'stock
82
1959 51 N 92% 9312 9212
83 9034 9334
93
Wis & Minn Div g 65
--- 9858 9714 July'19 ---- 0638 984
1921 J
4% Corporate stock
1958 M N 9278 9312 9234
5 9013 9312
9234
Wis
Valley
Div
J
J
1st
99
---9978 June'19 -- 99
9972
4% Corporate otock
1957 Al N 92% 9312 9234
934 27 9012 9318
Chic
Sc
N'west
FA
Ex
4s
_ _1886-'26
89
93 93 Aug '19 ____ 89
4%Corporato stock reg_1956 M N 9212 93
1)3
925g Sept'19
9058 93%
Registered
1886-1192
036
7 FA 8414 91
03 Doe '13 -New 43.4s
1957 M N 10218 8 On 10173
10218 23 10012 102%
General gold 3345
MN
634% Corporate stock_1957 PcI N 10178 1024 1017g
10218 14! 10033 10278
Registered
!
_3 _8
2..
1.e 7
• F 22
80
8132
3 Apr88
'4
1326
__ -69 2 -;7ii
0111
33.4% Corporate atock
1954 hi N 8212 8312 82 Sept'19
8113 834
General Is
p1
1987 MN 7834 80
7812
7831
8 '75
Y State-Is
1901 51 (3 99
8258
9312 Aug '19
9812
98
Stamped 4s
MN
81
8178 Oat '18 --Canal Improvement 48_1961 J J 99 __ 99
20 9612 99
99
General Se stamped
1987 MN 9734 8•1le 9712
98
15 -951-2 101
Canal Improvement 43_1962 .1 .1 99 6(512 9812 nug '19
984 9914
Sinking fund Os
1879-1929 A0 102 109 104 May'19 ---- 10158 104.
Canal Improvement 45_ _1060 J J 99_ _ 99
3 9654 99
99
Registered
1879-1929 A0
10913 Apr '10
Canal Improvement 4349_1964 J J 109
ib% 10813 Sept'19
106% 10834
Sinking fund 58
1879-1020 A0 9613 9818 974 June'19
Canal Improvement 43(3_1965 J J
9018 9714
10213 Doe '18
Registered
1879-1929 A0 95 --- 06 Nov'14
Highway Improv't 444e-1963 M S 10334 _ _ 103 Sept'19
101338
Debenture Es
11092211 AO 9634 98
97 Sept'19
Highway Improv t 43(9_11165 M
93
9438
_ 10018 Junie18 -Registered
AG
Virginia funded debt 2-33_1901 J 3
7878 Dec '18
Sinking fund deb Es
1933 MN -661; 98378 9
90
8 Xp
at
r:E
Sc deferred Brown Bros cttsi9
58
0
i1_2
61
62
61
61
-61 7434
Registered
MN *8814 95 97 Nov'18
Des Plaines Val 1st gu 4345
19
'3
47
3 MB 8012 --- 10113 Oat '16
Railroad.
-Frees
Elk
A0
Sc
10314
Mo
V
____
1-st
6s
1933
1071
3 June'19
Ann Arbor 1st g 4s
10618 10951995 Q J 5112 54
5118 Sept'19 -- 5113 58
Man GB&N W 1st 3348_1941 J J --- ---- 88 Jan '17
Atchison Topeka & Santa FeMilw & L 1st gu 3A5
1941 J J
Gen g es
1995 AO 7914 Sale 7734
7914 150 76
8512
Mil
L
S
&
M
West
5
1st
g
(4
1921
Registered
1995 AO 77 Sale 763i
773.1 26 7618 82
Ext & imps f gold 5s
1929 FA Tow _
97 Sept'19
Adjustment gold 4s
10
907 10
94
9
51995 Nov
7112 Sale 72 Sept'19
72
8034
Ashland Div 1st g 63_1925 M
1664
16
06
03; 6e-11)-0
t10
15
Registered
51995 Nov
86
7318 Juno'13 -Mich
Div let gold 63_1924 Si 100 102 1017s Aug '19 --- 10174 104
Stamped
51995 lvi N 7012 717 7112
7112 26 -70-12 -710;
Mil Spar Sc N W let gu 45_1947 MS --_- 77
78 Sept'19 -__ 754 784
Cony gold 43
1955 3D 66
72% 6758
6758
1 6513 7612
St L Peo & N W lst gu 56 1948 J J
9378 94 July'19 ---- 03
Cony 4s issue of 1910
98
1960 3D 9014 100121 9111
9114
Chicago Rock Tel Sc Pao-5 90 10214
Haat Okla Div let g 48-1928 M
8714 88
9013 Sept'19,9018 924
Railway general gold 48_1988 J J 7134
Rocky Mtn Div let 48_ _ _1965
J
70:8 80
74 July'19 -- 74
76
J
Registered
J
7
2
3
12
1988
7
6
138
May
7
'
310
Trans Con Short L 1st 43_1958 J J 7618 7718 76 Sept'19
76
933 769'2
38
7514 81
Refunding gold 45
1034 AG 6834 Sale 67%
6873 101 08
Cal-Aria let & ref 448"A"1962 Al 5 7618 82 85 May'19
761s
85
25
20-year debenture 5s
1932 .1 J
701s Mar'
-0
91 -1
El Fe Pres & PIA lot g 5s
- 70
o 1130
11a 70
1942 MS 8438 95 95 June'19 -- 95
213
95
RI
I
Ark
•
Sc
Louis
S
61
4
let
As
1
934
2
6112 61
AU Coast L let gold 4s.„..51952 11/ 0 7834 7912 79
80
5 70
8513
Burl C R & N 1st g 5s_1934 A0 90
95
90 Sept'19 ---- 90 98
Can unified 43.4n_..
1964 3D 79 807 80 Sept'19
80
88
C RIF
W lstgu 53_1921 AO 92% 9714 974 Feb '19 ---- 97/
Ala Mid 1st go gold 5s
1
4 9714
1328 lvi N 92
9314 984 June'19
9613 9812
Cho
Okla
Sc
G
gee g 5e-01919 J J
_8_9_ 93
7 34
M0
Bruns & W 1st gu gold 4s_1938 J J 78
1:18
---- -84
78 Oct '18 -Consul gold 5s
1952• N
Charles & Say 1st gold 79_1936 J J 11438_ _ 12978 Aug '15
Kook
---Sc
Des
697
8
A0
Moines
let
58
70
1
9
23
2
Aug '19 ---1-2
L & N coil gold 48
1
01952 MN 7114 -Sale 7114
-'7
7
.
6
112
72
3:1 6312 7812
StPaulSclgCh3h List 4348'41 FA ((166734 6612
Flay F & W let gold 5s___1934 AO 10112 103 105 Aug '19 -- 105 10714
66% -- 05
Ohio St P M &()eons(4
1930• D 105 10578 101 Sept'19 _-__ 104 108
let gold Se
1934 A0 9511 _ _ 105 July'15 -Cons
Os
3D
reduced
334(1_1930
to
0
85
1 J
Auungo:119
Bait Ohio prior 33.4s
0 -_ _ 85 85
1925 J J 8558 S.1-,le 85
86t2 42 -8378 8912
Debenture 5s
1930 M S
Registered
51925 Q J
87 Feb'11)---- 97
87
North Wisconsin let 68_1930 J J 16c18 ____ 118 Nos.18
let 50-year gold 411
91 _ 97
51948 AO 7014 -1U1(1 70
7012 14 6918 8212
Superior
Short
L
1st Es g_c1930 M
9353 _ __ 95 May'18
Registered
51948 Q J 7412 9234 Mar'17
Chic T 11 Sc So East let 58.._1960 JD 133
80 674 June'19 - ___ -bi- -Eft;
10-yr cony 454s
1033
Sale 6934
-0
-63
80
4
Ohio
Sc
West
70'4
Ind
Q
102
M
gen
47
10278
g
10313
6s..-11932
Refund & gen Sc Serial A.1995 •:1Sept'19 -__ 1024 10414
70 Sale 70
8212
70
Consol 50-year Is
1952 33 62
6213 6113
6112
Temporary 10-yr tis
2 81
1920 J J 9614 Sale 96
66
9638 144 9533 9612
Cin & D 2d gold 4 As__ 1937
78
81312 00 May'17
Pitts Juno lit gold Os_ _ _1922• 3
112 Jan'
7
2
12
C
wind
2
&
5
Ft
W
MN
1st
46
gu
g
1923
......- 88 Mar'l 1
P Juno & M Div lot g 33.45 1925 M N 8178 8613 8412 Sept'19
_
82
Day
Site
Sc
Mich 1st cons 434s 1931 J J 80
8712 80
PLE&W Va Sys rot 48_1941 M N 63 Sale 6278
80
6412 13, 6273 78
Cloy Cm Ch Sc St L gee 43_1993 3D 613
Sale 66
Southw Dlv let gold 3358_1925 J
66
8
60% 8
79
24
8012 8178 813g
8178 12 80
20-year deb 43,4s
8314
1931 J J 7712 79
7718
Cant Ohio R 1st o g 434e 1930 lvi S 8738 ___ 8733 Sept'19
7834 28 76
8412
8731
803
---General
4
58 Series B
3D 8112 86
8213 Sept119 ---- 824 87
Cl Lor & W con let g 59_1933 AO ____
957 July'19 -- 9513 9578
Cairo Div lit gold 4ts
J
J
7514
1
0
9
____
9
3
9
3
76
Sept
19
Ohio River RR let g 56
---76
8134
1936 P D 9534 96
9578 Sept'19 -- 9513 00
Cin W & M Div let g 411-1991 J J 60
697-s 70 June'19 --- 0734 70
General gold 51
1937 AO 8218 91
88 Aug '19 ---- 88
0118
St L Div let coil tr g 45_ 1990 M ii 67
697 6712
Pitta Clev & Tol lot g 6s_1922 A0 ____
6712
4 67 7614
9913 Nlar'18
Syr Sc Col Div 1st g 48
MS 73
1940
76
744
Jan
Tol & Gin div let ref 4s A_1959 J
'19
55 MOe 55
5' 55
55
68
W W Val Div lit g 4s......1940 J J 71 __ 84 Nov'16 ---- 744 7418
• Buffalo R & P gen g 58
1937 MS 05 101
93
95
2 95
99
0 I 3t L &0consol ga
1920 Al N --__ 106
993
Comm!4 As
---- 993 995
1957 51 N
8112 Sept'19
8412
8814
let
gold
Q
F
4s
11936
82.4
84
8214
All & West 1st g 45 gu_ _1998 AO 7213 8373 8453 July'19
July'19-82.4 - 2
- 824 8313
---- 8158 8453
Registered
11936 Q F 8233 ____ 824
Clear &
821.1
let gu g Es 1943• J 89_ 1034 Feb '16 -Cin S & Cl cons 1st g 5s__1928• J 9078 9312 934 May'19 ___1 8344 8214
Roch & Pitts let gold Os_ _1921 FA 10014 io'i12 lows Sept'19
93
9373
i(141161
3
OCC&I
•
cons
son
102
6s._1934
J
g
____
101 Aug '19
Coasol 1st g 68
1
4 107
1922 J D 101 103 100'1 Aug '19
limit 102
Ind B Sc W 1st prof 43-....1940 A 0 7613 ---- 94. July'08 --__ 103/
Canada Sou cone gu A 5s
1962 A0 9018 S vie 9013
8673 95%
0 Ind & W lat pret Ss__ _(11938 Q
9013
76
Car Clinch & Ohio let 30-yr Ss'38 3D --_- 80% 75
Aug '19
75 82
Peoria & East 1st cons 46_1940 A 0 5114 E.518 51
Central of Ga 1st gold 51---P1945 FA 9214 ____
51
4 60 6038
9734 Aug '19
9734 10012
Income 43
26
1990 Apr
2712 275g Sept'19
Coneol gold 5&
12
31
1945 MN 86
Salo 86
86
86
94%
Cievo8hortL 1st ;Di 4 As-1961 A 0 8312 86
10-yr temp seour Cc June 1929 -- -- 0614 97
84
1 81i
84
89
961
4
1
97
9.573
0914
Colorado
Sc Sou 1st g 48
1929 F A 8412 Sale 843
Chatt Div Len money g 45 1951 1 D 7318 82
8412
3
8i
8914
7413 May'19
7413 7514
Refund Sc Ext 454s
1935 51 N 7913 Sale 7812
Mao & Nor Div 1st g Se 1946 J J 8931
7912 82 774 807
8978 90 May'18
-Ft W Sc Den C lit g 65......1921 S D 977
Mid Ga & Atl Div 5.s
1947 J J
_ 9738 June'17
Conn Sc Pas Rive 1st g 45.-1943 A 0
Mobile Div 1st g Ga
_
1946 J J -90 ___ 9134 Jan '19
01% 9134
Cuba RR 1st 50-year fis g
Con
1952 3 3 ---- 8353 -EE-C4 sop
& B of Ga coil g 53_1937 MN
-i.15
"gi- -43;
87 Sept'19
831
90
Del Lack Sc WeaternCJ ontof NJ gen gold 5a
1987 J J 10112 Sale 10112 10113
1 100 105
Morris Sc Eis 1st gu 3356_2000 J D
9
79
2:2 9
Registered
77
0 2 Sept'19
i 19
45,4
3 19
70,4
098
4/
7
000
3
17
1
4
51937• J 9938 10012 102 Aug '19
10053 102
N Y Lack & W lit t38
1921 3 J 10012 ____ 1004
Am Dock Ss Imp gu 5s___1921 J J 99
10014,
99
1 99 100
Construction Es
1923 F A 9513 ____ 9814 June'11)
Leh & Hud Illy gen gu 58_1920 J J 9014 9912 99
100 Apr 'IS
Term Sc Improvt 4s
1923 hi N _- 9978 9338 Aug'19
N Y Sc Long Br gen g Is _ _1941 MS 8413 -__
9213 92
____ 10013 Jan '13 -Warren 1st ref gu g 354e...1000 le A
1024 Feb '08
•No price Friday:latest this week. •Dula*. d
Dee Awn. •Dee Mar o Due June. 5 DUe July. I Due Aug. 5 Due Oct
P De,Nov. r Due Dee 8 Optios sale
U. S. Government.
First Liberty Loan
335s 1st 15-30 year_1932-'47 J
Second Liberty Loan
4s
1st L L cony_ __1932-'47 J
4s
2nd L L
1927-'42 NI
Third Liberty Loan
45s 1st L L conv
1932-'47 J
4 A s 2nd L L conv_1927-'42
43(s 3rd L L
1928 NI
Fourth Liberty Loan
43s 1st L L2nd cony 1932-'47 J
454s 4thLL
1933-'38 A
Victory Liberty Loan
44s cony g notes_1922-'23 J
1922-'23 J
35s cony g notes
21 ooneol registered
d1930 Q
28 consul coupon
d1030 Q
ls re4ister6d
1925 Q
48 eoupon
1925 Q
Pan Canal 10-30-yr 23
11936 Q
Pan Canal 10-30-yr 25 reg-1933 Q
Panama Canal Is g
1961 Q
Reglsterel
1951 Q
Philippine Island 4s
1914-34 Q
lay;
-
5.3-4
SILPT. 27 1919.]
•
BONDS
N. Y. STOCK EXCHANGE
Week endInF Sept 26
New York Bond Record-Continued-Page 2
E.
Price
Friday
Sept 20
I
Week's
Bangs or
Last Sale
Range
Since
Jan. 1.
BONDS
Y.STOCK EXCHANGE
Week ending Sept 26
41k
1259
Price
Prides,
Sept 26
Week's
Range or
Last Sale
04
Range
Since
Jas, I.
Bid
Ask Low
High No. Low High
Bid
Ask Low
High No, Low High
Delaware & HudsonLeh V Term Ry 1st gu g 53__1041 A 0 0712
_ 98 Sept'19
08 10234
07 ____ 97 Sept'19
1922 J
1st Hen equip g 434s
96
97
Registered
113 Mar'17
1941 A0
4 81
7618 8114 8112
1943• N
1st & ref 4e
8112
Leh Val RR 10-yr coil 63_n1928
8514
10153 Sale 10158
10134 14 idf 1E7;
9112 Sept'19
1935 AO 9013 92
20-year cony Os
9058 9534
Leh Val Coal Co let gu g 58_1933
2 9714 100
9913 101 100
100
76 Juno'19
Alb & Susu cony 3;4s___ _1946 AO 7118 72
7318 7812
Registered
105 Oct '13
1933• J
Renss & Saratoga 1st 7s 1921• N 10238 101 10234 Apr '19
10234 10234
let int reduced to 413
1933 .1 J
-Denver & Rio GrandeLeh & N Y 1st guar g 4s
1945 MS -76- 85 -Fa- JuWig
Sale 6412
6514 44 6413 7514
1936 J J 65
1st cons g 48
Registered
M
S
1945
71
Sale 7014
2 69
71
1936 J J
,consol gold 4548
7612
Long Isld let cons gold 5e__61931 Q
9212 ____ -921; -911;
2 -9212
80 80 May'19
1928 J D 75
Improvement gold 5s
76
80
8018 ____ 80 Aug'19
let consol gold 48
86
86
61931 Q
Sale 5734
47 45 6012
58
tat & refunding Os
1955 F A 58
General gold 4s
74 Sept'19
74
80
J D 7112 81
1938
8734 Nov'16
Rio Or Juno 1st gu g 58_1939 J D
8618 861
_
Ferry gold 454s
1922 MS 9158 9512 8618 Mar'19
J
J6114
Apr
1940
'11
Rio Or Sou 1st gold 4s
--75
85
Gold 48
9914 Oct '06 -J
D
1932
1040 .1 J ---- ----39 July'17
Guaranteed
7514
6658
Unified gold 4s
66 Sept'19
66
1949 M
6413
2 6378 7312
Rio Or West 1st gold 4&_1939 J .1 6112 65 6412
7478 81 June'19
Debenture gold Os
84
1934 J D 7038 ___70
5778 53
4 53 60
56
Mtge & coil trust 48 A-1949 A 0 54
72
20-year p m deb 5s
7438 72 Sept'19
7712
72
MN
1937
82 Dee '10
Del & Mack-lst lien g 45 1995 J D 60 65
6512 ___- 67 Sept'19
Guar refunding gold 43_ 1949 M
67
77
1995 J I) 50 ---- 7513 July'le
Gold 4s
Registered
95 Jan '11 ---1949 MS
9 7678 8414
Dot ItIv Tun Ter Tun 4 As_ _1061 M N 764 7714 767/.
7712
NYB&MB let con g 58_1935 AO 87 ___92 Aug'19 -- 92 94
9312 ____ 9634 June'18
Dul Missabe & Nor gen 5s 1941 J J
N Y &RD 1st gold 5s
9412 92 Apr '19 ---- 02
92
1027 MS 88
1937 A 0 807 --_- 9312 Sept'19
Dul & Iron Range 1st 5s
-61- -6685 91
Nor Sh B let con g gu 58_01932 Q
9018 June'19 -- 9018 91
1037 A 0 ---- ----10512 Mar'08
Registered
8112 85
8812
Louisiana & Ark let g 5s
824 Sept'19 _- 82
MS
1927
83
83 June'19
Dul Sou Shore & Atl g Sc. 1937 .1 3 79
83 8413
Louisville & Nashv gen 63_1930 J D
9912 Sept'19
9912 108
2 8918 90
8918
Elgin Joliet & East let g 5s 1941 MI N 90 ____ 8918
07 100
10012
Gold Es
97 Sept'19
MN
97
1937
15 9814 1007s
100
1920 M g 9912 100 190
Erie 1st come gold 7s
Unified gold 49
82
1940 S i 8314 Sale 83
8812
N Y& Erie let ext g 48_1947 M N 8178 ---- 7818 Oct '18
6i_ 9658 Jan8'
3117
4
Registered
1940 J J
1919 M S ---- ---- 9618 June'18
2d ext gold 59
_
9
0
9713
Collateral
trust
9712 1.66MN
gold
58
June'19
-1931
1923 wi 8 9158 _--- 92 Sept'19
3rd ext gold 45s
5f5
8
02
L din & Lex gold 4;is_ _1931 MN 8818 04
9418 July'19
9318 9434
1920 A 0 9653 --__ 0912 July'17
4th ext gold Os
_ 10378 104 Sept'19
N 0& M let gold es
10312 10512
1930 J J
1928 J D ____ ---- 9434 Nov'15
Otis eat gold 43
2d gold 68
100 Jan '19 ---- 100 100
1930 J J 9514
99
9813 Aug'19
N Y E & W let g fd 7s 1920 M S . 97
9812 9812
78
8914 7913 Jan '19 -- 7912 7912
Paducah & Mem Div 4s_1946 FA
6112 26 .61
Sale 61
Erie let cone g 4s prior_1996 .3 J 01
7013
9913 9978 9912 Sept'19 -- 9912 10114
St Louis Div lot gold 613_1921 M
84 Doc '16
1996 J
Registered
5158 5313 5134 Sept'19 -- 5114 57
2d gold 38
1980 M
491; ---Sale 4878
J--504 22 4878 5712
1st consol eon lien g 48-1906 j J
7314 7313 7212 Sept'19
AU Knox & din Div 45_ _ _1955• N
7212 79
1990 J J 4334 50 73 June'le
Registered
Atl Knox & Nor 1st g 5s_ _1946 S D 9512 100
0513 Sept'19 -- 9512 9512
82
854 82 Aug'19
Penn colt trust gold 4s1951 F A
"'ifs; 83
lIonder Bdge lots f g 6s_1931 MS 10058 ____ 10112 July'19 -- 10112 10112
43
45
4434 10 43
50-year cony 45 Sor A 1953 A 0 43
52
Kentucky Central gold 48_1987 J .1 7213 7558 73 Aug'19
73
8053
1953 A 0 43 Salt 43
do Series B
43
52
Lox & East 1st 50-yr Os gu 1965 A0 91
9378 95 Aug'19
9218 9514
4
45
3% 19
3 45
Gen cony 4s Scrim D
1953 A 0 4514 Sale 45
55
___ 805,3 July'19 -- 8558 8712
L&N&M&M let g 43481945 MS
Chic & Erie let gold 58.. 1982 pa N 8413 87 87 Sept'19 ---- 84
L & N-South M Joint 48..1952 J
645
8 Sale 6458
80954
6458
1 62
73
ri
r58
.. _5,7,7,
1 0678 Jan '17
Ciev & Mahon Vail g 55..1938 J j _ g
95 Feb '05 ---Registered
61952 Q J
90
Erie & Jersey let a f Sc.. _1955 J
96
-6.113 101 N Fla & 1st gu g 58._ _ _1937 F A --9413
9412
2 -6i13 -6E
Genesee River let s f es
1957 j j 901- 98 May'10 -_-_-_-_ 9578 101
8113
_ 0778 May'16 -N & C Bilge gen gu g 4;60_1945 J
Long Dock consol g Sc._ 1035 A 0 ..._ - Iri 10812 Sept'19
197 109
Pensac & Atl 1st gu g 6s__1921 F A 9914 101 10158 July'19 -- i6i14 10153
Coal & RR 1st cur gu (3(3_ _1922 M N 93 --- 103 Jan '18 ---S N Ala cons gu g 58_ _ _1930 F A 9614 98
---9014 Sept'19 --- 9614 9612
9018
--10211
J
J
July'17
---ext
5e
1943
Dock & Impt 1st
Gen cons gu 50-year 58_1963 A 0 ____ 91
---88 Aug'19
93
88
N Y & Green L gu g 5s_ _A946 M N 8018 --_- 85 Jan '18 ---L & Jeff Bdge Co gu g 48_ __1945 M
(3518 -___ 60 July'18 --- 6914
2
6914
N Y Butes & W let ref Es1937 J j 6414 75
Manila RR-Sou lines 48___1936 M N ---- ---10014
55
Deo '06 -...--......
2d gold 454s
1937 F A --__
Mex Internat let cons g 48..1977 M S ____ 60 -77Cloneral gold Os
1940 P A -___ 544 60 June'18
Stamped guaranteed
75 Nov10 ---1977 M S
Terminal 1st gold 5a_ _1943 MN 88 ---- 97 Dec '18 ---Midland Term-let s f g 53_1925 J
0112 June'17
Mid of N J 1st eat 5e
1940 A 0 8212--- 108 Jan '17 ---*for' __
Minn St Louts let 7s
101
July'19 ---- 102 iof
1927
J
D
2 5514 fi5514
8 554
Wilk & East let gu g 5s 1942 .1 D 5514 62772
Pacific) Est let gold es__ 1921 A 0 94 101
9712 Apr '19 -- 9712 9914
Ev & Ind let cons gu g 68-1926 J J --__ --__ 2312Jan '17
7518 79
let consol gold Ss
7514
80
7514
1934 M N
3 74
954 Aug'19 --- 65- 9.1
Evansv & T 11 1st cons 63_1921 J J 9511 97
let & refunding gold 48_ 1949 55 S 4314 Sale 434
4314
7 4113 49
1942 A 0 7034 ---- 7014 Aug'19 ---- 7014 7014
1st general gold 59
44
Ref & ext 50-yr 58 Sec A._1962 Q F
44 Sept'19 44
49
A
0
--..
--108 Nov'll ---_
Mt Vernon 1st gold (38. _ _1923
Des M & Ft D lst gu 4s 1935 J J 45 ____ 6012 Feb '15 --95 June'12 -Still Co Branch 1st g 53_ _1930 A 0
75
Iowa Central let gold 5s 1938 J D 73
7513 Sept'19
FA-2 -80
2 8012 Aug'19 ---- -d64 85
Florida E Coast 1st 43.s.....1959 J D -76'.I -512 42
481z
Refunding gold 48
43
1951 M S 43 Sale 43
Fort St U D Co, g 4;ie_ _1941 J J ---- --- 92 Aug '10 ---89
82
MStP&SSMcong4sintgu_1938 J .1 82 Sale 82
Ft Worth & Rio r let g 48_1928 J J 56 ...... 6013 July'19 -- 004 6012
9118 0612 9634 July'19
lot cone 5s
8 3
1938
9084
97
,
4
A
0
76
81
80
Dec '18
1933
Galv lions & Hen 1st 5s
let Chia Term s f 4s
88 -__- 92 Jan '17 -1941
9778 486 -013;
Great Nor GB & Q coll 4s 1921 J .1 0578 Sale 9538
93 0358 June'19
-92 MSSM&Alstg4sintgu.'26 J .1 02
9512 11 94
61921 Q J 9512 Sale 9513
Registered
9678
90
Mississippi Central let 5s.__1949 J J 80
95 Deo '16 --8212
83
16 8212 89
let & ref 4;is Series A____1961 .1 J 83 Sa
Missouri Kansas & Texas1001 .1 J --------- 0_
June'16 ---Registered
11 02
65
let gold 4e
69
1990 J D 65 Sale 64
88
8812 June'19 ---- 88
1933 J ./ 85
hit Paul M & Man 48
28 gold 4s
8812
3538 23 29
38
g1990 F A 3438 Sale 3438
1033 J 1 105 --__ 101 Sept'19 --- 104 10812
let coneol g (13
2234- 2014 Aug'19
let ext gold Os
30
2014
1944
M
N
- 118 Apr '17 ---1933 J J
Registered
421; 4012 Sept'19
let & refunding 48
4013 4812
2004 M S 40
2 91
91
Reduced to gold 4;48_1933 J J -tif- -gle 91
951
40
44
44 Aug'19
4612
Trust Co cents of Sop
41
1933 J J --__ 99 10212 May'16 --Registered
30
30 Sept'19
Gen sinking fund 434s__ 1936 J J
34
29
Mont ext 1st gold 4s_ 1937 J D 8234 8412 84 Sept'19 --- _ 84 881
St Louis Div 1st ref g 4.8_ _2001 AG ___ 35
27 July'19
27
25
__ -_ 80 Sept'19 -- -- 80
1937 .1 D
Registered
80
__-- 30
5% secured notes "ext" '16
....._ _ --- ill Juno'19 --- 81
1910 J J -Pacific tat guar 4s E
81
Dall & Waco let gu g 5s-1940
6912 Apr '17
11 Minn Nor Div 1st g 4s 1948 A 0 7414 ..-__ 80 Nov'18 ---Kan City & Pac let g 4s__1990 F A 53 ---- 53 Sept'19
53
153
1922 J .1 100 ---- 99 Aug'19 ---- 09
Minn Union 1st g 68
99
4018 60
Mo K & E 1st gu g 58____1042 A 0 4018 51
4018 July'19
II
104
1937 J .1 10434 --__ 101
Mont 0 1st gu a Os
103 10838
M K & Okla let guar 5(3_1942 M N 6712 69
70 Apr '19
70
711z
13014 May'013 ---Registered
1937 J j
55
M K & T of T 1st gu g Es 1942 M S 52
551s Aug'19
6018 58
65$ -gg- 9412 Sept'19 ---- -67; 661-3
let guar gold Es
1937 J .3 -.
74
51 Dec '16
Sher Sh & So let gu g 5(3_1942 J D
WIII & S F let gold 53...1938 J D 90 ____ 10954 Aug '16 --40
50 July'19
Texas & Okla let CU g 58__1043 M S
-136- -Ed 57 Sept'19 ---- -Li- 66
5211 67
Green flay & W deb etfe "A"..__ Feb
Missouri Pacific) (reorg Co)1
Feb
9
Dehenturectfe "B"
87a 078 9
833 157s
82
8358 Sept'19
let & refunding be Ser A..1985 FA
8318 S778
79
7312 Aug'19
Gulf & S I 1st ref & t g 58_2.1952 J J 73
7312 8213
924 91
91
let & refunding Os Ser Ba 1923 P A 91
907g 9478
(3 71
7114
Hocking Val let cons g 40 1999 J J '7113 73 71
83
8478 Sept'19
let & refunding 55 Ser C__1926 FA 87 88
8478 02
gegistered
1990 J J ---- ---- 7312 June'13 ---5758
General 41
1975• S 5713 Sale 5634
5634 6312
8 _-__ 7313 Oct '18 --1948 A 0 73,
Col & II V 1st ext g 4s
Missouri Pao 1st cons g 68_1920 MN 0858 100 9834
08 100
9834
7012 ---- 7614 Apr '10 --1955 F A
Col At Tol 1st ext 41
58 Oct '18
40-year gold loan 4s
1945 M
95 85 Dee '18 -..-Houston Belt & Term let 58_1937 J J 80
82 Apr '17
3d 78 extended at 47
0 _ _ 1938 MN 7212 80
_
Illinois Central let gold 43-1951 J J 83 841 1 8514 June'19 ---_ 100 Feb '13
Boonv St L & S let Sc gu_1951 FA
1951 .3 J ---- -- 92 Sept'17 --Registered
68 June'19
68
Cent 13r U P 1st g 4s
1948 .1 I) 663
1951 .1 J 7218 --_- 7518 July'19 ---1st gold 3;is
8034 Aug'19
Pae R of Mo let eat g 4s 1938 FA 7912 _-_
1951 J J 6618 ___ 84 Nov'15 ---Registered
2d extended gold 5.1___ _1938 J J
Exten,led let gold 334u-1951 A 0 7233 ____ 80 Juno'17
9
82
3
i.5..3
13 _g
9
et L Ir M & gen con g 59 1931 AO _f
:
a
2
41142 9
89
134 MaY
0
'
219
1951 40
.
Re dstered
102 July'14
Gen con stamp gu g 53..1931 AO
1951 MS
let gold Mauling
---- ---- .0 Jul;'55 ------ -nii 8 .------12 73
821
7412
Unified & ref gold 48
78
1929 J .1
1951
Registered
----- 807
70 s Oct '17
Registered
1929 J J
8 7278 79
7314
Collateral true' gold 4s___1952 A 0 '731i '7'7
734
Riv &0 Div let g 4s
6 6953 77l
1933• N 7013 71
71
Itegletered
1952 A 0 _
__ 9538 Sept'12 ---Verdi V I & W lot g 58_1926 MS 9058 ---- 92 July'19
let refunding 48
1055 M N 77
7913 7712
7712
8114
1 78
Mob & Ohio new gold 6e
105
9214
1927 SD 10038 102 10014 Sept'19
hased lines 3345
1952 J J 6512 71
71 Aug'19 ---- 71
Pur,
lot ext gold es
75
1 96
0812
111927 Q
L N 0& Texas gold 4s- __1953 M N 7033 Sale7
60
6 Aug701103 16 69
775s
678 6
General gold 413
-58 6
98
98
6 July'19
68
69
1938 MS 2_5
Registered
1953 M N _--.
66
---7118
Montgomery Div let g 58_1947 FA 837 Sale 8378
8338
1 837g 91
9512 57 9131 9714
1934 J J 9513 Sale 94
15-year secured 512s
St Louts Div 50
82 Apr '19 ---- 8673 87
1927 JD
5 79
1950 J D 79
Sale 79
Cairo Bridge gold 4s
79
79
St L & Cairo guar g 4e._._1931 .1 J 7478 Sale 733g
7478
6 7338 8118
Litchfield Div let gold 3s_1951 .1 J 50
61
61
Aug'10
61
61
9912 July'19
Nanhv Matt er St L let 58 1928 AG 9178 98
9834 100
I.oulsv Div dc Term g 334a 1953 J .1 (3'712 ____ 68 Sept'19
00 68
Jasper Branch let g 63_1923.33 100 10414 11014 Mar'17
1953 S
p A
.1 -.
651; I::: 83 Aug '12
Registered
Nat Rye of Mex pr lien 4%8_1957 J
50 Mar'19
J
1021
Div
rag
58
102 June'18
Middle
Guaranteed general 4B
4853 35 Aug '16
1977 AO 35
1951 F A ___5814 Sept'18
Omaha Div 1st gold 3e
Nat of Mex prior lien 4348_1926 .1 J
9653 Feb '13
St Louis Div & Terra If 38_1951 J J 5718 65 62 Oct '18
AO
let consol 43
21 Aug '18
1951
1951 .1 J 6518 7018 6518 Oct '13
Gold 3345
Now Orleans Term let 4s_ 1953 Si 63 Sale 63
63
1951 J J .68 -___ 80 June'18
Registered
D
N 0Tex & Mexico let(38_1925
-59
2
71 -67
9
4
:
8
4:58
8 -78
9
°1617
g1-42
SPringf Div let g 334s....1951 .1 0 .1 ___. 77 8058 Nov'16
5
S
9111(3
2 9
Non-corn income 5e A.. 1935 AO 94
5'
517
6213
78
5
95
8812
2 43 50
13
(
A
1951
'743
3
-___
793
49
7912 May'10
Western Lines 1st g
-fit;
New York Central RR1051 F • A -.... --__ 02 Nov'10
Registered
125 953g 1004
Cony deb es
96
,1935 M N 9558 Sale 0538
1923 J D 9434 ____ 11713 May'10
Bellev & Car 1st es
_ 6812 7814
I99s F A 6858 697 6813 Sept'19
Consol 43 Series A
Carl)& Shaw 1st gold 43..1932 Id S 7318 ____ 73 Mar'19
7912
73
73
0 7812 Sale 7812
Ref & imp 4 As "A"
2013
A
Chic St L & N 0 gold 5s 1951 J D 91. -___ 97 July'10
944 9934
New York Cent & Hull R1v1951 J D -- ---- 954 Feb '19
Registered
954 954
938 .
s
7113e
4 6
77078
.. 68
6
70
Mortgage 334e
11197.3 J 68
8 _3
73
1951 .1 D 6038 ..-__ 6512 July'18
Gold 314(1
Registered
1997 J .1
1951 J D ___
---.
Registered
20 78
86
Debenture gold Is
80
1934 3W N 7934 Sale 78
Joint let ref Sc Series A_1963 J 6/ 8012 8478 85 Sept'19
85
05
Registered
---- 79 Nov'18
1934 61 N
Memph Div let g 4s_1951 J D 0834 744 7018 Oct '18
68
Lake Shore colt g 334s
60387062
1998 F A 6214 0834 62 Sept'19
1951 J D ___. 77
65 Nov'17
Registered
2 59 67
Registered
60
1998 F A 60 7014 60
M
S
7514
St
7713
Aug'19
St Louts Sou 1st gu g 48.-1931
7712 7934
61112
Sept'19
Mich
70
Cent
A
624
colt
F
gold
3;48_1998
1050 J J 7614 80
8138 July'19
Ind 111/4 Iowa let g 48
8014 82
Registered
75 Mar'17
1998 F A
1919 M N 9214 05
9413 Sept'19
let & Great Nor 1st g es_
93
96
Battle Cr & Stur 1st gu 3a_1989 J D 46 _
8014 Aug'19
James Frank AG Clear let 43_1059 .1 D 75 80
8014 82
Beech Creek lot gu g 46_1936 J
82 Aug
--'15
6f) 55
55
Kansas City Sou let gold 38_1950 A J 5(3
2 5018 6438
Registered
05
434 m
No
av1
J
_ 19
y:
1 (1
6
1936 J
1960 A 0
78 Oct '09
Registered
2d guar gold 5e
1036.3 J 8818
g;le 71
Apr 1950 J J -.7ii77
13 7578 88
Ref h !rapt 58
_
Registered
1936 J .1
75
Kansas City Term 1st 4s_ __1960 J .1 75 Sale 74
25 7312 81
Beech Cr Ext lot g 33.46_61951 A 0
Lake Erie & West let g 63_1937 1 J _ _ _ _ 8813 8012 Sept'19
8312 90
Cart & Ad let gu g 4s.._ _1981
D 7514 ---- 40 Nov'16
78
1941 J J 65
8058 yob '17
2(1 gold 511
Gouv & Oswe let gu g 68..1042 .1 D 9112
North Ohio 1st guar g 68_1045 A 0 60 ---- 65 Aug'19
65
Mob & Mal let gu g 4e_ 1991 M S
858
---- -id- m1;37.15
8612
Leh Vol N Y 1st gu g 4340-1940 J J 8312 8714 8612
3 80
92
N J Juno R guar let 4s_ _ _1988 F A 7114 ---- 8912 Feb '16
78 Senn!)
1940 .1 .1 ____ 88
Registered
78
78
N Y h Harlem g 3;is_ _2000 M N
---- 80 May'17
M
N
--72
72
48_2003
Sept'19
Lehigs Vol (Pa) eons g
71
8012
N Y & Northern let g 58_1923 A 0 72 --_- 9814 Aug'19
9714 9814
2001 Ite N 7812 9012 8014 Sept'19
Gen-rai eons 4 vin
8014 90
'No piles Friday; latest bill and aqktx1 We week, a Due Jae, 0 Due Fel. g Due June, It Due lily.
t)ile Sept. a Due Out. a Option sale.
_
-
-iia
- -8 -gilt
- -6§79
8,s:90:4 8,82i,
..--
----
1090214
----
----
82,8 ggi
1260
.
ra
,,..3
BONDS
t
N.Y.Srocx EXCHANGE ;
413.
Week ending Sept 26
[voL. 109.
New York Bond Record-COntinued-Page 3
Pries
FridaV
Sept 26
Week's
law or
Last Said
4.4
124
0
04
Range
Since
Jan, 1.
Range
Week's
;3
Price
d3
.
.
BONDS
Friday
Nang* or
N Y STOCK EXCHANGE ;_t
Obi
8
Jan,
ainnc
Last Sale
.1.
Sept 26
4."'
Week ending Sept 26
-Bid
Ask Low
High No, Low High
P. C. C.& St. L (Con.)Series F guar 4s gold___1953 J D 9033 ____ 91 SerIt'18
2 -6i1957 M N 9034 ____ 9058 Aug '19 ---- -881Series(I 4s guar
91
91 Apr '19 -- 91
Series I cons gu 410_1963 F A 9113 95
0 g4 L & p let epee g 58_1932 A 0 9933 10034 101 June'19 __ 101 102
F --- 100 100 June'17 ___ --- ---m N
21 Q
92
19
51
Peoria & Pekin Un let Os g87 Mar'18
__
2d gold 43431
90
4 83
; 84
8434
4, -831
Pere Marquette let Ser A 53_1956 -- -g17214
9 66
7014 60
8(3
66
1956
let Series B 4s
5
47
'
47
Philippine By let 30-yr of 4s 1937 I 71 ____ 48
Plus Sh & L E lot g 5e
1940 A 0 9633 ---- 99 Jan '18 ----------99
9714
'17
Dec
94
1
J
1943
5s
gold
corm!
let
82
89 -80-- -8634
1997 -11 J 8114 Sale 81
Reading Co gen gold 40
8113
1997 3 3 ____ 7911 78 Aug '19 ____ 78
Registered_
85
Jersey Central coil g 4s....-1951 A 0 7'712 '7934 81 Aug '19 -- 81
Atlantic City guar 4s g
1951 J. J
8 seLlii5 -__--_-_ "gir8 "ailSt Joe & Grand Tel let g 4s 1947 i J -giii "iii" "g51.
& Louis & San Fran (reorg Co)
64
12 Sale 57 • ' 5712 1331 57
Prior lien Set A4e57
1950 .1 3
7012
Sale
79
70
.1
7013
29
71
J
1950
Prior lien Set B 5s
138
70
2 5
2138
40
8 6
50
50348 9
633
Cum adjust Ser A 8(3-__A1955 A 0 (3314 Sale 6212.
Sale
j 10
jOct013344
Income Series A an
1
49
10134
al
106
10134
10134
St Louis & San Fran gen 6s 1931
95
9214
1 9133 9812
9214
1911 1 .1
General gold 5s
78 May'16
___-__
St L & S F RR cons g 48_1996 .1 3 -9214---1947 A 0 ____ „,... 90 May'17
Elouthw Div let g 5s
10114
-El; ---E 0 pt g & m 00e8 g 68_1928 Al N 9934 10014 100 Sept'19
1 637 7512
60
K C Ft 2& M rty ref g 49.1936 A 0 6514 Sale 6514
90
_1
_7
K C & M R & B let gu 58_1929 A 0 9012 -,-- 90 Sept'19 _8818
74
641 2 26 64
St L8 W let g 4s bond etfs_ 1989 M N 6414 mile 641s
5714 83
2d g 4s income bond 08fa.p1939 1 . 3 ---- 59% 63 Sept'19
5712 6518
5912
Consol gold 4s
5338 8412
128 59 Sept'19
let terminal & unifying 5s_1
32 13 133 585912 55993
195
6 _.
8aelipt:114
1 3
24
68
9
Gray's Pt Ter let go if 5e-1947 1 D -aii
-E1-2I2 -(iii"
S A & A Pam let gu g 4B
1943 1 J
72
70 66 Sept'19 ____ 66
Seaboard Air Line e 4s
1050 A 0 86
74
1 64
04
Gold 4s stamped1950 A 0 65 6814 01
33 44
5314
48
01949 F A 4612 4738 46
Adjustment 50
27
60
51
51
5012
51
5012
0
A
1959
Refunding 40
6
70
8
76
0 :::: 74
A
June'19
7June'19
76
7
Ati Birm 30-yr let g 4s_e1933 M S --- 7614
Caro Cent 1st con g 4(3_1949 3 3 ---00
1
::::
178
0
0
0114
5
419
1
%
A
D
10014
--__
4
1003
.1
J
Fla Cent & Pen let ext 68_1923
let land grant ext g 5s_1930 1 1 ---.0- -911i
1943 3 3 ---- 9112 9212 Jpne'19 --- -9
Consol gold 15s
Ga & Ala By lot con 58_01945 J J ____ 9234 93 July'19 ---. 9114 93
94
Ga Car & No let pi 4 ife_ _192g J J 38 ___- 9112 Apr '19--... 94
Seaboard & Roan lot 58_1926 J 1 9518 954 9514 May'19 ---- 9514 9614
Southern Pacific Co71
25 68 '79%
ldg4ies(
GoRe
ent Pao coll)__k1949.1 0 7034 Sale 70
red
teC
___ 90 Feb '14 ____
k1949.1 0
-El;-Sale 824
8233 73 -gi- "iiii
•
20-yeareconv 4s
S 104 Sale 1024
4 D
10414 145 9934 115
g119931;
20-year cony 5s
1 8
8;
16 ....,
753
t5
2 sep7
7r12
_11._
5_ 7
2
7214 83
F A _7
19 P
90
19
ieatcerlesdt ref gu g 48_1
eaP
nt
CeR
High No. Low High
Ask Loto
N Y Cent & H R RR (Con)80
78
N Y & Pu let cons gu g 40_1993 A 0 ---------7814 Apr '19 ---- ____
___
-__
Mario
113
____
1034
0
J
-1932
Pine Creek reg guar 6s.....
9918
9913 July'19 --, 99
R W &0con let ext 531_11922 A 0 97
7718
1 87
7512
Rutland let con g 0.0.. _1941 J J 7512 -Sale 7512
8158
80
---'19
Aug
60
..
_
54
J
J
ii_1943
Og & L Cham lst gu 4s
Rut-Canada 1st gu g 4s_1949 J 3 8214 85 67 Feb '19 ---- 87 87 _
___ 101 Nov'16 ---- _____
St Lawr & Adir 1st g 531_1996 J J 8
_ __ _
103 Nov'16 ---1996 A 0 ----2d gold (3s
96 Aug '19 ---7 9532 96
Utica & Blk Riv gu g 422_1922 .1 J 9214_
1
74
6914
0914
6914
Sale
6914
D
J
1997
Lake Shore gold 31413
733 Nov'19 --77 __ ____
74
1997 J D 69
Registered
8614 20 8412 90
1928 M S 8534 Sale 854
Debenture gold 48
8112 24 8218 89
1931 lell N 834 8158 8313
25-year gold 4s
93% Merl/ ---- ___ _ __
1931 111 N ---- 8'7
Registered
:_:__
___ --Ka A &()R let gu a 50-1938 J .1 701 __ ____
1934 J 1 ---- ----10413 Dec '15 ---- ____ ____
Mahon CI RR let 5s
Pitts & L Erie 2d g 5s_a1938 A 0 9218 ____ 103 May'17 ---- ____ __
_ _
_ 1301s Jan '09 ---- ____
Pitts MoK & Y let gu 64_1932 J 1 10238
.12 ___ __ ___ _
1934 J .1 -------12314 me2
2d guaranteed 6s
1931 M 2 9414 ___ 994 Aug '17 ---- __ __ _
Michigan Central 5s
1931 Q Fs 9234 ___ 9812 Nov'lS ....- ____ ____
Registered
81
81 Mar'19 ---- 82
1940 J .1 7133 81
49
87 Feb '14 --- _ _ ___
J J ---- 81
1940
....Registered
1951 M 5 704 ___90 June'03 ---- _ __ _ __
.1 I.& S let gold 31413
4
1952 FA N 7012 727; 7414 Aug '19 ---- 704 7411st gold 310
20-year debenture 4(2_1929 A 0 ---- 80 8014 July'19 --- 8014 85
N Y Chi & St L let g 49 1937 A 0 --------80 8°94
84
'19 ---- 80
Nov'17 ---- __ _ _ • _
1937 A 0 ---- ----85_
Registered
ftilt.
7314 73
5 71
734
1931 111 N 70
Debenture 45
4 70 8112
7314
2381 J .1 734 Sale 73
West Shore let 4s guar
7312 7133 Sept'19 --'-- 7013 7812
2361 J J 72
Regletered
1 90 -------9913 9912
N Y C Lines eq tr 56_1919-22 M N 9913 ..„.. 9912 ,
'
17 ---- -,..,-- -72
9848 J 11i37
Equip trust 410_1919-1925 3 3 93 14.12
82 Sept'19 ---- 73
81
8031
CV Y Connect 1st gu 4%3 A-1953 F A 80
14 Y N H & Hartford1947 NI P ____ _ _ 5518 Aug '19 ---53 5112
Non-cony deben 48
51
Non-cony deben 34e_--1947 NI 2 ---- -___ 5012 July'19 ---- 50
52
'19 ---- 50
Non-cony deben 314s____1954 A 0 ---- 5414 50 Aug54
5 53 • 567,
1955 J 1 5213 5478 54
Non-cony deben 40
5912
5212 55 55 Sept'13 ---- 49
1956 Ag N
Non-cony deben 45
5012 50 Sept'19 ---- 4914 52
1956 J .1 48
Cony debenture 31411
88
7614
6 76
761 78
19483 3 78
Conv debenture 8s
_ 50 Oct '17 ---- ____ __
Cons Ry non-cony 4s....._1930 F A -------Non-cony deben 4s.._....1954 J j 51____ 9113 Jan '12 ---- ___ ___
Non-cony deben 4s......_1955 J 3 -----60 July'18 ---- ____ -___
„..
Non-cony deben 4s......_1955 A 0 .„--- -7,- --„ ---- __
19 ---- 99- 504
1958 3 3 49 ---- 49's Aug'
Non-cony deben 4s
Harlem R-Pt Chet let 40_1954 Al N 717 ____ 7334 Deo '18 ---- __ _ ___
B & NY Air Line let 4s-1955 F A ---- 7212 7912 Dec '17 ---- _:_ •____
594 60 Aug '19 ---- 53 0213
Cent New Eng let gu 48-1961 J J 58
_--- ---_
1930 M S -----------Hartford St Ry let 49
Housatonic R cons g 542._1937 M N 85 ____ 1061 May'15 - --- ___ _ __ _
Naugatuck RR let 4s......_1954 51 N 65____ 87 July'14 ---- ___ __ _
7 -g- -iigi
8212
--• Mort guar gold 314s_ k1929 3 0 8312 Sale 82
1942 A 0 8012 ____ 83 Aug '13 -7, _
N Y Prov & Boston 4s
9 :::: 75
ne 48
An
0 ()
05
1 - 17
0.
80
14518 16 -427; -51
Through St L let gu 48_1954 A 0 --__ NYW'ches&B lot ser I 410'48 J 1 44 4414 44
9314
N
0
561930
II
G
atSAMdtPlet
-----------.
------0
A
Boston Terminal let 4e.._ _1939
99
4
963
---'18
::::
Jan
___
::::
J
J
1931
---2d Wen 50 guar
_ _194,5 J 3 85
New England cons 5s_ .
95 Noy'18 _70 8ept'17 ---Gila V 0& N lot en 4 5e-1924 SI N 9218 102
1945 3 3 73
Consol 45
4 -915;
40
1933 11I N 86 --- 924 July'19 -.. -52714 90 June'19 ---- 40
393Hone E & W T let g 5s
Providence Secur deb 4s 1957 NI N 35
0 Oct al ::::
4
0
19
-97.
-.
94
86
lot guar 50 red
Prov & Springfield 1st 58.1922 J J 80 --- 9973 Dec '13 ---- _--_ ---_
-64- -siiii
J
PlI N
H & T C let g 5s int gu
3J
1937
Providence Term let 4s....1956 al 2 6738 ____ 884 Feb '14 ---- ____ _ __
9458
93 Sept'19 -- 93
1921 A 0 9234 95
--Gen gold 48 Int guar
--- ---7
W & Con East let 410.._1943 J 3 --- --- --94
.- -70
1 -iii
6578
8
2 6574 857Waco & N W div let g 8/4'30 211 N 90 _..-- 94 Mar'19 _--- 94
NY 0& W ref let g 4s__-p1992 M 8 613:--_- :--:
:
8:
314 O
90
95_ 10
.
Ncotv417
1911 J J 8734.
A &N W let gm ;Se.
Registered 25.000 only_-2,1992 M P ---- -___ 92(3 June'12
1921 3 3 994
6014
Louisiana West let 6s
* 8014 -601-4
1955 J D 6014 Sale 6014
General 4s
-iiii 9-17;
994 Aug '19
5
8912
Morgan's La At T let(30_1920 1 .1 9913 102
Norfolk Sou let & ref A 5E4_1981 F A ---- 84 63 Sept'19 ---- 83
- -__ A 0 9518 ..-- 10218 Oct '18 :::87 87 Sept'19 ---- 87 89
No of Cal guar g fis
1941 NI N 85
Nonf &Sou let gold 5e
8
Sale
9378
-9258 -99150
s
3
037
a
938
3
10912
108
---June'19
1
1094
105
8
7
2
3
10712
Ore Ac Cal let guar g 50_19
9
Nor!& West gen gold 8s____1931 112 A
_-__
9758
___
8
9758
8
975
July,19
_
So Pac of Cal-Gu g 5e___1937 M N 945
Improvement & ext g (Is__1934 F A 10233____ 122 Nov'16 ---- ________
; 9212 June'19 -- 9212 93
9012 927
__10812
J
10612
____
Aug
10812
'19
3
10114
-7
,
Pao
So
Coast
g._1937
0
let
4s
gu
A
8e...._1032
New River let gold
jeuriy7
24 S
75
t:71116
_ 724 8034
_6
3 _3
9
8612
38 77
78
San Fran Term! let .0_1950 A 0 7212 7312 8
N & W Ry let cons g 4s-1996 A 0 78 Sale 7712
85
__.. 85
-_
934 Dec '16 ---79
Tex dr N 0 con gold 50_1943
1998 A 0 75
Registered
j -fir, "gfr; 76
8313
76
1
J
83
74(4
7414
76
---'19
Aug
754
So
1955
RR
Pac
4s
j
ref
let
3
J
DWI let lien & gen g 48_1944 3
8814 44 8712 9638
841
8414 Feu '19 ---- 84
1994 3 J 8814 Sale 8712
Southern-lot conscons g 5s
1932 1 D ---- 80
10-25-year cony 4s
1994 .1 • 3 ---1932 NI S ---- --__ 11714 May'19
10-20-year cony 4s
217.11e
3 0
82
5'4
89
5
8
5114
9 84
1963
914 6
6338
8
Develop & gen 4o Bar A_ 1958 A 0 8338 8a
10-35-year cony 434o._1938 NI S _-__ ____ 101) Aug '19 ---7 10() 1041-2
64 Aug '19 ---- 64
6834
105
35 103 11014
Mob & Ohio coil tr g 4s
1934 M. S -,-„- 64
Sale 10414
_ 105
10-year cony 59(w 1)_1929
9018 July'19 -- 9018 914
Mem Div lot g 410-5e_....1990 J J 8512 87
J IS 8014' 8234 828 Sept'19 ---- 8278 85
Pocah 0& C joint 48_1941 -6912 Sept'19 ---- 693 7412
74
St Louts div 1st g 4s
1951 1 J 70
(30& T let guar gold 58_1922 J J 8714 ___ 97 Aug '19 ---- 97 97
91
9273 July'19 ---- 9278 93
81
76 Sept'19 ---- 78
85
Ala Gt Sou let cone A 58_1943 J D 88
Soto V & N E let gu g 4s 1989 M N 76
4
883
8214
8814 June'19 --_- '3712 834
J
1
1914
&
Atl
A
Chart
L
lst
414e
A
Northern Pacific prior lien rail
11)172 9
4 j
7014
9 :::: 7
pet:116
Suen
71.s
74
414 9
90
784 90 78
86
Jell 30-ayearleStit
r B.-1944 3 J 90 7
s
1997 Q 1 7313 Sale 774
way & land grant g 4e
1997 Q .1 7378 ___ 80% July'19 --,7 7914 32
4s
Registered
:--:
--8113
-_
17
..
ivia-'18
..
6173
58
3
563
41
57
Sale
431
211
57
0047 Q F
General lien gold 3e
„ 75 Feb '17
0
A 0
574 5712
Ati & Yal let g guar 46_1
88 jj
449
19994
jj 66
02017 Q F 53 5514 5714 May'19 --Registered
96
8112
E T Va & Ga Div g 5s_ __1930.1 3 90
93 8139t.19 ---- -95 - -91-.
i 8233 90
8812 8112
2047 3 3 83
Ref & Imp 4%8 ger A
9018 10 8978 97
76
78 Marlit ---- 70
30
1958 M AS 8814 9212 9013
Cons lot gold 5s
St Paul-Duluth Div g 48_1996 J D 76
.
951
Ea
G
5s _-__1938 34 S -__ ____ 92 July'19 --_- 92
St P & N Few gold 6s..._1923 F A 10012 102 10158 Aug '19 .--- 10158 10412
55
52
52
19,--- 52
Jan
____
100
100%
1948
Midland
A
10033
May'19
is
1st
8
1003
---Q
Registered certlficates_1923
A 0
3 101 10012 Aug'191-- 1004 101
2;2
58
3 9
97 Feb 'IV ---- 97
9812
Ga Pac By let g as
1922 J
13t Paul & Duluth let 56_1931 F I'
Knoxv & Ohio lit g 8s-1925 J J 97 ---- 100 Oct '181---- ---- ---7912 78 Dec '18 --76
1988 3 D 94.8___lot coma! gold 4s.
9112 Oct '18 --rtgBalgrepgrtoold
oboh
Mm
r 14
leen g 58.1945 3 J 8514 97
Wash Cent let gold 413____1943 Q IF 60 ---- 3712 Dec 'IC ---- -._ ,-_,-265 Aug '19 -- -rig""e-g65
60
10713 Sept'19 ---, 1081
;10733
Nor Pac Term Co 1st g 6e-1933 J 3 10612
102
9312
9534 July'19 -_ 9553 9534
7942
j
71
0
69.4
A
3
Sale
&
RIO
5
7
11
7113
2
4
J
Dan
deb
9
J
stun:4.19
51
7118
1981
4s
Oregon-Wash let & ref
71
8412 Sept'19 ---- 8412 88
Rich & Meek let g 5s
1948 M N 66 ---- 69 Junceli) ___ 69
Pacific Coast Co let g 5e...._1946 1 I ---- 84
So Car & Gs 1st g 58
1919 141 N ___ __-- 9913 Apr '19 --- 99 10(1.
Paducah & Ills lets f 410_1055 J 3 ---- 93 1004 Fen '17 ---- -------__
_
10212
June'll
954
S
I
14
3
953
Apr
957
8
3
1
6
95
---'19
Virginia
--2
92
M
E
Ser
9
Id
5s
1
D
4-56_1
Pennsylvania RR let g 48_1923 111 N
NI El 9134 ii6 963s July'19 ____ -iiil; -663;
--__ 9973 Apr '19 ---- 997 99,2
MD M S -------Consol gold 5e
1928 111 S 9014 -- 10412 Dec '16
Series F5s
- 9914 9914
1919 CI M -,,,,- -.,,,- 9914 Feb '19
Registered
93 July'19 -- -tig" -UN 914 95
hl
88
874
June'19
871s
---95
as
General 5s
1943 al N
Consol gold 4s
.i.._ _
fp..._ _i..
58 2;
917
(101_3_ 83
43pr7
.
891,
72
.01118
'
(
34 Sept'19 --- 82
938 J J 8218 .
1003
85
Va & So'w'n let gu 50_2
1948 NI N 84
Consol gold 4s
70
75
_
'0
9213
9212
A
9614
927
92
9212
8
4
6
5
A
et5
ns
i
co
stw
A
ol
y
e
193
:19
58
e_..:
laf
le
w
O
F
1960
Congo! 410
;kit;
F
A
81
4
897
8214 95 81
10653 D 82 Sale
General 44s
7838 7512 Ayr '19 -__ -751; -7519112 184 89.14 9714
3
5: J J ___
93
19
.
sainnote
ne
kaA
nn
to
Sp
T
t%I Let
83
g454.
ti
1988 J 0 9114 Sale 91
General Be
9112
A 0 821;„„- 89 May'19 ____ 75
874 Aug '19 ---- 8673 871:
84
Allow Val gen guar g _ _1942 NI E
9813
9313 Sept'19 -- 93
90
85
-_.
A
P
1894-1944
let cons gold Se
D R RR & B'ge let gu4s48g 1938 F A 8534 ___ 8412 Sept'16 -- ___
871:
Gen refund s f g 4e
MIA Salt At W let g 4s-1943 NI N 82 _ __ 8712 Jan '19 ---- 871; 7
72
9
1 •June
73
4 9
2114
2
1 99
72
711.9 ..-'
-- 9
-1
3 -7
A 0
3 3I
930
St L M Bridge Ter gu g 5(1.19
Sedum Bay & Sou let g 58_1924 J J -- _:_ _ 102 'Jan '93
1 sep9
90
.... 4
112 _410
58
D 8
t.0
18 __....
1 3712 93
Texas & Pac lot gold 5s_...2000 3mar
-....
Sunbury At Lewis let g 4(9_1936 J 3 -----_-_- ---2nd gold Income Se
U N J RR & Can gen 4s.._1944 AI 2 7934 __92 Dec 17 ---- ___ -1931 J J 75 ....- 38 May'18 -- --- ---La Div B L iota 5e
Pennsylvania Co_ 10612 Noy'04 --9811
9734 11 97
NV Mln W & N Win gu 581930 F A
1021 J J 9734 Sale 9734
Guar let gold 411e
92 Apr '19 -- -iii- -ii-Tol & Ohio Cent lot gu 50_1935 J 1 "gi3; "ig
1921 J 3 9534 97 98 July'19 ---- 9814 98
Registered
8013
0
93
8514 Aug '19 --- 8514 37
A
1935
-------Div
Western
let
g
58
Guar 310 coil mint reg A.1937 NI S 724 --__ 87 Fe* 17 ---8813 73 July'19 --73 73
1935 1 0 76
78
General gold 130
Guar 314s coil trust ser 13_1911 F A ____ 7612 78 Jan '19 ---- 78
75
7012 Aug '19 _-_- 7012 me
814 July'17 --. ____ ____
1990 A 0 73
Kan & M let gu g 40
1942 J D 7713 86
Guar 314s trust ate C
92
92 Sept'19 ---- 88
1927 J J ,___ 90
2d 20-year 50
8634 Dee '16
Guar 314s trust etre D_ _ _1944 J D 764 88
30
50
36 Feb '19 -.-3(3
4 863.1
Tol P & W let gold 4s
8612 July'19 ---- 8331917 3 3
Guar 15-25-year gold 4s1931 A 0 -___ 96
Sept'19
7512
7513
---7612
75I8
87
3
J
854
310_1925
Feb
354
W
---&
80
'19
L
St
7734
Hen
Tol
pr
g
N
MI
40-year guar 4s ctfs Ser E.1952
50
45
53
---53
Sept'19
4(318
8134 83.33
_1950 A 0
50-year gold 4s
1942 M N 8133 ____ 823s July'19 --Cin Leb & Nor gu 40 g
1833 Mar'16 --- -_-- ---9614 may.17 ____ __ ____
Coil trust 46 g Rer A
1917 V A ____ 35
Cl & Mar lot cm g 410_1935 MI N 8314 95
14 Aug .18 __ ---- ----'71.., 20
Trust co etre of deposit
01 & P gen gu 434s ser A_1942 J 1 8914 --__ 9634 May'18 ---- ____ _ __
7112 80 Apr '17 --- ---- ---11 ‘,.,
__ _
Tor Ham & Buff lot g 44_41948 :1- -.
1912 A 0 8914 __ 104 Deo '15 ---Series B
8014
8518
Deo '18 -8
805
___
D
____
--..
3
'12
Feb
9614
5s-1928
____-____
Del
&
Ulster
lot
g
cone
0
Int reduced to 349_ _1942 A
____
1952 A 0 ____ 86% 53 Sept'17 -----------let refunding g 4s
- 004 Oct '12 .....- _
1943 NI N
Series C 314s
8458 103 8234 -891s
1947 J J 844 Sale 8234
Union Pacific let g 45
8814 Fob '17'. ..... - .
1950 F a _ •
Series D 3144
1947 J 1 ____ 8533 851s Oct '18
___.
Regletered
Erie & Pitts gu g 3t411 B -1940 3 3 76
7938 88 Apt '17 --- ........
312
5' ir "Fili
8:7
85le 7
84 ____7712 8a
3 84
1,4 8
7914 May'19 ---- 7934 7934
927 1_
1008
y2
84
20-year cony 41.
1940 J 1 76
Series (1
7718 11 7813 834
87
1st & refunding 4s
Or it & I ex lot gu g 41411 1941 J 1 8334 ___ 87 June'19 ---- 87
102 106
45
10258
10214
Sale
10233
3
J
88.1928
8311
'19
Apr
834
--10-year perm secured
Ohio Connect let gu 40_.1943 M 5 8558 ____ 8318
8 7618 88
7638
Ore RR Az Na, Con g 4s...1918 3 D 7633 Sale 784
Pitts Y & Ash let coos 51_1927 M N 9714 ___ 93 May'10 _- ____ _
7
9978 10113
21
100
99
Bale
_:::
A
____
100
F
--'17
8s__1922
Apr
484
g
lot
Line
93
Short
___Ore
1
.
J
Tol W V & 0 gu 414s A_1(131
9833
1 93
9314
9314
1948 J J 9314 95
i
lot consol 4 Se
Ser al B 430_.......1033 J 1 ____ 9212 92 Dec '17 --837 83
8312 10 4058 38
1929.3 0 83
8818 Sept'17 .-Guar refund 40
1942 M S 80413
Series0 4s
98
0412
94I,
8
913
2
July'19
9112
9413
904
9112
93
3
J
5..192(3
Sale
gold
Utah & Nor
P C 0 at St L gu 4101 A__1940 A 0 9113
89 Feb .18 ____
80
'
9234 Jan '19 -_ 9214 9234
let extended 4.----- 1933 J J
1943 A 0 9113 98
Series B guar
11;
2 -g(Vandalia ems g 40 Set A---1955 F A ---- ----9013 Apr '19 -. -8-61.1942 M N 9118 __ 99 June.17
Series C guar
-81
;-66
-- 6.151
1957 M N ----- 8018 June'IS
Consols 4e Series B
1045 M N 9058 93 9058
Series D 4s guar
____
Sept'19_
____ _
Vera Cr s h P let gu 4148_1934 J 1 -___ --_- 35 May'19 --- -35-35qprre. r 1 4s qua, goId 1940 F A 41013 ____ 9012 Sept'18
•No Mee Friday latest bid and asked. a Due Jan. a Due Feb •Due June. la Due July. It Due Pang. a Due Oct. p Due Nov. r Due Dee. a Option sale.
_6-.4--
--------
---------
-.
-.-
SEPT. 27 1919.]
II
BONDS
Y. STOCK EXCHANGE
Week ending Sept 26
Virginian let Is series A...._1962 MN
1930• N
Wabash let gold 6€
1939 P A
2d gold 54
.1939 J
J
Debenture series B
b
1st lien equip fd g 58..___1921 t
J
let lien 50-yr g term 4s__-1954
J
Det & Ch Ext lot g 5s_ _ _ 11)41 J
Des Moines Div 1st g 48_1939 J J
1941 AO
Om Div 1st g 3;0
Tol & Ch Div let g 4s_ ._1941• S
1945 P A
Wash Term! 1st gu 3As
1945 FA
let 40-yr guar 48
West Maryland 1st g 4s___ A952 * 0
West N Y & Pa let g 5s__ _1937 J J
1943 AO
Gen gold 48
p1943 Nov
Income Is
Western Pao let ser A 58-1946 MS
Wheeling & L E let g 5s_ _1926 AO
J
Wheel Div 1st gold (is_ ___192S J
Eaten et Impt gold 5s____1930 P A
Refunding 4 AB series A __1956 MS
1919 MS
RR 1st consol 4s
Winston-Salem 8 B 18t 48_1960 J .1
1949 J J
Wit Cent 50-yr 1st gen 45
Sup & Dill div & term let 4s'36 MN
New York Bond Record-Concluded-Page 4
Price
Friday
Sep. 2(1
Ween
Ronye or
Last Salo
Ranga
Sines
Jan. 1,
Bid
Ask Late
Hies No Low High
20 85
87
Sale Si
88
9412
14 8719 98
9012 Sale 1)018
91
8118
8118 83
8118
8118 89
90
Aug '18
----.0778 -- 9712 July'19
9712 9712
6518 ---- 65 Sept'18
8814 FeO '19
01
-11i;14
80 Aug '12
____ 6618 67 Feb '19
67
67
72 ___ _ 74 Jan '19
74
74
7218 July'19
7218 77
7218 7512
76,4
- 82 Aug '18
11) -Ea- -5...1'57
Sale 5658
57
9234 9714 9234
9234
9233 100
6578 70 Dec '18
33 Oct '17
6 -811-2 -8612
83
-T32714 Sale 8214
96 July'19
9158 95
06
96
____ 93 100 Feb '17
9038 5jar'17
58 Sept'19
_
64
,,612 64
60
6378 63 Aug'19
5914 6512
671g 7478 76 June'19
75
76
6.834 Sale 6838
6834 13 64
80
68
7814 7514 June'19
7214 77
BONDS
N. Y. STOCK EXCHANGE
Week ending Sept 26
!:472
:14
Price
Friday
Sept 26
Bid
Miscellaneous
Adams Ex coil Cr g 45
1948 MS
Alaska Gold NI deb (3s A
1925 MS
Cony deb 6s series B
1926 MS
Am SS of W Va 1st 5s
1920 MN
Armour & Co let roal e8t 4)0'39 .1 D
Booth Fisheries deb s f 6s_ 1926 * 0
Braden Cop NI coil tr s I 63_1931 P A
Bush Terminal let 4s
1952 * 0
Consol 5s
1955• J
Buildings Is guar tax ex. 1960 * 0
Chic C & Conn Rye o f 55.._ _1927 A0
Chic Un Stat'n 1st gu 4;is A 1963 J
J
Chile Copper 113-yr cony 79_1923• N
Recta (part paid) cony Os ser A * 0
Coll tr & cony Se ser A _I932 * 0
J
Computing-Tab-Rec e f Os_ _1941 J
Granby Cons M S & Peon (is A 28• N
Stamped
1928 MN
Great Falls Pow let s f 5s__ A940 MN
Int Mercan Marine s f Os._.1941 A0
Montana Power let 5s A
1943 J J
J
Morris & 001st e f 414e._...1939 J
Mtge Bonds(N Y)4s ser 2 1966 A 0
10-20-year 5s series 3._ _1932 J
J
N Y Dock 50-yr let g 4s
1951 FA
Niagara Falls Power lot Ss_ _1932 .1 .1
Ref & gen 6s__ ___
1932 AO
Niag Lock &0 Pow 1st 58_1954 51 N
Nor States Power 25-yr 5s A 1941 * 0
Ontario Power N F 18t 58_1943 P A
Ontario Transmission 5s__ _ _ 1945• N
J
Pan-Amyet&Trlot conv6s'19-'27 J
Pub Serv Corp N J gen 58_1959 A0
Tennessee Cop 1st cony )3 .1025 81 N
Wash Water Power 1st 5.1_1939 J
Wilson & Co 1st 25-yr s f 08_1941 AG
10-yr cony 5 f Os
1928 J D
1261
Week's
longs or
Last Salo
Ask Low
5514 5512 55
23
25
23
20
23
20
Co
Ratios
SIncs
Jas. 1.
High No. Low
5814
Sept'19
Sept'19
High
8 55
67
2078 35
20
35
8334
4
8334 36 83 -5g3-9
'
5
'11e2 9803 Feb '18
9512
4 9212 97
95
Sale 95
80
8112 81
8018 82
81
8112 8278 82
2 80
8558
82
79
85
2 7918 83
80
8118
4012 ____ 58 Mar'18
81
8278 83 Sept'19 ---. 83
89
118
Sale 11714
161 10534 128
118
88
Sale 8712
8812 83 8212 95
88
Sale 8712
8819 94 8112 9434
88
Sale 88
88
3; 8234 89
9312 102
97 Aug'19
8 ---- 97
9812
96
98
98 Sept'19 --- 95
98
93
94
9314 Aug'19
9314 96
97
Sale 9658
9714 232 9578 10534
8712 8838 88
89
7 88
9578
Si
8512 Sept'19
83
8812
--- 83 Apr '14 ---_---_
94 June'16
_
_ 6812 6814
6814
2 68
72
9114 93
96 July'19 ---- 9378 97
100:2 10178 10012 Sept'19
10012 10178
9134 95
93 Sept'19
9112 9358
____ 8438 85
8534
3 85
90
89 ____ 8934
9058
8, 89
9112
80
8212 84 June'17 ---15512 May'19
igir2
73
7112 75
72
22
7 9
72
1
80
96
9212 __ 94
94
9078 ___ 007() July'19 ----I 90
95
99
991., 40 9658 10138
Sale 9814
97
Sale 0634
9712 139 951s 10434
Street Railway
32 5212 76
51
5218 Sale 5218
Brooklyn Rapid Trait g 5s__1945 AO
35
45 Aug'19
let refund cony gold 4s__ _2002 J .1
43
53
____ 7278 723s
7258
2-yr 7% secured notea_h1921 J
7258 86
_
6778 7478 Aug'19
Certificates of deposit
7478 79
72(4 July'19
70
Certificates of deposit sttnp'd
7214 7812
8
90
2 ,.383
D ,,ov:112
70
8
70
Bk City 1st cons 58_1916-1941
Bk Q Co AS con gu g 51).._1941 MN
101 May'13
Bklyn Q Co & S 1st 5s___ _1941 J J
2 72
7212
72 -g.T.le 72
Bklyn Un El 1st g 4-5s_ 1950 P A
7314
2 7134 7313
7238 723s
70
7238
Stamped guar 4-5e
1950 FA
60 Sept'19
60
Kings County E 1st g 48_1949 F A
57
68
FA
62
62
Jan
'19
55
Stamped guar 4s
62
1949
62
_ 40
50 June'11)
Nassau Eleo guar gold 48_1951 J J
50
55
Manufacturing 8. Industrial
7314
4 7112 81
1927 P A -7213 7312 7212
Chicago Rye let 5s
Am Aerie Chem let c 58____1928 AO 97
9858 97
2 97 101
97
__
•
.
73
.1
J
7012 Sept'19
Conn Ry & L let et ref g 43.451951
70,2 88
Cony deben So
P A 10134 Sale 10134
10134 40 • 9812 11212
73
_ 77 July'19
1951 J J
Stamped guar 44s
77
77
Am Cot 011 debenture 5s...1924
86
89
89 Aug'19 ----I 87
31• N
8912
12 70
J
71 __Sale 70
71
Oct United 1st cone g 43.42-1932
8112
Am Hide & I. let o f g 65
__-- __-- 100 Aug'19 --„,' 9934 10012
1919 M
84 Jan '14
63
Ft Smith Lt dr Tr 1st g 58_1936 M
_
Am Stn & R 1st 30-yr 58 ser A '47 A 0 85
Sale 8412
85
81 8418 93
57 -Sale 5(31.2
5712 87
1957 P A
Hud & Manhat 5e ser A
Mn Tobacco 40-year g Os__ _1944 A0 119 ____ 11912 3Ang'19 ----; 119 11912
Sale 15
16
16
1957
Adjust income 5s
6 14
1914
0o.(1 45.
75 ---- 78 Sept'19 --- . 7212 80
1951 P A
90 May'19
90
1932 Fit
N Y & Jersey 1st Is
90
9012
Am writ Paper s f 7-6s_ _ _1939 .1 .1
885s
8858
il 88
9012
304 327 2658 4334
* 0 2714 Sale 2(358
Interboro-Metrop coil 4-1
let s f
ctfs of depo8lt
9018 July'19 ----1! 86
004
9
2978
2718 Sale 2653
Certificates of deposit........
2638 4114
Baldw Loco Works 1st 55_1940
-171 i5517
2:
-_-_-_ 10034 Sept'19 ---- ,100 10112
.6234 796 5618 7512
Sale 5618
Interboro Rap Tran 1st 514_196t,1-3 58
Cent Foundry 1st f 6s____1931 FA
8612 -- _ 8612 Sept'19 --,.,'1 7S
8712
10 6212 7214
66
Sale 66
Manhat Ily (N Y) cone g 48_1990 * 0 6(3
Cent Leather 20-year ti 58_1925 A0 9719 Sale
9718
9734
17,1 9512 9812
LS 65
61)
Stamped tax-exonapi
Sale 65
7412
1990 * 0 65
Consol Tobacco g 4s
74
8012 7312 Dee '18 --- '... .
___ _1951 FA
77 Mar'19
Manila Elec Ry & Lt 5 f 68_1953 M
75 -_
77
77
Corn Prod Ret'g s I g 5e___ _1931 MN 102
Sale 102
5 , 69.12 152
102
Metropolitan Street Rylet 25-year $ f 58___ _ _1934 M
lows ____ looiR Sept'19 ----11 9912 10012
6 60
63
67
60
Bway & 7th Av 1st c g 50_1943 Jo 58
72
Distil Sec Con cony let g 58_1927 A0 8814 ,,,- 88-53 Sept'19 ---- ; 87
9212
68
58
Aug'19
Col & 9th Ay let u g 58..1993 MS 58
58
(38
1.3 I du Pont Powder 4 ;ifi_ - -1936 S D 9334 101
9334 Sept'19 ---- ' 9212 94
5712 60
60 Sept'19
Lex Av & P F let gii g 5s_1993 NA
60
71
General Baking let 25-yr 68_1936 SD
8812 -...._ 8812 July'19 ---- : 88
8812
54 Dee '18
Met W El El(Chic) 1st g 4s 1938 P A
Gen Electric deb g 334e_ ___1942 FA
70
7212 73 Sept'19 --'I 7112 77
. 06 10012 June'17
MIlw Elec fly & Lt cons g 5s 192e P A
- -- _
Debenture 58
1052 NI S 9514 Sale 95
9534 ii 95 Ism
-.. 8112 Dee '18
Refunding & extol) 4 ;is. _1931 .1 .)
Ingersoll-Rand let Se
J
96 Nov'18
1935 .1
.
847; 9712 July'17
Montreal Tram 1st & ref 58_1041 J .1
lot Agile Corp 1st 20-yr 51..1932
N
83
831
2
8234
8312 15 ; 7612
J
J
66
88
61 July'19
New On fly & Lt gen 4 Sid- _1931
61
61
Int Paper cony s f g 58
98 Sept'19 ----'i 98
1935 ii
98
J
57 July'11) -- 53
N Y Munielp fly lets f 5s A 1911e
63
1st & ref e f cony 5s ser A.1947
89
92
87 Aug'19 --„'i 8514 90
J 736-13712 12 37
2 5
40
712 37
N Y Rys 1st It E & ref 48_1942 J
49
Liggett & 51 yore Tobac 7s_ _1944 A 0 111 11112 11138
11138 10 110 13378
1 3612 45
3112
3,312 44
3612
Certificates of deposit _______
P
A
93
Sale
91
1951
93
9,I 90
95
I Ds Sale 1173
1112 '24 1012 1612
Se__ _ ___a1942
30-year adj
Lorillard Co (P) 7.4
1914 AO 110 111 11078 Sept'19 ---, 10934 11312
3 11
1038 1178 11
11
Certificates of deposit__
1612
Is
FA
9138 Sale 9138
9238
81 90
94
4 5534 60 5534 5534 I 52
N Y State Rye let. cons 43.4e 1902 U-162
Nat
Enarn
J
D
95
9719
Starnin
96
let
58199 5
29
1
96
7514 Aug'19
Portland Ry 1st & ref S.....1930 MN
75,1 7514
Nat Starch 20-year deb 58_1930 J
J
9312 ____ 94 Aug'18
62 _5i_ 6558 Aug'19
Fortid Ry Lt & P let ref 58_1942 FA
5212 6558
National Tube let 58
94
9738; 94
1942 MN
91
1 6:i78 661;
9012 Feb '17 ---Portland Gen Flee 1st 5s_1935 J
N
V
Air
Brake
MN
5
let
2'1i 96612 10
10034
1015
8
cony
101
ne,_1928
101
98
3
N
95 July'17
94
St Jos Ily L 13 & P let g 5s_ A937
Pierce 011 6-year cony 68_41920 Jo 103
Sale 105
9 10014 145
110
8578 10212 Mar'12 J
St Paul City Cab cone g 5e...1937
10-year cony deb 138__ h11)24 J
J 10438 Sale 104-53
10434 471 1 8824 11214
5181 53: 4913 -i63;
;1912 Sale 4312
1960 j
Third Ave let ref 411
'Sinclair
Oil
&
tteflntng33
50 25
• 81960 * 0 30
Sale 30
Ad)income Is.
4212
list
7s 1920 warrants attach F A
12312 Aug '19 ----11 9818 15212
j
93 June'19
100
.,1037
- 89
Third Ave Ry 1st g 193
93
do without warrant() attach
A ---- ----! 997s July'19 ----II 95 100
2 9314 97
9378
9378
Tr -City Ry & Lt lets f Is _1923 * 0 9314 94
Standard
02
9378, 91
Milling lot Is.. _1930 Si
Aug'19 --- -9 91
95
75
9618 73 May'19,-- - 73
J
Undone,. of London 4 tin__ _1933
73
The TeX119 Co cony deb 6e.11131
10214 Sale 102
10219 32 10012 101
78 Sept'19,
.11141.
78
70
Inoome 6e
1712 78
Union Bag & Paper lot 56_1930
8818 ____ 63112 Atig:
1 18
9 ---.1 8112 8914
7512 7412
7412' 15 70
United Rya Inv Is Pitts ise _192e MN
74
7(312
Stamped
--__ -Dec
5314 50
5314 Sept'19
United Rye; St L 1st g 48 .....1934
431,2 55
Union 011 Co of Cal lot Sc _1931
9412 95
9414 Sept'19 -___ , 9378 9412
50 June'17 --St Louis Transit gu 5s__ _ 1924 40 ---- 50
US Realty & I cony deb g Is 1
7712 Sale 7718
7712 19 : 60
7812
192
930
4
3312 33 Sept'19 -- 22
United Rite San Fr (I f 4s___1927 A 0 al
367,
U S Rubber 5-year sec 7e..1923
10338 104 10218
3 10238 10478
1033i
3012 13 22
Union Tr(N Y) etre tiep-.
3312 Sale 293.1
3612
let & ref 50 seriel A
87
Sale 8678
1947
8714 105, 8558 8934
3012 4
2912
30.2 31
Equit Tr (N Y) Inter eels _
22
364, .0 S Smelt Ref & NI cony 68.1926
A 103
Sale 1023s
10312 48,1 8734 10514
75
711 July'19 ---- 7478 7!)
Va Ry & Pow 1st & ref 5s._ .1931 1- 1
Va-Caro Chem let 15-yr 58_1923
9512 Sale 951s
9512' 11 ! 9518 9812
Cony deb Ss
____ 103 102
el924 A
I 10014 104
102
Gas and Electric Light
West Electric lot Sc Dee,___1922
97
9718
Sale 97
5 9612 9914
Atlanta 0 L Co 1st g 5s__ _ _1947 J I) 95:4 _ 103 Sept'15
851,
8514 -Sale 851,
Bklyn Un Otte let cons g 50.1945 ot N
8:04 95
I
Coal.
Iron & Steel
Cincin Gas & Flee let&ref 58 195t1 A 0 ---- 9318 93 July'19
43
93
Beth Steel 1st eat e f 5s_
1926
___.
6 9512 9712
8734 8014 8713
I 82
1927 J
8712
Columbia 0 & E let 5s
_8
_6
96
!
_7 s
9212
?,3
9
71,
1e 8
9
89
5
:
8
18
2
let
&
ref
Si
guar
A
8
9
6
9
7
_..
_
1
18
8
_1942
38
1 80
7
8
99
212
87 June'19
Columbus Gat. 1st gold 58-1932 J
87
87
20-yr p m & 1mp s f fin_ 1936
111 997
f
1920
9978 Site 9978
100
Consol Gas cony deb 68
8 10534
Buff & Susq Iron s f
85
9134 9312 July'19 ---- 9:312 9012
1932
9712 100
Cons Gas EL&P of halt 5-yr 58'21
9814 Sept'19
99
96'8
Debenture
915
8
58._
-__- 90 Sept'19 ---- 9()
Ss...
..a1926
91
9612 _ 9612 Aug'19
Detroit City Oat) gold 68_ _1923 J
9618 9634
Cahaba C M Co 1st go Se ,,1922
101 Dee '14
4 01
Detroit Edison let coil tr 58.1033 J
o'fi 95
95
95
9612
Colo F .A I Co gen s f (is____1943
A ____ 88.14 9012 Aug'12 -- -ii" -6I11
A1940 M e 87
let & ref &a ser A
9012 8812
89
8812
04
Col
Indite let & coll 5s gn 1934
A
78
79
7614
3 7312 81
79
Eq 0 L N Y let cons g 58.._1932 M
94 Feb'18
Cone Coal of Md bit&ref 58.1950
83% 88
8312 Sept'19
S212 90
Gas & Flee Berg Co c g 58_1949 J D :1
.
7-887
;100 Feb '13
Elk Horn Coal cony
98 Feb '19 ---- 95
_1925
9814
Havana Flee cowed g 5s ___1952 PA
8714 88
87 Sept'19
36
87
Illinois Steel deb 4 Lis..
85
Sale 8378
1940 A
85
19
8234
8638
Hudson Co Gas let g Is .. 1949 MN
8912
91 Sept'19
90
91
Indiana Steel 1st 54
9412 Sale 9438
1952
10 94
95
9812
Kan City (Mo) Gas lot g 55_1922 *0 9112 ____ 0212 May'19
9212
9212
Jeff
&
Clear
C
Al
96
2d
5s.
_
_1926
p g 5,
__I
Kings Co El
1937 A0 83
S5 Aug'19
85
94
Lackawanna Steel let g 56_1923 A
96
9614 or,
3 96
96
98
Purchase money 68
1997 AO 90 loci.' 0912 Aug'11)
9912 105
1st cons 58 eerie() A
8 93
93
_ ._1954)
9312
9312
3 86
99
1925 MS 9/12 ____ 98 Apr '19
Convertible deb Se
90
98
Midvale
Steel
&
0
87
cony
f
Sale 8612
5819353
8738 31' 86
J ____ 8012 80 Sept'19
91
Ed El III Bkn let con g 41) 1939
797a
84
Pleasant Val Coal 1st s f 5s 1928
S012 ____ Lae Gas L of St 1,11Pf dr ext 54'34 A 0 _89 8814
881,
8814 97
Pocah Con Collier lot o f 58.1957
83
S17t 88 June'19 ---- i 8714 -171*-1N
2
i3; _ _ _ 8738
Milwaukee Gas L lot 4e ._ 1027
8738
8714 89
Repub I &101G-yr Ss e f1940 A
9412 Sile 9314
9412 23 0212 9614
D
1948
10112 Apr '17
Newark Con Gas g 53
St L Rock Mt & P 5s an:m(1_1955
-__
7618 5034 Mar'19
r ,
9
2 ....._1 8
Jo
87
034 0
1
s
.___19,
80
354
8612
88
g
5s
8612
NY0 EL II & P
8658
863
8
94
Tenn
Coal
I
&
87
RR
gen
____
58_1951
87
Ii
Purchase money g 4s . _1949 Fit 6814 7614 7012 Sept'19
68
7414
U El Steel Comp-j coup_ _ _d1963
0918 Sale 9812
9978 144 9819 10112
99
99 Mar'19
Ed Flee Ill let cone gt Is _1995 Si
98 103
5110-60-year S's rug
_81963
100,3 Aug'19 ----I 9914 10012
9612 Aug '17
NY&Q El LAP lot con g fie _1930 PA -80 Utah
Fuel
let
s
f
5s.
1931
8634 Pacific 0 & El Co-Cal 0 & EVictor Fuel let s f 55
50
53 -70 Mar'19 -- ! 70
1953
70
88
9038 9138 Sept'18
Corp untfying & ref fie_ __1937 M N
897s 9618
Va Iron Coal & Coke let g 58 1949
8418 Sale 8418
8418
1 8418 8758
5 84
81
8378 84
Paolfle 0 & F gen & ref 68_1942 J
81
88
Pao Pow & Lt let, & ref 20-yr
Telegraph & Telephone
8778 82 Apr '19
foit International Serieo___1930 ✓ A
82
83
Am Telep & Tel coll In 4e___1929 5 1 8212 Sale 80
8258 52, 80 . 86
100 July'17
Pat & Passaic 0 & El fie__ _1949 M S
Convertible 4s
10181W 8 --- 84
80 May'19 ..-__i 77
80
9.412 97 Aug'19
Peep Gas & C let cone g 68_1943 AG 1)8
97 101
20-yr convertible 4)48
1933 M 8 86
8712 87
87
2 8512 91
2 6714 7712
69
69
Refunding gold 54
1947 MS 68
69
391-yr
temp
coil
tr
Sc.1946
J
D
66
Bale 8512
8712 100 8512 94
____ 80
7978
Ch 0-L & Coke lot gu g 50 1937 J
7978
5 7873 88
7-year convertible gs
1925 F A 100
Sale 9.138
10012 332 9938 10438
100 100 Apr '17
Con 0 Cool Ch let go g 581936 J
_
Cent Dist Tel lot 30-yr 54_1943 J D 9614 98
0614 Aug'19 -- -- 06
9812
89 Mar'17
Ind Nat Gas & Oil 30-yr 581936 81 N
Commercial Cable 1st g 4s 2397 Q / _6
,5.: 7_7.: 73 Noy'17 -- __- -75 May'19
Mn Fuel Oat let go g 5()_.1947 M N .
75
75
Registered
2397 Q 1
13818 Jan '18 -9 8712 91
Philadelphia Co -cony g 58_1922 M N 8712 Silo 8712
871 2
Comb
T
&
T
let
&
gen
St.__
19:37
.1
J
89-8
90
921: Aug'19___ -61i; -64 1.5 8934 3312
90
Sale 8934
Stand Oat & El cony s f fls._1926 J
90
Keystone Telephone let 5e...1935 J
J __ 88
98 Apr '16 -9112 97.2 May'17
Syracuse Lighting 1st g 5s ._1951 SD 84
Mich State Teleph let 5e
1924 F A 82
88
8118 Sept'19 -- -8T18 -92-12
J
7412 Sept'll)
Syractille Light & Power 5e_.1954 J
7412 -7412
N
VA
N
.1
Telephone
5o
1920
M
N
g
9812 Apr '10•____ 9812 9812
Trenton
& El 1st g 58_ 1949 MS
9838 Oct '17
NY Tele!) 1st & gen s f 4 1,01_1939 M N 8634 Sale 8512
8634
62
815
8
911e
1st
_1932
MS
g
fie.
Lt
&
I'
.___
93,
8
Union Flee
90 Mar'19
90 92
30-yr (leiter' e f St _ __Feb 1949- 9938 Sale 9918
9934 25 9838 10112
Refunding & extension 5s.193:3 MN
82 July'19
82
82
Pacific Tel A Tel lot 58
19371 J
88
8812 8714
88
9, 8714 9538
United Fuel Gas 1st s f 08_1936 J .1 ____ 9712 9712 Sept'19
94
93
South Bell Tel & T let A f 58..1941 J
J
88
Sale,
87.38
8814
8, 85
9312
Utah Power & Lt lot 51)._ 1944 PA ____ 8514 8514 Sept'19
85
90
West Union coil tr cur 58_1938 J
J 85
86 I 8.1312 Sept'19 _..._..' 8612 94
J 9514 - - 101 June'17
Utica Flee L & P let g 5s._1950 J
Fund & real em t g 4 ;48
1950 IN N
8418
8412
8418
8418
23
8418
92
J
J
_1057
87
90
90 Feb '19
Utica Gas A Flee ref 58__
1)0
95
Mut Un Tel gu ext 55_ _1941 M N _-_- - _10112 Sept'17,-...;
____ 88
90 May'19
Westchester Us sold Is.. 1950 J
90
92
Northwest Tel cm 444 c 1934 1
1
94 Nov'16
*No prise Friday;latest bid and asked. a Due Jae. Due April. s Due May. g Due June. h Due July, k Due Aag. is Due
Oct. a Due Nov e Due Dec. 3 Opi-lon sale.
9814 _ _ _
_ -
88.14
BOSTON STOCK EXCHANGE-Stock Record IsATT:.„,
1262
MAIO PAWNS-NOT PBS CHNTOM PRICES.
Saturday
Sept. 20
Monday
Sept. 22
Tuesday
Sept. 23
Wednesday
Sept. 24
Thursday
Sept. 25
lfridaY
Sept. 25
121 12212
122 122
121 121
12213 123
132 122
121 122
65
64
64
65
64
6313 6313 64
*64
64
64
64
88 .88 -- *86 ___88
85
83
88
*8812 90
88
80
80
83
*SO
85
85
*80
85
85
83
*83
*80
3012
30
31
3112 3034, 31
32
31
31
*3113 32
32
48
*40
43
48
*40
*40
*40
48
Last Sale 43 Aug'19
135 135
_ 138
138 138 *
140
138
130 130 *_
*.60 - --last Sale 13 Sept'19
;6. 0
.1.60
*.60
412
-413 *2
_- *2
438 _-432
7
*5
7
*5
412 .2
19 *____ 19 *
*i5_ 19 *_ .. 19
Last Sale 18 June'19
*153
'19
*132
i
*132 ___
Last Pile,134 J11110
*85
*85
*85 ___ *85 _
Last Sale 85 Sept'19
73
Last sale 70 Aug'19
73
*
*
•101 109
101 111- *ioi los *ioir2 105 *100 103 1 102 102
5012 *5013 52 1 *5013 52
5012 5012 *5012 ____ *5012 5113 50
Last sale 105 Sept'19
*10412 106 *10412 los *10412 106 *10412 103
*7212 75
*7212 75
*7212 75
*7213 75
Last Sale 7212 Aug'19
64
64
63
462
64
*62
65
64
*64
*62
64
64
3113 32
*3034 31 14 3012 3114 3014 31
3038 3173„ 304 314
*86 __
95
*86 ____ *87 ____ *86
Last Sale .91z Aug'19
Last sate.100 Aug'19
•_ _ _ _ 100_-co* 9012 499
_
;56
- -_-_-_-_ 90
so ;56"
Last sale 22 Sept'19
20
*17
-20
*17
*17
*17 ____
8
95
*86
95
94
*86
*86
95
*86
Last Sale 8647Sept'19
8914 4034 3913 3912 39
3914 3812 39
*3812 3912 3834 39
47
47
49
*48
4734 4734 4712 48
*4612 48
&leaf°,
the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
100
145 Boston & Albany
100
261 Boston Elevated
100
22 Do prof
100
g Moston Sc Lowell
100
305 Boston Sc Maine
100
Do prof
100
15 Boston & Providence
Boston Suburban Eleo_no par
no par
25 Datost
Boat & Wore Elea pref-no par
Chlo Juno Ry & U B Y----100
100
Do prof
Concord & Mont class 4_100
100
20 Connecticut Rlver
100
117 Fitchburg pref
Georgia Ry & Eleo stampd.100
100
Do prof
100
20 Maine Central
100
990 NYNH& Hartford
Northern New Hampshlre_100
Norwich & Worcester prof_100
100
20 Old Colony
100
Rutland prof
Vermont & Massachusetts_100
50
313 West End Street
50
105 Do prof
leapt Sines .1411. 1.
Lowest
121 Sept22
6312 Sept20
88 Sept22
80 Sept26
28 Jan30
43 Aug25
130 Sept22
500 Apr28
43 Sept23
18 June13
134 Apr17
84 Feb13
61 Apr30
100 Sept 6
60 Aug 5
993 Mar15
70 Mar15
64 Sept22
2578 Feb13
88 May10
95 Marll
90 Sept18
1732 Aug18
86 Sept17
3812 Sopt24
47 Sept24
Miscellaneous
Amer Pneumatic) Service_ - 25 550 Jan 2
Last sale 113 Sept'19
*112 2
*112 14 *114 112 *113 2
*812 9
213 Apr 8
50
812 813 *812 9
70 Do prof
*813 9
*812 834
*813 9
100 97 Aug14
98
9933 2,971 Amer Telep & Teleg
9734 9914 9814 9918 9712 9314 9733 989714 98
75 Amoskeag Manufacturing__ 79 Feb15
12012 12012 *120 121
121 121 *121 125
---125 125
Ku4 *
o-A4813 Jan 9
80
11410
8112 8112
8013 *8014 81
80
8112 -;:
20- 261omml Corp-no par 1812 Septl1
mC
AnD
glo profD
2012 20
2012 *20
.20
*20
20
2013
2013 *20
22
22
65 Art Metal Construe Inc__ 10 1712 Jan21
*21
23
21
*21
23
21
*2113 23 *2113 23
1033 1012 1038 1013 1038 1013 1014 1013 1012 1078 1013 1078 2,170 Bigheart Prod az Refg___ 10 10 June16
712 Aug22
8
*834 9
98
302 Century Steel of Amer Inc.- 10
834 834
834 834
*834 9
8
14
14
14
185 Cuban Portland Cement__ 10 10 Mar26
•1334 1412 *1334 14
1334 1334 14
412 Jan 4
10
578 6
4
1
250 East Boston Land
614
6
6
1114
*6
612 *6
25
6 Jan22
1514 *15
16
374 Eastern SS Lines Inc
15
15
143 1434 15
4 16
1512 1512 "iiir4
100 39 AprIl
62
62
165 Do pref
60
63
60
*60
63
*60
60
60
100 143 Sopt24
143 1-Z217 Edison Electric Illum
143 1433
145 145
145 145
146 146
4
40
17
40 17
25 5212 Jan21
175 Fairbanks Company
7512
75
73
73
*7212 75
73
73
50 28 Apr11
.6.1;
30
30
345 Gorton-Pew Fisheries
1034 31
30
*3034 3112 z30
*30
3014 ;55" -3
4
439/1192, 13,460 Gray & Davis Inc
25 1337 Soptll
A
2 ug,
23
14
44L211is,44s3ife: 44
4
;3i;4
2 44
.
398 3934 ...3
.4 .
1_14 _4_613
1 _4_8
,74
9i3 _4.6.
313 Aug29
Internat Buttonhole M__ 10
414 Mar26
810 Internat Portland Cement_ 10
- -5.50 18
Jan 4
*2413 25
455 Do pref
.25
26
*2412 25
25
25
no par 19 Mar20
4512 *44
45
50 Internat Products
--12
*2
*44
4512 *44
44
4512 -45
44 2
451 *44
112 -313--45
6 Jan 2
714 738 1,315 Island Oil Sc Trans Corp__ 10
7
7
7
678 7
673 71,46
673 718
733
833 Feb10
•
10
Loew'o Theatres
Sept'19
933 *9
*9
933 *834 ---Last Sale 9
---McElwain(W H)1st pref _100 90 Jan17
*96 ---Last Sale 95 Sept'19
---"
6 ---74
7012"
406 Massachusetts Gas Cos.... 100 6912 Sept 8
7112 71
7034 7034 71
70
6-42
*7013
70
71
100 62 Sept 8
62
62
284 Do pref
6213 6218 *62
6213 6213 6213 62
100 130 Feb10
10 Mergenthaler Linotype
137 137
•__ 140 *--- 140 .___. 139 *____ 140
621362
*__ ,
0
1 12
10 4912 Sept26
Investment
Inc
Mexican
52
4912
50
1,033
53
52
85
55
53
5212
55
53
81
10 30 July 1
Do prof
Last sale 30 Aug'19
3311
33
424 Mullins Body Corp_.. no par 3213 Sept 6
: 3234 34
;fa- 34
;55
- 14 - 3412 1412 3312 135Telephone__100
83 Sept26
New
England
363
84
85
83
85
833t
163s 8634 8534 86s 85
8534 85
I
145 Feb24
Pacific Mills
3
39
Liasst 8
3,
98
/8
5 173
30Sept'19
_
1,660 Parish &Bingham Corp_no par 34 Aug21
3.5 -33.11-2 3834 39'* 3814 3814 39
3934
100 93 Jan 6
5 Plant (Thos 0) prof
98
*97 ___- *97 ____ *97 ____
*97
98
*97 ____ 98
10 14 Jan 3
53 Reece Button-Hole
*15
1514 *15
1513 *15
15,2 15
1534 *15
15
1534
15
A 35 July 1
Dervoort
Class
Root
Sc
Van
20,111
4212 4214 4234 42
42
4212 4212 4434 44N 45
4458 4534
3213 Jan23
2,915 Stewart Mfg Corporation-___
49
49
4912 4912 49
49
5038 5038 51
*4834 50
49
100 115 Jan30
12234 12312 12318 126
124 12614 12434 12512 125 12534 12512 12712 1,497 Swift & Co
12 Jan13
52
25
Torrington
348
7013
71
7012
6812 69
7112
*70
6912 70
7012 7012 71
25 45.3 May 7
120 Union Copper L & M
*114, 134 *111
134 *114
131 *114
134 *114 134
1
114
2,824 United Shoe Mach Corp- 25 44 Jan13
SO
5013 4934 50
5034 51
5013 5013 5034 5034 51
50
25 26 Sept26
170 Do prof
*2613 27
2612 2613 2612 27
*2638 2634 26
*2613 27
2614
734 Jan21
1673 1718 17
1814 18
1814 17,142 Ventura Consol Oil Fields- 5
1813 177 1818 18
1833 18
10 16 May19
1,095 Waldorf System Inc
*1813 1812 1814 1814 *18
1814 1818 1818 18
1814 18
183
100
28
Aug26
Watch
Waltham
50
•__-- 31
3012 3013 *____ 3012 *___- 3014 *
3014*---- 3014
2012 21
21
21
2113 2112 2114 217
21
2114 ---- -- 1,395 Walworth Manufacturing_ 20 17 Mar24
100 15 Feb14
260 Warren Bros
74
.
70
74
73
73
75
75
7012 7012 71
74
75
100 37 Jan 2
Do Ist prof
*63
69
*63
68
*63
69
Last Sale 68 Sept'19
*64
100 38 Jan23
Do 2d prof
*____ 76 *_ _ _ 78 *---- 78
Last Sale 78 Sept'19
*113 2
*78
80
..50 .90
41,4 4114
*1412 15
814 814
.50
410 410
255 2578
*1718 1712
5114 5134
*318 314
1014 1034
1612 1634
41 434
*634 7
*413 434
*114 112
47
47
86
*85
3314 33,4
4
4
*113 134
*512 6
*312 4
*3
4
712 713
334 9
*813 9
*67
68
*312 4
24
24
1012 1013
•17
20
*75
78
1073 1078
1512 16
*113 138
*2
214
41
41
58
58
2212 2212
*66
68
*59
62
19
19
233 238
*218 212
.20 .20
*63.4 712
314 314
134 134
112 134
*212 273
*913 973
314 313
*313 334
*178 214
*2312 25
*1
112
113 113
*112 2
*78
80
*78
80
*.50 .90 *.50 .90
*41
42
41
42
1434 1434 1434 1434
*734 811 *734 814
.50 .50 .40
.50
410 415 *400 410
2512 27
2513 26
1718 *1512 17
17
5112
51
5134 51
313 314 *318 312
1038 1034 1014 1038
1612 1634 1633 16"4
.412 5
*413 5
*634 7
*634 7
*413 478
412 412
*114 113 *114 112
*47
48
47
47
86
*85
86
*85
33
33
33
33
4
414
414 414
134
*158 134 *15
513 512
*513 6
*312 4
*313 4
.3
4
*3
4
714 714 *714 734
834 851
834 9
9
9
*812 913
66
65
66
66
*313 4
*312 4
2414
24
2314 24
1013
*9
1012 *9
*17
20
*19
20
*76
80
*78
79
1018 11
1012 1034
*1513 16
*1512 16
1
1
114
*118
.2
214 *2
214
41
41
*41
42
60
56
56
*57
*2214 23
*2212 23
68
68
*67
68
61
61
60
60
19
19
19
19
218 238
213 238
*218 238 *218 212
.25 .25 *.20 .25
612 612
6
612
312 338
3i3 314
13.i
134
134 2
*112 134 *112 IN
*213 234
213 212
934 934
914 934
314 34,
341 314
*312 4
*314 4
2
2
2
2
*23
25
*23
25
112
*1
113 *1
'Bid and asked prices.
*112 2
*78
80
*.50 .90
*41
4113
*1433 153
*7J4 814
*.40 .50
401 405
2634 2738
*1513 17
51
5112
318 414
1014 1012
165 1634
414 512
614 634
413 413
112
*114
46..4
46
*85
86
3312
*33
4
4
*IN
134
512 512
*312 4
*3
4
74 714
9
9
*813 918
*64
65
*312 4
23
2334
*9
1012
*19
20
79
79
1034 1034
15
1534
1
1
*178 214
41
41
58
58
2318 2378
*67
68
61
*18
19
218 214
*218 214
*.20 .25
6
634
333 333
134
134
*112 Ps
*238 234
*912 10
314 333
*313 4
112 112
2573 2578
*1
112
Highest
145 Apr 3
8014 Apr 5
97 Jan28
95 Jan 3
3812 July29
50 Jan27
168 Jan 6
600 July 3
JanI4
11
30 Feb 7
135
Jan 4
90 June10
77 Jan 6
115 Apr 9
58 Jan 2
110 June24
7812 July29
83 Jan 6
4034 July29
9912 Aug 6
101 Apr15
105 Jan 3
23 May27
100 Juin
50 Apr 3
58 June13
2 Aug14
914 Aug14
10812May27
145 Juiy12
84 Mar22
2413 July25
2212May 5
1333 May19
1513 Mar17
1834
6
673 June19
1912 July26
75 July26
172 Jan 2
84 July28
38 May17
52 May19
413June12
914 May 6
28 May 6
49 Aug13
93 Feb20
11 Jan15
99 Mar26
86 Jan 9
71
Jan13
149 jonolg
72 July17
3314 Julyll
3913 Aug29
96 Marl()
188 July17
4114 Sept 3
99 Mar29
16 May15
4534 Sept26
5412 July14
150 may 5
71 SoptI8
212June 2
55 may 6
31
Jan25
1833 Sopt23
2112 July10
38 June16
25 July24
83 July14
7212May 2
80 July16
[VOL. los.
leapt for Preston
Year 1918
Lowest
12212 Apr
37 Jan
9113 Dec
80 July
19 Jan
27 Feb
150 Apr
.50 Dec
1014 Mar
25 July
138 July
8212 Apr
73 Nov
104 Feb
53 Jan
106 Sept
Oct
70
7712 June
27 Feb
Oct
84
Jan
95
x8812 June
Jan
20
80 Aug
37 Feb
Jan
47
Sighing
146 Nov
80 Nov
98 Nov_
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
3014 Nov
147 Apr
8512 Deo
80 Feb
125 Nov
65 Jan
11614 Jan
81 Feb
88 Nov
46 May
95 Nov
10018 Nov
11212 Die
25 Jan
90 Oet
50 July
62 API
212 Mat
.40 July
4 Sept 1558 Mal
905 Aug 1091s Oot
8013 Jan 92 Nov
Jan 82 June
76
11
Feb 319
Dee
15-ao
7 --11;
1
-i6;
1712May
1112 Nov
534 May
4 Jan
13 Mar
6 Nov
39 Oct 58 Mar
134 June 188 Nov
2712 June 6414 Nov
27 Aug 35 Aug
312 Mar
412 Oct
12 Apr
312 Aug
712 Oct
23 Nov
-3-18 Aug - -66-2 Dec
734 June 10 May
88 Sept 93 Nov
37714 Jan 9114 Nov
62 June 71 Nov
107 June 147 Nov
8212 July 10012 Oct
130 Feb 160 Nov
91
11
Aug 100 Feb
Jan 1372 Mar
Oct -ill; Nov
102 Aug 14614 Aug
45 Jan 56 Dec
45o Dec 600 Mar
3812 July 4812May
24$4 Aug 2612 Mal
9 Nov
5 Jan
17
9
35
Nov
Feb
Dec
25 Sept
1212 Feb
42 Apr
Mining
12 June
212 July25
134 Jan
100 Adventure Consolidated- 25 .50 Apr22
*113 2
*114 134
ich_ mining
om
ees
25 6212 Mar22 91 July29
mhgm
89 Dec 86 Nov
78
78
78 7880 A
Apr30
114 July30
25
100
.15 July
.45 Mar
Last Sale .95 Sept'19
25 3312May 1 52 July28
4012 Doe 54 Feb
70 Allouez
4112
*41
4112 41
5 1034 Feb28 18 July30
1614 Aug
Jan
11
140 Arizona Commercial
4.1458 1533 1412 1412
10
7 Apr 9 1012 May12
1034 May
9 Nov
20 Bingham Mines
*734 814 *73.1 8'4
.48 Nov
.20 Oct
50 Butte-Balakiava Copper- 10 200 Jan30 90o May14
*.40 .50 *.40 .50
25 350 Mar14 480 July17 425 Dee 470 Dix!
58 Calumet & Hecht
400 400 *405 410
1 1214 May 5 2751i Sept24
_ _-_-- -7,535 Carson Hill Gold
2613 27
2612 27
25 12 Mar21 20 July28 -1034June -141;-Feb
20 Centennial
*1512 17
*1512 17
25 39 Mar 5 62 July28
40 Dec 5112 Nov
1,007 Copper Range Co
5012 51
5012 51
3 Sept
2 Marll
334 May14
112 Apr
20
545 Daly-West
3
314
318 318
Feb13
43
4
434 Dec
678 Mar
10
113
July25
Davis
3,670
Copper
4
1038
1014
1012
-Daly
1014
8 Feb28 21 Aug 9
10
813 Mar 12 Nov
1,240 East Butte Copper Min
1612 1678 *1634 17
6 Feb
25
1331./a4 CI
1
13
14
2 July26
3 June
152 Franklin
43.4 434
*412 '434
4
434 Dec 101s Jan
22 Hancock Consolldated - 25
July28
634 634 *63i 7
25 200 Feb 20
15o Mar 30o
734 May21
Beg
412 412
413 478 1,010 Helvetia
1
Jan
25 500 Mar 8
2 July26
.40 July
Indiana Mining
Last Sale us Sept'19
447 Dec 70 May
1
42 Apr18 5534 July28
585 Island Creek Coal
31513 46
4613 47
Do pref
1 78 Apr12 8812 July30
7913 Oct 84 Feb
Last Sale 85 Sept'19
1912 Jan 29 July
60 Isle Royale Copper
25 24 Jan 2 41 July29
.33
34
*3314 34
5
4 Jan17
6,3 May 9
5 Jan
613 Oct
555 Kerr Lake
411
4
4
4
233 July31
50 Keweenaw Copper
25 990 Mar 4
.80 Sept
134 Mal
*IN
134
158 IN
73 July28
25
3 Jan25
834 May
280 Lake Copper Co
334 Doc
512 512
514 512
314 Mar
100 La Salle Copper
512 July28
25
2 Apr16
2 Jan
*312 4
312 3,2
5
213 Apr23
414 July25
6 Feb
Mason Valley Mine
234 Dec
Last Sale 338 Aug'19
4 Feb 7 10 July28
25
7 Jan
70 Masi Consol
334 Sept
*714 734 *714 712
2 Jan13 1314 June 2
412 Nov
608 Mayflower-Old Colony- 25
.65 Mar
83.4 834
834 9
Feb24
10
225
25
213
Mictilgan
July28
.40June
414 Oct
8'
812 812
858
25 4912 Feb 7 83 July28
5012 Dec 0812 May
305 Mohawk
6333 6333
63
63
612 July28
114 Aug
314 333
285 Now Aradian Copper
25
1 Mar 8
212 July
38 333
5 1434 Mar 5 2914 July31
516 New Cornelia Copper
2334 24
2334 24
812 May 2 1212 July31
934 Dec 1714 Mar
50 New 1.tria Quicksilver- __ 5
*9
1012 100
873 Febll 2012May 22
12 Aug 20 Jan
118 New River Company
-20- -2-612
18
20
100 5734 Mar 1 81 Sept26
8312 Dec 80 Jan
35 Do prof
78
79
80
81
5
814 Jan15 1312 May12
8% Jan
972 Apr
1138 1,110 Nipissing Mines
1078 1018 11
15
0 Feb20 2038 July23
1013 Dec 1738May
758 North Butte
1512
1512 15
15
134 July30
.25 Feb
05 Mar
25 250 4pr22
97 North Lake
118
*118
114
118
12 June
25 75c Mar15
414 July29
133 Dee
Ojthway Minbag
Sept'19
Last Sale 2
32 Dec 4512 Jan
220 Old Dominion Co
25 3012 Mar 5 5212 July28
4114
41
41
41
4613June 85 Jan
25 45 Mar17 73 July28
7 Osceola
*58
60
*58
60
1234 Doe 2014 Feb
10 1218 Feb 8 £2314 Sopt26
2313 2518 x25
2814 2,817 Pond Creek Coal
59 DIXI 78 May
27 Quincy
25 52 Mar22 83 July28
66
66
*66
68
38 Dec 57 Jan
40 5t Mary's Mineral Land_ 25 40 Mar 4 75 July29
58
60
*56
60
1534 Deo
7 Jan
80 Seneca Copper Corp___no par 13 Jan22 2612 July29
1812 1812 -_534 Jan
414 July30
234 Dec
113 Mar15
10
218 21,1
213 214 1,010 Shannon
13 Sept
2 Jan
312Ju00 6
40 South Lake
25 400 Jan13
*212 214
213 213
.20 Jan
.10 Dec
80 Jaull 500 Aug14
350 South Utah M Sc 5
5
.20 .20
.24 .24
4 Feb
872 Nov
435 Superior
25
4 Mar 8 11.14Juno 5
6
6
7
*5
4114 Sept
338 338 *3.8 314 1,020 Superior Sc Boston Copper 10
414 Juno10
114 Aug
1 Mar28
412 Feb
212 Sept
514 June 2
112 Sept 9
25
152 134
152 134 1,160 Trinity
.73 Dec 1% Aug
5 74o Apr 1 2% Sept17
112 1% 1,325 Tuolumne Copper
*112 152
114 May
418 Nov
3NJune 2
134 May 9
410 Utah-Apex Mining
212 212
5
212 212
7 Dee 12 Jan
523 Utah Consoll.lated
712 Jan18 1234 July29
912 912
918 912
1
313 311
3
,
,C4 Apr
314 2,492 Utah Metal Sc Tunnel
5 July30
1 Dec 3,
114 Jan28
1
3 Jan
11,3 Doe
434 July28
3.2 312 *213 4
100 Victoria
25
114 Mar13
2 Jan
12 Nov
3 July28
178 173
25 50o Jan 9
178
178
379 Winona
18 Des 36 Jan
25
*23
25
10 Wolverine
25 15 Mar 5 31 July31
*23
1 Mal
.40 May 1%
1
1
*1
114
25 40o Mar13 1% May27
125 Wyandotte
4Ex-dividend and rights.
e Assessment paid. b Ex-stook dividend. hEx-rights. a Ex-dividend. is Half-paid.
SEPT. 27 1919.]
THE CHRONICLE
1263
Outside Stock Exchanges
Bonds (Concluded)-
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Sept. 20 to Sept. 26, both inclusive:
Frtday
mtes
Last Week's Range for
Sale.
ofPrices.
Week.
Price. Low. High.
Bonds.
V S Lib Loan 338..1932-47
1st Lib Loan 48_1032-47
20 Lib Loan 48.1927-42
1st Lib Ln 4Xs_1932-47
20 Lib Ln 4558_1927-42
3d Lib Loan 44s_1928
4th Lib Ln 4Xs_1933-38
Victory 43s_ _1922-23
Victory 3%s_ _ _1922-23
Amer Tel & Tel coil 451929 _
Collat tr 5s..,. _1940
A tl 0& W I SOT.58..1959
Gt Nor-C 13 & 1 4s_ __ _1921
Maas Gas 474a___ .. _1929
435s
1931
Miss River Power 5s..1051 76
N E Telephone 5s_ _1932 _ .....
Punta Alegre Hug 65_1931 108
1944 9275
Swift & Co let 55
United Fruit 4558____1923 __ _ _
455s____ _ .. _____ 1925
U S Smltg It & M cony 65Ventura Oil cony 78
Western Tel & Tel 58_1932
99.74 100.08 $14.0.50
94.74 95.04 12,500
93.53 94.04 16.050
94.54 95.30 7.150
93.74 94.56 72.450
95.44 96.56 47,800
93.54 94.80 121,900
99.74 100.00 48,350
99.90 99.90 28,250
83
83
2,000
1,000
87
87
8154 81)5 5,000
1,000
9534 9534
8934 89% 2,000
85
85
1,000
11,000
77
76
8735 8755 4,000
105 109
32,000
9234 9334 15,000
100 100
2,000
100 100
1,000
103 103
13,000
180 185
11,000
87
87
3,000
Range since Jan. 1.
Low.
High.
98.04 Feb
91.64 Jan
92.04 Jan
93.24 Jan
92.64 Aug
94.40 Mar
92.84 Aug
99.34 Aug
99.52 Aug
82X Aug
87
Sept
79
Feb
9434 Aug
8934 Apr
83
Apr
76
Sept
8735 Sept
87
May
9234 Sept
100
Jan
100
Mar
99
Feb
94
Jan
87
Sept
100.08 Sept
95.90 Mar
94.80 June
96.50 Jan
95.90 Jan
96.16 Sept
96.50 Jan
100.04 June
99.90 Sept
8755 Sept
92
May
84
May
9574 July
94
Mar
8734 mar
80
May
9334 Feb
11455 July
9834 June
10034 May
100
Mar
105 May
185
Sept
91
Mar
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Sept.20 to Sept. 26, both inclusive, compiled from official sales lists:
Stocks-
bates
Friday
Last Week' Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
48
48
Amer Rolling Mill com.:25 48
100
120 124
Amer Wind Glass Mach100
350
100 -------92
Preferred
9234
70
Arkansas Nat Gas corn _100 94
85
9475 1,852
Pre erred
100
95
95
10
50
Bank of Pittsburgh
130 130
70
Bamsdall Corporation...25 3634 3535 3674
1,021
Carlo-Hydrogen corn _ _5
334 334 7,907
334
Preferred
5
4
455 4,320
434
Carneg e Lead & Zinc_ _5
25
6
6
Columbia Gas dr Elec_ 100
63
10
63
Consolidated Ice corn..5O
385
555 6
Preferred
24
24
50
50
Crucible Steel
202 202
100 202
10
Herb Walk efract com100
20
11974 11974
102 102
Preferred ---------100
10
4
indep Brewing corn
375
50
434
Preferred
50
340
1034 11
Lone Star Gas -----100 -----180 185
22
5335
50 5334 53
Mira Light & Heat
375
5
735
755 735 23,347
Mariand Petroleum
80
80
Nat Ben Franklin Ins Co50 80
29
834 9
834
Nat Fireproofing com..../.0
375
5(
Preferred
15
15
340
1534
1 2434 2434 2634
Ohio Fuel OIL
240
25 53
Ohio Fuel Suppil
610
,
5234 53
Oklahoma Nat Gas
25 3734 36
3854 2,226
Oklahoma Prod dr Ref_ _5
20
934 935
Pittab Brewing com_ _50
755 8
310
Preferred _ _ _ _ ... _50 16
16
10
50
_1 38c
350 390 34,300
PIttsb-JeromePittsb de Mt Shasta
CoimerCopp-1 58e
510 70e 116,100
100
Pitts!) Oil & Gas
14
1455
322
Pittsb Plate Glass com_100 134
133 134
1,835
Riverside East 011 com_..5
5
534 4,120
554
Preferred
_5
5
750
434 534
Riverside West 011 com_25 _ _ _ 3354 3334
119
Union Natural Gas....100 130
129 130
48
100
33
U S Glass
3355
160
U S Steel Corp com----100 -----102 10255
75
West'house Air Brake_ 50
112 113
165
West'house Elm dr Mfg-50 5474 5234 5474
535
West Penn Rys pref..._100
78
20
78
W Penn Tr & W P corn 100
11
11
50
Bonds1955 58
Indep Brewing 6s
55
58
$5,000
70
West Penn Tract 58 _1960 . _ ._
70
2,000
Range since Jan. 1.
Low.
High.
4434 Apr
79
Jan
7755 • Jan
53
July
75 May
125
May
32 June
234 Aug
355 Aug
6
Sept
3974 Feb
Jan
3
15
Feb
11734 July
112 June
99
Jan
134 Jan
555 Jan
170
Jan
4834 Jan
674 Aug
80
Sept
5
Jan
10
Jan
16
Jan
4255 Feb
2834 Jan
sq Mar
2
Jan
7
Jan
80
Jan
21c
Jan
8
Jan
116
Jan
% Feb
234 Jan
9
May
122
Jan
30
Feb
8834 Feb
93
Jan
4034 Jan
7534 July
11
Sept
6434 July
157
July
9434 July
90
Sept
120
Sept
130
Sept
41
June
334 Sept
434 Sept
734 Apr
65
Sept
8 June
29 June
202
Sept
120
Jan
10234 July
7
May
16
May
300
May
56
May
734 July
80
Sept
May
24
May
31
May
5474 July
39
Sept
1334 May
1034 July
20 June
67c Aug
70c Sept
181,4 June
135
July
534 Sept
555 Aug
35
Sept
135
May
40
may
1141( July
12434 June
5954 June
8034 July
14
May
36
68
Jan
June
1174
57
70
Sept
I Sept
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Sept.20 to Sept.26,both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
100
Alabama Co
88
88
Arundel Sand & Gravel _100
44
44
Atlantic Petroleum
_10
'3% 334
13altimore Brick pre(
854 855
43
Bait Elm prof
43
43
400
Baltimore 'rube
65
65
Preferred
100
85% 85%
Celestine Oil v t___ _ ..... 4.00
3.90 4.20
Chalmers 011 & Gas pref. _5
356 335
25
Commercial Credit
3
43
104 10554
Consol Gas E L. & Pow_100 105
Consolidation Coal_ ...10() 85
85
8555
5 1135
Cosden & Co.
1134 1234
434
5
Preferred
4% 4%
33
Davison Chemical-UP Par 32)5 32
50 34
3354 3454
Elkhorn Coal Corp
1
100
1
1
13 S Brewing
90
Houston 011 prof tr etts_100 90
90
0% 10
10
Indlahoma Refining
Md Del dr Vu prof
56
56
60
60
Mer dr M iners Trans V T 100
MtV-WoodbMIlisPfvtr 100 95
95
95
69
50
70
Northern Central
825( 8354
Pennsyl Vat & Power_ _100
Robinson 011 preferred _10
6% 6%
95
95
95
fichaeffer 011. pref
United Ry & Electric. 50 1634 16% 18
2455 25
Wash Bait & Annap.. _50
37% 37%
50
Preferred
5
455
45( 455
Wayland Oil & Gas
Bonds9074 9074
Alabama Cons C & I 55_'33
73
73
Chicago Ry let 58-.1927 73
97
97
City & Suburb 1st 55-1922
83% 8375
Consul Gas gen 434s..1954
8235 83
Cons Gas E & P 455s 1935
98
98
_ ..... 98
la 5% notes__ _
98
98
Pt 6% notes _
10155 10134
P 7% notes
85
8535
Conon' Coal ref 5s._ _ _1950
99% 991,4;
Convertible es
1923
10
40
100
60
20
255
12,602
1,000
01
152
100
6,220
1,535
525
215
20
85
1,475
200
26
107
78
215
1,900
100
1,220
105
10
295
Range since Jan. 1.
Low.
High.
69
Feb 96
Aug
3454 Jan 49
July
Jan
2
455 July
854 Sept
854 Sept
42
May 4455 Feb
Sept 90
65
May
71% Feb 93 June
1.00 Mar
4.90 July
335 Sept
3% Sept
40
July 44
Jan
10334 Apr 11154 May
78% Apt 92 June
6% Feb
1255 May
4
Jan
5 May
30
Aug 4035 Feb
27
Mar 43
July
55 June
155 May
72% Jan 101
May
535 June ioq Sept
55 Sept
55 Sept
54% Mar 7255 May
71
Feb 100
Aug
69
Sept 80
Feb
7754 Jan 8855 May
654 Aug
7% July
95
Sept 95
Sept
,15
Mat 20% Jan
24
Aug 29% June
35% Fet 38
Apr
3% Feb
4% Aug
$6,000 81
Feb 9034 Sept
2,000 73
Sept 7955 Jan
1,000 97
Sept 100
Jan
1,000 83% Aug 89
Jan
6.000 82
Aug 85% Jan
22,000 9535 Jan 99% Juno
4,000 97
Mat 9854 Feb
10,000 10034 June 10134 ;July
4,000 85
Aug 92
p Jan
9.000 9934 Sent 10054 .Tniv
Friday
awes
Last Week's Range for
Sale.
ofPrices.
Week.
Price. Low. High.
Cosden dc Co ser A 65_1932
Series B Os__1932
Elkhorn Coal Corp 65.1925 9954
GI-B-S Brewing Inc 55_1951
Monon V Trae 78
Mt V-Woodberry 613_1920 _ ._
No Balt Trae 55
1942
Pennsy W & P 58
1940
Seaboard Air L adj 58_1949
United E L & P 455s__1929
United Ry & El 4s_._1949
Income 4s
1949
Funding 55 small_ _1936
NVash II & A 65
1941
104
10334
9834
3
9734
10074
98
90
4634
8754
70
5255
• 70
7974
Range since Jan. 1.
Low.
High.
10454 $46,000 8454 Mar
10454 87,000 8534 Jan
9955 13,000 98
Feb
6,000
3
134 May
1,000 9734 Sept
9734
10035 1,000 10034 Sept
98
5,000 98 ' Sept
90
1,000 8934 Feb
4634 5,000 4634 Sept
8755 2,000 87
July
7034 8,000 6834 Aug
5,000 48
Apr
5234
70
700 6634 Aug
7955 2.000 79
Sept
104%
10434
9955
355
9834
10054
10034
91
4634
8755
7634
5555
76
8334
Sept
Sept
June
May
Jan
Sept
Jan
June
Sept
Apr
Jan
Mar
Mar
Jan
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Sept. 20 to Sept. 26, both
inclusive, compiled from official sales lists:
Stocks-
Friday
safes
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Gas
100 5555 5555 5554
40
American Milling---- -10
42
9
955
Amer Ship & Commerce_ _ _
3755 3534 3734
325
American Stores.._ _no par 3555 3234 3855 2,557
Baldwin Locom, pref._100
106 106
15
Elec Storage Battery___100 11155 105 112
10,115
General Asphalt
100 11734 89 119
11,138
Preferred
100 175
138 175
6.232
Insurance Co of N A _ _ _ _10 3055 303-4 3035
125
Keystone Telephone_ _ _ _50 1335 1355 1454
300
Lake Superior Corp_
100 1954
19
2034 5,507
Lehigh Navigation
50 68
67
229
68
Lehigh Valley
50 48
257
4734 48
Little Schuylkill
50
42
42
100
Midvale Steel & Ord_
50
48
4874 • 327
Northern Central
50 6954 6934 70
80
Pennsylvania
50 43
4274 4334 3,099
Philadelphia Co (Pitts) 50
10
3334 3334
Pref (cumulative 6%)_50 35
34
148
35
Phila Electric of Penn ..25 2555 2534 2534 4,853
Phlia Rap Tran v t r ......50 26
2655
26
630
Philadelphia Traction_ 50
66
12
66
Reading
50
79
79
5
Tono-Belmont Devel_ _1
613
3
235 3
Tonopah Mining_
1
3
254 3
3,223
Union Traction
50 38
38
3855
548
United Cos of N J
100
15
19534 19555
United Gas Improv't _ _ _50 6335 6355 67
6,041
U S Steel Corporation _100 10434 10034 10454 1,055
Warwick Iron dr Steel_ _10
50
834 854
Weisbach Co
100
54
54
10
W Jersey & Sea Shore
50
43
3
43
York Railways, pref.
30
50
50
30
BondsU S Lib Loan 350.1932-47
99.70 • 350
99.70
.
Lib Loan 3d 4Xs._ _192895.40 95.96 1,150
Lib Loan 4th 4X s.. _1938 _ _ ._
93.50 94.50 4,000
Amer Gas dr Elec 58_2007
84
8555 2,000
Elec & Poop tr Ws 43_1945 68
8,000
68
68
Equit Illum Gas Lt 55_1928
1,000
103 103
Gen Asphalt deben 68_1925
1,000
97
97
Lake Superior Corp 5s.1924
69
68
18,000
Leh C & N cons 455s_ _1954
91 .91
2,000
Lehigh Val coil Os _ _1928 10154 10154 10154 5,000
Annuity 65
116 11655
4,000
Penn RR general 55_ _1968
9134 9154 2,000
Philo, Electric 1st 5s.1066.
93
93
49,000
93
do
small__
94
94
500
1966
Reading gen 419
17,000
1997 8134 8155 82
Spanish-Amer Iron 68_1927
100 100
3,000
United Rys gold tr ctf 48'49
55
55
3,100
TTTlitpd Rya invest 5,1926
75
75
5.000
Range since Jan. 1.
Lew.
High.
54
Aug 74 June
9 May 1255 Apr
Aug 45'
31
Aug
2055 Apr 3834 Sept
10055 Jan 10934 June
5134 Jan 112
Sept
39
Sept
Jan 119
76
Jan 175
Sept
2534 Jan 34 June
Mar 1874 July
8
17
Jan 2555 July
67
Apr 73
Jan
4735 Sept 6034 June
4055 June 45
Mar
41
Jan 6174 July
6935 Sept 75
Jan
4255 Aug 4834 May
30
Jan 4234 July
3154 Jan 3755 Apr
2434 Jan 263-4 May
Apr 2954 June
23
z6534 Sept 71
Jan
Aug 9354 June
76
255 Jan 3 15-16 May
255 Sept
4 May
May
37
Jan 41
185
Feb 19534 Sept
6354 Sept 7454 Jan
8834 Feb 11555 July
855 Jan
Apr
9
40
Apr 5435 Sept
4134 May 46
Jan
30 May 3254 May
98.20 Apr
94.36 Sept
92.90 Sept
Sept
84
Mar
65
10154 Feb
97
Sept
58
Jan
Sept
91
10154 Jan
116
July
9055 Aug
Sept
93
9334 May
8034 Aug
100
Aug
Sept
55
623,4 Jan
99.70 J an
96.38 Jan
95.7O May
88
Jan
71
Jas
Apr
104
Sept
97
74
Aug
95
Aug
10234 Jan
120
Feb
98
Jan
96
July
9755 Jan
8654 Jan
102
Aug
57
Jan
7854 July
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Sept.20 to Sept.26 both inclusive,
compiled from official sales lists:
Stocks-
'
,sway
klUtC.4
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Range since Jan. 1. 1
Low.
American ShIpbuilding_100 126
12454 126
475 100
Feb
Armour dr Co, preferred_._ 10255 10255 10235
1,897 9855 Aug
Booth Fisheries,common
50 1755 Sept
new..
1754 18
no par
Preferred
7855 7855
20 7734 Sept
100
Bucyrus, common
28
100 193-4 Apr
28
Chic City&C Ry pt eh, corn
35 Jan
740
X
1
Preferred__._ _ ._ ._._
14
14
110
655 Mar
Chicago Elevated Ry, corn _
3
3
2
35
Aug
Preferred
50
7
7
5
May
Chic Pneumatic Tool _100 784 7735 7855
185 6054 Feb
Chic Rys part ctf'2"_.- _ ______
7
7
Apr
5
25
Chicago Title & Trust.
____ _ 200 200
60 178
Feb
Cont Motors, common.... 114 1034 1174 2,575
854 Apr
Consol Power Co, pref.._ _ ______ 89
89
100 8635 July
Commonwealth-Edison 100
Aug
109 107
10734 1083.4
Cudahy Pack Co, com-100 107 :10655 108
320 10034 Feb
Deere & Co, prof
10055 101
60 78
100
Apr
Diamond Match
114 115
100
100 101 June
Great Lakes D & D
8554 8555
20 8534 Sept
IIartman Corporation_ _100
84
83
100 5434 Feb
Hart,Schaff&Marx,com100
87
87
Feb
25 68
Hupp Motors, corn
1054 1055
900 1055 Sept
10
Preferred_
103 103
July
20 102
Holland-American Sugar
17
1755
_ _
175 1234 Aug
Illinois Brick_
100
75 .8055
Feb
505 56
Libby(W I)
27
2635 27
2,311 1934 Jan
Lindsay Light
12
13
10
1,805 1034 Aug
Preferred
835 9
10
420
8 June
Mid West URI, prof_ _100
5155 1155
Mar
16 49
Mitchell Motor Co
45
45
Apr
35 33
National Leather Co....2O 19
1634 1955 14.372 1654 Sept
Pub Sem,of N Ill, com_100 .. _ _ 85
85
Sept
30 85
Preferred
90
100 89
.- .... _100 ...._ _ _ 90
Feb
Quaker Oats Co100
240 245
210 240
Sept
Preferred
99
99
345 99
July
100
Reo Motors.
(5) 3035 2954 3054
1,720 2854 May
Republic Truck
44
44
Sept
110 44
Sears-Roebuck, corn...100 - .510 16854 Feb
19834 200
Preferred
120 120
Sept
20 118
100
Shaw(W W), prof
100 100
15 9955 Apr
100
Stewart Mfg
494 51
Apr
'i0 45
VI
Stewart-WarnerSp, com100 12755 11555 12734 18,975 84
Jan
Swift & Co
100 12635 12254 12634 8,857 11534 Jan
nights
18
6,677
554 July
1354 18
Swift International
5635 56
5634 3,241 4155 Jan
Thompson, common
42% 40
43
4,545 34
Aug
Preferred
109 109
Jan
25 107
Union Carbide & Carbon Co
7735 81
11,475 56
no par
Jan
United Paper Bd, com..100 __ _ _
24
2455
125 1755 Jan
Wahl Co,common
21)
1935 20
1,195 1955 Sept
Ward, Montg, de Co. pref_ ____. _ 106 10634
July
61 105
Western StoneJan
4
10
8
8
7434 78
Wrigley Jr. common
630 7434 Sept
78
High.
135
May
10534 Aug
25
Alb'
8334 June
28
Sept
2
Aug
1835 Aug
3
Aug
1734 Aug
July
82
10% Aug
212 June
1334 July
90
Aug
118
July
123 May
105
July
120
Aug
8534 Sept
July
97
July
97
Aug
17
103
Sept
2134 July
8054 Sept
34
Apr
25 June
1055 Apr
65 May
5554 July
25
Aug
9555 Apr
July
96
300
July
105 May
3255 May
May
61
217
July
Apr
122
11055 Apr
5455 July
12734 Sept
14974 May
2154 Aug
65
Apr
Sept
43
109
Sept
8574
2955
20
11255
12,34
80
July
July
Sept
June
Apr
Sept
Sales
Friday
Lust Week Range for
Sale.
Week.
of Prices.
Price. Low. High. Shares.
BendsArmour & Co deb Os_ _1920
Chicago City fly on...1927
Chic City & Con Hy Os '27
1927
Chicago Rys 55
Swift & Co 1st g 5s_ _1944
102%
74/(
52
73
92% 92%
Range since Jan. 1.
Low.
High.
10254 61,000 100% Mar 102% July
Feb
74% 13,000 74% Aug 84
Aug
52
Apr 55
5,000 41
Jan
73
Apr 81
2,000 72
18,000 92'. Seot 984 Jan
93
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Sept.20
to Sept. 26, both inclusive. It covers the week ending Friday
afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal'only in securities regularly listed-that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may 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 transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
Sales
Lan Week's Range for
Week.
ofPrices..
Sale.
Par. Price. Low. High. Shares.
Week ending Sept. 26.
Stocks-
[VOL. 109.
THE CHRONICLE
1261
Acme Coal _ r
1
1%
Aetna Explosives_r(no par) 11%
Air Reduction r___(no par) 58
Allied Packers_ r
(t)
Amer Chicle common _ _100
Amer Safety Itazor_r. _ _25 19%
Austin,Nichols& Co,Inc(t) 29
Autosales Corp com_r- _50 13
Preferred_ r
50
3 •
Benford Auto Products_r_5
Brit-Am Chem Corp__ _10
9%
Brit-Am Tob ordinary
Li 24%
Ordinary bearer
Bucyrus Co_ r
100
Buddy Bud Inc_r_(no par)
6%
Can Car & Vdy com_r_100
Canopus Iron Corn
10
7%
Carbo-Hydrogen Co corn 50
344
Preferred
50 •
Car Ltg & Power.r
25
3%
Chalmers Mot Corp-r--(t)
Chandler Motor w i_r_(t) 96
Chevrolet Motor
100 300
Cities Serv Bankers shs (t) 49%
Clinton Wright Wire_ r..(t)
Coca-ColaCO v t o r(no par) 40%
Colonial Tire &Rub-r--(t) 20
ColumblaGrapb Mfg,w 1(t) 44%
Contin'l Motors com_r_ _10
Cudahy Packing _ r__ _ _100
1
Cu Mor Chemical _.-100
Dafoe-Eustice Co Inc.-(t) 11%
Delatour Beverage_r_ _10 163-4
Durhamllosiery comB.r.50
Preferred_ r
100
Farrell(Wm)& Son.Inc(t)
General Asphalt corn r 100 117%
Preferred ..r
100
'General Tractor_r_(no par)
Grape Ola common
1 -15- 18
Preferred
1 1 7-16
Heyden Chemical r(no par)
9
Hocking Val Products_r 100 133-4
Hupp Motor Car Corp-10 10%
Imp Tob of G B & I_ _Si
Indian Packing Corp r (t) 26%
Intercontinental Rubb_100
Knickerbocker Motorsr 100
Lima Loom,. com_r__ A00
MadisonTire&Rub,com (t) 75
Marconi Wirel Tel of Am _5
7
Maxw-Chalmers_r_new stk
Motor Appliance Corp_ _10 123.4
National Ice & Coal_r_100 70 National Leather_ r
10
Nat Motor Bus Corp_r_10
745
N Y Shipbuilding_(no par)
Nor Am Pulp & Paper _(t)
4%
Otis Steel com_r_ (no par) 36%
Overland Tire..10 25%
Owen Tire com_r
10
Pacific Devel Corp_:_ _ _50 70
Parry (Martin) Corp-r.(t) 31
Perfection Tire & Rubb_r_l i1-1
Phillips-Jones Corp pf r 100 _
Procter &(lamb new
ilidyf
Pyrene M fg_r
10
Reo Motor Car_ r
10
Republic Rubber r (no par)
RockawayRolling Mills r(t) 7-77
Root & Van Dervoort r 100 45-3%
Savold Tire Corp.:
25
Shell Tramp & Trad_r-Z2 73-34
Standard Parts, com_r_100 51%
Preferred.:
100 96%
Submarine Boat v t c (t) 15%
Sweets Co of America r 10 13%
Swift International_ r _ __15
Tobacco Products Exp (t) 37
Todd Shipyards Corp_(t)
Union Carbide & Carb r (t) 80-34
United Eyeglass Shops _r-5
UntdPictureProdCorp-r(t) 20%
United Profit Sharing_ _25c
2%
Un Retail St's Candy-r.(t) 23
US Lt & lit Corp com_r_10
2%
455
US Steamship
10
Uzold Tire
5
2%
Vanadium Steel of Am r(t) 3934
V Viyadou, Inc _r__(no par) 27%
Warren Bros..:
100 7534
Wayne Coal
554
Si
6,000
11,900
260
900
300
222,000
1,300
3,800
601)
1,200
6,500
000
8,200
100
12,000
150
3,300
17,100
2,100
3,800
3,100
2,000
25
11,100
300
15,000
2,000
7,300
500
800
10,000
5,900
2,900
100
100
4,100
49,700
7,450
700
314 3%
400
15-16 15-16
400
1 7-16 1 7-16
9,000
8% 9
1234 1335
800
103.4 10% • 9,900
14
200
14
27
25
12,200
300
19)4 20
1,400
6
644
1,400
94%
91
75
5,900
64
654 7% 26,500
200
60
60
100
12% 12%
55
70
900
1744 18% 2,500
7)4 7%
1,400
56% 5644
100
4% 4% 2,500
38% 6,425
36
25% 16,700
21
8
700
814
68
70
800
31
29
1,000
1 11-18 15,500
95%
94
RR)
No 100%
300
100
14
14
30% 31
200
A 7
8,100
0% 10%
1,300
46
42
14,400
12% 15
1,101)
68% 7435 28,000
51% 52
400
96% 97
200
15% 10,400
15
14% 11,600
12
55% 57
1,200
3334 37
19,700
139% 139%
150
81
78
2,100
734 7%
1,100
14% 20% 21,506
2% 2% 11,100
1955 234 34,700
2% 2% 4,800
2% 4% 148,300
255 2%
1,000
38% 40
7,800
27% 2955 29,200
1,800
71
7555
4% 555 21,900
1% 1%
11%
11
58%
58
52% 54
97
92
22%
19
29%
29
13
12
28% 29%
3
4
944 10
23% 23%
23% 24%
24
24
6
7
40
39
7% 7%
3)4 3%
354 4%
3% 3%
8%1 9
93
98
300 300
48
50%
33
33
38% 40%
20
17
43% 46
11
11
107 109
1
41
11
1244
15
1645
45% 45%
99% 99%
55% 56
18
37
0% 17
19
9%
Range since Jan. 1.
Low.
High.
1% Sept
6% Jan
June
51
Aug
51
Sept
92
19
Sept
Sept
28
7
July
July
27
3% Aug
7% Sept
20% Aug
20
July
12% Mar
6 Sept
Sept
39
7% Sept
2% Sept
3% Sept
2
Feb
4% Mar
92
Sept
145
Jan
-35
Feb
Aug
30
38% Sept
13% June
Aug
43
9% July
Sept
107
34 Sept
Sept
11
15 Sept
38
Aug
98
Sept
54
June
Jan
39
83% Jan
3 Sept
9-16 Apr
1 1-16 Apr
6
May
9
Apr
4)4 Jan
14
Sept
25 Sept
10% Jan
11
Aug
27% Feb
45
Aug
Jan
4
57
Sept
12% Sept
47
Jan
17% Sept
7% Sept
25
Jan
2% Jan
34
Aug
14% Aug
8
Sept
63 May
25
Ana
,4 Feb
94 Sept
100
Sept
12
Aug
2945 July
5% Aug
93-4 Sept
37
Aug
12% Sept
66
Aug
51% Sept
96% Sept
10
Feb
July
40% Jan
25 June
Feb
102
60% Feb
5% July
11
Sept
7-16 Jan
19% Aug
155 Jan
2
Mar
2% Sept
374 Aug
27% Sept
42% May
3% May
3% July
12% July
*65
May
67% July
97
Sept
22% Sept
38
Aug
13% July
3354 July
4% Sept
11% July
27% May
28
May
Apr
30
7
Sept
40
Sept
8 Sept
3% Sept
4% Sept
5% July
15% May
100
Sept
300
Sept
50% Sept
37% June
45
Aug
45
July
52
Aug
13% July
Apr
124
15,4 Aug
14% Aug
Aug
25
50 Sept
09% Sept
62 June
119% Sept
179
Sept
9% Aug
15-16 Aug
1 7-16 Aug
10% Aug
13% July
14% July
25
Aug
50% July
35
May
10% July
98
Sept
75 Sept
7% Sept
Sept
67
12% Sept
ft 55 June
Aug
25
7% Sept
78
July
7% Apr
46
July
25% Sept
834 Sept
70
Sept
34% July
Apr
07
Aug
wog Sept
20 June
32
July
July
11
Sept
12
46 Sept
77% Aug
76% July
Sept
97
Sept
20% July
15%s July
6515 Mar
40.4 Jody
A UR
158
86
July
July
20% Sept
3% July
30% Aug
3 June
5%
2% Sept
4944 Aug
33
Sept
July
86
881 July
Stocks.
Friday
Sales
Last Week's Range for
Sale.
Week.
ofPrices.
Pc.r. Price. Low. High. Shares.
%Veber & 'Hen corn.:..-(t) 2354 2154 2354
1,200
Willys Corp corn _ r_(no par) 1034 10% 46
6,200
1st preferred..r
100 100
1,200
98% 100
RightsImp Tob of Gil & Ire.:....
7% 1,044
7
U S Industrial Alcohol_ _ _ _
200
32
31
Former Standard Oil
Subsidiaries
LI 2255 32
Anglo Amer 011.r
22% 2,200
20
Illinois Pipe Line_ r_ __ _100
T82 182
10
Indiana Pipe Line_r_
50
100 100
20
Ohio 011-r
25
865 367
10
Prairie Oil & Gas_r_ _ _ _100
730 730
10
Prairie Pipe Line_
x285 z285 285
20
South Penn 011_r
100
325 329 '
34
Standard 011 (Ind).r...A00 710
710 715
130
Standard 01101 N J.r-100 678
668 678
151
Standard 011 of N Y_r100 406
392 407
Other Oil Stocks.
6,400
Ajax Oil r
10 11
1054 11
A ll'ed 011_ r
1 1 5-16
1 156 570,000
Alto Gasoline & OlLr._ _
7
6
614 7,500
Amalgamated Royalty-r-1
155
1
111 31,100
Aritox Oil_ r
1
54
134 13,500
16,000
All I.obos Oil com_r_ (t) 86
gg
73
300
Preferred_r
50
130 140
8,700
Barnett Oil & Gas.:
3-16
1
3-16
9-4
5
11,300
Boone 011.r
8
7% 8%
Iloston-Mex Petrol
1
234 4% 2,500
Boston-Wyoming 011_r_..1 740
68c 75c 67,000
1,100
Brazos 011 Corp r (no Dar)
30
29
46,800
Can-Amer 0 & 0_,
1
14
1
2,800
Circle Oil.r
5
511 544
Commonwealth Petrol_r(t)
5,500
50)1 54
Continental Refg
10
a
614 1.800
Cosden & Co. eova_r___-5
34,460
114 1254
Elk Basin Petrohr
400
5
4 8%
Ertel 011-r
5
715 851 22,0‘,0
10,300
Esmeralda Oil& Gas_r__ _1
,4
34
8,000
Federal 011 Corp.,
6
21.4
Glenroek 011 Corp.:. _10
4% 51-4 16,600
7,000
Great Western Petrol.:. _1
lIe 16c
5,625
Guffey-Gillesple
(t) 21% 21
22
14,900
Gulfport Oil & Ref.r_10c 30c
27e 32c
8,450
Home Oil& Refit -r .,....10 20
199-4 20%
Home Petrol of Denver_ 10c 36e
30e 313e 43,100
1
15,400
Hudson 011 corn.r.
154
94. 191
2,300
Indiahoma Ref Co_r____5 10
034 10
Internet Petroleum_r__£1 35% 2914 3034 21,500
Invincible 011.:
50 35% 34k4 35% 17,600
Island 011 & Transp_r_.10
755
6% 754 22,700
12,900
Lance Creek Royalties_ r.1
M
400
1
Little Sioux 011_r
1
1
1
Livingston 011 Corp_,_ ...,1
2%
2
2% 72,500
200
Merritt Oil Corp..:
10
23% 2114 234
Metropolitan Petroleum 25
2%
2% 2% 6.500
Mexican-Panuco 011......10 18
2,200
18
17
0,000
Middle States 011 Corp_r _1
2%
445
10
New stock..r
27
30
4,200
Midwest Refining r _
174- 164% 175
2,100
-Midwest-Texas Oil..:......t
kr
34
5,800
1
Morton Pet of Me.:
3
2,
4 3
10
800
National Oil..:
334
3
3%
24,500
North American 011_1.. _5
534 7
1
7,000
Ohio-Ranger OIL:
34
7,
‘
1,500
Okmulgee Prod & Refg _5
17,4 2
3,800
Omar 011 & Gas new
7
5% 7
400
Orient Oil & Gas_r
1
5
5
5
Osage Nation 011 Synd -r _1
34
34 14,700
1,4
2,900
Pennok 011_r
10 14% 14% 16
Phillips Petrol corn..: (t) 62% 60
16,000
63
Pittsb-Texas 0 & G..r_5 1534 15
1535 9,700
Producers & Ref..:
10
8.4
845 2,400
8
2,000
Queen 011.r
1
lie
9e
9c
2,800
Ranger Gulf..:
5 :34
31% 34
Ranger 011.:
.1
7-16
7-16 35 2.000
400
Red Rock 011 & Gas_r_100
55e. 601'
Rickard Texas Co.r
5
9% 6.800
7
1
Ryan Petroleum.:
4)4
4% 4% 7.700
Salt Crk Producers_r -_25 55% 5234 55% 22,000
5
Sapulpa Refining.:
745 2,200
7
Seaboard Oil & Gas.:....5
3,800
7
6
Sequoyah 011 & Ref
1
3,4
7-16 34 19,300
Simms Petroleum r(no par) 32)4 31% 32% 3,700
29,000
!Sinclair Cons 011_,
(t)
62
57
Sinclair Gulf Corn _r-- -(t) 60
61% 26,701)
57
Southern 011 & Trans__10
6
644 3,000
6
Southwest 011..:
1 25c
23c 26c 31,100
13,100
Spencer Petrol Corp ...._..l0 1754 17
18
1
Stanton OW.:
155
134 *144 26,400
330
Star Tex Pet.:
10
14
1445
TIM MS 011 & Ref..:
1
9-16
% 11-16 0,300
Texas Nat Petrol.:
1
3-16 3-4 5,300
Texas-Ranger Prod & R._1
234
HI 24 2,900
Texas Steer 011_,
1
54
5-4
% 2,000
Tex-Ken 011 Corp.:
5
3% 4% 8,300
Texon 011 & Land.:
1 15-16
42,600
15-16 1
Trinity 011 Corp..:
1
1%
15( 1% 8,700
Tropical Oil.:
25 20
19% 2234 5,000
Union 011 01 Del _ r_(no par) 38;4 3814 39
21,000
United Tex Petrol.:
1 11-16
9-16 % 66,400
Vacuum Oil & Gas
54
94 11,300
54
Valverde Oil Prop..r_ .• (t)
1,000
8%
8% 8%
Victoria Oil.:
10
1%
14 1% 8,60(1
Vulcan Oil..r
3,700
5
9
9
11
West States 00r Land..:....
4,900
1%
White Eagle 011 & Ref r(t) 25
9,400
26
24
Woodburn 011 Corp.r.wl(t) 1034
10
10% 5,600
Minin g Stocks33..400
Alaska-Brit Col Metals-1
1
54
1
1
Alaska Mines Corn
7-16 )4 8,700
54
1%
Amer Bond Min Corp w1..1
1% 1% 1,475
America Mines.:
1
1A
1
114 12,200
Arizona Silver.:
1
94
54
54 3,200
tianta Mines
3c
4c 12,000
Beleher-Divide_r
10c 43c
6,400
30c 440
Belcher Ex tension _r_ _.100 30c
9,000
270 30e
131,
gth
.7,
1ge Copper Co...5 9-16
%
64 14,700
Booth.:
6,000
Sc
1
70
Boston & Montana Dev-5 77c
730 78c 24,000
Caledonia Mining
1 4243
410 43c 19,300
Calumet & Jerome Cop.r.1
34
14 8,400
1.4 1% 1,800
Canada Cppper Co Ltd _6
134
15-16 1 1-16 34,750
'.ndalaris Silver_r___ 1
Carrie Silver
15
10o
14
1,000
1
Cash
*6'35e 7%c 10,950
Consul
h
sor Aria Smelt
1 1-16 1 3-16 1,800
5
635
500
6% 645
Cons)1 C mper 7lines. _5
Cresson Con(Una M & M.1
2%
214 244 6,500
1% 1% 1 13-16 39,450
1
Divide Extension.,
4%
El Salvador Silver Min_ _1
3% 4% 31,700
1t-16 1% 10,700
Eureka Croesus Min Co r 1
13.4
1 13-16 6,700
Forty-nine Mining
1%
1,700
3% 4
Gadsden r
5 4
2% 2% 10,800
Golden Gate Exnlor n r 0
29_I
Goldfield Consort'
10 19c
17c 190 20,420
150 13,200
13e
Goldfield Develop't_r__Ille 14c
8,000
55
53
Goldfield Florence.:
1
4,700
4c 4450
Golf!field Merger.,
1
52c 70c 85,000
1 60c
Gold Zone Divide.,
80c 00c 39,900
Grand Pacific Copper... _ _1 88c
Range since Jan. 1.
Low.
High.
15% June 26
10% Sept 46
9855 Sept 100
' 7
23
Sept
Aug
15%
164
99
315
630
263
292
710
668
310
Jan
Jan
Mar
Jan
Jan
Mat
Apr
Sept
Apr
Jan
July
Sept
Sept
754 Sept
36
Sept
26%
197
107
404
800
317
350
820
798
430
May
May
Apr
Apr
May
May
May
Apr
July
July
11;4 Aug
Aug
u July
1% Sept
6 . Sept
651 Sent
2% Apr
Aug
1
235 Sept
% Sept
Sept
Sept 88
73
Sept
Sept 110
130
54 Aug 5-16 Ian
1644 May
3
Mar
4% Aug
3% Sept
Jan 830 Sept
18e
32% July
26
Aug
% Aug
1% May
5% Sept
4% June
Mar 63 June
37
5% Sept '1614 June
61A, Jan 12% Sept
11% Slay
6
Jan
6% June 11
July
t4 Sept 1 1-16 Aug
4
Apr
Jae
2
8% 3pr
334 Mar
15e Sept lge Sept
Aug 254 July
•18
20e Sept 50c June
Fel
4034 May
10
300 Alit; 415' Aug
5% Apr
55e Feb
1 Sept
5% June 10 4
36% Sept
164 Jar
July
30% Aug 39
914 Mar
6% Tar
234 May
% Sept
% Aug
1
Aug
4% July
1% June
Aug 35 'May
20
134 Sept
454 Mar
10% May 18% Sept
1% May
3% Aug
Aug
27 Sept 37
Jan 196
124
May
% Sept
1% May
Mar
594 Apr
1
Apr
7
23, Amt
914 Aug
5% sent
2% May
% Sept
3% May
14 Feh
7% Sept
5% Sept
154 Apr
7
July
% Sept
2% May
11% Feb 17% Apr
Aug 63 Sept
58
Sept
854 Feb 16
Ante
954 June
7
Jan
80 Atm 30e
June
14 • % pr 36
7-16 Sept
24 May
55e Sept 700 Aug
Mar 24% June
6
254 Apr
7% May
Mar 654 July
38
Jan
914 May
7
6
Sept
84 J1117
% May
7-16 Aug
28% Ang 31% July
4455 May 6414 July
Jan • 844 May
22
Apr
2%
May
7
220 July 85e June
13% July 1834 Sept
;4 Mar *2% May
1334 Sept 14% Sept
Jan
le
194 June
1% May
3-16 Sept
6
June
1% Sept
44 Sera
134 May
3% July
04 Aug
I May
54 June
154 Aug
13-4 Aug
July 22% Sept
15
Sept
3841 Sept 41
% Aug
50c June
3-16 July 5-16 Aug
6 June
103-_I Sept
6
Apr
155 Sept
Sept 13% Aug
9
1% Sept 10% May
Sept
20% Aug 27
10
Aug 10% Aug
10
310 May
6-16 Aug
1
May
1,5 May
5( July
lig June
30c Sept
22e Aug
% Mar
6c Sept
420 Feb
Jan
27o
54 Aug
1 5-16 Jan
Jan
52e
Aug
11
Sc Feb
Feb
1
4% Feb
154 Sept
1% Sept
1% Mar
1
Aug
June
1
Feb
3
2% Sept
Ile July
lie July
Mar
35
355e Aug
35c Aug
800 Sept
June
2
15-16 June
1% June
1 9-16 Feb
1% May
Mar
84c July
44e July
15-16 Jan
36c
Apr
930 July
45e Sept
44 Jan
244 Feb
2 346 June
15
Aug
15%c Mar
1 9-16 Jan
8.1 June
5% Jan
3% July
595 May
2% May
116-18 Sept
6% Feb
41-4 May
24c
Jan
Jan
240
75
Mar
Sc Mar
Apr
1%
1
July
SEPT. 27 1919
Niinl sig-(Concl.)
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
high.
1
Great 13end_r
'214e 2340 1,000
234c Aug
no
Jan
Hamilton M & S
Jan
134 19,500 410
34
4% Aug
1
Hasbrouck F)Ivide_r
13c
- 12c
13c
10,100 Ile June
47c
Apr
25c
Hecla Mining
4% 5% 3,545 4 1-16 Jan
6% June
1
Jim Butler_r
25c 300 12,850 25e Sept 44c
26c
Feb
Jumbo Extension
Sc
be
3,000
90 Sept
160 Mar
1
Kewanus_r
414c 416c 4,000
Sc
234c July
Jan
10c 200
Knox Divide_r
170 21c 33,500 15c June 37o July
La Rose Mines Ltd
5
4,000
Apr
15c
N
54
3-4 Stay
Louisiana Cons'd
7-16
% 7-16 5,800
1-16 Apr
% Apr
MacNamara Crescent_ r _1
28c 380 43,000 24c June
37e
49e July
MacNamara Mining.-r-1 62e
51c 65e 151,000 34c Mar
1% May
Magma Chief _r
1
9-16
Feb
% 38,700 220
% May
Marsh Mining r
13c
1
14,700
15c
Feb
3c
15c Sept
McKinley-Darragh-Say I
650 67c
4,500 45c
Jan 68c Aug
Mother Lode new_ r
511c 534c 3,890
1
3%c Mar
514c Sept
50e
Nat Tin Corp r
7%
% Mar
5% 7% 36,100
7% Sept
Nevada Ophir Nlin_r_10c 27c
27c 28c
4,800 15c
Apr 50e May
5 11%
Nipiseing Mines
10% 11%
4,300
8% Jan
15
May
Nixon Nevada
1
22c 24c
12,000 17e
Apr
480
Jan
Onondago Mines Corp_r_l
3
3% :1,300
3
Jan
334
3% May
Ray Hercules Min_r
234 214
1,260
5
1% Jan
3% July
Red Warrior
1
34 June
34
%
% 2,000
% May
Rex Consolidated Min...1
140
16e
16c
9,000
Sc June 23e July
1
- 9716 % 58,700
9-16
Roper-Group M Co
3-4 Aug
114 Aug
Seven Metals Min..r
14 5-16 11,200
5-16
h Aug
% July
1
Silver Dollar M..r
% Sept
%
34
% 2,300
1% June
1
1 3-16 % 13,000 13-32 Feb
Silver King of Arizona
74
134 May
16c
16c
1
Silver King DIvide_r
12c
14,000 12c Sept 37e Mar
9%
8% 10
South Am Gold & Plat r 10
6,500
8% Sept
14% June
5-16
% 5-16
1
1,800
Standard Silver-Lead
A Jan
;f4 May
1
21c
Stewart
21e
4,000 14e Mar 34c May
1
5c
50
4,000
Sc
Success
4c
Jan
7c
Jan
12c 52,300
Sutherland Divide_ r
7c
12c
7c Sept 47c
Apr
3
Tonopah Belmont Dev_r_l
2 15-16 3%
1,600 2 9-16 Jan
4
May
1
Tonopah Divide_ r
6%
5% 6% 16,550
Aug •12
Aug
Tonopah Extension
1 2 11-16
8,250
234 2%
13-4 JeD
3% May
Tonopah Mining
1 3 1-16
920
33-6
25's
2% Jan
4% May
Tuolumne Copper
1%
700
1%
13-16 Jan
% Jan
United Eastern
1
4%
2,57: 3 3-16 Jan
4 7-16 434
5% Mar
11c
Ile
Sc
16,100
6o
II S Continental Miner 1
Jan
190 May
Victory Divide_r
1
250 270
27c
6,300 24c
Aug
53e Juno
Washington Gold Quartz_l 95c
94c 96o
6,600 71e
Apr 06c Sept
West End Consolidated_5 111-16 114 1 11-16 24,900
Nlar
1
3
May
1
West Tree Mines r
18c
17e
18c
2,000 17c Sep
% June
17c
15e
17c
White Caps Mining__10c
16,900 100
Jan
35c
Apr
1
Wilbert Mining
7c
634c Sc 24,400
Jan
5c
13%c Aug
1
Wilson Silver hlines.r
%
Aug
34
% 2,400
1% June
Yankee John
1
45c
6,100 35c Sept 45c Sept
39c 45e
5
Yukon Gold
400
114 Sept
115
I1
(
2
114
2% Aug
BondsAllied Pack cony deb es '29 90% 89
90% 256,000 89
Am T & T 6% notesr_1924 99% 99% 99% 264,000 98%
Anaconda Cop Min 65 r '29
9834 9834 11,000 97%
Beth Steel ser 7s_r ___1922
10214 10214 12,000 101
Serial is r
102 102
1923 102
11,000 100%
Canada(Dom of).514s_r '21 9034 ((934 100
41,000 99%
514s.r
1929 9714 9714 9734 45,000 96%
95
C C C & St Louts 6s...1929 05
9614 45,000 94%
Gen Eke 6% notes_ _1919
100% 100%
1,000 100
82'
83% 30,000 81
81
Interboro R T is
1921
34% 43% 265,000 34%
Russian Govt 614s_r_ _1919 37
4114 60,000 37
37
1921
5158-r
9614 97
Southern sty 6% notes1921
57,000 96
Swedish Govt (11;J'ne 15'39 98
9734 98
70,000 97%
10014 10014
Swift & Co 6% notes.r_'21
5,000 9934
Switzerl'd. Govt of. 534s'29 03% 93% 0-1
167,000 93%
Sept
Jan
Feb
Jan
Jan
July
Aug
Aug
Mar
Sept
Sept
Sept
Aug
Aug
Feb
Sept
94
100%
100
102%
102%
100
97%
98
1001.4
92%
72
63
99%
100%
100%
96%
Sept
May
May
May
May
Sept
July
Aug
May
Feb
Fel)
Feb
Mar
June
May
July
•Odd lots. t No par value. t Listed as a prospect. 11.15ted on the Stock
Exchange this week, where additional transactions will be found. o New stock.
s Unlisted. to When Issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
2 Dollars per 1,000 lire. flat.
CURRENT
NOTICES
-The Metropolitan Trust Company has been appointed registrar of the
Henderson Tiro and Rubber Corporation. $100 preferred, and 100,000
shares of common stock voting trust certificates of no par value. .
-E.13unge & Co., 44 Broad St., N. Y., dealers in investment securities.
ha ve issued a circular regarding the Houston Oil Co. of Texas.
-Columbia Trust Company has been appointed Registrar of the authorized issue of 650,000 shares, without par value, of Loft, Inc.
-The Equitable Trust Co. of Now York has been appointed Registrar
of the American Vitrified Products Co.
-Morton Lachenbruch & Co. have prepared for distribution a review on
tho American Safety Razor Corp.
New York City Banks and Trust Companies.
Banks-N Y Bid
America •____ 590
Amer Exch__ 270
Atlantic
185
Battery Park- 215
Bowery.
425
Broadway Cen 1-10
Bronx Boro•_ 1105
Bronx Nat.__ 150
Bryant Park. 145
Butch & Drov 27
160
Cent Mero
Chase
Chat & Phen_ 300
Chelsea Exch' 120
570
Chemical
250
Citizens
435
City
Coal & Iron_ 240
350
Colonial
Columbia
_ 195
Commerce
240
Comml Ex*_ 395
COniman210
wealtho
Continental._ 115
Corn Exch.__ 413
95
Cosmoplan•
Cuba (Ilk of). 177
150
East River
110
Europe
Fifth Avenue" 1875
200
Fifth
t1005
First
200
Garfield
190
Gotham
Greenwich *. 380
795
Hanover
365
Harriman
Imp & Trad
All prices now dollars
Ask
Banks
BW
610 , :Irving (trust'
280
certificates) 345
Liberty
600
225 Lincoln
270
___ Manhattan • 220
150 Mech & Met_ 410
125 Merchants... 230
160 • Metropolitan' 195
155 [1 Mutual'
425
New Neth._ 200
1
70
- , New York Co 135
520 ' New York.._ 450
310 . Pacific •
135
135 Park
740
580 'Prod Exch•
400
290
265 Public
590
445 •Seaboard
250 ;Second
400
150
-1 State'
205 i,23(1 Ward'... 115
247 lUnion Exch._ Hi
410 'United State5•1170
, 275
,Wash Ins
220 !Westch Ave 1 170
125 Yorkville "___ 300
420
Brooklyn
100
182 ,Coney Island. 140
, 200
yirst
130 ,( reenimint
1 150
___
ill)
923 11 I I
220 I lomestead.....1 70
M echanics
,
._1 80
85
210 Montauk
200 ; Namati
203
.._' National City 115
810 j North Side'.1 195
1 137
380 'People's
(100 I .
per share.
'rrust Co's
Ask
802
1 New York
355,,Bankers Trust 450
625 11Central Union 455
28) ['Columbia _ _ _ _ 355
230 Commercial. 140
420 Empire
295
240 Equitable Tr_ 435
__ Farm I. & Tr_ 445
Fidelity
220
210 Fulton
245
145 (inaranty Tr.. 402
470 I udson
135
Irving Trust_ (See
750 ,
(Nat
Law Tit & Tr 125
30)) Lincoln Trust 175
610 Mercantile Tr 2:35
425 Metropolitan_ 345
160
itual(We5t130
_ 105
194
Y Life Ins
Jr Trust_ _ 785
N Y Trust__ _ 620
_ _ Scandinavian 400
350
- - , Tit le Gu & Tr 395
;US Mtg Jr Tr 430
' United States 885
1.55 Westchester
1:30
213
165
Brooklyn
120 Brooklyn Tr_ 500
80 Franklin
2:30
85 , Hamilton _,
260
95 1Kings County 650
215 Matimfacturers ISO
130 Peopi,.'s
285
205 Queens Co_
75
117
Ask
460
465
365
145
305
445
452
230
252
412
145
Irving
Bank
135
185
350
125
800
630
405
440
910
140
24-0.270
700
300
85
•Banks marked with a (") are State banks. t Sale at auction or at Stock ExIncludes one-half share Irving Trust Co. t New stock.
hangs thls week.
Six-rights
1265
New York City Realty and Surety Companies.
All prices now dollars per share.
Alliance Pity
Amer Surety_
Bond & NI G_
City Investing
Preferred__
Bid
60
74
248
37
80
.4sk
70
79
253
42
86
Bid
Lawyers Mtge 128
Mtge Bond__ 94
Nat Surety_ _ 245
N Y Title &
Mortgage__ 125
11
Ask
132
99
255
135
Bid
Realty Assoc
(Brooklyn). 112
U S Casualty_ 185
US Title Guar 60
West & Bronx
Title & M
150
Ask
120
200
70
170
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked -1."
Standard 011 Stocks PsIr Shai's
RR. Equipments-Pere, Basis.
Par Bid
Ask Baltimore tk Ohio 414s___
5.80 5.50
Anglo-American Oil new. £11 2212 23
Buff Rods & Pittsburgh 434. 5.75 5 40
Atlantic Refining
1001410 1425
Equipment 4s
5.75 5 40
Rights
'36 40
Equipment 65
5.75 5.40
109 111
Canadian Pacific 414s
5.95 5 60
Boltcric
e-r.
Scurey'vmser Co
100 470 4911
Caro Clinchfield & Ohio Se.
6 50 5.75
Buckeye Pipe Line Co
50 "98 '100 Central of Georgia 414e_
6 10 6 00
Chesebrough Mfg now _100 310 325 Chesapeake & Ohio
5.9() 5.50
Continental 011
100 575 600
Equipment 58
5.9(1 5.50
Crescent Pipe Line Co__ _ 50 .36 38 Chicago & Alton 414s
7.00 6.00
Cumberland Pipe Line__.100 170 180
Equipment 5s
7.03 6.00
Eureka Pipe Line Co.._100 164 168 Chicago & Eastern Ill 5145.
7.00 8.25
Galena-Signal 011 corn-100 93 97
Chic Ind & Loulsv 4
6.25 575
100 108 115 Chic St Louis & N 0 5s.....
Preferred old
5.80; 5 35
103 107 Chicago & N W 434s
Preferred new
5 55' 5.25
1111nots Pipe Line
100 175 180 Chicago R I & Pao 414s__.
O 40 5 75
Indiana Pipe Line Co_ _ _ _ 50 .98 100
Equipment .5s
6.40! 5 75
International Petroleum_ £1 •35 3512 Colorado & Southern Sa.. _
6.50 6.00
1
National Transit Co-12.50 '2712 28 2 Erie Be
6.50, 6.00
New York Transit Co__.I00 180 185
Equipment 434e
6.50, 6.00
Northern Pipe Line Co_ 1001 106 110
Hocking Valley 412s
6 00 5.50
Ohio Oil Co
6.00. 5.50
Equipment be
Penn-Met Fuel Co
25 *77 79
Illinois Central be
5 65: 5.35
12
05
0'3
57'
6
'
15 3
77
Prairie 011 A Gas
25
0
5.65' 5 35
Equipment 434s
10015280 285
Prairie Pipe Line
6.40' 5.75
Kanawha A Michigan 434i
Solar Refining
1001 355 65
Louisville & Nashville 5s__ . 5.65! 5.30
Southern Pipe Line Co...100 164 168
Michigan Central 5e
5.85 5.05
South Penn Oil
.100 320 330
5.851 5.65
Equipment 6(3
Southwest Pa Pips Lines_100 100 103 Minn St PASSM
5.75, 5.35
Standard Oil (California).100 290 '95
Missouri Kansas Jr Texas
7.00, 6.00
410_-So
Standard 011 (Indiana) 100 715 725
Missouri Pacific 5$
6.90, 6.00
Standard 011 (Kansas)...100
Mobile & Ohio be
8.25, 5.70
455 5
46
Standard 011 (Kentucky) 100 565
85 1 Equipment 414s
6.25 5.70
Standard 011 (Nebraeka).100 520 540 New York Central Linea be_
5.87 5.60
Standard 011 of New Jer.lOO
1 Equipment 414e
5 87 5.60
177
12 8
182
1212 N Y Central RR 412s
Preferred w I
100 8
5.95 5.75
Standard Oil of New Y'k.lOO 403 408 N Y Ontario & West 410
6.35 5.75
515
525
Standard 011 (Ohio)
100
Norfolk & Western 454*..,.. 5.60 5.25
Swan & Pinch
100 95 100 Pennsylvania RR 434s
5.55 5 20
Union Tank Car Co.. 100 130 133 1 Equipment 4s
5.55 5.20
Vacuum 011
100 437 442 St Louis Iron Mt & Sou 15s_ 7.00 8.00
Washington Oil
• 10 '40 45 St Louts & San Erancleco Sc. 7.00 8 00
Ordnance Stocks-Per 4hare•
Seaboard Air Line 58
6 50 6.00
Aetna Explosives pref. _10151 63 67 1 Equipment 434s
6.50 6.00
12 Southern Pacific Co 434s
American & British Mfg_100
6
5.70 5.35
100
70
Preferred
Southern Railway 414s
5.95 5.61
Atlas Powder common__ _100 140 143
Equipment 5s
5.95 5.65
Preferred •
100 90 92 Toledo & Ohio Central 4s
6.50 5.90
Babcock & Wilcox
1091121 122
Bliss (E W)Co common_ 50'
'
4 330 370
Preferred
50• 60 75
Tobacco Stocks-Per Sh are.
Canada Fdys & Forgings..100 190 203
Ask
Par
Carbon Steel common__ _100 114 118
American Cigar common_100 115 125
_
100
let preferred
100
Preferred
100 85 95
2d preferred
100 68 78
Amer Machine & Fdry_100 90 105
Colt's l'atent Fire Arms
British-Amer Tobao ord__£1 82212 23
Mfg..
25 •50 55
Ordinary, bearer
£1 2234 23
duPont(E I) de Nemours
Conley Foil
100 205 220
& Co common
100 313 318 Johnson Tin Foil & Met_100 80 100
Debenture stock
100 90 92 MacAndrews & Forbee_100 155 170
89
Eastern Steel
100
Preferred
100 95 100
Empire Steel & Iron corn_100 20 25 Reynolds (It J) Tobacco _100 500 600
Preferred
100 68 73
B common stoek
1001 450 600
Hercules Powder coin__ _100 210 220
Preferred
100 111 113
Preferred
100 106 110
A dividend scrip
97 100
Nike-Bement-Pond com_100 117 120
B dividend scrip
97 100
Preferred
100 95 100
Young (J S) Co
100 120 140
Phelps-Dodge Corp
100 260 280
Preferred
100 95 110
Scovill Manufacturing..1O0 395 410
Thomas Iron
50 "28 3:1
Winchester Co Corn.
100 400 450
Short Term Notes-Po? Cent.
1st preferred
100 93 98 Am Cot 011 es 1924_ _M&S 2 9838 987s
61 66 Amer Tel & Tel Os 1924_ PRA 99 9935
2nd preferred
Woodward Iron
_100 55 60 Canadian Pao 6s 1924.M&S 2 99.11 100
80
Preferred
Del & Hudson 5s 1920_ _F&A 9914 995s
Fed Sugar Rfg Egg 1920„J‘la 99 9934
Public Utilities
General Elec Os 1920_ _ _ _Jea 10058 10038
Amer Gas At Elea corn..- 50•118 121
6% notnotes(2-yr) 1919.J&D 100 10038
Preferred
50 "40 42 Great North Si 1920.. _NI&S 99
217 220 K C Term Ely 4148 1921..J&J 9612 98
Amer Lt & Tree corn_ _ _ _1
9Y311
96
94
Preferred
Se Nov 15 1923_.MAN 15 9054 9978
56 60 Liggett&M yersTobtis'21J&D 100(8 1003s
Amer Power & Lt corn__ _ I
73 76
Preferred
1
Y Cent (le 1920__M&S 15 9958 9934
10 1Peon Co 43.4e 1921__J&D 15 07'2 9775
Amer Public Utilities com100
Preferred
100 23 2712 1Pub Bar Corp NJ 74 '22.M&S 93(2 9414
Carolina Pow&LIght corn 100 37 40 Sloss Simi S Jr I 6s '29..t-'&S&S 9412 96
Cities Service Co corn.. A00 468 472 Southern Ely 6s 1922_ _ _ M&S 9612 97
Preferred
100 75 73 SwIft&Co 681921_ _ _ FAA 1 100 10014
Colorado l'ower com___ _100 20 24 Utah Sec Corp 6s'22.M&S 15 87
88
Preferred
100 96 101
23
Com'w'th Pow sty* Lt..100 21
Preferred
100 45 50
Industrial
EJec Bond & Share pref _ _100 d92 95
and Miscellaneous
Federal Light & Traction.100
9 12 American Brass
230
Preferred
100 45 50
American Chicle com
00 2
125
01 104
10
Great West Pow 5s 1948_J&J 83 84m,
Preferred
• 100 82 88
121,
Nalssissippi Itiv Pow com..100 11
American Hardware
160
100
51
Preferred
100
Amer Typefoundors oom_100, 47 50
7812
First Mtge fie 1951_ _J&J
Preferred
93
100 88
Northern Ohio Eleo Corp_(t) 420 24 Borden's Cond Milk com_100 105 107
Preferred
100 62 64
Preferred
100 96 99
North'n Staten Pow com..100 65 67 ,Carib Syndicate Ltd
25 "2000 2200
Preferred
100 90 92 'Celluloid Company_ __ _ _100 138 145
North Texas Eleo Co corn 100
_ 53 •Columola Graphoph Mfg (t)"430 440
74
Preferred
100 70
Preferred
100 93 94
Pacific Oust &Eleclat pref 100 88 90 Havana Tobacco Co_
4
100
2
1212
Puget Ad Tr I.& P cons_ _100
Preferred
10
16
53
Preferred
100
lit g 5s June 1 1922_ ....11-1)
00 /54
12
Republic sty & Light_ _ _100 10
Intercontinen Rubb com_100 19
21
Preferred
100 45 50 Internat Banking Co__ 100 160 _
South Calif Edison corn_ _100 89 91
International Salt
100 55 58
Preferrod
100 101 102
let gold 55 1951
A-0 71
7212
Standard Gas Jr El (Del). 50 •30 31
International Sliver pref _100 92 95
Preferred
50 •40 42
Lehigh Valley Coal Sales_ 56 .89 91
6 Otte Elevator common_ 106 120' 122
Tennessee Ely I. & P com_100
4
15
Preferred
100 10
Preferred
101, 88 92
3 Royal Baking Pow Corn..100 142 150
United Gas & Eleo Corp.100
1st preferred
100 17 22
90
'5 Singerferran
'2d preferred
100
N l ufactur1ng
91 194
100 196
(Inked Lt & Rye com
43 Singer Mfg Ltd
_100 41
£1 d314 414
72
let preferred
69
100
'Texas Pac Coal & Oil_ _ _ _ 100 1600 1700
weetern Power common_100 24
26 IW'tionseChurchKerr&Co 10(
, 50 60
. 100 76 771 2
Preferred
Preferred
_1061 80 87
Purchaser also pays accrued dividend. s New stock,
•Per share. b 'lasts.
Flat price. n Nominal z Ez-dtvt,(4 . v Ex-rights. M Without par value.
[VOL. 10.
THE CHRONICLE
1266
initestutent and
/gaiIriui kitielligenct.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly retinas
san be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
• ciolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year
ROADS.
Previous
. Year.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Miasma': Pacific.._ _ _ July
7,741,548 7,727.501 49,781,248 47.826.454
July
Monongahela
320,724 299,927 1,896,509 1,648,245
967,707 1,302,331
Monongahela Conn_ July
135.039 245,126
675,750
695,906
July
Montour
136,762 156.248
Nashv Chatt & St L July
1.677,520 2.119.002 10.738.918 11.173.656
189.501
213,638
6,761
7,872
Nevada- Cal- Oregon 2d wk Sept
952.210 1.429.330
Nevada N orthern_ _ July
131,950 216.344
674,991
949,038
107,873 149,393
Newburgh & S. Sh_ _ July
New On Great Nor_ July
240.333 226.939 1.295.219 1.234,528
New On & Nor East July
590,289 580,690 3,686,057 3,457,682
171,488 119,399 1.060,637 1.167,345.
N 0 Texas & Mex__ July
718,349 A 827.016
83,937
Beatun S L & W__ July
114,035
St L Browns & M July
527.816 343,165 2.987,984 2,153,755
28185031 26282974 169998640 149012328
New York Central.._ July
583.672 545,950 3.585,378 2.996.580
Ind Harbor Belt_ July
5,222,361 4.982.875
Lake Erie & West July
6.654,232 6.450,466 41,737,799 35.807.036
Michigan Central July
6,255.155 7,084,144 28.560.154 36.385.712
Cleve0 & St L_ July
244.912 269,124 1,654,382 1.435,221
Cincinnati North_ July
2,465,194 3,265.198 16,023,307 17,245.200
Pitts & Lake Erie_ July
928,985 1.189.990 4,899,442 5,199.029
Tol & Ohio &ent_ July
392,5911 653,016 2.368,463 3,014.377
Kanawha & Mich July
NY Chic & S. Louis July
1,804,503 1.994.332 13.635 026
9.612,541110048098 „ 54.581.090
NYNH& Hartf_ _ July
1.369,302 1,314,415 5,979,368 6.090,512
N Y Ont & Western July
336.526 344,724 2,171,350 2,193,415
NY Susq & West_ July
Norfolk & Western_ July
6,385,268 7,731,012 41,744.06542.700,440
518.522 508.531 3,499.748 3.144.887
Norfolk Southern_ _ July
699,124
74,365 135,486
633.156
Northern Alabama_ July
8.679,735 8.475,039 54,249.960 50.498.274
Northern Pacific___ July
636,113
644.243
Minn & Internat. July
93,562 107.079
694,787 649,844 3,436,286 3,050,059
NorthwesternPacific July
677,295
Oahu By & Land Co June
119,024 114,266
697,233
July
378,218 482,058 2.781,295 3.195,797
Pacific Coast
33753654 37869200 208379928 189992546
Pennsylvania BR.. July
174,428 • 177,743
Bait Ches & Atl_ _ July
830,066
659,080
503,056 524,561 3,144,828 2,784,518
Cumberland Vail_ July
July
2,744,890 2,734,092 14,154,454 12,113,878
Long Island
Mary Del & Va_ _ July
716,662
156,635 139,603
495,266
N Y Mina & Nor_ July
824,958 787,517 4,517,671 3,855,864
Tol Peer & West_ July
912,019
850,997
126.454 152,396
W Jersey & Seash July
1.372,040 1,291,458 6,319,190 5,266,033
10344103 10094821 57,964,459 47,838,129 ;
Pennsylvania Co..... July
758,146 733,402 ,293,912 3.862,489
Grand Rap & Ind July
8,356,210 8,898,932 51.999,624 46,049,901
PittsC 0 & St L. July
94,953 112,574
681.'32
Peoria & Pekin Un_ July
725,882
Pere Marquette.-- July
3.061,499 2,673,971 18,699.575 14,867,616
July
Perklomen
101.416 111.609
612.608
534.529
Phi's Beth & N B._ July
59.865 123,560
473.355
846.065
Philo & Reading __ July
6.602,516 8.836,862 40.252.120 44.409,406
Pittsb & Shawmut_ July
94,110 136.094
630.084
753.925
Pitts Shaw & North July
112,569 120,788
600.686
782,079
Pittsb & West Va.. July
105,380 208,590
747,571 1,065.306
July
197,537 255,032 1,457,128 1.301.752
Port Reading
87,973
92.433
Quincy Om & KO..July
591,996
568.837
Rich Fred & Potom July
711,509 573,301 4,701,293 3.418,186
406,879 314,676 2,793,408 1,896.282
Wash Southern.. July
July
420,696 396,405 2,622,128 2,496,163
Rutland
246,376 235,176 1,643,165 1,526,908
St Jos & Grand Isl'd July
6,751.175 6,510,177 42,231,843 36,671,345
St Louis-San Fran.. July
124,457
Ft W & Rio Gran_ July'
94,488
792.544
614,563
St L-5 F of Texas_ July;
172,785 112.182
830,135
833,661
St Louis Southwest_ July
1,030,172 1.088.563 7,158,918 7.274,127
St L S W of Texas July
590.632 687,545 3,515,926 3.846,319
St Louis Transfer__ July
100,908 106,313
572,306
594,940
San Ant & AranPass July
400,491 353,149 2.341,349 2,261.958
3.606.672 3,470.524 24.056,037 20.908.487
Seaboard Air Line__ July
South Buffalo
July)
82,140 139.684
636.666
900.111
July;
14734601 14064271 90.736,529 80,964,418
Southern Pacific
Arizona Eastern_ July,
329,133 398.827 2,204,805 2.578,392
Galv Harris & S A July;
1,929,826 1.826,767 12,041,982 11.767,439
bus & Tex Cent_ July4
755,186 732,137 4,858,366 4.868.104
bus E & W Tex.. July
193,880 138.551 1,294,671 1.114.754
Louisiana Western July
368,960 397,521 2.338,369 2.412.200
Morg La & Texas July',
676.707 703,375 4,321,367 4,499.629
Texas & New Orb. July1
722.183 663.607 4,462,343 4390,810
11320 441 13362,232 70,372,554 66,496,843
Southern Railway.. July
Ala Great South.. July
906,083 847,476 5,653,540 4,751,922
Mobile & Ohio_ _ _ July
1.240,775 1.353,269 8,377.471 8,038.852
Georgia Sou & Fla July
337,827 290,025 2,467,946 1,974.829
South By in Miss.. July
133,185 107,459
951,226
730,755
Spokane Internat.. July
112 883
95,869
578,012
564,178
Spok Portl & Seattle July
683,815 738,963 4.062,019 4.544,909
Staten Island R T.. July
218,134 216,964 1.291,413
980,091
Tenn Ala & Georgia 2d wk Sept
3,693
3,824
85,037
93,751
199,706 304.116 1.441,665 1.540,463
Tennessee Central _ _ July
Ter RR Assn ofStL_ July
332,803 316,852 2,101,324 2,062,251
St L MerBridgeT July
257.752 334.075 1,557,088 1,942,048
Texas & Pacific_ ___ 2d wk Sept 785,274 626,028 23,967,980 17,6.18,620
Toledo St L& West July
663,367 783.920 4.116.245 4346.837
Ulster & Delaware-- July
122,226 136,245
583,944
550.504
Union Pacific
July
9,064.459 8.732,058 58.516,715 48.760.658
Oregon Shore Line July
3.152,983 2.873,404 20,208.926 18.028.711
Ore-Wash RR&N.July
2,431,632 2,330,269 15.196,784 13,959,017
Union RR (Penn)._ July
696,018 781,800 4,453,654 3,631,400
Utah
July
98.663 129,024
614,506
731,302
Vicks Shreve & Pac_ July
285,743 225,674 1,818,445 1,397.183
July
Virginian RR
1.031,118 1,175,052 6,140.977 6,242.708
July
Wabash RR
4,214,715 4,781,052 26.945,567 24.641.882
Western Maryland_ July
1.205.223 1,415,524 7.968.386 8.046,491
Western Pacific.... July
1.096.800 1,042,517 6,455,185 6,024.794
Western By of Ala July
194,670 183.718 1.496,746 1.319.204
Wheel & Lake Erie July
1,403.599 1.559,023 7.089.876 7.091.76a
Wichita Falls & NW July
202.54'3
76.906 1,129.057
548.882
Yazoo & Miss Valley July
1.968.809 1,914,784 13,004.067 11,669.000
Alabama & Vicksb_lJuly
234.609 221,432 1,566343 1,304.982
Ann Arbor
,2d wk Sept
86,447
75 427 2.906,343 2,344,524
Atch Topeka & S Fe July
14833620 14891205 93,250,466 87,319,566
Gulf Colo & S Fe..1.Tuly
1.740.137 1.569,781 10.596.970 10.443.194
Panhandle & S Fe July
553.819 498,840 3,055,108 3,350,495
Atlanta Birm & Atl_ .July
449,934 418,538 2,853,192 2,423,307
Atlanta & West Pt..,July
215,620 220,388 1,550,968 1,325,341
Atlantic City
July
570,708 477,324 2,496,594 1,978,178
Atlantic Coast Lino_ July
4,612,692 4,945,136 37,471,600 31,171,372
Baltimore & Ohio July
16320565 17674458 96,080,417 86,666,074
B &0 Ch Term July
210,134 189,446 1,006,789 1,011,221
Bangor &.Aroostook July
319,126 374,149 2,930,855 2,607,200
Bellefonte Central.._1July
48,610
8,450
7,151
53,295
Bolt By of Chicago.. July
355.156 385,393 1,943,229 2,209,736
Bessemer & L Erie.. July
1,433.648 1.719,599 7,122,065 6,707,516
Bingham & Garfield July
669,221 1.958,761
85,925 360,848
Birmingham South..'July
347.453
921.097
42,714 212.227
Boston & Maine.._ _ 1July
6,718,287 6,874,463 38,564,067 37,014,599
Buff loch & Pittsb_'2d wk Sept 321,701 415,925 9,675,235 13,383,899
Buffalo & Susq
1 July
224.345 20 ,0 5 1,231.096 1,284,058
Canadian Nat Rys_ 3d wk Sept 2,033,374 1,607,019 61,730,657 54.138,665
('an Pac Lines in Me July
131,290 130,3811 1,703,389 1,447,084
Canadian Pacific... 3d wk Sept 3,893,000 3,114,000 115213000 103928000
Caro Clinch & O.__ July
541,427 441,665 3,306,194 2,498,346
Central of Georgia_ July
1.930,223 1,765,419 12,034,782 11,316.515
Central RR of N J. July
4,352,061 4,842,290 24,549,467 23,928,463
Cent New England_ July
594.330 629.262 3,651,730 3.392.272
Central Vermont.. July
532,575 468,065 3,162.567 2,801,011
Charleston & W Car July
220.526 234,677 1,699,008 1,555,228
Chcs & Ohio Lines.. July
6,665,250 6,972,839 41,443,383 37,013,813
Chicago & Alton_ _ _ July
2,220.875 2,362,867 14,301.866 13.481,618
Chic Burl & Quincy.. July
13068386 13325718 81,553,470 75,423,314
Chicago & East III July
2,154,409 2,599,949 13,664,945 13,850,186
Chicago Great West July
1,857,564 1,712,829 11,669,630 10,123,320
Chic Ind & Louisv__ July
1,052,074 1,087,872 6,656,402 5.661,080
Chicago Junction__ July
325,130 309,456 2,013,876 1,558,827
Chic Milw & St Paul July
12617448 12771465 81,710,902 68,688,222
Chic & North West.. July
13321597 12888465 75,871,921 64,747,984
Chic Peoria & St L_ July
136.421 196.480
905,170 1,234,512
Chic It I & Pacific.._ July
9,847,273 8,675,684 58.930,131 52,706,666
Chic R I & Gulf__ July
374.592 322,957 2,551.097 2,447.914
Chic St P M & Om_ July
2.352.012 2,312,485 14,992,392 12.965,344
Chic Terre H & S E July
339,192 555,284 2,186,489 2,548,644
Clue Ind & West.... July
266,853 265,905 1,647,857 1,716,205
Cin N 0 & Tex Pac July
1,168,390 1,453,327 9,472,090 8,057,446
Colo & Southern... 2d wk Sept 536,137 468,086 17,171,231 14,322,832
Ft W & lien City July
977.488 585.978 5.967,404 4.097,929
Trin & Brazos Val July
98.592
93.056
686,156
637.927
Colo & Wyoming_ _ _ July
84,031
93.439
653,418
634.231
Cuba Railroad
July
1,000,359 1,076,102 8,270,180 8,169,683
Delaware & Hudson July
3,258.572 3,338,008 19,197.558 18,491.919
Del Lack & West.... July
6,342.043 6,447,132 40.504,367 36,295.569
Deny & Rio Grande July
2,840.669 2.446.227 16,939,257 15.965,472
Denver & Salt Lake July
296,924 260,527 1.499,910 1.137,787
Detroit & Mackinac July
161.252 145,726
881,205
856,980
Detroit Tol & Iront July
313,390 377,253 2.029.978 1,586,334
Det & Tol Shore L... July
209.760 156,143 1,330,671 1 102.762
Dul & Iron Range__ July
1,318.815 1.692.531 4,658,573 4,499,385
Dul Missabe & Nor.. July
- 3.342.896 3,975.89911,642.916 9,567.785
Dal Sou Shore & Atl 2d wk Sept 115,096 105,392 3,243,859 3,188,140
Duluth Winn & Pac July
148,679 128,105 1,113.163
977.033
East St Louis Conn July
119,099
590,488
Elgin Joliet & East_ July
1,699,458 2,097:8 72 11,953:4 2 10,159,607
El Paso & So West_ July
896,157 1,270,026' 7,135,586 8,581,989
Erie Railroad
July
7.868,833 7,950,514 49,700,457 44,038,597
Chicag_o & Erie July
855,384 1,011,585 5,807,845 5,549,899
Florida East Coast.. July
703,534 588,004 6,094,263 5,618,542
Fonda Johns & Glov July
123.672
97.962
703,491
616,952
Ft Smith & Western July
130,284
97.755
834,116
695,882
Galveston Wharf_ _ _ July
80.419 146,540
484,043
665,907
Georgia Railroad... July
484,977 634,562 3,430,198 3,377,238
Georgia & Florida__ July
88,975 100.374
557,531
562,362
Grd Trk L in New E July
154,019 162,450 2.284,226 1,161.307
Grand Trunk Syst__ 2d wk Sept 1,461,258 1,285.064 45,207,122 38,039,755
Grd Trunk West.. July
1,878,237 1,874,295 12,111,080 9,850,066
Great North System July
10226746 9,281.590 57,498,930 48,339,017
Gulf Mobile & Nor_ July
251,377 200,068 1,495,379 1,318,563
Gulf & Ship Island_ July
237,417 274,014 1,368,093 1,489,820
Hocking Valley____ July
1,321,945 1,548,034 5.850,239 6,726.090
Illinois Central..__.. July
9,026,105 10664110 59,379,932 58,175,231
Internat & Grt Nor.. July
1,172.190 1.042,559 7,929.953 7,277,121
Kan City Mex & Or July
137,297 115,739
683,271
686,493
675,461
K C Mex & 0 of Tex July
585,278
98,732
94,625
Kansas City South.. July
1.286,013 1,118.610 8,243,195 8,334,874
Texark & Ft Sm__ July
681,356
792,146
121.262 101,987
Kansas City Term__ July
748,690
691,250
123.112 115.368
Lehigh & Bud River July
234,907 255,062 1,419,312 1,284.289
Lehigh & New Eng.. July
312,729 471,175 1,904,237 2,223,777
Lehigh Valley
July
5.731,596 6,730.464 35,056.879 33,925,985
Los Aug & Salt Lake July
1,313,207 1,327.584 9,609,303 7,887,140
Louisiana & Arkan_ July
981,831
178,759 131.818 1,194,747
Louisiana Ry & Nay July
297,405 286,162 1,979.866 1.667.680
Louisville & Nashy_ July
8,894,919 9,508,722 59,354,090 52,503,516
Loulsv Mend & St L July
234,334 230,811 1,667.980 1,490,004
Maine Central
July
1,522,556 1,684,843 9,679,022 8,753,001
Midland Terminal May
71.706
319,086
Midland Valley.... July
314,297 292.907 2,188,843 1,891,394
2d wk Sept
Mineral Range
794,421
13,616
23,065
547,632
Mtnneap & St Louis July
1.128.932 988.856 7.150,685 6.354,235
Minn St P & S S M_ July
3.875.750 3,308,999 22,855,674 16.846.587
Mississippi Central_ July
103,604 148,207
718,944
578,515
Missouri Kan & Tex July
2,967,075 2,939,906 18,577,000 17,132,226
Mo K & T Ry ofTex July
2,025,905 1,775.074 13.397,214 10.524,844
Mo & North Arkan_ July
809,041
134,808 126,217
838,156
Mo Okla & Gulf_ _ _ _ July
130,751 170,069
741,193 1,030.203
•
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
Current
Year.
Previous
Year.
$
$
4th week June (14 roads)---- 9,255,407 9,310,234
let week July (12 roads)._ 6,660,394 6,254.110
2d week July (13 roads1 ____ 8,288,192 7,447,070
3d week July 114 roads ____ 7,858,562 6,844.374
4th week July 11 roads ---- 11.297.624 9.571.417
let week Aug 14 roads ___- 8,306,915 7,316,424
2d week Aug 11 roads)____ 7.833.498 6,692,497
3d week Aug (11 roads)__... 7,683,102 7.057.111
4th week Aug (14 roads)_ _ _ _ 12,493,853 11,537,116
1st week Sept (14 roads).- 8,487,457 7,539,327
2d week Sept (14 roads)____ 9,112,054 7,517,915
•We no longer include Mexican roads in any of our
Increase or
Decrease.
I
%
•*Monthly Summaries.
Mileage. Curr.Yr.
$
-54,827 0.59, September__232,186
+406,284 6.46 i October __230.184
+841,122 11.29 , November 232,274
+1,014.188 14.81 December -232,774
+1.728.207 18.03 January-.232,655
+990,491 13.54 February-.232,957
+941,001 14.06 March
226.086
232,708
+625,991 8.87 Allan
+956,737 8.29 May
233,931
232.169
+948,130 12.58 June
226.654
+1,594,139 21.20 July
totals.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Prev.Yr.
$
$
232,378 487,140,781 357,7/2.850 +129367.931 36.10
230,576 484.824.750 377,867,933 +106956.817 28.30
232,259 438.602.283 358.438,875 +82,16:L408 23.06
232,399 438,365,327 335,607,571 +102757756 30.62
233,199 395,552.020 284.131,201 +111420,819 39.22
233,266 351,048,747 289,392,150 +61.656,597 21.81
225.631 375,772.750 365,096,335 10,676,415 2.90
233,251 388,697,894 370,710.999 17,986.895 486
234.339 413,190,468 378,058,163 35,132,305 9 29
232.682 424.035,872 393,265,898 30,769.974 7.88
226,934 454.588.513 469,246,733 -14,658,220 3.1a
SEPT. 27 1919.]
THE CHRONICLE
1267
Latest Gross Earnings by Weeks.-In the table which
Electric Railway and Other Public Utility Net Earnfollows we sum up separately the earnings for the second week ings.-The following table gives the returns of ELECTRIC
of September. The table covers 14 roads and shows 21.20%
railway and other public'utility gross and net earnings with
increase in the aggregate over the same week last year.
charges and surplus reported this week:
Second Week of September.
1919.
1918.
I Increase. Decrease.
$
$
75,4271 11,020
415,925
1,593,343 424,617
2,915,000 848,000
468,086
68,051
105,392
9,704
Ann Arbor
86,447
Buffalo Rochester & Pittsburgh
321,701
Canadian National Railways_ __ 2,017,960
Canadian Pacific
3,763,000
Colorado & Southern
536,137
Duluth South Shore & Atlantic..
115,096
Grand Trunk of Canada
Grand Trunk Western
1,461,258 1,285,064
Detroit Grand Hay & Milw_
Canada Atlantic
Mineral Range
23,065
13,616
Nevada-California-Oregon
6,761
7,872
Tennessee Alabama & Georgia__
3,824
3,693
Texas & Pacific
626,028
785,274
Companies.
94,224
176,194
1,111
159,246
9,449
131
-Gross Earnings--Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Alabama Pow Co Inc_a_Aug 220,358
129.622
262,596
123,078
Sept 1 to Aug 31
3,147.499 2,590,183 1,694,710 1,491.555
Philadelphia Oil Co_a__Aug
97,804
62,614
83,914
48,542
Jan 1 to Aug 31
784,575
536,152
660,209
405,584
17th St Ind Plane Co_a_Aug
4,528
4,053
1,631
1,151
Jan 1 to Aug 31
27,725
25,961
5,704
6,852
Sou Canada Pow Co Ltd_Aug
51.175
44,519
23,473
20,558
Oct 1 to Aug 31
538,967
439,151 ..252,347
196,469
a Net earnings here given are after deducting taxes.
Gross
Net after
Fixed
Balance.
Earnings.
Charges.
Taxes.
Surplus.
$
S
S
$
Adirondack Elec
Aug '19
137,920
22,590
def4.713
27,303
Power Corp
'18
157,000
21.124 def20,585
539
12 mos '19 1,754,024
564,400
280,465
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
283,935
'18 1,758,539
318,136
255,941
62.195.
166,511 1,082,735
Latest Gross Earnings.
Jan. 1 to Latest Date. Cities Service Co Aug '19 1,300,709 1,249,276
'18
1,696,060
1,641,735
31,819
1.609,916
Name of Road
12 mos '19 20,965.753 20,278,477 1,503,927 18,774.550
Current Previous Current
or Company.
Previous
'18 21,661.286 21,238,190
52,241 21.185.949
Month.
Year.
Year.
Year.
Year.
Dayton Power & Aug '19
208,925
68,270
52,308
x19.562
Light Co
$
$
$
'18
185.154
57,737
44,042
x16,093
$
Adirondack El PowCo August
137,920 157,000 1,075,694 1,155,747
12 mos '19 2,771.969
990,350
539,684 z486.710
Alabama Power Co-- August
236,830 269,049 1,830.107 1,884,557
'18 2.199.572
684.097
422.073 x287,764
lamer Pow & Lt Co- June
1200,647 1029,140 7,648.840 6.410,643 Duluth-Superior
Aug '19
172,060
29,358
14,742
x16,526
Atlantic Shore Ry___ August
27,515 23,262
120,544
121,863
Co
Traction
'18
143,302
29.307
15,075
x16,007
Bangor fly & Electric July
89,710 77.978
588,403
519,099
8
mos
'19
1,275.293
193,050
117,206
x89,964
Baton Rouge Elec Co July
31,239 21.578
203,788
147,822
'18 1,132,869
225,117
118,978 x119,741
Blackstone V 0& EL July
208,813 201,055 1,423.043 1,332,306
I7Brazillan Trac,L & P July
11070000 19465000 164033,000 159158.000 Federal Light &
July '19
296.337
51.717
'93,378
pBklyn Rap Tran Sys Juno
3260,157 2774,333 17,514,662 15,240,907
Co
Traction
278,321
'18
56,427
50.365
6.062
Cape Breton Elec Co- July
48,749 44,532
326,162
7 mos '19 2,208,446
695,234
278,461
365,861
329.373
Cent Miss V El Prop_ June
34.523 28.767
199,257
'18 2,006,798
629.907
352.812
161.056
277,095
Chattanooga fly & Lt July
160.053 145.541 1.050.383 1.010.368
Rap July '19 3,639,386 1,190.019 1,643,443xdef405,508
Cities Service Co_.__ August
1300,709 1696,060 15,647,249 14,961,563 Interborough
Transit Co
'18 3,227,989 1,147,478 1,361.775rdef174,489
Cleve Painesv & East July
73,896 57,657
381,653
313.849
Colorado Power Co-- June
84.296 103.451
567,160
629.865 Milwaukee Electric Aug '19 1.201,670
268.896
159,983 x113,908
pColumbia Gas & Elec August
804,071 779,687 7,709,114 7,660,977
Ry & Light Co
'18 1,006,676
184,578
158,242
x36,743
Columbus (Ga) El Co July
101,555 97,806
712,071
689,834
8 mos '19 9,434,582 2,041,759 1,294,445 2832,918
Com'w'thP. fly & Lt July .
2039.149 1793,536 14,352.932 12.132,534
'18
7,626,720
1,427,322
1,160,920
x343,461
Connecticut Pow Co_ July
99.400 78,499
696,697
540,125
261,128
69,312
x45,209
25,964
Consum Pow (Mich)- July
625.804 519,543 4,523396 3,573.082 Newport News & Aug '19
Hampton fly, Gas & • '18
216,061
57,851
x38,314
21,045
fCumb Co(Me)P & L July
258.217 313,326 1.502.405 1.780,017
Elect Co
8 mos '19 1,845,512
476,764
191,411
x291.382
Dayton Power & Lt.... August
208.924 185,153 1,823,550 1,482,310
'18 1,365,858
382,850
164,075 x225,323
pDetroit Edison
August
1227,634 1011,279 10,289,300 8,733,625
7Detroit United Lines July
2193,810 1680,380 13.115,278 10,693,170 Republic Railway Aug '19
520.062
142,663
114,625
x31.913
Duluth-Superior Trac August
172,060 143,302 1,275,293 1,132,869
& Light Co
'18
445,649
105,920
109,167
57,993
East St LouLs & Sub July
340.177 377.497 2,410,326 2,293,437
8 mos '19 4,014,230 1,092,945
912.600
x257,627
Eastern Texas Elec July
118,976 105,878
769,780
644,000
'18 3,706,797
994,371
824,357 x235,867
Edison El of Brock'n. July
79,947 65,759
609,328
446,617
23.158 18,950
fElec Light & Pow Co July
155,267
x After allowing for other income received.
119,066
7E1 Paso Electric Co- July
123,184 99,958
874,055
730.202
Gross
Net
Fixed Chgs. Balance.
Works
Gas
July
River
64,726
Fall
63,066
405,969
400,488
Earnings. Earnings. & Taxes. Surilus.
Federal Light & Trac_ July
296,337 278,321 2,208,446 2,006,798
Ft Worth Pow & Lt July
104,719 100,550
712,085
737,559
Daly-Hone Elec Co July
285,020 251,824 1,754,903 1.489,021 Honolulu Rapid
Aug '19
64,178
28,333
13,323
15,010
400,428 341,937 2.478,496 2,096,327
Tralasit & Land Co
I Great West Pow Sys June
58,357
25,850
'18
12,964
12,886
Harrisburg Railways_ June
128,634 117,572
8 mos '19
496,950
220,500
105.435
775,573
115.065
623,769
July
EIavana El Ry,L & P
794,768 694,089 5,116,661 4,614,174
.
463,183
200,870
'18
101,845
99,025
Haverhill Gas Lt Co- June
29,389 25.436
177,246
159.914 N Y Dock Co
411.162
Aug '19
169.944
90,490
79,454
Honolulu R T & Land August
64,178 58,357
496,950
463,182
470,221
197,251
'18
102,241
95,010
Houghton Co El L Co July
31,141 30,779
250,609
235.603
8 mos '19 3,443.121 1,315.751
717.371
598,379
Houghton Co Trac Co July
22.327 29,510
173,238
194,115
'18 3,529.075 1,510.781
749.448
761.333
)Hudson & Manhat_ June
481,397 385,953 3,014,543 2,459,708
July
)Illinois Traction
1339,813 1189,276 9,595,911 8,283,416
1Interboro Rap Tran. July
New York Street Railways.
3639,386 3227,989 26,893,435 24,056,700
Jacksonville Trac Co- July
82,406 71.731
591,421
500.716
-Gross Earnings--NetEarnings
Kansas Gas & Elec Co July
181,116 136,352 1,509,300 1,180,286
Current
Previous
Current
Previous
Keokuk Electric Co July
25,891 23,086
176,651
148,739
Year.
Year.
Year.
Roads.
Year.
Electric
Co
July
West
Key
19,006 18,423
131,995
106,028
.
$
Lake Shore Elec Ry July
252.345 220,269 1,442,542 1,179,111
& Manhattan*_ June 481,397
385,953
Long Island Electric_ Juno
64,756
49.373
26,360 22,555
113,180
102,885 Hudson
Jan 1 to June 30
June
Louisville Railway
3,014,543 2,459,708 1,189,485 1,054,027
346,565 314.432 2,014,593 1,780,161
Lowell Electric Carp- July
73,255 72,280
557,916
461,053 Interboro R T (Sub Div)June 2,287,761 1,700,646
916,600
796,455
Manhat Bdge 3c Line June
13,095 12,066
77,248
69,641
Jan 1 to June 30
14,003,934 11,380,297 5,706,463 5,804,685
a Milw El Ry & Lt Co August
1201,670 1006,676 9,434,582 7,626,720
Mississippi Riv P Co- July
452,805
534,259
196,693 191,141 1.308.543 1,284,142 Intorboro R T (Elev Div)June 1,625,252 1.588,964
Nashville fly & Light July
Jan 1 to June 30
9,250.312 9,548,416 2,187,829 3,246,820
.
• 261.471 248.491 1.839.315 1,560;222
New England Power_ June
297,766 258.467 1,816.937 1,534,234 Brooklyn Rap Tran_t __June 3,260,157 2,774,333
739,441
813,697
NewpN&H Ity.G & E August
261,128 216,061 1,845,512 1,365,858
Jan 1 to June 30
17,514,662 15,240,907 3,151,361 4,152,632
New York Dock Co August
411,162 470,221 3,443,121 3,529,075
__June
Railways4
York
1.087,557
New
N Y & Long Island- May
934,213
def570,534
51,333 40,928
124,535
216.743
166,154
Jan 1 to June 30
N Y & North Shore Juno
7,264,767 5,613,927
27,392 1,010,297
14,405 14,207
74,188
68,348
June
N Y & Queens Co
101,105 84,795
520,656
443,641
Second Avenue..t
June
86,178
79,749
9,040
22,988
New York Railways_ June
1087,557 934,213 7,264,767 5,613,927
Jan 1 to June 30
413,756
391,753
2,056
39,793
Northampton Trac- June
20,470 19,615
125.977
108,999
Northern Ohio Elec..- June
June 348.060
316,629
746,220 593,513 4.312,935 3,468.309 Third Avenue
134,313
106,824
North Texas Electric- July
Jan 1 to June 30
1,999.917 1,909,852
278,076 251.535 1,836.645 1,812.466
661,822
666,565
Ocean Electric(L I) Juno
26.182 18,115
72.767
55,011
E Irway & Batt_ __June
50,426
51,366
8,674
7,333
Pacific Power & Light July
185,911 154,809 1,183,512 1,035,636 D DJan
to
June
1
286.313
30
240,805
37,128
20,367
Pensacola Electric Co July
45,919 44,388
324,547
270,142
July
Phila & Western
42d St M & St N Ave_ _June 160,503
64,447
140,262
60,455
57,704
39,621
407.695
341.373
mina Rap Tran Co August
2916,817 2676,465 22,964,500 20,444,555
Jan 1 to June 30
879.231
799,125
242,579
215,836
Portland Gas & Coke July
166,994 144,119 1,214,525
964,156
Line
June
48,577
48,053
12,152
11.056
Port(Ore)Ry.L&PC° July
698.065 659.379 4,968.020 4,317.018 Belt Jan
to
June
1
292.776
30
298,470
77.869
43,729
Republic fly & Lt Co August
520,062 445,649 4,014,230 3,706,797
Richmond Lt & RR June
50,350 42,100
N Y City Interboro_ _ _ _June
68,220
58,271
256,536
209,211
6,759
10,899
St L Rocky Mt & Pac June
346,325 409,047 1,973,291 2,548,396
Jan 1 to June 30
'
367,300
338,642
35,385
58.918
Santiago El Lt & Tr_ Juno
62,209 55,718
365.713
325,078
Southern Boulevard_ _ _ _June • 22,900
16,390,
def162
Savannah Electric Co July
2.365119,808 97,977
793,033
653,205
Jan 1 to June 30
117,898
99,400
2,172
13.595.
Second Avenue (Roc). June
86,170 79,749
413,756
391,753
Southern Boulevard_ June
22.900 16,390
117,898
99,400
Union
June
274,226
Co
fly
255,823
77,005
62,143
Southern Cal Edison_ July
1009,541 807,210 5.883,651 4,905,754
Jan 1 to June 30
1,407.661 1,302,869
250,964
211,355Staten Island Midi'd_ June
. 5.063 28,095
132,300
157,995
61.089
54,888
def1,557
Tampa Electric Co July
9,868
100,041 86,826
604,106 Westchester Electric_ _June
713,856
306,435
Jan 1 to June 30
272,214
Tennessee Power... July
33,239
39,105
160,562 197.650 1.282,841 1.212.33(1
k Tenn fly, Lt & PCo July
503.642 533.025 3.654.230 3.379,744 Yonkers RR
June
97.567
72.552
def10,530
10,157
Texas Power & Lt Co July
259,792 234.491 1,881,508 1,715,063
Jan 1 to June 30
479,795
395,598
48,818
55,112
Third Avenue System_ June
1003,512 870,856 5.343.071 4.844,892
D D E 13 & B RR June
84,795 def14,824 def4,734
N Y & Queens County_ _June 101,105
50,426 51,366
286,313
240,805
June•
42d StM&StN ARy June
Jan 1 to June 30
520,656
443,641 def59,502 def117,340
160,503 140,262
879,231
799,125
UnionRyCo(NYC)
,
274,226 255,823 1,407,661 1,302,869 Long Island Electric.._ _June
26,360
22,555
5,550
def4,686
Yonkers Railroad_ Juno
97,567 72,552
479,705
395,598
113,180
102,885 def12,044
Jan 1 to June 30
7,637
N Y City Inter Ry_ June
68.220 58,271
367,300
338,642
Belt Line Railway_ Juno
48,577 48,053
June
Electric
26,182
18.115
14,163
8.988292,776
298,470 Ocean
June
Third Avenue
348,060 316,629 1,999,917 1,909,852
72.767
55,011
Jan 1 to June 30
,17,746
12,090
Twin City Rap Tran_ July
950,476 816,958 6,293,157 5,664,532
Shore_ _ _ _June
14,405
14,207
1,415
2,572
Virginia Ry & Power_ August
766,911 665,657 5,915,564 5,245,666 N Y & North
74,188
Jan 1 to June 30
68,348
def5.704
1,082.
Wash Balt & Annan._ June
203.155 242.955 1,175,052 1,199..668
Westchester Electric_ June
61,089 54,888
LineJune
Manhattan
Bdge
3c
13.095
12,066
1,765
2,135
306,435
272,214
Youngstown & Ohio_ July
44,200 38,607
77,248
69,641
Jan 1 to June 30
5,863
266,872
10,308
233.112
def3.681
50,350
Richmond Lt & RR_ _ __June
42,100
a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources
256.536
209,211 def24,880
Jan 1 to June 30
11.174
f Earnings given in milrels. g Includes constituent or subsidiary companies.
.June
S Subsidiary companies only. j Lewiston Augusta & Waterville Street Ry
Midland..
Island
35,069
Staten
28,095 def7.554 def13,421
earnings. expenses, &c.. not included in 1919. k Includes Tennessee By.,
157.995
Jan 1 to June 30
132,300 def53,262 def40,42L
Light & Power Co., the Nashville Ry. & Light Co. the Tennessee Power
Co. and the Chattanooga fly. & Light Co. I Includes both elevated and
Note.-Net earnings here given are after deducting taxes.
subway lines. jOf Abington and Rockland (Mass.).
* United States Railroad Administration. f In hands of receivers
Total (14 roads)
Net increase (21.20%)
9,112,054 7,517,9151.697,943
11,594,139
103,804
1268
THE CHRONICLE
FINANCIAL REPORTS
Annual, &c., Reports.-The following is an index to all
annual and other financial reports of steam roads, street railways and miscellaneous companies published since Aug. 30.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Full-face figures indicate reports published at length.
Steam RoadsPage. Miscellaneous (Concluded)Page
Algoma Eastern Ry
1075 General Motors Corporation
977
Central of Georgia Ry
884 General Petroleum Corporation.._ _ _ 977
Chic. North Shore & Milwaukee RR_ 887 Globe Oil Co
1183
Cuba Company
1174 Hupp Motor Car Corp
984, 1076
Cuba Railroad
1174 Indian Refining Co
1176
Norfolk Southern RR
1180 International Abrasive Corp
1083
Philadelphia Bait. & Wash. RR_..--1074 Jefferson & Clearfield Coal & Iron Co1079
Philadelphia & Western Ry
981 Keystone Tire & Rubber Co
1084
Western Pacific RR
889, 1074 Lake Superior Corporation
_977, 1075
Laurentide Co., Ltd
1084
Electric Roads892
Ashland Light, Power & St. Ry. Co_1079 Massachusetts Lighting Co
886
Brazilian Trac., Light & Power Co...1077 Mathieson Alkall'Works
Maxwell
Motor
Co
978,
985
Brooklyn Rapid Transit Co
1179
1084
Cincinnati Traction Co
1179 Mayer & Co., Inc
985
Interborough Rapid Tran. Co_ _887, 1174 Maytag Company
976
Manila Elec. RR.& Lighting Corp-1079 Mexican Petroleum Co
Miami
Valley Tissue Mills Co
1183
Northern Ohio Electric Corp
888
1184
Quebec Ry., Lt., Heat & Pow. Co_ _1180 Michigan Stamping Co
1084
Railway & Light Securities Co
1080 Miller Rubber Co
1184
San Joaquin Light dc Power Corp_ _ _1178 Murray Manufacturing Co
Third Avenue Ry
1180 National Motor Bus Corporation_ _ _1184
Virginia Ry.& Power Co
1077 Nevada-California Electric Corp_ _ _i077
986, 1085
West Penn Trac.& Water Pow. Co_ _1177 Newport Company
Ohio Copper Co. of Utah
1076
Miscellaneous CompaniesPacific Mail Steamship Co
885
Adams Express Co
979 Pan-American Petroleum & TransAjax Rubber Co
1176
port Co
976, 1076
Algoma Steel Corporation
1075 Patchogue-Plymouth Mills Corp_ _1184
American Agricultural Chem. Co
885 Pennsylvania Tank Line
1185
American Bosch Magneto Corp_ _ _1177 Pierce Oil Corporation
1176
American Cyanamid Co
980 Procter & Gamble Co
986
American Hide & Leather Co
885 Richardson Co
893
American Locomotive Co
975 Robbins & Myers Co
087
American Public Utilities Co__ -889, 979 Spanish River Pulp & Paper Mills,
American Rolling Mill Co
1081
Ltd
978
American Safety Razor Corp
1181 Standard Tank Car Co
1085
American Seeding-Machine Co
1176 Stephens Fuel Co
1186
American Ship & Commerce Co_..-1081 Stewart-Warner Speedometer Corp_ 886
American Sumatra Tobacco Co
1176 St. Joseph's Lead Co
987
Beckley Ralston Co
983 Superior Steel Corporation
1186
Bethlehem Motors Corp
1082, 1175 Tide Water Oil Co
976
Butler Bros
1181 Todd Shipyards Corporation
886
California Petroleum Corp
983 Torrington Co
1177
Carbo-Hydrogen Co
890 Transcontinental Oil Co
975
Central Petroleum Co
1076 United Gas Improvement Co
894
Chicago Varnish Co
1181 United Paperboard Co
886
Coco-Cola Co
890,983 Utah Securities Co
1178
Durham Hosiery Mills
891 Vulcan Detinning Co
895
Eastern Dakota Electric Co
1182 West India Sugar Finance Corp___.. 895
Federal Rubber Co
1182 Willys Corporation
1186
Firestone Tire & Rubber Co
1182 Wilson Body Co
1187
Fisk Rubber Co
1182 (William) Wrigley Jr. Company_ _ _ _ 987
Central Railroad Co. of New Jersey.
(Report for the Fiscal Year ending Dec. 31 1918.)
Pres. and Gen. Mgr. William G. Beslor says in substance:
[VOL. 109.
FEDERAL OPERATING ACCOUNT FOR 1918 COMPARED WITH
PREVIOUS CALENDAR YEARS.
Operating Revenue1918.
1917.
1916.
Merchandise
$18,927,308 $15,528,456 $14,976,792
Bituminous coal
3,155.500 2,378,731
1,953,813
Anthracite coal
11,305,047 9.195.132 8,511,500
Passenger
7,485,147 6,663,309 6,134,814
Express and mail
953,740
885,862
726,169
Water line
300,003
298,498
341,811
Incidental
1,727,611
1,404,073
1,143,037
Miscellaneous
936,315
742.678
584,412
Total
$444.790,671 $37.096,739 $34,372,348
Operating ExpensesMaintenance of way, &c
$4,068,182 $3,109.101 $2,844,575
Maintenance of equipment
10,419,020
6,686,133
5,630,528
Transportation expenses
20,458,641 15,210,891 12,356,485
Traffic expenses
301,724
369,757
358,927
General expenses
901,641
801,547
791,362
Miscellaneous operations, &c
220,063
205,425
174,769
Total
Net revenue
Taxes, &c.
$36,369,271 $26,412,853 $22,156,647
$8,421,400 310,683,887 $12,215,701
1,904,874
2,392,616
1.830,676
Operating income
$6,516,526 $8,291,241 $10,385,024
CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
• 1916.
Rent, ace. und. Stand. Return (90%)c$8,417,071
Operating income
38,291.241 $10.38e,024
Rents, &c., received
764,460
1,405,545
1,235,960
Dividend income
a1,341,607 b2,958,935
202.448
Gross corporate income
$10,523,138 $12,655,721 $11,823,432
Interest on bonds
$2,445,550 $2,275,097 $2,225,092
Miscellaneous
1,592,283
257,366
249.350
Rentals
2.628,149 3,205,362 3,308,456
Miscellaneous taxes
253,590
141,822
142,639
Dividends(12%)
a3,292,416
3,292,416
3,292,416
Total deductions
$10,211,987 $9,172,063 $9,217,954
Balance, surplus
3311.151 b$3,483,658 $2,605,478
a Other income in 1918 includes the usual 31,103,622 received from the
two semi-annual dividends of 05% each on the $8,489,400 stock owned
in
the Lehigh & Rites Barre Coal Co. Out of this sum were paid the customary 4% ($1,097,472) as special dividends on Central RR.of N. J. stock,
making the total dividends on that stock for the year, 12% as heretofore.
b Dividend income in 1917 included four semi-annual dividends of $2,207,244 from Lehigh & Wilkes-Barre Coal Co., viz.: Dec. 1915, Juno and
Dec.
1916, and June 1917.
c "Only 90% of the Standard Return is accounted as accrued for the year
1918, as under Section 2 of the Federal Control Act, pending the execution
of an agreement, payments on account of the Standard Return are limited
to that extent."
BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1917.
Assets$
Liabilities
Road & equipl_108,423,531 104,242,784 Capital stock--- 27,436,800 27,436,800
Impr.leased rys. 6,870,468 6,280,634 Mtge. bonds..... 52,538,000 45,091,000
Inv.in MM.cos.
Equip. obligat's
2,700,000
Stocks
8,905,589 8,860,076 Lns.& bills pay. 6,450,000 1,000,000
Bonds
1,894,000 1,684,000 Int., divs., &c.,
Advances ___ - 2,489,838 2,503,262 due
1,062,551 1,490,099
Other investm'ts 4,811,119 4,818,908 Acc'ts & wages_
281,487 4,949,343
Misc.phys.prop. 3,249,520 3,243,858 Traffic, &c., bal.
101,959 1,133,118
Scour.unpledged 3,567,000 3,867,000 Misc. accounts_
305,009
464,787
Mater. & supp.
4,717,925 Int., divs., &c.,
Rents receivable 7,167,071
accrued
16,642
9,942
Cash
1,317,218 1,724,375 Unmatured divs.
Special deposits.
31,375
933,276 declared
548,736
548,736
Agents, &c.
2,989,447 Taxes
496,204 2,761,365
Traffic,&c., bal.
297,970 1,652,508 Deferred ace'ts_ 22,713,225
263,356
Misc. accounts..
576,347 3,103,437 Unadj. accounts 1,444,722
647,504
Loans & bills rec
2,311
17,031 Approp. surplus
Ins.,&c., funds..
16,205
228,970 special
x30,667,904 39,086,867
Other unadjustAccr'd deprec'n. 12,873,472 13,073,727
ed accounts.,.. 1,672,976 1,749,238 Profit and loss._ y7,995.336 11,959,185
Other def. assets 22,639,510
Rental Accrued under Standard Return.-in the Corporate Income Account
only 90% of the Standard Return is accounted as accrued for the year 1918,
as under Section 2 of the Federal Control Act; pending the execution of an
Agreement, payments on account of the Standard Return are limited to that
extent.
Additions and Betterments.-These during the year aggregated:(a) Charged
to profit and loss (renewing bridges, extension of power house, etc.) $589,Total
173,932,047 152,616,729 Total
173,932,047 52,616.720
834; (b) charged to capital, $4,180,747. The latter included notably:
x Includes in 1918 additions to property through income and surplus,
New passenger terminal, Newark, N.J.
$165.404 (1) Investment in road and equipment, $32,846,115, and (2) improvement
New coal p:er 18, Jersey City, N.J.
1,871,862 on leased property, 36.821.789. y After deducting $3,685,167 mbicellaneous
Construction of tracks No.3and No.4
224,404 Items and additions and betterments, $589,831. * Includes 343,924.000
Eliminating grade cross ng at Westfield, N J
243,397 bonds with public and .o1,167,000 bonds In company's treasury.
-V. 109,
Freight yard connection. U.S.A.storehouse, Aspen, N.J.
206,226 p. 1179.
Extension service plant,Jersey City, N.J
233,343
Equipment
566,666
Norfolk Southern Railroad Co..
• Funded Debt.-The total funded debt Dec. 31 1918 was $52,478,000 (ineluding $1,167,000 held in Treasury), an increase of $4,687,000 duo to(9th Annual Report Year Ended Dec. 311918.)
American Dock & Improvement Co. First M.5% Bonds, set up
President Richard H. Swartwout, N. Y., June 4, wrote in
on books
$4,987,000
Equipment Bonds, Series"G"retired
300,000 substance:
•
During the year the remainder of the property of the American Dock &
Federal Operation.-During the year 1918 your property has been operImprovement Co. was deeded to The Central RR. Co. of New Jersey, and
by the United States Government, the Regional Director directed
the underlying bonds amounting to $4,987,000 have been set up on the books ated
over your line or deflected it to other roads, being controlled • by
of The Central RR.Co.of New Jersey as a part of its funded debt,increasing tonnage
the desire for economical operation of all of the railroads under
his juristhe annual interest charge by $249,350.
diction.
Of the $50,000.000 General Mortgage 5% Bonds, $15,091,000 have been operationsThe operating revenues therefore do not aceurately reflect the
of your road as an independent property. The business of
Issued, of which $1,167,000 are held in the Treasury, leaving a balance un- competing
roads at some points on the line being entirely
to it is offissued of $4,909,000.
set by your business being diverted to competing roads given
at other points,
Federal Compensation Contract.-The contract between the Director-Gen- leaving a balance, however, somewhat against
your
road.
eral of Railroads and the company, in standard form, was executed by the
.Government Compensation.-The annual minimum standard return for
Compan;some time before the close of the year, but has not yet been exa. the three year test period
shown by Corporation figures amounts to $1,cutedi by the Director-General because of questions relating to some of the 166,991. and a strong case.as
has been presented to the United States Railroad
new equipment allotted to the company by him. The Standard Return of Administration in the endeavor
to effect an increase over this standard
the company has been fixed in this contract at $9,352,301. The company return. While no formal decision
has yet been handed down denying
has received $1,250,000 on account of this annual compensation, which the application for increased compensation,
we have been notified informally
amount was not received until Dec. 18 1918.
that the application is not likely to be granted. Pending the final
Accounts with U. S. Gorernment.-The following is a condensed statement in the matter, however, no contract has yet been signed with thedecision
United
of the account as between the company and the U: S. RR. Administration, States Government.
On account of the standard return, the Railroad Administration has adas of Dec. 31 1918:
vanced
or
month
loaned each
the requirements of the Corporation for payDebits against Govt.-Cash. Asgets collected, etc.
$11,679,838 ment of interest,
sinking fund and corporate requirements.
Total amount of accrued compensation, viz.
$9,352,301
Equipment.-There have been allocated to your road 200 freight cars at
Less paid on account
1,250,000
a
cost
of $3,050 per car or a total of $610,000, which allocation has thus far
8,102,301 been resisted,
and it is hoped that the Railroad Administration will not
upon the Corporation the necessity for the acceptance of these cars,
$22,782,139 force
which it is claimed they have the right to do.
Credits to the Govt.-Liabilities paid, etc.
$16,579,276
• Your road was among the first to be selected by the Government for valuAdditions and betterments(road and equipment) 5,167,663
by the Interstate Commerce Commission. The ,physical
has
21,736,940 ation
been completed, but the formal valuation report has not yet been work
received.
It
is
our
confident expectation that the values ascertained will closely
Balance due from the Government
$1,015,199 approximate
those found by your representatives.
Materials and supplies
4,810,083
Sales of Land.-During the year sales of land owned by Subsidiary
There is also an amount due the company on account of depreciation ac- Companies
were made to the amount of $159,000 at prices which would
crued on rolling and floating equipment during the year, of 31.259,897. seem
to demonstrate increased values for the remaining unsold acreage.
which has not been taken into consideration by the U. S. RR. AdministraLumber Co. Earnings.-The earnings from the lumber business of the
tion in making any settlements or payments on account.
John L. Roper Lumber Company for the year were not satisfactory, largely
Fetival Operations.
.-There wore handled 7,791,545 net tons of bituminous due
to freight embargoes and labor restrictions imposed by the necessities
coal an increase of 248.920 tons, and 11.078,182 net tons of anthracite coal, of war.
an increase of 37,909 tons, compared with the preceding year.
Subsidary Roods.-The Carolina RR. anti ICInston Carolina RR., referIncluded in the operating expenses are the following expenditures:
ence to which is made in the annual report, are owned by the Norfolk
Employees' Compensation Laws, States of New Jersey and. Penn._ _ _$41,278 Southern
R it. Co. They extend both north
south from Kinston and
Federal Valuation of Railroads, required by law
65,414 are valuable feeders to the main lino serving and
a rapidly developing section
Full Crew Laws, States of Now Jersey and Penn.
•
171,725 whose principal product is bright tobacco.
The average revenue tonnage per train mile was 663.7 tons, an increase
The board further remarks as follows:
of 59.6 tons, and the average distance each ton was carried was 72.29 miles,
an increase of 3.83 miles.
Corporate Income Account, &c.-Taxes
to $6,882, a decrease
During tho year, 216,666 new ties were laid; 597 cubic yards of rock bal- of $188,237, due to the fact that the Unitedamounted
States Railroad Administration
last were placed in track; 88.70 miles of track were relaid with steel rails of assumes all taxes except "War Taxes."
90, 100 and 135 lb. sections; 5.64 miles of track were relaid with second-hand
Other income consisting of Standard Return for lease of road to United
rails, chiefly of 70, 80,85 and 90 lb. sections.
States Government ($1,166,991). miscellaneous rents, and interest and
SEPT. 27 1919.]
TIIE CHRONICLE
dividends on securities ($50,150), amounted to $1,217,141. As
the contract covering the lease to the United States Government has not
been signed,
there has been advanced or loaned to the Corporation during
the year 1918
on account of 90% of Standard Return, $713,000.
Not income carried to profit and loss amounted to $48,427,
decrease of
$291,256.
At Dec. 311917, profit and loss account showed a credit
of $1,964,593; adding thereto net income for year $48,427 andbalance
sundry other
credits $54,716, deducting sundry debits $2,767, loaves credit
balance at
close of year $2,064,969, an increase for the year of $100,376.
Funded Debt.-This item was reduced $97,600 as follows:
First & Ref.
Mortgage. $35,000; Equipment Trust Notes Series "A," $50,000;
Series
"B," $2,600; General Equipment Trust Notes (in full),
$10,000.
CORPORATE INCOME ACCOUNT FOR YEARS ENDING
DEC. 31.
(See Text Above.)
1918.
1917.
1916.
Operating income
$1,321,899 $1,443,568
Govt. (tentative) compensation for
lease of road
$1,166,991
Other income (net)
8,416
634,774
117,801
Gross income
$1,175,407 $1,956,673 $1,561,369
DeductionsRent for leased roads
$76,866
$76,866
$76,866
Interest on funded debt
909,229
901,054
866,516
Interest on unfunded debt
22,688
14,582
3,624
Amort. of disc. on funded debt,
39,864
36,618
27,100
Miscellaneous
78,333
7,952
3,489
Net income
$48,427
$919,601
$583,774
FEDERAL OPERATING ACCOUNT FOR 1918, COMPARED
WITH
CO-OPERATE ACCOUNT FOR 1917 AND 1916.
1918.
1917.
1916.
Freight revenue
$3,877,124 $3,709,597 $3,463,158
Passenger revenue
1,521,377
1,260,772
1,202,433
Mail, express, &c.
355,142
329,545
273,581
Total operating revenue
$5,753,644 $5,299,914 $4,939,172
Maint. way & struct
1,067,871
636,726
604,408
Maim. of equipment
1,313,195
773,842
722,842
Traffic
81,278
97,496
95,470
Transportation
2,569,551
1,934,531
1,627,346
Miscellaneous
241,666
237,773
222,144
Net operating revenue
$480,083 $1,619,546 $1,666,972
Tax accruals, &c.
$194,134
$196,079
$163,730
Total operating income
$285,949 $1.423,467 31,503,242
Non-operating income
$417,066
$533,206
$58,126
Gross income
$703,015 $1,956,673 $1,561,368
DeductionsHire of equipment
$391,543
$558,824
$56,208
Joint facility rents
20,019
21,092
22,054
Total deductions
$411,562
$579,916
$78,262
Net income (Fixed charges not deducted-see first table)
291,453
1,376,757
1,483,106
"Standard return"
1,166,991
1269
coal, materials. dre.), than we did in 1917. A 50%
increase on our road,
which in comparison with trunk lines we should
have had, would have
made up half of the Government's operating deficiency
.
FEDERAL OPERATING STATISTICS IN 1918-COMPA
NY DATA IN
1917, &e. (SEE TEXT).
.
Years ending Dec. 31
June 30 Yr.
191j3.
1917.
1916.
1915.
Miles operated
382
386
387
397
OperationsPassengers carried (No.)
296,968
346,592
361,049
358,794
Passengers carried 1 mile 12.093.572 13,480,424
Rate per pass. per mile_ 2.690 cts. 2.568 cts. 13,531,595 Not stated
2.423 cts.
2.477 cts.
Freight (tons) carried
1,106,920
1,135,839
1,096.224
900.870
Freight (tons) car. 1 mile 79,289,070 106,880.179
106,344,690 69,385,007
Rate per ton per mile... 1.423 cts.
0.834 cts.
0.791 cts.
1.002 eta.
Gross earnings per mile_
$4,150
$3,518
$3,259
$2,742
ResultsGross earnings
$1,557,034 $1,350,450 $1,254,102 $1,077,317
Operating expenses
1,488,458
1,071.039
855,048
793,735
Net earnings
$68.574
$279,411
$399,054
$283,582
CORPORATE INCOME ACCOUNT.
Calendar Years- June 30 Yr.
1918.
1917.
1916.
1915.
Operating income
$279,411
$399,054
$283,582
Standard return
$310,644
Other income
def.2,842
17,917
60,782
63,319
Total income
$307,402
*297.328
$459,836
$346,901
DeductInterest on funded debt_
$92,000
$92,000
$92,000
$02,000
Taxes
19,128
9,295
82.556
82.491
Miscellaneous
24,124
682
3,109
6,496
Contingent fund
100,000
Invest, in physical prop_
41.804
Div. on pref. stock(5%)
47,500
47,500
47,500
47,500
Div. on common stock(24%)50,000 (24)50.000
(5)100,000 (24)50,000
Total deductions
Balance, surplus
$274,556
V89,478
$425,665
$278,487
$32,846
$97,850
$34,171
$68.414
BALANCE SHEET DECEMBER 31.
Assets1918.
1917.
Liabilities1917.
Road & eq uipm'tl$6,741,534(36,592,028 Common stock _ _ _ 1918.
32,000,000 $2,000,000
In treasuryPreferred stock- _. 950,000
i
950,000
First lien bonds I
I
450,000 First lien bonds__.12,300,000f 1,500,000
Mtge. bonds..)
1 500,000 Mortgage bonds_j
t 1,750,000
Materials&supplies 219,494
219,212 Deprec'n reserve__ 612,186
559,529
Cash on'hand._ _ _
6,444
8,154 Miscellaneous ___
10,729
12,984
Cos. & individuals
25,477 Appro. income not
Bk.of Manh'n Co
101,945
specif. invest- _ _
100,000
100,000
Due from agents__
24,920 Add'ns to prop'ty
Net traffic bale...
27,752
thro .inc .&surp... 767,790
725,986
Miscellaneous ____
6,986
2,402 Loans & bills pay- 100.000
U. S. stand'd ret'n 310,664
Aud. vouchers, &c
1,037
118,890
Other U. S. Govt.
Taxes accrued_ _ _ _
19,459
102,450
Items
255,571
Other unadj.cred's
8,618
U. S. Govt. acct.._
505,759
Profit dr loss
165,114
132,051
Total
$7,540,693 $7,951,891
Total
S7,540,693 $7,951,891
-V. 109, p. 270.
Federal deficit a
$875,538
•
a Federal income account includes debits for lap-over revenues and expenses chargeable to the corporation as follows: Revenues,
$2,854; expenses, $67,505; total, $70,359.
BALANCE SHEET DECEMBER 31.
Producers & Refiners Corporation.
1918,
1917.
1918.
1917.
AssetsLiabilitiesS
$
(Second Annual Report-Year Ended May 31 1919.)
Road & equip _ e--30,196,178 28,523,843 Capital stock
16,000,000 16,000,000
Real est, not used
Funded debt (see
The report of President F. E. Kistler, dated at Denver,
in operation_
148,633
148,533
"Ry. & Indus."
Leased rail, &e_ _
113,867
113,867
Section)
20,314,200 20,401,800 Aug. 25 1919, will be found on subsequent pages of this issue
Securities of underTraffic, &c., bale_
66,045
103,682 of the "Chronicle," together with the income account and
lying & other cos 6,114,327 6,194,327 Vouchers & wages117
488,801 balance sheet for the
Inv. in OBI. cos
233,121
336,865 Notes payable__
late fiscal year.
396,485
232,882
Cash
18,065
389,668 Miscellaneous acThe company owns all of the stock of the Kistler Refining
Depos. wish true74,365
7,520
Co., controlling
counts payable_
7,376
24,663 a modern refinery at West Tulsa. Okla.. formerly the
Sinking fund
229,538
plant of the PanCoupons due and
American Refining Co. This refinery has a daily capacity
Materials & supp
421,933
of 6,000 barrels
unpaid
74,365
120,225
and
produces
gasoline,
naphtha, motor spirits, kerosene, distillate,
Notes receivable__ 368,134
285,218 Accrued interest,
gas.
oil fuel oil, road oil, pitch and coke.
Miscellaneous ____
134,585
395,278
rents, dm
301,610
The company also operates a refinery at Blackwell, Okla., a well
Unexting'd disc't. 1,008,868 1,048,732 Taxes accrued, &c. 304,661
balanced
14,114
plant
33,918
of
3,000
barrels daily c,apacity, enlarged from 1,200 barrels since
Special deposits29,867
120,225 Deferred & unad1917.
The importance of the company's oil properties appears
Uncompl't'd work,
justed accounts_
103,477
81,778 that on Aug. 25 1919 its lease holdings aggregated 203,481 from the fact
&c., orders
138
173,103 U. S. Govt. def.
acres,
located
in
Oklahoma, Texas, Louisiana, Wyoming, Kansas and New Mexico,
Deferred asets......
41,005 1,483,689
liab.
and
1,567,961
that it then had a production of approximately 3.500 barrels
U. S. Govt. def.
of oil and
Surplus
2,064,969 1,964,593 upwards of 100,000,000 Cu. ft. of natural
assets
2,090,112
gas per day, with a further oil
production of 2.500 barrels daily shut in pending the completio
30,614
do tax adjust._
n of pipe
line connections to the wells, while numerous other wells
Other deferred,&c
are in the process
of being drilled. See full particulars in the report and compare
82,452
items
111,150
V.109,p.17
9.
• With the completion of the pipe lines now being built,
states that it will own and operate approximately 230 miles the company
40,913,768 39,753,952
Total
of oil and gas
Total
40,913,768 39,763,952 pipe lines, and should derive substantia
l revenue from the transportation
e Includes road, $25,294,883, and equipment, $4,959,546, loss depreciaof oil through its new lines in excess of the oil required for its own
tion reserve, $546,213; balance, $4,413,332; and $487,962 general
use. The
expendi- company has a steel storage capacity of over 800,000 barrels
turea.-V. 109. p. 1180.
and
operates 400 steel tank cars in addition to the cars which it has it owns and
under lease
Detroit & Mackinac Railway Company.
(Report for Fiscal Year ending Dec. 31 1918.)
•
President Henry K. MeHarg, New York, June 10, wrote
substanc
e:
in
Federal Compensation.-A contract was entered
into March 29 1919
whereby the Director-General of Rallroad.s agrees to
pay your company
$310,664 annual rental during the period of Governme
nt operation.
Taxes.-During the year we paid $331 taxes on
miscellaneous property
not taken over by the Federal Administration and accrued
$19,128 approximate Federal income tax for the year.
Additions.-During the year additions and betterment
s to the value of
$41,804 were made, upon which the corporation will receive interest
at the
rate of 5% from date of completion.
Liberty BSonds.-On Oct. 24 1918 there was borrowed from the
Bank of
Manhattan Co. $100,000 at 44% interest and an equal amount
of United
States Fourth Liberty Loan bonds purchased.
Maintenance.
-During the year the Federal Manager
endeavored to
keep the property up to the previous h!gh standard, but war
conditions
prevented the usual amount of repairs being made on both
ment. During the year an unusually large proportion of ourroad and equipwas
off of the line and probably only received necessary running equipment
Federal Operation.-In explanation of the poor financial repairs.
showing made
under Federal operation (irrespective of the 8 how* day, higher
large increase in cost of coal and all material), would say that wages and
1 1918 the DIrector-Cieneral ordered the discontinuance of per as of July
diem payments, taking the position that as the Government was
operating all the
railroads there was no necessity of keeping up the accounting
between
the different Enos. His position was eminently correct, system
but entailed a
hardship upon those roads which had provided themselves. by
expenditur
e
of cash, with sufficient equipment to handle their traffic and reacted
favorably to those lines which had failed to supply themselves with
sufficient
equipment in the past.
In the year 1917 the railway earned $103,022 net (which
$10,000
more than the interest on the entire mortgage bonds outstanding was
in
of the public) from the interchange of its equipment with other the hands
Had the 1917 per diem rules been in effect during the entire yearrailroads.
the income from per diem would have been approximately $45,000of 1918,
Rates.-We have always been allowed to charge 3 cents a mile greater.
engers, and when the Director-General increased passenger fares for passa mile from 2 cents on the large trunk lines, we did not share in suchto 3 cents
A case in point is the New Haven, which earns over $16,000 increase.
'passengers, while our railway earns $1,100. The change from a mile on
2 cents to
3 cents on the New Haven gave them 50% increase, while we
actually
received less from passengers (notwithstanding the large increase
in wages,
STATEMENT OF EARNINGS FOR YEARS ENDING
MAY 31.
1917-18.
Gross: Refinery, $679,922; field and other, $474.679; 1918-19.
jobbing, $27,306; total
$1,181,906 $584,100
Other income
Cr.19,150
Deduct-Oper. expense, incl. maint. and deprec____
284,389
101.728
Marketing, gen. overhead and non-oper. expenses
253,645
127,640
Taxes, local and Federal
21,401
322
Depreciation and depletion
169,076
82,966
Charged off and abandoned
125,522
Preferred dividends
(7%) 178,828(54)94,130
Balance,surplus
$274,567
$70,942
BALANCE SHEET MAY 31 1919 AND FEB. 28•
1919.
..1fay 31 '19. Feb.2S '19.
May SI '19. Feb.28 '19.
.issets$
$
LiabilitiesReal estate, bldgs.,
Common stock..x14,927,520 10,000,000
plant & equipl_ 2,875,580 2,027,352 Preferred stock... 3,000,000
3,000,000
Leaseholds
16,975,098 17,109,535 Bills & accts. pay_
591,544
361.702
Good-will,fran.,&c.
595.436 Notes payable_
361,833
Second Lib. bonds,
,
Interest accrued__
2,684
264
stocks other cos- 4,508,358
441,850 Depreciation
398,366
296,391
Bills & accts. rec.. 533,127
486,691 Tax reserve
13,741
2,735
Notes reedy., &c. 647,442
Other reserves....
63,237
438
Accrued interest__
10,584
Profit and loss.... 7,412,708 7,276,937
Cash
1,011,970
108,636
Inventories
115,975
110,935
Deferred assets...
93,499
58,032
Total
26,771,633 20,938,467
Total
26,771,633 20,938,467
x After deducting $2,072,480 treasury stock. Carl H. Pforzheim
er &
Co., N. Y., are interested.-See V. 109, p. 179. 986.
American Smelting & Refining Co., New York.
(Report for Six Months ended June 30 1919.)
President Simon Guggenheim writes in substance:
The net income for the six months after deducting depreciati
on, ore
depletion and bond interest, aggregated $2,149,160. Preferred stock
dividencLs were declared aggregating$2,124663. The directors felt
justified
in making payments of 1% quarterly dividends on the Common stock
from
the accumulated surplus. There is a deficit, therefore, for the period
of
$1,195,464.
120
factors. With
This unfavorable result is due to a number of contributing
mines entirely closed
the cessation of the war demand for metals, many
40% to 50%.
output
their
reduce
to
compelled
were
producing
.and those
followed. While
A marked reduction in the company's business necessarily
and many overhead
every effort was made to enforce economies, taxes
reduction in output
charges remained relatively stationary. Hence the on
the business done.
served to increase costs very greatly and reduce profits
covered by this
Wages have continued to increase during the six months
not on the whole
have
supplies
and
report, and the costs of fuel, freight
have actually increased.
materially decreased-in fact, in some instances,of
business done has thus
The loss of profits from reduction in the volumeincrease
in cost of doing
been greatly augmented by the simultaneous
that business.
in the semi(mentioned
charges
treatment
increased
On Dec. 31 1918 the
entered into on
annual report of last year) secured on long-time contractsunder
these conthe pre-war basis of our costs, terminated and shipments
tracts have imposed an onerous burden upon the company. Negotiations
directors
are again being conducted for increased treatment charges, and the
are hopeful of beneficial results.
in
company
the
of
properties
The profits from the extremely valuable
year, and would have
Mexico increased during the second quarter of the
the
in
forces
Villa
the
of
activity
the
for
been
not
it
had
been much greater
period in a cutting
vicinity of Chihuahua, which resulted for a considerable
mines, and a relative
of railroad communication, a shut-down of several
The railroads are
Smelter.
Chihuahua
suspension of the operations of
hereagain running, and it is hoped that these properties can be operated
interruption.
.after without
depreciafor
account
loss
and
profit
the
The usual charge has been made to
for the
tion and depletion of ore reserves, and provision has been made
estimated Federal income taxes for the period.
30.
•CONSOL. INCOME ACCOUNT SIX MONTHS ENDING JUNE
Co.)
(Incl. Amer. Smelling & Refining Co. and Amer. Smelters Securities
1917.
1918.
1919.
Net earningsSmelt'g & refin'g plants & industries
immediately dependent thereon_ $5,285,698 $7,360,025 $14,627,018
2,304,098
1,133,457
428,081
Mining properties
The new washery erected at Wanamie Colliery began operation June 11
1918 and shipped during the year 107,138 tons.
1
The company began carrying its own fire insurance. effective June
will
1918. $100,000 being appropriated from earnings for a fund to which
premium.
annual
the
be added
for label*
Increased living costs and competition with other industries
scales. Accordmade it necessary to consider further increase of the wage
to outgranted
was
day
per
cents
90
of
advance
an
1918,
ingly, on Nov. 1
on contract
side day labor, 31 00 per day to inside day labor, and 15%
on
rates. To compensate for the wage increase, the Fuel Administrati
and pea sizes.
authorized an advance of $1 05 per ton on the prepared
increase in labor
This increase in price was determined from the average
to meet
cost on the entire output of the field, and, therefore, is insufficient
the additional expense incurred by fully one-half of the total production.
and the mild
The better distribution of coal during the coal year 1918,
of a
winter through which we have Just passed, prevented a repetition
winter. In
coal shortage such as was experienced during the previous
fact, at this writing, there is a marked surplus of both anthracite and
bituminous coal.
The stockholders' annual meeting hereafter will be held on the Thursday following the third Monday in March of each year.
TONNAGE, EARNINGS, EXPENSES, &c.
Cal. Year 18 Mos. to --June 30 Years
Tonnage Shipped1915.
1916.
Dec. 31 '17.
1918.
4,942,886
6,657,245 4.482,597
4.353.327
By company
673,412
704,962
1,129,595
863,663
By tenants
$5,713,779 $8,493,482 $16,931.116
Total net earnings
1,826,783
1,252,043
307,906
Int., rent, divs. reed com'ns,&c.(net)
36,021,684 39,745,525 $18,757,899
Gross income
$529,027
3461,718
, $481,995
Administrative expenses
86,052
67,446
"0,695
Research and examination expenses
1,313,338 3,889,561
412,355
.Corp. taxes (incl. est. exc. prof. tax)25,451
bonds_
deb.
Co.
Sec.
Sm.
Am.
on
Int.
377,480
812,902
796,793
Int. on Am. S. & R. Co. 1st M.5s_ _..
500,000
75,000
Employees' life insurance fund
752,033
358,738
Miscell. profit and loss charges
2,396,174
2,587,562
_ 2,140,686
Depreciation-depletion of ore
1,750,000
1,750,000
(70) 1,750,000
roe..Am. Sm. & Ref. Co. pf. divs.(3%
419,889
290,409
292,146
Am.Sm. Secur. Co. pf. A divs.(3%)..
427,240
84,600
82,518
Am.Sm. Sec. Co. pf. B divs.(2%)
x2,439,920
.910
,960(3)1,829
.._(2%)1,219
_
divs
corn.
Co.
Ref.
&
Am. Sm.
$7,217,148 39,631,653 $13.592,828
Total deductions
3113,872 $5,165,071
Balance,surplus,for 6 mos. period_def.31,195,464
sur.325,060,229 $27,069,266 $26,955,394
'Total profit and loss
and a
x Included in 1917 are two quarterly dividends of 1%% each
special Red Cross dividend of 1%.
30.
JUNE
SHEET
CONSOLIDATED BALANCE
(American Smelting & Refining Co. and American Smelters Securities.)
1918.
1919.
1918.
1919.
$
AssetsstockProperty acc't_ _132,674,323 133,905,841 CapitalCo.
60,998,0)0
60,998,000
corn..
Smelt.
963,909
1,558,057
-__
Investments
pref. 50,000,000 50,000,0)0
do
Metal stocks_ _ _ 46,433,509 42,366,986
pl."A" y9,718,109 9,se7. 0)
Material & supp 7,280,092 8,423,709 Sec. Co.pf.
x3,183,400 3,533,500
"B".
do
taxes,
Prepaid
614,209 Am.S. & R. Co.
Insurance. &c 1,604,318
1st M. 5&_....a32,210,300 32.149.203
3,550,799 8,186,851
Cash
6,190.850 3,533,385 Accts., drafts &
Liberty bonds
wages payable 15,899,612 24,364,452
Loans sec.byStk
2,065,457 Interest on Oda.
Ex. coll., &c..
404,492
402,694
accrued
proCopper in
381.198 Divs. payable.... 1,656,535 1,999,779
cess of refining 1,392,219
Interest & dive.
353,126
Bliss. acceptan's
123,922
179,400
unllaimed
Advances to af2,259,775 2,610,830
437,203 1,008,168 Accrued taxes
filiated cos.. _
Eniarge't & exAccts. and notes
3,000,000 3,000,000
receivable _ _ 7,614,200 19,087,543 tension res've.
Employees' ben.
Cash with trus1,001,813 1,001,192
res've
pension
7,120
5,020
tees of sk. fd_
884,679 Empl.death ben.
884,679
Pension fund .. _ _
609.424
607,571
478,923 reserve
478,924
Life insur. fund_
40,948
Safety & welfare
412,121
412,121
Fire lksur. res've
Misc. reserves... 3,038.234 3,717,352
Profit and loss 25,864,765 27,069,266
5.187,560 5,616,299
7,786,840
5,216,991
Total of all
Produced as follows3,889,865
3,534,686
5,538,373
3,797,806
From fee lands
1,438,481
1,303,516
1,821,093
903,039
do leased lands
288,052
349,356
427,374
516,144
do washeries
$
$
$
Earnings22,966,147 28,884,794 17,565,450 16,2/1,085
Coal sales
116,372
135,296
345,259
247,076
Coal mined by tenants
368,014
347,234
292,181
285,641
Interest account, &c...._
23,498,864 29,522,234 18,047,980 16,755,471
Total
Expenses7,859,315 8,235,286
Operating collieries, &c_ 12,439,431 13,757,789
247,144
224,130
388,181
435,333
Add'ns, deprec'n, &c_
432,598
412,641
607,947
341,073
Royalty leased prop'ties
79,837
127,618
273,668
97,920
Coal purchased
4,671,920 3,215,376 3,726,939
Transp.,yard & ag'y exp. 3,637,699
102,636
108,750
218,440
173,051
General expense
753,548
903,036
1,675.753
x1,347,756
Local taxes
215,506
304,767
230,710
16,288
Taxes, Federal & State_
750,000
Income & ex. prof. tax.. 1,100,000
19,427
24,335
31,649
24,437
Insurance (min'g prop.)
474,424
439,375
658,971
459,051
Depletion of coal prop
54,891
88,155
ty_
Maintenance of prop
1,065,172 Cr870,128
343,313
38,076
Value of coal stocked_
210,457,320 221,907,978
210,457,320 221,907,978 Total
y After deducting $6,303,x Not including metals treated on toll basis.with
trustees for redemption
000 hold in treasury and $958,300 deposited deducting
$26,811,600 held
under stock retirement agreement. z After
fund
in treasury. a After deducting $985,000 held by trustees in sinking
2243.
and $5,200 held in treasury.-V. 108, p.
Total
Maple Leaf Milling Co., Ltd., Toronto.
(Report for Fiscal Year ending March 31 1919.)
INCOME ACCOUNT FOR YEARS ENDING MARCH 31.
1915-16.
1916-17.
1917-18.
1918-19.
$530,525
$738,644
$929,106 $1,021,267
Net earnings
$104,171
$159,573
3113,590
$158,069
interest
Bank
175,000
175,000
175,000
175,000
Preferred divs. (7%)
75,000
212,500
562,500
600,000
Common divs. (3%)_ _ _
Balance, sur. or def__ def.S3,963sur.3170,177sur.$191,572sur.$176,355
BALANCE SHEET MARCH 31.
1918.
1919.
1918.
1919.
•
Liabilities-$
$
Assets2,500,000
2,500,000
Real est., bldgs., &c.5,319,943 5,329,945 Preferred stock
2,500,000 2,500,000
36,595 Common stock
Office, stable, &c..-. 54,800
Bankers' advances_ _4,676,488
Good-will and trade229,661 229,661 Accounts payable__ _ 744,587 987,385
marks
43,750
2,545,777 390,380 Pt. div. pay. Apr. 18 43,750
Investments
87,500
15,989 389,591 Com.dly.pay.Apr.18 87,500 611,540
Cash
account_ 457,937
Bills and accts. recle 445,840 410,166 Contingent
4,749,459 1,999,814 Deprec'n reserve.... _ _ 750,000 500,000
Inventories
55,500
15,835 Insurance reserve.
18,873
Miscell. stores
1,568,545 1,572,509
696 Profit and loss
3,965
Prepaid charges ____
13,384,307 8,802,683
13,384,307 8,802,683 Total
Total
[See also news item on a subsequent page.] V. 108, p. 83.
Lehigh & Wilkes-Barre Coal Co.
(Report for the Fiscal Year ending Dec. 311918.)
President Charles F. Huber, Wilkes-Barre, Pa., Mar. 20
1919, wrote in substance:
royalty
Payments under coal leases for rentals were $72,240 in excess of
to operaton coal mined during the year, and this amount has been charged
ing expense.
the sinking fund of
Payment of $460,000 was made on June 1 1918 toof
of bonds the 1920 maturity.
the Consul. Mortgage by delivery of $460,000
$1,436,447.
of
sum
the
trustee
the
of
hands
the
in
There is now
Fourth Liberty Loans.
Subscriptions were made to both the Third andLiberty
bonds.
of
The company now owns a total of $6,286,300
payments under
deferred
meet
to
the
year,
during
The amount set aside
fund to
the Workmen's Compensation Act, has increased the reserve
$519,162.
Rh.
THE CHRONICLE'
20,110,114 23,608,340 14.772,671 13,472,109
Total
3,283,362
5,913,895 3,275,309
3,388,750
Net earnings
Deduct671,507
579,840
481,995
319,465
Interest on bonds
1,197,300
1,197,300
1,795,950
1,197,300
Dividends(13% p. a.)
100,000
Fire insurance fund_ __ _
1,414,555
1,498,169
1,771,980 3,635,950
Surplus
x In 1918 includes State taxes.
CONDENSED BALANCE
1917.
1918.
$
AssetsProperty & equip.28,958,583 29,112,549
Advanced royalties
1
1
for coal
1,740,147 3,265,477
Cash
55,587
25,786
Cash for coup.,&c.
Bills & accts. rec.- 2,875,021 1,991,726
Liberty bonds_ _ _ 6,475,923 3,303,429
120,389
80,013
Coal on hand
4,197
1,615
Land contracts......
11,919
2,573
Incur., adv. parts
848,065
Materials & sum). 1,146,394
Securities of com371,001
panies owned... 408,001
Marketable secur's
3,661
3,661
owned
Trustees sink. fund
957,285
4% consol. loan. 1,438,447
322,202
Compens. fd. inv_ 519,162
57,319
79,657
Suspense accounts
114,000
Invest. Ins. fund..
43,866,986 40,424,806
Total
-V. 106, p. 2339.
SHEET DECEMBER 31.
1918.
$
Capital stock...... _ 9,210,000
Funded debt (see
"Ry.&Ind."Sec.) 8,186,000
Dep'etion-coal
4,630,693
lands, res
Vouch.& pay-rolls 803,204
26,136
Coup.,Acc.,unpald.
Pa.State ton. tax.. 191,628
Int., mine rents,
&o., not due__ 422,334
Reserve forNew collieries__ 1,504,831
Res.for Inc. & exc.
1,100,000
profits tax
Miscell. accounts.. 157,227
Other reserves_ _ _ 424,898
Employees compen215,188
sation
Profit and loss........16,994,850
Total
1917.
9,210,000
7,719,000
4,061,598
843,484
55,937
192,747
345,823
1,528,495
750,000
151,667
343,184
15,222,870
43,866,986 40,424,806
Pan-American Petroleum & Transport Co.
(Report for, Fiscal Year ending Dec. 311918.)
The comparative tables will be found mV. 109, P. 1076.
Pres. E. L. Doheny, Los Angeles, Aug. 1, wrote i n subst.:
Controlled Company.-A largo part of the assets of this Company consists
of its holdings of stock in the Mexican Petroleum Co., Ltd., of Delaware
(which see below).
some of
Results.-1918 was a war year. Nevertheless, the completion of
50%, and
your ships has increased your investment in steamships nearlyoperations.
correspondingly increased the income from your steamship $4,666,727,
While the net profit for 1917 was $4,308,904 and for 1918 was
the profit, before the deduction of taxes, and taking into consideration the
income and excess profit taxes on the earnings of stock in other companies
and
held by you, was for those years respectively $5,114,628 for 191757%,
'for the year 1918 of
$8,066,727 for 1918, being an increase in profit
over that of 1917, nearly all of which, however, went to pay the excess income and other taxes.
New Business.-Tho period of transition which ensued after the signing
active reconof the armistice has not yet fully developed into a condition ofof
the British
. A large part
struction throughout the industrial world.
.*by submarines. A new fleet,
and the Scandinavian fleets have boon sunk
this year, is now floatestimated to amount to 20,000,000 tons by the end ofIt
in the
ing the Stars and Stripes. Being now and modern, sets the pace
the adopuse of the most economical fuel for marine needs and thus compels
greatly
increased
This
the
world.
throughout
fuel
of
class
same
tion of the
ly rapid
demand for petroleum products is supplemented by an extraordinari
Increase in the amount of power developed by the use of gasoline and internal
combustion engines.
stock is
The potential oil production of the Companies in which you holdthe
past
far in excess of any sales which it has been possible to make during
amount
large
a
carry
to
provided
had
years. The tank steamers which you
and were used
of petroleum to places of consumption were largely needed
armies and navies
most advantageously in delivering necessary supplies to the
this period of transiof the United States and its allies In the war. Duringoil
supply and transtion there developed a temporary congestion of both
portation facilities. The now demands, however, which are being created
will relieve both phases of tho congestion and in all probability 80011 develop
a shortage.
Vessels.-Not all of the ships which had boon provided for your business
Three
and which were commandeered have boon released from war service.Governare still retained by the U. 8. Government and five by the British
ment. Your fleet now in commission, however, consists of 20 ships aggregating 169.113 tons deadweight.
for your
These vessels aro all comparatively now and are especially suited
of the vessels
purposes. It was your good fortune not to lose outright any wore
sunk or
however,
ships,
your
of
Throe
zone.
war
the
traversing
sunk an enemy subwrecked but subsequently salvaged. One rammed and
struck by
marlue with only slight damage to her own bow and another was
a submarine with cannon fire, but, nevertheless, caused the submarine to
sink, it is supposed, never to rise again.
British Mexican Petroleum Co., Ltd.-Qut of these negotiations begun ju
March 1915 and suspended during the war there has developed the British-
SEPT. 27 1919.1
THE CHRONICLE
1271
Mexican Petroleum Co., Ltd., one-half of whose stock has been subscribed
to by your President for and in behalf of your Company (see V. 109,
Mohawk Valley Co., Utica, N. Y.
373).
Your associates in this undertaking are among the ablest and mostp.
(Rochester Railway & Light Co.-Electric Light & Power.)
prominent business men of Great Britain and are largely interested in the shipping
business, both in the construction and operation of the same.
(Report for Fiscal Year ending Dec. 31 1918.)
The agreement between us provides for the sale by the Huasteca PetroINCOME ACCOUNT YEARS ENDING DEC. 31.
leum Co. (a subsidiary of the Mexican Petroleum Co., Ltd., of Delaware)
1918.
and the purchase by the British-Mexican Petroleum Co., Ltd., of the
1917.
1916.
Earnings
from
operations
$5.919,128 $4.971,264 $4.445.464
products of over 1,000,000 tons annually of Mexican crude oil. It
ex- Expenses (including depreciation)_
3,493,886
pected that the takings will increase rapidly above this amount. isMr.
3,029,209
2,490,710
Herbert G. Wylie, the General Manager of your company, has been made
Net earnings
the Managing Director of the new British Company and is now engaged in
$2,425,242 $1.942,055 $1.954.754
Taxes
arranging for the establishment of its facilities in all of the principal
$561,171
$432,172
$325,102
ports
Uncollectible
bills
of the United Kingdom. The increase of business from this new connection
28,290
22,024
23.230
should nearly double the volume of your company's business.
Net income
The British-Mexican Petroleum Co., Ltd., has been registered with a
$1,835,780 $1,487,859 $1,606,422
Non-operati
ng
revenue
nominal capital of £2,000,000, in one million Ordinary Series A Shares and
126,182
157.353
94,103
one million Ordinary Series B Shares of .el each, to refine, transport and
Gross income
deal in oils, petroleum, gas and minerals and their products, by-products and
$1,961,962 $1,645,211 $1,700.525
DeductIngredients.
$1,192,611
The first Directors are: Chairman, Lord Piffle, British Peer, head of Interest and rentals
$928.386
$814,741
Ilarland & Wolff, and largely interested in British shipping, particularly the Divs. on subsidiary stocks not owned
132,673
92,905
92,905
International Mercantile Marine Co.; Vice-Chairman, E. L. Doheny, Presi- Proportion undiv. surp. of sub. cos.*_
81
68
4,445
dent of Mexican Petroleum Co., Pan-American Petroleum & Transport Co., Dividends(6%)
449,808
449,808
and other oil companies; Herbert G. Wylie; Executive Director, Sir James
Total deductions
$1.325.365 $1,471,167 $1.361,899
T. Currie, K.C.B., Director of the United Baltic Corporation; Mr. William
Balance, surplus
Weir, Sir Thomas Royden, Bart., Sir Peter McClelland, K.B.E., Mr. J. R
$636,597
$174,044
$338,626
Morton, Mr. E. L. Doheny, Jr., Mr. Elisha Walker, Mr. J. M. Danziger,
* Applicable to stock of subsidiary cos. not owned by Mohawk Valley
Mr. L. P. Sheldon, Mr. W. A. White, Sir Alexander Maguire.-V. 109,
Co.
BALANCE SHEET DEC. 31.
P. 1076. 976. 373.
1918.
1917.
1918.
1917.
AssetsLiabilitiesMexican Petroleum Company, Limited, of Deleware, Investments
__a11,788,341 11,788,341 Capital stock
7,500,000 7,500,000
Cash
166,650
29,288 Accrued taxes_
and Subsidiaries.
13,200
Bills & accts. me
350,370 1,686,069 Accrued in,&c
15,645
Re-acquired secur.
3,200
(Report for Fiscal Year ending Dec. 31 1918.)
3,200 Bills payable
2,000,000 3,590,000
Miscellane
10
14,960 Profit and loss_ ___ 2,808,571 2,403,012
The usual comparative tables were given in V. 109, p. 975.
Total
12,308.571 13,521,857
Total
12,308,571 13,521,857
President E. L. Doheny, Los Angeles, Aug. 1, wrote in
a Investments as above in 1918 ($11,788,341) include: Rochester Ry.
&
Lt. Co. prof. stock, $1,143,200 at par common stock, par $7,245.700,
substance:
book
value, $10.644,741. and bonds, $400 -V. 107, p. 2476.
Properties.-The consolidated statement and report submitted herewith
Includes tho 17th annual statement of the Mexican Petroleum Co. (Cali•
W. L. Douglas Shoe Co., Brockton, Mass.
fornia), the 11th annual report of the Huasteca l'etroleum Co., the fourth
(Financial Statement for the Year ending June 30 1919.)
annual statement of the Mexican Petroleum Corporation, the first annual
report of the Mexican Petroleum Corporation of Louisiana, Inc., nd is
COMPARATIVE STATEMENT OF SALES.
the 11th annual report of your company, which owns 99% of the Aock of
the Mexican Petroleum Co. (California) and all of the stock of each of the
1918-19.
1917-18.
1916-17.
1915-16.
6 mos. to Dec. 31
$6,543,977 $7,357,081 $5,404,253 $3,657,858
other subsidiaries.
6 mos. to June 30
10,116,457
7,950,697
Rosults.-During the year 1917, for reasons set forth in tho last annual
6.500,655 4,411,770
report, the volume of your company's business was far below normal ex- 12 mos.
to June 30
$16,660,434 $15,301,778 $11,904,908 $8,069.628
pectations. The causes which prevented the natural expansion of the business during 1917, obtained to a large extent during 1918. The putting
BALANCE SHEET.
In commission last year of a part of the new fleet of steamers which had
July 5'l9. De.31'18.
July 5'19. Dc.31'18.
been provided, resulted, however, in a noticeable increase in the volume
Assets$
$
Liabilities$
$
of business over that of the previous year.
Cash & cust. accts.
Preferred stock
2,500,000
2,500,000
Oil Inventories are valued at coat instead of at average contract selling
receivable
987,8631
Common stock
1.000,000 1,000,000
Due from emp. on
values as heretofore.
11,286,421 Notes pa. for bor. M. 550,0001
Liberty bonds...... 26,011
Mexican taxes paid in 1918 are more than double the amount paid in
Notes pay. to carry
2,325
empl. Lib. bonds1917. The amount set aside for income and war taxes incresaed nearly Sundry notes receiv._
1,723,026
Mater.
&
supplies__ _1,259,116 P,589,641
(sec. by bonds)__ - 35,0001
800% over 1917. Taxes paid, plus the amount set aside for completion
2,400,850J
of tax payments, amount to 60% of the net profits and over 26% of the Finished goods
Accts. payable
753,665J
Doug.
Shoe
Co.,
Tex.
136,209 Reserve for taxes..._ 573,013 533,213
gross income. Taxes paid to both Governments were nearly $3,000,000
Sundry assets
166,206 193,178 Surplus
greater than the amount paid in dividends.
620,424 620,424
Plant & fix.(bk. val.) 256,728 238,180
Profits, before deducting war taxes, are more than double the profits for Good will
(book
val.)
933,034 933,034
1917.
Dividends paid during 1918 were $4,128,008 as compared with $2,140,263
Total
6,032,133 6,376,663
Total
6,376,663
paid in 1917.
CompaPe offering of 33,000,000 additional Preferred 6,032,133
stock in V. 109.
The quarterly dividend in the Common stock which since April 1918 had p. 681.
been 2% payable half in Marty bonds has been increased to 2)i% all cash
beginning with the distribution to be made Oct. 1 1919.-V. IN. p. 085.
Sales.--011 sales for 1918 were 18,500,000 barrels as compared with $16,736,000 barrels sold in 1917, an increase of 11%. The selling price in 1918
was $26,320,545 as compared with $17,007,209 for the preceding year.
This difference Is accounted for by the facts that a large proportion of oil
RAILROADS, INCLUDING ELECTRIC ROADS.
sold in 1917 was disposed of in crude form, while nearly all of the oil sold
In 1918 was either refined at tho company's plant at Destrehan, or partially
Abilene (Tex.) Street Ry.-Sold.refined at the company's plant at Tampico. Mexico. A much larger proThe property was recently purchased at receiver's sale by
portion of the oil sold in 1918 was moreover carried to distant markets
Henry James
thus using a larger amount of tonnage per barrel of oil moved and adding and George L. Paxton for $5,500. It is expected that the company will
be
reorganized and the line put in operation.-V. 109. p. 774.
to the selling price the added cost of transportation.
The selling price of the crude and fuel oil in Mexico has not varied as
Alton & Jacksonville (Elec.) Ry.-Dismantlement.greatly as the selling price at North Atlantic U. S. L'orts. The price at the
The work of removing the remaining tires, rails, poles and other
latter ports was and is affected by the high charter rates for tanker tonnage.
property
Vessels.-Notwithstanding the fact that the Armistice was signed in of the company between Alton and Jacksonville, Ill, was started on Sept. 11.
The road belongs to the estate of the late John J. Cummings,
Nov. 1918, the commandeered tonnage of your company which was reChicago, who
secured
possession
after
receivership
proceedings.
turned did not add greatly to the volume of your oil transported to market.
During the war he received permission of the Illinois P. U.
The name has been true for the first half of the present year. Of the fleet
Commission
to dismantle the line and large quantities of the rails
provided for your business, five tank steamers are still being retained
and other matetiil were
in
the service of the British Government and three by the U.S. Shipping Board. shipped to France for use in the construction of military railway lines by
It is expected that these stea viers will be released this year and will add the American Expeditionary Forces.-V. 105, p. 2554.
greatly to your carrying cal acItY.
Atlanta Terminal Co.-Bonds Sold.-Clark, Dodge &Co.
Production.-Owing to'ti.e great disproportion between the pipe line
facilities and the potential p oduction of your completed wells, no oil well and Harris, Forbes & Co., New York, announce the
sale
drilling has been done on your prop3rties in Mexico except the completion at 100 and mt.,by advertisem
ent on another page,of$1,000,of one well on a property jointly and equally controlled by the Mexican
Eagle Co. and your company. On this joint property. known as the Alli- 000 Series "A" First Mortgage 6% Gold bonds, dated Aug.
ance property, a well was developed in 1918 which has a potential capacity 11919. Due Aug. 1 1939, and
guaranteed p. & i. jointly
of 50,000 barrels of oil daily and is yielding approximately 8,000 barrels
and severally by endorsement by the Southern, the Central
daily
great majority of your production show no trace of water or other of Georgia and the Atlanta & West
Point RRs.-Compare V.
impurity. The production remains the same from your famous Casiano
and Cerro Azul Wells, the former yielding against a pressure of 320 pounds 109, p. 577.
over 600,000 varrols per month, and the latter against a pressure of over
Aurora Elgin & Chicago RR.-Interest Deferred.700 pounds about 1,250,000 barrels per month.
The company has notified the Citizens' Trust & Savings Bank,
The Casiano Seven well has been flowing uninterruptedly since Sept 11
Aurora.
1910, without change in the quality and quantity of the oil produced and has Ill., trustees for holders of the Collateral Trust notes, that it is unable
to
yielded approximately 100,000,000 barrels of oil. Your Cerro Azul Four make the interest payment which was due on Sept. 1.
The
company
has
filed
completed
an
application with the Illinois P. U. Commission
in Feb. 1916, and is yielding whatever amount is needed
well was
to make up the difference between the Casiano production and your sales, for permission to increase fares in Elgin and Aurora from 6 to 8 cents.
The receiver states that this increase is necessary to meet the
ordinarily about 45,000 barrels per day, all perfectly pure oil. It
advanced
wages paid
employees. It is estimated that this fare
undoubtedly yield, if the valve were fully opened, its initial quota ofwould
more produce fromthe
will
$28,000 to $55,000 additional revenue.-V. 109,increase
than 250,000 barrels daily.
p. 774.
The cessation of fighting found all of tke Allied storage en the continent
Berkshire
Street
Ry.-Interest Unpaid, &c.filled with oil, many loaded tank steamers enrouto to Europe, and the
Semi-annual interest on the $300,000 Hoosac Valley Street Ry.
United States Atlantic storage stations aLso fairly well filled. This condiMortgage
tion immediately demoralized the movement of oil. A period of transition 4% bonds, due Sept. 1, has not yet been paid.
Clinton
Q. Richmond, Gen. Mgr., in a statement said in substance:
ensued. New uses for oil are being developed so rapidly that there Is likelihood of a shortage both of supply and of the means of transporting it from "The company has accepted the offer of its men to resume work at an advance of 7 cents per hour for carmen of the first grade and an approximate
the wells to the consumer.
The great merchant marine of the United States, which it is said will increase of 1607 in the pay of other employees. It has done this with a
amount to more than 20,000,000 tons when completed; the substitution full understanding that It is in no better, if as good, a position to pay this
of oil for coal because of its greater economy at many industrial plants in Increase than it was when the men stopped work on Aug. 9, because the
-the United States as well as in Europe; its demonstrated superiority as a results in dollars and cents of the proposed increase in fares is something
naval fuel, which results in its being substituted for coal in all the navies of no one can measure. Nor does it know what arrangements it can make
the world as rapidly as convenience and economy will permit, all tend to with its creditors. The cars will start as speedily as possible considering
develop a demand for fuel oils and motor spirits that will fully tax the the fact that tracks must be cleaned and thoroughly inspected, new rates
of fare secured from the P. S. Commission, and new schedules of operation
future supply.
•
in effect."
British Auxiliary.-Your management has been instrumental in organiz- put
A supp1ementary attachment for $60.000 was placed by the Boston
company
with associates largely interested in the industries Albany
ing a supply
&
ER. e Sep,. 23 on 7,000 tons of coal owned by the company.
of Great• Britain. This new organization has already agreed to purchase This
further days .ne resumption of service.
from your company a substantial minimum quantity of oil to wit: 7000,000
The
follow,.
the
wage
schedule:
45
cents an hour for the first y ar;
barrels annually for a period of years, and it is proceeding energetically to
for the second year, and 50 for the third year and thereafter.
arrage for the transportation, storage, refining and sale of increasing quan- 47
The
working day is to be nine hours.
tities.
Judge Hammond of the SuOador Court, equity session, Suffolk County,
Contracts.-During this year negotiations have been diligently and ener- declined to appoint General Manager
Richmond permanent receiver.
getically carried on in the Western Hemisphere, with the result that con- -V. 109, p. 1079.
tracts for the sale of petroleum by your companies in much greater quantities for next year than for any preceding year are already guaranteed, with
Blue Hill Street Ry.-To Suspend.additional business being negotiated continuously.
The company has notified the Massachusetts Street Railway Commission
See also accompanying report of Pan American Petroleum & Transport that it will suspend service on Sept. 30 because
"the revenue is insufficient
Co. above; and in V. 109, p. 1076, 976; also see V. 109. P. 976. 985.
to meet the running expenses."-V. 109. P. 171.
GENRAL INVESTMENT NEWS
1272
THE CHRONICLE
Brooklyn City RR.—October Dividend to be Omitted—
Lessee in Arrears on Rental.—President Frank Lyman in
circular of Sept. 19 says:
The Brooklyn Heights RR. Co. [whose entire capital stock is owned by
the Brooklyn Rapid Transit Co.—Ed.], as lessee under the lease of Feb. 14
1893, and its Receiver Lindley M. Garrison, made default on Sept. 15, in
the payment of the third installment, amounting to 346.034, of the Federal
Income Tax for the year 1918, and thereupon this compnay paid the same
in order to avoid the penalties prescribed by law. Under the terms of the
lease, this tax was payable by the lessee as part of the agreed rental.
Your company has been advised by the Solicitor for Receiver Garrison
that the instalment of rent due Oct. 1 will not be paid because of lack of
funds, and that application is about to be made to the United States District
Court for instructions to the Receiver in regard to the future possession and
operation of the leased property. Non-payment of the rent will prevent the
payment of the October dividend. [The 999-year lease calls for quarterly
dividends at the rate of 10% p. a. on the $12,000000 capital stock par $101.
A special committee of directors has been appointed consisting of Messrs.
Lyman (President), Noyes (Vice-President), Horr, Timpson and White,
and has been charged with power to take such steps as may be found to be
necessary or advisable to protect the interests of the company and its
security holders, and stockholders will be advised from time to time of
material developments. [As to power house matters, see V. 108, p. 377;
V. 109, p. 6751.
Statement from "Brooklyn Eagle" of Sept. 20 1919.
The lease provides that in the event of a default in payment of rental,
the Brooklyn Heights RR. Co. shall have a 60-day period of grace before
the Brooklyn City Co. can take its lines, so that the actual separation of
the B. R. T. trolley system cannot take place until Dec. 1 [in case such
action is decided upon.—Ed.).
The Brooklyn City RR. Co. is the only leased railroad system in the
B. R. T., but as it owns 231 miles of single surface track in the borough,
it is the backbone of the B. R.'I'. trolley system. The lines it controls are
Avenue C, Bushwick Ave., Calvary Cemetery. Court St., Crosstown,
Cypress Hills, Flatbush Ave., Flushing Ave., Flushing Knickerbocker,
Flushing Ridgewood, Fulton St.. Gates .Ave., Graham Ave., Grand St.,
Greenpoint, Hamilton Ave., Lorimer St., Myrtle Ave.. Nassau Ave.,
Nostrand Ave., Putnam Ave., Richmond Hill, 16th Ave., 65th St.Bay
Ridge, 65th St.-Fort Hamilton, Third Ave., 39th St.-Fort Hamilton,
Tompkins Ave. and Union Ave.
The company has no power houses of its own but it has a contract with.
Judge Garrison by which the receiver is obligated to supply the company's
lines with power in the event of a separation of the leased lines from the
borough B. R. T. system. On that score there will be no difficulty in
operating the Brooklyn City lines as an independent system.
The financial problems in connection with the independent operation of
the leased lines, however are not so easily solved. The B. R. T. receiver
has been advised by his aides that there will be a monthly deficit of $50,000
in the treasury of the Brooklyn City lines until Aug. 30 1920. That is, the
financial experts estimate that the operating receipts of the Brooklyn City
lines until Aug.30 1920 will be $50,000 a month less than the oper. expenses.
At the company's office, 44 Court St., to-day it was stated that the
financial statement issued on July 15 showed the company had approximately $200,000 surplus in cash and investments. This would be sufficient
to meet the estimated deficits for only four months.
When he asks Judge Mayer to direct the receiver in regard to the Brooklyn
City rental problem, Carl M. Owen, as counsel for Receiver Garrison,
will also ask the Court to endeavor to straighten out the power problem of
the B. R. T. by authorizing the issue of receivers' certificates for the subsidiary lines which owe the B. R. T. large power bills. The Brooklyn
Heights Co. on Oct. 1 will owe the B. R. T. $600,000, Mr. Owen stated;
the Nassau Electric Co., $718,880; the Coney Island & Brooklyn Co.,
$160,000; and the Brooklyn Queens County & Suburban Co., $118,000.—
V. 108, p. 377. 170.
Brooklyn Rapid Transit Co.—Rental Due Brooklyn City
RR. in Arrears.—
See Brooklyn City RR. above.—V. 109, p. 1179.
Buffalo (Okla.) Northwestern RR.—Status.—
The company is expected to complete by Dec. 15 its line from Freedom
to Buffalo, Okla., 31 miles, there being already 21 miles in operation from
Waynoka to Freedom
The company was organized about three years ago by L. E. Walker of
Austin, Tex., and the; first part of the line from Waynoka to Freedom was
built. Financial difficulties, resulting from the money market conditions,
forced the company into receivership and this past summer the line was
bought by Channing M. Ward of Richmond, Va., who is now President,
In association with B. H. Newlee, M. M. Gibbons, Otho M. Cope and
Dorset Carter.—V. 106, p. 394.
Capital Traction Co.—Proposed Merger Plan.—
See Washington By. & Electric Co. below.—V. 109. P. 1079.
Central RR. of New Jersey.—Directors.—
A. T. Dice has been elected a director to succeed Eben B. Thomas deceased. J. E. Reynolds was also elected a director.—V. 109, p. 1179.
Chattanooga (Tenn.) Ry. & Light Co.—Denial.—
G. L. Estabrook, Treasurer,under date of Sept. 19, says:
"My attention has been called to the publication in several of the financial
papers of a news item to the effect that the receivership over the Chattanooga By.lines has been extended to include the light and power department.
This is absolutely untrue, as the Chattanooga By. 8c Light Co. is operating
the light and power lines, and the receivers who were appointed to operate
the railway lines have absolutely nothing whatever to do with the operation
of the light and power business."
It is stated that the railway bondholders are attempting to have this
action taken. but it has not been done.—V. 109, p. 477.
Chicago Elevated Rys.—To Make Valuation.—
At a meeting held in Chicago Sept. 17 C. E. Mitchell, Pres. National
City Co. N. Y.•, George M. Reynolds, Pres. Continental & Commercial
Bank, and R. Floyd Clinch of Crearer, Clinch & Co. representNational'
$13,626,000
ing the protective committee(V. 108, p. 2527) of the holders of'
notes, it was decided that a physical valuation of the elevated railways
system and an examination into operating conditions will be made.
Mr. Mitchell said: "We are hopeful that eventually a fair solution of the
Chicago traction problem will be reached, but the problem can be solved
only when all the conflicting interests are willing to be fair. Chicago must
have good transportation and future extensions, and must be ready to pay
a fair price for fair service."—V. 109, p. 577, 477.
[VoL 109.
Bondholders' Committee: John Gribbe', Chairman; Louis J. Kolb, J. 0.
Neff, John J. Henderson and John S. Bowker, with Joseph A. Henderson,as
Secretary, 1410 Chestnut St., Philadelphia, and John P. Connelly, 1526
Land Title Building, Philadelphia, as Counsel. V. 109, p. 477.
Des Moines City Ry.—Votes Against Increased Fares.—
At a special election held Sept. 22 a majority of the 1,157 voters (being
only about 25% of the registered voters) voted against the franchise amendment to grant a 6-cent fare.
It is expeeted, however, that Judge Martin J. Wade may continue his
order of Aug. 1 awarding to the men for the payment of back wages all the
net income of the company. The order expired Sept. 22.—V. 109, Es• 981.
Dixie Terminal Co., Cincinnati.—Traction Terminal.—
Work of constructing the $1,000,000 "Dixie Terminal" in Cincinnati has
been started and trolley cars from the Kentucky side of the Ohio River will
be running into the new terminal by the fall of 1920. Under the terminal
plans outlined by the Kentucky car lines, all cars will be operated on the
company's private right-of-way on the Cincinnati side of the river, and all ,
cars will enter the terminal on elevated structures and not have to use any
city streets in doing so. As a result the city of Cincinnati will lose 3120,000
annual revenue that has been paid by the "Green line" cars for the use of
city streets leading from the Suspension. Central and Louisville & Nashville
RR. bridges to 4th St. and around Government Sq.—"Railway Review."
CumuIn connection with the offering of $1,500,000 6
lative Preferred (a. & d.) stock at par and div. in March 1919
by Otis & Co., a circular shows:
Dividends payable Q.-J. Redeemable at 105 and div. on any div. date
after Jan. 1 1924. Commencing July 1 1924, and annually thereafter, a
sinking fund shall be established to retire this entire Preferred stock at
$105. In addition, a reserve fund equal to one year's dividend shall be
created and maintained. No mortgage nor Prof. stock ranking equally
with or prior to this issue without consent of 75% of outstanding Prof. stock.
Issued.
Authorized.
Capitalization (No Bonds)—
$1,500,000 $1,500,000
Preferred stock
1,500,000
1,100,000
Common stock
The Dixie Terminal Co has acquired through purchase and leasehold
estate land in the business centre of the City of Cincinnati located on the
southwest corner of 4th St. and Walnut St, and extending through to 3d St..
Said corner is directly opposite the First National Bank Bldg. and the
Gibson House. Upon this land is being erected office and terminal buildings of the highest type of constrection costing approximately $2,500,000.
The 4-story terminal building fronting on Third St. will provide a terminal
for all the lines of the Cincinnati Newport & Covington Street Ry. System
(known as the "Green Lines"), which utility operates all of the street cars
connecting the City of Cincinnati with the cities of Covington, Newport
and other Kentucky suburbs. The population thus served is about 135,000,
exclusive of Cincinnati, and it is estimated that 75,000 people will be carried
daily into this terminal. The office building being erected on the corner of
Fourth St. and Walnut St. will be 9 stories high, and through it, by means
of an arcade, will give street car passengers access to or from 4th St.
Buildinos.—The company was organized in 1916 under the laws of Ohio for
the purpose of constructing the Dixie Terminal Bldgs., and providing improved terminal facilities in Cincinnati for the Cinc. Newport & Coy. Street
By. system (the "Green Lines"). The buildings will have a ground area of
Agreements to lease rooms in Dixie Terminal north and
52,148 sq. ft.
the arcade for from 20 to 30 years have already been made to such companies. The Western Union Telegraph Co., Union News Co., Oskamp
Jewelry Co. and the Louis K. Liggett Drug Co.; 873-ti % of the south building has already been leased for a period of 20 to 30 years to the Cincinnati
Newport & Covington Street By.Co.and the Western Union Telegraph Co.
Leaseholds.—The land is appraised for taxation at $1,080,230. The
leaseholds, with one exception, have a life of 35 years or longer, with provisions giving the company the right to acquire the fee simple title at satisfactory periods for $663,405, plus a 1500 annual ground rest. The company has the privilege of acquiring the fee to the excepted leasehold for
$40,000 in 1926. In order to insure the exercise of this privilege of purchase, the company has deposited with the trustee U. S. Govt. bonds,
which with the interest thereon are to be held by the trustee until 1926,
when they are to be used to acquire fee to the property.
Provision has been made through the sinking fund for retirement of all
the Preferred stock prior to the expiration of the leases.
Estimated Earninos.—Rent from north building, $332,100; rent from
south building, $37,000; total, $369,100; less 10% for vacancies, $36,910:
taxes, ground rent and expense of operation, $152,550; annual dividend
requirement, $97,500; balance, surplus, $82,140.
Officers and Directors.—Charles P. Taft, President' A. Clifford Shinkle.
V.-Pres. and Treas.; Charles D. Jones, Sec.; Frank J. Jones, director;
Harry Linch, director.
East Broad Top RR.—Sale Not Consummated.—
The sale of this road and the coal property of the Rockhill Iron & Coal
Co. to New York interests, which was reported pending last August, was
not consummated. The old officers continue in office.—V. 109. p. 577, 676.
Eastern Mass, St. Ry.—Equip. Notes Paid—Director.—
The histallment of $131,000 Equipment Notes of the Bay State Street
By., due Aug. 11919, was paid at maturity. The installment due Aug. 1
1918 was puchased by the receiver.
Walter L. Haehnlen has been elected a director.—V. 109, p. 887. 676.
Eighth Avenue RR.—Transfers Abolished.—
See New York Railways below.—V. 109, p. 1079.
Georgia-Alabama Power Co.—Acquisition.—
A press dispatch from Fort Gaines, Ga., states that the company has
acquired the local electric plant of the Cridelle-Fowler Co., which will be
enlarged.—V. 108, p. 484.
Georgia Coast & Piedmont RR.—Sale.—
It is announced that the road will again be offered for sale at Brunswick,
Ga., on Oct. 7, J. W. Talbert of Savannah being named as special master
to conduct the sale. The upset price is 3400.000. The water front property will be sold separately.
Under the terms of a decree signed by Judge Evans in the U. S. Court
on Sept. 22 the company must pay to the Guaranty Trust Co., N. Y.,
as substitute mortgage trustee, the sum of $600,000 within five days or
the property will be sold. The sum named represents overdue interest on
the $1,665,000 outstanding Gen. Mtge. 58 of 1912, $3,000,000 auth.
Grand Trunk Pacific Ry.—Default in $34,879,252
Debenture Stock.—The following official circular was issued
in London on Aug. 31 to holders of the $34,879,252 DebenChicago Rock Island & Pacific RR.—New Issue of ture stock:
As you are no doubt aware, the Canadian Government took possession
6% Notes.—The company has sold to the Central Union
of the Grand Trunk Pacific By. some months ago by the appointment of
Trust Co. and the National Bank of Commerce, New York, the
Minister of Railways as receiver of the undertaking, and,in consequence.
Trunk Pacific By. Co. have no funds at
$5,500,000 1-year 6% Collateral Trust notes which are the London committee of thetoGrand
defray the interest due on Sept. 1 upon the
disposal out of which
their
The
bonds.
Refunding
&
First
$10,000,000
secured by
4% Debenture stock. The committee ask me to express their regret in
have notice
proceeds from the sale of the notes will be used to pay off having to make this statement, but they feel that you ought tofrom
Canada
the position, as up to the present they have no information
general mortgage bonds of the Choctaw Oklahoma & Gulf of
as to what arrangements, if any, the receiver is prepared to make for payRR., which mature Oct. 1.—V. 109, p. 1179, 1079.
ment of the interest. The committee cannot call upon the Grand Trunk
By. of Canada, under the guaranty given by it, until it is ascertained
Cincinnati Lawrenceburg & Aurora Elec. St. Ry.— whether the net revenue of that company for the year ending Dec. 31
In reply to an inquiry, receiver Edgar Stark informs us that nothing has
been done regarding the $750,000 First Mortgage 5% bonds which became
due July 1 1919. "Just what arrangements will be made in reference to
the mortgage bonds, I am unable to state at present."—V. 108, P. 578.
Columbia (S. C.) Ry., Gas & Elec. Co.—BondsExtended.
The $100,000 of Columbia Canal 6s, due Jan. 1 1919, were extended
until Jan. 1 1921 at tho rate of 6%.—V. 109, p. 477.
next shows a surplus available for the purpose after payment offixed charges.
The March payment was duly met, but the news has not come entirely
as a surprise to holders. The Grand Trunk Ry., which guarantees the
interest, cannot be called upon until the end of its financial year, and only
then if its accounts show a surplus of net revenue sufficient to pay the
amount involved, some £144,000. Some statement from the receiver
might have been expected before the passing of the interest date.—V. 109.
p. 172.
Corpus Christi Railway & Light Co.—Reccivership--Grand Trunk Ry.—Default Sept. 1 on Interest Due Upon
Committee Calls for Deposit of Bonds. —
Debenture Stock of Grand Trunk Pacific Ry.—
A receiver of all the property having been appointed by the U. S. District
Court, sitting at Houston, Texas, the committee named below is requesting
the bondholders to deposit their bonds with the Fidelity Trust Co., 325
Chestnut St., its depositary, under their agreement of Aug. 26 1919. The
company defaulted in the payment of int. on its obligation due July 1 1919.
See Grand Trunk Pacific By. above.—V. 109, P. 1179, 889.
Greenville & Western Ry.—To Resume.—
This road, extending from Greenville, S. C., northward. 23 miles, to
River Falls, evidently out of commission because of unsafe road bed, will
SEPT. 27 1919.]
THE CHRONICLE
resume business as soon as the new ties can be laid and certain trestles have
been repaired, so as to make the track passable. The road has been bought
by W. H. Cook of Duluth, Minn.—"Railway Age."—V. 109, p. 577.
Hawkinsville & Western RR.—Receiver's Sale.—
lines operating on the lower east side (V. 109, p. 1080, 1180)
said in substance:
In pursuance of a decree dated June 19 1919, issued by the Superior Court
of Pulaski County, Ga., T. B. Ragan will offer for sale at Hawkinsville,
Ga., on Oct. 7 1919 the entire properties of the company, including the
road running from Ilawkinsville to Perry, a distance of 23 miles, together
with all franchises, rights, &c.—V. 106, P. 2450.
Huntington (L. I.) RR.—Receiver Appointed.—
Wallace E. J. Collins was appointed receiver on Sept. 20 by Supreme
Court Justice Leander Faber.—V. 109, p. 981.
Interborough Rapid Transit Co.—Directors, &c.—
G. M.P. Murphy and Mortimer N. Buckner have been elected directors,
succeeding A. D. Jul'Hard, deceased, and Daniel G. Reid, resigned. Mr.
Murphy represents protective committee for Interborough-Metropolitan
4% bonds and Mr. Buckner, the Interborough Consolidated stockholders' protective committee.
The vacancy on the board created by the death of President Theodore P.
Shonts, on Sept. 21, was not filled, owing to requirements of by-laws that
ten days' notice must be given stockholders ltefore a now director may
be
elected.
Transfers Abolished.—
The company on Sept. 26 filed with the P. S. Commission a new tariff
which cuts off the 8c. transfers to various lines of the Third Ave. System in
the Bronx, a similar tariff having been preiously filed by the New York
City Interborough Ry.
The transfer arrangement provided for an exchange of transfers between
the subway and surface lines at various points in the Bronx and upper
Manhattan and also between the Interborough elevated lines and the
surface lines.—V. 109, p. 1174.
Kansas City & Memphis Ry.—Status.—
This road we learn is now being dismantled. The position of the Kansas
City & Memphis bonds of 1911 depends on certain litigation
which is
pending in the courts. The property was bid in at foreclosure
sale in Oct.
1918 for $275,000 by the Quinn Committee representing holders
of the
Arkansas Oklahoma & Western 1st M. 6s of 1907, $300,000
outstanding.
A dispatch from Fort Smith, Ark., states that Judge F. A. Youmans
has
accepted the final report of Receiver R. G. Bright Of Little Rock
has
discharged him. Objections to the discharge, it is said, were filed byand
Mississippi Valley Trust Co. of St. Louis and Towne Young of Dallas, Tex., but
were overruled by the Court.—V. 107, p. 1670.
Kansas City Northwestern Ry.—Comrnittee Appointed.
A railroad committee, composed of representatives of 13
towns
along the company's line, and members of the Chamber ofdifferent
at
Kansas City, Kan., was appointed Sept. 13 to keep in touch Commerce
with
the
general condition of the road and to consult with Receiver L. S.
as to
future plans. Representatives of the railroad have stated thatCase
the life of
the road is assured until Dec. 31. The U. S. Railroad Administration,
the recent settlement of Northwestern difficulties, is reported to have since
been
throwing more business to the road than ever before.—V. 104, p. 2010.
1273
Where Fault Lies.—The time has come for plain speaking. The reason
that the lines were stopped is because the fault is with the Mayor of the City
of New York.
The question is merely one of making it possible for the roads to earn
enough to pay operating expenses and that for the present the welfare of the
security-holders was not being considered; Colonel Henry L. Stimson,
counsel for Job E. Hedges, receiver of the New York Railways Co., has
stated that by Jan. 1 the receiver would have only about $55,000 after paying operating expenses and taxes which could no longer be deferred.
Fare Increase Absolutely Necessary.—No one who has examined the matter
has the slightest doubt that it is absolutely necessary, at least temporarily,
to increase the fares. There is no question about that. The question that
you are dealing with has been befogged by constant talk about rentals.
Rentals in Default.—The great arteries of travel covered by the Fourth
and Madison Avenue, the Sixth, Eighth, and Ninth Avenue lines have continued to be operated without a single dollar of rental being paid.
Due to the severance of the Eighth Avenue line from the Railways system
and the order severing the Ninth Avenue line, passengers obliged to travel
over these lines for a considerable distance will be obliged to pay a 10-cent
fare. It has also been necessary to discontinue the contract between the city
and the Railways Company for a continuous fare from St. George, Staten
Island, over the lines of the railroad company, and there is pending an application to cut out the through service over the Williamsburg Bridge
(V. 109, p. 1180):
How long the Fourth & Madison Avenue Company (the New York &
Harlem RR. Co.] will permit the New York Railways to run it without
paying rent I do not know. I make the same observation in regard to the
Sixth Avenue Co.
What is rapidly becoming the case is that there will be left in the system
only a comparatively small nucleus to keep the main arteries of travel going.
The solution of the problem is too great to be dealt with by any one person
out of hand. It can only be solved by a concurrence of thought, approached
in an earnest, impartial way.
Default on Bonds.—The first mortgage bonds of the Railways Company amounting to some 318,000000, are held by people throughout the
country, the next bonds in priority are the 5% bonds aggregating over
$30.000,000. which also were scattered all over the country. The holders
of these securities had not received a cent of interest since the receiver was
appointed.
Remedy.—This situation can be remedied without any difficulty whatever
by the consent of the Board of Estimate to accord a sufficient income to
bridge over the present situation and enable the receivers of the lines here
and in Brooklyn to operate them to the full extent with good service.
Whether there shall be an increase of fare permanently or not is a matter
which is not now here for consideration or discussion.
The way will be made smooth by me so far as lies in my power. There
are many conditions covering the grants that can be made by the city, but
short cuts will be permitted and no obstructive tactics used.
Notice to Holders of First Real Estate and Refunding Mtge.
4% Bonds, Due 1942.—The committee representing these
bonds, Harry Bronner, Chairman, states in substance:
A large majority of the above named bonds has been deposited with
Guaranty Trust Co. of New York, depositary, under deposit agreement
dated
March 7 1919. The interest due July 1 1919 on this issue has not
The board of arbitration (V. 108, p. 2022) appointed by Judge
C. been paid, and Guaranty Trust Co. of New York, as trustee, has filed a bill
Pollock, of the Federal Court on the Kansas side, to settle disputes John
between to foreclose the mortgage under which the bonds were issued.
the Kansas side and the street railways company,filed its report on Sept. 19.
The time for deposit of bonds with Guaranty Trust Co. of New York,
The arbiter's report made these recommendations: (1) That the 6-cent depositary,
has been extended to and including Oct. 25 1919. After that
fare be put in effect. (2) That about 2M miles of the 16 miles of extensions date
there will be imposed a penalty of $10 for each $1,000 principal amount
asked by the city be built. (3) That the cars on four lines be re-routed of bonds
deposited. Certificates of &posit representing deposited bonds
to give better service. (4) That the railways company must continue to are
listed on the N. Y. Stock Exchange.
maintain tho elevated structure over the West Bottoms, which the company desired to raze. (5) That the railways company continuo to use the
South Ferry RR. Bonds—Extension Declined—Suits for
Inter-City Viaduct, the company and city agreeing on the rental later.
These findings are "not necessarily conclusive on any one," as Judge Foreclosure and Agst. Guarantor Proposed.—An officer writes:
Pollock may "approve, reject or modify" the report.
As to the status of the $350,000 South Ferry First Mtge. 5% bonds,
The railways attorneys showed they were not satisfied with the 6-cent Job E. Hedges, receiver, proposed to extend those bonds for one year,
faro, which was all that the company asked for when the arbitration
paying the interest thereon, but this proposition was declined. It is my
began.
R. J. Higgins asked that the proceeding's be reopened so as to grant an understanding that a foreclosure suit is about to be
as well as a
8-cent faro, such as given recently by the P. S. Commission for the Missouri suit against the Broadway & Seventh Ave. RR. Co. asstarted,
guarantor.
side (V. 109, p. 577)•
After Higgins asked permission to reopen the proceedings Judge Pollock
Court Orders Return of Ninth Avenue Lines.—
indicated he would hear the application Sept. 29 at Wichita. In the
Pectoral Judge Mayer on Sept. 26 signed an order directing
E.
meantime, at least, the 6-cent fare will be continued in effect on the Kansas Hedges,receiver of the N.Y.Rys.,to return the Ninth Ave. surfaceJob
line to
side, and for inter-city service. The 6-cent fare has been collected
its owners for independent operation beginning Oct. 1. The owners of this
during
arbitration
proceedings by agreement.
the
line and of the Eighth Ave. line, which was recently separated from the
The 8-cent faro went into effect on Sept. 21.—V. 109, p. 982.
Railways Co. system, will be relieved from the necessity of giving or receiving transfers.
Kentucky Securities Corp.—Dividends Resumed.—
Assistant Corporation Counsel Edgar J. Kohler, at a hearing on Sept. 24,
A dividend of 1%% has been declared on the preferred stock payable protested against the abrogation of transfers. While he declined to admit
Oct. 15 to holders of record Oct 10. This is the first dividend
that P. S. Commissioner Lewis Nixon was justified either by the law or by
on
the
pref.
since July 1918 when 1% was paid.—V. 108, p. 2241.
the facts in authorizing the 2-cent transfer charge, he contended that it was
an order and should not be deviated from.
Louisiana
Kansas City Rys.—Arbitrator's Findings in Fare Dispute.
& Northwest RR.—To Abandon Part—
George W. Hunter, receiver, has filed a petition before U. S. Judge G. W.
Jack, of Shreveport, La., asking authority to abandon the southern
end
of the road, e., running between Natchitoches, and Gibsiand, La. Sale
was ordered some time ago by Judge Jack but no bids were received.
The petition has been referred to the Louisiana State Railroad Commission whose support and findings will be advisory only. The
hearing before
the Commission will be held at Shreveport on Nov. 3.—V. 109,
p. 578.
Mexican Union.Ry.—New Financial Plan.—
A meeting of the holders of the Mortgage Debentures is to be held on
Sept. 9 for the purpose of considering resolutions
(1) To the
cancellation of an agreement dated Aug. 15 1913consenting:
and
company and the Railway Finance & Construction made between the
Ltd.whereby
(amongst other provisions) the last-mentioned companyCo.,
to'construct
and complete the company's railway to Ures, and in theagreed
guaranteed the payment of interest at the rate of 3% per annummeantime
on the Mortgage
Debentures of the company to the intent that such guaranty
shall
determine
and both parties shall be released from all their obligations under the agreement, the Railway Finance & Construction Co., Ltd., re-delivering to the
company the Prior Lien bonds issued to them under the
agreement, but
so that as from Aug. 1 1919 the company shall be liable in
year to
pay (but only out of the net profits for that year) interest onevery
Debentures at the rate of 6% per annum, free of income tax;the Mortgage
and (2) that
the trustees be authoried to concur with the company in executing
a supplemental trust deed to give effect to the provisions of the
resolution.
—"Stock Exchange Weekly Official Intelligence," of foregoing
London, Aug. 30.—
V. 98, p. 523.
New Orleans By. & Light Co.—Payment of Interest.—
Holders of the General Mtge. 4% bonds of this company are notified
that the July 1 coupons will be paid on and after Sept. 26 upon presentation
at the New York Trust Co., N. Y., or the Hibernia Bank & Trust Co.,
New Orleans. In addition to the amount of the coupons, 27 cents per
coupon representing interest will be paid.—V. 109, P.
477.
New York & Harlem RR.—Rental for Street Railway in
Default, also the 2% Semi-Annual Dividends Payable Therefrom.
It seems that the rental for the lease of the 4th and Madison Ave.
street
railway line in New York City to the New York Railways
Co. delayed last
December (V. 108, p. 79) and also that due June 26 1919, remain
unpaid
and consequently the stockholders of the New York & Harlem RR. did
not
receive the usual 2% dividend payable April 1 from the street railway rental
and will not receive the similar dividend due Oct. 1. The stock is of course
receiving regularly the semi-annual dividends of 5% each from the lease
of
the railroad line to the New York Central. See New York Railways Co.
below—V. 108, P. 79.
New York Railways.—Judge Mayer's Statement.—Rental
in Default on 4th, 6th, 8th and 9th Avenue Lines—Relief Must
be Granted.—Federal Judge Mayer, who has been passing on
all matters relating to the receivership, in replying Sept. 17
to a committee from the Downtown Chamber of Commerce,
which protested against the suspension of the four surface
Court Orders Transfers Abolished, &c.—
Judge Julius M. Mayer in the U. S. District Court on Sept. 26 signed the
formal order cutting off all transfers on and after Oct. I, between the systems of the New York Railways Co. and the line of the Eighth Ave. RR.
This order modifies the order of July 15 last directing receiver Hedges to
turn over the Eight Ave. line to its owners. At that time it was believed
that if Commissioner Nixon should allot a 2c. charge for transfers it would
be possible to keep up the exchange of passengers between the two systems
for a total charge of 7c. It has been found, however,that the 7c. charge
including a transfer does not pay the companies, and hence the present
order was decided on.
Judge Mayer also signed a similar order formally separating the Ninth
Ave. RR.. and cutting off transfers there also.—V. 109, p. 1180. 1080.
New York State Rys.—Transfer Charge Denied.—
The New York P. S. Commission on Sept. 25 denied the application of
the company to charge 2 cents for transfers in Rochester. The ruling was
made under the Quimby case decision, in which the Court of Appeals held
that the Commission had no right to raise fares in Rochester.—V. 108, p.879.
Ninth Avenue RR. N. Y. City.—Returned to Owners.—
Soo New York Railways above.—V. 109, P. 1080.
Northwestern Pennsylvania Ry.—Fare Decision.—
The Pennsylvania P. S. Commissoin on Sept. 19 dismissed complaints
filed by the city of Meadville and Leon F. Markham against the 7-cent fare
rate of the company. The decision says that uncontradicted testimony
does not show that the fare will provide revenue much in excess of the
operating costs, increased because of abnormal conditions due to the war,
and that a 7-cent fare is not unjust or unreasonable. Chairman Ainey
gives the complainants the right to renew the complaints after July 1 1920,
when if conditions warrant orders for a change may be made.—V. 105, p.499.
Norton Taunton & Attleboro Street Ry.—
The Attleboro Municipal Council unanimously voted on Sept. 16 not to
enter into a quadruple agreement with Mansfield, Norton and Taunton
to purchase the Norton Taunton & Attleboro Street Ry., as proposed under
a special Act of the Legislature. However, the board decided to buy the
portion of the road between Monument Square and a point in Norton designated by the Mayor, the City Council and the Selectmen of Norton. By
this vote, the road between Attleboro and Norton will be saved, but Attleboro will refuse to purchase jointly with other municipalities the other
sections of the road.—V. 108, P. 480.
Oakland Antioch & Eastern RR.—kcoreclosure Sale.—
This company's road will be sold under order of the Court to satisfy a
mortgage held by the Union Trust Co., San Francisco, at the Martinez.
Calif., courthouse steps, on Oct. 22, according to an order issued by Judge
R. II. Latimer. A. E. Dunkel, of Martinez, was appointed commissioner
of sale, and the upset price establ:shed at $1,200,000. The mortagge held
by the Union Trust Co. of San Francisco is for $500,000.—V. 109,P. 1080.
Philadelphia Rapid Transit Co.—Sub. Co. Bonds Ext.—
The $100,000 1st Mtge. 5% bonds of the 17th & 19th Streets Passenger
Ry., due July 11919, have been extended until July 11929, with interest
at the rate of 5 9, per annum, coupons payable at the Fidelity Trust Co.,
substituted trustee.—V. 109, p. 1180, 888.
THE CHRONICLE
1274
IN (IL. l00.
enabling Act. I could
ordinance is in direct violation of provisions of the
of the public. The
not lot it pass without some action to protect the rights
the real
valuation was arrived at with the Counel working in the dark as to
courts."
the
in
facts. The facts will be developed
President.
In a statement to the City Council relative to the franchise,
fixed
is a Horace Lowry says: "The agreed value of the present investment as
The Pittsburgh Butler & Harmony Consolidated Ry. & Power Co.
engineering experts
by the ordinance is lower than that found by any of the
corporation organized in Delaware and has acquired by purchase:
cost to reproduce the
would
it
than
less
one-third
fully
and
it
appraised
who
Purchased.
Total ISsued.
Capital Stock and Bonds—
property."
opposing
Pittsb. liar. Butler & Newcastle By. Co. cap. stk_ _$3,000,000 $2,745,000
It is stated that the labor element will support Mayor Meyers in
Pittsburgh Mars & Butler By. Co. capital stock_ _ _ _ 1,000,000 1,000,000
200,000 the franchise.—V. 109, P. 1081.
900,000
First Mortgage bonds
Suit, d:c.
3,285 shs. 1,900 shs.
North Pittsburgh Realty Co. capital stock
Union Traction Co. of Indiana.—Foreclosuinrebonds
of the
comThe Pittsburgh Harmony Butler & Newcastle By. Co. (controlled
John F. Anderson of Philadelphia, holder of $10,000 lino
Muncie
Co.
from
Electric
original
Harmony
the
of
the
of
stock
capital
construction
the
the
all
pany) is the owner of
company issued in 1899 for
appointthe
for
and the Elwood-Koppel Bridge Co.
Indianapolis, filed suit for foreclosure of a mortgage and
Court
has to
The Pittsburgh Butler & Harmony Consolidated Ry. & Power Co.
ment of a receiver for the company in the Indianapolis Federal
is.sued Sept.
pay the
23. The complaint alleges that the company failed toEquitable
a total authorized capital stock of $6,500,000 par value, all of which is
the
and outstanding, and of which $2,000,000 is Pref. stock and the balance principal of the bonds when they fell dud July 1 and that failed
to act.
Co., New York, trustee for the bondholders, had
Common stock.
M. Glick, Trust
bond issue which fell due July 1 amounts to $4,623,000. approved by
David I. McCahill of Pittsburgh, Pa., is the President; R.
nt and Gen. Tho
these bonds until July 1 1922 at 6% was
of
The
extension
Pittsburgh, is the Treasurer, and H. Etheridge is Vice-Preside
in the Indiana P. S. Commission on June 14 last.
Mgr. of each of said companies. Application for the lease referred to
to
President Arthur Brady said: "The proposition has been satisfactory
your previous publication has been withdrawn.—V. 108, p. 2529.
extension
over 90% of the bondholders. The obtaining of consents to the
the
of
terms
—
the
Increase.
under
that
Co.—Fare
Rhode Island
still under way. The company's view is
Increase is
the minority
The Rhode Island P. U. Commission on Sept. 23 ordered anCommismortgage a majority of the bondholders may extend bonds,andby
a majority
will be bound thereby. The mortgage provides for a waiver
in fares to take effect on Sept. 28. The principal features of the
the exfor
covered
fought
heretofore
all the bondholders; the plaintiff is the only one that has
sion's orders are: (a) Fares for two miles, distance
in the of
tension."
5 cents, 6 cents; (b) transfers, 2 cents instead of one; (c) advances
due
fell
which
receiverthe
of
life
the
during
$4,623,000
force
of
issue
in
In addition to the Union Traction
fares and cost of transfers will remain
City By.,
July 1, there also fell due May 1 an issue of $320,000 of Marion
ship of the company or until otherwise ordered by the Utilities Board.
1.
June
a
or
Eastern
&
$672.3J0
to
Newcastle
amounting
revenue
annual
Indianapolis
of
additional
of
net
issue
$1,200.000
will
an
Increases
Union
rates. and
The Union Traction controls these companies. At the time the
total income of $8,022,300. against $7,350,000 under the present
in 1919 from Traction obtained the consent of the P. S. Commission for an extension
According to the Commission, $959,750 should be expended
it also obtained consent for
the replacement reserve fund and $1.125,200 in 1920 upon the property of the bonds affected by the suit filed abovecompanies
mentioned.
extension of the bonds of the two other
of the company to peep it in reasonable operating condition.
during the
taxes
Marion
By. bonds had consented
franchise
of
waive
holders
the
will
all
it
that
indicated
states
Brady
has
Mr.
Providence
of
city
The
of
the holders of the
Commission
of
majority
the
large
a
by
time
this
to
acceptance
to an extension, and up
the receivership of the company upon
the margin Newcastle line bonds had consented. Compare V. 108, p. 2630, 2434.
plan "B." Part of the Commission's order states that in 1920
B.".
plan'
under
$128320
be
will
capital
invested
of
payment
the
available for
central
United Railways & Electric Co. of Baltimore.—Fares.
(Plan B—The existing zone system with its two-mile radius for the
634 cents
zones, 6-cent faro units and 2-cent transfers.)
The Maryland P. S. Commission has rendered a decision fixing
$2,213,900
to
from
amounting
employees
company's
the
of
Pay increases
rate for street car fares from Oct. 1, with no changes
to be the primary as the basic
tickets will be sold for 26 cents,
Four
children.
annually from May 18 1918 to June 1 1919 is claimed Island
for
in
effect
now
rates
the
Its
Co. and
reason for the critical financial condition of the Rhode
but the passenger who does not buy tickets will pay 7 cents.—V. 109. P.
recelvership.—V. 109, p. 974.
889, 372.
Pittsburgh Harmony Butler & New Castle Ry.—
Amalgamation Completed.—President David I. McCahill,
Pittsburgh, Pa., in a. letter of Sept. 24, says in substance:
Sacramento Northern RR.—To Expend $436,380.—
for an order
The company has applied to'the California RR. Commissionfor
authority
and
authorizing capital expenditures to the extent of $436,380
received from
to apply to that amount funds in the hands of the company
made by
order
an
with
accordance
is
the sale of "Class A" bonds. This in
from the
the Commission to the effect that money received by the companythe
Comof
approval
on
only
expended
be
to
was
bonds
A"
sale of "Class
misslon.—V. 109, p. 677.
Windsor & Amherstburg Ry.—To Be Acred.
Sandwich
to notify
The Windsor City Council has authorized City Solicitor Davisexpiration
the company that the city intends taking over the system at the
of its franchise in 1922.—V. 109, p. 174.
San Francisco-Oakland Terminal Ry.—Committee.—
The following committee representing the different bondholders has been appointed to effect a reorganization of co.:
J. F. Carlston, Pres. Central Nat. Bank, Oakland; W. W. Garthwaite
Pres. Oakland Bank of Savings; P. E. Bowles, Pres. First Nat. Bank of Oakland and Chairman of the board of American Nat. Bank of San Francisco;
George
John S. Drum, Pres. Savings Union & Trust Co.. San Francisco;
McNala,
Tourney, Pres. San Francisco Savings & Loan S)elety• Gavin
Co. of Calif.;
San Francisco; George K. Weeks, V.-Pres. Nariond City
Sinsheimer,
George A. Batchelder, of N. H. Rollins & Sons, Sari Fran.; Paul(Secretary),
V.-Pres. Union Trust Co., San Fran., and Herbert Fleishhacker
Pres. Anglo & London-Paris Nat. Bank, San Fran. expressed confidence
The security holders at a mass meeting on Sept. 17 plan for continuing
in the reorganization committee, indorsed the proposedcarrying
the case to
the trans-bay service and decided that they preferred allow the
property
the people in an appeal for fair treatment rather than
to go into a receivership.
Committee
Reorg.
of
Further Statement by John S. Drum.Chairman
Since the $742,000 raise in 1917 the trainmen have demanded ana8-hour
year,
day and further wage increases that would amount to $971,000
employed if the
without coasidering additional men that would have to be
n
consideratio
into
day
-hour
8
the
8-hour day Imam° effective. Taking
the additional annual cost would he $1,600,000.
comthe
to
nothing
added
have
fare
Key
11-cont
and
traction
The 6-cont
effective
pany's not revenue. [The 11-cont fare on the Key division became
in Aug. 1918.1
In June last year and the 6-cent fare on the traction division
June
ending
year
the
for
company
the
of
The net operating revenue
30 1918 was $1.318,426; for the year ending Juno 30 1919 it was $1,382,851,
taxes and interest not deducted.
was $1,654,The net operating revenue for the year ending June 30 1912 operation
as
of
519; for the year ending June 30 1913—the first full year
the not
year
that
Since
$1,685,154.
was
railways—it
the consolidated
than
more
of
decrease
has fallen steadily, the figure for 1919 showing a
$300.000.
by
Table Showing how the Increased Fares hare been More than Absorbed
Wage Demands.
Increase.
1918.
1919.
Seven Months—
$541,849
$3,435,142 $2,893,293
Gross operating revenue
Oper. exp., incl., paving & taxes, but
601.832
2.090,402
2,692,234
not depreciation
will
The Railroad Commission estimates the 15-cent trans-bayasfare
follows:
up
increase the gross revenue $400,000 a year. That.is eaten
by
required
fund
sinking
depreciation
annual
$21,000;
53.1% french se tax,
Railroad Commission,$240,000;absorbed annually by increased costs,3100,000; leaving a balance, "clear money." of $39,000.—V. 109, p. 1180.
Railway.—Bonds Extended.—
Sharon
have
Tho First Mtgo. 434% bonds (about $164,0001, duo June 1 1919.
to 5
been extended ta Jan. 1 1937, the interest rate being increasedNew
York,
Co.,
Principal and interest payable at Farmers' Loan & Trust
the company
trustee, without deduction for any U. S. or State tax which
to pay
may be required by law to retain therefrom, the company agreeing
the same.—V. 108, p. 2023.
Inland Empire Ry.—City to Purchase Lines.
Spokane &
of
A press dispatch from Spokane on Sept. 16 said that preparation
by the city of the
amendments to the city charter to permit the purchasewas
forward.
going
power plants and city traction lines of the company
November
The proposed amendments may be submitted to the voters in the
on Sept. 17
election. Mayor C. M. Fassett informed the City Councilwillingness
to
that counsel for the Great Northern By. had indcated a the Spokane &
co-operate with the city in the purchase of tho property of
to
city
the
and
linos
Interurban
Inland, the Great Northern to retain the
take over the rest of the property.—V. 109, p. 1081.
Twin. City Rapid Transit Co.—Petition to Prevent
Franchise Referendum.—
Mayor J. E. Moyers, of Minneapolis. on Sept. 19 began proceedings in
Hennepin County District Court to restrain and enjoin the city from taking
any further steps toward making effective the proposed cost of service
franchise with the Minneapolis Street Ry. adopted in the Council Sept. 3.
Formal complaint was filed to he followed by application for a temporary
restraining order to prevent calling a special election Dec. 9, or opening
polls or incurring any expense in that connection. The proposed ordnance
is attacked as being in violation of the enabling Act, and on the ground
that the $24,000,000 valuation is too high, particular attention being called
by an allegation in the complaint that the water power leases and the
steam power and electric plants are inventoried at a double value.
A hearing on the mayor's action will be hold on Sept. 29.
Commenting on his action on September 9, Mayor Moyers said: "There
Council
17813 no other course open to me but appeal to the courts. The City
passed the ordinance and kept It from me so that I could not veto it. The
Railways of St. Louis.—Fares.—
United
the
The Missouri P. S. Commission (by an informal ruling) has permitted
334 cents to 334
company to reduce the street-car fare for children from announced
lass
in
as
rates
new
The
cents, selling two tickets for 7 cents.
week's "Chronicle" went into effect Sept. 20.—V. 109, p. 1181.
Wash. Bait. & Annapolis El. Ry.—Preferred Stock.—
of PreThe stockholders will vote on Oct. 6 on issuing 20,885 (par $50)
both Preferred
ferred stock now hold in the treasury. All stockholders, to
subscribe at
and Common, of record Sept. 20 will be given the right
$37 50 a share.
It is estimated that each will have the right to take 23.43% of their present,
will
holdings in the new offering, although it is stated that the stockholders
.
not be limited to this extent in making their subscriptions. Subscriptions
before
are to be made not later than Oct. 6 and payment made on or
Oct. 20.—V. 108, P. 2434.
Washington Ry. & Elec. Co.—Merger Plan Proposed.—
Eugene E. Thompson, of Crane, Parris & Co., has submitted
a plan for merging the Washington Ry. & Electric Co. and
the Capital Traction Co., which briefly provides as follows:
TracNew Company.—A now company, to be known as the Washington and
tion Co.. Is proposed, having an authorized capital of $25,000,000
two
the
of
linos
only
$25,000.000 of bonds, this capitalization to cover to organize a separate
companies within the District, it being proposed
lines.
company for the Maryland
Exchange of Securities—Stocks.—The plan provides for the outstanding
stocks and bonds of the two companies for securities in the new company
would
as follows: (a) Each $100 par value of the Capital Traction stock
the Maryland
receive $95 of stock in the new company and $5 of stock in$11,400,000
of
company. This would give Capital Traction stockholders
lieu
stock in the new company and 3600.000 in the Maryland company, in
of the $12,000.000 stock now outstanding.
(b) Each $100 par value of Preferred stock of the WashingtonofRy.
stock
Electric Co. would receive $85 of stock in the new company and $15
a total of
in the Maryland company; this would give the Pref. stockholdersMaryland
the
in
31,275,000
and
company
new
$6,225.000 of stock in the
company, in lieu of the $8,500,000 of stock outstanding.
would
(c) Common stockholders of the Washington Ry. & Electric Cp.
and $20
receive for each $100 par value $60 of stock in the new company
of stock of the Maryland company, thus giving the Common stockholders
a total of 33,700,000 of stock in the Washington company and $1,300.000
in the Maryland company, ln.exchange for the $6,500,000 of stock now
outstanding.
their
Bonds.—(d) Bondholders of the Capital Traction would exchange
bonds on a bas.s of par for par for 50-year 5% bonds of the now company,
making a total of $6,000,000.
Ity.
(e) Bonds of the Washington Ry. & Electric (include Metropolitan
By. &
5s, City & Suburban. 5s, Anacostia & Potomac 5s, Washington Metrothe
Electric 4s and Washington By. & Electric 6s.) (1) Owners ofsecurities
on
politan 5s and the City & Suburban 5s would exchange their
a par for par basis, receiving a total of $3,600,000 of bonds in the nosy
for
receive
would
5s
Potomac
&
Anacostia
the
of
company. (2) Holders
each $1,000 bond a $500 bond of the new company, and $300 of stock In the
be.
Washington Traction Co. (3) Washington By. & Electric 4s would
in stock
exchanged on a basis of $800 in bonds of the new company and $100
of the new company, while the general 6s of the same company would be
exchanged par for par for bonds of the Washington Traction Co.
This would make the total stock to be Immediately issued by the Washington Traction Co. $23,387,000. leaving .the remainder of the authorized
325.000,000 to be used to cover cost of extensions, &c. The combined
capital stock of the two companies at present is $27,000,000. There would
be only one class of stock in the now company.
The total bonds of the new company to be immediately issued in exchange
The
for outstanding bonds of the old companies would be $21,403,900. than
amount of bonds actually Lssued, however, would be considerably loss
the
of
stock
the
of
value
the
that
proposes
this, since Mr. Thompson
Potomac Electric Power Co., now deposited as collateral for the Washington By. & Electric 48, shall be deducted from the amount of bonds to be
ssued.—V. 109, p. 1081, 677.
Washington (D. C.) Virginia Ry.—Interest not Paid.—
Semi-annual interest on the $2,500,000 of bonds of the Washington
These
Alexandria & Mount Vernon Ry.. due Sept. 1, has not been paid.previous
bonds are the obligations of the Washington-Virginia By. The
the
installment of interest, due March 1, VMS not paid until early in July,that
company taking advantage of a clause in the mortgage, which provides 108.
date.—V.
the
duo
after
months
there shall be no legal default until four
p. 2434.
Washington Water Power Co.—Acquisition.—
See Spokane Heat, Light & Power Co. under "Industrials" below.
—V. 109, p. 478.
Western Pacific RR.—Separation from Southern Pacific.
Subsequent to the separation on Aug. 31 of the Southern l'acific from
W.
the Western Pacific, the Deep Creek and the Tide Water Southern, K. 1.
Mason was made General Manager of the latter lines effective Sept.
—V. 109, p. 1074, 889.
INDUSTRIAL AND MISCELLANEOUS,
Abitibi Power & Paper Co.—Dividends.—on the Common
The directors have declared an initial dividend of 134%
stock also the regular quarterly dividend of 1 % and the accumulated
SEPT. 27 1919.]
THE CHRONICLE
dividends amounting to 19j./% onithe Preferred. All the dividends are
payable Oct. 1 to holders of recordiSept. 28.—V. 108, p. 2529.
Aeolian Weber Piano &IPianola Co.—Pref. Div.—
A dividend of 1'%% on the Preferred stock has been declared payable
Sept. 30 to stockholders of record Sept. 25. The last dividend was
2%
paid on Jan. 2 1917 on account of accumulations.—V. 104, p. 1047.
Ajax Rubber Co., Inc.—Listed—Earnings.—
The Governing Committee of the New York Stock Exchange has admitted
to list $1,800,000 of additional capital stock (par $50), making
the total
amount authorized to be listed $10,000,000.
The sale of this $1,800,000 stock was authorized by the directors on Aug.
19 1919, the stock being offered for subscription at $70 per share,
rata,
i.e., in the proportion of 21 39-41 shares of new stock for each 100 pro
shares of
old stock held by stockholders to the stockholders of record Aug.
1919,
subscriptions therefor being payable on or before Sept. 15. The 30
proceeds
of the sale of this stock will be used as additional capital for the corporate
purposes, particularly for the enlargement of tho company's plant at Racine,
Wis, and the building of a new plant.
The following has been pronounced substantially correct for the
icle": "The company, which already has plants in Trenton, N."ChronJ., and
Racine. Wis., has decided to locate a third plant in Jackson to be in operation
by July 1 1920. It will employ 2,500 workmen and will have a daily output
of 3,000 automobile tires. Work on buildings will start this fall, cost being
estimated at $750,000."—V. 109, p. 1181.
Allied Packers, Inc.—Application to List.—
Application has been made to the N. Y. Stock Exchange to list
certificates for 450,000 shares of Common stock without nominal ortemporary
par value
—V. 109, p. 478.
American Ice Co.—Additional Dividend.—
The directors have declared a quarterly dividend of 1 % on the preferred
stock and an additional dividend of 1% which makes6%lfor the
Both
dividends are payable Oct. 25 to holders of record Oct. 15. In year.
Oct. 1918 a
like amount was paid.—V. 109, p. 372.
American Republics Corporation.—Stock.—Touching
this company, mentioned last week (page 1182), the "Oil
Trade Journal" in Aug. 1918 said:
A stock dividend of 11% was paid May 31 1918 to holders of Common
stock of record May 25. Common stockholders of record June
1 received
a special stock dividend of 50% on July 1 and Preferred stockholders
of
record June 1 received a special stock dividend of 50% on July 1.
Previous
to the payment of these dividends the American Republics Corp.
had
$3,000,000 Common and $500,000 Preferred stock outstanding.
With the disbursements and including stock reserved for employees,
the
company's outstanding stock has thus been raised to 35,000,000
Common
and 411,000,000 Preferred. This means that the total of the authorized
Common stock has been issued, but as there was $5,000,000 of
authorized, an amount of $4,000,000 Preferred remains unissued.Preferred
It is understood that the company has a little over $1,000,000 in cash iii
the treasury. The American Republics Corp. received $6,000,000 of
Galena-Signal stock in part payment for oil producing properties, p,po
lines, storage, oil in tankage and a half interest in a refinery, all of which
Interests were held by subsidiary companies. The one-half interest in the
mineral rights of the Houston Oil Co.8 lands was retained by the Cullinan
people. Assuming that the American Republics Corp. exercised subscrip_
tion rights to new Galena-Signal stock, its present holdings in that
coin
pany would be $4,000,000 of Common and $3,200,000 of new 8% Preferred'
American Rolling Mill Co.—Extra Dividend.—
An extra dividend of 25 cents has been declared on the Common stock in
addition to the regular quarterly dividends of 50 cents on the Common
and 1%% on the Preferred; all are apayble Oct. 15 to holders of
record
Sept. 30. A like amount has been paid extra in each quarter since
Jan.
1918.—V. 108, p. 1081.
American Safety Razor Corp.—Stock Sold.—Block, Maloney & Co., New York, announce by advertisement on
another page the sale of 400,000 shares of stock at $18 per
share (par $25). Details were given in last week's "Chronicle," page 1181. The bankers further state:
Balance Sheet Sept. 10 1919, After Giving Effed to New Capital.
Assets—
Liabilities—
Real estate, buildings, &c. $819,386 Cap.stk.: 400.000 shares,
Good-will, trade-marks,
par $25 each, issued at
&c
8,596,306
$18 per share, $7,200,Cash
1,822,954
000;400,000 shares, par
Notes and accounts re$25 each, issued for
ceivable
602,316
good-will, carried at
Inventories
604,804
$3,600,000
Investments in Liberty
Accts. & notes payable $10,800,000
233,002
bonds
269,037 Mtges. on real estate_ _ _ _
72,000
Other assets
250,913 Res'vefor advertising,,. 1,660,715
Res've for organiz'n, cap.
Total each side
$12.965,717
stock, stamps, &c_ _ _ _
200,000
___1r. 109, p. 1181.
American Ship & Commerce Co.—Earnings.—
In addition to its acquisition of $3,115,400 of the $6,098,000 outstanding
stock of William Cramp & Sons Ship & Engine Building Co.
this new
company recently acquired eight ocean-steamships with an aggregate
tonnage of 50,915 tons dead weight, and all the good-will and franchises
of
the Kerr Navigation Co. whose earnings follow:
Earnings of Kerr Navigation Co.—
Year 1918. 7 Mos. '19.
Gross earnings of steamships, freight
$13,237,4171 $3,636,730
Charter hires
1,602,1861
Total
$14,839,603
Net profits on operations
$10,195,288
Int. on notes, &c., 3231,853, less int. on invest.
&c., $115,435
116,419
Fed. inc., war & excess profits taxes (est.)
4,612,884
Reduction and anion, of war excess values
4,400,513
Balance, surplus
$1,065,472
—V. 109, p. 1181, 1081.
$3,636,730
$2,141912
1215
Dividends.—The company has paid dividends at the rate of at least
7%%
per annum on its capital stock since 1899. For the last
13 years the ratehas been uniformly 8% Per annum.
Rates, &c.—On July 31 1919 the Federal Government returned all of
thetelephone and telegraph systems in the United States to their respectiveowners, including the telephone system of the company
and of each of itsassociated companies, which with it constitute the Bell System.
Under the
terms of the Act returning the properties to their respective owners,
rates
fixed by the Federal Government and in force on July
31 1919 were given,
a legal status after the period of Federal control. Action
already
taken
upon and consideration already given these rates by State Commissions
is
assurance that nothing will be done which will jeopardize
the earnings.
Valuation, &c.—At Dec. 31 1918 the telephone plants in use
were
valued
on the books of the companies at $1,142,815,341. The capital stock
and
obligations of the Bell System outstanding in the hands
the public at
Dec. 31 1918 were $991.074,264, of which the outstandingof
securities
of
the
American Telephone & Telegraph Co. represented
. Surplusand reserves, aggregating over $340.000,000, are $676,283,362
invested in productive
property.
Syndicate Managers.—Are understood to be: J. P. Morgan & Co., Kuhn,.
Loeb & Co., Kidder, Peabody & Co., First National Bank,
Forbes &
Co., National City Co. and Leo, Higginson & Co.—V. 109,Harris,
p. 1081, 983.
American Tobacco Co.—To Be Absorbed.—
See United Retail Stores Corp. below.—V. 109, p. 579.
Anaconda Copper Mining Co.—Subsidiary Dissolves.-
Notice of voluntary dissolution of the Northern Montana Natural
Gas.
Co. has been filed in the office of the Montana Secretary of State
by 0. F..
Kelley, John Gillie and L.0. Evans, respectively. Pres., Mgr. of Mines
and
Chief Counsel of the company, and F. M. Kerr, Gen. Mgr. of the Montana
Power Co.—V. 109, p. 983.
Atlantic Lobos Oil Co.—Merger of Port Lobos Petroleum
Corp. with Subsidiary of Atlantic Refining Co.—Treasurer
Charles B. Goldsborough in circular of Sept. 20 says in brief:
Exchange for Stock of Port Lobos Corporation.—The Atlantic Lobos Oil
Co. has been formed pursuant to a contract dated Sept.
1919 by and
between certain signatories, acting for the majority of the15
stockholders of
Port Lobos Petroleum Corporation and the Atlantic Oil Producing
a
Delaware corporation. Pursuant to said agreement, this corporationCo.,
to exchange 50,000 shares of its Pref. stock and 250,000 shares of its offers
Common stock for the entire capital stock of the Port Lobos Petroleum Corporation on the basis of (a) two shares of the Common
stock for each share
of the Common stock of Port Lobos Petroleum Corporation,
deposited
(properly endorsed in blank) with the N. Y. Trust Co., 26 BroadifSt.,
between Oct. 1 and 3 p. m. Nov. 11919. (b) Two shares of the Pref.N. Y.,
stock
for each share of the 2d Pref. stock of the Port Lobos Petroleum Corporation at the aforesaid Trust company within the period above named.
(c)
Upon the issuance by the Port Lobos Petroleum Corporation at par
of the
unissued balance of its authorized 2d Prof. stock,
$2,500,000. upon
the terms as to payment of 10% in cash at time ofto-wit:
subscription
and balance
as and when called by its board, such 2d Pref.
as issued wit be exchangeable for the Prof. stock of this corporationstock
on the basis of two shares
oi our stock for each share of 2d Pref. stock of the
Port Lobos Petroleum
Corporation so issued, the exchange to be made at said
trust co. between
Nov. 10 and 3 p. m. Dec. 10 1919. [See also that company
below.]
Deal with Atlantic Refining Co.—As soon as 60% of the entire outstanding
Port Lobos stock shall have been exchanged for the shares of the
undersigned corporation, pursuant to the foregoing, the Atlantic Oil Producing
Co. will become a half owner of the corporation by receiving 100,000 shares
of Pref. stock and 250,000 shares of the Common stock in exchange for the
ownership of its Mexican properties as described in the schedule
attached
to the agreement and for cash paid into the treasury.
The Atlantic Refining Co. guarantees the obligations of the Atlantic
Oil Producing Co., the latter bing a subsidiary.
Capitalization of New Company.—The undersigned corporation has been
organized under the laws of Delaware (on Sept. 16 19191
with an authorized
capital, all of which has full voting power, of 200,000
of the par value
of $50 each of $8 per share Cumulative Pref. stock, shares
and
500,000 shares of
Common stock without nominal or par value. In addition
Pref. stock
participates equally share for share with the Common stockthe
in all furtherdividends declared and paid by the corporation.
In case of voluntary or involuntary dissolution or liquidation the distri—
bution shall be, first, $50 per share to the
stock, and the residue,
If any, between the Preferred and CommonPreferred
stock equally share for share.
[Directors.—The permanent directors and officers
be as follows:
Directors—James B. Duke, J. W. Van Dyke, Rufus L.will
W. M.
Irish, T. Sivewright Catto, Vernon C. Brown, Henry Patterson,
Hoyt, W. D.
Anderson R. D. Leonard, John Ii. Stone. Officers—PreR.
s., W. M. Irish;
Vice-Presidents, T. Sivewright Catto, R. D. Leonard, Rufus
L. Patterson;
Secretary, E. E. Lippincott; Treasurer. Chas. B. Goldsboroug
h. N. Y.
office, 511 5th Ave., N. Y. City.]
Further Authoritative Data Regarding Port Lobos Petroleum Corp..
The Port Lobos Petroleum Corporation is one of the largest producers of
oil in Mexico, and has heretofore sold a large part of its product
to the
Atlantic Refining Co. James B. Duke and other tobacco men, together
with the Berwind-Whito coal inVerests, have been in control
the Port
Lobos Co. The stock has been trusteed, but the trustees, whileof
having the
authority to make the exchange proposed, have asked for the authorizatio
n
of the holders of the voting trust certificates.
• Although a comparatively new company, Port Lobos Petroleum Corp.
shipped 7,500,000 barrels of oil in the first year's operations. Its holdings.
in Mexic,p comprise about 100,000 acres, distributed throughout the light
oil fields. It has its own railroads, pipe lines, floating equipment, and
pumping and loading stations. There are a sufficient number of sea lines
extending to the Gulf to load several tank steamers simultaneous
ly. The
pumping capacity is sufficient to put 6,000 barrels of oil aboard
these
tank boats each hour.
The company's station at Port Lobos has a frontage of three miles on the Gulf and joins the Atlantic Refining Company's station, where
the latter •
company is erecting a 20,000-barrel refinery, with extensive storage
ties. Vico-President T. Sivewright Catto sailed for England last faciliwook,
and it is understood his trip is for the purpose of effecting a trade
alliancewith foreign companies.
not deduc'd
Atlantic Refining Co.--Preferred Stock.--Carl H. Pforzheimer & Co., New York, by advertisement on another
page, arc recommending the company's now issue of 7%
Cumulative Pref. stock recently authorized by the directors
American Shipbuilding Co.—Extra Dividend.—
An extra dividend of 2!I% has boon declared on the Common stock, (subject to the approval of the stockholders on Oct. 6).
along with the regular quarterly of 154%, both payable Nov. 1
holders The firm regards this stock as a high-grade investment.
et' record Oct. 15. A like amount was paid extra in Feb., May to
and Aug. Price at market to yield about
last.—V. 108, p. 2631.
6.40%. See full particulars.
in V. 109, p. 579. .
American Telephone & Telegraph Co.—Offering of
Merger of Mexican Properties.—
Notes.—The bankers named below are understood to be
See Atlantic Lobos Oil Co. above.—V. 109, p. 579.
offering for subscripton at O93t and interest, to yield about
Baldwin Locomotive Works, Philadelphia.—ilerger
631%,$50,000,000 Three-Year 6% Notes, dated Oct. 11919,
Under Consideration, But No Radical Recapitalization.—The
due Oct. 1 1922.
following emenates from Philadelphia:
Interest payable A. & 0. at the office or agency of the
company in
$2,141,912
New York or Boston. Denom. $1,000. $500 and $100 (c*). Bankers
Trust Co., N. Y., trustee. Redeemable at 102 and int., in whole
or in
part, on any interest date prior to maturity.
Extracts from Statements Understood to Be Authoritati
ve.
Purpose of Issue.—Tho notes are issued to provide funds needed
the
expected growth of the Bell Telephone System, which is forecasted for
by the
present abnormal volume of business.
Earnings, &c.—At the end of 1918 the number of stations which constituted the system in the United States was 10,992,325, of which 3,790,568
wore operated by so-called independent connecting companies. For the
year 1919 it is estimated that the net earnings of the company will be over
$57.000,000; interest including that on these notes, $15,800,000, and
balance over $41,200,000. During the last nine years the net earningsthe
of
the company have averaged more than 534 times the interest charges. Since
1908 the amount of the company's debt outstanding has been increased less
than $60,000,000, while the capital stock outstanding has increased over
$283,000,000, and the book value of the assets over $415,000,000.
Pros. Vauclain denies that Baldwin Locomotive Works is to be recapitalized. Ile says recent revision of the balance sheet was designed
simply
to clarify it and give the closest possible statement of condition; depreciation
reserve of some $30,000.000 was charged against plant account, reducing
It proportionately, the net effect being only to reduce
total figures at
bottom of the sheet. Mr. Vauclain further says:
"All this talk about issuing four shares for one is wholly without basis,
but it unfortunately promoted a big speculation in our common stock.
"The plan to merge all subsidiary companies into the parent corporation
has not been fully determined, but any such plan would be merely to simplify accounting and not a basis of recapitalization.
"We have sufficient capital at present for all our needs. Our
all but the fourth period of this year have already been paid and taxes for
loan we have is against Liberty bonds and about to be paid off. the only
"Resumption of dividends on the common is a matter impossible to discuss at this time. It must be remembered we are working with a dollar
having 40 cents purchasing power, so that it requires 2S1 times as much
capital to conduct our business; as formerly.
1276
THE CIIRONICLE
"Reiterated statement that the Philadelphia property would be sold
and the plant removed to Eddystone must be the desire of real estate operators. We cannot remove from Philadelphia without sacrificing a large
investment in equipment, which is valuable here, but would be junk if we
went elsewhere. There has been talk for 40 years that the Baldwin Locomotive Works would leave Philadelphia, but it is still here.
"Equity value of Baldwin Locomotive stocks is greater than ever, but
that all depends on going value of the plant and business of the concern.
We are here to build locomotives ate profit and to get paid for them. We
are not going to take business of a risky character in the future any more
than we have in the past, and the management intends to conduct this property as a strictly business proposition, recognizing its duty to protect the
investment of capital in it."-V. 109, p. 272. 75.
Baltimore Tube Co., Inc.-Common Dividend Passed.The directors have declared the regular quarterly dividend of $1.75 on
the Pref. stock, payable Oct. 1 to stock of record Sept. 22. The directors
took no action on the regular dividend payable on the Common stock for
the current quarter.
[VOL. 109
annual net earnings preceding a period of three months prior to any additional issue of stock, shall equal at least three times the annual dividend on
the First Pref.stock outstanding and to be issued. (c) No mortgage, except
purchase money mortgages, without the consent of 75% of the First Pref.
stock. (d) First and Second Pref. stocks have sole voting power if two
quarterly dividends on the First Preferred stock are unpaid.
Directors.-II. M. Wallis (Pres.), L. N. Burns (V.-Pres.), W. M. La
Venture (Treas.), M. E. Erskine (Sec.), H. M. Wallis Jr., Racine, Wis.;
W.C. Quarles, Milwaukee, Wis.; Henry Russell Platt, C.F. Glore, Wm. A.
Tilden, Chicago.-V. 109, p. 680.
(J. I.) Case Threshing Machine Co.-Listed.The New York Stock Exchange has authorized the listing of $850,000
additional 7% Cumulative Preferred stock, making the total amount to be
listed $13,000,000.-V. 109, p. 273.
Central Leather Co.-Extra Dividend.The directors have declared an extra dividend of $2 on the common stock
in addition to the regular quarterly of $1.25; both are payable Nov. 1 to
holders of record Oct. 10. In Nov. 1918 an extra of 2% was paid.-V.109,
p. 374.
In connection with the passing of the Common dividend,
the directors gave out a statement dated Sept. 19, which
Chain Belt Company, Milwaukee.-Pref. Stock Sold to
said in substance:
Increase Plant Facilities.-The Wisconsin Securities Co. of
Under date of June 25 a letter was issued to the stockholders calling
attention to the company's position in respect of Common dividend pay- Milwaukee announces, in an advertisement on another page,
ments, and also to the necessity of developing business to take the place of that the $600,000 7% Cumulative Preferred stock of this
Its activities during the war period.
A stet ement set forth in the letter indicates that the chief concern of the company,recently brought out by them, has been largely
company during this present year would be the upbuilding of new business oversubscribed. Total authorized issue, $1,000,000; par,
necessary to employ the enlarged plant. During the recent months the
company carried on an active campaign looking to this end and with con- $100, entitled to quarterly dividends Jan. 1, &c., redeemsiderable success, but the new business acquired has been at a comparatively able on any dividend date after Dec. 31 1920 at 110. Pres.
small margin of profit. In order to pursue an aggressive policy in respect William
C. Frye reports in brief:
to building up the company's business, it is deemed wise to conserve its
cash resources, and it is therefore expedient to temporarily defer the payment of dividends on the Common stock.
Your directors are confident that, when the volume of business has been
built up so as to employ the full capacity of your company's large plant, and
with business on a more normal basis, the earnings will be ample to justify
the continuance of dividends on the Common shares. Your directors wish
to state that your company's plant is in first-class condition to cope with
large business, and particularly in view of recently completed extensions
costing over $680,000, and they have every confidence as to the future of its
operations.-V. 106, p. 711.
Best-Clymer Manufacturing Co.-Acquisition.-
See Corn Products Refining Co. below.
(E. W.) Bliss Co. Brooklyn, N. Y.-Extra Dividend.-
An extra dividend of '
$5 (10%) has been declared on the $1,250,000
'outstanding common stock, par $50, along with the regular quarterly
dividends of 62% cents (1 go)on the common and $1 (2%) on the preferred, all payable Oct. 1 to holders of record Sept. 24. In Jan., Mar. and
June last an extra of $5 was paid.-V. 108, p. 2530.
3 times the dividends on this
Average profits for past three years, 4%
block of First Pref. stock after providing for Federal and all other taxes.
There is no funded debt and none can be created nor can there be created
any new Pref. stock prior to or on a parity with the present authorized issue
of First Pref. stock, without the consent of 75% of said present First Prof.
Sinking fund beginning July 1 1921, an amount equal to 5% of the greatest
amount of First Pref. at any time issued. Total net assets, excluding trade
marks, patents, good will, &c. (which are carried in balance sheet at $1).
are equal to $324 and the net quick assets to $228 per share of this First Pref.
stock.
Present CapitalizationAuthorized. Outstanding.
First Preferred stock
$1,000,000
$600,000
Second Preferred stock
300,000
83,800
Common stock
1,500,000
800,000
The "Iron Age" has the following from Milwaukee as of
Sept. 22:
The Chain Belt Co., Milwaukee, manufacturer of malleable and steel
transmission chains, concrete mixers and paving outfits, traveling water
screens, and elevating and conveying equipment, has increased its capital
stock from $1,000,000 to $2.800,000, and is entering upon an extensive
Braden dopper Mines Co.-Earnings-Listed.enlargement
which eventually will mean the concentration of its
The combined general profit and loss account of the Braden Copper Mines foundries andprogram
shops at 39th Ave. and Orchard St,. in West MilCo. and Braden Copper Co. for the six months ended June 30 last, shows waukee, wheremachine
malleable shop has been in operation for about two years
a
copper sales of $977,847; operating costs, delivery and selling expenses, &c., and a 23-acre site is available for future extensions. Within a
or two
$1,222,788; operating loss, $244,941; total income, $57,511; not income, the main works at Park St. and the 16th St, viaduct, in the year
;9,508; deficit after interest on bonds, &c., $538,580; profit and loss, sur- Valley, will be transferred to the new site. The first work Menominee
on the new
plus, $4,497,959. The combined balance sheet as of June 30 shows cash project will be undertaken immediately, contracts having been awarded
for
and cash items, $593,593; bill receivable, $13,215,000; bills payable. the erection of a brick and steel building, 150x316 ft., adjacent
to the
$13,215,000; accounts payable, $2,411,568, and total assets and liabilities malleable foundry, 80x506 ft., in West Milwaukee.
of $76,618,334.
The New York Stock Exchange has authorized the listing of $4,453,000
Chicago Pneumatic Tool Co.-Sells Plant.additional Collateral Trust 15-year Sinking Fund 6s, duo Feb. 1 1931,
The company has conveyed its plant at Chicago Heights to Charles A.
making the total amount to be listed $16,477,000.-V. 109, p. 580.
Finnegan of Elma, N. Y., for $120,000, who has taken title for the Giant
Truck Corp., manufacturers of the Giant Truck and the Rockford motor
Buddy Buds, Inc.-Stock Offered to Continental Candy car.
The Penumatic Tool Co. has moved its equipment to its plant at
Corp. Stockholders at $5 per Share.Cleveland.-Chicago "Economist".-V. 109, p. 581.
See Continental Candy Corporation below.
Cambria Steel Co.-New Vice-President.-
L. R. Custer has been elected Vice-President.-V. 109, p. 778.
Canadian Locomotive Co., Ltd.-Earnings.June 30 YearsGross income
Bond interest
Reserves, &c
Preferred dividends (7%
Common dividends (6%
Balance, surplus
-V. 108, p. 2435.
City of Paris Dry Goods Co., San Francisco.-Offering
of Pref. Stock.-McDonnell & Co., San Francisco, are offering, at 100 and div., $500,000 7% Cumulative Preferred
stock, par $100. An advertisement shows:
1918-19.
$892,976
90,000
140,599
105,000
120,000
1917-18.
$677,937
90,000
140,000
105,000
120,000
1916-17.
$721,255
90.000
20,000
105,000
120,000
Dividends payable Q.-F. 15. Callable at 105 after 5 years. A sinking
fund provides for the retirement at $105. The company has no funded debt.
The company was established in 1850. Is the oldest retail dry goods
company on the Pacific Coast. Net quick assets are equal to 200% of
outstanding Preferred stock.
$437,377
$222,937
$386,255
Recent reports that this company had taken over several of the Great
Northern Iron Ore Properties in Minnesota are now confirmed by the company. The properties taken over include the Bourne, Trumbull, North
Star, Bingham and Hill mines. They will produce grades of ores which
will round out the company's assortment of old range ores produced from
the Marquette range for the past 60 years. Several steel companies are
associated with the Cleveland-Cliffs Iron Co., in the ownership and operation of these minas, and the operating company will be called the Mesaba
Cliffs Iron Mining Co.-"Iron Trade Review.'-V. 107, p. 1749.
(J. I.) Case Plow Works Co.-Offering of Pref. Stock.A. B. Leach & Co. and W. G. Souders, New York and Chicago, are offering at 97 and div., by adv. on another page,
$3,500,000 7% Cum. First Pref. (a, & d.) stock, par $100.
Cleveland-Cliffs Iron Co., Cleveland.-Acquisition.-
Redeemable by lot, in whole or in part, at 110 and divs. Divs. payable
Q.-J. An annual sinking fund of $175,000, beginning with 1923, will be
used for the retirement of the First Pref. stock either through purchase in
Clinton-Wright Wire Co.-Further Merger-Offering of
the open market or by calling the same at 110 and dividends.
Pref. Stock.-E. H. Rollins & Sons and Spencer Trask &
Data from Letter of Pres. H. M. Wallis, Dated Racine, Wis.. Sept. 17. Co., New York, &c., are offering, at 99 and div., to yield
Company.-Ineorp. under the laws of Delaware (on July 29 19191 to acquire the property and business of the J. I. Case Plow Works and the Wallis over 8%, by advertisement on another page, $3,500,000
Tractor Co., both of Racine, Wis.
8% Convertible Preferred stock, par $100.
The J. I. Case Plow Works was originally established as the Case-Whiting
DividendsI(cumulative) payable Q.-J., commencing Jan. 11920. Having
Co.,in 1876,and has continuously engaged in the manufacture of plows and preference over the Common
stock as to earnings and as to assets in liquidaa line of tillage implements. The "Case Plow" is thoroughly established tion. Redeemable as a whole,
in part for sinking fund by lot, at 110 and
both in the trade and with the consumer. The Wallis Tractor Co., organ- dive., on four weeks' notice. or
quarterly cumulative sinking fund shall
ized in 1912, has been engaged exclusively in the production of the "Wallis" commence July 1 1920 at the Arate
of 3% per annum, of the aggregate
'tractor, known as "America's foremost tractor."
amount of8% Cony. Prof. stock at any time issued (exclusive of conversion)
A manufacturing contract under favorable terms has been entered into, for
its
retirement
call
or
by
purchase
at
not exceeding 110 and dive., and to
whereby the Wallis tractor will be manufactured in Great Britain by large this fund shall be added all divs, which
would have accrued on all 8%
and responsible interests on that side.
Convertible
stock which has previously been redeemed by the sinking
Earnings.-The annual net profits before taxes of the J. I. Case Plow fund. (ThePref.
First
Pref.
stock
is
protected
by a similar sinking fund.)
Works for the two years, and of the WaIlLs Tractor Co. for the 254 years Convertible at any time at the option of
the holder into Common stock on
*tiding Juno 30 1919, combined, averaged $755,737, or over three times the the
basis of two shares of common stock (par $50) for each share of 8%
First Preferred stock dividend requirements. For the fiscal year ending Convertible
Prof. stock. (The First Pref. stock is similarly convertible.)
June 30 1920, net profits before taxes are estimated at $1,250.000, or over
five times the First Pref. stock dividend requirements. Federal taxes for Data from Letter of Harry W. Goddard, Chairman of Board, Sept. 19.
the fiscal year estimated at $130,000.
Company.-Incorporated June 23 1919 under the laws of Massachusetts,
to acquire all the assets, &c., of: (1) The Clinton Wire Cloth Co. (V. 108.
Balance Sheet as of June 30 1919. after Giving Effect to Present Financing.
p. 2632); (2) The Morgan Spring Co., founded 1881, and the Wright Wire
AssetsI LiabilitiesFixed assets
$2,841,348 First Preferred stock
$3,500,000 Co.(V. 108, p. 2638). Company has entered into a contract as of Sept. 15
Good will
2,000,000 Second Preferred stock_ __ 3,500,000 1919 to acquire the properties of the Spencer Wire Co., founded 1820. By
virtue of this contract it immediately acquires the current assets of the
Inventories
3,032,603 Common stock (125,000
Spencer Wire Co. and its plant located at Spencer, Mass., and leases the
Notes & accounts receiv
616,048 shares of no par value
U. S. Liberty bonds
110,580 represented by)
2,272,713 plant of the company in Worcester, Mass., on the basis of equal semi-annual
payments of principal and rental, which will give it title, free of encumCash
615,106
Deferred charges
56,128 Total (each side)
$9,272,713 brance, on Oct. 1 1931.
The Spencer Wire Co., all of whose properties are now being acquired by
After giving effect to the issuance of the new capitalization and purchase purchase
or lease, is one of the largest manufacturers of high-grade wire,
of assets of the acquired companies, total net assets, exclusive of good will, both tempered
and untempered, particularly wires of high tensile strength
are $7,272,000, or over $200 per share, and net quick assets $4,375,000, or and
elasticity,
such as piano wires, music spring wire, card, brush, rope and
$125 per share, for the First Preferred stock.
aviator wires, and also of drill rods, strip steel and clock and motor springs,
Capitalization (No bonds)Authorized. Outstanding• and many other finished articles made from wire. By the acquisition of the
7% Cumulative First Preferred stock (par $100)__ $5,000,000 $3,500,000 plants of this company, the wire output of the Clinton-Wright Wire Co.
*7% Non-Cum.Partic. 2d Pref. stock (par $100)__ 5,000,000
3,500,000 will be increased about 25,000 tons, replacing to a large extent wire which
Common stock (no par value)
125,000 sh. 125,000 sh. has heretofore been purchased elsewhere, and will now be manufactured in
the Worcester and Spencer plants of the Spencer Wire Co., as well as in the
*Participates in surplus earnings with the Common, share and share Worcester and Palmer plants of the Clinton-Wright Wire Co. The plants
alike, after receiving dividend of 7%.
of the Spencer Wire Co. in Worcester and Spencer, with over 12 acres of
Provisions.-(a) Net quick assets must at all times equal 100% of the floor space, are appraised at $3,370,000. The Spencer plant, appraised
outstanding First Pref. stock. (b) No additional First Prof. stock can be $620,000, has been acquired in fee, free of encumbrance. The plant at
in
issued without the consent of 75% of the outstanding First Prof. stock, Worcester, appraised at $2,750,000, has been purchased on the basis of 24
sinless the net assets equal 200% and net quick assets equal 125% of the equal semi-annual installments of $100,000, and is leased pending the comFirst Pref. stock outstanding, and that to be issued, and unless also the pletion of these payments, at an annual rental of $142,375.
SEPT. 27 1919.]
THE CHRONICLE
Capitalization Sept. 19 1919 (No funded debt)- Authorized.
First Preferred stock, 7% Cum.(V. 108, p. 2632)--$3,500,000
• *8% Convertible Preferred stock, cumulative
5,000,000
Common stock (par value $50)
7,500,000
Outs:and.°
$3,500,000
5,000,000
7,500,000
* $1,500,000 is issued in lieu of an equal amount of voting Preferred stock.
Assets.-According to a consolidated balance sheet as of June 30 1919
for the Clinton-Wright Wire Co., and as of March 31 1919 for the Spencer
Wire Co., the net quick assets are $6,368,692.
Earnings.-The average net earnings of the constituent companies, for
their respective fiscal years ended since March 31 1916, after taxes and liberal allowance for maintenance, have aggregated about $1,875,000. the balance after rental and prior dividend and sinking fund being equal to about
three times the dividend requirement and over 2% times the dividend and
sinking fund requirement of the 8% Convertible Pref. stock. Net earnings
applicable to dividends for the fiscal year ending June 30 1920 is estimated in
excess of $2,500,000, which, after deducting prior charges, is equivalent to
neary four times the annual dividend and sinking fund requirements of the
87
0 Convertible Preferred stock.
Provisions.-(a) Is entitled to receive $110 and divs. in the case of voluntary liquidation and $100 and divs. in the case of involuntary liquidation
over the Common stock. (b) No mortgage lien without the consent of
75% of both classes of Pref. stock, voting separately. (c) No dividends
shall be paid upon the Commonstock which will reduce the net quick assets,
after deducting all outstanding First Pref. stock, below an amount equal
to three full years' divs. on all 8% Convertible Pref. stock outstanding. (d)
No additional First Pref. or 8% Cony. Pref. stock may be issued without
the consent of 75% of the 8% Cony. Pref. stock, unless:(1) net quick assets,
after deducting all First Pref. stock outstanding, shall equal not less than
3 full years' divs. on the Cony. Pref. stock outstanding and proposed; and
(2) unless net assets, after deducting all First Pref. stock outstanding, shall
equal not less than 200% of all Cony. Pref. stock outstanding and proposed;
and (3) unless net earnings for the preceding 12 months, after deducting the
div. and sinking fund requirements of the First Pref. stock, shall equal not
less than 24% of all 8% Cony. Pref. stock outstanding and proposed.
Voting Power.-The 8% Cony. Pref. stock is non-voting except that it
shall have voting power, to the exclusion of the Common stock, in case of
failure for a period of 12 consecutive months to pay diva. and sinking fund
in full on the 8% Convertible Pref. stock.
Directors.-flarry W. Goddard (Chairman) Evan F. Jones (Pros. & Gen.
Mgr.), George F.Wright (V.-Pr.
es , Frank Khmer (Treas.), G. M. Thompson (V.-Pres.), Geo. M. Wright, Paul B. Morgan, Frank A. Drury, Harry
Bronner, George F. Naphen, Richard B. Young.
The stockholders on Sept. 17 voted to increase the capital stock from
$12,500,000 to $16,000,000 by the issue of 15,000,000 8% Convertible Pref.
stock (non-voting), of which $1,500,000 will be exchanged for an equal
amount of voting Pref. stock (see table above). Action on changing the
name of the company to the General Wire Co. was deferred to Nov. 4.1
Compare V. 108, p. 2632.
Announcement is made that the 7% coupon gold notes will be redeemed
at the New York Trust Co. on Oct. 27 at par and interest, plus the premium
fixed in the notes.-V. 108, p. 2632.
1277
Crowell Publishing Co.-Control of "Collier's Weekly."
See P. F. Collier & Son Co. above.-V. 105,
p. 2275.
Curtiss Aeroplane & Motor Corp.-Settlement Bill.-
Chairman Kahn of the House Military Affairs Committee on Sept. 25
introduced a bill which provides for the payment of $6.114.126 by Secretary
Baker to the corporation in settlement of war contracts and for the purchase by the United States of the company's Buffalo plant.
The company has called for payment on Oct. 15 at 110 and div. 5,369
shares of Its Pref. stock. This stock was selected by lot by the Franklin
Trust Co., N. Y., as agent for the voting trustees. The total number of
shares outstanding is 60,000, so that the amount of stock called is about
9% of the total.-V. 109, p. 778.
Detroit Edison Co.-Offering of Bonds.-Coffin & Burr,
Inc., Harris, Forbes & Co., Spencer Trask & Co., New York,
First & Old Detroit National Bank and Security Trust Co.,
Detroit, are offering at 89 and int. $4,989,000 5% First
& Refunding Mortgage gold bonds of 1915, due July 1
1940, making the total outstanding, including this issue,
$16,665,000.
Interest payable M.& S. In N. Y. City. Callable on any int. date on or
before March 1 1930 at 1075 and int. from then to and incl. March 1
1935 at 105 and int., and thereafter at 102% and int. Denom. $1,000 and
1500 (c* & r*). Bankers Trust Co., N. Y., trustee. Previous issues of
these bonds listed on the New York Stock Exchange and application will
be made to list the bonds now offered.
Extracts from Letter of Pres. Alex Dow, Dated Detroit, Sept. 22 1919.
CapitalizationAuthorized. Outstanding.
Stock (paying 8%)
$35,000,000 $25,739,000
First & Ref. 5s duo 1940
75,000.000 *16,665.000
First Mortgage 5s due 1933
Closed
10,000.000
Eastern Michigan Edison Co. 1st M.5s due 1931.. Closed
4,000,000
Four issues of Cony. Deb. 65 aggregating
180,000
Two issues of Cony. Deb. 7s aggregating •
6,400,000
* Includes the present issue of $4,989,000 bonds.
Earnings Year ended Aug. 31 1919 (for Cal. Year 1918, V. 108., p. 475).
Gross earnings
$15,357,203
Not, after maintenance, deprec. res. & taxes
4,203,262
Annual interest on the $30,665,000 Mtge. bonds
1,533,250
Balance, surplus
2,670.012
This Issue.-Of the escrow bonds $14,000,000 are reserved to retire the
underlying bonds. The remainder may be issued only for 70% of the
actual cash cost of additional properties, permanent improvements and
extensions, and then only when annual net earnings of the 14 preceding
months have been equal to at least 1% times interest on all bonds of this
issue outstanding, including those proposed to be issued, and on the underlying bonds.
Comstock Tunnel Co.-Notice to Bondholders.Property.-There are in progress changes and additions to the two Detroit
The protective committee named below announces that an agreement has
been made between the committee, the Security Transfer & Registrar Co., steam plants which when completed will bring the generating capacity up
N. Y., depositary, and assenting bondholders providing for the deposit of to 258.000 k.w. in steam power, and 4,275 k.w. in water power plants.
outstanding bonds. A majority of all the outstanding bonds have already The output is distributed through 51 sub-stations and comprehensive transbeen deposited, and the committee announces that the time within which mission and distribution systems. The Connors Creek generating station.
upon which these bonds are a first mortgage, has a present installed capacity
bonds may be
will expire Oct. 1 1919.
All bondholders are urged to deposit their bonds immediately. If 80% of 105,000 k.w., and, as planned, will have an ultimate capacity of 150,000
of the said bonds are deposited and assent, the mortgage will be extended k.w. Compare V. 100, p. 2169; V. 102, p. 1990; V. 103, p. 2240; V. 105.
for a period of ten years, and the bonds will be stamped accordingly and p. 74; V. 106, p. 2652.-V. 108, p. 483.
returned to the holders, which action will avoid the necessity of a sale of the
Fairbanks Company.-Earnings-Listed.property under the terms of the mortgage.
Six Months to June 301919.
1918.
1917.
Committee.-Franklin Leonard Jr., Chairman, George B. Burbank,
Total
income
$500,560
$586,108
$273,298
Donald C. Catlin, Lyman N. Clark, Sylvester F. Cascoigne, with Emanuele
Net profits
$401,619
Trotta. Secretary, 25 Broad St.. New York.-V. 101. p. 1921.
Dividends
Not shown
120,000
Continental Candy Corp.-Right to Subscribe for Stock
in Buddy Buds, Inc.-The stockholders of record Oct. 8
are given the right to subscribe to 70,000 shares, no par value,
of Buddy Buds, Inc., at $5 per share to the extent of 149
of their holdings.
Extract from Letter of John Robert Coffin, Treas., Dated Sept. 23.
Continental Candy Corp. has secured from Buddy Buds, Inc., the right
to offer to the stockholders of Continental Candy the privilege of subscribing to 70,000 shares stock, no par value, of Buddy Buds, Inc., at
$5 a share.
Buddy Buds, Inc., is a corporation organized under the laws of Delaware,
authorized to issue 200,000 shares of capital stock, no par value. A
majority of the stock has been subscribed for by Continental Candy and
Buddy Buds, Inc., will be a subsidiary of such corporation. Buddy Buds,
Inc., has a contract with American Confectionery Syndicate and is about
to acquire from it under such contract its good-will, trade-names and trademarks, machinery, equipment, stock on hand, &c., &c., and will engage in
the manufacture, advertising and selling of certain confectionery specialties
and roroducts under the trade-name or trade-mark of "Buddy Buds" and
"Buddy Buds, Inc."
The whole of said 70,000 shares or such portion thereof as may not be
subscribed for by stockholders of Continental Candy has been underwritten at $5 a share.
At a meeting of the directors of Continental Candy Corp. held Sept. 19
1919 it was resolved that the privilege of subscribing for the said stock
at $5 a share on Nov. 13 1919, on which date the privilege shall cease, is
hereby given to stockholders of record Oct. 8 1919 to the extent of 14% of
their then respective holdings.
Warrants specifying the amount of stock to which each stockholder of
Continental Candy is entitled to subscribe shall be issued by Buddy Buds,
Inc. by Bankers Trust Co. as its agent. Warrants properly endorsed and
accoinpanied by payment in full must be returned to Bankers Trust Co.,
New York, on or before Nov. 13 1919 (3 p. m.). Fractional full paid subscription warrants must be combined to aggregate one or more whole shares
at Bankers Trust Co. on or before Feb. 16 1920, after which date such
receipts not converted will be redeemed in cash by Buddy Buds, Inc., at
the rate of $5 for each full share.-V. 109, P. 680.
Corn Products Refining Co.-Granite City Plant Sold.arrangements made
with the Department of Justice, the comUnder the
pany has sold for $4,500,000 to the Bost-Clymer Manufacturing Co. of
St. Louis, its Granite City, Ill., plant. The operation of the plant will,
however, be continued for one year under a lease ending Oct. 1 1920 and a
rental of 11,250,000.-V. 109, P. 891.
Balance, surplus
$281,619
The New York Stock Exchange has authorized the listing of $2,000,000
8% Cumulative Non-Voting Preferred stock.-V. 109, p. 681.
Ford Motor Co., Detroit.-Acquire Minority Stock.-
A press dispatch from Detroit says: "Control of all stock in the Ford
Motor Co. has been secured by Henry Ford and his son Edsel through purchase of the minority holdings of James Couzens. It is understood Mr.
Couzens held more than 2,000 shares of stock in the company. The price
paid for his holdings was not disclosed.
"Interests of other minority stockholders were purchased by Henry and
Edsel Ford early in July last, for a sum said to be close to $100,000,000.
It was announced at that time that reorganization and recapitalization of
the company would be effected, details of the proposed recapitalization
have not been made public."-V. 109, p. 275.
General Motors Corporation.-Status.-Dominick &
Dominick has issued a circular regarding this company's
Preferred stock, which shows in part:
Sale.-The net sales of all the General Motors Companies for the 12 mos.
ended Dec. 31 1918 amounted to $326,044,755, and for the first six months
of 1919,$238,152,984. The corporation's 41 manufacturing and assembling
plants employ over 49,000 employes. (For statement for half-year ending
June 30, see V. 109, P. 977)•
Capitalization June 30 1919.
Authorized. In Treas. Held by Pub.
Debenture stock
$500,000,000 $1,581,000 $59,506,600
20,000,000 2,760,100 16,948,300
6% Preferred stock
Common stock
500,000,000 3,653,400 147.647,700
-V. 109, p. 977, 480.
-
Globe Oil Co.-To Be Part of Larger Merger.The Texlahoma Oil Corporation with which it is proposed to merge this
company (V. 109, p. 1184) will, it is announced,form part of the Petroleum
Corporation of America, described last week under Okmulgee Producing &
Refining Co.(P. 1184) and also further mentioned below.-V.109,p. 1183.
Gray & Davis, Inc.-All Taken by Shareholders.-
Tucker, Anthony & Co., as syndicate managers, announce that the stockholders having taken entire offering of new stock, the underwriting syndicate will be immediately dissolved.-V. 109, p. 1083,
Great Atlantic & Pacific Tea Co., Inc.-Sales.
Sales1919.
1918.
Increase.
6 mos. current year ended Aug. 31-$89,283,250 $71,319,026 *317.994.224
* Or 25%.-V. 109, p. 375.
Cosden & Co., Baltimore.-Stock Increase to Provide for
Great Lakes Dredge & Dock Co.-Listing of New StockExtra Dividends in Stock.-Earnings.-Earnings.Touching the extra distribution of 2%% in Common stock on Nov. 1,
along with the regular 2%% in cash, an official statement says:
"The future-policy of the company will be from time to time to declare
stock dividends from earned surplus.
'For the above rmrpose directors are al.° recommending to stockholders
that the authorized Common be increased from 325,000,000 to $35,000,000.
"The earnings for the six months ending June 30 were satisfactory and
amounted to $4,400,000 after all interest charges but before depreciation
and Federal income tax, against $3,800,000 last year."-V.109,p. 1182,680.
(Wm.) Cramp & Sons Ship & Engine Bldg. Co.-Div.
A dividend of 1%% has been declared on the stock, payable Oct. 15 to
holders of record Oct. 1. In Feb. and Aug. last a semi-ann. dividend of
3% was paid, which, with the present distribution, makes a total for the
year of 7%.-V. 109, p. 581.
Crex Carpet Company.-Earnings.---Manufacturing profits
Net earnings
Depreciation, &c., charges
Federal taxes
Dividends
Balance, surplus
-V. 107. u. 1377.
-12 mos. to June 30- 18 mos. to
1918-19.
1917-18. June 30 '17.
$562,256
$530,942
$733,008
$285,037
$299,874
$394,489
52,120
104,533
84,542
25,661
(6%)180,000 (5)150,000
$27,256
$45,341
$309,947
In connection with the listing of $6,849,000 capital stock with the Chicago
Stock Exchange,the company reports the following earnings for the calendar.
year 1918:
Profit on contracts,$1,558,212;less overhead exp.,$563,410; bal_ $994,802
Miscellaneous income
31,312
Total income
$1.026,114
Deductions
99,761
Depreciation
313,866
Federal taxes
75,000
Surplus for year
• 1537.486
The total profit and loss surplus Dec. 31 1918 was $1.013,274.-V. 108.
P. 584.
Great Lakes Steamship Co.-Extra Dividend.-
An extra dividend of 2% has been declared on the $6,000.000 outstanding
capital stock in addition to the regular quarterly of 2%: both payable Oct. 1
to holders of record Sept. 20. A like amount was paid extra in Iran. and
April last.-V. 105, p. 1902.
Great Northern Iron Ore Properties.-Deal.See Cleveland-Cliffs Iron Co. above.-V. 109, p. 69.
Hamilton (Ohio) Otto Coke Co.-Plant Sold.-
W. E. Bender, of Hamilton, on Sept. 17 bought at public auction the
plant for $150,000, subject to review by referee in bankruptcy. The plant
was appraised at 3458,407.-V. 109, P. 376.
[VoL. 109.
THE CHRONICLE
1278
Hanna Building Co., Cincinnati.—Offering of Bonds.—
The bankers named below are offering at 100 and int. yielding
6% $2,400,000 First Mortgage Leasehold 6% gold bonds.
Dated Aug. 1 1919. Due serially, $120,000 annually beginning Aug. 1 1921. An advertisement shows:
Denom.$1,000 and $500 (c*). Int. payable F.& A.at Guardian Savings
& Trust Co., Cleveland, trustee, without deduction for Federal income tax,
not in excess of 4%. Redeemable wholly or in part at any int. date upon
four weeks' notice at 102 and Int.
A Brat mortgage lien on the leaseholds and also on the buildings under conminimum of
struction at Euclid and East 14th St. at a cost estimated at a estimated
at
34,000,000. Not earnings, after payment of all taxes, are
securities
marketable
building,
the
of
$500,000. To insure the completion
which, with the proceeds of this issue of bonds, will amount to over $4,000,000, have been deposited with the trustee.
Bankers.—Field, Richards & Co., Cincinnati; Hayden, Miller &
The Guardian Savings & Trust Co., The Union Commerce National Bank,
The Citizens Savings & Trust Co., Cleveland.
Hartford Electric Light Co.—Stock Increase.—
The directors voted Sept. 23 to increase the capital stock by $1,500,000,
to old
making the amount 37,500.000 (par $100). Stock is to be issued
payholders at the rate of one new share for each four old shares. The
10
Nov.
installments
ments on the new stock are to be made in two equal
1919 and Feb. 10 1920.—V. 106, p. 924.
Data from Letter of Pres. Harry Reid, Dated Louisville, Sept. 19 1919.
Company.—Incorporated under the laws of Kentucky in 1912. Not later
one
than Oct. 1 1919 will absorb the Tennessee Public Service Co., serving
of the
community in Tennessee with light and power and will acquire allElectric
First Mtge, bonds and capital stock (except directors'shares) of the in VirTransmission Co. of Va.(V. 109, P. 1182), serving 5 communities
ginia with light and power. These 3 companies have been operating
practically as a unit for 4 years through connection of the transmission lines
1 or
and interchange of power, and are now serving 38 communities with
more public utility service, viz.: 38 with electric light and power,8 with ice,
6 with water, 1 with gas, and 2 with street railway service by means of a
small connecting street railway. Population served, U. S. Census (1910),
stock
70,761; at present estimated at 89,600. Also owns all of the capital
of the Kentucky Light & Power Co., which supplies light and power to 5
communities in western Kentucky.
Capitalization Upon Completion of Present Financing.
Authorized. Outstanding.
$1,000,000 *$720,000
Preferred stock 6% Cumulative
1,000,000 *1,000,000
Common stock
(see below) 3,600,000
First Mtge. Lien 6s (this issue)
*1,036,000
x
General Mortgage 6s due July 1 1947
*380,000
1,000,000
Ten-year 6% Debentures, March 15 1923
(The) Imperial Oil Co., Ltd. (of Canada).--New Name
Imperial Oil, Ltd.—Each $100 Share forms Four $25 Shares.—
15 1919,
Supplementary letters patent have been issued bearing date Sept.
$100 each.
subdividing the existing 500,000 shares, now of the par value ofthe
name of
into 2000,000 shares of the par value of $25 each, and changing
the said company to that of "Imperial Oil, Ltd."—V. 109, p. 177, 891.
Imperial Cil, Ltd.—New Name, etc.—
See Imperial OH Co., Ltd., above.
International Abrasive Corp.—Initial 2nd Pref. Div.—
Dividend (No. 1) of $1.33 per share has been declared on the second
preferred stock payable Oct. 1 to holders of record Sept.30.—V.109, p. 1083.
International Fur Exchange, Inc.—Dividend.--
A dividend of 64 cents per share has been declared on the 7% cumulative
Prof.stock,representing the period from Aug. 29 to Sept. 30. The dividend
Is payable Oct. 1 to holders of record Sept. 26.—V. 109, p. 1083, 984.
nal Mercantile Marine Co.—Accum. Div.—
Internatio
The directors on Sept. 23 declared a dividend of 5% on the preferred stock
Oct. 18.
on account of accumulations payable Nov. 1 to holders of recordremaining
By the present payment of 5% on accumulations the amount
unpaid is 52%.
it
President P. A. S. Franklin is quoted as saying: "The Board feels that
earnwould be wiser for the company to pay such dividends as it can out of diviings. There has been no consideration of a scheme to refund the back
consider
dends on the preferred stock, nor has a committee been formed to
the subject."
circulathe
that
ago
weeks
few
a
of
statement
his
Mr. Franklin reiterated
He said
tion of stock market rumors about the company was regrettable.
and that the
earnings were at a rate commensurate with those of last year,the
Shipping
company was ready to open up new trade lanes wherever
Board wanted It to.—V. 109. p. 1183.
nal Petroleum Co.—Dividend.--
Internatio
on
The directors have declared a dividend (No. 4) of 50 cents, payable
or after Oct. 1 to holders of record Sept. 30. A like amount was paid in
June and Jan. last.—V. 109, p. 376.
Iron Cap Copper Co.—Decision—Production.—
says:
President F. P. Knight in a statement to shareholders
of the Massachusetts
"We are pleased to announce that the full bench sustained
the pleas of
has
down
handed
just
a
Supreme Court in decision
against it by Arizona ComYour company in the two suits in equity brought jurisdiction
in either case.
mercial Mining Co., and has declined to take
In spite of this decision, however, the Arizona Commercial Mining Co. has
in
seen fit immediately to begin two actions at law against your company
the Massachusetts Superior Court apparently for the same causes of action.
the
of
reasoning
the
that
confident
'The officials of your company feel
in
court in the two cases just decided is equally applicable and controlling
two equity
the case of these new actions at law. The dismissal of the
injunctions
all
remove
will
actions in accordance with the court's decision
and all restrictions which resulted therefrom as regards the management of
the property and the proper distribution of earnings.
"During August 83 cars of ore were shipped to the smelters with the
exfollowing estimated results (approximate): Smelter returns, $65,479;
mill has
pensm, $39,000; gain. $26,479. Construction of the concentrating
&c., are opercommenced. The now crashing plant, electric hoist, skips,
increased
ating smoothly and economically. Production has been gradually mill
combeginning the latter part of August, and shipments to Inspiration
menced the 12th of September."—V. 108, p. 1278.
Jessup & Moore Paper Co., of Mass.—Offering of Bonds.
—Wm.A. Read & Co., New York, &e., are offering at 98 and
hat. to net 6.15% $600,000 (closed) First Mortgage 6% Sinking Fund Gold Bonds. Dated Aug. 1 1919. Due Aug. 11939.
or
Interest payable F. & A. Denom. $1,000 (c*). Callable as a wholefor
In part on any int. date at 105 and int. except for sinking fund. Callable
$25,000
of
1924
in
commencing
fund
Sinking Fund at 100 and int. Sinking
Girard Trust Co.,
per annum will retire 3375.000 bonds before maturity. mills
Pennsylvania
refund 4
Philadelphia, Trustee. The company agrees toincome
up to 2%.
tax
State Tax and to pay the United States normal
1 1919.,
Aug.
dated
Fry
W.
Eugene
Pres.
Data from Letter of
laws of Massachusetts,
Company.—Organized in July 1914 under the
in 1845;
established
Del.,
of
Co.,
Paper
consolidation of Jessup & Moore
and RoelEland
and Kenmore Pulp & Paper Co., The Delaware, Augustine
tons
125
of
capacity
combined
a
have
Del.,
Wilmington,
at
mills located
per day of bleached soda pulp and book papers. The properties were valued
In April, 1914. at $2,400,000.
owner of large
fs. The Henrico Lumber Co. (controlled by same interests)
to hold these
tracts of pine pulp woodlands in the South is under contract wood
reserve,
lands exclusively for The Jessup & Moore Paper Co. as a pulp
The Delayears.
many
very
for
wood
pulp
pine
its
thus assuring company
TransportaSouthern
the
ware Mills receive all their pulp wood by barges of
The
tion Co. which is owned and controlled by the same interests as control
Jessup & Moore.
during.the
Earnings.—Net earning's, before depreciation, have averaged
on
five years ending June 30 1919, more than 10 times the interest charges
these bonds.
(Vice-Pres.),
Directors.—Eugene W. Fry (Pres.), E. A. Welhonmayer
Wm. H. Clark (Sec.), Wm. D. Heebner (Treas.), Geo. W. Robertson,
Frank Buck, Philadelphia.—V. 99, p. 472.
Jones Brothers Tea Co.—Sales.Month of Aug.
8 mos. to Aug.31
—V. 109, p:779, 276.
1917.
1918.
1919.
$1,442,015 $1,227,452 $1,009,866
10,542,330 9.006,790 7,553,816
Kentucky Utilities Co.—Offering of Bonds.—Halsey,
Stuart & Co., Now York, &e., are offering at 95.84 and int.
to yield 7% by advertisement on another page, 83,500,000
First Mortgage Lien 6% gold bonds Series "A." Dated Oct.
•
1 1919. Due Sept. 29 1924.
Interest payable A. & 0. 1 at Illinois Trust & Savings Bank, trustee
for
Chicago or company's agency, New York. without deduction
not in
Federal income taxes now or hereafter deductible by the company,
whole
a
as
Redeemable
and
$100(0).
$500
$1,000,
Denom.
excess of 2%.
more than
up in part upon 30 days' notice at 101 and int, for bonds having
but not
years to run, 1003i and int. for bonds having more than 1 year
or less.
year
1
having
for
bonds
int.
and
100
more than 3 years to run and
* Owned by the Middle West Utilities Co. x Restricted by provisions
of the Trust Deed.
Purpose of Issue.—Proceeds will bo used (a) to pay $2,439,800 Kentucky
$689,600
Utilities Co. First Mtge. 6s, due Oct. 15 1919; (b) to redeem1182),
and
p.
Electric Transmission Co. of Virginia First Mtge. 6s(V. 109,improvement
s
permanent
for
(c) to reimburse the company for expenditures
and additions.
franand
rights
properties,
all
upon
mortgage
first
direct
Security.—A
of these bonds.
chises now owned or hereafter acquired with the proceeds
rights and
Will be further secured by a first lien on the fixed properties,
the pledge of
through
Va.
of
Co.
Transmission
Electric
the
franchises of
directors'
(except
stock
all the first mortgage bonds and all of the capital
shares) now or hereafter outstanding.
rates
such
bearing
series
in
issued
be
may
Bonds
a)
Provisions.—(
Mortgage
time to time as
of interest. &c., as board of directors may determine fromfor
not exceeding
the bonds are issued. (b) Additional bonds may be issued
&c., made or new
75% of the actual cash cost of permanent improvements,Transmission
Co.,
property acquired by the company or by the Electric
, &c. made or
but no bonds may be issued on account of improvements
pledged
be
shall
there
unless
Co.
Virginia
new property acquired by the
cash cost
First Mtge. bonds of that company to the extent of 100% of thethat
comand fair value thereof, and unless all the First Mtge. bonds of
First
Mtge;
company's
the
pany then outstanding are pledged under
net earnings of
(e) no additional bonds may be issued unless the combined
not less
the company and the Electric Transmission Co. shall have been
than 1 h times the annual interest charges on all bonds outstanding,
including those applied for.
1920 and
Maintenance, etc.—Beginning with the calendar year ending
12 % of the
annually thereafter, the company shall expend equal to physical
propthe
of
operation
the
from
derived
income
gross
combined
erties upon which the First Mtge. Lien bonds shall be a direct or indirect
first lien, for maintenance, additions, extensions and improvements made
and
as permanent investment in said properties, or for the redemption
bonds
cancellation of first mortgage lien -bonds. No first mortgage lien
this
may be issued on account of any expenditures made in compliance with
provision of the mortgage.
All the
Franchises.—The franchise situation is eminently satisfactory.
three
franchises are without unusual or burdensome restrictions, and
are perpetual.
Property & Territory.—The principal cities served are Middlesboro,
•
Winchester, Richmond, Somerset, Mt. Sterling, Cynthiana, Shelbyville,
Ky.; Big
Franklin, Morganfield, Central City, Glasgow, and Pineville,
Gap,
Stone Gap, Appalachia and Pennington Gap, Va., and Cumberland
counties, 10 of
Tenn. The electric transmission lines extend through 23
purchasing
which are In the "Blue Grass" region, Ky., a district of large
southeastern
of
region
mining
the
in
also
operate
properties
These
power.
the
through
pass
lines
transmission
Kentucky and western Virginia. The
centre of the coal fields and supply electrical energy for the operationiof
mines.
many
267
The properties include 12 generating plants and 4 reserve stations;
plants, 1 gas
miles of high voltage modern transmission line, 5 water workscontracts
for
long-term
has
favorable
railway.
street
plant and 1 small
had
the purchase of power. On Dec. 31 1918 the combined properties
During
11,664 electric customers, an increase of 182% since Dec. 311913.
very
the same period the connected load had increased 216%. Does a
profitable ice business.
Tenn.
and
Va.
of
Co.
El.
Trans.
the
Co.,
Combined Earnings Ky. Utilities
Public Service Co.
1918.
1919.
Aug. 31 Years—
$922,098
$1,335,432
Gross revenue
301,411
448,862
Net, after maintenance and taxes
210,000
Annual int. on $3,500,000 1st M.Lion 6s,requires_
by the
Manaqement.—The stock of the Kentucky Utilities Co. Is owned
Middle West Utilities Co., Samuel Insull, President.—V. 99, p. 532.
Loew's Theatres Co.—Extra Dividend.—
addition
An extra dividend of M of 1% has been declared on the stock inholders
of
to the regular quarterly dividend of 2% both payable Oct. 1 to since
Jan.
record Sept. 23. An extra of yi% has been paid in each quarter
2653.
1918.—V. 106, p.
Mackay Companies.—Cable for Pacific.—
Co.,
According to Vice-President G. E. Ward of the Commercial Cable
the new
who arrived from England on Sept. 25, arrangements for laying
would
things
said
He
smoothly.
forward
going
are
cable
Pacific
American
move rapidly as soon as the Japanese Government provided for the landing
of the cable in Japan.—V. 109, p. 482, 376.
Maple Leaf Milling Co., Ltd., Toronto.—Proposed Purchase—New Stock—Annual Report.—
(a) an increase of
The shareholders were to vote Sept. 24 on authorizing
the
$1,000,000 In the preferred capital stock; (b) on giving the company
of approxiright to declare and pay dividends in specie; (c) the purchase
etc.
Ltd.,
Company.
Mills
Flour
Campbell
the
of
shares
11,000
mately
The annual report is cited on a preceding page.—V. 109, p. 77.
McCrory Stores Corp.—Sales.Month of August
Eight months to Aug. 31
—V. 109, p. 892, 482.
1919.
$935,304
6.651,872
1918.
$853,349
5,710,003
1917.
$619,735
4,545,023
Michigan Stamping Co.—Offering of Preferred Stock.-Bonbright & Co., New York, are offering at 100 and div.
by advertisement on another page, $2,000,000 7% Cumulative Preferred (a. & d.) stock participating up to 9%. Par
$100. For complete details see last week's "Chronicle,"
p. 1184.
Moline (Ill.) Plow Co.—Purchases War Machinery.—
The War Department announced on Sept. 23 that it has sold 80% of
the machinery required by the company to re-equip its tractor plant, which
on
was completely destroyed by fire on Aug. 24. The relief was extended
request of the company. It Is expected that the plant will resume operation shortly.—V. 108, p. 474.
New York Telephone Co.—Wages.—
Delegates from the telephone exchanges in Now York, Brooklyn, Jersey
City, Hoboken and Staten Island at a meeting hold on Sept. 25 decided
that the committee should request the company to grant an increase of
pay to its employees on a basis of 25%.
An official of the company has said that he did not think that the operators were thinking of a strike in the telephone service, because they wanted
more pay to meet the high cost of living.—V. 109, p. 986.
North & Judd Manufacturing Co.—Stock Increase.—
The stockholders will vote on Oct. 7 to increase the capital stock from
$1,500,000 to $2,000,000. The new stock will be issued at par ($25) to the
stockholders of record on Oct. 7, payable Dec. 1.
SEPT. 27 1919.]
THE CHRONICLE
1279
The Hartford "Courier" says: "This proposed increase of $500,000 is
Premier Motor Corp.—Control Acquired.—
•deemed advisable because of the purchase by the local company of the
L. S. Skelton, Oklahoma capitalist, has acquired control of the company,
Fitch Co. plant at New Haven, which will greatly increase the company's
output and give it tidewater facilities. The North & Judd Co. has estab- for a sum said to be $1,000,000. The plant is valued at about $3,000,000.
lished a sales depot in Australia for foreign distribution of its saddlery The board of directors has named Mr. Skelton General Manager and he will
hardware products. H.C. Noble is Pres. & Treas. of the co.—V.107, p.86. increase production by enlarging the plant.—V. 107, p. 1105.
Osborn (Cotton) Mills.—Dividend.—
A dividend of6% has been declared on the stock payable Oct. 1 to holders
-of record Sept. 26. This compares with 4% paid in July, 2% in April and
-3% in Jan.—V. 106, p. 1235.
Shawmut Steamship Co., Boston.—Reduction in Par
Value—Voting Trust to End—Option to Subscribe at Par for
100% New Stock.—
The shareholders having unanimously voted to reduce the par value of
the shares of stock from UM per share to $25 per share, and to issue four
shares of a par value of $25 per share in exchange for every share of a par
value of $1019 per share now outstanding, the stockholders are requested at
once to send their shares or voting trust certificates, duly endorsed for
transfer, to the State Street Trust Co., 33 State St., Boston. The voting
Interest payable F. & A.; callable at par and mt.; tax-exempt in Cali- trust
will be dissolved and stock of the company issued to certificate holders.
fornia. Trustee, Mercantile Trust Co., San Fran. dompare V.108.p.978.
At the recent meeting it was also voted to increase the authorized capital
from $2,300,000 (now outstanding $1,650,000) to $4,000,000. TherePan American-Petroleum & Transport Co.—Plans stock
after the directors, in accordance with authority granted at the stockholders'
New Financing.—
meeting, voted to issue $1,650,000 new stock and to offer this stock at par
The stockholders will vote on Oct. 22 on re-classifying the unissued to the stockholders of record on Oct. 15 1919. The official circular further
Common stock on a Class 13 basis. The stock will have the same privi- says: "The issue has been underwritten. Subscriptions will be payable in
leges, rights and dividends as the present Common stock, but will have full on Nov. 15 1919, or, at the option of the subscriber, in four equal installmeats in November, February, May and August." Harris Livermore is
no voting power.
The following has been pronounced substantially correct for the "Chroni- President; Lester H. Monks, Marine Securities, 80 Wall St., N. Y., is a
director and acts as financial agent.
cle"
[The company, which now owns five modern steamers of from 7,500 to
At this meeting it is expected that the company will arrange to meet its
financial requirements for the recently formed British-Mexican Petroleum 11,000 tons (three steamers in operation and one building), called in and paid
Co. by disposal of some of the Class 13 stock, of which there will be about off(a)in 1918 all of its $1,200,000 bonds.(b)early in 1919 all of the $800,000
$75,000,000. The object in taking the vote from the Class B shares is to outstanding Pref. stock. The Common stock was placed on a regular
10% (2
quarterly) dividend basis in February 1919, the last payment at
maintain control in the present American hands.
It is believed that the British-Mexican Petroleum Co. which now has a this rate having been made Aug. 15.1—V. 109, p. 1085.
capitalization of £2,000,000, consisting of £1,000,000 ordinary A shares and
Sinclair Consolidated Oil Corp.—Consolidation Ap£1,000,000 ordinary B shares, will increase its capitalization by another
£2,000,000. The company was organized a few months ago for refining proved—Listing—Earnings, &c.—The stockholders of Sinand marketing oil in Great Britain and the entire Eastern Hemisphere. clair Oil &
Refining Corp., Sinclair Gulf Corp. and Sinclair
The company already has contracted to purchase from the Hua.steca Petroleum Co., owned by Pan-American, 1,000,000 tons, or 7.500.000 bar- Consolidated Oil Corp., in separate special meetings held
rels yearly, of Mexican fuel oil, substantial quantities of gasoline. In- Sept. 22, ratified
the agreement for the consolidation of the
creases in that amount are expected as the business of the now organization
• expands. A refinery is to be built near London by the British-American above companies, heretofore Approved by the boards of
somewhere
company
another
and
the
on
European continent.
.
Other expansion, ]planned by the Pan-American company, will require directors Aug. 25 1919.
The new corporation formed by reason of the consolidation takes the
some financing. A largo contract for fuel oil, recently placed by the Mis-souri, Kansas & Texas RR. with the Mexican Petroleum Co., and several name of one of the constituent companies, Sinclair Consolidated 011 Corp.
-other large contracts will necessitate considerable development on the past The stockholders of the three constituent companies consolidated are urged
of the Pan-American subsidiaries successfully to be carried out.—V. 109. to immediately send in their certificates to Central Union Trust Co., N. Y..
for exchange, where certificates of stock in the new corporation will be
,p. 1076, 976.
issued in exchange on the basis of
for share. Exchange may be
Parish & Bingham Corporation.-1919 Business, &c.— made at any time, commencing Sept.share
24 1919.
The Governing Committee on the New York Stock Exchange has authorThe company was organized July 31 1919 under the laws of New York
,to take over the assets and business of an Ohio corporation of the same ized the listing of Sinclair Consolidated Oil Corp. 2,887,982 shares of capital
name (V. 109, p. 376). The company has been in successful operation for stock, without par value, on notice of issuance in exchange for outstanding
25 years and is the largest manufacturer in the world of automobile and shares of Common stock of Sinclair Oil & Refining, Sinclair Gulf Corp.
truck frames, brake drums, running boards, torque arms, step hangers and Sinclair Consolidated Oil Corp., issued and outstanding with authority
.and engine rails. Gross busines.s for the first 8 months of 1919 is reported to add temporary certificates for 2,612,018 shares, without nominal or par
to be $5,300,000, or nearly equal to the entire business of 1918; orders on value, on official notice of issuance and payment in full, making the total
'hand approximate $8,000,000. An initial quarterly dividend of 75 cents. amount authorized to be issued 5,500,000 shares.
at the rate of $3 per year, has been declared payable Oct. 20 to stock of
Statements for Recent Periods Furnished N. Y. Stock Exchange
-record Sept. 30.—V. 109, p. 1184, 893.
—6 mos. to June 30—
(1) Sinclair Oil & Refining Co.—
1919.
1918.
Petroleum Corporation of America.—Pending Merger. Net earnings from operations
$7,408,421 $6,393,100
Miscellaneous
income
A press dispatch from Shreveport, La., Sept. 18 says: "Announcement
121,097
53,643
was made here to-day by J. F. Gallagher, associated with F. J. Quinby,
Total
New York capitalist, of one of the largest transactions on record in North
$7,529,518 $6,446,743
Louisiana oil properties. Tho deal involves the transfer of 82% of the Interest, discount and Federal taxes
al,066,495
1,632,843
holdings of independent operators in the Pine Island district. The pur- Depreciation, depletion, &c
See a
1,764,982
'chase was made for the Petroleum Corporation of America, though
Net income
the immediate purchaser was the Petroleum Properties Co., Burr E. Cle$6,463,022 $3,048,918
(2) Sinclair Gulf Corporation—
ments, President." Compare statement under Okmulgee Producing & Re6mos.toJ'ne30'19. Cal.Yr.'18.
fining Co. on page 1184 of last week's "Chronicle," and also see Globe Net earnings from operations
$2,729,319 $5.600,861
Miscellaneous income
Oil Co. above and in V. 109, p. 1183.
468,413
12,965
Palace Hotel Co. of San Francisco.—Offering of Bonds.
—Girvin & Miller, San Francisco, are offering at 100 and int.
11,800,000 (closed) First M. 6s of 1908, due Aug. 1 1928.
Exchange of Stock.—
See Okmulgee Producing & Refining Co. in last week's "Chronicle,"
page 1184.
Philadelphia Suburban Gas & Electric Co.—Rates.—
The company has filed notice of increased rates for gas with the Pennsylvania P. g. Commission, effective in the Phoenixville district Oct.
Each step in the rates for gas consumed through plain meters will be 15.
increased 4() cents. The prepayment meter rate is changed so as to deliver
140 cu. ft. of has for 25 cents.—V. 108, p. 2438.
Pierce Oil Corporation.—Listing,—
The Governing Committee for the N. Y. Stock Exchange
that temporary certificates for $4,191,700 8% Cumulative recommends
Convertible
Preferred stock be admitted to the list on and after Oct. 2 1919, or
on
notice of issuance in exchange for outstanding Guaranty Trust Co. ofofficial
Y.
Certificates of Deposit for Ten-Year 6% Convertible Debentures, due N.
1924,
with authority to add $808,300 additional of said Preferred stock on official
issuance
in
exchange for such certificates of deposit; also with
notice of
authority to add $10,000,000 additional of said Preferred stock on official
notice of issuance and payment in full and that it is outstanding in the hands
of the public, with statement of property acquired or application of !proceeds
of sale; making the total amount of said Preferred stock applied for $15.000,000; with authority to substitute permanent engraved certificates upon
official notice of issuance in exchange for outstanding temporary certificates:
and also Class B common stock (non-voting) on official notice of issuance on
. conversion of a like amount of said Preferred stock; with authority to add
15,000,000 of said Class 13 Common stock, on official notice of issuance and
payment in full, and that it is outstanding in the hands of the public, with
statement of property acquired or application of proceeds of sale;
making
the total amount authorized to ba listed 8% Cumulative Preferred stock,
$15,000,000; and Class B Common stock, $20,000,000.—V. 109, P. 1185,
1176.
Port Arthur Shipbuilding Co.—Dividend Increased.—
A dividend of $2 per share has been declared on the Common stock,
payable Oct. 1 to holders of record Sept. 15. This increases the annual
rate
from $6 to $8. A dividend of $1 50 has been paid quer. since July 1918.
—Nr. 107, p. 1480.
Port Lobos Petroleum Corp.—Offer for Stock.—
Secretary John Z. Middleton in circular of Sept. 20 1919 says in brief:
"We are transmitting herewith an offer to you by the Atlantic Lobos 011
Co. (see above) to exchange two shares of its Pref. stock (par $50 each) for
each share [of $1001 of our 2d Prof. stock and two shares of its Common
stock of no par value for each share of our Common stock (par $100). The
large holders of both Common and Pref, shares are making the proposed
exchange upon exactly this basis.
"In effect the completion of the arrangement stated in the enclosed offer
means the merger of all the interests of the Port Lobos Petroleum Corporation said of the Atlantic Refining Co. in the light oil fields of Mexico.
"This difference in the par value of the new shares as compared with the
par value of the shares of the Port Lobos Petroleum Corporation was decided upon in light of the existing tax law and regulations, in order that it
might be obvious that in this consolidation the aggregate par value of the
now shares received by the individual stockholder will not exceed the
aggregate par value of the shares exchanged."
Option to Subscribe for $2,500,000 (100%) Second Pref.
Stock Offered to Second Pref. Stockholders.—
The directors on Sept. 15 1919 voted that the additional authorized but
unissuod 2d Prof. stock amounting to $2,500,000 be issued, and that the
prior right to subscribe to the same at par be offered to tho
of the
2d Prof. stock in proportion to their holdings of record at the beginning of
business on Oct. 1 1919 upon the following terms of payment, to wit, 10%
at the time of subscription on or before 3 p. m. Nov. 10 1919, and the balance
In installments when and as called by the board.
[There is also outstanding $12,500,000 Common stock (par $100), but
none of the $2,500,001 1st Prof. stock. N. Y. office, 511 Fifth Avel—
Com pare V. 107, p. 2011.
Total
Interest and Federal taxes
Depreciation, depletion, &c
$2,742,284 $6,059,274
a293,209
1,256,514
2,785,251
Net income
$2,449,075 $2,027,510
a No provision made in 1919 for depreciation, depletion, amortization
and Federal taxes.
(3) Sinclair Consolidated Oil Corp. and Subsidiary Companies—Period from
May 8 1919 to June 30 1919.
Not earnings and misc llaneous income
$1,710,503
Interest paid
29,050
Not income
*1,681,453 * Subject to reduction in respect of depreciation and Federal taxes.
Balance Sheet of (Subsidiary Companies June 30 1919.
Assets—
Liabilities—
Real est., oil & gas leases
*Capital stock
$52,417,800
oil wells, equip., &c__$175,792,026 *Surplus at acquisition
31,852,999
Inv.in & adv.to affil cos
284,102 Earned surplus
12,634,930
Inter-co. account
4,346,174 Deprec. reserve
23,163,256
Specific funds
55,805 Contingent reserve
621,918
Cash
2,534,698 Mtges.,eq. tr. notes, &c_ 7.733,814
Accounts & notes rec....
9,060,200 Due to affil. cos
164,279
Inventories
15,594.966 Inter-co. account
67,549,659
Marketable securities__
129,117 Notes payable
3,914,365
Deferred charges
1,239,571 Accounts payable
6,388,181
Miscellaneous
1,706.130
Total (each side)
$209,036,660 Unadj. accounts
889,329
* Income certificates.
The Sinclair Consolidated Oil Corp. was chartered under the laws of
New York on Sept. 25 with an authorized capital of 5,500.000
shares, no
par value.—V. 109. p. 893, 781.
(A. 0.) Smith Corp.—Notes Sold.—Wm. A. Read & Co.,
New York, &c. has sold at 97% and int., to yield about
6.70%, 13,300,000 Five-Year 6% Sinking Fund gold notes,
dated Oct. 1 1919, due Oct. 111924. (See advertising page.)
The bankers state:
A sinking fund of $250.000 each six months, first payment
31 1922,
will redeem notes by purchase or call. Redeemable in ,wholeJuly
or in part on
any int. date on 30 days' notice; at 103 and int, to and incl. Oct. 11921,
the
redemption price decreasing ji of 1% for each succeeding six months.
Denom. $1,000 (0). Int. payable A. & 0. in New York and Milwaukee.
First Wisconsin Trust Co., Milwaukee, trustee. The company agrees to
pay the Federal normal income tax up to 2%.
The following information is contained in a letter to us from the President
of the company:
Company.—The largest manufacturers in the world of pressed steel automobile and motor truck frames. Also manufactures other pressed steel
shapes, drop forgings, axle housings, &c. Reorganized in 1916 to meet the
demands of its rapidly growing business, which has continued to expand
along most Substantial and profitable lines. While the company's present
production is chiefly automobile parts, its equipment and facilities are
readily adaptable to the manufacture of practically any form of
pressed or
drop forged metal.
Contracts.—Ilas concluded a number of new five-year contracts with large
automobile companies to supply practically all the automobile and motor
truck frames required by them. Those contracts are in addition to large
and valuable contracts now in effect and under which this company is now
producing. Practically the entire output of the company is sold under
contracts on favorable terms. Among the company's large customers are
Buick, Chevrolet, Oakland, Dodge, Mitchell, OldsmobilejScripps-Booth,
Reo. Studebaker and Nash automobiles, and about 60 other companies.
Earrangs.—For the past three fiscal years, ended July 31 1919. average
net income available for interest charges and Federal taxes has
been about
$2.200,000 per annum, equal to over 11 times annual interest on these notes.
"
1280
[VoL. 109.
THE CHRONICLE
.
For the year ended July 31 1919, net income was about $3,000,000, or more
than 15 times annual note interest.
Capitalization.-Capitalization is as follows: $3,300,000 Five-Year 6%
Sinking Fund Gold Notes (present issue), $2,636,800 Pref. 7% stock
(V. 103, p. 1091), 100,000 shares Common stock, no par value.
Balance Sheet as at June 30 1919.
I LiabilitiesAssets$2,636,800
Plant and equipment
$4,151,236 Preferred stock
763,311
Patents
19,180 Common stock (no par)._
3,279,354
,Current liabilities
Current assets, including
28,597
$3,728,491 Lib. bonds__ 7,048,996 Premium capital stock_ _ _ _
Depreciation reserves..___ 2,226,390
2,284,960
$11,219,412 Surplus
Total (each side)
Purpose of Issue.-The proceeds will be utilized in part payment for large
additions to plant and equipment required to provide facilities for handling
the greatly increased business under the new contracts.-V.103, p. 1691.
Southern Counties Gas Co.-
The company has applied to the California Railroad Commission for
authority to issue $631,500 bonds, $227,634 for expenditures already made
and $540,100 for proposed permanent extensions to the company's system.
-V. 109, p. 179.
Southern Power Co.On or about Sept. 10 the company began generating electricity at its
Wateree Station, on Wateree River, seven miles from Camden, S. C.,
developing 100,000 electrical horse-power. This hydro-electric development includes a 28-mile lake formed above the dam, and the hydro-electrical
equipment installed consists of five units, each of 20,000 horse-power.
"Manufacturers" Record of Baltimore.'-V. 109. p. 585.
Spanish River Pulp & Paper Mills, Ltd.-Note Issue.-
United Retail Stores Corp.-Absorption of American
Tobacco Co. Said to be Nearing Completion-Large Stock
Issue Expected.-Although official confirmation is lacking it
has been learned that negotiations are nearing completion
for the absorption of the American Tobacco Co. by the
United Retail Stores.
The New York "Times" of Sept. 20 says in part: "The deal, when it
goes through, will involve at least the amount of the American Tobacco
Co.'s capital, width is about $92,000,000, and it is understood that there
will be a readjustment of this capital. This will result in the issuance of
3,000,000 shares of no par value stock in place of the 8100 par value stock
now outstanding, and it is understood that stockholders in the United
Retail Stores Corp. will be offered the right to subscribe to the new American
Tobacco issue.
"At the same time it is reported that the capitalization of the buying
company will remain unchanged. At present it consists of 1,000,000 shares
of Class A Common stock, 160,000 shares Founders' stock, no par value.
and 100,000 shares of 8% Cumulative Preferred stock, par $100 (V. 109.
P. 585).
"Although no official confirmation of the transaction could be obtained
yesterday from Mr. Whelan, he did say that he expected to make an official
announcement regarding the American Tobacco Co. on Wednesday of next
week.
"James B. Duke is associated with Mr. Whelan in the United Retail
Stores. Mr. Duke was President of the American Tobacco Co. prior to its
dissolution under the anti-trust law and is now dominant in the affairs of
the United Retail Stores Corp.-V. 109, p. 1086, 686.
United States Glass Co.-Earnings.June 30 YearsGrass income
Net income
Int. on funded & floating debt
Dividends
Miscellaneous
The shareholders voted Sept. 18 (1) to approve the plan for funding the
deferred interest on bonds and notes;(2) to authorize the issue of $5,000,000
be offered in the
6% serial mortgage lien notes, of which $3,500,000
near future. The funds so obtained will be used chiefly to liquidate on
Feb. 1 next the talons and promissory notes issued in respect of deferred
Interest on bonds and notes due in 1922, and to pay off on March 1 next
Balance, surplus
the $1.606,000 2d mortgage debentures maturing in 1924.
-V. 107. p. 1189, 910.
T. H. Watson, President of the Canadian Machinery Corp., has succeeded J. G. Gibson as director. Compare V. 109, p. 483, 894, 978.
States
1916-17.
1917-18.
1918-19.
83,881,421 $3,947,674 $3,715,905
388,753
$143,607
$287,124
32,919
25,909
34,582
(1)32,000
(3%)96,000
37,177
61,695
3,057
$105,968
$103,520
$286,657
Smelting, Refining & Mining Co.,
United
Spokane Central Heating Co.-Acquires Steam Heat Pit. Boston.-Quarterly Dividend Increased From 2M% to 3%.-
See Spokane Heat, Light & Power Co. below.
The directors have declared a quarterly dividend of $1.50 (3%) on the
common and 87% cents (14%) on the preferred both payable Oct. 15 to
holders of record Oct. -I. Previous to this a quarterly dividend of $1.25
'
The property was acquired at
receiver's sale and turned over as of May 2 (2%%) was paid on the common.-V. 109. p. 180.
1919, the electrical machinery and business was absorbed by the WashingVacuum Oil Co.-Balance Sheet Dec. 31.ton Water Power Co. and the steam heat plant and business sold to the
Spokane Central Heating Co. (a subsidiary of Washington Water Power
1917.
1918.
117.
1919.
(io.) capitalized at $1,000,000 Common stock.-V. 108, p. 1826.
Assets9
15,000,000
Capital
stock
15,000,000
punt,
Real
est.,
Stromberg Carburetor Co.-Listed.&c., less deprec_12,611,005 12,776,636 Dime foreign VacThe New York Stock Exchange has authorized the listing of 25,000 shares Stocks of foreign
uum 011 cos
9,215,882 8,619,992
of capital stock, no par value, making the total amount authorized to be
Vacuum Oil c ,s_19,482,603 19,2:4,821 Sundry account &
listed 75,000 shares.-V. 109. p. 782.
6,217,853 8,899,450
hills payable
Other investments
32.134
40,890
699,316
15,523 Insurance reserve_ 1,052,907
Gov't securities...
20,029
Sun (Oil) Company, Philadelphia.-Tenders.194,034
18,194,983 Branch office res.. 123,396
Mdse.
&
matertils27.339,595
The Commercial Trust Co. of Phila.. as trustee, will until Oct. 6 receive A cets .receivable .*12,665,490 20,199,325 Income and excess
tenders for the sale of $90,000 10-year 6% s. f. d. gold debenture bonds Cash & securities_ 4,236,488 5,703,189
profits tax res've 230,524 2,617,922
dated May 1 1919 and not exceeding par and int.-V. 108, p. 1028.
43,546.791 40,134,940
SArplus
Spokane (Wash.) Ht. Lt. & Pow. Co.-Sale of Property.
Union Fuel Co. (of Illinois).-Offering of Bonds.-Powell, Garard & Co., Chicago, are offering at 100 and int
$500,000 First Mtge. Serial Sinking Fund 7s. Circular shows:
Dated Sept. 1 1919. Due serially March 1 1921 to 1931. Denom. $500
and $1,000 (c5). Int. payable M. & S. at Central Trust Co. of Illinois,
Chicago, Trustee without deduction for any normal Federal income tax
up to 4%. Callable at 102% and int. Secured by a first mortgage on the
property. Depreciated value of mines and equipment, coal lands and other
property, $1,297.389, or over 23 times the amount of outstanding bonds.
The mortgage provides a Sc. per ton sinking fund payable monthly to the
trustee if applied to the recoverable coal, would amounc. to $1,250,000.
Company was organized March 11 1919 in Illinois. Purchased the "Nilwood" mine,and is now completing the purchase of the "Tuxhorn" Mine at
Keys, Sangamon County, the "Athens' mine at Athens, Menard County,
and the "Auburn" mine at Auburn, Sangamon County, Ill., together with
about 2,000 acres of coal lands adjoining, which will provide a supply of coal,
estimated at over 25,000,000 tons, occupying an area of 4,329 acres.
Authorized. Issued.
Capitalization as of Sept. 11919$1.506,000 *$500,000
First Mortgage Serial 7% Bonds
75u,000
750,000
7% Preferred Stock
750,000
750,000
Common Stock
* Escrow bonds only to be issued in payment for 60% of appraised value
of additional mines, coal lands or equipment.
The proceeds of the $500,000 bonds will be used in part payment for the
"Athens, "Tuxhorn" and "Auburn" Minas and the acquisition of the
2,000 additional acres of coal lands above referred to.
Earninos.-Net earnings available for Federal taxes, &c., amounted to
$340,573 in 1917, and $283,024 in 1918. After paying $98,747 Federal tax
on account of 1917 earnings and setting aside a similar amount on account
of the 1918 earnings, the properties earned net, after all expenses, &c.,
average of $213,071 ann. equal to over 6 times the int. charge and over 3
tittles the max. maturing principal and int. charge on the present bond issue.
Directors.-James W. Jefferson, L. J. Pullman, Springfield, Ill.; William
Mainland, Oskosh, Wis.; Andrew Stevenson, B. H. Atwood, Bennett Griffin, George F. Goodnow, Chicago, Ill.
United Cigar Stores, Ltd.-Earnings.June 30 YearsGross sales
Operations for year
-V. 107, p. 1389.
1916-17.
1917-18.
1918-19.
$1,958,845 $1,556,493 $1,309,451
def.$642 sur.$49,285 stm$48,749
United Retail Candy Stores, Inc.-Status-Outlook.-A
statement confirmed for the "Chronicle" shows:
Purchases, &c.-Proceeding with its development plans, the company
has acquired the business of Fuerst & Kraemer, manufacturers and retailers
of high-grade candy at New Orleans. This concern will do a business of
$1,250,000 this year and sales are now runinng at the rate of $2,000,000 a
year. It has five stores in operation in New Orleans and others have been
or are about to be established in Alabama and Tennessee and others also
are proposed for Texas. The concerns products likewise have a large sale
at Atlantic City and other resorts.
United Retail Candy has purchased a factory in New York City which
will turn out products bearing the Fuerst & Kraemer trade-mark. This
plant has a capacity of 10,000,000 lbs. a year and in the current year will
produce 8,000,000.
Management.-Edward Wise, President of the United Cigar Stores Co.
of America, who has been largely responsible for the growth of the tobacco
store chain, is President of United Retail Candy and is giving practically
his entire time to the new undertaking. Associated with him as VicePresidents are H. S. Collins, Vice-President of the United Cigar Stores Co.,
and Irving Fuerst of the candy firm. Practically the same general policies
tried and found successful in the United Cigar Stores organization will be
applied to United Retail Candy.
Sales.-Since it was taken over, Fuerst & Kraemer have experienced a
large increase in sales. This is attributable chiefly to the fact that their
goods have been introduced into the United Cigar Stores Co.'s establishment. Through the cigar store chain it is planned to popularize in various
parts of the country the firm's products without any increase in the overhead.
Negotiations for Further Stores.-The purchase of another candy concern,
It is expected, will be closed within a few days. The company now has a
bank balance of approximately $6,500,000 and will seek other companies.
While the management is seeking to obtain a company much larger than
that obtained and the one under consideration, sonic delay has been occasioned by its refusal to acquire properties until after a careful investigation
of intrinsic value and earning power and then only at a fair price. A dollar
of value for every dollar invested is demanded.
Within a few months the company will have five stores in operation
inithis city.-V. 109, p. 686, 484.
Total ______ _ _ _75,397,344 76,105,658
Total
75,387,344 76,165,658
* Includes in 1918 $4,689,530 due from foreign Vacuum Oil companies,
against 811,974,389 in 1917.-V. 109, p. 586.
Vanadium Corp. of America, N. Y.-Officers, &c.J. Leonard Replogle has been elected President, Morrill G. Baker, VicePresident, Lawrence K. Diffenderfer, Treasurer, and Edward F. Nickerson,
Secretary. The directors are Charles M. Schwab, Mr. Replogle, E. R.
Tinker, Allan A. Ryan, Ledyard Cogswell, T. Coleman du Pont, Harry
Payne Whitney and Joseph De Wyckoff. The company's headquarters will
hereafter be in New York, and four more directors will probably be elected
In the near future.
Vice-President Baker is expecting to start shortly for the company's
mines in Peru, where ho will supervise the installation of new machinery
which is expected to increase the annual output of ore.-V.109, p. 1086,895.
Virginian Power Co.-Rate Increase.The company has secured an annulment of the order granting a 20%
increase in rates from Jan. 1 1918 to Dec. 311919, and has been granted a
40% increase, effective Oct. 1 1919, without time limit.-V.108, p. 1717.
(V.) Vivaudou, Inc.-Application to List.Application has been made to the Now York Stock Exchange to list
300,000 shares capital stock, temporary certificates, without nominal or par
value.-V. 109, p. 1186.
Washington (D. C.) Gas Light Co.-95-Cent Gas Rate.
The Washington (D. C.) P. U. Commission on Sept. 20 issued an order
extending for a period of six months the present rate of 95 cents for 1,000
cu. ft. for gas. The company requested that the 95-cent rate be continued
indefinitely. The Commission, however, stipulated in its order that at the
end of six months the rate shall be restored to 90 cents unless conditions
existing next spring shall justify continuance of the higher rate.-V. 107. p.
2384.
Weber & Heilbroner.-Application to List.Application has been made to the Now York Stock Exchange to list
temporary certificates for 125,000 shares without nominal or par value.V. 108., p. 2131.
Western Power Corp.-Preferred Dividends of 1M7o.-
A dividend of 13,6% has been declared on the Preferred stock, which
places the stock on a 6% per annum basis. The Preferred has been paying
dividends at the rate of 4% annually, with 2% a year being added to
accrued dividends. There are now 124% back dividends due on the stock.
-V. 108, p. 2131.
Westinghouse Electric & Mfg. Co.-Dividends.A quarterly dividend of 2% has been declared on the common amid preferred stock, both payable Oct. 15 to holders of record Oct. 3. In July last
the dividend was increased from 1N % to 2% on the common and preferred
stocks.-V. 108, p. 2440.
Willys Corporation.-Directors.The directorate it is stated will include John N. Willys,Edward F. Swift,
F. S. Wheeler, J. R. Harbick, Chas. Stollberg and J. V. Hall. J. N.
Willys was elected President and J. R. Harbeck Vice-Pros. of the new
company.-V. 109, p. 1186.
Wire Wheel Corporation.-1% Paid on Accum. Divs.
A dividend of 1% has been declared on account of accrued dividends.
The accumulated dividends will amount to 16% on Oct. 1 and the directors
have announced the policy of paying a dividend of 1% each month until
they have been paid off.-V. 106. p. 304.
Worthington Pump & Machinery Corp.-Acquisition.
The company has purchased the plant, patterns, accounts, parents and
other assets of the Epping-Carpenter Pump Co., Pittsburgh. The plant
will be operated as the Epping-Carpenter Works.-V. 109, p. 1086.
Youngstown (0.) Sheet & Tube Co.-New Construc'n.
The following has been pronounced correct for the "Chronicle": "The
company has authorized construction of a new lapweld 'pipe mill that will
add 50,000 to 60,000 tons a year to its tube capacity. The mill will make
4-inch to 10-inch pipe and will be in operation by April 11920. With this
addition the company will have a pipe making capacity of about 550,000
tons a year. With other construction authorized extensions of the company's plants in the next six months will represent expenditure of $1,800.000.-V. 108. D. 1299.
SEPT. 27 1919.]
THE CHRONICLE
1281
Pines and gormands.
PRODUCERS AND REFINERS CORPORATION
SECOND ANNUAL REPORT—FOR THE FISCAL YEAR ENDED MAY 311919.
Denver, August 25 1919.
To the Stockholders of Producers & Refiners Corporation:
The past year has been an eventful and satisfactory one
for your company. Your management has carried on a
campaign of consistent development work on its properties
and has made additional acquisitions which have placed
the company in a strong position and seem to assure it
steady expansion of operations and earnings.
The most important development in the company's affairs
has been its acquisition, near the close of the fiscal year, of the
stook of the Kistler Refining Company, which gives the Company control of a modern refinery at West Tulsa, Okla., with
a daily capacity of 6,000 barrels. The company has also
been active in extending its field operations, with the object
of assuring itself an adequate supply of its own crude oil to
meet the expansion of its refining and marketing requirements. Among its most important activities in this direction
has been the acquisition of acreage in the North Texas fields,
where it has already obtained considerable production, and
the development of its acreage in Oklahoma, especially in
the Beggs and Youngstown fields. The company has also
acquired a valuable property in the Homer field in Louisiana
and has continued the development of its Wyoming properties with very promising results at this time.
To provide an outlet for its own production and to supply
its refinery requirements, the company has built a pipe line
from the Youngstown field of Oklahoma,serving the Youngstown and Beggs fields, and running through the Mounds
and Bixby fields. It is now constructing an additional line
from Beggs to the West Tulsa refinery, a distance of 40
miles, and is also building a pipe line from the Burkburnett
field to Lawton, Okla., a distance of 50 miles, from which
point its crude oil will be shipped by tank cars to the West
Tulsa plant and other refining companies. These pipe
lines will supply the company with a large supply of highgrade crude oil.
The company now has in operation two modern refineries
located at Blackwell and West Tulsa, Okla., with a daily
capacity of 3,000 barrels and 6,000 barrels, respectively.
The Blackwell refinery is a well-balanced plant and is in
excellent condition. The West Tulsa refinery is of the most
modern and efficient construction, and in addition to the
crude and steam mills, comprises twenty pressure Stills.
The company has built up a regular line of customers for its
refined products and is constantly improving its marketing
operations.
With the completion of the pipe lines now being built,
the company will own and operate approximately 230 miles
of oil and gas pipe lines, and should derive substantial
revenue from the transportation of oil through its new lines
in excess of the oil required for its own use. The company
has a steel storage capacity of over 800,000 barrels and it
owns and operates 400 steel tank cars in addition to the cars
which it has under lease. A part of the company's leaseholdings consist of unproven acreage, and our lease-hold
interests in these prospective fields are constantly changing;
therefore, we have disposed of certain leases during the year
and have acquired additional properties; but the net result
has been a substantial addition to our lease-holdings which
now cover 203,480.6 acres in Oklahoma, Texas, Louisiana,
Wyoming, Kansas and New Mexico. During the year we
have developed substantial increase in our production of
crude oil and have proven up a large additional acreage.
At this time we have a production of approximately 3,500
barrels of oil and upwards of 100,000,000 cubic feet of natural
gas per day. In addition to this we have approximately
2,500 barrels daily oil production shut in, which will be
marketed as soon as pi.pe line connections can be made to the
wells. Our production should be further increased by
approximately 3,000 barrels per day by completing wells
which are now on top of the sand, and drilling operations
now in progress should result in a further substantial increase
in our crude oil output.
In Oklahoma the company, during the last fiscal year,
brought in eighteen producing wells, several of which came
in with an initial or flush production of from 1,000 to 2,000
barrels per day. Since the close of the year several additional large wells have been brought in. The company keeps
a dozen drilling rigs continually at work on its properties
and the prospects for opening up additional large producing
wells are exceedingly favorable. In the Youngstown district
of Oklahoma seven producing oil wells and one gas well have
been completed and the property fully equipped with pumping, power and treating plant and other equipment. In
this lease we own a 50% working interest which is estimated
by competent oil experts, who are familiar with the property,
to be worth upwards of $1,000,000. Developments in the
Boggs district of Oklahoma have recently been attracting
widespread attention. In this field the company owns and
is drilling oil and gas leases covering 2,000 acres, all of which
seems to be proven for oil and gas and to have a value of
$5,000,000. In this field our daily production now approximates 3,000 barrels, and with the drilling campaign now
being carried on it should be materially increased.
In the northern and central portion of Texas the company
holds leases covering approximately 50,000 acres scattered
through various producing fields, and in some of the most
attractive new territory now being actively prospected. On
June 26 the company brought in a 2,500-barrel well on a
portion of this land, this tract being situated in the Northwest extension of the Burkburnett field. This Burkburnett
property has proven to be very valuable and three additional
wells have been started for the further development thereof,
and you may look forward to a large increase in our daily
production in this field within a short time. Arrangements
have been made to sell a part of this production to the
Magnolia Pipe Line Company, until it can be delivered
through our own line to Lawton, Okla. With the present
congestion in the Burkburnett field our pipe line from this
district will prove exceptionally valuable to the company and
will enable it to drill up its property, with the assurance of
transportation facilities for its production.
In the north central part of Louisiana the company holds
leases covering 2,000 acres in the recently opened Homer
field, Claiborne Parish. The Discovery well in this field
came in at 1,501 feet, producing at the rate of 3,000 barrels
of high gravity oil per day. Several other wells have been
brought in,in this field in the vicinity of the company's leases,
and it contemplates drilling on its own account at an early
date. Drilling in this field is comparatively easy and inexpensive, due to the shallow sand and the condition of
the formation.
An active development campaign has been continued on
the company's Wyoming properties. Its principal holdings
in this State are centred in the Sand Draw field near Riverton; the Ferris and Lost Soldier fields, near Rawlins; the
Rock Creek field near Rock River Station on the Union
Pacific Railroad and southwest from Laramie; the Lance
Creek field near Lusk; the Sodergreen Anticline, near the
Rock River field; Ilo Ridge Anticline near Thermopolis;
and locations have been made and material moved in for the
development of several other structures.
The company is devoting special attention to the development of the Sand Draw field, where it controls 11,000 acres.
The development of a substantial oil production in this
field would be of vital importance to your company. Thus
far the company has brought in four large gas wells in this
field gauging from 5,000,000 to 20,000,000 cubic feet each,
per day. The company's production from these wells is
heavily saturated with high gravity oil and a small absorption plant for the recovery of gasoline from this gas has
been installed and is being successfully operated. Up to
date, only the first sand has been tested in the Sand Draw
field, but drilling for the second sand is now under way.
In the Ferris field the company has drilled in, during
the fiscal year, a well at a depth of 1,542 feet, which came
in with an estimated flow of 500 barrels a day. Immediately
after the sand was punctured, the well caved in and production was materially curtailed. Well No. 2 on the same
property was recently completed, at a depth of 1,332 feet,
and came in flowing 25 barrels per hour. Also two large gas
wells have been completed, the production from which is
being used and sold for fuel, which greatly facilitates drilling
operations throughout the field. A third well has been
drilled to a gas sand in an adjoining section of the same
field, but the gas was cased off and drilling carried on, and
the oil sand should be encountered therein in the very near
future. Six other wells are now being drilled in this field,
and, in my opinion, it will become a large producer of high
gravity oil during the year.
Satisfactory arrangements have been made with the Midwest Refining Company to purchase this production and
construct a pipe line to the field and erect steel storage tanks
to take care of the oil as produced.
In the Rock River field the company is drilling two wells
on what is considered proven acreage.
Practically all of the new acquisitions and extensions
previously referred to were made, cre were in process of
completion, near the close of the company's fiscal year and
the results from same were not reflected in the company's
earnings for the year. You will note from the accompanying
balance sheet that the outstanding common stock has been
increased by 492,752 shares at the close of the year. This
increase has been effected by the exchange of shares for new
properties and by the sale of stock to provide for payments
on new acquisitions. These additions to your company's
assets have added greatly to its earning capacity. Since the
beginning of the new fiscal year I am pleased to inform you
1282
THE
(Vox,. 109.
CHRONICLE
that the company's net earnings have increased until they
are now running at the rate of $200,000 00 monthly, which
is about four times the amount of earnings for the last month
of the fiscal year just closed. These earnings are being
realized with only partial operation of the new properties
and when extensions now under way are completed and in
operation, I can conservatively estimate that the company's
net earnings will exceed $300,000 00 monthly. With the
opening up of wells which can be brought in at any time,
the company's earnings should show a further expansion.
There have been times, since the company was organized,
when its progress has been retarded by lack of sufficient working capital, but the company is now in a very strong position
in this respect. The balance sheet shows that as of May 31
1919 the company's current assets amounted to $2,319,097 58, against current liabilities of $956,062 14; the current
assets being almost three times the current liabilities.
The importance of the development of and additions to,
your properties during the last year cannot be overestimated.
The company is now a well-balanced organization, embracing all branches of the petroleum industry, and appears tobe on the verge of a very large expansion.
Respectfully submitted,
F. E. KISTLER, President.
TREASURER'S REPORT.
Denver, Colorado, August 25 1919.
To the President and the Board of Directors of Produoers dc
Refiners Corporation.
Dear Sirs:-Your Treasurer submits herewith statements
of account and report of the financial operations of the Company for the fiscal year ended May 31 1919.
Respectfully,
WILLIAM A. OTIS, Treasurer.
CONDENSED BALANCE SHEET MAY 31 1919.
LIABILITIES.
ASSETS.
Capital,
$10,975,097 81
Leaseholds
2,250,754 88
Plant Account
29,390 20
Furniture and Fixtures
595,435 96
Tank Car Leases, Crude Oil Contracts, etc
$19,850,678 85
Total Capital Assets
Investments$4,475,475 00
Stocks and Bonds of Other Companies
U. S. Government Bonds and War Savings
32,882 92
Stamps
4,508,357 92
Total Investments
Deferred$6,458 56
Unexpired Insurance
860 72
Refinery Supplies
1,633 76
Office Supplies
154 00
Advances on Contracts
83,191 80
Funds in Escrow
1,20000
Prepaid Rentals
93,49884
Total Deferred Assets
Current$1,011,970 18
Cash in Banks, on Hand and in Transit
647.441 87
Notes Receivable and Acceptance Drafts.. _ _ _
533,126 66
Accounts Receivable
92,707 51
Inventories of Crude Oil and Refined Products
Warehouse Inventories of Casing and Equip23,267 47
ment
10,583 89
Interest Accrued
$17,000,000 00
3.000,000 00
Less: Treasury Stock
$20,000,000 00
2,072,480 00
Surplus
$17,927,520 00
7,412,708 10
Total Capital Liabilities
ReservesFor State and Federal Taxes
For Depreciation
For Depletion
For Party Interest Equipment Sold
For Doubtful Accounts
For Losses on Equipment on Abandoned
Leases
Total Reserves
CurrentNotes Payable
Accounts Payable
Interest Accrued
Total Current Liabilities
$25,340.223 10.
$13,740 85
398,365 56
60,000 00
437 50
2,000 00
799 04
475,342 95.
$361,833 31
591,544 413
2,68437
956,062 14
2,319,097 58
Total Current Assets
Total Assets
CapitalCapital Stock-Common
Capital Stock-Preferred
$26,771,633 19
Total Liabilities
$26,771,633 10
AddSTATEMENT OF EARNINGS AND EXPENSES FOR YEAR ENDING
Net Current Year's Earnings as per Earnings
MAY 31 1919.
$453,395 23
and Expense Statement
Gross
LessEarnings.
178,827 61
$679,922 34 Dividends Paid
&finery Opetations
274,567 62
474.678 52
Field Operations and Other Income
60
27,305
Jobbing Operations
$7,412,708 10
Surplus Account May 31 1919
31,181,906 46
The company has no funded indebtedness.
DeductOperating Expense, including Maintenance and
$284,389 22
Depreciation
Thomas H. Lawrence,
Page Lawrence,
Marketing, General Overhead and Non-operatCertified Public Accountant,
Certified Public Accountant,
253,645 41
ing Expense
Colorado.
Associates:
Colorado.
97
21,400
Federal
Taxes, Local and
Augustus Nickerson, Inc. Loomis,Sufferp & Fernald,C. M. Williams & Co.
169,075 63
Depreciation and Depletion
Henry Bldg., Seattle.
149 Broadway, N. Y.
728,511 23 60 Congress St., Boston.
LAWRENCE & LAWRENCE,
$453,395 23
Accountants and Industrial Engineers,
Total Net Income Transferred to Surplus Account
Foster Building,
Denver, Colorado, U. S. A.
STATEMENT OF SURPLUS ACCOUNT MAY 31 1919.
By Balance of Surplus Account May 31 1918
$7,073,247 03
Surplus Increase, being Premium on Treasury
Stock with which Kistler Refining Stuck was
$1,907,980 00
Purchased
12 21
Petty Cash Adjustment
$1,907,992 21
Less$13,956 27
Income Tax for 1917-18
Leaseholds and Capitalized Ex386,642 49
penses Abandoned or Sold
1,442,500 00
Sales of Treasury Stock
1,843,098 76
Adjustment Surplus Account
64,893 45
37,138,140 48
CURRENT NOTICES
-In our advertising columns to-day the week's offerings advertised for
investment are as follows: Bonbright & Co., Inc.,"$2,000,000 Michigan
Stamping Co. 7% cumulative preferred stock participating up to 9%,
price per share 3100 and accrued dividends"; Bloch. Maloney & Co., a
new issue of "American Safety Razor Corporation common:" asyndicato
composed of Coffin & Burr, Inc.. Harris, Forbes & Co., Spencer Trask &
Co., First & Old Detroit National Bank and Security Trust Co., "$4,989,000 Detroit Edison Co. 5% first and refunding mortgage bonds due July 1
1940"; Wm. A. Read & Co., "$3,300,000 A. 0. Smith Corporation 5-year
6% sinking fund notes at 97X and int., netting about 6.70%"; Halsey.
Stuart & Co.. "$3,500,000 Kentucky Utilities Co. first mortgage lien 6%
bonds, Series A,at 95.84and interest, yielding 7%,"and Spencer Trask &0o.
jointly with E. H. Rollins & Sons, "$3,500,000 Clinton-Wright Wire Co.
8% convertible preferred stock, price 99 and accrued dividend, to yield
over 8%." For full particulars of these offerings, see the advertisements.
-Entering on its sixth year the Wall Street Division of Now York University announces a comprehensive program of thirty-one courses devoted
to financial, commercial and general business affairs. In addition to a
group of courses dealing with building and financial subjects, the University, with the aid of the export,shipping and allied interests, has establishel
a number of courses, including Foreign Trade, Ocean Transportation,
Marine Insurance, Far Eastern and South American trade problems and
opportunities, commercial Spanish and conversational Chinese, which last
is a new undertaking in New York. The lecturers in charge of these courses
are fitted by training in universities and in special fields of business to assure
a good standard of instruction. To students who satisfy the university
equirements full credit will be given for these courses. Information
concerning classes, hours of meeting and fees may be obtained at the office
of the Director. Room 519. 25 Broad St.
August 15 1919.
Producers & Refiners Corporation, Denver, Colorado.
Gentlemen:-Wo have made an audit or the books and
records of your Company for the fiscal year ending May 31
1919, and have compiled the foregoing Condensed Balance
Sheet, Condensed Statement of Operations and Income, and
Statement of Surplus, which in our opinion exhibit the financial position of your Company at the close of the fiscal year.
Very truly yours,
LAWRENCE & LAWRENCE,
By T. H. LAWRENCE,
Certified Public Accountant, Colorado,
-The Guaranty Trust Company of Now York has been appointed
Transfer Agent of the Capital Stock of the Union 011 Company, and the
Mechanics and Motels National Bank has boon appointed Registrar, and
has also been appointed Registrar of tho preferred and common stock of
the Piggly Wiggly Corp.
-The Guaranty Trust Company of Now York has been appointed
Transfer Agent of the Capital Stock of tho Northern Texas 011 Co., Inc.
consisting of 250,000 shares, par value $5. Also of the capital stock of
Vanadium Corp. of America and the Chase National Bank has boon ap
pointed Registrar.
-Directors of Cities Service Co. at their mooting on Sept. 17 authorized
holders of Series B 7% Convertible Gold Debentures to convert 10% of the
principal amount of their holdings on Sept. 1 on and after Oct. 1. This Ls
the ninth such privilege of partial conversion of those debentures granted
holders.
-W. C. Langley & Co. have further enlarged their income tax service.
department, which was inaugurated in 1913 by Martin S. Watts, by retaining in a consultant capacity Max Ro!Mk, formerly U. S. Deputy Collector of Revenue.
-Ames, Emerich & Co., investment bankers, of 105 South La Salle St.,
Chicago, announce the appointment of Ambrose W. Benkert as Manager
of their New York office, which will be opened for business in the near
future.
-California Packing Corporation Preferred stock is the subject of a threepage circular put out by Sutro Bros. & Co., members New York Stock
Exchange, 120 Broadway, N. Y., and 57 St. Francois Xavier, St., Montreal.
-A shipment of 51,000 lbs. of powdered aluminum arrived this week
from abroad, being the first of what is expected to be a series of such ship/wilts. Sutro Bros. & Co. acted as bankers in the transaction.
THE CHRONICLE
SEPT. 27 1919.]
lit Qjioiit
ercial
•••••
COMMERCIAL EPITOME
Friday Night, Sept. 26 1919.
Of course the big steel strike has affected trade, especially
in the centres more directly concerned. Yet even in Chicago there is a good retail trade. Mail order buying is large.
And in some sections the jobbing and wholesale trade during
September is believed to have been as large as ever before
if not larger. In the great section west of the Mississippi
river business is brisk, from Canada to the Gulf. Cooler
weather has helped. In many other parts of the country
jobbing and retail business has also been on a liberal scale.
Of course business in iron and steel has been largely checked.
But the feeling in these trades is hopeful. It is not believed
that the strike is going to succeed. Certainly, thousands
of steel workers have returned to work. An effort to compromise with the U. S. Steel Corporation by resorting to
arbitration has been rejected by the head of that company.
It is felt by many that this is a test case, and that big steel
interests cannot afford to yield. That is the view taken by
Chairman E. H. Gary and it is endorsed by many large
employers in different parts of the country. The idea is
that employers should be allowed to run their own concerns
in their own way with due regard to the rights of their employees without interference from outsiders.
It is significant of the times that luxuries are still in notable
demand. There is a large business too in wearing apparel.
The textile industries are looking up. Cotton goods have
been in better demand and firmer. Raw wool prices are
irregular; fine grades are firm but medium grades show something of a tendency to decline. The textile mills are well
employed in this country. Raw cotton has advanced $12 50
a bale within a week with a very sharp demand for the actual
cotton all over the South from Texas to the Atlantic Seaboard both for home and foreign account. The crop, it is
regrettable to learn, will be small, possibly smaller than that
of last year. But existing supplies are large both in this
country and in England, and possibly a larger market is
open for American cotton in Europe owing partly to the fact
that England recently lifted the embargo on exports of American cotton from British ports. Besides foreign exchange
during the past week has made a noteworthy rise. This
has had a cheering effect everywhere. And imports of
goods from Europe show a tendency to increase partly
stimulated perhaps by the big premiums on European exchange on New York. They enable the European exporter
to America to use his dollar credits at New York to great
advantage, in buying pounds sterling, francs, lire &c. at
the abnormal discounts. In other words he makes a profit
on his goods and also a big one on exchange. This should
in the end have some influence in gradually bringing about
a restoration of the equilibrium in the international exchanges, although of course the process will take time.
Farmers are still getting big prices for wheat and higher
prices for corn than they did recently. It is regretted, of
course, that a scarcity of cars is delaying the movement of
grain, lumber and coal. Exports of wheat are still on a very
liberal scale. Merchants are gratified by the action of the
stook market in the face of the steel strike. Collections are
fair to good. On the other hand, it is useless to disguise the
fact that there is still a good deal of labor unrest in this
country and in some parts it has a detrimental effect on
trade. Prices of everything are still high. The high cost
of living presses severely on most sections of society. Its
reduction is very gradual. Rents are still rising. It is also
noted that business failures have increased somewhat, although it is true that they are considerably smaller than in
recent years, especially in such years as 1915, 1916 and 1917.
On the whole, however, the business outlook is not unfavorable and wholesale food prices are the lowest since last
April. Attacked by indigestion, President Wilson will
abandon his Western tour and return to Washington at once.
Charles M.Schwab hit the nail on the head when he told the
American Institute of Mining and Metallurgical Engineers,
that theoretical questions on the high cost of living will disappear "when we get back to the practice of giving an honest
day's work for an honest day's pay." It is of interest to
note that leading engineers and oil experts conferred on the
24th inst. on the plan to substitute oil for coal in heating the
city this winter. The time must come when men will have
to use something besides coal. The oil age is beginning to
overlap the coal age. With the growth of the oil industry
there is a tendency to increase the use of oil as fuel. But
in the case of big steamships the changes in construction
necessary will be expensive. For example, the United States
Shipping Board, in figuring on the cost of converting the
Leviathan from coal to oil burning, gets a tentative estimate
of $3,500,000.
Efforts to reduce the cost of food continue here. Government sales of eggs, in "rolling stores" or wagons are at 8
cents per dozen under store pes. Government sales of
meats and poultry will continue. It has opened a retail
store for the sale of dry goods and similar articles at 22 West
19th Street, in this city. The city still has orders for about
200 carloads of foodstuffs, valued at $1,500,000. The city
already has sold as much since it began distributing Government supplies through the school houses. There are yet to
arrive about 5,000,000 cans of peas, corn, tomatoes, fruits
1283
and other foods and sales will continue for at least two weeks
longer. According to the Textile Color Card Association of
the United States there are now 78 new and staple shades,
all "made in America," compared with only 44 colors last
year. Baron Kondo, President of Nippon Yusen Kaisha,
the largest in the Far East, stated in New York that
Japan is ready to compete with Great Britain and the
United States for commercial supremacy of the seas.
LARD quiet; prime western $25 40@$25 00; refined to the
Continent, $29 50; South American, $29 75; Brazil, in kegs,
$30 75. Futures advanced for a while despite occasional declines in hogs, for there was a good demand from shorts.
Also,export business was expected. Foreign exchange was
higher. Stocks are large and good receipts of hogs are likely
to be heavy it is believed in the near future, but with corn
and even hogs at times rising lard responded. Offerings were
smaller. But later came a sharp break with corn and hogs.
Today prices advanced again and end higher for the week.
DAILY CLOSING PRICES
Sat.
September de1ivery_cts.23.86
October delivery
23.85
January delivery
21.15
OE LARD FUTURES
Mort.
Tues.
Wed
24.45 24.81) 25.55
24.50 24.80 25.65
21.90
22.30 22.80
IN CHICAGO.
Thurs.
Fri.
24.90 25.871
24.90 25.76,
22.20 22.57'
PORK quiet; mess $49@$50; family $53@$54; short clear
$52@$59. October pork closed at $35 35, a rise for the
week. Beef lower; mess $25@$26; packet $26@$28; extra
India mess $50©$51; No. 1 canned roast beef $3 50; No. 2
$7 25. Cut meats declined; pickled hams, 10 to 20 lbs.,
263/i sg26%.3.• pickled bellies 31@32c. Butter, creamery
extras, 61 Mi562c.; other grades 48@,60 . Cheese, flats,
20(4)31c. Eggs, fresh gathered extras, 59@60c.; first to
extra firsts 52@58c.
COFFEE on the spot has been dull; No. 7 Rio 153
4c.;
No.4 Santos 25%c.;fair to good Cucuta 253%@26c. Futures
have latterly advanced owing to a rise at Santos. But the
tone has been unsettled. Early in the week Santos prices
weakened. A gain here on the 22d was lost the next day.
But Santos has latterly become stronger. Shorts have coyored. Also European and domestic trade buying have
counted. To-day prices fell, but they end higher for the week.
Sept _ _cts _ 15.40@i5.40 Jan _ _ cts _ 14.90014.91 May _ cts _ 14.83@14.8&
October ___15.25 15.30 March _ _ - _14.88014.90 July
14.80014.82
December -14.90 14.91
SUGAR.-Raw remains at 7.28c. for centrifugal 96 degrees test Cuba and Porto Rico. Granulated 9c. Raw
prices are firm. There is a big demand. Exports to the
United States are large. But apparently it is all wanted.
Within a year the consumption in this country has much
increased, i. o., for seven months an excess over the same
time last year of 327,000 tons. The total export last week
from Cuba were 96,762 tons, against 79,446 in the previous
week and 62,857 last year; receipts at all Cuban ports, 25,911
tons, against 32,692 in the previous week and 14,521 tons in
the same week last year; stock, 639,852 tons, against 710,703
a week previous and 414,312 last year. Refiners as a rule
still avoid new business. One refinery has made allotments
of soft sugars in urgent cases.
OILS.-Linseed quiet but steady at $2 12 for September
in car lots, $1 86 for October-December, and $1 84 for
January-September; one crusher reported willing to book for
November-December as well as deliveries for next year at
$1 84. Lard, winter, $1 75; cocoanut oil, Ceylon, barrels,
steady at 17%@18c. Olive unchanged at $2 50; corn oil,
refined, steady at 26@27c. Cod, domestic, $1 10@$1 15;
Newfoundland, $1 15@$1 20. Spirits of turpentine, $1 69.
Common to good strained rosin, $16 90.
PETROLEUM continues in good demand and steady
refined in bbls., 19.25@20.25c.• bulk, New York 11.50@
12.50c.• cases, New York, 2,3.25 @24.25c. Gasoline in
good demand and steady;- motor gasoline in steel bbls.
gas machine 413'c. The Oil City
243/2c.; consumer 26
Derrick says that last week's completions included a fair
average of good producers and interesting showings in the
wildcat wells. The most promising of the pools outside of
northwest Texas were the Beggs in Okla. and the Claiborne
in north La. The production at Beggs has increased rapidly
since the new work of a few months ago began. The Beggs
district of Okla. is now credited with a potential output
of about 30,000 bbls. daily. The estimated production of
the fields of the Mid-Continent at the close of the past week
was as follows: North La. 47,510 bbls.; North Texas
243,640 bbls.; Corsicana light and Thrall, 900 bbls.; Kansas
84,500 bbls.; Okla. outside of Cushing, Shamrock and
Healdton, 150,500 bbls.; Cushing and Shamrock 36,500
bbls.; Healdton, 36,000 bbls.; total 599,200 bbls. The estimated daily production of heavy gravity oil in the Gulf
Coast field was 80,585 bbls.; Corsicana heavy, 500 bbls.
The August output of oil in California amounted to 8,786,695 bbls., compared with 8,689,603 bbls. in July, an increase of 97,092 bbls. Total stocks August 31 1919 were
33,705,383 bbls. against 38,850,819 bbls. in the preceding
month, a decrease of 145,436 bbls.
$4 25 Indiana
Pennsylvania;
82 38
Corning
2 95 Princeton
2 52
Cabell
2 87 Illinois, above 30
degrees
2 52
Somerset, 32 deg.
2 43
2 70 Plymouth
and above
1 25 Kansas&Oklahoma 2 25
Ragland
285 Corsicana,light___ 235
Wooster
2 48 Corsicana, heavy- 105
North Lima
248 Electra
2 25
South Lima
Strawn
$2 25
Thrall
2 25
Healdton
I 20
Moran
2 25
Henrietta
2 25
Canada
2 88
Caddo, La., light_ 225
Caddo, heavy- 0 75
De Soto
2 15
RUBBER after declining turned firm. Far eastern
advices have been bullish. They are not disposed to sell
freely in the Orient at present rates of exchange. But on
[Vol- 109.
THE CHRONICLE
1284
the other hand trade here has been slow with quotations
49c. for ribbed smoked sheets on the spot and. nearby,
493/20. for October-December arrival, 50c. for January-June
and 503/2c. for July-December, Para-up river 54%@55c.,
up river coarse, 33@333'c. Central Guayule wet, 25@270.
An apparatus designed to cheapen and expedite the manufacture of rubber by converting latex or rubber tree juice
into rubber within 24 hours instead of two weeks, as at
present has been, it is stated, invented by S. C. Davidson
of England. If it is practicable on a large scale it is contended it will revolutionize the rubber industry.
OCEAN FREIGHTS have been in steady demand. One
favorable factor is a rise in foreign exchange. Some think
the worst is over in that respect and that brighter times are
ahead for the shipping business. Time charters have been
rather quiet but it is believed that this is only temporary.
Some American steamers were fixed at 48 shillings for six
months general trading and 47s. for 12 months. British
steamers it is stated get only 25s. Charters include coal from
Virginia to Antwerp or Rotterdam at $22 50; from Virginia
to Genoa at $27 75 prompt; logwood from Port au Prince to
Camden at $15 and discharged; grain from Atlantic Range
to Antwerp 26,000 quarters at 15s. Sept.-Oct.; grain from
Atlantic Range to Antwerp 26,000 quarters 15s. Sept.-Oct.;
steamer 2,329 tons one round transatlantic trip 30s. prompt;
coal from Baltimore to West Italy $27 prompt; merchandise
from New York to Bordeaux $25 net form Sept.-Oct.; coal
from Baltimore to West Italy $26 50 Oct.-Nov.; from Virginia to Port Said, $26 50; from Virginia to River Plate at
72s. 6d. and 73s. 6d. Oct.; lumber from Gulf port to River
Plate, $45; coal from Virginia to River Plate, $14 50; fertilizers from River Plata to North Hatteras at $26 50.
TOBACCO.-Despite the handicap of the strike here,
prices rule steady and out-of-town business is fairly active.
Sumatra has been in good demand, but one big drawback
is that it is largely for grades not easy to get. Havana has
been in good demand and firm. Prices look high. Much of
the crop was bought on speculation and is being held for still
higher quotations. Some late tobacco was helped by rain
in the lower Ohio Valley, but the greater part of the crop
was already matured.
COPPER quiet but steady; electrolytic 21 3/2@23
Tin steady at 54%@55c. Lead quiet and lower at 6.05@
6.25c. for New York and 6c. for St. Louis. Spelter has been
dull and easier at 7.30c. spot New York. There will be
offered for sale by sealed proposals to be opened at the
Bureau of Supplies and Accounts, Navy Department,
Washington, D. C., at 2 p. m., Oct. 16 1919, 4,500,000 lbs.
of lead and 6,000,000 lbs. of spelter. The lead and spelter
are stored and will be sold at Portsmouth, N. H., Boston,
Mass., Brooklyn, N. Y., Philadelphia, Pa. Washington,
Puget Sound,
D. C., Norfolk, Va., Mare Island, Calif.,'
Wash., American Brass Co., Ansonia, Conn.
PIG IRON has been quiet, aside from a sale of 20,000 tons
of foundry grades in Boston territory. It is true that not
very many blast furnaces have been silenced by the strike.
But for all there is:a natural feeling of uncertainty as to the
immediate future which militates against business. It is
said, however, that total sales within two weeks have
reached 115,000 tons, mostly foundry. But ordinary routine business suffers unavoidably from existing conditions.
Many of the strikers, however, are reported to be returning
to work.
STEEL.-The steel business has of course been adversely
affected by the strike. Still many stikers are said to be
returning to work. This includes foreign workers. Most
of the American employees, it is said, stood by the companies and did not go out. Both the home trade and foreign
trade for the time beiiig is light. Many express a feeling
of relief that the strike test has come. They believe it will
end in favor of the open shop with employers regulating their
own business in their own way, rather, in a way to suit
outsiders. An offer of labor leaders to arbitrate has been
declined by the United States Steel Corporation.
COTTON
The following shows the week's total receipts, the total
since Aug. 1 1919 and the stocks to-night, compared with
last year:
Stock.
1918.
1919.
Receipts to
Sept. 26.
This Since Aug This Since Aug
Week. 1 1919. Week. 11918.
34,266
Galveston
473
Texas City
516
Port Arthur, &c.._
7,624
New Orleans
Mobile
788
Pensacola
565
Jacksonville
20,200
Savannah
2,000
Brunswick
1,937
Charleston
4,159
Wilmington
3,310
Norfolk
63
N'port News, &c_
738
New York
99
Boston
858
Baltimore
226
Philadelphia
151,321 64,950
____
2,943
226
2,022
55,956 37,349
7,693 2,535
325,955
1,624
1,423
128,733
16,726
35
3,906
141,910 33,050
32,000 2,000
12,069 6,326
9,661 5,740
19,559 4,100
108
485
6,225
85
46
1,454
2,634
37
3,007
185
153,578
11,300
17,370
13,910
12,788
621
1,608
8,964
576
77.822
452.845 156.587
695.341
Totals
1919.
1918.
124,302
6,304
257,780
6,504
254,491
11,662
4,038
10,653
190,148
8,000
20,538
30,207
57,328
228,018
13,578
110
10,009
166,676
4,100
34,288
35,934
56,173
90,144
5,170
4,200
8,252
77,230
12,390
5,651
4,925
825,437
913.366
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- I
Galveston_ _ _ _
TexasCitY.Scc•
New Orleans..
Mobile
Savannah.._ _ _
Brunswick _
Charleston,&c
Wilmington _ _
Norfolk
N'port N.,&c_
All others_ _ _ _
1918. I
1919.
34,266
989
7,624,
788'
20,200
2,000
1,937
4,159
3,310
63
2,486
1917.
64,9501
226'
37,349
2,535
33,050
2,000
6,326
5,740
4,100
108
203
1915.
1916. I
76,931 120,854
14,805
398
49,876
26,556
2,792
993
49,304
43,991
5,000
3,000
11,857
9,590
8,596
4,739
5,601, 13.563
113
10,713
12,259
105,716
13,661
41,019
4,214
61,532
9,800
28,532
21,899
17,335
268
2,480
285,561
1914.
79,867
2,092
13,899
3,565
33,999
1,200
11,087
5,626
4,091
315
1,783
Tot. this week
77,822
156,587
185,430
306,456
158,124
Since Aug. 1._
452,845
695,341
895,3581,250,375 1,032,038
440,592
The exports for the week ending this evemng reach a total
of 57,278 bales, of which 14,814 were to Great Britain,
83 to France and 42,381 to other destinations. Exports
for the week and since Aug. 1 1919 are as follows:
Week ending Sept. 26 1919.
Exported toExports
from-
From Aug. 1 191910 Sept. 26 1919.
Exported to-
Great
Great
Britain France. Other. Total. Britain, France.
Galveston_ _ 5,25
El Paso..
New Orleans
Mobile
._
Jacksonville
Savannah _
Brunswick _ 9,464
Charleston _
Wilmington.
Norfolk_ _ _ _
New York_
"ioo
Boston_ _ _
Philadelphia
San Fran.
Seattle
_
Tacoma
18,375 23,625 114,207
8,426
6,426
11,700
9,464
83
5:1777 5,677
83
_ .
30h
3
15,356
1,354
40,752
15,325
7,78
40,434
52,241
8,343
20,007
21,772
4,202
907
3,392
83
300
3
Other.
Total.
86,580 200,787
2
2
95,838 151,946
16.679
7,780
82,823 143,264
52,241
8,343
41:iii 44,628
21,772
16,784 24,378
22
1,012
1,408
1,408
286
286
7,06/
7,067
2,379
2,379
83 42,381 57,278 305,963 40,192 337,817 683,972
Total- --- 14,814
Total 1918' 30,901 11,412 29,929 72,242 269,594 104,235 218,384 592,213
Total 1917_ 80,628 25,114 11,599117,341 494,035 122,541 145,097 761,873
'Figures adjusted to make comparison with this season approxlmatAy correct.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared forSept. 26 at-
Other CoastGerGreat
Britain.' France. many. Contl. wise:
32,400:
Galveston
New Orleans__ 4,8231 3,390
Savannah
10,000
Charleston
Mobile
5,633
Norfolk
New York*_ _ _ 3,000
Other ports*.._ 2,500
12,083
6,393 12,276
2,000
Total.
1,000 45,483
1,258 28,140
2,300 12,300
400
400
5,633
250
250
' 5,000
3,500
Leaving
Stock.
78,819
226,351
177,848
20,138
6,029
57,078
85,144
73.324
Friday Night, Sept. 26 1919.
1,000
THE MOVEMENT OF THE CROP, as indicated by our
Total 1930.... 58,356 3,390 6,393 27,359 5,208 100,706 724,731
the
For
below.
given
is
to-night,
South
28,000 19,200 110,244 803,122
telegrams from the
Total 1918._ 52,044 11,000
39,841 11,877 168,018 414,025
Total1917.-- 86,943 29,357
week ending this evening the total receipts have reached
*Estimated.
77,822 bales, against 58,231 bales last week and 48,173
bales the previous week, making the total receipts since
Speculation in cotton for future delivery has been moderAug. 1 1919 452,845 bales, against 695,341 bales for the ately active at rising prices. In some directions the buying
1919
1
Aug.
since
decrease
a
showing
1918,
of
period
same
has been brisk. That has been done by shorts. The short
of 242,496 bales.
side had become overcrowded. Everybody had been a bear
Total. for a good while on account of big stocks, poor exports,
Mon. Tues. Wed. Thurs. Fri.
Sat.
abnormally low rates of exchange and labor unrest. But
Galveston
4,520 8,004 8,223 4.441 3,292 5,786 34,266 now it turns out that dealers at the South have found it diffi473
75
---370
___ _
28
Texas City
516 cult to get the cotton especially good grades which they had
516
_
_
_
_
Port Arthur, &c_
788 1,724 7,624 sold to exporters and others for Sept. shipment. Therefore
Lid§ 2:656
New Orleans_...
8tig 1,58
788
129
95
121
331
46
66
Mobile
prices have been rising. It is said that good grades are rather
Pensacola
565 scarce over most of the South. And as to the new crop the
565
Jacksonville
Savannah
2,556 3,748 3,353 3,980 2,986 3,603 20,200
2,000 2,000 grade was lowered in Texas and some other parts of the belt
Brunswick
686 1,937 by excessive rains. Japanese buyers it appears finding good
451
241
158
227
174
Charleston
715 4,159
314
453
911
779
Wilmington
987
52 3,310 grades hard to get in Texas have recently been buying in the
1
Norfolk
------63
63 Atlantic States. The basis according to current reports
----------__
N'port News,&c. . ------738
-------•
738
New York
-------------99 has been steadily rising. Spot sales at Southern points
69
Boston
858 have noticeably increased. In a single day they were
g8§
Baltimore
226
75
-----------__
151
Philadelphia
about 27,500 bales. Houston sold nearly 15,000 bales on
Totals this week_ 9.205 14.476 16.127 12.046 8.655 17.313 77.822 Thursday. That is not so bad for these times. And latterly
SEPT. 27 1919.1
THE CHRONICLE
1285
foreign exchange has been advancing. This has
NEW YORK QUOTATIONS FOR 32 YEAR
with equal interest and pleasure by most peopl been noted
S.
The quotations for middling upland at
with the cotton trade. Meanwhile, crop advic e connected
New York on
es
have
been Sept. 26 for each of the past 32 years
in the main bad, especially from Texas, Georg
have been as follows:
ia and Ala- 1919_c
32.85 1911 _c
10.55 1903 _c
bama. Rainfalls have been frequent in Texas,
11.25 1895c
1918
8.75
33.95 1910
13.60 1902
Arkan
sas
and
9.00 1894
1917
6.50
25.00 1909
Oklahoma of late. The crop has deteriorated
13.60 1901
8.25 1893
1916
8.19
15.95 1908
in
many
9.40
1900
10.75 1892
localities. The rains were especially detrimenta
1915
7.62
11.70 1907
11.80 1899
l in eastern 1914
6.75 1891
8.6%
1906
9.60 1898
Texas, according to the weekly Government
5.31 1890
1913
10.3814.10
1905
repor
t.
11.10
Some 1912
1897
6.75 1889
gloomy private reports come from North Carol
11.12
11.65 1904
11.00 1896
8.44 1888
10.44
Louisiana and Tennessee. The Governmentina, Arkansas,
state
ment
is
FUTURES.-The highest, lowest and
that recent dry weather in North Carol
closing prices at
did harm. Con- New
ditions are reported only poor to fair atina
York for the past week have been as
best
in
South
follows:
Caro
lino,. The outlook for a top crop in that State
only fair. In Georgia the crop is declared to be is said to be
Saturday, Monday, Tuesday, TVed'da
y, Thursd'y, Friday,
Sept. 20. Sept. 22. Sept. 23. Sept. 24.
possibility of improvement." It is very bad in "beyond the
Sept. 25. Sept. 26. Week.
Florida. In Septembereastern Oklahoma conditions are poor. Takin
g
the
Range
belt
31.30-.
as a whole it is said to be two to four weeks late.
Closing..___ 29.58 -30.90 -31.50 39
31.30-.39
This means October
that the plant runs all the greater risk from killin
.
g
frost.
Range
29.57-.82 29.74-f.31 30.98-.58 31.15-.50
Almost everybody here looks for a bullish repor
31.05-34 31.55-160 29.57-760
Closing
Government on Oct. 2. •A year ago it was 54.4, t by the November- 29.78-.82 31.10-.11 31.48-.50 31.25-.27 31.30 -32.35-.37-the worst
Range
ever known in an October report. This year
Closing
some
29.87
-3
think
1.20 -31.60 -31.37 -31.40 -32.5
it will be even worse. .Also on Oct. 2 will
5 ---rappear the next Decembe
Range
29.75-.02 30.00-140 31.24-.
ginning report. The first one issued on Sept.
8
Closing__ _ 30.07-.10 31.38-.40 31.75-.87 31.44-.80 31.39-.67 31.95-195 29.75-195
was
very
80 31.58-.64 31.58-.59 32.69-.73-bullish. Not a few look for a bullish statement
in the next January
Range
report. The season is undoubtedly very late.
29.82-.13 30.03-147 31.32-.90 31.52-.87
Closing
Liver
_
pool
30.10-.12 31.45-47 31.88-.90 31.68-.70 31.48-.75 32.03-.02 29.82-103
at times has been a good buyer of December
31.65-.
68
32.80-.82--y-and January, Februar
though now and then it has sold March.
Range
Shorts early in
Closing_
30.12 -31.47 -31.90 -31.72 -3
the week covered freely partly in the fear
1.65-.7
3 32.90 ---a cold wave in MarchTexas. It has been as low as 47 and 48 in of
Range
29.92-.27 30.16-164 31.45-.00 31.70-.04
that State. If it
31.65-.90 32.18-J21 29.97-121
Closing
30.20-.27 31.50-.64 31.95-.99 M.85 -31.7
should drop to 40 the market would natura
6-.78
32.95-.00--lly become more Aprilnervous on this question. One thing seems
Range
clear. The
Closing
crop is so late that weather scares will find
30.22 -31.55 -32.00 -31.89 -3
1.80
-33.00 -- --a market per- Mayhaps peculiarly receptive to such influences
Range
30.02-.30 30.19-170 31.50-.10 31.80-.05
and quick
31.75-.00 32.32-.28 30.02428
Closing
upturns would not surprise many
30.25 -31.60-.70 32.07-.10 31.92 -31.8
7-.90 33.02 ---in the trade Juneunder such circumstances. Elsewhere
Range
31.60
31.60 there have been frequent reports of 48 toin50the belt, too,
Closing__ 30.24 -31.55 -32.00 -31.8
5 -31.80 -32.95 -- -of the Mississippi, including Oklahoma, Arkanon both sides July
Range
29.92-.95 30.24-143 31.90 -31.94 -31.7
sas,
Georg
ia,
3-.92
32.70North Carolina, South Carolina. Some rathe
.00' 92400
ClosIng
30.23 -31.50 -31.95 -31.80 -31.7
5 -32.90 ---r low tem- August
peratures have also been reported in Missis
Range
sippi
and
Alabama. Wall St. and western shorts bought
VInalng
29.5A -3L10 -3150 -31.35 -3125 -3
240 ____ _ __.
freely for a
time. Another factor which helped the rise for
a
.1 33e. t.32e. /31e.
time
was
the strength of the stock market and an idea that
strike is not going to be successful. A sharp rise the steel
THE VISIBLE SUPPLY OF COTTON to-nig
in rates
ht, as made
of foreign exchange also counted.. The Edge Bill
has not up by cable and telegraph, is as follows. Foreign stocks, as
yet passed but it is believed that it will soon.
well as the afloat, are this week's returns, and
This
is
exconsequently
pected to help foreign buying of cotton • in this
country. all foreign figures are brought down to Thursday evening.
The South while it has been selling steadily has
But to make the total the complete figure
not
sold
on
s for to-nig
a very heavy scale. Cotton goods have been
in better (Friday), we add the item of exports from the United Stateht
demand and firmer. Manchester has also been
s,
including in it the exports of Friday only.
firme
r
with some increase in the demand. Spot sales
Sept. 26at
Liver
1919.
pool to-day were up to 7,000 bales. This
1918.
1917.
Stock at Liverpool
bales__ 785,000 1215,000 266,000 1916.
looks rather Stock
liberal for these times.
564,000
at London
12,000
19,000
19,000
Stock
32,000
at
Manche
ster
On the other hand, the short interest has
98,000
39,000
31,000
24,000
latter
ly
been
considerably reduced. Exporters, too, some
Total Great Britain
895,00
0 203,000 316,000 620,000
believe, have Stock at Hamburg
pretty well covered their Septe
.mber engagements. A fallin
Stock at Bremen
*1,000
g Stock
off in the spot demand early
at Havre
*1,000
October would not surprise Stock
188,00
0 132,000 149,000 191,00
at Marseilles
0
many. The movement is beginning to increase and
5,000
1,000
4,000
8,000
at times Stock at Barcelona
75,000
14,000
there have been sporadic cases, it is said, of
74,000
Stock at Genoa
42,000
98,000
weakening in Stock at Trieste
23,000
12,000 140,000
spot prices. There is a very large supply of low
*1,090
grades at
the South. And the question is: How to get rid of
Total Continental stocks
366,000 170.000 239,000 384,000
them?
Germany is still out of.the market. Credits
have
Total European stocks
1,261,000 373,000 555'000 1,004.
provided. And she might buy cotton from Engla not been India
000
afloat for Europe
nd in the Amer.cotton
16,000
17,000
31.0011
near future. This would not be at all surpri
9,0;10
cotton afloat for Europe
2 207,000 306,000 346,778
Egypt,13razil,&c.,afloat for Eur'e 212,01
British Board of Trade will provide credits for sing. The Stock
45,000
82,000
48,000
16,000
some coun- Stock in Alexandria Egypt
87,000 168,000
66,000
tries. And England has big stocks.
43,000
in Bombay, India
835,000 *680,000 *820,000 400,00
hile European Stock
in U. S. ports
shipments of cotton goods to America Meanw
825,437 913,366 582,043 828,99 0
are incre
1
in U. S. interior towns
, espe- Stock
717,820 880,094 355,449
cially from France. Exchange premiums in asing
693,690
U. S. exports to-day
2,200
16,778
e on
25,549
9,705
Now York facilitate such business. There is a Europ
Total visible supply
chance for
4,001,469 3,265,238 2,789,041 3,131,
a big profit in converting dollar credits in
564
York from
Of the above, totals of American and other
descriptions are a. follows:
sales of European goods into pound sterliNew
Americ
an
ng,
l stock
This may yet become a factor, it is suggested.francs, &c. Li
bales_ 574,000
44,000 172,000 430,000
Manchester stock
68,000
is that it might cut into the trade of The idea Contin
14,000
25,000
23,000
ental stock
324,000 *153,000 *202.000 *294,0
mills and so reduc9 their consumption of raw mater American American afloat for Europe
00
212,012 207.000 306,000 346,77
U. S. port stocks
8
very much attention is paid to this theory, howevial. Not U.
825,437 913,366 582,043
828,991
S. interior stocks
er.
To717,82
0
808,09
4
355,44
advan
prices
9 693,690
day
ced sharply on a strong Liverpool
U. S. exports to-day
2,200
16,778
market,
25,549
9,705
bad crop reports, reports of small
ng, rising rates of
Total American
2,723,469 2.156,238 1,668,041 2,626,
foreign exchange, an advance earlyginni
East Indian, Brazil, &c.
164
in the stock market, Liverp
ool stock
and good home and foreign buying. Also an impor
211,000 101,000
94,000 134,000
London stock
tant
fac12,000
19,000
excell
tor was the
ent spot dTnalid at the South, where
19,000
Manchester stock
32,000
30,000
25,000
the Contin
6,000
ental stock
1,000
basis is rising. On Texas middling 1 -inch
42,000 *17.000 *37,000 *90,00
it is 300 India afloat for Europe
0
16,000
points "on" October. The demand.is keen staple
17,000
31,000
Egypt,
9,000
Brazil,
&c.,
afloat
and
45.000
82,000
48,000
16,000
ings small. Within 10 days the basis on the Carolthe offer- Stock in Alexandria, Egypt
87,000
168,00
0
66,000
43,000
North Georgia has risen 100 to 125 points. The inas and Stock in Bombay. India
835,000 *680,000 820,000 400,00
0
mand is said to be more general than at any time spot deTotal East India, Ste
1.278,
000
1,109,
000
for
1,121,
725,000
Total American
past. The National Ginners' Association puts the a year
2,723,469 2,156.238 1,668,0000
41 2,626.164
up to date at 1,780,000 bales and thinks that the ginning
Total visible supply
4.001,469 3,265,238 2.789,041 3,351,
Middling uplands, Liverpool
164
ment figures will be 100,000 to 200,000 bales higheGovern- Middli
19.8
.8d. 23.23d. 18.62d.
9.47d.
uplands, New York
32.85c.
35.15c.
if they are 1,980,000 bales they will have to be r. But Egypt,ng
25.30c.
16.00c.
good sakel, Liverpool
32.50d
.
compa
33.13d
red Peruvian, rough good,
. 34.75d. 20.65d.
with Government figures of 3,770,611 bales up to
. 28.504. 27.504. 13.75d
.
Sept. 24 Broach, fine, LiverpoolLiverpool_ 28.50d
18.45d. 24:50d. 18.704.
last year and 2,511:658 bales two years ago.
9.00d.
Tinnevelly, good, Liverpool
The
18.70d. 24.75d. 18.884.
steel
9.02d.
strike news was considered better. Japanese intere
sts were * Estimated.
understood to be buying here; also Wall Street
and uptown
Continental imports for past week have been
operators. Liverpool has bought steadily with
60,000 bales.
The above figures for 1919 show a decrease from
Liverpool about 850 points over January here.January in
last week
Price
s of of 34,618 bales, a gain of
futures here end much higher for the week. Spot
cotton of 1,212,428 bales over 1917736,231 bales over 1918, an excess
closed at 32.85c. for middling, a rise of 260 points
and a gain of 650,305 bales over
this week. 1916.
The official quotation for middling upland cotto
n
in
the
New York market each day for the past week has
AT THE INTERIOR TOWNS the movement
been:
-that is,
Sept. 20 to Sept. 26the receipts for the week and since Aug. 1,
Sat. Mon. Tues. Wed. Thurs.
the shipments for
Fri.
Middling uplands
30.30 31.60 32.00 31.75 31.80
the
week
and
the
stock
s to-night, and the same items for the
32.8
1286
THE CHRONICLE
[VOL. 109.
of the
Abilene, Tex.-There has been rain on five days
s set out in
hundredths.
corresponding period of the previous year-i
past week, the rainfall being one inch andtfour
56.
detail below:
The thermometer has averaged 71, highes 86, lowest
and fortyinch
one
week
the
for
fall
.
-Rain
271918
Tex.
am,
Sept.
to
t
Brenh
Movemen
Movement to Sept. 26 1919.
r has
four hundredths on three days. The thermomete
1Ship- Stocks
Receipts.
Ship- Stocks
to 90.
60
Receipts.
from
g
rangin
Sept.
75,
Towns.
ged
ments.
avera
ments. Sept.
27.
the week,
Week. Season. Week.
26.
Brownsville, Tex.-It has rained on three days of
Week. Season. Week.
of an inch.
353 1,493 the precipitation being fifty-eight hundredths
1,549
467
1,953
368
861
344
Ala. Eufaula__
23,542 4,130 13,615 The thermometer has ranged from 66 to 96, averaging 81.
11,822 2,239 20,746 6,025
Montgomery _ 4,379
19,585 2,509 11,204
1,523 11,264 4,535
7,21
the week, the
2,909
Selma
400 1,370
1,623
600
Cuero, Tex.-It has rained on three days ofedths
1,296
5
963
751
Ark. Helena
. Aver15,381 1,654 13,350
4,204
15,613
and seventeen hundr
481
inch
one
9,307
ng
4,125
reachi
l
rainfal
15,296
Little Rock
___
2,580
200 12,000 1,796
730
200
Pine Bluff __..
602 2,363 age thermometer 79, highest 93, lowest 64.
3,345
1,134
4,507
700
5,744
1,200
Ga., Albany
of the
10,797 3,124 15,991
10,019 1,500 19,347 3,787
4,804
Athens
Dallas, Tex.-There has been rain on four days
18,262 4,242 20,227
24,023 3,082 23,466 7,219
6,574
Atlanta
12,185 82,656 past week, the rainfall being three inches and eighty-four
70,276
24,935
41,357
13,2501
78,912
24,453
Augusta
9,900 2,100 6,850
275 17,700 2,900
ometer has averaged 74, the highest
4,975
425
Columbus..
22,960 4,400 15,062 hundredths. The therm
32,003 6,096 39,033 7,293
9,528
Macon
6,488 being 88 and the lowest 60.
1,070
4,193
1,786
6,911
3,047 1,447
1,747
Rome
21,389 2,815 18,996
during
559 34,352 5,449
3,880
La., Shreveport 1,365
680 2,471
Henrietta, Tex.-We have had rain on three days
3,631
989
3 1,551
489
301
Miss.,Columb us
5,700 1,000 18,500 the week, the rainfall reaching one inch and sixty-nine
3,000
15,802 10,051 10,043
13,909
Clarksdale
22,274
491
10,745
averaged 74, ranging
7,538 1,500 12,500 6,765
4,000
Greenwood_
500 4,500 hundredths. The thermometer has
3,473
900
326 5,815
1,802
698
Meridian
8,996 1,531 5,319 from 58 to 90.
5,245 2,515
1,069
2,770
1,599
Natchez
404 3,192
2,6221
581
during
1,244 ____ _ 2,770
308
Vicksburg_
620 10,578
5,566
Huntsville, Tex.-We have had rain on two days
.__ 3,722 1,693
3,311
1,979
Yazoo City
28,147 5,392 10,377 the week, the rainfall being one inch and forty-five hun5,285
4,615
1,770
24,324
1,432
Mo., St. Louis..
803 4,376
4,028
679
59 to 89,
400 5,523
5,388
700
263 dredths. The thermometer has ranged from
N.C.,Gr'nsboro
400
1,068
486
235
350
758
461
Raleigh
928 12,923
8,042
1,356
22,000
74.
500
ing
5,301
averag
1,000
ti_
0. Cincinna
days of the
Okla., Ardmore
75 6,179
4,014
Kerrville, Tex.-We have had rain on five
1,197 1,373
26
.
Chickasha
944 2,904
and thirty hun4,730
inches
four
being
2,607 1,405
n
1,029
itatio
3,970
precip
the
week,
Hugo
800
838
lowest 54.
3
Oklahoma ._
500 10,460 dredths. Average thermometer 71, highest 87,
4,002
12,343 2,132 17,266 1,500
S.C.,Greenville 4,180
411 3,161
1,946
days of the
694
four
on
7,108
rain
320
been
has
re
2,217
-The
996
Tex.
__
Greenwood_
Lampasas,
55,391 17,580225,278
128,154 19,081
y-nine
sevent
and
inches
284
three
Tenn.,Memphis 4,785 23,275 4,214
being
l
rainfal
the
week,
601
88
Nashville_____ .___ _
760 past
1
1,360
404
r has averaged 74, the highest
Tex., Abilene
4,207 hundredths. The thermomete
700
15,747
1,200
2,511
151
641
135
Brenham
5,894 1,301 2,929 being 90 and the lowest 58.
8,418 2,584 4.589 1,066
4,618
Clarksville
16,625 4,159 9,921
the week,
3,878 1,063 6,923 3,451
1,701
Dallas
Longview, Tex.-Rain has fallen on two days of
621 3,876
6,165
635
1,532
5,306 2,814
hundredths of an
Honey Grove.. 2,208
06,841 58,948 391,714 35,201207,142 the precipitation reaching seventy-eight
27,6531
103,143
28,820
Houston
17,075 2,862 7,123
21,164 6,056 10,567 2,635
ometer has averaged 69, ranging from
7,757
Paris
15,623 2,033, 3,336 inch. The therm
912 3,522 1,140
6,027
1,912
San Antonio
91.
to
47
0.4
52,47 00111152 '1010050
ARO 77k OR 090 717 ROA 100 011
days during
•Tr.c.1 Al invvna 1A4 17Q
Luling, Tex.-There has been rain on three
edths of an
hundr
two
fortyng
inhave
reachi
l
rainfal
stocks
or
the
interi
week,
the
the
The above totals show that
60 to 90, averfrom
d
range
4
has
r
90,27
omete
to-night
therm
are
The
and
bales
inch.
6
creased during the week 51,50
receipts at aging 75.
bales less than at the same time last year. The
days of the
the same week
Nacogdoches, Tex.-Rain has fallen on four
all towns have been 41,783 bales less than
y huntwent
and
inches
two
being
n
itatio
week, the precip
last year.
K AND dredths. Average thermometer 78, highest 96, lowest 59.
WEE
THE
FOR
MENT
MOVE
LAND
OVER
during
a statement showing the
Palestine, Tex.-There has been rain on three days
SINCE AUG. 1.-We give belowand
1, as made the week, the rainfall being three inches and eighty-eight
Aug.
since
week
the
for
ent
movem
nd
overla
The results for hundredths. The thermometer has averaged 76, the highest
up from telegraphic reports Friday night.
are as follows: being 90 and the lowest 62.
years
two
last
the
in
1
Aug.
since
and
the week
during the
-1918
1919-Paris, Tex.-There has been rain on two days
Since
Since
edths.
Sept. 26
Week. Aug. 1. week, the rainfall reaching one inch and forty hundr
Aug. 1.
Week.
Shippeda5,392 a31,465
76, ranging from 59 to 92.
31,019
ed
1,770
averag
has
r
omete
therm
The
Via St. Louis
20,514
2,749
36,995
2,653
four days during
Via Mounds, &c
748
San Antonio, Tex.-There has been rain onand
330
100
Via Rock Island
eighty-eight
20,273
2,165
ng one inch
7,237
reachi
l
692
rainfal
the
week,
the
Via Louisville
4,478
601
3,750
700
60 to 90,
Via Cincinnati
20,246 hundredths. The .thermometer has ranged from
3,218
5,812
1,526
Via Virginia points
62,159
10,481
40,206
5,413
averaging 75.
Via other routes. Scc
days of the
159,883
Taylor, Tex.-We have had rain on four
24,550
125,349
12,854
Total gross overland
itation being two inches and twenty hunprecip
the
week,
Deduct Shipments
11,148
168
13,320
194
Overland to N. Y., Boston, &c
8,958 dredths. Lowest thermometer 60.
1,833
4,465
928
of the week,
Between interior towns
59,429
2,318
31,631
4,364
Weatherford, Tex.-It has rained on five days
Inland, &c., from South
one inch and thirty-two hundredths.
being
n
itatio
precip
the
79,535
4,319
49,416
7,213
averaging 76.
Total to be deducted
The thermometer has ranged from 57 to 94,
80,348
days during
20,231
75,933
5,641
Ardmore, Okla.-We have had rain on three
Leaving total net overland *
rainfall being ninety-four hundredths of an
the
. a Revised.
week,
the
Canada
to
rail
by
nt
moveme
ng
* Includi
mean 73.
nd movement inch. Minimum thermometer 56, maximum 91,days
during
The foregoing shows the week's net overla
-There has been rain on two
last
Okla.
week
gee,
the
for
Muska
bales
t
20,231
agains
bales,
has been 5,641
l being sixty-three hundredths of an
rainfal
overthe
net
ate
week,
aggreg
the
the
date
to
season
the
for
t being
year, and that
inch. The thermometer has averaged 71, the highes
ago of 4,415 bales.
land exhibits a decrease from a year
1918
1919-the lowest 49
and
92
Since
days during
Since
Sight and Spinners'
:
In
Eldorado, Ark.-We have had rain on five
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
695,341 the week, the rainfall being one inch and sixty-eight hun452,845 156,587
77,822
_
26_
Sept.
to
ports
at
s
Receipt
80,348
20,231
75,933
5,641
r has averaged 73, ranging from
Net overland to Sept. 26
701,000 dredths. The thermomete
86,000
522,000
Southern consumption to Sept.26a 69,000
89.
to
56
89
during the
152,463 1,050,778 262,818 1,476,6
Little Rock, Ark.-Rain has fallen on three days
Total marketed
111,478
71,190
284,167
51,506
and five hunInterior stocks in excess
week, the precipitation reaching one inch
56 to 89,
334,008
dredths. The thetmometer has ranged from
Came into sight during week __ _203,969
Total in sight Sept. 26
ing 72.
averag
past week.
197,518
35,958
246,111
New Orleans, La.-We have had no rain the
Nor, spinners' takings to Sept. 26 25,162
consumption; takings not
Less than Aug. 1. a These figures are
Average thermometer 80,
three days during
available.
Shreveport, La.-There has been rain onhundr
edths of an
Movement into sight in previous years:
rainfall being sixty-nine
the
week,
the
Bales.
1t being
Aug.
Since
highes
the
Bales.
74,
ged
avera
has
r
Weekomete
13
therm
1,776,4
inch. The
364,436 1917-Sept. 28
1917-Sept. 28
95
2,351,2
29
-Sept.
60.
1916
lowest
the
530,989
1916-Sept. 29
1,845,775 89 and
two days during
455,430 1915-Oct. 1
1915-Oct. 1
Vicksburg, Miss.-We have had rain onhundr
edths of an
to
es
three
dvic
fortyH.-A
being
GRAP
l
TELE
rainfal
BY
the
RTS
the week,
WEATHER REPO
ranging from
74,
ed
averag
has
r
that
te
omete
indica
g
therm
evenin
The
this
inch.
us by telegraph from the South
er has 60 to 88.
g and ginning
while, in Eastern sections, during the week the weath
Mobile, Ala.-With good weather pickin
ered in
cotton unof
ion
Condit
.
favored the gathering of the crop, rain has interf
ctorily
satisfa
ssing
n of are progre
during the week,
day
one
on
rain
had
have
many districts elsewhere. Texas reports deterioratio
We
ed.
rains and chang
of an inch. The therthe rainfall reaching ten hundredths averag
the crop in a number of districts due to heavy
ing 80.
87,
to
in
nt
62
eleme
an
from
d
been
has
range
ge
has
shorta
er
momet
cloudy weather, and labor
days during the
two
on
rain
had
have
-We
Ala.
,
Selma
of an inch.
retarding picking.
edths
hundr
five
sixtyof
extent
the
er and week to
58.
lowest
92,
Galveston, Tex.-Cool with much cloudy weath
t
highes
75,
r
omete
therm
ss in the Average
days during the
frequent rains. Cotton made satisfactory progre
Atlanta, Ga.-We have had rain on two
Elsewhere the
of an inch.
edths
hundr
six
Northwestern and West Central portions. cloud
fortybeing
l
rainfal
the
y weather. week,
57 to 87.
from
g
rangin
lant deteriorated due to heavy rains and rable
72,
ed.
averag
has
r
omete
weather The therm
during the
day
one
on
Picking is general but retarded, due to unfavo during the
rain
had
have
We
Ga.Savannah,
and labor shortage. It has rained on one day of an inch. week, the rainfall reaching four hundredth of an inch. The
ing 78.
week, the rainfall being thirty-four hundredths
thermometer has ranged from 64 to 92, averag
Average thermometer 78, highest 86, lowest 70.
SEPT. 27 1919.]
THE CHRONICLE
Charleston, S. C.-We have had rain on one day of the
week, the precipitation being one hundredth of an inch:
Average thermometer 78, highest 90, lowest 65.
Greenwood, S. C.-Rain has fallen on one day, the precipitation reaching thirty hundredths of an inch. The thermometer has averaged 71, ranging from 55 to 88.
Madison, Fla.-Rain has fallen on one day during the
week, the precipitation reaching eight hundredths of an inch.
The thermometer has ranged from 64 to 93, averaging 79.
Charlotte, N. C.-We have had rain one one day during
the week, the rainfall being thirty-six hundredths of an inch.
Minimum thermometer 74, maximum 90, mean 57.
Memphis, Tenn.-We have had rain on two days during
the week, the rainfall being eleven hundredths of an inch.
The thermometer has averaged 74, ranging from 58 to 90.
NEW ORLEANS.CONTRACT MARKET.-The closing quotations for leading contracts in the New Orleans cotton markets for the past week have been as follows:
September
October
December
January
March
May
Jullyone_
Spot
Ontions
Saturday, Monday, Tuesday, Wed'day,1 Thursd'y, Friday,
Sept. 20. Sept. 22. Sept. 23. Sept. 24. Sept. 25. Sept. 26.
29.52 -30.95 -31.27
29.92 -31.35-.41 31.67-.75 31.50-.55 31.56-.5932.78-.80
29.87-.90 31.20-.25 31.61-.65 31.42-.45 31.45-.47 32.64-.69
29.87-.89 31.21-.25 31.64-.65 31.47-.48 31.49-32.66-.70
29.88 -31.23-.25 31.70-.72 31.48-.52 31.50 -32.68-.72
29.87 -31.31-.33 31.71 -31.50 -31.48-.51 32.72
-- -31.31 -31.71-.75 31.50-.55 31.48-.51 32.72-.75
Steady
Steady
Steady
Steady
Steady
Steady
Steady 1 Steady
Steady Steady
Firm
Steady
1287
EGYPTIAN COTTON CROP.-The Alexandria Cotton
Co., Ltd., Boston, has a cable from its Alexandria house,
Sept. 15, stating that the Egyptian Government reports an
increase in acreage under cotton this year of 20% over that
of last year. The figures will accordingly be as follows:
1919 (estimated), 1,579,000 feddans (feddan equals 1.04
acres; 1918 (official), 1,315,572 feddans; 1917 (official),
1,677,310 feddans. The yield of Sakelaridis and Upper
Egyptian is expected to be fully 20% over last year, and that
of Afifi about the same. Good qualities are expected to be
rather more plentiful and the crop is estimated at about 63.4
million cantars, or about 860,000 bales of 720 pounds.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Quotations for Middling Cotton onauturuuy.I lvi cmuuy. x uesuay. vv vu uay. i nursa y. r,mail.
Galveston
31.50
32.75
33.50
33.50
34.00
35.00
New Orleans..._ 30.25
31.00
31.38
31.38
31.38
32.13
Mobile
29.00
30.00
30.50
30.50
30.50
32.00
Savannah
29.38
30.25
31.00
31.00
31.00
31.91
Charleston
29.00
30.00
30.38
30.50
30.50
31.00
Wilmington...... 28.75
30.00
30.25
30.25
31.50
Norfolk
29.00
30.00
30.50
31.25
Baltimore
30.25
30.25
31.50
31.50
31.50
32.00
Philadelphia
30.55
31.85
32.25
32.00
32.05
33.10
Augusta
29.25
30.38
30.75
31.00
31.00
32.25
Memphis
30.50
31.00
31.00
31.00
31.00
32.00
Dallas
31.85
32.25
32.00
32.55
34.20
Houston
31.00
32.50
32.75
32.75
32.75
34.75
Little Rock_
30.00
30.75
31.25
31.25
31.25
32.25
Week ending
aept. zg:o.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
WORLD'S SUPPLY AND TAKINGS OF COTTON.
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which The following brief but comprehensive statement indicates
show at a glance how the market for spot and futures closed since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
on same days.
gone out of sight, for the like period.
Spot
Market
Closed.
Saturday_ _ _
Monday _ _ _
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
Futures
Market
Closed.
SALES.
Spot. 'Contet
Total.
Total...__
100
100
loot
100
EAST INDIA COTTON MILLS.-Through the courtesy
of the Secretary of the Bombay Millowners' Association, we
have received this week a statement of operations for the
year ended Aug. 31 1918, and they are given below:
COTTON SPINNING AND WEAVING MILLS WORKING AND IN COURSE
OF ERECTION IN INDIA ON AUGUST 31 1918.
Bombay Island (working)_ _
Bombay Island (In course of
erection)
Bombay Presidency (working)
Bombay Presidency (In course
of erection)
Total
Rajputana
Berar
Central Provinces
Hyderabad (Nuzam's Territory)
Central Indla_a
Bengal PresidencY
Punjab
United Prov.of Agra & Oudh_
Madras Presidency
Travancore
Mysore
Pondicherry
Chandernatfere
Total
Average
Approximate
No. of Quantity of Cotton
Num- Number Number Hands
Consumed.
ber of
of
of
Em
Mills. Spindles. Looms. ployed,
Bales of
Daily. Clefs. 3% Cuts.
86 2,882,6481 69,162 124,199 3,739,722 1,068,492
1
90 1,794,190i 34,198 71,727 1,391,460
1
3
3
7
23,192
46,100
222,312
• 718 1,083
981 2,431
4,465 14,146
20,336
62,563
336,413
5,810
15,018
96,118
3
64,730
116,981
361,801
124,580
460,356
420,422
25,560
40,544
70,455
853 2,547
3,092 6,558
2,479 11,407
966 2,663
4,798 15,192
2,696 22,519
672
423 1,634
1,634 5,450
60,557
164,688
358,204
72,499
497,994
469,648
28,966
60,619
76,406
17,302
44,168
102,344
20,714
142,284
131,328
8,276
14,434
21,830
*262 6,653,871 116,454 282,227 7,299,873 2,085,678
We now give a table covering.information identical with
the totals given above, which indicates the progress made in
cotton manufacturing : India during the past 40 years:
1879
1884
1889
1894
1899
1904
1905
1906
1907.
1908
1910
1911
1912
1913
1914
1915
ins *year ending Aug. 31_
19171
19181
1918:
Season. I
Week.
Season.
Visible supply Sept. 19
4.036,0871
3,145,902
Visible supply Aug 1
4,791,0181
American in s ght to Sept. 26_ _ _ 203,969, 966,6111 334,0081 3,027.450
1,588,167
Bombay receipts to Sept. 25_ _ __ b10,000: 250,000,
8,000, 213,000
0th r India shipm'ts to Sept. 25
bl.000
,
2,000
Alexandria receipts to Sept. 24.. _
b6,000'
26,0001
7,000i
27,000
Othe supply to Sep .24 *
b3,000
20,000,
1,000
19,000
Total supply
4,260,056 6,061,629 3,495,910, 4,876.617
DeductVisible supply Sept. 26
4,001,469 4,001,469 3.265,2381 3.265,238
Total takings o Sep . 26_a
258,587i 2,060,160. 230,672 1,611.379
Of which American
198,587, 1,443,160; 217,672 1,372,379
Of which other
60,000
617,000
13,000
239,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the estimated consumption by Southern mills,
522,000 bales in 1919 and 701,000 bales in 1918-takings not being available-and the aggregate amounts taken by Northern and foreign spinners,
1.538,160 bales in 1919 and 910,379 bales in 1918, of which 921,160 balm
and 671.379 bal s American. b Estimated.
BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay for the week ending Sept. 5 and for
the season from Aug. 1 for three years have been as follows:
1919.
Sep'. 5.
Receipts at-
1918.
Since
Week.1Aug. 1.
Bombay
15,000
Week.
Average
Approximate
No. of Quantity of Cotton
Num- Number Number Hands
Consumed,
ber of
of
of
EmMills. Spindles. Looms. ployed,
Bales of
Daily. Cwts. 392 Lbs.
56 1,452,794 13,018 42,914 936,547 267,585
79 2,001,667 16,262 60,387 1,859,777 531,365
124 2,762,518 21,561 91,598 3,110,289 888,654
142 3,649,736 31,154 130,401 4,278,778 1,222,508
188 4,728,333 39,069 162,108 5,863,175 1,675,190
191 5,118,121 45,337 184,779 6,106,681 1,744,766
197 5,163,486 50,139 195,277 6,557,354 1,879,244
217 5,279,595 52,668 208,616 7,082,306 2,023,516
224 5,333,275 58,436 205,696 6,930,595 1,980,170
241 5,756,020 67,920 221,195 6,970,250
263 6,195,671 82,725 233,624 6,772,535 1,991,500
1,935,010
261 6,357,460 85,352 230,649 6,670,631 1,905,866
208 6,463,929 88,961 243,637 7,176,367 2,050,102
272 6,696,862 94,136 263,780 7,336,056 2,096,016
271 0,778,895 104,179 260,276 7,600,941 2,143,126
272 6,848,744 108,009 265,346 7,369,212 2,102,632
266 6,839,877 110,268 274,361 7,692,013 2,197,718
263 6,738,697 114,621 276,771 7,693,574 2,198,164
262 6,653,871 116,484 282,227 7,299,873 2,085,678
Exports
from-
Total all1919
1918
1917
7,000
1,000 8,000
8,000
4,500
7,000
Since
Aug. 1.
Week.
Since August 1.
Great Conti- Japan&
Great
Britain. nent. China. Total. Britain.
Bombay1919
1918
1917
0th. India1919
1918
1917
1917.
Since
Aug. 1.
183,000 29,0001 170,000 i6.000i 120,000
For the Week.
* Of these 258 are working and 4 in course of erection. a One in course of erection
Year ending June 30-
I
397:560
178 4,676,8381 93,360 195,926 5,131,182 1,466,052
15
8
18
13
1
2
4
1
1919.
Week.
Quiet, 5 pts. adv_ _ _ Strong
Steady, 130 pts. adv Strong
Steady, 40 pts. adv Strong
Quiet. 25 pts. dec._ Steady
Quiet, 5 pts.adv_ _ _ Steady
eady, 105 pts. adv Steady
Where Situated-
Cotton Takings.
Week and Season.
1,000 8,000
12,500
Conti- Japan &
nen:.
China.
Total.
21,000 104,000 133,000
460
4,960
21,45(1 104,000 137,950
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-The following are the receipts and shipments for
the week ending Sept. 4 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
Sept. 4.
Teceipts (cantars)This week
Since Aug. 1
Export (bales)To Liverpool
To Manchester, &c
To Continent & India..
To America
1919.
1918.
1917.
,
35,266
104,934
9,810
90,543
Since
I Since
Week. Aug. 1. Week, Aug. 1.
13.750
5,750
5,000
300
56,830
15,500
13,150
21,601
____I 17,158
-___I 3,447
895 18,913
____.
30,811
74.420
Since
Week. Aug. 1.
-_--------
8.147
4,882
3,997
____
Total exports
24.800 107.681
895 39.518 I ---- 17.026
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Sept. 4 were
35,266 cantars and the foreign shipments 24,800 bales.
THE CHRONICLE
1288
[VOL. 109.
season by over 3,000,000 bbls. Exports have been about
the same as during the same period last year. It looks
like an increase of 15% in the domestic consumption. Spring
wheat mills have been buying hard winter wheat. It seems
to be a fact beyond dispute that the cost of producing flour
is steadily increasing. Wliat wonder that the mills should
ask higher prices? Exporters are said to have bought 150,1918.
000 to 200,000 bbls. at the Northwest. The Government
1919.
bought 578,728 bbls. of wheat flour at $8 50 to $10 15. At
834 lbs. Shirt- Corn
834 lbs. Shirt- Cot'n
ings, Common Mid. Chicago, Julius H. Barnes said to the American Association
322 Cop
ings, Common Mid.
328 Cop
Upl's of the Baking Industry on the 24th inst: "The wheat price
to Finest.
Twist.
Upl's
to Finest.
Twist.
guarantee has had two effects that are unfortunate. One is
e. d. d.
d. s. d.
e. d. d. d.
d. s. d. •
Aug. d.
5134 25 134®33 134 20.39 that wheat acreage has been increased at the expense of
45 27 0 6331 6 19.88 49
1 42
53 25 134@33 134 21.46
45 27 0 P31 6 18.53 51
8 42
Government control of
54 253 @333 23.09 other grains; and the other is that
4334 27 0 031 6 18.40 52
15 4034
5434 260 @348 23.97 private industry is thus maintained long after the war has
45 27 0 031 6 19.05 5234
22 41
5534 300 638 734 25.10
4334 27 0 631 6 19.10 5334
24) 40
ended." lie predicted that this crop difficulty would be
Sept
5534 300 6438 734 24.58 corrected next year.
43X 25 6 P30 0 18.15 5334
5 3934
5644 30 3 @381034 25.10
4234 25 3 6429 9 17.85 5434
12 3934
Wheat has been very firm. Cash premiums in the North5634 30 3 (4)381034 23.34
4134 26 9 031 0 18.58 5534
19 3934
was the
5634 30 3 0381035 23.23 western markets have risen at time 5 cents. That
4434 27 0 031 6 19.88 5534
26 40
case on the 23rd instant. And hard wheat in the SouthSHIPPING NEWS.-Shipments in detail:
western markets has also been very firm. Mills find it
Total bales.
easy matter to get supplies even at rising prices. The
no
100
100
-Cedric,
22
Liverpool-Sept.
-To
NEW YORK
1,500 home consumption of flour thus far this season has increased
To Hamburg-Sept. 25-Sacramento, 1,500
200
To Antwerp-Sept. 23-Vasconia, 200
15%. The visible
3,627 noticeably. Apparently it is about
To Genoa-Sept. 23-Angelo Toso, 600; Cretic, 3,027
250 supply of wheat in the United States increased last
To Trieste-Sept. 22-Belvedere, 250
4,550 week 7,863,000 bushels, against 12,067,000 in the same
GALVESTON-To Liverpool-Sept. 18-Barbadian, 4,550
700
To Manchester-Sept. 24-Anselma de Larrinaga, 700
18,375 week last year. The total is now 77,988,000 bushels,
To Bremen-Sept. 18-Fresno, 18,375
354 against 79,531,000 a year ago. Hundreds of thousands
NEW ORLEANS-To Copenhagen-Sept. 23-Noruega, 354
551
To Christiania-Sept. 23-Noruega, 551
5,517 of bushels of wheat are on the ground in western Nebraska
To Genoa-Sept. 25-Winterton, 5,517
4 and in danger of rotting because grain elevators are filled
To Mexico-Sept. 25-Manzanillo, 4
11.700
SAVANNAH-To Ghent-Sept. 20-Cohasset, 11,700
9,464 and there are no cars handy to move the wheat. In the
BRUNSWICK-To Liverpool-Sept. 23-Ashbee, 9,464
83 United Kingdom according to official estimates the acreage
BOSTON-To Havre-Sept. ....-Western Scout, 83
300
SEATTLE-To Japan-Sept. 17-bUW a Maru, 300
is
3 planted to wheat was decreased 13%. In France rain
TACOMA-To Japan-Sept. 4-Manila Maru, 3
needed in sections for new crop preparations. Threshing
57,278
Total
continues active but yields are light. From Russia come
COTTON FREIGHTS.-Current rates for cotton from favorable crop advices. It is said that the southern regions
New York, as furnished by Lambert & Burrows, Inc., are of that country have liberal cops. In India the outlook is
good. In Spain the crop of wheat is said to be over an
as follows, quotations being in cents per pound:
Lisbon-1.75c.
average and better than last year.
Liverpool-2.50c.
9090 00000
0090 00000
MANCHESTER MARKET.-Our reports received by
cable to-night from Manchester state that there is a distinct
improvement in the market with a large and fairly general
business in both yarns and cloth. We give prices for to-day
below and leave those for previous weeks of this and last year
for comparison:
Manchester-2.50c.
Antwerp-1.65c.
Ghent via Antwerp-1.80c.
Havre-2.00c.
Rotterdam-1.75c.
Genoa-1.75c.
Christiania-2.25c.
Stockholm-2.75c.
Trieste-2.00c.
Fiume-2.60c.
Oporto-I.75c.
Bar'cl. direct-2.25c. asked
Japan-1.75c. asked
shanghai-1.75c. asked
Bombay-1.75c. asked
Vladivostock-1.75c.
Gothenburg-2.25c.
Bremen-2.00c.
Hamburg-2.00c.
Danzig-2.25c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs.
No. 2 red
No. I spring
LIVERPOOL.-Sales, stocks, &c., for past week:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
amount afloat
Of which American
Sept. 5. Sept. 12 Sept. 19. Sept. 26.
48,000
27,000
31,000
27,000
20,000
5,000
59,000
810,000
583,000
59,000
26,000
277,000
202,000
21,000
6,,, 0
77,000
854,000
627,000
140,000
110,000
149,000
94,000
18,000
6,000
73,000
818,000
597,000
63,000
30,000
121,000
74,000
37,000
32,000
71,000
785,000
574,000
27,000
19,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Monday.
Saturday.
Spot.
Market, I
12:15
P.M.
4
4
Quiet.
Mid.Upl'ds
HOLIDAY
Sales
Tuesday. Wednesday. Thursday.
Fair
business
doing,
Steady.
Fair
business
doing.
Friday.
Fair
business
doing.
18.47
19.38
19.70
19.55
19.88
5,000
5,000
6,000
5,000
7,000
Market j
opened
1
Irregular
Steady
Irregular
Steady
Quiet
209 pts. 488453 pts. 4 pts.dec.to 7010 pts. 2 pts.dec.to
advance. 2 pts. adv. advance. 4 pts. adv.
decline.
Market, I
4
P. M. I
Irregular
Steady Bar. st'dy Steady
Firm
168424 pts. 648470 pts. 8 pts.dec.to 7 pts.dec.to 146120 pts.
advance. advance. 2 pts. adv.5 pts. adv. advance.
Futures.
4
The prices of futures at.Liverpool for each day are given
below:
Mon.
Sat.
Sept. 20
to
Sept. 26.
d.
September ____
October
November.._ _ _
December
January
February
March..
April
May
June
July
Tiles.
Wed.
Thurs. I
Fri.
1234 1214 1234 4 1234 4 1234 4 1234 4 I 1234
. m.p. m.p. m.p. m.p. m.p. m.p. m. p. m.p. m.p
d.
HOLIDAY.
4
d.
d.
d.
d.
d.
d.
d. d. d.
d.
18.97 19.32 19.8820.0220.1020.01 19.9520.00 20.2S 20.19
18.97 19.32119.87 10.9620.0519.98 19.9420.03 20.2820.19
18.96 19.32'19.87 19.9820.03 19.95 19.9019.98 20.25120.18
18.98 19.33 19.9020.0020.04 19..4'6 19.0019.90 20.2420.18
18.98 19.33 19.9220.0020.06 19.97119.91 19.99 20.2320.1
18.94 19.30 19.89 10.97 20.03 10.93 19.86 19.93 20.11 20.
18.90 19.28 19.87 19.9520.01 19.89 19.80 19.88 20.0920.
18.86 10.24 19.83 19.91 19.97 19.84 19.75 19.8220.0220.
18.83 19.20 19.79 19.88 19.93 19.80 19.70 19.76119.95 19.
18.77 19.15 19.74 19.83 19.88 19.75 19.65 19.69119.87 19.
18.71 19.10 19.69 19.78 19.83 19.70 19.60 19.6319.80 19.
BREADSTUFFS
Fri
cts_23/4 23734 2374 2374 23734 2374
2404 24034 2404 24034 24034 2404
Indian corn advanced for a time with a good demand from
shorts and excellent buying by eastern interests at Chicago.
They took the distant months. Cash houses also bought
Sept. At one time prices showed an advance of 12% to
14 cents over the "low" of Sept. 15th. This refers to the
new crop futures. Sept. was even more conspicious by
its strength. It rose some 293/2 cents from the /ow point
of Sept. 15th. Firm cash markets were the bulwark of the
rise, although overselling no doubt had not a little to do
with it. At times too receipts at primary points have fallen
off. That made the trade think that perhaps the farmers had
already begun to carry out their holding back movement.
Certainly shorts pricked up their ears. They were uneasy
less pitifully small stocks should dwindle further. It turned ,
out that the visible supply increased for the week only
390,000 bushels. The total is now 1,750,000 bushels only
against 5,149,000 bushels at this time last year. There was
a story at one time that $1 50 a bushel had been paid for
corn in the fields. This report is given merely for what it
is worth. But many believe that the farmers will sell more,
freely when new corn begins to be available. It is said that,
many farmers are showing a disposition to sell for forward
delivery on the basis of $1 per bushel on the farms. If
prices should show a downward tendency it is believed that
farmers will hasten to sell. And as for the late advance
it was due in part at least to the oversold condition of the
market. But after the sharp rise it is fair to assume that
the technical position has been weakened. The short interest must be much smaller than it was recently. At the
West very may do not take the proposed holding back movement very seriously. The steel strike has had more or
less effect as an unsettling factor. Prices fell back owing
to a weakening in cash markets.
Liverpool advices state that increasing quantities of River
Plate corn have been finding their way into consumptive
channels, but the improvement in distribution in the United
Kingdom is still rather slow and the demand prevailing absorbs all amounts put forward. Larger arrivals can be looked
for shortly. Argentine prices show a firmer tendency, with
exporters taking hold on a broader scale. Offerings, however, are still plentiful, and foreign buyers need feel no
anxiety regarding their ability to satisfy future requirements.
Argentine tonnage rates have been declining, including boats
for America. One steamer is said to have been closed for
$15 per ton and a few are offering between $18 and $20 per
ton to carry corn to the United States. It is expected the
supply of tonnage in Argentine ports will continue to increase, as foreign buyers have been concentrating upon
Argentina for a large portion of their cereal needs. To-day
prices were irregular, ending lower for the day and the week.
Friday Nipht, Sept. 26 1919.
Flour has not been active; far from it. But with wheat
DAILY CLOSING PRICES OF CORN IN NEW YORK.
strong, flour prices have latterly been firmer. The trouble
Sat. Mon. Tues. Wed. Thurs. Fri.
is that this hurts business. Still the fact could not be No. 3 yellow
cts_1613C 16534 17034 16934 16334 163
Northwest
the
in
premiums
cash
that
mills
the
ignored by
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
at times of late have risen 5 cents per bushel. Also, in the September delivery in elevator_cts_147
1541 14934 144
14934 155
very
have
been
prices
markets
wheat
hard
Southwestern
December delivery in elevator____122% 12534 12834 1287 12334 12234
figures
to
according
in
that
121
elevator
delivery
12034
May
123
too,
fact,
12534
12034
interesting
12334
an
firm. It is
Oats advanced for some days, but with nothing like the•
issued by the Grain Corporation the production of flour thus
far this season has exceeded that during the same time last rapidity or the sweep of corn. It is said that in Great Brit-
SEPT. 27 1919.]
THE CHRONICLE
amn oats are selling at about 15 cents below the parity of
American prices. Also it is declared that Argentina is
pressing oats for sale. Export trade has been light. The
market has been in more or less of a rut. Cash houses have
been moderate buyers of .futures. And the cash situation
has been, to all appearances, strong or theoretically strong.
But it has been less of a factor than it was recently. •At the
same time receipts have been only moderate. Country
offerings have fallen off. The visible supply decreased
88,000 bushels as against an increase in the same time last
year of 1,984,000 bushels. The total is now 20,935,000
bushels against 26,859,000 last year. It was reported early
in the week that a cargo of oats had been sold for export.
It must be said, however, that the general opinion was that
this was old business. Still many regard oats as relatively
cheap. Foreign exchange has latterly advanced. At times
the West has reported a better cash demand with decreased
offerings. Some ocean freight room is said to have been
taken for October shipment.
Trade in oats in the United Kingdom has dwindled to very
small proportions, according to Liverpool cables. Good
quantities of American and River Plate oats are available.
Native oats are being offered in larger supply and there is
only a limited demand. "Argentine oats have advanced
slightly, due to an improvement in the foreign demand.
This variety is underselling American oats by a good margin,
and as many more boats were chartered to carry oats from the
Southern grower to the United Kingdom, we can look for an
increase in the shipments from there." To-day prices
fell
then rallied, but they end a trifle lower for the week.
1289
speculation that has been so evident of late. In the first
instance there seems to have sprung up a tacit agreement to
back up those who have reached the limit in concessions
and are standing firm on the statement that further allowances would simply mean a loss of business without a settlement of the unrest. As regards the checking of speculation,
traders have manifested more confidence in operations
wherever lower prices have been named and whenever
agents have shown intention of ceasing to ask the highest
levels before accepting new contracts. This reaction has
been slowing forming for some time and conservative
merchants have begun to realize the effect on the market
of any event that would greatly influence financial values.
It has become an easy matter to tie up a large amount of
money in a small quantity of merchandise and were it necessary to contract liabilities suddenly, some difficulty
would be experienced under sttch conditions. Another
factor that has an important bearing on this subject is the
possible uncertainty of distribution should jobbers become
fearful of the retailers'ability to pass along the high prices
to the consumer. Aside from all this, the prospects seem
bright for a good movement of merchandise if only the taking
of abnormal profits can, in some way, be checked. The
naming of new carpet prices took place this week and although
prices were much higher than they' were last April, it is the
conconsus of opinion that no difficulty will be experienced
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon. Tues.
Wed.
Thurs.
in disposing of the goods. In the export division of the marFri.
No. 1 white
cts
79
7914
7914
7934
79
ket the demand for hosiery continues unabate but it is
No. 2 white
78787% 7814-79 7814-79 7814-79 78-7814 78-797%
7814
stated that most of it is for silk goods that are notdobtainab
DAILY CLOSING PRICES OF OATS FUTURES IN
CHICAGO.
le
Sat. Mon. Tues. Wed. Thurs. Fri.
in this market at present. Exporters are inclined to refrain
September delivery in elevator_cts_ 6614 6714 677% 67%
667% 667% from showing any special
December delivery in elevator__ 687% 70
interest
in
print
70
goods
69%
due
to the
687% 687
May delivery in elevator
fact that prices named at present are too high and they
707% 727% 72
7114 71
71
can
get no assurance that lower prices will be forthcoming. The
The following are closing quotations:
foreign exchange situation still continues to hamper the
FLOUR.
Spring patents
growth of trade with European countries and the demand
$11 601312 25 Barley goods—Portage barley:
Winter straights,soft 10 15
No. 1
10 40
from Central and South America.has quieted down of late.
$700
Kansas straights___11 25
11 75
Nos. 2, 3 and 4, pearl_ 6 00©6 25
Rye flour
nom. 7 25
Nos. 2-0 and 3-0
DOMESTIC COTTON GOODS.—The approac of
7 75
7 00(47 15
Corn goods, 100 lbs.—
Nos. 4-0 and 5-0
October finds the market for staple cottons in a steady hposi7 25
White gran
20 Oats goods—Carload,
05
64 05114
tion with orders becoming more urgent and needs that have
Yellow gran
spot delivery
4
4 20
9 00
Corn flour
4 00 4 25
been held back, awaiting crop developments and
deGRAIN.
ciding factors, now being taken care of. The needother
Wheat—
of merOats—
chandise
is
evident
No. 2 red
$2 377%
and
No. 1
production has been so greatly cur79
No. 1 spring
2 407%
No. 2 white
78078% tailed that merchants are now willing to place orders with
Corn—
No. 3 white
78©78
%
the
mills
at
No. 2 yellow
prevailin
g prices. There has been decrease
1 64%
No. 3 yellow
Barley—
1 63
in the buying that was done solely in anticipation a
of advancRye—
Feeding
ing
135
prices
but
it
IsTo. 2
has
been impossible to entirely check specu1 547%
Malting
145
lators.
An
inclinati
other
on
For
tables usually given here, see page 1246.
on the part of agents to sell to consuming establishments of high credit standing
at lower
WEATHER BULLETIN FOR THE WEEK ENDIN
prices
than
they
quote
to others has been noticeable for
G
SEPT. 23.—The influences of weather on the crops as sum- several weeks and it is now reported that some of these
marized in the weather bulletin issued by the Department of agents have done a considerable business at half a cent under
the open market price. This will probably account for the
Agriculture for the week ending Sept. 23 were as follows:
recall of offers for contracts on the part of some buyers.
COTTON.—The railfall was frequent in Texas, with rather
In
largo
totals, and also in much of Arkansas and Oklahoma, but elsewhereweekly second hand circles, the Fall business has been done early
in the
cotton belt it was mostly light to moderate, and the temperatu
so
that
jobbers
re
are
now
averaged
awaiting
overdue
shipments and
generally above normal. Cotton made fairly good progress
the filling in. In lines where a scarcity
week in Oklahoma, the western half of Texas, and in Mississippduring
is indicated, several
i but elsewhere little or no improvement was reported, and the crop deteriorat
merchan
ts
have
already
alloted
ed
in
among
the retailers, who
many localities. Frequent rains were detrimental in Eastern
Texas, are regular buyers, the limited quantity available. Busiwhere insect posts continued damaging, while in North Carolina
the con- •ness is
tinued dry weather was harmful. The condition of the crop
good
in
the
markets
is
for
now
fine
goods,
reported
prints and peras only poor to fairly good in South Carolina, with only a fair prosepct
for cales. Fine goods mills are not over anxious to accept future
a top crop. It is beyond possibility of improvement in
while orders at this
the condition continues very poor in Florida. Cotton is inGeorgia,
time
as
they
prefer
to
complete
the business
poor to
fair condition in Southern Alabama, and is only poor to fairlyvery
good in the in hand before making further commitments. The
northern part of that state. In Oklahoma, however, it is in fair
gray
to very goods division of the
good condition and the top crop is coming on nicely, except
market
has
been
more active than last
much of
the eastern portion where the crop is poor; it is reported as aboutintwo
week
and
sheeting
s
weeks
have
also
been
in
good
demand. Gray
late in that State. The first part of the week was favorable for
cotton goods, 383' -inch standards
in Arkansas, but frequent fairly heavy to heavy rainfall the latter
are listed at 173/ cents.
part
caused generally poor progress and some cotton
was
beaten
out
and
WOOLE
stained
N
GOODS.
—Due to seasonal influence, the marby rain. The condition in that State, however, continues fairly
good. ket for woolens and
Picking is progressing in California, and a normal crop
worsteds has been quiet during the week
Southwestern Arizona. This work made slow progress is being gathered in
in
and
Texas
the
Jewish
on
holidays have added to this lack of activity.
of frequent rains and labor shortage, but in most other portions of account
the belt At present buyers are
good progress was made under favorable weather conditions.
content to sit back and await deliverCORN.—Some late corn, especially in bottom
ies.
Mills
report good production in spite of shorter hours
lands in central district
requires ten days to two weeks more to mature, but
the
great
and
part
of
indicati
the
ons point to adequate stocks of raw material
corn crop is safe from frost damage. Late corn has suffered from
lack of
moisture in the Southern States and the crop has deteriorat
ed materially in and plenty of labor. The only fear of further curtailment
many fields. Some damage was done to corn by rain in Texas
seems
to
during
be
along
the
the lines of labor unrest but so far mills
week. The harvest of early corn in the South
of the general crop in
other districts made good progress. The harvestand
of broom corn was nearly have not been hampered in this way. The industry has
completed, with the yield and quality generally satisfactor
been
expande
y.
d
by
new machinery and new mills during the
WINTER SEEDING.—Timely rains occurred
all of the last six months and it is now felt than an export trade
winter wheat belt where the preparation of soil ih practically
will
seeding of winter have
grains have been greatly delayed by persistent dry and
to
be
built
up
in order to keep the mills running at
weather. The drouth
was effectively broken in nearly all sections of the belt,
and
seeding
capacity
can
now
for
the
next
few
years.
make rapid progress, with the soil in good condition for
on, except that it continues too dry in much of the Northwest, germinati
FOREIGN DRY GOODS.—It has been predicted for
in the Northern
Great Plains and part of Oklahoma. Very little winter wheat
seeding
has
some
time that there would be many disappointments in
been accomplished as yet, and this work is considerably behind
its usual
progress at this season, except in the Northeast, where
conditions the linen trade due to delayed deliveries,and such a conhave been better. Progress has been especially slow insoil
the
Southern
dition
became evident during the past week. The mills
Great Plains. Seeding usually begins by the date of this issuel
southward
to Central Virginia, extreme Southwestern Kentucky, and
Southeastern of the United Kingdom are unable to supply the demand and
Oklahoma.
importer
s fail to see any signs of improvement for some time.
-1111111
,
A very limited supply exists due to the cutting off of the Russian
crop and a scarcity of raw material in Ireland. In spite
THE DRY GOODS TRADE
of these conditions, buyers are willing to place provisional
New York, Friday Night, Sept. 26 1919.
orders running far
and on almost any terms. The
The steady and conservative tone that was evident last Swiss linens recentlyahead
on the market proved too high priced
week has again held sway over the market for dry goods to be workable and no definite news on Belgian
linens has
during the week just closed. Perhaps the two most notice- been received. It is believed, however, that some will be
able features of the past few days have been a strong re- available from that country even though there is a scarcity
action against the labor unrest and lack of production, and of flax at present. The burlap market continues to hold
its firmness
a steady interest is being.displayed. Light
a movement begun by merchants to check the growth of weights are and
quoted at 140. and heavy weights at 18e.
THE CHRONICLE
1290 •
[VOL 109
5% coupon road
Oct. 4 by L. E. Siebenaller, Township Clerk, for 812,000$500.
Elate Oct.
impt. bonds. Atith. Sec. 3298-15e Gen. Code. Denom.
15 in each of the
Sept.
and
15
Mar.
on
$500
Due
S.
&
M.
15. 1919. Int.
in 1927,
15
Sept.
and
15
years from 1921 to 1928, incl.. and $1,000 on Mar.
payable to the above
1928 and 1929. Cert. check for 2% of amount of bid,
Treasurer's
Twp.
the
at
for
paid
and
delivered
be
to
clerk, required. Bonds
office. Purchaser to pay accrued interest.
, Kay County,
BLACKWELL PAVING DISTRICT (P. 0. Blackwell)bonds
will
has been
ls
-Proposa
Offering.
-Bond
of).
ry
Okla.-BOND SALE.-An issue of $120,000 6% paving
Hawaii (Territo
Date Sept. 15
$500.
Denoin.
sold to Hynoy, Emerson & Co., of Chicago.
at the office of the City
be received until 2 p. m. Oct. 20 at the U .S. Mtge. & Trust 1919. Prin. and ann. interest (Sept. 15) payable
charge.
or collectable through the office of the purchaser without
incl., and
Co., 55 Cedar St., N. Y., or until 9 a. m. Oct. 20, at the Treasurer,
Due yearly on Sept. 15 as follows: $10,000 1920 to 1925
Honor,
Treasure
al
incl.
Territori
1929
to
Metzger,
1926
$15,000
office of Delbert E.
Financial Statement.
$7,500,000
lulu, Hawaii, for $1,500,000 43/2% 20-30-year (opt.) gold Real value of property (estimated)
3,500,000
impt.
for taxation
public
ion)
valuation
Assessed
registrat
of
privilege
(with
coupon
185,000
tax-free
debt
bonded
Net
Prin1919.
15
Sept.
11,500.
Date
),
Present population (estimated
bonds, 1919. Denom. $1,000.
.
OFFERING
-BOND
Ind.
HonoLebanon),
in
0.
BOONE COUNTY (P.
cipal and semi-annual interest (M.& S.) payable
Oct. 3
J. L. Thomas, County Treasurer, will receive proposals until 10 a. m.
15
Sept.
Due
holder.
of
option
bonds:
at
road
%
City,
York
for the following 45-i
lulu, or New
Duo $270
Ed. F. Smith at al Harrison Twp. bonds. Donom. $270.
1929 incl.
1949, optional on or after Sept. 15 1939. Certified check for $5,400 each six months from May 15 1920 to Nov. 15
$1,200.
Denom.
bonds.
Twps.
Eagle
&
Union
al
Abbitt et
incl.
2% of the amount of bonds bid for, payable to the above 25,000 Columbus
Due $1,200 each six months from May 15 1920 to Nov. 15 1929
Y.
N.
of
Co.
Trust
N.
&
&
M.
Int.
Mtge.
S.
1919.
9
U.
Date Aug.
Treasurer, required. The
No. Caro.BOSTIC SCHOOL DISTRICT, Rutherford County,
have prepared and will certify the bonds, and the approving BOND
awarded $6,00(
SALE.-On Sept. 15, C. H. Coffin of Chicago waslD
at
to
Donom. $1,000.
furnished
ua
be
101.083.
will
to
eq
York
New
$6,065,
of
for
bonds
Thomson
school
C.
John
of
6%
opinion
Oct. 1 1919. Int. semi-ann. Due Oct. 1 1939.
6
Nov.
delivered
be
will
Bonds
successful bidder or bidders.
-BOND OFFERING.
BRENVILLE PARISH (P. 0. Arcadia), La.
until 12 m. Nov.3 by the President of Police Jury.
1919 at 11 a. m. at U. S. Mtge. & Trust Co., N. Y., unless Proposals will be received
Oct. 11919. Int.
Date
81,000.
Denom.
bonds.
road
5%
for
31,000,00‘.
otherwise agreed, or, at option of purchaser, at the office of F.& A. A like amount of bonds was reported as sold in V. 109,P. 302.
-On Sept. 22 the
the Territorial Treasurer, at agreed date.
BRIGHTON, Monroe County, N. Y.-BOND SALE.
advertise109. P.
dated Oct. 1 1019
The official notice of this bond offering will be found among the
$185,000 5% 2-21-year serial sewer bonds,
(V.
at 104.04.
Buffalo,
of
Co.,
1198), were awarded to O'Brian, Potter &
ments elsewhere in this Department.
County, Utah.
BRIGHTON DRAINAGE DISTRICT, Salt Lake6%
Minnesota.-Special Session of the Legislature Adjourned. BOND
5-40-year (opt.)
OFFERING.-An issue of 880,000 not to exceed
d.
Oct. 6, 307 Kearns Bldg.,
-On Sept. 19 the special session of the Legislature adjourne
drainage bonds will be offered for sale at 10 a. m.
Drainage Ditrict.
The vote in the Senate was 32 for to 31 against, and in the Salt Lake City. 0. F. Perterson, Supervisor BrightonDISTRICT
(P. 0.
BROOKFIELD TOWNSHIP RURAL SCHOOL
House the vote was unanimous for adjournment.
.-Proposals
OFFERING
Sharon, Pa., R. F. D. No. 67), Ohio.-BOND
of Board of
Clerk
Clark,
James
by
1
Oct.
m.
12
until
received
be
will
bonds offered withEducation, for the $11,250 5% Masury school-building
Sec. 7629-7630, Gen.
out success on May 10 (V. 108, p. 2155). Auth.,
and semi-annual
Principal
1
for
$250.
and
$500
for
22
Code. Denoms.
Reserve National Bank,
Kansas City School District, Mo.-Bond Call.-An Interest-A. & 0.-payable at the Western
April 1 1923 to April 1 1928,
from
2211
months
six
each
numbers
11899,
$1,000
July
Due
dated
Warren.
bonds,
issue of 332% school
payable to the
and $250 Oct. 11928. Certified check for $100,Interest.
to 2456 incl., and 2464 to 2610 incl., for $1,000 each, has been inclusive,
District Treasurer, required. Purchaser to pay accrued
-It is re11919.
SALE.
called for payment July
BROWN COUNTY (P. 0. Nashville), Ind.-BOND
serial road bonds, dated
ported that on Sept. 20 the $6,620 4%% 2-11-year
Bank
State
Nashville
the
to
Nov. 15 1919 (V. 109, p. 1198), were awarded
of Nashville at par.
ARY LOAN.
CAMBRIDGE, Middlesex County, Mass.-TEMPOR
in anticipation of revOn Sept. 22 the temporary loan of $100,000, issued
Jan. 15 1920-V. 109. p. 1198maturing
18
and
Sept.
-On
1919,
VOTED.
25
Sept.
dated
-BONDS
enue,
Okla.
County,
ADA, Pontotoc
discount
was awarded to Salomon Bros. & Hutzler, of Boston, on a 4.25%
% bonds were voted.
$325,000
of $2.
AWARDED IN basis, plus a premium
were:
Boston,
of
ADAMS COUNTY (P. 0. Decatur), Ind.-BONDS
all
bidders,
Other
20 awarded to the
100.770
100.880 Estabrook & Co
PART.-An issue of $11,513 road bonds was on Sept.
Harris, Forbes & Co
L. Day & Co 680
100.828 R0,
Old Adams County Bank, of Decatur, it is stated. It is further reported Blodget &Co10
100.799
that no bids were received for other issues offered.
National City Co
bonds,
.-Thos. S.
BOND SALE.-On Sept. 24, it is stated, the following tax-free
AKRON, Summit County, Ohio.-BOND OFFERING
m. Oct. 13 for the aggregating $501,250, were awarded to Kidder, Peabody & Co. of Boston
Heffernan, City Auditor, will receive proposals until 12
primaries
August
the
at
voted
bonds
at 101.335 and interest:
following 5% bonds, being a part of the
Denom. $500. Due $500 yearly on
$2.500 43% coupon street bonds.1924
-V. 109. p. 796:
1920
incl.
Oct. 1 from 1920 to
$155,000 fire dept. honds. Due yearly on Oct. 1 as follows: $10,000
$1,000. Duo $2,000 yearly
Donotn.
bonds.
to 1933, incl. and $15,000 1934.
10,0004% coupon street
bonds. Due yearly
on Oct. 1 from 1920 to 1924 incl.
66,000 (not 856,000-V. 109, p. 1198) police dept.
Due $10,000 yearly
1929
$1,000.
$5,000,
Denom.
and
incl.,
bonds.
1928,
to
street
1920
coupon
$4,000,
on Oct. 1 as follows:
50,000 4X%
on Oct. 1 from 1920 to 1924 incl.
to 1934, incl.
Due
at the National
coupon street bonds. Denom. $250 and $1.000.
%
4%
6,250
Date Oct. 1 1919. Prin. and semi-ann. int. payable of
bonds bid for,
$2,250 Oct. 1 1920 and $1;000 yearly on Oct. 1 from 1921
Park Bank of New York. Cert. check for 1% of amount
at
made
to -1924 incl.
payable to the City Treasurer required. Delivery of bonds to be
$1,000. Due $1,000 yearly
10.000 4%% coupon street bonds. Denom
Akron. Purchaser to pay accrued interest.
on Oct. 1 from 1920 to 1929 incl.
$525,000
-The
SALE.
-BOND
La.
Parish,
$500 and $1,000. Due
ALEXANDRIA, Rapids
25,000 4%% coupon street bonds. Donom.
dated Sept. 1 1919
5% 1-30-year serial coupon public improvement bonds
$2,500 yearly on Oct. 1 from 1920 to 1929 incl.
offered Aug. 20-V. 109, p. 501-have been sold to J. A. Bently of Alex- 180.000 4%% coupon street bonds. Denom $1,000. Duo yearly on
andria at par and interest.
Oct. 1 as follows: $20,000 1920 to 1927 hid. and $10,000
SALE.
1928 and 1929.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.-BOND
yearly on
privilege
7,500 434% coupon sewer bonds. Donom. $500. Due $500
On Sept. 22 the $1,500,000 4X% 1-30 year serial coupon (with p.
1198
109,
1 from 1920 to 1934 incl.
1
1919-V.
Sept.
Oct.
dated
bonds,
road
of registration) tax-free
$1,000
Duo
$1,000.
Donom.
bonds.
house
school
15,000 4X% coupon
were awarded to the Union Trust Co., of Pittsburgh, at 100.371.
yearly on Oct. 1 from 1920 to 1934 incl.
2 $45,000
$8,000 yrly.
Due
$1,000.
Donom.
bonds.
hospital
ALTUS, Jackson County, Okla.-BOND SALE.-On Sept.
coupon
city hospital 150,000 43,5%
1 in
water-works extension, $50,000 convention hall and $50,000
on Oct. 1 from 1920 to 1937 incl. and $3,000 on Oct.
Trust Co., of Tulsa. Int.
6% 25-year bonds were awarded to the Exchange
1938 and 1939.
J. Edwards.
$500. Due
and
$1,000
Denom.
bonds.
sewer
semi-ann. Bids were also received from tho following: R.
coupon
45,000 4%%
Robinson & Taylor, Geo. I. Gilbert J. Edgar IIonnold and W. A. Brooks.,
$1,500 yearly on Oct. 1 from 1920 to 1949 incl.
$1,000. Due $1,000 yrlY.
County,
3,000 4% registered street bonds. Donom.
ANDERSON SPECIAL ROAD DISTRICT, McDonald
30 to vote on
on July 1 from 1920 to 1922 Inch
Mo.-BOND ELECTION.-An election will be held Sept. $1,000.
Oct. 11919. except the $3,000 4% regisdated
are
Date
bonds
All
above
the
Denom.
bonds.
road
$20,000
5%
the question of Issuing
1921 tered street bond issue, which is dated July 1 1919.
March 11920. Int. semi-ann. Due $1,000 yearly on March 1 from
ers.
.
to 1940 incl. Dr. S. B. Buck is Secretary Board of Commission
CAMDEN COUNTY (P. 0. Camden), N. J.-BOND OFFERING
proposals
SALE.-On Thomas W. 13inker, Chairman of Finance Committee, will receive bonds
not
ANDREWS, Cherokee County, No. Caro.-BOND
6 year impt.
5%
of
an
issue
for
stated,
is
it
6,
$40,000
Oct.
m.
at
102.35
a.
11
awarded
until
were
Aug. 14 C. N. Malone & Co., of Asheville
Aug. 1 to exceed $58,000. Int. semi ann. Cert. check for 2% required.
6% 12 year (aver.) street impt. bonds. Denom. $1,000. Date
22 the
1919. Int. F. & A.
CANTON, Stark County, Ohio.-BOND SALE.-On Sept.
OFFERING. $316,967 86 1-8-year serial coupon deficiency bonds dated 'Sept. 1 1919ASHTASULA COUNTY(P.O.Jefferson), Ohio.-BOND
Toledo
at Par
of
Braun
&
to
Stacy
sale
private
proat
receive
sold
will
ers,
7-were
n
V
a
d
.
.
1019
7t9
n,terir.es
-B.E. Brainard, Clerk, Board of County Commission
Lyme road impt.
posals until 1 p. m. Sept. 29 for 828,000 5% Lonox-New
submit to
to
proposal
-A
.
1919.
1
April
REJECTED
Date
PROPOSAL
$500.
Denom.
Code.
ELECTION
Gen.
BOND
bonds. A uth. Sec. 6929
incl., and the voters an issue of $3,000,000 street inlet. bonds has boon rejected by the
Int. A. & 0. Due $3,000 yearly on Oct. 1 from 1920 to 1927,Treasurer.
City Council as being too large for the present needs of the city.
$4.000, Oct. 11928. Cert. chock for $500, payable to the County
of
date
trom
days
10
within
for
paid
and
.
required. Bonds to be delivered
CARBON COUNTY (P.O. Red Lodge), Mont.-BOND OFFERING
award. Purchaser to pay accrued interest.
An issue of $130,000 road bonds will be offered for sale Doc. 4.
D.
SALE.-On Sept.'24,
AUDRAIN COUNTY (P. 0. Mexico), Mo.-BONDS DEFEATE
CEDAR RAPIDS, Linn County, Iowa.-BOND
bridge and $150,000
The $700,000 road bonds mentioned in V. 109, p. 301, were defeated at a according
to reports, the 8420,000 10-20-year serial
(V. 109, p. 797),
1919
recent election held in this county.
1
Nov.
dated
bonds,
43.%
sower
4-15-year serial
at 97.55 and 99.90,
Moines,
SALE.
Dos
were awarded to the Casady Bond Co. of
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.-BOND
at Wayne respectively.
-On Sept. 20 the $5,000 4%% 1-10 year serial Wiley Anderson at
four issues of
Twp. road bonds, dated Se.pt. 20 1919-V. 109, p. 1198-were awarded to
CHATTANOOGA, Tenn.-BOND SALE.-On Sept.it16
is stated, to the
A. Trost at par and interest.
6% paving bonds aggregating $18,078.30 werea awarded
of 5.43%.
basis
a
at
102.24,
Chattanoog
of
BELOIT SCHOOL DISTRICT (P. 0. Beloit), Mitchell County, American Trust & Banking Co.
ND
Kans.-BOND SALE.-On Sept. 10 the Brown °rummer Co., of Wichita
COUNTY SCHOOL DISTRICT NO. 1, N. Mex.-BO
CHAVES
purchased
81,000, SALE.-An issue of $50,000 59' coupon school bonds has boon
offering 101.775 was awarded $25,000 5% school bonds. Denoms.
15
Optional
July
Date
&
$500.
J.
Due
1939.
J.
Denoin.
1
July
Int.
Louis.
11919.
Date
St.
July
of
Co.,
$100.
and
8500
by the Mercantile Trust
Duo July X5 1949.
July 1 1929.
1919. Prin. and semi ann. int. payable in New York.
is
1929.
-It
.
15
July
Optional
BENTON COUNTY (P. 0. Fowler), Ind.-BOND OFFERING
Financial Statement.
700
2446:000
reported that on Oct. 1 at 10 a. m. 813,510 4.4% 10-year M.)rr311 E. Ford
$7,50
Assessed valuation
road bonds will b3 offered for sale by Frank E. Cones County Treasurer.
issue
this
including
Total debt,
Sept.
-On
SALE.
-BOND
Ore.
BENTON COUNTY (P. 0. Carvallis),
Population, 10,000.
Sept. 1 1919-Total debt, 3 1-3% of assessed valuation.
17 the $110,000 5% 5-10 year serial.gold road bonds, dated
for'$110,711
SALE.
V. 109, P. 1097-were awarded to the Seattle National Bank
received
also
were
CHIPPEWA COUNTY(P.O.Sault Ste. Marie), Mich.-BOND
-Bids
(100.646) interest and will furnish printed bonds.
Port- -The $25,000 bridge and $25,000 court-house 1-10-year serial0.bonds,
from the following bankers: Detroit Trust Co., Detroit; Henry Teal,
396),
stlecOSS on Jan. 15 (V. 108,
without
offered
1919,
&
Ladd
15
May
Portland;
SO/1.9,
dated
&
Rollins
II.
E.
lana; Morris Bros. Mo.,Portland;
at par,iit_ls
have been purchased by the Sinking Fund Commission as 4s,
Tilton Bank, Portland; Geo. E. Miller & Co., Portlanct; Benton County
State Bank, Corvallis; and the Continental & Commercial Trust & Saving reported.
NO. 58 (P. 0. Port
Bank and Lumbermen's Trust Co., bid jointly.
CLALLAM COUNTY SCHOOL DISTRICT
-BOND Oh ERIN6.-AccertlIng to reports, B. al.,
BIG SPRING TOWNSHIP (P. 0. New Riegel), Seneca County, Angeles). Wash.Treasurer (P. 0. Port Angeles), will receive bids unte*
County
4. - -BOND OFFERING -Proposals will be received until 2 P. in.
-tatt an (nig gepartment
„§
NEWS ITEMS
BONDS CALLS AND REDEMPTIONS
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follow:
SEPT. 27 1919.1
THE CHRONICLE
2 p. m. Sept. 28 for $3,500 5-year school bonds at not exceeding 6% int.
Denom. $500.
CLERMONT COUNTY (P. 0. Batavia), Ohio.-BOND SALE.-The
$7,0805% 2-10 year serial road bonds, dated Aug. 1 1919, which were offered
Aug. 30-V. 109, p. 797-have been purchased by the First National Bank
of Batavia at par and interest.
CLOVIS UNION HIGH SCHOOL DISTRICT Fresno County,
Calif.-BOND OFFERING.-Proposals will be received until 2 p. m.
Oct. 7 by D. M Barnwell, Clerk Board of County Supervisors (P. 0.
Fresno), for $100,000 5% high-school bonds. Denom. $1,000. Date
Sept. 10 1919. Principal and semi-annual interest (M. & S.) payable at
the office of the County Treasurer. Due $5,000 yearly beginning Sept. 10
1920. Certified check for $5,000, payable to the Chairman Board of
County Supervisors, required. Bonds must be taken up and paid for
within five days after notice has been given that they are ready for delivery.
Bonded debt, none. Assessed value taxable (non-operative) property,
1919-1920, $4,622,127.
COLUMBUS, Franklin County, Ohio.-BOND SALE.-On Sept.
23 the $700,000 43 % 18-25 year serial flood protection bonds, dated
Mar. 1 1917-V. 109, p. 1199-were awarded to Field, Richards & Co., of
Cincinnati, for $687,195, equal to 98.170.
COLUMBUS, Franklin County, Ohio.-BONDS DEFEATED.
It is reported that a proposition to issue $300,000 grade crossing bonds
failed to meet the approval of the voters at the election held Aug. 12.
Later reports state that this issue will be re-submitted to the electors on
Nov.4.
BOND ELECTION.-The citizens will vote on a proposal to issue $225,
000 park bonds at the November election, it is reported.
COLUSA, Colusa County, Calif.-BIDS REJECTED.-All bids were
rejected for the $20,000 5%% bathouse bonds offered for sale on Aug. 25
-V. 109, p. 699.
COOK COUNTY (P. 0. Adele), Ga.-BOND OFFERING.-Sealed bids
will be received until 12 m. Oct. 8 by C. 0. Smith, County Ordinary, for
$250,000 gold coupon road impt. bonds. Denom. $1,000. Date Sept. 1
1919. Prin. and semi-ann. Int.(M. & S.) payable at the National Bank of
Commerce, N. Y., or at any bank in Cook County, at option of holder
Due yearly on Sept. 1 as follows: $3,000 1921 and 1922, $4,000 1923 and
1924, $5,000 1925 and 1926, $6,000 1927 and 1928, $7,000 1929 and 1930,
$8.000 1931 and 1932, $10,000 1933 and 1934, $12,000 1935 and 1936.
$13,000 1937 and 1938, $14,000 1939, $15,000 1940, $14,000 1941, $13,000
1942, $12,000 1943, $11,000 1944, $10,000 1945, $5.000 1946 to 1948, incl.,
and $10,000 1949. Cert. check for $2,000 payable to the above county
Ordinary, required. The bonds have been validated by the County
Supreme Court.
COOPER CITY SCHOOL DISTRICT (P.O. Cooper), Delta County,
Tex.-BONDS REGISTERED.-We are advised that $8,000 5% 10-20
year bonds were registered with the State Comptroller on Sept. 15.
COOS BAY (P. 0. Marsfield), Ore.-BONDS PROPOSED.-The Port
Commission is considering a third issue of $200,000 port bonds. Issues first
and second, aggregating $600,000 of bonds, have been floated and although
the Commission is already,empowered to float a total of $900,000, yet to
determine the feeling of the public an election may be called.
CORNING, Steuben County, N. Y.--BOND SALE -An is.sue of
$30,000 5% sewer bonds was on July 2 awarded to Sherwood & Merrifield,
of Now York,at $101.78. Denom.$1,000. Date July 11919. Int. J. & J.
Due $3,000 Yearly on July 1 from 1920 to 1929, inclusive.
CORNING SCHOOL DISTRICT, Calif.-BOND SALE.-It is reported, that the Tohama County Savings Bank was recently awarded
$46,000 school bonds for $48,324, equal to 105.052.
CRITTENDEN COUNTY DRAINAGE DISTRICT NO. 6, Ark.
BOND OFFERING.-Bids will be received until 2 p. m. Sept. 29 by C. L.
Lewis. Secretary (care of Ayres & Miller, Engineers, Randolph Building,
Memphis, Tenn.) for $20,000 6% bonds. Int. semi-anti. Cert. check for
$1,000, required.
CROWLEY COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Ordway),
Colo.-BOND SALE.-Recently Sweet, Causey, Foster & Co., of Denver,
were awarded the $30,000 5%% school bonds voted at an election held
Sept. 9 (V. 109, p. 1199). Denom. $1,000. Date Sept. 15 1919. Int.
M. & S. Due Sept. 15 1959. optional Sept. 15 1939.
CUMBERLAND COUNTY (P. 0. Fayetteville), No. Caro.-BOND
OFFERING.-D. Gaster, Co. Treas., will receive bids until 12 m. Oct. 7
for $250,000 5% coupon road and funding bonds. Denom. $1,000. Date
April 15 1919. Prin. and semi-ann. int. (A. & 0.) at the Nat. Park Bank,
N.Y. City. Due $100,000 April 15 1925,$75,000 April 15 1930 and $75,000
April 15 1935. Cert. check for $5,000 required.
CURRY COUNTY SCHOOL DISTRICT NO. 10, New Mexico.BOND SALE.-An issue of $23,000 6% 10-20 year (opt.) school bonds has
been sold to Sweet, Causey. Foster & Co. of Denver.
DEERFIELD SPECIAL TAX SCHOOL DISTRICT NO. 1, Broward
County, Fla.-BOND SALE.-An issue of $12,000 6% school bonds,
offered on Sept. 15, was awarded on Sept. 16 to the Powell, Garard & Co.,
of Chicago, for $12,101 (100.841) and interest. Denom. $1,000. Date
Jan. 11918. Int. J. & J. Due $1,000 yearly beginning 1923.
DEER LODGE, Powell County, Mont.-BOND OFFERING.-On
Oct. 20 the $30,000 6% city-hail bonds authorized by a large majority at
the election held Sept.2(V. 109, p. 1000), will be sold. Due 1939, optional
1934.
DEER TAIL DRAINAGE DISTRICT (P. 0. Ladysmith), Rusk
County, Wisc.-BOND SALE.-The $5,000 6% 5-15 year Sub-District
No. 1 bonds offered without success on July 21-V. 109, p. 502-have been
sold to the State Bank of Ladysmith at par and interest.
DE KALB MAGISTERIAL DISTRICT (P. 0. Gate City), Scott
County, Va.-BOND OFFERING.-P. A. Richmond, Deputy Clerk of the
Board of County Supervisors, will receive proposals until 1 p. m. Oct. 27
for $142,900 road bonds, at not exceeding 6% interest. Denoms. 27 for
$1,000, 1 for $500 and 4 for $100. Date Dec. 1 1919. Prin, and semi-ann.
int. payable at Gate City. Due $5,000 on Dec. 1 in 1924 and 1929, $5,000
yearly on Dec. 1 from 1930 to 1950, incl., $10,000 Dec. 1 in 1951 and 1952,
and $7,900 Dec. 1 1953. Certified check on a national bank for $1,500
required. Purchaser to furnish blank bonds.
DELTA COUNTY (P. 0. Escanaba), Mich.-BOND SALE.-The
$200.000 5% 1-14-year serial road bonds, dated Sept. 1 1919 (V. 109, P.
1098), have loeen sold to Whittlesy, McLean & Co., of Detroit.
DENVER, Colo.-BONDS DEFEATED.-Reports state that school
bonds amounting to $8,000,000 were defeated at the election held Sept.
23.-V. 109, p. 798.
DES MOINES, Polk County, Iowa.-BOND SALE.-An issue of
$100,000 5% fire fund bonds offered on Sept. 10 was awarded on that day
to the White-Phillips Co., of Davenport at 100.700 and interest. Denom.
$1,000. Date July 1 1919. Int. semi-ann. payable at the office of the
City Treasurer. Duo yearly on July 1 as follows: $10,000 1921 to 1927,
incl.• and $15,000 1928 and 1929. Bids were also submitted by the Central
Trust Co., and R. M. Grant & Co.
DETROIT, Wayne County, Mich.-BOND SALE.-On Sept. 23, it is
stated, the 3 issues of 4%% 1-30 year serial coupon or registered tax-free
bonds, aggregating $2,661,000-V. 109, p. 1098-were awarded to the Bank
of Detroit, for $2,677,025, equal to 100.602. Date Sept. 11919.
DONA ANNA COUNTY SCHOOL DISTRICT NO. 12(P.0, Mesilla),
New Mex.-BOND SALE.-An issue of $10,000 6% 20-30 year (opt.)
school bonds has been sold to Benwell, Phillips, Este & Co., of Denver at
103.50.
DOUGLAS COUNTY (P. 0. Omaha), Neb.-DESCRIPTION OF
BONDS.-Tho $1,000,000 5% highway bonds awarded on Sept. 2 to the
Harris Trust & Savings Bank, The First Trust & Savings Bank and the
Peters Trust Co. at 102.045-V. 109, P. 1001-are described as follows:
Denom. $1,000. Date Oct. 1 1919. Int. J. & J. Due $200,000 yearly
on Oct. 1 from 1932 to 1936, incl.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 43, Wash.-BOND
OFFERING.-Until to day (Sept. 27) proposals will be received, it is statcd,
by J. F. Irwin, County Treasurer (P. 0. Waterville) for $6,000 school
bonds.
1291
DUBUQUE COUNTY (P.O. Dubuque), Iowa.-BOND OFFERING.
Bids will be received until 2 p. m. Sept. 30 by John Inghram, County
Auditor, for $40,000 5% county detention hospital bonds. Denom.$1,000.
Date Sept. 1 1919. Prin. and semi-ann. int.(M.& S.), payable at the office
of the County Treasurer. Due yearly on Sept. 1 as follows: $2,000 1923
and 1924; $3,000 1925 to 1930, incl.; $4,000 1931 and 1932, and $5,000
1933 and 1934. Cert. check on a national bank for $2,000, payable to the
County Treasurer required. Official circular states that there is no controversy or litigation pending or threatened affecting the validity of the
bonds, or to the corporate existence of boundaries of the county, or the
title of the respective officials to their offices. Bonds will be delivered
and paid for within 10 days from time of award.
DURHAM COUNTY (P. 0. Durham), No. Caro.-BOND OFFERING.-Proposals will be received until 2.30 p. m.Oct.7 by M.G.Markham,
County Clerk, for $250.000 5% gold road bonds. Denom. $1,000. Date
Oct. 1 1919. Prin. and semi-ann. int. (A. & 0.) payable in New York.
Due $10,000 yearly on Oct. 1 from 1925 to 1949 incl. Cert. check on an
incorporated bank or trust company for $5,000, required. The bonds to
be prepared under the supervision of the U. S. Mortgage & Trust Co., of
N. Y., which will certify as to the genuineness of the signatures of the
County officials and the seal impressed thereon and the purchaser will be
furnished, without charge, the opinion of Caldwell & Masslich, of N. Y.,
approving the legality of bonds. All bids must be amde on blank forms
furnished by the above trust company and County clerk. Bonds will be
delivered in Durham, New York, Chicago, Cincinnati or Toledo, at purchaser's option, on Oct. 15 1919.
DUVAL COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1, Fla.
-BOND OFFERING.-Additional information is at hand relative to the
offering on Oct.4 of the $325,000 5% 30-year school bonds-V.109„ p.1098.
Proposals for these bonds will be received until 10 a. in. on that day by
F. A. Hathway, Superintendent and ex-officio Secretary Board of Public
Instruction (P. 0. Jacksonville). Denom. $1,000. Date Aug. 1 1919.
Prin. and semi-ann. int.(F. & A.) payable at the office of the School Board
or at the Seabord Nat. Bank, N. Y., at option of holder. Purchasers
are required to give security by bond with a surety company duly authorized to do business in the State of Florida for 2% of the amount of bonds
bid for or cert. check on a national bank or a Florida State bank for the
same amount. The above bonds have been validated by decree of County
Circuit Court and the legality of the issue will be approved by John C.
Thomson of N. Y. and copy of his opinion will be furnished to the purchaser.
Bonded debt $1,000. Assessed value of taxable property 1918 $43,862,010.
Estimated value $100,000,000.
EASTLAND,Eastland County, Tex.-BOND SALE.-During August,
E. L. Twing was awarded the $200.000 street paving and $100,000 city-hall
6% 20-40 year (opt.) bonds mentioned in V. 109, p. 395-for $308,000
equal to 102.666. Denom. $1,000. Date Sept. 1 1919. Int. J. & J.
EAST NEWARK (P. 0. Newark), Essex County N. J.-BOND OFFERING.-According to reports, proposals will be received until 8.30 p. m.
Oct. 8 by Thos. J. Carey, Borough Clerk, for $63.000 5% 11-year (aver.)
funding bonds. Int. semi-ann. Cert. check for 2% required.
ELE ELUM, Kittitas County, Wash.-BONDS DEFEATED.-The
issuance of $50,000 6% 20-year reservoir bonds was defeated at the election
held Sept. 12-V. 107, p. 1001. The vote was 79 "for'to 80 'against.'
EL RENO,Canadian County, Okla.-BOND SALE.-The Commercial
Bank of El Reno, bidding 104.175, was recently awarded the $120,000 53 _%
25-year park and sewer bonds, which were recently voted.-V.108, p. 2053.
ELYRIA, Lorain County, Ohio.-BOND SALE.-The $55,000 5%
11-21 year serial street paving bonds, dated Aug. 11919, which were offered
on Aug. 28-V. 109, p. 602-have been awardqd to E. H. Rollins & Sons,
of Chicago, at 101.53.
ENID, Garfield County, Okla.-BOND SALE.-On Sept. 16 $320,000
water, $250,000 convention hall, $180,000 sewage disposal, $150,000 park
and $15,000 playground 5%% 25-year (opt.) bonds were awarded to a syndicate composed of the American National Bank, R. J. Edwards, C. Edgar
Honnold and Geo. I. Gilbert, all of Oklahoma City, for $928,825 (101.51)
and interest. Denom. $1,000. Date Sept. 1 1919. Int. annually.
ERIE, Erie County, Pa.-BOND SALE.-On Sept. 19 the two Issues of
43 % 7-31 year serial tax free coupon bonds aggregating $200,000-V. 109.
p. 1001-were awarded jointly, to the Union Trust Co. and Lyon, Singer
& Co. of Pittsburgh, at 102.61 and interest, a basis of 4.28%.
EUCLID, Cuyahoga County, Ohio.-BOND SALE.-On Sept. 22 the
2 issues of 53 % 4 10 year serial coupon street impt. bonds aggregating
$7,100-V. 109, p. 798-were awarded to Otis & Co. of Cleveland for $7,190
(101.267) and interest. Date Sept. 22 1919. Other bidders were:
W.L. Slayton & Co., Tol_ _$7,186,17 I Seasongood & Mayer, Cin_$7,151 00
Stacy & Braun, Toledo_ _ _ _ 7,168 40 Terry, Briggs & Co., Tol__ 7,144 00
EUREKA, McPherson County, So. Dak.-BOND SALE.-The
Bankers Trust & Savings Bank of Minneapolis offering 95 was awarded
the $40,000 1-20 year serial water works bonds, dated Oct. 11919, offered
on Sept. 19-V. 109, p. 906. Bids were also received from Wells Dickey
Co. of Minneapolis and the German Bank of Eureka.
FLEETWOOD SCHOOL DISTRICT (P. 0. Fleetwood), Berks
County, Pa.-BOND OFFERING.-Oscar Heffner, Secretary of Board of
School Directors, will receive bids until Sept. 30 for $50,000 4%% school
bonds, it is stated. Cert. check for 1% required.
FLORENCE, Fremont County, Colo.-BOND ELECTION AND
SALE.-Subject to being voted the $100,000 5% 15-30-year (opt.) school
bonds mentioned_in V. 109, p. 1199, have been sold to the International
Trust Co. of Denver at 100.051.
FORT COLLINS, Lorimer County, Colo.-BOND SALE.-An issue
of $101,000 5% impt. bonds has been sold to local investors at par. Denom.
$500. Date Aug. 1 1919. Int. F. & A. Due 1939.
FORT MILL SCHOOL DISTRICT (P. 0. Fort Mill), York County,
So. Caro.-BOND SALE.-The $15,000
% tax-free school impt. bonds
offered on Aug. 12L-V. 109, p. 602-have been sold to S. Massey for
$15,152.50 equal to 101.016.
FORT SUMNER IRRIGATION DISTRICT (P. 0. Fort Sumner),
De Baca County, New Mex.-BOND OFFERING.-Proposals will be received until 2 p. m. Oct. 18 by C. D. Parsons, Secy., for $400,000 6% irrigation bonds. Denom. $500. Date Sept. 1 1919. Int. J. & D. Due on
Aug. 31 as follows: $20.000 1930,$24,000 1931, $28,000 1932, $32,000 1933,
$36,000. 1934 $40,000, 1935 $44,000, 1936 $52,000, 1937 $60,000, 1938 and
$64,000 1939. Cert. check on some solvent bank for $500 payable to the
Co. Treas. required. Purchaser topay accrued int.
FRANKLIN TOWNSHIP,Washington County,Ind.-BOND OFFERING.-Proposals will be received until 12 m. Oct. 4 by Samuel Ashabraner,
Township Trustee, for $3.800 5% bonds, approved by the State Board of
Tax Commissioners. Denom. 10 for $350, 1 for $300. Int. semi-ann.
Due on6 bond each six months beginning July 1 1920.
FREMONT, Sandusky County, Ohio.-BOND OFFERING.-Up to
12 m. Oct. 6, proposals will be received by F. C. Klegin, City Auditor,for
$10,000 5% coupon fire-fighter-purchase bonds. Denom. $500. Date
April 11919. Prin. and semi-ann. int.(A.(lc 0.) payable at the office of the
Sinking Fund Trustees. Due $500 each six months from April 1 1921 to
Oct. 1 1930, incl. Cert. check on a solvent bank for $300, payable to the
City Treasurer,required. Bonds to bo delivered and paid for within 10 days
from date of award. Purchaser to pay accrued interest.
FRUITLAND SCHOOL DISTRICT, Los Angeles County, Calif.
BOND OFFERING.-It is reported that Roy W. Dowds, County Clerk, will
receive proposals until 2 p. m. Sept. 29 for $50,000 57o• 1-25-year serial
school bonds. Interest semi-annual. Certified check for 3% required. 4
GARDNER, Worcester County, Mass.-NOTES OFFERING.-The
Town Treasurer is receiving bids until 9 a. m. Oct. 1, it is stated, for $9,000
4%% police dept. equipment notes. Date Oct. 1 1919. Duo $3,000 on
Oct. 1 in 1920, 1921 and 1922.
GIBSON COUNTY (P. 0. Trenton), Tenn.-BOND OFFERING.
Sealed bids will be received until to day (Sept. 27) by R. C. Taylor, County
Judge, it is reported, for $500,000 5% road. bonds. Int. semi ann.
GIBSON TOWNSHIP, Ohio.-BOND SALE.-Reports state that an
Issue of $5,500 57 2 -year aver, road bonds was recently purchased by
the State Industrial Commission at par.
GLOUCESTER, Essex County, Mass.-TEMPORARY LOAN.
--t is
reported that a temporary loan of $50,000 dated Sept. 29 1919 and maturing March 1 1920 has been awarded to the Gloucester National Bank
•
on a 4.17% 4+1
1292
THE CHRONICLE
GRAND HAVEN SCHOOL DISTRICT (P. 0. Grand Haven),
Ottawa County, Mich.-BONDS DEFEATED.-The citizens of the district recently defeated a 375,000 school bond issue by a vote of 4 to 1.
GRANGEV1LLE HIGHWAY DISTRICT (P. 0. Grangeville), Idaho
County, Idaho.-BOND SALE.-An issue of $50,000 10-20 year (opt.)
bonds offered on Aug. 30, has been awarded to Clark, Kendall & Co.. of
Portland at 100.352 and interest and bonds. Denom. $1,000. Date
Aug. 1 1919. Int. J. & J. payable at Grangeville. Bonded debt Aug. 26
value 1919, 32,000,000. Bids were also received
1919, 350,000. Assessed '
from John E. Price & Co., Carstens & Earles, Inc., Spokane &_ Eastern
Trust Co., Murphy, Favre & Co., Keeler Bros., G. E. Miller & Co.
Ferris & Hardgrove, Union Trust Co. and Sweet, Causey, Foster & Co.
GRANT COUNTY ROAD DISTRICT NO. 6, Ark.-BOND SALE.
Recently the Friedman-d'Oench Bond Co. of St. Louis purchased and is
now offering to investors at a price to yield 5.35% $93,000 5%% bonds.
Denom. $1,000. Date June 2 1919. Int. semi-ann. (M. & 8.) payable
at the National Bank of Commerce, St. Louis. Due yearly from 1921
to 1938 inclusive.
HALEDON, Passaic County, N. J.-BOND SALE.-On Sept. 22 the
issue of 5% 2-11-year serial gold coupon (with privilege of registration)
bonds, dated May 1 1918, was awarded, it is stated, to the Paterson Safe
Deposit & Trust Co. of Paterson at 100.25 for $20,000 bonds.
HAMDEN, New Haven County, Conn.-BOND OFFERING.-The
town is asking bids for an issue of 3100,000 5% improvement bonds. Date
Oct. 15 1919. Due $25,000 in 1922, 1925. 1928 and 1931. Address proposals to Edwin A. Clark, attorney, 129 Church St., New Haven.
HAMILTON, Butler County, Ohio.-BOND SALE.-During Aug.
2 issues of bonds, aggregating 3185,000, were awarded to the Hamilton
Clearing House Association at par and interest.
HAMPDEN COUNTY (P. 0. Springfield), Mass.-TEMPORARY
LOAN.-On Sept. 23 the $100,000 43 % notes dated Oct. 1 1919 and maturing Oct. 1 1919 were awarded to S. N.Bond & Co. of Boston at 100.28.
HEALDSBURG, Sonoma County, Calif.-BONDS DEFEATED.
On Sept. 10 $20,000 park bonds-V. 109, P. 906-were defeated by a vote
of 201 to 205.
HENDERSON, Rusk County, Tex.-BONDS REGISTERED.-This
city on Sept. 17 registered $12,500 5% 5-20 year water works bonds with
the State Comptroller.
HENDRICKS COUNTY (P.0. Danville), Ind.-BOND OFFERING.
Allen J. Wilson, County Treasurer, will receive proposals until 10.15 a. m.
Sept. 29 for the following 4%% road bonds:
$37,000 Chas. Mackey et al Center Twp. bonds. Donom. $1,850. Due
$1,850 each six months from May 15 1921 to Nov. 15 1930. Incl.
18,200 J. P. Christie et al Marion Twp. bonds. Denom. $910. Due
$910 each 6 months beginning May 15 1921.
14,000 0. A. Kennedy et al bonds. Denom. $700. Due $700 each 6
months beginning May 15 1921.
27,000 Henry Hunter et al. Marion Twp.bonds. Donom.$1,350. Due
$1,350 each 6 months beginning May 15 1921.
HENRYETTA SCHOOL DISTRICT (P. 0. Henryetta), Okmulgee
County,.Okla.-BOND SALE.-On Sept. 15 the $60,000 6% funding
and the $110,000 (not $11,000 as reported in V. 109, p. 1099) 5% building
25-year bonds were awarded to the American National Bank of Oklahoma
City for $170,950 (100.558) and interest.
HERKIMER, Herkimer Counts', N. Y.-BONDS TO BE OFFERED
SHORTLY.-The Board df Village Trustees recently adopted a resolution
declaring it necessary that 3750,000431% 4-30-year serial water pipe bonds
dated Oct. 1 1919 be sold before Oct.10.
HICKORY, Catawba County, No. Caro.-BOND OFFERING.Sealed bids will be received until 8 p. m. Sept. 30 by John W Ballew, City
Manager, for $35,000 53% coupon school bonds. Denom. $1.000. Int.
semi-ann. Duo $1,000 yearly from 1920 to 1954 incl. Cert. check or cash
on an incorporated bank or trust company for 2% of the amount of bonds btu
for, payable to the City Treasurer, required. Purchaser to furnish blank
bonds and legal opinion. Bonded debt (excluding this issue) Sept. 18 1919,
$310,000. Floating debt (addl) $2,500. Sinking fund $9,859. Assessed
value 1918, 32.699.984.
HICKSVILLE, Defiance County, Ohio.-BOND SALE -On Sept.
20 the Hicksville National Bank, bidding par and interest, was awarded tho
$21,000 5% 1-10 year serial street-impt. bonds, dated Oct. 1 1919-V. 109.
p. 1001. W. L. Slayton & Co., of Toledo, bid $20,588.50.
HOBOKEN Hudson County N. J.-BOND OFFERING.-The Board
of City Commissioners will receive proposals until 10 a. m. Oct. 7 for the
issue of coupon street improvement bonds, not to exceed $389,976 (V. 109.
p. 1001). Denoms. to be designated by purchaser. Date Oct. 1 1919.
Semi annual interest(A.& 0.) payable at the City Treasurer's office. Due
Oct. 1 1921. Certified check on an incorporated bank or trust company
for 2% of amount of bonds bid for, payable to the "City of Hoboken,"
required.
HOLLOWAY, Belmont County, Ohio.-BOND SALE.-W. L. Slayton & Co. of Toledo have been awarded the $33,755 82 5% 1-10-year serial
special assessment Main St. impt. bonds, dated Sept. 1 1919, which were
offered on Aug. 30-V. 109, p. 603-for $35,455 82. equal to 105.036.
HOWARD COUNTY(P.O. Kokomo), Ind.-NO BIDS RECEIVED.
No bids were received on Sept. 10 for the $11,600 4%% 1-10 year serial
9,
Michael Henry et al Ervin Twp. road bonds, offered on that dat
p. 1001).
N.
City),
J.
Jersey
0.
(P.
-TEMPORARY
COUNTY
HUDSON
LOAN.-An issue of $50,000 temporary bond shas been sold to the Sinking
Fund Commission.
INDIANA, Indiana County, Pa.-BOND SALE.-An issue of $10,000
street impt. bonds has been sold to local investors.
INDIANA SCHOOL TOWNSHIP (P. 0. Pittsburgh), Allegheny
County, Pa.-BOND OFFERING.-Geo. C. Hodll, Secretary of School
Board, will receive proposals until 7.30 p. m Oct. 4 for $35,000 5% tax-free
school bonds. Donom. $1,000. Date Sept. 1 1919. Int. semi-ann. Due
$5,000 yearly Sept. 1 from 1921 to 1927,incl. Cert. check for $500 required.
Purchaser to pay accrued interest.
INTERNATIONAL FALLS, Koochiching County, Minn.-BOND
SALE.-On Sept. 8 John F. Sinclair Co. of Minneapolis was awarded
at 102 and int. the 3100,000 6% 16-20-year serial coupon impt. bonds
dated Aug. 1 1919-V. 109, p. 1002.
ITHACA, Tompkins County, N. Y.-BOND SALE.-On Sept. 23 the
$110,000 5% 5-15 year serial coupon or registered improvement bonds,
dated July 1 1919 (V. 109, p. 1200), were awarded to Remick, Hodges &
Co., of New York, at 104.699 and interest.
IVANHOE SCHOOL DISTRICT, Tulare County, Calif.-BOND
SALE.-On Sept. 12 an issue of 314,000 6% school building bonds was
awarded to Blythe, Witter & Co. for $14,835 50, equal to 105.967. Denom. $1,000. Date Aug. 22 1919. Int. F. & A. Due $1,000 yearly
from 1924 to 1937 incl.
JACKSON SCHOOL TOWNSHIP (P. 0. Helrnsburg), Brown
County, Ind.-BOND OFFERING.-Wesley Curry, Township Trustee,
will receive proposals until 1 p. m. Oct. 18 for $2,500 6% school bonds.
Denom.$500. Date Oct. 18 1919. Int. J. & J. Due $500 yearly on July
1 from 1920 to 1924, inclusive.
JASPER COUNTY (P. 0. Rennselaer), Ind.-NO BIDS RECEIVED.
-No bids were received on Sept. 22 for the 3 issues of 43 % road bond
aggregating $33,400 offered on that date-V. 109, p. 1099.
JEFFERSON COUNTY (P. 0. Birmingham), Ala.-BOND OFFERING.-J. W. Gwin, President of the Board of Revenue, will receive bids
until 10 a. m. Oct. 10, it is stated, for $50,000 5% 30-year road bonds. Int.
semi-ann. Cert. check for $1,000, required.
JEFFERSON COUNTY (P. 0. Boulder), Mont.-BOND OFFERING.
-Until Oct. 27 bids will be received by the County Clerk, for the 3100,000
% public highway bonds authorized by a vote of 358 to 217 at the
election held Sept. 2-V. 109, p. 603. Due Oct. 11939. Optional Oct.
1 1930.
JENNINGS COUNTY (P. 0. Vernon), Ind.-BOND OFFERING.Proposals will be received by John F. Malott, County Treasurer, up to
2 p. m. Sept. 30 for the following 4 % free gravel road improvement bonds
aggregating $22,235:
[VOL. 109.
$16,400 W. H. Clerkin road, Campbell Twp. bonds. Donom. $820.
Due $820 each six months from May 15 1921 to Nov. 15 1930, Incl.
5.835 Milton Carson Genova Twp. bonds. Denom, $291 75. Due
$291 75 each six months from May 15 1921 to Nov.15 1930,incl.
Date Sept. 15 1919. Int. M.& N.
JEROME COUNTY SCHOOL DISTRICT NO.33(P.O. Jerome), Ida.
-BOND OFFERING.-Reports state that proposals will be received until
8 p. m. Oct. 3 by Oliver Hill, District Clerk, for $114,000 20-year school
bonds at not exceeding 6% interest. Int. somi-ann. Cert. check for $5,000
required.
JEWETT, Harrison County, Ohio.-BOND SALE.-On Sept. 22
the $30,000 534% 1-21-year serial water-works-system bonds date:0 Sept. 15
1919-V. 109, p. 1002-wore awarded to the Jewett State Bank for $31,644 10 (105.480) and interest. Other bidders were:
Tucker. Robison & Co., T01_330,676 I F.C. Koehler & Co., Tol_ _330,370
30,318
Dudes, Niles & Co., Tol____ 30,576 Well, Roth & Co., Cin
30,161
Spitzer, Rorick & Co., Tel_ 30.383 Stacy & Braun, Toledo
KENMORE, Summit County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Oct. 3 by E. A.Schlegol, Village Clerk, for the
following 5%% coupon street-improvement bonds:
$12,650 Carey Ave. bonds. Due yearly on Sept. 1 as follows: $1,000 1920
to 1924, inclusive, $1,500 1925 to 1928,in
@FedFRASER